Normal goods experience an increase in demand and price with a rise in a consumer's income and a decrease if income falls.

Consumer Spending and Income Elasticity. Joel Waldfogel talked about his book Scroogenomics: Why You Shouldn’t Buy Presents for the Holidays (Princeton University Press; October 25, 2009).

Luxury Item vs. Inferior Good . An i nferior good is a good that experiences less demand as a person's income increases. As a result, it has a negative elasticity of demand. For example, cheap ...

The high income elasticity of demand often estimated for U.S. imports may be a spurious result of omitting new product varieties from the import price indexes. The purpose of this paper is to ...