Economic Glossary | Giffen Goods | Bankers Algo
Email Changed Successfully
Incorrect Password
Your Query Submit Successfully
Please Change Your Password Click Here
Password Changed Successfully
Profile Changed Successfully
Form Submitted Successfully
Username or Password is incorrect
Reset Password Mail Send Successfully.
Email you have entered doesn't exist.
Password Changed. Now Login.
Password Not Reset Please Try Again.
Link Expired Please Try Again
Test completed and result have been mailed to your email Id
You are successfully registerd please check your mail for login credentials.

Be the change that you wish to see in the world.

-by Mahatma Gandhi

Series Funda

Find the next term in the series:

2, 7, 27, 107, 427, ?

Hi Guest User

Economic Glossary

    Giffen Goods

A rare type of good seldom seen in the real world, in which a change in price causes quantity demanded to change in the same direction (in violation of the law of demand). In other words, an increase in the price of a Giffen good results in an increase in the quantity demanded. The existence of a Giffen good requires the existence of special circumstances. First, the good must be an inferior good. Second, the income effect triggered by a change in price must overwhelm the substitution effect. A Giffen good is most likely to result when the good is a significant share of the consumer's budget.

Named after Robert Giffen (1837-1910), a good for which demand increases as its price rises. But such goods may not exist in the real world.


News Updates

08 Nov

Current News Shots October 29 - 31, 2013:

NGO the Harmony Foundation honored former Miss Universe Sushmita Sen with the Mother Teresa Memorial International Award...

Read more
31 Oct

Current News Shots October 22 - 30, 2013:

New York City Mayor Michael R. Bloomberg has been selected for the inaugural Genesis Prize – an award popularly dubbed...

Read more
View All News

Banker's Algo Daily Dose

Word of the day

Affluence(n)

Meaning:

Abundance of money, property, and other material good

Synonyms: abundance, fortune, luxury, opulence, plenty

Antonyms: dearth, deficiency, inadequacy

Apti Question of The day

Question

A boat running downstream covers a distance of 16kms in 2 hours, while for covering the same distance upstream it takes 4 hours. What is the speed of the boat in the still water?

Read more..

Copyright © 2014 bankersalgo.com

All rights reserved