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 is 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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