SHOW IN A DIAGRAM THE EFFECT ON THE DEMAND CURVE, THE SUPPLY CURVE, THE EQUILIBRIUM PRICE, AND THE EQUILIBRIUM QUANTITY

Question: The small town of Middling experiences a sudden doubling of the birth rate. After three years, the birth rate returns to normal. Use a diagram to illustrate the effect of these events on the following.

Case 1: The market for an hour of babysitting services in Middling today.

Case 2: The market for an hour of babysitting services 14 years into the future, after the birth rate has returned to normal, by which time children born today are old enough to work as babysitters.

Case 3: The market for an hour of babysitting services 30 years into the future, when children born today are likely to be having children of their own.