What shift factor was at play in this scene?

Please look at this video on You Tube and answer these questions in depth using a few of the vocab Please look at this video on You Tube and answer these questions in depth using a few of the vocab words i have provided. I also have provided an example but it is incorrect because there are no vocab words used and no references. It’s only an example to go buy and give u an idea of what to do. You could lookup research on laws of demand and supply.

Watch the following video clip from The Hudsucker Proxy. Pay particular attention to the shift factors, equilibrium price, and quantity.

The hudsucker proxy, the(1994) scene the hula hoop(youtube video link)

https://www.youtube.com/watch?v=Ng3XHPdexNM (the laws of demand and supply video)

After watching The Hudsucker Proxy clip,on you tube discuss the following:

Please answer these questions.

1. What shift factor was at play in this scene?

2. How did it affect the equilibrium price and quantity?

3. Think of a time in your life where your demand was impacted by a shift factor and describe it using the economics we have covered.

Vocabulary words

Market

Ceteris paribus condition

Demand

Demand curve

Law of demand

Supply

Supply curve

Law of supply

Market clearing (or equilibrium) price

Utility

Marginal utility

Diminishing marginal utility

Example of what were studying:

Consumers are willing and able to purchase goods/services. We say they “demand” goods/services. The goal is to maximize their satisfaction and happiness. Consumers are limited by their budgets (or the amount of money they have). Typically, consuming more of a good means more happiness, but additional units do not always yield the same amount of happiness. So as prices increase, the amount of goods that can be purchased decreases.

Producers offer goods/services for sale. We say that they “supply” goods/services and want to maximize their profits.

Profit = Total Revenue – Total Costs

where Total Revenue = Price x Quantity

So as prices increase, the benefit of selling increases for producers.