Pricing Scenario:You just won a new laptop in a contest, and you decide to sell your old one. You do not have a lot of money and want to get the highest price possible for your old laptop. It is a Mac that you bought brand new last year. You are listing the laptop online, and you need to identify the price.

a)What price would you list your laptop for?

b)Explain why the price you proposed would maximize your revenue using the principles of supply and demand.

c)Do you believe the demand for your laptop will be elastic or inelastic? (2 points) Explain (2 points).