Draw and label a graph that depicts a downward-sloping demand curve and an upward-sloping supply curve in the market for sneakers. Assume that the market is initially in equilibrium Use the graph you drew to answer the previous question to show how a decrease in demand would cause a surplus in the market for sneakers. Explain how a decrease in price would eliminate the surplus The company started discounting more items... to deal with a continuing inventory glut... In the latest quarter sneaker revenue rose 5% from a year earlier... Holding everything else constant, if a decrease in the price of sneakers results in an increase in revenue from sales: (a) does this mean that the demand for sneakers is price-elastic or price-inelastic? (b) would the absolute value of the price elasticity of demand for sneakers be less than or greater than +1.0? Briefly explain your answers. Nike is planning future price increases to offset rising costs of labor and other inputs it uses to produce footwear. Draw and label a graph that depicts a downward-sloping demand curve and an upward-sloping supply curve in the market for Nike footwear. Show how an increase in the price of inputs used to produce Nike footwear would affect your graph. Explain why this change will affect the quantity demanded but not the demand for Nike footwear. "In the latest quarter Nike's revenue rose 5% from a year earlier... as growth in sales of footwear outpaced apparel." If Nike's revenue from sales of footwear rose in one quarter would this mean its profit from sales of footwear rose as well? Briefly explain your answer.

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