Inferior good
Why do poorer people buy more lottery tickets (an inferior good), than wealthy people. Include graphs to demonstrate.
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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, ...
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The solution discusses why do poorer people buy more lottery tickets (an inferior good), than wealthy people.
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