Suppose the demand for lap-top computer is given by q = 1000 − 6p1 + p2...
Suppose the demand for lap-top computer is given by
q = 1000 − 6p1 + p2
where q is the number of lap-top computer, p1 is the price of a
lap-top computer, and p2 is the
price of a desk-top computer.
(1) What is the own-price elasticity of lap-top computers?
(2) What is the cross-price elasticity of lap-top computers?
(3) Are lap-top computers and desk-top computers substitutes or complements?
(4) How much do consumers get in surplus when p1 = 400 and p2 = 2000?
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Suppose the demand for lap-top computer is given by
q = 1000 − 6p1 + p2...
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