This type of instant ramen is the example that economics professors use of an inferior good.
inferior goods are those goods the demand for which falls with increase in income of the consumer
At least, that was the example that my professor used when I went to college. I suspect that a lot of cheap instant ramen is eaten on college campuses even to this day.
So, the point is that you’re stating what I think is the right way of looking at this. A big part of the reason people buy this is that they aren’t making much money, so naturally, they’d want to buy the cheaper one, as well.
I don’t buy that though. Wife and I ate a LOT of ramen in university. Now our kids love it and we buy entire cases at a time for them. I still like it every now and again, it’s nostalgic. For the record we’re WAY better off now than when dirt poor in university.
This type of instant ramen is the example that economics professors use of an inferior good.
At least, that was the example that my professor used when I went to college. I suspect that a lot of cheap instant ramen is eaten on college campuses even to this day.
So, the point is that you’re stating what I think is the right way of looking at this. A big part of the reason people buy this is that they aren’t making much money, so naturally, they’d want to buy the cheaper one, as well.
I don’t buy that though. Wife and I ate a LOT of ramen in university. Now our kids love it and we buy entire cases at a time for them. I still like it every now and again, it’s nostalgic. For the record we’re WAY better off now than when dirt poor in university.
Do you buy nicer ramen? There are some pretty tasty options now.
Nope. They’re good but not the same. Kind of like when you just want McDonalds.