Is slowing down older iPhones an economic decision?

Abstract

The iPhone is a line of smartphones made by Apple. The company has full control over its design and marketing as it develops its own hardware and software. Recently it was discovered that Apple is purposely slowing down older iPhones in order to extend the battery life. As the news broke out, customers started demanding explanations and suing Apple for not being transparent. Many people regard this action as an incentive to get consumers to buy a new device.