Are you old enough to remember when you actually bought music? Not through a streaming subscription service and DEFINITELY not an actual physical cassette tape or CD (btw the first cassette tape I bought was Offspring’s Smash album. I bought it without my parents permission. Total rebel, I know). Anyways, your great-grandparents used to buy music in the form of MP3 files from iTunes. They would then download those files onto their iPods (What’s an iPod? Think non-touch screen iPhone with only one app (music player) and an actual headphone jack.) Anyways, Apple’s original pricing scheme was a single price system. Every song was 99 cents. Later, they developed a two-tiered pricing scheme. The article is attached.
Discuss how Apple used their knowledge of elasticities to increase revenue and whether or not they achieved their goals.
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