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Advertisers convince people that to be stylish

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Question

Advertisers convince people that to be stylish they need twice as many shoes. a. Redraw the demand curve. b. How much will consumers now spend on shoes at a price of $80? c. As price drops from $100 to $80, how does elasticity change as opposed to problem 1? Why?

 

Paper#22720 | Written in 18-Jul-2015

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