The table below shows two demand schedules for a given style of men's shoe-that is, how many pairs per month will be demanded at various prices at a men's clothing store in Seattle called Stromnord. D1 D2 Quantity Demanded Quantity Demanded Price $85 53 13 80 60 15 68 18 75 22 70 77 65 87 27 Suppose that Stromnord has exactly 70 pairs of this style of shoe in inventory at the start of the month of July and will not receive any more pairs of this style until at least August 1 Instructions: Enter your answers as whole numbers. b. If the price of shoes is set at $85 for both July and August and demand will be D2 in July and D in August, how many pairs of shoes should Stromnord order if it wants to end the month of August with exactly zero pairs of shoes in its inventory? pair(s) of shoes What if the price is set at $65 for both months? pair(s) of shoes
The table below shows two demand schedules for a given style of men's shoe-that is, how many pairs per month will be demanded at various prices at a men's clothing store in Seattle called Stromnord. D1 D2 Quantity Demanded Quantity Demanded Price $85 53 13 80 60 15 68 18 75 22 70 77 65 87 27 Suppose that Stromnord has exactly 70 pairs of this style of shoe in inventory at the start of the month of July and will not receive any more pairs of this style until at least August 1 Instructions: Enter your answers as whole numbers. b. If the price of shoes is set at $85 for both July and August and demand will be D2 in July and D in August, how many pairs of shoes should Stromnord order if it wants to end the month of August with exactly zero pairs of shoes in its inventory? pair(s) of shoes What if the price is set at $65 for both months? pair(s) of shoes
Chapter5: Price Elasticity Of Demand And Supply
Section5.3: Determinants Of Price Elasticity Of Demand
Problem 1YTE: According to the previous discussion, what factors influence the price elasticity of demand for...
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