Multiple Choice
The demand for video recorders has been estimated to be Qv = 134 - 1.07Pf + 46Pm -2.1Pv - 5I, where Qv is the quantity of video recorders, Pf denotes the price of video recorder film, Pm is the price of attending a movie, Pv is the price of video recorders, and I is income.Based on the estimated demand equation we can conclude:
A) video recorders are inferior goods.
B) video recorder film is a substitute for video recorders.
C) the demand for video recorders is inelastic.
D) the demand for video recorders are neither inferior nor inelastic and video recorder film is not a substitute for video recorders.
Correct Answer:
Verified
Correct Answer:
Verified
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