00:01
So for this question, it asked to draw a demand supply graph to show the effect of equivalent price in the market.
00:09
So the first situation is when demand curve shift to the right.
00:13
So that's firstly draw an original graph.
00:18
So this is quantity, and this is price, and that's demand curve and supply curve.
00:25
And originally we have, let's say, equivalent price, p star, and the equivalent quality q star.
00:33
So the question say that if the demand curve shift to the right, so we can just draw a new demand curve for d -prime.
00:45
So we see a new demand curve, and we need to find a new equilibrium.
00:49
So the crosspoint of the new demand curve and the supply curve, so here we see a new price, p -star prime, and a new equilibrium quantity, q -stall.
01:02
So if the demand shift to the right, then we'll see a higher equivalent price from p star to p star prime.
01:10
So this is part a...