gibben good and vibblen good

Pls is the difference between the two

I think it is Giffen not Gibben goods

With both Giffen and Veblen goods, the higher they are priced, the more you buy. That is were their similarities end.

Imagine you are a poor university student. Your food choices are Ramen noodles and hamburgers. You prefer hamburgers, but they are more expensive. Say you have 5 hamburgers and 16 packs of Ramen each week. Then, the price of Ramen increased. Your money doesn’t go as far (the income effect), and you have to buy fewer hamburgers and more Ramen. In this example, Ramen is a Giffen good.

An engagement ring could be an example of a Veblen good. I’m shopping around for a ring for my girl. I don’t want to get her a $20 engagement ring, no matter how good that $20 ring is. (Actually, I’d love to get an awesome ring for $20, but she wouldn’t like that.) Even if the $2,000 ring is the exact same as the $20 ring, because it costs $2,000 rather than $20, she will like it more because it costs more.