Learn What Giffen Is Good? Understand the Same with the Help of Experts!
Understanding Giffen goods can be difficult for a student. But with a special case: the Giffen good homework help we will help you easily understand the same.
What is a Giffen good?
A Giffen good is a category of goods whose demand does not decrease even if the price of the good is increased. Under income effect, we can define Giffen good as a good that is a basic product for the consumer that they must buy even if their income is decreased or the price of the Giffen good is increased.
Under substitution effect, we can define this good as a category that the consumer will buy irrespective of the relatively good price to be decreased or increased. You can represent the definition of the same through a demand curve as well which is crucial to include in your assignment. With our team of expert, you can realize the same. Because with a special case: the Giffen good assignment help you can realize better quality content as a whole!
What are the conditions for a Giffenfood?
The following conditions make a good as Giffen good:
- The product is generally a stable product which means they will be either food product or rare to find in the market.
- The purchasing power of the consumer must be low that they cannot buy the substitute of the same good.
It is important to explain such conditions in detail. But if you are finding it difficult to perform the same, why not take an expert guidance. With a special case: the Giffen good homework help you can avail better content on the same.
What are the examples of Giffen food?
Following is the list of Giffen goods:
- Tomato: Well we all know that generally the price of the tomato rises in the rainy season. But do you find any substitute of the same? Well, you might consider puree, but it does not allow the same fresh taste as that of tomato. And therefore, even if the price of the tomato is increased, the demand for the same is still constant or increases.
- Potato: Well, we know that there is no substitute of potato. And even if the price of the potato rises, you have to buy the same whenever you require. When you need a potato, you just need it! You cannot compromise on the choice of the same as you cannot really complete your recipe without it! So no matter on expensive they become or whether your income is increased or not, the demand for potatoes will either be constant or rise.
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