Question

what is elasticity of demand of painting of picasso ?

what is elasticity of demand of giffen goods ?

what is elasticity od demand of inferior goods ?

Answer 1

1. Painting of picasso is a luxury commodity. Therefore it is perfectly elastic i.e. E_p= $\infty$
2. Giffen goods have inelastic demand, but their elasticity is quite close to 0
3. Inferior goods have inelastic price elasticity of demand, but more than the elasticity of Giffen goods.