“Sales of iPhones peaked in 2015, and the company has been focused on persuading customers to...
“Sales of iPhones peaked in 2015, and the company has been focused on persuading customers to replace old devices—a much tougher task amid an economic crisis.” Older generations of iPhones are substitutes for a new generation iPhone. Name another substitute for a new iPhone. Explain how a decrease in the price of this substitute would affect the demand for new iPhones. The cross-price elasticity is used to measure the relationship between two related goods. What is the formula used to derive a value for the cross-price elasticity of demand? Would the cross-price elasticity of demand between iPhones and a substitute for an iPhone have a positive value or a negative value? Explain
Homework Answers
Other High-end Android devices are also a good substitute for an iPhone. They can be bought in place of the iPhone.
A decrease in the price of substitute would result in a decrease in demand for the iPhone.
Cross price elasticity of demand =
%Change in Quantity demanded of product A / % Vhange in the price of product B.
The cross-price elasticity of demand between iPhones and a substitute for an iPhone will have a positive value because they are directly correlated. A decrease in price of A would result in a decrease in demand of B and an increase in the price of A would result in increase in demand of B.
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Refer to Figure 5-1. A perfectly elastic demand curve is shown
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Refer to Figure 5-5. The data in the diagram indicates that
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are luxury goods.
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