Construct a graph showing equilibrium in the market for movie tickets. Label both axes and denote the initial equilibrium prices and quantity as P₀and Q₀. For each of the following events, draw an appropriate new supply and demand curve for movies, and predict the impact of the event on the market price of a movie ticket and the number of tickets sold in the new equilibrium situation:

a)Movie theaters double the price of soft drinks and popcorns.

b)A national video rental chain cuts its rental rate by 25 percent.