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1 (a) Using the appropriate diagram(s) and the concepts of substitution and income effects, demonstrate that a Giffen product must be an inferior product but
1 (a) Using the appropriate diagram(s) and the concepts of substitution and income effects, demonstrate that a Giffen product must be an inferior product but that an inferior product need not be a Giffen product. [50 marks]
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Smith and Roberson Business Law
Authors: Richard A. Mann, Barry S. Roberts
15th Edition
1285141903, 1285141903, 9781285141909, 978-0538473637
