00:01
Effect of the changes.
00:04
The price of tacos increases.
00:07
So we're talking about hamburgers and we're going to shift the demand curve.
00:20
Tacos would be a substitute.
00:22
If the price of a substitute increases then people would purchase the cheaper substitute instead.
00:28
So demand is going to shift to the right.
00:30
You could see then our equilibrium price goes up and our equilibrium quantity goes up.
00:42
All hamburger sellers raise the price of french fries.
00:45
So this is a complementary good.
00:48
So if the price of a complementary good goes up then people will demand less of it and then they will also demand less of the other complementary good, the hamburger.
00:58
So demand is going to shift to the left...