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Posted on Jul 05, 2024

NEWS WIRE PRICE ELASTICITY Apple Slashes the Price of iPhone 8 Apple cut the price of the iPhone 8 by 15 percent, to $599. The

NEWS WIRE PRICE ELASTICITY

Apple Slashes the Price of iPhone 8

Apple cut the price of the iPhone 8 by 15 percent, to $599. The price cut is intended to boost sales for last year's phone as a cheaper alternative to the new and more expensive iPhone XS and XS Max models that were launched this week. The cheapest XS is priced at $999. Apple expects unit sales of the cheaper iPhone to increase by 20 percent this quarter, in response to the lower price. Source: News accounts of September 12-15, 2018.

According to the News Wire, the price elasticity of demand for the iPhone 8 is __________

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