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When a cyclone hits Queensland, the price of bananas rises in supermarkets throughout the country. In case a cyclone hits Queensland, which is a large supplier of bananas, there will be an adverse impact in the harvest and banana production. This will suddenly reduce the supply of banana in the entire country and make the supply curve shift leftward. As represented below:
Source: (Bromley, 2007)
With the leftward shift in the supply curve, demand remaining the same, the new equilibrium price would be at P2. This means that the equilibrium price of bananas will rise from P1 to P2.
With the release of iPhone 5, many of the consumers who are likely to buy a smart phone would shift their demand to iPhone 5 from the older models of smart phones. With this, the demand curve for older smart phones will shift leftward, making the equilibrium price of older smart phones low. The graph below represents the same:
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