QS A large sporting goods retailer with multiple stores is attempting to predict the demand for the latest in a seemingly never-ending stream of high-tech basketball shoes, the Nike-Bok Turbo Air-Pump. It is estimated that 300 pairs will be sold per day in the retailer's stores if the new shoe is priced at $200. At a price of $175; 375 pairs are expected to be sold. a) If price is plotted on the horizontal axis, determine the slope-intercept form of the equation for demand. b) Predict the expected demand at a price of $225. At a price S160. c) Identify the p-intercept and interpret its meaning

QS A large sporting goods retailer with multiple stores is attempting to predict the demand for the latest in a seemingly never-ending stream of high-tech basketball shoes, the Nike-Bok Turbo Air-Pump. It is estimated that 300 pairs will be sold per day in the retailer's stores if the new shoe is priced at $200. At a price of $175; 375 pairs are expected to be sold. a) If price is plotted on the horizontal axis, determine the slope-intercept form of the equation for demand. b) Predict the expected demand at a price of $225. At a price S160. c) Identify the p-intercept and interpret its meaning

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

QS A large sporting goods retailer with multiple stores is attempting to predict the demand for the latest in a
seemingly never-ending stream of high-tech basketball shoes, the Nike-Bok Turbo Air-Pump. It is estimated
that 300 pairs will be sold per day in the retailer's stores if the new shoe is priced at $200. At a price of $175;
375 pairs are expected to be sold.
a) If price is plotted on the horizontal axis, determine the slope-intercept form of the equation for
demand.
b) Predict the expected demand at a price of $225. At a price $160.
c) Identify the p-intercept and interpret its meaning

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