Prompt: Apple INC
Submit a draft of the supply and demand conditions (Section II) and price elasticity of demand
(Section III) of your research paper, including all critical elements listed below. You will analyze data on firm sales and in the market overall to identify trends and inform your recommendation for the firmâ€™s future actions. You will also use available data to determine the price elasticity for the goods or services your firm produces and explain the factors that influence consumersâ€™ reactions and the firmâ€™s pricing decisions.
Specifically, the following critical elements must be addressed:
II.Explore the supply and demand conditions for your firmâ€™s product.
- Evaluate trends in demand over time and explain their impact on the industry and the firm. You should consider including annual sales figures for the product your firm sells.
- Analyze information and data related to the demand and supply for your firmâ€™s product(s) to support your recommendation for the firmâ€™s actions
. Remember to include a graphical representation of the data and information used in your analysis.
III. Examine the price elasticity of demand for the product(s) your firm sells.
- Analyze the available data and information, such as pricing and the availability of substitutes, and justify how you determine the price elasticity of demand for your firmâ€™s product.
- Explain the factors that affect consumer responsiveness to price changes for this product, using the concept of price elasticity of demand as your guide.
- Assess how the price elasticity of demand impacts the firmâ€™s pricing decisions and revenue growth.