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Microeconomics 19th Edition by Campbell McConnell,Stanley Brue,Sean Flynn
Edition 19ISBN: 978-0070998544Microeconomics 19th Edition by Campbell McConnell,Stanley Brue,Sean Flynn
Edition 19ISBN: 978-0070998544 Exercise 2
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.
Suppose that Stromnord has exactly 65 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 1a. If demand is D 1 , what is the lowest price that Stromnord can charge so that it will not run out of this model of shoe in the month of July? What if demand is D 2 ?
b. If the price of shoes is set at $75 for both July and August and demand will be D 2 in July and D 1 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 inventor ? What if the price is set at $55 for both months?
Suppose that Stromnord has exactly 65 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 1a. If demand is D 1 , what is the lowest price that Stromnord can charge so that it will not run out of this model of shoe in the month of July? What if demand is D 2 ?b. If the price of shoes is set at $75 for both July and August and demand will be D 2 in July and D 1 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 inventor ? What if the price is set at $55 for both months?
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Two demand schedules are given i.e., how...
Microeconomics 19th Edition by Campbell McConnell,Stanley Brue,Sean Flynn
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