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Assume that a popular brand of men's shoes was selling at $500.00 per pair. At that...

Assume that a popular brand of men's shoes was selling at $500.00 per pair. At that price, a number of stores in a "District" sold 100 pairs of shoes in a week. The District manager then declares a sale of 20% on that brand of shoes. As a result, 160 pairs of shoes are sold in the following week. (a). Using arc elasticity formula, calculate the price elasticity of demand. (b). What is the mathematical relationship between price and quantity of shoes?

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