7 1.During the pandemic, more people pursue a healthylifestyle by going more hiking. At the same time,there is an improvement in sport shoe makingmachines which enables firms to produce sport shoesmore efficiently.The retail association reports that the average price of sport shoes drops slightlydespite the above events. Draw a supply-and-demand diagram to illustrate itseffects on the equilibrium price and quantity of the sport shoe market. Briefly

Introduction: In the above question, there is an improvement on the sports shoe making machine so…

Answered: During the pandemic, more people pursue…

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

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During the pandemic, more people pursue a healthy lifestyle by going more hiking. At the same time, there is an improvement in sport shoe making machines which enables firms to produce sport shoes more efficiently. The retail association reports that the average price of sport shoes drops slightly