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 an [[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]][[Category:Luxury]] |
Revision as of 17:25, October 5, 2008
A Luxury good is a good for which demand is inelastic. A Luxury good has an income elasticity of demand greater than one.