Inferior Goods and Giffen Goods

Автор: Economique

Загружено: 2021-07-01

Просмотров: 2662

Описание: An inferior good is a type of good whose demand declines when the income of the consumer rises. Suppose that there are two commodities that the consumer consumes – strawberries and potatoes -and assume that the consumer consumes both. Here, strawberries is considered a normal good and potatoes is considered an inferior good. Suppose the income of the consumer rises, then he would be more inclined towards buying strawberries, which are costlier than potatoes.

Giffen goods are inferior goods for which the income effect dominates the substitution effect. But all Giffen goods aren’t inferior goods. This is because Giffen goods are those inferior goods where the income effect dominates the substitution effect.

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Inferior Goods and Giffen Goods

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