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This milestone, which covers Section II of Final Project Part I, should be a paper structured as follows:Describe the price elasticity of supply or demand for Apple iPhone.Explain how two nonprice factors impact the demand of Apple iPhone.Explain how two nonprice factors impact the supply of Apple iPhone.Define the industry and the market equilibrium associated with the Apple iPhone.Predict the effect of changes in supply and demand on the market equilibrium.Describe the decisions related to supply and demand for the Apple iPhone that you would make based on the predicted changes in supplyand demand on the market equilibrium.Provide sources with APA style.

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