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What is income effect?
The income effect can be defined as the change in the pattern of consuming goods when the discretionary income of the consumer changes. This effect is generally observed in two cases: when the income of the consumer increases or the price of the goods decreases. In both conditions, the availability of income to buy goods is increased.
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What is the income effect on inferior and luxury goods?
Luxury goods are generally those which increase the luxury statement of the consumer; for example luxury cars or boats. When the income of the consumer increases, the demand for such luxury goods are also increased as the purchasing power of the consumer is increased.
Inferior goods, on the other hand, can be categorized by usage of metro or public transport. So basically when the consumer’s faces drop in their incomes, the demand of such inferior goods is increased. Inferior gods will be utilized more by the consumer as their purchasing power is decreased.
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