Which of the following would increase supply for iPhones? Technology for producing iPhones improves Price of...

Which of the following would increase supply for iPhones?

Technology for producing iPhones improves

Price of data plans decreases

Income of possible customers increases

Price of Android phones increases

Expert Solution

The correct answer is (a) Technology for producing iPhones improves

When technology improves the the cost (and Marginal cost) of producing decreases. As In order to maximize profit a firm produces and supply that quantity at which MR = MC. As MC is increasing and MR is constant or decreasing and never increases with output. if MC decreases then MR will equal MC for higher level of Quantity and hence Supply of i phones will increase.

Income of consumer, Price of data plans and Price of Android phones is a demand side phenomenon and hence the will effect demand of i phones.and not supply of i phones

Increase in Income increases demand. Increase in price of android phone will increase demand because Android phones and i phones are substitute goods and fall in price of data plan will increase demand of i phones because data plan and i phones are complements.

Hence, the correct answer is (a) Technology for producing iPhones improves

Rahul Sunny answered 1 year ago

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