00:01
So here we have two equations.
00:02
Quantity supply is equal to 1944 plus 207p.
00:09
Quantity demand is equal to 3244 minus 283p.
00:16
So what is equilibrium, right? if you think about, you know, your market for supply and demand, equilibrium is where the quantities are equal, right? the quantities are equal, same quantity, and that same quantity gives you the price.
00:32
So in equilibrium, we need to set quantity supplied equal to quantity demanded.
00:38
That gives us 1944 plus 207p is equal to 3244 minus 283p.
00:49
Let's bring the ps to the same side.
00:52
So if i bring the 283 over, i get 490p.
00:55
If i bring the 1944 over, i'm going to get 1 ,300, right? notice that they're both 44.
01:02
The difference between them is 1 ,300.
01:05
So now p would be equal to 1 ,300 over 490, and 1 ,300 over 490 is, if i jammed that into my calculator, 2 .653...