00:01
Okay, so if we're talking about the minivan market, minivans, we've got our supply curve and our demand curve, with price on the y and quantity on the x.
00:16
Okay, so a, if the price of steel decreases, what does that do? so first of all, is that going to affect supply or demand? that is going to affect supply because that's the ah.
00:33
Sorry.
00:35
Don't know why i selected highlighter there accidentally.
00:38
Okay, that's going to affect supply because steel has to do with creating minivans, right? so the quantity of minivans produced is going to increase, right? quantity supplied will increase.
00:57
So then quantity demanded, which is equivalent to bought, right? is going to increase.
01:07
So basically what happens is the supply increases if the price of steel decreases.
01:12
So then we shift this supply curve to the right because it increases.
01:20
They can produce more for less of a price, right? so quantity demandant is going to increase b.
01:29
If the price of sports vehicles decreases, then what will happen? so this is going to affect demand, right? because sports car production has like nothing, the price of sports cars has like nothing to do with the creation and production of minivans.
01:51
So this is going to affect demand.
01:53
And then if we consider these substitutes and the price of sports cars goes down, the quantity demanded of sports cars will increase.
02:08
And if these are substitutes, that means the quantity of sports cars goes down.
02:10
Quantity demanded of mini bands will decrease because it's one or the other with these, right? so that's why that's going to happen.
02:21
Okay.
02:22
And then, what else? sorry, this formatting is a little weird, so i'm struggling a little bit to read this...