Written on July 21st, 2017 by admin
Making the Connection: Forecasting the Demand for iPhones
- Read Making the Connection: Forecasting the Demand for iPhones in Chapter 3 (pp. 77 and 78) of our textbook and also watch the video related to the article.
- According to the article, Apple considered two factors when forecasting demand for its iPhone: competition from other firms producing smartphones and competition from substitute goods. Nikhil Adam has started off the postings with a brief discussion of demand forecasting. The task now is to answer the following questions:
- What are the variables that would cause a change in demand (shift of the demand curve) for iPhones? Provide examples and state whether the demand would increase or decrease. Note: I am not asking what causes a change in quantity demanded (movement along the demand curve).
- Explain the Law of Demand. Provide examples.
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