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प्रश्न
What is the income elasticity of Giffen's goods?
अति संक्षिप्त उत्तर
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उत्तर
- Giffen goods are inferior goods that people buy more of when their income falls and less of when their income rises.
- Therefore, as income increases, quantity demanded decreases, showing an inverse relationship.
- This inverse relationship gives a negative income elasticity.
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