c. Explain in some detail how Apple profited from its consumers in 2021. To prepare for this task, you will do the following: illustrate using an appropriate diagram* of Apple’s

c. Explain in some detail how Apple profited from its consumers in 2021. To prepare for this task, you will do the following: illustrate using an appropriate diagram* of Apple’s market power in setting its price of an iPhone 13 to maximise profits; use hypothetical values (rough guesses) for the prices, quantities and costs, relying on intuition and good judgement. HINT: A sound answer incorporates a version of the demand curve in part (b) of your answer; describes relevant aspects related to the diagram (e.g., price-setting point, markup etc.); and includes real world data on price, cost and profit within the discussion.

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