Paintings by famous painters, modern art etc , the higher the price , more the demand. You can loosely associate with luxury goods, but all luxury goods are not giffen goods. It is very rare to find giffen goods
He is right.. as luxirious goods are exceptional to law of demand as price increases demand increses bcz of prestige ..he clearly mentioned that all luxurious goods are not giffen goods..
Giffen goods refers to those goods which r considered inferior compared to the substitute. Such as if one person consume diet of bread and chicken..bread is for calorie and chicken for his taste so when the price of bread increases then he cut the consumption of chicken..the giffen goods are exceptional to law of demand . However when the income increases ..demand of giffen goods will decreases..
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Ex.s of giffen goods?
Paintings by famous painters, modern art etc , the higher the price , more the demand. You can loosely associate with luxury goods, but all luxury goods are not giffen goods. It is very rare to find giffen goods
That are not gifin good these are luxurious good gifin goods are those that quality has been degraded
Hmm thanks for helping
He is right.. as luxirious goods are exceptional to law of demand as price increases demand increses bcz of prestige ..he clearly mentioned that all luxurious goods are not giffen goods..
Ya he is right but in actual way that definition was not about gifin good in right manner both luxurious and gifin good are against the rule of demand
Yes ??
Kharab sabjiya ,Purana mal, waste items
Giffen goods refers to those goods which r considered inferior compared to the substitute. Such as if one person consume diet of bread and chicken..bread is for calorie and chicken for his taste so when the price of bread increases then he cut the consumption of chicken..the giffen goods are exceptional to law of demand . However when the income increases ..demand of giffen goods will decreases..
thnxx for enlightening
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