It is considered that the large increase in Apple's revenue and profit in 2017 has been associated with a deliberate price increase. Explain this association.

If Apple's increase in revenue is attributed to the deliberate increase in the price made by it, then it signifies that the price elasticity of demand for Apple is relatively inelastic. If Apple's demand would have been elastic, then the quantity demanded of Apple's product would have reduced by a much greater amount than the increase in price that Apple made. An increase in revenue due to an increase in price indicates that the percentage change in price overpowered the percentage change in quantity demanded. This can also be interpreted as: Since Apple produces niche products, the customer's value for the product increased when there was an increase in the price of the goods. This means that the consumer of the Apple products associate higher price of the good with higher value and quality. That is why the demand for Apple's goods increased when the price of the goods increased, making the overall revenue increase.