.... 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
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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 phone
Apple phone
P.
S1
P1
PI
P2
P7
D1
D2
Q1
Q1
GRAPH (A)
GRAPH (B)
2.1.1
State the change in supply that occur in graph A.
(1)
(1)
2.1.2 Identify the original equilibrium price in graph B.
(2)
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)
2.4
2.5
Use the above graph to explain the concept of cross elasticity of demand.
Transcribed Image Text:2.1 Study the graphs below and answer the questions set. Android phone Apple phone P. S1 P1 PI P2 P7 D1 D2 Q1 Q1 GRAPH (A) GRAPH (B) 2.1.1 State the change in supply that occur in graph A. (1) (1) 2.1.2 Identify the original equilibrium price in graph B. (2) 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) 2.4 2.5 Use the above graph to explain the concept of cross elasticity of demand.
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