Economics · Consumer Behaviour

If the income elasticity of demand (e y ) for a commodity is greater than 1 (e y >1), the commodity is classified as a/an:

Verified Solution4 OptionsUpdated: October 2026👁️1 View

1Giffen good
2Luxury / Superior good✓
3Inferior good
4Necessity good

Correct answer

Luxury / Superior good

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If the income elasticity of demand (e y ) for a commodity is greater than 1 (e y >1), the commodity is classified as a/an:

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If the income elasticity of demand (e y ) for a commodity is greater than 1 (e y >1), the commodity is classified as a/an:

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