5) Smart phones are becoming less expensive as new technology reduces the cost of production. In a supply and demand model, explain the effects of the technological innovations and their effect on the quantity of smart phones. Rent (dollars per month) 0l02030405060708090|00 Quantity (thousands of apartments per month} 6) The diagram above illustrates the market for apartments in Victoria, British Columbia. a. If the current rent is $300 per month, is there a shortage or surplus in the apartment market and how much is the shortage or surplus