BACKGROUND: Apple announced that sales of its newest iPhones had not quite met expectations in the latest financial reporting period. Historically, Apple has introduced new versions of its iPhones in somewhat regular cycles, with the price and profit margin relatively stable, and the market has responded with great enthusiasm. Global consumers just are not snapping up the newest iPhone at the same rate.
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Provide a 3 page paper with 4 references in APA format to explain how the economic concept of elasticity of demand applies to the history of Apple iPhone sales. Besides elasticity of demand, what other economic and noneconomic forces might have been at work in the changes that have occurred over time in the global market’s reception to the Apple iPhone?