00:01
To get the market demand and supply.
00:04
So our y -axis, as always, price and our x -axis is quantity.
00:09
So let's start with quantity demanded.
00:14
Qd is equal to 100 minus 3p.
00:21
Okay.
00:25
So when price is equal to zero, our demand, our qd is going to be 100.
00:33
Okay.
00:37
So let's start.
00:39
Oops you do.
00:42
Over here.
00:44
Okay, so then when price is say, let's just plug in 10 and 20.
00:53
10, 20.
00:55
Okay, so when the price is 10, if we plug 10 in for p here, we get that qd when p equals 10 is 100 minus 30.
01:09
So it's 70.
01:10
So again, this is 100 here.
01:15
This is going to be 70.
01:19
And then qd, when p equals 20, is going to be 100 minus 60, because 3 times 20 is 60.
01:29
So that's 40.
01:32
So 40.
01:35
There we go.
01:36
So now we've got three points.
01:38
We can draw this.
01:39
And it's not going to be perfect, but we don't need it to be.
01:43
There we go.
01:43
Cool.
01:44
Okay, so now quantity supplied, our line is 10 plus 2p.
01:52
So we can start in the same place.
01:54
Say when p is zero, when p is zero, our quantity supplied is 10.
02:05
Zero...