77 410
Assignments Done
Successfully Done
In July 2019

Answer to Question #43319 in Microeconomics for nikeisha

Question #43319
what does a giffen good has?
Expert's answer
Giffen good is product that people consume more of as price rises – violating the law of demand.

These goods are usually luxury goods. These goods are inferior goods with elasticity below zero. There also must be a lack of substitute goods. The goods must constitute a substantial percentage of the buyer's income, but not such a substantial percentage of the buyer's income that none of the associated normal goods are consumed.

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!


No comments. Be first!

Leave a comment

Ask Your question

Privacy policy Terms and Conditions