Question

11. (a) Briefly explain "Giffen paradox" with an example.​

Answer 1

For instance, as Mr Giffen has pointed out, a rise in the price of bread makes so large a drain on the resources of the poorer labouring families and raises so much the marginal utility of money to them, that they are forced to curtail their consumption of meat and the more expensive farinaceous foods: and, bread being ...

Explanation:

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