Evaluate how the following situations will affect the demand curve for iPods. a) Income of 18–25-year-olds have increase...
Evaluate how the following situations will affect the demand curve for iPods.
a) Income of 18–25-year-olds have increased percent over the last year.
d) The price of iPhone decreases.
Homework Answers
a) Demand curve for iPods will shift towards right: Since iPods are a normal good and people aged 18–25-year are its main users because they like portable digital music players, therefore, increase in their income will increase demand for iPods. Due to this the demand curve for iPods will shift towards right.
d) Demand curve for iPods will shift towards left: Since iPods & iPhone are related goods & act as a substitute for each other. Therefore, decrease in the price of iPhone will lead to decrease in demand for iPods. Due to this, there will be a leftward shift in the demand curve for iPods. Since price of iPhone decreases, its demand will increase & the demand for iPod will fall.
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