|Answer the following questions in an essay of 3-5 paragraphs:
You are the manager of an independent manufacturing company that produces wireless Bluetooth headphones for Apple and Samsung smartphones at a factory in Mumbai. Apple has just announced that they are discontinuing the use of Bluetooth technologies in their newest generation of iPhone, and will instead be switching to a wireless protocol for which you are unable to obtain production rights for one year. Using economic terminology, explain how this news will affect the amount of inputs you utilize for your manufacturing activities for the next twelve months. According to the economic models we have studied things year, and assuming no changes in consumer preferences, what will happen to the prices for your remaining Bluetooth enabled headphones? How might the price of Samsung Galaxies be affected?
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