1. In the market for cell phones, draw a demand and supply diagram for each part...
1. In the market for cell phones, draw a demand and supply diagram for each part and show if demand or supply is affected and how the equilibrium price and quantity will change.
a) mobile video games become more popular
b) costs of making cell phone drop significantly
c) cell phone manufacturers are affected by a special government tax
d) cell phone service plans become more expensive
2. When the price of a doll is $30, the manufacturer produces 15,000 dolls. At a price of $40, the produce 20,000. Calculate the price elasticity of supply and show your work.
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