Business Notes TOYS

Lazer Tag, you've been zapped! Teddy Ruxpin, pipe down! The best-selling toy of the 1988 Christmas season is a video game: the Nintendo Entertainment System. The toy consists of a computer control box and a pair of joysticks (about $80), a gun-light Zapper ($25) and software cartridges ($25 to $40) that play such games as Super Mario Bros. 2 and Double Dragon.

In an otherwise lackluster season for the toy industry, the Japanese makers of Nintendo are posting glittering sales figures. Their U.S. division is expected to ring up revenues of $1.7 billion this year, compared with $750 million in 1987. Toy sellers ordered 8.4 million Nintendo sets for this season, but the company could deliver only 7 million. .