Question Completion Status: QUESTION 6 Assume that there is an increase cost in bricks, which is an essential input into building new houses. Meanwhile, consumers' preferences for purchasing new houses are increasing because of expectations of future price increases. Using demand and supply analysis, predict what will happen for the Australian new house market as a result of these changes, ceteris paribus, by answering the questions below. Suggestion: it might be helpful to firstly sketch a diagram on a bit of paper before typing your response. a. What will happen to the supply curve for this market? (I.e. will it shift left or right?) b. What will happen to the demand curve for this market? (i.e. will it shift left or right?) . Based on your responses above, the final equilibrium price will be: (type either: lower, higher, or ambiguous] d. Based on your responses above, the final equilibrium quantity will be: (type either: lower, higher, or ambiguous)