00:01
So here we're talking about demand curves, right? and a demand curve is a relationship between price and quantity.
00:08
And so we are given information about price and quantity so we can sort of construct a demand curve.
00:14
So quantity and price.
00:17
The first point we have is that the price was 150.
00:20
And when the price was 150, the quantity was 100.
00:25
So this is a point on our demand curve.
00:28
But we also know when the price declined to 80, the quantity increased to 500.
00:34
So this is also a point on our demand curve, right? now, the actual demand curve could be curvy.
00:40
It could be linear, right? but we don't know for sure.
00:43
Both of those could be correct...