4 questions about Normal goods,Inferior goods and Giffen goodsJanuary 13th, 2012 BY EcoPoint India (0 comments)
In following videos we define what are normal and inferior goods. As income increases, people shift away from inferior goods, while normal goods are those that have direct relation between income and quantity demanded. We also show how to derive Income offer curve and Engel curve for Normal and Inferior goods.
In the other video, we discuss giffen goods, which are exception to the law of demand.
Let us explore these concepts in detail in the following videos.
What are normal and inferior goods? Explain using indifference curve analysis.
Draw an income offer curves and engel curve for normal goods
Draw an income offer curve and engel curve for inferior goods
What are ordinary goods and giffen goods? Explain using indifference curve analysis