Question

Difference between normal, inferior and giffin Goods.
please Explain I don't need need in one or two line.

Answer 1

hello Muskan

There are two types of good

1. Normal Good

Normal goods refers to those goods which demands increases with increase in consmuer's real income, and decreases with the decrease in real income of the consumer.

2.Inferior Good

Inferior goods are refers to those goods which demand decreases with the increase in consmuer's real income and demand increases with the decrease in consmuer's real income. These are low quality goods.

Giffin goods are the type of an inferior goods.
giffin goods are a special type of inferior goods.

All the giffin goods are inferior good but all inferior goods are not giffin.







hope it helps
#jerri