Question

A good for which an inverse relationship exists between the demand for the good and income is a(n) good. Do you know the answer I know​

Answer 1

Inferior.

Step-by-step explanation:

A price elasticity of demand can be defined as a measure of the responsiveness of the quantity of a product demanded with respect to a change in price of the product, all things being equal.

Mathematically, the price elasticity of demand is given by the formula;

`Price \; elasticity \; of \; demand = \frac {Percentage \; change \; in \; price}{Percentage \; change \; in \; demand}`

A good for which an inverse relationship exists between the demand for the good and income is an inferior good.