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:
price of 50 kg rice rupees 7650 find the price of 1 kg rice
so 50kg: 7650r
divide both sides by 50 to get 1
1kg=153 rupees
Answer:
y=1/3x-3
Step-by-step explanation:
use the eqation y-y1 = m(x-x1)
plug in slop as m and points as x and y
so now you have --> y-(-4)=1/3(x-(-3))
two negatives = a positive --> y+4=1/3(x+3)
distribute the 1/3 --> y+4= 1/3x + 1
subtract 4 from both sides --> y= 1/3x - 3
