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. D1 D2 Quantity Demanded Quantity Demanded Price $85 53 13 80 60 15 68 18 75 22 70 77 65 87 27 Suppose that Stromnord has exactly 70 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 1 Instructions: Enter your answers as whole numbers. b. If the price of shoes is set at $85 for both July and August and demand will be D2 in July and D 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 inventory? pair(s) of shoes What if the price is set at $65 for both months? pair(s) of shoes
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. D1 D2 Quantity Demanded Quantity Demanded Price $85 53 13 80 60 15 68 18 75 22 70 77 65 87 27 Suppose that Stromnord has exactly 70 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 1 Instructions: Enter your answers as whole numbers. b. If the price of shoes is set at $85 for both July and August and demand will be D2 in July and D 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 inventory? pair(s) of shoes What if the price is set at $65 for both months? pair(s) of shoes
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text: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.
D1
D2
Quantity
Demanded
Quantity
Demanded
Price
$85
53
13
80
60
15
68
18
75
22
70
77
65
87
27
Suppose that Stromnord has exactly 70 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 1
Instructions: Enter your answers as whole numbers.
Transcribed Image Text:b. If the price of shoes is set at $85 for both July and August and demand will be D2 in July and D 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 inventory?
pair(s) of shoes
What if the price is set at $65 for both months?
pair(s) of shoes
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