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Consider the market for Samsung Galaxy S21. a. Scenario 1: Using a supply and demand graph, show what will happen to the current equilibrium price

Consider the market for Samsung Galaxy S21.

a. Scenario 1: Using a supply and demand graph, show what will happen to the current equilibrium price and quantity of S21s if people expect the price of S21s to fall in the future.

b. Scenario 2: Now, using the second supply and demand graph, show instead what will happen to the equilibrium price and quantity of S21s if the price of iPhone 13 falls. In your answer, assume that the S21 and iPhone 13 are substitutes in consumption.

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