Illustrate the impact of a government regulation

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Reference no: EM132401577 , Length: 16 pages

Suppose we are analyzing the markets for a Apple products: iphone, ipad, ipod, Apple watch.

Question 1. Identify the economic relationship between the above 4 products and provide explanations.

Question 2. Graphically Illustrate the Impact a decrease in the prices of each of these apple products would have on the demand and/or supply of the other 3 products Show, and document well on with diagram, how equilibrium price and quantity have Changed.

Question 3. Graphically illustrate the Impact a decreases in the price of each of these Apple products would have on their own demand, own supply, consumer surpluses and/or producer surplus show. and document well on each diagram, how equilibrium price and quantity have changed Briefly describe any phenomena that may have arisen due to this price decrease.

Question 4. Graphically illustrate the impact of a government regulation that sets a price floor on the price Of iphone on their demand, supply, consumer surplus and/Of Producer surplus. Show, and document well on the diagram, how equilibrium price and quantity have changed. Briefly describe any phenomena that may have arisen due to this regulation.

Question 5. Graphically illustrate the impact of a government tax on iphone. Show, and document well on each diagram, how equilibrium price and quantity of iphones have changed.

Question 6. Assume that iPhones are a necessity good. How does your answer in (5) change?

Question 7. Let's assume Apple watch is a monopoly product. On the same diagram, draw its demand curve, its marginal revenue curve, and Its marginal cost curve and show the equilibrium price and quantity. Show and explain the effect of a price decrease on consumer and producer surplus.

Question 8. Imagine Apple can price discriminate for its Apple watch.
a. Explain what we mean by price discrimination.
b. Describe and contrast the different types of price discrimination.
c. Show graphically and explain how Apple can price discriminate for two separate troops of consumers. Show the equilibrium price and quantity in each case.

Reference no: EM132401577

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