00:10
So let's go over this question.
00:15
So for the first one, during the pandemic, people would have demanded more toilet paper.
00:24
So you can see that our equilibrium price is going to increase.
00:28
And the quantity at equilibrium would increase.
00:35
So then the government wants to impose a price ceiling.
00:38
So let's say that the government wants to keep at the old equilibrium price.
00:42
The price ceiling is below the equilibrium price.
00:45
Price.
00:48
So at our new equilibrium price, if you have a price ceiling below that, then you could see that the quantity demanded is greater than quantity supplied.
01:02
So there will be a shortage.
01:26
So for the next one, it says that there's a price ceiling of 15 per pack.
01:46
So again, we had the issue where people were buying too much or buying a lot more.
01:53
And so for the second part, it says that the the price ends up being 20...