Graph between price of pant and quantity purchased per month

Reference no: EM131003923

Nicer Pants Inc. found that at a price of $50 per pair, no one bought its product. For every dollar less it charged, it sold an additional 200 pairs of pants per month. Draw a graph to illustrate the relationship between the price of the pants and the quantity purchased per month. Label this as D for consumer demand.

Due to an economics recession, the firm now finds that it has no sales at prices about $40 per pair. However, for each dollar it reduces the prices, it still sells an addi- tional 200 pairs per month. Sketch a graph to illustrate this new relationship between the price of the pants and the quantity purchased each month. Label this as D1.

Reference no: EM131003923

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