3. Draw a demand line and a supply line for Android smart phones on the graph below, where P represents price in dollars per phone and Q represents millions of phones per year. Label the axes and identify the equilibrium price (P*) and equilibrium quantity (Q") by WIREL labeling the relevant points on the axes. i A Suppose that Apple iPhones and Android smart phones are substitutes and that the cross-price elasticity of demand for Android smart phones with respect to the price of iPhones is 3.0. Also suppose that the price of iPhones rises by 10%. How much does the quantity demanded of Android smart phones rise for any given Android smart phone price? Show the consequences of the iPhone price increase on the graph above. Which curve shifts and how far? Be specific. Be sure to label your diagram completely. Show the items listed below. Circle one algebraic symbol () to indicate whether the "original" value or the "new" value is smaller or larger, or whether they are equal. Original Equilibrium Price New Equilibrium Price Original Equilibrium Quantity New Equilibrium Quantity