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2. Lets analyze how the market for iPhones will change for different market conditions. Answer the following questions 1) Suppose that a lot of people lose their jobs and income due to COVID19 and fires. Which curve will shift? Demand or supply or both? How does it shift? How does the equilibrium price and quantity change? Show the change in a graph and briefly describe the results. 2) Suppose that Apple iPhone company develops a faster assembly line to produce phones. Which curve will shift? Demand or supply or both? How does it shift? How does the equilibrium price and quantity change? Show the change in a graph and briefly describe the results. 3) Suppose that both the loss of income from consumers and the development of a faster assembly line occur at the same time. You may have three cases in terms of change in the equilibrium price and quantity. Show three graphs for three cases and explain how the equilibrium price and quantity change in each case.

          2. Lets analyze how the market for iPhones will change for different market conditions. Answer the following questions
1) Suppose that a lot of people lose their jobs and income due to COVID19 and fires. Which curve will shift? Demand or supply or both? How does it shift? How does the equilibrium price and quantity change? Show the change in a graph and briefly describe the results.
2) Suppose that Apple iPhone company develops a faster assembly line to produce phones. Which curve will shift? Demand or supply or both? How does it shift? How does the equilibrium price and quantity change? Show the change in a graph and briefly describe the results.
3) Suppose that both the loss of income from consumers and the development of a faster assembly line occur at the same time. You may have three cases in terms of change in the equilibrium price and quantity. Show three graphs for three cases and explain how the equilibrium price and quantity change in each case.

2. Lets analyze how the market for iPhones will change for different market conditions. Answer the following questions
1) Suppose that a lot of people lose their jobs and income due to COVID19 and fires. Which curve will shift? Demand or supply or both? How does it shift? How does the equilibrium price and quantity change? Show the change in a graph and briefly describe the results.
2) Suppose that Apple iPhone company develops a faster assembly line to produce phones. Which curve will shift? Demand or supply or both? How does it shift? How does the equilibrium price and quantity change? Show the change in a graph and briefly describe the results.
3) Suppose that both the loss of income from consumers and the development of a faster assembly line occur at the same time. You may have three cases in terms of change in the equilibrium price and quantity. Show three graphs for three cases and explain how the equilibrium price and quantity change in each case.

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