The economic effect of iPhone 5 launch
Figure 2
On 21 September 2012, Apple Inc. officially launches their
last iPhone, as known as iPhone 5. As we know that 24 hours before the
launching of the iPhone there are already approximate 600 people lined up at
the retail store in Sydney waiting for it to launch. In 24 hours after the
iPhone had launched in several countries like Japan and Australia are sold out.
This shows that there’s a shortage occurred in the production of iPhone 5. From
the figure 2, we can see that the demand is increased and shift to right but the
price of iPhone 5 is remained.
At point A, the demand and supply are at the
market equilibrium but because of the over population of the new iPhone the
demand curve shift to the right but the price of iPhone is remained as every
series of iPhone we have seen before. Thus, when the price is at the Point B,
this causes a shortage between point A and point B, which mean that the supply
is no longer can satisfies the demand. Moreover, when a shortage is occurred in
the production, the price of black market had risen. Therefore with a limited
supply of the iPhone 5 in the market, the black market started to sell the
iPhone with an unreasonable price. For
example, all the iPhone 5 in China apple retail stores are sold out, then the
phone were being sold in the black markets with approximately doubled price of
an iPhone 5 which is RMB9000 (RM4675).
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