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Diff btwn Normal, Inferior & Giffen goods Diff btwn Normal, Inferior & Giffen goods

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Old Sunday, June 23, 2013
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Lightbulb Diff btwn Normal, Inferior & Giffen goods
the Diff btwn Normal, Inferior & Giffen goods


Well, most of the economics Students (including Masters) find it difficult to differentiate among these three types of goods

Let me clarify the difference.

Whenever we purchase a good, we keep two things in mind.
the price of the good and
our Income

Normal good.

Price and Qd -ve relationship (price increases, Qd decreases and vice versa)
Income and Qd +ve relationship (income increases, Qd also increases)


Inferior good.

Price and Qd -ve relationship (price increases, Qd decreases and vice versa)
income and Qd -ve relationship (income increases, Qd decreases and vice versa)


Giffen good it is exactly the opposite of normal good.

Price and Qd +ve relationship (price increases, Qd increases)
Income and Qd -ve relationship (income increases, Qd decreases and vice versa)


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Old Sunday, June 23, 2013
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I am student of m.phill economics... should i opt economics as an optional subject?? is it scoring??
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Old Monday, June 24, 2013
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Go through the past papers and have fair idea of the paper, there is nothing like more/less scoring thing. If you have good grip and interest in economics then only go for it.


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