All posts by ticoneva

My quote of the day:

You know atmospheric sulfur levels are on the rise? [In] a hundred years we will all be look[ing] like spinach.

Grissom to Dr. Robbins in CSI: Crime Scene Investigation 8×15.

I always admire Hollywood script writers on how they come up with all these sound bites.

Giffen Good

The Indiana Jones of Economics, Part III
Reading through the comments there are a surprising number of comments made by people without a correct understanding of Giffen Good, though clearly there are also people that do. Now my dear ECON 100A students if you have studied the material well you should be able to point out their mistakes, for example:

1. Don’t understand that the correct measure of price is opportunity cost.
2. Don’t understand that the effect of Giffen Good comes from the income effect of the price change.