Homework: Apple IPhone
Provide a 3 page paper with 4 references in APA format to explain how the economic concept of elasticity of demand applies to the history of Apple iPhone sales. Besides elasticity of demand, what other economic and noneconomic forces might have been at work in the changes that have occurred over time in the global market's reception to the Apple iPhone?
BACKGROUND: Apple announced that sales of its newest iPhones had not quite met expectations in the latest financial reporting period. Historically, Apple has introduced new versions of its iPhones in somewhat regular cycles, with the price and profit margin relatively stable, and the market has responded with great enthusiasm. Global consumers just are not snapping up the newest iPhone at the same rate.
Format your homework according to the give formatting requirements:
a. The answer must be double spaced, typed, using Times New Roman font (size 12), with one-inch margins on all sides.
b. The response also includes a cover page containing the title of the homework, the course title, the student's name, and the date. The cover page is not included in the required page length.
c. Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.