Scenario: At the beginning of the COVID-19 pandemic, house buyers were worried about potentially getting infected by visiting open houses. At the same time, house sellers were worried about potentially getting infected by showing their houses.

1. What will be the combined impact of these two factors on both the equilibrium price and quantity of the housing market?Why?

2. Draw a supply-demand graph to prove your answer above. Remember, you need to draw several key elements in your graphs: notations of your x-axis (Q) and y-axis (P), demand (D1) and supply (S1) curves before the pandemic, demand (D2) and supply (S2) curves after the pandemic, and two equilibria (E1 & E2). The graph can be software generated or hand drawn. Please do not forget to attach your graph in your answer.