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:
  1. 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).
  2. Explain the Law of Demand. Provide examples.

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