Draw the demand curve of Apple and calculate the price elasticity for their main product or service. Determine if they have an elastic or inelastic demand curve.
Apple is a company that develops electronics , computer software etc . Such devices such as iPads , iPhones etc are luxury goods , which means that price elasticity is relatively elastic in nature . When price falls for such products , people's demand rises more than proportionately to price change . They are not a necessity , hence demand responds very much to price changes .
They have an highly elastic demand .
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