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Calculate the ped for particular style of tom shoes

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Reference no: EM132460996

A. Calculate the PED for a particular style of Tom's shoes if there is a price decrease from $100 to $50 and the quantity demanded increases from 2,500 to 10,000 pairs. (Use a diagram )

B. Is the demand for this product elastic or inelastic? Does this answer support what we've learned about elasticity and what we might expect for a pair of Tom's shoes? Briefly explain your answer.

Reference no: EM132460996

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