Question: The market for Apple iPhones has recently experienced changes in demand and supply. Illustrate and explain with appropriate diagrams how the equilibrium price and quantity

The market for Apple iPhones has recently experienced changes in demand and supply. Illustrate and explain with appropriate diagrams how the equilibrium price and quantity of smartphones will be affected in each of the following scenarios:

a) The popularity of the iPhone has significantly increased due to the launch of innovative features.

- Explanation (5m), Diagram (5m)

b) The government imposes a tax on imported smartphones from Apple Inc.

- Explanation (5m), Diagram (5m)

c) A new competitor enters the market.

- Explanation (5m), Diagram (5m)

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