Multiple Choice
The demand for video recorders has been estimated to be linear and given by the demand relation Qv = 145 − 3.2Pv + 7M − 0.95Pf − 39Pm,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 M is income.Based on the estimated demand equation we can conclude:
A) video recorders are normal goods.
B) the demand for video recorders is inelastic.
C) video recorders are normal goods and the demand for video recorders is inelastic.
D) video recorders are normal goods and video recorder film is a complement for video recorders.
Correct Answer:
Verified
Correct Answer:
Verified
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