Question
In June, Sketchers store sold 3500 pairs of shoes with an average price of $70. In July, they decided to have a sale, and the
In June, Sketchers store sold 3500 pairs of shoes with an average price of $70. In July, they decided to have a sale, and the price went down to $50. It resulted in 7000 pairs of shoes sold. What is the elasticity of demand? What type of good is it?
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Microeconomics
Authors: David Besanko, Ronald Braeutigam
5th edition
1118572270, 978-1118799062, 1118799062, 978-1118572276
