Difference between revisions of "Luxury good"
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| − | A '''Luxury good''' is a good for which [[demand]] is [[Inelastic Demand|inelastic]]. A Luxury good has | + | 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]] | ||
Revision as of 04:13, March 27, 2008
A Luxury good is a good for which demand is inelastic. A Luxury good has an income elasticity of demand greater than one.