inferior good


Also found in: Wikipedia.

inferior good

Any good that is consumed less as average incomes in an economy rise.
References in periodicals archive ?
However there are very manyescort stores world wide today, a lot of turn out to be very seedy and give far inferior good quality therapeutic massage and escorts services.
A good could be so inferior that, if the consumer's income were to fall at a time when the inferior good's price is rising, the income effect on the inferior good could fully overcome its substitution effect.
Speaking to Gulf News, expert economist Professor Cedwin Fernandes said rice is considered an inferior good from an income elasticity perspective, with studies suggesting that as incomes increase, rice consumption falls as people can now afford to switch to high-value products such as meat, dairy products, fruits, and vegetables.
Indeed, only consumption of whole milk powder (considered an inferior good in the country) is forecast to grow by less than 1% over our forecast period.
It means that when real gross domestic product increase and health care expenditure decrease because at that time health care is an inferior good.
For this reason, this paper refers to high-margin students as "inferior goods" to the university, as the effect of additional funding on the university's enrollment of these students is analogous to the effect of additional income on the quantity an individual consumes of an inferior good.
Buying a Precious Good at the Price of an Inferior Good
Market work time is an inferior good for both husbands and wives, meaning market work time decreases when non-labor income rises.
And a world populated with superior and inferior good beings is better than a world containing the superior beings alone.
Any rational consumer will go for a superior quality, cheaper good rather than high priced, inferior good.
It is easy to show that since neither leisure nor consumption is an inferior good, V is strictly decreasing in q and r.
The study conducted by Chyi and Yang (2009) from the inferior good perspective is such an example.

Full browser ?