Why do poorer people buy more lottery tickets (an inferior good), than wealthy people. Include graphs to demonstrate.© BrainMass Inc. brainmass.com October 9, 2019, 6:51 pm ad1c9bdddf
In consumer theory, an inferior good is a good that decreases in demand when the consumer's income rises, unlike normal goods, for which the opposite is observed. Inferiority, in this sense, is an observable fact rather than a statement about the quality of the good. As a rule, ...
The solution discusses why do poorer people buy more lottery tickets (an inferior good), than wealthy people.