How much will consumers spend on shoes at given price, Microeconomics

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How much will consumers spend on shoes at given price

The following is a demand schedule for shoes:

Price: $100 $80 $60 $40 $20
Quantity: 10 14 18 22 26

a. Illustrate the demand curve.

b. How much will consumers spend on shoes at a price of $80?

c. As price drops from $100 to $80, is the demand elastic or inelastic? Show your work or reasoning.

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Microeconomics: How much will consumers spend on shoes at given price

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Recent Questions Asked Microeconomics

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Microeconomics: How much will consumers spend on shoes at given price

Reference No:- TGS063494

Recent Questions Asked Microeconomics

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