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In this research paper we will analyze the supply and demand of the MP3 Player market. We will start by getting acquainted with the general scope of this market by looking at characteristics such as the state of the market, the competition, and market share. When analyzing supply, we will consider certain market trends and economic principles such as the various determinants of supply and its elasticity. Likewise, we will consider variables and statistics when discussing demand. We will also analyze the differentiation between a complement and a substitute in this market, and why it is important to consider various interpretations in this regard.
Responsibilities responsibility includes: reviewing succession plans and management development programs for members of executive management; reviewing succession plans and management development programs for members of executive management; reviewing and approving periodically long-term strategic and business plans and monitoring corporate performance against such plans; adopting policies of corporate conduct, including compliance with applicable laws and regulations and maintenance of accounting, financial, disclosure and other controls, and reviewing the adequacy of compliance systems and controls; evaluating annually the overall effectiveness of the Board; and reviewing matters of corporate governance
In general, manufactured goods are considered elastic in terms of supply because the producer can easily change the amount they wish to produce (Mankiw, 105). In the MP3 Player market, this is evident by looking at variables such as technology and expectations which can have a key affect on supply. For example, advances in technology that allow for cheaper production of flash memory can ensure that the cost of producing a certain MP3 Player lowers dramatically over time. Because of this, a firm can expect that the once normal good that leads the market will be considered an inferior good in just a matter of time. When Apple launched its iPod Touch, competing brands had to lower the quantity supplied and the price of their less capable players. This fits in with the law of supply, which states that the quantity supplied of a good rises when the price of the good rises (Mankiw, 75).
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