Over the past 10-20 years, the use of landline phones has fallen while the use of cell phones and smart phones has increased.

1. Explain how changes in consumer tastes and preferences are affecting the demand functions for each product.
2. Draw graphs for each of the two products (land lines and cell phones/smartphones) illustrating what has happened to the demand curve for each one.
3. Be sure to reference at least one scholarly source to support your answer.

The answer above should explain:

Explain buyer behavior and its effect on product demand

Explain buyer behavior and its effect on product demand

Identify factors that shift demand curves