00:01
Fellow students we need to write at supply and demand curves intersect at 0 .3 .5.
00:06
So basically it is determined that the lines are perpendicular, the slopes of supply curve is 3 by 2.
00:12
What price are consumers willing to pay one unit we need to write here for this.
00:18
So if i write here for this, y is equals to mx plus c if i write here for this.
00:25
So basically if i state here lines are perpendicular, so slopes are also perpendicular, let's say we need to write our supply curve slope is m1.
00:38
Let's say so basically this is y is equal to m1x plus constant term 1 and let's say demand curve, demand curve slope is m2 which implies to y is equal to m2x plus c2 so basically supply curve slope is given which is 3 by 2 and we all know if 2 slopes are perpendicular then if i restate here this will come out as m1 multiply by m2 is minus 1 it means that we need to calculate the demand curve slope which is this is 3 by 2 so minus 2 by 3 if i write here for this so let's talk about our demand curve this would be made up of price it y -axis and a q at x -axis so basically this is mq so basically minus 2 by 3 q plus constant term.
01:36
So we can see right here according to the question, this meets at 0 .3 .5.
01:42
It means that q is equal to 3.
01:45
So 2 by 3 plus constant term...