Give the meaning of relative goods ,inferior goods, and giffin goods.
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Heya...
Relative goods are those goods which creates an impact on the demand of other goods...These are two subsitute goods ( Creates +ve impact as coke and pepsi..) and complementary goods ( does -ve impact as car and petrol )...
Inferior goods which are cheap in comparison to normal goods....Have - ve income effect....
Giffen goods highly cheaper goods in this case law of demand fails..
Relative goods are those goods which creates an impact on the demand of other goods...These are two subsitute goods ( Creates +ve impact as coke and pepsi..) and complementary goods ( does -ve impact as car and petrol )...
Inferior goods which are cheap in comparison to normal goods....Have - ve income effect....
Giffen goods highly cheaper goods in this case law of demand fails..
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