great video, great explaining, very loud and clear voice. Would appreciate 720 but still really really good. Thanks for the video and I will subscribe!
can you please make a video explaining why a Giffen Good must be an Inferior Good (provide graph example)? why an Inferior Good is not always a Giffen Good (provide graph example for when inferior good is giffen and when inferior good is not giffen)? If it could be posted before 6pm monday dec.10, 2012 i would really appreciate it. Thanks you!
Maybe some sort of inferior good could be considered a giffen good? Say you need 10 noodles a week to survive and 1 steak. If price of noodles goes down you can afford to buy another steak only if you buy 1 less noodle. So you decrease consumption of noodles to 8 and are able to buy 1 more steak. In this case price of noodles decreases and you buy less of them. So would noodles be considered a giffen good even though they are really an inferior good.
when our professor introduced us "giffen goods" she gave the example of wine. You know you wouldn't buy cheap wine below some price because of certain reasons (as you get suspicious etc.)
teacher in training video. Thanks for the explanation about how when inferior good 1's price drops the savings from spending less on inferior good 1 for the same amount of that good, allows a marginal increase in income allocated in normal good 2!
Isn't investment vehicle can be interpreted as giffen goods? If you are looking to buy either gold or bit coin and bit coin price drops, people would buy more gold rather than bit coins. Please let me know if there is any error or anything I am missing.
hi there joe ooi think about this as a utility function--- U= x^2/y here u can see that y is an inferior good though it is not quasi linear... also take U= x^2 + 1/y which has y as inferior but a quasi linear function so you have to check if d(income)/d(good) is negative only then the good is inferior it doesn't have much to do with quasi linear function
I watched many videos on this topic but your explanation is correct and outstanding.. Splendid job!
Thank you, one of the clearest videos and make it sound so simple! Perfect
I loved the way how easily you explained everything. Thank you 🤗
great video, great explaining, very loud and clear voice. Would appreciate 720 but still really really good. Thanks for the video and I will subscribe!
Thank you for this video :) Helped a lot! You explained things as simply as possible :)
OMG. you actually made economic fun...
Amazing explanation!
I love ramen...
this has been sooo helpful...I have been trying to understand this watching other videos but I couldn't quite get...Thanx a loot
this is so clear thank you so much!
Thank you very much...you helped me
can you please make a video explaining why a Giffen Good must be an Inferior Good (provide graph example)? why an Inferior Good is not always a Giffen Good (provide graph example for when inferior good is giffen and when inferior good is not giffen)? If it could be posted before 6pm monday dec.10, 2012 i would really appreciate it. Thanks you!
Can you tell whether income effect reinforces substitution effect in case of inferior goods ?
Maybe some sort of inferior good could be considered a giffen good? Say you need 10 noodles a week to survive and 1 steak. If price of noodles goes down you can afford to buy another steak only if you buy 1 less noodle. So you decrease consumption of noodles to 8 and are able to buy 1 more steak. In this case price of noodles decreases and you buy less of them. So would noodles be considered a giffen good even though they are really an inferior good.
Yes! Giffen Goods are actually considered Inferior goods. I believe it is for that reason
when our professor introduced us "giffen goods" she gave the example of wine. You know you wouldn't buy cheap wine below some price because of certain reasons (as you get suspicious etc.)
Excellent explanation sir, i really loved it
Thank you a thousand times or more:)))
Thanks 😊
very helpful!! easier than the professor explained the graph in chinese
This was just awesome bcoz i didn't know that these things are so simple like that...
.
Thank you very much for this video :) It's really helpful :) furthermore you bring economics lots of fun !
Nice Explaining.
teacher in training video. Thanks for the explanation about how when inferior good 1's price drops the savings from spending less on inferior good 1 for the same amount of that good, allows a marginal increase in income allocated in normal good 2!
Isn't investment vehicle can be interpreted as giffen goods? If you are looking to buy either gold or bit coin and bit coin price drops, people would buy more gold rather than bit coins. Please let me know if there is any error or anything I am missing.
thank you so much! this was really helpful.
Are the Utility Functions of Inferior goods quasi linear?
hi there joe ooi think about this as a utility function--- U= x^2/y here u can see that y is an inferior good though it is not quasi linear... also take U= x^2 + 1/y which has y as inferior but a quasi linear function
so you have to check if d(income)/d(good) is negative only then the good is inferior it doesn't have much to do with quasi linear function
couldn't a giffen good be a luxury good like a handbag and if the price goes down people don't think it's as much value and therefore buy less?
Thank you so much. I understand about gifted good clear.
Nice explaining
thank you
a unicorn of goods, i love you
this was some what confusing... it would have been much easier for me if the graph would have been between price and demand...
thanks
Spelled Giffen wrong
giffen goods, for example, staple food for people with low income
this video could have easily been 3 minutes
There must be alot of Giffen goods outthere, just people who sell them don't lower their price, because they are Giffen goods :)
😀
so abnormal sounds horrible but inferior sounds better?! xD
GIFFEN GOODS R INFERIOR GOODS THAT DONT FOLLOW LAW OF DEMAND
Potatoes during Irish Great Famine.