Income And Substitution Effect Giffen Good

The income effect dictates how much the quantity demanded will change because a users remaining budget is affected by price changes while the substitution effect shows us how much the quantity demanded of a good will change based on preferences between two goods that. 13 illustrates the case of a special variety of inferior good known as giffen good in which case the income effect is stronger than the substitution effect. The substitution and income affects from the price effect inferior and giffen goods.

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