00:01
So here we're told about demand and supply.
00:03
As soon as i see demand and supply, i want to draw a market.
00:07
So quantity and price, we have downward sloping demand, upward sloping supply, and we know that demand is going to decrease.
00:17
So a demand decrease means that at any price, less quantity.
00:23
So demand decreasing means that it's moving to the left, whereas for the supply is also decreasing, again, that means for any price, less is supplied, right? decreases are moving to the left, lower quantity at any given price.
00:41
So supply goes there.
00:43
So our original equilibrium was here.
00:45
Our new equilibrium was here.
00:48
So what can we see, right? clearly, quantity is going to fall...
