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.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter5: Elasticity

Section: Chapter Questions

Problem 28CTQ: Would you expect supply to play a more significant role in determining the price of a basic...

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