Introduction
In economics, the laws of supply and demand interact to set the prices of an item. There are other factors that will affect the demand curve such as the presence of substitute products in the market, changing customer preferences and change in technology. Looking at the Apple Company, it has made high sales on its product the iphone. When the company announced its launch of the iphone in 2007, it was estimated that the demand would skyrocket. The forecasts were true. Every year the company has launched a higher version of the iphone and sales still continue to be high ( ...