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Labor and time to make a pair of shoes

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In a local shoe factory, machinery used are outdated and takes too much labor and time to make a pair of shoes. Inexpensive imports are flooding the market and it is increasingly hard to compete with imported shoes on price that also includes the imbedded quality. Briefly discuss steps the management can take to improve price competitiveness and show with economic models (graphs) your ideas. You must include economic graphs to demonstrate your point.

Reference no: EM131415604

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