Consider the impact of the following economic events on the market for Apple phones:

The price of Samsung phones decreases significantly and at the same time the cost of producing Apple phones decreases.

(i)Using a fully labelled demand and supply diagram, illustrate the impact of these economic events on the market for Apple phones.

(ii)Briefly describe the process of moving from the initial to the final equilibrium, identifying the condition(s) of demand and/or supply.