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Inverse demand curve for a new laptop computer

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Reference no: EM132240862

Suppose that the inverse demand curve for a new laptop computer can be expressed as P = -aQ +bI, where price (P) is in dollars, quantity (Q) is in number of laptops in millions, and income (I) is in dollars. Solve for "-a" if the price elasticity of demand is -2.0, the income elasticity is +1.5 and initial conditions are such that P = 500, Q = 2, I = 50000.

Reference no: EM132240862

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