00:01
So here we're asked to do some algebra, but let's first of all start off with a reminder of what a market looks like, right? a market looks like this, demand and supply.
00:10
So for question 7, we are told that the demand curve is 600 minus 3p.
00:18
And the idea being is that demand curves slope down, right? that's what defines a demand curve.
00:25
So my answer here is a, right? a, the negative relationship.
00:32
That's what makes this a functional demand curve.
00:36
As the price rises, people want less of this stuff.
00:39
That is exactly what a demand curve says.
00:43
So for 8, we now need to do some algebra.
00:46
We need to find the quantity supplied.
00:47
So for 8, we know that the quantity supplied is equal to 7p minus 300, and we're told that if p is equal to 80.
00:57
That means the quantity supplied, if you substitute in the 80, would be this.
01:02
And that would be 560 minus 300, which is equal to 260, right? that would be my question 8...