Question 1

a) Consider the market for smartphones. Within this context,

i. Briefly explain about types and definitions of markets and

ii. Provide current statistics for the national market of your choice and global market share for the leading brands.

b) Illustrate the following situations (i through iv) with a graph showing the demand and supply for smartphones, relevant shifts of these curves, and equilibria in the smartphone market before and after the change.

i. Minimum wages for the citizens rise.

ii. Technical advancements reduce production costs.

iii. The price of fixed-line calls declines sharply.

iv. The price of the copper used to make wires and circuit boards increases.