In 2020 the average price of a laptop was $600 and 218 million laptops were sold. In 2021 the average price laptop was $750 and 302 million laptops were sold. Assume that incomes have not changed between 2020 and 2021. What can we learn from this data? Select one answer: O Laptops are a nomal good. O The demand for laptops is downward sloping. O The own price elasticity for laptops is zero. O The demand for laptops is upward sloping.

In 2020 the average price of a laptop was $600 and 218 million laptops were sold. In 2021 the average price laptop was $750 and 302 million laptops were sold. Assume that incomes have not changed between 2020 and 2021. What can we learn from this data? Select one answer: O Laptops are a nomal good. O The demand for laptops is downward sloping. O The own price elasticity for laptops is zero. O The demand for laptops is upward sloping.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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