Exception of law of Demand, Giffen goods, Veblen Effect, Bandwagon Effect, Conspicuous Consumption,

[@Lawbyshalini]

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[@nitasharani6268]

All classes are well explained...

[@sahilrashidganie089]

No, Giffen goods and inferior goods are not the same. An inferior good is one whose demand increases as consumer incomes fall, while a Giffen good is a specific type of inferior good where the demand rises as the price increases, contradicting the typical law of demand. Giffen goods are relatively rare and often involve essential items for which the income effect outweighs the substitution effect.

[@rakeshnayak7360]

Well explained!! Can you give specific example of giffen good??

[@prpriyedarshni]

No, inferior goods and Giffen goods are not the same, although they share some characteristics related to demand behavior. 1. **Inferior Goods:** These are goods for which demand decreases as consumer income increases. In other words, people tend to buy less of these goods when they have more money to spend on higher-quality alternatives. Classic examples include generic brands, cheap fast food, and public transportation. 2. **Giffen Goods:** Giffen goods are a specific type of inferior good where demand actually increases when the price rises, contrary to the law of demand. This rare phenomenon occurs when a good is perceived as a staple item for low-income individuals, and when its price rises, they are forced to allocate more of their budget to it, often at the expense of other goods. The classic example often cited is potatoes during the Irish Potato Famine. While all Giffen goods are inferior goods, not all inferior goods are Giffen goods. Giffen goods represent a unique case within the broader category of inferior goods.​@@rakeshnayak7360

[@rakeshnayak7360]

@@prpriyedarshni eloquently explained 👏🏻👏🏻. Thank you.

[@AshishYadav-rc4iu]

Sir, meat की बजाय कुछ और भी example दे सकते थे, 'Griffen paradox' topic me.

[@Priyanshu_Kumar_Pandey]

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