Describe the iPhone XR elasticity?

Question

Question

business economics

Answer 1

Answer #1

IPhone as we all know that one of the premium brands across the world .

People trust this phone for its unique featires like security and so many facilities .

The elasticity of demand of iPhone XR will be inelastic in nature.

Inelastic demand means even there is a very sharp change in price but quantity demanded will not be affected so much .

In real case we can also see that the trust has been generated by the iPhone company is so well that even the price goes up sometime or down.

But the customer utility is very high and quantity demanded does not fall drastically

Answer 2

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