Question

what is giffen paradox​

Answer 1

The Giffen Paradox is an exception to the law of demand which states an indirect relationship with price and demand as well as a direct relationship with income and demand. (When income increases, demand for a commodity also increases.)

Giffen goods are nothing but inferior goods.

Now, demand for a product is a function of its price:

Qx = f(P)x

Where Qx is the quantity demanded and Px is the price of the product.

HOPES THIS HELPS!!!!!!!.........

Giffen paradox consists of those scenarios that violate the above mentioned law.

Answer 2

hey there!!

here's ur ans:-

Giffen's Paradox is an exception to this law. The paradox is named after the 19th century British economist, Sir Robert Giffen, who found that when the price of bread fell, the demand for it also fell. ... According to the Law of Demand, when the price of a commodity falls the demand for it rises.

In economics and consumer theory, a 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.