00:02
Okay, for your problem, you're looking for the equilibrium point first.
00:06
And what you're going to do is you're going to set d of x equal to s of x.
00:11
So once you do that, you're just going to solve by combining like terms.
00:17
Get those x squares together.
00:20
When you do that, right, this is 387.
00:24
When you do that and you divide, you get x squared, and take the square read both sides, you should end up with x equals 22.
00:37
So whatever you get here, i don't remember what it is exactly.
00:39
It's 44, i believe.
00:41
484.
00:42
Take the square root both sides, and you get x equals 22.
00:46
This will be your x value of the equilibrium point.
00:50
Now you've got to find the y.
00:52
So what you're going to do is you're going to take that 22, and you can plug him into either of the originals.
00:59
You know, you can put him into the d of x or the s of x.
01:02
Either one you plug him into, you'll get the same answer.
01:05
Okay, so i'm going to do the s of x, because it looks easier.
01:09
So got 0 .6.
01:11
I'll fix up.
01:14
Just that 0 .6 times 22 squared.
01:20
And you should come up with, let's see what i get 290 to 290 .4.
01:29
And this will be your y value to 90 .4.
01:33
And this is your equally brand point.
01:38
Okay, so then you want to find the consumer surplus...