If a 10% increase in your income shifts your demand curve for Laptop A (a laptop...
If a 10% increase in your income shifts your demand curve for Laptop A (a laptop from a specific brand) inwards and reduces the quantity demanded of the laptop, the product is:
a. Elastic
b. Normal
c. Inferior
d. Giffen
Homework Answers
Answer - inferior
Reason - An inferior good is a type of good whose demand declines when income rises. In other words, demand of inferior goods is inversely related to the income of the consumer.
In present case the demand curve of laptops has shifted inward which implies decrease in demand as the income increased, thus the product is inferior good.
The mindset of consumer is because of increase of income by 10% he can now afford another substitute of this brand of laptop which is more costly and thus, the demand for this specific brand of laptop has decreased.
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