In study material in box it is given in giffen goods relationship with income and demand is negative and price (relation) is positive it is true but see for example prestige cars when price^ demand^ so it is true but with rise in income I will demand more of prestige cars so positive.I am wrong but plz give reason or prestige cars cannot be taken as example for giffen goods so what is the example of giffen goods and so difference can be in inferior and giffen goods.
Shivang,
For the example of giffen goods and its negative relationship with income, refer to the following link.
https://www.meritnation.com/ask-answer/question/what-are-giffen-goods-explain-with-an-example/theory-of-consumer-behaviour/4499537
To view the difference between inferior goods and giffen goods, refer to the following link.
https://www.meritnation.com/ask-answer/question/what-are-the-differences-between-giffen-goods-and-inferior-g/theory-of-consumer-behaviour/6139894
We would advice you to not to keep on piling your questions, rather, you should keep posting 1 to 2 questions per subject (Accountancy, Economics and Business Studies) on everyday basis. Ideally, you should go through the study material that is available on our website and look for the answers to the questions. This will not only help you to enhance your analytical abilities but also will help you to learn the application of your knowledge. In this manner, you will gain confidence and will help you in evaluating your preparation.
For the example of giffen goods and its negative relationship with income, refer to the following link.
https://www.meritnation.com/ask-answer/question/what-are-giffen-goods-explain-with-an-example/theory-of-consumer-behaviour/4499537
To view the difference between inferior goods and giffen goods, refer to the following link.
https://www.meritnation.com/ask-answer/question/what-are-the-differences-between-giffen-goods-and-inferior-g/theory-of-consumer-behaviour/6139894
We would advice you to not to keep on piling your questions, rather, you should keep posting 1 to 2 questions per subject (Accountancy, Economics and Business Studies) on everyday basis. Ideally, you should go through the study material that is available on our website and look for the answers to the questions. This will not only help you to enhance your analytical abilities but also will help you to learn the application of your knowledge. In this manner, you will gain confidence and will help you in evaluating your preparation.