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My laptop got burning smell, so i closed it. After getting diagnosed it was found that few parts needs to be changed: 5volt and 3volt power IC IO control IC Diodes and Registers. Please someone help me in understanding the approximate cost for these parts.

Parts from $0.20 to $25.00 each, depending from where you are ordering it, parts are not the problem, labor is the high cost, a good technician will charge you from $150 by hour and up just for labor.