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Are luxury good inferior goods? Why lower price luxury goods will not attract people? Can you...

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Economics

Are luxury good inferior goods? Why lower price luxury goodswill not attract people? Can you use graph to explain?

Answer & Explanation Solved by verified expert
4.1 Ratings (701 Votes)
Luxury goods are ones whose demand increases more thanproportional to the increase in income of the consumers It is notan inferior good Rather it is the opposite of an inferior goodwhose    See Answer
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