00:01
So here we're talking trade, right, and we're given a diagram.
00:03
We are given a complicated diagram, but of course, it's between price and quantity.
00:07
We have a downward sloping demand curve.
00:10
And we have a whole bunch of supply curves, right? the first we have the domestic supply, we then have the tariff supply.
00:24
And then we have the free trade supply, right? so there's something like this.
00:32
So for part one, we are using if free.
00:37
If free, the equilibrium, the point is going to be here, right? and i should probably draw this down a little bit.
00:44
It'll be something like this, right? the quantity will be 160 and the price correspondingly would be 30.
00:53
So the price would be equal to 30, the quantity would be equal to 160.
00:59
And the domestic quantity would be equal to the point on the domestic curve at a price of 30.
01:05
So this would be 60.
01:07
So we would have the quantity domestic would equal to 60...