[Solution] The demand function foer VCR’s has been estimated to be Q=134-1.07P_t+46P_m-2.1Pv-5M where Q_v is the quantity of VCR’s, P_t is the price of videocassettes,
Question: The demand function foer VCR’s has been estimated to be
\(Q=134-1.07{{P}_{t}}+46{{P}_{m}}-2.1Pv-5M\)
where \({{Q}_{v}}\) is the quantity of VCR’s, \({{P}_{t}}\) is the price of videocassettes, \({{P}_{m}}\) is the price of a movie and \({{P}_{v}}\) is the price of VCR’s, and M is income. Based on this information, answer the following questions
- Are VCRs normal or inferior goods?
- Are movies substitutes or complements for VCRs?
c. What additional information is needed to calculate the price elasticity of demand for VCR’s?
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