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QUESTION 1 - 20 marks The economy produces two goods: iPhones and oranges. In this economy, iPhones have been falling in price over time and

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QUESTION 1 - 20 marks The economy produces two goods: iPhones and oranges. In this economy, iPhones have been falling in price over time and have become increasingly popular. The prices and quantities of these goods, in two different years, are given below. 2011 2012 Quantity of iPhones 50 55 Quantity of oranges 5000 5000 Price of iPhones ($) 600 550 Price of oranges (3) 1

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