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Practice with supply and demand graph basics: please draw a fully labelled supply and demand graph...

Practice with supply and demand graph basics: please draw a fully labelled supply and demand graph that represents the market for nursing home care, per unit of care. In class we discussed shifters of supply and demand (and chp3 has further discussion). Next, assume that the price of home care services (is this a complement or substitute to nursing home care?) increases. To show that you understand the concept, please provide a fully labelled supply and demand graph, showing what would happen to the equilibrium price and quantity of nursing home care and provide an explanation in words too.

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Please find image for solution.

I have provided explanation with diagram in that image

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