00:01
So here we have a market, right? we're thinking about the market supply.
00:04
We have a market demand curve, which is qd is equal to 200 minus 10 p.
00:12
We have a market supply curve of qs is equal to 10 p.
00:16
I wasn't expecting to be given that.
00:18
And we have 50 different firms, right? we also have this marginal costs schedule.
00:24
But the first thing we're going to do is just graph these things, right? we already have market demand and market supply.
00:29
So we can graph these things.
00:32
The supply curve goes through the origin, right? if you put in zero for p, you get zero for q.
00:37
So the supply curve goes through here.
00:39
And another point, for example, if the price is 10, a point on the supply curve would be 100.
00:46
Now, if the price is zero, the quantity demanded would be 200, right? so this is where the quantity demand it starts.
00:55
And at a price of 20, the quantity demanded goes all the way to zero, right? so that's not my best line.
01:03
It looks something like this.
01:06
There's the drawing of the demand and supply.
01:11
So we've labeled the curves, right? this is demand supply...