Question

what is giffen goods??
answer by showing an example..


and don't copy from go0gle Or u will pay :)​

Answer 1

Giffen good is a product that people consume more of as the price rises and vice versa—violating the basic law of demand in microeconomics

hope it helps you... :/

Answer 2

Answer:

What Is a Giffen Good?

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. In econometrics, this results in an upward-sloping demand curve, contrary to the fundamental laws of demand which create a downward sloping demand curve.1

The term "Giffen goods" was coined in the late 1800s, named after noted Scottish economist, statistician, and journalist Sir Robert Giffen. The concept of Giffen goods focuses on a low income, non-luxury products that have very few close substitutes.1 Giffen goods can be compared to Veblen goods which similarly defy standard economic and consumer demand theory but focus on luxury goods.2

Examples of Giffen goods can include bread, rice, and wheat. These goods are commonly essentials with few near-dimensional substitutes at the same price levels.1

hello yaar kese ho, good evening and nice to meet you after so so sooo many days... Answer me in my questions list