stating the assumptions you need to make to determine demand, and then show, using diagrams, how the demand for your good is determined. Be sure to explain it carefully and comprehensively. Then we would like you to construct consumer demand for a Giffen good diagrammatically—that is, a diagram that reflects that when the price increases, the quantity demanded also increases.show an understanding of the major differences between the good mentioned above and the Giffen good. What goods can you suggest that might demonstrate this difference? Explain your conclusions
Choose a good that you like and work through the methodology to construct a
Note: please think about the axes being the good that you really like as a composite of all other goods.
Start by stating the assumptions you need to make to determine demand, and then show, using diagrams, how the demand for your good is determined. Be sure to explain it carefully and comprehensively.
Then we would like you to construct consumer demand for a Giffen good diagrammatically—that is, a diagram that reflects that when the price increases, the quantity demanded also increases.show an understanding of the major differences between the good mentioned above and the Giffen good. What goods can you suggest that might demonstrate this difference? Explain your conclusions.
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