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Estimated demand equation

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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. the demand for video recorders is inelastic.

b. the demand for video recorders is neither inferior nor inelastic, and video recorder film is not a substitute for video recorders.

c. video recorders are inferior goods.

d. video recorder film is a substitute for video recorders.

Reference no: EM131564401

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