Eco 561 Select a new, realistic good or service for an existing industry, preferably an industry you

Aug 23rd, 2016
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Eco 561 Select a new, realistic good or service for an existing industry, preferably an industry you current work in or one in which you are interested in working. Develop a 1000-1400-word evaluation of pricing strategies available producers of your selected product. This will include statements about the market structure and the elasticity of demand for the product, based on text book principles and real world products under development. Identify the market structure of the industry (monopoly, oligopoly, competitive monopoly). Determine elasticity of demand for various quality ranges of the product based on textbook theory and judgments about the degree of luxury vs. necessity represented by various brands (e.g. a luxury car vs an economy car). Determine how pricing relates to elasticity of demand for competing models. Explain how changes in the quantity supplied as a result of pricing decisions might affect the company's marginal cost, marginal revenue, and market share

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The product selected for the purpose of this paper is Apple iPhone. After havingworked in Apple stores, one is fascinated by the amount of excitement and interest that Appleproducts are able to generate among the customers. this paper focuses on analyzing themarket structure of the industry that Apple's iPhone operates in.The market structure of the industryThe iPhone industry is an oligopoly market structure. This is because the number ofsellers is small and the barriers to entry are very high. The major players include Nokia,Samsung, Blackberry, HTC, Sony Erricson, LG and Motorola. Each of them holds a sizeableshare of the market with Apple and Samsung being the most dominant players.The elasticity of demandThe iPhone's demand elasticity depends upon the place where it is being sold or the kind ofmarket. This is because iPhone is a luxury product in Indian market but not in U.S. or U.K.market. So, it has inelastic demand in U.S. But the demand is elastic in countries like Indiaand Malaysia. This is because one can compare the iPhone with the normal phones in Indianmarket but not in the U.S. market where the higher income levels have made it a necessarymarket and th

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