00:01
Okay, yes, so first, part a, we have that demand rises and supply is constant.
00:05
So we have that equilibrium price increases and equilibrium quantity also increases.
00:19
For b, we have that what? supply rises and demand is constant.
00:24
So equilibrium price decreases and equilibrium quantity is going to increase.
00:38
For c, we have that a decrease in demand and increase in supply.
00:42
So the equilibrium price is going to, well, decrease because the effect on price will be determined by the relative magnitude of the shifts.
00:52
But generally, we can expect a decrease.
00:54
So generally, the equilibrium price generally decreases.
00:59
And then the equilibrium quantity, well, it's really going to be ambiguous here depending on the magnitude of the shifts...