IntroductionWhat is economics? Economic is the study of how society chooses to allocate its scarce resource to the production of goods and services in order to satisfy unlimited wants, because of that price of goods product can be increase or decrease. In addition technological change can make the creation, development and application of the new products and productive processes. According to article from several source the new apple iPod music player can make a big impact in economic world especially on the market demand and supply, it is the most popular digital music player in the world with more then 50 % of the digital music player market, in fact apple company have a big competitor at digital music players market there are Sony, Creative and Rio, all of these company also create a big threat for recoding company it's mean people who own the digital music player can download music for free or buy online which more cheaper without buy a CD and cassette.
The illustration that accompanied Marshall's origi...
Perfectly inelastic demand
Perfectly elastic demandFinally demand and supply of CD and cassettes will be extremely decreased. Apple sold more than two million iPods, compared with 860,000 in the previous quarter. Apple also introduced the iPod mini in January of 2004 to much fan-fare, but was unable to meet demand for the players until the second half of the year. All of that information has a connection with the demand function which price of the goods product, price of related goods and customer expectation. In conclusion according to these articles we can analyses and find information about demand, supply, market in action and the concept of elasticity.
Analysis1.0The Market EconomyThere are two branches of economics, micro economics and macro economics, micro economics is the branch of economics that studies decision making by single individual, household, firm, industry or level of...