00:01
All right, so for this question, we are looking specifically at gippin goods.
00:07
And gippin goods are typically defined as inferior goods, inferior goods, that have this strange property that whenever the price increases, you actually buy more of it.
00:26
You know, contrast that with a regular good where it's actually decreasing.
00:35
And keep in mind that both of these are demand curves.
00:39
This other one is not a supply curve.
00:44
And so the way that you would explain this is that if you took a good that was necessary, you know, maybe something like rice or wheat for extremely, poor people where they need to buy that in order to subsist.
01:02
And if you raise the price of it, it actually decreases their purchasing power for all of the other goods that they would rather buy.
01:10
So, i don't know, meat or avocados or some other food item that they would much rather eat.
01:19
But because the price of the good that they can't get rid of increased, they're now priced out of these other better options...