00:01
So let's start this story by distinguishing between two markets.
00:04
First, we have the market for caramel apples, which is an awfully specific market to be working with.
00:11
I don't think i've ever seen something like that available for sale, but here we go.
00:17
Demand and supply.
00:18
And we have a reduction in the demand, right? the reduction in demand is going to lower the price of these things and reduce the quantity.
00:28
So now what we have to do is translated.
00:30
Into the market for hiring workers in that industry, right? we have to think about the workers.
00:41
So there is a supply of workers, right? there are people who are available to work.
00:47
And so i'm going to call this not q, but i'm going to call this l, number of laborers, and w, the wage, which is the price of labor.
00:55
Right.
00:55
There is a supply curve in this industry.
00:58
And the supply curve is people willing to work, right? they supply labor.
01:08
It's not a very good w...