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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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Managerial Economics Foundations of Business Analysis and Strategy
Authors: Christopher Thomas, S. Charles Maurice
12th edition
1260004759, 9781260004755, 78021715, 78021718, 78021901, 978-0078021909
