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Microeconomics - Essay Example

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The significantly reduced prices of the older model made it more affordable. Just like most consumer goods, demand significantly affects the market price. Prior to the…
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Microeconomics

Download file to see previous pages... This in turn led to the significant reduction in prices for the older models. In fact, with the release of a newer model, the company stopped production of the older model.
The change in price affected my decision to purchase the product. The iPhone 5s had become more affordable. Compared to people who bought the same phone while the demand was high, I had spent significantly less money to acquire the same product. I did not also have to wait in to purchase the product, as most people were more interested in acquiring the new product. In my opinion, I got the better end of the ...Download file to see next pagesRead More
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