Sam consumes only two goods and . If is a Giffen good for Sam, then
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4 marks, −1MicroeconomicsDemand theory and elasticityProperties of demand and aggregationModerateabout 2 min
JNU SIS 2011 Question 1: Demand theory and elasticity
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Sam consumes only two goods X and Y. If X is a Giffen good for Sam, then (A) Y must be a Giffen good for Sam (B) Y must be a normal good for Sam (C) Both (a) and (b) are false (D) Both (a) and (b) are true
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What this question tests
This question is on Properties of demand and aggregation, part of Demand theory and elasticity in Microeconomics.
Homogeneity and adding-up of demand, and when individual demands combine into market demand.
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