Brown shoe company cut its costs in order to increase

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Q. According to the Houthakker also Taylor the cost elasticity of shoes in the United States (US) is 0.7 also the income elasticity is 0.9.

a. Would you suggest that the Brown Shoe Company cut its costs in order to increase its revenue?

b. Illustrate what would be expected to happen to the total quantity of shoes sold in the United States (US) if incomes rise by 10 percent (%)?

Q. if society's resources are fully used to manufacture goods also services to satisfy the wants of its people After that future generations cannot use them. True or false

Reference no: EM1321509

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