'Giffen good' presentation slideshows

Elasticities

442 views • 24 slides

Income and substitution effects

Income and substitution effects. Here we want to explore some more of the detail of a price change on the demand for a good. Here is the basic idea. Say the price of x falls. When this happens we think two things are at work: an income effect and a substitution effect.

381 views • 12 slides

Income and substitution effects

Income and substitution effects. Here we want to explore some more of the detail of a price change on the demand for a good. Here is the basic idea. Say the price of x falls. When this happens we think two things are at work: an income effect and a substitution effect.

251 views • 12 slides

Question 3) If the price of a good rises, then the substitution effect of this price change

Question 1 ) If a good is a Giffen good, it must be an inferior good A) True B) False Question 2) If a good is an inferior good, it must be a Giffen good. A) True B) False. Question 3) If the price of a good rises, then the substitution effect of this price change

137 views • 4 slides