Read the following statement and answer the question that follows. "Cell phones have quickly become taken as much for granted as electricity or water supply. They have had a major impact on our lives and the way that we perform everyday tasks. Many of these changes are apparent, while others we may not even be aware of. People nowadays really don’t remember quite well how life was before cell phones existed!" Use the demand-supply model to illustrate the changes in the market for cell phones over the last twenty years. Try as much as possible to relate the demand-side factors and the supply-side factors we studied in class to the market under study. Although drawing graphs is not necessarily required, yet it could help you to illustrate your answer. Support your answer with relevant real-life data
Read the following statement and answer the question that follows.
"Cell phones have quickly become taken as much for granted as electricity or water
supply. They have had a major impact on our lives and the way that we perform
everyday tasks. Many of these changes are apparent, while others we may not even
be aware of. People nowadays really don’t remember quite well how life was
before cell phones existed!"
Use the demand-supply model to illustrate the changes in the market for cell phones over the
last twenty years. Try as much as possible to relate the demand-side factors and the supply-side
factors we studied in class to the market under study. Although drawing graphs is not
necessarily required, yet it could help you to illustrate your answer. Support your answer with
relevant real-life data
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