Market for mobile phones and headphones

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Before, lockdown due to COVID-19, the market for Mobile phones and Headphones in Karachi are at equilibrium with an equilibrium price of Rs. 50,000 and equilibrium quantity of 20,000 in the mobile phone market, and equilibrium price of Rs.1500 and equilibrium quantity of 12,000 in Headphone market. After the reopening the markets, and business in Karachi, the price of cell phones has increased from Rs.50, 000 to Rs. 70,000. What will be the impact of the increase in the price of cell phones in both the markets? Explain by using graphs. Draw the graphs for both the markets separately, labeling everything clearly.

Reference no: EM132541776

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