(Answered) Problem 1 why did apple set the initial price of the iphone

Economics

Problem 1: Why did Apple set the initial price of the iPhone 6 below equilibrium (see the News Wire "Market Shortage" p. 63)? Should Apple have immediately raised the price?

Problem 2: Which curve shifts and in what direction, when the following events occur in the domestic car market?

a. The U.S. economy is expanding.

b. U.S. auto workers get a pay increase.

c. Imported cars become more expensive.

d. The price of gasoline decreases.

Problem 3: Using the News Wire "Law of Demand" on page 53, answer the following questions:

a. According to the News Wire, what would be the response of students to a tax on alcohol that raises the price of alcoholic drinks by $1?

b. Graph the response of students to higher alcohol prices.

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