9. NOT ASSIGNED WINTER 2020 BECAUSE OF DRAWING. BUT WORK ON IT ON YOUR OWN! Recall from basic micro principles that a demand curve will shift in response to a change in preferences. We have seen how the basic constrained maximization results of consumer theory can lead to the uncompensated demand curve; movements along that curve are due to changes in price, based on rotations in the budget line and a series of new equilibria that trace out the demand curve in the consumer choice diagram. Below, I've done this for price changes in designer clothes. Suppose that advertising leads you to "like" designer clothes more than before, as in Problem Set 1. Draw in new equilibria in the consumer choice diagram on the same 3 budget lines, and the corresponding demand curve. Be neat! You should get anew demand curve that does not cross the old one; your 3 quantities will not be the same as the ones I used in the demand curve below. : i i I l ! g ! Price l Ddgigner clothes I E i i I a - Quantity of designer clothes I i i I f I 1 I i l l l l I . l All othEer gdods Quantity of designer clothes