(Transcript of audio with descriptions. Transcript includes narrator headings and description headings of the visual content)
(Speaker)
By now you should be familiar with finding equilibrium quantity and price.
(Description)
The following table is briefly shown on the slide.
The table consists of one individual column and one column group spanning two columns. The individual column is labeled as Price of imported truck, the column group is labeled as Quantity of imported trucks (thousand), its columns are labeled as Quantity demanded and Quantity supplied, respectively.
The table has six rows.
The first row: Price of imported truck is, 32 thousand dollars, Quantity demanded is, 100 thousand, Quantity supplied is, 400 thousand.
The second row: Price of imported truck is, 31 thousand dollars, Quantity demanded is, 200 thousand, Quantity supplied is, 350 thousand.
The third row: Price of imported truck is, 30 thousand dollars, Quantity demanded is, 300 thousand, Quantity supplied is, 300 thousand.
The forth row: Price of imported truck is, 29 thousand dollars, Quantity demanded is, 400 thousand, Quantity supplied is, 250 thousand.
The fifth row: Price of imported truck is, 28 thousand dollars, Quantity demanded is, 500 thousand, Quantity supplied is, 200 thousand.
The sixth row: Price of imported truck is, 27 thousand dollars, Quantity demanded is, 600 thousand, Quantity supplied is, 150 thousand.
(Speaker)
For this problem the equilibrium quantity is 300 thousand imported trucks and a price of 30 thousand dollars.
(Description)
The third row with the corresponding data is briefly highlighted.
(Speaker)
We can also graph the data to find the equilibrium price and quantity.
(Description)
The coordinate plane with the horizontal x-axis and the vertical y-axis is drawn. The horizontal axis is labeled as Quantity of imported trucks. It is measured from 0 to 700 thousand cars. The vertical axis is labeled as Price of imported truck. It is measured from 26 thousand to 32 thousand dollars.
Points, corresponding to the data in columns, Quantity of imported trucks, and, Quantity demanded, are plotted on the coordinate plane. A straight downward sloping line connecting these points is drawn. It is labeled as D.
Points, corresponding to the data in columns, Quantity of imported trucks, and, Quantity supplied, are plotted on the coordinate plane. A straight upward sloping line connecting these points is drawn. It is labeled as S.
Lines, S, and, D, intersect at point with coordinates, 300 thousand cars and 30 thousand dollars.
There are 2 lines drawn from points, 300 thousand cars, on the horizontal axis, and from point, 30 thousand dollars, on the vertical axis. The first line is parallel to the vertical axis, the second line is parallel to the horizontal axis. These lines intersect at a right angle at point with coordinates, 300 thousand cars and 30 thousand dollars.
300 thousand cars on the x-axis and 32 thousand dollars on the y-axis are highlighted.