Increase with price remaining unchanged

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Reference no: EM132428661

1. a. How is it possible for demand to increase with price remaining unchanged?

b. What would be the effects on the demand for rubber shoes if the following changes take place:

i. A reduction in price of leather shoes.

ii. Scientific research proved that rubber shoes are more durable.

iii. Price of latex rises substantially.

iv. An increase in consumers' income.

c. If the average daily demand for cinema ticket is given by

Q = 150 -30P

i. What would be the amount of tickets demanded if the price is $1.50?

ii. If you demand for 20 tickets, what price should you willing to pay?

iii. Graph the demand function.

Reference no: EM132428661

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