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A '''Luxury good''' is a good for which [[demand]] is [[Inelastic Demand|inelastic]]. A Luxury good has and [[income elasticity of demand]] greater than one.
A '''Luxury good''' is a good for which [[demand]] is [[Inelastic Demand|inelastic]]. A Luxury good has an [[income elasticity of demand]] greater than one.
[[Category:Economics]]
[[Category:Economics]]