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Let's say that we are studying the market for Nokia smart phones. What does the model of supply and demand predict will happen to the equilibrium price of Nokia smart phones as a result of the following two changes ( give the result of the combined changes ) :
1. the price of a competing smart phones ( Iphone , Motorola ) have increased.
2. the input prices ( wages , parts, supplies ) to make the Nokia smart phone have increased. Please explain your answer.

Sagot :

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