What are the giffen goods explain with example

Q: What is the difference between the supply andthe quantity supplied of a product, say milk? Explainin…

A: Supply is the quantity of goods and services that a producer is willing to sell in the market at the…

Q: Does the income level of a person change their view of substitute goods?

A: Two goods are substitutes of each other if both can be used in place of another. Similar and…

Q: a. Calculate the elasticity of demand for good X. b. Calculate the income elasticity of demand for…

A:

Q: An economist notes that demand for Brand A increases when the price of Brand B decreases. We can say…

A: Demand for a good can change due to change in price of its own good as well as change in price of…

Q: Consumption of soft drinks (such as Coca-Cola and Pepsi-Cola) in the US has fallen for 18 years. In…

A: Change in quantity demanded refers to the change in the demand for the good due to change in its…

Q: Pete's Pastry has been selling a lot of turnip ples for Pete's pies has risen, Pete has kept busy…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Graphically explain the effects of decrease in income to the demand for good X assuming that good X…

A: There are two types of goods, normal and inferior.

Q: Use willingness to pay and willingness to sell to determine supply anddemand at a given price

A: The maximum price that the buyer is ready to pay for a unit of commodity rather than go without it…

Q: If two supply curves in an economy intersect which one will have a higher price elasticity?

A: According to the given question A supply curve can be defined as a curve which causes different…

Q: What are the results of “changes in price”? How does this differ from “changes in demand”?

A: The willingness of a consumer to purchase goods and services at a certain price is known as demand.

Q: What are 2 products with different price elasticities of demand, and how do you analyze how firms…

A: The elasticity of demand refers to the responsiveness of the quantity demanded with respect to a…

Q: Dan and Georgie share a trail behind their homes that leads to the beach. It's easier to go to the…

A: A public good is that which is non rival that is, consumption by one does not affect amount…

Q: why would a fall in the price of lift ticketsincrease the demand for snowboards?

A: Skiing is an important adventure sport in the cold countries. It is a sports in which the skiers…

Q: Along the elastic portion of a demand curve a. The change in price will be less than the change in…

A: The elasticity of demand is the degree of responsiveness from the part of the consumer towards the…

Q: How do changes in income affect the demand for a good? Also show your answer with a graph.

A: A consumer's desire to buy goods and services, as well as their readiness to pay a price for such…

Q: What is elasticity in economics? Briefly explain any two types of elasticity that are common in…

A: Elasticity is the responsiveness that is in simple words the impact of change in one factor on other…

Q: Which of the following is NOT a characteristic of Giffen goods? a. The goods have no close…

A: A Giffen good is a special type of good because it does not follow the law of demand condition when…

Q: The difference between the price a consumer is willing to pay for a product and the price the…

A: Consumer surplus is the benefit that a buyer gets from purchasing a goods and services measured by…

Q: Does a change in consumers’ tastes lead to a movement along the demand curve or a shift in the…

A: Answer to the question is as follows :

Q: Is a good which is inferior for one Consumer is inferior for all the other consumers also?

A: # The low quality goods which follows a negative income effect are inferior goods.  Griffin goods is…

Q: Answer the two questions relating to demand and the law of demand. a. Which can cause a shift in the…

A: The study of demand in economics is crucial for understanding consumer behavior.. Exploring factors…

Q: When Ronaldo's income was $1,200 he bought 20 burgers. However, when his income increased to $1,400…

A: Income elasticity is the percentage change in quantity demanded due to increase/ decrease in income…

Q: Do you think the price of sugar is inelastic or elastic?

A: The word inelastic means inflexible or rigid and word elastic means flexible or adaptable.

Q: Give an example of a normal good. What will happen to the demand for normal goods if your income…

A: A good can be either normal or inferior. If a good is positively related to a consumer's income,…

Q: Collaboration with Congress during the Clinton administration allowed for an aggressive…

A: Loanable funds is the market where the supply of loans and demand of loans intersect to get an…

Q: Are beer and pretzels complements or substitutes?

A: Answer:- Yes beer and pretzels are substituted as pretzels are being substituted by relatively…

Q: 10. What happens to the demand curve for an inferior good if a consumer's income increases? Show me…

A: Inferior goods are goods whose demand is inversely related to income.For example : frozen food,…