Indicate whether the good is a normal good or an inferior good. Explain the reasons for your choice.
The term “inferior good” refers to a commodity that is relatively less valuable than other goods. The consumers are unable to buy at a price that they consider to be a fair price.
Inferior goods are those that are not a normal good. They need to be consumed in small quantities, and they have a low marginal utility. An inferior good may also be considered as luxury goods, which means that they’re purchased by people with higher incomes but do not produce much value for them.
Inferior goods can be divided into two main categories: necessities and luxuries. A necessity good is something you need to survive; it provides food, shelter and clothing so you can remain healthy and safe from harm (e.g., food). A luxury good is something you want because it makes your life more enjoyable or satisfying; it has no real purpose other than providing pleasure or enjoyment (e.g., clothing).
An inferior good is a type of commodity, where the consumers are unable to buy at a price that they consider to be a fair price. The good is not a normal good.
The inferior good is a type of commodity, where the consumers are unable to buy at a price that they consider to be a fair price. The term ‘inferior good’ was first used by Michael Polanyi in his article “The Tacit Dimension” (1958). He described goods as being between perfect and imperfect substitutes. The term ‘normal good’ is derived from his other article “Normal Values and the Theory of Demand” (1960), which says that any normal good is equally preferred to its perfect substitute in terms of utility or desirability.
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