Question

Assume the demand for sport shoes is P = 150 – Q, and the demand for...

Assume the demand for sport shoes is P = 150 – Q, and the demand for sport shirts is P = 300 – Q. At a price of 100 US dollars for both shoes and shirts:

a) Demand for shirts can be more or less elastic than demand for shoes.

b) Demand for shirts is more elastic than demand for shoes.

c) Demand for shoes is more elastic than demand for shirts.

d) None of the above.

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Answer #1

Answer - Correct option is 'a'

Sport shoes P =150-Q

               100 = 150-Q

                 Q = 50

Sport Shirts P =300-Q

               100 = 300-Q

                 Q = 200

Demand for shirts can be more or less elastic than demand for shoes. Because at a price of $100 the quantity demanded of sport shirts is 200 and the quantity demanded sport shoes is 50.

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