1. identify the determinant of demand or supply that has changed (something like the # of firms has decreased).

Show on the graph how the given situation affects the market for the specific good by shifting either supply, demand or both.

Label the new equilibrium price and quantity on the graph as P 2 & Q2 and list how both the equilibrium price and quantity change (increase/decrease, etc.) as the result of this change in the space provided.

If you do not think there is a shift, then determine what has changed and how this impacts the market.

Average global smartphone prices [are expected] to [fall] into 2018 and that includes prices for Apple's iPhone. That prediction comes from IDC, which says the average, unlocked selling price worldwide of an iPhone this year will be $657. In 2018, that price is expected to fall to $604.

How does this change affect the market for cellphones?

What determinant of demand or supply changed?

What is the equilibrium Price and equilibrium Quantity?