=giffen goods are mostly maent for show off while inferoir gods are maent for convinience
=demand for giffen goods goes up when their prices go up while demand for inferior goods remains constant...
Giffen goods.A Giffen good is a good whose consumption increases as its price increases. (For a normal good, as the price increases, consumption decreases.) Thus, the demand curve will be upward...
Commodities are basic goods, but they're products that are essentially the same from all suppliers and are, therefore, sold on price rather than any unique quality of the good. I use wheat as an...