Economy, asked by brainlystargirl, 1 year ago

Only for genius or moderators...Please help me,,, Ques is that ,, What's the difference between GIFFEN GOODS and INFERIOR GOODS...??? URGENT!!!

lakshya8566: giffen good is a type of inferior good whose demand increases as the price of good increases...The main difference is that

Adityasingh9567: o thanks

Adityasingh9567: to message kyu bheja be

Answers

Answered by Anonymous

Giffen good is a special type of inferior good whose demand increases as the price of the good increases (effective consumer income decreases due to price increase). ... The difference between the two is that while all giffen goods are inferior, all inferior goods are not necessarily giffen.

pramee: hi

Ajaylikeselectronic: hi

Answered by Adityasingh9567

giffen good is a special type of inferior good whose demand increases as the price of the good increases . the difference between the two is that while all giffen goods are inferior, all inferior goods are not necessarily giffen.

ashish3624: Definition of inferior goods: An inferior good is a type of good whose demand declines when income rises. In other words, demand of inferior goods is inversely related to the income of the consumer.

Ajaylikeselectronic: so does that mean if I have a higher income, then I won't demand for that particular good? how is that relatable? plzzz explain.. ashish3624

pramee: hi

pramee: how r u

Adityasingh9567: fine and u

Adityasingh9567: I'm boy

Adityasingh9567: aditya singh

pramee: i am fine

Previous Question

Next Question