00:01
Okay, so we have a bunch of scenarios that we want to talk about.
00:05
If it's a movement along the demand curve or a shift.
00:09
Okay, mammoth mountain hikes the prices for ski tickets and sales plummet.
00:16
So that's just a situation where nothing has fundamentally changed that underlies the demand curve.
00:26
They just raised the price.
00:28
So there's movement along the demand curve from the old price to the new price so that's a movement along the demand curve and a movement movement left along demand curve okay to a lack of snow keeps us okay lack of snow means there's something external happened so this demand curve was was is relative to a bunch of conditions.
01:02
And if all of a sudden there's less snow, then the demand is going to shift to the left.
01:07
So that's a shift to the left.
01:12
Number three, an excise tax increases the price of cigarettes.
01:18
So again, nothing has changed to the fundamental demand, but a price has been changed.
01:27
So it's a movement along the demand curve, and it's a movement left.
01:34
Along the demand curve for cutting cigarette ads from tv.
01:41
So that causes the demand.
01:45
That's a change in a factor that underlay the demand curve...