Difference b/w normal goods and inferior goods?

1.	Difference b/w normal goods and inferior goods?
Answer» Normal goods are those goods whose demand increase with raise in consumer income. Inferior goods are those goods whose demand decrease with raise in consumer income.<br>Normal goods: these are any\xa0goods\xa0for which\xa0demand\xa0increases when income increases, and falls when income decreases but price remains constant, i.e. with a positive\xa0income elasticity of demand. Law of demand applies here.Cars, diamonds, branded fashions, hi-tech products etcInferior goods: is a good whose quantity demanded decreases when consumer income rises. Law of demand does not apply. Income elasticity of demand for these goods becomes negativeExamples are cheaper cars or low quality goods.\xa0<br>Normal goods are good quality products while inferior goods are bad quality products

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