ECONOMICS (CBSE/UGC NET)

ECONOMICS

CONSUMERS

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
A new pair of Jordan’s are about to be released, but there are only going to be 200 pairs produced for the entire country. They are the best design yet, and everyone wants a pair! What will this do to the price of the Jordan’s?
A
Increase the price
B
Decrease the price
C
Either A or B
D
None of the above
Explanation: 

Detailed explanation-1: -Below is a look at each and every pair of Air Jordan shoes released by Nike, a total of 37 in all (not counting the many colorways and retro variations). Next to each pair is Nike’s motto for the shoe (if any) and the year in which they debuted. Shop for popular Air Jordan editions at Nike.

Detailed explanation-2: -The Jordan brand is selling about 2.6 billion dollars of product and Michael is paid about 100 million. To keep it simple we can figure he gets 5% of the wholesale price. Maybe $4.63 per pair, maybe more. So, to make the Air Jordan XXXI, ship it, and pay Michael, the total comes to about $41.30.

Detailed explanation-3: -Air Jordan I | Designer : Peter Moore | Released : 1985 | Original Price : $65. Modern sneaker culture had its roots in the air; that is, the original Air Jordan that released in 1985.

Detailed explanation-4: -Today, there are 35 different Air Jordan models available, not counting countless colorways, collaborations, limited editions, and retro Jordans. From 90s street style staples and on-court speed-optimized kicks to high-fashion collabs, there are Jordans out there for every mood, taste, and event.

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