00:01
Hello, let's fill all the blanks looking at this graph.
00:07
So is this market in initially unregulated? we can find the equilibrium quantity and equilibrium price.
00:16
So the first part that equilibrium quantity, let me write it like quantity, be equal to 25 ,000 of units and equilibrium price would be it will be, oops, sorry, let me write it clearly, it will be equal to $680.
00:46
Then, if there is the controlled price, which is 570, in this case in the short run, now we use the short run supply curve, the market experience and exceed excess.
01:03
So when we have this price, the quantity demanded is greater than quantity supplied.
01:11
So excess demand.
01:16
Please choose demand.
01:19
And the quantity will be equal to 30 minus 25, 5 ,000 units.
01:28
So this is our answer, 5 demand.
01:32
And before that, you used 680 and 20...