00:01
Okay, so in 2018, economists were predicting that the demand for electric vehicles would rise in 2019 driving at the price of lithium.
00:08
However, in 2019, this expected increase in demand did not happen.
00:14
Lithium producers, however, changed their behavior based on these predictions as a result of the price of lithium in 2019.
00:20
What happened? and the quantity of lithium what happened? all right.
00:23
So the price of lithium fell because the quantity of lithium rose, but the demand stayed the same.
00:29
So, yeah, so lithium producers, they changed their behavior based on the predictions, and the behavior they chose was, well, the producers of lithium wrongly predicted lots of demand, so they mined out more lithium, so they got out more lithium out of the earth.
00:45
The demand wasn't there, but a larger supply was made.
00:48
So they produced more lithium because they felt like there was going to be a bigger demand, like they predicted it, but that didn't happen...