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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.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M966086

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