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Solution Library
Demand for Luxury Products
Question
When the price of a top-of-the-line luxury sedan was $85,000 there were 6,184 sold. Several years later when the price was $116,000, although the cars were basically unchanged, there were 9,462 sold. Does this mean that the demand for these sedans slopes upward to the right (i.e., that it is positively sloped in two-dimensional space)? Carefully explain.
Summary
The question belongs to Economics and it is about demand for luxury products. An example of top-of-the-line luxury sedans have been given. In this case, as the cost increases, so does the demand for the cars increase.
Total Word Count 50
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