World Languages, asked by janmejayammajhimajhi, 1 day ago

what is income effect in case of inferior and giffen goods

Answers

Answered by rupeshpradhan07

1

Answer:

Giffen goods are highly inferior for which the negative income effect outweighs the positive substitution effect. Therefore even though price falls, the quantity demanded still decreases. Giffen goods have a positively sloped demand curve (which means that as price decreases the quantity demanded also decreases).

Explanation:

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