⭐ Important points (exam-critical)
- ⭐Giffen and Veblen goods are exceptions to the Law of Demand.
- ⭐If Ed > 1 elastic, Ed = 1 unitary, Ed < 1 inelastic, Ed = 0 perfectly inelastic.
- ⭐Inferior goods have negative income elasticity.
- ⭐Cross elasticity: positive for substitutes, negative for complements.
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