It is evident from the problem statement that an overall price reduction of Nike air max shoes will lead to an increase in the demand for the shoe.
In Economics, the relationship between price and demand is stated as follows <em>"If all other factors remain equal, the higher the price of a good, the </em><em>fewer</em><em> people will </em><em>demand</em><em> that </em><em>good</em><em>. In other words, the </em><em>higher</em><em> the price, the </em><em>lower</em><em> the </em><em>quantity</em><em> demanded and vice versa."</em>
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In all, the Law of Demand tells us that if more people want to buy something, given a limited supply, the price of that thing will be bid higher, also of the price of something is low the demand will be high.
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Answer:
2042
Step-by-step explanation:
Do you need a step by step?
Answer:
k - 11
Step-by-step explanation:
Answer:
$5
Step-by-step explanation:
Let the cost of one burger be $b while the cost of one small fries be s
2 burgers and 2 small fries cost $14
This means that;
2b + 2s = 14
divide both sides by 2
b + s = 7 •••••••• (i)
Three burgers and four small fries cost $23
Mathematically;
3b + 4s = 23 •••••••• (ii)
From i , we can see that s = 7- b
we can now substitute this into equation ii
3b + 4(7-b) = 23
3b + 28 -4b = 23
4b -3b = 28 -23
b = $5
one burger costs $5
