Answer to Question #10820 in Economics of Enterprise for kajal

Question #10820
first give introduction on this topic then factors affecting the demand for mobile phones according to college student ,old man,businessman.
Expert's answer
As a whole, the mobile phone market is pretty elastic - it's not a necessity and there are already a lot of phones out there, so if prices were to go up fewer people would buy new phones and fewer people would upgrade their existing phones (the very definition of elastic).

On the other hand, for certain professions mobile phones are very necessary. On-call doctors, many upper-level businesspeople, anybody who *must* be reachable as a part of their work, they all will exhibit inelastic buying behavior. Whether the phone cost $100 or $1000, if they have to have it to do their job, they'll spend the money so they can continue to work.

The main factors for college student are price, functionality, ability of having high speed internet, using different programs.
The main factors for old man are price, large screen, reliability, long work of the battery
The main factors for businessman are brand, style, special programs to speak a lot for the lower prices.

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