Ordinary good - Revision history

Vipul at 21:52, 25 March 2009

2009-03-25T21:52:05Z

← Older revision		Revision as of 21:52, 25 March 2009
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	==Definition==		==Definition==

	An '''ordinary good''' is a good satisfying the [[law of demand]], which can be stated in the following equivalent forms:		An '''ordinary good''' is a good satisfying the [[defining ingredient::law of demand]], which can be stated in the following equivalent forms:

	* Its [[defining ingredient::price elasticity of demand]] is negative (or at least nonpositive).		* Its [[defining ingredient::price elasticity of demand]] is negative (or at least nonpositive).

Vipul at 21:51, 25 March 2009

2009-03-25T21:51:09Z

← Older revision		Revision as of 21:51, 25 March 2009
Line 3:		Line 3:
	==Definition==		==Definition==

	An '''ordinary good''' is a good satisfying the following equivalent ~~conditions~~:		An '''ordinary good''' is a good satisfying the [[law of demand]], which can be stated in the following equivalent forms:

	* Its [[defining ingredient::price elasticity of demand]] is negative (or at least nonpositive).		* Its [[defining ingredient::price elasticity of demand]] is negative (or at least nonpositive).
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	* [[Giffen good]]: A good for which the [[price elasticity of demand]] is positive: as the price increases, demand increases.		* [[Giffen good]]: A good for which the [[price elasticity of demand]] is positive: as the price increases, demand increases.
			* [[Veblen good]]

Vipul at 00:54, 28 January 2009

2009-01-28T00:54:14Z

← Older revision		Revision as of 00:54, 28 January 2009
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	* [[ceteris paribus]], an increase in the price leads to a decrease (or at least no increase) in the quantity demanded.		* [[ceteris paribus]], an increase in the price leads to a decrease (or at least no increase) in the quantity demanded.
	* [[ceteris paribus]], a decrease in the price leads to an increase (or at least no decrease) in the quantity demanded.		* [[ceteris paribus]], a decrease in the price leads to an increase (or at least no decrease) in the quantity demanded.

			==Relation with other properties==

			===Similar properties===

			* [[Normal good]]: A good for which the [[income elasticity of demand]] is positive (or, at least, nonnegative): as income increases, demand for the good either increases or stays constant.

			===Opposite properties===

			* [[Giffen good]]: A good for which the [[price elasticity of demand]] is positive: as the price increases, demand increases.

Vipul: New page: {{good property}} ==Definition== An '''ordinary good''' is a good satisfying the following equivalent conditions: * Its defining ingredient::price elasticity of demand is negative (...

2009-01-28T00:52:45Z

New page: {{good property}} ==Definition== An '''ordinary good''' is a good satisfying the following equivalent conditions: * Its defining ingredient::price elasticity of demand is negative (...

New page

{{good property}}

==Definition==

An '''ordinary good''' is a good satisfying the following equivalent conditions:

* Its [[defining ingredient::price elasticity of demand]] is negative (or at least nonpositive).
* [[ceteris paribus]], an increase in the price leads to a decrease (or at least no increase) in the quantity demanded.
* [[ceteris paribus]], a decrease in the price leads to an increase (or at least no decrease) in the quantity demanded.