difference between giffen goods,normal goods and inferior goods with examples (in table form) - Economics - Theory of Consumer Behaviour

Question

​difference between giffen goods,normal
goods and inferior goods with examples (in table form)

Vaishali Nebhwani · Accepted Answer

Dear Student

Normal goods, inferior goods and giffen goods have following
differences:

NORMAL GOODS
INFERIOR GOODS
GIFFEN GOODS

The demand for normal goods has direct
relation with income of consumer i e with increase in income of
consumer the demand for such goods increases and vice versa
The demand for inferior goods has inverse
relation with income of consumer i e with increase in income of
consumer demand of inferior good decreases and with decrease in
income demand increases
With decrease in price of giffen
goods the real income of consumer increases and they
prefer to buy superior good hence their demand falls

For example- Clothes, car etc
For example- maize
for example - maize, jowar

Regards

NORMAL GOODS	INFERIOR GOODS	GIFFEN GOODS
The demand for normal goods has direct relation with income of consumer. i.e. with increase in income of consumer the demand for such goods increases and vice versa.	The demand for inferior goods has inverse relation with income of consumer. i.e with increase in income of consumer demand of inferior good decreases and with decrease in income demand increases.	With decrease in price of giffen goods the real income of consumer increases and they prefer to buy superior good hence their demand falls.
For example- Clothes, car etc	For example- maize	for example - maize, jowar

​difference between giffen goods,normal goods and inferior goods with examples .(in table form)

difference between giffen goods,normal goods and inferior goods with examples .(in table form)