Question

What is income effect? all giffen goods are inferior goods but the converse is not true explain

Answer 1

Answer:

=> In Economics, it's a particular in consumer choice theory, the income-consumption curve is a curve in a graph in which the quantities of two goods are plotted on the two axes.✨✨☺️✨

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Answer 2

Answer -

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• Hence, we see that Giffen goods are related to the price of a good and thereby the real income of the consumer and Inferior goods are related to the consumer's income. In both the cases, the inferior quality product is foregone. Thus, all Giffen goods are Inferior goods.

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