Veblen goods and super luxury goods

IB Economics: Veblen goods and super luxury goods

Until now on the IB economics course it has been assumed that the relationship between the price and quantity demanded of all products is inverse. While this is true for the vast majority of goods and services, there are a small number of products which have a different relationship, which we will now identify.This page focuses on identifying the small range of super luxury goods which also have positive price elasticity....


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