1. Using demand and supply concepts, illustrate how the industry of smart devices (phoned, tablets) has changed in the past decades. Search for reliable data and evidence to support your demand and supply analysis. Include relevant economic diagrams and charts (if any) in your explanation.
2. Determine the factors that change the demand and supply of smart devices (phones, tablets) Support your arguments with reliable data and evidence, including charts and diagrams.
3. Explain how the industry (of smart devices) creates market failure or government failure or both.
4. Discuss the externality that the sector (smart devices) can impact society's wellbeing and welfare. Apply externality theories in the discussion and provide supporting data and evidence. Include relevant economic diagrams in your response.
5. Do you think that government interventions can correct the externality? Explain your answers with supporting evidence.