Problem
Smartphones: 2.6 Billion and Rising Smartphone subscriptions increased by 40 percent in 2013 to reach 2.6 billion. This number is expected to rise to 5.6 billion by 2019. Emerging markets, especially China and India, provide most of the growth as many people buy their first smartphone.
a. Explain the effects of the increase in global demand for smartphones on the market for smartphones and on an individual smartphone producer in the short run.
b. Draw a graph to illustrate your explanation in part (a).
c. Explain the long-run effects of the increase in global demand for smartphones on the market for smartphones.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.