00:01
So we're talking about a market for soybeans, and we know that the quantity demanded is given by 100 minus 10p, where p is the price and dollars.
00:16
And we know that the quantity is supplied is given by, so qs is equal to 20.
00:24
So in this problem, we are talking about the market for soybeans, and we know that the quantity of soybeans demanded is given by 100 minus 10p, where p is the price and dollars.
00:47
The quantity supplied is given by 20 plus 5p.
00:54
So we have the following figure.
00:57
One second.
01:04
So we have the following graph.
01:08
When p is, so i'll talk my horizontal axis has the p -axis, the quantity is going to be the vertical axis.
01:16
So at 100, when the price is 10, so our demand function looks like this decreasing line.
01:27
And our supply function, it's this increasing graph here.
01:33
So this values at 70.
01:36
Here we're at 20...
