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    Inferior good

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    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
    https://brainmass.com/economics/microeconomics/inferior-good-100234

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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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