what are giffen good in terms of income elasticity of demand?
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ʜᴇʀᴇ ɪs ʏᴏᴜʀ ᴀɴsᴡᴇʀ ⬇️
Explanation:
A Giffen good is a low income, non-luxury product that defies standard economic and consumer demand theory. Demand for Giffen goods rises when the price rises and falls when the price falls.
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A Giffen good is a low income, non-luxury product that defies standard economic and consumer demand theory. Demand for Giffen goods rises when the price rises and falls when the price falls
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