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This WebQuest delves into the economics behind the iPad's pricing process, equilibrium point, and the impact of external events like the release of iPad 2 and a 5.8-Magnitude Earthquake in China on demand and consumer preferences.
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Economics: WebQuest The iPad
Members Charlie Ang Celestine Tang Joaquin Ong Michael Lim MagdelineSim Wilfred Wong
The Apple iPad • Introduced on January 27, 2010 • Officially released April 2010
$$Pricing$$ • Determined by: • Relationship between quantity demanded and quantity supplied
Pricing Process • Quantity Demanded • Price • Rationing Function • Price at Equilibrium Point = Cost Price • Equilibrium Point • Quantity Demanded
External Developments Release of iPad 2 5.8-Magnitude Earthquake In China
Released 25 March 2011 • More functions and better capabilities than iPad 1st Gen • Superior substitute • Leads to change in consumer preference • Quantity demanded for iPad 1st Gen
HOW does this affect the iPad1?
5.8 Magnitude earthquake in China
HOW does this affect the iPad1?
Claims lives + • Damages Infrastructure + • Destroys Land • Rationing Function • Quantity Demanded • Surplus • Factors of production • Cost of Production • Price • Price
Joaquin Ong Michael Lim Celestine Tang Wilfred Wong “Charlie” Ang Wee Pin “Magdeline” Sim Li Ying Mr Robin Hon MJC Economics Department THE END!!! :D
http://en.wikipedia.org/wiki/Ipad http://en.wikipedia.org/wiki/Ipad_2 http://11s103.wikispaces.com/ http://shanghaiist.com/2011/03/11/58_magnitute_earthquake_in_yunnan_k.php