Use the information below to answer the following question(s) .The following information pertains to Payton's Shoe Manufacturing:
99,500 pairs of shoes are sold during the year for $18.
-What is Payton's manufacturing cost per pair of shoes?
Definitions:
Upsloping
Describes a curve or line on a graph that shows an increase in value or quantity as it moves from left to right.
Flexible Exchange Market
Refers to a foreign exchange market where exchange rates are allowed to move due to market forces without intervention by country governments.
Equilibrium Quantity
The amount of goods supplied that is equal to the amount of goods demanded in a market, reached at the intersection of the supply and demand curves.
Demand Curve
A graph showing the relationship between the price of a good and the amount of the good that consumers are willing and able to purchase at that price.
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