1 what factors effect the demand for a smart phone what are, Ask an Expert

Economics

1. What factors effect the demand for a smart phone? What are the substitutes for the iPhone; What do they cost? How does this impact demand for the iPhone?

2. With the minimum wage increasing dramatically over the next several years (from $7.25 to $15), McDonalds is testing new order kiosk technology. These may have been prohibitively expensive when labor costs were at $7.25, but at $15, the machine is an attractive alternative for the supplier. Regarding elasticity, remember that a product without a substitute will likely have inelastic demand (people will pay anything, almost, for the product...think insulin for diabetics). If there is a substitute available, the demand will likely be elastic. Thoughts?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91803441

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