In microeconomics, goods for which demand falls when income increases are known as inferior goods. In development
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In microeconomics, goods for which demand falls when income increases are known as “inferior goods.” In development economics, evidence shows that when income increases, fertility (births per woman) falls. Why does this not imply that (in effect) children are “inferior goods”? (Hint: to answer, briefly outline a microeconomic framework consistent with the data from developing countries.)
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In microeconomics the concept of inferior goods refers to goods whose demand decreases when consumers income increases On the surface the fact that fe...View the full answer
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