2019 iPhone refit
With the latest 2019 iPhone refit, the lineup changed again, welcoming iPhone 11 high-end device models to the market, focusing on the supply and demand of the consumers and determinants such as price range. This device has a price range of $500-$1000, which is, of course, expensive than previous iPhone 10 models, but iPhone 11 models are considered the perfect for most consumers. There is a high demand for the new handset, and in response to this better-than-expected demand, the production of the handset by Apple company continues to increase. This implies that the rise in the supply of the handset (supply elasticity curve shifting to the right) is, to some extent, being overtaken by the surge in demand (demand elasticity curve moving to the right). It seems the process of Apple company pushing up the price of its products has a massive increase in the demand of their new handset, with the lead time growth indicating consumers do not focus on their purchases on the handset. This depicts that as the elasticity of demand increases, the flexibility of supply increases, provided the consumers do not focus on the price elasticity of demand. In conclusion, the rise in demand is more significant than the increase in the handset supply, which suggests the need for the new iPhone models is higher than the supply chain anticipated.