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Consider the market for cell phones. For the following events, use Supply and Demand analysis to predict changes in equilibrium price and quantity of cell phones.
a. The American Cancer Society announces scientific proof linking cell phone usage to cancer.
b. The stock market soars, causing a rise in the general income of consumers.
c. More efficient robots are developed and used on the cell phone assembly lines.
d. The price of a cell phone increases.
e. Consumers expect the price of cell phones to decrease next week.
f. The price of a cell phone service plan increases.
g. The price of a tablet computer (a substitute in production) increases.
h. The price of a cell phone case (a complementary good) decreases. At the same time, a trade dispute causes shipments of inputs used in cell phone production to be severely delayed.
i. The United Nations establishes and enforces a global minimum wage at $12.50 per hour
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