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11. The Giffen Good (When Demand Slopes Upward)

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Uploaded on Oct 13, 2009

In this video, I use budget constraints and indifference curves to demonstrate the theoretical possibility of an upward-sloping demand curve. A good with an upward-sloping demand curve is called a Giffen good. After demonstrating the possibility, I analyze the income and substitution effects for a Giffen good to demonstrate why Giffen good "cannot" be found in real-world situations.

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