a)Determine the extent to which the supply and demand of Apple iPhone are sensitive to changes in price by applying the concept of elasticity. In other words, what is the price elasticity of supply or demand for this product?

b)Select two non price factors that impact the demand of Apple iPhone. Justify your selections.

c)Select two non price factors that impact the supply of Apple iPhone. Justify your selections.

d)Define the industry and the market equilibrium associated with the Apple iPhone.

e)Predict the effect of changes in supply and demand on the market equilibrium.

f)Based on the predicted changes, what decisions related to supply and demand would you make for Apple iPhone.