Management Economics Analysis of Apple Inc. and iPhone 11 Pro

Management
Economics A1

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
Explain the business & its main product or service...............................................................3
TASK 2............................................................................................................................................4
Analyse the demand & market equilibrium that impact the demand of their goods..............4
TASK 3 ...........................................................................................................................................6
Illustrate the elasticity or more elasticity of demand for the given components....................6
Elaborate the pricing policies in the business employs..........................................................7
Conclusion.......................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Economics is the subject matter which understand the scarcity & use of resources,
manufacturing of products & services and the welfare within the given time. It is the great
variety of other critical problem of vital concern to the society. Management economics is the
subject matter that basically emphasis on solving various problems and making decisions so that
they can implement various theories of economics(Putraditama, Kim and Meador, 2019). Apple
Inc. is American technology organisation which focuses in buyer electronics software & also
offering the online services. Apple is the largest information technology company and generating
revenue of $365.8 billion. The company was established as the Apple computer company on
April 1, 1976 by Steve Jobs. This respective report will enlist the analysis of the organisation
and also evaluates the substitute and complementary goods for the organisation. furthermore, it
will illustrate the supply & demand in the target market & maintain the market equilibrium in
certain aspects.
TASK 1
Explain the business & its main product or service.
Apple Inc. is an multinational company which is operating in online services and
consumer electronics software. It is the largest information technology company. The company
went onto develop new computers with the help of innovative graphical user interface that also
includes the original macintosh. They are currently operating with 506 stores in 25 different
countries in the globe. They also operate in the retail store in 44 out of 50 states and also plus the
district of Columbia which is slightly over the half on them.
Chosen product:
For this respective report, iPhone 11 pro is the chosen product as it is the luxury products
of the company that are available in the market and based on the demand of the customers. It is
the premium product which is completely based on the income level of buyer and there is no
such impact with the variation in the price of the products.
Explantation of choosing that commodity:
iPhone 11 pro is the luxury product that is offered by Apple company so the elasticity of
demand change due to the variation in the other factors that is affecting the overall demand of
respective goods by which they can get the large customer base in the market.