Question
What is the slope of the Engel curve for a Giffen good?
Solution
For a Giffen good, as income increases, the quantity demanded actually decreases because these goods are inferior goods with a strong income effect that outweighs the substitution effect. Therefore, the Engel curve, which shows the relationship between income and the quantity demanded, is negatively sloped for a Giffen good.
If N is the son of O, O and P are sisters, R, is the mother of P, Q is the son of R, then which of the following statements is correct?
In each of the following questions, choose that set numbers from the four alternative sets, that is similar to the given set.
Given set: [92...
If ‘+’ means ‘×’, ‘−’ means ‘÷’, ‘×’ means ‘+’, and ‘÷’ means ‘−’, then what will come in place of the question ...
Select the option that is related to the third term in the same way as the second term is related to first term and the sixth term is related to the fif...
Select the combination of letters that when sequentially placed in the blanks of the given letter series will complete the series.
s _ _ v w _ _ ...
Select the option that is related to fourth number in the same way as the first number is related to the second number and the fifth number is related t...
Select the option that is related to the third term in the same way as the second term is related to the first term.
MODE : NLWV :: JAIL : ?
Select the option that is related to the fifth number in the same way as the second number is related to the first number and the fourth number is rela...
If D = 12, AGE = 39, then ‘JADE’ will be equal to?
Book : Author :: Furniture : ?
