supply and demand curve for the iPhone 11. Apple announces that the iPhone 12 is coming out in 1 year, what happens to the supply or demand for iPhone 11s? Why?
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- Draw a supply and demand curve for the iPhone 11. Apple announces that the iPhone 12 is coming out in 1 year, what happens to the supply or demand for iPhone 11s? Why?
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- Choose a product which you are familiar with. Using the internet for research (please cite your source), what is the price elasticity of demand for this product or group of products? What does that mean with respect to a 10% increase in the price of this good? What happens to quantity demanded? Which of the 4 determinants of price elasticity of demand do you believe drives this outcome about the good's price elasticity? If there is more than one determining factor, please explain your reasoning. [for many goods, all of the 4 determinants come into play - I just want you to choose the one or two that you believe are most relevant).At point A on the demand curve shown below, how will a 1 percent increase in the price of the product affect total expenditure on the product? Price ($/week) 8 7 6 4 3 2 1 0 2 4 6 Demand 8 10 12 14 16 18 20 Quantity (units/week) Instructions: Enter your response rounded to the nearest whole number. Total expenditure will (Click to select) by about %.A 20% increase in price led the quantity supplied of phones in a competitive market to increase from 300.00 to 330.00.
- Can you explain the difference between an elastic and inelastic product?Bob of Bob's Burgers used to charge $2.20 for a certain hamburger and sold 4000 units. When he increased the price by $1, he sold 3000 units. Calculate the hamburger's price elasticity of demand using the technique in the PowerPoints and text. You will use this information again in the next question.Enter only numbers, a decimal point, and/or a negative sign as needed. Round all intermediate steps to four decimal places and your final answer to two decimal places.Give an example of an Inelastic product, what makes it inelastic? What can make it become elastic?