The effects of a decrease in quantity demanded on price for apple phone 2.1 Study the graphs below and answer the questions set.Android phoneApple phoneP.S1P1PIP2P7D1D2Q1Q1GRAPH (A)GRAPH (B)2.1.1State the change in supply that occur in graph A.(1)(1)2.1.2 Identify the original equilibrium price in graph B.(2)2.3Describe the term 'substitute goods'.(2)Briefly explain the effect of a decrease in quantity demanded on price for Apple phone(2 x 2) (4)2.42.5Use the above graph to explain the concept of cross elasticity of demand.

"Since you have asked a question with multiple sub-parts, we will solve the first three sub-parts…

.... 2.1 Study the graphs below and answer the questions set. Android phone Apple phone S1 P1 P1 P2 P7 D1 D2 Q1 GRAPH (A) GRAPH (B) 2.1.1 State the change in supply that occur in graph A. (1) 2.1.2 Identify the original equilibrium price in graph B. (1) 2.3 Describe the term 'substitute goods'. (2) Briefly explain the effect of a decrease in quantity demanded on price for Apple phone (2 x 2) (4) (2) 2.4 2.5 Use the above graph to explain the concept of cross elasticity of demand.

.... 2.1 Study the graphs below and answer the questions set. Android phone Apple phone S1 P1 P1 P2 P7 D1 D2 Q1 GRAPH (A) GRAPH (B) 2.1.1 State the change in supply that occur in graph A. (1) 2.1.2 Identify the original equilibrium price in graph B. (1) 2.3 Describe the term 'substitute goods'. (2) Briefly explain the effect of a decrease in quantity demanded on price for Apple phone (2 x 2) (4) (2) 2.4 2.5 Use the above graph to explain the concept of cross elasticity of demand.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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