diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/0l0N00pgpss.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/0l0N00pgpss.srt new file mode 100644 index 0000000000000000000000000000000000000000..af2ef05db48e0198de97860ca77346f14968d142 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/0l0N00pgpss.srt @@ -0,0 +1,1719 @@ + +1 +00:00:20,640 --> 00:00:23,260 +Okay. Today, inshallah, we are going to complete + +2 +00:00:23,260 --> 00:00:26,420 +our talk about the price elasticity of demand. In + +3 +00:00:26,420 --> 00:00:30,200 +the last class, we studied the concept or the + +4 +00:00:30,200 --> 00:00:34,100 +meaning of the price elasticity of demand, and we + +5 +00:00:34,100 --> 00:00:39,220 +said that the price elasticity of demand explains + +6 +00:00:39,220 --> 00:00:44,240 +or shows the percentage change in the quantity + +7 +00:00:44,240 --> 00:00:47,240 +demanded or the portion of the change in the + +8 +00:00:47,240 --> 00:00:52,380 +quantity demanded due to the change in a price. We + +9 +00:00:52,380 --> 00:00:58,350 +said that, We have five types of elasticity or the + +10 +00:00:58,350 --> 00:01:02,070 +price elasticity of demand. Sometimes the demand + +11 +00:01:02,070 --> 00:01:06,530 +will be elastic, inelastic, unitary elastic, + +12 +00:01:06,770 --> 00:01:10,070 +perfectly elastic, perfectly inelastic. This + +13 +00:01:10,070 --> 00:01:12,790 +depends on the type of the product, the necessity + +14 +00:01:12,790 --> 00:01:16,350 +of the product for the consumer, the substitutes + +15 +00:01:16,350 --> 00:01:21,650 +for the goods if it has many substitutes or a few + +16 +00:01:21,650 --> 00:01:24,410 +number of substitutes. This depends, we can + +17 +00:01:24,410 --> 00:01:29,070 +determine whether it was elastic or inelastic. + +18 +00:01:29,490 --> 00:01:35,810 +Today, and we said that we have five shapes for + +19 +00:01:35,810 --> 00:01:37,210 +the demand curve. + +20 +00:01:43,490 --> 00:01:48,650 +The first trigger, the price demand. Sometimes the + +21 +00:01:48,650 --> 00:01:52,010 +demand curve will be close to the vertical axis. + +22 +00:01:52,290 --> 00:01:55,590 +In this case, we can say that the demand here is + +23 +00:01:55,590 --> 00:01:57,890 +inelastic like the demand for the products that + +24 +00:01:57,890 --> 00:02:03,250 +has a few number of substitutes. Here, the demand + +25 +00:02:03,250 --> 00:02:07,610 +is inelastic. Here, when the demand is close to + +26 +00:02:07,610 --> 00:02:10,610 +the horizontal axis, it should be elastic because + +27 +00:02:10,610 --> 00:02:12,450 +here the magnitudes will change + +28 +00:02:15,020 --> 00:02:20,360 +And the quantity demanded, the percentage change + +29 +00:02:20,360 --> 00:02:23,220 +in the quantity demanded is bigger than the + +30 +00:02:23,220 --> 00:02:26,000 +magnitudes of change or the percentage change in + +31 +00:02:26,000 --> 00:02:31,720 +the price. Here is unitary elastic, here unitary + +32 +00:02:31,720 --> 00:02:38,270 +elastic, elastic, and here should be perfectly + +33 +00:02:38,270 --> 00:02:43,050 +inelastic, perfectly elastic. This is a quick + +34 +00:02:43,050 --> 00:02:48,750 +review for the last lecture. Now, let's go to + +35 +00:02:48,750 --> 00:02:52,850 +something else which is related to these things, + +36 +00:02:54,190 --> 00:03:01,830 +which is the + +37 +00:03:01,830 --> 00:03:07,430 +midpoint elasticity of demand or the midpoint + +38 +00:03:07,430 --> 00:03:19,090 +formula. The midpoint formula or + +39 +00:03:19,090 --> 00:03:22,350 +equation + +40 +00:03:22,350 --> 00:03:28,430 +to calculate the + +41 +00:03:28,430 --> 00:03:33,510 +price elasticity of demand. As we mentioned + +42 +00:03:33,510 --> 00:03:36,130 +before, the price elasticity of demand formula, + +43 +00:03:36,490 --> 00:03:40,550 +PED formula equals the change in equivalent + +44 +00:03:40,550 --> 00:03:46,010 +demand, delta QD over delta P times P1 over Q1, + +45 +00:03:46,350 --> 00:03:49,370 +QD1, right? This is the general formula to + +46 +00:03:49,370 --> 00:03:55,490 +calculate the price elasticity of demand. Now, let + +47 +00:03:55,490 --> 00:04:00,010 +us have the following example to know + +48 +00:04:04,280 --> 00:04:12,360 +that there is some problems in this formula. Later + +49 +00:04:12,360 --> 00:04:15,780 +on, the problems in the formula will be solved. + +50 +00:04:16,100 --> 00:04:18,880 +Let's see where the problem is. Let's assume that + +51 +00:04:18,880 --> 00:04:25,580 +we have the following demand curve, point A, point + +52 +00:04:25,580 --> 00:04:26,140 +AB. + +53 +00:04:31,380 --> 00:04:32,840 +Let us assume that + +54 +00:04:35,630 --> 00:04:38,130 +At point A, this is the price here and the + +55 +00:04:38,130 --> 00:04:38,710 +quantity demanded. + +56 +00:04:42,570 --> 00:04:45,050 +Five, six, + +57 +00:04:47,850 --> 00:04:51,270 +nine, + +58 +00:04:51,970 --> 00:04:58,910 +twelve. In this example, with the price per unit + +59 +00:04:58,910 --> 00:05:06,170 +was five shekels. The quantity demanded was 12. As + +60 +00:05:06,170 --> 00:05:10,030 +the price goes up from 5 to 6, the quantity + +61 +00:05:10,030 --> 00:05:14,990 +demanded goes down from 12 to 9. Here, I'm going + +62 +00:05:14,990 --> 00:05:22,690 +to study the price elasticity of demand from point + +63 +00:05:22,690 --> 00:05:29,430 +A to point B. Which means point A is the first + +64 +00:05:29,430 --> 00:05:33,970 +point and point B is the second point. So let me + +65 +00:05:33,970 --> 00:05:39,350 +calculate or let us calculate the price elasticity + +66 +00:05:39,350 --> 00:05:43,550 +of demand from point A to point B when the price + +67 +00:05:43,550 --> 00:05:49,270 +goes up from five to six. So let's calculate the + +68 +00:05:49,270 --> 00:05:53,710 +price elasticity of demand, PED, + +69 +00:05:58,000 --> 00:06:04,080 +from point A to B and then let's calculate the + +70 +00:06:04,080 --> 00:06:08,080 +price versus demand from B to A and get the + +71 +00:06:08,080 --> 00:06:12,860 +result. And explain the results here. Should be + +72 +00:06:12,860 --> 00:06:18,890 +the same in all cases. A movement from A to B, the + +73 +00:06:18,890 --> 00:06:24,410 +elasticity should be as or equal to B to A. + +74 +00:06:24,850 --> 00:06:27,510 +Because you're talking about the same demand + +75 +00:06:27,510 --> 00:06:32,830 +curve, the same area. So the formula should give + +76 +00:06:32,830 --> 00:06:36,410 +us the same result when we calculate the price + +77 +00:06:36,410 --> 00:06:41,340 +elasticity of demand from A to B and B to A. But + +78 +00:06:41,340 --> 00:06:44,460 +let us apply the case, apply the formula using the + +79 +00:06:44,460 --> 00:06:48,240 +formula here and get the case, get the results + +80 +00:06:48,240 --> 00:06:52,820 +here, okay? So from point A to B, + +81 +00:07:01,740 --> 00:07:07,380 +what do you see? This is point A1, point number + +82 +00:07:07,380 --> 00:07:11,530 +one, and this is point number two. At point A + +83 +00:07:11,530 --> 00:07:16,450 +here, so the price is P1 is five, the quantity one + +84 +00:07:16,450 --> 00:07:23,330 +is 12. To point B, this is P2, Q2. So from point A + +85 +00:07:23,330 --> 00:07:32,210 +to B, from one to two here, P1 equals five and QD1 + +86 +00:07:32,210 --> 00:07:41,660 +equals how much? Twelve. Price two equals six, and + +87 +00:07:41,660 --> 00:07:47,240 +Qd2 equals how much? Nine. Which means that here + +88 +00:07:47,240 --> 00:07:49,900 +the price goes up, the quantity demanded goes + +89 +00:07:49,900 --> 00:07:56,320 +down. Let's apply using this formula here, the + +90 +00:07:56,320 --> 00:08:00,920 +general formula. So the general formula Pd using + +91 +00:08:00,920 --> 00:08:09,310 +this formula equals Q2 minus Q1, over P2 minus P1 + +92 +00:08:09,310 --> 00:08:17,650 +times P1 over Q1 on D, QD. Okay? So, the PED here + +93 +00:08:17,650 --> 00:08:24,990 +from A to B, I'm talking about from A to B, equals + +94 +00:08:24,990 --> 00:08:34,490 +QD2 minus QD1 over 2 here, 9 minus 12 over P2 + +95 +00:08:34,490 --> 00:08:44,960 +minus P1, 6 minus 5 times P1 over Q1, 5 over 12. + +96 +00:08:46,400 --> 00:08:55,280 +So, PED A to B equals minus 3 over 1 times 5 over + +97 +00:08:55,280 --> 00:09:03,200 +12. So, minus 15 over 12. How much is it? Minus 1 + +98 +00:09:03,200 --> 00:09:05,840 +.3 + +99 +00:09:13,760 --> 00:09:19,240 +If we calculate the price necessity of demand from + +100 +00:09:19,240 --> 00:09:23,920 +B to A, it should be the same. Yeah, because we're + +101 +00:09:23,920 --> 00:09:26,440 +talking about the same demand curve, the movement + +102 +00:09:26,440 --> 00:09:32,480 +from point to another point, the same. But let us + +103 +00:09:32,480 --> 00:09:37,040 +apply the formula and get the result here. So let + +104 +00:09:37,040 --> 00:09:41,260 +us apply or try to calculate the price elasticity + +105 +00:09:41,260 --> 00:09:45,460 +of demand from B to A. + +106 +00:09:48,940 --> 00:09:57,420 +From B to A. Here, I'm going to calculate the + +107 +00:09:57,420 --> 00:10:01,800 +price elasticity of demand from point B to A, + +108 +00:10:02,260 --> 00:10:05,820 +which means that there is a declining in the + +109 +00:10:05,820 --> 00:10:11,360 +prices from point B to A. This means that this is + +110 +00:10:11,360 --> 00:10:16,580 +the first point. And here is the second point, a + +111 +00:10:16,580 --> 00:10:21,320 +movement from point B to A. What do you see? The + +112 +00:10:21,320 --> 00:10:25,760 +price goes down. The quantity goes up. Here, how + +113 +00:10:25,760 --> 00:10:32,650 +much is P1, P2 here? Price one, how much is it? + +114 +00:10:33,250 --> 00:10:42,510 +Six. P2 equals how much? Five. Qd1 equals how + +115 +00:10:42,510 --> 00:10:51,410 +much? One. Nine. Qd2, a movement from point B to + +116 +00:10:51,410 --> 00:10:58,370 +A, five. Twelve. Sorry, twelve, yes. Let's apply + +117 +00:10:58,370 --> 00:11:06,200 +the formula here. PED equals Q2 minus Q1 over P2 + +118 +00:11:06,200 --> 00:11:18,140 +minus P1 times P1 over Q1. Hence, PED equals Q2 + +119 +00:11:18,140 --> 00:11:24,040 +minus Q1, 12 minus 9, + +120 +00:11:25,290 --> 00:11:32,750 +over P2 minus P1, 5 minus 6 times P1 over Q1, 6 + +121 +00:11:32,750 --> 00:11:42,070 +over 9. All right? OK. Let's calculate here. 12 + +122 +00:11:42,070 --> 00:11:50,310 +minus 9, 3 over 5 minus 6 minus 1 times 6 over 9 + +123 +00:11:50,310 --> 00:11:56,250 +equals 18 over minus nine equals minus two. + +124 +00:11:59,390 --> 00:12:01,470 +Minus two. + +125 +00:12:03,190 --> 00:12:07,590 +Different result. Here we have different result. + +126 +00:12:09,050 --> 00:12:14,270 +So, when we calculated the price elasticity of + +127 +00:12:14,270 --> 00:12:18,350 +demand from point A to point B, we get this + +128 +00:12:18,350 --> 00:12:22,390 +result. The price elasticity of demand equals + +129 +00:12:22,390 --> 00:12:31,110 +minus 1.25. When we calculated from P to A, + +130 +00:12:31,390 --> 00:12:37,330 +we get this result here. Is there a problem? Yes. + +131 +00:12:38,190 --> 00:12:40,130 +Should be the same. + +132 +00:12:45,680 --> 00:12:53,860 +Midpoint formula. When we + +133 +00:12:53,860 --> 00:12:57,780 +calculate the price elasticity of demand from A to + +134 +00:12:57,780 --> 00:13:02,460 +B and B to A to get the same result. How? + +135 +00:13:05,300 --> 00:13:13,460 +Plus B2 plus QD2. That's it. It's a midpoint + +136 +00:13:13,460 --> 00:13:17,630 +formula. So the midpoint formula. + +137 +00:13:20,930 --> 00:13:27,390 +So the midpoint formula, or ARC, the assistant of + +138 +00:13:27,390 --> 00:13:35,470 +the man. No problem. + +139 +00:13:35,810 --> 00:13:39,590 +Okay, nice, perfect. So the midpoint formula. + +140 +00:13:45,340 --> 00:13:50,180 +Try from A to B, and B to A, you have to get the + +141 +00:13:50,180 --> 00:13:57,440 +same result. Okay? So, the formula PAD equals Q2 + +142 +00:13:57,440 --> 00:14:02,160 +minus Q1 over P2 minus P1 times summation of the + +143 +00:14:02,160 --> 00:14:06,940 +prices, sum of prices, P1 plus P2 over Q2 plus + +144 +00:14:06,940 --> 00:14:09,920 +plus on plus. Then the formula is like this. This + +145 +00:14:09,920 --> 00:14:14,100 +is called the midpoint formula. The midpoint + +146 +00:14:14,100 --> 00:14:20,200 +formula, the midpoint formula price elasticity of + +147 +00:14:20,200 --> 00:14:27,520 +demand formula using the midpoint Q2 minus Q1 over + +148 +00:14:27,520 --> 00:14:34,140 +P2 minus P1 times P2 + +149 +00:14:34,140 --> 00:14:39,220 +plus P1 over Q2 plus Q1. + +150 +00:14:42,090 --> 00:14:47,650 +I'm going to quantum here. Let's try from point A + +151 +00:14:47,650 --> 00:14:53,890 +to point B. Let's try from point A to point B, PED + +152 +00:14:53,890 --> 00:15:04,790 +from point A to B. Let's try from point A to B. + +153 +00:15:07,510 --> 00:15:12,220 +Equals, try this formula here. From point A to B. + +154 +00:15:14,140 --> 00:15:20,000 +From A to B, this is the price one, Q1. To B here, + +155 +00:15:20,360 --> 00:15:25,380 +how much was it? Six, okay. The price goes up, the + +156 +00:15:25,380 --> 00:15:31,260 +quantity goes down here. Where is P1? From A to B, + +157 +00:15:31,400 --> 00:15:37,180 +this is P1, P2, Q1, Q2. + +158 +00:15:40,660 --> 00:15:45,800 +From A to B, from A to B here, Q2 minus Q1, + +159 +00:15:45,860 --> 00:15:54,520 +where's Q2 here? Nine, minus Q1, twelve, over P2 + +160 +00:15:54,520 --> 00:16:00,160 +minus P1, six minus five, times summation of the + +161 +00:16:00,160 --> 00:16:04,630 +prices, sum of prices, over the sum of the + +162 +00:16:04,630 --> 00:16:09,550 +quantity demanded which is 6 plus 5 over 9 plus + +163 +00:16:09,550 --> 00:16:18,610 +12. So, PED in this case from A to B equals minus + +164 +00:16:18,610 --> 00:16:31,460 +3 over 1 times 11 over 21. So, PED A to B Minus + +165 +00:16:31,460 --> 00:16:39,580 +three times 11 minus 33 over 11 equals minus one + +166 +00:16:39,580 --> 00:16:44,540 +point how much? Half you. + +167 +00:16:47,960 --> 00:16:48,980 +I'm gonna try. + +168 +00:16:56,200 --> 00:16:57,680 +Fifty seven. + +169 +00:17:01,780 --> 00:17:06,420 +Let's calculate. Let's calculate or try to + +170 +00:17:06,420 --> 00:17:09,100 +calculate the price elasticity of demand from + +171 +00:17:09,100 --> 00:17:16,180 +point B to A. From B to A. This is the first and + +172 +00:17:16,180 --> 00:17:21,960 +this is the second here. From B to A, this is + +173 +00:17:21,960 --> 00:17:32,570 +price P1. Should be P1 and this is P2. Q1, Q2. So + +174 +00:17:32,570 --> 00:17:35,710 +let's try to calculate the price elasticity of + +175 +00:17:35,710 --> 00:17:43,450 +demand from point B to A, B2 plus B1 over Q2 plus + +176 +00:17:43,450 --> 00:17:55,290 +Q1. So PED from B to A equals Q2 + +177 +00:17:55,290 --> 00:18:06,420 +minus Q1 minus Q2, 12. minus Q1, 9 over P2 minus + +178 +00:18:06,420 --> 00:18:13,600 +P1, 5 minus 6 times 5 plus 6, summation of the + +179 +00:18:13,600 --> 00:18:23,960 +prices over 12 plus 9. So positive 3 over minus 1 + +180 +00:18:23,960 --> 00:18:29,780 +times 11 over 21. The same result, yeah. + +181 +00:18:33,580 --> 00:18:39,680 +Three times 11, 33 over minus 21 equals minus 1 + +182 +00:18:39,680 --> 00:18:44,580 +.57. + +183 +00:18:46,880 --> 00:18:48,680 +The same result. + +184 +00:19:05,900 --> 00:19:12,900 +From A to B, it was minus 1.25. Minus 2. Minus 2. + +185 +00:19:13,160 --> 00:19:15,240 +Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus + +186 +00:19:15,240 --> 00:19:15,360 +Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus + +187 +00:19:15,360 --> 00:19:15,380 +Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus + +188 +00:19:15,380 --> 00:19:15,480 +2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. + +189 +00:19:15,480 --> 00:19:15,600 +Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus + +190 +00:19:15,600 --> 00:19:15,660 +2. Minus 2. Minus 2. Minus 2. Minus 2. + +223 +00:24:32,900 --> 00:24:36,700 +We are going to calculate the price elasticity of + +224 +00:24:36,700 --> 00:24:41,780 +demand along the demand curve, which is more + +225 +00:24:41,780 --> 00:24:49,640 +elastic at point B or C or D or E or F. Now, let's + +226 +00:24:49,640 --> 00:24:54,380 +try to calculate the price elasticity of demand + +227 +00:24:54,380 --> 00:25:02,460 +between point B to C or C to B, using the midpoint + +228 +00:25:02,460 --> 00:25:06,800 +formula. Or the general, you are free here. The + +229 +00:25:06,800 --> 00:25:10,280 +midpoint formula from B to C or at point B here, + +230 +00:25:10,760 --> 00:25:14,200 +this is from B to C or C to B using the midpoint, + +231 +00:25:14,840 --> 00:25:19,240 +we will reach to the same result. At point B or + +232 +00:25:19,240 --> 00:25:27,680 +from B to C, this is P1, P2, Q1, Q2. Let's + +233 +00:25:27,680 --> 00:25:30,160 +calculate the price inefficiency of demand at + +234 +00:25:30,160 --> 00:25:41,760 +point B here. So PED equals B to C or C to B at + +235 +00:25:41,760 --> 00:25:50,190 +point B. So Q2 minus Eq1 over P2 minus P1 times P2 + +236 +00:25:50,190 --> 00:25:56,790 +plus P1 over Eq2 plus Eq1. So here, we have Eq2 + +237 +00:25:56,790 --> 00:26:02,730 +minus Eq1 for minus two over P2 minus P1, six + +238 +00:26:02,730 --> 00:26:06,610 +minus eight times Hada Zahed Hada Ala Hada Zahed + +239 +00:26:06,610 --> 00:26:13,590 +Hada. Six plus eight over four plus two. So four + +240 +00:26:13,590 --> 00:26:20,610 +minus two, two over minus two times 14 over six. + +241 +00:26:20,830 --> 00:26:26,590 +How much is it here? How much is it? Had a minus + +242 +00:26:26,590 --> 00:26:28,210 +one, had a 14, + +243 +00:26:30,830 --> 00:26:34,890 +two point, how much? 14 over six. + +244 +00:26:39,740 --> 00:26:46,600 +Point three. Okay. Three, three, three. Okay. So + +245 +00:26:46,600 --> 00:26:52,960 +the demand at point B here or from point B to C + +246 +00:26:52,960 --> 00:27:00,440 +equals minus 2.33 or 33. Now, let's go from C to D + +247 +00:27:00,440 --> 00:27:03,920 +at + +248 +00:27:03,920 --> 00:27:08,170 +point C. Or from C to D, + +249 +00:27:12,150 --> 00:27:18,650 +this would be point price P1, Q1, + +250 +00:27:19,870 --> 00:27:23,450 +and P2, Q2. + +251 +00:27:26,350 --> 00:27:31,030 +PAD equals + +252 +00:27:31,030 --> 00:27:38,270 +Q2 minus Q1, six minus four, over P2 minus P14 + +253 +00:27:38,270 --> 00:27:45,790 +minus 6 times how much summation 10 over 10. + +254 +00:27:50,450 --> 00:27:54,090 +2 over + +255 +00:27:54,090 --> 00:27:58,750 +minus 2 times 10 over 10 equals minus 1. + +256 +00:28:05,640 --> 00:28:17,220 +Minus 2.3, 33. From C to E, how much is it? From C + +257 +00:28:17,220 --> 00:28:29,700 +to E. Sorry, from D to E. From D to E. From D to + +258 +00:28:29,700 --> 00:28:33,120 +E, P1, P2, + +259 +00:28:35,970 --> 00:28:47,570 +Q1 versus Q2 here. Let's calculate PED + +260 +00:28:47,570 --> 00:28:50,850 +from D to E, + +261 +00:28:56,110 --> 00:29:03,140 +Q2, eight minus six over two minus four times The + +262 +00:29:03,140 --> 00:29:08,240 +sum of these six over fourteen. These are minus + +263 +00:29:08,240 --> 00:29:14,360 +two over two, positive two over minus two times + +264 +00:29:14,360 --> 00:29:21,420 +six over fourteen. How much? Minus zero point, how + +265 +00:29:21,420 --> 00:29:31,370 +much? Forty-two. Forty-two. That's it. Minus 0.42. + +266 +00:29:32,590 --> 00:29:37,030 +This is minus 1. This is minus 2.33. Go up here + +267 +00:29:37,030 --> 00:29:39,790 +and you will find minus 4 point and so on. Go up + +268 +00:29:39,790 --> 00:29:42,730 +here and you will find infinity. Come here and you + +269 +00:29:42,730 --> 00:29:43,290 +will find zero. + +270 +00:29:47,390 --> 00:29:54,230 +What do you notice? A movement from left to right, + +271 +00:29:55,810 --> 00:29:58,690 +the demand will be less elastic. + +272 +00:30:01,740 --> 00:30:04,840 +What will the calculations give us? This will be + +273 +00:30:04,840 --> 00:30:08,160 +minus infinity here. Here, minus will be four + +274 +00:30:08,160 --> 00:30:12,380 +points and so on. Go down to minus 2.3. Go down + +275 +00:30:12,380 --> 00:30:16,480 +here to minus 1. If it is in the middle of this, + +276 +00:30:16,520 --> 00:30:22,280 +minus 1. Come here, minus 0.42. Go here, you will + +277 +00:30:22,280 --> 00:30:25,660 +find it less. If we take it here like this, it + +278 +00:30:25,660 --> 00:30:28,680 +will be less. When you come to this point at this + +279 +00:30:28,680 --> 00:30:30,000 +point, it will be zero. + +280 +00:30:32,770 --> 00:30:37,570 +So a movement from left to right along the demand + +281 +00:30:37,570 --> 00:30:46,510 +curve, demand will be less elastic. Okay? Let's go + +282 +00:30:46,510 --> 00:30:49,550 +to the slope here. + +283 +00:31:08,280 --> 00:31:11,540 +What's wrong with you? And the slope? The tan of + +284 +00:31:11,540 --> 00:31:14,420 +the angle, the angle of the shadow. What does it + +285 +00:31:14,420 --> 00:31:14,680 +do? + +286 +00:31:17,680 --> 00:31:21,460 +What do you do with the paper you bake? Do you + +287 +00:31:21,460 --> 00:31:24,840 +bake bread or bread? Just so I know what you cook + +288 +00:31:24,840 --> 00:31:26,060 +and what you eat. Yes? + +289 +00:31:31,640 --> 00:31:32,080 +100%. + +290 +00:31:37,410 --> 00:31:39,110 +Slope and elasticity. + +291 +00:31:43,330 --> 00:31:45,150 +Delta price or delta Q? + +292 +00:31:49,290 --> 00:31:53,670 +Delta price + +293 +00:31:53,670 --> 00:32:01,010 +or delta Q? Price elasticity of demand and + +294 +00:32:01,010 --> 00:32:02,650 +the slope of demand curve. + +295 +00:32:14,397 --> 00:32:16,800 +Price, Qd. + +296 +00:32:29,160 --> 00:32:31,340 +We have the following graphs here. + +297 +00:33:02,420 --> 00:33:04,500 +This is a unitary elastic, correct? + +298 +00:33:07,880 --> 00:33:12,680 +Let's say this is 10 over... Let's say this is 10, + +299 +00:33:12,800 --> 00:33:19,390 +like this. a total for + +300 +00:33:19,390 --> 00:33:20,770 +10. + +301 +00:33:27,750 --> 00:33:32,970 +I think + +302 +00:33:32,970 --> 00:33:35,550 +that you have an idea about these graphs here. + +303 +00:33:36,460 --> 00:33:39,880 +different shapes for the demand curves. If you + +304 +00:33:39,880 --> 00:33:44,000 +remember that, we said that when the demand here + +305 +00:33:44,000 --> 00:33:50,560 +is 45 percent saturated, it will be unitary + +306 +00:33:50,560 --> 00:33:59,160 +elastic. Elastic demand because The demand curve + +307 +00:33:59,160 --> 00:34:04,060 +is close to the horizontal axis and the magnitude + +308 +00:34:04,060 --> 00:34:06,600 +or the percentage change in one demand is bigger + +309 +00:34:06,600 --> 00:34:08,720 +than the percentage change in a price. + +310 +00:34:20,390 --> 00:34:22,330 +The magnitude of a change or the percentage of + +311 +00:34:22,330 --> 00:34:24,590 +change in a price is bigger than the percentage of + +312 +00:34:24,590 --> 00:34:28,550 +change in a quantity demanded. Here, Qd. Here is + +313 +00:34:28,550 --> 00:34:30,730 +perfectly inelastic. + +314 +00:34:32,870 --> 00:34:38,630 +Perfectly elastic. All right? What about the + +315 +00:34:38,630 --> 00:34:46,910 +slope? Slope is + +316 +00:34:46,910 --> 00:34:47,610 +under the angle. + +317 +00:34:53,780 --> 00:34:56,700 +Is this a negative slope or a positive slope? + +318 +00:34:57,980 --> 00:35:03,600 +Demand. Negative slope. Right? We took that this + +319 +00:35:03,600 --> 00:35:07,180 +is a negative slope. That's why the sign of the + +320 +00:35:07,180 --> 00:35:10,760 +price in excess of demand is always negative here. + +321 +00:35:12,220 --> 00:35:14,860 +This reflects the negative slope. Negative + +322 +00:35:14,860 --> 00:35:19,400 +relationship between prices and demand. The slope + +323 +00:35:19,400 --> 00:35:32,440 +in a price over + +324 +00:35:32,440 --> 00:35:38,840 +the change in quantity, not the percent. Had a + +325 +00:35:38,840 --> 00:35:42,040 +Delta P over Delta Q. + +326 +00:35:48,700 --> 00:35:56,260 +The slope P2 minus P1 over Q2 minus Q1. + +327 +00:36:00,820 --> 00:36:03,860 +In short, this distance over here, but on the + +328 +00:36:03,860 --> 00:36:04,680 +negative side. + +329 +00:36:08,440 --> 00:36:12,760 +How much is this over here? Ten over ten. One + +330 +00:36:12,760 --> 00:36:19,780 +minus one. The slope equals minus 10 over 10 minus + +331 +00:36:19,780 --> 00:36:21,760 +1. Of course, this is going to tell you how to + +332 +00:36:21,760 --> 00:36:28,640 +calculate it. Let's say this is 8 and this is 2 + +333 +00:36:28,640 --> 00:36:32,100 +and + +334 +00:36:32,100 --> 00:36:37,620 +this is 6 + +335 +00:36:37,620 --> 00:36:41,400 +minus 4 is 4. + +336 +00:36:44,670 --> 00:36:47,290 +Calculate the slope from A to B. The slope, not + +337 +00:36:47,290 --> 00:36:54,030 +the elasticity. The slope. From A to B or B to A. + +338 +00:36:54,470 --> 00:36:58,610 +Slope. I'm talking about slope here. It's P2. The + +339 +00:36:58,610 --> 00:37:04,830 +assumptions are like this. 2, 6, 10. + +340 +00:37:08,590 --> 00:37:15,220 +Slope from A to B. This is P1, P2, right? This is + +341 +00:37:15,220 --> 00:37:17,280 +Q1, Q2. + +342 +00:37:19,200 --> 00:37:26,680 +Let's calculate the slope here. Slope equals + +343 +00:37:26,680 --> 00:37:33,680 +Delta P over Delta Q, which is P2 minus P1 over Q2 + +344 +00:37:33,680 --> 00:37:34,540 +minus Q1. + +345 +00:37:37,960 --> 00:37:43,340 +P2 minus P1. Slope equals + +346 +00:37:45,180 --> 00:37:58,480 +2 minus 6 over 8 minus 4. 2 minus 6 minus 4 over 4 + +347 +00:37:58,480 --> 00:37:59,520 +equals minus 1. + +348 +00:38:03,880 --> 00:38:08,340 +Had a + +349 +00:38:08,340 --> 00:38:11,640 +unitary elastic slope equals minus 1. + +350 +00:38:33,200 --> 00:38:37,540 +Please keep your mobile silent. + +351 +00:38:46,570 --> 00:38:50,970 +From B to A, let's calculate the slope from B to + +352 +00:38:50,970 --> 00:38:51,390 +A. + +353 +00:38:55,170 --> 00:38:59,750 +Slope from B to A, this is P1, P2, + +354 +00:39:02,610 --> 00:39:04,610 +Q1, Q2. + +355 +00:39:10,050 --> 00:39:16,930 +Slope. P2 minus P1, 6 minus 2 over 4 minus 8. + +356 +00:39:20,090 --> 00:39:28,310 +Come here. Yes? What is the slope? His formula? + +357 +00:39:29,010 --> 00:39:29,670 +The equation? + +358 +00:39:32,870 --> 00:39:36,590 +It's him. No, this is like, look, we were talking + +359 +00:39:36,590 --> 00:39:41,960 +about elasticity. But here, the cases will be more + +360 +00:39:41,960 --> 00:39:46,060 +clear. Pay attention to this. The more elastic, + +361 +00:39:46,320 --> 00:39:53,500 +the less slope. Here, the unitary elastic slope + +362 +00:39:53,500 --> 00:39:59,900 +equals minus one. This is the first part. Let's + +363 +00:39:59,900 --> 00:40:05,460 +see how elastic is. How much is the slope? Elastic + +364 +00:40:05,460 --> 00:40:06,480 +demand. + +365 +00:40:09,330 --> 00:40:12,890 +The slope. How can we calculate the slope here? + +366 +00:40:14,150 --> 00:40:16,510 +No, that's it. Two minus ten. That's it. Minus. + +367 +00:40:16,930 --> 00:40:19,810 +It's two minus zero over ten. Zero minus ten. + +368 +00:40:21,810 --> 00:40:24,350 +Okay? The slope is like this. The shadow, the tan + +369 +00:40:24,350 --> 00:40:28,730 +of this angle is equal to the negative slope. + +370 +00:40:28,790 --> 00:40:32,150 +That's it. Because it's like this, the slope + +371 +00:40:32,150 --> 00:40:38,300 +equals minus two over ten. Minus two out of ten. + +372 +00:40:38,700 --> 00:40:42,560 +In the absolute value, this is less than one. In + +373 +00:40:42,560 --> 00:40:48,040 +the absolute value, this is less than one or more + +374 +00:40:48,040 --> 00:40:53,980 +than one? Less than one. The more elastic demand + +375 +00:40:53,980 --> 00:40:55,940 +and the slope is less than one. + +376 +00:40:58,740 --> 00:41:01,660 +The third graph is like this. + +377 +00:41:06,110 --> 00:41:13,010 +Inelastic demand, meaning its ED is less than one + +378 +00:41:13,010 --> 00:41:14,310 +in absolute, right? + +379 +00:41:17,310 --> 00:41:24,290 +Inelastic demand. Inelastic demand. Here, elastic + +380 +00:41:24,290 --> 00:41:33,440 +demand. The ED. The absolute value. Elastic. Less + +381 +00:41:33,440 --> 00:41:36,800 +than one. The value of elasticity. The absolute + +382 +00:41:36,800 --> 00:41:41,360 +value is greater than one. Or greater than minus + +383 +00:41:41,360 --> 00:41:45,940 +one. This is elastic. The slope is less than one. + +384 +00:41:48,980 --> 00:41:53,260 +The more elastic, the less slope. Lower slope. + +385 +00:41:53,840 --> 00:41:59,060 +Inelastic demand. How much was the elasticity? It + +386 +00:41:59,060 --> 00:42:02,020 +was less than one in the absolute. This is the + +387 +00:42:02,020 --> 00:42:08,220 +absolute value. The ED is less than minus one. Now + +388 +00:42:08,220 --> 00:42:11,700 +look at the slope. It will be greater than one. + +389 +00:42:12,760 --> 00:42:16,040 +Minus ten over positive four. + +390 +00:42:21,260 --> 00:42:25,240 +Minus two point five. Of course in the absolute + +391 +00:42:25,240 --> 00:42:35,740 +this is greater than one. The larger + +392 +00:42:35,740 --> 00:42:37,380 +slope, + +393 +00:42:40,200 --> 00:42:44,500 +the less elastic demand. The less elastic demand. + +394 +00:42:45,080 --> 00:42:47,980 +Yes. Absolute. + +395 +00:42:52,900 --> 00:42:57,780 +In negative sign, it's just to remind you that + +396 +00:42:57,780 --> 00:42:59,980 +there is a negative relationship between the + +397 +00:42:59,980 --> 00:43:02,100 +prices and quantity demanded just here. + +398 +00:43:05,180 --> 00:43:10,080 +Absolute values here. Inelastic, absolute values + +399 +00:43:10,080 --> 00:43:11,740 +less than one. + +400 +00:43:14,900 --> 00:43:20,460 +The more elastic demand, the less slope in + +401 +00:43:20,460 --> 00:43:21,360 +absolute values. + +402 +00:43:35,280 --> 00:43:38,280 +Perfectly inelastic. Elasticity of demand. + +403 +00:43:41,320 --> 00:43:42,840 +Inelastic, zero. + +404 +00:43:47,920 --> 00:43:50,860 +Perfectly inelastic. The slope + +405 +00:43:53,810 --> 00:43:57,590 +Infinity. No, it's an experiment. How does the + +406 +00:43:57,590 --> 00:43:59,770 +formula look like? How does the formula look like? + +407 +00:44:00,110 --> 00:44:04,250 +The ED. How do we calculate it? Q2 over delta Q + +408 +00:44:04,250 --> 00:44:14,590 +over delta P, right? Times P1 P2 plus P1 over Q2 + +409 +00:44:14,590 --> 00:44:17,190 +plus Q1, right? Isn't this the formula? Isn't it + +410 +00:44:17,190 --> 00:44:19,510 +obvious? It's the slope. It's upside down. + +411 +00:44:26,080 --> 00:44:26,680 +What? + +412 +00:44:29,320 --> 00:44:32,140 +Okay, I'll tell you what this means. + +413 +00:44:36,120 --> 00:44:39,840 +This is the formula of elasticity, right? Correct? + +414 +00:44:40,220 --> 00:44:44,280 + +445 +00:47:45,730 --> 00:47:55,450 +P1 or delta Q2, Q2 is the same as Q1. Q2, 10 minus + +446 +00:47:55,450 --> 00:48:04,030 +10 over, this is PED, over P2 minus P1, 6 minus 2, + +447 +00:48:05,130 --> 00:48:18,030 +times 6 plus 2 over 10 plus 10. PED equals 0 over + +448 +00:48:18,030 --> 00:48:23,730 +4 times 8 over 20. Of course, everything will be + +449 +00:48:23,730 --> 00:48:37,190 +0. 0 times 8 is 0 over 80 is 0. The price + +450 +00:48:37,190 --> 00:48:41,710 +elasticity of demand equals 0. How much is the + +451 +00:48:41,710 --> 00:48:49,820 +slope? Look at the slope. Slope equals Delta B + +452 +00:48:49,820 --> 00:48:57,440 +over Delta Q. P2 minus P1 over Q2 minus Q1 equals + +453 +00:48:57,440 --> 00:49:08,520 +P2 minus P1, 6 minus 2 over Q2 minus Q1, the same, + +454 +00:49:09,580 --> 00:49:14,420 +10 minus 10, 4 over 0. + +455 +00:49:21,130 --> 00:49:23,770 +Right? All right. + +456 +00:49:27,530 --> 00:49:33,070 +Of course, this is a negative sign. To make sure, + +457 +00:49:33,350 --> 00:49:35,490 +Q2, okay. All right. + +458 +00:49:38,590 --> 00:49:43,970 +The price elasticity of demand back to zero, PED, + +459 +00:49:44,530 --> 00:49:49,010 +will be zero. The slope, infinity. + +460 +00:49:51,680 --> 00:49:52,220 +Yes. + +461 +00:49:55,060 --> 00:50:01,020 +The negative slope. + +462 +00:50:01,600 --> 00:50:06,500 +We are + +463 +00:50:06,500 --> 00:50:10,020 +talking here about demand curve. It's always + +464 +00:50:10,020 --> 00:50:15,100 +negative. The slope. Vertical. + +465 +00:50:21,870 --> 00:50:33,110 +Demand curve is always + +466 +00:50:33,110 --> 00:50:35,030 +negative. Slow. + +467 +00:50:41,010 --> 00:50:42,410 +Okay? + +468 +00:50:49,190 --> 00:50:55,690 +Let's go to the last case here. So the zero, zero + +469 +00:50:55,690 --> 00:51:01,790 +elastic, PED equals zero, slope infinity. + +470 +00:51:03,510 --> 00:51:09,240 +The last case. Infinity price elasticity of demand + +471 +00:51:09,240 --> 00:51:12,640 +or the price elasticity of demand is infinity. + +472 +00:51:13,660 --> 00:51:17,100 +Perfectly elastic demand means the price + +473 +00:51:17,100 --> 00:51:19,380 +elasticity of demand equals infinity. + +474 +00:51:22,700 --> 00:51:29,920 +Slope. Zero. Zero. Zero. This is + +475 +00:51:29,920 --> 00:51:36,410 +point A, point B. Quantity of prices. Quantity is + +476 +00:51:36,410 --> 00:51:46,970 +10, 4, and here is 7. From A to B or B to A, I + +477 +00:51:46,970 --> 00:51:50,610 +make calculations for the price elasticity of + +478 +00:51:50,610 --> 00:51:57,050 +demand or the slope. From point A to B, let's + +479 +00:51:57,050 --> 00:52:00,030 +calculate the price elasticity of demand. From A + +480 +00:52:00,030 --> 00:52:07,700 +to B, This is Q1, Q2. And this is P1, which is P2. + +481 +00:52:08,480 --> 00:52:14,520 +Right? Correct? Correct or not? Correct. Okay. So, + +482 +00:52:14,600 --> 00:52:27,880 +PED equals Q2 minus Q1, 4 minus 10 over + +483 +00:52:27,880 --> 00:52:30,980 +7 minus 7. + +484 +00:52:36,100 --> 00:52:41,120 +equals times 14 + +485 +00:52:41,120 --> 00:52:49,980 +over 14 minus 6 over 0 times 1, infinity. + +486 +00:52:52,580 --> 00:53:00,560 +Any number over zero, infinity. The slope equals + +487 +00:53:00,560 --> 00:53:09,880 +Delta P over Delta Q. P2 minus P1, P2, 7 minus 7. + +488 +00:53:11,900 --> 00:53:20,600 +P2 minus P1 over Q2 minus Q1. P2 minus P1, 7 minus + +489 +00:53:20,600 --> 00:53:25,820 +7 over Q2 minus Q1, 4 minus 10. + +490 +00:53:28,620 --> 00:53:29,560 +Zero. + +491 +00:53:33,990 --> 00:53:38,910 +So when the demand is perfectly elastic, the slope + +492 +00:53:38,910 --> 00:53:48,530 +equals zero. Who has a problem so far? Okay. diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/0l0N00pgpss_postprocess.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/0l0N00pgpss_postprocess.srt new file mode 100644 index 0000000000000000000000000000000000000000..7cf386bff53fef5ac05f7e3850817809ce533030 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/0l0N00pgpss_postprocess.srt @@ -0,0 +1,1968 @@ +1 +00:00:20,640 --> 00:00:23,260 +Okay. Today, inshallah, we are going to complete + +2 +00:00:23,260 --> 00:00:26,420 +our talk about the price elasticity of demand. In + +3 +00:00:26,420 --> 00:00:30,200 +the last class, we studied the concept or the + +4 +00:00:30,200 --> 00:00:34,100 +meaning of the price elasticity of demand, and we + +5 +00:00:34,100 --> 00:00:39,220 +said that the price elasticity of demand explains + +6 +00:00:39,220 --> 00:00:44,240 +or shows the percentage change in the quantity + +7 +00:00:44,240 --> 00:00:47,240 +demanded or the portion of the change in the + +8 +00:00:47,240 --> 00:00:52,380 +quantity demanded due to the change in a price. We + +9 +00:00:52,380 --> 00:00:58,350 +said that, We have five types of elasticity or the + +10 +00:00:58,350 --> 00:01:02,070 +price elasticity of demand. Sometimes the demand + +11 +00:01:02,070 --> 00:01:06,530 +will be elastic, inelastic, unitary elastic, + +12 +00:01:06,770 --> 00:01:10,070 +perfectly elastic, perfectly inelastic. This + +13 +00:01:10,070 --> 00:01:12,790 +depends on the type of the product, the necessity + +14 +00:01:12,790 --> 00:01:16,350 +of the product for the consumer. the substitutes + +15 +00:01:16,350 --> 00:01:21,650 +for the goods if it has many substitutes or a few + +16 +00:01:21,650 --> 00:01:24,410 +number of substitutes. This depends, we can + +17 +00:01:24,410 --> 00:01:29,070 +determine whether it was elastic or inelastic. + +18 +00:01:29,490 --> 00:01:35,810 +Today, and we said that we have five shapes for + +19 +00:01:35,810 --> 00:01:37,210 +the demand curve. + +20 +00:01:43,490 --> 00:01:48,650 +The first trigger, the price demand. Sometimes the + +21 +00:01:48,650 --> 00:01:52,010 +demand curve will be close to the vertical axis. + +22 +00:01:52,290 --> 00:01:55,590 +In this case, we can say that the demand here is + +23 +00:01:55,590 --> 00:01:57,890 +inelastic like the demand for the products that + +24 +00:01:57,890 --> 00:02:03,250 +has a few number of substitutes. Here, the demand + +25 +00:02:03,250 --> 00:02:07,610 +is inelastic. Here, when the demand is close to + +26 +00:02:07,610 --> 00:02:10,610 +the horizontal axis, it should be elastic because + +27 +00:02:10,610 --> 00:02:12,450 +here the magnitudes will change + +28 +00:02:15,020 --> 00:02:20,360 +And the quantity demanded, the percentage change + +29 +00:02:20,360 --> 00:02:23,220 +in the quantity demanded is bigger than the + +30 +00:02:23,220 --> 00:02:26,000 +magnitudes of change or the percentage change in + +31 +00:02:26,000 --> 00:02:31,720 +the price. Here is unitary elastic, here unitary + +32 +00:02:31,720 --> 00:02:38,270 +elastic, elastic. and here should be perfectly + +33 +00:02:38,270 --> 00:02:43,050 +inelastic, perfectly elastic. This is a quick + +34 +00:02:43,050 --> 00:02:48,750 +review for the last lecture. Now, let's go to + +35 +00:02:48,750 --> 00:02:52,850 +something else which is related to these things, + +36 +00:02:54,190 --> 00:03:01,830 +which is the + +37 +00:03:01,830 --> 00:03:07,430 +midpoint elasticity of demand or the midpoint + +38 +00:03:07,430 --> 00:03:19,090 +formula. The midpoint formula or + +39 +00:03:19,090 --> 00:03:22,350 +equation + +40 +00:03:22,350 --> 00:03:28,430 +to calculate the + +41 +00:03:28,430 --> 00:03:33,510 +price elasticity of demand. As we mentioned + +42 +00:03:33,510 --> 00:03:36,130 +before, the price elasticity of demand formula, + +43 +00:03:36,490 --> 00:03:40,550 +PUD, formula equals the change in equivalent + +44 +00:03:40,550 --> 00:03:46,010 +demand, delta QD over delta P times P1 over Q1, + +45 +00:03:46,350 --> 00:03:49,370 +QD1, right? This is the general formula to + +46 +00:03:49,370 --> 00:03:55,490 +calculate the price elasticity of demand. Now, let + +47 +00:03:55,490 --> 00:04:00,010 +us have the following example to know + +48 +00:04:04,280 --> 00:04:12,360 +that there is some problems in this formula. Later + +49 +00:04:12,360 --> 00:04:15,780 +on, the problems in the formula will be solved. + +50 +00:04:16,100 --> 00:04:18,880 +Let's see where the problem is. Let's assume that + +51 +00:04:18,880 --> 00:04:25,580 +we have the following demand curve, point A, point + +52 +00:04:25,580 --> 00:04:26,140 +AB. + +53 +00:04:31,380 --> 00:04:32,840 +Let us assume that + +54 +00:04:35,630 --> 00:04:38,130 +At point A, this is the price here and the + +55 +00:04:38,130 --> 00:04:38,710 +quantity demanded. + +56 +00:04:42,570 --> 00:04:45,050 +Five, six, + +57 +00:04:47,850 --> 00:04:51,270 +nine, + +58 +00:04:51,970 --> 00:04:58,910 +twelve. In this example, with the price per unit + +59 +00:04:58,910 --> 00:05:06,170 +was five shekels. The quantity demanded was 12. As + +60 +00:05:06,170 --> 00:05:10,030 +the price goes up from 5 to 6, the quantity + +61 +00:05:10,030 --> 00:05:14,990 +demanded goes down from 12 to 9. Here, I'm going + +62 +00:05:14,990 --> 00:05:22,690 +to study the price elasticity of demand from point + +63 +00:05:22,690 --> 00:05:29,430 +A to point B. which means point A is the first + +64 +00:05:29,430 --> 00:05:33,970 +point and point B is the second point. So let me + +65 +00:05:33,970 --> 00:05:39,350 +calculate or let us calculate the price elasticity + +66 +00:05:39,350 --> 00:05:43,550 +of demand from point A to point B when the price + +67 +00:05:43,550 --> 00:05:49,270 +goes up from five to six. So let's calculate the + +68 +00:05:49,270 --> 00:05:53,710 +price elasticity of demand, PED, + +69 +00:05:58,000 --> 00:06:04,080 +from point A to B and then let's calculate the + +70 +00:06:04,080 --> 00:06:08,080 +price versus demand from B to A and get the + +71 +00:06:08,080 --> 00:06:12,860 +result. And explain the results here. Should be + +72 +00:06:12,860 --> 00:06:18,890 +the same in all cases. A movement from A to B, the + +73 +00:06:18,890 --> 00:06:24,410 +elasticity should be as or equal to B to A. + +74 +00:06:24,850 --> 00:06:27,510 +Because you're talking about the same demand + +75 +00:06:27,510 --> 00:06:32,830 +curve, the same area. So the formula should give + +76 +00:06:32,830 --> 00:06:36,410 +us the same result when we calculate the price + +77 +00:06:36,410 --> 00:06:41,340 +elasticity of demand from A to B and B to A. But + +78 +00:06:41,340 --> 00:06:44,460 +let us apply the case, apply the formula using the + +79 +00:06:44,460 --> 00:06:48,240 +formula here and get the case, get the results + +80 +00:06:48,240 --> 00:06:52,820 +here, okay? So from point A to B, + +81 +00:07:01,740 --> 00:07:07,380 +what do you see? This is point A1, point number + +82 +00:07:07,380 --> 00:07:11,530 +one, and this is point number two. At point A + +83 +00:07:11,530 --> 00:07:16,450 +here, so the price is P1 is five, the quantity one + +84 +00:07:16,450 --> 00:07:23,330 +is 12. To point B, this is P2, Q2. So from point A + +85 +00:07:23,330 --> 00:07:32,210 +to B, from one to two here, P1 equals five and QD1 + +86 +00:07:32,210 --> 00:07:41,660 +equals how much? Twelve. Price two equals six, and + +87 +00:07:41,660 --> 00:07:47,240 +Qd2 equals how much? Nine. Which means that here + +88 +00:07:47,240 --> 00:07:49,900 +the price goes up, the quantity demanded goes + +89 +00:07:49,900 --> 00:07:56,320 +down. Let's apply using this formula here, the + +90 +00:07:56,320 --> 00:08:00,920 +general formula. So the general formula Pd using + +91 +00:08:00,920 --> 00:08:09,310 +this formula equals Q2 minus Q1, over P2 minus P1 + +92 +00:08:09,310 --> 00:08:17,650 +times P1 over Q1 on D, QD. Okay? So, the PED here + +93 +00:08:17,650 --> 00:08:24,990 +from A to B, I'm talking about from A to B, equals + +94 +00:08:24,990 --> 00:08:34,490 +QD2 minus QD1 over 2 here, 9 minus 12 over P2 + +95 +00:08:34,490 --> 00:08:44,960 +minus P1, 6 minus 5 times P1 over Q1, 5 over 12. + +96 +00:08:46,400 --> 00:08:55,280 +So, PED A to B equals minus 3 over 1 times 5 over + +97 +00:08:55,280 --> 00:09:03,200 +12. So, minus 15 over 12. How much is it? Minus 1 + +98 +00:09:03,200 --> 00:09:05,840 +.3 + +99 +00:09:13,760 --> 00:09:19,240 +If we calculate the price necessity of demand from + +100 +00:09:19,240 --> 00:09:23,920 +B to A, it should be the same. Yeah, because we're + +101 +00:09:23,920 --> 00:09:26,440 +talking about the same demand curve, the movement + +102 +00:09:26,440 --> 00:09:32,480 +from point to another point, the same. But let us + +103 +00:09:32,480 --> 00:09:37,040 +apply the formula and get the result here. So let + +104 +00:09:37,040 --> 00:09:41,260 +us apply or try to calculate the price elasticity + +105 +00:09:41,260 --> 00:09:45,460 +of demand from B to A. + +106 +00:09:48,940 --> 00:09:57,420 +From B to A. Here, I'm going to calculate the + +107 +00:09:57,420 --> 00:10:01,800 +price elasticity of demand from point B to A, + +108 +00:10:02,260 --> 00:10:05,820 +which means that there is a declining in the + +109 +00:10:05,820 --> 00:10:11,360 +prices from point B to A. This means that this is + +110 +00:10:11,360 --> 00:10:16,580 +the first point. And here is the second point, a + +111 +00:10:16,580 --> 00:10:21,320 +movement from point B to A. What do you see? The + +112 +00:10:21,320 --> 00:10:25,760 +price goes down. The quantity goes up. Here, how + +113 +00:10:25,760 --> 00:10:32,650 +much is P1, P2 here? Price one, how much is it? + +114 +00:10:33,250 --> 00:10:42,510 +Six. P2 equals how much? Five. Qd1 equals how + +115 +00:10:42,510 --> 00:10:51,410 +much? One. Nine. Qd2, a movement from point B to + +116 +00:10:51,410 --> 00:10:58,370 +A, five. Twelve. Sorry, twelve, yes. Let's apply + +117 +00:10:58,370 --> 00:11:06,200 +the formula here. PED equals Q2 minus Q1 over P2 + +118 +00:11:06,200 --> 00:11:18,140 +minus P1 times P1 over Q1. Hence, PED equals Q2 + +119 +00:11:18,140 --> 00:11:24,040 +minus Q1, 12 minus 9, + +120 +00:11:25,290 --> 00:11:32,750 +over P2 minus P1, 5 minus 6 times P1 over Q1, 6 + +121 +00:11:32,750 --> 00:11:42,070 +over 9. All right? OK. Let's calculate here. 12 + +122 +00:11:42,070 --> 00:11:50,310 +minus 9, 3 over 5 minus 6 minus 1 times 6 over 9 + +123 +00:11:50,310 --> 00:11:56,250 +equals 18. over minus nine equals minus two. + +124 +00:11:59,390 --> 00:12:01,470 +Minus two. + +125 +00:12:03,190 --> 00:12:07,590 +Different result. Here we have different result. + +126 +00:12:09,050 --> 00:12:14,270 +So, when we calculated the price elasticity of + +127 +00:12:14,270 --> 00:12:18,350 +demand from point A to point B, we get this + +128 +00:12:18,350 --> 00:12:22,390 +result. The price elasticity of demand equals + +129 +00:12:22,390 --> 00:12:31,110 +minus 1.2, or 25. When we calculated from P to A, + +130 +00:12:31,390 --> 00:12:37,330 +we get this result here. Is there a problem? Yes. + +131 +00:12:38,190 --> 00:12:40,130 +Should be the same. + +132 +00:12:45,680 --> 00:12:53,860 +Midpoint formula. When we + +133 +00:12:53,860 --> 00:12:57,780 +calculate the price elasticity of demand from A to + +134 +00:12:57,780 --> 00:13:02,460 +B and B to A to get the same result. How? + +135 +00:13:05,300 --> 00:13:13,460 +Plus B2 plus QD2. That's it. It's a midpoint + +136 +00:13:13,460 --> 00:13:17,630 +formula. So the midpoint formula. + +137 +00:13:20,930 --> 00:13:27,390 +So the midpoint formula, or ARC, the assistant of + +138 +00:13:27,390 --> 00:13:35,470 +the man. No problem. + +139 +00:13:35,810 --> 00:13:39,590 +Okay, nice, perfect. So the midpoint formula. + +140 +00:13:45,340 --> 00:13:50,180 +Try from A to B, and B to A, you have to get the + +141 +00:13:50,180 --> 00:13:57,440 +same result. Okay? So, the formula PAD equals Q2 + +142 +00:13:57,440 --> 00:14:02,160 +minus Q1 over P2 minus P1 times summation of the + +143 +00:14:02,160 --> 00:14:06,940 +prices, sum of prices, P1 plus P2 over Q2 plus + +144 +00:14:06,940 --> 00:14:09,920 +plus on plus. Then the formula is like this. This + +145 +00:14:09,920 --> 00:14:14,100 +is called the midpoint formula. The midpoint + +146 +00:14:14,100 --> 00:14:20,200 +formula, the midpoint formula price elasticity of + +147 +00:14:20,200 --> 00:14:27,520 +demand formula using the midpoint Q2 minus Q1 over + +148 +00:14:27,520 --> 00:14:34,140 +P2 minus P1 times P2 + +149 +00:14:34,140 --> 00:14:39,220 +plus P1 over Q2 plus Q1. + +150 +00:14:42,090 --> 00:14:47,650 +I'm going to quantum here. Let's try from point A + +151 +00:14:47,650 --> 00:14:53,890 +to point B. Let's try from point A to point B, PED + +152 +00:14:53,890 --> 00:15:04,790 +from point A to B. Let's try from point A to B. + +153 +00:15:07,510 --> 00:15:12,220 +Equals, try this formula here. From point A to B. + +154 +00:15:14,140 --> 00:15:20,000 +From A to B, this is the price one, Q1. To B here, + +155 +00:15:20,360 --> 00:15:25,380 +how much was it? Six, okay. The price goes up, the + +156 +00:15:25,380 --> 00:15:31,260 +quantity goes down here. Where is P1? From A to B, + +157 +00:15:31,400 --> 00:15:37,180 +this is P1, P2, Q1, Q2. + +158 +00:15:40,660 --> 00:15:45,800 +From A to B, from A to B here, Q2 minus Q1, + +159 +00:15:45,860 --> 00:15:54,520 +where's Q2 here? Nine, minus Q1, twelve, over P2 + +160 +00:15:54,520 --> 00:16:00,160 +minus P1, six minus five, times summation of the + +161 +00:16:00,160 --> 00:16:04,630 +prices, sum of prices, over the sum of the + +162 +00:16:04,630 --> 00:16:09,550 +quantity demanded which is 6 plus 5 over 9 plus + +163 +00:16:09,550 --> 00:16:18,610 +12. So, PED in this case from A to B equals minus + +164 +00:16:18,610 --> 00:16:31,460 +3 over 1 times 11 over 21. So, PED A to B Minus + +165 +00:16:31,460 --> 00:16:39,580 +three times 11 minus 33 over 11 equals minus one + +166 +00:16:39,580 --> 00:16:44,540 +point how much? Half you. + +167 +00:16:47,960 --> 00:16:48,980 +I'm gonna try. + +168 +00:16:56,200 --> 00:16:57,680 +Fifty seven. + +169 +00:17:01,780 --> 00:17:06,420 +Let's calculate. Let's calculate or try to + +170 +00:17:06,420 --> 00:17:09,100 +calculate the price elasticity of demand from + +171 +00:17:09,100 --> 00:17:16,180 +point B to A. From B to A. This is the first and + +172 +00:17:16,180 --> 00:17:21,960 +this is the second here. From B to A, this is + +173 +00:17:21,960 --> 00:17:32,570 +price P1. Should be P1 and this is P2. Q1, Q2. So + +174 +00:17:32,570 --> 00:17:35,710 +let's try to calculate the price elasticity of + +175 +00:17:35,710 --> 00:17:43,450 +demand from point B to A, B2 plus B1 over Q2 plus + +176 +00:17:43,450 --> 00:17:55,290 +Q1. So PED from B to A equals Q2 + +177 +00:17:55,290 --> 00:18:06,420 +minus Q1 minus Q2, 12. minus Q1, 9 over P2 minus + +178 +00:18:06,420 --> 00:18:13,600 +P1, 5 minus 6 times 5 plus 6, summation of the + +179 +00:18:13,600 --> 00:18:23,960 +prices over 12 plus 9. So positive 3 over minus 1 + +180 +00:18:23,960 --> 00:18:29,780 +times 11 over 21. The same result, yeah. + +181 +00:18:33,580 --> 00:18:39,680 +Three times 11, 33 over minus 21 equals minus 1 + +182 +00:18:39,680 --> 00:18:44,580 +.57. + +183 +00:18:46,880 --> 00:18:48,680 +The same result. + +184 +00:19:05,900 --> 00:19:12,900 +From A to B, it was minus 1.25. Minus 2. Minus 2. + +185 +00:19:13,160 --> 00:19:15,240 +Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus + +186 +00:19:15,240 --> 00:19:15,360 +Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus + +187 +00:19:15,360 --> 00:19:15,380 +Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus + +188 +00:19:15,380 --> 00:19:15,480 +2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. + +189 +00:19:15,480 --> 00:19:15,600 +Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus + +190 +00:19:15,600 --> 00:19:15,660 +2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. + +191 +00:19:15,660 --> 00:19:18,560 +Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus + +192 +00:19:18,560 --> 00:19:21,400 +2. + +193 +00:19:28,820 --> 00:19:31,840 +Minus 2. + +194 +00:19:39,360 --> 00:19:43,640 +So they have to reach the same result when they + +195 +00:19:43,640 --> 00:19:48,340 +calculate the price in assisted of demand. You + +196 +00:19:48,340 --> 00:19:56,060 +have + +197 +00:19:56,060 --> 00:19:59,720 +to use this formula. The midpoint formula. You're + +198 +00:19:59,720 --> 00:20:02,460 +free. You're free to use any of these formulas, + +199 +00:20:02,760 --> 00:20:08,180 +but this is the final result, the final step, the + +200 +00:20:08,180 --> 00:20:16,440 +final stage. This doesn't mean that the base + +201 +00:20:16,440 --> 00:20:22,140 +formula, the original formula is incorrect. It's + +202 +00:20:22,140 --> 00:20:22,600 +correct. + +203 +00:20:28,830 --> 00:20:30,230 +Okay, + +204 +00:20:31,950 --> 00:20:45,230 +let's go to something + +205 +00:20:45,230 --> 00:20:46,450 +else. Yes. + +206 +00:20:58,600 --> 00:21:03,320 +Yes. Yes. You have to. + +207 +00:21:17,220 --> 00:21:23,580 +Let's go + +208 +00:21:23,580 --> 00:21:28,860 +to analyze the price elasticity of demand along + +209 +00:21:28,860 --> 00:21:33,940 +the same demand curve, analyzing the price + +210 +00:21:33,940 --> 00:21:38,740 +elasticity of demand along the same demand curve. + +211 +00:21:39,040 --> 00:21:44,360 +Let us assume that we have the following curve, + +212 +00:21:47,460 --> 00:21:51,420 +price one demanded, + +213 +00:21:56,030 --> 00:22:07,350 +2,4,6,8,10 2 + +214 +00:22:07,350 --> 00:22:17,990 +,4,6,8,10 كبرهم + +215 +00:22:17,990 --> 00:22:18,630 +شوية بس + +216 +00:22:28,780 --> 00:22:35,660 +2, 4, 6, 8, 10. + +217 +00:22:54,720 --> 00:22:56,640 +SubhanAllah, who brought him here? + +218 +00:23:01,320 --> 00:23:06,520 +Okay, that's it. We have different points here. + +219 +00:24:05,110 --> 00:24:10,990 +Now, we are going to calculate the price + +220 +00:24:10,990 --> 00:24:15,390 +elasticity of demand at this point, point B, and + +221 +00:24:15,390 --> 00:24:19,670 +C, D, E, and F. Okay? + +222 +00:24:22,810 --> 00:24:28,970 +At point B here, let's use the general formula. + +223 +00:24:32,900 --> 00:24:36,700 +We are going to calculate the price elasticity of + +224 +00:24:36,700 --> 00:24:41,780 +demand along the demand curve, which is more + +225 +00:24:41,780 --> 00:24:49,640 +elastic at point B or C or D or E or F. Now, let's + +226 +00:24:49,640 --> 00:24:54,380 +try to calculate the price elasticity of demand + +227 +00:24:54,380 --> 00:25:02,460 +between point B to C or C to B. using the midpoint + +228 +00:25:02,460 --> 00:25:06,800 +formula. Or the general, you are free here. The + +229 +00:25:06,800 --> 00:25:10,280 +midpoint formula from B to C or at point B here, + +230 +00:25:10,760 --> 00:25:14,200 +this is from B to C or C to B using the midpoint, + +231 +00:25:14,840 --> 00:25:19,240 +we will reach to the same result. At point B or + +232 +00:25:19,240 --> 00:25:27,680 +from B to C, this is P1, P2, Q1, Q2. Let's + +233 +00:25:27,680 --> 00:25:30,160 +calculate the price inefficiency of demand. at + +234 +00:25:30,160 --> 00:25:41,760 +point B here. So PED equals B to C or C to B at + +235 +00:25:41,760 --> 00:25:50,190 +point B. So Q2 minus Eq1 over P2 minus P1 times P2 + +236 +00:25:50,190 --> 00:25:56,790 +plus P1 over Eq2 plus Eq1. So here, we have Eq2 + +237 +00:25:56,790 --> 00:26:02,730 +minus Eq1 for minus two over P2 minus P1, six + +238 +00:26:02,730 --> 00:26:06,610 +minus eight times Hada Zahed Hada Ala Hada Zahed + +239 +00:26:06,610 --> 00:26:13,590 +Hada. Six plus eight over four plus two. So four + +240 +00:26:13,590 --> 00:26:20,610 +minus two, two over minus two times 14 over six. + +241 +00:26:20,830 --> 00:26:26,590 +How much is it here? How much is it? Had a minus + +242 +00:26:26,590 --> 00:26:28,210 +one, had a 14, + +243 +00:26:30,830 --> 00:26:34,890 +two point, how much? 14 over six. + +244 +00:26:39,740 --> 00:26:46,600 +Point three. Okay. Three, three, three. Okay. So + +245 +00:26:46,600 --> 00:26:52,960 +the demand at point B here or from point B to C + +246 +00:26:52,960 --> 00:27:00,440 +equals minus 2.33 or 33. Now, let's go from C to D + +247 +00:27:00,440 --> 00:27:03,920 +at + +248 +00:27:03,920 --> 00:27:08,170 +point C. Or from C to D, + +249 +00:27:12,150 --> 00:27:18,650 +this would be point price P1, Q1, + +250 +00:27:19,870 --> 00:27:23,450 +and P2, Q2. + +251 +00:27:26,350 --> 00:27:31,030 +PAD equals + +252 +00:27:31,030 --> 00:27:38,270 +Q2 minus Q1, six minus four, over P2 minus P14 + +253 +00:27:38,270 --> 00:27:45,790 +minus 6 times how much summation 10 over 10. + +254 +00:27:50,450 --> 00:27:54,090 +2 over + +255 +00:27:54,090 --> 00:27:58,750 +minus 2 times 10 over 10 equals minus 1. + +256 +00:28:05,640 --> 00:28:17,220 +Minus 2.3, 33. From C to E, how much is it? From C + +257 +00:28:17,220 --> 00:28:29,700 +to E. Sorry, from D to E. From D to E. From D to + +258 +00:28:29,700 --> 00:28:33,120 +E, P1, P2, + +259 +00:28:35,970 --> 00:28:47,570 +Q1 versus Q2 here. Let's calculate PED + +260 +00:28:47,570 --> 00:28:50,850 +from D to E, + +261 +00:28:56,110 --> 00:29:03,140 +Q2, eight minus six over two minus four times The + +262 +00:29:03,140 --> 00:29:08,240 +sum of these six over fourteen. These are minus + +263 +00:29:08,240 --> 00:29:14,360 +two over two, positive two over minus two times + +264 +00:29:14,360 --> 00:29:21,420 +six over fourteen. How much? Minus zero point, how + +265 +00:29:21,420 --> 00:29:31,370 +much? Forty-two. Forty-two. That's it. Minus 0.42. + +266 +00:29:32,590 --> 00:29:37,030 +This is minus 1. This is minus 2.33. Go up here + +267 +00:29:37,030 --> 00:29:39,790 +and you will find minus 4 point and so on. Go up + +268 +00:29:39,790 --> 00:29:42,730 +here and you will find infinity. Come here and you + +269 +00:29:42,730 --> 00:29:43,290 +will find zero. + +270 +00:29:47,390 --> 00:29:54,230 +What do you notice? A movement from left to right, + +271 +00:29:55,810 --> 00:29:58,690 +the demand will be less elastic. + +272 +00:30:01,740 --> 00:30:04,840 +What will the calculations give us? This will be + +273 +00:30:04,840 --> 00:30:08,160 +minus infinity here. Here, minus will be four + +274 +00:30:08,160 --> 00:30:12,380 +points and so on. Go down to minus 2.3. Go down + +275 +00:30:12,380 --> 00:30:16,480 +here to minus 1. If it is in the middle of this, + +276 +00:30:16,520 --> 00:30:22,280 +minus 1. Come here, minus 0.42. Go here, you will + +277 +00:30:22,280 --> 00:30:25,660 +find it less. If we take it here like this, it + +278 +00:30:25,660 --> 00:30:28,680 +will be less. When you come to this point at this + +279 +00:30:28,680 --> 00:30:30,000 +point, it will be zero. + +280 +00:30:32,770 --> 00:30:37,570 +So a movement from left to right along the demand + +281 +00:30:37,570 --> 00:30:46,510 +curve, demand will be less elastic. Okay? Let's go + +282 +00:30:46,510 --> 00:30:49,550 +to the slope here. + +283 +00:31:08,280 --> 00:31:11,540 +What's wrong with you? And the slope? The tan of + +284 +00:31:11,540 --> 00:31:14,420 +the angle, the angle of the shadow. What does it + +285 +00:31:14,420 --> 00:31:14,680 +do? + +286 +00:31:17,680 --> 00:31:21,460 +What do you do with the paper you bake? Do you + +287 +00:31:21,460 --> 00:31:24,840 +bake bread or bread? Just so I know what you cook + +288 +00:31:24,840 --> 00:31:26,060 +and what you eat. Yes? + +289 +00:31:31,640 --> 00:31:32,080 +100%. + +290 +00:31:37,410 --> 00:31:39,110 +Slope and elasticity. + +291 +00:31:43,330 --> 00:31:45,150 +Delta price or delta Q? + +292 +00:31:49,290 --> 00:31:53,670 +Delta price + +293 +00:31:53,670 --> 00:32:01,010 +or delta Q? Price elasticity of demand and + +294 +00:32:01,010 --> 00:32:02,650 +the slope of demand curve. + +295 +00:32:14,397 --> 00:32:16,800 +Price, Qd. + +296 +00:32:29,160 --> 00:32:31,340 +We have the following graphs here. + +297 +00:33:02,420 --> 00:33:04,500 +This is a unitary elastic, correct? + +298 +00:33:07,880 --> 00:33:12,680 +Let's say this is 10 over... Let's say this is 10, + +299 +00:33:12,800 --> 00:33:19,390 +like this. a total for + +300 +00:33:19,390 --> 00:33:20,770 +10. + +301 +00:33:27,750 --> 00:33:32,970 +I think + +302 +00:33:32,970 --> 00:33:35,550 +that you have an idea about these graphs here. + +303 +00:33:36,460 --> 00:33:39,880 +different shapes for the demand curves. If you + +304 +00:33:39,880 --> 00:33:44,000 +remember that, we said that when the demand here + +305 +00:33:44,000 --> 00:33:50,560 +is 45 percent saturated, it will be unitary + +306 +00:33:50,560 --> 00:33:59,160 +elastic. Elastic demand because The demand curve + +307 +00:33:59,160 --> 00:34:04,060 +is close to the horizontal axis and the magnitude + +308 +00:34:04,060 --> 00:34:06,600 +or the percentage change in one demand is bigger + +309 +00:34:06,600 --> 00:34:08,720 +than the percentage change in a price. + +310 +00:34:20,390 --> 00:34:22,330 +The magnitude of a change or the percentage of + +311 +00:34:22,330 --> 00:34:24,590 +change in a price is bigger than the percentage of + +312 +00:34:24,590 --> 00:34:28,550 +change in a quantity demanded. Here, Qd. Here is + +313 +00:34:28,550 --> 00:34:30,730 +perfectly inelastic. + +314 +00:34:32,870 --> 00:34:38,630 +Perfectly elastic. All right? What about the + +315 +00:34:38,630 --> 00:34:46,910 +slope? Slope is + +316 +00:34:46,910 --> 00:34:47,610 +under the angle. + +317 +00:34:53,780 --> 00:34:56,700 +Is this a negative slope or a positive slope? + +318 +00:34:57,980 --> 00:35:03,600 +Demand. Negative slope. Right? We took that this + +319 +00:35:03,600 --> 00:35:07,180 +is a negative slope. That's why the sign of the + +320 +00:35:07,180 --> 00:35:10,760 +price in excess of demand is always negative here. + +321 +00:35:12,220 --> 00:35:14,860 +This reflects the negative slope. Negative + +322 +00:35:14,860 --> 00:35:19,400 +relationship between prices and demand. The slope + +323 +00:35:19,400 --> 00:35:32,440 +in a price over + +324 +00:35:32,440 --> 00:35:38,840 +the change in quantity, not the percent. Had a + +325 +00:35:38,840 --> 00:35:42,040 +Delta P over Delta Q. + +326 +00:35:48,700 --> 00:35:56,260 +The slope P2 minus P1 over Q2 minus Q1. + +327 +00:36:00,820 --> 00:36:03,860 +In short, this distance over here, but on the + +328 +00:36:03,860 --> 00:36:04,680 +negative side. + +329 +00:36:08,440 --> 00:36:12,760 +How much is this over here? Ten over ten. One + +330 +00:36:12,760 --> 00:36:19,780 +minus one. The slope equals minus 10 over 10 minus + +331 +00:36:19,780 --> 00:36:21,760 +1. Of course, this is going to tell you how to + +332 +00:36:21,760 --> 00:36:28,640 +calculate it. Let's say this is 8 and this is 2 + +333 +00:36:28,640 --> 00:36:32,100 +and + +334 +00:36:32,100 --> 00:36:37,620 +this is 6 + +335 +00:36:37,620 --> 00:36:41,400 +minus 4 is 4. + +336 +00:36:44,670 --> 00:36:47,290 +Calculate the slope from A to B. The slope, not + +337 +00:36:47,290 --> 00:36:54,030 +the elasticity. The slope. From A to B or B to A. + +338 +00:36:54,470 --> 00:36:58,610 +Slope. I'm talking about slope here. It's P2. The + +339 +00:36:58,610 --> 00:37:04,830 +assumptions are like this. 2, 6, 10. + +340 +00:37:08,590 --> 00:37:15,220 +Slope from A to B. This is P1, P2, right? This is + +341 +00:37:15,220 --> 00:37:17,280 +Q1, Q2. + +342 +00:37:19,200 --> 00:37:26,680 +Let's calculate the slope here. Slope equals + +343 +00:37:26,680 --> 00:37:33,680 +Delta P over Delta Q, which is P2 minus P1 over Q2 + +344 +00:37:33,680 --> 00:37:34,540 +minus Q1. + +345 +00:37:37,960 --> 00:37:43,340 +P2 minus P1. Slope equals + +346 +00:37:45,180 --> 00:37:58,480 +2 minus 6 over 8 minus 4. 2 minus 6 minus 4 over 4 + +347 +00:37:58,480 --> 00:37:59,520 +equals minus 1. + +348 +00:38:03,880 --> 00:38:08,340 +Had a + +349 +00:38:08,340 --> 00:38:11,640 +unitary elastic slope equals minus 1. + +350 +00:38:33,200 --> 00:38:37,540 +Please keep your mobile silent. + +351 +00:38:46,570 --> 00:38:50,970 +From B to A, let's calculate the slope from B to + +352 +00:38:50,970 --> 00:38:51,390 +A. + +353 +00:38:55,170 --> 00:38:59,750 +Slope from B to A, this is P1, P2, + +354 +00:39:02,610 --> 00:39:04,610 +Q1, Q2. + +355 +00:39:10,050 --> 00:39:16,930 +Slope. P2 minus P1, 6 minus 2 over 4 minus 8. + +356 +00:39:20,090 --> 00:39:28,310 +Come here. Yes? What is the slope? His formula? + +357 +00:39:29,010 --> 00:39:29,670 +The equation? + +358 +00:39:32,870 --> 00:39:36,590 +It's him. No, this is like, look, we were talking + +359 +00:39:36,590 --> 00:39:41,960 +about elasticity. But here, the cases will be more + +360 +00:39:41,960 --> 00:39:46,060 +clear. Pay attention to this. The more elastic, + +361 +00:39:46,320 --> 00:39:53,500 +the less slope. Here, the unitary elastic slope + +362 +00:39:53,500 --> 00:39:59,900 +equals minus one. This is the first part. Let's + +363 +00:39:59,900 --> 00:40:05,460 +see how elastic is. How much is the slope? Elastic + +364 +00:40:05,460 --> 00:40:06,480 +demand. + +365 +00:40:09,330 --> 00:40:12,890 +The slope. How can we calculate the slope here? + +366 +00:40:14,150 --> 00:40:16,510 +No, that's it. Two minus ten. That's it. Minus. + +367 +00:40:16,930 --> 00:40:19,810 +It's two minus zero over ten. Zero minus ten. + +368 +00:40:21,810 --> 00:40:24,350 +Okay? The slope is like this. The shadow, the tan + +369 +00:40:24,350 --> 00:40:28,730 +of this angle is equal to the negative slope. + +370 +00:40:28,790 --> 00:40:32,150 +That's it. Because it's like this, the slope + +371 +00:40:32,150 --> 00:40:38,300 +equals minus two over ten. Minus two out of ten. + +372 +00:40:38,700 --> 00:40:42,560 +In the absolute value, this is less than one. In + +373 +00:40:42,560 --> 00:40:48,040 +the absolute value, this is less than one or more + +374 +00:40:48,040 --> 00:40:53,980 +than one? Less than one. The more elastic demand + +375 +00:40:53,980 --> 00:40:55,940 +and the slope is less than one. + +376 +00:40:58,740 --> 00:41:01,660 +The third graph is like this. + +377 +00:41:06,110 --> 00:41:13,010 +Inelastic demand, meaning its ED is less than one + +378 +00:41:13,010 --> 00:41:14,310 +in absolute, right? + +379 +00:41:17,310 --> 00:41:24,290 +Inelastic demand. Inelastic demand. Here, elastic + +380 +00:41:24,290 --> 00:41:33,440 +demand. The ED. The absolute value. Elastic. Less + +381 +00:41:33,440 --> 00:41:36,800 +than one. The value of elasticity. The absolute + +382 +00:41:36,800 --> 00:41:41,360 +value is greater than one. Or greater than minus + +383 +00:41:41,360 --> 00:41:45,940 +one. This is elastic. The slope is less than one. + +384 +00:41:48,980 --> 00:41:53,260 +The more elastic, the less slope. Lower slope. + +385 +00:41:53,840 --> 00:41:59,060 +Inelastic demand. How much was the elasticity? It + +386 +00:41:59,060 --> 00:42:02,020 +was less than one in the absolute. This is the + +387 +00:42:02,020 --> 00:42:08,220 +absolute value. The ED is less than minus one. Now + +388 +00:42:08,220 --> 00:42:11,700 +look at the slope. It will be greater than one. + +389 +00:42:12,760 --> 00:42:16,040 +Minus ten over positive four. + +390 +00:42:21,260 --> 00:42:25,240 +Minus two point five. Of course in the absolute + +391 +00:42:25,240 --> 00:42:35,740 +this is greater than one. The larger + +392 +00:42:35,740 --> 00:42:37,380 +slope, + +393 +00:42:40,200 --> 00:42:44,500 +the less elastic demand. The less elastic demand. + +394 +00:42:45,080 --> 00:42:47,980 +Yes. Absolute. + +395 +00:42:52,900 --> 00:42:57,780 +In negative sign, it's just to remind you that + +396 +00:42:57,780 --> 00:42:59,980 +there is a negative relationship between the + +397 +00:42:59,980 --> 00:43:02,100 +prices and quantity demanded just here. + +398 +00:43:05,180 --> 00:43:10,080 +Absolute values here. Inelastic, absolute values + +399 +00:43:10,080 --> 00:43:11,740 +less than one. + +400 +00:43:14,900 --> 00:43:20,460 +The more elastic demand, the less slope in + +401 +00:43:20,460 --> 00:43:21,360 +absolute values. + +402 +00:43:35,280 --> 00:43:38,280 +Perfectly inelastic. Elasticity of demand. + +403 +00:43:41,320 --> 00:43:42,840 +Inelastic, zero. + +404 +00:43:47,920 --> 00:43:50,860 +Perfectly inelastic. The slope + +405 +00:43:53,810 --> 00:43:57,590 +Infinity. No, it's an experiment. How does the + +406 +00:43:57,590 --> 00:43:59,770 +formula look like? How does the formula look like? + +407 +00:44:00,110 --> 00:44:04,250 +The ED. How do we calculate it? Q2 over delta Q + +408 +00:44:04,250 --> 00:44:14,590 +over delta P, right? Times P1 P2 plus P1 over Q2 + +409 +00:44:14,590 --> 00:44:17,190 +plus Q1, right? Isn't this the formula? Isn't it + +410 +00:44:17,190 --> 00:44:19,510 +obvious? It's the slope. It's upside down. + +411 +00:44:26,080 --> 00:44:26,680 +What? + +412 +00:44:29,320 --> 00:44:32,140 +Okay, I'll tell you what this means. + +413 +00:44:36,120 --> 00:44:39,840 +This is the formula of elasticity, right? Correct? + +414 +00:44:40,220 --> 00:44:44,280 +What does the slope equal? Delta P over delta Q. + +415 +00:44:46,860 --> 00:44:52,000 +The opposite of it. Right? If this was 1 over 0 or + +416 +00:44:52,000 --> 00:44:56,980 +let's say 5 over 0. How much will it be? Infinity. + +417 +00:44:57,600 --> 00:45:01,260 +And all of this is infinity. Will there be a + +418 +00:45:01,260 --> 00:45:07,540 +slope? Opposite. Zero over five. Five over zero + +419 +00:45:07,540 --> 00:45:10,340 +will be infinity. Zero over what? + +420 +00:45:13,560 --> 00:45:17,960 +Again, again, I'm sure you don't understand. No, + +421 +00:45:17,960 --> 00:45:21,300 +no, it's nothing. It's easy. Nothing. + +422 +00:45:23,760 --> 00:45:26,580 +These are the three shapes. Do you understand? + +423 +00:45:27,100 --> 00:45:29,760 +This is the problem. We have a problem with this + +424 +00:45:29,760 --> 00:45:38,140 +and this. Nothing. The price elasticity of demand. + +425 +00:45:38,360 --> 00:45:39,120 +What is the formula for this? + +426 +00:45:43,440 --> 00:45:49,080 +Let's take a case like this. Take this as a graph. + +427 +00:45:51,640 --> 00:45:57,040 +You put P1, Q1, P2, Q2, and work on it. On the + +428 +00:45:57,040 --> 00:46:00,440 +formula of elasticity and slope. This is the + +429 +00:46:00,440 --> 00:46:05,840 +graph. Let us assume that the price, this is point + +430 +00:46:05,840 --> 00:46:09,100 +A, at this price, here the price and the quantity. + +431 +00:46:11,220 --> 00:46:18,670 +Q equals 10, the price equals two, And we move + +432 +00:46:18,670 --> 00:46:22,590 +from point A to point B along the same demand + +433 +00:46:22,590 --> 00:46:25,810 +curve to point 6 here. + +434 +00:46:29,990 --> 00:46:33,450 +Let's calculate the price elasticity of demand + +435 +00:46:33,450 --> 00:46:40,510 +using the midpoint formula, or the general + +436 +00:46:40,510 --> 00:46:45,190 +formula. Let's calculate the slope and the price + +437 +00:46:45,190 --> 00:46:50,970 +elasticity of demand. Pd equals, + +438 +00:46:51,530 --> 00:46:56,090 +I move it from point A to B or B to A, from A to + +439 +00:46:56,090 --> 00:47:05,550 +B, elasticity or slope. A to B, this is + +440 +00:47:05,550 --> 00:47:15,150 +point A, price one, two, price two equals six. P2 + +441 +00:47:15,150 --> 00:47:19,950 +and this is Q1 and Q2 and the same, right? + +442 +00:47:21,070 --> 00:47:29,210 +Correct? Okay, then P is Q2 minus Q1 over P2 minus + +443 +00:47:29,210 --> 00:47:35,710 +P1 times the summation of this P2 plus P1 over Q2 + +444 +00:47:35,710 --> 00:47:42,430 +plus Q1. In the graph here, we have what? + +445 +00:47:45,730 --> 00:47:55,450 +P1 or delta Q2, Q2 is the same as Q1. Q2, 10 minus + +446 +00:47:55,450 --> 00:48:04,030 +10 over, this is PED, over P2 minus P1, 6 minus 2, + +447 +00:48:05,130 --> 00:48:18,030 +times 6 plus 2 over 10 plus 10. PED equals 0 over + +448 +00:48:18,030 --> 00:48:23,730 +4 times 8 over 20. Of course, everything will be + +449 +00:48:23,730 --> 00:48:37,190 +0. 0 times 8 is 0 over 80 is 0. The price + +450 +00:48:37,190 --> 00:48:41,710 +elasticity of demand equals 0. How much is the + +451 +00:48:41,710 --> 00:48:49,820 +slope? Look at the slope. Slope equals Delta B + +452 +00:48:49,820 --> 00:48:57,440 +over Delta Q. P2 minus P1 over Q2 minus Q1 equals + +453 +00:48:57,440 --> 00:49:08,520 +P2 minus P1, 6 minus 2 over Q2 minus Q1, the same, + +454 +00:49:09,580 --> 00:49:14,420 +10 minus 10, 4 over 0. + +455 +00:49:21,130 --> 00:49:23,770 +Right? All right. + +456 +00:49:27,530 --> 00:49:33,070 +Of course, this is a negative sign. To make sure, + +457 +00:49:33,350 --> 00:49:35,490 +Q2, okay. All right. + +458 +00:49:38,590 --> 00:49:43,970 +The price elasticity of demand back to zero, PED, + +459 +00:49:44,530 --> 00:49:49,010 +will be zero. The slope, infinity. + +460 +00:49:51,680 --> 00:49:52,220 +Yes. + +461 +00:49:55,060 --> 00:50:01,020 +The negative slope. + +462 +00:50:01,600 --> 00:50:06,500 +We are + +463 +00:50:06,500 --> 00:50:10,020 +talking here about demand curve. It's always + +464 +00:50:10,020 --> 00:50:15,100 +negative. The slope. Vertical. + +465 +00:50:21,870 --> 00:50:33,110 +Demand curve is always + +466 +00:50:33,110 --> 00:50:35,030 +negative. Slow. + +467 +00:50:41,010 --> 00:50:42,410 +Okay? + +468 +00:50:49,190 --> 00:50:55,690 +Let's go to the last case here. So the zero, zero + +469 +00:50:55,690 --> 00:51:01,790 +elastic, PED equals zero, slope infinity. + +470 +00:51:03,510 --> 00:51:09,240 +The last case. Infinity price elasticity of demand + +471 +00:51:09,240 --> 00:51:12,640 +or the price elasticity of demand is infinity. + +472 +00:51:13,660 --> 00:51:17,100 +Perfectly elastic demand means the price + +473 +00:51:17,100 --> 00:51:19,380 +elasticity of demand equals infinity. + +474 +00:51:22,700 --> 00:51:29,920 +Slope. Zero. Zero. Zero. This is + +475 +00:51:29,920 --> 00:51:36,410 +point A, point B. Quantity of prices. Quantity is + +476 +00:51:36,410 --> 00:51:46,970 +10, 4, and here is 7. From A to B or B to A, I + +477 +00:51:46,970 --> 00:51:50,610 +make calculations for the price elasticity of + +478 +00:51:50,610 --> 00:51:57,050 +demand or the slope. From point A to B, let's + +479 +00:51:57,050 --> 00:52:00,030 +calculate the price elasticity of demand. From A + +480 +00:52:00,030 --> 00:52:07,700 +to B, This is Q1, Q2. And this is P1, which is P2. + +481 +00:52:08,480 --> 00:52:14,520 +Right? Correct? Correct or not? Correct. Okay. So, + +482 +00:52:14,600 --> 00:52:27,880 +PED equals Q2 minus Q1, 4 minus 10 over + +483 +00:52:27,880 --> 00:52:30,980 +7 minus 7. + +484 +00:52:36,100 --> 00:52:41,120 +equals times 14 + +485 +00:52:41,120 --> 00:52:49,980 +over 14 minus 6 over 0 times 1, infinity. + +486 +00:52:52,580 --> 00:53:00,560 +Any number over zero, infinity. The slope equals + +487 +00:53:00,560 --> 00:53:09,880 +Delta P over Delta Q. P2 minus P1, P2, 7 minus 7. + +488 +00:53:11,900 --> 00:53:20,600 +P2 minus P1 over Q2 minus Q1. P2 minus P1, 7 minus + +489 +00:53:20,600 --> 00:53:25,820 +7 over Q2 minus Q1, 4 minus 10. + +490 +00:53:28,620 --> 00:53:29,560 +Zero. + +491 +00:53:33,990 --> 00:53:38,910 +So when the demand is perfectly elastic, the slope + +492 +00:53:38,910 --> 00:53:48,530 +equals zero. Who has a problem so far? Okay. + diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/0l0N00pgpss_raw.json b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/0l0N00pgpss_raw.json new file mode 100644 index 0000000000000000000000000000000000000000..6d3fb892b18f9f40eb0be867a28fb7380b20806f --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/0l0N00pgpss_raw.json @@ -0,0 +1 @@ +{"segments": [{"id": 1, "seek": 3724, "start": 20.64, "end": 37.24, "text": " Okay. Today, inshallah, we are going to complete our talk about the price elasticity of demand. 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Here is unitary elastic, here unitary elastic, elastic.", "tokens": [400, 264, 11275, 28276, 11, 264, 9668, 1319, 294, 264, 11275, 28276, 307, 3801, 813, 264, 4944, 16451, 295, 1319, 420, 264, 9668, 1319, 294, 264, 3218, 13, 1692, 307, 517, 4109, 17115, 11, 510, 517, 4109, 17115, 11, 17115, 13], "avg_logprob": -0.3253348093657267, "compression_ratio": 1.8017241379310345, "no_speech_prob": 0.0, "words": [{"start": 135.02, "end": 135.4, "word": " And", "probability": 0.52001953125}, {"start": 135.4, "end": 136.44, "word": " the", "probability": 0.78369140625}, {"start": 136.44, "end": 136.88, "word": " quantity", "probability": 0.82177734375}, {"start": 136.88, "end": 137.38, "word": " demanded,", "probability": 0.6240234375}, {"start": 137.9, "end": 137.96, "word": " the", "probability": 0.3427734375}, {"start": 137.96, "end": 139.86, "word": " percentage", "probability": 0.51904296875}, {"start": 139.86, "end": 140.36, "word": " change", "probability": 0.6357421875}, {"start": 140.36, "end": 140.5, "word": " in", "probability": 0.8818359375}, {"start": 140.5, "end": 140.58, "word": " the", "probability": 0.52099609375}, {"start": 140.58, "end": 140.82, "word": " quantity", "probability": 0.7265625}, {"start": 140.82, "end": 141.28, "word": " demanded", "probability": 0.91455078125}, {"start": 141.28, "end": 142.54, "word": " is", "probability": 0.6669921875}, {"start": 142.54, "end": 142.84, "word": " bigger", "probability": 0.94091796875}, {"start": 142.84, "end": 143.08, "word": " than", "probability": 0.93115234375}, {"start": 143.08, "end": 143.22, "word": " the", "probability": 0.90869140625}, {"start": 143.22, "end": 143.64, "word": " magnitudes", "probability": 0.735107421875}, {"start": 143.64, "end": 143.9, "word": " of", "probability": 0.94189453125}, {"start": 143.9, "end": 144.28, "word": " change", "probability": 0.65478515625}, {"start": 144.28, "end": 144.42, "word": " or", "probability": 0.77734375}, {"start": 144.42, "end": 144.54, "word": " the", "probability": 0.859375}, {"start": 144.54, "end": 144.9, "word": " percentage", "probability": 0.869140625}, {"start": 144.9, "end": 145.54, "word": " change", "probability": 0.66357421875}, {"start": 145.54, "end": 146.0, "word": " in", "probability": 0.92578125}, {"start": 146.0, "end": 146.56, "word": " the", "probability": 0.9169921875}, {"start": 146.56, "end": 146.98, "word": " price.", "probability": 0.9169921875}, {"start": 147.44, "end": 147.62, "word": " Here", "probability": 0.8505859375}, {"start": 147.62, "end": 147.8, "word": " is", "probability": 0.61376953125}, {"start": 147.8, "end": 148.22, "word": " unitary", "probability": 0.7666015625}, {"start": 148.22, "end": 148.7, "word": " elastic,", "probability": 0.93017578125}, {"start": 150.72, "end": 151.1, "word": " here", "probability": 0.62060546875}, {"start": 151.1, "end": 151.72, "word": " unitary", "probability": 0.81494140625}, {"start": 151.72, "end": 152.32, "word": " elastic,", "probability": 0.97216796875}, {"start": 153.4, "end": 153.96, "word": " elastic.", "probability": 0.9658203125}], "temperature": 1.0}, {"id": 7, "seek": 18299, "start": 155.65, "end": 182.99, "text": " and here should be perfectly inelastic, perfectly elastic. This is a quick review for the last lecture. Now, let's go to something else which is related to these things, which is the midpoint", "tokens": [293, 510, 820, 312, 6239, 294, 338, 2750, 11, 6239, 17115, 13, 639, 307, 257, 1702, 3131, 337, 264, 1036, 7991, 13, 823, 11, 718, 311, 352, 281, 746, 1646, 597, 307, 4077, 281, 613, 721, 11, 597, 307, 264, 2062, 6053], "avg_logprob": -0.12718022770659868, "compression_ratio": 1.4328358208955223, "no_speech_prob": 0.0, "words": [{"start": 155.65, "end": 155.97, "word": " and", "probability": 0.5400390625}, {"start": 155.97, "end": 156.25, "word": " here", "probability": 0.82958984375}, {"start": 156.25, "end": 156.79, "word": " should", "probability": 0.857421875}, {"start": 156.79, "end": 157.47, "word": " be", "probability": 0.953125}, {"start": 157.47, "end": 158.27, "word": " perfectly", "probability": 0.86474609375}, {"start": 158.27, "end": 159.49, "word": " inelastic,", "probability": 0.9422200520833334}, {"start": 159.91, "end": 160.35, "word": " perfectly", "probability": 0.93798828125}, {"start": 160.35, "end": 160.81, "word": " elastic.", "probability": 0.9755859375}, {"start": 161.47, "end": 162.45, "word": " This", "probability": 0.54248046875}, {"start": 162.45, "end": 162.65, "word": " is", "probability": 0.9541015625}, {"start": 162.65, "end": 162.83, "word": " a", "probability": 0.99560546875}, {"start": 162.83, "end": 163.05, "word": " quick", "probability": 0.9658203125}, {"start": 163.05, "end": 163.35, "word": " review", "probability": 0.806640625}, {"start": 163.35, "end": 163.73, "word": " for", "probability": 0.95068359375}, {"start": 163.73, "end": 164.21, "word": " the", "probability": 0.921875}, {"start": 164.21, "end": 164.63, "word": " last", "probability": 0.87890625}, {"start": 164.63, "end": 165.65, "word": " lecture.", "probability": 0.94287109375}, {"start": 165.85, "end": 166.77, "word": " Now,", "probability": 0.9228515625}, {"start": 167.85, "end": 168.37, "word": " let's", "probability": 0.974853515625}, {"start": 168.37, "end": 168.57, "word": " go", "probability": 0.96923828125}, {"start": 168.57, "end": 168.75, "word": " to", "probability": 0.970703125}, {"start": 168.75, "end": 169.29, "word": " something", "probability": 0.87451171875}, {"start": 169.29, "end": 170.23, "word": " else", "probability": 0.92822265625}, {"start": 170.23, "end": 170.95, "word": " which", "probability": 0.71044921875}, {"start": 170.95, "end": 171.11, "word": " is", "probability": 0.9462890625}, {"start": 171.11, "end": 171.49, "word": " related", "probability": 0.958984375}, {"start": 171.49, "end": 171.77, "word": " to", "probability": 0.96923828125}, {"start": 171.77, "end": 172.25, "word": " these", "probability": 0.86279296875}, {"start": 172.25, "end": 172.85, "word": " things,", "probability": 0.85498046875}, {"start": 174.19, "end": 175.61, "word": " which", "probability": 0.95263671875}, {"start": 175.61, "end": 176.13, "word": " is", "probability": 0.9501953125}, {"start": 176.13, "end": 181.83, "word": " the", "probability": 0.927734375}, {"start": 181.83, "end": 182.99, "word": " midpoint", "probability": 0.94287109375}], "temperature": 1.0}, {"id": 8, "seek": 21051, "start": 184.19, "end": 210.51, "text": " elasticity of demand or the midpoint formula. The midpoint formula or equation to calculate the price elasticity of demand.", "tokens": [46260, 295, 4733, 420, 264, 2062, 6053, 8513, 13, 440, 2062, 6053, 8513, 420, 5367, 281, 8873, 264, 3218, 46260, 295, 4733, 13], "avg_logprob": -0.1725260398040215, "compression_ratio": 1.4939759036144578, "no_speech_prob": 0.0, "words": [{"start": 184.19, "end": 184.87, "word": " elasticity", "probability": 0.8642578125}, {"start": 184.87, "end": 185.43, "word": " of", "probability": 0.91015625}, {"start": 185.43, "end": 185.77, "word": " demand", "probability": 0.9638671875}, {"start": 185.77, "end": 186.87, "word": " or", "probability": 0.446533203125}, {"start": 186.87, "end": 187.01, "word": " the", "probability": 0.86865234375}, {"start": 187.01, "end": 187.43, "word": " midpoint", "probability": 0.91162109375}, {"start": 187.43, "end": 187.99, "word": " formula.", "probability": 0.90185546875}, {"start": 188.83, "end": 189.61, "word": " The", "probability": 0.83447265625}, {"start": 189.61, "end": 190.17, "word": " midpoint", "probability": 0.95556640625}, {"start": 190.17, "end": 191.73, "word": " formula", "probability": 0.8994140625}, {"start": 191.73, "end": 199.09, "word": " or", "probability": 0.32177734375}, {"start": 199.09, "end": 202.35, "word": " equation", "probability": 0.97607421875}, {"start": 202.35, "end": 202.99, "word": " to", "probability": 0.97314453125}, {"start": 202.99, "end": 203.75, "word": " calculate", "probability": 0.9169921875}, {"start": 203.75, "end": 208.43, "word": " the", "probability": 0.90283203125}, {"start": 208.43, "end": 208.87, "word": " price", "probability": 0.95263671875}, {"start": 208.87, "end": 209.61, "word": " elasticity", "probability": 0.90380859375}, {"start": 209.61, "end": 210.27, "word": " of", "probability": 0.9697265625}, {"start": 210.27, "end": 210.51, "word": " demand.", "probability": 0.90087890625}], "temperature": 1.0}, {"id": 9, "seek": 24001, "start": 212.81, "end": 240.01, "text": " As we mentioned before, the price elasticity of demand formula, PUD, formula equals the change in equivalent demand, delta QD over delta P times P1 over Q1, QD1, right? This is the general formula to calculate the price elasticity of demand. Now, let us have the following example to know", "tokens": [1018, 321, 2835, 949, 11, 264, 3218, 46260, 295, 4733, 8513, 11, 430, 9438, 11, 8513, 6915, 264, 1319, 294, 10344, 4733, 11, 8289, 1249, 35, 670, 8289, 430, 1413, 430, 16, 670, 1249, 16, 11, 1249, 35, 16, 11, 558, 30, 639, 307, 264, 2674, 8513, 281, 8873, 264, 3218, 46260, 295, 4733, 13, 823, 11, 718, 505, 362, 264, 3480, 1365, 281, 458], "avg_logprob": -0.24171401266798828, "compression_ratio": 1.5966850828729282, "no_speech_prob": 0.0, "words": [{"start": 212.81, "end": 213.11, "word": " As", "probability": 0.9326171875}, {"start": 213.11, "end": 213.27, "word": " we", "probability": 0.7548828125}, {"start": 213.27, "end": 213.51, "word": " mentioned", "probability": 0.81103515625}, {"start": 213.51, "end": 213.99, "word": " before,", "probability": 0.86376953125}, {"start": 214.25, "end": 214.33, "word": " the", "probability": 0.6572265625}, {"start": 214.33, "end": 214.67, "word": " price", "probability": 0.6416015625}, {"start": 214.67, "end": 215.09, "word": " elasticity", "probability": 0.9560546875}, {"start": 215.09, "end": 215.33, "word": " of", "probability": 0.92626953125}, {"start": 215.33, "end": 215.61, "word": " demand", "probability": 0.92529296875}, {"start": 215.61, "end": 216.13, "word": " formula,", "probability": 0.8251953125}, {"start": 216.49, "end": 217.01, "word": " PUD,", "probability": 0.796142578125}, {"start": 217.45, "end": 218.19, "word": " formula", "probability": 0.454833984375}, {"start": 218.19, "end": 218.99, "word": " equals", "probability": 0.76220703125}, {"start": 218.99, "end": 219.49, "word": " the", "probability": 0.78857421875}, {"start": 219.49, "end": 219.93, "word": " change", "probability": 0.884765625}, {"start": 219.93, "end": 220.19, "word": " in", "probability": 0.91845703125}, {"start": 220.19, "end": 220.55, "word": " equivalent", "probability": 0.1689453125}, {"start": 220.55, "end": 220.95, "word": " demand,", "probability": 0.8486328125}, {"start": 221.07, "end": 221.25, "word": " delta", "probability": 0.427978515625}, {"start": 221.25, "end": 222.07, "word": " QD", "probability": 0.58447265625}, {"start": 222.07, "end": 222.75, "word": " over", "probability": 0.734375}, {"start": 222.75, "end": 223.03, "word": " delta", "probability": 0.90771484375}, {"start": 223.03, "end": 223.37, "word": " P", "probability": 0.96875}, {"start": 223.37, "end": 223.91, "word": " times", "probability": 0.765625}, {"start": 223.91, "end": 225.01, "word": " P1", "probability": 0.93505859375}, {"start": 225.01, "end": 225.41, "word": " over", "probability": 0.91162109375}, {"start": 225.41, "end": 226.01, "word": " Q1,", "probability": 0.77783203125}, {"start": 226.35, "end": 226.87, "word": " QD1,", "probability": 0.93115234375}, {"start": 227.37, "end": 227.59, "word": " right?", "probability": 0.81298828125}, {"start": 227.71, "end": 227.87, "word": " This", "probability": 0.89453125}, {"start": 227.87, "end": 228.01, "word": " is", "probability": 0.94775390625}, {"start": 228.01, "end": 228.15, "word": " the", "probability": 0.91357421875}, {"start": 228.15, "end": 228.49, "word": " general", "probability": 0.888671875}, {"start": 228.49, "end": 228.97, "word": " formula", "probability": 0.88037109375}, {"start": 228.97, "end": 229.37, "word": " to", "probability": 0.73291015625}, {"start": 229.37, "end": 229.99, "word": " calculate", "probability": 0.90869140625}, {"start": 229.99, "end": 230.81, "word": " the", "probability": 0.91796875}, {"start": 230.81, "end": 231.53, "word": " price", "probability": 0.916015625}, {"start": 231.53, "end": 232.09, "word": " elasticity", "probability": 0.9482421875}, {"start": 232.09, "end": 232.73, "word": " of", "probability": 0.96875}, {"start": 232.73, "end": 233.03, "word": " demand.", "probability": 0.90283203125}, {"start": 233.85, "end": 234.27, "word": " Now,", "probability": 0.95166015625}, {"start": 235.23, "end": 235.49, "word": " let", "probability": 0.9423828125}, {"start": 235.49, "end": 235.75, "word": " us", "probability": 0.90234375}, {"start": 235.75, "end": 236.19, "word": " have", "probability": 0.90966796875}, {"start": 236.19, "end": 236.37, "word": " the", "probability": 0.9052734375}, {"start": 236.37, "end": 236.69, "word": " following", "probability": 0.8984375}, {"start": 236.69, "end": 237.47, "word": " example", "probability": 0.97607421875}, {"start": 237.47, "end": 239.53, "word": " to", "probability": 0.7646484375}, {"start": 239.53, "end": 240.01, "word": " know", "probability": 0.7880859375}], "temperature": 1.0}, {"id": 10, "seek": 27283, "start": 244.28, "end": 272.84, "text": " that there is some problems in this formula. Later on, the problems in the formula will be solved. Let's see where the problem is. Let's assume that we have the following demand curve, point A, point AB. Let us assume that", "tokens": [300, 456, 307, 512, 2740, 294, 341, 8513, 13, 11965, 322, 11, 264, 2740, 294, 264, 8513, 486, 312, 13041, 13, 961, 311, 536, 689, 264, 1154, 307, 13, 961, 311, 6552, 300, 321, 362, 264, 3480, 4733, 7605, 11, 935, 316, 11, 935, 13838, 13, 961, 505, 6552, 300], "avg_logprob": -0.3336397164008197, "compression_ratio": 1.651851851851852, "no_speech_prob": 0.0, "words": [{"start": 244.28, "end": 244.54, "word": " that", "probability": 0.7392578125}, {"start": 244.54, "end": 244.82, "word": " there", "probability": 0.91015625}, {"start": 244.82, "end": 245.44, "word": " is", "probability": 0.8818359375}, {"start": 245.44, "end": 247.16, "word": " some", "probability": 0.90234375}, {"start": 247.16, "end": 247.76, "word": " problems", "probability": 0.8427734375}, {"start": 247.76, "end": 248.68, "word": " in", "probability": 0.92626953125}, {"start": 248.68, "end": 248.94, "word": " this", "probability": 0.947265625}, {"start": 248.94, "end": 249.38, "word": " formula.", "probability": 0.91015625}, {"start": 251.84, "end": 252.36, "word": " Later", "probability": 0.2412109375}, {"start": 252.36, "end": 252.76, "word": " on,", "probability": 0.9365234375}, {"start": 252.86, "end": 253.38, "word": " the", "probability": 0.187744140625}, {"start": 253.38, "end": 253.82, "word": " problems", "probability": 0.78564453125}, {"start": 253.82, "end": 254.16, "word": " in", "probability": 0.5751953125}, {"start": 254.16, "end": 254.4, "word": " the", "probability": 0.54833984375}, {"start": 254.4, "end": 254.74, "word": " formula", "probability": 0.884765625}, {"start": 254.74, "end": 255.16, "word": " will", "probability": 0.3984375}, {"start": 255.16, "end": 255.78, "word": " be", "probability": 0.734375}, {"start": 255.78, "end": 255.78, "word": " solved.", "probability": 0.8056640625}, {"start": 256.1, "end": 256.3, "word": " Let's", "probability": 0.610595703125}, {"start": 256.3, "end": 256.54, "word": " see", "probability": 0.5341796875}, {"start": 256.54, "end": 256.72, "word": " where", "probability": 0.3984375}, {"start": 256.72, "end": 256.82, "word": " the", "probability": 0.552734375}, {"start": 256.82, "end": 257.1, "word": " problem", "probability": 0.87255859375}, {"start": 257.1, "end": 257.28, "word": " is.", "probability": 0.8330078125}, {"start": 257.8, "end": 258.22, "word": " Let's", "probability": 0.738037109375}, {"start": 258.22, "end": 258.54, "word": " assume", "probability": 0.91455078125}, {"start": 258.54, "end": 258.88, "word": " that", "probability": 0.93115234375}, {"start": 258.88, "end": 259.04, "word": " we", "probability": 0.9580078125}, {"start": 259.04, "end": 259.28, "word": " have", "probability": 0.93115234375}, {"start": 259.28, "end": 259.4, "word": " the", "probability": 0.91650390625}, {"start": 259.4, "end": 259.72, "word": " following", "probability": 0.8505859375}, {"start": 259.72, "end": 261.52, "word": " demand", "probability": 0.921875}, {"start": 261.52, "end": 261.96, "word": " curve,", "probability": 0.93017578125}, {"start": 264.24, "end": 264.46, "word": " point", "probability": 0.5244140625}, {"start": 264.46, "end": 264.52, "word": " A,", "probability": 0.75927734375}, {"start": 264.58, "end": 265.58, "word": " point", "probability": 0.54931640625}, {"start": 265.58, "end": 266.14, "word": " AB.", "probability": 0.61474609375}, {"start": 271.38, "end": 271.82, "word": " Let", "probability": 0.93017578125}, {"start": 271.82, "end": 272.02, "word": " us", "probability": 0.583984375}, {"start": 272.02, "end": 272.4, "word": " assume", "probability": 0.919921875}, {"start": 272.4, "end": 272.84, "word": " that", "probability": 0.93603515625}], "temperature": 1.0}, {"id": 11, "seek": 30208, "start": 275.63, "end": 302.09, "text": " At point A, this is the price here and the quantity demanded. Five, six, nine, twelve. In this example, with the price per unit was five shekels.", "tokens": [1711, 935, 316, 11, 341, 307, 264, 3218, 510, 293, 264, 11275, 28276, 13, 9436, 11, 2309, 11, 4949, 11, 14390, 13, 682, 341, 1365, 11, 365, 264, 3218, 680, 4985, 390, 1732, 750, 7124, 82, 13], "avg_logprob": -0.3233963674620578, "compression_ratio": 1.280701754385965, "no_speech_prob": 0.0, "words": [{"start": 275.63, "end": 275.95, "word": " At", "probability": 0.43505859375}, {"start": 275.95, "end": 276.23, "word": " point", "probability": 0.9111328125}, {"start": 276.23, "end": 276.41, "word": " A,", "probability": 0.78564453125}, {"start": 276.43, "end": 276.59, "word": " this", "probability": 0.93505859375}, {"start": 276.59, "end": 276.71, "word": " is", "probability": 0.93408203125}, {"start": 276.71, "end": 276.79, "word": " the", "probability": 0.78759765625}, {"start": 276.79, "end": 277.11, "word": " price", "probability": 0.9287109375}, {"start": 277.11, "end": 277.45, "word": " here", "probability": 0.8134765625}, {"start": 277.45, "end": 277.99, "word": " and", "probability": 0.482177734375}, {"start": 277.99, "end": 278.13, "word": " the", "probability": 0.33935546875}, {"start": 278.13, "end": 278.37, "word": " quantity", "probability": 0.65380859375}, {"start": 278.37, "end": 278.71, "word": " demanded.", "probability": 0.282470703125}, {"start": 282.57, "end": 283.25, "word": " Five,", "probability": 0.58251953125}, {"start": 283.81, "end": 285.05, "word": " six,", "probability": 0.93798828125}, {"start": 287.85, "end": 291.27, "word": " nine,", "probability": 0.93505859375}, {"start": 291.97, "end": 292.81, "word": " twelve.", "probability": 0.80810546875}, {"start": 294.33, "end": 294.53, "word": " In", "probability": 0.5947265625}, {"start": 294.53, "end": 294.71, "word": " this", "probability": 0.94775390625}, {"start": 294.71, "end": 295.17, "word": " example,", "probability": 0.9794921875}, {"start": 297.53, "end": 297.69, "word": " with", "probability": 0.78955078125}, {"start": 297.69, "end": 297.83, "word": " the", "probability": 0.86865234375}, {"start": 297.83, "end": 298.21, "word": " price", "probability": 0.92431640625}, {"start": 298.21, "end": 298.57, "word": " per", "probability": 0.420166015625}, {"start": 298.57, "end": 298.91, "word": " unit", "probability": 0.96142578125}, {"start": 298.91, "end": 300.83, "word": " was", "probability": 0.7353515625}, {"start": 300.83, "end": 301.29, "word": " five", "probability": 0.77880859375}, {"start": 301.29, "end": 302.09, "word": " shekels.", "probability": 0.9405924479166666}], "temperature": 1.0}, {"id": 12, "seek": 32402, "start": 303.01, "end": 324.03, "text": " The quantity demanded was 12. As the price goes up from 5 to 6, the quantity demanded goes down from 12 to 9. Here, I'm going to study the price elasticity of demand from point A to point B.", "tokens": [440, 11275, 28276, 390, 2272, 13, 1018, 264, 3218, 1709, 493, 490, 1025, 281, 1386, 11, 264, 11275, 28276, 1709, 760, 490, 2272, 281, 1722, 13, 1692, 11, 286, 478, 516, 281, 2979, 264, 3218, 46260, 295, 4733, 490, 935, 316, 281, 935, 363, 13], "avg_logprob": -0.11523437564787657, "compression_ratio": 1.4360902255639099, "no_speech_prob": 0.0, "words": [{"start": 303.01, "end": 303.27, "word": " The", "probability": 0.7890625}, {"start": 303.27, "end": 303.67, "word": " quantity", "probability": 0.97705078125}, {"start": 303.67, "end": 304.17, "word": " demanded", "probability": 0.92822265625}, {"start": 304.17, "end": 304.69, "word": " was", "probability": 0.9580078125}, {"start": 304.69, "end": 305.17, "word": " 12.", "probability": 0.7509765625}, {"start": 305.69, "end": 306.17, "word": " As", "probability": 0.9755859375}, {"start": 306.17, "end": 306.33, "word": " the", "probability": 0.91162109375}, {"start": 306.33, "end": 306.65, "word": " price", "probability": 0.91455078125}, {"start": 306.65, "end": 307.21, "word": " goes", "probability": 0.935546875}, {"start": 307.21, "end": 307.57, "word": " up", "probability": 0.95849609375}, {"start": 307.57, "end": 307.89, "word": " from", "probability": 0.8828125}, {"start": 307.89, "end": 308.27, "word": " 5", "probability": 0.5771484375}, {"start": 308.27, "end": 308.45, "word": " to", "probability": 0.96875}, {"start": 308.45, "end": 308.83, "word": " 6,", "probability": 0.9970703125}, {"start": 309.61, "end": 309.75, "word": " the", "probability": 0.9091796875}, {"start": 309.75, "end": 310.03, "word": " quantity", "probability": 0.91455078125}, {"start": 310.03, "end": 310.65, "word": " demanded", "probability": 0.92041015625}, {"start": 310.65, "end": 311.65, "word": " goes", "probability": 0.90185546875}, {"start": 311.65, "end": 311.99, "word": " down", "probability": 0.85693359375}, {"start": 311.99, "end": 312.29, "word": " from", "probability": 0.88916015625}, {"start": 312.29, "end": 312.97, "word": " 12", "probability": 0.96533203125}, {"start": 312.97, "end": 313.27, "word": " to", "probability": 0.9736328125}, {"start": 313.27, "end": 313.65, "word": " 9.", "probability": 0.9931640625}, {"start": 313.99, "end": 314.31, "word": " Here,", "probability": 0.853515625}, {"start": 314.57, "end": 314.83, "word": " I'm", "probability": 0.9853515625}, {"start": 314.83, "end": 314.99, "word": " going", "probability": 0.7451171875}, {"start": 314.99, "end": 316.85, "word": " to", "probability": 0.9638671875}, {"start": 316.85, "end": 317.57, "word": " study", "probability": 0.93017578125}, {"start": 317.57, "end": 319.01, "word": " the", "probability": 0.89892578125}, {"start": 319.01, "end": 319.45, "word": " price", "probability": 0.9287109375}, {"start": 319.45, "end": 320.05, "word": " elasticity", "probability": 0.51953125}, {"start": 320.05, "end": 320.39, "word": " of", "probability": 0.9326171875}, {"start": 320.39, "end": 320.93, "word": " demand", "probability": 0.89697265625}, {"start": 320.93, "end": 322.15, "word": " from", "probability": 0.8681640625}, {"start": 322.15, "end": 322.69, "word": " point", "probability": 0.9287109375}, {"start": 322.69, "end": 323.15, "word": " A", "probability": 0.9375}, {"start": 323.15, "end": 323.37, "word": " to", "probability": 0.97314453125}, {"start": 323.37, "end": 323.65, "word": " point", "probability": 0.95751953125}, {"start": 323.65, "end": 324.03, "word": " B.", "probability": 0.99853515625}], "temperature": 1.0}, {"id": 13, "seek": 35371, "start": 325.47, "end": 353.71, "text": " which means point A is the first point and point B is the second point. So let me calculate or let us calculate the price elasticity of demand from point A to point B when the price goes up from five to six. So let's calculate the price elasticity of demand, PED,", "tokens": [597, 1355, 935, 316, 307, 264, 700, 935, 293, 935, 363, 307, 264, 1150, 935, 13, 407, 718, 385, 8873, 420, 718, 505, 8873, 264, 3218, 46260, 295, 4733, 490, 935, 316, 281, 935, 363, 562, 264, 3218, 1709, 493, 490, 1732, 281, 2309, 13, 407, 718, 311, 8873, 264, 3218, 46260, 295, 4733, 11, 430, 4731, 11], "avg_logprob": -0.14287606386815088, "compression_ratio": 1.8857142857142857, "no_speech_prob": 0.0, "words": [{"start": 325.47, "end": 325.81, "word": " which", "probability": 0.51806640625}, {"start": 325.81, "end": 326.39, "word": " means", "probability": 0.9384765625}, {"start": 326.39, "end": 327.77, "word": " point", "probability": 0.8408203125}, {"start": 327.77, "end": 328.31, "word": " A", "probability": 0.890625}, {"start": 328.31, "end": 328.87, "word": " is", "probability": 0.9423828125}, {"start": 328.87, "end": 329.15, "word": " the", "probability": 0.921875}, {"start": 329.15, "end": 329.43, "word": " first", "probability": 0.8837890625}, {"start": 329.43, "end": 329.95, "word": " point", "probability": 0.97119140625}, {"start": 329.95, "end": 330.41, "word": " and", "probability": 0.67919921875}, {"start": 330.41, "end": 330.75, "word": " point", "probability": 0.92333984375}, {"start": 330.75, "end": 331.23, "word": " B", "probability": 0.99658203125}, {"start": 331.23, "end": 331.73, "word": " is", "probability": 0.9462890625}, {"start": 331.73, "end": 331.93, "word": " the", "probability": 0.91259765625}, {"start": 331.93, "end": 332.23, "word": " second", "probability": 0.89501953125}, {"start": 332.23, "end": 332.67, "word": " point.", "probability": 0.966796875}, {"start": 332.95, "end": 333.09, "word": " So", "probability": 0.9169921875}, {"start": 333.09, "end": 333.65, "word": " let", "probability": 0.71142578125}, {"start": 333.65, "end": 333.97, "word": " me", "probability": 0.81005859375}, {"start": 333.97, "end": 335.33, "word": " calculate", "probability": 0.87744140625}, {"start": 335.33, "end": 335.87, "word": " or", "probability": 0.51953125}, {"start": 335.87, "end": 336.09, "word": " let", "probability": 0.95703125}, {"start": 336.09, "end": 336.27, "word": " us", "probability": 0.9130859375}, {"start": 336.27, "end": 337.01, "word": " calculate", "probability": 0.91015625}, {"start": 337.01, "end": 338.17, "word": " the", "probability": 0.8828125}, {"start": 338.17, "end": 338.81, "word": " price", "probability": 0.9033203125}, {"start": 338.81, "end": 339.35, "word": " elasticity", "probability": 0.966796875}, {"start": 339.35, "end": 339.71, "word": " of", "probability": 0.9619140625}, {"start": 339.71, "end": 340.05, "word": " demand", "probability": 0.89453125}, {"start": 340.05, "end": 340.45, "word": " from", "probability": 0.87646484375}, {"start": 340.45, "end": 341.01, "word": " point", "probability": 0.958984375}, {"start": 341.01, "end": 341.39, "word": " A", "probability": 0.990234375}, {"start": 341.39, "end": 341.59, "word": " to", "probability": 0.97265625}, {"start": 341.59, "end": 341.97, "word": " point", "probability": 0.95556640625}, {"start": 341.97, "end": 342.35, "word": " B", "probability": 0.998046875}, {"start": 342.35, "end": 342.83, "word": " when", "probability": 0.7255859375}, {"start": 342.83, "end": 343.05, "word": " the", "probability": 0.91552734375}, {"start": 343.05, "end": 343.55, "word": " price", "probability": 0.90576171875}, {"start": 343.55, "end": 344.73, "word": " goes", "probability": 0.931640625}, {"start": 344.73, "end": 345.21, "word": " up", "probability": 0.95556640625}, {"start": 345.21, "end": 345.55, "word": " from", "probability": 0.88916015625}, {"start": 345.55, "end": 345.97, "word": " five", "probability": 0.5419921875}, {"start": 345.97, "end": 346.17, "word": " to", "probability": 0.97314453125}, {"start": 346.17, "end": 346.55, "word": " six.", "probability": 0.9443359375}, {"start": 347.35, "end": 347.67, "word": " So", "probability": 0.94921875}, {"start": 347.67, "end": 348.07, "word": " let's", "probability": 0.93896484375}, {"start": 348.07, "end": 348.69, "word": " calculate", "probability": 0.91015625}, {"start": 348.69, "end": 349.27, "word": " the", "probability": 0.919921875}, {"start": 349.27, "end": 349.61, "word": " price", "probability": 0.92236328125}, {"start": 349.61, "end": 350.11, "word": " elasticity", "probability": 0.95263671875}, {"start": 350.11, "end": 350.39, "word": " of", "probability": 0.94091796875}, {"start": 350.39, "end": 350.75, "word": " demand,", "probability": 0.90234375}, {"start": 353.13, "end": 353.71, "word": " PED,", "probability": 0.79150390625}], "temperature": 1.0}, {"id": 14, "seek": 37446, "start": 358.0, "end": 374.46, "text": " from point A to B and then let's calculate the price versus demand from B to A and get the result. And explain the results here. Should be the same in all cases.", "tokens": [490, 935, 316, 281, 363, 293, 550, 718, 311, 8873, 264, 3218, 5717, 4733, 490, 363, 281, 316, 293, 483, 264, 1874, 13, 400, 2903, 264, 3542, 510, 13, 6454, 312, 264, 912, 294, 439, 3331, 13], "avg_logprob": -0.26870889099020706, "compression_ratio": 1.3846153846153846, "no_speech_prob": 0.0, "words": [{"start": 358.0, "end": 358.76, "word": " from", "probability": 0.55078125}, {"start": 358.76, "end": 359.52, "word": " point", "probability": 0.94091796875}, {"start": 359.52, "end": 359.88, "word": " A", "probability": 0.92236328125}, {"start": 359.88, "end": 360.08, "word": " to", "probability": 0.9775390625}, {"start": 360.08, "end": 360.42, "word": " B", "probability": 0.89990234375}, {"start": 360.42, "end": 360.8, "word": " and", "probability": 0.4482421875}, {"start": 360.8, "end": 361.28, "word": " then", "probability": 0.8623046875}, {"start": 361.28, "end": 362.88, "word": " let's", "probability": 0.86083984375}, {"start": 362.88, "end": 363.38, "word": " calculate", "probability": 0.91748046875}, {"start": 363.38, "end": 364.08, "word": " the", "probability": 0.9111328125}, {"start": 364.08, "end": 364.38, "word": " price", "probability": 0.7353515625}, {"start": 364.38, "end": 364.62, "word": " versus", "probability": 0.109619140625}, {"start": 364.62, "end": 365.18, "word": " demand", "probability": 0.67919921875}, {"start": 365.18, "end": 365.5, "word": " from", "probability": 0.875}, {"start": 365.5, "end": 365.94, "word": " B", "probability": 0.974609375}, {"start": 365.94, "end": 366.14, "word": " to", "probability": 0.9775390625}, {"start": 366.14, "end": 366.52, "word": " A", "probability": 0.99755859375}, {"start": 366.52, "end": 367.74, "word": " and", "probability": 0.7900390625}, {"start": 367.74, "end": 367.92, "word": " get", "probability": 0.92529296875}, {"start": 367.92, "end": 368.08, "word": " the", "probability": 0.9130859375}, {"start": 368.08, "end": 368.42, "word": " result.", "probability": 0.91162109375}, {"start": 369.9, "end": 370.0, "word": " And", "probability": 0.818359375}, {"start": 370.0, "end": 370.42, "word": " explain", "probability": 0.183837890625}, {"start": 370.42, "end": 370.84, "word": " the", "probability": 0.9130859375}, {"start": 370.84, "end": 371.24, "word": " results", "probability": 0.89111328125}, {"start": 371.24, "end": 371.66, "word": " here.", "probability": 0.8466796875}, {"start": 372.5, "end": 372.68, "word": " Should", "probability": 0.56689453125}, {"start": 372.68, "end": 372.86, "word": " be", "probability": 0.955078125}, {"start": 372.86, "end": 373.06, "word": " the", "probability": 0.91796875}, {"start": 373.06, "end": 373.36, "word": " same", "probability": 0.91064453125}, {"start": 373.36, "end": 373.66, "word": " in", "probability": 0.890625}, {"start": 373.66, "end": 373.98, "word": " all", "probability": 0.94775390625}, {"start": 373.98, "end": 374.46, "word": " cases.", "probability": 0.91015625}], "temperature": 1.0}, {"id": 15, "seek": 40043, "start": 375.69, "end": 400.43, "text": " A movement from A to B, the elasticity should be as or equal to B to A. Because you're talking about the same demand curve, the same area. So the formula should give us the same result when we calculate the price elasticity of demand from A to B and B to A.", "tokens": [316, 3963, 490, 316, 281, 363, 11, 264, 46260, 820, 312, 382, 420, 2681, 281, 363, 281, 316, 13, 1436, 291, 434, 1417, 466, 264, 912, 4733, 7605, 11, 264, 912, 1859, 13, 407, 264, 8513, 820, 976, 505, 264, 912, 1874, 562, 321, 8873, 264, 3218, 46260, 295, 4733, 490, 316, 281, 363, 293, 363, 281, 316, 13], "avg_logprob": -0.1343750017384688, "compression_ratio": 1.6226415094339623, "no_speech_prob": 0.0, "words": [{"start": 375.69, "end": 375.97, "word": " A", "probability": 0.71875}, {"start": 375.97, "end": 376.33, "word": " movement", "probability": 0.9091796875}, {"start": 376.33, "end": 376.85, "word": " from", "probability": 0.890625}, {"start": 376.85, "end": 377.41, "word": " A", "probability": 0.916015625}, {"start": 377.41, "end": 377.61, "word": " to", "probability": 0.97802734375}, {"start": 377.61, "end": 377.99, "word": " B,", "probability": 0.9990234375}, {"start": 378.77, "end": 378.89, "word": " the", "probability": 0.912109375}, {"start": 378.89, "end": 379.37, "word": " elasticity", "probability": 0.94775390625}, {"start": 379.37, "end": 380.01, "word": " should", "probability": 0.96875}, {"start": 380.01, "end": 380.59, "word": " be", "probability": 0.94775390625}, {"start": 380.59, "end": 381.91, "word": " as", "probability": 0.90380859375}, {"start": 381.91, "end": 382.21, "word": " or", "probability": 0.81103515625}, {"start": 382.21, "end": 382.69, "word": " equal", "probability": 0.50537109375}, {"start": 382.69, "end": 383.17, "word": " to", "probability": 0.80810546875}, {"start": 383.17, "end": 383.97, "word": " B", "probability": 0.94140625}, {"start": 383.97, "end": 384.21, "word": " to", "probability": 0.9677734375}, {"start": 384.21, "end": 384.41, "word": " A.", "probability": 0.98779296875}, {"start": 384.85, "end": 385.33, "word": " Because", "probability": 0.90771484375}, {"start": 385.33, "end": 385.57, "word": " you're", "probability": 0.604736328125}, {"start": 385.57, "end": 385.83, "word": " talking", "probability": 0.83056640625}, {"start": 385.83, "end": 386.23, "word": " about", "probability": 0.9072265625}, {"start": 386.23, "end": 386.81, "word": " the", "probability": 0.92041015625}, {"start": 386.81, "end": 387.11, "word": " same", "probability": 0.90087890625}, {"start": 387.11, "end": 387.51, "word": " demand", "probability": 0.927734375}, {"start": 387.51, "end": 387.89, "word": " curve,", "probability": 0.9306640625}, {"start": 388.21, "end": 388.37, "word": " the", "probability": 0.91552734375}, {"start": 388.37, "end": 388.63, "word": " same", "probability": 0.8984375}, {"start": 388.63, "end": 389.13, "word": " area.", "probability": 0.90673828125}, {"start": 389.73, "end": 389.97, "word": " So", "probability": 0.96044921875}, {"start": 389.97, "end": 390.73, "word": " the", "probability": 0.79443359375}, {"start": 390.73, "end": 391.29, "word": " formula", "probability": 0.89990234375}, {"start": 391.29, "end": 392.29, "word": " should", "probability": 0.96826171875}, {"start": 392.29, "end": 392.83, "word": " give", "probability": 0.88818359375}, {"start": 392.83, "end": 393.41, "word": " us", "probability": 0.93798828125}, {"start": 393.41, "end": 394.25, "word": " the", "probability": 0.9140625}, {"start": 394.25, "end": 394.57, "word": " same", "probability": 0.9033203125}, {"start": 394.57, "end": 395.11, "word": " result", "probability": 0.93505859375}, {"start": 395.11, "end": 395.37, "word": " when", "probability": 0.7431640625}, {"start": 395.37, "end": 395.57, "word": " we", "probability": 0.96435546875}, {"start": 395.57, "end": 395.95, "word": " calculate", "probability": 0.84033203125}, {"start": 395.95, "end": 396.17, "word": " the", "probability": 0.904296875}, {"start": 396.17, "end": 396.41, "word": " price", "probability": 0.92333984375}, {"start": 396.41, "end": 396.79, "word": " elasticity", "probability": 0.8037109375}, {"start": 396.79, "end": 397.01, "word": " of", "probability": 0.91162109375}, {"start": 397.01, "end": 397.39, "word": " demand", "probability": 0.8974609375}, {"start": 397.39, "end": 398.19, "word": " from", "probability": 0.8779296875}, {"start": 398.19, "end": 398.63, "word": " A", "probability": 0.99267578125}, {"start": 398.63, "end": 398.77, "word": " to", "probability": 0.97509765625}, {"start": 398.77, "end": 399.11, "word": " B", "probability": 0.9990234375}, {"start": 399.11, "end": 399.67, "word": " and", "probability": 0.849609375}, {"start": 399.67, "end": 399.93, "word": " B", "probability": 0.986328125}, {"start": 399.93, "end": 400.17, "word": " to", "probability": 0.97314453125}, {"start": 400.17, "end": 400.43, "word": " A.", "probability": 0.9990234375}], "temperature": 1.0}, {"id": 16, "seek": 42922, "start": 400.98, "end": 429.22, "text": " But let us apply the case, apply the formula using the formula here and get the case, get the results here, okay? So from point A to B, what do you see? This is point A1, point number one, and this is point number two.", "tokens": [583, 718, 505, 3079, 264, 1389, 11, 3079, 264, 8513, 1228, 264, 8513, 510, 293, 483, 264, 1389, 11, 483, 264, 3542, 510, 11, 1392, 30, 407, 490, 935, 316, 281, 363, 11, 437, 360, 291, 536, 30, 639, 307, 935, 316, 16, 11, 935, 1230, 472, 11, 293, 341, 307, 935, 1230, 732, 13], "avg_logprob": -0.2600446290203503, "compression_ratio": 1.5869565217391304, "no_speech_prob": 0.0, "words": [{"start": 400.98, "end": 401.34, "word": " But", "probability": 0.64453125}, {"start": 401.34, "end": 401.74, "word": " let", "probability": 0.91015625}, {"start": 401.74, "end": 401.92, "word": " us", "probability": 0.86328125}, {"start": 401.92, "end": 402.3, "word": " apply", "probability": 0.93603515625}, {"start": 402.3, "end": 402.56, "word": " the", "probability": 0.9228515625}, {"start": 402.56, "end": 402.92, "word": " case,", "probability": 0.873046875}, {"start": 403.1, "end": 403.44, "word": " apply", "probability": 0.61572265625}, {"start": 403.44, "end": 403.68, "word": " the", "probability": 0.78466796875}, {"start": 403.68, "end": 403.98, "word": " formula", "probability": 0.3837890625}, {"start": 403.98, "end": 404.26, "word": " using", "probability": 0.59326171875}, {"start": 404.26, "end": 404.46, "word": " the", "probability": 0.900390625}, {"start": 404.46, "end": 404.74, "word": " formula", "probability": 0.89208984375}, {"start": 404.74, "end": 405.08, "word": " here", "probability": 0.8544921875}, {"start": 405.08, "end": 405.8, "word": " and", "probability": 0.640625}, {"start": 405.8, "end": 406.4, "word": " get", "probability": 0.94287109375}, {"start": 406.4, "end": 406.56, "word": " the", "probability": 0.9111328125}, {"start": 406.56, "end": 406.86, "word": " case,", "probability": 0.67724609375}, {"start": 407.16, "end": 407.46, "word": " get", "probability": 0.71044921875}, {"start": 407.46, "end": 407.78, "word": " the", "probability": 0.72265625}, {"start": 407.78, "end": 408.24, "word": " results", "probability": 0.88916015625}, {"start": 408.24, "end": 408.6, "word": " here,", "probability": 0.841796875}, {"start": 408.88, "end": 409.06, "word": " okay?", "probability": 0.90185546875}, {"start": 409.56, "end": 410.14, "word": " So", "probability": 0.96142578125}, {"start": 410.14, "end": 410.84, "word": " from", "probability": 0.751953125}, {"start": 410.84, "end": 411.58, "word": " point", "probability": 0.96044921875}, {"start": 411.58, "end": 412.02, "word": " A", "probability": 0.8740234375}, {"start": 412.02, "end": 412.28, "word": " to", "probability": 0.978515625}, {"start": 412.28, "end": 412.82, "word": " B,", "probability": 0.96728515625}, {"start": 421.74, "end": 421.98, "word": " what", "probability": 0.4765625}, {"start": 421.98, "end": 422.1, "word": " do", "probability": 0.64306640625}, {"start": 422.1, "end": 422.1, "word": " you", "probability": 0.91796875}, {"start": 422.1, "end": 422.3, "word": " see?", "probability": 0.9130859375}, {"start": 423.62, "end": 423.98, "word": " This", "probability": 0.86328125}, {"start": 423.98, "end": 424.14, "word": " is", "probability": 0.86572265625}, {"start": 424.14, "end": 424.8, "word": " point", "probability": 0.5185546875}, {"start": 424.8, "end": 425.88, "word": " A1,", "probability": 0.7015380859375}, {"start": 426.46, "end": 427.12, "word": " point", "probability": 0.65087890625}, {"start": 427.12, "end": 427.38, "word": " number", "probability": 0.93359375}, {"start": 427.38, "end": 427.62, "word": " one,", "probability": 0.640625}, {"start": 427.98, "end": 428.22, "word": " and", "probability": 0.93310546875}, {"start": 428.22, "end": 428.38, "word": " this", "probability": 0.939453125}, {"start": 428.38, "end": 428.48, "word": " is", "probability": 0.904296875}, {"start": 428.48, "end": 428.66, "word": " point", "probability": 0.9306640625}, {"start": 428.66, "end": 428.92, "word": " number", "probability": 0.93896484375}, {"start": 428.92, "end": 429.22, "word": " two.", "probability": 0.919921875}], "temperature": 1.0}, {"id": 17, "seek": 45885, "start": 430.63, "end": 458.85, "text": " At point A here, so the price is P1 is five, the quantity one is 12. To point B, this is P2, Q2. So from point A to B, from one to two here, P1 equals five and QD1 equals how much? Twelve. Price two equals six,", "tokens": [1711, 935, 316, 510, 11, 370, 264, 3218, 307, 430, 16, 307, 1732, 11, 264, 11275, 472, 307, 2272, 13, 1407, 935, 363, 11, 341, 307, 430, 17, 11, 1249, 17, 13, 407, 490, 935, 316, 281, 363, 11, 490, 472, 281, 732, 510, 11, 430, 16, 6915, 1732, 293, 1249, 35, 16, 6915, 577, 709, 30, 48063, 13, 25803, 732, 6915, 2309, 11], "avg_logprob": -0.15, "compression_ratio": 1.4755244755244756, "no_speech_prob": 0.0, "words": [{"start": 430.63, "end": 430.87, "word": " At", "probability": 0.63330078125}, {"start": 430.87, "end": 431.17, "word": " point", "probability": 0.95654296875}, {"start": 431.17, "end": 431.53, "word": " A", "probability": 0.908203125}, {"start": 431.53, "end": 431.93, "word": " here,", "probability": 0.84912109375}, {"start": 432.63, "end": 432.69, "word": " so", "probability": 0.75390625}, {"start": 432.69, "end": 432.89, "word": " the", "probability": 0.912109375}, {"start": 432.89, "end": 433.35, "word": " price", "probability": 0.88525390625}, {"start": 433.35, "end": 433.57, "word": " is", "probability": 0.78369140625}, {"start": 433.57, "end": 434.03, "word": " P1", "probability": 0.87646484375}, {"start": 434.03, "end": 434.35, "word": " is", "probability": 0.94287109375}, {"start": 434.35, "end": 434.73, "word": " five,", "probability": 0.861328125}, {"start": 435.61, "end": 435.83, "word": " the", "probability": 0.88427734375}, {"start": 435.83, "end": 436.19, "word": " quantity", "probability": 0.92578125}, {"start": 436.19, "end": 436.45, "word": " one", "probability": 0.8857421875}, {"start": 436.45, "end": 436.85, "word": " is", "probability": 0.94873046875}, {"start": 436.85, "end": 437.49, "word": " 12.", "probability": 0.87646484375}, {"start": 438.35, "end": 438.67, "word": " To", "probability": 0.87646484375}, {"start": 438.67, "end": 438.99, "word": " point", "probability": 0.84375}, {"start": 438.99, "end": 439.29, "word": " B,", "probability": 0.9921875}, {"start": 439.43, "end": 439.59, "word": " this", "probability": 0.943359375}, {"start": 439.59, "end": 439.73, "word": " is", "probability": 0.9482421875}, {"start": 439.73, "end": 440.27, "word": " P2,", "probability": 0.976806640625}, {"start": 440.47, "end": 440.83, "word": " Q2.", "probability": 0.97119140625}, {"start": 441.37, "end": 442.03, "word": " So", "probability": 0.60986328125}, {"start": 442.03, "end": 442.65, "word": " from", "probability": 0.76708984375}, {"start": 442.65, "end": 442.99, "word": " point", "probability": 0.97021484375}, {"start": 442.99, "end": 443.33, "word": " A", "probability": 0.99462890625}, {"start": 443.33, "end": 443.47, "word": " to", "probability": 0.97802734375}, {"start": 443.47, "end": 443.85, "word": " B,", "probability": 0.9970703125}, {"start": 444.67, "end": 445.25, "word": " from", "probability": 0.88671875}, {"start": 445.25, "end": 445.57, "word": " one", "probability": 0.880859375}, {"start": 445.57, "end": 445.77, "word": " to", "probability": 0.970703125}, {"start": 445.77, "end": 446.07, "word": " two", "probability": 0.9404296875}, {"start": 446.07, "end": 446.47, "word": " here,", "probability": 0.84228515625}, {"start": 447.87, "end": 448.37, "word": " P1", "probability": 0.99072265625}, {"start": 448.37, "end": 449.73, "word": " equals", "probability": 0.95068359375}, {"start": 449.73, "end": 450.15, "word": " five", "probability": 0.90380859375}, {"start": 450.15, "end": 450.69, "word": " and", "probability": 0.7177734375}, {"start": 450.69, "end": 452.21, "word": " QD1", "probability": 0.5756022135416666}, {"start": 452.21, "end": 452.99, "word": " equals", "probability": 0.94482421875}, {"start": 452.99, "end": 453.25, "word": " how", "probability": 0.828125}, {"start": 453.25, "end": 453.75, "word": " much?", "probability": 0.91650390625}, {"start": 454.29, "end": 454.73, "word": " Twelve.", "probability": 0.90185546875}, {"start": 456.17, "end": 456.49, "word": " Price", "probability": 0.89013671875}, {"start": 456.49, "end": 456.83, "word": " two", "probability": 0.92236328125}, {"start": 456.83, "end": 458.05, "word": " equals", "probability": 0.90234375}, {"start": 458.05, "end": 458.85, "word": " six,", "probability": 0.81103515625}], "temperature": 1.0}, {"id": 18, "seek": 48520, "start": 460.82, "end": 485.2, "text": " and Qd2 equals how much? Nine. Which means that here the price goes up, the quantity demanded goes down. Let's apply using this formula here, the general formula. So the general formula Pd using this formula equals Q2 minus Q1,", "tokens": [293, 1249, 67, 17, 6915, 577, 709, 30, 18939, 13, 3013, 1355, 300, 510, 264, 3218, 1709, 493, 11, 264, 11275, 28276, 1709, 760, 13, 961, 311, 3079, 1228, 341, 8513, 510, 11, 264, 2674, 8513, 13, 407, 264, 2674, 8513, 430, 67, 1228, 341, 8513, 6915, 1249, 17, 3175, 1249, 16, 11], "avg_logprob": -0.18822338597642052, "compression_ratio": 1.5302013422818792, "no_speech_prob": 0.0, "words": [{"start": 460.82000000000005, "end": 461.66, "word": " and", "probability": 0.5224609375}, {"start": 461.66, "end": 462.5, "word": " Qd2", "probability": 0.6700846354166666}, {"start": 462.5, "end": 463.24, "word": " equals", "probability": 0.91943359375}, {"start": 463.24, "end": 463.5, "word": " how", "probability": 0.814453125}, {"start": 463.5, "end": 463.9, "word": " much?", "probability": 0.91796875}, {"start": 464.1, "end": 464.34, "word": " Nine.", "probability": 0.86083984375}, {"start": 465.6, "end": 466.0, "word": " Which", "probability": 0.89306640625}, {"start": 466.0, "end": 466.36, "word": " means", "probability": 0.9306640625}, {"start": 466.36, "end": 466.72, "word": " that", "probability": 0.92236328125}, {"start": 466.72, "end": 467.24, "word": " here", "probability": 0.7548828125}, {"start": 467.24, "end": 467.6, "word": " the", "probability": 0.63525390625}, {"start": 467.6, "end": 467.92, "word": " price", "probability": 0.9169921875}, {"start": 467.92, "end": 468.24, "word": " goes", "probability": 0.94140625}, {"start": 468.24, "end": 468.52, "word": " up,", "probability": 0.97314453125}, {"start": 468.62, "end": 468.7, "word": " the", "probability": 0.77392578125}, {"start": 468.7, "end": 468.88, "word": " quantity", "probability": 0.64697265625}, {"start": 468.88, "end": 469.32, "word": " demanded", "probability": 0.724609375}, {"start": 469.32, "end": 469.9, "word": " goes", "probability": 0.90087890625}, {"start": 469.9, "end": 470.22, "word": " down.", "probability": 0.85498046875}, {"start": 471.8, "end": 472.4, "word": " Let's", "probability": 0.984375}, {"start": 472.4, "end": 472.96, "word": " apply", "probability": 0.94384765625}, {"start": 472.96, "end": 473.46, "word": " using", "probability": 0.91748046875}, {"start": 473.46, "end": 474.32, "word": " this", "probability": 0.94384765625}, {"start": 474.32, "end": 474.74, "word": " formula", "probability": 0.90283203125}, {"start": 474.74, "end": 475.1, "word": " here,", "probability": 0.865234375}, {"start": 476.2, "end": 476.32, "word": " the", "probability": 0.91650390625}, {"start": 476.32, "end": 476.68, "word": " general", "probability": 0.8828125}, {"start": 476.68, "end": 477.16, "word": " formula.", "probability": 0.88623046875}, {"start": 478.0, "end": 478.46, "word": " So", "probability": 0.96435546875}, {"start": 478.46, "end": 479.36, "word": " the", "probability": 0.68212890625}, {"start": 479.36, "end": 479.62, "word": " general", "probability": 0.88720703125}, {"start": 479.62, "end": 479.88, "word": " formula", "probability": 0.5234375}, {"start": 479.88, "end": 480.38, "word": " Pd", "probability": 0.595703125}, {"start": 480.38, "end": 480.92, "word": " using", "probability": 0.86669921875}, {"start": 480.92, "end": 481.22, "word": " this", "probability": 0.94873046875}, {"start": 481.22, "end": 481.64, "word": " formula", "probability": 0.90087890625}, {"start": 481.64, "end": 482.82, "word": " equals", "probability": 0.908203125}, {"start": 482.82, "end": 484.26, "word": " Q2", "probability": 0.943603515625}, {"start": 484.26, "end": 484.62, "word": " minus", "probability": 0.982421875}, {"start": 484.62, "end": 485.2, "word": " Q1,", "probability": 0.937255859375}], "temperature": 1.0}, {"id": 19, "seek": 51545, "start": 487.47, "end": 515.45, "text": " over P2 minus P1 times P1 over Q1 on D, QD. Okay? So, the PED here from A to B, I'm talking about from A to B, equals QD2 minus QD1 over 2 here, 9 minus 12 over P2 minus P1,", "tokens": [670, 430, 17, 3175, 430, 16, 1413, 430, 16, 670, 1249, 16, 322, 413, 11, 1249, 35, 13, 1033, 30, 407, 11, 264, 430, 4731, 510, 490, 316, 281, 363, 11, 286, 478, 1417, 466, 490, 316, 281, 363, 11, 6915, 1249, 35, 17, 3175, 1249, 35, 16, 670, 568, 510, 11, 1722, 3175, 2272, 670, 430, 17, 3175, 430, 16, 11], "avg_logprob": -0.19642857473994058, "compression_ratio": 1.403225806451613, "no_speech_prob": 0.0, "words": [{"start": 487.47, "end": 487.85, "word": " over", "probability": 0.85546875}, {"start": 487.85, "end": 488.45, "word": " P2", "probability": 0.75537109375}, {"start": 488.45, "end": 488.79, "word": " minus", "probability": 0.96142578125}, {"start": 488.79, "end": 489.31, "word": " P1", "probability": 0.9931640625}, {"start": 489.31, "end": 490.17, "word": " times", "probability": 0.85107421875}, {"start": 490.17, "end": 490.71, "word": " P1", "probability": 0.992919921875}, {"start": 490.71, "end": 491.05, "word": " over", "probability": 0.9140625}, {"start": 491.05, "end": 491.69, "word": " Q1", "probability": 0.942626953125}, {"start": 491.69, "end": 492.37, "word": " on", "probability": 0.2166748046875}, {"start": 492.37, "end": 492.65, "word": " D,", "probability": 0.4013671875}, {"start": 492.85, "end": 493.21, "word": " QD.", "probability": 0.9208984375}, {"start": 494.11, "end": 494.23, "word": " Okay?", "probability": 0.55029296875}, {"start": 495.41, "end": 495.99, "word": " So,", "probability": 0.966796875}, {"start": 496.49, "end": 496.59, "word": " the", "probability": 0.771484375}, {"start": 496.59, "end": 497.01, "word": " PED", "probability": 0.812255859375}, {"start": 497.01, "end": 497.65, "word": " here", "probability": 0.8515625}, {"start": 497.65, "end": 500.33, "word": " from", "probability": 0.62744140625}, {"start": 500.33, "end": 500.77, "word": " A", "probability": 0.9296875}, {"start": 500.77, "end": 500.93, "word": " to", "probability": 0.97900390625}, {"start": 500.93, "end": 501.21, "word": " B,", "probability": 0.994140625}, {"start": 501.35, "end": 501.49, "word": " I'm", "probability": 0.850830078125}, {"start": 501.49, "end": 501.73, "word": " talking", "probability": 0.822265625}, {"start": 501.73, "end": 502.09, "word": " about", "probability": 0.89404296875}, {"start": 502.09, "end": 502.33, "word": " from", "probability": 0.88134765625}, {"start": 502.33, "end": 502.59, "word": " A", "probability": 0.99658203125}, {"start": 502.59, "end": 502.75, "word": " to", "probability": 0.97607421875}, {"start": 502.75, "end": 503.03, "word": " B,", "probability": 0.99951171875}, {"start": 503.71, "end": 504.99, "word": " equals", "probability": 0.95068359375}, {"start": 504.99, "end": 505.83, "word": " QD2", "probability": 0.9573567708333334}, {"start": 505.83, "end": 506.91, "word": " minus", "probability": 0.98095703125}, {"start": 506.91, "end": 507.99, "word": " QD1", "probability": 0.96826171875}, {"start": 507.99, "end": 508.57, "word": " over", "probability": 0.42138671875}, {"start": 508.57, "end": 508.91, "word": " 2", "probability": 0.442626953125}, {"start": 508.91, "end": 509.45, "word": " here,", "probability": 0.7919921875}, {"start": 509.85, "end": 510.35, "word": " 9", "probability": 0.671875}, {"start": 510.35, "end": 511.11, "word": " minus", "probability": 0.98193359375}, {"start": 511.11, "end": 512.81, "word": " 12", "probability": 0.96826171875}, {"start": 512.81, "end": 513.83, "word": " over", "probability": 0.87890625}, {"start": 513.83, "end": 514.49, "word": " P2", "probability": 0.997314453125}, {"start": 514.49, "end": 514.87, "word": " minus", "probability": 0.98828125}, {"start": 514.87, "end": 515.45, "word": " P1,", "probability": 0.9990234375}], "temperature": 1.0}, {"id": 20, "seek": 54584, "start": 516.64, "end": 545.84, "text": " 6 minus 5 times P1 over Q1, 5 over 12. So, PED A to B equals minus 3 over 1 times 5 over 12. So, minus 15 over 12. How much is it? Minus 1.3", "tokens": [1386, 3175, 1025, 1413, 430, 16, 670, 1249, 16, 11, 1025, 670, 2272, 13, 407, 11, 430, 4731, 316, 281, 363, 6915, 3175, 805, 670, 502, 1413, 1025, 670, 2272, 13, 407, 11, 3175, 2119, 670, 2272, 13, 1012, 709, 307, 309, 30, 2829, 301, 502, 13, 18], "avg_logprob": -0.1876594436411955, "compression_ratio": 1.41, "no_speech_prob": 0.0, "words": [{"start": 516.64, "end": 517.02, "word": " 6", "probability": 0.53271484375}, {"start": 517.02, "end": 517.28, "word": " minus", "probability": 0.8837890625}, {"start": 517.28, "end": 517.78, "word": " 5", "probability": 0.95556640625}, {"start": 517.78, "end": 519.84, "word": " times", "probability": 0.8232421875}, {"start": 519.84, "end": 520.98, "word": " P1", "probability": 0.796630859375}, {"start": 520.98, "end": 521.58, "word": " over", "probability": 0.91357421875}, {"start": 521.58, "end": 522.84, "word": " Q1,", "probability": 0.753173828125}, {"start": 523.0, "end": 523.4, "word": " 5", "probability": 0.94921875}, {"start": 523.4, "end": 524.14, "word": " over", "probability": 0.82861328125}, {"start": 524.14, "end": 524.96, "word": " 12.", "probability": 0.96728515625}, {"start": 526.4, "end": 527.02, "word": " So,", "probability": 0.9345703125}, {"start": 527.16, "end": 527.66, "word": " PED", "probability": 0.7275390625}, {"start": 527.66, "end": 529.88, "word": " A", "probability": 0.48876953125}, {"start": 529.88, "end": 530.02, "word": " to", "probability": 0.978515625}, {"start": 530.02, "end": 530.36, "word": " B", "probability": 0.99560546875}, {"start": 530.36, "end": 531.72, "word": " equals", "probability": 0.9228515625}, {"start": 531.72, "end": 532.62, "word": " minus", "probability": 0.96484375}, {"start": 532.62, "end": 533.12, "word": " 3", "probability": 0.8681640625}, {"start": 533.12, "end": 533.56, "word": " over", "probability": 0.9033203125}, {"start": 533.56, "end": 533.96, "word": " 1", "probability": 0.9736328125}, {"start": 533.96, "end": 534.34, "word": " times", "probability": 0.88134765625}, {"start": 534.34, "end": 534.84, "word": " 5", "probability": 0.98388671875}, {"start": 534.84, "end": 535.28, "word": " over", "probability": 0.90771484375}, {"start": 535.28, "end": 536.48, "word": " 12.", "probability": 0.96435546875}, {"start": 536.78, "end": 537.0, "word": " So,", "probability": 0.95458984375}, {"start": 537.64, "end": 538.24, "word": " minus", "probability": 0.9794921875}, {"start": 538.24, "end": 538.88, "word": " 15", "probability": 0.9736328125}, {"start": 538.88, "end": 540.6, "word": " over", "probability": 0.90966796875}, {"start": 540.6, "end": 541.24, "word": " 12.", "probability": 0.970703125}, {"start": 541.36, "end": 541.5, "word": " How", "probability": 0.962890625}, {"start": 541.5, "end": 541.74, "word": " much", "probability": 0.9140625}, {"start": 541.74, "end": 541.92, "word": " is", "probability": 0.9482421875}, {"start": 541.92, "end": 542.3, "word": " it?", "probability": 0.953125}, {"start": 542.32, "end": 542.86, "word": " Minus", "probability": 0.980224609375}, {"start": 542.86, "end": 543.2, "word": " 1", "probability": 0.97412109375}, {"start": 543.2, "end": 545.84, "word": ".3", "probability": 0.69482421875}], "temperature": 1.0}, {"id": 21, "seek": 57067, "start": 553.76, "end": 570.68, "text": " If we calculate the price necessity of demand from B to A, it should be the same. Yeah, because we're talking about the same demand curve, the movement from point to another point, the same.", "tokens": [759, 321, 8873, 264, 3218, 24217, 295, 4733, 490, 363, 281, 316, 11, 309, 820, 312, 264, 912, 13, 865, 11, 570, 321, 434, 1417, 466, 264, 912, 4733, 7605, 11, 264, 3963, 490, 935, 281, 1071, 935, 11, 264, 912, 13], "avg_logprob": -0.20821221554002098, "compression_ratio": 1.4253731343283582, "no_speech_prob": 0.0, "words": [{"start": 553.76, "end": 554.4, "word": " If", "probability": 0.481201171875}, {"start": 554.4, "end": 555.04, "word": " we", "probability": 0.953125}, {"start": 555.04, "end": 556.36, "word": " calculate", "probability": 0.9033203125}, {"start": 556.36, "end": 556.92, "word": " the", "probability": 0.8994140625}, {"start": 556.92, "end": 557.2, "word": " price", "probability": 0.93212890625}, {"start": 557.2, "end": 557.7, "word": " necessity", "probability": 0.2288818359375}, {"start": 557.7, "end": 557.98, "word": " of", "probability": 0.9501953125}, {"start": 557.98, "end": 558.42, "word": " demand", "probability": 0.912109375}, {"start": 558.42, "end": 559.24, "word": " from", "probability": 0.8330078125}, {"start": 559.24, "end": 559.74, "word": " B", "probability": 0.8310546875}, {"start": 559.74, "end": 560.0, "word": " to", "probability": 0.9765625}, {"start": 560.0, "end": 560.4, "word": " A,", "probability": 0.9931640625}, {"start": 560.54, "end": 560.88, "word": " it", "probability": 0.95068359375}, {"start": 560.88, "end": 561.2, "word": " should", "probability": 0.9697265625}, {"start": 561.2, "end": 561.66, "word": " be", "probability": 0.95703125}, {"start": 561.66, "end": 561.98, "word": " the", "probability": 0.9228515625}, {"start": 561.98, "end": 562.28, "word": " same.", "probability": 0.91259765625}, {"start": 563.28, "end": 563.44, "word": " Yeah,", "probability": 0.54150390625}, {"start": 563.46, "end": 563.72, "word": " because", "probability": 0.8994140625}, {"start": 563.72, "end": 563.92, "word": " we're", "probability": 0.6982421875}, {"start": 563.92, "end": 564.12, "word": " talking", "probability": 0.79736328125}, {"start": 564.12, "end": 564.44, "word": " about", "probability": 0.91015625}, {"start": 564.44, "end": 564.62, "word": " the", "probability": 0.912109375}, {"start": 564.62, "end": 564.86, "word": " same", "probability": 0.88916015625}, {"start": 564.86, "end": 565.12, "word": " demand", "probability": 0.9228515625}, {"start": 565.12, "end": 565.46, "word": " curve,", "probability": 0.93212890625}, {"start": 565.86, "end": 566.06, "word": " the", "probability": 0.8037109375}, {"start": 566.06, "end": 566.44, "word": " movement", "probability": 0.8984375}, {"start": 566.44, "end": 566.76, "word": " from", "probability": 0.8759765625}, {"start": 566.76, "end": 568.42, "word": " point", "probability": 0.62060546875}, {"start": 568.42, "end": 568.62, "word": " to", "probability": 0.966796875}, {"start": 568.62, "end": 568.9, "word": " another", "probability": 0.8984375}, {"start": 568.9, "end": 569.3, "word": " point,", "probability": 0.96728515625}, {"start": 570.28, "end": 570.44, "word": " the", "probability": 0.91015625}, {"start": 570.44, "end": 570.68, "word": " same.", "probability": 0.90234375}], "temperature": 1.0}, {"id": 22, "seek": 59944, "start": 571.76, "end": 599.44, "text": " But let us apply the formula and get the result here. So let us apply or try to calculate the price elasticity of demand from B to A. From B to A. Here, I'm going to calculate the price elasticity of demand from point", "tokens": [583, 718, 505, 3079, 264, 8513, 293, 483, 264, 1874, 510, 13, 407, 718, 505, 3079, 420, 853, 281, 8873, 264, 3218, 46260, 295, 4733, 490, 363, 281, 316, 13, 3358, 363, 281, 316, 13, 1692, 11, 286, 478, 516, 281, 8873, 264, 3218, 46260, 295, 4733, 490, 935], "avg_logprob": -0.1432812437415123, "compression_ratio": 1.744, "no_speech_prob": 0.0, "words": [{"start": 571.76, "end": 571.98, "word": " But", "probability": 0.61669921875}, {"start": 571.98, "end": 572.3, "word": " let", "probability": 0.921875}, {"start": 572.3, "end": 572.48, "word": " us", "probability": 0.87939453125}, {"start": 572.48, "end": 572.86, "word": " apply", "probability": 0.93896484375}, {"start": 572.86, "end": 573.04, "word": " the", "probability": 0.9248046875}, {"start": 573.04, "end": 573.46, "word": " formula", "probability": 0.8994140625}, {"start": 573.46, "end": 574.66, "word": " and", "probability": 0.8984375}, {"start": 574.66, "end": 575.08, "word": " get", "probability": 0.9501953125}, {"start": 575.08, "end": 575.2, "word": " the", "probability": 0.8154296875}, {"start": 575.2, "end": 575.54, "word": " result", "probability": 0.85791015625}, {"start": 575.54, "end": 575.78, "word": " here.", "probability": 0.765625}, {"start": 576.28, "end": 576.5, "word": " So", "probability": 0.95556640625}, {"start": 576.5, "end": 577.04, "word": " let", "probability": 0.8251953125}, {"start": 577.04, "end": 577.26, "word": " us", "probability": 0.90234375}, {"start": 577.26, "end": 577.86, "word": " apply", "probability": 0.9296875}, {"start": 577.86, "end": 578.22, "word": " or", "probability": 0.93994140625}, {"start": 578.22, "end": 578.56, "word": " try", "probability": 0.935546875}, {"start": 578.56, "end": 579.04, "word": " to", "probability": 0.97412109375}, {"start": 579.04, "end": 579.9, "word": " calculate", "probability": 0.927734375}, {"start": 579.9, "end": 580.56, "word": " the", "probability": 0.9228515625}, {"start": 580.56, "end": 580.86, "word": " price", "probability": 0.892578125}, {"start": 580.86, "end": 581.26, "word": " elasticity", "probability": 0.94921875}, {"start": 581.26, "end": 581.58, "word": " of", "probability": 0.8935546875}, {"start": 581.58, "end": 581.94, "word": " demand", "probability": 0.92578125}, {"start": 581.94, "end": 584.12, "word": " from", "probability": 0.82763671875}, {"start": 584.12, "end": 584.82, "word": " B", "probability": 0.837890625}, {"start": 584.82, "end": 585.12, "word": " to", "probability": 0.978515625}, {"start": 585.12, "end": 585.46, "word": " A.", "probability": 0.9931640625}, {"start": 588.94, "end": 589.66, "word": " From", "probability": 0.57666015625}, {"start": 589.66, "end": 590.02, "word": " B", "probability": 0.9912109375}, {"start": 590.02, "end": 590.24, "word": " to", "probability": 0.9775390625}, {"start": 590.24, "end": 590.48, "word": " A.", "probability": 0.9990234375}, {"start": 592.02, "end": 592.5, "word": " Here,", "probability": 0.8701171875}, {"start": 592.74, "end": 593.02, "word": " I'm", "probability": 0.99365234375}, {"start": 593.02, "end": 593.18, "word": " going", "probability": 0.8896484375}, {"start": 593.18, "end": 594.18, "word": " to", "probability": 0.9716796875}, {"start": 594.18, "end": 596.2, "word": " calculate", "probability": 0.921875}, {"start": 596.2, "end": 597.42, "word": " the", "probability": 0.92236328125}, {"start": 597.42, "end": 597.72, "word": " price", "probability": 0.93408203125}, {"start": 597.72, "end": 598.18, "word": " elasticity", "probability": 0.9580078125}, {"start": 598.18, "end": 598.44, "word": " of", "probability": 0.955078125}, {"start": 598.44, "end": 598.7, "word": " demand", "probability": 0.90234375}, {"start": 598.7, "end": 598.98, "word": " from", "probability": 0.3115234375}, {"start": 598.98, "end": 599.44, "word": " point", "probability": 0.9072265625}], "temperature": 1.0}, {"id": 23, "seek": 62814, "start": 600.7, "end": 628.14, "text": " B to A, which means that there is a declining in the prices from point B to A. This means that this is the first point. And here is the second point, a movement from point B to A. What do you see? The price goes down. The quantity goes up. Here, how much is P1, P2 here?", "tokens": [363, 281, 316, 11, 597, 1355, 300, 456, 307, 257, 34298, 294, 264, 7901, 490, 935, 363, 281, 316, 13, 639, 1355, 300, 341, 307, 264, 700, 935, 13, 400, 510, 307, 264, 1150, 935, 11, 257, 3963, 490, 935, 363, 281, 316, 13, 708, 360, 291, 536, 30, 440, 3218, 1709, 760, 13, 440, 11275, 1709, 493, 13, 1692, 11, 577, 709, 307, 430, 16, 11, 430, 17, 510, 30], "avg_logprob": -0.13823785239623654, "compression_ratio": 1.5664739884393064, "no_speech_prob": 0.0, "words": [{"start": 600.7, "end": 601.12, "word": " B", "probability": 0.81298828125}, {"start": 601.12, "end": 601.48, "word": " to", "probability": 0.970703125}, {"start": 601.48, "end": 601.8, "word": " A,", "probability": 0.9873046875}, {"start": 602.26, "end": 603.04, "word": " which", "probability": 0.94921875}, {"start": 603.04, "end": 603.4, "word": " means", "probability": 0.9306640625}, {"start": 603.4, "end": 603.74, "word": " that", "probability": 0.927734375}, {"start": 603.74, 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0.89794921875}, {"start": 610.14, "end": 610.5, "word": " means", "probability": 0.91650390625}, {"start": 610.5, "end": 610.88, "word": " that", "probability": 0.9306640625}, {"start": 610.88, "end": 611.1, "word": " this", "probability": 0.93701171875}, {"start": 611.1, "end": 611.36, "word": " is", "probability": 0.9453125}, {"start": 611.36, "end": 611.74, "word": " the", "probability": 0.91943359375}, {"start": 611.74, "end": 612.1, "word": " first", "probability": 0.88232421875}, {"start": 612.1, "end": 612.52, "word": " point.", "probability": 0.9716796875}, {"start": 613.76, "end": 614.1, "word": " And", "probability": 0.833984375}, {"start": 614.1, "end": 614.3, "word": " here", "probability": 0.83642578125}, {"start": 614.3, "end": 614.54, "word": " is", "probability": 0.76025390625}, {"start": 614.54, "end": 614.78, "word": " the", "probability": 0.89453125}, {"start": 614.78, "end": 615.2, "word": " second", "probability": 0.89697265625}, {"start": 615.2, "end": 615.56, "word": " point,", "probability": 0.9638671875}, {"start": 616.4, "end": 616.58, "word": " a", "probability": 0.99560546875}, {"start": 616.58, "end": 616.92, "word": " movement", "probability": 0.94287109375}, {"start": 616.92, "end": 617.28, "word": " from", "probability": 0.8759765625}, {"start": 617.28, "end": 618.04, "word": " point", "probability": 0.9599609375}, {"start": 618.04, "end": 618.84, "word": " B", "probability": 0.9912109375}, {"start": 618.84, "end": 619.1, "word": " to", "probability": 0.97265625}, {"start": 619.1, "end": 619.38, "word": " A.", "probability": 0.99609375}, {"start": 619.72, "end": 619.92, "word": " What", "probability": 0.88134765625}, {"start": 619.92, "end": 620.04, "word": " do", "probability": 0.9443359375}, {"start": 620.04, "end": 620.16, "word": " you", "probability": 0.9541015625}, {"start": 620.16, "end": 620.4, "word": " see?", "probability": 0.92431640625}, {"start": 620.96, "end": 621.32, "word": " The", "probability": 0.89990234375}, 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" P2", "probability": 0.996337890625}, {"start": 627.6, "end": 628.14, "word": " here?", "probability": 0.75048828125}], "temperature": 1.0}, {"id": 24, "seek": 65919, "start": 630.47, "end": 659.19, "text": " Price one, how much is it? Six. P2 equals how much? Five. Qd1 equals how much? One. Nine. Qd2, a movement from point B to A, five. Twelve. Sorry, twelve, yes. Let's apply the formula here.", "tokens": [25803, 472, 11, 577, 709, 307, 309, 30, 11678, 13, 430, 17, 6915, 577, 709, 30, 9436, 13, 1249, 67, 16, 6915, 577, 709, 30, 1485, 13, 18939, 13, 1249, 67, 17, 11, 257, 3963, 490, 935, 363, 281, 316, 11, 1732, 13, 48063, 13, 4919, 11, 14390, 11, 2086, 13, 961, 311, 3079, 264, 8513, 510, 13], "avg_logprob": -0.1833951291391405, "compression_ratio": 1.3309859154929577, "no_speech_prob": 0.0, "words": [{"start": 630.47, "end": 631.05, "word": " Price", "probability": 0.381103515625}, {"start": 631.05, "end": 631.33, "word": " one,", "probability": 0.7119140625}, {"start": 631.91, "end": 632.11, "word": " how", "probability": 0.921875}, {"start": 632.11, "end": 632.31, "word": " much", "probability": 0.91650390625}, {"start": 632.31, "end": 632.47, "word": " is", "probability": 0.94775390625}, {"start": 632.47, "end": 632.65, "word": " it?", "probability": 0.92919921875}, {"start": 633.25, "end": 633.97, "word": " Six.", "probability": 0.7392578125}, {"start": 635.17, "end": 635.89, "word": " P2", "probability": 0.873046875}, {"start": 635.89, "end": 636.75, "word": " equals", "probability": 0.92822265625}, {"start": 636.75, "end": 636.97, "word": " how", "probability": 0.9052734375}, {"start": 636.97, "end": 637.47, "word": " much?", "probability": 0.919921875}, {"start": 638.19, "end": 638.91, "word": " Five.", "probability": 0.84619140625}, {"start": 640.33, "end": 641.05, "word": " Qd1", "probability": 0.7303059895833334}, {"start": 641.05, "end": 642.27, "word": " equals", "probability": 0.94970703125}, {"start": 642.27, "end": 642.51, "word": " how", "probability": 0.93896484375}, {"start": 642.51, "end": 642.93, "word": " much?", "probability": 0.9189453125}, {"start": 643.51, "end": 644.23, "word": " One.", "probability": 0.75537109375}, {"start": 644.77, "end": 645.35, "word": " Nine.", "probability": 0.9453125}, {"start": 647.47, "end": 648.19, "word": " Qd2,", "probability": 0.9767252604166666}, {"start": 649.79, "end": 649.97, "word": " a", "probability": 0.943359375}, {"start": 649.97, "end": 650.27, "word": " movement", "probability": 0.93359375}, {"start": 650.27, "end": 650.59, "word": " from", "probability": 0.87353515625}, {"start": 650.59, "end": 650.91, "word": " point", "probability": 0.96240234375}, {"start": 650.91, "end": 651.19, "word": " B", "probability": 0.88525390625}, {"start": 651.19, "end": 651.41, "word": " to", "probability": 0.9736328125}, {"start": 651.41, "end": 651.77, "word": " A,", "probability": 0.98046875}, {"start": 652.73, "end": 653.07, "word": " five.", "probability": 0.857421875}, {"start": 654.43, "end": 655.15, "word": " Twelve.", "probability": 0.444091796875}, {"start": 655.51, "end": 655.79, "word": " Sorry,", "probability": 0.42041015625}, {"start": 655.89, "end": 656.15, "word": " twelve,", "probability": 0.8779296875}, {"start": 656.25, "end": 656.45, "word": " yes.", "probability": 0.96044921875}, {"start": 657.43, "end": 658.05, "word": " Let's", "probability": 0.980712890625}, {"start": 658.05, "end": 658.37, "word": " apply", "probability": 0.9267578125}, {"start": 658.37, "end": 658.57, "word": " the", "probability": 0.90673828125}, {"start": 658.57, "end": 658.87, "word": " formula", "probability": 0.9150390625}, {"start": 658.87, "end": 659.19, "word": " here.", "probability": 0.8212890625}], "temperature": 1.0}, {"id": 25, "seek": 68404, "start": 659.84, "end": 684.04, "text": " PED equals Q2 minus Q1 over P2 minus P1 times P1 over Q1. Hence, PED equals Q2 minus Q1, 12 minus 9,", "tokens": [430, 4731, 6915, 1249, 17, 3175, 1249, 16, 670, 430, 17, 3175, 430, 16, 1413, 430, 16, 670, 1249, 16, 13, 22229, 11, 430, 4731, 6915, 1249, 17, 3175, 1249, 16, 11, 2272, 3175, 1722, 11], "avg_logprob": -0.20502533139409246, "compression_ratio": 1.463768115942029, "no_speech_prob": 0.0, "words": [{"start": 659.84, "end": 660.46, "word": " PED", "probability": 0.4239501953125}, {"start": 660.46, "end": 661.46, "word": " equals", "probability": 0.73486328125}, {"start": 661.46, "end": 664.24, "word": " Q2", "probability": 0.6630859375}, {"start": 664.24, "end": 664.62, "word": " minus", "probability": 0.72216796875}, {"start": 664.62, "end": 665.24, "word": " Q1", "probability": 0.978271484375}, {"start": 665.24, "end": 665.58, "word": " over", "probability": 0.85986328125}, {"start": 665.58, "end": 666.2, "word": " P2", "probability": 0.923095703125}, {"start": 666.2, "end": 666.62, "word": " minus", "probability": 0.96826171875}, {"start": 666.62, "end": 667.12, "word": " P1", "probability": 0.9921875}, {"start": 667.12, "end": 667.86, "word": " times", "probability": 0.849609375}, {"start": 667.86, "end": 668.52, "word": " P1", "probability": 0.9921875}, {"start": 668.52, "end": 668.94, "word": " over", "probability": 0.90185546875}, {"start": 668.94, "end": 669.56, "word": " Q1.", "probability": 0.99609375}, {"start": 670.48, "end": 671.42, "word": " Hence,", "probability": 0.91552734375}, {"start": 671.98, "end": 672.52, "word": " PED", "probability": 0.962158203125}, {"start": 672.52, "end": 674.26, "word": " equals", "probability": 0.9423828125}, {"start": 674.26, "end": 678.14, "word": " Q2", "probability": 0.98095703125}, {"start": 678.14, "end": 678.52, "word": " minus", "probability": 0.9833984375}, {"start": 678.52, "end": 679.1, "word": " Q1,", "probability": 0.98779296875}, {"start": 679.36, "end": 680.02, "word": " 12", "probability": 0.66552734375}, {"start": 680.02, "end": 681.92, "word": " minus", "probability": 0.7177734375}, {"start": 681.92, "end": 684.04, "word": " 9,", "probability": 0.8994140625}], "temperature": 1.0}, {"id": 26, "seek": 71237, "start": 685.29, "end": 712.37, "text": " over P2 minus P1, 5 minus 6 times P1 over Q1, 6 over 9. All right? OK. Let's calculate here. 12 minus 9, 3 over 5 minus 6 minus 1 times 6 over 9 equals 18.", "tokens": [670, 430, 17, 3175, 430, 16, 11, 1025, 3175, 1386, 1413, 430, 16, 670, 1249, 16, 11, 1386, 670, 1722, 13, 1057, 558, 30, 2264, 13, 961, 311, 8873, 510, 13, 2272, 3175, 1722, 11, 805, 670, 1025, 3175, 1386, 3175, 502, 1413, 1386, 670, 1722, 6915, 2443, 13], "avg_logprob": -0.13109375685453414, "compression_ratio": 1.3928571428571428, "no_speech_prob": 0.0, "words": [{"start": 685.29, "end": 685.67, "word": " over", "probability": 0.5576171875}, {"start": 685.67, "end": 686.23, "word": " P2", "probability": 0.82177734375}, {"start": 686.23, "end": 686.61, "word": " minus", "probability": 0.9814453125}, {"start": 686.61, "end": 687.07, "word": " P1,", "probability": 0.995849609375}, {"start": 687.29, "end": 687.95, "word": " 5", "probability": 0.865234375}, {"start": 687.95, "end": 688.29, "word": " minus", "probability": 0.986328125}, {"start": 688.29, "end": 688.63, "word": " 6", "probability": 0.9931640625}, {"start": 688.63, "end": 689.11, "word": " times", "probability": 0.62158203125}, {"start": 689.11, "end": 690.53, "word": " P1", "probability": 0.9755859375}, {"start": 690.53, "end": 691.19, "word": " over", "probability": 0.91162109375}, {"start": 691.19, "end": 691.81, "word": " Q1,", "probability": 0.87744140625}, {"start": 692.25, "end": 692.75, "word": " 6", "probability": 0.9912109375}, {"start": 692.75, "end": 693.19, "word": " over", "probability": 0.8701171875}, {"start": 693.19, "end": 693.57, "word": " 9.", "probability": 0.9921875}, {"start": 695.55, "end": 696.51, "word": " All", "probability": 0.7626953125}, {"start": 696.51, "end": 696.69, "word": " right?", "probability": 0.9150390625}, {"start": 697.57, "end": 698.53, "word": " OK.", "probability": 0.371337890625}, {"start": 699.81, "end": 700.47, "word": " Let's", "probability": 0.980712890625}, {"start": 700.47, "end": 700.79, "word": " calculate", "probability": 0.9267578125}, {"start": 700.79, "end": 701.13, "word": " here.", "probability": 0.8515625}, {"start": 701.59, "end": 702.07, "word": " 12", "probability": 0.96337890625}, {"start": 702.07, "end": 702.47, "word": " minus", "probability": 0.98486328125}, {"start": 702.47, "end": 702.95, "word": " 9,", "probability": 0.99072265625}, {"start": 703.91, "end": 705.45, "word": " 3", "probability": 0.9833984375}, {"start": 705.45, "end": 706.05, "word": " over", "probability": 0.90625}, {"start": 706.05, "end": 706.55, "word": " 5", "probability": 0.9658203125}, {"start": 706.55, "end": 706.83, "word": " minus", "probability": 0.9892578125}, {"start": 706.83, "end": 707.25, "word": " 6", "probability": 0.9970703125}, {"start": 707.25, "end": 707.79, "word": " minus", "probability": 0.87353515625}, {"start": 707.79, "end": 708.23, "word": " 1", "probability": 0.99267578125}, {"start": 708.23, "end": 709.09, "word": " times", "probability": 0.70751953125}, {"start": 709.09, "end": 709.63, "word": " 6", "probability": 0.994140625}, {"start": 709.63, "end": 709.95, "word": " over", "probability": 0.90478515625}, {"start": 709.95, "end": 710.31, "word": " 9", "probability": 0.998046875}, {"start": 710.31, "end": 710.95, "word": " equals", "probability": 0.919921875}, {"start": 710.95, "end": 712.37, "word": " 18.", "probability": 0.97265625}], "temperature": 1.0}, {"id": 27, "seek": 73875, "start": 713.19, "end": 738.75, "text": " over minus nine equals minus two. Minus two. Different result. Here we have different result. So, when we calculated the price elasticity of demand from point A to point B, we get this result.", "tokens": [670, 3175, 4949, 6915, 3175, 732, 13, 2829, 301, 732, 13, 20825, 1874, 13, 1692, 321, 362, 819, 1874, 13, 407, 11, 562, 321, 15598, 264, 3218, 46260, 295, 4733, 490, 935, 316, 281, 935, 363, 11, 321, 483, 341, 1874, 13], "avg_logprob": -0.1527071290237959, "compression_ratio": 1.4621212121212122, "no_speech_prob": 0.0, "words": [{"start": 713.19, "end": 713.71, "word": " over", "probability": 0.4453125}, {"start": 713.71, "end": 714.67, "word": " minus", "probability": 0.77490234375}, {"start": 714.67, "end": 715.07, "word": " nine", "probability": 0.50146484375}, {"start": 715.07, "end": 715.57, "word": " equals", "probability": 0.86767578125}, {"start": 715.57, "end": 715.89, "word": " minus", "probability": 0.978515625}, {"start": 715.89, "end": 716.25, "word": " two.", "probability": 0.93017578125}, {"start": 719.39, "end": 720.15, "word": " Minus", "probability": 0.8232421875}, {"start": 720.15, "end": 721.47, "word": " two.", "probability": 0.93603515625}, {"start": 723.19, "end": 723.75, "word": " Different", "probability": 0.68505859375}, {"start": 723.75, "end": 724.45, "word": " result.", "probability": 0.845703125}, {"start": 726.15, "end": 726.37, "word": " Here", "probability": 0.787109375}, {"start": 726.37, "end": 726.51, "word": " we", "probability": 0.83837890625}, {"start": 726.51, "end": 726.81, "word": " have", "probability": 0.94580078125}, {"start": 726.81, "end": 727.17, "word": " different", "probability": 0.86767578125}, {"start": 727.17, "end": 727.59, "word": " result.", "probability": 0.6748046875}, {"start": 729.05, "end": 729.37, "word": " So,", "probability": 0.9384765625}, {"start": 730.77, "end": 731.03, "word": " when", "probability": 0.93310546875}, {"start": 731.03, "end": 731.27, "word": " we", "probability": 0.96240234375}, {"start": 731.27, "end": 732.09, "word": " calculated", "probability": 0.82080078125}, {"start": 732.09, "end": 732.99, "word": " the", "probability": 0.85302734375}, {"start": 732.99, "end": 733.39, "word": " price", "probability": 0.92138671875}, {"start": 733.39, "end": 733.99, "word": " elasticity", "probability": 0.96484375}, {"start": 733.99, "end": 734.27, "word": " of", "probability": 0.92236328125}, {"start": 734.27, "end": 734.71, "word": " demand", "probability": 0.88916015625}, {"start": 734.71, "end": 735.45, "word": " from", "probability": 0.82421875}, {"start": 735.45, "end": 735.79, "word": " point", "probability": 0.96337890625}, {"start": 735.79, "end": 736.21, "word": " A", "probability": 0.90771484375}, {"start": 736.21, "end": 736.41, "word": " to", "probability": 0.97216796875}, {"start": 736.41, "end": 736.73, "word": " point", "probability": 0.9609375}, {"start": 736.73, "end": 737.17, "word": " B,", "probability": 0.99755859375}, {"start": 737.51, "end": 737.75, "word": " we", "probability": 0.9521484375}, {"start": 737.75, "end": 738.09, "word": " get", "probability": 0.92333984375}, {"start": 738.09, "end": 738.35, "word": " this", "probability": 0.9453125}, {"start": 738.35, "end": 738.75, "word": " result.", "probability": 0.9296875}], "temperature": 1.0}, {"id": 28, "seek": 76013, "start": 739.51, "end": 760.13, "text": " The price elasticity of demand equals minus 1.2, or 25. When we calculated from P to A, we get this result here. Is there a problem? Yes. Should be the same.", "tokens": [440, 3218, 46260, 295, 4733, 6915, 3175, 502, 13, 17, 11, 420, 3552, 13, 1133, 321, 15598, 490, 430, 281, 316, 11, 321, 483, 341, 1874, 510, 13, 1119, 456, 257, 1154, 30, 1079, 13, 6454, 312, 264, 912, 13], "avg_logprob": -0.2122713443709583, "compression_ratio": 1.2061068702290076, "no_speech_prob": 0.0, "words": [{"start": 739.51, "end": 739.75, "word": " The", "probability": 0.475341796875}, {"start": 739.75, "end": 740.03, "word": " price", "probability": 0.8955078125}, {"start": 740.03, "end": 740.49, "word": " elasticity", "probability": 0.6416015625}, {"start": 740.49, "end": 740.71, "word": " of", "probability": 0.84228515625}, {"start": 740.71, "end": 741.11, "word": " demand", "probability": 0.91748046875}, {"start": 741.11, "end": 742.39, "word": " equals", "probability": 0.8662109375}, {"start": 742.39, "end": 744.25, "word": " minus", "probability": 0.533203125}, {"start": 744.25, "end": 744.65, "word": " 1", "probability": 0.94189453125}, {"start": 744.65, "end": 745.65, "word": ".2,", "probability": 0.980224609375}, {"start": 746.03, "end": 746.93, "word": " or", "probability": 0.95556640625}, {"start": 746.93, "end": 747.47, "word": " 25.", "probability": 0.96484375}, {"start": 748.25, "end": 748.59, "word": " When", "probability": 0.76025390625}, {"start": 748.59, "end": 748.77, "word": " we", "probability": 0.94287109375}, {"start": 748.77, "end": 749.69, "word": " calculated", "probability": 0.77978515625}, {"start": 749.69, "end": 750.15, "word": " from", "probability": 0.68310546875}, {"start": 750.15, "end": 750.49, "word": " P", "probability": 0.86474609375}, {"start": 750.49, "end": 750.73, "word": " to", "probability": 0.9755859375}, {"start": 750.73, "end": 751.11, "word": " A,", "probability": 0.98486328125}, {"start": 751.39, "end": 751.61, "word": " we", "probability": 0.95751953125}, {"start": 751.61, "end": 751.87, "word": " get", "probability": 0.94287109375}, {"start": 751.87, "end": 752.11, "word": " this", "probability": 0.9423828125}, {"start": 752.11, "end": 752.51, "word": " result", "probability": 0.923828125}, {"start": 752.51, "end": 752.75, "word": " here.", "probability": 0.763671875}, {"start": 755.39, "end": 755.93, "word": " Is", "probability": 0.83056640625}, {"start": 755.93, "end": 756.09, "word": " there", "probability": 0.912109375}, {"start": 756.09, "end": 756.21, "word": " a", "probability": 0.9921875}, {"start": 756.21, "end": 756.47, "word": " problem?", "probability": 0.876953125}, {"start": 756.97, "end": 757.33, "word": " Yes.", "probability": 0.73046875}, {"start": 758.19, "end": 758.29, "word": " Should", "probability": 0.60791015625}, {"start": 758.29, "end": 758.55, "word": " be", "probability": 0.94482421875}, {"start": 758.55, "end": 758.87, "word": " the", "probability": 0.9208984375}, {"start": 758.87, "end": 760.13, "word": " same.", "probability": 0.9130859375}], "temperature": 1.0}, {"id": 29, "seek": 79398, "start": 765.68, "end": 793.98, "text": " Midpoint formula. When we calculate the price elasticity of demand from A to B and B to A to get the same result. How? Plus B2 plus QD2. That's it. It's a midpoint formula.", "tokens": [7033, 6053, 8513, 13, 1133, 321, 8873, 264, 3218, 46260, 295, 4733, 490, 316, 281, 363, 293, 363, 281, 316, 281, 483, 264, 912, 1874, 13, 1012, 30, 7721, 363, 17, 1804, 1249, 35, 17, 13, 663, 311, 309, 13, 467, 311, 257, 2062, 6053, 8513, 13], "avg_logprob": -0.28906250931322575, "compression_ratio": 1.300751879699248, "no_speech_prob": 0.0, "words": [{"start": 765.68, "end": 766.52, "word": " Midpoint", "probability": 0.441802978515625}, {"start": 766.52, "end": 767.1, "word": " formula.", "probability": 0.55029296875}, {"start": 768.98, "end": 769.82, "word": " When", "probability": 0.350830078125}, {"start": 769.82, "end": 773.86, "word": " we", "probability": 0.91162109375}, {"start": 773.86, "end": 774.58, "word": " calculate", "probability": 0.8984375}, {"start": 774.58, "end": 775.68, "word": " the", "probability": 0.7080078125}, {"start": 775.68, "end": 776.0, "word": " price", "probability": 0.88427734375}, {"start": 776.0, "end": 776.42, "word": " elasticity", "probability": 0.6806640625}, {"start": 776.42, "end": 776.68, "word": " of", "probability": 0.7978515625}, {"start": 776.68, "end": 776.94, "word": " demand", "probability": 0.89208984375}, {"start": 776.94, "end": 777.26, "word": " from", "probability": 0.84521484375}, {"start": 777.26, "end": 777.62, "word": " A", "probability": 0.859375}, {"start": 777.62, "end": 777.78, "word": " to", "probability": 0.97607421875}, {"start": 777.78, "end": 778.2, "word": " B", "probability": 0.9931640625}, {"start": 778.2, "end": 778.66, "word": " and", "probability": 0.81298828125}, {"start": 778.66, "end": 778.98, "word": " B", "probability": 0.85400390625}, {"start": 778.98, "end": 779.16, "word": " to", "probability": 0.974609375}, {"start": 779.16, "end": 779.44, "word": " A", "probability": 0.99267578125}, {"start": 779.44, "end": 779.94, "word": " to", "probability": 0.740234375}, {"start": 779.94, "end": 780.1, "word": " get", "probability": 0.93310546875}, {"start": 780.1, "end": 780.28, "word": " the", "probability": 0.8896484375}, {"start": 780.28, "end": 780.5, "word": " same", "probability": 0.9150390625}, {"start": 780.5, "end": 781.06, "word": " result.", "probability": 0.91064453125}, {"start": 782.14, "end": 782.46, "word": " How?", "probability": 0.890625}, {"start": 785.3, "end": 786.14, "word": " Plus", "probability": 0.258056640625}, {"start": 786.14, "end": 786.82, "word": " B2", "probability": 0.860595703125}, {"start": 786.82, "end": 788.5, "word": " plus", "probability": 0.689453125}, {"start": 788.5, "end": 790.54, "word": " QD2.", "probability": 0.7511393229166666}, {"start": 790.94, "end": 791.38, "word": " That's", "probability": 0.8115234375}, {"start": 791.38, "end": 791.6, "word": " it.", "probability": 0.87060546875}, {"start": 792.22, "end": 792.36, "word": " It's", "probability": 0.6689453125}, {"start": 792.36, "end": 792.48, "word": " a", "probability": 0.796875}, {"start": 792.48, "end": 793.46, "word": " midpoint", "probability": 0.921142578125}, {"start": 793.46, "end": 793.98, "word": " formula.", "probability": 0.89892578125}], "temperature": 1.0}, {"id": 30, "seek": 81959, "start": 795.87, "end": 819.59, "text": " So the midpoint formula. So the midpoint formula, or ARC, the assistant of the man. No problem. Okay, nice, perfect. So the midpoint formula.", "tokens": [407, 264, 2062, 6053, 8513, 13, 407, 264, 2062, 6053, 8513, 11, 420, 8943, 34, 11, 264, 10994, 295, 264, 587, 13, 883, 1154, 13, 1033, 11, 1481, 11, 2176, 13, 407, 264, 2062, 6053, 8513, 13], "avg_logprob": -0.3797286160682377, "compression_ratio": 1.5268817204301075, "no_speech_prob": 0.0, "words": [{"start": 795.87, "end": 796.19, "word": " So", "probability": 0.63525390625}, {"start": 796.19, "end": 796.41, "word": " the", "probability": 0.46630859375}, {"start": 796.41, "end": 797.13, "word": " midpoint", "probability": 0.8876953125}, {"start": 797.13, "end": 797.63, "word": " formula.", "probability": 0.890625}, {"start": 800.93, "end": 801.81, "word": " So", "probability": 0.415283203125}, {"start": 801.81, "end": 802.29, "word": " the", "probability": 0.8203125}, {"start": 802.29, "end": 803.27, "word": " midpoint", "probability": 0.964599609375}, {"start": 803.27, "end": 803.87, "word": " formula,", "probability": 0.89013671875}, {"start": 804.71, "end": 804.83, "word": " or", "probability": 0.9267578125}, {"start": 804.83, "end": 806.25, "word": " ARC,", "probability": 0.9267578125}, {"start": 806.69, "end": 806.77, "word": " the", "probability": 0.386962890625}, {"start": 806.77, "end": 807.15, "word": " assistant", "probability": 0.1463623046875}, {"start": 807.15, "end": 807.39, "word": " of", "probability": 0.95263671875}, {"start": 807.39, "end": 807.49, "word": " the", "probability": 0.861328125}, {"start": 807.49, "end": 807.87, "word": " man.", "probability": 0.88134765625}, {"start": 809.71, "end": 809.93, "word": " No", "probability": 0.300537109375}, {"start": 809.93, "end": 815.47, "word": " problem.", "probability": 0.8857421875}, {"start": 815.81, "end": 816.07, "word": " Okay,", "probability": 0.60302734375}, {"start": 816.13, "end": 816.39, "word": " nice,", "probability": 0.5615234375}, {"start": 816.45, "end": 816.73, "word": " perfect.", "probability": 0.89794921875}, {"start": 817.31, "end": 817.97, "word": " So", "probability": 0.904296875}, {"start": 817.97, "end": 818.21, "word": " the", "probability": 0.861328125}, {"start": 818.21, "end": 818.97, "word": " midpoint", "probability": 0.958251953125}, {"start": 818.97, "end": 819.59, "word": " formula.", "probability": 0.89892578125}], "temperature": 1.0}, {"id": 31, "seek": 85108, "start": 825.34, "end": 851.08, "text": " Try from A to B, and B to A, you have to get the same result. Okay? So, the formula PAD equals Q2 minus Q1 over P2 minus P1 times summation of the prices, sum of prices, P1 plus P2 over Q2 plus plus on plus. Then the formula is like this. This is called the midpoint formula.", "tokens": [6526, 490, 316, 281, 363, 11, 293, 363, 281, 316, 11, 291, 362, 281, 483, 264, 912, 1874, 13, 1033, 30, 407, 11, 264, 8513, 430, 6112, 6915, 1249, 17, 3175, 1249, 16, 670, 430, 17, 3175, 430, 16, 1413, 28811, 295, 264, 7901, 11, 2408, 295, 7901, 11, 430, 16, 1804, 430, 17, 670, 1249, 17, 1804, 1804, 322, 1804, 13, 1396, 264, 8513, 307, 411, 341, 13, 639, 307, 1219, 264, 2062, 6053, 8513, 13], "avg_logprob": -0.2650240357869711, "compression_ratio": 1.541899441340782, "no_speech_prob": 0.0, "words": [{"start": 825.3400000000001, "end": 826.0200000000001, "word": " Try", "probability": 0.34228515625}, {"start": 826.0200000000001, "end": 826.7, "word": " from", "probability": 0.83740234375}, {"start": 826.7, "end": 827.08, "word": " A", "probability": 0.82763671875}, {"start": 827.08, "end": 827.26, "word": " to", "probability": 0.9775390625}, {"start": 827.26, "end": 827.68, "word": " B,", "probability": 0.9931640625}, {"start": 828.22, 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Let's try from point A to point B. Let's try from point A to point B, PED from point A to B. Let's try from point A to B. Equals, try this formula here.", "tokens": [286, 478, 516, 281, 13018, 510, 13, 961, 311, 853, 490, 935, 316, 281, 935, 363, 13, 961, 311, 853, 490, 935, 316, 281, 935, 363, 11, 430, 4731, 490, 935, 316, 281, 363, 13, 961, 311, 853, 490, 935, 316, 281, 363, 13, 15624, 1124, 11, 853, 341, 8513, 510, 13], "avg_logprob": -0.23540683849802557, "compression_ratio": 1.8556701030927836, "no_speech_prob": 0.0, "words": [{"start": 882.09, "end": 882.37, "word": " I'm", "probability": 0.445831298828125}, {"start": 882.37, "end": 882.41, "word": " going", "probability": 0.86767578125}, {"start": 882.41, "end": 882.51, "word": " to", "probability": 0.9755859375}, {"start": 882.51, "end": 882.73, "word": " quantum", "probability": 0.1241455078125}, {"start": 882.73, "end": 883.11, "word": " here.", "probability": 0.292724609375}, {"start": 884.61, "end": 885.11, "word": " Let's", "probability": 0.975830078125}, {"start": 885.11, "end": 885.53, "word": " try", "probability": 0.9345703125}, {"start": 885.53, "end": 886.87, "word": " from", "probability": 0.869140625}, {"start": 886.87, "end": 887.31, "word": " point", "probability": 0.96826171875}, {"start": 887.31, "end": 887.65, "word": " A", "probability": 0.90625}, {"start": 887.65, "end": 887.85, "word": " to", "probability": 0.9814453125}, {"start": 887.85, "end": 888.17, "word": " point", "probability": 0.95751953125}, {"start": 888.17, "end": 888.55, "word": " B.", "probability": 0.99609375}, {"start": 889.07, "end": 889.81, "word": " Let's", "probability": 0.95947265625}, {"start": 889.81, "end": 890.15, "word": " try", "probability": 0.935546875}, {"start": 890.15, "end": 890.99, "word": " from", "probability": 0.8662109375}, {"start": 890.99, "end": 891.73, "word": " point", "probability": 0.9736328125}, {"start": 891.73, "end": 892.15, "word": " A", "probability": 0.99560546875}, {"start": 892.15, "end": 892.35, "word": " to", "probability": 0.9775390625}, {"start": 892.35, "end": 892.67, "word": " point", "probability": 0.9580078125}, {"start": 892.67, "end": 893.03, "word": " B,", "probability": 0.99755859375}, {"start": 893.37, "end": 893.89, "word": " PED", "probability": 0.688720703125}, {"start": 893.89, "end": 896.09, "word": " from", "probability": 0.63427734375}, {"start": 896.09, "end": 899.01, "word": " point", "probability": 0.9619140625}, {"start": 899.01, "end": 899.47, "word": " A", "probability": 0.99658203125}, {"start": 899.47, "end": 899.67, "word": " to", "probability": 0.9765625}, {"start": 899.67, "end": 899.95, "word": " B.", "probability": 0.9873046875}, {"start": 900.17, "end": 900.71, "word": " Let's", "probability": 0.9521484375}, {"start": 900.71, "end": 901.45, "word": " try", "probability": 0.9306640625}, {"start": 901.45, "end": 902.23, "word": " from", "probability": 0.8740234375}, {"start": 902.23, "end": 902.57, "word": " point", "probability": 0.97021484375}, {"start": 902.57, "end": 903.09, "word": " A", "probability": 0.99755859375}, {"start": 903.09, "end": 904.51, "word": " to", "probability": 0.97412109375}, {"start": 904.51, "end": 904.79, "word": " B.", "probability": 0.99462890625}, {"start": 907.51, "end": 908.25, "word": " Equals,", "probability": 0.779541015625}, {"start": 908.51, "end": 908.79, "word": " try", "probability": 0.94091796875}, {"start": 908.79, "end": 909.07, "word": " this", "probability": 0.94873046875}, {"start": 909.07, "end": 909.41, "word": " formula", "probability": 0.7392578125}, {"start": 909.41, "end": 909.71, "word": " here.", "probability": 0.55810546875}], "temperature": 1.0}, {"id": 34, "seek": 93718, "start": 910.44, "end": 937.18, "text": " From point A to B. From A to B, this is the price one, Q1. To B here, how much was it? Six, okay. The price goes up, the quantity goes down here. Where is P1? 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So, PED in this case from A to B equals minus 3 over 1 times 11 over 21. 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Half you. I'm gonna try. Fifty seven.", "tokens": [2829, 301, 1045, 1413, 2975, 3175, 11816, 670, 2975, 6915, 3175, 472, 935, 577, 709, 30, 15917, 291, 13, 286, 478, 799, 853, 13, 21501, 874, 3407, 13], "avg_logprob": -0.39385776684201995, "compression_ratio": 1.1237113402061856, "no_speech_prob": 0.0, "words": [{"start": 990.78, "end": 991.46, "word": " Minus", "probability": 0.679443359375}, {"start": 991.46, "end": 992.22, "word": " three", "probability": 0.67822265625}, {"start": 992.22, "end": 992.9, "word": " times", "probability": 0.90283203125}, {"start": 992.9, "end": 993.48, "word": " 11", "probability": 0.53564453125}, {"start": 993.48, "end": 993.82, "word": " minus", "probability": 0.9326171875}, {"start": 993.82, "end": 994.5, "word": " 33", "probability": 0.95703125}, {"start": 994.5, "end": 996.26, "word": " over", "probability": 0.78759765625}, {"start": 996.26, "end": 997.92, "word": " 11", "probability": 0.54052734375}, {"start": 997.92, "end": 998.66, "word": " equals", "probability": 0.79638671875}, {"start": 998.66, "end": 999.24, "word": " minus", "probability": 0.97021484375}, {"start": 999.24, "end": 999.58, "word": " one", "probability": 0.5322265625}, {"start": 999.58, "end": 1000.0, "word": " point", "probability": 0.958984375}, {"start": 1000.0, "end": 1000.24, "word": " how", "probability": 0.6689453125}, {"start": 1000.24, "end": 1000.84, "word": " much?", "probability": 0.92041015625}, {"start": 1003.1, "end": 1004.3, "word": " Half", "probability": 0.172607421875}, {"start": 1004.3, "end": 1004.54, "word": " you.", "probability": 0.37255859375}, {"start": 1007.96, "end": 1008.56, "word": " I'm", "probability": 0.835693359375}, {"start": 1008.56, "end": 1008.66, "word": " gonna", "probability": 0.34228515625}, {"start": 1008.66, "end": 1008.98, "word": " try.", "probability": 0.939453125}, {"start": 1016.2, "end": 1017.4, "word": " Fifty", "probability": 0.75732421875}, {"start": 1017.4, "end": 1017.68, "word": " seven.", "probability": 0.37646484375}], "temperature": 1.0}, {"id": 38, "seek": 104985, "start": 1021.78, "end": 1049.86, "text": " Let's calculate. Let's calculate or try to calculate the price elasticity of demand from point B to A. From B to A. This is the first and this is the second here. From B to A, this is price P1. Should be P1 and this is P2. 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So PED from B to A equals Q2 minus Q1 minus Q2, 12.", "tokens": [407, 718, 311, 853, 281, 8873, 264, 3218, 46260, 295, 4733, 490, 935, 363, 281, 316, 11, 363, 17, 1804, 363, 16, 670, 1249, 17, 1804, 1249, 16, 13, 407, 430, 4731, 490, 363, 281, 316, 6915, 1249, 17, 3175, 1249, 16, 3175, 1249, 17, 11, 2272, 13], "avg_logprob": -0.16246810737921266, "compression_ratio": 1.2682926829268293, "no_speech_prob": 0.0, "words": [{"start": 1052.15, "end": 1052.57, "word": " So", "probability": 0.90966796875}, {"start": 1052.57, "end": 1053.31, "word": " let's", "probability": 0.845458984375}, {"start": 1053.31, "end": 1053.63, "word": " try", "probability": 0.919921875}, {"start": 1053.63, "end": 1053.85, "word": " to", "probability": 0.96728515625}, {"start": 1053.85, "end": 1054.35, "word": " calculate", "probability": 0.93212890625}, {"start": 1054.35, "end": 1054.75, "word": " the", "probability": 0.9189453125}, {"start": 1054.75, "end": 1055.01, "word": " price", "probability": 0.93212890625}, {"start": 1055.01, "end": 1055.45, "word": " elasticity", "probability": 0.771484375}, {"start": 1055.45, "end": 1055.71, "word": " of", "probability": 0.91064453125}, {"start": 1055.71, "end": 1056.15, "word": " demand", "probability": 0.90185546875}, {"start": 1056.15, "end": 1056.81, "word": " from", "probability": 0.869140625}, {"start": 1056.81, "end": 1057.31, "word": " point", "probability": 0.927734375}, {"start": 1057.31, "end": 1058.39, "word": " B", "probability": 0.8486328125}, {"start": 1058.39, "end": 1058.87, "word": " to", "probability": 0.9091796875}, {"start": 1058.87, "end": 1059.49, "word": " A,", "probability": 0.93505859375}, {"start": 1060.51, "end": 1061.41, "word": " B2", "probability": 0.792724609375}, {"start": 1061.41, "end": 1061.81, "word": " plus", "probability": 0.90771484375}, {"start": 1061.81, "end": 1062.29, "word": " B1", "probability": 0.80419921875}, {"start": 1062.29, "end": 1062.59, "word": " over", "probability": 0.87890625}, {"start": 1062.59, "end": 1063.11, "word": " Q2", "probability": 0.927734375}, {"start": 1063.11, "end": 1063.45, "word": " plus", "probability": 0.953125}, {"start": 1063.45, "end": 1063.97, "word": " Q1.", "probability": 0.988037109375}, {"start": 1065.07, "end": 1065.51, "word": " So", "probability": 0.95849609375}, {"start": 1065.51, "end": 1066.53, "word": " PED", "probability": 0.7490234375}, {"start": 1066.53, "end": 1067.37, "word": " from", "probability": 0.87646484375}, {"start": 1067.37, "end": 1067.73, "word": " B", "probability": 0.9833984375}, {"start": 1067.73, "end": 1067.95, "word": " to", "probability": 0.962890625}, {"start": 1067.95, "end": 1068.33, "word": " A", "probability": 0.9990234375}, {"start": 1068.33, "end": 1070.03, "word": " equals", "probability": 0.9228515625}, {"start": 1070.03, "end": 1075.29, "word": " Q2", "probability": 0.97119140625}, {"start": 1075.29, "end": 1076.49, "word": " minus", "probability": 0.98388671875}, {"start": 1076.49, "end": 1077.31, "word": " Q1", "probability": 0.986083984375}, {"start": 1077.31, "end": 1078.81, "word": " minus", "probability": 0.236083984375}, {"start": 1078.81, "end": 1079.45, "word": " Q2,", "probability": 0.96875}, {"start": 1079.85, "end": 1080.63, "word": " 12.", "probability": 0.76025390625}], "temperature": 1.0}, {"id": 40, "seek": 110978, "start": 1081.84, "end": 1109.78, "text": " minus Q1, 9 over P2 minus P1, 5 minus 6 times 5 plus 6, summation of the prices over 12 plus 9. So positive 3 over minus 1 times 11 over 21. The same result, yeah.", "tokens": [3175, 1249, 16, 11, 1722, 670, 430, 17, 3175, 430, 16, 11, 1025, 3175, 1386, 1413, 1025, 1804, 1386, 11, 28811, 295, 264, 7901, 670, 2272, 1804, 1722, 13, 407, 3353, 805, 670, 3175, 502, 1413, 2975, 670, 5080, 13, 440, 912, 1874, 11, 1338, 13], "avg_logprob": -0.23819813893196431, "compression_ratio": 1.3781512605042017, "no_speech_prob": 0.0, "words": [{"start": 1081.84, "end": 1082.44, "word": " minus", "probability": 0.477783203125}, {"start": 1082.44, "end": 1083.2, "word": " Q1,", "probability": 0.678955078125}, {"start": 1083.36, "end": 1083.7, "word": " 9", "probability": 0.59814453125}, {"start": 1083.7, "end": 1084.68, "word": " over", "probability": 0.75244140625}, {"start": 1084.68, "end": 1085.8, "word": " P2", "probability": 0.9482421875}, {"start": 1085.8, "end": 1086.42, "word": " minus", "probability": 0.96923828125}, {"start": 1086.42, "end": 1086.94, "word": " P1,", "probability": 0.888671875}, {"start": 1087.0, "end": 1087.32, "word": " 5", "probability": 0.9267578125}, {"start": 1087.32, "end": 1087.66, "word": " minus", "probability": 0.96728515625}, {"start": 1087.66, "end": 1088.12, "word": " 6", "probability": 0.978515625}, {"start": 1088.12, "end": 1090.12, "word": " times", "probability": 0.5634765625}, {"start": 1090.12, "end": 1090.76, "word": " 5", "probability": 0.935546875}, {"start": 1090.76, "end": 1091.06, "word": " plus", "probability": 0.9638671875}, {"start": 1091.06, "end": 1091.58, "word": " 6,", "probability": 0.99609375}, {"start": 1091.78, "end": 1092.44, "word": " summation", "probability": 0.88525390625}, {"start": 1092.44, "end": 1093.3, "word": " of", "probability": 0.95068359375}, {"start": 1093.3, "end": 1093.6, "word": " the", "probability": 0.89990234375}, {"start": 1093.6, "end": 1094.76, "word": " prices", "probability": 0.59814453125}, {"start": 1094.76, "end": 1095.54, "word": " over", "probability": 0.86328125}, {"start": 1095.54, "end": 1096.54, "word": " 12", "probability": 0.95458984375}, {"start": 1096.54, "end": 1096.9, "word": " plus", "probability": 0.95751953125}, {"start": 1096.9, "end": 1097.42, "word": " 9.", "probability": 0.98681640625}, {"start": 1097.66, "end": 1097.94, "word": " So", "probability": 0.9228515625}, {"start": 1097.94, "end": 1100.0, "word": " positive", "probability": 0.2489013671875}, {"start": 1100.0, "end": 1101.52, "word": " 3", "probability": 0.76904296875}, {"start": 1101.52, "end": 1103.2, "word": " over", "probability": 0.892578125}, {"start": 1103.2, "end": 1103.58, "word": " minus", "probability": 0.97998046875}, {"start": 1103.58, "end": 1103.96, "word": " 1", "probability": 0.94140625}, {"start": 1103.96, "end": 1104.62, "word": " times", "probability": 0.91845703125}, {"start": 1104.62, "end": 1105.7, "word": " 11", "probability": 0.96533203125}, {"start": 1105.7, "end": 1106.52, "word": " over", "probability": 0.9072265625}, {"start": 1106.52, "end": 1107.22, "word": " 21.", "probability": 0.97509765625}, {"start": 1107.88, "end": 1108.92, "word": " The", "probability": 0.29248046875}, {"start": 1108.92, "end": 1109.22, "word": " same", "probability": 0.90869140625}, {"start": 1109.22, "end": 1109.54, "word": " result,", "probability": 0.8916015625}, {"start": 1109.64, "end": 1109.78, "word": " yeah.", "probability": 0.86767578125}], "temperature": 1.0}, {"id": 41, "seek": 112868, "start": 1113.58, "end": 1128.68, "text": " Three times 11, 33 over minus 21 equals minus 1.57. The same result.", "tokens": [6244, 1413, 2975, 11, 11816, 670, 3175, 5080, 6915, 3175, 502, 13, 19004, 13, 440, 912, 1874, 13], "avg_logprob": -0.2553453947368421, "compression_ratio": 0.971830985915493, "no_speech_prob": 0.0, "words": [{"start": 1113.58, "end": 1113.98, "word": " Three", "probability": 0.468505859375}, {"start": 1113.98, "end": 1114.56, "word": " times", "probability": 0.92236328125}, {"start": 1114.56, "end": 1115.14, "word": " 11,", "probability": 0.7265625}, {"start": 1115.44, "end": 1115.94, "word": " 33", "probability": 0.9423828125}, {"start": 1115.94, "end": 1116.72, "word": " over", "probability": 0.80224609375}, {"start": 1116.72, "end": 1117.52, "word": " minus", "probability": 0.95361328125}, {"start": 1117.52, "end": 1118.02, "word": " 21", "probability": 0.97216796875}, {"start": 1118.02, "end": 1118.54, "word": " equals", "probability": 0.876953125}, {"start": 1118.54, "end": 1119.22, "word": " minus", "probability": 0.96435546875}, {"start": 1119.22, "end": 1119.68, "word": " 1", "probability": 0.71240234375}, {"start": 1119.68, "end": 1124.58, "word": ".57.", "probability": 0.8203125}, {"start": 1126.88, "end": 1128.04, "word": " The", "probability": 0.779296875}, {"start": 1128.04, "end": 1128.24, "word": " same", "probability": 0.9091796875}, {"start": 1128.24, "end": 1128.68, "word": " result.", "probability": 0.955078125}], "temperature": 1.0}, {"id": 42, "seek": 117183, "start": 1145.9, "end": 1171.84, "text": " From A to B, it was minus 1.25. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. Minus 2. 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You have to use this formula.", "tokens": [407, 436, 362, 281, 2524, 264, 912, 1874, 562, 436, 8873, 264, 3218, 294, 30291, 295, 4733, 13, 509, 362, 281, 764, 341, 8513, 13], "avg_logprob": -0.3179086515536675, "compression_ratio": 1.2736842105263158, "no_speech_prob": 0.0, "words": [{"start": 1179.36, "end": 1180.08, "word": " So", "probability": 0.0406494140625}, {"start": 1180.08, "end": 1180.8, "word": " they", "probability": 0.794921875}, {"start": 1180.8, "end": 1181.06, "word": " have", "probability": 0.93359375}, {"start": 1181.06, "end": 1181.24, "word": " to", "probability": 0.96923828125}, {"start": 1181.24, "end": 1181.72, "word": " reach", "probability": 0.64453125}, {"start": 1181.72, "end": 1181.92, "word": " the", "probability": 0.92138671875}, {"start": 1181.92, "end": 1182.16, "word": " same", "probability": 0.9072265625}, {"start": 1182.16, "end": 1182.64, "word": " result", "probability": 0.9052734375}, {"start": 1182.64, "end": 1182.82, "word": " when", "probability": 0.6083984375}, {"start": 1182.82, "end": 1183.64, "word": " they", "probability": 0.884765625}, {"start": 1183.64, "end": 1184.32, "word": " calculate", "probability": 0.830078125}, {"start": 1184.32, "end": 1184.98, "word": " the", "probability": 0.90185546875}, {"start": 1184.98, "end": 1185.24, "word": " price", "probability": 0.80126953125}, {"start": 1185.24, "end": 1185.38, "word": " in", "probability": 0.60107421875}, {"start": 1185.38, "end": 1185.68, "word": " assisted", "probability": 0.5712890625}, {"start": 1185.68, "end": 1185.86, "word": " of", "probability": 0.47607421875}, {"start": 1185.86, "end": 1186.22, "word": " demand.", "probability": 0.85595703125}, {"start": 1187.62, "end": 1188.34, "word": " You", "probability": 0.22216796875}, {"start": 1188.34, "end": 1196.06, "word": " have", "probability": 0.94775390625}, {"start": 1196.06, "end": 1196.24, "word": " to", "probability": 0.97314453125}, {"start": 1196.24, "end": 1196.58, "word": " use", "probability": 0.88134765625}, {"start": 1196.58, "end": 1197.06, "word": " this", "probability": 0.95068359375}, {"start": 1197.06, "end": 1197.48, "word": " formula.", "probability": 0.7578125}], "temperature": 1.0}, {"id": 44, "seek": 122259, "start": 1198.34, "end": 1222.6, "text": " The midpoint formula. You're free. You're free to use any of these formulas, but this is the final result, the final step, the final stage. This doesn't mean that the base formula, the original formula is incorrect. 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Yes.", "tokens": [1033, 11, 718, 311, 352, 281, 746, 1646, 13, 1079, 13], "avg_logprob": -0.3919270783662796, "compression_ratio": 0.8297872340425532, "no_speech_prob": 0.0, "words": [{"start": 1228.83, "end": 1230.23, "word": " Okay,", "probability": 0.0787353515625}, {"start": 1231.95, "end": 1232.31, "word": " let's", "probability": 0.923583984375}, {"start": 1232.31, "end": 1232.43, "word": " go", "probability": 0.95263671875}, {"start": 1232.43, "end": 1232.55, "word": " to", "probability": 0.951171875}, {"start": 1232.55, "end": 1245.23, "word": " something", "probability": 0.86474609375}, {"start": 1245.23, "end": 1245.75, "word": " else.", "probability": 0.90869140625}, {"start": 1246.45, "end": 1246.45, "word": " Yes.", "probability": 0.8076171875}], "temperature": 1.0}, {"id": 46, "seek": 128454, "start": 1258.6, "end": 1284.54, "text": " Yes. Yes. You have to. Let's go to analyze", "tokens": [1079, 13, 1079, 13, 509, 362, 281, 13, 961, 311, 352, 281, 12477], "avg_logprob": -0.4489397427865437, "compression_ratio": 0.9555555555555556, "no_speech_prob": 0.0, "words": [{"start": 1258.6000000000001, "end": 1259.92, "word": " Yes.", "probability": 0.59716796875}, {"start": 1261.06, "end": 1261.44, "word": " Yes.", "probability": 0.517578125}, {"start": 1261.9, "end": 1262.04, "word": " You", "probability": 0.86669921875}, {"start": 1262.04, "end": 1262.48, "word": " have", "probability": 0.94970703125}, {"start": 1262.48, "end": 1263.32, "word": " to.", "probability": 0.9697265625}, {"start": 1277.22, "end": 1278.54, "word": " Let's", "probability": 0.54315185546875}, {"start": 1278.54, "end": 1283.58, "word": " go", "probability": 0.93408203125}, {"start": 1283.58, "end": 1284.06, "word": " to", "probability": 0.66162109375}, {"start": 1284.06, "end": 1284.54, "word": " analyze", "probability": 0.7861328125}], "temperature": 1.0}, {"id": 47, "seek": 131142, "start": 1286.4, "end": 1311.42, "text": " the price elasticity of demand along the same demand curve, analyzing the price elasticity of demand along the same demand curve. Let us assume that we have the following curve, price one demanded,", "tokens": [264, 3218, 46260, 295, 4733, 2051, 264, 912, 4733, 7605, 11, 23663, 264, 3218, 46260, 295, 4733, 2051, 264, 912, 4733, 7605, 13, 961, 505, 6552, 300, 321, 362, 264, 3480, 7605, 11, 3218, 472, 28276, 11], "avg_logprob": -0.17670642113999316, "compression_ratio": 1.8333333333333333, "no_speech_prob": 0.0, "words": [{"start": 1286.4, "end": 1286.7, "word": " the", "probability": 0.492431640625}, {"start": 1286.7, "end": 1287.24, "word": " price", "probability": 0.91650390625}, {"start": 1287.24, "end": 1287.68, "word": " elasticity", "probability": 0.8505859375}, {"start": 1287.68, "end": 1287.96, "word": " of", "probability": 0.94189453125}, {"start": 1287.96, "end": 1288.36, "word": " demand", "probability": 0.91943359375}, {"start": 1288.36, "end": 1288.86, "word": " along", "probability": 0.9619140625}, {"start": 1288.86, "end": 1289.3, "word": " the", "probability": 0.74267578125}, {"start": 1289.3, "end": 1289.8, "word": " same", "probability": 0.89697265625}, {"start": 1289.8, "end": 1290.32, "word": " demand", "probability": 0.93359375}, {"start": 1290.32, "end": 1290.64, "word": " curve,", "probability": 0.947265625}, {"start": 1291.66, "end": 1292.22, "word": " analyzing", "probability": 0.9140625}, {"start": 1292.22, "end": 1293.56, "word": " the", "probability": 0.91796875}, {"start": 1293.56, "end": 1293.94, "word": " price", "probability": 0.9130859375}, {"start": 1293.94, "end": 1294.38, "word": " elasticity", "probability": 0.96142578125}, {"start": 1294.38, "end": 1294.72, "word": " of", "probability": 0.95947265625}, {"start": 1294.72, "end": 1295.26, "word": " demand", "probability": 0.90576171875}, {"start": 1295.26, "end": 1297.14, "word": " along", "probability": 0.94873046875}, {"start": 1297.14, "end": 1297.54, "word": " the", "probability": 0.89306640625}, {"start": 1297.54, "end": 1298.0, "word": " same", "probability": 0.90087890625}, {"start": 1298.0, "end": 1298.46, "word": " demand", "probability": 0.927734375}, {"start": 1298.46, "end": 1298.74, "word": " curve.", "probability": 0.95751953125}, {"start": 1299.04, "end": 1299.3, "word": " Let", "probability": 0.94677734375}, {"start": 1299.3, "end": 1299.5, "word": " us", "probability": 0.7763671875}, {"start": 1299.5, "end": 1300.2, "word": " assume", "probability": 0.9130859375}, {"start": 1300.2, "end": 1300.52, "word": " that", "probability": 0.9326171875}, {"start": 1300.52, "end": 1300.72, "word": " we", "probability": 0.958984375}, {"start": 1300.72, "end": 1301.12, "word": " have", "probability": 0.9501953125}, {"start": 1301.12, "end": 1301.74, "word": " the", "probability": 0.919921875}, {"start": 1301.74, "end": 1302.2, "word": " following", "probability": 0.89453125}, {"start": 1302.2, "end": 1304.36, "word": " curve,", "probability": 0.9736328125}, {"start": 1307.46, "end": 1308.16, "word": " price", "probability": 0.82763671875}, {"start": 1308.16, "end": 1311.0, "word": " one", "probability": 0.32666015625}, {"start": 1311.0, "end": 1311.42, "word": " demanded,", "probability": 0.8759765625}], "temperature": 1.0}, {"id": 48, "seek": 133863, "start": 1316.03, "end": 1338.63, "text": "2,4,6,8,10 2,4,6,8,10 كبرهم شوية بس", "tokens": [17, 11, 19, 11, 21, 11, 23, 11, 3279, 568, 11, 19, 11, 21, 11, 23, 11, 3279, 9122, 26890, 16095, 13412, 2407, 10632, 4724, 3794], "avg_logprob": -0.19372106481481483, "compression_ratio": 1.0, "no_speech_prob": 0.0, "words": [{"start": 1316.03, "end": 1316.45, "word": "2", "probability": 0.195068359375}, {"start": 1316.45, "end": 1318.13, "word": ",4", "probability": 0.754638671875}, {"start": 1318.13, "end": 1320.33, "word": ",6", "probability": 0.9755859375}, {"start": 1320.33, "end": 1321.97, "word": ",8", "probability": 0.98974609375}, {"start": 1321.97, "end": 1323.57, "word": ",10", "probability": 0.986328125}, {"start": 1323.57, "end": 1327.35, "word": " 2", "probability": 0.4296875}, {"start": 1327.35, "end": 1328.65, "word": ",4", "probability": 0.933837890625}, {"start": 1328.65, "end": 1331.09, "word": ",6", "probability": 0.986083984375}, {"start": 1331.09, "end": 1333.23, "word": ",8", "probability": 0.994873046875}, {"start": 1333.23, "end": 1334.63, "word": ",10", "probability": 0.989013671875}, {"start": 1334.63, "end": 1337.99, "word": " كبرهم", "probability": 0.6700032552083334}, {"start": 1337.99, "end": 1338.27, "word": " شوية", "probability": 0.9137369791666666}, {"start": 1338.27, "end": 1338.63, "word": " بس", "probability": 0.968505859375}], "temperature": 1.0}, {"id": 49, "seek": 137664, "start": 1348.78, "end": 1376.64, "text": " 2, 4, 6, 8, 10. SubhanAllah, who brought him here?", "tokens": [568, 11, 1017, 11, 1386, 11, 1649, 11, 1266, 13, 8511, 3451, 26022, 11, 567, 3038, 796, 510, 30], "avg_logprob": -0.5312500119209289, "compression_ratio": 0.864406779661017, "no_speech_prob": 0.0, "words": [{"start": 1348.78, "end": 1349.2, "word": " 2,", "probability": 0.2169189453125}, {"start": 1350.02, "end": 1350.86, "word": " 4,", "probability": 0.921875}, {"start": 1351.48, "end": 1352.38, "word": " 6,", "probability": 0.99609375}, {"start": 1352.86, "end": 1354.2, "word": " 8,", "probability": 0.99560546875}, {"start": 1355.18, "end": 1355.66, "word": " 10.", "probability": 0.8994140625}, {"start": 1374.72, "end": 1376.12, "word": " SubhanAllah,", "probability": 0.5356852213541666}, {"start": 1376.3, "end": 1376.3, "word": " who", "probability": 0.36962890625}, {"start": 1376.3, "end": 1376.5, "word": " brought", "probability": 0.46728515625}, {"start": 1376.5, "end": 1376.64, "word": " him", "probability": 0.4951171875}, {"start": 1376.64, "end": 1376.64, "word": " here?", "probability": 0.2205810546875}], "temperature": 1.0}, {"id": 50, "seek": 138652, "start": 1381.32, "end": 1386.52, "text": " Okay, that's it. We have different points here.", "tokens": [1033, 11, 300, 311, 309, 13, 492, 362, 819, 2793, 510, 13], "avg_logprob": -0.1397986732996427, "compression_ratio": 0.8888888888888888, "no_speech_prob": 0.0, "words": [{"start": 1381.32, "end": 1381.68, "word": " Okay,", "probability": 0.78076171875}, {"start": 1381.82, "end": 1382.06, "word": " that's", "probability": 0.969970703125}, {"start": 1382.06, "end": 1382.22, "word": " it.", "probability": 0.958984375}, {"start": 1384.96, "end": 1385.44, "word": " We", "probability": 0.8740234375}, {"start": 1385.44, "end": 1385.56, "word": " have", "probability": 0.919921875}, {"start": 1385.56, "end": 1385.86, "word": " different", "probability": 0.87841796875}, {"start": 1385.86, "end": 1386.26, "word": " points", "probability": 0.82177734375}, {"start": 1386.26, "end": 1386.52, "word": " here.", "probability": 0.779296875}], "temperature": 1.0}, {"id": 51, "seek": 146897, "start": 1445.11, "end": 1468.97, "text": " Now, we are going to calculate the price elasticity of demand at this point, point B, and C, D, E, and F. Okay? At point B here, let's use the general formula.", "tokens": [823, 11, 321, 366, 516, 281, 8873, 264, 3218, 46260, 295, 4733, 412, 341, 935, 11, 935, 363, 11, 293, 383, 11, 413, 11, 462, 11, 293, 479, 13, 1033, 30, 1711, 935, 363, 510, 11, 718, 311, 764, 264, 2674, 8513, 13], "avg_logprob": -0.13849431140856308, "compression_ratio": 1.28, "no_speech_prob": 0.0, "words": [{"start": 1445.1100000000001, "end": 1445.8700000000001, "word": " Now,", "probability": 0.8984375}, {"start": 1445.8700000000001, "end": 1446.63, "word": " we", "probability": 0.9462890625}, {"start": 1446.63, "end": 1446.85, "word": " are", "probability": 0.90966796875}, {"start": 1446.85, "end": 1447.13, "word": " going", "probability": 0.783203125}, {"start": 1447.13, "end": 1447.65, "word": " to", "probability": 0.96875}, {"start": 1447.65, "end": 1448.89, "word": " calculate", "probability": 0.8955078125}, {"start": 1448.89, "end": 1449.93, "word": " the", "probability": 0.90185546875}, {"start": 1449.93, "end": 1450.99, "word": " price", "probability": 0.859375}, {"start": 1450.99, "end": 1451.49, "word": " elasticity", "probability": 0.931640625}, {"start": 1451.49, "end": 1451.73, "word": " of", "probability": 0.95654296875}, {"start": 1451.73, "end": 1452.15, "word": " demand", "probability": 0.90478515625}, {"start": 1452.15, "end": 1453.41, "word": " at", "probability": 0.91796875}, {"start": 1453.41, "end": 1453.69, "word": " this", "probability": 0.93798828125}, {"start": 1453.69, "end": 1454.03, "word": " point,", "probability": 0.9716796875}, {"start": 1454.13, "end": 1454.39, "word": " point", "probability": 0.85009765625}, {"start": 1454.39, "end": 1454.71, "word": " B,", "probability": 0.939453125}, {"start": 1455.03, "end": 1455.39, "word": " and", "probability": 0.923828125}, {"start": 1455.39, "end": 1455.77, "word": " C,", "probability": 0.91845703125}, {"start": 1456.11, "end": 1456.37, "word": " D,", "probability": 0.9853515625}, {"start": 1456.75, "end": 1456.93, "word": " E,", "probability": 0.990234375}, {"start": 1457.19, "end": 1457.33, "word": " and", "probability": 0.93896484375}, {"start": 1457.33, "end": 1457.75, "word": " F.", "probability": 0.99853515625}, {"start": 1459.45, "end": 1459.67, "word": " Okay?", "probability": 0.6318359375}, {"start": 1462.81, "end": 1463.39, "word": " At", "probability": 0.953125}, {"start": 1463.39, "end": 1463.67, "word": " point", "probability": 0.95263671875}, {"start": 1463.67, "end": 1463.97, "word": " B", "probability": 0.99609375}, {"start": 1463.97, "end": 1464.31, "word": " here,", "probability": 0.81640625}, {"start": 1465.43, "end": 1466.91, "word": " let's", "probability": 0.974365234375}, {"start": 1466.91, "end": 1467.39, "word": " use", "probability": 0.87939453125}, {"start": 1467.39, "end": 1468.19, "word": " the", "probability": 0.9130859375}, {"start": 1468.19, "end": 1468.55, "word": " general", "probability": 0.89697265625}, {"start": 1468.55, "end": 1468.97, "word": " formula.", "probability": 0.88720703125}], "temperature": 1.0}, {"id": 52, "seek": 149854, "start": 1472.9, "end": 1498.54, "text": " We are going to calculate the price elasticity of demand along the demand curve, which is more elastic at point B or C or D or E or F. Now, let's try to calculate the price elasticity of demand between point B to C or C to B.", "tokens": [492, 366, 516, 281, 8873, 264, 3218, 46260, 295, 4733, 2051, 264, 4733, 7605, 11, 597, 307, 544, 17115, 412, 935, 363, 420, 383, 420, 413, 420, 462, 420, 479, 13, 823, 11, 718, 311, 853, 281, 8873, 264, 3218, 46260, 295, 4733, 1296, 935, 363, 281, 383, 420, 383, 281, 363, 13], "avg_logprob": -0.10568576540659975, "compression_ratio": 1.661764705882353, "no_speech_prob": 0.0, "words": [{"start": 1472.9, "end": 1473.12, "word": " We", "probability": 0.39306640625}, {"start": 1473.12, "end": 1473.26, "word": " are", "probability": 0.865234375}, {"start": 1473.26, "end": 1473.56, "word": " going", "probability": 0.94873046875}, {"start": 1473.56, "end": 1473.98, "word": " to", "probability": 0.97265625}, {"start": 1473.98, "end": 1474.82, "word": " calculate", "probability": 0.9189453125}, {"start": 1474.82, "end": 1475.6, "word": " the", "probability": 0.89892578125}, {"start": 1475.6, "end": 1475.94, "word": " price", "probability": 0.89013671875}, {"start": 1475.94, "end": 1476.42, "word": " elasticity", "probability": 0.8251953125}, {"start": 1476.42, "end": 1476.7, "word": " of", "probability": 0.9453125}, {"start": 1476.7, "end": 1477.14, "word": " demand", "probability": 0.91015625}, {"start": 1477.14, "end": 1478.64, "word": " along", "probability": 0.9091796875}, {"start": 1478.64, "end": 1479.76, "word": " the", "probability": 0.9140625}, {"start": 1479.76, "end": 1480.14, "word": " demand", "probability": 0.89990234375}, {"start": 1480.14, "end": 1480.5, "word": " curve,", "probability": 0.94482421875}, {"start": 1480.72, "end": 1481.0, "word": " which", "probability": 0.94873046875}, {"start": 1481.0, "end": 1481.44, "word": " is", "probability": 0.94921875}, {"start": 1481.44, "end": 1481.78, "word": " more", "probability": 0.947265625}, {"start": 1481.78, "end": 1482.28, "word": " elastic", "probability": 0.96826171875}, {"start": 1482.28, "end": 1483.32, "word": " at", "probability": 0.8310546875}, {"start": 1483.32, "end": 1483.62, "word": " point", "probability": 0.94091796875}, {"start": 1483.62, "end": 1484.1, "word": " B", "probability": 0.96044921875}, {"start": 1484.1, "end": 1484.62, "word": " or", "probability": 0.78857421875}, {"start": 1484.62, "end": 1485.06, "word": " C", "probability": 0.99365234375}, {"start": 1485.06, "end": 1485.4, "word": " or", "probability": 0.89013671875}, {"start": 1485.4, "end": 1485.7, "word": " D", "probability": 0.9970703125}, {"start": 1485.7, "end": 1486.06, "word": " or", "probability": 0.95068359375}, {"start": 1486.06, "end": 1486.32, "word": " E", "probability": 0.99609375}, {"start": 1486.32, "end": 1486.6, "word": " or", "probability": 0.96484375}, {"start": 1486.6, "end": 1487.0, "word": " F.", "probability": 0.9990234375}, {"start": 1488.06, "end": 1488.6, "word": " Now,", "probability": 0.94482421875}, {"start": 1489.08, "end": 1489.64, "word": " let's", "probability": 0.97119140625}, {"start": 1489.64, "end": 1490.68, "word": " try", "probability": 0.94287109375}, {"start": 1490.68, "end": 1491.06, "word": " to", "probability": 0.97216796875}, {"start": 1491.06, "end": 1491.7, "word": " calculate", "probability": 0.91943359375}, {"start": 1491.7, "end": 1492.88, "word": " the", "probability": 0.91943359375}, {"start": 1492.88, "end": 1493.32, "word": " price", "probability": 0.92919921875}, {"start": 1493.32, "end": 1493.72, "word": " elasticity", "probability": 0.9501953125}, {"start": 1493.72, "end": 1494.0, "word": " of", "probability": 0.93603515625}, {"start": 1494.0, "end": 1494.38, "word": " demand", "probability": 0.89453125}, {"start": 1494.38, "end": 1495.66, "word": " between", "probability": 0.8681640625}, {"start": 1495.66, "end": 1496.1, "word": " point", "probability": 0.9345703125}, {"start": 1496.1, "end": 1496.58, "word": " B", "probability": 0.9814453125}, {"start": 1496.58, "end": 1496.86, "word": " to", "probability": 0.9697265625}, {"start": 1496.86, "end": 1497.16, "word": " C", "probability": 0.9970703125}, {"start": 1497.16, "end": 1497.92, "word": " or", "probability": 0.69140625}, {"start": 1497.92, "end": 1498.14, "word": " C", "probability": 0.99609375}, {"start": 1498.14, "end": 1498.32, "word": " to", "probability": 0.97265625}, {"start": 1498.32, "end": 1498.54, "word": " B.", "probability": 0.9755859375}], "temperature": 1.0}, {"id": 53, "seek": 152940, "start": 1500.84, "end": 1529.4, "text": " using the midpoint formula. Or the general, you are free here. The midpoint formula from B to C or at point B here, this is from B to C or C to B using the midpoint, we will reach to the same result. At point B or from B to C, this is P1, P2, Q1, Q2. Let's calculate the price inefficiency of demand.", "tokens": [1228, 264, 2062, 6053, 8513, 13, 1610, 264, 2674, 11, 291, 366, 1737, 510, 13, 440, 2062, 6053, 8513, 490, 363, 281, 383, 420, 412, 935, 363, 510, 11, 341, 307, 490, 363, 281, 383, 420, 383, 281, 363, 1228, 264, 2062, 6053, 11, 321, 486, 2524, 281, 264, 912, 1874, 13, 1711, 935, 363, 420, 490, 363, 281, 383, 11, 341, 307, 430, 16, 11, 430, 17, 11, 1249, 16, 11, 1249, 17, 13, 961, 311, 8873, 264, 3218, 7167, 49086, 295, 4733, 13], "avg_logprob": -0.1729651133334914, "compression_ratio": 1.6910112359550562, "no_speech_prob": 0.0, "words": [{"start": 1500.84, "end": 1501.38, "word": " using", "probability": 0.78076171875}, {"start": 1501.38, "end": 1501.94, "word": " the", "probability": 0.9296875}, {"start": 1501.94, "end": 1502.46, "word": " midpoint", "probability": 0.914306640625}, {"start": 1502.46, "end": 1502.98, "word": " formula.", "probability": 0.9150390625}, {"start": 1503.68, "end": 1504.12, "word": " Or", 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So PED equals B to C or C to B at point B. So Q2", "tokens": [412, 935, 363, 510, 13, 407, 430, 4731, 6915, 363, 281, 383, 420, 383, 281, 363, 412, 935, 363, 13, 407, 1249, 17], "avg_logprob": -0.3339843774835269, "compression_ratio": 1.11864406779661, "no_speech_prob": 0.0, "words": [{"start": 1529.9, "end": 1530.16, "word": " at", "probability": 0.5888671875}, {"start": 1530.16, "end": 1530.4, "word": " point", "probability": 0.935546875}, {"start": 1530.4, "end": 1530.58, "word": " B", "probability": 0.39111328125}, {"start": 1530.58, "end": 1530.8, "word": " here.", "probability": 0.65478515625}, {"start": 1531.02, "end": 1531.24, "word": " So", "probability": 0.94091796875}, {"start": 1531.24, "end": 1532.16, "word": " PED", "probability": 0.4532470703125}, {"start": 1532.16, "end": 1534.2, "word": " equals", "probability": 0.90576171875}, {"start": 1534.2, "end": 1534.94, "word": " B", "probability": 0.421875}, {"start": 1534.94, "end": 1535.36, "word": " to", "probability": 0.970703125}, {"start": 1535.36, "end": 1535.76, "word": " C", "probability": 0.986328125}, {"start": 1535.76, "end": 1537.48, "word": " or", "probability": 0.69677734375}, {"start": 1537.48, "end": 1537.68, "word": " C", "probability": 0.98828125}, {"start": 1537.68, "end": 1537.86, "word": " to", "probability": 0.97705078125}, {"start": 1537.86, "end": 1538.18, "word": " B", "probability": 0.96923828125}, {"start": 1538.18, "end": 1541.76, "word": " at", "probability": 0.2509765625}, {"start": 1541.76, "end": 1542.66, "word": " point", "probability": 0.955078125}, {"start": 1542.66, "end": 1543.04, "word": " B.", "probability": 0.98974609375}, {"start": 1543.42, "end": 1543.86, "word": " So", "probability": 0.94189453125}, {"start": 1543.86, "end": 1545.02, "word": " Q2", "probability": 0.87060546875}], "temperature": 1.0}, {"id": 55, "seek": 156687, "start": 1545.97, "end": 1566.87, "text": " minus Eq1 over P2 minus P1 times P2 plus P1 over Eq2 plus Eq1. So here, we have Eq2 minus Eq1 for minus two over P2 minus P1, six minus eight times Hada Zahed Hada Ala Hada Zahed Hada.", "tokens": [3175, 462, 80, 16, 670, 430, 17, 3175, 430, 16, 1413, 430, 17, 1804, 430, 16, 670, 462, 80, 17, 1804, 462, 80, 16, 13, 407, 510, 11, 321, 362, 462, 80, 17, 3175, 462, 80, 16, 337, 3175, 732, 670, 430, 17, 3175, 430, 16, 11, 2309, 3175, 3180, 1413, 389, 1538, 1176, 545, 292, 389, 1538, 46289, 389, 1538, 1176, 545, 292, 389, 1538, 13], "avg_logprob": -0.25505513610208735, "compression_ratio": 1.6371681415929205, "no_speech_prob": 0.0, "words": [{"start": 1545.97, "end": 1546.37, "word": " minus", "probability": 0.92529296875}, {"start": 1546.37, "end": 1546.89, "word": " Eq1", "probability": 0.4889322916666667}, {"start": 1546.89, "end": 1547.17, "word": " over", "probability": 0.90625}, {"start": 1547.17, "end": 1547.75, "word": " P2", "probability": 0.866455078125}, {"start": 1547.75, "end": 1548.07, "word": " minus", "probability": 0.98291015625}, {"start": 1548.07, "end": 1548.67, "word": " P1", "probability": 0.993408203125}, {"start": 1548.67, "end": 1549.29, "word": " times", "probability": 0.87158203125}, {"start": 1549.29, "end": 1550.19, "word": " P2", "probability": 0.971923828125}, {"start": 1550.19, "end": 1550.55, "word": " plus", "probability": 0.96337890625}, {"start": 1550.55, "end": 1551.11, "word": " P1", "probability": 0.99853515625}, {"start": 1551.11, "end": 1551.45, "word": " over", "probability": 0.896484375}, {"start": 1551.45, "end": 1552.13, "word": " Eq2", "probability": 0.8707682291666666}, {"start": 1552.13, "end": 1552.49, "word": " plus", "probability": 0.958984375}, {"start": 1552.49, "end": 1552.99, "word": " Eq1.", "probability": 0.98828125}, {"start": 1553.15, "end": 1553.47, "word": " So", "probability": 0.951171875}, {"start": 1553.47, "end": 1554.41, "word": " here,", "probability": 0.7724609375}, {"start": 1554.61, "end": 1554.73, "word": " we", "probability": 0.966796875}, {"start": 1554.73, "end": 1555.27, "word": " have", "probability": 0.9462890625}, {"start": 1555.27, "end": 1556.79, "word": " Eq2", "probability": 0.9767252604166666}, {"start": 1556.79, "end": 1557.19, "word": " minus", "probability": 0.986328125}, {"start": 1557.19, "end": 1557.79, "word": " Eq1", "probability": 0.9775390625}, {"start": 1557.79, "end": 1558.15, "word": " for", "probability": 0.4501953125}, {"start": 1558.15, "end": 1559.05, "word": " minus", "probability": 0.98486328125}, {"start": 1559.05, "end": 1559.49, "word": " two", "probability": 0.517578125}, {"start": 1559.49, "end": 1560.19, "word": " over", "probability": 0.921875}, {"start": 1560.19, "end": 1561.27, "word": " P2", "probability": 0.9931640625}, {"start": 1561.27, "end": 1561.67, "word": " minus", "probability": 0.9873046875}, {"start": 1561.67, "end": 1562.19, "word": " P1,", "probability": 0.996337890625}, {"start": 1562.49, "end": 1562.73, "word": " six", "probability": 0.84912109375}, {"start": 1562.73, "end": 1563.01, "word": " minus", "probability": 0.98388671875}, {"start": 1563.01, "end": 1563.45, "word": " eight", "probability": 0.90576171875}, {"start": 1563.45, "end": 1564.03, "word": " times", "probability": 0.81884765625}, {"start": 1564.03, "end": 1565.41, "word": " Hada", "probability": 0.2943115234375}, {"start": 1565.41, "end": 1565.71, "word": " Zahed", "probability": 0.3841552734375}, {"start": 1565.71, "end": 1565.95, "word": " Hada", "probability": 0.772705078125}, {"start": 1565.95, "end": 1566.15, "word": " Ala", "probability": 0.201416015625}, {"start": 1566.15, "end": 1566.35, "word": " Hada", "probability": 0.921142578125}, {"start": 1566.35, "end": 1566.61, "word": " Zahed", "probability": 0.9871419270833334}, {"start": 1566.61, "end": 1566.87, "word": " Hada.", "probability": 0.912109375}], "temperature": 1.0}, {"id": 56, "seek": 159489, "start": 1568.19, "end": 1594.89, "text": " Six plus eight over four plus two. So four minus two, two over minus two times 14 over six. How much is it here? How much is it? Had a minus one, had a 14, two point, how much? 14 over six.", "tokens": [11678, 1804, 3180, 670, 1451, 1804, 732, 13, 407, 1451, 3175, 732, 11, 732, 670, 3175, 732, 1413, 3499, 670, 2309, 13, 1012, 709, 307, 309, 510, 30, 1012, 709, 307, 309, 30, 12298, 257, 3175, 472, 11, 632, 257, 3499, 11, 732, 935, 11, 577, 709, 30, 3499, 670, 2309, 13], "avg_logprob": -0.2482311433216311, "compression_ratio": 1.6101694915254237, "no_speech_prob": 0.0, "words": [{"start": 1568.1899999999998, "end": 1568.8899999999999, "word": " Six", "probability": 0.357177734375}, {"start": 1568.8899999999999, "end": 1569.59, "word": " plus", "probability": 0.9443359375}, {"start": 1569.59, "end": 1570.17, "word": " eight", "probability": 0.90625}, {"start": 1570.17, "end": 1570.49, "word": " over", "probability": 0.9033203125}, {"start": 1570.49, "end": 1570.95, "word": " four", "probability": 0.9453125}, {"start": 1570.95, "end": 1571.33, "word": " plus", "probability": 0.9306640625}, {"start": 1571.33, "end": 1571.65, "word": " two.", "probability": 0.943359375}, {"start": 1572.31, "end": 1572.55, "word": " So", "probability": 0.900390625}, {"start": 1572.55, "end": 1573.59, "word": " four", "probability": 0.305908203125}, {"start": 1573.59, "end": 1573.93, "word": " minus", "probability": 0.9765625}, {"start": 1573.93, "end": 1574.41, "word": " two,", "probability": 0.94140625}, {"start": 1574.97, "end": 1575.33, "word": " two", "probability": 0.931640625}, {"start": 1575.33, "end": 1575.75, "word": " over", "probability": 0.92138671875}, {"start": 1575.75, "end": 1576.13, "word": " minus", "probability": 0.9873046875}, {"start": 1576.13, "end": 1576.51, "word": " two", "probability": 0.9453125}, {"start": 1576.51, "end": 1577.37, "word": " times", "probability": 0.72998046875}, {"start": 1577.37, "end": 1579.77, "word": " 14", "probability": 0.87890625}, {"start": 1579.77, "end": 1580.19, "word": " over", "probability": 0.86474609375}, {"start": 1580.19, "end": 1580.61, "word": " six.", "probability": 0.947265625}, {"start": 1580.83, "end": 1580.97, "word": " How", "probability": 0.96875}, {"start": 1580.97, "end": 1581.17, "word": " much", "probability": 0.92041015625}, {"start": 1581.17, "end": 1581.35, "word": " is", "probability": 0.94775390625}, {"start": 1581.35, "end": 1581.57, "word": " it", "probability": 0.9150390625}, {"start": 1581.57, "end": 1581.83, "word": " here?", "probability": 0.79345703125}, {"start": 1583.19, "end": 1583.89, "word": " How", "probability": 0.96240234375}, {"start": 1583.89, "end": 1584.09, "word": " much", "probability": 0.91796875}, {"start": 1584.09, "end": 1584.25, "word": " is", "probability": 0.94970703125}, {"start": 1584.25, "end": 1584.45, "word": " it?", "probability": 0.94921875}, {"start": 1586.01, "end": 1586.19, "word": " Had", "probability": 0.430908203125}, {"start": 1586.19, "end": 1586.29, "word": " a", "probability": 0.6572265625}, {"start": 1586.29, "end": 1586.59, "word": " minus", "probability": 0.9853515625}, {"start": 1586.59, "end": 1586.89, "word": " one,", "probability": 0.5986328125}, {"start": 1587.07, "end": 1587.25, "word": " had", "probability": 0.2391357421875}, {"start": 1587.25, "end": 1587.55, "word": " a", "probability": 0.71240234375}, {"start": 1587.55, "end": 1588.21, "word": " 14,", "probability": 0.9208984375}, {"start": 1590.83, "end": 1591.13, "word": " two", "probability": 0.60546875}, {"start": 1591.13, "end": 1591.89, "word": " point,", "probability": 0.89599609375}, {"start": 1592.83, "end": 1593.15, "word": " how", "probability": 0.93896484375}, {"start": 1593.15, "end": 1593.57, "word": " much?", "probability": 0.92578125}, {"start": 1593.85, "end": 1594.33, "word": " 14", "probability": 0.58349609375}, {"start": 1594.33, "end": 1594.55, "word": " over", "probability": 0.8984375}, {"start": 1594.55, "end": 1594.89, "word": " six.", "probability": 0.92724609375}], "temperature": 1.0}, {"id": 57, "seek": 162444, "start": 1599.74, "end": 1624.44, "text": " Point three. Okay. Three, three, three. Okay. So the demand at point B here or from point B to C equals minus 2.33 or 33. Now, let's go from C to D at point C.", "tokens": [12387, 1045, 13, 1033, 13, 6244, 11, 1045, 11, 1045, 13, 1033, 13, 407, 264, 4733, 412, 935, 363, 510, 420, 490, 935, 363, 281, 383, 6915, 3175, 568, 13, 10191, 420, 11816, 13, 823, 11, 718, 311, 352, 490, 383, 281, 413, 412, 935, 383, 13], "avg_logprob": -0.21126302300641933, "compression_ratio": 1.3675213675213675, "no_speech_prob": 0.0, "words": [{"start": 1599.74, "end": 1600.34, "word": " Point", "probability": 0.137939453125}, {"start": 1600.34, "end": 1600.7, "word": " three.", "probability": 0.81787109375}, {"start": 1602.76, "end": 1603.26, "word": " Okay.", "probability": 0.6669921875}, {"start": 1603.5, "end": 1603.7, "word": " Three,", "probability": 0.74609375}, {"start": 1603.84, "end": 1604.06, "word": " three,", "probability": 0.94482421875}, {"start": 1604.2, "end": 1604.36, "word": " three.", "probability": 0.93896484375}, {"start": 1604.56, "end": 1604.68, "word": " Okay.", "probability": 0.7734375}, {"start": 1606.0, "end": 1606.6, "word": " So", "probability": 0.95361328125}, {"start": 1606.6, "end": 1607.18, "word": " the", "probability": 0.63818359375}, {"start": 1607.18, "end": 1607.7, "word": " demand", "probability": 0.90966796875}, {"start": 1607.7, "end": 1608.04, "word": " at", "probability": 0.9677734375}, {"start": 1608.04, "end": 1608.44, "word": " point", "probability": 0.95458984375}, {"start": 1608.44, "end": 1608.74, "word": " B", "probability": 0.93310546875}, {"start": 1608.74, "end": 1609.14, "word": " here", "probability": 0.85498046875}, {"start": 1609.14, "end": 1611.58, "word": " or", "probability": 0.5908203125}, {"start": 1611.58, "end": 1611.88, "word": " from", "probability": 0.86083984375}, {"start": 1611.88, "end": 1612.22, "word": " point", "probability": 0.93359375}, {"start": 1612.22, "end": 1612.5, "word": " B", "probability": 0.9931640625}, {"start": 1612.5, "end": 1612.7, "word": " to", "probability": 0.97314453125}, {"start": 1612.7, "end": 1612.96, "word": " C", "probability": 0.97607421875}, {"start": 1612.96, "end": 1614.24, "word": " equals", "probability": 0.83251953125}, {"start": 1614.24, "end": 1614.88, "word": " minus", "probability": 0.9482421875}, {"start": 1614.88, "end": 1615.16, "word": " 2", "probability": 0.7763671875}, {"start": 1615.16, "end": 1616.14, "word": ".33", "probability": 0.990478515625}, {"start": 1616.14, "end": 1617.14, "word": " or", "probability": 0.56884765625}, {"start": 1617.14, "end": 1617.42, "word": " 33.", "probability": 0.8564453125}, {"start": 1618.26, "end": 1618.62, "word": " Now,", "probability": 0.9609375}, {"start": 1618.72, "end": 1618.98, "word": " let's", "probability": 0.95361328125}, {"start": 1618.98, "end": 1619.16, "word": " go", "probability": 0.9619140625}, {"start": 1619.16, "end": 1619.42, "word": " from", "probability": 0.83642578125}, {"start": 1619.42, "end": 1619.88, "word": " C", "probability": 0.63671875}, {"start": 1619.88, "end": 1620.18, "word": " to", "probability": 0.97021484375}, {"start": 1620.18, "end": 1620.44, "word": " D", "probability": 0.94140625}, {"start": 1620.44, "end": 1623.92, "word": " at", "probability": 0.46142578125}, {"start": 1623.92, "end": 1624.12, "word": " point", "probability": 0.939453125}, {"start": 1624.12, "end": 1624.44, "word": " C.", "probability": 0.99609375}], "temperature": 1.0}, {"id": 58, "seek": 165385, "start": 1626.71, "end": 1653.85, "text": " Or from C to D, this would be point price P1, Q1, and P2, Q2. PAD equals Q2 minus Q1, six minus four,", "tokens": [1610, 490, 383, 281, 413, 11, 341, 576, 312, 935, 3218, 430, 16, 11, 1249, 16, 11, 293, 430, 17, 11, 1249, 17, 13, 430, 6112, 6915, 1249, 17, 3175, 1249, 16, 11, 2309, 3175, 1451, 11], "avg_logprob": -0.2339638087310289, "compression_ratio": 1.096774193548387, "no_speech_prob": 0.0, "words": [{"start": 1626.71, "end": 1627.01, "word": " Or", "probability": 0.47412109375}, {"start": 1627.01, "end": 1627.35, "word": " from", "probability": 0.84423828125}, {"start": 1627.35, "end": 1627.65, "word": " C", "probability": 0.2183837890625}, {"start": 1627.65, "end": 1627.85, "word": " to", "probability": 0.97265625}, {"start": 1627.85, "end": 1628.17, "word": " D,", "probability": 0.9453125}, {"start": 1632.15, "end": 1633.41, "word": " this", "probability": 0.95166015625}, {"start": 1633.41, "end": 1633.57, "word": " would", "probability": 0.39794921875}, {"start": 1633.57, "end": 1633.83, "word": " be", "probability": 0.9384765625}, {"start": 1633.83, "end": 1634.31, "word": " point", "probability": 0.5712890625}, {"start": 1634.31, "end": 1634.99, "word": " price", "probability": 0.77880859375}, {"start": 1634.99, "end": 1635.55, "word": " P1,", "probability": 0.816650390625}, {"start": 1636.81, "end": 1638.65, "word": " Q1,", "probability": 0.9013671875}, {"start": 1639.87, "end": 1640.55, "word": " and", "probability": 0.70849609375}, {"start": 1640.55, "end": 1641.97, "word": " P2,", "probability": 0.979736328125}, {"start": 1642.99, "end": 1643.45, "word": " Q2.", "probability": 0.972900390625}, {"start": 1646.35, "end": 1646.87, "word": " PAD", "probability": 0.6309814453125}, {"start": 1646.87, "end": 1651.03, "word": " equals", "probability": 0.92626953125}, {"start": 1651.03, "end": 1651.69, "word": " Q2", "probability": 0.994384765625}, {"start": 1651.69, "end": 1651.97, "word": " minus", "probability": 0.9736328125}, {"start": 1651.97, "end": 1652.47, "word": " Q1,", "probability": 0.997802734375}, {"start": 1652.93, "end": 1653.17, "word": " six", "probability": 0.68017578125}, {"start": 1653.17, "end": 1653.47, "word": " minus", "probability": 0.982421875}, {"start": 1653.47, "end": 1653.85, "word": " four,", "probability": 0.94970703125}], "temperature": 1.0}, {"id": 59, "seek": 167875, "start": 1656.31, "end": 1678.75, "text": " over P2 minus P14 minus 6 times how much summation 10 over 10. 2 over minus 2 times 10 over 10 equals minus 1.", "tokens": [670, 430, 17, 3175, 430, 7271, 3175, 1386, 1413, 577, 709, 28811, 1266, 670, 1266, 13, 568, 670, 3175, 568, 1413, 1266, 670, 1266, 6915, 3175, 502, 13], "avg_logprob": -0.2928340640561334, "compression_ratio": 1.3373493975903614, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 1656.31, "end": 1656.73, "word": " over", "probability": 0.61181640625}, {"start": 1656.73, "end": 1657.39, "word": " P2", "probability": 0.83935546875}, {"start": 1657.39, "end": 1657.75, "word": " minus", "probability": 0.931640625}, {"start": 1657.75, "end": 1658.27, "word": " P14", "probability": 0.72802734375}, {"start": 1658.27, "end": 1659.29, "word": " minus", "probability": 0.94384765625}, {"start": 1659.29, "end": 1659.61, "word": " 6", "probability": 0.5146484375}, {"start": 1659.61, "end": 1660.11, "word": " times", "probability": 0.90380859375}, {"start": 1660.11, "end": 1661.99, "word": " how", "probability": 0.5126953125}, {"start": 1661.99, "end": 1662.49, "word": " much", "probability": 0.92236328125}, {"start": 1662.49, "end": 1663.41, "word": " summation", "probability": 0.61474609375}, {"start": 1663.41, "end": 1664.31, "word": " 10", "probability": 0.30712890625}, {"start": 1664.31, "end": 1665.39, "word": " over", "probability": 0.8759765625}, {"start": 1665.39, "end": 1665.79, "word": " 10.", "probability": 0.9599609375}, {"start": 1670.45, "end": 1670.45, "word": " 2", "probability": 0.1351318359375}, {"start": 1670.45, "end": 1674.09, "word": " over", "probability": 0.869140625}, {"start": 1674.09, "end": 1674.51, "word": " minus", "probability": 0.9638671875}, {"start": 1674.51, "end": 1674.89, "word": " 2", "probability": 0.970703125}, {"start": 1674.89, "end": 1676.53, "word": " times", "probability": 0.8701171875}, {"start": 1676.53, "end": 1676.93, "word": " 10", "probability": 0.9638671875}, {"start": 1676.93, "end": 1677.21, "word": " over", "probability": 0.90234375}, {"start": 1677.21, "end": 1677.61, "word": " 10", "probability": 0.962890625}, {"start": 1677.61, "end": 1678.09, "word": " equals", "probability": 0.9189453125}, {"start": 1678.09, "end": 1678.37, "word": " minus", "probability": 0.97900390625}, {"start": 1678.37, "end": 1678.75, "word": " 1.", "probability": 0.8916015625}], "temperature": 1.0}, {"id": 60, "seek": 171312, "start": 1685.64, "end": 1713.12, "text": " Minus 2.3, 33. From C to E, how much is it? From C to E. Sorry, from D to E. From D to E. From D to E, P1, P2,", "tokens": [2829, 301, 568, 13, 18, 11, 11816, 13, 3358, 383, 281, 462, 11, 577, 709, 307, 309, 30, 3358, 383, 281, 462, 13, 4919, 11, 490, 413, 281, 462, 13, 3358, 413, 281, 462, 13, 3358, 413, 281, 462, 11, 430, 16, 11, 430, 17, 11], "avg_logprob": -0.2656250114136554, "compression_ratio": 1.4050632911392404, "no_speech_prob": 0.0, "words": [{"start": 1685.64, "end": 1686.28, "word": " Minus", "probability": 0.5472412109375}, {"start": 1686.28, "end": 1687.4, "word": " 2", "probability": 0.92626953125}, {"start": 1687.4, "end": 1688.12, "word": ".3,", "probability": 0.869140625}, {"start": 1688.3, "end": 1688.76, "word": " 33.", "probability": 0.62744140625}, {"start": 1690.1, "end": 1690.64, "word": " From", "probability": 0.54052734375}, {"start": 1690.64, "end": 1693.32, "word": " C", "probability": 0.8720703125}, {"start": 1693.32, "end": 1693.62, "word": " to", "probability": 0.9814453125}, {"start": 1693.62, "end": 1693.86, "word": " E,", "probability": 0.994140625}, {"start": 1694.12, "end": 1695.06, "word": " how", "probability": 0.5107421875}, {"start": 1695.06, "end": 1695.36, "word": " much", "probability": 0.92822265625}, {"start": 1695.36, "end": 1695.52, "word": " is", "probability": 0.9228515625}, {"start": 1695.52, "end": 1695.7, "word": " it?", "probability": 0.74658203125}, {"start": 1696.38, "end": 1696.8, "word": " From", "probability": 0.7578125}, {"start": 1696.8, "end": 1697.22, "word": " C", "probability": 0.67626953125}, {"start": 1697.22, "end": 1697.86, "word": " to", "probability": 0.9755859375}, {"start": 1697.86, "end": 1698.1, "word": " E.", "probability": 0.99853515625}, {"start": 1699.66, "end": 1700.22, "word": " Sorry,", "probability": 0.1805419921875}, {"start": 1702.32, "end": 1702.92, "word": " from", "probability": 0.8603515625}, {"start": 1702.92, "end": 1703.24, "word": " D", "probability": 0.98486328125}, {"start": 1703.24, "end": 1703.46, "word": " to", "probability": 0.97900390625}, {"start": 1703.46, "end": 1703.68, "word": " E.", "probability": 0.9990234375}, {"start": 1705.02, "end": 1705.2, "word": " From", "probability": 0.4814453125}, {"start": 1705.2, "end": 1705.44, "word": " D", "probability": 0.990234375}, {"start": 1705.44, "end": 1705.62, "word": " to", "probability": 0.97705078125}, {"start": 1705.62, "end": 1705.96, "word": " E.", "probability": 0.99951171875}, {"start": 1707.98, "end": 1708.86, "word": " From", "probability": 0.342529296875}, {"start": 1708.86, "end": 1709.42, "word": " D", "probability": 0.99072265625}, {"start": 1709.42, "end": 1709.7, "word": " to", "probability": 0.9765625}, {"start": 1709.7, "end": 1710.06, "word": " E,", "probability": 0.99951171875}, {"start": 1710.76, "end": 1711.76, "word": " P1,", "probability": 0.6947021484375}, {"start": 1712.42, "end": 1713.12, "word": " P2,", "probability": 0.98779296875}], "temperature": 1.0}, {"id": 61, "seek": 174179, "start": 1715.97, "end": 1741.79, "text": " Q1 versus Q2 here. Let's calculate PED from D to E, Q2, eight minus six over two minus four times", "tokens": [1249, 16, 5717, 1249, 17, 510, 13, 961, 311, 8873, 430, 4731, 490, 413, 281, 462, 11, 1249, 17, 11, 3180, 3175, 2309, 670, 732, 3175, 1451, 1413], "avg_logprob": -0.23855064655172414, "compression_ratio": 1.065217391304348, "no_speech_prob": 0.0, "words": [{"start": 1715.9700000000003, "end": 1717.0900000000001, "word": " Q1", "probability": 0.84423828125}, {"start": 1717.0900000000001, "end": 1718.21, "word": " versus", "probability": 0.207763671875}, {"start": 1718.21, "end": 1719.01, "word": " Q2", "probability": 0.953125}, {"start": 1719.01, "end": 1719.37, "word": " here.", "probability": 0.8369140625}, {"start": 1721.43, "end": 1722.55, "word": " Let's", "probability": 0.976806640625}, {"start": 1722.55, "end": 1723.03, "word": " calculate", "probability": 0.92626953125}, {"start": 1723.03, "end": 1727.57, "word": " PED", "probability": 0.4129638671875}, {"start": 1727.57, "end": 1729.87, "word": " from", "probability": 0.8525390625}, {"start": 1729.87, "end": 1730.25, "word": " D", "probability": 0.955078125}, {"start": 1730.25, "end": 1730.49, "word": " to", "probability": 0.98046875}, {"start": 1730.49, "end": 1730.85, "word": " E,", "probability": 0.99658203125}, {"start": 1736.11, "end": 1736.73, "word": " Q2,", "probability": 0.973876953125}, {"start": 1736.95, "end": 1737.29, "word": " eight", "probability": 0.61669921875}, {"start": 1737.29, "end": 1737.71, "word": " minus", "probability": 0.98193359375}, {"start": 1737.71, "end": 1738.15, "word": " six", "probability": 0.92626953125}, {"start": 1738.15, "end": 1738.71, "word": " over", "probability": 0.85009765625}, {"start": 1738.71, "end": 1739.83, "word": " two", "probability": 0.900390625}, {"start": 1739.83, "end": 1740.15, "word": " minus", "probability": 0.9833984375}, {"start": 1740.15, "end": 1740.63, "word": " four", "probability": 0.94775390625}, {"start": 1740.63, "end": 1741.79, "word": " times", "probability": 0.9208984375}], "temperature": 1.0}, {"id": 62, "seek": 176754, "start": 1742.9, "end": 1767.54, "text": " The sum of these six over fourteen. These are minus two over two, positive two over minus two times six over fourteen. How much? Minus zero point, how much? Forty-two. Forty-two. That's it.", "tokens": [440, 2408, 295, 613, 2309, 670, 32253, 13, 1981, 366, 3175, 732, 670, 732, 11, 3353, 732, 670, 3175, 732, 1413, 2309, 670, 32253, 13, 1012, 709, 30, 2829, 301, 4018, 935, 11, 577, 709, 30, 11002, 88, 12, 20534, 13, 11002, 88, 12, 20534, 13, 663, 311, 309, 13], "avg_logprob": -0.3746936134263581, "compression_ratio": 1.5702479338842976, "no_speech_prob": 0.0, "words": [{"start": 1742.9, "end": 1743.14, "word": " The", "probability": 0.08587646484375}, {"start": 1743.14, "end": 1743.28, "word": " sum", "probability": 0.475341796875}, {"start": 1743.28, "end": 1743.58, "word": " of", "probability": 0.861328125}, {"start": 1743.58, "end": 1743.58, "word": " these", "probability": 0.572265625}, {"start": 1743.58, "end": 1744.0, "word": " six", "probability": 0.25341796875}, {"start": 1744.0, "end": 1744.32, "word": " over", "probability": 0.58056640625}, {"start": 1744.32, "end": 1745.66, "word": " fourteen.", "probability": 0.66943359375}, {"start": 1746.86, "end": 1747.28, "word": " These", "probability": 0.486572265625}, {"start": 1747.28, "end": 1747.5, "word": " are", "probability": 0.3037109375}, {"start": 1747.5, "end": 1748.24, "word": " minus", "probability": 0.64501953125}, {"start": 1748.24, "end": 1748.68, "word": " two", "probability": 0.92724609375}, {"start": 1748.68, "end": 1748.98, "word": " over", "probability": 0.662109375}, {"start": 1748.98, "end": 1749.46, "word": " two,", "probability": 0.8955078125}, {"start": 1749.64, "end": 1750.1, "word": " positive", "probability": 0.463623046875}, {"start": 1750.1, "end": 1750.6, "word": " two", "probability": 0.9453125}, {"start": 1750.6, "end": 1752.6, "word": " over", "probability": 0.53173828125}, {"start": 1752.6, "end": 1752.98, "word": " minus", "probability": 0.9697265625}, {"start": 1752.98, "end": 1753.42, "word": " two", "probability": 0.931640625}, {"start": 1753.42, "end": 1754.36, "word": " times", "probability": 0.8095703125}, {"start": 1754.36, "end": 1754.92, "word": " six", "probability": 0.93212890625}, {"start": 1754.92, "end": 1755.2, "word": " over", "probability": 0.91845703125}, {"start": 1755.2, "end": 1755.84, "word": " fourteen.", "probability": 0.96484375}, {"start": 1757.18, "end": 1757.56, "word": " How", "probability": 0.9375}, {"start": 1757.56, "end": 1757.94, "word": " much?", "probability": 0.91650390625}, {"start": 1759.96, "end": 1760.8, "word": " Minus", "probability": 0.948486328125}, {"start": 1760.8, "end": 1761.0, "word": " zero", "probability": 0.8193359375}, {"start": 1761.0, "end": 1761.24, "word": " point,", "probability": 0.96728515625}, {"start": 1761.32, "end": 1761.42, "word": " how", "probability": 0.91259765625}, {"start": 1761.42, "end": 1761.76, "word": " much?", "probability": 0.9208984375}, {"start": 1762.18, "end": 1762.9, "word": " Forty", "probability": 0.8544921875}, {"start": 1762.9, "end": 1763.38, "word": "-two.", "probability": 0.75927734375}, {"start": 1763.48, "end": 1763.92, "word": " Forty", "probability": 0.7415771484375}, {"start": 1763.92, "end": 1764.18, "word": "-two.", "probability": 0.954833984375}, {"start": 1766.62, "end": 1767.46, "word": " That's", "probability": 0.50640869140625}, {"start": 1767.46, "end": 1767.54, "word": " it.", "probability": 0.61181640625}], "temperature": 1.0}, {"id": 63, "seek": 179869, "start": 1769.71, "end": 1798.69, "text": " Minus 0.42. This is minus 1. This is minus 2.33. Go up here and you will find minus 4 point and so on. Go up here and you will find infinity. Come here and you will find zero. What do you notice? 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Okay? 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And the slope? The tan of the angle, the angle of the shadow. What does it do? What do you do with the paper you bake? Do you bake bread or bread? Just so I know what you cook and what you eat. 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Delta price or delta Q? Delta price or delta Q? Price elasticity of demand and the slope of demand curve.", "tokens": [6187, 1114, 293, 46260, 13, 18183, 3218, 420, 8289, 1249, 30, 18183, 3218, 420, 8289, 1249, 30, 25803, 46260, 295, 4733, 293, 264, 13525, 295, 4733, 7605, 13], "avg_logprob": -0.2192887910481157, "compression_ratio": 1.5609756097560976, "no_speech_prob": 0.0, "words": [{"start": 1897.41, "end": 1898.05, "word": " Slope", "probability": 0.80322265625}, {"start": 1898.05, "end": 1898.45, "word": " and", "probability": 0.9287109375}, {"start": 1898.45, "end": 1899.11, "word": " elasticity.", "probability": 0.88330078125}, {"start": 1903.33, "end": 1904.05, "word": " Delta", "probability": 0.79541015625}, {"start": 1904.05, "end": 1904.49, "word": " price", "probability": 0.52099609375}, {"start": 1904.49, "end": 1904.63, "word": " or", "probability": 0.466796875}, {"start": 1904.63, "end": 1904.83, "word": " delta", "probability": 0.82568359375}, {"start": 1904.83, "end": 1905.15, "word": " Q?", "probability": 0.7197265625}, {"start": 1909.29, "end": 1910.01, "word": " Delta", "probability": 0.46044921875}, {"start": 1910.01, "end": 1913.67, "word": " price", "probability": 0.8740234375}, {"start": 1913.67, "end": 1913.81, "word": " or", "probability": 0.888671875}, {"start": 1913.81, "end": 1913.99, "word": " delta", "probability": 0.90869140625}, {"start": 1913.99, "end": 1914.27, "word": " Q?", "probability": 0.99267578125}, {"start": 1916.19, "end": 1916.91, "word": " Price", "probability": 0.7890625}, {"start": 1916.91, "end": 1917.39, "word": " elasticity", "probability": 0.8779296875}, {"start": 1917.39, "end": 1917.59, "word": " of", "probability": 0.8447265625}, {"start": 1917.59, "end": 1917.95, "word": " demand", "probability": 0.9248046875}, {"start": 1917.95, "end": 1921.01, "word": " and", "probability": 0.7548828125}, {"start": 1921.01, "end": 1921.21, "word": " the", "probability": 0.74755859375}, {"start": 1921.21, "end": 1921.71, "word": " slope", "probability": 0.93603515625}, {"start": 1921.71, "end": 1922.05, "word": " of", "probability": 0.96875}, {"start": 1922.05, "end": 1922.37, "word": " demand", "probability": 0.873046875}, {"start": 1922.37, "end": 1922.65, "word": " curve.", "probability": 0.93701171875}], "temperature": 1.0}, {"id": 68, "seek": 195134, "start": 1934.397, "end": 1951.34, "text": " Price, Qd. We have the following graphs here.", "tokens": [25803, 11, 1249, 67, 13, 492, 362, 264, 3480, 24877, 510, 13], "avg_logprob": -0.35727164378532994, "compression_ratio": 0.8518518518518519, "no_speech_prob": 0.0, "words": [{"start": 1934.3965937500002, "end": 1934.92, "word": " Price,", "probability": 0.475341796875}, {"start": 1935.94, "end": 1936.8, "word": " Qd.", "probability": 0.723388671875}, {"start": 1949.16, "end": 1950.2, "word": " We", "probability": 0.470458984375}, {"start": 1950.2, "end": 1950.34, "word": " have", "probability": 0.94580078125}, {"start": 1950.34, "end": 1950.46, "word": " the", "probability": 0.9267578125}, {"start": 1950.46, "end": 1950.7, "word": " following", "probability": 0.88134765625}, {"start": 1950.7, "end": 1951.08, "word": " graphs", "probability": 0.7763671875}, {"start": 1951.08, "end": 1951.34, "word": " here.", "probability": 0.5283203125}], "temperature": 1.0}, {"id": 69, "seek": 199300, "start": 1982.42, "end": 1993.0, "text": " This is a unitary elastic, correct? Let's say this is 10 over... Let's say this is 10, like this.", "tokens": [639, 307, 257, 517, 4109, 17115, 11, 3006, 30, 961, 311, 584, 341, 307, 1266, 670, 485, 961, 311, 584, 341, 307, 1266, 11, 411, 341, 13], "avg_logprob": -0.5644531271287373, "compression_ratio": 1.2727272727272727, "no_speech_prob": 0.0, "words": [{"start": 1982.42, "end": 1982.9, "word": " This", "probability": 0.231201171875}, {"start": 1982.9, "end": 1983.38, "word": " is", "probability": 0.85205078125}, {"start": 1983.38, "end": 1983.46, "word": " a", "probability": 0.343994140625}, {"start": 1983.46, "end": 1983.78, "word": " unitary", "probability": 0.733154296875}, {"start": 1983.78, "end": 1984.2, "word": " elastic,", "probability": 0.951171875}, {"start": 1984.26, "end": 1984.5, "word": " correct?", "probability": 0.486083984375}, {"start": 1987.88, "end": 1988.36, "word": " Let's", "probability": 0.559814453125}, {"start": 1988.36, "end": 1988.44, "word": " say", "probability": 0.41455078125}, {"start": 1988.44, "end": 1988.6, "word": " this", "probability": 0.6669921875}, {"start": 1988.6, "end": 1988.6, "word": " is", "probability": 0.9033203125}, {"start": 1988.6, "end": 1988.94, "word": " 10", "probability": 0.6494140625}, {"start": 1988.94, "end": 1991.48, "word": " over...", "probability": 0.24365234375}, {"start": 1991.48, "end": 1991.9, "word": " Let's", "probability": 0.59393310546875}, {"start": 1991.9, "end": 1992.14, "word": " say", "probability": 0.73974609375}, {"start": 1992.14, "end": 1992.34, "word": " this", "probability": 0.85595703125}, {"start": 1992.34, "end": 1992.34, "word": " is", "probability": 0.9189453125}, {"start": 1992.34, "end": 1992.68, "word": " 10,", "probability": 0.95703125}, {"start": 1992.8, "end": 1992.94, "word": " like", "probability": 0.43896484375}, {"start": 1992.94, "end": 1993.0, "word": " this.", "probability": 0.7548828125}], "temperature": 1.0}, {"id": 70, "seek": 201555, "start": 1994.29, "end": 2015.55, "text": " a total for 10. I think that you have an idea about these graphs here.", "tokens": [257, 3217, 337, 1266, 13, 286, 519, 300, 291, 362, 364, 1558, 466, 613, 24877, 510, 13], "avg_logprob": -0.3385416799121433, "compression_ratio": 1.0, "no_speech_prob": 0.0, "words": [{"start": 1994.29, "end": 1995.11, "word": " a", "probability": 0.09600830078125}, {"start": 1995.11, "end": 1995.59, "word": " total", "probability": 0.5751953125}, {"start": 1995.59, "end": 1999.39, "word": " for", "probability": 0.8837890625}, {"start": 1999.39, "end": 2000.77, "word": " 10.", "probability": 0.6865234375}, {"start": 2007.75, "end": 2008.71, "word": " I", "probability": 0.85546875}, {"start": 2008.71, "end": 2012.97, "word": " think", "probability": 0.931640625}, {"start": 2012.97, "end": 2013.15, "word": " that", "probability": 0.93505859375}, {"start": 2013.15, "end": 2013.37, "word": " you", "probability": 0.96337890625}, {"start": 2013.37, "end": 2013.59, "word": " have", "probability": 0.53271484375}, {"start": 2013.59, "end": 2013.79, "word": " an", "probability": 0.385986328125}, {"start": 2013.79, "end": 2013.95, "word": " idea", "probability": 0.8583984375}, {"start": 2013.95, "end": 2014.27, "word": " about", "probability": 0.900390625}, {"start": 2014.27, "end": 2014.67, "word": " these", "probability": 0.85009765625}, {"start": 2014.67, "end": 2015.23, "word": " graphs", "probability": 0.96142578125}, {"start": 2015.23, "end": 2015.55, "word": " here.", "probability": 0.8681640625}], "temperature": 1.0}, {"id": 71, "seek": 203658, "start": 2016.46, "end": 2036.58, "text": " different shapes for the demand curves. If you remember that, we said that when the demand here is 45 percent saturated, it will be unitary elastic. Elastic demand because", "tokens": [819, 10854, 337, 264, 4733, 19490, 13, 759, 291, 1604, 300, 11, 321, 848, 300, 562, 264, 4733, 510, 307, 6905, 3043, 25408, 11, 309, 486, 312, 517, 4109, 17115, 13, 2699, 2750, 4733, 570], "avg_logprob": -0.3739149413175053, "compression_ratio": 1.376, "no_speech_prob": 0.0, "words": [{"start": 2016.46, "end": 2016.88, "word": " different", "probability": 0.254150390625}, {"start": 2016.88, "end": 2017.38, "word": " shapes", "probability": 0.904296875}, {"start": 2017.38, "end": 2017.74, "word": " for", "probability": 0.55029296875}, {"start": 2017.74, "end": 2018.08, "word": " the", "probability": 0.8125}, {"start": 2018.08, "end": 2018.38, "word": " demand", "probability": 0.90380859375}, {"start": 2018.38, "end": 2018.82, "word": " curves.", "probability": 0.91552734375}, {"start": 2019.5, "end": 2019.76, "word": " If", "probability": 0.9775390625}, {"start": 2019.76, "end": 2019.88, "word": " you", "probability": 0.96484375}, {"start": 2019.88, 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Here, Qd. Here is perfectly inelastic. Perfectly elastic. All right? What about the slope? 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Demand. Negative slope. Right? We took that this is a negative slope. That's why the sign of the price in excess of demand is always negative here. This reflects the negative slope. Negative relationship between prices and demand.", "tokens": [1119, 341, 257, 3671, 13525, 420, 257, 3353, 13525, 30, 4686, 474, 13, 43230, 13525, 13, 1779, 30, 492, 1890, 300, 341, 307, 257, 3671, 13525, 13, 663, 311, 983, 264, 1465, 295, 264, 3218, 294, 9310, 295, 4733, 307, 1009, 3671, 510, 13, 639, 18926, 264, 3671, 13525, 13, 43230, 2480, 1296, 7901, 293, 4733, 13], "avg_logprob": -0.40059266727546167, "compression_ratio": 1.7421383647798743, "no_speech_prob": 0.0, "words": [{"start": 2093.78, "end": 2094.46, "word": " Is", "probability": 0.0430908203125}, {"start": 2094.46, "end": 2095.14, "word": " this", "probability": 0.58642578125}, {"start": 2095.14, "end": 2095.22, "word": " a", "probability": 0.755859375}, {"start": 2095.22, "end": 2095.44, "word": " negative", "probability": 0.8447265625}, {"start": 2095.44, "end": 2095.8, "word": " slope", "probability": 0.85595703125}, {"start": 2095.8, "end": 2095.94, "word": " or", "probability": 0.88427734375}, {"start": 2095.94, "end": 2096.02, "word": " a", "probability": 0.74365234375}, {"start": 2096.02, "end": 2096.28, "word": " positive", "probability": 0.91259765625}, {"start": 2096.28, "end": 2096.7, "word": " slope?", "probability": 0.91162109375}, {"start": 2097.98, "end": 2098.66, "word": " Demand.", "probability": 0.73828125}, {"start": 2099.46, "end": 2100.14, "word": " Negative", "probability": 0.94287109375}, {"start": 2100.14, "end": 2100.68, "word": " slope.", "probability": 0.869140625}, {"start": 2101.48, "end": 2101.5, "word": " Right?", "probability": 0.35986328125}, {"start": 2102.4, "end": 2102.88, "word": " We", "probability": 0.7041015625}, {"start": 2102.88, "end": 2103.12, "word": " took", "probability": 0.29345703125}, {"start": 2103.12, "end": 2103.44, "word": " that", "probability": 0.50634765625}, {"start": 2103.44, "end": 2103.6, "word": " this", "probability": 0.623046875}, {"start": 2103.6, "end": 2103.6, "word": " is", "probability": 0.76904296875}, {"start": 2103.6, "end": 2103.74, "word": " a", "probability": 0.9033203125}, {"start": 2103.74, "end": 2103.98, "word": " negative", "probability": 0.93701171875}, {"start": 2103.98, "end": 2104.36, "word": " slope.", "probability": 0.9052734375}, {"start": 2104.66, "end": 2104.82, "word": " That's", "probability": 0.533447265625}, {"start": 2104.82, "end": 2104.84, "word": " why", "probability": 0.92333984375}, {"start": 2104.84, "end": 2105.22, "word": " the", "probability": 0.83837890625}, {"start": 2105.22, "end": 2105.62, "word": " sign", "probability": 0.79345703125}, {"start": 2105.62, "end": 2106.84, "word": " of", "probability": 0.92626953125}, {"start": 2106.84, "end": 2107.18, "word": " the", "probability": 0.69287109375}, {"start": 2107.18, "end": 2107.68, "word": " price", "probability": 0.89453125}, {"start": 2107.68, "end": 2107.82, "word": " in", "probability": 0.1385498046875}, {"start": 2107.82, "end": 2108.04, "word": " excess", "probability": 0.25341796875}, {"start": 2108.04, "end": 2108.24, "word": " of", "probability": 0.91943359375}, {"start": 2108.24, "end": 2108.58, "word": " demand", "probability": 0.79541015625}, {"start": 2108.58, "end": 2108.88, "word": " is", "probability": 0.92431640625}, {"start": 2108.88, "end": 2109.48, "word": " always", "probability": 0.90185546875}, {"start": 2109.48, "end": 2110.26, "word": " negative", "probability": 0.9560546875}, {"start": 2110.26, "end": 2110.76, "word": " here.", "probability": 0.76904296875}, {"start": 2112.22, "end": 2112.56, "word": " This", "probability": 0.27734375}, {"start": 2112.56, "end": 2113.36, "word": " reflects", "probability": 0.78271484375}, {"start": 2113.36, "end": 2113.56, "word": " the", "probability": 0.446533203125}, {"start": 2113.56, "end": 2113.84, "word": " negative", "probability": 0.9501953125}, {"start": 2113.84, "end": 2114.28, "word": " slope.", "probability": 0.93359375}, {"start": 2114.6, "end": 2114.86, "word": " Negative", "probability": 0.83154296875}, {"start": 2114.86, "end": 2115.36, "word": " relationship", "probability": 0.90478515625}, {"start": 2115.36, "end": 2115.62, "word": " between", "probability": 0.859375}, {"start": 2115.62, "end": 2116.04, "word": " prices", "probability": 0.409912109375}, {"start": 2116.04, "end": 2116.24, "word": " and", "probability": 0.87890625}, {"start": 2116.24, "end": 2116.56, "word": " demand.", "probability": 0.572265625}], "temperature": 1.0}, {"id": 75, "seek": 214204, "start": 2118.16, "end": 2142.04, "text": " The slope in a price over the change in quantity, not the percent. Had a Delta P over Delta Q.", "tokens": [440, 13525, 294, 257, 3218, 670, 264, 1319, 294, 11275, 11, 406, 264, 3043, 13, 12298, 257, 18183, 430, 670, 18183, 1249, 13], "avg_logprob": -0.5009765376647314, "compression_ratio": 1.1176470588235294, "no_speech_prob": 0.0, "words": [{"start": 2118.16, "end": 2118.96, "word": " The", "probability": 0.58203125}, {"start": 2118.96, "end": 2119.4, "word": " slope", "probability": 0.86767578125}, {"start": 2119.4, "end": 2119.62, "word": " in", "probability": 0.090576171875}, {"start": 2119.62, "end": 2119.7, "word": " a", "probability": 0.462158203125}, {"start": 2119.7, "end": 2120.08, "word": " price", "probability": 0.48193359375}, {"start": 2120.08, "end": 2132.44, "word": " over", "probability": 0.85546875}, {"start": 2132.44, "end": 2132.7, "word": " the", "probability": 0.85302734375}, {"start": 2132.7, "end": 2133.32, "word": " change", "probability": 0.8671875}, {"start": 2133.32, "end": 2133.94, "word": " in", "probability": 0.92626953125}, {"start": 2133.94, "end": 2135.06, "word": " quantity,", "probability": 0.5869140625}, {"start": 2135.44, "end": 2135.66, "word": " not", "probability": 0.8466796875}, {"start": 2135.66, "end": 2135.82, "word": " the", "probability": 0.436767578125}, {"start": 2135.82, "end": 2136.22, "word": " percent.", "probability": 0.8837890625}, {"start": 2138.1, "end": 2138.68, "word": " Had", "probability": 0.2210693359375}, {"start": 2138.68, "end": 2138.84, "word": " a", "probability": 0.63720703125}, {"start": 2138.84, "end": 2139.12, "word": " Delta", "probability": 0.59814453125}, {"start": 2139.12, "end": 2139.48, "word": " P", "probability": 0.8642578125}, {"start": 2139.48, "end": 2141.3, "word": " over", "probability": 0.89990234375}, {"start": 2141.3, "end": 2141.7, "word": " Delta", "probability": 0.90869140625}, {"start": 2141.7, "end": 2142.04, "word": " Q.", "probability": 0.9921875}], "temperature": 1.0}, {"id": 76, "seek": 217567, "start": 2148.7, "end": 2175.68, "text": " The slope P2 minus P1 over Q2 minus Q1. In short, this distance over here, but on the negative side. How much is this over here? Ten over ten. One minus one. 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Of course, this is going to tell you how to calculate it. Let's say this is 8 and this is 2 and this is 6 minus 4 is 4.", "tokens": [3175, 1266, 670, 1266, 3175, 502, 13, 2720, 1164, 11, 341, 307, 516, 281, 980, 291, 577, 281, 8873, 309, 13, 961, 311, 584, 341, 307, 1649, 293, 341, 307, 568, 293, 341, 307, 1386, 3175, 1017, 307, 1017, 13], "avg_logprob": -0.506859756097561, "compression_ratio": 1.3904761904761904, "no_speech_prob": 0.0, "words": [{"start": 2176.5, "end": 2176.96, "word": " minus", "probability": 0.257080078125}, {"start": 2176.96, "end": 2177.4, "word": " 10", "probability": 0.72509765625}, {"start": 2177.4, "end": 2178.08, "word": " over", "probability": 0.28271484375}, {"start": 2178.08, "end": 2178.86, "word": " 10", "probability": 0.95556640625}, {"start": 2178.86, "end": 2179.78, "word": " minus", "probability": 0.912109375}, {"start": 2179.78, "end": 2180.18, "word": " 1.", "probability": 0.85986328125}, {"start": 2180.36, "end": 2180.6, "word": " Of", "probability": 0.357177734375}, {"start": 2180.6, "end": 2180.62, "word": " course,", "probability": 0.9501953125}, {"start": 2180.68, "end": 2180.86, "word": " this", "probability": 0.45068359375}, {"start": 2180.86, "end": 2180.9, "word": " is", "probability": 0.329345703125}, {"start": 2180.9, "end": 2181.22, "word": " going", "probability": 0.2318115234375}, {"start": 2181.22, "end": 2181.34, "word": " to", "probability": 0.96435546875}, {"start": 2181.34, "end": 2181.48, "word": " tell", "probability": 0.3017578125}, {"start": 2181.48, "end": 2181.58, "word": " you", "probability": 0.890625}, {"start": 2181.58, "end": 2181.76, "word": " how", "probability": 0.48876953125}, {"start": 2181.76, "end": 2181.76, "word": " to", "probability": 0.72705078125}, {"start": 2181.76, "end": 2182.0, "word": " calculate", "probability": 0.701171875}, {"start": 2182.0, "end": 2182.16, "word": " it.", "probability": 0.576171875}, {"start": 2182.18, "end": 2182.34, "word": " Let's", "probability": 0.57232666015625}, {"start": 2182.34, "end": 2182.72, "word": " say", "probability": 0.419189453125}, {"start": 2182.72, "end": 2183.04, "word": " this", "probability": 0.6943359375}, {"start": 2183.04, "end": 2183.12, "word": " is", "probability": 0.86376953125}, {"start": 2183.12, "end": 2185.0, "word": " 8", "probability": 0.5732421875}, {"start": 2185.0, "end": 2187.98, "word": " and", "probability": 0.57568359375}, {"start": 2187.98, "end": 2188.18, "word": " this", "probability": 0.912109375}, {"start": 2188.18, "end": 2188.18, "word": " is", "probability": 0.939453125}, {"start": 2188.18, "end": 2188.64, "word": " 2", "probability": 0.95703125}, {"start": 2188.64, "end": 2192.1, "word": " and", "probability": 0.52001953125}, {"start": 2192.1, "end": 2192.28, "word": " this", "probability": 0.654296875}, {"start": 2192.28, "end": 2192.42, "word": " is", "probability": 0.91796875}, {"start": 2192.42, "end": 2197.62, "word": " 6", "probability": 0.9482421875}, {"start": 2197.62, "end": 2200.22, "word": " minus", "probability": 0.3642578125}, {"start": 2200.22, "end": 2200.84, "word": " 4", "probability": 0.97802734375}, {"start": 2200.84, "end": 2201.02, "word": " is", "probability": 0.322265625}, {"start": 2201.02, "end": 2201.4, "word": " 4.", "probability": 0.90478515625}], "temperature": 1.0}, {"id": 78, "seek": 223387, "start": 2204.67, "end": 2233.87, "text": " Calculate the slope from A to B. The slope, not the elasticity. The slope. From A to B or B to A. Slope. I'm talking about slope here. It's P2. The assumptions are like this. 2, 6, 10. Slope from A to B. This is P1, P2, right?", "tokens": [3511, 2444, 473, 264, 13525, 490, 316, 281, 363, 13, 440, 13525, 11, 406, 264, 46260, 13, 440, 13525, 13, 3358, 316, 281, 363, 420, 363, 281, 316, 13, 6187, 1114, 13, 286, 478, 1417, 466, 13525, 510, 13, 467, 311, 430, 17, 13, 440, 17695, 366, 411, 341, 13, 568, 11, 1386, 11, 1266, 13, 6187, 1114, 490, 316, 281, 363, 13, 639, 307, 430, 16, 11, 430, 17, 11, 558, 30], "avg_logprob": -0.26836993766797557, "compression_ratio": 1.4836601307189543, "no_speech_prob": 0.0, "words": [{"start": 2204.67, "end": 2205.09, "word": " Calculate", "probability": 0.6801045735677084}, {"start": 2205.09, "end": 2205.25, "word": " the", "probability": 0.69384765625}, {"start": 2205.25, "end": 2205.47, "word": " slope", "probability": 0.89990234375}, {"start": 2205.47, "end": 2205.69, "word": " from", "probability": 0.86669921875}, {"start": 2205.69, "end": 2205.91, "word": " A", "probability": 0.79296875}, {"start": 2205.91, "end": 2206.03, "word": " to", "probability": 0.98046875}, {"start": 2206.03, "end": 2206.23, "word": " B.", "probability": 0.9970703125}, {"start": 2206.53, "end": 2206.59, "word": " The", "probability": 0.64453125}, {"start": 2206.59, "end": 2206.95, "word": " slope,", "probability": 0.8994140625}, {"start": 2207.13, "end": 2207.29, "word": " not", "probability": 0.94140625}, {"start": 2207.29, "end": 2207.51, "word": " the", "probability": 0.8779296875}, {"start": 2207.51, "end": 2207.95, "word": " elasticity.", "probability": 0.96630859375}, {"start": 2209.67, "end": 2210.01, "word": " The", "probability": 0.7724609375}, {"start": 2210.01, "end": 2210.41, "word": " slope.", "probability": 0.900390625}, {"start": 2211.27, "end": 2211.91, "word": " From", "probability": 0.40673828125}, {"start": 2211.91, "end": 2212.23, "word": " A", "probability": 0.9873046875}, {"start": 2212.23, "end": 2212.37, "word": " to", "probability": 0.9775390625}, {"start": 2212.37, "end": 2212.63, "word": " B", "probability": 0.99853515625}, {"start": 2212.63, "end": 2213.31, "word": " or", "probability": 0.65869140625}, {"start": 2213.31, "end": 2213.63, "word": " B", "probability": 0.9072265625}, {"start": 2213.63, "end": 2213.81, "word": " to", "probability": 0.97802734375}, {"start": 2213.81, "end": 2214.03, "word": " A.", "probability": 0.99658203125}, {"start": 2214.47, "end": 2214.91, "word": " Slope.", "probability": 0.92431640625}, {"start": 2214.99, "end": 2215.09, "word": " I'm", "probability": 0.961181640625}, {"start": 2215.09, "end": 2215.37, "word": " talking", "probability": 0.8486328125}, {"start": 2215.37, "end": 2215.67, "word": " about", "probability": 0.908203125}, {"start": 2215.67, "end": 2216.11, "word": " slope", "probability": 0.5849609375}, {"start": 2216.11, "end": 2216.43, "word": " here.", "probability": 0.84033203125}, {"start": 2217.07, "end": 2217.43, "word": " It's", "probability": 0.4825439453125}, {"start": 2217.43, "end": 2217.97, "word": " P2.", "probability": 0.853271484375}, {"start": 2218.37, "end": 2218.61, "word": " The", "probability": 0.406982421875}, {"start": 2218.61, "end": 2219.25, "word": " assumptions", "probability": 0.724609375}, {"start": 2219.25, "end": 2219.57, "word": " are", "probability": 0.49267578125}, {"start": 2219.57, "end": 2219.67, "word": " like", "probability": 0.296875}, {"start": 2219.67, "end": 2220.09, "word": " this.", "probability": 0.8095703125}, {"start": 2222.33, "end": 2222.97, "word": " 2,", "probability": 0.448974609375}, {"start": 2223.29, "end": 2223.77, "word": " 6,", "probability": 0.9189453125}, {"start": 2224.39, "end": 2224.83, "word": " 10.", "probability": 0.9375}, {"start": 2228.59, "end": 2229.23, "word": " Slope", "probability": 0.9384765625}, {"start": 2229.23, "end": 2229.49, "word": " from", "probability": 0.88134765625}, {"start": 2229.49, "end": 2229.83, "word": " A", "probability": 0.994140625}, {"start": 2229.83, "end": 2229.95, "word": " to", "probability": 0.97412109375}, {"start": 2229.95, "end": 2230.21, "word": " B.", "probability": 0.99853515625}, {"start": 2231.49, "end": 2232.13, "word": " This", "probability": 0.541015625}, {"start": 2232.13, "end": 2232.21, "word": " is", "probability": 0.8349609375}, {"start": 2232.21, "end": 2232.77, "word": " P1,", "probability": 0.97705078125}, {"start": 2232.99, "end": 2233.61, "word": " P2,", "probability": 0.90576171875}, {"start": 2233.73, "end": 2233.87, "word": " right?", "probability": 0.7978515625}], "temperature": 1.0}, {"id": 79, "seek": 226334, "start": 2234.74, "end": 2263.34, "text": " This is Q1, Q2. Let's calculate the slope here. Slope equals Delta P over Delta Q, which is P2 minus P1 over Q2 minus Q1. P2 minus P1. Slope equals", "tokens": [639, 307, 1249, 16, 11, 1249, 17, 13, 961, 311, 8873, 264, 13525, 510, 13, 6187, 1114, 6915, 18183, 430, 670, 18183, 1249, 11, 597, 307, 430, 17, 3175, 430, 16, 670, 1249, 17, 3175, 1249, 16, 13, 430, 17, 3175, 430, 16, 13, 6187, 1114, 6915], "avg_logprob": -0.19091797061264515, "compression_ratio": 1.3577981651376148, "no_speech_prob": 0.0, "words": [{"start": 2234.74, "end": 2235.08, "word": " This", "probability": 0.1466064453125}, {"start": 2235.08, "end": 2235.22, "word": " is", "probability": 0.82373046875}, {"start": 2235.22, "end": 2235.66, "word": " Q1,", "probability": 0.728515625}, {"start": 2236.18, "end": 2237.28, "word": " Q2.", "probability": 0.968994140625}, {"start": 2239.2, "end": 2240.1, "word": " Let's", "probability": 0.855224609375}, {"start": 2240.1, "end": 2240.46, "word": " calculate", "probability": 0.9130859375}, {"start": 2240.46, "end": 2240.68, "word": " the", "probability": 0.8447265625}, {"start": 2240.68, "end": 2240.96, "word": " slope", "probability": 0.93505859375}, {"start": 2240.96, "end": 2241.24, "word": " here.", "probability": 0.857421875}, {"start": 2242.16, "end": 2243.06, "word": " Slope", "probability": 0.7166748046875}, {"start": 2243.06, "end": 2246.68, "word": " equals", "probability": 0.9033203125}, {"start": 2246.68, "end": 2248.1, "word": " Delta", "probability": 0.71728515625}, {"start": 2248.1, "end": 2248.52, "word": " P", "probability": 0.90380859375}, {"start": 2248.52, "end": 2249.04, "word": " over", "probability": 0.904296875}, {"start": 2249.04, "end": 2249.4, "word": " Delta", "probability": 0.9267578125}, {"start": 2249.4, "end": 2249.74, "word": " Q,", "probability": 0.99169921875}, {"start": 2250.16, "end": 2250.36, "word": " which", "probability": 0.84130859375}, {"start": 2250.36, "end": 2250.56, "word": " is", "probability": 0.93408203125}, {"start": 2250.56, "end": 2251.28, "word": " P2", "probability": 0.98388671875}, {"start": 2251.28, "end": 2251.66, "word": " minus", "probability": 0.953125}, {"start": 2251.66, "end": 2252.26, "word": " P1", "probability": 0.996337890625}, {"start": 2252.26, "end": 2252.9, "word": " over", "probability": 0.8837890625}, {"start": 2252.9, "end": 2253.68, "word": " Q2", "probability": 0.990478515625}, {"start": 2253.68, "end": 2254.02, "word": " minus", "probability": 0.98828125}, {"start": 2254.02, "end": 2254.54, "word": " Q1.", "probability": 0.9970703125}, {"start": 2257.96, "end": 2258.86, "word": " P2", "probability": 0.936767578125}, {"start": 2258.86, "end": 2259.26, "word": " minus", "probability": 0.9853515625}, {"start": 2259.26, "end": 2259.8, "word": " P1.", "probability": 0.9970703125}, {"start": 2260.82, "end": 2261.72, "word": " Slope", "probability": 0.94091796875}, {"start": 2261.72, "end": 2263.34, "word": " equals", "probability": 0.93505859375}], "temperature": 1.0}, {"id": 80, "seek": 229164, "start": 2265.18, "end": 2291.64, "text": " 2 minus 6 over 8 minus 4. 2 minus 6 minus 4 over 4 equals minus 1. Had a unitary elastic slope equals minus 1.", "tokens": [568, 3175, 1386, 670, 1649, 3175, 1017, 13, 568, 3175, 1386, 3175, 1017, 670, 1017, 6915, 3175, 502, 13, 12298, 257, 517, 4109, 17115, 13525, 6915, 3175, 502, 13], "avg_logprob": -0.22083332935969036, "compression_ratio": 1.4415584415584415, "no_speech_prob": 0.0, "words": [{"start": 2265.18, "end": 2265.48, "word": " 2", "probability": 0.368408203125}, {"start": 2265.48, "end": 2265.78, "word": " minus", "probability": 0.76171875}, {"start": 2265.78, "end": 2266.24, "word": " 6", "probability": 0.95703125}, {"start": 2266.24, "end": 2268.9, "word": " over", "probability": 0.712890625}, {"start": 2268.9, "end": 2270.6, "word": " 8", "probability": 0.9033203125}, {"start": 2270.6, "end": 2271.94, "word": " minus", "probability": 0.97998046875}, {"start": 2271.94, "end": 2272.3, "word": " 4.", "probability": 0.982421875}, {"start": 2274.4, "end": 2274.74, "word": " 2", "probability": 0.77490234375}, {"start": 2274.74, "end": 2275.0, "word": " minus", "probability": 0.98583984375}, {"start": 2275.0, "end": 2275.4, "word": " 6", "probability": 0.99267578125}, {"start": 2275.4, "end": 2277.4, "word": " minus", "probability": 0.92333984375}, {"start": 2277.4, "end": 2277.84, "word": " 4", "probability": 0.9814453125}, {"start": 2277.84, "end": 2278.1, "word": " over", "probability": 0.88037109375}, {"start": 2278.1, "end": 2278.48, "word": " 4", "probability": 0.97509765625}, {"start": 2278.48, "end": 2278.94, "word": " equals", "probability": 0.92333984375}, {"start": 2278.94, "end": 2279.24, "word": " minus", "probability": 0.9482421875}, {"start": 2279.24, "end": 2279.52, "word": " 1.", "probability": 0.89892578125}, {"start": 2283.88, "end": 2284.16, "word": " Had", "probability": 0.11572265625}, {"start": 2284.16, "end": 2288.34, "word": " a", "probability": 0.974609375}, {"start": 2288.34, "end": 2288.72, "word": " unitary", "probability": 0.900390625}, {"start": 2288.72, "end": 2289.24, "word": " elastic", "probability": 0.97265625}, {"start": 2289.24, "end": 2290.32, "word": " slope", "probability": 0.76953125}, {"start": 2290.32, "end": 2290.96, "word": " equals", "probability": 0.9267578125}, {"start": 2290.96, "end": 2291.32, "word": " minus", "probability": 0.97705078125}, {"start": 2291.32, "end": 2291.64, "word": " 1.", "probability": 0.8193359375}], "temperature": 1.0}, {"id": 81, "seek": 231754, "start": 2313.2, "end": 2317.54, "text": " Please keep your mobile silent.", "tokens": [2555, 1066, 428, 6013, 12784, 13], "avg_logprob": -0.3903459906578064, "compression_ratio": 0.8421052631578947, "no_speech_prob": 0.0, "words": [{"start": 2313.2, "end": 2314.6, "word": " Please", "probability": 0.26904296875}, {"start": 2314.6, "end": 2316.0, "word": " keep", "probability": 0.6171875}, {"start": 2316.0, "end": 2316.16, "word": " your", "probability": 0.8759765625}, {"start": 2316.16, "end": 2316.84, "word": " mobile", "probability": 0.88525390625}, {"start": 2316.84, "end": 2317.54, "word": " silent.", "probability": 0.86376953125}], "temperature": 1.0}, {"id": 82, "seek": 235071, "start": 2326.57, "end": 2350.71, "text": " From B to A, let's calculate the slope from B to A. Slope from B to A, this is P1, P2, Q1, Q2. Slope.", "tokens": [3358, 363, 281, 316, 11, 718, 311, 8873, 264, 13525, 490, 363, 281, 316, 13, 6187, 1114, 490, 363, 281, 316, 11, 341, 307, 430, 16, 11, 430, 17, 11, 1249, 16, 11, 1249, 17, 13, 6187, 1114, 13], "avg_logprob": -0.15410156920552254, "compression_ratio": 1.2911392405063291, "no_speech_prob": 0.0, "words": [{"start": 2326.57, "end": 2327.23, "word": " From", "probability": 0.138916015625}, {"start": 2327.23, "end": 2327.69, "word": " B", "probability": 0.8095703125}, {"start": 2327.69, "end": 2327.91, "word": " to", "probability": 0.98046875}, {"start": 2327.91, "end": 2328.23, "word": " A,", "probability": 0.9951171875}, {"start": 2328.91, "end": 2329.23, "word": " let's", "probability": 0.970703125}, {"start": 2329.23, "end": 2329.65, "word": " calculate", "probability": 0.93017578125}, {"start": 2329.65, "end": 2329.87, "word": " the", "probability": 0.87158203125}, {"start": 2329.87, "end": 2330.15, "word": " slope", "probability": 0.91552734375}, {"start": 2330.15, "end": 2330.43, "word": " from", "probability": 0.8935546875}, {"start": 2330.43, "end": 2330.77, "word": " B", "probability": 0.99365234375}, {"start": 2330.77, "end": 2330.97, "word": " to", "probability": 0.97900390625}, {"start": 2330.97, "end": 2331.39, "word": " A.", "probability": 0.99853515625}, {"start": 2335.17, "end": 2335.83, "word": " Slope", "probability": 0.906005859375}, {"start": 2335.83, "end": 2336.11, "word": " from", "probability": 0.892578125}, {"start": 2336.11, "end": 2336.39, "word": " B", "probability": 0.994140625}, {"start": 2336.39, "end": 2336.59, "word": " to", "probability": 0.9775390625}, {"start": 2336.59, "end": 2336.89, "word": " A,", "probability": 0.9990234375}, {"start": 2338.31, "end": 2338.47, "word": " this", "probability": 0.94775390625}, {"start": 2338.47, "end": 2338.67, "word": " is", "probability": 0.95166015625}, {"start": 2338.67, "end": 2339.07, "word": " P1,", "probability": 0.815673828125}, {"start": 2339.17, "end": 2339.75, "word": " P2,", "probability": 0.9677734375}, {"start": 2342.61, "end": 2343.89, "word": " Q1,", "probability": 0.973388671875}, {"start": 2344.05, "end": 2344.61, "word": " Q2.", "probability": 0.989501953125}, {"start": 2350.05, "end": 2350.71, "word": " Slope.", "probability": 0.820068359375}], "temperature": 1.0}, {"id": 83, "seek": 237737, "start": 2351.93, "end": 2377.37, "text": " P2 minus P1, 6 minus 2 over 4 minus 8. Come here. Yes? What is the slope? His formula? The equation? It's him. 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Pay attention to this. The more elastic, the less slope. Here, the unitary elastic slope equals minus one. This is the first part. Let's see how elastic is. How much is the slope? 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How can we calculate the slope here? No, that's it. Two minus ten. That's it. Minus. It's two minus zero over ten. Zero minus ten. Okay? The slope is like this. The shadow, the tan of this angle is equal to the negative slope. That's it. 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In the absolute value, this is less than one. In the absolute value, this is less than one or more than one? Less than one. The more elastic demand and the slope is less than one. The third graph is like this.", "tokens": [2829, 301, 732, 484, 295, 2064, 13, 682, 264, 8236, 2158, 11, 341, 307, 1570, 813, 472, 13, 682, 264, 8236, 2158, 11, 341, 307, 1570, 813, 472, 420, 544, 813, 472, 30, 18649, 813, 472, 13, 440, 544, 17115, 4733, 293, 264, 13525, 307, 1570, 813, 472, 13, 440, 2636, 4295, 307, 411, 341, 13], "avg_logprob": -0.48437500418278207, "compression_ratio": 1.8267716535433072, "no_speech_prob": 0.0, "words": [{"start": 2437.22, "end": 2437.58, "word": " Minus", "probability": 0.4939117431640625}, {"start": 2437.58, "end": 2437.82, "word": " two", "probability": 0.1937255859375}, {"start": 2437.82, "end": 2438.0, "word": " out", "probability": 0.342041015625}, {"start": 2438.0, "end": 2438.0, "word": " of", "probability": 0.97900390625}, {"start": 2438.0, "end": 2438.3, "word": " ten.", "probability": 0.8994140625}, {"start": 2438.7, "end": 2438.82, "word": " In", "probability": 0.2222900390625}, {"start": 2438.82, "end": 2438.96, "word": " the", "probability": 0.451416015625}, {"start": 2438.96, "end": 2439.5, "word": " absolute", "probability": 0.89794921875}, {"start": 2439.5, "end": 2440.18, "word": " value,", "probability": 0.95458984375}, {"start": 2440.36, "end": 2440.52, "word": " this", "probability": 0.47900390625}, {"start": 2440.52, "end": 2440.6, "word": " is", "probability": 0.70361328125}, {"start": 2440.6, "end": 2440.94, "word": " less", "probability": 0.912109375}, {"start": 2440.94, "end": 2441.24, "word": " than", "probability": 0.9521484375}, {"start": 2441.24, "end": 2441.42, "word": " one.", "probability": 0.89306640625}, {"start": 2442.48, "end": 2442.56, "word": " In", "probability": 0.085205078125}, {"start": 2442.56, "end": 2444.86, "word": " the", "probability": 0.57666015625}, {"start": 2444.86, "end": 2445.72, "word": " absolute", "probability": 0.86083984375}, {"start": 2445.72, "end": 2446.24, "word": " value,", "probability": 0.96728515625}, {"start": 2446.62, "end": 2446.74, "word": " this", "probability": 0.65185546875}, {"start": 2446.74, "end": 2446.74, "word": " is", "probability": 0.81396484375}, {"start": 2446.74, "end": 2446.74, "word": " less", "probability": 0.68603515625}, {"start": 2446.74, "end": 2447.44, "word": " than", "probability": 0.93603515625}, {"start": 2447.44, "end": 2447.6, "word": " one", "probability": 0.865234375}, {"start": 2447.6, "end": 2447.78, "word": " or", "probability": 0.8427734375}, {"start": 2447.78, "end": 2448.04, "word": " more", "probability": 0.92529296875}, {"start": 2448.04, "end": 2448.26, "word": " than", "probability": 0.9501953125}, {"start": 2448.26, "end": 2448.46, "word": " one?", "probability": 0.9287109375}, {"start": 2448.76, "end": 2449.12, "word": " Less", "probability": 0.79638671875}, {"start": 2449.12, "end": 2449.4, "word": " than", "probability": 0.94970703125}, {"start": 2449.4, "end": 2450.3, "word": " one.", "probability": 0.9287109375}, {"start": 2450.82, "end": 2451.4, "word": " The", "probability": 0.308349609375}, {"start": 2451.4, "end": 2452.4, "word": " more", "probability": 0.85498046875}, {"start": 2452.4, "end": 2452.86, "word": " elastic", "probability": 0.82958984375}, {"start": 2452.86, "end": 2453.98, "word": " demand", "probability": 0.50634765625}, {"start": 2453.98, "end": 2454.18, "word": " and", "probability": 0.1207275390625}, {"start": 2454.18, "end": 2454.36, "word": " the", "probability": 0.356689453125}, {"start": 2454.36, "end": 2454.84, "word": " slope", "probability": 0.88330078125}, {"start": 2454.84, "end": 2455.22, "word": " is", "probability": 0.492919921875}, {"start": 2455.22, "end": 2455.46, "word": " less", "probability": 0.91845703125}, {"start": 2455.46, "end": 2455.7, "word": " than", "probability": 0.9501953125}, {"start": 2455.7, "end": 2455.94, "word": " one.", "probability": 0.927734375}, {"start": 2458.74, "end": 2459.34, "word": " The", "probability": 0.2208251953125}, {"start": 2459.34, "end": 2459.74, "word": " third", "probability": 0.875}, {"start": 2459.74, "end": 2461.0, "word": " graph", "probability": 0.8681640625}, {"start": 2461.0, "end": 2461.28, "word": " is", "probability": 0.445556640625}, {"start": 2461.28, "end": 2461.4, "word": " like", "probability": 0.6923828125}, {"start": 2461.4, "end": 2461.66, "word": " this.", "probability": 0.9111328125}], "temperature": 1.0}, {"id": 87, "seek": 248821, "start": 2466.11, "end": 2488.21, "text": " Inelastic demand, meaning its ED is less than one in absolute, right? Inelastic demand. Inelastic demand. Here, elastic demand. The ED.", "tokens": [682, 338, 2750, 4733, 11, 3620, 1080, 18050, 307, 1570, 813, 472, 294, 8236, 11, 558, 30, 682, 338, 2750, 4733, 13, 682, 338, 2750, 4733, 13, 1692, 11, 17115, 4733, 13, 440, 18050, 13], "avg_logprob": -0.4865451488229964, "compression_ratio": 1.511111111111111, "no_speech_prob": 0.0, "words": [{"start": 2466.11, "end": 2467.15, "word": " Inelastic", "probability": 0.8284505208333334}, {"start": 2467.15, "end": 2467.59, "word": " demand,", "probability": 0.84423828125}, {"start": 2467.69, "end": 2467.83, "word": " meaning", "probability": 0.501953125}, {"start": 2467.83, "end": 2467.97, "word": " its", "probability": 0.17529296875}, {"start": 2467.97, "end": 2468.43, "word": " ED", "probability": 0.415283203125}, {"start": 2468.43, "end": 2470.07, "word": " is", "probability": 0.1123046875}, {"start": 2470.07, "end": 2471.69, "word": " less", "probability": 0.8408203125}, {"start": 2471.69, "end": 2472.75, "word": " than", "probability": 0.9404296875}, {"start": 2472.75, "end": 2473.01, "word": " one", "probability": 0.68994140625}, {"start": 2473.01, "end": 2473.47, "word": " in", "probability": 0.451904296875}, {"start": 2473.47, "end": 2473.99, "word": " absolute,", "probability": 0.64990234375}, {"start": 2474.09, "end": 2474.31, "word": " right?", "probability": 0.62353515625}, {"start": 2477.31, "end": 2478.35, "word": " Inelastic", "probability": 0.88818359375}, {"start": 2478.35, "end": 2478.91, "word": " demand.", "probability": 0.87353515625}, {"start": 2481.09, "end": 2481.91, "word": " Inelastic", "probability": 0.92041015625}, {"start": 2481.91, "end": 2482.51, "word": " demand.", "probability": 0.88916015625}, {"start": 2483.45, "end": 2483.69, "word": " Here,", "probability": 0.5}, {"start": 2483.83, "end": 2484.29, "word": " elastic", "probability": 0.783203125}, {"start": 2484.29, "end": 2484.83, "word": " demand.", "probability": 0.92138671875}, {"start": 2486.75, "end": 2487.79, "word": " The", "probability": 0.419677734375}, {"start": 2487.79, "end": 2488.21, "word": " ED.", "probability": 0.9482421875}], "temperature": 1.0}, {"id": 88, "seek": 251686, "start": 2490.06, "end": 2516.86, "text": " The absolute value. Elastic. Less than one. The value of elasticity. The absolute value is greater than one. Or greater than minus one. This is elastic. The slope is less than one. The more elastic, the less slope. Lower slope. Inelastic demand. How much was the elasticity?", "tokens": [440, 8236, 2158, 13, 2699, 2750, 13, 18649, 813, 472, 13, 440, 2158, 295, 46260, 13, 440, 8236, 2158, 307, 5044, 813, 472, 13, 1610, 5044, 813, 3175, 472, 13, 639, 307, 17115, 13, 440, 13525, 307, 1570, 813, 472, 13, 440, 544, 17115, 11, 264, 1570, 13525, 13, 25523, 13525, 13, 682, 338, 2750, 4733, 13, 1012, 709, 390, 264, 46260, 30], "avg_logprob": -0.33300780365243554, "compression_ratio": 1.8211920529801324, "no_speech_prob": 0.0, "words": [{"start": 2490.06, "end": 2490.32, "word": " The", "probability": 0.301025390625}, {"start": 2490.32, "end": 2490.64, "word": " absolute", "probability": 0.9013671875}, {"start": 2490.64, "end": 2491.32, "word": " value.", "probability": 0.97265625}, {"start": 2491.94, "end": 2492.58, "word": " Elastic.", "probability": 0.953857421875}, {"start": 2492.98, "end": 2493.44, "word": " Less", "probability": 0.86376953125}, {"start": 2493.44, "end": 2493.72, "word": " than", "probability": 0.9423828125}, {"start": 2493.72, "end": 2493.96, "word": " one.", "probability": 0.6787109375}, {"start": 2494.12, "end": 2494.14, "word": " The", "probability": 0.7001953125}, {"start": 2494.14, "end": 2494.4, "word": " value", "probability": 0.9580078125}, {"start": 2494.4, "end": 2494.6, "word": " of", "probability": 0.8583984375}, {"start": 2494.6, "end": 2495.18, "word": " elasticity.", "probability": 0.7568359375}, {"start": 2496.16, "end": 2496.38, "word": " The", "probability": 0.5146484375}, {"start": 2496.38, "end": 2496.8, "word": " absolute", "probability": 0.9013671875}, {"start": 2496.8, "end": 2497.64, "word": " value", "probability": 0.9775390625}, {"start": 2497.64, "end": 2498.02, "word": " is", "probability": 0.4736328125}, {"start": 2498.02, "end": 2498.24, "word": " greater", "probability": 0.7177734375}, {"start": 2498.24, "end": 2498.36, "word": " than", "probability": 0.935546875}, {"start": 2498.36, "end": 2498.64, "word": " one.", "probability": 0.81201171875}, {"start": 2499.94, "end": 2500.62, "word": " Or", "probability": 0.53759765625}, {"start": 2500.62, "end": 2500.82, "word": " greater", "probability": 0.5537109375}, {"start": 2500.82, "end": 2500.98, "word": " than", "probability": 0.92724609375}, {"start": 2500.98, "end": 2501.36, "word": " minus", "probability": 0.423095703125}, {"start": 2501.36, "end": 2502.32, "word": " one.", "probability": 0.91845703125}, {"start": 2502.86, "end": 2503.6, "word": " This", "probability": 0.59521484375}, {"start": 2503.6, "end": 2503.7, "word": " is", "probability": 0.91552734375}, {"start": 2503.7, "end": 2504.18, "word": " elastic.", "probability": 0.373046875}, {"start": 2504.52, "end": 2504.74, "word": " The", "probability": 0.5556640625}, {"start": 2504.74, "end": 2505.04, "word": " slope", "probability": 0.8505859375}, {"start": 2505.04, "end": 2505.34, "word": " is", "probability": 0.72509765625}, {"start": 2505.34, "end": 2505.52, "word": " less", "probability": 0.8447265625}, {"start": 2505.52, "end": 2505.64, "word": " than", "probability": 0.94287109375}, {"start": 2505.64, "end": 2505.94, "word": " one.", "probability": 0.92578125}, {"start": 2508.98, "end": 2509.72, "word": " The", "probability": 0.8349609375}, {"start": 2509.72, "end": 2509.96, "word": " more", "probability": 0.9404296875}, {"start": 2509.96, "end": 2510.46, "word": " elastic,", "probability": 0.9443359375}, {"start": 2511.0, "end": 2511.16, "word": " the", "probability": 0.5439453125}, {"start": 2511.16, "end": 2511.36, "word": " less", "probability": 0.61083984375}, {"start": 2511.36, "end": 2511.78, "word": " slope.", "probability": 0.87548828125}, {"start": 2512.2, "end": 2512.84, "word": " Lower", "probability": 0.27587890625}, {"start": 2512.84, "end": 2513.26, "word": " slope.", "probability": 0.93701171875}, {"start": 2513.84, "end": 2514.58, "word": " Inelastic", "probability": 0.6678873697916666}, {"start": 2514.58, "end": 2514.98, "word": " demand.", "probability": 0.90869140625}, {"start": 2515.36, "end": 2515.88, "word": " How", "probability": 0.603515625}, {"start": 2515.88, "end": 2516.18, "word": " much", "probability": 0.353515625}, {"start": 2516.18, "end": 2516.22, "word": " was", "probability": 0.3720703125}, {"start": 2516.22, "end": 2516.36, "word": " the", "probability": 0.8046875}, {"start": 2516.36, "end": 2516.86, "word": " elasticity?", "probability": 0.9404296875}], "temperature": 1.0}, {"id": 89, "seek": 254630, "start": 2518.76, "end": 2546.3, "text": " It was less than one in the absolute. This is the absolute value. The ED is less than minus one. Now look at the slope. It will be greater than one. Minus ten over positive four. Minus two point five. Of course in the absolute this is greater than one.", "tokens": [467, 390, 1570, 813, 472, 294, 264, 8236, 13, 639, 307, 264, 8236, 2158, 13, 440, 18050, 307, 1570, 813, 3175, 472, 13, 823, 574, 412, 264, 13525, 13, 467, 486, 312, 5044, 813, 472, 13, 2829, 301, 2064, 670, 3353, 1451, 13, 2829, 301, 732, 935, 1732, 13, 2720, 1164, 294, 264, 8236, 341, 307, 5044, 813, 472, 13], "avg_logprob": -0.4218750117255039, "compression_ratio": 1.7448275862068965, "no_speech_prob": 0.0, "words": [{"start": 2518.76, "end": 2519.06, "word": " It", "probability": 0.215087890625}, {"start": 2519.06, "end": 2519.2, "word": " was", "probability": 0.70849609375}, {"start": 2519.2, "end": 2520.62, "word": " less", "probability": 0.43408203125}, {"start": 2520.62, "end": 2520.82, "word": " than", "probability": 0.939453125}, {"start": 2520.82, "end": 2521.14, "word": " one", "probability": 0.4921875}, {"start": 2521.14, "end": 2521.18, "word": " in", "probability": 0.583984375}, {"start": 2521.18, "end": 2521.18, "word": " the", "probability": 0.37744140625}, {"start": 2521.18, "end": 2521.18, "word": " absolute.", "probability": 0.85791015625}, {"start": 2521.44, "end": 2521.94, "word": " This", "probability": 0.31005859375}, {"start": 2521.94, "end": 2521.94, "word": " is", "probability": 0.8564453125}, {"start": 2521.94, "end": 2522.02, "word": " the", "probability": 0.74951171875}, {"start": 2522.02, "end": 2522.32, "word": " absolute", "probability": 0.87255859375}, {"start": 2522.32, "end": 2522.88, "word": " value.", "probability": 0.9599609375}, {"start": 2523.52, "end": 2523.58, "word": " The", "probability": 0.2147216796875}, {"start": 2523.58, "end": 2523.9, "word": " ED", "probability": 0.44580078125}, {"start": 2523.9, "end": 2525.42, "word": " is", "probability": 0.5302734375}, {"start": 2525.42, "end": 2525.76, "word": " less", "probability": 0.93115234375}, {"start": 2525.76, "end": 2526.14, "word": " than", "probability": 0.9501953125}, {"start": 2526.14, "end": 2526.44, "word": " minus", "probability": 0.5458984375}, {"start": 2526.44, "end": 2526.72, "word": " one.", "probability": 0.85400390625}, {"start": 2527.6, "end": 2528.22, "word": " Now", "probability": 0.2020263671875}, {"start": 2528.22, "end": 2528.44, "word": " look", "probability": 0.36083984375}, {"start": 2528.44, "end": 2528.5, "word": " at", "probability": 0.873046875}, {"start": 2528.5, "end": 2528.6, "word": " the", "probability": 0.63427734375}, {"start": 2528.6, "end": 2528.9, "word": " slope.", "probability": 0.7275390625}, {"start": 2530.42, "end": 2530.96, "word": " It", "probability": 0.85498046875}, {"start": 2530.96, "end": 2531.04, "word": " will", "probability": 0.44384765625}, {"start": 2531.04, "end": 2531.14, "word": " be", "probability": 0.94140625}, {"start": 2531.14, "end": 2531.32, "word": " greater", "probability": 0.654296875}, {"start": 2531.32, "end": 2531.48, "word": " than", "probability": 0.9482421875}, {"start": 2531.48, "end": 2531.7, "word": " one.", "probability": 0.89892578125}, {"start": 2532.76, "end": 2533.36, "word": " Minus", "probability": 0.6533203125}, {"start": 2533.36, "end": 2533.68, "word": " ten", "probability": 0.66015625}, {"start": 2533.68, "end": 2534.06, "word": " over", "probability": 0.7294921875}, {"start": 2534.06, "end": 2535.62, "word": " positive", "probability": 0.73291015625}, {"start": 2535.62, "end": 2536.04, "word": " four.", "probability": 0.93798828125}, {"start": 2541.26, "end": 2541.88, "word": " Minus", "probability": 0.95458984375}, {"start": 2541.88, "end": 2542.54, "word": " two", "probability": 0.63134765625}, {"start": 2542.54, "end": 2543.08, "word": " point", "probability": 0.9423828125}, {"start": 2543.08, "end": 2543.56, "word": " five.", "probability": 0.9169921875}, {"start": 2544.44, "end": 2544.76, "word": " Of", "probability": 0.342041015625}, {"start": 2544.76, "end": 2544.76, "word": " course", "probability": 0.95556640625}, {"start": 2544.76, "end": 2544.88, "word": " in", "probability": 0.41357421875}, {"start": 2544.88, "end": 2544.98, "word": " the", "probability": 0.76708984375}, {"start": 2544.98, "end": 2545.24, "word": " absolute", "probability": 0.8798828125}, {"start": 2545.24, "end": 2545.72, "word": " this", "probability": 0.3017578125}, {"start": 2545.72, "end": 2545.78, "word": " is", "probability": 0.81298828125}, {"start": 2545.78, "end": 2546.0, "word": " greater", "probability": 0.80322265625}, {"start": 2546.0, "end": 2546.14, "word": " than", "probability": 0.947265625}, {"start": 2546.14, "end": 2546.3, "word": " one.", "probability": 0.9365234375}], "temperature": 1.0}, {"id": 90, "seek": 256798, "start": 2547.2, "end": 2567.98, "text": " The larger slope, the less elastic demand. The less elastic demand. Yes. Absolute.", "tokens": [440, 4833, 13525, 11, 264, 1570, 17115, 4733, 13, 440, 1570, 17115, 4733, 13, 1079, 13, 43965, 1169, 13], "avg_logprob": -0.32753907293081286, "compression_ratio": 1.2388059701492538, "no_speech_prob": 0.0, "words": [{"start": 2547.2, "end": 2547.56, "word": " The", "probability": 0.400634765625}, {"start": 2547.56, "end": 2555.74, "word": " larger", "probability": 0.9521484375}, {"start": 2555.74, "end": 2557.38, "word": " slope,", "probability": 0.9423828125}, {"start": 2560.2, "end": 2560.3, "word": " the", "probability": 0.50830078125}, {"start": 2560.3, "end": 2560.68, "word": " less", "probability": 0.9560546875}, {"start": 2560.68, "end": 2561.94, "word": " elastic", "probability": 0.92333984375}, {"start": 2561.94, "end": 2562.82, "word": " demand.", "probability": 0.935546875}, {"start": 2563.12, "end": 2563.32, "word": " The", "probability": 0.468994140625}, {"start": 2563.32, "end": 2563.6, "word": " less", "probability": 0.84912109375}, {"start": 2563.6, "end": 2564.12, "word": " elastic", "probability": 0.97607421875}, {"start": 2564.12, "end": 2564.5, "word": " demand.", "probability": 0.8984375}, {"start": 2565.08, "end": 2566.04, "word": " Yes.", "probability": 0.62109375}, {"start": 2567.06, "end": 2567.98, "word": " Absolute.", "probability": 0.5127182006835938}], "temperature": 1.0}, {"id": 91, "seek": 260136, "start": 2572.9, "end": 2601.36, "text": " In negative sign, it's just to remind you that there is a negative relationship between the prices and quantity demanded just here. Absolute values here. Inelastic, absolute values less than one. The more elastic demand, the less slope in absolute values.", "tokens": [682, 3671, 1465, 11, 309, 311, 445, 281, 4160, 291, 300, 456, 307, 257, 3671, 2480, 1296, 264, 7901, 293, 11275, 28276, 445, 510, 13, 43965, 1169, 4190, 510, 13, 682, 338, 2750, 11, 8236, 4190, 1570, 813, 472, 13, 440, 544, 17115, 4733, 11, 264, 1570, 13525, 294, 8236, 4190, 13], "avg_logprob": -0.35436321429486545, "compression_ratio": 1.6305732484076434, "no_speech_prob": 0.0, "words": [{"start": 2572.8999999999996, "end": 2573.74, "word": " In", "probability": 0.1119384765625}, {"start": 2573.74, "end": 2574.02, "word": " negative", "probability": 0.50830078125}, {"start": 2574.02, "end": 2574.48, "word": " sign,", "probability": 0.513671875}, {"start": 2574.64, "end": 2574.96, "word": " it's", "probability": 0.948974609375}, {"start": 2574.96, "end": 2575.32, "word": " just", "probability": 0.9150390625}, {"start": 2575.32, "end": 2575.8, "word": " to", "probability": 0.97021484375}, {"start": 2575.8, "end": 2576.26, "word": " remind", "probability": 0.92822265625}, {"start": 2576.26, "end": 2576.8, "word": " you", "probability": 0.96630859375}, {"start": 2576.8, "end": 2577.78, "word": " that", "probability": 0.93212890625}, {"start": 2577.78, "end": 2578.34, "word": " there", "probability": 0.88330078125}, {"start": 2578.34, "end": 2578.5, "word": " is", "probability": 0.86474609375}, {"start": 2578.5, "end": 2578.66, "word": " a", "probability": 0.99462890625}, {"start": 2578.66, "end": 2578.94, "word": " negative", "probability": 0.94580078125}, {"start": 2578.94, "end": 2579.52, "word": " relationship", "probability": 0.93310546875}, {"start": 2579.52, "end": 2579.78, "word": " between", "probability": 0.86669921875}, {"start": 2579.78, "end": 2579.98, "word": " the", "probability": 0.90966796875}, {"start": 2579.98, "end": 2580.34, "word": " prices", "probability": 0.8388671875}, {"start": 2580.34, "end": 2580.54, "word": " and", "probability": 0.89501953125}, {"start": 2580.54, "end": 2580.82, "word": " quantity", "probability": 0.34033203125}, {"start": 2580.82, "end": 2581.2, "word": " demanded", "probability": 0.70849609375}, {"start": 2581.2, "end": 2581.56, "word": " just", "probability": 0.5048828125}, {"start": 2581.56, "end": 2582.1, "word": " here.", "probability": 0.2479248046875}, {"start": 2585.18, "end": 2586.02, "word": " Absolute", "probability": 0.7291259765625}, {"start": 2586.02, "end": 2586.56, "word": " values", "probability": 0.4345703125}, {"start": 2586.56, "end": 2586.9, "word": " here.", "probability": 0.73388671875}, {"start": 2587.98, "end": 2588.82, "word": " Inelastic,", "probability": 0.814453125}, {"start": 2588.94, "end": 2589.3, "word": " absolute", "probability": 0.3203125}, {"start": 2589.3, "end": 2590.08, "word": " values", "probability": 0.83251953125}, {"start": 2590.08, "end": 2591.2, "word": " less", "probability": 0.68505859375}, {"start": 2591.2, "end": 2591.52, "word": " than", "probability": 0.951171875}, {"start": 2591.52, "end": 2591.74, "word": " one.", "probability": 0.8349609375}, {"start": 2594.9, "end": 2595.74, "word": " The", "probability": 0.57861328125}, {"start": 2595.74, "end": 2597.26, "word": " more", "probability": 0.9248046875}, {"start": 2597.26, "end": 2597.8, "word": " elastic", "probability": 0.96484375}, {"start": 2597.8, "end": 2598.34, "word": " demand,", "probability": 0.9052734375}, {"start": 2599.38, "end": 2599.5, "word": " the", "probability": 0.7490234375}, {"start": 2599.5, "end": 2599.74, "word": " less", "probability": 0.826171875}, {"start": 2599.74, "end": 2600.2, "word": " slope", "probability": 0.416015625}, {"start": 2600.2, "end": 2600.46, "word": " in", "probability": 0.478515625}, {"start": 2600.46, "end": 2600.82, "word": " absolute", "probability": 0.8232421875}, {"start": 2600.82, "end": 2601.36, "word": " values.", "probability": 0.93505859375}], "temperature": 1.0}, {"id": 92, "seek": 263086, "start": 2615.28, "end": 2630.86, "text": " Perfectly inelastic. Elasticity of demand. Inelastic, zero. Perfectly inelastic. The slope", "tokens": [10246, 356, 294, 338, 2750, 13, 2699, 2750, 507, 295, 4733, 13, 682, 338, 2750, 11, 4018, 13, 10246, 356, 294, 338, 2750, 13, 440, 13525], "avg_logprob": -0.3735532451558996, "compression_ratio": 1.3, "no_speech_prob": 0.0, "words": [{"start": 2615.28, "end": 2616.32, "word": " Perfectly", "probability": 0.59320068359375}, {"start": 2616.32, "end": 2617.04, "word": " inelastic.", "probability": 0.9339192708333334}, {"start": 2617.18, "end": 2617.94, "word": " Elasticity", "probability": 0.70849609375}, {"start": 2617.94, "end": 2618.06, "word": " of", "probability": 0.6240234375}, {"start": 2618.06, "end": 2618.28, "word": " demand.", "probability": 0.72216796875}, {"start": 2621.32, "end": 2622.36, "word": " Inelastic,", "probability": 0.939453125}, {"start": 2622.5, "end": 2622.84, "word": " zero.", "probability": 0.76513671875}, {"start": 2627.92, "end": 2628.96, "word": " Perfectly", "probability": 0.684326171875}, {"start": 2628.96, "end": 2629.48, "word": " inelastic.", "probability": 0.9615885416666666}, {"start": 2629.96, "end": 2630.32, "word": " The", "probability": 0.6572265625}, {"start": 2630.32, "end": 2630.86, "word": " slope", "probability": 0.93701171875}], "temperature": 1.0}, {"id": 93, "seek": 265951, "start": 2633.81, "end": 2659.51, "text": " Infinity. No, it's an experiment. How does the formula look like? How does the formula look like? The ED. How do we calculate it? Q2 over delta Q over delta P, right? Times P1 P2 plus P1 over Q2 plus Q1, right? Isn't this the formula? Isn't it obvious? It's the slope. It's upside down.", "tokens": [34762, 13, 883, 11, 309, 311, 364, 5120, 13, 1012, 775, 264, 8513, 574, 411, 30, 1012, 775, 264, 8513, 574, 411, 30, 440, 18050, 13, 1012, 360, 321, 8873, 309, 30, 1249, 17, 670, 8289, 1249, 670, 8289, 430, 11, 558, 30, 11366, 430, 16, 430, 17, 1804, 430, 16, 670, 1249, 17, 1804, 1249, 16, 11, 558, 30, 6998, 380, 341, 264, 8513, 30, 6998, 380, 309, 6322, 30, 467, 311, 264, 13525, 13, 467, 311, 14119, 760, 13], "avg_logprob": -0.447027441205048, "compression_ratio": 1.6494252873563218, "no_speech_prob": 0.0, "words": [{"start": 2633.81, "end": 2634.37, "word": " Infinity.", "probability": 0.2734375}, {"start": 2635.37, "end": 2635.49, "word": " No,", "probability": 0.28857421875}, {"start": 2635.59, "end": 2636.35, "word": " it's", "probability": 0.609619140625}, {"start": 2636.35, "end": 2636.55, "word": " an", "probability": 0.2176513671875}, {"start": 2636.55, "end": 2636.79, "word": " experiment.", "probability": 0.86865234375}, {"start": 2637.21, 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Okay, I'll tell you what this means. This is the formula of elasticity, right? Correct? What does the slope equal? Delta P over delta Q. The opposite of it. Right? If this was 1 over 0 or let's say 5 over 0.", "tokens": [708, 30, 1033, 11, 286, 603, 980, 291, 437, 341, 1355, 13, 639, 307, 264, 8513, 295, 46260, 11, 558, 30, 12753, 30, 708, 775, 264, 13525, 2681, 30, 18183, 430, 670, 8289, 1249, 13, 440, 6182, 295, 309, 13, 1779, 30, 759, 341, 390, 502, 670, 1958, 420, 718, 311, 584, 1025, 670, 1958, 13], "avg_logprob": -0.4150219423729077, "compression_ratio": 1.3544303797468353, "no_speech_prob": 0.0, "words": [{"start": 2666.08, "end": 2666.68, "word": " What?", "probability": 0.28271484375}, {"start": 2669.32, "end": 2669.92, "word": " Okay,", "probability": 0.286865234375}, {"start": 2670.3, "end": 2670.76, "word": " I'll", "probability": 0.512451171875}, {"start": 2670.76, "end": 2670.94, "word": " tell", "probability": 0.7900390625}, {"start": 2670.94, "end": 2671.14, "word": " you", "probability": 0.9638671875}, {"start": 2671.14, "end": 2671.44, "word": " what", "probability": 0.83251953125}, {"start": 2671.44, "end": 2671.62, "word": " this", "probability": 0.6435546875}, {"start": 2671.62, "end": 2672.14, "word": " means.", "probability": 0.45751953125}, {"start": 2676.12, "end": 2676.72, "word": " This", "probability": 0.76904296875}, {"start": 2676.72, "end": 2676.86, "word": " is", "probability": 0.89306640625}, {"start": 2676.86, "end": 2676.86, "word": " the", "probability": 0.81103515625}, {"start": 2676.86, "end": 2677.16, "word": " formula", "probability": 0.7490234375}, {"start": 2677.16, "end": 2677.42, "word": " of", "probability": 0.685546875}, {"start": 2677.42, "end": 2677.98, "word": " elasticity,", "probability": 0.962890625}, {"start": 2678.54, "end": 2678.78, "word": " right?", "probability": 0.619140625}, {"start": 2679.62, "end": 2679.84, "word": " Correct?", "probability": 0.466796875}, {"start": 2680.22, "end": 2680.4, "word": " What", "probability": 0.58203125}, {"start": 2680.4, "end": 2680.4, "word": " does", "probability": 0.59521484375}, {"start": 2680.4, "end": 2680.42, "word": " the", "probability": 0.4833984375}, {"start": 2680.42, "end": 2680.8, "word": " slope", "probability": 0.93408203125}, {"start": 2680.8, "end": 2681.38, "word": " equal?", "probability": 0.76611328125}, {"start": 2682.64, "end": 2683.18, "word": " Delta", "probability": 0.69140625}, {"start": 2683.18, "end": 2683.5, "word": " P", "probability": 0.8076171875}, {"start": 2683.5, "end": 2683.76, "word": " over", "probability": 0.806640625}, {"start": 2683.76, "end": 2684.04, "word": " delta", "probability": 0.48828125}, {"start": 2684.04, "end": 2684.28, "word": " Q.", "probability": 0.98095703125}, {"start": 2686.86, "end": 2686.96, "word": " The", "probability": 0.337890625}, {"start": 2686.96, "end": 2687.4, "word": " opposite", "probability": 0.63525390625}, {"start": 2687.4, "end": 2687.66, "word": " of", "probability": 0.5625}, {"start": 2687.66, "end": 2687.82, "word": " it.", "probability": 0.390380859375}, {"start": 2689.28, "end": 2689.56, "word": " Right?", "probability": 0.5615234375}, {"start": 2689.86, "end": 2690.34, "word": " If", "probability": 0.88037109375}, {"start": 2690.34, "end": 2690.72, "word": " this", "probability": 0.77978515625}, {"start": 2690.72, "end": 2690.82, "word": " was", "probability": 0.38720703125}, {"start": 2690.82, "end": 2691.02, "word": " 1", "probability": 0.6064453125}, {"start": 2691.02, "end": 2691.26, "word": " over", "probability": 0.61376953125}, {"start": 2691.26, "end": 2691.56, "word": " 0", "probability": 0.71435546875}, {"start": 2691.56, "end": 2692.0, "word": " or", "probability": 0.421875}, {"start": 2692.0, "end": 2692.38, "word": " let's", "probability": 0.87646484375}, {"start": 2692.38, "end": 2692.38, "word": " say", "probability": 0.8447265625}, {"start": 2692.38, "end": 2692.96, "word": " 5", "probability": 0.8330078125}, {"start": 2692.96, "end": 2693.2, "word": " over", "probability": 0.82275390625}, {"start": 2693.2, "end": 2693.5, "word": " 0.", "probability": 0.96923828125}], "temperature": 1.0}, {"id": 95, "seek": 272130, "start": 2695.68, "end": 2721.3, "text": " How much will it be? Infinity. And all of this is infinity. Will there be a slope? Opposite. Zero over five. Five over zero will be infinity. Zero over what? Again, again, I'm sure you don't understand. No, no, it's nothing. It's easy. Nothing.", "tokens": [1012, 709, 486, 309, 312, 30, 34762, 13, 400, 439, 295, 341, 307, 13202, 13, 3099, 456, 312, 257, 13525, 30, 15666, 329, 642, 13, 17182, 670, 1732, 13, 9436, 670, 4018, 486, 312, 13202, 13, 17182, 670, 437, 30, 3764, 11, 797, 11, 286, 478, 988, 291, 500, 380, 1223, 13, 883, 11, 572, 11, 309, 311, 1825, 13, 467, 311, 1858, 13, 6693, 13], "avg_logprob": -0.5191231236528995, "compression_ratio": 1.467065868263473, "no_speech_prob": 0.0, "words": [{"start": 2695.68, "end": 2695.98, "word": " How", "probability": 0.38037109375}, {"start": 2695.98, "end": 2696.06, "word": " much", "probability": 0.6875}, {"start": 2696.06, "end": 2696.18, "word": " will", "probability": 0.218505859375}, {"start": 2696.18, "end": 2696.2, "word": " it", "probability": 0.7333984375}, {"start": 2696.2, "end": 2696.44, "word": " be?", "probability": 0.8876953125}, {"start": 2696.5, "end": 2696.98, "word": " Infinity.", "probability": 0.8115234375}, {"start": 2697.6, "end": 2697.7, "word": " And", "probability": 0.321533203125}, {"start": 2697.7, "end": 2698.22, "word": " all", "probability": 0.320556640625}, {"start": 2698.22, "end": 2698.38, "word": " of", "probability": 0.33154296875}, {"start": 2698.38, "end": 2699.36, "word": " this", "probability": 0.63623046875}, {"start": 2699.36, "end": 2699.44, "word": " is", "probability": 0.5166015625}, {"start": 2699.44, "end": 2699.84, "word": " infinity.", "probability": 0.64599609375}, {"start": 2700.66, "end": 2700.88, "word": " Will", "probability": 0.169921875}, {"start": 2700.88, "end": 2701.02, "word": " there", "probability": 0.45166015625}, {"start": 2701.02, "end": 2701.12, "word": " be", "probability": 0.9267578125}, {"start": 2701.12, "end": 2701.26, "word": " a", "probability": 0.7080078125}, {"start": 2701.26, "end": 2701.6, "word": " slope?", "probability": 0.9169921875}, {"start": 2702.9, "end": 2703.5, "word": " Opposite.", "probability": 0.648681640625}, {"start": 2703.8, "end": 2704.18, "word": " Zero", "probability": 0.615234375}, {"start": 2704.18, "end": 2704.36, "word": " over", "probability": 0.283935546875}, {"start": 2704.36, "end": 2704.68, "word": " five.", "probability": 0.83251953125}, {"start": 2705.08, "end": 2705.4, "word": " Five", "probability": 0.32373046875}, {"start": 2705.4, "end": 2707.0, "word": " over", "probability": 0.7109375}, {"start": 2707.0, "end": 2707.54, "word": " zero", "probability": 0.84375}, {"start": 2707.54, "end": 2708.14, "word": " will", "probability": 0.318115234375}, {"start": 2708.14, "end": 2708.28, "word": " be", "probability": 0.8818359375}, {"start": 2708.28, "end": 2708.74, "word": " infinity.", "probability": 0.80712890625}, {"start": 2709.4, "end": 2709.8, "word": " Zero", "probability": 0.2724609375}, {"start": 2709.8, "end": 2710.12, "word": " over", "probability": 0.80419921875}, {"start": 2710.12, "end": 2710.34, "word": " what?", "probability": 0.484130859375}, {"start": 2713.56, "end": 2714.16, "word": " Again,", "probability": 0.77490234375}, {"start": 2714.24, "end": 2714.44, "word": " again,", "probability": 0.60009765625}, {"start": 2714.5, "end": 2715.24, "word": " I'm", "probability": 0.77197265625}, {"start": 2715.24, "end": 2715.52, "word": " sure", "probability": 0.85107421875}, {"start": 2715.52, "end": 2715.64, "word": " you", "probability": 0.5458984375}, {"start": 2715.64, "end": 2715.74, "word": " don't", "probability": 0.87890625}, {"start": 2715.74, "end": 2715.98, "word": " understand.", "probability": 0.71875}, {"start": 2717.7, "end": 2717.96, "word": " No,", "probability": 0.5029296875}, {"start": 2717.96, "end": 2718.2, "word": " no,", "probability": 0.4423828125}, {"start": 2718.32, "end": 2718.32, "word": " it's", "probability": 0.6309814453125}, {"start": 2718.32, "end": 2718.46, "word": " nothing.", "probability": 0.53759765625}, {"start": 2718.9, "end": 2719.08, "word": " It's", "probability": 0.7705078125}, {"start": 2719.08, "end": 2719.3, "word": " easy.", "probability": 0.56005859375}, {"start": 2720.7, "end": 2721.3, "word": " Nothing.", "probability": 0.252685546875}], "temperature": 1.0}, {"id": 96, "seek": 274908, "start": 2723.76, "end": 2749.08, "text": " These are the three shapes. Do you understand? This is the problem. We have a problem with this and this. Nothing. The price elasticity of demand. What is the formula for this? Let's take a case like this. Take this as a graph.", "tokens": [1981, 366, 264, 1045, 10854, 13, 1144, 291, 1223, 30, 639, 307, 264, 1154, 13, 492, 362, 257, 1154, 365, 341, 293, 341, 13, 6693, 13, 440, 3218, 46260, 295, 4733, 13, 708, 307, 264, 8513, 337, 341, 30, 961, 311, 747, 257, 1389, 411, 341, 13, 3664, 341, 382, 257, 4295, 13], "avg_logprob": -0.6203703869272161, "compression_ratio": 1.4805194805194806, "no_speech_prob": 0.0, "words": [{"start": 2723.76, "end": 2724.1, "word": " These", "probability": 0.350830078125}, {"start": 2724.1, "end": 2724.16, "word": " are", "probability": 0.6689453125}, {"start": 2724.16, "end": 2724.62, "word": " the", "probability": 0.5634765625}, {"start": 2724.62, "end": 2725.08, "word": " three", "probability": 0.483642578125}, {"start": 2725.08, "end": 2726.28, "word": " shapes.", "probability": 0.787109375}, {"start": 2726.42, "end": 2726.42, "word": " Do", "probability": 0.2064208984375}, {"start": 2726.42, "end": 2726.42, "word": " you", "probability": 0.9658203125}, {"start": 2726.42, "end": 2726.58, "word": " understand?", "probability": 0.64306640625}, {"start": 2727.1, "end": 2727.64, "word": " This", "probability": 0.2271728515625}, {"start": 2727.64, "end": 2727.64, "word": " is", "probability": 0.288818359375}, {"start": 2727.64, "end": 2728.26, "word": " the", "probability": 0.57177734375}, {"start": 2728.26, "end": 2728.26, "word": " problem.", "probability": 0.69921875}, {"start": 2728.8, "end": 2729.06, "word": " We", "probability": 0.1771240234375}, {"start": 2729.06, "end": 2729.08, "word": " have", "probability": 0.400390625}, {"start": 2729.08, "end": 2729.18, "word": " a", "probability": 0.77685546875}, {"start": 2729.18, "end": 2729.4, "word": " problem", "probability": 0.84619140625}, {"start": 2729.4, "end": 2729.56, "word": " with", "probability": 0.412841796875}, {"start": 2729.56, "end": 2729.76, "word": " this", "probability": 0.412841796875}, {"start": 2729.76, "end": 2729.86, "word": " and", "probability": 0.68603515625}, {"start": 2729.86, "end": 2730.18, "word": " this.", "probability": 0.67431640625}, {"start": 2731.46, "end": 2731.8, "word": " Nothing.", "probability": 0.132080078125}, {"start": 2734.12, "end": 2734.76, "word": " The", "probability": 0.441162109375}, {"start": 2734.76, "end": 2737.08, "word": " price", "probability": 0.84765625}, {"start": 2737.08, "end": 2737.52, "word": " elasticity", "probability": 0.11834716796875}, {"start": 2737.52, "end": 2737.78, "word": " of", "probability": 0.8984375}, {"start": 2737.78, "end": 2738.14, "word": " demand.", "probability": 0.9052734375}, {"start": 2738.36, "end": 2738.36, "word": " What", "probability": 0.68701171875}, {"start": 2738.36, "end": 2738.36, "word": " is", "probability": 0.47412109375}, {"start": 2738.36, "end": 2738.36, "word": " the", "probability": 0.5771484375}, {"start": 2738.36, "end": 2738.72, "word": " formula", "probability": 0.8056640625}, {"start": 2738.72, "end": 2738.96, "word": " for", "probability": 0.3759765625}, {"start": 2738.96, "end": 2739.12, "word": " this?", "probability": 0.486328125}, {"start": 2743.44, "end": 2744.08, "word": " Let's", "probability": 0.770263671875}, {"start": 2744.08, "end": 2744.26, "word": " take", "probability": 0.7421875}, {"start": 2744.26, "end": 2744.48, "word": " a", "probability": 0.794921875}, {"start": 2744.48, "end": 2744.72, "word": " case", "probability": 0.69580078125}, {"start": 2744.72, "end": 2744.86, "word": " like", "probability": 0.32861328125}, {"start": 2744.86, "end": 2746.5, "word": " this.", "probability": 0.91845703125}, {"start": 2747.42, "end": 2747.7, "word": " Take", "probability": 0.59375}, {"start": 2747.7, "end": 2748.14, "word": " this", "probability": 0.828125}, {"start": 2748.14, "end": 2748.32, "word": " as", "probability": 0.2432861328125}, {"start": 2748.32, "end": 2748.56, "word": " a", "probability": 0.65966796875}, {"start": 2748.56, "end": 2749.08, "word": " graph.", "probability": 0.6767578125}], "temperature": 1.0}, {"id": 97, "seek": 277450, "start": 2751.64, "end": 2774.5, "text": " You put P1, Q1, P2, Q2, and work on it. On the formula of elasticity and slope. This is the graph. Let us assume that the price, this is point A, at this price, here the price and the quantity. 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Let's calculate the price elasticity of demand using the midpoint formula, or the general formula. Let's calculate the slope and the price elasticity of demand.", "tokens": [400, 321, 1286, 490, 935, 316, 281, 935, 363, 2051, 264, 912, 4733, 7605, 281, 935, 1386, 510, 13, 961, 311, 8873, 264, 3218, 46260, 295, 4733, 1228, 264, 2062, 6053, 8513, 11, 420, 264, 2674, 8513, 13, 961, 311, 8873, 264, 13525, 293, 264, 3218, 46260, 295, 4733, 13], "avg_logprob": -0.131740201922024, "compression_ratio": 1.7794117647058822, "no_speech_prob": 0.0, "words": [{"start": 2777.15, "end": 2777.51, "word": " And", "probability": 0.8134765625}, {"start": 2777.51, "end": 2778.13, "word": " we", "probability": 0.9521484375}, {"start": 2778.13, "end": 2778.67, "word": " move", "probability": 0.57666015625}, {"start": 2778.67, "end": 2779.31, "word": " from", "probability": 0.85693359375}, {"start": 2779.31, "end": 2779.73, "word": " point", "probability": 0.92822265625}, {"start": 2779.73, "end": 2780.01, "word": " A", "probability": 0.93359375}, {"start": 2780.01, "end": 2780.19, "word": " to", "probability": 0.96142578125}, {"start": 2780.19, "end": 2780.51, "word": " point", "probability": 0.955078125}, {"start": 2780.51, "end": 2780.93, "word": " B", "probability": 0.99609375}, {"start": 2780.93, "end": 2781.49, "word": " along", "probability": 0.91455078125}, {"start": 2781.49, "end": 2781.85, "word": " the", "probability": 0.8681640625}, {"start": 2781.85, "end": 2782.19, "word": " same", "probability": 0.9033203125}, {"start": 2782.19, "end": 2782.59, "word": " demand", "probability": 0.9111328125}, {"start": 2782.59, "end": 2783.03, "word": " curve", "probability": 0.95361328125}, {"start": 2783.03, "end": 2784.81, "word": " to", "probability": 0.82861328125}, {"start": 2784.81, "end": 2785.21, "word": " point", "probability": 0.72509765625}, {"start": 2785.21, "end": 2785.55, "word": " 6", "probability": 0.57666015625}, {"start": 2785.55, "end": 2785.81, "word": " here.", "probability": 0.83154296875}, {"start": 2789.99, "end": 2790.83, "word": " Let's", "probability": 0.755126953125}, {"start": 2790.83, "end": 2791.31, "word": " calculate", "probability": 0.92724609375}, {"start": 2791.31, "end": 2791.89, "word": " the", "probability": 0.92041015625}, {"start": 2791.89, "end": 2792.21, "word": " price", "probability": 0.9375}, {"start": 2792.21, "end": 2792.71, "word": " elasticity", "probability": 0.97021484375}, {"start": 2792.71, "end": 2793.05, "word": " of", "probability": 0.95458984375}, {"start": 2793.05, "end": 2793.45, "word": " demand", "probability": 0.88525390625}, {"start": 2793.45, "end": 2794.77, "word": " using", "probability": 0.9189453125}, {"start": 2794.77, "end": 2795.71, "word": " the", "probability": 0.92529296875}, {"start": 2795.71, "end": 2796.45, "word": " midpoint", "probability": 0.936767578125}, {"start": 2796.45, "end": 2797.07, "word": " formula,", "probability": 0.9248046875}, {"start": 2799.15, "end": 2800.07, "word": " or", "probability": 0.9560546875}, {"start": 2800.07, "end": 2800.21, "word": " the", "probability": 0.9208984375}, {"start": 2800.21, "end": 2800.51, "word": " general", "probability": 0.89892578125}, {"start": 2800.51, "end": 2800.85, "word": " formula.", "probability": 0.890625}, {"start": 2802.27, "end": 2802.73, "word": " Let's", "probability": 0.978271484375}, {"start": 2802.73, "end": 2803.15, "word": " calculate", "probability": 0.921875}, {"start": 2803.15, "end": 2803.39, "word": " the", "probability": 0.79736328125}, {"start": 2803.39, "end": 2803.89, "word": " slope", "probability": 0.90673828125}, {"start": 2803.89, "end": 2804.77, "word": " and", "probability": 0.83544921875}, {"start": 2804.77, "end": 2804.91, "word": " the", "probability": 0.88427734375}, {"start": 2804.91, "end": 2805.19, "word": " price", "probability": 0.92626953125}, {"start": 2805.19, "end": 2805.61, "word": " elasticity", "probability": 0.96240234375}, {"start": 2805.61, "end": 2805.87, "word": " of", "probability": 0.9326171875}, {"start": 2805.87, "end": 2806.13, "word": " demand.", "probability": 0.89013671875}], "temperature": 1.0}, {"id": 99, "seek": 283245, "start": 2806.83, "end": 2832.45, "text": " Pd equals, I move it from point A to B or B to A, from A to B, elasticity or slope. A to B, this is point A, price one, two, price two equals six.", "tokens": [430, 67, 6915, 11, 286, 1286, 309, 490, 935, 316, 281, 363, 420, 363, 281, 316, 11, 490, 316, 281, 363, 11, 46260, 420, 13525, 13, 316, 281, 363, 11, 341, 307, 935, 316, 11, 3218, 472, 11, 732, 11, 3218, 732, 6915, 2309, 13], "avg_logprob": -0.2805706664271977, "compression_ratio": 1.3867924528301887, "no_speech_prob": 0.0, "words": [{"start": 2806.83, "end": 2807.39, "word": " Pd", "probability": 0.543701171875}, {"start": 2807.39, "end": 2810.97, "word": " equals,", "probability": 0.88623046875}, {"start": 2811.53, "end": 2812.17, "word": " I", "probability": 0.77685546875}, {"start": 2812.17, "end": 2812.39, "word": " move", "probability": 0.84716796875}, {"start": 2812.39, "end": 2812.69, "word": " it", "probability": 0.92236328125}, {"start": 2812.69, "end": 2812.99, "word": " from", "probability": 0.88134765625}, {"start": 2812.99, "end": 2813.37, "word": " point", "probability": 0.96240234375}, {"start": 2813.37, "end": 2813.57, "word": " A", "probability": 0.79052734375}, {"start": 2813.57, "end": 2813.69, "word": " to", "probability": 0.982421875}, {"start": 2813.69, "end": 2813.97, "word": " B", "probability": 0.97802734375}, {"start": 2813.97, "end": 2814.31, "word": " or", "probability": 0.70263671875}, {"start": 2814.31, "end": 2814.49, "word": " B", "probability": 0.94921875}, {"start": 2814.49, "end": 2814.63, "word": " to", "probability": 0.97802734375}, {"start": 2814.63, "end": 2814.77, "word": " A,", "probability": 0.990234375}, {"start": 2814.81, "end": 2815.21, "word": " from", "probability": 0.5888671875}, {"start": 2815.21, "end": 2815.97, "word": " A", "probability": 0.9736328125}, {"start": 2815.97, "end": 2816.09, "word": " to", "probability": 0.97802734375}, {"start": 2816.09, "end": 2816.49, "word": " B,", "probability": 0.99755859375}, {"start": 2817.51, "end": 2818.13, "word": " elasticity", "probability": 0.69873046875}, {"start": 2818.13, "end": 2818.41, "word": " or", "probability": 0.38427734375}, {"start": 2818.41, "end": 2818.93, "word": " slope.", "probability": 0.8564453125}, {"start": 2820.39, "end": 2820.67, "word": " A", "probability": 0.98388671875}, {"start": 2820.67, "end": 2820.81, "word": " to", "probability": 0.9794921875}, {"start": 2820.81, "end": 2821.05, "word": " B,", "probability": 0.99755859375}, {"start": 2821.25, "end": 2821.43, "word": " this", "probability": 0.52490234375}, {"start": 2821.43, "end": 2825.55, "word": " is", "probability": 0.8466796875}, {"start": 2825.55, "end": 2825.87, "word": " point", "probability": 0.83056640625}, {"start": 2825.87, "end": 2826.27, "word": " A,", "probability": 0.97265625}, {"start": 2827.17, "end": 2828.03, "word": " price", "probability": 0.859375}, {"start": 2828.03, "end": 2828.29, "word": " one,", "probability": 0.5205078125}, {"start": 2828.79, "end": 2829.03, "word": " two,", "probability": 0.87646484375}, {"start": 2829.75, "end": 2830.21, "word": " price", "probability": 0.8955078125}, {"start": 2830.21, "end": 2831.47, "word": " two", "probability": 0.8955078125}, {"start": 2831.47, "end": 2832.03, "word": " equals", "probability": 0.759765625}, {"start": 2832.03, "end": 2832.45, "word": " six.", "probability": 0.9189453125}], "temperature": 1.0}, {"id": 100, "seek": 286243, "start": 2834.69, "end": 2862.43, "text": " P2 and this is Q1 and Q2 and the same, right? Correct? Okay, then P is Q2 minus Q1 over P2 minus P1 times the summation of this P2 plus P1 over Q2 plus Q1. In the graph here, we have what?", "tokens": [430, 17, 293, 341, 307, 1249, 16, 293, 1249, 17, 293, 264, 912, 11, 558, 30, 12753, 30, 1033, 11, 550, 430, 307, 1249, 17, 3175, 1249, 16, 670, 430, 17, 3175, 430, 16, 1413, 264, 28811, 295, 341, 430, 17, 1804, 430, 16, 670, 1249, 17, 1804, 1249, 16, 13, 682, 264, 4295, 510, 11, 321, 362, 437, 30], "avg_logprob": -0.28560451796797454, "compression_ratio": 1.4104477611940298, "no_speech_prob": 0.0, "words": [{"start": 2834.69, "end": 2835.15, "word": " P2", "probability": 0.737548828125}, {"start": 2835.15, "end": 2835.87, "word": " and", "probability": 0.26123046875}, {"start": 2835.87, "end": 2836.01, "word": " this", "probability": 0.76025390625}, {"start": 2836.01, "end": 2836.09, "word": " is", "probability": 0.84912109375}, {"start": 2836.09, "end": 2836.65, "word": " Q1", "probability": 0.88134765625}, {"start": 2836.65, "end": 2837.31, "word": " and", "probability": 0.85400390625}, {"start": 2837.31, "end": 2837.75, "word": " Q2", "probability": 0.977783203125}, {"start": 2837.75, "end": 2838.35, "word": " and", "probability": 0.34228515625}, {"start": 2838.35, "end": 2838.47, "word": " the", "probability": 0.552734375}, {"start": 2838.47, "end": 2838.57, "word": " same,", "probability": 0.89599609375}, {"start": 2839.61, "end": 2839.95, "word": " right?", "probability": 0.65380859375}, {"start": 2841.07, "end": 2841.37, "word": " Correct?", "probability": 0.321533203125}, {"start": 2842.19, "end": 2842.41, "word": " Okay,", "probability": 0.1943359375}, {"start": 2842.69, "end": 2842.89, "word": " then", "probability": 0.57763671875}, {"start": 2842.89, "end": 2843.23, "word": " P", "probability": 0.646484375}, {"start": 2843.23, "end": 2843.59, "word": " is", "probability": 0.55029296875}, {"start": 2843.59, "end": 2846.43, "word": " Q2", "probability": 0.821533203125}, {"start": 2846.43, "end": 2846.87, "word": " minus", "probability": 0.71923828125}, {"start": 2846.87, "end": 2847.65, "word": " Q1", "probability": 0.993408203125}, {"start": 2847.65, "end": 2848.07, "word": " over", "probability": 0.88671875}, {"start": 2848.07, "end": 2848.85, "word": " P2", "probability": 0.990478515625}, {"start": 2848.85, "end": 2849.21, "word": " minus", "probability": 0.98193359375}, {"start": 2849.21, "end": 2849.75, "word": " P1", "probability": 0.990966796875}, {"start": 2849.75, "end": 2850.47, "word": " times", "probability": 0.8291015625}, {"start": 2850.47, "end": 2850.69, "word": " the", "probability": 0.53759765625}, {"start": 2850.69, "end": 2851.17, "word": " summation", "probability": 0.85791015625}, {"start": 2851.17, "end": 2851.45, "word": " of", "probability": 0.79052734375}, {"start": 2851.45, "end": 2851.77, "word": " this", "probability": 0.654296875}, {"start": 2851.77, "end": 2852.63, "word": " P2", "probability": 0.841796875}, {"start": 2852.63, "end": 2853.15, "word": " plus", "probability": 0.95361328125}, {"start": 2853.15, "end": 2854.19, "word": " P1", "probability": 0.9921875}, {"start": 2854.19, "end": 2854.61, "word": " over", "probability": 0.91748046875}, {"start": 2854.61, "end": 2855.71, "word": " Q2", "probability": 0.997314453125}, {"start": 2855.71, "end": 2856.13, "word": " plus", "probability": 0.953125}, {"start": 2856.13, "end": 2856.89, "word": " Q1.", "probability": 0.99755859375}, {"start": 2858.35, "end": 2858.85, "word": " In", "probability": 0.83837890625}, {"start": 2858.85, "end": 2858.95, "word": " the", "probability": 0.916015625}, {"start": 2858.95, "end": 2859.25, "word": " graph", "probability": 0.93505859375}, {"start": 2859.25, "end": 2859.55, "word": " here,", "probability": 0.81005859375}, {"start": 2860.35, "end": 2860.59, "word": " we", "probability": 0.94970703125}, {"start": 2860.59, "end": 2861.05, "word": " have", "probability": 0.9462890625}, {"start": 2861.05, "end": 2862.43, "word": " what?", "probability": 0.51513671875}], "temperature": 1.0}, {"id": 101, "seek": 289451, "start": 2865.73, "end": 2894.51, "text": " P1 or delta Q2, Q2 is the same as Q1. Q2, 10 minus 10 over, this is PED, over P2 minus P1, 6 minus 2, times 6 plus 2 over 10 plus 10. PED equals", "tokens": [430, 16, 420, 8289, 1249, 17, 11, 1249, 17, 307, 264, 912, 382, 1249, 16, 13, 1249, 17, 11, 1266, 3175, 1266, 670, 11, 341, 307, 430, 4731, 11, 670, 430, 17, 3175, 430, 16, 11, 1386, 3175, 568, 11, 1413, 1386, 1804, 568, 670, 1266, 1804, 1266, 13, 430, 4731, 6915], "avg_logprob": -0.20813679695129395, "compression_ratio": 1.355140186915888, "no_speech_prob": 0.0, "words": [{"start": 2865.73, "end": 2866.31, "word": " P1", "probability": 0.8525390625}, {"start": 2866.31, "end": 2867.13, "word": " or", "probability": 0.79638671875}, {"start": 2867.13, "end": 2867.55, "word": " delta", "probability": 0.498046875}, {"start": 2867.55, "end": 2868.61, "word": " Q2,", "probability": 0.871337890625}, {"start": 2868.75, "end": 2869.23, "word": " Q2", "probability": 0.95703125}, {"start": 2869.23, "end": 2869.47, "word": " is", "probability": 0.401611328125}, {"start": 2869.47, "end": 2869.63, "word": " the", "probability": 0.76513671875}, {"start": 2869.63, "end": 2870.45, "word": " same", "probability": 0.92138671875}, {"start": 2870.45, "end": 2871.37, "word": " as", "probability": 0.876953125}, {"start": 2871.37, "end": 2872.05, "word": " Q1.", "probability": 0.98583984375}, {"start": 2872.53, "end": 2873.23, "word": " Q2,", "probability": 0.95947265625}, {"start": 2874.21, "end": 2874.53, "word": " 10", "probability": 0.90576171875}, {"start": 2874.53, "end": 2875.45, "word": " minus", "probability": 0.91943359375}, {"start": 2875.45, "end": 2875.89, "word": " 10", "probability": 0.95849609375}, {"start": 2875.89, "end": 2876.69, "word": " over,", "probability": 0.76953125}, {"start": 2876.91, "end": 2877.09, "word": " this", "probability": 0.9443359375}, {"start": 2877.09, "end": 2877.25, "word": " is", "probability": 0.9501953125}, {"start": 2877.25, "end": 2877.83, "word": " PED,", "probability": 0.78173828125}, {"start": 2878.59, "end": 2880.07, "word": " over", "probability": 0.91748046875}, {"start": 2880.07, "end": 2880.97, "word": " P2", "probability": 0.982666015625}, {"start": 2880.97, "end": 2881.35, "word": " minus", "probability": 0.98486328125}, {"start": 2881.35, "end": 2881.87, "word": " P1,", "probability": 0.996826171875}, {"start": 2882.25, "end": 2883.35, "word": " 6", "probability": 0.5732421875}, {"start": 2883.35, "end": 2883.61, "word": " minus", "probability": 0.9853515625}, {"start": 2883.61, "end": 2884.03, "word": " 2,", "probability": 0.97021484375}, {"start": 2885.13, "end": 2886.77, "word": " times", "probability": 0.92578125}, {"start": 2886.77, "end": 2888.01, "word": " 6", "probability": 0.91845703125}, {"start": 2888.01, "end": 2888.55, "word": " plus", "probability": 0.953125}, {"start": 2888.55, "end": 2889.13, "word": " 2", "probability": 0.9912109375}, {"start": 2889.13, "end": 2889.67, "word": " over", "probability": 0.8603515625}, {"start": 2889.67, "end": 2890.07, "word": " 10", "probability": 0.970703125}, {"start": 2890.07, "end": 2890.41, "word": " plus", "probability": 0.947265625}, {"start": 2890.41, "end": 2890.69, "word": " 10.", "probability": 0.966796875}, {"start": 2892.37, "end": 2893.05, "word": " PED", "probability": 0.971435546875}, {"start": 2893.05, "end": 2894.51, "word": " equals", "probability": 0.92138671875}], "temperature": 1.0}, {"id": 102, "seek": 292367, "start": 2895.71, "end": 2923.67, "text": " 0 over 4 times 8 over 20. Of course, everything will be 0. 0 times 8 is 0 over 80 is 0. The price elasticity of demand equals 0. How much is the slope? Look at the slope.", "tokens": [1958, 670, 1017, 1413, 1649, 670, 945, 13, 2720, 1164, 11, 1203, 486, 312, 1958, 13, 1958, 1413, 1649, 307, 1958, 670, 4688, 307, 1958, 13, 440, 3218, 46260, 295, 4733, 6915, 1958, 13, 1012, 709, 307, 264, 13525, 30, 2053, 412, 264, 13525, 13], "avg_logprob": -0.3760190275700196, "compression_ratio": 1.3255813953488371, "no_speech_prob": 0.0, "words": [{"start": 2895.71, "end": 2896.25, "word": " 0", "probability": 0.310302734375}, {"start": 2896.25, "end": 2898.03, "word": " over", "probability": 0.7685546875}, {"start": 2898.03, "end": 2898.55, "word": " 4", "probability": 0.79541015625}, {"start": 2898.55, "end": 2899.71, "word": " times", "probability": 0.79296875}, {"start": 2899.71, "end": 2900.49, "word": " 8", "probability": 0.95703125}, {"start": 2900.49, "end": 2900.95, "word": " over", "probability": 0.896484375}, {"start": 2900.95, "end": 2901.55, "word": " 20.", "probability": 0.9599609375}, {"start": 2902.99, "end": 2903.11, "word": " Of", "probability": 0.294677734375}, {"start": 2903.11, "end": 2903.19, "word": " course,", "probability": 0.94189453125}, {"start": 2903.29, "end": 2903.41, "word": " everything", "probability": 0.433349609375}, {"start": 2903.41, "end": 2903.57, "word": " will", "probability": 0.5859375}, {"start": 2903.57, "end": 2903.73, "word": " be", "probability": 0.29833984375}, {"start": 2903.73, "end": 2904.23, "word": " 0.", "probability": 0.2366943359375}, {"start": 2904.47, "end": 2904.83, "word": " 0", "probability": 0.87744140625}, {"start": 2904.83, "end": 2904.97, "word": " times", "probability": 0.30224609375}, {"start": 2904.97, "end": 2905.33, "word": " 8", "probability": 0.96484375}, {"start": 2905.33, "end": 2905.61, "word": " is", "probability": 0.39404296875}, {"start": 2905.61, "end": 2906.65, "word": " 0", "probability": 0.60205078125}, {"start": 2906.65, "end": 2909.39, "word": " over", "probability": 0.65673828125}, {"start": 2909.39, "end": 2911.91, "word": " 80", "probability": 0.7490234375}, {"start": 2911.91, "end": 2912.87, "word": " is", "probability": 0.6630859375}, {"start": 2912.87, "end": 2914.11, "word": " 0.", "probability": 0.84130859375}, {"start": 2915.23, "end": 2915.71, "word": " The", "probability": 0.307861328125}, {"start": 2915.71, "end": 2917.19, "word": " price", "probability": 0.92138671875}, {"start": 2917.19, "end": 2917.71, "word": " elasticity", "probability": 0.9072265625}, {"start": 2917.71, "end": 2917.91, "word": " of", "probability": 0.92431640625}, {"start": 2917.91, "end": 2918.33, "word": " demand", "probability": 0.85791015625}, {"start": 2918.33, "end": 2919.03, "word": " equals", "probability": 0.80615234375}, {"start": 2919.03, "end": 2919.55, "word": " 0.", "probability": 0.55615234375}, {"start": 2920.45, "end": 2920.71, "word": " How", "probability": 0.89599609375}, {"start": 2920.71, "end": 2921.07, "word": " much", "probability": 0.9228515625}, {"start": 2921.07, "end": 2921.39, "word": " is", "probability": 0.9365234375}, {"start": 2921.39, "end": 2921.71, "word": " the", "probability": 0.599609375}, {"start": 2921.71, "end": 2922.13, "word": " slope?", "probability": 0.96337890625}, {"start": 2923.05, "end": 2923.27, "word": " Look", "probability": 0.491455078125}, {"start": 2923.27, "end": 2923.27, "word": " at", "probability": 0.93896484375}, {"start": 2923.27, "end": 2923.39, "word": " the", "probability": 0.8662109375}, {"start": 2923.39, "end": 2923.67, "word": " slope.", "probability": 0.93408203125}], "temperature": 1.0}, {"id": 103, "seek": 295442, "start": 2925.74, "end": 2954.42, "text": " Slope equals Delta B over Delta Q. P2 minus P1 over Q2 minus Q1 equals P2 minus P1, 6 minus 2 over Q2 minus Q1, the same, 10 minus 10, 4 over 0.", "tokens": [6187, 1114, 6915, 18183, 363, 670, 18183, 1249, 13, 430, 17, 3175, 430, 16, 670, 1249, 17, 3175, 1249, 16, 6915, 430, 17, 3175, 430, 16, 11, 1386, 3175, 568, 670, 1249, 17, 3175, 1249, 16, 11, 264, 912, 11, 1266, 3175, 1266, 11, 1017, 670, 1958, 13], "avg_logprob": -0.20503826044043716, "compression_ratio": 1.5591397849462365, "no_speech_prob": 0.0, "words": [{"start": 2925.7400000000002, "end": 2926.98, "word": " Slope", "probability": 0.767333984375}, {"start": 2926.98, "end": 2928.22, "word": " equals", "probability": 0.7314453125}, {"start": 2928.22, "end": 2929.42, "word": " Delta", "probability": 0.41796875}, {"start": 2929.42, "end": 2929.82, "word": " B", "probability": 0.53369140625}, {"start": 2929.82, "end": 2930.74, "word": " over", "probability": 0.8720703125}, {"start": 2930.74, "end": 2931.04, "word": " Delta", "probability": 0.88232421875}, {"start": 2931.04, "end": 2931.32, "word": " Q.", "probability": 0.970703125}, {"start": 2932.08, "end": 2932.96, "word": " P2", "probability": 0.636474609375}, {"start": 2932.96, "end": 2933.3, "word": " minus", "probability": 0.9091796875}, {"start": 2933.3, "end": 2933.98, "word": " P1", "probability": 0.985107421875}, {"start": 2933.98, "end": 2934.4, "word": " over", "probability": 0.90478515625}, {"start": 2934.4, "end": 2935.3, "word": " Q2", "probability": 0.987060546875}, {"start": 2935.3, "end": 2935.72, "word": " minus", "probability": 0.98583984375}, {"start": 2935.72, "end": 2936.26, "word": " Q1", "probability": 0.996337890625}, {"start": 2936.26, "end": 2937.44, "word": " equals", "probability": 0.7431640625}, {"start": 2937.44, "end": 2938.76, "word": " P2", "probability": 0.963623046875}, {"start": 2938.76, "end": 2939.78, "word": " minus", "probability": 0.98291015625}, {"start": 2939.78, "end": 2940.34, "word": " P1,", "probability": 0.99609375}, {"start": 2941.22, "end": 2941.52, "word": " 6", "probability": 0.7919921875}, {"start": 2941.52, "end": 2941.86, "word": " minus", "probability": 0.9833984375}, {"start": 2941.86, "end": 2942.28, "word": " 2", "probability": 0.98681640625}, {"start": 2942.28, "end": 2944.54, "word": " over", "probability": 0.640625}, {"start": 2944.54, "end": 2946.46, "word": " Q2", "probability": 0.996337890625}, {"start": 2946.46, "end": 2947.08, "word": " minus", "probability": 0.98779296875}, {"start": 2947.08, "end": 2947.82, "word": " Q1,", "probability": 0.997314453125}, {"start": 2947.94, "end": 2948.06, "word": " the", "probability": 0.78125}, {"start": 2948.06, "end": 2948.52, "word": " same,", "probability": 0.91162109375}, {"start": 2949.58, "end": 2950.18, "word": " 10", "probability": 0.93701171875}, {"start": 2950.18, "end": 2950.8, "word": " minus", "probability": 0.98388671875}, {"start": 2950.8, "end": 2951.16, "word": " 10,", "probability": 0.9677734375}, {"start": 2952.16, "end": 2952.78, "word": " 4", "probability": 0.92431640625}, {"start": 2952.78, "end": 2953.42, "word": " over", "probability": 0.91162109375}, {"start": 2953.42, "end": 2954.42, "word": " 0.", "probability": 0.83740234375}], "temperature": 1.0}, {"id": 104, "seek": 298901, "start": 2961.13, "end": 2989.01, "text": " Right? All right. Of course, this is a negative sign. To make sure, Q2, okay. All right. The price elasticity of demand back to zero, PED, will be zero. The slope, infinity.", "tokens": [1779, 30, 1057, 558, 13, 2720, 1164, 11, 341, 307, 257, 3671, 1465, 13, 1407, 652, 988, 11, 1249, 17, 11, 1392, 13, 1057, 558, 13, 440, 3218, 46260, 295, 4733, 646, 281, 4018, 11, 430, 4731, 11, 486, 312, 4018, 13, 440, 13525, 11, 13202, 13], "avg_logprob": -0.46126300779481727, "compression_ratio": 1.2517985611510791, "no_speech_prob": 0.0, "words": [{"start": 2961.13, "end": 2961.85, "word": " Right?", "probability": 0.2366943359375}, {"start": 2963.35, "end": 2963.61, "word": " All", "probability": 0.1253662109375}, {"start": 2963.61, "end": 2963.77, "word": " right.", "probability": 0.8427734375}, {"start": 2967.53, "end": 2968.25, "word": " Of", "probability": 0.25}, {"start": 2968.25, "end": 2968.33, "word": " course,", "probability": 0.95849609375}, {"start": 2968.35, "end": 2968.53, "word": " this", "probability": 0.7802734375}, {"start": 2968.53, "end": 2968.57, "word": " is", "probability": 0.92041015625}, {"start": 2968.57, "end": 2968.65, "word": " a", "probability": 0.60693359375}, {"start": 2968.65, "end": 2968.91, "word": " negative", "probability": 0.91650390625}, {"start": 2968.91, "end": 2969.35, "word": " sign.", "probability": 0.94189453125}, {"start": 2971.51, "end": 2972.23, "word": " To", "probability": 0.86328125}, {"start": 2972.23, "end": 2972.51, "word": " make", "probability": 0.94189453125}, {"start": 2972.51, "end": 2973.07, "word": " sure,", "probability": 0.91943359375}, {"start": 2973.35, "end": 2974.07, "word": " Q2,", "probability": 0.5040283203125}, {"start": 2974.35, "end": 2974.61, "word": " okay.", "probability": 0.73681640625}, {"start": 2975.25, "end": 2975.35, "word": " All", "probability": 0.52294921875}, {"start": 2975.35, "end": 2975.49, "word": " right.", "probability": 0.91943359375}, {"start": 2978.59, "end": 2979.23, "word": " The", "probability": 0.7333984375}, {"start": 2979.23, "end": 2979.57, "word": " price", "probability": 0.84228515625}, {"start": 2979.57, "end": 2979.99, "word": " elasticity", "probability": 0.1993408203125}, {"start": 2979.99, "end": 2981.19, "word": " of", "probability": 0.68701171875}, {"start": 2981.19, "end": 2981.49, "word": " demand", "probability": 0.8544921875}, {"start": 2981.49, "end": 2981.81, "word": " back", "probability": 0.479736328125}, {"start": 2981.81, "end": 2981.99, "word": " to", "probability": 0.9755859375}, {"start": 2981.99, "end": 2982.47, "word": " zero,", "probability": 0.7568359375}, {"start": 2983.23, "end": 2983.97, "word": " PED,", "probability": 0.840087890625}, {"start": 2984.53, "end": 2984.89, "word": " will", "probability": 0.20263671875}, {"start": 2984.89, "end": 2984.93, "word": " be", "probability": 0.82958984375}, {"start": 2984.93, "end": 2985.31, "word": " zero.", "probability": 0.8603515625}, {"start": 2986.55, "end": 2986.67, "word": " The", "probability": 0.68505859375}, {"start": 2986.67, "end": 2987.21, "word": " slope,", "probability": 0.9384765625}, {"start": 2988.05, "end": 2989.01, "word": " infinity.", "probability": 0.8447265625}], "temperature": 1.0}, {"id": 105, "seek": 301510, "start": 2991.936, "end": 3015.1, "text": " Yes. The negative slope. We are talking here about demand curve. It's always negative. The slope. Vertical.", "tokens": [1079, 13, 440, 3671, 13525, 13, 492, 366, 1417, 510, 466, 4733, 7605, 13, 467, 311, 1009, 3671, 13, 440, 13525, 13, 21044, 804, 13], "avg_logprob": -0.4789663335451713, "compression_ratio": 1.173913043478261, "no_speech_prob": 0.0, "words": [{"start": 2991.68, "end": 2992.22, "word": " Yes.", "probability": 0.64599609375}, {"start": 2995.06, "end": 2995.36, "word": " The", "probability": 0.085693359375}, {"start": 2995.36, "end": 2995.54, "word": " negative", "probability": 0.181884765625}, {"start": 2995.54, "end": 3001.02, "word": " slope.", "probability": 0.873046875}, {"start": 3001.6, "end": 3002.68, "word": " We", "probability": 0.396484375}, {"start": 3002.68, "end": 3006.5, "word": " are", "probability": 0.80517578125}, {"start": 3006.5, "end": 3006.8, "word": " talking", "probability": 0.83056640625}, {"start": 3006.8, "end": 3006.96, "word": " here", "probability": 0.49169921875}, {"start": 3006.96, "end": 3007.78, "word": " about", "probability": 0.67333984375}, {"start": 3007.78, "end": 3009.02, "word": " demand", "probability": 0.5537109375}, {"start": 3009.02, "end": 3009.4, "word": " curve.", "probability": 0.904296875}, {"start": 3009.58, "end": 3009.68, "word": " It's", "probability": 0.8603515625}, {"start": 3009.68, "end": 3010.02, "word": " always", "probability": 0.8916015625}, {"start": 3010.02, "end": 3010.92, "word": " negative.", "probability": 0.8623046875}, {"start": 3011.48, "end": 3011.48, "word": " The", "probability": 0.57470703125}, {"start": 3011.48, "end": 3011.76, "word": " slope.", "probability": 0.94677734375}, {"start": 3014.02, "end": 3015.1, "word": " Vertical.", "probability": 0.6417236328125}], "temperature": 1.0}, {"id": 106, "seek": 304241, "start": 3021.87, "end": 3042.41, "text": " Demand curve is always negative. Slow. Okay?", "tokens": [4686, 474, 7605, 307, 1009, 3671, 13, 17703, 13, 1033, 30], "avg_logprob": -0.704427108168602, "compression_ratio": 0.8490566037735849, "no_speech_prob": 0.0, "words": [{"start": 3021.87, "end": 3023.27, "word": " Demand", "probability": 0.5413818359375}, {"start": 3023.27, "end": 3023.51, "word": " curve", "probability": 0.76318359375}, {"start": 3023.51, "end": 3025.83, "word": " is", "probability": 0.2113037109375}, {"start": 3025.83, "end": 3033.11, "word": " always", "probability": 0.4287109375}, {"start": 3033.11, "end": 3033.81, "word": " negative.", "probability": 0.79931640625}, {"start": 3034.67, "end": 3035.03, "word": " Slow.", "probability": 0.80615234375}, {"start": 3041.01, "end": 3042.41, "word": " Okay?", "probability": 0.4794921875}], "temperature": 1.0}, {"id": 107, "seek": 306483, "start": 3049.19, "end": 3064.83, "text": " Let's go to the last case here. So the zero, zero elastic, PED equals zero, slope infinity. The last case.", "tokens": [961, 311, 352, 281, 264, 1036, 1389, 510, 13, 407, 264, 4018, 11, 4018, 17115, 11, 430, 4731, 6915, 4018, 11, 13525, 13202, 13, 440, 1036, 1389, 13], "avg_logprob": -0.31734915026302996, "compression_ratio": 1.202247191011236, "no_speech_prob": 0.0, "words": [{"start": 3049.19, "end": 3049.59, "word": " Let's", "probability": 0.90234375}, {"start": 3049.59, "end": 3049.75, "word": " go", "probability": 0.9150390625}, {"start": 3049.75, "end": 3049.87, "word": " to", "probability": 0.93505859375}, {"start": 3049.87, "end": 3050.03, "word": " the", "probability": 0.923828125}, {"start": 3050.03, "end": 3050.23, "word": " last", "probability": 0.876953125}, {"start": 3050.23, "end": 3050.61, "word": " case", "probability": 0.9130859375}, {"start": 3050.61, "end": 3050.87, "word": " here.", "probability": 0.83447265625}, {"start": 3051.07, "end": 3051.25, "word": " So", "probability": 0.81005859375}, {"start": 3051.25, "end": 3052.09, "word": " the", "probability": 0.476318359375}, {"start": 3052.09, "end": 3052.57, "word": " zero,", "probability": 0.7734375}, {"start": 3054.83, "end": 3055.69, "word": " zero", "probability": 0.1727294921875}, {"start": 3055.69, "end": 3056.33, "word": " elastic,", "probability": 0.9482421875}, {"start": 3057.21, "end": 3057.85, "word": " PED", "probability": 0.788330078125}, {"start": 3057.85, "end": 3058.97, "word": " equals", "probability": 0.7822265625}, {"start": 3058.97, "end": 3059.33, "word": " zero,", "probability": 0.84619140625}, {"start": 3059.91, "end": 3060.41, "word": " slope", "probability": 0.919921875}, {"start": 3060.41, "end": 3061.79, "word": " infinity.", "probability": 0.52783203125}, {"start": 3063.51, "end": 3063.63, "word": " The", "probability": 0.49658203125}, {"start": 3063.63, "end": 3064.45, "word": " last", "probability": 0.806640625}, {"start": 3064.45, "end": 3064.83, "word": " case.", "probability": 0.912109375}], "temperature": 1.0}, {"id": 108, "seek": 309184, "start": 3066.34, "end": 3091.84, "text": " Infinity price elasticity of demand or the price elasticity of demand is infinity. Perfectly elastic demand means the price elasticity of demand equals infinity. Slope. Zero. Zero. Zero. This is point A, point B.", "tokens": [34762, 3218, 46260, 295, 4733, 420, 264, 3218, 46260, 295, 4733, 307, 13202, 13, 10246, 356, 17115, 4733, 1355, 264, 3218, 46260, 295, 4733, 6915, 13202, 13, 6187, 1114, 13, 17182, 13, 17182, 13, 17182, 13, 639, 307, 935, 316, 11, 935, 363, 13], "avg_logprob": -0.25486110846201576, "compression_ratio": 1.8521739130434782, "no_speech_prob": 0.0, "words": [{"start": 3066.3399999999997, "end": 3067.2599999999998, "word": " Infinity", "probability": 0.77734375}, {"start": 3067.2599999999998, "end": 3068.18, "word": " price", "probability": 0.5859375}, {"start": 3068.18, "end": 3068.64, "word": " elasticity", "probability": 0.79638671875}, {"start": 3068.64, "end": 3068.92, "word": " of", "probability": 0.88232421875}, {"start": 3068.92, "end": 3069.24, "word": " demand", "probability": 0.92578125}, {"start": 3069.24, "end": 3069.54, "word": " or", "probability": 0.6494140625}, {"start": 3069.54, "end": 3069.88, "word": " the", "probability": 0.89453125}, {"start": 3069.88, "end": 3070.42, "word": " price", "probability": 0.90185546875}, {"start": 3070.42, "end": 3070.78, "word": " elasticity", "probability": 0.9453125}, {"start": 3070.78, "end": 3071.1, "word": " of", "probability": 0.953125}, {"start": 3071.1, "end": 3071.5, "word": " demand", "probability": 0.87451171875}, {"start": 3071.5, "end": 3072.0, "word": " is", "probability": 0.935546875}, {"start": 3072.0, "end": 3072.64, "word": " infinity.", "probability": 0.828125}, {"start": 3073.66, "end": 3074.22, "word": " Perfectly", "probability": 0.965087890625}, {"start": 3074.22, "end": 3074.76, "word": " elastic", "probability": 0.955078125}, {"start": 3074.76, "end": 3075.3, "word": " demand", "probability": 0.9267578125}, {"start": 3075.3, "end": 3076.6, "word": " means", "probability": 0.576171875}, {"start": 3076.6, "end": 3076.8, "word": " the", "probability": 0.90869140625}, {"start": 3076.8, "end": 3077.1, "word": " price", "probability": 0.91845703125}, {"start": 3077.1, "end": 3077.48, "word": " elasticity", "probability": 0.953125}, {"start": 3077.48, "end": 3077.76, "word": " of", "probability": 0.95556640625}, {"start": 3077.76, "end": 3078.22, "word": " demand", "probability": 0.88818359375}, {"start": 3078.22, "end": 3078.84, "word": " equals", "probability": 0.9462890625}, {"start": 3078.84, "end": 3079.38, "word": " infinity.", "probability": 0.8505859375}, {"start": 3082.7, "end": 3083.62, "word": " Slope.", "probability": 0.926025390625}, {"start": 3083.88, "end": 3084.52, "word": " Zero.", "probability": 0.1314697265625}, {"start": 3085.2, "end": 3085.2, "word": " Zero.", "probability": 0.457763671875}, {"start": 3085.42, "end": 3085.62, "word": " Zero.", "probability": 0.44091796875}, {"start": 3086.68, "end": 3086.9, "word": " This", "probability": 0.288818359375}, {"start": 3086.9, "end": 3089.92, "word": " is", "probability": 0.9150390625}, {"start": 3089.92, "end": 3090.48, "word": " point", "probability": 0.488037109375}, {"start": 3090.48, "end": 3090.88, "word": " A,", "probability": 0.87060546875}, {"start": 3091.2, "end": 3091.5, "word": " point", "probability": 0.93310546875}, {"start": 3091.5, "end": 3091.84, "word": " B.", "probability": 0.9970703125}], "temperature": 1.0}, {"id": 109, "seek": 312051, "start": 3093.37, "end": 3120.51, "text": " Quantity of prices. Quantity is 10, 4, and here is 7. From A to B or B to A, I make calculations for the price elasticity of demand or the slope. From point A to B, let's calculate the price elasticity of demand. From A to B,", "tokens": [26968, 507, 295, 7901, 13, 26968, 507, 307, 1266, 11, 1017, 11, 293, 510, 307, 1614, 13, 3358, 316, 281, 363, 420, 363, 281, 316, 11, 286, 652, 20448, 337, 264, 3218, 46260, 295, 4733, 420, 264, 13525, 13, 3358, 935, 316, 281, 363, 11, 718, 311, 8873, 264, 3218, 46260, 295, 4733, 13, 3358, 316, 281, 363, 11], "avg_logprob": -0.3085937445362409, "compression_ratio": 1.6496350364963503, "no_speech_prob": 0.0, "words": [{"start": 3093.37, "end": 3094.13, "word": " Quantity", "probability": 0.360107421875}, {"start": 3094.13, "end": 3094.33, "word": " of", "probability": 0.66259765625}, {"start": 3094.33, "end": 3094.71, "word": " prices.", "probability": 0.8779296875}, {"start": 3095.31, "end": 3096.07, "word": " Quantity", "probability": 0.890869140625}, {"start": 3096.07, "end": 3096.41, "word": " is", "probability": 0.8828125}, {"start": 3096.41, "end": 3097.51, "word": " 10,", "probability": 0.7490234375}, {"start": 3098.27, "end": 3099.69, "word": " 4,", "probability": 0.7109375}, {"start": 3100.39, "end": 3100.79, "word": " and", "probability": 0.9345703125}, {"start": 3100.79, "end": 3101.07, "word": " here", "probability": 0.85205078125}, {"start": 3101.07, "end": 3101.41, "word": " is", "probability": 0.80908203125}, {"start": 3101.41, "end": 3102.21, "word": " 7.", "probability": 0.8486328125}, {"start": 3103.53, "end": 3104.29, "word": " From", "probability": 0.517578125}, {"start": 3104.29, "end": 3104.61, "word": " A", "probability": 0.89892578125}, {"start": 3104.61, "end": 3104.75, "word": " to", "probability": 0.9814453125}, {"start": 3104.75, "end": 3104.97, "word": " B", "probability": 0.99755859375}, {"start": 3104.97, "end": 3105.27, "word": " or", "probability": 0.8046875}, {"start": 3105.27, "end": 3105.67, "word": " B", "probability": 0.9443359375}, {"start": 3105.67, "end": 3105.85, "word": " to", "probability": 0.9765625}, {"start": 3105.85, "end": 3106.13, "word": " A,", "probability": 0.99658203125}, {"start": 3106.97, "end": 3106.97, "word": " I", "probability": 0.346923828125}, {"start": 3106.97, "end": 3107.43, "word": " make", "probability": 0.41552734375}, {"start": 3107.43, "end": 3108.23, "word": " calculations", "probability": 0.8740234375}, {"start": 3108.23, "end": 3108.63, "word": " for", "probability": 0.283203125}, {"start": 3108.63, "end": 3109.53, "word": " the", "probability": 0.5322265625}, {"start": 3109.53, "end": 3109.91, "word": " price", "probability": 0.880859375}, {"start": 3109.91, "end": 3110.31, "word": " elasticity", "probability": 0.62841796875}, {"start": 3110.31, "end": 3110.61, "word": " of", "probability": 0.919921875}, {"start": 3110.61, "end": 3111.01, "word": " demand", "probability": 0.90087890625}, {"start": 3111.01, "end": 3111.25, "word": " or", "probability": 0.2587890625}, {"start": 3111.25, "end": 3111.43, "word": " the", "probability": 0.48974609375}, {"start": 3111.43, "end": 3111.91, "word": " slope.", "probability": 0.9365234375}, {"start": 3113.33, "end": 3114.09, "word": " From", "probability": 0.31982421875}, {"start": 3114.09, "end": 3115.79, "word": " point", "probability": 0.90234375}, {"start": 3115.79, "end": 3116.11, "word": " A", "probability": 0.9912109375}, {"start": 3116.11, "end": 3116.25, "word": " to", "probability": 0.9755859375}, {"start": 3116.25, "end": 3116.55, "word": " B,", "probability": 0.99072265625}, {"start": 3116.85, "end": 3117.05, "word": " let's", "probability": 0.9482421875}, {"start": 3117.05, "end": 3117.43, "word": " calculate", "probability": 0.92333984375}, {"start": 3117.43, "end": 3117.59, "word": " the", "probability": 0.90771484375}, {"start": 3117.59, "end": 3117.79, "word": " price", "probability": 0.9326171875}, {"start": 3117.79, "end": 3118.17, "word": " elasticity", "probability": 0.9169921875}, {"start": 3118.17, "end": 3118.45, "word": " of", "probability": 0.95263671875}, {"start": 3118.45, "end": 3118.75, "word": " demand.", "probability": 0.88623046875}, {"start": 3119.25, "end": 3119.45, "word": " From", "probability": 0.767578125}, {"start": 3119.45, "end": 3120.03, "word": " A", "probability": 0.95166015625}, {"start": 3120.03, "end": 3120.19, "word": " to", "probability": 0.97802734375}, {"start": 3120.19, "end": 3120.51, "word": " B,", "probability": 0.99951171875}], "temperature": 1.0}, {"id": 110, "seek": 315098, "start": 3122.94, "end": 3150.98, "text": " This is Q1, Q2. And this is P1, which is P2. Right? Correct? Correct or not? Correct. Okay. So, PED equals Q2 minus Q1, 4 minus 10 over 7 minus 7.", "tokens": [639, 307, 1249, 16, 11, 1249, 17, 13, 400, 341, 307, 430, 16, 11, 597, 307, 430, 17, 13, 1779, 30, 12753, 30, 12753, 420, 406, 30, 12753, 13, 1033, 13, 407, 11, 430, 4731, 6915, 1249, 17, 3175, 1249, 16, 11, 1017, 3175, 1266, 670, 1614, 3175, 1614, 13], "avg_logprob": -0.40747549603967104, "compression_ratio": 1.3363636363636364, "no_speech_prob": 0.0, "words": [{"start": 3122.94, "end": 3123.26, "word": " This", "probability": 0.061126708984375}, {"start": 3123.26, "end": 3123.38, "word": " is", "probability": 0.853515625}, {"start": 3123.38, "end": 3124.08, "word": " Q1,", "probability": 0.783203125}, {"start": 3124.16, "end": 3124.62, "word": " Q2.", "probability": 0.890380859375}, {"start": 3125.08, "end": 3125.26, "word": " And", "probability": 0.59619140625}, {"start": 3125.26, "end": 3125.38, "word": " this", "probability": 0.8818359375}, {"start": 3125.38, "end": 3125.4, "word": " is", "probability": 0.5810546875}, {"start": 3125.4, "end": 3126.02, "word": " P1,", "probability": 0.98486328125}, {"start": 3126.72, "end": 3127.08, "word": " which", "probability": 0.39013671875}, {"start": 3127.08, "end": 3127.16, "word": " is", "probability": 0.904296875}, {"start": 3127.16, "end": 3127.7, "word": " P2.", "probability": 0.9833984375}, {"start": 3128.48, "end": 3128.86, "word": " Right?", "probability": 0.41015625}, {"start": 3129.3, "end": 3130.18, "word": " Correct?", "probability": 0.34326171875}, {"start": 3130.96, "end": 3131.84, "word": " Correct", "probability": 0.39599609375}, {"start": 3131.84, "end": 3132.02, "word": " or", "probability": 0.84716796875}, {"start": 3132.02, "end": 3132.2, "word": " not?", "probability": 0.47802734375}, {"start": 3132.42, "end": 3132.8, "word": " Correct.", "probability": 0.65966796875}, {"start": 3133.6, "end": 3133.84, "word": " Okay.", "probability": 0.27197265625}, {"start": 3134.28, "end": 3134.52, "word": " So,", "probability": 0.456298828125}, {"start": 3134.6, "end": 3135.52, "word": " PED", "probability": 0.673095703125}, {"start": 3135.52, "end": 3137.96, "word": " equals", "probability": 0.7822265625}, {"start": 3137.96, "end": 3139.58, "word": " Q2", "probability": 0.95068359375}, {"start": 3139.58, "end": 3139.96, "word": " minus", "probability": 0.96728515625}, {"start": 3139.96, "end": 3140.6, "word": " Q1,", "probability": 0.9951171875}, {"start": 3141.46, "end": 3143.22, "word": " 4", "probability": 0.6181640625}, {"start": 3143.22, "end": 3143.92, "word": " minus", "probability": 0.97802734375}, {"start": 3143.92, "end": 3144.36, "word": " 10", "probability": 0.96826171875}, {"start": 3144.36, "end": 3147.88, "word": " over", "probability": 0.498779296875}, {"start": 3147.88, "end": 3148.62, "word": " 7", "probability": 0.82861328125}, {"start": 3148.62, "end": 3150.5, "word": " minus", "probability": 0.97998046875}, {"start": 3150.5, "end": 3150.98, "word": " 7.", "probability": 0.98779296875}], "temperature": 1.0}, {"id": 111, "seek": 318504, "start": 3156.1, "end": 3185.04, "text": " equals times 14 over 14 minus 6 over 0 times 1, infinity. Any number over zero, infinity. The slope equals Delta P over Delta Q.", "tokens": [6915, 1413, 3499, 670, 3499, 3175, 1386, 670, 1958, 1413, 502, 11, 13202, 13, 2639, 1230, 670, 4018, 11, 13202, 13, 440, 13525, 6915, 18183, 430, 670, 18183, 1249, 13], "avg_logprob": -0.42615926073443505, "compression_ratio": 1.3298969072164948, "no_speech_prob": 0.0, "words": [{"start": 3156.1, "end": 3156.64, "word": " equals", "probability": 0.24169921875}, {"start": 3156.64, "end": 3157.64, "word": " times", "probability": 0.354736328125}, {"start": 3157.64, "end": 3161.12, "word": " 14", "probability": 0.396240234375}, {"start": 3161.12, "end": 3161.58, "word": " over", "probability": 0.76953125}, {"start": 3161.58, "end": 3162.3, "word": " 14", "probability": 0.97314453125}, {"start": 3162.3, "end": 3164.48, "word": " minus", "probability": 0.56591796875}, {"start": 3164.48, "end": 3165.38, "word": " 6", "probability": 0.65625}, {"start": 3165.38, "end": 3165.68, "word": " over", "probability": 0.8876953125}, {"start": 3165.68, "end": 3166.22, "word": " 0", "probability": 0.7919921875}, {"start": 3166.22, "end": 3166.88, "word": " times", "probability": 0.88818359375}, {"start": 3166.88, "end": 3168.3, "word": " 1,", "probability": 0.68017578125}, {"start": 3168.8, "end": 3169.98, "word": " infinity.", "probability": 0.7998046875}, {"start": 3172.58, "end": 3173.86, "word": " Any", "probability": 0.240966796875}, {"start": 3173.86, "end": 3174.62, "word": " number", "probability": 0.79248046875}, {"start": 3174.62, "end": 3174.84, "word": " over", "probability": 0.1741943359375}, {"start": 3174.84, "end": 3175.1, "word": " zero,", "probability": 0.5185546875}, {"start": 3175.8, "end": 3176.5, "word": " infinity.", "probability": 0.87548828125}, {"start": 3176.9, "end": 3177.14, "word": " The", "probability": 0.6171875}, {"start": 3177.14, "end": 3178.34, "word": " slope", "probability": 0.90576171875}, {"start": 3178.34, "end": 3180.56, "word": " equals", "probability": 0.93994140625}, {"start": 3180.56, "end": 3183.32, "word": " Delta", "probability": 0.53369140625}, {"start": 3183.32, "end": 3183.94, "word": " P", "probability": 0.8466796875}, {"start": 3183.94, "end": 3184.5, "word": " over", "probability": 0.9013671875}, {"start": 3184.5, "end": 3184.78, "word": " Delta", "probability": 0.93408203125}, {"start": 3184.78, "end": 3185.04, "word": " Q.", "probability": 0.986328125}], "temperature": 1.0}, {"id": 112, "seek": 320956, "start": 3186.1, "end": 3209.56, "text": " P2 minus P1, P2, 7 minus 7. P2 minus P1 over Q2 minus Q1. P2 minus P1, 7 minus 7 over Q2 minus Q1, 4 minus 10. Zero.", "tokens": [430, 17, 3175, 430, 16, 11, 430, 17, 11, 1614, 3175, 1614, 13, 430, 17, 3175, 430, 16, 670, 1249, 17, 3175, 1249, 16, 13, 430, 17, 3175, 430, 16, 11, 1614, 3175, 1614, 670, 1249, 17, 3175, 1249, 16, 11, 1017, 3175, 1266, 13, 17182, 13], "avg_logprob": -0.11043294550230105, "compression_ratio": 1.828125, "no_speech_prob": 0.0, "words": [{"start": 3186.1, "end": 3186.7, "word": " P2", "probability": 0.880126953125}, {"start": 3186.7, "end": 3187.26, "word": " minus", "probability": 0.884765625}, {"start": 3187.26, "end": 3187.8, "word": " P1,", "probability": 0.970458984375}, {"start": 3187.94, "end": 3188.56, "word": " P2,", "probability": 0.91748046875}, {"start": 3188.92, "end": 3189.2, "word": " 7", "probability": 0.472900390625}, {"start": 3189.2, "end": 3189.48, "word": " minus", "probability": 0.9775390625}, {"start": 3189.48, "end": 3189.88, "word": " 7.", "probability": 0.9677734375}, {"start": 3191.9, "end": 3192.84, "word": " P2", "probability": 0.8896484375}, {"start": 3192.84, "end": 3193.88, "word": " minus", "probability": 0.9853515625}, {"start": 3193.88, "end": 3194.36, "word": " P1", "probability": 0.997802734375}, {"start": 3194.36, "end": 3194.82, "word": " over", "probability": 0.8955078125}, {"start": 3194.82, "end": 3196.1, "word": " Q2", "probability": 0.9716796875}, {"start": 3196.1, "end": 3196.48, "word": " minus", "probability": 0.98974609375}, {"start": 3196.48, "end": 3197.0, "word": " Q1.", "probability": 0.99365234375}, {"start": 3197.76, "end": 3198.7, "word": " P2", "probability": 0.99658203125}, {"start": 3198.7, "end": 3199.1, "word": " minus", "probability": 0.98583984375}, {"start": 3199.1, "end": 3199.52, "word": " P1,", "probability": 0.89306640625}, {"start": 3199.56, "end": 3199.82, "word": " 7", "probability": 0.93115234375}, {"start": 3199.82, "end": 3200.6, "word": " minus", "probability": 0.83740234375}, {"start": 3200.6, "end": 3200.96, "word": " 7", "probability": 0.9833984375}, {"start": 3200.96, "end": 3201.3, "word": " over", "probability": 0.82763671875}, {"start": 3201.3, "end": 3202.02, "word": " Q2", "probability": 0.991943359375}, {"start": 3202.02, "end": 3202.38, "word": " minus", "probability": 0.98388671875}, {"start": 3202.38, "end": 3203.0, "word": " Q1,", "probability": 0.989013671875}, {"start": 3203.9, "end": 3205.02, "word": " 4", "probability": 0.833984375}, {"start": 3205.02, "end": 3205.42, "word": " minus", "probability": 0.9853515625}, {"start": 3205.42, "end": 3205.82, "word": " 10.", "probability": 0.97119140625}, {"start": 3208.62, "end": 3209.56, "word": " Zero.", "probability": 0.8349609375}], "temperature": 1.0}, {"id": 113, "seek": 322853, "start": 3213.99, "end": 3228.53, "text": " So when the demand is perfectly elastic, the slope equals zero. Who has a problem so far? 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Bismillah ar-Rahman ar-Rahim. Today, + +2 +00:00:23,780 --> 00:00:27,100 +inshallah, we will start in Chapter 3, which is + +3 +00:00:27,100 --> 00:00:28,820 +elasticity. + +4 +00:00:32,040 --> 00:00:37,580 +Elasticity in academics, or in Arabic means... + +5 +00:00:37,580 --> 00:00:44,020 +Sometimes we + +6 +00:00:44,020 --> 00:00:48,980 +can catch something and say that this is or + +7 +00:00:48,980 --> 00:00:49,580 +this... + +8 +00:00:54,320 --> 00:00:59,840 +This point or this thing is elastic because there + +9 +00:00:59,840 --> 00:01:01,020 +is a response. + +10 +00:01:03,580 --> 00:01:07,520 +This paper + +11 +00:01:07,520 --> 00:01:11,020 +here + +12 +00:01:11,020 --> 00:01:14,560 +is also elastic. + +13 +00:01:18,100 --> 00:01:19,220 +This is inelastic. + +14 +00:01:24,260 --> 00:01:31,540 +We use the elasticity and apply it in the economic + +15 +00:01:31,540 --> 00:01:35,920 +or the demand and supply theory. Okay? In general. + +16 +00:01:36,900 --> 00:01:37,380 +In general. + +17 +00:01:40,320 --> 00:01:44,060 +As we mentioned in the demand theory, that there + +18 +00:01:44,060 --> 00:01:46,700 +is a negative relationship between the prices and + +19 +00:01:46,700 --> 00:01:50,340 +the quantity demanded as the + +20 +00:02:03,630 --> 00:02:06,750 +elasticity. In general theory, or demand theory, + +21 +00:02:06,930 --> 00:02:09,830 +we said that there is a negative relationship + +22 +00:02:09,830 --> 00:02:12,430 +between the prices and the quantity demanded. As + +23 +00:02:12,430 --> 00:02:13,790 +the price goes up, + +24 +00:02:17,850 --> 00:02:21,170 +The quantity demanded goes down. This is the + +25 +00:02:21,170 --> 00:02:24,970 +general theory or the demand theory. All right? + +26 +00:02:27,430 --> 00:02:31,990 +But by how much? Which means if the price + +27 +00:02:31,990 --> 00:02:36,950 +increased by 10 percent, the quantity demanded + +28 +00:02:36,950 --> 00:02:43,960 +declined. But by how much? Maybe 10%, maybe 20%, + +29 +00:02:43,960 --> 00:02:50,040 +maybe by 3%. So sometimes maybe the price + +30 +00:02:50,040 --> 00:02:53,520 +increased by 10%, the quantity demand declined by + +31 +00:02:53,520 --> 00:03:00,920 +10%, might be by 3%, might be 20%, 30%, zero. + +32 +00:03:03,080 --> 00:03:09,460 +So we have a concept here, which is the price + +33 +00:03:09,460 --> 00:03:16,560 +elasticity of demand. The price elasticity + +34 +00:03:16,560 --> 00:03:20,480 +of + +35 +00:03:20,480 --> 00:03:22,920 +demand, Pd. + +36 +00:03:27,180 --> 00:03:33,020 +The price elasticity of demand is the percentage + +37 +00:03:33,020 --> 00:03:35,900 +change in quantity demanded + +38 +00:03:38,560 --> 00:03:44,620 +Due to or as a result of the change in prices, + +39 +00:03:45,760 --> 00:03:52,360 +which means how much is the percentage change in + +40 +00:03:52,360 --> 00:03:59,500 +quantity demanded if the price changed by 1%. How + +41 +00:03:59,500 --> 00:04:03,720 +much is the change, the percentage change in + +42 +00:04:03,720 --> 00:04:11,620 +quantity demanded When the price change. PED + +43 +00:04:11,620 --> 00:04:16,940 +equals the change in quantity demanded percent + +44 +00:04:16,940 --> 00:04:20,100 +over change in price percent. + +45 +00:04:24,740 --> 00:04:27,860 +As the price increased by 10 percent. + +46 +00:04:34,670 --> 00:04:43,450 +The quantity demanded declined by maybe 1%, maybe + +47 +00:04:43,450 --> 00:04:49,690 +0%, maybe 10%. So the change in quantity demanded + +48 +00:04:49,690 --> 00:04:54,810 +might be greater than 1% of the percentage change + +49 +00:04:54,810 --> 00:05:01,350 +in price. Maybe equals, maybe less. Maybe on a + +50 +00:05:01,350 --> 00:05:06,090 +change. No changes in a quantity demanded. So, the + +51 +00:05:06,090 --> 00:05:09,530 +price elasticity of demand is the percentage of + +52 +00:05:09,530 --> 00:05:13,830 +change in a quantity demanded due to the change in + +53 +00:05:13,830 --> 00:05:20,550 +a price. If the price increased by ten, one + +54 +00:05:20,550 --> 00:05:24,990 +percent here, the quantity demanded declined by + +55 +00:05:24,990 --> 00:05:29,090 +maybe, let us assume, two percent. + +56 +00:05:33,410 --> 00:05:37,190 +This is increased like this. This is declined, + +57 +00:05:37,370 --> 00:05:37,730 +negative. + +58 +00:05:43,510 --> 00:05:47,350 +How much is this like this? Minus two percent over + +59 +00:05:47,350 --> 00:05:52,630 +positive one percent. Minus two. + +60 +00:05:59,590 --> 00:06:04,830 +2% minus over positive 1%. Because here we're + +61 +00:06:04,830 --> 00:06:11,210 +talking about an increasing in the price by 1%. + +62 +00:06:11,210 --> 00:06:17,250 +Leads to a declining in the quantity demanded by + +63 +00:06:17,250 --> 00:06:18,770 +2%. + +64 +00:06:28,880 --> 00:06:33,780 +In general, in general. The negative sign doesn't + +65 +00:06:33,780 --> 00:06:37,200 +mean anything except in the negative relationship + +66 +00:06:37,200 --> 00:06:38,820 +between the prices and the quantity demanded. + +67 +00:06:40,740 --> 00:06:46,500 +Negative sign means that there is a negative + +68 +00:06:46,500 --> 00:06:48,800 +relationship between the prices and the quantity + +69 +00:06:48,800 --> 00:06:49,360 +demanded. + +70 +00:06:54,600 --> 00:06:58,060 +means that there is a negative relationships or + +71 +00:06:58,060 --> 00:07:01,900 +shape between the price and the quantity demanded. + +72 +00:07:02,020 --> 00:07:05,080 +Had a theory. So, + +73 +00:07:07,840 --> 00:07:12,160 +the price elasticity of demand, it's always + +74 +00:07:12,160 --> 00:07:13,040 +negative. + +75 +00:07:17,140 --> 00:07:24,430 +Price elasticity of demand, negative sign. We got + +76 +00:07:24,430 --> 00:07:30,430 +this number. So it's going to deal with absolute + +77 +00:07:30,430 --> 00:07:31,470 +value. + +78 +00:07:33,450 --> 00:07:39,810 +These are two. The question is, I moved the price + +79 +00:07:39,810 --> 00:07:44,410 +by how much? 10%. The quantity demanded dropped by + +80 +00:07:44,410 --> 00:07:48,650 +a lot. 20%. Meaning there's a high response. + +81 +00:07:52,190 --> 00:08:02,950 +There is no response. + +82 +00:08:04,270 --> 00:08:11,830 +There is no elasticity. So if the + +83 +00:08:11,830 --> 00:08:17,350 +absolute value is bigger if it was bigger than + +84 +00:08:17,350 --> 00:08:21,770 +one. It is elastic. + +85 +00:08:25,470 --> 00:08:34,490 +to be elastic. Elastic demand. Absolute value. + +86 +00:08:38,070 --> 00:08:40,130 +If this was minus half, + +87 +00:08:44,420 --> 00:08:50,100 +Let us assume that the price has increased by 10% + +88 +00:08:50,100 --> 00:08:56,900 +and the quantity demanded goes down by not 20%, by + +89 +00:08:56,900 --> 00:09:02,840 +3%. How much is it here or the result? + +90 +00:09:05,520 --> 00:09:15,550 +Minus 3% over positive 10%. minus 0.3. Had a + +91 +00:09:15,550 --> 00:09:19,650 +negative sign? It's just to remind me that there + +92 +00:09:19,650 --> 00:09:23,350 +is a negative relationship between the price and + +93 +00:09:23,350 --> 00:09:26,810 +the quantity demanded. Okay? The most important + +94 +00:09:26,810 --> 00:09:32,210 +point here is the value or the absolute value of + +95 +00:09:32,210 --> 00:09:35,690 +the price in assistive demand. Here it is less + +96 +00:09:35,690 --> 00:09:42,730 +than the absolute value. It's less than one. Here, + +97 +00:09:43,170 --> 00:09:50,290 +inelastic demand. It's called here inelastic + +98 +00:09:50,290 --> 00:09:53,370 +demand. + +99 +00:09:57,730 --> 00:10:00,930 +We have five cases. + +100 +00:10:05,590 --> 00:10:07,290 +Case number one. + +101 +00:10:17,880 --> 00:10:21,980 +Decline by 10%. It could be like this. It could be + +102 +00:10:21,980 --> 00:10:23,700 +bigger, it could be smaller, it could be maybe + +103 +00:10:23,700 --> 00:10:28,140 +zero. Okay? And let's look at case number five. + +104 +00:10:28,360 --> 00:10:30,880 +It's like this. This is like this. So I saw case + +105 +00:10:30,880 --> 00:10:35,840 +number one. When the price increased by 10%, it + +106 +00:10:35,840 --> 00:10:44,080 +was demanded declined by 20%. It declined by 20%. + +107 +00:10:44,080 --> 00:10:53,280 +It's minus 2. Absolute value, 2. It's bigger than + +108 +00:10:53,280 --> 00:11:00,390 +1. It had elastic demand. When the price increased + +109 +00:11:00,390 --> 00:11:03,690 +by 10 percent, the demand goes down by three + +110 +00:11:03,690 --> 00:11:12,330 +percent. Minus 0.3, the absolute value is less + +111 +00:11:12,330 --> 00:11:15,930 +than one. The demand is inelastic. + +112 +00:11:19,630 --> 00:11:21,170 +The third case, + +113 +00:11:24,010 --> 00:11:27,500 +when the price increased by The quantity demanded + +114 +00:11:27,500 --> 00:11:34,420 +goes down by 10 percent. Minus one. In the + +115 +00:11:34,420 --> 00:11:40,760 +absolute value. Equals one. Equals one. Unitary + +116 +00:11:40,760 --> 00:11:41,280 +elastic. + +117 +00:11:45,340 --> 00:11:51,100 +Unitary elastic demand. + +118 +00:11:51,720 --> 00:11:55,140 +Unitary elastic + +119 +00:11:56,970 --> 00:11:57,850 +Demand. + +120 +00:12:02,910 --> 00:12:08,630 +Number four. I will check some examples in these + +121 +00:12:08,630 --> 00:12:17,210 +cases here. The fourth case is when the price + +122 +00:12:17,210 --> 00:12:22,850 +increased by 10% here, the quantity demanded goes + +123 +00:12:22,850 --> 00:12:24,550 +down by 0%. + +124 +00:12:27,480 --> 00:12:30,240 +Medicine. Let the medicine pay 10% of the price, + +125 +00:12:30,340 --> 00:12:34,960 +and one takes a very important medicine. According + +126 +00:12:34,960 --> 00:12:39,880 +to the heart or what is its name? Kidneys or that. + +127 +00:12:40,840 --> 00:12:44,380 +The quantity demanded goes down by 0%. Right? So + +128 +00:12:44,380 --> 00:12:50,700 +this is how the quantity demanded goes down by 0%. + +129 +00:12:50,700 --> 00:12:52,400 +Zero. + +130 +00:12:54,360 --> 00:12:57,020 +So this is how Zero. + +131 +00:13:01,000 --> 00:13:04,500 +Perfectly inelastic. + +132 +00:13:05,560 --> 00:13:07,300 +There is no response. + +133 +00:13:12,580 --> 00:13:18,600 +Perfectly inelastic. Perfectly perfectly + +134 +00:13:30,100 --> 00:13:31,940 +Inelastic demand. + +135 +00:13:39,400 --> 00:13:40,860 +The last case, + +136 +00:13:43,580 --> 00:13:49,180 +we have so many examples related to these points, + +137 +00:13:49,420 --> 00:13:57,170 +it will be discussed now. The last case, The + +138 +00:13:57,170 --> 00:13:59,910 +assumption could be a hypothetical case. + +139 +00:14:03,730 --> 00:14:11,670 +Even if these prices, although there is no change + +140 +00:14:11,670 --> 00:14:14,810 +in price, + +141 +00:14:16,990 --> 00:14:20,370 +which means that the change is zero. + +142 +00:14:23,920 --> 00:14:29,560 +The quantity demanded declines by any number. Five + +143 +00:14:29,560 --> 00:14:33,840 +percent, ten percent. What happens to this? + +144 +00:14:36,220 --> 00:14:40,900 +Infinity. They call it infinity. Have you ever + +145 +00:14:40,900 --> 00:14:41,560 +heard of infinity? + +146 +00:14:44,580 --> 00:14:48,620 +This is how it turns out. Minus infinity. + +147 +00:14:56,720 --> 00:15:03,320 +I started teaching 17 years ago. I studied in one + +148 +00:15:03,320 --> 00:15:07,400 +of the universities. The generation that existed + +149 +00:15:07,400 --> 00:15:10,740 +was older than me by 10 years and 20 years. So + +150 +00:15:10,740 --> 00:15:15,740 +it's not really a negative story. I don't know if + +151 +00:15:15,740 --> 00:15:16,960 +there's something called negative five and + +152 +00:15:16,960 --> 00:15:20,580 +negative three. It's not really about that. I + +153 +00:15:20,580 --> 00:15:26,060 +started teaching 17 years ago. Yes, maybe 18 years + +154 +00:15:26,060 --> 00:15:28,040 +ago. I wasn't even born yet. I was born recently. + +155 +00:15:29,780 --> 00:15:32,360 +Yes. Yes, I was born a year ago. Yes. + +156 +00:15:35,500 --> 00:15:39,160 +I studied economics and wanted to study + +157 +00:15:39,160 --> 00:15:42,460 +accounting. And accounting was a difficult + +158 +00:15:42,460 --> 00:15:49,240 +subject. And three quarters of them came with 50% + +159 +00:15:49,240 --> 00:15:54,650 +literacy. 50% came with it. And that's it. So a + +160 +00:15:54,650 --> 00:15:56,610 +big man came to me, taller than me, with a + +161 +00:15:56,610 --> 00:16:00,030 +moustache. He didn't enter through the door. He + +162 +00:16:00,030 --> 00:16:02,870 +said, oh, doctor, by God, I speak in Bedouin + +163 +00:16:02,870 --> 00:16:05,730 +dialect. The Bedouin dialect is beautiful. Oh, + +164 +00:16:05,870 --> 00:16:09,770 +doctor, your appearance makes my heart flutter. + +165 +00:16:10,070 --> 00:16:16,310 +And I've carried this substance five times. And + +166 +00:16:16,310 --> 00:16:20,880 +I'm hoping that you'll be fine. Say, okay, okay, + +167 +00:16:21,280 --> 00:16:22,180 +okay, okay, okay, okay, okay, okay, okay, okay, + +168 +00:16:22,180 --> 00:16:23,760 +okay, okay, okay, okay, okay, okay, okay, okay, + +169 +00:16:23,760 --> 00:16:25,820 +okay, okay, okay, okay, okay, okay, okay, okay, + +170 +00:16:28,860 --> 00:16:29,400 +okay, okay, okay, okay, okay, okay, okay, okay, + +171 +00:16:29,400 --> 00:16:29,520 +okay, okay, okay, okay, okay, okay, okay, okay, + +172 +00:16:29,520 --> 00:16:29,540 +okay, okay, okay, okay, okay, okay, okay, okay, + +173 +00:16:29,540 --> 00:16:34,060 +okay, okay, okay, okay, okay, okay, okay, okay, + +174 +00:16:34,240 --> 00:16:39,880 +okay, okay, okay, okay, okay, okay, okay, okay, + +175 +00:16:39,880 --> 00:16:48,580 +okay, okay, okay, okay, + +176 +00:16:48,580 --> 00:16:52,810 +okay, In the classroom. To do regression. Alpha + +177 +00:16:52,810 --> 00:16:55,470 +and beta calculations. And to do the formulas of + +178 +00:16:55,470 --> 00:16:57,570 +the equation of rotation. And to do this with + +179 +00:16:57,570 --> 00:17:01,750 +diploids. And you work. Okay? I tell them, and I + +180 +00:17:01,750 --> 00:17:03,450 +explain, and I tell them, listen, this question is + +181 +00:17:03,450 --> 00:17:06,850 +coming and it has 20 marks. That is, whoever + +182 +00:17:06,850 --> 00:17:11,210 +succeeds gets the 50 and walks. And study well. + +183 +00:17:11,630 --> 00:17:14,330 +It's coming. Of course, the expert is sitting. He + +184 +00:17:14,330 --> 00:17:19,120 +has a PhD in physics. All right? If you say, all + +185 +00:17:19,120 --> 00:17:23,280 +right, 100%, that guarantees 20%. The day of the + +186 +00:17:23,280 --> 00:17:26,820 +exam, the day of the exam. Yes, the exam came. + +187 +00:17:26,840 --> 00:17:27,740 +Yes, of course. What did you bring? + +188 +00:17:30,920 --> 00:17:33,960 +100%. Do not worry. I have the review. Okay, he + +189 +00:17:33,960 --> 00:17:36,940 +came to the exam. They gave the guys an exam, and + +190 +00:17:36,940 --> 00:17:39,640 +they were happy. I mean, as we said, he got the + +191 +00:17:39,640 --> 00:17:43,600 +guide. All right? No, he said, why, why, why, why, + +192 +00:17:43,600 --> 00:17:45,620 +why, why, why, why, why, why, why, why, why, why, + +193 +00:17:45,700 --> 00:17:47,840 +why, why, why, why, why, why, why, why, why, why, + +194 +00:17:48,060 --> 00:17:49,620 +why, why, why, why, why, why, why, why, why, why, + +195 +00:17:49,620 --> 00:17:53,140 +why, why, why, why, why, why, why, why, why, why, + +196 +00:17:53,140 --> 00:17:53,200 +why, why, why, why, why, why, why, why, why, why, + +197 +00:17:53,200 --> 00:17:54,480 +why, why, why, why, why, why, why, why, why, why, + +198 +00:17:54,480 --> 00:17:59,740 +why, why, why, why, why, why, why, why, why, why, + +199 +00:17:59,740 --> 00:18:03,760 +why, why, why, why, why, why + +200 +00:18:07,760 --> 00:18:09,900 +He said, I don't have money. Yes, I don't have + +201 +00:18:09,900 --> 00:18:11,980 +money. I haven't slept for two weeks. I said, what + +202 +00:18:11,980 --> 00:18:12,640 +happened to you? He said, I don't have money. I + +203 +00:18:12,640 --> 00:18:15,200 +said, what happened to you? He said, I don't have + +204 +00:18:15,200 --> 00:18:15,460 +money. I said, what happened to you? He said, I + +205 +00:18:15,460 --> 00:18:16,060 +don't have money. I said, what happened to you? He + +206 +00:18:16,060 --> 00:18:16,180 +you? He said, I don't have money. I said, what + +207 +00:18:16,180 --> 00:18:17,420 +don't have money. I said, what happened to you? He + +208 +00:18:17,420 --> 00:18:18,720 +said, I don't have money. I said, what happened to + +209 +00:18:18,720 --> 00:18:20,300 +you? He said, I don't have money. I said, I don't + +210 +00:18:20,300 --> 00:18:23,460 +have + +211 +00:18:23,460 --> 00:18:25,300 +money. I said, what happened to you? He said, I + +212 +00:18:25,300 --> 00:18:27,450 +don't have money. I said, He says, I don't sleep + +213 +00:18:27,450 --> 00:18:31,610 +for two weeks. The X keeps me awake. And the + +214 +00:18:31,610 --> 00:18:33,930 +negative nine, where did it come from? And the + +215 +00:18:33,930 --> 00:18:36,090 +negative three, where did it come from? Or I don't + +216 +00:18:36,090 --> 00:18:38,870 +know what this is. Or this one, I don't know what + +217 +00:18:38,870 --> 00:18:40,670 +this is. So I get up and eat it. This is from + +218 +00:18:40,670 --> 00:18:44,310 +Sigma. I don't know. I put it there. It's all + +219 +00:18:44,310 --> 00:18:46,970 +programmed. Where? Programmed in his head. They + +220 +00:18:46,970 --> 00:18:48,390 +said, and this one? He says, and this one is five + +221 +00:18:48,390 --> 00:18:50,410 +shekels. And this one is three. Don't talk to me + +222 +00:18:50,410 --> 00:18:52,390 +about numbers. He's afraid of numbers. He hits + +223 +00:18:52,390 --> 00:18:57,340 +numbers. He said, and my watch, I didn't throw it + +224 +00:18:57,340 --> 00:19:00,960 +away. And my phone, they threw it away. And + +225 +00:19:00,960 --> 00:19:04,660 +Rabawel said, I can't hold it. He said, I'm + +226 +00:19:04,660 --> 00:19:06,560 +afraid. I look at the numbers. I see numbers. He + +227 +00:19:06,560 --> 00:19:08,160 +hits the numbers on his feet and armpits. + +228 +00:19:09,240 --> 00:19:12,600 +Programming. I said, by God, I memorized all these + +229 +00:19:12,600 --> 00:19:16,100 +numbers. Okay? I have to guarantee that he is + +230 +00:19:16,100 --> 00:19:18,300 +genius. Because you want to know the meaning of + +231 +00:19:18,300 --> 00:19:19,740 +the word, but you don't want to know what this is + +232 +00:19:19,740 --> 00:19:21,860 +called. One memorizes numbers like that, genius, + +233 +00:19:22,020 --> 00:19:27,400 +not this.طيب المهم ودي يمين ودي شمال وودي أنجح + +234 +00:19:27,400 --> 00:19:30,980 +قولت والله اللي عامل زي هيك أشطر مني والله فه يعني + +235 +00:19:30,980 --> 00:19:39,460 +خلاص ومشينا أجينا براقب عليه في الإنقليزي أه بعمل + +236 +00:19:39,460 --> 00:19:43,960 +إنقليزي بقول له هل جاتي الزلم حاطط الجلم زي هيك ع + +237 +00:19:43,960 --> 00:19:51,500 +دانه تمام لأ مش بفكر معاه مصطره و بجيس I'm not + +238 +00:19:51,500 --> 00:19:53,400 +measuring, he said. Well, this is engineering + +239 +00:19:53,400 --> 00:19:56,240 +work, not engineering. I told him it wasn't my + +240 +00:19:56,240 --> 00:20:00,700 +problem. He told me he saw this paper. He said, I + +241 +00:20:00,700 --> 00:20:04,320 +don't understand anything in it. I said, okay. He + +242 +00:20:04,320 --> 00:20:06,840 +said, I have words that are filled in the gaps. + +243 +00:20:07,120 --> 00:20:10,820 +Yes, the long word is in the long gap, and the + +244 +00:20:10,820 --> 00:20:17,740 +short word is in the short gap. Okay. Now I want + +245 +00:20:17,740 --> 00:20:23,030 +to check, to see. He said, look, I'm going. I'm + +246 +00:20:23,030 --> 00:20:26,770 +not studying the subject. His words were about 30% + +247 +00:20:26,770 --> 00:20:30,470 +correct, because they match the paper. Those who + +248 +00:20:30,470 --> 00:20:32,910 +took the exam thought they were going to pronounce + +249 +00:20:32,910 --> 00:20:37,910 +the letter N. They didn't leave any room for me. I + +250 +00:20:37,910 --> 00:20:41,830 +said, I don't know this word. Continue. They said, + +251 +00:20:41,890 --> 00:20:43,390 +I don't understand anything, but I don't know the + +252 +00:20:43,390 --> 00:20:46,850 +letters of the word. We came to the translation. + +253 +00:20:47,110 --> 00:20:50,600 +You said the word translation. I put a sentence in + +254 +00:20:50,600 --> 00:20:52,260 +English at the end and said, translate into + +255 +00:20:52,260 --> 00:20:56,420 +Arabic. And they put a line like this, Abu. Do you + +256 +00:20:56,420 --> 00:20:58,460 +know Muhammad? I said, yes, good, what do you + +257 +00:20:58,460 --> 00:21:00,520 +care? He said, heavy, how many times did I hit + +258 +00:21:00,520 --> 00:21:00,760 +him? + +259 +00:21:03,960 --> 00:21:07,720 +This thing is a headache. I said, heavy, how many + +260 +00:21:07,720 --> 00:21:10,500 +lines under it? He said four. I said, hit him four + +261 +00:21:10,500 --> 00:21:13,360 +times. I said, what is this? I said, translate, + +262 +00:21:13,680 --> 00:21:15,300 +translate what? What to translate? + +263 +00:21:23,970 --> 00:21:24,850 +Language, yes. + +264 +00:21:36,490 --> 00:21:38,350 +We give them a number from the first to the last, + +265 +00:21:38,490 --> 00:21:43,850 +plus, plus, plus, plus, plus, plus, plus, plus, + +266 +00:21:43,850 --> 00:21:45,150 +plus, plus, plus, plus, plus, plus, plus, plus, + +267 +00:21:45,150 --> 00:21:45,810 +plus, plus, plus, plus, plus, plus, plus, plus, + +268 +00:21:45,810 --> 00:21:46,010 +plus, plus, plus, plus, plus, plus, plus, plus, + +269 +00:21:46,010 --> 00:21:48,650 +plus, plus, plus, plus, plus, plus, plus, plus, + +270 +00:21:48,950 --> 00:21:55,990 +plus, plus, plus, plus, + +271 +00:21:55,990 --> 00:21:59,010 +plus, plus, plus, plus, + +272 +00:22:01,530 --> 00:22:05,070 +plus, + +273 +00:22:05,350 --> 00:22:07,070 +plus, Of course, he didn't understand the story. + +274 +00:22:08,290 --> 00:22:10,570 +And I said, by God, this exam is not easy. This is + +275 +00:22:10,570 --> 00:22:13,570 +the first question. He put the two numbers on the + +276 +00:22:13,570 --> 00:22:17,250 +machine and gave him two, one, two, zero. There + +277 +00:22:17,250 --> 00:22:19,430 +are no twos. He came and said, I finished the + +278 +00:22:19,430 --> 00:22:20,790 +first one. He came and put the second one + +279 +00:22:20,790 --> 00:22:23,490 +correctly on the machine, of course. Of course, + +280 +00:22:23,510 --> 00:22:26,170 +the whole job is wrong. The body said the same + +281 +00:22:26,170 --> 00:22:29,100 +thing. I found the beating. The machine gives him + +282 +00:22:29,100 --> 00:22:31,260 +an error. Because if you put a number from the + +283 +00:22:31,260 --> 00:22:32,480 +beginning of the board to the end of the board and + +284 +00:22:32,480 --> 00:22:34,620 +multiply it by another number longer than it, the + +285 +00:22:34,620 --> 00:22:36,220 +machine can't understand the number. So you give + +286 +00:22:36,220 --> 00:22:37,800 +him an error. You give him an error for the + +287 +00:22:37,800 --> 00:22:41,140 +machine. Then he tells me, I don't know, Mohammad, + +288 +00:22:41,280 --> 00:22:45,020 +I said no. He said, what is this? The machine + +289 +00:22:45,020 --> 00:22:50,180 +can't get it. I want to get it. I tell him, pick + +290 +00:22:50,180 --> 00:22:52,820 +up what you have. He said, computer, yellow and + +291 +00:22:52,820 --> 00:22:53,780 +blue, computer. + +292 +00:22:57,250 --> 00:22:59,930 +I'm still graduating. I graduated last year. How + +293 +00:22:59,930 --> 00:23:04,270 +old are you? Approximately about sixty something + +294 +00:23:04,270 --> 00:23:06,610 +years old. Sixty years old? Yes, about sixty years + +295 +00:23:06,610 --> 00:23:09,770 +old. Yes, yes. And then, look, I go and attend all + +296 +00:23:09,770 --> 00:23:11,310 +the lectures. You tell me, for example, he's + +297 +00:23:11,310 --> 00:23:12,990 +absent, but he opens the university. I go with + +298 +00:23:12,990 --> 00:23:15,670 +Alba, you go at eight o'clock in the morning, he's + +299 +00:23:15,670 --> 00:23:19,410 +there. So why, so why do you need a diploma? Why + +300 +00:23:19,410 --> 00:23:21,510 +do I need a diploma? What is it, what is it? Why + +301 +00:23:21,510 --> 00:23:23,310 +do you need a diploma? I mean, you have the + +302 +00:23:23,310 --> 00:23:23,570 +ability to study. + +303 +00:23:26,530 --> 00:23:26,850 +Yeah? + +304 +00:23:29,890 --> 00:23:32,610 +Yeah, you can go. And then there's no material, + +305 +00:23:33,130 --> 00:23:36,110 +there's no material that you can get for the first + +306 +00:23:36,110 --> 00:23:38,450 +time. And it's not possible, it's instinctive. I + +307 +00:23:38,450 --> 00:23:38,930 +mean, there was someone who studied with me. + +308 +00:23:42,950 --> 00:23:44,930 +No, someone who studied with me also took a + +309 +00:23:44,930 --> 00:23:46,370 +material from me, I don't know if it was two + +310 +00:23:46,370 --> 00:23:49,410 +materials. Yes, someone who studied with me at the + +311 +00:23:49,410 --> 00:23:52,250 +same university took a material from me. Identical + +312 +00:23:52,250 --> 00:23:55,480 +resemblance, the same resemblance. He couldn't + +313 +00:23:55,480 --> 00:23:58,340 +even walk on the floor once. I remember once my + +314 +00:23:58,340 --> 00:24:01,720 +brother and I were dressed exactly like each + +315 +00:24:01,720 --> 00:24:05,920 +other. This is my room and this is the room next + +316 +00:24:05,920 --> 00:24:11,250 +to it. I used to teach part-time economics. It's + +317 +00:24:11,250 --> 00:24:15,550 +called public finance. You take it in the third + +318 +00:24:15,550 --> 00:24:18,850 +year or something like that. No, no, no, he's not + +319 +00:24:18,850 --> 00:24:21,930 +a student. Either me or Dr. Khalil, either I'll be + +320 +00:24:21,930 --> 00:24:27,450 +with you, depending on what you say. The door + +321 +00:24:27,450 --> 00:24:29,370 +opens to the door, so I'm in the classroom, I have + +322 +00:24:29,370 --> 00:24:31,290 +more students than the number of students he has. + +323 +00:24:31,610 --> 00:24:34,490 +So I tell him, we want to change the classrooms. + +324 +00:24:36,090 --> 00:24:37,570 +Before the students came, he said, there's no + +325 +00:24:37,570 --> 00:24:39,710 +problem. We changed. You took the big chair, and + +326 +00:24:39,710 --> 00:24:42,790 +he took the small one. Yes, and we're dressed the + +327 +00:24:42,790 --> 00:24:46,490 +same. All right? This side is ... Yes, that's it. + +328 +00:24:46,570 --> 00:24:48,150 +We got used to it all our lives. They were like + +329 +00:24:48,150 --> 00:24:50,310 +that. The Hajj came to us. May God give it health. + +330 +00:24:51,790 --> 00:24:56,430 +Yes. So we changed. Now these guys who come from + +331 +00:24:56,430 --> 00:24:59,110 +my students go to him, and those who come from his + +332 +00:24:59,110 --> 00:25:02,070 +students come to him. I mean, it's changed. They + +333 +00:25:02,070 --> 00:25:05,880 +have confusion. There was a student who came to + +334 +00:25:05,880 --> 00:25:09,100 +me. I told him that we had a similar lecture the + +335 +00:25:09,100 --> 00:25:13,800 +other day. I started to complain about what + +336 +00:25:13,800 --> 00:25:18,620 +happened the other day. No, it's not like that. + +337 +00:25:19,000 --> 00:25:21,200 +Those who know, know. But there are people who are + +338 +00:25:21,200 --> 00:25:23,260 +not able to stand out. I told him, it's him, but + +339 +00:25:23,260 --> 00:25:25,900 +what does this girl want? It's the same voice. + +340 +00:25:25,980 --> 00:25:28,200 +When I talk on my phone, it's impossible for me to + +341 +00:25:28,200 --> 00:25:31,260 +hear you. It's very difficult to distinguish the + +342 +00:25:31,260 --> 00:25:35,440 +voices. No, no, it's the voice. When I watch a + +343 +00:25:35,440 --> 00:25:36,840 +video, I hear this voice, and I say to myself, + +344 +00:25:36,840 --> 00:25:40,280 +it's the same voice. Yeah, I mean, when I talk on + +345 +00:25:40,280 --> 00:25:43,380 +the phone with her, okay? If I heard it, it's hard + +346 +00:25:43,380 --> 00:25:45,200 +for me to distinguish. The sound, yeah, the sound + +347 +00:25:45,200 --> 00:25:47,720 +is something, I mean, terrible. Yeah, similar, + +348 +00:25:48,180 --> 00:25:50,860 +similar. The girl surprised me. I say to them, + +349 +00:25:51,260 --> 00:25:53,820 +like we took the lecture last time and so on, and + +350 +00:25:53,820 --> 00:25:55,740 +I started drawing. He didn't know anything about + +351 +00:25:55,740 --> 00:25:58,740 +demand and analysis and so on. The girl, uncle, + +352 +00:25:58,780 --> 00:26:01,660 +says to you, uncle, it's him, but it's not ... + +353 +00:26:01,660 --> 00:26:03,800 +He's the teacher, and you say we didn't take him. + +354 +00:26:04,760 --> 00:26:07,020 +I said to her, how? And most of them came and took + +355 +00:26:07,020 --> 00:26:11,010 +him. You say, no, we didn't take it. We didn't + +356 +00:26:11,010 --> 00:26:14,090 +take it. I mean, yes, we didn't take it. It + +357 +00:26:14,090 --> 00:26:16,670 +continued on the material. I started to explain + +358 +00:26:16,670 --> 00:26:18,890 +that the material is close to us and everything is + +359 +00:26:18,890 --> 00:26:20,730 +economic in the end. The financial, the public, + +360 +00:26:20,810 --> 00:26:22,490 +the economy, part of the economy, the state, I + +361 +00:26:22,490 --> 00:26:25,110 +don't know what else. Okay. They say, my son, it's + +362 +00:26:25,110 --> 00:26:28,090 +him. That's it. It's him, not him. It's him, not + +363 +00:26:28,090 --> 00:26:29,430 +him, and it's not the same material. I don't know + +364 +00:26:29,430 --> 00:26:31,250 +that there are two of them. Because we were still + +365 +00:26:31,250 --> 00:26:35,230 +new. You don't know that there are two of them. I + +366 +00:26:35,230 --> 00:26:37,030 +just had to tell him, listen professor, you and + +367 +00:26:37,030 --> 00:26:38,610 +your brother are going to stay in university until + +368 +00:26:38,610 --> 00:26:39,270 +the end of the semester and you're not going to + +369 +00:26:39,270 --> 00:26:40,110 +use your brain, no. + +370 +00:26:43,690 --> 00:26:51,350 +He memorized the Quran, I didn't. Listen, when you + +371 +00:26:51,350 --> 00:26:52,290 +see me, tell me to listen. + +372 +00:27:03,270 --> 00:27:06,590 +Where did we go here? Let's come back. + +373 +00:27:09,890 --> 00:27:10,310 +Infinity. + +374 +00:27:14,850 --> 00:27:17,910 +Perfectly elastic. Perfectly elastic. + +375 +00:27:42,400 --> 00:27:46,620 +Let's come back here to the perfectly last case. + +376 +00:27:50,830 --> 00:27:53,610 +And the price elasticity of demand, or the last + +377 +00:27:53,610 --> 00:27:58,890 +type, is the perfectly elastic demand. When the + +378 +00:27:58,890 --> 00:28:02,530 +price elasticity of demand equals the percentage + +379 +00:28:02,530 --> 00:28:05,150 +change in quantity demanded percent over the + +380 +00:28:05,150 --> 00:28:08,290 +percentage change in price percent, according to + +381 +00:28:08,290 --> 00:28:10,910 +our assumption here is the last case, the fifth + +382 +00:28:10,910 --> 00:28:15,660 +case, which is the perfectly elastic demand. When + +383 +00:28:15,660 --> 00:28:18,320 +the price is no change, or there's no changes in + +384 +00:28:18,320 --> 00:28:22,840 +the prices, increasing or decreasing the prices + +385 +00:28:22,840 --> 00:28:27,260 +equals zero, and the quantity demanded is changed + +386 +00:28:27,260 --> 00:28:31,500 +by any number. Let us assume that decreasing by + +387 +00:28:31,500 --> 00:28:37,820 +four percent, negative, positive. Sometimes, + +388 +00:28:38,140 --> 00:28:39,000 +blacks will see it. + +389 +00:28:42,580 --> 00:28:45,680 +But in all cases here negative sign, negative + +390 +00:28:45,680 --> 00:28:51,800 +relations. So absolute value, infinity. + +391 +00:28:57,420 --> 00:29:03,520 +No change for the prices. Case examples. + +392 +00:29:11,520 --> 00:29:17,560 +This product is not important for, it's not + +393 +00:29:17,560 --> 00:29:18,800 +necessary for the consumer. + +394 +00:29:23,480 --> 00:29:28,500 +As you + +395 +00:29:28,500 --> 00:29:31,600 +see in this, we have five graphs. + +396 +00:29:35,570 --> 00:29:41,450 +And we said that we have five types of the price + +397 +00:29:41,450 --> 00:29:46,490 +elasticity of demand. The first type was inelastic + +398 +00:29:46,490 --> 00:29:50,310 +demand, elastic, unitary elastic, perfectly + +399 +00:29:50,310 --> 00:29:53,950 +inelastic, perfectly elastic. Okay? And here we + +400 +00:29:53,950 --> 00:29:55,330 +have five examples. + +401 +00:29:59,430 --> 00:30:02,710 +If you remember that the price elasticity of + +402 +00:30:02,710 --> 00:30:03,010 +demand + +403 +00:30:05,720 --> 00:30:10,740 +The formula for the price elasticity of demand is + +404 +00:30:10,740 --> 00:30:14,060 +PED equals the percentage change in quantity + +405 +00:30:14,060 --> 00:30:17,260 +demanded percent over the percentage change in + +406 +00:30:17,260 --> 00:30:18,200 +price percent. + +407 +00:30:21,660 --> 00:30:28,480 +Right? We mentioned that if the price increased by + +408 +00:30:28,480 --> 00:30:32,880 +10% and the quantity demanded declined by larger + +409 +00:30:32,880 --> 00:30:39,360 +than or greater than 10%. For example, or less + +410 +00:30:39,360 --> 00:30:47,500 +than 10%. For example, let's say 2%. What did we + +411 +00:30:47,500 --> 00:30:50,540 +say about this? It used to be the absolute value + +412 +00:30:50,540 --> 00:30:57,280 +minus 0.2 of the absolute value. 0.2%. This is + +413 +00:30:57,280 --> 00:31:05,410 +less than 1. This is inelastic. For example, let's + +414 +00:31:05,410 --> 00:31:13,470 +go to this graph here. The demand for flour. Is it + +415 +00:31:13,470 --> 00:31:17,870 +necessary for the consumer? Yes. According to our + +416 +00:31:17,870 --> 00:31:21,830 +assumption here, that the price of flour, the + +417 +00:31:21,830 --> 00:31:27,170 +price per sack of flour increased by 10%. + +418 +00:31:29,630 --> 00:31:34,930 +By 10%. The quantity demanded of a flower declined + +419 +00:31:34,930 --> 00:31:41,270 +by only 2%, because the product is necessary for + +420 +00:31:41,270 --> 00:31:44,710 +the consumer. It's not easy to give up it when the + +421 +00:31:44,710 --> 00:31:50,970 +price goes up. So the + +422 +00:31:50,970 --> 00:31:54,210 +demand here is inelastic. Hayyu, the price + +423 +00:31:54,210 --> 00:31:58,690 +increased by 10%. The quantity demanded declined + +424 +00:31:58,690 --> 00:32:04,930 +by just 2%. The absolute value or the value here, + +425 +00:32:05,070 --> 00:32:08,130 +the price in a system of demand equals minus 0.5, + +426 +00:32:08,230 --> 00:32:11,890 +the absolute value 2. It's less than when the + +427 +00:32:11,890 --> 00:32:21,370 +demand is inelastic. Okay? Okay? So the more + +428 +00:32:21,370 --> 00:32:25,610 +necessary the product for the consumer, the less + +429 +00:32:26,430 --> 00:32:27,590 +Elastic demand. + +430 +00:32:32,910 --> 00:32:39,810 +What about the alternatives, the substitutes? + +431 +00:32:46,510 --> 00:32:51,570 +The less substitute gets alternatives, + +432 +00:33:05,530 --> 00:33:10,670 +So here in this graph, as the price goes up by + +433 +00:33:10,670 --> 00:33:14,810 +10%, the one demanded by 2% had a demand for a + +434 +00:33:14,810 --> 00:33:20,290 +flower, and the demand is inelastic. Inelastic + +435 +00:33:20,290 --> 00:33:22,110 +demand. + +436 +00:33:26,300 --> 00:33:29,720 +Because the price elasticity of demand here is + +437 +00:33:29,720 --> 00:33:34,060 +less the absolute value of the price elasticity of + +438 +00:33:34,060 --> 00:33:40,020 +demand here is less than one. Let's go to the + +439 +00:33:40,020 --> 00:33:43,200 +second. So here, a movement from point A to point + +440 +00:33:43,200 --> 00:33:47,640 +B along the same demand curve, and the demand + +441 +00:33:47,640 --> 00:33:50,620 +curve is closed to the vertical axis. + +442 +00:34:03,610 --> 00:34:10,060 +Let's go to graph 2 here. What do you see? As the + +443 +00:34:10,060 --> 00:34:13,340 +price of orange here in this example, we're + +444 +00:34:13,340 --> 00:34:19,080 +talking about orange as an example here. Orange is + +445 +00:34:19,080 --> 00:34:23,480 +less necessary than the flower for the consumer, + +446 +00:34:24,080 --> 00:34:27,900 +and it has many substitutes. You can buy apple. + +447 +00:34:28,040 --> 00:34:35,200 +You can buy so many products here. As the price of + +448 +00:34:35,200 --> 00:34:41,650 +orange increased by 10%, A movement from A to B + +449 +00:34:41,650 --> 00:34:45,410 +here. The price goes up by 10%. The quantity + +450 +00:34:45,410 --> 00:34:48,430 +demanded declined from quantity demanded two to + +451 +00:34:48,430 --> 00:34:53,700 +quantity demanded one to two by 30%. What do you + +452 +00:34:53,700 --> 00:34:57,020 +see? The demand, the magnitudes or the percentage + +453 +00:34:57,020 --> 00:35:01,060 +change in a price is less than the percentage + +454 +00:35:01,060 --> 00:35:03,880 +change in the quantity demanded, right? Yes. The + +455 +00:35:03,880 --> 00:35:06,640 +percentage change in a price is less than the + +456 +00:35:06,640 --> 00:35:09,040 +percentage change in quantity demanded. So the + +457 +00:35:09,040 --> 00:35:13,320 +price in a system of demand here, PED equals + +458 +00:35:13,320 --> 00:35:16,420 +change in price and change in quantity demanded + +459 +00:35:16,420 --> 00:35:21,320 +minus decline minus 30 percent over plus 10 + +460 +00:35:21,320 --> 00:35:27,800 +percent. Minus three absolute value. It's bigger + +461 +00:35:27,800 --> 00:35:31,660 +than one. It's bigger than one. + +462 +00:35:37,300 --> 00:35:40,980 +It's bigger + +463 +00:35:40,980 --> 00:35:43,600 +than one. It's bigger than one. It's bigger than + +464 +00:35:43,600 --> 00:35:43,920 +one. It's bigger than one. It's bigger than one. + +465 +00:35:46,740 --> 00:35:47,180 +It's bigger than one. It's bigger than one. It's + +466 +00:35:47,180 --> 00:35:47,800 +bigger than one. It's bigger than one. It's bigger + +467 +00:35:47,800 --> 00:35:49,020 +than one. It's bigger than one. It's bigger than + +468 +00:35:49,020 --> 00:35:50,320 +one. It's bigger than one. It's bigger than one. + +469 +00:35:50,320 --> 00:35:52,900 +It's bigger than one. It's bigger than one. It's + +470 +00:35:53,520 --> 00:35:57,800 +Talata is bigger than one. Elastic demand, yes. So + +471 +00:35:57,800 --> 00:36:04,860 +the price elastic demand is elastic. So, as or + +472 +00:36:04,860 --> 00:36:07,500 +when the change or the percentage change in + +473 +00:36:07,500 --> 00:36:09,640 +quantity demanded is bigger than the percentage + +474 +00:36:09,640 --> 00:36:13,620 +change in price, here we can talk that the demand + +475 +00:36:13,620 --> 00:36:17,100 +for this product is elastic. Elastic means that + +476 +00:36:17,100 --> 00:36:23,340 +this product has a lot of substitutes. It has the + +477 +00:36:23,340 --> 00:36:26,760 +least necessary for the consumer and the lower + +478 +00:36:26,760 --> 00:36:28,080 +necessary for the consumers. + +479 +00:36:30,660 --> 00:36:37,140 +Unitary elastic. As the price goes up by 10%, the + +480 +00:36:37,140 --> 00:36:42,240 +quantity demanded declined by 10%. The demand is + +481 +00:36:42,240 --> 00:36:47,240 +unitary elastic. Close to the horizontal axis. + +482 +00:36:48,460 --> 00:36:52,420 +More elastic. + +483 +00:36:53,260 --> 00:36:54,680 +For vertical, less elastic. + +484 +00:37:12,230 --> 00:37:17,550 +PED like the cell phone services or + +485 +00:37:17,550 --> 00:37:21,810 +telecommunication services in Palestine. PED + +486 +00:37:23,010 --> 00:37:27,470 +equals the percentage change in price, change in + +487 +00:37:27,470 --> 00:37:33,290 +quantity, minus 10 percent over positive 10 + +488 +00:37:33,290 --> 00:37:36,850 +percent equals minus one, but absolute value + +489 +00:37:36,850 --> 00:37:43,150 +equals one. One equals one. So, had this more + +490 +00:37:43,150 --> 00:37:47,230 +unitary elastic. Number three had a unitary + +491 +00:37:47,230 --> 00:37:49,750 +elastic demand. + +492 +00:38:08,490 --> 00:38:15,630 +Let's assume that the price at point A here, the + +493 +00:38:15,630 --> 00:38:16,830 +price was P1. + +494 +00:38:23,870 --> 00:38:33,150 +Let us assume that the price goes up by 10%. Price + +495 +00:38:33,150 --> 00:38:39,430 +too. The quantity unchanged. The demand for drugs + +496 +00:38:39,430 --> 00:38:42,310 +and medicines, different types of medicine. + +497 +00:38:43,870 --> 00:38:46,590 +Necessary, it's very necessary for the consumer. + +498 +00:38:46,810 --> 00:38:55,150 +It's, it's no giving up. From A to B, it's + +499 +00:38:55,150 --> 00:39:02,030 +perfectly inelastic. It changed + +500 +00:39:02,030 --> 00:39:04,590 +in one demanded percent over a change in price + +501 +00:39:04,590 --> 00:39:15,180 +percent. Q2 minus Q1. This is zero. Over, let's + +502 +00:39:15,180 --> 00:39:20,720 +change it for the price zed by 10%. 10%. + +503 +00:39:20,720 --> 00:39:26,080 +That equals zero. It's called perfectly inelastic. + +504 +00:39:26,980 --> 00:39:31,000 +Perfectly inelastic. Perfectly inelastic. + +505 +00:39:37,080 --> 00:39:38,760 +Perfectly inelastic. + +506 +00:39:47,170 --> 00:39:48,190 +What about the last case? + +507 +00:39:51,430 --> 00:39:59,970 +Here's the price A, P1. The price is P1 here. The + +508 +00:39:59,970 --> 00:40:01,130 +price on a chain. + +509 +00:40:04,050 --> 00:40:08,050 +Highly quantity demanded one, quantity demanded + +510 +00:40:08,050 --> 00:40:08,450 +two. + +511 +00:40:12,210 --> 00:40:15,650 +The price on a chain. Price one equals price two. + +512 +00:40:17,760 --> 00:40:18,620 +Perfectly elastic. + +513 +00:40:34,580 --> 00:40:35,700 +Perfectly elastic demand. + +514 +00:40:53,960 --> 00:40:58,260 +perfectly elastic demand. + +515 +00:41:00,480 --> 00:41:04,660 +So the conclusion is, + +516 +00:41:05,960 --> 00:41:07,540 +or the conclusions are, + +517 +00:41:11,900 --> 00:41:17,580 +if demand curve was close to the vertical axis, + +518 +00:41:18,460 --> 00:41:23,700 +The demand is inelastic because the percentage + +519 +00:41:23,700 --> 00:41:26,680 +change in price is bigger than the percentage + +520 +00:41:26,680 --> 00:41:30,080 +change in demand, in quantity demanded. And the + +521 +00:41:30,080 --> 00:41:34,680 +product is necessary for the consumer. It has a + +522 +00:41:34,680 --> 00:41:39,900 +few number of substitutes. Okay? Here. + +523 +00:41:42,950 --> 00:41:48,130 +Elastic demand, because in the elastic demand, the + +524 +00:41:48,130 --> 00:41:52,270 +demand curve is close to the horizontal axis, and + +525 +00:41:52,270 --> 00:41:57,830 +the percentage change in a price is less than the + +526 +00:41:57,830 --> 00:42:02,730 +percentage change in a quantity demanded, and the + +527 +00:42:02,730 --> 00:42:05,610 +product has so many substitutes. + +528 +00:42:21,520 --> 00:42:25,060 +If the percentage change in a quantity demanded + +529 +00:42:25,060 --> 00:42:27,760 +equals the percentage change in a price, here + +530 +00:42:27,760 --> 00:42:32,500 +we're talking about unitary elastic demand. If + +531 +00:42:32,500 --> 00:42:39,980 +demand curve is vertical axis, Line, no change in + +532 +00:42:39,980 --> 00:42:42,600 +the quantity demanded, the price changed. It's + +533 +00:42:42,600 --> 00:42:48,300 +perfectly inelastic, like the demand for medicine + +534 +00:42:48,300 --> 00:42:51,820 +line. Demand for drugs, the product is very, very, + +535 +00:42:51,880 --> 00:42:54,840 +very necessary for the consumer. He cannot or she + +536 +00:42:54,840 --> 00:42:58,400 +cannot give up it when the price, even if the + +537 +00:42:58,400 --> 00:43:00,760 +prices don't change, the quantity demanded on it. + +538 +00:43:00,980 --> 00:43:03,560 +So the price goes up as much as the quantity + +539 +00:43:03,560 --> 00:43:09,940 +demanded. The price can go up by 200%. It has no, + +540 +00:43:10,000 --> 00:43:14,820 +no, no substitutes. Absolutely. Substitutes had a + +541 +00:43:14,820 --> 00:43:16,760 +perfectly elastic demand. Okay? + +542 +00:43:20,980 --> 00:43:23,040 +Let's go to something else. + +543 +00:43:26,000 --> 00:43:26,920 +Okay. + +544 +00:43:35,880 --> 00:43:41,720 +Let's go to study how to calculate the price + +545 +00:43:41,720 --> 00:43:45,380 +elasticity of demand. The price elasticity of + +546 +00:43:45,380 --> 00:43:57,340 +demand calculations. How to calculate the + +547 +00:43:57,340 --> 00:43:59,620 +price elasticity of demand. + +548 +00:44:03,800 --> 00:44:06,940 +As we said that the price elasticity of demand, + +549 +00:44:07,520 --> 00:44:09,920 +the formula of the price elasticity of demand + +550 +00:44:09,920 --> 00:44:13,580 +equals + +551 +00:44:13,580 --> 00:44:18,060 +the percentage of change in a quantity demanded in + +552 +00:44:18,060 --> 00:44:20,920 +percent over the change in the price percent. + +553 +00:44:22,740 --> 00:44:23,980 +Right? Yes. + +554 +00:44:31,040 --> 00:44:34,180 +The ratio of frequent demand over the percentage + +555 +00:44:34,180 --> 00:44:38,320 +change in price. Can you calculate the ratio? For + +556 +00:44:38,320 --> 00:44:44,160 +example, if the price of P1 was 20 shekels and the + +557 +00:44:44,160 --> 00:44:47,160 +price of P2 was 30 shekels, how much is the + +558 +00:44:47,160 --> 00:44:50,440 +increase? How much is the percentage change in + +559 +00:44:50,440 --> 00:44:55,540 +price? In Arabic accounts, how much is the + +560 +00:44:55,540 --> 00:45:00,340 +increase? 10 units, the percentage change. What is + +561 +00:45:00,340 --> 00:45:04,420 +the percentage increase? 50%. What if it became 40 + +562 +00:45:04,420 --> 00:45:07,440 +%? What is the percentage increase? If the price + +563 +00:45:07,440 --> 00:45:09,880 +was 20% and it became 40%? What is the percentage + +564 +00:45:09,880 --> 00:45:13,740 +change? 100%! 100%! + +565 +00:45:16,320 --> 00:45:21,840 +The price was 100 and it became 200. What is the + +566 +00:45:21,840 --> 00:45:23,600 +percentage increase? What is the percentage + +567 +00:45:23,600 --> 00:45:29,270 +change? Therefore, لو كان السعر خمس صار عشرة، كداش + +568 +00:45:29,270 --> 00:45:34,210 +ال percentage change؟ مية في المية. اللي هذا كيف + +569 +00:45:34,210 --> 00:45:38,110 +انجاب ال Delta، هذا price one equals six and price + +570 +00:45:38,110 --> 00:45:43,710 +two equals nine. The change in price percent, the + +571 +00:45:43,710 --> 00:45:47,510 +percentage change in price، اللي هو P2 minus P1 + +572 +00:45:47,510 --> 00:45:52,890 +over P1 الأساسي، كله مضروف في مية. The percentage + +573 +00:45:52,890 --> 00:45:54,150 +change in price. + +574 +00:45:56,720 --> 00:46:01,360 +P2 minus P1 over P1 times 100. + +575 +00:46:09,640 --> 00:46:10,920 +So, + +576 +00:46:16,580 --> 00:46:18,540 +the person will change your price. + +577 +00:46:24,980 --> 00:46:29,240 +P2, nine, so the change in price. The percentage + +578 +00:46:29,240 --> 00:46:33,020 +change in price. The percentage change in price. + +579 +00:46:34,800 --> 00:46:41,260 +The percentage change in price equals P2 minus P1 + +580 +00:46:41,260 --> 00:46:48,720 +over the base price. So nine minus six over six + +581 +00:46:48,720 --> 00:46:51,820 +times 100 or 100 percent. + +582 +00:46:56,070 --> 00:46:59,430 +Three over six times 100. + +583 +00:47:01,950 --> 00:47:05,810 +Half of 100 is equal to 50. That means it's 50%. + +584 +00:47:05,810 --> 00:47:11,110 +That's 100%. Right? + +585 +00:47:13,230 --> 00:47:15,550 +I'm not always 50%. I'm not a boss. I'm not going + +586 +00:47:15,550 --> 00:47:16,590 +to be angry. + +587 +00:47:18,690 --> 00:47:22,030 +It could be 30%, it could be 10%, it could be 15%, + +588 +00:47:22,030 --> 00:47:25,030 +it depends. Okay. The quantity demanded, the + +589 +00:47:25,030 --> 00:47:28,210 +percentage change in quantity demanded. Delta QD + +590 +00:47:28,210 --> 00:47:33,890 +percent. Which is QD2 minus QD1. + +591 +00:47:38,930 --> 00:47:53,210 +Over QD1 times 100%. So, FQD1, one buys 51 and QD2 + +592 +00:47:53,210 --> 00:47:55,990 +is 70. + +593 +00:48:01,530 --> 00:48:05,770 +So, change the percentage change one demanded, + +594 +00:48:05,950 --> 00:48:12,810 +percent equals Q2 minus Q1 over Q1 times 100. 70 + +595 +00:48:12,810 --> 00:48:17,310 +minus 50 over 50 times 100 percent. + +596 +00:48:20,270 --> 00:48:24,930 +40, 20 over 50 times 100 percent. + +597 +00:48:27,570 --> 00:48:33,490 +40 percent. + +598 +00:48:39,950 --> 00:48:43,510 +Let's go to calculate the price elasticity of + +599 +00:48:43,510 --> 00:48:46,910 +demand. We'll take examples and see how we can do + +600 +00:48:46,910 --> 00:48:47,770 +analysis on it. + +601 +00:48:50,780 --> 00:48:55,780 +Or let's before derive another formula for the + +602 +00:48:55,780 --> 00:48:57,300 +price elasticity of demand. + +603 +00:49:04,840 --> 00:49:11,400 +This is the main formula of the price elasticity + +604 +00:49:11,400 --> 00:49:15,700 +of demand. Okay? So PED, + +605 +00:49:17,120 --> 00:49:20,920 +Equals the percentage change in quantity demanded + +606 +00:49:20,920 --> 00:49:36,860 +equals what? Q2 minus Q1 over QD1 over QD1 over + +607 +00:49:36,860 --> 00:49:41,800 +P2 + +608 +00:49:41,800 --> 00:49:43,560 +minus P1 over P1. + +609 +00:49:46,700 --> 00:49:51,840 +Minus P1 over P1, multiplied by 100%. But this + +610 +00:49:51,840 --> 00:49:53,240 +equation and this equation are mixed together, we + +611 +00:49:53,240 --> 00:49:57,580 +have to remove them. 100%. Right? If we remove 100 + +612 +00:49:57,580 --> 00:50:00,480 +% here, it will go with 100%. I will have these. + +613 +00:50:01,380 --> 00:50:06,160 +Right? Reorganizing the formula will be like this. + +614 +00:50:06,400 --> 00:50:09,680 +PED equals, + +615 +00:50:10,200 --> 00:50:15,970 +I have to multiply this, right? QD2, Q2 minus Q1 + +616 +00:50:15,970 --> 00:50:26,650 +over Q1 times P1 over P2 minus P1. Help from you. + +617 +00:50:29,410 --> 00:50:30,630 +Let's see it after. + +618 +00:50:34,550 --> 00:50:36,630 +PED, we're not used to working with it like this. + +619 +00:50:37,630 --> 00:50:45,120 +Q2, minus P1 over P2 minus P1 times P1 on a Q1. + +620 +00:50:51,500 --> 00:51:01,760 +This is the + +621 +00:51:01,760 --> 00:51:04,180 +main formula for or to calculate the price + +622 +00:51:04,180 --> 00:51:07,560 +elasticity of demand. Let's take an example. + +623 +00:51:14,940 --> 00:51:27,060 +If the price of a chicken increased, + +624 +00:51:41,050 --> 00:51:41,850 +Is there a professor? + +625 +00:51:44,650 --> 00:51:48,450 +Yes, I study with him. No, don't memorize it. May + +626 +00:51:48,450 --> 00:51:51,710 +God help you. May God help you memorize it. Up to + +627 +00:51:51,710 --> 00:51:55,950 +this point, it's okay? Work on it. Work on it. I'm + +628 +00:51:55,950 --> 00:51:59,810 +calm. I'm normal. Normal. She's calm. She's calm. + +629 +00:52:01,650 --> 00:52:03,750 +No problem. I swear there's no problem. + +630 +00:52:25,950 --> 00:52:31,930 +If the price of a chicken increased, + +631 +00:52:39,170 --> 00:52:48,090 +from seven shekels to 12 + +632 +00:52:48,090 --> 00:52:51,070 +shekels. + +633 +00:52:53,310 --> 00:52:53,510 +Hence, + +634 +00:52:56,710 --> 00:53:01,810 +or then, the price, sorry, the quantity demanded, + +635 +00:53:08,600 --> 00:53:16,300 +demanded our chicken decreased + +636 +00:53:16,300 --> 00:53:20,480 +from + +637 +00:53:20,480 --> 00:53:30,780 +four + +638 +00:53:30,780 --> 00:53:35,740 +kilograms. Hence, then, then. + +639 +00:53:46,190 --> 00:53:50,050 +Then, the quantity demanded of a chicken decreased + +640 +00:53:50,050 --> 00:53:56,050 +from four kilogram to two kilogram a week. + +641 +00:53:58,630 --> 00:54:02,790 +Of course, this is pure family or pure capital + +642 +00:54:02,790 --> 00:54:05,650 +consumption of chicken. + +643 +00:54:08,180 --> 00:54:19,260 +We will calculate the + +644 +00:54:19,260 --> 00:54:22,500 +price + +645 +00:54:22,500 --> 00:54:25,300 +elasticity of demand for chicken. + +646 +00:54:37,660 --> 00:54:41,020 +The price and assistance of demand, PED, equals + +647 +00:54:41,020 --> 00:54:51,980 +QD2 minus QD1 over P2 minus P1 times P1 over QD1. + +648 +00:54:58,520 --> 00:55:00,220 +So PED, + +649 +00:55:06,490 --> 00:55:12,470 +The given data, like this, QD one, how much? Four. + +650 +00:55:12,990 --> 00:55:20,550 +Four. QD two. Two. Two. Price one. Seven. Seven. + +651 +00:55:20,550 --> 00:55:27,290 +Seven. Price two equals 12. So the price is a + +652 +00:55:27,290 --> 00:55:32,820 +sensitive demand. Direct substitution, PED equals + +653 +00:55:32,820 --> 00:55:43,440 +Q2 minus Q1, 2 minus 4 over 12 minus 7 times P1 + +654 +00:55:43,440 --> 00:55:55,680 +over QD1, P17 over 4. Yeah. So PED equals minus 4 + +655 +00:55:55,680 --> 00:56:02,130 +over Five times seven over four. Minus two. Minus + +656 +00:56:02,130 --> 00:56:08,350 +two. Minus two. Minus two. Minus two. Minus two. + +657 +00:56:08,550 --> 00:56:16,890 +Minus two. Minus two. Minus two. Minus two. + +658 +00:56:17,490 --> 00:56:22,510 +Minus two. Minus two. Minus two. Minus two. Minus + +659 +00:56:22,510 --> 00:56:23,430 +two. Minus two. Minus two. Minus two. Minus two. + +660 +00:56:23,430 --> 00:56:24,750 +Minus two. Minus two. Minus two. Minus two. Minus + +661 +00:56:28,700 --> 00:56:33,600 +So PD minus + +662 +00:56:33,600 --> 00:56:39,460 +7 + +663 +00:56:39,460 --> 00:56:50,320 +minus 7 is 0 point minus 7 minus 10. Minus 0.7. + +664 +00:56:53,440 --> 00:56:58,420 +Elastic or inelastic? Inelastic. Inelastic. Why? + +665 +00:56:59,700 --> 00:57:04,660 +The absolute value is less than one. Less than + +666 +00:57:04,660 --> 00:57:07,080 +one. Higher than the demand. The question also + +667 +00:57:07,080 --> 00:57:13,380 +tells us to determine if the demand for chicken is + +668 +00:57:13,380 --> 00:57:17,900 +elastic or inelastic. Inelastic. Inelastic. This + +669 +00:57:17,900 --> 00:57:20,980 +is an inelastic demand. The demand for chicken is + +670 +00:57:20,980 --> 00:57:21,740 +inelastic. + +671 +00:57:24,670 --> 00:57:26,670 +Any elastic demand. + +672 +00:57:34,730 --> 00:57:38,670 +And this + +673 +00:57:38,670 --> 00:57:40,350 +product is necessary for the consumer. + +674 +00:57:45,370 --> 00:57:48,270 +Now, this is how the result gave us that the + +675 +00:57:48,270 --> 00:57:50,190 +commodity is important in this region. It may be a + +676 +00:57:50,190 --> 00:57:52,690 +region with rich people who do not give up + +677 +00:57:52,690 --> 00:58:00,410 +chicken. Yes? But in a poor region, the demand for + +678 +00:58:00,410 --> 00:58:03,730 +chicken will be elastic. Right? Because they give + +679 +00:58:03,730 --> 00:58:06,750 +up quickly. Yes. Okay? Yes. + +680 +00:58:11,870 --> 00:58:13,910 +No, that's it. I'm done. I'm done. I'm done. I'm + +681 +00:58:13,910 --> 00:58:14,950 +done. I'm done. I'm done. I'm done. I'm done. I'm + +682 +00:58:14,950 --> 00:58:17,430 +done. I'm done. I'm done. I'm done. I'm done. + +683 +00:58:22,570 --> 00:58:26,630 +I'm done. I'm done. I'm done. I'm done. I'm done. + +684 +00:58:27,010 --> 00:58:29,610 +I'm done. I'm done. I'm done. I'm done. I'm done. + +685 +00:58:29,790 --> 00:58:29,830 +I'm done. I'm done. I'm done. I'm done. I'm done. + +686 +00:58:29,830 --> 00:58:29,990 +I'm done. I'm done. I'm done. I'm done. I'm done. + +687 +00:58:29,990 --> 00:58:31,410 +I'm done. I'm done. I'm done. I'm done. I'm done. + +688 +00:58:31,410 --> 00:58:33,390 +I'm done. I'm done. I'm done. I'm done. I'm done. + +689 +00:58:34,270 --> 00:58:38,690 +I'm done. + +690 +00:58:39,090 --> 00:58:39,530 +I'm + diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/29vRBboQeV4_raw.json b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/29vRBboQeV4_raw.json new file mode 100644 index 0000000000000000000000000000000000000000..c6ed38eafad449751b89310214274713fd9cb955 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/29vRBboQeV4_raw.json @@ -0,0 +1 @@ +{"segments": [{"id": 1, "seek": 4958, "start": 20.72, "end": 49.58, "text": " Okay. Bismillah ar-Rahman ar-Rahim. Today, inshallah, we will start in Chapter 3, which is elasticity. Elasticity in academics, or in Arabic means... Sometimes we can catch something and say that this is or this...", "tokens": [1033, 13, 34594, 32703, 594, 12, 42077, 1601, 594, 12, 42077, 332, 13, 2692, 11, 1028, 71, 13492, 11, 321, 486, 722, 294, 18874, 805, 11, 597, 307, 46260, 13, 2699, 2750, 507, 294, 25695, 11, 420, 294, 19938, 1355, 485, 4803, 321, 393, 3745, 746, 293, 584, 300, 341, 307, 420, 341, 485], "avg_logprob": -0.29602273919365624, "compression_ratio": 1.4144736842105263, "no_speech_prob": 0.0, "words": [{"start": 20.72, "end": 21.06, "word": " Okay.", "probability": 0.7880859375}, {"start": 21.34, "end": 21.5, "word": " Bismillah", "probability": 0.71826171875}, {"start": 21.5, "end": 21.72, "word": " ar", "probability": 0.117431640625}, {"start": 21.72, "end": 21.78, "word": "-Rahman", "probability": 0.9143880208333334}, {"start": 21.78, "end": 21.78, "word": " ar", "probability": 0.978515625}, {"start": 21.78, "end": 21.96, "word": "-Rahim.", "probability": 0.9723307291666666}, {"start": 22.92, "end": 23.56, "word": " Today,", "probability": 0.83154296875}, {"start": 23.78, "end": 23.92, "word": " inshallah,", "probability": 0.7825520833333334}, {"start": 24.08, "end": 24.22, "word": " we", "probability": 0.96240234375}, {"start": 24.22, "end": 24.4, "word": " will", "probability": 0.6708984375}, {"start": 24.4, "end": 24.72, "word": " start", "probability": 0.92431640625}, {"start": 24.72, "end": 24.86, "word": " in", "probability": 0.393310546875}, {"start": 24.86, "end": 25.16, "word": " Chapter", "probability": 0.572265625}, {"start": 25.16, "end": 25.54, "word": " 3,", "probability": 0.57666015625}, {"start": 26.1, "end": 26.22, "word": " which", "probability": 0.947265625}, {"start": 26.22, "end": 27.1, "word": " is", "probability": 0.9521484375}, {"start": 27.1, "end": 28.82, "word": " elasticity.", "probability": 0.7607421875}, {"start": 32.04, "end": 32.78, "word": " Elasticity", "probability": 0.9383138020833334}, {"start": 32.78, "end": 32.94, "word": " in", "probability": 0.93359375}, {"start": 32.94, "end": 33.38, "word": " academics,", "probability": 0.6845703125}, {"start": 35.5, "end": 36.08, "word": " or", "probability": 0.95703125}, {"start": 36.08, "end": 36.22, "word": " in", "probability": 0.9013671875}, {"start": 36.22, "end": 36.44, "word": " Arabic", "probability": 0.94091796875}, {"start": 36.44, "end": 37.58, "word": " means...", "probability": 0.449462890625}, {"start": 37.58, "end": 40.44, "word": " Sometimes", "probability": 0.188720703125}, {"start": 40.44, "end": 44.02, "word": " we", "probability": 0.525390625}, {"start": 44.02, "end": 44.44, "word": " can", "probability": 0.95263671875}, {"start": 44.44, "end": 45.38, "word": " catch", "probability": 0.8740234375}, {"start": 45.38, "end": 46.0, "word": " something", "probability": 0.8642578125}, {"start": 46.0, "end": 46.82, "word": " and", "probability": 0.92041015625}, {"start": 46.82, "end": 47.18, "word": " say", "probability": 0.95263671875}, {"start": 47.18, "end": 47.56, "word": " that", "probability": 0.92529296875}, {"start": 47.56, "end": 47.84, "word": " this", "probability": 0.93115234375}, {"start": 47.84, "end": 48.2, "word": " is", "probability": 0.9248046875}, {"start": 48.2, "end": 48.98, "word": " or", "probability": 0.1976318359375}, {"start": 48.98, "end": 49.58, "word": " this...", "probability": 0.7108154296875}], "temperature": 1.0}, {"id": 2, "seek": 7922, "start": 54.32, "end": 79.22, "text": " This point or this thing is elastic because there is a response. This paper here is also elastic. 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In general theory, or demand theory, we said that there is a negative relationship between the prices and the quantity demanded. 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This is the general theory or the demand theory. All right? But by how much? Which means if the price increased by 10 percent, the quantity demanded declined. 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So sometimes maybe the price increased by 10%, the quantity demand declined by 10%, might be by 3%, might be 20%, 30%, zero. So we have a concept here, which is", "tokens": [2704, 1266, 8923, 1310, 945, 8923, 1310, 538, 805, 6856, 407, 2171, 1310, 264, 3218, 6505, 538, 1266, 8923, 264, 11275, 4733, 29213, 538, 1266, 8923, 1062, 312, 538, 805, 8923, 1062, 312, 945, 8923, 2217, 8923, 4018, 13, 407, 321, 362, 257, 3410, 510, 11, 597, 307], "avg_logprob": -0.20184948979591838, "compression_ratio": 1.4961832061068703, "no_speech_prob": 0.0, "words": [{"start": 160.78, "end": 161.12, "word": " Maybe", "probability": 0.47216796875}, {"start": 161.12, "end": 161.9, "word": " 10%,", "probability": 0.675048828125}, {"start": 161.9, "end": 162.44, "word": " maybe", "probability": 0.59814453125}, {"start": 162.44, "end": 163.96, "word": " 20%,", "probability": 0.884521484375}, {"start": 163.96, "end": 165.24, "word": " maybe", "probability": 0.85595703125}, {"start": 165.24, "end": 165.94, "word": " by", "probability": 0.912109375}, {"start": 165.94, "end": 167.68, "word": " 3%.", "probability": 0.92138671875}, {"start": 167.68, "end": 168.14, "word": " So", "probability": 0.96484375}, {"start": 168.14, "end": 168.72, "word": " sometimes", "probability": 0.84716796875}, {"start": 168.72, "end": 169.48, "word": " maybe", "probability": 0.56640625}, {"start": 169.48, "end": 169.74, "word": " the", "probability": 0.9013671875}, {"start": 169.74, "end": 170.04, "word": " price", "probability": 0.90869140625}, {"start": 170.04, "end": 170.42, "word": " increased", "probability": 0.5693359375}, {"start": 170.42, "end": 170.68, "word": " by", "probability": 0.97216796875}, {"start": 170.68, "end": 171.52, "word": " 10%,", "probability": 0.743896484375}, {"start": 171.52, "end": 171.94, "word": " the", "probability": 0.91650390625}, {"start": 171.94, "end": 172.36, "word": " quantity", "probability": 0.970703125}, {"start": 172.36, "end": 172.74, "word": " demand", "probability": 0.88232421875}, {"start": 172.74, "end": 173.16, "word": " declined", "probability": 0.88134765625}, {"start": 173.16, "end": 173.52, "word": " by", "probability": 0.97021484375}, {"start": 173.52, "end": 174.56, "word": " 10%,", "probability": 0.826416015625}, {"start": 174.56, "end": 175.06, "word": " might", "probability": 0.7001953125}, {"start": 175.06, "end": 175.24, "word": " be", "probability": 0.87451171875}, {"start": 175.24, "end": 175.9, "word": " by", "probability": 0.91943359375}, {"start": 175.9, "end": 176.76, "word": " 3%,", "probability": 0.889892578125}, {"start": 176.76, "end": 177.06, "word": " might", "probability": 0.85009765625}, {"start": 177.06, "end": 177.54, "word": " be", "probability": 0.947265625}, {"start": 177.54, "end": 178.84, "word": " 20%,", "probability": 0.953125}, {"start": 178.84, "end": 179.78, "word": " 30%,", "probability": 0.89501953125}, {"start": 179.78, "end": 180.92, "word": " zero.", "probability": 0.47900390625}, {"start": 183.08, "end": 184.02, "word": " So", "probability": 0.9404296875}, {"start": 184.02, "end": 185.62, "word": " we", "probability": 0.72314453125}, {"start": 185.62, "end": 185.88, "word": " have", "probability": 0.94970703125}, {"start": 185.88, "end": 186.02, "word": " a", "probability": 0.99609375}, {"start": 186.02, "end": 186.42, "word": " concept", "probability": 0.8916015625}, {"start": 186.42, "end": 186.82, "word": " here,", "probability": 0.85888671875}, {"start": 187.16, "end": 187.26, "word": " which", "probability": 0.947265625}, {"start": 187.26, "end": 187.58, "word": " is", "probability": 0.9501953125}], "temperature": 1.0}, {"id": 7, "seek": 21590, "start": 188.58, "end": 215.9, "text": " the price elasticity of demand. The price elasticity of demand, Pd. The price elasticity of demand is the percentage change in quantity demanded", "tokens": [264, 3218, 46260, 295, 4733, 13, 440, 3218, 46260, 295, 4733, 11, 430, 67, 13, 440, 3218, 46260, 295, 4733, 307, 264, 9668, 1319, 294, 11275, 28276], "avg_logprob": -0.2357700951397419, "compression_ratio": 1.7261904761904763, "no_speech_prob": 0.0, "words": [{"start": 188.58, "end": 188.96, "word": " the", "probability": 0.47802734375}, {"start": 188.96, "end": 189.46, "word": " price", "probability": 0.873046875}, {"start": 189.46, "end": 190.18, "word": " elasticity", "probability": 0.9453125}, {"start": 190.18, "end": 190.68, "word": " of", "probability": 0.9716796875}, {"start": 190.68, "end": 191.1, "word": " demand.", "probability": 0.92138671875}, {"start": 191.48, "end": 191.62, "word": " The", "probability": 0.7509765625}, {"start": 191.62, "end": 191.98, "word": " price", "probability": 0.908203125}, {"start": 191.98, "end": 196.56, "word": " elasticity", "probability": 0.9189453125}, {"start": 196.56, "end": 200.48, "word": " of", "probability": 0.95751953125}, {"start": 200.48, "end": 200.88, "word": " demand,", "probability": 0.88525390625}, {"start": 202.46, "end": 202.92, "word": " Pd.", "probability": 0.598876953125}, {"start": 207.18, "end": 207.7, "word": " The", "probability": 0.9033203125}, {"start": 207.7, "end": 208.02, "word": " price", "probability": 0.91748046875}, {"start": 208.02, "end": 208.44, "word": " elasticity", "probability": 0.951171875}, {"start": 208.44, "end": 208.7, "word": " of", "probability": 0.9599609375}, {"start": 208.7, "end": 209.06, "word": " demand", "probability": 0.888671875}, {"start": 209.06, "end": 209.6, "word": " is", "probability": 0.93896484375}, {"start": 209.6, "end": 212.5, "word": " the", "probability": 0.8974609375}, {"start": 212.5, "end": 213.02, "word": " percentage", "probability": 0.85595703125}, {"start": 213.02, "end": 213.72, "word": " change", "probability": 0.73095703125}, {"start": 213.72, "end": 214.82, "word": " in", "probability": 0.63916015625}, {"start": 214.82, "end": 215.38, "word": " quantity", "probability": 0.341064453125}, {"start": 215.38, "end": 215.9, "word": " demanded", "probability": 0.91259765625}], "temperature": 1.0}, {"id": 8, "seek": 24480, "start": 218.56, "end": 244.8, "text": " Due to or as a result of the change in prices, which means how much is the percentage change in quantity demanded if the price changed by 1%. 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PED equals the change in quantity demanded percent over change in price percent. As the price increased by 10 percent.", "tokens": [1133, 264, 3218, 1319, 13, 430, 4731, 6915, 264, 1319, 294, 11275, 28276, 3043, 670, 1319, 294, 3218, 3043, 13, 1018, 264, 3218, 6505, 538, 1266, 3043, 13], "avg_logprob": -0.36880387519967966, "compression_ratio": 1.42, "no_speech_prob": 0.0, "words": [{"start": 246.46, "end": 246.98, "word": " When", "probability": 0.5478515625}, {"start": 246.98, "end": 247.58, "word": " the", "probability": 0.90478515625}, {"start": 247.58, "end": 248.12, "word": " price", "probability": 0.92919921875}, {"start": 248.12, "end": 249.08, "word": " change.", "probability": 0.282958984375}, {"start": 250.66, "end": 251.62, "word": " PED", "probability": 0.4107666015625}, {"start": 251.62, "end": 254.14, "word": " equals", "probability": 0.77978515625}, {"start": 254.14, "end": 254.96, "word": " the", "probability": 0.7958984375}, {"start": 254.96, "end": 255.4, "word": " change", "probability": 0.87548828125}, {"start": 255.4, "end": 255.56, "word": " in", "probability": 0.81884765625}, {"start": 255.56, "end": 255.88, "word": " quantity", "probability": 0.46826171875}, {"start": 255.88, "end": 256.34, "word": " demanded", "probability": 0.65576171875}, {"start": 256.34, "end": 256.94, "word": " percent", "probability": 0.8427734375}, {"start": 256.94, "end": 258.54, "word": " over", "probability": 0.57470703125}, {"start": 258.54, "end": 259.04, "word": " change", "probability": 0.56494140625}, {"start": 259.04, "end": 259.18, "word": " in", "probability": 0.92236328125}, {"start": 259.18, "end": 259.52, "word": " price", "probability": 0.8896484375}, {"start": 259.52, "end": 260.1, "word": " percent.", "probability": 0.962890625}, {"start": 264.74, "end": 265.82, "word": " As", "probability": 0.97802734375}, {"start": 265.82, "end": 266.0, "word": " the", "probability": 0.9189453125}, {"start": 266.0, "end": 266.28, "word": " price", "probability": 0.9267578125}, {"start": 266.28, "end": 266.82, "word": " increased", "probability": 0.732421875}, {"start": 266.82, "end": 267.1, "word": " by", "probability": 0.97314453125}, {"start": 267.1, "end": 267.38, "word": " 10", "probability": 0.71728515625}, {"start": 267.38, "end": 267.86, "word": " percent.", "probability": 0.8564453125}], "temperature": 1.0}, {"id": 10, "seek": 30177, "start": 274.67, "end": 301.77, "text": " The quantity demanded declined by maybe 1%, maybe 0%, maybe 10%. So the change in quantity demanded might be greater than 1% of the percentage change in price. Maybe equals, maybe less. Maybe on a change.", "tokens": [440, 11275, 28276, 29213, 538, 1310, 502, 8923, 1310, 1958, 8923, 1310, 1266, 6856, 407, 264, 1319, 294, 11275, 28276, 1062, 312, 5044, 813, 502, 4, 295, 264, 9668, 1319, 294, 3218, 13, 2704, 6915, 11, 1310, 1570, 13, 2704, 322, 257, 1319, 13], "avg_logprob": -0.2687500132454766, "compression_ratio": 1.5891472868217054, "no_speech_prob": 0.0, "words": [{"start": 274.67, "end": 274.97, "word": " The", "probability": 0.72021484375}, {"start": 274.97, "end": 275.35, "word": " quantity", "probability": 0.7587890625}, {"start": 275.35, "end": 276.13, "word": " demanded", "probability": 0.95703125}, {"start": 276.13, "end": 278.53, "word": " declined", "probability": 0.701171875}, {"start": 278.53, "end": 279.97, "word": " by", "probability": 0.97265625}, {"start": 279.97, "end": 281.83, "word": " maybe", "probability": 0.89794921875}, {"start": 281.83, "end": 283.07, "word": " 1%,", "probability": 0.848876953125}, {"start": 283.07, "end": 283.45, "word": " maybe", "probability": 0.9345703125}, {"start": 283.45, "end": 284.45, "word": " 0%,", "probability": 0.88037109375}, {"start": 284.45, "end": 284.73, "word": " maybe", "probability": 0.93310546875}, {"start": 284.73, "end": 285.83, "word": " 10%.", "probability": 0.6602783203125}, {"start": 285.83, "end": 287.25, "word": " So", "probability": 0.86474609375}, {"start": 287.25, "end": 287.95, "word": " the", "probability": 0.748046875}, {"start": 287.95, "end": 288.29, "word": " change", "probability": 0.90771484375}, {"start": 288.29, "end": 288.41, "word": " in", "probability": 0.8369140625}, {"start": 288.41, "end": 288.73, "word": " quantity", "probability": 0.7900390625}, {"start": 288.73, "end": 289.69, "word": " demanded", "probability": 0.9501953125}, {"start": 289.69, "end": 289.97, "word": " might", "probability": 0.73876953125}, {"start": 289.97, "end": 290.39, "word": " be", "probability": 0.95166015625}, {"start": 290.39, "end": 292.47, "word": " greater", "probability": 0.79345703125}, {"start": 292.47, "end": 293.05, "word": " than", "probability": 0.94580078125}, {"start": 293.05, "end": 293.31, "word": " 1", "probability": 0.935546875}, {"start": 293.31, "end": 293.67, "word": "%", "probability": 0.509765625}, {"start": 293.67, "end": 293.83, "word": " of", "probability": 0.05633544921875}, {"start": 293.83, "end": 293.97, "word": " the", "probability": 0.85791015625}, {"start": 293.97, "end": 294.35, "word": " percentage", "probability": 0.79150390625}, {"start": 294.35, "end": 294.81, "word": " change", "probability": 0.6640625}, {"start": 294.81, "end": 294.95, "word": " in", "probability": 0.92431640625}, {"start": 294.95, "end": 295.33, "word": " price.", "probability": 0.63916015625}, {"start": 295.51, "end": 295.93, "word": " Maybe", "probability": 0.72900390625}, {"start": 295.93, "end": 296.49, "word": " equals,", "probability": 0.57666015625}, {"start": 296.83, "end": 297.13, "word": " maybe", "probability": 0.9375}, {"start": 297.13, "end": 297.95, "word": " less.", "probability": 0.9306640625}, {"start": 299.99, "end": 300.79, "word": " Maybe", "probability": 0.51904296875}, {"start": 300.79, "end": 301.19, "word": " on", "probability": 0.63720703125}, {"start": 301.19, "end": 301.35, "word": " a", "probability": 0.7734375}, {"start": 301.35, "end": 301.77, "word": " change.", "probability": 0.90673828125}], "temperature": 1.0}, {"id": 11, "seek": 32909, "start": 302.69, "end": 329.09, "text": " No changes in a quantity demanded. So, the price elasticity of demand is the percentage of change in a quantity demanded due to the change in a price. 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This is declined, negative. How much is this like this? Minus two percent over positive one percent. Minus two.", "tokens": [639, 307, 6505, 411, 341, 13, 639, 307, 29213, 11, 3671, 13, 1012, 709, 307, 341, 411, 341, 30, 2829, 301, 732, 3043, 670, 3353, 472, 3043, 13, 2829, 301, 732, 13], "avg_logprob": -0.3705018939393939, "compression_ratio": 1.41, "no_speech_prob": 0.0, "words": [{"start": 333.41, "end": 333.71, "word": " This", "probability": 0.1292724609375}, {"start": 333.71, "end": 333.73, "word": " is", "probability": 0.495849609375}, {"start": 333.73, "end": 334.23, "word": " increased", "probability": 0.303466796875}, {"start": 334.23, "end": 334.53, "word": " like", "probability": 0.5576171875}, {"start": 334.53, "end": 334.97, "word": " this.", "probability": 0.89599609375}, {"start": 336.29, "end": 336.59, "word": " This", "probability": 0.728515625}, {"start": 336.59, "end": 336.73, "word": " is", "probability": 0.69970703125}, {"start": 336.73, "end": 337.19, "word": " declined,", "probability": 0.452880859375}, {"start": 337.37, "end": 337.73, "word": " negative.", "probability": 0.90478515625}, {"start": 343.51, "end": 344.23, "word": " How", "probability": 0.76611328125}, {"start": 344.23, "end": 344.39, "word": " much", "probability": 0.845703125}, {"start": 344.39, "end": 344.43, "word": " is", "probability": 0.79443359375}, {"start": 344.43, "end": 344.61, "word": " this", "probability": 0.6533203125}, {"start": 344.61, "end": 344.83, "word": " like", "probability": 0.334716796875}, {"start": 344.83, "end": 344.89, "word": " this?", "probability": 0.884765625}, {"start": 345.27, "end": 345.95, "word": " Minus", "probability": 0.800537109375}, {"start": 345.95, "end": 346.13, "word": " two", "probability": 0.43798828125}, {"start": 346.13, "end": 346.81, "word": " percent", "probability": 0.9560546875}, {"start": 346.81, "end": 347.35, "word": " over", "probability": 0.84326171875}, {"start": 347.35, "end": 348.79, "word": " positive", "probability": 0.90185546875}, {"start": 348.79, "end": 349.15, "word": " one", "probability": 0.92578125}, {"start": 349.15, "end": 349.67, "word": " percent.", "probability": 0.96533203125}, {"start": 351.57, "end": 352.29, "word": " Minus", "probability": 0.962158203125}, {"start": 352.29, "end": 352.63, "word": " two.", "probability": 0.919921875}], "temperature": 1.0}, {"id": 13, "seek": 37877, "start": 359.59, "end": 378.77, "text": " 2% minus over positive 1%. Because here we're talking about an increasing in the price by 1%. Leads to a declining in the quantity demanded by 2%.", "tokens": [568, 4, 3175, 670, 3353, 502, 6856, 1436, 510, 321, 434, 1417, 466, 364, 5662, 294, 264, 3218, 538, 502, 6856, 1456, 5834, 281, 257, 34298, 294, 264, 11275, 28276, 538, 568, 6856], "avg_logprob": -0.2849264591932297, "compression_ratio": 1.2457627118644068, "no_speech_prob": 0.0, "words": [{"start": 359.59, "end": 359.91, "word": " 2", "probability": 0.72705078125}, {"start": 359.91, "end": 360.31, "word": "%", "probability": 0.88623046875}, {"start": 360.31, "end": 360.79, "word": " minus", "probability": 0.97119140625}, {"start": 360.79, "end": 361.43, "word": " over", "probability": 0.90673828125}, {"start": 361.43, "end": 362.71, "word": " positive", "probability": 0.787109375}, {"start": 362.71, "end": 363.51, "word": " 1%.", "probability": 0.68212890625}, {"start": 363.51, "end": 364.47, "word": " Because", "probability": 0.9287109375}, {"start": 364.47, "end": 364.69, "word": " here", "probability": 0.49560546875}, {"start": 364.69, "end": 364.83, "word": " we're", "probability": 0.665771484375}, {"start": 364.83, "end": 365.09, "word": " talking", "probability": 0.8505859375}, {"start": 365.09, "end": 365.45, "word": " about", "probability": 0.9091796875}, {"start": 365.45, "end": 366.11, "word": " an", "probability": 0.9169921875}, {"start": 366.11, "end": 366.83, "word": " increasing", "probability": 0.6728515625}, {"start": 366.83, "end": 367.65, "word": " in", "probability": 0.94873046875}, {"start": 367.65, "end": 367.81, "word": " the", "probability": 0.9140625}, {"start": 367.81, "end": 368.25, "word": " price", "probability": 0.916015625}, {"start": 368.25, "end": 369.35, "word": " by", "probability": 0.9453125}, {"start": 369.35, "end": 371.21, "word": " 1%.", "probability": 0.7060546875}, {"start": 371.21, "end": 373.21, "word": " Leads", "probability": 0.8984375}, {"start": 373.21, "end": 373.67, "word": " to", "probability": 0.96923828125}, {"start": 373.67, "end": 374.29, "word": " a", "probability": 0.986328125}, {"start": 374.29, "end": 375.09, "word": " declining", "probability": 0.92236328125}, {"start": 375.09, "end": 375.71, "word": " in", "probability": 0.85302734375}, {"start": 375.71, "end": 375.81, "word": " the", "probability": 0.2705078125}, {"start": 375.81, "end": 376.09, "word": " quantity", "probability": 0.65966796875}, {"start": 376.09, "end": 376.69, "word": " demanded", "probability": 0.9345703125}, {"start": 376.69, "end": 377.25, "word": " by", "probability": 0.96728515625}, {"start": 377.25, "end": 378.77, "word": " 2%.", "probability": 0.962890625}], "temperature": 1.0}, {"id": 14, "seek": 40936, "start": 388.88, "end": 409.36, "text": " In general, in general. The negative sign doesn't mean anything except in the negative relationship between the prices and the quantity demanded. 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Had a theory. So, the price elasticity of demand, it's always negative. 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So it's going to deal with absolute value. These are two. The question is, I moved the price by how much? 10%. The quantity demanded dropped by a lot. 20%. 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There is no elasticity. So if the absolute value is bigger if it was bigger than one. It is elastic.", "tokens": [821, 307, 572, 4134, 13, 821, 307, 572, 46260, 13, 407, 498, 264, 8236, 2158, 307, 3801, 498, 309, 390, 3801, 813, 472, 13, 467, 307, 17115, 13], "avg_logprob": -0.4614762807714528, "compression_ratio": 1.3516483516483517, "no_speech_prob": 0.0, "words": [{"start": 472.19, "end": 472.45, "word": " There", "probability": 0.1334228515625}, {"start": 472.45, "end": 472.47, "word": " is", "probability": 0.495849609375}, {"start": 472.47, "end": 473.93, "word": " no", "probability": 0.478271484375}, {"start": 473.93, "end": 482.95, "word": " response.", "probability": 0.82080078125}, {"start": 484.27, "end": 484.43, "word": " There", "probability": 0.67626953125}, {"start": 484.43, "end": 484.55, "word": " is", "probability": 0.83984375}, {"start": 484.55, "end": 484.69, "word": " no", "probability": 0.94482421875}, {"start": 484.69, "end": 485.15, "word": " elasticity.", "probability": 0.90869140625}, {"start": 486.55, "end": 486.85, "word": " So", "probability": 0.77880859375}, {"start": 486.85, "end": 488.41, "word": " if", "probability": 0.50146484375}, {"start": 488.41, "end": 491.83, "word": " the", "probability": 0.72314453125}, {"start": 491.83, "end": 492.35, "word": " absolute", "probability": 0.91455078125}, {"start": 492.35, "end": 493.05, "word": " value", "probability": 0.97705078125}, {"start": 493.05, "end": 493.45, "word": " is", "probability": 0.2176513671875}, {"start": 493.45, "end": 495.71, "word": " bigger", "probability": 0.80029296875}, {"start": 495.71, "end": 495.99, "word": " if", "probability": 0.375732421875}, {"start": 495.99, "end": 496.19, "word": " it", "probability": 0.947265625}, {"start": 496.19, "end": 496.49, "word": " was", "probability": 0.66650390625}, {"start": 496.49, "end": 496.89, "word": " bigger", "probability": 0.9228515625}, {"start": 496.89, "end": 497.35, "word": " than", "probability": 0.92529296875}, {"start": 497.35, "end": 497.73, "word": " one.", "probability": 0.5615234375}, {"start": 500.13, "end": 500.13, "word": " It", "probability": 0.292724609375}, {"start": 500.13, "end": 500.23, "word": " is", "probability": 0.388671875}, {"start": 500.23, "end": 501.77, "word": " elastic.", "probability": 0.626953125}], "temperature": 1.0}, {"id": 18, "seek": 52013, "start": 505.47, "end": 520.13, "text": " to be elastic. Elastic demand. Absolute value. If this was minus half,", "tokens": [281, 312, 17115, 13, 2699, 2750, 4733, 13, 43965, 1169, 2158, 13, 759, 341, 390, 3175, 1922, 11], "avg_logprob": -0.3817845300624245, "compression_ratio": 0.9861111111111112, "no_speech_prob": 0.0, "words": [{"start": 505.47, "end": 505.69, "word": " to", "probability": 0.64501953125}, {"start": 505.69, "end": 506.07, "word": " be", "probability": 0.94873046875}, {"start": 506.07, "end": 507.15, "word": " elastic.", "probability": 0.95947265625}, {"start": 508.69, "end": 509.85, "word": " Elastic", "probability": 0.914306640625}, {"start": 509.85, "end": 510.49, "word": " demand.", "probability": 0.92724609375}, {"start": 512.77, "end": 513.93, "word": " Absolute", "probability": 0.61859130859375}, {"start": 513.93, "end": 514.49, "word": " value.", "probability": 0.92626953125}, {"start": 518.07, "end": 518.27, "word": " If", "probability": 0.52685546875}, {"start": 518.27, "end": 518.65, "word": " this", "probability": 0.60986328125}, {"start": 518.65, "end": 518.97, "word": " was", "probability": 0.292724609375}, {"start": 518.97, "end": 519.53, "word": " minus", "probability": 0.77587890625}, {"start": 519.53, "end": 520.13, "word": " half,", "probability": 0.79248046875}], "temperature": 1.0}, {"id": 19, "seek": 55100, "start": 524.42, "end": 551.0, "text": " Let us assume that the price has increased by 10% and the quantity demanded goes down by not 20%, by 3%. How much is it here or the result? Minus 3% over positive 10%.", "tokens": [961, 505, 6552, 300, 264, 3218, 575, 6505, 538, 1266, 4, 293, 264, 11275, 28276, 1709, 760, 538, 406, 945, 8923, 538, 805, 6856, 1012, 709, 307, 309, 510, 420, 264, 1874, 30, 2829, 301, 805, 4, 670, 3353, 1266, 6856], "avg_logprob": -0.15085564908527194, "compression_ratio": 1.2444444444444445, "no_speech_prob": 0.0, "words": [{"start": 524.42, "end": 524.96, "word": " Let", "probability": 0.7041015625}, {"start": 524.96, "end": 525.62, "word": " us", "probability": 0.82177734375}, {"start": 525.62, "end": 526.08, "word": " assume", "probability": 0.9052734375}, {"start": 526.08, "end": 526.52, "word": " that", "probability": 0.93212890625}, {"start": 526.52, "end": 527.6, "word": " the", "probability": 0.8896484375}, {"start": 527.6, "end": 528.02, "word": " price", "probability": 0.9296875}, {"start": 528.02, "end": 528.44, "word": " has", "probability": 0.943359375}, {"start": 528.44, "end": 529.04, "word": " increased", "probability": 0.9599609375}, {"start": 529.04, "end": 529.44, "word": " by", "probability": 0.97265625}, {"start": 529.44, "end": 529.74, "word": " 10", "probability": 0.8798828125}, {"start": 529.74, "end": 530.1, "word": "%", "probability": 0.494873046875}, {"start": 530.1, "end": 531.28, "word": " and", "probability": 0.93896484375}, {"start": 531.28, "end": 531.48, "word": " the", "probability": 0.9169921875}, {"start": 531.48, "end": 532.06, "word": " quantity", "probability": 0.986328125}, {"start": 532.06, "end": 532.6, "word": " demanded", "probability": 0.9287109375}, {"start": 532.6, "end": 533.62, "word": " goes", "probability": 0.9267578125}, {"start": 533.62, "end": 534.2, "word": " down", "probability": 0.85791015625}, {"start": 534.2, "end": 534.74, "word": " by", "probability": 0.95703125}, {"start": 534.74, "end": 535.2, "word": " not", "probability": 0.8154296875}, {"start": 535.2, "end": 536.24, "word": " 20%,", "probability": 0.624267578125}, {"start": 536.24, "end": 536.9, "word": " by", "probability": 0.89013671875}, {"start": 536.9, "end": 538.7, "word": " 3%.", "probability": 0.936767578125}, {"start": 538.7, "end": 540.58, "word": " How", "probability": 0.96142578125}, {"start": 540.58, "end": 540.86, "word": " much", "probability": 0.91796875}, {"start": 540.86, "end": 541.0, "word": " is", "probability": 0.94287109375}, {"start": 541.0, "end": 541.26, "word": " it", "probability": 0.923828125}, {"start": 541.26, "end": 541.56, "word": " here", "probability": 0.8271484375}, {"start": 541.56, "end": 541.92, "word": " or", "probability": 0.37646484375}, {"start": 541.92, "end": 542.04, "word": " the", "probability": 0.9111328125}, {"start": 542.04, "end": 542.84, "word": " result?", "probability": 0.87939453125}, {"start": 545.52, "end": 546.6, "word": " Minus", "probability": 0.92822265625}, {"start": 546.6, "end": 547.0, "word": " 3", "probability": 0.8984375}, {"start": 547.0, "end": 547.54, "word": "%", "probability": 0.57861328125}, {"start": 547.54, "end": 549.5, "word": " over", "probability": 0.912109375}, {"start": 549.5, "end": 550.14, "word": " positive", "probability": 0.92626953125}, {"start": 550.14, "end": 551.0, "word": " 10%.", "probability": 0.94873046875}], "temperature": 1.0}, {"id": 20, "seek": 58033, "start": 552.05, "end": 580.33, "text": " minus 0.3. Had a negative sign? It's just to remind me that there is a negative relationship between the price and the quantity demanded. Okay? The most important point here is the value or the absolute value of the price in assistive demand. Here it is less than the absolute value. It's less than one.", "tokens": [3175, 1958, 13, 18, 13, 12298, 257, 3671, 1465, 30, 467, 311, 445, 281, 4160, 385, 300, 456, 307, 257, 3671, 2480, 1296, 264, 3218, 293, 264, 11275, 28276, 13, 1033, 30, 440, 881, 1021, 935, 510, 307, 264, 2158, 420, 264, 8236, 2158, 295, 264, 3218, 294, 4255, 488, 4733, 13, 1692, 309, 307, 1570, 813, 264, 8236, 2158, 13, 467, 311, 1570, 813, 472, 13], "avg_logprob": -0.17635570093989372, "compression_ratio": 1.6612021857923498, "no_speech_prob": 0.0, "words": [{"start": 552.05, "end": 552.69, "word": " minus", "probability": 0.57421875}, {"start": 552.69, "end": 553.29, "word": " 0", "probability": 0.962890625}, {"start": 553.29, "end": 554.21, "word": ".3.", "probability": 0.993896484375}, {"start": 555.19, "end": 555.43, "word": " Had", "probability": 0.67578125}, {"start": 555.43, "end": 555.55, "word": " a", "probability": 0.95166015625}, {"start": 555.55, "end": 555.89, "word": " negative", "probability": 0.94140625}, {"start": 555.89, "end": 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It's called here inelastic demand. We have five cases. Case number one.", "tokens": [1692, 11, 294, 338, 2750, 4733, 13, 467, 311, 1219, 510, 294, 338, 2750, 4733, 13, 492, 362, 1732, 3331, 13, 17791, 1230, 472, 13], "avg_logprob": -0.2043269288081389, "compression_ratio": 1.1851851851851851, "no_speech_prob": 0.0, "words": [{"start": 582.41, "end": 582.73, "word": " Here,", "probability": 0.5126953125}, {"start": 583.17, "end": 583.79, "word": " inelastic", "probability": 0.9322916666666666}, {"start": 583.79, "end": 584.29, "word": " demand.", "probability": 0.9453125}, {"start": 586.67, "end": 587.83, "word": " It's", "probability": 0.5986328125}, {"start": 587.83, "end": 588.49, "word": " called", "probability": 0.9013671875}, {"start": 588.49, "end": 588.81, "word": " here", "probability": 0.78173828125}, {"start": 588.81, "end": 590.29, "word": " inelastic", "probability": 0.7945963541666666}, {"start": 590.29, "end": 593.37, "word": " demand.", "probability": 0.90087890625}, {"start": 597.73, "end": 598.89, "word": " We", "probability": 0.630859375}, {"start": 598.89, "end": 600.17, "word": " have", "probability": 0.94580078125}, {"start": 600.17, "end": 600.45, "word": " five", "probability": 0.8818359375}, {"start": 600.45, "end": 600.93, "word": " cases.", "probability": 0.923828125}, {"start": 605.59, "end": 606.75, "word": " Case", "probability": 0.72900390625}, {"start": 606.75, "end": 607.05, "word": " number", "probability": 0.927734375}, {"start": 607.05, "end": 607.29, "word": " one.", "probability": 0.80419921875}], "temperature": 1.0}, {"id": 22, "seek": 63136, "start": 617.88, "end": 631.36, "text": " Decline by 10%. It could be like this. It could be bigger, it could be smaller, it could be maybe zero. Okay? And let's look at case number five. It's like this. This is like this. So I saw case number one.", "tokens": [12427, 1889, 538, 1266, 6856, 467, 727, 312, 411, 341, 13, 467, 727, 312, 3801, 11, 309, 727, 312, 4356, 11, 309, 727, 312, 1310, 4018, 13, 1033, 30, 400, 718, 311, 574, 412, 1389, 1230, 1732, 13, 467, 311, 411, 341, 13, 639, 307, 411, 341, 13, 407, 286, 1866, 1389, 1230, 472, 13], "avg_logprob": -0.47935268974729944, "compression_ratio": 1.5681818181818181, "no_speech_prob": 0.0, "words": [{"start": 617.8800000000001, "end": 618.32, "word": " Decline", "probability": 0.5255126953125}, {"start": 618.32, "end": 618.52, "word": " by", "probability": 0.95068359375}, {"start": 618.52, "end": 619.22, "word": " 10%.", "probability": 0.756103515625}, {"start": 619.22, "end": 619.64, "word": " It", "probability": 0.1483154296875}, {"start": 619.64, "end": 619.76, "word": " could", "probability": 0.62109375}, {"start": 619.76, "end": 620.04, "word": " be", "probability": 0.89892578125}, {"start": 620.04, "end": 620.12, "word": " like", "probability": 0.448486328125}, {"start": 620.12, "end": 621.04, "word": " this.", "probability": 0.7099609375}, {"start": 621.36, "end": 621.54, "word": " It", "probability": 0.7646484375}, {"start": 621.54, "end": 621.66, "word": " could", "probability": 0.748046875}, {"start": 621.66, "end": 621.98, "word": " be", "probability": 0.92724609375}, {"start": 621.98, "end": 622.32, "word": " bigger,", "probability": 0.5380859375}, {"start": 622.46, "end": 622.52, "word": " it", "probability": 0.7294921875}, {"start": 622.52, "end": 622.64, "word": " could", "probability": 0.890625}, {"start": 622.64, "end": 622.84, "word": " be", "probability": 0.96044921875}, {"start": 622.84, "end": 623.1, "word": " smaller,", "probability": 0.74853515625}, {"start": 623.22, "end": 623.26, "word": " it", "probability": 0.46728515625}, {"start": 623.26, "end": 623.52, "word": " could", "probability": 0.701171875}, {"start": 623.52, "end": 623.52, "word": " be", "probability": 0.685546875}, {"start": 623.52, "end": 623.7, "word": " maybe", "probability": 0.47216796875}, {"start": 623.7, "end": 624.2, "word": " zero.", "probability": 0.71435546875}, {"start": 625.18, "end": 625.4, "word": " Okay?", "probability": 0.318359375}, {"start": 626.8, "end": 626.94, "word": " And", "probability": 0.5625}, {"start": 626.94, "end": 627.08, "word": " let's", "probability": 0.67333984375}, {"start": 627.08, "end": 627.24, "word": " look", "probability": 0.505859375}, {"start": 627.24, "end": 627.32, "word": " at", "probability": 0.9453125}, {"start": 627.32, "end": 627.66, "word": " case", "probability": 0.50537109375}, {"start": 627.66, "end": 627.9, "word": " number", "probability": 0.81494140625}, {"start": 627.9, "end": 628.14, "word": " five.", "probability": 0.6650390625}, {"start": 628.36, "end": 628.58, "word": " It's", "probability": 0.35699462890625}, {"start": 628.58, "end": 628.68, "word": " like", "probability": 0.8759765625}, {"start": 628.68, "end": 628.92, "word": " this.", "probability": 0.9150390625}, {"start": 629.08, "end": 629.32, "word": " This", "probability": 0.2291259765625}, {"start": 629.32, "end": 629.4, "word": " is", "probability": 0.76025390625}, {"start": 629.4, "end": 629.58, "word": " like", "probability": 0.77685546875}, {"start": 629.58, "end": 629.72, "word": " this.", "probability": 0.93505859375}, {"start": 630.0, "end": 630.16, "word": " So", "probability": 0.7255859375}, {"start": 630.16, "end": 630.32, "word": " I", "probability": 0.485107421875}, {"start": 630.32, "end": 630.52, "word": " saw", "probability": 0.60595703125}, {"start": 630.52, "end": 630.88, "word": " case", "probability": 0.58544921875}, {"start": 630.88, "end": 631.1, "word": " number", "probability": 0.9248046875}, {"start": 631.1, "end": 631.36, "word": " one.", "probability": 0.9091796875}], "temperature": 1.0}, {"id": 23, "seek": 65668, "start": 633.4, "end": 656.68, "text": " When the price increased by 10%, it was demanded declined by 20%. It declined by 20%. It's minus 2. Absolute value, 2. It's bigger than 1. It had elastic demand.", "tokens": [1133, 264, 3218, 6505, 538, 1266, 8923, 309, 390, 28276, 29213, 538, 945, 6856, 467, 29213, 538, 945, 6856, 467, 311, 3175, 568, 13, 43965, 1169, 2158, 11, 568, 13, 467, 311, 3801, 813, 502, 13, 467, 632, 17115, 4733, 13], "avg_logprob": -0.3439360111951828, "compression_ratio": 1.35, "no_speech_prob": 0.0, "words": [{"start": 633.4, "end": 633.66, "word": " When", "probability": 0.77294921875}, {"start": 633.66, "end": 633.8, "word": " the", "probability": 0.92138671875}, {"start": 633.8, "end": 634.08, "word": " price", "probability": 0.92138671875}, {"start": 634.08, "end": 634.48, "word": " increased", "probability": 0.94189453125}, {"start": 634.48, "end": 634.68, "word": " by", "probability": 0.970703125}, {"start": 634.68, "end": 635.38, "word": " 10%,", "probability": 0.86181640625}, {"start": 635.38, "end": 635.84, "word": " it", "probability": 0.316650390625}, {"start": 635.84, "end": 636.04, "word": " was", "probability": 0.5458984375}, {"start": 636.04, "end": 636.4, "word": " demanded", "probability": 0.76123046875}, {"start": 636.4, "end": 637.0, "word": " declined", "probability": 0.5185546875}, {"start": 637.0, "end": 637.4, "word": " by", "probability": 0.970703125}, {"start": 637.4, "end": 638.56, "word": " 20%.", "probability": 0.947265625}, {"start": 638.56, "end": 640.5, "word": " It", "probability": 0.029571533203125}, {"start": 640.5, "end": 642.32, "word": " declined", "probability": 0.6552734375}, {"start": 642.32, "end": 642.86, "word": " by", "probability": 0.9697265625}, {"start": 642.86, "end": 644.08, "word": " 20%.", "probability": 0.810546875}, {"start": 644.08, "end": 644.6, "word": " It's", "probability": 0.4775390625}, {"start": 644.6, "end": 644.88, "word": " minus", "probability": 0.6669921875}, {"start": 644.88, "end": 645.38, "word": " 2.", "probability": 0.568359375}, {"start": 646.96, "end": 648.0, "word": " Absolute", "probability": 0.666748046875}, {"start": 648.0, "end": 648.52, "word": " value,", "probability": 0.96923828125}, {"start": 649.0, "end": 649.26, "word": " 2.", "probability": 0.80859375}, {"start": 651.3, "end": 652.34, "word": " It's", "probability": 0.88427734375}, {"start": 652.34, "end": 652.66, "word": " bigger", "probability": 0.939453125}, {"start": 652.66, "end": 653.28, "word": " than", "probability": 0.94482421875}, {"start": 653.28, "end": 653.98, "word": " 1.", "probability": 0.845703125}, {"start": 654.72, "end": 654.84, "word": " It", "probability": 0.62109375}, {"start": 654.84, "end": 655.32, "word": " had", "probability": 0.390380859375}, {"start": 655.32, "end": 656.1, "word": " elastic", "probability": 0.6103515625}, {"start": 656.1, "end": 656.68, "word": " demand.", "probability": 0.9443359375}], "temperature": 1.0}, {"id": 24, "seek": 68543, "start": 657.75, "end": 685.43, "text": " When the price increased by 10 percent, the demand goes down by three percent. Minus 0.3, the absolute value is less than one. The demand is inelastic. The third case, when the price increased by", "tokens": [1133, 264, 3218, 6505, 538, 1266, 3043, 11, 264, 4733, 1709, 760, 538, 1045, 3043, 13, 2829, 301, 1958, 13, 18, 11, 264, 8236, 2158, 307, 1570, 813, 472, 13, 440, 4733, 307, 294, 338, 2750, 13, 440, 2636, 1389, 11, 562, 264, 3218, 6505, 538], "avg_logprob": -0.2330452064250378, "compression_ratio": 1.53125, "no_speech_prob": 0.0, "words": [{"start": 657.75, "end": 658.07, "word": " When", "probability": 0.4697265625}, {"start": 658.07, "end": 659.51, "word": " the", "probability": 0.89453125}, {"start": 659.51, "end": 659.81, "word": " price", "probability": 0.935546875}, {"start": 659.81, "end": 660.39, "word": " increased", "probability": 0.78759765625}, {"start": 660.39, "end": 660.59, "word": " by", "probability": 0.97021484375}, {"start": 660.59, "end": 660.85, "word": " 10", "probability": 0.79638671875}, {"start": 660.85, "end": 661.31, "word": " percent,", "probability": 0.49169921875}, {"start": 661.61, "end": 661.71, "word": " the", "probability": 0.84326171875}, {"start": 661.71, "end": 662.05, "word": " demand", "probability": 0.77587890625}, {"start": 662.05, "end": 662.69, "word": " goes", "probability": 0.70703125}, {"start": 662.69, "end": 663.05, "word": " down", "probability": 0.869140625}, {"start": 663.05, "end": 663.29, "word": " by", "probability": 0.97021484375}, {"start": 663.29, "end": 663.69, "word": " three", "probability": 0.50537109375}, {"start": 663.69, "end": 664.35, "word": " percent.", "probability": 0.96435546875}, {"start": 666.67, "end": 667.43, "word": " Minus", "probability": 0.60418701171875}, {"start": 667.43, "end": 667.81, "word": " 0", "probability": 0.9736328125}, {"start": 667.81, "end": 669.23, "word": ".3,", "probability": 0.992919921875}, {"start": 670.41, "end": 670.55, "word": " the", "probability": 0.356689453125}, {"start": 670.55, "end": 670.91, "word": " absolute", "probability": 0.8828125}, {"start": 670.91, "end": 671.55, "word": " value", "probability": 0.9560546875}, {"start": 671.55, "end": 671.79, "word": " is", "probability": 0.7666015625}, {"start": 671.79, "end": 672.33, "word": " less", "probability": 0.95654296875}, {"start": 672.33, "end": 672.71, "word": " than", "probability": 0.9453125}, {"start": 672.71, "end": 673.01, "word": " one.", "probability": 0.81787109375}, {"start": 673.95, "end": 674.09, "word": " The", "probability": 0.72265625}, {"start": 674.09, "end": 674.85, "word": " demand", "probability": 0.92431640625}, {"start": 674.85, "end": 675.19, "word": " is", "probability": 0.9423828125}, {"start": 675.19, "end": 675.93, "word": " inelastic.", "probability": 0.8818359375}, {"start": 679.63, "end": 680.39, "word": " The", "probability": 0.89404296875}, {"start": 680.39, "end": 680.67, "word": " third", "probability": 0.92236328125}, {"start": 680.67, "end": 681.17, "word": " case,", "probability": 0.89404296875}, {"start": 684.01, "end": 684.21, "word": " when", "probability": 0.904296875}, {"start": 684.21, "end": 684.33, "word": " the", "probability": 0.90966796875}, {"start": 684.33, "end": 684.61, "word": " price", "probability": 0.9189453125}, {"start": 684.61, "end": 685.15, "word": " increased", "probability": 0.90576171875}, {"start": 685.15, "end": 685.43, "word": " by", "probability": 0.97607421875}], "temperature": 1.0}, {"id": 25, "seek": 71514, "start": 686.36, "end": 715.14, "text": " The quantity demanded goes down by 10 percent. Minus one. In the absolute value. Equals one. Equals one. Unitary elastic. Unitary elastic demand. Unitary elastic", "tokens": [440, 11275, 28276, 1709, 760, 538, 1266, 3043, 13, 2829, 301, 472, 13, 682, 264, 8236, 2158, 13, 15624, 1124, 472, 13, 15624, 1124, 472, 13, 1156, 4109, 17115, 13, 1156, 4109, 17115, 4733, 13, 1156, 4109, 17115], "avg_logprob": -0.2277644253694094, "compression_ratio": 1.4727272727272727, "no_speech_prob": 0.0, "words": [{"start": 686.36, "end": 686.58, "word": " The", "probability": 0.5673828125}, {"start": 686.58, "end": 687.06, "word": " quantity", "probability": 0.9765625}, {"start": 687.06, "end": 687.5, "word": " demanded", "probability": 0.94482421875}, {"start": 687.5, "end": 688.02, "word": " goes", "probability": 0.921875}, {"start": 688.02, "end": 688.36, "word": " down", "probability": 0.8681640625}, {"start": 688.36, "end": 688.62, "word": " by", "probability": 0.974609375}, {"start": 688.62, "end": 688.98, "word": " 10", "probability": 0.77197265625}, {"start": 688.98, "end": 689.76, "word": " percent.", "probability": 0.52685546875}, {"start": 691.1, "end": 692.1, "word": " Minus", "probability": 0.882080078125}, {"start": 692.1, "end": 692.42, "word": " one.", "probability": 0.82177734375}, {"start": 694.16, "end": 694.26, "word": " In", "probability": 0.7314453125}, {"start": 694.26, "end": 694.42, "word": " the", "probability": 0.92236328125}, {"start": 694.42, "end": 694.88, "word": " absolute", "probability": 0.900390625}, {"start": 694.88, "end": 695.64, "word": " value.", "probability": 0.97607421875}, {"start": 696.0, "end": 696.62, "word": " Equals", "probability": 0.958984375}, {"start": 696.62, "end": 696.88, "word": " one.", "probability": 0.91015625}, {"start": 697.12, "end": 697.78, "word": " Equals", "probability": 0.816162109375}, {"start": 697.78, "end": 698.12, "word": " one.", "probability": 0.919921875}, {"start": 700.3, "end": 700.76, "word": " Unitary", "probability": 0.65673828125}, {"start": 700.76, "end": 701.28, "word": " elastic.", "probability": 0.86279296875}, {"start": 705.34, "end": 706.34, "word": " Unitary", "probability": 0.8134765625}, {"start": 706.34, "end": 707.66, "word": " elastic", "probability": 0.84423828125}, {"start": 707.66, "end": 711.1, "word": " demand.", "probability": 0.521484375}, {"start": 711.72, "end": 712.72, "word": " Unitary", "probability": 0.9365234375}, {"start": 712.72, "end": 715.14, "word": " elastic", "probability": 0.79638671875}], "temperature": 1.0}, {"id": 26, "seek": 74455, "start": 716.97, "end": 744.55, "text": " Demand. Number four. I will check some examples in these cases here. The fourth case is when the price increased by 10% here, the quantity demanded goes down by 0%.", "tokens": [4686, 474, 13, 5118, 1451, 13, 286, 486, 1520, 512, 5110, 294, 613, 3331, 510, 13, 440, 6409, 1389, 307, 562, 264, 3218, 6505, 538, 1266, 4, 510, 11, 264, 11275, 28276, 1709, 760, 538, 1958, 6856], "avg_logprob": -0.18955591869981667, "compression_ratio": 1.2890625, "no_speech_prob": 0.0, "words": [{"start": 716.97, "end": 717.85, "word": " Demand.", "probability": 0.73193359375}, {"start": 722.91, "end": 723.79, "word": " Number", "probability": 0.8134765625}, {"start": 723.79, "end": 724.15, "word": " four.", "probability": 0.8505859375}, {"start": 726.27, "end": 726.57, "word": " I", "probability": 0.68603515625}, {"start": 726.57, "end": 726.69, "word": " will", "probability": 0.8125}, {"start": 726.69, "end": 727.03, "word": " check", "probability": 0.94580078125}, {"start": 727.03, "end": 727.39, "word": " some", "probability": 0.90478515625}, {"start": 727.39, "end": 727.91, "word": " examples", "probability": 0.86572265625}, {"start": 727.91, "end": 728.17, "word": " in", "probability": 0.8759765625}, {"start": 728.17, "end": 728.63, "word": " these", "probability": 0.83837890625}, {"start": 728.63, "end": 729.05, "word": " cases", "probability": 0.92529296875}, {"start": 729.05, "end": 729.37, "word": " here.", "probability": 0.8271484375}, {"start": 730.61, "end": 731.11, "word": " The", "probability": 0.3349609375}, {"start": 731.11, "end": 733.01, "word": " fourth", "probability": 0.939453125}, {"start": 733.01, "end": 733.43, "word": " case", "probability": 0.90966796875}, {"start": 733.43, "end": 735.53, "word": " is", "probability": 0.85302734375}, {"start": 735.53, "end": 736.71, "word": " when", "probability": 0.84521484375}, {"start": 736.71, "end": 736.85, "word": " the", "probability": 0.79052734375}, {"start": 736.85, "end": 737.21, "word": " price", "probability": 0.91650390625}, {"start": 737.21, "end": 737.65, "word": " increased", "probability": 0.77197265625}, {"start": 737.65, "end": 737.85, "word": " by", "probability": 0.97021484375}, {"start": 737.85, "end": 738.15, "word": " 10", "probability": 0.85205078125}, {"start": 738.15, "end": 738.51, "word": "%", "probability": 0.6591796875}, {"start": 738.51, "end": 739.15, "word": " here,", "probability": 0.83837890625}, {"start": 740.69, "end": 741.03, "word": " the", "probability": 0.91748046875}, {"start": 741.03, "end": 741.53, "word": " quantity", "probability": 0.98388671875}, {"start": 741.53, "end": 742.19, "word": " demanded", "probability": 0.93017578125}, {"start": 742.19, "end": 742.85, "word": " goes", "probability": 0.92041015625}, {"start": 742.85, "end": 743.27, "word": " down", "probability": 0.85888671875}, {"start": 743.27, "end": 743.57, "word": " by", "probability": 0.97412109375}, {"start": 743.57, "end": 744.55, "word": " 0%.", "probability": 0.876708984375}], "temperature": 1.0}, {"id": 27, "seek": 77518, "start": 747.48, "end": 775.18, "text": " Medicine. Let the medicine pay 10% of the price, and one takes a very important medicine. According to the heart or what is its name? Kidneys or that. The quantity demanded goes down by 0%. Right? So this is how the quantity demanded goes down by 0%. Zero. So this is how", "tokens": [3982, 299, 533, 13, 961, 264, 7195, 1689, 1266, 4, 295, 264, 3218, 11, 293, 472, 2516, 257, 588, 1021, 7195, 13, 7328, 281, 264, 1917, 420, 437, 307, 1080, 1315, 30, 18978, 14859, 420, 300, 13, 440, 11275, 28276, 1709, 760, 538, 1958, 6856, 1779, 30, 407, 341, 307, 577, 264, 11275, 28276, 1709, 760, 538, 1958, 6856, 17182, 13, 407, 341, 307, 577], "avg_logprob": -0.5634469471194528, "compression_ratio": 1.6287425149700598, "no_speech_prob": 0.0, "words": [{"start": 747.4800000000001, "end": 748.1600000000001, "word": " Medicine.", "probability": 0.3453776041666667}, {"start": 748.1600000000001, "end": 748.84, "word": " Let", "probability": 0.478759765625}, {"start": 748.84, "end": 748.98, "word": " the", "probability": 0.59130859375}, {"start": 748.98, "end": 749.12, "word": " medicine", "probability": 0.399169921875}, {"start": 749.12, "end": 749.38, "word": " pay", "probability": 0.505859375}, {"start": 749.38, "end": 749.8, "word": " 10", "probability": 0.1954345703125}, {"start": 749.8, "end": 750.14, "word": "%", "probability": 0.62841796875}, {"start": 750.14, "end": 750.14, "word": " of", "probability": 0.37255859375}, {"start": 750.14, "end": 750.14, "word": " the", "probability": 0.494140625}, {"start": 750.14, "end": 750.24, "word": " price,", "probability": 0.79248046875}, {"start": 750.34, "end": 751.02, "word": " and", "probability": 0.80419921875}, {"start": 751.02, "end": 751.26, "word": " one", "probability": 0.2568359375}, {"start": 751.26, "end": 751.68, "word": " takes", "probability": 0.53173828125}, {"start": 751.68, "end": 752.54, "word": " a", "probability": 0.495849609375}, {"start": 752.54, "end": 753.0, "word": " very", "probability": 0.826171875}, {"start": 753.0, "end": 753.28, "word": " important", "probability": 0.82275390625}, {"start": 753.28, "end": 753.38, "word": " medicine.", "probability": 0.4013671875}, {"start": 754.62, "end": 754.96, "word": " According", "probability": 0.143798828125}, {"start": 754.96, "end": 755.14, "word": " to", "probability": 0.96923828125}, {"start": 755.14, "end": 755.8, "word": " the", "probability": 0.68896484375}, {"start": 755.8, "end": 756.18, "word": " heart", "probability": 0.8857421875}, {"start": 756.18, "end": 756.52, "word": " or", "probability": 0.583984375}, {"start": 756.52, "end": 757.32, "word": " what", "probability": 0.184814453125}, {"start": 757.32, "end": 757.34, "word": " is", "probability": 0.66357421875}, {"start": 757.34, "end": 757.52, "word": " its", "probability": 0.277099609375}, {"start": 757.52, "end": 757.52, "word": " name?", "probability": 0.9111328125}, {"start": 757.76, "end": 758.24, "word": " Kidneys", "probability": 0.912353515625}, {"start": 758.24, "end": 758.48, "word": " or", "probability": 0.71728515625}, {"start": 758.48, "end": 759.88, "word": " that.", "probability": 0.11199951171875}, {"start": 760.84, "end": 761.04, "word": " The", "probability": 0.70751953125}, {"start": 761.04, "end": 761.28, "word": " quantity", "probability": 0.91162109375}, {"start": 761.28, "end": 761.56, "word": " demanded", "probability": 0.89697265625}, {"start": 761.56, "end": 761.76, "word": " goes", "probability": 0.3447265625}, {"start": 761.76, "end": 761.94, "word": " down", "probability": 0.8525390625}, {"start": 761.94, "end": 762.04, "word": " by", "probability": 0.85986328125}, {"start": 762.04, "end": 763.0, "word": " 0%.", "probability": 0.621337890625}, {"start": 763.0, "end": 763.44, "word": " Right?", "probability": 0.6376953125}, {"start": 764.14, "end": 764.38, "word": " So", "probability": 0.54150390625}, {"start": 764.38, "end": 764.62, "word": " this", "probability": 0.264404296875}, {"start": 764.62, "end": 764.7, "word": " is", "probability": 0.78369140625}, {"start": 764.7, "end": 765.0, "word": " how", "probability": 0.77294921875}, {"start": 765.0, "end": 765.3, "word": " the", "probability": 0.70361328125}, {"start": 765.3, "end": 765.76, "word": " quantity", "probability": 0.9501953125}, {"start": 765.76, "end": 766.38, "word": " demanded", "probability": 0.91357421875}, {"start": 766.38, "end": 766.96, "word": " goes", "probability": 0.873046875}, {"start": 766.96, "end": 767.42, "word": " down", "probability": 0.8642578125}, {"start": 767.42, "end": 767.9, "word": " by", "probability": 0.96826171875}, {"start": 767.9, "end": 770.7, "word": " 0%.", "probability": 0.827880859375}, {"start": 770.7, "end": 772.4, "word": " Zero.", "probability": 0.54150390625}, {"start": 774.36, "end": 774.5, "word": " So", "probability": 0.51708984375}, {"start": 774.5, "end": 774.78, "word": " this", "probability": 0.79248046875}, {"start": 774.78, "end": 774.84, "word": " is", "probability": 0.91796875}, {"start": 774.84, "end": 775.18, "word": " how", "probability": 0.8994140625}], "temperature": 1.0}, {"id": 28, "seek": 79860, "start": 776.5, "end": 798.6, "text": " Zero. Perfectly inelastic. There is no response. Perfectly inelastic. Perfectly perfectly", "tokens": [17182, 13, 10246, 356, 294, 338, 2750, 13, 821, 307, 572, 4134, 13, 10246, 356, 294, 338, 2750, 13, 10246, 356, 6239], "avg_logprob": -0.3495244617047517, "compression_ratio": 1.4285714285714286, "no_speech_prob": 0.0, "words": [{"start": 776.5, "end": 777.02, "word": " Zero.", "probability": 0.73486328125}, {"start": 781.0, "end": 782.4, "word": " Perfectly", "probability": 0.503662109375}, {"start": 782.4, "end": 784.5, "word": " inelastic.", "probability": 0.9296875}, {"start": 785.56, "end": 785.9, "word": " There", "probability": 0.6796875}, {"start": 785.9, "end": 786.12, "word": " is", "probability": 0.87841796875}, {"start": 786.12, "end": 786.52, "word": " no", "probability": 0.95458984375}, {"start": 786.52, "end": 787.3, "word": " response.", "probability": 0.96337890625}, {"start": 792.58, "end": 793.98, "word": " Perfectly", "probability": 0.825927734375}, {"start": 793.98, "end": 795.02, "word": " inelastic.", "probability": 0.8518880208333334}, {"start": 796.24, "end": 796.96, "word": " Perfectly", "probability": 0.924560546875}, {"start": 796.96, "end": 798.6, "word": " perfectly", "probability": 0.2294921875}], "temperature": 1.0}, {"id": 29, "seek": 83482, "start": 810.1, "end": 834.82, "text": " Inelastic demand. The last case, we have so many examples related to these points, it will be discussed now. The last case,", "tokens": [682, 338, 2750, 4733, 13, 440, 1036, 1389, 11, 321, 362, 370, 867, 5110, 4077, 281, 613, 2793, 11, 309, 486, 312, 7152, 586, 13, 440, 1036, 1389, 11], "avg_logprob": -0.20286457737286887, "compression_ratio": 1.2783505154639174, "no_speech_prob": 0.0, "words": [{"start": 810.1000000000001, "end": 811.0200000000001, "word": " Inelastic", "probability": 0.84130859375}, {"start": 811.0200000000001, "end": 811.94, "word": " demand.", "probability": 0.76513671875}, {"start": 819.4, "end": 820.08, "word": " The", "probability": 0.89404296875}, {"start": 820.08, "end": 820.34, "word": " last", "probability": 0.87451171875}, {"start": 820.34, "end": 820.86, "word": " case,", "probability": 0.91015625}, {"start": 823.58, "end": 823.92, "word": " we", "probability": 0.57763671875}, {"start": 823.92, "end": 824.38, "word": " have", "probability": 0.5234375}, {"start": 824.38, "end": 826.78, "word": " so", "probability": 0.95263671875}, {"start": 826.78, "end": 827.02, "word": " many", "probability": 0.9189453125}, {"start": 827.02, "end": 827.64, "word": " examples", "probability": 0.888671875}, {"start": 827.64, "end": 828.36, "word": " related", "probability": 0.94677734375}, {"start": 828.36, "end": 828.58, "word": " to", "probability": 0.9697265625}, {"start": 828.58, "end": 828.82, "word": " these", "probability": 0.84130859375}, {"start": 828.82, "end": 829.18, "word": " points,", "probability": 0.9267578125}, {"start": 829.42, "end": 830.32, "word": " it", "probability": 0.9287109375}, {"start": 830.32, "end": 830.44, "word": " will", "probability": 0.89404296875}, {"start": 830.44, "end": 830.58, "word": " be", "probability": 0.951171875}, {"start": 830.58, "end": 831.0, "word": " discussed", "probability": 0.91748046875}, {"start": 831.0, "end": 831.82, "word": " now.", "probability": 0.84765625}, {"start": 833.26, "end": 834.18, "word": " The", "probability": 0.77001953125}, {"start": 834.18, "end": 834.46, "word": " last", "probability": 0.88232421875}, {"start": 834.46, "end": 834.82, "word": " case,", "probability": 0.908203125}], "temperature": 1.0}, {"id": 30, "seek": 86037, "start": 836.95, "end": 860.37, "text": " The assumption could be a hypothetical case. Even if these prices, although there is no change in price, which means that the change is zero.", "tokens": [440, 15302, 727, 312, 257, 33053, 1389, 13, 2754, 498, 613, 7901, 11, 4878, 456, 307, 572, 1319, 294, 3218, 11, 597, 1355, 300, 264, 1319, 307, 4018, 13], "avg_logprob": -0.5031249980131786, "compression_ratio": 1.290909090909091, "no_speech_prob": 0.0, "words": [{"start": 836.95, "end": 837.17, "word": " The", "probability": 0.2213134765625}, {"start": 837.17, "end": 837.71, "word": " assumption", "probability": 0.97021484375}, {"start": 837.71, "end": 838.33, "word": " could", "probability": 0.2044677734375}, {"start": 838.33, "end": 839.15, "word": " be", "probability": 0.89501953125}, {"start": 839.15, "end": 839.29, "word": " a", "probability": 0.448974609375}, {"start": 839.29, "end": 839.91, "word": " hypothetical", "probability": 0.490966796875}, {"start": 839.91, "end": 839.91, "word": " case.", "probability": 0.497314453125}, {"start": 843.73, "end": 844.97, "word": " Even", "probability": 0.67529296875}, {"start": 844.97, "end": 845.45, "word": " if", "probability": 0.94091796875}, {"start": 845.45, "end": 846.63, "word": " these", "probability": 0.318115234375}, {"start": 846.63, "end": 847.45, "word": " prices,", "probability": 0.697265625}, {"start": 849.17, "end": 849.83, "word": " although", "probability": 0.85986328125}, {"start": 849.83, "end": 850.19, "word": " there", "probability": 0.8857421875}, {"start": 850.19, "end": 850.39, "word": " is", "probability": 0.830078125}, {"start": 850.39, "end": 850.89, "word": " no", "probability": 0.9296875}, {"start": 850.89, "end": 851.67, "word": " change", "probability": 0.87890625}, {"start": 851.67, "end": 853.01, "word": " in", "probability": 0.77685546875}, {"start": 853.01, "end": 854.81, "word": " price,", "probability": 0.82177734375}, {"start": 856.99, "end": 857.15, "word": " which", "probability": 0.1697998046875}, {"start": 857.15, "end": 857.33, "word": " means", "probability": 0.87060546875}, {"start": 857.33, "end": 857.73, "word": " that", "probability": 0.447021484375}, {"start": 857.73, "end": 858.21, "word": " the", "probability": 0.339599609375}, {"start": 858.21, "end": 858.85, "word": " change", "probability": 0.73388671875}, {"start": 858.85, "end": 859.21, "word": " is", "probability": 0.56689453125}, {"start": 859.21, "end": 860.37, "word": " zero.", "probability": 0.740234375}], "temperature": 1.0}, {"id": 31, "seek": 88862, "start": 863.92, "end": 888.62, "text": " The quantity demanded declines by any number. Five percent, ten percent. What happens to this? Infinity. They call it infinity. Have you ever heard of infinity? This is how it turns out. Minus infinity.", "tokens": [440, 11275, 28276, 7488, 1652, 538, 604, 1230, 13, 9436, 3043, 11, 2064, 3043, 13, 708, 2314, 281, 341, 30, 34762, 13, 814, 818, 309, 13202, 13, 3560, 291, 1562, 2198, 295, 13202, 30, 639, 307, 577, 309, 4523, 484, 13, 2829, 301, 13202, 13], "avg_logprob": -0.5078124870424685, "compression_ratio": 1.4, "no_speech_prob": 0.0, "words": [{"start": 863.92, "end": 864.74, "word": " The", "probability": 0.09478759765625}, {"start": 864.74, "end": 865.44, "word": " quantity", "probability": 0.93798828125}, {"start": 865.44, "end": 866.04, "word": " demanded", "probability": 0.8583984375}, {"start": 866.04, "end": 866.96, "word": " declines", "probability": 0.865966796875}, {"start": 866.96, "end": 867.32, "word": " by", "probability": 0.8818359375}, {"start": 867.32, "end": 867.62, "word": " any", "probability": 0.466064453125}, {"start": 867.62, "end": 867.96, "word": " number.", "probability": 0.8330078125}, {"start": 868.74, "end": 869.56, "word": " Five", "probability": 0.30859375}, {"start": 869.56, "end": 869.94, "word": " percent,", "probability": 0.859375}, {"start": 870.28, "end": 870.52, "word": " ten", "probability": 0.7607421875}, {"start": 870.52, "end": 871.14, "word": " percent.", "probability": 0.9716796875}, {"start": 872.8, "end": 873.08, "word": " What", "probability": 0.5322265625}, {"start": 873.08, "end": 873.4, "word": " happens", "probability": 0.66748046875}, {"start": 873.4, "end": 873.84, "word": " to", "probability": 0.6015625}, {"start": 873.84, "end": 873.84, "word": " this?", "probability": 0.5537109375}, {"start": 876.22, "end": 877.04, "word": " Infinity.", "probability": 0.65380859375}, {"start": 877.88, "end": 878.36, "word": " They", "probability": 0.328369140625}, {"start": 878.36, "end": 878.56, "word": " call", "probability": 0.75341796875}, {"start": 878.56, "end": 878.76, "word": " it", "probability": 0.607421875}, {"start": 878.76, "end": 879.2, "word": " infinity.", "probability": 0.385009765625}, {"start": 880.04, "end": 880.86, "word": " Have", "probability": 0.1868896484375}, {"start": 880.86, "end": 880.86, "word": " you", "probability": 0.93408203125}, {"start": 880.86, "end": 880.9, "word": " ever", "probability": 0.56689453125}, {"start": 880.9, "end": 881.22, "word": " heard", "probability": 0.72265625}, {"start": 881.22, "end": 881.28, "word": " of", "probability": 0.81884765625}, {"start": 881.28, "end": 881.56, "word": " infinity?", "probability": 0.857421875}, {"start": 884.58, "end": 885.4, "word": " This", "probability": 0.399658203125}, {"start": 885.4, "end": 885.58, "word": " is", "probability": 0.140869140625}, {"start": 885.58, "end": 885.58, "word": " how", "probability": 0.345703125}, {"start": 885.58, "end": 885.58, "word": " it", "probability": 0.81787109375}, {"start": 885.58, "end": 885.76, "word": " turns", "probability": 0.324951171875}, {"start": 885.76, "end": 886.94, "word": " out.", "probability": 0.86865234375}, {"start": 887.28, "end": 888.1, "word": " Minus", "probability": 0.92626953125}, {"start": 888.1, "end": 888.62, "word": " infinity.", "probability": 0.8896484375}], "temperature": 1.0}, {"id": 32, "seek": 92262, "start": 896.72, "end": 922.62, "text": " I started teaching 17 years ago. I studied in one of the universities. The generation that existed was older than me by 10 years and 20 years. So it's not really a negative story. I don't know if there's something called negative five and negative three. It's not really about that. 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Yes, I don't have money. I haven't slept for two weeks. I said, what happened to you? He said, I don't have money. I said, what happened to you? He said, I don't have money. I said, what happened to you? He said, I don't have money. I said, what happened to you? He said, I don't have money. I said, what happened to you? He said, I don't have money. I said, what happened to you? He said, I don't have money. I said, what happened to you? He said, I don't have money. I said, what happened to you? He said, I don't have money. I said, what happened to you? He said, I don't have money. I said, what happened to you? He said, I don't have money. I said, I don't have money. I said, what happened to you? He said, I don't have money. 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I told him, it's him, but what does this girl want?", "tokens": [821, 390, 257, 3107, 567, 1361, 281, 385, 13, 286, 1907, 796, 300, 321, 632, 257, 2531, 7991, 264, 661, 786, 13, 286, 1409, 281, 11024, 466, 437, 2011, 264, 661, 786, 13, 883, 11, 309, 311, 406, 411, 300, 13, 3950, 567, 458, 11, 458, 13, 583, 456, 366, 561, 567, 366, 406, 1075, 281, 1463, 484, 13, 286, 1907, 796, 11, 309, 311, 796, 11, 457, 437, 775, 341, 2013, 528, 30], "avg_logprob": -0.7174999729792277, "compression_ratio": 1.5989304812834224, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 1504.1800000000003, "end": 1504.5400000000002, "word": " There", "probability": 0.08697509765625}, {"start": 1504.5400000000002, "end": 1504.9, "word": " was", "probability": 0.611328125}, {"start": 1504.9, "end": 1505.04, "word": " a", "probability": 0.71923828125}, {"start": 1505.04, "end": 1505.2, "word": " student", "probability": 0.9169921875}, {"start": 1505.2, "end": 1505.36, "word": " who", "probability": 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When I talk on my phone, it's impossible for me to hear you. It's very difficult to distinguish the voices. No, no, it's the voice. When I watch a video, I hear this voice, and I say to myself, it's the same voice.", "tokens": [467, 311, 264, 912, 3177, 13, 1133, 286, 751, 322, 452, 2593, 11, 309, 311, 6243, 337, 385, 281, 1568, 291, 13, 467, 311, 588, 2252, 281, 20206, 264, 9802, 13, 883, 11, 572, 11, 309, 311, 264, 3177, 13, 1133, 286, 1159, 257, 960, 11, 286, 1568, 341, 3177, 11, 293, 286, 584, 281, 2059, 11, 309, 311, 264, 912, 3177, 13], "avg_logprob": -0.6103515811264515, "compression_ratio": 1.5629139072847682, "no_speech_prob": 0.0, "words": [{"start": 1525.3, "end": 1525.48, "word": " It's", "probability": 0.406768798828125}, {"start": 1525.48, "end": 1525.64, "word": " the", "probability": 0.75}, {"start": 1525.64, "end": 1525.64, "word": " same", "probability": 0.89697265625}, {"start": 1525.64, "end": 1525.9, "word": " voice.", "probability": 0.689453125}, {"start": 1525.98, "end": 1526.18, "word": " When", "probability": 0.206787109375}, {"start": 1526.18, "end": 1526.38, "word": " I", "probability": 0.890625}, {"start": 1526.38, "end": 1526.54, "word": " talk", "probability": 0.328125}, {"start": 1526.54, "end": 1526.82, "word": " on", "probability": 0.681640625}, {"start": 1526.82, "end": 1526.98, "word": " my", "probability": 0.493896484375}, {"start": 1526.98, "end": 1527.24, "word": " phone,", "probability": 0.65283203125}, {"start": 1527.36, "end": 1527.44, "word": " it's", "probability": 0.5716552734375}, {"start": 1527.44, "end": 1527.72, "word": " impossible", "probability": 0.55517578125}, {"start": 1527.72, "end": 1527.94, "word": " for", "probability": 0.299560546875}, {"start": 1527.94, "end": 1528.1, "word": " me", "probability": 0.81884765625}, {"start": 1528.1, "end": 1528.2, "word": " to", "probability": 0.91357421875}, {"start": 1528.2, "end": 1528.42, "word": " hear", "probability": 0.68408203125}, {"start": 1528.42, "end": 1528.74, "word": " you.", "probability": 0.238525390625}, {"start": 1529.72, "end": 1530.08, "word": " It's", "probability": 0.77978515625}, {"start": 1530.08, "end": 1530.16, "word": " very", "probability": 0.4755859375}, {"start": 1530.16, "end": 1530.36, "word": " difficult", "probability": 0.57958984375}, {"start": 1530.36, "end": 1530.68, "word": " to", "probability": 0.82421875}, {"start": 1530.68, "end": 1530.98, "word": " distinguish", "probability": 0.6650390625}, {"start": 1530.98, "end": 1531.26, "word": " the", "probability": 0.308837890625}, {"start": 1531.26, "end": 1531.74, "word": " voices.", "probability": 0.396240234375}, {"start": 1532.68, "end": 1532.78, "word": " No,", "probability": 0.282470703125}, {"start": 1532.98, "end": 1532.98, "word": " no,", "probability": 0.60302734375}, {"start": 1533.02, "end": 1533.08, "word": " it's", "probability": 0.673095703125}, {"start": 1533.08, "end": 1533.14, "word": " the", "probability": 0.71875}, {"start": 1533.14, "end": 1533.22, "word": " voice.", "probability": 0.7744140625}, {"start": 1533.4, "end": 1533.68, "word": " When", "probability": 0.25146484375}, {"start": 1533.68, "end": 1534.92, "word": " I", "probability": 0.64794921875}, {"start": 1534.92, "end": 1535.08, "word": " watch", "probability": 0.61328125}, {"start": 1535.08, "end": 1535.44, "word": " a", "probability": 0.31494140625}, {"start": 1535.44, "end": 1535.68, "word": " video,", "probability": 0.86474609375}, {"start": 1535.72, "end": 1535.9, "word": " I", "probability": 0.63623046875}, {"start": 1535.9, "end": 1536.02, "word": " hear", "probability": 0.60400390625}, {"start": 1536.02, "end": 1536.48, "word": " this", "probability": 0.1524658203125}, {"start": 1536.48, "end": 1536.54, "word": " voice,", "probability": 0.304931640625}, {"start": 1536.54, "end": 1536.62, "word": " and", "probability": 0.257080078125}, {"start": 1536.62, "end": 1536.62, "word": " I", "probability": 0.5751953125}, {"start": 1536.62, "end": 1536.72, "word": " say", "probability": 0.450927734375}, {"start": 1536.72, "end": 1536.8, "word": " to", "probability": 0.2449951171875}, {"start": 1536.8, "end": 1536.84, "word": " myself,", "probability": 0.8603515625}, {"start": 1536.84, "end": 1537.1, "word": " it's", "probability": 0.53570556640625}, {"start": 1537.1, "end": 1537.14, "word": " the", "probability": 0.75390625}, {"start": 1537.14, "end": 1537.24, "word": " same", "probability": 0.88330078125}, {"start": 1537.24, "end": 1537.54, "word": " voice.", "probability": 0.9326171875}], "temperature": 1.0}, {"id": 57, "seek": 156728, "start": 1538.46, "end": 1567.28, "text": " Yeah, I mean, when I talk on the phone with her, okay? If I heard it, it's hard for me to distinguish. The sound, yeah, the sound is something, I mean, terrible. Yeah, similar, similar. The girl surprised me. I say to them, like we took the lecture last time and so on, and I started drawing. He didn't know anything about demand and analysis and so on. The girl, uncle, says to you, uncle, it's him, but it's not ... He's the teacher, and you say we didn't take him. I said to her, how? 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He memorized the Quran, I didn't. Listen, when you see me, tell me to listen. 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Infinity. Perfectly elastic. Perfectly elastic.", "tokens": [961, 311, 808, 646, 13, 34762, 13, 10246, 356, 17115, 13, 10246, 356, 17115, 13], "avg_logprob": -0.37548827938735485, "compression_ratio": 1.1818181818181819, "no_speech_prob": 0.0, "words": [{"start": 1625.63, "end": 1625.99, "word": " Let's", "probability": 0.787353515625}, {"start": 1625.99, "end": 1626.17, "word": " come", "probability": 0.7451171875}, {"start": 1626.17, "end": 1626.59, "word": " back.", "probability": 0.8935546875}, {"start": 1629.89, "end": 1630.31, "word": " Infinity.", "probability": 0.21044921875}, {"start": 1634.85, "end": 1635.71, "word": " Perfectly", "probability": 0.782470703125}, {"start": 1635.71, "end": 1636.09, "word": " elastic.", "probability": 0.9521484375}, {"start": 1637.11, "end": 1637.55, "word": " Perfectly", "probability": 0.907470703125}, {"start": 1637.55, "end": 1637.91, "word": " elastic.", "probability": 0.95654296875}], "temperature": 1.0}, {"id": 61, "seek": 166662, "start": 1662.4, "end": 1666.62, "text": " Let's come back here to the perfectly last case.", "tokens": [961, 311, 808, 646, 510, 281, 264, 6239, 1036, 1389, 13], "avg_logprob": -0.2799479092160861, "compression_ratio": 0.8596491228070176, "no_speech_prob": 0.0, "words": [{"start": 1662.4, "end": 1663.18, "word": " Let's", "probability": 0.927734375}, {"start": 1663.18, "end": 1663.36, "word": " come", "probability": 0.767578125}, {"start": 1663.36, "end": 1663.62, "word": " back", "probability": 0.88330078125}, {"start": 1663.62, "end": 1663.86, "word": " here", "probability": 0.859375}, {"start": 1663.86, "end": 1664.34, "word": " to", "probability": 0.96337890625}, {"start": 1664.34, "end": 1664.94, "word": " the", "probability": 0.71337890625}, {"start": 1664.94, "end": 1665.82, "word": " perfectly", "probability": 0.83837890625}, {"start": 1665.82, "end": 1666.46, "word": " last", "probability": 0.63818359375}, {"start": 1666.46, "end": 1666.62, "word": " case.", "probability": 0.418701171875}], "temperature": 1.0}, {"id": 62, "seek": 169445, "start": 1670.83, "end": 1694.45, "text": " And the price elasticity of demand, or the last type, is the perfectly elastic demand. 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Let us assume that decreasing by four percent, negative, positive. 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So absolute value, infinity. No change for the prices. Case examples.", "tokens": [583, 294, 439, 3331, 510, 3671, 1465, 11, 3671, 2299, 13, 407, 8236, 2158, 11, 13202, 13, 883, 1319, 337, 264, 7901, 13, 17791, 5110, 13], "avg_logprob": -0.47829861331869056, "compression_ratio": 1.1981132075471699, "no_speech_prob": 0.0, "words": [{"start": 1722.58, "end": 1723.48, "word": " But", "probability": 0.18603515625}, {"start": 1723.48, "end": 1723.76, "word": " in", "probability": 0.89453125}, {"start": 1723.76, "end": 1724.04, "word": " all", "probability": 0.92236328125}, {"start": 1724.04, "end": 1724.48, "word": " cases", "probability": 0.92578125}, {"start": 1724.48, "end": 1724.68, "word": " here", "probability": 0.276123046875}, {"start": 1724.68, "end": 1725.0, "word": " negative", "probability": 0.7109375}, {"start": 1725.0, "end": 1725.36, "word": " sign,", "probability": 0.74609375}, {"start": 1725.48, "end": 1725.68, "word": " negative", "probability": 0.9365234375}, {"start": 1725.68, "end": 1726.18, "word": " relations.", "probability": 0.80029296875}, {"start": 1726.58, "end": 1727.38, "word": " So", "probability": 0.94677734375}, {"start": 1727.38, "end": 1729.52, "word": " absolute", "probability": 0.196533203125}, {"start": 1729.52, "end": 1730.44, "word": " value,", "probability": 0.978515625}, {"start": 1731.3, "end": 1731.8, "word": " infinity.", "probability": 0.837890625}, {"start": 1737.42, "end": 1738.32, "word": " No", "probability": 0.71533203125}, {"start": 1738.32, "end": 1738.78, "word": " change", "probability": 0.91064453125}, {"start": 1738.78, "end": 1738.92, "word": " for", "probability": 0.4404296875}, {"start": 1738.92, "end": 1739.0, "word": " the", "probability": 0.436767578125}, {"start": 1739.0, "end": 1739.36, "word": " prices.", "probability": 0.837890625}, {"start": 1741.42, "end": 1742.32, "word": " Case", "probability": 0.10333251953125}, {"start": 1742.32, "end": 1743.52, "word": " examples.", "probability": 0.63720703125}], "temperature": 1.0}, {"id": 65, "seek": 177160, "start": 1751.52, "end": 1771.6, "text": " This product is not important for, it's not necessary for the consumer. As you see in this, we have five graphs.", "tokens": [639, 1674, 307, 406, 1021, 337, 11, 309, 311, 406, 4818, 337, 264, 9711, 13, 1018, 291, 536, 294, 341, 11, 321, 362, 1732, 24877, 13], "avg_logprob": -0.22743056217829385, "compression_ratio": 1.1770833333333333, "no_speech_prob": 0.0, "words": [{"start": 1751.5200000000002, "end": 1752.3600000000001, "word": " This", "probability": 0.10345458984375}, {"start": 1752.3600000000001, "end": 1753.2, "word": " product", "probability": 0.89892578125}, {"start": 1753.2, "end": 1753.72, "word": " is", "probability": 0.9296875}, {"start": 1753.72, "end": 1755.56, "word": " not", "probability": 0.916015625}, {"start": 1755.56, "end": 1756.12, "word": " important", "probability": 0.8544921875}, {"start": 1756.12, "end": 1756.54, "word": " for,", "probability": 0.67724609375}, {"start": 1756.96, "end": 1757.38, "word": " it's", "probability": 0.937255859375}, {"start": 1757.38, "end": 1757.56, "word": " not", "probability": 0.9384765625}, {"start": 1757.56, "end": 1757.94, "word": " necessary", "probability": 0.880859375}, {"start": 1757.94, "end": 1758.16, "word": " for", "probability": 0.94580078125}, {"start": 1758.16, "end": 1758.32, "word": " the", "probability": 0.91357421875}, {"start": 1758.32, "end": 1758.8, "word": " consumer.", "probability": 0.8623046875}, {"start": 1763.48, "end": 1764.16, "word": " As", "probability": 0.395751953125}, {"start": 1764.16, "end": 1768.5, "word": " you", "probability": 0.966796875}, {"start": 1768.5, "end": 1768.84, "word": " see", "probability": 0.9228515625}, {"start": 1768.84, "end": 1769.18, "word": " in", "probability": 0.89111328125}, {"start": 1769.18, "end": 1769.64, "word": " this,", "probability": 0.9462890625}, {"start": 1769.9, "end": 1770.34, "word": " we", "probability": 0.49365234375}, {"start": 1770.34, "end": 1770.76, "word": " have", "probability": 0.95166015625}, {"start": 1770.76, "end": 1771.16, "word": " five", "probability": 0.8671875}, {"start": 1771.16, "end": 1771.6, "word": " graphs.", "probability": 0.947265625}], "temperature": 1.0}, {"id": 66, "seek": 180301, "start": 1775.57, "end": 1803.01, "text": " And we said that we have five types of the price elasticity of demand. The first type was inelastic demand, elastic, unitary elastic, perfectly inelastic, perfectly elastic. Okay? And here we have five examples. If you remember that the price elasticity of demand", "tokens": [400, 321, 848, 300, 321, 362, 1732, 3467, 295, 264, 3218, 46260, 295, 4733, 13, 440, 700, 2010, 390, 294, 338, 2750, 4733, 11, 17115, 11, 517, 4109, 17115, 11, 6239, 294, 338, 2750, 11, 6239, 17115, 13, 1033, 30, 400, 510, 321, 362, 1732, 5110, 13, 759, 291, 1604, 300, 264, 3218, 46260, 295, 4733], "avg_logprob": -0.1433662301615665, "compression_ratio": 1.7837837837837838, "no_speech_prob": 0.0, "words": [{"start": 1775.57, "end": 1775.87, "word": " And", "probability": 0.78125}, {"start": 1775.87, "end": 1776.11, "word": " we", "probability": 0.92529296875}, {"start": 1776.11, "end": 1776.29, "word": " said", "probability": 0.94091796875}, {"start": 1776.29, "end": 1776.65, "word": " that", "probability": 0.92529296875}, {"start": 1776.65, "end": 1776.87, "word": " we", "probability": 0.9326171875}, {"start": 1776.87, "end": 1777.21, "word": " have", "probability": 0.94287109375}, {"start": 1777.21, "end": 1779.11, "word": " five", "probability": 0.454345703125}, {"start": 1779.11, "end": 1779.77, "word": " types", "probability": 0.8466796875}, {"start": 1779.77, "end": 1780.17, "word": " of", "probability": 0.96533203125}, {"start": 1780.17, "end": 1780.49, "word": " the", "probability": 0.51318359375}, {"start": 1780.49, "end": 1781.45, "word": " price", "probability": 0.8720703125}, {"start": 1781.45, "end": 1781.81, "word": " elasticity", "probability": 0.728515625}, {"start": 1781.81, "end": 1782.15, "word": " of", "probability": 0.90478515625}, {"start": 1782.15, "end": 1782.41, "word": " demand.", "probability": 0.90576171875}, {"start": 1783.95, "end": 1784.17, "word": " The", "probability": 0.89501953125}, {"start": 1784.17, "end": 1784.49, "word": " first", "probability": 0.884765625}, {"start": 1784.49, "end": 1784.85, "word": " type", "probability": 0.974609375}, {"start": 1784.85, "end": 1785.35, "word": " was", "probability": 0.943359375}, {"start": 1785.35, "end": 1786.49, "word": " inelastic", "probability": 0.7976888020833334}, {"start": 1786.49, "end": 1787.03, "word": " demand,", "probability": 0.921875}, {"start": 1787.69, "end": 1788.49, "word": " elastic,", "probability": 0.96435546875}, {"start": 1788.81, "end": 1789.19, "word": " unitary", "probability": 0.8583984375}, {"start": 1789.19, "end": 1789.77, "word": " elastic,", "probability": 0.89111328125}, {"start": 1789.99, "end": 1790.31, "word": " perfectly", "probability": 0.951171875}, {"start": 1790.31, "end": 1790.85, "word": " inelastic,", "probability": 0.9454752604166666}, {"start": 1791.01, "end": 1791.31, "word": " perfectly", "probability": 0.93408203125}, {"start": 1791.31, "end": 1791.75, "word": " elastic.", "probability": 0.96728515625}, {"start": 1792.17, "end": 1792.33, "word": " Okay?", "probability": 0.6162109375}, {"start": 1793.33, "end": 1793.59, "word": " And", "probability": 0.953125}, {"start": 1793.59, "end": 1793.77, "word": " here", "probability": 0.84912109375}, {"start": 1793.77, "end": 1793.95, "word": " we", "probability": 0.84423828125}, {"start": 1793.95, "end": 1794.27, "word": " have", "probability": 0.94775390625}, {"start": 1794.27, "end": 1794.63, "word": " five", "probability": 0.9140625}, {"start": 1794.63, "end": 1795.33, "word": " examples.", "probability": 0.857421875}, {"start": 1799.43, "end": 1800.15, "word": " If", "probability": 0.88623046875}, {"start": 1800.15, "end": 1800.29, "word": " you", "probability": 0.9609375}, {"start": 1800.29, "end": 1800.67, "word": " remember", "probability": 0.87060546875}, {"start": 1800.67, "end": 1801.39, "word": " that", "probability": 0.86572265625}, {"start": 1801.39, "end": 1801.75, "word": " the", "probability": 0.8740234375}, {"start": 1801.75, "end": 1802.03, "word": " price", "probability": 0.92822265625}, {"start": 1802.03, "end": 1802.43, "word": " elasticity", "probability": 0.9638671875}, {"start": 1802.43, "end": 1802.71, "word": " of", "probability": 0.93798828125}, {"start": 1802.71, "end": 1803.01, "word": " demand", "probability": 0.89013671875}], "temperature": 1.0}, {"id": 67, "seek": 183464, "start": 1805.72, "end": 1834.64, "text": " The formula for the price elasticity of demand is PED equals the percentage change in quantity demanded percent over the percentage change in price percent. Right? We mentioned that if the price increased by 10% and the quantity demanded declined by larger than or greater than", "tokens": [440, 8513, 337, 264, 3218, 46260, 295, 4733, 307, 430, 4731, 6915, 264, 9668, 1319, 294, 11275, 28276, 3043, 670, 264, 9668, 1319, 294, 3218, 3043, 13, 1779, 30, 492, 2835, 300, 498, 264, 3218, 6505, 538, 1266, 4, 293, 264, 11275, 28276, 29213, 538, 4833, 813, 420, 5044, 813], "avg_logprob": -0.20082720062311957, "compression_ratio": 1.7375, "no_speech_prob": 0.0, "words": [{"start": 1805.72, "end": 1805.94, "word": " The", "probability": 0.83447265625}, {"start": 1805.94, "end": 1806.46, "word": " formula", "probability": 0.91552734375}, {"start": 1806.46, "end": 1807.4, "word": " for", "probability": 0.93359375}, {"start": 1807.4, "end": 1807.64, "word": " the", "probability": 0.8388671875}, {"start": 1807.64, "end": 1807.9, "word": " price", "probability": 0.8916015625}, {"start": 1807.9, "end": 1808.28, "word": " elasticity", "probability": 0.7763671875}, {"start": 1808.28, "end": 1809.42, "word": " of", "probability": 0.67236328125}, {"start": 1809.42, "end": 1809.84, "word": " demand", "probability": 0.923828125}, {"start": 1809.84, "end": 1810.74, "word": " is", "probability": 0.91748046875}, {"start": 1810.74, "end": 1811.52, "word": " PED", "probability": 0.6302490234375}, {"start": 1811.52, "end": 1812.06, "word": " equals", "probability": 0.89306640625}, {"start": 1812.06, "end": 1812.76, "word": " the", "probability": 0.89111328125}, {"start": 1812.76, "end": 1813.2, "word": " percentage", "probability": 0.8359375}, {"start": 1813.2, "end": 1813.62, "word": " change", "probability": 0.6455078125}, {"start": 1813.62, "end": 1813.78, "word": " in", "probability": 0.89599609375}, {"start": 1813.78, "end": 1814.06, "word": " quantity", "probability": 0.358642578125}, {"start": 1814.06, "end": 1814.58, "word": " demanded", "probability": 0.82177734375}, {"start": 1814.58, "end": 1815.24, "word": " percent", "probability": 0.63916015625}, {"start": 1815.24, "end": 1815.64, "word": " over", "probability": 0.67041015625}, {"start": 1815.64, "end": 1815.84, "word": " the", "probability": 0.908203125}, {"start": 1815.84, "end": 1816.2, "word": " percentage", "probability": 0.88623046875}, {"start": 1816.2, "end": 1816.84, "word": " change", "probability": 0.78076171875}, {"start": 1816.84, "end": 1817.26, "word": " in", "probability": 0.93798828125}, {"start": 1817.26, "end": 1817.64, "word": " price", "probability": 0.78466796875}, {"start": 1817.64, "end": 1818.2, "word": " percent.", "probability": 0.95654296875}, {"start": 1821.66, "end": 1822.06, "word": " Right?", "probability": 0.578125}, {"start": 1824.36, "end": 1825.24, "word": " We", "probability": 0.8828125}, {"start": 1825.24, "end": 1825.7, "word": " mentioned", "probability": 0.8212890625}, {"start": 1825.7, "end": 1826.24, "word": " that", "probability": 0.93310546875}, {"start": 1826.24, "end": 1827.38, "word": " if", "probability": 0.81982421875}, {"start": 1827.38, "end": 1827.58, "word": " the", "probability": 0.91748046875}, {"start": 1827.58, "end": 1827.86, "word": " price", "probability": 0.880859375}, {"start": 1827.86, "end": 1828.3, "word": " increased", "probability": 0.72021484375}, {"start": 1828.3, "end": 1828.48, "word": " by", "probability": 0.97119140625}, {"start": 1828.48, "end": 1828.78, "word": " 10", "probability": 0.80712890625}, {"start": 1828.78, "end": 1829.12, "word": "%", "probability": 0.76416015625}, {"start": 1829.12, "end": 1830.26, "word": " and", "probability": 0.93603515625}, {"start": 1830.26, "end": 1830.4, "word": " the", "probability": 0.53125}, {"start": 1830.4, "end": 1830.64, "word": " quantity", "probability": 0.98876953125}, {"start": 1830.64, "end": 1831.08, "word": " demanded", "probability": 0.87109375}, {"start": 1831.08, "end": 1831.62, "word": " declined", "probability": 0.83447265625}, {"start": 1831.62, "end": 1832.06, "word": " by", "probability": 0.9677734375}, {"start": 1832.06, "end": 1832.88, "word": " larger", "probability": 0.95361328125}, {"start": 1832.88, "end": 1833.54, "word": " than", "probability": 0.9501953125}, {"start": 1833.54, "end": 1833.82, "word": " or", "probability": 0.9423828125}, {"start": 1833.82, "end": 1834.16, "word": " greater", "probability": 0.9150390625}, {"start": 1834.16, "end": 1834.64, "word": " than", "probability": 0.9462890625}], "temperature": 1.0}, {"id": 68, "seek": 185996, "start": 1835.96, "end": 1859.96, "text": " 10%. For example, or less than 10%. For example, let's say 2%. What did we say about this? It used to be the absolute value minus 0.2 of the absolute value. 0.2%. This is less than 1. This is inelastic.", "tokens": [1266, 6856, 1171, 1365, 11, 420, 1570, 813, 1266, 6856, 1171, 1365, 11, 718, 311, 584, 568, 6856, 708, 630, 321, 584, 466, 341, 30, 467, 1143, 281, 312, 264, 8236, 2158, 3175, 1958, 13, 17, 295, 264, 8236, 2158, 13, 1958, 13, 17, 6856, 639, 307, 1570, 813, 502, 13, 639, 307, 294, 338, 2750, 13], "avg_logprob": -0.4383081870860067, "compression_ratio": 1.5263157894736843, "no_speech_prob": 0.0, "words": [{"start": 1835.9600000000003, "end": 1836.8000000000002, "word": " 10%.", "probability": 0.4056396484375}, {"start": 1836.8000000000002, "end": 1837.64, "word": " For", "probability": 0.268310546875}, {"start": 1837.64, "end": 1837.9, "word": " example,", "probability": 0.92138671875}, {"start": 1838.48, "end": 1838.96, "word": " or", "probability": 0.407470703125}, {"start": 1838.96, "end": 1839.36, "word": " less", "probability": 0.93994140625}, {"start": 1839.36, "end": 1841.38, "word": " than", "probability": 0.93115234375}, {"start": 1841.38, "end": 1842.4, "word": " 10%.", "probability": 0.7142333984375}, {"start": 1842.4, "end": 1843.94, "word": " For", "probability": 0.54638671875}, {"start": 1843.94, "end": 1844.2, "word": " example,", "probability": 0.9599609375}, {"start": 1844.3, "end": 1844.3, "word": " let's", "probability": 0.663330078125}, {"start": 1844.3, "end": 1844.3, "word": " say", "probability": 0.8427734375}, {"start": 1844.3, "end": 1845.3, "word": " 2%.", "probability": 0.853515625}, {"start": 1845.3, "end": 1847.24, "word": " What", "probability": 0.74072265625}, {"start": 1847.24, "end": 1847.3, "word": " did", "probability": 0.465087890625}, {"start": 1847.3, "end": 1847.5, "word": " we", "probability": 0.85205078125}, {"start": 1847.5, "end": 1847.68, "word": " say", "probability": 0.576171875}, {"start": 1847.68, "end": 1847.88, "word": " about", "probability": 0.75390625}, {"start": 1847.88, "end": 1848.16, "word": " this?", "probability": 0.41650390625}, {"start": 1848.58, "end": 1849.1, "word": " It", "probability": 0.697265625}, {"start": 1849.1, "end": 1849.2, "word": " used", "probability": 0.1728515625}, {"start": 1849.2, "end": 1849.2, "word": " to", "probability": 0.9521484375}, {"start": 1849.2, "end": 1849.38, "word": " be", "probability": 0.2449951171875}, {"start": 1849.38, "end": 1849.52, "word": " the", "probability": 0.297607421875}, {"start": 1849.52, "end": 1850.0, "word": " absolute", "probability": 0.92578125}, {"start": 1850.0, "end": 1850.54, "word": " value", "probability": 0.9658203125}, {"start": 1850.54, "end": 1851.54, "word": " minus", "probability": 0.52587890625}, {"start": 1851.54, "end": 1851.92, "word": " 0", "probability": 0.94873046875}, {"start": 1851.92, "end": 1852.44, "word": ".2", "probability": 0.945556640625}, {"start": 1852.44, "end": 1852.56, "word": " of", "probability": 0.1375732421875}, {"start": 1852.56, "end": 1852.58, "word": " the", "probability": 0.445068359375}, {"start": 1852.58, "end": 1853.26, "word": " absolute", "probability": 0.8251953125}, {"start": 1853.26, "end": 1853.98, "word": " value.", "probability": 0.97021484375}, {"start": 1854.18, "end": 1854.72, "word": " 0", "probability": 0.759765625}, {"start": 1854.72, "end": 1856.62, "word": ".2%.", "probability": 0.8497721354166666}, {"start": 1856.62, "end": 1857.16, "word": " This", "probability": 0.397216796875}, {"start": 1857.16, "end": 1857.28, "word": " is", "probability": 0.71630859375}, {"start": 1857.28, "end": 1857.56, "word": " less", "probability": 0.904296875}, {"start": 1857.56, "end": 1857.98, "word": " than", "probability": 0.94580078125}, {"start": 1857.98, "end": 1858.28, "word": " 1.", "probability": 0.55859375}, {"start": 1858.6, "end": 1858.86, "word": " This", "probability": 0.30029296875}, {"start": 1858.86, "end": 1859.3, "word": " is", "probability": 0.81494140625}, {"start": 1859.3, "end": 1859.96, "word": " inelastic.", "probability": 0.91943359375}], "temperature": 1.0}, {"id": 69, "seek": 188717, "start": 1861.33, "end": 1887.17, "text": " For example, let's go to this graph here. The demand for flour. Is it necessary for the consumer? Yes. According to our assumption here, that the price of flour, the price per sack of flour increased by 10%.", "tokens": [1171, 1365, 11, 718, 311, 352, 281, 341, 4295, 510, 13, 440, 4733, 337, 7693, 13, 1119, 309, 4818, 337, 264, 9711, 30, 1079, 13, 7328, 281, 527, 15302, 510, 11, 300, 264, 3218, 295, 7693, 11, 264, 3218, 680, 33209, 295, 7693, 6505, 538, 1266, 6856], "avg_logprob": -0.26464844060440856, "compression_ratio": 1.368421052631579, "no_speech_prob": 0.0, "words": [{"start": 1861.33, "end": 1861.97, "word": " For", "probability": 0.1746826171875}, {"start": 1861.97, "end": 1862.37, "word": " example,", "probability": 0.7705078125}, {"start": 1862.51, "end": 1865.41, "word": " let's", "probability": 0.5831298828125}, {"start": 1865.41, "end": 1865.53, "word": " go", "probability": 0.57421875}, {"start": 1865.53, "end": 1865.67, "word": " to", "probability": 0.68212890625}, {"start": 1865.67, "end": 1865.85, "word": " this", "probability": 0.90771484375}, {"start": 1865.85, "end": 1866.21, "word": " graph", "probability": 0.92529296875}, {"start": 1866.21, "end": 1866.49, "word": " here.", "probability": 0.73974609375}, {"start": 1868.57, "end": 1869.29, "word": " The", "probability": 0.86767578125}, {"start": 1869.29, "end": 1869.63, "word": " demand", "probability": 0.91064453125}, {"start": 1869.63, "end": 1869.87, "word": " for", "probability": 0.9501953125}, {"start": 1869.87, "end": 1870.35, "word": " flour.", "probability": 0.9482421875}, {"start": 1872.29, "end": 1872.33, "word": " Is", "probability": 0.7470703125}, {"start": 1872.33, "end": 1873.47, "word": " it", "probability": 0.90087890625}, {"start": 1873.47, "end": 1874.31, "word": " necessary", "probability": 0.9326171875}, {"start": 1874.31, "end": 1874.59, "word": " for", "probability": 0.9462890625}, {"start": 1874.59, "end": 1874.77, "word": " the", "probability": 0.9072265625}, {"start": 1874.77, "end": 1875.29, "word": " consumer?", "probability": 0.84912109375}, {"start": 1876.17, "end": 1876.19, "word": " Yes.", "probability": 0.9130859375}, {"start": 1877.09, "end": 1877.49, "word": " According", "probability": 0.958984375}, {"start": 1877.49, "end": 1877.69, "word": " to", "probability": 0.9638671875}, {"start": 1877.69, "end": 1877.87, "word": " our", "probability": 0.8818359375}, {"start": 1877.87, "end": 1878.33, "word": " assumption", "probability": 0.9765625}, {"start": 1878.33, "end": 1878.69, "word": " here,", "probability": 0.8505859375}, {"start": 1879.25, "end": 1879.35, "word": " that", "probability": 0.76318359375}, {"start": 1879.35, "end": 1879.55, "word": " the", "probability": 0.8388671875}, {"start": 1879.55, "end": 1880.01, "word": " price", "probability": 0.9150390625}, {"start": 1880.01, "end": 1880.23, "word": " of", "probability": 0.94580078125}, {"start": 1880.23, "end": 1880.81, "word": " flour,", "probability": 0.56494140625}, {"start": 1881.67, "end": 1881.83, "word": " the", "probability": 0.85888671875}, {"start": 1881.83, "end": 1882.11, "word": " price", "probability": 0.88671875}, {"start": 1882.11, "end": 1882.35, "word": " per", "probability": 0.603515625}, {"start": 1882.35, "end": 1882.65, "word": " sack", "probability": 0.96826171875}, {"start": 1882.65, "end": 1882.81, "word": " of", "probability": 0.96044921875}, {"start": 1882.81, "end": 1883.19, "word": " flour", "probability": 0.9765625}, {"start": 1883.19, "end": 1884.77, "word": " increased", "probability": 0.7314453125}, {"start": 1884.77, "end": 1886.07, "word": " by", "probability": 0.97265625}, {"start": 1886.07, "end": 1887.17, "word": " 10%.", "probability": 0.7431640625}], "temperature": 1.0}, {"id": 70, "seek": 191619, "start": 1889.63, "end": 1916.19, "text": " By 10%. The quantity demanded of a flower declined by only 2%, because the product is necessary for the consumer. It's not easy to give up it when the price goes up. So the demand here is inelastic. Hayyu, the price increased by 10%.", "tokens": [3146, 1266, 6856, 440, 11275, 28276, 295, 257, 8617, 29213, 538, 787, 568, 8923, 570, 264, 1674, 307, 4818, 337, 264, 9711, 13, 467, 311, 406, 1858, 281, 976, 493, 309, 562, 264, 3218, 1709, 493, 13, 407, 264, 4733, 510, 307, 294, 338, 2750, 13, 8721, 17623, 11, 264, 3218, 6505, 538, 1266, 6856], "avg_logprob": -0.16155134620411055, "compression_ratio": 1.3928571428571428, "no_speech_prob": 0.0, "words": [{"start": 1889.63, "end": 1889.89, "word": " By", "probability": 0.84326171875}, {"start": 1889.89, "end": 1890.61, "word": " 10%.", "probability": 0.7373046875}, {"start": 1890.61, "end": 1891.19, "word": " The", "probability": 0.8857421875}, {"start": 1891.19, "end": 1891.75, "word": " quantity", "probability": 0.97265625}, {"start": 1891.75, "end": 1892.45, "word": " demanded", "probability": 0.93798828125}, {"start": 1892.45, "end": 1893.47, "word": " of", "probability": 0.94384765625}, {"start": 1893.47, "end": 1893.63, "word": " a", "probability": 0.86279296875}, {"start": 1893.63, "end": 1894.01, "word": " flower", "probability": 0.7529296875}, {"start": 1894.01, "end": 1894.93, "word": " declined", "probability": 0.82763671875}, {"start": 1894.93, "end": 1895.51, "word": " by", "probability": 0.96826171875}, {"start": 1895.51, "end": 1896.43, "word": " only", "probability": 0.9287109375}, {"start": 1896.43, "end": 1897.67, "word": " 2%,", "probability": 0.621337890625}, {"start": 1897.67, "end": 1899.09, "word": " because", "probability": 0.89892578125}, {"start": 1899.09, "end": 1899.65, "word": " the", "probability": 0.9169921875}, {"start": 1899.65, "end": 1900.01, "word": " product", "probability": 0.9169921875}, {"start": 1900.01, "end": 1900.35, "word": " is", "probability": 0.87353515625}, {"start": 1900.35, "end": 1900.89, "word": " necessary", "probability": 0.95654296875}, {"start": 1900.89, "end": 1901.27, "word": " for", "probability": 0.947265625}, {"start": 1901.27, "end": 1901.47, "word": " the", "probability": 0.9150390625}, {"start": 1901.47, "end": 1901.99, "word": " consumer.", "probability": 0.82666015625}, {"start": 1902.33, "end": 1902.61, "word": " It's", "probability": 0.982177734375}, {"start": 1902.61, "end": 1902.83, "word": " not", "probability": 0.94580078125}, {"start": 1902.83, "end": 1903.29, "word": " easy", "probability": 0.91357421875}, {"start": 1903.29, "end": 1903.53, "word": " to", "probability": 0.96923828125}, {"start": 1903.53, "end": 1903.73, "word": " give", "probability": 0.888671875}, {"start": 1903.73, "end": 1903.91, "word": " up", "probability": 0.96533203125}, {"start": 1903.91, "end": 1904.17, "word": " it", "probability": 0.7431640625}, {"start": 1904.17, "end": 1904.53, "word": " when", "probability": 0.88916015625}, {"start": 1904.53, "end": 1904.71, "word": " the", "probability": 0.9150390625}, {"start": 1904.71, "end": 1905.03, "word": " price", "probability": 0.90087890625}, {"start": 1905.03, "end": 1905.81, "word": " goes", "probability": 0.935546875}, {"start": 1905.81, "end": 1906.25, "word": " up.", "probability": 0.9697265625}, {"start": 1906.89, "end": 1907.09, "word": " So", "probability": 0.912109375}, {"start": 1907.09, "end": 1910.97, "word": " the", "probability": 0.76171875}, {"start": 1910.97, "end": 1911.47, "word": " demand", "probability": 0.90087890625}, {"start": 1911.47, "end": 1911.81, "word": " here", "probability": 0.85595703125}, {"start": 1911.81, "end": 1912.27, "word": " is", "probability": 0.9462890625}, {"start": 1912.27, "end": 1913.23, "word": " inelastic.", "probability": 0.9462890625}, {"start": 1913.45, "end": 1913.63, "word": " Hayyu,", "probability": 0.3526611328125}, {"start": 1913.75, "end": 1913.89, "word": " the", "probability": 0.92138671875}, {"start": 1913.89, "end": 1914.21, "word": " price", "probability": 0.904296875}, {"start": 1914.21, "end": 1914.45, "word": " increased", "probability": 0.67822265625}, {"start": 1914.45, "end": 1915.47, "word": " by", "probability": 0.966796875}, {"start": 1915.47, "end": 1916.19, "word": " 10%.", "probability": 0.945556640625}], "temperature": 1.0}, {"id": 71, "seek": 194561, "start": 1917.39, "end": 1945.61, "text": " The quantity demanded declined by just 2%. The absolute value or the value here, the price in a system of demand equals minus 0.5, the absolute value 2. It's less than when the demand is inelastic. Okay? Okay? So the more necessary the product for the consumer, the less", "tokens": [440, 11275, 28276, 29213, 538, 445, 568, 6856, 440, 8236, 2158, 420, 264, 2158, 510, 11, 264, 3218, 294, 257, 1185, 295, 4733, 6915, 3175, 1958, 13, 20, 11, 264, 8236, 2158, 568, 13, 467, 311, 1570, 813, 562, 264, 4733, 307, 294, 338, 2750, 13, 1033, 30, 1033, 30, 407, 264, 544, 4818, 264, 1674, 337, 264, 9711, 11, 264, 1570], "avg_logprob": -0.26488096373421804, "compression_ratio": 1.5574712643678161, "no_speech_prob": 0.0, "words": [{"start": 1917.39, "end": 1917.63, "word": " The", "probability": 0.35400390625}, {"start": 1917.63, "end": 1917.87, "word": " quantity", "probability": 0.3857421875}, {"start": 1917.87, "end": 1918.25, "word": " demanded", "probability": 0.607421875}, {"start": 1918.25, "end": 1918.69, "word": " declined", "probability": 0.68017578125}, {"start": 1918.69, "end": 1919.43, "word": " by", "probability": 0.96484375}, {"start": 1919.43, "end": 1919.81, "word": " just", "probability": 0.91162109375}, {"start": 1919.81, "end": 1921.71, "word": " 2%.", "probability": 0.636474609375}, {"start": 1921.71, "end": 1922.49, "word": " The", "probability": 0.86083984375}, {"start": 1922.49, "end": 1923.43, "word": " absolute", "probability": 0.93310546875}, {"start": 1923.43, "end": 1924.09, "word": " value", "probability": 0.966796875}, {"start": 1924.09, "end": 1924.29, "word": " or", "probability": 0.6064453125}, {"start": 1924.29, "end": 1924.43, "word": " the", "probability": 0.87548828125}, {"start": 1924.43, "end": 1924.69, "word": " value", "probability": 0.96435546875}, {"start": 1924.69, "end": 1924.93, "word": " here,", "probability": 0.83984375}, {"start": 1925.07, "end": 1925.13, "word": " the", "probability": 0.8408203125}, {"start": 1925.13, "end": 1925.35, "word": " price", "probability": 0.80712890625}, {"start": 1925.35, "end": 1925.45, "word": " in", "probability": 0.1895751953125}, {"start": 1925.45, "end": 1925.55, "word": " a", "probability": 0.5712890625}, {"start": 1925.55, "end": 1925.79, "word": " system", "probability": 0.94775390625}, {"start": 1925.79, "end": 1925.93, "word": " of", "probability": 0.82421875}, {"start": 1925.93, "end": 1926.19, "word": " demand", "probability": 0.89306640625}, {"start": 1926.19, "end": 1926.73, "word": " equals", "probability": 0.71728515625}, {"start": 1926.73, "end": 1927.25, "word": " minus", "probability": 0.8046875}, {"start": 1927.25, "end": 1927.51, "word": " 0", "probability": 0.9892578125}, {"start": 1927.51, "end": 1928.13, "word": ".5,", "probability": 0.995361328125}, {"start": 1928.23, "end": 1928.35, "word": " the", "probability": 0.63427734375}, {"start": 1928.35, "end": 1928.63, "word": " absolute", "probability": 0.8955078125}, {"start": 1928.63, "end": 1929.19, "word": " value", "probability": 0.974609375}, {"start": 1929.19, "end": 1929.85, "word": " 2.", "probability": 0.5302734375}, {"start": 1930.09, "end": 1930.23, "word": " It's", "probability": 0.9765625}, {"start": 1930.23, "end": 1930.47, "word": " less", "probability": 0.9541015625}, {"start": 1930.47, "end": 1930.73, "word": " than", "probability": 0.94287109375}, {"start": 1930.73, "end": 1931.01, "word": " when", "probability": 0.482421875}, {"start": 1931.01, "end": 1931.89, "word": " the", "probability": 0.91259765625}, {"start": 1931.89, "end": 1932.51, "word": " demand", "probability": 0.904296875}, {"start": 1932.51, "end": 1933.17, "word": " is", "probability": 0.94921875}, {"start": 1933.17, "end": 1934.43, "word": " inelastic.", "probability": 0.9542643229166666}, {"start": 1935.11, "end": 1935.23, "word": " Okay?", "probability": 0.67724609375}, {"start": 1936.51, "end": 1936.83, "word": " Okay?", "probability": 0.8046875}, {"start": 1938.09, "end": 1938.69, "word": " So", "probability": 0.357421875}, {"start": 1938.69, "end": 1941.07, "word": " the", "probability": 0.462890625}, {"start": 1941.07, "end": 1941.37, "word": " more", "probability": 0.9326171875}, {"start": 1941.37, "end": 1942.21, "word": " necessary", "probability": 0.84423828125}, {"start": 1942.21, "end": 1942.71, "word": " the", "probability": 0.8681640625}, {"start": 1942.71, "end": 1942.99, "word": " product", "probability": 0.908203125}, {"start": 1942.99, "end": 1943.37, "word": " for", "probability": 0.94482421875}, {"start": 1943.37, "end": 1943.55, "word": " the", "probability": 0.916015625}, {"start": 1943.55, "end": 1944.15, "word": " consumer,", "probability": 0.8447265625}, {"start": 1945.13, "end": 1945.23, "word": " the", "probability": 0.9072265625}, {"start": 1945.23, "end": 1945.61, "word": " less", "probability": 0.939453125}], "temperature": 1.0}, {"id": 72, "seek": 197157, "start": 1946.43, "end": 1971.57, "text": " Elastic demand. What about the alternatives, the substitutes? The less substitute gets alternatives,", "tokens": [2699, 2750, 4733, 13, 708, 466, 264, 20478, 11, 264, 26441, 1819, 30, 440, 1570, 15802, 2170, 20478, 11], "avg_logprob": -0.28593751341104506, "compression_ratio": 1.2625, "no_speech_prob": 0.0, "words": [{"start": 1946.43, "end": 1947.09, "word": " Elastic", "probability": 0.83349609375}, {"start": 1947.09, "end": 1947.59, "word": " demand.", "probability": 0.88427734375}, {"start": 1952.91, "end": 1954.31, "word": " What", "probability": 0.2386474609375}, {"start": 1954.31, "end": 1957.19, "word": " about", "probability": 0.78955078125}, {"start": 1957.19, "end": 1957.71, "word": " the", "probability": 0.68701171875}, {"start": 1957.71, "end": 1958.63, "word": " alternatives,", "probability": 0.89794921875}, {"start": 1958.85, "end": 1958.99, "word": " the", "probability": 0.90234375}, {"start": 1958.99, "end": 1959.81, "word": " substitutes?", "probability": 0.93603515625}, {"start": 1966.51, "end": 1967.91, "word": " The", "probability": 0.638671875}, {"start": 1967.91, "end": 1968.35, "word": " less", "probability": 0.666015625}, {"start": 1968.35, "end": 1969.73, "word": " substitute", "probability": 0.63330078125}, {"start": 1969.73, "end": 1970.05, "word": " gets", "probability": 0.7578125}, {"start": 1970.05, "end": 1971.57, "word": " alternatives,", "probability": 0.94384765625}], "temperature": 1.0}, {"id": 73, "seek": 200211, "start": 1985.53, "end": 2002.11, "text": " So here in this graph, as the price goes up by 10%, the one demanded by 2% had a demand for a flower, and the demand is inelastic. Inelastic demand.", "tokens": [407, 510, 294, 341, 4295, 11, 382, 264, 3218, 1709, 493, 538, 1266, 8923, 264, 472, 28276, 538, 568, 4, 632, 257, 4733, 337, 257, 8617, 11, 293, 264, 4733, 307, 294, 338, 2750, 13, 682, 338, 2750, 4733, 13], "avg_logprob": -0.2646722444673864, "compression_ratio": 1.3303571428571428, "no_speech_prob": 0.0, "words": [{"start": 1985.53, "end": 1986.29, "word": " So", "probability": 0.11572265625}, {"start": 1986.29, "end": 1987.05, "word": " here", "probability": 0.7373046875}, {"start": 1987.05, "end": 1987.27, "word": " in", "probability": 0.83447265625}, {"start": 1987.27, "end": 1987.49, "word": " this", "probability": 0.9521484375}, {"start": 1987.49, "end": 1987.93, "word": " graph,", "probability": 0.94970703125}, {"start": 1988.61, "end": 1988.85, "word": " as", "probability": 0.9609375}, {"start": 1988.85, "end": 1989.01, "word": " the", "probability": 0.92138671875}, {"start": 1989.01, "end": 1989.47, "word": " price", "probability": 0.91015625}, {"start": 1989.47, "end": 1990.13, "word": " goes", "probability": 0.9453125}, {"start": 1990.13, "end": 1990.51, "word": " up", "probability": 0.96923828125}, {"start": 1990.51, "end": 1990.67, "word": " by", "probability": 0.95361328125}, {"start": 1990.67, "end": 1991.23, "word": " 10%,", "probability": 0.780029296875}, {"start": 1991.23, "end": 1991.49, "word": " the", "probability": 0.7099609375}, {"start": 1991.49, "end": 1991.65, "word": " one", "probability": 0.10845947265625}, {"start": 1991.65, "end": 1992.09, "word": " demanded", "probability": 0.92236328125}, {"start": 1992.09, "end": 1992.65, "word": " by", "probability": 0.97021484375}, {"start": 1992.65, "end": 1993.49, "word": " 2", "probability": 0.83203125}, {"start": 1993.49, "end": 1993.97, "word": "%", "probability": 0.6083984375}, {"start": 1993.97, "end": 1994.13, "word": " had", "probability": 0.310302734375}, {"start": 1994.13, "end": 1994.23, "word": " a", "probability": 0.84033203125}, {"start": 1994.23, "end": 1994.47, "word": " demand", "probability": 0.91845703125}, {"start": 1994.47, "end": 1994.67, "word": " for", "probability": 0.94970703125}, {"start": 1994.67, "end": 1994.81, "word": " a", "probability": 0.93359375}, {"start": 1994.81, "end": 1995.13, "word": " flower,", "probability": 0.89794921875}, {"start": 1996.51, "end": 1996.69, "word": " and", "probability": 0.77880859375}, {"start": 1996.69, "end": 1996.79, "word": " the", "probability": 0.8115234375}, {"start": 1996.79, "end": 1997.11, "word": " demand", "probability": 0.9296875}, {"start": 1997.11, "end": 1997.53, "word": " is", "probability": 0.9462890625}, {"start": 1997.53, "end": 1998.55, "word": " inelastic.", "probability": 0.9513346354166666}, {"start": 1999.53, "end": 2000.29, "word": " Inelastic", "probability": 0.9573567708333334}, {"start": 2000.29, "end": 2002.11, "word": " demand.", "probability": 0.91357421875}], "temperature": 1.0}, {"id": 74, "seek": 203062, "start": 2006.3, "end": 2030.62, "text": " Because the price elasticity of demand here is less the absolute value of the price elasticity of demand here is less than one. Let's go to the second. So here, a movement from point A to point B along the same demand curve, and the demand curve is closed to the vertical axis.", "tokens": [1436, 264, 3218, 46260, 295, 4733, 510, 307, 1570, 264, 8236, 2158, 295, 264, 3218, 46260, 295, 4733, 510, 307, 1570, 813, 472, 13, 961, 311, 352, 281, 264, 1150, 13, 407, 510, 11, 257, 3963, 490, 935, 316, 281, 935, 363, 2051, 264, 912, 4733, 7605, 11, 293, 264, 4733, 7605, 307, 5395, 281, 264, 9429, 10298, 13], "avg_logprob": -0.15039062400658926, "compression_ratio": 1.7820512820512822, "no_speech_prob": 0.0, "words": [{"start": 2006.3, "end": 2006.8, "word": " Because", "probability": 0.5068359375}, {"start": 2006.8, "end": 2007.38, "word": " the", "probability": 0.88818359375}, {"start": 2007.38, "end": 2007.7, "word": " price", "probability": 0.9306640625}, {"start": 2007.7, "end": 2008.16, "word": " elasticity", "probability": 0.95849609375}, {"start": 2008.16, "end": 2008.46, "word": " of", "probability": 0.95556640625}, {"start": 2008.46, 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"Let's go to graph 2 here. What do you see?", "tokens": [8373, 311, 352, 281, 4295, 568, 510, 13, 708, 360, 291, 536, 30], "avg_logprob": -0.3214285799435207, "compression_ratio": 0.84, "no_speech_prob": 0.0, "words": [{"start": 2043.6100000000001, "end": 2044.15, "word": "Let's", "probability": 0.52862548828125}, {"start": 2044.15, "end": 2044.31, "word": " go", "probability": 0.9384765625}, {"start": 2044.31, "end": 2044.53, "word": " to", "probability": 0.947265625}, {"start": 2044.53, "end": 2044.87, "word": " graph", "probability": 0.90625}, {"start": 2044.87, "end": 2045.21, "word": " 2", "probability": 0.54541015625}, {"start": 2045.21, "end": 2046.25, "word": " here.", "probability": 0.75439453125}, {"start": 2047.27, "end": 2047.45, "word": " What", "probability": 0.837890625}, {"start": 2047.45, "end": 2047.57, "word": " do", "probability": 0.95361328125}, {"start": 2047.57, "end": 2047.63, "word": " you", "probability": 0.93798828125}, {"start": 2047.63, "end": 2047.85, "word": " see?", "probability": 0.93115234375}], "temperature": 1.0}, {"id": 76, "seek": 207869, "start": 2049.38, "end": 2078.7, "text": " As the price of orange here in this example, we're talking about orange as an example here. Orange is less necessary than the flower for the consumer, and it has many substitutes. You can buy apple. You can buy so many products here. As the price of orange increased by 10%,", "tokens": [1018, 264, 3218, 295, 7671, 510, 294, 341, 1365, 11, 321, 434, 1417, 466, 7671, 382, 364, 1365, 510, 13, 17106, 307, 1570, 4818, 813, 264, 8617, 337, 264, 9711, 11, 293, 309, 575, 867, 26441, 1819, 13, 509, 393, 2256, 10606, 13, 509, 393, 2256, 370, 867, 3383, 510, 13, 1018, 264, 3218, 295, 7671, 6505, 538, 1266, 8923], "avg_logprob": -0.17149078552840186, "compression_ratio": 1.608187134502924, "no_speech_prob": 0.0, "words": [{"start": 2049.38, "end": 2049.84, "word": " As", "probability": 0.94873046875}, {"start": 2049.84, "end": 2050.06, "word": " the", "probability": 0.9091796875}, {"start": 2050.06, "end": 2050.5, "word": " price", "probability": 0.9169921875}, {"start": 2050.5, "end": 2050.72, "word": " of", "probability": 0.96875}, {"start": 2050.72, "end": 2051.18, "word": " orange", "probability": 0.8359375}, {"start": 2051.18, "end": 2051.42, "word": " here", "probability": 0.47216796875}, {"start": 2051.42, "end": 2051.58, "word": " in", "probability": 0.77783203125}, {"start": 2051.58, "end": 2051.76, "word": " this", "probability": 0.94482421875}, {"start": 2051.76, "end": 2052.4, "word": " example,", "probability": 0.97705078125}, {"start": 2053.08, "end": 2053.34, "word": " we're", "probability": 0.938720703125}, {"start": 2053.34, "end": 2053.64, "word": " talking", "probability": 0.849609375}, {"start": 2053.64, "end": 2054.2, "word": " about", "probability": 0.9140625}, {"start": 2054.2, "end": 2055.98, "word": " orange", "probability": 0.86279296875}, {"start": 2055.98, "end": 2056.44, "word": " as", "probability": 0.94482421875}, {"start": 2056.44, "end": 2056.66, "word": " an", "probability": 0.9580078125}, {"start": 2056.66, "end": 2057.12, "word": " example", "probability": 0.97705078125}, {"start": 2057.12, "end": 2057.42, "word": " here.", "probability": 0.84765625}, {"start": 2057.9, "end": 2058.46, "word": " Orange", "probability": 0.7099609375}, {"start": 2058.46, "end": 2059.08, "word": " is", "probability": 0.95166015625}, {"start": 2059.08, "end": 2059.6, "word": " less", "probability": 0.837890625}, {"start": 2059.6, "end": 2060.26, "word": " necessary", "probability": 0.9482421875}, {"start": 2060.26, "end": 2061.56, "word": " than", "probability": 0.94091796875}, {"start": 2061.56, "end": 2062.0, "word": " the", "probability": 0.85986328125}, {"start": 2062.0, "end": 2062.42, "word": " flower", "probability": 0.7666015625}, {"start": 2062.42, "end": 2062.72, "word": " for", "probability": 0.9482421875}, {"start": 2062.72, "end": 2062.9, "word": " the", "probability": 0.91552734375}, {"start": 2062.9, "end": 2063.48, "word": " consumer,", "probability": 0.83056640625}, {"start": 2064.08, "end": 2064.34, "word": " and", "probability": 0.92919921875}, {"start": 2064.34, "end": 2064.68, "word": " it", "probability": 0.95166015625}, {"start": 2064.68, "end": 2065.12, "word": " has", "probability": 0.94482421875}, {"start": 2065.12, "end": 2065.48, "word": " many", "probability": 0.89111328125}, {"start": 2065.48, "end": 2066.14, "word": " substitutes.", "probability": 0.92724609375}, {"start": 2066.7, "end": 2066.9, "word": " You", "probability": 0.9638671875}, {"start": 2066.9, "end": 2067.16, "word": " can", "probability": 0.9443359375}, {"start": 2067.16, "end": 2067.4, "word": " buy", "probability": 0.87548828125}, {"start": 2067.4, "end": 2067.9, "word": " apple.", "probability": 0.7470703125}, {"start": 2068.04, "end": 2068.14, "word": " You", "probability": 0.9638671875}, {"start": 2068.14, "end": 2068.38, "word": " can", "probability": 0.94775390625}, {"start": 2068.38, "end": 2068.72, "word": " buy", "probability": 0.92041015625}, {"start": 2068.72, "end": 2070.14, "word": " so", "probability": 0.63671875}, {"start": 2070.14, "end": 2070.38, "word": " many", "probability": 0.89208984375}, {"start": 2070.38, "end": 2070.78, "word": " products", "probability": 0.82958984375}, {"start": 2070.78, "end": 2071.04, "word": " here.", "probability": 0.5078125}, {"start": 2073.06, "end": 2073.34, "word": " As", "probability": 0.56298828125}, {"start": 2073.34, "end": 2074.34, "word": " the", "probability": 0.87060546875}, {"start": 2074.34, "end": 2074.7, "word": " price", "probability": 0.91162109375}, {"start": 2074.7, "end": 2075.2, "word": " of", "probability": 0.96533203125}, {"start": 2075.2, "end": 2077.14, "word": " orange", "probability": 0.63330078125}, {"start": 2077.14, "end": 2077.8, "word": " increased", "probability": 0.873046875}, {"start": 2077.8, "end": 2078.02, "word": " by", "probability": 0.9697265625}, {"start": 2078.02, "end": 2078.7, "word": " 10%,", "probability": 0.83056640625}], "temperature": 1.0}, {"id": 77, "seek": 209148, "start": 2079.69, "end": 2091.49, "text": " A movement from A to B here. The price goes up by 10%. 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The demand, the magnitudes or the percentage change in a price is less than the percentage change in the quantity demanded, right? Yes. The percentage change in a price is less than the percentage change in quantity demanded. 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Elastic demand, yes. 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Elastic means that this product has a lot of substitutes. 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As the price goes up by 10%, the quantity demanded declined by 10%. The demand is unitary elastic. Close to the horizontal axis. More elastic. For vertical, less elastic.", "tokens": [1156, 4109, 17115, 13, 1018, 264, 3218, 1709, 493, 538, 1266, 8923, 264, 11275, 28276, 29213, 538, 1266, 6856, 440, 4733, 307, 517, 4109, 17115, 13, 16346, 281, 264, 12750, 10298, 13, 5048, 17115, 13, 1171, 9429, 11, 1570, 17115, 13], "avg_logprob": -0.29929316753432866, "compression_ratio": 1.4242424242424243, "no_speech_prob": 0.0, "words": [{"start": 2190.66, "end": 2191.04, "word": " Unitary", "probability": 0.5633544921875}, {"start": 2191.04, "end": 2192.32, "word": " elastic.", "probability": 0.6337890625}, {"start": 2193.38, "end": 2193.74, "word": " As", "probability": 0.80419921875}, {"start": 2193.74, "end": 2193.92, "word": " the", "probability": 0.87451171875}, {"start": 2193.92, "end": 2194.22, "word": " price", "probability": 0.91064453125}, {"start": 2194.22, "end": 2194.64, "word": " goes", "probability": 0.9443359375}, {"start": 2194.64, "end": 2194.96, "word": " up", "probability": 0.96630859375}, {"start": 2194.96, "end": 2195.16, "word": " by", "probability": 0.96533203125}, {"start": 2195.16, "end": 2196.18, "word": " 10%,", "probability": 0.720947265625}, {"start": 2196.18, "end": 2197.14, "word": " the", "probability": 0.89599609375}, {"start": 2197.14, "end": 2197.72, "word": " quantity", "probability": 0.98681640625}, {"start": 2197.72, "end": 2198.34, "word": " demanded", "probability": 0.57958984375}, {"start": 2198.34, "end": 2198.92, "word": " declined", "probability": 0.51123046875}, {"start": 2198.92, "end": 2199.22, "word": " by", "probability": 0.96875}, {"start": 2199.22, "end": 2200.44, "word": " 10%.", "probability": 0.845458984375}, {"start": 2200.44, "end": 2200.96, "word": " The", "probability": 0.85205078125}, {"start": 2200.96, "end": 2201.52, "word": " demand", "probability": 0.921875}, {"start": 2201.52, "end": 2202.24, "word": " is", "probability": 0.94677734375}, {"start": 2202.24, "end": 2203.26, "word": " unitary", "probability": 0.898193359375}, {"start": 2203.26, "end": 2203.9, "word": " elastic.", "probability": 0.94775390625}, {"start": 2204.34, "end": 2205.38, "word": " Close", "probability": 0.028045654296875}, {"start": 2205.38, "end": 2206.1, "word": " to", "probability": 0.9580078125}, {"start": 2206.1, "end": 2206.26, "word": " the", "probability": 0.904296875}, {"start": 2206.26, "end": 2206.76, "word": " horizontal", "probability": 0.87841796875}, {"start": 2206.76, "end": 2207.24, "word": " axis.", "probability": 0.9453125}, {"start": 2208.46, "end": 2209.44, "word": " More", "probability": 0.1573486328125}, {"start": 2209.44, "end": 2212.42, "word": " elastic.", "probability": 0.9560546875}, {"start": 2213.26, "end": 2213.36, "word": " For", "probability": 0.349609375}, {"start": 2213.36, "end": 2213.84, "word": " vertical,", "probability": 0.6103515625}, {"start": 2214.04, "end": 2214.2, "word": " less", "probability": 0.91357421875}, {"start": 2214.2, "end": 2214.68, "word": " elastic.", "probability": 0.96533203125}], "temperature": 1.0}, {"id": 83, "seek": 224181, "start": 2232.23, "end": 2241.81, "text": " PED like the cell phone services or telecommunication services in Palestine. PED", "tokens": [430, 4731, 411, 264, 2815, 2593, 3328, 420, 4304, 25451, 8758, 3328, 294, 33030, 13, 430, 4731], "avg_logprob": -0.5125868088669248, "compression_ratio": 1.0945945945945945, "no_speech_prob": 0.0, "words": [{"start": 2232.23, "end": 2233.47, "word": " PED", "probability": 0.468536376953125}, {"start": 2233.47, "end": 2234.33, "word": " like", "probability": 0.33740234375}, {"start": 2234.33, "end": 2234.53, "word": " the", "probability": 0.85009765625}, {"start": 2234.53, "end": 2234.75, "word": " cell", "probability": 0.370849609375}, {"start": 2234.75, "end": 2234.87, "word": " phone", "probability": 0.89990234375}, {"start": 2234.87, "end": 2235.41, "word": " services", "probability": 0.91748046875}, {"start": 2235.41, "end": 2237.55, "word": " or", "probability": 0.37255859375}, {"start": 2237.55, "end": 2238.51, "word": " telecommunication", "probability": 0.6845703125}, {"start": 2238.51, "end": 2239.15, "word": " services", "probability": 0.90478515625}, {"start": 2239.15, "end": 2240.11, "word": " in", "probability": 0.88916015625}, {"start": 2240.11, "end": 2240.73, "word": " Palestine.", "probability": 0.7470703125}, {"start": 2241.31, "end": 2241.81, "word": " PED", "probability": 0.953857421875}], "temperature": 1.0}, {"id": 84, "seek": 226975, "start": 2243.01, "end": 2269.75, "text": " equals the percentage change in price, change in quantity, minus 10 percent over positive 10 percent equals minus one, but absolute value equals one. One equals one. So, had this more unitary elastic. 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Price too. The quantity unchanged. The demand for drugs and medicines, different types of medicine.", "tokens": [961, 505, 6552, 300, 264, 3218, 1709, 493, 538, 1266, 6856, 25803, 886, 13, 440, 11275, 44553, 13, 440, 4733, 337, 7766, 293, 24251, 11, 819, 3467, 295, 7195, 13], "avg_logprob": -0.2716733947876961, "compression_ratio": 1.2393162393162394, "no_speech_prob": 0.0, "words": [{"start": 2303.87, "end": 2304.13, "word": " Let", "probability": 0.88720703125}, {"start": 2304.13, "end": 2304.33, "word": " us", "probability": 0.87548828125}, {"start": 2304.33, "end": 2304.79, "word": " assume", "probability": 0.90478515625}, {"start": 2304.79, "end": 2305.07, "word": " that", "probability": 0.9345703125}, {"start": 2305.07, "end": 2305.23, "word": " the", "probability": 0.9111328125}, {"start": 2305.23, "end": 2305.73, "word": " price", "probability": 0.916015625}, {"start": 2305.73, "end": 2306.75, "word": " goes", "probability": 0.93994140625}, {"start": 2306.75, "end": 2307.17, "word": " up", "probability": 0.97216796875}, {"start": 2307.17, "end": 2308.39, "word": " by", "probability": 0.8837890625}, {"start": 2308.39, "end": 2309.93, "word": " 10%.", "probability": 0.803466796875}, {"start": 2309.93, "end": 2313.15, "word": " Price", "probability": 0.798828125}, {"start": 2313.15, "end": 2313.41, "word": " too.", "probability": 0.294677734375}, {"start": 2313.95, "end": 2314.07, "word": " The", "probability": 0.88232421875}, {"start": 2314.07, "end": 2314.57, "word": " quantity", "probability": 0.865234375}, {"start": 2314.57, "end": 2315.27, "word": " unchanged.", "probability": 0.49609375}, {"start": 2316.67, "end": 2316.99, "word": " The", "probability": 0.1531982421875}, {"start": 2316.99, "end": 2318.33, "word": " demand", "probability": 0.87646484375}, {"start": 2318.33, "end": 2318.67, "word": " for", "probability": 0.939453125}, {"start": 2318.67, "end": 2319.43, "word": " drugs", "probability": 0.6142578125}, {"start": 2319.43, "end": 2319.73, "word": " and", "probability": 0.6279296875}, {"start": 2319.73, "end": 2320.25, "word": " medicines,", "probability": 0.88037109375}, {"start": 2321.05, "end": 2321.25, "word": " different", "probability": 0.77001953125}, {"start": 2321.25, "end": 2321.65, "word": " types", "probability": 0.78857421875}, {"start": 2321.65, "end": 2321.85, "word": " of", "probability": 0.92626953125}, {"start": 2321.85, "end": 2322.31, "word": " medicine.", "probability": 0.81982421875}], "temperature": 1.0}, {"id": 87, "seek": 235281, "start": 2323.87, "end": 2352.81, "text": " Necessary, it's very necessary for the consumer. It's, it's no giving up. From A to B, it's perfectly inelastic. It changed in one demanded percent over a change in price percent. Q2 minus Q1. This is zero.", "tokens": [1734, 780, 822, 11, 309, 311, 588, 4818, 337, 264, 9711, 13, 467, 311, 11, 309, 311, 572, 2902, 493, 13, 3358, 316, 281, 363, 11, 309, 311, 6239, 294, 338, 2750, 13, 467, 3105, 294, 472, 28276, 3043, 670, 257, 1319, 294, 3218, 3043, 13, 1249, 17, 3175, 1249, 16, 13, 639, 307, 4018, 13], "avg_logprob": -0.43996711781150416, "compression_ratio": 1.38, "no_speech_prob": 0.0, "words": [{"start": 2323.87, "end": 2324.47, "word": " Necessary,", "probability": 0.7701009114583334}, {"start": 2324.65, "end": 2325.07, "word": " it's", "probability": 0.8876953125}, {"start": 2325.07, "end": 2325.45, "word": " very", "probability": 0.849609375}, {"start": 2325.45, "end": 2325.79, "word": " necessary", "probability": 0.81494140625}, {"start": 2325.79, "end": 2326.03, "word": " for", "probability": 0.9423828125}, {"start": 2326.03, "end": 2326.17, "word": " the", "probability": 0.89599609375}, {"start": 2326.17, "end": 2326.59, "word": " consumer.", "probability": 0.67919921875}, {"start": 2326.81, "end": 2326.91, "word": " It's,", "probability": 0.916259765625}, {"start": 2326.91, "end": 2327.47, "word": " it's", "probability": 0.974853515625}, {"start": 2327.47, "end": 2328.39, "word": " no", "probability": 0.258544921875}, {"start": 2328.39, "end": 2328.75, "word": " giving", "probability": 0.89208984375}, {"start": 2328.75, "end": 2329.03, "word": " up.", "probability": 0.97607421875}, {"start": 2330.85, "end": 2331.57, "word": " From", "probability": 0.2310791015625}, {"start": 2331.57, "end": 2334.27, "word": " A", "probability": 0.9013671875}, {"start": 2334.27, "end": 2334.43, "word": " to", "probability": 0.978515625}, {"start": 2334.43, "end": 2334.75, "word": " B,", "probability": 0.9931640625}, {"start": 2334.97, "end": 2335.15, "word": " it's", "probability": 0.52215576171875}, {"start": 2335.15, "end": 2336.55, "word": " perfectly", "probability": 0.67724609375}, {"start": 2336.55, "end": 2337.65, "word": " inelastic.", "probability": 0.9420572916666666}, {"start": 2338.21, "end": 2338.81, "word": " It", "probability": 0.369873046875}, {"start": 2338.81, "end": 2342.03, "word": " changed", "probability": 0.333984375}, {"start": 2342.03, "end": 2342.19, "word": " in", "probability": 0.5146484375}, {"start": 2342.19, "end": 2342.45, "word": " one", "probability": 0.28564453125}, {"start": 2342.45, "end": 2342.91, "word": " demanded", "probability": 0.456298828125}, {"start": 2342.91, "end": 2343.41, "word": " percent", "probability": 0.93408203125}, {"start": 2343.41, "end": 2343.71, "word": " over", "probability": 0.84814453125}, {"start": 2343.71, "end": 2343.93, "word": " a", "probability": 0.156005859375}, {"start": 2343.93, "end": 2344.17, "word": " change", "probability": 0.79638671875}, {"start": 2344.17, "end": 2344.29, "word": " in", "probability": 0.91015625}, {"start": 2344.29, "end": 2344.59, "word": " price", "probability": 0.471923828125}, {"start": 2344.59, "end": 2345.17, "word": " percent.", "probability": 0.91357421875}, {"start": 2347.17, "end": 2347.89, "word": " Q2", "probability": 0.791015625}, {"start": 2347.89, "end": 2348.21, "word": " minus", "probability": 0.1768798828125}, {"start": 2348.21, "end": 2348.71, "word": " Q1.", "probability": 0.9482421875}, {"start": 2349.73, "end": 2350.09, "word": " This", "probability": 0.1571044921875}, {"start": 2350.09, "end": 2352.53, "word": " is", "probability": 0.91259765625}, {"start": 2352.53, "end": 2352.81, "word": " zero.", "probability": 0.82080078125}], "temperature": 1.0}, {"id": 88, "seek": 237876, "start": 2354.16, "end": 2378.76, "text": " Over, let's change it for the price zed by 10%. 10%. That equals zero. It's called perfectly inelastic. Perfectly inelastic. Perfectly inelastic. Perfectly inelastic.", "tokens": [4886, 11, 718, 311, 1319, 309, 337, 264, 3218, 710, 292, 538, 1266, 6856, 1266, 6856, 663, 6915, 4018, 13, 467, 311, 1219, 6239, 294, 338, 2750, 13, 10246, 356, 294, 338, 2750, 13, 10246, 356, 294, 338, 2750, 13, 10246, 356, 294, 338, 2750, 13], "avg_logprob": -0.37533244300395885, "compression_ratio": 1.6057692307692308, "no_speech_prob": 0.0, "words": [{"start": 2354.16, "end": 2354.64, "word": " Over,", "probability": 0.32958984375}, {"start": 2354.94, "end": 2355.18, "word": " let's", "probability": 0.924072265625}, {"start": 2355.18, "end": 2355.46, "word": " change", "probability": 0.87841796875}, {"start": 2355.46, "end": 2355.6, "word": " it", "probability": 0.35400390625}, {"start": 2355.6, "end": 2355.74, "word": " for", "probability": 0.24853515625}, {"start": 2355.74, "end": 2355.84, "word": " the", "probability": 0.69970703125}, {"start": 2355.84, "end": 2356.18, "word": " price", "probability": 0.93798828125}, {"start": 2356.18, "end": 2356.56, "word": " zed", "probability": 0.4044189453125}, {"start": 2356.56, "end": 2356.64, "word": " by", "probability": 0.56494140625}, {"start": 2356.64, "end": 2357.32, "word": " 10%.", "probability": 0.727783203125}, {"start": 2357.32, "end": 2360.72, "word": " 10%.", "probability": 0.461181640625}, {"start": 2360.72, "end": 2361.68, "word": " That", "probability": 0.354248046875}, {"start": 2361.68, "end": 2362.2, "word": " equals", "probability": 0.6337890625}, {"start": 2362.2, "end": 2362.66, "word": " zero.", "probability": 0.69384765625}, {"start": 2364.16, "end": 2364.34, "word": " It's", "probability": 0.5032958984375}, {"start": 2364.34, "end": 2364.52, "word": " called", "probability": 0.470703125}, {"start": 2364.52, "end": 2365.08, "word": " perfectly", "probability": 0.8525390625}, {"start": 2365.08, "end": 2366.08, "word": " inelastic.", "probability": 0.9412434895833334}, {"start": 2366.98, "end": 2367.62, "word": " Perfectly", "probability": 0.917236328125}, {"start": 2367.62, "end": 2368.26, "word": " inelastic.", "probability": 0.9415690104166666}, {"start": 2369.04, "end": 2369.96, "word": " Perfectly", "probability": 0.91748046875}, {"start": 2369.96, "end": 2371.0, "word": " inelastic.", "probability": 0.9384765625}, {"start": 2377.08, "end": 2378.16, "word": " Perfectly", "probability": 0.62890625}, {"start": 2378.16, "end": 2378.76, "word": " inelastic.", "probability": 0.9420572916666666}], "temperature": 1.0}, {"id": 89, "seek": 241565, "start": 2387.17, "end": 2415.65, "text": " What about the last case? Here's the price A, P1. The price is P1 here. The price on a chain. Highly quantity demanded one, quantity demanded two. The price on a chain. Price one equals price two.", "tokens": [708, 466, 264, 1036, 1389, 30, 1692, 311, 264, 3218, 316, 11, 430, 16, 13, 440, 3218, 307, 430, 16, 510, 13, 440, 3218, 322, 257, 5021, 13, 5229, 356, 11275, 28276, 472, 11, 11275, 28276, 732, 13, 440, 3218, 322, 257, 5021, 13, 25803, 472, 6915, 3218, 732, 13], "avg_logprob": -0.263480403844048, "compression_ratio": 1.628099173553719, "no_speech_prob": 0.0, "words": [{"start": 2387.17, "end": 2387.39, "word": " What", "probability": 0.07586669921875}, {"start": 2387.39, "end": 2387.55, "word": " about", "probability": 0.908203125}, {"start": 2387.55, "end": 2387.69, "word": " the", "probability": 0.91650390625}, {"start": 2387.69, "end": 2387.87, "word": " last", "probability": 0.86328125}, {"start": 2387.87, "end": 2388.19, "word": " case?", "probability": 0.9169921875}, {"start": 2391.43, "end": 2392.09, "word": " Here's", "probability": 0.79833984375}, {"start": 2392.09, "end": 2392.35, "word": " the", "probability": 0.70556640625}, {"start": 2392.35, "end": 2392.71, "word": " price", "probability": 0.9072265625}, {"start": 2392.71, "end": 2393.17, "word": " A,", "probability": 0.58154296875}, {"start": 2394.17, "end": 2395.91, "word": " P1.", "probability": 0.90625}, {"start": 2396.79, "end": 2397.19, "word": " The", "probability": 0.89794921875}, {"start": 2397.19, "end": 2397.43, "word": " price", "probability": 0.875}, {"start": 2397.43, "end": 2397.57, "word": " is", "probability": 0.9287109375}, {"start": 2397.57, "end": 2397.93, "word": " P1", "probability": 0.996337890625}, {"start": 2397.93, "end": 2398.21, "word": " here.", "probability": 0.81982421875}, {"start": 2399.63, "end": 2399.97, "word": " The", "probability": 0.8984375}, {"start": 2399.97, "end": 2400.35, "word": " price", "probability": 0.92724609375}, {"start": 2400.35, "end": 2400.65, "word": " on", "probability": 0.7509765625}, {"start": 2400.65, "end": 2400.81, "word": " a", "probability": 0.4287109375}, {"start": 2400.81, "end": 2401.13, "word": " chain.", "probability": 0.8994140625}, {"start": 2404.05, "end": 2404.47, "word": " Highly", "probability": 0.6851806640625}, {"start": 2404.47, "end": 2404.77, "word": " quantity", "probability": 0.857421875}, {"start": 2404.77, "end": 2405.25, "word": " demanded", "probability": 0.873046875}, {"start": 2405.25, "end": 2405.51, "word": " one,", "probability": 0.837890625}, {"start": 2406.67, "end": 2407.49, "word": " quantity", "probability": 0.98876953125}, {"start": 2407.49, "end": 2408.05, "word": " demanded", "probability": 0.92919921875}, {"start": 2408.05, "end": 2408.45, "word": " two.", "probability": 0.9306640625}, {"start": 2412.21, "end": 2412.47, "word": " The", "probability": 0.85986328125}, {"start": 2412.47, "end": 2412.75, "word": " price", "probability": 0.92919921875}, {"start": 2412.75, "end": 2412.97, "word": " on", "probability": 0.8896484375}, {"start": 2412.97, "end": 2413.09, "word": " a", "probability": 0.85595703125}, {"start": 2413.09, "end": 2413.35, "word": " chain.", "probability": 0.82763671875}, {"start": 2413.47, "end": 2413.89, "word": " Price", "probability": 0.55419921875}, {"start": 2413.89, "end": 2414.73, "word": " one", "probability": 0.76513671875}, {"start": 2414.73, "end": 2415.13, "word": " equals", "probability": 0.9423828125}, {"start": 2415.13, "end": 2415.41, "word": " price", "probability": 0.90966796875}, {"start": 2415.41, "end": 2415.65, "word": " two.", "probability": 0.93798828125}], "temperature": 1.0}, {"id": 90, "seek": 243569, "start": 2417.76, "end": 2435.7, "text": " Perfectly elastic. Perfectly elastic demand.", "tokens": [10246, 356, 17115, 13, 10246, 356, 17115, 4733, 13], "avg_logprob": -0.2845703065395355, "compression_ratio": 1.1842105263157894, "no_speech_prob": 0.0, "words": [{"start": 2417.76, "end": 2418.32, "word": " Perfectly", "probability": 0.8564453125}, {"start": 2418.32, "end": 2418.62, "word": " elastic.", "probability": 0.93994140625}, {"start": 2434.58, "end": 2435.7, "word": " Perfectly", "probability": 0.548858642578125}, {"start": 2435.7, "end": 2435.7, "word": " elastic", "probability": 0.96826171875}, {"start": 2435.7, "end": 2435.7, "word": " demand.", "probability": 0.9140625}], "temperature": 1.0}, {"id": 91, "seek": 247758, "start": 2453.96, "end": 2477.58, "text": " perfectly elastic demand. So the conclusion is, or the conclusions are, if demand curve was close to the vertical axis,", "tokens": [6239, 17115, 4733, 13, 407, 264, 10063, 307, 11, 420, 264, 22865, 366, 11, 498, 4733, 7605, 390, 1998, 281, 264, 9429, 10298, 11], "avg_logprob": -0.1585937547683716, "compression_ratio": 1.3186813186813187, "no_speech_prob": 0.0, "words": [{"start": 2453.96, "end": 2454.98, "word": " perfectly", "probability": 0.72607421875}, {"start": 2454.98, "end": 2456.0, "word": " elastic", "probability": 0.96728515625}, {"start": 2456.0, "end": 2458.26, "word": " demand.", "probability": 0.93603515625}, {"start": 2460.48, "end": 2460.92, "word": " So", "probability": 0.92333984375}, {"start": 2460.92, "end": 2461.08, "word": " the", "probability": 0.8125}, {"start": 2461.08, "end": 2461.54, "word": " conclusion", "probability": 0.794921875}, {"start": 2461.54, "end": 2464.66, "word": " is,", "probability": 0.35400390625}, {"start": 2465.96, "end": 2466.28, "word": " or", "probability": 0.935546875}, {"start": 2466.28, "end": 2466.42, "word": " the", "probability": 0.927734375}, {"start": 2466.42, "end": 2466.94, "word": " conclusions", "probability": 0.92236328125}, {"start": 2466.94, "end": 2467.54, "word": " are,", "probability": 0.935546875}, {"start": 2471.9, "end": 2472.36, "word": " if", "probability": 0.94189453125}, {"start": 2472.36, "end": 2473.16, "word": " demand", "probability": 0.734375}, {"start": 2473.16, "end": 2473.6, "word": " curve", "probability": 0.95556640625}, {"start": 2473.6, "end": 2474.78, "word": " was", "probability": 0.943359375}, {"start": 2474.78, "end": 2476.4, "word": " close", "probability": 0.8212890625}, {"start": 2476.4, "end": 2476.58, "word": " to", "probability": 0.96923828125}, {"start": 2476.58, "end": 2476.74, "word": " the", "probability": 0.921875}, {"start": 2476.74, "end": 2477.08, "word": " vertical", "probability": 0.9208984375}, {"start": 2477.08, "end": 2477.58, "word": " axis,", "probability": 0.93017578125}], "temperature": 1.0}, {"id": 92, "seek": 249990, "start": 2478.46, "end": 2499.9, "text": " The demand is inelastic because the percentage change in price is bigger than the percentage change in demand, in quantity demanded. And the product is necessary for the consumer. It has a few number of substitutes. Okay? Here.", "tokens": [440, 4733, 307, 294, 338, 2750, 570, 264, 9668, 1319, 294, 3218, 307, 3801, 813, 264, 9668, 1319, 294, 4733, 11, 294, 11275, 28276, 13, 400, 264, 1674, 307, 4818, 337, 264, 9711, 13, 467, 575, 257, 1326, 1230, 295, 26441, 1819, 13, 1033, 30, 1692, 13], "avg_logprob": -0.2176106721162796, "compression_ratio": 1.4901960784313726, "no_speech_prob": 0.0, "words": [{"start": 2478.46, "end": 2478.7, "word": " The", "probability": 0.41650390625}, {"start": 2478.7, "end": 2479.2, "word": " demand", "probability": 0.90966796875}, {"start": 2479.2, "end": 2480.6, "word": " is", "probability": 0.91357421875}, {"start": 2480.6, "end": 2481.48, "word": " inelastic", "probability": 0.9173177083333334}, {"start": 2481.48, "end": 2482.64, "word": " because", "probability": 0.7548828125}, {"start": 2482.64, "end": 2483.32, "word": " the", "probability": 0.91259765625}, {"start": 2483.32, "end": 2483.7, "word": " percentage", "probability": 0.7529296875}, {"start": 2483.7, "end": 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It's perfectly inelastic, like the demand for medicine line. Demand for drugs, the product is very, very, very necessary for the consumer. He cannot or she cannot give up it when the price, even if the prices don't change, the quantity demanded on it. So the price goes up as much as the quantity demanded. 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Absolutely. Substitutes had a perfectly elastic demand. Okay? Let's go to something else. Okay.", "tokens": [467, 575, 572, 11, 572, 11, 572, 26441, 1819, 13, 7021, 13, 42090, 270, 1819, 632, 257, 6239, 17115, 4733, 13, 1033, 30, 961, 311, 352, 281, 746, 1646, 13, 1033, 13], "avg_logprob": -0.30894886363636365, "compression_ratio": 1.2095238095238094, "no_speech_prob": 0.0, "words": [{"start": 2586.14, "end": 2586.94, "word": " It", "probability": 0.34423828125}, {"start": 2586.94, "end": 2589.32, "word": " has", "probability": 0.9462890625}, {"start": 2589.32, "end": 2589.94, "word": " no,", "probability": 0.94140625}, {"start": 2590.0, "end": 2590.32, "word": " no,", "probability": 0.9599609375}, {"start": 2590.42, "end": 2590.62, "word": " no", "probability": 0.943359375}, {"start": 2590.62, "end": 2591.26, "word": " substitutes.", "probability": 0.9326171875}, {"start": 2591.42, "end": 2592.02, "word": " Absolutely.", "probability": 0.1724853515625}, {"start": 2593.28, "end": 2594.2, "word": " Substitutes", "probability": 0.7600911458333334}, {"start": 2594.2, "end": 2594.52, "word": " had", "probability": 0.294921875}, {"start": 2594.52, "end": 2594.82, "word": " a", "probability": 0.83447265625}, {"start": 2594.82, "end": 2595.36, "word": " perfectly", "probability": 0.9599609375}, {"start": 2595.36, "end": 2596.0, "word": " elastic", "probability": 0.96533203125}, {"start": 2596.0, "end": 2596.4, "word": " demand.", "probability": 0.9521484375}, {"start": 2596.58, "end": 2596.76, "word": " Okay?", "probability": 0.7607421875}, {"start": 2600.98, "end": 2601.9, "word": " Let's", "probability": 0.774658203125}, {"start": 2601.9, "end": 2602.08, "word": " go", "probability": 0.9658203125}, {"start": 2602.08, "end": 2602.26, "word": " to", "probability": 0.9521484375}, {"start": 2602.26, "end": 2602.6, "word": " something", "probability": 0.8671875}, {"start": 2602.6, "end": 2603.04, "word": " else.", "probability": 0.912109375}, {"start": 2606.0, "end": 2606.92, "word": " Okay.", "probability": 0.37548828125}], "temperature": 1.0}, {"id": 97, "seek": 263962, "start": 2615.88, "end": 2639.62, "text": " Let's go to study how to calculate the price elasticity of demand. The price elasticity of demand calculations. How to calculate the price elasticity of demand.", "tokens": [961, 311, 352, 281, 2979, 577, 281, 8873, 264, 3218, 46260, 295, 4733, 13, 440, 3218, 46260, 295, 4733, 20448, 13, 1012, 281, 8873, 264, 3218, 46260, 295, 4733, 13], "avg_logprob": -0.18510584869692404, "compression_ratio": 1.8505747126436782, "no_speech_prob": 0.0, "words": [{"start": 2615.8799999999997, "end": 2616.64, "word": " Let's", "probability": 0.537567138671875}, {"start": 2616.64, "end": 2616.78, "word": " go", "probability": 0.95703125}, {"start": 2616.78, "end": 2616.9, "word": " to", "probability": 0.90576171875}, {"start": 2616.9, "end": 2617.28, "word": " study", "probability": 0.9150390625}, {"start": 2617.28, "end": 2619.56, "word": " how", "probability": 0.53857421875}, {"start": 2619.56, "end": 2619.88, "word": " to", "probability": 0.974609375}, {"start": 2619.88, "end": 2620.52, "word": " calculate", "probability": 0.93359375}, {"start": 2620.52, "end": 2621.38, "word": " the", "probability": 0.90283203125}, {"start": 2621.38, "end": 2621.72, "word": " price", "probability": 0.9169921875}, {"start": 2621.72, "end": 2622.24, "word": " elasticity", "probability": 0.96484375}, {"start": 2622.24, "end": 2622.52, "word": " of", "probability": 0.91064453125}, {"start": 2622.52, "end": 2622.76, "word": " demand.", "probability": 0.947265625}, {"start": 2623.62, "end": 2624.38, "word": " The", "probability": 0.8271484375}, {"start": 2624.38, "end": 2624.68, "word": " price", "probability": 0.89404296875}, {"start": 2624.68, "end": 2625.12, "word": " elasticity", "probability": 0.93896484375}, {"start": 2625.12, "end": 2625.38, "word": " of", "probability": 0.94482421875}, {"start": 2625.38, "end": 2625.64, "word": " demand", "probability": 0.912109375}, {"start": 2625.64, "end": 2626.34, "word": " calculations.", "probability": 0.92138671875}, {"start": 2627.64, "end": 2627.96, "word": " How", "probability": 0.94482421875}, {"start": 2627.96, "end": 2628.22, "word": " to", "probability": 0.974609375}, {"start": 2628.22, "end": 2629.02, "word": " calculate", "probability": 0.935546875}, {"start": 2629.02, "end": 2637.34, "word": " the", "probability": 0.84912109375}, {"start": 2637.34, "end": 2637.82, "word": " price", "probability": 0.9228515625}, {"start": 2637.82, "end": 2638.7, "word": " elasticity", "probability": 0.94140625}, {"start": 2638.7, "end": 2639.34, "word": " of", "probability": 0.9697265625}, {"start": 2639.34, "end": 2639.62, "word": " demand.", "probability": 0.89794921875}], "temperature": 1.0}, {"id": 98, "seek": 266398, "start": 2643.8, "end": 2663.98, "text": " As we said that the price elasticity of demand, the formula of the price elasticity of demand equals the percentage of change in a quantity demanded in percent over the change in the price percent. Right? Yes.", "tokens": [1018, 321, 848, 300, 264, 3218, 46260, 295, 4733, 11, 264, 8513, 295, 264, 3218, 46260, 295, 4733, 6915, 264, 9668, 295, 1319, 294, 257, 11275, 28276, 294, 3043, 670, 264, 1319, 294, 264, 3218, 3043, 13, 1779, 30, 1079, 13], "avg_logprob": -0.2723214307001659, "compression_ratio": 1.68, "no_speech_prob": 0.0, "words": [{"start": 2643.8, "end": 2644.18, "word": " As", "probability": 0.77685546875}, {"start": 2644.18, "end": 2644.42, "word": " we", "probability": 0.95361328125}, {"start": 2644.42, "end": 2644.76, "word": " said", "probability": 0.9345703125}, {"start": 2644.76, "end": 2645.2, "word": " that", "probability": 0.71875}, {"start": 2645.2, "end": 2645.6, "word": " the", "probability": 0.66943359375}, {"start": 2645.6, "end": 2645.88, "word": " price", "probability": 0.91162109375}, {"start": 2645.88, "end": 2646.28, "word": " elasticity", "probability": 0.88720703125}, {"start": 2646.28, "end": 2646.58, "word": " of", "probability": 0.91650390625}, {"start": 2646.58, "end": 2646.94, "word": " demand,", "probability": 0.90625}, {"start": 2647.52, "end": 2647.88, "word": " the", "probability": 0.9052734375}, {"start": 2647.88, "end": 2648.28, "word": " formula", "probability": 0.73828125}, {"start": 2648.28, "end": 2648.44, "word": " of", "probability": 0.404052734375}, {"start": 2648.44, "end": 2648.52, "word": " the", "probability": 0.80029296875}, {"start": 2648.52, "end": 2648.8, "word": " price", "probability": 0.92919921875}, {"start": 2648.8, "end": 2649.28, "word": " elasticity", "probability": 0.9423828125}, {"start": 2649.28, "end": 2649.54, "word": " of", "probability": 0.96142578125}, {"start": 2649.54, "end": 2649.92, "word": " demand", "probability": 0.89208984375}, {"start": 2649.92, "end": 2653.58, "word": " equals", "probability": 0.6669921875}, {"start": 2653.58, "end": 2655.12, "word": " the", "probability": 0.892578125}, {"start": 2655.12, "end": 2655.56, "word": " percentage", "probability": 0.84521484375}, {"start": 2655.56, "end": 2655.8, "word": " of", "probability": 0.8193359375}, {"start": 2655.8, "end": 2656.16, "word": " change", "probability": 0.9111328125}, {"start": 2656.16, "end": 2656.34, "word": " in", "probability": 0.91943359375}, {"start": 2656.34, "end": 2656.44, "word": " a", "probability": 0.50634765625}, {"start": 2656.44, "end": 2656.72, "word": " quantity", "probability": 0.642578125}, {"start": 2656.72, "end": 2657.24, "word": " demanded", "probability": 0.81396484375}, {"start": 2657.24, "end": 2658.06, "word": " in", "probability": 0.281005859375}, {"start": 2658.06, "end": 2658.6, "word": " percent", "probability": 0.93408203125}, {"start": 2658.6, "end": 2659.4, "word": " over", "probability": 0.767578125}, {"start": 2659.4, "end": 2659.62, "word": " the", "probability": 0.90185546875}, {"start": 2659.62, "end": 2659.96, "word": " change", "probability": 0.9072265625}, {"start": 2659.96, "end": 2660.08, "word": " in", "probability": 0.92822265625}, {"start": 2660.08, "end": 2660.18, "word": " the", "probability": 0.3798828125}, {"start": 2660.18, "end": 2660.48, "word": " price", "probability": 0.9189453125}, {"start": 2660.48, "end": 2660.92, "word": " percent.", "probability": 0.75}, {"start": 2662.74, "end": 2663.28, "word": " Right?", "probability": 0.57275390625}, {"start": 2663.74, "end": 2663.98, "word": " Yes.", "probability": 0.278076171875}], "temperature": 1.0}, {"id": 99, "seek": 269572, "start": 2671.04, "end": 2695.72, "text": " The ratio of frequent demand over the percentage change in price. Can you calculate the ratio? For example, if the price of P1 was 20 shekels and the price of P2 was 30 shekels, how much is the increase? How much is the percentage change in price? In Arabic accounts, how much is the increase?", "tokens": [440, 8509, 295, 18004, 4733, 670, 264, 9668, 1319, 294, 3218, 13, 1664, 291, 8873, 264, 8509, 30, 1171, 1365, 11, 498, 264, 3218, 295, 430, 16, 390, 945, 750, 7124, 82, 293, 264, 3218, 295, 430, 17, 390, 2217, 750, 7124, 82, 11, 577, 709, 307, 264, 3488, 30, 1012, 709, 307, 264, 9668, 1319, 294, 3218, 30, 682, 19938, 9402, 11, 577, 709, 307, 264, 3488, 30], "avg_logprob": -0.45491071598870414, "compression_ratio": 1.7396449704142012, "no_speech_prob": 0.0, "words": [{"start": 2671.04, "end": 2671.48, "word": " The", "probability": 0.11083984375}, {"start": 2671.48, "end": 2671.48, "word": " ratio", "probability": 0.321533203125}, {"start": 2671.48, "end": 2671.66, "word": " of", "probability": 0.92724609375}, {"start": 2671.66, "end": 2672.22, "word": " frequent", "probability": 0.23291015625}, {"start": 2672.22, "end": 2672.82, "word": " demand", "probability": 0.57275390625}, {"start": 2672.82, "end": 2673.58, "word": " over", "probability": 0.394775390625}, {"start": 2673.58, "end": 2673.86, "word": " the", "probability": 0.35302734375}, {"start": 2673.86, "end": 2674.18, "word": " percentage", "probability": 0.75341796875}, {"start": 2674.18, "end": 2674.58, "word": " change", "probability": 0.81591796875}, {"start": 2674.58, "end": 2674.72, "word": " in", "probability": 0.82421875}, {"start": 2674.72, "end": 2675.12, "word": " price.", "probability": 0.58935546875}, {"start": 2676.72, "end": 2677.36, "word": " Can", "probability": 0.32568359375}, {"start": 2677.36, "end": 2677.48, "word": " you", "probability": 0.9560546875}, {"start": 2677.48, "end": 2677.7, "word": " calculate", "probability": 0.625}, {"start": 2677.7, "end": 2677.86, "word": " the", "probability": 0.466064453125}, {"start": 2677.86, "end": 2678.04, "word": " ratio?", "probability": 0.9453125}, {"start": 2678.18, "end": 2678.32, "word": " For", "probability": 0.35888671875}, {"start": 2678.32, "end": 2679.22, "word": " example,", "probability": 0.88720703125}, {"start": 2679.56, "end": 2679.7, "word": " if", "probability": 0.78955078125}, {"start": 2679.7, "end": 2679.7, "word": " the", "probability": 0.191162109375}, {"start": 2679.7, "end": 2680.02, "word": " price", "probability": 0.86572265625}, {"start": 2680.02, "end": 2680.14, "word": " of", "probability": 0.68896484375}, {"start": 2680.14, "end": 2680.48, "word": " P1", "probability": 0.71044921875}, {"start": 2680.48, "end": 2681.56, "word": " was", "probability": 0.495849609375}, {"start": 2681.56, "end": 2682.52, "word": " 20", "probability": 0.53857421875}, {"start": 2682.52, "end": 2683.18, "word": " shekels", "probability": 0.92919921875}, {"start": 2683.18, "end": 2683.76, "word": " and", "probability": 0.253173828125}, {"start": 2683.76, "end": 2684.16, "word": " the", "probability": 0.474853515625}, {"start": 2684.16, "end": 2684.4, "word": " price", "probability": 0.87890625}, {"start": 2684.4, "end": 2684.56, "word": " of", "probability": 0.935546875}, {"start": 2684.56, "end": 2684.82, "word": " P2", "probability": 0.9296875}, {"start": 2684.82, "end": 2685.5, "word": " was", "probability": 0.465087890625}, {"start": 2685.5, "end": 2685.96, "word": " 30", "probability": 0.93310546875}, {"start": 2685.96, "end": 2686.06, "word": " shekels,", "probability": 0.88525390625}, {"start": 2686.24, "end": 2686.6, "word": " how", "probability": 0.26171875}, {"start": 2686.6, "end": 2686.92, "word": " much", "probability": 0.72265625}, {"start": 2686.92, "end": 2686.98, "word": " is", "probability": 0.501953125}, {"start": 2686.98, "end": 2687.16, "word": " the", "probability": 0.8837890625}, {"start": 2687.16, "end": 2687.28, "word": " increase?", "probability": 0.54443359375}, {"start": 2688.4, "end": 2689.04, "word": " How", "probability": 0.61376953125}, {"start": 2689.04, "end": 2689.22, "word": " much", "probability": 0.876953125}, {"start": 2689.22, "end": 2689.22, "word": " is", "probability": 0.8291015625}, {"start": 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2695.72, "word": " increase?", "probability": 0.77197265625}], "temperature": 1.0}, {"id": 100, "seek": 272440, "start": 2697.82, "end": 2724.4, "text": " 10 units, the percentage change. What is the percentage increase? 50%. What if it became 40%? What is the percentage increase? If the price was 20% and it became 40%? What is the percentage change? 100%! 100%! The price was 100 and it became 200. What is the percentage increase? What is the percentage change?", "tokens": [1266, 6815, 11, 264, 9668, 1319, 13, 708, 307, 264, 9668, 3488, 30, 2625, 6856, 708, 498, 309, 3062, 3356, 4, 30, 708, 307, 264, 9668, 3488, 30, 759, 264, 3218, 390, 945, 4, 293, 309, 3062, 3356, 4, 30, 708, 307, 264, 9668, 1319, 30, 2319, 4, 0, 2319, 4, 0, 440, 3218, 390, 2319, 293, 309, 3062, 2331, 13, 708, 307, 264, 9668, 3488, 30, 708, 307, 264, 9668, 1319, 30], "avg_logprob": -0.42989865509239406, "compression_ratio": 2.4488188976377954, "no_speech_prob": 0.0, "words": [{"start": 2697.82, "end": 2698.14, "word": " 10", "probability": 0.229248046875}, {"start": 2698.14, "end": 2698.56, "word": " units,", "probability": 0.66796875}, {"start": 2698.68, "end": 2699.2, "word": " the", "probability": 0.46533203125}, {"start": 2699.2, "end": 2699.5, "word": " percentage", "probability": 0.828125}, {"start": 2699.5, "end": 2700.08, "word": " change.", "probability": 0.6943359375}, {"start": 2700.14, "end": 2700.28, "word": " What", 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The change in price percent, the percentage change in price، اللي هو P2 minus P1 over P1 الأساسي، كله مضروف في مية. The percentage change in price.", "tokens": [7504, 11, 45164, 25961, 21136, 3615, 2288, 16490, 2304, 3794, 20328, 9640, 6225, 8592, 25720, 12399, 9122, 3215, 33599, 2423, 9668, 1319, 22807, 3714, 10632, 8978, 9673, 10632, 13, 13672, 1829, 23758, 9122, 33911, 16472, 7435, 16758, 2423, 18183, 12399, 23758, 3218, 472, 6915, 2309, 293, 3218, 732, 6915, 4949, 13, 440, 1319, 294, 3218, 3043, 11, 264, 9668, 1319, 294, 3218, 12399, 13672, 1829, 31439, 430, 17, 3175, 430, 16, 670, 430, 16, 16247, 3794, 32277, 1829, 12399, 28242, 3224, 3714, 11242, 32887, 5172, 8978, 3714, 10632, 13, 440, 9668, 1319, 294, 3218, 13], "avg_logprob": -0.26204427393774193, "compression_ratio": 1.592741935483871, "no_speech_prob": 0.0, "words": [{"start": 2726.37, "end": 2726.89, "word": " Therefore,", "probability": 0.8447265625}, {"start": 2727.27, "end": 2727.43, "word": " لو", "probability": 0.128662109375}, {"start": 2727.43, "end": 2727.67, "word": " كان", "probability": 0.98681640625}, {"start": 2727.67, 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"end": 2750.13, "word": " مية.", "probability": 0.955322265625}, {"start": 2752.27, "end": 2752.47, "word": " The", "probability": 0.88671875}, {"start": 2752.47, "end": 2752.89, "word": " percentage", "probability": 0.90966796875}, {"start": 2752.89, "end": 2753.49, "word": " change", "probability": 0.8896484375}, {"start": 2753.49, "end": 2753.65, "word": " in", "probability": 0.95068359375}, {"start": 2753.65, "end": 2754.15, "word": " price.", "probability": 0.77685546875}], "temperature": 1.0}, {"id": 102, "seek": 277854, "start": 2756.72, "end": 2778.54, "text": " P2 minus P1 over P1 times 100. So, the person will change your price.", "tokens": [430, 17, 3175, 430, 16, 670, 430, 16, 1413, 2319, 13, 407, 11, 264, 954, 486, 1319, 428, 3218, 13], "avg_logprob": -0.3740699518294561, "compression_ratio": 0.9459459459459459, "no_speech_prob": 0.0, "words": [{"start": 2756.72, "end": 2757.4, "word": " P2", "probability": 0.9111328125}, {"start": 2757.4, "end": 2758.04, "word": " minus", "probability": 0.80908203125}, {"start": 2758.04, "end": 2758.58, "word": " P1", "probability": 0.97216796875}, {"start": 2758.58, "end": 2758.98, "word": " over", "probability": 0.8662109375}, {"start": 2758.98, "end": 2759.78, "word": " P1", "probability": 0.99462890625}, {"start": 2759.78, "end": 2760.74, "word": " times", "probability": 0.84423828125}, {"start": 2760.74, "end": 2761.36, "word": " 100.", "probability": 0.830078125}, {"start": 2769.64, "end": 2770.92, "word": " So,", "probability": 0.2171630859375}, {"start": 2776.58, "end": 2776.72, "word": " the", "probability": 0.77783203125}, {"start": 2776.72, "end": 2777.48, "word": " person", "probability": 0.64453125}, {"start": 2777.48, "end": 2777.72, "word": " will", "probability": 0.15234375}, {"start": 2777.72, "end": 2777.96, "word": " change", "probability": 0.8720703125}, {"start": 2777.96, "end": 2778.14, "word": " your", "probability": 0.375732421875}, {"start": 2778.14, "end": 2778.54, "word": " price.", "probability": 0.57763671875}], "temperature": 1.0}, {"id": 103, "seek": 281182, "start": 2784.98, "end": 2811.82, "text": " P2, nine, so the change in price. The percentage change in price. The percentage change in price. The percentage change in price equals P2 minus P1 over the base price. So nine minus six over six times 100 or 100 percent.", "tokens": [430, 17, 11, 4949, 11, 370, 264, 1319, 294, 3218, 13, 440, 9668, 1319, 294, 3218, 13, 440, 9668, 1319, 294, 3218, 13, 440, 9668, 1319, 294, 3218, 6915, 430, 17, 3175, 430, 16, 670, 264, 3096, 3218, 13, 407, 4949, 3175, 2309, 670, 2309, 1413, 2319, 420, 2319, 3043, 13], "avg_logprob": -0.3536658762739255, "compression_ratio": 2.018181818181818, "no_speech_prob": 0.0, "words": [{"start": 2784.98, "end": 2785.66, "word": " P2,", "probability": 0.8740234375}, {"start": 2785.86, "end": 2786.6, "word": " nine,", "probability": 0.5576171875}, {"start": 2787.28, "end": 2787.52, "word": " so", "probability": 0.92041015625}, {"start": 2787.52, "end": 2787.74, "word": " the", "probability": 0.853515625}, {"start": 2787.74, "end": 2788.12, "word": " change", "probability": 0.8984375}, {"start": 2788.12, "end": 2788.26, "word": " in", "probability": 0.9404296875}, {"start": 2788.26, "end": 2788.64, "word": " price.", "probability": 0.5634765625}, {"start": 2788.82, "end": 2788.94, "word": " The", "probability": 0.77294921875}, {"start": 2788.94, "end": 2789.24, "word": " percentage", "probability": 0.4130859375}, {"start": 2789.24, "end": 2789.66, "word": " change", "probability": 0.79052734375}, {"start": 2789.66, "end": 2789.78, "word": " in", "probability": 0.71923828125}, {"start": 2789.78, "end": 2789.9, "word": " price.", "probability": 0.398193359375}, {"start": 2791.36, "end": 2791.66, "word": " The", "probability": 0.256103515625}, {"start": 2791.66, "end": 2792.04, "word": " percentage", "probability": 0.77783203125}, {"start": 2792.04, "end": 2792.48, "word": " change", "probability": 0.896484375}, {"start": 2792.48, "end": 2792.62, "word": " in", "probability": 0.939453125}, {"start": 2792.62, "end": 2793.02, "word": " price.", "probability": 0.861328125}, {"start": 2794.8, "end": 2795.64, "word": " The", "probability": 0.73046875}, {"start": 2795.64, "end": 2796.06, "word": " percentage", "probability": 0.89990234375}, {"start": 2796.06, "end": 2796.58, "word": " change", "probability": 0.89990234375}, {"start": 2796.58, "end": 2796.76, "word": " in", "probability": 0.94091796875}, {"start": 2796.76, "end": 2797.16, "word": " price", "probability": 0.9091796875}, {"start": 2797.16, "end": 2798.46, "word": " equals", "probability": 0.798828125}, {"start": 2798.46, "end": 2799.86, "word": " P2", "probability": 0.93310546875}, {"start": 2799.86, "end": 2800.58, "word": " minus", "probability": 0.97216796875}, {"start": 2800.58, "end": 2801.26, "word": " P1", "probability": 0.992919921875}, {"start": 2801.26, "end": 2802.66, "word": " over", "probability": 0.80712890625}, {"start": 2802.66, "end": 2803.08, "word": " the", "probability": 0.2431640625}, {"start": 2803.08, "end": 2803.52, "word": " base", "probability": 0.4287109375}, {"start": 2803.52, "end": 2803.74, "word": " price.", "probability": 0.54345703125}, {"start": 2804.7, "end": 2805.26, "word": " So", "probability": 0.62353515625}, {"start": 2805.26, "end": 2805.88, "word": " nine", "probability": 0.7314453125}, {"start": 2805.88, "end": 2806.96, "word": " minus", "probability": 0.96240234375}, {"start": 2806.96, "end": 2807.32, "word": " six", "probability": 0.93212890625}, {"start": 2807.32, "end": 2807.7, "word": " over", "probability": 0.79638671875}, {"start": 2807.7, "end": 2808.72, "word": " six", "probability": 0.9296875}, {"start": 2808.72, "end": 2809.56, "word": " times", "probability": 0.78271484375}, {"start": 2809.56, "end": 2810.0, "word": " 100", "probability": 0.6982421875}, {"start": 2810.0, "end": 2810.96, "word": " or", "probability": 0.3671875}, {"start": 2810.96, "end": 2811.34, "word": " 100", "probability": 0.85107421875}, {"start": 2811.34, "end": 2811.82, "word": " percent.", "probability": 0.359375}], "temperature": 1.0}, {"id": 104, "seek": 283659, "start": 2816.07, "end": 2836.59, "text": " Three over six times 100. Half of 100 is equal to 50. That means it's 50%. That's 100%. Right? I'm not always 50%. I'm not a boss. I'm not going to be angry.", "tokens": [6244, 670, 2309, 1413, 2319, 13, 15917, 295, 2319, 307, 2681, 281, 2625, 13, 663, 1355, 309, 311, 2625, 6856, 663, 311, 2319, 6856, 1779, 30, 286, 478, 406, 1009, 2625, 6856, 286, 478, 406, 257, 5741, 13, 286, 478, 406, 516, 281, 312, 6884, 13], "avg_logprob": -0.5897606180069295, "compression_ratio": 1.3166666666666667, "no_speech_prob": 0.0, "words": [{"start": 2816.0700000000006, "end": 2816.7900000000004, "word": " Three", "probability": 0.580078125}, {"start": 2816.7900000000004, "end": 2817.51, "word": " over", "probability": 0.70849609375}, {"start": 2817.51, "end": 2817.91, "word": " six", "probability": 0.9052734375}, {"start": 2817.91, "end": 2818.35, "word": " times", "probability": 0.9189453125}, {"start": 2818.35, "end": 2819.43, "word": " 100.", "probability": 0.73046875}, {"start": 2821.95, "end": 2822.35, "word": " Half", "probability": 0.066162109375}, {"start": 2822.35, "end": 2823.29, "word": " of", "probability": 0.27099609375}, {"start": 2823.29, "end": 2823.63, "word": " 100", "probability": 0.427734375}, {"start": 2823.63, "end": 2824.15, "word": " is", "probability": 0.342041015625}, {"start": 2824.15, "end": 2824.29, "word": " equal", "probability": 0.60595703125}, {"start": 2824.29, "end": 2824.33, "word": " to", "probability": 0.95751953125}, {"start": 2824.33, "end": 2824.69, "word": " 50.", "probability": 0.94677734375}, {"start": 2824.81, "end": 2824.97, "word": " That", "probability": 0.2418212890625}, {"start": 2824.97, "end": 2824.97, "word": " means", "probability": 0.470947265625}, {"start": 2824.97, "end": 2825.15, "word": " it's", "probability": 0.47998046875}, {"start": 2825.15, "end": 2825.81, "word": " 50%.", "probability": 0.62158203125}, {"start": 2825.81, "end": 2826.41, "word": " That's", "probability": 0.6341552734375}, {"start": 2826.41, "end": 2827.07, "word": " 100%.", "probability": 0.845703125}, {"start": 2827.07, "end": 2831.11, "word": " Right?", "probability": 0.421875}, {"start": 2833.23, "end": 2833.51, "word": " I'm", "probability": 0.44903564453125}, {"start": 2833.51, "end": 2833.57, "word": " not", "probability": 0.89111328125}, {"start": 2833.57, "end": 2833.81, "word": " always", "probability": 0.76513671875}, {"start": 2833.81, "end": 2834.35, "word": " 50%.", "probability": 0.531494140625}, {"start": 2834.35, "end": 2834.55, "word": " I'm", "probability": 0.849365234375}, {"start": 2834.55, "end": 2834.95, "word": " not", "probability": 0.92041015625}, {"start": 2834.95, "end": 2835.05, "word": " a", "probability": 0.432861328125}, {"start": 2835.05, "end": 2835.19, "word": " boss.", "probability": 0.10382080078125}, {"start": 2835.29, "end": 2835.33, "word": " I'm", "probability": 0.70068359375}, {"start": 2835.33, "end": 2835.39, "word": " not", "probability": 0.9365234375}, {"start": 2835.39, "end": 2835.55, "word": " going", "probability": 0.23974609375}, {"start": 2835.55, "end": 2835.55, "word": " to", "probability": 0.962890625}, {"start": 2835.55, "end": 2835.65, "word": " be", "probability": 0.1822509765625}, {"start": 2835.65, "end": 2836.59, "word": " angry.", "probability": 0.2166748046875}], "temperature": 1.0}, {"id": 105, "seek": 286783, "start": 2838.69, "end": 2867.83, "text": " It could be 30%, it could be 10%, it could be 15%, it depends. Okay. The quantity demanded, the percentage change in quantity demanded. Delta QD percent. Which is QD2 minus QD1. Over QD1 times 100%. So, FQD1, one buys", "tokens": [467, 727, 312, 2217, 8923, 309, 727, 312, 1266, 8923, 309, 727, 312, 2119, 8923, 309, 5946, 13, 1033, 13, 440, 11275, 28276, 11, 264, 9668, 1319, 294, 11275, 28276, 13, 18183, 1249, 35, 3043, 13, 3013, 307, 1249, 35, 17, 3175, 1249, 35, 16, 13, 4886, 1249, 35, 16, 1413, 2319, 6856, 407, 11, 479, 48, 35, 16, 11, 472, 28153], "avg_logprob": -0.33878969673126463, "compression_ratio": 1.472972972972973, "no_speech_prob": 0.0, "words": [{"start": 2838.69, "end": 2838.89, "word": " It", "probability": 0.40478515625}, {"start": 2838.89, "end": 2839.05, "word": " could", "probability": 0.60986328125}, {"start": 2839.05, "end": 2839.21, "word": " be", "probability": 0.8720703125}, {"start": 2839.21, "end": 2839.91, "word": " 30%,", "probability": 0.724853515625}, {"start": 2839.91, "end": 2839.99, "word": " it", "probability": 0.427001953125}, {"start": 2839.99, "end": 2840.15, "word": " could", "probability": 0.86865234375}, {"start": 2840.15, "end": 2840.33, "word": " be", "probability": 0.9140625}, {"start": 2840.33, "end": 2840.97, "word": " 10%,", "probability": 0.903564453125}, {"start": 2840.97, "end": 2841.11, "word": " it", "probability": 0.76025390625}, {"start": 2841.11, "end": 2841.17, "word": " could", "probability": 0.87744140625}, {"start": 2841.17, "end": 2841.27, "word": " be", "probability": 0.89111328125}, {"start": 2841.27, "end": 2842.03, "word": " 15%,", "probability": 0.707763671875}, {"start": 2842.03, "end": 2842.35, "word": " it", "probability": 0.347900390625}, {"start": 2842.35, "end": 2842.35, "word": " depends.", "probability": 0.724609375}, {"start": 2843.05, "end": 2843.19, "word": " Okay.", "probability": 0.279541015625}, {"start": 2843.69, "end": 2843.89, "word": " The", "probability": 0.75341796875}, {"start": 2843.89, "end": 2844.25, "word": " quantity", "probability": 0.98486328125}, {"start": 2844.25, "end": 2844.79, "word": " demanded,", "probability": 0.92822265625}, {"start": 2844.91, "end": 2845.03, "word": " the", "probability": 0.845703125}, {"start": 2845.03, "end": 2845.35, "word": " percentage", "probability": 0.85546875}, {"start": 2845.35, "end": 2845.79, "word": " change", "probability": 0.68505859375}, {"start": 2845.79, "end": 2845.91, "word": " in", "probability": 0.330078125}, {"start": 2845.91, "end": 2846.15, "word": " quantity", "probability": 0.71142578125}, {"start": 2846.15, "end": 2846.61, "word": " demanded.", "probability": 0.92041015625}, {"start": 2846.85, "end": 2847.19, "word": " Delta", "probability": 0.9267578125}, {"start": 2847.19, "end": 2848.21, "word": " QD", "probability": 0.64306640625}, {"start": 2848.21, "end": 2848.85, "word": " percent.", "probability": 0.83251953125}, {"start": 2850.51, "end": 2851.09, "word": " Which", "probability": 0.382568359375}, {"start": 2851.09, "end": 2851.15, "word": " is", "probability": 0.91552734375}, {"start": 2851.15, "end": 2851.93, "word": " QD2", "probability": 0.9134114583333334}, {"start": 2851.93, "end": 2852.67, "word": " minus", "probability": 0.95947265625}, {"start": 2852.67, "end": 2853.89, "word": " QD1.", "probability": 0.96435546875}, {"start": 2858.93, "end": 2859.65, "word": " Over", "probability": 0.6611328125}, {"start": 2859.65, "end": 2861.05, "word": " QD1", "probability": 0.98876953125}, {"start": 2861.05, "end": 2861.75, "word": " times", "probability": 0.85546875}, {"start": 2861.75, "end": 2863.13, "word": " 100%.", "probability": 0.775634765625}, {"start": 2863.13, "end": 2865.07, "word": " So,", "probability": 0.96728515625}, {"start": 2865.55, "end": 2866.79, "word": " FQD1,", "probability": 0.8353271484375}, {"start": 2867.27, "end": 2867.51, "word": " one", "probability": 0.198974609375}, {"start": 2867.51, "end": 2867.83, "word": " buys", "probability": 0.7607421875}], "temperature": 1.0}, {"id": 106, "seek": 289731, "start": 2870.15, "end": 2897.31, "text": " 51 and QD2 is 70. So, change the percentage change one demanded, percent equals Q2 minus Q1 over Q1 times 100. 70 minus 50 over 50 times 100 percent.", "tokens": [18485, 293, 1249, 35, 17, 307, 5285, 13, 407, 11, 1319, 264, 9668, 1319, 472, 28276, 11, 3043, 6915, 1249, 17, 3175, 1249, 16, 670, 1249, 16, 1413, 2319, 13, 5285, 3175, 2625, 670, 2625, 1413, 2319, 3043, 13], "avg_logprob": -0.4355468608438969, "compression_ratio": 1.3761467889908257, "no_speech_prob": 0.0, "words": [{"start": 2870.15, "end": 2871.25, "word": " 51", "probability": 0.18798828125}, {"start": 2871.25, "end": 2872.35, "word": " and", "probability": 0.2386474609375}, {"start": 2872.35, "end": 2873.21, "word": " QD2", "probability": 0.66845703125}, {"start": 2873.21, "end": 2873.39, "word": " is", "probability": 0.33154296875}, {"start": 2873.39, "end": 2875.99, "word": " 70.", "probability": 0.4873046875}, {"start": 2881.53, "end": 2882.63, "word": " So,", "probability": 0.479248046875}, {"start": 2883.49, "end": 2884.19, "word": " change", "probability": 0.2261962890625}, {"start": 2884.19, "end": 2884.35, "word": " the", "probability": 0.76123046875}, {"start": 2884.35, "end": 2884.71, "word": " percentage", "probability": 0.76513671875}, {"start": 2884.71, "end": 2885.03, "word": " change", "probability": 0.33642578125}, {"start": 2885.03, "end": 2885.39, "word": " one", "probability": 0.146240234375}, {"start": 2885.39, "end": 2885.77, "word": " demanded,", "probability": 0.62744140625}, {"start": 2885.95, "end": 2886.27, "word": " percent", "probability": 0.8369140625}, {"start": 2886.27, "end": 2886.77, "word": " equals", "probability": 0.90185546875}, {"start": 2886.77, "end": 2887.57, "word": " Q2", "probability": 0.89697265625}, {"start": 2887.57, "end": 2887.83, "word": " minus", "probability": 0.9453125}, {"start": 2887.83, "end": 2888.45, "word": " Q1", "probability": 0.97412109375}, {"start": 2888.45, "end": 2888.73, "word": " over", "probability": 0.8642578125}, {"start": 2888.73, "end": 2889.45, "word": " Q1", "probability": 0.985595703125}, {"start": 2889.45, "end": 2889.99, "word": " times", "probability": 0.869140625}, {"start": 2889.99, "end": 2890.41, "word": " 100.", "probability": 0.8994140625}, {"start": 2891.71, "end": 2892.81, "word": " 70", "probability": 0.315673828125}, {"start": 2892.81, "end": 2893.75, "word": " minus", "probability": 0.97802734375}, {"start": 2893.75, "end": 2894.37, "word": " 50", "probability": 0.97265625}, {"start": 2894.37, "end": 2895.03, "word": " over", "probability": 0.86669921875}, {"start": 2895.03, "end": 2895.55, "word": " 50", "probability": 0.97119140625}, {"start": 2895.55, "end": 2896.11, "word": " times", "probability": 0.9345703125}, {"start": 2896.11, "end": 2896.59, "word": " 100", "probability": 0.89990234375}, {"start": 2896.59, "end": 2897.31, "word": " percent.", "probability": 0.9326171875}], "temperature": 1.0}, {"id": 107, "seek": 292777, "start": 2900.27, "end": 2927.77, "text": " 40, 20 over 50 times 100 percent. 40 percent. Let's go to calculate the price elasticity of demand. We'll take examples and see how we can do analysis on it.", "tokens": [3356, 11, 945, 670, 2625, 1413, 2319, 3043, 13, 3356, 3043, 13, 961, 311, 352, 281, 8873, 264, 3218, 46260, 295, 4733, 13, 492, 603, 747, 5110, 293, 536, 577, 321, 393, 360, 5215, 322, 309, 13], "avg_logprob": -0.3832236951903293, "compression_ratio": 1.264, "no_speech_prob": 0.0, "words": [{"start": 2900.27, "end": 2901.03, "word": " 40,", "probability": 0.5048828125}, {"start": 2901.41, "end": 2901.79, "word": " 20", "probability": 0.79150390625}, {"start": 2901.79, "end": 2902.97, "word": " over", "probability": 0.45458984375}, {"start": 2902.97, "end": 2903.45, "word": " 50", "probability": 0.9521484375}, {"start": 2903.45, "end": 2903.93, "word": " times", "probability": 0.85107421875}, {"start": 2903.93, "end": 2904.35, "word": " 100", "probability": 0.91015625}, {"start": 2904.35, "end": 2904.93, "word": " percent.", "probability": 0.49462890625}, {"start": 2907.57, "end": 2907.57, "word": " 40", "probability": 0.12286376953125}, {"start": 2907.57, "end": 2913.49, "word": " percent.", "probability": 0.8203125}, {"start": 2919.95, "end": 2920.71, "word": " Let's", "probability": 0.7322998046875}, {"start": 2920.71, "end": 2920.95, "word": " go", "probability": 0.95068359375}, {"start": 2920.95, "end": 2921.19, "word": " to", "probability": 0.92333984375}, {"start": 2921.19, "end": 2922.29, "word": " calculate", "probability": 0.80859375}, {"start": 2922.29, "end": 2922.59, "word": " the", "probability": 0.79833984375}, {"start": 2922.59, "end": 2922.81, "word": " price", "probability": 0.8974609375}, {"start": 2922.81, "end": 2923.23, "word": " elasticity", "probability": 0.53076171875}, {"start": 2923.23, "end": 2923.51, "word": " of", "probability": 0.78955078125}, {"start": 2923.51, "end": 2923.83, "word": " demand.", "probability": 0.91845703125}, {"start": 2924.73, "end": 2924.87, "word": " We'll", "probability": 0.572021484375}, {"start": 2924.87, "end": 2925.07, "word": " take", "probability": 0.69482421875}, {"start": 2925.07, "end": 2925.73, "word": " examples", "probability": 0.7861328125}, {"start": 2925.73, "end": 2925.93, "word": " and", "probability": 0.69921875}, {"start": 2925.93, "end": 2926.05, "word": " see", "probability": 0.56884765625}, {"start": 2926.05, "end": 2926.29, "word": " how", "probability": 0.87255859375}, {"start": 2926.29, "end": 2926.71, "word": " we", "probability": 0.541015625}, {"start": 2926.71, "end": 2926.73, "word": " can", "probability": 0.43505859375}, {"start": 2926.73, "end": 2926.91, "word": " do", "probability": 0.412841796875}, {"start": 2926.91, "end": 2927.39, "word": " analysis", "probability": 0.73193359375}, {"start": 2927.39, "end": 2927.65, "word": " on", "probability": 0.84033203125}, {"start": 2927.65, "end": 2927.77, "word": " it.", "probability": 0.57666015625}], "temperature": 1.0}, {"id": 108, "seek": 295570, "start": 2930.78, "end": 2955.7, "text": " Or let's before derive another formula for the price elasticity of demand. This is the main formula of the price elasticity of demand. Okay? So PED,", "tokens": [1610, 718, 311, 949, 28446, 1071, 8513, 337, 264, 3218, 46260, 295, 4733, 13, 639, 307, 264, 2135, 8513, 295, 264, 3218, 46260, 295, 4733, 13, 1033, 30, 407, 430, 4731, 11], "avg_logprob": -0.1670217803030303, "compression_ratio": 1.4326923076923077, "no_speech_prob": 0.0, "words": [{"start": 2930.78, "end": 2931.1, "word": " Or", "probability": 0.544921875}, {"start": 2931.1, "end": 2931.4, "word": " let's", "probability": 0.920166015625}, {"start": 2931.4, "end": 2931.8, "word": " before", "probability": 0.76513671875}, {"start": 2931.8, "end": 2932.74, "word": " derive", "probability": 0.8408203125}, {"start": 2932.74, "end": 2934.26, "word": " another", "probability": 0.8125}, {"start": 2934.26, "end": 2934.92, "word": " formula", "probability": 0.90673828125}, {"start": 2934.92, "end": 2935.54, "word": " for", "probability": 0.94775390625}, {"start": 2935.54, "end": 2935.78, "word": " the", "probability": 0.89794921875}, {"start": 2935.78, "end": 2936.04, "word": " price", "probability": 0.92822265625}, {"start": 2936.04, "end": 2936.48, "word": " elasticity", "probability": 0.98681640625}, {"start": 2936.48, "end": 2937.02, "word": " of", "probability": 0.9697265625}, {"start": 2937.02, "end": 2937.3, "word": " demand.", "probability": 0.92919921875}, {"start": 2944.84, "end": 2945.66, "word": " This", "probability": 0.86376953125}, {"start": 2945.66, "end": 2946.02, "word": " is", "probability": 0.94970703125}, {"start": 2946.02, "end": 2948.82, "word": " the", "probability": 0.91552734375}, {"start": 2948.82, "end": 2949.12, "word": " main", "probability": 0.90576171875}, {"start": 2949.12, "end": 2949.68, "word": " formula", "probability": 0.89501953125}, {"start": 2949.68, "end": 2950.56, "word": " of", "probability": 0.92431640625}, {"start": 2950.56, "end": 2950.7, "word": " the", "probability": 0.91357421875}, {"start": 2950.7, "end": 2950.98, "word": " price", "probability": 0.93212890625}, {"start": 2950.98, "end": 2951.4, "word": " elasticity", "probability": 0.96435546875}, {"start": 2951.4, "end": 2951.72, "word": " of", "probability": 0.95703125}, {"start": 2951.72, "end": 2952.04, "word": " demand.", "probability": 0.90673828125}, {"start": 2953.0, "end": 2953.14, "word": " Okay?", "probability": 0.5615234375}, {"start": 2953.44, "end": 2954.1, "word": " So", "probability": 0.45654296875}, {"start": 2954.1, "end": 2955.7, "word": " PED,", "probability": 0.765625}], "temperature": 1.0}, {"id": 109, "seek": 298356, "start": 2957.12, "end": 2983.56, "text": " Equals the percentage change in quantity demanded equals what? Q2 minus Q1 over QD1 over QD1 over P2 minus P1 over P1.", "tokens": [15624, 1124, 264, 9668, 1319, 294, 11275, 28276, 6915, 437, 30, 1249, 17, 3175, 1249, 16, 670, 1249, 35, 16, 670, 1249, 35, 16, 670, 430, 17, 3175, 430, 16, 670, 430, 16, 13], "avg_logprob": -0.24866071258272443, "compression_ratio": 1.2795698924731183, "no_speech_prob": 0.0, "words": [{"start": 2957.12, "end": 2957.7, "word": " Equals", "probability": 0.6983642578125}, {"start": 2957.7, "end": 2958.58, "word": " the", "probability": 0.4443359375}, {"start": 2958.58, "end": 2959.02, "word": " percentage", "probability": 0.72216796875}, {"start": 2959.02, "end": 2959.6, "word": " change", "probability": 0.83056640625}, {"start": 2959.6, "end": 2959.76, "word": " in", "probability": 0.91552734375}, {"start": 2959.76, "end": 2960.26, "word": " quantity", "probability": 0.8251953125}, {"start": 2960.26, "end": 2960.92, "word": " demanded", "probability": 0.91650390625}, {"start": 2960.92, "end": 2962.06, "word": " equals", "probability": 0.59814453125}, {"start": 2962.06, "end": 2962.44, "word": " what?", "probability": 0.8125}, {"start": 2962.9, "end": 2963.36, "word": " Q2", "probability": 0.918212890625}, {"start": 2963.36, "end": 2965.94, "word": " minus", "probability": 0.87060546875}, {"start": 2965.94, "end": 2966.62, "word": " Q1", "probability": 0.941162109375}, {"start": 2966.62, "end": 2969.04, "word": " over", "probability": 0.6142578125}, {"start": 2969.04, "end": 2970.88, "word": " QD1", "probability": 0.8681640625}, {"start": 2970.88, "end": 2971.2, "word": " over", "probability": 0.296142578125}, {"start": 2971.2, "end": 2973.28, "word": " QD1", "probability": 0.86279296875}, {"start": 2973.28, "end": 2976.86, "word": " over", "probability": 0.325927734375}, {"start": 2976.86, "end": 2981.8, "word": " P2", "probability": 0.9501953125}, {"start": 2981.8, "end": 2982.28, "word": " minus", "probability": 0.98095703125}, {"start": 2982.28, "end": 2982.82, "word": " P1", "probability": 0.990234375}, {"start": 2982.82, "end": 2983.06, "word": " over", "probability": 0.8515625}, {"start": 2983.06, "end": 2983.56, "word": " P1.", "probability": 0.9482421875}], "temperature": 1.0}, {"id": 110, "seek": 301160, "start": 2986.7, "end": 3011.6, "text": " Minus P1 over P1, multiplied by 100%. But this equation and this equation are mixed together, we have to remove them. 100%. Right? If we remove 100% here, it will go with 100%. I will have these. Right? Reorganizing the formula will be like this. PED equals, I have to multiply this, right?", "tokens": [2829, 301, 430, 16, 670, 430, 16, 11, 17207, 538, 2319, 6856, 583, 341, 5367, 293, 341, 5367, 366, 7467, 1214, 11, 321, 362, 281, 4159, 552, 13, 2319, 6856, 1779, 30, 759, 321, 4159, 2319, 4, 510, 11, 309, 486, 352, 365, 2319, 6856, 286, 486, 362, 613, 13, 1779, 30, 1300, 12372, 3319, 264, 8513, 486, 312, 411, 341, 13, 430, 4731, 6915, 11, 286, 362, 281, 12972, 341, 11, 558, 30], "avg_logprob": -0.6408333079020182, "compression_ratio": 1.572972972972973, "no_speech_prob": 0.0, "words": [{"start": 2986.7, "end": 2987.16, "word": " Minus", "probability": 0.666015625}, {"start": 2987.16, "end": 2987.66, "word": " P1", "probability": 0.879638671875}, {"start": 2987.66, "end": 2988.16, "word": " over", "probability": 0.4375}, {"start": 2988.16, "end": 2989.18, "word": " P1,", "probability": 0.991943359375}, {"start": 2989.68, "end": 2990.02, "word": " multiplied", "probability": 0.51123046875}, {"start": 2990.02, "end": 2990.18, 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Help from you. Let's see it after. PED, we're not used to working with it like this. Q2,", "tokens": [1249, 35, 17, 11, 1249, 17, 3175, 1249, 16, 670, 1249, 16, 1413, 430, 16, 670, 430, 17, 3175, 430, 16, 13, 10773, 490, 291, 13, 961, 311, 536, 309, 934, 13, 430, 4731, 11, 321, 434, 406, 1143, 281, 1364, 365, 309, 411, 341, 13, 1249, 17, 11], "avg_logprob": -0.42000000417232514, "compression_ratio": 1.184873949579832, "no_speech_prob": 0.0, "words": [{"start": 3013.57, "end": 3014.29, "word": " QD2,", "probability": 0.6483561197916666}, {"start": 3014.41, "end": 3014.87, "word": " Q2", "probability": 0.9755859375}, {"start": 3014.87, "end": 3015.35, "word": " minus", "probability": 0.916015625}, {"start": 3015.35, "end": 3015.97, "word": " Q1", "probability": 0.96435546875}, {"start": 3015.97, "end": 3016.33, "word": " over", "probability": 0.88037109375}, {"start": 3016.33, "end": 3016.99, "word": " Q1", "probability": 0.996826171875}, {"start": 3016.99, "end": 3018.31, "word": " times", "probability": 0.7646484375}, {"start": 3018.31, "end": 3020.39, "word": " P1", "probability": 0.924072265625}, {"start": 3020.39, "end": 3021.41, "word": " over", "probability": 0.8837890625}, {"start": 3021.41, "end": 3023.25, "word": " P2", "probability": 0.98583984375}, {"start": 3023.25, "end": 3023.61, "word": " minus", "probability": 0.9873046875}, {"start": 3023.61, "end": 3024.13, "word": " P1.", "probability": 0.99755859375}, {"start": 3025.27, "end": 3025.45, "word": " Help", "probability": 0.352294921875}, {"start": 3025.45, "end": 3025.69, "word": " from", "probability": 0.62744140625}, {"start": 3025.69, "end": 3026.65, "word": " you.", "probability": 0.41943359375}, {"start": 3029.41, "end": 3029.81, "word": " Let's", "probability": 0.574462890625}, {"start": 3029.81, "end": 3030.11, "word": " see", "probability": 0.059783935546875}, {"start": 3030.11, "end": 3030.31, "word": " it", "probability": 0.83984375}, {"start": 3030.31, "end": 3030.63, "word": " after.", "probability": 0.59423828125}, {"start": 3034.55, "end": 3035.11, "word": " PED,", "probability": 0.4522705078125}, {"start": 3035.19, "end": 3035.27, "word": " we're", "probability": 0.5452880859375}, {"start": 3035.27, "end": 3035.33, "word": " not", "probability": 0.291015625}, {"start": 3035.33, "end": 3035.59, "word": " used", "probability": 0.68017578125}, {"start": 3035.59, "end": 3035.71, "word": " to", "probability": 0.970703125}, {"start": 3035.71, "end": 3036.01, "word": " working", "probability": 0.488037109375}, {"start": 3036.01, "end": 3036.17, "word": " with", "probability": 0.619140625}, {"start": 3036.17, "end": 3036.31, "word": " it", "probability": 0.50244140625}, {"start": 3036.31, "end": 3036.41, "word": " like", "probability": 0.59130859375}, {"start": 3036.41, "end": 3036.63, "word": " this.", "probability": 0.77099609375}, {"start": 3037.63, "end": 3038.35, "word": " Q2,", "probability": 0.994140625}], "temperature": 1.0}, {"id": 112, "seek": 306756, "start": 3039.44, "end": 3067.56, "text": " minus P1 over P2 minus P1 times P1 on a Q1. This is the main formula for or to calculate the price elasticity of demand. Let's take an example.", "tokens": [3175, 430, 16, 670, 430, 17, 3175, 430, 16, 1413, 430, 16, 322, 257, 1249, 16, 13, 639, 307, 264, 2135, 8513, 337, 420, 281, 8873, 264, 3218, 46260, 295, 4733, 13, 961, 311, 747, 364, 1365, 13], "avg_logprob": -0.22556089361508688, "compression_ratio": 1.2521739130434784, "no_speech_prob": 0.0, "words": [{"start": 3039.44, "end": 3039.82, "word": " minus", "probability": 0.9384765625}, {"start": 3039.82, "end": 3040.34, "word": " P1", "probability": 0.549072265625}, {"start": 3040.34, "end": 3040.64, "word": " over", "probability": 0.87548828125}, {"start": 3040.64, "end": 3041.36, "word": " P2", "probability": 0.912353515625}, {"start": 3041.36, "end": 3041.68, "word": " minus", "probability": 0.96923828125}, {"start": 3041.68, "end": 3042.22, "word": " P1", "probability": 0.990966796875}, {"start": 3042.22, "end": 3042.92, "word": " times", "probability": 0.8564453125}, {"start": 3042.92, "end": 3043.84, "word": " P1", "probability": 0.991943359375}, {"start": 3043.84, "end": 3044.22, "word": " on", "probability": 0.56298828125}, {"start": 3044.22, "end": 3044.34, "word": " a", "probability": 0.525390625}, {"start": 3044.34, "end": 3045.12, "word": " Q1.", "probability": 0.881103515625}, {"start": 3051.5, "end": 3052.08, "word": " This", "probability": 0.35400390625}, {"start": 3052.08, "end": 3052.18, "word": " is", "probability": 0.94189453125}, {"start": 3052.18, "end": 3061.76, "word": " the", "probability": 0.91845703125}, {"start": 3061.76, "end": 3061.98, "word": " main", "probability": 0.9130859375}, {"start": 3061.98, "end": 3062.42, "word": " formula", "probability": 0.9296875}, {"start": 3062.42, "end": 3062.84, "word": " for", "probability": 0.90234375}, {"start": 3062.84, "end": 3063.08, "word": " or", "probability": 0.46337890625}, {"start": 3063.08, "end": 3063.18, "word": " to", "probability": 0.9130859375}, {"start": 3063.18, "end": 3063.64, "word": " calculate", "probability": 0.9169921875}, {"start": 3063.64, "end": 3063.92, "word": " the", "probability": 0.9130859375}, {"start": 3063.92, "end": 3064.18, "word": " price", "probability": 0.88232421875}, {"start": 3064.18, "end": 3064.62, "word": " elasticity", "probability": 0.2030029296875}, {"start": 3064.62, "end": 3064.9, "word": " of", "probability": 0.417724609375}, {"start": 3064.9, "end": 3065.14, "word": " demand.", "probability": 0.9140625}, {"start": 3065.88, "end": 3066.64, "word": " Let's", "probability": 0.851806640625}, {"start": 3066.64, "end": 3066.94, "word": " take", "probability": 0.87548828125}, {"start": 3066.94, "end": 3067.14, "word": " an", "probability": 0.962890625}, {"start": 3067.14, "end": 3067.56, "word": " example.", "probability": 0.97509765625}], "temperature": 1.0}, {"id": 113, "seek": 308706, "start": 3074.94, "end": 3087.06, "text": " If the price of a chicken increased,", "tokens": [759, 264, 3218, 295, 257, 4662, 6505, 11], "avg_logprob": -0.4978298611111111, "compression_ratio": 0.8222222222222222, "no_speech_prob": 0.0, "words": [{"start": 3074.94, "end": 3076.34, "word": " If", "probability": 0.3984375}, {"start": 3076.34, "end": 3076.46, "word": " the", "probability": 0.9130859375}, {"start": 3076.46, "end": 3076.8, "word": " price", "probability": 0.93701171875}, {"start": 3076.8, "end": 3076.98, "word": " of", "probability": 0.83251953125}, {"start": 3076.98, "end": 3077.04, "word": " a", "probability": 0.3662109375}, {"start": 3077.04, "end": 3078.34, "word": " chicken", "probability": 0.8447265625}, {"start": 3078.34, "end": 3087.06, "word": " increased,", "probability": 0.451171875}], "temperature": 1.0}, {"id": 114, "seek": 312375, "start": 3101.05, "end": 3123.75, "text": " Is there a professor? Yes, I study with him. No, don't memorize it. May God help you. May God help you memorize it. Up to this point, it's okay? Work on it. Work on it. I'm calm. I'm normal. Normal. She's calm. She's calm. No problem. 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Hence, or then, the price, sorry, the quantity demanded,", "tokens": [490, 3407, 750, 7124, 82, 281, 2272, 750, 7124, 82, 13, 22229, 11, 420, 550, 11, 264, 3218, 11, 2597, 11, 264, 11275, 28276, 11], "avg_logprob": -0.27253604852236235, "compression_ratio": 1.123456790123457, "no_speech_prob": 0.0, "words": [{"start": 3159.17, "end": 3160.17, "word": " from", "probability": 0.34033203125}, {"start": 3160.17, "end": 3161.17, "word": " seven", "probability": 0.798828125}, {"start": 3161.17, "end": 3162.75, "word": " shekels", "probability": 0.7543131510416666}, {"start": 3162.75, "end": 3164.19, "word": " to", "probability": 0.9267578125}, {"start": 3164.19, "end": 3168.09, "word": " 12", "probability": 0.60595703125}, {"start": 3168.09, "end": 3171.07, "word": " shekels.", "probability": 0.9593098958333334}, {"start": 3173.31, "end": 3173.51, "word": " Hence,", "probability": 0.8828125}, {"start": 3176.71, "end": 3176.95, "word": " or", "probability": 0.82421875}, {"start": 3176.95, "end": 3177.33, "word": " then,", "probability": 0.87451171875}, {"start": 3178.99, "end": 3179.21, "word": " the", "probability": 0.90673828125}, {"start": 3179.21, "end": 3179.71, "word": " price,", "probability": 0.7490234375}, {"start": 3180.71, "end": 3180.77, "word": " sorry,", "probability": 0.80419921875}, {"start": 3180.83, "end": 3180.93, "word": " the", "probability": 0.92822265625}, {"start": 3180.93, "end": 3181.31, "word": " quantity", "probability": 0.7734375}, {"start": 3181.31, "end": 3181.81, "word": " demanded,", "probability": 0.947265625}], "temperature": 1.0}, {"id": 117, "seek": 321574, "start": 3188.6, "end": 3215.74, "text": " demanded our chicken decreased from four kilograms. Hence, then, then.", "tokens": [28276, 527, 4662, 24436, 490, 1451, 30690, 13, 22229, 11, 550, 11, 550, 13], "avg_logprob": -0.4544270952542623, "compression_ratio": 1.0142857142857142, "no_speech_prob": 0.0, "words": [{"start": 3188.5999999999995, "end": 3189.8999999999996, "word": " demanded", "probability": 0.5703125}, {"start": 3189.8999999999996, "end": 3191.2, "word": " our", "probability": 0.5517578125}, {"start": 3191.2, "end": 3191.72, "word": " chicken", "probability": 0.83056640625}, {"start": 3191.72, "end": 3196.3, "word": " decreased", "probability": 0.7421875}, {"start": 3196.3, "end": 3200.48, "word": " from", "probability": 0.86181640625}, {"start": 3200.48, "end": 3210.78, "word": " four", "probability": 0.50439453125}, {"start": 3210.78, "end": 3211.44, "word": " kilograms.", "probability": 0.671875}, {"start": 3213.12, "end": 3214.26, "word": " Hence,", "probability": 0.494384765625}, {"start": 3214.7, "end": 3215.02, "word": " then,", "probability": 0.8037109375}, {"start": 3215.38, "end": 3215.74, "word": " then.", "probability": 0.888671875}], "temperature": 1.0}, {"id": 118, "seek": 324565, "start": 3226.19, "end": 3245.65, "text": " Then, the quantity demanded of a chicken decreased from four kilogram to two kilogram a week. 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So PED,", "tokens": [440, 3218, 293, 9683, 295, 4733, 11, 430, 4731, 11, 6915, 1249, 35, 17, 3175, 1249, 35, 16, 670, 430, 17, 3175, 430, 16, 1413, 430, 16, 670, 1249, 35, 16, 13, 407, 430, 4731, 11], "avg_logprob": -0.22888513191326246, "compression_ratio": 1.164835164835165, "no_speech_prob": 0.0, "words": [{"start": 3277.66, "end": 3277.88, "word": " The", "probability": 0.76025390625}, {"start": 3277.88, "end": 3278.16, "word": " price", "probability": 0.77783203125}, {"start": 3278.16, "end": 3278.3, "word": " and", "probability": 0.77099609375}, {"start": 3278.3, "end": 3278.6, "word": " assistance", "probability": 0.19775390625}, {"start": 3278.6, "end": 3278.8, "word": " of", "probability": 0.7705078125}, {"start": 3278.8, "end": 3279.16, "word": " demand,", "probability": 0.91748046875}, {"start": 3279.42, "end": 3279.86, "word": " PED,", "probability": 0.877685546875}, {"start": 3280.46, "end": 3281.02, "word": " equals", "probability": 0.9560546875}, {"start": 3281.02, "end": 3282.42, "word": " QD2", "probability": 0.9033203125}, {"start": 3282.42, "end": 3282.88, "word": " minus", "probability": 0.96875}, {"start": 3282.88, "end": 3284.4, "word": " QD1", "probability": 0.96826171875}, {"start": 3284.4, "end": 3284.92, "word": " over", "probability": 0.90625}, {"start": 3284.92, "end": 3285.66, "word": " P2", "probability": 0.987548828125}, {"start": 3285.66, "end": 3286.08, "word": " minus", "probability": 0.98583984375}, {"start": 3286.08, "end": 3286.7, "word": " P1", "probability": 0.99755859375}, {"start": 3286.7, "end": 3287.56, "word": " times", "probability": 0.81982421875}, {"start": 3287.56, "end": 3288.7, "word": " P1", "probability": 0.9912109375}, {"start": 3288.7, "end": 3289.3, "word": " over", "probability": 0.91845703125}, {"start": 3289.3, "end": 3291.98, "word": " QD1.", "probability": 0.85009765625}, {"start": 3298.52, "end": 3299.64, "word": " So", "probability": 0.92529296875}, {"start": 3299.64, "end": 3300.22, "word": " PED,", "probability": 0.665283203125}], "temperature": 1.0}, {"id": 121, "seek": 332795, "start": 3306.49, "end": 3327.95, "text": " The given data, like this, QD one, how much? Four. Four. QD two. Two. Two. Price one. Seven. Seven. Seven. Price two equals 12. 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It may be a region with rich people who do not give up chicken. Yes? But in a poor region, the demand for chicken will be elastic. Right? Because they give up quickly. Yes. Okay? 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I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. I'm done. 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/dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/29vRBboQeV4_raw.srt @@ -0,0 +1,2904 @@ +1 +00:00:20,720 --> 00:00:23,560 +Okay. Bismillah ar-Rahman ar-Rahim. Today, + +2 +00:00:23,780 --> 00:00:27,100 +inshallah, we will start in Chapter 3, which is + +3 +00:00:27,100 --> 00:00:28,820 +elasticity. + +4 +00:00:32,040 --> 00:00:37,580 +Elasticity in academics, or in Arabic means... + +5 +00:00:37,580 --> 00:00:44,020 +Sometimes we + +6 +00:00:44,020 --> 00:00:48,980 +can catch something and say that this is or + +7 +00:00:48,980 --> 00:00:49,580 +this... + +8 +00:00:54,320 --> 00:00:59,840 +This point or this thing is elastic because there + +9 +00:00:59,840 --> 00:01:01,020 +is a response. + +10 +00:01:03,580 --> 00:01:07,520 +This paper + +11 +00:01:07,520 --> 00:01:11,020 +here + +12 +00:01:11,020 --> 00:01:14,560 +is also elastic. + +13 +00:01:18,100 --> 00:01:19,220 +This is inelastic. + +14 +00:01:24,260 --> 00:01:31,540 +We use the elasticity and apply it in the economic + +15 +00:01:31,540 --> 00:01:35,920 +or the demand and supply theory. Okay? In general. + +16 +00:01:36,900 --> 00:01:37,380 +In general. + +17 +00:01:40,320 --> 00:01:44,060 +As we mentioned in the demand theory, that there + +18 +00:01:44,060 --> 00:01:46,700 +is a negative relationship between the prices and + +19 +00:01:46,700 --> 00:01:50,340 +the quantity demanded as the + +20 +00:02:03,630 --> 00:02:06,750 +elasticity. In general theory, or demand theory, + +21 +00:02:06,930 --> 00:02:09,830 +we said that there is a negative relationship + +22 +00:02:09,830 --> 00:02:12,430 +between the prices and the quantity demanded. As + +23 +00:02:12,430 --> 00:02:13,790 +the price goes up, + +24 +00:02:17,850 --> 00:02:21,170 +The quantity demanded goes down. This is the + +25 +00:02:21,170 --> 00:02:24,970 +general theory or the demand theory. All right? + +26 +00:02:27,430 --> 00:02:31,990 +But by how much? Which means if the price + +27 +00:02:31,990 --> 00:02:36,950 +increased by 10 percent, the quantity demanded + +28 +00:02:36,950 --> 00:02:43,960 +declined. But by how much? Maybe 10%, maybe 20%, + +29 +00:02:43,960 --> 00:02:50,040 +maybe by 3%. So sometimes maybe the price + +30 +00:02:50,040 --> 00:02:53,520 +increased by 10%, the quantity demand declined by + +31 +00:02:53,520 --> 00:03:00,920 +10%, might be by 3%, might be 20%, 30%, zero. + +32 +00:03:03,080 --> 00:03:09,460 +So we have a concept here, which is the price + +33 +00:03:09,460 --> 00:03:16,560 +elasticity of demand. The price elasticity + +34 +00:03:16,560 --> 00:03:20,480 +of + +35 +00:03:20,480 --> 00:03:22,920 +demand, Pd. + +36 +00:03:27,180 --> 00:03:33,020 +The price elasticity of demand is the percentage + +37 +00:03:33,020 --> 00:03:35,900 +change in quantity demanded + +38 +00:03:38,560 --> 00:03:44,620 +Due to or as a result of the change in prices, + +39 +00:03:45,760 --> 00:03:52,360 +which means how much is the percentage change in + +40 +00:03:52,360 --> 00:03:59,500 +quantity demanded if the price changed by 1%. How + +41 +00:03:59,500 --> 00:04:03,720 +much is the change, the percentage change in + +42 +00:04:03,720 --> 00:04:11,620 +quantity demanded When the price change. PED + +43 +00:04:11,620 --> 00:04:16,940 +equals the change in quantity demanded percent + +44 +00:04:16,940 --> 00:04:20,100 +over change in price percent. + +45 +00:04:24,740 --> 00:04:27,860 +As the price increased by 10 percent. + +46 +00:04:34,670 --> 00:04:43,450 +The quantity demanded declined by maybe 1%, maybe + +47 +00:04:43,450 --> 00:04:49,690 +0%, maybe 10%. So the change in quantity demanded + +48 +00:04:49,690 --> 00:04:54,810 +might be greater than 1% of the percentage change + +49 +00:04:54,810 --> 00:05:01,350 +in price. Maybe equals, maybe less. Maybe on a + +50 +00:05:01,350 --> 00:05:06,090 +change. No changes in a quantity demanded. So, the + +51 +00:05:06,090 --> 00:05:09,530 +price elasticity of demand is the percentage of + +52 +00:05:09,530 --> 00:05:13,830 +change in a quantity demanded due to the change in + +53 +00:05:13,830 --> 00:05:20,550 +a price. If the price increased by ten, one + +54 +00:05:20,550 --> 00:05:24,990 +percent here, the quantity demanded declined by + +55 +00:05:24,990 --> 00:05:29,090 +maybe, let us assume, two percent. + +56 +00:05:33,410 --> 00:05:37,190 +This is increased like this. This is declined, + +57 +00:05:37,370 --> 00:05:37,730 +negative. + +58 +00:05:43,510 --> 00:05:47,350 +How much is this like this? Minus two percent over + +59 +00:05:47,350 --> 00:05:52,630 +positive one percent. Minus two. + +60 +00:05:59,590 --> 00:06:04,830 +2% minus over positive 1%. Because here we're + +61 +00:06:04,830 --> 00:06:11,210 +talking about an increasing in the price by 1%. + +62 +00:06:11,210 --> 00:06:17,250 +Leads to a declining in the quantity demanded by + +63 +00:06:17,250 --> 00:06:18,770 +2%. + +64 +00:06:28,880 --> 00:06:33,780 +In general, in general. The negative sign doesn't + +65 +00:06:33,780 --> 00:06:37,200 +mean anything except in the negative relationship + +66 +00:06:37,200 --> 00:06:38,820 +between the prices and the quantity demanded. + +67 +00:06:40,740 --> 00:06:46,500 +Negative sign means that there is a negative + +68 +00:06:46,500 --> 00:06:48,800 +relationship between the prices and the quantity + +69 +00:06:48,800 --> 00:06:49,360 +demanded. + +70 +00:06:54,600 --> 00:06:58,060 +means that there is a negative relationships or + +71 +00:06:58,060 --> 00:07:01,900 +shape between the price and the quantity demanded. + +72 +00:07:02,020 --> 00:07:05,080 +Had a theory. So, + +73 +00:07:07,840 --> 00:07:12,160 +the price elasticity of demand, it's always + +74 +00:07:12,160 --> 00:07:13,040 +negative. + +75 +00:07:17,140 --> 00:07:24,430 +Price elasticity of demand, negative sign. We got + +76 +00:07:24,430 --> 00:07:30,430 +this number. So it's going to deal with absolute + +77 +00:07:30,430 --> 00:07:31,470 +value. + +78 +00:07:33,450 --> 00:07:39,810 +These are two. The question is, I moved the price + +79 +00:07:39,810 --> 00:07:44,410 +by how much? 10%. The quantity demanded dropped by + +80 +00:07:44,410 --> 00:07:48,650 +a lot. 20%. Meaning there's a high response. + +81 +00:07:52,190 --> 00:08:02,950 +There is no response. + +82 +00:08:04,270 --> 00:08:11,830 +There is no elasticity. So if the + +83 +00:08:11,830 --> 00:08:17,350 +absolute value is bigger if it was bigger than + +84 +00:08:17,350 --> 00:08:21,770 +one. It is elastic. + +85 +00:08:25,470 --> 00:08:34,490 +to be elastic. Elastic demand. Absolute value. + +86 +00:08:38,070 --> 00:08:40,130 +If this was minus half, + +87 +00:08:44,420 --> 00:08:50,100 +Let us assume that the price has increased by 10% + +88 +00:08:50,100 --> 00:08:56,900 +and the quantity demanded goes down by not 20%, by + +89 +00:08:56,900 --> 00:09:02,840 +3%. How much is it here or the result? + +90 +00:09:05,520 --> 00:09:15,550 +Minus 3% over positive 10%. minus 0.3. Had a + +91 +00:09:15,550 --> 00:09:19,650 +negative sign? It's just to remind me that there + +92 +00:09:19,650 --> 00:09:23,350 +is a negative relationship between the price and + +93 +00:09:23,350 --> 00:09:26,810 +the quantity demanded. Okay? The most important + +94 +00:09:26,810 --> 00:09:32,210 +point here is the value or the absolute value of + +95 +00:09:32,210 --> 00:09:35,690 +the price in assistive demand. Here it is less + +96 +00:09:35,690 --> 00:09:42,730 +than the absolute value. It's less than one. Here, + +97 +00:09:43,170 --> 00:09:50,290 +inelastic demand. It's called here inelastic + +98 +00:09:50,290 --> 00:09:53,370 +demand. + +99 +00:09:57,730 --> 00:10:00,930 +We have five cases. + +100 +00:10:05,590 --> 00:10:07,290 +Case number one. + +101 +00:10:17,880 --> 00:10:21,980 +Decline by 10%. It could be like this. It could be + +102 +00:10:21,980 --> 00:10:23,700 +bigger, it could be smaller, it could be maybe + +103 +00:10:23,700 --> 00:10:28,140 +zero. Okay? And let's look at case number five. + +104 +00:10:28,360 --> 00:10:30,880 +It's like this. This is like this. So I saw case + +105 +00:10:30,880 --> 00:10:35,840 +number one. When the price increased by 10%, it + +106 +00:10:35,840 --> 00:10:44,080 +was demanded declined by 20%. It declined by 20%. + +107 +00:10:44,080 --> 00:10:53,280 +It's minus 2. Absolute value, 2. It's bigger than + +108 +00:10:53,280 --> 00:11:00,390 +1. It had elastic demand. When the price increased + +109 +00:11:00,390 --> 00:11:03,690 +by 10 percent, the demand goes down by three + +110 +00:11:03,690 --> 00:11:12,330 +percent. Minus 0.3, the absolute value is less + +111 +00:11:12,330 --> 00:11:15,930 +than one. The demand is inelastic. + +112 +00:11:19,630 --> 00:11:21,170 +The third case, + +113 +00:11:24,010 --> 00:11:27,500 +when the price increased by The quantity demanded + +114 +00:11:27,500 --> 00:11:34,420 +goes down by 10 percent. Minus one. In the + +115 +00:11:34,420 --> 00:11:40,760 +absolute value. Equals one. Equals one. Unitary + +116 +00:11:40,760 --> 00:11:41,280 +elastic. + +117 +00:11:45,340 --> 00:11:51,100 +Unitary elastic demand. + +118 +00:11:51,720 --> 00:11:55,140 +Unitary elastic + +119 +00:11:56,970 --> 00:11:57,850 +Demand. + +120 +00:12:02,910 --> 00:12:08,630 +Number four. I will check some examples in these + +121 +00:12:08,630 --> 00:12:17,210 +cases here. The fourth case is when the price + +122 +00:12:17,210 --> 00:12:22,850 +increased by 10% here, the quantity demanded goes + +123 +00:12:22,850 --> 00:12:24,550 +down by 0%. + +124 +00:12:27,480 --> 00:12:30,240 +Medicine. Let the medicine pay 10% of the price, + +125 +00:12:30,340 --> 00:12:34,960 +and one takes a very important medicine. According + +126 +00:12:34,960 --> 00:12:39,880 +to the heart or what is its name? Kidneys or that. + +127 +00:12:40,840 --> 00:12:44,380 +The quantity demanded goes down by 0%. Right? So + +128 +00:12:44,380 --> 00:12:50,700 +this is how the quantity demanded goes down by 0%. + +129 +00:12:50,700 --> 00:12:52,400 +Zero. + +130 +00:12:54,360 --> 00:12:57,020 +So this is how Zero. + +131 +00:13:01,000 --> 00:13:04,500 +Perfectly inelastic. + +132 +00:13:05,560 --> 00:13:07,300 +There is no response. + +133 +00:13:12,580 --> 00:13:18,600 +Perfectly inelastic. Perfectly perfectly + +134 +00:13:30,100 --> 00:13:31,940 +Inelastic demand. + +135 +00:13:39,400 --> 00:13:40,860 +The last case, + +136 +00:13:43,580 --> 00:13:49,180 +we have so many examples related to these points, + +137 +00:13:49,420 --> 00:13:57,170 +it will be discussed now. The last case, The + +138 +00:13:57,170 --> 00:13:59,910 +assumption could be a hypothetical case. + +139 +00:14:03,730 --> 00:14:11,670 +Even if these prices, although there is no change + +140 +00:14:11,670 --> 00:14:14,810 +in price, + +141 +00:14:16,990 --> 00:14:20,370 +which means that the change is zero. + +142 +00:14:23,920 --> 00:14:29,560 +The quantity demanded declines by any number. Five + +143 +00:14:29,560 --> 00:14:33,840 +percent, ten percent. What happens to this? + +144 +00:14:36,220 --> 00:14:40,900 +Infinity. They call it infinity. Have you ever + +145 +00:14:40,900 --> 00:14:41,560 +heard of infinity? + +146 +00:14:44,580 --> 00:14:48,620 +This is how it turns out. Minus infinity. + +147 +00:14:56,720 --> 00:15:03,320 +I started teaching 17 years ago. I studied in one + +148 +00:15:03,320 --> 00:15:07,400 +of the universities. The generation that existed + +149 +00:15:07,400 --> 00:15:10,740 +was older than me by 10 years and 20 years. So + +150 +00:15:10,740 --> 00:15:15,740 +it's not really a negative story. I don't know if + +151 +00:15:15,740 --> 00:15:16,960 +there's something called negative five and + +152 +00:15:16,960 --> 00:15:20,580 +negative three. It's not really about that. I + +153 +00:15:20,580 --> 00:15:26,060 +started teaching 17 years ago. Yes, maybe 18 years + +154 +00:15:26,060 --> 00:15:28,040 +ago. I wasn't even born yet. I was born recently. + +155 +00:15:29,780 --> 00:15:32,360 +Yes. Yes, I was born a year ago. Yes. + +156 +00:15:35,500 --> 00:15:39,160 +I studied economics and wanted to study + +157 +00:15:39,160 --> 00:15:42,460 +accounting. And accounting was a difficult + +158 +00:15:42,460 --> 00:15:49,240 +subject. And three quarters of them came with 50% + +159 +00:15:49,240 --> 00:15:54,650 +literacy. 50% came with it. And that's it. So a + +160 +00:15:54,650 --> 00:15:56,610 +big man came to me, taller than me, with a + +161 +00:15:56,610 --> 00:16:00,030 +moustache. He didn't enter through the door. He + +162 +00:16:00,030 --> 00:16:02,870 +said, oh, doctor, by God, I speak in Bedouin + +163 +00:16:02,870 --> 00:16:05,730 +dialect. The Bedouin dialect is beautiful. Oh, + +164 +00:16:05,870 --> 00:16:09,770 +doctor, your appearance makes my heart flutter. + +165 +00:16:10,070 --> 00:16:16,310 +And I've carried this substance five times. And + +166 +00:16:16,310 --> 00:16:20,880 +I'm hoping that you'll be fine. Say, okay, okay, + +167 +00:16:21,280 --> 00:16:22,180 +okay, okay, okay, okay, okay, okay, okay, okay, + +168 +00:16:22,180 --> 00:16:23,760 +okay, okay, okay, okay, okay, okay, okay, okay, + +169 +00:16:23,760 --> 00:16:25,820 +okay, okay, okay, okay, okay, okay, okay, okay, + +170 +00:16:28,860 --> 00:16:29,400 +okay, okay, okay, okay, okay, okay, okay, okay, + +171 +00:16:29,400 --> 00:16:29,520 +okay, okay, okay, okay, okay, okay, okay, okay, + +172 +00:16:29,520 --> 00:16:29,540 +okay, okay, okay, okay, okay, okay, okay, okay, + +173 +00:16:29,540 --> 00:16:29,540 +okay, okay, okay, okay, okay, okay, okay, okay, + +174 +00:16:29,540 --> 00:16:34,060 +okay, okay, okay, okay, okay, okay, okay, okay, + +175 +00:16:34,240 --> 00:16:39,880 +okay, okay, okay, okay, okay, okay, okay, okay, + +176 +00:16:39,880 --> 00:16:39,880 +okay, okay, okay, okay, okay, okay, okay, okay, + +177 +00:16:39,880 --> 00:16:39,880 +okay, okay, okay, okay, okay, okay, okay, okay, + +178 +00:16:39,880 --> 00:16:39,880 +okay, okay, okay, okay, okay, okay, okay, okay, + +179 +00:16:39,880 --> 00:16:39,880 +okay, okay, okay, okay, okay, okay, okay, okay, + +180 +00:16:39,880 --> 00:16:48,580 +okay, okay, okay, okay, + +181 +00:16:48,580 --> 00:16:52,810 +okay, In the classroom. To do regression. Alpha + +182 +00:16:52,810 --> 00:16:55,470 +and beta calculations. And to do the formulas of + +183 +00:16:55,470 --> 00:16:57,570 +the equation of rotation. And to do this with + +184 +00:16:57,570 --> 00:17:01,750 +diploids. And you work. Okay? I tell them, and I + +185 +00:17:01,750 --> 00:17:03,450 +explain, and I tell them, listen, this question is + +186 +00:17:03,450 --> 00:17:06,850 +coming and it has 20 marks. That is, whoever + +187 +00:17:06,850 --> 00:17:11,210 +succeeds gets the 50 and walks. And study well. + +188 +00:17:11,630 --> 00:17:14,330 +It's coming. Of course, the expert is sitting. He + +189 +00:17:14,330 --> 00:17:19,120 +has a PhD in physics. All right? If you say, all + +190 +00:17:19,120 --> 00:17:23,280 +right, 100%, that guarantees 20%. The day of the + +191 +00:17:23,280 --> 00:17:26,820 +exam, the day of the exam. Yes, the exam came. + +192 +00:17:26,840 --> 00:17:27,740 +Yes, of course. What did you bring? + +193 +00:17:30,920 --> 00:17:33,960 +100%. Do not worry. I have the review. Okay, he + +194 +00:17:33,960 --> 00:17:36,940 +came to the exam. They gave the guys an exam, and + +195 +00:17:36,940 --> 00:17:39,640 +they were happy. I mean, as we said, he got the + +196 +00:17:39,640 --> 00:17:43,600 +guide. All right? No, he said, why, why, why, why, + +197 +00:17:43,600 --> 00:17:45,620 +why, why, why, why, why, why, why, why, why, why, + +198 +00:17:45,700 --> 00:17:47,840 +why, why, why, why, why, why, why, why, why, why, + +199 +00:17:48,060 --> 00:17:49,620 +why, why, why, why, why, why, why, why, why, why, + +200 +00:17:49,620 --> 00:17:53,140 +why, why, why, why, why, why, why, why, why, why, + +201 +00:17:53,140 --> 00:17:53,200 +why, why, why, why, why, why, why, why, why, why, + +202 +00:17:53,200 --> 00:17:54,480 +why, why, why, why, why, why, why, why, why, why, + +203 +00:17:54,480 --> 00:17:54,480 +why, why, why, why, why, why, why, why, why, why, + +204 +00:17:54,480 --> 00:17:59,740 +why, why, why, why, why, why, why, why, why, why, + +205 +00:17:59,740 --> 00:17:59,740 +why, why, why, why, why, why, why, why, why, why, + +206 +00:17:59,740 --> 00:17:59,740 +why, why, why, why, why, why, why, why, why, why, + +207 +00:17:59,740 --> 00:18:03,760 +why, why, why, why, why, why + +208 +00:18:07,760 --> 00:18:09,900 +He said, I don't have money. Yes, I don't have + +209 +00:18:09,900 --> 00:18:11,980 +money. I haven't slept for two weeks. I said, what + +210 +00:18:11,980 --> 00:18:12,640 +happened to you? He said, I don't have money. I + +211 +00:18:12,640 --> 00:18:15,200 +said, what happened to you? He said, I don't have + +212 +00:18:15,200 --> 00:18:15,460 +money. I said, what happened to you? He said, I + +213 +00:18:15,460 --> 00:18:16,060 +don't have money. I said, what happened to you? He + +214 +00:18:16,060 --> 00:18:16,060 +said, I don't have money. I said, what happened to + +215 +00:18:16,060 --> 00:18:16,180 +you? He said, I don't have money. I said, what + +216 +00:18:16,180 --> 00:18:16,180 +happened to you? He said, I don't have money. I + +217 +00:18:16,180 --> 00:18:16,180 +said, what happened to you? He said, I don't have + +218 +00:18:16,180 --> 00:18:16,180 +money. I said, what happened to you? He said, I + +219 +00:18:16,180 --> 00:18:17,420 +don't have money. I said, what happened to you? He + +220 +00:18:17,420 --> 00:18:18,720 +said, I don't have money. I said, what happened to + +221 +00:18:18,720 --> 00:18:20,300 +you? He said, I don't have money. I said, I don't + +222 +00:18:20,300 --> 00:18:23,460 +have + +223 +00:18:23,460 --> 00:18:25,300 +money. I said, what happened to you? He said, I + +224 +00:18:25,300 --> 00:18:27,450 +don't have money. I said, He says, I don't sleep + +225 +00:18:27,450 --> 00:18:31,610 +for two weeks. The X keeps me awake. And the + +226 +00:18:31,610 --> 00:18:33,930 +negative nine, where did it come from? And the + +227 +00:18:33,930 --> 00:18:36,090 +negative three, where did it come from? Or I don't + +228 +00:18:36,090 --> 00:18:38,870 +know what this is. Or this one, I don't know what + +229 +00:18:38,870 --> 00:18:40,670 +this is. So I get up and eat it. This is from + +230 +00:18:40,670 --> 00:18:44,310 +Sigma. I don't know. I put it there. It's all + +231 +00:18:44,310 --> 00:18:46,970 +programmed. Where? Programmed in his head. They + +232 +00:18:46,970 --> 00:18:48,390 +said, and this one? He says, and this one is five + +233 +00:18:48,390 --> 00:18:50,410 +shekels. And this one is three. Don't talk to me + +234 +00:18:50,410 --> 00:18:52,390 +about numbers. He's afraid of numbers. He hits + +235 +00:18:52,390 --> 00:18:57,340 +numbers. He said, and my watch, I didn't throw it + +236 +00:18:57,340 --> 00:19:00,960 +away. And my phone, they threw it away. And + +237 +00:19:00,960 --> 00:19:04,660 +Rabawel said, I can't hold it. He said, I'm + +238 +00:19:04,660 --> 00:19:06,560 +afraid. I look at the numbers. I see numbers. He + +239 +00:19:06,560 --> 00:19:08,160 +hits the numbers on his feet and armpits. + +240 +00:19:09,240 --> 00:19:12,600 +Programming. I said, by God, I memorized all these + +241 +00:19:12,600 --> 00:19:16,100 +numbers. Okay? I have to guarantee that he is + +242 +00:19:16,100 --> 00:19:18,300 +genius. Because you want to know the meaning of + +243 +00:19:18,300 --> 00:19:19,740 +the word, but you don't want to know what this is + +244 +00:19:19,740 --> 00:19:21,860 +called. One memorizes numbers like that, genius, + +245 +00:19:22,020 --> 00:19:27,400 +not this.طيب المهم ودي يمين ودي شمال وودي أنجح + +246 +00:19:27,400 --> 00:19:30,980 +قولت والله اللي عامل زي هيك أشطر مني والله فه يعني + +247 +00:19:30,980 --> 00:19:39,460 +خلاص ومشينا أجينا براقب عليه في الإنقليزي أه بعمل + +248 +00:19:39,460 --> 00:19:43,960 +إنقليزي بقول له هل جاتي الزلم حاطط الجلم زي هيك ع + +249 +00:19:43,960 --> 00:19:51,500 +دانه تمام لأ مش بفكر معاه مصطره و بجيس I'm not + +250 +00:19:51,500 --> 00:19:53,400 +measuring, he said. Well, this is engineering + +251 +00:19:53,400 --> 00:19:56,240 +work, not engineering. I told him it wasn't my + +252 +00:19:56,240 --> 00:20:00,700 +problem. He told me he saw this paper. He said, I + +253 +00:20:00,700 --> 00:20:04,320 +don't understand anything in it. I said, okay. He + +254 +00:20:04,320 --> 00:20:06,840 +said, I have words that are filled in the gaps. + +255 +00:20:07,120 --> 00:20:10,820 +Yes, the long word is in the long gap, and the + +256 +00:20:10,820 --> 00:20:17,740 +short word is in the short gap. Okay. Now I want + +257 +00:20:17,740 --> 00:20:23,030 +to check, to see. He said, look, I'm going. I'm + +258 +00:20:23,030 --> 00:20:26,770 +not studying the subject. His words were about 30% + +259 +00:20:26,770 --> 00:20:30,470 +correct, because they match the paper. Those who + +260 +00:20:30,470 --> 00:20:32,910 +took the exam thought they were going to pronounce + +261 +00:20:32,910 --> 00:20:37,910 +the letter N. They didn't leave any room for me. I + +262 +00:20:37,910 --> 00:20:41,830 +said, I don't know this word. Continue. They said, + +263 +00:20:41,890 --> 00:20:43,390 +I don't understand anything, but I don't know the + +264 +00:20:43,390 --> 00:20:46,850 +letters of the word. We came to the translation. + +265 +00:20:47,110 --> 00:20:50,600 +You said the word translation. I put a sentence in + +266 +00:20:50,600 --> 00:20:52,260 +English at the end and said, translate into + +267 +00:20:52,260 --> 00:20:56,420 +Arabic. And they put a line like this, Abu. Do you + +268 +00:20:56,420 --> 00:20:58,460 +know Muhammad? I said, yes, good, what do you + +269 +00:20:58,460 --> 00:21:00,520 +care? He said, heavy, how many times did I hit + +270 +00:21:00,520 --> 00:21:00,760 +him? + +271 +00:21:03,960 --> 00:21:07,720 +This thing is a headache. I said, heavy, how many + +272 +00:21:07,720 --> 00:21:10,500 +lines under it? He said four. I said, hit him four + +273 +00:21:10,500 --> 00:21:13,360 +times. I said, what is this? I said, translate, + +274 +00:21:13,680 --> 00:21:15,300 +translate what? What to translate? + +275 +00:21:23,970 --> 00:21:24,850 +Language, yes. + +276 +00:21:36,490 --> 00:21:38,350 +We give them a number from the first to the last, + +277 +00:21:38,490 --> 00:21:43,850 +plus, plus, plus, plus, plus, plus, plus, plus, + +278 +00:21:43,850 --> 00:21:43,850 +plus, plus, plus, plus, plus, plus, plus, plus, + +279 +00:21:43,850 --> 00:21:45,150 +plus, plus, plus, plus, plus, plus, plus, plus, + +280 +00:21:45,150 --> 00:21:45,810 +plus, plus, plus, plus, plus, plus, plus, plus, + +281 +00:21:45,810 --> 00:21:46,010 +plus, plus, plus, plus, plus, plus, plus, plus, + +282 +00:21:46,010 --> 00:21:48,650 +plus, plus, plus, plus, plus, plus, plus, plus, + +283 +00:21:48,950 --> 00:21:55,990 +plus, plus, plus, plus, + +284 +00:21:55,990 --> 00:21:55,990 +plus, plus, plus, plus, plus, plus, plus, plus, + +285 +00:21:55,990 --> 00:21:55,990 +plus, plus, plus, plus, plus, plus, plus, plus, + +286 +00:21:55,990 --> 00:21:55,990 +plus, plus, plus, plus, plus, plus, plus, plus, + +287 +00:21:55,990 --> 00:21:55,990 +plus, plus, plus, plus, plus, plus, plus, plus, + +288 +00:21:55,990 --> 00:21:55,990 +plus, plus, plus, plus, plus, plus, plus, plus, + +289 +00:21:55,990 --> 00:21:55,990 +plus, plus, plus, plus, plus, plus, plus, plus, + +290 +00:21:55,990 --> 00:21:59,010 +plus, plus, plus, plus, + +291 +00:22:01,530 --> 00:22:05,070 +plus, + +292 +00:22:05,350 --> 00:22:07,070 +plus, Of course, he didn't understand the story. + +293 +00:22:08,290 --> 00:22:10,570 +And I said, by God, this exam is not easy. This is + +294 +00:22:10,570 --> 00:22:13,570 +the first question. He put the two numbers on the + +295 +00:22:13,570 --> 00:22:17,250 +machine and gave him two, one, two, zero. There + +296 +00:22:17,250 --> 00:22:19,430 +are no twos. He came and said, I finished the + +297 +00:22:19,430 --> 00:22:20,790 +first one. He came and put the second one + +298 +00:22:20,790 --> 00:22:23,490 +correctly on the machine, of course. Of course, + +299 +00:22:23,510 --> 00:22:26,170 +the whole job is wrong. The body said the same + +300 +00:22:26,170 --> 00:22:29,100 +thing. I found the beating. The machine gives him + +301 +00:22:29,100 --> 00:22:31,260 +an error. Because if you put a number from the + +302 +00:22:31,260 --> 00:22:32,480 +beginning of the board to the end of the board and + +303 +00:22:32,480 --> 00:22:34,620 +multiply it by another number longer than it, the + +304 +00:22:34,620 --> 00:22:36,220 +machine can't understand the number. So you give + +305 +00:22:36,220 --> 00:22:37,800 +him an error. You give him an error for the + +306 +00:22:37,800 --> 00:22:41,140 +machine. Then he tells me, I don't know, Mohammad, + +307 +00:22:41,280 --> 00:22:45,020 +I said no. He said, what is this? The machine + +308 +00:22:45,020 --> 00:22:50,180 +can't get it. I want to get it. I tell him, pick + +309 +00:22:50,180 --> 00:22:52,820 +up what you have. He said, computer, yellow and + +310 +00:22:52,820 --> 00:22:53,780 +blue, computer. + +311 +00:22:57,250 --> 00:22:59,930 +I'm still graduating. I graduated last year. How + +312 +00:22:59,930 --> 00:23:04,270 +old are you? Approximately about sixty something + +313 +00:23:04,270 --> 00:23:06,610 +years old. Sixty years old? Yes, about sixty years + +314 +00:23:06,610 --> 00:23:09,770 +old. Yes, yes. And then, look, I go and attend all + +315 +00:23:09,770 --> 00:23:11,310 +the lectures. You tell me, for example, he's + +316 +00:23:11,310 --> 00:23:12,990 +absent, but he opens the university. I go with + +317 +00:23:12,990 --> 00:23:15,670 +Alba, you go at eight o'clock in the morning, he's + +318 +00:23:15,670 --> 00:23:19,410 +there. So why, so why do you need a diploma? Why + +319 +00:23:19,410 --> 00:23:21,510 +do I need a diploma? What is it, what is it? Why + +320 +00:23:21,510 --> 00:23:23,310 +do you need a diploma? I mean, you have the + +321 +00:23:23,310 --> 00:23:23,570 +ability to study. + +322 +00:23:26,530 --> 00:23:26,850 +Yeah? + +323 +00:23:29,890 --> 00:23:32,610 +Yeah, you can go. And then there's no material, + +324 +00:23:33,130 --> 00:23:36,110 +there's no material that you can get for the first + +325 +00:23:36,110 --> 00:23:38,450 +time. And it's not possible, it's instinctive. I + +326 +00:23:38,450 --> 00:23:38,930 +mean, there was someone who studied with me. + +327 +00:23:42,950 --> 00:23:44,930 +No, someone who studied with me also took a + +328 +00:23:44,930 --> 00:23:46,370 +material from me, I don't know if it was two + +329 +00:23:46,370 --> 00:23:49,410 +materials. Yes, someone who studied with me at the + +330 +00:23:49,410 --> 00:23:52,250 +same university took a material from me. Identical + +331 +00:23:52,250 --> 00:23:55,480 +resemblance, the same resemblance. He couldn't + +332 +00:23:55,480 --> 00:23:58,340 +even walk on the floor once. I remember once my + +333 +00:23:58,340 --> 00:24:01,720 +brother and I were dressed exactly like each + +334 +00:24:01,720 --> 00:24:05,920 +other. This is my room and this is the room next + +335 +00:24:05,920 --> 00:24:11,250 +to it. I used to teach part-time economics. It's + +336 +00:24:11,250 --> 00:24:15,550 +called public finance. You take it in the third + +337 +00:24:15,550 --> 00:24:18,850 +year or something like that. No, no, no, he's not + +338 +00:24:18,850 --> 00:24:21,930 +a student. Either me or Dr. Khalil, either I'll be + +339 +00:24:21,930 --> 00:24:27,450 +with you, depending on what you say. The door + +340 +00:24:27,450 --> 00:24:29,370 +opens to the door, so I'm in the classroom, I have + +341 +00:24:29,370 --> 00:24:31,290 +more students than the number of students he has. + +342 +00:24:31,610 --> 00:24:34,490 +So I tell him, we want to change the classrooms. + +343 +00:24:36,090 --> 00:24:37,570 +Before the students came, he said, there's no + +344 +00:24:37,570 --> 00:24:39,710 +problem. We changed. You took the big chair, and + +345 +00:24:39,710 --> 00:24:42,790 +he took the small one. Yes, and we're dressed the + +346 +00:24:42,790 --> 00:24:46,490 +same. All right? This side is ... Yes, that's it. + +347 +00:24:46,570 --> 00:24:48,150 +We got used to it all our lives. They were like + +348 +00:24:48,150 --> 00:24:50,310 +that. The Hajj came to us. May God give it health. + +349 +00:24:51,790 --> 00:24:56,430 +Yes. So we changed. Now these guys who come from + +350 +00:24:56,430 --> 00:24:59,110 +my students go to him, and those who come from his + +351 +00:24:59,110 --> 00:25:02,070 +students come to him. I mean, it's changed. They + +352 +00:25:02,070 --> 00:25:05,880 +have confusion. There was a student who came to + +353 +00:25:05,880 --> 00:25:09,100 +me. I told him that we had a similar lecture the + +354 +00:25:09,100 --> 00:25:13,800 +other day. I started to complain about what + +355 +00:25:13,800 --> 00:25:18,620 +happened the other day. No, it's not like that. + +356 +00:25:19,000 --> 00:25:21,200 +Those who know, know. But there are people who are + +357 +00:25:21,200 --> 00:25:23,260 +not able to stand out. I told him, it's him, but + +358 +00:25:23,260 --> 00:25:25,900 +what does this girl want? It's the same voice. + +359 +00:25:25,980 --> 00:25:28,200 +When I talk on my phone, it's impossible for me to + +360 +00:25:28,200 --> 00:25:31,260 +hear you. It's very difficult to distinguish the + +361 +00:25:31,260 --> 00:25:35,440 +voices. No, no, it's the voice. When I watch a + +362 +00:25:35,440 --> 00:25:36,840 +video, I hear this voice, and I say to myself, + +363 +00:25:36,840 --> 00:25:40,280 +it's the same voice. Yeah, I mean, when I talk on + +364 +00:25:40,280 --> 00:25:43,380 +the phone with her, okay? If I heard it, it's hard + +365 +00:25:43,380 --> 00:25:45,200 +for me to distinguish. The sound, yeah, the sound + +366 +00:25:45,200 --> 00:25:47,720 +is something, I mean, terrible. Yeah, similar, + +367 +00:25:48,180 --> 00:25:50,860 +similar. The girl surprised me. I say to them, + +368 +00:25:51,260 --> 00:25:53,820 +like we took the lecture last time and so on, and + +369 +00:25:53,820 --> 00:25:55,740 +I started drawing. He didn't know anything about + +370 +00:25:55,740 --> 00:25:58,740 +demand and analysis and so on. The girl, uncle, + +371 +00:25:58,780 --> 00:26:01,660 +says to you, uncle, it's him, but it's not ... + +372 +00:26:01,660 --> 00:26:03,800 +He's the teacher, and you say we didn't take him. + +373 +00:26:04,760 --> 00:26:07,020 +I said to her, how? And most of them came and took + +374 +00:26:07,020 --> 00:26:11,010 +him. You say, no, we didn't take it. We didn't + +375 +00:26:11,010 --> 00:26:14,090 +take it. I mean, yes, we didn't take it. It + +376 +00:26:14,090 --> 00:26:16,670 +continued on the material. I started to explain + +377 +00:26:16,670 --> 00:26:18,890 +that the material is close to us and everything is + +378 +00:26:18,890 --> 00:26:20,730 +economic in the end. The financial, the public, + +379 +00:26:20,810 --> 00:26:22,490 +the economy, part of the economy, the state, I + +380 +00:26:22,490 --> 00:26:25,110 +don't know what else. Okay. They say, my son, it's + +381 +00:26:25,110 --> 00:26:28,090 +him. That's it. It's him, not him. It's him, not + +382 +00:26:28,090 --> 00:26:29,430 +him, and it's not the same material. I don't know + +383 +00:26:29,430 --> 00:26:31,250 +that there are two of them. Because we were still + +384 +00:26:31,250 --> 00:26:35,230 +new. You don't know that there are two of them. I + +385 +00:26:35,230 --> 00:26:37,030 +just had to tell him, listen professor, you and + +386 +00:26:37,030 --> 00:26:38,610 +your brother are going to stay in university until + +387 +00:26:38,610 --> 00:26:39,270 +the end of the semester and you're not going to + +388 +00:26:39,270 --> 00:26:40,110 +use your brain, no. + +389 +00:26:43,690 --> 00:26:51,350 +He memorized the Quran, I didn't. Listen, when you + +390 +00:26:51,350 --> 00:26:52,290 +see me, tell me to listen. + +391 +00:27:03,270 --> 00:27:06,590 +Where did we go here? Let's come back. + +392 +00:27:09,890 --> 00:27:10,310 +Infinity. + +393 +00:27:14,850 --> 00:27:17,910 +Perfectly elastic. Perfectly elastic. + +394 +00:27:42,400 --> 00:27:46,620 +Let's come back here to the perfectly last case. + +395 +00:27:50,830 --> 00:27:53,610 +And the price elasticity of demand, or the last + +396 +00:27:53,610 --> 00:27:58,890 +type, is the perfectly elastic demand. When the + +397 +00:27:58,890 --> 00:28:02,530 +price elasticity of demand equals the percentage + +398 +00:28:02,530 --> 00:28:05,150 +change in quantity demanded percent over the + +399 +00:28:05,150 --> 00:28:08,290 +percentage change in price percent, according to + +400 +00:28:08,290 --> 00:28:10,910 +our assumption here is the last case, the fifth + +401 +00:28:10,910 --> 00:28:15,660 +case, which is the perfectly elastic demand. When + +402 +00:28:15,660 --> 00:28:18,320 +the price is no change, or there's no changes in + +403 +00:28:18,320 --> 00:28:22,840 +the prices, increasing or decreasing the prices + +404 +00:28:22,840 --> 00:28:27,260 +equals zero, and the quantity demanded is changed + +405 +00:28:27,260 --> 00:28:31,500 +by any number. Let us assume that decreasing by + +406 +00:28:31,500 --> 00:28:37,820 +four percent, negative, positive. Sometimes, + +407 +00:28:38,140 --> 00:28:39,000 +blacks will see it. + +408 +00:28:42,580 --> 00:28:45,680 +But in all cases here negative sign, negative + +409 +00:28:45,680 --> 00:28:51,800 +relations. So absolute value, infinity. + +410 +00:28:57,420 --> 00:29:03,520 +No change for the prices. Case examples. + +411 +00:29:11,520 --> 00:29:17,560 +This product is not important for, it's not + +412 +00:29:17,560 --> 00:29:18,800 +necessary for the consumer. + +413 +00:29:23,480 --> 00:29:28,500 +As you + +414 +00:29:28,500 --> 00:29:31,600 +see in this, we have five graphs. + +415 +00:29:35,570 --> 00:29:41,450 +And we said that we have five types of the price + +416 +00:29:41,450 --> 00:29:46,490 +elasticity of demand. The first type was inelastic + +417 +00:29:46,490 --> 00:29:50,310 +demand, elastic, unitary elastic, perfectly + +418 +00:29:50,310 --> 00:29:53,950 +inelastic, perfectly elastic. Okay? And here we + +419 +00:29:53,950 --> 00:29:55,330 +have five examples. + +420 +00:29:59,430 --> 00:30:02,710 +If you remember that the price elasticity of + +421 +00:30:02,710 --> 00:30:03,010 +demand + +422 +00:30:05,720 --> 00:30:10,740 +The formula for the price elasticity of demand is + +423 +00:30:10,740 --> 00:30:14,060 +PED equals the percentage change in quantity + +424 +00:30:14,060 --> 00:30:17,260 +demanded percent over the percentage change in + +425 +00:30:17,260 --> 00:30:18,200 +price percent. + +426 +00:30:21,660 --> 00:30:28,480 +Right? We mentioned that if the price increased by + +427 +00:30:28,480 --> 00:30:32,880 +10% and the quantity demanded declined by larger + +428 +00:30:32,880 --> 00:30:39,360 +than or greater than 10%. For example, or less + +429 +00:30:39,360 --> 00:30:47,500 +than 10%. For example, let's say 2%. What did we + +430 +00:30:47,500 --> 00:30:50,540 +say about this? It used to be the absolute value + +431 +00:30:50,540 --> 00:30:57,280 +minus 0.2 of the absolute value. 0.2%. This is + +432 +00:30:57,280 --> 00:31:05,410 +less than 1. This is inelastic. For example, let's + +433 +00:31:05,410 --> 00:31:13,470 +go to this graph here. The demand for flour. Is it + +434 +00:31:13,470 --> 00:31:17,870 +necessary for the consumer? Yes. According to our + +435 +00:31:17,870 --> 00:31:21,830 +assumption here, that the price of flour, the + +436 +00:31:21,830 --> 00:31:27,170 +price per sack of flour increased by 10%. + +437 +00:31:29,630 --> 00:31:34,930 +By 10%. The quantity demanded of a flower declined + +438 +00:31:34,930 --> 00:31:41,270 +by only 2%, because the product is necessary for + +439 +00:31:41,270 --> 00:31:44,710 +the consumer. It's not easy to give up it when the + +440 +00:31:44,710 --> 00:31:50,970 +price goes up. So the + +441 +00:31:50,970 --> 00:31:54,210 +demand here is inelastic. Hayyu, the price + +442 +00:31:54,210 --> 00:31:58,690 +increased by 10%. The quantity demanded declined + +443 +00:31:58,690 --> 00:32:04,930 +by just 2%. The absolute value or the value here, + +444 +00:32:05,070 --> 00:32:08,130 +the price in a system of demand equals minus 0.5, + +445 +00:32:08,230 --> 00:32:11,890 +the absolute value 2. It's less than when the + +446 +00:32:11,890 --> 00:32:21,370 +demand is inelastic. Okay? Okay? So the more + +447 +00:32:21,370 --> 00:32:25,610 +necessary the product for the consumer, the less + +448 +00:32:26,430 --> 00:32:27,590 +Elastic demand. + +449 +00:32:32,910 --> 00:32:39,810 +What about the alternatives, the substitutes? + +450 +00:32:46,510 --> 00:32:51,570 +The less substitute gets alternatives, + +451 +00:33:05,530 --> 00:33:10,670 +So here in this graph, as the price goes up by + +452 +00:33:10,670 --> 00:33:14,810 +10%, the one demanded by 2% had a demand for a + +453 +00:33:14,810 --> 00:33:20,290 +flower, and the demand is inelastic. Inelastic + +454 +00:33:20,290 --> 00:33:22,110 +demand. + +455 +00:33:26,300 --> 00:33:29,720 +Because the price elasticity of demand here is + +456 +00:33:29,720 --> 00:33:34,060 +less the absolute value of the price elasticity of + +457 +00:33:34,060 --> 00:33:40,020 +demand here is less than one. Let's go to the + +458 +00:33:40,020 --> 00:33:43,200 +second. So here, a movement from point A to point + +459 +00:33:43,200 --> 00:33:47,640 +B along the same demand curve, and the demand + +460 +00:33:47,640 --> 00:33:50,620 +curve is closed to the vertical axis. + +461 +00:34:03,610 --> 00:34:10,060 +Let's go to graph 2 here. What do you see? As the + +462 +00:34:10,060 --> 00:34:13,340 +price of orange here in this example, we're + +463 +00:34:13,340 --> 00:34:19,080 +talking about orange as an example here. Orange is + +464 +00:34:19,080 --> 00:34:23,480 +less necessary than the flower for the consumer, + +465 +00:34:24,080 --> 00:34:27,900 +and it has many substitutes. You can buy apple. + +466 +00:34:28,040 --> 00:34:35,200 +You can buy so many products here. As the price of + +467 +00:34:35,200 --> 00:34:41,650 +orange increased by 10%, A movement from A to B + +468 +00:34:41,650 --> 00:34:45,410 +here. The price goes up by 10%. The quantity + +469 +00:34:45,410 --> 00:34:48,430 +demanded declined from quantity demanded two to + +470 +00:34:48,430 --> 00:34:53,700 +quantity demanded one to two by 30%. What do you + +471 +00:34:53,700 --> 00:34:57,020 +see? The demand, the magnitudes or the percentage + +472 +00:34:57,020 --> 00:35:01,060 +change in a price is less than the percentage + +473 +00:35:01,060 --> 00:35:03,880 +change in the quantity demanded, right? Yes. The + +474 +00:35:03,880 --> 00:35:06,640 +percentage change in a price is less than the + +475 +00:35:06,640 --> 00:35:09,040 +percentage change in quantity demanded. So the + +476 +00:35:09,040 --> 00:35:13,320 +price in a system of demand here, PED equals + +477 +00:35:13,320 --> 00:35:16,420 +change in price and change in quantity demanded + +478 +00:35:16,420 --> 00:35:21,320 +minus decline minus 30 percent over plus 10 + +479 +00:35:21,320 --> 00:35:27,800 +percent. Minus three absolute value. It's bigger + +480 +00:35:27,800 --> 00:35:31,660 +than one. It's bigger than one. + +481 +00:35:37,300 --> 00:35:40,980 +It's bigger + +482 +00:35:40,980 --> 00:35:43,600 +than one. It's bigger than one. It's bigger than + +483 +00:35:43,600 --> 00:35:43,920 +one. It's bigger than one. It's bigger than one. + +484 +00:35:46,740 --> 00:35:47,180 +It's bigger than one. It's bigger than one. It's + +485 +00:35:47,180 --> 00:35:47,180 +bigger than one. It's bigger than one. It's bigger + +486 +00:35:47,180 --> 00:35:47,180 +than one. It's bigger than one. It's bigger than + +487 +00:35:47,180 --> 00:35:47,180 +one. It's bigger than one. It's bigger than one. + +488 +00:35:47,180 --> 00:35:47,180 +It's bigger than one. It's bigger than one. It's + +489 +00:35:47,180 --> 00:35:47,800 +bigger than one. It's bigger than one. It's bigger + +490 +00:35:47,800 --> 00:35:49,020 +than one. It's bigger than one. It's bigger than + +491 +00:35:49,020 --> 00:35:50,320 +one. It's bigger than one. It's bigger than one. + +492 +00:35:50,320 --> 00:35:50,320 +It's bigger than one. It's bigger than one. It's + +493 +00:35:50,320 --> 00:35:50,320 +bigger than one. It's bigger than one. It's bigger + +494 +00:35:50,320 --> 00:35:50,320 +than one. It's bigger than one. It's bigger than + +495 +00:35:50,320 --> 00:35:50,320 +one. It's bigger than one. It's bigger than one. + +496 +00:35:50,320 --> 00:35:52,900 +It's bigger than one. It's bigger than one. It's + +497 +00:35:53,520 --> 00:35:57,800 +Talata is bigger than one. Elastic demand, yes. So + +498 +00:35:57,800 --> 00:36:04,860 +the price elastic demand is elastic. So, as or + +499 +00:36:04,860 --> 00:36:07,500 +when the change or the percentage change in + +500 +00:36:07,500 --> 00:36:09,640 +quantity demanded is bigger than the percentage + +501 +00:36:09,640 --> 00:36:13,620 +change in price, here we can talk that the demand + +502 +00:36:13,620 --> 00:36:17,100 +for this product is elastic. Elastic means that + +503 +00:36:17,100 --> 00:36:23,340 +this product has a lot of substitutes. It has the + +504 +00:36:23,340 --> 00:36:26,760 +least necessary for the consumer and the lower + +505 +00:36:26,760 --> 00:36:28,080 +necessary for the consumers. + +506 +00:36:30,660 --> 00:36:37,140 +Unitary elastic. As the price goes up by 10%, the + +507 +00:36:37,140 --> 00:36:42,240 +quantity demanded declined by 10%. The demand is + +508 +00:36:42,240 --> 00:36:47,240 +unitary elastic. Close to the horizontal axis. + +509 +00:36:48,460 --> 00:36:52,420 +More elastic. + +510 +00:36:53,260 --> 00:36:54,680 +For vertical, less elastic. + +511 +00:37:12,230 --> 00:37:17,550 +PED like the cell phone services or + +512 +00:37:17,550 --> 00:37:21,810 +telecommunication services in Palestine. PED + +513 +00:37:23,010 --> 00:37:27,470 +equals the percentage change in price, change in + +514 +00:37:27,470 --> 00:37:33,290 +quantity, minus 10 percent over positive 10 + +515 +00:37:33,290 --> 00:37:36,850 +percent equals minus one, but absolute value + +516 +00:37:36,850 --> 00:37:43,150 +equals one. One equals one. So, had this more + +517 +00:37:43,150 --> 00:37:47,230 +unitary elastic. Number three had a unitary + +518 +00:37:47,230 --> 00:37:49,750 +elastic demand. + +519 +00:38:08,490 --> 00:38:15,630 +Let's assume that the price at point A here, the + +520 +00:38:15,630 --> 00:38:16,830 +price was P1. + +521 +00:38:23,870 --> 00:38:33,150 +Let us assume that the price goes up by 10%. Price + +522 +00:38:33,150 --> 00:38:39,430 +too. The quantity unchanged. The demand for drugs + +523 +00:38:39,430 --> 00:38:42,310 +and medicines, different types of medicine. + +524 +00:38:43,870 --> 00:38:46,590 +Necessary, it's very necessary for the consumer. + +525 +00:38:46,810 --> 00:38:55,150 +It's, it's no giving up. From A to B, it's + +526 +00:38:55,150 --> 00:39:02,030 +perfectly inelastic. It changed + +527 +00:39:02,030 --> 00:39:04,590 +in one demanded percent over a change in price + +528 +00:39:04,590 --> 00:39:15,180 +percent. Q2 minus Q1. This is zero. Over, let's + +529 +00:39:15,180 --> 00:39:20,720 +change it for the price zed by 10%. 10%. + +530 +00:39:20,720 --> 00:39:26,080 +That equals zero. It's called perfectly inelastic. + +531 +00:39:26,980 --> 00:39:31,000 +Perfectly inelastic. Perfectly inelastic. + +532 +00:39:37,080 --> 00:39:38,760 +Perfectly inelastic. + +533 +00:39:47,170 --> 00:39:48,190 +What about the last case? + +534 +00:39:51,430 --> 00:39:59,970 +Here's the price A, P1. The price is P1 here. The + +535 +00:39:59,970 --> 00:40:01,130 +price on a chain. + +536 +00:40:04,050 --> 00:40:08,050 +Highly quantity demanded one, quantity demanded + +537 +00:40:08,050 --> 00:40:08,450 +two. + +538 +00:40:12,210 --> 00:40:15,650 +The price on a chain. Price one equals price two. + +539 +00:40:17,760 --> 00:40:18,620 +Perfectly elastic. + +540 +00:40:34,580 --> 00:40:35,700 +Perfectly elastic demand. + +541 +00:40:53,960 --> 00:40:58,260 +perfectly elastic demand. + +542 +00:41:00,480 --> 00:41:04,660 +So the conclusion is, + +543 +00:41:05,960 --> 00:41:07,540 +or the conclusions are, + +544 +00:41:11,900 --> 00:41:17,580 +if demand curve was close to the vertical axis, + +545 +00:41:18,460 --> 00:41:23,700 +The demand is inelastic because the percentage + +546 +00:41:23,700 --> 00:41:26,680 +change in price is bigger than the percentage + +547 +00:41:26,680 --> 00:41:30,080 +change in demand, in quantity demanded. And the + +548 +00:41:30,080 --> 00:41:34,680 +product is necessary for the consumer. It has a + +549 +00:41:34,680 --> 00:41:39,900 +few number of substitutes. Okay? Here. + +550 +00:41:42,950 --> 00:41:48,130 +Elastic demand, because in the elastic demand, the + +551 +00:41:48,130 --> 00:41:52,270 +demand curve is close to the horizontal axis, and + +552 +00:41:52,270 --> 00:41:57,830 +the percentage change in a price is less than the + +553 +00:41:57,830 --> 00:42:02,730 +percentage change in a quantity demanded, and the + +554 +00:42:02,730 --> 00:42:05,610 +product has so many substitutes. + +555 +00:42:21,520 --> 00:42:25,060 +If the percentage change in a quantity demanded + +556 +00:42:25,060 --> 00:42:27,760 +equals the percentage change in a price, here + +557 +00:42:27,760 --> 00:42:32,500 +we're talking about unitary elastic demand. If + +558 +00:42:32,500 --> 00:42:39,980 +demand curve is vertical axis, Line, no change in + +559 +00:42:39,980 --> 00:42:42,600 +the quantity demanded, the price changed. It's + +560 +00:42:42,600 --> 00:42:48,300 +perfectly inelastic, like the demand for medicine + +561 +00:42:48,300 --> 00:42:51,820 +line. Demand for drugs, the product is very, very, + +562 +00:42:51,880 --> 00:42:54,840 +very necessary for the consumer. He cannot or she + +563 +00:42:54,840 --> 00:42:58,400 +cannot give up it when the price, even if the + +564 +00:42:58,400 --> 00:43:00,760 +prices don't change, the quantity demanded on it. + +565 +00:43:00,980 --> 00:43:03,560 +So the price goes up as much as the quantity + +566 +00:43:03,560 --> 00:43:09,940 +demanded. The price can go up by 200%. It has no, + +567 +00:43:10,000 --> 00:43:14,820 +no, no substitutes. Absolutely. Substitutes had a + +568 +00:43:14,820 --> 00:43:16,760 +perfectly elastic demand. Okay? + +569 +00:43:20,980 --> 00:43:23,040 +Let's go to something else. + +570 +00:43:26,000 --> 00:43:26,920 +Okay. + +571 +00:43:35,880 --> 00:43:41,720 +Let's go to study how to calculate the price + +572 +00:43:41,720 --> 00:43:45,380 +elasticity of demand. The price elasticity of + +573 +00:43:45,380 --> 00:43:57,340 +demand calculations. How to calculate the + +574 +00:43:57,340 --> 00:43:59,620 +price elasticity of demand. + +575 +00:44:03,800 --> 00:44:06,940 +As we said that the price elasticity of demand, + +576 +00:44:07,520 --> 00:44:09,920 +the formula of the price elasticity of demand + +577 +00:44:09,920 --> 00:44:13,580 +equals + +578 +00:44:13,580 --> 00:44:18,060 +the percentage of change in a quantity demanded in + +579 +00:44:18,060 --> 00:44:20,920 +percent over the change in the price percent. + +580 +00:44:22,740 --> 00:44:23,980 +Right? Yes. + +581 +00:44:31,040 --> 00:44:34,180 +The ratio of frequent demand over the percentage + +582 +00:44:34,180 --> 00:44:38,320 +change in price. Can you calculate the ratio? For + +583 +00:44:38,320 --> 00:44:44,160 +example, if the price of P1 was 20 shekels and the + +584 +00:44:44,160 --> 00:44:47,160 +price of P2 was 30 shekels, how much is the + +585 +00:44:47,160 --> 00:44:50,440 +increase? How much is the percentage change in + +586 +00:44:50,440 --> 00:44:55,540 +price? In Arabic accounts, how much is the + +587 +00:44:55,540 --> 00:45:00,340 +increase? 10 units, the percentage change. What is + +588 +00:45:00,340 --> 00:45:04,420 +the percentage increase? 50%. What if it became 40 + +589 +00:45:04,420 --> 00:45:07,440 +%? What is the percentage increase? If the price + +590 +00:45:07,440 --> 00:45:09,880 +was 20% and it became 40%? What is the percentage + +591 +00:45:09,880 --> 00:45:13,740 +change? 100%! 100%! + +592 +00:45:16,320 --> 00:45:21,840 +The price was 100 and it became 200. What is the + +593 +00:45:21,840 --> 00:45:23,600 +percentage increase? What is the percentage + +594 +00:45:23,600 --> 00:45:29,270 +change? Therefore, لو كان السعر خمس صار عشرة، كداش + +595 +00:45:29,270 --> 00:45:34,210 +ال percentage change؟ مية في المية. اللي هذا كيف + +596 +00:45:34,210 --> 00:45:38,110 +انجاب ال Delta، هذا price one equals six and price + +597 +00:45:38,110 --> 00:45:43,710 +two equals nine. The change in price percent, the + +598 +00:45:43,710 --> 00:45:47,510 +percentage change in price، اللي هو P2 minus P1 + +599 +00:45:47,510 --> 00:45:52,890 +over P1 الأساسي، كله مضروف في مية. The percentage + +600 +00:45:52,890 --> 00:45:54,150 +change in price. + +601 +00:45:56,720 --> 00:46:01,360 +P2 minus P1 over P1 times 100. + +602 +00:46:09,640 --> 00:46:10,920 +So, + +603 +00:46:16,580 --> 00:46:18,540 +the person will change your price. + +604 +00:46:24,980 --> 00:46:29,240 +P2, nine, so the change in price. The percentage + +605 +00:46:29,240 --> 00:46:33,020 +change in price. The percentage change in price. + +606 +00:46:34,800 --> 00:46:41,260 +The percentage change in price equals P2 minus P1 + +607 +00:46:41,260 --> 00:46:48,720 +over the base price. So nine minus six over six + +608 +00:46:48,720 --> 00:46:51,820 +times 100 or 100 percent. + +609 +00:46:56,070 --> 00:46:59,430 +Three over six times 100. + +610 +00:47:01,950 --> 00:47:05,810 +Half of 100 is equal to 50. That means it's 50%. + +611 +00:47:05,810 --> 00:47:11,110 +That's 100%. Right? + +612 +00:47:13,230 --> 00:47:15,550 +I'm not always 50%. I'm not a boss. I'm not going + +613 +00:47:15,550 --> 00:47:16,590 +to be angry. + +614 +00:47:18,690 --> 00:47:22,030 +It could be 30%, it could be 10%, it could be 15%, + +615 +00:47:22,030 --> 00:47:25,030 +it depends. Okay. The quantity demanded, the + +616 +00:47:25,030 --> 00:47:28,210 +percentage change in quantity demanded. Delta QD + +617 +00:47:28,210 --> 00:47:33,890 +percent. Which is QD2 minus QD1. + +618 +00:47:38,930 --> 00:47:53,210 +Over QD1 times 100%. So, FQD1, one buys 51 and QD2 + +619 +00:47:53,210 --> 00:47:55,990 +is 70. + +620 +00:48:01,530 --> 00:48:05,770 +So, change the percentage change one demanded, + +621 +00:48:05,950 --> 00:48:12,810 +percent equals Q2 minus Q1 over Q1 times 100. 70 + +622 +00:48:12,810 --> 00:48:17,310 +minus 50 over 50 times 100 percent. + +623 +00:48:20,270 --> 00:48:24,930 +40, 20 over 50 times 100 percent. + +624 +00:48:27,570 --> 00:48:33,490 +40 percent. + +625 +00:48:39,950 --> 00:48:43,510 +Let's go to calculate the price elasticity of + +626 +00:48:43,510 --> 00:48:46,910 +demand. We'll take examples and see how we can do + +627 +00:48:46,910 --> 00:48:47,770 +analysis on it. + +628 +00:48:50,780 --> 00:48:55,780 +Or let's before derive another formula for the + +629 +00:48:55,780 --> 00:48:57,300 +price elasticity of demand. + +630 +00:49:04,840 --> 00:49:11,400 +This is the main formula of the price elasticity + +631 +00:49:11,400 --> 00:49:15,700 +of demand. Okay? So PED, + +632 +00:49:17,120 --> 00:49:20,920 +Equals the percentage change in quantity demanded + +633 +00:49:20,920 --> 00:49:36,860 +equals what? Q2 minus Q1 over QD1 over QD1 over + +634 +00:49:36,860 --> 00:49:41,800 +P2 + +635 +00:49:41,800 --> 00:49:43,560 +minus P1 over P1. + +636 +00:49:46,700 --> 00:49:51,840 +Minus P1 over P1, multiplied by 100%. But this + +637 +00:49:51,840 --> 00:49:53,240 +equation and this equation are mixed together, we + +638 +00:49:53,240 --> 00:49:57,580 +have to remove them. 100%. Right? If we remove 100 + +639 +00:49:57,580 --> 00:50:00,480 +% here, it will go with 100%. I will have these. + +640 +00:50:01,380 --> 00:50:06,160 +Right? Reorganizing the formula will be like this. + +641 +00:50:06,400 --> 00:50:09,680 +PED equals, + +642 +00:50:10,200 --> 00:50:15,970 +I have to multiply this, right? QD2, Q2 minus Q1 + +643 +00:50:15,970 --> 00:50:26,650 +over Q1 times P1 over P2 minus P1. Help from you. + +644 +00:50:29,410 --> 00:50:30,630 +Let's see it after. + +645 +00:50:34,550 --> 00:50:36,630 +PED, we're not used to working with it like this. + +646 +00:50:37,630 --> 00:50:45,120 +Q2, minus P1 over P2 minus P1 times P1 on a Q1. + +647 +00:50:51,500 --> 00:51:01,760 +This is the + +648 +00:51:01,760 --> 00:51:04,180 +main formula for or to calculate the price + +649 +00:51:04,180 --> 00:51:07,560 +elasticity of demand. Let's take an example. + +650 +00:51:14,940 --> 00:51:27,060 +If the price of a chicken increased, + +651 +00:51:41,050 --> 00:51:41,850 +Is there a professor? + +652 +00:51:44,650 --> 00:51:48,450 +Yes, I study with him. No, don't memorize it. May + +653 +00:51:48,450 --> 00:51:51,710 +God help you. May God help you memorize it. Up to + +654 +00:51:51,710 --> 00:51:55,950 +this point, it's okay? Work on it. Work on it. I'm + +655 +00:51:55,950 --> 00:51:59,810 +calm. I'm normal. Normal. She's calm. She's calm. + +656 +00:52:01,650 --> 00:52:03,750 +No problem. I swear there's no problem. + +657 +00:52:25,950 --> 00:52:31,930 +If the price of a chicken increased, + +658 +00:52:39,170 --> 00:52:48,090 +from seven shekels to 12 + +659 +00:52:48,090 --> 00:52:51,070 +shekels. + +660 +00:52:53,310 --> 00:52:53,510 +Hence, + +661 +00:52:56,710 --> 00:53:01,810 +or then, the price, sorry, the quantity demanded, + +662 +00:53:08,600 --> 00:53:16,300 +demanded our chicken decreased + +663 +00:53:16,300 --> 00:53:20,480 +from + +664 +00:53:20,480 --> 00:53:30,780 +four + +665 +00:53:30,780 --> 00:53:35,740 +kilograms. Hence, then, then. + +666 +00:53:46,190 --> 00:53:50,050 +Then, the quantity demanded of a chicken decreased + +667 +00:53:50,050 --> 00:53:56,050 +from four kilogram to two kilogram a week. + +668 +00:53:58,630 --> 00:54:02,790 +Of course, this is pure family or pure capital + +669 +00:54:02,790 --> 00:54:05,650 +consumption of chicken. + +670 +00:54:08,180 --> 00:54:19,260 +We will calculate the + +671 +00:54:19,260 --> 00:54:22,500 +price + +672 +00:54:22,500 --> 00:54:25,300 +elasticity of demand for chicken. + +673 +00:54:37,660 --> 00:54:41,020 +The price and assistance of demand, PED, equals + +674 +00:54:41,020 --> 00:54:51,980 +QD2 minus QD1 over P2 minus P1 times P1 over QD1. + +675 +00:54:58,520 --> 00:55:00,220 +So PED, + +676 +00:55:06,490 --> 00:55:12,470 +The given data, like this, QD one, how much? Four. + +677 +00:55:12,990 --> 00:55:20,550 +Four. QD two. Two. Two. Price one. Seven. Seven. + +678 +00:55:20,550 --> 00:55:27,290 +Seven. Price two equals 12. So the price is a + +679 +00:55:27,290 --> 00:55:32,820 +sensitive demand. Direct substitution, PED equals + +680 +00:55:32,820 --> 00:55:43,440 +Q2 minus Q1, 2 minus 4 over 12 minus 7 times P1 + +681 +00:55:43,440 --> 00:55:55,680 +over QD1, P17 over 4. Yeah. So PED equals minus 4 + +682 +00:55:55,680 --> 00:56:02,130 +over Five times seven over four. Minus two. Minus + +683 +00:56:02,130 --> 00:56:08,350 +two. Minus two. Minus two. Minus two. Minus two. + +684 +00:56:08,550 --> 00:56:16,890 +Minus two. Minus two. Minus two. Minus two. + +685 +00:56:17,490 --> 00:56:22,510 +Minus two. Minus two. Minus two. Minus two. Minus + +686 +00:56:22,510 --> 00:56:23,430 +two. Minus two. Minus two. Minus two. Minus two. + +687 +00:56:23,430 --> 00:56:24,750 +Minus two. Minus two. Minus two. Minus two. Minus + +688 +00:56:24,750 --> 00:56:24,750 +two. Minus two. Minus two. Minus two. Minus two. + +689 +00:56:24,750 --> 00:56:24,750 +Minus two. Minus two. Minus two. Minus two. Minus + +690 +00:56:24,750 --> 00:56:24,750 +two. Minus two. Minus two. Minus two. Minus two. + +691 +00:56:24,750 --> 00:56:24,750 +Minus two. Minus two. Minus two. Minus two. Minus + +692 +00:56:24,750 --> 00:56:24,750 +two. Minus two. Minus two. Minus two. Minus two. + +693 +00:56:24,750 --> 00:56:24,750 +Minus two. Minus two. Minus two. Minus two. Minus + +694 +00:56:24,750 --> 00:56:24,750 +two. Minus two. Minus two. Minus two. Minus + +695 +00:56:28,700 --> 00:56:33,600 +So PD minus + +696 +00:56:33,600 --> 00:56:39,460 +7 + +697 +00:56:39,460 --> 00:56:50,320 +minus 7 is 0 point minus 7 minus 10. Minus 0.7. + +698 +00:56:53,440 --> 00:56:58,420 +Elastic or inelastic? Inelastic. Inelastic. Why? + +699 +00:56:59,700 --> 00:57:04,660 +The absolute value is less than one. Less than + +700 +00:57:04,660 --> 00:57:07,080 +one. Higher than the demand. The question also + +701 +00:57:07,080 --> 00:57:13,380 +tells us to determine if the demand for chicken is + +702 +00:57:13,380 --> 00:57:17,900 +elastic or inelastic. Inelastic. Inelastic. This + +703 +00:57:17,900 --> 00:57:20,980 +is an inelastic demand. The demand for chicken is + +704 +00:57:20,980 --> 00:57:21,740 +inelastic. + +705 +00:57:24,670 --> 00:57:26,670 +Any elastic demand. + +706 +00:57:34,730 --> 00:57:38,670 +And this + +707 +00:57:38,670 --> 00:57:40,350 +product is necessary for the consumer. + +708 +00:57:45,370 --> 00:57:48,270 +Now, this is how the result gave us that the + +709 +00:57:48,270 --> 00:57:50,190 +commodity is important in this region. It may be a + +710 +00:57:50,190 --> 00:57:52,690 +region with rich people who do not give up + +711 +00:57:52,690 --> 00:58:00,410 +chicken. Yes? But in a poor region, the demand for + +712 +00:58:00,410 --> 00:58:03,730 +chicken will be elastic. Right? Because they give + +713 +00:58:03,730 --> 00:58:06,750 +up quickly. Yes. Okay? Yes. + +714 +00:58:11,870 --> 00:58:13,910 +No, that's it. I'm done. I'm done. I'm done. I'm + +715 +00:58:13,910 --> 00:58:14,950 +done. I'm done. I'm done. I'm done. I'm done. I'm + +716 +00:58:14,950 --> 00:58:17,430 +done. I'm done. I'm done. I'm done. I'm done. + +717 +00:58:22,570 --> 00:58:26,630 +I'm done. I'm done. I'm done. I'm done. I'm done. + +718 +00:58:27,010 --> 00:58:29,610 +I'm done. I'm done. I'm done. I'm done. I'm done. + +719 +00:58:29,790 --> 00:58:29,830 +I'm done. I'm done. I'm done. I'm done. I'm done. + +720 +00:58:29,830 --> 00:58:29,990 +I'm done. I'm done. I'm done. I'm done. I'm done. + +721 +00:58:29,990 --> 00:58:29,990 +I'm done. I'm done. I'm done. I'm done. I'm done. + +722 +00:58:29,990 --> 00:58:31,410 +I'm done. I'm done. I'm done. I'm done. I'm done. + +723 +00:58:31,410 --> 00:58:31,410 +I'm done. I'm done. I'm done. I'm done. I'm done. + +724 +00:58:31,410 --> 00:58:33,390 +I'm done. I'm done. I'm done. I'm done. I'm done. + +725 +00:58:34,270 --> 00:58:38,690 +I'm done. + +726 +00:58:39,090 --> 00:58:39,530 +I'm + diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/2spcdKGFcQU.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/2spcdKGFcQU.srt new file mode 100644 index 0000000000000000000000000000000000000000..e6ebe4068923402147821fdff87b981ccf3a24b6 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/2spcdKGFcQU.srt @@ -0,0 +1,2558 @@ + +1 +00:00:20,660 --> 00:00:22,720 +And today, inshallah, we are going to completely + +2 +00:00:22,720 --> 00:00:26,740 +talk about the perfect competition market. In the + +3 +00:00:26,740 --> 00:00:30,500 +last class, we determined the break-even point, + +4 +00:00:30,860 --> 00:00:34,360 +shutdown point, and equilibrium point. And we said + +5 +00:00:34,360 --> 00:00:46,260 +that MC, + +6 +00:00:48,580 --> 00:00:49,400 +VC, + +7 +00:00:52,160 --> 00:00:53,040 +ATC. + +8 +00:00:56,340 --> 00:01:04,300 +We said that the break-even point is the minimum + +9 +00:01:04,300 --> 00:01:09,540 +point at ATC because this is the break-even point + +10 +00:01:09,540 --> 00:01:16,070 +and this point, the minimum AVC is the shutdown + +11 +00:01:16,070 --> 00:01:20,470 +point. And we said also that if the equilibrium + +12 +00:01:20,470 --> 00:01:30,130 +price was above ATC, price equals MR equals demand + +13 +00:01:30,130 --> 00:01:33,230 +curve. If the price was here, here's the + +14 +00:01:33,230 --> 00:01:37,350 +equilibrium point. We said that if the price was + +15 +00:01:37,350 --> 00:01:43,030 +above ATC, here we have profits. Right? We have an + +16 +00:01:43,030 --> 00:01:47,070 +economic profit. If the price was tangent to the + +17 +00:01:47,070 --> 00:01:53,550 +minimum ATC here, here we have a break-even. + +18 +00:01:54,680 --> 00:01:59,720 +Right? If the price was in between here, between + +19 +00:01:59,720 --> 00:02:06,320 +ATC and AVC, which is above AVC and lower or less + +20 +00:02:06,320 --> 00:02:10,400 +than ATC, here we have an economic loss. And we + +21 +00:02:10,400 --> 00:02:17,680 +advise the business to keep working. Right? If the + +22 +00:02:17,680 --> 00:02:21,760 +price was tangent, the minimum ATC, or the price + +23 +00:02:21,760 --> 00:02:27,340 +equals minimum ATC, Here is the shutdown point, + +24 +00:02:27,840 --> 00:02:33,980 +which means the business is afraid to go on or to + +25 +00:02:33,980 --> 00:02:41,980 +stop working. If the price is below a VC here, the + +26 +00:02:41,980 --> 00:02:45,860 +business should shut down or close down, right? + +27 +00:02:47,240 --> 00:02:50,360 +Now, in the perfect competition market, I have a + +28 +00:02:50,360 --> 00:02:57,030 +question, which is, How is the price determined in + +29 +00:02:57,030 --> 00:03:00,890 +the perfect competition market? We said that the + +30 +00:03:00,890 --> 00:03:03,650 +business in the perfect competition market is a + +31 +00:03:03,650 --> 00:03:06,850 +price taker, not a price maker, which means if the + +32 +00:03:06,850 --> 00:03:11,750 +price in the market equals five shekels per unit, + +33 +00:03:13,190 --> 00:03:17,390 +all producers or sellers will sell the product + +34 +00:03:17,390 --> 00:03:21,550 +with the same price. And it changes in the prices + +35 +00:03:21,550 --> 00:03:27,610 +or they cannot control. One producer will be + +36 +00:03:27,610 --> 00:03:34,850 +unable to control the prices, right? Now, how can + +37 +00:03:34,850 --> 00:03:38,550 +the price determine in the market? The market + +38 +00:03:38,550 --> 00:03:41,030 +equilibrium price or the equilibrium price. How + +39 +00:03:41,030 --> 00:03:45,000 +can the prices determine the market? the price in + +40 +00:03:45,000 --> 00:03:48,080 +the perfect competition market is determined due + +41 +00:03:48,080 --> 00:03:54,340 +to demand and supply curves. Right? So here we + +42 +00:03:54,340 --> 00:03:58,680 +will talk about the business itself and the market + +43 +00:03:58,680 --> 00:04:06,660 +equilibrium. Price. Antiquities here. Here, we are + +44 +00:04:06,660 --> 00:04:09,100 +talking about the market as a whole and the + +45 +00:04:09,100 --> 00:04:11,820 +business that works under the perfect competition + +46 +00:04:11,820 --> 00:04:13,680 +market. So here, + +47 +00:04:24,160 --> 00:04:27,740 +Here is the business, the market, + +48 +00:04:31,100 --> 00:04:33,740 +price, and quantity. + +49 +00:04:36,760 --> 00:04:44,300 +And here is the business or the company that + +50 +00:04:44,300 --> 00:04:48,660 +works under the perfect competition market. + +51 +00:04:53,960 --> 00:04:55,060 +Competition market. + +52 +00:05:01,260 --> 00:05:06,080 +And here's the market. Let us talk about the + +53 +00:05:06,080 --> 00:05:06,940 +price. + +54 +00:05:13,420 --> 00:05:15,240 +Or an example. + +55 +00:05:23,440 --> 00:05:31,040 +supply and demand for + +56 +00:05:31,040 --> 00:05:40,360 +these types of benzene. Right? The price for this + +57 +00:05:40,360 --> 00:05:46,080 +type is determined in the market due to demand and + +58 +00:05:46,080 --> 00:05:49,460 +supply. Let us assume that the price of this unit, + +59 +00:05:50,240 --> 00:05:54,380 +the price period of this type, equals three + +60 +00:05:54,380 --> 00:06:03,360 +shekels. Three shekels. And the quantity sold in + +61 +00:06:03,360 --> 00:06:10,780 +the market as a whole equals 20,000 units for all + +62 +00:06:10,780 --> 00:06:19,180 +the market here. Right? And let me assume that I + +63 +00:06:19,180 --> 00:06:22,880 +want to come to this market to sell the same + +64 +00:06:22,880 --> 00:06:27,460 +products. The same product, identical, + +65 +00:06:27,660 --> 00:06:32,240 +homogeneous, and I tend to sell this product in + +66 +00:06:32,240 --> 00:06:35,920 +the market to open a new company, to open a new + +67 +00:06:35,920 --> 00:06:38,740 +business, to establish a new business, to sell + +68 +00:06:38,740 --> 00:06:44,350 +this, the same product in the market. What will + +69 +00:06:44,350 --> 00:06:47,950 +happen here? How much is the selling prices in + +70 +00:06:47,950 --> 00:06:54,330 +this case? Three, because in the market, I cannot + +71 +00:06:54,330 --> 00:07:02,670 +control the prices. So here, Q, prices. If I want + +72 +00:07:02,670 --> 00:07:08,490 +to sell one unit, how much is the price? Three. + +73 +00:07:09,280 --> 00:07:15,280 +Two units. Three. No, three for per unit. So, here + +74 +00:07:15,280 --> 00:07:19,860 +the price is determined here. The same prices. + +75 +00:07:23,240 --> 00:07:29,040 +P equals MR equals demand curve. This is the + +76 +00:07:29,040 --> 00:07:32,760 +demand curve for what? For the business that works + +77 +00:07:32,760 --> 00:07:34,580 +under the perfect competition market. So, + +78 +00:07:40,940 --> 00:07:45,520 +Three shakers. Let me assume that I want to sell + +79 +00:07:45,520 --> 00:07:46,920 +600 units. + +80 +00:07:50,940 --> 00:07:58,600 +If I want to sell 800 units, I have to sell it + +81 +00:07:58,600 --> 00:08:02,520 +with the same prices, the same equilibrium price. + +82 +00:08:03,970 --> 00:08:07,930 +Decreasing or increasing the quantity means that I + +83 +00:08:07,930 --> 00:08:11,530 +have to sell it under the same prices with no + +84 +00:08:11,530 --> 00:08:14,910 +differences, right? Because I cannot control the + +85 +00:08:14,910 --> 00:08:22,430 +market as a small business, which means atomicity. + +86 +00:08:22,910 --> 00:08:23,350 +Now, + +87 +00:08:27,080 --> 00:08:32,760 +how can the price increases or decreases for the + +88 +00:08:32,760 --> 00:08:34,540 +perfect competition business? + +89 +00:08:37,560 --> 00:08:42,060 +If demand as a whole increases in the market, what + +90 +00:08:42,060 --> 00:08:46,100 +will happen? The price will go up. So, let us + +91 +00:08:46,100 --> 00:08:49,520 +assume that the demand for this type of + +92 +00:08:49,520 --> 00:08:56,740 +pharmaceutical increases. This is D1. And the + +93 +00:08:56,740 --> 00:09:02,680 +demand increases to D2, from D1 to D2. + +94 +00:09:07,760 --> 00:09:13,420 +We have Ceteris Peribus. We have a new equilibrium + +95 +00:09:13,420 --> 00:09:20,410 +point, right? Which is E2. This is E1 and E2. How + +96 +00:09:20,410 --> 00:09:23,510 +much is the new equilibrium price? Let us assume + +97 +00:09:23,510 --> 00:09:31,770 +it becomes five shekels. Now, what is the price + +98 +00:09:31,770 --> 00:09:34,690 +that the company or the business that works under + +99 +00:09:34,690 --> 00:09:38,610 +the perfect mutual market sells? or use in this + +100 +00:09:38,610 --> 00:09:43,390 +case. It should use the same new market price, the + +101 +00:09:43,390 --> 00:09:46,750 +same new equilibrium price. So the new equilibrium + +102 +00:09:46,750 --> 00:09:50,110 +price for the perfect competition company will be + +103 +00:09:50,110 --> 00:09:51,130 +the same here. + +104 +00:09:55,050 --> 00:09:58,090 +Here we have a new demand curve for the business + +105 +00:09:58,090 --> 00:10:00,230 +that works under the perfect competition market + +106 +00:10:00,230 --> 00:10:08,930 +with new prices, which means this business that + +107 +00:10:08,930 --> 00:10:11,210 +works under the perfect competition market is a + +108 +00:10:11,210 --> 00:10:12,970 +price taker. Yeah. + +109 +00:10:15,850 --> 00:10:21,550 +So here, we're talking price one, MR1, D1. Price + +110 +00:10:21,550 --> 00:10:31,410 +two, MR2, D2. The price goes up to + +111 +00:10:31,410 --> 00:10:36,210 +five. So here, the new price is five. + +112 +00:10:43,770 --> 00:10:50,410 +Right? What will happen if supply increased in the + +113 +00:10:50,410 --> 00:10:56,910 +market? Here? If supply increased, what will + +114 +00:10:56,910 --> 00:11:01,480 +happen? Another assumption. The assumption here is + +115 +00:11:01,480 --> 00:11:04,380 +here we have the equilibrium price or the + +116 +00:11:04,380 --> 00:11:05,660 +equilibrium point. + +117 +00:11:09,540 --> 00:11:12,080 +This is the original situation, E1. + +118 +00:11:17,800 --> 00:11:23,480 +If there is a profit in the market, if there is a + +119 +00:11:23,480 --> 00:11:26,760 +profit, let us assume that there is a profit in + +120 +00:11:26,760 --> 00:11:27,220 +the market. + +121 +00:11:30,560 --> 00:11:33,460 +If there is a profit, this will encourage new + +122 +00:11:33,460 --> 00:11:36,300 +producers to enter the market because there is a + +123 +00:11:36,300 --> 00:11:39,940 +free entry, free exit from the market. If there is + +124 +00:11:39,940 --> 00:11:44,400 +profit, this will encourage new producers and new + +125 +00:11:44,400 --> 00:11:47,060 +sellers to enter the market. What will happen to + +126 +00:11:47,060 --> 00:11:53,240 +supply? Increases. So if there is a profit, if + +127 +00:11:53,240 --> 00:12:00,800 +there is profit, You're talking about economic + +128 +00:12:00,800 --> 00:12:09,080 +premise, right? This will encourage, this will + +129 +00:12:09,080 --> 00:12:15,780 +encourage new + +130 +00:12:15,780 --> 00:12:22,140 +producers, new sellers to enter the market. + +131 +00:12:29,250 --> 00:12:34,550 +What will happen here? Supply increases and shifts + +132 +00:12:34,550 --> 00:12:38,150 +right at the market here. This will increase + +133 +00:12:38,150 --> 00:12:38,570 +supply. + +134 +00:12:42,730 --> 00:12:47,590 +Supply will shift right. Then supply shifts right. + +135 +00:12:48,890 --> 00:12:55,250 +Supply curve shifts right. + +136 +00:12:58,260 --> 00:13:09,040 +Here, S1, D1, supply shifts right here from + +137 +00:13:09,040 --> 00:13:12,120 +S1 to S2, right? + +138 +00:13:14,720 --> 00:13:17,620 +This will encourage new producers to enter the + +139 +00:13:17,620 --> 00:13:20,860 +market. Sorry, the price will, we have a new + +140 +00:13:20,860 --> 00:13:25,120 +equilibrium point which is E2. + +141 +00:13:26,180 --> 00:13:33,920 +The price goes down in the market. So the price of + +142 +00:13:33,920 --> 00:13:39,520 +the market went down to let us assume to two. Two + +143 +00:13:39,520 --> 00:13:43,900 +shekels. What is the new price for the + +144 +00:13:43,900 --> 00:13:47,620 +prefabrication company? Goes down as well. + +145 +00:13:50,760 --> 00:13:52,220 +So two. + +146 +00:13:55,140 --> 00:14:02,520 +P2 equals MR2 equals D2. So the price for the + +147 +00:14:02,520 --> 00:14:05,080 +business that works at the perfect competition + +148 +00:14:05,080 --> 00:14:09,120 +market will go down as well. As there is a profit. + +149 +00:14:11,220 --> 00:14:17,240 +As there is a profit. This one would encourage new + +150 +00:14:17,240 --> 00:14:19,320 +producers to enter the market once again. + +151 +00:14:24,110 --> 00:14:27,190 +But what happened to the prices? + +152 +00:14:38,890 --> 00:14:46,390 +Supply shifts right. The price goes down. Goes + +153 +00:14:46,390 --> 00:14:47,650 +down as well. + +154 +00:14:50,460 --> 00:14:55,980 +In the long term, we will have a break-even only. + +155 +00:14:57,620 --> 00:15:01,020 +In the perfect competition market, in the short + +156 +00:15:01,020 --> 00:15:04,560 +run, it could be a break-even. It could be a loss + +157 +00:15:04,560 --> 00:15:09,320 +or profits. But in the long term, we have a break + +158 +00:15:09,320 --> 00:15:13,420 +-even only. In the short run, let us assume that + +159 +00:15:13,420 --> 00:15:16,600 +there is profits. + +160 +00:15:20,760 --> 00:15:29,800 +Sorry, loss. According to our assumption here, let + +161 +00:15:29,800 --> 00:15:33,440 +us assume that the business that works under the + +162 +00:15:33,440 --> 00:15:40,760 +perfect competition market faces a loss. Or here's + +163 +00:15:40,760 --> 00:15:41,780 +the original prices. + +164 +00:15:44,320 --> 00:15:47,500 +And in the market, the business that works in the + +165 +00:15:47,500 --> 00:15:49,960 +perfect competition market, you are here. You are + +166 +00:15:49,960 --> 00:15:54,460 +the perfect competition market. Companies that work + +167 +00:15:54,460 --> 00:15:59,120 +under the perfect competition market. If there + +168 +00:15:59,120 --> 00:16:01,960 +is a loss in the market, what do you do? You open + +169 +00:16:01,960 --> 00:16:05,640 +the door and go out of the market. Right? So as + +170 +00:16:05,640 --> 00:16:11,720 +there is a loss, the sellers will go out from the + +171 +00:16:11,720 --> 00:16:15,840 +market. What will happen to supply in the market? + +172 +00:16:16,900 --> 00:16:21,180 +Let us assume that this is the perfect competition + +173 +00:16:21,180 --> 00:16:25,860 +market and you are the sellers. If there is a loss + +174 +00:16:25,860 --> 00:16:30,020 +in the market, what will happen? You will leave + +175 +00:16:30,020 --> 00:16:36,920 +the market. As part of the sellers will go out + +176 +00:16:36,920 --> 00:16:39,900 +from the market or went out from the market, what + +177 +00:16:39,900 --> 00:16:43,510 +will happen to supply here in this market? Goes + +178 +00:16:43,510 --> 00:16:46,990 +down. So supply shifts left. What will happen to + +179 +00:16:46,990 --> 00:16:51,190 +the prices? Exactly. So here, the opposite case + +180 +00:16:51,190 --> 00:16:56,610 +here. So if there is a loss, this would discourage + +181 +00:16:56,610 --> 00:17:02,990 +the current suppliers + +182 +00:17:02,990 --> 00:17:07,130 +or sellers or the producers to exit + +183 +00:17:09,390 --> 00:17:14,750 +from the market so supply shifts went down and the + +184 +00:17:14,750 --> 00:17:19,990 +supply curve shifts left. So here supply shifts + +185 +00:17:19,990 --> 00:17:23,950 +left to + +186 +00:17:23,950 --> 00:17:24,470 +S2. + +187 +00:17:30,670 --> 00:17:33,730 +And you or the current suppliers or the current + +188 +00:17:33,730 --> 00:17:38,910 +sellers will leave the market. Right? Here's the + +189 +00:17:38,910 --> 00:17:47,310 +idea. Tamam? So supply shifts lift. The price goes + +190 +00:17:47,310 --> 00:17:51,450 +up to four. And then as there is a loss once + +191 +00:17:51,450 --> 00:17:55,850 +again, part of the sellers, the current sellers + +192 +00:17:55,850 --> 00:18:01,730 +will shift or will leave the market once again to + +193 +00:18:01,730 --> 00:18:06,330 +S3, to S4 until + +194 +00:18:12,110 --> 00:18:18,390 +the break-even is restored here. Right? The more + +195 +00:18:18,390 --> 00:18:21,690 +people leave, the higher the price. Right? + +196 +00:18:22,350 --> 00:18:26,070 +Correct? What happens when profits increase? The + +197 +00:18:26,070 --> 00:18:32,770 +loss decreases. Here we have a loss. Increasing + +198 +00:18:32,770 --> 00:18:38,190 +the prices leads to decreasing the loss. Right? + +199 +00:18:39,050 --> 00:18:41,650 +Correct? As the price goes up. + +200 +00:18:52,60 + +223 +00:20:41,820 --> 00:20:45,360 +short run. But in the long run, we have one case + +224 +00:20:45,360 --> 00:20:47,540 +only, which is a break even. Right? + +225 +00:20:57,140 --> 00:21:03,540 +If there is a loss, if there is a loss, what will + +226 +00:21:03,540 --> 00:21:07,780 +happen? Part of the producers or the sellers will + +227 +00:21:07,780 --> 00:21:11,920 +leave the market. Okay? What happened? Supply + +228 +00:21:11,920 --> 00:21:13,540 +shifts slipped. What happened to the prices? + +229 +00:21:16,260 --> 00:21:16,740 +Yes. + +230 +00:21:19,540 --> 00:21:22,080 +The price went up a bit. What happened to the size + +231 +00:21:22,080 --> 00:21:22,580 +of the loss? + +232 +00:21:26,800 --> 00:21:33,460 +The long term, we have a break + +233 +00:21:33,460 --> 00:21:39,220 +even + +234 +00:21:39,220 --> 00:21:39,620 +only. + +235 +00:21:43,120 --> 00:21:44,040 +So, + +236 +00:21:57,110 --> 00:22:01,590 +In the perfect competition market, the business + +237 +00:22:01,590 --> 00:22:08,150 +might achieve profits, + +238 +00:22:08,890 --> 00:22:12,490 +break-even and loss, but in the long term, we have + +239 +00:22:12,490 --> 00:22:13,530 +a break-even only. + +240 +00:22:26,990 --> 00:22:30,430 +We have the business. The market. + +241 +00:22:46,910 --> 00:22:48,930 +Q. Price. + +242 +00:22:53,930 --> 00:23:02,500 +D1. S1, E1, P1, + +243 +00:23:04,760 --> 00:23:12,660 +Q1. This is the market equilibrium price or the + +244 +00:23:12,660 --> 00:23:16,720 +equilibrium price for the market as a whole, yes + +245 +00:23:16,720 --> 00:23:22,240 +for the preferential market. Here is + +246 +00:23:28,760 --> 00:23:31,620 +The perfect competition business. + +247 +00:23:36,240 --> 00:23:40,700 +And the price? Perfect competition business or + +248 +00:23:40,700 --> 00:23:45,060 +company. Okay? BCC, business. + +249 +00:23:55,800 --> 00:23:56,800 +Price? + +250 +00:23:59,050 --> 00:24:03,230 +equals MR equals demand curve 1, 1, 1. + +251 +00:24:08,830 --> 00:24:10,850 +And the prices here is P1. + +252 +00:24:17,950 --> 00:24:22,030 +We have three cases in the short run. This is the + +253 +00:24:22,030 --> 00:24:25,390 +case number one. According to our assumption or we + +254 +00:24:25,390 --> 00:24:31,920 +will assume that, This business faces + +255 +00:24:31,920 --> 00:24:36,660 +a profit or achieves profits in the short run. + +256 +00:24:36,920 --> 00:24:40,640 +This is case number one. Number one, in the short + +257 +00:24:40,640 --> 00:24:49,460 +run, the business achieves profits, which means + +258 +00:24:49,460 --> 00:24:53,280 +that the price is bigger than average total cost. + +259 +00:24:54,180 --> 00:24:56,520 +Price is bigger than ATC. + +260 +00:25:01,110 --> 00:25:02,670 +Here's the marginal cost. + +261 +00:25:10,690 --> 00:25:19,170 +AVC and ATC. + +262 +00:25:33,240 --> 00:25:39,280 +Where's the equilibrium point? The equilibrium + +263 +00:25:39,280 --> 00:25:42,240 +occurs when marginal revenue equals the marginal + +264 +00:25:42,240 --> 00:25:43,640 +cost, right? Here. + +265 +00:25:46,820 --> 00:25:50,660 +This is the equilibrium point, right? Where's the + +266 +00:25:50,660 --> 00:25:56,220 +break-even point? Here, right? Where's the + +267 +00:25:56,220 --> 00:26:00,970 +shutdown point? Here, right? To determine if we + +268 +00:26:00,970 --> 00:26:04,170 +have profits or loss or break even, we have to + +269 +00:26:04,170 --> 00:26:07,670 +take a vertical distance, vertical line from the + +270 +00:26:07,670 --> 00:26:13,250 +equilibrium point to ATC here. Right? Correct? If + +271 +00:26:13,250 --> 00:26:19,910 +it goes up, it goes down. Here we have the average + +272 +00:26:19,910 --> 00:26:24,230 +total cost, the first one. The price is bigger + +273 +00:26:24,230 --> 00:26:27,690 +than ATC, so here we have what? Profits or loss or + +274 +00:26:27,690 --> 00:26:28,130 +break even? + +275 +00:26:32,830 --> 00:26:34,570 +The price is bigger than ATC. + +276 +00:26:39,330 --> 00:26:41,590 +Profits. Economic profits. + +277 +00:26:47,150 --> 00:26:47,870 +So, + +278 +00:26:50,970 --> 00:26:56,630 +here we have profits in the short run. What will + +279 +00:26:56,630 --> 00:27:00,770 +happen as there is a profit? This will encourage + +280 +00:27:00,770 --> 00:27:06,110 +new sellers to enter the market. What will happen? + +281 +00:27:06,590 --> 00:27:08,730 +Supply shifts right. + +282 +00:27:11,250 --> 00:27:14,510 +As their profits, new producers will enter the + +283 +00:27:14,510 --> 00:27:18,650 +market. Supply increases. Supply shifts right. + +284 +00:27:25,970 --> 00:27:32,070 +Supply will shift right to S2. what will happen to + +285 +00:27:32,070 --> 00:27:34,990 +price we have a new equilibrium point e2 right + +286 +00:27:34,990 --> 00:27:42,290 +with smaller prices with less prices to p2 here + +287 +00:27:42,290 --> 00:27:46,970 +here's + +288 +00:27:46,970 --> 00:27:54,450 +the new price this + +289 +00:27:54,450 --> 00:28:00,490 +is the new price the new equilibrium price + +290 +00:28:07,770 --> 00:28:17,590 +It changes more than a time in the supply. As + +291 +00:28:17,590 --> 00:28:24,390 +their + +292 +00:28:24,390 --> 00:28:27,890 +profits, supply will increase. + +293 +00:28:31,500 --> 00:28:39,900 +P2 equals MR2 equals D2 until break even. + +294 +00:28:47,640 --> 00:28:52,840 +as long as supply increases and shifts right, + +295 +00:28:53,240 --> 00:28:57,160 +shifts right, the price goes down. Goes down until + +296 +00:28:57,160 --> 00:29:00,000 +the equilibrium, until the break-even is restored + +297 +00:29:00,000 --> 00:29:03,800 +here. When the price tangents with the minimum + +298 +00:29:03,800 --> 00:29:11,190 +ATC. Break-even in the long term. In the short + +299 +00:29:11,190 --> 00:29:14,850 +term, here we have three cases. Profit, which is + +300 +00:29:14,850 --> 00:29:18,810 +the original. This is here the case. Profits, the + +301 +00:29:18,810 --> 00:29:22,510 +price is bigger than ATC. In the long term, shows + +302 +00:29:22,510 --> 00:29:27,050 +our break-even. Let's see if we have a loss. Where + +303 +00:29:27,050 --> 00:29:27,410 +is the price? + +304 +00:29:30,430 --> 00:29:35,750 +Exactly. Under the ATC. Let's see. Here is the + +305 +00:29:35,750 --> 00:29:42,410 +first case. The original price is here. The price + +306 +00:29:42,410 --> 00:29:47,410 +is above ATC. Here we have an economic profits. As + +307 +00:29:47,410 --> 00:29:49,890 +there is an economic profits, this would encourage + +308 +00:29:49,890 --> 00:29:52,550 +new producers to enter the market. Supply + +309 +00:29:52,550 --> 00:29:57,630 +increases and shifts right. So the price, we have + +310 +00:29:57,630 --> 00:30:02,470 +a new equilibrium price here. To B2, the price + +311 +00:30:02,470 --> 00:30:08,380 +goes down. Here we have a new price, P2. We still + +312 +00:30:08,380 --> 00:30:11,920 +have profits here. As there is still profits here, + +313 +00:30:13,300 --> 00:30:15,940 +this would encourage new producers to enter the + +314 +00:30:15,940 --> 00:30:20,200 +market. Supply ships were right once again. The + +315 +00:30:20,200 --> 00:30:26,610 +price here, E3, price P3 here, The price here, the + +316 +00:30:26,610 --> 00:30:31,210 +original or the last case. In the long term, the + +317 +00:30:31,210 --> 00:30:34,410 +price will be tangent to the minimum ATC. This is + +318 +00:30:34,410 --> 00:30:37,150 +the first case. So in the long term, in the short + +319 +00:30:37,150 --> 00:30:39,990 +run here, we have profits or the business + +320 +00:30:39,990 --> 00:30:43,370 +generates profits in the short run. But in the + +321 +00:30:43,370 --> 00:30:47,320 +long term, we have break even. The second case, + +322 +00:30:47,580 --> 00:30:51,900 +let us assume that the business faces a loss in + +323 +00:30:51,900 --> 00:30:54,440 +the short run and what will happen in the long + +324 +00:30:54,440 --> 00:31:00,260 +run, right? So here, this is the first case. Let's + +325 +00:31:00,260 --> 00:31:04,060 +go to the second case. The second case, we will + +326 +00:31:04,060 --> 00:31:08,440 +assume that the business or the company that works + +327 +00:31:08,440 --> 00:31:11,740 +in the perfect commission market faces a loss in + +328 +00:31:11,740 --> 00:31:17,500 +the short run. The business faces a loss in the + +329 +00:31:17,500 --> 00:31:21,420 +short run. What will happen in the long term when + +330 +00:31:21,420 --> 00:31:24,280 +we talk about here about the perfect commission + +331 +00:31:24,280 --> 00:31:25,600 +company? + +332 +00:31:35,480 --> 00:31:43,040 +So here is the short run and loss for the perfect + +333 +00:31:43,040 --> 00:31:45,880 +competition business that works or yes the perfect + +334 +00:31:45,880 --> 00:31:49,880 +competition business and here is for the market + +335 +00:31:49,880 --> 00:31:55,860 +and here is for the business PCC and here is the + +336 +00:31:55,860 --> 00:32:02,300 +market perfect competition market price inequality + +337 +00:32:08,820 --> 00:32:16,100 +D1, S1, A1, the price is P1, and the quantity here + +338 +00:32:16,100 --> 00:32:21,840 +for the market as a whole, Q1. As the business + +339 +00:32:21,840 --> 00:32:24,440 +that works in the, or the company here that works + +340 +00:32:24,440 --> 00:32:27,020 +in the peripheral commercial market is a price + +341 +00:32:27,020 --> 00:32:35,260 +taker, not a price maker. PQ, PMC, MR, DKR, And + +342 +00:32:35,260 --> 00:32:40,560 +AVC, ATC. Here, these are the variables or the + +343 +00:32:40,560 --> 00:32:47,720 +factors will be drawn here. The price here will be + +344 +00:32:47,720 --> 00:32:49,720 +here. Price. + +345 +00:32:52,100 --> 00:32:59,360 +The price that can the company sell, P1 equals MR1 + +346 +00:32:59,360 --> 00:33:05,440 +equals D1. The assumption here is We have a loss, + +347 +00:33:05,800 --> 00:33:10,540 +which means that the price will be less than ATC. + +348 +00:33:11,260 --> 00:33:15,160 +Right? Yes. Who should I be? The price or the ATC? + +349 +00:33:15,780 --> 00:33:19,380 +The price. The price is less than ATC? Yes. Okay. + +350 +00:33:19,680 --> 00:33:21,740 +So, here is the marginal cost. + +351 +00:33:24,560 --> 00:33:26,260 +And here is AVC. + +352 +00:33:29,060 --> 00:33:30,720 +And here is ATC. + +353 +00:33:45,780 --> 00:33:48,640 +Where's the price? Here's the price. That's P1. + +354 +00:33:51,700 --> 00:33:55,160 +Where's the equilibrium point when MR equals MC? + +355 +00:33:56,180 --> 00:34:01,080 +MR equals MC. This is the equilibrium point, E1.to + +356 +00:34:01,080 --> 00:34:06,120 +determine if we have a break-even loss or profits. + +357 +00:34:06,520 --> 00:34:12,320 +We have to take vertical distance from A1 to ATC. + +358 +00:34:25,610 --> 00:34:30,290 +which means that the average total cost, the total + +359 +00:34:30,290 --> 00:34:34,950 +cost per unit is bigger than the selling price per + +360 +00:34:34,950 --> 00:34:39,630 +unit, which means that we have a loss by this + +361 +00:34:39,630 --> 00:34:49,150 +rectangle here. Here we + +362 +00:34:49,150 --> 00:34:49,830 +have a loss. + +363 +00:34:53,260 --> 00:34:59,080 +as there is a loss in the market. The current part + +364 +00:34:59,080 --> 00:34:59,920 +of the sellers. + +365 +00:35:09,880 --> 00:35:18,340 +Which means + +366 +00:35:18,340 --> 00:35:24,640 +supply will shift left. Supply will decline. So + +367 +00:35:24,640 --> 00:35:28,340 +here, we can say the supply will shift left. + +368 +00:35:29,080 --> 00:35:32,220 +Supply shifts left to us too. We have a new + +369 +00:35:32,220 --> 00:35:37,380 +equilibrium price to E2. We have a new price, P2. + +370 +00:35:38,080 --> 00:35:43,540 +The same price will the company take. هذا سعر صار + +371 +00:35:43,540 --> 00:35:47,900 +الجديد اللي بتبيع فيه مين؟ ال business. اللي هو + +372 +00:35:47,900 --> 00:35:52,320 +P2. The same price, the same as market price, + +373 +00:35:52,460 --> 00:35:59,970 +equilibrium prices.P2 equals Mr2 equals J2. We + +374 +00:35:59,970 --> 00:36:02,090 +still have loss. + +375 +00:36:13,820 --> 00:36:17,580 +Part, additional part of sellers will go out, will + +376 +00:36:17,580 --> 00:36:20,000 +leave the market. Right? They will keep going up + +377 +00:36:20,000 --> 00:36:23,480 +and up until we reach this. Do you see this? The + +378 +00:36:23,480 --> 00:36:27,080 +minimum ATC, this is the price he has. Yes, we + +379 +00:36:27,080 --> 00:36:29,300 +will come like this. We will come to this point + +380 +00:36:29,300 --> 00:36:31,180 +like this. + +381 +00:36:33,040 --> 00:36:33,720 +It will be here. + +382 +00:36:36,520 --> 00:36:41,800 +To S3. Here we have the price P3. + +383 +00:36:50,140 --> 00:37:01,500 +Which is break even in the long term. So here P3 + +384 +00:37:01,500 --> 00:37:09,820 +equals MR3 equals D3 which is the equilibrium in + +385 +00:37:09,820 --> 00:37:15,900 +the long term. If you start a break-even in the + +386 +00:37:15,900 --> 00:37:18,480 +short run, in the long run, you end up with a + +387 +00:37:18,480 --> 00:37:21,160 +break-even. It's about the profits. In the long + +388 +00:37:21,160 --> 00:37:24,400 +run, where does it go? And we see this in our + +389 +00:37:24,400 --> 00:37:27,680 +society. Go open a shop in the street. Three + +390 +00:37:27,680 --> 00:37:32,280 +million shops go down in the street. Right? Right + +391 +00:37:32,280 --> 00:37:35,380 +or not? Go open a bus stop anywhere. You'll find + +392 +00:37:35,380 --> 00:37:36,620 +three thousand bus stops going down, and you say, + +393 +00:37:36,740 --> 00:37:38,340 +I'm just going to sell and get the goods and + +394 +00:37:38,340 --> 00:37:42,980 +that's it. Break-even. Okay? That's what happens. + +395 +00:37:44,380 --> 00:37:48,980 +In a short period of time, an entrepreneur who + +396 +00:37:48,980 --> 00:37:53,100 +works in a competitive market can earn money. If + +397 +00:37:53,100 --> 00:37:55,680 +you look at the market, do you find profit? Do you + +398 +00:37:55,680 --> 00:37:57,840 +find that this is the market and there is profit? + +399 +00:37:59,400 --> 00:38:01,520 +Those who sit outside and can't find a job, and + +400 +00:38:01,520 --> 00:38:04,480 +you find them selling pens, and you earn money, + +401 +00:38:04,700 --> 00:38:05,780 +you have to make smoke. + +402 +00:38:12,470 --> 00:38:29,490 +Price is equal + +403 +00:38:29,490 --> 00:38:29,830 +to ETC. + +404 +00:38:37,980 --> 00:38:39,840 +So if we were to lose, a part of the people would + +405 +00:38:39,840 --> 00:38:42,340 +leave. The supply would decrease. The price would + +406 +00:38:42,340 --> 00:38:44,180 +rise and we would reach a break-even in the price. + +407 +00:38:44,300 --> 00:38:50,200 +That's it. Did you get it or not? No, no. If we + +408 +00:38:50,200 --> 00:38:53,640 +were in Prefix, the price is higher than the ATC. + +409 +00:38:54,260 --> 00:38:56,740 +It will keep going down until we reach the minimum + +410 +00:38:56,740 --> 00:38:59,260 +ATC. If the price is below the ATC, it will keep + +411 +00:38:59,260 --> 00:39:01,920 +rising and rising until we reach a break-even. + +412 +00:39:02,820 --> 00:39:05,720 +Let's go to determine the equilibrium shutdown + +413 +00:39:05,720 --> 00:39:11,830 +point. and the break-even point using equations, + +414 +00:39:12,850 --> 00:39:13,230 +formulas. + +415 +00:39:18,110 --> 00:39:22,730 +العودة company for + +416 +00:39:22,730 --> 00:39:26,990 +baskets + +417 +00:39:26,990 --> 00:39:34,870 +or العمل whatever the name regardless sells + +418 +00:39:34,870 --> 00:39:35,470 +baskets + +419 +00:39:39,290 --> 0 + +445 +00:42:49,850 --> 00:42:54,830 +At this quantity, at equilibrium, is there profits + +446 +00:42:54,830 --> 00:42:59,470 +or loss or break even? But let's before calculate + +447 +00:42:59,470 --> 00:43:03,290 +the total fixed cost, total variable, and these + +448 +00:43:03,290 --> 00:43:07,450 +here, these factors or these variables in this + +449 +00:43:07,450 --> 00:43:13,970 +industry or for this company. As you see here, the + +450 +00:43:13,970 --> 00:43:18,160 +total cost function is The total cost has two + +451 +00:43:18,160 --> 00:43:25,760 +parts, Tc equals Tfc plus Tvc. This part, 50, is + +452 +00:43:25,760 --> 00:43:30,720 +fixed, the total fixed cost, which means if the + +453 +00:43:30,720 --> 00:43:33,960 +quantity produced or sold equals zero, this is the + +454 +00:43:33,960 --> 00:43:38,020 +total fixed cost. And the total variable cost is + +455 +00:43:38,020 --> 00:43:39,160 +the second part here. + +456 +00:43:43,620 --> 00:43:48,300 +So the function here, we have two functions, TFC + +457 +00:43:48,300 --> 00:43:55,120 +equals 50. That's it. At the Q equals 0. TVC + +458 +00:43:55,120 --> 00:43:59,520 +function plus + +459 +00:43:59,520 --> 00:44:07,420 +three quantity square plus two Q. This is the TVC. + +460 +00:44:07,940 --> 00:44:15,330 +How much is the AVC function? Of course, I can do + +461 +00:44:15,330 --> 00:44:20,230 +all this work. The calculations of AVC and TVC and + +462 +00:44:20,230 --> 00:44:22,710 +so on. Right? What is the AVC function? + +463 +00:44:25,370 --> 00:44:35,050 +AVC function. AVC equals TVC over Q equals 3Q + +464 +00:44:35,050 --> 00:44:41,250 +squared over Q plus 2Q over Q. So AVC function + +465 +00:44:41,250 --> 00:44:45,910 +equals 3Q + +466 +00:44:45,910 --> 00:44:50,670 +plus 2Q. This is the AVC function. + +467 +00:44:55,290 --> 00:44:57,590 +Marginal Cost Function, MC. + +468 +00:45:00,610 --> 00:45:05,370 +It changed in total cost over change in Q, or + +469 +00:45:05,370 --> 00:45:13,870 +change in TVC over change in Q. In terms + +470 +00:45:13,870 --> 00:45:19,310 +of Q, regarding Q. MC, Marginal Cost Equals. + +471 +00:45:23,760 --> 00:45:25,940 +100%. This fixed value is zero. + +472 +00:45:29,700 --> 00:45:34,860 +Then two times three times q raised to the power + +473 +00:45:34,860 --> 00:45:36,740 +of two minus one. Six q. + +474 +00:45:40,040 --> 00:45:49,060 +So, zero plus two times three times six q plus + +475 +00:45:49,060 --> 00:45:52,980 +two. Of course, this is raised to the power of + +476 +00:45:52,980 --> 00:46:01,240 +one. Right? So here MC equals 6Q plus 2. + +477 +00:46:04,540 --> 00:46:06,780 +Right? What about MR? + +478 +00:46:15,460 --> 00:46:19,300 +Because it is the marginal cost, what does it + +479 +00:46:19,300 --> 00:46:19,540 +equal? + +480 +00:46:22,670 --> 00:46:25,690 +What does change mean? Total cost over change in + +481 +00:46:25,690 --> 00:46:31,430 +Q. This is the total cost over Q. That's what it + +482 +00:46:31,430 --> 00:46:36,970 +means. Change is the differentiation of what? It's + +483 +00:46:36,970 --> 00:46:42,230 +the change. We have a problem in education. We + +484 +00:46:42,230 --> 00:46:43,870 +take change but we don't know what it means. + +485 +00:46:45,030 --> 00:46:47,890 +Right? This is the problem of education. + +486 +00:46:51,660 --> 00:46:57,600 +Well, it changed. And that's it. The second phase, + +487 +00:46:58,120 --> 00:47:00,640 +what did it do? Well, if you compare it to this, + +488 +00:47:00,760 --> 00:47:04,260 +it's 6. So I have a first phase, a second phase, + +489 +00:47:04,320 --> 00:47:10,960 +and a third phase. But we need to + +490 +00:47:10,960 --> 00:47:14,120 +understand the logic behind it before we compare + +491 +00:47:14,120 --> 00:47:14,640 +it. Why? + +492 +00:47:18,070 --> 00:47:20,190 +Marginal revenue in the preficient commercial + +493 +00:47:20,190 --> 00:47:29,030 +market MR equals the price. Or MR equals change in + +494 +00:47:29,030 --> 00:47:32,730 +total revenue over change in Q. Total revenue what + +495 +00:47:32,730 --> 00:47:36,530 +does it do? Price for Q. If you add up the price + +496 +00:47:36,530 --> 00:47:44,010 +for Q, you get P. Right? Let's calculate the total + +497 +00:47:44,010 --> 00:47:47,150 +fixed cost, total variable cost, total cost, and + +498 +00:47:47,150 --> 00:47:49,450 +all the variables. TFC, + +499 +00:47:53,430 --> 00:47:56,750 +TFC, TVC, + +500 +00:47:59,270 --> 00:47:59,870 +TC, + +501 +00:48:02,670 --> 00:48:06,950 +Total Revenue, MC, + +502 +00:48:09,510 --> 00:48:09,950 +MR, + +503 +00:48:12,930 --> 00:48:21,650 +AVC, AFC, ATC. AFC, AVC, ATC. + +504 +00:48:24,790 --> 00:48:31,830 +TFC is fixed at different quantities. TFC. + +505 +00:48:45,870 --> 00:48:52,090 +We can calculate it either Tc minus Tfc. Well, it + +506 +00:48:52,090 --> 00:48:57,290 +should be calculated. Tvc, either I say I + +507 +00:48:57,290 --> 00:49:01,270 +substitute with the equation, right? Yes. For the + +508 +00:49:01,270 --> 00:49:06,890 +first value, Tvc equals plus three times Tvc. + +509 +00:49:08,390 --> 00:49:13,010 +For the first point here, Tvc at Q equals zero. + +510 +00:49:13,070 --> 00:49:15,210 +How much is it? I say Tvc. + +511 +00:49:17,730 --> 00:49:23,830 +Equals plus three times Q zero Square plus two + +512 +00:49:23,830 --> 00:49:29,610 +times zero At + +513 +00:49:29,610 --> 00:49:36,370 +the Q equals one Square + +514 +00:49:44,060 --> 00:49:49,680 +Okay, three plus two equals five, right? + +515 +00:49:53,240 --> 00:49:59,880 +Okay, what else? At q equals two here, how much is + +516 +00:49:59,880 --> 00:50:09,560 +Tvc? Two, two, two squared, four, four times + +517 +00:50:09,560 --> 00:50:21,560 +three, twelve, Plus 4, 16. Of course, + +518 +00:50:21,780 --> 00:50:23,700 +all of these are easy to find, but all of these + +519 +00:50:23,700 --> 00:50:28,960 +fill up the whole table. Right? Okay. A three + +520 +00:50:28,960 --> 00:50:35,460 +square here. Nine, three, twenty-seven, six. How + +521 +00:50:35,460 --> 00:50:41,860 +many? Thirty-three. And hence, then? Then, then. + +522 +00:50:51,890 --> 00:50:53,290 +Okay. + +523 +00:50:55,850 --> 00:51:06,150 +What about total cost? TVC plus TFC. 50, 55, 66, + +524 +00:51:07,170 --> 00:51:14,890 +83, 106, 135, 170, + +525 +00:51:16,390 --> 00:51:22,950 +100 or 200, 11. What about Twitter revenue? The + +526 +00:51:22,950 --> 00:51:26,670 +price is fixed. As we were talking about the + +527 +00:51:26,670 --> 00:51:29,390 +perfect commercial market, the price is fixed at + +528 +00:51:29,390 --> 00:51:33,910 +different quantities. So price times quantity. So + +529 +00:51:33,910 --> 00:51:37,890 +the price here, Twitter revenue equals the price, + +530 +00:51:37,990 --> 00:51:46,210 +which is here, 14. 14 times 0. 0, 14 times 1, 14, + +531 +00:51:46,690 --> 00:51:52,730 +28. 30, 42, how much is it total revenue? + +532 +00:51:56,030 --> 00:51:56,890 +Then? + +533 +00:52:03,790 --> 00:52:04,650 +Then? + +534 +00:52:09,130 --> 00:52:11,490 +The last point? + +535 +00:52:14,630 --> 00:52:20,930 +What about the marginal cost? It can be calculated + +536 +00:52:20,930 --> 00:52:22,410 +by using this formula. + +537 +00:52:26,310 --> 00:52:30,990 +Or change in total cost. Or change in variable + +538 +00:52:30,990 --> 00:52:37,490 +cost over change in Q. Let's try the first point + +539 +00:52:37,490 --> 00:52:44,750 +here. 55 minus 50 over 1 minus 0 is 5. 2 here. + +540 +00:52:47,270 --> 00:52:49,030 +Eleven. Try it with two numbers and you will get + +541 +00:52:49,030 --> 00:52:53,150 +it right. Using this formula. MC equals six times + +542 +00:52:53,150 --> 00:52:53,570 +two. + +543 +00:52:57,050 --> 00:52:58,610 +So there is a problem here. + +544 +00:53:02,130 --> 00:53:04,430 +It is fourteen. Can you see it? Change the TVs. + +545 +00:53:04,790 --> 00:53:07,330 +How much is this? It should be seventy-six. Yes, + +546 +00:53:07,410 --> 00:53:10,890 +it is wrong. Wait a minute. Go back and correct + +547 +00:53:10,890 --> 00:53:13,230 +it. TC is sixteen. + +548 +00:53:15,990 --> 00:53:22,610 +Change with TBC. Change with TBC. 5 minus 0 over 1 + +549 +00:53:22,610 --> 00:53:32,490 +minus 0 is 5. 16 minus 5 is 11. Where is the + +550 +00:53:32,490 --> 00:53:33,130 +problem here? + +551 +00:53:45,300 --> 00:53:50,300 +Change the TVC, the same result. Change it. Yes? + +552 +00:53:56,260 --> 00:54:00,160 +And where is the problem? Is there a mistake in + +553 +00:54:00,160 --> 00:54:05,200 +the numbers? Yes. The MC is two? + +554 +00:54:08,380 --> 00:54:11,440 +Which two? Wait a minute. + +555 +00:54:17,890 --> 00:54:22,470 +No, there is no change at all. There is no change. + +556 +00:54:24,210 --> 00:54:27,730 +Let's go back to the function and see. Change in + +557 +00:54:27,730 --> 00:54:30,590 +TC. 6Q plus 2. No, it is correct. + +558 +00:54:37,370 --> 00:54:44,570 +Q is zero. This is correct. Calculate TC using the + +559 +00:54:44,570 --> 00:54:51,910 +formula. Girls, let's make a formula for Tc. Tc at + +560 +00:54:51,910 --> 00:54:56,730 +Q equals 1. Let's see how much Tc comes out. Let's + +561 +00:54:56,730 --> 00:54:56,990 +see. + +562 +00:55:04,190 --> 00:55:09,690 +Tc is 50 plus 3 times Q raised to the power 3. + +563 +00:55:34,240 --> 00:55:41,380 +Q squared, Q squared, 2. + +564 +00:55:52,120 --> 00:55:52,760 +Okay. + +565 +00:55:57,080 --> 00:56:01,900 +Work normally on this body. On this work, on this + +566 +00:56:01,900 --> 00:56:07,480 +change. Okay? We want to work tirelessly on the + +567 +00:56:07,480 --> 00:56:10,800 +table, as we learned before. But we want to + +568 +00:56:10,800 --> 00:56:12,520 +benefit from this. See the function correctly. + +569 +00:56:14,150 --> 00:56:16,910 +Because if you make a change in the TVC or change + +570 +00:56:16,910 --> 00:56:20,670 +in the total cost, you get the same result. You + +571 +00:56:20,670 --> 00:56:21,690 +get the same formula. + +572 +00:56:29,010 --> 00:56:30,990 +Just fill it out like this. Fill out the schedule + +573 +00:56:30,990 --> 00:56:33,150 +as we learned in the beginning. But this formula, + +574 +00:56:33,350 --> 00:56:35,550 +this function will be used in something else. + +575 +00:56:37,090 --> 00:56:43,620 +Okay? Yes? Okay, so this is how MC A change in the + +576 +00:56:43,620 --> 00:56:50,040 +TC, how much is it? 66. How much is it? 10. 83 + +577 +00:56:50,040 --> 00:56:56,520 +minus 66 over 3 minus 2. How much is this? + +578 +00:57:00,460 --> 00:57:05,080 +Yes. No, I don't want to reach logical results, + +579 +00:57:05,180 --> 00:57:09,760 +but there must be something else. How much? The + +580 +00:57:09,760 --> 00:57:10,120 +next 17. + +581 +00:57:14,590 --> 00:57:21,490 +Twenty-three and + +582 +00:57:21,490 --> 00:57:21,770 +then? + +583 +00:57:25,130 --> 00:57:29,950 +Twenty... Twenty-nine? Then? + +584 +00:57:34,930 --> 00:57:35,490 +Two hundred? + +585 +00:57:39,630 --> 00:57:42,750 +I received thirty-five. + +586 +00:57:46,980 --> 00:57:53,360 +three, one. MR equals + +587 +00:57:53,360 --> 00:57:56,940 +the price. Which is the price for T? + +588 +00:58:04,400 --> 00:58:09,000 +Okay. AVC, TVC over Q. + +589 +00:58:12,700 --> 00:58:20,270 +TVC, five over one, five. Sixteen over two, eight. + +590 +00:58:21,570 --> 00:58:31,810 +Thirty-three, eleven. One, fourteen. And then one, + +591 +00:58:32,190 --> 00:58:42,770 +seven. Twenty. How much is it? Sorry? How much? + +592 +00:58:52,480 --> 00:59:05,440 +23 ATC or AFC 50 over 1 50 25 + +593 +00:59:05,440 --> 00:59:13,860 +50 over 3 60 + +594 +00:59:13,860 --> 00:59:15,460 +.6 and then + +595 +00:59:18,440 --> 00:59:38,760 +12.5 and then 10 and then 8.3 the last point 7 + +596 +00:59:38,760 --> 00:59:45,740 +.14 okay ATC the summation of AVC plus AFC 55 + +597 +00:59:47,510 --> 00:59:55,090 +Twenty-five, thirty-two, thirty-three, twenty + +598 +00:59:55,090 --> 01:00:00,150 +-seven point six, twenty-six point five, half, + +599 +01:00:01,050 --> 01:00:06,550 +twenty-seven, twenty-eight point three, and the + +600 +01:00:06,550 --> 01:00:09,290 +last thirty point fourteen. + +601 +01:00:12,630 --> 01:00:13,590 +Determine + +602 +01:00:18,770 --> 01:00:22,390 +The shutdown point. Where's the shutdown point? + +603 +01:00:24,890 --> 01:00:31,150 +Where is it? The minimum value or the minimum AVC, + +604 +01:00:33,010 --> 01:00:34,830 +the shutdown point. + +605 +01:00:41,230 --> 01:00:45,970 +At a Q equals 1. + +606 +01:00:48,780 --> 01:00:54,140 +Where is the break-even point? The minimum ATC. If + +607 +01:00:54,140 --> 01:00:58,040 +I don't see the price equals total revenue equals + +608 +01:00:58,040 --> 01:01:02,400 +total cost, I see the minimum ATC. Where is the + +609 +01:01:02,400 --> 01:01:05,640 +minimum ATC? How much is it? + +610 +01:01:08,040 --> 01:01:09,960 +At Q equals 4. + +611 +01:01:17,330 --> 01:01:22,830 +equals MC. Where is the equilibrium point at MR + +612 +01:01:22,830 --> 01:01:29,990 +equals MC? When MR equals MC? I think it is not in + +613 +01:01:29,990 --> 01:01:33,550 +the data. That is why I go back to the formula. I + +614 +01:01:33,550 --> 01:01:37,510 +say the quantity, where does it happen? At the + +615 +01:01:37,510 --> 01:01:42,210 +quantity that achieves the equilibrium at MR + +616 +01:01:42,210 --> 01:01:45,430 +equals MC. The equilibrium + +617 +01:01:50,580 --> 01:01:57,340 +occurs when mr equals mc. This is the formula that + +618 +01:01:57,340 --> 01:02:01,620 +I mentioned. Because the data that is present here + +619 +01:02:01,620 --> 01:02:10,360 +is not covered. So mr equals mc times 6q plus 2 + +620 +01:02:10,360 --> 01:02:18,610 +equals mr which is 14. Right? So 6Q equals 14 minus + +621 +01:02:18,610 --> 01:02:24,450 +2, 6Q equals 12, hence Q equals 2. + +622 +01:02:27,390 --> 01:02:33,690 +At Q equals 2 here, it's as if it's telling you + +623 +01:02:33,690 --> 01:02:35,030 +that this is the equilibrium point. + +624 +01:02:38,690 --> 01:02:41,070 +Yes, it's very possible. We might have put the + +625 +01:02:41,070 --> 01:02:44,170 +numbers wrong. Because the truth is, I put the + +626 +01:02:44,170 --> 01:02:47,330 +question that I found. I mean, with Abu Hamza, one + +627 +01:02:47,330 --> 01:02:50,390 +minute. All right? I mean, I didn't take actual + +628 +01:02:50,390 --> 01:02:54,210 +data and worked on it. Maybe you saw Abu Hamza + +629 +01:02:54,210 --> 01:02:56,730 +less than a second ago. That's how I put the + +630 +01:02:56,730 --> 01:03:01,330 +question that dealt with the important idea. All + +631 +01:03:01,330 --> 01:03:03,550 +right? If I didn't find, for example, data in + +667 +01:05:57,090 --> 01:05:57,490 +profits? + +668 +01:06:00,340 --> 01:06:02,720 +We say total profits equals total revenue minus + +669 +01:06:02,720 --> 01:06:08,080 +total cost. So you have two here. At Q equals 2. + +670 +01:06:08,540 --> 01:06:10,100 +How much is the total revenue? We calculated it as + +671 +01:06:10,100 --> 01:06:15,620 +28. Total cost is 66. How much is the total + +672 +01:06:15,620 --> 01:06:19,660 +profits, total revenue minus total cost? It turns + +673 +01:06:19,660 --> 01:06:23,300 +out to be half. So the price is correct. It came + +674 +01:06:23,300 --> 01:06:31,380 +here. Below ATC. How much is ATC with TC? Sorry, + +675 +01:06:31,480 --> 01:06:38,940 +ATC. Yes. How much is ATC? At 2, 33. + +676 +01:06:42,120 --> 01:06:50,720 +At equilibrium, + +677 +01:06:51,280 --> 01:06:56,630 +how much is ATC? If this is all, I don't want this + +678 +01:06:56,630 --> 01:06:59,550 +whole table. Why did I bring formulas to look at + +679 +01:06:59,550 --> 01:07:05,930 +them? At equilibrium, how much is AVC? Away from + +680 +01:07:05,930 --> 01:07:07,790 +this table. I want to erase this whole table. + +681 +01:07:13,270 --> 01:07:18,830 +I want to say at equilibrium, calculate or how + +682 +01:07:18,830 --> 01:07:37,490 +much is ATC, AVC, AFC, MC,Total profits. How much + +683 +01:07:37,490 --> 01:07:38,550 +is total profits? + +684 +01:07:47,620 --> 01:07:54,460 +How much is Avc or Atc? How much is Atc? Calculate + +685 +01:07:54,460 --> 01:07:56,200 +Atc. + +686 +01:08:00,180 --> 01:08:04,940 +What is this function? This is Atc. What will Atc + +687 +01:08:04,940 --> 01:08:10,060 +do? Atc equals Tc over Q, right? Then the Atc + +688 +01:08:10,060 --> 01:08:16,580 +function equals Tc over Q, which equals 50 over Q + +689 +01:08:16,580 --> 01:08:28,120 +plus 3Q. Q squared over Q is Q. 3Q squared over Q + +690 +01:08:28,120 --> 01:08:38,890 +plus 2Q over Q is ATC. So ATC Equals 50 over Q + +691 +01:08:38,890 --> 01:08:44,250 +plus 3Q plus 2. This is the function I'm working + +692 +01:08:44,250 --> 01:08:53,790 +on. At equilibrium, Q equals what? Two. So, ATC at + +693 +01:08:53,790 --> 01:08:55,290 +equilibrium. + +694 +01:08:57,930 --> 01:09:04,610 +ATC equals 50 over Q2, which is at equilibrium. + +695 +01:09:07,150 --> 01:09:13,110 +Plus 3 times 2 plus 2. So ATC at equilibrium + +696 +01:09:13,110 --> 01:09:19,590 +equals 25 plus 6 plus 2 equals how much? + +697 +01:09:22,690 --> 01:09:27,690 +This is ATC. So ATC is bigger than the price. The + +698 +01:09:27,690 --> 01:09:33,650 +equilibrium price is how much? 14. And ATC is + +699 +01:09:33,650 --> 01:09:34,070 +higher than it. + +700 +01:09:40,540 --> 01:09:45,540 +At equilibrium, how much is AVC? + +701 +01:09:51,160 --> 01:09:55,760 +How much is AVC? + +702 +01:10:00,890 --> 01:10:05,970 +At equilibrium, how much is AVC? + +703 +01:10:08,090 --> 01:10:10,530 +At equilibrium, + +704 +01:10:17,930 --> 01:10:21,210 +how much is TAVC? + +705 +01:10:23,130 --> 01:10:27,270 +What is your advice to this company to keep + +706 +01:10:27,270 --> 01:10:34,670 +working or to close down? How much is A V C? A V C + +707 +01:10:34,670 --> 01:10:42,230 +equals T V C over Q equals + +708 +01:10:42,230 --> 01:10:57,130 +T V C three Q plus two Q. + +709 +01:10:59,110 --> 01:11:01,250 +AVC 3Q plus 2. + +710 +01:11:03,970 --> 01:11:08,490 +At equilibrium, at Q equals 2, how much is AVC? + +711 +01:11:09,350 --> 01:11:14,330 +AVC equals 3 times 2 plus 2 equals 8. + +712 +01:11:19,090 --> 01:11:23,530 +What is your advice in this case? Here we have a + +713 +01:11:23,530 --> 01:11:27,810 +loss, an economic loss. But what is your advice to + +714 +01:11:27,810 --> 01:11:32,810 +keep working or to close down? We have to compare + +715 +01:11:32,810 --> 01:11:39,670 +price and AVC. We said before that if the price is + +716 +01:11:39,670 --> 01:11:43,710 +bigger than AVC, keep working. If the price is + +717 +01:11:43,710 --> 01:11:49,130 +less than AVC, close down. If a price equals AVC, + +718 +01:11:49,370 --> 01:11:52,520 +here we're talking about the shutdown point. Now, + +719 +01:11:52,940 --> 01:11:56,620 +how much is AVC? Eight. How much is the price? + +720 +01:11:56,760 --> 01:12:00,980 +Equilibrium price? Fourteen. So, the price here is + +721 +01:12:00,980 --> 01:12:05,120 +bigger than AVC. Fourteen is bigger than eight. + +722 +01:12:05,320 --> 01:12:08,900 +So, keep working although we have a loss. diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/2spcdKGFcQU_postprocess.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/2spcdKGFcQU_postprocess.srt new file mode 100644 index 0000000000000000000000000000000000000000..a7117b618226e27587783de8a23bfbfa7e3ecb4f --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/2spcdKGFcQU_postprocess.srt @@ -0,0 +1,2888 @@ +1 +00:00:20,660 --> 00:00:22,720 +And today, inshallah, we are going to completely + +2 +00:00:22,720 --> 00:00:26,740 +talk about the perfect competition market. In the + +3 +00:00:26,740 --> 00:00:30,500 +last class, we determined the break-even point, + +4 +00:00:30,860 --> 00:00:34,360 +shutdown point, and equilibrium point. And we said + +5 +00:00:34,360 --> 00:00:46,260 +that MC, + +6 +00:00:48,580 --> 00:00:49,400 +VC, + +7 +00:00:52,160 --> 00:00:53,040 +ATC. + +8 +00:00:56,340 --> 00:01:04,300 +We said that the break-even point is the minimum + +9 +00:01:04,300 --> 00:01:09,540 +point at ATC because this is the break-even point + +10 +00:01:09,540 --> 00:01:16,070 +and This point, the minimum AVC is the shutdown + +11 +00:01:16,070 --> 00:01:20,470 +point. And we said also that if the equilibrium + +12 +00:01:20,470 --> 00:01:30,130 +price was above ATC, price equals MR equals demand + +13 +00:01:30,130 --> 00:01:33,230 +curve. If the price was here, here's the + +14 +00:01:33,230 --> 00:01:37,350 +equilibrium point. We said that if the price was + +15 +00:01:37,350 --> 00:01:43,030 +above ATC, here we have profits. Right? We have an + +16 +00:01:43,030 --> 00:01:47,070 +economic profits. If the price was tangent to the + +17 +00:01:47,070 --> 00:01:53,550 +minimum ATC here, here we have a break-even. + +18 +00:01:54,680 --> 00:01:59,720 +Right? If the price was in between here, between + +19 +00:01:59,720 --> 00:02:06,320 +ATC and AVC, which is above AVC and lower or less + +20 +00:02:06,320 --> 00:02:10,400 +than ATC, here we have an economic loss. And we + +21 +00:02:10,400 --> 00:02:17,680 +advise the business to keep working. Right? If the + +22 +00:02:17,680 --> 00:02:21,760 +price was tangent, the minimum ATC, or the price + +23 +00:02:21,760 --> 00:02:27,340 +equals minimum ATC, Here is the shutdown point, + +24 +00:02:27,840 --> 00:02:33,980 +which means the business is afraid to go on or to + +25 +00:02:33,980 --> 00:02:41,980 +stop working. If the price is below a VC here, the + +26 +00:02:41,980 --> 00:02:45,860 +business should shut down or close down, right? + +27 +00:02:47,240 --> 00:02:50,360 +Now, in the perfect competition market, I have a + +28 +00:02:50,360 --> 00:02:57,030 +question, which is, How is the price determined in + +29 +00:02:57,030 --> 00:03:00,890 +the perfect competition market? We said that the + +30 +00:03:00,890 --> 00:03:03,650 +business in the perfect competition market is a + +31 +00:03:03,650 --> 00:03:06,850 +price taker, not a price maker, which means if the + +32 +00:03:06,850 --> 00:03:11,750 +price in the market equals five shekels per unit, + +33 +00:03:13,190 --> 00:03:17,390 +all producers or sellers will sell the product + +34 +00:03:17,390 --> 00:03:21,550 +with the same price. And it changes in the prices + +35 +00:03:21,550 --> 00:03:27,610 +or they cannot control. One producer will be + +36 +00:03:27,610 --> 00:03:34,850 +unable to control the prices, right? Now, how can + +37 +00:03:34,850 --> 00:03:38,550 +the price determine in the market? The market + +38 +00:03:38,550 --> 00:03:41,030 +equilibrium price or the equilibrium price. How + +39 +00:03:41,030 --> 00:03:45,000 +can the prices determine the market? the price in + +40 +00:03:45,000 --> 00:03:48,080 +the perfect competition market is determined due + +41 +00:03:48,080 --> 00:03:54,340 +to demand and supply curves. Right? So here we + +42 +00:03:54,340 --> 00:03:58,680 +will talk about the business itself and the market + +43 +00:03:58,680 --> 00:04:06,660 +equilibrium. Price. Antiquities here. Here, we are + +44 +00:04:06,660 --> 00:04:09,100 +talking about the market as a whole and the + +45 +00:04:09,100 --> 00:04:11,820 +business that works under the perfect competition + +46 +00:04:11,820 --> 00:04:13,680 +market. So here, + +47 +00:04:24,160 --> 00:04:27,740 +Here is the business, the market, + +48 +00:04:31,100 --> 00:04:33,740 +price, and quantity. + +49 +00:04:36,760 --> 00:04:44,300 +And here is the business or the company that + +50 +00:04:44,300 --> 00:04:48,660 +works under the perfect competition market. + +51 +00:04:53,960 --> 00:04:55,060 +Competition market. + +52 +00:05:01,260 --> 00:05:06,080 +And here's the market. Let us talk about the + +53 +00:05:06,080 --> 00:05:06,940 +price. + +54 +00:05:13,420 --> 00:05:15,240 +Or an example. + +55 +00:05:23,440 --> 00:05:31,040 +supply and demand for + +56 +00:05:31,040 --> 00:05:40,360 +these types of benzene. Right? The price for this + +57 +00:05:40,360 --> 00:05:46,080 +type is determined in the market due to demand and + +58 +00:05:46,080 --> 00:05:49,460 +supply. Let us assume that the price of this unit, + +59 +00:05:50,240 --> 00:05:54,380 +the price period of this type, equals three + +60 +00:05:54,380 --> 00:06:03,360 +shekels. Three shekels. And the quantity sold in + +61 +00:06:03,360 --> 00:06:10,780 +the market as a whole equals 20,000 units for all + +62 +00:06:10,780 --> 00:06:19,180 +the market here. Right? And let me assume that I + +63 +00:06:19,180 --> 00:06:22,880 +want to come to this market to sell the same + +64 +00:06:22,880 --> 00:06:27,460 +products. The same product, identical, + +65 +00:06:27,660 --> 00:06:32,240 +homogeneous, and I tend to sell this product in + +66 +00:06:32,240 --> 00:06:35,920 +the market to open a new company, to open a new + +67 +00:06:35,920 --> 00:06:38,740 +business, to establish a new business, to sell + +68 +00:06:38,740 --> 00:06:44,350 +this, the same product in the market. What will + +69 +00:06:44,350 --> 00:06:47,950 +happen here? How much is the selling prices in + +70 +00:06:47,950 --> 00:06:54,330 +this case? Three, because in the market, I cannot + +71 +00:06:54,330 --> 00:07:02,670 +control the prices. So here, Q, prices. If I want + +72 +00:07:02,670 --> 00:07:08,490 +to sell one unit, how much is the price? Three. + +73 +00:07:09,280 --> 00:07:15,280 +Two units. Three. No, three for per unit. So, here + +74 +00:07:15,280 --> 00:07:19,860 +the price is determined here. The same prices. + +75 +00:07:23,240 --> 00:07:29,040 +P equals MR equals demand curve. This is the + +76 +00:07:29,040 --> 00:07:32,760 +demand curve for what? For the business that works + +77 +00:07:32,760 --> 00:07:34,580 +under the perfect commercial market. So, + +78 +00:07:40,940 --> 00:07:45,520 +Three shakers. Let me assume that I want to sell + +79 +00:07:45,520 --> 00:07:46,920 +600 units. + +80 +00:07:50,940 --> 00:07:58,600 +If I want to sell 800 units, I have to sell it + +81 +00:07:58,600 --> 00:08:02,520 +with the same prices, the same equilibrium price. + +82 +00:08:03,970 --> 00:08:07,930 +Decreasing or increasing the quantity means that I + +83 +00:08:07,930 --> 00:08:11,530 +have to sell it under the same prices with no + +84 +00:08:11,530 --> 00:08:14,910 +differences, right? Because I cannot control the + +85 +00:08:14,910 --> 00:08:22,430 +market as a small business, which means atomicity. + +86 +00:08:22,910 --> 00:08:23,350 +Now, + +87 +00:08:27,080 --> 00:08:32,760 +how can the price increases or decreases for the + +88 +00:08:32,760 --> 00:08:34,540 +perfect competition business? + +89 +00:08:37,560 --> 00:08:42,060 +If demand as a whole increases in the market, what + +90 +00:08:42,060 --> 00:08:46,100 +will happen? The price will go up. So, let us + +91 +00:08:46,100 --> 00:08:49,520 +assume that the demand for this type of + +92 +00:08:49,520 --> 00:08:56,740 +pharmaceutical increases. This is D1. And the + +93 +00:08:56,740 --> 00:09:02,680 +demand increases to D2, from D1 to D2. + +94 +00:09:07,760 --> 00:09:13,420 +We have Ceteris Peribus. We have a new equilibrium + +95 +00:09:13,420 --> 00:09:20,410 +point, right? Which is E2. This is E1 and E2. How + +96 +00:09:20,410 --> 00:09:23,510 +much is the new equilibrium price? Let us assume + +97 +00:09:23,510 --> 00:09:31,770 +it becomes five shekels. Now, what is the price + +98 +00:09:31,770 --> 00:09:34,690 +that the company or the business that works under + +99 +00:09:34,690 --> 00:09:38,610 +the perfect mutual market sells? or use in this + +100 +00:09:38,610 --> 00:09:43,390 +case. It should use the same new market price, the + +101 +00:09:43,390 --> 00:09:46,750 +same new equilibrium price. So the new equilibrium + +102 +00:09:46,750 --> 00:09:50,110 +price for the perfect competition company will be + +103 +00:09:50,110 --> 00:09:51,130 +the same here. + +104 +00:09:55,050 --> 00:09:58,090 +Here we have a new demand curve for the business + +105 +00:09:58,090 --> 00:10:00,230 +that works under the perfect competition market + +106 +00:10:00,230 --> 00:10:08,930 +with new prices, which means This business that + +107 +00:10:08,930 --> 00:10:11,210 +works under the perfect commercial market is a + +108 +00:10:11,210 --> 00:10:12,970 +price taker. Yeah. + +109 +00:10:15,850 --> 00:10:21,550 +So here, we're talking price one, MR1, D1. Price + +110 +00:10:21,550 --> 00:10:31,410 +two, MR2, D2. The price goes up to + +111 +00:10:31,410 --> 00:10:36,210 +five. So here, the new price is five. + +112 +00:10:43,770 --> 00:10:50,410 +Right? What will happen if supply increased in the + +113 +00:10:50,410 --> 00:10:56,910 +market? Here? If supply increased, what will + +114 +00:10:56,910 --> 00:11:01,480 +happen? Another assumption. The assumption here is + +115 +00:11:01,480 --> 00:11:04,380 +here we have the equilibrium price or the + +116 +00:11:04,380 --> 00:11:05,660 +equilibrium point. + +117 +00:11:09,540 --> 00:11:12,080 +This is the original situation, E1. + +118 +00:11:17,800 --> 00:11:23,480 +If there is a profit in the market, if there is a + +119 +00:11:23,480 --> 00:11:26,760 +profit, let us assume that there is a profit in + +120 +00:11:26,760 --> 00:11:27,220 +the market. + +121 +00:11:30,560 --> 00:11:33,460 +If there is a profit, this will encourage new + +122 +00:11:33,460 --> 00:11:36,300 +producers to enter the market because there is a + +123 +00:11:36,300 --> 00:11:39,940 +free entry, free exit from the market. If there is + +124 +00:11:39,940 --> 00:11:44,400 +profit, this will encourage new producers and new + +125 +00:11:44,400 --> 00:11:47,060 +sellers to enter the market. What will happen to + +126 +00:11:47,060 --> 00:11:53,240 +supply? Increases. So if there is a profit, if + +127 +00:11:53,240 --> 00:12:00,800 +there is profit, You're talking about economic + +128 +00:12:00,800 --> 00:12:09,080 +premise, right? This will encourage, this will + +129 +00:12:09,080 --> 00:12:15,780 +encourage new + +130 +00:12:15,780 --> 00:12:22,140 +producers, new sellers to enter the market. + +131 +00:12:29,250 --> 00:12:34,550 +What will happen here? Supply increases and shifts + +132 +00:12:34,550 --> 00:12:38,150 +right at the market here. This will increase + +133 +00:12:38,150 --> 00:12:38,570 +supply. + +134 +00:12:42,730 --> 00:12:47,590 +Supply will shift right. Then supply shifts right. + +135 +00:12:48,890 --> 00:12:55,250 +Supply curve shifts right. + +136 +00:12:58,260 --> 00:13:09,040 +Here, S1, D1, supply shifts right here from + +137 +00:13:09,040 --> 00:13:12,120 +S1 to S2, right? + +138 +00:13:14,720 --> 00:13:17,620 +This will encourage new producers to enter the + +139 +00:13:17,620 --> 00:13:20,860 +market. Sorry, the price will, we have a new + +140 +00:13:20,860 --> 00:13:25,120 +equilibrium point which is E2. + +141 +00:13:26,180 --> 00:13:33,920 +The price goes down in the market. So the price of + +142 +00:13:33,920 --> 00:13:39,520 +the market went down to let us assume to two. Two + +143 +00:13:39,520 --> 00:13:43,900 +shekels. What is the new price for the + +144 +00:13:43,900 --> 00:13:47,620 +prefabrication company? Goes down as well. + +145 +00:13:50,760 --> 00:13:52,220 +So two. + +146 +00:13:55,140 --> 00:14:02,520 +P2 equals MR2 equals D2. So the price for the + +147 +00:14:02,520 --> 00:14:05,080 +business that works at the perfect competition + +148 +00:14:05,080 --> 00:14:09,120 +market will go down as well. As there is a profit. + +149 +00:14:11,220 --> 00:14:17,240 +As there is a profit. This one would encourage new + +150 +00:14:17,240 --> 00:14:19,320 +producers to enter the market once again. + +151 +00:14:24,110 --> 00:14:27,190 +But what happened to the prices? + +152 +00:14:38,890 --> 00:14:46,390 +Supply shifts right. The price goes down. Goes + +153 +00:14:46,390 --> 00:14:47,650 +down as well. + +154 +00:14:50,460 --> 00:14:55,980 +In the long term, we will have a break-even only. + +155 +00:14:57,620 --> 00:15:01,020 +In the perfect competition market, in the short + +156 +00:15:01,020 --> 00:15:04,560 +run, it could be a break-even. It could be a loss + +157 +00:15:04,560 --> 00:15:09,320 +or profits. But in the long term, we have a break + +158 +00:15:09,320 --> 00:15:13,420 +-even only. In the short run, let us assume that + +159 +00:15:13,420 --> 00:15:16,600 +there is profits. + +160 +00:15:20,760 --> 00:15:29,800 +Sorry, loss. According to our assumption here, let + +161 +00:15:29,800 --> 00:15:33,440 +us assume that the business that works under the + +162 +00:15:33,440 --> 00:15:40,760 +perfect competition market faces a loss. Or here's + +163 +00:15:40,760 --> 00:15:41,780 +the original prices. + +164 +00:15:44,320 --> 00:15:47,500 +And in the market, the business that works in the + +165 +00:15:47,500 --> 00:15:49,960 +perfect commercial market, you are here. You are + +166 +00:15:49,960 --> 00:15:54,460 +the perfect commercial market. Companies that work + +167 +00:15:54,460 --> 00:15:59,120 +under the perfect commercial market. If there + +168 +00:15:59,120 --> 00:16:01,960 +is a loss in the market, what do you do? You open + +169 +00:16:01,960 --> 00:16:05,640 +the door and go out of the market. Right? So as + +170 +00:16:05,640 --> 00:16:11,720 +there is a loss, the sellers will go out from the + +171 +00:16:11,720 --> 00:16:15,840 +market. What will happen to supply in the market? + +172 +00:16:16,900 --> 00:16:21,180 +Let us assume that this is the perfect commercial + +173 +00:16:21,180 --> 00:16:25,860 +market and you are the sellers. If there is a loss + +174 +00:16:25,860 --> 00:16:30,020 +in the market, what will happen? You will leave + +175 +00:16:30,020 --> 00:16:36,920 +the market. As part of the sellers will go out + +176 +00:16:36,920 --> 00:16:39,900 +from the market or went out from the market, what + +177 +00:16:39,900 --> 00:16:43,510 +will happen to supply here in this market? Goes + +178 +00:16:43,510 --> 00:16:46,990 +down. So supply shifts left. What will happen to + +179 +00:16:46,990 --> 00:16:51,190 +the prices? Exactly. So here, the opposite case + +180 +00:16:51,190 --> 00:16:56,610 +here. So if there is a loss, this would discourage + +181 +00:16:56,610 --> 00:17:02,990 +the current suppliers + +182 +00:17:02,990 --> 00:17:07,130 +or sellers or the producers to exit + +183 +00:17:09,390 --> 00:17:14,750 +from the market so supply shifts went down and the + +184 +00:17:14,750 --> 00:17:19,990 +supply curve shifts left. So here supply shifts + +185 +00:17:19,990 --> 00:17:23,950 +left to + +186 +00:17:23,950 --> 00:17:24,470 +S2. + +187 +00:17:30,670 --> 00:17:33,730 +And you or the current suppliers or the current + +188 +00:17:33,730 --> 00:17:38,910 +sellers will leave the market. Right? Here's the + +189 +00:17:38,910 --> 00:17:47,310 +idea. Tamam? So supply shifts lift. The price goes + +190 +00:17:47,310 --> 00:17:51,450 +up to four. And then as there is a loss once + +191 +00:17:51,450 --> 00:17:55,850 +again, part of the sellers, the current sellers + +192 +00:17:55,850 --> 00:18:01,730 +will shift or will leave the market once again to + +193 +00:18:01,730 --> 00:18:06,330 +S3, to S4 until + +194 +00:18:12,110 --> 00:18:18,390 +The break-even is restored here. Right? The more + +195 +00:18:18,390 --> 00:18:21,690 +people leave, the higher the price. Right? + +196 +00:18:22,350 --> 00:18:26,070 +Correct? What happens when profits increase? The + +197 +00:18:26,070 --> 00:18:32,770 +loss decreases. Here we have a loss. Increasing + +198 +00:18:32,770 --> 00:18:38,190 +the prices leads to decreasing the loss. Right? + +199 +00:18:39,050 --> 00:18:41,650 +Correct? As the price goes up. + +200 +00:18:52,600 --> 00:18:57,560 +In the long term, in the long run, we have a break + +201 +00:18:57,560 --> 00:19:02,520 +even. Only. Here we are talking about the profit + +202 +00:19:02,520 --> 00:19:04,740 +competition market. If we have a lot of profits, + +203 +00:19:09,680 --> 00:19:12,420 +The new producers will enter the market. The new + +204 +00:19:12,420 --> 00:19:16,720 +sellers will enter the market. A number of + +205 +00:19:16,720 --> 00:19:21,560 +sellers. So supply increases, the price goes down. + +206 +00:19:22,640 --> 00:19:24,020 +The opposite case. + +207 +00:19:26,580 --> 00:19:33,460 +So profits goes down until in the long term we + +208 +00:19:33,460 --> 00:19:38,890 +have a break even. So here we have two cases. In + +209 +00:19:38,890 --> 00:19:42,890 +the short run, if the company that works under the + +210 +00:19:42,890 --> 00:19:45,950 +perfect commercial market starts in a break-even, + +211 +00:19:46,630 --> 00:19:50,370 +in the long term, a break-even. If there are + +212 +00:19:50,370 --> 00:19:54,330 +profits, what happens? The supply increases, the + +213 +00:19:54,330 --> 00:19:56,910 +price goes down, break-even in the long run, + +214 +00:19:57,270 --> 00:20:00,210 +sorry, in the long term. If there is a loss, + +215 +00:20:04,490 --> 00:20:08,110 +Part of the sellers will leave the market, supply + +216 +00:20:08,110 --> 00:20:14,550 +decreases, the price goes up until the break-even + +217 +00:20:14,550 --> 00:20:18,990 +is restored, right? So in the perfect competition + +218 +00:20:18,990 --> 00:20:23,560 +market, we had three cases. in the short run, and + +219 +00:20:23,560 --> 00:20:27,260 +one case only in the long term. In the short run, + +220 +00:20:27,660 --> 00:20:31,260 +there might be profits, or the profit competition + +221 +00:20:31,260 --> 00:20:36,560 +business or company might achieve profits, + +222 +00:20:37,180 --> 00:20:41,820 +loss, or faces profits, loss, or break even in the + +223 +00:20:41,820 --> 00:20:45,360 +short run. But in the long run, we have one case + +224 +00:20:45,360 --> 00:20:47,540 +only, which is a break even. Right? + +225 +00:20:57,140 --> 00:21:03,540 +If there is a loss, if there is a loss, what will + +226 +00:21:03,540 --> 00:21:07,780 +happen? Part of the producers or the sellers will + +227 +00:21:07,780 --> 00:21:11,920 +leave the market. Okay? What happened? Supply + +228 +00:21:11,920 --> 00:21:13,540 +shifts slipped. What happened to the prices? + +229 +00:21:16,260 --> 00:21:16,740 +Yes. + +230 +00:21:19,540 --> 00:21:22,080 +The price went up a bit. What happened to the size + +231 +00:21:22,080 --> 00:21:22,580 +of the loss? + +232 +00:21:26,800 --> 00:21:33,460 +The long term, we have a break + +233 +00:21:33,460 --> 00:21:39,220 +even + +234 +00:21:39,220 --> 00:21:39,620 +only. + +235 +00:21:43,120 --> 00:21:44,040 +So, + +236 +00:21:57,110 --> 00:22:01,590 +In the perfect competition market, the business + +237 +00:22:01,590 --> 00:22:08,150 +might achieve profits, + +238 +00:22:08,890 --> 00:22:12,490 +break-even and loss, but in the long term, we have + +239 +00:22:12,490 --> 00:22:13,530 +a break-even only. + +240 +00:22:26,990 --> 00:22:30,430 +We have the business. The market. + +241 +00:22:46,910 --> 00:22:48,930 +Q. Price. + +242 +00:22:53,930 --> 00:23:02,500 +D1. S1, E1, P1, + +243 +00:23:04,760 --> 00:23:12,660 +Q1. This is the market equilibrium price or the + +244 +00:23:12,660 --> 00:23:16,720 +equilibrium price for the market as a whole, yes + +245 +00:23:16,720 --> 00:23:22,240 +for the preferential market. Here is + +246 +00:23:28,760 --> 00:23:31,620 +The perfect competition business. + +247 +00:23:36,240 --> 00:23:40,700 +And the price? Perfect competition business or + +248 +00:23:40,700 --> 00:23:45,060 +company. Okay? BCC, business. + +249 +00:23:55,800 --> 00:23:56,800 +Price? + +250 +00:23:59,050 --> 00:24:03,230 +equals MR equals demand curve 1, 1, 1. + +251 +00:24:08,830 --> 00:24:10,850 +And the prices here is P1. + +252 +00:24:17,950 --> 00:24:22,030 +We have three cases in the short run. This is the + +253 +00:24:22,030 --> 00:24:25,390 +case number one. According to our assumption or we + +254 +00:24:25,390 --> 00:24:31,920 +will assume that, This business faces + +255 +00:24:31,920 --> 00:24:36,660 +a profit or achieves profits in the short run. + +256 +00:24:36,920 --> 00:24:40,640 +This is case number one. Number one, in the short + +257 +00:24:40,640 --> 00:24:49,460 +run, the business achieves profits, which means + +258 +00:24:49,460 --> 00:24:53,280 +that the price is bigger than average total cost. + +259 +00:24:54,180 --> 00:24:56,520 +Price is bigger than ATC. + +260 +00:25:01,110 --> 00:25:02,670 +Here's the marginal cost. + +261 +00:25:10,690 --> 00:25:19,170 +AVC and ATC. + +262 +00:25:33,240 --> 00:25:39,280 +Where's the equilibrium point? The equilibrium + +263 +00:25:39,280 --> 00:25:42,240 +occurs when marginal revenue equals the marginal + +264 +00:25:42,240 --> 00:25:43,640 +cost, right? Here. + +265 +00:25:46,820 --> 00:25:50,660 +This is the equilibrium point, right? Where's the + +266 +00:25:50,660 --> 00:25:56,220 +break-even point? Here, right? Where's the + +267 +00:25:56,220 --> 00:26:00,970 +shutdown point? Here, right? To determine if we + +268 +00:26:00,970 --> 00:26:04,170 +have profits or loss or break even, we have to + +269 +00:26:04,170 --> 00:26:07,670 +take a vertical distance, vertical line from the + +270 +00:26:07,670 --> 00:26:13,250 +equilibrium point to ATC here. Right? Correct? If + +271 +00:26:13,250 --> 00:26:19,910 +it goes up, it goes down. Here we have the average + +272 +00:26:19,910 --> 00:26:24,230 +total cost, the first one. The price is bigger + +273 +00:26:24,230 --> 00:26:27,690 +than ATC, so here we have what? Profits or loss or + +274 +00:26:27,690 --> 00:26:28,130 +break even? + +275 +00:26:32,830 --> 00:26:34,570 +The price is bigger than ATC. + +276 +00:26:39,330 --> 00:26:41,590 +Profits. Economic profits. + +277 +00:26:47,150 --> 00:26:47,870 +So, + +278 +00:26:50,970 --> 00:26:56,630 +here we have profits in the short run. What will + +279 +00:26:56,630 --> 00:27:00,770 +happen as there is a profit? This will encourage + +280 +00:27:00,770 --> 00:27:06,110 +new sellers to enter the market. What will happen? + +281 +00:27:06,590 --> 00:27:08,730 +Supply shifts right. + +282 +00:27:11,250 --> 00:27:14,510 +As their profits, new producers will enter the + +283 +00:27:14,510 --> 00:27:18,650 +market. Supply increases. Supply shifts right. + +284 +00:27:25,970 --> 00:27:32,070 +Supply will shift right to S2. what will happen to + +285 +00:27:32,070 --> 00:27:34,990 +price we have a new equilibrium point e2 right + +286 +00:27:34,990 --> 00:27:42,290 +with smaller prices with less prices to p2 here + +287 +00:27:42,290 --> 00:27:46,970 +here's + +288 +00:27:46,970 --> 00:27:54,450 +the new price this + +289 +00:27:54,450 --> 00:28:00,490 +is the new price the new equilibrium price + +290 +00:28:07,770 --> 00:28:17,590 +It changes more than a time in the supply. As + +291 +00:28:17,590 --> 00:28:24,390 +their + +292 +00:28:24,390 --> 00:28:27,890 +profits, supply will increase. + +293 +00:28:31,500 --> 00:28:39,900 +P2 equals MR2 equals D2 until break even. + +294 +00:28:47,640 --> 00:28:52,840 +as long as supply increases and shifts right, + +295 +00:28:53,240 --> 00:28:57,160 +shifts right, the price goes down. Goes down until + +296 +00:28:57,160 --> 00:29:00,000 +the equilibrium, until the break-even is restored + +297 +00:29:00,000 --> 00:29:03,800 +here. When the price tangents with the minimum + +298 +00:29:03,800 --> 00:29:11,190 +ATC. Break-even in the long term. In the short + +299 +00:29:11,190 --> 00:29:14,850 +term, here we have three cases. Profit, which is + +300 +00:29:14,850 --> 00:29:18,810 +the original. This is here the case. Profits, the + +301 +00:29:18,810 --> 00:29:22,510 +price is bigger than ATC. In the long term, shows + +302 +00:29:22,510 --> 00:29:27,050 +our break-even. Let's see if we have a loss. Where + +303 +00:29:27,050 --> 00:29:27,410 +is the price? + +304 +00:29:30,430 --> 00:29:35,750 +Exactly. Under the ATC. Let's see. Here is the + +305 +00:29:35,750 --> 00:29:42,410 +first case. The original price is here. The price + +306 +00:29:42,410 --> 00:29:47,410 +is above ATC. Here we have an economic profits. As + +307 +00:29:47,410 --> 00:29:49,890 +there is an economic profits, this would encourage + +308 +00:29:49,890 --> 00:29:52,550 +new producers to enter the market. Supply + +309 +00:29:52,550 --> 00:29:57,630 +increases and shifts right. So the price, we have + +310 +00:29:57,630 --> 00:30:02,470 +a new equilibrium price here. To B2, the price + +311 +00:30:02,470 --> 00:30:08,380 +goes down. Here we have a new price, P2. We still + +312 +00:30:08,380 --> 00:30:11,920 +have profits here. As there is still profits here, + +313 +00:30:13,300 --> 00:30:15,940 +this would encourage new producers to enter the + +314 +00:30:15,940 --> 00:30:20,200 +market. Supply ships were right once again. The + +315 +00:30:20,200 --> 00:30:26,610 +price here, E3, price P3 here, The price here, the + +316 +00:30:26,610 --> 00:30:31,210 +original or the last case. In the long term, the + +317 +00:30:31,210 --> 00:30:34,410 +price will be tangent to the minimum ATC. This is + +318 +00:30:34,410 --> 00:30:37,150 +the first case. So in the long term, in the short + +319 +00:30:37,150 --> 00:30:39,990 +run here, we have profits or the business + +320 +00:30:39,990 --> 00:30:43,370 +generates profits in the short run. But in the + +321 +00:30:43,370 --> 00:30:47,320 +long term, we have break even. The second case, + +322 +00:30:47,580 --> 00:30:51,900 +let us assume that the business faces a loss in + +323 +00:30:51,900 --> 00:30:54,440 +the short run and what will happen in the long + +324 +00:30:54,440 --> 00:31:00,260 +run, right? So here, this is the first case. Let's + +325 +00:31:00,260 --> 00:31:04,060 +go to the second case. The second case, we will + +326 +00:31:04,060 --> 00:31:08,440 +assume that the business or the company that works + +327 +00:31:08,440 --> 00:31:11,740 +in the perfect commission market faces a loss in + +328 +00:31:11,740 --> 00:31:17,500 +the short run. The business faces a loss in the + +329 +00:31:17,500 --> 00:31:21,420 +short run. What will happen in the long term when + +330 +00:31:21,420 --> 00:31:24,280 +we talk about here about the perfect commission + +331 +00:31:24,280 --> 00:31:25,600 +company? + +332 +00:31:35,480 --> 00:31:43,040 +So here is the short run and loss for the perfect + +333 +00:31:43,040 --> 00:31:45,880 +competition business that works or yes the perfect + +334 +00:31:45,880 --> 00:31:49,880 +competition business and here is for the market + +335 +00:31:49,880 --> 00:31:55,860 +and here is for the business PCC and here is the + +336 +00:31:55,860 --> 00:32:02,300 +market perfect competition market price inequality + +337 +00:32:08,820 --> 00:32:16,100 +D1, S1, A1, the price is P1, and the quantity here + +338 +00:32:16,100 --> 00:32:21,840 +for the market as a whole, Q1. As the business + +339 +00:32:21,840 --> 00:32:24,440 +that works in the, or the company here that works + +340 +00:32:24,440 --> 00:32:27,020 +in the peripheral commercial market is a price + +341 +00:32:27,020 --> 00:32:35,260 +taker, not a price maker. PQ, PMC, MR, DKR, And + +342 +00:32:35,260 --> 00:32:40,560 +AVC, ATC. Here, these are the variables or the + +343 +00:32:40,560 --> 00:32:47,720 +factors will be drawn here. The price here will be + +344 +00:32:47,720 --> 00:32:49,720 +here. Price. + +345 +00:32:52,100 --> 00:32:59,360 +The price that can the company sell, P1 equals MR1 + +346 +00:32:59,360 --> 00:33:05,440 +equals D1. The assumption here is We have a loss, + +347 +00:33:05,800 --> 00:33:10,540 +which means that the price will be less than ATC. + +348 +00:33:11,260 --> 00:33:15,160 +Right? Yes. Who should I be? The price or the ATC? + +349 +00:33:15,780 --> 00:33:19,380 +The price. The price is less than ATC? Yes. Okay. + +350 +00:33:19,680 --> 00:33:21,740 +So, here is the marginal cost. + +351 +00:33:24,560 --> 00:33:26,260 +And here is AVC. + +352 +00:33:29,060 --> 00:33:30,720 +And here is ATC. + +353 +00:33:45,780 --> 00:33:48,640 +Where's the price? Here's the price. That's P1. + +354 +00:33:51,700 --> 00:33:55,160 +Where's the equilibrium point when MR equals MC? + +355 +00:33:56,180 --> 00:34:01,080 +MR equals MC. This is the equilibrium point, E1.to + +356 +00:34:01,080 --> 00:34:06,120 +determine if we have a break-even loss or profits. + +357 +00:34:06,520 --> 00:34:12,320 +We have to take vertical distance from A1 to ATC. + +358 +00:34:25,610 --> 00:34:30,290 +which means that the average total cost, the total + +359 +00:34:30,290 --> 00:34:34,950 +cost per unit is bigger than the selling price per + +360 +00:34:34,950 --> 00:34:39,630 +unit, which means that we have a loss by this + +361 +00:34:39,630 --> 00:34:49,150 +rectangle here. Here we + +362 +00:34:49,150 --> 00:34:49,830 +have a loss. + +363 +00:34:53,260 --> 00:34:59,080 +as there is a loss in the market. The current part + +364 +00:34:59,080 --> 00:34:59,920 +of the sellers. + +365 +00:35:09,880 --> 00:35:18,340 +Which means + +366 +00:35:18,340 --> 00:35:24,640 +supply will shift left. Supply will decline. So + +367 +00:35:24,640 --> 00:35:28,340 +here, we can say the supply will shift left. + +368 +00:35:29,080 --> 00:35:32,220 +Supply shifts left to us too. We have a new + +369 +00:35:32,220 --> 00:35:37,380 +equilibrium price to E2. We have a new price, P2. + +370 +00:35:38,080 --> 00:35:43,540 +The same price will the company take. هذا سعر صار + +371 +00:35:43,540 --> 00:35:47,900 +الجديد اللي بتبيع فيه مين؟ ال business. اللي هو + +372 +00:35:47,900 --> 00:35:52,320 +P2. The same price, the same as market price, + +373 +00:35:52,460 --> 00:35:59,970 +equilibrium prices.P2 equals Mr2 equals J2. We + +374 +00:35:59,970 --> 00:36:02,090 +still have loss. + +375 +00:36:13,820 --> 00:36:17,580 +Part, additional part of sellers will go out, will + +376 +00:36:17,580 --> 00:36:20,000 +leave the market. Right? They will keep going up + +377 +00:36:20,000 --> 00:36:23,480 +and up until we reach this. Do you see this? The + +378 +00:36:23,480 --> 00:36:27,080 +minimum ATC, this is the price he has. Yes, we + +379 +00:36:27,080 --> 00:36:29,300 +will come like this. We will come to this point + +380 +00:36:29,300 --> 00:36:31,180 +like this. + +381 +00:36:33,040 --> 00:36:33,720 +It will be here. + +382 +00:36:36,520 --> 00:36:41,800 +To S3. Here we have the price P3. + +383 +00:36:50,140 --> 00:37:01,500 +Which is break even in the long term. So here P3 + +384 +00:37:01,500 --> 00:37:09,820 +equals MR3 equals D3 which is the equilibrium in + +385 +00:37:09,820 --> 00:37:15,900 +the long term. If you start a break-even in the + +386 +00:37:15,900 --> 00:37:18,480 +short run, in the long run, you end up with a + +387 +00:37:18,480 --> 00:37:21,160 +break-even. It's about the profits. In the long + +388 +00:37:21,160 --> 00:37:24,400 +run, where does it go? And we see this in our + +389 +00:37:24,400 --> 00:37:27,680 +society. Go open a shop in the street. Three + +390 +00:37:27,680 --> 00:37:32,280 +million shops go down in the street. Right? Right + +391 +00:37:32,280 --> 00:37:35,380 +or not? Go open a bus stop anywhere. You'll find + +392 +00:37:35,380 --> 00:37:36,620 +three thousand bus stops going down, and you say, + +393 +00:37:36,740 --> 00:37:38,340 +I'm just going to sell and get the goods and + +394 +00:37:38,340 --> 00:37:42,980 +that's it. Break-even. Okay? That's what happens. + +395 +00:37:44,380 --> 00:37:48,980 +In a short period of time, an entrepreneur who + +396 +00:37:48,980 --> 00:37:53,100 +works in a competitive market can earn money. If + +397 +00:37:53,100 --> 00:37:55,680 +you look at the market, do you find profit? Do you + +398 +00:37:55,680 --> 00:37:57,840 +find that this is the market and there is profit? + +399 +00:37:59,400 --> 00:38:01,520 +Those who sit outside and can't find a job, and + +400 +00:38:01,520 --> 00:38:04,480 +you find them selling pens, and you earn money, + +401 +00:38:04,700 --> 00:38:05,780 +you have to make smoke. + +402 +00:38:12,470 --> 00:38:29,490 +Price is equal + +403 +00:38:29,490 --> 00:38:29,830 +to ETC. + +404 +00:38:37,980 --> 00:38:39,840 +So if we were to lose, a part of the people would + +405 +00:38:39,840 --> 00:38:42,340 +leave. The supply would decrease. The price would + +406 +00:38:42,340 --> 00:38:44,180 +rise and we would reach a break-even in the price. + +407 +00:38:44,300 --> 00:38:50,200 +That's it. Did you get it or not? No, no. If we + +408 +00:38:50,200 --> 00:38:53,640 +were in Prefix, the price is higher than the ATC. + +409 +00:38:54,260 --> 00:38:56,740 +It will keep going down until we reach the minimum + +410 +00:38:56,740 --> 00:38:59,260 +ATC. If the price is below the ATC, it will keep + +411 +00:38:59,260 --> 00:39:01,920 +rising and rising until we reach a break-even. + +412 +00:39:02,820 --> 00:39:05,720 +Let's go to determine the equilibrium shutdown + +413 +00:39:05,720 --> 00:39:11,830 +point. and the break-even point using equations, + +414 +00:39:12,850 --> 00:39:13,230 +formulas. + +415 +00:39:18,110 --> 00:39:22,730 +العودة company for + +416 +00:39:22,730 --> 00:39:26,990 +baskets + +417 +00:39:26,990 --> 00:39:34,870 +or العمل whatever the name regardless sells + +418 +00:39:34,870 --> 00:39:35,470 +baskets + +419 +00:39:39,290 --> 00:39:41,310 +Here are the quantity sold. + +420 +00:39:44,130 --> 00:39:48,410 +And this company works in the perfect competition + +421 +00:39:48,410 --> 00:40:03,830 +market. Quant is zero, one, two, three, four, + +422 +00:40:04,330 --> 00:40:06,250 +five, six. + +423 +00:40:11,080 --> 00:40:14,920 +And seven here. And this business works in the + +424 +00:40:14,920 --> 00:40:17,840 +perfect competition market in the short run, which + +425 +00:40:17,840 --> 00:40:23,120 +means it might face a loss, break even, or + +426 +00:40:23,120 --> 00:40:29,260 +profits. Right? And we have the following + +427 +00:40:29,260 --> 00:40:36,260 +formulas. The total cost per unit equals, or the + +428 +00:40:36,260 --> 00:40:40,180 +total cost for the whole production equals 50. + +429 +00:40:41,540 --> 00:40:51,740 +plus 3q squared plus 2q this is the given total + +430 +00:40:51,740 --> 00:40:58,080 +cost function and the price the selling price + +431 +00:40:58,080 --> 00:41:01,520 +equals 14 shekels + +432 +00:41:18,110 --> 00:41:18,670 +The following. + +433 +00:41:28,350 --> 00:41:32,710 +Total fixed cost. Total variable cost under + +434 +00:41:32,710 --> 00:41:36,290 +different quantities. Then you get the TFC with + +435 +00:41:36,290 --> 00:41:45,230 +TVC with TC. Total revenue. Marginal revenue. + +436 +00:41:47,930 --> 00:41:49,090 +Marginal cost. + +437 +00:41:52,550 --> 00:42:00,770 +AVC, AFC, ATC. AVC, ATC, AFC. + +438 +00:42:04,790 --> 00:42:10,810 +Number two, a different quantity sold here. This + +439 +00:42:10,810 --> 00:42:12,490 +is number one. Number two, + +440 +00:42:15,550 --> 00:42:21,070 +Determine the equilibrium quantity. Determine or + +441 +00:42:21,070 --> 00:42:25,770 +calculate the + +442 +00:42:25,770 --> 00:42:30,850 +equilibrium quantity. + +443 +00:42:38,910 --> 00:42:44,210 +Or that the quantity that maximizes the profits + +444 +00:42:44,210 --> 00:42:45,070 +for this business. + +445 +00:42:49,850 --> 00:42:54,830 +At this quantity, at equilibrium, is there profits + +446 +00:42:54,830 --> 00:42:59,470 +or loss or break even? But let's before calculate + +447 +00:42:59,470 --> 00:43:03,290 +the total fixed cost, total variable, and these + +448 +00:43:03,290 --> 00:43:07,450 +here, these factors or these variables in this + +449 +00:43:07,450 --> 00:43:13,970 +industry or for this company. As you see here, the + +450 +00:43:13,970 --> 00:43:18,160 +total cost function is The total cost has two + +451 +00:43:18,160 --> 00:43:25,760 +parts, Tc equals Tfc plus Tvc. This part, 50, is + +452 +00:43:25,760 --> 00:43:30,720 +fixed, the total fixed cost, which means if the + +453 +00:43:30,720 --> 00:43:33,960 +quantity produced or sold equals zero, this is the + +454 +00:43:33,960 --> 00:43:38,020 +total fixed cost. And the total variable cost is + +455 +00:43:38,020 --> 00:43:39,160 +the second part here. + +456 +00:43:43,620 --> 00:43:48,300 +So the function here, we have two functions, TFC + +457 +00:43:48,300 --> 00:43:55,120 +equals 50. That's it. At the Q equals 0. TVC + +458 +00:43:55,120 --> 00:43:59,520 +function plus + +459 +00:43:59,520 --> 00:44:07,420 +three quantity square plus two Q. This is the TVC. + +460 +00:44:07,940 --> 00:44:15,330 +How much is the AVC function?Of course, I can do + +461 +00:44:15,330 --> 00:44:20,230 +all this work. The calculations of AVC and TVC and + +462 +00:44:20,230 --> 00:44:22,710 +so on. Right? What is the AVC function? + +463 +00:44:25,370 --> 00:44:35,050 +AVC function.AVC equals TVC over Q equals 3Q + +464 +00:44:35,050 --> 00:44:41,250 +squared over Q plus 2Q over Q. So AVC function + +465 +00:44:41,250 --> 00:44:45,910 +equals 3Q + +466 +00:44:45,910 --> 00:44:50,670 +plus 2Q. This is the AVC function. + +467 +00:44:55,290 --> 00:44:57,590 +Marginal Cost Function, MC. + +468 +00:45:00,610 --> 00:45:05,370 +It changed in total cost over change in Q, or + +469 +00:45:05,370 --> 00:45:13,870 +change in TVC over change in Q. In terms + +470 +00:45:13,870 --> 00:45:19,310 +of Q, regarding Q. MC, Marginal Cost Equals. + +471 +00:45:23,760 --> 00:45:25,940 +100%. This fixed value is zero. + +472 +00:45:29,700 --> 00:45:34,860 +Then two times three times q raised to the power + +473 +00:45:34,860 --> 00:45:36,740 +of two minus one. Six q. + +474 +00:45:40,040 --> 00:45:49,060 +So, zero plus two times three times six q plus + +475 +00:45:49,060 --> 00:45:52,980 +two. Of course, this is raised to the power of + +476 +00:45:52,980 --> 00:46:01,240 +one.Right? So here MC equals 6Q plus 2. + +477 +00:46:04,540 --> 00:46:06,780 +Right? What about MR? + +478 +00:46:15,460 --> 00:46:19,300 +Because it is the marginal cost, what does it + +479 +00:46:19,300 --> 00:46:19,540 +equal? + +480 +00:46:22,670 --> 00:46:25,690 +What does change mean? Total cost over change in + +481 +00:46:25,690 --> 00:46:31,430 +Q. This is the total cost over Q. That's what it + +482 +00:46:31,430 --> 00:46:36,970 +means. Change is the differentiation of what? It's + +483 +00:46:36,970 --> 00:46:42,230 +the change. We have a problem in education. We + +484 +00:46:42,230 --> 00:46:43,870 +take change but we don't know what it means. + +485 +00:46:45,030 --> 00:46:47,890 +Right? This is the problem of education. + +486 +00:46:51,660 --> 00:46:57,600 +Well, it changed. And that's it. The second phase, + +487 +00:46:58,120 --> 00:47:00,640 +what did it do? Well, if you compare it to this, + +488 +00:47:00,760 --> 00:47:04,260 +it's 6. So I have a first phase, a second phase, + +489 +00:47:04,320 --> 00:47:10,960 +and a third phase. But we need to + +490 +00:47:10,960 --> 00:47:14,120 +understand the logic behind it before we compare + +491 +00:47:14,120 --> 00:47:14,640 +it. Why? + +492 +00:47:18,070 --> 00:47:20,190 +Marginal revenue in the preficient commercial + +493 +00:47:20,190 --> 00:47:29,030 +market MR equals the price. Or MR equals change in + +494 +00:47:29,030 --> 00:47:32,730 +total revenue over change in Q. Total revenue what + +495 +00:47:32,730 --> 00:47:36,530 +does it do? Price for Q. If you add up the price + +496 +00:47:36,530 --> 00:47:44,010 +for Q, you get P. Right? Let's calculate the total + +497 +00:47:44,010 --> 00:47:47,150 +fixed cost, total variable cost, total cost, and + +498 +00:47:47,150 --> 00:47:49,450 +all the variables. TFC, + +499 +00:47:53,430 --> 00:47:56,750 +TFC, TVC, + +500 +00:47:59,270 --> 00:47:59,870 +TC, + +501 +00:48:02,670 --> 00:48:06,950 +Total Revenue, MC, + +502 +00:48:09,510 --> 00:48:09,950 +MR, + +503 +00:48:12,930 --> 00:48:21,650 +AVC, AFC, ATC. AFC, AVC, ATC. + +504 +00:48:24,790 --> 00:48:31,830 +TFC is fixed at different quantities. TFC. + +505 +00:48:45,870 --> 00:48:52,090 +We can calculate it either Tc minus Tfc. Well, it + +506 +00:48:52,090 --> 00:48:57,290 +should be calculated. Tvc, either I say I + +507 +00:48:57,290 --> 00:49:01,270 +substitute with the equation, right? Yes. For the + +508 +00:49:01,270 --> 00:49:06,890 +first value, Tvc equals plus three times Tvc. + +509 +00:49:08,390 --> 00:49:13,010 +For the first point here, Tvc at Q equals zero. + +510 +00:49:13,070 --> 00:49:15,210 +How much is it? I say Tvc. + +511 +00:49:17,730 --> 00:49:23,830 +Equals plus three times Q zero Square plus two + +512 +00:49:23,830 --> 00:49:29,610 +times zero At + +513 +00:49:29,610 --> 00:49:36,370 +the Q equals one Square + +514 +00:49:44,060 --> 00:49:49,680 +Okay, three plus two equals five, right? + +515 +00:49:53,240 --> 00:49:59,880 +Okay, what else? At q equals two here, how much is + +516 +00:49:59,880 --> 00:50:09,560 +Tvc? Two, two, two squared, four, four times + +517 +00:50:09,560 --> 00:50:21,560 +three, twelve, Plus 4, 16. Of course, + +518 +00:50:21,780 --> 00:50:23,700 +all of these are easy to find, but all of these + +519 +00:50:23,700 --> 00:50:28,960 +fill up the whole table. Right? Okay. A three + +520 +00:50:28,960 --> 00:50:35,460 +square here. Nine, three, twenty-seven, six. How + +521 +00:50:35,460 --> 00:50:41,860 +many? Thirty-three. And hence, then? Then, then. + +522 +00:50:51,890 --> 00:50:53,290 +Okay. + +523 +00:50:55,850 --> 00:51:06,150 +What about total cost? TVC plus TFC. 50, 55, 66, + +524 +00:51:07,170 --> 00:51:14,890 +83, 106, 135, 170, + +525 +00:51:16,390 --> 00:51:22,950 +100 or 200, 11. What about Twitter revenue? The + +526 +00:51:22,950 --> 00:51:26,670 +price is fixed. As we were talking about the + +527 +00:51:26,670 --> 00:51:29,390 +perfect commercial market, the price is fixed at + +528 +00:51:29,390 --> 00:51:33,910 +different quantities. So price times quantity. So + +529 +00:51:33,910 --> 00:51:37,890 +the price here, Twitter revenue equals the price, + +530 +00:51:37,990 --> 00:51:46,210 +which is here, 14. 14 times 0. 0, 14 times 1, 14, + +531 +00:51:46,690 --> 00:51:52,730 +28. 30, 42, how much is it total revenue? + +532 +00:51:56,030 --> 00:51:56,890 +Then? + +533 +00:52:03,790 --> 00:52:04,650 +Then? + +534 +00:52:09,130 --> 00:52:11,490 +The last point? + +535 +00:52:14,630 --> 00:52:20,930 +What about the marginal cost?It can be calculated + +536 +00:52:20,930 --> 00:52:22,410 +by using this formula. + +537 +00:52:26,310 --> 00:52:30,990 +Or change in total cost. Or change in variable + +538 +00:52:30,990 --> 00:52:37,490 +cost over change in Q. Let's try the first point + +539 +00:52:37,490 --> 00:52:44,750 +here. 55 minus 50 over 1 minus 0 is 5. 2 here. + +540 +00:52:47,270 --> 00:52:49,030 +Eleven. Try it with two numbers and you will get + +541 +00:52:49,030 --> 00:52:53,150 +it right. Using this formula. MC equals six times + +542 +00:52:53,150 --> 00:52:53,570 +two. + +543 +00:52:57,050 --> 00:52:58,610 +So there is a problem here. + +544 +00:53:02,130 --> 00:53:04,430 +It is fourteen. Can you see it? Change the TVs. + +545 +00:53:04,790 --> 00:53:07,330 +How much is this? It should be seventy-six. Yes, + +546 +00:53:07,410 --> 00:53:10,890 +it is wrong. Wait a minute. Go back and correct + +547 +00:53:10,890 --> 00:53:13,230 +it. TC is sixteen. + +548 +00:53:15,990 --> 00:53:22,610 +Change with TBC. Change with TBC. 5 minus 0 over 1 + +549 +00:53:22,610 --> 00:53:32,490 +minus 0 is 5. 16 minus 5 is 11. Where is the + +550 +00:53:32,490 --> 00:53:33,130 +problem here? + +551 +00:53:45,300 --> 00:53:50,300 +Change the TVC, the same result. Change it. Yes? + +552 +00:53:56,260 --> 00:54:00,160 +And where is the problem? Is there a mistake in + +553 +00:54:00,160 --> 00:54:05,200 +the numbers? Yes. The MC is two? + +554 +00:54:08,380 --> 00:54:11,440 +Which two? Wait a minute. + +555 +00:54:17,890 --> 00:54:22,470 +No, there is no change at all. There is no change. + +556 +00:54:24,210 --> 00:54:27,730 +Let's go back to the function and see. Change in + +557 +00:54:27,730 --> 00:54:30,590 +TC. 6Q plus 2. No, it is correct. + +558 +00:54:37,370 --> 00:54:44,570 +Q is zero. This is correct. Calculate TC using the + +559 +00:54:44,570 --> 00:54:51,910 +formula.Girls, let's make a formula for Tc. Tc at + +560 +00:54:51,910 --> 00:54:56,730 +Q equals 1. Let's see how much Tc comes out. Let's + +561 +00:54:56,730 --> 00:54:56,990 +see. + +562 +00:55:04,190 --> 00:55:09,690 +Tc is 50 plus 3 times Q raised to the power 3. + +563 +00:55:34,240 --> 00:55:41,380 +Q squared, Q squared, 2. + +564 +00:55:52,120 --> 00:55:52,760 +Okay. + +565 +00:55:57,080 --> 00:56:01,900 +Work normally on this body. On this work, on this + +566 +00:56:01,900 --> 00:56:07,480 +change. Okay? We want to work tirelessly on the + +567 +00:56:07,480 --> 00:56:10,800 +table, as we learned before. But we want to + +568 +00:56:10,800 --> 00:56:12,520 +benefit from this. See the function correctly. + +569 +00:56:14,150 --> 00:56:16,910 +Because if you make a change in the TVC or change + +570 +00:56:16,910 --> 00:56:20,670 +in the total cost, you get the same result. You + +571 +00:56:20,670 --> 00:56:21,690 +get the same formula. + +572 +00:56:29,010 --> 00:56:30,990 +Just fill it out like this. Fill out the schedule + +573 +00:56:30,990 --> 00:56:33,150 +as we learned in the beginning. But this formula, + +574 +00:56:33,350 --> 00:56:35,550 +this function will be used in something else. + +575 +00:56:37,090 --> 00:56:43,620 +Okay? Yes? Okay, so this is how MC A change in the + +576 +00:56:43,620 --> 00:56:50,040 +TC, how much is it? 66. How much is it? 10. 83 + +577 +00:56:50,040 --> 00:56:56,520 +minus 66 over 3 minus 2. How much is this? + +578 +00:57:00,460 --> 00:57:05,080 +Yes. No, I don't want to reach logical results, + +579 +00:57:05,180 --> 00:57:09,760 +but there must be something else. How much? The + +580 +00:57:09,760 --> 00:57:10,120 +next 17. + +581 +00:57:14,590 --> 00:57:21,490 +Twenty-three and + +582 +00:57:21,490 --> 00:57:21,770 +then? + +583 +00:57:25,130 --> 00:57:29,950 +Twenty... Twenty-nine? Then? + +584 +00:57:34,930 --> 00:57:35,490 +Two hundred? + +585 +00:57:39,630 --> 00:57:42,750 +I received thirty-five. + +586 +00:57:46,980 --> 00:57:53,360 +three, one. MR equals + +587 +00:57:53,360 --> 00:57:56,940 +the price. Which is the price for T? + +588 +00:58:04,400 --> 00:58:09,000 +Okay. AVC, TVC over Q. + +589 +00:58:12,700 --> 00:58:20,270 +TVC, five over one, five. Sixteen over two, eight. + +590 +00:58:21,570 --> 00:58:31,810 +Thirty-three, eleven. One, fourteen. And then one, + +591 +00:58:32,190 --> 00:58:42,770 +seven. Twenty. How much is it? Sorry? How much? + +592 +00:58:52,480 --> 00:59:05,440 +23 ATC or AFC 50 over 1 50 25 + +593 +00:59:05,440 --> 00:59:13,860 +50 over 3 60 + +594 +00:59:13,860 --> 00:59:15,460 +.6 and then + +595 +00:59:18,440 --> 00:59:38,760 +12.5 and then 10 and then 8.3 the last point 7 + +596 +00:59:38,760 --> 00:59:45,740 +.14 okay ATC the summation of AVC plus AFC 55 + +597 +00:59:47,510 --> 00:59:55,090 +Twenty-five, thirty-two, thirty-three, twenty + +598 +00:59:55,090 --> 01:00:00,150 +-seven point six, twenty-six point five, half, + +599 +01:00:01,050 --> 01:00:06,550 +twenty-seven, twenty-eight point three, and the + +600 +01:00:06,550 --> 01:00:09,290 +last thirty point fourteen. + +601 +01:00:12,630 --> 01:00:13,590 +Determine + +602 +01:00:18,770 --> 01:00:22,390 +The shutdown point. Where's the shutdown point? + +603 +01:00:24,890 --> 01:00:31,150 +Where is it? The minimum value or the minimum AVC, + +604 +01:00:33,010 --> 01:00:34,830 +the shutdown point. + +605 +01:00:41,230 --> 01:00:45,970 +At a Q equals 1. + +606 +01:00:48,780 --> 01:00:54,140 +Where is the break-even point? The minimum ATC. If + +607 +01:00:54,140 --> 01:00:58,040 +I don't see the price equals total revenue equals + +608 +01:00:58,040 --> 01:01:02,400 +total cost, I see the minimum ATC. Where is the + +609 +01:01:02,400 --> 01:01:05,640 +minimum ATC? How much is it? + +610 +01:01:08,040 --> 01:01:09,960 +At Q equals 4. + +611 +01:01:17,330 --> 01:01:22,830 +equals MC. Where is the equilibrium point at MR + +612 +01:01:22,830 --> 01:01:29,990 +equals MC? When MR equals MC? I think it is not in + +613 +01:01:29,990 --> 01:01:33,550 +the data. That is why I go back to the formula. I + +614 +01:01:33,550 --> 01:01:37,510 +say the quantity, where does it happen? At the + +615 +01:01:37,510 --> 01:01:42,210 +quantity that achieves the equilibrium at MR + +616 +01:01:42,210 --> 01:01:45,430 +equals MC. The equilibrium + +617 +01:01:50,580 --> 01:01:57,340 +occurs when mr equals mc. This is the formula that + +618 +01:01:57,340 --> 01:02:01,620 +I mentioned. Because the data that is present here + +619 +01:02:01,620 --> 01:02:10,360 +is not covered. So mr equals mc times 6q plus 2 + +620 +01:02:10,360 --> 01:02:18,610 +equals mr which is 14. Right?So 6Q equals 14 minus + +621 +01:02:18,610 --> 01:02:24,450 +2, 6Q equals 12, hence Q equals 2. + +622 +01:02:27,390 --> 01:02:33,690 +At Q equals 2 here, it's as if it's telling you + +623 +01:02:33,690 --> 01:02:35,030 +that this is the equilibrium point. + +624 +01:02:38,690 --> 01:02:41,070 +Yes, it's very possible. We might have put the + +625 +01:02:41,070 --> 01:02:44,170 +numbers wrong. Because the truth is, I put the + +626 +01:02:44,170 --> 01:02:47,330 +question that I found. I mean, with Abu Hamza, one + +627 +01:02:47,330 --> 01:02:50,390 +minute. All right? I mean, I didn't take actual + +628 +01:02:50,390 --> 01:02:54,210 +data and worked on it. Maybe you saw Abu Hamza + +629 +01:02:54,210 --> 01:02:56,730 +less than a second ago. That's how I put the + +630 +01:02:56,730 --> 01:03:01,330 +question that dealt with the important idea. All + +631 +01:03:01,330 --> 01:03:03,550 +right? If I didn't find, for example, data in the + +632 +01:03:03,550 --> 01:03:07,850 +ATC, the original numbers would be correct. All + +633 +01:03:07,850 --> 01:03:09,590 +right? I mean, if I took actual data, things would + +634 +01:03:09,590 --> 01:03:10,190 +turn out right. + +635 +01:03:14,390 --> 01:03:20,230 +At equilibrium, how much is the total revenue and + +636 +01:03:20,230 --> 01:03:31,310 +total cost? This is MC, VC, and ATC. + +637 +01:03:34,110 --> 01:03:39,390 +It's not necessary. + +638 +01:03:40,330 --> 01:03:44,710 +At equilibrium, there should be a break-even. + +639 +01:03:45,210 --> 01:03:48,710 +There could be a loss, there could be profits, or + +640 +01:03:48,710 --> 01:03:50,290 +something like that. Is that right or not? Okay, + +641 +01:03:50,490 --> 01:03:56,770 +the question is, at equilibrium here, how much is + +642 +01:03:56,770 --> 01:04:03,610 +total revenue, total cost, total profits? At + +643 +01:04:03,610 --> 01:04:06,670 +equilibrium, at equilibrium, + +644 +01:04:14,670 --> 01:04:23,250 +at equilibrium quantity. How much is + +645 +01:04:23,250 --> 01:04:28,130 +total revenue or total profits? + +646 +01:04:32,470 --> 01:04:36,370 +We say total profits equals total revenue minus + +647 +01:04:36,370 --> 01:04:40,630 +total cost. In other words, Q is equal to 2. How + +648 +01:04:40,630 --> 01:04:43,250 +much is total revenue, total cost, total profits? + +649 +01:04:43,870 --> 01:04:48,210 +Total revenue is equal to price times quantity. + +650 +01:04:49,610 --> 01:04:51,830 +Total revenue is equal to price times quantity. + +651 +01:04:51,830 --> 01:04:51,930 +Total revenue is equal to price times quantity. + +652 +01:04:51,930 --> 01:04:52,030 +Total revenue is equal to price times quantity. + +653 +01:04:52,030 --> 01:04:52,130 +Total revenue is equal to price times quantity. + +654 +01:04:52,130 --> 01:04:52,170 +Total revenue is equal to price times quantity. + +655 +01:04:52,170 --> 01:04:52,210 +Total revenue is equal to price times quantity. + +656 +01:04:52,210 --> 01:04:52,450 +Total revenue is equal to price times quantity. + +657 +01:04:52,450 --> 01:04:52,950 +Total revenue is equal to price times quantity. + +658 +01:04:52,950 --> 01:04:55,230 +Total revenue is equal to price times quantity. + +659 +01:04:55,410 --> 01:04:56,950 +Total revenue is equal to price times quantity. + +660 +01:04:58,670 --> 01:04:59,770 +Total revenue + +661 +01:05:02,190 --> 01:05:08,430 +How much is the total profits? Total revenue + +662 +01:05:08,430 --> 01:05:18,730 +equals + +663 +01:05:18,730 --> 01:05:28,430 +the price 14 times 2 equals 28. This is the total + +664 +01:05:28,430 --> 01:05:28,750 +revenue. + +665 +01:05:32,550 --> 01:05:49,010 +Total cost equals total + +666 +01:05:49,010 --> 01:05:57,090 +revenue minus total cost. How much is the total + +667 +01:05:57,090 --> 01:05:57,490 +profits? + +668 +01:06:00,340 --> 01:06:02,720 +We say total profits equals total revenue minus + +669 +01:06:02,720 --> 01:06:08,080 +total cost. So you have two here. At Q equals 2. + +670 +01:06:08,540 --> 01:06:10,100 +How much is the total revenue? We calculated it as + +671 +01:06:10,100 --> 01:06:15,620 +28. Total cost is 66. How much is the total + +672 +01:06:15,620 --> 01:06:19,660 +profits, total revenue minus total cost? It turns + +673 +01:06:19,660 --> 01:06:23,300 +out to be half. So the price is correct. It came + +674 +01:06:23,300 --> 01:06:31,380 +here. Below ATC. How much is ATC with TC? Sorry, + +675 +01:06:31,480 --> 01:06:38,940 +ATC. Yes. How much is ATC? At 2, 33. + +676 +01:06:42,120 --> 01:06:50,720 +At equilibrium, + +677 +01:06:51,280 --> 01:06:56,630 +how much is ATC? If this is all, I don't want this + +678 +01:06:56,630 --> 01:06:59,550 +whole table. Why did I bring formulas to look at + +679 +01:06:59,550 --> 01:07:05,930 +them? At equilibrium, how much is AVC? Away from + +680 +01:07:05,930 --> 01:07:07,790 +this table. I want to erase this whole table. + +681 +01:07:13,270 --> 01:07:18,830 +I want to say at equilibrium, calculate or how + +682 +01:07:18,830 --> 01:07:37,490 +much is ATC, AVC, AFC, MC,Total profits. How much + +683 +01:07:37,490 --> 01:07:38,550 +is total profits? + +684 +01:07:47,620 --> 01:07:54,460 +How much is Avc or Atc? How much is Atc? Calculate + +685 +01:07:54,460 --> 01:07:56,200 +Atc. + +686 +01:08:00,180 --> 01:08:04,940 +What is this function? This is Atc. What will Atc + +687 +01:08:04,940 --> 01:08:10,060 +do? Atc equals Tc over Q, right? Then the Atc + +688 +01:08:10,060 --> 01:08:16,580 +function equals Tc over Q, which equals50 over Q + +689 +01:08:16,580 --> 01:08:28,120 +plus 3Q. Q squared over Q is Q. 3Q squared over Q + +690 +01:08:28,120 --> 01:08:38,890 +plus 2Q over Q is ATC. So ATC Equals 50 over Q + +691 +01:08:38,890 --> 01:08:44,250 +plus 3Q plus 2. This is the function I'm working + +692 +01:08:44,250 --> 01:08:53,790 +on. At equilibrium, Q equals what? Two. So, ATC at + +693 +01:08:53,790 --> 01:08:55,290 +equilibrium. + +694 +01:08:57,930 --> 01:09:04,610 +ATC equals 50 over Q2, which is at equilibrium. + +695 +01:09:07,150 --> 01:09:13,110 +Plus 3 times 2 plus 2. So ATC at equilibrium + +696 +01:09:13,110 --> 01:09:19,590 +equals 25 plus 6 plus 2 equals how much? + +697 +01:09:22,690 --> 01:09:27,690 +This is ATC. So ATC is bigger than the price. The + +698 +01:09:27,690 --> 01:09:33,650 +equilibrium price is how much? 14. And ATC is + +699 +01:09:33,650 --> 01:09:34,070 +higher than it. + +700 +01:09:40,540 --> 01:09:45,540 +At equilibrium, how much is AVC? + +701 +01:09:51,160 --> 01:09:55,760 +How much is AVC? + +702 +01:10:00,890 --> 01:10:05,970 +At equilibrium, how much is AVC? + +703 +01:10:08,090 --> 01:10:10,530 +At equilibrium, + +704 +01:10:17,930 --> 01:10:21,210 +how much is TAVC? + +705 +01:10:23,130 --> 01:10:27,270 +What is your advice to this company to keep + +706 +01:10:27,270 --> 01:10:34,670 +working or to close down? How much is A V C? A V C + +707 +01:10:34,670 --> 01:10:42,230 +equals T V C over Q equals + +708 +01:10:42,230 --> 01:10:57,130 +T V C three Q plus two Q. + +709 +01:10:59,110 --> 01:11:01,250 +AVC 3Q plus 2. + +710 +01:11:03,970 --> 01:11:08,490 +At equilibrium, at Q equals 2, how much is AVC? + +711 +01:11:09,350 --> 01:11:14,330 +AVC equals 3 times 2 plus 2 equals 8. + +712 +01:11:19,090 --> 01:11:23,530 +What is your advice in this case? Here we have a + +713 +01:11:23,530 --> 01:11:27,810 +loss, an economic loss. But what is your advice to + +714 +01:11:27,810 --> 01:11:32,810 +keep working or to close down? We have to compare + +715 +01:11:32,810 --> 01:11:39,670 +price and AVC. We said before that if the price is + +716 +01:11:39,670 --> 01:11:43,710 +bigger than AVC, keep working. If the price is + +717 +01:11:43,710 --> 01:11:49,130 +less than AVC, close down. If a price equals AVC, + +718 +01:11:49,370 --> 01:11:52,520 +here we're talking about the shutdown point. Now, + +719 +01:11:52,940 --> 01:11:56,620 +how much is AVC? Eight. How much is the price? + +720 +01:11:56,760 --> 01:12:00,980 +Equilibrium price? Fourteen. So, the price here is + +721 +01:12:00,980 --> 01:12:05,120 +bigger than AVC. Fourteen is bigger than eight. + +722 +01:12:05,320 --> 01:12:08,900 +So, keep working although we have a loss. + diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/2spcdKGFcQU_raw.json b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/2spcdKGFcQU_raw.json new file mode 100644 index 0000000000000000000000000000000000000000..e8f3fc594726228ea50eb4c8e00b8af7e6e42290 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/2spcdKGFcQU_raw.json @@ -0,0 +1 @@ +{"segments": [{"id": 1, "seek": 4940, "start": 20.66, "end": 49.4, "text": " And today, inshallah, we are going to completely talk about the perfect competition market. In the last class, we determined the break-even point, shutdown point, and equilibrium point. 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We said that the break-even point is the minimum point at ATC because this is the break-even point and", "tokens": [8872, 34, 13, 492, 848, 300, 264, 1821, 12, 27170, 935, 307, 264, 7285, 935, 412, 8872, 34, 570, 341, 307, 264, 1821, 12, 27170, 935, 293], "avg_logprob": -0.2522321290203503, "compression_ratio": 1.3170731707317074, "no_speech_prob": 1.7881393432617188e-07, "words": [{"start": 52.16, "end": 53.04, "word": " ATC.", "probability": 0.56988525390625}, {"start": 56.34, "end": 57.22, "word": " We", "probability": 0.91845703125}, {"start": 57.22, "end": 57.54, "word": " said", "probability": 0.9462890625}, {"start": 57.54, "end": 57.9, "word": " that", "probability": 0.93603515625}, {"start": 57.9, "end": 58.86, "word": " the", "probability": 0.8671875}, {"start": 58.86, "end": 59.18, "word": " break", "probability": 0.7431640625}, {"start": 59.18, "end": 59.42, "word": "-even", "probability": 0.79736328125}, {"start": 59.42, "end": 59.86, "word": " point", "probability": 0.9716796875}, {"start": 59.86, "end": 61.56, "word": " is", "probability": 0.9404296875}, {"start": 61.56, "end": 63.86, "word": " the", "probability": 0.91259765625}, {"start": 63.86, "end": 64.3, "word": " minimum", "probability": 0.9716796875}, {"start": 64.3, "end": 65.4, "word": " point", "probability": 0.95703125}, {"start": 65.4, "end": 65.78, "word": " at", "probability": 0.904296875}, {"start": 65.78, "end": 66.88, "word": " ATC", "probability": 0.888916015625}, {"start": 66.88, "end": 67.82, "word": " because", "probability": 0.344970703125}, {"start": 67.82, "end": 68.1, "word": " this", "probability": 0.93505859375}, {"start": 68.1, "end": 68.28, "word": " is", "probability": 0.9423828125}, {"start": 68.28, "end": 68.54, "word": " the", "probability": 0.912109375}, {"start": 68.54, "end": 69.0, "word": " break", "probability": 0.955078125}, {"start": 69.0, "end": 69.18, "word": "-even", "probability": 0.918701171875}, {"start": 69.18, "end": 69.54, "word": " point", "probability": 0.97119140625}, {"start": 69.54, "end": 70.4, "word": " and", "probability": 0.400146484375}], "temperature": 1.0}, {"id": 3, "seek": 10029, "start": 71.53, "end": 100.29, "text": " This point, the minimum AVC is the shutdown point. And we said also that if the equilibrium price was above ATC, price equals MR equals demand curve. If the price was here, here's the equilibrium point. We said that if the price was above ATC, here we have profits.", "tokens": [639, 935, 11, 264, 7285, 30198, 34, 307, 264, 34927, 935, 13, 400, 321, 848, 611, 300, 498, 264, 15625, 3218, 390, 3673, 8872, 34, 11, 3218, 6915, 9808, 6915, 4733, 7605, 13, 759, 264, 3218, 390, 510, 11, 510, 311, 264, 15625, 935, 13, 492, 848, 300, 498, 264, 3218, 390, 3673, 8872, 34, 11, 510, 321, 362, 17982, 13], "avg_logprob": -0.13407258208720915, "compression_ratio": 1.6835443037974684, "no_speech_prob": 0.0, "words": [{"start": 71.53, "end": 71.85, "word": " This", "probability": 0.5859375}, {"start": 71.85, "end": 72.21, "word": " point,", "probability": 0.9453125}, {"start": 72.65, "end": 72.83, "word": " the", "probability": 0.9208984375}, {"start": 72.83, "end": 73.27, "word": " minimum", "probability": 0.96435546875}, {"start": 73.27, "end": 74.17, "word": " AVC", "probability": 0.916259765625}, {"start": 74.17, "end": 75.13, "word": " is", "probability": 0.69775390625}, {"start": 75.13, "end": 75.59, "word": " the", "probability": 0.91650390625}, {"start": 75.59, "end": 76.07, "word": " shutdown", "probability": 0.8544921875}, {"start": 76.07, "end": 76.63, "word": " point.", "probability": 0.9677734375}, {"start": 77.49, "end": 77.69, "word": " And", "probability": 0.7509765625}, {"start": 77.69, "end": 77.83, "word": " we", "probability": 0.94091796875}, {"start": 77.83, "end": 78.03, "word": " said", "probability": 0.927734375}, {"start": 78.03, "end": 78.45, "word": " also", "probability": 0.82275390625}, {"start": 78.45, "end": 78.87, "word": " that", "probability": 0.92431640625}, {"start": 78.87, "end": 79.61, "word": " if", "probability": 0.78271484375}, {"start": 79.61, "end": 80.05, "word": " the", "probability": 0.90771484375}, {"start": 80.05, "end": 80.47, "word": " equilibrium", "probability": 0.95654296875}, {"start": 80.47, "end": 81.15, "word": " price", "probability": 0.9111328125}, {"start": 81.15, "end": 82.13, "word": " was", "probability": 0.94775390625}, {"start": 82.13, "end": 84.75, "word": " above", "probability": 0.96875}, {"start": 84.75, "end": 85.63, "word": " ATC,", "probability": 0.90869140625}, {"start": 86.39, "end": 87.99, "word": " price", "probability": 0.88916015625}, {"start": 87.99, "end": 88.51, "word": " equals", "probability": 0.92529296875}, {"start": 88.51, "end": 89.15, "word": " MR", "probability": 0.90673828125}, {"start": 89.15, "end": 89.61, "word": " equals", "probability": 0.89453125}, {"start": 89.61, "end": 90.13, "word": " demand", "probability": 0.8935546875}, {"start": 90.13, "end": 90.55, "word": " curve.", "probability": 0.94189453125}, {"start": 90.85, "end": 91.05, "word": " If", "probability": 0.89990234375}, {"start": 91.05, "end": 91.19, "word": " the", "probability": 0.9169921875}, {"start": 91.19, "end": 91.57, "word": " price", "probability": 0.90625}, {"start": 91.57, "end": 92.03, "word": " was", "probability": 0.951171875}, {"start": 92.03, "end": 92.51, "word": " here,", "probability": 0.1658935546875}, {"start": 92.67, "end": 93.07, "word": " here's", "probability": 0.70654296875}, {"start": 93.07, "end": 93.23, "word": " the", "probability": 0.919921875}, {"start": 93.23, "end": 93.57, "word": " equilibrium", "probability": 0.9609375}, {"start": 93.57, "end": 94.03, "word": " point.", "probability": 0.95751953125}, {"start": 94.89, "end": 95.37, "word": " We", "probability": 0.96533203125}, {"start": 95.37, "end": 95.67, "word": " said", "probability": 0.95556640625}, {"start": 95.67, "end": 96.01, "word": " that", "probability": 0.9326171875}, {"start": 96.01, "end": 96.41, "word": " if", "probability": 0.88330078125}, {"start": 96.41, "end": 96.61, "word": " the", "probability": 0.91748046875}, {"start": 96.61, "end": 96.97, "word": " price", "probability": 0.9072265625}, {"start": 96.97, "end": 97.35, "word": " was", "probability": 0.947265625}, {"start": 97.35, "end": 97.93, "word": " above", "probability": 0.97412109375}, {"start": 97.93, "end": 98.81, "word": " ATC,", "probability": 0.93310546875}, {"start": 99.01, "end": 99.27, "word": " here", "probability": 0.8515625}, {"start": 99.27, "end": 99.47, "word": " we", "probability": 0.8623046875}, {"start": 99.47, "end": 99.77, "word": " have", "probability": 0.94384765625}, {"start": 99.77, "end": 100.29, "word": " profits.", "probability": 0.58251953125}], "temperature": 1.0}, {"id": 4, "seek": 11355, "start": 101.65, "end": 113.55, "text": " Right? We have an economic profits. If the price was tangent to the minimum ATC here, here we have a break-even.", "tokens": [1779, 30, 492, 362, 364, 4836, 17982, 13, 759, 264, 3218, 390, 27747, 281, 264, 7285, 8872, 34, 510, 11, 510, 321, 362, 257, 1821, 12, 27170, 13], "avg_logprob": -0.2413793103448276, "compression_ratio": 1.13, "no_speech_prob": 0.0, "words": [{"start": 101.65, "end": 102.01, "word": " Right?", "probability": 0.57275390625}, {"start": 102.25, "end": 102.61, "word": " We", "probability": 0.86669921875}, {"start": 102.61, "end": 102.87, "word": " have", "probability": 0.94580078125}, {"start": 102.87, "end": 103.03, "word": " an", "probability": 0.65576171875}, {"start": 103.03, "end": 103.41, "word": " economic", "probability": 0.833984375}, {"start": 103.41, "end": 103.91, "word": " profits.", "probability": 0.67431640625}, {"start": 104.47, "end": 104.65, "word": " If", "probability": 0.9482421875}, {"start": 104.65, "end": 104.81, "word": " the", "probability": 0.9169921875}, {"start": 104.81, "end": 105.19, "word": " price", "probability": 0.90771484375}, {"start": 105.19, "end": 106.17, "word": " was", "probability": 0.93017578125}, {"start": 106.17, "end": 106.67, "word": " tangent", "probability": 0.2132568359375}, {"start": 106.67, "end": 106.93, "word": " to", "probability": 0.93505859375}, {"start": 106.93, "end": 107.07, "word": " the", "probability": 0.900390625}, {"start": 107.07, "end": 107.41, "word": " minimum", "probability": 0.96728515625}, {"start": 107.41, "end": 108.11, "word": " ATC", "probability": 0.87109375}, {"start": 108.11, "end": 108.49, "word": " here,", "probability": 0.84423828125}, {"start": 110.93, "end": 112.53, "word": " here", "probability": 0.79833984375}, {"start": 112.53, "end": 112.69, "word": " we", "probability": 0.89599609375}, {"start": 112.69, "end": 112.89, "word": " have", "probability": 0.94775390625}, {"start": 112.89, "end": 113.01, "word": " a", "probability": 0.99169921875}, {"start": 113.01, "end": 113.25, "word": " break", "probability": 0.8701171875}, {"start": 113.25, "end": 113.55, "word": "-even.", "probability": 0.6929931640625}], "temperature": 1.0}, {"id": 5, "seek": 14369, "start": 114.68, "end": 143.7, "text": " Right? If the price was in between here, between ATC and AVC, which is above AVC and lower or less than ATC, here we have an economic loss. And we advise the business to keep working. Right? 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If the price is below a VC here, the business should shut down or close down, right? Now, in the perfect competition market, I have a question, which is,", "tokens": [1692, 307, 264, 34927, 935, 11, 597, 1355, 264, 1606, 307, 4638, 281, 352, 322, 420, 281, 1590, 1364, 13, 759, 264, 3218, 307, 2507, 257, 41922, 510, 11, 264, 1606, 820, 5309, 760, 420, 1998, 760, 11, 558, 30, 823, 11, 294, 264, 2176, 6211, 2142, 11, 286, 362, 257, 1168, 11, 597, 307, 11], "avg_logprob": -0.19915021720685458, "compression_ratio": 1.4819277108433735, "no_speech_prob": 0.0, "words": [{"start": 145.22, "end": 145.58, "word": " Here", "probability": 0.51708984375}, {"start": 145.58, "end": 145.88, "word": " is", "probability": 0.91650390625}, {"start": 145.88, "end": 146.12, "word": " the", "probability": 0.8857421875}, {"start": 146.12, "end": 146.6, "word": " shutdown", "probability": 0.76220703125}, {"start": 146.6, "end": 147.34, "word": " point,", "probability": 0.9736328125}, {"start": 147.84, "end": 148.06, "word": " which", "probability": 0.94580078125}, {"start": 148.06, "end": 148.54, "word": " means", "probability": 0.93603515625}, {"start": 148.54, "end": 149.98, "word": " the", "probability": 0.66748046875}, {"start": 149.98, "end": 150.9, "word": " business", "probability": 0.93994140625}, {"start": 150.9, "end": 151.26, "word": " is", "probability": 0.9296875}, {"start": 151.26, "end": 151.7, "word": " afraid", "probability": 0.93896484375}, {"start": 151.7, "end": 152.06, "word": " to", "probability": 0.96435546875}, {"start": 152.06, "end": 152.76, "word": " go", "probability": 0.86181640625}, {"start": 152.76, "end": 153.12, "word": " on", "probability": 0.94384765625}, {"start": 153.12, "end": 153.5, "word": " or", "probability": 0.86767578125}, {"start": 153.5, "end": 153.98, "word": " to", "probability": 0.88427734375}, {"start": 153.98, "end": 154.7, "word": " stop", "probability": 0.9228515625}, {"start": 154.7, "end": 155.96, "word": " working.", "probability": 0.765625}, {"start": 156.74, "end": 157.22, "word": " If", "probability": 0.9501953125}, {"start": 157.22, "end": 157.38, "word": " the", "probability": 0.91259765625}, {"start": 157.38, "end": 157.78, "word": " price", "probability": 0.90478515625}, {"start": 157.78, "end": 158.8, "word": " is", "probability": 0.94140625}, {"start": 158.8, "end": 159.28, "word": " below", "probability": 0.8779296875}, {"start": 159.28, "end": 159.82, "word": " a", "probability": 0.6689453125}, {"start": 159.82, "end": 160.24, "word": " VC", "probability": 0.7841796875}, {"start": 160.24, "end": 161.1, "word": " here,", "probability": 0.38232421875}, {"start": 161.74, "end": 161.98, "word": " the", "probability": 0.90234375}, {"start": 161.98, "end": 162.78, "word": " business", "probability": 0.94384765625}, {"start": 162.78, "end": 163.24, "word": " should", "probability": 0.95458984375}, {"start": 163.24, "end": 163.78, "word": " shut", "probability": 0.8232421875}, {"start": 163.78, "end": 164.18, "word": " down", "probability": 0.8798828125}, {"start": 164.18, "end": 164.56, "word": " or", "probability": 0.87548828125}, {"start": 164.56, "end": 164.98, "word": " close", "probability": 0.70947265625}, {"start": 164.98, "end": 165.32, "word": " down,", "probability": 0.869140625}, {"start": 165.58, "end": 165.86, "word": " right?", "probability": 0.904296875}, {"start": 167.24, "end": 167.82, "word": " Now,", "probability": 0.77294921875}, {"start": 168.24, "end": 168.32, "word": " in", "probability": 0.8623046875}, {"start": 168.32, "end": 168.42, "word": " the", "probability": 0.87109375}, {"start": 168.42, "end": 168.64, "word": " perfect", "probability": 0.322509765625}, {"start": 168.64, "end": 169.08, "word": " competition", "probability": 0.93994140625}, {"start": 169.08, "end": 169.5, "word": " market,", "probability": 0.875}, {"start": 169.84, "end": 170.12, "word": " I", "probability": 0.99755859375}, {"start": 170.12, "end": 170.26, "word": " have", "probability": 0.94873046875}, {"start": 170.26, "end": 170.36, "word": " a", "probability": 0.9970703125}, {"start": 170.36, "end": 170.76, "word": " question,", "probability": 0.923828125}, {"start": 171.5, "end": 171.66, "word": " which", "probability": 0.94970703125}, {"start": 171.66, "end": 171.84, "word": " is,", "probability": 0.9521484375}], "temperature": 1.0}, {"id": 7, "seek": 19835, "start": 174.01, "end": 198.35, "text": " How is the price determined in the perfect competition market? 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One producer will be unable to control the prices, right? Now, how can the price determine in the market? The market equilibrium price or the equilibrium price. 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Right? So here we will talk about the business itself and the market equilibrium. Price. Antiquities here. Here, we are talking about the market as a whole and the business that works under the perfect competition market. So here,", "tokens": [264, 3218, 294, 264, 2176, 6211, 2142, 307, 9540, 3462, 281, 4733, 293, 5847, 19490, 13, 1779, 30, 407, 510, 321, 486, 751, 466, 264, 1606, 2564, 293, 264, 2142, 15625, 13, 25803, 13, 5130, 3221, 1088, 510, 13, 1692, 11, 321, 366, 1417, 466, 264, 2142, 382, 257, 1379, 293, 264, 1606, 300, 1985, 833, 264, 2176, 6211, 2142, 13, 407, 510, 11], "avg_logprob": -0.2407451923076923, "compression_ratio": 1.694736842105263, "no_speech_prob": 0.0, "words": [{"start": 224.32, "end": 224.54, "word": " the", "probability": 0.373779296875}, {"start": 224.54, "end": 224.88, "word": " price", "probability": 0.90966796875}, {"start": 224.88, "end": 225.0, "word": " in", "probability": 0.5869140625}, {"start": 225.0, "end": 225.1, "word": " the", "probability": 0.6884765625}, {"start": 225.1, "end": 225.34, "word": " perfect", "probability": 0.65380859375}, {"start": 225.34, "end": 225.7, "word": " competition", "probability": 0.7548828125}, {"start": 225.7, "end": 226.14, "word": " market", "probability": 0.89111328125}, {"start": 226.14, "end": 226.96, "word": " is", "probability": 0.89404296875}, {"start": 226.96, "end": 227.44, "word": " determined", "probability": 0.93408203125}, {"start": 227.44, "end": 228.08, "word": " due", "probability": 0.94287109375}, {"start": 228.08, "end": 228.38, "word": " to", "probability": 0.96826171875}, {"start": 228.38, "end": 229.14, "word": " demand", "probability": 0.90283203125}, {"start": 229.14, "end": 229.68, "word": " and", "probability": 0.931640625}, {"start": 229.68, "end": 230.28, "word": " supply", "probability": 0.943359375}, {"start": 230.28, "end": 230.96, "word": " curves.", "probability": 0.90283203125}, {"start": 231.48, "end": 231.94, "word": " Right?", "probability": 0.8056640625}, {"start": 232.32, "end": 232.58, "word": " So", "probability": 0.94580078125}, {"start": 232.58, "end": 234.16, "word": " here", "probability": 0.439453125}, {"start": 234.16, "end": 234.34, "word": " we", "probability": 0.83642578125}, {"start": 234.34, "end": 234.54, "word": " will", "probability": 0.88525390625}, {"start": 234.54, "end": 234.86, "word": " talk", "probability": 0.890625}, {"start": 234.86, "end": 235.16, "word": " about", "probability": 0.90234375}, {"start": 235.16, "end": 235.34, "word": " the", "probability": 0.8955078125}, {"start": 235.34, "end": 235.82, "word": " business", "probability": 0.9384765625}, {"start": 235.82, "end": 236.62, "word": " itself", "probability": 0.8310546875}, {"start": 236.62, "end": 237.18, "word": " and", "probability": 0.86962890625}, {"start": 237.18, "end": 237.8, "word": " the", "probability": 0.91357421875}, {"start": 237.8, "end": 238.68, "word": " market", "probability": 0.89794921875}, {"start": 238.68, "end": 239.9, "word": " equilibrium.", "probability": 0.84130859375}, {"start": 241.04, "end": 241.56, "word": " Price.", "probability": 0.87109375}, {"start": 241.8, "end": 242.32, "word": " Antiquities", "probability": 0.49853515625}, {"start": 242.32, "end": 242.62, "word": " here.", "probability": 0.54248046875}, {"start": 244.3, "end": 244.94, "word": " Here,", "probability": 0.81982421875}, {"start": 245.48, "end": 246.48, "word": " we", "probability": 0.9501953125}, {"start": 246.48, "end": 246.66, "word": " are", "probability": 0.9384765625}, {"start": 246.66, "end": 247.0, "word": " talking", "probability": 0.849609375}, {"start": 247.0, "end": 247.4, "word": " about", "probability": 0.90283203125}, {"start": 247.4, "end": 247.64, "word": " the", "probability": 0.91455078125}, {"start": 247.64, "end": 247.9, "word": " market", "probability": 0.8876953125}, {"start": 247.9, "end": 248.14, "word": " as", "probability": 0.9609375}, {"start": 248.14, "end": 248.24, "word": " a", "probability": 0.99169921875}, {"start": 248.24, "end": 248.54, "word": " whole", "probability": 0.884765625}, {"start": 248.54, "end": 248.92, "word": " and", "probability": 0.8818359375}, {"start": 248.92, "end": 249.1, "word": " the", "probability": 0.88330078125}, {"start": 249.1, "end": 249.52, "word": " business", "probability": 0.94140625}, {"start": 249.52, "end": 250.02, "word": " that", "probability": 0.93603515625}, {"start": 250.02, "end": 250.42, "word": " works", "probability": 0.859375}, {"start": 250.42, "end": 250.96, "word": " under", "probability": 0.892578125}, {"start": 250.96, "end": 251.18, "word": " the", "probability": 0.91796875}, {"start": 251.18, "end": 251.44, "word": " perfect", "probability": 0.8876953125}, {"start": 251.44, "end": 251.82, "word": " competition", "probability": 0.9638671875}, {"start": 251.82, "end": 252.18, "word": " market.", "probability": 0.86376953125}, {"start": 252.54, "end": 252.8, "word": " So", "probability": 0.9541015625}, {"start": 252.8, "end": 253.68, "word": " here,", "probability": 0.55859375}], "temperature": 1.0}, {"id": 10, "seek": 28866, "start": 264.16, "end": 288.66, "text": " Here is the business, the market, price, and quantity. And here is the business or the company that works under the perfect competition market.", "tokens": [1692, 307, 264, 1606, 11, 264, 2142, 11, 3218, 11, 293, 11275, 13, 400, 510, 307, 264, 1606, 420, 264, 2237, 300, 1985, 833, 264, 2176, 6211, 2142, 13], "avg_logprob": -0.271875, "compression_ratio": 1.3980582524271845, "no_speech_prob": 0.0, "words": [{"start": 264.16, "end": 264.42, "word": " Here", "probability": 0.5849609375}, {"start": 264.42, "end": 264.5, "word": " is", "probability": 0.48046875}, {"start": 264.5, "end": 264.64, "word": " the", "probability": 0.88232421875}, {"start": 264.64, "end": 265.06, "word": " business,", "probability": 0.884765625}, {"start": 265.78, "end": 267.38, "word": " the", "probability": 0.85546875}, {"start": 267.38, "end": 267.74, "word": " market,", "probability": 0.89892578125}, {"start": 271.1, "end": 272.04, "word": " price,", "probability": 0.8740234375}, {"start": 272.78, "end": 273.3, "word": " and", "probability": 0.91748046875}, {"start": 273.3, "end": 273.74, "word": " quantity.", "probability": 0.81982421875}, {"start": 276.76, "end": 277.6, "word": " And", "probability": 0.875}, {"start": 277.6, "end": 277.84, "word": " here", "probability": 0.8544921875}, {"start": 277.84, "end": 277.98, "word": " is", "probability": 0.73681640625}, {"start": 277.98, "end": 278.2, "word": " the", "probability": 0.91845703125}, {"start": 278.2, "end": 278.62, "word": " business", "probability": 0.92919921875}, {"start": 278.62, "end": 279.1, "word": " or", "probability": 0.662109375}, {"start": 279.1, "end": 279.28, "word": " the", "probability": 0.9052734375}, {"start": 279.28, "end": 279.72, "word": " company", "probability": 0.9248046875}, {"start": 279.72, "end": 284.3, "word": " that", "probability": 0.30810546875}, {"start": 284.3, "end": 287.12, "word": " works", "probability": 0.857421875}, {"start": 287.12, "end": 287.42, "word": " under", "probability": 0.8974609375}, {"start": 287.42, "end": 287.6, "word": " the", "probability": 0.8994140625}, {"start": 287.6, "end": 287.86, "word": " perfect", "probability": 0.880859375}, {"start": 287.86, "end": 288.22, "word": " competition", "probability": 0.98046875}, {"start": 288.22, "end": 288.66, "word": " market.", "probability": 0.88134765625}], "temperature": 1.0}, {"id": 11, "seek": 31524, "start": 293.96, "end": 315.24, "text": " Competition market. And here's the market. Let us talk about the price. Or an example.", "tokens": [43634, 2142, 13, 400, 510, 311, 264, 2142, 13, 961, 505, 751, 466, 264, 3218, 13, 1610, 364, 1365, 13], "avg_logprob": -0.22395833617164976, "compression_ratio": 1.0875, "no_speech_prob": 0.0, "words": [{"start": 293.96, "end": 294.5, "word": " Competition", "probability": 0.46142578125}, {"start": 294.5, "end": 295.06, "word": " market.", "probability": 0.572265625}, {"start": 301.26, "end": 302.34, "word": " And", "probability": 0.84033203125}, {"start": 302.34, "end": 302.62, "word": " here's", "probability": 0.786376953125}, {"start": 302.62, "end": 302.76, "word": " the", "probability": 0.91943359375}, {"start": 302.76, "end": 303.06, "word": " market.", "probability": 0.9130859375}, {"start": 304.36, "end": 304.58, "word": " Let", "probability": 0.95654296875}, {"start": 304.58, "end": 304.76, "word": " us", "probability": 0.8671875}, {"start": 304.76, "end": 305.04, "word": " talk", "probability": 0.8876953125}, {"start": 305.04, "end": 305.46, "word": " about", "probability": 0.90673828125}, {"start": 305.46, "end": 306.08, "word": " the", "probability": 0.90869140625}, {"start": 306.08, "end": 306.94, "word": " price.", "probability": 0.9208984375}, {"start": 313.42, "end": 314.5, "word": " Or", "probability": 0.48193359375}, {"start": 314.5, "end": 314.7, "word": " an", "probability": 0.95166015625}, {"start": 314.7, "end": 315.24, "word": " example.", "probability": 0.98291015625}], "temperature": 1.0}, {"id": 12, "seek": 35218, "start": 323.44, "end": 352.18, "text": " supply and demand for these types of benzene. Right? The price for this type is determined in the market due to demand and supply. Let us assume that the price of this unit, the price period of this type,", "tokens": [5847, 293, 4733, 337, 613, 3467, 295, 44335, 1450, 13, 1779, 30, 440, 3218, 337, 341, 2010, 307, 9540, 294, 264, 2142, 3462, 281, 4733, 293, 5847, 13, 961, 505, 6552, 300, 264, 3218, 295, 341, 4985, 11, 264, 3218, 2896, 295, 341, 2010, 11], "avg_logprob": -0.2306385905198429, "compression_ratio": 1.5073529411764706, "no_speech_prob": 0.0, "words": [{"start": 323.44, "end": 324.2, "word": " supply", "probability": 0.70849609375}, {"start": 324.2, "end": 324.96, "word": " and", "probability": 0.8447265625}, {"start": 324.96, "end": 325.34, "word": " demand", "probability": 0.92431640625}, {"start": 325.34, "end": 331.04, "word": " for", "probability": 0.69384765625}, {"start": 331.04, "end": 331.3, "word": " these", "probability": 0.453369140625}, {"start": 331.3, "end": 331.72, "word": " types", "probability": 0.79931640625}, {"start": 331.72, "end": 331.92, "word": " of", "probability": 0.966796875}, {"start": 331.92, "end": 332.3, "word": " benzene.", "probability": 0.6348876953125}, {"start": 334.48, "end": 335.24, "word": " Right?", "probability": 0.1866455078125}, {"start": 336.96, "end": 337.36, "word": " The", "probability": 0.5478515625}, {"start": 337.36, "end": 339.64, "word": " price", "probability": 0.91748046875}, {"start": 339.64, "end": 340.08, "word": " for", "probability": 0.9443359375}, {"start": 340.08, "end": 340.36, "word": " this", "probability": 0.9521484375}, {"start": 340.36, "end": 340.78, "word": " type", "probability": 0.95458984375}, {"start": 340.78, "end": 343.24, "word": " is", "probability": 0.91748046875}, {"start": 343.24, "end": 343.76, "word": " determined", "probability": 0.90869140625}, {"start": 343.76, "end": 343.96, "word": " in", "probability": 0.70166015625}, {"start": 343.96, "end": 344.06, "word": " the", "probability": 0.84716796875}, {"start": 344.06, "end": 344.5, "word": " market", "probability": 0.88134765625}, {"start": 344.5, "end": 345.1, "word": " due", "probability": 0.93212890625}, {"start": 345.1, "end": 345.26, "word": " to", "probability": 0.96826171875}, {"start": 345.26, "end": 345.78, "word": " demand", "probability": 0.80419921875}, {"start": 345.78, "end": 346.08, "word": " and", "probability": 0.93994140625}, {"start": 346.08, "end": 346.52, "word": " supply.", "probability": 0.9423828125}, {"start": 347.3, "end": 347.52, "word": " Let", "probability": 0.57861328125}, {"start": 347.52, "end": 347.7, "word": " us", "probability": 0.7607421875}, {"start": 347.7, "end": 348.06, "word": " assume", "probability": 0.90966796875}, {"start": 348.06, "end": 348.28, "word": " that", "probability": 0.93359375}, {"start": 348.28, "end": 348.44, "word": " the", "probability": 0.91796875}, {"start": 348.44, "end": 348.72, "word": " price", "probability": 0.90380859375}, {"start": 348.72, "end": 348.86, "word": " of", "probability": 0.73046875}, {"start": 348.86, "end": 349.08, "word": " this", "probability": 0.947265625}, {"start": 349.08, "end": 349.46, "word": " unit,", "probability": 0.95703125}, {"start": 350.24, "end": 350.36, "word": " the", "probability": 0.92236328125}, {"start": 350.36, "end": 350.62, "word": " price", "probability": 0.90478515625}, {"start": 350.62, "end": 350.92, "word": " period", "probability": 0.7822265625}, {"start": 350.92, "end": 351.62, "word": " of", "probability": 0.9345703125}, {"start": 351.62, "end": 351.82, "word": " this", "probability": 0.95068359375}, {"start": 351.82, "end": 352.18, "word": " type,", "probability": 0.95458984375}], "temperature": 1.0}, {"id": 13, "seek": 37808, "start": 353.02, "end": 378.08, "text": " equals three shekels. Three shekels. And the quantity sold in the market as a whole equals 20,000 units for all the market here. Right? And let me assume that", "tokens": [6915, 1045, 750, 7124, 82, 13, 6244, 750, 7124, 82, 13, 400, 264, 11275, 3718, 294, 264, 2142, 382, 257, 1379, 6915, 945, 11, 1360, 6815, 337, 439, 264, 2142, 510, 13, 1779, 30, 400, 718, 385, 6552, 300], "avg_logprob": -0.20351562649011612, "compression_ratio": 1.3706896551724137, "no_speech_prob": 0.0, "words": [{"start": 353.02, "end": 353.74, "word": " equals", "probability": 0.708984375}, {"start": 353.74, "end": 354.38, "word": " three", "probability": 0.81884765625}, {"start": 354.38, "end": 357.3, "word": " shekels.", "probability": 0.76220703125}, {"start": 357.3, "end": 358.36, "word": " Three", "probability": 0.857421875}, {"start": 358.36, "end": 360.1, "word": " shekels.", "probability": 0.9734700520833334}, {"start": 361.08, "end": 361.74, "word": " And", "probability": 0.56640625}, {"start": 361.74, "end": 361.84, "word": " the", "probability": 0.8994140625}, {"start": 361.84, "end": 362.22, "word": " quantity", "probability": 0.88134765625}, {"start": 362.22, "end": 362.66, "word": " sold", "probability": 0.9365234375}, {"start": 362.66, "end": 363.36, "word": " in", "probability": 0.904296875}, {"start": 363.36, "end": 363.6, "word": " the", "probability": 0.91796875}, {"start": 363.6, "end": 363.98, "word": " market", "probability": 0.8828125}, {"start": 363.98, "end": 364.42, "word": " as", "probability": 0.9501953125}, {"start": 364.42, "end": 364.56, "word": " a", "probability": 0.9931640625}, {"start": 364.56, "end": 364.88, "word": " whole", "probability": 0.86669921875}, {"start": 364.88, "end": 365.72, "word": " equals", "probability": 0.873046875}, {"start": 365.72, "end": 366.7, "word": " 20", "probability": 0.8798828125}, {"start": 366.7, "end": 367.3, "word": ",000", "probability": 0.981201171875}, {"start": 367.3, "end": 368.04, "word": " units", "probability": 0.943359375}, {"start": 368.04, "end": 369.8, "word": " for", "probability": 0.77880859375}, {"start": 369.8, "end": 370.78, "word": " all", "probability": 0.9306640625}, {"start": 370.78, "end": 371.92, "word": " the", "probability": 0.450439453125}, {"start": 371.92, "end": 372.24, "word": " market", "probability": 0.86865234375}, {"start": 372.24, "end": 372.56, "word": " here.", "probability": 0.5830078125}, {"start": 373.74, "end": 374.18, "word": " Right?", "probability": 0.7373046875}, {"start": 375.7, "end": 376.46, "word": " And", "probability": 0.7861328125}, {"start": 376.46, "end": 376.7, "word": " let", "probability": 0.9541015625}, {"start": 376.7, "end": 376.98, "word": " me", "probability": 0.96044921875}, {"start": 376.98, "end": 377.54, "word": " assume", "probability": 0.90771484375}, {"start": 377.54, "end": 378.08, "word": " that", "probability": 0.9375}], "temperature": 1.0}, {"id": 14, "seek": 40154, "start": 378.84, "end": 401.54, "text": " I want to come to this market to sell the same products. 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How much is the selling prices in this case? Three, because in the market, I cannot control the prices. So here, Q, prices. If I want to sell one unit, how much is the price? 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Three. No, three for per unit. So, here the price is determined here. The same prices. P equals MR equals demand curve. This is the demand curve for what? For the business that works under the perfect commercial market. 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Let me assume that I want to sell 600 units. 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Because I cannot control the market as a small business, which means atomicity. Now,", "tokens": [12427, 265, 3349, 420, 5662, 264, 11275, 1355, 300, 286, 362, 281, 3607, 309, 833, 264, 912, 7901, 365, 572, 7300, 11, 558, 30, 1436, 286, 2644, 1969, 264, 2142, 382, 257, 1359, 1606, 11, 597, 1355, 22275, 507, 13, 823, 11], "avg_logprob": -0.18341207019118375, "compression_ratio": 1.3741496598639455, "no_speech_prob": 0.0, "words": [{"start": 483.97, "end": 484.61, "word": " Decreasing", "probability": 0.9166666666666666}, {"start": 484.61, "end": 484.89, "word": " or", "probability": 0.953125}, {"start": 484.89, "end": 485.35, "word": " increasing", "probability": 0.939453125}, {"start": 485.35, "end": 485.57, "word": " the", "probability": 0.8837890625}, {"start": 485.57, "end": 486.07, "word": " quantity", "probability": 0.98095703125}, {"start": 486.07, "end": 487.39, "word": " means", "probability": 0.875}, {"start": 487.39, "end": 487.67, "word": " that", "probability": 0.93359375}, {"start": 487.67, "end": 487.93, "word": " I", "probability": 0.98388671875}, {"start": 487.93, "end": 488.21, "word": " have", "probability": 0.953125}, {"start": 488.21, "end": 488.37, "word": " to", "probability": 0.97216796875}, {"start": 488.37, "end": 488.57, "word": " sell", "probability": 0.8369140625}, {"start": 488.57, "end": 488.83, "word": " it", "probability": 0.94580078125}, {"start": 488.83, "end": 489.81, "word": " under", "probability": 0.8525390625}, {"start": 489.81, "end": 490.11, "word": " the", "probability": 0.92236328125}, {"start": 490.11, "end": 490.35, "word": " same", "probability": 0.92724609375}, {"start": 490.35, "end": 490.89, "word": " prices", "probability": 0.91162109375}, {"start": 490.89, "end": 491.35, "word": " with", "probability": 0.7138671875}, {"start": 491.35, "end": 491.53, "word": " no", "probability": 0.9501953125}, {"start": 491.53, "end": 492.05, "word": " differences,", "probability": 0.806640625}, {"start": 492.61, "end": 492.89, "word": " right?", "probability": 0.7109375}, {"start": 493.09, "end": 493.53, "word": " Because", "probability": 0.916015625}, {"start": 493.53, "end": 493.99, "word": " I", "probability": 0.9892578125}, {"start": 493.99, "end": 494.27, "word": " cannot", "probability": 0.88818359375}, {"start": 494.27, "end": 494.73, "word": " control", "probability": 0.82275390625}, {"start": 494.73, "end": 494.91, "word": " the", "probability": 0.916015625}, {"start": 494.91, "end": 495.33, "word": " market", "probability": 0.8916015625}, {"start": 495.33, "end": 496.23, "word": " as", "probability": 0.79248046875}, {"start": 496.23, "end": 496.87, "word": " a", "probability": 0.99658203125}, {"start": 496.87, "end": 497.43, "word": " small", "probability": 0.935546875}, {"start": 497.43, "end": 498.23, "word": " business,", "probability": 0.93603515625}, {"start": 500.11, "end": 500.31, "word": " which", "probability": 0.943359375}, {"start": 500.31, "end": 500.57, "word": " means", "probability": 0.89794921875}, {"start": 500.57, "end": 502.43, "word": " atomicity.", "probability": 0.6671142578125}, {"start": 502.91, "end": 503.35, "word": " Now,", "probability": 0.37890625}], "temperature": 1.0}, {"id": 19, "seek": 53344, "start": 507.08, "end": 533.44, "text": " how can the price increases or decreases for the perfect competition business? If demand as a whole increases in the market, what will happen? The price will go up. So, let us assume that the demand for this type of pharmaceutical increases. This is D1.", "tokens": [577, 393, 264, 3218, 8637, 420, 24108, 337, 264, 2176, 6211, 1606, 30, 759, 4733, 382, 257, 1379, 8637, 294, 264, 2142, 11, 437, 486, 1051, 30, 440, 3218, 486, 352, 493, 13, 407, 11, 718, 505, 6552, 300, 264, 4733, 337, 341, 2010, 295, 27130, 8637, 13, 639, 307, 413, 16, 13], "avg_logprob": -0.16189235586810996, "compression_ratio": 1.5393939393939393, "no_speech_prob": 0.0, "words": [{"start": 507.08, "end": 507.42, "word": " how", "probability": 0.458251953125}, {"start": 507.42, "end": 507.74, "word": " can", "probability": 0.9287109375}, {"start": 507.74, "end": 507.94, "word": " the", "probability": 0.91259765625}, {"start": 507.94, "end": 508.34, "word": " price", "probability": 0.90283203125}, {"start": 508.34, "end": 509.22, "word": " increases", "probability": 0.86474609375}, {"start": 509.22, "end": 509.54, "word": " or", "probability": 0.95263671875}, {"start": 509.54, "end": 510.12, "word": " decreases", "probability": 0.9619140625}, {"start": 510.12, "end": 511.68, "word": " for", "probability": 0.61474609375}, {"start": 511.68, "end": 512.76, "word": " the", "probability": 0.89892578125}, {"start": 512.76, "end": 513.32, "word": " perfect", "probability": 0.8896484375}, {"start": 513.32, "end": 513.82, "word": " competition", "probability": 0.87646484375}, {"start": 513.82, "end": 514.54, "word": " business?", "probability": 0.708984375}, {"start": 517.56, "end": 518.36, "word": " If", "probability": 0.97412109375}, {"start": 518.36, "end": 518.88, "word": " demand", "probability": 0.8681640625}, {"start": 518.88, "end": 519.12, "word": " as", "probability": 0.90771484375}, {"start": 519.12, "end": 519.26, "word": " a", "probability": 0.99560546875}, {"start": 519.26, "end": 519.52, "word": " whole", "probability": 0.87255859375}, {"start": 519.52, "end": 520.14, "word": " increases", "probability": 0.93896484375}, {"start": 520.14, "end": 520.36, "word": " in", "probability": 0.9443359375}, {"start": 520.36, "end": 520.48, "word": " the", "probability": 0.9169921875}, {"start": 520.48, "end": 520.78, "word": " market,", "probability": 0.89990234375}, {"start": 521.64, "end": 522.06, "word": " what", "probability": 0.94482421875}, {"start": 522.06, "end": 522.2, "word": " will", "probability": 0.8671875}, {"start": 522.2, "end": 522.58, "word": " happen?", "probability": 0.9208984375}, {"start": 522.9, "end": 523.3, "word": " The", "probability": 0.89990234375}, {"start": 523.3, "end": 523.6, "word": " price", "probability": 0.90771484375}, {"start": 523.6, "end": 523.76, "word": " will", "probability": 0.8896484375}, {"start": 523.76, "end": 523.98, "word": " go", "probability": 0.96826171875}, {"start": 523.98, "end": 524.28, "word": " up.", "probability": 0.9697265625}, {"start": 525.06, "end": 525.3, "word": " So,", "probability": 0.96533203125}, {"start": 525.7, "end": 525.92, "word": " let", "probability": 0.94921875}, {"start": 525.92, "end": 526.1, "word": " us", "probability": 0.87255859375}, {"start": 526.1, "end": 526.44, "word": " assume", "probability": 0.90869140625}, {"start": 526.44, "end": 526.84, "word": " that", "probability": 0.93603515625}, {"start": 526.84, "end": 527.38, "word": " the", "probability": 0.8623046875}, {"start": 527.38, "end": 527.86, "word": " demand", "probability": 0.9091796875}, {"start": 527.86, "end": 528.24, "word": " for", "probability": 0.94873046875}, {"start": 528.24, "end": 528.84, "word": " this", "probability": 0.943359375}, {"start": 528.84, "end": 529.24, "word": " type", "probability": 0.9658203125}, {"start": 529.24, "end": 529.52, "word": " of", "probability": 0.96044921875}, {"start": 529.52, "end": 530.5, "word": " pharmaceutical", "probability": 0.289794921875}, {"start": 530.5, "end": 531.76, "word": " increases.", "probability": 0.87646484375}, {"start": 532.4, "end": 532.84, "word": " This", "probability": 0.90283203125}, {"start": 532.84, "end": 533.02, "word": " is", "probability": 0.95263671875}, {"start": 533.02, "end": 533.44, "word": " D1.", "probability": 0.766357421875}], "temperature": 1.0}, {"id": 20, "seek": 55816, "start": 535.36, "end": 558.16, "text": " And the demand increases to D2, from D1 to D2. We have Ceteris Peribus. We have a new equilibrium point, right? Which is E2. This is E1 and E2.", "tokens": [400, 264, 4733, 8637, 281, 413, 17, 11, 490, 413, 16, 281, 413, 17, 13, 492, 362, 383, 2398, 271, 3026, 897, 301, 13, 492, 362, 257, 777, 15625, 935, 11, 558, 30, 3013, 307, 462, 17, 13, 639, 307, 462, 16, 293, 462, 17, 13], "avg_logprob": -0.18700133168950994, "compression_ratio": 1.2100840336134453, "no_speech_prob": 0.0, "words": [{"start": 535.36, "end": 535.82, "word": " And", "probability": 0.58251953125}, {"start": 535.82, "end": 536.74, "word": " the", "probability": 0.857421875}, {"start": 536.74, "end": 537.64, "word": " demand", "probability": 0.90869140625}, {"start": 537.64, "end": 538.38, "word": " increases", "probability": 0.93505859375}, {"start": 538.38, "end": 540.96, "word": " to", "probability": 0.5947265625}, {"start": 540.96, "end": 541.42, "word": " D2,", "probability": 0.834228515625}, {"start": 541.54, "end": 541.72, "word": " from", "probability": 0.8828125}, {"start": 541.72, "end": 542.12, "word": " D1", "probability": 0.9951171875}, {"start": 542.12, "end": 542.3, "word": " to", "probability": 0.9599609375}, {"start": 542.3, "end": 542.68, "word": " D2.", "probability": 0.998779296875}, {"start": 547.76, "end": 548.58, "word": " We", "probability": 0.95751953125}, {"start": 548.58, "end": 549.0, "word": " have", "probability": 0.94384765625}, {"start": 549.0, "end": 549.54, "word": " Ceteris", "probability": 0.5589192708333334}, {"start": 549.54, "end": 550.08, "word": " Peribus.", "probability": 0.70703125}, {"start": 551.6, "end": 552.28, "word": " We", "probability": 0.96728515625}, {"start": 552.28, "end": 552.56, "word": " have", "probability": 0.9462890625}, {"start": 552.56, "end": 552.78, "word": " a", "probability": 0.9951171875}, {"start": 552.78, "end": 552.94, "word": " new", "probability": 0.90478515625}, {"start": 552.94, "end": 553.42, "word": " equilibrium", "probability": 0.984375}, {"start": 553.42, "end": 553.88, "word": " point,", "probability": 0.953125}, {"start": 554.56, "end": 554.74, "word": " right?", "probability": 0.72412109375}, {"start": 555.2, "end": 555.46, "word": " Which", "probability": 0.8544921875}, {"start": 555.46, "end": 555.76, "word": " is", "probability": 0.94287109375}, {"start": 555.76, "end": 556.22, "word": " E2.", "probability": 0.815185546875}, {"start": 556.62, "end": 556.88, "word": " This", "probability": 0.865234375}, {"start": 556.88, "end": 557.06, "word": " is", "probability": 0.95166015625}, {"start": 557.06, "end": 557.44, "word": " E1", "probability": 0.986328125}, {"start": 557.44, "end": 557.76, "word": " and", "probability": 0.908203125}, {"start": 557.76, "end": 558.16, "word": " E2.", "probability": 0.998779296875}], "temperature": 1.0}, {"id": 21, "seek": 57633, "start": 560.15, "end": 576.33, "text": " How much is the new equilibrium price? Let us assume it becomes five shekels. Now, what is the price that the company or the business that works under the perfect mutual market sells?", "tokens": [1012, 709, 307, 264, 777, 15625, 3218, 30, 961, 505, 6552, 309, 3643, 1732, 750, 7124, 82, 13, 823, 11, 437, 307, 264, 3218, 300, 264, 2237, 420, 264, 1606, 300, 1985, 833, 264, 2176, 16917, 2142, 20897, 30], "avg_logprob": -0.22656249739229678, "compression_ratio": 1.393939393939394, "no_speech_prob": 0.0, "words": [{"start": 560.15, "end": 560.41, "word": " How", "probability": 0.70751953125}, {"start": 560.41, "end": 560.65, "word": " much", "probability": 0.9169921875}, {"start": 560.65, "end": 560.91, "word": " is", "probability": 0.94873046875}, {"start": 560.91, "end": 561.09, "word": " the", "probability": 0.91015625}, {"start": 561.09, "end": 561.25, "word": " new", "probability": 0.7734375}, {"start": 561.25, "end": 561.63, "word": " equilibrium", "probability": 0.9677734375}, {"start": 561.63, "end": 562.17, "word": " price?", "probability": 0.91650390625}, {"start": 562.87, "end": 563.01, "word": " Let", "probability": 0.89794921875}, {"start": 563.01, "end": 563.17, "word": " us", "probability": 0.826171875}, {"start": 563.17, "end": 563.51, "word": " assume", "probability": 0.90478515625}, {"start": 563.51, "end": 563.71, "word": " it", "probability": 0.83544921875}, {"start": 563.71, "end": 564.81, "word": " becomes", "probability": 0.62060546875}, {"start": 564.81, "end": 566.09, "word": " five", "probability": 0.5029296875}, {"start": 566.09, "end": 566.99, "word": " shekels.", "probability": 0.84375}, {"start": 568.75, "end": 569.37, "word": " Now,", "probability": 0.935546875}, {"start": 570.07, "end": 570.91, "word": " what", "probability": 0.94287109375}, {"start": 570.91, "end": 571.25, "word": " is", "probability": 0.9482421875}, {"start": 571.25, "end": 571.45, "word": " the", "probability": 0.92333984375}, {"start": 571.45, "end": 571.77, "word": " price", "probability": 0.86962890625}, {"start": 571.77, "end": 572.05, "word": " that", "probability": 0.88671875}, {"start": 572.05, "end": 572.33, "word": " the", "probability": 0.89111328125}, {"start": 572.33, "end": 572.73, "word": " company", "probability": 0.91015625}, {"start": 572.73, "end": 573.37, "word": " or", "probability": 0.869140625}, {"start": 573.37, "end": 573.53, "word": " the", "probability": 0.8896484375}, {"start": 573.53, "end": 574.03, "word": " business", "probability": 0.939453125}, {"start": 574.03, "end": 574.27, "word": " that", "probability": 0.87646484375}, {"start": 574.27, "end": 574.49, "word": " works", "probability": 0.87451171875}, {"start": 574.49, "end": 574.69, "word": " under", "probability": 0.49658203125}, {"start": 574.69, "end": 574.83, "word": " the", "probability": 0.7099609375}, {"start": 574.83, "end": 575.09, "word": " perfect", "probability": 0.765625}, {"start": 575.09, "end": 575.37, "word": " mutual", "probability": 0.185302734375}, {"start": 575.37, "end": 575.77, "word": " market", "probability": 0.90576171875}, {"start": 575.77, "end": 576.33, "word": " sells?", "probability": 0.461181640625}], "temperature": 1.0}, {"id": 22, "seek": 60513, "start": 577.71, "end": 605.13, "text": " or use in this case. It should use the same new market price, the same new equilibrium price. So the new equilibrium price for the perfect competition company will be the same here. Here we have a new demand curve for the business that works under the perfect competition market with new prices, which means", "tokens": [420, 764, 294, 341, 1389, 13, 467, 820, 764, 264, 912, 777, 2142, 3218, 11, 264, 912, 777, 15625, 3218, 13, 407, 264, 777, 15625, 3218, 337, 264, 2176, 6211, 2237, 486, 312, 264, 912, 510, 13, 1692, 321, 362, 257, 777, 4733, 7605, 337, 264, 1606, 300, 1985, 833, 264, 2176, 6211, 2142, 365, 777, 7901, 11, 597, 1355], "avg_logprob": -0.16547130756690853, "compression_ratio": 1.8011695906432748, "no_speech_prob": 0.0, "words": [{"start": 577.71, "end": 577.95, "word": " or", "probability": 0.474365234375}, {"start": 577.95, "end": 578.25, "word": " use", "probability": 0.77197265625}, {"start": 578.25, "end": 578.41, "word": " in", "probability": 0.7255859375}, {"start": 578.41, "end": 578.61, "word": " this", "probability": 0.947265625}, {"start": 578.61, "end": 578.91, "word": " case.", "probability": 0.908203125}, {"start": 579.35, "end": 579.85, 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Yeah. So here, we're talking price one, MR1, D1. Price two, MR2, D2. 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Right? What will happen if supply increased in the market? Here? If supply increased, what will happen? Another assumption.", "tokens": [407, 510, 11, 264, 777, 3218, 307, 1732, 13, 1779, 30, 708, 486, 1051, 498, 5847, 6505, 294, 264, 2142, 30, 1692, 30, 759, 5847, 6505, 11, 437, 486, 1051, 30, 3996, 15302, 13], "avg_logprob": -0.1830357151372092, "compression_ratio": 1.3565217391304347, "no_speech_prob": 0.0, "words": [{"start": 633.67, "end": 633.97, "word": " So", "probability": 0.89892578125}, {"start": 633.97, "end": 634.23, "word": " here,", "probability": 0.767578125}, {"start": 634.59, "end": 634.71, "word": " the", "probability": 0.9189453125}, {"start": 634.71, "end": 634.91, "word": " new", "probability": 0.9052734375}, {"start": 634.91, "end": 635.29, "word": " price", "probability": 0.9111328125}, {"start": 635.29, "end": 635.89, "word": " is", "probability": 0.94287109375}, {"start": 635.89, "end": 636.21, "word": " five.", "probability": 0.55908203125}, {"start": 643.77, "end": 644.59, "word": " Right?", "probability": 0.69775390625}, {"start": 645.71, "end": 646.25, "word": " What", "probability": 0.8759765625}, {"start": 646.25, "end": 646.39, "word": " will", "probability": 0.7021484375}, {"start": 646.39, "end": 646.77, "word": " happen", "probability": 0.921875}, {"start": 646.77, "end": 647.13, "word": " if", "probability": 0.95068359375}, {"start": 647.13, "end": 648.57, "word": " supply", "probability": 0.92041015625}, {"start": 648.57, "end": 649.79, "word": " increased", "probability": 0.658203125}, {"start": 649.79, "end": 650.31, "word": " in", "probability": 0.93310546875}, {"start": 650.31, "end": 650.41, "word": " the", "probability": 0.9150390625}, {"start": 650.41, "end": 650.73, "word": " market?", "probability": 0.90185546875}, {"start": 652.51, "end": 653.33, "word": " Here?", "probability": 0.48193359375}, {"start": 654.25, "end": 655.07, "word": " If", "probability": 0.97021484375}, {"start": 655.07, "end": 655.51, "word": " supply", "probability": 0.93408203125}, {"start": 655.51, "end": 656.07, "word": " increased,", "probability": 0.888671875}, {"start": 656.55, "end": 656.77, "word": " what", "probability": 0.93798828125}, {"start": 656.77, "end": 656.91, "word": " will", "probability": 0.8564453125}, {"start": 656.91, "end": 657.29, "word": " happen?", "probability": 0.9189453125}, {"start": 657.45, "end": 657.73, "word": " Another", "probability": 0.861328125}, {"start": 657.73, "end": 658.23, "word": " assumption.", "probability": 0.9794921875}], "temperature": 1.0}, {"id": 25, "seek": 68722, "start": 659.46, "end": 687.22, "text": " The assumption here is here we have the equilibrium price or the equilibrium point. This is the original situation, E1. 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If there is profit, this will encourage new producers and new sellers to enter the market. What will happen to supply? Increases. 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This will encourage, this will encourage new producers, new sellers to enter the market.", "tokens": [509, 434, 1417, 466, 4836, 22045, 11, 558, 30, 639, 486, 5373, 11, 341, 486, 5373, 777, 16080, 11, 777, 31276, 281, 3242, 264, 2142, 13], "avg_logprob": -0.34953705028251364, "compression_ratio": 1.2980769230769231, "no_speech_prob": 0.0, "words": [{"start": 718.22, "end": 718.5, "word": " You're", "probability": 0.39923095703125}, {"start": 718.5, "end": 718.72, "word": " talking", "probability": 0.81494140625}, {"start": 718.72, "end": 719.14, "word": " about", "probability": 0.89599609375}, {"start": 719.14, "end": 720.8, "word": " economic", "probability": 0.80224609375}, {"start": 720.8, "end": 721.4, "word": " premise,", "probability": 0.64306640625}, {"start": 722.02, "end": 722.24, "word": " right?", "probability": 0.90283203125}, {"start": 724.4, "end": 724.84, "word": " This", "probability": 0.875}, {"start": 724.84, "end": 725.02, "word": " will", "probability": 0.51318359375}, {"start": 725.02, "end": 725.64, "word": " encourage,", "probability": 0.8193359375}, {"start": 725.82, "end": 727.4, "word": " this", "probability": 0.85888671875}, {"start": 727.4, "end": 729.08, "word": " will", "probability": 0.5546875}, {"start": 729.08, "end": 731.32, "word": " encourage", "probability": 0.81689453125}, {"start": 731.32, "end": 735.78, "word": " new", "probability": 0.492431640625}, {"start": 735.78, "end": 736.72, "word": " producers,", "probability": 0.8203125}, {"start": 737.68, "end": 738.9, "word": " new", "probability": 0.8505859375}, {"start": 738.9, "end": 739.36, "word": " sellers", "probability": 0.94091796875}, {"start": 739.36, "end": 741.32, "word": " to", "probability": 0.79736328125}, {"start": 741.32, "end": 741.64, "word": " enter", "probability": 0.89208984375}, {"start": 741.64, "end": 741.84, "word": " the", "probability": 0.91796875}, {"start": 741.84, "end": 742.14, "word": " market.", "probability": 0.88232421875}], "temperature": 1.0}, {"id": 28, "seek": 77525, "start": 749.25, "end": 775.25, "text": " What will happen here? Supply increases and shifts right at the market here. This will increase supply. Supply will shift right. Then supply shifts right. Supply curve shifts right.", "tokens": [708, 486, 1051, 510, 30, 9391, 356, 8637, 293, 19201, 558, 412, 264, 2142, 510, 13, 639, 486, 3488, 5847, 13, 9391, 356, 486, 5513, 558, 13, 1396, 5847, 19201, 558, 13, 9391, 356, 7605, 19201, 558, 13], "avg_logprob": -0.17948717719469315, "compression_ratio": 1.6545454545454545, "no_speech_prob": 0.0, "words": [{"start": 749.25, "end": 749.47, "word": " What", "probability": 0.71875}, {"start": 749.47, "end": 749.61, "word": " will", "probability": 0.7919921875}, {"start": 749.61, "end": 749.93, "word": " happen", "probability": 0.92431640625}, {"start": 749.93, "end": 750.45, "word": " here?", "probability": 0.64599609375}, {"start": 751.69, "end": 752.53, "word": " Supply", "probability": 0.8544921875}, {"start": 752.53, "end": 753.13, "word": " increases", "probability": 0.91357421875}, {"start": 753.13, "end": 754.23, "word": " and", "probability": 0.77099609375}, {"start": 754.23, "end": 754.55, "word": " shifts", "probability": 0.90283203125}, {"start": 754.55, "end": 754.93, "word": " right", "probability": 0.88232421875}, {"start": 754.93, "end": 755.55, "word": " at", "probability": 0.432861328125}, {"start": 755.55, "end": 755.91, "word": " the", "probability": 0.90234375}, {"start": 755.91, "end": 756.19, "word": " market", "probability": 0.9052734375}, {"start": 756.19, "end": 756.49, "word": " here.", "probability": 0.77734375}, {"start": 757.35, "end": 757.59, "word": " This", "probability": 0.87158203125}, {"start": 757.59, "end": 757.75, "word": " will", "probability": 0.86962890625}, {"start": 757.75, "end": 758.15, "word": " increase", "probability": 0.8671875}, {"start": 758.15, "end": 758.57, "word": " supply.", "probability": 0.91064453125}, {"start": 762.73, "end": 763.57, "word": " Supply", "probability": 0.84814453125}, {"start": 763.57, "end": 763.81, "word": " will", "probability": 0.86767578125}, {"start": 763.81, "end": 764.17, "word": " shift", "probability": 0.98095703125}, {"start": 764.17, "end": 764.59, "word": " right.", "probability": 0.9072265625}, {"start": 765.81, "end": 766.19, "word": " Then", "probability": 0.83251953125}, {"start": 766.19, "end": 766.75, "word": " supply", "probability": 0.89111328125}, {"start": 766.75, "end": 767.25, "word": " shifts", "probability": 0.87841796875}, {"start": 767.25, "end": 767.59, "word": " right.", "probability": 0.90966796875}, {"start": 768.89, "end": 769.57, "word": " Supply", "probability": 0.79296875}, {"start": 769.57, "end": 770.99, "word": " curve", "probability": 0.67822265625}, {"start": 770.99, "end": 772.67, "word": " shifts", "probability": 0.896484375}, {"start": 772.67, "end": 775.25, "word": " right.", "probability": 0.8994140625}], "temperature": 1.0}, {"id": 29, "seek": 80512, "start": 778.26, "end": 805.12, "text": " Here, S1, D1, supply shifts right here from S1 to S2, right? This will encourage new producers to enter the market. Sorry, the price will, we have a new equilibrium point which is E2.", "tokens": [1692, 11, 318, 16, 11, 413, 16, 11, 5847, 19201, 558, 510, 490, 318, 16, 281, 318, 17, 11, 558, 30, 639, 486, 5373, 777, 16080, 281, 3242, 264, 2142, 13, 4919, 11, 264, 3218, 486, 11, 321, 362, 257, 777, 15625, 935, 597, 307, 462, 17, 13], "avg_logprob": -0.2810905709558604, "compression_ratio": 1.2867132867132867, "no_speech_prob": 0.0, "words": [{"start": 778.26, "end": 778.6, "word": " Here,", "probability": 0.48779296875}, {"start": 778.78, "end": 779.28, "word": " S1,", "probability": 0.89013671875}, {"start": 780.58, "end": 781.32, "word": " D1,", "probability": 0.8203125}, {"start": 781.82, "end": 782.16, "word": " supply", "probability": 0.916015625}, {"start": 782.16, "end": 782.6, "word": " shifts", "probability": 0.92822265625}, {"start": 782.6, "end": 785.08, "word": " right", "probability": 0.1751708984375}, {"start": 785.08, "end": 785.54, "word": " here", "probability": 0.82470703125}, {"start": 785.54, "end": 789.04, "word": " from", "probability": 0.452392578125}, {"start": 789.04, "end": 789.56, "word": " S1", "probability": 0.992919921875}, {"start": 789.56, "end": 789.76, "word": " to", "probability": 0.9638671875}, {"start": 789.76, "end": 790.26, "word": " S2,", "probability": 0.998291015625}, {"start": 791.3, "end": 792.12, "word": " right?", "probability": 0.86669921875}, {"start": 794.72, "end": 795.46, "word": " This", "probability": 0.90234375}, {"start": 795.46, "end": 795.62, "word": " will", "probability": 0.383056640625}, {"start": 795.62, "end": 796.14, "word": " encourage", "probability": 0.78466796875}, {"start": 796.14, "end": 796.42, "word": " new", "probability": 0.5126953125}, {"start": 796.42, "end": 796.84, "word": " producers", "probability": 0.84423828125}, {"start": 796.84, "end": 797.18, "word": " to", "probability": 0.94873046875}, {"start": 797.18, "end": 797.46, "word": " enter", "probability": 0.92333984375}, {"start": 797.46, "end": 797.62, "word": " the", "probability": 0.88427734375}, {"start": 797.62, "end": 797.86, "word": " market.", "probability": 0.6416015625}, {"start": 798.3, "end": 798.54, "word": " Sorry,", "probability": 0.82421875}, {"start": 798.66, "end": 798.78, "word": " the", "probability": 0.89453125}, {"start": 798.78, "end": 799.2, "word": " price", "probability": 0.921875}, {"start": 799.2, "end": 799.82, "word": " will,", "probability": 0.72705078125}, {"start": 800.08, "end": 800.3, "word": " we", "probability": 0.9345703125}, {"start": 800.3, "end": 800.56, "word": " have", "probability": 0.939453125}, {"start": 800.56, "end": 800.72, "word": " a", "probability": 0.9931640625}, {"start": 800.72, "end": 800.86, "word": " new", "probability": 0.89306640625}, {"start": 800.86, "end": 801.22, "word": " equilibrium", "probability": 0.97802734375}, {"start": 801.22, "end": 801.64, "word": " point", "probability": 0.94873046875}, {"start": 801.64, "end": 801.88, "word": " which", "probability": 0.61962890625}, {"start": 801.88, "end": 802.7, "word": " is", "probability": 0.955078125}, {"start": 802.7, "end": 805.12, "word": " E2.", "probability": 0.979248046875}], "temperature": 1.0}, {"id": 30, "seek": 83222, "start": 806.18, "end": 832.22, "text": " The price goes down in the market. So the price of the market went down to let us assume to two. Two shekels. What is the new price for the prefabrication company? Goes down as well. So two.", "tokens": [440, 3218, 1709, 760, 294, 264, 2142, 13, 407, 264, 3218, 295, 264, 2142, 1437, 760, 281, 718, 505, 6552, 281, 732, 13, 4453, 750, 7124, 82, 13, 708, 307, 264, 777, 3218, 337, 264, 18417, 455, 1341, 399, 2237, 30, 44471, 760, 382, 731, 13, 407, 732, 13], "avg_logprob": -0.24812501311302185, "compression_ratio": 1.4692307692307693, "no_speech_prob": 0.0, "words": [{"start": 806.18, "end": 806.48, "word": " The", "probability": 0.5166015625}, {"start": 806.48, "end": 806.88, "word": " price", "probability": 0.90673828125}, {"start": 806.88, "end": 807.52, "word": " goes", "probability": 0.9208984375}, {"start": 807.52, "end": 807.94, "word": " down", "probability": 0.8662109375}, {"start": 807.94, "end": 808.32, "word": " in", "probability": 0.87451171875}, {"start": 808.32, "end": 808.46, "word": " the", "probability": 0.91796875}, {"start": 808.46, "end": 808.82, "word": " market.", "probability": 0.89892578125}, {"start": 810.3, "end": 810.54, "word": " So", "probability": 0.483642578125}, {"start": 810.54, "end": 812.36, "word": " the", "probability": 0.583984375}, {"start": 812.36, "end": 813.76, "word": " price", "probability": 0.64453125}, {"start": 813.76, "end": 813.92, "word": " of", "probability": 0.87109375}, {"start": 813.92, "end": 814.02, "word": " the", "probability": 0.91845703125}, {"start": 814.02, "end": 814.36, "word": " market", "probability": 0.880859375}, {"start": 814.36, "end": 815.1, "word": " went", "probability": 0.86572265625}, {"start": 815.1, "end": 815.7, "word": " down", "probability": 0.87255859375}, {"start": 815.7, "end": 816.48, "word": " to", "probability": 0.85302734375}, {"start": 816.48, "end": 816.7, "word": " let", "probability": 0.420166015625}, {"start": 816.7, "end": 816.88, "word": " us", "probability": 0.5732421875}, {"start": 816.88, "end": 817.18, "word": " assume", "probability": 0.88330078125}, {"start": 817.18, "end": 817.3, "word": " to", "probability": 0.74658203125}, {"start": 817.3, "end": 817.58, "word": " two.", "probability": 0.67138671875}, {"start": 818.82, "end": 819.52, "word": " Two", "probability": 0.82421875}, {"start": 819.52, "end": 820.9, "word": " shekels.", "probability": 0.89306640625}, {"start": 822.2, "end": 822.54, "word": " What", "probability": 0.87255859375}, {"start": 822.54, "end": 822.84, "word": " is", "probability": 0.93994140625}, {"start": 822.84, "end": 822.98, "word": " the", "probability": 0.91845703125}, {"start": 822.98, "end": 823.2, "word": " new", "probability": 0.8935546875}, {"start": 823.2, "end": 823.54, "word": " price", "probability": 0.90576171875}, {"start": 823.54, "end": 823.76, "word": " for", "probability": 0.923828125}, {"start": 823.76, "end": 823.9, "word": " the", "probability": 0.9169921875}, {"start": 823.9, "end": 824.46, "word": " prefabrication", "probability": 0.65118408203125}, {"start": 824.46, "end": 825.24, "word": " company?", "probability": 0.91455078125}, {"start": 826.1, "end": 826.8, "word": " Goes", "probability": 0.89013671875}, {"start": 826.8, "end": 827.1, "word": " down", "probability": 0.8623046875}, {"start": 827.1, "end": 827.36, "word": " as", "probability": 0.95654296875}, {"start": 827.36, "end": 827.62, "word": " well.", "probability": 0.93994140625}, {"start": 830.76, "end": 831.46, "word": " So", "probability": 0.81591796875}, {"start": 831.46, "end": 832.22, "word": " two.", "probability": 0.64892578125}], "temperature": 1.0}, {"id": 31, "seek": 85932, "start": 835.14, "end": 859.32, "text": " P2 equals MR2 equals D2. So the price for the business that works at the perfect competition market will go down as well. As there is a profit. As there is a profit. This one would encourage new producers to enter the market once again.", "tokens": [430, 17, 6915, 9808, 17, 6915, 413, 17, 13, 407, 264, 3218, 337, 264, 1606, 300, 1985, 412, 264, 2176, 6211, 2142, 486, 352, 760, 382, 731, 13, 1018, 456, 307, 257, 7475, 13, 1018, 456, 307, 257, 7475, 13, 639, 472, 576, 5373, 777, 16080, 281, 3242, 264, 2142, 1564, 797, 13], "avg_logprob": -0.1922743069352927, "compression_ratio": 1.5290322580645161, "no_speech_prob": 0.0, "words": [{"start": 835.14, "end": 835.84, "word": " P2", "probability": 0.826416015625}, {"start": 835.84, "end": 836.5, "word": " equals", "probability": 0.85205078125}, {"start": 836.5, "end": 837.64, "word": " MR2", "probability": 0.7490234375}, {"start": 837.64, "end": 838.6, "word": " equals", "probability": 0.927734375}, {"start": 838.6, "end": 839.08, "word": " D2.", "probability": 0.9697265625}, {"start": 840.72, "end": 841.22, "word": " So", "probability": 0.94189453125}, {"start": 841.22, "end": 841.64, "word": " the", "probability": 0.5966796875}, {"start": 841.64, "end": 842.02, "word": " price", "probability": 0.912109375}, {"start": 842.02, "end": 842.3, "word": " for", "probability": 0.94677734375}, {"start": 842.3, "end": 842.52, "word": " the", "probability": 0.89892578125}, {"start": 842.52, "end": 842.88, "word": " business", "probability": 0.93798828125}, {"start": 842.88, "end": 843.78, "word": " that", "probability": 0.7412109375}, {"start": 843.78, "end": 844.08, "word": " works", "probability": 0.677734375}, {"start": 844.08, "end": 844.24, "word": " at", "probability": 0.3818359375}, {"start": 844.24, "end": 844.4, "word": " the", "probability": 0.666015625}, {"start": 844.4, "end": 844.66, "word": " perfect", "probability": 0.646484375}, {"start": 844.66, "end": 845.08, "word": " competition", "probability": 0.85009765625}, {"start": 845.08, "end": 845.66, "word": " market", "probability": 0.869140625}, {"start": 845.66, "end": 846.02, "word": " will", "probability": 0.84521484375}, {"start": 846.02, "end": 846.28, "word": " go", "probability": 0.9658203125}, {"start": 846.28, "end": 846.56, "word": " down", "probability": 0.86083984375}, {"start": 846.56, "end": 846.78, "word": " as", "probability": 0.943359375}, {"start": 846.78, "end": 847.0, "word": " well.", "probability": 0.94091796875}, {"start": 847.72, "end": 848.16, "word": " As", "probability": 0.9736328125}, {"start": 848.16, "end": 848.46, "word": " there", "probability": 0.91064453125}, {"start": 848.46, "end": 848.66, "word": " is", "probability": 0.9443359375}, {"start": 848.66, "end": 848.82, "word": " a", "probability": 0.9736328125}, {"start": 848.82, "end": 849.12, "word": " profit.", "probability": 0.9443359375}, {"start": 851.22, "end": 851.92, "word": " As", "probability": 0.919921875}, {"start": 851.92, "end": 853.02, "word": " there", "probability": 0.90283203125}, {"start": 853.02, "end": 853.32, "word": " is", "probability": 0.9453125}, {"start": 853.32, "end": 853.44, "word": " a", "probability": 0.93603515625}, {"start": 853.44, "end": 853.68, "word": " profit.", "probability": 0.9287109375}, {"start": 855.46, "end": 855.78, "word": " This", "probability": 0.8994140625}, {"start": 855.78, "end": 856.06, "word": " one", "probability": 0.484375}, {"start": 856.06, "end": 856.5, "word": " would", "probability": 0.86669921875}, {"start": 856.5, "end": 857.02, "word": " encourage", "probability": 0.7880859375}, {"start": 857.02, "end": 857.24, "word": " new", "probability": 0.333984375}, {"start": 857.24, "end": 857.72, "word": " producers", "probability": 0.85400390625}, {"start": 857.72, "end": 857.98, "word": " to", "probability": 0.96240234375}, {"start": 857.98, "end": 858.18, "word": " enter", "probability": 0.8994140625}, {"start": 858.18, "end": 858.36, "word": " the", "probability": 0.9140625}, {"start": 858.36, "end": 858.62, "word": " market", "probability": 0.880859375}, {"start": 858.62, "end": 858.98, "word": " once", "probability": 0.90380859375}, {"start": 858.98, "end": 859.32, "word": " again.", "probability": 0.958984375}], "temperature": 1.0}, {"id": 32, "seek": 88765, "start": 864.11, "end": 887.65, "text": " But what happened to the prices? Supply shifts right. The price goes down. Goes down as well.", "tokens": [583, 437, 2011, 281, 264, 7901, 30, 9391, 356, 19201, 558, 13, 440, 3218, 1709, 760, 13, 44471, 760, 382, 731, 13], "avg_logprob": -0.33050271220829175, "compression_ratio": 1.1325301204819278, "no_speech_prob": 0.0, "words": [{"start": 864.1099999999999, "end": 865.1899999999999, "word": " But", "probability": 0.185302734375}, {"start": 865.1899999999999, "end": 866.27, "word": " what", "probability": 0.88671875}, {"start": 866.27, "end": 866.57, "word": " happened", "probability": 0.443359375}, {"start": 866.57, "end": 866.71, "word": " to", "probability": 0.95654296875}, {"start": 866.71, "end": 866.85, "word": " the", "probability": 0.89892578125}, {"start": 866.85, "end": 867.19, "word": " prices?", "probability": 0.87841796875}, {"start": 878.89, "end": 879.97, "word": " Supply", "probability": 0.56585693359375}, {"start": 879.97, "end": 880.43, "word": " shifts", "probability": 0.9443359375}, {"start": 880.43, "end": 880.83, "word": " right.", "probability": 0.80322265625}, {"start": 881.37, "end": 881.47, "word": " The", "probability": 0.58837890625}, {"start": 881.47, "end": 881.73, "word": " price", "probability": 0.8349609375}, {"start": 881.73, "end": 882.67, "word": " goes", "probability": 0.8359375}, {"start": 882.67, "end": 884.07, "word": " down.", "probability": 0.861328125}, {"start": 885.45, "end": 886.39, "word": " Goes", "probability": 0.43017578125}, {"start": 886.39, "end": 887.19, "word": " down", "probability": 0.86572265625}, {"start": 887.19, "end": 887.41, "word": " as", "probability": 0.955078125}, {"start": 887.41, "end": 887.65, "word": " well.", "probability": 0.9423828125}], "temperature": 1.0}, {"id": 33, "seek": 91660, "start": 890.46, "end": 916.6, "text": " In the long term, we will have a break-even only. In the perfect competition market, in the short run, it could be a break-even. It could be a loss or profits. But in the long term, we have a break-even only. In the short run, let us assume that there is profits.", "tokens": [682, 264, 938, 1433, 11, 321, 486, 362, 257, 1821, 12, 27170, 787, 13, 682, 264, 2176, 6211, 2142, 11, 294, 264, 2099, 1190, 11, 309, 727, 312, 257, 1821, 12, 27170, 13, 467, 727, 312, 257, 4470, 420, 17982, 13, 583, 294, 264, 938, 1433, 11, 321, 362, 257, 1821, 12, 27170, 787, 13, 682, 264, 2099, 1190, 11, 718, 505, 6552, 300, 456, 307, 17982, 13], "avg_logprob": -0.21807065822076108, "compression_ratio": 1.872340425531915, "no_speech_prob": 0.0, "words": [{"start": 890.46, "end": 890.72, "word": " In", "probability": 0.8828125}, {"start": 890.72, "end": 890.9, "word": " the", "probability": 0.9208984375}, {"start": 890.9, "end": 891.18, "word": " long", "probability": 0.92236328125}, {"start": 891.18, "end": 891.56, "word": " term,", "probability": 0.73974609375}, {"start": 891.92, "end": 893.2, "word": " we", "probability": 0.9619140625}, {"start": 893.2, "end": 893.44, "word": " will", "probability": 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920.76, "end": 941.78, "text": " Sorry, loss. According to our assumption here, let us assume that the business that works under the perfect competition market faces a loss. Or here's the original prices.", "tokens": [4919, 11, 4470, 13, 7328, 281, 527, 15302, 510, 11, 718, 505, 6552, 300, 264, 1606, 300, 1985, 833, 264, 2176, 6211, 2142, 8475, 257, 4470, 13, 1610, 510, 311, 264, 3380, 7901, 13], "avg_logprob": -0.24754462923322404, "compression_ratio": 1.3543307086614174, "no_speech_prob": 0.0, "words": [{"start": 920.76, "end": 921.56, "word": " Sorry,", "probability": 0.1497802734375}, {"start": 921.66, "end": 922.02, "word": " loss.", "probability": 0.85107421875}, {"start": 924.62, "end": 925.42, "word": " According", "probability": 0.95703125}, {"start": 925.42, "end": 925.64, "word": " to", "probability": 0.96435546875}, {"start": 925.64, "end": 925.84, "word": " our", "probability": 0.89697265625}, {"start": 925.84, "end": 926.2, "word": " assumption", "probability": 0.97412109375}, {"start": 926.2, "end": 926.6, "word": " here,", "probability": 0.85498046875}, {"start": 927.54, "end": 929.8, "word": " let", "probability": 0.94873046875}, {"start": 929.8, "end": 929.98, "word": " us", "probability": 0.8759765625}, {"start": 929.98, "end": 930.38, "word": " assume", "probability": 0.90625}, {"start": 930.38, "end": 930.88, "word": " that", "probability": 0.93505859375}, {"start": 930.88, "end": 932.08, "word": " the", "probability": 0.89697265625}, {"start": 932.08, "end": 932.48, "word": " business", "probability": 0.939453125}, {"start": 932.48, "end": 932.78, "word": " that", "probability": 0.86328125}, {"start": 932.78, "end": 933.06, "word": " works", "probability": 0.8125}, {"start": 933.06, "end": 933.26, "word": " under", "probability": 0.75146484375}, {"start": 933.26, "end": 933.44, "word": " the", "probability": 0.8564453125}, {"start": 933.44, "end": 933.68, "word": " perfect", "probability": 0.7265625}, {"start": 933.68, "end": 934.0, "word": " competition", "probability": 0.239501953125}, {"start": 934.0, "end": 934.54, "word": " market", "probability": 0.86767578125}, {"start": 934.54, "end": 936.14, "word": " faces", "probability": 0.85791015625}, {"start": 936.14, "end": 936.44, "word": " a", "probability": 0.9873046875}, {"start": 936.44, "end": 936.8, "word": " loss.", "probability": 0.8818359375}, {"start": 939.12, "end": 939.92, "word": " Or", "probability": 0.9013671875}, {"start": 939.92, "end": 940.76, "word": " here's", "probability": 0.6474609375}, {"start": 940.76, "end": 940.92, "word": " the", "probability": 0.9150390625}, {"start": 940.92, "end": 941.28, "word": " original", "probability": 0.91064453125}, {"start": 941.28, "end": 941.78, "word": " prices.", "probability": 0.85693359375}], "temperature": 1.0}, {"id": 35, "seek": 97202, "start": 944.32, "end": 972.02, "text": " And in the market, the business that works in the perfect commercial market, you are here. You are the perfect commercial market. Companies that work under the perfect commercial market. If there is a loss in the market, what do you do? You open the door and go out of the market. Right? So as there is a loss, the sellers will go out from the market.", "tokens": [400, 294, 264, 2142, 11, 264, 1606, 300, 1985, 294, 264, 2176, 6841, 2142, 11, 291, 366, 510, 13, 509, 366, 264, 2176, 6841, 2142, 13, 44031, 300, 589, 833, 264, 2176, 6841, 2142, 13, 759, 456, 307, 257, 4470, 294, 264, 2142, 11, 437, 360, 291, 360, 30, 509, 1269, 264, 2853, 293, 352, 484, 295, 264, 2142, 13, 1779, 30, 407, 382, 456, 307, 257, 4470, 11, 264, 31276, 486, 352, 484, 490, 264, 2142, 13], "avg_logprob": -0.19462025995495952, "compression_ratio": 2.070588235294118, "no_speech_prob": 0.0, "words": [{"start": 944.32, "end": 944.82, "word": " And", "probability": 0.8837890625}, {"start": 944.82, "end": 945.32, "word": " in", "probability": 0.9033203125}, {"start": 945.32, "end": 945.48, "word": " the", "probability": 0.91943359375}, {"start": 945.48, "end": 945.8, "word": " market,", "probability": 0.88623046875}, {"start": 945.96, "end": 946.06, "word": " the", "probability": 0.91162109375}, {"start": 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Let us assume that this is the perfect commercial market and you are the sellers. If there is a loss in the market, what will happen? You will leave the market. As part of the sellers will go out from the market or went out from the market, what will happen to supply here in this market?", "tokens": [708, 486, 1051, 281, 5847, 294, 264, 2142, 30, 961, 505, 6552, 300, 341, 307, 264, 2176, 6841, 2142, 293, 291, 366, 264, 31276, 13, 759, 456, 307, 257, 4470, 294, 264, 2142, 11, 437, 486, 1051, 30, 509, 486, 1856, 264, 2142, 13, 1018, 644, 295, 264, 31276, 486, 352, 484, 490, 264, 2142, 420, 1437, 484, 490, 264, 2142, 11, 437, 486, 1051, 281, 5847, 510, 294, 341, 2142, 30], "avg_logprob": -0.14940068819751479, "compression_ratio": 1.935672514619883, "no_speech_prob": 0.0, "words": [{"start": 973.82, "end": 974.1, "word": " What", "probability": 0.78173828125}, {"start": 974.1, "end": 974.24, "word": " will", "probability": 0.794921875}, {"start": 974.24, "end": 974.52, "word": " happen", "probability": 0.923828125}, {"start": 974.52, "end": 974.76, "word": " to", "probability": 0.96923828125}, {"start": 974.76, "end": 975.18, "word": " supply", 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So supply shifts left. What will happen to the prices? Exactly. So here, the opposite case here. 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So here supply shifts left to S2. 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Here's the idea. Tamam? So supply shifts lift. The price goes up to four. And then as there is a loss once again, part of the sellers, the current sellers will shift or will leave the market once again to S3, to S4 until", "tokens": [1779, 30, 1692, 311, 264, 1558, 13, 18224, 30, 407, 5847, 19201, 5533, 13, 440, 3218, 1709, 493, 281, 1451, 13, 400, 550, 382, 456, 307, 257, 4470, 1564, 797, 11, 644, 295, 264, 31276, 11, 264, 2190, 31276, 486, 5513, 420, 486, 1856, 264, 2142, 1564, 797, 281, 318, 18, 11, 281, 318, 19, 1826], "avg_logprob": -0.264254373416566, "compression_ratio": 1.4430379746835442, "no_speech_prob": 0.0, "words": [{"start": 1058.03, "end": 1058.35, "word": " Right?", "probability": 0.360595703125}, {"start": 1058.47, "end": 1058.75, "word": " Here's", "probability": 0.752685546875}, {"start": 1058.75, "end": 1058.91, "word": " the", "probability": 0.9228515625}, {"start": 1058.91, "end": 1059.31, "word": " idea.", "probability": 0.94189453125}, {"start": 1060.27, "end": 1060.43, "word": " Tamam?", "probability": 0.12432861328125}, {"start": 1061.07, "end": 1061.67, "word": " So", "probability": 0.9599609375}, {"start": 1061.67, "end": 1063.99, "word": " supply", "probability": 0.44287109375}, {"start": 1063.99, "end": 1064.47, "word": " shifts", "probability": 0.91650390625}, {"start": 1064.47, "end": 1064.85, "word": " lift.", "probability": 0.40673828125}, {"start": 1065.97, "end": 1066.23, "word": " The", "probability": 0.90185546875}, {"start": 1066.23, "end": 1066.69, "word": " price", "probability": 0.8984375}, {"start": 1066.69, "end": 1067.31, "word": " goes", "probability": 0.94091796875}, {"start": 1067.31, "end": 1067.73, "word": " up", "probability": 0.97314453125}, {"start": 1067.73, "end": 1068.05, "word": " to", "probability": 0.93115234375}, {"start": 1068.05, "end": 1068.29, "word": " four.", "probability": 0.56103515625}, {"start": 1068.49, "end": 1068.77, "word": " And", "probability": 0.93896484375}, {"start": 1068.77, "end": 1068.97, "word": " then", "probability": 0.830078125}, {"start": 1068.97, "end": 1069.47, "word": " as", "probability": 0.712890625}, {"start": 1069.47, "end": 1069.93, "word": " there", "probability": 0.90478515625}, {"start": 1069.93, "end": 1070.15, "word": " is", "probability": 0.92529296875}, {"start": 1070.15, "end": 1070.29, "word": " a", "probability": 0.9619140625}, {"start": 1070.29, "end": 1071.01, "word": " loss", "probability": 0.66845703125}, {"start": 1071.01, "end": 1071.45, "word": " once", "probability": 0.6640625}, {"start": 1071.45, "end": 1071.85, "word": " again,", "probability": 0.95556640625}, {"start": 1073.03, "end": 1074.19, "word": " part", "probability": 0.88330078125}, {"start": 1074.19, "end": 1074.41, "word": " of", "probability": 0.96923828125}, {"start": 1074.41, "end": 1074.57, "word": " the", "probability": 0.92041015625}, {"start": 1074.57, "end": 1074.91, "word": " sellers,", "probability": 0.89697265625}, {"start": 1075.05, "end": 1075.15, "word": " the", "probability": 0.91162109375}, {"start": 1075.15, "end": 1075.43, "word": " current", "probability": 0.8125}, {"start": 1075.43, "end": 1075.85, "word": " sellers", "probability": 0.89404296875}, {"start": 1075.85, "end": 1077.19, "word": " will", "probability": 0.53125}, {"start": 1077.19, "end": 1077.65, "word": " shift", "probability": 0.97998046875}, {"start": 1077.65, "end": 1078.15, "word": " or", "probability": 0.88427734375}, {"start": 1078.15, "end": 1078.49, "word": " will", "probability": 0.85693359375}, {"start": 1078.49, "end": 1079.11, "word": " leave", "probability": 0.96484375}, {"start": 1079.11, "end": 1079.29, "word": " the", "probability": 0.9208984375}, {"start": 1079.29, "end": 1079.55, "word": " market", "probability": 0.88232421875}, {"start": 1079.55, "end": 1079.85, "word": " once", "probability": 0.91455078125}, {"start": 1079.85, "end": 1080.29, "word": " again", "probability": 0.95947265625}, {"start": 1080.29, "end": 1081.73, "word": " to", "probability": 0.5224609375}, {"start": 1081.73, "end": 1082.29, "word": " S3,", "probability": 0.909423828125}, {"start": 1082.75, "end": 1082.93, "word": " to", "probability": 0.873046875}, {"start": 1082.93, "end": 1083.57, "word": " S4", "probability": 0.99853515625}, {"start": 1083.57, "end": 1086.33, "word": " until", "probability": 0.52099609375}], "temperature": 1.0}, {"id": 40, "seek": 112165, "start": 1092.11, "end": 1121.65, "text": " The break-even is restored here. Right? The more people leave, the higher the price. Right? Correct? What happens when profits increase? The loss decreases. Here we have a loss. Increasing the prices leads to decreasing the loss. Right? Correct? 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Only. Here we are talking about the profit competition market. If we have a lot of profits,", "tokens": [682, 264, 938, 1433, 11, 294, 264, 938, 1190, 11, 321, 362, 257, 1821, 754, 13, 5686, 13, 1692, 321, 366, 1417, 466, 264, 7475, 6211, 2142, 13, 759, 321, 362, 257, 688, 295, 17982, 11], "avg_logprob": -0.21505489381583962, "compression_ratio": 1.3423423423423424, "no_speech_prob": 0.0, "words": [{"start": 1132.6, "end": 1133.1, "word": " In", "probability": 0.341064453125}, {"start": 1133.1, "end": 1133.6, "word": " the", "probability": 0.9091796875}, {"start": 1133.6, "end": 1133.88, "word": " long", "probability": 0.93115234375}, {"start": 1133.88, "end": 1134.24, "word": " term,", "probability": 0.72802734375}, {"start": 1135.76, "end": 1135.94, "word": " in", "probability": 0.76025390625}, {"start": 1135.94, "end": 1136.1, "word": " the", "probability": 0.92529296875}, {"start": 1136.1, "end": 1136.3, "word": " long", "probability": 0.92236328125}, {"start": 1136.3, "end": 1136.56, "word": " run,", "probability": 0.92919921875}, {"start": 1136.82, "end": 1136.94, "word": " we", "probability": 0.96240234375}, {"start": 1136.94, "end": 1137.18, "word": " have", "probability": 0.91552734375}, {"start": 1137.18, "end": 1137.3, "word": " a", "probability": 0.984375}, {"start": 1137.3, "end": 1137.56, "word": " break", "probability": 0.849609375}, {"start": 1137.56, "end": 1137.9, "word": " even.", "probability": 0.64404296875}, {"start": 1140.2, "end": 1140.7, "word": " Only.", "probability": 0.90478515625}, {"start": 1141.22, "end": 1141.44, "word": " Here", "probability": 0.82568359375}, {"start": 1141.44, "end": 1141.6, "word": " we", "probability": 0.68505859375}, {"start": 1141.6, "end": 1141.72, "word": " are", "probability": 0.93359375}, {"start": 1141.72, "end": 1142.0, "word": " talking", "probability": 0.873046875}, {"start": 1142.0, "end": 1142.22, "word": " about", "probability": 0.91357421875}, {"start": 1142.22, "end": 1142.34, "word": " the", "probability": 0.79541015625}, {"start": 1142.34, "end": 1142.52, "word": " profit", "probability": 0.467529296875}, {"start": 1142.52, "end": 1142.86, "word": " competition", "probability": 0.334228515625}, {"start": 1142.86, "end": 1143.2, "word": " market.", "probability": 0.9033203125}, {"start": 1143.68, "end": 1143.8, "word": " If", "probability": 0.8994140625}, {"start": 1143.8, "end": 1143.92, "word": " we", "probability": 0.92431640625}, {"start": 1143.92, "end": 1144.06, "word": " have", "probability": 0.9443359375}, {"start": 1144.06, "end": 1144.16, "word": " a", "probability": 0.984375}, {"start": 1144.16, "end": 1144.28, "word": " lot", "probability": 0.96435546875}, {"start": 1144.28, "end": 1144.4, "word": " of", "probability": 0.81640625}, {"start": 1144.4, "end": 1144.74, "word": " profits,", "probability": 0.9423828125}], "temperature": 1.0}, {"id": 42, "seek": 117666, "start": 1149.68, "end": 1176.66, "text": " The new producers will enter the market. The new sellers will enter the market. A number of sellers. So supply increases, the price goes down. The opposite case. So profits goes down until in the long term we have a break even. So here we have two cases.", "tokens": [440, 777, 16080, 486, 3242, 264, 2142, 13, 440, 777, 31276, 486, 3242, 264, 2142, 13, 316, 1230, 295, 31276, 13, 407, 5847, 8637, 11, 264, 3218, 1709, 760, 13, 440, 6182, 1389, 13, 407, 17982, 1709, 760, 1826, 294, 264, 938, 1433, 321, 362, 257, 1821, 754, 13, 407, 510, 321, 362, 732, 3331, 13], "avg_logprob": -0.2646655743582207, "compression_ratio": 1.6887417218543046, "no_speech_prob": 0.0, "words": [{"start": 1149.68, "end": 1149.86, "word": " The", "probability": 0.1763916015625}, {"start": 1149.86, "end": 1150.06, "word": " new", "probability": 0.92236328125}, {"start": 1150.06, "end": 1150.6, "word": " producers", "probability": 0.693359375}, {"start": 1150.6, "end": 1151.34, "word": " will", "probability": 0.87451171875}, {"start": 1151.34, "end": 1151.66, "word": " enter", "probability": 0.90576171875}, {"start": 1151.66, "end": 1151.86, "word": " the", "probability": 0.9169921875}, {"start": 1151.86, "end": 1152.1, "word": " market.", "probability": 0.89208984375}, {"start": 1152.2, "end": 1152.26, "word": " The", "probability": 0.62060546875}, {"start": 1152.26, "end": 1152.42, "word": " new", "probability": 0.921875}, {"start": 1152.42, "end": 1152.68, "word": " sellers", "probability": 0.9443359375}, {"start": 1152.68, "end": 1152.92, "word": " will", "probability": 0.87890625}, {"start": 1152.92, "end": 1153.32, "word": " enter", "probability": 0.90771484375}, {"start": 1153.32, "end": 1154.08, "word": " the", "probability": 0.91650390625}, {"start": 1154.08, "end": 1154.88, "word": " market.", "probability": 0.89111328125}, {"start": 1155.1, "end": 1155.16, "word": " A", "probability": 0.09442138671875}, {"start": 1155.16, "end": 1156.54, "word": " number", "probability": 0.8984375}, {"start": 1156.54, "end": 1156.72, "word": " of", "probability": 0.96875}, {"start": 1156.72, "end": 1157.02, "word": " sellers.", "probability": 0.94091796875}, {"start": 1157.58, "end": 1157.9, "word": " So", "probability": 0.95654296875}, {"start": 1157.9, "end": 1158.84, "word": " supply", "probability": 0.744140625}, {"start": 1158.84, "end": 1160.02, "word": " increases,", "probability": 0.93994140625}, {"start": 1160.4, "end": 1160.54, "word": " the", "probability": 0.91064453125}, {"start": 1160.54, "end": 1160.88, "word": " price", "probability": 0.8994140625}, {"start": 1160.88, "end": 1161.22, "word": " goes", "probability": 0.93798828125}, {"start": 1161.22, "end": 1161.56, "word": " down.", "probability": 0.8359375}, {"start": 1162.64, "end": 1162.9, "word": " The", "probability": 0.1546630859375}, {"start": 1162.9, "end": 1163.52, "word": " opposite", "probability": 0.94287109375}, {"start": 1163.52, "end": 1164.02, "word": " case.", "probability": 0.90283203125}, {"start": 1166.58, "end": 1167.22, "word": " So", "probability": 0.29736328125}, {"start": 1167.22, "end": 1167.84, "word": " profits", "probability": 0.8828125}, {"start": 1167.84, "end": 1170.7, "word": " goes", "probability": 0.720703125}, {"start": 1170.7, "end": 1171.08, "word": " down", "probability": 0.83837890625}, {"start": 1171.08, "end": 1171.98, "word": " until", "probability": 0.77685546875}, {"start": 1171.98, "end": 1172.6, "word": " in", "probability": 0.376220703125}, {"start": 1172.6, "end": 1172.78, "word": " the", "probability": 0.9150390625}, {"start": 1172.78, "end": 1172.96, "word": " long", "probability": 0.92919921875}, {"start": 1172.96, "end": 1173.3, "word": " term", "probability": 0.68505859375}, {"start": 1173.3, "end": 1173.46, "word": " we", "probability": 0.6416015625}, {"start": 1173.46, "end": 1173.6, "word": " have", "probability": 0.927734375}, {"start": 1173.6, "end": 1173.7, "word": " a", "probability": 0.9228515625}, {"start": 1173.7, "end": 1173.92, "word": " break", "probability": 0.8837890625}, {"start": 1173.92, "end": 1174.12, "word": " even.", "probability": 0.640625}, {"start": 1175.04, "end": 1175.68, "word": " So", "probability": 0.94677734375}, {"start": 1175.68, "end": 1175.9, "word": " here", "probability": 0.7939453125}, {"start": 1175.9, "end": 1176.0, "word": " we", "probability": 0.921875}, {"start": 1176.0, "end": 1176.14, "word": " have", "probability": 0.94580078125}, {"start": 1176.14, "end": 1176.3, "word": " two", "probability": 0.92236328125}, {"start": 1176.3, "end": 1176.66, "word": " cases.", "probability": 0.92578125}], "temperature": 1.0}, {"id": 43, "seek": 120021, "start": 1178.63, "end": 1200.21, "text": " In the short run, if the company that works under the perfect commercial market starts in a break-even, in the long term, a break-even. If there are profits, what happens? The supply increases, the price goes down, break-even in the long run, sorry, in the long term. If there is a loss,", "tokens": [682, 264, 2099, 1190, 11, 498, 264, 2237, 300, 1985, 833, 264, 2176, 6841, 2142, 3719, 294, 257, 1821, 12, 27170, 11, 294, 264, 938, 1433, 11, 257, 1821, 12, 27170, 13, 759, 456, 366, 17982, 11, 437, 2314, 30, 440, 5847, 8637, 11, 264, 3218, 1709, 760, 11, 1821, 12, 27170, 294, 264, 938, 1190, 11, 2597, 11, 294, 264, 938, 1433, 13, 759, 456, 307, 257, 4470, 11], "avg_logprob": -0.272007038895513, "compression_ratio": 1.6842105263157894, "no_speech_prob": 0.0, "words": [{"start": 1178.63, "end": 1178.89, "word": " In", "probability": 0.9052734375}, {"start": 1178.89, "end": 1179.07, "word": " the", "probability": 0.91943359375}, {"start": 1179.07, "end": 1179.43, "word": " short", "probability": 0.97265625}, {"start": 1179.43, "end": 1179.71, "word": " run,", "probability": 0.6259765625}, {"start": 1180.11, "end": 1180.89, "word": " if", "probability": 0.92822265625}, {"start": 1180.89, "end": 1181.01, "word": " the", "probability": 0.90673828125}, 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So in the perfect competition market, we had three cases.", "tokens": [4100, 295, 264, 31276, 486, 1856, 264, 2142, 11, 5847, 24108, 11, 264, 3218, 1709, 493, 1826, 264, 1821, 12, 27170, 307, 23143, 11, 558, 30, 407, 294, 264, 2176, 6211, 2142, 11, 321, 632, 1045, 3331, 13], "avg_logprob": -0.2095352556460943, "compression_ratio": 1.3692307692307693, "no_speech_prob": 0.0, "words": [{"start": 1204.49, "end": 1204.93, "word": " Part", "probability": 0.65576171875}, {"start": 1204.93, "end": 1205.11, "word": " of", "probability": 0.96630859375}, {"start": 1205.11, "end": 1205.29, "word": " the", "probability": 0.92333984375}, {"start": 1205.29, "end": 1205.63, "word": " sellers", "probability": 0.93994140625}, {"start": 1205.63, "end": 1206.25, "word": " will", "probability": 0.87158203125}, {"start": 1206.25, "end": 1206.59, "word": " leave", "probability": 0.955078125}, {"start": 1206.59, "end": 1206.73, "word": " the", "probability": 0.91064453125}, {"start": 1206.73, "end": 1207.07, "word": " market,", "probability": 0.8720703125}, {"start": 1207.59, "end": 1208.11, "word": " supply", "probability": 0.95361328125}, {"start": 1208.11, "end": 1209.45, "word": " decreases,", "probability": 0.95703125}, {"start": 1210.05, "end": 1210.17, "word": " the", "probability": 0.90625}, {"start": 1210.17, "end": 1210.49, "word": " price", "probability": 0.90234375}, {"start": 1210.49, "end": 1210.99, "word": " goes", "probability": 0.9384765625}, {"start": 1210.99, "end": 1211.45, "word": " up", "probability": 0.97314453125}, {"start": 1211.45, "end": 1213.29, "word": " until", "probability": 0.53125}, {"start": 1213.29, "end": 1213.97, "word": " the", "probability": 0.92041015625}, {"start": 1213.97, "end": 1214.23, "word": " break", "probability": 0.92138671875}, {"start": 1214.23, "end": 1214.55, "word": "-even", "probability": 0.6748046875}, {"start": 1214.55, "end": 1215.07, "word": " is", "probability": 0.8310546875}, {"start": 1215.07, "end": 1215.61, "word": " restored,", "probability": 0.87646484375}, {"start": 1215.89, "end": 1216.65, "word": " right?", "probability": 0.89404296875}, {"start": 1217.39, "end": 1217.91, "word": " So", "probability": 0.923828125}, {"start": 1217.91, "end": 1218.31, "word": " in", "probability": 0.41064453125}, {"start": 1218.31, "end": 1218.39, "word": " the", "probability": 0.8662109375}, {"start": 1218.39, "end": 1218.59, "word": " perfect", "probability": 0.55859375}, {"start": 1218.59, "end": 1218.99, "word": " competition", "probability": 0.97509765625}, {"start": 1218.99, "end": 1219.35, "word": " market,", "probability": 0.88720703125}, {"start": 1219.69, "end": 1219.87, "word": " we", "probability": 0.95849609375}, {"start": 1219.87, "end": 1220.05, "word": " had", "probability": 0.65576171875}, {"start": 1220.05, "end": 1220.29, "word": " three", "probability": 0.92529296875}, {"start": 1220.29, "end": 1220.71, "word": " cases.", "probability": 0.91064453125}], "temperature": 1.0}, {"id": 45, "seek": 124754, "start": 1221.82, "end": 1247.54, "text": " in the short run, and one case only in the long term. In the short run, there might be profits, or the profit competition business or company might achieve profits, loss, or faces profits, loss, or break even in the short run. But in the long run, we have one case only, which is a break even. Right?", "tokens": [294, 264, 2099, 1190, 11, 293, 472, 1389, 787, 294, 264, 938, 1433, 13, 682, 264, 2099, 1190, 11, 456, 1062, 312, 17982, 11, 420, 264, 7475, 6211, 1606, 420, 2237, 1062, 4584, 17982, 11, 4470, 11, 420, 8475, 17982, 11, 4470, 11, 420, 1821, 754, 294, 264, 2099, 1190, 13, 583, 294, 264, 938, 1190, 11, 321, 362, 472, 1389, 787, 11, 597, 307, 257, 1821, 754, 13, 1779, 30], "avg_logprob": -0.18337673217886025, "compression_ratio": 1.8930817610062893, "no_speech_prob": 1.1920928955078125e-07, "words": [{"start": 1221.82, "end": 1222.1, "word": " in", "probability": 0.64208984375}, {"start": 1222.1, "end": 1222.32, "word": " the", "probability": 0.9169921875}, {"start": 1222.32, "end": 1222.68, "word": " short", "probability": 0.97021484375}, {"start": 1222.68, "end": 1222.92, "word": " run,", "probability": 0.748046875}, {"start": 1223.22, "end": 1223.56, "word": " and", "probability": 0.93505859375}, {"start": 1223.56, "end": 1223.86, "word": " one", "probability": 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Part of the producers or the sellers will leave the market. Okay? What happened? Supply shifts slipped. What happened to the prices? Yes. The price went up a bit. 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So,", "tokens": [440, 938, 1433, 11, 321, 362, 257, 1821, 754, 787, 13, 407, 11], "avg_logprob": -0.5870535969734192, "compression_ratio": 0.8518518518518519, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 1286.8, "end": 1287.02, "word": " The", "probability": 0.50146484375}, {"start": 1287.02, "end": 1287.24, "word": " long", "probability": 0.8935546875}, {"start": 1287.24, "end": 1287.64, "word": " term,", "probability": 0.68896484375}, {"start": 1288.82, "end": 1288.94, "word": " we", "probability": 0.188720703125}, {"start": 1288.94, "end": 1289.4, "word": " have", "probability": 0.39306640625}, {"start": 1289.4, "end": 1289.54, "word": " a", "probability": 0.5771484375}, {"start": 1289.54, "end": 1293.46, "word": " break", "probability": 0.875}, {"start": 1293.46, "end": 1299.22, "word": " even", "probability": 0.5888671875}, {"start": 1299.22, "end": 1299.62, "word": " only.", "probability": 0.76025390625}, {"start": 1303.12, "end": 1304.04, "word": " So,", "probability": 0.4375}], "temperature": 1.0}, {"id": 48, "seek": 133353, "start": 1317.11, "end": 1333.53, "text": " In the perfect competition market, the business might achieve profits, break-even and loss, but in the long term, we have a break-even only.", "tokens": [682, 264, 2176, 6211, 2142, 11, 264, 1606, 1062, 4584, 17982, 11, 1821, 12, 27170, 293, 4470, 11, 457, 294, 264, 938, 1433, 11, 321, 362, 257, 1821, 12, 27170, 787, 13], "avg_logprob": -0.23958333333333334, "compression_ratio": 1.3055555555555556, "no_speech_prob": 0.0, "words": [{"start": 1317.11, "end": 1317.27, "word": " In", "probability": 0.69287109375}, {"start": 1317.27, "end": 1317.39, "word": " the", "probability": 0.77392578125}, {"start": 1317.39, "end": 1317.61, "word": " perfect", "probability": 0.52490234375}, {"start": 1317.61, "end": 1318.03, "word": " competition", "probability": 0.96630859375}, {"start": 1318.03, "end": 1318.45, "word": " market,", "probability": 0.87646484375}, {"start": 1320.37, "end": 1321.09, "word": " the", "probability": 0.81640625}, {"start": 1321.09, "end": 1321.59, "word": " business", "probability": 0.9296875}, {"start": 1321.59, "end": 1322.33, "word": " might", "probability": 0.8427734375}, {"start": 1322.33, "end": 1323.03, "word": " achieve", "probability": 0.8671875}, {"start": 1323.03, "end": 1328.15, "word": " profits,", "probability": 0.84814453125}, {"start": 1328.89, "end": 1329.15, "word": " break", "probability": 0.75}, {"start": 1329.15, "end": 1329.51, "word": "-even", "probability": 0.732666015625}, {"start": 1329.51, "end": 1330.03, "word": " and", "probability": 0.45947265625}, {"start": 1330.03, "end": 1330.53, "word": " loss,", "probability": 0.8232421875}, {"start": 1330.67, "end": 1331.01, "word": " but", "probability": 0.91796875}, {"start": 1331.01, "end": 1331.37, "word": " in", "probability": 0.919921875}, {"start": 1331.37, "end": 1331.57, "word": " the", "probability": 0.91796875}, {"start": 1331.57, "end": 1331.73, "word": " long", "probability": 0.93505859375}, {"start": 1331.73, "end": 1332.05, "word": " term,", "probability": 0.64990234375}, {"start": 1332.23, "end": 1332.31, "word": " we", "probability": 0.9208984375}, {"start": 1332.31, "end": 1332.49, "word": " have", "probability": 0.85302734375}, {"start": 1332.49, "end": 1332.61, "word": " a", "probability": 0.70361328125}, {"start": 1332.61, "end": 1332.81, "word": " break", "probability": 0.94677734375}, {"start": 1332.81, "end": 1333.09, "word": "-even", "probability": 0.930908203125}, {"start": 1333.09, "end": 1333.53, "word": " only.", "probability": 0.92578125}], "temperature": 1.0}, {"id": 49, "seek": 137483, "start": 1346.99, "end": 1374.83, "text": " We have the business. The market. Q. Price. D1.", "tokens": [492, 362, 264, 1606, 13, 440, 2142, 13, 1249, 13, 25803, 13, 413, 16, 13], "avg_logprob": -0.37109375931322575, "compression_ratio": 0.8888888888888888, "no_speech_prob": 0.0, "words": [{"start": 1346.99, "end": 1347.25, "word": " We", "probability": 0.74658203125}, {"start": 1347.25, "end": 1347.45, "word": " have", "probability": 0.931640625}, {"start": 1347.45, "end": 1347.61, "word": " the", "probability": 0.85888671875}, {"start": 1347.61, "end": 1348.01, "word": " business.", "probability": 0.83642578125}, {"start": 1349.59, "end": 1350.09, "word": " The", "probability": 0.68994140625}, {"start": 1350.09, "end": 1350.43, "word": " market.", "probability": 0.8720703125}, {"start": 1366.91, "end": 1367.65, "word": " Q.", "probability": 0.5634765625}, {"start": 1368.59, "end": 1368.93, "word": " Price.", "probability": 0.352294921875}, {"start": 1373.93, "end": 1374.83, "word": " D1.", "probability": 0.6943359375}], "temperature": 1.0}, {"id": 50, "seek": 140224, "start": 1376.18, "end": 1402.24, "text": " S1, E1, P1, Q1. This is the market equilibrium price or the equilibrium price for the market as a whole, yes for the preferential market. Here is", "tokens": [318, 16, 11, 462, 16, 11, 430, 16, 11, 1249, 16, 13, 639, 307, 264, 2142, 15625, 3218, 420, 264, 15625, 3218, 337, 264, 2142, 382, 257, 1379, 11, 2086, 337, 264, 4382, 2549, 2142, 13, 1692, 307], "avg_logprob": -0.2574118498044136, "compression_ratio": 1.3904761904761904, "no_speech_prob": 0.0, "words": [{"start": 1376.18, "end": 1377.3, "word": " S1,", "probability": 0.738525390625}, {"start": 1378.92, "end": 1379.92, "word": " E1,", "probability": 0.94384765625}, {"start": 1381.32, "end": 1382.5, "word": " P1,", "probability": 0.885009765625}, {"start": 1384.76, "end": 1386.06, "word": " Q1.", "probability": 0.95458984375}, {"start": 1387.22, "end": 1388.34, "word": " This", "probability": 0.8994140625}, {"start": 1388.34, "end": 1388.82, "word": " is", "probability": 0.95751953125}, {"start": 1388.82, "end": 1390.04, "word": " the", "probability": 0.912109375}, {"start": 1390.04, "end": 1390.58, "word": " market", "probability": 0.91162109375}, {"start": 1390.58, "end": 1391.14, "word": " equilibrium", "probability": 0.9453125}, {"start": 1391.14, "end": 1391.68, "word": " price", "probability": 0.91455078125}, {"start": 1391.68, "end": 1392.5, "word": " or", "probability": 0.62890625}, {"start": 1392.5, "end": 1392.66, "word": " the", "probability": 0.91455078125}, {"start": 1392.66, "end": 1393.0, "word": " equilibrium", "probability": 0.9052734375}, {"start": 1393.0, "end": 1393.54, "word": " price", "probability": 0.912109375}, {"start": 1393.54, "end": 1394.02, "word": " for", "probability": 0.9404296875}, {"start": 1394.02, "end": 1394.22, "word": " the", "probability": 0.9208984375}, {"start": 1394.22, "end": 1394.48, "word": " market", "probability": 0.87939453125}, {"start": 1394.48, "end": 1394.72, "word": " as", "probability": 0.951171875}, {"start": 1394.72, "end": 1394.84, "word": " a", "probability": 0.98974609375}, {"start": 1394.84, "end": 1395.14, "word": " whole,", "probability": 0.87841796875}, {"start": 1396.12, "end": 1396.72, "word": " yes", "probability": 0.483642578125}, {"start": 1396.72, "end": 1396.98, "word": " for", "probability": 0.57373046875}, {"start": 1396.98, "end": 1397.26, "word": " the", "probability": 0.90185546875}, {"start": 1397.26, "end": 1397.66, "word": " preferential", "probability": 0.5380859375}, {"start": 1397.66, "end": 1398.18, "word": " market.", "probability": 0.853515625}, {"start": 1399.56, "end": 1400.68, "word": " Here", "probability": 0.349853515625}, {"start": 1400.68, "end": 1402.24, "word": " is", "probability": 0.82568359375}], "temperature": 1.0}, {"id": 51, "seek": 143680, "start": 1408.76, "end": 1436.8, "text": " The perfect competition business. And the price? Perfect competition business or company. Okay? BCC, business. Price?", "tokens": [440, 2176, 6211, 1606, 13, 400, 264, 3218, 30, 10246, 6211, 1606, 420, 2237, 13, 1033, 30, 363, 11717, 11, 1606, 13, 25803, 30], "avg_logprob": -0.223125, "compression_ratio": 1.4047619047619047, "no_speech_prob": 0.0, "words": [{"start": 1408.76, "end": 1409.02, "word": " The", "probability": 0.66845703125}, {"start": 1409.02, "end": 1409.38, "word": " perfect", "probability": 0.7470703125}, {"start": 1409.38, "end": 1410.06, "word": " competition", "probability": 0.9716796875}, {"start": 1410.06, "end": 1411.62, "word": " business.", "probability": 0.890625}, {"start": 1416.24, "end": 1417.24, "word": " And", "probability": 0.744140625}, {"start": 1417.24, "end": 1417.38, "word": " the", "probability": 0.9072265625}, {"start": 1417.38, "end": 1417.76, "word": " price?", "probability": 0.70703125}, {"start": 1418.98, "end": 1419.44, "word": " Perfect", "probability": 0.8447265625}, {"start": 1419.44, "end": 1419.82, "word": " competition", "probability": 0.9658203125}, {"start": 1419.82, "end": 1420.32, "word": " business", "probability": 0.9462890625}, {"start": 1420.32, "end": 1420.7, "word": " or", "probability": 0.8203125}, {"start": 1420.7, "end": 1421.1, "word": " company.", "probability": 0.8271484375}, {"start": 1422.34, "end": 1422.62, "word": " Okay?", "probability": 0.79638671875}, {"start": 1423.5, "end": 1423.98, "word": " BCC,", "probability": 0.9287109375}, {"start": 1424.52, "end": 1425.06, "word": " business.", "probability": 0.794921875}, {"start": 1435.8, "end": 1436.8, "word": " Price?", "probability": 0.85888671875}], "temperature": 1.0}, {"id": 52, "seek": 146649, "start": 1439.05, "end": 1466.49, "text": " equals MR equals demand curve 1, 1, 1. And the prices here is P1. We have three cases in the short run. This is the case number one. According to our assumption or we will assume that,", "tokens": [6915, 9808, 6915, 4733, 7605, 502, 11, 502, 11, 502, 13, 400, 264, 7901, 510, 307, 430, 16, 13, 492, 362, 1045, 3331, 294, 264, 2099, 1190, 13, 639, 307, 264, 1389, 1230, 472, 13, 7328, 281, 527, 15302, 420, 321, 486, 6552, 300, 11], "avg_logprob": -0.2211277105886003, "compression_ratio": 1.3602941176470589, "no_speech_prob": 0.0, "words": [{"start": 1439.0500000000002, "end": 1439.67, "word": " equals", "probability": 0.81201171875}, {"start": 1439.67, "end": 1440.29, "word": " MR", "probability": 0.71533203125}, {"start": 1440.29, "end": 1441.05, "word": " equals", "probability": 0.90869140625}, {"start": 1441.05, "end": 1441.59, "word": " demand", "probability": 0.85205078125}, {"start": 1441.59, "end": 1441.95, "word": " curve", "probability": 0.9228515625}, {"start": 1441.95, "end": 1442.41, "word": " 1,", "probability": 0.317626953125}, {"start": 1442.57, "end": 1442.85, "word": " 1,", "probability": 0.7802734375}, {"start": 1442.95, "end": 1443.23, "word": " 1.", "probability": 0.97509765625}, {"start": 1448.83, "end": 1449.45, "word": " And", "probability": 0.5419921875}, {"start": 1449.45, "end": 1449.55, "word": " the", "probability": 0.89111328125}, {"start": 1449.55, "end": 1449.89, "word": " prices", "probability": 0.31689453125}, {"start": 1449.89, "end": 1450.19, "word": " here", "probability": 0.83935546875}, {"start": 1450.19, "end": 1450.35, "word": " is", "probability": 0.9208984375}, {"start": 1450.35, "end": 1450.85, "word": " P1.", "probability": 0.9423828125}, {"start": 1457.95, "end": 1458.57, "word": " We", "probability": 0.9619140625}, {"start": 1458.57, "end": 1458.79, "word": " have", "probability": 0.60205078125}, {"start": 1458.79, "end": 1459.03, "word": " three", "probability": 0.91455078125}, {"start": 1459.03, "end": 1459.43, "word": " cases", "probability": 0.93603515625}, {"start": 1459.43, "end": 1459.65, "word": " in", "probability": 0.943359375}, {"start": 1459.65, "end": 1459.77, "word": " the", "probability": 0.8955078125}, {"start": 1459.77, "end": 1460.07, "word": " short", "probability": 0.97412109375}, {"start": 1460.07, "end": 1460.29, "word": " run.", "probability": 0.4365234375}, {"start": 1461.27, "end": 1461.55, "word": " This", "probability": 0.904296875}, {"start": 1461.55, "end": 1461.73, "word": " is", "probability": 0.9453125}, {"start": 1461.73, "end": 1462.03, "word": " the", "probability": 0.912109375}, {"start": 1462.03, "end": 1462.39, "word": " case", "probability": 0.8994140625}, {"start": 1462.39, "end": 1462.71, "word": " number", "probability": 0.92626953125}, {"start": 1462.71, "end": 1463.01, "word": " one.", "probability": 0.59814453125}, {"start": 1463.71, "end": 1464.11, "word": " According", "probability": 0.9560546875}, {"start": 1464.11, "end": 1464.35, "word": " to", "probability": 0.96484375}, {"start": 1464.35, "end": 1464.53, "word": " our", "probability": 0.875}, {"start": 1464.53, "end": 1465.01, "word": " assumption", "probability": 0.9775390625}, {"start": 1465.01, "end": 1465.25, "word": " or", "probability": 0.7001953125}, {"start": 1465.25, "end": 1465.39, "word": " we", "probability": 0.9140625}, {"start": 1465.39, "end": 1465.55, "word": " will", "probability": 0.64013671875}, {"start": 1465.55, "end": 1466.07, "word": " assume", "probability": 0.91064453125}, {"start": 1466.07, "end": 1466.49, "word": " that,", "probability": 0.935546875}], "temperature": 1.0}, {"id": 53, "seek": 149652, "start": 1467.72, "end": 1496.52, "text": " This business faces a profit or achieves profits in the short run. This is case number one. Number one, in the short run, the business achieves profits, which means that the price is bigger than average total cost. Price is bigger than ATC.", "tokens": [639, 1606, 8475, 257, 7475, 420, 3538, 977, 17982, 294, 264, 2099, 1190, 13, 639, 307, 1389, 1230, 472, 13, 5118, 472, 11, 294, 264, 2099, 1190, 11, 264, 1606, 3538, 977, 17982, 11, 597, 1355, 300, 264, 3218, 307, 3801, 813, 4274, 3217, 2063, 13, 25803, 307, 3801, 813, 8872, 34, 13], "avg_logprob": -0.2663483674879427, "compression_ratio": 1.6853146853146854, "no_speech_prob": 0.0, "words": [{"start": 1467.72, "end": 1468.12, "word": " This", "probability": 0.412353515625}, {"start": 1468.12, "end": 1468.8, "word": " business", "probability": 0.9287109375}, {"start": 1468.8, "end": 1471.92, "word": " faces", "probability": 0.79833984375}, {"start": 1471.92, "end": 1473.3, "word": " a", "probability": 0.6005859375}, {"start": 1473.3, "end": 1473.66, "word": " profit", "probability": 0.63232421875}, {"start": 1473.66, "end": 1474.2, "word": " or", "probability": 0.83984375}, {"start": 1474.2, "end": 1474.68, "word": " achieves", "probability": 0.885498046875}, {"start": 1474.68, "end": 1475.22, "word": " profits", "probability": 0.58642578125}, {"start": 1475.22, "end": 1475.9, "word": " in", "probability": 0.89306640625}, {"start": 1475.9, "end": 1476.1, "word": " the", "probability": 0.88671875}, {"start": 1476.1, "end": 1476.38, "word": " short", "probability": 0.966796875}, {"start": 1476.38, "end": 1476.66, "word": " run.", "probability": 0.74658203125}, {"start": 1476.92, "end": 1477.02, "word": " This", "probability": 0.35791015625}, {"start": 1477.02, "end": 1477.24, "word": " is", "probability": 0.79443359375}, {"start": 1477.24, "end": 1477.4, "word": " case", "probability": 0.45263671875}, {"start": 1477.4, "end": 1477.64, "word": " number", "probability": 0.77685546875}, {"start": 1477.64, "end": 1478.02, "word": " one.", "probability": 0.71923828125}, {"start": 1478.24, "end": 1478.4, "word": " Number", "probability": 0.52880859375}, {"start": 1478.4, "end": 1478.7, "word": " one,", "probability": 0.92041015625}, {"start": 1480.08, "end": 1480.22, "word": " in", "probability": 0.384033203125}, {"start": 1480.22, "end": 1480.36, "word": " the", "probability": 0.89208984375}, {"start": 1480.36, "end": 1480.64, "word": " short", "probability": 0.96044921875}, {"start": 1480.64, "end": 1480.96, "word": " run,", "probability": 0.892578125}, {"start": 1482.56, "end": 1483.9, "word": " the", "probability": 0.47119140625}, {"start": 1483.9, "end": 1484.38, "word": " business", "probability": 0.939453125}, {"start": 1484.38, "end": 1485.14, "word": " achieves", "probability": 0.915771484375}, {"start": 1485.14, "end": 1485.74, "word": " profits,", "probability": 0.85205078125}, {"start": 1487.0, "end": 1489.08, "word": " which", "probability": 0.9462890625}, {"start": 1489.08, "end": 1489.46, "word": " means", "probability": 0.9375}, {"start": 1489.46, "end": 1490.0, "word": " that", "probability": 0.9091796875}, {"start": 1490.0, "end": 1490.2, "word": " the", "probability": 0.9111328125}, {"start": 1490.2, "end": 1490.52, "word": " price", "probability": 0.90478515625}, {"start": 1490.52, "end": 1490.72, "word": " is", "probability": 0.953125}, {"start": 1490.72, "end": 1491.0, "word": " bigger", "probability": 0.939453125}, {"start": 1491.0, "end": 1491.42, "word": " than", "probability": 0.95068359375}, {"start": 1491.42, "end": 1492.32, "word": " average", "probability": 0.386474609375}, {"start": 1492.32, "end": 1492.76, "word": " total", "probability": 0.88037109375}, {"start": 1492.76, "end": 1493.28, "word": " cost.", "probability": 0.91943359375}, {"start": 1494.18, "end": 1494.72, "word": " Price", "probability": 0.7412109375}, {"start": 1494.72, "end": 1495.2, "word": " is", "probability": 0.951171875}, {"start": 1495.2, "end": 1495.42, "word": " bigger", "probability": 0.94580078125}, {"start": 1495.42, "end": 1495.8, "word": " than", "probability": 0.95263671875}, {"start": 1495.8, "end": 1496.52, "word": " ATC.", "probability": 0.862548828125}], "temperature": 1.0}, {"id": 54, "seek": 151917, "start": 1501.11, "end": 1519.17, "text": " Here's the marginal cost. AVC and ATC.", "tokens": [1692, 311, 264, 16885, 2063, 13, 30198, 34, 293, 8872, 34, 13], "avg_logprob": -0.2551081730769231, "compression_ratio": 0.8297872340425532, "no_speech_prob": 0.0, "words": [{"start": 1501.11, "end": 1501.59, "word": " Here's", "probability": 0.60888671875}, {"start": 1501.59, "end": 1501.75, "word": " the", "probability": 0.8955078125}, {"start": 1501.75, "end": 1502.09, "word": " marginal", "probability": 0.857421875}, {"start": 1502.09, "end": 1502.67, "word": " cost.", "probability": 0.86767578125}, {"start": 1510.69, "end": 1511.85, "word": " AVC", "probability": 0.78955078125}, {"start": 1511.85, "end": 1514.53, "word": " and", "probability": 0.86083984375}, {"start": 1514.53, "end": 1519.17, "word": " ATC.", "probability": 0.93115234375}], "temperature": 1.0}, {"id": 55, "seek": 155888, "start": 1533.24, "end": 1558.88, "text": " Where's the equilibrium point? The equilibrium occurs when marginal revenue equals the marginal cost, right? Here. This is the equilibrium point, right? Where's the break-even point? Here, right? Where's the shutdown point? Here, right?", "tokens": [2305, 311, 264, 15625, 935, 30, 440, 15625, 11843, 562, 16885, 9324, 6915, 264, 16885, 2063, 11, 558, 30, 1692, 13, 639, 307, 264, 15625, 935, 11, 558, 30, 2305, 311, 264, 1821, 12, 27170, 935, 30, 1692, 11, 558, 30, 2305, 311, 264, 34927, 935, 30, 1692, 11, 558, 30], "avg_logprob": -0.1595552944793151, "compression_ratio": 1.9112903225806452, "no_speech_prob": 0.0, "words": [{"start": 1533.2400000000002, "end": 1534.0800000000002, "word": " Where's", "probability": 0.677978515625}, {"start": 1534.0800000000002, "end": 1534.92, "word": " the", "probability": 0.904296875}, {"start": 1534.92, "end": 1536.98, "word": " equilibrium", "probability": 0.93505859375}, {"start": 1536.98, "end": 1537.42, "word": " point?", "probability": 0.95947265625}, {"start": 1538.64, "end": 1538.86, "word": " The", "probability": 0.853515625}, {"start": 1538.86, "end": 1539.28, "word": " equilibrium", "probability": 0.9599609375}, {"start": 1539.28, "end": 1539.96, "word": " occurs", "probability": 0.93017578125}, {"start": 1539.96, "end": 1540.32, "word": " when", "probability": 0.9404296875}, {"start": 1540.32, "end": 1540.94, "word": " marginal", "probability": 0.88525390625}, {"start": 1540.94, "end": 1541.38, "word": " revenue", "probability": 0.8984375}, {"start": 1541.38, "end": 1541.8, "word": " equals", "probability": 0.935546875}, {"start": 1541.8, "end": 1541.96, "word": " the", "probability": 0.63525390625}, {"start": 1541.96, "end": 1542.24, "word": " marginal", "probability": 0.91845703125}, {"start": 1542.24, "end": 1542.68, "word": " cost,", "probability": 0.89892578125}, {"start": 1542.82, "end": 1543.0, "word": " right?", "probability": 0.4697265625}, {"start": 1543.26, "end": 1543.64, "word": " Here.", "probability": 0.7333984375}, {"start": 1546.82, "end": 1547.66, "word": " This", "probability": 0.8720703125}, {"start": 1547.66, "end": 1547.78, "word": " is", "probability": 0.94677734375}, {"start": 1547.78, "end": 1547.94, "word": " the", "probability": 0.919921875}, {"start": 1547.94, "end": 1548.3, "word": " equilibrium", "probability": 0.9599609375}, {"start": 1548.3, "end": 1548.76, "word": " point,", "probability": 0.96533203125}, {"start": 1549.32, "end": 1549.54, "word": " right?", "probability": 0.90087890625}, {"start": 1550.04, "end": 1550.54, "word": " Where's", "probability": 0.855712890625}, {"start": 1550.54, "end": 1550.66, "word": " the", "probability": 0.923828125}, {"start": 1550.66, "end": 1550.9, "word": " break", "probability": 0.76611328125}, {"start": 1550.9, "end": 1551.1, "word": "-even", "probability": 0.825439453125}, {"start": 1551.1, "end": 1551.46, "word": " point?", "probability": 0.97119140625}, {"start": 1551.98, "end": 1552.46, "word": " Here,", "probability": 0.84814453125}, {"start": 1554.48, "end": 1554.78, "word": " right?", "probability": 0.89794921875}, {"start": 1555.18, "end": 1555.94, "word": " Where's", "probability": 0.9091796875}, {"start": 1555.94, "end": 1556.22, "word": " the", "probability": 0.9189453125}, {"start": 1556.22, "end": 1556.7, "word": " shutdown", "probability": 0.744140625}, {"start": 1556.7, "end": 1557.18, "word": " point?", "probability": 0.970703125}, {"start": 1557.24, "end": 1557.46, "word": " Here,", "probability": 0.84619140625}, {"start": 1558.54, "end": 1558.88, "word": " right?", "probability": 0.91015625}], "temperature": 1.0}, {"id": 56, "seek": 158813, "start": 1559.67, "end": 1588.13, "text": " To determine if we have profits or loss or break even, we have to take a vertical distance, vertical line from the equilibrium point to ATC here. Right? Correct? If it goes up, it goes down. Here we have the average total cost, the first one. The price is bigger than ATC, so here we have what? Profits or loss or break even?", "tokens": [1407, 6997, 498, 321, 362, 17982, 420, 4470, 420, 1821, 754, 11, 321, 362, 281, 747, 257, 9429, 4560, 11, 9429, 1622, 490, 264, 15625, 935, 281, 8872, 34, 510, 13, 1779, 30, 12753, 30, 759, 309, 1709, 493, 11, 309, 1709, 760, 13, 1692, 321, 362, 264, 4274, 3217, 2063, 11, 264, 700, 472, 13, 440, 3218, 307, 3801, 813, 8872, 34, 11, 370, 510, 321, 362, 437, 30, 6039, 1208, 420, 4470, 420, 1821, 754, 30], "avg_logprob": -0.24228639957271045, "compression_ratio": 1.6464646464646464, "no_speech_prob": 0.0, "words": [{"start": 1559.67, "end": 1559.93, "word": " To", "probability": 0.70751953125}, {"start": 1559.93, "end": 1560.39, "word": " determine", "probability": 0.89892578125}, {"start": 1560.39, "end": 1560.83, "word": " if", "probability": 0.9404296875}, {"start": 1560.83, "end": 1560.97, "word": " we", "probability": 0.95849609375}, {"start": 1560.97, "end": 1561.19, "word": " have", "probability": 0.947265625}, {"start": 1561.19, "end": 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Profits. Economic profits. So, here we have profits in the short run. What will happen as there is a profit?", "tokens": [440, 3218, 307, 3801, 813, 8872, 34, 13, 6039, 1208, 13, 25776, 17982, 13, 407, 11, 510, 321, 362, 17982, 294, 264, 2099, 1190, 13, 708, 486, 1051, 382, 456, 307, 257, 7475, 30], "avg_logprob": -0.2263392916747502, "compression_ratio": 1.2410714285714286, "no_speech_prob": 0.0, "words": [{"start": 1592.83, "end": 1593.03, "word": " The", "probability": 0.484375}, {"start": 1593.03, "end": 1593.39, "word": " price", "probability": 0.875}, {"start": 1593.39, "end": 1593.55, "word": " is", "probability": 0.94677734375}, {"start": 1593.55, "end": 1593.77, "word": " bigger", "probability": 0.923828125}, {"start": 1593.77, "end": 1593.99, "word": " than", "probability": 0.9501953125}, {"start": 1593.99, "end": 1594.57, "word": " ATC.", "probability": 0.76123046875}, {"start": 1599.33, "end": 1600.05, "word": " Profits.", "probability": 0.766845703125}, {"start": 1600.39, "end": 1601.03, "word": " Economic", "probability": 0.748046875}, {"start": 1601.03, "end": 1601.59, "word": " profits.", "probability": 0.748046875}, {"start": 1607.15, "end": 1607.87, "word": " So,", "probability": 0.7724609375}, {"start": 1610.97, "end": 1612.59, "word": " here", "probability": 0.8115234375}, {"start": 1612.59, "end": 1612.77, "word": " we", "probability": 0.94482421875}, {"start": 1612.77, "end": 1612.97, "word": " have", "probability": 0.951171875}, {"start": 1612.97, "end": 1613.45, "word": " profits", "probability": 0.90380859375}, {"start": 1613.45, "end": 1613.95, "word": " in", "probability": 0.60546875}, {"start": 1613.95, "end": 1614.17, "word": " the", "probability": 0.89501953125}, {"start": 1614.17, "end": 1614.61, "word": " short", "probability": 0.982421875}, {"start": 1614.61, "end": 1614.97, "word": " run.", "probability": 0.8154296875}, {"start": 1616.23, "end": 1616.43, "word": " What", "probability": 0.8935546875}, {"start": 1616.43, "end": 1616.63, "word": " will", "probability": 0.833984375}, {"start": 1616.63, "end": 1617.01, "word": " happen", "probability": 0.91796875}, {"start": 1617.01, "end": 1617.73, "word": " as", "probability": 0.5986328125}, {"start": 1617.73, "end": 1618.05, "word": " there", "probability": 0.9013671875}, {"start": 1618.05, "end": 1618.19, "word": " is", "probability": 0.8310546875}, {"start": 1618.19, "end": 1618.31, "word": " a", "probability": 0.86181640625}, {"start": 1618.31, "end": 1618.55, "word": " profit?", "probability": 0.93994140625}], "temperature": 1.0}, {"id": 58, "seek": 164923, "start": 1619.71, "end": 1649.23, "text": " This will encourage new sellers to enter the market. What will happen? Supply shifts right. As their profits, new producers will enter the market. Supply increases. Supply shifts right. Supply will shift right to S2.", "tokens": [639, 486, 5373, 777, 31276, 281, 3242, 264, 2142, 13, 708, 486, 1051, 30, 9391, 356, 19201, 558, 13, 1018, 641, 17982, 11, 777, 16080, 486, 3242, 264, 2142, 13, 9391, 356, 8637, 13, 9391, 356, 19201, 558, 13, 9391, 356, 486, 5513, 558, 281, 318, 17, 13], "avg_logprob": -0.2026466788077841, "compression_ratio": 1.6074074074074074, "no_speech_prob": 0.0, "words": [{"start": 1619.71, "end": 1620.07, "word": " This", "probability": 0.52978515625}, {"start": 1620.07, "end": 1620.27, "word": " will", "probability": 0.8623046875}, {"start": 1620.27, "end": 1620.77, "word": " encourage", "probability": 0.79931640625}, {"start": 1620.77, "end": 1621.15, "word": " new", "probability": 0.8076171875}, {"start": 1621.15, "end": 1621.59, "word": " sellers", "probability": 0.94921875}, {"start": 1621.59, "end": 1621.83, "word": " to", "probability": 0.95458984375}, {"start": 1621.83, "end": 1622.07, "word": " enter", "probability": 0.9052734375}, {"start": 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As their profits, supply will increase.", "tokens": [467, 2962, 544, 813, 257, 565, 294, 264, 5847, 13, 1018, 641, 17982, 11, 5847, 486, 3488, 13], "avg_logprob": -0.22800164316829882, "compression_ratio": 1.077922077922078, "no_speech_prob": 0.0, "words": [{"start": 1687.7700000000002, "end": 1689.0900000000001, "word": " It", "probability": 0.467529296875}, {"start": 1689.0900000000001, "end": 1690.41, "word": " changes", "probability": 0.79443359375}, {"start": 1690.41, "end": 1690.99, "word": " more", "probability": 0.93408203125}, {"start": 1690.99, "end": 1691.29, "word": " than", "probability": 0.94580078125}, {"start": 1691.29, "end": 1691.77, "word": " a", "probability": 0.79736328125}, {"start": 1691.77, "end": 1692.13, "word": " time", "probability": 0.90771484375}, {"start": 1692.13, "end": 1692.73, "word": " in", "probability": 0.53271484375}, {"start": 1692.73, "end": 1694.33, "word": " the", "probability": 0.5537109375}, {"start": 1694.33, "end": 1694.89, "word": " supply.", "probability": 0.9384765625}, {"start": 1696.27, "end": 1697.59, "word": " As", "probability": 0.335205078125}, {"start": 1697.59, "end": 1704.39, "word": " their", "probability": 0.880859375}, {"start": 1704.39, "end": 1704.77, "word": " profits,", "probability": 0.9287109375}, {"start": 1706.33, "end": 1706.83, "word": " supply", "probability": 0.91015625}, {"start": 1706.83, "end": 1707.15, "word": " will", "probability": 0.86328125}, {"start": 1707.15, "end": 1707.89, "word": " increase.", "probability": 0.88720703125}], "temperature": 1.0}, {"id": 61, "seek": 171990, "start": 1711.5, "end": 1719.9, "text": "P2 equals MR2 equals D2 until break even.", "tokens": [47, 17, 6915, 9808, 17, 6915, 413, 17, 1826, 1821, 754, 13], "avg_logprob": -0.6905048076923077, "compression_ratio": 1.0, "no_speech_prob": 0.0, "words": [{"start": 1711.5, "end": 1712.9, "word": "P2", "probability": 0.389495849609375}, {"start": 1712.9, "end": 1713.76, "word": " equals", "probability": 0.049652099609375}, {"start": 1713.76, "end": 1714.8, "word": " MR2", "probability": 0.7001953125}, {"start": 1714.8, "end": 1715.42, "word": " equals", "probability": 0.93408203125}, {"start": 1715.42, "end": 1716.42, "word": " D2", "probability": 0.968505859375}, {"start": 1716.42, "end": 1719.0, "word": " until", "probability": 0.162841796875}, {"start": 1719.0, "end": 1719.5, "word": " break", "probability": 0.424560546875}, {"start": 1719.5, "end": 1719.9, "word": " even.", "probability": 0.6162109375}], "temperature": 1.0}, {"id": 62, "seek": 174934, "start": 1727.64, "end": 1749.34, "text": " as long as supply increases and shifts right, shifts right, the price goes down. Goes down until the equilibrium, until the break-even is restored here. When the price tangents with the minimum ATC. Break-even in the long term.", "tokens": [382, 938, 382, 5847, 8637, 293, 19201, 558, 11, 19201, 558, 11, 264, 3218, 1709, 760, 13, 44471, 760, 1826, 264, 15625, 11, 1826, 264, 1821, 12, 27170, 307, 23143, 510, 13, 1133, 264, 3218, 10266, 791, 365, 264, 7285, 8872, 34, 13, 16925, 12, 27170, 294, 264, 938, 1433, 13], "avg_logprob": -0.3164062448419057, "compression_ratio": 1.5302013422818792, "no_speech_prob": 0.0, "words": [{"start": 1727.6399999999999, "end": 1728.32, "word": " as", "probability": 0.10693359375}, {"start": 1728.32, "end": 1729.0, "word": " long", "probability": 0.8955078125}, {"start": 1729.0, "end": 1729.44, "word": " as", "probability": 0.958984375}, {"start": 1729.44, "end": 1729.88, "word": " supply", "probability": 0.83984375}, {"start": 1729.88, "end": 1731.34, "word": " increases", "probability": 0.82421875}, {"start": 1731.34, "end": 1732.22, "word": " and", "probability": 0.64111328125}, {"start": 1732.22, "end": 1732.44, "word": " shifts", "probability": 0.9306640625}, {"start": 1732.44, "end": 1732.84, "word": " right,", "probability": 0.77001953125}, {"start": 1733.24, "end": 1733.78, "word": " shifts", "probability": 0.490966796875}, {"start": 1733.78, "end": 1734.18, "word": " right,", "probability": 0.91796875}, {"start": 1734.48, "end": 1734.6, "word": " the", "probability": 0.9033203125}, {"start": 1734.6, "end": 1734.88, "word": " price", "probability": 0.90185546875}, {"start": 1734.88, "end": 1735.48, "word": " goes", "probability": 0.84228515625}, {"start": 1735.48, "end": 1735.8, "word": " down.", "probability": 0.83740234375}, {"start": 1735.9, "end": 1736.16, "word": " Goes", "probability": 0.9091796875}, {"start": 1736.16, "end": 1736.46, "word": " down", "probability": 0.857421875}, {"start": 1736.46, "end": 1737.16, "word": " until", "probability": 0.859375}, {"start": 1737.16, "end": 1737.46, "word": " the", "probability": 0.9130859375}, {"start": 1737.46, "end": 1737.92, "word": " equilibrium,", "probability": 0.69677734375}, {"start": 1738.36, "end": 1738.6, "word": " until", "probability": 0.86572265625}, {"start": 1738.6, "end": 1738.82, "word": " the", "probability": 0.92333984375}, {"start": 1738.82, "end": 1739.06, "word": " break", "probability": 0.8115234375}, {"start": 1739.06, "end": 1739.28, "word": "-even", "probability": 0.729248046875}, {"start": 1739.28, "end": 1739.54, "word": " is", "probability": 0.9375}, {"start": 1739.54, "end": 1740.0, "word": " restored", "probability": 0.89013671875}, {"start": 1740.0, "end": 1740.36, "word": " here.", "probability": 0.85400390625}, {"start": 1741.46, "end": 1741.7, "word": " When", "probability": 0.1492919921875}, {"start": 1741.7, "end": 1742.08, "word": " the", "probability": 0.7099609375}, {"start": 1742.08, "end": 1742.42, "word": " price", "probability": 0.91064453125}, {"start": 1742.42, "end": 1742.98, "word": " tangents", "probability": 0.4202880859375}, {"start": 1742.98, "end": 1743.36, "word": " with", "probability": 0.77392578125}, {"start": 1743.36, "end": 1743.5, "word": " the", "probability": 0.576171875}, {"start": 1743.5, "end": 1743.8, "word": " minimum", "probability": 0.92529296875}, {"start": 1743.8, "end": 1744.84, "word": " ATC.", "probability": 0.87744140625}, {"start": 1746.74, "end": 1747.42, "word": " Break", "probability": 0.400390625}, {"start": 1747.42, "end": 1748.46, "word": "-even", "probability": 0.865966796875}, {"start": 1748.46, "end": 1748.74, "word": " in", "probability": 0.8251953125}, {"start": 1748.74, "end": 1748.84, "word": " the", "probability": 0.9169921875}, {"start": 1748.84, "end": 1749.06, "word": " long", "probability": 0.9375}, {"start": 1749.06, "end": 1749.34, "word": " term.", "probability": 0.572265625}], "temperature": 1.0}, {"id": 63, "seek": 177375, "start": 1750.51, "end": 1773.75, "text": " In the short term, here we have three cases. Profit, which is the original. This is here the case. Profits, the price is bigger than ATC. In the long term, shows our break-even. Let's see if we have a loss. Where is the price? Exactly. Under the ATC. Let's see.", "tokens": [682, 264, 2099, 1433, 11, 510, 321, 362, 1045, 3331, 13, 6039, 270, 11, 597, 307, 264, 3380, 13, 639, 307, 510, 264, 1389, 13, 6039, 1208, 11, 264, 3218, 307, 3801, 813, 8872, 34, 13, 682, 264, 938, 1433, 11, 3110, 527, 1821, 12, 27170, 13, 961, 311, 536, 498, 321, 362, 257, 4470, 13, 2305, 307, 264, 3218, 30, 7587, 13, 6974, 264, 8872, 34, 13, 961, 311, 536, 13], "avg_logprob": -0.3486729452054795, "compression_ratio": 1.5232558139534884, "no_speech_prob": 0.0, "words": [{"start": 1750.51, "end": 1750.73, "word": " In", "probability": 0.79052734375}, {"start": 1750.73, "end": 1750.87, "word": " the", "probability": 0.912109375}, {"start": 1750.87, "end": 1751.19, "word": " short", "probability": 0.966796875}, {"start": 1751.19, "end": 1751.53, "word": " term,", "probability": 0.7490234375}, {"start": 1751.63, "end": 1751.75, "word": " here", "probability": 0.81494140625}, {"start": 1751.75, "end": 1751.91, "word": " we", "probability": 0.82666015625}, {"start": 1751.91, "end": 1752.07, "word": " have", "probability": 0.85205078125}, {"start": 1752.07, "end": 1752.29, "word": " three", "probability": 0.9033203125}, {"start": 1752.29, "end": 1752.65, "word": " cases.", "probability": 0.9306640625}, {"start": 1752.99, "end": 1753.35, "word": " Profit,", "probability": 0.720947265625}, {"start": 1754.43, "end": 1754.59, "word": " which", "probability": 0.9111328125}, {"start": 1754.59, "end": 1754.85, "word": " is", "probability": 0.93994140625}, {"start": 1754.85, "end": 1755.25, "word": " the", "probability": 0.87744140625}, {"start": 1755.25, "end": 1755.73, "word": " original.", "probability": 0.9326171875}, {"start": 1756.13, "end": 1756.47, "word": " This", "probability": 0.67822265625}, {"start": 1756.47, "end": 1756.63, "word": " is", "probability": 0.76318359375}, {"start": 1756.63, "end": 1756.93, "word": " here", "probability": 0.472412109375}, {"start": 1756.93, "end": 1757.09, "word": " the", "probability": 0.71533203125}, {"start": 1757.09, "end": 1757.47, "word": " case.", "probability": 0.90673828125}, {"start": 1758.07, "end": 1758.41, "word": " Profits,", "probability": 0.70361328125}, {"start": 1758.63, "end": 1758.81, "word": " the", "probability": 0.498046875}, {"start": 1758.81, "end": 1759.11, "word": " price", "probability": 0.919921875}, {"start": 1759.11, "end": 1759.53, "word": " is", "probability": 0.783203125}, {"start": 1759.53, "end": 1759.75, "word": " bigger", "probability": 0.94189453125}, {"start": 1759.75, "end": 1760.01, "word": " than", "probability": 0.94921875}, {"start": 1760.01, "end": 1760.51, "word": " ATC.", "probability": 0.887939453125}, {"start": 1761.05, "end": 1761.37, "word": " In", "probability": 0.72509765625}, {"start": 1761.37, "end": 1761.51, "word": " the", "probability": 0.921875}, {"start": 1761.51, "end": 1761.71, "word": " long", "probability": 0.923828125}, {"start": 1761.71, "end": 1762.13, "word": " term,", "probability": 0.7568359375}, {"start": 1762.35, "end": 1762.51, "word": " shows", "probability": 0.2158203125}, {"start": 1762.51, "end": 1762.75, "word": " our", "probability": 0.51611328125}, {"start": 1762.75, "end": 1763.03, "word": " break", "probability": 0.80419921875}, {"start": 1763.03, "end": 1763.29, "word": "-even.", "probability": 0.632080078125}, {"start": 1764.91, "end": 1765.43, "word": " Let's", "probability": 0.4622802734375}, {"start": 1765.43, "end": 1765.63, "word": " see", "probability": 0.6806640625}, {"start": 1765.63, "end": 1765.83, "word": " if", "probability": 0.5009765625}, {"start": 1765.83, "end": 1765.89, "word": " we", "probability": 0.357421875}, {"start": 1765.89, "end": 1766.05, "word": " have", "probability": 0.80322265625}, {"start": 1766.05, "end": 1766.17, "word": " a", "probability": 0.583984375}, {"start": 1766.17, "end": 1766.47, "word": " loss.", "probability": 0.90380859375}, {"start": 1766.93, "end": 1767.05, "word": " Where", "probability": 0.486083984375}, {"start": 1767.05, "end": 1767.09, "word": " is", "probability": 0.283203125}, {"start": 1767.09, "end": 1767.15, "word": " the", "probability": 0.8994140625}, {"start": 1767.15, "end": 1767.41, "word": " price?", "probability": 0.8935546875}, {"start": 1770.43, "end": 1770.95, "word": " Exactly.", "probability": 0.55029296875}, {"start": 1771.75, "end": 1771.97, "word": " Under", "probability": 0.59912109375}, {"start": 1771.97, "end": 1772.15, "word": " the", "probability": 0.72412109375}, {"start": 1772.15, "end": 1772.61, "word": " ATC.", "probability": 0.9091796875}, {"start": 1773.25, "end": 1773.53, "word": " Let's", "probability": 0.940185546875}, {"start": 1773.53, "end": 1773.75, "word": " see.", "probability": 0.87158203125}], "temperature": 1.0}, {"id": 64, "seek": 180307, "start": 1774.89, "end": 1803.07, "text": " Here is the first case. The original price is here. The price is above ATC. Here we have an economic profits. As there is an economic profits, this would encourage new producers to enter the market. Supply increases and shifts right. So the price, we have a new equilibrium price here. To B2, the price goes down.", "tokens": [1692, 307, 264, 700, 1389, 13, 440, 3380, 3218, 307, 510, 13, 440, 3218, 307, 3673, 8872, 34, 13, 1692, 321, 362, 364, 4836, 17982, 13, 1018, 456, 307, 364, 4836, 17982, 11, 341, 576, 5373, 777, 16080, 281, 3242, 264, 2142, 13, 9391, 356, 8637, 293, 19201, 558, 13, 407, 264, 3218, 11, 321, 362, 257, 777, 15625, 3218, 510, 13, 1407, 363, 17, 11, 264, 3218, 1709, 760, 13], "avg_logprob": -0.2027994824780358, "compression_ratio": 1.6702127659574468, "no_speech_prob": 0.0, "words": [{"start": 1774.89, "end": 1775.25, "word": " Here", "probability": 0.84912109375}, {"start": 1775.25, "end": 1775.53, "word": " is", "probability": 0.42236328125}, {"start": 1775.53, "end": 1775.75, "word": " the", "probability": 0.91259765625}, {"start": 1775.75, "end": 1776.09, "word": " first", "probability": 0.89208984375}, {"start": 1776.09, "end": 1776.47, "word": " case.", "probability": 0.9111328125}, {"start": 1776.91, "end": 1777.17, "word": " The", 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We still have profits here. As there is still profits here, this would encourage new producers to enter the market. Supply ships were right once again. The price here, E3, price P3 here,", "tokens": [1692, 321, 362, 257, 777, 3218, 11, 430, 17, 13, 492, 920, 362, 17982, 510, 13, 1018, 456, 307, 920, 17982, 510, 11, 341, 576, 5373, 777, 16080, 281, 3242, 264, 2142, 13, 9391, 356, 11434, 645, 558, 1564, 797, 13, 440, 3218, 510, 11, 462, 18, 11, 3218, 430, 18, 510, 11], "avg_logprob": -0.21006944803176103, "compression_ratio": 1.4563758389261745, "no_speech_prob": 0.0, "words": [{"start": 1804.02, "end": 1804.34, "word": " Here", "probability": 0.7548828125}, {"start": 1804.34, "end": 1804.54, "word": " we", "probability": 0.7197265625}, {"start": 1804.54, "end": 1804.72, "word": " have", "probability": 0.94970703125}, {"start": 1804.72, "end": 1804.84, "word": " a", "probability": 0.98974609375}, {"start": 1804.84, "end": 1804.98, "word": " new", "probability": 0.89208984375}, {"start": 1804.98, "end": 1805.38, "word": " price,", "probability": 0.912109375}, {"start": 1805.8, "end": 1806.2, "word": " P2.", "probability": 0.93017578125}, {"start": 1807.24, "end": 1807.92, "word": " We", "probability": 0.9580078125}, {"start": 1807.92, "end": 1808.38, "word": " still", "probability": 0.95751953125}, {"start": 1808.38, "end": 1808.74, "word": " have", "probability": 0.953125}, {"start": 1808.74, "end": 1809.2, "word": " profits", "probability": 0.86962890625}, {"start": 1809.2, "end": 1809.54, "word": " here.", "probability": 0.85791015625}, {"start": 1810.26, "end": 1810.54, "word": " As", "probability": 0.95654296875}, {"start": 1810.54, "end": 1810.8, "word": " there", "probability": 0.89990234375}, {"start": 1810.8, "end": 1810.96, "word": " is", "probability": 0.8466796875}, {"start": 1810.96, "end": 1811.26, "word": " still", "probability": 0.8125}, {"start": 1811.26, "end": 1811.58, "word": " profits", "probability": 0.826171875}, {"start": 1811.58, "end": 1811.92, "word": " here,", "probability": 0.85888671875}, {"start": 1813.3, "end": 1814.0, "word": " this", "probability": 0.93798828125}, {"start": 1814.0, "end": 1814.14, "word": " would", "probability": 0.484375}, {"start": 1814.14, "end": 1814.56, "word": " encourage", "probability": 0.81494140625}, {"start": 1814.56, "end": 1814.82, "word": " new", "probability": 0.74462890625}, {"start": 1814.82, "end": 1815.34, "word": " producers", "probability": 0.830078125}, {"start": 1815.34, "end": 1815.58, "word": " to", "probability": 0.953125}, {"start": 1815.58, "end": 1815.74, "word": " enter", "probability": 0.90283203125}, {"start": 1815.74, "end": 1815.94, "word": " the", "probability": 0.9013671875}, {"start": 1815.94, "end": 1816.18, "word": " market.", "probability": 0.8720703125}, {"start": 1816.38, "end": 1816.66, "word": " Supply", "probability": 0.822265625}, {"start": 1816.66, "end": 1817.02, "word": " ships", "probability": 0.8310546875}, {"start": 1817.02, "end": 1817.38, "word": " were", "probability": 0.26708984375}, {"start": 1817.38, "end": 1817.54, "word": " right", "probability": 0.6494140625}, {"start": 1817.54, "end": 1817.78, "word": " once", "probability": 0.88037109375}, {"start": 1817.78, "end": 1818.18, "word": " again.", "probability": 0.95703125}, {"start": 1820.04, "end": 1820.2, "word": " The", "probability": 0.85009765625}, {"start": 1820.2, "end": 1820.56, "word": " price", "probability": 0.9267578125}, {"start": 1820.56, "end": 1821.3, "word": " here,", "probability": 0.76611328125}, {"start": 1821.4, "end": 1821.96, "word": " E3,", "probability": 0.7822265625}, {"start": 1822.6, "end": 1822.92, "word": " price", "probability": 0.849609375}, {"start": 1822.92, "end": 1823.66, "word": " P3", "probability": 0.9677734375}, {"start": 1823.66, "end": 1824.06, "word": " here,", "probability": 0.81640625}], "temperature": 1.0}, {"id": 66, "seek": 184579, "start": 1825.55, "end": 1845.79, "text": " The price here, the original or the last case. In the long term, the price will be tangent to the minimum ATC. This is the first case. So in the long term, in the short run here, we have profits or the business generates profits in the short run. But in the long term, we have break even.", "tokens": [440, 3218, 510, 11, 264, 3380, 420, 264, 1036, 1389, 13, 682, 264, 938, 1433, 11, 264, 3218, 486, 312, 27747, 281, 264, 7285, 8872, 34, 13, 639, 307, 264, 700, 1389, 13, 407, 294, 264, 938, 1433, 11, 294, 264, 2099, 1190, 510, 11, 321, 362, 17982, 420, 264, 1606, 23815, 17982, 294, 264, 2099, 1190, 13, 583, 294, 264, 938, 1433, 11, 321, 362, 1821, 754, 13], "avg_logprob": -0.20145089072840555, "compression_ratio": 1.8176100628930818, "no_speech_prob": 0.0, "words": [{"start": 1825.55, "end": 1825.77, "word": " The", "probability": 0.67333984375}, {"start": 1825.77, "end": 1826.07, "word": " price", "probability": 0.89306640625}, {"start": 1826.07, "end": 1826.33, "word": " here,", "probability": 0.8349609375}, {"start": 1826.53, "end": 1826.61, "word": " the", "probability": 0.79150390625}, {"start": 1826.61, "end": 1826.99, "word": " original", "probability": 0.29931640625}, {"start": 1826.99, "end": 1827.33, "word": " or", 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So here, this is the first case. Let's go to the second case.", "tokens": [440, 1150, 1389, 11, 718, 505, 6552, 300, 264, 1606, 8475, 257, 4470, 294, 264, 2099, 1190, 293, 437, 486, 1051, 294, 264, 938, 1190, 11, 558, 30, 407, 510, 11, 341, 307, 264, 700, 1389, 13, 961, 311, 352, 281, 264, 1150, 1389, 13], "avg_logprob": -0.13493546325227487, "compression_ratio": 1.3984962406015038, "no_speech_prob": 0.0, "words": [{"start": 1846.24, "end": 1846.5, "word": " The", "probability": 0.845703125}, {"start": 1846.5, "end": 1846.88, "word": " second", "probability": 0.90234375}, {"start": 1846.88, "end": 1847.32, "word": " case,", "probability": 0.908203125}, {"start": 1847.58, "end": 1847.72, "word": " let", "probability": 0.93798828125}, {"start": 1847.72, "end": 1847.88, "word": " us", "probability": 0.81689453125}, {"start": 1847.88, "end": 1848.26, "word": " assume", "probability": 0.91796875}, {"start": 1848.26, "end": 1848.68, "word": " that", "probability": 0.9326171875}, {"start": 1848.68, "end": 1849.18, "word": " the", "probability": 0.89208984375}, {"start": 1849.18, "end": 1849.76, "word": " business", "probability": 0.9326171875}, {"start": 1849.76, "end": 1850.62, "word": " faces", "probability": 0.93310546875}, {"start": 1850.62, "end": 1850.86, "word": " a", "probability": 0.9599609375}, {"start": 1850.86, "end": 1851.3, "word": " loss", "probability": 0.87890625}, {"start": 1851.3, "end": 1851.9, "word": " in", "probability": 0.9296875}, {"start": 1851.9, "end": 1852.06, "word": " the", "probability": 0.9169921875}, {"start": 1852.06, "end": 1852.38, "word": " short", "probability": 0.97216796875}, {"start": 1852.38, "end": 1852.64, "word": " run", "probability": 0.751953125}, {"start": 1852.64, "end": 1852.96, "word": " and", "probability": 0.5546875}, {"start": 1852.96, "end": 1853.34, "word": " what", "probability": 0.93359375}, {"start": 1853.34, "end": 1853.5, "word": " will", "probability": 0.8671875}, {"start": 1853.5, "end": 1853.84, "word": " happen", "probability": 0.9140625}, {"start": 1853.84, "end": 1854.1, "word": " in", "probability": 0.94970703125}, {"start": 1854.1, "end": 1854.24, "word": " the", "probability": 0.91796875}, {"start": 1854.24, "end": 1854.44, "word": " long", "probability": 0.91650390625}, {"start": 1854.44, "end": 1854.72, "word": " run,", "probability": 0.935546875}, {"start": 1855.02, "end": 1855.44, "word": " right?", "probability": 0.89111328125}, {"start": 1857.1, "end": 1857.42, "word": " So", "probability": 0.57958984375}, {"start": 1857.42, "end": 1857.96, "word": " here,", "probability": 0.55517578125}, {"start": 1858.14, "end": 1858.24, "word": " this", "probability": 0.94580078125}, {"start": 1858.24, "end": 1858.36, "word": " is", "probability": 0.94677734375}, {"start": 1858.36, "end": 1858.5, "word": " the", "probability": 0.9189453125}, {"start": 1858.5, "end": 1858.8, "word": " first", "probability": 0.89111328125}, {"start": 1858.8, "end": 1859.24, "word": " case.", "probability": 0.90283203125}, {"start": 1859.92, "end": 1860.26, "word": " Let's", "probability": 0.9755859375}, {"start": 1860.26, "end": 1860.42, "word": " go", "probability": 0.96484375}, {"start": 1860.42, "end": 1860.58, "word": " to", "probability": 0.96337890625}, {"start": 1860.58, "end": 1860.76, "word": " the", "probability": 0.91748046875}, {"start": 1860.76, "end": 1861.04, "word": " second", "probability": 0.90087890625}, {"start": 1861.04, "end": 1861.48, "word": " case.", "probability": 0.9052734375}], "temperature": 1.0}, {"id": 68, "seek": 188560, "start": 1862.66, "end": 1885.6, "text": " The second case, we will assume that the business or the company that works in the perfect commission market faces a loss in the short run. The business faces a loss in the short run. What will happen in the long term when we talk about here about the perfect commission company?", "tokens": [440, 1150, 1389, 11, 321, 486, 6552, 300, 264, 1606, 420, 264, 2237, 300, 1985, 294, 264, 2176, 9221, 2142, 8475, 257, 4470, 294, 264, 2099, 1190, 13, 440, 1606, 8475, 257, 4470, 294, 264, 2099, 1190, 13, 708, 486, 1051, 294, 264, 938, 1433, 562, 321, 751, 466, 510, 466, 264, 2176, 9221, 2237, 30], "avg_logprob": -0.19106359230844597, "compression_ratio": 1.8181818181818181, "no_speech_prob": 0.0, "words": [{"start": 1862.66, "end": 1862.9, "word": " The", "probability": 0.8798828125}, {"start": 1862.9, "end": 1863.22, "word": " second", "probability": 0.9091796875}, {"start": 1863.22, "end": 1863.68, "word": " case,", "probability": 0.9033203125}, {"start": 1863.8, "end": 1863.88, "word": " we", "probability": 0.9619140625}, {"start": 1863.88, "end": 1864.06, "word": " will", "probability": 0.88623046875}, {"start": 1864.06, "end": 1864.52, "word": " assume", "probability": 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As the business that works in the, or the company here that works in the peripheral commercial market is a price taker, not a price maker. 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Here, these are the variables or the factors will be drawn here. The price here will be here. Price. The price that can the company sell, P1 equals MR1 equals D1. The assumption here is", "tokens": [400, 30198, 34, 11, 8872, 34, 13, 1692, 11, 613, 366, 264, 9102, 420, 264, 6771, 486, 312, 10117, 510, 13, 440, 3218, 510, 486, 312, 510, 13, 25803, 13, 440, 3218, 300, 393, 264, 2237, 3607, 11, 430, 16, 6915, 9808, 16, 6915, 413, 16, 13, 440, 15302, 510, 307], "avg_logprob": -0.24188702582166746, "compression_ratio": 1.4285714285714286, "no_speech_prob": 0.0, "words": [{"start": 1954.9, "end": 1955.26, "word": " And", "probability": 0.32861328125}, {"start": 1955.26, "end": 1956.14, "word": " AVC,", "probability": 0.6727294921875}, {"start": 1956.46, "end": 1957.58, "word": " ATC.", "probability": 0.919921875}, {"start": 1957.88, "end": 1958.12, "word": " Here,", "probability": 0.755859375}, {"start": 1958.62, "end": 1958.96, "word": " these", "probability": 0.814453125}, {"start": 1958.96, "end": 1959.32, "word": " are", "probability": 0.9228515625}, {"start": 1959.32, "end": 1959.78, "word": " the", "probability": 0.853515625}, {"start": 1959.78, "end": 1960.22, "word": " variables", "probability": 0.9306640625}, {"start": 1960.22, "end": 1960.42, "word": " or", "probability": 0.489990234375}, {"start": 1960.42, "end": 1960.56, "word": " the", "probability": 0.912109375}, {"start": 1960.56, "end": 1960.92, "word": " factors", "probability": 0.96630859375}, {"start": 1960.92, "end": 1961.16, "word": " will", "probability": 0.77490234375}, {"start": 1961.16, "end": 1962.4, "word": " be", "probability": 0.95361328125}, {"start": 1962.4, "end": 1962.88, "word": " drawn", "probability": 0.95458984375}, {"start": 1962.88, "end": 1963.24, "word": " here.", "probability": 0.85546875}, {"start": 1964.12, "end": 1964.52, "word": " The", "probability": 0.890625}, {"start": 1964.52, "end": 1964.86, "word": " price", "probability": 0.9169921875}, {"start": 1964.86, "end": 1965.1, "word": " here", "probability": 0.84423828125}, {"start": 1965.1, "end": 1966.8, "word": " will", "probability": 0.358642578125}, {"start": 1966.8, "end": 1967.72, "word": " be", "probability": 0.9521484375}, {"start": 1967.72, "end": 1968.06, "word": " here.", "probability": 0.833984375}, {"start": 1968.96, "end": 1969.72, "word": " Price.", "probability": 0.8701171875}, {"start": 1972.1, "end": 1973.0, "word": " The", "probability": 0.89208984375}, {"start": 1973.0, "end": 1973.34, "word": " price", "probability": 0.91455078125}, {"start": 1973.34, "end": 1973.64, "word": " that", "probability": 0.92822265625}, {"start": 1973.64, "end": 1974.06, "word": " can", "probability": 0.87939453125}, {"start": 1974.06, "end": 1974.62, "word": " the", "probability": 0.88623046875}, {"start": 1974.62, "end": 1975.12, "word": " company", "probability": 0.908203125}, {"start": 1975.12, "end": 1975.96, "word": " sell,", "probability": 0.86181640625}, {"start": 1977.42, "end": 1977.9, "word": " P1", "probability": 0.95849609375}, {"start": 1977.9, "end": 1978.5, "word": " equals", "probability": 0.89501953125}, {"start": 1978.5, "end": 1979.36, "word": " MR1", "probability": 0.8583984375}, {"start": 1979.36, "end": 1980.3, "word": " equals", "probability": 0.9013671875}, {"start": 1980.3, "end": 1980.88, "word": " D1.", "probability": 0.815673828125}, {"start": 1981.52, "end": 1981.8, "word": " The", "probability": 0.8876953125}, {"start": 1981.8, "end": 1982.24, "word": " assumption", "probability": 0.97021484375}, {"start": 1982.24, "end": 1982.64, "word": " here", "probability": 0.859375}, {"start": 1982.64, "end": 1983.08, "word": " is", "probability": 0.935546875}], "temperature": 1.0}, {"id": 72, "seek": 201072, "start": 1984.48, "end": 2010.72, "text": " We have a loss, which means that the price will be less than ATC. Right? Yes. Who should I be? The price or the ATC? The price. The price is less than ATC? Yes. Okay. So, here is the marginal cost. And here is AVC. 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Here's the price. That's P1. Where's the equilibrium point when MR equals MC? MR equals MC. This is the equilibrium point, E1.", "tokens": [14436, 311, 264, 3218, 30, 1692, 311, 264, 3218, 13, 663, 311, 430, 16, 13, 2305, 311, 264, 15625, 935, 562, 9808, 6915, 8797, 30, 9808, 6915, 8797, 13, 639, 307, 264, 15625, 935, 11, 462, 16, 13], "avg_logprob": -0.36558494965235394, "compression_ratio": 1.5425531914893618, "no_speech_prob": 0.0, "words": [{"start": 2025.7799999999997, "end": 2026.4199999999998, "word": "Where's", "probability": 0.33172607421875}, {"start": 2026.4199999999998, "end": 2027.06, "word": " the", "probability": 0.84619140625}, {"start": 2027.06, "end": 2027.34, "word": " price?", "probability": 0.30322265625}, {"start": 2027.56, "end": 2027.7, "word": " Here's", "probability": 0.4788818359375}, {"start": 2027.7, "end": 2027.7, "word": " the", "probability": 0.89013671875}, {"start": 2027.7, "end": 2027.94, "word": " price.", "probability": 0.6669921875}, {"start": 2028.06, "end": 2028.36, "word": " That's", "probability": 0.569580078125}, {"start": 2028.36, "end": 2028.64, "word": " P1.", "probability": 0.881103515625}, {"start": 2031.7, "end": 2032.34, "word": " Where's", "probability": 0.86767578125}, {"start": 2032.34, "end": 2032.52, "word": " the", "probability": 0.8720703125}, {"start": 2032.52, "end": 2033.06, "word": " equilibrium", "probability": 0.90673828125}, {"start": 2033.06, "end": 2033.54, "word": " point", "probability": 0.93994140625}, {"start": 2033.54, "end": 2033.9, "word": " when", "probability": 0.6103515625}, {"start": 2033.9, "end": 2034.38, "word": " MR", "probability": 0.443359375}, {"start": 2034.38, "end": 2034.76, "word": " equals", "probability": 0.5634765625}, {"start": 2034.76, "end": 2035.16, "word": " MC?", "probability": 0.9658203125}, {"start": 2036.18, "end": 2036.82, "word": " MR", "probability": 0.27734375}, {"start": 2036.82, "end": 2037.42, "word": " equals", "probability": 0.8994140625}, {"start": 2037.42, "end": 2037.76, "word": " MC.", "probability": 0.98974609375}, {"start": 2037.94, "end": 2038.06, "word": " This", "probability": 0.84619140625}, {"start": 2038.06, "end": 2038.18, "word": " is", "probability": 0.9423828125}, {"start": 2038.18, "end": 2038.3, "word": " the", "probability": 0.86572265625}, {"start": 2038.3, "end": 2038.62, "word": " equilibrium", "probability": 0.9423828125}, {"start": 2038.62, "end": 2039.06, "word": " point,", "probability": 0.97509765625}, {"start": 2039.32, "end": 2039.62, "word": " E1.", "probability": 0.94775390625}], "temperature": 1.0}, {"id": 74, "seek": 205232, "start": 2040.88, "end": 2052.32, "text": "to determine if we have a break-even loss or profits. We have to take vertical distance from A1 to ATC.", "tokens": [1353, 6997, 498, 321, 362, 257, 1821, 12, 27170, 4470, 420, 17982, 13, 492, 362, 281, 747, 9429, 4560, 490, 316, 16, 281, 316, 18238, 13], "avg_logprob": -0.2497106393178304, "compression_ratio": 1.1444444444444444, "no_speech_prob": 0.0, "words": [{"start": 2040.88, "end": 2041.08, "word": "to", "probability": 0.81298828125}, {"start": 2041.08, "end": 2041.6, "word": " determine", "probability": 0.90673828125}, {"start": 2041.6, "end": 2042.6, "word": " if", "probability": 0.951171875}, {"start": 2042.6, "end": 2043.44, "word": " we", "probability": 0.93994140625}, {"start": 2043.44, "end": 2043.78, "word": " have", "probability": 0.93603515625}, {"start": 2043.78, "end": 2043.94, "word": " a", "probability": 0.83251953125}, {"start": 2043.94, "end": 2044.18, "word": " break", "probability": 0.81005859375}, {"start": 2044.18, "end": 2044.58, "word": "-even", "probability": 0.68115234375}, {"start": 2044.58, "end": 2045.42, "word": " loss", "probability": 0.7578125}, {"start": 2045.42, "end": 2045.68, "word": " or", "probability": 0.9296875}, {"start": 2045.68, "end": 2046.12, "word": " profits.", "probability": 0.591796875}, {"start": 2046.52, "end": 2046.72, "word": " We", "probability": 0.921875}, {"start": 2046.72, "end": 2046.96, "word": " have", "probability": 0.9453125}, {"start": 2046.96, "end": 2047.16, "word": " to", "probability": 0.96923828125}, {"start": 2047.16, "end": 2047.5, "word": " take", "probability": 0.87255859375}, {"start": 2047.5, "end": 2048.12, "word": " vertical", "probability": 0.83642578125}, {"start": 2048.12, "end": 2048.98, "word": " distance", "probability": 0.9306640625}, {"start": 2048.98, "end": 2049.3, "word": " from", "probability": 0.90380859375}, {"start": 2049.3, "end": 2049.86, "word": " A1", "probability": 0.900390625}, {"start": 2049.86, "end": 2050.84, "word": " to", "probability": 0.96630859375}, {"start": 2050.84, "end": 2052.32, "word": " ATC.", "probability": 0.6336669921875}], "temperature": 1.0}, {"id": 75, "seek": 208983, "start": 2065.61, "end": 2089.83, "text": " which means that the average total cost, the total cost per unit is bigger than the selling price per unit, which means that we have a loss by this rectangle here. Here we have a loss.", "tokens": [597, 1355, 300, 264, 4274, 3217, 2063, 11, 264, 3217, 2063, 680, 4985, 307, 3801, 813, 264, 6511, 3218, 680, 4985, 11, 597, 1355, 300, 321, 362, 257, 4470, 538, 341, 21930, 510, 13, 1692, 321, 362, 257, 4470, 13], "avg_logprob": -0.187785828985819, "compression_ratio": 1.5948275862068966, "no_speech_prob": 0.0, "words": [{"start": 2065.6099999999997, "end": 2066.43, "word": " which", "probability": 0.239501953125}, {"start": 2066.43, "end": 2067.25, "word": " means", "probability": 0.9375}, {"start": 2067.25, "end": 2067.55, "word": " that", "probability": 0.92431640625}, {"start": 2067.55, "end": 2068.03, "word": " the", "probability": 0.87939453125}, {"start": 2068.03, "end": 2068.53, "word": " average", "probability": 0.755859375}, {"start": 2068.53, "end": 2068.99, "word": " total", "probability": 0.85107421875}, {"start": 2068.99, "end": 2069.41, "word": " cost,", "probability": 0.88818359375}, {"start": 2069.83, "end": 2069.93, "word": " the", "probability": 0.90625}, {"start": 2069.93, "end": 2070.29, "word": " total", "probability": 0.875}, {"start": 2070.29, "end": 2070.71, "word": " cost", "probability": 0.9130859375}, {"start": 2070.71, "end": 2071.03, "word": " per", "probability": 0.912109375}, {"start": 2071.03, "end": 2071.41, "word": " unit", "probability": 0.9609375}, {"start": 2071.41, "end": 2072.19, "word": " is", "probability": 0.86376953125}, {"start": 2072.19, "end": 2073.05, "word": " bigger", "probability": 0.93017578125}, {"start": 2073.05, "end": 2073.57, "word": " than", "probability": 0.93896484375}, {"start": 2073.57, "end": 2074.03, "word": " the", "probability": 0.88671875}, {"start": 2074.03, "end": 2074.23, "word": " selling", "probability": 0.89404296875}, {"start": 2074.23, "end": 2074.67, "word": " price", "probability": 0.91748046875}, {"start": 2074.67, "end": 2074.95, "word": " per", "probability": 0.92138671875}, {"start": 2074.95, "end": 2075.19, "word": " unit,", "probability": 0.96533203125}, {"start": 2075.53, "end": 2076.37, "word": " which", "probability": 0.94921875}, {"start": 2076.37, "end": 2076.67, "word": " means", "probability": 0.935546875}, {"start": 2076.67, "end": 2076.85, "word": " that", "probability": 0.93701171875}, {"start": 2076.85, "end": 2076.99, "word": " we", "probability": 0.9560546875}, {"start": 2076.99, "end": 2077.15, "word": " have", "probability": 0.9501953125}, {"start": 2077.15, "end": 2077.27, "word": " a", "probability": 0.99462890625}, {"start": 2077.27, "end": 2077.61, "word": " loss", "probability": 0.87353515625}, {"start": 2077.61, "end": 2079.23, "word": " by", "probability": 0.85693359375}, {"start": 2079.23, "end": 2079.63, "word": " this", "probability": 0.95263671875}, {"start": 2079.63, "end": 2080.51, "word": " rectangle", "probability": 0.572265625}, {"start": 2080.51, "end": 2081.33, "word": " here.", "probability": 0.802734375}, {"start": 2083.11, "end": 2083.93, "word": " Here", "probability": 0.4150390625}, {"start": 2083.93, "end": 2089.15, "word": " we", "probability": 0.69287109375}, {"start": 2089.15, "end": 2089.43, "word": " have", "probability": 0.9482421875}, {"start": 2089.43, "end": 2089.55, "word": " a", "probability": 0.9912109375}, {"start": 2089.55, "end": 2089.83, "word": " loss.", "probability": 0.89013671875}], "temperature": 1.0}, {"id": 76, "seek": 212242, "start": 2093.26, "end": 2122.42, "text": " as there is a loss in the market. The current part of the sellers. Which means supply will shift left. Supply will decline.", "tokens": [382, 456, 307, 257, 4470, 294, 264, 2142, 13, 440, 2190, 644, 295, 264, 31276, 13, 3013, 1355, 5847, 486, 5513, 1411, 13, 9391, 356, 486, 15635, 13], "avg_logprob": -0.21780711206896552, "compression_ratio": 1.2525252525252526, "no_speech_prob": 0.0, "words": [{"start": 2093.26, "end": 2093.64, "word": " as", "probability": 0.388916015625}, {"start": 2093.64, "end": 2093.86, "word": " there", "probability": 0.8740234375}, {"start": 2093.86, "end": 2095.34, "word": " is", "probability": 0.79052734375}, {"start": 2095.34, "end": 2095.52, "word": " a", "probability": 0.9873046875}, {"start": 2095.52, "end": 2095.78, "word": " loss", "probability": 0.87744140625}, {"start": 2095.78, "end": 2095.96, "word": " in", "probability": 0.94580078125}, {"start": 2095.96, "end": 2096.06, "word": " the", "probability": 0.91796875}, {"start": 2096.06, "end": 2096.46, "word": " market.", "probability": 0.8857421875}, {"start": 2097.9, "end": 2098.2, "word": " The", "probability": 0.88720703125}, {"start": 2098.2, "end": 2098.52, "word": " current", "probability": 0.86083984375}, {"start": 2098.52, "end": 2099.08, "word": " part", "probability": 0.91162109375}, {"start": 2099.08, "end": 2099.32, "word": " of", "probability": 0.9716796875}, {"start": 2099.32, "end": 2099.5, "word": " the", "probability": 0.91650390625}, {"start": 2099.5, "end": 2099.92, "word": " sellers.", "probability": 0.947265625}, {"start": 2109.88, "end": 2110.64, "word": " Which", "probability": 0.11810302734375}, {"start": 2110.64, "end": 2118.34, "word": " means", "probability": 0.94677734375}, {"start": 2118.34, "end": 2119.26, "word": " supply", "probability": 0.84423828125}, {"start": 2119.26, "end": 2119.86, "word": " will", "probability": 0.8779296875}, {"start": 2119.86, "end": 2120.22, "word": " shift", "probability": 0.97509765625}, {"start": 2120.22, "end": 2120.6, "word": " left.", "probability": 0.431640625}, {"start": 2121.02, "end": 2121.36, "word": " Supply", "probability": 0.879638671875}, {"start": 2121.36, "end": 2121.66, "word": " will", "probability": 0.88720703125}, {"start": 2121.66, "end": 2122.42, "word": " decline.", "probability": 0.8720703125}], "temperature": 1.0}, {"id": 77, "seek": 215326, "start": 2124.26, "end": 2153.26, "text": " So here, we can say the supply will shift left. Supply shifts left to us too. We have a new equilibrium price to E2. We have a new price, P2. The same price will the company take. هذا سعر صار الجديد اللي بتبيع فيه مين؟ ال business. اللي هو P2. The same price, the same as market price, equilibrium prices.", "tokens": [407, 510, 11, 321, 393, 584, 264, 5847, 486, 5513, 1411, 13, 9391, 356, 19201, 1411, 281, 505, 886, 13, 492, 362, 257, 777, 15625, 3218, 281, 462, 17, 13, 492, 362, 257, 777, 3218, 11, 430, 17, 13, 440, 912, 3218, 486, 264, 2237, 747, 13, 23758, 8608, 3615, 2288, 20328, 9640, 25724, 16254, 3215, 13672, 1829, 39894, 21292, 3615, 8978, 3224, 3714, 9957, 22807, 2423, 1606, 13, 13672, 1829, 31439, 430, 17, 13, 440, 912, 3218, 11, 264, 912, 382, 2142, 3218, 11, 15625, 7901, 13], "avg_logprob": -0.21242977528089887, "compression_ratio": 1.5198237885462555, "no_speech_prob": 0.0, "words": [{"start": 2124.26, "end": 2124.64, "word": " So", "probability": 0.92431640625}, {"start": 2124.64, "end": 2125.18, "word": " here,", "probability": 0.6044921875}, {"start": 2125.76, "end": 2126.1, "word": " we", "probability": 0.8408203125}, {"start": 2126.1, "end": 2126.32, "word": " can", "probability": 0.94189453125}, {"start": 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We still have loss.", "tokens": [47, 17, 6915, 2221, 17, 6915, 508, 17, 13, 492, 920, 362, 4470, 13], "avg_logprob": -0.30963542461395266, "compression_ratio": 1.0, "no_speech_prob": 0.0, "words": [{"start": 2154.41, "end": 2155.17, "word": "P2", "probability": 0.693359375}, {"start": 2155.17, "end": 2156.39, "word": " equals", "probability": 0.149658203125}, {"start": 2156.39, "end": 2157.47, "word": " Mr2", "probability": 0.66015625}, {"start": 2157.47, "end": 2158.59, "word": " equals", "probability": 0.92529296875}, {"start": 2158.59, "end": 2159.21, "word": " J2.", "probability": 0.805908203125}, {"start": 2159.81, "end": 2159.97, "word": " We", "probability": 0.84521484375}, {"start": 2159.97, "end": 2160.45, "word": " still", "probability": 0.95166015625}, {"start": 2160.45, "end": 2161.07, "word": " have", "probability": 0.94482421875}, {"start": 2161.07, "end": 2162.09, "word": " loss.", "probability": 0.6005859375}], "temperature": 1.0}, {"id": 79, "seek": 220180, "start": 2173.82, "end": 2201.8, "text": " Part, additional part of sellers will go out, will leave the market. Right? They will keep going up and up until we reach this. Do you see this? The minimum ATC, this is the price he has. Yes, we will come like this. We will come to this point like this. It will be here. To S3. Here we have the price P3.", "tokens": [4100, 11, 4497, 644, 295, 31276, 486, 352, 484, 11, 486, 1856, 264, 2142, 13, 1779, 30, 814, 486, 1066, 516, 493, 293, 493, 1826, 321, 2524, 341, 13, 1144, 291, 536, 341, 30, 440, 7285, 8872, 34, 11, 341, 307, 264, 3218, 415, 575, 13, 1079, 11, 321, 486, 808, 411, 341, 13, 492, 486, 808, 281, 341, 935, 411, 341, 13, 467, 486, 312, 510, 13, 1407, 318, 18, 13, 1692, 321, 362, 264, 3218, 430, 18, 13], "avg_logprob": -0.39737654320987653, "compression_ratio": 1.5454545454545454, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 2173.82, "end": 2174.38, "word": " Part,", "probability": 0.2332763671875}, {"start": 2174.38, "end": 2174.94, "word": " additional", "probability": 0.8291015625}, {"start": 2174.94, "end": 2175.42, "word": " part", "probability": 0.7607421875}, {"start": 2175.42, "end": 2175.62, "word": " of", "probability": 0.9228515625}, {"start": 2175.62, "end": 2176.0, "word": " sellers", "probability": 0.791015625}, {"start": 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So here P3 equals MR3 equals D3 which is the equilibrium in the long term.", "tokens": [3013, 307, 1821, 754, 294, 264, 938, 1433, 13, 407, 510, 430, 18, 6915, 9808, 18, 6915, 413, 18, 597, 307, 264, 15625, 294, 264, 938, 1433, 13], "avg_logprob": -0.3246228366062559, "compression_ratio": 1.2840909090909092, "no_speech_prob": 0.0, "words": [{"start": 2210.14, "end": 2211.54, "word": " Which", "probability": 0.059478759765625}, {"start": 2211.54, "end": 2212.94, "word": " is", "probability": 0.8193359375}, {"start": 2212.94, "end": 2213.96, "word": " break", "probability": 0.65869140625}, {"start": 2213.96, "end": 2214.48, "word": " even", "probability": 0.76953125}, {"start": 2214.48, "end": 2214.66, "word": " in", "probability": 0.89404296875}, {"start": 2214.66, "end": 2214.78, "word": " the", "probability": 0.8798828125}, {"start": 2214.78, "end": 2214.96, "word": " long", "probability": 0.943359375}, {"start": 2214.96, "end": 2215.28, "word": " term.", "probability": 0.7958984375}, {"start": 2216.8, "end": 2218.2, "word": " So", "probability": 0.43017578125}, {"start": 2218.2, "end": 2219.76, "word": " here", "probability": 0.73974609375}, {"start": 2219.76, "end": 2221.5, "word": " P3", "probability": 0.60595703125}, {"start": 2221.5, "end": 2222.38, "word": " equals", "probability": 0.419921875}, {"start": 2222.38, "end": 2223.3, "word": " MR3", "probability": 0.7451171875}, {"start": 2223.3, "end": 2224.26, "word": " equals", "probability": 0.93115234375}, {"start": 2224.26, "end": 2225.3, "word": " D3", "probability": 0.985107421875}, {"start": 2225.3, "end": 2225.92, "word": " which", "probability": 0.517578125}, {"start": 2225.92, "end": 2226.5, "word": " is", "probability": 0.94384765625}, {"start": 2226.5, "end": 2227.8, "word": " the", "probability": 0.77001953125}, {"start": 2227.8, "end": 2228.48, "word": " equilibrium", "probability": 0.958984375}, {"start": 2228.48, "end": 2229.82, "word": " in", "probability": 0.94482421875}, {"start": 2229.82, "end": 2230.18, "word": " the", "probability": 0.92236328125}, {"start": 2230.18, "end": 2230.48, "word": " long", "probability": 0.9365234375}, {"start": 2230.48, "end": 2230.94, "word": " term.", "probability": 0.83251953125}], "temperature": 1.0}, {"id": 81, "seek": 226128, "start": 2233.12, "end": 2261.28, "text": " If you start a break-even in the short run, in the long run, you end up with a break-even. 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The supply would decrease. The price would rise and we would reach a break-even in the price. That's it. Did you get it or not? No, no. If we were in Prefix, the price is higher than the ATC. It will keep going down until we reach the minimum ATC. If the price is below the ATC, it will keep rising and rising until we reach a break-even. 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And this company works in the perfect competition market. Quant is zero, one, two, three, four, five, six.", "tokens": [1692, 366, 264, 11275, 3718, 13, 400, 341, 2237, 1985, 294, 264, 2176, 6211, 2142, 13, 26968, 307, 4018, 11, 472, 11, 732, 11, 1045, 11, 1451, 11, 1732, 11, 2309, 13], "avg_logprob": -0.21271306818181818, "compression_ratio": 1.2162162162162162, "no_speech_prob": 0.0, "words": [{"start": 2379.29, "end": 2379.61, "word": " Here", "probability": 0.66748046875}, {"start": 2379.61, "end": 2379.85, "word": " are", "probability": 0.72119140625}, {"start": 2379.85, "end": 2380.13, "word": " the", "probability": 0.9052734375}, {"start": 2380.13, "end": 2380.57, "word": " quantity", "probability": 0.6591796875}, {"start": 2380.57, "end": 2381.31, "word": " sold.", "probability": 0.71826171875}, {"start": 2384.13, "end": 2384.35, "word": " And", "probability": 0.8291015625}, {"start": 2384.35, "end": 2384.53, "word": " this", "probability": 0.92724609375}, {"start": 2384.53, "end": 2384.97, "word": " company", "probability": 0.91162109375}, {"start": 2384.97, "end": 2385.63, "word": " works", "probability": 0.8720703125}, {"start": 2385.63, "end": 2387.43, "word": " in", "probability": 0.7919921875}, {"start": 2387.43, "end": 2387.59, "word": " the", "probability": 0.828125}, {"start": 2387.59, "end": 2387.95, "word": " perfect", "probability": 0.9052734375}, {"start": 2387.95, "end": 2388.41, "word": " competition", "probability": 0.95361328125}, {"start": 2388.41, "end": 2388.93, "word": " market.", "probability": 0.87451171875}, {"start": 2390.77, "end": 2391.19, "word": " Quant", "probability": 0.4580078125}, {"start": 2391.19, "end": 2391.37, "word": " is", "probability": 0.66015625}, {"start": 2391.37, "end": 2391.67, "word": " zero,", "probability": 0.7060546875}, {"start": 2393.95, "end": 2394.39, "word": " one,", "probability": 0.86083984375}, {"start": 2396.47, "end": 2397.71, "word": " two,", "probability": 0.9365234375}, {"start": 2399.23, "end": 2401.21, "word": " three,", "probability": 0.94287109375}, {"start": 2401.79, "end": 2403.83, "word": " four,", "probability": 0.94873046875}, {"start": 2404.33, "end": 2405.89, "word": " five,", "probability": 0.91357421875}, {"start": 2405.99, "end": 2406.25, "word": " six.", "probability": 0.9453125}], "temperature": 1.0}, {"id": 87, "seek": 244017, "start": 2411.08, "end": 2440.18, "text": " And seven here. And this business works in the perfect competition market in the short run, which means it might face a loss, break even, or profits. Right? And we have the following formulas. The total cost per unit equals, or the total cost for the whole production equals 50.", "tokens": [400, 3407, 510, 13, 400, 341, 1606, 1985, 294, 264, 2176, 6211, 2142, 294, 264, 2099, 1190, 11, 597, 1355, 309, 1062, 1851, 257, 4470, 11, 1821, 754, 11, 420, 17982, 13, 1779, 30, 400, 321, 362, 264, 3480, 30546, 13, 440, 3217, 2063, 680, 4985, 6915, 11, 420, 264, 3217, 2063, 337, 264, 1379, 4265, 6915, 2625, 13], "avg_logprob": -0.17942708358168602, "compression_ratio": 1.508108108108108, "no_speech_prob": 0.0, "words": [{"start": 2411.08, "end": 2411.36, "word": " And", "probability": 0.391357421875}, {"start": 2411.36, "end": 2411.56, "word": " seven", "probability": 0.4140625}, {"start": 2411.56, "end": 2411.82, "word": " here.", "probability": 0.794921875}, {"start": 2412.88, "end": 2413.4, "word": " And", "probability": 0.90283203125}, {"start": 2413.4, "end": 2413.6, "word": " this", "probability": 0.93896484375}, {"start": 2413.6, "end": 2414.02, "word": " business", "probability": 0.9404296875}, {"start": 2414.02, "end": 2414.44, "word": " works", "probability": 0.8544921875}, {"start": 2414.44, "end": 2414.78, "word": " in", "probability": 0.6943359375}, {"start": 2414.78, "end": 2414.92, "word": " the", "probability": 0.85888671875}, {"start": 2414.92, "end": 2415.12, "word": " perfect", "probability": 0.814453125}, {"start": 2415.12, "end": 2415.52, "word": " competition", "probability": 0.95068359375}, {"start": 2415.52, "end": 2416.02, "word": " market", "probability": 0.8828125}, {"start": 2416.02, "end": 2416.68, "word": " in", "probability": 0.93212890625}, {"start": 2416.68, "end": 2416.92, "word": " the", "probability": 0.90673828125}, {"start": 2416.92, "end": 2417.26, "word": " short", "probability": 0.9755859375}, {"start": 2417.26, "end": 2417.54, "word": " run,", "probability": 0.6298828125}, {"start": 2417.68, "end": 2417.84, "word": " which", "probability": 0.9453125}, {"start": 2417.84, "end": 2418.32, "word": " means", "probability": 0.94140625}, {"start": 2418.32, "end": 2418.82, "word": " it", "probability": 0.9345703125}, {"start": 2418.82, "end": 2419.3, "word": " might", "probability": 0.8896484375}, {"start": 2419.3, "end": 2420.64, "word": " face", "probability": 0.90283203125}, {"start": 2420.64, "end": 2420.86, "word": " a", "probability": 0.9892578125}, {"start": 2420.86, "end": 2421.22, "word": " loss,", "probability": 0.87646484375}, {"start": 2421.82, "end": 2422.08, "word": " break", "probability": 0.8271484375}, {"start": 2422.08, "end": 2422.52, "word": " even,", "probability": 0.51220703125}, {"start": 2422.8, "end": 2423.12, "word": " or", "probability": 0.96630859375}, {"start": 2423.12, "end": 2423.78, "word": " profits.", "probability": 0.9384765625}, {"start": 2424.32, "end": 2425.02, "word": " Right?", "probability": 0.67138671875}, {"start": 2427.18, "end": 2427.98, "word": " And", "probability": 0.93017578125}, {"start": 2427.98, "end": 2428.4, "word": " we", "probability": 0.94091796875}, {"start": 2428.4, "end": 2428.64, "word": " have", "probability": 0.87451171875}, {"start": 2428.64, "end": 2428.8, "word": " the", "probability": 0.91748046875}, {"start": 2428.8, "end": 2429.26, "word": " following", "probability": 0.8916015625}, {"start": 2429.26, "end": 2430.72, "word": " formulas.", "probability": 0.962890625}, {"start": 2432.14, "end": 2432.94, "word": " The", "probability": 0.8916015625}, {"start": 2432.94, "end": 2433.26, "word": " total", "probability": 0.87353515625}, {"start": 2433.26, "end": 2433.66, "word": " cost", "probability": 0.91748046875}, {"start": 2433.66, "end": 2433.96, "word": " per", "probability": 0.93798828125}, {"start": 2433.96, "end": 2434.34, "word": " unit", "probability": 0.96533203125}, {"start": 2434.34, "end": 2435.72, "word": " equals,", "probability": 0.9111328125}, {"start": 2435.94, "end": 2436.1, "word": " or", "probability": 0.96142578125}, {"start": 2436.1, "end": 2436.26, "word": " the", "probability": 0.91552734375}, {"start": 2436.26, "end": 2436.5, "word": " total", "probability": 0.8779296875}, {"start": 2436.5, "end": 2436.94, "word": " cost", "probability": 0.919921875}, {"start": 2436.94, "end": 2437.26, "word": " for", "probability": 0.9423828125}, {"start": 2437.26, "end": 2437.8, "word": " the", "probability": 0.9140625}, {"start": 2437.8, "end": 2438.24, "word": " whole", "probability": 0.841796875}, {"start": 2438.24, "end": 2438.86, "word": " production", "probability": 0.94189453125}, {"start": 2438.86, "end": 2439.46, "word": " equals", "probability": 0.89990234375}, {"start": 2439.46, "end": 2440.18, "word": " 50.", "probability": 0.8564453125}], "temperature": 1.0}, {"id": 88, "seek": 246152, "start": 2441.54, "end": 2461.52, "text": " plus 3q squared plus 2q this is the given total cost function and the price the selling price equals 14 shekels", "tokens": [1804, 805, 80, 8889, 1804, 568, 80, 341, 307, 264, 2212, 3217, 2063, 2445, 293, 264, 3218, 264, 6511, 3218, 6915, 3499, 750, 7124, 82], "avg_logprob": -0.2219050549543821, "compression_ratio": 1.2444444444444445, "no_speech_prob": 0.0, "words": [{"start": 2441.54, "end": 2442.2, "word": " plus", "probability": 0.61572265625}, {"start": 2442.2, "end": 2444.34, "word": " 3q", "probability": 0.5848388671875}, {"start": 2444.34, "end": 2444.92, "word": " squared", "probability": 0.3359375}, {"start": 2444.92, "end": 2446.76, "word": " plus", "probability": 0.9140625}, {"start": 2446.76, "end": 2448.22, "word": " 2q", "probability": 0.944580078125}, {"start": 2448.22, "end": 2450.56, "word": " this", "probability": 0.435302734375}, {"start": 2450.56, "end": 2450.7, "word": " is", "probability": 0.93896484375}, {"start": 2450.7, "end": 2450.82, "word": " the", "probability": 0.5810546875}, {"start": 2450.82, "end": 2451.1, "word": " given", "probability": 0.91552734375}, {"start": 2451.1, "end": 2451.74, "word": " total", "probability": 0.8447265625}, {"start": 2451.74, "end": 2452.28, "word": " cost", "probability": 0.96142578125}, {"start": 2452.28, "end": 2452.94, "word": " function", "probability": 0.9580078125}, {"start": 2452.94, "end": 2454.38, "word": " and", "probability": 0.85205078125}, {"start": 2454.38, "end": 2454.8, "word": " the", "probability": 0.91162109375}, {"start": 2454.8, "end": 2455.26, "word": " price", "probability": 0.85205078125}, {"start": 2455.26, "end": 2457.32, "word": " the", "probability": 0.7919921875}, {"start": 2457.32, "end": 2457.6, "word": " selling", "probability": 0.919921875}, {"start": 2457.6, "end": 2458.08, "word": " price", "probability": 0.9208984375}, {"start": 2458.08, "end": 2459.24, "word": " equals", "probability": 0.935546875}, {"start": 2459.24, "end": 2460.2, "word": " 14", "probability": 0.923828125}, {"start": 2460.2, "end": 2461.52, "word": " shekels", "probability": 0.8824869791666666}], "temperature": 1.0}, {"id": 89, "seek": 250523, "start": 2478.11, "end": 2505.23, "text": " The following. Total fixed cost. Total variable cost under different quantities. Then you get the TFC with TVC with TC. Total revenue. Marginal revenue.", "tokens": [440, 3480, 13, 23170, 6806, 2063, 13, 23170, 7006, 2063, 833, 819, 22927, 13, 1396, 291, 483, 264, 314, 18671, 365, 3558, 34, 365, 34150, 13, 23170, 9324, 13, 2039, 1494, 304, 9324, 13], "avg_logprob": -0.2854910578046526, "compression_ratio": 1.3421052631578947, "no_speech_prob": 0.0, "words": [{"start": 2478.11, "end": 2478.33, "word": " The", "probability": 0.64453125}, {"start": 2478.33, "end": 2478.67, "word": " following.", "probability": 0.86328125}, {"start": 2488.35, "end": 2489.27, "word": " Total", "probability": 0.890625}, {"start": 2489.27, "end": 2489.69, "word": " fixed", "probability": 0.86572265625}, {"start": 2489.69, "end": 2490.15, "word": " cost.", "probability": 0.73388671875}, {"start": 2490.83, "end": 2491.61, "word": " Total", "probability": 0.884765625}, {"start": 2491.61, "end": 2492.03, "word": " variable", "probability": 0.89794921875}, {"start": 2492.03, "end": 2492.45, "word": " cost", "probability": 0.876953125}, {"start": 2492.45, "end": 2492.71, "word": " under", "probability": 0.900390625}, {"start": 2492.71, "end": 2493.15, "word": " different", "probability": 0.8798828125}, {"start": 2493.15, "end": 2493.89, "word": " quantities.", "probability": 0.943359375}, {"start": 2494.81, "end": 2494.95, "word": " Then", "probability": 0.30615234375}, {"start": 2494.95, "end": 2495.05, "word": " you", "probability": 0.388427734375}, {"start": 2495.05, "end": 2495.19, "word": " get", "probability": 0.55810546875}, {"start": 2495.19, "end": 2495.25, "word": " the", "probability": 0.64013671875}, {"start": 2495.25, "end": 2495.71, "word": " TFC", "probability": 0.884033203125}, {"start": 2495.71, "end": 2496.29, "word": " with", "probability": 0.3369140625}, {"start": 2496.29, "end": 2497.47, "word": " TVC", "probability": 0.775146484375}, {"start": 2497.47, "end": 2499.09, "word": " with", "probability": 0.54736328125}, {"start": 2499.09, "end": 2499.53, "word": " TC.", "probability": 0.935546875}, {"start": 2501.81, "end": 2502.29, "word": " Total", "probability": 0.865234375}, {"start": 2502.29, "end": 2502.75, "word": " revenue.", "probability": 0.849609375}, {"start": 2504.27, "end": 2504.87, "word": " Marginal", "probability": 0.9842122395833334}, {"start": 2504.87, "end": 2505.23, "word": " revenue.", "probability": 0.9052734375}], "temperature": 1.0}, {"id": 90, "seek": 253248, "start": 2507.93, "end": 2532.49, "text": " Marginal cost. AVC, AFC, ATC. AVC, ATC, AFC. Number two, a different quantity sold here. This is number one. Number two,", "tokens": [2039, 1494, 304, 2063, 13, 30198, 34, 11, 316, 18671, 11, 8872, 34, 13, 30198, 34, 11, 8872, 34, 11, 316, 18671, 13, 5118, 732, 11, 257, 819, 11275, 3718, 510, 13, 639, 307, 1230, 472, 13, 5118, 732, 11], "avg_logprob": -0.19778963996142876, "compression_ratio": 1.2474226804123711, "no_speech_prob": 0.0, "words": [{"start": 2507.93, "end": 2508.61, "word": " Marginal", "probability": 0.8419596354166666}, {"start": 2508.61, "end": 2509.09, "word": " cost.", "probability": 0.39306640625}, {"start": 2512.55, "end": 2513.57, "word": " AVC,", "probability": 0.81640625}, {"start": 2513.91, "end": 2514.39, "word": " AFC,", "probability": 0.857421875}, {"start": 2514.67, "end": 2515.23, "word": " ATC.", "probability": 0.856689453125}, {"start": 2516.05, "end": 2516.81, "word": " AVC,", "probability": 0.9267578125}, {"start": 2518.31, "end": 2519.19, "word": " ATC,", "probability": 0.901611328125}, {"start": 2519.83, "end": 2520.77, "word": " AFC.", "probability": 0.84375}, {"start": 2524.79, "end": 2525.81, "word": " Number", "probability": 0.82568359375}, {"start": 2525.81, "end": 2526.15, "word": " two,", "probability": 0.8076171875}, {"start": 2526.91, "end": 2527.19, "word": " a", "probability": 0.7099609375}, {"start": 2527.19, "end": 2527.51, "word": " different", "probability": 0.90478515625}, {"start": 2527.51, "end": 2528.05, "word": " quantity", "probability": 0.97607421875}, {"start": 2528.05, "end": 2528.43, "word": " sold", "probability": 0.87255859375}, {"start": 2528.43, "end": 2528.73, "word": " here.", "probability": 0.8544921875}, {"start": 2530.41, "end": 2530.81, "word": " This", "probability": 0.8876953125}, {"start": 2530.81, "end": 2530.87, "word": " is", "probability": 0.9384765625}, {"start": 2530.87, "end": 2531.05, "word": " number", "probability": 0.92236328125}, {"start": 2531.05, "end": 2531.31, "word": " one.", "probability": 0.927734375}, {"start": 2531.93, "end": 2532.15, "word": " Number", "probability": 0.88671875}, {"start": 2532.15, "end": 2532.49, "word": " two,", "probability": 0.9306640625}], "temperature": 1.0}, {"id": 91, "seek": 256507, "start": 2535.55, "end": 2565.07, "text": " Determine the equilibrium quantity. Determine or calculate the equilibrium quantity. Or that the quantity that maximizes the profits for this business.", "tokens": [4237, 966, 533, 264, 15625, 11275, 13, 4237, 966, 533, 420, 8873, 264, 15625, 11275, 13, 1610, 300, 264, 11275, 300, 5138, 5660, 264, 17982, 337, 341, 1606, 13], "avg_logprob": -0.20143228471279145, "compression_ratio": 1.5670103092783505, "no_speech_prob": 0.0, "words": [{"start": 2535.55, "end": 2536.21, "word": " Determine", "probability": 0.7557779947916666}, {"start": 2536.21, "end": 2536.39, "word": " the", "probability": 0.859375}, {"start": 2536.39, "end": 2536.93, "word": " equilibrium", "probability": 0.87158203125}, {"start": 2536.93, "end": 2537.65, "word": " quantity.", "probability": 0.939453125}, {"start": 2538.61, "end": 2539.23, "word": " Determine", "probability": 0.8916015625}, {"start": 2539.23, "end": 2541.07, "word": " or", "probability": 0.765625}, {"start": 2541.07, "end": 2541.67, "word": " calculate", "probability": 0.89990234375}, {"start": 2541.67, "end": 2545.77, "word": " the", "probability": 0.767578125}, {"start": 2545.77, "end": 2546.55, "word": " equilibrium", "probability": 0.9501953125}, {"start": 2546.55, "end": 2550.85, "word": " quantity.", "probability": 0.53759765625}, {"start": 2558.91, "end": 2560.13, "word": " Or", "probability": 0.89111328125}, {"start": 2560.13, "end": 2560.43, "word": " that", "probability": 0.62158203125}, {"start": 2560.43, "end": 2560.75, "word": " the", "probability": 0.6650390625}, {"start": 2560.75, "end": 2561.09, "word": " quantity", "probability": 0.95849609375}, {"start": 2561.09, "end": 2561.37, "word": " that", "probability": 0.8896484375}, {"start": 2561.37, "end": 2562.95, "word": " maximizes", "probability": 0.946044921875}, {"start": 2562.95, "end": 2563.83, "word": " the", "probability": 0.88916015625}, {"start": 2563.83, "end": 2564.21, "word": " profits", "probability": 0.9365234375}, {"start": 2564.21, "end": 2564.49, "word": " for", "probability": 0.9462890625}, {"start": 2564.49, "end": 2564.71, "word": " this", "probability": 0.94677734375}, {"start": 2564.71, "end": 2565.07, "word": " business.", "probability": 0.94091796875}], "temperature": 1.0}, {"id": 92, "seek": 259583, "start": 2569.85, "end": 2595.83, "text": " At this quantity, at equilibrium, is there profits or loss or break even? But let's before calculate the total fixed cost, total variable, and these here, these factors or these variables in this industry or for this company. As you see here, the total cost function is", "tokens": [1711, 341, 11275, 11, 412, 15625, 11, 307, 456, 17982, 420, 4470, 420, 1821, 754, 30, 583, 718, 311, 949, 8873, 264, 3217, 6806, 2063, 11, 3217, 7006, 11, 293, 613, 510, 11, 613, 6771, 420, 613, 9102, 294, 341, 3518, 420, 337, 341, 2237, 13, 1018, 291, 536, 510, 11, 264, 3217, 2063, 2445, 307], "avg_logprob": -0.21121161862423546, "compression_ratio": 1.569767441860465, "no_speech_prob": 0.0, "words": [{"start": 2569.8500000000004, "end": 2570.57, "word": " At", "probability": 0.390625}, {"start": 2570.57, "end": 2571.29, "word": " this", "probability": 0.90283203125}, {"start": 2571.29, "end": 2571.95, "word": " quantity,", "probability": 0.97265625}, {"start": 2572.25, "end": 2572.75, "word": " at", "probability": 0.93017578125}, {"start": 2572.75, "end": 2573.49, "word": " equilibrium,", "probability": 0.96630859375}, {"start": 2574.01, "end": 2574.11, "word": " is", "probability": 0.89306640625}, {"start": 2574.11, "end": 2574.37, "word": " there", "probability": 0.88330078125}, {"start": 2574.37, "end": 2574.83, "word": " profits", "probability": 0.8125}, {"start": 2574.83, "end": 2575.17, "word": " or", "probability": 0.83984375}, {"start": 2575.17, "end": 2575.47, "word": " loss", "probability": 0.88427734375}, {"start": 2575.47, "end": 2575.67, "word": " or", "probability": 0.9150390625}, {"start": 2575.67, "end": 2575.93, "word": " break", "probability": 0.86572265625}, {"start": 2575.93, "end": 2576.19, "word": " even?", "probability": 0.56103515625}, {"start": 2576.53, "end": 2576.69, "word": " But", "probability": 0.9267578125}, {"start": 2576.69, "end": 2577.85, "word": " let's", "probability": 0.6923828125}, {"start": 2577.85, "end": 2578.19, "word": " before", "probability": 0.83154296875}, {"start": 2578.19, "end": 2579.47, "word": " calculate", "probability": 0.634765625}, {"start": 2579.47, "end": 2579.85, "word": " the", "probability": 0.87646484375}, {"start": 2579.85, "end": 2580.11, "word": " total", "probability": 0.8056640625}, {"start": 2580.11, "end": 2580.43, "word": " fixed", "probability": 0.9501953125}, {"start": 2580.43, "end": 2580.81, "word": " cost,", "probability": 0.82470703125}, {"start": 2581.23, "end": 2581.47, "word": " total", "probability": 0.873046875}, {"start": 2581.47, "end": 2581.89, "word": " variable,", "probability": 0.91748046875}, {"start": 2582.25, "end": 2582.33, "word": " and", "probability": 0.921875}, {"start": 2582.33, "end": 2583.29, "word": " these", "probability": 0.87109375}, {"start": 2583.29, "end": 2583.55, "word": " here,", "probability": 0.430908203125}, {"start": 2583.97, "end": 2584.75, "word": " these", "probability": 0.86083984375}, {"start": 2584.75, "end": 2585.09, "word": " factors", "probability": 0.93896484375}, {"start": 2585.09, "end": 2585.35, "word": " or", "probability": 0.6103515625}, {"start": 2585.35, "end": 2585.59, "word": " these", "probability": 0.837890625}, {"start": 2585.59, "end": 2586.01, "word": " variables", "probability": 0.9248046875}, {"start": 2586.01, "end": 2586.31, "word": " in", "probability": 0.8740234375}, {"start": 2586.31, "end": 2587.45, "word": " this", "probability": 0.8193359375}, {"start": 2587.45, "end": 2587.89, "word": " industry", "probability": 0.87451171875}, {"start": 2587.89, "end": 2588.05, "word": " or", "probability": 0.466064453125}, {"start": 2588.05, "end": 2588.29, "word": " for", "probability": 0.5419921875}, {"start": 2588.29, "end": 2588.53, "word": " this", "probability": 0.94580078125}, {"start": 2588.53, "end": 2588.93, "word": " company.", "probability": 0.927734375}, {"start": 2591.39, "end": 2592.11, "word": " As", "probability": 0.97314453125}, {"start": 2592.11, "end": 2592.25, "word": " you", "probability": 0.96630859375}, {"start": 2592.25, "end": 2592.41, "word": " see", "probability": 0.91796875}, {"start": 2592.41, "end": 2592.71, "word": " here,", "probability": 0.8642578125}, {"start": 2593.51, "end": 2593.97, "word": " the", "probability": 0.9140625}, {"start": 2593.97, "end": 2594.27, "word": " total", "probability": 0.865234375}, {"start": 2594.27, "end": 2594.63, "word": " cost", "probability": 0.9404296875}, {"start": 2594.63, "end": 2595.23, "word": " function", "probability": 0.966796875}, {"start": 2595.23, "end": 2595.83, "word": " is", "probability": 0.931640625}], "temperature": 1.0}, {"id": 93, "seek": 261916, "start": 2596.74, "end": 2619.16, "text": " The total cost has two parts, Tc equals Tfc plus Tvc. This part, 50, is fixed, the total fixed cost, which means if the quantity produced or sold equals zero, this is the total fixed cost. And the total variable cost is the second part here.", "tokens": [440, 3217, 2063, 575, 732, 3166, 11, 314, 66, 6915, 314, 69, 66, 1804, 314, 85, 66, 13, 639, 644, 11, 2625, 11, 307, 6806, 11, 264, 3217, 6806, 2063, 11, 597, 1355, 498, 264, 11275, 7126, 420, 3718, 6915, 4018, 11, 341, 307, 264, 3217, 6806, 2063, 13, 400, 264, 3217, 7006, 2063, 307, 264, 1150, 644, 510, 13], "avg_logprob": -0.2117059367601989, "compression_ratio": 1.5714285714285714, "no_speech_prob": 0.0, "words": [{"start": 2596.74, "end": 2596.92, "word": " The", "probability": 0.349365234375}, {"start": 2596.92, "end": 2597.12, "word": " total", "probability": 0.8583984375}, {"start": 2597.12, "end": 2597.5, "word": " cost", "probability": 0.890625}, {"start": 2597.5, "end": 2597.9, "word": " has", "probability": 0.8935546875}, {"start": 2597.9, "end": 2598.16, "word": " two", "probability": 0.86279296875}, {"start": 2598.16, "end": 2598.48, "word": " parts,", "probability": 0.86376953125}, {"start": 2598.66, "end": 2599.08, "word": " Tc", "probability": 0.4912109375}, {"start": 2599.08, "end": 2599.9, "word": " equals", "probability": 0.61767578125}, {"start": 2599.9, "end": 2600.84, "word": " Tfc", "probability": 0.7633463541666666}, {"start": 2600.84, "end": 2601.5, "word": " plus", "probability": 0.9287109375}, {"start": 2601.5, "end": 2602.18, "word": " Tvc.", "probability": 0.970703125}, {"start": 2603.56, "end": 2604.22, "word": " This", "probability": 0.88623046875}, {"start": 2604.22, "end": 2604.72, "word": " part,", "probability": 0.81982421875}, {"start": 2605.1, "end": 2605.4, "word": " 50,", "probability": 0.58935546875}, {"start": 2605.54, "end": 2605.76, "word": " is", "probability": 0.9404296875}, {"start": 2605.76, "end": 2606.12, "word": " fixed,", "probability": 0.9326171875}, {"start": 2607.14, "end": 2607.28, "word": " the", "probability": 0.8916015625}, {"start": 2607.28, "end": 2607.5, "word": " total", "probability": 0.84912109375}, {"start": 2607.5, "end": 2607.78, "word": " fixed", "probability": 0.9482421875}, {"start": 2607.78, "end": 2608.12, "word": " cost,", "probability": 0.890625}, {"start": 2608.5, "end": 2609.52, "word": " which", "probability": 0.94775390625}, {"start": 2609.52, "end": 2609.92, "word": " means", "probability": 0.93310546875}, {"start": 2609.92, "end": 2610.52, "word": " if", "probability": 0.876953125}, {"start": 2610.52, "end": 2610.72, "word": " the", "probability": 0.8681640625}, {"start": 2610.72, "end": 2611.08, "word": " quantity", "probability": 0.75146484375}, {"start": 2611.08, "end": 2611.74, "word": " produced", "probability": 0.91015625}, {"start": 2611.74, "end": 2612.06, "word": " or", "probability": 0.95947265625}, {"start": 2612.06, "end": 2612.32, "word": " sold", "probability": 0.9541015625}, {"start": 2612.32, "end": 2612.82, "word": " equals", "probability": 0.91015625}, {"start": 2612.82, "end": 2613.24, "word": " zero,", "probability": 0.71484375}, {"start": 2613.56, "end": 2613.72, "word": " this", "probability": 0.94384765625}, {"start": 2613.72, "end": 2613.84, "word": " is", "probability": 0.9462890625}, {"start": 2613.84, "end": 2613.96, "word": " the", "probability": 0.8662109375}, {"start": 2613.96, "end": 2614.2, "word": " total", "probability": 0.83837890625}, {"start": 2614.2, "end": 2614.48, "word": " fixed", "probability": 0.9521484375}, {"start": 2614.48, "end": 2614.74, "word": " cost.", "probability": 0.89892578125}, {"start": 2616.02, "end": 2616.36, "word": " And", "probability": 0.67919921875}, {"start": 2616.36, "end": 2616.5, "word": " the", "probability": 0.89892578125}, {"start": 2616.5, "end": 2616.78, "word": " total", "probability": 0.888671875}, {"start": 2616.78, "end": 2617.16, "word": " variable", "probability": 0.91259765625}, {"start": 2617.16, "end": 2617.6, "word": " cost", "probability": 0.91357421875}, {"start": 2617.6, "end": 2618.02, "word": " is", "probability": 0.939453125}, {"start": 2618.02, "end": 2618.2, "word": " the", "probability": 0.9033203125}, {"start": 2618.2, "end": 2618.56, "word": " second", "probability": 0.90087890625}, {"start": 2618.56, "end": 2618.94, "word": " part", "probability": 0.88818359375}, {"start": 2618.94, "end": 2619.16, "word": " here.", "probability": 0.80908203125}], "temperature": 1.0}, {"id": 94, "seek": 265316, "start": 2623.62, "end": 2653.16, "text": " So the function here, we have two functions, TFC equals 50. That's it. At the Q equals 0. TVC function plus three quantity square plus two Q. This is the TVC. How much is the AVC function?", "tokens": [407, 264, 2445, 510, 11, 321, 362, 732, 6828, 11, 314, 18671, 6915, 2625, 13, 663, 311, 309, 13, 1711, 264, 1249, 6915, 1958, 13, 3558, 34, 2445, 1804, 1045, 11275, 3732, 1804, 732, 1249, 13, 639, 307, 264, 3558, 34, 13, 1012, 709, 307, 264, 30198, 34, 2445, 30], "avg_logprob": -0.3014705929101682, "compression_ratio": 1.4427480916030535, "no_speech_prob": 0.0, "words": [{"start": 2623.62, "end": 2623.94, "word": " So", "probability": 0.85595703125}, {"start": 2623.94, "end": 2624.38, "word": " the", "probability": 0.6640625}, {"start": 2624.38, "end": 2624.88, "word": " function", "probability": 0.94140625}, {"start": 2624.88, "end": 2625.4, "word": " here,", "probability": 0.84521484375}, {"start": 2625.9, "end": 2626.16, "word": " we", "probability": 0.94873046875}, {"start": 2626.16, "end": 2626.34, "word": " have", "probability": 0.9453125}, {"start": 2626.34, "end": 2626.48, "word": " two", "probability": 0.90087890625}, {"start": 2626.48, "end": 2627.08, "word": " functions,", "probability": 0.8935546875}, {"start": 2627.86, "end": 2628.3, "word": " TFC", "probability": 0.637939453125}, {"start": 2628.3, "end": 2630.76, "word": " equals", "probability": 0.8857421875}, {"start": 2630.76, "end": 2631.16, "word": " 50.", "probability": 0.82470703125}, {"start": 2631.44, "end": 2631.9, "word": " That's", "probability": 0.938232421875}, {"start": 2631.9, "end": 2632.14, "word": " it.", "probability": 0.92529296875}, {"start": 2632.24, "end": 2632.4, "word": " At", "probability": 0.345458984375}, {"start": 2632.4, "end": 2632.5, "word": " the", "probability": 0.2427978515625}, {"start": 2632.5, "end": 2632.62, "word": " Q", "probability": 0.6025390625}, {"start": 2632.62, "end": 2632.94, "word": " equals", "probability": 0.88720703125}, {"start": 2632.94, "end": 2633.16, "word": " 0.", "probability": 0.474365234375}, {"start": 2634.64, "end": 2635.12, "word": " TVC", "probability": 0.720703125}, {"start": 2635.12, "end": 2635.68, "word": " function", "probability": 0.955078125}, {"start": 2635.68, "end": 2639.52, "word": " plus", "probability": 0.67724609375}, {"start": 2639.52, "end": 2640.06, "word": " three", "probability": 0.5458984375}, {"start": 2640.06, "end": 2640.8, "word": " quantity", "probability": 0.86328125}, {"start": 2640.8, "end": 2641.72, "word": " square", "probability": 0.2734375}, {"start": 2641.72, "end": 2642.52, "word": " plus", "probability": 0.91943359375}, {"start": 2642.52, "end": 2642.84, "word": " two", "probability": 0.53173828125}, {"start": 2642.84, "end": 2643.2, "word": " Q.", "probability": 0.8212890625}, {"start": 2645.42, "end": 2646.18, "word": " This", "probability": 0.89892578125}, {"start": 2646.18, "end": 2646.28, "word": " is", "probability": 0.943359375}, {"start": 2646.28, "end": 2646.42, "word": " the", "probability": 0.8681640625}, {"start": 2646.42, "end": 2647.42, "word": " TVC.", "probability": 0.888671875}, {"start": 2647.94, "end": 2648.2, "word": " How", "probability": 0.427978515625}, {"start": 2648.2, "end": 2650.54, "word": " much", "probability": 0.9150390625}, {"start": 2650.54, "end": 2651.02, "word": " is", "probability": 0.94873046875}, {"start": 2651.02, "end": 2651.96, "word": " the", "probability": 0.904296875}, {"start": 2651.96, "end": 2652.6, "word": " AVC", "probability": 0.91357421875}, {"start": 2652.6, "end": 2653.16, "word": " function?", "probability": 0.966796875}], "temperature": 1.0}, {"id": 95, "seek": 266627, "start": 2654.45, "end": 2666.27, "text": "Of course, I can do all this work. The calculations of AVC and TVC and so on. Right? What is the AVC function? AVC function.", "tokens": [23919, 1164, 11, 286, 393, 360, 439, 341, 589, 13, 440, 20448, 295, 30198, 34, 293, 314, 53, 34, 293, 370, 322, 13, 1779, 30, 708, 307, 264, 30198, 34, 2445, 30, 30198, 34, 2445, 13], "avg_logprob": -0.6059966151778763, "compression_ratio": 1.2156862745098038, "no_speech_prob": 1.1920928955078125e-07, "words": [{"start": 2654.45, "end": 2654.69, "word": "Of", "probability": 0.151123046875}, {"start": 2654.69, "end": 2654.69, "word": " course,", "probability": 0.92333984375}, {"start": 2654.79, "end": 2654.79, "word": " I", "probability": 0.91015625}, {"start": 2654.79, "end": 2655.01, "word": " can", "probability": 0.826171875}, {"start": 2655.01, "end": 2655.33, "word": " do", "probability": 0.55419921875}, {"start": 2655.33, "end": 2655.69, "word": " all", "probability": 0.55029296875}, {"start": 2655.69, "end": 2655.73, "word": " this", "probability": 0.2200927734375}, {"start": 2655.73, "end": 2655.97, "word": " work.", "probability": 0.6240234375}, {"start": 2657.93, "end": 2658.47, "word": " The", "probability": 0.1014404296875}, {"start": 2658.47, "end": 2658.69, "word": " calculations", "probability": 0.32763671875}, {"start": 2658.69, "end": 2658.99, "word": " of", "probability": 0.72998046875}, {"start": 2658.99, "end": 2659.47, "word": " AVC", "probability": 0.70458984375}, {"start": 2659.47, "end": 2659.59, "word": " and", "probability": 0.49267578125}, {"start": 2659.59, "end": 2660.09, "word": " TVC", "probability": 0.757080078125}, {"start": 2660.09, "end": 2660.23, "word": " and", "probability": 0.391845703125}, {"start": 2660.23, "end": 2660.41, "word": " so", "probability": 0.36328125}, {"start": 2660.41, "end": 2660.51, "word": " on.", "probability": 0.8818359375}, {"start": 2660.73, "end": 2660.75, "word": " Right?", "probability": 0.4501953125}, {"start": 2661.61, "end": 2661.77, "word": " What", "probability": 0.1964111328125}, {"start": 2661.77, "end": 2661.77, "word": " is", "probability": 0.2474365234375}, {"start": 2661.77, "end": 2661.81, "word": " the", "probability": 0.6552734375}, {"start": 2661.81, "end": 2662.29, "word": " AVC", "probability": 0.927734375}, {"start": 2662.29, "end": 2662.71, "word": " function?", "probability": 0.8994140625}, {"start": 2665.37, "end": 2665.91, "word": " AVC", "probability": 0.948486328125}, {"start": 2665.91, "end": 2666.27, "word": " function.", "probability": 0.86474609375}], "temperature": 1.0}, {"id": 96, "seek": 269067, "start": 2667.89, "end": 2690.67, "text": "AVC equals TVC over Q equals 3Q squared over Q plus 2Q over Q. So AVC function equals 3Q plus 2Q. This is the AVC function.", "tokens": [32, 53, 34, 6915, 314, 53, 34, 670, 1249, 6915, 805, 48, 8889, 670, 1249, 1804, 568, 48, 670, 1249, 13, 407, 30198, 34, 2445, 6915, 805, 48, 1804, 568, 48, 13, 639, 307, 264, 30198, 34, 2445, 13], "avg_logprob": -0.2767578028142452, "compression_ratio": 1.4819277108433735, "no_speech_prob": 0.0, "words": [{"start": 2667.89, "end": 2668.67, "word": "AVC", "probability": 0.5928548177083334}, {"start": 2668.67, "end": 2669.13, "word": " equals", "probability": 0.258056640625}, {"start": 2669.13, "end": 2669.89, "word": " TVC", "probability": 0.6044921875}, {"start": 2669.89, "end": 2670.23, "word": " over", "probability": 0.8984375}, {"start": 2670.23, "end": 2670.57, "word": " Q", "probability": 0.96923828125}, {"start": 2670.57, "end": 2671.53, "word": " equals", "probability": 0.7763671875}, {"start": 2671.53, "end": 2675.05, "word": " 3Q", "probability": 0.6207275390625}, {"start": 2675.05, "end": 2675.39, "word": " squared", "probability": 0.53759765625}, {"start": 2675.39, "end": 2675.87, "word": " over", "probability": 0.90380859375}, {"start": 2675.87, "end": 2676.23, "word": " Q", "probability": 0.97509765625}, {"start": 2676.23, "end": 2677.05, "word": " plus", "probability": 0.9140625}, {"start": 2677.05, "end": 2677.87, "word": " 2Q", "probability": 0.94921875}, {"start": 2677.87, "end": 2678.19, "word": " over", "probability": 0.900390625}, {"start": 2678.19, "end": 2678.57, "word": " Q.", "probability": 0.9951171875}, {"start": 2678.95, "end": 2679.17, "word": " So", "probability": 0.82421875}, {"start": 2679.17, "end": 2680.23, "word": " AVC", "probability": 0.774658203125}, {"start": 2680.23, "end": 2681.25, "word": " function", "probability": 0.8701171875}, {"start": 2681.25, "end": 2682.45, "word": " equals", "probability": 0.88134765625}, {"start": 2682.45, "end": 2685.91, "word": " 3Q", "probability": 0.789794921875}, {"start": 2685.91, "end": 2687.17, "word": " plus", "probability": 0.8486328125}, {"start": 2687.17, "end": 2688.77, "word": " 2Q.", "probability": 0.8291015625}, {"start": 2688.77, "end": 2689.47, "word": " This", "probability": 0.810546875}, {"start": 2689.47, "end": 2689.59, "word": " is", "probability": 0.94775390625}, {"start": 2689.59, "end": 2689.73, "word": " the", "probability": 0.685546875}, {"start": 2689.73, "end": 2690.21, "word": " AVC", "probability": 0.968017578125}, {"start": 2690.21, "end": 2690.67, "word": " function.", "probability": 0.94775390625}], "temperature": 1.0}, {"id": 97, "seek": 271931, "start": 2695.29, "end": 2719.31, "text": "Marginal Cost Function, MC. It changed in total cost over change in Q, or change in TVC over change in Q. In terms of Q, regarding Q. MC, Marginal Cost Equals.", "tokens": [16639, 1494, 304, 20863, 11166, 882, 11, 8797, 13, 467, 3105, 294, 3217, 2063, 670, 1319, 294, 1249, 11, 420, 1319, 294, 314, 53, 34, 670, 1319, 294, 1249, 13, 682, 2115, 295, 1249, 11, 8595, 1249, 13, 8797, 11, 2039, 1494, 304, 20863, 15624, 1124, 13], "avg_logprob": -0.4534505233168602, "compression_ratio": 1.407079646017699, "no_speech_prob": 0.0, "words": [{"start": 2695.29, "end": 2696.05, "word": "Marginal", "probability": 0.6976725260416666}, {"start": 2696.05, "end": 2696.37, "word": " Cost", "probability": 0.6123046875}, {"start": 2696.37, "end": 2696.81, "word": " Function,", "probability": 0.814208984375}, {"start": 2697.21, "end": 2697.59, "word": " MC.", "probability": 0.8232421875}, {"start": 2700.61, "end": 2701.37, "word": " It", "probability": 0.55078125}, {"start": 2701.37, "end": 2701.85, "word": " changed", "probability": 0.2127685546875}, {"start": 2701.85, "end": 2702.05, "word": " in", "probability": 0.58642578125}, {"start": 2702.05, "end": 2702.43, "word": " total", "probability": 0.82958984375}, {"start": 2702.43, "end": 2702.97, "word": " cost", "probability": 0.84423828125}, {"start": 2702.97, "end": 2703.29, "word": " over", "probability": 0.87548828125}, {"start": 2703.29, "end": 2703.93, "word": " change", "probability": 0.6201171875}, {"start": 2703.93, "end": 2704.55, "word": " in", "probability": 0.787109375}, {"start": 2704.55, "end": 2704.81, "word": " Q,", "probability": 0.716796875}, {"start": 2705.15, "end": 2705.37, "word": " or", "probability": 0.814453125}, {"start": 2705.37, "end": 2705.77, "word": " change", "probability": 0.39501953125}, {"start": 2705.77, "end": 2705.91, "word": " in", "probability": 0.78271484375}, {"start": 2705.91, "end": 2706.47, "word": " TVC", "probability": 0.53076171875}, {"start": 2706.47, "end": 2706.73, "word": " over", "probability": 0.90966796875}, {"start": 2706.73, "end": 2707.09, "word": " change", "probability": 0.830078125}, {"start": 2707.09, "end": 2707.23, "word": " in", "probability": 0.89892578125}, {"start": 2707.23, "end": 2707.57, "word": " Q.", "probability": 0.9921875}, {"start": 2709.75, "end": 2710.05, "word": " In", "probability": 0.312744140625}, {"start": 2710.05, "end": 2713.87, "word": " terms", "probability": 0.90673828125}, {"start": 2713.87, "end": 2714.07, "word": " of", "probability": 0.97021484375}, {"start": 2714.07, "end": 2714.31, "word": " Q,", "probability": 0.9833984375}, {"start": 2714.55, "end": 2714.85, "word": " regarding", "probability": 0.90234375}, {"start": 2714.85, "end": 2715.25, "word": " Q.", "probability": 0.99267578125}, {"start": 2717.05, "end": 2717.81, "word": " MC,", "probability": 0.6083984375}, {"start": 2718.09, "end": 2718.53, "word": " Marginal", "probability": 0.8610026041666666}, {"start": 2718.53, "end": 2718.79, "word": " Cost", "probability": 0.90966796875}, {"start": 2718.79, "end": 2719.31, "word": " Equals.", "probability": 0.654541015625}], "temperature": 1.0}, {"id": 98, "seek": 275306, "start": 2723.76, "end": 2753.06, "text": " 100%. This fixed value is zero. Then two times three times q raised to the power of two minus one. Six q. So, zero plus two times three times six q plus two. Of course, this is raised to the power of one.", "tokens": [2319, 6856, 639, 6806, 2158, 307, 4018, 13, 1396, 732, 1413, 1045, 1413, 9505, 6005, 281, 264, 1347, 295, 732, 3175, 472, 13, 11678, 9505, 13, 407, 11, 4018, 1804, 732, 1413, 1045, 1413, 2309, 9505, 1804, 732, 13, 2720, 1164, 11, 341, 307, 6005, 281, 264, 1347, 295, 472, 13], "avg_logprob": -0.5240384741471364, "compression_ratio": 1.5891472868217054, "no_speech_prob": 0.0, "words": [{"start": 2723.76, "end": 2724.4, "word": " 100%.", "probability": 0.2340087890625}, {"start": 2724.4, "end": 2724.86, "word": " This", "probability": 0.56689453125}, {"start": 2724.86, "end": 2725.16, "word": " fixed", "probability": 0.2315673828125}, {"start": 2725.16, "end": 2725.16, "word": " value", "probability": 0.1221923828125}, {"start": 2725.16, "end": 2725.36, "word": " is", "probability": 0.393310546875}, {"start": 2725.36, "end": 2725.94, "word": " zero.", "probability": 0.33447265625}, {"start": 2729.7, "end": 2730.26, "word": " Then", "probability": 0.322021484375}, {"start": 2730.26, "end": 2731.34, "word": " two", "probability": 0.2481689453125}, {"start": 2731.34, "end": 2731.8, "word": " times", "probability": 0.8955078125}, {"start": 2731.8, "end": 2732.3, "word": " three", "probability": 0.86669921875}, {"start": 2732.3, "end": 2733.72, "word": " times", "probability": 0.71337890625}, {"start": 2733.72, "end": 2734.16, "word": " q", "probability": 0.406494140625}, {"start": 2734.16, "end": 2734.54, "word": " raised", "probability": 0.7216796875}, {"start": 2734.54, "end": 2734.66, "word": " to", "probability": 0.9521484375}, {"start": 2734.66, "end": 2734.76, "word": " the", "probability": 0.544921875}, {"start": 2734.76, "end": 2734.86, "word": " power", "probability": 0.85791015625}, {"start": 2734.86, "end": 2734.96, "word": " of", "probability": 0.401123046875}, {"start": 2734.96, "end": 2735.08, "word": " two", "probability": 0.77197265625}, {"start": 2735.08, "end": 2735.3, "word": " minus", "probability": 0.9697265625}, {"start": 2735.3, "end": 2735.62, "word": " one.", "probability": 0.9443359375}, {"start": 2736.2, "end": 2736.46, "word": " Six", "probability": 0.6513671875}, {"start": 2736.46, "end": 2736.74, "word": " q.", "probability": 0.492431640625}, {"start": 2740.04, "end": 2740.54, "word": " So,", "probability": 0.55517578125}, {"start": 2740.78, "end": 2741.26, "word": " zero", "probability": 0.591796875}, {"start": 2741.26, "end": 2743.04, "word": " plus", "probability": 0.92236328125}, {"start": 2743.04, "end": 2744.18, "word": " two", "probability": 0.81494140625}, {"start": 2744.18, "end": 2744.38, "word": " times", "probability": 0.5791015625}, {"start": 2744.38, "end": 2744.84, "word": " three", "probability": 0.9404296875}, {"start": 2744.84, "end": 2744.92, "word": " times", "probability": 0.64306640625}, {"start": 2744.92, "end": 2746.0, "word": " six", "probability": 0.68359375}, {"start": 2746.0, "end": 2746.38, "word": " q", "probability": 0.5390625}, {"start": 2746.38, "end": 2749.06, "word": " plus", "probability": 0.8125}, {"start": 2749.06, "end": 2750.14, "word": " two.", "probability": 0.9345703125}, {"start": 2751.74, "end": 2752.06, "word": " Of", "probability": 0.56005859375}, {"start": 2752.06, "end": 2752.06, "word": " course,", "probability": 0.94873046875}, {"start": 2752.1, "end": 2752.26, "word": " this", "probability": 0.8212890625}, {"start": 2752.26, "end": 2752.32, "word": " is", "probability": 0.6923828125}, {"start": 2752.32, "end": 2752.42, "word": " raised", "probability": 0.734375}, {"start": 2752.42, "end": 2752.58, "word": " to", "probability": 0.96728515625}, {"start": 2752.58, "end": 2752.72, "word": " the", "probability": 0.87451171875}, {"start": 2752.72, "end": 2752.88, "word": " power", "probability": 0.861328125}, {"start": 2752.88, "end": 2752.98, "word": " of", "probability": 0.94384765625}, {"start": 2752.98, "end": 2753.06, "word": " one.", "probability": 0.8271484375}], "temperature": 1.0}, {"id": 99, "seek": 277954, "start": 2755.84, "end": 2779.54, "text": "Right? So here MC equals 6Q plus 2. Right? What about MR? Because it is the marginal cost, what does it equal?", "tokens": [16964, 30, 407, 510, 8797, 6915, 1386, 48, 1804, 568, 13, 1779, 30, 708, 466, 9808, 30, 1436, 309, 307, 264, 16885, 2063, 11, 437, 775, 309, 2681, 30], "avg_logprob": -0.48619791865348816, "compression_ratio": 1.1, "no_speech_prob": 0.0, "words": [{"start": 2755.84, "end": 2756.26, "word": "Right?", "probability": 0.16259765625}, {"start": 2756.68, "end": 2756.84, "word": " So", "probability": 0.3251953125}, {"start": 2756.84, "end": 2757.1, "word": " here", "probability": 0.55419921875}, {"start": 2757.1, "end": 2757.64, "word": " MC", "probability": 0.58642578125}, {"start": 2757.64, "end": 2759.18, "word": " equals", "probability": 0.479248046875}, {"start": 2759.18, "end": 2760.28, "word": " 6Q", "probability": 0.876953125}, {"start": 2760.28, "end": 2760.9, "word": " plus", "probability": 0.78076171875}, {"start": 2760.9, "end": 2761.24, "word": " 2.", "probability": 0.904296875}, {"start": 2764.54, "end": 2765.06, "word": " Right?", "probability": 0.66943359375}, {"start": 2766.0, "end": 2766.3, "word": " What", "probability": 0.163330078125}, {"start": 2766.3, "end": 2766.3, "word": " about", "probability": 0.83935546875}, {"start": 2766.3, "end": 2766.78, "word": " MR?", "probability": 0.7119140625}, {"start": 2775.46, "end": 2775.9, "word": " Because", "probability": 0.24609375}, {"start": 2775.9, "end": 2778.16, "word": " it", "probability": 0.52392578125}, {"start": 2778.16, "end": 2778.26, "word": " is", "probability": 0.496337890625}, {"start": 2778.26, "end": 2778.38, "word": " the", "probability": 0.64404296875}, {"start": 2778.38, "end": 2778.74, "word": " marginal", "probability": 0.78662109375}, {"start": 2778.74, "end": 2779.08, "word": " cost,", "probability": 0.91552734375}, {"start": 2779.22, "end": 2779.22, "word": " what", "probability": 0.6533203125}, {"start": 2779.22, "end": 2779.22, "word": " does", "probability": 0.744140625}, {"start": 2779.22, "end": 2779.3, "word": " it", "probability": 0.86962890625}, {"start": 2779.3, "end": 2779.54, "word": " equal?", "probability": 0.65673828125}], "temperature": 1.0}, {"id": 100, "seek": 280789, "start": 2782.67, "end": 2807.89, "text": " What does change mean? Total cost over change in Q. This is the total cost over Q. That's what it means. Change is the differentiation of what? It's the change. We have a problem in education. We take change but we don't know what it means. Right? This is the problem of education.", "tokens": [708, 775, 1319, 914, 30, 23170, 2063, 670, 1319, 294, 1249, 13, 639, 307, 264, 3217, 2063, 670, 1249, 13, 663, 311, 437, 309, 1355, 13, 15060, 307, 264, 38902, 295, 437, 30, 467, 311, 264, 1319, 13, 492, 362, 257, 1154, 294, 3309, 13, 492, 747, 1319, 457, 321, 500, 380, 458, 437, 309, 1355, 13, 1779, 30, 639, 307, 264, 1154, 295, 3309, 13], "avg_logprob": -0.5139925462096485, "compression_ratio": 1.7515527950310559, "no_speech_prob": 0.0, "words": [{"start": 2782.67, "end": 2783.35, "word": " What", "probability": 0.375}, {"start": 2783.35, "end": 2783.57, "word": " does", "probability": 0.5703125}, {"start": 2783.57, "end": 2784.03, "word": " change", "probability": 0.466552734375}, {"start": 2784.03, "end": 2784.05, "word": " mean?", "probability": 0.72509765625}, {"start": 2784.15, "end": 2784.53, "word": " Total", "probability": 0.45556640625}, {"start": 2784.53, "end": 2785.03, "word": " cost", "probability": 0.81640625}, {"start": 2785.03, "end": 2785.25, "word": " over", "probability": 0.8505859375}, {"start": 2785.25, "end": 2785.57, "word": " change", "probability": 0.736328125}, {"start": 2785.57, "end": 2785.69, "word": " in", "probability": 0.7998046875}, {"start": 2785.69, "end": 2785.93, "word": " Q.", "probability": 0.7138671875}, {"start": 2786.59, "end": 2787.07, "word": " This", "probability": 0.31298828125}, {"start": 2787.07, "end": 2787.97, "word": " is", "probability": 0.669921875}, {"start": 2787.97, "end": 2787.97, "word": " the", "probability": 0.3203125}, {"start": 2787.97, "end": 2788.15, "word": " total", "probability": 0.297119140625}, {"start": 2788.15, "end": 2788.67, "word": " cost", "probability": 0.9208984375}, {"start": 2788.67, "end": 2789.13, "word": " over", "probability": 0.466552734375}, {"start": 2789.13, "end": 2789.75, "word": " Q.", "probability": 0.599609375}, {"start": 2790.43, "end": 2791.05, "word": " That's", "probability": 0.5369873046875}, {"start": 2791.05, "end": 2791.09, "word": " what", "probability": 0.317138671875}, {"start": 2791.09, "end": 2791.43, "word": " it", "probability": 0.548828125}, {"start": 2791.43, "end": 2791.85, "word": " means.", "probability": 0.8828125}, {"start": 2792.39, "end": 2793.07, "word": " Change", "probability": 0.681640625}, {"start": 2793.07, "end": 2794.65, "word": " is", "probability": 0.4228515625}, {"start": 2794.65, "end": 2794.73, "word": " the", "probability": 0.275146484375}, {"start": 2794.73, "end": 2795.29, "word": " differentiation", "probability": 0.66162109375}, {"start": 2795.29, "end": 2795.61, "word": " of", "probability": 0.325439453125}, {"start": 2795.61, "end": 2796.05, "word": " what?", "probability": 0.253173828125}, {"start": 2796.63, "end": 2796.97, "word": " It's", "probability": 0.5401611328125}, {"start": 2796.97, "end": 2797.09, "word": " the", "probability": 0.37353515625}, {"start": 2797.09, "end": 2797.39, "word": " change.", "probability": 0.7373046875}, {"start": 2798.87, "end": 2799.55, "word": " We", "probability": 0.5009765625}, {"start": 2799.55, "end": 2799.65, "word": " have", "probability": 0.81201171875}, {"start": 2799.65, "end": 2799.85, "word": " a", "probability": 0.8515625}, {"start": 2799.85, "end": 2800.05, "word": " problem", "probability": 0.8076171875}, {"start": 2800.05, "end": 2800.43, "word": " in", "probability": 0.4248046875}, {"start": 2800.43, "end": 2801.09, "word": " education.", "probability": 0.64208984375}, {"start": 2801.67, "end": 2802.23, "word": " We", "probability": 0.85107421875}, {"start": 2802.23, "end": 2802.45, "word": " take", "probability": 0.42236328125}, {"start": 2802.45, "end": 2802.79, "word": " change", "probability": 0.1220703125}, {"start": 2802.79, "end": 2803.01, "word": " but", "probability": 0.36474609375}, {"start": 2803.01, "end": 2803.19, "word": " we", "probability": 0.57275390625}, {"start": 2803.19, "end": 2803.21, "word": " don't", "probability": 0.929443359375}, {"start": 2803.21, "end": 2803.41, "word": " know", "probability": 0.44189453125}, {"start": 2803.41, "end": 2803.59, "word": " what", "probability": 0.73681640625}, {"start": 2803.59, "end": 2803.87, "word": " it", "probability": 0.83642578125}, {"start": 2803.87, "end": 2803.87, "word": " means.", "probability": 0.853515625}, {"start": 2805.03, "end": 2805.43, "word": " Right?", "probability": 0.54541015625}, {"start": 2806.11, "end": 2806.37, "word": " This", "probability": 0.5205078125}, {"start": 2806.37, "end": 2806.71, "word": " is", "probability": 0.935546875}, {"start": 2806.71, "end": 2806.87, "word": " the", "probability": 0.7158203125}, {"start": 2806.87, "end": 2807.11, "word": " problem", "probability": 0.81201171875}, {"start": 2807.11, "end": 2807.33, "word": " of", "probability": 0.4267578125}, {"start": 2807.33, "end": 2807.89, "word": " education.", "probability": 0.95068359375}], "temperature": 1.0}, {"id": 101, "seek": 283464, "start": 2811.66, "end": 2834.64, "text": " Well, it changed. And that's it. The second phase, what did it do? Well, if you compare it to this, it's 6. So I have a first phase, a second phase, and a third phase. But we need to understand the logic behind it before we compare it. Why?", "tokens": [1042, 11, 309, 3105, 13, 400, 300, 311, 309, 13, 440, 1150, 5574, 11, 437, 630, 309, 360, 30, 1042, 11, 498, 291, 6794, 309, 281, 341, 11, 309, 311, 1386, 13, 407, 286, 362, 257, 700, 5574, 11, 257, 1150, 5574, 11, 293, 257, 2636, 5574, 13, 583, 321, 643, 281, 1223, 264, 9952, 2261, 309, 949, 321, 6794, 309, 13, 1545, 30], "avg_logprob": -0.5495192307692308, "compression_ratio": 1.50625, "no_speech_prob": 2.980232238769531e-07, "words": [{"start": 2811.66, "end": 2812.02, "word": " Well,", "probability": 0.2021484375}, {"start": 2812.04, "end": 2812.18, "word": " it", "probability": 0.93115234375}, {"start": 2812.18, "end": 2812.78, "word": " changed.", "probability": 0.60546875}, {"start": 2813.5, "end": 2813.54, "word": " And", "probability": 0.10089111328125}, {"start": 2813.54, "end": 2813.82, "word": " that's", "probability": 0.900146484375}, {"start": 2813.82, "end": 2813.94, "word": " it.", "probability": 0.84326171875}, {"start": 2815.5, "end": 2816.02, "word": " The", "probability": 0.175537109375}, {"start": 2816.02, "end": 2817.18, "word": " second", "probability": 0.7109375}, {"start": 2817.18, "end": 2817.6, "word": " phase,", "probability": 0.444091796875}, {"start": 2818.12, "end": 2818.32, "word": " what", "probability": 0.708984375}, {"start": 2818.32, "end": 2818.4, "word": " did", "probability": 0.34765625}, {"start": 2818.4, "end": 2818.4, "word": " it", "probability": 0.67236328125}, {"start": 2818.4, "end": 2818.5, "word": " do?", "probability": 0.1793212890625}, {"start": 2819.06, "end": 2819.26, "word": " Well,", "probability": 0.1636962890625}, {"start": 2819.3, "end": 2819.48, "word": " if", "probability": 0.52099609375}, {"start": 2819.48, "end": 2819.64, "word": " you", "probability": 0.45166015625}, {"start": 2819.64, "end": 2819.64, "word": " compare", "probability": 0.126953125}, {"start": 2819.64, "end": 2820.16, "word": " it", "probability": 0.40185546875}, {"start": 2820.16, "end": 2820.26, "word": " to", "probability": 0.712890625}, {"start": 2820.26, "end": 2820.64, "word": " this,", "probability": 0.78662109375}, {"start": 2820.76, "end": 2821.12, "word": " it's", "probability": 0.445556640625}, {"start": 2821.12, "end": 2821.5, "word": " 6.", "probability": 0.357177734375}, {"start": 2821.62, "end": 2822.14, "word": " So", "probability": 0.6005859375}, {"start": 2822.14, "end": 2822.26, "word": " I", "probability": 0.5087890625}, {"start": 2822.26, "end": 2822.74, "word": " have", "probability": 0.78759765625}, {"start": 2822.74, "end": 2822.82, "word": " a", "probability": 0.5126953125}, {"start": 2822.82, "end": 2823.36, "word": " first", "probability": 0.39013671875}, {"start": 2823.36, "end": 2823.36, "word": " phase,", "probability": 0.88916015625}, {"start": 2823.58, "end": 2823.62, "word": " a", "probability": 0.51123046875}, {"start": 2823.62, "end": 2824.24, "word": " second", "probability": 0.8984375}, {"start": 2824.24, "end": 2824.26, "word": " phase,", "probability": 0.947265625}, {"start": 2824.32, "end": 2824.4, "word": " and", "probability": 0.89306640625}, {"start": 2824.4, "end": 2824.72, "word": " a", "probability": 0.9189453125}, {"start": 2824.72, "end": 2824.98, "word": " third", "probability": 0.92724609375}, {"start": 2824.98, "end": 2824.98, "word": " phase.", "probability": 0.931640625}, {"start": 2826.5, "end": 2827.02, "word": " But", "probability": 0.6865234375}, {"start": 2827.02, "end": 2827.16, "word": " we", "probability": 0.853515625}, {"start": 2827.16, "end": 2827.4, "word": " need", "probability": 0.47509765625}, {"start": 2827.4, "end": 2830.96, "word": " to", "probability": 0.693359375}, {"start": 2830.96, "end": 2831.74, "word": " understand", "probability": 0.73779296875}, {"start": 2831.74, "end": 2831.96, "word": " the", "probability": 0.5546875}, {"start": 2831.96, "end": 2832.22, "word": " logic", "probability": 0.88232421875}, {"start": 2832.22, "end": 2832.66, "word": " behind", "probability": 0.439453125}, {"start": 2832.66, "end": 2832.66, "word": " it", "probability": 0.41162109375}, {"start": 2832.66, "end": 2832.9, "word": " before", "probability": 0.703125}, {"start": 2832.9, "end": 2833.04, "word": " we", "probability": 0.480224609375}, {"start": 2833.04, "end": 2834.12, "word": " compare", "probability": 0.677734375}, {"start": 2834.12, "end": 2834.34, "word": " it.", "probability": 0.80126953125}, {"start": 2834.36, "end": 2834.64, "word": " Why?", "probability": 0.646484375}], "temperature": 1.0}, {"id": 102, "seek": 286003, "start": 2838.07, "end": 2860.03, "text": "Marginal revenue in the preficient commercial market MR equals the price. Or MR equals change in total revenue over change in Q. Total revenue what does it do? Price for Q. If you add up the price for Q, you get P. Right?", "tokens": [16639, 1494, 304, 9324, 294, 264, 659, 1786, 1196, 6841, 2142, 9808, 6915, 264, 3218, 13, 1610, 9808, 6915, 1319, 294, 3217, 9324, 670, 1319, 294, 1249, 13, 23170, 9324, 437, 775, 309, 360, 30, 25803, 337, 1249, 13, 759, 291, 909, 493, 264, 3218, 337, 1249, 11, 291, 483, 430, 13, 1779, 30], "avg_logprob": -0.5221590887416493, "compression_ratio": 1.556338028169014, "no_speech_prob": 0.0, "words": [{"start": 2838.07, "end": 2838.69, "word": "Marginal", "probability": 0.74560546875}, {"start": 2838.69, "end": 2839.05, "word": " revenue", "probability": 0.68212890625}, {"start": 2839.05, "end": 2839.43, "word": " in", "probability": 0.349609375}, {"start": 2839.43, "end": 2839.57, "word": " the", "probability": 0.837890625}, {"start": 2839.57, "end": 2839.89, "word": " preficient", "probability": 0.3173421223958333}, {"start": 2839.89, "end": 2840.19, "word": " commercial", "probability": 0.34716796875}, {"start": 2840.19, "end": 2840.63, "word": " market", "probability": 0.85205078125}, {"start": 2840.63, "end": 2841.33, "word": " MR", "probability": 0.35009765625}, {"start": 2841.33, "end": 2841.83, "word": " equals", "probability": 0.5673828125}, {"start": 2841.83, "end": 2842.03, "word": " the", "probability": 0.54248046875}, {"start": 2842.03, "end": 2842.31, "word": " price.", "probability": 0.8955078125}, {"start": 2845.01, "end": 2845.45, "word": " Or", "probability": 0.7900390625}, {"start": 2845.45, "end": 2846.47, "word": " MR", "probability": 0.450927734375}, {"start": 2846.47, "end": 2848.35, "word": " equals", "probability": 0.8642578125}, {"start": 2848.35, "end": 2848.85, "word": " change", "probability": 0.77294921875}, {"start": 2848.85, "end": 2849.03, "word": " in", "probability": 0.8779296875}, {"start": 2849.03, "end": 2849.23, "word": " total", "probability": 0.82763671875}, {"start": 2849.23, "end": 2849.67, "word": " revenue", "probability": 0.90087890625}, {"start": 2849.67, "end": 2850.05, "word": " over", "probability": 0.92578125}, {"start": 2850.05, "end": 2850.43, "word": " change", "probability": 0.79931640625}, {"start": 2850.43, "end": 2850.55, "word": " in", "probability": 0.8671875}, {"start": 2850.55, "end": 2850.77, "word": " Q.", "probability": 0.69677734375}, {"start": 2851.93, "end": 2852.25, "word": " Total", "probability": 0.184326171875}, {"start": 2852.25, "end": 2852.59, "word": " revenue", "probability": 0.861328125}, {"start": 2852.59, "end": 2852.73, "word": " what", "probability": 0.296142578125}, {"start": 2852.73, "end": 2852.85, "word": " does", "probability": 0.7060546875}, {"start": 2852.85, "end": 2852.85, "word": " it", "probability": 0.8818359375}, {"start": 2852.85, "end": 2853.03, "word": " do?", "probability": 0.44482421875}, {"start": 2854.11, "end": 2854.73, "word": " Price", "probability": 0.7568359375}, {"start": 2854.73, "end": 2854.91, "word": " for", "probability": 0.417724609375}, {"start": 2854.91, "end": 2855.15, "word": " Q.", "probability": 0.79833984375}, {"start": 2855.63, "end": 2855.75, "word": " If", "probability": 0.2259521484375}, {"start": 2855.75, "end": 2855.89, "word": " you", "probability": 0.318115234375}, {"start": 2855.89, "end": 2855.91, "word": " add", "probability": 0.444580078125}, {"start": 2855.91, "end": 2856.23, "word": " up", "probability": 0.26123046875}, {"start": 2856.23, "end": 2856.41, "word": " the", "probability": 0.58935546875}, {"start": 2856.41, "end": 2856.53, "word": " price", "probability": 0.6015625}, {"start": 2856.53, "end": 2856.63, "word": " for", "probability": 0.449951171875}, {"start": 2856.63, "end": 2856.83, "word": " Q,", "probability": 0.8896484375}, {"start": 2856.89, "end": 2856.89, "word": " you", "probability": 0.490966796875}, {"start": 2856.89, "end": 2857.09, "word": " get", "probability": 0.76806640625}, {"start": 2857.09, "end": 2857.31, "word": " P.", "probability": 0.8408203125}, {"start": 2859.41, "end": 2860.03, "word": " Right?", "probability": 0.55322265625}], "temperature": 1.0}, {"id": 103, "seek": 288995, "start": 2862.19, "end": 2889.95, "text": " Let's calculate the total fixed cost, total variable cost, total cost, and all the variables. TFC, TFC, TVC, TC, Total Revenue, MC, MR,", "tokens": [961, 311, 8873, 264, 3217, 6806, 2063, 11, 3217, 7006, 2063, 11, 3217, 2063, 11, 293, 439, 264, 9102, 13, 314, 18671, 11, 314, 18671, 11, 314, 53, 34, 11, 34150, 11, 23170, 1300, 29307, 11, 8797, 11, 9808, 11], "avg_logprob": -0.38224086528871115, "compression_ratio": 1.3877551020408163, "no_speech_prob": 0.0, "words": [{"start": 2862.19, "end": 2863.09, "word": " Let's", "probability": 0.515350341796875}, {"start": 2863.09, "end": 2863.51, "word": " calculate", "probability": 0.80517578125}, {"start": 2863.51, "end": 2863.79, "word": " the", "probability": 0.6806640625}, {"start": 2863.79, "end": 2864.01, "word": " total", "probability": 0.71533203125}, {"start": 2864.01, "end": 2864.33, "word": " fixed", "probability": 0.7216796875}, {"start": 2864.33, "end": 2864.69, "word": " cost,", "probability": 0.67431640625}, {"start": 2864.95, "end": 2865.07, "word": " total", "probability": 0.71875}, {"start": 2865.07, "end": 2865.39, "word": " variable", "probability": 0.82275390625}, {"start": 2865.39, "end": 2865.79, "word": " cost,", "probability": 0.89599609375}, {"start": 2865.91, "end": 2866.07, "word": " total", "probability": 0.73046875}, {"start": 2866.07, "end": 2866.53, "word": " cost,", "probability": 0.88525390625}, {"start": 2867.01, "end": 2867.15, "word": " and", "probability": 0.775390625}, {"start": 2867.15, "end": 2867.81, "word": " all", "probability": 0.497802734375}, {"start": 2867.81, "end": 2867.95, "word": " the", "probability": 0.40087890625}, {"start": 2867.95, "end": 2868.23, "word": " variables.", "probability": 0.47021484375}, {"start": 2868.57, "end": 2869.45, "word": " TFC,", "probability": 0.723388671875}, {"start": 2873.43, "end": 2874.09, "word": " TFC,", "probability": 0.76123046875}, {"start": 2875.69, "end": 2876.75, "word": " TVC,", "probability": 0.7981770833333334}, {"start": 2879.27, "end": 2879.87, "word": " TC,", "probability": 0.75537109375}, {"start": 2882.67, "end": 2883.21, "word": " Total", "probability": 0.5732421875}, {"start": 2883.21, "end": 2883.67, "word": " Revenue,", "probability": 0.815185546875}, {"start": 2885.69, "end": 2886.95, "word": " MC,", "probability": 0.9423828125}, {"start": 2889.51, "end": 2889.95, "word": " MR,", "probability": 0.85205078125}], "temperature": 1.0}, {"id": 104, "seek": 291183, "start": 2892.93, "end": 2911.83, "text": " AVC, AFC, ATC. AFC, AVC, ATC. TFC is fixed at different quantities. TFC.", "tokens": [30198, 34, 11, 316, 18671, 11, 8872, 34, 13, 20389, 34, 11, 30198, 34, 11, 8872, 34, 13, 314, 18671, 307, 6806, 412, 819, 22927, 13, 314, 18671, 13], "avg_logprob": -0.31953124900658925, "compression_ratio": 1.140625, "no_speech_prob": 0.0, "words": [{"start": 2892.9303437500007, "end": 2893.83, "word": " AVC,", "probability": 0.5897216796875}, {"start": 2895.87, "end": 2896.37, "word": " AFC,", "probability": 0.807373046875}, {"start": 2896.55, "end": 2897.13, "word": " ATC.", "probability": 0.80322265625}, {"start": 2898.17, "end": 2899.13, "word": " AFC,", "probability": 0.7435302734375}, {"start": 2899.77, "end": 2900.53, "word": " AVC,", "probability": 0.84033203125}, {"start": 2900.77, "end": 2901.65, "word": " ATC.", "probability": 0.90673828125}, {"start": 2904.79, "end": 2906.19, "word": " TFC", "probability": 0.62451171875}, {"start": 2906.19, "end": 2906.45, "word": " is", "probability": 0.9072265625}, {"start": 2906.45, "end": 2906.81, "word": " fixed", "probability": 0.935546875}, {"start": 2906.81, "end": 2909.13, "word": " at", "probability": 0.75537109375}, {"start": 2909.13, "end": 2909.73, "word": " different", "probability": 0.89208984375}, {"start": 2909.73, "end": 2910.63, "word": " quantities.", "probability": 0.970703125}, {"start": 2911.25, "end": 2911.83, "word": " TFC.", "probability": 0.5255126953125}], "temperature": 1.0}, {"id": 105, "seek": 295521, "start": 2925.87, "end": 2955.21, "text": " We can calculate it either Tc minus Tfc. Well, it should be calculated. Tvc, either I say I substitute with the equation, right? Yes. For the first value, Tvc equals plus three times Tvc. For the first point here, Tvc at Q equals zero. How much is it? I say Tvc.", "tokens": [492, 393, 8873, 309, 2139, 314, 66, 3175, 314, 69, 66, 13, 1042, 11, 309, 820, 312, 15598, 13, 314, 85, 66, 11, 2139, 286, 584, 286, 15802, 365, 264, 5367, 11, 558, 30, 1079, 13, 1171, 264, 700, 2158, 11, 314, 85, 66, 6915, 1804, 1045, 1413, 314, 85, 66, 13, 1171, 264, 700, 935, 510, 11, 314, 85, 66, 412, 1249, 6915, 4018, 13, 1012, 709, 307, 309, 30, 286, 584, 314, 85, 66, 13], "avg_logprob": -0.3275240434285922, "compression_ratio": 1.5380116959064327, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 2925.87, "end": 2926.17, "word": " We", "probability": 0.52978515625}, {"start": 2926.17, "end": 2926.75, "word": " can", "probability": 0.9208984375}, {"start": 2926.75, "end": 2928.01, "word": " calculate", "probability": 0.845703125}, {"start": 2928.01, "end": 2928.41, "word": " it", "probability": 0.8203125}, {"start": 2928.41, "end": 2928.89, "word": " either", "probability": 0.81982421875}, {"start": 2928.89, "end": 2929.45, "word": " Tc", 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2943.27, "word": " equals", "probability": 0.9248046875}, {"start": 2943.27, "end": 2943.91, "word": " plus", "probability": 0.7333984375}, {"start": 2943.91, "end": 2944.39, "word": " three", "probability": 0.5830078125}, {"start": 2944.39, "end": 2945.01, "word": " times", "probability": 0.117919921875}, {"start": 2945.01, "end": 2946.89, "word": " Tvc.", "probability": 0.8776041666666666}, {"start": 2948.39, "end": 2949.13, "word": " For", "probability": 0.958984375}, {"start": 2949.13, "end": 2949.31, "word": " the", "probability": 0.92041015625}, {"start": 2949.31, "end": 2949.59, "word": " first", "probability": 0.87353515625}, {"start": 2949.59, "end": 2949.99, "word": " point", "probability": 0.97265625}, {"start": 2949.99, "end": 2950.31, "word": " here,", "probability": 0.830078125}, {"start": 2950.81, "end": 2951.43, "word": " Tvc", "probability": 0.98828125}, {"start": 2951.43, "end": 2951.87, "word": " at", "probability": 0.7626953125}, {"start": 2951.87, "end": 2952.19, "word": " Q", "probability": 0.37841796875}, {"start": 2952.19, "end": 2952.69, "word": " equals", "probability": 0.9208984375}, {"start": 2952.69, "end": 2953.01, "word": " zero.", "probability": 0.8330078125}, {"start": 2953.07, "end": 2953.17, "word": " How", "probability": 0.96142578125}, {"start": 2953.17, "end": 2953.39, "word": " much", "probability": 0.916015625}, {"start": 2953.39, "end": 2953.53, "word": " is", "probability": 0.94140625}, {"start": 2953.53, "end": 2953.75, "word": " it?", "probability": 0.880859375}, {"start": 2954.41, "end": 2954.57, "word": " I", "probability": 0.689453125}, {"start": 2954.57, "end": 2954.65, "word": " say", "probability": 0.76904296875}, {"start": 2954.65, "end": 2955.21, "word": " Tvc.", "probability": 0.9742838541666666}], "temperature": 1.0}, {"id": 106, "seek": 297637, "start": 2957.73, "end": 2976.37, "text": "Equals plus three times Q zero Square plus two times zero At the Q equals one Square", "tokens": [36, 358, 1124, 1804, 1045, 1413, 1249, 4018, 16463, 1804, 732, 1413, 4018, 1711, 264, 1249, 6915, 472, 16463], "avg_logprob": -0.4980468720197678, "compression_ratio": 1.2727272727272727, "no_speech_prob": 0.0, "words": [{"start": 2957.73, "end": 2958.33, "word": "Equals", "probability": 0.6328125}, {"start": 2958.33, "end": 2958.81, "word": " plus", "probability": 0.6083984375}, {"start": 2958.81, "end": 2959.17, "word": " three", "probability": 0.482421875}, {"start": 2959.17, "end": 2959.63, "word": " times", "probability": 0.90283203125}, {"start": 2959.63, "end": 2960.11, "word": " Q", "probability": 0.5}, {"start": 2960.11, "end": 2960.79, "word": " zero", "probability": 0.68798828125}, {"start": 2960.79, "end": 2962.29, "word": " Square", "probability": 0.447265625}, {"start": 2962.29, "end": 2963.31, "word": " plus", "probability": 0.85546875}, {"start": 2963.31, "end": 2963.83, "word": " two", "probability": 0.806640625}, {"start": 2963.83, "end": 2964.23, "word": " times", "probability": 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Okay, what else? At q equals two here, how much is Tvc? Two, two, two squared, four, four times three, twelve,", "tokens": [1033, 11, 1045, 1804, 732, 6915, 1732, 11, 558, 30, 1033, 11, 437, 1646, 30, 1711, 9505, 6915, 732, 510, 11, 577, 709, 307, 314, 85, 66, 30, 4453, 11, 732, 11, 732, 8889, 11, 1451, 11, 1451, 1413, 1045, 11, 14390, 11], "avg_logprob": -0.3419744419780644, "compression_ratio": 1.3217391304347825, "no_speech_prob": 0.0, "words": [{"start": 2984.06, "end": 2984.86, "word": " Okay,", "probability": 0.09381103515625}, {"start": 2985.62, "end": 2985.9, "word": " three", "probability": 0.489013671875}, {"start": 2985.9, "end": 2986.78, "word": " plus", "probability": 0.87548828125}, {"start": 2986.78, "end": 2987.18, "word": " two", "probability": 0.91796875}, {"start": 2987.18, "end": 2987.6, "word": " equals", "probability": 0.89453125}, {"start": 2987.6, "end": 2988.0, "word": " five,", "probability": 0.88134765625}, {"start": 2988.14, "end": 2989.68, "word": " right?", "probability": 0.56787109375}, {"start": 2993.24, "end": 2993.74, "word": " Okay,", "probability": 0.462158203125}, {"start": 2994.54, "end": 2994.86, "word": " what", "probability": 0.90234375}, {"start": 2994.86, "end": 2995.18, "word": " else?", "probability": 0.9248046875}, {"start": 2995.64, "end": 2995.9, "word": " At", "probability": 0.67236328125}, {"start": 2995.9, "end": 2996.18, "word": " q", "probability": 0.27978515625}, {"start": 2996.18, "end": 2996.84, "word": " equals", "probability": 0.779296875}, {"start": 2996.84, "end": 2997.16, "word": " two", "probability": 0.8466796875}, {"start": 2997.16, "end": 2997.48, "word": " here,", "probability": 0.8046875}, {"start": 2999.08, "end": 2999.38, "word": " how", "probability": 0.9208984375}, {"start": 2999.38, "end": 2999.66, "word": " much", "probability": 0.91162109375}, {"start": 2999.66, "end": 2999.88, "word": " is", "probability": 0.92138671875}, {"start": 2999.88, "end": 3000.54, "word": " Tvc?", "probability": 0.68505859375}, {"start": 3002.58, "end": 3003.0, "word": " Two,", "probability": 0.75439453125}, {"start": 3003.22, "end": 3004.82, "word": " two,", "probability": 0.93408203125}, {"start": 3005.82, "end": 3007.56, "word": " two", "probability": 0.8994140625}, {"start": 3007.56, "end": 3008.02, "word": " squared,", "probability": 0.75830078125}, {"start": 3008.32, "end": 3008.58, "word": " four,", "probability": 0.93115234375}, {"start": 3008.86, "end": 3009.18, "word": " four", "probability": 0.93603515625}, {"start": 3009.18, "end": 3009.56, "word": " times", "probability": 0.912109375}, {"start": 3009.56, "end": 3010.02, "word": " three,", "probability": 0.92724609375}, {"start": 3010.42, "end": 3011.04, "word": " twelve,", "probability": 0.88720703125}], "temperature": 1.0}, {"id": 108, "seek": 304186, "start": 3013.04, "end": 3041.86, "text": " Plus 4, 16. Of course, all of these are easy to find, but all of these fill up the whole table. Right? Okay. A three square here. Nine, three, twenty-seven, six. How many? Thirty-three. And hence, then? Then, then.", "tokens": [7721, 1017, 11, 3165, 13, 2720, 1164, 11, 439, 295, 613, 366, 1858, 281, 915, 11, 457, 439, 295, 613, 2836, 493, 264, 1379, 3199, 13, 1779, 30, 1033, 13, 316, 1045, 3732, 510, 13, 18939, 11, 1045, 11, 7699, 12, 44476, 11, 2309, 13, 1012, 867, 30, 41490, 12, 27583, 13, 400, 16678, 11, 550, 30, 1396, 11, 550, 13], "avg_logprob": -0.6451612835930239, "compression_ratio": 1.3782051282051282, "no_speech_prob": 0.0, "words": [{"start": 3013.04, "end": 3013.6, "word": " Plus", "probability": 0.431396484375}, {"start": 3013.6, "end": 3014.16, "word": " 4,", "probability": 0.5205078125}, {"start": 3014.78, "end": 3016.02, "word": " 16.", "probability": 0.66748046875}, {"start": 3017.44, "end": 3017.44, "word": " Of", "probability": 0.159912109375}, {"start": 3017.44, "end": 3021.56, "word": " course,", "probability": 0.9423828125}, {"start": 3021.78, "end": 3022.26, "word": " all", "probability": 0.25341796875}, {"start": 3022.26, "end": 3022.34, "word": " of", "probability": 0.3681640625}, {"start": 3022.34, "end": 3022.34, "word": " these", "probability": 0.36376953125}, {"start": 3022.34, "end": 3022.5, "word": " are", "probability": 0.260498046875}, {"start": 3022.5, "end": 3022.68, "word": " easy", "probability": 0.43115234375}, {"start": 3022.68, "end": 3022.84, "word": " to", "probability": 0.4521484375}, {"start": 3022.84, "end": 3022.96, "word": " find,", "probability": 0.449951171875}, {"start": 3023.04, "end": 3023.16, "word": " but", "probability": 0.8427734375}, {"start": 3023.16, "end": 3023.42, "word": " all", "probability": 0.1109619140625}, {"start": 3023.42, "end": 3023.42, "word": " of", "probability": 0.7294921875}, {"start": 3023.42, "end": 3023.7, "word": " these", "probability": 0.58154296875}, {"start": 3023.7, "end": 3024.2, "word": " fill", "probability": 0.405517578125}, {"start": 3024.2, "end": 3024.24, "word": " up", "probability": 0.350341796875}, {"start": 3024.24, "end": 3024.52, "word": " the", "probability": 0.63623046875}, {"start": 3024.52, "end": 3024.52, "word": " whole", "probability": 0.38818359375}, {"start": 3024.52, "end": 3024.72, "word": " table.", "probability": 0.461181640625}, {"start": 3025.78, "end": 3026.1, "word": " Right?", "probability": 0.63818359375}, {"start": 3027.1, "end": 3027.42, "word": " Okay.", "probability": 0.29150390625}, {"start": 3028.48, "end": 3028.68, "word": " A", "probability": 0.374267578125}, {"start": 3028.68, "end": 3028.96, "word": " three", "probability": 0.379150390625}, {"start": 3028.96, "end": 3029.6, "word": " square", "probability": 0.442138671875}, {"start": 3029.6, "end": 3029.94, "word": " here.", "probability": 0.385986328125}, {"start": 3031.08, "end": 3031.36, "word": " Nine,", "probability": 0.436279296875}, {"start": 3031.46, "end": 3031.62, "word": " three,", "probability": 0.80810546875}, {"start": 3031.7, "end": 3032.26, "word": " twenty", "probability": 0.64404296875}, {"start": 3032.26, "end": 3032.62, "word": "-seven,", "probability": 0.80615234375}, {"start": 3032.86, "end": 3033.66, "word": " six.", "probability": 0.76416015625}, {"start": 3035.14, "end": 3035.46, "word": " How", "probability": 0.810546875}, {"start": 3035.46, "end": 3035.58, "word": " many?", "probability": 0.65478515625}, {"start": 3037.48, "end": 3038.04, "word": " Thirty", "probability": 0.40087890625}, {"start": 3038.04, "end": 3038.5, "word": "-three.", "probability": 0.8583984375}, {"start": 3039.3, "end": 3039.42, "word": " And", "probability": 0.52978515625}, {"start": 3039.42, "end": 3039.7, "word": " hence,", "probability": 0.61328125}, {"start": 3039.84, "end": 3040.1, "word": " then?", "probability": 0.7861328125}, {"start": 3041.18, "end": 3041.58, "word": " Then,", "probability": 0.81103515625}, {"start": 3041.68, "end": 3041.86, "word": " then.", "probability": 0.8681640625}], "temperature": 1.0}, {"id": 109, "seek": 307939, "start": 3051.89, "end": 3079.39, "text": " Okay. What about total cost? TVC plus TFC. 50, 55, 66, 83, 106, 135, 170, 100 or 200, 11.", "tokens": [1033, 13, 708, 466, 3217, 2063, 30, 3558, 34, 1804, 314, 18671, 13, 2625, 11, 12330, 11, 21126, 11, 30997, 11, 1266, 21, 11, 42652, 11, 27228, 11, 2319, 420, 2331, 11, 2975, 13], "avg_logprob": -0.2689732210976737, "compression_ratio": 1.0, "no_speech_prob": 0.0, "words": [{"start": 3051.89, "end": 3053.29, "word": " Okay.", "probability": 0.305419921875}, {"start": 3055.85, "end": 3056.15, "word": " What", "probability": 0.826171875}, {"start": 3056.15, "end": 3056.35, "word": " about", "probability": 0.91064453125}, {"start": 3056.35, "end": 3056.65, "word": " total", "probability": 0.66259765625}, {"start": 3056.65, "end": 3057.11, "word": " cost?", "probability": 0.8828125}, {"start": 3057.79, "end": 3058.83, "word": " TVC", "probability": 0.61944580078125}, {"start": 3058.83, "end": 3059.13, "word": " plus", "probability": 0.908203125}, {"start": 3059.13, "end": 3059.53, "word": " TFC.", "probability": 0.8896484375}, {"start": 3062.01, "end": 3062.63, "word": " 50,", "probability": 0.63232421875}, {"start": 3063.03, "end": 3064.67, "word": " 55,", "probability": 0.97802734375}, {"start": 3065.11, "end": 3066.15, "word": " 66,", "probability": 0.96435546875}, {"start": 3067.17, "end": 3068.33, "word": " 83,", "probability": 0.966796875}, {"start": 3069.15, "end": 3070.13, "word": " 106,", "probability": 0.943359375}, {"start": 3071.13, "end": 3071.95, "word": " 135,", "probability": 0.93310546875}, {"start": 3073.29, "end": 3074.89, "word": " 170,", "probability": 0.90234375}, {"start": 3076.39, "end": 3076.97, "word": " 100", "probability": 0.65771484375}, {"start": 3076.97, "end": 3077.43, "word": " or", "probability": 0.447021484375}, {"start": 3077.43, "end": 3077.97, "word": " 200,", "probability": 0.58349609375}, {"start": 3078.83, "end": 3079.39, "word": " 11.", "probability": 0.89404296875}], "temperature": 1.0}, {"id": 110, "seek": 310737, "start": 3080.87, "end": 3107.37, "text": " What about Twitter revenue? The price is fixed. As we were talking about the perfect commercial market, the price is fixed at different quantities. So price times quantity. So the price here, Twitter revenue equals the price, which is here, 14. 14 times 0. 0, 14 times 1, 14, 28.", "tokens": [708, 466, 5794, 9324, 30, 440, 3218, 307, 6806, 13, 1018, 321, 645, 1417, 466, 264, 2176, 6841, 2142, 11, 264, 3218, 307, 6806, 412, 819, 22927, 13, 407, 3218, 1413, 11275, 13, 407, 264, 3218, 510, 11, 5794, 9324, 6915, 264, 3218, 11, 597, 307, 510, 11, 3499, 13, 3499, 1413, 1958, 13, 1958, 11, 3499, 1413, 502, 11, 3499, 11, 7562, 13], "avg_logprob": -0.18269230769230768, "compression_ratio": 1.6568047337278107, "no_speech_prob": 0.0, "words": [{"start": 3080.87, "end": 3081.09, "word": " What", "probability": 0.85205078125}, {"start": 3081.09, "end": 3081.31, "word": " about", "probability": 0.7626953125}, {"start": 3081.31, "end": 3081.53, "word": " Twitter", "probability": 0.77392578125}, {"start": 3081.53, "end": 3081.81, "word": " revenue?", "probability": 0.81591796875}, {"start": 3082.23, "end": 3082.95, "word": " The", "probability": 0.89794921875}, {"start": 3082.95, "end": 3083.29, "word": " price", "probability": 0.912109375}, {"start": 3083.29, "end": 3083.47, "word": " is", "probability": 0.93603515625}, {"start": 3083.47, "end": 3083.83, "word": " fixed.", "probability": 0.93701171875}, {"start": 3084.57, "end": 3085.29, "word": " As", "probability": 0.95703125}, {"start": 3085.29, "end": 3085.45, "word": " we", "probability": 0.921875}, {"start": 3085.45, "end": 3085.59, "word": " were", "probability": 0.7197265625}, {"start": 3085.59, "end": 3085.93, "word": " talking", "probability": 0.8525390625}, {"start": 3085.93, "end": 3086.35, "word": " about", "probability": 0.90234375}, {"start": 3086.35, "end": 3086.67, "word": " the", "probability": 0.830078125}, {"start": 3086.67, "end": 3087.13, "word": " perfect", "probability": 0.1517333984375}, {"start": 3087.13, "end": 3087.47, "word": " commercial", "probability": 0.814453125}, {"start": 3087.47, "end": 3087.87, "word": " market,", "probability": 0.87890625}, {"start": 3088.17, "end": 3088.31, "word": " the", "probability": 0.9130859375}, {"start": 3088.31, "end": 3088.63, "word": " price", "probability": 0.888671875}, {"start": 3088.63, "end": 3088.85, "word": " is", "probability": 0.9404296875}, {"start": 3088.85, "end": 3089.13, "word": " fixed", "probability": 0.93701171875}, {"start": 3089.13, "end": 3089.39, "word": " at", "probability": 0.96337890625}, {"start": 3089.39, "end": 3089.65, "word": " different", "probability": 0.87255859375}, {"start": 3089.65, "end": 3090.27, "word": " quantities.", "probability": 0.955078125}, {"start": 3090.71, "end": 3090.95, "word": " So", "probability": 0.9384765625}, {"start": 3090.95, "end": 3091.75, "word": " price", "probability": 0.87646484375}, {"start": 3091.75, "end": 3092.11, "word": " times", "probability": 0.908203125}, {"start": 3092.11, "end": 3092.77, "word": " quantity.", "probability": 0.74658203125}, {"start": 3093.61, "end": 3093.91, "word": " So", "probability": 0.958984375}, {"start": 3093.91, "end": 3094.13, "word": " the", "probability": 0.8935546875}, {"start": 3094.13, "end": 3094.45, "word": " price", "probability": 0.89404296875}, {"start": 3094.45, "end": 3094.71, "word": " here,", "probability": 0.861328125}, {"start": 3095.69, "end": 3096.13, "word": " Twitter", "probability": 0.54248046875}, {"start": 3096.13, "end": 3096.57, "word": " revenue", "probability": 0.89404296875}, {"start": 3096.57, "end": 3097.11, "word": " equals", "probability": 0.80712890625}, {"start": 3097.11, "end": 3097.47, "word": " the", "probability": 0.869140625}, {"start": 3097.47, "end": 3097.89, "word": " price,", "probability": 0.90771484375}, {"start": 3097.99, "end": 3098.15, "word": " which", "probability": 0.95068359375}, {"start": 3098.15, "end": 3098.43, "word": " is", "probability": 0.9443359375}, {"start": 3098.43, "end": 3098.67, "word": " here,", "probability": 0.78369140625}, {"start": 3099.07, "end": 3099.63, "word": " 14.", "probability": 0.94921875}, {"start": 3101.57, "end": 3102.29, "word": " 14", "probability": 0.95361328125}, {"start": 3102.29, "end": 3102.69, "word": " times", "probability": 0.91943359375}, {"start": 3102.69, "end": 3103.11, "word": " 0.", "probability": 0.8369140625}, {"start": 3103.71, "end": 3104.41, "word": " 0,", "probability": 0.8173828125}, {"start": 3104.47, "end": 3104.85, "word": " 14", "probability": 0.966796875}, {"start": 3104.85, "end": 3105.19, "word": " times", "probability": 0.83740234375}, {"start": 3105.19, "end": 3105.49, "word": " 1,", "probability": 0.96435546875}, {"start": 3105.61, "end": 3106.21, "word": " 14,", "probability": 0.96435546875}, {"start": 3106.69, "end": 3107.37, "word": " 28.", "probability": 0.94921875}], "temperature": 1.0}, {"id": 111, "seek": 313655, "start": 3108.39, "end": 3136.55, "text": " 30, 42, how much is it total revenue? Then? Then? The last point? What about the marginal cost?", "tokens": [2217, 11, 14034, 11, 577, 709, 307, 309, 3217, 9324, 30, 1396, 30, 1396, 30, 440, 1036, 935, 30, 708, 466, 264, 16885, 2063, 30], "avg_logprob": -0.32632210506842685, "compression_ratio": 1.103448275862069, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 3108.39, "end": 3109.03, "word": " 30,", "probability": 0.59130859375}, {"start": 3109.03, "end": 3109.93, "word": " 42,", "probability": 0.94775390625}, {"start": 3110.37, "end": 3110.63, "word": " how", "probability": 0.91748046875}, {"start": 3110.63, "end": 3110.87, "word": " much", "probability": 0.9208984375}, {"start": 3110.87, "end": 3111.03, "word": " is", "probability": 0.9482421875}, {"start": 3111.03, "end": 3111.35, "word": " it", "probability": 0.92919921875}, {"start": 3111.35, "end": 3112.35, "word": " total", "probability": 0.46484375}, {"start": 3112.35, "end": 3112.73, "word": " revenue?", "probability": 0.912109375}, {"start": 3116.03, "end": 3116.89, "word": " Then?", "probability": 0.1446533203125}, {"start": 3123.79, "end": 3124.65, "word": " Then?", "probability": 0.464599609375}, {"start": 3129.13, "end": 3129.25, "word": " The", "probability": 0.75732421875}, {"start": 3129.25, "end": 3131.21, "word": " last", "probability": 0.875}, {"start": 3131.21, "end": 3131.49, "word": " point?", "probability": 0.65625}, {"start": 3134.63, "end": 3135.49, "word": " What", "probability": 0.422119140625}, {"start": 3135.49, "end": 3135.67, "word": " about", "probability": 0.880859375}, {"start": 3135.67, "end": 3135.83, "word": " the", "probability": 0.8916015625}, {"start": 3135.83, "end": 3136.13, "word": " marginal", "probability": 0.89208984375}, {"start": 3136.13, "end": 3136.55, "word": " cost?", "probability": 0.9345703125}], "temperature": 1.0}, {"id": 112, "seek": 316475, "start": 3139.09, "end": 3164.75, "text": "It can be calculated by using this formula. Or change in total cost. Or change in variable cost over change in Q. Let's try the first point here. 55 minus 50 over 1 minus 0 is 5. 2 here.", "tokens": [3522, 393, 312, 15598, 538, 1228, 341, 8513, 13, 1610, 1319, 294, 3217, 2063, 13, 1610, 1319, 294, 7006, 2063, 670, 1319, 294, 1249, 13, 961, 311, 853, 264, 700, 935, 510, 13, 12330, 3175, 2625, 670, 502, 3175, 1958, 307, 1025, 13, 568, 510, 13], "avg_logprob": -0.3809840501622951, "compression_ratio": 1.4090909090909092, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 3139.09, "end": 3139.35, "word": "It", "probability": 0.36572265625}, {"start": 3139.35, "end": 3139.61, "word": " can", "probability": 0.499267578125}, {"start": 3139.61, "end": 3139.61, "word": " be", "probability": 0.7509765625}, {"start": 3139.61, "end": 3140.93, "word": " calculated", "probability": 0.931640625}, {"start": 3140.93, "end": 3141.27, "word": " by", "probability": 0.91796875}, {"start": 3141.27, "end": 3141.63, "word": " using", "probability": 0.91455078125}, {"start": 3141.63, "end": 3141.89, "word": " this", "probability": 0.94580078125}, {"start": 3141.89, "end": 3142.41, "word": " formula.", "probability": 0.90185546875}, {"start": 3146.31, "end": 3146.45, "word": " Or", "probability": 0.08026123046875}, {"start": 3146.45, "end": 3148.11, "word": " change", "probability": 0.42431640625}, {"start": 3148.11, "end": 3148.53, "word": " in", "probability": 0.485595703125}, {"start": 3148.53, "end": 3148.83, "word": " total", "probability": 0.51025390625}, {"start": 3148.83, "end": 3149.25, "word": " cost.", "probability": 0.85498046875}, {"start": 3149.93, "end": 3150.13, "word": " Or", "probability": 0.9267578125}, {"start": 3150.13, "end": 3150.53, "word": " change", "probability": 0.8994140625}, {"start": 3150.53, "end": 3150.65, "word": " in", "probability": 0.70654296875}, {"start": 3150.65, "end": 3150.99, "word": " variable", "probability": 0.79150390625}, {"start": 3150.99, "end": 3151.51, "word": " cost", "probability": 0.90380859375}, {"start": 3151.51, "end": 3152.15, "word": " over", "probability": 0.59228515625}, {"start": 3152.15, "end": 3152.57, "word": " change", "probability": 0.331787109375}, {"start": 3152.57, "end": 3152.71, "word": " in", "probability": 0.908203125}, {"start": 3152.71, "end": 3152.99, "word": " Q.", "probability": 0.62548828125}, {"start": 3155.21, "end": 3155.91, "word": " Let's", "probability": 0.6685791015625}, {"start": 3155.91, "end": 3156.15, "word": " try", "probability": 0.90234375}, {"start": 3156.15, "end": 3156.43, "word": " the", "probability": 0.64599609375}, {"start": 3156.43, "end": 3157.19, "word": " first", "probability": 0.873046875}, {"start": 3157.19, "end": 3157.49, "word": " point", "probability": 0.93603515625}, {"start": 3157.49, "end": 3157.77, "word": " here.", "probability": 0.826171875}, {"start": 3158.51, "end": 3159.07, "word": " 55", "probability": 0.9013671875}, {"start": 3159.07, "end": 3160.07, "word": " minus", "probability": 0.71435546875}, {"start": 3160.07, "end": 3160.61, "word": " 50", "probability": 0.955078125}, {"start": 3160.61, "end": 3160.95, "word": " over", "probability": 0.91552734375}, {"start": 3160.95, "end": 3161.29, "word": " 1", "probability": 0.8662109375}, {"start": 3161.29, "end": 3161.63, "word": " minus", "probability": 0.98291015625}, {"start": 3161.63, "end": 3162.01, "word": " 0", "probability": 0.8046875}, {"start": 3162.01, "end": 3162.35, "word": " is", "probability": 0.267822265625}, {"start": 3162.35, "end": 3162.67, "word": " 5.", "probability": 0.76318359375}, {"start": 3163.77, "end": 3164.47, "word": " 2", "probability": 0.50634765625}, {"start": 3164.47, "end": 3164.75, "word": " here.", "probability": 0.82470703125}], "temperature": 1.0}, {"id": 113, "seek": 319323, "start": 3167.27, "end": 3193.23, "text": " Eleven. Try it with two numbers and you will get it right. Using this formula. MC equals six times two. So there is a problem here. It is fourteen. Can you see it? Change the TVs. How much is this? It should be seventy-six. Yes, it is wrong. Wait a minute. Go back and correct it. TC is sixteen.", "tokens": [48548, 13, 6526, 309, 365, 732, 3547, 293, 291, 486, 483, 309, 558, 13, 11142, 341, 8513, 13, 8797, 6915, 2309, 1413, 732, 13, 407, 456, 307, 257, 1154, 510, 13, 467, 307, 32253, 13, 1664, 291, 536, 309, 30, 15060, 264, 38085, 13, 1012, 709, 307, 341, 30, 467, 820, 312, 25662, 12, 35066, 13, 1079, 11, 309, 307, 2085, 13, 3802, 257, 3456, 13, 1037, 646, 293, 3006, 309, 13, 34150, 307, 27847, 13], "avg_logprob": -0.5661525850172167, "compression_ratio": 1.429951690821256, "no_speech_prob": 1.7881393432617188e-07, "words": [{"start": 3167.27, "end": 3167.67, "word": " Eleven.", "probability": 0.20654296875}, {"start": 3167.67, "end": 3168.07, "word": " Try", "probability": 0.2578125}, {"start": 3168.07, "end": 3168.33, "word": " it", "probability": 0.1968994140625}, {"start": 3168.33, "end": 3168.47, "word": " with", "probability": 0.445068359375}, {"start": 3168.47, "end": 3168.77, "word": " two", "probability": 0.67236328125}, {"start": 3168.77, "end": 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Change with TBC. 5 minus 0 over 1 minus 0 is 5. 16 minus 5 is 11. Where is the problem here?", "tokens": [6546, 933, 365, 314, 7869, 13, 15060, 365, 314, 7869, 13, 1025, 3175, 1958, 670, 502, 3175, 1958, 307, 1025, 13, 3165, 3175, 1025, 307, 2975, 13, 2305, 307, 264, 1154, 510, 30], "avg_logprob": -0.3593750043826945, "compression_ratio": 1.2976190476190477, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 3195.99, "end": 3196.71, "word": "Change", "probability": 0.56781005859375}, {"start": 3196.71, "end": 3196.83, "word": " with", "probability": 0.2100830078125}, {"start": 3196.83, "end": 3197.23, "word": " TBC.", "probability": 0.761474609375}, {"start": 3197.55, "end": 3197.93, "word": " Change", "probability": 0.32373046875}, {"start": 3197.93, "end": 3199.35, "word": " with", "probability": 0.80712890625}, {"start": 3199.35, "end": 3199.83, "word": " TBC.", "probability": 0.97021484375}, {"start": 3200.73, "end": 3201.17, "word": " 5", "probability": 0.63134765625}, {"start": 3201.17, "end": 3201.51, "word": " minus", "probability": 0.40576171875}, {"start": 3201.51, "end": 3201.97, "word": " 0", "probability": 0.8369140625}, {"start": 3201.97, "end": 3202.33, "word": " over", "probability": 0.8994140625}, {"start": 3202.33, "end": 3202.61, "word": " 1", "probability": 0.97412109375}, {"start": 3202.61, "end": 3202.85, "word": " minus", "probability": 0.9833984375}, {"start": 3202.85, "end": 3203.11, "word": " 0", "probability": 0.94873046875}, {"start": 3203.11, "end": 3203.21, "word": " is", "probability": 0.470458984375}, {"start": 3203.21, "end": 3203.47, "word": " 5.", "probability": 0.9130859375}, {"start": 3204.51, "end": 3205.25, "word": " 16", "probability": 0.2276611328125}, {"start": 3205.25, "end": 3208.21, "word": " minus", "probability": 0.978515625}, {"start": 3208.21, "end": 3208.77, "word": " 5", "probability": 0.974609375}, {"start": 3208.77, "end": 3209.71, "word": " is", "probability": 0.82275390625}, {"start": 3209.71, "end": 3210.57, "word": " 11.", "probability": 0.92236328125}, {"start": 3211.93, "end": 3212.25, "word": " Where", "probability": 0.81005859375}, {"start": 3212.25, "end": 3212.37, "word": " is", "probability": 0.787109375}, {"start": 3212.37, "end": 3212.49, "word": " the", "probability": 0.900390625}, {"start": 3212.49, "end": 3212.77, "word": " problem", "probability": 0.91162109375}, {"start": 3212.77, "end": 3213.13, "word": " here?", "probability": 0.626953125}], "temperature": 1.0}, {"id": 115, "seek": 325144, "start": 3225.3, "end": 3251.44, "text": " Change the TVC, the same result. Change it. Yes? And where is the problem? Is there a mistake in the numbers? Yes. The MC is two? Which two? Wait a minute.", "tokens": [15060, 264, 3558, 34, 11, 264, 912, 1874, 13, 15060, 309, 13, 1079, 30, 400, 689, 307, 264, 1154, 30, 1119, 456, 257, 6146, 294, 264, 3547, 30, 1079, 13, 440, 8797, 307, 732, 30, 3013, 732, 30, 3802, 257, 3456, 13], "avg_logprob": -0.4698401287544605, "compression_ratio": 1.3109243697478992, "no_speech_prob": 0.0, "words": [{"start": 3225.3, "end": 3225.72, "word": " Change", "probability": 0.5625}, {"start": 3225.72, "end": 3225.9, "word": " the", "probability": 0.30908203125}, {"start": 3225.9, "end": 3226.42, "word": " TVC,", "probability": 0.6357421875}, {"start": 3226.5, "end": 3226.64, "word": " the", "probability": 0.767578125}, {"start": 3226.64, "end": 3226.88, "word": " same", "probability": 0.86328125}, {"start": 3226.88, "end": 3227.34, "word": " result.", "probability": 0.9306640625}, {"start": 3229.44, "end": 3229.86, "word": " Change", "probability": 0.6162109375}, {"start": 3229.86, "end": 3230.06, "word": " it.", "probability": 0.66748046875}, {"start": 3230.16, "end": 3230.3, "word": " Yes?", "probability": 0.336181640625}, {"start": 3236.26, "end": 3236.74, "word": " And", "probability": 0.1865234375}, {"start": 3236.74, "end": 3236.88, "word": " where", "probability": 0.77099609375}, {"start": 3236.88, "end": 3237.0, "word": " is", "probability": 0.7060546875}, {"start": 3237.0, "end": 3237.04, "word": " the", "probability": 0.9169921875}, {"start": 3237.04, "end": 3237.28, "word": " problem?", "probability": 0.8515625}, {"start": 3239.08, "end": 3239.56, "word": " Is", "probability": 0.208984375}, {"start": 3239.56, "end": 3239.74, "word": " there", "probability": 0.759765625}, {"start": 3239.74, "end": 3239.8, "word": " a", "probability": 0.47900390625}, {"start": 3239.8, "end": 3240.02, "word": " mistake", "probability": 0.65673828125}, {"start": 3240.02, "end": 3240.16, "word": " in", "probability": 0.8330078125}, {"start": 3240.16, "end": 3240.22, "word": " the", "probability": 0.7900390625}, {"start": 3240.22, "end": 3240.5, "word": " numbers?", "probability": 0.66064453125}, {"start": 3242.18, "end": 3242.66, "word": " Yes.", "probability": 0.50927734375}, {"start": 3244.28, "end": 3244.44, "word": " The", "probability": 0.3525390625}, {"start": 3244.44, "end": 3244.68, "word": " MC", "probability": 0.89013671875}, {"start": 3244.68, "end": 3244.9, "word": " is", "probability": 0.4951171875}, {"start": 3244.9, "end": 3245.2, "word": " two?", "probability": 0.438720703125}, {"start": 3248.38, "end": 3248.86, "word": " Which", "probability": 0.7041015625}, {"start": 3248.86, "end": 3249.08, "word": " two?", "probability": 0.890625}, {"start": 3250.74, "end": 3251.22, "word": " Wait", "probability": 0.556640625}, {"start": 3251.22, "end": 3251.42, "word": " a", "probability": 0.84814453125}, {"start": 3251.42, "end": 3251.44, "word": " minute.", "probability": 0.529296875}], "temperature": 1.0}, {"id": 116, "seek": 328495, "start": 3257.89, "end": 3284.95, "text": "No, there is no change at all. There is no change. Let's go back to the function and see. Change in TC. 6Q plus 2. No, it is correct. Q is zero. This is correct. Calculate TC using the formula.", "tokens": [4540, 11, 456, 307, 572, 1319, 412, 439, 13, 821, 307, 572, 1319, 13, 961, 311, 352, 646, 281, 264, 2445, 293, 536, 13, 15060, 294, 34150, 13, 1386, 48, 1804, 568, 13, 883, 11, 309, 307, 3006, 13, 1249, 307, 4018, 13, 639, 307, 3006, 13, 3511, 2444, 473, 34150, 1228, 264, 8513, 13], "avg_logprob": -0.5002789944410324, "compression_ratio": 1.4087591240875912, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 3257.89, "end": 3258.13, "word": "No,", "probability": 0.121337890625}, {"start": 3258.23, "end": 3258.35, "word": " there", "probability": 0.1917724609375}, {"start": 3258.35, "end": 3258.79, "word": " is", "probability": 0.63232421875}, {"start": 3258.79, "end": 3258.87, "word": " no", "probability": 0.8359375}, {"start": 3258.87, "end": 3259.23, "word": " change", "probability": 0.896484375}, {"start": 3259.23, "end": 3259.37, "word": " at", "probability": 0.303466796875}, {"start": 3259.37, "end": 3260.27, "word": " all.", "probability": 0.94140625}, {"start": 3260.71, "end": 3260.77, "word": " There", "probability": 0.200439453125}, {"start": 3260.77, "end": 3260.99, "word": " is", "probability": 0.88720703125}, {"start": 3260.99, "end": 3260.99, "word": " no", "probability": 0.92041015625}, {"start": 3260.99, "end": 3262.47, "word": " change.", "probability": 0.90771484375}, {"start": 3264.21, "end": 3264.81, "word": " Let's", "probability": 0.5888671875}, {"start": 3264.81, "end": 3264.89, "word": " go", "probability": 0.59228515625}, {"start": 3264.89, "end": 3264.97, "word": " back", "probability": 0.86962890625}, {"start": 3264.97, "end": 3265.03, "word": " to", "probability": 0.94970703125}, {"start": 3265.03, "end": 3265.11, "word": " the", "probability": 0.76806640625}, {"start": 3265.11, "end": 3265.47, "word": " function", "probability": 0.880859375}, {"start": 3265.47, "end": 3265.63, "word": " and", "probability": 0.341064453125}, {"start": 3265.63, "end": 3265.93, "word": " see.", "probability": 0.57275390625}, {"start": 3267.03, "end": 3267.51, "word": " Change", "probability": 0.6435546875}, {"start": 3267.51, "end": 3267.73, "word": " in", "probability": 0.73193359375}, {"start": 3267.73, "end": 3268.03, "word": " TC.", "probability": 0.67578125}, {"start": 3268.65, "end": 3269.25, "word": " 6Q", "probability": 0.5823974609375}, {"start": 3269.25, "end": 3269.47, "word": " plus", "probability": 0.236328125}, {"start": 3269.47, "end": 3269.89, "word": " 2.", "probability": 0.95947265625}, {"start": 3270.05, "end": 3270.17, "word": " No,", "probability": 0.43896484375}, {"start": 3270.25, "end": 3270.31, "word": " it", "probability": 0.393310546875}, {"start": 3270.31, "end": 3270.31, "word": " is", "probability": 0.427490234375}, {"start": 3270.31, "end": 3270.59, "word": " correct.", "probability": 0.7822265625}, {"start": 3277.37, "end": 3277.97, "word": " Q", "probability": 0.77197265625}, {"start": 3277.97, "end": 3278.21, "word": " is", "probability": 0.339599609375}, {"start": 3278.21, "end": 3278.55, "word": " zero.", "probability": 0.544921875}, {"start": 3279.47, "end": 3279.71, "word": " This", "probability": 0.232421875}, {"start": 3279.71, "end": 3279.85, "word": " is", "probability": 0.79833984375}, {"start": 3279.85, "end": 3280.23, "word": " correct.", "probability": 0.794921875}, {"start": 3282.45, "end": 3283.05, "word": " Calculate", "probability": 0.73388671875}, {"start": 3283.05, "end": 3283.81, "word": " TC", "probability": 0.5791015625}, {"start": 3283.81, "end": 3284.35, "word": " using", "probability": 0.830078125}, {"start": 3284.35, "end": 3284.57, "word": " the", "probability": 0.68994140625}, {"start": 3284.57, "end": 3284.95, "word": " formula.", "probability": 0.92724609375}], "temperature": 1.0}, {"id": 117, "seek": 330969, "start": 3287.07, "end": 3309.69, "text": "Girls, let's make a formula for Tc. Tc at Q equals 1. Let's see how much Tc comes out. Let's see. 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Work normally on this body. On this work, on this change. Okay? We want to work tirelessly on the table, as we learned before. But we want to benefit from this. See the function correctly.", "tokens": [1033, 13, 6603, 5646, 322, 341, 1772, 13, 1282, 341, 589, 11, 322, 341, 1319, 13, 1033, 30, 492, 528, 281, 589, 11756, 12048, 322, 264, 3199, 11, 382, 321, 3264, 949, 13, 583, 321, 528, 281, 5121, 490, 341, 13, 3008, 264, 2445, 8944, 13], "avg_logprob": -0.6476064108787699, "compression_ratio": 1.4233576642335766, "no_speech_prob": 4.172325134277344e-07, "words": [{"start": 3352.1200000000003, "end": 3352.76, "word": " Okay.", "probability": 0.041351318359375}, {"start": 3357.08, "end": 3357.72, "word": " Work", "probability": 0.564453125}, {"start": 3357.72, "end": 3358.24, "word": " normally", "probability": 0.22509765625}, {"start": 3358.24, "end": 3358.54, "word": " on", "probability": 0.57763671875}, {"start": 3358.54, "end": 3359.2, "word": " this", "probability": 0.4521484375}, {"start": 3359.2, "end": 3359.54, "word": " body.", "probability": 0.340087890625}, {"start": 3360.48, "end": 3360.74, "word": " On", "probability": 0.12744140625}, {"start": 3360.74, "end": 3361.08, "word": " this", "probability": 0.80224609375}, {"start": 3361.08, "end": 3361.46, "word": " work,", "probability": 0.50439453125}, {"start": 3361.7, "end": 3361.84, "word": " on", "probability": 0.63037109375}, {"start": 3361.84, "end": 3361.9, "word": " this", "probability": 0.828125}, {"start": 3361.9, "end": 3362.18, "word": " change.", "probability": 0.861328125}, {"start": 3363.54, "end": 3364.16, "word": " Okay?", "probability": 0.5947265625}, {"start": 3365.76, "end": 3366.4, "word": " We", "probability": 0.85205078125}, {"start": 3366.4, "end": 3366.56, "word": " want", "probability": 0.340576171875}, {"start": 3366.56, "end": 3366.66, "word": " to", "probability": 0.96142578125}, {"start": 3366.66, "end": 3366.84, "word": " work", "probability": 0.7119140625}, {"start": 3366.84, "end": 3367.34, "word": " tirelessly", "probability": 0.5384521484375}, {"start": 3367.34, "end": 3367.48, "word": " on", "probability": 0.69873046875}, {"start": 3367.48, "end": 3367.48, "word": " the", "probability": 0.56201171875}, {"start": 3367.48, "end": 3367.68, "word": " table,", "probability": 0.375244140625}, {"start": 3368.16, "end": 3368.26, "word": " as", "probability": 0.468505859375}, {"start": 3368.26, "end": 3368.4, "word": " we", "probability": 0.94140625}, {"start": 3368.4, "end": 3368.7, "word": " learned", "probability": 0.7705078125}, {"start": 3368.7, "end": 3369.04, "word": " before.", "probability": 0.66015625}, {"start": 3369.88, "end": 3370.24, "word": " But", "probability": 0.873046875}, {"start": 3370.24, "end": 3370.56, "word": " we", "probability": 0.1641845703125}, {"start": 3370.56, "end": 3370.76, "word": " want", "probability": 0.3408203125}, {"start": 3370.76, "end": 3370.8, "word": " to", "probability": 0.95361328125}, {"start": 3370.8, "end": 3371.12, "word": " benefit", "probability": 0.5439453125}, {"start": 3371.12, "end": 3371.28, "word": " from", "probability": 0.86376953125}, {"start": 3371.28, "end": 3371.36, "word": " this.", "probability": 0.712890625}, {"start": 3371.36, "end": 3371.72, "word": " See", "probability": 0.412109375}, {"start": 3371.72, "end": 3371.8, "word": " the", "probability": 0.63134765625}, {"start": 3371.8, "end": 3372.14, "word": " function", "probability": 0.9296875}, {"start": 3372.14, "end": 3372.52, "word": " correctly.", "probability": 0.55078125}], "temperature": 1.0}, {"id": 120, "seek": 340097, "start": 3374.15, "end": 3400.97, "text": " Because if you make a change in the TVC or change in the total cost, you get the same result. You get the same formula. Just fill it out like this. Fill out the schedule as we learned in the beginning. But this formula, this function will be used in something else. Okay? Yes? 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How much is it? 10. 83 minus 66 over 3 minus 2. How much is this? Yes. No, I don't want to reach logical results, but there must be something else. How much? 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Twenty... Twenty-nine? Then? Two hundred? I received thirty-five.", "tokens": [28789, 12, 27583, 293, 550, 30, 28789, 485, 28789, 12, 46140, 30, 1396, 30, 4453, 3262, 30, 286, 4613, 11790, 12, 18621, 13], "avg_logprob": -0.5289713690678278, "compression_ratio": 1.155844155844156, "no_speech_prob": 0.0, "words": [{"start": 3434.5899999999997, "end": 3435.99, "word": " Twenty", "probability": 0.1641845703125}, {"start": 3435.99, "end": 3436.49, "word": "-three", "probability": 0.5526123046875}, {"start": 3436.49, "end": 3441.49, "word": " and", "probability": 0.55419921875}, {"start": 3441.49, "end": 3441.77, "word": " then?", "probability": 0.888671875}, {"start": 3445.13, "end": 3446.17, "word": " Twenty...", "probability": 0.51116943359375}, {"start": 3446.17, "end": 3447.69, "word": " Twenty", "probability": 0.6044921875}, {"start": 3447.69, "end": 3448.13, "word": "-nine?", "probability": 0.87744140625}, {"start": 3449.75, "end": 3449.95, "word": " Then?", "probability": 0.623046875}, {"start": 3454.93, "end": 3455.17, "word": " Two", "probability": 0.70263671875}, {"start": 3455.17, "end": 3455.49, "word": " hundred?", "probability": 0.75927734375}, {"start": 3459.63, "end": 3461.03, "word": " I", "probability": 0.449462890625}, {"start": 3461.03, "end": 3461.39, "word": " received", "probability": 0.2119140625}, {"start": 3461.39, "end": 3462.19, "word": " thirty", "probability": 0.63916015625}, {"start": 3462.19, "end": 3462.75, "word": "-five.", "probability": 0.93603515625}], "temperature": 1.0}, {"id": 123, "seek": 349636, "start": 3466.98, "end": 3496.36, "text": " three, one. MR equals the price. Which is the price for T? Okay. AVC, TVC over Q. TVC, five over one, five.", "tokens": [1045, 11, 472, 13, 9808, 6915, 264, 3218, 13, 3013, 307, 264, 3218, 337, 314, 30, 1033, 13, 30198, 34, 11, 3558, 34, 670, 1249, 13, 3558, 34, 11, 1732, 670, 472, 11, 1732, 13], "avg_logprob": -0.2400173640085591, "compression_ratio": 1.148936170212766, "no_speech_prob": 0.0, "words": [{"start": 3466.98, "end": 3467.22, "word": " three,", "probability": 0.2261962890625}, {"start": 3467.46, "end": 3467.92, "word": " one.", "probability": 0.87744140625}, {"start": 3468.86, "end": 3469.7, "word": " MR", "probability": 0.65625}, {"start": 3469.7, "end": 3473.36, "word": " equals", "probability": 0.88916015625}, {"start": 3473.36, "end": 3473.54, "word": " the", "probability": 0.7783203125}, {"start": 3473.54, "end": 3473.9, "word": " price.", "probability": 0.9111328125}, {"start": 3475.14, "end": 3475.98, "word": " Which", "probability": 0.85205078125}, {"start": 3475.98, "end": 3476.14, "word": " is", "probability": 0.95703125}, {"start": 3476.14, "end": 3476.26, "word": " the", "probability": 0.916015625}, {"start": 3476.26, "end": 3476.52, "word": " price", "probability": 0.90380859375}, {"start": 3476.52, "end": 3476.74, "word": " for", "probability": 0.495361328125}, {"start": 3476.74, "end": 3476.94, "word": " T?", "probability": 0.955078125}, {"start": 3484.4, "end": 3484.76, "word": " Okay.", "probability": 0.5458984375}, {"start": 3485.4, "end": 3486.2, "word": " AVC,", "probability": 0.81494140625}, {"start": 3487.8, "end": 3488.38, "word": " TVC", "probability": 0.713134765625}, {"start": 3488.38, "end": 3488.64, "word": " over", "probability": 0.9033203125}, {"start": 3488.64, "end": 3489.0, "word": " Q.", "probability": 0.96923828125}, {"start": 3492.7, "end": 3493.54, "word": " TVC,", "probability": 0.93017578125}, {"start": 3494.32, "end": 3494.88, "word": " five", "probability": 0.87255859375}, {"start": 3494.88, "end": 3495.2, "word": " over", "probability": 0.923828125}, {"start": 3495.2, "end": 3495.5, "word": " one,", "probability": 0.93701171875}, {"start": 3496.1, "end": 3496.36, "word": " five.", "probability": 0.9208984375}], "temperature": 1.0}, {"id": 124, "seek": 352277, "start": 3497.63, "end": 3522.77, "text": " Sixteen over two, eight. Thirty-three, eleven. One, fourteen. And then one, seven. Twenty. How much is it? Sorry? How much?", "tokens": [47374, 10685, 670, 732, 11, 3180, 13, 41490, 12, 27583, 11, 21090, 13, 1485, 11, 32253, 13, 400, 550, 472, 11, 3407, 13, 28789, 13, 1012, 709, 307, 309, 30, 4919, 30, 1012, 709, 30], "avg_logprob": -0.3046874908937348, "compression_ratio": 1.1923076923076923, "no_speech_prob": 0.0, "words": [{"start": 3497.63, "end": 3498.31, "word": " Sixteen", "probability": 0.6759033203125}, {"start": 3498.31, "end": 3498.57, "word": " over", "probability": 0.9267578125}, {"start": 3498.57, "end": 3499.01, "word": " two,", "probability": 0.92529296875}, {"start": 3499.43, "end": 3500.27, "word": " eight.", "probability": 0.79150390625}, {"start": 3501.57, "end": 3502.37, "word": " Thirty", "probability": 0.6279296875}, {"start": 3502.37, "end": 3502.77, "word": "-three,", "probability": 0.7900390625}, {"start": 3503.01, "end": 3503.37, "word": " eleven.", "probability": 0.88671875}, {"start": 3505.75, "end": 3506.67, "word": " One,", "probability": 0.673828125}, {"start": 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Determine", "tokens": [28789, 12, 18621, 11, 11790, 12, 20534, 11, 11790, 12, 27583, 11, 7699, 12, 44476, 935, 2309, 11, 7699, 12, 35066, 935, 1732, 11, 1922, 11, 7699, 12, 44476, 11, 7699, 12, 36309, 935, 1045, 11, 293, 264, 1036, 11790, 935, 32253, 13, 4237, 966, 533], "avg_logprob": -0.24368351634512556, "compression_ratio": 1.6952380952380952, "no_speech_prob": 1.1920928955078125e-07, "words": [{"start": 3587.51, "end": 3588.05, "word": " Twenty", "probability": 0.1435546875}, {"start": 3588.05, "end": 3588.63, "word": "-five,", "probability": 0.71875}, {"start": 3588.99, "end": 3591.01, "word": " thirty", "probability": 0.68701171875}, {"start": 3591.01, "end": 3591.85, "word": "-two,", "probability": 0.885009765625}, {"start": 3591.87, "end": 3592.07, "word": " thirty", "probability": 0.92626953125}, {"start": 3592.07, "end": 3592.55, "word": "-three,", "probability": 0.9716796875}, {"start": 3593.47, "end": 3595.09, "word": " twenty", "probability": 0.75244140625}, {"start": 3595.09, "end": 3595.55, "word": "-seven", "probability": 0.924072265625}, {"start": 3595.55, "end": 3595.85, "word": " point", "probability": 0.88232421875}, {"start": 3595.85, "end": 3596.31, "word": " six,", "probability": 0.94873046875}, {"start": 3597.67, "end": 3598.07, "word": " twenty", "probability": 0.8720703125}, {"start": 3598.07, "end": 3598.47, "word": "-six", "probability": 0.957275390625}, {"start": 3598.47, "end": 3598.99, "word": " point", "probability": 0.96875}, {"start": 3598.99, "end": 3599.53, "word": " five,", "probability": 0.91552734375}, {"start": 3599.77, "end": 3600.15, "word": " half,", "probability": 0.75732421875}, {"start": 3601.05, "end": 3601.47, "word": " twenty", "probability": 0.85400390625}, {"start": 3601.47, "end": 3601.89, "word": "-seven,", "probability": 0.947021484375}, {"start": 3603.29, "end": 3603.81, "word": " twenty", "probability": 0.896484375}, {"start": 3603.81, "end": 3604.19, "word": "-eight", "probability": 0.954345703125}, {"start": 3604.19, "end": 3604.55, "word": " point", "probability": 0.8876953125}, {"start": 3604.55, "end": 3605.11, "word": " three,", "probability": 0.94287109375}, {"start": 3606.05, "end": 3606.39, "word": " and", "probability": 0.9306640625}, {"start": 3606.39, "end": 3606.55, "word": " the", "probability": 0.87890625}, {"start": 3606.55, "end": 3606.91, "word": " last", "probability": 0.87939453125}, {"start": 3606.91, "end": 3607.77, "word": " thirty", "probability": 0.69482421875}, {"start": 3607.77, "end": 3608.55, "word": " point", "probability": 0.92041015625}, {"start": 3608.55, "end": 3609.29, "word": " fourteen.", "probability": 0.9677734375}, {"start": 3612.63, "end": 3613.59, "word": " Determine", "probability": 0.6848958333333334}], "temperature": 1.0}, {"id": 128, "seek": 364597, "start": 3618.77, "end": 3645.97, "text": " The shutdown point. Where's the shutdown point? Where is it? The minimum value or the minimum AVC, the shutdown point. At a Q equals 1.", "tokens": [440, 34927, 935, 13, 2305, 311, 264, 34927, 935, 30, 2305, 307, 309, 30, 440, 7285, 2158, 420, 264, 7285, 30198, 34, 11, 264, 34927, 935, 13, 1711, 257, 1249, 6915, 502, 13], "avg_logprob": -0.2773437386049944, "compression_ratio": 1.4166666666666667, "no_speech_prob": 0.0, "words": [{"start": 3618.77, "end": 3619.05, "word": " The", "probability": 0.56982421875}, {"start": 3619.05, "end": 3619.35, "word": " shutdown", "probability": 0.87548828125}, {"start": 3619.35, "end": 3619.85, "word": " point.", "probability": 0.9794921875}, {"start": 3620.63, "end": 3621.47, "word": " Where's", "probability": 0.7080078125}, {"start": 3621.47, "end": 3621.63, "word": " the", "probability": 0.92578125}, {"start": 3621.63, "end": 3621.91, "word": " shutdown", "probability": 0.9609375}, {"start": 3621.91, "end": 3622.39, "word": " point?", "probability": 0.97412109375}, {"start": 3624.89, "end": 3625.27, "word": " Where", "probability": 0.84130859375}, {"start": 3625.27, "end": 3625.41, "word": " is", "probability": 0.763671875}, {"start": 3625.41, "end": 3625.57, "word": " it?", "probability": 0.9521484375}, {"start": 3627.31, "end": 3628.07, "word": " The", "probability": 0.8857421875}, {"start": 3628.07, "end": 3628.53, "word": " minimum", "probability": 0.9658203125}, {"start": 3628.53, "end": 3629.17, "word": " value", "probability": 0.97216796875}, {"start": 3629.17, "end": 3629.57, "word": " or", "probability": 0.9404296875}, {"start": 3629.57, "end": 3629.77, "word": " the", "probability": 0.92724609375}, {"start": 3629.77, "end": 3630.13, "word": " minimum", "probability": 0.96630859375}, {"start": 3630.13, "end": 3631.15, "word": " AVC,", "probability": 0.877685546875}, {"start": 3633.01, "end": 3633.51, "word": " the", "probability": 0.2420654296875}, {"start": 3633.51, "end": 3634.37, "word": " shutdown", "probability": 0.9541015625}, {"start": 3634.37, "end": 3634.83, "word": " point.", "probability": 0.97509765625}, {"start": 3641.23, "end": 3642.19, "word": " At", "probability": 0.268310546875}, {"start": 3642.19, "end": 3645.05, "word": " a", "probability": 0.3828125}, {"start": 3645.05, "end": 3645.21, "word": " Q", "probability": 0.5791015625}, {"start": 3645.21, "end": 3645.73, "word": " equals", "probability": 0.81201171875}, {"start": 3645.73, "end": 3645.97, "word": " 1.", "probability": 0.375}], "temperature": 1.0}, {"id": 129, "seek": 366996, "start": 3648.78, "end": 3669.96, "text": "Where is the break-even point? The minimum ATC. If I don't see the price equals total revenue equals total cost, I see the minimum ATC. Where is the minimum ATC? How much is it? 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Where is the equilibrium point at MR equals MC? When MR equals MC? I think it is not in the data. That is why I go back to the formula. I say the quantity, where does it happen? At the quantity that achieves the equilibrium at MR equals MC. 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This is the formula that I mentioned. Because the data that is present here is not covered. So mr equals mc times 6q plus 2 equals mr which is 14. Right?", "tokens": [43280, 2156, 562, 33660, 6915, 275, 66, 13, 639, 307, 264, 8513, 300, 286, 2835, 13, 1436, 264, 1412, 300, 307, 1974, 510, 307, 406, 5343, 13, 407, 33660, 6915, 275, 66, 1413, 1386, 80, 1804, 568, 6915, 33660, 597, 307, 3499, 13, 1779, 30], "avg_logprob": -0.5346467637497446, "compression_ratio": 1.356060606060606, "no_speech_prob": 0.0, "words": [{"start": 3710.58, "end": 3711.66, "word": "occurs", "probability": 0.6502685546875}, {"start": 3711.66, "end": 3712.74, "word": " when", "probability": 0.91748046875}, {"start": 3712.74, "end": 3714.9, "word": " mr", "probability": 0.404541015625}, {"start": 3714.9, "end": 3715.76, "word": " equals", "probability": 0.55126953125}, {"start": 3715.76, "end": 3716.46, "word": " mc.", "probability": 0.882568359375}, {"start": 3716.58, "end": 3716.74, "word": " This", "probability": 0.362060546875}, {"start": 3716.74, "end": 3716.78, "word": " is", "probability": 0.86865234375}, {"start": 3716.78, "end": 3716.82, "word": " the", "probability": 0.76904296875}, {"start": 3716.82, "end": 3717.16, "word": " formula", "probability": 0.8515625}, {"start": 3717.16, "end": 3717.34, "word": " that", "probability": 0.3974609375}, {"start": 3717.34, "end": 3717.34, "word": " I", "probability": 0.50244140625}, {"start": 3717.34, "end": 3717.52, "word": " mentioned.", "probability": 0.432373046875}, {"start": 3719.5, "end": 3719.8, "word": " Because", "probability": 0.69970703125}, {"start": 3719.8, "end": 3719.98, "word": " the", "probability": 0.77294921875}, {"start": 3719.98, "end": 3720.28, "word": " data", "probability": 0.9052734375}, {"start": 3720.28, "end": 3720.42, "word": " that", "probability": 0.55712890625}, {"start": 3720.42, "end": 3720.46, "word": " is", "probability": 0.495849609375}, {"start": 3720.46, "end": 3720.76, "word": " present", "probability": 0.1988525390625}, {"start": 3720.76, "end": 3721.62, "word": " here", "probability": 0.6591796875}, {"start": 3721.62, "end": 3722.28, "word": " is", "probability": 0.54443359375}, {"start": 3722.28, "end": 3722.42, "word": " not", "probability": 0.845703125}, {"start": 3722.42, "end": 3722.86, "word": " covered.", "probability": 0.455078125}, {"start": 3723.76, "end": 3724.26, "word": " So", "probability": 0.322021484375}, {"start": 3724.26, "end": 3725.52, "word": " mr", "probability": 0.53564453125}, {"start": 3725.52, "end": 3726.32, "word": " equals", "probability": 0.3310546875}, {"start": 3726.32, "end": 3727.28, "word": " mc", "probability": 0.919921875}, {"start": 3727.28, "end": 3727.96, "word": " times", "probability": 0.1212158203125}, {"start": 3727.96, "end": 3728.96, "word": " 6q", "probability": 0.5496826171875}, {"start": 3728.96, "end": 3729.88, "word": " plus", "probability": 0.76025390625}, {"start": 3729.88, "end": 3730.36, "word": " 2", "probability": 0.8955078125}, {"start": 3730.36, "end": 3730.96, "word": " equals", "probability": 0.74462890625}, {"start": 3730.96, "end": 3731.64, "word": " mr", "probability": 0.685546875}, {"start": 3731.64, "end": 3731.86, "word": " which", "probability": 0.458740234375}, {"start": 3731.86, "end": 3732.02, "word": " is", "probability": 0.84765625}, {"start": 3732.02, "end": 3732.9, "word": " 14.", "probability": 0.82275390625}, {"start": 3733.86, "end": 3734.44, "word": " Right?", "probability": 0.380126953125}], "temperature": 1.0}, {"id": 132, "seek": 376151, "start": 3735.41, "end": 3761.51, "text": "So 6Q equals 14 minus 2, 6Q equals 12, hence Q equals 2. At Q equals 2 here, it's as if it's telling you that this is the equilibrium point. Yes, it's very possible. We might have put the numbers wrong.", "tokens": [6455, 1386, 48, 6915, 3499, 3175, 568, 11, 1386, 48, 6915, 2272, 11, 16678, 1249, 6915, 568, 13, 1711, 1249, 6915, 568, 510, 11, 309, 311, 382, 498, 309, 311, 3585, 291, 300, 341, 307, 264, 15625, 935, 13, 1079, 11, 309, 311, 588, 1944, 13, 492, 1062, 362, 829, 264, 3547, 2085, 13], "avg_logprob": -0.47528409199281174, "compression_ratio": 1.4027777777777777, "no_speech_prob": 0.0, "words": [{"start": 3735.41, "end": 3735.71, "word": "So", "probability": 0.65185546875}, {"start": 3735.71, "end": 3736.43, "word": " 6Q", "probability": 0.5101318359375}, {"start": 3736.43, "end": 3737.69, "word": " equals", "probability": 0.365478515625}, {"start": 3737.69, "end": 3738.27, "word": " 14", "probability": 0.9091796875}, {"start": 3738.27, "end": 3738.61, "word": " minus", "probability": 0.9453125}, {"start": 3738.61, "end": 3739.03, "word": " 2,", "probability": 0.9169921875}, {"start": 3739.37, "end": 3740.07, "word": " 6Q", "probability": 0.92529296875}, {"start": 3740.07, "end": 3740.75, "word": " equals", "probability": 0.9345703125}, {"start": 3740.75, "end": 3741.27, "word": " 12,", "probability": 0.94091796875}, {"start": 3742.01, "end": 3742.35, "word": " hence", "probability": 0.818359375}, {"start": 3742.35, "end": 3742.85, "word": " Q", "probability": 0.92529296875}, {"start": 3742.85, "end": 3743.83, "word": " equals", "probability": 0.92724609375}, {"start": 3743.83, "end": 3744.45, "word": " 2.", "probability": 0.87890625}, {"start": 3747.39, "end": 3748.07, "word": " At", "probability": 0.188232421875}, {"start": 3748.07, "end": 3749.01, "word": " Q", "probability": 0.87451171875}, {"start": 3749.01, "end": 3749.71, "word": " equals", "probability": 0.8916015625}, {"start": 3749.71, "end": 3750.05, "word": " 2", "probability": 0.91796875}, {"start": 3750.05, "end": 3750.37, "word": " here,", "probability": 0.311767578125}, {"start": 3750.91, "end": 3753.05, "word": " it's", "probability": 0.5086669921875}, {"start": 3753.05, "end": 3753.05, "word": " as", "probability": 0.3427734375}, {"start": 3753.05, "end": 3753.21, "word": " if", "probability": 0.9306640625}, {"start": 3753.21, "end": 3753.41, "word": " it's", "probability": 0.37744140625}, {"start": 3753.41, "end": 3753.47, "word": " telling", "probability": 0.427001953125}, {"start": 3753.47, "end": 3753.69, "word": " you", "probability": 0.8515625}, {"start": 3753.69, "end": 3753.87, "word": " that", "probability": 0.453857421875}, {"start": 3753.87, "end": 3753.97, "word": " this", "probability": 0.728515625}, {"start": 3753.97, "end": 3754.05, "word": " is", "probability": 0.76171875}, {"start": 3754.05, "end": 3754.07, "word": " the", "probability": 0.53369140625}, {"start": 3754.07, "end": 3754.79, "word": " equilibrium", "probability": 0.736328125}, {"start": 3754.79, "end": 3755.03, "word": " point.", "probability": 0.40625}, {"start": 3758.69, "end": 3758.87, "word": " Yes,", "probability": 0.459716796875}, {"start": 3758.97, "end": 3758.97, "word": " it's", "probability": 0.489501953125}, {"start": 3758.97, "end": 3758.97, "word": " very", "probability": 0.35546875}, {"start": 3758.97, "end": 3759.29, "word": " possible.", "probability": 0.79833984375}, {"start": 3759.91, "end": 3760.59, "word": " We", "probability": 0.52734375}, {"start": 3760.59, "end": 3760.63, "word": " might", "probability": 0.454833984375}, {"start": 3760.63, "end": 3760.69, "word": " have", "probability": 0.70751953125}, {"start": 3760.69, "end": 3760.97, "word": " put", "probability": 0.2491455078125}, {"start": 3760.97, "end": 3761.07, "word": " the", "probability": 0.54833984375}, {"start": 3761.07, "end": 3761.25, "word": " numbers", "probability": 0.630859375}, {"start": 3761.25, "end": 3761.51, "word": " wrong.", "probability": 0.483642578125}], "temperature": 1.0}, {"id": 133, "seek": 379019, "start": 3762.63, "end": 3790.19, "text": " Because the truth is, I put the question that I found. I mean, with Abu Hamza, one minute. All right? I mean, I didn't take actual data and worked on it. Maybe you saw Abu Hamza less than a second ago. That's how I put the question that dealt with the important idea. All right? If I didn't find, for example, data in the ATC, the original numbers would be correct. All right? I mean, if I took actual data, things would turn out right.", "tokens": [1436, 264, 3494, 307, 11, 286, 829, 264, 1168, 300, 286, 1352, 13, 286, 914, 11, 365, 26874, 8234, 2394, 11, 472, 3456, 13, 1057, 558, 30, 286, 914, 11, 286, 994, 380, 747, 3539, 1412, 293, 2732, 322, 309, 13, 2704, 291, 1866, 26874, 8234, 2394, 1570, 813, 257, 1150, 2057, 13, 663, 311, 577, 286, 829, 264, 1168, 300, 15991, 365, 264, 1021, 1558, 13, 1057, 558, 30, 759, 286, 994, 380, 915, 11, 337, 1365, 11, 1412, 294, 264, 8872, 34, 11, 264, 3380, 3547, 576, 312, 3006, 13, 1057, 558, 30, 286, 914, 11, 498, 286, 1890, 3539, 1412, 11, 721, 576, 1261, 484, 558, 13], "avg_logprob": -0.3902027145162359, "compression_ratio": 1.748, "no_speech_prob": 4.76837158203125e-07, "words": [{"start": 3762.6299999999997, "end": 3763.0299999999997, "word": " Because", "probability": 0.478759765625}, {"start": 3763.0299999999997, "end": 3763.43, "word": " the", "probability": 0.411376953125}, {"start": 3763.43, "end": 3763.55, 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This is MC, VC, and ATC. It's not necessary.", "tokens": [1711, 15625, 11, 577, 709, 307, 264, 3217, 9324, 293, 3217, 2063, 30, 639, 307, 8797, 11, 41922, 11, 293, 8872, 34, 13, 467, 311, 406, 4818, 13], "avg_logprob": -0.3095366297097042, "compression_ratio": 1.0918367346938775, "no_speech_prob": 0.0, "words": [{"start": 3794.39, "end": 3795.79, "word": " At", "probability": 0.0555419921875}, {"start": 3795.79, "end": 3797.19, "word": " equilibrium,", "probability": 0.95068359375}, {"start": 3797.59, "end": 3797.87, "word": " how", "probability": 0.93701171875}, {"start": 3797.87, "end": 3798.23, "word": " much", "probability": 0.9287109375}, {"start": 3798.23, "end": 3798.49, "word": " is", "probability": 0.93310546875}, {"start": 3798.49, "end": 3798.61, "word": " the", "probability": 0.9072265625}, {"start": 3798.61, "end": 3798.85, "word": " total", "probability": 0.9033203125}, {"start": 3798.85, "end": 3799.21, "word": " revenue", "probability": 0.888671875}, {"start": 3799.21, "end": 3800.23, "word": " and", "probability": 0.7734375}, {"start": 3800.23, "end": 3800.57, "word": " total", "probability": 0.8525390625}, {"start": 3800.57, "end": 3801.05, "word": " cost?", "probability": 0.92138671875}, {"start": 3803.45, "end": 3804.85, "word": " This", "probability": 0.463623046875}, {"start": 3804.85, "end": 3806.49, "word": " is", "probability": 0.9345703125}, {"start": 3806.49, "end": 3807.03, "word": " MC,", "probability": 0.61669921875}, {"start": 3808.39, "end": 3809.31, "word": " VC,", "probability": 0.62255859375}, {"start": 3810.05, "end": 3810.51, "word": " and", "probability": 0.92724609375}, {"start": 3810.51, "end": 3811.31, "word": " ATC.", "probability": 0.917724609375}, {"start": 3814.11, "end": 3815.51, "word": " It's", "probability": 0.77099609375}, {"start": 3815.51, "end": 3816.27, "word": " not", "probability": 0.93798828125}, {"start": 3816.27, "end": 3819.39, "word": " necessary.", "probability": 0.94873046875}], "temperature": 1.0}, {"id": 135, "seek": 384667, "start": 3820.33, "end": 3846.67, "text": " At equilibrium, there should be a break-even. There could be a loss, there could be profits, or something like that. Is that right or not? Okay, the question is, at equilibrium here, how much is total revenue, total cost, total profits? 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How much is total revenue or total profits?", "tokens": [412, 15625, 11275, 13, 1012, 709, 307, 3217, 9324, 420, 3217, 17982, 30], "avg_logprob": -0.27594864794186186, "compression_ratio": 0.9857142857142858, "no_speech_prob": 0.0, "words": [{"start": 3854.6699999999996, "end": 3855.99, "word": " at", "probability": 0.385009765625}, {"start": 3855.99, "end": 3857.31, "word": " equilibrium", "probability": 0.96533203125}, {"start": 3857.31, "end": 3857.97, "word": " quantity.", "probability": 0.9541015625}, {"start": 3858.55, "end": 3859.59, "word": " How", "probability": 0.9599609375}, {"start": 3859.59, "end": 3860.07, "word": " much", "probability": 0.9208984375}, {"start": 3860.07, "end": 3863.25, "word": " is", "probability": 0.90771484375}, {"start": 3863.25, "end": 3865.83, "word": " total", "probability": 0.8603515625}, {"start": 3865.83, "end": 3866.33, "word": " revenue", "probability": 0.91162109375}, {"start": 3866.33, "end": 3867.47, "word": " or", "probability": 0.375732421875}, {"start": 3867.47, "end": 3867.77, "word": " total", "probability": 0.87158203125}, {"start": 3867.77, "end": 3868.13, "word": " profits?", "probability": 0.9462890625}], "temperature": 1.0}, {"id": 137, "seek": 389977, "start": 3872.47, "end": 3899.77, "text": " We say total profits equals total revenue minus total cost. In other words, Q is equal to 2. How much is total revenue, total cost, total profits? Total revenue is equal to price times quantity. Total revenue is equal to price times quantity. Total revenue is equal to price times quantity. Total revenue is equal to price times quantity. Total revenue is equal to price times quantity. Total revenue is equal to price times quantity. Total revenue is equal to price times quantity. Total revenue is equal to price times quantity. Total revenue is equal to price times quantity. Total revenue is equal to price times quantity. Total revenue is equal to price times quantity. Total revenue is equal to price times quantity. Total revenue is equal to price times quantity. Total revenue is equal to price times quantity. Total revenue is equal to price times quantity. Total revenue is equal to price times quantity. Total revenue is equal to price times quantity. Total revenue is equal to price times quantity. Total revenue is equal to price times quantity. Total revenue is equal to price times quantity. Total revenue is equal to price times quantity. 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profits? Total revenue equals the price 14 times 2 equals 28. This is the total revenue.", "tokens": [1012, 709, 307, 264, 3217, 17982, 30, 23170, 9324, 6915, 264, 3218, 3499, 1413, 568, 6915, 7562, 13, 639, 307, 264, 3217, 9324, 13], "avg_logprob": -0.5356249809265137, "compression_ratio": 1.247191011235955, "no_speech_prob": 0.0, "words": [{"start": 3902.19, "end": 3902.61, "word": " How", "probability": 0.2218017578125}, {"start": 3902.61, "end": 3902.61, "word": " much", "probability": 0.865234375}, {"start": 3902.61, "end": 3902.77, "word": " is", "probability": 0.69189453125}, {"start": 3902.77, "end": 3902.93, "word": " the", "probability": 0.81689453125}, {"start": 3902.93, "end": 3903.17, "word": " total", "probability": 0.85546875}, {"start": 3903.17, "end": 3903.51, "word": " profits?", "probability": 0.50927734375}, {"start": 3905.85, "end": 3906.69, "word": " Total", "probability": 0.193603515625}, {"start": 3906.69, "end": 3908.43, "word": " revenue", "probability": 0.6318359375}, {"start": 3908.43, "end": 3918.73, "word": " equals", "probability": 0.57080078125}, {"start": 3918.73, "end": 3919.01, "word": " the", "probability": 0.58837890625}, {"start": 3919.01, "end": 3919.29, "word": " price", "probability": 0.798828125}, {"start": 3919.29, "end": 3921.73, "word": " 14", "probability": 0.2076416015625}, {"start": 3921.73, "end": 3923.33, "word": " times", "probability": 0.60009765625}, {"start": 3923.33, "end": 3925.15, "word": " 2", "probability": 0.2257080078125}, {"start": 3925.15, "end": 3925.71, "word": " equals", "probability": 0.43359375}, {"start": 3925.71, "end": 3926.65, "word": " 28.", "probability": 0.9072265625}, {"start": 3927.31, "end": 3928.15, "word": " This", "probability": 0.38134765625}, {"start": 3928.15, "end": 3928.17, "word": " is", "probability": 0.92919921875}, {"start": 3928.17, "end": 3928.23, "word": " the", "probability": 0.65478515625}, {"start": 3928.23, "end": 3928.43, "word": " total", "probability": 0.87158203125}, {"start": 3928.43, "end": 3928.75, "word": " revenue.", "probability": 0.8681640625}], "temperature": 1.0}, {"id": 139, "seek": 395749, "start": 3932.55, "end": 3957.49, "text": " Total cost equals total revenue minus total cost. How much is the total profits?", "tokens": [23170, 2063, 6915, 3217, 9324, 3175, 3217, 2063, 13, 1012, 709, 307, 264, 3217, 17982, 30], "avg_logprob": -0.3772977941176471, "compression_ratio": 1.1408450704225352, "no_speech_prob": 0.0, "words": [{"start": 3932.5499999999997, "end": 3933.41, "word": " Total", "probability": 0.5458984375}, {"start": 3933.41, "end": 3933.85, "word": " cost", "probability": 0.6201171875}, {"start": 3933.85, "end": 3934.93, "word": " equals", "probability": 0.55029296875}, {"start": 3934.93, "end": 3949.01, "word": " total", "probability": 0.2021484375}, {"start": 3949.01, "end": 3949.83, "word": " revenue", "probability": 0.537109375}, {"start": 3949.83, "end": 3952.63, "word": " minus", "probability": 0.94189453125}, {"start": 3952.63, "end": 3952.93, "word": " total", "probability": 0.77734375}, {"start": 3952.93, "end": 3953.19, "word": " cost.", "probability": 0.7236328125}, {"start": 3953.61, "end": 3953.73, "word": " How", "probability": 0.50634765625}, {"start": 3953.73, "end": 3954.01, "word": " much", "probability": 0.927734375}, {"start": 3954.01, "end": 3955.83, "word": " is", "probability": 0.93359375}, {"start": 3955.83, "end": 3956.71, "word": " the", "probability": 0.75439453125}, {"start": 3956.71, "end": 3957.09, "word": " total", "probability": 0.8876953125}, {"start": 3957.09, "end": 3957.49, "word": " profits?", "probability": 0.80224609375}], "temperature": 1.0}, {"id": 140, "seek": 398366, "start": 3960.34, "end": 3983.66, "text": " We say total profits equals total revenue minus total cost. So you have two here. At Q equals 2. How much is the total revenue? We calculated it as 28. Total cost is 66. How much is the total profits, total revenue minus total cost? It turns out to be half. So the price is correct. It came here.", "tokens": [492, 584, 3217, 17982, 6915, 3217, 9324, 3175, 3217, 2063, 13, 407, 291, 362, 732, 510, 13, 1711, 1249, 6915, 568, 13, 1012, 709, 307, 264, 3217, 9324, 30, 492, 15598, 309, 382, 7562, 13, 23170, 2063, 307, 21126, 13, 1012, 709, 307, 264, 3217, 17982, 11, 3217, 9324, 3175, 3217, 2063, 30, 467, 4523, 484, 281, 312, 1922, 13, 407, 264, 3218, 307, 3006, 13, 467, 1361, 510, 13], "avg_logprob": -0.4779929678205033, "compression_ratio": 1.757396449704142, "no_speech_prob": 0.0, "words": [{"start": 3960.34, "end": 3960.52, "word": " We", "probability": 0.12939453125}, {"start": 3960.52, "end": 3960.66, "word": " say", "probability": 0.61962890625}, {"start": 3960.66, "end": 3960.92, "word": " total", "probability": 0.31298828125}, {"start": 3960.92, "end": 3961.26, "word": " profits", "probability": 0.6875}, {"start": 3961.26, "end": 3961.7, "word": " equals", "probability": 0.65283203125}, {"start": 3961.7, "end": 3962.04, "word": " total", "probability": 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"probability": 0.85205078125}, {"start": 3981.8, "end": 3982.18, "word": " correct.", "probability": 0.75341796875}, {"start": 3982.38, "end": 3983.02, "word": " It", "probability": 0.55322265625}, {"start": 3983.02, "end": 3983.3, "word": " came", "probability": 0.217041015625}, {"start": 3983.3, "end": 3983.66, "word": " here.", "probability": 0.61328125}], "temperature": 1.0}, {"id": 141, "seek": 401444, "start": 3985.5, "end": 4014.44, "text": " Below ATC. How much is ATC with TC? Sorry, ATC. Yes. How much is ATC? At 2, 33. At equilibrium, how much is ATC?", "tokens": [36261, 8872, 34, 13, 1012, 709, 307, 8872, 34, 365, 34150, 30, 4919, 11, 8872, 34, 13, 1079, 13, 1012, 709, 307, 8872, 34, 30, 1711, 568, 11, 11816, 13, 1711, 15625, 11, 577, 709, 307, 8872, 34, 30], "avg_logprob": -0.3107421912252903, "compression_ratio": 1.3614457831325302, "no_speech_prob": 0.0, "words": [{"start": 3985.5, "end": 3985.88, "word": " Below", "probability": 0.6318359375}, {"start": 3985.88, "end": 3986.5, "word": " ATC.", "probability": 0.7193603515625}, {"start": 3987.82, "end": 3988.34, "word": " How", "probability": 0.93798828125}, {"start": 3988.34, "end": 3988.64, "word": " much", "probability": 0.93017578125}, {"start": 3988.64, "end": 3988.98, "word": " is", "probability": 0.939453125}, {"start": 3988.98, "end": 3989.78, "word": " ATC", "probability": 0.851806640625}, {"start": 3989.78, "end": 3990.06, "word": " with", "probability": 0.81494140625}, {"start": 3990.06, "end": 3990.42, "word": " TC?", "probability": 0.93701171875}, {"start": 3991.08, "end": 3991.38, "word": " Sorry,", "probability": 0.7197265625}, {"start": 3991.48, "end": 3991.9, "word": " ATC.", "probability": 0.885498046875}, {"start": 3992.18, "end": 3992.18, "word": " Yes.", "probability": 0.6962890625}, {"start": 3992.84, "end": 3993.5, "word": " How", "probability": 0.9638671875}, {"start": 3993.5, "end": 3993.7, "word": " much", "probability": 0.92041015625}, {"start": 3993.7, "end": 3993.92, "word": " is", "probability": 0.947265625}, {"start": 3993.92, "end": 3994.5, "word": " ATC?", "probability": 0.929443359375}, {"start": 3996.72, "end": 3997.76, "word": " At", "probability": 0.65380859375}, {"start": 3997.76, "end": 3998.04, "word": " 2,", "probability": 0.364013671875}, {"start": 3998.2, "end": 3998.94, "word": " 33.", "probability": 0.84130859375}, {"start": 4002.12, "end": 4003.16, "word": " At", "probability": 0.076416015625}, {"start": 4003.16, "end": 4010.72, "word": " equilibrium,", "probability": 0.44482421875}, {"start": 4011.28, "end": 4011.44, "word": " how", "probability": 0.23681640625}, {"start": 4011.44, "end": 4012.38, "word": " much", "probability": 0.923828125}, {"start": 4012.38, "end": 4012.84, "word": " is", "probability": 0.943359375}, {"start": 4012.84, "end": 4014.44, "word": " ATC?", "probability": 0.884521484375}], "temperature": 1.0}, {"id": 142, "seek": 404361, "start": 4015.35, "end": 4043.61, "text": " If this is all, I don't want this whole table. Why did I bring formulas to look at them? At equilibrium, how much is AVC? Away from this table. I want to erase this whole table. I want to say at equilibrium, calculate or how much is ATC, AVC, AFC, MC,", "tokens": [759, 341, 307, 439, 11, 286, 500, 380, 528, 341, 1379, 3199, 13, 1545, 630, 286, 1565, 30546, 281, 574, 412, 552, 30, 1711, 15625, 11, 577, 709, 307, 30198, 34, 30, 36957, 490, 341, 3199, 13, 286, 528, 281, 23525, 341, 1379, 3199, 13, 286, 528, 281, 584, 412, 15625, 11, 8873, 420, 577, 709, 307, 8872, 34, 11, 30198, 34, 11, 316, 18671, 11, 8797, 11], "avg_logprob": -0.4501811628756316, "compression_ratio": 1.5949367088607596, "no_speech_prob": 0.0, "words": [{"start": 4015.35, "end": 4015.59, "word": " If", "probability": 0.51171875}, {"start": 4015.59, "end": 4015.81, "word": " this", "probability": 0.1546630859375}, {"start": 4015.81, "end": 4015.85, "word": " is", "probability": 0.394287109375}, {"start": 4015.85, "end": 4015.97, "word": " all,", "probability": 0.43310546875}, {"start": 4016.01, "end": 4016.17, "word": " I", "probability": 0.5205078125}, {"start": 4016.17, "end": 4016.19, "word": " don't", "probability": 0.7666015625}, {"start": 4016.19, "end": 4016.43, "word": " want", "probability": 0.5185546875}, {"start": 4016.43, "end": 4016.63, "word": " this", "probability": 0.469482421875}, {"start": 4016.63, "end": 4016.87, "word": " whole", "probability": 0.31298828125}, {"start": 4016.87, "end": 4016.87, "word": " table.", "probability": 0.6728515625}, {"start": 4017.85, "end": 4018.19, "word": " Why", "probability": 0.56201171875}, {"start": 4018.19, "end": 4018.19, "word": " did", "probability": 0.85400390625}, {"start": 4018.19, "end": 4018.23, "word": " I", "probability": 0.89990234375}, {"start": 4018.23, "end": 4018.33, "word": " bring", "probability": 0.56396484375}, {"start": 4018.33, "end": 4018.77, "word": " formulas", "probability": 0.5068359375}, {"start": 4018.77, "end": 4019.05, "word": " to", "probability": 0.307373046875}, {"start": 4019.05, "end": 4019.39, "word": " look", "probability": 0.23095703125}, {"start": 4019.39, "end": 4019.55, "word": " at", "probability": 0.7529296875}, {"start": 4019.55, "end": 4019.77, "word": " them?", "probability": 0.6630859375}, {"start": 4020.57, "end": 4021.19, "word": " At", "probability": 0.440673828125}, {"start": 4021.19, "end": 4022.03, "word": " equilibrium,", "probability": 0.88525390625}, {"start": 4022.87, "end": 4023.15, "word": " how", "probability": 0.88232421875}, {"start": 4023.15, "end": 4023.51, "word": " much", "probability": 0.9248046875}, {"start": 4023.51, "end": 4023.91, "word": " is", "probability": 0.9306640625}, {"start": 4023.91, "end": 4024.67, "word": " AVC?", "probability": 0.6861572265625}, {"start": 4025.31, "end": 4025.69, "word": " Away", "probability": 0.3291015625}, {"start": 4025.69, "end": 4025.93, "word": " from", "probability": 0.88134765625}, {"start": 4025.93, "end": 4026.01, "word": " this", "probability": 0.88720703125}, {"start": 4026.01, "end": 4026.29, "word": " table.", "probability": 0.705078125}, {"start": 4026.49, "end": 4026.69, "word": " I", "probability": 0.339111328125}, {"start": 4026.69, "end": 4026.81, "word": " want", "probability": 0.57421875}, {"start": 4026.81, "end": 4026.91, "word": " to", "probability": 0.96533203125}, {"start": 4026.91, "end": 4027.05, "word": " erase", "probability": 0.47119140625}, {"start": 4027.05, "end": 4027.21, "word": " this", "probability": 0.5615234375}, {"start": 4027.21, "end": 4027.79, "word": " whole", "probability": 0.50439453125}, {"start": 4027.79, "end": 4027.79, "word": " table.", "probability": 0.81982421875}, {"start": 4033.27, "end": 4033.89, "word": " I", "probability": 0.6875}, {"start": 4033.89, "end": 4033.99, "word": " want", "probability": 0.64453125}, {"start": 4033.99, "end": 4034.05, "word": " to", "probability": 0.97314453125}, {"start": 4034.05, "end": 4034.15, "word": " say", "probability": 0.93017578125}, {"start": 4034.15, "end": 4034.45, "word": " at", "probability": 0.640625}, {"start": 4034.45, "end": 4035.11, "word": " equilibrium,", "probability": 0.958984375}, {"start": 4035.57, "end": 4038.05, "word": " calculate", "probability": 0.79052734375}, {"start": 4038.05, "end": 4038.63, "word": " or", "probability": 0.4619140625}, {"start": 4038.63, "end": 4038.83, "word": " how", "probability": 0.8701171875}, {"start": 4038.83, "end": 4039.15, "word": " much", "probability": 0.921875}, {"start": 4039.15, "end": 4039.53, "word": " is", "probability": 0.939453125}, {"start": 4039.53, "end": 4040.29, "word": " ATC,", "probability": 0.872314453125}, {"start": 4040.75, "end": 4041.55, "word": " AVC,", "probability": 0.95751953125}, {"start": 4041.95, "end": 4042.47, "word": " AFC,", "probability": 0.798095703125}, {"start": 4043.19, "end": 4043.61, "word": " MC,", "probability": 0.93017578125}], "temperature": 1.0}, {"id": 143, "seek": 405855, "start": 4045.41, "end": 4058.55, "text": "Total profits. How much is total profits?", "tokens": [51, 38180, 17982, 13, 1012, 709, 307, 3217, 17982, 30], "avg_logprob": -0.5433238636363636, "compression_ratio": 1.0512820512820513, "no_speech_prob": 0.0, "words": [{"start": 4045.41, "end": 4045.77, "word": "Total", "probability": 0.615966796875}, {"start": 4045.77, "end": 4046.25, "word": " profits.", "probability": 0.5029296875}, {"start": 4047.45, "end": 4048.29, "word": " How", "probability": 0.22216796875}, {"start": 4048.29, "end": 4057.49, "word": " much", "probability": 0.89892578125}, {"start": 4057.49, "end": 4057.81, "word": " is", "probability": 0.896484375}, {"start": 4057.81, "end": 4058.13, "word": " total", "probability": 0.7607421875}, {"start": 4058.13, "end": 4058.55, "word": " profits?", "probability": 0.79736328125}], "temperature": 1.0}, {"id": 144, "seek": 409330, "start": 4067.62, "end": 4093.3, "text": " How much is Avc or Atc? How much is Atc? Calculate Atc. What is this function? This is Atc. What will Atc do? Atc equals Tc over Q, right? Then the Atc function equals Tc over Q, which equals", "tokens": [1012, 709, 307, 11667, 66, 420, 1711, 66, 30, 1012, 709, 307, 1711, 66, 30, 3511, 2444, 473, 1711, 66, 13, 708, 307, 341, 2445, 30, 639, 307, 1711, 66, 13, 708, 486, 1711, 66, 360, 30, 1711, 66, 6915, 314, 66, 670, 1249, 11, 558, 30, 1396, 264, 1711, 66, 2445, 6915, 314, 66, 670, 1249, 11, 597, 6915], "avg_logprob": -0.34195696721311475, "compression_ratio": 1.5483870967741935, "no_speech_prob": 0.0, "words": [{"start": 4067.62, "end": 4068.5, "word": " How", "probability": 0.200927734375}, {"start": 4068.5, "end": 4069.38, "word": " much", "probability": 0.90576171875}, {"start": 4069.38, "end": 4069.78, "word": " is", "probability": 0.8955078125}, {"start": 4069.78, "end": 4070.76, "word": " Avc", "probability": 0.5308837890625}, {"start": 4070.76, "end": 4071.2, "word": " or", "probability": 0.779296875}, {"start": 4071.2, "end": 4071.82, "word": " Atc?", "probability": 0.9521484375}, {"start": 4072.2, "end": 4072.7, "word": " How", "probability": 0.41650390625}, {"start": 4072.7, "end": 4072.96, "word": " much", "probability": 0.91748046875}, {"start": 4072.96, "end": 4073.26, "word": " is", "probability": 0.61083984375}, {"start": 4073.26, "end": 4073.82, "word": " Atc?", "probability": 0.9423828125}, {"start": 4073.9, "end": 4074.46, "word": " Calculate", "probability": 0.9366861979166666}, {"start": 4074.46, "end": 4076.2, "word": " Atc.", "probability": 0.936767578125}, {"start": 4080.18, "end": 4081.06, "word": " What", "probability": 0.8125}, {"start": 4081.06, "end": 4081.18, "word": " is", "probability": 0.5458984375}, {"start": 4081.18, "end": 4081.3, "word": " this", "probability": 0.3486328125}, {"start": 4081.3, "end": 4081.58, "word": " function?", "probability": 0.9599609375}, {"start": 4082.24, "end": 4083.12, "word": " This", "probability": 0.65576171875}, {"start": 4083.12, "end": 4083.14, "word": " is", "probability": 0.8798828125}, {"start": 4083.14, "end": 4083.62, "word": " Atc.", "probability": 0.892578125}, {"start": 4084.06, "end": 4084.5, "word": " What", "probability": 0.444091796875}, {"start": 4084.5, "end": 4084.5, "word": " will", "probability": 0.27734375}, {"start": 4084.5, "end": 4084.94, "word": " Atc", "probability": 0.963134765625}, {"start": 4084.94, "end": 4085.56, "word": " do?", "probability": 0.541015625}, {"start": 4085.74, "end": 4086.32, "word": " Atc", "probability": 0.6436767578125}, {"start": 4086.32, "end": 4086.32, "word": " equals", "probability": 0.31298828125}, {"start": 4086.32, "end": 4087.12, "word": " Tc", "probability": 0.712890625}, {"start": 4087.12, "end": 4087.4, "word": " over", "probability": 0.83984375}, {"start": 4087.4, "end": 4087.72, "word": " Q,", "probability": 0.6171875}, {"start": 4088.06, "end": 4088.56, "word": " right?", "probability": 0.716796875}, {"start": 4088.8, "end": 4089.06, "word": " Then", "probability": 0.427490234375}, {"start": 4089.06, "end": 4089.28, "word": " the", "probability": 0.3681640625}, {"start": 4089.28, "end": 4090.06, "word": " Atc", "probability": 0.955322265625}, {"start": 4090.06, "end": 4090.44, "word": " function", "probability": 0.9345703125}, {"start": 4090.44, "end": 4090.88, "word": " equals", "probability": 0.83056640625}, {"start": 4090.88, "end": 4091.7, "word": " Tc", "probability": 0.967529296875}, {"start": 4091.7, "end": 4092.0, "word": " over", "probability": 0.91845703125}, {"start": 4092.0, "end": 4092.34, "word": " Q,", "probability": 0.98974609375}, {"start": 4092.6, "end": 4092.76, "word": " which", "probability": 0.947265625}, {"start": 4092.76, "end": 4093.3, "word": " equals", "probability": 0.873046875}], "temperature": 1.0}, {"id": 145, "seek": 411514, "start": 4094.38, "end": 4115.14, "text": "50 over Q plus 3Q. Q squared over Q is Q. 3Q squared over Q plus 2Q over Q is ATC. So ATC", "tokens": [2803, 670, 1249, 1804, 805, 48, 13, 1249, 8889, 670, 1249, 307, 1249, 13, 805, 48, 8889, 670, 1249, 1804, 568, 48, 670, 1249, 307, 316, 18238, 13, 407, 8872, 34], "avg_logprob": -0.39990235213190317, "compression_ratio": 1.5084745762711864, "no_speech_prob": 0.0, "words": [{"start": 4094.38, "end": 4094.96, "word": "50", "probability": 0.58203125}, {"start": 4094.96, "end": 4096.16, "word": " over", "probability": 0.67138671875}, {"start": 4096.16, "end": 4096.58, "word": " Q", "probability": 0.52734375}, {"start": 4096.58, "end": 4099.26, "word": " plus", "probability": 0.426025390625}, {"start": 4099.26, "end": 4101.48, "word": " 3Q.", "probability": 0.77783203125}, {"start": 4102.08, "end": 4103.12, "word": " Q", "probability": 0.72314453125}, {"start": 4103.12, "end": 4103.38, "word": " squared", "probability": 0.5615234375}, {"start": 4103.38, "end": 4103.66, "word": " over", "probability": 0.9033203125}, {"start": 4103.66, "end": 4104.16, "word": " Q", "probability": 0.9736328125}, {"start": 4104.16, "end": 4104.56, "word": " is", "probability": 0.321044921875}, {"start": 4104.56, "end": 4104.8, "word": " Q.", "probability": 0.57470703125}, {"start": 4105.58, "end": 4106.62, "word": " 3Q", "probability": 0.734375}, {"start": 4106.62, "end": 4107.16, "word": " squared", "probability": 0.837890625}, {"start": 4107.16, "end": 4107.64, "word": " over", "probability": 0.92724609375}, {"start": 4107.64, "end": 4108.12, "word": " Q", "probability": 0.994140625}, {"start": 4108.12, "end": 4109.44, "word": " plus", "probability": 0.92529296875}, {"start": 4109.44, "end": 4110.18, "word": " 2Q", "probability": 0.97509765625}, {"start": 4110.18, "end": 4110.5, "word": " over", "probability": 0.9189453125}, {"start": 4110.5, "end": 4110.88, "word": " Q", "probability": 0.99853515625}, {"start": 4110.88, "end": 4111.36, "word": " is", "probability": 0.50732421875}, {"start": 4111.36, "end": 4111.72, "word": " ATC.", "probability": 0.55029296875}, {"start": 4113.38, "end": 4114.42, "word": " So", "probability": 0.498291015625}, {"start": 4114.42, "end": 4115.14, "word": " ATC", "probability": 0.7210693359375}], "temperature": 1.0}, {"id": 146, "seek": 414460, "start": 4116.71, "end": 4144.61, "text": " Equals 50 over Q plus 3Q plus 2. This is the function I'm working on. At equilibrium, Q equals what? Two. So, ATC at equilibrium. ATC equals 50 over Q2, which is at equilibrium.", "tokens": [15624, 1124, 2625, 670, 1249, 1804, 805, 48, 1804, 568, 13, 639, 307, 264, 2445, 286, 478, 1364, 322, 13, 1711, 15625, 11, 1249, 6915, 437, 30, 4453, 13, 407, 11, 8872, 34, 412, 15625, 13, 8872, 34, 6915, 2625, 670, 1249, 17, 11, 597, 307, 412, 15625, 13], "avg_logprob": -0.27859375953674315, "compression_ratio": 1.4126984126984128, "no_speech_prob": 0.0, "words": [{"start": 4116.71, "end": 4117.27, "word": " Equals", "probability": 0.6749267578125}, {"start": 4117.27, "end": 4117.95, "word": " 50", "probability": 0.7900390625}, {"start": 4117.95, "end": 4118.45, "word": " over", "probability": 0.85009765625}, {"start": 4118.45, "end": 4118.89, "word": " Q", "probability": 0.7099609375}, {"start": 4118.89, "end": 4119.95, "word": " plus", "probability": 0.86279296875}, {"start": 4119.95, "end": 4121.43, "word": " 3Q", "probability": 0.860595703125}, {"start": 4121.43, "end": 4122.79, "word": " plus", "probability": 0.93603515625}, {"start": 4122.79, "end": 4123.15, "word": " 2.", "probability": 0.865234375}, {"start": 4123.49, "end": 4123.49, "word": " This", "probability": 0.334716796875}, {"start": 4123.49, "end": 4123.59, "word": " is", "probability": 0.7939453125}, {"start": 4123.59, "end": 4123.59, "word": " the", "probability": 0.8251953125}, {"start": 4123.59, "end": 4123.89, "word": " function", "probability": 0.87060546875}, {"start": 4123.89, "end": 4124.23, "word": " I'm", "probability": 0.4083251953125}, {"start": 4124.23, "end": 4124.25, "word": " working", "probability": 0.75732421875}, {"start": 4124.25, "end": 4124.43, "word": " on.", "probability": 0.87353515625}, {"start": 4125.03, "end": 4125.81, "word": " At", "probability": 0.9482421875}, {"start": 4125.81, "end": 4126.51, "word": " equilibrium,", "probability": 0.91845703125}, {"start": 4127.21, "end": 4128.69, "word": " Q", "probability": 0.982421875}, {"start": 4128.69, "end": 4129.05, "word": " equals", "probability": 0.80322265625}, {"start": 4129.05, "end": 4129.25, "word": " what?", "probability": 0.30078125}, {"start": 4129.95, "end": 4130.91, "word": " Two.", "probability": 0.658203125}, {"start": 4131.23, "end": 4131.51, "word": " So,", "probability": 0.81005859375}, {"start": 4131.71, "end": 4132.17, "word": " ATC", "probability": 0.7041015625}, {"start": 4132.17, "end": 4133.79, "word": " at", "probability": 0.716796875}, {"start": 4133.79, "end": 4135.29, "word": " equilibrium.", "probability": 0.953125}, {"start": 4137.93, "end": 4138.61, "word": " ATC", "probability": 0.939208984375}, {"start": 4138.61, "end": 4140.63, "word": " equals", "probability": 0.91943359375}, {"start": 4140.63, "end": 4141.41, "word": " 50", "probability": 0.9609375}, {"start": 4141.41, "end": 4142.05, "word": " over", "probability": 0.9140625}, {"start": 4142.05, "end": 4143.51, "word": " Q2,", "probability": 0.88037109375}, {"start": 4143.59, "end": 4143.77, "word": " which", "probability": 0.66748046875}, {"start": 4143.77, "end": 4143.79, "word": " is", "probability": 0.85888671875}, {"start": 4143.79, "end": 4144.13, "word": " at", "probability": 0.8193359375}, {"start": 4144.13, "end": 4144.61, "word": " equilibrium.", "probability": 0.95849609375}], "temperature": 1.0}, {"id": 147, "seek": 417407, "start": 4147.15, "end": 4174.07, "text": " Plus 3 times 2 plus 2. So ATC at equilibrium equals 25 plus 6 plus 2 equals how much? This is ATC. So ATC is bigger than the price. The equilibrium price is how much? 14. And ATC is higher than it.", "tokens": [7721, 805, 1413, 568, 1804, 568, 13, 407, 8872, 34, 412, 15625, 6915, 3552, 1804, 1386, 1804, 568, 6915, 577, 709, 30, 639, 307, 8872, 34, 13, 407, 8872, 34, 307, 3801, 813, 264, 3218, 13, 440, 15625, 3218, 307, 577, 709, 30, 3499, 13, 400, 8872, 34, 307, 2946, 813, 309, 13], "avg_logprob": -0.2206307828978256, "compression_ratio": 1.523076923076923, "no_speech_prob": 0.0, "words": [{"start": 4147.15, "end": 4147.59, "word": " Plus", "probability": 0.580078125}, {"start": 4147.59, "end": 4148.17, "word": " 3", "probability": 0.38232421875}, {"start": 4148.17, "end": 4148.81, "word": " times", "probability": 0.81787109375}, {"start": 4148.81, "end": 4149.19, "word": " 2", "probability": 0.98388671875}, {"start": 4149.19, "end": 4149.57, "word": " plus", "probability": 0.75439453125}, {"start": 4149.57, "end": 4149.91, "word": " 2.", "probability": 0.99560546875}, {"start": 4150.55, "end": 4151.31, "word": " So", "probability": 0.9560546875}, {"start": 4151.31, "end": 4151.93, "word": " ATC", "probability": 0.76220703125}, {"start": 4151.93, "end": 4152.55, "word": " at", "probability": 0.85009765625}, {"start": 4152.55, "end": 4153.11, "word": " equilibrium", "probability": 0.9677734375}, {"start": 4153.11, "end": 4154.95, "word": " equals", "probability": 0.8935546875}, {"start": 4154.95, "end": 4155.99, "word": " 25", "probability": 0.89013671875}, {"start": 4155.99, "end": 4157.59, "word": " plus", "probability": 0.91455078125}, {"start": 4157.59, "end": 4158.01, "word": " 6", "probability": 0.9892578125}, {"start": 4158.01, "end": 4158.27, "word": " plus", "probability": 0.947265625}, {"start": 4158.27, "end": 4158.65, "word": " 2", "probability": 0.9931640625}, {"start": 4158.65, "end": 4159.09, "word": " equals", "probability": 0.81005859375}, {"start": 4159.09, "end": 4159.25, "word": " how", "probability": 0.93359375}, {"start": 4159.25, "end": 4159.59, "word": " much?", "probability": 0.92333984375}, {"start": 4162.69, "end": 4163.45, "word": " This", "probability": 0.8525390625}, {"start": 4163.45, "end": 4163.63, "word": " is", "probability": 0.95068359375}, {"start": 4163.63, "end": 4164.13, "word": " ATC.", "probability": 0.9150390625}, {"start": 4164.59, "end": 4164.87, "word": " So", "probability": 0.96044921875}, {"start": 4164.87, "end": 4165.41, "word": " ATC", "probability": 0.926025390625}, {"start": 4165.41, "end": 4165.57, "word": " is", "probability": 0.93603515625}, {"start": 4165.57, "end": 4165.81, "word": " bigger", "probability": 0.94921875}, {"start": 4165.81, "end": 4166.03, "word": " than", "probability": 0.94482421875}, {"start": 4166.03, "end": 4166.19, "word": " the", "probability": 0.92138671875}, {"start": 4166.19, "end": 4166.53, "word": " price.", "probability": 0.916015625}, {"start": 4167.55, "end": 4167.69, "word": " The", "probability": 0.7958984375}, {"start": 4167.69, "end": 4167.99, "word": " equilibrium", "probability": 0.96875}, {"start": 4167.99, "end": 4168.37, "word": " price", "probability": 0.92041015625}, {"start": 4168.37, "end": 4168.45, "word": " is", "probability": 0.302001953125}, {"start": 4168.45, "end": 4168.55, "word": " how", "probability": 0.943359375}, {"start": 4168.55, "end": 4168.87, "word": " much?", "probability": 0.919921875}, {"start": 4170.55, "end": 4171.31, "word": " 14.", "probability": 0.2218017578125}, {"start": 4172.89, "end": 4173.03, "word": " And", "probability": 0.26708984375}, {"start": 4173.03, "end": 4173.53, "word": " ATC", "probability": 0.7242431640625}, {"start": 4173.53, "end": 4173.65, "word": " is", "probability": 0.93017578125}, {"start": 4173.65, "end": 4173.81, "word": " higher", "probability": 0.58349609375}, {"start": 4173.81, "end": 4173.95, "word": " than", "probability": 0.8935546875}, {"start": 4173.95, "end": 4174.07, "word": " it.", "probability": 0.447021484375}], "temperature": 1.0}, {"id": 148, "seek": 419576, "start": 4180.54, "end": 4195.76, "text": "At equilibrium, how much is AVC? How much is AVC?", "tokens": [18684, 15625, 11, 577, 709, 307, 30198, 34, 30, 1012, 709, 307, 30198, 34, 30], "avg_logprob": -0.41748046875, "compression_ratio": 1.1136363636363635, "no_speech_prob": 0.0, "words": [{"start": 4180.540000000001, "end": 4181.9400000000005, "word": "At", "probability": 0.10107421875}, {"start": 4181.9400000000005, "end": 4183.34, "word": " equilibrium,", "probability": 0.9482421875}, {"start": 4183.8, "end": 4184.0, "word": " how", "probability": 0.8896484375}, {"start": 4184.0, "end": 4184.46, "word": " much", "probability": 0.92138671875}, {"start": 4184.46, "end": 4184.8, "word": " is", "probability": 0.92822265625}, {"start": 4184.8, "end": 4185.54, "word": " AVC?", "probability": 0.792236328125}, {"start": 4191.16, "end": 4192.56, "word": " How", "probability": 0.52490234375}, {"start": 4192.56, "end": 4194.8, "word": " much", "probability": 0.91748046875}, {"start": 4194.8, "end": 4195.02, "word": " is", "probability": 0.91748046875}, {"start": 4195.02, "end": 4195.76, "word": " AVC?", "probability": 0.935791015625}], "temperature": 1.0}, {"id": 149, "seek": 422885, "start": 4200.89, "end": 4228.85, "text": " At equilibrium, how much is AVC? At equilibrium, how much is TAVC? What is your advice to this company to keep working or to close down?", "tokens": [1711, 15625, 11, 577, 709, 307, 30198, 34, 30, 1711, 15625, 11, 577, 709, 307, 20094, 53, 34, 30, 708, 307, 428, 5192, 281, 341, 2237, 281, 1066, 1364, 420, 281, 1998, 760, 30], "avg_logprob": -0.20379464541162765, "compression_ratio": 1.37, "no_speech_prob": 0.0, "words": [{"start": 4200.89, "end": 4201.79, "word": " At", "probability": 0.1846923828125}, {"start": 4201.79, "end": 4202.69, "word": " equilibrium,", "probability": 0.9453125}, {"start": 4203.23, "end": 4203.57, "word": " how", "probability": 0.9033203125}, {"start": 4203.57, "end": 4203.97, "word": " much", "probability": 0.923828125}, {"start": 4203.97, "end": 4204.43, "word": " is", "probability": 0.9462890625}, {"start": 4204.43, "end": 4205.97, "word": " AVC?", "probability": 0.75439453125}, {"start": 4208.09, "end": 4208.35, "word": " At", "probability": 0.313232421875}, {"start": 4208.35, "end": 4210.53, "word": " equilibrium,", "probability": 0.98291015625}, {"start": 4217.93, "end": 4217.93, "word": " how", "probability": 0.60498046875}, {"start": 4217.93, "end": 4219.27, "word": " much", "probability": 0.919921875}, {"start": 4219.27, "end": 4219.73, "word": " is", "probability": 0.94287109375}, {"start": 4219.73, "end": 4221.21, "word": " TAVC?", "probability": 0.9210611979166666}, {"start": 4223.13, "end": 4224.03, "word": " What", "probability": 0.7880859375}, {"start": 4224.03, "end": 4224.39, "word": " is", "probability": 0.9228515625}, {"start": 4224.39, "end": 4224.65, "word": " your", "probability": 0.88818359375}, {"start": 4224.65, "end": 4225.29, "word": " advice", "probability": 0.9296875}, {"start": 4225.29, "end": 4225.73, "word": " to", "probability": 0.9169921875}, {"start": 4225.73, "end": 4225.95, "word": " this", "probability": 0.94677734375}, {"start": 4225.95, "end": 4226.39, "word": " company", "probability": 0.9130859375}, {"start": 4226.39, "end": 4226.95, "word": " to", "probability": 0.93359375}, {"start": 4226.95, "end": 4227.27, "word": " keep", "probability": 0.92333984375}, {"start": 4227.27, "end": 4227.67, "word": " working", "probability": 0.904296875}, {"start": 4227.67, "end": 4228.01, "word": " or", "probability": 0.95361328125}, {"start": 4228.01, "end": 4228.17, "word": " to", "probability": 0.9462890625}, {"start": 4228.17, "end": 4228.45, "word": " close", "probability": 0.82568359375}, {"start": 4228.45, "end": 4228.85, "word": " down?", "probability": 0.86474609375}], "temperature": 1.0}, {"id": 150, "seek": 425713, "start": 4230.69, "end": 4257.13, "text": " How much is A V C? A V C equals T V C over Q equals T V C three Q plus two Q.", "tokens": [1012, 709, 307, 316, 691, 383, 30, 316, 691, 383, 6915, 314, 691, 383, 670, 1249, 6915, 314, 691, 383, 1045, 1249, 1804, 732, 1249, 13], "avg_logprob": -0.37818286374763205, "compression_ratio": 1.2, "no_speech_prob": 0.0, "words": [{"start": 4230.6900000000005, "end": 4231.47, "word": " How", "probability": 0.560546875}, {"start": 4231.47, "end": 4232.25, "word": " much", "probability": 0.91943359375}, {"start": 4232.25, "end": 4232.55, "word": " is", "probability": 0.947265625}, {"start": 4232.55, "end": 4232.79, "word": " A", "probability": 0.1531982421875}, {"start": 4232.79, "end": 4232.93, "word": " V", "probability": 0.329345703125}, {"start": 4232.93, "end": 4233.21, "word": " C?", "probability": 0.75732421875}, {"start": 4233.81, "end": 4234.21, "word": " A", "probability": 0.96875}, {"start": 4234.21, "end": 4234.45, "word": " V", "probability": 0.978515625}, {"start": 4234.45, "end": 4234.67, "word": " C", "probability": 0.99462890625}, {"start": 4234.67, "end": 4236.19, "word": " equals", "probability": 0.904296875}, {"start": 4236.19, "end": 4236.47, "word": " T", "probability": 0.8037109375}, {"start": 4236.47, "end": 4236.71, "word": " V", "probability": 0.97802734375}, {"start": 4236.71, "end": 4237.07, "word": " C", "probability": 0.990234375}, {"start": 4237.07, "end": 4237.45, "word": " over", "probability": 0.88916015625}, {"start": 4237.45, "end": 4237.85, "word": " Q", "probability": 0.9365234375}, {"start": 4237.85, "end": 4242.23, "word": " equals", "probability": 0.28173828125}, {"start": 4242.23, "end": 4244.41, "word": " T", "probability": 0.63232421875}, {"start": 4244.41, "end": 4244.67, "word": " V", "probability": 0.97802734375}, {"start": 4244.67, "end": 4244.95, "word": " C", "probability": 0.99267578125}, {"start": 4244.95, "end": 4245.55, "word": " three", "probability": 0.364013671875}, {"start": 4245.55, "end": 4246.33, "word": " Q", "probability": 0.94140625}, {"start": 4246.33, "end": 4247.31, "word": " plus", "probability": 0.80908203125}, {"start": 4247.31, "end": 4248.93, "word": " two", "probability": 0.256591796875}, {"start": 4248.93, "end": 4257.13, "word": " Q.", "probability": 0.9150390625}], "temperature": 1.0}, {"id": 151, "seek": 427433, "start": 4259.11, "end": 4274.33, "text": "AVC 3Q plus 2. At equilibrium, at Q equals 2, how much is AVC? AVC equals 3 times 2 plus 2 equals 8.", "tokens": [32, 53, 34, 805, 48, 1804, 568, 13, 1711, 15625, 11, 412, 1249, 6915, 568, 11, 577, 709, 307, 30198, 34, 30, 30198, 34, 6915, 805, 1413, 568, 1804, 568, 6915, 1649, 13], "avg_logprob": -0.2079503645791727, "compression_ratio": 1.1904761904761905, "no_speech_prob": 0.0, "words": [{"start": 4259.11, "end": 4259.79, "word": "AVC", "probability": 0.81689453125}, {"start": 4259.79, "end": 4260.47, "word": " 3Q", "probability": 0.56488037109375}, {"start": 4260.47, "end": 4260.93, "word": " plus", "probability": 0.331298828125}, {"start": 4260.93, "end": 4261.25, "word": " 2.", "probability": 0.85693359375}, {"start": 4263.97, "end": 4264.65, "word": " At", "probability": 0.55419921875}, {"start": 4264.65, "end": 4265.45, "word": " equilibrium,", "probability": 0.9287109375}, {"start": 4265.77, "end": 4265.97, "word": " at", "probability": 0.88818359375}, {"start": 4265.97, "end": 4266.29, "word": " Q", "probability": 0.95703125}, {"start": 4266.29, "end": 4266.83, "word": " equals", "probability": 0.87451171875}, {"start": 4266.83, "end": 4267.15, "word": " 2,", "probability": 0.83740234375}, {"start": 4267.31, "end": 4267.45, "word": " how", "probability": 0.921875}, {"start": 4267.45, "end": 4267.71, "word": " much", "probability": 0.91943359375}, {"start": 4267.71, "end": 4267.89, "word": " is", "probability": 0.94677734375}, {"start": 4267.89, "end": 4268.49, "word": " AVC?", "probability": 0.95458984375}, {"start": 4269.35, "end": 4270.03, "word": " AVC", "probability": 0.949951171875}, {"start": 4270.03, "end": 4271.39, "word": " equals", "probability": 0.8994140625}, {"start": 4271.39, "end": 4271.73, "word": " 3", "probability": 0.79296875}, {"start": 4271.73, "end": 4272.07, "word": " times", "probability": 0.87841796875}, {"start": 4272.07, "end": 4272.37, "word": " 2", "probability": 0.9755859375}, {"start": 4272.37, "end": 4272.65, "word": " plus", "probability": 0.91748046875}, {"start": 4272.65, "end": 4273.05, "word": " 2", "probability": 0.99267578125}, {"start": 4273.05, "end": 4273.91, "word": " equals", "probability": 0.6806640625}, {"start": 4273.91, "end": 4274.33, "word": " 8.", "probability": 0.94677734375}], "temperature": 1.0}, {"id": 152, "seek": 429509, "start": 4279.09, "end": 4295.09, "text": " What is your advice in this case? Here we have a loss, an economic loss. But what is your advice to keep working or to close down? We have to compare price and AVC.", "tokens": [708, 307, 428, 5192, 294, 341, 1389, 30, 1692, 321, 362, 257, 4470, 11, 364, 4836, 4470, 13, 583, 437, 307, 428, 5192, 281, 1066, 1364, 420, 281, 1998, 760, 30, 492, 362, 281, 6794, 3218, 293, 30198, 34, 13], "avg_logprob": -0.1535823141656271, "compression_ratio": 1.3524590163934427, "no_speech_prob": 0.0, "words": [{"start": 4279.09, "end": 4279.37, "word": " What", "probability": 0.54736328125}, {"start": 4279.37, "end": 4279.63, "word": " is", "probability": 0.9296875}, {"start": 4279.63, "end": 4279.83, "word": " your", "probability": 0.89208984375}, {"start": 4279.83, "end": 4280.27, "word": " advice", "probability": 0.92626953125}, {"start": 4280.27, "end": 4280.49, "word": " in", "probability": 0.888671875}, {"start": 4280.49, "end": 4280.69, "word": " this", "probability": 0.94775390625}, {"start": 4280.69, "end": 4281.05, "word": " case?", "probability": 0.92041015625}, {"start": 4281.69, "end": 4281.93, "word": " Here", "probability": 0.7880859375}, {"start": 4281.93, "end": 4282.13, "word": " we", "probability": 0.8291015625}, {"start": 4282.13, "end": 4282.53, "word": " have", "probability": 0.9443359375}, {"start": 4282.53, "end": 4283.53, "word": " a", "probability": 0.96533203125}, {"start": 4283.53, "end": 4283.89, "word": " loss,", "probability": 0.88525390625}, {"start": 4284.59, "end": 4284.75, "word": " an", "probability": 0.9130859375}, {"start": 4284.75, "end": 4285.09, "word": " economic", "probability": 0.81689453125}, {"start": 4285.09, "end": 4285.55, "word": " loss.", "probability": 0.8623046875}, {"start": 4286.03, "end": 4286.19, "word": " But", "probability": 0.9091796875}, {"start": 4286.19, "end": 4286.39, "word": " what", "probability": 0.89599609375}, {"start": 4286.39, "end": 4286.67, "word": " is", "probability": 0.943359375}, {"start": 4286.67, "end": 4286.87, "word": " your", "probability": 0.890625}, {"start": 4286.87, "end": 4287.45, "word": " advice", "probability": 0.9267578125}, {"start": 4287.45, "end": 4287.81, "word": " to", "probability": 0.494873046875}, {"start": 4287.81, "end": 4288.09, "word": " keep", "probability": 0.92138671875}, {"start": 4288.09, "end": 4288.43, "word": " working", "probability": 0.8974609375}, {"start": 4288.43, "end": 4288.69, "word": " or", "probability": 0.9267578125}, {"start": 4288.69, "end": 4288.81, "word": " to", "probability": 0.92138671875}, {"start": 4288.81, "end": 4289.05, "word": " close", "probability": 0.85546875}, {"start": 4289.05, "end": 4289.33, "word": " down?", "probability": 0.8681640625}, {"start": 4290.69, "end": 4291.03, "word": " We", "probability": 0.9482421875}, {"start": 4291.03, "end": 4291.41, "word": " have", "probability": 0.9482421875}, {"start": 4291.41, "end": 4291.79, "word": " to", "probability": 0.97119140625}, {"start": 4291.79, "end": 4292.81, "word": " compare", "probability": 0.94091796875}, {"start": 4292.81, "end": 4294.11, "word": " price", "probability": 0.896484375}, {"start": 4294.11, "end": 4294.43, "word": " and", "probability": 0.93994140625}, {"start": 4294.43, "end": 4295.09, "word": " AVC.", "probability": 0.755859375}], "temperature": 1.0}, {"id": 153, "seek": 431139, "start": 4296.15, "end": 4311.39, "text": " We said before that if the price is bigger than AVC, keep working. If the price is less than AVC, close down. If a price equals AVC, here we're talking about the shutdown point.", "tokens": [492, 848, 949, 300, 498, 264, 3218, 307, 3801, 813, 30198, 34, 11, 1066, 1364, 13, 759, 264, 3218, 307, 1570, 813, 30198, 34, 11, 1998, 760, 13, 759, 257, 3218, 6915, 30198, 34, 11, 510, 321, 434, 1417, 466, 264, 34927, 935, 13], "avg_logprob": -0.09982639021343655, "compression_ratio": 1.4126984126984128, "no_speech_prob": 0.0, "words": [{"start": 4296.15, "end": 4296.41, "word": " We", "probability": 0.91943359375}, {"start": 4296.41, "end": 4296.73, "word": " said", "probability": 0.9384765625}, {"start": 4296.73, "end": 4297.11, "word": " before", "probability": 0.86083984375}, {"start": 4297.11, "end": 4297.49, "word": " that", "probability": 0.9248046875}, {"start": 4297.49, "end": 4297.99, "word": " if", "probability": 0.84716796875}, {"start": 4297.99, "end": 4298.25, "word": " the", "probability": 0.91796875}, {"start": 4298.25, "end": 4298.71, "word": " price", "probability": 0.923828125}, {"start": 4298.71, "end": 4299.67, "word": " is", "probability": 0.94921875}, {"start": 4299.67, "end": 4299.91, "word": " bigger", "probability": 0.94873046875}, {"start": 4299.91, "end": 4300.19, "word": " than", "probability": 0.9423828125}, {"start": 4300.19, "end": 4300.83, "word": " AVC,", "probability": 0.871826171875}, {"start": 4301.77, "end": 4302.13, "word": " keep", "probability": 0.90234375}, {"start": 4302.13, "end": 4302.61, "word": " working.", "probability": 0.89892578125}, {"start": 4302.81, "end": 4303.01, "word": " If", "probability": 0.96533203125}, {"start": 4303.01, "end": 4303.17, "word": " the", "probability": 0.9072265625}, {"start": 4303.17, "end": 4303.53, "word": " price", "probability": 0.9189453125}, {"start": 4303.53, "end": 4303.71, "word": " is", "probability": 0.94482421875}, {"start": 4303.71, "end": 4303.93, "word": " less", "probability": 0.94287109375}, {"start": 4303.93, "end": 4304.19, "word": " than", "probability": 0.9501953125}, {"start": 4304.19, "end": 4304.97, "word": " AVC,", "probability": 0.962646484375}, {"start": 4305.71, "end": 4306.03, "word": " close", "probability": 0.8134765625}, {"start": 4306.03, "end": 4306.37, "word": " down.", "probability": 0.82177734375}, {"start": 4306.67, "end": 4306.89, "word": " If", "probability": 0.97314453125}, {"start": 4306.89, "end": 4307.15, "word": " a", "probability": 0.52197265625}, {"start": 4307.15, "end": 4307.63, "word": " price", "probability": 0.9345703125}, {"start": 4307.63, "end": 4308.33, "word": " equals", "probability": 0.93408203125}, {"start": 4308.33, "end": 4309.13, "word": " AVC,", "probability": 0.962646484375}, {"start": 4309.37, "end": 4309.53, "word": " here", "probability": 0.85693359375}, {"start": 4309.53, "end": 4309.69, "word": " we're", "probability": 0.85791015625}, {"start": 4309.69, "end": 4309.95, "word": " talking", "probability": 0.85107421875}, {"start": 4309.95, "end": 4310.27, "word": " about", "probability": 0.90771484375}, {"start": 4310.27, "end": 4310.47, "word": " the", "probability": 0.892578125}, {"start": 4310.47, "end": 4310.91, "word": " shutdown", "probability": 0.88916015625}, {"start": 4310.91, "end": 4311.39, "word": " point.", "probability": 0.96923828125}], "temperature": 1.0}, {"id": 154, "seek": 432889, "start": 4312.08, "end": 4328.9, "text": " Now, how much is AVC? Eight. How much is the price? Equilibrium price? Fourteen. So, the price here is bigger than AVC. Fourteen is bigger than eight. 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In the + +3 +00:00:26,740 --> 00:00:30,500 +last class, we determined the break-even point, + +4 +00:00:30,860 --> 00:00:34,360 +shutdown point, and equilibrium point. And we said + +5 +00:00:34,360 --> 00:00:46,260 +that MC, + +6 +00:00:48,580 --> 00:00:49,400 +VC, + +7 +00:00:52,160 --> 00:00:53,040 +ATC. + +8 +00:00:56,340 --> 00:01:04,300 +We said that the break-even point is the minimum + +9 +00:01:04,300 --> 00:01:09,540 +point at ATC because this is the break-even point + +10 +00:01:09,540 --> 00:01:16,070 +and This point, the minimum AVC is the shutdown + +11 +00:01:16,070 --> 00:01:20,470 +point. And we said also that if the equilibrium + +12 +00:01:20,470 --> 00:01:30,130 +price was above ATC, price equals MR equals demand + +13 +00:01:30,130 --> 00:01:33,230 +curve. If the price was here, here's the + +14 +00:01:33,230 --> 00:01:37,350 +equilibrium point. We said that if the price was + +15 +00:01:37,350 --> 00:01:43,030 +above ATC, here we have profits. Right? We have an + +16 +00:01:43,030 --> 00:01:47,070 +economic profits. If the price was tangent to the + +17 +00:01:47,070 --> 00:01:53,550 +minimum ATC here, here we have a break-even. + +18 +00:01:54,680 --> 00:01:59,720 +Right? If the price was in between here, between + +19 +00:01:59,720 --> 00:02:06,320 +ATC and AVC, which is above AVC and lower or less + +20 +00:02:06,320 --> 00:02:10,400 +than ATC, here we have an economic loss. And we + +21 +00:02:10,400 --> 00:02:17,680 +advise the business to keep working. Right? If the + +22 +00:02:17,680 --> 00:02:21,760 +price was tangent, the minimum ATC, or the price + +23 +00:02:21,760 --> 00:02:27,340 +equals minimum ATC, Here is the shutdown point, + +24 +00:02:27,840 --> 00:02:33,980 +which means the business is afraid to go on or to + +25 +00:02:33,980 --> 00:02:41,980 +stop working. If the price is below a VC here, the + +26 +00:02:41,980 --> 00:02:45,860 +business should shut down or close down, right? + +27 +00:02:47,240 --> 00:02:50,360 +Now, in the perfect competition market, I have a + +28 +00:02:50,360 --> 00:02:57,030 +question, which is, How is the price determined in + +29 +00:02:57,030 --> 00:03:00,890 +the perfect competition market? We said that the + +30 +00:03:00,890 --> 00:03:03,650 +business in the perfect competition market is a + +31 +00:03:03,650 --> 00:03:06,850 +price taker, not a price maker, which means if the + +32 +00:03:06,850 --> 00:03:11,750 +price in the market equals five shekels per unit, + +33 +00:03:13,190 --> 00:03:17,390 +all producers or sellers will sell the product + +34 +00:03:17,390 --> 00:03:21,550 +with the same price. And it changes in the prices + +35 +00:03:21,550 --> 00:03:27,610 +or they cannot control. One producer will be + +36 +00:03:27,610 --> 00:03:34,850 +unable to control the prices, right? Now, how can + +37 +00:03:34,850 --> 00:03:38,550 +the price determine in the market? The market + +38 +00:03:38,550 --> 00:03:41,030 +equilibrium price or the equilibrium price. How + +39 +00:03:41,030 --> 00:03:45,000 +can the prices determine the market? the price in + +40 +00:03:45,000 --> 00:03:48,080 +the perfect competition market is determined due + +41 +00:03:48,080 --> 00:03:54,340 +to demand and supply curves. Right? So here we + +42 +00:03:54,340 --> 00:03:58,680 +will talk about the business itself and the market + +43 +00:03:58,680 --> 00:04:06,660 +equilibrium. Price. Antiquities here. Here, we are + +44 +00:04:06,660 --> 00:04:09,100 +talking about the market as a whole and the + +45 +00:04:09,100 --> 00:04:11,820 +business that works under the perfect competition + +46 +00:04:11,820 --> 00:04:13,680 +market. So here, + +47 +00:04:24,160 --> 00:04:27,740 +Here is the business, the market, + +48 +00:04:31,100 --> 00:04:33,740 +price, and quantity. + +49 +00:04:36,760 --> 00:04:44,300 +And here is the business or the company that + +50 +00:04:44,300 --> 00:04:48,660 +works under the perfect competition market. + +51 +00:04:53,960 --> 00:04:55,060 +Competition market. + +52 +00:05:01,260 --> 00:05:06,080 +And here's the market. Let us talk about the + +53 +00:05:06,080 --> 00:05:06,940 +price. + +54 +00:05:13,420 --> 00:05:15,240 +Or an example. + +55 +00:05:23,440 --> 00:05:31,040 +supply and demand for + +56 +00:05:31,040 --> 00:05:40,360 +these types of benzene. Right? The price for this + +57 +00:05:40,360 --> 00:05:46,080 +type is determined in the market due to demand and + +58 +00:05:46,080 --> 00:05:49,460 +supply. Let us assume that the price of this unit, + +59 +00:05:50,240 --> 00:05:54,380 +the price period of this type, equals three + +60 +00:05:54,380 --> 00:06:03,360 +shekels. Three shekels. And the quantity sold in + +61 +00:06:03,360 --> 00:06:10,780 +the market as a whole equals 20,000 units for all + +62 +00:06:10,780 --> 00:06:19,180 +the market here. Right? And let me assume that I + +63 +00:06:19,180 --> 00:06:22,880 +want to come to this market to sell the same + +64 +00:06:22,880 --> 00:06:27,460 +products. The same product, identical, + +65 +00:06:27,660 --> 00:06:32,240 +homogeneous, and I tend to sell this product in + +66 +00:06:32,240 --> 00:06:35,920 +the market to open a new company, to open a new + +67 +00:06:35,920 --> 00:06:38,740 +business, to establish a new business, to sell + +68 +00:06:38,740 --> 00:06:44,350 +this, the same product in the market. What will + +69 +00:06:44,350 --> 00:06:47,950 +happen here? How much is the selling prices in + +70 +00:06:47,950 --> 00:06:54,330 +this case? Three, because in the market, I cannot + +71 +00:06:54,330 --> 00:07:02,670 +control the prices. So here, Q, prices. If I want + +72 +00:07:02,670 --> 00:07:08,490 +to sell one unit, how much is the price? Three. + +73 +00:07:09,280 --> 00:07:15,280 +Two units. Three. No, three for per unit. So, here + +74 +00:07:15,280 --> 00:07:19,860 +the price is determined here. The same prices. + +75 +00:07:23,240 --> 00:07:29,040 +P equals MR equals demand curve. This is the + +76 +00:07:29,040 --> 00:07:32,760 +demand curve for what? For the business that works + +77 +00:07:32,760 --> 00:07:34,580 +under the perfect commercial market. So, + +78 +00:07:40,940 --> 00:07:45,520 +Three shakers. Let me assume that I want to sell + +79 +00:07:45,520 --> 00:07:46,920 +600 units. + +80 +00:07:50,940 --> 00:07:58,600 +If I want to sell 800 units, I have to sell it + +81 +00:07:58,600 --> 00:08:02,520 +with the same prices, the same equilibrium price. + +82 +00:08:03,970 --> 00:08:07,930 +Decreasing or increasing the quantity means that I + +83 +00:08:07,930 --> 00:08:11,530 +have to sell it under the same prices with no + +84 +00:08:11,530 --> 00:08:14,910 +differences, right? Because I cannot control the + +85 +00:08:14,910 --> 00:08:22,430 +market as a small business, which means atomicity. + +86 +00:08:22,910 --> 00:08:23,350 +Now, + +87 +00:08:27,080 --> 00:08:32,760 +how can the price increases or decreases for the + +88 +00:08:32,760 --> 00:08:34,540 +perfect competition business? + +89 +00:08:37,560 --> 00:08:42,060 +If demand as a whole increases in the market, what + +90 +00:08:42,060 --> 00:08:46,100 +will happen? The price will go up. So, let us + +91 +00:08:46,100 --> 00:08:49,520 +assume that the demand for this type of + +92 +00:08:49,520 --> 00:08:56,740 +pharmaceutical increases. This is D1. And the + +93 +00:08:56,740 --> 00:09:02,680 +demand increases to D2, from D1 to D2. + +94 +00:09:07,760 --> 00:09:13,420 +We have Ceteris Peribus. We have a new equilibrium + +95 +00:09:13,420 --> 00:09:20,410 +point, right? Which is E2. This is E1 and E2. How + +96 +00:09:20,410 --> 00:09:23,510 +much is the new equilibrium price? Let us assume + +97 +00:09:23,510 --> 00:09:31,770 +it becomes five shekels. Now, what is the price + +98 +00:09:31,770 --> 00:09:34,690 +that the company or the business that works under + +99 +00:09:34,690 --> 00:09:38,610 +the perfect mutual market sells? or use in this + +100 +00:09:38,610 --> 00:09:43,390 +case. It should use the same new market price, the + +101 +00:09:43,390 --> 00:09:46,750 +same new equilibrium price. So the new equilibrium + +102 +00:09:46,750 --> 00:09:50,110 +price for the perfect competition company will be + +103 +00:09:50,110 --> 00:09:51,130 +the same here. + +104 +00:09:55,050 --> 00:09:58,090 +Here we have a new demand curve for the business + +105 +00:09:58,090 --> 00:10:00,230 +that works under the perfect competition market + +106 +00:10:00,230 --> 00:10:08,930 +with new prices, which means This business that + +107 +00:10:08,930 --> 00:10:11,210 +works under the perfect commercial market is a + +108 +00:10:11,210 --> 00:10:12,970 +price taker. Yeah. + +109 +00:10:15,850 --> 00:10:21,550 +So here, we're talking price one, MR1, D1. Price + +110 +00:10:21,550 --> 00:10:31,410 +two, MR2, D2. The price goes up to + +111 +00:10:31,410 --> 00:10:36,210 +five. So here, the new price is five. + +112 +00:10:43,770 --> 00:10:50,410 +Right? What will happen if supply increased in the + +113 +00:10:50,410 --> 00:10:56,910 +market? Here? If supply increased, what will + +114 +00:10:56,910 --> 00:11:01,480 +happen? Another assumption. The assumption here is + +115 +00:11:01,480 --> 00:11:04,380 +here we have the equilibrium price or the + +116 +00:11:04,380 --> 00:11:05,660 +equilibrium point. + +117 +00:11:09,540 --> 00:11:12,080 +This is the original situation, E1. + +118 +00:11:17,800 --> 00:11:23,480 +If there is a profit in the market, if there is a + +119 +00:11:23,480 --> 00:11:26,760 +profit, let us assume that there is a profit in + +120 +00:11:26,760 --> 00:11:27,220 +the market. + +121 +00:11:30,560 --> 00:11:33,460 +If there is a profit, this will encourage new + +122 +00:11:33,460 --> 00:11:36,300 +producers to enter the market because there is a + +123 +00:11:36,300 --> 00:11:39,940 +free entry, free exit from the market. If there is + +124 +00:11:39,940 --> 00:11:44,400 +profit, this will encourage new producers and new + +125 +00:11:44,400 --> 00:11:47,060 +sellers to enter the market. What will happen to + +126 +00:11:47,060 --> 00:11:53,240 +supply? Increases. So if there is a profit, if + +127 +00:11:53,240 --> 00:12:00,800 +there is profit, You're talking about economic + +128 +00:12:00,800 --> 00:12:09,080 +premise, right? This will encourage, this will + +129 +00:12:09,080 --> 00:12:15,780 +encourage new + +130 +00:12:15,780 --> 00:12:22,140 +producers, new sellers to enter the market. + +131 +00:12:29,250 --> 00:12:34,550 +What will happen here? Supply increases and shifts + +132 +00:12:34,550 --> 00:12:38,150 +right at the market here. This will increase + +133 +00:12:38,150 --> 00:12:38,570 +supply. + +134 +00:12:42,730 --> 00:12:47,590 +Supply will shift right. Then supply shifts right. + +135 +00:12:48,890 --> 00:12:55,250 +Supply curve shifts right. + +136 +00:12:58,260 --> 00:13:09,040 +Here, S1, D1, supply shifts right here from + +137 +00:13:09,040 --> 00:13:12,120 +S1 to S2, right? + +138 +00:13:14,720 --> 00:13:17,620 +This will encourage new producers to enter the + +139 +00:13:17,620 --> 00:13:20,860 +market. Sorry, the price will, we have a new + +140 +00:13:20,860 --> 00:13:25,120 +equilibrium point which is E2. + +141 +00:13:26,180 --> 00:13:33,920 +The price goes down in the market. So the price of + +142 +00:13:33,920 --> 00:13:39,520 +the market went down to let us assume to two. Two + +143 +00:13:39,520 --> 00:13:43,900 +shekels. What is the new price for the + +144 +00:13:43,900 --> 00:13:47,620 +prefabrication company? Goes down as well. + +145 +00:13:50,760 --> 00:13:52,220 +So two. + +146 +00:13:55,140 --> 00:14:02,520 +P2 equals MR2 equals D2. So the price for the + +147 +00:14:02,520 --> 00:14:05,080 +business that works at the perfect competition + +148 +00:14:05,080 --> 00:14:09,120 +market will go down as well. As there is a profit. + +149 +00:14:11,220 --> 00:14:17,240 +As there is a profit. This one would encourage new + +150 +00:14:17,240 --> 00:14:19,320 +producers to enter the market once again. + +151 +00:14:24,110 --> 00:14:27,190 +But what happened to the prices? + +152 +00:14:38,890 --> 00:14:46,390 +Supply shifts right. The price goes down. Goes + +153 +00:14:46,390 --> 00:14:47,650 +down as well. + +154 +00:14:50,460 --> 00:14:55,980 +In the long term, we will have a break-even only. + +155 +00:14:57,620 --> 00:15:01,020 +In the perfect competition market, in the short + +156 +00:15:01,020 --> 00:15:04,560 +run, it could be a break-even. It could be a loss + +157 +00:15:04,560 --> 00:15:09,320 +or profits. But in the long term, we have a break + +158 +00:15:09,320 --> 00:15:13,420 +-even only. In the short run, let us assume that + +159 +00:15:13,420 --> 00:15:16,600 +there is profits. + +160 +00:15:20,760 --> 00:15:29,800 +Sorry, loss. According to our assumption here, let + +161 +00:15:29,800 --> 00:15:33,440 +us assume that the business that works under the + +162 +00:15:33,440 --> 00:15:40,760 +perfect competition market faces a loss. Or here's + +163 +00:15:40,760 --> 00:15:41,780 +the original prices. + +164 +00:15:44,320 --> 00:15:47,500 +And in the market, the business that works in the + +165 +00:15:47,500 --> 00:15:49,960 +perfect commercial market, you are here. You are + +166 +00:15:49,960 --> 00:15:54,460 +the perfect commercial market. Companies that work + +167 +00:15:54,460 --> 00:15:59,120 +under the perfect commercial market. If there + +168 +00:15:59,120 --> 00:16:01,960 +is a loss in the market, what do you do? You open + +169 +00:16:01,960 --> 00:16:05,640 +the door and go out of the market. Right? So as + +170 +00:16:05,640 --> 00:16:11,720 +there is a loss, the sellers will go out from the + +171 +00:16:11,720 --> 00:16:15,840 +market. What will happen to supply in the market? + +172 +00:16:16,900 --> 00:16:21,180 +Let us assume that this is the perfect commercial + +173 +00:16:21,180 --> 00:16:25,860 +market and you are the sellers. If there is a loss + +174 +00:16:25,860 --> 00:16:30,020 +in the market, what will happen? You will leave + +175 +00:16:30,020 --> 00:16:36,920 +the market. As part of the sellers will go out + +176 +00:16:36,920 --> 00:16:39,900 +from the market or went out from the market, what + +177 +00:16:39,900 --> 00:16:43,510 +will happen to supply here in this market? Goes + +178 +00:16:43,510 --> 00:16:46,990 +down. So supply shifts left. What will happen to + +179 +00:16:46,990 --> 00:16:51,190 +the prices? Exactly. So here, the opposite case + +180 +00:16:51,190 --> 00:16:56,610 +here. So if there is a loss, this would discourage + +181 +00:16:56,610 --> 00:17:02,990 +the current suppliers + +182 +00:17:02,990 --> 00:17:07,130 +or sellers or the producers to exit + +183 +00:17:09,390 --> 00:17:14,750 +from the market so supply shifts went down and the + +184 +00:17:14,750 --> 00:17:19,990 +supply curve shifts left. So here supply shifts + +185 +00:17:19,990 --> 00:17:23,950 +left to + +186 +00:17:23,950 --> 00:17:24,470 +S2. + +187 +00:17:30,670 --> 00:17:33,730 +And you or the current suppliers or the current + +188 +00:17:33,730 --> 00:17:38,910 +sellers will leave the market. Right? Here's the + +189 +00:17:38,910 --> 00:17:47,310 +idea. Tamam? So supply shifts lift. The price goes + +190 +00:17:47,310 --> 00:17:51,450 +up to four. And then as there is a loss once + +191 +00:17:51,450 --> 00:17:55,850 +again, part of the sellers, the current sellers + +192 +00:17:55,850 --> 00:18:01,730 +will shift or will leave the market once again to + +193 +00:18:01,730 --> 00:18:06,330 +S3, to S4 until + +194 +00:18:12,110 --> 00:18:18,390 +The break-even is restored here. Right? The more + +195 +00:18:18,390 --> 00:18:21,690 +people leave, the higher the price. Right? + +196 +00:18:22,350 --> 00:18:26,070 +Correct? What happens when profits increase? The + +197 +00:18:26,070 --> 00:18:32,770 +loss decreases. Here we have a loss. Increasing + +198 +00:18:32,770 --> 00:18:38,190 +the prices leads to decreasing the loss. Right? + +199 +00:18:39,050 --> 00:18:41,650 +Correct? As the price goes up. + +200 +00:18:52,600 --> 00:18:57,560 +In the long term, in the long run, we have a break + +201 +00:18:57,560 --> 00:19:02,520 +even. Only. Here we are talking about the profit + +202 +00:19:02,520 --> 00:19:04,740 +competition market. If we have a lot of profits, + +203 +00:19:09,680 --> 00:19:12,420 +The new producers will enter the market. The new + +204 +00:19:12,420 --> 00:19:16,720 +sellers will enter the market. A number of + +205 +00:19:16,720 --> 00:19:21,560 +sellers. So supply increases, the price goes down. + +206 +00:19:22,640 --> 00:19:24,020 +The opposite case. + +207 +00:19:26,580 --> 00:19:33,460 +So profits goes down until in the long term we + +208 +00:19:33,460 --> 00:19:38,890 +have a break even. So here we have two cases. In + +209 +00:19:38,890 --> 00:19:42,890 +the short run, if the company that works under the + +210 +00:19:42,890 --> 00:19:45,950 +perfect commercial market starts in a break-even, + +211 +00:19:46,630 --> 00:19:50,370 +in the long term, a break-even. If there are + +212 +00:19:50,370 --> 00:19:54,330 +profits, what happens? The supply increases, the + +213 +00:19:54,330 --> 00:19:56,910 +price goes down, break-even in the long run, + +214 +00:19:57,270 --> 00:20:00,210 +sorry, in the long term. If there is a loss, + +215 +00:20:04,490 --> 00:20:08,110 +Part of the sellers will leave the market, supply + +216 +00:20:08,110 --> 00:20:14,550 +decreases, the price goes up until the break-even + +217 +00:20:14,550 --> 00:20:18,990 +is restored, right? So in the perfect competition + +218 +00:20:18,990 --> 00:20:23,560 +market, we had three cases. in the short run, and + +219 +00:20:23,560 --> 00:20:27,260 +one case only in the long term. In the short run, + +220 +00:20:27,660 --> 00:20:31,260 +there might be profits, or the profit competition + +221 +00:20:31,260 --> 00:20:36,560 +business or company might achieve profits, + +222 +00:20:37,180 --> 00:20:41,820 +loss, or faces profits, loss, or break even in the + +223 +00:20:41,820 --> 00:20:45,360 +short run. But in the long run, we have one case + +224 +00:20:45,360 --> 00:20:47,540 +only, which is a break even. Right? + +225 +00:20:57,140 --> 00:21:03,540 +If there is a loss, if there is a loss, what will + +226 +00:21:03,540 --> 00:21:07,780 +happen? Part of the producers or the sellers will + +227 +00:21:07,780 --> 00:21:11,920 +leave the market. Okay? What happened? Supply + +228 +00:21:11,920 --> 00:21:13,540 +shifts slipped. What happened to the prices? + +229 +00:21:16,260 --> 00:21:16,740 +Yes. + +230 +00:21:19,540 --> 00:21:22,080 +The price went up a bit. What happened to the size + +231 +00:21:22,080 --> 00:21:22,580 +of the loss? + +232 +00:21:26,800 --> 00:21:33,460 +The long term, we have a break + +233 +00:21:33,460 --> 00:21:39,220 +even + +234 +00:21:39,220 --> 00:21:39,620 +only. + +235 +00:21:43,120 --> 00:21:44,040 +So, + +236 +00:21:57,110 --> 00:22:01,590 +In the perfect competition market, the business + +237 +00:22:01,590 --> 00:22:08,150 +might achieve profits, + +238 +00:22:08,890 --> 00:22:12,490 +break-even and loss, but in the long term, we have + +239 +00:22:12,490 --> 00:22:13,530 +a break-even only. + +240 +00:22:26,990 --> 00:22:30,430 +We have the business. The market. + +241 +00:22:46,910 --> 00:22:48,930 +Q. Price. + +242 +00:22:53,930 --> 00:23:02,500 +D1. S1, E1, P1, + +243 +00:23:04,760 --> 00:23:12,660 +Q1. This is the market equilibrium price or the + +244 +00:23:12,660 --> 00:23:16,720 +equilibrium price for the market as a whole, yes + +245 +00:23:16,720 --> 00:23:22,240 +for the preferential market. Here is + +246 +00:23:28,760 --> 00:23:31,620 +The perfect competition business. + +247 +00:23:36,240 --> 00:23:40,700 +And the price? Perfect competition business or + +248 +00:23:40,700 --> 00:23:45,060 +company. Okay? BCC, business. + +249 +00:23:55,800 --> 00:23:56,800 +Price? + +250 +00:23:59,050 --> 00:24:03,230 +equals MR equals demand curve 1, 1, 1. + +251 +00:24:08,830 --> 00:24:10,850 +And the prices here is P1. + +252 +00:24:17,950 --> 00:24:22,030 +We have three cases in the short run. This is the + +253 +00:24:22,030 --> 00:24:25,390 +case number one. According to our assumption or we + +254 +00:24:25,390 --> 00:24:31,920 +will assume that, This business faces + +255 +00:24:31,920 --> 00:24:36,660 +a profit or achieves profits in the short run. + +256 +00:24:36,920 --> 00:24:40,640 +This is case number one. Number one, in the short + +257 +00:24:40,640 --> 00:24:49,460 +run, the business achieves profits, which means + +258 +00:24:49,460 --> 00:24:53,280 +that the price is bigger than average total cost. + +259 +00:24:54,180 --> 00:24:56,520 +Price is bigger than ATC. + +260 +00:25:01,110 --> 00:25:02,670 +Here's the marginal cost. + +261 +00:25:10,690 --> 00:25:19,170 +AVC and ATC. + +262 +00:25:33,240 --> 00:25:39,280 +Where's the equilibrium point? The equilibrium + +263 +00:25:39,280 --> 00:25:42,240 +occurs when marginal revenue equals the marginal + +264 +00:25:42,240 --> 00:25:43,640 +cost, right? Here. + +265 +00:25:46,820 --> 00:25:50,660 +This is the equilibrium point, right? Where's the + +266 +00:25:50,660 --> 00:25:56,220 +break-even point? Here, right? Where's the + +267 +00:25:56,220 --> 00:26:00,970 +shutdown point? Here, right? To determine if we + +268 +00:26:00,970 --> 00:26:04,170 +have profits or loss or break even, we have to + +269 +00:26:04,170 --> 00:26:07,670 +take a vertical distance, vertical line from the + +270 +00:26:07,670 --> 00:26:13,250 +equilibrium point to ATC here. Right? Correct? If + +271 +00:26:13,250 --> 00:26:19,910 +it goes up, it goes down. Here we have the average + +272 +00:26:19,910 --> 00:26:24,230 +total cost, the first one. The price is bigger + +273 +00:26:24,230 --> 00:26:27,690 +than ATC, so here we have what? Profits or loss or + +274 +00:26:27,690 --> 00:26:28,130 +break even? + +275 +00:26:32,830 --> 00:26:34,570 +The price is bigger than ATC. + +276 +00:26:39,330 --> 00:26:41,590 +Profits. Economic profits. + +277 +00:26:47,150 --> 00:26:47,870 +So, + +278 +00:26:50,970 --> 00:26:56,630 +here we have profits in the short run. What will + +279 +00:26:56,630 --> 00:27:00,770 +happen as there is a profit? This will encourage + +280 +00:27:00,770 --> 00:27:06,110 +new sellers to enter the market. What will happen? + +281 +00:27:06,590 --> 00:27:08,730 +Supply shifts right. + +282 +00:27:11,250 --> 00:27:14,510 +As their profits, new producers will enter the + +283 +00:27:14,510 --> 00:27:18,650 +market. Supply increases. Supply shifts right. + +284 +00:27:25,970 --> 00:27:32,070 +Supply will shift right to S2. what will happen to + +285 +00:27:32,070 --> 00:27:34,990 +price we have a new equilibrium point e2 right + +286 +00:27:34,990 --> 00:27:42,290 +with smaller prices with less prices to p2 here + +287 +00:27:42,290 --> 00:27:46,970 +here's + +288 +00:27:46,970 --> 00:27:54,450 +the new price this + +289 +00:27:54,450 --> 00:28:00,490 +is the new price the new equilibrium price + +290 +00:28:07,770 --> 00:28:17,590 +It changes more than a time in the supply. As + +291 +00:28:17,590 --> 00:28:24,390 +their + +292 +00:28:24,390 --> 00:28:27,890 +profits, supply will increase. + +293 +00:28:31,500 --> 00:28:39,900 +P2 equals MR2 equals D2 until break even. + +294 +00:28:47,640 --> 00:28:52,840 +as long as supply increases and shifts right, + +295 +00:28:53,240 --> 00:28:57,160 +shifts right, the price goes down. Goes down until + +296 +00:28:57,160 --> 00:29:00,000 +the equilibrium, until the break-even is restored + +297 +00:29:00,000 --> 00:29:03,800 +here. When the price tangents with the minimum + +298 +00:29:03,800 --> 00:29:11,190 +ATC. Break-even in the long term. In the short + +299 +00:29:11,190 --> 00:29:14,850 +term, here we have three cases. Profit, which is + +300 +00:29:14,850 --> 00:29:18,810 +the original. This is here the case. Profits, the + +301 +00:29:18,810 --> 00:29:22,510 +price is bigger than ATC. In the long term, shows + +302 +00:29:22,510 --> 00:29:27,050 +our break-even. Let's see if we have a loss. Where + +303 +00:29:27,050 --> 00:29:27,410 +is the price? + +304 +00:29:30,430 --> 00:29:35,750 +Exactly. Under the ATC. Let's see. Here is the + +305 +00:29:35,750 --> 00:29:42,410 +first case. The original price is here. The price + +306 +00:29:42,410 --> 00:29:47,410 +is above ATC. Here we have an economic profits. As + +307 +00:29:47,410 --> 00:29:49,890 +there is an economic profits, this would encourage + +308 +00:29:49,890 --> 00:29:52,550 +new producers to enter the market. Supply + +309 +00:29:52,550 --> 00:29:57,630 +increases and shifts right. So the price, we have + +310 +00:29:57,630 --> 00:30:02,470 +a new equilibrium price here. To B2, the price + +311 +00:30:02,470 --> 00:30:08,380 +goes down. Here we have a new price, P2. We still + +312 +00:30:08,380 --> 00:30:11,920 +have profits here. As there is still profits here, + +313 +00:30:13,300 --> 00:30:15,940 +this would encourage new producers to enter the + +314 +00:30:15,940 --> 00:30:20,200 +market. Supply ships were right once again. The + +315 +00:30:20,200 --> 00:30:26,610 +price here, E3, price P3 here, The price here, the + +316 +00:30:26,610 --> 00:30:31,210 +original or the last case. In the long term, the + +317 +00:30:31,210 --> 00:30:34,410 +price will be tangent to the minimum ATC. This is + +318 +00:30:34,410 --> 00:30:37,150 +the first case. So in the long term, in the short + +319 +00:30:37,150 --> 00:30:39,990 +run here, we have profits or the business + +320 +00:30:39,990 --> 00:30:43,370 +generates profits in the short run. But in the + +321 +00:30:43,370 --> 00:30:47,320 +long term, we have break even. The second case, + +322 +00:30:47,580 --> 00:30:51,900 +let us assume that the business faces a loss in + +323 +00:30:51,900 --> 00:30:54,440 +the short run and what will happen in the long + +324 +00:30:54,440 --> 00:31:00,260 +run, right? So here, this is the first case. Let's + +325 +00:31:00,260 --> 00:31:04,060 +go to the second case. The second case, we will + +326 +00:31:04,060 --> 00:31:08,440 +assume that the business or the company that works + +327 +00:31:08,440 --> 00:31:11,740 +in the perfect commission market faces a loss in + +328 +00:31:11,740 --> 00:31:17,500 +the short run. The business faces a loss in the + +329 +00:31:17,500 --> 00:31:21,420 +short run. What will happen in the long term when + +330 +00:31:21,420 --> 00:31:24,280 +we talk about here about the perfect commission + +331 +00:31:24,280 --> 00:31:25,600 +company? + +332 +00:31:35,480 --> 00:31:43,040 +So here is the short run and loss for the perfect + +333 +00:31:43,040 --> 00:31:45,880 +competition business that works or yes the perfect + +334 +00:31:45,880 --> 00:31:49,880 +competition business and here is for the market + +335 +00:31:49,880 --> 00:31:55,860 +and here is for the business PCC and here is the + +336 +00:31:55,860 --> 00:32:02,300 +market perfect competition market price inequality + +337 +00:32:08,820 --> 00:32:16,100 +D1, S1, A1, the price is P1, and the quantity here + +338 +00:32:16,100 --> 00:32:21,840 +for the market as a whole, Q1. As the business + +339 +00:32:21,840 --> 00:32:24,440 +that works in the, or the company here that works + +340 +00:32:24,440 --> 00:32:27,020 +in the peripheral commercial market is a price + +341 +00:32:27,020 --> 00:32:35,260 +taker, not a price maker. PQ, PMC, MR, DKR, And + +342 +00:32:35,260 --> 00:32:40,560 +AVC, ATC. Here, these are the variables or the + +343 +00:32:40,560 --> 00:32:47,720 +factors will be drawn here. The price here will be + +344 +00:32:47,720 --> 00:32:49,720 +here. Price. + +345 +00:32:52,100 --> 00:32:59,360 +The price that can the company sell, P1 equals MR1 + +346 +00:32:59,360 --> 00:33:05,440 +equals D1. The assumption here is We have a loss, + +347 +00:33:05,800 --> 00:33:10,540 +which means that the price will be less than ATC. + +348 +00:33:11,260 --> 00:33:15,160 +Right? Yes. Who should I be? The price or the ATC? + +349 +00:33:15,780 --> 00:33:19,380 +The price. The price is less than ATC? Yes. Okay. + +350 +00:33:19,680 --> 00:33:21,740 +So, here is the marginal cost. + +351 +00:33:24,560 --> 00:33:26,260 +And here is AVC. + +352 +00:33:29,060 --> 00:33:30,720 +And here is ATC. + +353 +00:33:45,780 --> 00:33:48,640 +Where's the price? Here's the price. That's P1. + +354 +00:33:51,700 --> 00:33:55,160 +Where's the equilibrium point when MR equals MC? + +355 +00:33:56,180 --> 00:34:01,080 +MR equals MC. This is the equilibrium point, E1.to + +356 +00:34:01,080 --> 00:34:06,120 +determine if we have a break-even loss or profits. + +357 +00:34:06,520 --> 00:34:12,320 +We have to take vertical distance from A1 to ATC. + +358 +00:34:25,610 --> 00:34:30,290 +which means that the average total cost, the total + +359 +00:34:30,290 --> 00:34:34,950 +cost per unit is bigger than the selling price per + +360 +00:34:34,950 --> 00:34:39,630 +unit, which means that we have a loss by this + +361 +00:34:39,630 --> 00:34:49,150 +rectangle here. Here we + +362 +00:34:49,150 --> 00:34:49,830 +have a loss. + +363 +00:34:53,260 --> 00:34:59,080 +as there is a loss in the market. The current part + +364 +00:34:59,080 --> 00:34:59,920 +of the sellers. + +365 +00:35:09,880 --> 00:35:18,340 +Which means + +366 +00:35:18,340 --> 00:35:24,640 +supply will shift left. Supply will decline. So + +367 +00:35:24,640 --> 00:35:28,340 +here, we can say the supply will shift left. + +368 +00:35:29,080 --> 00:35:32,220 +Supply shifts left to us too. We have a new + +369 +00:35:32,220 --> 00:35:37,380 +equilibrium price to E2. We have a new price, P2. + +370 +00:35:38,080 --> 00:35:43,540 +The same price will the company take. هذا سعر صار + +371 +00:35:43,540 --> 00:35:47,900 +الجديد اللي بتبيع فيه مين؟ ال business. اللي هو + +372 +00:35:47,900 --> 00:35:52,320 +P2. The same price, the same as market price, + +373 +00:35:52,460 --> 00:35:59,970 +equilibrium prices.P2 equals Mr2 equals J2. We + +374 +00:35:59,970 --> 00:36:02,090 +still have loss. + +375 +00:36:13,820 --> 00:36:17,580 +Part, additional part of sellers will go out, will + +376 +00:36:17,580 --> 00:36:20,000 +leave the market. Right? They will keep going up + +377 +00:36:20,000 --> 00:36:23,480 +and up until we reach this. Do you see this? The + +378 +00:36:23,480 --> 00:36:27,080 +minimum ATC, this is the price he has. Yes, we + +379 +00:36:27,080 --> 00:36:29,300 +will come like this. We will come to this point + +380 +00:36:29,300 --> 00:36:31,180 +like this. + +381 +00:36:33,040 --> 00:36:33,720 +It will be here. + +382 +00:36:36,520 --> 00:36:41,800 +To S3. Here we have the price P3. + +383 +00:36:50,140 --> 00:37:01,500 +Which is break even in the long term. So here P3 + +384 +00:37:01,500 --> 00:37:09,820 +equals MR3 equals D3 which is the equilibrium in + +385 +00:37:09,820 --> 00:37:15,900 +the long term. If you start a break-even in the + +386 +00:37:15,900 --> 00:37:18,480 +short run, in the long run, you end up with a + +387 +00:37:18,480 --> 00:37:21,160 +break-even. It's about the profits. In the long + +388 +00:37:21,160 --> 00:37:24,400 +run, where does it go? And we see this in our + +389 +00:37:24,400 --> 00:37:27,680 +society. Go open a shop in the street. Three + +390 +00:37:27,680 --> 00:37:32,280 +million shops go down in the street. Right? Right + +391 +00:37:32,280 --> 00:37:35,380 +or not? Go open a bus stop anywhere. You'll find + +392 +00:37:35,380 --> 00:37:36,620 +three thousand bus stops going down, and you say, + +393 +00:37:36,740 --> 00:37:38,340 +I'm just going to sell and get the goods and + +394 +00:37:38,340 --> 00:37:42,980 +that's it. Break-even. Okay? That's what happens. + +395 +00:37:44,380 --> 00:37:48,980 +In a short period of time, an entrepreneur who + +396 +00:37:48,980 --> 00:37:53,100 +works in a competitive market can earn money. If + +397 +00:37:53,100 --> 00:37:55,680 +you look at the market, do you find profit? Do you + +398 +00:37:55,680 --> 00:37:57,840 +find that this is the market and there is profit? + +399 +00:37:59,400 --> 00:38:01,520 +Those who sit outside and can't find a job, and + +400 +00:38:01,520 --> 00:38:04,480 +you find them selling pens, and you earn money, + +401 +00:38:04,700 --> 00:38:05,780 +you have to make smoke. + +402 +00:38:12,470 --> 00:38:29,490 +Price is equal + +403 +00:38:29,490 --> 00:38:29,830 +to ETC. + +404 +00:38:37,980 --> 00:38:39,840 +So if we were to lose, a part of the people would + +405 +00:38:39,840 --> 00:38:42,340 +leave. The supply would decrease. The price would + +406 +00:38:42,340 --> 00:38:44,180 +rise and we would reach a break-even in the price. + +407 +00:38:44,300 --> 00:38:50,200 +That's it. Did you get it or not? No, no. If we + +408 +00:38:50,200 --> 00:38:53,640 +were in Prefix, the price is higher than the ATC. + +409 +00:38:54,260 --> 00:38:56,740 +It will keep going down until we reach the minimum + +410 +00:38:56,740 --> 00:38:59,260 +ATC. If the price is below the ATC, it will keep + +411 +00:38:59,260 --> 00:39:01,920 +rising and rising until we reach a break-even. + +412 +00:39:02,820 --> 00:39:05,720 +Let's go to determine the equilibrium shutdown + +413 +00:39:05,720 --> 00:39:11,830 +point. and the break-even point using equations, + +414 +00:39:12,850 --> 00:39:13,230 +formulas. + +415 +00:39:18,110 --> 00:39:22,730 +العودة company for + +416 +00:39:22,730 --> 00:39:26,990 +baskets + +417 +00:39:26,990 --> 00:39:34,870 +or العمل whatever the name regardless sells + +418 +00:39:34,870 --> 00:39:35,470 +baskets + +419 +00:39:39,290 --> 00:39:41,310 +Here are the quantity sold. + +420 +00:39:44,130 --> 00:39:48,410 +And this company works in the perfect competition + +421 +00:39:48,410 --> 00:40:03,830 +market. Quant is zero, one, two, three, four, + +422 +00:40:04,330 --> 00:40:06,250 +five, six. + +423 +00:40:11,080 --> 00:40:14,920 +And seven here. And this business works in the + +424 +00:40:14,920 --> 00:40:17,840 +perfect competition market in the short run, which + +425 +00:40:17,840 --> 00:40:23,120 +means it might face a loss, break even, or + +426 +00:40:23,120 --> 00:40:29,260 +profits. Right? And we have the following + +427 +00:40:29,260 --> 00:40:36,260 +formulas. The total cost per unit equals, or the + +428 +00:40:36,260 --> 00:40:40,180 +total cost for the whole production equals 50. + +429 +00:40:41,540 --> 00:40:51,740 +plus 3q squared plus 2q this is the given total + +430 +00:40:51,740 --> 00:40:58,080 +cost function and the price the selling price + +431 +00:40:58,080 --> 00:41:01,520 +equals 14 shekels + +432 +00:41:18,110 --> 00:41:18,670 +The following. + +433 +00:41:28,350 --> 00:41:32,710 +Total fixed cost. Total variable cost under + +434 +00:41:32,710 --> 00:41:36,290 +different quantities. Then you get the TFC with + +435 +00:41:36,290 --> 00:41:45,230 +TVC with TC. Total revenue. Marginal revenue. + +436 +00:41:47,930 --> 00:41:49,090 +Marginal cost. + +437 +00:41:52,550 --> 00:42:00,770 +AVC, AFC, ATC. AVC, ATC, AFC. + +438 +00:42:04,790 --> 00:42:10,810 +Number two, a different quantity sold here. This + +439 +00:42:10,810 --> 00:42:12,490 +is number one. Number two, + +440 +00:42:15,550 --> 00:42:21,070 +Determine the equilibrium quantity. Determine or + +441 +00:42:21,070 --> 00:42:25,770 +calculate the + +442 +00:42:25,770 --> 00:42:30,850 +equilibrium quantity. + +443 +00:42:38,910 --> 00:42:44,210 +Or that the quantity that maximizes the profits + +444 +00:42:44,210 --> 00:42:45,070 +for this business. + +445 +00:42:49,850 --> 00:42:54,830 +At this quantity, at equilibrium, is there profits + +446 +00:42:54,830 --> 00:42:59,470 +or loss or break even? But let's before calculate + +447 +00:42:59,470 --> 00:43:03,290 +the total fixed cost, total variable, and these + +448 +00:43:03,290 --> 00:43:07,450 +here, these factors or these variables in this + +449 +00:43:07,450 --> 00:43:13,970 +industry or for this company. As you see here, the + +450 +00:43:13,970 --> 00:43:18,160 +total cost function is The total cost has two + +451 +00:43:18,160 --> 00:43:25,760 +parts, Tc equals Tfc plus Tvc. This part, 50, is + +452 +00:43:25,760 --> 00:43:30,720 +fixed, the total fixed cost, which means if the + +453 +00:43:30,720 --> 00:43:33,960 +quantity produced or sold equals zero, this is the + +454 +00:43:33,960 --> 00:43:38,020 +total fixed cost. And the total variable cost is + +455 +00:43:38,020 --> 00:43:39,160 +the second part here. + +456 +00:43:43,620 --> 00:43:48,300 +So the function here, we have two functions, TFC + +457 +00:43:48,300 --> 00:43:55,120 +equals 50. That's it. At the Q equals 0. TVC + +458 +00:43:55,120 --> 00:43:59,520 +function plus + +459 +00:43:59,520 --> 00:44:07,420 +three quantity square plus two Q. This is the TVC. + +460 +00:44:07,940 --> 00:44:15,330 +How much is the AVC function?Of course, I can do + +461 +00:44:15,330 --> 00:44:20,230 +all this work. The calculations of AVC and TVC and + +462 +00:44:20,230 --> 00:44:22,710 +so on. Right? What is the AVC function? + +463 +00:44:25,370 --> 00:44:35,050 +AVC function.AVC equals TVC over Q equals 3Q + +464 +00:44:35,050 --> 00:44:41,250 +squared over Q plus 2Q over Q. So AVC function + +465 +00:44:41,250 --> 00:44:45,910 +equals 3Q + +466 +00:44:45,910 --> 00:44:50,670 +plus 2Q. This is the AVC function. + +467 +00:44:55,290 --> 00:44:57,590 +Marginal Cost Function, MC. + +468 +00:45:00,610 --> 00:45:05,370 +It changed in total cost over change in Q, or + +469 +00:45:05,370 --> 00:45:13,870 +change in TVC over change in Q. In terms + +470 +00:45:13,870 --> 00:45:19,310 +of Q, regarding Q. MC, Marginal Cost Equals. + +471 +00:45:23,760 --> 00:45:25,940 +100%. This fixed value is zero. + +472 +00:45:29,700 --> 00:45:34,860 +Then two times three times q raised to the power + +473 +00:45:34,860 --> 00:45:36,740 +of two minus one. Six q. + +474 +00:45:40,040 --> 00:45:49,060 +So, zero plus two times three times six q plus + +475 +00:45:49,060 --> 00:45:52,980 +two. Of course, this is raised to the power of + +476 +00:45:52,980 --> 00:46:01,240 +one.Right? So here MC equals 6Q plus 2. + +477 +00:46:04,540 --> 00:46:06,780 +Right? What about MR? + +478 +00:46:15,460 --> 00:46:19,300 +Because it is the marginal cost, what does it + +479 +00:46:19,300 --> 00:46:19,540 +equal? + +480 +00:46:22,670 --> 00:46:25,690 +What does change mean? Total cost over change in + +481 +00:46:25,690 --> 00:46:31,430 +Q. This is the total cost over Q. That's what it + +482 +00:46:31,430 --> 00:46:36,970 +means. Change is the differentiation of what? It's + +483 +00:46:36,970 --> 00:46:42,230 +the change. We have a problem in education. We + +484 +00:46:42,230 --> 00:46:43,870 +take change but we don't know what it means. + +485 +00:46:45,030 --> 00:46:47,890 +Right? This is the problem of education. + +486 +00:46:51,660 --> 00:46:57,600 +Well, it changed. And that's it. The second phase, + +487 +00:46:58,120 --> 00:47:00,640 +what did it do? Well, if you compare it to this, + +488 +00:47:00,760 --> 00:47:04,260 +it's 6. So I have a first phase, a second phase, + +489 +00:47:04,320 --> 00:47:10,960 +and a third phase. But we need to + +490 +00:47:10,960 --> 00:47:14,120 +understand the logic behind it before we compare + +491 +00:47:14,120 --> 00:47:14,640 +it. Why? + +492 +00:47:18,070 --> 00:47:20,190 +Marginal revenue in the preficient commercial + +493 +00:47:20,190 --> 00:47:29,030 +market MR equals the price. Or MR equals change in + +494 +00:47:29,030 --> 00:47:32,730 +total revenue over change in Q. Total revenue what + +495 +00:47:32,730 --> 00:47:36,530 +does it do? Price for Q. If you add up the price + +496 +00:47:36,530 --> 00:47:44,010 +for Q, you get P. Right? Let's calculate the total + +497 +00:47:44,010 --> 00:47:47,150 +fixed cost, total variable cost, total cost, and + +498 +00:47:47,150 --> 00:47:49,450 +all the variables. TFC, + +499 +00:47:53,430 --> 00:47:56,750 +TFC, TVC, + +500 +00:47:59,270 --> 00:47:59,870 +TC, + +501 +00:48:02,670 --> 00:48:06,950 +Total Revenue, MC, + +502 +00:48:09,510 --> 00:48:09,950 +MR, + +503 +00:48:12,930 --> 00:48:21,650 +AVC, AFC, ATC. AFC, AVC, ATC. + +504 +00:48:24,790 --> 00:48:31,830 +TFC is fixed at different quantities. TFC. + +505 +00:48:45,870 --> 00:48:52,090 +We can calculate it either Tc minus Tfc. Well, it + +506 +00:48:52,090 --> 00:48:57,290 +should be calculated. Tvc, either I say I + +507 +00:48:57,290 --> 00:49:01,270 +substitute with the equation, right? Yes. For the + +508 +00:49:01,270 --> 00:49:06,890 +first value, Tvc equals plus three times Tvc. + +509 +00:49:08,390 --> 00:49:13,010 +For the first point here, Tvc at Q equals zero. + +510 +00:49:13,070 --> 00:49:15,210 +How much is it? I say Tvc. + +511 +00:49:17,730 --> 00:49:23,830 +Equals plus three times Q zero Square plus two + +512 +00:49:23,830 --> 00:49:29,610 +times zero At + +513 +00:49:29,610 --> 00:49:36,370 +the Q equals one Square + +514 +00:49:44,060 --> 00:49:49,680 +Okay, three plus two equals five, right? + +515 +00:49:53,240 --> 00:49:59,880 +Okay, what else? At q equals two here, how much is + +516 +00:49:59,880 --> 00:50:09,560 +Tvc? Two, two, two squared, four, four times + +517 +00:50:09,560 --> 00:50:21,560 +three, twelve, Plus 4, 16. Of course, + +518 +00:50:21,780 --> 00:50:23,700 +all of these are easy to find, but all of these + +519 +00:50:23,700 --> 00:50:28,960 +fill up the whole table. Right? Okay. A three + +520 +00:50:28,960 --> 00:50:35,460 +square here. Nine, three, twenty-seven, six. How + +521 +00:50:35,460 --> 00:50:41,860 +many? Thirty-three. And hence, then? Then, then. + +522 +00:50:51,890 --> 00:50:53,290 +Okay. + +523 +00:50:55,850 --> 00:51:06,150 +What about total cost? TVC plus TFC. 50, 55, 66, + +524 +00:51:07,170 --> 00:51:14,890 +83, 106, 135, 170, + +525 +00:51:16,390 --> 00:51:22,950 +100 or 200, 11. What about Twitter revenue? The + +526 +00:51:22,950 --> 00:51:26,670 +price is fixed. As we were talking about the + +527 +00:51:26,670 --> 00:51:29,390 +perfect commercial market, the price is fixed at + +528 +00:51:29,390 --> 00:51:33,910 +different quantities. So price times quantity. So + +529 +00:51:33,910 --> 00:51:37,890 +the price here, Twitter revenue equals the price, + +530 +00:51:37,990 --> 00:51:46,210 +which is here, 14. 14 times 0. 0, 14 times 1, 14, + +531 +00:51:46,690 --> 00:51:52,730 +28. 30, 42, how much is it total revenue? + +532 +00:51:56,030 --> 00:51:56,890 +Then? + +533 +00:52:03,790 --> 00:52:04,650 +Then? + +534 +00:52:09,130 --> 00:52:11,490 +The last point? + +535 +00:52:14,630 --> 00:52:20,930 +What about the marginal cost?It can be calculated + +536 +00:52:20,930 --> 00:52:22,410 +by using this formula. + +537 +00:52:26,310 --> 00:52:30,990 +Or change in total cost. Or change in variable + +538 +00:52:30,990 --> 00:52:37,490 +cost over change in Q. Let's try the first point + +539 +00:52:37,490 --> 00:52:44,750 +here. 55 minus 50 over 1 minus 0 is 5. 2 here. + +540 +00:52:47,270 --> 00:52:49,030 +Eleven. Try it with two numbers and you will get + +541 +00:52:49,030 --> 00:52:53,150 +it right. Using this formula. MC equals six times + +542 +00:52:53,150 --> 00:52:53,570 +two. + +543 +00:52:57,050 --> 00:52:58,610 +So there is a problem here. + +544 +00:53:02,130 --> 00:53:04,430 +It is fourteen. Can you see it? Change the TVs. + +545 +00:53:04,790 --> 00:53:07,330 +How much is this? It should be seventy-six. Yes, + +546 +00:53:07,410 --> 00:53:10,890 +it is wrong. Wait a minute. Go back and correct + +547 +00:53:10,890 --> 00:53:13,230 +it. TC is sixteen. + +548 +00:53:15,990 --> 00:53:22,610 +Change with TBC. Change with TBC. 5 minus 0 over 1 + +549 +00:53:22,610 --> 00:53:32,490 +minus 0 is 5. 16 minus 5 is 11. Where is the + +550 +00:53:32,490 --> 00:53:33,130 +problem here? + +551 +00:53:45,300 --> 00:53:50,300 +Change the TVC, the same result. Change it. Yes? + +552 +00:53:56,260 --> 00:54:00,160 +And where is the problem? Is there a mistake in + +553 +00:54:00,160 --> 00:54:05,200 +the numbers? Yes. The MC is two? + +554 +00:54:08,380 --> 00:54:11,440 +Which two? Wait a minute. + +555 +00:54:17,890 --> 00:54:22,470 +No, there is no change at all. There is no change. + +556 +00:54:24,210 --> 00:54:27,730 +Let's go back to the function and see. Change in + +557 +00:54:27,730 --> 00:54:30,590 +TC. 6Q plus 2. No, it is correct. + +558 +00:54:37,370 --> 00:54:44,570 +Q is zero. This is correct. Calculate TC using the + +559 +00:54:44,570 --> 00:54:51,910 +formula.Girls, let's make a formula for Tc. Tc at + +560 +00:54:51,910 --> 00:54:56,730 +Q equals 1. Let's see how much Tc comes out. Let's + +561 +00:54:56,730 --> 00:54:56,990 +see. + +562 +00:55:04,190 --> 00:55:09,690 +Tc is 50 plus 3 times Q raised to the power 3. + +563 +00:55:34,240 --> 00:55:41,380 +Q squared, Q squared, 2. + +564 +00:55:52,120 --> 00:55:52,760 +Okay. + +565 +00:55:57,080 --> 00:56:01,900 +Work normally on this body. On this work, on this + +566 +00:56:01,900 --> 00:56:07,480 +change. Okay? We want to work tirelessly on the + +567 +00:56:07,480 --> 00:56:10,800 +table, as we learned before. But we want to + +568 +00:56:10,800 --> 00:56:12,520 +benefit from this. See the function correctly. + +569 +00:56:14,150 --> 00:56:16,910 +Because if you make a change in the TVC or change + +570 +00:56:16,910 --> 00:56:20,670 +in the total cost, you get the same result. You + +571 +00:56:20,670 --> 00:56:21,690 +get the same formula. + +572 +00:56:29,010 --> 00:56:30,990 +Just fill it out like this. Fill out the schedule + +573 +00:56:30,990 --> 00:56:33,150 +as we learned in the beginning. But this formula, + +574 +00:56:33,350 --> 00:56:35,550 +this function will be used in something else. + +575 +00:56:37,090 --> 00:56:43,620 +Okay? Yes? Okay, so this is how MC A change in the + +576 +00:56:43,620 --> 00:56:50,040 +TC, how much is it? 66. How much is it? 10. 83 + +577 +00:56:50,040 --> 00:56:56,520 +minus 66 over 3 minus 2. How much is this? + +578 +00:57:00,460 --> 00:57:05,080 +Yes. No, I don't want to reach logical results, + +579 +00:57:05,180 --> 00:57:09,760 +but there must be something else. How much? The + +580 +00:57:09,760 --> 00:57:10,120 +next 17. + +581 +00:57:14,590 --> 00:57:21,490 +Twenty-three and + +582 +00:57:21,490 --> 00:57:21,770 +then? + +583 +00:57:25,130 --> 00:57:29,950 +Twenty... Twenty-nine? Then? + +584 +00:57:34,930 --> 00:57:35,490 +Two hundred? + +585 +00:57:39,630 --> 00:57:42,750 +I received thirty-five. + +586 +00:57:46,980 --> 00:57:53,360 +three, one. MR equals + +587 +00:57:53,360 --> 00:57:56,940 +the price. Which is the price for T? + +588 +00:58:04,400 --> 00:58:09,000 +Okay. AVC, TVC over Q. + +589 +00:58:12,700 --> 00:58:20,270 +TVC, five over one, five. Sixteen over two, eight. + +590 +00:58:21,570 --> 00:58:31,810 +Thirty-three, eleven. One, fourteen. And then one, + +591 +00:58:32,190 --> 00:58:42,770 +seven. Twenty. How much is it? Sorry? How much? + +592 +00:58:52,480 --> 00:59:05,440 +23 ATC or AFC 50 over 1 50 25 + +593 +00:59:05,440 --> 00:59:13,860 +50 over 3 60 + +594 +00:59:13,860 --> 00:59:15,460 +.6 and then + +595 +00:59:18,440 --> 00:59:38,760 +12.5 and then 10 and then 8.3 the last point 7 + +596 +00:59:38,760 --> 00:59:45,740 +.14 okay ATC the summation of AVC plus AFC 55 + +597 +00:59:47,510 --> 00:59:55,090 +Twenty-five, thirty-two, thirty-three, twenty + +598 +00:59:55,090 --> 01:00:00,150 +-seven point six, twenty-six point five, half, + +599 +01:00:01,050 --> 01:00:06,550 +twenty-seven, twenty-eight point three, and the + +600 +01:00:06,550 --> 01:00:09,290 +last thirty point fourteen. + +601 +01:00:12,630 --> 01:00:13,590 +Determine + +602 +01:00:18,770 --> 01:00:22,390 +The shutdown point. Where's the shutdown point? + +603 +01:00:24,890 --> 01:00:31,150 +Where is it? The minimum value or the minimum AVC, + +604 +01:00:33,010 --> 01:00:34,830 +the shutdown point. + +605 +01:00:41,230 --> 01:00:45,970 +At a Q equals 1. + +606 +01:00:48,780 --> 01:00:54,140 +Where is the break-even point? The minimum ATC. If + +607 +01:00:54,140 --> 01:00:58,040 +I don't see the price equals total revenue equals + +608 +01:00:58,040 --> 01:01:02,400 +total cost, I see the minimum ATC. Where is the + +609 +01:01:02,400 --> 01:01:05,640 +minimum ATC? How much is it? + +610 +01:01:08,040 --> 01:01:09,960 +At Q equals 4. + +611 +01:01:17,330 --> 01:01:22,830 +equals MC. Where is the equilibrium point at MR + +612 +01:01:22,830 --> 01:01:29,990 +equals MC? When MR equals MC? I think it is not in + +613 +01:01:29,990 --> 01:01:33,550 +the data. That is why I go back to the formula. I + +614 +01:01:33,550 --> 01:01:37,510 +say the quantity, where does it happen? At the + +615 +01:01:37,510 --> 01:01:42,210 +quantity that achieves the equilibrium at MR + +616 +01:01:42,210 --> 01:01:45,430 +equals MC. The equilibrium + +617 +01:01:50,580 --> 01:01:57,340 +occurs when mr equals mc. This is the formula that + +618 +01:01:57,340 --> 01:02:01,620 +I mentioned. Because the data that is present here + +619 +01:02:01,620 --> 01:02:10,360 +is not covered. So mr equals mc times 6q plus 2 + +620 +01:02:10,360 --> 01:02:18,610 +equals mr which is 14. Right?So 6Q equals 14 minus + +621 +01:02:18,610 --> 01:02:24,450 +2, 6Q equals 12, hence Q equals 2. + +622 +01:02:27,390 --> 01:02:33,690 +At Q equals 2 here, it's as if it's telling you + +623 +01:02:33,690 --> 01:02:35,030 +that this is the equilibrium point. + +624 +01:02:38,690 --> 01:02:41,070 +Yes, it's very possible. We might have put the + +625 +01:02:41,070 --> 01:02:44,170 +numbers wrong. Because the truth is, I put the + +626 +01:02:44,170 --> 01:02:47,330 +question that I found. I mean, with Abu Hamza, one + +627 +01:02:47,330 --> 01:02:50,390 +minute. All right? I mean, I didn't take actual + +628 +01:02:50,390 --> 01:02:54,210 +data and worked on it. Maybe you saw Abu Hamza + +629 +01:02:54,210 --> 01:02:56,730 +less than a second ago. That's how I put the + +630 +01:02:56,730 --> 01:03:01,330 +question that dealt with the important idea. All + +631 +01:03:01,330 --> 01:03:03,550 +right? If I didn't find, for example, data in the + +632 +01:03:03,550 --> 01:03:07,850 +ATC, the original numbers would be correct. All + +633 +01:03:07,850 --> 01:03:09,590 +right? I mean, if I took actual data, things would + +634 +01:03:09,590 --> 01:03:10,190 +turn out right. + +635 +01:03:14,390 --> 01:03:20,230 +At equilibrium, how much is the total revenue and + +636 +01:03:20,230 --> 01:03:31,310 +total cost? This is MC, VC, and ATC. + +637 +01:03:34,110 --> 01:03:39,390 +It's not necessary. + +638 +01:03:40,330 --> 01:03:44,710 +At equilibrium, there should be a break-even. + +639 +01:03:45,210 --> 01:03:48,710 +There could be a loss, there could be profits, or + +640 +01:03:48,710 --> 01:03:50,290 +something like that. Is that right or not? Okay, + +641 +01:03:50,490 --> 01:03:56,770 +the question is, at equilibrium here, how much is + +642 +01:03:56,770 --> 01:04:03,610 +total revenue, total cost, total profits? At + +643 +01:04:03,610 --> 01:04:06,670 +equilibrium, at equilibrium, + +644 +01:04:14,670 --> 01:04:23,250 +at equilibrium quantity. How much is + +645 +01:04:23,250 --> 01:04:28,130 +total revenue or total profits? + +646 +01:04:32,470 --> 01:04:36,370 +We say total profits equals total revenue minus + +647 +01:04:36,370 --> 01:04:40,630 +total cost. In other words, Q is equal to 2. How + +648 +01:04:40,630 --> 01:04:43,250 +much is total revenue, total cost, total profits? + +649 +01:04:43,870 --> 01:04:48,210 +Total revenue is equal to price times quantity. + +650 +01:04:49,610 --> 01:04:51,830 +Total revenue is equal to price times quantity. + +651 +01:04:51,830 --> 01:04:51,930 +Total revenue is equal to price times quantity. + +652 +01:04:51,930 --> 01:04:51,930 +Total revenue is equal to price times quantity. + +653 +01:04:51,930 --> 01:04:51,930 +Total revenue is equal to price times quantity. + +654 +01:04:51,930 --> 01:04:51,930 +Total revenue is equal to price times quantity. + +655 +01:04:51,930 --> 01:04:51,930 +Total revenue is equal to price times quantity. + +656 +01:04:51,930 --> 01:04:51,930 +Total revenue is equal to price times quantity. + +657 +01:04:51,930 --> 01:04:52,030 +Total revenue is equal to price times quantity. + +658 +01:04:52,030 --> 01:04:52,030 +Total revenue is equal to price times quantity. + +659 +01:04:52,030 --> 01:04:52,030 +Total revenue is equal to price times quantity. + +660 +01:04:52,030 --> 01:04:52,030 +Total revenue is equal to price times quantity. + +661 +01:04:52,030 --> 01:04:52,130 +Total revenue is equal to price times quantity. + +662 +01:04:52,130 --> 01:04:52,130 +Total revenue is equal to price times quantity. + +663 +01:04:52,130 --> 01:04:52,170 +Total revenue is equal to price times quantity. + +664 +01:04:52,170 --> 01:04:52,210 +Total revenue is equal to price times quantity. + +665 +01:04:52,210 --> 01:04:52,210 +Total revenue is equal to price times quantity. + +666 +01:04:52,210 --> 01:04:52,450 +Total revenue is equal to price times quantity. + +667 +01:04:52,450 --> 01:04:52,950 +Total revenue is equal to price times quantity. + +668 +01:04:52,950 --> 01:04:55,230 +Total revenue is equal to price times quantity. + +669 +01:04:55,410 --> 01:04:56,950 +Total revenue is equal to price times quantity. + +670 +01:04:58,670 --> 01:04:59,770 +Total revenue + +671 +01:05:02,190 --> 01:05:08,430 +How much is the total profits? Total revenue + +672 +01:05:08,430 --> 01:05:18,730 +equals + +673 +01:05:18,730 --> 01:05:28,430 +the price 14 times 2 equals 28. This is the total + +674 +01:05:28,430 --> 01:05:28,750 +revenue. + +675 +01:05:32,550 --> 01:05:49,010 +Total cost equals total + +676 +01:05:49,010 --> 01:05:57,090 +revenue minus total cost. How much is the total + +677 +01:05:57,090 --> 01:05:57,490 +profits? + +678 +01:06:00,340 --> 01:06:02,720 +We say total profits equals total revenue minus + +679 +01:06:02,720 --> 01:06:08,080 +total cost. So you have two here. At Q equals 2. + +680 +01:06:08,540 --> 01:06:10,100 +How much is the total revenue? We calculated it as + +681 +01:06:10,100 --> 01:06:15,620 +28. Total cost is 66. How much is the total + +682 +01:06:15,620 --> 01:06:19,660 +profits, total revenue minus total cost? It turns + +683 +01:06:19,660 --> 01:06:23,300 +out to be half. So the price is correct. It came + +684 +01:06:23,300 --> 01:06:31,380 +here. Below ATC. How much is ATC with TC? Sorry, + +685 +01:06:31,480 --> 01:06:38,940 +ATC. Yes. How much is ATC? At 2, 33. + +686 +01:06:42,120 --> 01:06:50,720 +At equilibrium, + +687 +01:06:51,280 --> 01:06:56,630 +how much is ATC? If this is all, I don't want this + +688 +01:06:56,630 --> 01:06:59,550 +whole table. Why did I bring formulas to look at + +689 +01:06:59,550 --> 01:07:05,930 +them? At equilibrium, how much is AVC? Away from + +690 +01:07:05,930 --> 01:07:07,790 +this table. I want to erase this whole table. + +691 +01:07:13,270 --> 01:07:18,830 +I want to say at equilibrium, calculate or how + +692 +01:07:18,830 --> 01:07:37,490 +much is ATC, AVC, AFC, MC,Total profits. How much + +693 +01:07:37,490 --> 01:07:38,550 +is total profits? + +694 +01:07:47,620 --> 01:07:54,460 +How much is Avc or Atc? How much is Atc? Calculate + +695 +01:07:54,460 --> 01:07:56,200 +Atc. + +696 +01:08:00,180 --> 01:08:04,940 +What is this function? This is Atc. What will Atc + +697 +01:08:04,940 --> 01:08:10,060 +do? Atc equals Tc over Q, right? Then the Atc + +698 +01:08:10,060 --> 01:08:16,580 +function equals Tc over Q, which equals50 over Q + +699 +01:08:16,580 --> 01:08:28,120 +plus 3Q. Q squared over Q is Q. 3Q squared over Q + +700 +01:08:28,120 --> 01:08:38,890 +plus 2Q over Q is ATC. So ATC Equals 50 over Q + +701 +01:08:38,890 --> 01:08:44,250 +plus 3Q plus 2. This is the function I'm working + +702 +01:08:44,250 --> 01:08:53,790 +on. At equilibrium, Q equals what? Two. So, ATC at + +703 +01:08:53,790 --> 01:08:55,290 +equilibrium. + +704 +01:08:57,930 --> 01:09:04,610 +ATC equals 50 over Q2, which is at equilibrium. + +705 +01:09:07,150 --> 01:09:13,110 +Plus 3 times 2 plus 2. So ATC at equilibrium + +706 +01:09:13,110 --> 01:09:19,590 +equals 25 plus 6 plus 2 equals how much? + +707 +01:09:22,690 --> 01:09:27,690 +This is ATC. So ATC is bigger than the price. The + +708 +01:09:27,690 --> 01:09:33,650 +equilibrium price is how much? 14. And ATC is + +709 +01:09:33,650 --> 01:09:34,070 +higher than it. + +710 +01:09:40,540 --> 01:09:45,540 +At equilibrium, how much is AVC? + +711 +01:09:51,160 --> 01:09:55,760 +How much is AVC? + +712 +01:10:00,890 --> 01:10:05,970 +At equilibrium, how much is AVC? + +713 +01:10:08,090 --> 01:10:10,530 +At equilibrium, + +714 +01:10:17,930 --> 01:10:21,210 +how much is TAVC? + +715 +01:10:23,130 --> 01:10:27,270 +What is your advice to this company to keep + +716 +01:10:27,270 --> 01:10:34,670 +working or to close down? How much is A V C? A V C + +717 +01:10:34,670 --> 01:10:42,230 +equals T V C over Q equals + +718 +01:10:42,230 --> 01:10:57,130 +T V C three Q plus two Q. + +719 +01:10:59,110 --> 01:11:01,250 +AVC 3Q plus 2. + +720 +01:11:03,970 --> 01:11:08,490 +At equilibrium, at Q equals 2, how much is AVC? + +721 +01:11:09,350 --> 01:11:14,330 +AVC equals 3 times 2 plus 2 equals 8. + +722 +01:11:19,090 --> 01:11:23,530 +What is your advice in this case? Here we have a + +723 +01:11:23,530 --> 01:11:27,810 +loss, an economic loss. But what is your advice to + +724 +01:11:27,810 --> 01:11:32,810 +keep working or to close down? We have to compare + +725 +01:11:32,810 --> 01:11:39,670 +price and AVC. We said before that if the price is + +726 +01:11:39,670 --> 01:11:43,710 +bigger than AVC, keep working. If the price is + +727 +01:11:43,710 --> 01:11:49,130 +less than AVC, close down. If a price equals AVC, + +728 +01:11:49,370 --> 01:11:52,520 +here we're talking about the shutdown point. Now, + +729 +01:11:52,940 --> 01:11:56,620 +how much is AVC? Eight. How much is the price? + +730 +01:11:56,760 --> 01:12:00,980 +Equilibrium price? Fourteen. So, the price here is + +731 +01:12:00,980 --> 01:12:05,120 +bigger than AVC. Fourteen is bigger than eight. + +732 +01:12:05,320 --> 01:12:08,900 +So, keep working although we have a loss. + diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/8Z6s99wBVlU_postprocess.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/8Z6s99wBVlU_postprocess.srt new file mode 100644 index 0000000000000000000000000000000000000000..fe0392da21ad11323bcdda099dec30945267269e --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/8Z6s99wBVlU_postprocess.srt @@ -0,0 +1,2592 @@ +1 +00:00:20,040 --> 00:00:22,180 +Okay. Bismillahirrahmanirrahim. How are you today? + +2 +00:00:23,740 --> 00:00:28,280 +Fine. Very good. OK. Today, inshallah, we'll be + +3 +00:00:28,280 --> 00:00:31,400 +talking about the change in market equilibrium. + +4 +00:00:32,120 --> 00:00:36,760 +The change in market equilibrium. As we mentioned + +5 +00:00:36,760 --> 00:00:39,960 +before that the equilibrium in the market occurs + +6 +00:00:39,960 --> 00:00:44,640 +when demand crosses supply curve or there is an + +7 +00:00:44,640 --> 00:00:49,000 +intersection between demand and supply. Now, let's + +8 +00:00:49,000 --> 00:00:55,210 +study the changes in the market equilibrium due to + +9 +00:00:55,210 --> 00:00:59,410 +the change in demand and supply, okay? Now, let's + +10 +00:00:59,410 --> 00:01:07,550 +assume that we are talking about the market + +11 +00:01:07,550 --> 00:01:10,010 +here, prices, + +12 +00:01:11,810 --> 00:01:18,250 +demand one, supply one, + +13 +00:01:21,940 --> 00:01:29,240 +Let's talk about the demand for shirts or demand + +14 +00:01:29,240 --> 00:01:34,140 +for trousers or demand for shoes in the local + +15 +00:01:34,140 --> 00:01:38,140 +market. So we're talking about the, this is the + +16 +00:01:38,140 --> 00:01:41,980 +equilibrium point one and this is the price P1. + +17 +00:01:42,260 --> 00:01:45,140 +Here we're talking about the demand for or demand + +18 +00:01:45,140 --> 00:01:50,440 +and supply for shoes quantity. + +19 +00:01:51,810 --> 00:02:02,350 +One. So our topic is the change in market + +20 +00:02:02,350 --> 00:02:04,170 +equilibrium. + +21 +00:02:08,930 --> 00:02:13,590 +Here we're talking about the shoes market. The + +22 +00:02:13,590 --> 00:02:17,070 +shoes consumer. Okay, thank you. + +23 +00:02:21,550 --> 00:02:24,870 +According to our assumption here, that the + +24 +00:02:24,870 --> 00:02:30,290 +equilibrium point in this market is A1, the demand + +25 +00:02:30,290 --> 00:02:35,730 +for shoes is illustrated by this demand curve, D1, + +26 +00:02:36,150 --> 00:02:42,570 +and the supply for shoes is supply one. If you + +27 +00:02:42,570 --> 00:02:46,330 +remember that we studied the demand determines and + +28 +00:02:46,330 --> 00:02:50,200 +supply determines. like the demand determines like + +29 +00:02:50,200 --> 00:02:52,860 +the consumer, the number of consumers or + +30 +00:02:52,860 --> 00:02:56,260 +population, the consumer's income, taste, and the + +31 +00:02:56,260 --> 00:02:59,260 +preferences. It tells the price of other related + +32 +00:02:59,260 --> 00:03:03,420 +goods and expectations for futures, for future + +33 +00:03:03,420 --> 00:03:07,640 +prices and future, you know, the future income, + +34 +00:03:08,000 --> 00:03:12,760 +okay? Now, let's gonna study the + +35 +00:03:15,330 --> 00:03:20,750 +What will happen to the equilibrium prices and + +36 +00:03:20,750 --> 00:03:24,390 +equilibrium quantity if the number of population + +37 +00:03:24,390 --> 00:03:29,890 +of the population increase? Let's assume that in + +38 +00:03:29,890 --> 00:03:34,250 +one area, the population increases. + +39 +00:03:40,010 --> 00:03:44,190 +What will happen? The population here is one of + +40 +00:03:44,190 --> 00:03:48,290 +the main determinants of demand. So demand will + +41 +00:03:48,290 --> 00:03:51,170 +increase. So here we have rightward shifting. So + +42 +00:03:51,170 --> 00:03:55,070 +demand will + +43 +00:03:55,070 --> 00:03:58,610 +increase. Because earlier we were talking about + +44 +00:03:58,610 --> 00:04:01,990 +the demand is a normal good. Our population + +45 +00:04:01,990 --> 00:04:11,090 +increases, the demand for shoes increased. + +46 +00:04:13,210 --> 00:04:17,970 +So the demand curve shifts right. They say demand + +47 +00:04:17,970 --> 00:04:21,030 +curve shifts right. + +48 +00:04:22,930 --> 00:04:27,850 +So here we have rightward shifting for demand + +49 +00:04:27,850 --> 00:04:31,790 +curve to + +50 +00:04:31,790 --> 00:04:36,670 +D2, parallel to the previous one. What do we see? + +51 +00:04:37,550 --> 00:04:42,580 +As demand increases. We have a new equilibrium + +52 +00:04:42,580 --> 00:04:45,800 +point in the market, which is E2 here. + +53 +00:04:49,220 --> 00:04:57,300 +The price goes up or increases from P1 to P2. And + +54 +00:04:57,300 --> 00:04:59,740 +the quantity, the equilibrium quantity in the + +55 +00:04:59,740 --> 00:05:08,660 +market goes up as well. All right? So, The + +56 +00:05:08,660 --> 00:05:14,040 +conclusion or the result here is we have a + +57 +00:05:14,040 --> 00:05:18,040 +rightward shifting in demand curve leads to an + +58 +00:05:18,040 --> 00:05:20,940 +increasing the prices, the equilibrium price, and + +59 +00:05:20,940 --> 00:05:24,020 +increasing the equilibrium quantity, the quantity + +60 +00:05:24,020 --> 00:05:28,800 +exchange in the market goes up. Okay? Is there a + +61 +00:05:28,800 --> 00:05:33,420 +problem? No. Okay. Let's assume that + +62 +00:05:38,340 --> 00:05:43,760 +We have populated the consumer's income. And here + +63 +00:05:43,760 --> 00:05:48,400 +we are talking about the shoes are. So here, let's + +64 +00:05:48,400 --> 00:05:55,300 +talk about the consumer. + +65 +00:05:58,520 --> 00:06:03,960 +Consumer's income goes up. What will happen to the + +66 +00:06:03,960 --> 00:06:08,770 +demand for shoes here? Not always, because it + +67 +00:06:08,770 --> 00:06:10,990 +might be you're talking about the second-hand + +68 +00:06:10,990 --> 00:06:11,430 +shoes. + +69 +00:06:14,110 --> 00:06:19,310 +Right? Correct? If we talk about new shoes, this + +70 +00:06:19,310 --> 00:06:21,890 +is his market, what does it mean? Definitely + +71 +00:06:21,890 --> 00:06:26,010 +income will have a positive effect on who? On new + +72 +00:06:26,010 --> 00:06:31,210 +shoes. But what about the second-hand shoes? It + +73 +00:06:31,210 --> 00:06:36,730 +goes down. Then income here, the consumer's income + +74 +00:06:36,730 --> 00:06:41,990 +goes up. If we are talking about a new shoes + +75 +00:06:41,990 --> 00:06:47,170 +market, industry, if this was a new shoes + +76 +00:06:47,170 --> 00:06:50,750 +industry, + +77 +00:06:52,230 --> 00:06:57,990 +definitely there will be a difference. Or this is + +78 +00:06:57,990 --> 00:07:01,590 +normal good. If this was normal good. + +79 +00:07:05,380 --> 00:07:09,180 +And if the shoes here are normal, what will + +80 +00:07:09,180 --> 00:07:12,160 +happen? Demand goes up. + +81 +00:07:14,820 --> 00:07:21,020 +So demand curve, demand for shoes goes + +82 +00:07:21,020 --> 00:07:25,340 +up and the demand curve shifts or shifts right. + +83 +00:07:29,900 --> 00:07:33,440 +So we will find that there is a rightward shifting + +84 +00:07:33,440 --> 00:07:37,880 +in demand curve. But what will happen if this + +85 +00:07:37,880 --> 00:07:41,620 +product is inferior? Like, you know, here we're + +86 +00:07:41,620 --> 00:07:47,940 +talking about the secondhand shoes. If the shoes + +87 +00:07:47,940 --> 00:07:56,800 +here is in you, secondhand shoes. + +88 +00:08:00,850 --> 00:08:07,330 +Let us assume that the shoes here is secondhand + +89 +00:08:07,330 --> 00:08:11,090 +shoes. + +90 +00:08:15,230 --> 00:08:19,410 +Increasing income, the consumer's income, leads to + +91 +00:08:19,410 --> 00:08:25,680 +what? The decreasing The demand for shoes. So the + +92 +00:08:25,680 --> 00:08:33,320 +demand for shoes here shifts left. So we will find + +93 +00:08:33,320 --> 00:08:42,300 +that the demand for shoes here shifts + +94 +00:08:42,300 --> 00:08:46,120 +left. So let us assume that here we have the + +95 +00:08:46,120 --> 00:08:48,140 +original equilibrium point. + +96 +00:08:51,160 --> 00:08:57,980 +This is the second-hand for shoes market, demand + +97 +00:08:57,980 --> 00:09:08,900 +one, S1, E1, P1, Q1. We are talking about the + +98 +00:09:08,900 --> 00:09:14,680 +second-hand shoes market. As the consumer's income + +99 +00:09:14,680 --> 00:09:19,180 +goes up, the demand for the second-hand shoes goes + +100 +00:09:19,180 --> 00:09:22,240 +down. Here we have a leftward shifting of demand + +101 +00:09:22,240 --> 00:09:25,100 +curve because there is a negative relationship + +102 +00:09:25,100 --> 00:09:29,960 +between what? Between the consumer's income and + +103 +00:09:29,960 --> 00:09:35,860 +the inferior goods. All right? So here we have + +104 +00:09:35,860 --> 00:09:38,840 +because the second and the closest here, the + +105 +00:09:38,840 --> 00:09:41,600 +second-hand shoes. + +106 +00:09:44,300 --> 00:09:46,960 +is an inferior good. + +107 +00:09:54,220 --> 00:09:57,860 +And there is a negative relationship between the + +108 +00:09:57,860 --> 00:10:00,440 +consumer's income and the demand for inferior + +109 +00:10:00,440 --> 00:10:04,860 +goods, so the demand shifts left. So here we have + +110 +00:10:04,860 --> 00:10:08,660 +a leftward shifting in demand curve to day two, + +111 +00:10:08,860 --> 00:10:13,540 +parallel to the previous one. Here we have a + +112 +00:10:13,540 --> 00:10:15,820 +leftward shifting and demand curve. + +113 +00:10:18,580 --> 00:10:22,480 +We have a new equilibrium point. Then Alice is + +114 +00:10:22,480 --> 00:10:28,040 +here. Assume that Ceteris Pervis means. Yeah. + +115 +00:10:30,200 --> 00:10:36,600 +Okay. So we have a new equilibrium point demand + +116 +00:10:36,600 --> 00:10:41,850 +two with supply one. Because supply did not change + +117 +00:10:41,850 --> 00:10:48,250 +here. Is there a problem? Where is it? Inferior + +118 +00:10:48,250 --> 00:10:54,590 +good. Inferior means. Okay. And there is a + +119 +00:10:54,590 --> 00:10:56,410 +negative relationship between the consumer's + +120 +00:10:56,410 --> 00:11:00,970 +income and the demand for inferior goods. Yes. Is + +121 +00:11:00,970 --> 00:11:05,870 +there a problem? Okay. So here we have the + +122 +00:11:05,870 --> 00:11:09,190 +leftward shifting in demand curve. We have a new + +123 +00:11:09,190 --> 00:11:15,250 +intersection point here, E2. And this is the + +124 +00:11:15,250 --> 00:11:21,470 +price, P2. The quantity exchange in the market is + +125 +00:11:21,470 --> 00:11:26,230 +Q2. What will happen here? So the result here is + +126 +00:11:26,230 --> 00:11:31,730 +increasing in the consumer income. leads to a + +127 +00:11:31,730 --> 00:11:39,510 +decreasing in demand for secondhand + +128 +00:11:39,510 --> 00:11:42,170 +shoes. + +129 +00:11:43,830 --> 00:11:48,830 +The conclusion or the result here is a decrease in + +130 +00:11:48,830 --> 00:11:54,070 +the price plus decreasing in the quantity. It + +131 +00:11:54,070 --> 00:11:57,350 +changes the market equilibrium. + +132 +00:11:58,390 --> 00:12:03,240 +This is the result here. Okay, so the conclusion, + +133 +00:12:03,420 --> 00:12:09,060 +the result here is we have a decreasing in the + +134 +00:12:09,060 --> 00:12:12,860 +prices, decreasing in the equilibrium quality. + +135 +00:12:13,280 --> 00:12:16,620 +What will happen if the consumer's income + +136 +00:12:16,620 --> 00:12:23,010 +decreases in this case? The demand for shoes, your + +137 +00:12:23,010 --> 00:12:26,130 +second hand shoes, goes up because there's a + +138 +00:12:26,130 --> 00:12:28,130 +negative relationship between the consumer's + +139 +00:12:28,130 --> 00:12:32,330 +income and the demand for, you know, the second + +140 +00:12:32,330 --> 00:12:38,170 +hand shoes, the demand curve shifts right. The + +141 +00:12:38,170 --> 00:12:40,870 +opposite case here, demand will shift right, so + +142 +00:12:40,870 --> 00:12:44,670 +the price goes up, the equilibrium quantity goes + +143 +00:12:44,670 --> 00:12:49,350 +up as well. Okay? What about the + +144 +00:12:53,550 --> 00:12:57,510 +Taste and preferences of the consumers. Taste and + +145 +00:12:57,510 --> 00:13:03,610 +preferences go towards buying one + +146 +00:13:03,610 --> 00:13:07,090 +type of shoes. Or when you're talking about + +147 +00:13:07,090 --> 00:13:09,670 +fashion here, the consumers taste their + +148 +00:13:09,670 --> 00:13:14,230 +preferences, go to work to buy something. One type + +149 +00:13:14,230 --> 00:13:17,870 +of the products here, one type of shoes. Demand + +150 +00:13:17,870 --> 00:13:22,130 +goes up. Demand shifts. So the price goes up, and + +151 +00:13:22,130 --> 00:13:24,950 +the demand goes up as well. The quantity changes. + +152 +00:13:25,090 --> 00:13:33,830 +The market goes up as well. Taste of + +153 +00:13:33,830 --> 00:13:38,040 +the preferences. The taste and the preferences. + +154 +00:13:40,120 --> 00:13:41,300 +And the preferences. + +155 +00:13:44,480 --> 00:13:46,020 +One type of shoes. + +156 +00:13:49,420 --> 00:13:55,200 +Demand busy. Demand curve shifts, right? And we + +157 +00:13:55,200 --> 00:14:00,040 +will write or shift. We have a word shifting and + +158 +00:14:00,040 --> 00:14:03,720 +demand curve. OK? And here, we can apply all these + +159 +00:14:03,720 --> 00:14:11,750 +things All demand determinants. Okay? Demand + +160 +00:14:11,750 --> 00:14:19,230 +determinants. Right or left. Okay? + +161 +00:14:25,850 --> 00:14:30,350 +Let's go to analyze the supply determinants. + +162 +00:14:46,730 --> 00:14:51,870 +Let's study the effect of a change in one of the + +163 +00:14:51,870 --> 00:14:54,830 +supply determinants on the market equilibrium. + +164 +00:15:06,530 --> 00:15:12,390 +If we have a new technology to produce shoes as + +165 +00:15:12,390 --> 00:15:16,810 +suppliers, as producers, as sellers, as sellers, + +166 +00:15:17,090 --> 00:15:21,550 +as producers, as suppliers. Let us assume that + +167 +00:15:21,550 --> 00:15:25,690 +they have a new technology. What will happen to + +168 +00:15:25,690 --> 00:15:28,070 +their production, their ability to produce, their + +169 +00:15:28,070 --> 00:15:30,150 +willingness to produce, their profits, you know, + +170 +00:15:30,450 --> 00:15:34,030 +the supply here? What will happen? Yeah, + +171 +00:15:34,110 --> 00:15:39,570 +definitely. So let us go to the tonalized. Or this + +172 +00:15:39,570 --> 00:15:42,990 +is the original situation, quarter prices. And + +173 +00:15:42,990 --> 00:15:51,980 +this is the demand for shoes, D1. S1, E1, price + +174 +00:15:51,980 --> 00:15:55,600 +P1, Q1. + +175 +00:15:57,580 --> 00:16:01,220 +According to our assumption here is that the + +176 +00:16:01,220 --> 00:16:07,020 +producers or the industry here have a new + +177 +00:16:07,020 --> 00:16:13,180 +technology. So if the sellers or the producers + +178 +00:16:13,180 --> 00:16:16,120 +have + +179 +00:16:17,530 --> 00:16:18,650 +A new technology. + +180 +00:16:22,930 --> 00:16:29,590 +Modern technology, modern machinery. What will + +181 +00:16:29,590 --> 00:16:30,330 +happen here? + +182 +00:16:33,530 --> 00:16:37,450 +Increasing what? Supply, you're talking about the + +183 +00:16:37,450 --> 00:16:41,940 +supply's determinants. Because technology is one + +184 +00:16:41,940 --> 00:16:45,700 +of the main effects or the main factors affect + +185 +00:16:45,700 --> 00:16:49,520 +what? Supply. Technology is one of the variables + +186 +00:16:49,520 --> 00:16:52,680 +or the factors of one of the main determinants of + +187 +00:16:52,680 --> 00:16:57,780 +supply. So as we have a new technology, The + +188 +00:16:57,780 --> 00:17:00,260 +production capacity will increase. The ability to + +189 +00:17:00,260 --> 00:17:03,100 +produce goes up. The willingness to produce goes + +190 +00:17:03,100 --> 00:17:09,260 +up. So here we have this will increase supply. So + +191 +00:17:09,260 --> 00:17:14,240 +this increased our production capacity. The + +192 +00:17:14,240 --> 00:17:20,120 +ability to produce goes up. So supply goes up. So + +193 +00:17:20,120 --> 00:17:23,500 +here we have rightward shifting in supply curve. + +194 +00:17:24,780 --> 00:17:25,860 +Supply of shoes. + +195 +00:17:29,610 --> 00:17:41,390 +goes up. So here we have rightward shifting and + +196 +00:17:41,390 --> 00:17:42,470 +supply curve. + +197 +00:17:48,730 --> 00:17:54,840 +So supply shifts right. So here we have rightward + +198 +00:17:54,840 --> 00:18:03,560 +shifting citrus petals. Supply shifts right. This + +199 +00:18:03,560 --> 00:18:04,560 +is S2. + +200 +00:18:08,980 --> 00:18:15,200 +We have a new equilibrium point. S2 with D remains + +201 +00:18:15,200 --> 00:18:18,340 +constant. Demand curve remains constant here. So + +202 +00:18:18,340 --> 00:18:24,700 +we have a new equilibrium point, A2. The price + +203 +00:18:24,700 --> 00:18:28,400 +goes down and the quantity exchange goes up due + +204 +00:18:28,400 --> 00:18:35,780 +to. When supply increases the market, the price + +205 +00:18:35,780 --> 00:18:40,920 +goes down with exchange quantity in the market. So + +206 +00:18:40,920 --> 00:18:46,340 +this leads to decreasing the prices and increasing + +207 +00:18:46,340 --> 00:18:49,460 +the quantity exchange or the equilibrium quantity + +208 +00:18:49,460 --> 00:18:56,790 +in the market. So the result here is decreasing + +209 +00:18:56,790 --> 00:18:59,930 +the prices, the market prices or the equilibrium + +210 +00:18:59,930 --> 00:19:03,950 +prices plus increasing and the equilibrium + +211 +00:19:03,950 --> 00:19:10,610 +quantity. That's it. Okay? Who has a problem here? + +212 +00:19:12,290 --> 00:19:18,380 +What will happen if the cost of raw material that + +213 +00:19:18,380 --> 00:19:22,320 +enters or enter in the production process of shoes + +214 +00:19:22,320 --> 00:19:26,560 +here. The cost of inputs, the cost of raw + +215 +00:19:26,560 --> 00:19:32,700 +material. What happens? When the cost of inputs + +216 +00:19:32,700 --> 00:19:34,600 +increases, raw material that goes into the + +217 +00:19:34,600 --> 00:19:39,660 +production of shoes, supply goes down. Right? + +218 +00:19:40,000 --> 00:19:46,740 +Decreases. So let's have another example. or + +219 +00:19:46,740 --> 00:19:50,900 +another determinant of supply, which is the cost + +220 +00:19:50,900 --> 00:19:51,740 +of raw material. + +221 +00:19:54,600 --> 00:20:09,480 +If the cost of raw material increases, + +222 +00:20:12,420 --> 00:20:18,250 +this means that The production process, the + +223 +00:20:18,250 --> 00:20:22,230 +production of shoes becomes more expensive. + +224 +00:20:24,950 --> 00:20:31,290 +The producers will gain less profits. What will + +225 +00:20:31,290 --> 00:20:34,990 +happen? Their ability to produce goes down. Their + +226 +00:20:34,990 --> 00:20:38,830 +willingness to produce goes down as well. So this + +227 +00:20:38,830 --> 00:20:44,250 +means or this leads to a decreasing in supply for + +228 +00:20:44,250 --> 00:20:44,750 +shoes. + +229 +00:20:47,530 --> 00:20:52,550 +So supply curve shifts left. + +230 +00:20:54,190 --> 00:20:57,810 +So here we have a leftward shifting and supply + +231 +00:20:57,810 --> 00:20:58,150 +curve. + +232 +00:21:02,730 --> 00:21:06,790 +So this leads to a leftward shifting and supply + +233 +00:21:06,790 --> 00:21:07,990 +curve for shoes, + +234 +00:21:10,770 --> 00:21:13,350 +price, day one. + +235 +00:21:19,050 --> 00:21:28,010 +S1, E1, P1, Q1. Now according to our assumption + +236 +00:21:28,010 --> 00:21:31,150 +here that there is over the course of raw material + +237 +00:21:31,150 --> 00:21:38,410 +goes up. So we have a leftward shifting and supply + +238 +00:21:38,410 --> 00:21:38,850 +curve. + +239 +00:21:47,740 --> 00:21:52,400 +The price goes up, and the quantity goes down. + +240 +00:21:57,260 --> 00:22:01,840 +And this is logical analysis. As the cost of raw + +241 +00:22:01,840 --> 00:22:07,120 +material goes up, he wants to make compensation to + +242 +00:22:07,120 --> 00:22:10,120 +the producer. To compensate him, he raises the + +243 +00:22:10,120 --> 00:22:15,680 +price. Automatically. Right? Actually, the + +244 +00:22:15,680 --> 00:22:18,860 +quantity produced goes down as well. So the result + +245 +00:22:18,860 --> 00:22:22,700 +here will be increasing the prices. So the price, + +246 +00:22:23,160 --> 00:22:28,840 +in this case, the price goes up. The quantity goes + +247 +00:22:28,840 --> 00:22:36,780 +down. All right. What else? What are the other + +248 +00:22:36,780 --> 00:22:40,300 +determinants of supply or the factors that affect + +249 +00:22:40,300 --> 00:22:41,380 +supply? What else? + +250 +00:22:44,850 --> 00:22:48,930 +So who can give us the determinant, one of the + +251 +00:22:48,930 --> 00:22:53,150 +supplies determinant to be discussed here in an + +252 +00:22:53,150 --> 00:22:55,990 +example, or to be reflected in this example? + +253 +00:22:57,770 --> 00:22:59,210 +Taxes, yeah, okay. + +254 +00:23:03,810 --> 00:23:08,370 +If the government increased + +255 +00:23:08,370 --> 00:23:14,990 +taxes, So let us assume that if the government + +256 +00:23:14,990 --> 00:23:25,130 +increase the taxes here, or the tax rates in this + +257 +00:23:25,130 --> 00:23:30,090 +industry, what will happen? This leads to + +258 +00:23:30,090 --> 00:23:34,970 +increasing the cost of production. The cost of a + +259 +00:23:34,970 --> 00:23:35,350 +production. + +260 +00:23:38,600 --> 00:23:41,860 +As the cost of production goes up, the ability to + +261 +00:23:41,860 --> 00:23:44,900 +produce goes down, the willingness to produce goes + +262 +00:23:44,900 --> 00:23:50,300 +up. So supply shifts goes down. Here we have a + +263 +00:23:50,300 --> 00:23:53,880 +leftward shifting supply curve. So supply curve + +264 +00:23:53,880 --> 00:24:01,540 +for shoes in this case shifts left. Okay? And vice + +265 +00:24:01,540 --> 00:24:07,640 +versa. If the government increased, or provided + +266 +00:24:07,640 --> 00:24:12,060 +subsidies, or subsidized the producers. + +267 +00:24:14,440 --> 00:24:19,580 +The opposite case. If the government increased its + +268 +00:24:19,580 --> 00:24:24,760 +subsidies for, so you're not taxes, you're talking + +269 +00:24:24,760 --> 00:24:25,700 +about subsidies. + +270 +00:24:28,560 --> 00:24:33,860 +Support for the producers. Because production goes + +271 +00:24:33,860 --> 00:24:38,380 +down, the supply for shoes increases, so the + +272 +00:24:38,380 --> 00:24:44,380 +supply curve shifts. Right. Subsidies means + +273 +00:24:44,380 --> 00:24:50,520 +support, financial support maybe. So, or in + +274 +00:24:50,520 --> 00:24:54,160 +clients sometimes. So, in this case, supply will + +275 +00:24:54,160 --> 00:24:59,400 +shift. Right. So, we'll go from S1 to S3 here. + +276 +00:25:02,310 --> 00:25:06,730 +E3, what will happen here? The price goes down + +277 +00:25:06,730 --> 00:25:14,230 +from P1 to P3 and the quantity goes up. So the + +278 +00:25:14,230 --> 00:25:18,050 +result here will be a rightward shifting in supply + +279 +00:25:18,050 --> 00:25:20,130 +curve from S1 to S3. + +280 +00:25:22,750 --> 00:25:26,350 +So the price goes down and the quantity exchange + +281 +00:25:26,350 --> 00:25:32,320 +goes up. So the result here will be A decreasing + +282 +00:25:32,320 --> 00:25:37,720 +in the equilibrium price plus increasing in the + +283 +00:25:37,720 --> 00:25:41,540 +equilibrium quantity. Okay? + +284 +00:25:44,500 --> 00:25:52,140 +Tamam? Okay. Let's go to something else. Now, as + +285 +00:25:52,140 --> 00:25:55,780 +we mentioned, that we have some deter- Yes? + +286 +00:26:00,560 --> 00:26:03,440 +This point here according to our assumption that + +287 +00:26:03,440 --> 00:26:07,510 +the government decided to subsidize. the + +288 +00:26:07,510 --> 00:26:11,950 +producers, the sellers, the factories, the + +289 +00:26:11,950 --> 00:26:15,490 +industry here, to produce more shoes in the + +290 +00:26:15,490 --> 00:26:21,310 +market. So they might give them financial support, + +291 +00:26:21,450 --> 00:26:26,430 +maybe providing them with cash for work, with + +292 +00:26:26,430 --> 00:26:30,790 +workers to pay wages for workers sometimes to + +293 +00:26:30,790 --> 00:26:34,150 +decrease the cost of raw material by decreasing + +294 +00:26:34,150 --> 00:26:37,510 +the customs maybe. What will happen, the cost of + +295 +00:26:37,510 --> 00:26:40,970 +production goes down, supply of shoes goes up. So + +296 +00:26:40,970 --> 00:26:43,490 +here we have a rightward shifting supply curve. + +297 +00:26:43,870 --> 00:26:47,610 +The price goes, it went down, and the equilibrium + +298 +00:26:47,610 --> 00:26:52,910 +quantity increased. Clear? Let's go to something + +299 +00:26:52,910 --> 00:26:53,210 +else. + +300 +00:27:18,610 --> 00:27:24,290 +Now, we studied the effects of the change in one + +301 +00:27:24,290 --> 00:27:29,490 +determinant on the demand. And another, or another + +302 +00:27:29,490 --> 00:27:32,430 +side, we studied the effects of the change in one + +303 +00:27:32,430 --> 00:27:35,970 +of the main supplies determinants on the market + +304 +00:27:35,970 --> 00:27:42,090 +equilibrium. Now, I will put the autograph to + +305 +00:27:42,090 --> 00:27:48,210 +study the It changes in demand and supply at the + +306 +00:27:48,210 --> 00:27:55,130 +same time. Before, we studied what? The change in + +307 +00:27:55,130 --> 00:27:59,230 +demand as a loan or a loan. On the market + +308 +00:27:59,230 --> 00:28:02,210 +equilibrium, either decreasing in demand or + +309 +00:28:02,210 --> 00:28:04,750 +increasing in demand, shifting in demand, shifting + +310 +00:28:04,750 --> 00:28:08,750 +right or left. And we studied the change in + +311 +00:28:08,750 --> 00:28:11,750 +equilibrium prices and equilibrium quantity. Then + +312 +00:28:11,750 --> 00:28:15,930 +we went to supply, and we studied what? The change + +313 +00:28:15,930 --> 00:28:19,810 +in supply alone, either to increase or decrease. + +314 +00:28:20,410 --> 00:28:25,470 +Now we will study both in one graph. Sometimes, + +315 +00:28:25,630 --> 00:28:28,750 +sometimes. Let's come back to the example. + +316 +00:28:28,870 --> 00:28:33,270 +Sometimes one of the demand determinants changes, + +317 +00:28:33,610 --> 00:28:36,910 +and + +318 +00:28:36,910 --> 00:28:40,970 +at the same time, one of the supply determinants + +319 +00:28:40,970 --> 00:28:45,610 +changes as well. What will happen to the market + +320 +00:28:45,610 --> 00:28:52,290 +equilibrium? Here's the idea. So here, let's study + +321 +00:28:52,290 --> 00:28:57,290 +the changes in demand and supply at the same time. + +322 +00:28:59,170 --> 00:29:03,190 +So let us assume here that we have the original + +323 +00:29:03,190 --> 00:29:03,950 +situation. + +324 +00:29:11,170 --> 00:29:13,670 +Here are the original situation, + +325 +00:29:18,810 --> 00:29:23,030 +Q price, demand for shoes, + +326 +00:29:26,240 --> 00:29:32,580 +Supply one of shoes, E1, P1, + +327 +00:29:35,700 --> 00:29:40,960 +P1. And we will assume that you're talking about + +328 +00:29:40,960 --> 00:29:48,100 +the new modern of shoes, new shoes. We're not + +329 +00:29:48,100 --> 00:29:53,080 +talking about secondhand shoes, okay? We are + +330 +00:29:53,080 --> 00:29:54,720 +talking about the new shoes. + +331 +00:30:01,180 --> 00:30:04,060 +We have two assumptions. + +332 +00:30:07,540 --> 00:30:13,800 +The consumer's income increases. So according to + +333 +00:30:13,800 --> 00:30:17,240 +our assumption here, that the consumer's income + +334 +00:30:17,240 --> 00:30:23,540 +increased + +335 +00:30:23,540 --> 00:30:24,420 +by + +336 +00:30:29,500 --> 00:30:39,400 +30%. The consumer's income increased by 30%. And + +337 +00:30:39,400 --> 00:30:47,100 +at + +338 +00:30:47,100 --> 00:30:49,220 +the same time, plus, + +339 +00:30:56,710 --> 00:30:59,790 +Decreasing or increasing the cost of raw material. + +340 +00:31:08,330 --> 00:31:12,050 +By 50%. + +341 +00:31:12,050 --> 00:31:17,090 +What + +342 +00:31:17,090 --> 00:31:19,610 +will happen here in this case? + +343 +00:31:26,810 --> 00:31:31,290 +The first part affect what? The consumer's income + +344 +00:31:31,290 --> 00:31:35,830 +affect what? Demand. Decreasing or increasing? + +345 +00:31:36,350 --> 00:31:39,150 +Increasing. Increasing in the consumer's income + +346 +00:31:39,150 --> 00:31:46,130 +leads to increasing in demand, by 30%. + +347 +00:31:46,130 --> 00:31:49,150 +Increasing + +348 +00:31:49,150 --> 00:31:50,530 +the raw material here. + +349 +00:31:53,940 --> 00:31:59,440 +Exactly, supply goes down by 50%. Then in the two + +350 +00:31:59,440 --> 00:32:02,540 +parts here, the first part is increasing in income + +351 +00:32:02,540 --> 00:32:10,200 +by 30%. Effect demand by 30%. So the first part + +352 +00:32:10,200 --> 00:32:17,740 +here, increasing in income, increased demand by + +353 +00:32:17,740 --> 00:32:23,690 +30%. Plus, Increasing the cost of raw material + +354 +00:32:23,690 --> 00:32:26,910 +leads to a decreasing ability to produce or + +355 +00:32:26,910 --> 00:32:30,350 +increase or decrease, then had a decreased supply + +356 +00:32:30,350 --> 00:32:38,450 +by 50%. Had + +357 +00:32:38,450 --> 00:32:41,950 +a leftward shifting by 30%, rightward shifting by + +358 +00:32:41,950 --> 00:32:47,230 +30%, while the leftward shifting or shifts left by + +359 +00:32:47,230 --> 00:32:47,990 +50%. + +360 +00:32:50,420 --> 00:32:53,040 +I don't know. + +361 +00:32:55,180 --> 00:32:57,520 +Maybe the prices go up. + +362 +00:33:01,880 --> 00:33:06,860 +Here we are analyzing the effects of two + +363 +00:33:06,860 --> 00:33:09,960 +variables. One of them affects demand and the + +364 +00:33:09,960 --> 00:33:16,010 +second affects supply. We will study the effects + +365 +00:33:16,010 --> 00:33:21,990 +of a change in the consumer's income and a change + +366 +00:33:21,990 --> 00:33:25,230 +in the cost of raw material on the equilibrium + +367 +00:33:25,230 --> 00:33:30,050 +market prices and equilibrium quantity. This is + +368 +00:33:30,050 --> 00:33:33,170 +the original situation here. According to our + +369 +00:33:33,170 --> 00:33:36,990 +assumption here, that the consumer's income goes + +370 +00:33:36,990 --> 00:33:42,640 +up by 30%. This leads to increasing demand by 30% + +371 +00:33:42,640 --> 00:33:47,400 +as well. So here we have rightward shifting in + +372 +00:33:47,400 --> 00:33:53,360 +supply is a demand curve. So demand increased by + +373 +00:33:53,360 --> 00:34:05,800 +30%. So demand shifts, right, by 30%. Supply. + +374 +00:34:07,360 --> 00:34:08,980 +Supply curve. + +375 +00:34:11,960 --> 00:34:19,480 +shifts left by 50 + +376 +00:34:19,480 --> 00:34:20,080 +percent. + +377 +00:34:26,040 --> 00:34:30,200 +Demand will shift right by 30 percent. Let us + +378 +00:34:30,200 --> 00:34:34,580 +assume that this is day two and this + +379 +00:34:38,710 --> 00:34:42,550 +Area can be measured by 30%. The magnitudes of a + +380 +00:34:42,550 --> 00:34:48,290 +change in demand here is 30%. The magnitudes of a + +381 +00:34:48,290 --> 00:34:56,030 +change in demand here is 30%. And the supply curve + +382 +00:34:56,030 --> 00:35:01,640 +shifts left by 50%. So let's draw here. The + +383 +00:35:01,640 --> 00:35:05,000 +leftward shifting in supply is 50 percent, which + +384 +00:35:05,000 --> 00:35:09,620 +should be greater than the magnitudes of a change + +385 +00:35:09,620 --> 00:35:15,150 +in ML here. So the magnitudes here of a change in + +386 +00:35:15,150 --> 00:35:18,410 +supply must be bigger than or greater than the + +387 +00:35:18,410 --> 00:35:21,950 +magnitudes of a change in demand. Here, this area + +388 +00:35:21,950 --> 00:35:25,930 +or this distance, about 30 percent. Here, this + +389 +00:35:25,930 --> 00:35:29,570 +distance, about 50 percent. So the magnitudes here + +390 +00:35:29,570 --> 00:35:36,150 +of a change in supply, this is S2. We have a new + +391 +00:35:36,150 --> 00:35:42,940 +equilibrium point which is or at which supply + +392 +00:35:42,940 --> 00:35:47,400 +curve, the new supply curve, intersects the + +393 +00:35:47,400 --> 00:35:50,880 +demand, the new demand curve. So here we have the + +394 +00:35:50,880 --> 00:35:53,340 +new equilibrium point. Here the magnitudes equal + +395 +00:35:53,340 --> 00:36:00,360 +30%. The magnitudes here equals 50%. All + +396 +00:36:00,360 --> 00:36:03,460 +right? So here we have a new equilibrium point, + +397 +00:36:03,540 --> 00:36:09,220 +which is A2, at which supply 2 intersects demand + +398 +00:36:09,220 --> 00:36:17,370 +2. Okay? So here we have what? The result will be + +399 +00:36:17,370 --> 00:36:24,530 +Q2 declined and the price goes up. + +400 +00:36:27,770 --> 00:36:36,270 +Yeah. So here, the result will be increasing the + +401 +00:36:36,270 --> 00:36:40,990 +prices and plus decrease in the quantity, the + +402 +00:36:40,990 --> 00:36:43,080 +equilibrium quantity. This is the result here. + +403 +00:36:45,580 --> 00:36:54,240 +What will happen if the assumptions here change to + +404 +00:36:54,240 --> 00:37:00,860 +be 30% increasing the consumer's income and the + +405 +00:37:00,860 --> 00:37:07,420 +cost of raw material increased by 10%? Which means + +406 +00:37:07,420 --> 00:37:11,320 +that the magnitudes of a change in the consumer's + +407 +00:37:11,320 --> 00:37:14,500 +income is bigger than the magnitudes of a change + +408 +00:37:14,500 --> 00:37:20,840 +in the cost of raw material. The same here. Demand + +409 +00:37:20,840 --> 00:37:29,000 +will go up by 30%. Supply declined by 10% only. + +410 +00:37:31,610 --> 00:37:36,670 +So here, demand shifts right by 30%. The supply + +411 +00:37:36,670 --> 00:37:40,450 +curve shifts by 10%. And let us study the case + +412 +00:37:40,450 --> 00:37:45,570 +here. Let's come back to the case here. The result + +413 +00:37:45,570 --> 00:37:48,390 +can end up increasing food prices and declining in + +414 +00:37:48,390 --> 00:37:51,670 +the quantity, equilibrium quantity. Here, what + +415 +00:37:51,670 --> 00:37:56,670 +would happen? Let's analyze the case here. It's a + +416 +00:37:56,670 --> 00:37:59,970 +different case. It's a different case. + +417 +00:38:13,070 --> 00:38:17,390 +So Q price, + +418 +00:38:19,670 --> 00:38:21,290 +D1, + +419 +00:38:24,070 --> 00:38:32,510 +S1, E1, Q1 + +420 +00:38:32,510 --> 00:38:36,170 +demand + +421 +00:38:37,780 --> 00:38:41,520 +shifts rate by 30 percent. So here we have + +422 +00:38:41,520 --> 00:38:47,160 +rightward shifting in supply curve by 30 percent, + +423 +00:38:47,560 --> 00:38:48,180 +right? Okay. + +424 +00:38:54,280 --> 00:38:59,720 +To D2, the magnitudes of a change in demand here + +425 +00:38:59,720 --> 00:39:06,610 +is 30 percent. is bigger than the magnitudes of + +426 +00:39:06,610 --> 00:39:15,390 +change in supply, which declined by 10 percent. So + +427 +00:39:15,390 --> 00:39:22,550 +here is S2. + +428 +00:39:25,250 --> 00:39:30,170 +The magnitudes of a change in supply is less than + +429 +00:39:30,170 --> 00:39:34,100 +the magnitudes of a change in demand. So here we + +430 +00:39:34,100 --> 00:39:39,860 +have a new equilibrium point, E2. The price goes + +431 +00:39:39,860 --> 00:39:44,840 +up and the quantity equilibrium or equilibrium + +432 +00:39:44,840 --> 00:39:48,700 +quantity goes down. Sorry, increases as well. + +433 +00:39:49,040 --> 00:39:55,960 +Yeah. So in this case, the price goes up and the + +434 +00:39:55,960 --> 00:39:58,860 +quantity goes up as well. So in this case, the + +435 +00:39:58,860 --> 00:40:04,140 +price increased plus increasing the quantity. So + +436 +00:40:04,140 --> 00:40:06,260 +if, + +437 +00:40:08,140 --> 00:40:12,140 +or later on, the results and conclusions say, but + +438 +00:40:12,140 --> 00:40:16,740 +now, let us assume that the consumer's income + +439 +00:40:16,740 --> 00:40:21,720 +increased by 30%. At the same time, the cost of + +440 +00:40:21,720 --> 00:40:27,180 +raw material, which affects supply, increased by + +441 +00:40:27,180 --> 00:40:28,680 +30%. + +442 +00:40:34,010 --> 00:40:37,890 +We have the same changes, percentage change in + +443 +00:40:37,890 --> 00:40:40,630 +demand equals the percentage change in supply. + +444 +00:40:41,870 --> 00:40:43,270 +Let's check the case here. + +445 +00:41:04,860 --> 00:41:07,380 +Yes, we understand, we understand. What's the + +446 +00:41:07,380 --> 00:41:09,660 +reason? And then you get back to the video if + +447 +00:41:09,660 --> 00:41:13,820 +there's... No problem, no problem. I'll leave it. + +448 +00:41:15,380 --> 00:41:15,820 +Okay. + +449 +00:41:21,860 --> 00:41:22,420 +Where? + +450 +00:41:29,360 --> 00:41:31,080 +So when I leave this 10%? + +451 +00:41:34,700 --> 00:41:38,400 +This was 10%. Correct? 10%. Okay, what's your + +452 +00:41:38,400 --> 00:41:44,940 +problem? Assumption. Another case. This is another + +453 +00:41:44,940 --> 00:41:46,460 +case. It has nothing to do with the previous one. + +454 +00:41:48,020 --> 00:41:54,160 +Of course. The assumption was that the consumer's + +455 +00:41:54,160 --> 00:41:58,480 +income increased by 30%. Okay? And it affected the + +456 +00:41:58,480 --> 00:42:01,320 +demand by 30%. Right? Right? + +457 +00:42:11,390 --> 00:42:14,310 +Relative magnitudes of change or the change, the + +458 +00:42:14,310 --> 00:42:16,950 +percentage of change in demand, became greater + +459 +00:42:16,950 --> 00:42:19,870 +than the percentage of change in supply. It used + +460 +00:42:19,870 --> 00:42:28,330 +to be less, right? Right? Right or wrong? See, if + +461 +00:42:28,330 --> 00:42:30,110 +you're right and you walk, you're not right with + +462 +00:42:30,110 --> 00:42:32,890 +me. That's right, you need to understand it. Now + +463 +00:42:32,890 --> 00:42:36,990 +look at me, look. Look at this, look. What? + +464 +00:42:40,030 --> 00:42:45,250 +No, you need to understand it. Look at this story + +465 +00:42:45,250 --> 00:42:48,110 +of yours, you don't understand it? I have a big + +466 +00:42:48,110 --> 00:42:49,690 +story, that you leave the university without + +467 +00:42:49,690 --> 00:42:51,530 +understanding it. You need to understand it, even + +468 +00:42:51,530 --> 00:42:52,710 +if you don't have it, even if your mother doesn't + +469 +00:42:52,710 --> 00:42:55,630 +have it either. Let me go back, go back to the + +470 +00:42:55,630 --> 00:42:57,410 +point here. Okay? + +471 +00:43:02,720 --> 00:43:14,120 +Something else, something else. Population goes + +472 +00:43:14,120 --> 00:43:17,940 +down. Another case. + +473 +00:43:39,510 --> 00:43:45,650 +The consumers income increased by 30% at the same + +474 +00:43:45,650 --> 00:43:58,070 +time the cost of raw material by + +475 +00:43:58,070 --> 00:44:04,870 +30%. What will happen? As the consumer's income + +476 +00:44:04,870 --> 00:44:12,850 +goes up by 30. What will happen to demand? By how + +477 +00:44:12,850 --> 00:44:20,190 +much? This leads to increasing demand by 30%. And + +478 +00:44:20,190 --> 00:44:22,770 +what will happen to supply? + +479 +00:44:27,490 --> 00:44:29,170 +Increasing cost of production. + +480 +00:44:36,900 --> 00:44:40,120 +And this is the demand shift? These are shifts, + +481 +00:44:40,240 --> 00:44:43,540 +right? These are shifts left by 30%. Both. Right? + +482 +00:44:43,900 --> 00:44:45,120 +Let's look at the graph. + +483 +00:44:47,860 --> 00:44:49,260 +Q price. + +484 +00:44:52,500 --> 00:44:56,120 +D1. S1. + +485 +00:44:58,660 --> 00:45:03,800 +E1. P1. Q1. + +486 +00:45:06,260 --> 00:45:11,380 +What will happen? Demand shifts right by 30%. + +487 +00:45:11,380 --> 00:45:20,240 +Demand shifts right by 30%. By + +488 +00:45:20,240 --> 00:45:23,820 +30%. + +489 +00:45:23,820 --> 00:45:28,880 +And supply, what will happen to supply here? + +490 +00:45:29,380 --> 00:45:34,220 +Decline by 30%. Leftward shifting supply curve by + +491 +00:45:34,220 --> 00:45:34,880 +30%. + +492 +00:45:42,670 --> 00:45:43,690 +It's two. + +493 +00:45:46,830 --> 00:45:54,970 +A2, P2, the quantum is constant and it changed. + +494 +00:45:59,490 --> 00:46:05,380 +This means what? Or in this case? The magnitudes. + +495 +00:46:05,980 --> 00:46:10,980 +The magnitudes. + +496 +00:46:10,980 --> 00:46:14,980 +This depends + +497 +00:46:14,980 --> 00:46:22,880 +on the case itself here. The price increased. The + +498 +00:46:22,880 --> 00:46:26,200 +quantity remains constant in this case. + +499 +00:46:38,160 --> 00:46:43,880 +Okay. Let's go to another example here. Or we will + +500 +00:46:43,880 --> 00:46:47,800 +select two + +501 +00:46:47,800 --> 00:46:51,820 +other variables or determinants, one affect + +502 +00:46:51,820 --> 00:46:56,140 +demand, another one affects supply. And we will + +503 +00:46:56,140 --> 00:46:59,340 +study the effects on the market equilibrium. + +504 +00:47:02,560 --> 00:47:03,700 +Let us assume that + +505 +00:47:07,030 --> 00:47:15,350 +In an area, there is a war, and many population + +506 +00:47:15,350 --> 00:47:19,050 +passed away. Died. + +507 +00:47:22,870 --> 00:47:24,270 +War. + +508 +00:47:29,090 --> 00:47:35,180 +Longer population goes down. So many population + +509 +00:47:35,180 --> 00:47:42,960 +passed away, so the population goes + +510 +00:47:42,960 --> 00:47:49,140 +down due to the war, due to killing so many people + +511 +00:47:49,140 --> 00:47:57,540 +here. And at the same time, the + +512 +00:47:57,540 --> 00:47:57,920 +government + +513 +00:48:02,420 --> 00:48:06,360 +Increased subsidies for the population declined by + +514 +00:48:06,360 --> 00:48:16,000 +40%. At the same time, the government decided or + +515 +00:48:16,000 --> 00:48:21,300 +subsidized the producers. Here we have subsidies + +516 +00:48:21,300 --> 00:48:22,340 +for the producers. + +517 +00:48:26,000 --> 00:48:30,860 +For the producers by + +518 +00:48:36,130 --> 00:48:41,930 +20%. What will happen? What will happen here? Yes, + +519 +00:48:41,990 --> 00:48:43,890 +you can answer. Yes, you can answer. Yes, you can + +520 +00:48:43,890 --> 00:48:48,910 +answer. Yes, you can answer. Yes, you can answer. + +521 +00:48:52,490 --> 00:48:55,290 +you can answer. Yes, you can answer. Yes, you can + +522 +00:48:55,290 --> 00:48:55,890 +answer. Yes, you can answer. Yes, you can answer. + +523 +00:49:02,250 --> 00:49:07,810 +Yes, you Yeah. Left. Left. Left. Yes. And here. + +524 +00:49:08,350 --> 00:49:15,250 +Right. This is the case number one here. So as the + +525 +00:49:15,250 --> 00:49:20,250 +population goes down, so your demand goes down by + +526 +00:49:20,250 --> 00:49:26,190 +40 percent plus. The government subsidizes. Yes. + +527 +00:49:29,390 --> 00:49:34,390 +Subsidize means? Yeah, the government provided + +528 +00:49:34,390 --> 00:49:37,470 +subsidies for the producers. What will happen to + +529 +00:49:37,470 --> 00:49:40,790 +their ability to produce? What will happen to + +530 +00:49:40,790 --> 00:49:45,370 +their capability to produce? What is the effect of + +531 +00:49:45,370 --> 00:49:49,490 +this change or these subsidies on the production? + +532 +00:49:50,550 --> 00:49:53,990 +Yeah, it will increase. Because you are talking + +533 +00:49:53,990 --> 00:49:57,390 +about we are studying the effect of subsidies. + +534 +00:49:59,030 --> 00:50:08,220 +Yeah? So subsidies will increase supplier by + +535 +00:50:08,220 --> 00:50:11,240 +20%. + +536 +00:50:11,240 --> 00:50:14,300 +So + +537 +00:50:14,300 --> 00:50:24,220 +HADA shifts left by 40% plus HADA shifts right by + +538 +00:50:24,220 --> 00:50:25,120 +20%. + +539 +00:50:33,010 --> 00:50:35,210 +Q price, + +540 +00:50:38,550 --> 00:50:56,270 +D1, S1, E1, P1, Q1. What is + +541 +00:50:56,270 --> 00:51:03,770 +your assumption here? Yeah. No decline. Yes. By + +542 +00:51:03,770 --> 00:51:12,690 +how much? By 40%. Okay. All right, yeah. 40%. + +543 +00:51:12,690 --> 00:51:17,010 +Shift right by 20%. Shift right. + +544 +00:51:19,590 --> 00:51:22,670 +Is there a problem, do you feel? Is there a + +545 +00:51:22,670 --> 00:51:29,510 +problem here? Who can give us advice here? Three. + +546 +00:51:35,500 --> 00:51:36,360 +What do you see? + +547 +00:51:40,220 --> 00:51:45,580 +No, no, no. It's good analysis, but there is, or + +548 +00:51:45,580 --> 00:51:48,840 +the magnitudes of a change in demand should be + +549 +00:51:48,840 --> 00:51:52,280 +larger than the magnitudes of a change in + +550 +00:51:52,280 --> 00:51:56,700 +supplier. Yeah, thank you very much, yes. Two, + +551 +00:51:57,720 --> 00:52:15,080 +yeah. Tamam, tamam. Let me see. + +552 +00:52:16,960 --> 00:52:22,100 +This is the original, okay? The magnitudes of a + +553 +00:52:22,100 --> 00:52:24,860 +change in supply, increasing in supply is less + +554 +00:52:24,860 --> 00:52:27,580 +than magnitudes of a change in demand. + +555 +00:52:30,700 --> 00:52:34,000 +Plus? It's unclear. + +556 +00:52:37,820 --> 00:52:38,540 +Sorry, + +557 +00:52:41,400 --> 00:52:45,080 +the prices. Okay? Thank you very much indeed. + +558 +00:52:46,520 --> 00:52:47,360 +Okay. + +559 +00:52:53,960 --> 00:52:59,480 +Let's draw the case here. + +560 +00:53:06,260 --> 00:53:22,650 +To price day one, S1, A1, P1, Q1. According to our + +561 +00:53:22,650 --> 00:53:27,830 +assumption here, that demand shifts left by 40%. + +562 +00:53:27,830 --> 00:53:33,470 +Demand shifts left by 40%. Try to enlarge things + +563 +00:53:33,470 --> 00:53:38,490 +like this to be clear. D2. + +564 +00:53:40,850 --> 00:53:49,010 +By 40%. And supply goes up by 20%. The supply goes + +565 +00:53:49,010 --> 00:53:54,930 +up by 20%. To S2. + +566 +00:53:56,730 --> 00:54:02,570 +The same result. The price, we have a new + +567 +00:54:02,570 --> 00:54:07,970 +equilibrium, E2. The price goes down. And the + +568 +00:54:07,970 --> 00:54:09,270 +quantity goes down as well. + +569 +00:54:12,250 --> 00:54:20,170 +So the result + +570 +00:54:20,170 --> 00:54:27,010 +here will be declining in prices plus + +571 +00:54:27,010 --> 00:54:28,790 +declining in quality. + +572 +00:54:33,670 --> 00:54:38,690 +Another case with the same determinants of demand + +573 +00:54:38,690 --> 00:54:43,690 +and supply. Let us assume that the population goes + +574 +00:54:43,690 --> 00:54:53,170 +up by 40%. And the government provided subsidies + +575 +00:54:53,170 --> 00:55:00,030 +for the producers by 20%. The same. Let's see the + +576 +00:55:00,030 --> 00:55:06,890 +case. Let's see if you can do it. I don't know. I + +577 +00:55:06,890 --> 00:55:10,290 +don't know. You have to do the analysis here and + +578 +00:55:10,290 --> 00:55:11,550 +reach the results. + +579 +00:55:14,810 --> 00:55:15,290 +Okay. + +580 +00:55:31,870 --> 00:55:33,690 +Forty percent. Yeah, nice, perfect. + +581 +00:55:36,560 --> 00:55:40,400 +Subsidies for the producers increase supply by + +582 +00:55:40,400 --> 00:55:49,660 +20%. Nice, perfect. Demand shifts. Shifts, right. + +583 +00:55:51,900 --> 00:56:02,480 +By 40%. Supply shifts where? Right. Right, yeah. + +584 +00:56:06,450 --> 00:56:11,390 +By 20%. Yeah, perfect. It's 100%? The depth of the + +585 +00:56:11,390 --> 00:56:12,290 +line, that's all. + +586 +00:56:25,690 --> 00:56:29,970 +Yeah. S1, day one. + +587 +00:56:32,730 --> 00:56:35,150 +Price. Coffee. + +588 +00:56:38,990 --> 00:56:39,530 +A1. + +589 +00:56:47,010 --> 00:56:53,210 +Where's the + +590 +00:56:53,210 --> 00:56:56,370 +equilibrium point? Where's the equilibrium point? + +591 +00:56:57,150 --> 00:56:58,230 +A1. + +592 +00:57:00,550 --> 00:57:00,690 +Yeah. + +593 +00:57:08,750 --> 00:57:17,710 +Shifts right by 40%. Yeah, by 40%. Yeah, perfect. + +594 +00:57:20,130 --> 00:57:25,130 +What is it? What is the another line here? D2, + +595 +00:57:25,270 --> 00:57:31,110 +yeah. Shifts right by how much? By 20%. + +596 +00:57:40,740 --> 00:57:46,620 +By 20%, by 40%. + +597 +00:57:46,620 --> 00:57:52,760 +Yeah, yeah. Where's the new equilibrium? Yes. A2. + +598 +00:58:00,120 --> 00:58:02,220 +Yeah, what has happened here? + +599 +00:58:05,850 --> 00:58:08,090 +Price increased, yeah? + +600 +00:58:11,610 --> 00:58:16,590 +So the main result here will be increasing in + +601 +00:58:16,590 --> 00:58:19,150 +prices and equilibrium quantity. Thank you very + +602 +00:58:19,150 --> 00:58:25,130 +much indeed. Thanks. What will happen if the + +603 +00:58:25,130 --> 00:58:29,770 +population increased by 40% and + +604 +00:58:33,380 --> 00:58:36,420 +Subsidies increased by 40% as well. + +605 +00:58:43,580 --> 00:58:48,740 +You want to see it and see the result. OK? Do you + +606 +00:58:48,740 --> 00:58:53,900 +have anything + +607 +00:58:53,900 --> 00:58:58,320 +else you want to do? No, assignment is a must. + +608 +00:58:59,120 --> 00:58:59,700 +Homework. + +609 +00:59:05,010 --> 00:59:07,450 +We still have a long time. + +610 +00:59:12,370 --> 00:59:19,170 +So here, + +611 +00:59:24,130 --> 00:59:27,830 +the relative magnitudes of a change in demand and + +612 +00:59:27,830 --> 00:59:29,770 +supply determines the outcome of market + +613 +00:59:29,770 --> 00:59:30,450 +equilibrium. + +614 +00:59:36,360 --> 00:59:38,920 +The relative magnitudes of a change in demand and + +615 +00:59:38,920 --> 00:59:40,620 +supply determines the outcome of market + +616 +00:59:40,620 --> 00:59:41,140 +equilibrium. + +617 +00:59:43,800 --> 00:59:48,140 +So the + +618 +00:59:48,140 --> 00:59:53,260 +result here, or what will happen if the demand + +619 +00:59:53,260 --> 00:59:55,920 +changes and supply changes, what will happen to + +620 +00:59:55,920 --> 00:59:58,840 +the equilibrium prices and the quantity? + +621 +01:00:01,750 --> 01:00:06,610 +What will determine the changes in demand or the + +622 +01:00:06,610 --> 01:00:11,810 +equilibrium prices and equilibrium quantities? The + +623 +01:00:11,810 --> 01:00:15,190 +relative magnitudes of a change in demand and + +624 +01:00:15,190 --> 01:00:19,470 +supply determines the outcome of market + +625 +01:00:19,470 --> 01:00:22,250 +equilibrium. This is what I said. + +626 +01:00:25,550 --> 01:00:31,460 +Yeah, yeah, yeah, yeah. The relative magnitudes of + +627 +01:00:31,460 --> 01:00:34,500 +a change in demand and supply determines the + +628 +01:00:34,500 --> 01:00:35,900 +outcome of market equilibrium. + +629 +01:00:56,320 --> 01:01:11,940 +The assignment, let us assume that the price of + +630 +01:01:11,940 --> 01:01:18,060 +meat increased + +631 +01:01:18,060 --> 01:01:23,020 +by 40%. Yeah. + +632 +01:01:29,720 --> 01:01:38,480 +The price of meat or beef increased by 40%. And at + +633 +01:01:38,480 --> 01:01:39,300 +the same time, + +634 +01:01:42,300 --> 01:01:50,840 +fresh meat, the price of fresh meat increased + +635 +01:01:50,840 --> 01:01:58,400 +by 40%. And at the same time, the cost + +636 +01:02:04,220 --> 01:02:06,200 +Forage for chicken. + +637 +01:02:09,280 --> 01:02:12,640 +The price of forage or fodder. + +638 +01:02:15,700 --> 01:02:16,920 +For chicken. + +639 +01:02:21,560 --> 01:02:25,860 +The cost of forage or fodder. For chicken. + +640 +01:02:30,870 --> 01:02:40,810 +Increased by 30%. What + +641 +01:02:40,810 --> 01:02:44,630 +will happen to the demand for chicken? + +642 +01:02:48,210 --> 01:02:54,430 +What will happen to + +643 +01:02:54,430 --> 01:02:59,430 +the market equilibrium of a chicken? The + +644 +01:02:59,430 --> 01:03:01,650 +equilibrium price and equilibrium quantity of a + +645 +01:03:01,650 --> 01:03:07,450 +chicken. The equilibrium price + +646 +01:03:07,450 --> 01:03:13,790 +and the quantity of a chicken. + +647 +01:03:19,850 --> 01:03:21,330 +I'm talking about a chicken's market. + +648 +01:03:31,760 --> 01:03:34,160 +All right? It's all closed. + diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/8Z6s99wBVlU_raw.json b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/8Z6s99wBVlU_raw.json new file mode 100644 index 0000000000000000000000000000000000000000..b83aaa101da7189d88d97da02bc9adf8d235f3c0 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/8Z6s99wBVlU_raw.json @@ -0,0 +1 @@ +{"segments": [{"id": 1, "seek": 2218, "start": 20.04, "end": 22.18, "text": " Okay. Bismillahirrahmanirrahim. How are you today?", "tokens": [1033, 13, 34594, 32703, 347, 15688, 1601, 347, 15688, 332, 13, 1012, 366, 291, 965, 30], "avg_logprob": -0.29411764705882354, "compression_ratio": 0.9272727272727272, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 20.040000000000003, "end": 20.44, "word": " Okay.", "probability": 0.52490234375}, {"start": 21.18, "end": 21.58, "word": " Bismillahirrahmanirrahim.", "probability": 0.80426025390625}, {"start": 21.6, "end": 21.8, "word": " How", "probability": 0.95556640625}, {"start": 21.8, "end": 21.9, "word": " are", "probability": 0.953125}, {"start": 21.9, "end": 22.0, "word": " you", "probability": 0.97412109375}, {"start": 22.0, "end": 22.18, "word": " today?", "probability": 0.82568359375}], "temperature": 1.0}, {"id": 2, "seek": 5242, "start": 23.74, "end": 52.42, "text": " Fine. Very good. OK. Today, inshallah, we'll be talking about the change in market equilibrium. The change in market equilibrium. As we mentioned before that the equilibrium in the market occurs when demand crosses supply curve or there is an intersection between demand and supply. 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Now, let's assume that we are talking about the market here, prices, demand one, supply one,", "tokens": [264, 2142, 15625, 3462, 281, 264, 1319, 294, 4733, 293, 5847, 11, 1392, 30, 823, 11, 718, 311, 6552, 300, 321, 366, 1417, 466, 264, 2142, 510, 11, 7901, 11, 4733, 472, 11, 5847, 472, 11], "avg_logprob": -0.24070945462665042, "compression_ratio": 1.3388429752066116, "no_speech_prob": 0.0, "words": [{"start": 53.25, "end": 53.55, "word": " the", "probability": 0.52880859375}, {"start": 53.55, "end": 53.95, "word": " market", "probability": 0.89111328125}, {"start": 53.95, "end": 54.63, "word": " equilibrium", "probability": 0.96142578125}, {"start": 54.63, "end": 55.05, "word": " due", "probability": 0.81689453125}, {"start": 55.05, "end": 55.21, "word": " to", "probability": 0.9677734375}, {"start": 55.21, "end": 55.39, "word": " the", "probability": 0.892578125}, {"start": 55.39, "end": 55.87, "word": " change", "probability": 0.90283203125}, {"start": 55.87, "end": 56.25, "word": " in", "probability": 0.9296875}, {"start": 56.25, "end": 56.77, "word": " demand", "probability": 0.91064453125}, {"start": 56.77, "end": 57.17, "word": " and", "probability": 0.94091796875}, {"start": 57.17, "end": 57.61, "word": " supply,", "probability": 0.955078125}, {"start": 57.89, "end": 58.07, "word": " okay?", "probability": 0.89599609375}, {"start": 58.79, "end": 59.05, "word": " Now,", "probability": 0.8466796875}, {"start": 59.11, "end": 59.41, "word": " let's", "probability": 0.96826171875}, {"start": 59.41, "end": 59.83, "word": " assume", "probability": 0.9130859375}, {"start": 59.83, "end": 60.17, "word": " that", "probability": 0.9345703125}, {"start": 60.17, "end": 60.31, "word": " we", "probability": 0.84130859375}, {"start": 60.31, "end": 60.37, "word": " are", "probability": 0.56396484375}, {"start": 60.37, "end": 60.63, "word": " talking", "probability": 0.84375}, {"start": 60.63, "end": 61.13, "word": " about", "probability": 0.89697265625}, {"start": 61.13, "end": 61.93, "word": " the", "probability": 0.9072265625}, {"start": 61.93, "end": 67.55, "word": " market", "probability": 0.8095703125}, {"start": 67.55, "end": 67.95, "word": " here,", "probability": 0.8291015625}, {"start": 68.61, "end": 70.01, "word": " prices,", "probability": 0.309814453125}, {"start": 71.81, "end": 74.57, "word": " demand", "probability": 0.9208984375}, {"start": 74.57, "end": 74.87, "word": " one,", "probability": 0.5439453125}, {"start": 76.35, "end": 77.93, "word": " supply", "probability": 0.94921875}, {"start": 77.93, "end": 78.25, "word": " one,", "probability": 0.92578125}], "temperature": 1.0}, {"id": 4, "seek": 11044, "start": 81.94, "end": 110.44, "text": " Let's talk about the demand for shirts or demand for trousers or demand for shoes in the local market. 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So our topic is the change in market equilibrium. Here we're talking about the shoes market. The shoes consumer. Okay, thank you.", "tokens": [1485, 13, 407, 527, 4829, 307, 264, 1319, 294, 2142, 15625, 13, 1692, 321, 434, 1417, 466, 264, 6654, 2142, 13, 440, 6654, 9711, 13, 1033, 11, 1309, 291, 13], "avg_logprob": -0.2400453629032258, "compression_ratio": 1.2272727272727273, "no_speech_prob": 0.0, "words": [{"start": 111.81, "end": 112.11, "word": " One.", "probability": 0.44091796875}, {"start": 114.33, "end": 114.91, "word": " So", "probability": 0.8505859375}, {"start": 114.91, "end": 115.69, "word": " our", "probability": 0.62255859375}, {"start": 115.69, "end": 116.05, "word": " topic", "probability": 0.9501953125}, {"start": 116.05, "end": 116.33, "word": " is", "probability": 0.94873046875}, {"start": 116.33, "end": 116.55, "word": " the", "probability": 0.7783203125}, {"start": 116.55, "end": 117.03, "word": " change", "probability": 0.68408203125}, {"start": 117.03, "end": 119.89, "word": " in", "probability": 0.8857421875}, {"start": 119.89, "end": 122.35, "word": " market", "probability": 0.884765625}, {"start": 122.35, "end": 124.17, "word": " equilibrium.", "probability": 0.91552734375}, {"start": 128.93, "end": 129.89, "word": " Here", "probability": 0.78759765625}, {"start": 129.89, "end": 130.03, "word": " we're", "probability": 0.72607421875}, {"start": 130.03, "end": 130.31, "word": " talking", "probability": 0.853515625}, {"start": 130.31, "end": 130.75, "word": " about", "probability": 0.9033203125}, {"start": 130.75, "end": 130.99, "word": " the", "probability": 0.919921875}, {"start": 130.99, "end": 131.31, "word": " shoes", "probability": 0.95654296875}, {"start": 131.31, "end": 131.83, "word": " market.", "probability": 0.87744140625}, {"start": 133.41, "end": 133.59, "word": " The", "probability": 0.6826171875}, {"start": 133.59, "end": 133.79, "word": " shoes", "probability": 0.9091796875}, {"start": 133.79, "end": 134.27, "word": " consumer.", "probability": 0.513671875}, {"start": 136.25, "end": 136.73, "word": " Okay,", "probability": 0.705078125}, {"start": 136.77, "end": 136.97, "word": " thank", "probability": 0.849609375}, {"start": 136.97, "end": 137.07, "word": " you.", "probability": 0.96484375}], "temperature": 1.0}, {"id": 6, "seek": 16711, "start": 141.55, "end": 167.11, "text": " According to our assumption here, that the equilibrium point in this market is A1, the demand for shoes is illustrated by this demand curve, D1, and the supply for shoes is supply one. 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It tells the price of other related goods and expectations for futures, for future prices and future, you know, the future income, okay? Now, let's gonna study the", "tokens": [411, 264, 4733, 24799, 411, 264, 9711, 11, 264, 1230, 295, 11883, 420, 4415, 11, 264, 9711, 311, 5742, 11, 3939, 11, 293, 264, 21910, 13, 467, 5112, 264, 3218, 295, 661, 4077, 10179, 293, 9843, 337, 26071, 11, 337, 2027, 7901, 293, 2027, 11, 291, 458, 11, 264, 2027, 5742, 11, 1392, 30, 823, 11, 718, 311, 799, 2979, 264], "avg_logprob": -0.3074596774193548, "compression_ratio": 1.7142857142857142, "no_speech_prob": 0.0, "words": [{"start": 167.94, "end": 168.44, "word": " like", "probability": 0.206298828125}, {"start": 168.44, "end": 168.76, "word": " the", "probability": 0.3779296875}, {"start": 168.76, "end": 169.08, "word": " demand", "probability": 0.666015625}, {"start": 169.08, "end": 169.7, "word": " determines", "probability": 0.93603515625}, {"start": 169.7, "end": 170.2, "word": " like", "probability": 0.454345703125}, {"start": 170.2, "end": 170.7, "word": " the", "probability": 0.8408203125}, {"start": 170.7, "end": 171.26, "word": " consumer,", "probability": 0.79443359375}, {"start": 171.46, "end": 171.52, "word": " the", "probability": 0.91748046875}, {"start": 171.52, "end": 171.8, "word": " number", "probability": 0.9462890625}, {"start": 171.8, "end": 171.98, "word": " of", "probability": 0.970703125}, {"start": 171.98, "end": 172.56, "word": " consumers", "probability": 0.94384765625}, {"start": 172.56, "end": 172.86, "word": " or", "probability": 0.64501953125}, {"start": 172.86, "end": 173.44, "word": " population,", "probability": 0.92333984375}, {"start": 174.1, "end": 174.24, "word": " the", "probability": 0.90234375}, {"start": 174.24, "end": 175.1, "word": " consumer's", "probability": 0.751220703125}, {"start": 175.1, "end": 175.56, "word": " income,", "probability": 0.92822265625}, {"start": 175.76, "end": 175.98, "word": " taste,", "probability": 0.470703125}, {"start": 176.08, "end": 176.16, "word": " and", "probability": 0.9248046875}, {"start": 176.16, "end": 176.26, "word": " the", "probability": 0.4453125}, {"start": 176.26, "end": 176.84, "word": " preferences.", "probability": 0.919921875}, {"start": 177.8, "end": 177.9, "word": " It", "probability": 0.299560546875}, {"start": 177.9, "end": 178.04, "word": " tells", "probability": 0.83056640625}, {"start": 178.04, "end": 178.22, "word": " the", "probability": 0.58349609375}, {"start": 178.22, "end": 178.5, "word": " price", "probability": 0.91650390625}, {"start": 178.5, "end": 178.66, "word": " of", "probability": 0.95947265625}, {"start": 178.66, "end": 178.9, "word": " other", "probability": 0.88134765625}, {"start": 178.9, "end": 179.26, "word": " related", "probability": 0.94677734375}, {"start": 179.26, "end": 179.58, "word": " goods", "probability": 0.884765625}, {"start": 179.58, "end": 179.9, "word": " and", "probability": 0.869140625}, {"start": 179.9, "end": 180.58, "word": " expectations", "probability": 0.91162109375}, {"start": 180.58, "end": 181.42, "word": " for", "probability": 0.94775390625}, {"start": 181.42, "end": 182.08, "word": " futures,", "probability": 0.798828125}, {"start": 182.54, "end": 182.96, "word": " for", "probability": 0.6884765625}, {"start": 182.96, "end": 183.42, "word": " future", "probability": 0.94384765625}, {"start": 183.42, "end": 184.36, "word": " prices", "probability": 0.82763671875}, {"start": 184.36, "end": 184.92, "word": " and", "probability": 0.78076171875}, {"start": 184.92, "end": 185.76, "word": " future,", "probability": 0.94970703125}, {"start": 186.36, "end": 186.48, "word": " you", "probability": 0.76220703125}, {"start": 186.48, "end": 186.7, "word": " know,", "probability": 0.8876953125}, {"start": 186.84, "end": 186.98, "word": " the", "probability": 0.90869140625}, {"start": 186.98, "end": 187.28, "word": " future", "probability": 0.97998046875}, {"start": 187.28, "end": 187.64, "word": " income,", "probability": 0.93603515625}, {"start": 188.0, "end": 188.18, "word": " okay?", "probability": 0.91162109375}, {"start": 189.28, "end": 189.66, "word": " Now,", "probability": 0.962890625}, {"start": 190.28, "end": 191.36, "word": " let's", "probability": 0.972900390625}, {"start": 191.36, "end": 191.7, "word": " gonna", "probability": 0.484619140625}, {"start": 191.7, "end": 192.16, "word": " study", "probability": 0.9345703125}, {"start": 192.16, "end": 192.76, "word": " the", "probability": 0.904296875}], "temperature": 1.0}, {"id": 8, "seek": 22151, "start": 195.33, "end": 221.51, "text": " What will happen to the equilibrium prices and equilibrium quantity if the number of population of the population increase? Let's assume that in one area, the population increases. What will happen?", "tokens": [708, 486, 1051, 281, 264, 15625, 7901, 293, 15625, 11275, 498, 264, 1230, 295, 4415, 295, 264, 4415, 3488, 30, 961, 311, 6552, 300, 294, 472, 1859, 11, 264, 4415, 8637, 13, 708, 486, 1051, 30], "avg_logprob": -0.1726140251030793, "compression_ratio": 1.6048387096774193, "no_speech_prob": 0.0, "words": [{"start": 195.33, "end": 195.73, "word": " What", "probability": 0.75341796875}, {"start": 195.73, "end": 196.03, "word": " will", "probability": 0.87939453125}, {"start": 196.03, "end": 196.65, "word": " happen", "probability": 0.916015625}, {"start": 196.65, "end": 197.33, "word": " to", "probability": 0.96630859375}, {"start": 197.33, "end": 198.13, "word": " the", "probability": 0.90869140625}, {"start": 198.13, "end": 199.73, "word": " equilibrium", "probability": 0.64111328125}, {"start": 199.73, "end": 200.33, "word": " prices", "probability": 0.880859375}, {"start": 200.33, "end": 200.75, "word": " and", "probability": 0.7197265625}, {"start": 200.75, "end": 201.15, "word": " equilibrium", "probability": 0.9501953125}, {"start": 201.15, "end": 201.83, "word": " quantity", "probability": 0.83837890625}, {"start": 201.83, "end": 202.77, "word": " if", "probability": 0.83056640625}, {"start": 202.77, "end": 203.47, "word": " the", "probability": 0.91455078125}, {"start": 203.47, "end": 203.75, "word": " number", "probability": 0.9306640625}, {"start": 203.75, "end": 203.93, "word": " of", "probability": 0.9072265625}, {"start": 203.93, "end": 204.39, "word": " population", "probability": 0.7294921875}, {"start": 204.39, "end": 204.57, "word": " of", "probability": 0.48095703125}, {"start": 204.57, "end": 204.69, "word": " the", "probability": 0.89404296875}, {"start": 204.69, "end": 205.19, "word": " population", "probability": 0.94580078125}, {"start": 205.19, "end": 206.01, "word": " increase?", "probability": 0.6298828125}, {"start": 207.11, "end": 207.43, "word": " Let's", "probability": 0.870361328125}, {"start": 207.43, "end": 207.79, "word": " assume", "probability": 0.91015625}, {"start": 207.79, "end": 208.63, "word": " that", "probability": 0.9287109375}, {"start": 208.63, "end": 209.89, "word": " in", "probability": 0.54736328125}, {"start": 209.89, "end": 211.83, "word": " one", "probability": 0.9248046875}, {"start": 211.83, "end": 212.25, "word": " area,", "probability": 0.89208984375}, {"start": 212.53, "end": 212.91, "word": " the", "probability": 0.91650390625}, {"start": 212.91, "end": 213.51, "word": " population", "probability": 0.93359375}, {"start": 213.51, "end": 214.25, "word": " increases.", "probability": 0.9326171875}, {"start": 220.01, "end": 221.01, "word": " What", "probability": 0.8740234375}, {"start": 221.01, "end": 221.17, "word": " will", "probability": 0.8193359375}, {"start": 221.17, "end": 221.51, "word": " happen?", "probability": 0.9169921875}], "temperature": 1.0}, {"id": 9, "seek": 25109, "start": 222.63, "end": 251.09, "text": " The population here is one of the main determinants of demand. So demand will increase. So here we have rightward shifting. So demand will increase. Because earlier we were talking about the demand is a normal good. Our population increases, the demand for shoes increased.", "tokens": [440, 4415, 510, 307, 472, 295, 264, 2135, 15957, 1719, 295, 4733, 13, 407, 4733, 486, 3488, 13, 407, 510, 321, 362, 558, 1007, 17573, 13, 407, 4733, 486, 3488, 13, 1436, 3071, 321, 645, 1417, 466, 264, 4733, 307, 257, 2710, 665, 13, 2621, 4415, 8637, 11, 264, 4733, 337, 6654, 6505, 13], "avg_logprob": -0.23522726785052905, "compression_ratio": 1.7232704402515724, "no_speech_prob": 0.0, "words": [{"start": 222.63, "end": 222.81, "word": " The", "probability": 0.86865234375}, {"start": 222.81, "end": 223.27, "word": " population", "probability": 0.93994140625}, {"start": 223.27, "end": 223.59, "word": " here", "probability": 0.84814453125}, {"start": 223.59, "end": 223.85, "word": " is", "probability": 0.94677734375}, {"start": 223.85, "end": 224.07, "word": " one", "probability": 0.9287109375}, {"start": 224.07, "end": 224.19, "word": " of", "probability": 0.970703125}, {"start": 224.19, "end": 224.33, "word": " the", "probability": 0.9287109375}, {"start": 224.33, "end": 224.53, "word": " main", "probability": 0.9443359375}, {"start": 224.53, "end": 225.25, "word": " determinants", "probability": 0.972412109375}, {"start": 225.25, "end": 225.51, "word": " of", "probability": 0.96875}, {"start": 225.51, "end": 225.89, "word": " demand.", "probability": 0.88671875}, {"start": 226.13, "end": 226.35, "word": " So", "probability": 0.859375}, {"start": 226.35, "end": 227.79, "word": " demand", "probability": 0.73779296875}, {"start": 227.79, "end": 228.29, "word": " will", "probability": 0.87744140625}, {"start": 228.29, "end": 228.93, "word": " increase.", "probability": 0.859375}, {"start": 229.07, "end": 229.21, "word": " So", "probability": 0.92724609375}, {"start": 229.21, "end": 229.41, "word": " here", "probability": 0.82470703125}, {"start": 229.41, "end": 229.55, "word": " we", "probability": 0.80322265625}, {"start": 229.55, "end": 229.83, "word": " have", "probability": 0.94384765625}, {"start": 229.83, "end": 230.35, "word": " rightward", "probability": 0.853515625}, {"start": 230.35, "end": 230.75, "word": " shifting.", "probability": 0.90087890625}, {"start": 231.11, "end": 231.17, "word": " So", "probability": 0.95849609375}, {"start": 231.17, "end": 231.67, "word": " demand", "probability": 0.88427734375}, {"start": 231.67, "end": 235.07, "word": " will", "probability": 0.8056640625}, {"start": 235.07, "end": 235.67, "word": " increase.", "probability": 0.85400390625}, {"start": 236.21, "end": 236.81, "word": " Because", "probability": 0.9140625}, {"start": 236.81, "end": 237.53, "word": " earlier", "probability": 0.494384765625}, {"start": 237.53, "end": 237.87, "word": " we", "probability": 0.69140625}, {"start": 237.87, "end": 237.89, "word": " were", "probability": 0.5712890625}, {"start": 237.89, "end": 238.21, "word": " talking", "probability": 0.84814453125}, {"start": 238.21, "end": 238.61, "word": " about", "probability": 0.8955078125}, {"start": 238.61, "end": 238.93, "word": " the", "probability": 0.7275390625}, {"start": 238.93, "end": 239.59, "word": " demand", "probability": 0.92822265625}, {"start": 239.59, "end": 239.79, "word": " is", "probability": 0.896484375}, {"start": 239.79, "end": 239.91, "word": " a", "probability": 0.318115234375}, {"start": 239.91, "end": 240.25, "word": " normal", "probability": 0.55078125}, {"start": 240.25, "end": 240.61, "word": " good.", "probability": 0.8681640625}, {"start": 241.19, "end": 241.35, "word": " Our", "probability": 0.177490234375}, {"start": 241.35, "end": 241.99, "word": " population", "probability": 0.9404296875}, {"start": 241.99, "end": 242.63, "word": " increases,", "probability": 0.92724609375}, {"start": 242.91, "end": 243.05, "word": " the", "probability": 0.8798828125}, {"start": 243.05, "end": 243.43, "word": " demand", "probability": 0.91357421875}, {"start": 243.43, "end": 243.71, "word": " for", "probability": 0.943359375}, {"start": 243.71, "end": 244.19, "word": " shoes", "probability": 0.9423828125}, {"start": 244.19, "end": 251.09, "word": " increased.", "probability": 0.54541015625}], "temperature": 1.0}, {"id": 10, "seek": 27955, "start": 253.21, "end": 279.55, "text": " So the demand curve shifts right. They say demand curve shifts right. So here we have rightward shifting for demand curve to D2, parallel to the previous one. What do we see? As demand increases.", "tokens": [407, 264, 4733, 7605, 19201, 558, 13, 814, 584, 4733, 7605, 19201, 558, 13, 407, 510, 321, 362, 558, 1007, 17573, 337, 4733, 7605, 281, 413, 17, 11, 8952, 281, 264, 3894, 472, 13, 708, 360, 321, 536, 30, 1018, 4733, 8637, 13], "avg_logprob": -0.20436790416186507, "compression_ratio": 1.5076923076923077, "no_speech_prob": 0.0, "words": [{"start": 253.21, "end": 253.53, "word": " So", "probability": 0.81640625}, {"start": 253.53, "end": 253.71, "word": " the", "probability": 0.71142578125}, {"start": 253.71, "end": 254.03, "word": " demand", "probability": 0.89990234375}, {"start": 254.03, "end": 254.39, "word": " curve", "probability": 0.93505859375}, {"start": 254.39, "end": 254.77, "word": " shifts", "probability": 0.9560546875}, {"start": 254.77, "end": 255.11, "word": " right.", "probability": 0.8720703125}, {"start": 256.53, "end": 256.87, "word": " They", "probability": 0.7900390625}, {"start": 256.87, "end": 257.29, "word": " say", "probability": 0.86279296875}, {"start": 257.29, "end": 257.97, "word": " demand", "probability": 0.469482421875}, {"start": 257.97, "end": 258.49, "word": " curve", "probability": 0.9462890625}, {"start": 258.49, "end": 259.11, "word": " shifts", "probability": 0.94482421875}, {"start": 259.11, "end": 261.03, "word": " right.", "probability": 0.8212890625}, {"start": 262.93, "end": 263.69, "word": " So", "probability": 0.92919921875}, {"start": 263.69, "end": 263.93, "word": " here", "probability": 0.83642578125}, {"start": 263.93, "end": 264.11, "word": " we", "probability": 0.8857421875}, {"start": 264.11, "end": 264.41, "word": " have", "probability": 0.94580078125}, {"start": 264.41, "end": 265.23, "word": " rightward", "probability": 0.9033203125}, {"start": 265.23, "end": 265.71, "word": " shifting", "probability": 0.90771484375}, {"start": 265.71, "end": 267.47, "word": " for", "probability": 0.4111328125}, {"start": 267.47, "end": 267.85, "word": " demand", "probability": 0.79443359375}, {"start": 267.85, "end": 268.51, "word": " curve", "probability": 0.95458984375}, {"start": 268.51, "end": 271.79, "word": " to", "probability": 0.8056640625}, {"start": 271.79, "end": 272.35, "word": " D2,", "probability": 0.7734375}, {"start": 272.73, "end": 273.09, "word": " parallel", "probability": 0.74951171875}, {"start": 273.09, "end": 273.37, "word": " to", "probability": 0.9658203125}, {"start": 273.37, "end": 273.53, "word": " the", "probability": 0.92041015625}, {"start": 273.53, "end": 273.91, "word": " previous", "probability": 0.841796875}, {"start": 273.91, "end": 274.23, "word": " one.", "probability": 0.92919921875}, {"start": 276.11, "end": 276.27, "word": " What", "probability": 0.484619140625}, {"start": 276.27, "end": 276.33, "word": " do", "probability": 0.80029296875}, {"start": 276.33, "end": 276.41, "word": " we", "probability": 0.374755859375}, {"start": 276.41, "end": 276.67, "word": " see?", "probability": 0.88623046875}, {"start": 277.55, "end": 278.31, "word": " As", "probability": 0.96923828125}, {"start": 278.31, "end": 278.81, "word": " demand", "probability": 0.8876953125}, {"start": 278.81, "end": 279.55, "word": " increases.", "probability": 0.9404296875}], "temperature": 1.0}, {"id": 11, "seek": 30712, "start": 280.8, "end": 307.12, "text": " We have a new equilibrium point in the market, which is E2 here. The price goes up or increases from P1 to P2. And the quantity, the equilibrium quantity in the market goes up as well. All right? So,", "tokens": [492, 362, 257, 777, 15625, 935, 294, 264, 2142, 11, 597, 307, 462, 17, 510, 13, 440, 3218, 1709, 493, 420, 8637, 490, 430, 16, 281, 430, 17, 13, 400, 264, 11275, 11, 264, 15625, 11275, 294, 264, 2142, 1709, 493, 382, 731, 13, 1057, 558, 30, 407, 11], "avg_logprob": -0.22546875566244126, "compression_ratio": 1.4285714285714286, "no_speech_prob": 0.0, "words": [{"start": 280.8, "end": 281.04, "word": " We", "probability": 0.54541015625}, {"start": 281.04, "end": 281.5, "word": " have", "probability": 0.9443359375}, {"start": 281.5, "end": 281.82, "word": " a", "probability": 0.95703125}, {"start": 281.82, "end": 282.06, "word": " new", "probability": 0.8623046875}, {"start": 282.06, "end": 282.58, "word": " equilibrium", "probability": 0.95263671875}, {"start": 282.58, "end": 283.0, "word": " point", "probability": 0.93408203125}, {"start": 283.0, "end": 283.22, "word": " in", "probability": 0.72021484375}, {"start": 283.22, "end": 283.32, "word": " the", "probability": 0.9091796875}, {"start": 283.32, "end": 283.66, "word": " market,", "probability": 0.88232421875}, {"start": 284.64, "end": 284.72, "word": " which", "probability": 0.91845703125}, {"start": 284.72, "end": 284.98, "word": " is", "probability": 0.9521484375}, {"start": 284.98, "end": 285.48, "word": " E2", "probability": 0.710693359375}, {"start": 285.48, "end": 285.8, "word": " here.", "probability": 0.75830078125}, {"start": 289.22, "end": 290.1, "word": " The", "probability": 0.8759765625}, {"start": 290.1, "end": 290.62, "word": " price", "probability": 0.89794921875}, {"start": 290.62, "end": 291.3, "word": " goes", "probability": 0.91162109375}, {"start": 291.3, "end": 291.84, "word": " up", "probability": 0.97119140625}, {"start": 291.84, "end": 292.48, "word": " or", "probability": 0.689453125}, {"start": 292.48, "end": 293.06, "word": " increases", "probability": 0.369140625}, {"start": 293.06, "end": 293.38, "word": " from", "probability": 0.86767578125}, {"start": 293.38, "end": 293.84, "word": " P1", "probability": 0.968017578125}, {"start": 293.84, "end": 294.06, "word": " to", "probability": 0.97314453125}, {"start": 294.06, "end": 294.74, "word": " P2.", "probability": 0.997314453125}, {"start": 296.76, "end": 297.3, "word": " And", "probability": 0.86328125}, {"start": 297.3, "end": 297.44, "word": " the", "probability": 0.8994140625}, {"start": 297.44, "end": 297.92, "word": " quantity,", "probability": 0.72705078125}, {"start": 298.1, "end": 298.36, "word": " the", "probability": 0.85546875}, {"start": 298.36, "end": 298.84, "word": " equilibrium", "probability": 0.9072265625}, {"start": 298.84, "end": 299.42, "word": " quantity", "probability": 0.96875}, {"start": 299.42, "end": 299.6, "word": " in", "probability": 0.5322265625}, {"start": 299.6, "end": 299.74, "word": " the", "probability": 0.91650390625}, {"start": 299.74, "end": 300.08, "word": " market", "probability": 0.87841796875}, {"start": 300.08, "end": 301.34, "word": " goes", "probability": 0.6435546875}, {"start": 301.34, "end": 301.78, "word": " up", "probability": 0.97119140625}, {"start": 301.78, "end": 302.2, "word": " as", "probability": 0.9462890625}, {"start": 302.2, "end": 302.46, "word": " well.", "probability": 0.93798828125}, {"start": 303.88, "end": 304.32, "word": " All", "probability": 0.546875}, {"start": 304.32, "end": 304.52, "word": " right?", "probability": 0.91455078125}, {"start": 306.24, "end": 307.12, "word": " So,", "probability": 0.9560546875}], "temperature": 1.0}, {"id": 12, "seek": 33342, "start": 308.42, "end": 333.42, "text": " The conclusion or the result here is we have a rightward shifting in demand curve leads to an increasing the prices, the equilibrium price, and increasing the equilibrium quantity, the quantity exchange in the market goes up. Okay? Is there a problem? No. Okay. 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And here we are talking about the shoes are. So here, let's talk about the consumer. Consumer's income goes up. What will happen to the demand for shoes here?", "tokens": [492, 362, 32998, 264, 9711, 311, 5742, 13, 400, 510, 321, 366, 1417, 466, 264, 6654, 366, 13, 407, 510, 11, 718, 311, 751, 466, 264, 9711, 13, 39494, 311, 5742, 1709, 493, 13, 708, 486, 1051, 281, 264, 4733, 337, 6654, 510, 30], "avg_logprob": -0.21371527247958713, "compression_ratio": 1.4705882352941178, "no_speech_prob": 0.0, "words": [{"start": 338.34, "end": 338.6, "word": " We", "probability": 0.68408203125}, {"start": 338.6, "end": 338.9, "word": " have", "probability": 0.89013671875}, {"start": 338.9, "end": 340.88, "word": " populated", "probability": 0.457275390625}, {"start": 340.88, "end": 341.06, "word": " the", "probability": 0.5146484375}, {"start": 341.06, "end": 341.74, "word": " consumer's", "probability": 0.7626953125}, {"start": 341.74, "end": 342.06, "word": " income.", "probability": 0.9462890625}, {"start": 343.38, "end": 343.58, "word": " And", "probability": 0.81787109375}, {"start": 343.58, "end": 343.76, "word": " here", "probability": 0.8212890625}, {"start": 343.76, "end": 343.92, "word": " we", "probability": 0.71923828125}, {"start": 343.92, "end": 344.04, "word": " are", "probability": 0.87158203125}, {"start": 344.04, "end": 344.34, "word": " talking", "probability": 0.8525390625}, {"start": 344.34, "end": 344.82, "word": " about", "probability": 0.90283203125}, {"start": 344.82, "end": 345.66, "word": " the", "probability": 0.63623046875}, {"start": 345.66, "end": 346.28, "word": " shoes", "probability": 0.9326171875}, {"start": 346.28, "end": 346.84, "word": " are.", "probability": 0.90478515625}, {"start": 347.44, "end": 347.44, "word": " So", "probability": 0.94873046875}, {"start": 347.44, "end": 347.8, "word": " here,", "probability": 0.77099609375}, {"start": 348.1, "end": 348.4, "word": " let's", "probability": 0.971923828125}, {"start": 348.4, "end": 348.7, "word": " talk", "probability": 0.89111328125}, {"start": 348.7, "end": 349.16, "word": " about", "probability": 0.89990234375}, {"start": 349.16, "end": 349.48, "word": " the", "probability": 0.90185546875}, {"start": 349.48, "end": 355.3, "word": " consumer.", "probability": 0.68505859375}, {"start": 358.52, "end": 359.16, "word": " Consumer's", "probability": 0.771240234375}, {"start": 359.16, "end": 359.6, "word": " income", "probability": 0.9560546875}, {"start": 359.6, "end": 361.6, "word": " goes", "probability": 0.908203125}, {"start": 361.6, "end": 361.94, "word": " up.", "probability": 0.97021484375}, {"start": 362.82, "end": 363.16, "word": " What", "probability": 0.884765625}, {"start": 363.16, "end": 363.3, "word": " will", "probability": 0.6279296875}, {"start": 363.3, "end": 363.62, "word": " happen", "probability": 0.92822265625}, {"start": 363.62, "end": 363.84, "word": " to", "probability": 0.96630859375}, {"start": 363.84, "end": 363.96, "word": " the", "probability": 0.91845703125}, {"start": 363.96, "end": 364.26, "word": " demand", "probability": 0.92724609375}, {"start": 364.26, "end": 364.48, "word": " for", "probability": 0.94970703125}, {"start": 364.48, "end": 364.78, "word": " shoes", "probability": 0.94091796875}, {"start": 364.78, "end": 365.04, "word": " here?", "probability": 0.802734375}], "temperature": 1.0}, {"id": 14, "seek": 39171, "start": 366.07, "end": 391.71, "text": " Not always, because it might be you're talking about the second-hand shoes. Right? Correct? If we talk about new shoes, this is his market, what does it mean? Definitely income will have a positive effect on who? On new shoes. But what about the second-hand shoes? 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If we are talking about a new shoes market, industry, if this was a new shoes industry, definitely there will be a difference. Or this is normal good. 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Demand goes up. 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But what will happen if this product is inferior? Like, you know, here we're talking about the secondhand shoes. 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Increasing income, the consumer's income, leads to what? 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So the demand for shoes here shifts left. So we will find that the demand for shoes here shifts left. 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Here we have a leftward shifting of demand curve because there is a negative relationship between what? Between the consumer's income and the inferior goods. All right? 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We have a new equilibrium point. Then Alice is here. Assume that Ceteris Pervis means. Yeah. Okay. So we have a new equilibrium point demand two with supply one.", "tokens": [1692, 321, 362, 257, 1411, 1007, 17573, 293, 4733, 7605, 13, 492, 362, 257, 777, 15625, 935, 13, 1396, 16004, 307, 510, 13, 6281, 2540, 300, 383, 2398, 271, 3026, 4938, 1355, 13, 865, 13, 1033, 13, 407, 321, 362, 257, 777, 15625, 935, 4733, 732, 365, 5847, 472, 13], "avg_logprob": -0.3728553944942998, "compression_ratio": 1.4589041095890412, "no_speech_prob": 0.0, "words": [{"start": 612.26, "end": 612.5, "word": " Here", "probability": 0.79150390625}, {"start": 612.5, "end": 612.66, "word": " we", "probability": 0.76416015625}, {"start": 612.66, "end": 612.98, "word": " have", "probability": 0.94921875}, {"start": 612.98, "end": 613.54, "word": " a", "probability": 0.91064453125}, {"start": 613.54, "end": 613.96, "word": " leftward", "probability": 0.90380859375}, {"start": 613.96, "end": 614.42, "word": " shifting", "probability": 0.91650390625}, {"start": 614.42, "end": 615.2, "word": " and", "probability": 0.79541015625}, {"start": 615.2, "end": 615.5, "word": " demand", "probability": 0.86767578125}, {"start": 615.5, "end": 615.82, "word": " curve.", "probability": 0.96240234375}, {"start": 618.58, "end": 619.06, "word": " We", "probability": 0.966796875}, {"start": 619.06, "end": 619.38, "word": " have", "probability": 0.9501953125}, {"start": 619.38, "end": 619.6, "word": " a", "probability": 0.99365234375}, {"start": 619.6, "end": 619.76, "word": " new", "probability": 0.904296875}, {"start": 619.76, "end": 620.14, "word": " equilibrium", "probability": 0.97900390625}, {"start": 620.14, "end": 620.58, "word": " point.", "probability": 0.955078125}, {"start": 621.18, "end": 621.98, "word": " Then", "probability": 0.222412109375}, {"start": 621.98, "end": 622.32, "word": " Alice", "probability": 0.30712890625}, {"start": 622.32, "end": 622.48, "word": " is", "probability": 0.80126953125}, {"start": 622.48, "end": 622.76, "word": " here.", "probability": 0.8603515625}, {"start": 623.46, "end": 623.82, "word": " Assume", "probability": 0.90087890625}, {"start": 623.82, "end": 624.14, "word": " that", "probability": 0.9345703125}, {"start": 624.14, "end": 624.82, "word": " Ceteris", "probability": 0.3995768229166667}, {"start": 624.82, "end": 625.4, "word": " Pervis", "probability": 0.43646240234375}, {"start": 625.4, "end": 626.02, "word": " means.", "probability": 0.8232421875}, {"start": 627.2, "end": 628.04, "word": " Yeah.", "probability": 0.042510986328125}, {"start": 630.2, "end": 631.04, "word": " Okay.", "probability": 0.433837890625}, {"start": 632.82, "end": 633.1, "word": " So", "probability": 0.939453125}, {"start": 633.1, "end": 634.38, "word": " we", "probability": 0.70751953125}, {"start": 634.38, "end": 634.68, "word": " have", "probability": 0.9296875}, {"start": 634.68, "end": 634.88, "word": " a", "probability": 0.9951171875}, {"start": 634.88, "end": 635.06, "word": " new", "probability": 0.90283203125}, {"start": 635.06, "end": 635.44, "word": " equilibrium", "probability": 0.96875}, {"start": 635.44, "end": 635.98, "word": " point", "probability": 0.966796875}, {"start": 635.98, "end": 636.6, "word": " demand", "probability": 0.70263671875}, {"start": 636.6, "end": 636.98, "word": " two", "probability": 0.75439453125}, {"start": 636.98, "end": 637.3, "word": " with", "probability": 0.88525390625}, {"start": 637.3, "end": 637.88, "word": " supply", "probability": 0.9375}, {"start": 637.88, "end": 638.26, "word": " one.", "probability": 0.921875}], "temperature": 1.0}, {"id": 24, "seek": 66243, "start": 639.07, "end": 662.43, "text": " Because supply did not change here. Is there a problem? Where is it? Inferior good. Inferior means. Okay. And there is a negative relationship between the consumer's income and the demand for inferior goods. Yes. Is there a problem? Okay.", "tokens": [1436, 5847, 630, 406, 1319, 510, 13, 1119, 456, 257, 1154, 30, 2305, 307, 309, 30, 682, 612, 1973, 665, 13, 682, 612, 1973, 1355, 13, 1033, 13, 400, 456, 307, 257, 3671, 2480, 1296, 264, 9711, 311, 5742, 293, 264, 4733, 337, 24249, 10179, 13, 1079, 13, 1119, 456, 257, 1154, 30, 1033, 13], "avg_logprob": -0.21526228370411055, "compression_ratio": 1.551948051948052, "no_speech_prob": 0.0, "words": [{"start": 639.07, "end": 639.47, "word": " Because", "probability": 0.5791015625}, {"start": 639.47, "end": 640.13, "word": " supply", "probability": 0.9306640625}, {"start": 640.13, "end": 641.15, "word": " did", "probability": 0.72900390625}, {"start": 641.15, "end": 641.37, "word": " not", "probability": 0.94873046875}, {"start": 641.37, "end": 641.85, "word": " change", "probability": 0.88720703125}, {"start": 641.85, "end": 642.09, "word": " here.", "probability": 0.85400390625}, {"start": 643.49, "end": 643.83, "word": " Is", "probability": 0.35595703125}, {"start": 643.83, "end": 644.19, "word": " there", "probability": 0.88623046875}, {"start": 644.19, "end": 644.29, "word": " a", "probability": 0.9833984375}, {"start": 644.29, "end": 644.49, "word": " problem?", "probability": 0.8466796875}, {"start": 645.77, "end": 646.41, "word": " Where", "probability": 0.62890625}, {"start": 646.41, "end": 646.53, "word": " is", "probability": 0.826171875}, {"start": 646.53, "end": 646.61, "word": " it?", "probability": 0.93115234375}, {"start": 647.65, "end": 648.25, "word": " Inferior", "probability": 0.9391276041666666}, {"start": 648.25, "end": 648.51, "word": " good.", "probability": 0.41748046875}, {"start": 649.67, "end": 650.09, "word": " Inferior", "probability": 0.9788411458333334}, {"start": 650.09, "end": 650.61, "word": " means.", "probability": 0.8935546875}, {"start": 652.71, "end": 653.35, "word": " Okay.", "probability": 0.60693359375}, {"start": 654.07, "end": 654.25, "word": " And", "probability": 0.8291015625}, {"start": 654.25, "end": 654.37, "word": " there", "probability": 0.89501953125}, {"start": 654.37, "end": 654.47, "word": " is", "probability": 0.72705078125}, {"start": 654.47, "end": 654.59, "word": " a", "probability": 0.99365234375}, {"start": 654.59, "end": 654.83, "word": " negative", "probability": 0.9287109375}, {"start": 654.83, "end": 655.31, "word": " relationship", "probability": 0.91259765625}, {"start": 655.31, "end": 655.61, "word": " between", "probability": 0.875}, {"start": 655.61, "end": 655.81, "word": " the", "probability": 0.8994140625}, {"start": 655.81, "end": 656.41, "word": " consumer's", "probability": 0.765869140625}, {"start": 656.41, "end": 656.79, "word": " income", "probability": 0.9443359375}, {"start": 656.79, "end": 657.27, "word": " and", "probability": 0.85009765625}, {"start": 657.27, "end": 657.35, "word": " the", "probability": 0.8857421875}, {"start": 657.35, "end": 657.59, "word": " demand", "probability": 0.88623046875}, {"start": 657.59, "end": 657.79, "word": " for", "probability": 0.94580078125}, {"start": 657.79, "end": 658.21, "word": " inferior", "probability": 0.92626953125}, {"start": 658.21, "end": 658.49, "word": " goods.", "probability": 0.93017578125}, {"start": 658.93, "end": 659.15, "word": " Yes.", "probability": 0.85205078125}, {"start": 660.75, "end": 660.97, "word": " Is", "probability": 0.955078125}, {"start": 660.97, "end": 661.11, "word": " there", "probability": 0.8984375}, {"start": 661.11, "end": 661.19, "word": " a", "probability": 0.90673828125}, {"start": 661.19, "end": 661.41, "word": " problem?", "probability": 0.8984375}, {"start": 662.13, "end": 662.43, "word": " Okay.", "probability": 0.8642578125}], "temperature": 1.0}, {"id": 25, "seek": 68997, "start": 663.49, "end": 689.97, "text": " So here we have the leftward shifting in demand curve. We have a new intersection point here, E2. And this is the price, P2. The quantity exchange in the market is Q2. What will happen here? So the result here is increasing in the consumer income.", "tokens": [407, 510, 321, 362, 264, 1411, 1007, 17573, 294, 4733, 7605, 13, 492, 362, 257, 777, 15236, 935, 510, 11, 462, 17, 13, 400, 341, 307, 264, 3218, 11, 430, 17, 13, 440, 11275, 7742, 294, 264, 2142, 307, 1249, 17, 13, 708, 486, 1051, 510, 30, 407, 264, 1874, 510, 307, 5662, 294, 264, 9711, 5742, 13], "avg_logprob": -0.16657839084075668, "compression_ratio": 1.4252873563218391, "no_speech_prob": 0.0, "words": [{"start": 663.49, "end": 663.87, "word": " So", "probability": 0.90869140625}, {"start": 663.87, "end": 664.63, "word": " here", "probability": 0.60546875}, {"start": 664.63, "end": 664.79, "word": " we", "probability": 0.8544921875}, {"start": 664.79, "end": 665.09, "word": " have", "probability": 0.94775390625}, {"start": 665.09, "end": 665.87, "word": " the", "probability": 0.266357421875}, {"start": 665.87, "end": 666.37, "word": " leftward", "probability": 0.81591796875}, {"start": 666.37, "end": 666.81, "word": " shifting", "probability": 0.89599609375}, {"start": 666.81, "end": 666.99, "word": " in", "probability": 0.53564453125}, {"start": 666.99, "end": 667.31, "word": " demand", "probability": 0.8505859375}, {"start": 667.31, "end": 667.71, "word": " curve.", "probability": 0.95361328125}, {"start": 668.11, "end": 668.45, "word": " We", "probability": 0.95654296875}, {"start": 668.45, "end": 668.71, "word": " have", "probability": 0.947265625}, {"start": 668.71, "end": 668.95, "word": " a", "probability": 0.9775390625}, {"start": 668.95, "end": 669.19, "word": " new", "probability": 0.90625}, {"start": 669.19, "end": 670.43, "word": " intersection", "probability": 0.9228515625}, {"start": 670.43, "end": 670.89, "word": " point", "probability": 0.97021484375}, {"start": 670.89, "end": 671.39, "word": " here,", "probability": 0.82568359375}, {"start": 672.51, "end": 672.91, "word": " E2.", "probability": 0.93359375}, {"start": 674.01, "end": 674.79, "word": " And", "probability": 0.9404296875}, {"start": 674.79, "end": 674.99, "word": " this", "probability": 0.9443359375}, {"start": 674.99, "end": 675.11, "word": " is", "probability": 0.94921875}, {"start": 675.11, "end": 675.25, "word": " the", "probability": 0.91943359375}, {"start": 675.25, "end": 675.53, "word": " price,", "probability": 0.90771484375}, {"start": 675.69, "end": 676.07, "word": " P2.", "probability": 0.989013671875}, {"start": 678.55, "end": 678.95, "word": " The", "probability": 0.88818359375}, {"start": 678.95, "end": 679.45, "word": " quantity", "probability": 0.970703125}, {"start": 679.45, "end": 679.97, "word": " exchange", "probability": 0.63134765625}, {"start": 679.97, "end": 680.39, "word": " in", "probability": 0.86962890625}, {"start": 680.39, "end": 680.53, "word": " the", "probability": 0.91357421875}, {"start": 680.53, "end": 680.91, "word": " market", "probability": 0.8818359375}, {"start": 680.91, "end": 681.47, "word": " is", "probability": 0.93310546875}, {"start": 681.47, "end": 682.01, "word": " Q2.", "probability": 0.852294921875}, {"start": 682.83, "end": 683.17, "word": " What", "probability": 0.8896484375}, {"start": 683.17, "end": 683.31, "word": " will", "probability": 0.81201171875}, {"start": 683.31, "end": 683.65, "word": " happen", "probability": 0.91845703125}, {"start": 683.65, "end": 683.93, "word": " here?", "probability": 0.85546875}, {"start": 684.65, "end": 684.79, "word": " So", "probability": 0.9482421875}, {"start": 684.79, "end": 684.99, "word": " the", "probability": 0.865234375}, {"start": 684.99, "end": 685.43, "word": " result", "probability": 0.9443359375}, {"start": 685.43, "end": 685.81, "word": " here", "probability": 0.86083984375}, {"start": 685.81, "end": 686.23, "word": " is", "probability": 0.935546875}, {"start": 686.23, "end": 688.31, "word": " increasing", "probability": 0.82177734375}, {"start": 688.31, "end": 688.97, "word": " in", "probability": 0.8603515625}, {"start": 688.97, "end": 689.09, "word": " the", "probability": 0.89453125}, {"start": 689.09, "end": 689.53, "word": " consumer", "probability": 0.83154296875}, {"start": 689.53, "end": 689.97, "word": " income.", "probability": 0.95068359375}], "temperature": 1.0}, {"id": 26, "seek": 71957, "start": 691.01, "end": 719.57, "text": " leads to a decreasing in demand for secondhand shoes. The conclusion or the result here is a decrease in the price plus decreasing in the quantity. It changes the market equilibrium. This is the result here.", "tokens": [6689, 281, 257, 23223, 294, 4733, 337, 1150, 5543, 6654, 13, 440, 10063, 420, 264, 1874, 510, 307, 257, 11514, 294, 264, 3218, 1804, 23223, 294, 264, 11275, 13, 467, 2962, 264, 2142, 15625, 13, 639, 307, 264, 1874, 510, 13], "avg_logprob": -0.27678571215697695, "compression_ratio": 1.5639097744360901, "no_speech_prob": 0.0, "words": [{"start": 691.01, "end": 691.45, "word": " leads", "probability": 0.31982421875}, {"start": 691.45, "end": 691.59, "word": " to", "probability": 0.939453125}, {"start": 691.59, "end": 691.73, "word": " a", "probability": 0.88916015625}, {"start": 691.73, "end": 692.13, "word": " decreasing", "probability": 0.76953125}, {"start": 692.13, "end": 692.35, "word": " in", "probability": 0.7666015625}, {"start": 692.35, "end": 692.77, "word": " demand", "probability": 0.91943359375}, {"start": 692.77, "end": 693.25, "word": " for", "probability": 0.9501953125}, {"start": 693.25, "end": 699.51, "word": " secondhand", "probability": 0.6788330078125}, {"start": 699.51, "end": 702.17, "word": " shoes.", "probability": 0.9208984375}, {"start": 703.83, "end": 704.59, "word": " The", "probability": 0.89453125}, {"start": 704.59, "end": 705.23, "word": " conclusion", "probability": 0.8935546875}, {"start": 705.23, "end": 705.51, "word": " or", "probability": 0.7578125}, {"start": 705.51, "end": 705.65, "word": " the", "probability": 0.92041015625}, {"start": 705.65, "end": 706.09, "word": " result", "probability": 0.876953125}, {"start": 706.09, "end": 706.51, "word": " here", "probability": 0.8515625}, {"start": 706.51, "end": 707.65, "word": " is", "probability": 0.90185546875}, {"start": 707.65, "end": 708.19, "word": " a", "probability": 0.85888671875}, {"start": 708.19, "end": 708.51, "word": " decrease", "probability": 0.34912109375}, {"start": 708.51, "end": 708.83, "word": " in", "probability": 0.93701171875}, {"start": 708.83, "end": 708.97, "word": " the", "probability": 0.8525390625}, {"start": 708.97, "end": 709.77, "word": " price", "probability": 0.90625}, {"start": 709.77, "end": 711.37, "word": " plus", "probability": 0.703125}, {"start": 711.37, "end": 712.95, "word": " decreasing", "probability": 0.822265625}, {"start": 712.95, "end": 713.33, "word": " in", "probability": 0.61376953125}, {"start": 713.33, "end": 713.45, "word": " the", "probability": 0.8681640625}, {"start": 713.45, "end": 713.83, "word": " quantity.", "probability": 0.8369140625}, {"start": 713.97, "end": 714.07, "word": " It", "probability": 0.83740234375}, {"start": 714.07, "end": 714.45, "word": " changes", "probability": 0.59814453125}, {"start": 714.45, "end": 714.65, "word": " the", "probability": 0.896484375}, {"start": 714.65, "end": 715.01, "word": " market", "probability": 0.8671875}, {"start": 715.01, "end": 717.35, "word": " equilibrium.", "probability": 0.33447265625}, {"start": 718.39, "end": 718.61, "word": " This", "probability": 0.84765625}, {"start": 718.61, "end": 718.71, "word": " is", "probability": 0.9423828125}, {"start": 718.71, "end": 718.83, "word": " the", "probability": 0.8662109375}, {"start": 718.83, "end": 719.25, "word": " result", "probability": 0.9365234375}, {"start": 719.25, "end": 719.57, "word": " here.", "probability": 0.8330078125}], "temperature": 1.0}, {"id": 27, "seek": 73850, "start": 720.68, "end": 738.5, "text": " Okay, so the conclusion, the result here is we have a decreasing in the prices, decreasing in the equilibrium quality. 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The opposite case here, demand will shift right, so the price goes up, the equilibrium quantity goes up as well. Okay? 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And the preferences. One type of shoes. Demand busy. Demand curve shifts, right? And we will write or shift. We have a word shifting and demand curve. OK? 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Okay? Demand determinants. Right or left. Okay? 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Let us assume that they have a new technology. What will happen to their production, their ability to produce, their willingness to produce, their profits, you know, the supply here? What will happen? Yeah, definitely. So let us go to the tonalized. Or this is the original situation, quarter prices. 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According to our assumption here is that the producers or the industry here have a new technology. 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Modern technology, modern machinery. What will happen here? Increasing what? Supply, you're talking about the supply's determinants.", "tokens": [316, 777, 2899, 13, 19814, 2899, 11, 4363, 27302, 13, 708, 486, 1051, 510, 30, 30367, 3349, 437, 30, 9391, 356, 11, 291, 434, 1417, 466, 264, 5847, 311, 15957, 1719, 13], "avg_logprob": -0.18974905303030304, "compression_ratio": 1.2377049180327868, "no_speech_prob": 0.0, "words": [{"start": 977.53, "end": 977.83, "word": " A", "probability": 0.296875}, {"start": 977.83, "end": 978.03, "word": " new", "probability": 0.919921875}, {"start": 978.03, "end": 978.65, "word": " technology.", "probability": 0.9599609375}, {"start": 982.93, "end": 983.89, "word": " Modern", "probability": 0.94970703125}, {"start": 983.89, "end": 984.53, "word": " technology,", "probability": 0.9072265625}, {"start": 984.89, "end": 985.21, "word": " modern", "probability": 0.916015625}, {"start": 985.21, "end": 986.03, "word": " machinery.", "probability": 0.939453125}, {"start": 987.77, "end": 988.15, "word": " What", "probability": 0.7529296875}, {"start": 988.15, "end": 989.59, "word": " will", "probability": 0.73681640625}, {"start": 989.59, "end": 989.93, "word": " happen", "probability": 0.92529296875}, {"start": 989.93, "end": 990.33, "word": " here?", "probability": 0.86279296875}, {"start": 993.53, "end": 994.49, "word": " Increasing", "probability": 0.87548828125}, {"start": 994.49, "end": 994.89, "word": " what?", "probability": 0.9033203125}, {"start": 995.35, "end": 996.01, "word": " Supply,", "probability": 0.835693359375}, {"start": 996.09, "end": 996.23, "word": " you're", "probability": 0.8359375}, {"start": 996.23, "end": 996.55, "word": " talking", "probability": 0.8505859375}, {"start": 996.55, "end": 997.03, "word": " about", "probability": 0.90283203125}, {"start": 997.03, "end": 997.45, "word": " the", "probability": 0.86328125}, {"start": 997.45, "end": 998.09, "word": " supply's", "probability": 0.809326171875}, {"start": 998.09, "end": 998.83, "word": " determinants.", "probability": 0.948974609375}], "temperature": 1.0}, {"id": 37, "seek": 101624, "start": 999.98, "end": 1016.24, "text": " Because technology is one of the main effects or the main factors affect what? Supply. Technology is one of the variables or the factors of one of the main determinants of supply. So as we have a new technology,", "tokens": [1436, 2899, 307, 472, 295, 264, 2135, 5065, 420, 264, 2135, 6771, 3345, 437, 30, 9391, 356, 13, 15037, 307, 472, 295, 264, 9102, 420, 264, 6771, 295, 472, 295, 264, 2135, 15957, 1719, 295, 5847, 13, 407, 382, 321, 362, 257, 777, 2899, 11], "avg_logprob": -0.12330162946296774, "compression_ratio": 1.7096774193548387, "no_speech_prob": 0.0, "words": [{"start": 999.9799999999999, "end": 1000.5799999999999, "word": " Because", "probability": 0.826171875}, {"start": 1000.5799999999999, "end": 1001.18, "word": " technology", "probability": 0.95556640625}, {"start": 1001.18, "end": 1001.66, "word": " is", "probability": 0.9482421875}, {"start": 1001.66, "end": 1001.94, "word": " one", "probability": 0.927734375}, {"start": 1001.94, "end": 1002.16, "word": " of", "probability": 0.96826171875}, {"start": 1002.16, "end": 1002.34, "word": " the", "probability": 0.8818359375}, {"start": 1002.34, "end": 1003.02, "word": " main", "probability": 0.84423828125}, {"start": 1003.02, "end": 1003.48, "word": " effects", "probability": 0.619140625}, {"start": 1003.48, "end": 1003.88, "word": " or", "probability": 0.469482421875}, {"start": 1003.88, "end": 1004.02, "word": " the", "probability": 0.9150390625}, {"start": 1004.02, "end": 1004.28, "word": " main", "probability": 0.9306640625}, {"start": 1004.28, "end": 1005.04, "word": " factors", "probability": 0.9658203125}, {"start": 1005.04, "end": 1005.7, "word": " affect", "probability": 0.4765625}, {"start": 1005.7, "end": 1006.04, "word": " what?", "probability": 0.86181640625}, {"start": 1006.18, "end": 1006.62, "word": " Supply.", "probability": 0.871337890625}, {"start": 1007.16, "end": 1007.66, "word": " Technology", "probability": 0.9169921875}, {"start": 1007.66, "end": 1008.42, "word": " is", "probability": 0.9423828125}, {"start": 1008.42, "end": 1008.66, "word": " one", "probability": 0.9248046875}, {"start": 1008.66, "end": 1008.78, "word": " of", "probability": 0.9697265625}, {"start": 1008.78, "end": 1008.94, "word": " the", "probability": 0.9248046875}, {"start": 1008.94, "end": 1009.52, "word": " variables", "probability": 0.9755859375}, {"start": 1009.52, "end": 1009.8, "word": " or", "probability": 0.828125}, {"start": 1009.8, "end": 1009.94, "word": " the", "probability": 0.88427734375}, {"start": 1009.94, "end": 1010.38, "word": " factors", "probability": 0.96435546875}, {"start": 1010.38, "end": 1010.92, "word": " of", "probability": 0.74169921875}, {"start": 1010.92, "end": 1011.18, "word": " one", "probability": 0.90380859375}, {"start": 1011.18, "end": 1011.42, "word": " of", "probability": 0.96337890625}, {"start": 1011.42, "end": 1011.56, "word": " the", "probability": 0.92626953125}, {"start": 1011.56, "end": 1011.7, "word": " main", "probability": 0.94091796875}, {"start": 1011.7, "end": 1012.42, "word": " determinants", "probability": 0.971923828125}, {"start": 1012.42, "end": 1012.68, "word": " of", "probability": 0.96826171875}, {"start": 1012.68, "end": 1013.06, "word": " supply.", "probability": 0.931640625}, {"start": 1013.3, "end": 1013.5, "word": " So", "probability": 0.953125}, {"start": 1013.5, "end": 1014.48, "word": " as", "probability": 0.8603515625}, {"start": 1014.48, "end": 1014.68, "word": " we", "probability": 0.9619140625}, {"start": 1014.68, "end": 1014.98, "word": " have", "probability": 0.9443359375}, {"start": 1014.98, "end": 1015.28, "word": " a", "probability": 0.9736328125}, {"start": 1015.28, "end": 1015.54, "word": " new", "probability": 0.91552734375}, {"start": 1015.54, "end": 1016.24, "word": " technology,", "probability": 0.9638671875}], "temperature": 1.0}, {"id": 38, "seek": 104585, "start": 1017.54, "end": 1045.86, "text": " The production capacity will increase. The ability to produce goes up. The willingness to produce goes up. So here we have this will increase supply. So this increased our production capacity. The ability to produce goes up. So supply goes up. So here we have rightward shifting in supply curve. 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So here we have rightward shifting and supply curve. So supply shifts right.", "tokens": [1709, 493, 13, 407, 510, 321, 362, 558, 1007, 17573, 293, 5847, 7605, 13, 407, 5847, 19201, 558, 13], "avg_logprob": -0.14423827603459358, "compression_ratio": 1.1466666666666667, "no_speech_prob": 0.0, "words": [{"start": 1049.61, "end": 1050.13, "word": " goes", "probability": 0.599609375}, {"start": 1050.13, "end": 1050.53, "word": " up.", "probability": 0.97509765625}, {"start": 1051.93, "end": 1052.05, "word": " So", "probability": 0.88134765625}, {"start": 1052.05, "end": 1052.33, "word": " here", "probability": 0.75048828125}, {"start": 1052.33, "end": 1052.55, "word": " we", "probability": 0.853515625}, {"start": 1052.55, "end": 1053.09, "word": " have", "probability": 0.9453125}, {"start": 1053.09, "end": 1053.79, "word": " rightward", "probability": 0.942138671875}, {"start": 1053.79, "end": 1054.27, "word": " shifting", "probability": 0.8955078125}, {"start": 1054.27, "end": 1061.39, "word": " and", "probability": 0.50634765625}, {"start": 1061.39, "end": 1061.91, "word": " supply", "probability": 0.9423828125}, {"start": 1061.91, "end": 1062.47, "word": " curve.", "probability": 0.970703125}, {"start": 1068.73, "end": 1069.83, "word": " So", "probability": 0.94677734375}, {"start": 1069.83, "end": 1070.89, "word": " supply", "probability": 0.86279296875}, {"start": 1070.89, "end": 1071.61, "word": " shifts", "probability": 0.94140625}, {"start": 1071.61, "end": 1072.27, "word": " right.", "probability": 0.9130859375}], "temperature": 1.0}, {"id": 40, "seek": 110200, "start": 1073.0, "end": 1102.0, "text": " So here we have rightward shifting citrus petals. Supply shifts right. This is S2. We have a new equilibrium point. S2 with D remains constant. Demand curve remains constant here. 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When supply increases the market, the price goes down with exchange quantity in the market. So this leads to decreasing the prices and increasing the quantity exchange or the equilibrium quantity in the market.", "tokens": [440, 3218, 1709, 760, 293, 264, 11275, 7742, 1709, 493, 3462, 281, 13, 1133, 5847, 8637, 264, 2142, 11, 264, 3218, 1709, 760, 365, 7742, 11275, 294, 264, 2142, 13, 407, 341, 6689, 281, 23223, 264, 7901, 293, 5662, 264, 11275, 7742, 420, 264, 15625, 11275, 294, 264, 2142, 13], "avg_logprob": -0.27359069562425803, "compression_ratio": 1.8958333333333333, "no_speech_prob": 0.0, "words": [{"start": 1104.06, "end": 1104.32, "word": " The", "probability": 0.61376953125}, {"start": 1104.32, "end": 1104.7, "word": " price", "probability": 0.8837890625}, {"start": 1104.7, "end": 1105.18, "word": " goes", "probability": 0.94287109375}, {"start": 1105.18, "end": 1105.5, "word": " down", "probability": 0.8603515625}, {"start": 1105.5, "end": 1105.98, "word": " and", "probability": 0.697265625}, {"start": 1105.98, "end": 1106.12, "word": " the", "probability": 0.916015625}, {"start": 1106.12, "end": 1106.52, "word": " quantity", "probability": 0.951171875}, {"start": 1106.52, "end": 1106.86, "word": " exchange", "probability": 0.7734375}, {"start": 1106.86, "end": 1107.72, "word": " goes", "probability": 0.93798828125}, {"start": 1107.72, "end": 1108.08, "word": " up", "probability": 0.97119140625}, {"start": 1108.08, "end": 1108.4, "word": " due", "probability": 0.5859375}, {"start": 1108.4, "end": 1108.62, "word": " to.", "probability": 0.96826171875}, {"start": 1109.66, "end": 1110.42, "word": " When", "probability": 0.080322265625}, {"start": 1110.42, "end": 1113.28, "word": " supply", "probability": 0.87060546875}, {"start": 1113.28, "end": 1114.14, "word": " increases", "probability": 0.88623046875}, {"start": 1114.14, "end": 1114.38, "word": " the", "probability": 0.53466796875}, {"start": 1114.38, "end": 1114.76, "word": " market,", "probability": 0.86083984375}, {"start": 1115.36, "end": 1115.48, "word": " the", "probability": 0.884765625}, {"start": 1115.48, "end": 1115.78, "word": " price", "probability": 0.892578125}, {"start": 1115.78, "end": 1116.16, "word": " goes", "probability": 0.92236328125}, {"start": 1116.16, "end": 1116.54, "word": " down", "probability": 0.84423828125}, {"start": 1116.54, "end": 1117.04, "word": " with", "probability": 0.210693359375}, {"start": 1117.04, "end": 1117.6, "word": " exchange", "probability": 0.845703125}, {"start": 1117.6, "end": 1118.36, "word": " quantity", "probability": 0.51171875}, {"start": 1118.36, "end": 1118.94, "word": " in", "probability": 0.55224609375}, {"start": 1118.94, "end": 1119.06, "word": " the", "probability": 0.9189453125}, {"start": 1119.06, "end": 1119.42, "word": " market.", "probability": 0.88427734375}, {"start": 1120.16, "end": 1120.92, "word": " So", "probability": 0.80615234375}, {"start": 1120.92, "end": 1123.8, "word": " this", "probability": 0.69140625}, {"start": 1123.8, "end": 1124.14, "word": " leads", "probability": 0.91943359375}, {"start": 1124.14, "end": 1124.3, "word": " to", "probability": 0.9365234375}, {"start": 1124.3, "end": 1124.9, "word": " decreasing", "probability": 0.445068359375}, {"start": 1124.9, "end": 1125.14, "word": " the", "probability": 0.85400390625}, {"start": 1125.14, "end": 1125.5, "word": " prices", "probability": 0.865234375}, {"start": 1125.5, "end": 1125.88, "word": " and", "probability": 0.92138671875}, {"start": 1125.88, "end": 1126.34, "word": " increasing", "probability": 0.92431640625}, {"start": 1126.34, "end": 1126.56, "word": " the", "probability": 0.91455078125}, {"start": 1126.56, "end": 1127.04, "word": " quantity", "probability": 0.98193359375}, {"start": 1127.04, "end": 1128.06, "word": " exchange", "probability": 0.83154296875}, {"start": 1128.06, "end": 1128.58, "word": " or", "probability": 0.84765625}, {"start": 1128.58, "end": 1128.7, "word": " the", "probability": 0.76806640625}, {"start": 1128.7, "end": 1128.96, "word": " equilibrium", "probability": 0.75390625}, {"start": 1128.96, "end": 1129.46, "word": " quantity", "probability": 0.83740234375}, {"start": 1129.46, "end": 1129.58, "word": " in", "probability": 0.880859375}, {"start": 1129.58, "end": 1129.68, "word": " the", "probability": 0.9111328125}, {"start": 1129.68, "end": 1129.98, "word": " market.", "probability": 0.8857421875}], "temperature": 1.0}, {"id": 42, "seek": 115660, "start": 1132.53, "end": 1156.61, "text": " So the result here is decreasing the prices, the market prices or the equilibrium prices plus increasing and the equilibrium quantity. That's it. Okay? Who has a problem here? 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The cost of inputs, the cost of raw material. What happens? When the cost of inputs increases, raw material that goes into the production of shoes, supply goes down. Right? Decreases. So let's have another example.", "tokens": [300, 18780, 420, 3242, 294, 264, 4265, 1399, 295, 6654, 510, 13, 440, 2063, 295, 15743, 11, 264, 2063, 295, 8936, 2527, 13, 708, 2314, 30, 1133, 264, 2063, 295, 15743, 8637, 11, 8936, 2527, 300, 1709, 666, 264, 4265, 295, 6654, 11, 5847, 1709, 760, 13, 1779, 30, 12427, 265, 1957, 13, 407, 718, 311, 362, 1071, 1365, 13], "avg_logprob": -0.2812499882744961, "compression_ratio": 1.6488095238095237, "no_speech_prob": 0.0, "words": [{"start": 1158.1, "end": 1158.38, "word": " that", "probability": 0.78466796875}, {"start": 1158.38, "end": 1159.0, "word": " enters", "probability": 0.880859375}, {"start": 1159.0, "end": 1159.64, "word": " or", "probability": 0.315185546875}, {"start": 1159.64, "end": 1160.3, "word": " enter", "probability": 0.705078125}, {"start": 1160.3, "end": 1160.5, "word": " in", "probability": 0.861328125}, {"start": 1160.5, "end": 1160.76, "word": " the", "probability": 0.9033203125}, {"start": 1160.76, "end": 1161.42, "word": " production", "probability": 0.95654296875}, {"start": 1161.42, "end": 1161.82, "word": " process", "probability": 0.748046875}, {"start": 1161.82, "end": 1162.04, "word": " of", "probability": 0.93896484375}, {"start": 1162.04, "end": 1162.32, "word": " shoes", "probability": 0.9541015625}, {"start": 1162.32, "end": 1162.68, "word": " here.", "probability": 0.5361328125}, {"start": 1163.6, "end": 1163.7, "word": " The", "probability": 0.5400390625}, {"start": 1163.7, "end": 1164.9, "word": " cost", "probability": 0.58544921875}, {"start": 1164.9, "end": 1165.12, "word": " of", "probability": 0.96875}, {"start": 1165.12, "end": 1165.44, "word": " inputs,", "probability": 0.91796875}, {"start": 1165.9, "end": 1166.02, "word": " the", "probability": 0.884765625}, {"start": 1166.02, "end": 1166.26, "word": " cost", "probability": 0.9033203125}, {"start": 1166.26, "end": 1166.4, "word": " of", "probability": 0.96630859375}, {"start": 1166.4, "end": 1166.56, "word": " raw", "probability": 0.8798828125}, {"start": 1166.56, "end": 1167.1, "word": " material.", "probability": 0.873046875}, {"start": 1168.74, "end": 1169.02, "word": " What", "probability": 0.1038818359375}, {"start": 1169.02, "end": 1169.2, "word": " happens?", "probability": 0.8515625}, {"start": 1170.28, "end": 1171.08, "word": " When", "probability": 0.771484375}, {"start": 1171.08, "end": 1171.46, "word": " the", "probability": 0.7666015625}, {"start": 1171.46, "end": 1171.88, "word": " cost", "probability": 0.9111328125}, {"start": 1171.88, "end": 1172.06, "word": " of", "probability": 0.958984375}, {"start": 1172.06, "end": 1172.7, "word": " inputs", "probability": 0.884765625}, {"start": 1172.7, "end": 1172.76, "word": " increases,", "probability": 0.6591796875}, {"start": 1173.16, "end": 1173.44, "word": " raw", "probability": 0.64306640625}, {"start": 1173.44, "end": 1173.96, "word": " material", "probability": 0.79052734375}, {"start": 1173.96, "end": 1174.14, "word": " that", "probability": 0.34716796875}, {"start": 1174.14, "end": 1174.34, "word": " goes", "probability": 0.3427734375}, {"start": 1174.34, "end": 1174.5, "word": " into", "probability": 0.71435546875}, {"start": 1174.5, "end": 1174.6, "word": " the", "probability": 0.34375}, {"start": 1174.6, "end": 1174.82, "word": " production", "probability": 0.556640625}, {"start": 1174.82, "end": 1175.02, "word": " of", "probability": 0.822265625}, {"start": 1175.02, "end": 1175.64, "word": " shoes,", "probability": 0.83740234375}, {"start": 1175.86, "end": 1177.14, "word": " supply", "probability": 0.66064453125}, {"start": 1177.14, "end": 1178.02, "word": " goes", "probability": 0.90576171875}, {"start": 1178.02, "end": 1178.64, "word": " down.", "probability": 0.85693359375}, {"start": 1179.48, "end": 1179.66, "word": " Right?", "probability": 0.67822265625}, {"start": 1180.0, "end": 1180.52, "word": " Decreases.", "probability": 0.91845703125}, {"start": 1181.08, "end": 1181.5, "word": " So", "probability": 0.90234375}, {"start": 1181.5, "end": 1182.94, "word": " let's", "probability": 0.784423828125}, {"start": 1182.94, "end": 1183.44, "word": " have", "probability": 0.94287109375}, {"start": 1183.44, "end": 1183.86, "word": " another", "probability": 0.92529296875}, {"start": 1183.86, "end": 1185.46, "word": " example.", "probability": 0.9580078125}], "temperature": 1.0}, {"id": 44, "seek": 121559, "start": 1186.46, "end": 1215.6, "text": " or another determinant of supply, which is the cost of raw material. If the cost of raw material increases, this means that", "tokens": [420, 1071, 41296, 295, 5847, 11, 597, 307, 264, 2063, 295, 8936, 2527, 13, 759, 264, 2063, 295, 8936, 2527, 8637, 11, 341, 1355, 300], "avg_logprob": -0.12950720981909677, "compression_ratio": 1.3932584269662922, "no_speech_prob": 0.0, "words": [{"start": 1186.46, "end": 1186.74, "word": " or", "probability": 0.5654296875}, {"start": 1186.74, "end": 1187.14, "word": " another", "probability": 0.91845703125}, {"start": 1187.14, "end": 1187.7, "word": " determinant", "probability": 0.86083984375}, {"start": 1187.7, "end": 1187.92, "word": " of", "probability": 0.95068359375}, {"start": 1187.92, "end": 1188.38, "word": " supply,", "probability": 0.94775390625}, {"start": 1188.8, "end": 1189.5, "word": " which", "probability": 0.94873046875}, {"start": 1189.5, "end": 1189.92, "word": " is", "probability": 0.94189453125}, {"start": 1189.92, "end": 1190.58, "word": " the", "probability": 0.89013671875}, {"start": 1190.58, "end": 1190.9, "word": " cost", "probability": 0.91455078125}, {"start": 1190.9, "end": 1191.08, "word": " of", "probability": 0.9677734375}, {"start": 1191.08, "end": 1191.26, "word": " raw", "probability": 0.84912109375}, {"start": 1191.26, "end": 1191.74, "word": " material.", "probability": 0.87841796875}, {"start": 1194.6, "end": 1195.14, "word": " If", "probability": 0.87939453125}, {"start": 1195.14, "end": 1195.3, "word": " the", "probability": 0.91552734375}, {"start": 1195.3, "end": 1195.62, "word": " cost", "probability": 0.91455078125}, {"start": 1195.62, "end": 1195.82, "word": " of", "probability": 0.9599609375}, {"start": 1195.82, "end": 1196.22, "word": " raw", "probability": 0.83642578125}, {"start": 1196.22, "end": 1196.76, "word": " material", "probability": 0.8955078125}, {"start": 1196.76, "end": 1209.48, "word": " increases,", "probability": 0.89013671875}, {"start": 1212.42, "end": 1214.88, "word": " this", "probability": 0.95361328125}, {"start": 1214.88, "end": 1215.28, "word": " means", "probability": 0.9267578125}, {"start": 1215.28, "end": 1215.6, "word": " that", "probability": 0.9404296875}], "temperature": 1.0}, {"id": 45, "seek": 124475, "start": 1216.91, "end": 1244.75, "text": " The production process, the production of shoes becomes more expensive. The producers will gain less profits. What will happen? Their ability to produce goes down. Their willingness to produce goes down as well. So this means or this leads to a decreasing in supply for shoes.", "tokens": [440, 4265, 1399, 11, 264, 4265, 295, 6654, 3643, 544, 5124, 13, 440, 16080, 486, 6052, 1570, 17982, 13, 708, 486, 1051, 30, 6710, 3485, 281, 5258, 1709, 760, 13, 6710, 25069, 281, 5258, 1709, 760, 382, 731, 13, 407, 341, 1355, 420, 341, 6689, 281, 257, 23223, 294, 5847, 337, 6654, 13], "avg_logprob": -0.15567130181524488, "compression_ratio": 1.6488095238095237, "no_speech_prob": 0.0, "words": [{"start": 1216.91, "end": 1217.13, "word": " The", "probability": 0.76708984375}, {"start": 1217.13, "end": 1217.59, "word": " production", "probability": 0.96484375}, {"start": 1217.59, "end": 1218.03, "word": " process,", "probability": 0.42236328125}, {"start": 1218.17, "end": 1218.25, "word": " the", "probability": 0.896484375}, {"start": 1218.25, "end": 1218.65, "word": " production", "probability": 0.95068359375}, {"start": 1218.65, "end": 1218.85, "word": " of", "probability": 0.95947265625}, {"start": 1218.85, "end": 1219.13, "word": " shoes", "probability": 0.94580078125}, {"start": 1219.13, "end": 1219.73, "word": " becomes", "probability": 0.810546875}, {"start": 1219.73, "end": 1221.69, "word": " more", "probability": 0.91748046875}, {"start": 1221.69, "end": 1222.23, "word": " expensive.", "probability": 0.96044921875}, {"start": 1224.95, "end": 1225.15, "word": " The", "probability": 0.8759765625}, {"start": 1225.15, "end": 1225.57, "word": " producers", "probability": 0.8798828125}, {"start": 1225.57, "end": 1225.99, "word": " will", "probability": 0.8876953125}, {"start": 1225.99, "end": 1226.53, "word": " gain", "probability": 0.943359375}, {"start": 1226.53, "end": 1227.35, "word": " less", "probability": 0.80810546875}, {"start": 1227.35, "end": 1227.85, "word": " profits.", "probability": 0.9208984375}, {"start": 1229.67, "end": 1229.95, "word": " What", "probability": 0.36279296875}, {"start": 1229.95, "end": 1231.29, "word": " will", "probability": 0.8701171875}, {"start": 1231.29, "end": 1231.63, "word": " happen?", "probability": 0.92236328125}, {"start": 1232.03, "end": 1232.21, "word": " Their", "probability": 0.92822265625}, {"start": 1232.21, "end": 1232.69, "word": " ability", "probability": 0.95166015625}, {"start": 1232.69, "end": 1232.93, "word": " to", "probability": 0.96923828125}, {"start": 1232.93, "end": 1233.45, "word": " produce", "probability": 0.87353515625}, {"start": 1233.45, "end": 1234.03, "word": " goes", "probability": 0.9228515625}, {"start": 1234.03, "end": 1234.33, "word": " down.", "probability": 0.8486328125}, {"start": 1234.83, "end": 1234.99, "word": " Their", "probability": 0.919921875}, {"start": 1234.99, "end": 1235.33, "word": " willingness", "probability": 0.951171875}, {"start": 1235.33, "end": 1235.63, "word": " to", "probability": 0.96875}, {"start": 1235.63, "end": 1235.97, "word": " produce", "probability": 0.875}, {"start": 1235.97, "end": 1236.29, "word": " goes", "probability": 0.92919921875}, {"start": 1236.29, "end": 1236.55, "word": " down", "probability": 0.86474609375}, {"start": 1236.55, "end": 1236.77, "word": " as", "probability": 0.92041015625}, {"start": 1236.77, "end": 1236.95, "word": " well.", "probability": 0.9384765625}, {"start": 1237.65, "end": 1237.81, "word": " So", "probability": 0.84716796875}, {"start": 1237.81, "end": 1238.83, "word": " this", "probability": 0.71923828125}, {"start": 1238.83, "end": 1239.19, "word": " means", "probability": 0.90234375}, {"start": 1239.19, "end": 1239.53, "word": " or", "probability": 0.59423828125}, {"start": 1239.53, "end": 1239.75, "word": " this", "probability": 0.93408203125}, {"start": 1239.75, "end": 1240.05, "word": " leads", "probability": 0.91259765625}, {"start": 1240.05, "end": 1240.25, "word": " to", "probability": 0.966796875}, {"start": 1240.25, "end": 1240.43, "word": " a", "probability": 0.64599609375}, {"start": 1240.43, "end": 1240.89, "word": " decreasing", "probability": 0.732421875}, {"start": 1240.89, "end": 1241.33, "word": " in", "probability": 0.87841796875}, {"start": 1241.33, "end": 1241.83, "word": " supply", "probability": 0.92724609375}, {"start": 1241.83, "end": 1244.25, "word": " for", "probability": 0.740234375}, {"start": 1244.25, "end": 1244.75, "word": " shoes.", "probability": 0.78271484375}], "temperature": 1.0}, {"id": 46, "seek": 127334, "start": 1247.53, "end": 1273.35, "text": " So supply curve shifts left. So here we have a leftward shifting and supply curve. So this leads to a leftward shifting and supply curve for shoes, price, day one.", "tokens": [407, 5847, 7605, 19201, 1411, 13, 407, 510, 321, 362, 257, 1411, 1007, 17573, 293, 5847, 7605, 13, 407, 341, 6689, 281, 257, 1411, 1007, 17573, 293, 5847, 7605, 337, 6654, 11, 3218, 11, 786, 472, 13], "avg_logprob": -0.20518092026835993, "compression_ratio": 1.6565656565656566, "no_speech_prob": 0.0, "words": [{"start": 1247.53, "end": 1247.95, "word": " So", "probability": 0.92431640625}, {"start": 1247.95, "end": 1248.77, "word": " supply", "probability": 0.80078125}, {"start": 1248.77, "end": 1249.35, "word": " curve", "probability": 0.95263671875}, {"start": 1249.35, "end": 1250.37, "word": " shifts", "probability": 0.9521484375}, {"start": 1250.37, "end": 1252.55, "word": " left.", "probability": 0.8916015625}, {"start": 1254.19, "end": 1255.07, "word": " So", "probability": 0.93798828125}, {"start": 1255.07, "end": 1255.31, "word": " here", "probability": 0.8583984375}, {"start": 1255.31, "end": 1255.49, "word": " we", "probability": 0.8095703125}, {"start": 1255.49, "end": 1255.77, "word": " have", "probability": 0.951171875}, {"start": 1255.77, "end": 1256.17, "word": " a", "probability": 0.951171875}, {"start": 1256.17, "end": 1256.65, "word": " leftward", "probability": 0.936767578125}, {"start": 1256.65, "end": 1257.03, "word": " shifting", "probability": 0.90576171875}, {"start": 1257.03, "end": 1257.51, "word": " and", "probability": 0.32666015625}, {"start": 1257.51, "end": 1257.81, "word": " supply", "probability": 0.91064453125}, {"start": 1257.81, "end": 1258.15, "word": " curve.", "probability": 0.9580078125}, {"start": 1262.73, "end": 1263.29, "word": " So", "probability": 0.9326171875}, {"start": 1263.29, "end": 1264.03, "word": " this", "probability": 0.90869140625}, {"start": 1264.03, "end": 1264.37, "word": " leads", "probability": 0.91552734375}, {"start": 1264.37, "end": 1264.71, "word": " to", "probability": 0.96923828125}, {"start": 1264.71, "end": 1265.13, "word": " a", "probability": 0.99169921875}, {"start": 1265.13, "end": 1265.55, "word": " leftward", "probability": 0.952880859375}, {"start": 1265.55, "end": 1265.99, "word": " shifting", "probability": 0.9033203125}, {"start": 1265.99, "end": 1266.41, "word": " and", "probability": 0.90673828125}, {"start": 1266.41, "end": 1266.79, "word": " supply", "probability": 0.94287109375}, {"start": 1266.79, "end": 1267.15, "word": " curve", "probability": 0.9638671875}, {"start": 1267.15, "end": 1267.45, "word": " for", "probability": 0.9501953125}, {"start": 1267.45, "end": 1267.99, "word": " shoes,", "probability": 0.94287109375}, {"start": 1270.77, "end": 1271.37, "word": " price,", "probability": 0.78173828125}, {"start": 1272.45, "end": 1273.11, "word": " day", "probability": 0.33642578125}, {"start": 1273.11, "end": 1273.35, "word": " one.", "probability": 0.77392578125}], "temperature": 1.0}, {"id": 47, "seek": 129884, "start": 1279.05, "end": 1298.85, "text": " S1, E1, P1, Q1. Now according to our assumption here that there is over the course of raw material goes up. So we have a leftward shifting and supply curve.", "tokens": [318, 16, 11, 462, 16, 11, 430, 16, 11, 1249, 16, 13, 823, 4650, 281, 527, 15302, 510, 300, 456, 307, 670, 264, 1164, 295, 8936, 2527, 1709, 493, 13, 407, 321, 362, 257, 1411, 1007, 17573, 293, 5847, 7605, 13], "avg_logprob": -0.16220238627422423, "compression_ratio": 1.256, "no_speech_prob": 0.0, "words": [{"start": 1279.0500000000002, "end": 1279.89, "word": " S1,", "probability": 0.867919921875}, {"start": 1281.63, "end": 1282.19, "word": " E1,", "probability": 0.958740234375}, {"start": 1283.03, "end": 1283.67, "word": " P1,", "probability": 0.986083984375}, {"start": 1285.13, "end": 1285.67, "word": " Q1.", "probability": 0.992919921875}, {"start": 1286.65, "end": 1286.97, "word": " Now", "probability": 0.91455078125}, {"start": 1286.97, "end": 1287.27, "word": " according", "probability": 0.6787109375}, {"start": 1287.27, "end": 1287.47, "word": " to", "probability": 0.95556640625}, {"start": 1287.47, "end": 1287.63, "word": " our", "probability": 0.8837890625}, {"start": 1287.63, "end": 1288.01, "word": " assumption", "probability": 0.966796875}, {"start": 1288.01, "end": 1288.33, "word": " here", "probability": 0.8134765625}, {"start": 1288.33, "end": 1288.81, "word": " that", "probability": 0.453125}, {"start": 1288.81, "end": 1289.35, "word": " there", "probability": 0.63330078125}, {"start": 1289.35, "end": 1289.61, "word": " is", "probability": 0.9248046875}, {"start": 1289.61, "end": 1289.87, "word": " over", "probability": 0.320556640625}, {"start": 1289.87, "end": 1290.07, "word": " the", "probability": 0.9033203125}, {"start": 1290.07, "end": 1290.37, "word": " course", "probability": 0.81298828125}, {"start": 1290.37, "end": 1290.55, "word": " of", "probability": 0.89013671875}, {"start": 1290.55, "end": 1290.73, "word": " raw", "probability": 0.8486328125}, {"start": 1290.73, "end": 1291.15, "word": " material", "probability": 0.87255859375}, {"start": 1291.15, "end": 1291.63, "word": " goes", "probability": 0.90576171875}, {"start": 1291.63, "end": 1292.03, "word": " up.", "probability": 0.9755859375}, {"start": 1292.37, "end": 1292.37, "word": " So", "probability": 0.90673828125}, {"start": 1292.37, "end": 1295.29, "word": " we", "probability": 0.7490234375}, {"start": 1295.29, "end": 1295.69, "word": " have", "probability": 0.94384765625}, {"start": 1295.69, "end": 1296.19, "word": " a", "probability": 0.94580078125}, {"start": 1296.19, "end": 1296.63, "word": " leftward", "probability": 0.93359375}, {"start": 1296.63, "end": 1297.19, "word": " shifting", "probability": 0.8984375}, {"start": 1297.19, "end": 1297.99, "word": " and", "probability": 0.7822265625}, {"start": 1297.99, "end": 1298.41, "word": " supply", "probability": 0.9462890625}, {"start": 1298.41, "end": 1298.85, "word": " curve.", "probability": 0.96923828125}], "temperature": 1.0}, {"id": 48, "seek": 133284, "start": 1307.74, "end": 1332.84, "text": " The price goes up, and the quantity goes down. And this is logical analysis. As the cost of raw material goes up, he wants to make compensation to the producer. To compensate him, he raises the price. Automatically. Right?", "tokens": [440, 3218, 1709, 493, 11, 293, 264, 11275, 1709, 760, 13, 400, 341, 307, 14978, 5215, 13, 1018, 264, 2063, 295, 8936, 2527, 1709, 493, 11, 415, 2738, 281, 652, 19644, 281, 264, 12314, 13, 1407, 29458, 796, 11, 415, 19658, 264, 3218, 13, 24619, 5030, 13, 1779, 30], "avg_logprob": -0.37312501192092895, "compression_ratio": 1.4966442953020134, "no_speech_prob": 0.0, "words": [{"start": 1307.74, "end": 1307.96, "word": " The", "probability": 0.79052734375}, {"start": 1307.96, "end": 1308.4, "word": " price", "probability": 0.91259765625}, {"start": 1308.4, "end": 1308.94, "word": " goes", "probability": 0.9462890625}, {"start": 1308.94, "end": 1309.3, "word": " up,", "probability": 0.97412109375}, {"start": 1310.72, "end": 1310.96, "word": " and", "probability": 0.861328125}, {"start": 1310.96, "end": 1311.1, "word": " the", "probability": 0.90966796875}, {"start": 1311.1, "end": 1311.56, "word": " quantity", "probability": 0.98583984375}, {"start": 1311.56, "end": 1312.06, "word": " goes", "probability": 0.94140625}, {"start": 1312.06, "end": 1312.4, "word": " down.", "probability": 0.85888671875}, {"start": 1317.26, "end": 1317.98, "word": " And", "probability": 0.303466796875}, {"start": 1317.98, "end": 1318.12, "word": " this", "probability": 0.75244140625}, {"start": 1318.12, "end": 1318.12, "word": " is", "probability": 0.935546875}, {"start": 1318.12, "end": 1318.56, "word": " logical", "probability": 0.55810546875}, {"start": 1318.56, "end": 1319.12, "word": " analysis.", "probability": 0.8828125}, {"start": 1320.44, "end": 1321.16, "word": " As", "probability": 0.927734375}, {"start": 1321.16, "end": 1321.3, "word": " the", "probability": 0.87841796875}, {"start": 1321.3, "end": 1321.52, "word": " cost", "probability": 0.91259765625}, {"start": 1321.52, "end": 1321.66, "word": " of", "probability": 0.96435546875}, {"start": 1321.66, "end": 1321.84, "word": " raw", "probability": 0.84521484375}, {"start": 1321.84, "end": 1322.32, "word": " material", "probability": 0.8232421875}, {"start": 1322.32, "end": 1323.08, "word": " goes", "probability": 0.931640625}, {"start": 1323.08, "end": 1323.44, "word": " up,", "probability": 0.97314453125}, {"start": 1324.22, "end": 1324.46, "word": " he", "probability": 0.09661865234375}, {"start": 1324.46, "end": 1324.56, "word": " wants", "probability": 0.4873046875}, {"start": 1324.56, "end": 1324.62, "word": " to", "probability": 0.94970703125}, {"start": 1324.62, "end": 1324.74, "word": " make", "probability": 0.45654296875}, {"start": 1324.74, "end": 1325.44, "word": " compensation", "probability": 0.62060546875}, {"start": 1325.44, "end": 1327.12, "word": " to", "probability": 0.3994140625}, {"start": 1327.12, "end": 1327.44, "word": " the", "probability": 0.712890625}, {"start": 1327.44, "end": 1328.22, "word": " producer.", "probability": 0.93896484375}, {"start": 1328.64, "end": 1328.92, "word": " To", "probability": 0.420166015625}, {"start": 1328.92, "end": 1329.34, "word": " compensate", "probability": 0.91650390625}, {"start": 1329.34, "end": 1329.56, "word": " him,", "probability": 0.38720703125}, {"start": 1329.72, "end": 1329.84, "word": " he", "probability": 0.63916015625}, {"start": 1329.84, "end": 1329.94, "word": " raises", "probability": 0.60400390625}, {"start": 1329.94, "end": 1330.12, "word": " the", "probability": 0.80224609375}, {"start": 1330.12, "end": 1330.32, "word": " price.", "probability": 0.86083984375}, {"start": 1331.02, "end": 1331.46, "word": " Automatically.", "probability": 0.75537109375}, {"start": 1332.16, "end": 1332.84, "word": " Right?", "probability": 0.71142578125}], "temperature": 1.0}, {"id": 49, "seek": 136138, "start": 1334.66, "end": 1361.38, "text": " Actually, the quantity produced goes down as well. So the result here will be increasing the prices. So the price, in this case, the price goes up. The quantity goes down. All right. What else? What are the other determinants of supply or the factors that affect supply? 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Taxes, yeah, okay. If the government increased taxes,", "tokens": [407, 567, 393, 976, 505, 264, 41296, 11, 472, 295, 264, 11768, 41296, 281, 312, 7152, 510, 294, 364, 1365, 11, 420, 281, 312, 15502, 294, 341, 1365, 30, 23263, 279, 11, 1338, 11, 1392, 13, 759, 264, 2463, 6505, 10041, 11], "avg_logprob": -0.20984738372093023, "compression_ratio": 1.4264705882352942, "no_speech_prob": 0.0, "words": [{"start": 1364.85, "end": 1365.17, "word": " So", "probability": 0.8291015625}, {"start": 1365.17, "end": 1365.39, "word": " who", "probability": 0.509765625}, {"start": 1365.39, "end": 1365.67, "word": " can", "probability": 0.9453125}, {"start": 1365.67, "end": 1365.99, "word": " give", "probability": 0.896484375}, {"start": 1365.99, "end": 1366.35, "word": " us", "probability": 0.9384765625}, {"start": 1366.35, "end": 1367.21, "word": " the", "probability": 0.771484375}, {"start": 1367.21, "end": 1367.75, "word": " determinant,", "probability": 0.81494140625}, {"start": 1368.19, "end": 1368.43, "word": " one", "probability": 0.6982421875}, {"start": 1368.43, "end": 1368.65, "word": " of", "probability": 0.96728515625}, {"start": 1368.65, "end": 1368.93, "word": " the", "probability": 0.923828125}, {"start": 1368.93, "end": 1369.51, "word": " supplies", "probability": 0.6982421875}, {"start": 1369.51, "end": 1370.07, "word": " determinant", "probability": 0.7958984375}, {"start": 1370.07, "end": 1370.51, "word": " to", "probability": 0.88134765625}, {"start": 1370.51, "end": 1370.85, "word": " be", "probability": 0.95263671875}, {"start": 1370.85, "end": 1371.31, "word": " discussed", "probability": 0.8486328125}, {"start": 1371.31, "end": 1371.77, "word": " here", "probability": 0.857421875}, {"start": 1371.77, "end": 1373.03, "word": " in", "probability": 0.69677734375}, {"start": 1373.03, "end": 1373.15, "word": " an", "probability": 0.90771484375}, {"start": 1373.15, "end": 1373.57, "word": " example,", "probability": 0.982421875}, {"start": 1373.87, "end": 1373.99, "word": " or", "probability": 0.9150390625}, {"start": 1373.99, "end": 1374.43, "word": " to", "probability": 0.95458984375}, {"start": 1374.43, "end": 1374.81, "word": " be", "probability": 0.89111328125}, {"start": 1374.81, "end": 1375.17, "word": " reflected", "probability": 0.89794921875}, {"start": 1375.17, "end": 1375.37, "word": " in", "probability": 0.93505859375}, {"start": 1375.37, "end": 1375.57, "word": " this", "probability": 0.94189453125}, {"start": 1375.57, "end": 1375.99, "word": " example?", "probability": 0.9765625}, {"start": 1377.77, "end": 1378.49, "word": " Taxes,", "probability": 0.76513671875}, {"start": 1378.61, "end": 1378.77, "word": " yeah,", "probability": 0.921875}, {"start": 1378.97, "end": 1379.21, "word": " okay.", "probability": 0.89453125}, {"start": 1383.81, "end": 1384.19, "word": " If", "probability": 0.96533203125}, {"start": 1384.19, "end": 1384.33, "word": " the", "probability": 0.91796875}, {"start": 1384.33, "end": 1384.75, "word": " government", "probability": 0.9091796875}, {"start": 1384.75, "end": 1388.37, "word": " increased", "probability": 0.471923828125}, {"start": 1388.37, "end": 1389.01, "word": " taxes,", "probability": 0.9326171875}], "temperature": 1.0}, {"id": 51, "seek": 141535, "start": 1391.31, "end": 1415.35, "text": " So let us assume that if the government increase the taxes here, or the tax rates in this industry, what will happen? This leads to increasing the cost of production. 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So supply shifts goes down. Here we have a leftward shifting supply curve. So supply curve for shoes in this case shifts left. Okay? And vice versa. 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The opposite case. If the government increased its subsidies for, so you're not taxes, you're talking about subsidies. 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Right. Subsidies means support, financial support maybe. So, or in clients sometimes. So, in this case, supply will shift. Right. So, we'll go from S1 to S3 here.", "tokens": [1436, 4265, 1709, 760, 11, 264, 5847, 337, 6654, 8637, 11, 370, 264, 5847, 7605, 19201, 13, 1779, 13, 37471, 327, 530, 1355, 1406, 11, 4669, 1406, 1310, 13, 407, 11, 420, 294, 6982, 2171, 13, 407, 11, 294, 341, 1389, 11, 5847, 486, 5513, 13, 1779, 13, 407, 11, 321, 603, 352, 490, 318, 16, 281, 318, 18, 510, 13], "avg_logprob": -0.25793850662246826, "compression_ratio": 1.488235294117647, "no_speech_prob": 0.0, "words": [{"start": 1472.14, "end": 1472.48, "word": " Because", "probability": 0.3466796875}, {"start": 1472.48, "end": 1473.24, "word": " production", "probability": 0.94970703125}, {"start": 1473.24, "end": 1473.86, "word": " goes", "probability": 0.9443359375}, {"start": 1473.86, "end": 1474.38, "word": " down,", "probability": 0.853515625}, {"start": 1474.94, "end": 1475.06, "word": " the", "probability": 0.90283203125}, {"start": 1475.06, "end": 1475.58, "word": " supply", "probability": 0.9404296875}, {"start": 1475.58, "end": 1476.36, "word": " for", "probability": 0.93798828125}, {"start": 1476.36, "end": 1476.96, "word": " shoes", "probability": 0.94970703125}, {"start": 1476.96, "end": 1477.74, "word": " increases,", "probability": 0.42431640625}, {"start": 1478.04, "end": 1478.16, "word": " so", "probability": 0.94677734375}, {"start": 1478.16, "end": 1478.38, "word": " the", "probability": 0.9072265625}, {"start": 1478.38, "end": 1478.68, "word": " supply", "probability": 0.95166015625}, {"start": 1478.68, "end": 1478.98, "word": " curve", "probability": 0.888671875}, {"start": 1478.98, "end": 1479.4, "word": " shifts.", "probability": 0.9326171875}, {"start": 1479.82, "end": 1479.82, "word": " Right.", "probability": 0.409423828125}, {"start": 1482.02, "end": 1482.78, "word": " Subsidies", "probability": 0.7013346354166666}, {"start": 1482.78, "end": 1484.38, "word": " means", "probability": 0.460693359375}, {"start": 1484.38, "end": 1485.68, "word": " support,", "probability": 0.505859375}, {"start": 1486.68, "end": 1487.06, "word": " financial", "probability": 0.83203125}, {"start": 1487.06, "end": 1487.78, "word": " support", "probability": 0.9775390625}, {"start": 1487.78, "end": 1488.1, "word": " maybe.", "probability": 0.61376953125}, {"start": 1489.32, "end": 1489.58, "word": " So,", "probability": 0.6103515625}, {"start": 1490.2, "end": 1490.34, "word": " or", "probability": 0.7265625}, {"start": 1490.34, "end": 1490.52, "word": " in", "probability": 0.78271484375}, {"start": 1490.52, "end": 1490.84, "word": " clients", "probability": 0.39794921875}, {"start": 1490.84, "end": 1491.34, "word": " sometimes.", "probability": 0.85302734375}, {"start": 1491.9, "end": 1492.08, "word": " So,", "probability": 0.9267578125}, {"start": 1492.34, "end": 1492.54, "word": " in", "probability": 0.94580078125}, {"start": 1492.54, "end": 1492.78, "word": " this", "probability": 0.94775390625}, {"start": 1492.78, "end": 1493.1, "word": " case,", "probability": 0.9111328125}, {"start": 1493.22, "end": 1493.74, "word": " supply", "probability": 0.931640625}, {"start": 1493.74, "end": 1494.16, "word": " will", "probability": 0.86181640625}, {"start": 1494.16, "end": 1494.5, "word": " shift.", "probability": 0.9814453125}, {"start": 1495.0, "end": 1495.26, "word": " Right.", "probability": 0.87548828125}, {"start": 1496.22, "end": 1496.94, "word": " So,", "probability": 0.9580078125}, {"start": 1497.02, "end": 1497.28, "word": " we'll", "probability": 0.79248046875}, {"start": 1497.28, "end": 1497.46, "word": " go", "probability": 0.96142578125}, {"start": 1497.46, "end": 1497.78, "word": " from", "probability": 0.8857421875}, {"start": 1497.78, "end": 1498.3, "word": " S1", "probability": 0.952392578125}, {"start": 1498.3, "end": 1498.52, "word": " to", "probability": 0.962890625}, {"start": 1498.52, "end": 1499.06, "word": " S3", "probability": 0.99560546875}, {"start": 1499.06, "end": 1499.4, "word": " here.", "probability": 0.45458984375}], "temperature": 1.0}, {"id": 55, "seek": 153031, "start": 1502.31, "end": 1530.31, "text": " E3, what will happen here? The price goes down from P1 to P3 and the quantity goes up. So the result here will be a rightward shifting in supply curve from S1 to S3. So the price goes down and the quantity exchange goes up. So the result here will be", "tokens": [462, 18, 11, 437, 486, 1051, 510, 30, 440, 3218, 1709, 760, 490, 430, 16, 281, 430, 18, 293, 264, 11275, 1709, 493, 13, 407, 264, 1874, 510, 486, 312, 257, 558, 1007, 17573, 294, 5847, 7605, 490, 318, 16, 281, 318, 18, 13, 407, 264, 3218, 1709, 760, 293, 264, 11275, 7742, 1709, 493, 13, 407, 264, 1874, 510, 486, 312], "avg_logprob": -0.14756944302528624, "compression_ratio": 1.7191780821917808, "no_speech_prob": 0.0, "words": [{"start": 1502.31, "end": 1503.11, "word": " E3,", "probability": 0.622802734375}, {"start": 1503.71, "end": 1504.19, "word": " what", "probability": 0.92724609375}, {"start": 1504.19, "end": 1504.33, "word": " will", "probability": 0.83447265625}, {"start": 1504.33, "end": 1504.61, "word": " happen", "probability": 0.9169921875}, {"start": 1504.61, "end": 1504.85, "word": " here?", "probability": 0.84814453125}, {"start": 1505.55, "end": 1505.81, "word": " The", "probability": 0.90234375}, {"start": 1505.81, "end": 1506.07, "word": " price", "probability": 0.904296875}, {"start": 1506.07, "end": 1506.43, "word": " goes", "probability": 0.9365234375}, {"start": 1506.43, "end": 1506.73, "word": " down", "probability": 0.85205078125}, {"start": 1506.73, "end": 1507.07, "word": " from", "probability": 0.88623046875}, {"start": 1507.07, "end": 1507.41, "word": " P1", "probability": 0.979736328125}, {"start": 1507.41, "end": 1507.57, "word": " to", "probability": 0.966796875}, {"start": 1507.57, "end": 1508.07, "word": " P3", "probability": 0.998046875}, {"start": 1508.07, "end": 1510.31, "word": " and", "probability": 0.4853515625}, {"start": 1510.31, "end": 1510.65, "word": " the", "probability": 0.876953125}, {"start": 1510.65, "end": 1511.03, "word": " quantity", "probability": 0.96533203125}, {"start": 1511.03, "end": 1512.05, "word": " goes", "probability": 0.94091796875}, {"start": 1512.05, "end": 1512.57, "word": " up.", "probability": 0.9736328125}, {"start": 1513.61, "end": 1514.03, "word": " So", "probability": 0.900390625}, {"start": 1514.03, "end": 1514.23, "word": " the", "probability": 0.6806640625}, {"start": 1514.23, "end": 1514.67, "word": " result", "probability": 0.94091796875}, {"start": 1514.67, "end": 1514.93, "word": " here", "probability": 0.861328125}, {"start": 1514.93, "end": 1515.13, "word": " will", "probability": 0.8515625}, {"start": 1515.13, "end": 1515.91, "word": " be", "probability": 0.95947265625}, {"start": 1515.91, "end": 1516.83, "word": " a", "probability": 0.6513671875}, {"start": 1516.83, "end": 1517.25, "word": " rightward", "probability": 0.90576171875}, {"start": 1517.25, "end": 1517.63, "word": " shifting", "probability": 0.89697265625}, {"start": 1517.63, "end": 1517.79, "word": " in", "probability": 0.7001953125}, {"start": 1517.79, "end": 1518.05, "word": " supply", "probability": 0.9052734375}, {"start": 1518.05, "end": 1518.49, "word": " curve", "probability": 0.95703125}, {"start": 1518.49, "end": 1518.95, "word": " from", "probability": 0.87646484375}, {"start": 1518.95, "end": 1519.51, "word": " S1", "probability": 0.982421875}, {"start": 1519.51, "end": 1519.67, "word": " to", "probability": 0.9453125}, {"start": 1519.67, "end": 1520.13, "word": " S3.", "probability": 0.995849609375}, {"start": 1522.75, "end": 1523.13, "word": " So", "probability": 0.59423828125}, {"start": 1523.13, "end": 1523.85, "word": " the", "probability": 0.853515625}, {"start": 1523.85, "end": 1524.19, "word": " price", "probability": 0.90576171875}, {"start": 1524.19, "end": 1524.65, "word": " goes", "probability": 0.9423828125}, {"start": 1524.65, "end": 1525.05, "word": " down", "probability": 0.859375}, {"start": 1525.05, "end": 1525.37, "word": " and", "probability": 0.91943359375}, {"start": 1525.37, "end": 1525.51, "word": " the", "probability": 0.91943359375}, {"start": 1525.51, "end": 1525.91, "word": " quantity", "probability": 0.88720703125}, {"start": 1525.91, "end": 1526.35, "word": " exchange", "probability": 0.85400390625}, {"start": 1526.35, "end": 1526.97, "word": " goes", "probability": 0.91796875}, {"start": 1526.97, "end": 1527.29, "word": " up.", "probability": 0.9697265625}, {"start": 1527.95, "end": 1528.15, "word": " So", "probability": 0.9599609375}, {"start": 1528.15, "end": 1528.67, "word": " the", "probability": 0.89697265625}, {"start": 1528.67, "end": 1529.17, "word": " result", "probability": 0.94677734375}, {"start": 1529.17, "end": 1529.71, "word": " here", "probability": 0.857421875}, {"start": 1529.71, "end": 1529.97, "word": " will", "probability": 0.72607421875}, {"start": 1529.97, "end": 1530.31, "word": " be", "probability": 0.955078125}], "temperature": 1.0}, {"id": 56, "seek": 155578, "start": 1531.52, "end": 1555.78, "text": " A decreasing in the equilibrium price plus increasing in the equilibrium quantity. Okay? Tamam? Okay. Let's go to something else. Now, as we mentioned, that we have some deter- Yes?", "tokens": [316, 23223, 294, 264, 15625, 3218, 1804, 5662, 294, 264, 15625, 11275, 13, 1033, 30, 18224, 30, 1033, 13, 961, 311, 352, 281, 746, 1646, 13, 823, 11, 382, 321, 2835, 11, 300, 321, 362, 512, 15092, 12, 1079, 30], "avg_logprob": -0.28353659118094093, "compression_ratio": 1.3893129770992367, "no_speech_prob": 0.0, "words": [{"start": 1531.52, "end": 1531.8, "word": " A", "probability": 0.634765625}, {"start": 1531.8, "end": 1532.32, "word": " decreasing", "probability": 0.5673828125}, {"start": 1532.32, "end": 1532.56, "word": " in", "probability": 0.59521484375}, {"start": 1532.56, "end": 1532.86, "word": " the", "probability": 0.85302734375}, {"start": 1532.86, "end": 1533.22, "word": " equilibrium", "probability": 0.97998046875}, {"start": 1533.22, "end": 1533.82, "word": " price", "probability": 0.9189453125}, {"start": 1533.82, "end": 1535.76, "word": " plus", "probability": 0.62548828125}, {"start": 1535.76, "end": 1536.96, "word": " increasing", "probability": 0.8984375}, {"start": 1536.96, "end": 1537.58, "word": " in", "probability": 0.92626953125}, {"start": 1537.58, "end": 1537.72, "word": " the", "probability": 0.90771484375}, {"start": 1537.72, "end": 1538.1, "word": " equilibrium", "probability": 0.974609375}, {"start": 1538.1, "end": 1538.72, "word": " quantity.", "probability": 0.97216796875}, {"start": 1540.78, "end": 1541.54, "word": " Okay?", "probability": 0.79248046875}, {"start": 1544.5, "end": 1544.94, "word": " Tamam?", "probability": 0.177734375}, {"start": 1545.98, "end": 1546.74, "word": " Okay.", "probability": 0.8173828125}, {"start": 1547.34, "end": 1547.68, "word": " Let's", "probability": 0.967041015625}, {"start": 1547.68, "end": 1547.84, "word": " go", "probability": 0.9599609375}, {"start": 1547.84, "end": 1548.0, "word": " to", "probability": 0.95751953125}, {"start": 1548.0, "end": 1548.3, "word": " something", "probability": 0.86767578125}, {"start": 1548.3, "end": 1548.7, "word": " else.", "probability": 0.9326171875}, {"start": 1550.28, "end": 1550.66, "word": " Now,", "probability": 0.9169921875}, {"start": 1551.76, "end": 1552.14, "word": " as", "probability": 0.9638671875}, {"start": 1552.14, "end": 1552.28, "word": " we", "probability": 0.89111328125}, {"start": 1552.28, "end": 1552.66, "word": " mentioned,", "probability": 0.82080078125}, {"start": 1553.86, "end": 1554.14, "word": " that", "probability": 0.900390625}, {"start": 1554.14, "end": 1554.58, "word": " we", "probability": 0.95654296875}, {"start": 1554.58, "end": 1554.9, "word": " have", "probability": 0.9462890625}, {"start": 1554.9, "end": 1555.16, "word": " some", "probability": 0.884765625}, {"start": 1555.16, "end": 1555.42, "word": " deter", "probability": 0.381591796875}, {"start": 1555.42, "end": 1555.48, "word": "-", "probability": 0.27099609375}, {"start": 1555.48, "end": 1555.78, "word": " Yes?", "probability": 0.462890625}], "temperature": 1.0}, {"id": 57, "seek": 156618, "start": 1560.56, "end": 1566.18, "text": " This point here according to our assumption that the government decided to subsidize.", "tokens": [639, 935, 510, 4650, 281, 527, 15302, 300, 264, 2463, 3047, 281, 20051, 1125, 13], "avg_logprob": -0.14062500558793545, "compression_ratio": 1.075, "no_speech_prob": 0.0, "words": [{"start": 1560.56, "end": 1560.96, "word": " This", "probability": 0.436767578125}, {"start": 1560.96, "end": 1561.24, "word": " point", "probability": 0.9521484375}, {"start": 1561.24, "end": 1561.56, "word": " here", "probability": 0.8740234375}, {"start": 1561.56, "end": 1562.16, "word": " according", "probability": 0.53125}, {"start": 1562.16, "end": 1562.38, "word": " to", "probability": 0.95751953125}, {"start": 1562.38, "end": 1562.52, "word": " our", "probability": 0.87158203125}, {"start": 1562.52, "end": 1562.94, "word": " assumption", "probability": 0.978515625}, {"start": 1562.94, "end": 1563.44, "word": " that", "probability": 0.86474609375}, {"start": 1563.44, "end": 1564.16, "word": " the", "probability": 0.87646484375}, {"start": 1564.16, "end": 1564.72, "word": " government", "probability": 0.91943359375}, {"start": 1564.72, "end": 1565.22, "word": " decided", "probability": 0.94482421875}, {"start": 1565.22, "end": 1565.48, "word": " to", "probability": 0.97314453125}, {"start": 1565.48, "end": 1566.18, "word": " subsidize.", "probability": 0.966064453125}], "temperature": 1.0}, {"id": 58, "seek": 159531, "start": 1567.21, "end": 1595.31, "text": " the producers, the sellers, the factories, the industry here, to produce more shoes in the market. So they might give them financial support, maybe providing them with cash for work, with workers to pay wages for workers sometimes to decrease the cost of raw material by decreasing the customs maybe.", "tokens": [264, 16080, 11, 264, 31276, 11, 264, 24813, 11, 264, 3518, 510, 11, 281, 5258, 544, 6654, 294, 264, 2142, 13, 407, 436, 1062, 976, 552, 4669, 1406, 11, 1310, 6530, 552, 365, 6388, 337, 589, 11, 365, 5600, 281, 1689, 20097, 337, 5600, 2171, 281, 11514, 264, 2063, 295, 8936, 2527, 538, 23223, 264, 27330, 1310, 13], "avg_logprob": -0.19345868745092618, "compression_ratio": 1.6910112359550562, "no_speech_prob": 0.0, "words": [{"start": 1567.21, "end": 1567.51, "word": " the", "probability": 0.471435546875}, {"start": 1567.51, "end": 1568.13, "word": " producers,", "probability": 0.88134765625}, {"start": 1568.95, "end": 1569.15, "word": " the", "probability": 0.9267578125}, {"start": 1569.15, "end": 1570.21, "word": " sellers,", "probability": 0.84130859375}, {"start": 1570.73, "end": 1570.87, "word": " the", "probability": 0.921875}, {"start": 1570.87, "end": 1571.31, "word": " factories,", "probability": 0.5859375}, {"start": 1571.83, "end": 1571.95, "word": " the", "probability": 0.921875}, {"start": 1571.95, "end": 1572.51, "word": " industry", "probability": 0.8046875}, {"start": 1572.51, "end": 1572.95, "word": " here,", "probability": 0.8291015625}, {"start": 1573.07, "end": 1573.37, "word": " to", "probability": 0.9697265625}, {"start": 1573.37, "end": 1573.93, "word": " produce", "probability": 0.87109375}, {"start": 1573.93, "end": 1574.37, "word": " more", "probability": 0.9345703125}, {"start": 1574.37, "end": 1574.81, "word": " shoes", "probability": 0.9443359375}, {"start": 1574.81, "end": 1575.37, "word": " in", "probability": 0.87255859375}, {"start": 1575.37, "end": 1575.49, "word": " the", "probability": 0.912109375}, {"start": 1575.49, "end": 1575.81, "word": " market.", "probability": 0.8818359375}, {"start": 1576.31, "end": 1576.53, "word": " So", "probability": 0.94482421875}, {"start": 1576.53, "end": 1577.47, "word": " they", "probability": 0.8671875}, {"start": 1577.47, "end": 1578.09, "word": " might", "probability": 0.44970703125}, {"start": 1578.09, "end": 1578.97, "word": " give", "probability": 0.8720703125}, {"start": 1578.97, "end": 1579.41, "word": " them", "probability": 0.90185546875}, {"start": 1579.41, "end": 1580.57, "word": " financial", "probability": 0.83447265625}, {"start": 1580.57, "end": 1581.31, "word": " support,", "probability": 0.97802734375}, {"start": 1581.45, "end": 1581.73, "word": " maybe", "probability": 0.9365234375}, {"start": 1581.73, "end": 1583.35, "word": " providing", "probability": 0.8671875}, {"start": 1583.35, "end": 1583.63, "word": " them", "probability": 0.8837890625}, {"start": 1583.63, "end": 1583.85, "word": " with", "probability": 0.70947265625}, {"start": 1583.85, "end": 1584.99, "word": " cash", "probability": 0.884765625}, {"start": 1584.99, "end": 1585.25, "word": " for", "probability": 0.90673828125}, {"start": 1585.25, "end": 1585.71, "word": " work,", "probability": 0.6484375}, {"start": 1586.05, "end": 1586.43, "word": " with", "probability": 0.5810546875}, {"start": 1586.43, "end": 1586.97, "word": " workers", "probability": 0.91943359375}, {"start": 1586.97, "end": 1587.27, "word": " to", "probability": 0.7666015625}, {"start": 1587.27, "end": 1587.57, "word": " pay", "probability": 0.939453125}, {"start": 1587.57, "end": 1588.43, "word": " wages", "probability": 0.84619140625}, {"start": 1588.43, "end": 1588.73, "word": " for", "probability": 0.93896484375}, {"start": 1588.73, "end": 1589.07, "word": " workers", "probability": 0.88330078125}, {"start": 1589.07, "end": 1589.63, "word": " sometimes", "probability": 0.84375}, {"start": 1589.63, "end": 1590.79, "word": " to", "probability": 0.58837890625}, {"start": 1590.79, "end": 1591.67, "word": " decrease", "probability": 0.875}, {"start": 1591.67, "end": 1591.93, "word": " the", "probability": 0.9140625}, {"start": 1591.93, "end": 1592.19, "word": " cost", "probability": 0.89013671875}, {"start": 1592.19, "end": 1592.35, "word": " of", "probability": 0.96533203125}, {"start": 1592.35, "end": 1592.51, "word": " raw", "probability": 0.86474609375}, {"start": 1592.51, "end": 1593.07, "word": " material", "probability": 0.8603515625}, {"start": 1593.07, "end": 1593.71, "word": " by", "probability": 0.72998046875}, {"start": 1593.71, "end": 1594.15, "word": " decreasing", "probability": 0.93994140625}, {"start": 1594.15, "end": 1594.45, "word": " the", "probability": 0.876953125}, {"start": 1594.45, "end": 1594.89, "word": " customs", "probability": 0.77978515625}, {"start": 1594.89, "end": 1595.31, "word": " maybe.", "probability": 0.61767578125}], "temperature": 1.0}, {"id": 59, "seek": 161321, "start": 1595.95, "end": 1613.21, "text": " What will happen, the cost of production goes down, supply of shoes goes up. So here we have a rightward shifting supply curve. The price goes, it went down, and the equilibrium quantity increased. Clear? Let's go to something else.", "tokens": [708, 486, 1051, 11, 264, 2063, 295, 4265, 1709, 760, 11, 5847, 295, 6654, 1709, 493, 13, 407, 510, 321, 362, 257, 558, 1007, 17573, 5847, 7605, 13, 440, 3218, 1709, 11, 309, 1437, 760, 11, 293, 264, 15625, 11275, 6505, 13, 14993, 30, 961, 311, 352, 281, 746, 1646, 13], "avg_logprob": -0.22671274468302727, "compression_ratio": 1.3869047619047619, "no_speech_prob": 0.0, "words": [{"start": 1595.95, "end": 1596.21, "word": " What", "probability": 0.80517578125}, {"start": 1596.21, "end": 1596.35, "word": " will", "probability": 0.83251953125}, {"start": 1596.35, "end": 1596.73, "word": " happen,", "probability": 0.92529296875}, {"start": 1597.03, "end": 1597.15, "word": " the", "probability": 0.85791015625}, {"start": 1597.15, "end": 1597.39, "word": " cost", "probability": 0.9208984375}, {"start": 1597.39, "end": 1597.51, "word": " of", "probability": 0.90478515625}, {"start": 1597.51, "end": 1597.89, "word": " production", "probability": 0.958984375}, {"start": 1597.89, "end": 1598.37, "word": " goes", "probability": 0.9345703125}, {"start": 1598.37, "end": 1598.73, "word": " down,", "probability": 0.8310546875}, {"start": 1598.95, "end": 1599.31, "word": " supply", "probability": 0.9541015625}, {"start": 1599.31, "end": 1599.59, "word": " of", "probability": 0.93896484375}, {"start": 1599.59, "end": 1599.89, "word": " shoes", "probability": 0.9462890625}, {"start": 1599.89, "end": 1600.37, "word": " goes", "probability": 0.92529296875}, {"start": 1600.37, "end": 1600.69, "word": " up.", "probability": 0.9716796875}, {"start": 1600.81, "end": 1600.97, "word": " So", "probability": 0.94970703125}, {"start": 1600.97, "end": 1601.23, "word": " here", "probability": 0.78173828125}, {"start": 1601.23, "end": 1601.35, "word": " we", "probability": 0.787109375}, {"start": 1601.35, "end": 1601.55, "word": " have", "probability": 0.8515625}, {"start": 1601.55, "end": 1601.63, "word": " a", "probability": 0.3994140625}, {"start": 1601.63, "end": 1601.97, "word": " rightward", "probability": 0.856689453125}, {"start": 1601.97, "end": 1602.35, "word": " shifting", "probability": 0.88671875}, {"start": 1602.35, "end": 1602.97, "word": " supply", "probability": 0.53271484375}, {"start": 1602.97, "end": 1603.49, "word": " curve.", "probability": 0.96875}, {"start": 1603.87, "end": 1604.31, "word": " The", "probability": 0.54638671875}, {"start": 1604.31, "end": 1604.77, "word": " price", "probability": 0.923828125}, {"start": 1604.77, "end": 1605.13, "word": " goes,", "probability": 0.8125}, {"start": 1605.23, "end": 1605.31, "word": " it", "probability": 0.278564453125}, {"start": 1605.31, "end": 1605.51, "word": " went", "probability": 0.81201171875}, {"start": 1605.51, "end": 1605.91, "word": " down,", "probability": 0.85595703125}, {"start": 1606.15, "end": 1606.21, "word": " and", "probability": 0.74951171875}, {"start": 1606.21, "end": 1606.31, "word": " the", "probability": 0.900390625}, {"start": 1606.31, "end": 1607.61, "word": " equilibrium", "probability": 0.662109375}, {"start": 1607.61, "end": 1608.19, "word": " quantity", "probability": 0.97021484375}, {"start": 1608.19, "end": 1609.43, "word": " increased.", "probability": 0.9287109375}, {"start": 1610.15, "end": 1610.75, "word": " Clear?", "probability": 0.72265625}, {"start": 1611.79, "end": 1612.39, "word": " Let's", "probability": 0.892822265625}, {"start": 1612.39, "end": 1612.49, "word": " go", "probability": 0.96240234375}, {"start": 1612.49, "end": 1612.61, "word": " to", "probability": 0.94873046875}, {"start": 1612.61, "end": 1612.91, "word": " something", "probability": 0.8603515625}, {"start": 1612.91, "end": 1613.21, "word": " else.", "probability": 0.9189453125}], "temperature": 1.0}, {"id": 60, "seek": 166369, "start": 1638.61, "end": 1663.69, "text": " Now, we studied the effects of the change in one determinant on the demand. And another, or another side, we studied the effects of the change in one of the main supplies determinants on the market equilibrium. 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Before, we studied what? The change in demand as a loan or a loan.", "tokens": [467, 2962, 294, 4733, 293, 5847, 412, 264, 912, 565, 13, 4546, 11, 321, 9454, 437, 30, 440, 1319, 294, 4733, 382, 257, 10529, 420, 257, 10529, 13], "avg_logprob": -0.17147090928307895, "compression_ratio": 1.21875, "no_speech_prob": 0.0, "words": [{"start": 1664.95, "end": 1665.25, "word": " It", "probability": 0.47998046875}, {"start": 1665.25, "end": 1665.89, "word": " changes", "probability": 0.841796875}, {"start": 1665.89, "end": 1666.37, "word": " in", "probability": 0.90478515625}, {"start": 1666.37, "end": 1666.93, "word": " demand", "probability": 0.91796875}, {"start": 1666.93, "end": 1667.43, "word": " and", "probability": 0.9443359375}, {"start": 1667.43, "end": 1667.87, "word": " supply", "probability": 0.95263671875}, {"start": 1667.87, "end": 1668.07, "word": " at", "probability": 0.9580078125}, {"start": 1668.07, "end": 1668.21, "word": " the", "probability": 0.92529296875}, {"start": 1668.21, "end": 1668.43, "word": " same", "probability": 0.9169921875}, {"start": 1668.43, "end": 1668.91, "word": " time.", "probability": 0.8974609375}, {"start": 1670.81, "end": 1671.69, "word": " Before,", "probability": 0.85302734375}, {"start": 1672.23, "end": 1672.39, "word": " we", "probability": 0.94921875}, {"start": 1672.39, "end": 1672.83, "word": " studied", "probability": 0.9111328125}, {"start": 1672.83, "end": 1673.55, "word": " what?", "probability": 0.578125}, {"start": 1674.47, "end": 1674.69, "word": " The", "probability": 0.83740234375}, {"start": 1674.69, "end": 1674.99, "word": " change", "probability": 0.841796875}, {"start": 1674.99, "end": 1675.13, "word": " in", "probability": 0.896484375}, {"start": 1675.13, "end": 1675.61, "word": " demand", "probability": 0.923828125}, {"start": 1675.61, "end": 1676.37, "word": " as", "probability": 0.91455078125}, {"start": 1676.37, "end": 1676.51, "word": " a", "probability": 0.85693359375}, {"start": 1676.51, "end": 1676.69, "word": " loan", "probability": 0.94091796875}, {"start": 1676.69, "end": 1677.33, "word": " or", "probability": 0.59130859375}, {"start": 1677.33, "end": 1677.47, "word": " a", "probability": 0.82373046875}, {"start": 1677.47, "end": 1677.65, "word": " loan.", "probability": 0.91162109375}], "temperature": 1.0}, {"id": 62, "seek": 170611, "start": 1678.55, "end": 1706.11, "text": " On the market equilibrium, either decreasing in demand or increasing in demand, shifting in demand, shifting right or left. And we studied the change in equilibrium prices and equilibrium quantity. Then we went to supply, and we studied what? The change in supply alone, either to increase or decrease. Now we will study both in one graph. Sometimes, sometimes.", "tokens": [1282, 264, 2142, 15625, 11, 2139, 23223, 294, 4733, 420, 5662, 294, 4733, 11, 17573, 294, 4733, 11, 17573, 558, 420, 1411, 13, 400, 321, 9454, 264, 1319, 294, 15625, 7901, 293, 15625, 11275, 13, 1396, 321, 1437, 281, 5847, 11, 293, 321, 9454, 437, 30, 440, 1319, 294, 5847, 3312, 11, 2139, 281, 3488, 420, 11514, 13, 823, 321, 486, 2979, 1293, 294, 472, 4295, 13, 4803, 11, 2171, 13], "avg_logprob": -0.14474826492369175, "compression_ratio": 1.8375634517766497, "no_speech_prob": 0.0, "words": [{"start": 1678.55, "end": 1678.85, "word": " On", "probability": 0.427734375}, {"start": 1678.85, "end": 1678.97, "word": " the", "probability": 0.90234375}, {"start": 1678.97, "end": 1679.23, "word": " market", "probability": 0.92578125}, {"start": 1679.23, "end": 1679.71, "word": " equilibrium,", "probability": 0.50927734375}, {"start": 1680.03, "end": 1680.31, "word": " either", "probability": 0.93896484375}, {"start": 1680.31, "end": 1680.87, "word": " 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Sometimes one of the demand determinants changes, and at the same time, one of the supply determinants changes as well. What will happen to the market equilibrium? Here's the idea. So here, let's study the changes in demand and supply", "tokens": [961, 311, 808, 646, 281, 264, 1365, 13, 4803, 472, 295, 264, 4733, 15957, 1719, 2962, 11, 293, 412, 264, 912, 565, 11, 472, 295, 264, 5847, 15957, 1719, 2962, 382, 731, 13, 708, 486, 1051, 281, 264, 2142, 15625, 30, 1692, 311, 264, 1558, 13, 407, 510, 11, 718, 311, 2979, 264, 2962, 294, 4733, 293, 5847], "avg_logprob": -0.16538665405774522, "compression_ratio": 1.598802395209581, "no_speech_prob": 0.0, "words": [{"start": 1707.53, "end": 1707.83, "word": " Let's", "probability": 0.947998046875}, {"start": 1707.83, "end": 1708.01, "word": " come", "probability": 0.84619140625}, {"start": 1708.01, "end": 1708.23, "word": " back", "probability": 0.8828125}, {"start": 1708.23, "end": 1708.35, "word": " to", "probability": 0.943359375}, {"start": 1708.35, "end": 1708.45, "word": " the", "probability": 0.91650390625}, {"start": 1708.45, "end": 1708.75, "word": " example.", "probability": 0.9462890625}, {"start": 1708.87, "end": 1709.37, "word": " Sometimes", "probability": 0.908203125}, {"start": 1709.37, "end": 1711.43, "word": " one", "probability": 0.62548828125}, {"start": 1711.43, "end": 1711.71, "word": " of", "probability": 0.9716796875}, {"start": 1711.71, "end": 1711.85, "word": " the", "probability": 0.92041015625}, {"start": 1711.85, "end": 1712.21, "word": " demand", "probability": 0.9111328125}, {"start": 1712.21, "end": 1712.81, "word": " determinants", "probability": 0.947509765625}, {"start": 1712.81, "end": 1713.27, "word": " changes,", "probability": 0.6220703125}, {"start": 1713.61, "end": 1716.91, "word": " and", "probability": 0.7890625}, {"start": 1716.91, "end": 1717.53, "word": " at", "probability": 0.40625}, {"start": 1717.53, "end": 1717.75, "word": " the", "probability": 0.904296875}, {"start": 1717.75, "end": 1718.05, "word": " same", "probability": 0.90673828125}, {"start": 1718.05, "end": 1718.53, "word": " time,", "probability": 0.88134765625}, {"start": 1719.21, "end": 1719.45, "word": " one", "probability": 0.92431640625}, {"start": 1719.45, "end": 1719.61, "word": " of", "probability": 0.97021484375}, {"start": 1719.61, "end": 1719.75, "word": " the", "probability": 0.9169921875}, {"start": 1719.75, "end": 1720.05, "word": " supply", "probability": 0.58349609375}, {"start": 1720.05, "end": 1720.97, "word": " determinants", "probability": 0.79443359375}, {"start": 1720.97, "end": 1722.75, "word": " changes", "probability": 0.76171875}, {"start": 1722.75, "end": 1723.31, "word": " as", "probability": 0.8779296875}, {"start": 1723.31, "end": 1723.47, "word": " well.", "probability": 0.93896484375}, {"start": 1724.19, "end": 1724.61, "word": " What", "probability": 0.890625}, {"start": 1724.61, "end": 1724.81, "word": " will", "probability": 0.802734375}, {"start": 1724.81, "end": 1725.11, "word": " happen", "probability": 0.91064453125}, {"start": 1725.11, "end": 1725.27, "word": " to", "probability": 0.96533203125}, {"start": 1725.27, "end": 1725.39, "word": " the", "probability": 0.8984375}, {"start": 1725.39, "end": 1725.61, "word": " market", "probability": 0.90576171875}, {"start": 1725.61, "end": 1726.51, "word": " equilibrium?", "probability": 0.966796875}, {"start": 1727.23, "end": 1727.61, "word": " Here's", "probability": 0.846923828125}, {"start": 1727.61, "end": 1727.75, "word": " the", "probability": 0.87353515625}, {"start": 1727.75, "end": 1728.05, "word": " idea.", "probability": 0.92578125}, {"start": 1729.25, "end": 1729.55, "word": " So", "probability": 0.90087890625}, {"start": 1729.55, "end": 1730.73, "word": " here,", "probability": 0.58740234375}, {"start": 1731.35, "end": 1731.77, "word": " let's", "probability": 0.97314453125}, {"start": 1731.77, "end": 1732.29, "word": " study", "probability": 0.9140625}, {"start": 1732.29, "end": 1732.59, "word": " the", "probability": 0.849609375}, {"start": 1732.59, "end": 1733.25, "word": " changes", "probability": 0.8916015625}, {"start": 1733.25, "end": 1733.77, "word": " in", "probability": 0.9462890625}, {"start": 1733.77, "end": 1734.31, "word": " demand", "probability": 0.904296875}, {"start": 1734.31, "end": 1734.71, "word": " and", "probability": 0.93310546875}, {"start": 1734.71, "end": 1735.19, "word": " supply", "probability": 0.94482421875}], "temperature": 1.0}, {"id": 64, "seek": 176303, "start": 1735.95, "end": 1763.03, "text": " at the same time. So let us assume here that we have the original situation. Here are the original situation, Q price, demand for shoes,", "tokens": [412, 264, 912, 565, 13, 407, 718, 505, 6552, 510, 300, 321, 362, 264, 3380, 2590, 13, 1692, 366, 264, 3380, 2590, 11, 1249, 3218, 11, 4733, 337, 6654, 11], "avg_logprob": -0.22580645257426846, "compression_ratio": 1.37, "no_speech_prob": 0.0, "words": [{"start": 1735.95, "end": 1736.29, "word": " at", "probability": 0.720703125}, {"start": 1736.29, "end": 1736.49, "word": " the", "probability": 0.92431640625}, {"start": 1736.49, "end": 1736.83, "word": " same", "probability": 0.91064453125}, {"start": 1736.83, "end": 1737.29, "word": " time.", "probability": 0.89599609375}, {"start": 1739.17, "end": 1739.93, "word": " So", "probability": 0.41357421875}, {"start": 1739.93, "end": 1740.91, "word": " let", "probability": 0.8125}, {"start": 1740.91, "end": 1741.07, "word": " us", "probability": 0.73974609375}, {"start": 1741.07, "end": 1741.43, "word": " assume", "probability": 0.91357421875}, {"start": 1741.43, "end": 1741.69, "word": " here", "probability": 0.86279296875}, {"start": 1741.69, "end": 1742.09, "word": " that", "probability": 0.93408203125}, {"start": 1742.09, "end": 1742.39, "word": " we", "probability": 0.94091796875}, {"start": 1742.39, "end": 1742.65, "word": " have", "probability": 0.9462890625}, {"start": 1742.65, "end": 1742.79, "word": " the", "probability": 0.916015625}, {"start": 1742.79, "end": 1743.19, "word": " original", "probability": 0.95751953125}, {"start": 1743.19, "end": 1743.95, "word": " situation.", "probability": 0.93798828125}, {"start": 1751.17, "end": 1751.93, "word": " Here", "probability": 0.70361328125}, {"start": 1751.93, "end": 1752.03, "word": " are", "probability": 0.306884765625}, {"start": 1752.03, "end": 1752.11, "word": " the", "probability": 0.91943359375}, {"start": 1752.11, "end": 1752.47, "word": " original", "probability": 0.94677734375}, {"start": 1752.47, "end": 1753.67, "word": " situation,", "probability": 0.9189453125}, {"start": 1758.81, "end": 1759.41, "word": " Q", "probability": 0.7431640625}, {"start": 1759.41, "end": 1760.23, "word": " price,", "probability": 0.7783203125}, {"start": 1760.79, "end": 1762.43, "word": " demand", "probability": 0.91064453125}, {"start": 1762.43, "end": 1762.73, "word": " for", "probability": 0.94921875}, {"start": 1762.73, "end": 1763.03, "word": " shoes,", "probability": 0.93212890625}], "temperature": 1.0}, {"id": 65, "seek": 179472, "start": 1766.24, "end": 1794.72, "text": " Supply one of shoes, E1, P1, P1. And we will assume that you're talking about the new modern of shoes, new shoes. We're not talking about secondhand shoes, okay? We are talking about the new shoes.", "tokens": [9391, 356, 472, 295, 6654, 11, 462, 16, 11, 430, 16, 11, 430, 16, 13, 400, 321, 486, 6552, 300, 291, 434, 1417, 466, 264, 777, 4363, 295, 6654, 11, 777, 6654, 13, 492, 434, 406, 1417, 466, 1150, 5543, 6654, 11, 1392, 30, 492, 366, 1417, 466, 264, 777, 6654, 13], "avg_logprob": -0.2333431660004382, "compression_ratio": 1.5114503816793894, "no_speech_prob": 0.0, "words": [{"start": 1766.24, "end": 1766.86, "word": " Supply", "probability": 0.72802734375}, {"start": 1766.86, "end": 1767.1, "word": " one", "probability": 0.5908203125}, {"start": 1767.1, "end": 1767.32, "word": " of", "probability": 0.36767578125}, {"start": 1767.32, "end": 1767.66, "word": " shoes,", "probability": 0.9453125}, {"start": 1769.02, "end": 1769.46, "word": " E1,", "probability": 0.6328125}, {"start": 1771.78, "end": 1772.58, "word": " P1,", "probability": 0.978759765625}, {"start": 1775.7, "end": 1776.32, "word": " P1.", "probability": 0.78759765625}, {"start": 1777.86, "end": 1778.78, "word": " And", "probability": 0.8427734375}, {"start": 1778.78, "end": 1779.06, "word": " we", "probability": 0.681640625}, {"start": 1779.06, "end": 1779.2, "word": " will", "probability": 0.77880859375}, {"start": 1779.2, "end": 1779.58, "word": " assume", "probability": 0.9169921875}, {"start": 1779.58, "end": 1779.92, "word": " that", "probability": 0.9326171875}, {"start": 1779.92, "end": 1780.08, "word": " you're", "probability": 0.831298828125}, {"start": 1780.08, "end": 1780.38, "word": " talking", "probability": 0.83056640625}, {"start": 1780.38, "end": 1780.96, "word": " about", "probability": 0.90478515625}, {"start": 1780.96, "end": 1781.68, "word": " the", "probability": 0.884765625}, {"start": 1781.68, "end": 1782.0, "word": " new", "probability": 0.85205078125}, {"start": 1782.0, "end": 1782.54, "word": " modern", "probability": 0.69384765625}, {"start": 1782.54, "end": 1783.56, "word": " of", "probability": 0.564453125}, {"start": 1783.56, "end": 1783.94, "word": " shoes,", "probability": 0.93212890625}, {"start": 1785.14, "end": 1785.6, "word": " new", "probability": 0.904296875}, {"start": 1785.6, "end": 1785.9, "word": " shoes.", "probability": 0.94677734375}, {"start": 1786.96, "end": 1787.18, "word": " We're", "probability": 0.796142578125}, {"start": 1787.18, "end": 1788.1, "word": " not", "probability": 0.935546875}, {"start": 1788.1, "end": 1788.5, "word": " talking", "probability": 0.849609375}, {"start": 1788.5, "end": 1788.98, "word": " about", "probability": 0.90185546875}, {"start": 1788.98, "end": 1790.3, "word": " secondhand", "probability": 0.68603515625}, {"start": 1790.3, "end": 1790.94, "word": " shoes,", "probability": 0.94287109375}, {"start": 1791.78, "end": 1792.04, "word": " okay?", "probability": 0.77001953125}, {"start": 1792.56, "end": 1792.96, "word": " We", "probability": 0.96435546875}, {"start": 1792.96, "end": 1793.08, "word": " are", "probability": 0.912109375}, {"start": 1793.08, "end": 1793.38, "word": " talking", "probability": 0.853515625}, {"start": 1793.38, "end": 1793.72, "word": " about", "probability": 0.9052734375}, {"start": 1793.72, "end": 1793.9, "word": " the", "probability": 0.57763671875}, {"start": 1793.9, "end": 1794.2, "word": " new", "probability": 0.90966796875}, {"start": 1794.2, "end": 1794.72, "word": " shoes.", "probability": 0.94384765625}], "temperature": 1.0}, {"id": 66, "seek": 182442, "start": 1801.18, "end": 1824.42, "text": " We have two assumptions. The consumer's income increases. So according to our assumption here, that the consumer's income increased by", "tokens": [492, 362, 732, 17695, 13, 440, 9711, 311, 5742, 8637, 13, 407, 4650, 281, 527, 15302, 510, 11, 300, 264, 9711, 311, 5742, 6505, 538], "avg_logprob": -0.286207921229876, "compression_ratio": 1.40625, "no_speech_prob": 0.0, "words": [{"start": 1801.1800000000003, "end": 1802.3000000000002, "word": " We", "probability": 0.07421875}, {"start": 1802.3000000000002, "end": 1803.42, "word": " have", "probability": 0.88427734375}, {"start": 1803.42, "end": 1803.58, "word": " two", "probability": 0.82275390625}, {"start": 1803.58, "end": 1804.06, "word": " assumptions.", "probability": 0.95703125}, {"start": 1807.54, "end": 1808.66, "word": " The", "probability": 0.8388671875}, {"start": 1808.66, "end": 1809.54, "word": " consumer's", "probability": 0.726318359375}, {"start": 1809.54, "end": 1810.02, "word": " income", "probability": 0.94140625}, {"start": 1810.02, "end": 1811.02, "word": " increases.", "probability": 0.8994140625}, {"start": 1812.12, "end": 1813.24, "word": " So", "probability": 0.783203125}, {"start": 1813.24, "end": 1813.6, "word": " according", "probability": 0.8076171875}, {"start": 1813.6, "end": 1813.8, "word": " to", "probability": 0.9619140625}, {"start": 1813.8, "end": 1813.94, "word": " our", "probability": 0.59375}, {"start": 1813.94, "end": 1814.26, "word": " assumption", "probability": 0.9736328125}, {"start": 1814.26, "end": 1814.62, "word": " here,", "probability": 0.8583984375}, {"start": 1815.14, "end": 1815.42, "word": " that", "probability": 0.86572265625}, {"start": 1815.42, "end": 1815.98, "word": " the", "probability": 0.8916015625}, {"start": 1815.98, "end": 1816.78, "word": " consumer's", "probability": 0.884765625}, {"start": 1816.78, "end": 1817.24, "word": " income", "probability": 0.943359375}, {"start": 1817.24, "end": 1823.54, "word": " increased", "probability": 0.70654296875}, {"start": 1823.54, "end": 1824.42, "word": " by", "probability": 0.97021484375}], "temperature": 1.0}, {"id": 67, "seek": 184922, "start": 1829.5, "end": 1849.22, "text": " 30%. The consumer's income increased by 30%. And at the same time, plus,", "tokens": [2217, 6856, 440, 9711, 311, 5742, 6505, 538, 2217, 6856, 400, 412, 264, 912, 565, 11, 1804, 11], "avg_logprob": -0.2880345488849439, "compression_ratio": 1.0, "no_speech_prob": 0.0, "words": [{"start": 1829.4999999999998, "end": 1830.8999999999999, "word": " 30%.", "probability": 0.77490234375}, {"start": 1830.8999999999999, "end": 1832.3, "word": " The", "probability": 0.86865234375}, {"start": 1832.3, "end": 1833.06, "word": " consumer's", "probability": 0.767822265625}, {"start": 1833.06, "end": 1833.48, "word": " income", "probability": 0.943359375}, {"start": 1833.48, "end": 1834.66, "word": " increased", "probability": 0.9404296875}, {"start": 1834.66, "end": 1835.08, "word": " by", "probability": 0.97314453125}, {"start": 1835.08, "end": 1836.34, "word": " 30%.", "probability": 0.905517578125}, {"start": 1836.34, "end": 1839.4, "word": " And", "probability": 0.0916748046875}, {"start": 1839.4, "end": 1847.1, "word": " at", "probability": 0.869140625}, {"start": 1847.1, "end": 1847.32, "word": " the", "probability": 0.923828125}, {"start": 1847.32, "end": 1847.64, "word": " same", "probability": 0.91748046875}, {"start": 1847.64, "end": 1848.44, "word": " time,", "probability": 0.89208984375}, {"start": 1848.8, "end": 1849.22, "word": " plus,", "probability": 0.880859375}], "temperature": 1.0}, {"id": 68, "seek": 187961, "start": 1856.71, "end": 1879.61, "text": " Decreasing or increasing the cost of raw material. By 50%. What will happen here in this case?", "tokens": [12427, 265, 3349, 420, 5662, 264, 2063, 295, 8936, 2527, 13, 3146, 2625, 6856, 708, 486, 1051, 510, 294, 341, 1389, 30], "avg_logprob": -0.3542798990788667, "compression_ratio": 1.0795454545454546, "no_speech_prob": 0.0, "words": [{"start": 1856.71, "end": 1857.39, "word": " Decreasing", "probability": 0.79736328125}, {"start": 1857.39, "end": 1857.63, "word": " or", "probability": 0.9404296875}, {"start": 1857.63, "end": 1858.13, "word": " increasing", "probability": 0.943359375}, {"start": 1858.13, "end": 1858.47, "word": " the", "probability": 0.32861328125}, {"start": 1858.47, "end": 1858.79, "word": " cost", "probability": 0.9208984375}, {"start": 1858.79, "end": 1859.09, "word": " of", "probability": 0.8955078125}, {"start": 1859.09, "end": 1859.23, "word": " raw", "probability": 0.86083984375}, {"start": 1859.23, "end": 1859.79, "word": " material.", "probability": 0.77392578125}, {"start": 1868.33, "end": 1869.01, "word": " By", "probability": 0.08172607421875}, {"start": 1869.01, "end": 1872.05, "word": " 50%.", "probability": 0.7431640625}, {"start": 1872.05, "end": 1877.09, "word": " What", "probability": 0.79443359375}, {"start": 1877.09, "end": 1878.33, "word": " will", "probability": 0.85693359375}, {"start": 1878.33, "end": 1878.65, "word": " happen", "probability": 0.91015625}, {"start": 1878.65, "end": 1878.95, "word": " here", "probability": 0.7353515625}, {"start": 1878.95, "end": 1879.07, "word": " in", "probability": 0.76513671875}, {"start": 1879.07, "end": 1879.27, "word": " this", "probability": 0.947265625}, {"start": 1879.27, "end": 1879.61, "word": " case?", "probability": 0.92041015625}], "temperature": 1.0}, {"id": 69, "seek": 191053, "start": 1886.81, "end": 1910.53, "text": " The first part affect what? The consumer's income affect what? Demand. Decreasing or increasing? Increasing. Increasing in the consumer's income leads to increasing in demand, by 30%. Increasing the raw material here.", "tokens": [440, 700, 644, 3345, 437, 30, 440, 9711, 311, 5742, 3345, 437, 30, 4686, 474, 13, 12427, 265, 3349, 420, 5662, 30, 30367, 3349, 13, 30367, 3349, 294, 264, 9711, 311, 5742, 6689, 281, 5662, 294, 4733, 11, 538, 2217, 6856, 30367, 3349, 264, 8936, 2527, 510, 13], "avg_logprob": -0.18941326530612246, "compression_ratio": 1.6641221374045803, "no_speech_prob": 0.0, "words": [{"start": 1886.81, "end": 1887.03, "word": " The", "probability": 0.8310546875}, {"start": 1887.03, "end": 1887.39, "word": " first", "probability": 0.88525390625}, {"start": 1887.39, "end": 1887.73, "word": " part", "probability": 0.89111328125}, {"start": 1887.73, "end": 1888.09, "word": " affect", "probability": 0.521484375}, {"start": 1888.09, "end": 1888.43, "word": " what?", "probability": 0.95947265625}, {"start": 1889.59, "end": 1890.11, "word": " The", "probability": 0.8310546875}, {"start": 1890.11, "end": 1890.91, "word": " consumer's", "probability": 0.735595703125}, {"start": 1890.91, "end": 1891.29, "word": " income", "probability": 0.96142578125}, {"start": 1891.29, "end": 1891.91, "word": " affect", "probability": 0.72119140625}, {"start": 1891.91, "end": 1892.65, "word": " what?", "probability": 0.943359375}, {"start": 1892.95, "end": 1893.41, "word": " Demand.", "probability": 0.9228515625}, {"start": 1894.75, "end": 1895.17, "word": " Decreasing", "probability": 0.91259765625}, {"start": 1895.17, "end": 1895.37, "word": " or", "probability": 0.95849609375}, {"start": 1895.37, "end": 1895.83, "word": " increasing?", "probability": 0.935546875}, {"start": 1896.35, "end": 1897.05, "word": " Increasing.", "probability": 0.89111328125}, {"start": 1897.07, "end": 1897.77, "word": " Increasing", "probability": 0.90380859375}, {"start": 1897.77, "end": 1897.91, "word": " in", "probability": 0.54443359375}, {"start": 1897.91, "end": 1897.99, "word": " the", "probability": 0.88916015625}, {"start": 1897.99, "end": 1898.69, "word": " consumer's", "probability": 0.876220703125}, {"start": 1898.69, "end": 1899.15, "word": " income", "probability": 0.9560546875}, {"start": 1899.15, "end": 1900.43, "word": " leads", "probability": 0.77734375}, {"start": 1900.43, "end": 1900.61, "word": " to", "probability": 0.96484375}, {"start": 1900.61, "end": 1901.07, "word": " increasing", "probability": 0.87060546875}, {"start": 1901.07, "end": 1901.23, "word": " in", "probability": 0.7607421875}, {"start": 1901.23, "end": 1901.61, "word": " demand,", "probability": 0.9091796875}, {"start": 1902.59, "end": 1902.89, "word": " by", "probability": 0.52392578125}, {"start": 1902.89, "end": 1906.13, "word": " 30%.", "probability": 0.789794921875}, {"start": 1906.13, "end": 1909.15, "word": " Increasing", "probability": 0.789306640625}, {"start": 1909.15, "end": 1909.39, "word": " the", "probability": 0.87353515625}, {"start": 1909.39, "end": 1909.63, "word": " raw", "probability": 0.90576171875}, {"start": 1909.63, "end": 1910.19, "word": " material", "probability": 0.88134765625}, {"start": 1910.19, "end": 1910.53, "word": " here.", "probability": 0.7568359375}], "temperature": 1.0}, {"id": 70, "seek": 194004, "start": 1913.94, "end": 1940.04, "text": " Exactly, supply goes down by 50%. Then in the two parts here, the first part is increasing in income by 30%. Effect demand by 30%. So the first part here, increasing in income, increased demand by 30%. Plus,", "tokens": [7587, 11, 5847, 1709, 760, 538, 2625, 6856, 1396, 294, 264, 732, 3166, 510, 11, 264, 700, 644, 307, 5662, 294, 5742, 538, 2217, 6856, 17764, 4733, 538, 2217, 6856, 407, 264, 700, 644, 510, 11, 5662, 294, 5742, 11, 6505, 4733, 538, 2217, 6856, 7721, 11], "avg_logprob": -0.2740885491172473, "compression_ratio": 1.6124031007751938, "no_speech_prob": 0.0, "words": [{"start": 1913.94, "end": 1914.62, "word": " Exactly,", "probability": 0.35986328125}, {"start": 1914.86, "end": 1915.26, "word": " supply", "probability": 0.92578125}, {"start": 1915.26, "end": 1915.74, "word": " goes", "probability": 0.943359375}, {"start": 1915.74, "end": 1916.08, "word": " down", "probability": 0.859375}, {"start": 1916.08, "end": 1916.32, "word": " by", "probability": 0.97119140625}, {"start": 1916.32, "end": 1917.32, "word": " 50%.", "probability": 0.8369140625}, {"start": 1917.32, "end": 1918.68, "word": " Then", "probability": 0.355224609375}, {"start": 1918.68, "end": 1919.14, "word": " in", "probability": 0.404541015625}, {"start": 1919.14, "end": 1919.24, "word": " the", "probability": 0.9140625}, {"start": 1919.24, "end": 1919.44, "word": " two", "probability": 0.9423828125}, {"start": 1919.44, "end": 1919.84, "word": " parts", "probability": 0.86474609375}, {"start": 1919.84, "end": 1920.06, "word": " here,", "probability": 0.86181640625}, {"start": 1920.28, "end": 1920.38, "word": " the", "probability": 0.91357421875}, {"start": 1920.38, "end": 1920.62, "word": " first", "probability": 0.88623046875}, {"start": 1920.62, "end": 1921.0, "word": " part", "probability": 0.9052734375}, {"start": 1921.0, "end": 1921.46, "word": " is", "probability": 0.90087890625}, {"start": 1921.46, "end": 1921.94, "word": " increasing", "probability": 0.93701171875}, {"start": 1921.94, "end": 1922.12, "word": " in", "probability": 0.63427734375}, {"start": 1922.12, "end": 1922.54, "word": " income", "probability": 0.95068359375}, {"start": 1922.54, "end": 1922.96, "word": " by", "probability": 0.96337890625}, {"start": 1922.96, "end": 1923.98, "word": " 30%.", "probability": 0.724365234375}, {"start": 1923.98, "end": 1925.76, "word": " Effect", "probability": 0.128173828125}, {"start": 1925.76, "end": 1926.36, "word": " demand", "probability": 0.900390625}, {"start": 1926.36, "end": 1927.08, "word": " by", "probability": 0.9580078125}, {"start": 1927.08, "end": 1927.92, "word": " 30%.", "probability": 0.962890625}, {"start": 1927.92, "end": 1929.12, "word": " So", "probability": 0.9443359375}, {"start": 1929.12, "end": 1929.58, "word": " the", "probability": 0.62158203125}, {"start": 1929.58, "end": 1929.8, "word": " first", "probability": 0.88916015625}, {"start": 1929.8, "end": 1930.2, "word": " part", "probability": 0.90625}, {"start": 1930.2, "end": 1930.92, "word": " here,", "probability": 0.77001953125}, {"start": 1931.24, "end": 1931.64, "word": " increasing", "probability": 0.9462890625}, {"start": 1931.64, "end": 1931.82, "word": " in", "probability": 0.7587890625}, {"start": 1931.82, "end": 1932.2, "word": " income,", "probability": 0.94482421875}, {"start": 1932.6, "end": 1933.06, "word": " increased", "probability": 0.529296875}, {"start": 1933.06, "end": 1933.62, "word": " demand", "probability": 0.89404296875}, {"start": 1933.62, "end": 1937.74, "word": " by", "probability": 0.72314453125}, {"start": 1937.74, "end": 1939.08, "word": " 30%.", "probability": 0.7060546875}, {"start": 1939.08, "end": 1940.04, "word": " Plus,", "probability": 0.896484375}], "temperature": 1.0}, {"id": 71, "seek": 196799, "start": 1941.77, "end": 1967.99, "text": " Increasing the cost of raw material leads to a decreasing ability to produce or increase or decrease, then had a decreased supply by 50%. Had a leftward shifting by 30%, rightward shifting by 30%, while the leftward shifting or shifts left by 50%.", "tokens": [30367, 3349, 264, 2063, 295, 8936, 2527, 6689, 281, 257, 23223, 3485, 281, 5258, 420, 3488, 420, 11514, 11, 550, 632, 257, 24436, 5847, 538, 2625, 6856, 12298, 257, 1411, 1007, 17573, 538, 2217, 8923, 558, 1007, 17573, 538, 2217, 8923, 1339, 264, 1411, 1007, 17573, 420, 19201, 1411, 538, 2625, 6856], "avg_logprob": -0.20710494608249305, "compression_ratio": 1.710344827586207, "no_speech_prob": 0.0, "words": [{"start": 1941.77, "end": 1942.35, "word": " Increasing", "probability": 0.93017578125}, {"start": 1942.35, "end": 1942.57, "word": " the", "probability": 0.91357421875}, {"start": 1942.57, "end": 1942.87, "word": " cost", "probability": 0.90087890625}, {"start": 1942.87, "end": 1943.01, "word": " of", "probability": 0.96826171875}, {"start": 1943.01, "end": 1943.17, "word": " raw", "probability": 0.86767578125}, {"start": 1943.17, "end": 1943.69, "word": " material", "probability": 0.84423828125}, {"start": 1943.69, "end": 1944.19, "word": " leads", "probability": 0.86474609375}, {"start": 1944.19, "end": 1944.35, "word": " to", "probability": 0.96142578125}, {"start": 1944.35, "end": 1944.55, "word": " a", "probability": 0.97509765625}, {"start": 1944.55, "end": 1945.05, "word": " decreasing", "probability": 0.79296875}, {"start": 1945.05, "end": 1945.87, "word": " ability", "probability": 0.90576171875}, {"start": 1945.87, "end": 1946.09, "word": " to", "probability": 0.96875}, {"start": 1946.09, "end": 1946.59, "word": " produce", "probability": 0.87158203125}, {"start": 1946.59, "end": 1946.91, "word": " or", "probability": 0.734375}, {"start": 1946.91, "end": 1947.41, "word": " increase", "probability": 0.82421875}, {"start": 1947.41, "end": 1947.79, "word": " or", "probability": 0.92822265625}, {"start": 1947.79, "end": 1948.27, "word": " decrease,", "probability": 0.900390625}, {"start": 1948.89, "end": 1949.09, "word": " then", "probability": 0.67138671875}, {"start": 1949.09, "end": 1949.31, "word": " had", "probability": 0.60302734375}, {"start": 1949.31, "end": 1949.43, "word": " a", "probability": 0.927734375}, {"start": 1949.43, "end": 1949.75, "word": " decreased", "probability": 0.66455078125}, {"start": 1949.75, "end": 1950.35, "word": " supply", "probability": 0.94384765625}, {"start": 1950.35, "end": 1952.75, "word": " by", "probability": 0.8603515625}, {"start": 1952.75, "end": 1954.25, "word": " 50%.", "probability": 0.857666015625}, {"start": 1954.25, "end": 1958.45, "word": " Had", "probability": 0.89599609375}, {"start": 1958.45, "end": 1958.61, "word": " a", "probability": 0.830078125}, {"start": 1958.61, "end": 1959.05, "word": " leftward", "probability": 0.95458984375}, {"start": 1959.05, "end": 1959.35, "word": " shifting", "probability": 0.91015625}, {"start": 1959.35, "end": 1959.61, "word": " by", "probability": 0.962890625}, {"start": 1959.61, "end": 1960.71, "word": " 30%,", "probability": 0.732177734375}, {"start": 1960.71, "end": 1961.43, "word": " rightward", "probability": 0.71484375}, {"start": 1961.43, "end": 1961.69, "word": " shifting", "probability": 0.91748046875}, {"start": 1961.69, "end": 1961.95, "word": " by", "probability": 0.958984375}, {"start": 1961.95, "end": 1962.71, "word": " 30%,", "probability": 0.76318359375}, {"start": 1962.71, "end": 1963.17, "word": " while", "probability": 0.308837890625}, {"start": 1963.17, "end": 1963.37, "word": " the", "probability": 0.88623046875}, {"start": 1963.37, "end": 1963.95, "word": " leftward", "probability": 0.95556640625}, {"start": 1963.95, "end": 1964.45, "word": " shifting", "probability": 0.90966796875}, {"start": 1964.45, "end": 1965.73, "word": " or", "probability": 0.58056640625}, {"start": 1965.73, "end": 1966.05, "word": " shifts", "probability": 0.87451171875}, {"start": 1966.05, "end": 1966.43, "word": " left", "probability": 0.89599609375}, {"start": 1966.43, "end": 1967.23, "word": " by", "probability": 0.97119140625}, {"start": 1967.23, "end": 1967.99, "word": " 50%.", "probability": 0.969970703125}], "temperature": 1.0}, {"id": 72, "seek": 199100, "start": 1970.42, "end": 1991.0, "text": " I don't know. Maybe the prices go up. Here we are analyzing the effects of two variables. One of them affects demand and the second affects supply.", "tokens": [286, 500, 380, 458, 13, 2704, 264, 7901, 352, 493, 13, 1692, 321, 366, 23663, 264, 5065, 295, 732, 9102, 13, 1485, 295, 552, 11807, 4733, 293, 264, 1150, 11807, 5847, 13], "avg_logprob": -0.3536931818181818, "compression_ratio": 1.2869565217391303, "no_speech_prob": 0.0, "words": [{"start": 1970.42, "end": 1971.18, "word": " I", "probability": 0.034759521484375}, {"start": 1971.18, "end": 1971.46, "word": " don't", "probability": 0.966796875}, {"start": 1971.46, "end": 1973.04, "word": " know.", "probability": 0.90625}, {"start": 1975.18, "end": 1975.94, "word": " Maybe", "probability": 0.6435546875}, {"start": 1975.94, "end": 1976.34, "word": " the", "probability": 0.515625}, {"start": 1976.34, "end": 1976.72, "word": " prices", "probability": 0.85009765625}, {"start": 1976.72, "end": 1977.16, "word": " go", "probability": 0.92138671875}, {"start": 1977.16, "end": 1977.52, "word": " up.", "probability": 0.97412109375}, {"start": 1981.88, "end": 1982.64, "word": " Here", "probability": 0.408447265625}, {"start": 1982.64, "end": 1983.02, "word": " we", "probability": 0.47607421875}, {"start": 1983.02, "end": 1983.26, "word": " are", "probability": 0.74267578125}, {"start": 1983.26, "end": 1984.28, "word": " analyzing", "probability": 0.91259765625}, {"start": 1984.28, "end": 1985.7, "word": " the", "probability": 0.78662109375}, {"start": 1985.7, "end": 1986.08, "word": " effects", "probability": 0.7998046875}, {"start": 1986.08, "end": 1986.34, "word": " of", "probability": 0.8193359375}, {"start": 1986.34, "end": 1986.86, "word": " two", "probability": 0.9091796875}, {"start": 1986.86, "end": 1987.64, "word": " variables.", "probability": 0.95556640625}, {"start": 1987.9, "end": 1988.1, "word": " One", "probability": 0.72119140625}, {"start": 1988.1, "end": 1988.2, "word": " of", "probability": 0.51708984375}, {"start": 1988.2, "end": 1988.42, "word": " them", "probability": 0.89794921875}, {"start": 1988.42, "end": 1988.94, "word": " affects", "probability": 0.313720703125}, {"start": 1988.94, "end": 1989.56, "word": " demand", "probability": 0.87841796875}, {"start": 1989.56, "end": 1989.8, "word": " and", "probability": 0.65087890625}, {"start": 1989.8, "end": 1989.96, "word": " the", "probability": 0.88671875}, {"start": 1989.96, "end": 1990.24, "word": " second", "probability": 0.880859375}, {"start": 1990.24, "end": 1990.52, "word": " affects", "probability": 0.69287109375}, {"start": 1990.52, "end": 1991.0, "word": " supply.", "probability": 0.908203125}], "temperature": 1.0}, {"id": 73, "seek": 201853, "start": 1993.17, "end": 2018.53, "text": " We will study the effects of a change in the consumer's income and a change in the cost of raw material on the equilibrium market prices and equilibrium quantity. This is the original situation here. 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So here we have rightward shifting in supply is a demand curve. So demand increased by 30%. So demand shifts, right, by 30%. Supply. 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Demand will shift right by 30 percent. Let us assume that this is day two and this", "tokens": [19201, 1411, 538, 2625, 3043, 13, 4686, 474, 486, 5513, 558, 538, 2217, 3043, 13, 961, 505, 6552, 300, 341, 307, 786, 732, 293, 341], "avg_logprob": -0.1663161011842581, "compression_ratio": 1.1956521739130435, "no_speech_prob": 0.0, "words": [{"start": 2051.96, "end": 2052.88, "word": " shifts", "probability": 0.501953125}, {"start": 2052.88, "end": 2053.8, "word": " left", "probability": 0.91943359375}, {"start": 2053.8, "end": 2056.26, "word": " by", "probability": 0.9736328125}, {"start": 2056.26, "end": 2059.48, "word": " 50", "probability": 0.90869140625}, {"start": 2059.48, "end": 2060.08, "word": " percent.", "probability": 0.7998046875}, {"start": 2066.04, "end": 2066.96, "word": " Demand", "probability": 0.724365234375}, {"start": 2066.96, "end": 2067.46, "word": " will", "probability": 0.86083984375}, {"start": 2067.46, "end": 2067.8, "word": " shift", "probability": 0.982421875}, {"start": 2067.8, "end": 2068.18, "word": " right", "probability": 0.79248046875}, {"start": 2068.18, "end": 2069.0, "word": " by", "probability": 0.96826171875}, {"start": 2069.0, "end": 2069.36, "word": " 30", "probability": 0.97705078125}, {"start": 2069.36, "end": 2069.72, "word": " percent.", "probability": 0.9521484375}, {"start": 2069.84, "end": 2070.0, "word": " Let", "probability": 0.96142578125}, {"start": 2070.0, "end": 2070.2, "word": " us", "probability": 0.81640625}, {"start": 2070.2, "end": 2070.62, "word": " assume", "probability": 0.90283203125}, {"start": 2070.62, "end": 2070.92, "word": " that", "probability": 0.93896484375}, {"start": 2070.92, "end": 2071.18, "word": " this", "probability": 0.94873046875}, {"start": 2071.18, "end": 2072.1, "word": " is", "probability": 0.9482421875}, {"start": 2072.1, "end": 2072.78, "word": " day", "probability": 0.80859375}, {"start": 2072.78, "end": 2072.98, "word": " two", "probability": 0.8603515625}, {"start": 2072.98, "end": 2074.2, "word": " and", "probability": 0.38916015625}, {"start": 2074.2, "end": 2074.58, "word": " this", "probability": 0.9423828125}], "temperature": 1.0}, {"id": 76, "seek": 209971, "start": 2078.71, "end": 2099.71, "text": " Area can be measured by 30%. The magnitudes of a change in demand here is 30%. The magnitudes of a change in demand here is 30%. And the supply curve shifts left by 50%. So let's draw here.", "tokens": [19405, 393, 312, 12690, 538, 2217, 6856, 440, 4944, 16451, 295, 257, 1319, 294, 4733, 510, 307, 2217, 6856, 440, 4944, 16451, 295, 257, 1319, 294, 4733, 510, 307, 2217, 6856, 400, 264, 5847, 7605, 19201, 1411, 538, 2625, 6856, 407, 718, 311, 2642, 510, 13], "avg_logprob": -0.1112865704171201, "compression_ratio": 1.596638655462185, "no_speech_prob": 0.0, "words": [{"start": 2078.71, "end": 2079.17, "word": " Area", "probability": 0.66455078125}, {"start": 2079.17, "end": 2079.45, "word": " can", "probability": 0.9287109375}, {"start": 2079.45, "end": 2079.63, "word": " be", "probability": 0.9560546875}, {"start": 2079.63, "end": 2079.93, "word": " measured", "probability": 0.8125}, {"start": 2079.93, "end": 2080.19, "word": " by", "probability": 0.97265625}, {"start": 2080.19, "end": 2081.05, "word": " 30%.", "probability": 0.7392578125}, {"start": 2081.05, "end": 2081.51, "word": " The", "probability": 0.88623046875}, {"start": 2081.51, "end": 2082.09, 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Here, this area or this distance, about 30 percent. Here, this distance, about 50 percent. So the magnitudes here of a change in supply, this is S2. 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So here we have the new equilibrium point. Here the magnitudes equal 30%. The magnitudes here equals 50%. All right? So here we have a new equilibrium point, which is A2, at which supply 2 intersects demand 2.", "tokens": [420, 412, 597, 5847, 7605, 11, 264, 777, 5847, 7605, 11, 27815, 82, 264, 4733, 11, 264, 777, 4733, 7605, 13, 407, 510, 321, 362, 264, 777, 15625, 935, 13, 1692, 264, 4944, 16451, 2681, 2217, 6856, 440, 4944, 16451, 510, 6915, 2625, 6856, 1057, 558, 30, 407, 510, 321, 362, 257, 777, 15625, 935, 11, 597, 307, 316, 17, 11, 412, 597, 5847, 568, 27815, 82, 4733, 568, 13], "avg_logprob": -0.1537191972766124, "compression_ratio": 1.89375, "no_speech_prob": 0.0, "words": [{"start": 2140.36, "end": 2140.68, "word": " or", "probability": 0.54150390625}, {"start": 2140.68, "end": 2140.94, "word": " at", "probability": 0.95654296875}, {"start": 2140.94, "end": 2141.46, "word": " which", "probability": 0.95458984375}, {"start": 2141.46, "end": 2142.94, "word": " supply", "probability": 0.77880859375}, {"start": 2142.94, "end": 2143.68, "word": " curve,", "probability": 0.95458984375}, {"start": 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So here we have what? The result will be Q2 declined and the price goes up. Yeah. So here, the result will be increasing the prices and plus decrease in the quantity, the equilibrium quantity.", "tokens": [1033, 30, 407, 510, 321, 362, 437, 30, 440, 1874, 486, 312, 1249, 17, 29213, 293, 264, 3218, 1709, 493, 13, 865, 13, 407, 510, 11, 264, 1874, 486, 312, 5662, 264, 7901, 293, 1804, 11514, 294, 264, 11275, 11, 264, 15625, 11275, 13], "avg_logprob": -0.2203125066227383, "compression_ratio": 1.463235294117647, "no_speech_prob": 0.0, "words": [{"start": 2172.13, "end": 2172.43, "word": " Okay?", "probability": 0.70849609375}, {"start": 2172.95, "end": 2173.87, "word": " So", "probability": 0.9501953125}, {"start": 2173.87, "end": 2174.55, "word": " here", "probability": 0.568359375}, {"start": 2174.55, "end": 2174.73, "word": " we", "probability": 0.86669921875}, {"start": 2174.73, "end": 2175.07, "word": " have", "probability": 0.94580078125}, {"start": 2175.07, "end": 2175.29, "word": " what?", "probability": 0.81298828125}, {"start": 2175.41, "end": 2175.53, "word": " The", "probability": 0.88720703125}, {"start": 2175.53, "end": 2175.87, "word": " result", "probability": 0.9384765625}, {"start": 2175.87, "end": 2176.09, "word": " will", "probability": 0.73291015625}, {"start": 2176.09, "end": 2177.37, "word": " be", "probability": 0.95947265625}, {"start": 2177.37, "end": 2180.13, "word": " Q2", "probability": 0.77392578125}, {"start": 2180.13, "end": 2182.13, "word": " declined", "probability": 0.459228515625}, {"start": 2182.13, "end": 2183.03, "word": " and", "probability": 0.701171875}, {"start": 2183.03, "end": 2183.21, "word": " the", "probability": 0.91162109375}, {"start": 2183.21, "end": 2183.57, "word": " price", "probability": 0.904296875}, {"start": 2183.57, "end": 2184.05, "word": " goes", "probability": 0.93896484375}, {"start": 2184.05, "end": 2184.53, "word": " up.", "probability": 0.97119140625}, {"start": 2187.77, "end": 2188.47, "word": " Yeah.", "probability": 0.74462890625}, {"start": 2190.55, "end": 2191.43, "word": " So", "probability": 0.366943359375}, {"start": 2191.43, "end": 2193.15, "word": " here,", "probability": 0.8408203125}, {"start": 2193.43, "end": 2193.69, "word": " the", "probability": 0.9150390625}, {"start": 2193.69, "end": 2194.09, "word": " result", "probability": 0.9501953125}, {"start": 2194.09, "end": 2194.33, "word": " will", "probability": 0.7373046875}, {"start": 2194.33, "end": 2194.81, "word": " be", "probability": 0.96044921875}, {"start": 2194.81, "end": 2196.05, "word": " increasing", "probability": 0.92041015625}, {"start": 2196.05, "end": 2196.27, "word": " the", "probability": 0.912109375}, {"start": 2196.27, "end": 2196.75, "word": " prices", "probability": 0.8896484375}, {"start": 2196.75, "end": 2197.45, "word": " and", "probability": 0.379150390625}, {"start": 2197.45, "end": 2197.87, "word": " plus", "probability": 0.83740234375}, {"start": 2197.87, "end": 2199.55, "word": " decrease", "probability": 0.771484375}, {"start": 2199.55, "end": 2200.03, "word": " in", "probability": 0.75927734375}, {"start": 2200.03, "end": 2200.17, "word": " the", "probability": 0.7861328125}, {"start": 2200.17, "end": 2200.63, "word": " quantity,", "probability": 0.79296875}, {"start": 2200.91, "end": 2200.99, "word": " the", "probability": 0.8642578125}, {"start": 2200.99, "end": 2201.27, "word": " equilibrium", "probability": 0.97119140625}, {"start": 2201.27, "end": 2201.77, "word": " quantity.", "probability": 0.90966796875}], "temperature": 1.0}, {"id": 81, "seek": 222456, "start": 2202.02, "end": 2224.56, "text": " This is the result here. What will happen if the assumptions here change to be 30% increasing the consumer's income and the cost of raw material increased by 10%?", "tokens": [639, 307, 264, 1874, 510, 13, 708, 486, 1051, 498, 264, 17695, 510, 1319, 281, 312, 2217, 4, 5662, 264, 9711, 311, 5742, 293, 264, 2063, 295, 8936, 2527, 6505, 538, 1266, 4, 30], "avg_logprob": -0.1993303554398673, "compression_ratio": 1.304, "no_speech_prob": 0.0, "words": [{"start": 2202.02, "end": 2202.18, "word": " This", "probability": 0.84912109375}, {"start": 2202.18, "end": 2202.3, "word": " is", "probability": 0.93701171875}, {"start": 2202.3, "end": 2202.4, "word": " the", "probability": 0.8662109375}, {"start": 2202.4, "end": 2202.78, "word": " result", "probability": 0.95166015625}, {"start": 2202.78, "end": 2203.08, "word": " here.", "probability": 0.8369140625}, {"start": 2205.58, "end": 2206.06, "word": " What", "probability": 0.358154296875}, {"start": 2206.06, "end": 2207.74, "word": " will", "probability": 0.68212890625}, {"start": 2207.74, "end": 2208.18, "word": " happen", "probability": 0.92041015625}, {"start": 2208.18, "end": 2208.62, "word": " if", "probability": 0.955078125}, {"start": 2208.62, "end": 2211.26, "word": " the", "probability": 0.90283203125}, {"start": 2211.26, "end": 2211.8, "word": " assumptions", "probability": 0.95361328125}, {"start": 2211.8, "end": 2212.3, "word": " here", "probability": 0.86181640625}, {"start": 2212.3, "end": 2212.92, "word": " change", "probability": 0.490478515625}, {"start": 2212.92, "end": 2214.24, "word": " to", "probability": 0.85791015625}, {"start": 2214.24, "end": 2214.58, "word": " be", "probability": 0.953125}, {"start": 2214.58, "end": 2216.14, "word": " 30", "probability": 0.94677734375}, {"start": 2216.14, "end": 2216.64, "word": "%", "probability": 0.86767578125}, {"start": 2216.64, "end": 2218.16, "word": " increasing", "probability": 0.89599609375}, {"start": 2218.16, "end": 2218.38, "word": " the", "probability": 0.78515625}, {"start": 2218.38, "end": 2219.1, "word": " consumer's", "probability": 0.82470703125}, {"start": 2219.1, "end": 2219.44, "word": " income", "probability": 0.9296875}, {"start": 2219.44, "end": 2220.36, "word": " and", "probability": 0.61767578125}, {"start": 2220.36, "end": 2220.86, "word": " the", "probability": 0.9140625}, {"start": 2220.86, "end": 2221.22, "word": " cost", "probability": 0.89892578125}, {"start": 2221.22, "end": 2221.36, "word": " of", "probability": 0.96826171875}, {"start": 2221.36, "end": 2221.58, "word": " raw", "probability": 0.837890625}, {"start": 2221.58, "end": 2222.06, "word": " material", "probability": 0.8515625}, {"start": 2222.06, "end": 2223.1, "word": " increased", "probability": 0.89501953125}, {"start": 2223.1, "end": 2223.42, "word": " by", "probability": 0.9736328125}, {"start": 2223.42, "end": 2223.9, "word": " 10", "probability": 0.96240234375}, {"start": 2223.9, "end": 2224.56, "word": "%?", "probability": 0.775390625}], "temperature": 1.0}, {"id": 82, "seek": 224900, "start": 2226.76, "end": 2249.0, "text": " Which means that the magnitudes of a change in the consumer's income is bigger than the magnitudes of a change in the cost of raw material. The same here. Demand will go up by 30%. Supply declined by 10% only.", "tokens": [3013, 1355, 300, 264, 4944, 16451, 295, 257, 1319, 294, 264, 9711, 311, 5742, 307, 3801, 813, 264, 4944, 16451, 295, 257, 1319, 294, 264, 2063, 295, 8936, 2527, 13, 440, 912, 510, 13, 4686, 474, 486, 352, 493, 538, 2217, 6856, 9391, 356, 29213, 538, 1266, 4, 787, 13], "avg_logprob": -0.13258271649772047, "compression_ratio": 1.4893617021276595, "no_speech_prob": 0.0, "words": [{"start": 2226.76, "end": 2227.06, "word": " Which", "probability": 0.4853515625}, {"start": 2227.06, "end": 2227.42, "word": " means", "probability": 0.93603515625}, {"start": 2227.42, "end": 2227.76, "word": " that", "probability": 0.92578125}, {"start": 2227.76, "end": 2228.26, "word": " the", "probability": 0.91748046875}, {"start": 2228.26, "end": 2229.02, "word": " magnitudes", "probability": 0.9072265625}, {"start": 2229.02, "end": 2229.32, "word": " of", "probability": 0.96923828125}, {"start": 2229.32, "end": 2229.46, "word": " a", "probability": 0.646484375}, {"start": 2229.46, "end": 2229.9, "word": " change", "probability": 0.90234375}, {"start": 2229.9, "end": 2230.48, "word": " in", "probability": 0.91064453125}, {"start": 2230.48, "end": 2230.62, "word": " the", "probability": 0.89990234375}, {"start": 2230.62, "end": 2231.32, "word": " consumer's", "probability": 0.867431640625}, {"start": 2231.32, "end": 2231.72, "word": " income", "probability": 0.9453125}, {"start": 2231.72, "end": 2232.18, "word": " is", "probability": 0.9228515625}, {"start": 2232.18, "end": 2232.46, "word": " bigger", "probability": 0.94970703125}, {"start": 2232.46, "end": 2232.78, "word": " than", "probability": 0.9423828125}, {"start": 2232.78, "end": 2233.32, "word": " the", "probability": 0.92138671875}, {"start": 2233.32, "end": 2233.74, "word": " magnitudes", "probability": 0.936279296875}, {"start": 2233.74, "end": 2233.96, "word": " of", "probability": 0.966796875}, {"start": 2233.96, "end": 2234.1, "word": " a", "probability": 0.9140625}, {"start": 2234.1, "end": 2234.5, "word": " change", "probability": 0.89697265625}, {"start": 2234.5, "end": 2234.96, "word": " in", "probability": 0.931640625}, {"start": 2234.96, "end": 2235.12, "word": " the", "probability": 0.896484375}, {"start": 2235.12, "end": 2235.86, "word": " cost", "probability": 0.7578125}, {"start": 2235.86, "end": 2236.04, "word": " of", "probability": 0.9677734375}, {"start": 2236.04, "end": 2236.16, "word": " raw", "probability": 0.85009765625}, {"start": 2236.16, "end": 2236.62, "word": " material.", "probability": 0.83544921875}, {"start": 2238.76, "end": 2239.52, "word": " The", "probability": 0.87939453125}, {"start": 2239.52, "end": 2239.78, "word": " same", "probability": 0.892578125}, {"start": 2239.78, "end": 2240.06, "word": " here.", "probability": 0.86474609375}, {"start": 2240.36, "end": 2240.84, "word": " Demand", "probability": 0.95166015625}, {"start": 2240.84, "end": 2241.04, "word": " will", "probability": 0.87939453125}, {"start": 2241.04, "end": 2241.34, "word": " go", "probability": 0.9677734375}, {"start": 2241.34, "end": 2241.64, "word": " up", "probability": 0.96923828125}, {"start": 2241.64, "end": 2242.58, "word": " by", "probability": 0.97021484375}, {"start": 2242.58, "end": 2243.62, "word": " 30%.", "probability": 0.85009765625}, {"start": 2243.62, "end": 2245.16, "word": " Supply", "probability": 0.86083984375}, {"start": 2245.16, "end": 2246.92, "word": " declined", "probability": 0.3115234375}, {"start": 2246.92, "end": 2247.36, "word": " by", "probability": 0.97216796875}, {"start": 2247.36, "end": 2247.94, "word": " 10", "probability": 0.95947265625}, {"start": 2247.94, "end": 2248.34, "word": "%", "probability": 0.9658203125}, {"start": 2248.34, "end": 2249.0, "word": " only.", "probability": 0.9208984375}], "temperature": 1.0}, {"id": 83, "seek": 227996, "start": 2251.61, "end": 2279.97, "text": " So here, demand shifts right by 30%. The supply curve shifts by 10%. And let us study the case here. Let's come back to the case here. The result can end up increasing food prices and declining in the quantity, equilibrium quantity. Here, what would happen? Let's analyze the case here. It's a different case. It's a different case.", "tokens": [407, 510, 11, 4733, 19201, 558, 538, 2217, 6856, 440, 5847, 7605, 19201, 538, 1266, 6856, 400, 718, 505, 2979, 264, 1389, 510, 13, 961, 311, 808, 646, 281, 264, 1389, 510, 13, 440, 1874, 393, 917, 493, 5662, 1755, 7901, 293, 34298, 294, 264, 11275, 11, 15625, 11275, 13, 1692, 11, 437, 576, 1051, 30, 961, 311, 12477, 264, 1389, 510, 13, 467, 311, 257, 819, 1389, 13, 467, 311, 257, 819, 1389, 13], "avg_logprob": -0.1523437517646112, "compression_ratio": 1.6403940886699508, "no_speech_prob": 0.0, "words": [{"start": 2251.61, "end": 2251.97, "word": " So", "probability": 0.94677734375}, {"start": 2251.97, "end": 2252.73, "word": " here,", "probability": 0.693359375}, {"start": 2252.93, "end": 2253.27, "word": " demand", "probability": 0.78564453125}, {"start": 2253.27, "end": 2253.65, "word": " shifts", "probability": 0.94189453125}, {"start": 2253.65, "end": 2254.03, "word": " right", "probability": 0.47119140625}, {"start": 2254.03, "end": 2254.23, 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So here we have rightward shifting in supply curve by 30 percent, right? Okay. To D2, the magnitudes of a change in demand here is 30 percent.", "tokens": [19201, 3314, 538, 2217, 3043, 13, 407, 510, 321, 362, 558, 1007, 17573, 294, 5847, 7605, 538, 2217, 3043, 11, 558, 30, 1033, 13, 1407, 413, 17, 11, 264, 4944, 16451, 295, 257, 1319, 294, 4733, 510, 307, 2217, 3043, 13], "avg_logprob": -0.2503720323244731, "compression_ratio": 1.3709677419354838, "no_speech_prob": 0.0, "words": [{"start": 2317.78, "end": 2318.34, "word": " shifts", "probability": 0.421875}, {"start": 2318.34, "end": 2318.72, "word": " rate", "probability": 0.70166015625}, {"start": 2318.72, "end": 2319.04, "word": " by", "probability": 0.97509765625}, {"start": 2319.04, "end": 2319.5, "word": " 30", "probability": 0.9638671875}, {"start": 2319.5, "end": 2319.88, "word": " percent.", "probability": 0.5419921875}, {"start": 2320.76, "end": 2320.92, "word": " So", "probability": 0.94775390625}, {"start": 2320.92, "end": 2321.16, "word": " here", "probability": 0.63330078125}, {"start": 2321.16, "end": 2321.32, "word": " we", "probability": 0.7314453125}, {"start": 2321.32, "end": 2321.52, "word": " have", "probability": 0.77978515625}, {"start": 2321.52, "end": 2322.0, "word": " rightward", "probability": 0.5263671875}, {"start": 2322.0, "end": 2322.42, "word": " shifting", "probability": 0.91259765625}, {"start": 2322.42, "end": 2323.06, "word": " in", "probability": 0.55419921875}, {"start": 2323.06, "end": 2323.36, "word": " supply", "probability": 0.9365234375}, {"start": 2323.36, "end": 2323.68, "word": " curve", "probability": 0.89990234375}, {"start": 2323.68, "end": 2324.14, "word": " by", "probability": 0.970703125}, {"start": 2324.14, "end": 2326.1, "word": " 30", "probability": 0.95849609375}, {"start": 2326.1, "end": 2327.16, "word": " percent,", "probability": 0.9326171875}, {"start": 2327.56, "end": 2327.72, "word": " right?", "probability": 0.650390625}, {"start": 2328.02, "end": 2328.18, "word": " Okay.", "probability": 0.82080078125}, {"start": 2334.28, "end": 2335.1, "word": " To", "probability": 0.66552734375}, {"start": 2335.1, "end": 2335.62, "word": " D2,", "probability": 0.83544921875}, {"start": 2336.34, "end": 2337.66, "word": " the", "probability": 0.90771484375}, {"start": 2337.66, "end": 2338.18, "word": " magnitudes", "probability": 0.878662109375}, {"start": 2338.18, "end": 2338.38, "word": " of", "probability": 0.9521484375}, {"start": 2338.38, "end": 2338.5, "word": " a", "probability": 0.509765625}, {"start": 2338.5, "end": 2338.82, "word": " change", "probability": 0.89599609375}, {"start": 2338.82, "end": 2339.0, "word": " in", "probability": 0.93994140625}, {"start": 2339.0, "end": 2339.38, "word": " demand", "probability": 0.90673828125}, {"start": 2339.38, "end": 2339.72, "word": " here", "probability": 0.845703125}, {"start": 2339.72, "end": 2341.52, "word": " is", "probability": 0.86328125}, {"start": 2341.52, "end": 2342.06, "word": " 30", "probability": 0.97998046875}, {"start": 2342.06, "end": 2342.5, "word": " percent.", "probability": 0.974609375}], "temperature": 1.0}, {"id": 86, "seek": 237227, "start": 2344.27, "end": 2372.27, "text": " is bigger than the magnitudes of change in supply, which declined by 10 percent. So here is S2. The magnitudes of a change in supply is less than the magnitudes of a change in demand.", "tokens": [307, 3801, 813, 264, 4944, 16451, 295, 1319, 294, 5847, 11, 597, 29213, 538, 1266, 3043, 13, 407, 510, 307, 318, 17, 13, 440, 4944, 16451, 295, 257, 1319, 294, 5847, 307, 1570, 813, 264, 4944, 16451, 295, 257, 1319, 294, 4733, 13], "avg_logprob": -0.13902699303897945, "compression_ratio": 1.6283185840707965, "no_speech_prob": 0.0, "words": [{"start": 2344.27, "end": 2344.57, "word": " is", "probability": 0.65625}, {"start": 2344.57, "end": 2344.89, "word": " bigger", "probability": 0.947265625}, {"start": 2344.89, "end": 2345.33, "word": " than", "probability": 0.9423828125}, {"start": 2345.33, "end": 2345.77, "word": " the", "probability": 0.92236328125}, {"start": 2345.77, "end": 2346.29, "word": " magnitudes", "probability": 0.861328125}, {"start": 2346.29, "end": 2346.61, "word": " of", "probability": 0.958984375}, {"start": 2346.61, "end": 2347.13, "word": " change", "probability": 0.7177734375}, {"start": 2347.13, "end": 2347.75, "word": " in", "probability": 0.8798828125}, {"start": 2347.75, "end": 2348.83, "word": " supply,", "probability": 0.9375}, {"start": 2349.57, "end": 2350.99, "word": " which", "probability": 0.94580078125}, {"start": 2350.99, "end": 2351.97, "word": " declined", "probability": 0.8623046875}, {"start": 2351.97, "end": 2352.45, "word": " by", "probability": 0.97314453125}, {"start": 2352.45, "end": 2353.61, "word": " 10", "probability": 0.91650390625}, {"start": 2353.61, "end": 2354.11, "word": " percent.", "probability": 0.71826171875}, {"start": 2355.15, "end": 2355.39, "word": " So", "probability": 0.94287109375}, {"start": 2355.39, "end": 2356.81, "word": " here", "probability": 0.5693359375}, {"start": 2356.81, "end": 2358.29, "word": " is", "probability": 0.486572265625}, {"start": 2358.29, "end": 2362.55, "word": " S2.", "probability": 0.835205078125}, {"start": 2365.25, "end": 2365.73, "word": " The", "probability": 0.8994140625}, {"start": 2365.73, "end": 2366.35, "word": " magnitudes", "probability": 0.905517578125}, {"start": 2366.35, "end": 2366.53, "word": " of", "probability": 0.96142578125}, {"start": 2366.53, "end": 2366.69, "word": " a", "probability": 0.77587890625}, {"start": 2366.69, "end": 2367.09, "word": " change", "probability": 0.8974609375}, {"start": 2367.09, "end": 2367.47, "word": " in", "probability": 0.93603515625}, {"start": 2367.47, "end": 2367.99, "word": " supply", "probability": 0.93603515625}, {"start": 2367.99, "end": 2369.49, "word": " is", "probability": 0.9091796875}, {"start": 2369.49, "end": 2369.85, "word": " less", "probability": 0.9365234375}, {"start": 2369.85, "end": 2370.17, "word": " than", "probability": 0.9443359375}, {"start": 2370.17, "end": 2370.37, "word": " the", "probability": 0.923828125}, {"start": 2370.37, "end": 2370.77, "word": " magnitudes", "probability": 0.930419921875}, {"start": 2370.77, "end": 2370.99, "word": " of", "probability": 0.96435546875}, {"start": 2370.99, "end": 2371.09, "word": " a", "probability": 0.916015625}, {"start": 2371.09, "end": 2371.49, "word": " change", "probability": 0.9033203125}, {"start": 2371.49, "end": 2371.87, "word": " in", "probability": 0.94482421875}, {"start": 2371.87, "end": 2372.27, "word": " demand.", "probability": 0.90380859375}], "temperature": 1.0}, {"id": 87, "seek": 240271, "start": 2373.26, "end": 2402.72, "text": " So here we have a new equilibrium point, E2. The price goes up and the quantity equilibrium or equilibrium quantity goes down. Sorry, increases as well. Yeah. So in this case, the price goes up and the quantity goes up as well. So in this case, the price increased plus increasing the quantity.", "tokens": [407, 510, 321, 362, 257, 777, 15625, 935, 11, 462, 17, 13, 440, 3218, 1709, 493, 293, 264, 11275, 15625, 420, 15625, 11275, 1709, 760, 13, 4919, 11, 8637, 382, 731, 13, 865, 13, 407, 294, 341, 1389, 11, 264, 3218, 1709, 493, 293, 264, 11275, 1709, 493, 382, 731, 13, 407, 294, 341, 1389, 11, 264, 3218, 6505, 1804, 5662, 264, 11275, 13], "avg_logprob": -0.1548076923076923, "compression_ratio": 1.9798657718120805, "no_speech_prob": 0.0, "words": [{"start": 2373.26, "end": 2373.56, "word": " So", "probability": 0.9169921875}, {"start": 2373.56, "end": 2373.86, "word": " here", "probability": 0.7548828125}, {"start": 2373.86, "end": 2374.1, "word": " we", "probability": 0.85498046875}, {"start": 2374.1, "end": 2374.48, "word": " have", "probability": 0.94091796875}, {"start": 2374.48, "end": 2374.84, "word": " a", "probability": 0.888671875}, {"start": 2374.84, "end": 2375.0, "word": " new", "probability": 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on, the results and conclusions say, but now, let us assume that the consumer's income increased by 30%. At the same time, the cost of raw material, which affects supply, increased by 30%.", "tokens": [407, 498, 11, 420, 1780, 322, 11, 264, 3542, 293, 22865, 584, 11, 457, 586, 11, 718, 505, 6552, 300, 264, 9711, 311, 5742, 6505, 538, 2217, 6856, 1711, 264, 912, 565, 11, 264, 2063, 295, 8936, 2527, 11, 597, 11807, 5847, 11, 6505, 538, 2217, 6856], "avg_logprob": -0.2449544407427311, "compression_ratio": 1.4236111111111112, "no_speech_prob": 0.0, "words": [{"start": 2403.76, "end": 2404.14, "word": " So", "probability": 0.80078125}, {"start": 2404.14, "end": 2406.26, "word": " if,", "probability": 0.66796875}, {"start": 2408.14, "end": 2408.94, "word": " or", "probability": 0.94775390625}, {"start": 2408.94, "end": 2409.22, "word": " later", "probability": 0.94873046875}, {"start": 2409.22, "end": 2409.54, "word": " on,", "probability": 0.95068359375}, {"start": 2410.0, "end": 2410.06, "word": " the", "probability": 0.223876953125}, {"start": 2410.06, "end": 2410.78, "word": " results", "probability": 0.84814453125}, {"start": 2410.78, "end": 2411.04, "word": " and", "probability": 0.245361328125}, {"start": 2411.04, "end": 2411.48, "word": " conclusions", "probability": 0.73193359375}, {"start": 2411.48, "end": 2411.78, "word": " say,", "probability": 0.491455078125}, {"start": 2412.0, "end": 2412.14, "word": " but", "probability": 0.5556640625}, {"start": 2412.14, "end": 2412.46, "word": " now,", "probability": 0.93798828125}, {"start": 2412.98, "end": 2413.14, "word": " let", "probability": 0.94384765625}, {"start": 2413.14, "end": 2413.32, "word": " us", "probability": 0.8828125}, {"start": 2413.32, "end": 2413.7, "word": " assume", "probability": 0.91064453125}, {"start": 2413.7, "end": 2414.08, "word": " that", "probability": 0.92919921875}, {"start": 2414.08, "end": 2415.76, "word": " the", "probability": 0.79052734375}, {"start": 2415.76, "end": 2416.5, "word": " consumer's", "probability": 0.814453125}, {"start": 2416.5, "end": 2416.74, "word": " income", "probability": 0.9462890625}, {"start": 2416.74, "end": 2417.24, "word": " increased", "probability": 0.89892578125}, {"start": 2417.24, "end": 2417.42, "word": " by", "probability": 0.97021484375}, {"start": 2417.42, "end": 2418.18, "word": " 30%.", "probability": 0.844482421875}, {"start": 2418.18, "end": 2419.58, "word": " At", "probability": 0.9716796875}, {"start": 2419.58, "end": 2419.76, "word": " the", "probability": 0.91650390625}, {"start": 2419.76, "end": 2420.02, "word": " same", "probability": 0.90283203125}, {"start": 2420.02, "end": 2420.44, "word": " time,", "probability": 0.88818359375}, {"start": 2420.94, "end": 2421.1, "word": " the", "probability": 0.9072265625}, {"start": 2421.1, "end": 2421.5, "word": " cost", "probability": 0.92236328125}, {"start": 2421.5, "end": 2421.72, "word": " of", "probability": 0.96435546875}, {"start": 2421.72, "end": 2421.94, "word": " raw", "probability": 0.865234375}, {"start": 2421.94, "end": 2422.42, "word": " material,", "probability": 0.86474609375}, {"start": 2422.58, "end": 2422.78, "word": " which", "probability": 0.9482421875}, {"start": 2422.78, "end": 2424.28, "word": " affects", "probability": 0.73779296875}, {"start": 2424.28, "end": 2424.88, "word": " supply,", "probability": 0.91455078125}, {"start": 2425.32, "end": 2426.28, "word": " increased", "probability": 0.95751953125}, {"start": 2426.28, "end": 2427.18, "word": " by", "probability": 0.9716796875}, {"start": 2427.18, "end": 2428.68, "word": " 30%.", "probability": 0.953125}], "temperature": 1.0}, {"id": 89, "seek": 244327, "start": 2434.01, "end": 2443.27, "text": " We have the same changes, percentage change in demand equals the percentage change in supply. Let's check the case here.", "tokens": [492, 362, 264, 912, 2962, 11, 9668, 1319, 294, 4733, 6915, 264, 9668, 1319, 294, 5847, 13, 961, 311, 1520, 264, 1389, 510, 13], "avg_logprob": -0.21593749523162842, "compression_ratio": 1.3595505617977528, "no_speech_prob": 0.0, "words": [{"start": 2434.01, "end": 2434.23, "word": " We", "probability": 0.787109375}, {"start": 2434.23, "end": 2434.43, "word": " have", "probability": 0.9248046875}, {"start": 2434.43, "end": 2434.61, "word": " the", "probability": 0.92138671875}, {"start": 2434.61, "end": 2434.97, "word": " same", "probability": 0.9033203125}, {"start": 2434.97, "end": 2436.05, "word": " changes,", "probability": 0.78515625}, {"start": 2436.59, "end": 2437.01, "word": " percentage", "probability": 0.75830078125}, {"start": 2437.01, "end": 2437.59, "word": " change", "probability": 0.76513671875}, {"start": 2437.59, "end": 2437.89, "word": " in", "probability": 0.767578125}, {"start": 2437.89, "end": 2438.29, "word": " demand", "probability": 0.9072265625}, {"start": 2438.29, "end": 2438.77, "word": " equals", "probability": 0.8779296875}, {"start": 2438.77, "end": 2438.95, "word": " the", "probability": 0.84326171875}, {"start": 2438.95, "end": 2439.27, "word": " percentage", "probability": 0.8740234375}, {"start": 2439.27, "end": 2439.85, "word": " change", "probability": 0.85791015625}, {"start": 2439.85, "end": 2440.21, "word": " in", "probability": 0.93310546875}, {"start": 2440.21, "end": 2440.63, "word": " supply.", "probability": 0.93310546875}, {"start": 2441.87, "end": 2442.21, "word": " Let's", "probability": 0.968017578125}, {"start": 2442.21, "end": 2442.51, "word": " check", "probability": 0.935546875}, {"start": 2442.51, "end": 2442.69, "word": " the", "probability": 0.91943359375}, {"start": 2442.69, "end": 2443.01, "word": " case", "probability": 0.92041015625}, {"start": 2443.01, "end": 2443.27, "word": " here.", "probability": 0.79248046875}], "temperature": 1.0}, {"id": 90, "seek": 249108, "start": 2464.86, "end": 2491.08, "text": " Yes, we understand, we understand. What's the reason? And then you get back to the video if there's... No problem, no problem. I'll leave it. Okay. Where? So when I leave this 10%?", "tokens": [1079, 11, 321, 1223, 11, 321, 1223, 13, 708, 311, 264, 1778, 30, 400, 550, 291, 483, 646, 281, 264, 960, 498, 456, 311, 485, 883, 1154, 11, 572, 1154, 13, 286, 603, 1856, 309, 13, 1033, 13, 2305, 30, 407, 562, 286, 1856, 341, 1266, 4, 30], "avg_logprob": -0.7085459378300881, "compression_ratio": 1.3308823529411764, "no_speech_prob": 0.0, "words": [{"start": 2464.86, "end": 2465.24, "word": " Yes,", "probability": 0.04840087890625}, {"start": 2465.48, "end": 2465.48, "word": " we", "probability": 0.39111328125}, {"start": 2465.48, "end": 2465.48, "word": " understand,", "probability": 0.470458984375}, {"start": 2465.84, "end": 2465.98, "word": " we", "probability": 0.456298828125}, {"start": 2465.98, "end": 2466.3, "word": " understand.", "probability": 0.7802734375}, {"start": 2466.66, "end": 2467.16, "word": " What's", "probability": 0.23809814453125}, {"start": 2467.16, "end": 2467.38, "word": " the", "probability": 0.415283203125}, {"start": 2467.38, "end": 2467.38, "word": " reason?", "probability": 0.30029296875}, {"start": 2467.66, "end": 2468.12, "word": " And", "probability": 0.284912109375}, {"start": 2468.12, "end": 2468.24, "word": " then", "probability": 0.603515625}, {"start": 2468.24, "end": 2468.52, "word": " you", "probability": 0.63134765625}, {"start": 2468.52, "end": 2468.54, "word": " get", "probability": 0.1400146484375}, {"start": 2468.54, "end": 2468.66, "word": " back", "probability": 0.426513671875}, {"start": 2468.66, "end": 2468.66, "word": " to", "probability": 0.8251953125}, {"start": 2468.66, "end": 2468.66, "word": " the", "probability": 0.486328125}, {"start": 2468.66, "end": 2468.94, "word": " video", "probability": 0.849609375}, {"start": 2468.94, "end": 2469.66, "word": " if", "probability": 0.60888671875}, {"start": 2469.66, "end": 2471.66, "word": " there's...", "probability": 0.4538981119791667}, {"start": 2471.66, "end": 2472.12, "word": " No", "probability": 0.431884765625}, {"start": 2472.12, "end": 2472.46, "word": " problem,", "probability": 0.763671875}, {"start": 2472.56, "end": 2472.7, "word": " no", "probability": 0.708984375}, {"start": 2472.7, "end": 2472.96, "word": " problem.", "probability": 0.888671875}, {"start": 2473.1, "end": 2473.38, "word": " I'll", "probability": 0.800048828125}, {"start": 2473.38, "end": 2473.6, "word": " leave", "probability": 0.50927734375}, {"start": 2473.6, "end": 2473.82, "word": " it.", "probability": 0.9033203125}, {"start": 2475.38, "end": 2475.82, "word": " Okay.", "probability": 0.478271484375}, {"start": 2481.86, "end": 2482.42, "word": " Where?", "probability": 0.14501953125}, {"start": 2489.36, "end": 2489.92, "word": " So", "probability": 0.388671875}, {"start": 2489.92, "end": 2490.06, "word": " when", "probability": 0.65380859375}, {"start": 2490.06, "end": 2490.14, "word": " I", "probability": 0.6591796875}, {"start": 2490.14, "end": 2490.3, "word": " leave", "probability": 0.36767578125}, {"start": 2490.3, "end": 2490.54, "word": " this", "probability": 0.6494140625}, {"start": 2490.54, "end": 2490.78, "word": " 10", "probability": 0.36181640625}, {"start": 2490.78, "end": 2491.08, "word": "%?", "probability": 0.638671875}], "temperature": 1.0}, {"id": 91, "seek": 252132, "start": 2494.7, "end": 2521.32, "text": " This was 10%. Correct? 10%. Okay, what's your problem? Assumption. Another case. This is another case. It has nothing to do with the previous one. Of course. The assumption was that the consumer's income increased by 30%. Okay? And it affected the demand by 30%. Right? Right?", "tokens": [639, 390, 1266, 6856, 12753, 30, 1266, 6856, 1033, 11, 437, 311, 428, 1154, 30, 6281, 449, 1695, 13, 3996, 1389, 13, 639, 307, 1071, 1389, 13, 467, 575, 1825, 281, 360, 365, 264, 3894, 472, 13, 2720, 1164, 13, 440, 15302, 390, 300, 264, 9711, 311, 5742, 6505, 538, 2217, 6856, 1033, 30, 400, 309, 8028, 264, 4733, 538, 2217, 6856, 1779, 30, 1779, 30], "avg_logprob": -0.33115672353488296, "compression_ratio": 1.5136612021857923, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 2494.7, "end": 2494.98, "word": " This", "probability": 0.469482421875}, {"start": 2494.98, "end": 2495.16, "word": " was", "probability": 0.56884765625}, {"start": 2495.16, "end": 2495.86, "word": " 10%.", "probability": 0.6292724609375}, {"start": 2495.86, "end": 2496.18, "word": " Correct?", "probability": 0.2919921875}, {"start": 2496.4, "end": 2497.0, "word": " 10%.", "probability": 0.715087890625}, {"start": 2497.0, "end": 2498.16, "word": " Okay,", "probability": 0.1832275390625}, {"start": 2498.18, "end": 2498.36, "word": " what's", "probability": 0.5255126953125}, {"start": 2498.36, "end": 2498.4, "word": " your", "probability": 0.701171875}, {"start": 2498.4, "end": 2498.68, "word": " problem?", "probability": 0.82568359375}, {"start": 2501.08, "end": 2501.68, "word": " Assumption.", "probability": 0.9677734375}, {"start": 2501.82, "end": 2502.04, "word": " Another", "probability": 0.83984375}, {"start": 2502.04, "end": 2502.58, "word": " case.", "probability": 0.9052734375}, {"start": 2504.48, "end": 2504.84, "word": " This", "probability": 0.7666015625}, {"start": 2504.84, "end": 2504.94, "word": " is", "probability": 0.86279296875}, {"start": 2504.94, "end": 2504.94, "word": " another", "probability": 0.79931640625}, {"start": 2504.94, "end": 2505.26, "word": " case.", "probability": 0.89599609375}, {"start": 2505.56, "end": 2505.62, "word": " It", "probability": 0.66650390625}, {"start": 2505.62, "end": 2505.62, "word": " has", "probability": 0.6943359375}, {"start": 2505.62, "end": 2505.72, "word": " nothing", "probability": 0.90283203125}, {"start": 2505.72, "end": 2506.0, "word": " to", "probability": 0.9736328125}, {"start": 2506.0, "end": 2506.0, "word": " do", "probability": 0.966796875}, {"start": 2506.0, "end": 2506.1, "word": " with", "probability": 0.89208984375}, {"start": 2506.1, "end": 2506.32, "word": " the", "probability": 0.8818359375}, {"start": 2506.32, "end": 2506.38, "word": " previous", "probability": 0.310546875}, {"start": 2506.38, "end": 2506.46, "word": " one.", "probability": 0.7373046875}, {"start": 2508.02, "end": 2508.62, "word": " Of", "probability": 0.251220703125}, {"start": 2508.62, "end": 2508.78, "word": " course.", "probability": 0.9658203125}, {"start": 2510.8, "end": 2511.4, "word": " The", "probability": 0.79052734375}, {"start": 2511.4, "end": 2511.9, "word": " assumption", "probability": 0.978515625}, {"start": 2511.9, "end": 2512.46, "word": " was", "probability": 0.76806640625}, {"start": 2512.46, "end": 2513.28, "word": " that", "probability": 0.8916015625}, {"start": 2513.28, "end": 2513.42, "word": " the", "probability": 0.447021484375}, {"start": 2513.42, "end": 2514.16, "word": " consumer's", "probability": 0.829833984375}, {"start": 2514.16, "end": 2514.62, "word": " income", "probability": 0.94287109375}, {"start": 2514.62, "end": 2515.14, "word": " increased", "probability": 0.80908203125}, {"start": 2515.14, "end": 2515.32, "word": " by", "probability": 0.9453125}, {"start": 2515.32, "end": 2516.14, "word": " 30%.", "probability": 0.88427734375}, {"start": 2516.14, "end": 2517.44, "word": " Okay?", "probability": 0.466796875}, {"start": 2517.74, "end": 2517.86, "word": " And", "probability": 0.74853515625}, {"start": 2517.86, "end": 2517.96, "word": " it", "probability": 0.5361328125}, {"start": 2517.96, "end": 2518.26, "word": " affected", "probability": 0.49755859375}, {"start": 2518.26, "end": 2518.48, "word": " the", "probability": 0.67919921875}, {"start": 2518.48, "end": 2518.7, "word": " demand", "probability": 0.8974609375}, {"start": 2518.7, "end": 2518.82, "word": " by", "probability": 0.9365234375}, {"start": 2518.82, "end": 2519.5, "word": " 30%.", "probability": 0.94482421875}, {"start": 2519.5, "end": 2520.28, "word": " Right?", "probability": 0.654296875}, {"start": 2520.72, "end": 2521.32, "word": " Right?", "probability": 0.8359375}], "temperature": 1.0}, {"id": 92, "seek": 255027, "start": 2531.39, "end": 2550.27, "text": " Relative magnitudes of change or the change, the percentage of change in demand, became greater than the percentage of change in supply. It used to be less, right? Right? Right or wrong? See, if you're right and you walk, you're not right with me.", "tokens": [8738, 1166, 4944, 16451, 295, 1319, 420, 264, 1319, 11, 264, 9668, 295, 1319, 294, 4733, 11, 3062, 5044, 813, 264, 9668, 295, 1319, 294, 5847, 13, 467, 1143, 281, 312, 1570, 11, 558, 30, 1779, 30, 1779, 420, 2085, 30, 3008, 11, 498, 291, 434, 558, 293, 291, 1792, 11, 291, 434, 406, 558, 365, 385, 13], "avg_logprob": -0.4902012782581782, "compression_ratio": 1.631578947368421, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 2531.39, "end": 2531.95, "word": " Relative", "probability": 0.50067138671875}, {"start": 2531.95, "end": 2532.49, "word": " magnitudes", "probability": 0.591552734375}, {"start": 2532.49, "end": 2532.65, "word": " of", "probability": 0.86962890625}, {"start": 2532.65, "end": 2533.01, "word": " change", "probability": 0.662109375}, {"start": 2533.01, "end": 2533.49, "word": " or", "probability": 0.61279296875}, {"start": 2533.49, "end": 2533.69, "word": " the", "probability": 0.7890625}, {"start": 2533.69, "end": 2534.09, "word": " change,", "probability": 0.70849609375}, {"start": 2534.23, "end": 2534.31, "word": " the", "probability": 0.75439453125}, {"start": 2534.31, "end": 2534.65, "word": " percentage", "probability": 0.7939453125}, {"start": 2534.65, "end": 2534.89, "word": " of", "probability": 0.72705078125}, {"start": 2534.89, "end": 2535.21, "word": " change", "probability": 0.91015625}, {"start": 2535.21, "end": 2535.39, "word": " in", "probability": 0.89306640625}, {"start": 2535.39, "end": 2535.75, "word": " demand,", "probability": 0.923828125}, {"start": 2536.35, "end": 2536.63, "word": " became", "probability": 0.10650634765625}, {"start": 2536.63, "end": 2536.95, "word": " greater", "probability": 0.40087890625}, {"start": 2536.95, "end": 2537.09, "word": " than", "probability": 0.92919921875}, {"start": 2537.09, "end": 2537.23, "word": " the", "probability": 0.873046875}, {"start": 2537.23, "end": 2537.55, "word": " percentage", "probability": 0.82666015625}, {"start": 2537.55, "end": 2537.85, "word": " of", "probability": 0.9296875}, {"start": 2537.85, "end": 2538.17, "word": " change", "probability": 0.8857421875}, {"start": 2538.17, "end": 2538.35, "word": " in", "probability": 0.9140625}, {"start": 2538.35, "end": 2538.87, "word": " supply.", "probability": 0.8515625}, {"start": 2539.71, "end": 2539.73, "word": " It", "probability": 0.281494140625}, {"start": 2539.73, "end": 2539.87, "word": " used", "probability": 0.332763671875}, {"start": 2539.87, "end": 2539.87, "word": " to", "probability": 0.97705078125}, {"start": 2539.87, "end": 2539.99, "word": " be", "probability": 0.89404296875}, {"start": 2539.99, "end": 2540.27, "word": " less,", "probability": 0.60009765625}, {"start": 2541.13, "end": 2541.71, "word": " right?", "probability": 0.7080078125}, {"start": 2543.25, "end": 2543.33, "word": " Right?", "probability": 0.291748046875}, {"start": 2545.07, "end": 2545.51, "word": " Right", "probability": 0.5390625}, {"start": 2545.51, "end": 2545.67, "word": " or", "probability": 0.79833984375}, {"start": 2545.67, "end": 2545.95, "word": " wrong?", "probability": 0.74169921875}, {"start": 2547.55, "end": 2547.93, "word": " See,", "probability": 0.261474609375}, {"start": 2548.21, "end": 2548.33, "word": " if", "probability": 0.21044921875}, {"start": 2548.33, "end": 2548.65, "word": " you're", "probability": 0.6285400390625}, {"start": 2548.65, "end": 2548.91, "word": " right", "probability": 0.77880859375}, {"start": 2548.91, "end": 2549.07, "word": " and", "probability": 0.58935546875}, {"start": 2549.07, "end": 2549.13, "word": " you", "probability": 0.7578125}, {"start": 2549.13, "end": 2549.37, "word": " walk,", "probability": 0.448486328125}, {"start": 2549.45, "end": 2549.53, "word": " you're", "probability": 0.59130859375}, {"start": 2549.53, "end": 2549.59, "word": " not", "probability": 0.75341796875}, {"start": 2549.59, "end": 2549.83, "word": " right", "probability": 0.798828125}, {"start": 2549.83, "end": 2550.11, "word": " with", "probability": 0.54931640625}, {"start": 2550.11, "end": 2550.27, "word": " me.", "probability": 0.95654296875}], "temperature": 1.0}, {"id": 93, "seek": 257741, "start": 2551.11, "end": 2577.41, "text": " That's right, you need to understand it. Now look at me, look. Look at this, look. What? No, you need to understand it. Look at this story of yours, you don't understand it? I have a big story, that you leave the university without understanding it. You need to understand it, even if you don't have it, even if your mother doesn't have it either. Let me go back, go back to the point here. 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"start": 2582.72, "end": 2597.94, "text": " Something else, something else. Population goes down. Another case.", "tokens": [6595, 1646, 11, 746, 1646, 13, 10215, 2776, 1709, 760, 13, 3996, 1389, 13], "avg_logprob": -0.3455729126930237, "compression_ratio": 1.0625, "no_speech_prob": 0.0, "words": [{"start": 2582.72, "end": 2584.0, "word": " Something", "probability": 0.301513671875}, {"start": 2584.0, "end": 2585.28, "word": " else,", "probability": 0.890625}, {"start": 2585.38, "end": 2585.9, "word": " something", "probability": 0.85302734375}, {"start": 2585.9, "end": 2586.32, "word": " else.", "probability": 0.9169921875}, {"start": 2587.54, "end": 2588.82, "word": " Population", "probability": 0.63818359375}, {"start": 2588.82, "end": 2594.12, "word": " goes", "probability": 0.6923828125}, {"start": 2594.12, "end": 2594.56, "word": " down.", "probability": 0.84326171875}, {"start": 2596.72, "end": 2597.3, "word": " Another", "probability": 0.3896484375}, {"start": 2597.3, "end": 2597.94, "word": " case.", "probability": 0.912109375}], "temperature": 1.0}, {"id": 95, "seek": 264037, "start": 2619.51, "end": 2640.37, "text": " The consumers income increased by 30% at the same time the cost of raw material by 30%.", "tokens": [440, 11883, 5742, 6505, 538, 2217, 4, 412, 264, 912, 565, 264, 2063, 295, 8936, 2527, 538, 2217, 6856], "avg_logprob": -0.34296874403953553, "compression_ratio": 1.1, "no_speech_prob": 0.0, "words": [{"start": 2619.5099999999998, "end": 2620.35, "word": " The", "probability": 0.046600341796875}, {"start": 2620.35, "end": 2621.19, "word": " consumers", "probability": 0.3857421875}, {"start": 2621.19, "end": 2621.71, "word": " income", "probability": 0.94189453125}, {"start": 2621.71, "end": 2623.73, "word": " increased", "probability": 0.830078125}, {"start": 2623.73, "end": 2623.95, "word": " by", "probability": 0.9716796875}, {"start": 2623.95, "end": 2624.31, "word": " 30", "probability": 0.95654296875}, {"start": 2624.31, "end": 2624.81, "word": "%", "probability": 0.55859375}, {"start": 2624.81, "end": 2625.25, "word": " at", "probability": 0.8916015625}, {"start": 2625.25, "end": 2625.39, "word": " the", "probability": 0.9228515625}, {"start": 2625.39, "end": 2625.65, "word": " same", "probability": 0.90966796875}, {"start": 2625.65, "end": 2626.05, "word": " time", "probability": 0.89599609375}, {"start": 2626.05, "end": 2626.59, "word": " the", "probability": 0.54931640625}, {"start": 2626.59, "end": 2626.89, "word": " cost", "probability": 0.900390625}, {"start": 2626.89, "end": 2627.05, "word": " of", "probability": 0.96728515625}, {"start": 2627.05, "end": 2627.21, "word": " raw", "probability": 0.83203125}, {"start": 2627.21, "end": 2627.73, "word": " material", "probability": 0.82763671875}, {"start": 2627.73, "end": 2638.07, "word": " by", "probability": 0.251708984375}, {"start": 2638.07, "end": 2640.37, "word": " 30%.", "probability": 0.888916015625}], "temperature": 1.0}, {"id": 96, "seek": 266917, "start": 2640.89, "end": 2669.17, "text": " What will happen? As the consumer's income goes up by 30. What will happen to demand? By how much? This leads to increasing demand by 30%. And what will happen to supply? Increasing cost of production.", "tokens": [708, 486, 1051, 30, 1018, 264, 9711, 311, 5742, 1709, 493, 538, 2217, 13, 708, 486, 1051, 281, 4733, 30, 3146, 577, 709, 30, 639, 6689, 281, 5662, 4733, 538, 2217, 6856, 400, 437, 486, 1051, 281, 5847, 30, 30367, 3349, 2063, 295, 4265, 13], "avg_logprob": -0.2002377775700196, "compression_ratio": 1.4852941176470589, "no_speech_prob": 0.0, "words": [{"start": 2640.89, "end": 2641.15, "word": " What", "probability": 0.81494140625}, {"start": 2641.15, "end": 2641.27, "word": " will", "probability": 0.81396484375}, {"start": 2641.27, "end": 2641.65, "word": " happen?", "probability": 0.92431640625}, {"start": 2642.87, "end": 2643.63, "word": " As", "probability": 0.962890625}, {"start": 2643.63, "end": 2643.77, "word": " the", "probability": 0.88671875}, {"start": 2643.77, "end": 2644.53, "word": " consumer's", "probability": 0.78173828125}, {"start": 2644.53, "end": 2644.87, "word": " income", "probability": 0.9404296875}, {"start": 2644.87, "end": 2645.49, "word": " goes", "probability": 0.93603515625}, {"start": 2645.49, "end": 2645.87, "word": " up", "probability": 0.97021484375}, {"start": 2645.87, "end": 2646.03, "word": " by", "probability": 0.9697265625}, {"start": 2646.03, "end": 2646.35, "word": " 30.", "probability": 0.93359375}, {"start": 2646.49, "end": 2647.25, "word": " What", "probability": 0.4501953125}, {"start": 2647.25, "end": 2649.25, "word": " will", "probability": 0.84814453125}, {"start": 2649.25, "end": 2649.57, "word": " happen", "probability": 0.9111328125}, {"start": 2649.57, "end": 2649.73, "word": " to", "probability": 0.96484375}, {"start": 2649.73, "end": 2650.09, "word": " demand?", "probability": 0.88134765625}, {"start": 2651.53, "end": 2652.29, "word": " By", "probability": 0.8525390625}, {"start": 2652.29, "end": 2652.85, "word": " how", "probability": 0.90966796875}, {"start": 2652.85, "end": 2653.29, "word": " much?", "probability": 0.919921875}, {"start": 2654.03, "end": 2654.79, "word": " This", "probability": 0.49609375}, {"start": 2654.79, "end": 2655.57, "word": " leads", "probability": 0.775390625}, {"start": 2655.57, "end": 2655.75, "word": " to", "probability": 0.9619140625}, {"start": 2655.75, "end": 2656.43, "word": " increasing", "probability": 0.69873046875}, {"start": 2656.43, "end": 2656.95, "word": " demand", "probability": 0.8828125}, {"start": 2656.95, "end": 2657.85, "word": " by", "probability": 0.962890625}, {"start": 2657.85, "end": 2659.21, "word": " 30%.", "probability": 0.8369140625}, {"start": 2659.21, "end": 2660.19, "word": " And", "probability": 0.50830078125}, {"start": 2660.19, "end": 2661.71, "word": " what", "probability": 0.7470703125}, {"start": 2661.71, "end": 2661.85, "word": " will", "probability": 0.85498046875}, {"start": 2661.85, "end": 2662.11, "word": " happen", "probability": 0.91357421875}, {"start": 2662.11, "end": 2662.31, "word": " to", "probability": 0.96923828125}, {"start": 2662.31, "end": 2662.77, "word": " supply?", "probability": 0.92724609375}, {"start": 2667.49, "end": 2668.25, "word": " Increasing", "probability": 0.69482421875}, {"start": 2668.25, "end": 2668.63, "word": " cost", "probability": 0.461181640625}, {"start": 2668.63, "end": 2668.79, "word": " of", "probability": 0.95654296875}, {"start": 2668.79, "end": 2669.17, "word": " production.", "probability": 0.95458984375}], "temperature": 1.0}, {"id": 97, "seek": 270380, "start": 2676.9, "end": 2703.8, "text": " And this is the demand shift? These are shifts, right? These are shifts left by 30%. Both. Right? Let's look at the graph. Q price. D1. S1. E1. P1. Q1.", "tokens": [400, 341, 307, 264, 4733, 5513, 30, 1981, 366, 19201, 11, 558, 30, 1981, 366, 19201, 1411, 538, 2217, 6856, 6767, 13, 1779, 30, 961, 311, 574, 412, 264, 4295, 13, 1249, 3218, 13, 413, 16, 13, 318, 16, 13, 462, 16, 13, 430, 16, 13, 1249, 16, 13], "avg_logprob": -0.43218749105930326, "compression_ratio": 1.2773109243697478, "no_speech_prob": 0.0, "words": [{"start": 2676.9, "end": 2677.02, "word": " And", "probability": 0.224853515625}, {"start": 2677.02, "end": 2677.18, "word": " this", "probability": 0.42236328125}, {"start": 2677.18, "end": 2677.24, "word": " is", "probability": 0.35986328125}, {"start": 2677.24, "end": 2677.6, "word": " the", "probability": 0.454345703125}, {"start": 2677.6, "end": 2677.98, "word": " demand", "probability": 0.7802734375}, {"start": 2677.98, "end": 2678.4, "word": " shift?", "probability": 0.426025390625}, {"start": 2679.44, "end": 2679.72, "word": " These", "probability": 0.177001953125}, {"start": 2679.72, "end": 2679.82, "word": " are", "probability": 0.880859375}, {"start": 2679.82, "end": 2680.12, "word": " shifts,", "probability": 0.8076171875}, {"start": 2680.24, "end": 2680.46, "word": " right?", "probability": 0.8154296875}, {"start": 2680.56, "end": 2680.72, "word": " These", "probability": 0.796875}, {"start": 2680.72, "end": 2680.78, "word": " are", "probability": 0.90771484375}, {"start": 2680.78, "end": 2680.98, "word": " shifts", "probability": 0.8681640625}, {"start": 2680.98, "end": 2681.24, "word": " left", "probability": 0.294677734375}, {"start": 2681.24, "end": 2681.46, "word": " by", "probability": 0.96630859375}, {"start": 2681.46, "end": 2682.24, "word": " 30%.", "probability": 0.6195068359375}, {"start": 2682.24, "end": 2682.94, "word": " Both.", "probability": 0.75927734375}, {"start": 2683.38, "end": 2683.54, "word": " Right?", "probability": 0.280517578125}, {"start": 2683.9, "end": 2684.2, "word": " Let's", "probability": 0.891845703125}, {"start": 2684.2, "end": 2684.48, "word": " look", "probability": 0.423828125}, {"start": 2684.48, "end": 2684.54, "word": " at", "probability": 0.88623046875}, {"start": 2684.54, "end": 2684.66, "word": " the", "probability": 0.53759765625}, {"start": 2684.66, "end": 2685.12, "word": " graph.", "probability": 0.65576171875}, {"start": 2687.86, "end": 2688.58, "word": " Q", "probability": 0.8642578125}, {"start": 2688.58, "end": 2689.26, "word": " price.", "probability": 0.4072265625}, {"start": 2692.5, "end": 2693.22, "word": " D1.", "probability": 0.65625}, {"start": 2695.4, "end": 2696.12, "word": " S1.", "probability": 0.989501953125}, {"start": 2698.66, "end": 2699.38, "word": " E1.", "probability": 0.94580078125}, {"start": 2700.76, "end": 2701.42, "word": " P1.", "probability": 0.7318115234375}, {"start": 2703.08, "end": 2703.8, "word": " Q1.", "probability": 0.987060546875}], "temperature": 1.0}, {"id": 98, "seek": 273488, "start": 2706.26, "end": 2734.88, "text": " What will happen? Demand shifts right by 30%. Demand shifts right by 30%. By 30%. And supply, what will happen to supply here? Decline by 30%. Leftward shifting supply curve by 30%.", "tokens": [708, 486, 1051, 30, 4686, 474, 19201, 558, 538, 2217, 6856, 4686, 474, 19201, 558, 538, 2217, 6856, 3146, 2217, 6856, 400, 5847, 11, 437, 486, 1051, 281, 5847, 510, 30, 12427, 1889, 538, 2217, 6856, 16405, 1007, 17573, 5847, 7605, 538, 2217, 6856], "avg_logprob": -0.23472221692403158, "compression_ratio": 1.6396396396396395, "no_speech_prob": 0.0, "words": [{"start": 2706.26, "end": 2706.54, "word": " What", "probability": 0.73974609375}, {"start": 2706.54, "end": 2706.66, "word": " will", "probability": 0.85009765625}, {"start": 2706.66, "end": 2707.0, "word": " happen?", "probability": 0.9248046875}, {"start": 2708.36, "end": 2709.02, "word": " Demand", "probability": 0.9013671875}, {"start": 2709.02, "end": 2710.08, "word": " shifts", "probability": 0.92724609375}, {"start": 2710.08, "end": 2710.44, "word": " right", "probability": 0.57666015625}, {"start": 2710.44, "end": 2710.66, "word": " by", "probability": 0.9794921875}, {"start": 2710.66, "end": 2711.38, "word": " 30%.", "probability": 0.821044921875}, {"start": 2711.38, "end": 2711.72, "word": " Demand", "probability": 0.839111328125}, {"start": 2711.72, "end": 2712.8, "word": " shifts", "probability": 0.859375}, {"start": 2712.8, "end": 2713.38, "word": " right", "probability": 0.890625}, {"start": 2713.38, "end": 2713.64, "word": " by", "probability": 0.9697265625}, {"start": 2713.64, "end": 2714.76, "word": " 30%.", "probability": 0.930419921875}, {"start": 2714.76, "end": 2720.24, "word": " By", "probability": 0.1168212890625}, {"start": 2720.24, "end": 2723.82, "word": " 30%.", "probability": 0.915283203125}, {"start": 2723.82, "end": 2725.86, "word": " And", "probability": 0.8720703125}, {"start": 2725.86, "end": 2726.88, "word": " supply,", "probability": 0.7548828125}, {"start": 2727.42, "end": 2727.64, "word": " what", "probability": 0.943359375}, {"start": 2727.64, "end": 2727.82, "word": " will", "probability": 0.80810546875}, {"start": 2727.82, "end": 2728.06, "word": " happen", "probability": 0.9052734375}, {"start": 2728.06, "end": 2728.24, "word": " to", "probability": 0.96337890625}, {"start": 2728.24, "end": 2728.64, "word": " supply", "probability": 0.443603515625}, {"start": 2728.64, "end": 2728.88, "word": " here?", "probability": 0.70947265625}, {"start": 2729.38, "end": 2730.14, "word": " Decline", "probability": 0.9228515625}, {"start": 2730.14, "end": 2730.8, "word": " by", "probability": 0.96337890625}, {"start": 2730.8, "end": 2731.66, "word": " 30%.", "probability": 0.833984375}, {"start": 2731.66, "end": 2732.68, "word": " Leftward", "probability": 0.8359375}, {"start": 2732.68, "end": 2733.16, "word": " shifting", "probability": 0.85986328125}, {"start": 2733.16, "end": 2733.58, "word": " supply", "probability": 0.33056640625}, {"start": 2733.58, "end": 2733.94, "word": " curve", "probability": 0.921875}, {"start": 2733.94, "end": 2734.22, "word": " by", "probability": 0.9619140625}, {"start": 2734.22, "end": 2734.88, "word": " 30%.", "probability": 0.7244873046875}], "temperature": 1.0}, {"id": 99, "seek": 276231, "start": 2742.67, "end": 2762.31, "text": " It's two. A2, P2, the quantum is constant and it changed. This means what? Or in this case?", "tokens": [467, 311, 732, 13, 316, 17, 11, 430, 17, 11, 264, 13018, 307, 5754, 293, 309, 3105, 13, 639, 1355, 437, 30, 1610, 294, 341, 1389, 30], "avg_logprob": -0.3872767740062305, "compression_ratio": 1.0337078651685394, "no_speech_prob": 0.0, "words": [{"start": 2742.6699999999996, "end": 2743.47, "word": " It's", "probability": 0.4472808837890625}, {"start": 2743.47, "end": 2743.69, "word": " two.", "probability": 0.7548828125}, {"start": 2746.83, "end": 2747.55, "word": " A2,", "probability": 0.728271484375}, {"start": 2749.33, "end": 2750.11, "word": " P2,", "probability": 0.952880859375}, {"start": 2751.85, "end": 2751.97, "word": " the", "probability": 0.84423828125}, {"start": 2751.97, "end": 2752.29, "word": " quantum", "probability": 0.359375}, {"start": 2752.29, "end": 2752.63, "word": " is", "probability": 0.264404296875}, {"start": 2752.63, "end": 2753.07, "word": " constant", "probability": 0.79541015625}, {"start": 2753.07, "end": 2754.43, "word": " and", "probability": 0.458740234375}, {"start": 2754.43, "end": 2754.59, "word": " it", "probability": 0.90771484375}, {"start": 2754.59, "end": 2754.97, "word": " changed.", "probability": 0.73095703125}, {"start": 2759.49, "end": 2760.05, "word": " This", "probability": 0.88037109375}, {"start": 2760.05, "end": 2760.41, "word": " means", "probability": 0.93701171875}, {"start": 2760.41, "end": 2760.71, "word": " what?", "probability": 0.91552734375}, {"start": 2761.21, "end": 2761.63, "word": " Or", "probability": 0.9345703125}, {"start": 2761.63, "end": 2761.77, "word": " in", "probability": 0.90771484375}, {"start": 2761.77, "end": 2761.97, "word": " this", "probability": 0.95166015625}, {"start": 2761.97, "end": 2762.31, "word": " case?", "probability": 0.91455078125}], "temperature": 1.0}, {"id": 100, "seek": 278620, "start": 2764.16, "end": 2786.2, "text": " The magnitudes. The magnitudes. This depends on the case itself here. The price increased. The quantity remains constant in this case.", "tokens": [440, 4944, 16451, 13, 440, 4944, 16451, 13, 639, 5946, 322, 264, 1389, 2564, 510, 13, 440, 3218, 6505, 13, 440, 11275, 7023, 5754, 294, 341, 1389, 13], "avg_logprob": -0.34806034071692105, "compression_ratio": 1.4210526315789473, "no_speech_prob": 0.0, "words": [{"start": 2764.16, "end": 2764.34, "word": " The", "probability": 0.5810546875}, {"start": 2764.34, "end": 2765.38, "word": " magnitudes.", "probability": 0.5631103515625}, {"start": 2765.98, "end": 2766.28, "word": " The", "probability": 0.160888671875}, {"start": 2766.28, "end": 2770.98, "word": " magnitudes.", "probability": 0.70947265625}, {"start": 2770.98, "end": 2770.98, "word": " This", "probability": 0.2105712890625}, {"start": 2770.98, "end": 2774.98, "word": " depends", "probability": 0.87548828125}, {"start": 2774.98, "end": 2775.3, "word": " on", "probability": 0.94775390625}, {"start": 2775.3, "end": 2775.46, "word": " the", "probability": 0.92529296875}, {"start": 2775.46, "end": 2775.72, "word": " case", "probability": 0.892578125}, {"start": 2775.72, "end": 2776.16, "word": " itself", "probability": 0.859375}, {"start": 2776.16, "end": 2776.5, "word": " here.", "probability": 0.705078125}, {"start": 2779.12, "end": 2779.46, "word": " The", "probability": 0.7138671875}, {"start": 2779.46, "end": 2779.76, "word": " price", "probability": 0.91650390625}, {"start": 2779.76, "end": 2781.76, "word": " increased.", "probability": 0.74658203125}, {"start": 2782.72, "end": 2782.88, "word": " The", "probability": 0.7705078125}, {"start": 2782.88, "end": 2784.14, "word": " quantity", "probability": 0.9306640625}, {"start": 2784.14, "end": 2784.8, "word": " remains", "probability": 0.794921875}, {"start": 2784.8, "end": 2785.22, "word": " constant", "probability": 0.89794921875}, {"start": 2785.22, "end": 2785.56, "word": " in", "probability": 0.93701171875}, {"start": 2785.56, "end": 2785.78, "word": " this", "probability": 0.94921875}, {"start": 2785.78, "end": 2786.2, "word": " case.", "probability": 0.90380859375}], "temperature": 1.0}, {"id": 101, "seek": 282370, "start": 2798.16, "end": 2823.7, "text": " Okay. Let's go to another example here. Or we will select two other variables or determinants, one affect demand, another one affects supply. And we will study the effects on the market equilibrium. Let us assume that", "tokens": [1033, 13, 961, 311, 352, 281, 1071, 1365, 510, 13, 1610, 321, 486, 3048, 732, 661, 9102, 420, 15957, 1719, 11, 472, 3345, 4733, 11, 1071, 472, 11807, 5847, 13, 400, 321, 486, 2979, 264, 5065, 322, 264, 2142, 15625, 13, 961, 505, 6552, 300], "avg_logprob": -0.1920855968542721, "compression_ratio": 1.472972972972973, "no_speech_prob": 0.0, "words": [{"start": 2798.16, "end": 2799.04, "word": " Okay.", "probability": 0.76416015625}, {"start": 2799.04, "end": 2799.92, "word": " Let's", "probability": 0.864990234375}, {"start": 2799.92, "end": 2800.1, "word": " go", "probability": 0.96142578125}, {"start": 2800.1, "end": 2800.3, "word": " to", "probability": 0.95703125}, {"start": 2800.3, "end": 2800.64, "word": " another", "probability": 0.9169921875}, {"start": 2800.64, "end": 2801.16, "word": " example", "probability": 0.974609375}, {"start": 2801.16, "end": 2801.48, "word": " here.", "probability": 0.83544921875}, {"start": 2802.06, "end": 2802.94, "word": " Or", "probability": 0.88818359375}, {"start": 2802.94, "end": 2803.6, "word": " we", "probability": 0.74658203125}, {"start": 2803.6, "end": 2803.88, "word": " will", "probability": 0.892578125}, {"start": 2803.88, "end": 2804.52, "word": " select", "probability": 0.8505859375}, {"start": 2804.52, "end": 2807.8, "word": " two", "probability": 0.826171875}, {"start": 2807.8, "end": 2808.32, "word": " other", "probability": 0.89990234375}, {"start": 2808.32, "end": 2808.94, "word": " variables", "probability": 0.92919921875}, {"start": 2808.94, "end": 2809.28, "word": " or", "probability": 0.83984375}, {"start": 2809.28, "end": 2809.94, "word": " determinants,", "probability": 0.909912109375}, {"start": 2810.64, "end": 2810.84, "word": " one", "probability": 0.92919921875}, {"start": 2810.84, "end": 2811.82, "word": " affect", "probability": 0.316162109375}, {"start": 2811.82, "end": 2812.44, "word": " demand,", "probability": 0.87939453125}, {"start": 2812.56, "end": 2812.86, "word": " another", "probability": 0.8203125}, {"start": 2812.86, "end": 2813.22, "word": " one", "probability": 0.826171875}, {"start": 2813.22, "end": 2813.76, "word": " affects", "probability": 0.580078125}, {"start": 2813.76, "end": 2814.2, "word": " supply.", "probability": 0.9443359375}, {"start": 2815.2, "end": 2815.64, "word": " And", "probability": 0.759765625}, {"start": 2815.64, "end": 2815.98, "word": " we", "probability": 0.9384765625}, {"start": 2815.98, "end": 2816.14, "word": " will", "probability": 0.8837890625}, {"start": 2816.14, "end": 2816.52, "word": " study", "probability": 0.904296875}, {"start": 2816.52, "end": 2817.06, "word": " the", "probability": 0.91845703125}, {"start": 2817.06, "end": 2817.5, "word": " effects", "probability": 0.77294921875}, {"start": 2817.5, "end": 2818.32, "word": " on", "probability": 0.94482421875}, {"start": 2818.32, "end": 2818.46, "word": " the", "probability": 0.91357421875}, {"start": 2818.46, "end": 2818.84, "word": " market", "probability": 0.88720703125}, {"start": 2818.84, "end": 2819.34, "word": " equilibrium.", "probability": 0.861328125}, {"start": 2822.56, "end": 2822.8, "word": " Let", "probability": 0.955078125}, {"start": 2822.8, "end": 2822.98, "word": " us", "probability": 0.81640625}, {"start": 2822.98, "end": 2823.32, "word": " assume", "probability": 0.90087890625}, {"start": 2823.32, "end": 2823.7, "word": " that", "probability": 0.92822265625}], "temperature": 1.0}, {"id": 102, "seek": 285223, "start": 2827.03, "end": 2852.23, "text": " In an area, there is a war, and many population passed away. Died. War. Longer population goes down.", "tokens": [682, 364, 1859, 11, 456, 307, 257, 1516, 11, 293, 867, 4415, 4678, 1314, 13, 413, 1091, 13, 3630, 13, 8282, 260, 4415, 1709, 760, 13], "avg_logprob": -0.15335647817011233, "compression_ratio": 1.1477272727272727, "no_speech_prob": 0.0, "words": [{"start": 2827.03, "end": 2827.27, "word": " In", "probability": 0.9365234375}, {"start": 2827.27, "end": 2827.51, "word": " an", "probability": 0.9208984375}, {"start": 2827.51, "end": 2827.93, "word": " area,", "probability": 0.89111328125}, {"start": 2828.91, "end": 2829.77, "word": " there", "probability": 0.9130859375}, {"start": 2829.77, "end": 2829.93, "word": " is", "probability": 0.861328125}, {"start": 2829.93, "end": 2830.09, "word": " a", "probability": 0.95849609375}, {"start": 2830.09, "end": 2830.35, "word": " war,", "probability": 0.96728515625}, {"start": 2831.91, "end": 2832.29, "word": " and", "probability": 0.9404296875}, {"start": 2832.29, "end": 2834.59, "word": " many", "probability": 0.71923828125}, {"start": 2834.59, "end": 2835.35, "word": " population", "probability": 0.8408203125}, {"start": 2835.35, "end": 2836.55, "word": " passed", "probability": 0.83203125}, {"start": 2836.55, "end": 2836.95, "word": " away.", "probability": 0.8818359375}, {"start": 2838.67, "end": 2839.05, "word": " Died.", "probability": 0.77099609375}, {"start": 2842.87, "end": 2844.27, "word": " War.", "probability": 0.4677734375}, {"start": 2849.09, "end": 2850.49, "word": " Longer", "probability": 0.77783203125}, {"start": 2850.49, "end": 2851.07, "word": " population", "probability": 0.93408203125}, {"start": 2851.07, "end": 2851.91, "word": " goes", "probability": 0.927734375}, {"start": 2851.91, "end": 2852.23, "word": " down.", "probability": 0.85791015625}], "temperature": 1.0}, {"id": 103, "seek": 287792, "start": 2853.02, "end": 2877.92, "text": " So many population passed away, so the population goes down due to the war, due to killing so many people here. And at the same time, the government", "tokens": [407, 867, 4415, 4678, 1314, 11, 370, 264, 4415, 1709, 760, 3462, 281, 264, 1516, 11, 3462, 281, 8011, 370, 867, 561, 510, 13, 400, 412, 264, 912, 565, 11, 264, 2463], "avg_logprob": -0.15364583333333334, "compression_ratio": 1.3796296296296295, "no_speech_prob": 0.0, "words": [{"start": 2853.02, "end": 2853.38, "word": " So", "probability": 0.79248046875}, {"start": 2853.38, "end": 2853.74, "word": " many", "probability": 0.904296875}, {"start": 2853.74, "end": 2855.18, "word": " population", "probability": 0.65087890625}, {"start": 2855.18, "end": 2856.26, "word": " passed", "probability": 0.83056640625}, {"start": 2856.26, "end": 2856.7, "word": " away,", "probability": 0.8720703125}, {"start": 2856.94, "end": 2857.1, "word": " so", "probability": 0.95068359375}, {"start": 2857.1, "end": 2858.28, "word": " the", "probability": 0.8916015625}, {"start": 2858.28, "end": 2858.92, "word": " population", "probability": 0.92822265625}, {"start": 2858.92, "end": 2862.96, "word": " goes", "probability": 0.865234375}, {"start": 2862.96, "end": 2863.3, "word": " down", "probability": 0.85791015625}, {"start": 2863.3, "end": 2864.88, "word": " due", "probability": 0.5830078125}, {"start": 2864.88, "end": 2865.14, "word": " to", "probability": 0.9716796875}, {"start": 2865.14, "end": 2865.42, "word": " the", "probability": 0.92578125}, {"start": 2865.42, "end": 2865.8, "word": " war,", "probability": 0.95703125}, {"start": 2865.96, "end": 2866.1, "word": " due", "probability": 0.9091796875}, {"start": 2866.1, "end": 2866.84, "word": " to", "probability": 0.97509765625}, {"start": 2866.84, "end": 2868.02, "word": " killing", "probability": 0.8818359375}, {"start": 2868.02, "end": 2868.58, "word": " so", "probability": 0.953125}, {"start": 2868.58, "end": 2868.78, "word": " many", "probability": 0.904296875}, {"start": 2868.78, "end": 2869.14, "word": " people", "probability": 0.97412109375}, {"start": 2869.14, "end": 2869.46, "word": " here.", "probability": 0.8076171875}, {"start": 2871.18, "end": 2871.56, "word": " And", "probability": 0.9453125}, {"start": 2871.56, "end": 2871.78, "word": " at", "probability": 0.861328125}, {"start": 2871.78, "end": 2871.92, "word": " the", "probability": 0.91650390625}, {"start": 2871.92, "end": 2872.18, "word": " same", "probability": 0.90673828125}, {"start": 2872.18, "end": 2872.92, "word": " time,", "probability": 0.88671875}, {"start": 2874.02, "end": 2877.54, "word": " the", "probability": 0.923828125}, {"start": 2877.54, "end": 2877.92, "word": " government", "probability": 0.91650390625}], "temperature": 1.0}, {"id": 104, "seek": 291086, "start": 2882.42, "end": 2910.86, "text": " Increased subsidies for the population declined by 40%. At the same time, the government decided or subsidized the producers. Here we have subsidies for the producers. For the producers by", "tokens": [30367, 1937, 38523, 337, 264, 4415, 29213, 538, 3356, 6856, 1711, 264, 912, 565, 11, 264, 2463, 3047, 420, 20051, 1602, 264, 16080, 13, 1692, 321, 362, 38523, 337, 264, 16080, 13, 1171, 264, 16080, 538], "avg_logprob": -0.18475506595663121, "compression_ratio": 1.5, "no_speech_prob": 0.0, "words": [{"start": 2882.42, "end": 2883.22, "word": " Increased", "probability": 0.64990234375}, {"start": 2883.22, "end": 2884.34, "word": " subsidies", "probability": 0.8837890625}, {"start": 2884.34, "end": 2884.7, "word": " for", "probability": 0.397705078125}, {"start": 2884.7, "end": 2884.96, "word": " the", "probability": 0.85498046875}, {"start": 2884.96, "end": 2885.46, "word": " population", "probability": 0.923828125}, {"start": 2885.46, "end": 2885.92, "word": " declined", "probability": 0.74169921875}, {"start": 2885.92, "end": 2886.36, "word": " by", "probability": 0.96923828125}, {"start": 2886.36, "end": 2888.68, "word": " 40%.", "probability": 0.89453125}, {"start": 2888.68, "end": 2891.48, "word": " At", "probability": 0.97412109375}, {"start": 2891.48, "end": 2891.62, "word": " the", "probability": 0.91650390625}, {"start": 2891.62, "end": 2891.86, "word": " same", "probability": 0.90576171875}, {"start": 2891.86, "end": 2892.22, "word": " time,", "probability": 0.88916015625}, {"start": 2893.6, "end": 2893.74, "word": " the", "probability": 0.92236328125}, {"start": 2893.74, "end": 2894.16, "word": " government", "probability": 0.92333984375}, {"start": 2894.16, "end": 2895.28, "word": " decided", "probability": 0.8798828125}, {"start": 2895.28, "end": 2896.0, "word": " or", "probability": 0.7724609375}, {"start": 2896.0, "end": 2896.86, "word": " subsidized", "probability": 0.9580078125}, {"start": 2896.86, "end": 2898.68, "word": " the", "probability": 0.90185546875}, {"start": 2898.68, "end": 2899.46, "word": " producers.", "probability": 0.8876953125}, {"start": 2900.32, "end": 2900.54, "word": " Here", "probability": 0.84521484375}, {"start": 2900.54, "end": 2900.66, "word": " we", "probability": 0.7431640625}, {"start": 2900.66, "end": 2900.9, "word": " have", "probability": 0.9462890625}, {"start": 2900.9, "end": 2901.3, "word": " subsidies", "probability": 0.84716796875}, {"start": 2901.3, "end": 2901.68, "word": " for", "probability": 0.9482421875}, {"start": 2901.68, "end": 2901.82, "word": " the", "probability": 0.77783203125}, {"start": 2901.82, "end": 2902.34, "word": " producers.", "probability": 0.8759765625}, {"start": 2906.0, "end": 2907.0, "word": " For", "probability": 0.83349609375}, {"start": 2907.0, "end": 2907.2, "word": " the", "probability": 0.89990234375}, {"start": 2907.2, "end": 2907.74, "word": " producers", "probability": 0.86376953125}, {"start": 2907.74, "end": 2910.86, "word": " by", "probability": 0.75048828125}], "temperature": 1.0}, {"id": 105, "seek": 294273, "start": 2916.13, "end": 2942.73, "text": " 20%. What will happen? What will happen here? Yes, you can answer. Yes, you can answer. Yes, you can answer. Yes, you can answer. Yes, you can answer. Yes, you can answer. Yes, you can answer. Yes, you can answer. Yes, you can answer. Yes, you can answer. Yes, you can answer. Yes, you can answer. Yes, you can answer. Yes, you can answer. Yes, you can answer. Yes, you can answer. Yes, you can answer. Yes, you can answer. Yes, you can answer. Yes, you can answer. Yes, you can answer. Yes, you can answer. Yes, you can answer. Yes, you can answer. Yes, you can answer. Yes, you can answer. Yes, you can answer. Yes, you can answer. Yes, you can answer. Yes, you can answer. Yes, you can answer. Yes, you can answer. Yes, you can answer. Yes, you can answer. Yes, you can answer. 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Left. Left. Left. Yes. And here. Right. This is the case number one here. So as the population goes down, so your demand goes down by 40 percent plus. The government subsidizes. Yes. 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"seek": 302512, "start": 3000.56, "end": 3025.12, "text": " So subsidies will increase supplier by 20%. So HADA shifts left by 40% plus HADA shifts right by 20%.", "tokens": [407, 38523, 486, 3488, 31909, 538, 945, 6856, 407, 389, 45852, 19201, 1411, 538, 3356, 4, 1804, 389, 45852, 19201, 558, 538, 945, 6856], "avg_logprob": -0.28812500953674314, "compression_ratio": 1.1590909090909092, "no_speech_prob": 0.0, "words": [{"start": 3000.56, "end": 3000.9, "word": " So", "probability": 0.87060546875}, {"start": 3000.9, "end": 3001.44, "word": " subsidies", "probability": 0.8212890625}, {"start": 3001.44, "end": 3001.74, "word": " will", "probability": 0.8037109375}, {"start": 3001.74, "end": 3002.3, "word": " increase", "probability": 0.85400390625}, {"start": 3002.3, "end": 3002.82, "word": " supplier", "probability": 0.37353515625}, {"start": 3002.82, "end": 3008.22, "word": " by", "probability": 0.7158203125}, {"start": 3008.22, "end": 3011.24, "word": " 20%.", "probability": 0.8134765625}, {"start": 3011.24, "end": 3014.3, "word": " So", "probability": 0.9462890625}, {"start": 3014.3, "end": 3015.12, "word": " HADA", "probability": 0.3984375}, {"start": 3015.12, "end": 3015.68, "word": " shifts", "probability": 0.9130859375}, {"start": 3015.68, "end": 3016.12, "word": " left", "probability": 0.951171875}, {"start": 3016.12, "end": 3018.26, "word": " by", "probability": 0.96044921875}, {"start": 3018.26, "end": 3018.68, "word": " 40", "probability": 0.9736328125}, {"start": 3018.68, "end": 3019.18, "word": "%", "probability": 0.52490234375}, {"start": 3019.18, "end": 3020.86, "word": " plus", "probability": 0.93994140625}, {"start": 3020.86, "end": 3021.18, "word": " HADA", "probability": 0.885498046875}, {"start": 3021.18, "end": 3021.68, "word": " shifts", "probability": 0.92529296875}, {"start": 3021.68, "end": 3022.06, "word": " right", "probability": 0.91064453125}, {"start": 3022.06, "end": 3024.22, "word": " by", "probability": 0.93701171875}, {"start": 3024.22, "end": 3025.12, "word": " 20%.", "probability": 0.953125}], "temperature": 1.0}, {"id": 109, "seek": 306095, "start": 3033.01, "end": 3060.95, "text": " Q price, D1, S1, E1, P1, Q1. What is your assumption here? Yeah. No decline. Yes.", "tokens": [1249, 3218, 11, 413, 16, 11, 318, 16, 11, 462, 16, 11, 430, 16, 11, 1249, 16, 13, 708, 307, 428, 15302, 510, 30, 865, 13, 883, 15635, 13, 1079, 13], "avg_logprob": -0.24389648996293545, "compression_ratio": 0.9761904761904762, "no_speech_prob": 0.0, "words": [{"start": 3033.01, "end": 3034.11, "word": " Q", "probability": 0.7568359375}, {"start": 3034.11, "end": 3035.21, "word": " price,", "probability": 0.525390625}, {"start": 3038.55, "end": 3038.97, "word": " D1,", "probability": 0.862060546875}, {"start": 3041.09, "end": 3041.71, "word": " S1,", "probability": 0.97705078125}, {"start": 3043.19, "end": 3043.75, "word": " E1,", "probability": 0.974609375}, {"start": 3044.73, "end": 3046.05, "word": " P1,", "probability": 0.89892578125}, {"start": 3046.75, "end": 3048.03, "word": " Q1.", "probability": 0.960693359375}, {"start": 3049.27, "end": 3050.37, "word": " What", "probability": 0.1497802734375}, {"start": 3050.37, "end": 3056.27, "word": " is", "probability": 0.87158203125}, {"start": 3056.27, "end": 3056.41, "word": " your", "probability": 0.8515625}, {"start": 3056.41, "end": 3056.81, "word": " assumption", "probability": 0.98291015625}, {"start": 3056.81, "end": 3057.15, "word": " here?", "probability": 0.84423828125}, {"start": 3057.69, "end": 3057.79, "word": " Yeah.", "probability": 0.38232421875}, {"start": 3059.89, "end": 3060.07, "word": " No", "probability": 0.398193359375}, {"start": 3060.07, "end": 3060.53, "word": " decline.", "probability": 0.705078125}, {"start": 3060.81, "end": 3060.95, "word": " Yes.", "probability": 0.97119140625}], "temperature": 1.0}, {"id": 110, "seek": 308951, "start": 3063.47, "end": 3089.51, "text": " By how much? By 40%. Okay. All right, yeah. 40%. Shift right by 20%. Shift right. Is there a problem, do you feel? Is there a problem here? Who can give us advice here? Three.", "tokens": [3146, 577, 709, 30, 3146, 3356, 6856, 1033, 13, 1057, 558, 11, 1338, 13, 3356, 6856, 28304, 558, 538, 945, 6856, 28304, 558, 13, 1119, 456, 257, 1154, 11, 360, 291, 841, 30, 1119, 456, 257, 1154, 510, 30, 2102, 393, 976, 505, 5192, 510, 30, 6244, 13], "avg_logprob": -0.2889030612244898, "compression_ratio": 1.4308943089430894, "no_speech_prob": 0.0, "words": [{"start": 3063.47, "end": 3063.77, "word": " By", "probability": 0.5908203125}, {"start": 3063.77, "end": 3063.97, "word": " how", "probability": 0.94580078125}, {"start": 3063.97, "end": 3064.33, "word": " much?", "probability": 0.919921875}, {"start": 3064.85, "end": 3065.15, "word": " By", "probability": 0.446533203125}, {"start": 3065.15, "end": 3066.09, "word": " 40%.", "probability": 0.75634765625}, {"start": 3066.09, "end": 3066.43, "word": " Okay.", "probability": 0.666015625}, {"start": 3067.13, "end": 3067.87, "word": " All", "probability": 0.338623046875}, {"start": 3067.87, "end": 3070.07, "word": " right,", "probability": 0.91650390625}, {"start": 3070.21, "end": 3070.39, "word": " yeah.", "probability": 0.93408203125}, {"start": 3071.95, "end": 3072.69, "word": " 40%.", "probability": 0.790771484375}, {"start": 3072.69, "end": 3073.77, "word": " Shift", "probability": 0.60888671875}, {"start": 3073.77, "end": 3074.11, "word": " right", "probability": 0.8515625}, {"start": 3074.11, "end": 3074.39, "word": " by", "probability": 0.95166015625}, {"start": 3074.39, "end": 3075.95, "word": " 20%.", "probability": 0.70654296875}, {"start": 3075.95, "end": 3076.41, "word": " Shift", "probability": 0.92138671875}, {"start": 3076.41, "end": 3077.01, "word": " right.", "probability": 0.896484375}, {"start": 3079.59, "end": 3080.33, "word": " Is", "probability": 0.83935546875}, {"start": 3080.33, "end": 3080.51, "word": " there", "probability": 0.90380859375}, {"start": 3080.51, "end": 3080.63, "word": " a", "probability": 0.9755859375}, {"start": 3080.63, "end": 3080.95, "word": " problem,", "probability": 0.87451171875}, {"start": 3081.13, "end": 3081.13, "word": " do", "probability": 0.72998046875}, {"start": 3081.13, "end": 3081.23, "word": " you", "probability": 0.970703125}, {"start": 3081.23, "end": 3081.39, "word": " feel?", "probability": 0.484375}, {"start": 3081.77, "end": 3082.43, "word": " Is", "probability": 0.912109375}, {"start": 3082.43, "end": 3082.59, "word": " there", "probability": 0.90771484375}, {"start": 3082.59, "end": 3082.67, "word": " a", "probability": 0.98876953125}, {"start": 3082.67, "end": 3082.97, "word": " problem", "probability": 0.87939453125}, {"start": 3082.97, "end": 3083.23, "word": " here?", "probability": 0.833984375}, {"start": 3084.21, "end": 3084.95, "word": " Who", "probability": 0.420166015625}, {"start": 3084.95, "end": 3085.09, "word": " can", "probability": 0.87646484375}, {"start": 3085.09, "end": 3087.29, "word": " give", "probability": 0.65869140625}, {"start": 3087.29, "end": 3087.71, "word": " us", "probability": 0.93212890625}, {"start": 3087.71, "end": 3088.17, "word": " advice", "probability": 0.52978515625}, {"start": 3088.17, "end": 3088.53, "word": " here?", "probability": 0.8212890625}, {"start": 3088.95, "end": 3089.51, "word": " Three.", "probability": 0.3974609375}], "temperature": 1.0}, {"id": 111, "seek": 312144, "start": 3095.5, "end": 3121.44, "text": " What do you see? No, no, no. It's good analysis, but there is, or the magnitudes of a change in demand should be larger than the magnitudes of a change in supplier. Yeah, thank you very much, yes. Two, yeah. Tamam, tamam.", "tokens": [708, 360, 291, 536, 30, 883, 11, 572, 11, 572, 13, 467, 311, 665, 5215, 11, 457, 456, 307, 11, 420, 264, 4944, 16451, 295, 257, 1319, 294, 4733, 820, 312, 4833, 813, 264, 4944, 16451, 295, 257, 1319, 294, 31909, 13, 865, 11, 1309, 291, 588, 709, 11, 2086, 13, 4453, 11, 1338, 13, 18224, 11, 18536, 13], "avg_logprob": -0.1708333286146323, "compression_ratio": 1.5, "no_speech_prob": 0.0, "words": [{"start": 3095.5, "end": 3095.84, "word": " What", "probability": 0.6865234375}, {"start": 3095.84, "end": 3095.94, "word": " do", "probability": 0.93896484375}, {"start": 3095.94, "end": 3096.08, "word": " you", "probability": 0.966796875}, {"start": 3096.08, "end": 3096.36, "word": " see?", "probability": 0.9306640625}, {"start": 3100.22, "end": 3100.84, "word": " No,", "probability": 0.252197265625}, {"start": 3100.98, "end": 3101.12, "word": " no,", "probability": 0.92724609375}, {"start": 3101.18, "end": 3101.42, "word": " no.", "probability": 0.94970703125}, {"start": 3102.42, "end": 3103.04, "word": " It's", "probability": 0.972412109375}, {"start": 3103.04, "end": 3103.22, "word": " good", "probability": 0.84912109375}, {"start": 3103.22, "end": 3103.66, "word": " analysis,", "probability": 0.89892578125}, {"start": 3103.96, "end": 3104.04, "word": " but", "probability": 0.9169921875}, {"start": 3104.04, "end": 3104.54, "word": " there", "probability": 0.8583984375}, {"start": 3104.54, "end": 3105.0, "word": " is,", "probability": 0.94677734375}, {"start": 3105.5, "end": 3105.58, "word": " or", "probability": 0.728515625}, {"start": 3105.58, "end": 3105.74, "word": " the", "probability": 0.9208984375}, {"start": 3105.74, "end": 3106.44, "word": " magnitudes", "probability": 0.90234375}, {"start": 3106.44, "end": 3106.62, "word": " of", "probability": 0.96337890625}, {"start": 3106.62, "end": 3106.76, "word": " a", "probability": 0.7236328125}, {"start": 3106.76, "end": 3107.24, "word": " change", "probability": 0.91064453125}, {"start": 3107.24, "end": 3107.6, "word": " in", "probability": 0.927734375}, {"start": 3107.6, "end": 3107.94, "word": " demand", "probability": 0.916015625}, {"start": 3107.94, "end": 3108.24, "word": " should", "probability": 0.96240234375}, {"start": 3108.24, "end": 3108.84, "word": " be", "probability": 0.9609375}, {"start": 3108.84, "end": 3110.08, "word": " larger", "probability": 0.92822265625}, {"start": 3110.08, "end": 3110.66, "word": " than", "probability": 0.93994140625}, {"start": 3110.66, "end": 3110.9, "word": " the", "probability": 0.9140625}, {"start": 3110.9, "end": 3111.26, "word": " magnitudes", "probability": 0.919189453125}, {"start": 3111.26, "end": 3111.46, "word": " of", "probability": 0.96240234375}, {"start": 3111.46, "end": 3111.58, "word": " a", "probability": 0.86865234375}, {"start": 3111.58, "end": 3111.96, "word": " change", "probability": 0.904296875}, {"start": 3111.96, "end": 3112.28, "word": " in", "probability": 0.9443359375}, {"start": 3112.28, "end": 3112.72, "word": " supplier.", "probability": 0.89501953125}, {"start": 3113.56, "end": 3113.84, "word": " Yeah,", "probability": 0.87939453125}, {"start": 3113.96, "end": 3114.16, "word": " thank", "probability": 0.8251953125}, {"start": 3114.16, "end": 3114.26, "word": " you", "probability": 0.9658203125}, {"start": 3114.26, "end": 3114.46, "word": " very", "probability": 0.85302734375}, {"start": 3114.46, "end": 3114.72, "word": " much,", "probability": 0.90771484375}, {"start": 3114.94, "end": 3115.2, "word": " yes.", "probability": 0.95263671875}, {"start": 3116.54, "end": 3116.7, "word": " Two,", "probability": 0.59326171875}, {"start": 3117.72, "end": 3118.12, "word": " yeah.", "probability": 0.93505859375}, {"start": 3120.26, "end": 3120.6, "word": " Tamam,", "probability": 0.041534423828125}, {"start": 3120.94, "end": 3121.44, "word": " tamam.", "probability": 0.8154296875}], "temperature": 1.0}, {"id": 112, "seek": 314006, "start": 3123.54, "end": 3140.06, "text": " Let me see. This is the original, okay?", "tokens": [961, 385, 536, 13, 639, 307, 264, 3380, 11, 1392, 30], "avg_logprob": -0.5328775842984518, "compression_ratio": 0.8695652173913043, "no_speech_prob": 0.0, "words": [{"start": 3123.54, "end": 3123.8, "word": " Let", "probability": 0.04730224609375}, {"start": 3123.8, "end": 3124.26, "word": " me", "probability": 0.87744140625}, {"start": 3124.26, "end": 3135.08, "word": " see.", "probability": 0.85498046875}, {"start": 3136.96, "end": 3137.88, "word": " This", "probability": 0.35205078125}, {"start": 3137.88, "end": 3138.1, "word": " is", "probability": 0.9140625}, {"start": 3138.1, "end": 3138.2, "word": " the", "probability": 0.77001953125}, {"start": 3138.2, "end": 3138.64, "word": " original,", "probability": 0.939453125}, {"start": 3139.28, "end": 3140.06, "word": " okay?", "probability": 0.83935546875}], "temperature": 1.0}, {"id": 113, "seek": 316270, "start": 3141.14, "end": 3162.7, "text": " The magnitudes of a change in supply, increasing in supply is less than magnitudes of a change in demand. Plus? It's unclear. Sorry, the prices. Okay?", "tokens": [440, 4944, 16451, 295, 257, 1319, 294, 5847, 11, 5662, 294, 5847, 307, 1570, 813, 4944, 16451, 295, 257, 1319, 294, 4733, 13, 7721, 30, 467, 311, 25636, 13, 4919, 11, 264, 7901, 13, 1033, 30], "avg_logprob": -0.3268581081081081, "compression_ratio": 1.3482142857142858, "no_speech_prob": 0.0, "words": [{"start": 3141.14, "end": 3141.36, "word": " The", "probability": 0.74169921875}, {"start": 3141.36, "end": 3141.82, "word": " magnitudes", "probability": 0.71044921875}, {"start": 3141.82, "end": 3142.0, "word": " of", "probability": 0.95703125}, {"start": 3142.0, "end": 3142.1, "word": " a", "probability": 0.5859375}, {"start": 3142.1, "end": 3142.38, "word": " change", "probability": 0.8916015625}, {"start": 3142.38, "end": 3142.56, "word": " in", "probability": 0.92138671875}, {"start": 3142.56, "end": 3143.04, "word": " supply,", "probability": 0.94482421875}, {"start": 3143.32, "end": 3143.76, "word": " increasing", "probability": 0.93994140625}, {"start": 3143.76, "end": 3143.98, "word": " in", "probability": 0.7705078125}, {"start": 3143.98, "end": 3144.3, "word": " supply", "probability": 0.8603515625}, {"start": 3144.3, "end": 3144.54, "word": " is", "probability": 0.59228515625}, {"start": 3144.54, "end": 3144.86, "word": " less", "probability": 0.830078125}, {"start": 3144.86, "end": 3145.2, "word": " than", "probability": 0.87890625}, {"start": 3145.2, "end": 3145.94, "word": " magnitudes", "probability": 0.772216796875}, {"start": 3145.94, "end": 3146.12, "word": " of", "probability": 0.958984375}, {"start": 3146.12, "end": 3146.24, "word": " a", "probability": 0.775390625}, {"start": 3146.24, "end": 3146.6, "word": " change", "probability": 0.90869140625}, {"start": 3146.6, "end": 3147.0, "word": " in", "probability": 0.935546875}, {"start": 3147.0, "end": 3147.58, "word": " demand.", "probability": 0.92138671875}, {"start": 3150.7, "end": 3150.7, "word": " Plus?", "probability": 0.40380859375}, {"start": 3151.46, "end": 3152.18, "word": " It's", "probability": 0.596435546875}, {"start": 3152.18, "end": 3154.0, "word": " unclear.", "probability": 0.87841796875}, {"start": 3157.82, "end": 3158.54, "word": " Sorry,", "probability": 0.220947265625}, {"start": 3161.4, "end": 3161.54, "word": " the", "probability": 0.56982421875}, {"start": 3161.54, "end": 3161.9, "word": " prices.", "probability": 0.833984375}, {"start": 3162.5, "end": 3162.7, "word": " Okay?", "probability": 0.755859375}], "temperature": 1.0}, {"id": 114, "seek": 319120, "start": 3164.06, "end": 3191.2, "text": " Thank you very much indeed. Okay. Let's draw the case here. To price day one,", "tokens": [1044, 291, 588, 709, 6451, 13, 1033, 13, 961, 311, 2642, 264, 1389, 510, 13, 1407, 3218, 786, 472, 11], "avg_logprob": -0.3188243934086391, "compression_ratio": 1.0, "no_speech_prob": 0.0, "words": [{"start": 3164.06, "end": 3164.34, "word": " Thank", "probability": 0.75927734375}, {"start": 3164.34, "end": 3164.46, "word": " you", "probability": 0.96875}, {"start": 3164.46, "end": 3164.64, "word": " very", "probability": 0.83349609375}, {"start": 3164.64, "end": 3164.82, "word": " much", "probability": 0.91162109375}, {"start": 3164.82, "end": 3165.08, "word": " indeed.", "probability": 0.7060546875}, {"start": 3166.52, "end": 3167.36, "word": " Okay.", "probability": 0.115966796875}, {"start": 3173.96, "end": 3174.5, "word": " Let's", "probability": 0.966064453125}, {"start": 3174.5, "end": 3174.9, "word": " draw", "probability": 0.90185546875}, {"start": 3174.9, "end": 3175.1, "word": " the", "probability": 0.92333984375}, {"start": 3175.1, "end": 3175.48, "word": " case", "probability": 0.9228515625}, {"start": 3175.48, "end": 3179.48, "word": " here.", "probability": 0.81298828125}, {"start": 3186.26, "end": 3187.1, "word": " To", "probability": 0.6474609375}, {"start": 3187.1, "end": 3187.96, "word": " price", "probability": 0.833984375}, {"start": 3187.96, "end": 3190.78, "word": " day", "probability": 0.373779296875}, {"start": 3190.78, "end": 3191.2, "word": " one,", "probability": 0.66162109375}], "temperature": 1.0}, {"id": 115, "seek": 321849, "start": 3193.39, "end": 3218.49, "text": " S1, A1, P1, Q1. According to our assumption here, that demand shifts left by 40%. Demand shifts left by 40%. Try to enlarge things like this to be clear. D2.", "tokens": [318, 16, 11, 316, 16, 11, 430, 16, 11, 1249, 16, 13, 7328, 281, 527, 15302, 510, 11, 300, 4733, 19201, 1411, 538, 3356, 6856, 4686, 474, 19201, 1411, 538, 3356, 6856, 6526, 281, 31976, 432, 721, 411, 341, 281, 312, 1850, 13, 413, 17, 13], "avg_logprob": -0.25947474418802463, "compression_ratio": 1.2950819672131149, "no_speech_prob": 0.0, "words": [{"start": 3193.39, "end": 3194.39, "word": " S1,", "probability": 0.89990234375}, {"start": 3195.67, "end": 3196.21, "word": " A1,", "probability": 0.96630859375}, {"start": 3197.65, "end": 3198.23, "word": " P1,", "probability": 0.96826171875}, {"start": 3199.81, "end": 3200.27, "word": " Q1.", "probability": 0.995849609375}, {"start": 3201.75, "end": 3202.33, "word": " According", "probability": 0.95556640625}, {"start": 3202.33, "end": 3202.51, "word": " to", "probability": 0.95751953125}, {"start": 3202.51, "end": 3202.65, "word": " our", "probability": 0.8642578125}, {"start": 3202.65, "end": 3203.03, "word": " assumption", "probability": 0.97607421875}, {"start": 3203.03, "end": 3203.45, "word": " here,", "probability": 0.857421875}, {"start": 3204.49, "end": 3204.67, "word": " that", "probability": 0.83837890625}, {"start": 3204.67, "end": 3205.17, "word": " demand", "probability": 0.818359375}, {"start": 3205.17, "end": 3206.09, "word": " shifts", "probability": 0.9365234375}, {"start": 3206.09, "end": 3206.39, "word": " left", "probability": 0.7529296875}, {"start": 3206.39, "end": 3206.63, "word": " by", "probability": 0.97607421875}, {"start": 3206.63, "end": 3207.83, "word": " 40%.", "probability": 0.818359375}, {"start": 3207.83, "end": 3209.61, "word": " Demand", "probability": 0.946044921875}, {"start": 3209.61, "end": 3209.99, "word": " shifts", "probability": 0.9345703125}, {"start": 3209.99, "end": 3210.35, "word": " left", "probability": 0.95654296875}, {"start": 3210.35, "end": 3210.59, "word": " by", "probability": 0.96875}, {"start": 3210.59, "end": 3211.75, "word": " 40%.", "probability": 0.9541015625}, {"start": 3211.75, "end": 3212.71, "word": " Try", "probability": 0.053436279296875}, {"start": 3212.71, "end": 3212.83, "word": " to", "probability": 0.8232421875}, {"start": 3212.83, "end": 3213.13, "word": " enlarge", "probability": 0.55181884765625}, {"start": 3213.13, "end": 3213.47, "word": " things", "probability": 0.37255859375}, {"start": 3213.47, "end": 3213.63, "word": " like", "probability": 0.6064453125}, {"start": 3213.63, "end": 3213.79, "word": " this", "probability": 0.81884765625}, {"start": 3213.79, "end": 3214.01, "word": " to", "probability": 0.33544921875}, {"start": 3214.01, "end": 3216.11, "word": " be", "probability": 0.45068359375}, {"start": 3216.11, "end": 3217.29, "word": " clear.", "probability": 0.79736328125}, {"start": 3217.79, "end": 3218.49, "word": " D2.", "probability": 0.964599609375}], "temperature": 1.0}, {"id": 116, "seek": 324927, "start": 3220.85, "end": 3249.27, "text": " By 40%. And supply goes up by 20%. The supply goes up by 20%. To S2. The same result. The price, we have a new equilibrium, E2. The price goes down. And the quantity goes down as well.", "tokens": [3146, 3356, 6856, 400, 5847, 1709, 493, 538, 945, 6856, 440, 5847, 1709, 493, 538, 945, 6856, 1407, 318, 17, 13, 440, 912, 1874, 13, 440, 3218, 11, 321, 362, 257, 777, 15625, 11, 462, 17, 13, 440, 3218, 1709, 760, 13, 400, 264, 11275, 1709, 760, 382, 731, 13], "avg_logprob": -0.20940563842362048, "compression_ratio": 1.48, "no_speech_prob": 0.0, "words": [{"start": 3220.85, "end": 3221.11, "word": " By", "probability": 0.5625}, {"start": 3221.11, "end": 3221.83, "word": " 40%.", "probability": 0.75732421875}, {"start": 3221.83, "end": 3222.93, "word": " And", "probability": 0.94775390625}, {"start": 3222.93, "end": 3224.79, "word": " supply", "probability": 0.73828125}, {"start": 3224.79, "end": 3225.91, "word": " goes", "probability": 0.94189453125}, {"start": 3225.91, "end": 3226.31, "word": " up", "probability": 0.97265625}, {"start": 3226.31, "end": 3226.63, "word": " by", "probability": 0.9736328125}, {"start": 3226.63, "end": 3227.51, "word": " 20%.", "probability": 0.957275390625}, {"start": 3227.51, "end": 3227.71, "word": " The", "probability": 0.273681640625}, {"start": 3227.71, "end": 3227.85, "word": " supply", "probability": 0.80615234375}, {"start": 3227.85, "end": 3229.01, "word": " goes", "probability": 0.9365234375}, {"start": 3229.01, "end": 3229.33, "word": " up", "probability": 0.97119140625}, {"start": 3229.33, "end": 3229.55, "word": " by", "probability": 0.962890625}, {"start": 3229.55, "end": 3230.21, "word": " 20%.", "probability": 0.87744140625}, {"start": 3230.21, "end": 3232.85, "word": " To", "probability": 0.223388671875}, {"start": 3232.85, "end": 3234.93, "word": " S2.", "probability": 0.96435546875}, {"start": 3236.73, "end": 3237.03, "word": " The", "probability": 0.88134765625}, {"start": 3237.03, "end": 3237.25, "word": " same", "probability": 0.8818359375}, {"start": 3237.25, "end": 3237.63, "word": " result.", "probability": 0.92626953125}, {"start": 3238.97, "end": 3239.69, "word": " The", "probability": 0.81298828125}, {"start": 3239.69, "end": 3240.07, "word": " price,", "probability": 0.91259765625}, {"start": 3240.27, "end": 3240.67, "word": " we", "probability": 0.488037109375}, {"start": 3240.67, "end": 3242.21, "word": " have", "probability": 0.9453125}, {"start": 3242.21, "end": 3242.43, "word": " a", "probability": 0.9130859375}, {"start": 3242.43, "end": 3242.57, "word": " new", "probability": 0.90283203125}, {"start": 3242.57, "end": 3243.03, "word": " equilibrium,", "probability": 0.92822265625}, {"start": 3243.21, "end": 3243.55, "word": " E2.", "probability": 0.962646484375}, {"start": 3244.29, "end": 3244.59, "word": " The", "probability": 0.892578125}, {"start": 3244.59, "end": 3244.89, "word": " price", "probability": 0.8974609375}, {"start": 3244.89, "end": 3245.33, "word": " goes", "probability": 0.9306640625}, {"start": 3245.33, "end": 3245.65, "word": " down.", "probability": 0.83837890625}, {"start": 3247.11, "end": 3247.83, "word": " And", "probability": 0.93896484375}, {"start": 3247.83, "end": 3247.97, "word": " the", "probability": 0.916015625}, {"start": 3247.97, "end": 3248.27, "word": " quantity", "probability": 0.966796875}, {"start": 3248.27, "end": 3248.65, "word": " goes", "probability": 0.93505859375}, {"start": 3248.65, "end": 3248.93, "word": " down", "probability": 0.85693359375}, {"start": 3248.93, "end": 3249.13, "word": " as", "probability": 0.900390625}, {"start": 3249.13, "end": 3249.27, "word": " well.", "probability": 0.93701171875}], "temperature": 1.0}, {"id": 117, "seek": 327927, "start": 3252.25, "end": 3279.27, "text": " So the result here will be declining in prices plus declining in quality. Another case with the same determinants of demand and supply.", "tokens": [407, 264, 1874, 510, 486, 312, 34298, 294, 7901, 1804, 34298, 294, 3125, 13, 3996, 1389, 365, 264, 912, 15957, 1719, 295, 4733, 293, 5847, 13], "avg_logprob": -0.22887731260723537, "compression_ratio": 1.2830188679245282, "no_speech_prob": 0.0, "words": [{"start": 3252.25, "end": 3253.17, "word": " So", "probability": 0.1007080078125}, {"start": 3253.17, "end": 3253.45, "word": " the", "probability": 0.64306640625}, {"start": 3253.45, "end": 3260.17, "word": " result", "probability": 0.92236328125}, {"start": 3260.17, "end": 3260.45, "word": " here", "probability": 0.80859375}, {"start": 3260.45, "end": 3260.61, "word": " will", "probability": 0.80322265625}, {"start": 3260.61, "end": 3261.35, "word": " be", "probability": 0.95849609375}, {"start": 3261.35, "end": 3263.23, "word": " declining", "probability": 0.88134765625}, {"start": 3263.23, "end": 3263.47, "word": " in", "probability": 0.6337890625}, {"start": 3263.47, "end": 3263.91, "word": " prices", "probability": 0.86767578125}, {"start": 3263.91, "end": 3267.01, "word": " plus", "probability": 0.67578125}, {"start": 3267.01, "end": 3268.11, "word": " declining", "probability": 0.94970703125}, {"start": 3268.11, "end": 3268.33, "word": " in", "probability": 0.7578125}, {"start": 3268.33, "end": 3268.79, "word": " quality.", "probability": 0.62353515625}, {"start": 3273.67, "end": 3274.01, "word": " Another", "probability": 0.8583984375}, {"start": 3274.01, "end": 3274.59, "word": " case", "probability": 0.91162109375}, {"start": 3274.59, "end": 3276.43, "word": " with", "probability": 0.66650390625}, {"start": 3276.43, "end": 3276.59, "word": " the", "probability": 0.9189453125}, {"start": 3276.59, "end": 3276.87, "word": " same", "probability": 0.91015625}, {"start": 3276.87, "end": 3277.69, "word": " determinants", "probability": 0.958984375}, {"start": 3277.69, "end": 3278.39, "word": " of", "probability": 0.970703125}, {"start": 3278.39, "end": 3278.69, "word": " demand", "probability": 0.939453125}, {"start": 3278.69, "end": 3278.89, "word": " and", "probability": 0.89306640625}, {"start": 3278.89, "end": 3279.27, "word": " supply.", "probability": 0.9453125}], "temperature": 1.0}, {"id": 118, "seek": 330537, "start": 3279.91, "end": 3305.37, "text": " Let us assume that the population goes up by 40%. And the government provided subsidies for the producers by 20%. The same. Let's see the case. Let's see if you can do it. I don't know.", "tokens": [961, 505, 6552, 300, 264, 4415, 1709, 493, 538, 3356, 6856, 400, 264, 2463, 5649, 38523, 337, 264, 16080, 538, 945, 6856, 440, 912, 13, 961, 311, 536, 264, 1389, 13, 961, 311, 536, 498, 291, 393, 360, 309, 13, 286, 500, 380, 458, 13], "avg_logprob": -0.2576426772967629, "compression_ratio": 1.3285714285714285, "no_speech_prob": 0.0, "words": [{"start": 3279.91, "end": 3280.13, "word": " Let", "probability": 0.78955078125}, {"start": 3280.13, "end": 3280.31, "word": " us", "probability": 0.505859375}, {"start": 3280.31, "end": 3280.69, "word": " assume", "probability": 0.89453125}, {"start": 3280.69, "end": 3280.97, "word": " that", "probability": 0.90625}, {"start": 3280.97, "end": 3281.15, "word": " the", "probability": 0.460205078125}, {"start": 3281.15, "end": 3281.69, "word": " population", "probability": 0.92822265625}, {"start": 3281.69, "end": 3283.69, "word": " goes", "probability": 0.935546875}, {"start": 3283.69, "end": 3284.25, "word": " up", "probability": 0.97314453125}, {"start": 3284.25, "end": 3286.19, "word": " by", "probability": 0.96044921875}, {"start": 3286.19, "end": 3287.03, "word": " 40%.", "probability": 0.7705078125}, {"start": 3287.03, "end": 3289.27, "word": " And", "probability": 0.78759765625}, {"start": 3289.27, "end": 3289.49, "word": " the", "probability": 0.61767578125}, {"start": 3289.49, "end": 3291.83, "word": " government", "probability": 0.90380859375}, {"start": 3291.83, "end": 3292.57, "word": " provided", "probability": 0.88330078125}, {"start": 3292.57, "end": 3293.17, "word": " subsidies", "probability": 0.8486328125}, {"start": 3293.17, "end": 3293.71, "word": " for", "probability": 0.951171875}, {"start": 3293.71, "end": 3293.89, "word": " the", "probability": 0.91162109375}, {"start": 3293.89, "end": 3294.41, "word": " producers", "probability": 0.9189453125}, {"start": 3294.41, "end": 3295.31, "word": " by", "probability": 0.9638671875}, {"start": 3295.31, "end": 3296.47, "word": " 20%.", "probability": 0.918212890625}, {"start": 3296.47, "end": 3298.55, "word": " The", "probability": 0.71875}, {"start": 3298.55, "end": 3298.89, "word": " same.", "probability": 0.91259765625}, {"start": 3299.21, "end": 3299.45, "word": " Let's", "probability": 0.56158447265625}, {"start": 3299.45, "end": 3299.65, "word": " see", "probability": 0.5341796875}, {"start": 3299.65, "end": 3300.03, "word": " the", "probability": 0.82568359375}, {"start": 3300.03, "end": 3300.45, "word": " case.", "probability": 0.900390625}, {"start": 3300.79, "end": 3300.95, "word": " Let's", "probability": 0.536834716796875}, {"start": 3300.95, "end": 3301.27, "word": " see", "probability": 0.8857421875}, {"start": 3301.27, "end": 3301.37, "word": " if", "probability": 0.44677734375}, {"start": 3301.37, "end": 3301.63, "word": " you", "probability": 0.92236328125}, {"start": 3301.63, "end": 3301.79, "word": " can", "probability": 0.8876953125}, {"start": 3301.79, "end": 3302.07, "word": " do", "probability": 0.55517578125}, {"start": 3302.07, "end": 3302.27, "word": " it.", "probability": 0.6181640625}, {"start": 3303.93, "end": 3304.65, "word": " I", "probability": 0.87646484375}, {"start": 3304.65, "end": 3304.73, "word": " don't", "probability": 0.9248046875}, {"start": 3304.73, "end": 3305.37, "word": " know.", "probability": 0.9013671875}], "temperature": 1.0}, {"id": 119, "seek": 333369, "start": 3306.65, "end": 3333.69, "text": " I don't know. You have to do the analysis here and reach the results. Okay. Forty percent. Yeah, nice, perfect.", "tokens": [286, 500, 380, 458, 13, 509, 362, 281, 360, 264, 5215, 510, 293, 2524, 264, 3542, 13, 1033, 13, 11002, 88, 3043, 13, 865, 11, 1481, 11, 2176, 13], "avg_logprob": -0.18802082886298496, "compression_ratio": 1.1313131313131313, "no_speech_prob": 0.0, "words": [{"start": 3306.65, "end": 3306.89, "word": " I", "probability": 0.70068359375}, {"start": 3306.89, "end": 3307.17, "word": " don't", "probability": 0.9775390625}, {"start": 3307.17, "end": 3307.41, "word": " know.", "probability": 0.8232421875}, {"start": 3308.07, "end": 3308.17, "word": " You", "probability": 0.9296875}, {"start": 3308.17, "end": 3308.41, "word": " have", "probability": 0.95166015625}, {"start": 3308.41, "end": 3308.53, "word": " to", "probability": 0.97021484375}, {"start": 3308.53, "end": 3308.63, "word": " do", "probability": 0.962890625}, {"start": 3308.63, "end": 3308.77, "word": " the", "probability": 0.892578125}, {"start": 3308.77, "end": 3309.11, "word": " analysis", "probability": 0.8701171875}, {"start": 3309.11, "end": 3309.49, "word": " here", "probability": 0.8515625}, {"start": 3309.49, "end": 3310.29, "word": " and", "probability": 0.72216796875}, {"start": 3310.29, "end": 3310.95, "word": " reach", "probability": 0.8974609375}, {"start": 3310.95, "end": 3311.17, "word": " the", "probability": 0.912109375}, {"start": 3311.17, "end": 3311.55, "word": " results.", "probability": 0.8984375}, {"start": 3314.81, "end": 3315.29, "word": " Okay.", "probability": 0.1962890625}, {"start": 3331.87, "end": 3332.35, "word": " Forty", "probability": 0.777099609375}, {"start": 3332.35, "end": 3332.69, "word": " percent.", "probability": 0.958984375}, {"start": 3332.91, "end": 3333.05, "word": " Yeah,", "probability": 0.80859375}, {"start": 3333.13, "end": 3333.39, "word": " nice,", "probability": 0.9072265625}, {"start": 3333.49, "end": 3333.69, "word": " perfect.", "probability": 0.9228515625}], "temperature": 1.0}, {"id": 120, "seek": 336248, "start": 3336.56, "end": 3362.48, "text": " Subsidies for the producers increase supply by 20%. Nice, perfect. Demand shifts. Shifts, right. By 40%. Supply shifts where? Right. Right, yeah.", "tokens": [37471, 327, 530, 337, 264, 16080, 3488, 5847, 538, 945, 6856, 5490, 11, 2176, 13, 4686, 474, 19201, 13, 1160, 8065, 11, 558, 13, 3146, 3356, 6856, 9391, 356, 19201, 689, 30, 1779, 13, 1779, 11, 1338, 13], "avg_logprob": -0.21654647588729858, "compression_ratio": 1.2372881355932204, "no_speech_prob": 0.0, "words": [{"start": 3336.56, "end": 3337.24, "word": " Subsidies", "probability": 0.8680013020833334}, {"start": 3337.24, "end": 3337.46, "word": " for", "probability": 0.91845703125}, {"start": 3337.46, "end": 3337.6, "word": " the", "probability": 0.87255859375}, {"start": 3337.6, "end": 3338.02, "word": " producers", "probability": 0.83642578125}, {"start": 3338.02, "end": 3338.66, "word": " increase", "probability": 0.58935546875}, {"start": 3338.66, "end": 3339.26, "word": " supply", "probability": 0.84765625}, {"start": 3339.26, "end": 3340.4, "word": " by", "probability": 0.32177734375}, {"start": 3340.4, "end": 3343.06, "word": " 20%.", "probability": 0.747802734375}, {"start": 3343.06, "end": 3343.6, "word": " Nice,", "probability": 0.61669921875}, {"start": 3343.72, "end": 3343.98, "word": " perfect.", "probability": 0.91845703125}, {"start": 3346.28, "end": 3346.86, "word": " Demand", "probability": 0.90478515625}, {"start": 3346.86, "end": 3347.22, "word": " shifts.", "probability": 0.9208984375}, {"start": 3348.86, "end": 3349.3, "word": " Shifts,", "probability": 0.81689453125}, {"start": 3349.38, "end": 3349.66, "word": " right.", "probability": 0.88720703125}, {"start": 3351.9, "end": 3352.72, "word": " By", "probability": 0.75341796875}, {"start": 3352.72, "end": 3353.78, "word": " 40%.", "probability": 0.90966796875}, {"start": 3353.78, "end": 3356.22, "word": " Supply", "probability": 0.8486328125}, {"start": 3356.22, "end": 3356.56, "word": " shifts", "probability": 0.9228515625}, {"start": 3356.56, "end": 3356.94, "word": " where?", "probability": 0.90234375}, {"start": 3359.2, "end": 3360.28, "word": " Right.", "probability": 0.8896484375}, {"start": 3361.08, "end": 3362.16, "word": " Right,", "probability": 0.8759765625}, {"start": 3362.3, "end": 3362.48, "word": " yeah.", "probability": 0.9052734375}], "temperature": 1.0}, {"id": 121, "seek": 339515, "start": 3366.45, "end": 3395.15, "text": " By 20%. Yeah, perfect. It's 100%? The depth of the line, that's all. Yeah. S1, day one. Price. 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Where's the equilibrium point? Where's the equilibrium point? A1. 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Yeah, by 40%. Yeah, perfect. What is it? What is the another line here? D2, yeah. Shifts right by how much? 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Yeah, yeah. Where's the new equilibrium? Yes. A2. 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So the main result here will be increasing in prices and equilibrium quantity. Thank you very much indeed. Thanks. What will happen if the population increased by 40% and", "tokens": [25803, 6505, 11, 1338, 30, 407, 264, 2135, 1874, 510, 486, 312, 5662, 294, 7901, 293, 15625, 11275, 13, 1044, 291, 588, 709, 6451, 13, 2561, 13, 708, 486, 1051, 498, 264, 4415, 6505, 538, 3356, 4, 293], "avg_logprob": -0.22956730310733503, "compression_ratio": 1.3566433566433567, "no_speech_prob": 0.0, "words": [{"start": 3485.8499999999995, "end": 3486.6499999999996, "word": " Price", "probability": 0.587890625}, {"start": 3486.6499999999996, "end": 3487.45, "word": " increased,", "probability": 0.79638671875}, {"start": 3487.77, "end": 3488.09, "word": " yeah?", "probability": 0.935546875}, {"start": 3491.61, "end": 3492.41, "word": " So", "probability": 0.304443359375}, {"start": 3492.41, "end": 3492.67, "word": " the", "probability": 0.72265625}, {"start": 3492.67, "end": 3493.23, "word": " main", "probability": 0.81103515625}, {"start": 3493.23, "end": 3493.57, "word": " result", "probability": 0.8603515625}, {"start": 3493.57, "end": 3493.93, "word": " here", "probability": 0.83935546875}, {"start": 3493.93, "end": 3494.11, "word": " will", "probability": 0.5908203125}, {"start": 3494.11, "end": 3494.59, "word": " be", "probability": 0.9619140625}, {"start": 3494.59, "end": 3495.89, "word": " increasing", "probability": 0.92724609375}, {"start": 3495.89, "end": 3496.59, "word": " in", "probability": 0.9345703125}, {"start": 3496.59, "end": 3497.33, "word": " prices", "probability": 0.8310546875}, {"start": 3497.33, "end": 3497.69, "word": " and", "probability": 0.85498046875}, {"start": 3497.69, "end": 3498.11, "word": " equilibrium", "probability": 0.95556640625}, {"start": 3498.11, "end": 3498.63, "word": " quantity.", "probability": 0.82861328125}, {"start": 3498.75, "end": 3498.89, "word": " Thank", "probability": 0.873046875}, {"start": 3498.89, "end": 3498.99, "word": " you", "probability": 0.96337890625}, {"start": 3498.99, "end": 3499.15, "word": " very", "probability": 0.76123046875}, {"start": 3499.15, "end": 3499.33, "word": " much", "probability": 0.908203125}, {"start": 3499.33, "end": 3499.57, "word": " indeed.", "probability": 0.65966796875}, {"start": 3500.29, "end": 3500.59, "word": " Thanks.", "probability": 0.71923828125}, {"start": 3502.01, "end": 3502.31, "word": " What", "probability": 0.8916015625}, {"start": 3502.31, "end": 3502.49, "word": " will", "probability": 0.736328125}, {"start": 3502.49, "end": 3502.91, "word": " happen", "probability": 0.91748046875}, {"start": 3502.91, "end": 3503.77, "word": " if", "probability": 0.94775390625}, {"start": 3503.77, "end": 3505.13, "word": " the", "probability": 0.9140625}, {"start": 3505.13, "end": 3505.51, "word": " population", "probability": 0.9404296875}, {"start": 3505.51, "end": 3506.21, "word": " increased", "probability": 0.61083984375}, {"start": 3506.21, "end": 3506.51, "word": " by", "probability": 0.96875}, {"start": 3506.51, "end": 3506.93, "word": " 40", "probability": 0.9384765625}, {"start": 3506.93, "end": 3507.31, "word": "%", "probability": 0.70849609375}, {"start": 3507.31, "end": 3509.77, "word": " and", "probability": 0.56689453125}], "temperature": 1.0}, {"id": 126, "seek": 353970, "start": 3513.38, "end": 3539.7, "text": " Subsidies increased by 40% as well. You want to see it and see the result. OK? Do you have anything else you want to do? No, assignment is a must. 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So here, the relative magnitudes of a change in demand and supply determines the outcome of market equilibrium.", "tokens": [492, 920, 362, 257, 938, 565, 13, 407, 510, 11, 264, 4972, 4944, 16451, 295, 257, 1319, 294, 4733, 293, 5847, 24799, 264, 9700, 295, 2142, 15625, 13], "avg_logprob": -0.23450969210986433, "compression_ratio": 1.2522522522522523, "no_speech_prob": 0.0, "words": [{"start": 3545.0099999999998, "end": 3545.81, "word": " We", "probability": 0.026275634765625}, {"start": 3545.81, "end": 3546.37, "word": " still", "probability": 0.87255859375}, {"start": 3546.37, "end": 3546.73, "word": " have", "probability": 0.90576171875}, {"start": 3546.73, "end": 3546.91, "word": " a", "probability": 0.9384765625}, {"start": 3546.91, "end": 3547.07, "word": " long", "probability": 0.93896484375}, {"start": 3547.07, "end": 3547.45, "word": " time.", "probability": 0.89990234375}, {"start": 3552.37, "end": 3553.17, "word": " So", "probability": 0.2401123046875}, {"start": 3553.17, "end": 3559.17, "word": " here,", "probability": 0.7509765625}, {"start": 3564.13, "end": 3564.27, "word": " the", "probability": 0.84130859375}, {"start": 3564.27, "end": 3564.67, "word": " relative", "probability": 0.9443359375}, {"start": 3564.67, "end": 3565.47, "word": " magnitudes", "probability": 0.900634765625}, {"start": 3565.47, "end": 3566.11, "word": " of", "probability": 0.9658203125}, {"start": 3566.11, "end": 3566.29, "word": " a", "probability": 0.892578125}, {"start": 3566.29, "end": 3566.79, "word": " change", "probability": 0.908203125}, {"start": 3566.79, "end": 3567.19, "word": " in", "probability": 0.92626953125}, {"start": 3567.19, "end": 3567.59, "word": " demand", "probability": 0.890625}, {"start": 3567.59, "end": 3567.83, "word": " and", "probability": 0.88818359375}, {"start": 3567.83, "end": 3568.19, "word": " supply", "probability": 0.95166015625}, {"start": 3568.19, "end": 3568.77, "word": " determines", "probability": 0.91796875}, {"start": 3568.77, "end": 3568.99, "word": " the", "probability": 0.919921875}, {"start": 3568.99, "end": 3569.31, "word": " outcome", "probability": 0.853515625}, {"start": 3569.31, "end": 3569.51, "word": " of", "probability": 0.70166015625}, {"start": 3569.51, "end": 3569.77, "word": " market", "probability": 0.888671875}, {"start": 3569.77, "end": 3570.45, "word": " equilibrium.", "probability": 0.9716796875}], "temperature": 1.0}, {"id": 128, "seek": 359884, "start": 3576.36, "end": 3598.84, "text": " The relative magnitudes of a change in demand and supply determines the outcome of market equilibrium. So the result here, or what will happen if the demand changes and supply changes, what will happen to the equilibrium prices and the quantity?", "tokens": [440, 4972, 4944, 16451, 295, 257, 1319, 294, 4733, 293, 5847, 24799, 264, 9700, 295, 2142, 15625, 13, 407, 264, 1874, 510, 11, 420, 437, 486, 1051, 498, 264, 4733, 2962, 293, 5847, 2962, 11, 437, 486, 1051, 281, 264, 15625, 7901, 293, 264, 11275, 30], "avg_logprob": -0.22357047555294443, "compression_ratio": 1.64, "no_speech_prob": 0.0, "words": [{"start": 3576.36, "end": 3577.0, "word": " The", "probability": 0.2252197265625}, {"start": 3577.0, "end": 3577.3, "word": " relative", "probability": 0.95751953125}, {"start": 3577.3, "end": 3577.84, "word": " magnitudes", "probability": 0.825439453125}, {"start": 3577.84, "end": 3578.04, "word": " of", "probability": 0.9619140625}, {"start": 3578.04, "end": 3578.14, "word": " a", "probability": 0.7275390625}, {"start": 3578.14, "end": 3578.4, "word": " change", "probability": 0.9140625}, {"start": 3578.4, "end": 3578.52, "word": " in", "probability": 0.76025390625}, {"start": 3578.52, "end": 3578.76, "word": " demand", "probability": 0.86865234375}, {"start": 3578.76, "end": 3578.92, "word": " and", "probability": 0.86865234375}, {"start": 3578.92, "end": 3579.18, "word": " supply", "probability": 0.94091796875}, {"start": 3579.18, "end": 3579.64, "word": " determines", "probability": 0.85498046875}, {"start": 3579.64, "end": 3579.84, "word": " the", "probability": 0.91259765625}, {"start": 3579.84, "end": 3580.16, "word": " outcome", "probability": 0.8466796875}, {"start": 3580.16, "end": 3580.36, "word": " of", "probability": 0.861328125}, {"start": 3580.36, "end": 3580.62, "word": " market", "probability": 0.81787109375}, {"start": 3580.62, "end": 3581.14, "word": " equilibrium.", "probability": 0.89404296875}, {"start": 3583.8, "end": 3584.16, "word": " So", "probability": 0.380859375}, {"start": 3584.16, "end": 3588.14, "word": " the", "probability": 0.66162109375}, {"start": 3588.14, "end": 3588.66, "word": " result", "probability": 0.91845703125}, {"start": 3588.66, "end": 3589.08, "word": " here,", "probability": 0.84521484375}, {"start": 3589.76, "end": 3589.92, "word": " or", "probability": 0.87451171875}, {"start": 3589.92, "end": 3590.56, "word": " what", "probability": 0.9306640625}, {"start": 3590.56, "end": 3591.12, "word": " will", "probability": 0.8447265625}, {"start": 3591.12, "end": 3591.68, "word": " happen", "probability": 0.90966796875}, {"start": 3591.68, "end": 3592.6, "word": " if", "probability": 0.92138671875}, {"start": 3592.6, "end": 3592.78, "word": " the", "probability": 0.8935546875}, {"start": 3592.78, "end": 3593.26, "word": " demand", "probability": 0.89208984375}, {"start": 3593.26, "end": 3593.76, "word": " changes", "probability": 0.8330078125}, {"start": 3593.76, "end": 3593.96, "word": " and", "probability": 0.8828125}, {"start": 3593.96, "end": 3594.28, "word": " supply", "probability": 0.9130859375}, {"start": 3594.28, "end": 3594.88, "word": " changes,", "probability": 0.89501953125}, {"start": 3595.2, "end": 3595.34, "word": " what", "probability": 0.9345703125}, {"start": 3595.34, "end": 3595.48, "word": " will", "probability": 0.830078125}, {"start": 3595.48, "end": 3595.72, "word": " happen", "probability": 0.90283203125}, {"start": 3595.72, "end": 3595.92, "word": " to", "probability": 0.94140625}, {"start": 3595.92, "end": 3596.72, "word": " the", "probability": 0.775390625}, {"start": 3596.72, "end": 3597.7, "word": " equilibrium", "probability": 0.5634765625}, {"start": 3597.7, "end": 3598.18, "word": " prices", "probability": 0.82763671875}, {"start": 3598.18, "end": 3598.38, "word": " and", "probability": 0.904296875}, {"start": 3598.38, "end": 3598.48, "word": " the", "probability": 0.509765625}, {"start": 3598.48, "end": 3598.84, "word": " quantity?", "probability": 0.9501953125}], "temperature": 1.0}, {"id": 129, "seek": 362703, "start": 3601.75, "end": 3627.03, "text": " What will determine the changes in demand or the equilibrium prices and equilibrium quantities? The relative magnitudes of a change in demand and supply determines the outcome of market equilibrium. This is what I said. Yeah, yeah, yeah, yeah.", "tokens": [708, 486, 6997, 264, 2962, 294, 4733, 420, 264, 15625, 7901, 293, 15625, 22927, 30, 440, 4972, 4944, 16451, 295, 257, 1319, 294, 4733, 293, 5847, 24799, 264, 9700, 295, 2142, 15625, 13, 639, 307, 437, 286, 848, 13, 865, 11, 1338, 11, 1338, 11, 1338, 13], "avg_logprob": -0.10384114257370432, "compression_ratio": 1.5947712418300655, "no_speech_prob": 0.0, "words": [{"start": 3601.75, "end": 3602.15, "word": " What", "probability": 0.81103515625}, {"start": 3602.15, "end": 3602.47, "word": " will", "probability": 0.859375}, {"start": 3602.47, "end": 3603.13, "word": " determine", "probability": 0.92333984375}, {"start": 3603.13, "end": 3604.25, "word": " the", "probability": 0.89990234375}, {"start": 3604.25, "end": 3604.81, "word": " changes", "probability": 0.83349609375}, {"start": 3604.81, "end": 3605.59, "word": " in", "probability": 0.9462890625}, {"start": 3605.59, "end": 3605.99, "word": " demand", "probability": 0.91748046875}, {"start": 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And at the same time, fresh meat, the price of fresh meat increased by 40%. 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The price of forage or fodder. For chicken. The cost of forage or fodder. For chicken.", "tokens": [1171, 609, 337, 4662, 13, 440, 3218, 295, 337, 609, 420, 47698, 1068, 13, 1171, 4662, 13, 440, 2063, 295, 337, 609, 420, 47698, 1068, 13, 1171, 4662, 13], "avg_logprob": -0.2682291746139526, "compression_ratio": 1.671875, "no_speech_prob": 0.0, "words": [{"start": 3724.22, "end": 3725.04, "word": " Forage", "probability": 0.71630859375}, {"start": 3725.04, "end": 3725.28, "word": " for", "probability": 0.35546875}, {"start": 3725.28, "end": 3726.2, "word": " chicken.", "probability": 0.325927734375}, {"start": 3729.28, "end": 3729.44, "word": " The", "probability": 0.37890625}, {"start": 3729.44, "end": 3731.46, "word": " price", "probability": 0.912109375}, {"start": 3731.46, "end": 3731.66, "word": " of", "probability": 0.94921875}, {"start": 3731.66, "end": 3732.0, "word": " forage", "probability": 0.894287109375}, {"start": 3732.0, "end": 3732.26, "word": " or", "probability": 0.65380859375}, {"start": 3732.26, "end": 3732.64, "word": " fodder.", "probability": 0.8359375}, {"start": 3735.7, "end": 3736.5, "word": " For", "probability": 0.91162109375}, {"start": 3736.5, "end": 3736.92, "word": " chicken.", "probability": 0.88232421875}, {"start": 3741.56, "end": 3742.38, "word": " The", "probability": 0.6875}, {"start": 3742.38, "end": 3742.74, "word": " cost", "probability": 0.8671875}, {"start": 3742.74, "end": 3742.94, "word": " of", "probability": 0.95263671875}, {"start": 3742.94, "end": 3743.24, "word": " forage", "probability": 0.91943359375}, {"start": 3743.24, "end": 3743.48, "word": " or", "probability": 0.94873046875}, {"start": 3743.48, "end": 3744.06, "word": " fodder.", "probability": 0.974365234375}, {"start": 3745.14, "end": 3745.54, "word": " For", "probability": 0.181396484375}, {"start": 3745.54, "end": 3745.86, "word": " chicken.", "probability": 0.8701171875}], "temperature": 1.0}, {"id": 134, "seek": 377801, "start": 3750.87, "end": 3778.01, "text": " Increased by 30%. What will happen to the demand for chicken? What will happen to the market equilibrium of a chicken?", "tokens": [30367, 1937, 538, 2217, 6856, 708, 486, 1051, 281, 264, 4733, 337, 4662, 30, 708, 486, 1051, 281, 264, 2142, 15625, 295, 257, 4662, 30], "avg_logprob": -0.16150841346153846, "compression_ratio": 1.3076923076923077, "no_speech_prob": 0.0, "words": [{"start": 3750.87, "end": 3751.65, "word": " Increased", "probability": 0.7244873046875}, {"start": 3751.65, "end": 3752.11, "word": " by", "probability": 0.9736328125}, {"start": 3752.11, "end": 3754.13, "word": " 30%.", "probability": 0.852783203125}, {"start": 3754.13, "end": 3760.81, "word": " What", "probability": 0.83447265625}, {"start": 3760.81, "end": 3761.01, "word": " will", "probability": 0.79638671875}, {"start": 3761.01, "end": 3761.43, "word": " happen", "probability": 0.91552734375}, {"start": 3761.43, "end": 3761.69, "word": " to", "probability": 0.96630859375}, {"start": 3761.69, "end": 3761.83, "word": " the", "probability": 0.9150390625}, {"start": 3761.83, "end": 3762.25, "word": " demand", "probability": 0.921875}, {"start": 3762.25, "end": 3762.75, "word": " for", "probability": 0.94775390625}, {"start": 3762.75, "end": 3764.63, "word": " chicken?", "probability": 0.79833984375}, {"start": 3768.21, "end": 3768.41, "word": " What", "probability": 0.5322265625}, {"start": 3768.41, "end": 3769.01, "word": " will", "probability": 0.85888671875}, {"start": 3769.01, "end": 3769.47, "word": " happen", "probability": 0.91552734375}, {"start": 3769.47, "end": 3774.43, "word": " to", "probability": 0.798828125}, {"start": 3774.43, "end": 3775.37, "word": " the", "probability": 0.9033203125}, {"start": 3775.37, "end": 3776.37, "word": " market", "probability": 0.8857421875}, {"start": 3776.37, "end": 3776.99, "word": " equilibrium", "probability": 0.966796875}, {"start": 3776.99, "end": 3777.53, "word": " of", "probability": 0.95068359375}, {"start": 3777.53, "end": 3777.71, "word": " a", "probability": 0.4794921875}, {"start": 3777.71, "end": 3778.01, "word": " chicken?", "probability": 0.849609375}], "temperature": 1.0}, {"id": 135, "seek": 380133, "start": 3779.19, "end": 3801.33, "text": " The equilibrium price and equilibrium quantity of a chicken. The equilibrium price and the quantity of a chicken. I'm talking about a chicken's market.", "tokens": [440, 15625, 3218, 293, 15625, 11275, 295, 257, 4662, 13, 440, 15625, 3218, 293, 264, 11275, 295, 257, 4662, 13, 286, 478, 1417, 466, 257, 4662, 311, 2142, 13], "avg_logprob": -0.3156249910593033, "compression_ratio": 1.7078651685393258, "no_speech_prob": 0.0, "words": [{"start": 3779.19, "end": 3779.43, "word": " The", "probability": 0.44873046875}, {"start": 3779.43, "end": 3779.81, "word": " equilibrium", "probability": 0.92333984375}, {"start": 3779.81, "end": 3780.33, "word": " price", "probability": 0.9169921875}, {"start": 3780.33, "end": 3780.57, "word": " and", "probability": 0.94140625}, {"start": 3780.57, "end": 3780.95, "word": " equilibrium", "probability": 0.74072265625}, {"start": 3780.95, "end": 3781.39, "word": " quantity", "probability": 0.96826171875}, {"start": 3781.39, "end": 3781.55, "word": " of", "probability": 0.96533203125}, {"start": 3781.55, "end": 3781.65, "word": " a", "probability": 0.76171875}, {"start": 3781.65, "end": 3781.93, "word": " chicken.", "probability": 0.81884765625}, {"start": 3782.33, "end": 3782.73, "word": " The", "probability": 0.80078125}, {"start": 3782.73, "end": 3783.29, "word": " equilibrium", "probability": 0.97119140625}, {"start": 3783.29, "end": 3787.45, "word": " price", "probability": 0.8203125}, {"start": 3787.45, "end": 3789.75, "word": " and", "probability": 0.93603515625}, {"start": 3789.75, "end": 3789.89, "word": " the", "probability": 0.428466796875}, {"start": 3789.89, "end": 3790.49, "word": " quantity", "probability": 0.97119140625}, {"start": 3790.49, "end": 3793.27, "word": " of", "probability": 0.962890625}, {"start": 3793.27, "end": 3793.43, "word": " a", "probability": 0.90869140625}, {"start": 3793.43, "end": 3793.79, "word": " chicken.", "probability": 0.853515625}, {"start": 3799.85, "end": 3800.21, "word": " I'm", "probability": 0.3751220703125}, {"start": 3800.21, "end": 3800.37, "word": " talking", "probability": 0.74755859375}, {"start": 3800.37, "end": 3800.49, "word": " about", "probability": 0.89990234375}, {"start": 3800.49, "end": 3800.59, "word": " a", "probability": 0.250244140625}, {"start": 3800.59, "end": 3800.95, "word": " chicken's", "probability": 0.630615234375}, {"start": 3800.95, "end": 3801.33, "word": " market.", "probability": 0.9140625}], "temperature": 1.0}, {"id": 136, "seek": 381416, "start": 3811.76, "end": 3814.16, "text": " All right? It's all closed.", "tokens": [1057, 558, 30, 467, 311, 439, 5395, 13], "avg_logprob": -0.8190104166666666, "compression_ratio": 0.8235294117647058, "no_speech_prob": 0.0, "words": [{"start": 3811.76, "end": 3812.04, "word": " All", "probability": 0.2294921875}, {"start": 3812.04, "end": 3812.1, "word": " right?", "probability": 0.7158203125}, {"start": 3813.56, "end": 3813.78, "word": " It's", "probability": 0.4617919921875}, {"start": 3813.78, "end": 3813.9, "word": " all", "probability": 0.78369140625}, {"start": 3813.9, "end": 3814.16, "word": " closed.", "probability": 0.07305908203125}], "temperature": 1.0}], "language": "en", "language_probability": 1.0, "duration": 3814.48125, "duration_after_vad": 3506.497499999982} \ No newline at end of file diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/8Z6s99wBVlU_raw.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/8Z6s99wBVlU_raw.srt new file mode 100644 index 0000000000000000000000000000000000000000..0a92fb7ded46f10f6b41df84b9ff9b54236f07df --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/8Z6s99wBVlU_raw.srt @@ -0,0 +1,2640 @@ +1 +00:00:20,040 --> 00:00:22,180 +Okay. Bismillahirrahmanirrahim. How are you today? + +2 +00:00:23,740 --> 00:00:28,280 +Fine. Very good. OK. Today, inshallah, we'll be + +3 +00:00:28,280 --> 00:00:31,400 +talking about the change in market equilibrium. + +4 +00:00:32,120 --> 00:00:36,760 +The change in market equilibrium. As we mentioned + +5 +00:00:36,760 --> 00:00:39,960 +before that the equilibrium in the market occurs + +6 +00:00:39,960 --> 00:00:44,640 +when demand crosses supply curve or there is an + +7 +00:00:44,640 --> 00:00:49,000 +intersection between demand and supply. Now, let's + +8 +00:00:49,000 --> 00:00:55,210 +study the changes in the market equilibrium due to + +9 +00:00:55,210 --> 00:00:59,410 +the change in demand and supply, okay? Now, let's + +10 +00:00:59,410 --> 00:01:07,550 +assume that we are talking about the market + +11 +00:01:07,550 --> 00:01:10,010 +here, prices, + +12 +00:01:11,810 --> 00:01:18,250 +demand one, supply one, + +13 +00:01:21,940 --> 00:01:29,240 +Let's talk about the demand for shirts or demand + +14 +00:01:29,240 --> 00:01:34,140 +for trousers or demand for shoes in the local + +15 +00:01:34,140 --> 00:01:38,140 +market. So we're talking about the, this is the + +16 +00:01:38,140 --> 00:01:41,980 +equilibrium point one and this is the price P1. + +17 +00:01:42,260 --> 00:01:45,140 +Here we're talking about the demand for or demand + +18 +00:01:45,140 --> 00:01:50,440 +and supply for shoes quantity. + +19 +00:01:51,810 --> 00:02:02,350 +One. So our topic is the change in market + +20 +00:02:02,350 --> 00:02:04,170 +equilibrium. + +21 +00:02:08,930 --> 00:02:13,590 +Here we're talking about the shoes market. The + +22 +00:02:13,590 --> 00:02:17,070 +shoes consumer. Okay, thank you. + +23 +00:02:21,550 --> 00:02:24,870 +According to our assumption here, that the + +24 +00:02:24,870 --> 00:02:30,290 +equilibrium point in this market is A1, the demand + +25 +00:02:30,290 --> 00:02:35,730 +for shoes is illustrated by this demand curve, D1, + +26 +00:02:36,150 --> 00:02:42,570 +and the supply for shoes is supply one. If you + +27 +00:02:42,570 --> 00:02:46,330 +remember that we studied the demand determines and + +28 +00:02:46,330 --> 00:02:50,200 +supply determines. like the demand determines like + +29 +00:02:50,200 --> 00:02:52,860 +the consumer, the number of consumers or + +30 +00:02:52,860 --> 00:02:56,260 +population, the consumer's income, taste, and the + +31 +00:02:56,260 --> 00:02:59,260 +preferences. It tells the price of other related + +32 +00:02:59,260 --> 00:03:03,420 +goods and expectations for futures, for future + +33 +00:03:03,420 --> 00:03:07,640 +prices and future, you know, the future income, + +34 +00:03:08,000 --> 00:03:12,760 +okay? Now, let's gonna study the + +35 +00:03:15,330 --> 00:03:20,750 +What will happen to the equilibrium prices and + +36 +00:03:20,750 --> 00:03:24,390 +equilibrium quantity if the number of population + +37 +00:03:24,390 --> 00:03:29,890 +of the population increase? Let's assume that in + +38 +00:03:29,890 --> 00:03:34,250 +one area, the population increases. + +39 +00:03:40,010 --> 00:03:44,190 +What will happen? The population here is one of + +40 +00:03:44,190 --> 00:03:48,290 +the main determinants of demand. So demand will + +41 +00:03:48,290 --> 00:03:51,170 +increase. So here we have rightward shifting. So + +42 +00:03:51,170 --> 00:03:55,070 +demand will + +43 +00:03:55,070 --> 00:03:58,610 +increase. Because earlier we were talking about + +44 +00:03:58,610 --> 00:04:01,990 +the demand is a normal good. Our population + +45 +00:04:01,990 --> 00:04:11,090 +increases, the demand for shoes increased. + +46 +00:04:13,210 --> 00:04:17,970 +So the demand curve shifts right. They say demand + +47 +00:04:17,970 --> 00:04:21,030 +curve shifts right. + +48 +00:04:22,930 --> 00:04:27,850 +So here we have rightward shifting for demand + +49 +00:04:27,850 --> 00:04:31,790 +curve to + +50 +00:04:31,790 --> 00:04:36,670 +D2, parallel to the previous one. What do we see? + +51 +00:04:37,550 --> 00:04:42,580 +As demand increases. We have a new equilibrium + +52 +00:04:42,580 --> 00:04:45,800 +point in the market, which is E2 here. + +53 +00:04:49,220 --> 00:04:57,300 +The price goes up or increases from P1 to P2. And + +54 +00:04:57,300 --> 00:04:59,740 +the quantity, the equilibrium quantity in the + +55 +00:04:59,740 --> 00:05:08,660 +market goes up as well. All right? So, The + +56 +00:05:08,660 --> 00:05:14,040 +conclusion or the result here is we have a + +57 +00:05:14,040 --> 00:05:18,040 +rightward shifting in demand curve leads to an + +58 +00:05:18,040 --> 00:05:20,940 +increasing the prices, the equilibrium price, and + +59 +00:05:20,940 --> 00:05:24,020 +increasing the equilibrium quantity, the quantity + +60 +00:05:24,020 --> 00:05:28,800 +exchange in the market goes up. Okay? Is there a + +61 +00:05:28,800 --> 00:05:33,420 +problem? No. Okay. Let's assume that + +62 +00:05:38,340 --> 00:05:43,760 +We have populated the consumer's income. And here + +63 +00:05:43,760 --> 00:05:48,400 +we are talking about the shoes are. So here, let's + +64 +00:05:48,400 --> 00:05:55,300 +talk about the consumer. + +65 +00:05:58,520 --> 00:06:03,960 +Consumer's income goes up. What will happen to the + +66 +00:06:03,960 --> 00:06:08,770 +demand for shoes here? Not always, because it + +67 +00:06:08,770 --> 00:06:10,990 +might be you're talking about the second-hand + +68 +00:06:10,990 --> 00:06:11,430 +shoes. + +69 +00:06:14,110 --> 00:06:19,310 +Right? Correct? If we talk about new shoes, this + +70 +00:06:19,310 --> 00:06:21,890 +is his market, what does it mean? Definitely + +71 +00:06:21,890 --> 00:06:26,010 +income will have a positive effect on who? On new + +72 +00:06:26,010 --> 00:06:31,210 +shoes. But what about the second-hand shoes? It + +73 +00:06:31,210 --> 00:06:36,730 +goes down. Then income here, the consumer's income + +74 +00:06:36,730 --> 00:06:41,990 +goes up. If we are talking about a new shoes + +75 +00:06:41,990 --> 00:06:47,170 +market, industry, if this was a new shoes + +76 +00:06:47,170 --> 00:06:50,750 +industry, + +77 +00:06:52,230 --> 00:06:57,990 +definitely there will be a difference. Or this is + +78 +00:06:57,990 --> 00:07:01,590 +normal good. If this was normal good. + +79 +00:07:05,380 --> 00:07:09,180 +And if the shoes here are normal, what will + +80 +00:07:09,180 --> 00:07:12,160 +happen? Demand goes up. + +81 +00:07:14,820 --> 00:07:21,020 +So demand curve, demand for shoes goes + +82 +00:07:21,020 --> 00:07:25,340 +up and the demand curve shifts or shifts right. + +83 +00:07:29,900 --> 00:07:33,440 +So we will find that there is a rightward shifting + +84 +00:07:33,440 --> 00:07:37,880 +in demand curve. But what will happen if this + +85 +00:07:37,880 --> 00:07:41,620 +product is inferior? Like, you know, here we're + +86 +00:07:41,620 --> 00:07:47,940 +talking about the secondhand shoes. If the shoes + +87 +00:07:47,940 --> 00:07:56,800 +here is in you, secondhand shoes. + +88 +00:08:00,850 --> 00:08:07,330 +Let us assume that the shoes here is secondhand + +89 +00:08:07,330 --> 00:08:11,090 +shoes. + +90 +00:08:15,230 --> 00:08:19,410 +Increasing income, the consumer's income, leads to + +91 +00:08:19,410 --> 00:08:25,680 +what? The decreasing The demand for shoes. So the + +92 +00:08:25,680 --> 00:08:33,320 +demand for shoes here shifts left. So we will find + +93 +00:08:33,320 --> 00:08:42,300 +that the demand for shoes here shifts + +94 +00:08:42,300 --> 00:08:46,120 +left. So let us assume that here we have the + +95 +00:08:46,120 --> 00:08:48,140 +original equilibrium point. + +96 +00:08:51,160 --> 00:08:57,980 +This is the second-hand for shoes market, demand + +97 +00:08:57,980 --> 00:09:08,900 +one, S1, E1, P1, Q1. We are talking about the + +98 +00:09:08,900 --> 00:09:14,680 +second-hand shoes market. As the consumer's income + +99 +00:09:14,680 --> 00:09:19,180 +goes up, the demand for the second-hand shoes goes + +100 +00:09:19,180 --> 00:09:22,240 +down. Here we have a leftward shifting of demand + +101 +00:09:22,240 --> 00:09:25,100 +curve because there is a negative relationship + +102 +00:09:25,100 --> 00:09:29,960 +between what? Between the consumer's income and + +103 +00:09:29,960 --> 00:09:35,860 +the inferior goods. All right? So here we have + +104 +00:09:35,860 --> 00:09:38,840 +because the second and the closest here, the + +105 +00:09:38,840 --> 00:09:41,600 +second-hand shoes. + +106 +00:09:44,300 --> 00:09:46,960 +is an inferior good. + +107 +00:09:54,220 --> 00:09:57,860 +And there is a negative relationship between the + +108 +00:09:57,860 --> 00:10:00,440 +consumer's income and the demand for inferior + +109 +00:10:00,440 --> 00:10:04,860 +goods, so the demand shifts left. So here we have + +110 +00:10:04,860 --> 00:10:08,660 +a leftward shifting in demand curve to day two, + +111 +00:10:08,860 --> 00:10:13,540 +parallel to the previous one. Here we have a + +112 +00:10:13,540 --> 00:10:15,820 +leftward shifting and demand curve. + +113 +00:10:18,580 --> 00:10:22,480 +We have a new equilibrium point. Then Alice is + +114 +00:10:22,480 --> 00:10:28,040 +here. Assume that Ceteris Pervis means. Yeah. + +115 +00:10:30,200 --> 00:10:36,600 +Okay. So we have a new equilibrium point demand + +116 +00:10:36,600 --> 00:10:41,850 +two with supply one. Because supply did not change + +117 +00:10:41,850 --> 00:10:48,250 +here. Is there a problem? Where is it? Inferior + +118 +00:10:48,250 --> 00:10:54,590 +good. Inferior means. Okay. And there is a + +119 +00:10:54,590 --> 00:10:56,410 +negative relationship between the consumer's + +120 +00:10:56,410 --> 00:11:00,970 +income and the demand for inferior goods. Yes. Is + +121 +00:11:00,970 --> 00:11:05,870 +there a problem? Okay. So here we have the + +122 +00:11:05,870 --> 00:11:09,190 +leftward shifting in demand curve. We have a new + +123 +00:11:09,190 --> 00:11:15,250 +intersection point here, E2. And this is the + +124 +00:11:15,250 --> 00:11:21,470 +price, P2. The quantity exchange in the market is + +125 +00:11:21,470 --> 00:11:26,230 +Q2. What will happen here? So the result here is + +126 +00:11:26,230 --> 00:11:31,730 +increasing in the consumer income. leads to a + +127 +00:11:31,730 --> 00:11:39,510 +decreasing in demand for secondhand + +128 +00:11:39,510 --> 00:11:42,170 +shoes. + +129 +00:11:43,830 --> 00:11:48,830 +The conclusion or the result here is a decrease in + +130 +00:11:48,830 --> 00:11:54,070 +the price plus decreasing in the quantity. It + +131 +00:11:54,070 --> 00:11:57,350 +changes the market equilibrium. + +132 +00:11:58,390 --> 00:12:03,240 +This is the result here. Okay, so the conclusion, + +133 +00:12:03,420 --> 00:12:09,060 +the result here is we have a decreasing in the + +134 +00:12:09,060 --> 00:12:12,860 +prices, decreasing in the equilibrium quality. + +135 +00:12:13,280 --> 00:12:16,620 +What will happen if the consumer's income + +136 +00:12:16,620 --> 00:12:23,010 +decreases in this case? The demand for shoes, your + +137 +00:12:23,010 --> 00:12:26,130 +second hand shoes, goes up because there's a + +138 +00:12:26,130 --> 00:12:28,130 +negative relationship between the consumer's + +139 +00:12:28,130 --> 00:12:32,330 +income and the demand for, you know, the second + +140 +00:12:32,330 --> 00:12:38,170 +hand shoes, the demand curve shifts right. The + +141 +00:12:38,170 --> 00:12:40,870 +opposite case here, demand will shift right, so + +142 +00:12:40,870 --> 00:12:44,670 +the price goes up, the equilibrium quantity goes + +143 +00:12:44,670 --> 00:12:49,350 +up as well. Okay? What about the + +144 +00:12:53,550 --> 00:12:57,510 +Taste and preferences of the consumers. Taste and + +145 +00:12:57,510 --> 00:13:03,610 +preferences go towards buying one + +146 +00:13:03,610 --> 00:13:07,090 +type of shoes. Or when you're talking about + +147 +00:13:07,090 --> 00:13:09,670 +fashion here, the consumers taste their + +148 +00:13:09,670 --> 00:13:14,230 +preferences, go to work to buy something. One type + +149 +00:13:14,230 --> 00:13:17,870 +of the products here, one type of shoes. Demand + +150 +00:13:17,870 --> 00:13:22,130 +goes up. Demand shifts. So the price goes up, and + +151 +00:13:22,130 --> 00:13:24,950 +the demand goes up as well. The quantity changes. + +152 +00:13:25,090 --> 00:13:33,830 +The market goes up as well. Taste of + +153 +00:13:33,830 --> 00:13:38,040 +the preferences. The taste and the preferences. + +154 +00:13:40,120 --> 00:13:41,300 +And the preferences. + +155 +00:13:44,480 --> 00:13:46,020 +One type of shoes. + +156 +00:13:49,420 --> 00:13:55,200 +Demand busy. Demand curve shifts, right? And we + +157 +00:13:55,200 --> 00:14:00,040 +will write or shift. We have a word shifting and + +158 +00:14:00,040 --> 00:14:03,720 +demand curve. OK? And here, we can apply all these + +159 +00:14:03,720 --> 00:14:11,750 +things All demand determinants. Okay? Demand + +160 +00:14:11,750 --> 00:14:19,230 +determinants. Right or left. Okay? + +161 +00:14:25,850 --> 00:14:30,350 +Let's go to analyze the supply determinants. + +162 +00:14:46,730 --> 00:14:51,870 +Let's study the effect of a change in one of the + +163 +00:14:51,870 --> 00:14:54,830 +supply determinants on the market equilibrium. + +164 +00:15:06,530 --> 00:15:12,390 +If we have a new technology to produce shoes as + +165 +00:15:12,390 --> 00:15:16,810 +suppliers, as producers, as sellers, as sellers, + +166 +00:15:17,090 --> 00:15:21,550 +as producers, as suppliers. Let us assume that + +167 +00:15:21,550 --> 00:15:25,690 +they have a new technology. What will happen to + +168 +00:15:25,690 --> 00:15:28,070 +their production, their ability to produce, their + +169 +00:15:28,070 --> 00:15:30,150 +willingness to produce, their profits, you know, + +170 +00:15:30,450 --> 00:15:34,030 +the supply here? What will happen? Yeah, + +171 +00:15:34,110 --> 00:15:39,570 +definitely. So let us go to the tonalized. Or this + +172 +00:15:39,570 --> 00:15:42,990 +is the original situation, quarter prices. And + +173 +00:15:42,990 --> 00:15:51,980 +this is the demand for shoes, D1. S1, E1, price + +174 +00:15:51,980 --> 00:15:55,600 +P1, Q1. + +175 +00:15:57,580 --> 00:16:01,220 +According to our assumption here is that the + +176 +00:16:01,220 --> 00:16:07,020 +producers or the industry here have a new + +177 +00:16:07,020 --> 00:16:13,180 +technology. So if the sellers or the producers + +178 +00:16:13,180 --> 00:16:16,120 +have + +179 +00:16:17,530 --> 00:16:18,650 +A new technology. + +180 +00:16:22,930 --> 00:16:29,590 +Modern technology, modern machinery. What will + +181 +00:16:29,590 --> 00:16:30,330 +happen here? + +182 +00:16:33,530 --> 00:16:37,450 +Increasing what? Supply, you're talking about the + +183 +00:16:37,450 --> 00:16:41,940 +supply's determinants. Because technology is one + +184 +00:16:41,940 --> 00:16:45,700 +of the main effects or the main factors affect + +185 +00:16:45,700 --> 00:16:49,520 +what? Supply. Technology is one of the variables + +186 +00:16:49,520 --> 00:16:52,680 +or the factors of one of the main determinants of + +187 +00:16:52,680 --> 00:16:57,780 +supply. So as we have a new technology, The + +188 +00:16:57,780 --> 00:17:00,260 +production capacity will increase. The ability to + +189 +00:17:00,260 --> 00:17:03,100 +produce goes up. The willingness to produce goes + +190 +00:17:03,100 --> 00:17:09,260 +up. So here we have this will increase supply. So + +191 +00:17:09,260 --> 00:17:14,240 +this increased our production capacity. The + +192 +00:17:14,240 --> 00:17:20,120 +ability to produce goes up. So supply goes up. So + +193 +00:17:20,120 --> 00:17:23,500 +here we have rightward shifting in supply curve. + +194 +00:17:24,780 --> 00:17:25,860 +Supply of shoes. + +195 +00:17:29,610 --> 00:17:41,390 +goes up. So here we have rightward shifting and + +196 +00:17:41,390 --> 00:17:42,470 +supply curve. + +197 +00:17:48,730 --> 00:17:54,840 +So supply shifts right. So here we have rightward + +198 +00:17:54,840 --> 00:18:03,560 +shifting citrus petals. Supply shifts right. This + +199 +00:18:03,560 --> 00:18:04,560 +is S2. + +200 +00:18:08,980 --> 00:18:15,200 +We have a new equilibrium point. S2 with D remains + +201 +00:18:15,200 --> 00:18:18,340 +constant. Demand curve remains constant here. So + +202 +00:18:18,340 --> 00:18:24,700 +we have a new equilibrium point, A2. The price + +203 +00:18:24,700 --> 00:18:28,400 +goes down and the quantity exchange goes up due + +204 +00:18:28,400 --> 00:18:35,780 +to. When supply increases the market, the price + +205 +00:18:35,780 --> 00:18:40,920 +goes down with exchange quantity in the market. So + +206 +00:18:40,920 --> 00:18:46,340 +this leads to decreasing the prices and increasing + +207 +00:18:46,340 --> 00:18:49,460 +the quantity exchange or the equilibrium quantity + +208 +00:18:49,460 --> 00:18:56,790 +in the market. So the result here is decreasing + +209 +00:18:56,790 --> 00:18:59,930 +the prices, the market prices or the equilibrium + +210 +00:18:59,930 --> 00:19:03,950 +prices plus increasing and the equilibrium + +211 +00:19:03,950 --> 00:19:10,610 +quantity. That's it. Okay? Who has a problem here? + +212 +00:19:12,290 --> 00:19:18,380 +What will happen if the cost of raw material that + +213 +00:19:18,380 --> 00:19:22,320 +enters or enter in the production process of shoes + +214 +00:19:22,320 --> 00:19:26,560 +here. The cost of inputs, the cost of raw + +215 +00:19:26,560 --> 00:19:32,700 +material. What happens? When the cost of inputs + +216 +00:19:32,700 --> 00:19:34,600 +increases, raw material that goes into the + +217 +00:19:34,600 --> 00:19:39,660 +production of shoes, supply goes down. Right? + +218 +00:19:40,000 --> 00:19:46,740 +Decreases. So let's have another example. or + +219 +00:19:46,740 --> 00:19:50,900 +another determinant of supply, which is the cost + +220 +00:19:50,900 --> 00:19:51,740 +of raw material. + +221 +00:19:54,600 --> 00:20:09,480 +If the cost of raw material increases, + +222 +00:20:12,420 --> 00:20:18,250 +this means that The production process, the + +223 +00:20:18,250 --> 00:20:22,230 +production of shoes becomes more expensive. + +224 +00:20:24,950 --> 00:20:31,290 +The producers will gain less profits. What will + +225 +00:20:31,290 --> 00:20:34,990 +happen? Their ability to produce goes down. Their + +226 +00:20:34,990 --> 00:20:38,830 +willingness to produce goes down as well. So this + +227 +00:20:38,830 --> 00:20:44,250 +means or this leads to a decreasing in supply for + +228 +00:20:44,250 --> 00:20:44,750 +shoes. + +229 +00:20:47,530 --> 00:20:52,550 +So supply curve shifts left. + +230 +00:20:54,190 --> 00:20:57,810 +So here we have a leftward shifting and supply + +231 +00:20:57,810 --> 00:20:58,150 +curve. + +232 +00:21:02,730 --> 00:21:06,790 +So this leads to a leftward shifting and supply + +233 +00:21:06,790 --> 00:21:07,990 +curve for shoes, + +234 +00:21:10,770 --> 00:21:13,350 +price, day one. + +235 +00:21:19,050 --> 00:21:28,010 +S1, E1, P1, Q1. Now according to our assumption + +236 +00:21:28,010 --> 00:21:31,150 +here that there is over the course of raw material + +237 +00:21:31,150 --> 00:21:38,410 +goes up. So we have a leftward shifting and supply + +238 +00:21:38,410 --> 00:21:38,850 +curve. + +239 +00:21:47,740 --> 00:21:52,400 +The price goes up, and the quantity goes down. + +240 +00:21:57,260 --> 00:22:01,840 +And this is logical analysis. As the cost of raw + +241 +00:22:01,840 --> 00:22:07,120 +material goes up, he wants to make compensation to + +242 +00:22:07,120 --> 00:22:10,120 +the producer. To compensate him, he raises the + +243 +00:22:10,120 --> 00:22:15,680 +price. Automatically. Right? Actually, the + +244 +00:22:15,680 --> 00:22:18,860 +quantity produced goes down as well. So the result + +245 +00:22:18,860 --> 00:22:22,700 +here will be increasing the prices. So the price, + +246 +00:22:23,160 --> 00:22:28,840 +in this case, the price goes up. The quantity goes + +247 +00:22:28,840 --> 00:22:36,780 +down. All right. What else? What are the other + +248 +00:22:36,780 --> 00:22:40,300 +determinants of supply or the factors that affect + +249 +00:22:40,300 --> 00:22:41,380 +supply? What else? + +250 +00:22:44,850 --> 00:22:48,930 +So who can give us the determinant, one of the + +251 +00:22:48,930 --> 00:22:53,150 +supplies determinant to be discussed here in an + +252 +00:22:53,150 --> 00:22:55,990 +example, or to be reflected in this example? + +253 +00:22:57,770 --> 00:22:59,210 +Taxes, yeah, okay. + +254 +00:23:03,810 --> 00:23:08,370 +If the government increased + +255 +00:23:08,370 --> 00:23:14,990 +taxes, So let us assume that if the government + +256 +00:23:14,990 --> 00:23:25,130 +increase the taxes here, or the tax rates in this + +257 +00:23:25,130 --> 00:23:30,090 +industry, what will happen? This leads to + +258 +00:23:30,090 --> 00:23:34,970 +increasing the cost of production. The cost of a + +259 +00:23:34,970 --> 00:23:35,350 +production. + +260 +00:23:38,600 --> 00:23:41,860 +As the cost of production goes up, the ability to + +261 +00:23:41,860 --> 00:23:44,900 +produce goes down, the willingness to produce goes + +262 +00:23:44,900 --> 00:23:50,300 +up. So supply shifts goes down. Here we have a + +263 +00:23:50,300 --> 00:23:53,880 +leftward shifting supply curve. So supply curve + +264 +00:23:53,880 --> 00:24:01,540 +for shoes in this case shifts left. Okay? And vice + +265 +00:24:01,540 --> 00:24:07,640 +versa. If the government increased, or provided + +266 +00:24:07,640 --> 00:24:12,060 +subsidies, or subsidized the producers. + +267 +00:24:14,440 --> 00:24:19,580 +The opposite case. If the government increased its + +268 +00:24:19,580 --> 00:24:24,760 +subsidies for, so you're not taxes, you're talking + +269 +00:24:24,760 --> 00:24:25,700 +about subsidies. + +270 +00:24:28,560 --> 00:24:33,860 +Support for the producers. Because production goes + +271 +00:24:33,860 --> 00:24:38,380 +down, the supply for shoes increases, so the + +272 +00:24:38,380 --> 00:24:44,380 +supply curve shifts. Right. Subsidies means + +273 +00:24:44,380 --> 00:24:50,520 +support, financial support maybe. So, or in + +274 +00:24:50,520 --> 00:24:54,160 +clients sometimes. So, in this case, supply will + +275 +00:24:54,160 --> 00:24:59,400 +shift. Right. So, we'll go from S1 to S3 here. + +276 +00:25:02,310 --> 00:25:06,730 +E3, what will happen here? The price goes down + +277 +00:25:06,730 --> 00:25:14,230 +from P1 to P3 and the quantity goes up. So the + +278 +00:25:14,230 --> 00:25:18,050 +result here will be a rightward shifting in supply + +279 +00:25:18,050 --> 00:25:20,130 +curve from S1 to S3. + +280 +00:25:22,750 --> 00:25:26,350 +So the price goes down and the quantity exchange + +281 +00:25:26,350 --> 00:25:32,320 +goes up. So the result here will be A decreasing + +282 +00:25:32,320 --> 00:25:37,720 +in the equilibrium price plus increasing in the + +283 +00:25:37,720 --> 00:25:41,540 +equilibrium quantity. Okay? + +284 +00:25:44,500 --> 00:25:52,140 +Tamam? Okay. Let's go to something else. Now, as + +285 +00:25:52,140 --> 00:25:55,780 +we mentioned, that we have some deter- Yes? + +286 +00:26:00,560 --> 00:26:03,440 +This point here according to our assumption that + +287 +00:26:03,440 --> 00:26:07,510 +the government decided to subsidize. the + +288 +00:26:07,510 --> 00:26:11,950 +producers, the sellers, the factories, the + +289 +00:26:11,950 --> 00:26:15,490 +industry here, to produce more shoes in the + +290 +00:26:15,490 --> 00:26:21,310 +market. So they might give them financial support, + +291 +00:26:21,450 --> 00:26:26,430 +maybe providing them with cash for work, with + +292 +00:26:26,430 --> 00:26:30,790 +workers to pay wages for workers sometimes to + +293 +00:26:30,790 --> 00:26:34,150 +decrease the cost of raw material by decreasing + +294 +00:26:34,150 --> 00:26:37,510 +the customs maybe. What will happen, the cost of + +295 +00:26:37,510 --> 00:26:40,970 +production goes down, supply of shoes goes up. So + +296 +00:26:40,970 --> 00:26:43,490 +here we have a rightward shifting supply curve. + +297 +00:26:43,870 --> 00:26:47,610 +The price goes, it went down, and the equilibrium + +298 +00:26:47,610 --> 00:26:52,910 +quantity increased. Clear? Let's go to something + +299 +00:26:52,910 --> 00:26:53,210 +else. + +300 +00:27:18,610 --> 00:27:24,290 +Now, we studied the effects of the change in one + +301 +00:27:24,290 --> 00:27:29,490 +determinant on the demand. And another, or another + +302 +00:27:29,490 --> 00:27:32,430 +side, we studied the effects of the change in one + +303 +00:27:32,430 --> 00:27:35,970 +of the main supplies determinants on the market + +304 +00:27:35,970 --> 00:27:42,090 +equilibrium. Now, I will put the autograph to + +305 +00:27:42,090 --> 00:27:48,210 +study the It changes in demand and supply at the + +306 +00:27:48,210 --> 00:27:55,130 +same time. Before, we studied what? The change in + +307 +00:27:55,130 --> 00:27:59,230 +demand as a loan or a loan. On the market + +308 +00:27:59,230 --> 00:28:02,210 +equilibrium, either decreasing in demand or + +309 +00:28:02,210 --> 00:28:04,750 +increasing in demand, shifting in demand, shifting + +310 +00:28:04,750 --> 00:28:08,750 +right or left. And we studied the change in + +311 +00:28:08,750 --> 00:28:11,750 +equilibrium prices and equilibrium quantity. Then + +312 +00:28:11,750 --> 00:28:15,930 +we went to supply, and we studied what? The change + +313 +00:28:15,930 --> 00:28:19,810 +in supply alone, either to increase or decrease. + +314 +00:28:20,410 --> 00:28:25,470 +Now we will study both in one graph. Sometimes, + +315 +00:28:25,630 --> 00:28:28,750 +sometimes. Let's come back to the example. + +316 +00:28:28,870 --> 00:28:33,270 +Sometimes one of the demand determinants changes, + +317 +00:28:33,610 --> 00:28:36,910 +and + +318 +00:28:36,910 --> 00:28:40,970 +at the same time, one of the supply determinants + +319 +00:28:40,970 --> 00:28:45,610 +changes as well. What will happen to the market + +320 +00:28:45,610 --> 00:28:52,290 +equilibrium? Here's the idea. So here, let's study + +321 +00:28:52,290 --> 00:28:57,290 +the changes in demand and supply at the same time. + +322 +00:28:59,170 --> 00:29:03,190 +So let us assume here that we have the original + +323 +00:29:03,190 --> 00:29:03,950 +situation. + +324 +00:29:11,170 --> 00:29:13,670 +Here are the original situation, + +325 +00:29:18,810 --> 00:29:23,030 +Q price, demand for shoes, + +326 +00:29:26,240 --> 00:29:32,580 +Supply one of shoes, E1, P1, + +327 +00:29:35,700 --> 00:29:40,960 +P1. And we will assume that you're talking about + +328 +00:29:40,960 --> 00:29:48,100 +the new modern of shoes, new shoes. We're not + +329 +00:29:48,100 --> 00:29:53,080 +talking about secondhand shoes, okay? We are + +330 +00:29:53,080 --> 00:29:54,720 +talking about the new shoes. + +331 +00:30:01,180 --> 00:30:04,060 +We have two assumptions. + +332 +00:30:07,540 --> 00:30:13,800 +The consumer's income increases. So according to + +333 +00:30:13,800 --> 00:30:17,240 +our assumption here, that the consumer's income + +334 +00:30:17,240 --> 00:30:23,540 +increased + +335 +00:30:23,540 --> 00:30:24,420 +by + +336 +00:30:29,500 --> 00:30:39,400 +30%. The consumer's income increased by 30%. And + +337 +00:30:39,400 --> 00:30:47,100 +at + +338 +00:30:47,100 --> 00:30:49,220 +the same time, plus, + +339 +00:30:56,710 --> 00:30:59,790 +Decreasing or increasing the cost of raw material. + +340 +00:31:08,330 --> 00:31:12,050 +By 50%. + +341 +00:31:12,050 --> 00:31:17,090 +What + +342 +00:31:17,090 --> 00:31:19,610 +will happen here in this case? + +343 +00:31:26,810 --> 00:31:31,290 +The first part affect what? The consumer's income + +344 +00:31:31,290 --> 00:31:35,830 +affect what? Demand. Decreasing or increasing? + +345 +00:31:36,350 --> 00:31:39,150 +Increasing. Increasing in the consumer's income + +346 +00:31:39,150 --> 00:31:46,130 +leads to increasing in demand, by 30%. + +347 +00:31:46,130 --> 00:31:49,150 +Increasing + +348 +00:31:49,150 --> 00:31:50,530 +the raw material here. + +349 +00:31:53,940 --> 00:31:59,440 +Exactly, supply goes down by 50%. Then in the two + +350 +00:31:59,440 --> 00:32:02,540 +parts here, the first part is increasing in income + +351 +00:32:02,540 --> 00:32:10,200 +by 30%. Effect demand by 30%. So the first part + +352 +00:32:10,200 --> 00:32:17,740 +here, increasing in income, increased demand by + +353 +00:32:17,740 --> 00:32:23,690 +30%. Plus, Increasing the cost of raw material + +354 +00:32:23,690 --> 00:32:26,910 +leads to a decreasing ability to produce or + +355 +00:32:26,910 --> 00:32:30,350 +increase or decrease, then had a decreased supply + +356 +00:32:30,350 --> 00:32:38,450 +by 50%. Had + +357 +00:32:38,450 --> 00:32:41,950 +a leftward shifting by 30%, rightward shifting by + +358 +00:32:41,950 --> 00:32:47,230 +30%, while the leftward shifting or shifts left by + +359 +00:32:47,230 --> 00:32:47,990 +50%. + +360 +00:32:50,420 --> 00:32:53,040 +I don't know. + +361 +00:32:55,180 --> 00:32:57,520 +Maybe the prices go up. + +362 +00:33:01,880 --> 00:33:06,860 +Here we are analyzing the effects of two + +363 +00:33:06,860 --> 00:33:09,960 +variables. One of them affects demand and the + +364 +00:33:09,960 --> 00:33:16,010 +second affects supply. We will study the effects + +365 +00:33:16,010 --> 00:33:21,990 +of a change in the consumer's income and a change + +366 +00:33:21,990 --> 00:33:25,230 +in the cost of raw material on the equilibrium + +367 +00:33:25,230 --> 00:33:30,050 +market prices and equilibrium quantity. This is + +368 +00:33:30,050 --> 00:33:33,170 +the original situation here. According to our + +369 +00:33:33,170 --> 00:33:36,990 +assumption here, that the consumer's income goes + +370 +00:33:36,990 --> 00:33:42,640 +up by 30%. This leads to increasing demand by 30% + +371 +00:33:42,640 --> 00:33:47,400 +as well. So here we have rightward shifting in + +372 +00:33:47,400 --> 00:33:53,360 +supply is a demand curve. So demand increased by + +373 +00:33:53,360 --> 00:34:05,800 +30%. So demand shifts, right, by 30%. Supply. + +374 +00:34:07,360 --> 00:34:08,980 +Supply curve. + +375 +00:34:11,960 --> 00:34:19,480 +shifts left by 50 + +376 +00:34:19,480 --> 00:34:20,080 +percent. + +377 +00:34:26,040 --> 00:34:30,200 +Demand will shift right by 30 percent. Let us + +378 +00:34:30,200 --> 00:34:34,580 +assume that this is day two and this + +379 +00:34:38,710 --> 00:34:42,550 +Area can be measured by 30%. The magnitudes of a + +380 +00:34:42,550 --> 00:34:48,290 +change in demand here is 30%. The magnitudes of a + +381 +00:34:48,290 --> 00:34:56,030 +change in demand here is 30%. And the supply curve + +382 +00:34:56,030 --> 00:35:01,640 +shifts left by 50%. So let's draw here. The + +383 +00:35:01,640 --> 00:35:05,000 +leftward shifting in supply is 50 percent, which + +384 +00:35:05,000 --> 00:35:09,620 +should be greater than the magnitudes of a change + +385 +00:35:09,620 --> 00:35:15,150 +in ML here. So the magnitudes here of a change in + +386 +00:35:15,150 --> 00:35:18,410 +supply must be bigger than or greater than the + +387 +00:35:18,410 --> 00:35:21,950 +magnitudes of a change in demand. Here, this area + +388 +00:35:21,950 --> 00:35:25,930 +or this distance, about 30 percent. Here, this + +389 +00:35:25,930 --> 00:35:29,570 +distance, about 50 percent. So the magnitudes here + +390 +00:35:29,570 --> 00:35:36,150 +of a change in supply, this is S2. We have a new + +391 +00:35:36,150 --> 00:35:42,940 +equilibrium point which is or at which supply + +392 +00:35:42,940 --> 00:35:47,400 +curve, the new supply curve, intersects the + +393 +00:35:47,400 --> 00:35:50,880 +demand, the new demand curve. So here we have the + +394 +00:35:50,880 --> 00:35:53,340 +new equilibrium point. Here the magnitudes equal + +395 +00:35:53,340 --> 00:36:00,360 +30%. The magnitudes here equals 50%. All + +396 +00:36:00,360 --> 00:36:03,460 +right? So here we have a new equilibrium point, + +397 +00:36:03,540 --> 00:36:09,220 +which is A2, at which supply 2 intersects demand + +398 +00:36:09,220 --> 00:36:17,370 +2. Okay? So here we have what? The result will be + +399 +00:36:17,370 --> 00:36:24,530 +Q2 declined and the price goes up. + +400 +00:36:27,770 --> 00:36:36,270 +Yeah. So here, the result will be increasing the + +401 +00:36:36,270 --> 00:36:40,990 +prices and plus decrease in the quantity, the + +402 +00:36:40,990 --> 00:36:43,080 +equilibrium quantity. This is the result here. + +403 +00:36:45,580 --> 00:36:54,240 +What will happen if the assumptions here change to + +404 +00:36:54,240 --> 00:37:00,860 +be 30% increasing the consumer's income and the + +405 +00:37:00,860 --> 00:37:07,420 +cost of raw material increased by 10%? Which means + +406 +00:37:07,420 --> 00:37:11,320 +that the magnitudes of a change in the consumer's + +407 +00:37:11,320 --> 00:37:14,500 +income is bigger than the magnitudes of a change + +408 +00:37:14,500 --> 00:37:20,840 +in the cost of raw material. The same here. Demand + +409 +00:37:20,840 --> 00:37:29,000 +will go up by 30%. Supply declined by 10% only. + +410 +00:37:31,610 --> 00:37:36,670 +So here, demand shifts right by 30%. The supply + +411 +00:37:36,670 --> 00:37:40,450 +curve shifts by 10%. And let us study the case + +412 +00:37:40,450 --> 00:37:45,570 +here. Let's come back to the case here. The result + +413 +00:37:45,570 --> 00:37:48,390 +can end up increasing food prices and declining in + +414 +00:37:48,390 --> 00:37:51,670 +the quantity, equilibrium quantity. Here, what + +415 +00:37:51,670 --> 00:37:56,670 +would happen? Let's analyze the case here. It's a + +416 +00:37:56,670 --> 00:37:59,970 +different case. It's a different case. + +417 +00:38:13,070 --> 00:38:17,390 +So Q price, + +418 +00:38:19,670 --> 00:38:21,290 +D1, + +419 +00:38:24,070 --> 00:38:32,510 +S1, E1, Q1 + +420 +00:38:32,510 --> 00:38:36,170 +demand + +421 +00:38:37,780 --> 00:38:41,520 +shifts rate by 30 percent. So here we have + +422 +00:38:41,520 --> 00:38:47,160 +rightward shifting in supply curve by 30 percent, + +423 +00:38:47,560 --> 00:38:48,180 +right? Okay. + +424 +00:38:54,280 --> 00:38:59,720 +To D2, the magnitudes of a change in demand here + +425 +00:38:59,720 --> 00:39:06,610 +is 30 percent. is bigger than the magnitudes of + +426 +00:39:06,610 --> 00:39:15,390 +change in supply, which declined by 10 percent. So + +427 +00:39:15,390 --> 00:39:22,550 +here is S2. + +428 +00:39:25,250 --> 00:39:30,170 +The magnitudes of a change in supply is less than + +429 +00:39:30,170 --> 00:39:34,100 +the magnitudes of a change in demand. So here we + +430 +00:39:34,100 --> 00:39:39,860 +have a new equilibrium point, E2. The price goes + +431 +00:39:39,860 --> 00:39:44,840 +up and the quantity equilibrium or equilibrium + +432 +00:39:44,840 --> 00:39:48,700 +quantity goes down. Sorry, increases as well. + +433 +00:39:49,040 --> 00:39:55,960 +Yeah. So in this case, the price goes up and the + +434 +00:39:55,960 --> 00:39:58,860 +quantity goes up as well. So in this case, the + +435 +00:39:58,860 --> 00:40:04,140 +price increased plus increasing the quantity. So + +436 +00:40:04,140 --> 00:40:06,260 +if, + +437 +00:40:08,140 --> 00:40:12,140 +or later on, the results and conclusions say, but + +438 +00:40:12,140 --> 00:40:16,740 +now, let us assume that the consumer's income + +439 +00:40:16,740 --> 00:40:21,720 +increased by 30%. At the same time, the cost of + +440 +00:40:21,720 --> 00:40:27,180 +raw material, which affects supply, increased by + +441 +00:40:27,180 --> 00:40:28,680 +30%. + +442 +00:40:34,010 --> 00:40:37,890 +We have the same changes, percentage change in + +443 +00:40:37,890 --> 00:40:40,630 +demand equals the percentage change in supply. + +444 +00:40:41,870 --> 00:40:43,270 +Let's check the case here. + +445 +00:41:04,860 --> 00:41:07,380 +Yes, we understand, we understand. What's the + +446 +00:41:07,380 --> 00:41:09,660 +reason? And then you get back to the video if + +447 +00:41:09,660 --> 00:41:13,820 +there's... No problem, no problem. I'll leave it. + +448 +00:41:15,380 --> 00:41:15,820 +Okay. + +449 +00:41:21,860 --> 00:41:22,420 +Where? + +450 +00:41:29,360 --> 00:41:31,080 +So when I leave this 10%? + +451 +00:41:34,700 --> 00:41:38,400 +This was 10%. Correct? 10%. Okay, what's your + +452 +00:41:38,400 --> 00:41:44,940 +problem? Assumption. Another case. This is another + +453 +00:41:44,940 --> 00:41:46,460 +case. It has nothing to do with the previous one. + +454 +00:41:48,020 --> 00:41:54,160 +Of course. The assumption was that the consumer's + +455 +00:41:54,160 --> 00:41:58,480 +income increased by 30%. Okay? And it affected the + +456 +00:41:58,480 --> 00:42:01,320 +demand by 30%. Right? Right? + +457 +00:42:11,390 --> 00:42:14,310 +Relative magnitudes of change or the change, the + +458 +00:42:14,310 --> 00:42:16,950 +percentage of change in demand, became greater + +459 +00:42:16,950 --> 00:42:19,870 +than the percentage of change in supply. It used + +460 +00:42:19,870 --> 00:42:28,330 +to be less, right? Right? Right or wrong? See, if + +461 +00:42:28,330 --> 00:42:30,110 +you're right and you walk, you're not right with + +462 +00:42:30,110 --> 00:42:32,890 +me. That's right, you need to understand it. Now + +463 +00:42:32,890 --> 00:42:36,990 +look at me, look. Look at this, look. What? + +464 +00:42:40,030 --> 00:42:45,250 +No, you need to understand it. Look at this story + +465 +00:42:45,250 --> 00:42:48,110 +of yours, you don't understand it? I have a big + +466 +00:42:48,110 --> 00:42:49,690 +story, that you leave the university without + +467 +00:42:49,690 --> 00:42:51,530 +understanding it. You need to understand it, even + +468 +00:42:51,530 --> 00:42:52,710 +if you don't have it, even if your mother doesn't + +469 +00:42:52,710 --> 00:42:55,630 +have it either. Let me go back, go back to the + +470 +00:42:55,630 --> 00:42:57,410 +point here. Okay? + +471 +00:43:02,720 --> 00:43:14,120 +Something else, something else. Population goes + +472 +00:43:14,120 --> 00:43:17,940 +down. Another case. + +473 +00:43:39,510 --> 00:43:45,650 +The consumers income increased by 30% at the same + +474 +00:43:45,650 --> 00:43:58,070 +time the cost of raw material by + +475 +00:43:58,070 --> 00:44:04,870 +30%. What will happen? As the consumer's income + +476 +00:44:04,870 --> 00:44:12,850 +goes up by 30. What will happen to demand? By how + +477 +00:44:12,850 --> 00:44:20,190 +much? This leads to increasing demand by 30%. And + +478 +00:44:20,190 --> 00:44:22,770 +what will happen to supply? + +479 +00:44:27,490 --> 00:44:29,170 +Increasing cost of production. + +480 +00:44:36,900 --> 00:44:40,120 +And this is the demand shift? These are shifts, + +481 +00:44:40,240 --> 00:44:43,540 +right? These are shifts left by 30%. Both. Right? + +482 +00:44:43,900 --> 00:44:45,120 +Let's look at the graph. + +483 +00:44:47,860 --> 00:44:49,260 +Q price. + +484 +00:44:52,500 --> 00:44:56,120 +D1. S1. + +485 +00:44:58,660 --> 00:45:03,800 +E1. P1. Q1. + +486 +00:45:06,260 --> 00:45:11,380 +What will happen? Demand shifts right by 30%. + +487 +00:45:11,380 --> 00:45:20,240 +Demand shifts right by 30%. By + +488 +00:45:20,240 --> 00:45:23,820 +30%. + +489 +00:45:23,820 --> 00:45:28,880 +And supply, what will happen to supply here? + +490 +00:45:29,380 --> 00:45:34,220 +Decline by 30%. Leftward shifting supply curve by + +491 +00:45:34,220 --> 00:45:34,880 +30%. + +492 +00:45:42,670 --> 00:45:43,690 +It's two. + +493 +00:45:46,830 --> 00:45:54,970 +A2, P2, the quantum is constant and it changed. + +494 +00:45:59,490 --> 00:46:05,380 +This means what? Or in this case? The magnitudes. + +495 +00:46:05,980 --> 00:46:10,980 +The magnitudes. + +496 +00:46:10,980 --> 00:46:14,980 +This depends + +497 +00:46:14,980 --> 00:46:22,880 +on the case itself here. The price increased. The + +498 +00:46:22,880 --> 00:46:26,200 +quantity remains constant in this case. + +499 +00:46:38,160 --> 00:46:43,880 +Okay. Let's go to another example here. Or we will + +500 +00:46:43,880 --> 00:46:47,800 +select two + +501 +00:46:47,800 --> 00:46:51,820 +other variables or determinants, one affect + +502 +00:46:51,820 --> 00:46:56,140 +demand, another one affects supply. And we will + +503 +00:46:56,140 --> 00:46:59,340 +study the effects on the market equilibrium. + +504 +00:47:02,560 --> 00:47:03,700 +Let us assume that + +505 +00:47:07,030 --> 00:47:15,350 +In an area, there is a war, and many population + +506 +00:47:15,350 --> 00:47:19,050 +passed away. Died. + +507 +00:47:22,870 --> 00:47:24,270 +War. + +508 +00:47:29,090 --> 00:47:35,180 +Longer population goes down. So many population + +509 +00:47:35,180 --> 00:47:42,960 +passed away, so the population goes + +510 +00:47:42,960 --> 00:47:49,140 +down due to the war, due to killing so many people + +511 +00:47:49,140 --> 00:47:57,540 +here. And at the same time, the + +512 +00:47:57,540 --> 00:47:57,920 +government + +513 +00:48:02,420 --> 00:48:06,360 +Increased subsidies for the population declined by + +514 +00:48:06,360 --> 00:48:16,000 +40%. At the same time, the government decided or + +515 +00:48:16,000 --> 00:48:21,300 +subsidized the producers. Here we have subsidies + +516 +00:48:21,300 --> 00:48:22,340 +for the producers. + +517 +00:48:26,000 --> 00:48:30,860 +For the producers by + +518 +00:48:36,130 --> 00:48:41,930 +20%. What will happen? What will happen here? Yes, + +519 +00:48:41,990 --> 00:48:43,890 +you can answer. Yes, you can answer. Yes, you can + +520 +00:48:43,890 --> 00:48:48,910 +answer. Yes, you can answer. Yes, you can answer. + +521 +00:48:48,910 --> 00:48:48,910 +Yes, + +522 +00:48:52,490 --> 00:48:55,290 +you can answer. Yes, you can answer. Yes, you can + +523 +00:48:55,290 --> 00:48:55,890 +answer. Yes, you can answer. Yes, you can answer. + +524 +00:48:55,890 --> 00:48:55,890 +Yes, you can answer. Yes, you can answer. Yes, you + +525 +00:48:55,890 --> 00:48:55,890 +can answer. Yes, you can answer. Yes, you can + +526 +00:48:55,890 --> 00:48:55,890 +answer. Yes, you can answer. Yes, you can answer. + +527 +00:48:55,890 --> 00:48:55,890 +Yes, you can answer. Yes, you can answer. Yes, you + +528 +00:48:55,890 --> 00:48:55,890 +can answer. Yes, you can answer. Yes, you can + +529 +00:48:55,890 --> 00:48:55,890 +answer. Yes, you can answer. Yes, you can answer. + +530 +00:48:55,890 --> 00:48:55,890 +Yes, you can answer. Yes, you can answer. Yes, you + +531 +00:48:55,890 --> 00:48:55,890 +can answer. Yes, you can answer. Yes, you can + +532 +00:48:55,890 --> 00:48:55,890 +answer. Yes, you can answer. Yes, you can answer. + +533 +00:48:55,890 --> 00:48:55,890 +Yes, you can answer. Yes, you can answer. Yes, you + +534 +00:48:55,890 --> 00:48:55,890 +can answer. Yes, you can answer. + +535 +00:49:02,250 --> 00:49:07,810 +Yes, you Yeah. Left. Left. Left. Yes. And here. + +536 +00:49:08,350 --> 00:49:15,250 +Right. This is the case number one here. So as the + +537 +00:49:15,250 --> 00:49:20,250 +population goes down, so your demand goes down by + +538 +00:49:20,250 --> 00:49:26,190 +40 percent plus. The government subsidizes. Yes. + +539 +00:49:29,390 --> 00:49:34,390 +Subsidize means? Yeah, the government provided + +540 +00:49:34,390 --> 00:49:37,470 +subsidies for the producers. What will happen to + +541 +00:49:37,470 --> 00:49:40,790 +their ability to produce? What will happen to + +542 +00:49:40,790 --> 00:49:45,370 +their capability to produce? What is the effect of + +543 +00:49:45,370 --> 00:49:49,490 +this change or these subsidies on the production? + +544 +00:49:50,550 --> 00:49:53,990 +Yeah, it will increase. Because you are talking + +545 +00:49:53,990 --> 00:49:57,390 +about we are studying the effect of subsidies. + +546 +00:49:59,030 --> 00:50:08,220 +Yeah? So subsidies will increase supplier by + +547 +00:50:08,220 --> 00:50:11,240 +20%. + +548 +00:50:11,240 --> 00:50:14,300 +So + +549 +00:50:14,300 --> 00:50:24,220 +HADA shifts left by 40% plus HADA shifts right by + +550 +00:50:24,220 --> 00:50:25,120 +20%. + +551 +00:50:33,010 --> 00:50:35,210 +Q price, + +552 +00:50:38,550 --> 00:50:56,270 +D1, S1, E1, P1, Q1. What is + +553 +00:50:56,270 --> 00:51:03,770 +your assumption here? Yeah. No decline. Yes. By + +554 +00:51:03,770 --> 00:51:12,690 +how much? By 40%. Okay. All right, yeah. 40%. + +555 +00:51:12,690 --> 00:51:17,010 +Shift right by 20%. Shift right. + +556 +00:51:19,590 --> 00:51:22,670 +Is there a problem, do you feel? Is there a + +557 +00:51:22,670 --> 00:51:29,510 +problem here? Who can give us advice here? Three. + +558 +00:51:35,500 --> 00:51:36,360 +What do you see? + +559 +00:51:40,220 --> 00:51:45,580 +No, no, no. It's good analysis, but there is, or + +560 +00:51:45,580 --> 00:51:48,840 +the magnitudes of a change in demand should be + +561 +00:51:48,840 --> 00:51:52,280 +larger than the magnitudes of a change in + +562 +00:51:52,280 --> 00:51:56,700 +supplier. Yeah, thank you very much, yes. Two, + +563 +00:51:57,720 --> 00:52:15,080 +yeah. Tamam, tamam. Let me see. + +564 +00:52:16,960 --> 00:52:22,100 +This is the original, okay? The magnitudes of a + +565 +00:52:22,100 --> 00:52:24,860 +change in supply, increasing in supply is less + +566 +00:52:24,860 --> 00:52:27,580 +than magnitudes of a change in demand. + +567 +00:52:30,700 --> 00:52:34,000 +Plus? It's unclear. + +568 +00:52:37,820 --> 00:52:38,540 +Sorry, + +569 +00:52:41,400 --> 00:52:45,080 +the prices. Okay? Thank you very much indeed. + +570 +00:52:46,520 --> 00:52:47,360 +Okay. + +571 +00:52:53,960 --> 00:52:59,480 +Let's draw the case here. + +572 +00:53:06,260 --> 00:53:22,650 +To price day one, S1, A1, P1, Q1. According to our + +573 +00:53:22,650 --> 00:53:27,830 +assumption here, that demand shifts left by 40%. + +574 +00:53:27,830 --> 00:53:33,470 +Demand shifts left by 40%. Try to enlarge things + +575 +00:53:33,470 --> 00:53:38,490 +like this to be clear. D2. + +576 +00:53:40,850 --> 00:53:49,010 +By 40%. And supply goes up by 20%. The supply goes + +577 +00:53:49,010 --> 00:53:54,930 +up by 20%. To S2. + +578 +00:53:56,730 --> 00:54:02,570 +The same result. The price, we have a new + +579 +00:54:02,570 --> 00:54:07,970 +equilibrium, E2. The price goes down. And the + +580 +00:54:07,970 --> 00:54:09,270 +quantity goes down as well. + +581 +00:54:12,250 --> 00:54:20,170 +So the result + +582 +00:54:20,170 --> 00:54:27,010 +here will be declining in prices plus + +583 +00:54:27,010 --> 00:54:28,790 +declining in quality. + +584 +00:54:33,670 --> 00:54:38,690 +Another case with the same determinants of demand + +585 +00:54:38,690 --> 00:54:43,690 +and supply. Let us assume that the population goes + +586 +00:54:43,690 --> 00:54:53,170 +up by 40%. And the government provided subsidies + +587 +00:54:53,170 --> 00:55:00,030 +for the producers by 20%. The same. Let's see the + +588 +00:55:00,030 --> 00:55:06,890 +case. Let's see if you can do it. I don't know. I + +589 +00:55:06,890 --> 00:55:10,290 +don't know. You have to do the analysis here and + +590 +00:55:10,290 --> 00:55:11,550 +reach the results. + +591 +00:55:14,810 --> 00:55:15,290 +Okay. + +592 +00:55:31,870 --> 00:55:33,690 +Forty percent. Yeah, nice, perfect. + +593 +00:55:36,560 --> 00:55:40,400 +Subsidies for the producers increase supply by + +594 +00:55:40,400 --> 00:55:49,660 +20%. Nice, perfect. Demand shifts. Shifts, right. + +595 +00:55:51,900 --> 00:56:02,480 +By 40%. Supply shifts where? Right. Right, yeah. + +596 +00:56:06,450 --> 00:56:11,390 +By 20%. Yeah, perfect. It's 100%? The depth of the + +597 +00:56:11,390 --> 00:56:12,290 +line, that's all. + +598 +00:56:25,690 --> 00:56:29,970 +Yeah. S1, day one. + +599 +00:56:32,730 --> 00:56:35,150 +Price. Coffee. + +600 +00:56:38,990 --> 00:56:39,530 +A1. + +601 +00:56:47,010 --> 00:56:53,210 +Where's the + +602 +00:56:53,210 --> 00:56:56,370 +equilibrium point? Where's the equilibrium point? + +603 +00:56:57,150 --> 00:56:58,230 +A1. + +604 +00:57:00,550 --> 00:57:00,690 +Yeah. + +605 +00:57:08,750 --> 00:57:17,710 +Shifts right by 40%. Yeah, by 40%. Yeah, perfect. + +606 +00:57:20,130 --> 00:57:25,130 +What is it? What is the another line here? D2, + +607 +00:57:25,270 --> 00:57:31,110 +yeah. Shifts right by how much? By 20%. + +608 +00:57:40,740 --> 00:57:46,620 +By 20%, by 40%. + +609 +00:57:46,620 --> 00:57:52,760 +Yeah, yeah. Where's the new equilibrium? Yes. A2. + +610 +00:58:00,120 --> 00:58:02,220 +Yeah, what has happened here? + +611 +00:58:05,850 --> 00:58:08,090 +Price increased, yeah? + +612 +00:58:11,610 --> 00:58:16,590 +So the main result here will be increasing in + +613 +00:58:16,590 --> 00:58:19,150 +prices and equilibrium quantity. Thank you very + +614 +00:58:19,150 --> 00:58:25,130 +much indeed. Thanks. What will happen if the + +615 +00:58:25,130 --> 00:58:29,770 +population increased by 40% and + +616 +00:58:33,380 --> 00:58:36,420 +Subsidies increased by 40% as well. + +617 +00:58:43,580 --> 00:58:48,740 +You want to see it and see the result. OK? Do you + +618 +00:58:48,740 --> 00:58:53,900 +have anything + +619 +00:58:53,900 --> 00:58:58,320 +else you want to do? No, assignment is a must. + +620 +00:58:59,120 --> 00:58:59,700 +Homework. + +621 +00:59:05,010 --> 00:59:07,450 +We still have a long time. + +622 +00:59:12,370 --> 00:59:19,170 +So here, + +623 +00:59:24,130 --> 00:59:27,830 +the relative magnitudes of a change in demand and + +624 +00:59:27,830 --> 00:59:29,770 +supply determines the outcome of market + +625 +00:59:29,770 --> 00:59:30,450 +equilibrium. + +626 +00:59:36,360 --> 00:59:38,920 +The relative magnitudes of a change in demand and + +627 +00:59:38,920 --> 00:59:40,620 +supply determines the outcome of market + +628 +00:59:40,620 --> 00:59:41,140 +equilibrium. + +629 +00:59:43,800 --> 00:59:48,140 +So the + +630 +00:59:48,140 --> 00:59:53,260 +result here, or what will happen if the demand + +631 +00:59:53,260 --> 00:59:55,920 +changes and supply changes, what will happen to + +632 +00:59:55,920 --> 00:59:58,840 +the equilibrium prices and the quantity? + +633 +01:00:01,750 --> 01:00:06,610 +What will determine the changes in demand or the + +634 +01:00:06,610 --> 01:00:11,810 +equilibrium prices and equilibrium quantities? The + +635 +01:00:11,810 --> 01:00:15,190 +relative magnitudes of a change in demand and + +636 +01:00:15,190 --> 01:00:19,470 +supply determines the outcome of market + +637 +01:00:19,470 --> 01:00:22,250 +equilibrium. This is what I said. + +638 +01:00:25,550 --> 01:00:31,460 +Yeah, yeah, yeah, yeah. The relative magnitudes of + +639 +01:00:31,460 --> 01:00:34,500 +a change in demand and supply determines the + +640 +01:00:34,500 --> 01:00:35,900 +outcome of market equilibrium. + +641 +01:00:56,320 --> 01:01:11,940 +The assignment, let us assume that the price of + +642 +01:01:11,940 --> 01:01:18,060 +meat increased + +643 +01:01:18,060 --> 01:01:23,020 +by 40%. Yeah. + +644 +01:01:29,720 --> 01:01:38,480 +The price of meat or beef increased by 40%. And at + +645 +01:01:38,480 --> 01:01:39,300 +the same time, + +646 +01:01:42,300 --> 01:01:50,840 +fresh meat, the price of fresh meat increased + +647 +01:01:50,840 --> 01:01:58,400 +by 40%. And at the same time, the cost + +648 +01:02:04,220 --> 01:02:06,200 +Forage for chicken. + +649 +01:02:09,280 --> 01:02:12,640 +The price of forage or fodder. + +650 +01:02:15,700 --> 01:02:16,920 +For chicken. + +651 +01:02:21,560 --> 01:02:25,860 +The cost of forage or fodder. For chicken. + +652 +01:02:30,870 --> 01:02:40,810 +Increased by 30%. What + +653 +01:02:40,810 --> 01:02:44,630 +will happen to the demand for chicken? + +654 +01:02:48,210 --> 01:02:54,430 +What will happen to + +655 +01:02:54,430 --> 01:02:59,430 +the market equilibrium of a chicken? The + +656 +01:02:59,430 --> 01:03:01,650 +equilibrium price and equilibrium quantity of a + +657 +01:03:01,650 --> 01:03:07,450 +chicken. The equilibrium price + +658 +01:03:07,450 --> 01:03:13,790 +and the quantity of a chicken. + +659 +01:03:19,850 --> 01:03:21,330 +I'm talking about a chicken's market. + +660 +01:03:31,760 --> 01:03:34,160 +All right? It's all closed. + diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/8ikMJZP73M0_postprocess.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/8ikMJZP73M0_postprocess.srt new file mode 100644 index 0000000000000000000000000000000000000000..081b92671352b3130030883ba474436a5a7e3677 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/8ikMJZP73M0_postprocess.srt @@ -0,0 +1,692 @@ +1 +00:00:19,680 --> 00:00:24,440 +Okay. Today, inshallah, we are going to finalize + +2 +00:00:24,440 --> 00:00:28,020 +or to discuss the last point, chapter three, which + +3 +00:00:28,020 --> 00:00:33,740 +is the price elasticity of supply and tax + +4 +00:00:33,740 --> 00:00:36,960 +incidence. Once we finish this point, we will go + +5 +00:00:36,960 --> 00:00:41,500 +to pass quickly on chapter one. which includes + +6 +00:00:41,500 --> 00:00:45,340 +some terms and definitions about the + +7 +00:00:45,340 --> 00:00:51,940 +microeconomics. Okay, so I think that we have + +8 +00:00:51,940 --> 00:00:58,420 +studied three types of the price elasticity of + +9 +00:00:58,420 --> 00:01:05,160 +supply and its relation with the tax incidence. We + +10 +00:01:05,160 --> 00:01:09,180 +said that if the price elasticity of supply was + +11 +00:01:10,100 --> 00:01:13,240 +Inelastic supply, + +12 +00:01:16,680 --> 00:01:20,980 +the consumer bears + +13 +00:01:20,980 --> 00:01:27,340 +the least of exported and + +14 +00:01:27,340 --> 00:01:33,720 +the producer bears the most of exported. When + +15 +00:01:33,720 --> 00:01:35,080 +supply is elastic, + +16 +00:01:39,540 --> 00:01:45,440 +The consumer pays the most and the producer pays + +17 +00:01:45,440 --> 00:01:46,760 +the least of tax burden. + +18 +00:01:50,700 --> 00:01:54,620 +When supply is unitary elastic, number three, + +19 +00:01:54,780 --> 00:01:56,020 +unitary elastic supply. + +20 +00:02:03,020 --> 00:02:09,300 +50-50, the consumer pays 50% of tax burden and the + +21 +00:02:09,300 --> 00:02:10,700 +producer pays 50. + +22 +00:02:13,820 --> 00:02:18,540 +We still have two cases. + +23 +00:02:20,160 --> 00:02:25,260 +The fourth case, when supply is perfectly elastic. + +24 +00:02:26,680 --> 00:02:29,900 +Perfectly elastic supply. + +25 +00:02:36,240 --> 00:02:42,020 +In this case, supply curve is + +26 +00:02:42,020 --> 00:02:42,680 +horizontal. + +27 +00:02:59,240 --> 00:03:05,080 +Price Q S1 + +28 +00:03:06,350 --> 00:03:11,830 +And this is demand, D1. This is the original + +29 +00:03:11,830 --> 00:03:18,770 +initial equilibrium point, E1. Price, P1. And the + +30 +00:03:18,770 --> 00:03:24,970 +quantity, Q1. Now the government sets a price + +31 +00:03:24,970 --> 00:03:29,390 +ceiling. Sorry, the government decided to impose a + +32 +00:03:29,390 --> 00:03:34,710 +tax. This affects supply, so supply curve shifts + +33 +00:03:34,710 --> 00:03:35,170 +left. + +34 +00:03:38,160 --> 00:03:40,240 +supply will shift left. + +35 +00:03:44,360 --> 00:03:50,380 +No, you're talking about the taxes on the + +36 +00:03:50,380 --> 00:03:57,780 +suppliers or sellers. Here is two. We have a new + +37 +00:03:57,780 --> 00:03:59,380 +equilibrium point, A2, + +38 +00:04:02,620 --> 00:04:07,280 +to determine the guaranteed revenue of tax or the + +39 +00:04:07,280 --> 00:04:18,000 +tax burden, a point from A2 to S1. So here, + +40 +00:04:18,420 --> 00:04:24,860 +this rectangle represents the total tax burden. + +41 +00:04:29,340 --> 00:04:33,460 +The perfectly elastic demand. I'm not talking + +42 +00:04:33,460 --> 00:04:37,400 +about supply. When demand was perfectly elastic, + +43 +00:04:38,180 --> 00:04:41,920 +like the demand for rings for mail. This is the + +44 +00:04:41,920 --> 00:04:44,820 +example we took. Who bears the most, the tax + +45 +00:04:44,820 --> 00:04:48,500 +burden? The producer. The producer was bearing, he + +46 +00:04:48,500 --> 00:04:51,360 +was bearing the tax burden. Here it's like this. + +47 +00:04:52,960 --> 00:04:56,740 +Exactly, which is the opposite case. The consumer + +48 +00:04:56,740 --> 00:05:00,730 +bears the whole of tax burden. Let's assume that + +49 +00:05:00,730 --> 00:05:09,590 +the initial price was five units, five dollars, + +50 +00:05:11,230 --> 00:05:15,630 +and the quality sold was 10 units, + +51 +00:05:18,350 --> 00:05:24,450 +imposing taxes, supply shifts left, we have a new + +52 +00:05:24,450 --> 00:05:29,510 +equilibrium point, From A2 to S1 here, this is the + +53 +00:05:29,510 --> 00:05:31,070 +total tax burden. + +54 +00:05:40,510 --> 00:05:45,450 +Above A1 here, this is the consumer's share of tax + +55 +00:05:45,450 --> 00:05:48,750 +burden. So here's the total tax burden. So the + +56 +00:05:48,750 --> 00:05:56,840 +price equals six here. P2 equals Six. How much is + +57 +00:05:56,840 --> 00:06:01,920 +the tax per unit? Tax per unit. How much is the + +58 +00:06:01,920 --> 00:06:09,020 +tax per unit? From A1 to A2 to S1, this is the tax + +59 +00:06:09,020 --> 00:06:12,940 +per unit. The tax per unit. The tax per unit. The + +60 +00:06:12,940 --> 00:06:19,400 +consumer. So this is the total tax burden equals + +61 +00:06:19,400 --> 00:06:22,980 +the consumer share of tax burden or the consumer + +62 +00:06:22,980 --> 00:06:23,580 +share. + +63 +00:06:29,210 --> 00:06:34,550 +Total tax burden is the whole tax burden, the + +64 +00:06:34,550 --> 00:06:37,530 +consumer share tax burden. Let us assume your + +65 +00:06:37,530 --> 00:06:41,130 +quantity equals eight. So the total tax burden + +66 +00:06:41,130 --> 00:06:46,090 +equals one times eight equals eight. And the + +67 +00:06:46,090 --> 00:06:48,390 +producer share tax burden equals zero in this + +68 +00:06:48,390 --> 00:06:55,230 +case. All right? So we can say that. Let's compare + +69 +00:06:55,230 --> 00:07:00,280 +the price elasticity of demand and the price + +70 +00:07:00,280 --> 00:07:05,520 +elasticity of supply and its relations with the + +71 +00:07:05,520 --> 00:07:11,000 +tax burden. When supply is inelastic, consumer + +72 +00:07:11,000 --> 00:07:19,620 +peers least, producer most. When demand is + +73 +00:07:19,620 --> 00:07:25,680 +inelastic, the consumer peers most and the + +74 +00:07:25,680 --> 00:07:26,800 +producer peers least. + +75 +00:07:29,680 --> 00:07:33,900 +When supply is elastic, the consumer pays most, + +76 +00:07:34,200 --> 00:07:38,580 +producer pays least. When supply is elastic, when + +77 +00:07:38,580 --> 00:07:43,160 +demand is elastic, elastic demand, like demand for + +78 +00:07:43,160 --> 00:07:49,900 +Apple, the consumer pays least and the producer + +79 +00:07:49,900 --> 00:07:56,180 +pays most. Unitary elastic, 50-50. Unitary elastic + +80 +00:07:56,180 --> 00:08:01,420 +demand, 50-50. Perfectly elastic supply, the + +81 +00:08:01,420 --> 00:08:07,360 +consumer appears tall of tax burden. And the very + +82 +00:08:07,360 --> 00:08:11,160 +long run had a full supply, had a very long run. + +83 +00:08:17,760 --> 00:08:22,460 +The perfectly elastic demand, demand which has or + +84 +00:08:22,460 --> 00:08:26,170 +the product that has so many substitutes. Who pays + +85 +00:08:26,170 --> 00:08:30,810 +the tax burden? The producer. In supply, the + +86 +00:08:30,810 --> 00:08:33,830 +producer or the consumer pays the whole. In + +87 +00:08:33,830 --> 00:08:40,770 +demand, producer pays the whole of tax burden. The + +88 +00:08:40,770 --> 00:08:48,610 +opposite. See the last case. Perfectly inelastic + +89 +00:08:48,610 --> 00:08:55,670 +supply. Had a very short run. The last case, + +90 +00:09:01,590 --> 00:09:17,350 +which means + +91 +00:09:17,350 --> 00:09:20,050 +perfectly elastic demand. + +92 +00:09:23,740 --> 00:09:28,500 +Equals perfectly inelastic supply and its effects + +93 +00:09:28,500 --> 00:09:33,100 +here. The effects for taxes, the tax burden. + +94 +00:09:33,740 --> 00:09:35,820 +Perfectly elastic demand equals perfectly + +95 +00:09:35,820 --> 00:09:40,000 +inelastic supply. Perfectly inelastic demand + +96 +00:09:40,000 --> 00:09:44,000 +equals perfectly elastic supply. Unitary, unitary. + +97 +00:09:45,480 --> 00:09:51,960 +Inelastic demand, elastic supply. Elastic demand, + +98 +00:09:52,520 --> 00:09:55,300 +inelastic supply. All right? + +99 +00:09:58,520 --> 00:10:01,160 +So, let's go to the last case here. + +100 +00:10:20,810 --> 00:10:33,250 +perfectly perfectly in elastic supply very + +101 +00:10:33,250 --> 00:10:41,810 +short run very + +102 +00:10:41,810 --> 00:10:42,370 +short run + +103 +00:10:46,180 --> 00:10:49,560 +Perfectly inelastic supply means the supply curve + +104 +00:10:49,560 --> 00:10:51,920 +will be vertical. + +105 +00:10:55,880 --> 00:11:00,580 +S1, P, Q. + +106 +00:11:03,760 --> 00:11:08,820 +Perfectly inelastic supply, very short term. The + +107 +00:11:08,820 --> 00:11:14,840 +supply curve will be vertical. And let us assume + +108 +00:11:14,840 --> 00:11:22,470 +here demand is a neutral, D1. The equilibrium + +109 +00:11:22,470 --> 00:11:28,050 +occurs when demand equals supply or intersects + +110 +00:11:28,050 --> 00:11:32,330 +supply, E1, + +111 +00:11:34,430 --> 00:11:43,110 +P1, Q1. As the price goes up, the quantity + +112 +00:11:43,110 --> 00:11:46,470 +produced will not be changed, right? + +113 +00:11:50,990 --> 00:11:54,330 +demand, the producer will be unable to produce + +114 +00:11:54,330 --> 00:11:57,390 +more. So we're talking about a very short run. + +115 +00:11:57,830 --> 00:12:01,730 +Now, if the government impose a tax in the very + +116 +00:12:01,730 --> 00:12:04,230 +short run, what will happen? + +117 +00:12:09,070 --> 00:12:12,350 +In the very short run, the very short run. + +118 +00:12:16,040 --> 00:12:21,460 +I'm asking about something else. When the + +119 +00:12:21,460 --> 00:12:25,040 +government impose a tax in general, on the + +120 +00:12:25,040 --> 00:12:28,360 +producers, on the sellers, what will happen to + +121 +00:12:28,360 --> 00:12:36,140 +supply? Goes down or decreased. Except this case. + +122 +00:12:37,340 --> 00:12:42,460 +In all cases, supply shifts left. Except this + +123 +00:12:42,460 --> 00:12:42,780 +case. + +124 +00:12:54,260 --> 00:12:58,200 +When the supply is perfectly inelastic. Perfectly + +125 +00:12:58,200 --> 00:13:01,380 +inelastic demand. Sorry, here. Perfectly inelastic + +126 +00:13:01,380 --> 00:13:04,280 +demand, like the demand for insulin. Who bears the + +127 +00:13:04,280 --> 00:13:08,380 +whole of tax burden? Consumer. Here, the producer + +128 +00:13:08,380 --> 00:13:11,080 +bears the whole of tax burden. So here, the + +129 +00:13:11,080 --> 00:13:15,420 +producer bears + +130 +00:13:16,750 --> 00:13:22,950 +The total they exported. That's why they gave the + +131 +00:13:22,950 --> 00:13:23,610 +first hand. + +132 +00:13:28,110 --> 00:13:32,090 +Let us + +133 +00:13:32,090 --> 00:13:38,950 +assume that the initial price was five. I hate + +134 +00:13:38,950 --> 00:13:45,810 +this stuff. The question + +135 +00:13:45,810 --> 00:13:50,370 +is why? Because it's a short term. Very short + +136 +00:13:50,370 --> 00:14:02,710 +term. It's a very short term. This is + +137 +00:14:02,710 --> 00:14:03,610 +a very short term. + +138 +00:14:10,300 --> 00:14:14,820 +No, it's not always, but it's in the effect of tax + +139 +00:14:14,820 --> 00:14:18,640 +burden, perfectly inelastic supply equals + +140 +00:14:18,640 --> 00:14:22,480 +perfectly elastic demand. And it's effects, which + +141 +00:14:22,480 --> 00:14:27,220 +means when supply is perfectly inelastic, the + +142 +00:14:27,220 --> 00:14:29,640 +producer pays the whole of tax burden, okay? + +143 +00:14:30,160 --> 00:14:35,260 +Perfectly elastic demand, the producer pays the + +144 +00:14:35,260 --> 00:14:40,560 +whole of tax burden. if the economic situation has + +145 +00:14:40,560 --> 00:14:43,560 +perfectly inelastic supply. Yeah. In the very + +146 +00:14:43,560 --> 00:14:48,520 +short run. Yeah, it will have the same. + +147 +00:14:50,580 --> 00:14:53,600 +So let's have this summary here. + +148 +00:15:02,740 --> 00:15:05,280 +By drawing this schedule, + +149 +00:15:17,420 --> 00:15:18,820 +Consumer. + +150 +00:15:21,980 --> 00:15:23,380 +Producer. + +151 +00:15:28,860 --> 00:15:37,620 +Perfectly inelastic demand. + +152 +00:15:46,380 --> 00:15:53,440 +Elastic demand or + +153 +00:15:53,440 --> 00:16:00,720 +inelastic demand. Keep silent please. Inelastic + +154 +00:16:00,720 --> 00:16:03,260 +demand, + +155 +00:16:04,940 --> 00:16:06,240 +unitary elastic demand. + +156 +00:16:18,820 --> 00:16:27,620 +Elastic demand Perfectly + +157 +00:16:27,620 --> 00:16:36,760 +inelastic demand Perfectly + +158 +00:16:36,760 --> 00:16:38,500 +elastic, elastic demand + +159 +00:16:48,330 --> 00:16:51,090 +When demand is perfectly inelastic, like the + +160 +00:16:51,090 --> 00:16:55,870 +demand for insulin, the consumer pays the whole + +161 +00:16:55,870 --> 00:16:58,570 +100% and zero. + +162 +00:17:03,550 --> 00:17:09,410 +Inelastic demand, most, the consumer pays most, + +163 +00:17:10,070 --> 00:17:15,150 +least. Unitary elastic demand, 50-50. + +164 +00:17:18,030 --> 00:17:25,870 +Elastic demand least most perfectly elastic demand + +165 +00:17:25,870 --> 00:17:29,270 +zero one hundred percent. + +166 +00:17:33,710 --> 00:17:39,470 +And the effects here. Perfectly inelastic demand + +167 +00:17:39,470 --> 00:17:44,810 +equals perfectly + +168 +00:17:44,810 --> 00:17:45,710 +elastic supply. + +169 +00:17:51,120 --> 00:17:57,380 +Unelastic demand, elastic supply. Unitary, + +170 +00:17:57,720 --> 00:17:58,200 +unitary. + +171 +00:18:01,080 --> 00:18:04,780 +Elastic demand, unelastic supply. + +172 +00:18:07,740 --> 00:18:12,420 +Perfectly elastic demand, perfectly unelastic + +173 +00:18:12,420 --> 00:18:16,300 +supply. That's it. + diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/8ikMJZP73M0_raw.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/8ikMJZP73M0_raw.srt new file mode 100644 index 0000000000000000000000000000000000000000..081b92671352b3130030883ba474436a5a7e3677 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/8ikMJZP73M0_raw.srt @@ -0,0 +1,692 @@ +1 +00:00:19,680 --> 00:00:24,440 +Okay. Today, inshallah, we are going to finalize + +2 +00:00:24,440 --> 00:00:28,020 +or to discuss the last point, chapter three, which + +3 +00:00:28,020 --> 00:00:33,740 +is the price elasticity of supply and tax + +4 +00:00:33,740 --> 00:00:36,960 +incidence. Once we finish this point, we will go + +5 +00:00:36,960 --> 00:00:41,500 +to pass quickly on chapter one. which includes + +6 +00:00:41,500 --> 00:00:45,340 +some terms and definitions about the + +7 +00:00:45,340 --> 00:00:51,940 +microeconomics. Okay, so I think that we have + +8 +00:00:51,940 --> 00:00:58,420 +studied three types of the price elasticity of + +9 +00:00:58,420 --> 00:01:05,160 +supply and its relation with the tax incidence. We + +10 +00:01:05,160 --> 00:01:09,180 +said that if the price elasticity of supply was + +11 +00:01:10,100 --> 00:01:13,240 +Inelastic supply, + +12 +00:01:16,680 --> 00:01:20,980 +the consumer bears + +13 +00:01:20,980 --> 00:01:27,340 +the least of exported and + +14 +00:01:27,340 --> 00:01:33,720 +the producer bears the most of exported. When + +15 +00:01:33,720 --> 00:01:35,080 +supply is elastic, + +16 +00:01:39,540 --> 00:01:45,440 +The consumer pays the most and the producer pays + +17 +00:01:45,440 --> 00:01:46,760 +the least of tax burden. + +18 +00:01:50,700 --> 00:01:54,620 +When supply is unitary elastic, number three, + +19 +00:01:54,780 --> 00:01:56,020 +unitary elastic supply. + +20 +00:02:03,020 --> 00:02:09,300 +50-50, the consumer pays 50% of tax burden and the + +21 +00:02:09,300 --> 00:02:10,700 +producer pays 50. + +22 +00:02:13,820 --> 00:02:18,540 +We still have two cases. + +23 +00:02:20,160 --> 00:02:25,260 +The fourth case, when supply is perfectly elastic. + +24 +00:02:26,680 --> 00:02:29,900 +Perfectly elastic supply. + +25 +00:02:36,240 --> 00:02:42,020 +In this case, supply curve is + +26 +00:02:42,020 --> 00:02:42,680 +horizontal. + +27 +00:02:59,240 --> 00:03:05,080 +Price Q S1 + +28 +00:03:06,350 --> 00:03:11,830 +And this is demand, D1. This is the original + +29 +00:03:11,830 --> 00:03:18,770 +initial equilibrium point, E1. Price, P1. And the + +30 +00:03:18,770 --> 00:03:24,970 +quantity, Q1. Now the government sets a price + +31 +00:03:24,970 --> 00:03:29,390 +ceiling. Sorry, the government decided to impose a + +32 +00:03:29,390 --> 00:03:34,710 +tax. This affects supply, so supply curve shifts + +33 +00:03:34,710 --> 00:03:35,170 +left. + +34 +00:03:38,160 --> 00:03:40,240 +supply will shift left. + +35 +00:03:44,360 --> 00:03:50,380 +No, you're talking about the taxes on the + +36 +00:03:50,380 --> 00:03:57,780 +suppliers or sellers. Here is two. We have a new + +37 +00:03:57,780 --> 00:03:59,380 +equilibrium point, A2, + +38 +00:04:02,620 --> 00:04:07,280 +to determine the guaranteed revenue of tax or the + +39 +00:04:07,280 --> 00:04:18,000 +tax burden, a point from A2 to S1. So here, + +40 +00:04:18,420 --> 00:04:24,860 +this rectangle represents the total tax burden. + +41 +00:04:29,340 --> 00:04:33,460 +The perfectly elastic demand. I'm not talking + +42 +00:04:33,460 --> 00:04:37,400 +about supply. When demand was perfectly elastic, + +43 +00:04:38,180 --> 00:04:41,920 +like the demand for rings for mail. This is the + +44 +00:04:41,920 --> 00:04:44,820 +example we took. Who bears the most, the tax + +45 +00:04:44,820 --> 00:04:48,500 +burden? The producer. The producer was bearing, he + +46 +00:04:48,500 --> 00:04:51,360 +was bearing the tax burden. Here it's like this. + +47 +00:04:52,960 --> 00:04:56,740 +Exactly, which is the opposite case. The consumer + +48 +00:04:56,740 --> 00:05:00,730 +bears the whole of tax burden. Let's assume that + +49 +00:05:00,730 --> 00:05:09,590 +the initial price was five units, five dollars, + +50 +00:05:11,230 --> 00:05:15,630 +and the quality sold was 10 units, + +51 +00:05:18,350 --> 00:05:24,450 +imposing taxes, supply shifts left, we have a new + +52 +00:05:24,450 --> 00:05:29,510 +equilibrium point, From A2 to S1 here, this is the + +53 +00:05:29,510 --> 00:05:31,070 +total tax burden. + +54 +00:05:40,510 --> 00:05:45,450 +Above A1 here, this is the consumer's share of tax + +55 +00:05:45,450 --> 00:05:48,750 +burden. So here's the total tax burden. So the + +56 +00:05:48,750 --> 00:05:56,840 +price equals six here. P2 equals Six. How much is + +57 +00:05:56,840 --> 00:06:01,920 +the tax per unit? Tax per unit. How much is the + +58 +00:06:01,920 --> 00:06:09,020 +tax per unit? From A1 to A2 to S1, this is the tax + +59 +00:06:09,020 --> 00:06:12,940 +per unit. The tax per unit. The tax per unit. The + +60 +00:06:12,940 --> 00:06:19,400 +consumer. So this is the total tax burden equals + +61 +00:06:19,400 --> 00:06:22,980 +the consumer share of tax burden or the consumer + +62 +00:06:22,980 --> 00:06:23,580 +share. + +63 +00:06:29,210 --> 00:06:34,550 +Total tax burden is the whole tax burden, the + +64 +00:06:34,550 --> 00:06:37,530 +consumer share tax burden. Let us assume your + +65 +00:06:37,530 --> 00:06:41,130 +quantity equals eight. So the total tax burden + +66 +00:06:41,130 --> 00:06:46,090 +equals one times eight equals eight. And the + +67 +00:06:46,090 --> 00:06:48,390 +producer share tax burden equals zero in this + +68 +00:06:48,390 --> 00:06:55,230 +case. All right? So we can say that. Let's compare + +69 +00:06:55,230 --> 00:07:00,280 +the price elasticity of demand and the price + +70 +00:07:00,280 --> 00:07:05,520 +elasticity of supply and its relations with the + +71 +00:07:05,520 --> 00:07:11,000 +tax burden. When supply is inelastic, consumer + +72 +00:07:11,000 --> 00:07:19,620 +peers least, producer most. When demand is + +73 +00:07:19,620 --> 00:07:25,680 +inelastic, the consumer peers most and the + +74 +00:07:25,680 --> 00:07:26,800 +producer peers least. + +75 +00:07:29,680 --> 00:07:33,900 +When supply is elastic, the consumer pays most, + +76 +00:07:34,200 --> 00:07:38,580 +producer pays least. When supply is elastic, when + +77 +00:07:38,580 --> 00:07:43,160 +demand is elastic, elastic demand, like demand for + +78 +00:07:43,160 --> 00:07:49,900 +Apple, the consumer pays least and the producer + +79 +00:07:49,900 --> 00:07:56,180 +pays most. Unitary elastic, 50-50. Unitary elastic + +80 +00:07:56,180 --> 00:08:01,420 +demand, 50-50. Perfectly elastic supply, the + +81 +00:08:01,420 --> 00:08:07,360 +consumer appears tall of tax burden. And the very + +82 +00:08:07,360 --> 00:08:11,160 +long run had a full supply, had a very long run. + +83 +00:08:17,760 --> 00:08:22,460 +The perfectly elastic demand, demand which has or + +84 +00:08:22,460 --> 00:08:26,170 +the product that has so many substitutes. Who pays + +85 +00:08:26,170 --> 00:08:30,810 +the tax burden? The producer. In supply, the + +86 +00:08:30,810 --> 00:08:33,830 +producer or the consumer pays the whole. In + +87 +00:08:33,830 --> 00:08:40,770 +demand, producer pays the whole of tax burden. The + +88 +00:08:40,770 --> 00:08:48,610 +opposite. See the last case. Perfectly inelastic + +89 +00:08:48,610 --> 00:08:55,670 +supply. Had a very short run. The last case, + +90 +00:09:01,590 --> 00:09:17,350 +which means + +91 +00:09:17,350 --> 00:09:20,050 +perfectly elastic demand. + +92 +00:09:23,740 --> 00:09:28,500 +Equals perfectly inelastic supply and its effects + +93 +00:09:28,500 --> 00:09:33,100 +here. The effects for taxes, the tax burden. + +94 +00:09:33,740 --> 00:09:35,820 +Perfectly elastic demand equals perfectly + +95 +00:09:35,820 --> 00:09:40,000 +inelastic supply. Perfectly inelastic demand + +96 +00:09:40,000 --> 00:09:44,000 +equals perfectly elastic supply. Unitary, unitary. + +97 +00:09:45,480 --> 00:09:51,960 +Inelastic demand, elastic supply. Elastic demand, + +98 +00:09:52,520 --> 00:09:55,300 +inelastic supply. All right? + +99 +00:09:58,520 --> 00:10:01,160 +So, let's go to the last case here. + +100 +00:10:20,810 --> 00:10:33,250 +perfectly perfectly in elastic supply very + +101 +00:10:33,250 --> 00:10:41,810 +short run very + +102 +00:10:41,810 --> 00:10:42,370 +short run + +103 +00:10:46,180 --> 00:10:49,560 +Perfectly inelastic supply means the supply curve + +104 +00:10:49,560 --> 00:10:51,920 +will be vertical. + +105 +00:10:55,880 --> 00:11:00,580 +S1, P, Q. + +106 +00:11:03,760 --> 00:11:08,820 +Perfectly inelastic supply, very short term. The + +107 +00:11:08,820 --> 00:11:14,840 +supply curve will be vertical. And let us assume + +108 +00:11:14,840 --> 00:11:22,470 +here demand is a neutral, D1. The equilibrium + +109 +00:11:22,470 --> 00:11:28,050 +occurs when demand equals supply or intersects + +110 +00:11:28,050 --> 00:11:32,330 +supply, E1, + +111 +00:11:34,430 --> 00:11:43,110 +P1, Q1. As the price goes up, the quantity + +112 +00:11:43,110 --> 00:11:46,470 +produced will not be changed, right? + +113 +00:11:50,990 --> 00:11:54,330 +demand, the producer will be unable to produce + +114 +00:11:54,330 --> 00:11:57,390 +more. So we're talking about a very short run. + +115 +00:11:57,830 --> 00:12:01,730 +Now, if the government impose a tax in the very + +116 +00:12:01,730 --> 00:12:04,230 +short run, what will happen? + +117 +00:12:09,070 --> 00:12:12,350 +In the very short run, the very short run. + +118 +00:12:16,040 --> 00:12:21,460 +I'm asking about something else. When the + +119 +00:12:21,460 --> 00:12:25,040 +government impose a tax in general, on the + +120 +00:12:25,040 --> 00:12:28,360 +producers, on the sellers, what will happen to + +121 +00:12:28,360 --> 00:12:36,140 +supply? Goes down or decreased. Except this case. + +122 +00:12:37,340 --> 00:12:42,460 +In all cases, supply shifts left. Except this + +123 +00:12:42,460 --> 00:12:42,780 +case. + +124 +00:12:54,260 --> 00:12:58,200 +When the supply is perfectly inelastic. Perfectly + +125 +00:12:58,200 --> 00:13:01,380 +inelastic demand. Sorry, here. Perfectly inelastic + +126 +00:13:01,380 --> 00:13:04,280 +demand, like the demand for insulin. Who bears the + +127 +00:13:04,280 --> 00:13:08,380 +whole of tax burden? Consumer. Here, the producer + +128 +00:13:08,380 --> 00:13:11,080 +bears the whole of tax burden. So here, the + +129 +00:13:11,080 --> 00:13:15,420 +producer bears + +130 +00:13:16,750 --> 00:13:22,950 +The total they exported. That's why they gave the + +131 +00:13:22,950 --> 00:13:23,610 +first hand. + +132 +00:13:28,110 --> 00:13:32,090 +Let us + +133 +00:13:32,090 --> 00:13:38,950 +assume that the initial price was five. I hate + +134 +00:13:38,950 --> 00:13:45,810 +this stuff. The question + +135 +00:13:45,810 --> 00:13:50,370 +is why? Because it's a short term. Very short + +136 +00:13:50,370 --> 00:14:02,710 +term. It's a very short term. This is + +137 +00:14:02,710 --> 00:14:03,610 +a very short term. + +138 +00:14:10,300 --> 00:14:14,820 +No, it's not always, but it's in the effect of tax + +139 +00:14:14,820 --> 00:14:18,640 +burden, perfectly inelastic supply equals + +140 +00:14:18,640 --> 00:14:22,480 +perfectly elastic demand. And it's effects, which + +141 +00:14:22,480 --> 00:14:27,220 +means when supply is perfectly inelastic, the + +142 +00:14:27,220 --> 00:14:29,640 +producer pays the whole of tax burden, okay? + +143 +00:14:30,160 --> 00:14:35,260 +Perfectly elastic demand, the producer pays the + +144 +00:14:35,260 --> 00:14:40,560 +whole of tax burden. if the economic situation has + +145 +00:14:40,560 --> 00:14:43,560 +perfectly inelastic supply. Yeah. In the very + +146 +00:14:43,560 --> 00:14:48,520 +short run. Yeah, it will have the same. + +147 +00:14:50,580 --> 00:14:53,600 +So let's have this summary here. + +148 +00:15:02,740 --> 00:15:05,280 +By drawing this schedule, + +149 +00:15:17,420 --> 00:15:18,820 +Consumer. + +150 +00:15:21,980 --> 00:15:23,380 +Producer. + +151 +00:15:28,860 --> 00:15:37,620 +Perfectly inelastic demand. + +152 +00:15:46,380 --> 00:15:53,440 +Elastic demand or + +153 +00:15:53,440 --> 00:16:00,720 +inelastic demand. Keep silent please. Inelastic + +154 +00:16:00,720 --> 00:16:03,260 +demand, + +155 +00:16:04,940 --> 00:16:06,240 +unitary elastic demand. + +156 +00:16:18,820 --> 00:16:27,620 +Elastic demand Perfectly + +157 +00:16:27,620 --> 00:16:36,760 +inelastic demand Perfectly + +158 +00:16:36,760 --> 00:16:38,500 +elastic, elastic demand + +159 +00:16:48,330 --> 00:16:51,090 +When demand is perfectly inelastic, like the + +160 +00:16:51,090 --> 00:16:55,870 +demand for insulin, the consumer pays the whole + +161 +00:16:55,870 --> 00:16:58,570 +100% and zero. + +162 +00:17:03,550 --> 00:17:09,410 +Inelastic demand, most, the consumer pays most, + +163 +00:17:10,070 --> 00:17:15,150 +least. Unitary elastic demand, 50-50. + +164 +00:17:18,030 --> 00:17:25,870 +Elastic demand least most perfectly elastic demand + +165 +00:17:25,870 --> 00:17:29,270 +zero one hundred percent. + +166 +00:17:33,710 --> 00:17:39,470 +And the effects here. Perfectly inelastic demand + +167 +00:17:39,470 --> 00:17:44,810 +equals perfectly + +168 +00:17:44,810 --> 00:17:45,710 +elastic supply. + +169 +00:17:51,120 --> 00:17:57,380 +Unelastic demand, elastic supply. Unitary, + +170 +00:17:57,720 --> 00:17:58,200 +unitary. + +171 +00:18:01,080 --> 00:18:04,780 +Elastic demand, unelastic supply. + +172 +00:18:07,740 --> 00:18:12,420 +Perfectly elastic demand, perfectly unelastic + +173 +00:18:12,420 --> 00:18:16,300 +supply. That's it. + diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/ATEBn5Oyro0.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/ATEBn5Oyro0.srt new file mode 100644 index 0000000000000000000000000000000000000000..188297f9734605dc1568e12b9423e824bcac3f8a --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/ATEBn5Oyro0.srt @@ -0,0 +1,2305 @@ + +1 +00:00:20,740 --> 00:00:26,400 +Okay, first of all, I'm pleased to be with you in + +2 +00:00:26,400 --> 00:00:28,660 +this course, which is the Principles of + +3 +00:00:28,660 --> 00:00:31,420 +Microeconomics, which is one of the most + +4 +00:00:31,420 --> 00:00:36,320 +interesting courses in economics. In this course, + +5 +00:00:36,740 --> 00:00:40,240 +we have about seven chapters. The first chapter is + +6 +00:00:40,240 --> 00:00:44,440 +an introduction, definitions, some terms, how to + +7 +00:00:44,440 --> 00:00:48,700 +study economics, why to study economics. And in + +8 +00:00:48,700 --> 00:00:52,760 +the second chapter, we will study demand, supply, + +9 +00:00:53,000 --> 00:00:56,530 +and market equilibrium. In the third chapter, we + +10 +00:00:56,530 --> 00:01:00,230 +will go to study the elasticity or the price + +11 +00:01:00,230 --> 00:01:03,390 +elasticity of demand, income elasticity, to + +12 +00:01:03,390 --> 00:01:07,230 +determine or to study the relationship between the + +13 +00:01:07,230 --> 00:01:09,170 +change in prices and the change in quantity + +14 +00:01:09,170 --> 00:01:13,570 +demanded and to take how the producers and the + +15 +00:01:13,570 --> 00:01:17,350 +consumers take decisions. + +16 +00:01:18,230 --> 00:01:21,350 +In the fourth chapter, we will go to study the + +17 +00:01:21,350 --> 00:01:22,690 +consumer behavior. + +18 +00:01:25,090 --> 00:01:30,450 +The rational, how can the consumer takes a proper + +19 +00:01:30,450 --> 00:01:35,710 +decisions in terms of income maximization or + +20 +00:01:35,710 --> 00:01:39,890 +benefits maximization. And in chapter five, we + +21 +00:01:39,890 --> 00:01:43,390 +will study the producer behavior. How can the + +22 +00:01:43,390 --> 00:01:47,690 +producer maximize the outputs? How can they + +23 +00:01:47,690 --> 00:01:55,530 +maximize the profits and minimize the cost? And in + +24 +00:01:55,530 --> 00:01:59,170 +the last chapter, we will study different types of + +25 +00:01:59,170 --> 00:02:03,650 +the markets, like the perfect competition market, + +26 +00:02:03,790 --> 00:02:07,710 +monopoly market, oligopoly, different types of the + +27 +00:02:07,710 --> 00:02:08,390 +markets. Okay? + +28 +00:02:11,940 --> 00:02:18,080 +I will begin with the chapter two, which is a + +29 +00:02:18,080 --> 00:02:21,500 +demand supply and market equilibrium, okay? + +30 +00:02:24,440 --> 00:02:29,060 +In this chapter, we will study the Or the concept + +31 +00:02:29,060 --> 00:02:32,440 +of demand and the concept of supply. The factors + +32 +00:02:32,440 --> 00:02:34,800 +affect demand. The factors affect supply to + +33 +00:02:34,800 --> 00:02:38,140 +increase or to decrease. We will study then the + +34 +00:02:38,140 --> 00:02:41,960 +market equilibrium. How can the prices determined + +35 +00:02:41,960 --> 00:02:46,760 +in the market and What are the factors affect + +36 +00:02:46,760 --> 00:02:51,840 +demand to increase or to decrease? What is or the + +37 +00:02:51,840 --> 00:02:56,840 +effects if demand increases? What are the effects + +38 +00:02:56,840 --> 00:03:00,120 +of this point on the market equilibrium, the + +39 +00:03:00,120 --> 00:03:02,220 +market prices and the market quantity? What will + +40 +00:03:02,220 --> 00:03:06,660 +happen if supply increases on the price of the + +41 +00:03:06,660 --> 00:03:11,920 +market prices? So let's go to define or to + +42 +00:03:11,920 --> 00:03:16,220 +understand the meaning of demand. So in this + +43 +00:03:16,220 --> 00:03:21,880 +chapter, we will study demand, supply, + +44 +00:03:23,420 --> 00:03:28,940 +and market equilibrium. + +45 +00:03:34,580 --> 00:03:40,340 +What is demand? Demand, so let's begin with + +46 +00:03:40,340 --> 00:03:40,840 +demand. + +47 +00:03:45,940 --> 00:03:53,440 +Demand is or has two parts. The willingness or the + +48 +00:03:53,440 --> 00:04:02,920 +desire to buy. So demand is the willingness to + +49 +00:04:02,920 --> 00:04:03,920 +buy something. + +50 +00:04:10,820 --> 00:04:11,860 +Iblis. + +51 +00:04:13,930 --> 00:04:19,630 +Plus what? The ability to produce, yes. Yes, + +52 +00:04:19,770 --> 00:04:29,730 +sorry, to buy, thanks. Ability to buy something. + +53 +00:04:33,680 --> 00:04:38,160 +If the consumer or the buyer has the desire or the + +54 +00:04:38,160 --> 00:04:42,820 +willingness to buy, and he doesn't have or has the + +55 +00:04:42,820 --> 00:04:46,700 +ability also to buy, the willingness plus the + +56 +00:04:46,700 --> 00:04:49,780 +ability, he has enough money, sufficient money to + +57 +00:04:49,780 --> 00:04:53,360 +buy something, and he has the desire to buy a car, + +58 +00:04:53,640 --> 00:04:58,960 +in this case, we can say that we have an effective + +59 +00:04:58,960 --> 00:05:00,760 +demand. Effective demand means, + +60 +00:05:03,360 --> 00:05:09,480 +If the consumer has one of these conditions, the + +61 +00:05:09,480 --> 00:05:12,220 +willingness to buy, and he doesn't have the + +62 +00:05:12,220 --> 00:05:15,360 +ability to buy, in this case, we have an + +63 +00:05:15,360 --> 00:05:22,600 +ineffective demand. So if we lose one of these two + +64 +00:05:22,600 --> 00:05:23,280 +conditions, + +65 +00:05:26,580 --> 00:05:31,420 +This means that we have an ineffective demand. + +66 +00:05:33,160 --> 00:05:33,500 +Okay? + +67 +00:05:36,600 --> 00:05:42,400 +So if you have money and you don't have the + +68 +00:05:42,400 --> 00:05:45,420 +willingness, you have the ability, and you don't + +69 +00:05:45,420 --> 00:05:52,220 +have the willingness to buy, also have ineffective + +70 +00:05:52,220 --> 00:05:57,240 +demand. Demand is what? Demand is the willingness + +71 +00:05:57,240 --> 00:06:01,500 +to buy and ability to buy something in a specific + +72 +00:06:01,500 --> 00:06:07,000 +period of time. Okay? In the market, we have two + +73 +00:06:07,000 --> 00:06:10,820 +sides. Here when we talk about the demand, we are + +74 +00:06:10,820 --> 00:06:15,800 +talking about the buyer. We are talking about the + +75 +00:06:15,800 --> 00:06:16,260 +consumer. + +76 +00:06:19,280 --> 00:06:25,040 +The person who buys the goods and services, okay? + +77 +00:06:26,260 --> 00:06:30,080 +We have another part in the market because the + +78 +00:06:30,080 --> 00:06:35,160 +market here consists of the market, consists of + +79 +00:06:35,160 --> 00:06:36,080 +two parts, + +80 +00:06:38,840 --> 00:06:41,620 +the consumer and the producers. Here we're talking + +81 +00:06:41,620 --> 00:06:46,560 +about the producers or the sellers, producers or + +82 +00:06:46,560 --> 00:06:52,440 +sellers. who sells or who sell the products, the + +83 +00:06:52,440 --> 00:06:56,600 +goods and services. And the second part is the + +84 +00:06:56,600 --> 00:07:03,600 +consumer or the buyers. The consumers and buyers + +85 +00:07:03,600 --> 00:07:08,460 +here are classified as demand in the market. Here, + +86 +00:07:08,980 --> 00:07:14,160 +demand. And here the producers and sellers are + +87 +00:07:14,160 --> 00:07:17,080 +classified as supply. + +88 +00:07:20,330 --> 00:07:23,970 +So in the market, we have two sides. The right + +89 +00:07:23,970 --> 00:07:26,570 +side here, we have the producers, sorry, the + +90 +00:07:26,570 --> 00:07:29,970 +consumers. And the left side here, we have the + +91 +00:07:29,970 --> 00:07:34,010 +producers. The exchange of goods and services, or + +92 +00:07:34,010 --> 00:07:39,390 +the interaction between the producers and the + +93 +00:07:39,390 --> 00:07:43,610 +consumers here, is called the product's exchange + +94 +00:07:43,610 --> 00:07:50,020 +or interaction. This we call exchange. Okay? Which + +95 +00:07:50,020 --> 00:07:56,440 +depends on some factors, like the prices, like the + +96 +00:07:56,440 --> 00:08:00,320 +consumer income, like the taste preferences. So + +97 +00:08:00,320 --> 00:08:05,520 +many factors affect demand and supply, okay? So + +98 +00:08:05,520 --> 00:08:11,680 +let's go to, I will start analyzing the demand + +99 +00:08:11,680 --> 00:08:19,010 +side. Once we finish the demand side, like the + +100 +00:08:19,010 --> 00:08:20,950 +factors of peak demand, the demand schedule, + +101 +00:08:21,150 --> 00:08:25,010 +demand curve, we will go to analyze the supply + +102 +00:08:25,010 --> 00:08:28,650 +side in detail way. Just to understand the idea, + +103 +00:08:29,130 --> 00:08:31,730 +let us assume that we have a consumer. + +104 +00:08:34,410 --> 00:08:40,370 +So let's begin with demand. I'm going to analyze + +105 +00:08:40,370 --> 00:08:46,070 +the demand side. So the demand side here, + +106 +00:09:00,410 --> 00:09:07,350 +let us assume that we have the following data + +107 +00:09:07,350 --> 00:09:10,250 +about the demand for chicken. + +108 +00:09:17,140 --> 00:09:22,160 +The demand for chicken. The following different + +109 +00:09:22,160 --> 00:09:24,340 +prices, different quantities. + +110 +00:09:32,800 --> 00:09:38,860 +Point price + +111 +00:09:38,860 --> 00:09:41,740 +of a chicken. + +112 +00:09:45,070 --> 00:09:51,250 +Price per kilogram of chicken. Price per kilogram + +113 +00:09:51,250 --> 00:09:57,130 +of chicken. And the quantity demanded or the + +114 +00:09:57,130 --> 00:10:02,330 +quantity purchased of chicken. Quantity demanded + +115 +00:10:02,330 --> 00:10:07,810 +of chicken by kilogram. + +116 +00:10:11,770 --> 00:10:15,230 +Let's assume that we have different observations. + +117 +00:10:25,430 --> 00:10:35,040 +Point A, B, C, D, E, F. Let us assume that we have + +118 +00:10:35,040 --> 00:10:39,900 +different prices for the chicken. The chickens + +119 +00:10:39,900 --> 00:10:44,780 +market here, the price let us assume it was 15 + +120 +00:10:44,780 --> 00:10:51,980 +shekels per kilogram, sorry, five. It has + +121 +00:10:51,980 --> 00:10:57,380 +increased to eight, then to 12. + +122 +00:11:07,060 --> 00:11:14,560 +15, 17, 20. That's it. These are the proposed + +123 +00:11:14,560 --> 00:11:20,840 +prices out of different observations here. Let us + +124 +00:11:20,840 --> 00:11:24,960 +assume that the quantity purchased or the quantity + +125 +00:11:24,960 --> 00:11:30,520 +bought, the quantity demanded of a chicken was + +126 +00:11:33,750 --> 00:11:34,770 +20 kilograms, + +127 +00:11:38,150 --> 00:11:52,770 +15, 10, 7, 5, 1. What do you see? In observation + +128 +00:11:52,770 --> 00:11:59,130 +number 1 at point A here, when the price was 5 + +129 +00:11:59,130 --> 00:12:04,810 +shekels, per kilogram of a chicken. The quota + +130 +00:12:04,810 --> 00:12:10,390 +purchased was 20. Here, the price is cheap, and + +131 +00:12:10,390 --> 00:12:15,210 +the consumer can buy larger quantity of chicken. + +132 +00:12:16,430 --> 00:12:20,990 +When the price increases to eight, at point B + +133 +00:12:20,990 --> 00:12:25,450 +here, the quantity demanded declined or decreased + +134 +00:12:25,450 --> 00:12:30,380 +to 15. The price goes up, the quantity demanded + +135 +00:12:30,380 --> 00:12:35,680 +goes down. This schedule is called, or this table + +136 +00:12:35,680 --> 00:12:39,180 +is called the demand schedule. Demand schedule + +137 +00:12:39,180 --> 00:12:49,560 +means, okay? Let's go to the demand curve, or + +138 +00:12:49,560 --> 00:12:52,960 +let's derive the demand curve. Here we have two + +139 +00:12:52,960 --> 00:12:58,280 +axes, price, and the quantity demanded of a + +140 +00:12:58,280 --> 00:12:58,640 +chicken. + +141 +00:13:02,180 --> 00:13:03,960 +Price of a chicken. + +142 +00:13:09,040 --> 00:13:17,200 +Prices from five to three, + +143 +00:13:18,720 --> 00:13:30,610 +six, nine, twelve, fifteen, 18, 21, 24. + +144 +00:13:33,490 --> 00:13:34,970 +The quantity demanded, + +145 +00:13:39,850 --> 00:13:54,630 +four or three, six, nine, 12, 15, 18, 21, + +146 +00:13:57,130 --> 00:13:59,110 +That's it, 24. + +147 +00:14:02,210 --> 00:14:07,810 +At point A here, the observation number one, when + +148 +00:14:07,810 --> 00:14:12,350 +the price was five shekels, the quota purchased + +149 +00:14:12,350 --> 00:14:18,310 +was 20. So at five, at the price, in this case, or + +150 +00:14:18,310 --> 00:14:21,010 +this is the vertical axis, this is the horizontal + +151 +00:14:21,010 --> 00:14:24,770 +axis. The vertical axis, when the price was five, + +152 +00:14:25,770 --> 00:14:30,910 +Where's five here? The quantity demanded was 20. + +153 +00:14:36,670 --> 00:14:41,130 +This is point A. Point B here, where the price was + +154 +00:14:41,130 --> 00:14:45,870 +eight, the quantity demanded was 15. + +155 +00:14:49,030 --> 00:14:55,660 +Point B. At point C, 12 and 10. + +156 +00:14:59,360 --> 00:15:03,420 +C, D, 15 and 7. + +157 +00:15:07,100 --> 00:15:13,480 +This is point D and point A, 17 and 5. + +158 +00:15:18,560 --> 00:15:24,420 +Point A and point F, the last point, At 21. + +159 +00:15:34,900 --> 00:15:37,720 +Let's connect these points together. + +160 +00:15:43,780 --> 00:15:48,140 +We will reach to the demand curve. This is the + +161 +00:15:48,140 --> 00:15:48,900 +demand curve. + +162 +00:15:53,820 --> 00:15:58,540 +Okay? So the demand curve is the graph that shows + +163 +00:15:58,540 --> 00:16:01,680 +the negative relationship between the prices and + +164 +00:16:01,680 --> 00:16:07,900 +the quantity demanded. It has a downward sloping. + +165 +00:16:08,500 --> 00:16:15,720 +Downward sloping. Negative slope. Negative slope. + +166 +00:16:24,990 --> 00:16:36,510 +Left to right. Downward sloping. From left to + +167 +00:16:36,510 --> 00:16:45,270 +right. Up to down. Okay? Now. + +168 +00:16:47,760 --> 00:16:53,680 +Let's go to something else. Demand curve. Demand + +169 +00:16:53,680 --> 00:16:57,880 +curve is a graph that shows the negative + +170 +00:16:57,880 --> 00:17:01,000 +relationship between the prices and the quantity + +171 +00:17:01,000 --> 00:17:05,480 +demanded. As the price goes up, the quantity + +172 +00:17:05,480 --> 00:17:09,740 +demanded goes down. So the price goes up, the + +173 +00:17:09,740 --> 00:17:12,580 +quantity demanded goes down. The result is + +174 +00:17:12,580 --> 00:17:18,570 +positive times negative, negative. So there is a + +175 +00:17:18,570 --> 00:17:21,270 +negative relationship between the prices and + +176 +00:17:21,270 --> 00:17:24,350 +quantity demanded. In general, this is the demand + +177 +00:17:24,350 --> 00:17:27,950 +theory. Demand theory says that there is a + +178 +00:17:27,950 --> 00:17:30,790 +negative relationship between the prices and the + +179 +00:17:30,790 --> 00:17:35,970 +quantity demanded. As the price goes down, the + +180 +00:17:35,970 --> 00:17:40,950 +quantity demanded goes up. So here, the result is + +181 +00:17:40,950 --> 00:17:44,610 +negative. Negative times positive, negative, okay? + +182 +00:17:46,280 --> 00:17:50,180 +Let's go to supply side. + +183 +00:17:53,280 --> 00:17:54,240 +Okay. + +184 +00:17:56,440 --> 00:18:00,540 +Let's go to the supply side using different + +185 +00:18:00,540 --> 00:18:06,920 +points. Here, we are going to analyze the + +186 +00:18:06,920 --> 00:18:09,680 +relationship between the prices and the quantity + +187 +00:18:09,680 --> 00:18:13,550 +supplied, the quantity sold. In general, in + +188 +00:18:13,550 --> 00:18:18,390 +general, as the price goes up, when the price goes + +189 +00:18:18,390 --> 00:18:23,610 +down, the producers or the sellers, what happens + +190 +00:18:23,610 --> 00:18:27,790 +to them? Of course, they want to produce more, + +191 +00:18:28,170 --> 00:18:31,030 +they will produce more, they will sell more, + +192 +00:18:31,750 --> 00:18:37,910 +because their profits go up or go up. Right? So, + +193 +00:18:38,310 --> 00:18:39,310 +the supply side, + +194 +00:18:50,290 --> 00:18:52,190 +At these prices here. + +195 +00:19:01,450 --> 00:19: + +223 +00:21:45,290 --> 00:21:46,310 +goes up. + +224 +00:21:49,970 --> 00:21:54,410 +Then actually here, as the price goes up, because + +225 +00:21:54,410 --> 00:21:59,790 +supply goes up, this means that there is positive + +226 +00:21:59,790 --> 00:22:02,290 +relationship, positive times positive, positive. + +227 +00:22:02,630 --> 00:22:04,910 +There is a positive relationship between the + +228 +00:22:04,910 --> 00:22:08,090 +prices and the quantity supplied as the price goes + +229 +00:22:08,090 --> 00:22:08,750 +down. + +230 +00:22:11,350 --> 00:22:13,510 +The quantity supplied goes down. Negative, + +231 +00:22:13,710 --> 00:22:17,670 +negative, negative times negative, positive. So in + +232 +00:22:17,670 --> 00:22:21,110 +general, the supply theory says that there is a + +233 +00:22:21,110 --> 00:22:24,250 +positive relationship between the prices and the + +234 +00:22:24,250 --> 00:22:27,850 +quantity supplied. Let's go to this example here. + +235 +00:22:29,420 --> 00:22:32,860 +We assume that we have the following points, the + +236 +00:22:32,860 --> 00:22:37,440 +following observations. As the price per kilogram + +237 +00:22:37,440 --> 00:22:43,120 +of a chicken is five. They lose. In the chicken + +238 +00:22:43,120 --> 00:22:46,880 +farm, they lose. They take from the farm the next + +239 +00:22:46,880 --> 00:22:49,280 +kilo of chicken for five shekels. They go to the + +240 +00:22:49,280 --> 00:22:52,960 +consumer for six and a half, for six. They already + +241 +00:22:52,960 --> 00:22:57,100 +have a big loss. There is a big loss in this. Now, + +242 +00:22:57,400 --> 00:23:00,660 +this tells you they don't want to produce. They + +243 +00:23:00,660 --> 00:23:02,820 +don't want to sell. Most of them are lost. They + +244 +00:23:02,820 --> 00:23:06,140 +shut down. They shut down. They say, I don't want + +245 +00:23:06,140 --> 00:23:10,700 +to raise cows again. This is what happens in + +246 +00:23:10,700 --> 00:23:13,500 +farms. And eventually, the sellers will have fewer + +247 +00:23:13,500 --> 00:23:20,840 +clients. So let's work on two kilograms. This is + +248 +00:23:20,840 --> 00:23:23,760 +the producer thinking. For example, there is a big + +249 +00:23:23,760 --> 00:23:27,520 +loss in the prices, in the achievement prices here + +250 +00:23:27,520 --> 00:23:28,440 +at five. + +251 +00:23:39,970 --> 00:23:44,930 +Because there is a big loss. As the price + +252 +00:23:44,930 --> 00:23:48,010 +increases to eight here, the quantity supplied, + +253 +00:23:48,070 --> 00:23:53,030 +this is the quantity supplied here, QS, goes up as + +254 +00:23:53,030 --> 00:23:59,320 +well. Let us assume it was five. As the price goes + +255 +00:23:59,320 --> 00:24:04,780 +up, their profits will increase. This means that + +256 +00:24:04,780 --> 00:24:09,060 +as the profits go up, this will encourage them + +257 +00:24:09,060 --> 00:24:11,400 +to produce more and more, to sell more and more. + +258 +00:24:11,860 --> 00:24:15,860 +And the quantities supplied in this case will + +259 +00:24:15,860 --> 00:24:26,200 +increase to 8, to 12, to 17, to 25. That's it. So + +260 +00:24:26,200 --> 00:24:28,200 +there is a positive relationship between the + +261 +00:24:28,200 --> 00:24:31,040 +prices and the quantity supplied. And let us draw. + +262 +00:24:31,660 --> 00:24:34,400 +This is the supply schedule. + +263 +00:24:40,080 --> 00:24:43,440 +Now let's + +264 +00:24:43,440 --> 00:24:48,280 +draw the graph that shows the supply curve. Okay? + +265 +00:24:54,470 --> 00:24:59,830 +I'm talking about supply, quantity supplied. In + +266 +00:24:59,830 --> 00:25:06,230 +the market, in the market. As the price goes up. + +267 +00:25:10,100 --> 00:25:14,440 +Let us assume that you are the seller, you are the + +268 +00:25:14,440 --> 00:25:19,040 +producer, okay? And you have to think rational, to + +269 +00:25:19,040 --> 00:25:21,160 +take rational, you have to be rational. + +270 +00:25:24,560 --> 00:25:28,780 +Let us assume that the price per kilogram or + +271 +00:25:28,780 --> 00:25:31,900 +something was five. + +272 +00:25:36,470 --> 00:25:39,690 +And let us assume that the price zed in the + +273 +00:25:39,690 --> 00:25:42,830 +market. The price goes up. + +274 +00:25:59,590 --> 00:26:02,650 +That's it. This is the idea. So as the price goes + +275 +00:26:02,650 --> 00:26:06,450 +up, the quantity produced, the quantity sold, the + +276 +00:26:06,450 --> 00:26:10,210 +quantity supplied in the market will go up. + +277 +00:26:10,310 --> 00:26:13,110 +Because as we mentioned that, the producer will + +278 +00:26:13,110 --> 00:26:18,370 +try to maximize their profits by increasing more. + +279 +00:26:19,150 --> 00:26:23,190 +So as the price goes up, the quantity supplied + +280 +00:26:23,190 --> 00:26:25,890 +goes up as well. So let's draw the graph that + +281 +00:26:25,890 --> 00:26:29,760 +shows the relationship between the prices and the + +282 +00:26:29,760 --> 00:26:30,400 +quantity supplied. + +283 +00:26:56,640 --> 00:27:02,460 +Quant supplied with check-in. Price check-in. + +284 +00:27:09,120 --> 00:27:10,520 +Four, + +285 +00:27:12,200 --> 00:27:23,440 +eight, twelve, sixteen, twenty, twenty-four. + +286 +00:27:32,200 --> 00:27:40,760 +Five, ten, fifteen, twenty, twenty-five, thirty. + +287 +00:27:43,820 --> 00:27:48,800 +At point A, when the price was five shekels per + +288 +00:27:48,800 --> 00:27:52,680 +kilogram of chicken, how much is the quant + +289 +00:27:52,680 --> 00:28:00,690 +supplied? two units and five, here maybe, two + +290 +00:28:00,690 --> 00:28:01,170 +units. + +291 +00:28:06,130 --> 00:28:15,630 +No, above. Point A. At point B, as the price was + +292 +00:28:15,630 --> 00:28:17,970 +eight, the quant supplied was five. + +293 +00:28:21,830 --> 00:28:27,470 +Point B. One C, 12 and eight. + +294 +00:28:34,170 --> 00:28:41,590 +C. D, 15 and 12. + +295 +00:28:47,550 --> 00:28:51,430 +E, 17, 17. + +296 +00:29:00,870 --> 00:29:02,810 +F, 20, and 25. + +297 +00:29:05,610 --> 00:29:11,770 +This is the last point here, F. If we connect + +298 +00:29:11,770 --> 00:29:14,850 +these points together, we will reach to the supply + +299 +00:29:14,850 --> 00:29:22,170 +curve. Supply curve from A to B to C to D to E. + +300 +00:29:22,890 --> 00:29:29,690 +This is the supply curve. So what is the supply + +301 +00:29:29,690 --> 00:29:34,280 +curve? It's a line. It's a graph. Shows the + +302 +00:29:34,280 --> 00:29:37,580 +positive relationship between the prices and the + +303 +00:29:37,580 --> 00:29:42,840 +quant supplied. As the price goes up, the quant + +304 +00:29:42,840 --> 00:29:49,060 +supplied goes up as well. This means that here, as + +305 +00:29:49,060 --> 00:29:52,920 +the price goes up from four to eight, the quant + +306 +00:29:52,920 --> 00:29:57,380 +supplied increases from kazak to kazak. As the + +307 +00:29:57,380 --> 00:29:58,400 +price goes up, + +308 +00:30:03,950 --> 00:30:06,530 +So there is a positive relationship between the + +309 +00:30:06,530 --> 00:30:10,830 +prices and equal supply. Who hasn't a problem so + +310 +00:30:10,830 --> 00:30:17,030 +far? Is there a problem? Okay. Yes. + +311 +00:30:22,390 --> 00:30:23,070 +Production? + +312 +00:30:26,650 --> 00:30:29,110 +For demand. Exactly. Yes. Yes. + +313 +00:30:32,500 --> 00:30:33,280 +No. + +314 +00:30:36,760 --> 00:30:39,780 +Here we are talking about two sides in the market. + +315 +00:30:40,420 --> 00:30:48,840 +The buyers and the sellers. Each one of them have + +316 +00:30:48,840 --> 00:30:51,680 +their own decisions. + +317 +00:30:53,430 --> 00:30:57,210 +For the buyers, it's good. When the price goes up, + +318 +00:30:58,030 --> 00:31:00,170 +their willingness, here I'm talking about the + +319 +00:31:00,170 --> 00:31:03,430 +buyers. As the price goes up, their willingness to + +320 +00:31:03,430 --> 00:31:08,130 +buy will go down. All right? And their ability to + +321 +00:31:08,130 --> 00:31:11,520 +buy will go down as well. Because you're talking + +322 +00:31:11,520 --> 00:31:15,520 +about their income, the nominal of their income + +323 +00:31:15,520 --> 00:31:17,840 +will go down. And actually, actually, when the + +324 +00:31:17,840 --> 00:31:21,860 +price goes up. I will come back quickly to this + +325 +00:31:21,860 --> 00:31:29,200 +point here. Here we have two sides. The buyers who + +326 +00:31:29,200 --> 00:31:32,080 +represent demand. + +327 +00:31:35,080 --> 00:31:40,700 +When the price goes up, what happens to their + +328 +00:31:40,700 --> 00:31:46,360 +willingness to buy? It decreases. And what happens + +329 +00:31:46,360 --> 00:31:50,520 +to their ability to buy? Someone used to buy a bag + +330 +00:31:50,520 --> 00:31:53,240 +of flour for 30 shekels and now he has 50 shekels. + +331 +00:31:53,340 --> 00:31:57,680 +His ability to buy will decrease, right? + +332 +00:32:02,630 --> 00:32:06,990 +Here I'm talking about the buyers. Certainly, + +333 +00:32:07,930 --> 00:32:10,530 +their willingness to buy, will ability to buy, + +334 +00:32:11,010 --> 00:32:13,010 +represents the quantity demanded. + +335 +00:32:16,540 --> 00:32:20,520 +Exactly, but the quantity purchased will go down. + +336 +00:32:21,360 --> 00:32:24,600 +It will not reach to zero. Sometimes it will reach + +337 +00:32:24,600 --> 00:32:28,940 +to zero. Sometimes our buying or our purchasing + +338 +00:32:28,940 --> 00:32:31,740 +will be zero. This depends on the elasticity, + +339 +00:32:32,240 --> 00:32:35,180 +which will be discussed later on in Chapter 2, + +340 +00:32:35,240 --> 00:32:41,240 +inshallah. Okay? Do you get it? Okay. Here, about + +341 +00:32:41,240 --> 00:32:42,660 +for the sellers, + +342 +00:32:48,020 --> 00:32:58,100 +who represent the producers or the sellers in the + +343 +00:32:58,100 --> 00:33:03,740 +supply. When the price goes up. Then the ability + +344 +00:33:03,740 --> 00:33:06,800 +to buy will increase. Because profits will + +345 +00:33:06,800 --> 00:33:09,240 +increase, right? And the willingness to buy will + +346 +00:33:09,240 --> 00:33:12,740 +increase. Sorry, to sell. I'm talking about + +347 +00:33:12,740 --> 00:33:17,520 +willingness and ability to produce, to sell. It + +348 +00:33:17,520 --> 00:33:20,720 +will increase. So if I'm like this, if we talk + +349 +00:33:20,720 --> 00:33:24,820 +about quantity supplied, it will increase. Right? + +350 +00:33:25,480 --> 00:33:28,040 +Every size of an animal, right? Yeah, yeah. Does + +351 +00:33:28,040 --> 00:33:31,960 +it have its own factors that affect it? + +352 +00:33:41,700 --> 00:33:50,960 +Each one of them has their own analysis. They have + +353 +00:33:50,960 --> 00:33:54,140 +to think well. They have to think well. They have + +354 +00:33:54,140 --> 00:33:58,010 +to take rational decisions in terms of the + +355 +00:33:58,010 --> 00:34:00,370 +changes in the factors affecting demand and + +356 +00:34:00,370 --> 00:34:03,250 +supply. But in general, I'm talking about the + +357 +00:34:03,250 --> 00:34:06,610 +effects of a change in prices on the quantity + +358 +00:34:06,610 --> 00:34:10,050 +demanded here for the buyers and here the prices + +359 +00:34:10,050 --> 00:34:13,230 +and the quantity supplied for the producers, okay? + +360 +00:34:13,330 --> 00:34:16,510 +Or the sellers here. Demand side, supply side. + +361 +00:34:17,290 --> 00:34:24,870 +Okay? Let's go to the factors affecting demand. So + +362 +00:34:24,870 --> 00:34:26,890 +let's go to the second point here. + +363 +00:34:29,910 --> 00:34:33,630 +And we will talk about the detail way about the + +364 +00:34:33,630 --> 00:34:35,690 +factors that affect demand. + +365 +00:35:02,280 --> 00:35:06,420 +What are the factors affecting demand, either to + +366 +00:35:06,420 --> 00:35:11,660 +increase or to decrease? Population, this is + +367 +00:35:11,660 --> 00:35:18,580 +number one. One, one by one, yes. The consumer's + +368 +00:35:18,580 --> 00:35:22,800 +income, exactly. Yes, the same point, yes. + +369 +00:35:24,190 --> 00:35:28,130 +Expectation about the future. Yes. Someone else? + +370 +00:35:29,450 --> 00:35:32,750 +The price of other related goods. What else? + +371 +00:35:33,690 --> 00:35:38,550 +Tastes and the preferences. Tastes and the + +372 +00:35:38,550 --> 00:35:43,430 +preferences. Okay? Tastes and the preferences. + +373 +00:35:44,110 --> 00:35:44,390 +Okay. + +374 +00:35:48,240 --> 00:35:52,700 +Okay, let's go to discuss all these factors, what + +375 +00:35:52,700 --> 00:35:55,480 +they call demand determinants. + +376 +00:35:58,820 --> 00:36:04,000 +Demand determinants. + +377 +00:36:08,460 --> 00:36:11,200 +Number one, population. + +378 +00:36:19,780 --> 00:36:25,760 +Or the number of consumers had a number of + +379 +00:36:25,760 --> 00:36:30,900 +consumers equals + +380 +00:36:30,900 --> 00:36:34,180 +the number of consumers. + +381 +00:36:37,980 --> 00:36:42,020 +As the number of buyers, as the population growth, + +382 +00:36:43,720 --> 00:36:46,540 +or as we have a large or increasing in the number + +383 +00:36:46,540 --> 00:36:53,700 +of consumers, increasing the population or + +384 +00:36:53,700 --> 00:36:58,640 +increasing the number of consumers with a citrus + +385 +00:36:58,640 --> 00:37:03,910 +purpose. Other factors remain consistent or other + +386 +00:37:03,910 --> 00:37:07,830 +factors remain constant, like the prices, like the + +387 +00:37:07,830 --> 00:37:11,570 +consumer income, like taste and preferences. We + +388 +00:37:11,570 --> 00:37:16,470 +will assume that all of these variables or factors + +389 +00:37:16,470 --> 00:37:21,590 +remain constant. The price remains constant. The + +390 +00:37:21,590 --> 00:37:24,510 +consumer's income remains constant. Taste and + +391 +00:37:24,510 --> 00:37:29,590 +preferences remains constant. But we have a change + +392 +00:37:29,590 --> 00:37:34,090 +in one variable, which means population. As the + +393 +00:37:34,090 --> 00:37:35,730 +population increases. + +394 +00:37:40,410 --> 00:37:52,310 +Exactly. The population declines. + +395 +00:37:54,350 --> 00:37:55,450 +What happens to the demand? + +396 +00:38:01,190 --> 00:38:05,130 +As we mentioned before, that demand curve is a + +397 +00:38:05,130 --> 00:38:08,830 +negative slope. This is the price and the quantity + +398 +00:38:08,830 --> 00:38:13,130 +demanded here. The demand for chicken here, we're + +399 +00:38:13,130 --> 00:38:14,650 +talking about the demand for chicken. + +400 +00:38:19,810 --> 00:38:22,810 +And let us assume we're talking about fresh + +401 +00:38:22,810 --> 00:38:27,930 +chicken, not frozen, as the population increases. + +402 +00:38:29,730 --> 00:38:32,850 +Here, let us assume that the price was seven + +403 +00:38:32,850 --> 00:38:37,990 +shekels per kilogram of a chicken, and the + +404 +00:38:37,990 --> 00:38:41,610 +quantity purchased was 10 kilogram. + +405 +00:38:49,010 --> 00:38:54,490 +According to + +406 +00:38:54,490 --> 00:38:59,250 +our assumption here, this is point F or point A. + +407 +00:39:02,330 --> 00:39:13,670 +according to our assumption. According to + +408 +00:39:13,670 --> 00:39:18,450 +our assumption that the population increases. + +409 +00:39:19,510 --> 00:39:20,690 +What happens to the demand? + +410 +00:39:24,430 --> 00:39:28,680 +Under the fixed prices. The price remains + +411 +00:39:28,680 --> 00:39:35,800 +constant. No change + +412 +00:39:35,800 --> 00:39:39,660 +in the prices, but the quantity demanded by the + +413 +00:39:39,660 --> 00:39:46,500 +people will decrease. Let's say 15 units. If the + +414 +00:39:46,500 --> 00:39:53,360 +price is 9 and people ask for 8 units, if the + +415 +00:39:53,360 --> 00:39:54,180 +price remains at 9, + +416 +00:40:01,190 --> 00:40:04,130 +demand curve will shift right. + +417 +00:40:08,510 --> 00:40:14,510 +And at + +418 +00:40:14,510 --> 00:40:20,870 +price equals seven, population increases. + +419 +00:40:22,760 --> 00:40:25,060 +The quantity demanded increased. Right? + +42 + +445 +00:43:17,040 --> 00:43:21,700 +inferior, right? We will give an example of demand + +446 +00:43:21,700 --> 00:43:26,800 +for inferior goods like lentils. As income goes + +447 +00:43:26,800 --> 00:43:31,800 +up, demand for the inferior goods here will go + +448 +00:43:31,800 --> 00:43:34,940 +down. Not always when your income increases, + +449 +00:43:35,540 --> 00:43:40,790 +demand increases. Then we have to distinguish + +450 +00:43:40,790 --> 00:43:43,750 +between, which is, is there a good product and a + +451 +00:43:43,750 --> 00:43:49,650 +bad product. Okay? So here, like this. The + +452 +00:43:49,650 --> 00:43:54,370 +consumer income depends on two types of products. + +453 +00:43:56,030 --> 00:43:58,170 +Let's take the fresh chicken and the frozen + +454 +00:43:58,170 --> 00:44:02,150 +chicken. Okay? So here, I want to take the fresh + +455 +00:44:02,150 --> 00:44:02,570 +chicken. + +456 +00:44:07,600 --> 00:44:10,940 +And frozen chicken. + +457 +00:44:12,880 --> 00:44:16,100 +When you eat it, it increases. Demand for fresh + +458 +00:44:16,100 --> 00:44:19,420 +chicken, what happens to it? It increases, right? + +459 +00:44:19,640 --> 00:44:27,960 +So this is called normal goods. Normal goods. + +460 +00:44:28,400 --> 00:44:32,520 +Normal goods. + +461 +00:44:37,370 --> 00:44:43,370 +This is called inferior goods. Inferior goods. + +462 +00:44:50,310 --> 00:44:56,470 +Like second-hand clothes, like you know, some + +463 +00:44:56,470 --> 00:45:02,230 +other goods. As the consumer's income goes up, + +464 +00:45:03,250 --> 00:45:06,800 +when people's income increases, The demand for + +465 +00:45:06,800 --> 00:45:13,280 +fresh chicken and some other normal goods will + +466 +00:45:13,280 --> 00:45:17,520 +increase. + +467 +00:45:19,060 --> 00:45:22,640 +As the + +468 +00:45:22,640 --> 00:45:28,140 +consumer's income goes up. What will happen to the + +469 +00:45:28,140 --> 00:45:31,220 +demand for frozen chicken? What will happen to the + +470 +00:45:31,220 --> 00:45:34,900 +demand for secondhand clothes? What will happen to + +471 +00:45:34,900 --> 00:45:36,600 +some other ferry goods? + +472 +00:45:47,740 --> 00:45:50,800 +What is the relationship between the consumer's + +473 +00:45:50,800 --> 00:45:54,240 +income and the demand for normal goods? Positive. + +474 +00:45:54,520 --> 00:45:57,400 +How do you positive times positive? Positive. + +475 +00:45:57,860 --> 00:46:02,120 +Positive relationship between what? Between the + +476 +00:46:02,120 --> 00:46:06,100 +consumer's income and the demand for fresh or for + +477 +00:46:06,100 --> 00:46:11,900 +normal goods in general. What else? What about the + +478 +00:46:11,900 --> 00:46:14,800 +relationship between the consumer income here and + +479 +00:46:14,800 --> 00:46:18,520 +the demand for frozen chicken or inferior goods? + +480 +00:46:18,920 --> 00:46:25,680 +Negative. Positive times + +481 +00:46:25,680 --> 00:46:28,020 +negative, then had a negative relation. + +482 +00:46:31,200 --> 00:46:36,880 +Negative. Negative. Negative. Negative. Negative. + +483 +00:46:36,980 --> 00:46:37,020 +Negative. Negative. Negative. Negative. Negative. + +484 +00:46:37,020 --> 00:46:37,040 +Negative. Negative. Negative. Negative. Negative. + +485 +00:46:37,040 --> 00:46:37,180 +Negative. Negative. Negative. Negative. Negative. + +486 +00:46:37,180 --> 00:46:37,220 +Negative. Negative. Negative. Negative. Negative. + +487 +00:46:37,220 --> 00:46:37,240 +Negative. Negative. Negative. Negative. Negative. + +488 +00:46:38,970 --> 00:46:41,930 +What about the third determinant of demand? + +489 +00:46:44,930 --> 00:46:50,810 +Give us, yes. Expectation about the future, yes. + +490 +00:46:51,810 --> 00:46:55,450 +So the third factor or the third determinant of + +491 +00:46:55,450 --> 00:47:02,010 +demand is what the expectations about the future. + +492 +00:47:05,450 --> 00:47:07,970 +Expectation about the future. + +493 +00:47:13,130 --> 00:47:17,490 +Did you get bored? Yes. Yes? Yes. Yes. Yes. Yes. + +494 +00:47:17,490 --> 00:47:19,070 +Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. + +495 +00:47:19,070 --> 00:47:19,650 +Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. + +496 +00:47:19,650 --> 00:47:20,650 +Yes. Yes. Yes. Yes. + +497 +00:47:26,090 --> 00:47:28,650 +Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. + +498 +00:47:28,650 --> 00:47:31,110 +Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. + +499 +00:47:31,110 --> 00:47:31,210 +Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. + +500 +00:47:31,210 --> 00:47:33,670 +Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. + +501 +00:47:33,750 --> 00:47:33,870 +Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. + +502 +00:47:33,870 --> 00:47:36,850 +Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes + +503 +00:47:46,980 --> 00:47:52,000 +We still have a long time. Three, + +504 +00:47:54,100 --> 00:47:58,260 +expectations or expectation about the future. + +505 +00:48:10,930 --> 00:48:16,890 +If the consumer expects that his income or her + +506 +00:48:16,890 --> 00:48:21,170 +income, I'm not biased for male. + +507 +00:48:24,010 --> 00:48:28,170 +As the consumer expects or if he expects that his + +508 +00:48:28,170 --> 00:48:32,150 +income increases, will increase in the future. + +509 +00:48:33,280 --> 00:48:36,020 +What's going to happen? And if we had an + +510 +00:48:36,020 --> 00:48:37,900 +expectation that prices are going to increase, + +511 +00:48:38,020 --> 00:48:40,980 +what's going to happen? So here I'm going to + +512 +00:48:40,980 --> 00:48:47,260 +analyze two things. Future prices and the future + +513 +00:48:47,260 --> 00:48:50,280 +income. Let's figure out the future income here. + +514 +00:48:50,620 --> 00:48:54,980 +We are talking about the future income. + +515 +00:48:57,480 --> 00:49:00,280 +This is 3.1. + +516 +00:49:02,830 --> 00:49:13,290 +As I mentioned that if the consumer expects that + +517 +00:49:13,290 --> 00:49:30,430 +his or her income will increase next month, will + +518 +00:49:30,430 --> 00:49:34,310 +increase Next month. + +519 +00:49:37,750 --> 00:49:43,630 +In the future plan. What will happen in the + +520 +00:49:43,630 --> 00:49:52,450 +current demand? Your income now is $2,000 and it + +521 +00:49:52,450 --> 00:49:55,350 +will become $4,000 next week. What will happen? + +522 +00:49:56,890 --> 00:50:01,090 +The current demand will increase because you are + +523 +00:50:01,090 --> 00:50:02,190 +spending money on what is coming to you. + +524 +00:50:12,980 --> 00:50:14,100 +For chicken. + +525 +00:50:17,420 --> 00:50:19,660 +I'm talking about fresh chicken. When I say + +526 +00:50:19,660 --> 00:50:22,500 +chicken in general, I'm talking about fresh + +527 +00:50:22,500 --> 00:50:23,680 +chicken. It will increase. + +528 +00:50:36,170 --> 00:50:39,390 +Then what is demand here for chicken? Where will + +529 +00:50:39,390 --> 00:50:43,830 +it go? Right where? Chips, right? This is the + +530 +00:50:43,830 --> 00:50:46,630 +current demand. The current demand for fresh + +531 +00:50:46,630 --> 00:50:51,290 +chicken will chip right. If you expect that next + +532 +00:50:51,290 --> 00:50:54,110 +month there will be a crop coming to you, okay? + +533 +00:50:55,960 --> 00:50:58,780 +And the income will go down. And you stop getting + +534 +00:50:58,780 --> 00:51:01,740 +it. Where did it go? Now you say you don't want to + +535 +00:51:01,740 --> 00:51:03,700 +buy it. So instead of buying it, I lower the + +536 +00:51:03,700 --> 00:51:06,220 +quantity that I buy. Right? So here it will + +537 +00:51:06,220 --> 00:51:11,000 +decrease the current demand. Where will it go in + +538 +00:51:11,000 --> 00:51:16,760 +the demand curve? Shifts left. That's it. Okay? So + +539 +00:51:16,760 --> 00:51:23,700 +they call it vice versa. Vice versa and vice + +540 +00:51:23,700 --> 00:51:24,940 +versa. + +541 +00:51:27,630 --> 00:51:33,070 +As the consumer expects that his or her income + +542 +00:51:33,070 --> 00:51:39,650 +will go down next week or next month. Current + +543 +00:51:39,650 --> 00:51:40,170 +demand, + +544 +00:51:43,970 --> 00:51:50,190 +you spend your income or your spending or + +545 +00:51:50,190 --> 00:51:54,430 +allocation of your income depends on the future + +546 +00:51:54,430 --> 00:52:01,040 +income. Okay. What else? What about the + +547 +00:52:01,040 --> 00:52:04,360 +expectation about the prices? Future prices. + +548 +00:52:04,700 --> 00:52:07,300 +Because here I have something else called future + +549 +00:52:07,300 --> 00:52:11,220 +prices. This is part two. Future prices. + +550 +00:52:15,520 --> 00:52:18,980 +If the consumer, let's say you expect tomorrow + +551 +00:52:18,980 --> 00:52:20,920 +that the price of a kilo of chicken will increase + +552 +00:52:20,920 --> 00:52:23,600 +by 20 shekels. The current demand will increase, + +553 +00:52:24,460 --> 00:52:25,900 +right? Correct? + +554 +00:52:28,910 --> 00:52:37,310 +If the consumer expects that his or the price will + +555 +00:52:37,310 --> 00:52:39,750 +go up, + +556 +00:52:41,270 --> 00:52:44,710 +will increase + +557 +00:52:44,710 --> 00:52:45,450 +tomorrow. + +558 +00:52:52,150 --> 00:52:56,550 +What happens in the current demand today? will + +559 +00:52:56,550 --> 00:53:02,970 +increase. So there is + +560 +00:53:02,970 --> 00:53:06,270 +a positive relationship between the expectation + +561 +00:53:06,270 --> 00:53:11,430 +about the future prices with the current demand. + +562 +00:53:11,830 --> 00:53:13,630 +This is positive because this increased and this + +563 +00:53:13,630 --> 00:53:16,490 +increased. Look, as long as the two are going in + +564 +00:53:16,490 --> 00:53:20,550 +the same direction, it will be positive. If they + +565 +00:53:20,550 --> 00:53:23,090 +go against each other, one goes up and one goes + +566 +00:53:23,090 --> 00:53:25,550 +down, it is negative in all cases. + +567 +00:53:29,550 --> 00:53:33,930 +If the expectation is that the price will go down, + +568 +00:53:34,950 --> 00:53:40,870 +the current demand will go down today. Correct? So + +569 +00:53:40,870 --> 00:53:42,910 +in general, there is a positive relationship + +570 +00:53:42,910 --> 00:53:49,310 +between the future income with the current demand, + +571 +00:53:49,510 --> 00:53:54,930 +which is today, and future prices with the current + +572 +00:53:54,930 --> 00:53:58,860 +demand. Had a positive relationship between. + +573 +00:54:01,800 --> 00:54:08,400 +What else? + +574 +00:54:08,820 --> 00:54:15,880 +What is the fourth determinant of demand? Yes. The + +575 +00:54:15,880 --> 00:54:17,520 +price of other related goods. + +576 +00:54:27,340 --> 00:54:29,940 +The price of other related goods. + +577 +00:54:35,340 --> 00:54:44,700 +The price number four, the price of other related + +578 +00:54:44,700 --> 00:54:47,940 +goods. + +579 +00:54:52,720 --> 00:54:57,700 +Here, let's have three examples or three + +580 +00:54:57,700 --> 00:55:01,100 +relationships between the different bundles of + +581 +00:55:01,100 --> 00:55:11,260 +goods. Like meat, + +582 +00:55:12,580 --> 00:55:15,940 +here we have three cases or three types of + +583 +00:55:15,940 --> 00:55:19,540 +relationships between or three types of relations + +584 +00:55:19,540 --> 00:55:24,220 +between the different types of products. In this + +585 +00:55:24,220 --> 00:55:30,820 +case, we have the meat and the chicken or fish. + +586 +00:55:39,300 --> 00:55:44,080 +The second example, fuel and cars. + +587 +00:55:52,270 --> 00:55:53,850 +Anything else that has nothing to do with each + +588 +00:55:53,850 --> 00:55:58,530 +other? I'll give another example. + +589 +00:56:02,670 --> 00:56:03,350 +Mobiles. + +590 +00:56:08,710 --> 00:56:09,390 +Chocolate. + +591 +00:56:15,810 --> 00:56:21,050 +The first example here, we will find that + +592 +00:56:25,920 --> 00:56:29,880 +There is a relationship between meat and fish. + +593 +00:56:30,480 --> 00:56:34,460 +These two products are substitutes. Substitutes + +594 +00:56:34,460 --> 00:56:42,140 +means because here, as the price, you're talking + +595 +00:56:42,140 --> 00:56:45,700 +about prices and demand. + +596 +00:56:48,360 --> 00:56:54,860 +In general, as the price of meat goes up, The + +597 +00:56:54,860 --> 00:56:59,120 +demand for fish or chicken as a substitute goods + +598 +00:56:59,120 --> 00:57:05,220 +will increase. Right? Correct? When the demand for + +599 +00:57:05,220 --> 00:57:08,680 +meat increases, the demand for fish increases. + +600 +00:57:09,160 --> 00:57:13,200 +Right? These names are like that. Increased and + +601 +00:57:13,200 --> 00:57:15,960 +increased. What is the relationship? Positive. + +602 +00:57:16,280 --> 00:57:17,480 +These are substitute goods. + +603 +00:57:24,220 --> 00:57:29,000 +So if the + +604 +00:57:29,000 --> 00:57:34,380 +products are substitutes, there is a positive + +605 +00:57:34,380 --> 00:57:39,040 +relationship between the prices of good X and the + +606 +00:57:39,040 --> 00:57:40,440 +demand for good Y. + +607 +00:57:44,060 --> 00:57:47,980 +If these two products are substitutes, they're + +608 +00:57:47,980 --> 00:57:49,480 +increasing the price of X. + +609 +00:57:53,030 --> 00:57:56,570 +What is demanded for Y increases as well. + +610 +00:57:57,070 --> 00:58:00,530 +Positive, positive, the result is positive. And + +611 +00:58:00,530 --> 00:58:04,870 +vice versa, a declining in the price of meat means + +612 +00:58:04,870 --> 00:58:11,230 +we have a declining demand for fish. The second + +613 +00:58:11,230 --> 00:58:17,430 +case, fuel and cars. As the price of fuel goes up, + +614 +00:58:18,300 --> 00:58:21,580 +The demand for cars goes down. And this is normal. + +615 +00:58:21,840 --> 00:58:23,980 +The higher the price of gasoline, the lower the + +616 +00:58:23,980 --> 00:58:28,500 +demand for cars. So what does this mean? They + +617 +00:58:28,500 --> 00:58:30,920 +complement each other. True. They are called + +618 +00:58:30,920 --> 00:58:39,480 +complement goods. So this is complement goods. + +619 +00:58:40,740 --> 00:58:45,460 +This is positive and negative. The negative + +620 +00:58:45,460 --> 00:58:50,040 +relationship between the price of X and the + +621 +00:58:50,040 --> 00:58:56,200 +quantity demanded of Y. So if these two products + +622 +00:58:56,200 --> 00:59:03,980 +are complements, declining in demand for Y. So + +623 +00:59:03,980 --> 00:59:06,680 +what is the relationship between mobiles and + +624 +00:59:06,680 --> 00:59:08,240 +chocolate? Independent. + +625 +00:59:11,490 --> 00:59:18,290 +Independent kids. All right, so if the price of + +626 +00:59:18,290 --> 00:59:21,950 +mobile increases, what happens to the demand for + +627 +00:59:21,950 --> 00:59:24,430 +chocolate? No changes. + +628 +00:59:33,470 --> 00:59:38,910 +So they call it independent kids. diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/ATEBn5Oyro0_postprocess.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/ATEBn5Oyro0_postprocess.srt new file mode 100644 index 0000000000000000000000000000000000000000..070a014e65840adda958b4c4a0ca9bb365b23781 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/ATEBn5Oyro0_postprocess.srt @@ -0,0 +1,2512 @@ +1 +00:00:20,740 --> 00:00:26,400 +Okay, first of all, I'm pleased to be with you in + +2 +00:00:26,400 --> 00:00:28,660 +this course, which is the Principles of + +3 +00:00:28,660 --> 00:00:31,420 +Microeconomics, which is one of the most + +4 +00:00:31,420 --> 00:00:36,320 +interesting courses in economics. In this course, + +5 +00:00:36,740 --> 00:00:40,240 +we have about seven chapters. The first chapter is + +6 +00:00:40,240 --> 00:00:44,440 +an introduction, definitions, some terms, how to + +7 +00:00:44,440 --> 00:00:48,700 +study economics, why to study economics. And in + +8 +00:00:48,700 --> 00:00:52,760 +the second chapter, we will study demand, supply, + +9 +00:00:53,000 --> 00:00:56,530 +and market equilibrium. In the third chapter, we + +10 +00:00:56,530 --> 00:01:00,230 +will go to study the elasticity or the price + +11 +00:01:00,230 --> 00:01:03,390 +elasticity of demand, income elasticity, to + +12 +00:01:03,390 --> 00:01:07,230 +determine or to study the relationship between the + +13 +00:01:07,230 --> 00:01:09,170 +change in prices and the change in quantity + +14 +00:01:09,170 --> 00:01:13,570 +demanded and to take how the producers and the + +15 +00:01:13,570 --> 00:01:17,350 +consumers take decisions. + +16 +00:01:18,230 --> 00:01:21,350 +In the fourth chapter, we will go to study the + +17 +00:01:21,350 --> 00:01:22,690 +consumer behavior. + +18 +00:01:25,090 --> 00:01:30,450 +The rational, how can the consumer takes a proper + +19 +00:01:30,450 --> 00:01:35,710 +decisions in terms of income maximization or + +20 +00:01:35,710 --> 00:01:39,890 +benefits maximization. And in chapter five, we + +21 +00:01:39,890 --> 00:01:43,390 +will study the producer behavior. How can the + +22 +00:01:43,390 --> 00:01:47,690 +producer maximize the outputs? How can they + +23 +00:01:47,690 --> 00:01:55,530 +maximize the profits and minimize the cost? And in + +24 +00:01:55,530 --> 00:01:59,170 +the last chapter, we will study different types of + +25 +00:01:59,170 --> 00:02:03,650 +the markets, like the perfect competition market, + +26 +00:02:03,790 --> 00:02:07,710 +monopoly market, oligopoly, different types of the + +27 +00:02:07,710 --> 00:02:08,390 +markets. Okay? + +28 +00:02:11,940 --> 00:02:18,080 +I will begin with the chapter two, which is a + +29 +00:02:18,080 --> 00:02:21,500 +demand supply and market equilibrium, okay? + +30 +00:02:24,440 --> 00:02:29,060 +In this chapter, we will study the Or the concept + +31 +00:02:29,060 --> 00:02:32,440 +of demand and the concept of supply. The factors + +32 +00:02:32,440 --> 00:02:34,800 +affect demand. The factors affect supply to + +33 +00:02:34,800 --> 00:02:38,140 +increase or to decrease. We will study then the + +34 +00:02:38,140 --> 00:02:41,960 +market equilibrium. How can the prices determined + +35 +00:02:41,960 --> 00:02:46,760 +in the market and What are the factors affect + +36 +00:02:46,760 --> 00:02:51,840 +demand to increase or to decrease? What is or the + +37 +00:02:51,840 --> 00:02:56,840 +effects if demand increases? What are the effects + +38 +00:02:56,840 --> 00:03:00,120 +of this point on the market equilibrium, the + +39 +00:03:00,120 --> 00:03:02,220 +market prices and the market quantity? What will + +40 +00:03:02,220 --> 00:03:06,660 +happen if supply increases on the price of the + +41 +00:03:06,660 --> 00:03:11,920 +market prices? So let's go to define or to + +42 +00:03:11,920 --> 00:03:16,220 +understand the meaning of demand. So in this + +43 +00:03:16,220 --> 00:03:21,880 +chapter, we will study demand, supply, + +44 +00:03:23,420 --> 00:03:28,940 +and market equilibrium. + +45 +00:03:34,580 --> 00:03:40,340 +What is demand? Demand, so let's begin with + +46 +00:03:40,340 --> 00:03:40,840 +demand. + +47 +00:03:45,940 --> 00:03:53,440 +Demand is or has two parts. The willingness or the + +48 +00:03:53,440 --> 00:04:02,920 +desire to buy. So demand is the willingness to + +49 +00:04:02,920 --> 00:04:03,920 +buy something. + +50 +00:04:10,820 --> 00:04:11,860 +Iblis. + +51 +00:04:13,930 --> 00:04:19,630 +Plus what? The ability to produce, yes. Yes, + +52 +00:04:19,770 --> 00:04:29,730 +sorry, to buy, thanks. Ability to buy something. + +53 +00:04:33,680 --> 00:04:38,160 +If the consumer or the buyer has the desire or the + +54 +00:04:38,160 --> 00:04:42,820 +willingness to buy, and he doesn't have or has the + +55 +00:04:42,820 --> 00:04:46,700 +ability also to buy, the willingness plus the + +56 +00:04:46,700 --> 00:04:49,780 +ability, he has enough money, sufficient money to + +57 +00:04:49,780 --> 00:04:53,360 +buy something, and he has the desire to buy a car, + +58 +00:04:53,640 --> 00:04:58,960 +in this case, we can say that we have an effective + +59 +00:04:58,960 --> 00:05:00,760 +demand. Effective demand means, + +60 +00:05:03,360 --> 00:05:09,480 +If the consumer has one of these conditions, the + +61 +00:05:09,480 --> 00:05:12,220 +willingness to buy, and he doesn't have the + +62 +00:05:12,220 --> 00:05:15,360 +ability to buy, in this case, we have an + +63 +00:05:15,360 --> 00:05:22,600 +ineffective demand. So if we lose one of these two + +64 +00:05:22,600 --> 00:05:23,280 +conditions, + +65 +00:05:26,580 --> 00:05:31,420 +This means that we have an ineffective demand. + +66 +00:05:33,160 --> 00:05:33,500 +Okay? + +67 +00:05:36,600 --> 00:05:42,400 +So if you have money and you don't have the + +68 +00:05:42,400 --> 00:05:45,420 +willingness, you have the ability, and you don't + +69 +00:05:45,420 --> 00:05:52,220 +have the willingness to buy, also have ineffective + +70 +00:05:52,220 --> 00:05:57,240 +demand. Demand is what? Demand is the willingness + +71 +00:05:57,240 --> 00:06:01,500 +to buy and ability to buy something in a specific + +72 +00:06:01,500 --> 00:06:07,000 +period of time. Okay? In the market, we have two + +73 +00:06:07,000 --> 00:06:10,820 +sides. Here when we talk about the demand, we are + +74 +00:06:10,820 --> 00:06:15,800 +talking about the buyer. We are talking about the + +75 +00:06:15,800 --> 00:06:16,260 +consumer. + +76 +00:06:19,280 --> 00:06:25,040 +The person who buys the goods and services, okay? + +77 +00:06:26,260 --> 00:06:30,080 +We have another part in the market because the + +78 +00:06:30,080 --> 00:06:35,160 +market here consists of the market, consists of + +79 +00:06:35,160 --> 00:06:36,080 +two parts, + +80 +00:06:38,840 --> 00:06:41,620 +the consumer and the producers. Here we're talking + +81 +00:06:41,620 --> 00:06:46,560 +about the producers or the sellers, producers or + +82 +00:06:46,560 --> 00:06:52,440 +sellers. who sells or who sell the products, the + +83 +00:06:52,440 --> 00:06:56,600 +goods and services. And the second part is the + +84 +00:06:56,600 --> 00:07:03,600 +consumer or the buyers. The consumers and buyers + +85 +00:07:03,600 --> 00:07:08,460 +here are classified as demand in the market. Here, + +86 +00:07:08,980 --> 00:07:14,160 +demand. And here the producers and sellers are + +87 +00:07:14,160 --> 00:07:17,080 +classified as supply. + +88 +00:07:20,330 --> 00:07:23,970 +So in the market, we have two sides. The right + +89 +00:07:23,970 --> 00:07:26,570 +side here, we have the producers, sorry, the + +90 +00:07:26,570 --> 00:07:29,970 +consumers. And the left side here, we have the + +91 +00:07:29,970 --> 00:07:34,010 +producers. The exchange of goods and services, or + +92 +00:07:34,010 --> 00:07:39,390 +the interaction between the producers and the + +93 +00:07:39,390 --> 00:07:43,610 +consumers here, is called the product's exchange + +94 +00:07:43,610 --> 00:07:50,020 +or interaction. This we call exchange. Okay? Which + +95 +00:07:50,020 --> 00:07:56,440 +depends on some factors, like the prices, like the + +96 +00:07:56,440 --> 00:08:00,320 +consumer income, like the taste preferences. So + +97 +00:08:00,320 --> 00:08:05,520 +many factors affect demand and supply, okay? So + +98 +00:08:05,520 --> 00:08:11,680 +let's go to, I will start analyzing the demand + +99 +00:08:11,680 --> 00:08:19,010 +side. Once we finish the demand side, like the + +100 +00:08:19,010 --> 00:08:20,950 +factors of peak demand, the demand schedule, + +101 +00:08:21,150 --> 00:08:25,010 +demand curve, we will go to analyze the supply + +102 +00:08:25,010 --> 00:08:28,650 +side in detail way. Just to understand the idea, + +103 +00:08:29,130 --> 00:08:31,730 +let us assume that we have a consumer. + +104 +00:08:34,410 --> 00:08:40,370 +So let's begin with demand. I'm going to analyze + +105 +00:08:40,370 --> 00:08:46,070 +the demand side. So the demand side here, + +106 +00:09:00,410 --> 00:09:07,350 +let us assume that we have the following data + +107 +00:09:07,350 --> 00:09:10,250 +about the demand for chicken. + +108 +00:09:17,140 --> 00:09:22,160 +The demand for chicken. The following different + +109 +00:09:22,160 --> 00:09:24,340 +prices, different quantities. + +110 +00:09:32,800 --> 00:09:38,860 +Point price + +111 +00:09:38,860 --> 00:09:41,740 +of a chicken. + +112 +00:09:45,070 --> 00:09:51,250 +Price per kilogram of chicken. Price per kilogram + +113 +00:09:51,250 --> 00:09:57,130 +of chicken. And the quantity demanded or the + +114 +00:09:57,130 --> 00:10:02,330 +quantity purchased of chicken. Quantity demanded + +115 +00:10:02,330 --> 00:10:07,810 +of chicken by kilogram. + +116 +00:10:11,770 --> 00:10:15,230 +Let's assume that we have different observations. + +117 +00:10:25,430 --> 00:10:35,040 +Point A, B, C, D, E, F. Let us assume that we have + +118 +00:10:35,040 --> 00:10:39,900 +different prices for the chicken. The chickens + +119 +00:10:39,900 --> 00:10:44,780 +market here, the price let us assume it was 15 + +120 +00:10:44,780 --> 00:10:51,980 +shekels per kilogram, sorry, five. It has + +121 +00:10:51,980 --> 00:10:57,380 +increased to eight, then to 12. + +122 +00:11:07,060 --> 00:11:14,560 +15, 17, 20. That's it. These are the proposed + +123 +00:11:14,560 --> 00:11:20,840 +prices out of different observations here. Let us + +124 +00:11:20,840 --> 00:11:24,960 +assume that the quantity purchased or the quantity + +125 +00:11:24,960 --> 00:11:30,520 +bought, the quantity demanded of a chicken was + +126 +00:11:33,750 --> 00:11:34,770 +20 kilograms, + +127 +00:11:38,150 --> 00:11:52,770 +15, 10, 7, 5, 1. What do you see? In observation + +128 +00:11:52,770 --> 00:11:59,130 +number 1 at point A here, when the price was 5 + +129 +00:11:59,130 --> 00:12:04,810 +shekels, per kilogram of a chicken. The quota + +130 +00:12:04,810 --> 00:12:10,390 +purchased was 20. Here, the price is cheap, and + +131 +00:12:10,390 --> 00:12:15,210 +the consumer can buy larger quantity of chicken. + +132 +00:12:16,430 --> 00:12:20,990 +When the price increases to eight, at point B + +133 +00:12:20,990 --> 00:12:25,450 +here, the quantity demanded declined or decreased + +134 +00:12:25,450 --> 00:12:30,380 +to 15. The price goes up, the quantity demanded + +135 +00:12:30,380 --> 00:12:35,680 +goes down. This schedule is called, or this table + +136 +00:12:35,680 --> 00:12:39,180 +is called the demand schedule. Demand schedule + +137 +00:12:39,180 --> 00:12:49,560 +means, okay? Let's go to the demand curve, or + +138 +00:12:49,560 --> 00:12:52,960 +let's derive the demand curve. Here we have two + +139 +00:12:52,960 --> 00:12:58,280 +axes, price, and the quantity demanded of a + +140 +00:12:58,280 --> 00:12:58,640 +chicken. + +141 +00:13:02,180 --> 00:13:03,960 +Price of a chicken. + +142 +00:13:09,040 --> 00:13:17,200 +Prices from five to three, + +143 +00:13:18,720 --> 00:13:30,610 +six, nine, twelve, fifteen, 18, 21, 24. + +144 +00:13:33,490 --> 00:13:34,970 +The quantity demanded, + +145 +00:13:39,850 --> 00:13:54,630 +four or three, six, nine, 12, 15, 18, 21, + +146 +00:13:57,130 --> 00:13:59,110 +That's it, 24. + +147 +00:14:02,210 --> 00:14:07,810 +At point A here, the observation number one, when + +148 +00:14:07,810 --> 00:14:12,350 +the price was five shekels, the quota purchased + +149 +00:14:12,350 --> 00:14:18,310 +was 20. So at five, at the price, in this case, or + +150 +00:14:18,310 --> 00:14:21,010 +this is the vertical axis, this is the horizontal + +151 +00:14:21,010 --> 00:14:24,770 +axis. The vertical axis, when the price was five, + +152 +00:14:25,770 --> 00:14:30,910 +Where's five here? The quantity demanded was 20. + +153 +00:14:36,670 --> 00:14:41,130 +This is point A. Point B here, where the price was + +154 +00:14:41,130 --> 00:14:45,870 +eight, the quantity demanded was 15. + +155 +00:14:49,030 --> 00:14:55,660 +Point B. At point C, 12 and 10. + +156 +00:14:59,360 --> 00:15:03,420 +C, D, 15 and 7. + +157 +00:15:07,100 --> 00:15:13,480 +This is point D and point A, 17 and 5. + +158 +00:15:18,560 --> 00:15:24,420 +Point A and point F, the last point, At 21. + +159 +00:15:34,900 --> 00:15:37,720 +Let's connect these points together. + +160 +00:15:43,780 --> 00:15:48,140 +We will reach to the demand curve. This is the + +161 +00:15:48,140 --> 00:15:48,900 +demand curve. + +162 +00:15:53,820 --> 00:15:58,540 +Okay? So the demand curve is the graph that shows + +163 +00:15:58,540 --> 00:16:01,680 +the negative relationship between the prices and + +164 +00:16:01,680 --> 00:16:07,900 +the quantity demanded. It has a downward sloping. + +165 +00:16:08,500 --> 00:16:15,720 +Downward sloping. Negative slope. Negative slope. + +166 +00:16:24,990 --> 00:16:36,510 +Left to right. Downward sloping. From left to + +167 +00:16:36,510 --> 00:16:45,270 +right. Up to down. Okay? Now. + +168 +00:16:47,760 --> 00:16:53,680 +Let's go to something else. Demand curve. Demand + +169 +00:16:53,680 --> 00:16:57,880 +curve is a graph that shows the negative + +170 +00:16:57,880 --> 00:17:01,000 +relationship between the prices and the quantity + +171 +00:17:01,000 --> 00:17:05,480 +demanded. As the price goes up, the quantity + +172 +00:17:05,480 --> 00:17:09,740 +demanded goes down. So the price goes up, the + +173 +00:17:09,740 --> 00:17:12,580 +quantity demanded goes down. The result is + +174 +00:17:12,580 --> 00:17:18,570 +positive times negative, negative. So there is a + +175 +00:17:18,570 --> 00:17:21,270 +negative relationship between the prices and + +176 +00:17:21,270 --> 00:17:24,350 +quantity demanded. In general, this is the demand + +177 +00:17:24,350 --> 00:17:27,950 +theory. Demand theory says that there is a + +178 +00:17:27,950 --> 00:17:30,790 +negative relationship between the prices and the + +179 +00:17:30,790 --> 00:17:35,970 +quantity demanded. As the price goes down, the + +180 +00:17:35,970 --> 00:17:40,950 +quantity demanded goes up. So here, the result is + +181 +00:17:40,950 --> 00:17:44,610 +negative. Negative times positive, negative, okay? + +182 +00:17:46,280 --> 00:17:50,180 +Let's go to supply side. + +183 +00:17:53,280 --> 00:17:54,240 +Okay. + +184 +00:17:56,440 --> 00:18:00,540 +Let's go to the supply side using different + +185 +00:18:00,540 --> 00:18:06,920 +points. Here, we are going to analyze the + +186 +00:18:06,920 --> 00:18:09,680 +relationship between the prices and the quantity + +187 +00:18:09,680 --> 00:18:13,550 +supplied, the quantity sold. In general, in + +188 +00:18:13,550 --> 00:18:18,390 +general, as the price goes up, when the price goes + +189 +00:18:18,390 --> 00:18:23,610 +down, the producers or the sellers, what happens + +190 +00:18:23,610 --> 00:18:27,790 +to them? Of course, they want to produce more, + +191 +00:18:28,170 --> 00:18:31,030 +they will produce more, they will sell more, + +192 +00:18:31,750 --> 00:18:37,910 +because their profits go up or go up. Right? So, + +193 +00:18:38,310 --> 00:18:39,310 +the supply side, + +194 +00:18:50,290 --> 00:18:52,190 +At these prices here. + +195 +00:19:01,450 --> 00:19:05,210 +At these prices as you see here in this schedule, + +196 +00:19:11,040 --> 00:19:14,940 +will study the relationship between the prices and + +197 +00:19:14,940 --> 00:19:18,680 +the quantity sold or the quantity produced or the + +198 +00:19:18,680 --> 00:19:24,180 +quantity supplied. In general, as the price goes + +199 +00:19:24,180 --> 00:19:24,660 +up, + +200 +00:19:30,300 --> 00:19:38,000 +the quantity supplied goes up. So the quantity + +201 +00:19:38,000 --> 00:19:38,640 +supplied + +202 +00:19:41,640 --> 00:19:52,180 +goes up because the price or the profits go up. As + +203 +00:19:52,180 --> 00:19:56,300 +the profit go up, this will encourage the + +204 +00:19:56,300 --> 00:19:58,020 +producers to produce more. + +205 +00:20:00,760 --> 00:20:06,500 +Willingness to sell, will ability to sell is it. + +206 +00:20:13,040 --> 00:20:21,440 +Supply is willingness to + +207 +00:20:21,440 --> 00:20:29,580 +sell or to produce something + +208 +00:20:29,580 --> 00:20:33,700 +and ability + +209 +00:20:35,640 --> 00:20:39,040 +To produce or to sell something or to produce. + +210 +00:20:43,200 --> 00:20:45,580 +The willingness to produce or the willingness to + +211 +00:20:45,580 --> 00:20:49,580 +sell, plus the ability to sell or to produce, here + +212 +00:20:49,580 --> 00:20:56,260 +we have effective supply. Now, the losing of one + +213 +00:20:56,260 --> 00:21:00,620 +of these two conditions means that we have an + +214 +00:21:00,620 --> 00:21:05,620 +ineffective supply, the same as demand. In + +215 +00:21:05,620 --> 00:21:09,200 +general, in general theory, as the price goes up, + +216 +00:21:10,640 --> 00:21:13,800 +the price increases. This will encourage, + +217 +00:21:13,900 --> 00:21:18,360 +encourage means encourage, motivate the producers + +218 +00:21:18,360 --> 00:21:24,220 +to produce more because their profits go up. So + +219 +00:21:24,220 --> 00:21:29,200 +they want to produce more because as the profit + +220 +00:21:29,200 --> 00:21:32,340 +goes up, their willingness to produce increases. + +221 +00:21:34,290 --> 00:21:38,650 +And their ability as profits goes up, their + +222 +00:21:38,650 --> 00:21:45,290 +ability to produce, then their ability to produce + +223 +00:21:45,290 --> 00:21:46,310 +goes up. + +224 +00:21:49,970 --> 00:21:54,410 +Then actually here, as the price goes up, because + +225 +00:21:54,410 --> 00:21:59,790 +supply goes up, this means that There is positive + +226 +00:21:59,790 --> 00:22:02,290 +relationship, positive times positive, positive. + +227 +00:22:02,630 --> 00:22:04,910 +There is a positive relationship between the + +228 +00:22:04,910 --> 00:22:08,090 +prices and the quantity supplied as the price goes + +229 +00:22:08,090 --> 00:22:08,750 +down. + +230 +00:22:11,350 --> 00:22:13,510 +The quantity supplied goes down. Negative, + +231 +00:22:13,710 --> 00:22:17,670 +negative, negative times negative, positive. So in + +232 +00:22:17,670 --> 00:22:21,110 +general, the supply theory says that there is a + +233 +00:22:21,110 --> 00:22:24,250 +positive relationship between the prices and the + +234 +00:22:24,250 --> 00:22:27,850 +quantity supplied. Let's go to this example here. + +235 +00:22:29,420 --> 00:22:32,860 +We assume that we have the following points, the + +236 +00:22:32,860 --> 00:22:37,440 +following observations. As the price per kilogram + +237 +00:22:37,440 --> 00:22:43,120 +of a chicken is five. They lose. In the chicken + +238 +00:22:43,120 --> 00:22:46,880 +farm, they lose. They take from the farm the next + +239 +00:22:46,880 --> 00:22:49,280 +kilo of chicken for five shekels. They go to the + +240 +00:22:49,280 --> 00:22:52,960 +consumer for six and a half, for six. They already + +241 +00:22:52,960 --> 00:22:57,100 +have a big loss. There is a big loss in this. Now, + +242 +00:22:57,400 --> 00:23:00,660 +this tells you They don't want to produce. They + +243 +00:23:00,660 --> 00:23:02,820 +don't want to sell. Most of them are lost. They + +244 +00:23:02,820 --> 00:23:06,140 +shut down. They shut down. They say, I don't want + +245 +00:23:06,140 --> 00:23:10,700 +to raise cows again. This is what happens in + +246 +00:23:10,700 --> 00:23:13,500 +farms. And eventually, the sellers will have fewer + +247 +00:23:13,500 --> 00:23:20,840 +clients. So let's work on two kilograms. This is + +248 +00:23:20,840 --> 00:23:23,760 +the producer thinking. For example, there is a big + +249 +00:23:23,760 --> 00:23:27,520 +loss in the prices, in the achievement prices here + +250 +00:23:27,520 --> 00:23:28,440 +at five. + +251 +00:23:39,970 --> 00:23:44,930 +Because there is a big loss. As the price + +252 +00:23:44,930 --> 00:23:48,010 +increases to eight here, the quantity supplied, + +253 +00:23:48,070 --> 00:23:53,030 +this is the quantity supplied here, QS, goes up as + +254 +00:23:53,030 --> 00:23:59,320 +well. Let us assume it was five. As the price goes + +255 +00:23:59,320 --> 00:24:04,780 +up, their profits will increase. This means that + +256 +00:24:04,780 --> 00:24:09,060 +as the profits goes up, this will encourage them + +257 +00:24:09,060 --> 00:24:11,400 +to produce more and more, to sell more and more. + +258 +00:24:11,860 --> 00:24:15,860 +And the quantities supplied in this case will + +259 +00:24:15,860 --> 00:24:26,200 +increase to 8, to 12, to 17, to 25. That's it. So + +260 +00:24:26,200 --> 00:24:28,200 +there is a positive relationship between the + +261 +00:24:28,200 --> 00:24:31,040 +prices and the quantity supplied. And let us draw. + +262 +00:24:31,660 --> 00:24:34,400 +This is the supplies schedule. + +263 +00:24:40,080 --> 00:24:43,440 +Now let's + +264 +00:24:43,440 --> 00:24:48,280 +draw the graph that shows the supply curve. Okay? + +265 +00:24:54,470 --> 00:24:59,830 +I'm talking about supply, quantity supplied. In + +266 +00:24:59,830 --> 00:25:06,230 +the market, in the market. As the price goes up. + +267 +00:25:10,100 --> 00:25:14,440 +Let us assume that you are the seller, you are the + +268 +00:25:14,440 --> 00:25:19,040 +producer, okay? And you have to think rational, to + +269 +00:25:19,040 --> 00:25:21,160 +take rational, you have to be rational. + +270 +00:25:24,560 --> 00:25:28,780 +Let us assume that the price per kilogram or + +271 +00:25:28,780 --> 00:25:31,900 +something was five. + +272 +00:25:36,470 --> 00:25:39,690 +And let us assume that the price zed in the + +273 +00:25:39,690 --> 00:25:42,830 +market. The price goes up. + +274 +00:25:59,590 --> 00:26:02,650 +That's it. This is the idea. So as the price goes + +275 +00:26:02,650 --> 00:26:06,450 +up, the quantity produced, the quantity sold, the + +276 +00:26:06,450 --> 00:26:10,210 +quantity supplied in the market will go up. + +277 +00:26:10,310 --> 00:26:13,110 +Because as we mentioned that, the producer will + +278 +00:26:13,110 --> 00:26:18,370 +try to maximize their profits by increasing more. + +279 +00:26:19,150 --> 00:26:23,190 +So as the price goes up, the quantity supplied + +280 +00:26:23,190 --> 00:26:25,890 +goes up as well. So let's draw the graph that + +281 +00:26:25,890 --> 00:26:29,760 +shows The relationship between the prices and the + +282 +00:26:29,760 --> 00:26:30,400 +quantity supplied. + +283 +00:26:56,640 --> 00:27:02,460 +Quant supplied with check-in. Price check-in. + +284 +00:27:09,120 --> 00:27:10,520 +Four, + +285 +00:27:12,200 --> 00:27:23,440 +eight, twelve, sixteen, twenty, twenty-four. + +286 +00:27:32,200 --> 00:27:40,760 +Five, ten, fifteen, twenty, twenty-five, thirty. + +287 +00:27:43,820 --> 00:27:48,800 +At point A, when the price was five shekels per + +288 +00:27:48,800 --> 00:27:52,680 +kilogram of chicken, how much is the quant + +289 +00:27:52,680 --> 00:28:00,690 +supplied? two units and five, here maybe, two + +290 +00:28:00,690 --> 00:28:01,170 +units. + +291 +00:28:06,130 --> 00:28:15,630 +No, above. Point A. At point B, as the price was + +292 +00:28:15,630 --> 00:28:17,970 +eight, the quant supplied was five. + +293 +00:28:21,830 --> 00:28:27,470 +Point B. One C, 12 and eight. + +294 +00:28:34,170 --> 00:28:41,590 +C. D, 15 and 12. + +295 +00:28:47,550 --> 00:28:51,430 +E, 17, 17. + +296 +00:29:00,870 --> 00:29:02,810 +F, 20, and 25. + +297 +00:29:05,610 --> 00:29:11,770 +This is the last point here, F. If we connect + +298 +00:29:11,770 --> 00:29:14,850 +these points together, we will reach to the supply + +299 +00:29:14,850 --> 00:29:22,170 +curve. Supply curve from A to B to C to D to E. + +300 +00:29:22,890 --> 00:29:29,690 +This is the supply curve. So what is the supply + +301 +00:29:29,690 --> 00:29:34,280 +curve? It's a line. It's a graph. Shows the + +302 +00:29:34,280 --> 00:29:37,580 +positive relationship between the prices and the + +303 +00:29:37,580 --> 00:29:42,840 +quant supplied. As the price goes up, the quant + +304 +00:29:42,840 --> 00:29:49,060 +supplied goes up as well. This means that here, as + +305 +00:29:49,060 --> 00:29:52,920 +the price goes up from four to eight, the quant + +306 +00:29:52,920 --> 00:29:57,380 +supplied increases from kazak to kazak. As the + +307 +00:29:57,380 --> 00:29:58,400 +price goes up, + +308 +00:30:03,950 --> 00:30:06,530 +So there is a positive relationship between the + +309 +00:30:06,530 --> 00:30:10,830 +prices and equal supply. Who hasn't a problem so + +310 +00:30:10,830 --> 00:30:17,030 +far? Is there a problem? Okay. Yes. + +311 +00:30:22,390 --> 00:30:23,070 +Production? + +312 +00:30:26,650 --> 00:30:29,110 +For demand. Exactly. Yes. Yes. + +313 +00:30:32,500 --> 00:30:33,280 +No. + +314 +00:30:36,760 --> 00:30:39,780 +Here we are talking about two sides in the market. + +315 +00:30:40,420 --> 00:30:48,840 +The buyers and the sellers. Each one of them have + +316 +00:30:48,840 --> 00:30:51,680 +their own decisions. + +317 +00:30:53,430 --> 00:30:57,210 +For the buyers, it's good. When the price goes up, + +318 +00:30:58,030 --> 00:31:00,170 +their willingness, here I'm talking about the + +319 +00:31:00,170 --> 00:31:03,430 +buyers. As the price goes up, their willingness to + +320 +00:31:03,430 --> 00:31:08,130 +buy will go down. All right? And their ability to + +321 +00:31:08,130 --> 00:31:11,520 +buy will go down as well. Because you're talking + +322 +00:31:11,520 --> 00:31:15,520 +about their income, the nominal of their income + +323 +00:31:15,520 --> 00:31:17,840 +will go down. And actually, actually, when the + +324 +00:31:17,840 --> 00:31:21,860 +price goes up. I will come back quickly to this + +325 +00:31:21,860 --> 00:31:29,200 +point here. Here we have two sides. The buyers who + +326 +00:31:29,200 --> 00:31:32,080 +represent demand. + +327 +00:31:35,080 --> 00:31:40,700 +When the price goes up, What happens to their + +328 +00:31:40,700 --> 00:31:46,360 +willingness to buy? It decreases. And what happens + +329 +00:31:46,360 --> 00:31:50,520 +to their ability to buy? Someone used to buy a bag + +330 +00:31:50,520 --> 00:31:53,240 +of flour for 30 shekels and now he has 50 shekels. + +331 +00:31:53,340 --> 00:31:57,680 +His ability to buy will decrease, right? + +332 +00:32:02,630 --> 00:32:06,990 +Here I'm talking about the buyers. Certainly, + +333 +00:32:07,930 --> 00:32:10,530 +their willingness to buy, will ability to buy, + +334 +00:32:11,010 --> 00:32:13,010 +represents the quantity demanded. + +335 +00:32:16,540 --> 00:32:20,520 +Exactly, but the quantity purchased will go down. + +336 +00:32:21,360 --> 00:32:24,600 +It will not reach to zero. Sometimes it will reach + +337 +00:32:24,600 --> 00:32:28,940 +to zero. Sometimes our buying or our purchasing + +338 +00:32:28,940 --> 00:32:31,740 +will be zero. This depends on the elasticity, + +339 +00:32:32,240 --> 00:32:35,180 +which will be discussed later on in Chapter 2, + +340 +00:32:35,240 --> 00:32:41,240 +inshallah. Okay? Do you get it? Okay. Here, about + +341 +00:32:41,240 --> 00:32:42,660 +for the sellers, + +342 +00:32:48,020 --> 00:32:58,100 +who represent the producers or the sellers in the + +343 +00:32:58,100 --> 00:33:03,740 +supply. When the price goes up. Then the ability + +344 +00:33:03,740 --> 00:33:06,800 +to buy will increase. Because profits will + +345 +00:33:06,800 --> 00:33:09,240 +increase, right? And the willingness to buy will + +346 +00:33:09,240 --> 00:33:12,740 +increase. Sorry, to sell. I'm talking about + +347 +00:33:12,740 --> 00:33:17,520 +willingness and ability to produce, to sell. It + +348 +00:33:17,520 --> 00:33:20,720 +will increase. So if I'm like this, if we talk + +349 +00:33:20,720 --> 00:33:24,820 +about quantity supplied, it will increase. Right? + +350 +00:33:25,480 --> 00:33:28,040 +Every size of an animal, right? Yeah, yeah. Does + +351 +00:33:28,040 --> 00:33:31,960 +it have its own factors that affect it? + +352 +00:33:41,700 --> 00:33:50,960 +Each one of them has their own analysis. They have + +353 +00:33:50,960 --> 00:33:54,140 +to think well. They have to think well. They have + +354 +00:33:54,140 --> 00:33:58,010 +to take rational decisions. in terms of the + +355 +00:33:58,010 --> 00:34:00,370 +changes in the factors affecting demand and + +356 +00:34:00,370 --> 00:34:03,250 +supply. But in general, I'm talking about the + +357 +00:34:03,250 --> 00:34:06,610 +effects of a change in prices on the quantity + +358 +00:34:06,610 --> 00:34:10,050 +demanded here for the buyers and here the prices + +359 +00:34:10,050 --> 00:34:13,230 +and the quantity supplied for the producers, okay? + +360 +00:34:13,330 --> 00:34:16,510 +Or the sellers here. Demand side, supply side. + +361 +00:34:17,290 --> 00:34:24,870 +Okay? Let's go to the factors affecting demand. So + +362 +00:34:24,870 --> 00:34:26,890 +let's go to the second point here. + +363 +00:34:29,910 --> 00:34:33,630 +And we will talk about the detail way about the + +364 +00:34:33,630 --> 00:34:35,690 +factors that affect demand. + +365 +00:35:02,280 --> 00:35:06,420 +What are the factors affecting demand, either to + +366 +00:35:06,420 --> 00:35:11,660 +increase or to decrease? Population, this is + +367 +00:35:11,660 --> 00:35:18,580 +number one. One, one by one, yes. The consumer's + +368 +00:35:18,580 --> 00:35:22,800 +income, exactly. Yes, the same point, yes. + +369 +00:35:24,190 --> 00:35:28,130 +Expectation about the future. Yes. Someone else? + +370 +00:35:29,450 --> 00:35:32,750 +The price of other related goods. What else? + +371 +00:35:33,690 --> 00:35:38,550 +Tastes and the preferences. Tastes and the + +372 +00:35:38,550 --> 00:35:43,430 +preferences. Okay? Tastes and the preferences. + +373 +00:35:44,110 --> 00:35:44,390 +Okay. + +374 +00:35:48,240 --> 00:35:52,700 +Okay, let's go to discuss all these factors, what + +375 +00:35:52,700 --> 00:35:55,480 +they call demand determinants. + +376 +00:35:58,820 --> 00:36:04,000 +Demand determinants. + +377 +00:36:08,460 --> 00:36:11,200 +Number one, population. + +378 +00:36:19,780 --> 00:36:25,760 +Or the number of consumers had a number of + +379 +00:36:25,760 --> 00:36:30,900 +consumers equals + +380 +00:36:30,900 --> 00:36:34,180 +the number of consumers. + +381 +00:36:37,980 --> 00:36:42,020 +As the number of buyers, as the population growth, + +382 +00:36:43,720 --> 00:36:46,540 +Or as we have a large or increasing in the number + +383 +00:36:46,540 --> 00:36:53,700 +of consumers, increasing the population or + +384 +00:36:53,700 --> 00:36:58,640 +increasing the number of consumers with a citrus + +385 +00:36:58,640 --> 00:37:03,910 +purpose. Other factors remain consistent. or other + +386 +00:37:03,910 --> 00:37:07,830 +factors remain constant, like the prices, like the + +387 +00:37:07,830 --> 00:37:11,570 +consumer income, like taste and preferences. We + +388 +00:37:11,570 --> 00:37:16,470 +will assume that all of these variables or factors + +389 +00:37:16,470 --> 00:37:21,590 +remain constant. The price remains constant. The + +390 +00:37:21,590 --> 00:37:24,510 +consumer's income remains constant. Taste and + +391 +00:37:24,510 --> 00:37:29,590 +preferences remains constant. But we have a change + +392 +00:37:29,590 --> 00:37:34,090 +in one variable, which means population. As the + +393 +00:37:34,090 --> 00:37:35,730 +population increases. + +394 +00:37:40,410 --> 00:37:52,310 +Exactly. The population declines. + +395 +00:37:54,350 --> 00:37:55,450 +What happens to the demand? + +396 +00:38:01,190 --> 00:38:05,130 +As we mentioned before, that demand curve is a + +397 +00:38:05,130 --> 00:38:08,830 +negative slope. This is the price and the quantity + +398 +00:38:08,830 --> 00:38:13,130 +demanded here. The demand for chicken here, we're + +399 +00:38:13,130 --> 00:38:14,650 +talking about the demand for chicken. + +400 +00:38:19,810 --> 00:38:22,810 +And let us assume we're talking about fresh + +401 +00:38:22,810 --> 00:38:27,930 +chicken, not frozen, as the population increases. + +402 +00:38:29,730 --> 00:38:32,850 +Here, let us assume that the price was seven + +403 +00:38:32,850 --> 00:38:37,990 +shekels per kilogram of a chicken, and the + +404 +00:38:37,990 --> 00:38:41,610 +quantity purchased was 10 kilogram. + +405 +00:38:49,010 --> 00:38:54,490 +According to + +406 +00:38:54,490 --> 00:38:59,250 +our assumption here, this is point F or point A. + +407 +00:39:02,330 --> 00:39:13,670 +according to our assumption. According to + +408 +00:39:13,670 --> 00:39:18,450 +our assumption that the population increases. + +409 +00:39:19,510 --> 00:39:20,690 +What happens to the demand? + +410 +00:39:24,430 --> 00:39:28,680 +Under the fixed prices. The price remains + +411 +00:39:28,680 --> 00:39:35,800 +constant. No change + +412 +00:39:35,800 --> 00:39:39,660 +in the prices, but the quantity demanded by the + +413 +00:39:39,660 --> 00:39:46,500 +people will decrease. Let's say 15 units. If the + +414 +00:39:46,500 --> 00:39:53,360 +price is 9 and people ask for 8 units, if the + +415 +00:39:53,360 --> 00:39:54,180 +price remains at 9, + +416 +00:40:01,190 --> 00:40:04,130 +Demand curve will shift right. + +417 +00:40:08,510 --> 00:40:14,510 +And at + +418 +00:40:14,510 --> 00:40:20,870 +price equals seven, population increases. + +419 +00:40:22,760 --> 00:40:25,060 +the quantity demanded increased. Right? + +420 +00:40:29,740 --> 00:40:36,020 +Rightward shifting. This is demand curve one and + +421 +00:40:36,020 --> 00:40:42,020 +this is D2. There is a full shifting of demand + +422 +00:40:42,020 --> 00:40:46,200 +curve to right as the population increases. + +423 +00:40:50,570 --> 00:40:54,670 +Demand increases and the demand curve shifts + +424 +00:40:54,670 --> 00:41:00,650 +right. Demand curve, they say, it's not Washington + +425 +00:41:00,650 --> 00:41:04,710 +DC. Demand curve shifts right. + +426 +00:41:08,910 --> 00:41:16,230 +All right? All right. Okay. As the population goes + +427 +00:41:16,230 --> 00:41:20,980 +down, The number of population, or the number of + +428 +00:41:20,980 --> 00:41:23,400 +consumers, declines. + +429 +00:41:25,880 --> 00:41:29,520 +With citrus papyrus, with the rest of the world + +430 +00:41:29,520 --> 00:41:33,880 +remaining stable, what happens? Of course, this + +431 +00:41:33,880 --> 00:41:37,920 +will decrease demand, and since they say the + +432 +00:41:37,920 --> 00:41:42,620 +demand curve shifts left. + +433 +00:41:43,760 --> 00:41:51,140 +Where will it come from? The demand to + +434 +00:41:51,140 --> 00:41:56,060 +day three. There is a leftward shifting and demand + +435 +00:41:56,060 --> 00:42:00,020 +curve as the number of consumers decline. Okay? + +436 +00:42:01,860 --> 00:42:02,780 +Okay. + +437 +00:42:18,100 --> 00:42:22,780 +What is the another factor, the second factor or + +438 +00:42:22,780 --> 00:42:26,140 +the second variable affect demand? What else? + +439 +00:42:29,160 --> 00:42:31,480 +The consumer's income. + +440 +00:42:43,160 --> 00:42:48,780 +The consumer income, The number two of the demand + +441 +00:42:48,780 --> 00:42:56,760 +determinants is the consumer's + +442 +00:42:56,760 --> 00:42:57,360 +income. + +443 +00:43:07,720 --> 00:43:13,420 +It's not always increases. This depends on the + +444 +00:43:13,420 --> 00:43:17,040 +type of products, either it was normal or + +445 +00:43:17,040 --> 00:43:21,700 +inferior, right? We will give an example of demand + +446 +00:43:21,700 --> 00:43:26,800 +for inferior goods like lentils. As income goes + +447 +00:43:26,800 --> 00:43:31,800 +up, demand for the inferior goods here will go + +448 +00:43:31,800 --> 00:43:34,940 +down. Not always when your income increases, + +449 +00:43:35,540 --> 00:43:40,790 +demand increases. Then we have to distinguish + +450 +00:43:40,790 --> 00:43:43,750 +between, which is, is there a good product and a + +451 +00:43:43,750 --> 00:43:49,650 +bad product. Okay? So here, like this. The + +452 +00:43:49,650 --> 00:43:54,370 +consumer income depends on two types of products. + +453 +00:43:56,030 --> 00:43:58,170 +Let's take the fresh chicken and the frozen + +454 +00:43:58,170 --> 00:44:02,150 +chicken. Okay? So here, I want to take the fresh + +455 +00:44:02,150 --> 00:44:02,570 +chicken. + +456 +00:44:07,600 --> 00:44:10,940 +And frozen chicken. + +457 +00:44:12,880 --> 00:44:16,100 +When you eat it, it increases. Demand for fresh + +458 +00:44:16,100 --> 00:44:19,420 +chicken, what happens to it? It increases, right? + +459 +00:44:19,640 --> 00:44:27,960 +So this is called normal goods. Normal goods. + +460 +00:44:28,400 --> 00:44:32,520 +Normal goods. + +461 +00:44:37,370 --> 00:44:43,370 +This is called inferior goods. Inferior goods. + +462 +00:44:50,310 --> 00:44:56,470 +Like second-hand clothes, like you know, some + +463 +00:44:56,470 --> 00:45:02,230 +other goods. As the consumer's income goes up, + +464 +00:45:03,250 --> 00:45:06,800 +when people's income increases, The demand for + +465 +00:45:06,800 --> 00:45:13,280 +fresh chicken and some other normal goods will + +466 +00:45:13,280 --> 00:45:17,520 +increase. + +467 +00:45:19,060 --> 00:45:22,640 +As the + +468 +00:45:22,640 --> 00:45:28,140 +consumer's income goes up. What will happen to the + +469 +00:45:28,140 --> 00:45:31,220 +demand for frozen chicken? What will happen to the + +470 +00:45:31,220 --> 00:45:34,900 +demand for secondhand clothes? What will happen to + +471 +00:45:34,900 --> 00:45:36,600 +some other ferry goods? + +472 +00:45:47,740 --> 00:45:50,800 +What is the relationship between the consumer's + +473 +00:45:50,800 --> 00:45:54,240 +income and the demand for normal goods? Positive. + +474 +00:45:54,520 --> 00:45:57,400 +How do you positive times positive? Positive. + +475 +00:45:57,860 --> 00:46:02,120 +Positive relationship between what? Between the + +476 +00:46:02,120 --> 00:46:06,100 +consumer's income and the demand for fresh or for + +477 +00:46:06,100 --> 00:46:11,900 +normal goods in general. What else? What about the + +478 +00:46:11,900 --> 00:46:14,800 +relationship between the consumer income here and + +479 +00:46:14,800 --> 00:46:18,520 +the demand for frozen chicken or inferior goods? + +480 +00:46:18,920 --> 00:46:25,680 +Negative. Positive times + +481 +00:46:25,680 --> 00:46:28,020 +negative, then had a negative relation. + +482 +00:46:31,200 --> 00:46:36,880 +Negative. Negative. Negative. Negative. Negative. + +483 +00:46:36,980 --> 00:46:37,020 +Negative. Negative. Negative. Negative. Negative. + +484 +00:46:37,020 --> 00:46:37,040 +Negative. Negative. Negative. Negative. Negative. + +485 +00:46:37,040 --> 00:46:37,180 +Negative. Negative. Negative. Negative. Negative. + +486 +00:46:37,180 --> 00:46:37,220 +Negative. Negative. Negative. Negative. Negative. + +487 +00:46:37,220 --> 00:46:37,240 +Negative. Negative. Negative. Negative. Negative. + +488 +00:46:38,970 --> 00:46:41,930 +What about the third determinant of demand? + +489 +00:46:44,930 --> 00:46:50,810 +Give us, yes. Expectation about the future, yes. + +490 +00:46:51,810 --> 00:46:55,450 +So the third factor or the third determinant of + +491 +00:46:55,450 --> 00:47:02,010 +demand is what the expectations about the future. + +492 +00:47:05,450 --> 00:47:07,970 +Expectation about the future. + +493 +00:47:13,130 --> 00:47:17,490 +Did you get bored? Yes. Yes? Yes. Yes. Yes. Yes. + +494 +00:47:17,490 --> 00:47:19,070 +Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. + +495 +00:47:19,070 --> 00:47:19,650 +Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. + +496 +00:47:19,650 --> 00:47:20,650 +Yes. Yes. Yes. Yes. + +497 +00:47:26,090 --> 00:47:28,650 +Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. + +498 +00:47:28,650 --> 00:47:31,110 +Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. + +499 +00:47:31,110 --> 00:47:31,210 +Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. + +500 +00:47:31,210 --> 00:47:33,670 +Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. + +501 +00:47:33,750 --> 00:47:33,870 +Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. + +502 +00:47:33,870 --> 00:47:36,850 +Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes + +503 +00:47:46,980 --> 00:47:52,000 +We still have a long time. Three, + +504 +00:47:54,100 --> 00:47:58,260 +expectations or expectation about the future. + +505 +00:48:10,930 --> 00:48:16,890 +If the consumer expects that his income or her + +506 +00:48:16,890 --> 00:48:21,170 +income, I'm not biased for male. + +507 +00:48:24,010 --> 00:48:28,170 +As the consumer expects or if he expects that his + +508 +00:48:28,170 --> 00:48:32,150 +income increases, will increase in the future. + +509 +00:48:33,280 --> 00:48:36,020 +What's going to happen? And if we had an + +510 +00:48:36,020 --> 00:48:37,900 +expectation that prices are going to increase, + +511 +00:48:38,020 --> 00:48:40,980 +what's going to happen? So here I'm going to + +512 +00:48:40,980 --> 00:48:47,260 +analyze two things. Future prices and the future + +513 +00:48:47,260 --> 00:48:50,280 +income. Let's figure out the future income here. + +514 +00:48:50,620 --> 00:48:54,980 +We are talking about the future income. + +515 +00:48:57,480 --> 00:49:00,280 +This is 3.1. + +516 +00:49:02,830 --> 00:49:13,290 +As I mentioned that if the consumer expects that + +517 +00:49:13,290 --> 00:49:30,430 +his or her income will increase next month, will + +518 +00:49:30,430 --> 00:49:34,310 +increase Next month. + +519 +00:49:37,750 --> 00:49:43,630 +In the future plan. What will happen in the + +520 +00:49:43,630 --> 00:49:52,450 +current demand? Your income now is $2,000 and it + +521 +00:49:52,450 --> 00:49:55,350 +will become $4,000 next week. What will happen? + +522 +00:49:56,890 --> 00:50:01,090 +The current demand will increase because you are + +523 +00:50:01,090 --> 00:50:02,190 +spending money on what is coming to you. + +524 +00:50:12,980 --> 00:50:14,100 +For chicken. + +525 +00:50:17,420 --> 00:50:19,660 +I'm talking about fresh chicken. When I say + +526 +00:50:19,660 --> 00:50:22,500 +chicken in general, I'm talking about fresh + +527 +00:50:22,500 --> 00:50:23,680 +chicken. It will increase. + +528 +00:50:36,170 --> 00:50:39,390 +Then what is demand here for chicken? Where will + +529 +00:50:39,390 --> 00:50:43,830 +it go? Right where? Chips, right? This is the + +530 +00:50:43,830 --> 00:50:46,630 +current demand. The current demand for fresh + +531 +00:50:46,630 --> 00:50:51,290 +chicken will chip right. If you expect that next + +532 +00:50:51,290 --> 00:50:54,110 +month there will be a crop coming to you, okay? + +533 +00:50:55,960 --> 00:50:58,780 +And the income will go down. And you stop getting + +534 +00:50:58,780 --> 00:51:01,740 +it. Where did it go? Now you say you don't want to + +535 +00:51:01,740 --> 00:51:03,700 +buy it. So instead of buying it, I lower the + +536 +00:51:03,700 --> 00:51:06,220 +quantity that I buy. Right? So here it will + +537 +00:51:06,220 --> 00:51:11,000 +decrease the current demand. Where will it go in + +538 +00:51:11,000 --> 00:51:16,760 +the demand curve? Shifts left. That's it. Okay? So + +539 +00:51:16,760 --> 00:51:23,700 +they call it vice versa. Vice versa and vice + +540 +00:51:23,700 --> 00:51:24,940 +versa. + +541 +00:51:27,630 --> 00:51:33,070 +As the consumer expects that his or her income + +542 +00:51:33,070 --> 00:51:39,650 +will go down next week or next month. Current + +543 +00:51:39,650 --> 00:51:40,170 +demand, + +544 +00:51:43,970 --> 00:51:50,190 +you spend your income or your spending or + +545 +00:51:50,190 --> 00:51:54,430 +allocation of your income depends on the future + +546 +00:51:54,430 --> 00:52:01,040 +income. Okay. What else? What about the + +547 +00:52:01,040 --> 00:52:04,360 +expectation about the prices? Future prices. + +548 +00:52:04,700 --> 00:52:07,300 +Because here I have something else called future + +549 +00:52:07,300 --> 00:52:11,220 +prices. This is part two. Future prices. + +550 +00:52:15,520 --> 00:52:18,980 +If the consumer, let's say you expect tomorrow + +551 +00:52:18,980 --> 00:52:20,920 +that the price of a kilo of chicken will increase + +552 +00:52:20,920 --> 00:52:23,600 +by 20 shekels. The current demand will increase, + +553 +00:52:24,460 --> 00:52:25,900 +right? Correct? + +554 +00:52:28,910 --> 00:52:37,310 +If the consumer expects that his or the price will + +555 +00:52:37,310 --> 00:52:39,750 +go up, + +556 +00:52:41,270 --> 00:52:44,710 +will increase + +557 +00:52:44,710 --> 00:52:45,450 +tomorrow. + +558 +00:52:52,150 --> 00:52:56,550 +What happens in the current demand today? will + +559 +00:52:56,550 --> 00:53:02,970 +increase. So there is + +560 +00:53:02,970 --> 00:53:06,270 +a positive relationship between the expectation + +561 +00:53:06,270 --> 00:53:11,430 +about the future prices with the current demand. + +562 +00:53:11,830 --> 00:53:13,630 +This is positive because this increased and this + +563 +00:53:13,630 --> 00:53:16,490 +increased. Look, as long as the two are going in + +564 +00:53:16,490 --> 00:53:20,550 +the same direction, it will be positive. If they + +565 +00:53:20,550 --> 00:53:23,090 +go against each other, one goes up and one goes + +566 +00:53:23,090 --> 00:53:25,550 +down, it is negative in all cases. + +567 +00:53:29,550 --> 00:53:33,930 +If the expectation is that the price will go down, + +568 +00:53:34,950 --> 00:53:40,870 +the current demand will go down today. Correct? So + +569 +00:53:40,870 --> 00:53:42,910 +in general, there is a positive relationship + +570 +00:53:42,910 --> 00:53:49,310 +between the future income with the current demand, + +571 +00:53:49,510 --> 00:53:54,930 +which is today, and future prices with the current + +572 +00:53:54,930 --> 00:53:58,860 +demand. Had a positive relationship between. + +573 +00:54:01,800 --> 00:54:08,400 +What else? + +574 +00:54:08,820 --> 00:54:15,880 +What is the fourth determinant of demand? Yes. The + +575 +00:54:15,880 --> 00:54:17,520 +price of other related goods. + +576 +00:54:27,340 --> 00:54:29,940 +The price of other related goods. + +577 +00:54:35,340 --> 00:54:44,700 +The price number four, the price of other related + +578 +00:54:44,700 --> 00:54:47,940 +goods. + +579 +00:54:52,720 --> 00:54:57,700 +Here, let's have three examples or three + +580 +00:54:57,700 --> 00:55:01,100 +relationships between the different bundles of + +581 +00:55:01,100 --> 00:55:11,260 +goods. Like meat, + +582 +00:55:12,580 --> 00:55:15,940 +here we have three cases or three types of + +583 +00:55:15,940 --> 00:55:19,540 +relationships between or three types of relations + +584 +00:55:19,540 --> 00:55:24,220 +between the different types of products. In this + +585 +00:55:24,220 --> 00:55:30,820 +case, we have the meat and the chicken or fish. + +586 +00:55:39,300 --> 00:55:44,080 +The second example, fuel and cars. + +587 +00:55:52,270 --> 00:55:53,850 +Anything else that has nothing to do with each + +588 +00:55:53,850 --> 00:55:58,530 +other? I'll give another example. + +589 +00:56:02,670 --> 00:56:03,350 +Mobiles. + +590 +00:56:08,710 --> 00:56:09,390 +Chocolate. + +591 +00:56:15,810 --> 00:56:21,050 +The first example here, we will find that + +592 +00:56:25,920 --> 00:56:29,880 +There is a relationship between meat and fish. + +593 +00:56:30,480 --> 00:56:34,460 +These two products are substitutes. Substitutes + +594 +00:56:34,460 --> 00:56:42,140 +means because here, as the price, you're talking + +595 +00:56:42,140 --> 00:56:45,700 +about prices and demand. + +596 +00:56:48,360 --> 00:56:54,860 +In general, as the price of meat goes up, The + +597 +00:56:54,860 --> 00:56:59,120 +demand for fish or chicken as a substitute goods + +598 +00:56:59,120 --> 00:57:05,220 +will increase. Right? Correct? When the demand for + +599 +00:57:05,220 --> 00:57:08,680 +meat increases, the demand for fish increases. + +600 +00:57:09,160 --> 00:57:13,200 +Right? These names are like that. Increased and + +601 +00:57:13,200 --> 00:57:15,960 +increased. What is the relationship? Positive. + +602 +00:57:16,280 --> 00:57:17,480 +These are substitute goods. + +603 +00:57:24,220 --> 00:57:29,000 +So if the + +604 +00:57:29,000 --> 00:57:34,380 +products are substitutes, there is a positive + +605 +00:57:34,380 --> 00:57:39,040 +relationship between the prices of good X and the + +606 +00:57:39,040 --> 00:57:40,440 +demand for good Y. + +607 +00:57:44,060 --> 00:57:47,980 +If these two products are substitutes, they're + +608 +00:57:47,980 --> 00:57:49,480 +increasing the price of X. + +609 +00:57:53,030 --> 00:57:56,570 +What is demanded for Y increases as well. + +610 +00:57:57,070 --> 00:58:00,530 +Positive, positive, the result is positive. And + +611 +00:58:00,530 --> 00:58:04,870 +vice versa, a declining in the price of meat means + +612 +00:58:04,870 --> 00:58:11,230 +we have a declining demand for fish. The second + +613 +00:58:11,230 --> 00:58:17,430 +case, fuel and cars. As the price of fuel goes up, + +614 +00:58:18,300 --> 00:58:21,580 +The demand for cars goes down. And this is normal. + +615 +00:58:21,840 --> 00:58:23,980 +The higher the price of gasoline, the lower the + +616 +00:58:23,980 --> 00:58:28,500 +demand for cars. So what does this mean? They + +617 +00:58:28,500 --> 00:58:30,920 +complement each other. True. They are called + +618 +00:58:30,920 --> 00:58:39,480 +complement goods. So this is complement goods. + +619 +00:58:40,740 --> 00:58:45,460 +This is positive and negative. The negative + +620 +00:58:45,460 --> 00:58:50,040 +relationship between the price of X and the + +621 +00:58:50,040 --> 00:58:56,200 +quantity demanded of Y. So if these two products + +622 +00:58:56,200 --> 00:59:03,980 +are complements, declining in demand for Y. So + +623 +00:59:03,980 --> 00:59:06,680 +what is the relationship between mobiles and + +624 +00:59:06,680 --> 00:59:08,240 +chocolate? Independent. + +625 +00:59:11,490 --> 00:59:18,290 +Independent kids. All right, so if the price of + +626 +00:59:18,290 --> 00:59:21,950 +mobile increases, what happens to the demand for + +627 +00:59:21,950 --> 00:59:24,430 +chocolate? No changes. + +628 +00:59:33,470 --> 00:59:38,910 +So they call it independent kids. + diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/ATEBn5Oyro0_raw.json b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/ATEBn5Oyro0_raw.json new file mode 100644 index 0000000000000000000000000000000000000000..56a12b73a522f7b1e65f5045f38bff3357521745 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/ATEBn5Oyro0_raw.json @@ -0,0 +1 @@ +{"segments": [{"id": 1, "seek": 4700, "start": 20.74, "end": 47.0, "text": " Okay, first of all, I'm pleased to be with you in this course, which is the Principles of Microeconomics, which is one of the most interesting courses in economics. In this course, we have about seven chapters. 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How can they maximize the profits and minimize the cost? And in the last chapter, we will study different types of the markets, like the perfect competition market, monopoly market, oligopoly, different types of the markets. 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"end": 191.76, "word": " or", "probability": 0.94921875}, {"start": 191.76, "end": 191.92, "word": " to", "probability": 0.962890625}, {"start": 191.92, "end": 192.48, "word": " understand", "probability": 0.79541015625}, {"start": 192.48, "end": 192.72, "word": " the", "probability": 0.923828125}, {"start": 192.72, "end": 193.08, "word": " meaning", "probability": 0.86572265625}, {"start": 193.08, "end": 193.32, "word": " of", "probability": 0.96826171875}, {"start": 193.32, "end": 193.72, "word": " demand.", "probability": 0.9013671875}], "temperature": 1.0}, {"id": 9, "seek": 22084, "start": 194.92, "end": 220.84, "text": " So in this chapter, we will study demand, supply, and market equilibrium. What is demand? Demand, so let's begin with demand.", "tokens": [407, 294, 341, 7187, 11, 321, 486, 2979, 4733, 11, 5847, 11, 293, 2142, 15625, 13, 708, 307, 4733, 30, 4686, 474, 11, 370, 718, 311, 1841, 365, 4733, 13], "avg_logprob": -0.16746471485783976, "compression_ratio": 1.2, "no_speech_prob": 0.0, "words": [{"start": 194.92, "end": 195.34, "word": " So", "probability": 0.90673828125}, {"start": 195.34, "end": 196.04, "word": " in", "probability": 0.56005859375}, {"start": 196.04, "end": 196.22, "word": " this", "probability": 0.9443359375}, {"start": 196.22, "end": 196.6, "word": " chapter,", "probability": 0.86767578125}, {"start": 196.82, "end": 196.86, "word": " we", "probability": 0.951171875}, {"start": 196.86, "end": 196.96, "word": " will", "probability": 0.501953125}, {"start": 196.96, "end": 197.16, "word": " study", "probability": 0.92138671875}, {"start": 197.16, "end": 197.62, "word": " demand,", "probability": 0.84228515625}, {"start": 199.68, "end": 201.88, "word": " supply,", "probability": 0.92431640625}, {"start": 203.42, "end": 204.76, "word": " and", "probability": 0.94775390625}, {"start": 204.76, "end": 206.2, "word": " market", "probability": 0.8876953125}, {"start": 206.2, "end": 208.94, "word": " equilibrium.", "probability": 0.873046875}, {"start": 214.58, "end": 215.48, "word": " What", "probability": 0.88720703125}, {"start": 215.48, "end": 215.72, "word": " is", "probability": 0.947265625}, {"start": 215.72, "end": 216.16, "word": " demand?", "probability": 0.89453125}, {"start": 217.52, "end": 218.42, "word": " Demand,", "probability": 0.859130859375}, {"start": 219.28, "end": 219.56, "word": " so", "probability": 0.947265625}, {"start": 219.56, "end": 219.78, "word": " let's", "probability": 0.967529296875}, {"start": 219.78, "end": 220.06, "word": " begin", "probability": 0.837890625}, {"start": 220.06, "end": 220.34, "word": " with", "probability": 0.9033203125}, {"start": 220.34, "end": 220.84, "word": " demand.", "probability": 0.89794921875}], "temperature": 1.0}, {"id": 10, "seek": 25186, "start": 225.94, "end": 251.86, "text": " Demand is or has two parts. The willingness or the desire to buy. So demand is the willingness to buy something. Iblis.", "tokens": [4686, 474, 307, 420, 575, 732, 3166, 13, 440, 25069, 420, 264, 7516, 281, 2256, 13, 407, 4733, 307, 264, 25069, 281, 2256, 746, 13, 286, 5199, 271, 13], "avg_logprob": -0.2138020823399226, "compression_ratio": 1.2903225806451613, "no_speech_prob": 0.0, "words": [{"start": 225.94000000000003, "end": 226.98000000000002, "word": " Demand", "probability": 0.86962890625}, {"start": 226.98000000000002, "end": 228.02, "word": " is", "probability": 0.70703125}, {"start": 228.02, "end": 229.26, "word": " or", "probability": 0.7548828125}, {"start": 229.26, "end": 229.52, "word": " has", "probability": 0.9462890625}, {"start": 229.52, "end": 229.76, "word": " two", "probability": 0.9345703125}, {"start": 229.76, "end": 230.22, "word": " parts.", "probability": 0.84375}, {"start": 231.82, "end": 232.34, "word": " The", "probability": 0.88720703125}, {"start": 232.34, "end": 232.72, "word": " willingness", "probability": 0.92822265625}, {"start": 232.72, "end": 233.28, "word": " or", "probability": 0.93505859375}, {"start": 233.28, "end": 233.44, "word": " the", "probability": 0.55908203125}, {"start": 233.44, "end": 234.04, "word": " desire", "probability": 0.93701171875}, {"start": 234.04, "end": 234.44, "word": " to", "probability": 0.97021484375}, {"start": 234.44, "end": 234.78, "word": " buy.", "probability": 0.9248046875}, {"start": 236.0, "end": 236.2, "word": " So", "probability": 0.90576171875}, {"start": 236.2, "end": 237.14, "word": " demand", "probability": 0.64111328125}, {"start": 237.14, "end": 237.62, "word": " is", "probability": 0.958984375}, {"start": 237.62, "end": 238.46, "word": " the", "probability": 0.888671875}, {"start": 238.46, "end": 238.88, "word": " willingness", "probability": 0.90478515625}, {"start": 238.88, "end": 242.92, "word": " to", "probability": 0.95947265625}, {"start": 242.92, "end": 243.2, "word": " buy", "probability": 0.9091796875}, {"start": 243.2, "end": 243.92, "word": " something.", "probability": 0.86328125}, {"start": 250.82, "end": 251.86, "word": " Iblis.", "probability": 0.6756184895833334}], "temperature": 1.0}, {"id": 11, "seek": 26973, "start": 253.93, "end": 269.73, "text": " Plus what? The ability to produce, yes. Yes, sorry, to buy, thanks. Ability to buy something.", "tokens": [7721, 437, 30, 440, 3485, 281, 5258, 11, 2086, 13, 1079, 11, 2597, 11, 281, 2256, 11, 3231, 13, 2847, 1140, 281, 2256, 746, 13], "avg_logprob": -0.16826922790362284, "compression_ratio": 1.0930232558139534, "no_speech_prob": 0.0, "words": [{"start": 253.93, "end": 254.25, "word": " Plus", "probability": 0.66552734375}, {"start": 254.25, "end": 254.59, "word": " what?", "probability": 0.9384765625}, {"start": 254.89, "end": 255.55, "word": " The", "probability": 0.74755859375}, {"start": 255.55, "end": 256.01, "word": " ability", "probability": 0.947265625}, {"start": 256.01, "end": 256.51, "word": " to", "probability": 0.92626953125}, {"start": 256.51, "end": 257.03, "word": " produce,", "probability": 0.87353515625}, {"start": 257.17, "end": 257.43, "word": " yes.", "probability": 0.96240234375}, {"start": 258.93, "end": 259.63, "word": " Yes,", "probability": 0.399658203125}, {"start": 259.77, "end": 260.07, "word": " sorry,", "probability": 0.84521484375}, {"start": 260.29, "end": 260.41, "word": " to", "probability": 0.96337890625}, {"start": 260.41, "end": 260.65, "word": " buy,", "probability": 0.91748046875}, {"start": 261.01, "end": 261.27, "word": " thanks.", "probability": 0.76171875}, {"start": 263.33, "end": 264.03, "word": " Ability", "probability": 0.943359375}, {"start": 264.03, "end": 266.95, "word": " to", "probability": 0.93212890625}, {"start": 266.95, "end": 267.31, "word": " buy", "probability": 0.91748046875}, {"start": 267.31, "end": 269.73, "word": " something.", "probability": 0.87255859375}], "temperature": 1.0}, {"id": 12, "seek": 30076, "start": 273.68, "end": 300.76, "text": " If the consumer or the buyer has the desire or the willingness to buy, and he doesn't have or has the ability also to buy, the willingness plus the ability, he has enough money, sufficient money to buy something, and he has the desire to buy a car, in this case, we can say that we have an effective demand. Effective demand means,", "tokens": [759, 264, 9711, 420, 264, 24645, 575, 264, 7516, 420, 264, 25069, 281, 2256, 11, 293, 415, 1177, 380, 362, 420, 575, 264, 3485, 611, 281, 2256, 11, 264, 25069, 1804, 264, 3485, 11, 415, 575, 1547, 1460, 11, 11563, 1460, 281, 2256, 746, 11, 293, 415, 575, 264, 7516, 281, 2256, 257, 1032, 11, 294, 341, 1389, 11, 321, 393, 584, 300, 321, 362, 364, 4942, 4733, 13, 17764, 488, 4733, 1355, 11], "avg_logprob": -0.15500000317891438, "compression_ratio": 1.8971428571428572, "no_speech_prob": 0.0, "words": [{"start": 273.68, "end": 273.96, "word": " If", "probability": 0.84423828125}, {"start": 273.96, "end": 274.1, "word": " the", "probability": 0.90869140625}, {"start": 274.1, "end": 274.64, "word": " consumer", "probability": 0.7783203125}, {"start": 274.64, "end": 275.14, "word": " or", "probability": 0.71630859375}, {"start": 275.14, "end": 275.3, "word": " the", "probability": 0.9091796875}, {"start": 275.3, "end": 275.54, "word": " buyer", 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So if we lose one of these two conditions,", "tokens": [759, 264, 9711, 575, 472, 295, 613, 4487, 11, 264, 25069, 281, 2256, 11, 293, 415, 1177, 380, 362, 264, 3485, 281, 2256, 11, 294, 341, 1389, 11, 321, 362, 364, 48836, 4733, 13, 407, 498, 321, 3624, 472, 295, 613, 732, 4487, 11], "avg_logprob": -0.11657986376020643, "compression_ratio": 1.5271317829457365, "no_speech_prob": 0.0, "words": [{"start": 303.36, "end": 304.16, "word": " If", "probability": 0.6474609375}, {"start": 304.16, "end": 304.34, "word": " the", "probability": 0.9111328125}, {"start": 304.34, "end": 304.78, "word": " consumer", "probability": 0.82421875}, {"start": 304.78, "end": 305.34, "word": " has", "probability": 0.951171875}, {"start": 305.34, "end": 306.2, "word": " one", "probability": 0.93115234375}, {"start": 306.2, "end": 306.44, "word": " of", "probability": 0.97021484375}, {"start": 306.44, "end": 307.0, "word": " these", "probability": 0.87548828125}, {"start": 307.0, "end": 307.74, "word": " conditions,", "probability": 0.8916015625}, {"start": 308.48, "end": 309.48, "word": " the", "probability": 0.9169921875}, {"start": 309.48, "end": 309.8, "word": " willingness", "probability": 0.88720703125}, {"start": 309.8, "end": 310.1, "word": " to", "probability": 0.96923828125}, {"start": 310.1, "end": 310.28, "word": " buy,", "probability": 0.91455078125}, {"start": 310.68, "end": 310.82, "word": " and", "probability": 0.93310546875}, {"start": 310.82, "end": 310.96, "word": " he", "probability": 0.95654296875}, {"start": 310.96, "end": 311.34, "word": " doesn't", "probability": 0.96435546875}, {"start": 311.34, "end": 311.76, "word": " have", "probability": 0.94775390625}, {"start": 311.76, "end": 312.22, "word": " the", "probability": 0.91796875}, {"start": 312.22, "end": 312.58, "word": " ability", "probability": 0.958984375}, {"start": 312.58, "end": 312.82, "word": " to", "probability": 0.97021484375}, {"start": 312.82, "end": 313.16, "word": " buy,", "probability": 0.9130859375}, {"start": 313.58, "end": 313.8, "word": " in", "probability": 0.94287109375}, {"start": 313.8, "end": 314.02, "word": " this", "probability": 0.94677734375}, {"start": 314.02, "end": 314.28, "word": " case,", "probability": 0.90087890625}, {"start": 314.34, "end": 314.48, "word": " we", "probability": 0.96240234375}, {"start": 314.48, "end": 314.72, "word": " have", "probability": 0.94189453125}, {"start": 314.72, "end": 315.36, "word": " an", "probability": 0.91455078125}, {"start": 315.36, "end": 316.48, "word": " ineffective", "probability": 0.7900390625}, {"start": 316.48, "end": 317.26, "word": " demand.", "probability": 0.91357421875}, {"start": 319.04, "end": 319.42, "word": " So", "probability": 0.89990234375}, {"start": 319.42, "end": 320.38, "word": " if", "probability": 0.748046875}, {"start": 320.38, "end": 320.52, "word": " we", "probability": 0.90283203125}, {"start": 320.52, "end": 320.94, "word": " lose", "probability": 0.82763671875}, {"start": 320.94, "end": 321.64, "word": " one", "probability": 0.927734375}, {"start": 321.64, "end": 321.88, "word": " of", "probability": 0.96923828125}, {"start": 321.88, "end": 322.28, "word": " these", "probability": 0.849609375}, {"start": 322.28, "end": 322.6, "word": " two", "probability": 0.935546875}, {"start": 322.6, "end": 323.28, "word": " conditions,", "probability": 0.8740234375}], "temperature": 1.0}, {"id": 14, "seek": 34884, "start": 326.58, "end": 348.84, "text": " This means that we have an ineffective demand. Okay? So if you have money and you don't have the willingness, you have the ability, and you don't have the willingness to buy,", "tokens": [639, 1355, 300, 321, 362, 364, 48836, 4733, 13, 1033, 30, 407, 498, 291, 362, 1460, 293, 291, 500, 380, 362, 264, 25069, 11, 291, 362, 264, 3485, 11, 293, 291, 500, 380, 362, 264, 25069, 281, 2256, 11], "avg_logprob": -0.20039061941206454, "compression_ratio": 1.5486725663716814, "no_speech_prob": 0.0, "words": [{"start": 326.58000000000004, "end": 327.34000000000003, "word": " This", "probability": 0.284912109375}, {"start": 327.34000000000003, "end": 328.1, "word": " means", "probability": 0.94091796875}, {"start": 328.1, "end": 328.36, "word": " that", "probability": 0.91796875}, {"start": 328.36, "end": 328.54, "word": " we", "probability": 0.95263671875}, {"start": 328.54, "end": 328.92, "word": " have", "probability": 0.9501953125}, {"start": 328.92, "end": 329.6, "word": " an", "probability": 0.91845703125}, {"start": 329.6, "end": 330.72, "word": " ineffective", "probability": 0.8017578125}, {"start": 330.72, "end": 331.42, "word": " demand.", "probability": 0.91650390625}, {"start": 333.16, "end": 333.5, "word": " Okay?", "probability": 0.5546875}, {"start": 336.6, "end": 336.8, "word": " So", "probability": 0.251708984375}, {"start": 336.8, "end": 337.7, "word": " if", "probability": 0.537109375}, {"start": 337.7, "end": 337.82, "word": " you", "probability": 0.96533203125}, {"start": 337.82, "end": 338.24, "word": " have", "probability": 0.9580078125}, {"start": 338.24, "end": 339.42, "word": " money", "probability": 0.92529296875}, {"start": 339.42, "end": 340.36, "word": " and", "probability": 0.6552734375}, {"start": 340.36, "end": 340.52, "word": " you", "probability": 0.95556640625}, {"start": 340.52, "end": 341.06, "word": " don't", "probability": 0.897705078125}, {"start": 341.06, "end": 341.68, "word": " have", "probability": 0.9521484375}, {"start": 341.68, "end": 342.4, "word": " the", "probability": 0.8857421875}, {"start": 342.4, "end": 342.9, "word": " willingness,", "probability": 0.876953125}, {"start": 343.22, "end": 343.42, "word": " you", "probability": 0.86328125}, {"start": 343.42, "end": 343.76, "word": " have", "probability": 0.92333984375}, {"start": 343.76, "end": 343.88, "word": " the", "probability": 0.59423828125}, {"start": 343.88, "end": 344.22, "word": " ability,", "probability": 0.9560546875}, {"start": 344.56, "end": 344.82, "word": " and", "probability": 0.89990234375}, {"start": 344.82, "end": 344.98, "word": " you", "probability": 0.93994140625}, {"start": 344.98, "end": 345.42, "word": " don't", "probability": 0.9697265625}, {"start": 345.42, "end": 347.2, "word": " have", "probability": 0.94873046875}, {"start": 347.2, "end": 347.84, "word": " the", "probability": 0.9111328125}, {"start": 347.84, "end": 348.18, "word": " willingness", "probability": 0.900390625}, {"start": 348.18, "end": 348.54, "word": " to", "probability": 0.96875}, {"start": 348.54, "end": 348.84, "word": " buy,", "probability": 0.921875}], "temperature": 1.0}, {"id": 15, "seek": 37626, "start": 350.78, "end": 376.26, "text": " also have ineffective demand. Demand is what? Demand is the willingness to buy and ability to buy something in a specific period of time. Okay? In the market, we have two sides. Here when we talk about the demand, we are talking about the buyer. 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We have another part in the market because the market here consists of the market, consists of two parts, the consumer and the producers. 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And the second part is the consumer or the buyers. The consumers and buyers here are classified as demand in the market. Here, demand. And here the producers and sellers are classified as supply.", "tokens": [567, 20897, 420, 567, 3607, 264, 3383, 11, 264, 10179, 293, 3328, 13, 400, 264, 1150, 644, 307, 264, 9711, 420, 264, 23465, 13, 440, 11883, 293, 23465, 510, 366, 20627, 382, 4733, 294, 264, 2142, 13, 1692, 11, 4733, 13, 400, 510, 264, 16080, 293, 31276, 366, 20627, 382, 5847, 13], "avg_logprob": -0.18307782681483142, "compression_ratio": 1.7066666666666668, "no_speech_prob": 0.0, "words": [{"start": 408.7, "end": 409.52, "word": " who", "probability": 0.414306640625}, {"start": 409.52, "end": 410.34, "word": " sells", "probability": 0.853515625}, {"start": 410.34, "end": 410.92, "word": " or", "probability": 0.71875}, {"start": 410.92, "end": 411.16, "word": " who", "probability": 0.912109375}, {"start": 411.16, "end": 411.52, "word": " sell", "probability": 0.59326171875}, {"start": 411.52, "end": 411.7, "word": " the", "probability": 0.90771484375}, {"start": 411.7, "end": 412.12, "word": " products,", "probability": 0.845703125}, {"start": 412.32, "end": 412.44, "word": " the", "probability": 0.9111328125}, {"start": 412.44, "end": 412.64, "word": " goods", "probability": 0.931640625}, {"start": 412.64, "end": 412.82, "word": " and", "probability": 0.86279296875}, {"start": 412.82, "end": 413.2, "word": " services.", "probability": 0.947265625}, {"start": 413.66, "end": 413.88, "word": " And", "probability": 0.86279296875}, {"start": 413.88, "end": 414.28, "word": " the", "probability": 0.884765625}, {"start": 414.28, "end": 414.66, "word": " second", "probability": 0.9140625}, {"start": 414.66, "end": 415.24, "word": " part", "probability": 0.90673828125}, {"start": 415.24, "end": 415.78, "word": " is", "probability": 0.896484375}, {"start": 415.78, "end": 416.6, "word": " the", "probability": 0.4404296875}, {"start": 416.6, "end": 417.24, "word": " consumer", "probability": 0.8369140625}, {"start": 417.24, "end": 419.38, "word": " or", "probability": 0.74462890625}, {"start": 419.38, "end": 419.52, "word": " the", "probability": 0.91845703125}, {"start": 419.52, "end": 419.9, "word": " buyers.", "probability": 0.9404296875}, {"start": 421.94, "end": 422.16, "word": " The", "probability": 0.8642578125}, {"start": 422.16, "end": 422.68, "word": " consumers", "probability": 0.9462890625}, {"start": 422.68, "end": 423.24, "word": " and", "probability": 0.94482421875}, {"start": 423.24, "end": 423.6, "word": " buyers", "probability": 0.93310546875}, {"start": 423.6, "end": 423.94, "word": " here", "probability": 0.84326171875}, {"start": 423.94, "end": 424.58, "word": " are", "probability": 0.8720703125}, {"start": 424.58, "end": 425.04, "word": " classified", "probability": 0.93994140625}, {"start": 425.04, "end": 426.12, "word": " as", "probability": 0.9697265625}, {"start": 426.12, "end": 427.2, "word": " demand", "probability": 0.9189453125}, {"start": 427.2, "end": 427.58, "word": " in", "probability": 0.9248046875}, {"start": 427.58, "end": 427.74, "word": " the", "probability": 0.9140625}, {"start": 427.74, "end": 428.06, "word": " market.", "probability": 0.884765625}, {"start": 428.36, "end": 428.46, "word": " Here,", "probability": 0.5595703125}, {"start": 428.98, "end": 429.48, "word": " demand.", "probability": 0.900390625}, {"start": 431.36, "end": 431.72, "word": " And", "probability": 0.90625}, {"start": 431.72, "end": 432.2, "word": " here", "probability": 0.8310546875}, {"start": 432.2, "end": 432.36, "word": " the", "probability": 0.54150390625}, {"start": 432.36, "end": 432.76, "word": " producers", "probability": 0.88037109375}, {"start": 432.76, "end": 433.14, "word": " and", "probability": 0.94091796875}, {"start": 433.14, "end": 433.48, "word": " sellers", "probability": 0.91259765625}, {"start": 433.48, "end": 434.16, "word": " are", "probability": 0.9443359375}, {"start": 434.16, "end": 434.7, "word": " classified", "probability": 0.951171875}, {"start": 434.7, "end": 435.9, "word": " as", "probability": 0.9677734375}, {"start": 435.9, "end": 437.08, "word": " supply.", "probability": 0.93115234375}], "temperature": 1.0}, {"id": 18, "seek": 46819, "start": 440.33, "end": 468.19, "text": " So in the market, we have two sides. The right side here, we have the producers, sorry, the consumers. And the left side here, we have the producers. The exchange of goods and services, or the interaction between the producers and the consumers here, is called the product's exchange or interaction. This we call exchange. Okay?", "tokens": [407, 294, 264, 2142, 11, 321, 362, 732, 4881, 13, 440, 558, 1252, 510, 11, 321, 362, 264, 16080, 11, 2597, 11, 264, 11883, 13, 400, 264, 1411, 1252, 510, 11, 321, 362, 264, 16080, 13, 440, 7742, 295, 10179, 293, 3328, 11, 420, 264, 9285, 1296, 264, 16080, 293, 264, 11883, 510, 11, 307, 1219, 264, 1674, 311, 7742, 420, 9285, 13, 639, 321, 818, 7742, 13, 1033, 30], "avg_logprob": -0.2433978902622008, "compression_ratio": 1.9239766081871346, "no_speech_prob": 0.0, "words": [{"start": 440.33, "end": 440.67, "word": " So", "probability": 0.9169921875}, {"start": 440.67, "end": 441.13, "word": " in", "probability": 0.6015625}, {"start": 441.13, "end": 441.25, "word": " the", "probability": 0.91552734375}, {"start": 441.25, "end": 441.49, "word": " market,", "probability": 0.890625}, {"start": 441.59, "end": 441.69, "word": " we", "probability": 0.96240234375}, {"start": 441.69, "end": 441.85, "word": " have", "probability": 0.947265625}, {"start": 441.85, "end": 442.03, 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"probability": 0.94189453125}, {"start": 447.35, "end": 447.49, "word": " And", "probability": 0.71044921875}, {"start": 447.49, "end": 447.75, "word": " the", "probability": 0.86669921875}, {"start": 447.75, "end": 448.15, "word": " left", "probability": 0.94970703125}, {"start": 448.15, "end": 448.47, "word": " side", "probability": 0.87744140625}, {"start": 448.47, "end": 448.67, "word": " here,", "probability": 0.8134765625}, {"start": 448.73, "end": 448.85, "word": " we", "probability": 0.96484375}, {"start": 448.85, "end": 449.27, "word": " have", "probability": 0.94775390625}, {"start": 449.27, "end": 449.97, "word": " the", "probability": 0.90771484375}, {"start": 449.97, "end": 450.63, "word": " producers.", "probability": 0.888671875}, {"start": 451.17, "end": 451.31, "word": " The", "probability": 0.875}, {"start": 451.31, "end": 451.53, "word": " exchange", "probability": 0.7119140625}, {"start": 451.53, "end": 452.13, "word": " of", "probability": 0.97314453125}, {"start": 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"probability": 0.45361328125}], "temperature": 1.0}, {"id": 19, "seek": 49212, "start": 469.7, "end": 492.12, "text": " Which depends on some factors, like the prices, like the consumer income, like the taste preferences. So many factors affect demand and supply, okay? So let's go to, I will start analyzing the demand side.", "tokens": [3013, 5946, 322, 512, 6771, 11, 411, 264, 7901, 11, 411, 264, 9711, 5742, 11, 411, 264, 3939, 21910, 13, 407, 867, 6771, 3345, 4733, 293, 5847, 11, 1392, 30, 407, 718, 311, 352, 281, 11, 286, 486, 722, 23663, 264, 4733, 1252, 13], "avg_logprob": -0.19635417064030966, "compression_ratio": 1.4405594405594406, "no_speech_prob": 0.0, "words": [{"start": 469.7, "end": 470.02, "word": " Which", "probability": 0.6025390625}, {"start": 470.02, "end": 470.54, "word": " depends", "probability": 0.8994140625}, {"start": 470.54, "end": 471.0, "word": " on", "probability": 0.9462890625}, {"start": 471.0, "end": 472.84, "word": " some", "probability": 0.8662109375}, {"start": 472.84, "end": 473.38, "word": " factors,", "probability": 0.9619140625}, {"start": 473.8, "end": 474.16, "word": " like", "probability": 0.91552734375}, {"start": 474.16, "end": 474.58, "word": " the", "probability": 0.9013671875}, {"start": 474.58, "end": 475.48, "word": " prices,", "probability": 0.85693359375}, {"start": 476.04, "end": 476.26, "word": " like", "probability": 0.70458984375}, {"start": 476.26, "end": 476.44, "word": " the", "probability": 0.884765625}, {"start": 476.44, "end": 477.02, "word": " consumer", "probability": 0.837890625}, {"start": 477.02, "end": 477.64, "word": " income,", "probability": 0.9208984375}, {"start": 478.04, "end": 478.22, "word": " like", "probability": 0.85107421875}, {"start": 478.22, "end": 478.38, "word": " the", "probability": 0.8701171875}, {"start": 478.38, "end": 478.64, "word": " taste", "probability": 0.7265625}, {"start": 478.64, "end": 479.34, "word": " preferences.", "probability": 0.6279296875}, {"start": 480.1, "end": 480.32, "word": " So", "probability": 0.9609375}, {"start": 480.32, "end": 480.56, "word": " many", "probability": 0.70556640625}, {"start": 480.56, "end": 481.02, "word": " factors", "probability": 0.96533203125}, {"start": 481.02, "end": 481.46, "word": " affect", "probability": 0.89208984375}, {"start": 481.46, "end": 482.02, "word": " demand", "probability": 0.884765625}, {"start": 482.02, "end": 482.8, "word": " and", "probability": 0.93115234375}, {"start": 482.8, "end": 483.4, "word": " supply,", "probability": 0.9541015625}, {"start": 483.98, "end": 484.18, "word": " okay?", "probability": 0.89208984375}, {"start": 485.2, "end": 485.52, "word": " So", "probability": 0.92236328125}, {"start": 485.52, "end": 486.98, "word": " let's", "probability": 0.7802734375}, {"start": 486.98, "end": 487.22, "word": " go", "probability": 0.9599609375}, {"start": 487.22, "end": 487.6, "word": " to,", "probability": 0.95654296875}, {"start": 488.0, "end": 488.12, "word": " I", "probability": 0.998046875}, {"start": 488.12, "end": 488.28, "word": " will", "probability": 0.857421875}, {"start": 488.28, "end": 489.1, "word": " start", "probability": 0.8896484375}, {"start": 489.1, "end": 489.86, "word": " analyzing", "probability": 0.880859375}, {"start": 489.86, "end": 491.3, "word": " the", "probability": 0.88427734375}, {"start": 491.3, "end": 491.68, "word": " demand", "probability": 0.92431640625}, {"start": 491.68, "end": 492.12, "word": " side.", "probability": 0.841796875}], "temperature": 1.0}, {"id": 20, "seek": 52251, "start": 494.25, "end": 522.51, "text": " Once we finish the demand side, like the factors of peak demand, the demand schedule, demand curve, we will go to analyze the supply side in detail way. Just to understand the idea, let us assume that we have a consumer. So let's begin with demand. I'm going to analyze the demand side.", "tokens": [3443, 321, 2413, 264, 4733, 1252, 11, 411, 264, 6771, 295, 10651, 4733, 11, 264, 4733, 7567, 11, 4733, 7605, 11, 321, 486, 352, 281, 12477, 264, 5847, 1252, 294, 2607, 636, 13, 1449, 281, 1223, 264, 1558, 11, 718, 505, 6552, 300, 321, 362, 257, 9711, 13, 407, 718, 311, 1841, 365, 4733, 13, 286, 478, 516, 281, 12477, 264, 4733, 1252, 13], "avg_logprob": -0.1359375, "compression_ratio": 1.6214689265536724, "no_speech_prob": 0.0, "words": [{"start": 494.25, "end": 494.63, "word": " Once", "probability": 0.892578125}, {"start": 494.63, "end": 494.83, "word": " we", "probability": 0.95654296875}, {"start": 494.83, "end": 496.11, "word": " finish", "probability": 0.828125}, {"start": 496.11, "end": 496.63, "word": " the", "probability": 0.833984375}, {"start": 496.63, "end": 496.99, "word": " demand", "probability": 0.90478515625}, {"start": 496.99, "end": 497.61, "word": " side,", "probability": 0.81689453125}, {"start": 498.31, "end": 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"end": 516.23, "word": " begin", "probability": 0.86279296875}, {"start": 516.23, "end": 516.57, "word": " with", "probability": 0.90087890625}, {"start": 516.57, "end": 517.21, "word": " demand.", "probability": 0.89599609375}, {"start": 518.11, "end": 518.87, "word": " I'm", "probability": 0.990478515625}, {"start": 518.87, "end": 518.99, "word": " going", "probability": 0.953125}, {"start": 518.99, "end": 519.25, "word": " to", "probability": 0.9697265625}, {"start": 519.25, "end": 520.37, "word": " analyze", "probability": 0.86474609375}, {"start": 520.37, "end": 520.87, "word": " the", "probability": 0.57080078125}, {"start": 520.87, "end": 521.41, "word": " demand", "probability": 0.958984375}, {"start": 521.41, "end": 522.51, "word": " side.", "probability": 0.85302734375}], "temperature": 1.0}, {"id": 21, "seek": 55025, "start": 524.29, "end": 550.25, "text": " So the demand side here, let us assume that we have the following data about the demand for chicken.", "tokens": [407, 264, 4733, 1252, 510, 11, 718, 505, 6552, 300, 321, 362, 264, 3480, 1412, 466, 264, 4733, 337, 4662, 13], "avg_logprob": -0.14044744792309674, "compression_ratio": 1.216867469879518, "no_speech_prob": 0.0, "words": [{"start": 524.29, "end": 524.67, "word": " So", "probability": 0.9716796875}, {"start": 524.67, "end": 525.01, "word": " the", "probability": 0.6103515625}, {"start": 525.01, "end": 525.29, "word": " demand", "probability": 0.904296875}, {"start": 525.29, "end": 525.71, "word": " side", "probability": 0.81591796875}, {"start": 525.71, "end": 526.07, "word": " here,", "probability": 0.86474609375}, {"start": 540.41, "end": 541.23, "word": " let", "probability": 0.94873046875}, {"start": 541.23, "end": 541.41, "word": " us", "probability": 0.890625}, {"start": 541.41, "end": 541.89, "word": " assume", "probability": 0.9111328125}, {"start": 541.89, "end": 543.93, "word": " that", "probability": 0.93359375}, {"start": 543.93, "end": 545.95, "word": " we", "probability": 0.94873046875}, {"start": 545.95, "end": 546.27, "word": " have", "probability": 0.94677734375}, {"start": 546.27, "end": 546.45, "word": " the", "probability": 0.923828125}, {"start": 546.45, "end": 546.83, "word": " following", "probability": 0.89013671875}, {"start": 546.83, "end": 547.35, "word": " data", "probability": 0.9501953125}, {"start": 547.35, "end": 549.11, "word": " about", "probability": 0.888671875}, {"start": 549.11, "end": 549.33, "word": " the", "probability": 0.9248046875}, {"start": 549.33, "end": 549.63, "word": " demand", "probability": 0.90966796875}, {"start": 549.63, "end": 549.87, "word": " for", "probability": 0.943359375}, {"start": 549.87, "end": 550.25, "word": " chicken.", "probability": 0.8447265625}], "temperature": 1.0}, {"id": 22, "seek": 58174, "start": 557.14, "end": 581.74, "text": " The demand for chicken. The following different prices, different quantities. Point price of a chicken.", "tokens": [440, 4733, 337, 4662, 13, 440, 3480, 819, 7901, 11, 819, 22927, 13, 12387, 3218, 295, 257, 4662, 13], "avg_logprob": -0.3062499925494194, "compression_ratio": 1.2380952380952381, "no_speech_prob": 0.0, "words": [{"start": 557.14, "end": 557.36, "word": " The", "probability": 0.68603515625}, {"start": 557.36, "end": 557.82, "word": " demand", "probability": 0.9033203125}, {"start": 557.82, "end": 558.58, "word": " for", "probability": 0.951171875}, {"start": 558.58, "end": 559.22, "word": " chicken.", "probability": 0.84765625}, {"start": 560.64, "end": 561.1, "word": " The", "probability": 0.1820068359375}, {"start": 561.1, "end": 561.5, "word": " following", "probability": 0.90673828125}, {"start": 561.5, "end": 562.16, "word": " different", "probability": 0.85400390625}, {"start": 562.16, "end": 562.68, "word": " prices,", "probability": 0.8857421875}, {"start": 563.06, "end": 563.48, "word": " different", "probability": 0.900390625}, {"start": 563.48, "end": 564.34, "word": " quantities.", "probability": 0.92236328125}, {"start": 572.8, "end": 573.84, "word": " Point", "probability": 0.77294921875}, {"start": 573.84, "end": 578.86, "word": " price", "probability": 0.484130859375}, {"start": 578.86, "end": 581.32, "word": " of", "probability": 0.96484375}, {"start": 581.32, "end": 581.46, "word": " a", "probability": 0.8896484375}, {"start": 581.46, "end": 581.74, "word": " chicken.", "probability": 0.84814453125}], "temperature": 1.0}, {"id": 23, "seek": 60780, "start": 585.07, "end": 607.81, "text": " Price per kilogram of chicken. Price per kilogram of chicken. And the quantity demanded or the quantity purchased of chicken. Quantity demanded of chicken by kilogram.", "tokens": [25803, 680, 21741, 295, 4662, 13, 25803, 680, 21741, 295, 4662, 13, 400, 264, 11275, 28276, 420, 264, 11275, 14734, 295, 4662, 13, 26968, 507, 28276, 295, 4662, 538, 21741, 13], "avg_logprob": -0.19055176014080644, "compression_ratio": 1.826086956521739, "no_speech_prob": 0.0, "words": [{"start": 585.07, "end": 585.47, "word": " Price", "probability": 0.72216796875}, {"start": 585.47, "end": 585.83, "word": " per", "probability": 0.96875}, {"start": 585.83, "end": 586.31, "word": " kilogram", "probability": 0.9033203125}, {"start": 586.31, "end": 586.87, "word": " of", "probability": 0.978515625}, {"start": 586.87, "end": 587.33, "word": " chicken.", "probability": 0.475341796875}, {"start": 587.53, "end": 588.47, "word": " Price", "probability": 0.8212890625}, {"start": 588.47, "end": 589.25, "word": " per", "probability": 0.958984375}, {"start": 589.25, "end": 591.25, "word": " kilogram", "probability": 0.931640625}, {"start": 591.25, "end": 592.65, "word": " of", "probability": 0.97119140625}, {"start": 592.65, "end": 593.09, "word": " chicken.", "probability": 0.76708984375}, {"start": 594.05, "end": 594.63, "word": " And", "probability": 0.90576171875}, {"start": 594.63, "end": 595.13, "word": " the", "probability": 0.83642578125}, {"start": 595.13, "end": 595.75, "word": " quantity", "probability": 0.986328125}, {"start": 595.75, "end": 596.49, "word": " demanded", "probability": 0.9287109375}, {"start": 596.49, "end": 596.97, "word": " or", "probability": 0.8291015625}, {"start": 596.97, "end": 597.13, "word": " the", "probability": 0.77490234375}, {"start": 597.13, "end": 597.43, "word": " quantity", "probability": 0.9638671875}, {"start": 597.43, "end": 598.23, "word": " purchased", "probability": 0.95654296875}, {"start": 598.23, "end": 599.17, "word": " of", "probability": 0.95556640625}, {"start": 599.17, "end": 599.65, "word": " chicken.", "probability": 0.7802734375}, {"start": 600.03, "end": 600.97, "word": " Quantity", "probability": 0.915283203125}, {"start": 600.97, "end": 602.33, "word": " demanded", "probability": 0.93359375}, {"start": 602.33, "end": 603.21, "word": " of", "probability": 0.9609375}, {"start": 603.21, "end": 603.71, "word": " chicken", "probability": 0.81396484375}, {"start": 603.71, "end": 606.67, "word": " by", "probability": 0.6455078125}, {"start": 606.67, "end": 607.81, "word": " kilogram.", "probability": 0.92529296875}], "temperature": 1.0}, {"id": 24, "seek": 63183, "start": 611.77, "end": 631.83, "text": " Let's assume that we have different observations. Point A, B, C, D, E, F.", "tokens": [961, 311, 6552, 300, 321, 362, 819, 18163, 13, 12387, 316, 11, 363, 11, 383, 11, 413, 11, 462, 11, 479, 13], "avg_logprob": -0.09680706197800844, "compression_ratio": 0.9487179487179487, "no_speech_prob": 0.0, "words": [{"start": 611.77, "end": 612.07, "word": " Let's", "probability": 0.845458984375}, {"start": 612.07, "end": 612.45, "word": " assume", "probability": 0.9052734375}, {"start": 612.45, "end": 612.75, "word": " that", "probability": 0.93896484375}, {"start": 612.75, "end": 612.91, "word": " we", "probability": 0.96435546875}, {"start": 612.91, "end": 613.19, "word": " have", "probability": 0.94775390625}, {"start": 613.19, "end": 613.91, "word": " different", "probability": 0.8486328125}, {"start": 613.91, "end": 615.23, "word": " observations.", "probability": 0.72998046875}, {"start": 625.43, "end": 626.23, "word": " Point", "probability": 0.87890625}, {"start": 626.23, "end": 626.69, "word": " A,", "probability": 0.86865234375}, {"start": 627.35, "end": 628.33, "word": " B,", "probability": 0.92578125}, {"start": 629.11, "end": 629.41, "word": " C,", "probability": 0.9853515625}, {"start": 630.11, "end": 630.39, "word": " D,", "probability": 0.99609375}, {"start": 630.79, "end": 631.25, "word": " E,", "probability": 0.990234375}, {"start": 631.49, "end": 631.83, "word": " F.", "probability": 0.99072265625}], "temperature": 1.0}, {"id": 25, "seek": 65738, "start": 633.74, "end": 657.38, "text": " Let us assume that we have different prices for the chicken. The chickens market here, the price let us assume it was 15 shekels per kilogram, sorry, five. It has increased to eight, then to 12.", "tokens": [961, 505, 6552, 300, 321, 362, 819, 7901, 337, 264, 4662, 13, 440, 22329, 2142, 510, 11, 264, 3218, 718, 505, 6552, 309, 390, 2119, 750, 7124, 82, 680, 21741, 11, 2597, 11, 1732, 13, 467, 575, 6505, 281, 3180, 11, 550, 281, 2272, 13], "avg_logprob": -0.23318613514952038, "compression_ratio": 1.4130434782608696, "no_speech_prob": 0.0, "words": [{"start": 633.74, "end": 634.04, "word": " Let", "probability": 0.78076171875}, {"start": 634.04, "end": 634.24, "word": " us", "probability": 0.763671875}, {"start": 634.24, "end": 634.58, "word": " assume", "probability": 0.916015625}, {"start": 634.58, "end": 634.78, "word": " that", "probability": 0.93603515625}, {"start": 634.78, "end": 634.92, "word": " we", "probability": 0.94775390625}, {"start": 634.92, "end": 635.04, "word": " have", "probability": 0.94482421875}, {"start": 635.04, "end": 635.44, "word": " different", "probability": 0.888671875}, {"start": 635.44, "end": 635.96, "word": " prices", "probability": 0.890625}, {"start": 635.96, "end": 636.96, "word": " for", "probability": 0.9443359375}, {"start": 636.96, "end": 637.94, "word": " the", "probability": 0.7470703125}, {"start": 637.94, "end": 638.6, "word": " chicken.", "probability": 0.7734375}, {"start": 638.8, "end": 639.58, "word": " The", "probability": 0.9072265625}, {"start": 639.58, "end": 639.9, "word": " chickens", "probability": 0.5234375}, {"start": 639.9, "end": 640.3, "word": " market", "probability": 0.8056640625}, {"start": 640.3, "end": 640.8, "word": " here,", "probability": 0.86083984375}, {"start": 642.18, "end": 642.36, "word": " the", "probability": 0.79638671875}, {"start": 642.36, "end": 642.66, "word": " price", "probability": 0.85595703125}, {"start": 642.66, "end": 642.86, "word": " let", "probability": 0.6396484375}, {"start": 642.86, "end": 643.02, "word": " us", "probability": 0.55224609375}, {"start": 643.02, "end": 643.34, "word": " assume", "probability": 0.91650390625}, {"start": 643.34, "end": 643.56, "word": " it", "probability": 0.912109375}, {"start": 643.56, "end": 644.0, "word": " was", "probability": 0.951171875}, {"start": 644.0, "end": 644.78, "word": " 15", "probability": 0.8974609375}, {"start": 644.78, "end": 645.38, "word": " shekels", "probability": 0.8678385416666666}, {"start": 645.38, "end": 645.56, "word": " per", "probability": 0.94091796875}, {"start": 645.56, "end": 645.9, "word": " kilogram,", "probability": 0.88134765625}, {"start": 647.62, "end": 648.12, "word": " sorry,", "probability": 0.4072265625}, {"start": 648.36, "end": 648.98, "word": " five.", "probability": 0.9033203125}, {"start": 650.98, "end": 651.54, "word": " It", "probability": 0.93017578125}, {"start": 651.54, "end": 651.98, "word": " has", "probability": 0.94775390625}, {"start": 651.98, "end": 652.56, "word": " increased", "probability": 0.94970703125}, {"start": 652.56, "end": 653.12, "word": " to", "probability": 0.97314453125}, {"start": 653.12, "end": 654.72, "word": " eight,", "probability": 0.904296875}, {"start": 655.54, "end": 655.96, "word": " then", "probability": 0.85791015625}, {"start": 655.96, "end": 656.48, "word": " to", "probability": 0.9638671875}, {"start": 656.48, "end": 657.38, "word": " 12.", "probability": 0.880859375}], "temperature": 1.0}, {"id": 26, "seek": 69052, "start": 667.06, "end": 690.52, "text": " 15, 17, 20. That's it. These are the proposed prices out of different observations here. Let us assume that the quantity purchased or the quantity bought, the quantity demanded of a chicken was", "tokens": [2119, 11, 3282, 11, 945, 13, 663, 311, 309, 13, 1981, 366, 264, 10348, 7901, 484, 295, 819, 18163, 510, 13, 961, 505, 6552, 300, 264, 11275, 14734, 420, 264, 11275, 4243, 11, 264, 11275, 28276, 295, 257, 4662, 390], "avg_logprob": -0.2732469395893376, "compression_ratio": 1.416058394160584, "no_speech_prob": 0.0, "words": [{"start": 667.06, "end": 668.02, "word": " 15,", "probability": 0.039947509765625}, {"start": 668.02, "end": 668.98, "word": " 17,", "probability": 0.78564453125}, {"start": 669.4, "end": 671.66, "word": " 20.", "probability": 0.90771484375}, {"start": 672.26, "end": 672.54, "word": " That's", "probability": 0.693359375}, {"start": 672.54, "end": 672.72, "word": " it.", "probability": 0.90673828125}, {"start": 673.28, "end": 673.66, "word": " These", "probability": 0.9384765625}, {"start": 673.66, "end": 673.96, "word": " are", "probability": 0.943359375}, {"start": 673.96, "end": 674.12, "word": " the", "probability": 0.92919921875}, {"start": 674.12, "end": 674.56, "word": " proposed", "probability": 0.923828125}, {"start": 674.56, "end": 675.34, "word": " prices", "probability": 0.87744140625}, {"start": 675.34, "end": 676.52, "word": " out", "probability": 0.4091796875}, {"start": 676.52, "end": 676.64, "word": " of", "probability": 0.97265625}, {"start": 676.64, "end": 677.08, "word": " different", "probability": 0.4658203125}, {"start": 677.08, "end": 678.04, "word": " observations", "probability": 0.79443359375}, {"start": 678.04, "end": 678.5, "word": " here.", "probability": 0.7451171875}, {"start": 680.04, "end": 680.26, "word": " Let", "probability": 0.90576171875}, {"start": 680.26, "end": 680.84, "word": " us", "probability": 0.8828125}, {"start": 680.84, "end": 681.32, "word": " assume", "probability": 0.90625}, {"start": 681.32, "end": 681.8, "word": " that", "probability": 0.93359375}, {"start": 681.8, "end": 682.86, "word": " the", "probability": 0.849609375}, {"start": 682.86, "end": 683.44, "word": " quantity", "probability": 0.96142578125}, {"start": 683.44, "end": 683.94, "word": " purchased", "probability": 0.65478515625}, {"start": 683.94, "end": 684.38, "word": " or", "probability": 0.81103515625}, {"start": 684.38, "end": 684.52, "word": " the", "probability": 0.9150390625}, {"start": 684.52, "end": 684.96, "word": " quantity", "probability": 0.97265625}, {"start": 684.96, "end": 685.4, "word": " bought,", "probability": 0.7041015625}, {"start": 685.54, "end": 685.7, "word": " the", "probability": 0.7216796875}, {"start": 685.7, "end": 686.28, "word": " quantity", "probability": 0.98486328125}, {"start": 686.28, "end": 687.3, "word": " demanded", "probability": 0.93359375}, {"start": 687.3, "end": 687.86, "word": " of", "probability": 0.94677734375}, {"start": 687.86, "end": 688.0, "word": " a", "probability": 0.9013671875}, {"start": 688.0, "end": 688.36, "word": " chicken", "probability": 0.83935546875}, {"start": 688.36, "end": 690.52, "word": " was", "probability": 0.90087890625}], "temperature": 1.0}, {"id": 27, "seek": 72035, "start": 693.75, "end": 720.35, "text": " 20 kilograms, 15, 10, 7, 5, 1. What do you see? In observation number 1 at point A here, when the price was 5 shekels,", "tokens": [945, 30690, 11, 2119, 11, 1266, 11, 1614, 11, 1025, 11, 502, 13, 708, 360, 291, 536, 30, 682, 14816, 1230, 502, 412, 935, 316, 510, 11, 562, 264, 3218, 390, 1025, 750, 7124, 82, 11], "avg_logprob": -0.2789273519773741, "compression_ratio": 1.1018518518518519, "no_speech_prob": 0.0, "words": [{"start": 693.75, "end": 694.25, "word": " 20", "probability": 0.61669921875}, {"start": 694.25, "end": 694.77, "word": " kilograms,", "probability": 0.4658203125}, {"start": 698.15, "end": 699.33, "word": " 15,", "probability": 0.892578125}, {"start": 699.89, "end": 701.03, "word": " 10,", "probability": 0.95556640625}, {"start": 702.49, "end": 704.01, "word": " 7,", "probability": 0.9716796875}, {"start": 704.85, "end": 706.75, "word": " 5,", "probability": 0.9892578125}, {"start": 707.07, "end": 707.33, "word": " 1.", "probability": 0.98095703125}, {"start": 709.99, "end": 710.19, "word": " What", "probability": 0.2135009765625}, {"start": 710.19, "end": 710.31, "word": " do", "probability": 0.63037109375}, {"start": 710.31, "end": 710.35, "word": " you", "probability": 0.93408203125}, {"start": 710.35, "end": 710.55, "word": " see?", "probability": 0.9384765625}, {"start": 712.01, "end": 712.19, "word": " In", "probability": 0.52685546875}, {"start": 712.19, "end": 712.77, "word": " observation", "probability": 0.7744140625}, {"start": 712.77, "end": 713.31, "word": " number", "probability": 0.8671875}, {"start": 713.31, "end": 713.57, "word": " 1", "probability": 0.5302734375}, {"start": 713.57, "end": 713.93, "word": " at", "probability": 0.405029296875}, {"start": 713.93, "end": 714.51, "word": " point", "probability": 0.73291015625}, {"start": 714.51, "end": 714.81, "word": " A", "probability": 0.8671875}, {"start": 714.81, "end": 715.19, "word": " here,", "probability": 0.72412109375}, {"start": 716.37, "end": 716.51, "word": " when", "probability": 0.6845703125}, {"start": 716.51, "end": 716.67, "word": " the", "probability": 0.91748046875}, {"start": 716.67, "end": 717.05, "word": " price", "probability": 0.86865234375}, {"start": 717.05, "end": 717.69, "word": " was", "probability": 0.9453125}, {"start": 717.69, "end": 719.13, "word": " 5", "probability": 0.69384765625}, {"start": 719.13, "end": 720.35, "word": " shekels,", "probability": 0.9332682291666666}], "temperature": 1.0}, {"id": 28, "seek": 74611, "start": 721.73, "end": 746.11, "text": " per kilogram of a chicken. The quota purchased was 20. Here, the price is cheap, and the consumer can buy larger quantity of chicken. When the price increases to eight, at point B here, the quantity demanded declined or decreased to 15.", "tokens": [680, 21741, 295, 257, 4662, 13, 440, 45171, 14734, 390, 945, 13, 1692, 11, 264, 3218, 307, 7084, 11, 293, 264, 9711, 393, 2256, 4833, 11275, 295, 4662, 13, 1133, 264, 3218, 8637, 281, 3180, 11, 412, 935, 363, 510, 11, 264, 11275, 28276, 29213, 420, 24436, 281, 2119, 13], "avg_logprob": -0.19316788689762937, "compression_ratio": 1.4720496894409938, "no_speech_prob": 0.0, "words": [{"start": 721.73, "end": 722.05, "word": " per", "probability": 0.7587890625}, {"start": 722.05, "end": 722.47, "word": " kilogram", "probability": 0.9169921875}, {"start": 722.47, "end": 723.13, "word": " of", "probability": 0.97314453125}, {"start": 723.13, "end": 723.29, "word": " a", "probability": 0.28662109375}, {"start": 723.29, "end": 723.59, "word": " chicken.", "probability": 0.84521484375}, {"start": 724.31, "end": 724.47, "word": " The", "probability": 0.87109375}, {"start": 724.47, "end": 724.81, "word": " quota", "probability": 0.525390625}, {"start": 724.81, "end": 725.27, "word": " purchased", "probability": 0.9140625}, {"start": 725.27, "end": 726.09, "word": " was", "probability": 0.95166015625}, {"start": 726.09, "end": 727.37, "word": " 20.", "probability": 0.8740234375}, {"start": 727.63, "end": 728.11, "word": " Here,", "probability": 0.86376953125}, {"start": 728.39, "end": 728.65, "word": " the", "probability": 0.9169921875}, {"start": 728.65, "end": 728.99, "word": " price", "probability": 0.9013671875}, {"start": 728.99, "end": 729.21, "word": " is", "probability": 0.9443359375}, {"start": 729.21, "end": 729.81, "word": " cheap,", "probability": 0.92138671875}, {"start": 730.11, "end": 730.39, "word": " and", "probability": 0.9306640625}, {"start": 730.39, "end": 730.83, "word": " the", "probability": 0.91796875}, {"start": 730.83, "end": 731.23, "word": " consumer", "probability": 0.828125}, {"start": 731.23, "end": 731.61, "word": " can", "probability": 0.9453125}, {"start": 731.61, "end": 731.97, "word": " buy", "probability": 0.91455078125}, {"start": 731.97, "end": 732.71, "word": " larger", "probability": 0.403564453125}, {"start": 732.71, "end": 733.39, "word": " quantity", "probability": 0.83447265625}, {"start": 733.39, "end": 734.33, "word": " of", "probability": 0.9716796875}, {"start": 734.33, "end": 735.21, "word": " chicken.", "probability": 0.8291015625}, {"start": 736.43, "end": 736.67, "word": " When", "probability": 0.6298828125}, {"start": 736.67, "end": 736.81, "word": " the", "probability": 0.91650390625}, {"start": 736.81, "end": 737.25, "word": " price", "probability": 0.91064453125}, {"start": 737.25, "end": 738.33, "word": " increases", "probability": 0.93359375}, {"start": 738.33, "end": 738.65, "word": " to", "probability": 0.96484375}, {"start": 738.65, "end": 739.09, "word": " eight,", "probability": 0.61669921875}, {"start": 740.19, "end": 740.45, "word": " at", "probability": 0.93408203125}, {"start": 740.45, "end": 740.71, "word": " point", "probability": 0.9111328125}, {"start": 740.71, "end": 740.99, "word": " B", "probability": 0.95263671875}, {"start": 740.99, "end": 741.33, "word": " here,", "probability": 0.82275390625}, {"start": 742.25, "end": 742.47, "word": " the", "probability": 0.923828125}, {"start": 742.47, "end": 742.85, "word": " quantity", "probability": 0.9814453125}, {"start": 742.85, "end": 743.43, "word": " demanded", "probability": 0.93408203125}, {"start": 743.43, "end": 744.31, "word": " declined", "probability": 0.75927734375}, {"start": 744.31, "end": 744.85, "word": " or", "probability": 0.8984375}, {"start": 744.85, "end": 745.45, "word": " decreased", "probability": 0.94140625}, {"start": 745.45, "end": 745.67, "word": " to", "probability": 0.966796875}, {"start": 745.67, "end": 746.11, "word": " 15.", "probability": 0.9716796875}], "temperature": 1.0}, {"id": 29, "seek": 77422, "start": 747.02, "end": 774.22, "text": " The price goes up, the quantity demanded goes down. This schedule is called, or this table is called the demand schedule. Demand schedule means, okay? Let's go to the demand curve, or let's derive the demand curve. Here we have two axes, price,", "tokens": [440, 3218, 1709, 493, 11, 264, 11275, 28276, 1709, 760, 13, 639, 7567, 307, 1219, 11, 420, 341, 3199, 307, 1219, 264, 4733, 7567, 13, 4686, 474, 7567, 1355, 11, 1392, 30, 961, 311, 352, 281, 264, 4733, 7605, 11, 420, 718, 311, 28446, 264, 4733, 7605, 13, 1692, 321, 362, 732, 35387, 11, 3218, 11], "avg_logprob": -0.21957237260383472, "compression_ratio": 1.6225165562913908, "no_speech_prob": 0.0, "words": [{"start": 747.02, "end": 747.26, "word": " The", "probability": 0.494140625}, {"start": 747.26, "end": 747.68, "word": " price", "probability": 0.919921875}, {"start": 747.68, "end": 748.32, "word": " goes", "probability": 0.939453125}, {"start": 748.32, "end": 748.78, "word": " up,", "probability": 0.97509765625}, {"start": 749.34, "end": 749.48, "word": " the", "probability": 0.91845703125}, {"start": 749.48, "end": 749.88, "word": " quantity", "probability": 0.97607421875}, {"start": 749.88, "end": 750.38, "word": " demanded", "probability": 0.947265625}, {"start": 750.38, "end": 750.96, "word": " goes", "probability": 0.8818359375}, {"start": 750.96, "end": 751.32, "word": " down.", "probability": 0.85888671875}, {"start": 752.36, "end": 752.76, "word": " This", "probability": 0.900390625}, {"start": 752.76, "end": 753.98, "word": " schedule", "probability": 0.6845703125}, {"start": 753.98, "end": 754.32, "word": " is", "probability": 0.81982421875}, {"start": 754.32, "end": 754.84, "word": " called,", "probability": 0.8818359375}, {"start": 755.08, "end": 755.26, "word": " or", "probability": 0.93994140625}, {"start": 755.26, "end": 755.44, "word": " this", "probability": 0.91357421875}, {"start": 755.44, "end": 755.68, "word": " table", "probability": 0.60693359375}, {"start": 755.68, "end": 755.9, "word": " is", "probability": 0.91455078125}, {"start": 755.9, "end": 756.28, "word": " called", "probability": 0.87548828125}, {"start": 756.28, "end": 756.8, "word": " the", "probability": 0.68505859375}, {"start": 756.8, "end": 757.36, "word": " demand", "probability": 0.78173828125}, {"start": 757.36, "end": 757.94, "word": " schedule.", "probability": 0.9130859375}, {"start": 758.5, "end": 758.84, "word": " Demand", "probability": 0.9306640625}, {"start": 758.84, "end": 759.18, "word": " schedule", "probability": 0.9111328125}, {"start": 759.18, "end": 759.72, "word": " means,", "probability": 0.95263671875}, {"start": 760.76, "end": 761.74, "word": " okay?", "probability": 0.25830078125}, {"start": 762.56, "end": 763.2, "word": " Let's", "probability": 0.96630859375}, {"start": 763.2, "end": 763.52, "word": " go", "probability": 0.97119140625}, {"start": 763.52, "end": 764.0, "word": " to", "probability": 0.96240234375}, {"start": 764.0, "end": 765.02, "word": " the", "probability": 0.82421875}, {"start": 765.02, "end": 765.64, "word": " demand", "probability": 0.90625}, {"start": 765.64, "end": 767.62, "word": " curve,", "probability": 0.92138671875}, {"start": 768.46, "end": 769.56, "word": " or", "probability": 0.947265625}, {"start": 769.56, "end": 769.94, "word": " let's", "probability": 0.94921875}, {"start": 769.94, "end": 770.3, "word": " derive", "probability": 0.59765625}, {"start": 770.3, "end": 770.44, "word": " the", "probability": 0.9052734375}, {"start": 770.44, "end": 770.74, "word": " demand", "probability": 0.91552734375}, {"start": 770.74, "end": 771.02, "word": " curve.", "probability": 0.94189453125}, {"start": 771.48, "end": 771.76, "word": " Here", "probability": 0.87353515625}, {"start": 771.76, "end": 771.92, "word": " we", "probability": 0.60107421875}, {"start": 771.92, "end": 772.26, "word": " have", "probability": 0.94775390625}, {"start": 772.26, "end": 772.96, "word": " two", "probability": 0.92138671875}, {"start": 772.96, "end": 773.42, "word": " axes,", "probability": 0.591796875}, {"start": 773.8, "end": 774.22, "word": " price,", "probability": 0.74462890625}], "temperature": 1.0}, {"id": 30, "seek": 80486, "start": 776.7, "end": 804.86, "text": " and the quantity demanded of a chicken. Price of a chicken. Prices from five to three, six, nine, twelve, fifteen,", "tokens": [293, 264, 11275, 28276, 295, 257, 4662, 13, 25803, 295, 257, 4662, 13, 430, 24373, 490, 1732, 281, 1045, 11, 2309, 11, 4949, 11, 14390, 11, 18126, 11], "avg_logprob": -0.15422952380673638, "compression_ratio": 1.3068181818181819, "no_speech_prob": 0.0, "words": [{"start": 776.7, "end": 777.06, "word": " and", "probability": 0.4833984375}, {"start": 777.06, "end": 777.18, "word": " the", "probability": 0.787109375}, {"start": 777.18, "end": 777.52, "word": " quantity", "probability": 0.9443359375}, {"start": 777.52, "end": 778.0, "word": " demanded", "probability": 0.935546875}, {"start": 778.0, "end": 778.18, "word": " of", "probability": 0.9248046875}, {"start": 778.18, "end": 778.28, "word": " a", "probability": 0.73974609375}, {"start": 778.28, "end": 778.64, "word": " chicken.", "probability": 0.8359375}, {"start": 782.18, "end": 783.38, "word": " Price", "probability": 0.87353515625}, {"start": 783.38, "end": 783.52, "word": " of", "probability": 0.9599609375}, {"start": 783.52, "end": 783.64, "word": " a", "probability": 0.8984375}, {"start": 783.64, "end": 783.96, "word": " chicken.", "probability": 0.84326171875}, {"start": 789.04, "end": 790.24, "word": " Prices", "probability": 0.9033203125}, {"start": 790.24, "end": 792.16, "word": " from", "probability": 0.8427734375}, {"start": 792.16, "end": 793.02, "word": " five", "probability": 0.82763671875}, {"start": 793.02, "end": 793.72, "word": " to", "probability": 0.95458984375}, {"start": 793.72, "end": 797.2, "word": " three,", "probability": 0.7138671875}, {"start": 798.72, "end": 799.96, "word": " six,", "probability": 0.93603515625}, {"start": 800.6, "end": 801.28, "word": " nine,", "probability": 0.94775390625}, {"start": 803.16, "end": 803.68, "word": " twelve,", "probability": 0.7236328125}, {"start": 804.26, "end": 804.86, "word": " fifteen,", "probability": 0.92626953125}], "temperature": 1.0}, {"id": 31, "seek": 83463, "start": 806.25, "end": 834.63, "text": " 18, 21, 24. The quantity demanded, four or three, six, nine, 12, 15, 18, 21,", "tokens": [2443, 11, 5080, 11, 4022, 13, 440, 11275, 28276, 11, 1451, 420, 1045, 11, 2309, 11, 4949, 11, 2272, 11, 2119, 11, 2443, 11, 5080, 11], "avg_logprob": -0.14858217592592593, "compression_ratio": 1.0266666666666666, "no_speech_prob": 0.0, "words": [{"start": 806.25, "end": 807.09, "word": " 18,", "probability": 0.64013671875}, {"start": 807.29, "end": 808.63, "word": " 21,", "probability": 0.96826171875}, {"start": 809.61, "end": 810.61, "word": " 24.", "probability": 0.97900390625}, {"start": 813.49, "end": 814.03, "word": " The", "probability": 0.841796875}, {"start": 814.03, "end": 814.37, "word": " quantity", "probability": 0.76953125}, {"start": 814.37, "end": 814.97, "word": " demanded,", "probability": 0.62109375}, {"start": 819.85, "end": 822.83, "word": " four", "probability": 0.77880859375}, {"start": 822.83, "end": 823.07, "word": " or", "probability": 0.94580078125}, {"start": 823.07, "end": 823.49, "word": " three,", "probability": 0.93701171875}, {"start": 824.79, "end": 825.29, "word": " six,", "probability": 0.94287109375}, {"start": 826.49, "end": 827.09, "word": " nine,", "probability": 0.93408203125}, {"start": 828.17, "end": 829.07, "word": " 12,", "probability": 0.87353515625}, {"start": 829.91, "end": 830.65, "word": " 15,", "probability": 0.9765625}, {"start": 831.67, "end": 833.15, "word": " 18,", "probability": 0.97412109375}, {"start": 833.71, "end": 834.63, "word": " 21,", "probability": 0.9765625}], "temperature": 1.0}, {"id": 32, "seek": 86477, "start": 837.13, "end": 864.77, "text": " That's it, 24. At point A here, the observation number one, when the price was five shekels, the quota purchased was 20. So at five, at the price, in this case, or this is the vertical axis, this is the horizontal axis. 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The quantity demanded was 20. This is point A. Point B here, where the price was eight, the quantity demanded was 15. Point B. At point C,", "tokens": [2305, 311, 1732, 510, 30, 440, 11275, 28276, 390, 945, 13, 639, 307, 935, 316, 13, 12387, 363, 510, 11, 689, 264, 3218, 390, 3180, 11, 264, 11275, 28276, 390, 2119, 13, 12387, 363, 13, 1711, 935, 383, 11], "avg_logprob": -0.21289061866700648, "compression_ratio": 1.3859649122807018, "no_speech_prob": 0.0, "words": [{"start": 865.77, "end": 866.13, "word": " Where's", "probability": 0.494140625}, {"start": 866.13, "end": 866.45, "word": " five", "probability": 0.8515625}, {"start": 866.45, "end": 866.75, "word": " here?", "probability": 0.59619140625}, {"start": 868.81, "end": 869.11, "word": " The", "probability": 0.8896484375}, {"start": 869.11, "end": 869.47, "word": " quantity", "probability": 0.98486328125}, {"start": 869.47, "end": 869.93, "word": " demanded", "probability": 0.9541015625}, {"start": 869.93, "end": 870.49, "word": " was", "probability": 0.955078125}, {"start": 870.49, "end": 870.91, "word": " 20.", "probability": 0.64599609375}, {"start": 876.67, "end": 877.15, "word": " This", "probability": 0.904296875}, {"start": 877.15, "end": 877.33, "word": " is", "probability": 0.9423828125}, {"start": 877.33, "end": 877.59, "word": " point", "probability": 0.9521484375}, {"start": 877.59, "end": 877.95, "word": " A.", "probability": 0.91650390625}, {"start": 878.97, "end": 879.37, "word": " Point", "probability": 0.54345703125}, {"start": 879.37, "end": 879.57, "word": " B", "probability": 0.99267578125}, {"start": 879.57, "end": 879.97, "word": " here,", "probability": 0.84423828125}, {"start": 880.25, "end": 880.33, "word": " where", "probability": 0.478759765625}, {"start": 880.33, "end": 880.45, "word": " the", "probability": 0.9169921875}, {"start": 880.45, "end": 880.77, "word": " price", "probability": 0.9248046875}, {"start": 880.77, "end": 881.13, "word": " was", "probability": 0.95654296875}, {"start": 881.13, "end": 881.73, "word": " eight,", "probability": 0.861328125}, {"start": 883.55, "end": 883.91, "word": " the", "probability": 0.91650390625}, {"start": 883.91, "end": 884.19, "word": " quantity", "probability": 0.7802734375}, {"start": 884.19, "end": 884.59, "word": " demanded", "probability": 0.92138671875}, {"start": 884.59, "end": 885.19, "word": " was", "probability": 0.95263671875}, {"start": 885.19, "end": 885.87, "word": " 15.", "probability": 0.955078125}, {"start": 889.03, "end": 889.83, "word": " Point", "probability": 0.8076171875}, {"start": 889.83, "end": 890.23, "word": " B.", "probability": 0.9970703125}, {"start": 891.43, "end": 891.71, "word": " At", "probability": 0.943359375}, {"start": 891.71, "end": 891.99, "word": " point", "probability": 0.95849609375}, {"start": 891.99, "end": 892.41, "word": " C,", "probability": 0.9970703125}], "temperature": 1.0}, {"id": 34, "seek": 92214, "start": 893.28, "end": 922.14, "text": " 12 and 10. C, D, 15 and 7. This is point D and point A, 17 and 5. Point A and point F, the last point,", "tokens": [2272, 293, 1266, 13, 383, 11, 413, 11, 2119, 293, 1614, 13, 639, 307, 935, 413, 293, 935, 316, 11, 3282, 293, 1025, 13, 12387, 316, 293, 935, 479, 11, 264, 1036, 935, 11], "avg_logprob": -0.16662946939468384, "compression_ratio": 1.3376623376623376, "no_speech_prob": 0.0, "words": [{"start": 893.28, "end": 893.84, "word": " 12", "probability": 0.64794921875}, {"start": 893.84, "end": 894.92, "word": " and", "probability": 0.6904296875}, {"start": 894.92, "end": 895.66, "word": " 10.", "probability": 0.95068359375}, {"start": 899.36, "end": 900.02, "word": " C,", "probability": 0.79296875}, {"start": 901.28, "end": 901.68, "word": " D,", "probability": 0.8984375}, {"start": 902.02, "end": 902.72, "word": " 15", "probability": 0.9521484375}, {"start": 902.72, "end": 903.06, "word": " and", "probability": 0.8291015625}, {"start": 903.06, "end": 903.42, "word": " 7.", "probability": 0.95263671875}, {"start": 907.1, "end": 908.0, "word": " This", "probability": 0.86572265625}, {"start": 908.0, "end": 908.18, "word": " is", "probability": 0.94091796875}, {"start": 908.18, "end": 908.44, "word": " point", "probability": 0.9375}, {"start": 908.44, "end": 908.8, "word": " D", "probability": 0.8583984375}, {"start": 908.8, "end": 909.38, "word": " and", "probability": 0.6591796875}, {"start": 909.38, "end": 909.76, "word": " point", "probability": 0.96240234375}, {"start": 909.76, "end": 910.18, "word": " A,", "probability": 0.9765625}, {"start": 910.8, "end": 911.26, "word": " 17", "probability": 0.94189453125}, {"start": 911.26, "end": 912.2, "word": " and", "probability": 0.93212890625}, {"start": 912.2, "end": 913.48, "word": " 5.", "probability": 0.953125}, {"start": 918.56, "end": 919.46, "word": " Point", "probability": 0.9013671875}, {"start": 919.46, "end": 919.82, "word": " A", "probability": 0.94580078125}, {"start": 919.82, "end": 920.64, "word": " and", "probability": 0.63720703125}, {"start": 920.64, "end": 921.0, "word": " point", "probability": 0.91748046875}, {"start": 921.0, "end": 921.32, "word": " F,", "probability": 0.97509765625}, {"start": 921.42, "end": 921.48, "word": " the", "probability": 0.91015625}, {"start": 921.48, "end": 921.7, "word": " last", "probability": 0.8740234375}, {"start": 921.7, "end": 922.14, "word": " point,", "probability": 0.96923828125}], "temperature": 1.0}, {"id": 35, "seek": 94890, "start": 923.52, "end": 948.9, "text": " At 21. Let's connect these points together. We will reach to the demand curve. This is the demand curve.", "tokens": [1711, 5080, 13, 961, 311, 1745, 613, 2793, 1214, 13, 492, 486, 2524, 281, 264, 4733, 7605, 13, 639, 307, 264, 4733, 7605, 13], "avg_logprob": -0.1035156226158142, "compression_ratio": 1.206896551724138, "no_speech_prob": 0.0, "words": [{"start": 923.52, "end": 923.78, "word": " At", "probability": 0.7666015625}, {"start": 923.78, "end": 924.42, "word": " 21.", "probability": 0.68896484375}, {"start": 934.9, "end": 935.74, "word": " Let's", "probability": 0.922119140625}, {"start": 935.74, "end": 936.38, "word": " connect", "probability": 0.9130859375}, {"start": 936.38, "end": 936.86, "word": " these", "probability": 0.85009765625}, {"start": 936.86, "end": 937.32, "word": " points", "probability": 0.9365234375}, {"start": 937.32, "end": 937.72, "word": " together.", "probability": 0.8369140625}, {"start": 943.78, "end": 944.62, "word": " We", "probability": 0.95703125}, {"start": 944.62, "end": 944.84, "word": " will", "probability": 0.896484375}, {"start": 944.84, "end": 945.3, "word": " reach", "probability": 0.85302734375}, {"start": 945.3, "end": 945.72, "word": " to", "probability": 0.95947265625}, {"start": 945.72, "end": 946.28, "word": " the", "probability": 0.9111328125}, {"start": 946.28, "end": 946.8, "word": " demand", "probability": 0.89013671875}, {"start": 946.8, "end": 947.18, "word": " curve.", "probability": 0.94775390625}, {"start": 947.4, "end": 947.62, "word": " This", "probability": 0.90869140625}, {"start": 947.62, "end": 947.86, "word": " is", "probability": 0.94873046875}, {"start": 947.86, "end": 948.14, "word": " the", "probability": 0.92333984375}, {"start": 948.14, "end": 948.52, "word": " demand", "probability": 0.90283203125}, {"start": 948.52, "end": 948.9, "word": " curve.", "probability": 0.95263671875}], "temperature": 1.0}, {"id": 36, "seek": 97572, "start": 953.82, "end": 975.72, "text": " Okay? So the demand curve is the graph that shows the negative relationship between the prices and the quantity demanded. It has a downward sloping. Downward sloping. Negative slope. Negative slope.", "tokens": [1033, 30, 407, 264, 4733, 7605, 307, 264, 4295, 300, 3110, 264, 3671, 2480, 1296, 264, 7901, 293, 264, 11275, 28276, 13, 467, 575, 257, 24805, 21254, 278, 13, 9506, 1007, 21254, 278, 13, 43230, 13525, 13, 43230, 13525, 13], "avg_logprob": -0.23361280197050513, "compression_ratio": 1.5307692307692307, "no_speech_prob": 0.0, "words": [{"start": 953.82, "end": 954.16, "word": " Okay?", "probability": 0.4912109375}, {"start": 954.8, "end": 955.12, "word": " So", "probability": 0.951171875}, {"start": 955.12, "end": 955.58, "word": " the", "probability": 0.59765625}, {"start": 955.58, "end": 955.9, "word": " demand", "probability": 0.88427734375}, {"start": 955.9, "end": 956.28, "word": " curve", "probability": 0.9462890625}, {"start": 956.28, "end": 956.66, "word": " is", "probability": 0.947265625}, {"start": 956.66, "end": 957.0, "word": " the", "probability": 0.9326171875}, {"start": 957.0, "end": 957.42, "word": " graph", "probability": 0.9326171875}, {"start": 957.42, "end": 958.06, "word": " that", "probability": 0.9189453125}, {"start": 958.06, "end": 958.54, "word": " shows", "probability": 0.9140625}, {"start": 958.54, "end": 959.4, "word": " the", "probability": 0.919921875}, {"start": 959.4, "end": 959.76, "word": " negative", "probability": 0.94482421875}, {"start": 959.76, "end": 960.38, "word": " relationship", "probability": 0.92724609375}, {"start": 960.38, "end": 960.72, "word": " between", "probability": 0.86767578125}, {"start": 960.72, "end": 960.96, "word": " the", "probability": 0.91943359375}, {"start": 960.96, "end": 961.38, "word": " prices", "probability": 0.8662109375}, {"start": 961.38, "end": 961.68, "word": " and", "probability": 0.92919921875}, {"start": 961.68, "end": 961.8, "word": " the", "probability": 0.802734375}, {"start": 961.8, "end": 961.98, "word": " quantity", "probability": 0.7236328125}, {"start": 961.98, "end": 962.5, "word": " demanded.", "probability": 0.93701171875}, {"start": 964.32, "end": 965.24, "word": " It", "probability": 0.443603515625}, {"start": 965.24, "end": 966.3, "word": " has", "probability": 0.94140625}, {"start": 966.3, "end": 966.52, "word": " a", "probability": 0.81640625}, {"start": 966.52, "end": 966.98, "word": " downward", "probability": 0.8955078125}, {"start": 966.98, "end": 967.9, "word": " sloping.", "probability": 0.880615234375}, {"start": 968.5, "end": 969.3, "word": " Downward", "probability": 0.88916015625}, {"start": 969.3, "end": 970.2, "word": " sloping.", "probability": 0.931640625}, {"start": 970.6, "end": 971.44, "word": " Negative", "probability": 0.22314453125}, {"start": 971.44, "end": 972.16, "word": " slope.", "probability": 0.84716796875}, {"start": 972.76, "end": 973.08, "word": " Negative", "probability": 0.7412109375}, {"start": 973.08, "end": 975.72, "word": " slope.", "probability": 0.849609375}], "temperature": 1.0}, {"id": 37, "seek": 100527, "start": 984.99, "end": 1005.27, "text": " Left to right. Downward sloping. From left to right. Up to down. Okay? Now.", "tokens": [16405, 281, 558, 13, 9506, 1007, 21254, 278, 13, 3358, 1411, 281, 558, 13, 5858, 281, 760, 13, 1033, 30, 823, 13], "avg_logprob": -0.4279891356177952, "compression_ratio": 1.1014492753623188, "no_speech_prob": 0.0, "words": [{"start": 984.99, "end": 986.39, "word": " Left", "probability": 0.066650390625}, {"start": 986.39, "end": 987.79, "word": " to", "probability": 0.9375}, {"start": 987.79, "end": 988.13, "word": " right.", "probability": 0.8916015625}, {"start": 990.75, "end": 991.43, "word": " Downward", "probability": 0.93408203125}, {"start": 991.43, "end": 992.33, "word": " sloping.", "probability": 0.8720703125}, {"start": 993.45, "end": 994.85, "word": " From", "probability": 0.4052734375}, {"start": 994.85, "end": 996.19, "word": " left", "probability": 0.919921875}, {"start": 996.19, "end": 996.51, "word": " to", "probability": 0.97412109375}, {"start": 996.51, "end": 996.85, "word": " right.", "probability": 0.92041015625}, {"start": 998.83, "end": 999.85, "word": " Up", "probability": 0.37451171875}, {"start": 999.85, "end": 1000.09, "word": " to", "probability": 0.97509765625}, {"start": 1000.09, "end": 1000.35, "word": " down.", "probability": 0.849609375}, {"start": 1001.95, "end": 1002.15, "word": " Okay?", "probability": 0.5830078125}, {"start": 1003.87, "end": 1005.27, "word": " Now.", "probability": 0.90673828125}], "temperature": 1.0}, {"id": 38, "seek": 103585, "start": 1007.76, "end": 1035.86, "text": " Let's go to something else. Demand curve. Demand curve is a graph that shows the negative relationship between the prices and the quantity demanded. As the price goes up, the quantity demanded goes down. So the price goes up, the quantity demanded goes down. The result is positive times negative, negative.", "tokens": [961, 311, 352, 281, 746, 1646, 13, 4686, 474, 7605, 13, 4686, 474, 7605, 307, 257, 4295, 300, 3110, 264, 3671, 2480, 1296, 264, 7901, 293, 264, 11275, 28276, 13, 1018, 264, 3218, 1709, 493, 11, 264, 11275, 28276, 1709, 760, 13, 407, 264, 3218, 1709, 493, 11, 264, 11275, 28276, 1709, 760, 13, 440, 1874, 307, 3353, 1413, 3671, 11, 3671, 13], "avg_logprob": -0.1308593745343387, "compression_ratio": 1.925, "no_speech_prob": 0.0, "words": [{"start": 1007.76, "end": 1008.22, "word": " Let's", "probability": 0.9287109375}, {"start": 1008.22, "end": 1008.58, "word": " go", "probability": 0.962890625}, {"start": 1008.58, "end": 1009.54, "word": " to", "probability": 0.94384765625}, {"start": 1009.54, "end": 1010.0, "word": " something", "probability": 0.86669921875}, {"start": 1010.0, "end": 1010.56, "word": " else.", "probability": 0.92236328125}, {"start": 1011.46, "end": 1012.32, "word": " Demand", "probability": 0.646728515625}, {"start": 1012.32, "end": 1012.78, "word": " curve.", "probability": 0.7548828125}, {"start": 1012.96, "end": 1013.68, "word": " Demand", "probability": 0.794189453125}, {"start": 1013.68, "end": 1014.06, "word": " curve", "probability": 0.9306640625}, {"start": 1014.06, "end": 1014.9, "word": " is", "probability": 0.94384765625}, {"start": 1014.9, "end": 1015.04, "word": " a", "probability": 0.97802734375}, {"start": 1015.04, "end": 1015.42, "word": " graph", "probability": 0.94091796875}, {"start": 1015.42, "end": 1016.04, "word": " that", "probability": 0.9306640625}, {"start": 1016.04, "end": 1016.56, "word": " shows", "probability": 0.916015625}, {"start": 1016.56, "end": 1017.38, "word": " the", "probability": 0.8974609375}, {"start": 1017.38, "end": 1017.88, "word": " negative", "probability": 0.943359375}, {"start": 1017.88, "end": 1018.72, "word": " relationship", "probability": 0.91650390625}, {"start": 1018.72, "end": 1019.32, "word": " between", "probability": 0.86328125}, {"start": 1019.32, "end": 1019.86, "word": " the", "probability": 0.8603515625}, {"start": 1019.86, "end": 1020.32, "word": " prices", "probability": 0.87451171875}, {"start": 1020.32, "end": 1020.66, "word": " and", "probability": 0.931640625}, {"start": 1020.66, "end": 1020.78, "word": " the", "probability": 0.86328125}, {"start": 1020.78, "end": 1021.0, "word": " quantity", "probability": 0.701171875}, {"start": 1021.0, "end": 1021.46, "word": " demanded.", "probability": 0.93359375}, {"start": 1021.6, "end": 1021.96, "word": " As", "probability": 0.96875}, {"start": 1021.96, "end": 1022.16, "word": " the", "probability": 0.9130859375}, {"start": 1022.16, "end": 1022.48, "word": " price", "probability": 0.90380859375}, {"start": 1022.48, "end": 1022.94, "word": " goes", "probability": 0.93603515625}, {"start": 1022.94, "end": 1023.3, "word": " up,", "probability": 0.97021484375}, {"start": 1024.16, "end": 1025.18, "word": " the", "probability": 0.91650390625}, {"start": 1025.18, "end": 1025.48, "word": " quantity", "probability": 0.990234375}, {"start": 1025.48, "end": 1026.06, "word": " demanded", "probability": 0.93603515625}, {"start": 1026.06, "end": 1026.8, "word": " goes", "probability": 0.92138671875}, {"start": 1026.8, "end": 1027.12, "word": " down.", "probability": 0.85693359375}, {"start": 1027.72, "end": 1028.06, "word": " So", "probability": 0.91455078125}, {"start": 1028.06, "end": 1028.54, "word": " the", "probability": 0.6025390625}, {"start": 1028.54, "end": 1028.86, "word": " price", "probability": 0.9052734375}, {"start": 1028.86, "end": 1029.24, "word": " goes", "probability": 0.9326171875}, {"start": 1029.24, "end": 1029.54, "word": " up,", "probability": 0.96923828125}, {"start": 1029.66, "end": 1029.74, "word": " the", "probability": 0.92236328125}, {"start": 1029.74, "end": 1029.96, "word": " quantity", "probability": 0.9951171875}, {"start": 1029.96, "end": 1030.34, "word": " demanded", "probability": 0.94921875}, {"start": 1030.34, "end": 1030.68, "word": " goes", "probability": 0.91552734375}, {"start": 1030.68, "end": 1031.04, "word": " down.", "probability": 0.8515625}, {"start": 1031.36, "end": 1031.48, "word": " The", "probability": 0.892578125}, {"start": 1031.48, "end": 1031.94, "word": " result", "probability": 0.94677734375}, {"start": 1031.94, "end": 1032.58, "word": " is", "probability": 0.94482421875}, {"start": 1032.58, "end": 1034.04, "word": " positive", "probability": 0.9091796875}, {"start": 1034.04, "end": 1034.64, "word": " times", "probability": 0.92724609375}, {"start": 1034.64, "end": 1035.32, "word": " negative,", "probability": 0.947265625}, {"start": 1035.48, "end": 1035.86, "word": " negative.", "probability": 0.95556640625}], "temperature": 1.0}, {"id": 39, "seek": 106460, "start": 1037.69, "end": 1064.61, "text": " So there is a negative relationship between the prices and quantity demanded. In general, this is the demand theory. Demand theory says that there is a negative relationship between the prices and the quantity demanded. As the price goes down, the quantity demanded goes up. So here, the result is negative. Negative times positive, negative, okay?", "tokens": [407, 456, 307, 257, 3671, 2480, 1296, 264, 7901, 293, 11275, 28276, 13, 682, 2674, 11, 341, 307, 264, 4733, 5261, 13, 4686, 474, 5261, 1619, 300, 456, 307, 257, 3671, 2480, 1296, 264, 7901, 293, 264, 11275, 28276, 13, 1018, 264, 3218, 1709, 760, 11, 264, 11275, 28276, 1709, 493, 13, 407, 510, 11, 264, 1874, 307, 3671, 13, 43230, 1413, 3353, 11, 3671, 11, 1392, 30], "avg_logprob": -0.1360960084459056, "compression_ratio": 2.0773809523809526, "no_speech_prob": 0.0, "words": [{"start": 1037.69, "end": 1037.99, "word": " So", "probability": 0.8857421875}, {"start": 1037.99, "end": 1038.25, "word": " there", "probability": 0.77392578125}, {"start": 1038.25, "end": 1038.43, "word": " is", "probability": 0.90478515625}, {"start": 1038.43, "end": 1038.57, "word": " a", "probability": 0.9912109375}, {"start": 1038.57, "end": 1038.89, "word": " negative", "probability": 0.93701171875}, {"start": 1038.89, "end": 1039.51, "word": " relationship", "probability": 0.91259765625}, {"start": 1039.51, "end": 1039.93, "word": " between", "probability": 0.87060546875}, {"start": 1039.93, "end": 1040.43, "word": " the", "probability": 0.8876953125}, {"start": 1040.43, "end": 1040.89, "word": " prices", "probability": 0.86328125}, {"start": 1040.89, "end": 1041.27, "word": " and", "probability": 0.91845703125}, {"start": 1041.27, "end": 1041.63, "word": " quantity", "probability": 0.51513671875}, {"start": 1041.63, "end": 1042.19, "word": " demanded.", "probability": 0.9306640625}, {"start": 1042.51, "end": 1042.73, "word": " In", "probability": 0.9462890625}, {"start": 1042.73, "end": 1043.07, "word": " general,", "probability": 0.91259765625}, {"start": 1043.43, "end": 1043.61, "word": " this", "probability": 0.94091796875}, {"start": 1043.61, "end": 1043.77, "word": " is", "probability": 0.9453125}, {"start": 1043.77, "end": 1043.95, "word": " the", "probability": 0.90576171875}, {"start": 1043.95, "end": 1044.35, "word": " demand", "probability": 0.87158203125}, {"start": 1044.35, "end": 1044.85, "word": " theory.", "probability": 0.8681640625}, {"start": 1045.29, "end": 1045.63, "word": " Demand", "probability": 0.936767578125}, {"start": 1045.63, "end": 1045.91, "word": " theory", "probability": 0.85107421875}, {"start": 1045.91, "end": 1046.31, "word": " says", "probability": 0.88623046875}, {"start": 1046.31, "end": 1046.75, "word": " that", "probability": 0.92236328125}, {"start": 1046.75, "end": 1047.59, "word": " there", "probability": 0.8203125}, {"start": 1047.59, "end": 1047.77, "word": " is", "probability": 0.9375}, {"start": 1047.77, "end": 1047.95, "word": " a", "probability": 0.99462890625}, {"start": 1047.95, "end": 1048.33, "word": " negative", "probability": 0.93798828125}, {"start": 1048.33, "end": 1049.21, "word": " relationship", "probability": 0.9091796875}, {"start": 1049.21, "end": 1049.61, "word": " between", "probability": 0.86328125}, {"start": 1049.61, "end": 1049.83, "word": " the", "probability": 0.90576171875}, {"start": 1049.83, "end": 1050.31, "word": " prices", "probability": 0.87841796875}, {"start": 1050.31, "end": 1050.65, "word": " and", "probability": 0.93701171875}, {"start": 1050.65, "end": 1050.79, "word": " the", "probability": 0.71435546875}, {"start": 1050.79, "end": 1051.23, "word": " quantity", "probability": 0.9658203125}, {"start": 1051.23, "end": 1051.81, "word": " demanded.", "probability": 0.9404296875}, {"start": 1051.93, "end": 1052.17, "word": " As", "probability": 0.96240234375}, {"start": 1052.17, "end": 1052.31, "word": " the", "probability": 0.9072265625}, {"start": 1052.31, "end": 1052.61, "word": " price", "probability": 0.9111328125}, {"start": 1052.61, "end": 1053.41, "word": " goes", "probability": 0.92626953125}, {"start": 1053.41, "end": 1053.89, "word": " down,", "probability": 0.84765625}, {"start": 1055.71, "end": 1055.97, "word": " the", "probability": 0.87646484375}, {"start": 1055.97, "end": 1056.53, "word": " quantity", "probability": 0.98095703125}, {"start": 1056.53, "end": 1057.09, "word": " demanded", "probability": 0.92626953125}, {"start": 1057.09, "end": 1058.07, "word": " goes", "probability": 0.91748046875}, {"start": 1058.07, "end": 1058.49, "word": " up.", "probability": 0.96875}, {"start": 1059.05, "end": 1059.39, "word": " So", "probability": 0.94921875}, {"start": 1059.39, "end": 1059.95, "word": " here,", "probability": 0.6767578125}, {"start": 1060.21, "end": 1060.33, "word": " the", "probability": 0.896484375}, {"start": 1060.33, "end": 1060.69, "word": " result", "probability": 0.9140625}, {"start": 1060.69, "end": 1060.95, "word": " is", "probability": 0.939453125}, {"start": 1060.95, "end": 1061.47, "word": " negative.", "probability": 0.958984375}, {"start": 1061.79, "end": 1062.51, "word": " Negative", "probability": 0.87890625}, {"start": 1062.51, "end": 1062.95, "word": " times", "probability": 0.91162109375}, {"start": 1062.95, "end": 1063.45, "word": " positive,", "probability": 0.92919921875}, {"start": 1063.73, "end": 1064.19, "word": " negative,", "probability": 0.9345703125}, {"start": 1064.37, "end": 1064.61, "word": " okay?", "probability": 0.90234375}], "temperature": 1.0}, {"id": 40, "seek": 109168, "start": 1066.28, "end": 1091.68, "text": " Let's go to supply side. Okay. Let's go to the supply side using different points. Here, we are going to analyze the relationship between the prices and the quantity supplied, the quantity sold.", "tokens": [961, 311, 352, 281, 5847, 1252, 13, 1033, 13, 961, 311, 352, 281, 264, 5847, 1252, 1228, 819, 2793, 13, 1692, 11, 321, 366, 516, 281, 12477, 264, 2480, 1296, 264, 7901, 293, 264, 11275, 27625, 11, 264, 11275, 3718, 13], "avg_logprob": -0.1299293115735054, "compression_ratio": 1.5, "no_speech_prob": 0.0, "words": [{"start": 1066.28, "end": 1067.24, "word": " Let's", "probability": 0.799560546875}, {"start": 1067.24, "end": 1067.56, "word": " go", "probability": 0.96630859375}, {"start": 1067.56, "end": 1068.08, "word": " to", "probability": 0.96044921875}, {"start": 1068.08, "end": 1069.62, "word": " supply", "probability": 0.806640625}, {"start": 1069.62, "end": 1070.18, "word": " side.", "probability": 0.6982421875}, {"start": 1073.28, "end": 1074.24, "word": " Okay.", "probability": 0.259765625}, {"start": 1076.44, "end": 1076.8, "word": " Let's", "probability": 0.9765625}, {"start": 1076.8, "end": 1076.96, "word": " go", "probability": 0.96337890625}, {"start": 1076.96, "end": 1077.1, "word": " to", "probability": 0.9541015625}, {"start": 1077.1, "end": 1077.26, "word": " the", "probability": 0.91943359375}, {"start": 1077.26, "end": 1077.6, "word": " supply", "probability": 0.9423828125}, {"start": 1077.6, "end": 1078.12, "word": " side", "probability": 0.80322265625}, {"start": 1078.12, "end": 1079.28, "word": " using", "probability": 0.84375}, {"start": 1079.28, "end": 1080.54, "word": " different", "probability": 0.8720703125}, {"start": 1080.54, "end": 1081.2, "word": " points.", "probability": 0.91748046875}, {"start": 1081.76, "end": 1081.98, "word": " Here,", "probability": 0.86328125}, {"start": 1082.34, "end": 1082.62, "word": " we", "probability": 0.96630859375}, {"start": 1082.62, "end": 1083.92, "word": " are", "probability": 0.92919921875}, {"start": 1083.92, "end": 1084.08, "word": " going", "probability": 0.96044921875}, {"start": 1084.08, "end": 1084.24, "word": " to", "probability": 0.96435546875}, {"start": 1084.24, "end": 1084.92, "word": " analyze", "probability": 0.8935546875}, {"start": 1084.92, "end": 1086.92, "word": " the", "probability": 0.91943359375}, {"start": 1086.92, "end": 1087.4, "word": " relationship", "probability": 0.9228515625}, {"start": 1087.4, "end": 1087.82, "word": " between", "probability": 0.86572265625}, {"start": 1087.82, "end": 1088.04, "word": " the", "probability": 0.91357421875}, {"start": 1088.04, "end": 1088.46, "word": " prices", "probability": 0.873046875}, {"start": 1088.46, "end": 1089.0, "word": " and", "probability": 0.93017578125}, {"start": 1089.0, "end": 1089.18, "word": " the", "probability": 0.9228515625}, {"start": 1089.18, "end": 1089.68, "word": " quantity", "probability": 0.9228515625}, {"start": 1089.68, "end": 1090.42, "word": " supplied,", "probability": 0.896484375}, {"start": 1090.64, "end": 1090.78, "word": " the", "probability": 0.8916015625}, {"start": 1090.78, "end": 1091.26, "word": " quantity", "probability": 0.96044921875}, {"start": 1091.26, "end": 1091.68, "word": " sold.", "probability": 0.95947265625}], "temperature": 1.0}, {"id": 41, "seek": 111931, "start": 1092.59, "end": 1119.31, "text": " In general, in general, as the price goes up, when the price goes down, the producers or the sellers, what happens to them? Of course, they want to produce more, they will produce more, they will sell more, because their profits go up or go up. Right? So, the supply side,", "tokens": [682, 2674, 11, 294, 2674, 11, 382, 264, 3218, 1709, 493, 11, 562, 264, 3218, 1709, 760, 11, 264, 16080, 420, 264, 31276, 11, 437, 2314, 281, 552, 30, 2720, 1164, 11, 436, 528, 281, 5258, 544, 11, 436, 486, 5258, 544, 11, 436, 486, 3607, 544, 11, 570, 641, 17982, 352, 493, 420, 352, 493, 13, 1779, 30, 407, 11, 264, 5847, 1252, 11], "avg_logprob": -0.2627840954245943, "compression_ratio": 1.75, "no_speech_prob": 0.0, "words": [{"start": 1092.59, "end": 1092.91, "word": " In", "probability": 0.71728515625}, {"start": 1092.91, "end": 1093.29, "word": " general,", "probability": 0.90966796875}, {"start": 1093.41, "end": 1093.55, "word": " in", "probability": 0.732421875}, {"start": 1093.55, "end": 1093.87, "word": " general,", "probability": 0.90380859375}, {"start": 1094.49, "end": 1094.83, "word": " as", "probability": 0.9541015625}, {"start": 1094.83, "end": 1095.01, "word": " the", "probability": 0.92431640625}, {"start": 1095.01, "end": 1095.45, "word": " price", "probability": 0.9150390625}, {"start": 1095.45, "end": 1095.99, "word": " goes", "probability": 0.93994140625}, {"start": 1095.99, "end": 1096.85, "word": " up,", "probability": 0.9736328125}, {"start": 1097.73, "end": 1097.95, "word": " when", "probability": 0.2354736328125}, {"start": 1097.95, "end": 1098.09, "word": " the", "probability": 0.83447265625}, {"start": 1098.09, "end": 1098.25, "word": " price", "probability": 0.85400390625}, {"start": 1098.25, "end": 1098.39, "word": " goes", "probability": 0.57080078125}, {"start": 1098.39, "end": 1098.65, "word": " down,", "probability": 0.85546875}, {"start": 1099.97, "end": 1100.27, "word": " the", "probability": 0.7431640625}, {"start": 1100.27, "end": 1100.87, "word": " producers", "probability": 0.86572265625}, {"start": 1100.87, "end": 1101.39, "word": " or", "probability": 0.83544921875}, {"start": 1101.39, "end": 1101.59, "word": " the", "probability": 0.9150390625}, {"start": 1101.59, "end": 1101.93, "word": " sellers,", "probability": 0.91015625}, {"start": 1103.01, "end": 1103.43, "word": " what", "probability": 0.83642578125}, {"start": 1103.43, "end": 1103.61, "word": " happens", "probability": 0.50244140625}, {"start": 1103.61, "end": 1103.81, "word": " to", "probability": 0.85693359375}, {"start": 1103.81, "end": 1103.91, "word": " them?", "probability": 0.9052734375}, {"start": 1105.81, "end": 1106.51, "word": " Of", "probability": 0.256591796875}, {"start": 1106.51, "end": 1106.77, "word": " course,", "probability": 0.951171875}, {"start": 1106.85, "end": 1106.93, "word": " they", "probability": 0.76171875}, {"start": 1106.93, "end": 1107.13, "word": " want", "probability": 0.405029296875}, {"start": 1107.13, "end": 1107.13, "word": " to", "probability": 0.94482421875}, {"start": 1107.13, "end": 1107.43, "word": " produce", "probability": 0.83837890625}, {"start": 1107.43, "end": 1107.79, "word": " more,", "probability": 0.92529296875}, {"start": 1108.17, "end": 1108.31, "word": " they", "probability": 0.853515625}, {"start": 1108.31, "end": 1108.49, "word": " will", "probability": 0.71484375}, {"start": 1108.49, "end": 1108.77, "word": " produce", "probability": 0.71533203125}, {"start": 1108.77, "end": 1109.39, "word": " more,", "probability": 0.9326171875}, {"start": 1109.79, "end": 1109.91, "word": " they", "probability": 0.88671875}, {"start": 1109.91, "end": 1110.13, "word": " will", "probability": 0.904296875}, {"start": 1110.13, "end": 1110.51, "word": " sell", "probability": 0.8818359375}, {"start": 1110.51, "end": 1111.03, "word": " more,", "probability": 0.93212890625}, {"start": 1111.75, "end": 1112.33, "word": " because", "probability": 0.89111328125}, {"start": 1112.33, "end": 1113.01, "word": " their", "probability": 0.9482421875}, {"start": 1113.01, "end": 1113.55, "word": " profits", "probability": 0.89208984375}, {"start": 1113.55, "end": 1113.93, "word": " go", "probability": 0.56396484375}, {"start": 1113.93, "end": 1114.35, "word": " up", "probability": 0.9775390625}, {"start": 1114.35, "end": 1114.73, "word": " or", "probability": 0.7685546875}, {"start": 1114.73, "end": 1114.91, "word": " go", "probability": 0.95751953125}, {"start": 1114.91, "end": 1115.27, "word": " up.", "probability": 0.86279296875}, {"start": 1116.59, "end": 1116.77, "word": " Right?", "probability": 0.3056640625}, {"start": 1117.21, "end": 1117.91, "word": " So,", "probability": 0.6962890625}, {"start": 1118.31, "end": 1118.45, "word": " the", "probability": 0.89990234375}, {"start": 1118.45, "end": 1118.81, "word": " supply", "probability": 0.8974609375}, {"start": 1118.81, "end": 1119.31, "word": " side,", "probability": 0.7890625}], "temperature": 1.0}, {"id": 42, "seek": 114521, "start": 1130.29, "end": 1145.21, "text": " At these prices here. At these prices as you see here in this schedule,", "tokens": [1711, 613, 7901, 510, 13, 1711, 613, 7901, 382, 291, 536, 510, 294, 341, 7567, 11], "avg_logprob": -0.26907169117647056, "compression_ratio": 1.1612903225806452, "no_speech_prob": 0.0, "words": [{"start": 1130.29, "end": 1130.61, "word": " At", "probability": 0.65869140625}, {"start": 1130.61, "end": 1131.09, "word": " these", "probability": 0.64404296875}, {"start": 1131.09, "end": 1131.79, "word": " prices", "probability": 0.859375}, {"start": 1131.79, "end": 1132.19, "word": " here.", "probability": 0.84716796875}, {"start": 1141.45, "end": 1142.29, "word": " At", "probability": 0.7919921875}, {"start": 1142.29, "end": 1142.55, "word": " these", "probability": 0.64501953125}, {"start": 1142.55, "end": 1142.99, "word": " prices", "probability": 0.87451171875}, {"start": 1142.99, "end": 1143.27, "word": " as", "probability": 0.681640625}, {"start": 1143.27, "end": 1143.43, "word": " you", "probability": 0.96728515625}, {"start": 1143.43, "end": 1143.61, "word": " see", "probability": 0.9287109375}, {"start": 1143.61, "end": 1143.89, "word": " here", "probability": 0.869140625}, {"start": 1143.89, "end": 1144.07, "word": " in", "probability": 0.796875}, {"start": 1144.07, "end": 1144.59, "word": " this", "probability": 0.94384765625}, {"start": 1144.59, "end": 1145.21, "word": " schedule,", "probability": 0.79150390625}], "temperature": 1.0}, {"id": 43, "seek": 117864, "start": 1151.04, "end": 1178.64, "text": " will study the relationship between the prices and the quantity sold or the quantity produced or the quantity supplied. In general, as the price goes up, the quantity supplied goes up. So the quantity supplied", "tokens": [486, 2979, 264, 2480, 1296, 264, 7901, 293, 264, 11275, 3718, 420, 264, 11275, 7126, 420, 264, 11275, 27625, 13, 682, 2674, 11, 382, 264, 3218, 1709, 493, 11, 264, 11275, 27625, 1709, 493, 13, 407, 264, 11275, 27625], "avg_logprob": -0.1599609375, "compression_ratio": 1.8421052631578947, "no_speech_prob": 0.0, "words": [{"start": 1151.04, "end": 1151.36, "word": " will", "probability": 0.7236328125}, {"start": 1151.36, "end": 1151.82, "word": " study", "probability": 0.9248046875}, {"start": 1151.82, "end": 1152.22, "word": " the", "probability": 0.9150390625}, {"start": 1152.22, "end": 1152.84, "word": " relationship", "probability": 0.91552734375}, {"start": 1152.84, "end": 1153.26, "word": " between", "probability": 0.86767578125}, {"start": 1153.26, "end": 1153.52, "word": " the", "probability": 0.89404296875}, {"start": 1153.52, "end": 1154.18, "word": " prices", "probability": 0.85498046875}, {"start": 1154.18, "end": 1154.94, "word": " and", "probability": 0.853515625}, {"start": 1154.94, "end": 1155.16, "word": " the", "probability": 0.89208984375}, {"start": 1155.16, "end": 1155.68, "word": " quantity", "probability": 0.66064453125}, {"start": 1155.68, "end": 1156.34, "word": " sold", "probability": 0.87353515625}, {"start": 1156.34, "end": 1156.74, "word": " or", "probability": 0.71337890625}, {"start": 1156.74, "end": 1156.9, "word": " the", "probability": 0.75927734375}, {"start": 1156.9, "end": 1157.22, "word": " quantity", "probability": 0.97216796875}, {"start": 1157.22, "end": 1157.94, "word": " produced", "probability": 0.87109375}, {"start": 1157.94, "end": 1158.5, "word": " or", "probability": 0.85693359375}, {"start": 1158.5, "end": 1158.68, "word": " the", "probability": 0.88818359375}, {"start": 1158.68, "end": 1158.98, "word": " quantity", "probability": 0.98193359375}, {"start": 1158.98, "end": 1159.66, "word": " supplied.", "probability": 0.8544921875}, {"start": 1160.42, "end": 1160.82, "word": " In", "probability": 0.9228515625}, {"start": 1160.82, "end": 1161.92, "word": " general,", "probability": 0.9140625}, {"start": 1162.9, "end": 1163.16, "word": " as", "probability": 0.66455078125}, {"start": 1163.16, "end": 1163.38, "word": " the", "probability": 0.92578125}, {"start": 1163.38, "end": 1163.68, "word": " price", "probability": 0.916015625}, {"start": 1163.68, "end": 1164.18, "word": " goes", "probability": 0.93896484375}, {"start": 1164.18, "end": 1164.66, "word": " up,", "probability": 0.974609375}, {"start": 1170.3, "end": 1170.36, "word": " the", "probability": 0.810546875}, {"start": 1170.36, "end": 1170.6, "word": " quantity", "probability": 0.98876953125}, {"start": 1170.6, "end": 1173.38, "word": " supplied", "probability": 0.8486328125}, {"start": 1173.38, "end": 1173.86, "word": " goes", "probability": 0.9248046875}, {"start": 1173.86, "end": 1174.26, "word": " up.", "probability": 0.97021484375}, {"start": 1175.46, "end": 1175.82, "word": " So", "probability": 0.94189453125}, {"start": 1175.82, "end": 1177.44, "word": " the", "probability": 0.55810546875}, {"start": 1177.44, "end": 1178.0, "word": " quantity", "probability": 0.98974609375}, {"start": 1178.0, "end": 1178.64, "word": " supplied", "probability": 0.8837890625}], "temperature": 1.0}, {"id": 44, "seek": 120650, "start": 1181.64, "end": 1206.5, "text": " goes up because the price or the profits go up. As the profit go up, this will encourage the producers to produce more. Willingness to sell, will ability to sell is it.", "tokens": [1709, 493, 570, 264, 3218, 420, 264, 17982, 352, 493, 13, 1018, 264, 7475, 352, 493, 11, 341, 486, 5373, 264, 16080, 281, 5258, 544, 13, 3099, 278, 1287, 281, 3607, 11, 486, 3485, 281, 3607, 307, 309, 13], "avg_logprob": -0.2851562529802322, "compression_ratio": 1.5089285714285714, "no_speech_prob": 0.0, "words": [{"start": 1181.64, "end": 1182.14, "word": " goes", "probability": 0.5947265625}, {"start": 1182.14, "end": 1182.56, "word": " up", "probability": 0.97509765625}, {"start": 1182.56, "end": 1184.5, "word": " because", "probability": 0.80908203125}, {"start": 1184.5, "end": 1187.18, "word": " the", "probability": 0.619140625}, {"start": 1187.18, "end": 1187.76, "word": " price", "probability": 0.90771484375}, {"start": 1187.76, "end": 1188.1, "word": " or", "probability": 0.873046875}, {"start": 1188.1, "end": 1188.28, "word": " the", "probability": 0.9150390625}, {"start": 1188.28, "end": 1188.68, "word": " profits", "probability": 0.9443359375}, {"start": 1188.68, "end": 1189.08, "word": " go", "probability": 0.6298828125}, {"start": 1189.08, "end": 1189.98, "word": " up.", "probability": 0.970703125}, {"start": 1191.32, "end": 1192.18, "word": " As", "probability": 0.96337890625}, {"start": 1192.18, "end": 1192.36, "word": " the", "probability": 0.91943359375}, {"start": 1192.36, "end": 1193.22, "word": " profit", "probability": 0.71875}, {"start": 1193.22, "end": 1193.6, "word": " go", "probability": 0.9072265625}, {"start": 1193.6, "end": 1194.08, "word": " up,", "probability": 0.974609375}, {"start": 1194.62, "end": 1194.98, "word": " this", "probability": 0.953125}, {"start": 1194.98, "end": 1195.2, "word": " will", "probability": 0.751953125}, {"start": 1195.2, "end": 1195.84, "word": " encourage", "probability": 0.8349609375}, {"start": 1195.84, "end": 1196.3, "word": " the", "probability": 0.90283203125}, {"start": 1196.3, "end": 1196.96, "word": " producers", "probability": 0.83447265625}, {"start": 1196.96, "end": 1197.28, "word": " to", "probability": 0.9677734375}, {"start": 1197.28, "end": 1197.6, "word": " produce", "probability": 0.8759765625}, {"start": 1197.6, "end": 1198.02, "word": " more.", "probability": 0.93701171875}, {"start": 1200.76, "end": 1201.68, "word": " Willingness", "probability": 0.6852620442708334}, {"start": 1201.68, "end": 1201.86, "word": " to", "probability": 0.97021484375}, {"start": 1201.86, "end": 1203.2, "word": " sell,", "probability": 0.86572265625}, {"start": 1203.76, "end": 1203.84, "word": " will", "probability": 0.50634765625}, {"start": 1203.84, "end": 1205.44, "word": " ability", "probability": 0.423583984375}, {"start": 1205.44, "end": 1205.78, "word": " to", "probability": 0.9677734375}, {"start": 1205.78, "end": 1206.08, "word": " sell", "probability": 0.880859375}, {"start": 1206.08, "end": 1206.3, "word": " is", "probability": 0.1634521484375}, {"start": 1206.3, "end": 1206.5, "word": " it.", "probability": 0.658203125}], "temperature": 1.0}, {"id": 45, "seek": 123370, "start": 1213.04, "end": 1233.7, "text": " Supply is willingness to sell or to produce something and ability", "tokens": [9391, 356, 307, 25069, 281, 3607, 420, 281, 5258, 746, 293, 3485], "avg_logprob": -0.44140624083005464, "compression_ratio": 0.9850746268656716, "no_speech_prob": 0.0, "words": [{"start": 1213.0399999999997, "end": 1214.4399999999998, "word": " Supply", "probability": 0.54803466796875}, {"start": 1214.4399999999998, "end": 1215.84, "word": " is", "probability": 0.143310546875}, {"start": 1215.84, "end": 1217.58, "word": " willingness", "probability": 0.80810546875}, {"start": 1217.58, "end": 1221.44, "word": " to", "probability": 0.93115234375}, {"start": 1221.44, "end": 1221.88, "word": " sell", "probability": 0.859375}, {"start": 1221.88, "end": 1223.56, "word": " or", "probability": 0.7666015625}, {"start": 1223.56, "end": 1223.68, "word": " to", "probability": 0.80078125}, {"start": 1223.68, "end": 1224.28, "word": " produce", "probability": 0.86865234375}, {"start": 1224.28, "end": 1229.58, "word": " something", "probability": 0.67236328125}, {"start": 1229.58, "end": 1231.8, "word": " and", "probability": 0.6630859375}, {"start": 1231.8, "end": 1233.7, "word": " ability", "probability": 0.90478515625}], "temperature": 1.0}, {"id": 46, "seek": 126348, "start": 1235.64, "end": 1263.48, "text": " To produce or to sell something or to produce. The willingness to produce or the willingness to sell, plus the ability to sell or to produce, here we have effective supply. Now, the losing of one of these two conditions means that we have an ineffective supply, the same as demand.", "tokens": [1407, 5258, 420, 281, 3607, 746, 420, 281, 5258, 13, 440, 25069, 281, 5258, 420, 264, 25069, 281, 3607, 11, 1804, 264, 3485, 281, 3607, 420, 281, 5258, 11, 510, 321, 362, 4942, 5847, 13, 823, 11, 264, 7027, 295, 472, 295, 613, 732, 4487, 1355, 300, 321, 362, 364, 48836, 5847, 11, 264, 912, 382, 4733, 13], "avg_logprob": -0.17055084190126193, "compression_ratio": 1.8076923076923077, "no_speech_prob": 0.0, "words": [{"start": 1235.64, "end": 1235.86, "word": " To", "probability": 0.587890625}, {"start": 1235.86, "end": 1236.26, "word": " produce", "probability": 0.84619140625}, {"start": 1236.26, "end": 1236.66, "word": " or", "probability": 0.9453125}, {"start": 1236.66, "end": 1236.8, "word": " to", "probability": 0.96728515625}, {"start": 1236.8, "end": 1237.12, "word": " sell", "probability": 0.87548828125}, {"start": 1237.12, "end": 1237.98, "word": " something", "probability": 0.7880859375}, {"start": 1237.98, "end": 1238.34, "word": " or", "probability": 0.79833984375}, {"start": 1238.34, "end": 1238.5, "word": " to", "probability": 0.970703125}, {"start": 1238.5, "end": 1239.04, "word": " produce.", "probability": 0.8740234375}, {"start": 1243.2, "end": 1243.64, "word": " The", "probability": 0.88232421875}, {"start": 1243.64, "end": 1243.94, "word": " willingness", "probability": 0.94580078125}, {"start": 1243.94, "end": 1244.26, "word": " to", "probability": 0.9619140625}, {"start": 1244.26, "end": 1244.68, "word": " produce", "probability": 0.87939453125}, {"start": 1244.68, "end": 1244.9, "word": " or", "probability": 0.818359375}, {"start": 1244.9, "end": 1245.02, "word": " the", "probability": 0.837890625}, {"start": 1245.02, "end": 1245.28, "word": " willingness", "probability": 0.95263671875}, {"start": 1245.28, "end": 1245.58, "word": " to", "probability": 0.96484375}, {"start": 1245.58, "end": 1245.84, "word": " sell,", "probability": 0.873046875}, {"start": 1246.28, "end": 1246.8, "word": " plus", "probability": 0.80126953125}, {"start": 1246.8, "end": 1247.06, "word": " the", "probability": 0.89794921875}, {"start": 1247.06, "end": 1247.48, "word": " ability", "probability": 0.95458984375}, {"start": 1247.48, "end": 1247.76, "word": " to", "probability": 0.9677734375}, {"start": 1247.76, "end": 1248.02, "word": " sell", "probability": 0.88818359375}, {"start": 1248.02, "end": 1248.5, "word": " or", "probability": 0.953125}, {"start": 1248.5, "end": 1248.62, "word": " to", "probability": 0.9658203125}, {"start": 1248.62, "end": 1249.14, "word": " produce,", "probability": 0.86572265625}, {"start": 1249.42, "end": 1249.58, "word": " here", "probability": 0.80419921875}, {"start": 1249.58, "end": 1249.74, "word": " we", "probability": 0.8525390625}, {"start": 1249.74, "end": 1250.04, "word": " have", "probability": 0.9443359375}, {"start": 1250.04, "end": 1251.22, "word": " effective", "probability": 0.83837890625}, {"start": 1251.22, "end": 1252.02, "word": " supply.", "probability": 0.94873046875}, {"start": 1253.66, "end": 1254.28, "word": " Now,", "probability": 0.45458984375}, {"start": 1255.4, "end": 1255.5, "word": " the", "probability": 0.9072265625}, {"start": 1255.5, "end": 1255.78, "word": " losing", "probability": 0.64892578125}, {"start": 1255.78, "end": 1256.02, "word": " of", "probability": 0.66943359375}, {"start": 1256.02, "end": 1256.26, "word": " one", "probability": 0.9169921875}, {"start": 1256.26, "end": 1256.44, "word": " of", "probability": 0.95849609375}, {"start": 1256.44, "end": 1256.68, "word": " these", "probability": 0.8466796875}, {"start": 1256.68, "end": 1256.9, "word": " two", "probability": 0.91455078125}, {"start": 1256.9, "end": 1257.48, "word": " conditions", "probability": 0.890625}, {"start": 1257.48, "end": 1258.1, "word": " means", "probability": 0.923828125}, {"start": 1258.1, "end": 1259.1, "word": " that", "probability": 0.92578125}, {"start": 1259.1, "end": 1259.66, "word": " we", "probability": 0.59619140625}, {"start": 1259.66, "end": 1259.98, "word": " have", "probability": 0.94482421875}, {"start": 1259.98, "end": 1260.62, "word": " an", "probability": 0.84228515625}, {"start": 1260.62, "end": 1261.54, "word": " ineffective", "probability": 0.80859375}, {"start": 1261.54, "end": 1262.28, "word": " supply,", "probability": 0.951171875}, {"start": 1262.46, "end": 1262.6, "word": " the", "probability": 0.91796875}, {"start": 1262.6, "end": 1262.82, "word": " same", "probability": 0.904296875}, {"start": 1262.82, "end": 1263.1, "word": " as", "probability": 0.96923828125}, {"start": 1263.1, "end": 1263.48, "word": " demand.", "probability": 0.78564453125}], "temperature": 1.0}, {"id": 47, "seek": 129233, "start": 1265.3, "end": 1292.34, "text": " In general, in general theory, as the price goes up, the price increases. This will encourage, encourage means encourage, motivate the producers to produce more because their profits go up. So they want to produce more because as the profit goes up, their willingness to produce increases.", "tokens": [682, 2674, 11, 294, 2674, 5261, 11, 382, 264, 3218, 1709, 493, 11, 264, 3218, 8637, 13, 639, 486, 5373, 11, 5373, 1355, 5373, 11, 28497, 264, 16080, 281, 5258, 544, 570, 641, 17982, 352, 493, 13, 407, 436, 528, 281, 5258, 544, 570, 382, 264, 7475, 1709, 493, 11, 641, 25069, 281, 5258, 8637, 13], "avg_logprob": -0.23478617793635317, "compression_ratio": 1.9463087248322148, "no_speech_prob": 0.0, "words": [{"start": 1265.3, "end": 1265.62, "word": " In", "probability": 0.65673828125}, {"start": 1265.62, "end": 1265.98, "word": " general,", "probability": 0.92041015625}, {"start": 1266.08, "end": 1266.28, "word": " in", "probability": 0.83154296875}, {"start": 1266.28, "end": 1266.56, "word": " general", "probability": 0.91162109375}, {"start": 1266.56, "end": 1267.1, "word": " theory,", "probability": 0.564453125}, {"start": 1267.38, "end": 1267.82, "word": " as", "probability": 0.9541015625}, {"start": 1267.82, "end": 1267.98, "word": " the", "probability": 0.91162109375}, {"start": 1267.98, "end": 1268.28, "word": " price", "probability": 0.91552734375}, {"start": 1268.28, "end": 1268.72, "word": " goes", "probability": 0.9423828125}, {"start": 1268.72, "end": 1269.2, "word": " up,", "probability": 0.97216796875}, {"start": 1270.64, "end": 1270.76, "word": " the", "probability": 0.18896484375}, {"start": 1270.76, "end": 1270.94, "word": " price", "probability": 0.5810546875}, {"start": 1270.94, "end": 1271.26, "word": " increases.", "probability": 0.404052734375}, {"start": 1272.5, "end": 1273.0, "word": " This", "probability": 0.8564453125}, {"start": 1273.0, "end": 1273.2, "word": " will", "probability": 0.8349609375}, {"start": 1273.2, "end": 1273.8, "word": " encourage,", "probability": 0.7919921875}, {"start": 1273.9, "end": 1274.16, "word": " encourage", "probability": 0.71533203125}, {"start": 1274.16, "end": 1274.56, "word": " means", "probability": 0.93896484375}, {"start": 1274.56, "end": 1275.0, "word": " encourage,", "probability": 0.3232421875}, {"start": 1275.6, "end": 1276.5, "word": " motivate", "probability": 0.89990234375}, {"start": 1276.5, "end": 1277.7, "word": " the", "probability": 0.75146484375}, {"start": 1277.7, "end": 1278.36, "word": " producers", "probability": 0.8603515625}, {"start": 1278.36, "end": 1279.14, "word": " to", "probability": 0.9638671875}, {"start": 1279.14, "end": 1279.64, "word": " produce", "probability": 0.884765625}, {"start": 1279.64, "end": 1280.46, "word": " more", "probability": 0.93505859375}, {"start": 1280.46, "end": 1281.44, "word": " because", "probability": 0.625}, {"start": 1281.44, "end": 1282.16, "word": " their", "probability": 0.9365234375}, {"start": 1282.16, "end": 1282.56, "word": " profits", "probability": 0.96533203125}, {"start": 1282.56, "end": 1282.98, "word": " go", "probability": 0.94482421875}, {"start": 1282.98, "end": 1283.34, "word": " up.", "probability": 0.96923828125}, {"start": 1284.0, "end": 1284.22, "word": " So", "probability": 0.9228515625}, {"start": 1284.22, "end": 1285.52, "word": " they", "probability": 0.58251953125}, {"start": 1285.52, "end": 1285.66, "word": " want", "probability": 0.38720703125}, {"start": 1285.66, "end": 1285.74, "word": " to", "probability": 0.9677734375}, {"start": 1285.74, "end": 1286.02, "word": " produce", "probability": 0.88427734375}, {"start": 1286.02, "end": 1286.56, "word": " more", "probability": 0.93212890625}, {"start": 1286.56, "end": 1287.8, "word": " because", "probability": 0.65673828125}, {"start": 1287.8, "end": 1288.84, "word": " as", "probability": 0.93310546875}, {"start": 1288.84, "end": 1288.98, "word": " the", "probability": 0.80419921875}, {"start": 1288.98, "end": 1289.2, "word": " profit", "probability": 0.88916015625}, {"start": 1289.2, "end": 1289.64, "word": " goes", "probability": 0.927734375}, {"start": 1289.64, "end": 1290.02, "word": " up,", "probability": 0.97265625}, {"start": 1290.22, "end": 1290.4, "word": " their", "probability": 0.935546875}, {"start": 1290.4, "end": 1290.84, "word": " willingness", "probability": 0.92822265625}, {"start": 1290.84, "end": 1291.14, "word": " to", "probability": 0.9677734375}, {"start": 1291.14, "end": 1291.78, "word": " produce", "probability": 0.8798828125}, {"start": 1291.78, "end": 1292.34, "word": " increases.", "probability": 0.8408203125}], "temperature": 1.0}, {"id": 48, "seek": 131713, "start": 1294.29, "end": 1317.13, "text": " And their ability as profits goes up, their ability to produce, then their ability to produce goes up. Then actually here, as the price goes up, because supply goes up, this means that", "tokens": [400, 641, 3485, 382, 17982, 1709, 493, 11, 641, 3485, 281, 5258, 11, 550, 641, 3485, 281, 5258, 1709, 493, 13, 1396, 767, 510, 11, 382, 264, 3218, 1709, 493, 11, 570, 5847, 1709, 493, 11, 341, 1355, 300], "avg_logprob": -0.26230469048023225, "compression_ratio": 1.6517857142857142, "no_speech_prob": 0.0, "words": [{"start": 1294.29, "end": 1294.59, "word": " And", "probability": 0.64501953125}, {"start": 1294.59, "end": 1295.01, "word": " their", "probability": 0.92626953125}, {"start": 1295.01, "end": 1295.59, "word": " ability", "probability": 0.962890625}, {"start": 1295.59, "end": 1296.01, "word": " as", "probability": 0.689453125}, {"start": 1296.01, "end": 1296.39, "word": " profits", "probability": 0.591796875}, {"start": 1296.39, "end": 1296.77, "word": " goes", "probability": 0.88818359375}, {"start": 1296.77, "end": 1297.11, "word": " up,", "probability": 0.97314453125}, {"start": 1298.47, "end": 1298.65, "word": " their", "probability": 0.42333984375}, {"start": 1298.65, "end": 1300.03, "word": " ability", "probability": 0.9501953125}, {"start": 1300.03, "end": 1300.27, "word": " to", "probability": 0.9697265625}, {"start": 1300.27, "end": 1300.79, "word": " produce,", "probability": 0.89599609375}, {"start": 1301.41, "end": 1302.63, "word": " then", "probability": 0.5517578125}, {"start": 1302.63, "end": 1304.01, "word": " their", "probability": 0.92138671875}, {"start": 1304.01, "end": 1304.49, "word": " ability", "probability": 0.95458984375}, {"start": 1304.49, "end": 1304.69, "word": " to", "probability": 0.9677734375}, {"start": 1304.69, "end": 1305.29, "word": " produce", "probability": 0.89599609375}, {"start": 1305.29, "end": 1305.93, "word": " goes", "probability": 0.880859375}, {"start": 1305.93, "end": 1306.31, "word": " up.", "probability": 0.97216796875}, {"start": 1309.97, "end": 1310.81, "word": " Then", "probability": 0.160400390625}, {"start": 1310.81, "end": 1311.73, "word": " actually", "probability": 0.7958984375}, {"start": 1311.73, "end": 1312.25, "word": " here,", "probability": 0.77392578125}, {"start": 1312.55, "end": 1312.81, "word": " as", "probability": 0.951171875}, {"start": 1312.81, "end": 1312.93, "word": " the", "probability": 0.8427734375}, {"start": 1312.93, "end": 1313.25, "word": " price", "probability": 0.90087890625}, {"start": 1313.25, "end": 1313.67, "word": " goes", "probability": 0.9384765625}, {"start": 1313.67, "end": 1314.07, "word": " up,", "probability": 0.96875}, {"start": 1314.27, "end": 1314.41, "word": " because", "probability": 0.6357421875}, {"start": 1314.41, "end": 1314.87, "word": " supply", "probability": 0.73486328125}, {"start": 1314.87, "end": 1315.31, "word": " goes", "probability": 0.8232421875}, {"start": 1315.31, "end": 1315.69, "word": " up,", "probability": 0.96826171875}, {"start": 1316.03, "end": 1316.19, "word": " this", "probability": 0.896484375}, {"start": 1316.19, "end": 1316.57, "word": " means", "probability": 0.92578125}, {"start": 1316.57, "end": 1317.13, "word": " that", "probability": 0.9375}], "temperature": 1.0}, {"id": 49, "seek": 134785, "start": 1318.21, "end": 1347.85, "text": " There is positive relationship, positive times positive, positive. There is a positive relationship between the prices and the quantity supplied as the price goes down. The quantity supplied goes down. Negative, negative, negative times negative, positive. So in general, the supply theory says that there is a positive relationship between the prices and the quantity supplied. Let's go to this example here.", "tokens": [821, 307, 3353, 2480, 11, 3353, 1413, 3353, 11, 3353, 13, 821, 307, 257, 3353, 2480, 1296, 264, 7901, 293, 264, 11275, 27625, 382, 264, 3218, 1709, 760, 13, 440, 11275, 27625, 1709, 760, 13, 43230, 11, 3671, 11, 3671, 1413, 3671, 11, 3353, 13, 407, 294, 2674, 11, 264, 5847, 5261, 1619, 300, 456, 307, 257, 3353, 2480, 1296, 264, 7901, 293, 264, 11275, 27625, 13, 961, 311, 352, 281, 341, 1365, 510, 13], "avg_logprob": -0.16467928102141932, "compression_ratio": 2.3976608187134505, "no_speech_prob": 0.0, "words": [{"start": 1318.21, "end": 1318.51, "word": " There", "probability": 0.568359375}, {"start": 1318.51, "end": 1319.23, "word": " is", "probability": 0.465087890625}, {"start": 1319.23, "end": 1319.79, "word": " positive", "probability": 0.65283203125}, {"start": 1319.79, "end": 1320.29, "word": " relationship,", "probability": 0.68408203125}, {"start": 1320.45, "end": 1320.67, "word": " positive", "probability": 0.9296875}, {"start": 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As the price per kilogram of a chicken is five. They lose. In the chicken farm, they lose. They take from the farm the next kilo of chicken for five shekels. They go to the consumer for six and a half, for six. They already have a big loss. There is a big loss in this. 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They don't want to sell. Most of them are lost. They shut down. They shut down. They say, I don't want to raise cows again. This is what happens in farms. And eventually, the sellers will have fewer clients. So let's work on two kilograms. This is the producer thinking. 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As the price increases to eight here, the quantity supplied, this is the quantity supplied here, QS, goes up as well. Let us assume it was five.", "tokens": [1436, 456, 307, 257, 955, 4470, 13, 1018, 264, 3218, 8637, 281, 3180, 510, 11, 264, 11275, 27625, 11, 341, 307, 264, 11275, 27625, 510, 11, 1249, 50, 11, 1709, 493, 382, 731, 13, 961, 505, 6552, 309, 390, 1732, 13], "avg_logprob": -0.20647322102671578, "compression_ratio": 1.4146341463414633, "no_speech_prob": 0.0, "words": [{"start": 1419.9699999999998, "end": 1420.6499999999999, "word": " Because", "probability": 0.078369140625}, {"start": 1420.6499999999999, "end": 1421.33, "word": " there", "probability": 0.85009765625}, {"start": 1421.33, "end": 1421.51, "word": " is", "probability": 0.69921875}, {"start": 1421.51, "end": 1421.63, "word": " a", "probability": 0.98828125}, {"start": 1421.63, "end": 1421.79, "word": " big", "probability": 0.9130859375}, {"start": 1421.79, "end": 1422.25, "word": " loss.", "probability": 0.86376953125}, {"start": 1424.05, "end": 1424.53, "word": " As", "probability": 0.83935546875}, {"start": 1424.53, "end": 1424.67, "word": " the", "probability": 0.8701171875}, {"start": 1424.67, "end": 1424.93, "word": " price", "probability": 0.88427734375}, {"start": 1424.93, "end": 1425.55, "word": " increases", "probability": 0.9296875}, {"start": 1425.55, "end": 1425.85, "word": " to", "probability": 0.9267578125}, {"start": 1425.85, "end": 1426.19, "word": " eight", "probability": 0.75927734375}, {"start": 1426.19, "end": 1426.53, "word": " here,", "probability": 0.6748046875}, {"start": 1426.97, "end": 1426.97, "word": " the", "probability": 0.75634765625}, {"start": 1426.97, "end": 1427.53, "word": " quantity", "probability": 0.9716796875}, {"start": 1427.53, "end": 1428.01, "word": " supplied,", "probability": 0.853515625}, {"start": 1428.07, "end": 1428.23, "word": " this", "probability": 0.89013671875}, {"start": 1428.23, "end": 1428.35, "word": " is", "probability": 0.93505859375}, {"start": 1428.35, "end": 1428.45, "word": " the", "probability": 0.83349609375}, {"start": 1428.45, "end": 1428.73, "word": " quantity", "probability": 0.9658203125}, {"start": 1428.73, "end": 1429.23, "word": " supplied", "probability": 0.88232421875}, {"start": 1429.23, "end": 1429.49, "word": " here,", "probability": 0.8349609375}, {"start": 1429.61, "end": 1430.19, "word": " QS,", "probability": 0.5191650390625}, {"start": 1431.29, "end": 1432.09, "word": " goes", "probability": 0.91748046875}, {"start": 1432.09, "end": 1432.59, "word": " up", "probability": 0.9697265625}, {"start": 1432.59, "end": 1433.03, "word": " as", "probability": 0.95263671875}, {"start": 1433.03, "end": 1433.29, "word": " well.", "probability": 0.9423828125}, {"start": 1433.49, "end": 1433.63, "word": " Let", "probability": 0.9541015625}, {"start": 1433.63, "end": 1433.81, "word": " us", "probability": 0.890625}, {"start": 1433.81, "end": 1434.33, "word": " assume", "probability": 0.9072265625}, {"start": 1434.33, "end": 1434.57, "word": " it", "probability": 0.943359375}, {"start": 1434.57, "end": 1435.13, "word": " was", "probability": 0.951171875}, {"start": 1435.13, "end": 1436.03, "word": " five.", "probability": 0.8818359375}], "temperature": 1.0}, {"id": 53, "seek": 146508, "start": 1437.58, "end": 1465.08, "text": " As the price goes up, their profits will increase. This means that as the profits goes up, this will encourage them to produce more and more, to sell more and more. And the quantities supplied in this case will increase to 8, to 12, to 17, to 25. That's it.", "tokens": [1018, 264, 3218, 1709, 493, 11, 641, 17982, 486, 3488, 13, 639, 1355, 300, 382, 264, 17982, 1709, 493, 11, 341, 486, 5373, 552, 281, 5258, 544, 293, 544, 11, 281, 3607, 544, 293, 544, 13, 400, 264, 22927, 27625, 294, 341, 1389, 486, 3488, 281, 1649, 11, 281, 2272, 11, 281, 3282, 11, 281, 3552, 13, 663, 311, 309, 13], "avg_logprob": -0.1358366892222435, "compression_ratio": 1.6538461538461537, "no_speech_prob": 0.0, "words": [{"start": 1437.58, "end": 1437.92, "word": " As", "probability": 0.9267578125}, {"start": 1437.92, "end": 1438.08, "word": " the", "probability": 0.91162109375}, {"start": 1438.08, "end": 1438.48, "word": " price", "probability": 0.923828125}, {"start": 1438.48, "end": 1439.32, "word": " goes", "probability": 0.94140625}, {"start": 1439.32, "end": 1439.84, "word": " up,", "probability": 0.97509765625}, {"start": 1440.56, "end": 1440.82, "word": " their", "probability": 0.9345703125}, {"start": 1440.82, "end": 1441.52, "word": " profits", "probability": 0.935546875}, {"start": 1441.52, "end": 1441.94, "word": " will", "probability": 0.8623046875}, {"start": 1441.94, "end": 1442.54, "word": " increase.", "probability": 0.84716796875}, {"start": 1443.62, "end": 1443.86, "word": " This", "probability": 0.826171875}, {"start": 1443.86, "end": 1444.32, "word": " means", "probability": 0.9208984375}, {"start": 1444.32, "end": 1444.78, "word": " that", "probability": 0.92626953125}, {"start": 1444.78, "end": 1445.64, "word": " as", "probability": 0.22021484375}, {"start": 1445.64, "end": 1446.78, "word": " the", "probability": 0.89208984375}, {"start": 1446.78, "end": 1447.16, "word": " profits", "probability": 0.9267578125}, {"start": 1447.16, "end": 1447.68, "word": " goes", "probability": 0.583984375}, {"start": 1447.68, "end": 1448.06, "word": " up,", "probability": 0.96923828125}, {"start": 1448.18, "end": 1448.3, "word": " this", "probability": 0.94775390625}, {"start": 1448.3, "end": 1448.46, "word": " will", "probability": 0.86083984375}, {"start": 1448.46, "end": 1448.84, "word": " encourage", "probability": 0.84326171875}, {"start": 1448.84, "end": 1449.06, "word": " them", "probability": 0.89892578125}, {"start": 1449.06, "end": 1449.22, "word": " to", "probability": 0.96826171875}, {"start": 1449.22, "end": 1449.62, "word": " produce", "probability": 0.87451171875}, {"start": 1449.62, "end": 1449.92, "word": " more", "probability": 0.93115234375}, {"start": 1449.92, "end": 1450.08, "word": " and", "probability": 0.927734375}, {"start": 1450.08, "end": 1450.3, "word": " more,", "probability": 0.93017578125}, {"start": 1450.42, "end": 1450.52, "word": " to", "probability": 0.96142578125}, {"start": 1450.52, "end": 1450.72, "word": " sell", "probability": 0.85595703125}, {"start": 1450.72, "end": 1450.92, "word": " more", "probability": 0.93115234375}, {"start": 1450.92, "end": 1451.08, "word": " and", "probability": 0.93505859375}, {"start": 1451.08, "end": 1451.4, "word": " more.", "probability": 0.9306640625}, {"start": 1451.86, "end": 1452.26, "word": " And", "probability": 0.93896484375}, {"start": 1452.26, "end": 1453.0, "word": " the", "probability": 0.90185546875}, {"start": 1453.0, "end": 1453.32, "word": " quantities", "probability": 0.5087890625}, {"start": 1453.32, "end": 1453.86, "word": " supplied", "probability": 0.873046875}, {"start": 1453.86, "end": 1454.08, "word": " in", "probability": 0.90087890625}, {"start": 1454.08, "end": 1454.36, "word": " this", "probability": 0.9453125}, {"start": 1454.36, "end": 1455.02, "word": " case", "probability": 0.90185546875}, {"start": 1455.02, "end": 1455.86, "word": " will", "probability": 0.77685546875}, {"start": 1455.86, "end": 1456.42, "word": " increase", "probability": 0.85888671875}, {"start": 1456.42, "end": 1456.68, "word": " to", "probability": 0.87255859375}, {"start": 1456.68, "end": 1457.2, "word": " 8,", "probability": 0.68212890625}, {"start": 1457.52, "end": 1458.02, "word": " to", "probability": 0.93603515625}, {"start": 1458.02, "end": 1459.26, "word": " 12,", "probability": 0.9462890625}, {"start": 1459.42, "end": 1459.58, "word": " to", "probability": 0.97119140625}, {"start": 1459.58, "end": 1460.26, "word": " 17,", "probability": 0.95703125}, {"start": 1460.96, "end": 1462.08, "word": " to", "probability": 0.96826171875}, {"start": 1462.08, "end": 1464.16, "word": " 25.", "probability": 0.95703125}, {"start": 1464.64, "end": 1464.92, "word": " That's", "probability": 0.947509765625}, {"start": 1464.92, "end": 1465.08, "word": " it.", "probability": 0.95458984375}], "temperature": 1.0}, {"id": 54, "seek": 148828, "start": 1465.88, "end": 1488.28, "text": " So there is a positive relationship between the prices and the quantity supplied. And let us draw. This is the supplies schedule. Now let's draw the graph that shows the supply curve. Okay?", "tokens": [407, 456, 307, 257, 3353, 2480, 1296, 264, 7901, 293, 264, 11275, 27625, 13, 400, 718, 505, 2642, 13, 639, 307, 264, 11768, 7567, 13, 823, 718, 311, 2642, 264, 4295, 300, 3110, 264, 5847, 7605, 13, 1033, 30], "avg_logprob": -0.2587890520691872, "compression_ratio": 1.3768115942028984, "no_speech_prob": 0.0, "words": [{"start": 1465.88, "end": 1466.2, "word": " So", "probability": 0.9208984375}, {"start": 1466.2, "end": 1466.66, "word": " there", "probability": 0.740234375}, {"start": 1466.66, "end": 1466.78, "word": " is", "probability": 0.83740234375}, {"start": 1466.78, "end": 1466.88, "word": " a", "probability": 0.99609375}, {"start": 1466.88, "end": 1467.22, "word": " positive", "probability": 0.9033203125}, {"start": 1467.22, "end": 1467.74, "word": " relationship", "probability": 0.927734375}, {"start": 1467.74, "end": 1468.02, "word": " between", "probability": 0.87451171875}, {"start": 1468.02, "end": 1468.2, "word": " the", "probability": 0.9072265625}, {"start": 1468.2, "end": 1468.52, "word": " prices", "probability": 0.83837890625}, {"start": 1468.52, "end": 1468.8, "word": " and", "probability": 0.9130859375}, {"start": 1468.8, "end": 1468.92, "word": " the", "probability": 0.55078125}, {"start": 1468.92, "end": 1469.04, "word": " quantity", "probability": 0.51318359375}, {"start": 1469.04, "end": 1469.48, "word": " supplied.", "probability": 0.87109375}, {"start": 1469.96, "end": 1470.12, "word": " And", "probability": 0.6435546875}, {"start": 1470.12, "end": 1470.42, "word": " let", "probability": 0.76953125}, {"start": 1470.42, "end": 1470.56, "word": " us", "probability": 0.76513671875}, {"start": 1470.56, "end": 1471.04, "word": " draw.", "probability": 0.8369140625}, {"start": 1471.66, "end": 1471.86, "word": " This", "probability": 0.88525390625}, {"start": 1471.86, "end": 1472.48, "word": " is", "probability": 0.94921875}, {"start": 1472.48, "end": 1473.48, "word": " the", "probability": 0.80419921875}, {"start": 1473.48, "end": 1474.0, "word": " supplies", "probability": 0.58349609375}, {"start": 1474.0, "end": 1474.4, "word": " schedule.", "probability": 0.84521484375}, {"start": 1480.08, "end": 1480.08, "word": " Now", "probability": 0.0823974609375}, {"start": 1480.08, "end": 1483.44, "word": " let's", "probability": 0.724365234375}, {"start": 1483.44, "end": 1483.74, "word": " draw", "probability": 0.85986328125}, {"start": 1483.74, "end": 1483.94, "word": " the", "probability": 0.8818359375}, {"start": 1483.94, "end": 1484.22, "word": " graph", "probability": 0.95166015625}, {"start": 1484.22, "end": 1484.62, "word": " that", "probability": 0.9248046875}, {"start": 1484.62, "end": 1485.22, "word": " shows", "probability": 0.91748046875}, {"start": 1485.22, "end": 1486.26, "word": " the", "probability": 0.90771484375}, {"start": 1486.26, "end": 1487.04, "word": " supply", "probability": 0.93359375}, {"start": 1487.04, "end": 1487.7, "word": " curve.", "probability": 0.97314453125}, {"start": 1488.12, "end": 1488.28, "word": " Okay?", "probability": 0.73046875}], "temperature": 1.0}, {"id": 55, "seek": 150623, "start": 1494.47, "end": 1506.23, "text": " I'm talking about supply, quantity supplied. In the market, in the market. As the price goes up.", "tokens": [286, 478, 1417, 466, 5847, 11, 11275, 27625, 13, 682, 264, 2142, 11, 294, 264, 2142, 13, 1018, 264, 3218, 1709, 493, 13], "avg_logprob": -0.1372070244203011, "compression_ratio": 1.1686746987951808, "no_speech_prob": 0.0, "words": [{"start": 1494.47, "end": 1494.73, "word": " I'm", "probability": 0.979736328125}, {"start": 1494.73, "end": 1494.95, "word": " talking", "probability": 0.85986328125}, {"start": 1494.95, "end": 1495.23, "word": " about", "probability": 0.9140625}, {"start": 1495.23, "end": 1495.67, "word": " supply,", "probability": 0.93798828125}, {"start": 1496.11, "end": 1496.41, "word": " quantity", "probability": 0.7236328125}, {"start": 1496.41, "end": 1496.97, "word": " supplied.", "probability": 0.548828125}, {"start": 1499.19, "end": 1499.83, "word": " In", "probability": 0.320068359375}, {"start": 1499.83, "end": 1502.29, "word": " the", "probability": 0.9296875}, {"start": 1502.29, "end": 1502.67, "word": " market,", "probability": 0.8798828125}, {"start": 1502.75, "end": 1502.85, "word": " in", "probability": 0.83935546875}, {"start": 1502.85, "end": 1502.99, "word": " the", "probability": 0.92041015625}, {"start": 1502.99, "end": 1503.35, "word": " market.", "probability": 0.87744140625}, {"start": 1503.99, "end": 1504.63, "word": " As", "probability": 0.97119140625}, {"start": 1504.63, "end": 1504.81, "word": " the", "probability": 0.91748046875}, {"start": 1504.81, "end": 1505.31, "word": " price", "probability": 0.912109375}, {"start": 1505.31, "end": 1505.89, "word": " goes", "probability": 0.93798828125}, {"start": 1505.89, "end": 1506.23, "word": " up.", "probability": 0.970703125}], "temperature": 1.0}, {"id": 56, "seek": 153190, "start": 1510.1, "end": 1531.9, "text": " Let us assume that you are the seller, you are the producer, okay? And you have to think rational, to take rational, you have to be rational. Let us assume that the price per kilogram or something was five.", "tokens": [961, 505, 6552, 300, 291, 366, 264, 23600, 11, 291, 366, 264, 12314, 11, 1392, 30, 400, 291, 362, 281, 519, 15090, 11, 281, 747, 15090, 11, 291, 362, 281, 312, 15090, 13, 961, 505, 6552, 300, 264, 3218, 680, 21741, 420, 746, 390, 1732, 13], "avg_logprob": -0.20761303254898558, "compression_ratio": 1.6428571428571428, "no_speech_prob": 0.0, "words": [{"start": 1510.1, "end": 1510.82, "word": " Let", "probability": 0.10601806640625}, {"start": 1510.82, "end": 1511.54, "word": " us", "probability": 0.8125}, {"start": 1511.54, "end": 1511.84, "word": " assume", "probability": 0.908203125}, {"start": 1511.84, "end": 1512.1, "word": " that", "probability": 0.91015625}, {"start": 1512.1, "end": 1512.94, "word": " you", "probability": 0.8955078125}, {"start": 1512.94, "end": 1513.16, "word": " are", "probability": 0.94091796875}, {"start": 1513.16, "end": 1513.34, "word": " the", "probability": 0.9189453125}, {"start": 1513.34, "end": 1513.58, "word": " seller,", "probability": 0.8798828125}, {"start": 1513.98, "end": 1514.08, "word": " you", "probability": 0.92138671875}, {"start": 1514.08, "end": 1514.3, "word": " are", "probability": 0.94287109375}, {"start": 1514.3, "end": 1514.44, "word": " the", "probability": 0.9169921875}, {"start": 1514.44, "end": 1514.88, "word": " producer,", "probability": 0.94287109375}, {"start": 1515.24, "end": 1515.7, "word": " okay?", "probability": 0.81005859375}, {"start": 1516.46, "end": 1516.7, "word": " And", "probability": 0.8466796875}, {"start": 1516.7, "end": 1516.84, "word": " you", "probability": 0.95361328125}, {"start": 1516.84, "end": 1517.16, "word": " have", "probability": 0.94580078125}, {"start": 1517.16, "end": 1517.32, "word": " to", "probability": 0.97021484375}, {"start": 1517.32, "end": 1517.68, "word": " think", "probability": 0.90966796875}, {"start": 1517.68, "end": 1518.56, "word": " rational,", "probability": 0.47021484375}, {"start": 1518.92, "end": 1519.04, "word": " to", "probability": 0.68798828125}, {"start": 1519.04, "end": 1519.34, "word": " take", "probability": 0.8779296875}, {"start": 1519.34, "end": 1519.78, "word": " rational,", "probability": 0.7490234375}, {"start": 1520.06, "end": 1520.2, "word": " you", "probability": 0.95947265625}, {"start": 1520.2, "end": 1520.38, "word": " have", "probability": 0.94921875}, {"start": 1520.38, "end": 1520.48, "word": " to", "probability": 0.97314453125}, {"start": 1520.48, "end": 1520.64, "word": " be", "probability": 0.9052734375}, {"start": 1520.64, "end": 1521.16, "word": " rational.", "probability": 0.9287109375}, {"start": 1524.56, "end": 1524.7, "word": " Let", "probability": 0.3046875}, {"start": 1524.7, "end": 1526.06, "word": " us", "probability": 0.892578125}, {"start": 1526.06, "end": 1526.44, "word": " assume", "probability": 0.93408203125}, {"start": 1526.44, "end": 1526.64, "word": " that", "probability": 0.92919921875}, {"start": 1526.64, "end": 1526.78, "word": " the", "probability": 0.91943359375}, {"start": 1526.78, "end": 1527.2, "word": " price", "probability": 0.91943359375}, {"start": 1527.2, "end": 1527.72, "word": " per", "probability": 0.931640625}, {"start": 1527.72, "end": 1528.1, "word": " kilogram", "probability": 0.91259765625}, {"start": 1528.1, "end": 1528.78, "word": " or", "probability": 0.79833984375}, {"start": 1528.78, "end": 1529.76, "word": " something", "probability": 0.88134765625}, {"start": 1529.76, "end": 1530.8, "word": " was", "probability": 0.9013671875}, {"start": 1530.8, "end": 1531.9, "word": " five.", "probability": 0.81591796875}], "temperature": 1.0}, {"id": 57, "seek": 154283, "start": 1536.47, "end": 1542.83, "text": " And let us assume that the price zed in the market. The price goes up.", "tokens": [400, 718, 505, 6552, 300, 264, 3218, 710, 292, 294, 264, 2142, 13, 440, 3218, 1709, 493, 13], "avg_logprob": -0.27528781639902217, "compression_ratio": 1.0597014925373134, "no_speech_prob": 0.0, "words": [{"start": 1536.47, "end": 1536.79, "word": " And", "probability": 0.61767578125}, {"start": 1536.79, "end": 1537.01, "word": " let", "probability": 0.93896484375}, {"start": 1537.01, "end": 1537.21, "word": " us", "probability": 0.86279296875}, {"start": 1537.21, "end": 1537.59, "word": " assume", "probability": 0.9189453125}, {"start": 1537.59, "end": 1537.77, "word": " that", "probability": 0.931640625}, {"start": 1537.77, "end": 1537.93, "word": " the", "probability": 0.91650390625}, {"start": 1537.93, "end": 1538.27, "word": " price", "probability": 0.912109375}, {"start": 1538.27, "end": 1538.85, "word": " zed", "probability": 0.6328125}, {"start": 1538.85, "end": 1539.27, "word": " in", "probability": 0.689453125}, {"start": 1539.27, "end": 1539.69, "word": " the", "probability": 0.9111328125}, {"start": 1539.69, "end": 1540.13, "word": " market.", "probability": 0.88818359375}, {"start": 1540.63, "end": 1540.93, "word": " The", "probability": 0.35400390625}, {"start": 1540.93, "end": 1542.11, "word": " price", "probability": 0.859375}, {"start": 1542.11, "end": 1542.45, "word": " goes", "probability": 0.93994140625}, {"start": 1542.45, "end": 1542.83, "word": " up.", "probability": 0.970703125}], "temperature": 1.0}, {"id": 58, "seek": 158635, "start": 1559.59, "end": 1586.35, "text": " That's it. This is the idea. So as the price goes up, the quantity produced, the quantity sold, the quantity supplied in the market will go up. Because as we mentioned that, the producer will try to maximize their profits by increasing more. So as the price goes up, the quantity supplied goes up as well. So let's draw the graph that shows", "tokens": [663, 311, 309, 13, 639, 307, 264, 1558, 13, 407, 382, 264, 3218, 1709, 493, 11, 264, 11275, 7126, 11, 264, 11275, 3718, 11, 264, 11275, 27625, 294, 264, 2142, 486, 352, 493, 13, 1436, 382, 321, 2835, 300, 11, 264, 12314, 486, 853, 281, 19874, 641, 17982, 538, 5662, 544, 13, 407, 382, 264, 3218, 1709, 493, 11, 264, 11275, 27625, 1709, 493, 382, 731, 13, 407, 718, 311, 2642, 264, 4295, 300, 3110], "avg_logprob": -0.12911183661536166, "compression_ratio": 1.8736263736263736, "no_speech_prob": 0.0, "words": [{"start": 1559.59, "end": 1559.93, "word": " That's", "probability": 0.91357421875}, {"start": 1559.93, "end": 1560.11, "word": " it.", "probability": 0.9541015625}, {"start": 1560.47, "end": 1560.61, "word": " This", "probability": 0.890625}, {"start": 1560.61, "end": 1560.73, "word": " is", "probability": 0.94677734375}, {"start": 1560.73, "end": 1560.83, "word": " the", "probability": 0.90185546875}, {"start": 1560.83, "end": 1561.15, 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Price check-in. 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At point A, when the price was five shekels per kilogram of chicken, how much is the quant supplied?", "tokens": [9436, 11, 2064, 11, 18126, 11, 7699, 11, 7699, 12, 18621, 11, 11790, 13, 1711, 935, 316, 11, 562, 264, 3218, 390, 1732, 750, 7124, 82, 680, 21741, 295, 4662, 11, 577, 709, 307, 264, 4426, 27625, 30], "avg_logprob": -0.21454326388163444, "compression_ratio": 1.271186440677966, "no_speech_prob": 0.0, "words": [{"start": 1652.2, "end": 1653.2, "word": " Five,", "probability": 0.12646484375}, {"start": 1653.2, "end": 1654.2, "word": " ten,", "probability": 0.69189453125}, {"start": 1655.38, "end": 1656.04, "word": " fifteen,", "probability": 0.90576171875}, {"start": 1657.06, "end": 1657.84, "word": " twenty,", "probability": 0.8525390625}, {"start": 1658.68, "end": 1659.18, "word": " twenty", "probability": 0.86865234375}, {"start": 1659.18, "end": 1659.64, "word": "-five,", "probability": 0.8974609375}, {"start": 1660.32, "end": 1660.76, "word": " thirty.", "probability": 0.896484375}, {"start": 1663.82, "end": 1664.82, "word": " At", "probability": 0.9140625}, {"start": 1664.82, "end": 1665.12, "word": " point", "probability": 0.93017578125}, {"start": 1665.12, "end": 1665.5, "word": " A,", "probability": 0.88916015625}, {"start": 1665.7, "end": 1665.84, "word": " when", "probability": 0.7861328125}, {"start": 1665.84, "end": 1665.96, "word": " the", "probability": 0.9130859375}, {"start": 1665.96, "end": 1666.32, "word": " price", "probability": 0.919921875}, {"start": 1666.32, "end": 1666.88, "word": " was", "probability": 0.9384765625}, {"start": 1666.88, "end": 1667.84, "word": " five", "probability": 0.6806640625}, {"start": 1667.84, "end": 1668.64, "word": " shekels", "probability": 0.8660481770833334}, {"start": 1668.64, "end": 1668.8, "word": " per", "probability": 0.95849609375}, {"start": 1668.8, "end": 1669.2, "word": " kilogram", "probability": 0.8974609375}, {"start": 1669.2, "end": 1669.5, "word": " of", "probability": 0.94921875}, {"start": 1669.5, "end": 1669.92, "word": " chicken,", "probability": 0.6962890625}, {"start": 1670.28, "end": 1670.72, "word": " how", "probability": 0.9111328125}, {"start": 1670.72, "end": 1671.32, "word": " much", "probability": 0.92578125}, {"start": 1671.32, "end": 1671.84, "word": " is", "probability": 0.84521484375}, {"start": 1671.84, "end": 1672.46, "word": " the", "probability": 0.92578125}, {"start": 1672.46, "end": 1672.68, "word": " quant", "probability": 0.338623046875}, {"start": 1672.68, "end": 1673.16, "word": " supplied?", "probability": 0.87939453125}], "temperature": 1.0}, {"id": 62, "seek": 170311, "start": 1674.35, "end": 1703.11, "text": " two units and five, here maybe, two units. No, above. Point A. At point B, as the price was eight, the quant supplied was five. Point B.", "tokens": [732, 6815, 293, 1732, 11, 510, 1310, 11, 732, 6815, 13, 883, 11, 3673, 13, 12387, 316, 13, 1711, 935, 363, 11, 382, 264, 3218, 390, 3180, 11, 264, 4426, 27625, 390, 1732, 13, 12387, 363, 13], "avg_logprob": -0.24547698152692696, "compression_ratio": 1.3047619047619048, "no_speech_prob": 0.0, "words": [{"start": 1674.35, "end": 1674.83, "word": " two", "probability": 0.486083984375}, {"start": 1674.83, "end": 1675.55, "word": " units", "probability": 0.95458984375}, {"start": 1675.55, "end": 1676.31, "word": " and", "probability": 0.79345703125}, {"start": 1676.31, "end": 1677.61, "word": " five,", "probability": 0.88818359375}, {"start": 1678.81, "end": 1679.27, "word": " here", "probability": 0.701171875}, {"start": 1679.27, "end": 1679.61, "word": " maybe,", "probability": 0.76904296875}, {"start": 1680.55, "end": 1680.69, "word": " two", "probability": 0.931640625}, {"start": 1680.69, "end": 1681.17, "word": " units.", "probability": 0.94775390625}, {"start": 1686.13, "end": 1687.05, "word": " No,", "probability": 0.72900390625}, {"start": 1687.27, "end": 1687.59, "word": " above.", "probability": 0.86865234375}, {"start": 1688.39, "end": 1689.31, "word": " Point", "probability": 0.88525390625}, {"start": 1689.31, "end": 1689.69, "word": " A.", "probability": 0.93701171875}, {"start": 1691.43, "end": 1691.87, "word": " At", "probability": 0.87158203125}, {"start": 1691.87, "end": 1692.15, "word": " point", "probability": 0.92626953125}, {"start": 1692.15, "end": 1692.49, "word": " B,", "probability": 0.99853515625}, {"start": 1693.33, "end": 1694.63, "word": " as", "probability": 0.96533203125}, {"start": 1694.63, "end": 1694.79, "word": " the", "probability": 0.91650390625}, {"start": 1694.79, "end": 1695.19, "word": " price", "probability": 0.89990234375}, {"start": 1695.19, "end": 1695.63, "word": " was", "probability": 0.95458984375}, {"start": 1695.63, "end": 1696.11, "word": " eight,", "probability": 0.60498046875}, {"start": 1696.23, "end": 1696.33, "word": " the", "probability": 0.87841796875}, {"start": 1696.33, "end": 1696.57, "word": " quant", "probability": 0.56884765625}, {"start": 1696.57, "end": 1697.01, "word": " supplied", "probability": 0.796875}, {"start": 1697.01, "end": 1697.41, "word": " was", "probability": 0.95068359375}, {"start": 1697.41, "end": 1697.97, "word": " five.", "probability": 0.90234375}, {"start": 1701.83, "end": 1702.75, "word": " Point", "probability": 0.88623046875}, {"start": 1702.75, "end": 1703.11, "word": " B.", "probability": 0.99755859375}], "temperature": 1.0}, {"id": 63, "seek": 173143, "start": 1704.59, "end": 1731.43, "text": " One C, 12 and eight. C. D, 15 and 12. 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This is the last point here, F. If we connect these points together, we will reach to the supply curve. Supply curve from A to B to C to D to E. This is the supply curve. So what is the supply curve?", "tokens": [479, 11, 945, 11, 293, 3552, 13, 639, 307, 264, 1036, 935, 510, 11, 479, 13, 759, 321, 1745, 613, 2793, 1214, 11, 321, 486, 2524, 281, 264, 5847, 7605, 13, 9391, 356, 7605, 490, 316, 281, 363, 281, 383, 281, 413, 281, 462, 13, 639, 307, 264, 5847, 7605, 13, 407, 437, 307, 264, 5847, 7605, 30], "avg_logprob": -0.0958024389662985, "compression_ratio": 1.5579710144927537, "no_speech_prob": 0.0, "words": [{"start": 1740.87, "end": 1741.39, "word": " F,", "probability": 0.86865234375}, {"start": 1741.49, "end": 1741.91, "word": " 20,", "probability": 0.93896484375}, {"start": 1742.07, "end": 1742.27, "word": " and", "probability": 0.9423828125}, {"start": 1742.27, "end": 1742.81, "word": " 25.", "probability": 0.9619140625}, {"start": 1745.61, "end": 1746.41, "word": " This", "probability": 0.7998046875}, {"start": 1746.41, "end": 1746.51, "word": " is", "probability": 0.94921875}, {"start": 1746.51, "end": 1746.65, "word": " the", "probability": 0.92138671875}, {"start": 1746.65, "end": 1746.87, "word": " last", "probability": 0.86572265625}, {"start": 1746.87, "end": 1747.19, "word": " point", "probability": 0.97021484375}, {"start": 1747.19, "end": 1747.49, "word": " here,", "probability": 0.84423828125}, {"start": 1748.05, "end": 1748.75, "word": " F.", "probability": 0.98193359375}, {"start": 1750.75, "end": 1751.23, "word": " If", "probability": 0.9580078125}, {"start": 1751.23, "end": 1751.41, "word": " we", "probability": 0.96044921875}, {"start": 1751.41, "end": 1751.77, "word": " connect", "probability": 0.9052734375}, {"start": 1751.77, "end": 1752.03, "word": " these", "probability": 0.84619140625}, {"start": 1752.03, "end": 1752.35, "word": " points", "probability": 0.93310546875}, {"start": 1752.35, "end": 1752.71, "word": " together,", "probability": 0.8505859375}, {"start": 1752.83, "end": 1752.93, "word": " we", "probability": 0.96044921875}, {"start": 1752.93, "end": 1753.11, "word": " will", "probability": 0.89306640625}, {"start": 1753.11, "end": 1753.55, "word": " reach", "probability": 0.943359375}, {"start": 1753.55, "end": 1753.91, "word": " to", "probability": 0.9306640625}, {"start": 1753.91, "end": 1754.47, "word": " the", "probability": 0.91845703125}, {"start": 1754.47, "end": 1754.85, "word": " supply", "probability": 0.9462890625}, {"start": 1754.85, "end": 1755.45, "word": " curve.", "probability": 0.9599609375}, {"start": 1756.29, "end": 1757.09, "word": " Supply", "probability": 0.858642578125}, {"start": 1757.09, "end": 1757.53, "word": " curve", "probability": 0.9482421875}, {"start": 1757.53, "end": 1757.81, "word": " from", "probability": 0.71142578125}, {"start": 1757.81, "end": 1758.25, "word": " A", "probability": 0.98193359375}, {"start": 1758.25, "end": 1759.01, "word": " to", "probability": 0.93310546875}, {"start": 1759.01, "end": 1759.37, "word": " B", "probability": 0.998046875}, {"start": 1759.37, "end": 1759.91, "word": " to", "probability": 0.9169921875}, {"start": 1759.91, "end": 1760.37, "word": " C", "probability": 0.99755859375}, {"start": 1760.37, "end": 1760.89, "word": " to", "probability": 0.96484375}, {"start": 1760.89, "end": 1761.33, "word": " D", "probability": 0.99755859375}, {"start": 1761.33, "end": 1761.89, "word": " to", "probability": 0.9697265625}, {"start": 1761.89, "end": 1762.17, "word": " E.", "probability": 0.9931640625}, {"start": 1762.89, "end": 1763.35, "word": " This", "probability": 0.90380859375}, {"start": 1763.35, "end": 1763.57, "word": " is", "probability": 0.947265625}, {"start": 1763.57, "end": 1764.07, "word": " the", "probability": 0.91943359375}, {"start": 1764.07, "end": 1764.43, "word": " supply", "probability": 0.955078125}, {"start": 1764.43, "end": 1765.25, "word": " curve.", "probability": 0.95654296875}, {"start": 1767.11, "end": 1767.65, "word": " So", "probability": 0.9423828125}, {"start": 1767.65, "end": 1769.01, "word": " what", "probability": 0.66455078125}, {"start": 1769.01, "end": 1769.23, "word": " is", "probability": 0.94384765625}, {"start": 1769.23, "end": 1769.41, "word": " the", "probability": 0.90771484375}, {"start": 1769.41, "end": 1769.69, "word": " supply", "probability": 0.95654296875}, {"start": 1769.69, "end": 1770.05, "word": " curve?", "probability": 0.95654296875}], "temperature": 1.0}, {"id": 65, "seek": 179840, "start": 1771.16, "end": 1798.4, "text": " It's a line. It's a graph. Shows the positive relationship between the prices and the quant supplied. As the price goes up, the quant supplied goes up as well. This means that here, as the price goes up from four to eight, the quant supplied increases from kazak to kazak. As the price goes up,", "tokens": [467, 311, 257, 1622, 13, 467, 311, 257, 4295, 13, 1160, 1509, 264, 3353, 2480, 1296, 264, 7901, 293, 264, 4426, 27625, 13, 1018, 264, 3218, 1709, 493, 11, 264, 4426, 27625, 1709, 493, 382, 731, 13, 639, 1355, 300, 510, 11, 382, 264, 3218, 1709, 493, 490, 1451, 281, 3180, 11, 264, 4426, 27625, 8637, 490, 30623, 514, 281, 30623, 514, 13, 1018, 264, 3218, 1709, 493, 11], "avg_logprob": -0.17834821215697697, "compression_ratio": 1.8553459119496856, "no_speech_prob": 0.0, "words": [{"start": 1771.16, "end": 1771.48, "word": " It's", "probability": 0.91455078125}, {"start": 1771.48, "end": 1771.58, "word": " a", "probability": 0.98876953125}, {"start": 1771.58, "end": 1771.84, "word": " line.", "probability": 0.8515625}, {"start": 1772.16, "end": 1772.24, "word": " It's", "probability": 0.9814453125}, {"start": 1772.24, "end": 1772.34, "word": " a", "probability": 0.99609375}, {"start": 1772.34, "end": 1772.76, "word": " graph.", "probability": 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Who hasn't a problem so far? Is there a problem? Okay. Yes. Production? For demand. Exactly. Yes. Yes.", "tokens": [407, 456, 307, 257, 3353, 2480, 1296, 264, 7901, 293, 2681, 5847, 13, 2102, 6132, 380, 257, 1154, 370, 1400, 30, 1119, 456, 257, 1154, 30, 1033, 13, 1079, 13, 30088, 30, 1171, 4733, 13, 7587, 13, 1079, 13, 1079, 13], "avg_logprob": -0.26841517715227037, "compression_ratio": 1.3037037037037038, "no_speech_prob": 0.0, "words": [{"start": 1803.95, "end": 1804.27, "word": " So", "probability": 0.8720703125}, {"start": 1804.27, "end": 1804.77, "word": " there", "probability": 0.64208984375}, {"start": 1804.77, "end": 1804.91, "word": " is", "probability": 0.91552734375}, {"start": 1804.91, "end": 1805.01, "word": " a", "probability": 0.99169921875}, {"start": 1805.01, "end": 1805.33, "word": " positive", "probability": 0.85693359375}, {"start": 1805.33, "end": 1805.83, "word": " relationship", "probability": 0.94287109375}, {"start": 1805.83, "end": 1806.19, "word": " between", "probability": 0.869140625}, {"start": 1806.19, "end": 1806.53, "word": " the", "probability": 0.90478515625}, {"start": 1806.53, "end": 1806.89, "word": " prices", "probability": 0.7890625}, {"start": 1806.89, "end": 1807.23, "word": " and", "probability": 0.92333984375}, {"start": 1807.23, "end": 1807.47, "word": " equal", "probability": 0.245849609375}, {"start": 1807.47, "end": 1807.97, "word": " supply.", "probability": 0.919921875}, {"start": 1809.15, "end": 1809.83, "word": " Who", "probability": 0.568359375}, {"start": 1809.83, "end": 1810.21, "word": " hasn't", "probability": 0.6170654296875}, {"start": 1810.21, "end": 1810.33, "word": " a", "probability": 0.748046875}, {"start": 1810.33, "end": 1810.61, "word": " problem", "probability": 0.80029296875}, {"start": 1810.61, "end": 1810.83, "word": " so", "probability": 0.896484375}, {"start": 1810.83, "end": 1811.09, "word": " far?", "probability": 0.94189453125}, {"start": 1812.35, "end": 1813.03, "word": " Is", "probability": 0.919921875}, {"start": 1813.03, "end": 1813.17, "word": " there", "probability": 0.91357421875}, {"start": 1813.17, "end": 1813.27, "word": " a", "probability": 0.98876953125}, {"start": 1813.27, "end": 1813.55, "word": " problem?", "probability": 0.87939453125}, {"start": 1814.59, "end": 1814.83, "word": " Okay.", "probability": 0.5830078125}, {"start": 1816.35, "end": 1817.03, "word": " Yes.", "probability": 0.9521484375}, {"start": 1822.39, "end": 1823.07, "word": " Production?", "probability": 0.47998046875}, {"start": 1826.65, "end": 1827.33, "word": " For", "probability": 0.931640625}, {"start": 1827.33, "end": 1827.69, "word": " demand.", "probability": 0.80908203125}, {"start": 1827.97, "end": 1828.41, "word": " Exactly.", "probability": 0.5244140625}, {"start": 1828.65, "end": 1828.75, "word": " Yes.", "probability": 0.9697265625}, {"start": 1828.91, "end": 1829.11, "word": " Yes.", "probability": 0.845703125}], "temperature": 1.0}, {"id": 67, "seek": 185168, "start": 1832.5, "end": 1851.68, "text": " No. Here we are talking about two sides in the market. The buyers and the sellers. Each one of them have their own decisions.", "tokens": [883, 13, 1692, 321, 366, 1417, 466, 732, 4881, 294, 264, 2142, 13, 440, 23465, 293, 264, 31276, 13, 6947, 472, 295, 552, 362, 641, 1065, 5327, 13], "avg_logprob": -0.1469558230761824, "compression_ratio": 1.2115384615384615, "no_speech_prob": 0.0, "words": [{"start": 1832.5, "end": 1833.28, "word": " No.", "probability": 0.148193359375}, {"start": 1836.76, "end": 1837.54, "word": " Here", "probability": 0.52099609375}, {"start": 1837.54, "end": 1837.7, "word": " we", "probability": 0.8056640625}, {"start": 1837.7, "end": 1837.84, "word": " are", "probability": 0.92724609375}, {"start": 1837.84, "end": 1838.1, "word": " talking", "probability": 0.85107421875}, {"start": 1838.1, "end": 1838.38, "word": " about", "probability": 0.90771484375}, {"start": 1838.38, "end": 1838.6, "word": " two", "probability": 0.93359375}, {"start": 1838.6, "end": 1839.06, "word": " sides", "probability": 0.92724609375}, {"start": 1839.06, "end": 1839.34, "word": " in", "probability": 0.9384765625}, {"start": 1839.34, "end": 1839.46, "word": " the", "probability": 0.91748046875}, {"start": 1839.46, "end": 1839.78, "word": " market.", "probability": 0.8876953125}, {"start": 1840.42, "end": 1840.54, "word": " The", "probability": 0.90087890625}, {"start": 1840.54, "end": 1840.92, "word": " buyers", "probability": 0.93994140625}, {"start": 1840.92, "end": 1843.6, "word": " and", "probability": 0.720703125}, {"start": 1843.6, "end": 1843.78, "word": " the", "probability": 0.92529296875}, {"start": 1843.78, "end": 1844.06, "word": " sellers.", "probability": 0.9287109375}, {"start": 1846.16, "end": 1846.94, "word": " Each", "probability": 0.90234375}, {"start": 1846.94, "end": 1847.12, "word": " one", "probability": 0.9140625}, {"start": 1847.12, "end": 1847.24, "word": " of", "probability": 0.966796875}, {"start": 1847.24, "end": 1847.92, "word": " them", "probability": 0.89404296875}, {"start": 1847.92, "end": 1848.84, "word": " have", "probability": 0.880859375}, {"start": 1848.84, "end": 1849.58, "word": " their", "probability": 0.96142578125}, {"start": 1849.58, "end": 1850.42, "word": " own", "probability": 0.90869140625}, {"start": 1850.42, "end": 1851.68, "word": " decisions.", "probability": 0.916015625}], "temperature": 1.0}, {"id": 68, "seek": 186933, "start": 1853.43, "end": 1869.33, "text": " For the buyers, it's good. When the price goes up, their willingness, here I'm talking about the buyers. As the price goes up, their willingness to buy will go down. All right? And their ability to buy will go down as well.", "tokens": [1171, 264, 23465, 11, 309, 311, 665, 13, 1133, 264, 3218, 1709, 493, 11, 641, 25069, 11, 510, 286, 478, 1417, 466, 264, 23465, 13, 1018, 264, 3218, 1709, 493, 11, 641, 25069, 281, 2256, 486, 352, 760, 13, 1057, 558, 30, 400, 641, 3485, 281, 2256, 486, 352, 760, 382, 731, 13], "avg_logprob": -0.126663769836779, "compression_ratio": 1.671641791044776, "no_speech_prob": 0.0, "words": [{"start": 1853.43, "end": 1853.67, "word": " For", "probability": 0.9189453125}, {"start": 1853.67, "end": 1853.87, "word": " the", "probability": 0.92236328125}, {"start": 1853.87, "end": 1854.23, "word": " buyers,", "probability": 0.94384765625}, {"start": 1854.91, "end": 1855.23, "word": " it's", "probability": 0.968994140625}, {"start": 1855.23, "end": 1855.47, "word": " good.", "probability": 0.93505859375}, {"start": 1855.67, "end": 1855.83, "word": " When", "probability": 0.84814453125}, {"start": 1855.83, "end": 1856.05, "word": " the", "probability": 0.91259765625}, {"start": 1856.05, "end": 1856.37, "word": " price", "probability": 0.91748046875}, {"start": 1856.37, "end": 1856.79, "word": " goes", "probability": 0.94189453125}, {"start": 1856.79, "end": 1857.21, "word": " up,", "probability": 0.97216796875}, {"start": 1858.03, "end": 1858.15, "word": " their", "probability": 0.81494140625}, {"start": 1858.15, "end": 1858.53, "word": " willingness,", "probability": 0.91259765625}, {"start": 1858.95, "end": 1859.27, "word": " here", "probability": 0.491455078125}, {"start": 1859.27, "end": 1859.43, "word": " I'm", "probability": 0.943603515625}, {"start": 1859.43, "end": 1859.71, "word": " talking", "probability": 0.8603515625}, {"start": 1859.71, "end": 1860.01, "word": " about", "probability": 0.90283203125}, {"start": 1860.01, "end": 1860.17, "word": " the", "probability": 0.90576171875}, {"start": 1860.17, "end": 1860.53, "word": " buyers.", "probability": 0.94189453125}, {"start": 1861.03, "end": 1861.23, "word": " As", "probability": 0.9716796875}, {"start": 1861.23, "end": 1861.35, "word": " the", "probability": 0.904296875}, {"start": 1861.35, "end": 1861.65, "word": " price", "probability": 0.90771484375}, {"start": 1861.65, "end": 1862.01, "word": " goes", "probability": 0.93701171875}, {"start": 1862.01, "end": 1862.37, "word": " up,", "probability": 0.97021484375}, {"start": 1862.71, "end": 1862.83, "word": " their", "probability": 0.93896484375}, {"start": 1862.83, "end": 1863.13, "word": " willingness", "probability": 0.919921875}, {"start": 1863.13, "end": 1863.43, "word": " to", "probability": 0.96875}, {"start": 1863.43, "end": 1863.67, "word": " buy", "probability": 0.91015625}, {"start": 1863.67, "end": 1863.93, "word": " will", "probability": 0.880859375}, {"start": 1863.93, "end": 1864.09, "word": " go", "probability": 0.966796875}, {"start": 1864.09, "end": 1864.41, "word": " down.", "probability": 0.849609375}, {"start": 1865.95, "end": 1866.09, "word": " All", "probability": 0.59912109375}, {"start": 1866.09, "end": 1866.27, "word": " right?", "probability": 0.91845703125}, {"start": 1867.09, "end": 1867.35, "word": " And", "probability": 0.951171875}, {"start": 1867.35, "end": 1867.51, "word": " their", "probability": 0.9404296875}, {"start": 1867.51, "end": 1867.91, "word": " ability", "probability": 0.95703125}, {"start": 1867.91, "end": 1868.13, "word": " to", "probability": 0.9677734375}, {"start": 1868.13, "end": 1868.31, "word": " buy", "probability": 0.93017578125}, {"start": 1868.31, "end": 1868.49, "word": " will", "probability": 0.87744140625}, {"start": 1868.49, "end": 1868.69, "word": " go", "probability": 0.96533203125}, {"start": 1868.69, "end": 1868.93, "word": " down", "probability": 0.86669921875}, {"start": 1868.93, "end": 1869.15, "word": " as", "probability": 0.91748046875}, {"start": 1869.15, "end": 1869.33, "word": " well.", "probability": 0.9375}], "temperature": 1.0}, {"id": 69, "seek": 189832, "start": 1870.22, "end": 1898.32, "text": " Because you're talking about their income, the nominal of their income will go down. And actually, actually, when the price goes up. I will come back quickly to this point here. Here we have two sides. The buyers who represent demand. 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It decreases. And what happens to their ability to buy? Someone used to buy a bag of flour for 30 shekels and now he has 50 shekels. His ability to buy will decrease, right?", "tokens": [708, 2314, 281, 641, 25069, 281, 2256, 30, 467, 24108, 13, 400, 437, 2314, 281, 641, 3485, 281, 2256, 30, 8734, 1143, 281, 2256, 257, 3411, 295, 7693, 337, 2217, 750, 7124, 82, 293, 586, 415, 575, 2625, 750, 7124, 82, 13, 2812, 3485, 281, 2256, 486, 11514, 11, 558, 30], "avg_logprob": -0.37379807291122585, "compression_ratio": 1.5539568345323742, "no_speech_prob": 0.0, "words": [{"start": 1900.44, "end": 1900.7, "word": " What", "probability": 0.193359375}, {"start": 1900.7, "end": 1900.7, "word": " happens", "probability": 0.64501953125}, {"start": 1900.7, "end": 1900.7, "word": " to", "probability": 0.81689453125}, {"start": 1900.7, "end": 1900.7, "word": " their", "probability": 0.74658203125}, {"start": 1900.7, "end": 1901.12, "word": " willingness", "probability": 0.900390625}, {"start": 1901.12, "end": 1901.88, "word": " to", "probability": 0.9619140625}, {"start": 1901.88, "end": 1902.18, "word": " buy?", "probability": 0.92431640625}, {"start": 1903.74, "end": 1903.86, "word": " It", "probability": 0.6220703125}, {"start": 1903.86, "end": 1904.18, "word": " decreases.", "probability": 0.6142578125}, {"start": 1905.64, "end": 1906.22, "word": " And", "probability": 0.5009765625}, {"start": 1906.22, "end": 1906.36, "word": " what", "probability": 0.72607421875}, {"start": 1906.36, "end": 1906.36, "word": " happens", "probability": 0.87060546875}, {"start": 1906.36, "end": 1906.36, "word": " to", "probability": 0.9716796875}, {"start": 1906.36, "end": 1906.36, "word": " their", "probability": 0.67578125}, {"start": 1906.36, "end": 1907.02, "word": " ability", "probability": 0.931640625}, {"start": 1907.02, "end": 1907.34, "word": " to", "probability": 0.97216796875}, {"start": 1907.34, "end": 1907.66, "word": " buy?", "probability": 0.93701171875}, {"start": 1909.04, "end": 1909.66, "word": " Someone", "probability": 0.2325439453125}, {"start": 1909.66, "end": 1909.96, "word": " used", "probability": 0.378173828125}, {"start": 1909.96, "end": 1910.04, "word": " to", "probability": 0.97265625}, {"start": 1910.04, "end": 1910.24, "word": " buy", "probability": 0.908203125}, {"start": 1910.24, "end": 1910.52, "word": " a", "probability": 0.83447265625}, {"start": 1910.52, "end": 1910.52, "word": " bag", "probability": 0.1673583984375}, {"start": 1910.52, "end": 1910.6, "word": " of", "probability": 0.9072265625}, {"start": 1910.6, "end": 1910.78, "word": " flour", "probability": 0.82080078125}, {"start": 1910.78, "end": 1910.88, "word": " for", "probability": 0.52880859375}, {"start": 1910.88, "end": 1911.16, "word": " 30", "probability": 0.8203125}, {"start": 1911.16, "end": 1911.62, "word": " shekels", "probability": 0.9239908854166666}, {"start": 1911.62, "end": 1911.72, "word": " and", "probability": 0.36572265625}, {"start": 1911.72, "end": 1911.84, "word": " now", "probability": 0.401611328125}, {"start": 1911.84, "end": 1912.12, "word": " he", "probability": 0.6806640625}, {"start": 1912.12, "end": 1912.16, "word": " has", "probability": 0.47509765625}, {"start": 1912.16, "end": 1912.62, "word": " 50", "probability": 0.49267578125}, {"start": 1912.62, "end": 1913.24, "word": " shekels.", "probability": 0.9482421875}, {"start": 1913.34, "end": 1913.8, "word": " His", "probability": 0.4765625}, {"start": 1913.8, "end": 1914.16, "word": " ability", "probability": 0.927734375}, {"start": 1914.16, "end": 1914.4, "word": " to", "probability": 0.943359375}, {"start": 1914.4, "end": 1914.74, "word": " buy", "probability": 0.9365234375}, {"start": 1914.74, "end": 1916.38, "word": " will", "probability": 0.36474609375}, {"start": 1916.38, "end": 1916.78, "word": " decrease,", "probability": 0.75244140625}, {"start": 1917.4, "end": 1917.68, "word": " right?", "probability": 0.865234375}], "temperature": 1.0}, {"id": 71, "seek": 193301, "start": 1922.63, "end": 1933.01, "text": " Here I'm talking about the buyers. Certainly, their willingness to buy, will ability to buy, represents the quantity demanded.", "tokens": [1692, 286, 478, 1417, 466, 264, 23465, 13, 16628, 11, 641, 25069, 281, 2256, 11, 486, 3485, 281, 2256, 11, 8855, 264, 11275, 28276, 13], "avg_logprob": -0.43719952496198505, "compression_ratio": 1.2450980392156863, "no_speech_prob": 0.0, "words": [{"start": 1922.63, "end": 1923.45, "word": " Here", "probability": 0.100830078125}, {"start": 1923.45, "end": 1924.27, "word": " I'm", "probability": 0.858642578125}, {"start": 1924.27, "end": 1924.53, "word": " talking", "probability": 0.85107421875}, {"start": 1924.53, "end": 1924.97, "word": " about", "probability": 0.9150390625}, {"start": 1924.97, "end": 1925.37, "word": " the", "probability": 0.90380859375}, {"start": 1925.37, "end": 1925.73, "word": " buyers.", "probability": 0.96240234375}, {"start": 1926.55, "end": 1926.99, "word": " Certainly,", "probability": 0.73095703125}, {"start": 1927.93, "end": 1928.47, "word": " their", "probability": 0.7626953125}, {"start": 1928.47, "end": 1928.89, "word": " willingness", "probability": 0.8935546875}, {"start": 1928.89, "end": 1929.23, "word": " to", "probability": 0.97216796875}, {"start": 1929.23, "end": 1929.49, "word": " buy,", "probability": 0.92333984375}, {"start": 1929.63, "end": 1929.71, "word": " will", "probability": 0.368896484375}, {"start": 1929.71, "end": 1930.13, "word": " ability", "probability": 0.92333984375}, {"start": 1930.13, "end": 1930.35, "word": " to", "probability": 0.96875}, {"start": 1930.35, "end": 1930.53, "word": " buy,", "probability": 0.9189453125}, {"start": 1931.01, "end": 1931.99, "word": " represents", "probability": 0.1641845703125}, {"start": 1931.99, "end": 1932.41, "word": " the", "probability": 0.267822265625}, {"start": 1932.41, "end": 1932.61, "word": " quantity", "probability": 0.7109375}, {"start": 1932.61, "end": 1933.01, "word": " demanded.", "probability": 0.93896484375}], "temperature": 1.0}, {"id": 72, "seek": 196266, "start": 1936.54, "end": 1962.66, "text": " Exactly, but the quantity purchased will go down. It will not reach to zero. Sometimes it will reach to zero. Sometimes our buying or our purchasing will be zero. This depends on the elasticity, which will be discussed later on in Chapter 2, inshallah. Okay? Do you get it? Okay. Here, about for the sellers,", "tokens": [7587, 11, 457, 264, 11275, 14734, 486, 352, 760, 13, 467, 486, 406, 2524, 281, 4018, 13, 4803, 309, 486, 2524, 281, 4018, 13, 4803, 527, 6382, 420, 527, 20906, 486, 312, 4018, 13, 639, 5946, 322, 264, 46260, 11, 597, 486, 312, 7152, 1780, 322, 294, 18874, 568, 11, 1028, 71, 13492, 13, 1033, 30, 1144, 291, 483, 309, 30, 1033, 13, 1692, 11, 466, 337, 264, 31276, 11], "avg_logprob": -0.19938379736013814, "compression_ratio": 1.5606060606060606, "no_speech_prob": 0.0, "words": [{"start": 1936.54, "end": 1937.14, "word": " Exactly,", "probability": 0.5869140625}, {"start": 1937.46, "end": 1937.48, "word": " but", "probability": 0.92041015625}, {"start": 1937.48, "end": 1937.7, "word": " the", "probability": 0.8623046875}, {"start": 1937.7, "end": 1938.12, "word": " quantity", "probability": 0.96484375}, {"start": 1938.12, "end": 1939.0, "word": " purchased", "probability": 0.95703125}, {"start": 1939.0, "end": 1939.94, "word": " will", 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Because profits will increase, right? And the willingness to buy will increase. Sorry, to sell. I'm talking about willingness and ability to produce, to sell. It will increase. So if I'm like this, if we talk about quantity supplied, it will increase. Right? Every size of an animal, right? Yeah, yeah. 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They have to think well. They have to think well. 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But in general, I'm talking about the effects of a change in prices on the quantity demanded here for the buyers and here the prices and the quantity supplied for the producers, okay? Or the sellers here. Demand side, supply side. Okay? 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And we will talk about the detail way about the factors that affect demand.", "tokens": [407, 718, 311, 352, 281, 264, 1150, 935, 510, 13, 400, 321, 486, 751, 466, 264, 2607, 636, 466, 264, 6771, 300, 3345, 4733, 13], "avg_logprob": -0.3131009638309479, "compression_ratio": 1.2127659574468086, "no_speech_prob": 0.0, "words": [{"start": 2064.55, "end": 2064.87, "word": " So", "probability": 0.93115234375}, {"start": 2064.87, "end": 2065.33, "word": " let's", "probability": 0.888916015625}, {"start": 2065.33, "end": 2065.51, "word": " go", "probability": 0.96484375}, {"start": 2065.51, "end": 2065.67, "word": " to", "probability": 0.96142578125}, {"start": 2065.67, "end": 2065.87, "word": " the", "probability": 0.92041015625}, {"start": 2065.87, "end": 2066.13, "word": " second", "probability": 0.9013671875}, {"start": 2066.13, "end": 2066.53, "word": " point", "probability": 0.974609375}, {"start": 2066.53, "end": 2066.89, "word": " here.", "probability": 0.85546875}, {"start": 2069.91, "end": 2070.19, "word": " And", "probability": 0.77734375}, {"start": 2070.19, "end": 2070.27, "word": " we", "probability": 0.953125}, {"start": 2070.27, "end": 2070.43, "word": " will", "probability": 0.8564453125}, {"start": 2070.43, "end": 2070.77, "word": " talk", "probability": 0.888671875}, {"start": 2070.77, "end": 2071.15, "word": " about", "probability": 0.8896484375}, {"start": 2071.15, "end": 2071.39, "word": " the", "probability": 0.64453125}, {"start": 2071.39, "end": 2072.17, "word": " detail", "probability": 0.53857421875}, {"start": 2072.17, "end": 2072.61, "word": " way", "probability": 0.3359375}, {"start": 2072.61, "end": 2073.03, "word": " about", "probability": 0.54248046875}, {"start": 2073.03, "end": 2073.63, "word": " the", "probability": 0.904296875}, {"start": 2073.63, "end": 2074.31, "word": " factors", "probability": 0.904296875}, {"start": 2074.31, "end": 2074.73, "word": " that", "probability": 0.4833984375}, {"start": 2074.73, "end": 2075.11, "word": " affect", "probability": 0.810546875}, {"start": 2075.11, "end": 2075.69, "word": " demand.", "probability": 0.9130859375}], "temperature": 1.0}, {"id": 78, "seek": 212280, "start": 2102.28, "end": 2122.8, "text": " What are the factors affecting demand, either to increase or to decrease? Population, this is number one. One, one by one, yes. The consumer's income, exactly. Yes, the same point, yes.", "tokens": [708, 366, 264, 6771, 17476, 4733, 11, 2139, 281, 3488, 420, 281, 11514, 30, 10215, 2776, 11, 341, 307, 1230, 472, 13, 1485, 11, 472, 538, 472, 11, 2086, 13, 440, 9711, 311, 5742, 11, 2293, 13, 1079, 11, 264, 912, 935, 11, 2086, 13], "avg_logprob": -0.2576426772967629, "compression_ratio": 1.3381294964028776, "no_speech_prob": 0.0, "words": [{"start": 2102.28, "end": 2102.92, "word": " What", "probability": 0.04803466796875}, {"start": 2102.92, "end": 2103.56, "word": " are", "probability": 0.900390625}, {"start": 2103.56, "end": 2103.76, "word": " the", "probability": 0.90234375}, {"start": 2103.76, "end": 2104.14, "word": " factors", "probability": 0.9404296875}, {"start": 2104.14, "end": 2104.74, "word": " affecting", "probability": 0.367431640625}, {"start": 2104.74, "end": 2105.32, "word": " demand,", "probability": 0.8603515625}, {"start": 2105.58, "end": 2105.84, "word": " either", "probability": 0.8583984375}, {"start": 2105.84, "end": 2106.42, "word": " to", "probability": 0.9580078125}, {"start": 2106.42, "end": 2107.02, "word": " increase", "probability": 0.88916015625}, {"start": 2107.02, "end": 2107.54, "word": " or", "probability": 0.95263671875}, {"start": 2107.54, "end": 2107.76, "word": " to", "probability": 0.83544921875}, {"start": 2107.76, "end": 2108.38, "word": " decrease?", "probability": 0.9169921875}, {"start": 2110.48, "end": 2111.12, "word": " Population,", "probability": 0.923583984375}, {"start": 2111.32, "end": 2111.5, "word": " this", "probability": 0.9140625}, {"start": 2111.5, "end": 2111.66, "word": " is", "probability": 0.94140625}, {"start": 2111.66, "end": 2111.84, "word": " number", "probability": 0.9072265625}, {"start": 2111.84, "end": 2112.1, "word": " one.", "probability": 0.88427734375}, {"start": 2114.48, "end": 2115.12, "word": " One,", "probability": 0.68212890625}, {"start": 2115.2, "end": 2115.4, "word": " one", "probability": 0.9326171875}, {"start": 2115.4, "end": 2115.68, "word": " by", "probability": 0.546875}, {"start": 2115.68, "end": 2116.04, "word": " one,", "probability": 0.9306640625}, {"start": 2116.3, "end": 2116.62, "word": " yes.", "probability": 0.95458984375}, {"start": 2117.7, "end": 2117.88, "word": " The", "probability": 0.8154296875}, {"start": 2117.88, "end": 2118.58, "word": " consumer's", "probability": 0.786376953125}, {"start": 2118.58, "end": 2118.94, "word": " income,", "probability": 0.955078125}, {"start": 2119.06, "end": 2119.38, "word": " exactly.", "probability": 0.888671875}, {"start": 2121.02, "end": 2121.34, "word": " Yes,", "probability": 0.89599609375}, {"start": 2121.72, "end": 2121.92, "word": " the", "probability": 0.87841796875}, {"start": 2121.92, "end": 2122.18, "word": " same", "probability": 0.908203125}, {"start": 2122.18, "end": 2122.54, "word": " point,", "probability": 0.97216796875}, {"start": 2122.62, "end": 2122.8, "word": " yes.", "probability": 0.96240234375}], "temperature": 1.0}, {"id": 79, "seek": 214439, "start": 2124.19, "end": 2144.39, "text": " Expectation about the future. Yes. Someone else? The price of other related goods. What else? Tastes and the preferences. Tastes and the preferences. Okay? Tastes and the preferences. Okay.", "tokens": [46318, 399, 466, 264, 2027, 13, 1079, 13, 8734, 1646, 30, 440, 3218, 295, 661, 4077, 10179, 13, 708, 1646, 30, 314, 40246, 293, 264, 21910, 13, 314, 40246, 293, 264, 21910, 13, 1033, 30, 314, 40246, 293, 264, 21910, 13, 1033, 13], "avg_logprob": -0.27130683105100284, "compression_ratio": 1.6521739130434783, "no_speech_prob": 0.0, "words": [{"start": 2124.19, "end": 2124.99, "word": " Expectation", "probability": 0.748779296875}, {"start": 2124.99, "end": 2125.15, "word": " about", "probability": 0.89208984375}, {"start": 2125.15, "end": 2125.33, "word": " the", "probability": 0.8876953125}, {"start": 2125.33, "end": 2125.83, "word": " future.", "probability": 0.97998046875}, {"start": 2126.29, "end": 2126.43, "word": " Yes.", "probability": 0.9384765625}, {"start": 2127.21, "end": 2127.77, "word": " Someone", "probability": 0.90087890625}, {"start": 2127.77, "end": 2128.13, "word": " else?", "probability": 0.939453125}, {"start": 2129.45, "end": 2130.37, "word": " The", "probability": 0.59814453125}, {"start": 2130.37, "end": 2130.69, "word": " price", "probability": 0.93212890625}, {"start": 2130.69, "end": 2130.85, "word": " of", "probability": 0.96337890625}, {"start": 2130.85, "end": 2131.09, "word": " other", "probability": 0.8662109375}, {"start": 2131.09, "end": 2131.41, "word": " related", "probability": 0.89697265625}, {"start": 2131.41, "end": 2131.83, "word": " goods.", "probability": 0.86328125}, {"start": 2132.31, "end": 2132.41, "word": " What", "probability": 0.82666015625}, {"start": 2132.41, "end": 2132.75, "word": " else?", "probability": 0.93359375}, {"start": 2133.69, "end": 2134.61, "word": " Tastes", "probability": 0.575439453125}, {"start": 2134.61, "end": 2134.85, "word": " and", "probability": 0.935546875}, {"start": 2134.85, "end": 2134.99, "word": " the", "probability": 0.294677734375}, {"start": 2134.99, "end": 2135.55, "word": " preferences.", "probability": 0.89013671875}, {"start": 2137.57, "end": 2138.03, "word": " Tastes", "probability": 0.763916015625}, {"start": 2138.03, "end": 2138.39, "word": " and", "probability": 0.93798828125}, {"start": 2138.39, "end": 2138.55, "word": " the", "probability": 0.87060546875}, {"start": 2138.55, "end": 2139.05, "word": " preferences.", "probability": 0.9296875}, {"start": 2140.19, "end": 2140.35, "word": " Okay?", "probability": 0.5390625}, {"start": 2141.05, "end": 2141.97, "word": " Tastes", "probability": 0.474517822265625}, {"start": 2141.97, "end": 2142.83, "word": " and", "probability": 0.86865234375}, {"start": 2142.83, "end": 2142.97, "word": " the", "probability": 0.83056640625}, {"start": 2142.97, "end": 2143.43, "word": " preferences.", "probability": 0.90625}, {"start": 2144.11, "end": 2144.39, "word": " Okay.", "probability": 0.859375}], "temperature": 1.0}, {"id": 80, "seek": 217119, "start": 2148.24, "end": 2171.2, "text": " Okay, let's go to discuss all these factors, what they call demand determinants. Demand determinants. Number one, population.", "tokens": [1033, 11, 718, 311, 352, 281, 2248, 439, 613, 6771, 11, 437, 436, 818, 4733, 15957, 1719, 13, 4686, 474, 15957, 1719, 13, 5118, 472, 11, 4415, 13], "avg_logprob": -0.2250808127995195, "compression_ratio": 1.26, "no_speech_prob": 0.0, "words": [{"start": 2148.24, "end": 2148.62, "word": " Okay,", "probability": 0.71630859375}, {"start": 2149.1, "end": 2149.58, "word": " let's", "probability": 0.965087890625}, {"start": 2149.58, "end": 2149.82, "word": " go", "probability": 0.95849609375}, {"start": 2149.82, "end": 2149.98, "word": " to", "probability": 0.9306640625}, {"start": 2149.98, "end": 2150.62, "word": " discuss", "probability": 0.91357421875}, {"start": 2150.62, "end": 2151.1, "word": " all", "probability": 0.9404296875}, {"start": 2151.1, "end": 2151.5, "word": " these", "probability": 0.86376953125}, {"start": 2151.5, "end": 2152.18, "word": " factors,", "probability": 0.96142578125}, {"start": 2152.62, "end": 2152.7, "word": " what", "probability": 0.2286376953125}, {"start": 2152.7, "end": 2152.8, "word": " they", "probability": 0.77685546875}, {"start": 2152.8, "end": 2152.98, "word": " call", "probability": 0.88525390625}, {"start": 2152.98, "end": 2154.04, "word": " demand", "probability": 0.63818359375}, {"start": 2154.04, "end": 2155.48, "word": " determinants.", "probability": 0.967529296875}, {"start": 2158.82, "end": 2159.78, "word": " Demand", "probability": 0.674560546875}, {"start": 2159.78, "end": 2164.0, "word": " determinants.", "probability": 0.93505859375}, {"start": 2168.46, "end": 2169.26, "word": " Number", "probability": 0.84912109375}, {"start": 2169.26, "end": 2169.6, "word": " one,", "probability": 0.86474609375}, {"start": 2170.78, "end": 2171.2, "word": " population.", "probability": 0.92333984375}], "temperature": 1.0}, {"id": 81, "seek": 220202, "start": 2179.78, "end": 2202.02, "text": " Or the number of consumers had a number of consumers equals the number of consumers. As the number of buyers, as the population growth,", "tokens": [1610, 264, 1230, 295, 11883, 632, 257, 1230, 295, 11883, 6915, 264, 1230, 295, 11883, 13, 1018, 264, 1230, 295, 23465, 11, 382, 264, 4415, 4599, 11], "avg_logprob": -0.21623883343168668, "compression_ratio": 1.6385542168674698, "no_speech_prob": 0.0, "words": [{"start": 2179.7799999999997, "end": 2180.66, "word": " Or", "probability": 0.78662109375}, {"start": 2180.66, "end": 2181.54, "word": " the", "probability": 0.6376953125}, {"start": 2181.54, "end": 2181.88, "word": " number", "probability": 0.93701171875}, {"start": 2181.88, "end": 2182.12, "word": " of", "probability": 0.97314453125}, {"start": 2182.12, "end": 2183.06, "word": " consumers", "probability": 0.94091796875}, {"start": 2183.06, "end": 2185.22, "word": " had", "probability": 0.223876953125}, {"start": 2185.22, "end": 2185.34, "word": " a", "probability": 0.79248046875}, {"start": 2185.34, "end": 2185.6, "word": " number", "probability": 0.9345703125}, {"start": 2185.6, "end": 2185.76, "word": " of", "probability": 0.95361328125}, {"start": 2185.76, "end": 2186.48, "word": " consumers", "probability": 0.94482421875}, {"start": 2186.48, "end": 2190.9, "word": " equals", "probability": 0.59619140625}, {"start": 2190.9, "end": 2191.22, "word": " the", "probability": 0.8251953125}, {"start": 2191.22, "end": 2191.62, "word": " number", "probability": 0.931640625}, {"start": 2191.62, "end": 2193.36, "word": " of", "probability": 0.970703125}, {"start": 2193.36, "end": 2194.18, "word": " consumers.", "probability": 0.93994140625}, {"start": 2197.98, "end": 2198.86, "word": " As", "probability": 0.94873046875}, {"start": 2198.86, "end": 2199.0, "word": " the", "probability": 0.79541015625}, {"start": 2199.0, "end": 2199.24, "word": " number", "probability": 0.90869140625}, {"start": 2199.24, "end": 2199.44, "word": " of", "probability": 0.9638671875}, {"start": 2199.44, "end": 2199.88, "word": " buyers,", "probability": 0.95458984375}, {"start": 2200.32, "end": 2200.76, "word": " as", "probability": 0.9599609375}, {"start": 2200.76, "end": 2200.88, "word": " the", "probability": 0.75341796875}, {"start": 2200.88, "end": 2201.44, "word": " population", "probability": 0.9560546875}, {"start": 2201.44, "end": 2202.02, "word": " growth,", "probability": 0.8759765625}], "temperature": 1.0}, {"id": 82, "seek": 222223, "start": 2203.72, "end": 2222.24, "text": " Or as we have a large or increasing in the number of consumers, increasing the population or increasing the number of consumers with a citrus purpose. Other factors remain consistent.", "tokens": [1610, 382, 321, 362, 257, 2416, 420, 5662, 294, 264, 1230, 295, 11883, 11, 5662, 264, 4415, 420, 5662, 264, 1230, 295, 11883, 365, 257, 37217, 4334, 13, 5358, 6771, 6222, 8398, 13], "avg_logprob": -0.2998621428714079, "compression_ratio": 1.5862068965517242, "no_speech_prob": 0.0, "words": [{"start": 2203.72, "end": 2203.98, "word": " Or", "probability": 0.5234375}, {"start": 2203.98, "end": 2204.26, "word": " as", "probability": 0.75390625}, {"start": 2204.26, "end": 2204.44, "word": " we", "probability": 0.9619140625}, {"start": 2204.44, "end": 2204.7, "word": " have", "probability": 0.806640625}, {"start": 2204.7, "end": 2204.84, "word": " a", "probability": 0.509765625}, {"start": 2204.84, "end": 2205.14, "word": " large", "probability": 0.89306640625}, {"start": 2205.14, "end": 2205.32, "word": " or", "probability": 0.5224609375}, {"start": 2205.32, "end": 2205.88, "word": " increasing", "probability": 0.91357421875}, {"start": 2205.88, "end": 2206.18, "word": " in", "probability": 0.263671875}, {"start": 2206.18, "end": 2206.26, "word": " the", "probability": 0.90576171875}, {"start": 2206.26, "end": 2206.54, "word": " number", "probability": 0.94091796875}, {"start": 2206.54, "end": 2206.72, "word": " of", "probability": 0.96875}, {"start": 2206.72, "end": 2207.36, "word": " consumers,", "probability": 0.95849609375}, {"start": 2207.84, "end": 2208.4, "word": " increasing", "probability": 0.95947265625}, {"start": 2208.4, "end": 2208.8, "word": " the", "probability": 0.90966796875}, {"start": 2208.8, "end": 2209.42, "word": " population", "probability": 0.939453125}, {"start": 2209.42, "end": 2213.7, "word": " or", "probability": 0.37890625}, {"start": 2213.7, "end": 2214.16, "word": " increasing", "probability": 0.94970703125}, {"start": 2214.16, "end": 2214.4, "word": " the", "probability": 0.9052734375}, {"start": 2214.4, "end": 2214.66, "word": " number", "probability": 0.92919921875}, {"start": 2214.66, "end": 2214.84, "word": " of", "probability": 0.97265625}, {"start": 2214.84, "end": 2215.66, "word": " consumers", "probability": 0.94921875}, {"start": 2215.66, "end": 2218.1, "word": " with", "probability": 0.77099609375}, {"start": 2218.1, "end": 2218.3, "word": " a", "probability": 0.31103515625}, {"start": 2218.3, "end": 2218.64, "word": " citrus", "probability": 0.810546875}, {"start": 2218.64, "end": 2219.34, "word": " purpose.", "probability": 0.82568359375}, {"start": 2220.52, "end": 2220.88, "word": " Other", "probability": 0.93505859375}, {"start": 2220.88, "end": 2221.38, "word": " factors", "probability": 0.9560546875}, {"start": 2221.38, "end": 2221.76, "word": " remain", "probability": 0.71142578125}, {"start": 2221.76, "end": 2222.24, "word": " consistent.", "probability": 0.368408203125}], "temperature": 1.0}, {"id": 83, "seek": 225229, "start": 2223.33, "end": 2252.29, "text": " or other factors remain constant, like the prices, like the consumer income, like taste and preferences. We will assume that all of these variables or factors remain constant. The price remains constant. The consumer's income remains constant. Taste and preferences remains constant. 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227544, "start": 2253.57, "end": 2275.45, "text": " As the population increases. Exactly. The population declines. What happens to the demand?", "tokens": [1018, 264, 4415, 8637, 13, 7587, 13, 440, 4415, 7488, 1652, 13, 708, 2314, 281, 264, 4733, 30], "avg_logprob": -0.4856085777282715, "compression_ratio": 1.123456790123457, "no_speech_prob": 0.0, "words": [{"start": 2253.57, "end": 2253.95, "word": " As", "probability": 0.5703125}, {"start": 2253.95, "end": 2254.09, "word": " the", "probability": 0.83544921875}, {"start": 2254.09, "end": 2254.47, "word": " population", "probability": 0.9375}, {"start": 2254.47, "end": 2255.73, "word": " increases.", "probability": 0.93212890625}, {"start": 2260.41, "end": 2260.95, "word": " Exactly.", "probability": 0.1439208984375}, {"start": 2261.29, "end": 2261.33, "word": " The", "probability": 0.30712890625}, {"start": 2261.33, "end": 2261.59, "word": " population", "probability": 0.7265625}, {"start": 2261.59, "end": 2272.31, "word": " declines.", "probability": 0.55718994140625}, {"start": 2274.35, "end": 2274.77, "word": " What", "probability": 0.414306640625}, {"start": 2274.77, "end": 2274.97, "word": " happens", "probability": 0.8701171875}, {"start": 2274.97, "end": 2275.13, "word": " to", "probability": 0.57177734375}, {"start": 2275.13, "end": 2275.19, "word": " the", "probability": 0.5751953125}, {"start": 2275.19, "end": 2275.45, "word": " demand?", "probability": 0.93017578125}], "temperature": 1.0}, {"id": 85, "seek": 230792, "start": 2281.19, "end": 2307.93, "text": " As we mentioned before, that demand curve is a negative slope. This is the price and the quantity demanded here. The demand for chicken here, we're talking about the demand for chicken. And let us assume we're talking about fresh chicken, not frozen, as the population increases.", "tokens": [1018, 321, 2835, 949, 11, 300, 4733, 7605, 307, 257, 3671, 13525, 13, 639, 307, 264, 3218, 293, 264, 11275, 28276, 510, 13, 440, 4733, 337, 4662, 510, 11, 321, 434, 1417, 466, 264, 4733, 337, 4662, 13, 400, 718, 505, 6552, 321, 434, 1417, 466, 4451, 4662, 11, 406, 12496, 11, 382, 264, 4415, 8637, 13], "avg_logprob": -0.16285020935124364, "compression_ratio": 1.6766467065868262, "no_speech_prob": 0.0, "words": [{"start": 2281.19, "end": 2281.53, "word": " As", "probability": 0.9296875}, {"start": 2281.53, "end": 2281.67, "word": " we", "probability": 0.947265625}, {"start": 2281.67, "end": 2281.97, "word": " mentioned", "probability": 0.79248046875}, {"start": 2281.97, "end": 2282.39, "word": " before,", "probability": 0.8603515625}, {"start": 2282.83, "end": 2283.07, "word": " that", "probability": 0.84765625}, {"start": 2283.07, "end": 2283.95, "word": " demand", "probability": 0.85888671875}, {"start": 2283.95, "end": 2284.43, "word": " curve", "probability": 0.95947265625}, {"start": 2284.43, "end": 2284.99, "word": " is", "probability": 0.802734375}, {"start": 2284.99, "end": 2285.13, "word": " a", "probability": 0.912109375}, {"start": 2285.13, "end": 2285.43, "word": " negative", "probability": 0.951171875}, {"start": 2285.43, "end": 2286.03, "word": " slope.", "probability": 0.92529296875}, {"start": 2286.81, "end": 2286.93, "word": " This", "probability": 0.896484375}, {"start": 2286.93, "end": 2287.05, "word": " is", "probability": 0.94873046875}, {"start": 2287.05, "end": 2287.17, "word": " the", "probability": 0.90673828125}, {"start": 2287.17, "end": 2287.57, "word": " price", "probability": 0.90869140625}, {"start": 2287.57, "end": 2288.25, "word": " and", "probability": 0.791015625}, {"start": 2288.25, "end": 2288.37, "word": " the", "probability": 0.873046875}, {"start": 2288.37, "end": 2288.83, "word": " quantity", "probability": 0.9853515625}, {"start": 2288.83, "end": 2289.37, "word": " demanded", "probability": 0.94482421875}, {"start": 2289.37, "end": 2289.73, "word": " here.", "probability": 0.818359375}, {"start": 2291.19, "end": 2291.69, "word": " The", "probability": 0.85107421875}, {"start": 2291.69, "end": 2291.97, "word": " demand", "probability": 0.90673828125}, {"start": 2291.97, "end": 2292.19, "word": " for", "probability": 0.94775390625}, {"start": 2292.19, "end": 2292.65, "word": " chicken", "probability": 0.783203125}, {"start": 2292.65, "end": 2292.95, "word": " here,", "probability": 0.81396484375}, {"start": 2292.99, "end": 2293.13, "word": " we're", "probability": 0.9208984375}, {"start": 2293.13, "end": 2293.37, "word": " talking", "probability": 0.8359375}, {"start": 2293.37, "end": 2293.65, "word": " about", "probability": 0.90087890625}, {"start": 2293.65, "end": 2293.79, "word": " the", "probability": 0.90185546875}, {"start": 2293.79, "end": 2294.03, "word": " demand", "probability": 0.908203125}, {"start": 2294.03, "end": 2294.25, "word": " for", "probability": 0.947265625}, {"start": 2294.25, "end": 2294.65, "word": " chicken.", "probability": 0.8046875}, {"start": 2299.81, "end": 2300.17, "word": " And", "probability": 0.8369140625}, {"start": 2300.17, "end": 2300.33, "word": " let", "probability": 0.93505859375}, {"start": 2300.33, "end": 2300.49, "word": " us", "probability": 0.80712890625}, {"start": 2300.49, "end": 2300.89, "word": " assume", "probability": 0.91064453125}, {"start": 2300.89, "end": 2301.11, "word": " we're", "probability": 0.8447265625}, {"start": 2301.11, "end": 2301.37, "word": " talking", "probability": 0.82470703125}, {"start": 2301.37, "end": 2301.77, "word": " about", "probability": 0.89697265625}, {"start": 2301.77, "end": 2302.81, "word": " fresh", "probability": 0.7490234375}, {"start": 2302.81, "end": 2303.49, "word": " chicken,", "probability": 0.80517578125}, {"start": 2304.05, "end": 2304.39, "word": " not", "probability": 0.94677734375}, {"start": 2304.39, "end": 2305.05, "word": " frozen,", "probability": 0.7783203125}, {"start": 2306.03, "end": 2306.43, "word": " as", "probability": 0.96142578125}, {"start": 2306.43, "end": 2306.61, "word": " the", "probability": 0.92529296875}, {"start": 2306.61, "end": 2306.91, "word": " population", "probability": 0.94970703125}, {"start": 2306.91, "end": 2307.93, "word": " increases.", "probability": 0.93896484375}], "temperature": 1.0}, {"id": 86, "seek": 233925, "start": 2309.73, "end": 2339.25, "text": " Here, let us assume that the price was seven shekels per kilogram of a chicken, and the quantity purchased was 10 kilogram. According to our assumption here, this is point F or point A.", "tokens": [1692, 11, 718, 505, 6552, 300, 264, 3218, 390, 3407, 750, 7124, 82, 680, 21741, 295, 257, 4662, 11, 293, 264, 11275, 14734, 390, 1266, 21741, 13, 7328, 281, 527, 15302, 510, 11, 341, 307, 935, 479, 420, 935, 316, 13], "avg_logprob": -0.23009673222189858, "compression_ratio": 1.3676470588235294, "no_speech_prob": 0.0, "words": [{"start": 2309.73, "end": 2310.01, "word": " Here,", "probability": 0.64501953125}, {"start": 2310.09, "end": 2310.23, "word": " let", "probability": 0.9443359375}, {"start": 2310.23, "end": 2310.39, "word": " us", "probability": 0.88037109375}, {"start": 2310.39, "end": 2310.69, "word": " assume", "probability": 0.91064453125}, {"start": 2310.69, "end": 2310.91, "word": " that", "probability": 0.92822265625}, {"start": 2310.91, "end": 2311.07, "word": " the", "probability": 0.92138671875}, {"start": 2311.07, "end": 2311.45, "word": " price", "probability": 0.91943359375}, {"start": 2311.45, "end": 2312.09, "word": " was", "probability": 0.95166015625}, {"start": 2312.09, "end": 2312.85, "word": " seven", "probability": 0.734375}, {"start": 2312.85, "end": 2314.41, "word": " shekels", "probability": 0.90478515625}, {"start": 2314.41, "end": 2314.71, "word": " per", "probability": 0.66162109375}, {"start": 2314.71, "end": 2315.09, "word": " kilogram", "probability": 0.91552734375}, {"start": 2315.09, "end": 2315.85, "word": " of", "probability": 0.9765625}, {"start": 2315.85, "end": 2316.53, "word": " a", "probability": 0.66845703125}, {"start": 2316.53, "end": 2316.77, "word": " chicken,", "probability": 0.85498046875}, {"start": 2317.19, "end": 2317.79, "word": " and", "probability": 0.935546875}, {"start": 2317.79, "end": 2317.99, "word": " the", "probability": 0.9248046875}, {"start": 2317.99, "end": 2318.51, "word": " quantity", "probability": 0.98291015625}, {"start": 2318.51, "end": 2319.35, "word": " purchased", "probability": 0.95654296875}, {"start": 2319.35, "end": 2320.47, "word": " was", "probability": 0.94775390625}, {"start": 2320.47, "end": 2320.97, "word": " 10", "probability": 0.7080078125}, {"start": 2320.97, "end": 2321.61, "word": " kilogram.", "probability": 0.61279296875}, {"start": 2329.01, "end": 2329.03, "word": " According", "probability": 0.119384765625}, {"start": 2329.03, "end": 2334.49, "word": " to", "probability": 0.96484375}, {"start": 2334.49, "end": 2334.69, "word": " our", "probability": 0.890625}, {"start": 2334.69, "end": 2335.09, "word": " assumption", "probability": 0.96923828125}, {"start": 2335.09, "end": 2335.31, "word": " here,", "probability": 0.80419921875}, {"start": 2335.37, "end": 2335.51, "word": " this", "probability": 0.939453125}, {"start": 2335.51, "end": 2335.65, "word": " is", "probability": 0.9189453125}, {"start": 2335.65, "end": 2336.01, "word": " point", "probability": 0.92578125}, {"start": 2336.01, "end": 2336.95, "word": " F", "probability": 0.9228515625}, {"start": 2336.95, "end": 2337.39, "word": " or", "probability": 0.70703125}, {"start": 2337.39, "end": 2337.99, "word": " point", "probability": 0.96484375}, {"start": 2337.99, "end": 2339.25, "word": " A.", "probability": 0.9736328125}], "temperature": 1.0}, {"id": 87, "seek": 236623, "start": 2342.33, "end": 2366.23, "text": " according to our assumption. According to our assumption that the population increases. What happens to the demand? Under the fixed prices.", "tokens": [4650, 281, 527, 15302, 13, 7328, 281, 527, 15302, 300, 264, 4415, 8637, 13, 708, 2314, 281, 264, 4733, 30, 6974, 264, 6806, 7901, 13], "avg_logprob": -0.34104568453935474, "compression_ratio": 1.4, "no_speech_prob": 0.0, "words": [{"start": 2342.33, "end": 2342.73, "word": " according", "probability": 0.342041015625}, {"start": 2342.73, "end": 2342.95, "word": " to", "probability": 0.9677734375}, {"start": 2342.95, "end": 2343.11, "word": " our", "probability": 0.8759765625}, {"start": 2343.11, "end": 2343.41, "word": " assumption.", "probability": 0.95947265625}, {"start": 2346.07, "end": 2346.87, "word": " According", "probability": 0.25048828125}, {"start": 2346.87, "end": 2353.67, "word": " to", "probability": 0.95166015625}, {"start": 2353.67, "end": 2353.85, "word": " our", "probability": 0.88671875}, {"start": 2353.85, "end": 2354.31, "word": " assumption", "probability": 0.97412109375}, {"start": 2354.31, "end": 2354.73, "word": " that", "probability": 0.76513671875}, {"start": 2354.73, "end": 2354.97, "word": " the", "probability": 0.86767578125}, {"start": 2354.97, "end": 2355.57, "word": " population", "probability": 0.93212890625}, {"start": 2355.57, "end": 2358.45, "word": " increases.", "probability": 0.50439453125}, {"start": 2359.51, "end": 2359.89, "word": " What", "probability": 0.314208984375}, {"start": 2359.89, "end": 2360.09, "word": " happens", "probability": 0.83935546875}, {"start": 2360.09, "end": 2360.29, "word": " to", "probability": 0.413330078125}, {"start": 2360.29, "end": 2360.37, "word": " the", "probability": 0.5390625}, {"start": 2360.37, "end": 2360.69, "word": " demand?", "probability": 0.9169921875}, {"start": 2364.43, "end": 2365.23, "word": " Under", "probability": 0.443359375}, {"start": 2365.23, "end": 2365.53, "word": " the", "probability": 0.8232421875}, {"start": 2365.53, "end": 2365.77, "word": " fixed", "probability": 0.8671875}, {"start": 2365.77, "end": 2366.23, "word": " prices.", "probability": 0.91015625}], "temperature": 1.0}, {"id": 88, "seek": 239417, "start": 2367.38, "end": 2394.18, "text": " The price remains constant. No change in the prices, but the quantity demanded by the people will decrease. Let's say 15 units. 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And at price equals seven, population increases.", "tokens": [4686, 474, 7605, 486, 5513, 558, 13, 400, 412, 3218, 6915, 3407, 11, 4415, 8637, 13], "avg_logprob": -0.47702205882352944, "compression_ratio": 1.0389610389610389, "no_speech_prob": 0.0, "words": [{"start": 2401.19, "end": 2402.59, "word": " Demand", "probability": 0.4768829345703125}, {"start": 2402.59, "end": 2402.99, "word": " curve", "probability": 0.8232421875}, {"start": 2402.99, "end": 2403.45, "word": " will", "probability": 0.80712890625}, {"start": 2403.45, "end": 2403.75, "word": " shift", "probability": 0.97021484375}, {"start": 2403.75, "end": 2404.13, "word": " right.", "probability": 0.873046875}, {"start": 2408.51, "end": 2409.91, "word": " And", "probability": 0.1669921875}, {"start": 2409.91, "end": 2414.51, "word": " at", "probability": 0.53857421875}, {"start": 2414.51, "end": 2415.55, "word": " price", "probability": 0.89453125}, {"start": 2415.55, "end": 2415.97, "word": " equals", "probability": 0.810546875}, {"start": 2415.97, "end": 2416.41, "word": " seven,", "probability": 0.70263671875}, {"start": 2417.91, "end": 2419.71, "word": " population", "probability": 0.4755859375}, {"start": 2419.71, "end": 2420.87, "word": " increases.", "probability": 0.92431640625}], "temperature": 1.0}, {"id": 90, "seek": 244619, "start": 2422.76, "end": 2446.2, "text": " the quantity demanded increased. Right? Rightward shifting. This is demand curve one and this is D2. 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Demand curve, they say, it's not Washington DC. Demand curve shifts right. All right? All right. Okay. 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With citrus papyrus, with the rest of the world remaining stable, what happens? Of course, this will decrease demand, and since they say the demand curve shifts left. Where will it come from?", "tokens": [440, 1230, 295, 4415, 11, 420, 264, 1230, 295, 11883, 11, 7488, 1652, 13, 2022, 37217, 5806, 6016, 301, 11, 365, 264, 1472, 295, 264, 1002, 8877, 8351, 11, 437, 2314, 30, 2720, 1164, 11, 341, 486, 11514, 4733, 11, 293, 1670, 436, 584, 264, 4733, 7605, 19201, 1411, 13, 2305, 486, 309, 808, 490, 30], "avg_logprob": -0.5378289306372926, "compression_ratio": 1.4970760233918128, "no_speech_prob": 0.0, "words": [{"start": 2477.86, "end": 2478.06, "word": " The", "probability": 0.4248046875}, {"start": 2478.06, "end": 2478.38, "word": " number", "probability": 0.90185546875}, {"start": 2478.38, "end": 2478.82, "word": " of", "probability": 0.96728515625}, {"start": 2478.82, "end": 2479.66, "word": " population,", "probability": 0.83740234375}, {"start": 2480.18, "end": 2480.4, "word": " or", "probability": 0.96337890625}, {"start": 2480.4, "end": 2480.56, "word": " the", "probability": 0.91357421875}, {"start": 2480.56, "end": 2480.82, "word": " number", "probability": 0.9326171875}, {"start": 2480.82, "end": 2480.98, "word": " of", "probability": 0.970703125}, {"start": 2480.98, "end": 2481.74, "word": " consumers,", "probability": 0.951171875}, {"start": 2482.4, "end": 2483.4, "word": " declines.", "probability": 0.64501953125}, {"start": 2485.88, "end": 2486.2, "word": " With", "probability": 0.63232421875}, {"start": 2486.2, "end": 2486.76, "word": " citrus", "probability": 0.76904296875}, {"start": 2486.76, "end": 2487.52, "word": " papyrus,", "probability": 0.5543212890625}, {"start": 2488.7, "end": 2488.9, "word": " with", "probability": 0.34521484375}, {"start": 2488.9, "end": 2489.0, "word": " the", "probability": 0.60302734375}, {"start": 2489.0, "end": 2489.16, "word": " rest", "probability": 0.39208984375}, {"start": 2489.16, "end": 2489.24, "word": " of", "probability": 0.96044921875}, {"start": 2489.24, "end": 2489.3, "word": " the", "probability": 0.76611328125}, {"start": 2489.3, "end": 2489.52, "word": " world", "probability": 0.30419921875}, {"start": 2489.52, "end": 2490.1, "word": " remaining", "probability": 0.12396240234375}, {"start": 2490.1, "end": 2490.88, "word": " stable,", "probability": 0.384033203125}, {"start": 2491.42, "end": 2491.8, "word": " what", "probability": 0.8212890625}, {"start": 2491.8, "end": 2492.04, "word": " happens?", "probability": 0.71044921875}, {"start": 2492.86, "end": 2493.54, "word": " Of", "probability": 0.2890625}, {"start": 2493.54, "end": 2493.68, "word": " course,", "probability": 0.96044921875}, {"start": 2493.88, "end": 2493.88, "word": " this", "probability": 0.437744140625}, {"start": 2493.88, "end": 2494.06, "word": " will", "probability": 0.4423828125}, {"start": 2494.06, "end": 2495.36, "word": " decrease", "probability": 0.37451171875}, {"start": 2495.36, "end": 2496.02, "word": " demand,", "probability": 0.7685546875}, {"start": 2496.4, "end": 2496.54, "word": " and", "probability": 0.5498046875}, {"start": 2496.54, "end": 2496.78, "word": " since", "probability": 0.29345703125}, {"start": 2496.78, "end": 2497.3, "word": " they", "probability": 0.328857421875}, {"start": 2497.3, "end": 2497.58, "word": " say", "probability": 0.875}, {"start": 2497.58, "end": 2497.92, "word": " the", "probability": 0.3427734375}, {"start": 2497.92, "end": 2498.24, "word": " demand", "probability": 0.93359375}, {"start": 2498.24, "end": 2498.66, "word": " curve", "probability": 0.94189453125}, {"start": 2498.66, "end": 2500.12, "word": " shifts", "probability": 0.9033203125}, {"start": 2500.12, "end": 2502.62, "word": " left.", "probability": 0.75146484375}, {"start": 2503.76, "end": 2504.3, "word": " Where", "probability": 0.68505859375}, {"start": 2504.3, "end": 2504.3, "word": " will", "probability": 0.6181640625}, {"start": 2504.3, "end": 2504.34, "word": " it", "probability": 0.69921875}, {"start": 2504.34, "end": 2504.5, "word": " come", "probability": 0.5673828125}, {"start": 2504.5, "end": 2504.82, "word": " from?", "probability": 0.7177734375}], "temperature": 1.0}, {"id": 93, "seek": 252278, "start": 2506.32, "end": 2522.78, "text": " The demand to day three. There is a leftward shifting and demand curve as the number of consumers decline. Okay? Okay.", "tokens": [440, 4733, 281, 786, 1045, 13, 821, 307, 257, 1411, 1007, 17573, 293, 4733, 7605, 382, 264, 1230, 295, 11883, 15635, 13, 1033, 30, 1033, 13], "avg_logprob": -0.3240740762816535, "compression_ratio": 1.1782178217821782, "no_speech_prob": 0.0, "words": [{"start": 2506.32, "end": 2506.6, "word": " The", "probability": 0.11279296875}, {"start": 2506.6, "end": 2508.08, "word": " demand", "probability": 0.85498046875}, {"start": 2508.08, "end": 2511.14, "word": " to", "probability": 0.51611328125}, {"start": 2511.14, "end": 2511.38, "word": " day", "probability": 0.5224609375}, {"start": 2511.38, "end": 2511.78, "word": " three.", "probability": 0.78173828125}, {"start": 2512.24, "end": 2512.88, "word": " There", "probability": 0.7236328125}, {"start": 2512.88, "end": 2513.24, "word": " is", "probability": 0.9404296875}, {"start": 2513.24, "end": 2514.08, "word": " a", "probability": 0.95703125}, {"start": 2514.08, "end": 2514.7, "word": " leftward", "probability": 0.87890625}, {"start": 2514.7, "end": 2515.38, "word": " shifting", "probability": 0.90966796875}, {"start": 2515.38, "end": 2515.74, "word": " and", "probability": 0.5986328125}, {"start": 2515.74, "end": 2516.06, "word": " demand", "probability": 0.91162109375}, {"start": 2516.06, "end": 2516.4, "word": " curve", "probability": 0.94921875}, {"start": 2516.4, "end": 2516.82, "word": " as", "probability": 0.8994140625}, {"start": 2516.82, "end": 2516.96, "word": " the", "probability": 0.56640625}, {"start": 2516.96, "end": 2517.18, "word": " number", "probability": 0.923828125}, {"start": 2517.18, "end": 2517.34, "word": " of", "probability": 0.97216796875}, {"start": 2517.34, "end": 2518.1, "word": " consumers", "probability": 0.94921875}, {"start": 2518.1, "end": 2519.04, "word": " decline.", "probability": 0.6123046875}, {"start": 2519.9, "end": 2520.02, "word": " Okay?", "probability": 0.78857421875}, {"start": 2521.86, "end": 2522.78, "word": " Okay.", "probability": 0.28955078125}], "temperature": 1.0}, {"id": 94, "seek": 256494, "start": 2538.1, "end": 2564.94, "text": " What is the another factor, the second factor or the second variable affect demand? What else? The consumer's income. The consumer income,", "tokens": [708, 307, 264, 1071, 5952, 11, 264, 1150, 5952, 420, 264, 1150, 7006, 3345, 4733, 30, 708, 1646, 30, 440, 9711, 311, 5742, 13, 440, 9711, 5742, 11], "avg_logprob": -0.27478447042662524, "compression_ratio": 1.404040404040404, "no_speech_prob": 0.0, "words": [{"start": 2538.1, "end": 2539.02, "word": " What", "probability": 0.4052734375}, {"start": 2539.02, "end": 2539.94, "word": " is", "probability": 0.84228515625}, {"start": 2539.94, "end": 2540.42, "word": " the", "probability": 0.5048828125}, {"start": 2540.42, "end": 2540.94, "word": " another", "probability": 0.5107421875}, {"start": 2540.94, "end": 2541.46, "word": " factor,", "probability": 0.8955078125}, {"start": 2541.62, "end": 2541.74, "word": " the", "probability": 0.84716796875}, {"start": 2541.74, "end": 2542.06, "word": " second", "probability": 0.9091796875}, {"start": 2542.06, "end": 2542.5, "word": " factor", "probability": 0.88720703125}, {"start": 2542.5, "end": 2542.78, "word": " or", "probability": 0.40234375}, {"start": 2542.78, "end": 2542.94, "word": " the", "probability": 0.9052734375}, {"start": 2542.94, "end": 2543.24, "word": " second", "probability": 0.90185546875}, {"start": 2543.24, "end": 2543.66, "word": " variable", "probability": 0.9189453125}, {"start": 2543.66, "end": 2544.22, "word": " affect", "probability": 0.451904296875}, {"start": 2544.22, "end": 2545.0, "word": " demand?", "probability": 0.89697265625}, {"start": 2545.36, "end": 2545.72, "word": " What", "probability": 0.8798828125}, {"start": 2545.72, "end": 2546.14, "word": " else?", "probability": 0.92822265625}, {"start": 2549.16, "end": 2550.08, "word": " The", "probability": 0.7666015625}, {"start": 2550.08, "end": 2551.08, "word": " consumer's", "probability": 0.80810546875}, {"start": 2551.08, "end": 2551.48, "word": " income.", "probability": 0.94091796875}, {"start": 2563.16, "end": 2564.08, "word": " The", "probability": 0.88330078125}, {"start": 2564.08, "end": 2564.54, "word": " consumer", "probability": 0.849609375}, {"start": 2564.54, "end": 2564.94, "word": " income,", "probability": 0.7998046875}], "temperature": 1.0}, {"id": 95, "seek": 259008, "start": 2566.74, "end": 2590.08, "text": " The number two of the demand determinants is the consumer's income. It's not always increases.", "tokens": [440, 1230, 732, 295, 264, 4733, 15957, 1719, 307, 264, 9711, 311, 5742, 13, 467, 311, 406, 1009, 8637, 13], "avg_logprob": -0.19698660998117357, "compression_ratio": 1.130952380952381, "no_speech_prob": 0.0, "words": [{"start": 2566.74, "end": 2566.96, "word": " The", "probability": 0.8037109375}, {"start": 2566.96, "end": 2567.12, "word": " number", "probability": 0.94482421875}, {"start": 2567.12, "end": 2567.5, "word": " two", "probability": 0.86376953125}, {"start": 2567.5, "end": 2568.18, "word": " of", "probability": 0.93798828125}, {"start": 2568.18, "end": 2568.36, "word": " the", "probability": 0.89892578125}, {"start": 2568.36, "end": 2568.78, "word": " demand", "probability": 0.89501953125}, {"start": 2568.78, "end": 2569.58, "word": " determinants", "probability": 0.952392578125}, {"start": 2569.58, "end": 2570.16, "word": " is", "probability": 0.9345703125}, {"start": 2570.16, "end": 2571.6, "word": " the", "probability": 0.8681640625}, {"start": 2571.6, "end": 2576.76, "word": " consumer's", "probability": 0.72998046875}, {"start": 2576.76, "end": 2577.36, "word": " income.", "probability": 0.953125}, {"start": 2587.72, "end": 2588.88, "word": " It's", "probability": 0.484954833984375}, {"start": 2588.88, "end": 2589.06, "word": " not", "probability": 0.9208984375}, {"start": 2589.06, "end": 2589.48, "word": " always", "probability": 0.9052734375}, {"start": 2589.48, "end": 2590.08, "word": " increases.", "probability": 0.7392578125}], "temperature": 1.0}, {"id": 96, "seek": 261734, "start": 2591.98, "end": 2617.34, "text": " This depends on the type of products, either it was normal or inferior, right? We will give an example of demand for inferior goods like lentils. As income goes up, demand for the inferior goods here will go down. Not always when your income increases, demand increases.", "tokens": [639, 5946, 322, 264, 2010, 295, 3383, 11, 2139, 309, 390, 2710, 420, 24249, 11, 558, 30, 492, 486, 976, 364, 1365, 295, 4733, 337, 24249, 10179, 411, 23556, 4174, 13, 1018, 5742, 1709, 493, 11, 4733, 337, 264, 24249, 10179, 510, 486, 352, 760, 13, 1726, 1009, 562, 428, 5742, 8637, 11, 4733, 8637, 13], "avg_logprob": -0.2535635881256639, "compression_ratio": 1.622754491017964, "no_speech_prob": 0.0, "words": [{"start": 2591.98, "end": 2592.32, "word": " This", "probability": 0.75244140625}, {"start": 2592.32, "end": 2592.84, "word": " depends", "probability": 0.91845703125}, {"start": 2592.84, "end": 2593.22, "word": " on", "probability": 0.95263671875}, {"start": 2593.22, "end": 2593.42, "word": " the", "probability": 0.92626953125}, {"start": 2593.42, "end": 2593.68, "word": " type", "probability": 0.97119140625}, {"start": 2593.68, "end": 2593.82, "word": " of", "probability": 0.97314453125}, {"start": 2593.82, "end": 2594.26, "word": " products,", "probability": 0.83251953125}, {"start": 2595.06, "end": 2595.4, "word": " either", "probability": 0.89599609375}, {"start": 2595.4, "end": 2595.64, "word": " it", "probability": 0.7978515625}, {"start": 2595.64, "end": 2595.88, "word": " was", "probability": 0.95361328125}, {"start": 2595.88, "end": 2596.64, "word": " normal", "probability": 0.87060546875}, {"start": 2596.64, "end": 2597.04, "word": " or", "probability": 0.953125}, {"start": 2597.04, "end": 2597.46, "word": " inferior,", "probability": 0.9375}, {"start": 2598.56, "end": 2598.94, "word": " right?", "probability": 0.509765625}, {"start": 2599.5, "end": 2600.26, "word": " We", "probability": 0.52978515625}, {"start": 2600.26, "end": 2600.46, "word": " will", "probability": 0.84130859375}, {"start": 2600.46, "end": 2600.64, "word": " give", "probability": 0.8779296875}, {"start": 2600.64, "end": 2600.8, "word": " an", "probability": 0.88623046875}, {"start": 2600.8, "end": 2601.26, "word": " example", "probability": 0.97607421875}, {"start": 2601.26, "end": 2601.44, "word": " of", "probability": 0.411865234375}, {"start": 2601.44, "end": 2601.7, "word": " demand", "probability": 0.76806640625}, {"start": 2601.7, "end": 2602.08, "word": " for", "probability": 0.93701171875}, {"start": 2602.08, "end": 2603.38, "word": " inferior", "probability": 0.830078125}, {"start": 2603.38, "end": 2603.84, "word": " goods", "probability": 0.90234375}, {"start": 2603.84, "end": 2604.22, "word": " like", "probability": 0.68408203125}, {"start": 2604.22, "end": 2604.78, "word": " lentils.", "probability": 0.707275390625}, {"start": 2605.58, "end": 2605.92, "word": " As", "probability": 0.96337890625}, {"start": 2605.92, "end": 2606.34, "word": " income", "probability": 0.919921875}, {"start": 2606.34, "end": 2606.8, "word": " goes", "probability": 0.931640625}, {"start": 2606.8, "end": 2607.16, "word": " up,", "probability": 0.97021484375}, {"start": 2608.14, "end": 2608.62, "word": " demand", "probability": 0.8505859375}, {"start": 2608.62, "end": 2609.02, "word": " for", "probability": 0.9482421875}, {"start": 2609.02, "end": 2610.28, "word": " the", "probability": 0.6845703125}, {"start": 2610.28, "end": 2610.66, "word": " inferior", "probability": 0.96728515625}, {"start": 2610.66, "end": 2610.98, "word": " goods", "probability": 0.9013671875}, {"start": 2610.98, "end": 2611.26, "word": " here", "probability": 0.7939453125}, {"start": 2611.26, "end": 2611.5, "word": " will", "probability": 0.85498046875}, {"start": 2611.5, "end": 2611.8, "word": " go", "probability": 0.9638671875}, {"start": 2611.8, "end": 2612.24, "word": " down.", "probability": 0.857421875}, {"start": 2613.0, "end": 2613.26, "word": " Not", "probability": 0.149169921875}, {"start": 2613.26, "end": 2613.64, "word": " always", "probability": 0.8173828125}, {"start": 2613.64, "end": 2613.88, "word": " when", "probability": 0.5185546875}, {"start": 2613.88, "end": 2614.34, "word": " your", "probability": 0.69287109375}, {"start": 2614.34, "end": 2614.34, "word": " income", "probability": 0.935546875}, {"start": 2614.34, "end": 2614.94, "word": " increases,", "probability": 0.64453125}, {"start": 2615.54, "end": 2617.0, "word": " demand", "probability": 0.591796875}, {"start": 2617.0, "end": 2617.34, "word": " increases.", "probability": 0.7568359375}], "temperature": 1.0}, {"id": 97, "seek": 264257, "start": 2618.79, "end": 2642.57, "text": " Then we have to distinguish between, which is, is there a good product and a bad product. Okay? So here, like this. The consumer income depends on two types of products. Let's take the fresh chicken and the frozen chicken. Okay? So here, I want to take the fresh chicken.", "tokens": [1396, 321, 362, 281, 20206, 1296, 11, 597, 307, 11, 307, 456, 257, 665, 1674, 293, 257, 1578, 1674, 13, 1033, 30, 407, 510, 11, 411, 341, 13, 440, 9711, 5742, 5946, 322, 732, 3467, 295, 3383, 13, 961, 311, 747, 264, 4451, 4662, 293, 264, 12496, 4662, 13, 1033, 30, 407, 510, 11, 286, 528, 281, 747, 264, 4451, 4662, 13], "avg_logprob": -0.4784226247242519, "compression_ratio": 1.590643274853801, "no_speech_prob": 0.0, "words": [{"start": 2618.79, "end": 2619.47, "word": " Then", "probability": 0.33203125}, {"start": 2619.47, "end": 2619.71, "word": " we", "probability": 0.39794921875}, {"start": 2619.71, "end": 2620.17, "word": " have", "probability": 0.8681640625}, {"start": 2620.17, "end": 2620.31, "word": " to", "probability": 0.95263671875}, {"start": 2620.31, "end": 2620.79, "word": " distinguish", "probability": 0.89501953125}, {"start": 2620.79, "end": 2621.57, "word": " between,", "probability": 0.88232421875}, {"start": 2622.01, "end": 2622.01, "word": " which", "probability": 0.318115234375}, {"start": 2622.01, "end": 2622.23, "word": " is,", "probability": 0.63330078125}, {"start": 2622.53, "end": 2622.75, "word": " is", "probability": 0.1865234375}, {"start": 2622.75, "end": 2623.09, "word": " there", "probability": 0.85546875}, {"start": 2623.09, "end": 2623.11, "word": " a", "probability": 0.6103515625}, {"start": 2623.11, "end": 2623.31, "word": " good", "probability": 0.83935546875}, {"start": 2623.31, "end": 2623.31, "word": " product", "probability": 0.537109375}, {"start": 2623.31, "end": 2623.65, "word": " and", "probability": 0.71923828125}, {"start": 2623.65, "end": 2623.75, "word": " a", "probability": 0.6875}, {"start": 2623.75, "end": 2624.11, "word": " bad", "probability": 0.92822265625}, {"start": 2624.11, "end": 2624.53, "word": " product.", "probability": 0.87353515625}, {"start": 2625.77, "end": 2626.05, "word": " Okay?", "probability": 0.2132568359375}, {"start": 2626.41, "end": 2626.71, "word": " So", "probability": 0.63427734375}, {"start": 2626.71, "end": 2627.07, "word": " here,", "probability": 0.5244140625}, {"start": 2627.19, "end": 2627.29, "word": " like", "probability": 0.1951904296875}, {"start": 2627.29, "end": 2628.03, "word": " this.", "probability": 0.876953125}, {"start": 2628.97, "end": 2629.65, "word": " The", "probability": 0.154052734375}, {"start": 2629.65, "end": 2630.31, "word": " consumer", "probability": 0.7158203125}, {"start": 2630.31, "end": 2630.89, "word": " income", "probability": 0.492431640625}, {"start": 2630.89, "end": 2631.33, "word": " depends", "probability": 0.80029296875}, {"start": 2631.33, "end": 2632.83, "word": " on", "probability": 0.86572265625}, {"start": 2632.83, "end": 2633.27, "word": " two", "probability": 0.79345703125}, {"start": 2633.27, "end": 2633.69, "word": " types", "probability": 0.83642578125}, {"start": 2633.69, "end": 2633.85, "word": " of", "probability": 0.97021484375}, {"start": 2633.85, "end": 2634.37, "word": " products.", "probability": 0.68701171875}, {"start": 2636.03, "end": 2636.47, "word": " Let's", "probability": 0.859375}, {"start": 2636.47, "end": 2636.67, "word": " take", "probability": 0.57275390625}, {"start": 2636.67, "end": 2636.79, "word": " the", "probability": 0.267578125}, {"start": 2636.79, "end": 2637.09, "word": " fresh", "probability": 0.814453125}, {"start": 2637.09, "end": 2637.63, "word": " chicken", "probability": 0.74560546875}, {"start": 2637.63, "end": 2637.77, "word": " and", "probability": 0.87158203125}, {"start": 2637.77, "end": 2637.83, "word": " the", "probability": 0.552734375}, {"start": 2637.83, "end": 2638.17, "word": " frozen", "probability": 0.9580078125}, {"start": 2638.17, "end": 2638.75, "word": " chicken.", "probability": 0.8369140625}, {"start": 2639.53, "end": 2640.21, "word": " Okay?", "probability": 0.6025390625}, {"start": 2640.49, "end": 2640.67, "word": " So", "probability": 0.467529296875}, {"start": 2640.67, "end": 2640.89, "word": " here,", "probability": 0.69287109375}, {"start": 2641.17, "end": 2641.45, "word": " I", "probability": 0.9755859375}, {"start": 2641.45, "end": 2641.55, "word": " want", "probability": 0.55517578125}, {"start": 2641.55, "end": 2641.65, "word": " to", "probability": 0.953125}, {"start": 2641.65, "end": 2641.77, "word": " take", "probability": 0.76953125}, {"start": 2641.77, "end": 2641.93, "word": " the", "probability": 0.87109375}, {"start": 2641.93, "end": 2642.15, "word": " fresh", "probability": 0.859375}, {"start": 2642.15, "end": 2642.57, "word": " chicken.", "probability": 0.81982421875}], "temperature": 1.0}, {"id": 98, "seek": 267252, "start": 2647.6, "end": 2672.52, "text": " And frozen chicken. When you eat it, it increases. Demand for fresh chicken, what happens to it? It increases, right? So this is called normal goods. Normal goods. Normal goods.", "tokens": [400, 12496, 4662, 13, 1133, 291, 1862, 309, 11, 309, 8637, 13, 4686, 474, 337, 4451, 4662, 11, 437, 2314, 281, 309, 30, 467, 8637, 11, 558, 30, 407, 341, 307, 1219, 2710, 10179, 13, 21277, 10179, 13, 21277, 10179, 13], "avg_logprob": -0.40104166240919203, "compression_ratio": 1.424, "no_speech_prob": 0.0, "words": [{"start": 2647.6, "end": 2647.98, "word": " And", "probability": 0.27001953125}, {"start": 2647.98, "end": 2648.64, "word": " frozen", "probability": 0.84716796875}, {"start": 2648.64, "end": 2650.94, "word": " chicken.", "probability": 0.79638671875}, {"start": 2652.88, "end": 2653.64, "word": " When", "probability": 0.72705078125}, {"start": 2653.64, "end": 2653.72, "word": " you", "probability": 0.61669921875}, {"start": 2653.72, "end": 2653.9, "word": " eat", "probability": 0.430419921875}, {"start": 2653.9, "end": 2654.3, "word": " it,", "probability": 0.3798828125}, {"start": 2654.3, "end": 2654.3, "word": " it", "probability": 0.79150390625}, {"start": 2654.3, "end": 2654.42, "word": " increases.", "probability": 0.74658203125}, {"start": 2654.8, "end": 2655.56, "word": " Demand", "probability": 0.780517578125}, {"start": 2655.56, "end": 2655.76, "word": " for", "probability": 0.93115234375}, {"start": 2655.76, "end": 2656.1, "word": " fresh", "probability": 0.71728515625}, {"start": 2656.1, "end": 2656.46, "word": " chicken,", "probability": 0.81005859375}, {"start": 2656.5, "end": 2656.64, "word": " what", "probability": 0.88671875}, {"start": 2656.64, "end": 2656.84, "word": " happens", "probability": 0.83447265625}, {"start": 2656.84, "end": 2657.0, "word": " to", "probability": 0.4853515625}, {"start": 2657.0, "end": 2657.12, "word": " it?", "probability": 0.86669921875}, {"start": 2657.5, "end": 2658.26, "word": " It", "probability": 0.80859375}, {"start": 2658.26, "end": 2658.6, "word": " increases,", "probability": 0.50048828125}, {"start": 2659.04, "end": 2659.42, "word": " right?", "probability": 0.79736328125}, {"start": 2659.64, "end": 2659.8, "word": " So", "probability": 0.7119140625}, {"start": 2659.8, "end": 2660.02, "word": " this", "probability": 0.2080078125}, {"start": 2660.02, "end": 2660.16, "word": " is", "probability": 0.77490234375}, {"start": 2660.16, "end": 2663.04, "word": " called", "probability": 0.513671875}, {"start": 2663.04, "end": 2665.3, "word": " normal", "probability": 0.75927734375}, {"start": 2665.3, "end": 2665.8, "word": " goods.", "probability": 0.90625}, {"start": 2667.1, "end": 2667.48, "word": " Normal", "probability": 0.5546875}, {"start": 2667.48, "end": 2667.96, "word": " goods.", "probability": 0.8916015625}, {"start": 2668.4, "end": 2668.7, "word": " Normal", "probability": 0.44482421875}, {"start": 2668.7, "end": 2672.52, "word": " goods.", "probability": 0.84423828125}], "temperature": 1.0}, {"id": 99, "seek": 270451, "start": 2677.37, "end": 2704.51, "text": " This is called inferior goods. Inferior goods. Like second-hand clothes, like you know, some other goods. 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As the consumer's income goes up.", "tokens": [440, 4733, 337, 4451, 4662, 293, 512, 661, 2710, 10179, 486, 3488, 13, 1018, 264, 9711, 311, 5742, 1709, 493, 13], "avg_logprob": -0.31835936958139593, "compression_ratio": 1.1910112359550562, "no_speech_prob": 0.0, "words": [{"start": 2705.84, "end": 2706.12, "word": " The", "probability": 0.70458984375}, {"start": 2706.12, "end": 2706.54, "word": " demand", "probability": 0.8994140625}, {"start": 2706.54, "end": 2706.8, "word": " for", "probability": 0.95166015625}, {"start": 2706.8, "end": 2707.28, "word": " fresh", "probability": 0.7470703125}, {"start": 2707.28, "end": 2707.92, "word": " chicken", "probability": 0.79736328125}, {"start": 2707.92, "end": 2708.86, "word": " and", "probability": 0.79296875}, {"start": 2708.86, "end": 2709.14, "word": " some", "probability": 0.8837890625}, {"start": 2709.14, "end": 2709.7, "word": " other", "probability": 0.865234375}, {"start": 2709.7, "end": 2711.76, "word": " normal", "probability": 0.88232421875}, {"start": 2711.76, "end": 2712.22, "word": " goods", "probability": 0.90087890625}, {"start": 2712.22, "end": 2713.28, "word": " will", "probability": 0.1915283203125}, {"start": 2713.28, "end": 2717.52, "word": " increase.", "probability": 0.76806640625}, {"start": 2719.06, "end": 2719.38, "word": " As", "probability": 0.279052734375}, {"start": 2719.38, "end": 2722.64, "word": " the", "probability": 0.72998046875}, {"start": 2722.64, "end": 2724.94, "word": " consumer's", "probability": 0.599365234375}, {"start": 2724.94, "end": 2725.26, "word": " income", "probability": 0.95166015625}, {"start": 2725.26, "end": 2725.68, "word": " goes", "probability": 0.93017578125}, {"start": 2725.68, "end": 2726.04, "word": " up.", "probability": 0.97265625}], "temperature": 1.0}, {"id": 101, "seek": 273660, "start": 2727.1, "end": 2736.6, "text": " What will happen to the demand for frozen chicken? What will happen to the demand for secondhand clothes? What will happen to some other ferry goods?", "tokens": [708, 486, 1051, 281, 264, 4733, 337, 12496, 4662, 30, 708, 486, 1051, 281, 264, 4733, 337, 1150, 5543, 5534, 30, 708, 486, 1051, 281, 512, 661, 32967, 10179, 30], "avg_logprob": -0.23059475806451613, "compression_ratio": 1.6666666666666667, "no_speech_prob": 0.0, "words": [{"start": 2727.1, "end": 2727.38, "word": " What", "probability": 0.73388671875}, {"start": 2727.38, "end": 2727.54, "word": " will", "probability": 0.84130859375}, {"start": 2727.54, "end": 2727.8, "word": " happen", "probability": 0.91845703125}, {"start": 2727.8, "end": 2728.0, "word": " to", "probability": 0.96240234375}, {"start": 2728.0, "end": 2728.14, "word": " the", "probability": 0.90478515625}, {"start": 2728.14, "end": 2728.4, "word": " demand", "probability": 0.9013671875}, {"start": 2728.4, "end": 2728.62, "word": " for", "probability": 0.94580078125}, {"start": 2728.62, "end": 2729.1, "word": " frozen", "probability": 0.93994140625}, {"start": 2729.1, "end": 2729.8, "word": " chicken?", "probability": 0.84912109375}, {"start": 2730.0, "end": 2730.28, "word": " What", "probability": 0.865234375}, {"start": 2730.28, "end": 2730.42, "word": " will", "probability": 0.8740234375}, {"start": 2730.42, "end": 2730.7, "word": " happen", "probability": 0.916015625}, {"start": 2730.7, "end": 2730.98, "word": " to", "probability": 0.96728515625}, {"start": 2730.98, "end": 2731.22, "word": " the", "probability": 0.91796875}, {"start": 2731.22, "end": 2731.54, "word": " demand", "probability": 0.89404296875}, {"start": 2731.54, "end": 2731.88, "word": " for", "probability": 0.94775390625}, {"start": 2731.88, "end": 2732.8, "word": " secondhand", "probability": 0.6912841796875}, {"start": 2732.8, "end": 2733.18, "word": " clothes?", "probability": 0.701171875}, {"start": 2733.54, "end": 2733.68, "word": " What", "probability": 0.8623046875}, {"start": 2733.68, "end": 2733.84, "word": " will", "probability": 0.8818359375}, {"start": 2733.84, "end": 2734.18, "word": " happen", "probability": 0.9150390625}, {"start": 2734.18, "end": 2734.9, "word": " to", "probability": 0.9677734375}, {"start": 2734.9, "end": 2735.54, "word": " some", "probability": 0.86474609375}, {"start": 2735.54, "end": 2735.86, "word": " other", "probability": 0.876953125}, {"start": 2735.86, "end": 2736.22, "word": " ferry", "probability": 0.3984375}, {"start": 2736.22, "end": 2736.6, "word": " goods?", "probability": 0.89404296875}], "temperature": 1.0}, {"id": 102, "seek": 276798, "start": 2747.74, "end": 2767.98, "text": " What is the relationship between the consumer's income and the demand for normal goods? Positive. How do you positive times positive? Positive. Positive relationship between what? 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What about the relationship between the consumer income here and the demand for frozen chicken or inferior goods? Negative. Positive times negative, then had a negative relation. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. Negative. 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In the future plan. What will happen in the current demand? Your income now is $2,000 and it will become $4,000 next week. What will happen? 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I'm talking about fresh chicken. When I say chicken in general, I'm talking about fresh chicken. It will increase.", "tokens": [1171, 4662, 13, 286, 478, 1417, 466, 4451, 4662, 13, 1133, 286, 584, 4662, 294, 2674, 11, 286, 478, 1417, 466, 4451, 4662, 13, 467, 486, 3488, 13], "avg_logprob": -0.5245150779855663, "compression_ratio": 1.471264367816092, "no_speech_prob": 0.0, "words": [{"start": 3012.98, "end": 3013.54, "word": " For", "probability": 0.0968017578125}, {"start": 3013.54, "end": 3014.1, "word": " chicken.", "probability": 0.77294921875}, {"start": 3017.42, "end": 3017.98, "word": " I'm", "probability": 0.4912109375}, {"start": 3017.98, "end": 3018.2, "word": " talking", "probability": 0.744140625}, {"start": 3018.2, "end": 3018.36, "word": " about", "probability": 0.83642578125}, {"start": 3018.36, "end": 3018.68, "word": " fresh", "probability": 0.58203125}, {"start": 3018.68, "end": 3019.12, "word": " chicken.", "probability": 0.82958984375}, {"start": 3019.28, "end": 3019.4, "word": " When", "probability": 0.394775390625}, {"start": 3019.4, "end": 3019.5, "word": " I", "probability": 0.93408203125}, {"start": 3019.5, "end": 3019.66, "word": " say", "probability": 0.521484375}, {"start": 3019.66, "end": 3020.0, "word": " chicken", "probability": 0.81396484375}, {"start": 3020.0, "end": 3020.14, "word": " in", "probability": 0.440673828125}, {"start": 3020.14, "end": 3020.56, "word": " general,", "probability": 0.90869140625}, {"start": 3020.74, "end": 3020.74, "word": " I'm", "probability": 0.517822265625}, {"start": 3020.74, "end": 3020.94, "word": " talking", "probability": 0.73681640625}, {"start": 3020.94, "end": 3021.46, "word": " about", "probability": 0.87744140625}, {"start": 3021.46, "end": 3022.5, "word": " fresh", "probability": 0.67333984375}, {"start": 3022.5, "end": 3022.92, "word": " chicken.", "probability": 0.81591796875}, {"start": 3023.36, "end": 3023.36, "word": " It", "probability": 0.6396484375}, {"start": 3023.36, "end": 3023.48, "word": " will", "probability": 0.466796875}, {"start": 3023.48, "end": 3023.68, "word": " increase.", "probability": 0.71923828125}], "temperature": 1.0}, {"id": 112, "seek": 305411, "start": 3036.17, "end": 3054.11, "text": " Then what is demand here for chicken? Where will it go? Right where? Chips, right? This is the current demand. The current demand for fresh chicken will chip right. If you expect that next month there will be a crop coming to you, okay?", "tokens": [1396, 437, 307, 4733, 510, 337, 4662, 30, 2305, 486, 309, 352, 30, 1779, 689, 30, 761, 2600, 11, 558, 30, 639, 307, 264, 2190, 4733, 13, 440, 2190, 4733, 337, 4451, 4662, 486, 11409, 558, 13, 759, 291, 2066, 300, 958, 1618, 456, 486, 312, 257, 9086, 1348, 281, 291, 11, 1392, 30], "avg_logprob": -0.533238621191545, "compression_ratio": 1.5095541401273886, "no_speech_prob": 0.0, "words": [{"start": 3036.17, "end": 3036.79, "word": " Then", "probability": 0.0458984375}, {"start": 3036.79, "end": 3037.41, "word": " what", "probability": 0.6376953125}, {"start": 3037.41, "end": 3037.57, "word": " is", "probability": 0.31396484375}, {"start": 3037.57, "end": 3037.91, "word": " demand", "probability": 0.677734375}, {"start": 3037.91, "end": 3038.45, "word": " here", "probability": 0.463623046875}, {"start": 3038.45, "end": 3038.69, "word": " for", "probability": 0.93603515625}, {"start": 3038.69, "end": 3039.05, "word": " chicken?", "probability": 0.78125}, {"start": 3039.19, "end": 3039.21, "word": " Where", "probability": 0.30224609375}, {"start": 3039.21, "end": 3039.39, "word": " will", "probability": 0.28125}, {"start": 3039.39, "end": 3039.45, "word": " it", "probability": 0.68505859375}, {"start": 3039.45, "end": 3039.61, "word": " go?", "probability": 0.71337890625}, {"start": 3040.75, "end": 3041.37, "word": " Right", "probability": 0.6611328125}, {"start": 3041.37, "end": 3041.59, "word": " where?", "probability": 0.2685546875}, {"start": 3042.19, "end": 3042.51, "word": " Chips,", "probability": 0.68408203125}, {"start": 3042.67, "end": 3042.85, "word": " right?", "probability": 0.908203125}, {"start": 3043.43, "end": 3043.65, "word": " This", "probability": 0.306640625}, {"start": 3043.65, "end": 3043.69, "word": " is", "probability": 0.92529296875}, {"start": 3043.69, "end": 3043.83, "word": " the", "probability": 0.74462890625}, {"start": 3043.83, "end": 3044.13, "word": " current", "probability": 0.84130859375}, {"start": 3044.13, "end": 3044.65, "word": " demand.", "probability": 0.91748046875}, {"start": 3045.05, "end": 3045.17, "word": " The", "probability": 0.7705078125}, {"start": 3045.17, "end": 3045.47, "word": " current", "probability": 0.84423828125}, {"start": 3045.47, "end": 3045.89, "word": " demand", "probability": 0.8974609375}, {"start": 3045.89, "end": 3046.23, "word": " for", "probability": 0.94140625}, {"start": 3046.23, "end": 3046.63, "word": " fresh", "probability": 0.7705078125}, {"start": 3046.63, "end": 3047.21, "word": " chicken", "probability": 0.78271484375}, {"start": 3047.21, "end": 3048.11, "word": " will", "probability": 0.45849609375}, {"start": 3048.11, "end": 3048.51, "word": " chip", "probability": 0.54345703125}, {"start": 3048.51, "end": 3049.35, "word": " right.", "probability": 0.55126953125}, {"start": 3050.39, "end": 3050.57, "word": " If", "probability": 0.1363525390625}, {"start": 3050.57, "end": 3050.71, "word": " you", "probability": 0.94140625}, {"start": 3050.71, "end": 3051.03, "word": " expect", "probability": 0.521484375}, {"start": 3051.03, "end": 3051.21, "word": " that", "probability": 0.6357421875}, {"start": 3051.21, "end": 3051.29, "word": " next", "probability": 0.7998046875}, {"start": 3051.29, "end": 3051.91, "word": " month", "probability": 0.896484375}, {"start": 3051.91, "end": 3052.25, "word": " there", "probability": 0.4912109375}, {"start": 3052.25, "end": 3052.33, "word": " will", "probability": 0.716796875}, {"start": 3052.33, "end": 3052.35, "word": " be", "probability": 0.93798828125}, {"start": 3052.35, "end": 3052.45, "word": " a", "probability": 0.673828125}, {"start": 3052.45, "end": 3052.67, "word": " crop", "probability": 0.07666015625}, {"start": 3052.67, "end": 3052.97, "word": " coming", "probability": 0.48388671875}, {"start": 3052.97, "end": 3053.57, "word": " to", "probability": 0.419677734375}, {"start": 3053.57, "end": 3053.73, "word": " you,", "probability": 0.95263671875}, {"start": 3054.11, "end": 3054.11, "word": " okay?", "probability": 0.27685546875}], "temperature": 1.0}, {"id": 113, "seek": 308494, "start": 3055.96, "end": 3084.94, "text": " And the income will go down. And you stop getting it. Where did it go? Now you say you don't want to buy it. So instead of buying it, I lower the quantity that I buy. Right? So here it will decrease the current demand. Where will it go in the demand curve? Shifts left. That's it. Okay? So they call it vice versa. 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Current demand, you spend your income or your spending or allocation of your income depends on the future income.", "tokens": [1018, 264, 9711, 33280, 300, 702, 420, 720, 5742, 486, 352, 760, 958, 1243, 420, 958, 1618, 13, 15629, 4733, 11, 291, 3496, 428, 5742, 420, 428, 6434, 420, 27599, 295, 428, 5742, 5946, 322, 264, 2027, 5742, 13], "avg_logprob": -0.22187499403953553, "compression_ratio": 1.5075757575757576, "no_speech_prob": 0.0, "words": [{"start": 3087.63, "end": 3088.25, "word": " As", "probability": 0.325927734375}, {"start": 3088.25, "end": 3089.57, "word": " the", "probability": 0.74658203125}, {"start": 3089.57, "end": 3089.89, "word": " consumer", "probability": 0.89697265625}, {"start": 3089.89, "end": 3091.35, "word": " expects", "probability": 0.90576171875}, {"start": 3091.35, "end": 3091.81, "word": " that", "probability": 0.85693359375}, {"start": 3091.81, "end": 3092.21, "word": " his", "probability": 0.94921875}, {"start": 3092.21, "end": 3092.41, "word": " or", "probability": 0.9091796875}, {"start": 3092.41, "end": 3092.57, "word": " her", "probability": 0.9697265625}, {"start": 3092.57, "end": 3093.07, "word": " income", "probability": 0.9521484375}, {"start": 3093.07, "end": 3093.55, "word": " will", "probability": 0.8837890625}, {"start": 3093.55, "end": 3093.97, "word": " go", "probability": 0.9658203125}, {"start": 3093.97, "end": 3094.55, "word": " down", "probability": 0.8681640625}, {"start": 3094.55, "end": 3097.15, "word": " next", "probability": 0.80517578125}, {"start": 3097.15, "end": 3097.55, "word": " week", "probability": 0.9404296875}, {"start": 3097.55, "end": 3097.97, "word": " or", "probability": 0.90771484375}, {"start": 3097.97, "end": 3098.23, "word": " next", "probability": 0.94287109375}, {"start": 3098.23, "end": 3098.59, "word": " month.", "probability": 0.908203125}, {"start": 3099.31, "end": 3099.65, "word": " Current", "probability": 0.384521484375}, {"start": 3099.65, "end": 3100.17, "word": " demand,", "probability": 0.88916015625}, {"start": 3103.97, "end": 3104.87, "word": " you", "probability": 0.463134765625}, {"start": 3104.87, "end": 3106.49, "word": " spend", "probability": 0.6728515625}, {"start": 3106.49, "end": 3107.49, "word": " your", "probability": 0.8984375}, {"start": 3107.49, "end": 3108.01, "word": " income", "probability": 0.9423828125}, {"start": 3108.01, "end": 3108.81, "word": " or", "probability": 0.78466796875}, {"start": 3108.81, "end": 3109.01, "word": " your", "probability": 0.599609375}, {"start": 3109.01, "end": 3109.51, "word": " spending", "probability": 0.8251953125}, {"start": 3109.51, "end": 3110.19, "word": " or", "probability": 0.875}, {"start": 3110.19, "end": 3110.71, "word": " allocation", "probability": 0.94287109375}, {"start": 3110.71, "end": 3110.91, "word": " of", "probability": 0.93994140625}, {"start": 3110.91, "end": 3111.05, "word": " your", "probability": 0.87451171875}, {"start": 3111.05, "end": 3111.29, "word": " income", "probability": 0.9462890625}, {"start": 3111.29, "end": 3111.87, "word": " depends", "probability": 0.87841796875}, {"start": 3111.87, "end": 3112.51, "word": " on", "probability": 0.94970703125}, {"start": 3112.51, "end": 3113.65, "word": " the", "probability": 0.90966796875}, {"start": 3113.65, "end": 3114.43, "word": " future", "probability": 0.98486328125}, {"start": 3114.43, "end": 3115.01, "word": " income.", "probability": 0.9384765625}], "temperature": 1.0}, {"id": 115, "seek": 314590, "start": 3116.92, "end": 3145.9, "text": " Okay. What else? What about the expectation about the prices? Future prices. Because here I have something else called future prices. This is part two. Future prices. If the consumer, let's say you expect tomorrow that the price of a kilo of chicken will increase by 20 shekels. The current demand will increase, right? Correct?", "tokens": [1033, 13, 708, 1646, 30, 708, 466, 264, 14334, 466, 264, 7901, 30, 20805, 7901, 13, 1436, 510, 286, 362, 746, 1646, 1219, 2027, 7901, 13, 639, 307, 644, 732, 13, 20805, 7901, 13, 759, 264, 9711, 11, 718, 311, 584, 291, 2066, 4153, 300, 264, 3218, 295, 257, 21112, 295, 4662, 486, 3488, 538, 945, 750, 7124, 82, 13, 440, 2190, 4733, 486, 3488, 11, 558, 30, 12753, 30], "avg_logprob": -0.36773768948837066, "compression_ratio": 1.604878048780488, "no_speech_prob": 0.0, "words": [{"start": 3116.92, "end": 3117.56, "word": " Okay.", "probability": 0.32666015625}, {"start": 3118.96, "end": 3119.3, "word": " What", "probability": 0.7783203125}, {"start": 3119.3, "end": 3119.66, "word": " else?", "probability": 0.927734375}, {"start": 3120.46, "end": 3120.58, "word": " What", "probability": 0.82861328125}, {"start": 3120.58, "end": 3120.84, "word": " about", "probability": 0.65234375}, {"start": 3120.84, "end": 3121.04, "word": " the", "probability": 0.78466796875}, 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What happens in the current demand today?", "tokens": [759, 264, 9711, 33280, 300, 702, 420, 264, 3218, 486, 352, 493, 11, 486, 3488, 4153, 13, 708, 2314, 294, 264, 2190, 4733, 965, 30], "avg_logprob": -0.3876201808452606, "compression_ratio": 1.203883495145631, "no_speech_prob": 0.0, "words": [{"start": 3148.91, "end": 3149.25, "word": " If", "probability": 0.482421875}, {"start": 3149.25, "end": 3149.43, "word": " the", "probability": 0.58203125}, {"start": 3149.43, "end": 3150.23, "word": " consumer", "probability": 0.841796875}, {"start": 3150.23, "end": 3150.75, "word": " expects", "probability": 0.90234375}, {"start": 3150.75, "end": 3151.15, "word": " that", "probability": 0.86767578125}, {"start": 3151.15, "end": 3151.49, "word": " his", "probability": 0.5859375}, {"start": 3151.49, "end": 3152.31, "word": " or", "probability": 0.7265625}, {"start": 3152.31, "end": 3152.47, "word": " the", "probability": 0.81884765625}, {"start": 3152.47, "end": 3152.91, "word": " price", "probability": 0.67041015625}, {"start": 3152.91, "end": 3157.31, "word": " will", "probability": 0.70947265625}, {"start": 3157.31, "end": 3157.87, "word": " go", "probability": 0.91650390625}, {"start": 3157.87, "end": 3159.75, "word": " up,", "probability": 0.9755859375}, {"start": 3161.27, "end": 3161.59, "word": " will", "probability": 0.472412109375}, {"start": 3161.59, "end": 3164.71, "word": " increase", "probability": 0.8779296875}, {"start": 3164.71, "end": 3165.45, "word": " tomorrow.", "probability": 0.89111328125}, {"start": 3172.15, "end": 3172.29, "word": " What", "probability": 0.54296875}, {"start": 3172.29, "end": 3172.51, "word": " happens", "probability": 0.399658203125}, {"start": 3172.51, "end": 3172.69, "word": " in", "probability": 0.56201171875}, {"start": 3172.69, "end": 3172.77, "word": " the", "probability": 0.58251953125}, {"start": 3172.77, "end": 3173.03, "word": " current", "probability": 0.818359375}, {"start": 3173.03, "end": 3173.45, "word": " demand", "probability": 0.92529296875}, {"start": 3173.45, "end": 3173.95, "word": " today?", "probability": 0.2666015625}], "temperature": 1.0}, {"id": 117, "seek": 320555, "start": 3176.33, "end": 3205.55, "text": " will increase. So there is a positive relationship between the expectation about the future prices with the current demand. This is positive because this increased and this increased. Look, as long as the two are going in the same direction, it will be positive. If they go against each other, one goes up and one goes down, it is negative in all cases.", "tokens": [486, 3488, 13, 407, 456, 307, 257, 3353, 2480, 1296, 264, 14334, 466, 264, 2027, 7901, 365, 264, 2190, 4733, 13, 639, 307, 3353, 570, 341, 6505, 293, 341, 6505, 13, 2053, 11, 382, 938, 382, 264, 732, 366, 516, 294, 264, 912, 3513, 11, 309, 486, 312, 3353, 13, 759, 436, 352, 1970, 1184, 661, 11, 472, 1709, 493, 293, 472, 1709, 760, 11, 309, 307, 3671, 294, 439, 3331, 13], "avg_logprob": -0.39276540442688823, "compression_ratio": 1.6619718309859155, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 3176.33, "end": 3176.55, "word": " will", "probability": 0.251220703125}, {"start": 3176.55, "end": 3176.99, "word": " increase.", "probability": 0.87353515625}, {"start": 3177.37, "end": 3177.43, "word": " So", "probability": 0.275634765625}, {"start": 3177.43, "end": 3177.69, "word": " there", "probability": 0.301513671875}, {"start": 3177.69, "end": 3182.97, "word": " is", 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"probability": 0.96044921875}, {"start": 3202.71, "end": 3202.81, "word": " and", "probability": 0.78076171875}, {"start": 3202.81, "end": 3202.99, "word": " one", "probability": 0.75830078125}, {"start": 3202.99, "end": 3203.09, "word": " goes", "probability": 0.79443359375}, {"start": 3203.09, "end": 3203.39, "word": " down,", "probability": 0.84619140625}, {"start": 3203.55, "end": 3203.79, "word": " it", "probability": 0.52392578125}, {"start": 3203.79, "end": 3203.79, "word": " is", "probability": 0.394775390625}, {"start": 3203.79, "end": 3204.21, "word": " negative", "probability": 0.95263671875}, {"start": 3204.21, "end": 3204.79, "word": " in", "probability": 0.6279296875}, {"start": 3204.79, "end": 3205.09, "word": " all", "probability": 0.9111328125}, {"start": 3205.09, "end": 3205.55, "word": " cases.", "probability": 0.892578125}], "temperature": 1.0}, {"id": 118, "seek": 323537, "start": 3209.55, "end": 3235.37, "text": " If the expectation is that the price will go down, the current demand will go down today. Correct? So in general, there is a positive relationship between the future income with the current demand, which is today, and future prices with the current demand.", "tokens": [759, 264, 14334, 307, 300, 264, 3218, 486, 352, 760, 11, 264, 2190, 4733, 486, 352, 760, 965, 13, 12753, 30, 407, 294, 2674, 11, 456, 307, 257, 3353, 2480, 1296, 264, 2027, 5742, 365, 264, 2190, 4733, 11, 597, 307, 965, 11, 293, 2027, 7901, 365, 264, 2190, 4733, 13], "avg_logprob": -0.32061296987992066, "compression_ratio": 1.7019867549668874, "no_speech_prob": 0.0, "words": [{"start": 3209.5499999999997, "end": 3210.31, "word": " If", "probability": 0.3193359375}, {"start": 3210.31, "end": 3211.07, "word": " the", "probability": 0.485107421875}, {"start": 3211.07, "end": 3211.83, "word": " expectation", "probability": 0.68505859375}, {"start": 3211.83, "end": 3212.35, "word": " is", "probability": 0.472900390625}, {"start": 3212.35, "end": 3212.57, "word": " that", "probability": 0.80078125}, {"start": 3212.57, "end": 3212.93, "word": " the", "probability": 0.62451171875}, {"start": 3212.93, "end": 3213.27, "word": " price", "probability": 0.7041015625}, {"start": 3213.27, "end": 3213.53, "word": " will", "probability": 0.6845703125}, {"start": 3213.53, "end": 3213.75, "word": " go", "probability": 0.462646484375}, {"start": 3213.75, "end": 3213.93, "word": " down,", "probability": 0.85107421875}, {"start": 3214.95, "end": 3215.43, "word": " the", "probability": 0.5732421875}, {"start": 3215.43, "end": 3215.73, "word": " current", "probability": 0.828125}, {"start": 3215.73, "end": 3216.07, "word": " demand", "probability": 0.927734375}, {"start": 3216.07, "end": 3216.29, "word": " will", "probability": 0.8427734375}, {"start": 3216.29, "end": 3216.55, "word": " go", "probability": 0.861328125}, {"start": 3216.55, "end": 3216.71, "word": " down", "probability": 0.8525390625}, {"start": 3216.71, "end": 3217.61, "word": " today.", "probability": 0.417724609375}, {"start": 3219.35, "end": 3219.71, "word": " Correct?", "probability": 0.422119140625}, {"start": 3220.17, "end": 3220.87, "word": " So", "probability": 0.79150390625}, {"start": 3220.87, "end": 3221.09, "word": " in", "probability": 0.58056640625}, {"start": 3221.09, "end": 3221.37, "word": " general,", "probability": 0.916015625}, {"start": 3221.61, "end": 3221.69, "word": " there", "probability": 0.91259765625}, {"start": 3221.69, "end": 3221.85, "word": " is", "probability": 0.9140625}, {"start": 3221.85, "end": 3221.97, "word": " a", "probability": 0.9951171875}, {"start": 3221.97, "end": 3222.29, "word": " positive", "probability": 0.91796875}, {"start": 3222.29, "end": 3222.91, "word": " relationship", "probability": 0.92236328125}, {"start": 3222.91, "end": 3224.09, "word": " between", "probability": 0.86669921875}, {"start": 3224.09, "end": 3224.57, "word": " the", "probability": 0.78857421875}, {"start": 3224.57, "end": 3225.91, "word": " future", "probability": 0.98046875}, {"start": 3225.91, "end": 3226.89, "word": " income", "probability": 0.9306640625}, {"start": 3226.89, "end": 3227.65, "word": " with", "probability": 0.7158203125}, {"start": 3227.65, "end": 3228.57, "word": " the", "probability": 0.71435546875}, {"start": 3228.57, "end": 3228.85, "word": " current", "probability": 0.8427734375}, {"start": 3228.85, "end": 3229.31, "word": " demand,", "probability": 0.92236328125}, {"start": 3229.51, "end": 3229.97, "word": " which", "probability": 0.463623046875}, {"start": 3229.97, "end": 3230.23, "word": " is", "probability": 0.90087890625}, {"start": 3230.23, "end": 3230.61, "word": " today,", "probability": 0.82666015625}, {"start": 3231.55, "end": 3232.47, "word": " and", "probability": 0.83251953125}, {"start": 3232.47, "end": 3233.07, "word": " future", "probability": 0.61865234375}, {"start": 3233.07, "end": 3233.79, "word": " prices", "probability": 0.8525390625}, {"start": 3233.79, "end": 3234.49, "word": " with", "probability": 0.87744140625}, {"start": 3234.49, "end": 3234.67, "word": " the", "probability": 0.57275390625}, {"start": 3234.67, "end": 3234.93, "word": " current", "probability": 0.86279296875}, {"start": 3234.93, "end": 3235.37, "word": " demand.", "probability": 0.9189453125}], "temperature": 1.0}, {"id": 119, "seek": 325752, "start": 3236.64, "end": 3257.52, "text": " Had a positive relationship between. What else? What is the fourth determinant of demand? Yes. The price of other related goods.", "tokens": [12298, 257, 3353, 2480, 1296, 13, 708, 1646, 30, 708, 307, 264, 6409, 41296, 295, 4733, 30, 1079, 13, 440, 3218, 295, 661, 4077, 10179, 13], "avg_logprob": -0.25434028660809554, "compression_ratio": 1.205607476635514, "no_speech_prob": 0.0, "words": [{"start": 3236.64, "end": 3237.28, "word": " Had", "probability": 0.460205078125}, {"start": 3237.28, "end": 3237.4, "word": " a", "probability": 0.99267578125}, {"start": 3237.4, "end": 3237.76, "word": " positive", "probability": 0.908203125}, {"start": 3237.76, "end": 3238.32, "word": " relationship", "probability": 0.94287109375}, {"start": 3238.32, "end": 3238.86, "word": " between.", "probability": 0.86962890625}, {"start": 3241.8, "end": 3242.64, "word": " What", "probability": 0.291015625}, {"start": 3242.64, "end": 3248.4, "word": " else?", "probability": 0.83984375}, {"start": 3248.82, "end": 3249.02, "word": " What", "probability": 0.888671875}, {"start": 3249.02, "end": 3250.16, "word": " is", "probability": 0.94775390625}, {"start": 3250.16, "end": 3250.96, "word": " the", "probability": 0.89990234375}, {"start": 3250.96, "end": 3251.76, "word": " fourth", "probability": 0.89892578125}, {"start": 3251.76, "end": 3252.62, "word": " determinant", "probability": 0.72802734375}, {"start": 3252.62, "end": 3252.9, "word": " of", "probability": 0.96826171875}, {"start": 3252.9, "end": 3253.16, "word": " demand?", "probability": 0.9267578125}, {"start": 3253.32, "end": 3253.46, "word": " Yes.", "probability": 0.85546875}, {"start": 3255.04, "end": 3255.88, "word": " The", "probability": 0.57666015625}, {"start": 3255.88, "end": 3256.26, "word": " price", "probability": 0.92333984375}, {"start": 3256.26, "end": 3256.44, "word": " of", "probability": 0.9599609375}, {"start": 3256.44, "end": 3256.72, "word": " other", "probability": 0.87841796875}, {"start": 3256.72, "end": 3257.12, "word": " related", "probability": 0.83154296875}, {"start": 3257.12, "end": 3257.52, "word": " goods.", "probability": 0.85693359375}], "temperature": 1.0}, {"id": 120, "seek": 329454, "start": 3267.34, "end": 3294.54, "text": " The price of other related goods. The price number four, the price of other related goods. Here, let's have", "tokens": [440, 3218, 295, 661, 4077, 10179, 13, 440, 3218, 1230, 1451, 11, 264, 3218, 295, 661, 4077, 10179, 13, 1692, 11, 718, 311, 362], "avg_logprob": -0.1474999952316284, "compression_ratio": 1.4210526315789473, "no_speech_prob": 0.0, "words": [{"start": 3267.34, "end": 3267.56, "word": " The", "probability": 0.50244140625}, {"start": 3267.56, "end": 3267.94, "word": " price", "probability": 0.92822265625}, {"start": 3267.94, "end": 3268.58, "word": " of", "probability": 0.96826171875}, {"start": 3268.58, "end": 3268.92, "word": " other", "probability": 0.88037109375}, {"start": 3268.92, "end": 3269.46, "word": " related", "probability": 0.96044921875}, {"start": 3269.46, "end": 3269.94, "word": " goods.", "probability": 0.89208984375}, {"start": 3275.34, "end": 3275.8, "word": " The", "probability": 0.61669921875}, {"start": 3275.8, "end": 3276.18, "word": " price", "probability": 0.92578125}, {"start": 3276.18, "end": 3277.84, "word": " number", "probability": 0.669921875}, {"start": 3277.84, "end": 3278.22, "word": " four,", "probability": 0.88916015625}, {"start": 3279.12, "end": 3279.24, "word": " the", "probability": 0.923828125}, {"start": 3279.24, "end": 3279.64, "word": " price", "probability": 0.92041015625}, {"start": 3279.64, "end": 3281.86, "word": " of", "probability": 0.97021484375}, {"start": 3281.86, "end": 3282.32, "word": " other", "probability": 0.900390625}, {"start": 3282.32, "end": 3284.7, "word": " related", "probability": 0.96337890625}, {"start": 3284.7, "end": 3287.94, "word": " goods.", "probability": 0.8662109375}, {"start": 3292.72, "end": 3293.12, "word": " Here,", "probability": 0.87451171875}, {"start": 3293.6, "end": 3294.1, "word": " let's", "probability": 0.971435546875}, {"start": 3294.1, "end": 3294.54, "word": " have", "probability": 0.94970703125}], "temperature": 1.0}, {"id": 121, "seek": 332216, "start": 3296.02, "end": 3322.16, "text": " three examples or three relationships between the different bundles of goods. Like meat, here we have three cases or three types of relationships between or three types of relations between the different types of products.", "tokens": [1045, 5110, 420, 1045, 6159, 1296, 264, 819, 13882, 904, 295, 10179, 13, 1743, 4615, 11, 510, 321, 362, 1045, 3331, 420, 1045, 3467, 295, 6159, 1296, 420, 1045, 3467, 295, 2299, 1296, 264, 819, 3467, 295, 3383, 13], "avg_logprob": -0.2244140613824129, "compression_ratio": 1.9059829059829059, "no_speech_prob": 0.0, "words": [{"start": 3296.02, "end": 3296.34, "word": " three", "probability": 0.492431640625}, {"start": 3296.34, "end": 3296.92, "word": " examples", "probability": 0.88134765625}, {"start": 3296.92, "end": 3297.46, "word": " or", "probability": 0.84912109375}, {"start": 3297.46, "end": 3297.7, "word": " three", "probability": 0.9404296875}, {"start": 3297.7, "end": 3298.36, "word": " relationships", "probability": 0.79443359375}, {"start": 3298.36, "end": 3299.1, "word": " between", "probability": 0.87939453125}, {"start": 3299.1, "end": 3299.9, "word": " the", "probability": 0.90576171875}, {"start": 3299.9, "end": 3300.34, "word": " different", "probability": 0.900390625}, {"start": 3300.34, "end": 3300.88, "word": " bundles", "probability": 0.676025390625}, {"start": 3300.88, "end": 3301.1, "word": " of", "probability": 0.958984375}, {"start": 3301.1, "end": 3301.3, "word": " goods.", "probability": 0.6708984375}, {"start": 3302.86, "end": 3303.28, "word": " Like", "probability": 0.64208984375}, {"start": 3303.28, "end": 3311.26, "word": " meat,", "probability": 0.66748046875}, {"start": 3312.58, "end": 3313.0, "word": " here", "probability": 0.84521484375}, {"start": 3313.0, "end": 3313.14, "word": " we", "probability": 0.92333984375}, {"start": 3313.14, "end": 3313.3, "word": " have", "probability": 0.94189453125}, {"start": 3313.3, "end": 3313.58, "word": " three", "probability": 0.93603515625}, {"start": 3313.58, "end": 3314.12, "word": " cases", "probability": 0.92431640625}, {"start": 3314.12, "end": 3315.16, "word": " or", "probability": 0.6611328125}, {"start": 3315.16, "end": 3315.4, "word": " three", "probability": 0.93603515625}, {"start": 3315.4, "end": 3315.76, "word": " types", "probability": 0.80908203125}, {"start": 3315.76, "end": 3315.94, "word": " of", "probability": 0.9697265625}, {"start": 3315.94, "end": 3316.58, "word": " relationships", "probability": 0.5859375}, {"start": 3316.58, "end": 3317.24, "word": " between", "probability": 0.8369140625}, {"start": 3317.24, "end": 3318.44, "word": " or", "probability": 0.63525390625}, {"start": 3318.44, "end": 3318.66, "word": " three", "probability": 0.9375}, {"start": 3318.66, "end": 3318.98, "word": " types", "probability": 0.82861328125}, {"start": 3318.98, "end": 3319.12, "word": " of", "probability": 0.970703125}, {"start": 3319.12, "end": 3319.54, "word": " relations", "probability": 0.90576171875}, {"start": 3319.54, "end": 3320.14, "word": " between", "probability": 0.85791015625}, {"start": 3320.14, "end": 3320.8, "word": " the", "probability": 0.91357421875}, {"start": 3320.8, "end": 3321.16, "word": " different", "probability": 0.88623046875}, {"start": 3321.16, "end": 3321.64, "word": " types", "probability": 0.81396484375}, {"start": 3321.64, "end": 3321.8, "word": " of", "probability": 0.970703125}, {"start": 3321.8, "end": 3322.16, "word": " products.", "probability": 0.62109375}], "temperature": 1.0}, {"id": 122, "seek": 334408, "start": 3323.48, "end": 3344.08, "text": " In this case, we have the meat and the chicken or fish. The second example, fuel and cars.", "tokens": [682, 341, 1389, 11, 321, 362, 264, 4615, 293, 264, 4662, 420, 3506, 13, 440, 1150, 1365, 11, 6616, 293, 5163, 13], "avg_logprob": -0.09876018956951473, "compression_ratio": 1.1097560975609757, "no_speech_prob": 0.0, "words": [{"start": 3323.48, "end": 3323.78, "word": " In", "probability": 0.8681640625}, {"start": 3323.78, "end": 3324.22, "word": " this", "probability": 0.9501953125}, {"start": 3324.22, "end": 3325.1, "word": " case,", "probability": 0.92138671875}, {"start": 3325.22, "end": 3325.32, "word": " we", "probability": 0.96533203125}, {"start": 3325.32, "end": 3325.9, "word": " have", "probability": 0.9462890625}, {"start": 3325.9, "end": 3326.64, "word": " the", "probability": 0.85986328125}, {"start": 3326.64, "end": 3327.24, "word": " meat", "probability": 0.962890625}, {"start": 3327.24, "end": 3329.26, "word": " and", "probability": 0.82373046875}, {"start": 3329.26, "end": 3329.4, "word": " the", "probability": 0.85400390625}, {"start": 3329.4, "end": 3329.76, "word": " chicken", "probability": 0.82861328125}, {"start": 3329.76, "end": 3330.48, "word": " or", "probability": 0.94287109375}, {"start": 3330.48, "end": 3330.82, "word": " fish.", "probability": 0.92138671875}, {"start": 3339.3, "end": 3340.24, "word": " The", "probability": 0.87890625}, {"start": 3340.24, "end": 3340.56, "word": " second", "probability": 0.912109375}, {"start": 3340.56, "end": 3341.08, "word": " example,", "probability": 0.98779296875}, {"start": 3342.74, "end": 3343.2, "word": " fuel", "probability": 0.8271484375}, {"start": 3343.2, "end": 3343.6, "word": " and", "probability": 0.908203125}, {"start": 3343.6, "end": 3344.08, "word": " cars.", "probability": 0.9404296875}], "temperature": 1.0}, {"id": 123, "seek": 338105, "start": 3352.27, "end": 3381.05, "text": " Anything else that has nothing to do with each other? I'll give another example. Mobiles. Chocolate. The first example here, we will find that", "tokens": [11998, 1646, 300, 575, 1825, 281, 360, 365, 1184, 661, 30, 286, 603, 976, 1071, 1365, 13, 37920, 4680, 13, 26832, 13, 440, 700, 1365, 510, 11, 321, 486, 915, 300], "avg_logprob": -0.3850097665563226, "compression_ratio": 1.2434782608695651, "no_speech_prob": 0.0, "words": [{"start": 3352.27, "end": 3352.59, "word": " Anything", "probability": 0.1715087890625}, {"start": 3352.59, "end": 3352.93, "word": " else", "probability": 0.82861328125}, {"start": 3352.93, "end": 3353.09, "word": " that", "probability": 0.537109375}, {"start": 3353.09, "end": 3353.09, "word": " has", "probability": 0.6357421875}, {"start": 3353.09, "end": 3353.21, "word": " nothing", "probability": 0.888671875}, {"start": 3353.21, "end": 3353.45, "word": " to", "probability": 0.96923828125}, {"start": 3353.45, "end": 3353.45, "word": " do", "probability": 0.96484375}, {"start": 3353.45, "end": 3353.55, "word": " with", "probability": 0.9091796875}, {"start": 3353.55, "end": 3353.85, "word": " each", "probability": 0.8515625}, {"start": 3353.85, "end": 3353.85, "word": " other?", "probability": 0.89111328125}, {"start": 3356.65, "end": 3357.33, "word": " I'll", "probability": 0.255157470703125}, {"start": 3357.33, "end": 3357.51, "word": " give", "probability": 0.82470703125}, {"start": 3357.51, "end": 3357.85, "word": " another", "probability": 0.59423828125}, {"start": 3357.85, "end": 3358.53, "word": " example.", "probability": 0.97021484375}, {"start": 3362.67, "end": 3363.35, "word": " Mobiles.", "probability": 0.529754638671875}, {"start": 3368.71, "end": 3369.39, "word": " Chocolate.", "probability": 0.767578125}, {"start": 3375.81, "end": 3376.49, "word": " The", "probability": 0.83544921875}, {"start": 3376.49, "end": 3376.77, "word": " first", "probability": 0.88818359375}, {"start": 3376.77, "end": 3377.23, "word": " example", "probability": 0.9775390625}, {"start": 3377.23, "end": 3377.53, "word": " here,", "probability": 0.82177734375}, {"start": 3379.71, "end": 3379.99, "word": " we", "probability": 0.91064453125}, {"start": 3379.99, "end": 3380.19, "word": " will", "probability": 0.861328125}, {"start": 3380.19, "end": 3380.59, "word": " find", "probability": 0.89697265625}, {"start": 3380.59, "end": 3381.05, "word": " that", "probability": 0.9384765625}], "temperature": 1.0}, {"id": 124, "seek": 341288, "start": 3385.92, "end": 3412.88, "text": " There is a relationship between meat and fish. These two products are substitutes. Substitutes means because here, as the price, you're talking about prices and demand. 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Right? Correct? When the demand for meat increases, the demand for fish increases. Right? These names are like that. Increased and increased. What is the relationship? Positive. 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If these two products are substitutes, they're increasing the price of X.", "tokens": [407, 498, 264, 3383, 366, 26441, 1819, 11, 456, 307, 257, 3353, 2480, 1296, 264, 7901, 295, 665, 1783, 293, 264, 4733, 337, 665, 398, 13, 759, 613, 732, 3383, 366, 26441, 1819, 11, 436, 434, 5662, 264, 3218, 295, 1783, 13], "avg_logprob": -0.1931322729864786, "compression_ratio": 1.5669291338582678, "no_speech_prob": 0.0, "words": [{"start": 3444.22, "end": 3445.1, "word": " So", "probability": 0.1495361328125}, {"start": 3445.1, "end": 3445.98, "word": " if", "probability": 0.5830078125}, {"start": 3445.98, "end": 3449.0, "word": " the", "probability": 0.79931640625}, {"start": 3449.0, "end": 3449.46, "word": " products", "probability": 0.85986328125}, {"start": 3449.46, "end": 3449.84, "word": " are", "probability": 0.939453125}, {"start": 3449.84, "end": 3450.76, "word": " substitutes,", "probability": 0.904541015625}, {"start": 3451.8, "end": 3452.78, "word": " there", "probability": 0.88037109375}, {"start": 3452.78, "end": 3453.28, "word": " is", "probability": 0.94482421875}, {"start": 3453.28, "end": 3453.98, "word": " a", "probability": 0.9951171875}, {"start": 3453.98, "end": 3454.38, "word": " positive", "probability": 0.9228515625}, {"start": 3454.38, "end": 3455.02, "word": " relationship", "probability": 0.9267578125}, {"start": 3455.02, "end": 3455.38, "word": " between", "probability": 0.8720703125}, {"start": 3455.38, "end": 3455.64, "word": " the", "probability": 0.9169921875}, {"start": 3455.64, "end": 3456.04, "word": " prices", "probability": 0.8681640625}, {"start": 3456.04, "end": 3456.36, "word": " of", "probability": 0.9638671875}, {"start": 3456.36, "end": 3456.74, "word": " good", "probability": 0.8408203125}, {"start": 3456.74, "end": 3457.24, "word": " X", "probability": 0.59716796875}, {"start": 3457.24, "end": 3458.58, "word": " and", "probability": 0.90673828125}, {"start": 3458.58, "end": 3459.04, "word": " the", "probability": 0.9052734375}, {"start": 3459.04, "end": 3459.44, "word": " demand", "probability": 0.93017578125}, {"start": 3459.44, "end": 3459.68, "word": " for", "probability": 0.94140625}, {"start": 3459.68, "end": 3460.0, "word": " good", "probability": 0.85205078125}, {"start": 3460.0, "end": 3460.44, "word": " Y.", "probability": 0.994140625}, {"start": 3464.06, "end": 3464.94, "word": " If", "probability": 0.61572265625}, {"start": 3464.94, "end": 3465.7, "word": " these", "probability": 0.84375}, {"start": 3465.7, "end": 3465.94, "word": " two", "probability": 0.904296875}, {"start": 3465.94, "end": 3466.28, "word": " products", "probability": 0.87255859375}, {"start": 3466.28, "end": 3466.56, "word": " are", "probability": 0.947265625}, {"start": 3466.56, "end": 3467.34, "word": " substitutes,", "probability": 0.8994140625}, {"start": 3467.82, "end": 3467.98, "word": " they're", "probability": 0.536376953125}, {"start": 3467.98, "end": 3468.34, "word": " increasing", "probability": 0.953125}, {"start": 3468.34, "end": 3468.58, "word": " the", "probability": 0.89013671875}, {"start": 3468.58, "end": 3468.84, "word": " price", "probability": 0.92041015625}, {"start": 3468.84, "end": 3469.04, "word": " of", "probability": 0.962890625}, {"start": 3469.04, "end": 3469.48, "word": " X.", "probability": 0.986328125}], "temperature": 1.0}, {"id": 127, "seek": 349743, "start": 3473.03, "end": 3497.43, "text": " What is demanded for Y increases as well. Positive, positive, the result is positive. And vice versa, a declining in the price of meat means we have a declining demand for fish. The second case, fuel and cars. 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And this is normal. The higher the price of gasoline, the lower the demand for cars. So what does this mean? They complement each other. True. They are called complement goods. So this is complement goods. 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So if these two products are complements, declining in demand for Y. So what is the relationship between mobiles and chocolate? Independent.", "tokens": [440, 3671, 2480, 1296, 264, 3218, 295, 1783, 293, 264, 11275, 28276, 295, 398, 13, 407, 498, 613, 732, 3383, 366, 715, 17988, 11, 34298, 294, 4733, 337, 398, 13, 407, 437, 307, 264, 2480, 1296, 4298, 4680, 293, 6215, 30, 40310, 13], "avg_logprob": -0.3199574005874721, "compression_ratio": 1.48, "no_speech_prob": 0.0, "words": [{"start": 3523.68, "end": 3523.96, "word": " The", "probability": 0.0848388671875}, {"start": 3523.96, "end": 3525.46, "word": " negative", "probability": 0.8212890625}, {"start": 3525.46, "end": 3526.06, "word": " relationship", "probability": 0.92333984375}, {"start": 3526.06, "end": 3526.54, "word": " between", "probability": 0.892578125}, {"start": 3526.54, "end": 3527.08, "word": " the", "probability": 0.90771484375}, {"start": 3527.08, "end": 3527.5, "word": " price", "probability": 0.9248046875}, {"start": 3527.5, "end": 3527.72, "word": " of", "probability": 0.9638671875}, {"start": 3527.72, "end": 3528.08, "word": " X", "probability": 0.81396484375}, {"start": 3528.08, "end": 3529.88, "word": " and", "probability": 0.86865234375}, {"start": 3529.88, "end": 3530.04, "word": " the", "probability": 0.875}, {"start": 3530.04, "end": 3530.48, "word": " quantity", "probability": 0.9873046875}, {"start": 3530.48, "end": 3530.96, "word": " demanded", "probability": 0.92578125}, {"start": 3530.96, "end": 3531.18, "word": " of", "probability": 0.94384765625}, {"start": 3531.18, "end": 3531.44, "word": " Y.", "probability": 0.9931640625}, {"start": 3534.1, "end": 3534.9, "word": " So", "probability": 0.7158203125}, {"start": 3534.9, "end": 3535.42, "word": " if", "probability": 0.64794921875}, {"start": 3535.42, "end": 3535.72, "word": " these", "probability": 0.86279296875}, {"start": 3535.72, "end": 3535.9, "word": " two", "probability": 0.91259765625}, {"start": 3535.9, "end": 3536.2, "word": " products", "probability": 0.91796875}, {"start": 3536.2, "end": 3536.52, "word": " are", "probability": 0.9453125}, {"start": 3536.52, "end": 3537.32, "word": " complements,", "probability": 0.6649169921875}, {"start": 3539.04, "end": 3540.82, "word": " declining", "probability": 0.312255859375}, {"start": 3540.82, "end": 3541.66, "word": " in", "probability": 0.445068359375}, {"start": 3541.66, "end": 3542.08, "word": " demand", "probability": 0.828125}, {"start": 3542.08, "end": 3542.42, "word": " for", "probability": 0.88037109375}, {"start": 3542.42, "end": 3542.78, "word": " Y.", "probability": 0.953125}, {"start": 3543.78, "end": 3543.98, "word": " So", "probability": 0.1988525390625}, {"start": 3543.98, "end": 3544.14, "word": " what", "probability": 0.70556640625}, {"start": 3544.14, "end": 3544.18, "word": " is", "probability": 0.56494140625}, {"start": 3544.18, "end": 3544.26, "word": " the", "probability": 0.904296875}, {"start": 3544.26, "end": 3544.76, "word": " relationship", "probability": 0.8837890625}, {"start": 3544.76, "end": 3545.3, "word": " between", "probability": 0.869140625}, {"start": 3545.3, "end": 3546.44, "word": " mobiles", "probability": 0.7100830078125}, {"start": 3546.44, "end": 3546.68, "word": " and", "probability": 0.94482421875}, {"start": 3546.68, "end": 3547.12, "word": " chocolate?", "probability": 0.654296875}, {"start": 3547.72, "end": 3548.24, "word": " Independent.", "probability": 0.3486328125}], "temperature": 1.0}, {"id": 130, "seek": 357891, "start": 3551.49, "end": 3578.91, "text": " Independent kids. All right, so if the price of mobile increases, what happens to the demand for chocolate? No changes. 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In this course, + +5 +00:00:36,740 --> 00:00:40,240 +we have about seven chapters. The first chapter is + +6 +00:00:40,240 --> 00:00:44,440 +an introduction, definitions, some terms, how to + +7 +00:00:44,440 --> 00:00:48,700 +study economics, why to study economics. And in + +8 +00:00:48,700 --> 00:00:52,760 +the second chapter, we will study demand, supply, + +9 +00:00:53,000 --> 00:00:56,530 +and market equilibrium. In the third chapter, we + +10 +00:00:56,530 --> 00:01:00,230 +will go to study the elasticity or the price + +11 +00:01:00,230 --> 00:01:03,390 +elasticity of demand, income elasticity, to + +12 +00:01:03,390 --> 00:01:07,230 +determine or to study the relationship between the + +13 +00:01:07,230 --> 00:01:09,170 +change in prices and the change in quantity + +14 +00:01:09,170 --> 00:01:13,570 +demanded and to take how the producers and the + +15 +00:01:13,570 --> 00:01:17,350 +consumers take decisions. + +16 +00:01:18,230 --> 00:01:21,350 +In the fourth chapter, we will go to study the + +17 +00:01:21,350 --> 00:01:22,690 +consumer behavior. + +18 +00:01:25,090 --> 00:01:30,450 +The rational, how can the consumer takes a proper + +19 +00:01:30,450 --> 00:01:35,710 +decisions in terms of income maximization or + +20 +00:01:35,710 --> 00:01:39,890 +benefits maximization. And in chapter five, we + +21 +00:01:39,890 --> 00:01:43,390 +will study the producer behavior. How can the + +22 +00:01:43,390 --> 00:01:47,690 +producer maximize the outputs? How can they + +23 +00:01:47,690 --> 00:01:55,530 +maximize the profits and minimize the cost? And in + +24 +00:01:55,530 --> 00:01:59,170 +the last chapter, we will study different types of + +25 +00:01:59,170 --> 00:02:03,650 +the markets, like the perfect competition market, + +26 +00:02:03,790 --> 00:02:07,710 +monopoly market, oligopoly, different types of the + +27 +00:02:07,710 --> 00:02:08,390 +markets. Okay? + +28 +00:02:11,940 --> 00:02:18,080 +I will begin with the chapter two, which is a + +29 +00:02:18,080 --> 00:02:21,500 +demand supply and market equilibrium, okay? + +30 +00:02:24,440 --> 00:02:29,060 +In this chapter, we will study the Or the concept + +31 +00:02:29,060 --> 00:02:32,440 +of demand and the concept of supply. The factors + +32 +00:02:32,440 --> 00:02:34,800 +affect demand. The factors affect supply to + +33 +00:02:34,800 --> 00:02:38,140 +increase or to decrease. We will study then the + +34 +00:02:38,140 --> 00:02:41,960 +market equilibrium. How can the prices determined + +35 +00:02:41,960 --> 00:02:46,760 +in the market and What are the factors affect + +36 +00:02:46,760 --> 00:02:51,840 +demand to increase or to decrease? What is or the + +37 +00:02:51,840 --> 00:02:56,840 +effects if demand increases? What are the effects + +38 +00:02:56,840 --> 00:03:00,120 +of this point on the market equilibrium, the + +39 +00:03:00,120 --> 00:03:02,220 +market prices and the market quantity? What will + +40 +00:03:02,220 --> 00:03:06,660 +happen if supply increases on the price of the + +41 +00:03:06,660 --> 00:03:11,920 +market prices? So let's go to define or to + +42 +00:03:11,920 --> 00:03:16,220 +understand the meaning of demand. So in this + +43 +00:03:16,220 --> 00:03:21,880 +chapter, we will study demand, supply, + +44 +00:03:23,420 --> 00:03:28,940 +and market equilibrium. + +45 +00:03:34,580 --> 00:03:40,340 +What is demand? Demand, so let's begin with + +46 +00:03:40,340 --> 00:03:40,840 +demand. + +47 +00:03:45,940 --> 00:03:53,440 +Demand is or has two parts. The willingness or the + +48 +00:03:53,440 --> 00:04:02,920 +desire to buy. So demand is the willingness to + +49 +00:04:02,920 --> 00:04:03,920 +buy something. + +50 +00:04:10,820 --> 00:04:11,860 +Iblis. + +51 +00:04:13,930 --> 00:04:19,630 +Plus what? The ability to produce, yes. Yes, + +52 +00:04:19,770 --> 00:04:29,730 +sorry, to buy, thanks. Ability to buy something. + +53 +00:04:33,680 --> 00:04:38,160 +If the consumer or the buyer has the desire or the + +54 +00:04:38,160 --> 00:04:42,820 +willingness to buy, and he doesn't have or has the + +55 +00:04:42,820 --> 00:04:46,700 +ability also to buy, the willingness plus the + +56 +00:04:46,700 --> 00:04:49,780 +ability, he has enough money, sufficient money to + +57 +00:04:49,780 --> 00:04:53,360 +buy something, and he has the desire to buy a car, + +58 +00:04:53,640 --> 00:04:58,960 +in this case, we can say that we have an effective + +59 +00:04:58,960 --> 00:05:00,760 +demand. Effective demand means, + +60 +00:05:03,360 --> 00:05:09,480 +If the consumer has one of these conditions, the + +61 +00:05:09,480 --> 00:05:12,220 +willingness to buy, and he doesn't have the + +62 +00:05:12,220 --> 00:05:15,360 +ability to buy, in this case, we have an + +63 +00:05:15,360 --> 00:05:22,600 +ineffective demand. So if we lose one of these two + +64 +00:05:22,600 --> 00:05:23,280 +conditions, + +65 +00:05:26,580 --> 00:05:31,420 +This means that we have an ineffective demand. + +66 +00:05:33,160 --> 00:05:33,500 +Okay? + +67 +00:05:36,600 --> 00:05:42,400 +So if you have money and you don't have the + +68 +00:05:42,400 --> 00:05:45,420 +willingness, you have the ability, and you don't + +69 +00:05:45,420 --> 00:05:52,220 +have the willingness to buy, also have ineffective + +70 +00:05:52,220 --> 00:05:57,240 +demand. Demand is what? Demand is the willingness + +71 +00:05:57,240 --> 00:06:01,500 +to buy and ability to buy something in a specific + +72 +00:06:01,500 --> 00:06:07,000 +period of time. Okay? In the market, we have two + +73 +00:06:07,000 --> 00:06:10,820 +sides. Here when we talk about the demand, we are + +74 +00:06:10,820 --> 00:06:15,800 +talking about the buyer. We are talking about the + +75 +00:06:15,800 --> 00:06:16,260 +consumer. + +76 +00:06:19,280 --> 00:06:25,040 +The person who buys the goods and services, okay? + +77 +00:06:26,260 --> 00:06:30,080 +We have another part in the market because the + +78 +00:06:30,080 --> 00:06:35,160 +market here consists of the market, consists of + +79 +00:06:35,160 --> 00:06:36,080 +two parts, + +80 +00:06:38,840 --> 00:06:41,620 +the consumer and the producers. Here we're talking + +81 +00:06:41,620 --> 00:06:46,560 +about the producers or the sellers, producers or + +82 +00:06:46,560 --> 00:06:52,440 +sellers. who sells or who sell the products, the + +83 +00:06:52,440 --> 00:06:56,600 +goods and services. And the second part is the + +84 +00:06:56,600 --> 00:07:03,600 +consumer or the buyers. The consumers and buyers + +85 +00:07:03,600 --> 00:07:08,460 +here are classified as demand in the market. Here, + +86 +00:07:08,980 --> 00:07:14,160 +demand. And here the producers and sellers are + +87 +00:07:14,160 --> 00:07:17,080 +classified as supply. + +88 +00:07:20,330 --> 00:07:23,970 +So in the market, we have two sides. The right + +89 +00:07:23,970 --> 00:07:26,570 +side here, we have the producers, sorry, the + +90 +00:07:26,570 --> 00:07:29,970 +consumers. And the left side here, we have the + +91 +00:07:29,970 --> 00:07:34,010 +producers. The exchange of goods and services, or + +92 +00:07:34,010 --> 00:07:39,390 +the interaction between the producers and the + +93 +00:07:39,390 --> 00:07:43,610 +consumers here, is called the product's exchange + +94 +00:07:43,610 --> 00:07:50,020 +or interaction. This we call exchange. Okay? Which + +95 +00:07:50,020 --> 00:07:56,440 +depends on some factors, like the prices, like the + +96 +00:07:56,440 --> 00:08:00,320 +consumer income, like the taste preferences. So + +97 +00:08:00,320 --> 00:08:05,520 +many factors affect demand and supply, okay? So + +98 +00:08:05,520 --> 00:08:11,680 +let's go to, I will start analyzing the demand + +99 +00:08:11,680 --> 00:08:19,010 +side. Once we finish the demand side, like the + +100 +00:08:19,010 --> 00:08:20,950 +factors of peak demand, the demand schedule, + +101 +00:08:21,150 --> 00:08:25,010 +demand curve, we will go to analyze the supply + +102 +00:08:25,010 --> 00:08:28,650 +side in detail way. Just to understand the idea, + +103 +00:08:29,130 --> 00:08:31,730 +let us assume that we have a consumer. + +104 +00:08:34,410 --> 00:08:40,370 +So let's begin with demand. I'm going to analyze + +105 +00:08:40,370 --> 00:08:46,070 +the demand side. So the demand side here, + +106 +00:09:00,410 --> 00:09:07,350 +let us assume that we have the following data + +107 +00:09:07,350 --> 00:09:10,250 +about the demand for chicken. + +108 +00:09:17,140 --> 00:09:22,160 +The demand for chicken. The following different + +109 +00:09:22,160 --> 00:09:24,340 +prices, different quantities. + +110 +00:09:32,800 --> 00:09:38,860 +Point price + +111 +00:09:38,860 --> 00:09:41,740 +of a chicken. + +112 +00:09:45,070 --> 00:09:51,250 +Price per kilogram of chicken. Price per kilogram + +113 +00:09:51,250 --> 00:09:57,130 +of chicken. And the quantity demanded or the + +114 +00:09:57,130 --> 00:10:02,330 +quantity purchased of chicken. Quantity demanded + +115 +00:10:02,330 --> 00:10:07,810 +of chicken by kilogram. + +116 +00:10:11,770 --> 00:10:15,230 +Let's assume that we have different observations. + +117 +00:10:25,430 --> 00:10:35,040 +Point A, B, C, D, E, F. Let us assume that we have + +118 +00:10:35,040 --> 00:10:39,900 +different prices for the chicken. The chickens + +119 +00:10:39,900 --> 00:10:44,780 +market here, the price let us assume it was 15 + +120 +00:10:44,780 --> 00:10:51,980 +shekels per kilogram, sorry, five. It has + +121 +00:10:51,980 --> 00:10:57,380 +increased to eight, then to 12. + +122 +00:11:07,060 --> 00:11:14,560 +15, 17, 20. That's it. These are the proposed + +123 +00:11:14,560 --> 00:11:20,840 +prices out of different observations here. Let us + +124 +00:11:20,840 --> 00:11:24,960 +assume that the quantity purchased or the quantity + +125 +00:11:24,960 --> 00:11:30,520 +bought, the quantity demanded of a chicken was + +126 +00:11:33,750 --> 00:11:34,770 +20 kilograms, + +127 +00:11:38,150 --> 00:11:52,770 +15, 10, 7, 5, 1. What do you see? In observation + +128 +00:11:52,770 --> 00:11:59,130 +number 1 at point A here, when the price was 5 + +129 +00:11:59,130 --> 00:12:04,810 +shekels, per kilogram of a chicken. The quota + +130 +00:12:04,810 --> 00:12:10,390 +purchased was 20. Here, the price is cheap, and + +131 +00:12:10,390 --> 00:12:15,210 +the consumer can buy larger quantity of chicken. + +132 +00:12:16,430 --> 00:12:20,990 +When the price increases to eight, at point B + +133 +00:12:20,990 --> 00:12:25,450 +here, the quantity demanded declined or decreased + +134 +00:12:25,450 --> 00:12:30,380 +to 15. The price goes up, the quantity demanded + +135 +00:12:30,380 --> 00:12:35,680 +goes down. This schedule is called, or this table + +136 +00:12:35,680 --> 00:12:39,180 +is called the demand schedule. Demand schedule + +137 +00:12:39,180 --> 00:12:49,560 +means, okay? Let's go to the demand curve, or + +138 +00:12:49,560 --> 00:12:52,960 +let's derive the demand curve. Here we have two + +139 +00:12:52,960 --> 00:12:58,280 +axes, price, and the quantity demanded of a + +140 +00:12:58,280 --> 00:12:58,640 +chicken. + +141 +00:13:02,180 --> 00:13:03,960 +Price of a chicken. + +142 +00:13:09,040 --> 00:13:17,200 +Prices from five to three, + +143 +00:13:18,720 --> 00:13:30,610 +six, nine, twelve, fifteen, 18, 21, 24. + +144 +00:13:33,490 --> 00:13:34,970 +The quantity demanded, + +145 +00:13:39,850 --> 00:13:54,630 +four or three, six, nine, 12, 15, 18, 21, + +146 +00:13:57,130 --> 00:13:59,110 +That's it, 24. + +147 +00:14:02,210 --> 00:14:07,810 +At point A here, the observation number one, when + +148 +00:14:07,810 --> 00:14:12,350 +the price was five shekels, the quota purchased + +149 +00:14:12,350 --> 00:14:18,310 +was 20. So at five, at the price, in this case, or + +150 +00:14:18,310 --> 00:14:21,010 +this is the vertical axis, this is the horizontal + +151 +00:14:21,010 --> 00:14:24,770 +axis. The vertical axis, when the price was five, + +152 +00:14:25,770 --> 00:14:30,910 +Where's five here? The quantity demanded was 20. + +153 +00:14:36,670 --> 00:14:41,130 +This is point A. Point B here, where the price was + +154 +00:14:41,130 --> 00:14:45,870 +eight, the quantity demanded was 15. + +155 +00:14:49,030 --> 00:14:55,660 +Point B. At point C, 12 and 10. + +156 +00:14:59,360 --> 00:15:03,420 +C, D, 15 and 7. + +157 +00:15:07,100 --> 00:15:13,480 +This is point D and point A, 17 and 5. + +158 +00:15:18,560 --> 00:15:24,420 +Point A and point F, the last point, At 21. + +159 +00:15:34,900 --> 00:15:37,720 +Let's connect these points together. + +160 +00:15:43,780 --> 00:15:48,140 +We will reach to the demand curve. This is the + +161 +00:15:48,140 --> 00:15:48,900 +demand curve. + +162 +00:15:53,820 --> 00:15:58,540 +Okay? So the demand curve is the graph that shows + +163 +00:15:58,540 --> 00:16:01,680 +the negative relationship between the prices and + +164 +00:16:01,680 --> 00:16:07,900 +the quantity demanded. It has a downward sloping. + +165 +00:16:08,500 --> 00:16:15,720 +Downward sloping. Negative slope. Negative slope. + +166 +00:16:24,990 --> 00:16:36,510 +Left to right. Downward sloping. From left to + +167 +00:16:36,510 --> 00:16:45,270 +right. Up to down. Okay? Now. + +168 +00:16:47,760 --> 00:16:53,680 +Let's go to something else. Demand curve. Demand + +169 +00:16:53,680 --> 00:16:57,880 +curve is a graph that shows the negative + +170 +00:16:57,880 --> 00:17:01,000 +relationship between the prices and the quantity + +171 +00:17:01,000 --> 00:17:05,480 +demanded. As the price goes up, the quantity + +172 +00:17:05,480 --> 00:17:09,740 +demanded goes down. So the price goes up, the + +173 +00:17:09,740 --> 00:17:12,580 +quantity demanded goes down. The result is + +174 +00:17:12,580 --> 00:17:18,570 +positive times negative, negative. So there is a + +175 +00:17:18,570 --> 00:17:21,270 +negative relationship between the prices and + +176 +00:17:21,270 --> 00:17:24,350 +quantity demanded. In general, this is the demand + +177 +00:17:24,350 --> 00:17:27,950 +theory. Demand theory says that there is a + +178 +00:17:27,950 --> 00:17:30,790 +negative relationship between the prices and the + +179 +00:17:30,790 --> 00:17:35,970 +quantity demanded. As the price goes down, the + +180 +00:17:35,970 --> 00:17:40,950 +quantity demanded goes up. So here, the result is + +181 +00:17:40,950 --> 00:17:44,610 +negative. Negative times positive, negative, okay? + +182 +00:17:46,280 --> 00:17:50,180 +Let's go to supply side. + +183 +00:17:53,280 --> 00:17:54,240 +Okay. + +184 +00:17:56,440 --> 00:18:00,540 +Let's go to the supply side using different + +185 +00:18:00,540 --> 00:18:06,920 +points. Here, we are going to analyze the + +186 +00:18:06,920 --> 00:18:09,680 +relationship between the prices and the quantity + +187 +00:18:09,680 --> 00:18:13,550 +supplied, the quantity sold. In general, in + +188 +00:18:13,550 --> 00:18:18,390 +general, as the price goes up, when the price goes + +189 +00:18:18,390 --> 00:18:23,610 +down, the producers or the sellers, what happens + +190 +00:18:23,610 --> 00:18:27,790 +to them? Of course, they want to produce more, + +191 +00:18:28,170 --> 00:18:31,030 +they will produce more, they will sell more, + +192 +00:18:31,750 --> 00:18:37,910 +because their profits go up or go up. Right? So, + +193 +00:18:38,310 --> 00:18:39,310 +the supply side, + +194 +00:18:50,290 --> 00:18:52,190 +At these prices here. + +195 +00:19:01,450 --> 00:19:05,210 +At these prices as you see here in this schedule, + +196 +00:19:11,040 --> 00:19:14,940 +will study the relationship between the prices and + +197 +00:19:14,940 --> 00:19:18,680 +the quantity sold or the quantity produced or the + +198 +00:19:18,680 --> 00:19:24,180 +quantity supplied. In general, as the price goes + +199 +00:19:24,180 --> 00:19:24,660 +up, + +200 +00:19:30,300 --> 00:19:38,000 +the quantity supplied goes up. So the quantity + +201 +00:19:38,000 --> 00:19:38,640 +supplied + +202 +00:19:41,640 --> 00:19:52,180 +goes up because the price or the profits go up. As + +203 +00:19:52,180 --> 00:19:56,300 +the profit go up, this will encourage the + +204 +00:19:56,300 --> 00:19:58,020 +producers to produce more. + +205 +00:20:00,760 --> 00:20:06,500 +Willingness to sell, will ability to sell is it. + +206 +00:20:13,040 --> 00:20:21,440 +Supply is willingness to + +207 +00:20:21,440 --> 00:20:29,580 +sell or to produce something + +208 +00:20:29,580 --> 00:20:33,700 +and ability + +209 +00:20:35,640 --> 00:20:39,040 +To produce or to sell something or to produce. + +210 +00:20:43,200 --> 00:20:45,580 +The willingness to produce or the willingness to + +211 +00:20:45,580 --> 00:20:49,580 +sell, plus the ability to sell or to produce, here + +212 +00:20:49,580 --> 00:20:56,260 +we have effective supply. Now, the losing of one + +213 +00:20:56,260 --> 00:21:00,620 +of these two conditions means that we have an + +214 +00:21:00,620 --> 00:21:05,620 +ineffective supply, the same as demand. In + +215 +00:21:05,620 --> 00:21:09,200 +general, in general theory, as the price goes up, + +216 +00:21:10,640 --> 00:21:13,800 +the price increases. This will encourage, + +217 +00:21:13,900 --> 00:21:18,360 +encourage means encourage, motivate the producers + +218 +00:21:18,360 --> 00:21:24,220 +to produce more because their profits go up. So + +219 +00:21:24,220 --> 00:21:29,200 +they want to produce more because as the profit + +220 +00:21:29,200 --> 00:21:32,340 +goes up, their willingness to produce increases. + +221 +00:21:34,290 --> 00:21:38,650 +And their ability as profits goes up, their + +222 +00:21:38,650 --> 00:21:45,290 +ability to produce, then their ability to produce + +223 +00:21:45,290 --> 00:21:46,310 +goes up. + +224 +00:21:49,970 --> 00:21:54,410 +Then actually here, as the price goes up, because + +225 +00:21:54,410 --> 00:21:59,790 +supply goes up, this means that There is positive + +226 +00:21:59,790 --> 00:22:02,290 +relationship, positive times positive, positive. + +227 +00:22:02,630 --> 00:22:04,910 +There is a positive relationship between the + +228 +00:22:04,910 --> 00:22:08,090 +prices and the quantity supplied as the price goes + +229 +00:22:08,090 --> 00:22:08,750 +down. + +230 +00:22:11,350 --> 00:22:13,510 +The quantity supplied goes down. Negative, + +231 +00:22:13,710 --> 00:22:17,670 +negative, negative times negative, positive. So in + +232 +00:22:17,670 --> 00:22:21,110 +general, the supply theory says that there is a + +233 +00:22:21,110 --> 00:22:24,250 +positive relationship between the prices and the + +234 +00:22:24,250 --> 00:22:27,850 +quantity supplied. Let's go to this example here. + +235 +00:22:29,420 --> 00:22:32,860 +We assume that we have the following points, the + +236 +00:22:32,860 --> 00:22:37,440 +following observations. As the price per kilogram + +237 +00:22:37,440 --> 00:22:43,120 +of a chicken is five. They lose. In the chicken + +238 +00:22:43,120 --> 00:22:46,880 +farm, they lose. They take from the farm the next + +239 +00:22:46,880 --> 00:22:49,280 +kilo of chicken for five shekels. They go to the + +240 +00:22:49,280 --> 00:22:52,960 +consumer for six and a half, for six. They already + +241 +00:22:52,960 --> 00:22:57,100 +have a big loss. There is a big loss in this. Now, + +242 +00:22:57,400 --> 00:23:00,660 +this tells you They don't want to produce. They + +243 +00:23:00,660 --> 00:23:02,820 +don't want to sell. Most of them are lost. They + +244 +00:23:02,820 --> 00:23:06,140 +shut down. They shut down. They say, I don't want + +245 +00:23:06,140 --> 00:23:10,700 +to raise cows again. This is what happens in + +246 +00:23:10,700 --> 00:23:13,500 +farms. And eventually, the sellers will have fewer + +247 +00:23:13,500 --> 00:23:20,840 +clients. So let's work on two kilograms. This is + +248 +00:23:20,840 --> 00:23:23,760 +the producer thinking. For example, there is a big + +249 +00:23:23,760 --> 00:23:27,520 +loss in the prices, in the achievement prices here + +250 +00:23:27,520 --> 00:23:28,440 +at five. + +251 +00:23:39,970 --> 00:23:44,930 +Because there is a big loss. As the price + +252 +00:23:44,930 --> 00:23:48,010 +increases to eight here, the quantity supplied, + +253 +00:23:48,070 --> 00:23:53,030 +this is the quantity supplied here, QS, goes up as + +254 +00:23:53,030 --> 00:23:59,320 +well. Let us assume it was five. As the price goes + +255 +00:23:59,320 --> 00:24:04,780 +up, their profits will increase. This means that + +256 +00:24:04,780 --> 00:24:09,060 +as the profits goes up, this will encourage them + +257 +00:24:09,060 --> 00:24:11,400 +to produce more and more, to sell more and more. + +258 +00:24:11,860 --> 00:24:15,860 +And the quantities supplied in this case will + +259 +00:24:15,860 --> 00:24:26,200 +increase to 8, to 12, to 17, to 25. That's it. So + +260 +00:24:26,200 --> 00:24:28,200 +there is a positive relationship between the + +261 +00:24:28,200 --> 00:24:31,040 +prices and the quantity supplied. And let us draw. + +262 +00:24:31,660 --> 00:24:34,400 +This is the supplies schedule. + +263 +00:24:40,080 --> 00:24:43,440 +Now let's + +264 +00:24:43,440 --> 00:24:48,280 +draw the graph that shows the supply curve. Okay? + +265 +00:24:54,470 --> 00:24:59,830 +I'm talking about supply, quantity supplied. In + +266 +00:24:59,830 --> 00:25:06,230 +the market, in the market. As the price goes up. + +267 +00:25:10,100 --> 00:25:14,440 +Let us assume that you are the seller, you are the + +268 +00:25:14,440 --> 00:25:19,040 +producer, okay? And you have to think rational, to + +269 +00:25:19,040 --> 00:25:21,160 +take rational, you have to be rational. + +270 +00:25:24,560 --> 00:25:28,780 +Let us assume that the price per kilogram or + +271 +00:25:28,780 --> 00:25:31,900 +something was five. + +272 +00:25:36,470 --> 00:25:39,690 +And let us assume that the price zed in the + +273 +00:25:39,690 --> 00:25:42,830 +market. The price goes up. + +274 +00:25:59,590 --> 00:26:02,650 +That's it. This is the idea. So as the price goes + +275 +00:26:02,650 --> 00:26:06,450 +up, the quantity produced, the quantity sold, the + +276 +00:26:06,450 --> 00:26:10,210 +quantity supplied in the market will go up. + +277 +00:26:10,310 --> 00:26:13,110 +Because as we mentioned that, the producer will + +278 +00:26:13,110 --> 00:26:18,370 +try to maximize their profits by increasing more. + +279 +00:26:19,150 --> 00:26:23,190 +So as the price goes up, the quantity supplied + +280 +00:26:23,190 --> 00:26:25,890 +goes up as well. So let's draw the graph that + +281 +00:26:25,890 --> 00:26:29,760 +shows The relationship between the prices and the + +282 +00:26:29,760 --> 00:26:30,400 +quantity supplied. + +283 +00:26:56,640 --> 00:27:02,460 +Quant supplied with check-in. Price check-in. + +284 +00:27:09,120 --> 00:27:10,520 +Four, + +285 +00:27:12,200 --> 00:27:23,440 +eight, twelve, sixteen, twenty, twenty-four. + +286 +00:27:32,200 --> 00:27:40,760 +Five, ten, fifteen, twenty, twenty-five, thirty. + +287 +00:27:43,820 --> 00:27:48,800 +At point A, when the price was five shekels per + +288 +00:27:48,800 --> 00:27:52,680 +kilogram of chicken, how much is the quant + +289 +00:27:52,680 --> 00:28:00,690 +supplied? two units and five, here maybe, two + +290 +00:28:00,690 --> 00:28:01,170 +units. + +291 +00:28:06,130 --> 00:28:15,630 +No, above. Point A. At point B, as the price was + +292 +00:28:15,630 --> 00:28:17,970 +eight, the quant supplied was five. + +293 +00:28:21,830 --> 00:28:27,470 +Point B. One C, 12 and eight. + +294 +00:28:34,170 --> 00:28:41,590 +C. D, 15 and 12. + +295 +00:28:47,550 --> 00:28:51,430 +E, 17, 17. + +296 +00:29:00,870 --> 00:29:02,810 +F, 20, and 25. + +297 +00:29:05,610 --> 00:29:11,770 +This is the last point here, F. If we connect + +298 +00:29:11,770 --> 00:29:14,850 +these points together, we will reach to the supply + +299 +00:29:14,850 --> 00:29:22,170 +curve. Supply curve from A to B to C to D to E. + +300 +00:29:22,890 --> 00:29:29,690 +This is the supply curve. So what is the supply + +301 +00:29:29,690 --> 00:29:34,280 +curve? It's a line. It's a graph. Shows the + +302 +00:29:34,280 --> 00:29:37,580 +positive relationship between the prices and the + +303 +00:29:37,580 --> 00:29:42,840 +quant supplied. As the price goes up, the quant + +304 +00:29:42,840 --> 00:29:49,060 +supplied goes up as well. This means that here, as + +305 +00:29:49,060 --> 00:29:52,920 +the price goes up from four to eight, the quant + +306 +00:29:52,920 --> 00:29:57,380 +supplied increases from kazak to kazak. As the + +307 +00:29:57,380 --> 00:29:58,400 +price goes up, + +308 +00:30:03,950 --> 00:30:06,530 +So there is a positive relationship between the + +309 +00:30:06,530 --> 00:30:10,830 +prices and equal supply. Who hasn't a problem so + +310 +00:30:10,830 --> 00:30:17,030 +far? Is there a problem? Okay. Yes. + +311 +00:30:22,390 --> 00:30:23,070 +Production? + +312 +00:30:26,650 --> 00:30:29,110 +For demand. Exactly. Yes. Yes. + +313 +00:30:32,500 --> 00:30:33,280 +No. + +314 +00:30:36,760 --> 00:30:39,780 +Here we are talking about two sides in the market. + +315 +00:30:40,420 --> 00:30:48,840 +The buyers and the sellers. Each one of them have + +316 +00:30:48,840 --> 00:30:51,680 +their own decisions. + +317 +00:30:53,430 --> 00:30:57,210 +For the buyers, it's good. When the price goes up, + +318 +00:30:58,030 --> 00:31:00,170 +their willingness, here I'm talking about the + +319 +00:31:00,170 --> 00:31:03,430 +buyers. As the price goes up, their willingness to + +320 +00:31:03,430 --> 00:31:08,130 +buy will go down. All right? And their ability to + +321 +00:31:08,130 --> 00:31:11,520 +buy will go down as well. Because you're talking + +322 +00:31:11,520 --> 00:31:15,520 +about their income, the nominal of their income + +323 +00:31:15,520 --> 00:31:17,840 +will go down. And actually, actually, when the + +324 +00:31:17,840 --> 00:31:21,860 +price goes up. I will come back quickly to this + +325 +00:31:21,860 --> 00:31:29,200 +point here. Here we have two sides. The buyers who + +326 +00:31:29,200 --> 00:31:32,080 +represent demand. + +327 +00:31:35,080 --> 00:31:40,700 +When the price goes up, What happens to their + +328 +00:31:40,700 --> 00:31:46,360 +willingness to buy? It decreases. And what happens + +329 +00:31:46,360 --> 00:31:50,520 +to their ability to buy? Someone used to buy a bag + +330 +00:31:50,520 --> 00:31:53,240 +of flour for 30 shekels and now he has 50 shekels. + +331 +00:31:53,340 --> 00:31:57,680 +His ability to buy will decrease, right? + +332 +00:32:02,630 --> 00:32:06,990 +Here I'm talking about the buyers. Certainly, + +333 +00:32:07,930 --> 00:32:10,530 +their willingness to buy, will ability to buy, + +334 +00:32:11,010 --> 00:32:13,010 +represents the quantity demanded. + +335 +00:32:16,540 --> 00:32:20,520 +Exactly, but the quantity purchased will go down. + +336 +00:32:21,360 --> 00:32:24,600 +It will not reach to zero. Sometimes it will reach + +337 +00:32:24,600 --> 00:32:28,940 +to zero. Sometimes our buying or our purchasing + +338 +00:32:28,940 --> 00:32:31,740 +will be zero. This depends on the elasticity, + +339 +00:32:32,240 --> 00:32:35,180 +which will be discussed later on in Chapter 2, + +340 +00:32:35,240 --> 00:32:41,240 +inshallah. Okay? Do you get it? Okay. Here, about + +341 +00:32:41,240 --> 00:32:42,660 +for the sellers, + +342 +00:32:48,020 --> 00:32:58,100 +who represent the producers or the sellers in the + +343 +00:32:58,100 --> 00:33:03,740 +supply. When the price goes up. Then the ability + +344 +00:33:03,740 --> 00:33:06,800 +to buy will increase. Because profits will + +345 +00:33:06,800 --> 00:33:09,240 +increase, right? And the willingness to buy will + +346 +00:33:09,240 --> 00:33:12,740 +increase. Sorry, to sell. I'm talking about + +347 +00:33:12,740 --> 00:33:17,520 +willingness and ability to produce, to sell. It + +348 +00:33:17,520 --> 00:33:20,720 +will increase. So if I'm like this, if we talk + +349 +00:33:20,720 --> 00:33:24,820 +about quantity supplied, it will increase. Right? + +350 +00:33:25,480 --> 00:33:28,040 +Every size of an animal, right? Yeah, yeah. Does + +351 +00:33:28,040 --> 00:33:31,960 +it have its own factors that affect it? + +352 +00:33:41,700 --> 00:33:50,960 +Each one of them has their own analysis. They have + +353 +00:33:50,960 --> 00:33:54,140 +to think well. They have to think well. They have + +354 +00:33:54,140 --> 00:33:58,010 +to take rational decisions. in terms of the + +355 +00:33:58,010 --> 00:34:00,370 +changes in the factors affecting demand and + +356 +00:34:00,370 --> 00:34:03,250 +supply. But in general, I'm talking about the + +357 +00:34:03,250 --> 00:34:06,610 +effects of a change in prices on the quantity + +358 +00:34:06,610 --> 00:34:10,050 +demanded here for the buyers and here the prices + +359 +00:34:10,050 --> 00:34:13,230 +and the quantity supplied for the producers, okay? + +360 +00:34:13,330 --> 00:34:16,510 +Or the sellers here. Demand side, supply side. + +361 +00:34:17,290 --> 00:34:24,870 +Okay? Let's go to the factors affecting demand. So + +362 +00:34:24,870 --> 00:34:26,890 +let's go to the second point here. + +363 +00:34:29,910 --> 00:34:33,630 +And we will talk about the detail way about the + +364 +00:34:33,630 --> 00:34:35,690 +factors that affect demand. + +365 +00:35:02,280 --> 00:35:06,420 +What are the factors affecting demand, either to + +366 +00:35:06,420 --> 00:35:11,660 +increase or to decrease? Population, this is + +367 +00:35:11,660 --> 00:35:18,580 +number one. One, one by one, yes. The consumer's + +368 +00:35:18,580 --> 00:35:22,800 +income, exactly. Yes, the same point, yes. + +369 +00:35:24,190 --> 00:35:28,130 +Expectation about the future. Yes. Someone else? + +370 +00:35:29,450 --> 00:35:32,750 +The price of other related goods. What else? + +371 +00:35:33,690 --> 00:35:38,550 +Tastes and the preferences. Tastes and the + +372 +00:35:38,550 --> 00:35:43,430 +preferences. Okay? Tastes and the preferences. + +373 +00:35:44,110 --> 00:35:44,390 +Okay. + +374 +00:35:48,240 --> 00:35:52,700 +Okay, let's go to discuss all these factors, what + +375 +00:35:52,700 --> 00:35:55,480 +they call demand determinants. + +376 +00:35:58,820 --> 00:36:04,000 +Demand determinants. + +377 +00:36:08,460 --> 00:36:11,200 +Number one, population. + +378 +00:36:19,780 --> 00:36:25,760 +Or the number of consumers had a number of + +379 +00:36:25,760 --> 00:36:30,900 +consumers equals + +380 +00:36:30,900 --> 00:36:34,180 +the number of consumers. + +381 +00:36:37,980 --> 00:36:42,020 +As the number of buyers, as the population growth, + +382 +00:36:43,720 --> 00:36:46,540 +Or as we have a large or increasing in the number + +383 +00:36:46,540 --> 00:36:53,700 +of consumers, increasing the population or + +384 +00:36:53,700 --> 00:36:58,640 +increasing the number of consumers with a citrus + +385 +00:36:58,640 --> 00:37:03,910 +purpose. Other factors remain consistent. or other + +386 +00:37:03,910 --> 00:37:07,830 +factors remain constant, like the prices, like the + +387 +00:37:07,830 --> 00:37:11,570 +consumer income, like taste and preferences. We + +388 +00:37:11,570 --> 00:37:16,470 +will assume that all of these variables or factors + +389 +00:37:16,470 --> 00:37:21,590 +remain constant. The price remains constant. The + +390 +00:37:21,590 --> 00:37:24,510 +consumer's income remains constant. Taste and + +391 +00:37:24,510 --> 00:37:29,590 +preferences remains constant. But we have a change + +392 +00:37:29,590 --> 00:37:34,090 +in one variable, which means population. As the + +393 +00:37:34,090 --> 00:37:35,730 +population increases. + +394 +00:37:40,410 --> 00:37:52,310 +Exactly. The population declines. + +395 +00:37:54,350 --> 00:37:55,450 +What happens to the demand? + +396 +00:38:01,190 --> 00:38:05,130 +As we mentioned before, that demand curve is a + +397 +00:38:05,130 --> 00:38:08,830 +negative slope. This is the price and the quantity + +398 +00:38:08,830 --> 00:38:13,130 +demanded here. The demand for chicken here, we're + +399 +00:38:13,130 --> 00:38:14,650 +talking about the demand for chicken. + +400 +00:38:19,810 --> 00:38:22,810 +And let us assume we're talking about fresh + +401 +00:38:22,810 --> 00:38:27,930 +chicken, not frozen, as the population increases. + +402 +00:38:29,730 --> 00:38:32,850 +Here, let us assume that the price was seven + +403 +00:38:32,850 --> 00:38:37,990 +shekels per kilogram of a chicken, and the + +404 +00:38:37,990 --> 00:38:41,610 +quantity purchased was 10 kilogram. + +405 +00:38:49,010 --> 00:38:54,490 +According to + +406 +00:38:54,490 --> 00:38:59,250 +our assumption here, this is point F or point A. + +407 +00:39:02,330 --> 00:39:13,670 +according to our assumption. According to + +408 +00:39:13,670 --> 00:39:18,450 +our assumption that the population increases. + +409 +00:39:19,510 --> 00:39:20,690 +What happens to the demand? + +410 +00:39:24,430 --> 00:39:28,680 +Under the fixed prices. The price remains + +411 +00:39:28,680 --> 00:39:35,800 +constant. No change + +412 +00:39:35,800 --> 00:39:39,660 +in the prices, but the quantity demanded by the + +413 +00:39:39,660 --> 00:39:46,500 +people will decrease. Let's say 15 units. If the + +414 +00:39:46,500 --> 00:39:53,360 +price is 9 and people ask for 8 units, if the + +415 +00:39:53,360 --> 00:39:54,180 +price remains at 9, + +416 +00:40:01,190 --> 00:40:04,130 +Demand curve will shift right. + +417 +00:40:08,510 --> 00:40:14,510 +And at + +418 +00:40:14,510 --> 00:40:20,870 +price equals seven, population increases. + +419 +00:40:22,760 --> 00:40:25,060 +the quantity demanded increased. Right? + +420 +00:40:29,740 --> 00:40:36,020 +Rightward shifting. This is demand curve one and + +421 +00:40:36,020 --> 00:40:42,020 +this is D2. There is a full shifting of demand + +422 +00:40:42,020 --> 00:40:46,200 +curve to right as the population increases. + +423 +00:40:50,570 --> 00:40:54,670 +Demand increases and the demand curve shifts + +424 +00:40:54,670 --> 00:41:00,650 +right. Demand curve, they say, it's not Washington + +425 +00:41:00,650 --> 00:41:04,710 +DC. Demand curve shifts right. + +426 +00:41:08,910 --> 00:41:16,230 +All right? All right. Okay. As the population goes + +427 +00:41:16,230 --> 00:41:20,980 +down, The number of population, or the number of + +428 +00:41:20,980 --> 00:41:23,400 +consumers, declines. + +429 +00:41:25,880 --> 00:41:29,520 +With citrus papyrus, with the rest of the world + +430 +00:41:29,520 --> 00:41:33,880 +remaining stable, what happens? Of course, this + +431 +00:41:33,880 --> 00:41:37,920 +will decrease demand, and since they say the + +432 +00:41:37,920 --> 00:41:42,620 +demand curve shifts left. + +433 +00:41:43,760 --> 00:41:51,140 +Where will it come from? The demand to + +434 +00:41:51,140 --> 00:41:56,060 +day three. There is a leftward shifting and demand + +435 +00:41:56,060 --> 00:42:00,020 +curve as the number of consumers decline. Okay? + +436 +00:42:01,860 --> 00:42:02,780 +Okay. + +437 +00:42:18,100 --> 00:42:22,780 +What is the another factor, the second factor or + +438 +00:42:22,780 --> 00:42:26,140 +the second variable affect demand? What else? + +439 +00:42:29,160 --> 00:42:31,480 +The consumer's income. + +440 +00:42:43,160 --> 00:42:48,780 +The consumer income, The number two of the demand + +441 +00:42:48,780 --> 00:42:56,760 +determinants is the consumer's + +442 +00:42:56,760 --> 00:42:57,360 +income. + +443 +00:43:07,720 --> 00:43:13,420 +It's not always increases. This depends on the + +444 +00:43:13,420 --> 00:43:17,040 +type of products, either it was normal or + +445 +00:43:17,040 --> 00:43:21,700 +inferior, right? We will give an example of demand + +446 +00:43:21,700 --> 00:43:26,800 +for inferior goods like lentils. As income goes + +447 +00:43:26,800 --> 00:43:31,800 +up, demand for the inferior goods here will go + +448 +00:43:31,800 --> 00:43:34,940 +down. Not always when your income increases, + +449 +00:43:35,540 --> 00:43:40,790 +demand increases. Then we have to distinguish + +450 +00:43:40,790 --> 00:43:43,750 +between, which is, is there a good product and a + +451 +00:43:43,750 --> 00:43:49,650 +bad product. Okay? So here, like this. The + +452 +00:43:49,650 --> 00:43:54,370 +consumer income depends on two types of products. + +453 +00:43:56,030 --> 00:43:58,170 +Let's take the fresh chicken and the frozen + +454 +00:43:58,170 --> 00:44:02,150 +chicken. Okay? So here, I want to take the fresh + +455 +00:44:02,150 --> 00:44:02,570 +chicken. + +456 +00:44:07,600 --> 00:44:10,940 +And frozen chicken. + +457 +00:44:12,880 --> 00:44:16,100 +When you eat it, it increases. Demand for fresh + +458 +00:44:16,100 --> 00:44:19,420 +chicken, what happens to it? It increases, right? + +459 +00:44:19,640 --> 00:44:27,960 +So this is called normal goods. Normal goods. + +460 +00:44:28,400 --> 00:44:32,520 +Normal goods. + +461 +00:44:37,370 --> 00:44:43,370 +This is called inferior goods. Inferior goods. + +462 +00:44:50,310 --> 00:44:56,470 +Like second-hand clothes, like you know, some + +463 +00:44:56,470 --> 00:45:02,230 +other goods. As the consumer's income goes up, + +464 +00:45:03,250 --> 00:45:06,800 +when people's income increases, The demand for + +465 +00:45:06,800 --> 00:45:13,280 +fresh chicken and some other normal goods will + +466 +00:45:13,280 --> 00:45:17,520 +increase. + +467 +00:45:19,060 --> 00:45:22,640 +As the + +468 +00:45:22,640 --> 00:45:28,140 +consumer's income goes up. What will happen to the + +469 +00:45:28,140 --> 00:45:31,220 +demand for frozen chicken? What will happen to the + +470 +00:45:31,220 --> 00:45:34,900 +demand for secondhand clothes? What will happen to + +471 +00:45:34,900 --> 00:45:36,600 +some other ferry goods? + +472 +00:45:47,740 --> 00:45:50,800 +What is the relationship between the consumer's + +473 +00:45:50,800 --> 00:45:54,240 +income and the demand for normal goods? Positive. + +474 +00:45:54,520 --> 00:45:57,400 +How do you positive times positive? Positive. + +475 +00:45:57,860 --> 00:46:02,120 +Positive relationship between what? Between the + +476 +00:46:02,120 --> 00:46:06,100 +consumer's income and the demand for fresh or for + +477 +00:46:06,100 --> 00:46:11,900 +normal goods in general. What else? What about the + +478 +00:46:11,900 --> 00:46:14,800 +relationship between the consumer income here and + +479 +00:46:14,800 --> 00:46:18,520 +the demand for frozen chicken or inferior goods? + +480 +00:46:18,920 --> 00:46:25,680 +Negative. Positive times + +481 +00:46:25,680 --> 00:46:28,020 +negative, then had a negative relation. + +482 +00:46:31,200 --> 00:46:36,880 +Negative. Negative. Negative. Negative. Negative. + +483 +00:46:36,980 --> 00:46:37,020 +Negative. Negative. Negative. Negative. Negative. + +484 +00:46:37,020 --> 00:46:37,020 +Negative. Negative. Negative. Negative. Negative. + +485 +00:46:37,020 --> 00:46:37,020 +Negative. Negative. Negative. Negative. Negative. + +486 +00:46:37,020 --> 00:46:37,040 +Negative. Negative. Negative. Negative. Negative. + +487 +00:46:37,040 --> 00:46:37,040 +Negative. Negative. Negative. Negative. Negative. + +488 +00:46:37,040 --> 00:46:37,180 +Negative. Negative. Negative. Negative. Negative. + +489 +00:46:37,180 --> 00:46:37,180 +Negative. Negative. Negative. Negative. Negative. + +490 +00:46:37,180 --> 00:46:37,180 +Negative. Negative. Negative. Negative. Negative. + +491 +00:46:37,180 --> 00:46:37,180 +Negative. Negative. Negative. Negative. Negative. + +492 +00:46:37,180 --> 00:46:37,180 +Negative. Negative. Negative. Negative. Negative. + +493 +00:46:37,180 --> 00:46:37,180 +Negative. Negative. Negative. Negative. Negative. + +494 +00:46:37,180 --> 00:46:37,180 +Negative. Negative. Negative. Negative. Negative. + +495 +00:46:37,180 --> 00:46:37,220 +Negative. Negative. Negative. Negative. Negative. + +496 +00:46:37,220 --> 00:46:37,220 +Negative. Negative. Negative. Negative. Negative. + +497 +00:46:37,220 --> 00:46:37,220 +Negative. Negative. Negative. Negative. Negative. + +498 +00:46:37,220 --> 00:46:37,220 +Negative. Negative. Negative. Negative. Negative. + +499 +00:46:37,220 --> 00:46:37,220 +Negative. Negative. Negative. Negative. Negative. + +500 +00:46:37,220 --> 00:46:37,240 +Negative. Negative. Negative. Negative. Negative. + +501 +00:46:38,970 --> 00:46:41,930 +What about the third determinant of demand? + +502 +00:46:44,930 --> 00:46:50,810 +Give us, yes. Expectation about the future, yes. + +503 +00:46:51,810 --> 00:46:55,450 +So the third factor or the third determinant of + +504 +00:46:55,450 --> 00:47:02,010 +demand is what the expectations about the future. + +505 +00:47:05,450 --> 00:47:07,970 +Expectation about the future. + +506 +00:47:13,130 --> 00:47:17,490 +Did you get bored? Yes. Yes? Yes. Yes. Yes. Yes. + +507 +00:47:17,490 --> 00:47:19,070 +Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. + +508 +00:47:19,070 --> 00:47:19,650 +Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. + +509 +00:47:19,650 --> 00:47:20,650 +Yes. Yes. Yes. Yes. + +510 +00:47:26,090 --> 00:47:28,650 +Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. + +511 +00:47:28,650 --> 00:47:31,110 +Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. + +512 +00:47:31,110 --> 00:47:31,210 +Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. + +513 +00:47:31,210 --> 00:47:31,210 +Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. + +514 +00:47:31,210 --> 00:47:33,670 +Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. + +515 +00:47:33,750 --> 00:47:33,870 +Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. + +516 +00:47:33,870 --> 00:47:33,870 +Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. + +517 +00:47:33,870 --> 00:47:36,850 +Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes + +518 +00:47:46,980 --> 00:47:52,000 +We still have a long time. Three, + +519 +00:47:54,100 --> 00:47:58,260 +expectations or expectation about the future. + +520 +00:48:10,930 --> 00:48:16,890 +If the consumer expects that his income or her + +521 +00:48:16,890 --> 00:48:21,170 +income, I'm not biased for male. + +522 +00:48:24,010 --> 00:48:28,170 +As the consumer expects or if he expects that his + +523 +00:48:28,170 --> 00:48:32,150 +income increases, will increase in the future. + +524 +00:48:33,280 --> 00:48:36,020 +What's going to happen? And if we had an + +525 +00:48:36,020 --> 00:48:37,900 +expectation that prices are going to increase, + +526 +00:48:38,020 --> 00:48:40,980 +what's going to happen? So here I'm going to + +527 +00:48:40,980 --> 00:48:47,260 +analyze two things. Future prices and the future + +528 +00:48:47,260 --> 00:48:50,280 +income. Let's figure out the future income here. + +529 +00:48:50,620 --> 00:48:54,980 +We are talking about the future income. + +530 +00:48:57,480 --> 00:49:00,280 +This is 3.1. + +531 +00:49:02,830 --> 00:49:13,290 +As I mentioned that if the consumer expects that + +532 +00:49:13,290 --> 00:49:30,430 +his or her income will increase next month, will + +533 +00:49:30,430 --> 00:49:34,310 +increase Next month. + +534 +00:49:37,750 --> 00:49:43,630 +In the future plan. What will happen in the + +535 +00:49:43,630 --> 00:49:52,450 +current demand? Your income now is $2,000 and it + +536 +00:49:52,450 --> 00:49:55,350 +will become $4,000 next week. What will happen? + +537 +00:49:56,890 --> 00:50:01,090 +The current demand will increase because you are + +538 +00:50:01,090 --> 00:50:02,190 +spending money on what is coming to you. + +539 +00:50:12,980 --> 00:50:14,100 +For chicken. + +540 +00:50:17,420 --> 00:50:19,660 +I'm talking about fresh chicken. When I say + +541 +00:50:19,660 --> 00:50:22,500 +chicken in general, I'm talking about fresh + +542 +00:50:22,500 --> 00:50:23,680 +chicken. It will increase. + +543 +00:50:36,170 --> 00:50:39,390 +Then what is demand here for chicken? Where will + +544 +00:50:39,390 --> 00:50:43,830 +it go? Right where? Chips, right? This is the + +545 +00:50:43,830 --> 00:50:46,630 +current demand. The current demand for fresh + +546 +00:50:46,630 --> 00:50:51,290 +chicken will chip right. If you expect that next + +547 +00:50:51,290 --> 00:50:54,110 +month there will be a crop coming to you, okay? + +548 +00:50:55,960 --> 00:50:58,780 +And the income will go down. And you stop getting + +549 +00:50:58,780 --> 00:51:01,740 +it. Where did it go? Now you say you don't want to + +550 +00:51:01,740 --> 00:51:03,700 +buy it. So instead of buying it, I lower the + +551 +00:51:03,700 --> 00:51:06,220 +quantity that I buy. Right? So here it will + +552 +00:51:06,220 --> 00:51:11,000 +decrease the current demand. Where will it go in + +553 +00:51:11,000 --> 00:51:16,760 +the demand curve? Shifts left. That's it. Okay? So + +554 +00:51:16,760 --> 00:51:23,700 +they call it vice versa. Vice versa and vice + +555 +00:51:23,700 --> 00:51:24,940 +versa. + +556 +00:51:27,630 --> 00:51:33,070 +As the consumer expects that his or her income + +557 +00:51:33,070 --> 00:51:39,650 +will go down next week or next month. Current + +558 +00:51:39,650 --> 00:51:40,170 +demand, + +559 +00:51:43,970 --> 00:51:50,190 +you spend your income or your spending or + +560 +00:51:50,190 --> 00:51:54,430 +allocation of your income depends on the future + +561 +00:51:54,430 --> 00:52:01,040 +income. Okay. What else? What about the + +562 +00:52:01,040 --> 00:52:04,360 +expectation about the prices? Future prices. + +563 +00:52:04,700 --> 00:52:07,300 +Because here I have something else called future + +564 +00:52:07,300 --> 00:52:11,220 +prices. This is part two. Future prices. + +565 +00:52:15,520 --> 00:52:18,980 +If the consumer, let's say you expect tomorrow + +566 +00:52:18,980 --> 00:52:20,920 +that the price of a kilo of chicken will increase + +567 +00:52:20,920 --> 00:52:23,600 +by 20 shekels. The current demand will increase, + +568 +00:52:24,460 --> 00:52:25,900 +right? Correct? + +569 +00:52:28,910 --> 00:52:37,310 +If the consumer expects that his or the price will + +570 +00:52:37,310 --> 00:52:39,750 +go up, + +571 +00:52:41,270 --> 00:52:44,710 +will increase + +572 +00:52:44,710 --> 00:52:45,450 +tomorrow. + +573 +00:52:52,150 --> 00:52:56,550 +What happens in the current demand today? will + +574 +00:52:56,550 --> 00:53:02,970 +increase. So there is + +575 +00:53:02,970 --> 00:53:06,270 +a positive relationship between the expectation + +576 +00:53:06,270 --> 00:53:11,430 +about the future prices with the current demand. + +577 +00:53:11,830 --> 00:53:13,630 +This is positive because this increased and this + +578 +00:53:13,630 --> 00:53:16,490 +increased. Look, as long as the two are going in + +579 +00:53:16,490 --> 00:53:20,550 +the same direction, it will be positive. If they + +580 +00:53:20,550 --> 00:53:23,090 +go against each other, one goes up and one goes + +581 +00:53:23,090 --> 00:53:25,550 +down, it is negative in all cases. + +582 +00:53:29,550 --> 00:53:33,930 +If the expectation is that the price will go down, + +583 +00:53:34,950 --> 00:53:40,870 +the current demand will go down today. Correct? So + +584 +00:53:40,870 --> 00:53:42,910 +in general, there is a positive relationship + +585 +00:53:42,910 --> 00:53:49,310 +between the future income with the current demand, + +586 +00:53:49,510 --> 00:53:54,930 +which is today, and future prices with the current + +587 +00:53:54,930 --> 00:53:58,860 +demand. Had a positive relationship between. + +588 +00:54:01,800 --> 00:54:08,400 +What else? + +589 +00:54:08,820 --> 00:54:15,880 +What is the fourth determinant of demand? Yes. The + +590 +00:54:15,880 --> 00:54:17,520 +price of other related goods. + +591 +00:54:27,340 --> 00:54:29,940 +The price of other related goods. + +592 +00:54:35,340 --> 00:54:44,700 +The price number four, the price of other related + +593 +00:54:44,700 --> 00:54:47,940 +goods. + +594 +00:54:52,720 --> 00:54:57,700 +Here, let's have three examples or three + +595 +00:54:57,700 --> 00:55:01,100 +relationships between the different bundles of + +596 +00:55:01,100 --> 00:55:11,260 +goods. Like meat, + +597 +00:55:12,580 --> 00:55:15,940 +here we have three cases or three types of + +598 +00:55:15,940 --> 00:55:19,540 +relationships between or three types of relations + +599 +00:55:19,540 --> 00:55:24,220 +between the different types of products. In this + +600 +00:55:24,220 --> 00:55:30,820 +case, we have the meat and the chicken or fish. + +601 +00:55:39,300 --> 00:55:44,080 +The second example, fuel and cars. + +602 +00:55:52,270 --> 00:55:53,850 +Anything else that has nothing to do with each + +603 +00:55:53,850 --> 00:55:58,530 +other? I'll give another example. + +604 +00:56:02,670 --> 00:56:03,350 +Mobiles. + +605 +00:56:08,710 --> 00:56:09,390 +Chocolate. + +606 +00:56:15,810 --> 00:56:21,050 +The first example here, we will find that + +607 +00:56:25,920 --> 00:56:29,880 +There is a relationship between meat and fish. + +608 +00:56:30,480 --> 00:56:34,460 +These two products are substitutes. Substitutes + +609 +00:56:34,460 --> 00:56:42,140 +means because here, as the price, you're talking + +610 +00:56:42,140 --> 00:56:45,700 +about prices and demand. + +611 +00:56:48,360 --> 00:56:54,860 +In general, as the price of meat goes up, The + +612 +00:56:54,860 --> 00:56:59,120 +demand for fish or chicken as a substitute goods + +613 +00:56:59,120 --> 00:57:05,220 +will increase. Right? Correct? When the demand for + +614 +00:57:05,220 --> 00:57:08,680 +meat increases, the demand for fish increases. + +615 +00:57:09,160 --> 00:57:13,200 +Right? These names are like that. Increased and + +616 +00:57:13,200 --> 00:57:15,960 +increased. What is the relationship? Positive. + +617 +00:57:16,280 --> 00:57:17,480 +These are substitute goods. + +618 +00:57:24,220 --> 00:57:29,000 +So if the + +619 +00:57:29,000 --> 00:57:34,380 +products are substitutes, there is a positive + +620 +00:57:34,380 --> 00:57:39,040 +relationship between the prices of good X and the + +621 +00:57:39,040 --> 00:57:40,440 +demand for good Y. + +622 +00:57:44,060 --> 00:57:47,980 +If these two products are substitutes, they're + +623 +00:57:47,980 --> 00:57:49,480 +increasing the price of X. + +624 +00:57:53,030 --> 00:57:56,570 +What is demanded for Y increases as well. + +625 +00:57:57,070 --> 00:58:00,530 +Positive, positive, the result is positive. And + +626 +00:58:00,530 --> 00:58:04,870 +vice versa, a declining in the price of meat means + +627 +00:58:04,870 --> 00:58:11,230 +we have a declining demand for fish. The second + +628 +00:58:11,230 --> 00:58:17,430 +case, fuel and cars. As the price of fuel goes up, + +629 +00:58:18,300 --> 00:58:21,580 +The demand for cars goes down. And this is normal. + +630 +00:58:21,840 --> 00:58:23,980 +The higher the price of gasoline, the lower the + +631 +00:58:23,980 --> 00:58:28,500 +demand for cars. So what does this mean? They + +632 +00:58:28,500 --> 00:58:30,920 +complement each other. True. They are called + +633 +00:58:30,920 --> 00:58:39,480 +complement goods. So this is complement goods. + +634 +00:58:40,740 --> 00:58:45,460 +This is positive and negative. The negative + +635 +00:58:45,460 --> 00:58:50,040 +relationship between the price of X and the + +636 +00:58:50,040 --> 00:58:56,200 +quantity demanded of Y. So if these two products + +637 +00:58:56,200 --> 00:59:03,980 +are complements, declining in demand for Y. So + +638 +00:59:03,980 --> 00:59:06,680 +what is the relationship between mobiles and + +639 +00:59:06,680 --> 00:59:08,240 +chocolate? Independent. + +640 +00:59:11,490 --> 00:59:18,290 +Independent kids. All right, so if the price of + +641 +00:59:18,290 --> 00:59:21,950 +mobile increases, what happens to the demand for + +642 +00:59:21,950 --> 00:59:24,430 +chocolate? No changes. + +643 +00:59:33,470 --> 00:59:38,910 +So they call it independent kids. + diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/BBhvHl1irSw_postprocess.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/BBhvHl1irSw_postprocess.srt new file mode 100644 index 0000000000000000000000000000000000000000..c9a4742b08ef64d34c282db0cf74f08858d713dc --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/BBhvHl1irSw_postprocess.srt @@ -0,0 +1,2080 @@ +1 +00:00:20,730 --> 00:00:23,350 +Okay. Today, inshallah, we are going to complete + +2 +00:00:23,350 --> 00:00:25,950 +our talk about the consumer equilibrium, the + +3 +00:00:25,950 --> 00:00:29,930 +consumer behavior. In the last class, we said that + +4 +00:00:29,930 --> 00:00:36,590 +the consumer, or we have two theories to study the + +5 +00:00:36,590 --> 00:00:39,430 +consumer equilibrium, the marginal utility theory, + +6 +00:00:39,790 --> 00:00:41,450 +and this indifference curve theories. + +7 +00:00:44,400 --> 00:00:47,280 +We studied also the marginal utility theory and we + +8 +00:00:47,280 --> 00:00:50,660 +said that the consumer, we have two conditions for + +9 +00:00:50,660 --> 00:00:53,400 +the consumer equilibrium when we use the marginal + +10 +00:00:53,400 --> 00:00:57,980 +utility theory. The first condition is when the + +11 +00:00:57,980 --> 00:01:02,500 +marginal utility of X over the price of X equals + +12 +00:01:02,500 --> 00:01:06,180 +the marginal utility of Y over the price of Y. + +13 +00:01:06,460 --> 00:01:10,300 +Which means when + +14 +00:01:10,300 --> 00:01:14,980 +the last, Dollar spent on product x equals the + +15 +00:01:14,980 --> 00:01:20,540 +last dollar spent on product y. This is the first + +16 +00:01:20,540 --> 00:01:25,600 +condition. And the second was the consumer spends + +17 +00:01:25,600 --> 00:01:30,200 +all of his income to buy only two products, only x + +18 +00:01:30,200 --> 00:01:36,950 +and y, and he allocates this income by to buy two + +19 +00:01:36,950 --> 00:01:42,030 +products X and Y, I income equals price of X times + +20 +00:01:42,030 --> 00:01:46,190 +the quantity X plus price Y times the QY. + +21 +00:01:49,530 --> 00:01:55,330 +So and we had an example. and determine the points + +22 +00:01:55,330 --> 00:01:58,770 +at which the marginal utility of X equals the + +23 +00:01:58,770 --> 00:02:01,570 +marginal utility of Y. Sorry, marginal, the first + +24 +00:02:01,570 --> 00:02:05,810 +condition. And we said that the first condition + +25 +00:02:05,810 --> 00:02:11,050 +might be achieved or preferred at different + +26 +00:02:11,050 --> 00:02:14,130 +quantities or different points. And the second + +27 +00:02:14,130 --> 00:02:21,670 +condition will be met in one case only. which is + +28 +00:02:21,670 --> 00:02:25,770 +or achieves the consumer equilibrium. All right? + +29 +00:02:27,330 --> 00:02:33,470 +Let's have another example, and then we have some + +30 +00:02:33,470 --> 00:02:38,010 +other questions related to this point. So let us + +31 +00:02:38,010 --> 00:02:41,670 +assume that we have the following data about a + +32 +00:02:41,670 --> 00:02:42,210 +consumer. + +33 +00:02:49,440 --> 00:02:54,420 +the quantity consumed x and y and the marginal + +34 +00:02:54,420 --> 00:03:05,080 +utility of x the marginal utility of y mu + +35 +00:03:05,080 --> 00:03:17,520 +x over p x mu y over p y one two three four, five, + +36 +00:03:17,760 --> 00:03:19,800 +five, six, up to six. + +37 +00:03:23,320 --> 00:03:29,060 +One, two, three, four, five, six. That's it. + +38 +00:03:32,160 --> 00:03:39,980 +If the consumer income equals seven and + +39 +00:03:39,980 --> 00:03:44,320 +the price period of X equals one, + +40 +00:03:48,060 --> 00:03:55,100 +And the price of Y equals to what + +41 +00:03:55,100 --> 00:03:58,880 +are the equilibrium quantities of X and Y that + +42 +00:03:58,880 --> 00:04:05,580 +maximizes or maximize the consumer utilities. So + +43 +00:04:05,580 --> 00:04:10,300 +what? Calculate the equilibrium quantities of X + +44 +00:04:10,300 --> 00:04:15,860 +and Y that maximize the consumer total utility. + +45 +00:04:18,440 --> 00:04:23,720 +Calculate QX and Y that + +46 +00:04:23,720 --> 00:04:27,640 +maximize the consumer equilibrium. The first + +47 +00:04:27,640 --> 00:04:32,560 +condition is MUX over PX equals MUY. So the first + +48 +00:04:32,560 --> 00:04:36,620 +solution, MUX, the first condition, MUX over PX + +49 +00:04:36,620 --> 00:04:42,740 +equals the marginal iterative Y over price Y. So + +50 +00:04:42,740 --> 00:04:46,160 +we have to calculate the marginal iterative X over + +51 +00:04:46,160 --> 00:04:51,680 +PX. Sorry, we have to give you the data here. + +52 +00:04:52,220 --> 00:04:54,860 +Yeah, yeah, yeah. We have to give you the marginal + +53 +00:04:54,860 --> 00:04:56,620 +derivative of X and marginal derivative of Y. + +54 +00:04:57,060 --> 00:05:05,100 +Eight, seven, six, five, four, three. The marginal + +55 +00:05:05,100 --> 00:05:11,680 +derivative of Y, 10. Eight, six, four, three, two. + +56 +00:05:13,760 --> 00:05:17,020 +So we have to calculate Mu or to apply the first + +57 +00:05:17,020 --> 00:05:22,280 +condition, Mu x over Px equals, so Mu x over Px, + +58 +00:05:22,760 --> 00:05:29,520 +Mu x, eight over price of x one, eight, seven over + +59 +00:05:29,520 --> 00:05:36,460 +one, seven, six, five, four, three. What about Mu + +60 +00:05:36,460 --> 00:05:45,520 +y over Py? Mu y, 10 over two. the price of Y, 5, + +61 +00:05:45,920 --> 00:05:55,860 +4, 3, 2, 1.5, 1. Where are the points at which the + +62 +00:05:55,860 --> 00:06:00,100 +marginal utility Mux over Px equals the marginal + +63 +00:06:00,100 --> 00:06:03,460 +utility of Y over Py? Where are these points? + +64 +00:06:05,120 --> 00:06:14,080 +Eight, seven, no, six, no, five here. and five. + +65 +00:06:15,180 --> 00:06:20,400 +What else? Four and four, three and three. So four + +66 +00:06:20,400 --> 00:06:25,520 +and four, three and three, yes. + +67 +00:06:47,490 --> 00:06:56,510 +So, at five, the quantum x equals four, qx equals + +68 +00:06:56,510 --> 00:07:00,210 +four, and the qy equals how much? One. + +69 +00:07:03,650 --> 00:07:05,530 +At four, + +70 +00:07:08,410 --> 00:07:12,150 +qx + +71 +00:07:12,150 --> 00:07:21,560 +equals how much? at 4 here equals 5 and Qi 5 and + +72 +00:07:21,560 --> 00:07:25,440 +Qi equals at 4 here equals 2. + +73 +00:07:28,220 --> 00:07:35,460 +At 3, Qx + +74 +00:07:35,460 --> 00:07:42,810 +equals how much? 6. And the QY equals how much? At + +75 +00:07:42,810 --> 00:07:48,810 +three here, equals three. So the first condition + +76 +00:07:48,810 --> 00:07:56,650 +is met at three cases. But what about the second + +77 +00:07:56,650 --> 00:08:02,490 +condition? So here we have to apply or to test the + +78 +00:08:02,490 --> 00:08:09,330 +second condition. The second condition is I equals + +79 +00:08:09,330 --> 00:08:14,090 +price of X times QX plus price of Y times QY. So + +80 +00:08:14,090 --> 00:08:19,390 +under the condition here, I equals or the given + +81 +00:08:19,390 --> 00:08:24,190 +data shows that the consumer's income equals $7 + +82 +00:08:24,190 --> 00:08:31,590 +must equal price of X which is 1. + +83 +00:08:34,600 --> 00:08:42,300 +times QX, which is unknown here, plus price of Y, + +84 +00:08:42,560 --> 00:08:51,700 +how much is it? Two here, times quantity Y. What + +85 +00:08:51,700 --> 00:08:55,700 +are the combination, what is the group, X and Y, + +86 +00:08:56,580 --> 00:09:00,040 +or the boundaries of X and Y that maximizes or + +87 +00:09:00,040 --> 00:09:04,950 +achieves or performs this condition? At five here. + +88 +00:09:06,170 --> 00:09:14,090 +At five here. Seven must equal one times quantum x + +89 +00:09:14,090 --> 00:09:22,050 +four plus two times + +90 +00:09:22,050 --> 00:09:31,130 +quantum y one. Seven. must equal four plus two, + +91 +00:09:31,650 --> 00:09:42,810 +seven here doesn't equal six. So, this second + +92 +00:09:42,810 --> 00:09:50,990 +case at four income + +93 +00:09:50,990 --> 00:10:00,590 +seven equals one times a quantity Y here, sorry x5 + +94 +00:10:00,590 --> 00:10:11,790 +plus 2 times y2 7 + +95 +00:10:11,790 --> 00:10:19,670 +equals 5 plus 4 doesn't equal 7 doesn't equals 9 + +96 +00:10:19,670 --> 00:10:23,870 +the last case + +97 +00:10:27,390 --> 00:10:40,810 +Income seven equals one times six plus two + +98 +00:10:40,810 --> 00:10:42,090 +times three. + +99 +00:10:44,550 --> 00:10:46,210 +Okay, okay, okay. I'm going to put an assumption + +100 +00:10:46,210 --> 00:10:51,230 +again. Let's say consumer income equals nine. + +101 +00:10:51,830 --> 00:10:56,850 +Nine, nine, nine. Income equals 9 with the + +102 +00:10:56,850 --> 00:10:57,310 +assumption. + +103 +00:11:00,670 --> 00:11:02,830 +This assumption we want to assume that income + +104 +00:11:02,830 --> 00:11:03,830 +equals 9. + +105 +00:11:06,730 --> 00:11:10,870 +Then here we want to work on instead of my 7, this + +106 +00:11:10,870 --> 00:11:18,590 +is 9, 9, 9 doesn't, in the first case, 9 doesn't + +107 +00:11:18,590 --> 00:11:28,140 +equal 6. The second case,Nine equals nine. Yes. + +108 +00:11:31,720 --> 00:11:32,440 +One. + +109 +00:11:37,240 --> 00:11:43,220 +That's right. Let's go. Four. And the five here + +110 +00:11:43,220 --> 00:11:44,400 +equals how much? One. + +111 +00:11:49,420 --> 00:11:57,350 +What does the first condition say?Mux over Px must + +112 +00:11:57,350 --> 00:12:00,650 +equal the marginal derivative of Y over Py. + +113 +00:12:23,680 --> 00:12:28,060 +Over PY, this Y is related to Y. So the quantity + +114 +00:12:28,060 --> 00:12:34,120 +consumed of Y equals 1. Then the income here is + +115 +00:12:34,120 --> 00:12:42,680 +not 7, but 9. Okay, then here 9 equals 9. 9 equals + +116 +00:12:42,680 --> 00:12:49,080 +9. In the third case, this will work. This fits + +117 +00:12:49,080 --> 00:12:55,800 +with the condition. And a nine doesn't equal. Nine + +118 +00:12:55,800 --> 00:13:00,540 +doesn't equal eleven. Six. + +119 +00:13:03,340 --> 00:13:09,400 +Okay, twelve. So nine doesn't equal twelve. So I + +120 +00:13:09,400 --> 00:13:13,440 +advise + +121 +00:13:13,440 --> 00:13:18,830 +the consumer to buy how many units here? Then I + +122 +00:13:18,830 --> 00:13:25,250 +advise the consumer or the quantity that maximizes + +123 +00:13:25,250 --> 00:13:31,870 +the consumer equilibrium or maximizes the consumer + +124 +00:13:31,870 --> 00:13:38,800 +total utility is a quantity. How many units? Five + +125 +00:13:38,800 --> 00:13:43,380 +units of x and two units of y. So I advise the + +126 +00:13:43,380 --> 00:13:49,000 +consumer to buy how many units? Quant of x equals + +127 +00:13:49,000 --> 00:13:52,980 +five and quant of y equals two. So I advise the + +128 +00:13:52,980 --> 00:13:57,320 +consumer to buy this bundle of goods, which + +129 +00:13:57,320 --> 00:14:07,000 +maximizes the consumer total utility. Okay? Now, + +130 +00:14:08,800 --> 00:14:15,420 +let us assume that the price of eggs went + +131 +00:14:15,420 --> 00:14:25,680 +down two or increased to + +132 +00:14:25,680 --> 00:14:26,080 +two. + +133 +00:14:37,180 --> 00:14:42,820 +Try a 2 here. How much will it be? We will work on + +134 +00:14:42,820 --> 00:14:44,840 +a new price of X. + +135 +00:14:51,820 --> 00:15:01,420 +It will be 8 over 2. How much is it? 4, 3.5, 3, + +136 +00:15:01,700 --> 00:15:13,810 +correct? 2.5, 2, correct? One point five. What are + +137 +00:15:13,810 --> 00:15:19,150 +the new quantities that maximize or what is the + +138 +00:15:19,150 --> 00:15:22,050 +optimal combination, the optimal group that + +139 +00:15:22,050 --> 00:15:29,110 +maximizes the total utility? So these are the new + +140 +00:15:29,110 --> 00:15:29,730 +data here. + +141 +00:15:33,570 --> 00:15:41,670 +The first condition is made at How much? Four and + +142 +00:15:41,670 --> 00:15:42,170 +four here, + +143 +00:15:46,210 --> 00:15:48,510 +three and three, + +144 +00:15:51,210 --> 00:15:57,350 +two and two, one point half, one point half. So + +145 +00:15:57,350 --> 00:16:05,470 +the first condition is met at four cases. Four, + +146 +00:16:05,950 --> 00:16:12,520 +add four here, So, the first condition is met at + +147 +00:16:12,520 --> 00:16:20,160 +four cases. A new price of X is two, price of Y + +148 +00:16:20,160 --> 00:16:28,340 +remains constant at two. All right? So, at four + +149 +00:16:28,340 --> 00:16:28,880 +here, + +150 +00:16:31,860 --> 00:16:39,210 +what if X equals how much? One. And a QY equals + +151 +00:16:39,210 --> 00:16:46,230 +how much? Two. Add three. + +152 +00:16:48,170 --> 00:16:54,770 +Quant of X equals three. Quant Y equals three as + +153 +00:16:54,770 --> 00:16:55,030 +well. + +154 +00:17:04,950 --> 00:17:12,010 +Quad X equals how much? Five. Quad Y equals how + +155 +00:17:12,010 --> 00:17:20,750 +much? Two. At two, where is it? Four. And at one + +156 +00:17:20,750 --> 00:17:29,350 +and a half, QX equals how much? Six. And QY + +157 +00:17:29,350 --> 00:17:33,810 +equals? Five. Where is it? Five. Yes. + +158 +00:17:44,820 --> 00:17:51,860 +And let us assume that income has changed to 18. + +159 +00:17:58,000 --> 00:18:01,800 +And then assumptions. Let us assume that the + +160 +00:18:01,800 --> 00:18:09,510 +consumer income increased from nine to 18. And the + +161 +00:18:09,510 --> 00:18:15,470 +price of X increases or increase from one to two. + +162 +00:18:17,810 --> 00:18:22,430 +Determine the new equilibrium quantities of X and + +163 +00:18:22,430 --> 00:18:28,710 +Y that maximizes its total utility. So we have to + +164 +00:18:28,710 --> 00:18:31,870 +apply the second case or the second condition. + +165 +00:18:32,790 --> 00:18:38,030 +which is I equals price of X times QX plus price + +166 +00:18:38,030 --> 00:18:44,170 +of Y times QY. So the new equilibrium here, to + +167 +00:18:44,170 --> 00:18:48,370 +determine the new equilibrium quantities of X and + +168 +00:18:48,370 --> 00:18:53,450 +Y that maximize the consumer equilibrium or total + +169 +00:18:53,450 --> 00:18:58,550 +utility, income equals the price of X times QX + +170 +00:18:58,550 --> 00:19:03,210 +plus the price of Y times QY. Under the given + +171 +00:19:03,210 --> 00:19:08,230 +data, the consumer's income equals 18, price of X + +172 +00:19:08,230 --> 00:19:12,470 +equals 2, and the price of Y equals 2 as well. So, + +173 +00:19:13,130 --> 00:19:15,750 +the new condition here, or to apply the second + +174 +00:19:15,750 --> 00:19:22,990 +condition, 18 must equal 2 times QX plus 2 times + +175 +00:19:22,990 --> 00:19:31,710 +QY. Let's apply the first case here. Add 4. Add 4. + +176 +00:19:35,950 --> 00:19:47,490 +18 must equal 2 times qx1 plus 2 times qy2. Is it + +177 +00:19:47,490 --> 00:19:54,670 +acceptable here? 18 equals 2 plus 4. 18 doesn't + +178 +00:19:54,670 --> 00:19:55,770 +equal 6. + +179 +00:19:59,230 --> 00:20:00,770 +Where's the problem? + +180 +00:20:10,880 --> 00:20:12,460 +Here, here, here, here, here, here. + +181 +00:20:16,260 --> 00:20:21,120 +How can we determine the quantity? How can we + +182 +00:20:21,120 --> 00:20:23,700 +apply the first condition? What is the first + +183 +00:20:23,700 --> 00:20:29,160 +condition? MUx over Px equals MUy over Py. All + +184 +00:20:29,160 --> 00:20:34,770 +right? All right. Now N4, I have four, right? This + +185 +00:20:34,770 --> 00:20:40,390 +four is under the column MUX over PX. So it's + +186 +00:20:40,390 --> 00:20:45,790 +related to what? To X. صح؟ إذا ال forehead قدش ال + +187 +00:20:45,790 --> 00:20:52,710 +quantity تبعتها؟ واحد. One. مظبوط؟ طيب ال forehead + +188 +00:20:52,710 --> 00:20:59,910 +it's under the column MUY over PY. صح؟ قدش ال + +189 +00:20:59,910 --> 00:21:07,120 +quantity Y تبعتها؟ Two. That's it.طب تعالى لها هان + +190 +00:21:07,120 --> 00:21:14,060 +هان هيك and the three و ال three هاد طب ال two + +191 +00:21:14,060 --> 00:21:25,520 +تبعت ال X تبعت ال Y طب جربى لها هاد اذا + +192 +00:21:25,520 --> 00:21:34,140 +انفهمتى طيب let's go to the second case ال three + +193 +00:21:34,140 --> 00:21:34,480 +يعنى + +194 +00:21:39,170 --> 00:21:43,850 +What do you see? 18 must equal price of eggs 2 + +195 +00:21:43,850 --> 00:21:52,150 +times 3 plus 2 times 3. 18 must equal 6 plus 6. 18 + +196 +00:21:52,150 --> 00:21:54,150 +must equals 12. + +197 +00:21:58,270 --> 00:22:00,330 +Let's go to the third case. + +198 +00:22:08,960 --> 00:22:14,280 +Eighteen equals the price of eggs two times five + +199 +00:22:14,280 --> 00:22:18,240 +plus two times four. + +200 +00:22:21,380 --> 00:22:25,800 +Eighteen equals ten plus eight. Eighteen equals + +201 +00:22:25,800 --> 00:22:31,830 +eighteen. That's it. So this combination here, x + +202 +00:22:31,830 --> 00:22:35,670 +and y, will maximize the total utility for the + +203 +00:22:35,670 --> 00:22:39,130 +consumer. So I advise, don't try. + +204 +00:23:01,800 --> 00:23:07,840 +So I advise the consumer to + +205 +00:23:07,840 --> 00:23:13,320 +buy how many units of X and how many units of Y? + +206 +00:23:14,680 --> 00:23:19,240 +Five units. Five units. A quad X, five and a QY + +207 +00:23:19,240 --> 00:23:23,560 +equals four to maximize the total utility. The + +208 +00:23:23,560 --> 00:23:29,870 +question is, we have another question here. derive + +209 +00:23:29,870 --> 00:23:34,870 +and draw the demand curve for product X, and + +210 +00:23:34,870 --> 00:23:40,450 +determine if product X is or the demand for + +211 +00:23:40,450 --> 00:23:43,030 +product X, is it elastic or inelastic? + +212 +00:23:47,770 --> 00:23:52,010 +Okay. Here. Okay. + +213 +00:23:56,710 --> 00:24:02,520 +So the question is, Determine or derive and draw + +214 +00:24:02,520 --> 00:24:09,400 +the + +215 +00:24:09,400 --> 00:24:17,480 +demand curve for product + +216 +00:24:17,480 --> 00:24:18,700 +X. + +217 +00:24:24,260 --> 00:24:34,190 +Price of X. One. How much was price of eggs one? + +218 +00:24:35,250 --> 00:24:40,750 +Before changes, it was one. How much was price of + +219 +00:24:40,750 --> 00:24:50,190 +eggs two? How much was quantity of eggs one? + +220 +00:24:53,410 --> 00:24:56,270 +Before changes, it was five? + +221 +00:25:01,010 --> 00:25:04,230 +Quantum of Y is equal to Quantum of X too. How + +222 +00:25:04,230 --> 00:25:05,990 +many times did this happen in Hanna and Hanna? + +223 +00:25:06,270 --> 00:25:07,530 +Five. Why? + +224 +00:25:10,770 --> 00:25:11,910 +Before this situation. + +225 +00:25:15,390 --> 00:25:17,750 +How many times was the Quantum of X that does + +226 +00:25:17,750 --> 00:25:20,810 +utility maximization? Five. How many times did + +227 +00:25:20,810 --> 00:25:23,930 +this happen in this combination? Also five. Okay. + +228 +00:25:27,660 --> 00:25:30,700 +I don't know. How can we determine that this + +229 +00:25:30,700 --> 00:25:34,860 +demand is elastic or inelastic? Of course, let's + +230 +00:25:34,860 --> 00:25:37,460 +draw a demand curve. Let's draw a demand curve. + +231 +00:25:43,780 --> 00:25:48,220 +It will be perfectly inelastic. Perfectly. Wait a + +232 +00:25:48,220 --> 00:25:50,500 +minute. Let's see. This is the table for the + +233 +00:25:50,500 --> 00:25:56,750 +demand curve. Price of X, quantity of X. Price of + +234 +00:25:56,750 --> 00:26:01,830 +eggs, one, two. Quantity of eggs, five and five. + +235 +00:26:02,210 --> 00:26:05,730 +Let's draw the demand curve into perfectly, + +236 +00:26:05,950 --> 00:26:07,470 +perfectly elastic. + +237 +00:26:10,770 --> 00:26:16,750 +Let's set the demand curve here. Price of eggs, + +238 +00:26:17,650 --> 00:26:23,090 +quantity of eggs. Prices, one, two, three, four. + +239 +00:26:26,780 --> 00:26:32,880 +Five. Quantities, one, two, three, four, five, + +240 +00:26:33,280 --> 00:26:40,180 +six. At a price equals one, how much is quantity + +241 +00:26:40,180 --> 00:26:43,060 +X? One, five. + +242 +00:26:46,860 --> 00:26:52,600 +At two here, quantity equals five. This is the + +243 +00:26:52,600 --> 00:26:56,820 +demand curve here. Perfectly inelastic, like the + +244 +00:26:56,820 --> 00:27:00,560 +demand for insulin here. Yes. Because imagine if + +245 +00:27:00,560 --> 00:27:05,280 +the income has changed from month to month, it's + +246 +00:27:05,280 --> 00:27:08,440 +double the change. Double the change, okay. What + +247 +00:27:08,440 --> 00:27:12,780 +does this mean? That means that consumer, whether + +248 +00:27:12,780 --> 00:27:16,020 +you have increased the price or not increased the + +249 +00:27:16,020 --> 00:27:19,280 +price, my income is increased, so I still consume + +250 +00:27:19,280 --> 00:27:25,940 +the same quantities. What does this mean when we + +251 +00:27:25,940 --> 00:27:31,020 +talk about the income elasticity of demand? As + +252 +00:27:31,020 --> 00:27:36,540 +income goes up, the quantity remains constant. So + +253 +00:27:36,540 --> 00:27:42,220 +calculate the income elasticity of demand. Zero. + +254 +00:27:42,800 --> 00:27:47,440 +Zero. Zero. Yeah, zero. Zero. No relation between + +255 +00:27:47,440 --> 00:27:51,300 +income and the quantity consumed. X zero. Right? + +256 +00:27:52,310 --> 00:28:00,070 +No? This is the demand curve. So the demand curve + +257 +00:28:00,070 --> 00:28:02,690 +is perfectly inelastic here. Calculate the total + +258 +00:28:02,690 --> 00:28:05,690 +revenue before and after the change. Or the total + +259 +00:28:05,690 --> 00:28:12,990 +revenue generated from X when the price was 1 and + +260 +00:28:12,990 --> 00:28:16,370 +2. So the total revenue generated for the + +261 +00:28:16,370 --> 00:28:19,790 +producer, total revenue 1, equals the price of X1. + +262 +00:28:20,950 --> 00:28:26,570 +They are talking about X times QX1. So total + +263 +00:28:26,570 --> 00:28:31,810 +revenue before changes in prices, X1, equals 1 + +264 +00:28:31,810 --> 00:28:34,910 +times the quantity consumed, equals 5. Total + +265 +00:28:34,910 --> 00:28:40,510 +revenue, 2. Price of X2 times the quantity + +266 +00:28:40,510 --> 00:28:44,890 +consumed, X2. Total revenue, 2, equals price of + +267 +00:28:44,890 --> 00:28:53,480 +X2, 2 times 5, equals 10. Which means the consumer + +268 +00:28:53,480 --> 00:28:57,200 +here, the producer decision here to increase the + +269 +00:28:57,200 --> 00:29:01,000 +price. What is it? Rational. Rational. Yes. + +270 +00:29:01,280 --> 00:29:02,740 +Because he raised the price and his revenue + +271 +00:29:02,740 --> 00:29:07,400 +increased. This is the producer. Right? Right. + +272 +00:29:08,640 --> 00:29:11,860 +Demand is what? Elastic or inelastic? We said + +273 +00:29:11,860 --> 00:29:14,260 +perfectly inelastic. Perfect. That's it. The + +274 +00:29:14,260 --> 00:29:21,400 +consumer. The consumer what? The consumer pays the + +275 +00:29:21,400 --> 00:29:22,540 +whole of the export in. + +276 +00:29:30,500 --> 00:29:33,100 +Let's go to something else. + +277 +00:29:43,450 --> 00:29:50,390 +Income 1 for product x. Income 1 was 9. Income 2, + +278 +00:29:50,510 --> 00:29:56,870 +I2 equals 18. Quantity of x1 was 5. Quantity of x2 + +279 +00:29:56,870 --> 00:30:00,630 +was also 5. So the income versus the asset of + +280 +00:30:00,630 --> 00:30:03,010 +demand will be the change in quantity of x over + +281 +00:30:03,010 --> 00:30:06,750 +the change in income times the summation of + +282 +00:30:06,750 --> 00:30:08,630 +income. Do you know the formula? You know that + +283 +00:30:08,630 --> 00:30:10,570 +what we took a long time ago turns out to be zero, + +284 +00:30:12,730 --> 00:30:16,650 +right? That's it. All right. Let's go to something + +285 +00:30:16,650 --> 00:30:17,070 +else. + +286 +00:30:23,610 --> 00:30:30,570 +UX. Question. This goes back like this. This is + +287 +00:30:30,570 --> 00:30:35,130 +eight, seven, six, five, four, three. How many + +288 +00:30:35,130 --> 00:30:39,430 +data did we have? Someone tell me the data. Eight. + +289 +00:30:39,810 --> 00:30:49,900 +Eight. Ten. Ten. eight, six, four, three, and two. + +290 +00:30:50,320 --> 00:30:50,540 +Okay. + +291 +00:30:53,660 --> 00:30:55,720 +This is the MUY. + +292 +00:31:04,980 --> 00:31:08,890 +What do you see in this table? As the quantity + +293 +00:31:08,890 --> 00:31:14,910 +consumed of X goes up, the marginal utility of X + +294 +00:31:14,910 --> 00:31:19,090 +goes down, which means that there is a negative + +295 +00:31:19,090 --> 00:31:23,250 +relationship between the quantity consumed and the + +296 +00:31:23,250 --> 00:31:27,950 +marginal utility. What about Y here? As the + +297 +00:31:27,950 --> 00:31:31,310 +quantity consumed of Y increases from one to two + +298 +00:31:31,310 --> 00:31:35,170 +to three to four to six, the marginal utility of Y + +299 +00:31:35,170 --> 00:31:40,350 +goes down as well. which represents the law of + +300 +00:31:40,350 --> 00:31:42,410 +diminishing marginal utility. + +301 +00:31:45,500 --> 00:31:51,020 +The law of decreasing the marginal utility. As the + +302 +00:31:51,020 --> 00:31:55,460 +quantity consumed increases, the marginal utility + +303 +00:31:55,460 --> 00:31:57,940 +goes down, which means there is a negative + +304 +00:31:57,940 --> 00:32:01,280 +relationship between the quantity consumed, the + +305 +00:32:01,280 --> 00:32:04,680 +quantity purchased of X, QX. As the quantity + +306 +00:32:04,680 --> 00:32:11,260 +consumed of X goes up, the marginal utility of X + +307 +00:32:11,260 --> 00:32:13,620 +goes down, which represents the negative + +308 +00:32:13,620 --> 00:32:17,840 +relationship between the quantity consumed and the + +309 +00:32:17,840 --> 00:32:24,100 +marginal utility. All right? Now, let us assume + +310 +00:32:24,100 --> 00:32:31,060 +that the marginal utility of X over PX was bigger + +311 +00:32:31,060 --> 00:32:35,480 +than the marginal utility of Y over PY, which + +312 +00:32:35,480 --> 00:32:40,290 +means Let us assume that the marginal utility of X + +313 +00:32:40,290 --> 00:32:44,150 +over the price of X was bigger than the marginal + +314 +00:32:44,150 --> 00:32:51,550 +utility of Y over the price of Y. What shall the + +315 +00:32:51,550 --> 00:32:59,740 +consumer do to reach the equilibrium?بصير هيك أن + +316 +00:32:59,740 --> 00:33:02,340 +أحياناً أنه ال marginal utility of X over the + +317 +00:33:02,340 --> 00:33:06,540 +price of X is bigger or less than sometimes less. + +318 +00:33:07,380 --> 00:33:10,720 +The marginal utility of Y over the price of Y. + +319 +00:33:11,180 --> 00:33:14,360 +لعنى let us assume that we have an example أنه ال + +320 +00:33:14,360 --> 00:33:20,640 +MUX equals twenty units and the price of X equals + +321 +00:33:20,640 --> 00:33:27,380 +two. And MUY equals thirty. + +322 +00:33:30,270 --> 00:33:39,550 +And price of Y equals five. No, no, no, no. Okay, + +323 +00:33:39,590 --> 00:33:47,610 +five. In this example here, what do you see? The + +324 +00:33:47,610 --> 00:33:53,870 +marginal utility of X over PX, MUX20 over the + +325 +00:33:53,870 --> 00:33:59,050 +price of X2, What about the MUy over Py? MUy 30 + +326 +00:33:59,050 --> 00:34:05,850 +over 5. 10 is bigger than 6. So here, 10 is bigger + +327 +00:34:05,850 --> 00:34:14,690 +than 6. What shall we do to achieve the first + +328 +00:34:14,690 --> 00:34:22,630 +condition, MUx over the price of x equals MUy over + +329 +00:34:22,630 --> 00:34:27,740 +Py? Had a first order condition. How can we meet? + +330 +00:34:28,340 --> 00:34:34,020 +How can we reach to this condition? No, no, no, + +331 +00:34:34,040 --> 00:34:37,440 +no. I'm the consumer. I'm not the producer. So I, + +332 +00:34:37,680 --> 00:34:41,620 +as a consumer, I have to control the marginal + +333 +00:34:41,620 --> 00:34:48,100 +utility by a changes to some changes in the + +334 +00:34:48,100 --> 00:34:54,610 +quantity consumed of X or Y. As the quantity of X + +335 +00:34:54,610 --> 00:34:58,970 +goes up, the marginal utility of X goes down. And + +336 +00:34:58,970 --> 00:35:03,510 +as the quantity of Y goes up, the marginal utility + +337 +00:35:03,510 --> 00:35:07,050 +of Y goes down, and vice versa. There is a + +338 +00:35:07,050 --> 00:35:08,830 +negative relationship between the quantity + +339 +00:35:08,830 --> 00:35:10,970 +consumed and the marginal utility. + +340 +00:35:21,350 --> 00:35:25,270 +I want to reduce the marginal utility of X to 12. + +341 +00:35:26,110 --> 00:35:28,370 +Because if this becomes 12, the marginal utility + +342 +00:35:28,370 --> 00:35:31,730 +of X is 12 divided by 2, which is 6. So 6 equals + +343 +00:35:31,730 --> 00:35:39,770 +6. Or I want to keep this fixed and make this 10. + +344 +00:35:39,950 --> 00:35:44,240 +So this becomes 50.So the available options in + +345 +00:35:44,240 --> 00:35:48,240 +front of me, the chances in front of me is either + +346 +00:35:48,240 --> 00:35:51,640 +to control or either to decrease the marginal + +347 +00:35:51,640 --> 00:35:59,200 +utility of X to reach 12 or increase the marginal + +348 +00:35:59,200 --> 00:36:05,960 +utility of Y to reach 50. How can we do some + +349 +00:36:05,960 --> 00:36:08,560 +modifications or changes to the marginal utility + +350 +00:36:08,560 --> 00:36:11,630 +of X to become Twelve. + +351 +00:36:14,850 --> 00:36:20,890 +How can + +352 +00:36:20,890 --> 00:36:23,810 +we decrease the marginal return of X? + +353 +00:36:27,970 --> 00:36:36,490 +Increasing the quantity consumed of X. How can we + +354 +00:36:36,490 --> 00:36:41,860 +orI work increasing in the marginal utility of Y. + +355 +00:36:42,000 --> 00:36:44,520 +When I subtract the marginal utility of Y, I work + +356 +00:36:44,520 --> 00:36:51,360 +decreasing in the quantity of Y. That's it. Okay. + +357 +00:37:04,150 --> 00:37:08,130 +Tamam? So, if the marginal utility of X over the + +358 +00:37:08,130 --> 00:37:11,110 +price of X was bigger than the marginal utility of + +359 +00:37:11,110 --> 00:37:22,050 +R over PY to reach the equilibrium. We have + +360 +00:37:22,050 --> 00:37:27,150 +to increase the quantity of X, decrease Y, + +361 +00:37:27,290 --> 00:37:30,550 +increase Y, decrease Y, decrease, and so on. Then + +362 +00:37:30,550 --> 00:37:35,710 +if the marginal utility of X over PXis bigger than + +363 +00:37:35,710 --> 00:37:38,110 +the marginal utility of Y. If Y, we have to + +364 +00:37:38,110 --> 00:37:44,830 +decrease the marginal utility of X by increasing + +365 +00:37:44,830 --> 00:37:51,950 +more of X, more quantities of X. That's it. Vice + +366 +00:37:51,950 --> 00:37:59,370 +versa. If H is less than, let's go to something + +367 +00:37:59,370 --> 00:38:03,660 +else. Break. Break. Yes, break. Let's take a break + +368 +00:38:03,660 --> 00:38:06,420 +and then go to indifference scale theory. + +369 +00:38:12,800 --> 00:38:16,980 +Let's go to the second theory, the consumer + +370 +00:38:16,980 --> 00:38:21,820 +equilibrium, which is the indifference scale + +371 +00:38:21,820 --> 00:38:22,280 +theory. + +372 +00:38:25,260 --> 00:38:27,660 +Indifference curve, + +373 +00:38:33,780 --> 00:38:34,500 +Theory. + +374 +00:38:38,940 --> 00:38:39,660 +Difference. + +375 +00:38:43,500 --> 00:38:47,740 +To understand + +376 +00:38:47,740 --> 00:38:50,200 +the idea of indifference curve, let's have the + +377 +00:38:50,200 --> 00:38:53,300 +following example. Let us assume that we are + +378 +00:38:53,300 --> 00:38:56,160 +talking about a consumer and this consumer + +379 +00:38:56,160 --> 00:39:02,060 +consumes different bundles of goods. Milk and + +380 +00:39:02,060 --> 00:39:02,440 +bread. + +381 +00:39:05,760 --> 00:39:09,020 +So, we're talking about a consumer, and this + +382 +00:39:09,020 --> 00:39:13,860 +consumer consumes different combinations of two + +383 +00:39:13,860 --> 00:39:21,180 +goods, X and Y. Product X and product Y. + +384 +00:39:28,180 --> 00:39:30,880 +We're talking about bread. + +385 +00:39:33,220 --> 00:39:34,720 +Bread and milk. + +386 +00:40:06,200 --> 00:40:09,000 +Bundle here. + +387 +00:40:13,140 --> 00:40:14,540 +Bread. + +388 +00:40:19,040 --> 00:40:19,520 +Milk. + +389 +00:40:23,300 --> 00:40:42,440 +Bundle A, B, C and D. Milk, milk. CD, bread, 1, 2, + +390 +00:40:42,640 --> 00:40:47,220 +3, 4. Bread is the quantity of eggs and milk + +391 +00:40:47,220 --> 00:40:55,840 +quantity of Y. Quantity consumed of Y is 10, 6, 4, + +392 +00:40:56,700 --> 00:41:03,960 +3. The total utility obtained when we consume + +393 +00:41:05,010 --> 00:41:09,110 +these bundles of goods, total utility. So let us + +394 +00:41:09,110 --> 00:41:15,330 +assume it was 100 utils, 100, 100, 100. + +395 +00:41:31,750 --> 00:41:34,800 +Let's have here, The marginal rate of + +396 +00:41:34,800 --> 00:41:35,420 +substitution. + +397 +00:41:39,680 --> 00:41:41,540 +Marginal rate of substitution. + +398 +00:42:11,870 --> 00:42:19,410 +In this example, we have a consumer who consumes + +399 +00:42:19,410 --> 00:42:22,830 +different combinations, different groups, + +400 +00:42:23,550 --> 00:42:28,870 +different bundles of goods, X and Y, bread and + +401 +00:42:28,870 --> 00:42:34,470 +milk, two products, bread and milk. The first + +402 +00:42:34,470 --> 00:42:38,030 +combination, the first group, the first bundle X + +403 +00:42:38,030 --> 00:42:42,840 +of a product, bundle A, And this bundle, the + +404 +00:42:42,840 --> 00:42:48,900 +consumer buys or consumes one piece of bread, + +405 +00:42:49,480 --> 00:42:55,320 +milk, sort of bread, and 10 mugs of milk. + +406 +00:42:58,720 --> 00:43:06,000 +This combination, this group gives him or her 100 + +407 +00:43:06,000 --> 00:43:12,790 +utils. That's the measurement. The total utility. + +408 +00:43:14,170 --> 00:43:18,930 +The consumer decided to increase his consumption + +409 +00:43:18,930 --> 00:43:24,010 +of bread to two, and decrease his consumption of + +410 +00:43:24,010 --> 00:43:28,670 +milk, but this combination, this group, gives him + +411 +00:43:28,670 --> 00:43:32,890 +the same total utility, which means if the + +412 +00:43:32,890 --> 00:43:37,070 +consumer consumes one unit, one piece of bread, + +413 +00:43:37,990 --> 00:43:44,610 +and ten nuts, Mugs of milk will give him 100 + +414 +00:43:44,610 --> 00:43:51,730 +utils. If he consumes two pieces of bread and six + +415 +00:43:51,730 --> 00:43:56,210 +cups of milk will give him the same total utility. + +416 +00:43:57,030 --> 00:44:00,950 +Adding one more piece of bread here, three pieces + +417 +00:44:00,950 --> 00:44:05,770 +of bread and four mugs of milk will give him the + +418 +00:44:05,770 --> 00:44:09,870 +same total utility. Well, you see, adding one more + +419 +00:44:09,870 --> 00:44:13,430 +unit here of the bread, we have to give up + +420 +00:44:13,430 --> 00:44:18,950 +additional units of milk to keep the same total + +421 +00:44:18,950 --> 00:44:24,130 +utility. So here in this example, the different + +422 +00:44:24,130 --> 00:44:29,490 +groups of bread and milk, X and Y, will give the + +423 +00:44:29,490 --> 00:44:33,150 +consumer the same total utility. + +424 +00:44:36,150 --> 00:44:46,570 +So it's indifference here. Indifference. He will + +425 +00:44:46,570 --> 00:44:50,150 +gain or obtain the same total utility. + +426 +00:44:51,550 --> 00:44:52,830 +Indifference curve. + +427 +00:44:55,980 --> 00:44:58,660 +What do you see? What about the giving up here? + +428 +00:44:59,480 --> 00:45:03,280 +Adding one more unit of bread, he will give up + +429 +00:45:03,280 --> 00:45:07,100 +four units here. Adding one more unit, giving up + +430 +00:45:07,100 --> 00:45:12,720 +is two. Adding one more unit, giving up is one. + +431 +00:45:15,520 --> 00:45:21,590 +To keep the same total utility, right? So let's + +432 +00:45:21,590 --> 00:45:24,750 +draw the graph here. Let's calculate the marginal + +433 +00:45:24,750 --> 00:45:31,930 +rate of substitution. Marginal rate MRS is the + +434 +00:45:31,930 --> 00:45:35,870 +marginal rate + +435 +00:45:35,870 --> 00:45:38,850 +of substitution. + +436 +00:45:50,030 --> 00:45:53,070 +equals a change in the quantum consumed of Y over + +437 +00:45:53,070 --> 00:45:54,970 +the change of quantum consumed of X. + +438 +00:46:00,810 --> 00:46:07,390 +So let's + +439 +00:46:07,390 --> 00:46:09,610 +calculate for the first point. + +440 +00:46:13,710 --> 00:46:17,270 +this is quantity y1 and quantity y2 right? + +441 +00:46:17,730 --> 00:46:21,410 +quantity x1 and quantity x2 let's calculate the + +442 +00:46:21,410 --> 00:46:24,610 +marginal rate of substitution for the first case 6 + +443 +00:46:24,610 --> 00:46:30,590 +minus 10 over 2 minus 1 so this is like this 6 + +444 +00:46:30,590 --> 00:46:34,290 +minus 10 over 2 minus 1 with the absolute value + +445 +00:46:34,290 --> 00:46:37,270 +which is negative it will be plus something and + +446 +00:46:37,270 --> 00:46:43,980 +minus something else this is equalsMinus 4 over 1 + +447 +00:46:43,980 --> 00:46:51,260 +with absolute value equals 4. What about the + +448 +00:46:51,260 --> 00:46:57,160 +second? 4 minus 6, which is Qy at the point y. + +449 +00:46:57,840 --> 00:47:05,400 +Qy2, which is absolute Qy2 minus Qy1 over Qx2 + +450 +00:47:05,400 --> 00:47:06,480 +minus Qx1. + +451 +00:47:11,570 --> 00:47:18,950 +4 minus 6 over 3 minus 2. If it is like this, it + +452 +00:47:18,950 --> 00:47:25,950 +equals the absolute value 4 minus 6 over 3 minus + +453 +00:47:25,950 --> 00:47:33,310 +2. Minus 2 over 1 equals the absolute value equals + +454 +00:47:33,310 --> 00:47:33,650 +2. + +455 +00:47:37,010 --> 00:47:38,090 +What's next? + +456 +00:47:40,940 --> 00:47:45,380 +3 minus 4 over 4 minus 3 minus 1 with absolute + +457 +00:47:45,380 --> 00:47:50,980 +value equals 1. Let's draw the graph that shows + +458 +00:47:50,980 --> 00:47:55,340 +the relationship between the quantity consumed of + +459 +00:47:55,340 --> 00:47:59,260 +x and the quantity consumed of y. So let's draw + +460 +00:47:59,260 --> 00:47:59,780 +the graph. + +461 +00:48:19,550 --> 00:48:24,650 +Here we have two axes, x-axis and the y-axis. + +462 +00:48:25,370 --> 00:48:30,790 +Quant of x, which is bread here, and the quant of + +463 +00:48:30,790 --> 00:48:31,370 +y here, + +464 +00:48:34,270 --> 00:48:36,230 +bread and milk, here bread. + +465 +00:48:38,930 --> 00:48:41,810 +The quant consumed of bread and the quant consumed + +466 +00:48:41,810 --> 00:48:47,090 +of milk. Quant consumed of bread, one, two, three, + +467 +00:48:47,210 --> 00:48:51,930 +four. One, two,three, four, five. + +468 +00:48:55,870 --> 00:49:01,390 +And why? Two, three, two, four. + +469 +00:49:05,470 --> 00:49:18,710 +Two, three, four, five, six, seven, eight, nine, + +470 +00:49:19,220 --> 00:49:21,760 +Ten. This is the QY. + +471 +00:49:23,920 --> 00:49:28,760 +The first point here, at point A, the quantum + +472 +00:49:28,760 --> 00:49:33,940 +consumed, quantum X, this is QX and QY. Quantum X, + +473 +00:49:34,140 --> 00:49:38,040 +one and ten. One and ten. + +474 +00:49:42,500 --> 00:49:55,540 +This is point A. Point B, two and six point + +475 +00:49:55,540 --> 00:50:04,280 +C three and four four + +476 +00:50:04,280 --> 00:50:10,820 +and three let's + +477 +00:50:10,820 --> 00:50:13,960 +connect these points together we will reach to + +478 +00:50:18,870 --> 00:50:24,070 +The indifference curve. This is the indifference + +479 +00:50:24,070 --> 00:50:29,930 +curve, IC, which gives the consumer, in this case, + +480 +00:50:30,150 --> 00:50:31,710 +total utility equals 100. + +481 +00:50:37,350 --> 00:50:41,310 +These points lies or lie along the indifference + +482 +00:50:41,310 --> 00:50:43,570 +curve. So what is the indifference curve? The + +483 +00:50:43,570 --> 00:50:47,910 +indifference curve is a graph, a line, shows what? + +484 +00:50:48,390 --> 00:50:52,790 +The different groups, group A, group B, group C, + +485 +00:50:53,090 --> 00:51:00,830 +D, that gives or give the consumer the same total + +486 +00:51:00,830 --> 00:51:02,750 +utility. That's it. + +487 +00:51:07,670 --> 00:51:13,310 +He consumes A, or B, or C, or D, or any point + +488 +00:51:13,310 --> 00:51:19,670 +along this curve will give him or her the same + +489 +00:51:19,670 --> 00:51:24,730 +total utility. So any point lies along the + +490 +00:51:24,730 --> 00:51:28,650 +interference curve will give the consumer the same + +491 +00:51:28,650 --> 00:51:35,970 +total utility. All right? The marginal rate of + +492 +00:51:35,970 --> 00:51:36,650 +substitution. + +493 +00:51:39,560 --> 00:51:43,120 +What about the marginal rate of substitution? The + +494 +00:51:43,120 --> 00:51:47,380 +marginal rate of substitution is delta y over + +495 +00:51:47,380 --> 00:51:48,160 +delta x. + +496 +00:51:52,340 --> 00:51:58,020 +The marginal rate of substitution, MRS, is the + +497 +00:51:58,020 --> 00:52:01,480 +change in the quantity of y over the change in the + +498 +00:52:01,480 --> 00:52:04,200 +quantity of x. It is a negative slope. + +499 +00:52:07,070 --> 00:52:09,430 +It looks like the demand curve. + +500 +00:52:14,630 --> 00:52:16,930 +Marginal Rate of Substitution. Come here, like + +501 +00:52:16,930 --> 00:52:23,610 +this. Make your slope. Here. Opposite to adjacent. + +502 +00:52:25,530 --> 00:52:29,590 +Right? Opposite, like this, to adjacent. Come + +503 +00:52:29,590 --> 00:52:32,930 +here. What happens? + +504 +00:52:35,910 --> 00:52:41,190 +The slope begins, right? Do you see the slope + +505 +00:52:41,190 --> 00:52:41,370 +here? + +506 +00:52:45,130 --> 00:52:51,530 +The movement from point A to B to C to D, the + +507 +00:52:51,530 --> 00:52:55,650 +slope is decreasing. Don't bother us, Abu Hamza. + +508 +00:52:56,530 --> 00:53:00,130 +From behind you. How can I walk? + +509 +00:53:04,460 --> 00:53:07,480 +The marginal rate of substitution is decreasing. + +510 +00:53:07,700 --> 00:53:14,640 +This is the graph. What is the slope here? The + +511 +00:53:14,640 --> 00:53:20,840 +slope here is 4. This is the slope of IC. The + +512 +00:53:20,840 --> 00:53:25,480 +marginal rate of substitution with absolute value + +513 +00:53:25,480 --> 00:53:28,960 +is + +514 +00:53:28,960 --> 00:53:31,180 +decreasing. + +515 +00:53:33,100 --> 00:53:39,160 +While we consume additional quantities of x and + +516 +00:53:39,160 --> 00:53:51,320 +less of y. It is + +517 +00:53:51,320 --> 00:53:57,010 +decreasing. The marginal rate of substitution is + +518 +00:53:57,010 --> 00:54:01,770 +decreasing as much as or as the while we add more + +519 +00:54:01,770 --> 00:54:04,110 +or consume one more unit of X. Yes? + +520 +00:54:24,970 --> 00:54:26,370 +substitution. + diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/BBhvHl1irSw_raw.json b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/BBhvHl1irSw_raw.json new file mode 100644 index 0000000000000000000000000000000000000000..bab016ef9d60301fafe9c90a8c93f2495b763b02 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/BBhvHl1irSw_raw.json @@ -0,0 +1 @@ +{"segments": [{"id": 1, "seek": 4145, "start": 20.73, "end": 41.45, "text": " Okay. Today, inshallah, we are going to complete our talk about the consumer equilibrium, the consumer behavior. 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This is the first condition. And the second was the consumer spends all of his income to buy only two products, only x and y, and he allocates this income", "tokens": [32370, 4418, 322, 1674, 2031, 6915, 264, 1036, 7241, 4418, 322, 1674, 288, 13, 639, 307, 264, 700, 4188, 13, 400, 264, 1150, 390, 264, 9711, 25620, 439, 295, 702, 5742, 281, 2256, 787, 732, 3383, 11, 787, 2031, 293, 288, 11, 293, 415, 12660, 1024, 341, 5742], "avg_logprob": -0.16820790329758, "compression_ratio": 1.6115107913669064, "no_speech_prob": 0.0, "words": [{"start": 71.84, "end": 72.26, "word": " Dollar", "probability": 0.50830078125}, {"start": 72.26, "end": 72.78, "word": " spent", "probability": 0.923828125}, {"start": 72.78, "end": 73.28, "word": " on", "probability": 0.94677734375}, {"start": 73.28, "end": 73.86, "word": " product", "probability": 0.80029296875}, {"start": 73.86, "end": 74.24, "word": " x", "probability": 0.4951171875}, {"start": 74.24, "end": 74.78, "word": " equals", "probability": 0.9208984375}, {"start": 74.78, "end": 74.98, "word": " the", "probability": 0.8662109375}, {"start": 74.98, "end": 75.42, "word": " last", "probability": 0.72412109375}, {"start": 75.42, "end": 77.54, "word": " dollar", "probability": 0.92236328125}, {"start": 77.54, "end": 78.02, "word": " spent", "probability": 0.91943359375}, {"start": 78.02, "end": 78.52, "word": " on", "probability": 0.94873046875}, {"start": 78.52, "end": 79.28, "word": " product", "probability": 0.89501953125}, {"start": 79.28, "end": 79.76, "word": " y.", "probability": 0.97998046875}, {"start": 79.9, "end": 80.12, "word": " This", "probability": 0.89501953125}, {"start": 80.12, "end": 80.22, "word": " is", "probability": 0.92724609375}, {"start": 80.22, "end": 80.32, "word": " the", "probability": 0.91748046875}, {"start": 80.32, "end": 80.54, "word": " first", "probability": 0.87890625}, {"start": 80.54, "end": 81.1, "word": " condition.", "probability": 0.95263671875}, {"start": 81.58, "end": 81.7, "word": " And", "probability": 0.8662109375}, {"start": 81.7, "end": 81.86, "word": " the", "probability": 0.91552734375}, {"start": 81.86, "end": 82.18, "word": " second", "probability": 0.90234375}, {"start": 82.18, "end": 82.76, "word": " was", "probability": 0.9365234375}, {"start": 82.76, "end": 84.4, "word": " the", "probability": 0.61767578125}, {"start": 84.4, "end": 84.96, "word": " consumer", "probability": 0.828125}, {"start": 84.96, "end": 85.6, "word": " spends", "probability": 0.8349609375}, {"start": 85.6, "end": 86.04, "word": " all", "probability": 0.95166015625}, {"start": 86.04, "end": 86.18, "word": " of", "probability": 0.8623046875}, {"start": 86.18, "end": 86.38, "word": " his", "probability": 0.94140625}, {"start": 86.38, "end": 86.82, "word": " income", "probability": 0.94482421875}, {"start": 86.82, "end": 87.12, "word": " to", "probability": 0.9677734375}, {"start": 87.12, "end": 87.44, "word": " buy", "probability": 0.92138671875}, {"start": 87.44, "end": 87.82, "word": " only", "probability": 0.389404296875}, {"start": 87.82, "end": 88.18, "word": " two", "probability": 0.91552734375}, {"start": 88.18, "end": 89.4, "word": " products,", "probability": 0.86865234375}, {"start": 89.6, "end": 89.84, "word": " only", "probability": 0.82275390625}, {"start": 89.84, "end": 90.2, "word": " x", "probability": 0.97509765625}, {"start": 90.2, "end": 90.4, "word": " and", "probability": 0.9453125}, {"start": 90.4, "end": 90.76, "word": " y,", "probability": 0.9990234375}, {"start": 91.02, "end": 91.2, "word": " and", "probability": 0.89501953125}, {"start": 91.2, "end": 91.34, "word": " he", "probability": 0.95068359375}, {"start": 91.34, "end": 92.14, "word": " allocates", "probability": 0.967041015625}, {"start": 92.14, "end": 92.74, "word": " this", "probability": 0.9248046875}, {"start": 92.74, "end": 93.28, "word": " income", "probability": 0.953125}], "temperature": 1.0}, {"id": 4, "seek": 11203, "start": 94.23, "end": 112.03, "text": " by to buy two products X and Y, I income equals price of X times the quantity X plus price Y times the QY. So and we had an example.", "tokens": [538, 281, 2256, 732, 3383, 1783, 293, 398, 11, 286, 5742, 6915, 3218, 295, 1783, 1413, 264, 11275, 1783, 1804, 3218, 398, 1413, 264, 1249, 56, 13, 407, 293, 321, 632, 364, 1365, 13], "avg_logprob": -0.2899553622518267, "compression_ratio": 1.2547169811320755, "no_speech_prob": 0.0, "words": [{"start": 94.23, "end": 94.67, "word": " by", "probability": 0.291015625}, {"start": 94.67, "end": 95.93, "word": " to", "probability": 0.58447265625}, {"start": 95.93, "end": 96.27, "word": " buy", "probability": 0.90869140625}, {"start": 96.27, "end": 96.95, "word": " two", "probability": 0.91552734375}, {"start": 96.95, "end": 97.67, "word": " products", "probability": 0.87841796875}, {"start": 97.67, "end": 98.23, "word": " X", "probability": 0.2626953125}, {"start": 98.23, "end": 98.37, "word": " and", "probability": 0.904296875}, {"start": 98.37, "end": 98.73, "word": " Y,", "probability": 0.99560546875}, {"start": 99.45, "end": 100.03, "word": " I", "probability": 0.491943359375}, {"start": 100.03, "end": 100.53, "word": " income", "probability": 0.8408203125}, {"start": 100.53, "end": 101.03, "word": " equals", "probability": 0.91259765625}, {"start": 101.03, "end": 101.33, "word": " price", "probability": 0.84716796875}, {"start": 101.33, "end": 101.51, "word": " of", "probability": 0.8623046875}, {"start": 101.51, "end": 101.71, "word": " X", "probability": 0.978515625}, {"start": 101.71, "end": 102.03, "word": " times", "probability": 0.9091796875}, {"start": 102.03, "end": 102.17, "word": " the", "probability": 0.481201171875}, {"start": 102.17, "end": 102.39, "word": " quantity", "probability": 0.67724609375}, {"start": 102.39, "end": 102.85, "word": " X", "probability": 0.912109375}, {"start": 102.85, "end": 103.83, "word": " plus", "probability": 0.8642578125}, {"start": 103.83, "end": 104.51, "word": " price", "probability": 0.88525390625}, {"start": 104.51, "end": 105.03, "word": " Y", "probability": 0.72216796875}, {"start": 105.03, "end": 105.45, "word": " times", "probability": 0.9130859375}, {"start": 105.45, "end": 105.61, "word": " the", "probability": 0.50732421875}, {"start": 105.61, "end": 106.19, "word": " QY.", "probability": 0.893798828125}, {"start": 109.53, "end": 109.89, "word": " So", "probability": 0.6640625}, {"start": 109.89, "end": 110.87, "word": " and", "probability": 0.36474609375}, {"start": 110.87, "end": 111.03, "word": " we", "probability": 0.96044921875}, {"start": 111.03, "end": 111.29, "word": " had", "probability": 0.84228515625}, {"start": 111.29, "end": 111.55, "word": " an", "probability": 0.9619140625}, {"start": 111.55, "end": 112.03, "word": " example.", "probability": 0.97705078125}], "temperature": 1.0}, {"id": 5, "seek": 13937, "start": 113.25, "end": 139.37, "text": " and determine the points at which the marginal utility of X equals the marginal utility of Y. Sorry, marginal, the first condition. And we said that the first condition might be achieved or preferred at different quantities or different points. And the second condition will be met in one case only.", "tokens": [293, 6997, 264, 2793, 412, 597, 264, 16885, 14877, 295, 1783, 6915, 264, 16885, 14877, 295, 398, 13, 4919, 11, 16885, 11, 264, 700, 4188, 13, 400, 321, 848, 300, 264, 700, 4188, 1062, 312, 11042, 420, 16494, 412, 819, 22927, 420, 819, 2793, 13, 400, 264, 1150, 4188, 486, 312, 1131, 294, 472, 1389, 787, 13], "avg_logprob": -0.1920797408654772, "compression_ratio": 1.7341040462427746, "no_speech_prob": 0.0, "words": [{"start": 113.25, "end": 113.55, "word": " and", "probability": 0.6552734375}, {"start": 113.55, "end": 114.03, "word": " determine", "probability": 0.84716796875}, {"start": 114.03, "end": 114.85, "word": " the", "probability": 0.9140625}, {"start": 114.85, "end": 115.33, "word": " points", "probability": 0.91845703125}, {"start": 115.33, "end": 115.91, "word": " at", "probability": 0.96240234375}, {"start": 115.91, "end": 116.29, "word": " which", "probability": 0.95703125}, {"start": 116.29, "end": 117.01, "word": " the", "probability": 0.890625}, {"start": 117.01, "end": 117.35, "word": " marginal", "probability": 0.75146484375}, {"start": 117.35, "end": 117.65, "word": " utility", "probability": 0.94970703125}, {"start": 117.65, "end": 117.89, "word": " of", "probability": 0.86767578125}, {"start": 117.89, "end": 118.13, "word": " X", "probability": 0.603515625}, {"start": 118.13, "end": 118.59, "word": " equals", "probability": 0.91015625}, {"start": 118.59, "end": 118.77, "word": " the", "probability": 0.76806640625}, {"start": 118.77, "end": 119.05, "word": " marginal", "probability": 0.876953125}, {"start": 119.05, "end": 119.55, "word": " utility", "probability": 0.9560546875}, {"start": 119.55, "end": 119.87, "word": " of", "probability": 0.89599609375}, {"start": 119.87, "end": 120.11, "word": " Y.", "probability": 0.98828125}, {"start": 120.29, "end": 120.45, "word": " Sorry,", "probability": 0.712890625}, {"start": 120.59, "end": 120.85, "word": " marginal,", "probability": 0.82080078125}, {"start": 121.13, "end": 121.27, "word": " the", "probability": 0.892578125}, {"start": 121.27, "end": 121.57, "word": " first", "probability": 0.8828125}, {"start": 121.57, "end": 122.03, "word": " condition.", "probability": 0.95166015625}, {"start": 122.61, "end": 122.83, "word": " And", "probability": 0.75830078125}, {"start": 122.83, "end": 123.39, "word": " we", "probability": 0.919921875}, {"start": 123.39, "end": 123.79, "word": " said", "probability": 0.951171875}, {"start": 123.79, "end": 124.51, "word": " that", "probability": 0.923828125}, {"start": 124.51, "end": 124.91, "word": " the", "probability": 0.8486328125}, {"start": 124.91, "end": 125.19, "word": " first", "probability": 0.87841796875}, {"start": 125.19, "end": 125.81, "word": " condition", "probability": 0.953125}, {"start": 125.81, "end": 126.37, "word": " might", "probability": 0.90185546875}, {"start": 126.37, "end": 127.11, "word": " be", "probability": 0.9580078125}, {"start": 127.11, "end": 128.19, "word": " achieved", "probability": 0.8681640625}, {"start": 128.19, "end": 128.43, "word": " or", "probability": 0.9052734375}, {"start": 128.43, "end": 128.95, "word": " preferred", "probability": 0.75830078125}, {"start": 128.95, "end": 130.59, "word": " at", "probability": 0.8720703125}, {"start": 130.59, "end": 131.05, "word": " different", "probability": 0.884765625}, {"start": 131.05, "end": 131.63, "word": " quantities", "probability": 0.97314453125}, {"start": 131.63, "end": 131.99, "word": " or", "probability": 0.373046875}, {"start": 131.99, "end": 132.27, "word": " different", "probability": 0.86083984375}, {"start": 132.27, "end": 132.79, "word": " points.", "probability": 0.91748046875}, {"start": 133.25, "end": 133.37, "word": " And", "probability": 0.92431640625}, {"start": 133.37, "end": 133.71, "word": " the", "probability": 0.7431640625}, {"start": 133.71, "end": 134.13, "word": " second", "probability": 0.880859375}, {"start": 134.13, "end": 134.97, "word": " condition", "probability": 0.947265625}, {"start": 134.97, "end": 135.81, "word": " will", "probability": 0.80859375}, {"start": 135.81, "end": 136.05, "word": " be", "probability": 0.9580078125}, {"start": 136.05, "end": 136.53, "word": " met", "probability": 0.83447265625}, {"start": 136.53, "end": 137.31, "word": " in", "probability": 0.94580078125}, {"start": 137.31, "end": 137.81, "word": " one", "probability": 0.93310546875}, {"start": 137.81, "end": 138.83, "word": " case", "probability": 0.89208984375}, {"start": 138.83, "end": 139.37, "word": " only.", "probability": 0.9296875}], "temperature": 1.0}, {"id": 6, "seek": 16221, "start": 140.89, "end": 162.21, "text": " which is or achieves the consumer equilibrium. All right? Let's have another example, and then we have some other questions related to this point. So let us assume that we have the following data about a consumer.", "tokens": [597, 307, 420, 3538, 977, 264, 9711, 15625, 13, 1057, 558, 30, 961, 311, 362, 1071, 1365, 11, 293, 550, 321, 362, 512, 661, 1651, 4077, 281, 341, 935, 13, 407, 718, 505, 6552, 300, 321, 362, 264, 3480, 1412, 466, 257, 9711, 13], "avg_logprob": -0.17673611376020643, "compression_ratio": 1.436241610738255, "no_speech_prob": 0.0, "words": [{"start": 140.89, "end": 141.21, "word": " which", "probability": 0.6123046875}, {"start": 141.21, "end": 141.67, "word": " is", "probability": 0.78759765625}, {"start": 141.67, "end": 142.03, "word": " or", "probability": 0.76123046875}, {"start": 142.03, "end": 142.59, "word": " achieves", "probability": 0.935546875}, {"start": 142.59, "end": 142.95, "word": " the", "probability": 0.908203125}, {"start": 142.95, "end": 144.13, "word": " consumer", "probability": 0.82666015625}, {"start": 144.13, "end": 144.97, "word": " equilibrium.", "probability": 0.9609375}, {"start": 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One, two, three, four, five, six. That's it. If the consumer income equals seven and the price period of X equals one,", "tokens": [1451, 11, 1732, 11, 1732, 11, 2309, 11, 493, 281, 2309, 13, 1485, 11, 732, 11, 1045, 11, 1451, 11, 1732, 11, 2309, 13, 663, 311, 309, 13, 759, 264, 9711, 5742, 6915, 3407, 293, 264, 3218, 2896, 295, 1783, 6915, 472, 11], "avg_logprob": -0.18838779018683868, "compression_ratio": 1.3421052631578947, "no_speech_prob": 0.0, "words": [{"start": 195.56, "end": 196.06, "word": " four,", "probability": 0.282470703125}, {"start": 196.52, "end": 197.52, "word": " five,", "probability": 0.92333984375}, {"start": 197.76, "end": 198.1, "word": " five,", "probability": 0.6962890625}, {"start": 198.22, "end": 198.94, "word": " six,", "probability": 0.8388671875}, {"start": 199.2, "end": 199.44, "word": " up", "probability": 0.34765625}, {"start": 199.44, "end": 199.56, "word": " to", "probability": 0.96484375}, {"start": 199.56, "end": 199.8, "word": " six.", "probability": 0.9384765625}, {"start": 203.32, "end": 204.04, "word": " One,", "probability": 0.81787109375}, {"start": 204.3, "end": 205.54, "word": " two,", "probability": 0.9423828125}, {"start": 205.74, "end": 206.04, "word": " three,", "probability": 0.93896484375}, {"start": 206.22, "end": 206.5, "word": " four,", "probability": 0.947265625}, {"start": 206.72, "end": 207.12, "word": " five,", "probability": 0.916015625}, {"start": 207.48, "end": 207.82, "word": " six.", "probability": 0.953125}, {"start": 208.32, "end": 208.88, "word": " That's", "probability": 0.9375}, {"start": 208.88, "end": 209.06, "word": " it.", "probability": 0.95263671875}, {"start": 212.16, "end": 212.84, "word": " If", "probability": 0.95361328125}, {"start": 212.84, "end": 213.02, "word": " the", "probability": 0.91455078125}, {"start": 213.02, "end": 213.54, "word": " consumer", "probability": 0.828125}, {"start": 213.54, "end": 214.28, "word": " income", "probability": 0.92138671875}, {"start": 214.28, "end": 216.38, "word": " equals", "probability": 0.904296875}, {"start": 216.38, "end": 216.86, "word": " seven", "probability": 0.8115234375}, {"start": 216.86, "end": 219.98, "word": " and", "probability": 0.47998046875}, {"start": 219.98, "end": 221.42, "word": " the", "probability": 0.91748046875}, {"start": 221.42, "end": 221.78, "word": " price", "probability": 0.93798828125}, {"start": 221.78, "end": 222.28, "word": " period", "probability": 0.89990234375}, {"start": 222.28, "end": 222.58, "word": " of", "probability": 0.90478515625}, {"start": 222.58, "end": 222.94, "word": " X", "probability": 0.767578125}, {"start": 222.94, "end": 224.02, "word": " equals", "probability": 0.91357421875}, {"start": 224.02, "end": 224.32, "word": " one,", "probability": 0.9111328125}], "temperature": 1.0}, {"id": 9, "seek": 25586, "start": 228.06, "end": 255.86, "text": " And the price of Y equals to what are the equilibrium quantities of X and Y that maximizes or maximize the consumer utilities. So what? Calculate the equilibrium quantities of X and Y that maximize the consumer total utility.", "tokens": [400, 264, 3218, 295, 398, 6915, 281, 437, 366, 264, 15625, 22927, 295, 1783, 293, 398, 300, 5138, 5660, 420, 19874, 264, 9711, 30482, 13, 407, 437, 30, 3511, 2444, 473, 264, 15625, 22927, 295, 1783, 293, 398, 300, 19874, 264, 9711, 3217, 14877, 13], "avg_logprob": -0.20278532219969708, "compression_ratio": 1.7936507936507937, "no_speech_prob": 0.0, "words": [{"start": 228.06, "end": 228.42, "word": " And", "probability": 0.409423828125}, {"start": 228.42, "end": 228.58, "word": " the", "probability": 0.8232421875}, {"start": 228.58, "end": 228.9, "word": " price", "probability": 0.89501953125}, {"start": 228.9, "end": 229.06, "word": " of", "probability": 0.9306640625}, {"start": 229.06, "end": 229.36, "word": " Y", "probability": 0.7890625}, {"start": 229.36, "end": 230.88, "word": " equals", "probability": 0.8134765625}, {"start": 230.88, "end": 231.3, "word": " to", "probability": 0.78466796875}, {"start": 231.3, "end": 235.1, "word": " what", "probability": 0.6484375}, {"start": 235.1, "end": 235.62, "word": " are", "probability": 0.9306640625}, {"start": 235.62, "end": 235.9, "word": " the", "probability": 0.91650390625}, {"start": 235.9, "end": 236.32, "word": " equilibrium", "probability": 0.66015625}, {"start": 236.32, "end": 236.96, "word": " quantities", "probability": 0.91943359375}, {"start": 236.96, "end": 237.26, "word": " of", "probability": 0.87060546875}, {"start": 237.26, "end": 237.44, "word": " X", "probability": 0.9599609375}, {"start": 237.44, "end": 237.64, "word": " and", "probability": 0.92529296875}, {"start": 237.64, "end": 238.06, "word": " Y", "probability": 0.99658203125}, {"start": 238.06, "end": 238.88, "word": " that", "probability": 0.92138671875}, {"start": 238.88, "end": 239.94, "word": " maximizes", "probability": 0.854248046875}, {"start": 239.94, "end": 240.44, "word": " or", "probability": 0.796875}, {"start": 240.44, "end": 240.9, "word": " maximize", "probability": 0.55029296875}, {"start": 240.9, "end": 241.36, "word": " the", "probability": 0.890625}, {"start": 241.36, "end": 241.92, "word": " consumer", "probability": 0.8232421875}, {"start": 241.92, "end": 243.28, "word": " utilities.", "probability": 0.79345703125}, {"start": 244.64, "end": 245.58, "word": " So", "probability": 0.94873046875}, {"start": 245.58, "end": 246.32, "word": " what?", "probability": 0.5146484375}, {"start": 247.1, "end": 247.92, "word": " Calculate", "probability": 0.9762369791666666}, {"start": 247.92, "end": 248.6, "word": " the", "probability": 0.91650390625}, {"start": 248.6, "end": 249.16, "word": " equilibrium", "probability": 0.9150390625}, {"start": 249.16, "end": 249.82, "word": " quantities", "probability": 0.943359375}, {"start": 249.82, "end": 250.08, "word": " of", "probability": 0.9521484375}, {"start": 250.08, "end": 250.3, "word": " X", "probability": 0.98974609375}, {"start": 250.3, "end": 250.48, "word": " and", "probability": 0.94189453125}, {"start": 250.48, "end": 250.74, "word": " Y", "probability": 0.998046875}, {"start": 250.74, "end": 251.08, "word": " that", "probability": 0.93408203125}, {"start": 251.08, "end": 251.92, "word": " maximize", "probability": 0.74755859375}, {"start": 251.92, "end": 253.3, "word": " the", "probability": 0.90087890625}, {"start": 253.3, "end": 254.2, "word": " consumer", "probability": 0.8134765625}, {"start": 254.2, "end": 255.48, "word": " total", "probability": 0.8173828125}, {"start": 255.48, "end": 255.86, "word": " utility.", "probability": 0.85009765625}], "temperature": 1.0}, {"id": 10, "seek": 28674, "start": 258.44, "end": 286.74, "text": " Calculate QX and Y that maximize the consumer equilibrium. The first condition is MUX over PX equals MUY. So the first solution, MUX, the first condition, MUX over PX equals the marginal iterative Y over price Y. So we have to calculate the marginal iterative X over PX.", "tokens": [3511, 2444, 473, 1249, 55, 293, 398, 300, 19874, 264, 9711, 15625, 13, 440, 700, 4188, 307, 17935, 55, 670, 430, 55, 6915, 17935, 56, 13, 407, 264, 700, 3827, 11, 17935, 55, 11, 264, 700, 4188, 11, 17935, 55, 670, 430, 55, 6915, 264, 16885, 17138, 1166, 398, 670, 3218, 398, 13, 407, 321, 362, 281, 8873, 264, 16885, 17138, 1166, 1783, 670, 430, 55, 13], "avg_logprob": -0.183823522837723, "compression_ratio": 1.7151898734177216, "no_speech_prob": 0.0, "words": [{"start": 258.44, "end": 259.18, "word": " Calculate", "probability": 0.8390299479166666}, {"start": 259.18, "end": 259.74, "word": " QX", "probability": 0.4959716796875}, {"start": 259.74, "end": 259.92, "word": " and", "probability": 0.908203125}, {"start": 259.92, "end": 260.18, "word": " Y", "probability": 0.9697265625}, {"start": 260.18, "end": 263.72, "word": " that", "probability": 0.755859375}, {"start": 263.72, "end": 264.52, "word": " maximize", "probability": 0.60693359375}, {"start": 264.52, "end": 265.28, "word": " the", "probability": 0.87255859375}, {"start": 265.28, "end": 265.86, "word": " consumer", "probability": 0.8134765625}, {"start": 265.86, "end": 266.44, "word": " equilibrium.", "probability": 0.93115234375}, {"start": 267.26, "end": 267.38, "word": " The", "probability": 0.89208984375}, {"start": 267.38, "end": 267.64, "word": " first", "probability": 0.88525390625}, {"start": 267.64, "end": 268.1, "word": " condition", "probability": 0.9443359375}, {"start": 268.1, "end": 268.52, "word": " is", "probability": 0.955078125}, {"start": 268.52, "end": 269.44, "word": " MUX", "probability": 0.65185546875}, {"start": 269.44, "end": 269.74, "word": " over", "probability": 0.85302734375}, {"start": 269.74, "end": 270.26, "word": " PX", "probability": 0.988037109375}, {"start": 270.26, "end": 270.76, "word": " equals", "probability": 0.93310546875}, {"start": 270.76, "end": 271.6, "word": " MUY.", "probability": 0.904296875}, {"start": 271.96, "end": 272.1, "word": " So", "probability": 0.94140625}, {"start": 272.1, "end": 272.3, "word": " the", "probability": 0.78955078125}, {"start": 272.3, "end": 272.56, "word": " first", "probability": 0.884765625}, {"start": 272.56, "end": 273.32, "word": " solution,", "probability": 0.8935546875}, {"start": 273.9, "end": 274.56, "word": " MUX,", "probability": 0.858642578125}, {"start": 274.62, "end": 274.76, "word": " the", "probability": 0.91064453125}, {"start": 274.76, "end": 275.0, "word": " first", "probability": 0.88134765625}, {"start": 275.0, "end": 275.4, "word": " condition,", "probability": 0.94482421875}, {"start": 275.52, "end": 275.88, "word": " MUX", "probability": 0.93115234375}, {"start": 275.88, "end": 276.1, "word": " over", "probability": 0.91748046875}, {"start": 276.1, "end": 276.62, "word": " PX", "probability": 0.99560546875}, {"start": 276.62, "end": 277.38, "word": " equals", "probability": 0.80078125}, {"start": 277.38, "end": 277.6, "word": " the", "probability": 0.791015625}, {"start": 277.6, "end": 277.94, "word": " marginal", "probability": 0.7470703125}, {"start": 277.94, "end": 278.3, "word": " iterative", "probability": 0.527587890625}, {"start": 278.3, "end": 278.66, "word": " Y", "probability": 0.93408203125}, {"start": 278.66, "end": 279.06, "word": " over", "probability": 0.92626953125}, {"start": 279.06, "end": 279.54, "word": " price", "probability": 0.87255859375}, {"start": 279.54, "end": 279.92, "word": " Y.", "probability": 0.9716796875}, {"start": 282.26, "end": 282.74, "word": " So", "probability": 0.95263671875}, {"start": 282.74, "end": 283.34, "word": " we", "probability": 0.8251953125}, {"start": 283.34, "end": 283.6, "word": " have", "probability": 0.94189453125}, {"start": 283.6, "end": 283.74, "word": " to", "probability": 0.97314453125}, {"start": 283.74, "end": 284.18, "word": " calculate", "probability": 0.912109375}, {"start": 284.18, "end": 284.66, "word": " the", "probability": 0.9189453125}, {"start": 284.66, "end": 285.06, "word": " marginal", "probability": 0.904296875}, {"start": 285.06, "end": 285.5, "word": " iterative", "probability": 0.93603515625}, {"start": 285.5, "end": 285.84, "word": " X", "probability": 0.970703125}, {"start": 285.84, "end": 286.16, "word": " over", "probability": 0.92724609375}, {"start": 286.16, "end": 286.74, "word": " PX.", "probability": 0.994140625}], "temperature": 1.0}, {"id": 11, "seek": 31168, "start": 288.44, "end": 311.68, "text": " Sorry, we have to give you the data here. Yeah, yeah, yeah. We have to give you the marginal derivative of X and marginal derivative of Y. Eight, seven, six, five, four, three. The marginal derivative of Y, 10. 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What about Mu y over Py? Mu y, 10 over two.", "tokens": [407, 321, 362, 281, 8873, 15601, 420, 281, 3079, 264, 700, 4188, 11, 15601, 2031, 670, 430, 87, 6915, 11, 370, 15601, 2031, 670, 430, 87, 11, 15601, 2031, 11, 3180, 670, 3218, 295, 2031, 472, 11, 3180, 11, 3407, 670, 472, 11, 3407, 11, 2309, 11, 1732, 11, 1451, 11, 1045, 13, 708, 466, 15601, 288, 670, 9953, 30, 15601, 288, 11, 1266, 670, 732, 13], "avg_logprob": -0.22805606398512335, "compression_ratio": 1.506578947368421, "no_speech_prob": 0.0, "words": [{"start": 313.76, "end": 314.04, "word": " So", "probability": 0.86572265625}, {"start": 314.04, "end": 314.24, "word": " we", "probability": 0.76171875}, {"start": 314.24, "end": 314.44, "word": " have", "probability": 0.9423828125}, {"start": 314.44, "end": 314.56, "word": " to", "probability": 0.9736328125}, {"start": 314.56, "end": 315.0, "word": " calculate", "probability": 0.8955078125}, {"start": 315.0, "end": 315.48, "word": " Mu", "probability": 0.254638671875}, {"start": 315.48, "end": 315.84, "word": " or", "probability": 0.48095703125}, {"start": 315.84, "end": 316.08, "word": " to", "probability": 0.95068359375}, {"start": 316.08, "end": 316.48, "word": " apply", "probability": 0.92578125}, {"start": 316.48, "end": 316.72, "word": " the", "probability": 0.9140625}, {"start": 316.72, "end": 317.02, "word": " first", "probability": 0.87939453125}, {"start": 317.02, "end": 317.54, "word": " condition,", "probability": 0.9462890625}, {"start": 317.96, "end": 318.08, "word": " Mu", "probability": 0.76318359375}, {"start": 318.08, "end": 318.38, "word": " x", "probability": 0.6142578125}, {"start": 318.38, "end": 318.62, "word": " over", "probability": 0.90380859375}, {"start": 318.62, "end": 319.14, "word": " Px", "probability": 0.851318359375}, {"start": 319.14, "end": 320.06, "word": " equals,", "probability": 0.79833984375}, {"start": 320.72, "end": 320.86, "word": " so", "probability": 0.93505859375}, {"start": 320.86, "end": 321.24, "word": " Mu", "probability": 0.859375}, {"start": 321.24, "end": 321.46, "word": " x", "probability": 0.9794921875}, {"start": 321.46, "end": 321.7, "word": " over", "probability": 0.91943359375}, {"start": 321.7, "end": 322.28, "word": " Px,", "probability": 0.990478515625}, {"start": 322.76, "end": 323.22, "word": " Mu", "probability": 0.89697265625}, {"start": 323.22, "end": 323.46, "word": " x,", "probability": 0.99267578125}, {"start": 324.1, "end": 324.58, "word": " eight", "probability": 0.72314453125}, {"start": 324.58, "end": 325.18, "word": " over", "probability": 0.89501953125}, {"start": 325.18, "end": 326.12, "word": " price", "probability": 0.3828125}, {"start": 326.12, "end": 326.28, "word": " of", "probability": 0.921875}, {"start": 326.28, "end": 326.5, "word": " x", "probability": 0.75830078125}, {"start": 326.5, "end": 326.8, "word": " one,", "probability": 0.431884765625}, {"start": 327.1, "end": 327.94, "word": " eight,", "probability": 0.88134765625}, {"start": 328.44, "end": 329.22, "word": " seven", "probability": 0.89599609375}, {"start": 329.22, "end": 329.52, "word": " over", "probability": 0.826171875}, {"start": 329.52, "end": 329.74, "word": " one,", "probability": 0.75537109375}, {"start": 329.86, "end": 330.18, "word": " seven,", "probability": 0.86328125}, {"start": 330.68, "end": 331.16, "word": " six,", "probability": 0.94384765625}, {"start": 331.5, "end": 331.9, "word": " five,", "probability": 0.9150390625}, {"start": 332.08, "end": 332.68, "word": " four,", "probability": 0.939453125}, {"start": 332.96, "end": 333.26, "word": " three.", "probability": 0.9404296875}, {"start": 335.46, "end": 335.66, "word": " What", "probability": 0.5888671875}, {"start": 335.66, "end": 335.94, "word": " about", "probability": 0.90771484375}, {"start": 335.94, "end": 336.46, "word": " Mu", "probability": 0.94482421875}, {"start": 336.46, "end": 337.06, "word": " y", "probability": 0.9365234375}, {"start": 337.06, "end": 337.4, "word": " over", "probability": 0.9287109375}, {"start": 337.4, "end": 337.74, "word": " Py?", "probability": 0.85888671875}, {"start": 338.52, "end": 339.1, "word": " Mu", "probability": 0.97802734375}, {"start": 339.1, "end": 339.58, "word": " y,", "probability": 0.98583984375}, {"start": 340.56, "end": 340.96, "word": " 10", "probability": 0.60107421875}, {"start": 340.96, "end": 342.12, "word": " over", "probability": 0.87158203125}, {"start": 342.12, "end": 342.6, "word": " two.", "probability": 0.6064453125}], "temperature": 1.0}, {"id": 13, "seek": 37196, "start": 343.62, "end": 371.96, "text": " the price of Y, 5, 4, 3, 2, 1.5, 1. Where are the points at which the marginal utility Mux over Px equals the marginal utility of Y over Py? Where are these points? Eight, seven, no, six, no, five here.", "tokens": [264, 3218, 295, 398, 11, 1025, 11, 1017, 11, 805, 11, 568, 11, 502, 13, 20, 11, 502, 13, 2305, 366, 264, 2793, 412, 597, 264, 16885, 14877, 376, 2449, 670, 430, 87, 6915, 264, 16885, 14877, 295, 398, 670, 9953, 30, 2305, 366, 613, 2793, 30, 17708, 11, 3407, 11, 572, 11, 2309, 11, 572, 11, 1732, 510, 13], "avg_logprob": -0.2538422092062528, "compression_ratio": 1.4817518248175183, "no_speech_prob": 0.0, "words": [{"start": 343.62, "end": 343.84, "word": " the", "probability": 0.412353515625}, {"start": 343.84, "end": 344.12, "word": " price", "probability": 0.77685546875}, {"start": 344.12, "end": 344.3, "word": " of", "probability": 0.666015625}, {"start": 344.3, "end": 344.6, "word": " Y,", "probability": 0.744140625}, {"start": 344.86, "end": 345.52, "word": " 5,", "probability": 0.548828125}, {"start": 345.92, "end": 346.82, "word": " 4,", "probability": 0.9267578125}, {"start": 347.16, "end": 347.94, "word": " 3,", "probability": 0.984375}, {"start": 348.32, "end": 348.72, "word": " 2,", "probability": 0.96142578125}, {"start": 348.88, "end": 349.32, "word": " 1", "probability": 0.97802734375}, {"start": 349.32, "end": 350.2, "word": ".5,", "probability": 0.75390625}, {"start": 350.88, "end": 351.14, "word": " 1.", "probability": 0.89306640625}, {"start": 352.56, "end": 353.32, "word": " Where", "probability": 0.84814453125}, {"start": 353.32, "end": 353.54, "word": " are", "probability": 0.9375}, {"start": 353.54, "end": 353.7, "word": " the", "probability": 0.91845703125}, {"start": 353.7, "end": 354.16, "word": " points", "probability": 0.927734375}, {"start": 354.16, "end": 354.72, "word": " at", "probability": 0.94287109375}, {"start": 354.72, "end": 355.12, "word": " which", "probability": 0.9560546875}, {"start": 355.12, "end": 355.86, "word": " the", "probability": 0.90771484375}, {"start": 355.86, "end": 356.48, "word": " marginal", "probability": 0.7392578125}, {"start": 356.48, "end": 356.92, "word": " utility", "probability": 0.9091796875}, {"start": 356.92, "end": 357.98, "word": " Mux", "probability": 0.38720703125}, {"start": 357.98, "end": 358.56, "word": " over", "probability": 0.86962890625}, {"start": 358.56, "end": 359.12, "word": " Px", "probability": 0.901123046875}, {"start": 359.12, "end": 359.58, "word": " equals", "probability": 0.93359375}, {"start": 359.58, "end": 359.78, "word": " the", "probability": 0.43798828125}, {"start": 359.78, "end": 360.1, "word": " marginal", "probability": 0.91748046875}, {"start": 360.1, "end": 360.48, "word": " utility", "probability": 0.97021484375}, {"start": 360.48, "end": 360.68, "word": " of", "probability": 0.60546875}, {"start": 360.68, "end": 360.9, "word": " Y", "probability": 0.98291015625}, {"start": 360.9, "end": 361.26, "word": " over", "probability": 0.9208984375}, {"start": 361.26, "end": 361.6, "word": " Py?", "probability": 0.9443359375}, {"start": 362.28, "end": 362.52, "word": " Where", "probability": 0.7041015625}, {"start": 362.52, "end": 362.78, "word": " are", "probability": 0.9375}, {"start": 362.78, "end": 363.08, "word": " these", "probability": 0.84814453125}, {"start": 363.08, "end": 363.46, "word": " points?", "probability": 0.92724609375}, {"start": 365.12, "end": 365.64, "word": " Eight,", "probability": 0.794921875}, {"start": 366.88, "end": 367.66, "word": " seven,", "probability": 0.293701171875}, {"start": 369.72, "end": 369.96, "word": " no,", "probability": 0.591796875}, {"start": 370.22, "end": 370.62, "word": " six,", "probability": 0.8974609375}, {"start": 370.82, "end": 371.08, "word": " no,", "probability": 0.89013671875}, {"start": 371.3, "end": 371.68, "word": " five", "probability": 0.92431640625}, {"start": 371.68, "end": 371.96, "word": " here.", "probability": 0.83544921875}], "temperature": 1.0}, {"id": 14, "seek": 38552, "start": 373.44, "end": 385.52, "text": " and five. What else? Four and four, three and three. So four and four, three and three, yes.", "tokens": [293, 1732, 13, 708, 1646, 30, 7451, 293, 1451, 11, 1045, 293, 1045, 13, 407, 1451, 293, 1451, 11, 1045, 293, 1045, 11, 2086, 13], "avg_logprob": -0.2612680196762085, "compression_ratio": 1.4761904761904763, "no_speech_prob": 0.0, "words": [{"start": 373.44, "end": 373.72, "word": " and", "probability": 0.321044921875}, {"start": 373.72, "end": 374.08, "word": " five.", "probability": 0.67431640625}, {"start": 375.18, "end": 375.54, "word": " What", "probability": 0.8134765625}, {"start": 375.54, "end": 375.88, "word": " else?", "probability": 0.92626953125}, {"start": 376.5, "end": 376.82, "word": " Four", "probability": 0.69970703125}, {"start": 376.82, "end": 377.02, "word": " and", "probability": 0.92236328125}, {"start": 377.02, "end": 377.4, "word": " four,", "probability": 0.9150390625}, {"start": 377.76, "end": 377.94, "word": " three", "probability": 0.93603515625}, {"start": 377.94, "end": 378.14, "word": " and", "probability": 0.90625}, {"start": 378.14, "end": 378.46, "word": " three.", "probability": 0.9482421875}, {"start": 379.46, "end": 379.66, "word": " So", "probability": 0.84765625}, {"start": 379.66, "end": 380.4, "word": " four", "probability": 0.796875}, {"start": 380.4, "end": 382.3, "word": " and", "probability": 0.81689453125}, {"start": 382.3, "end": 382.7, "word": " four,", "probability": 0.94140625}, {"start": 383.94, "end": 384.48, "word": " three", "probability": 0.93798828125}, {"start": 384.48, "end": 384.82, "word": " and", "probability": 0.935546875}, {"start": 384.82, "end": 385.18, "word": " three,", "probability": 0.93798828125}, {"start": 385.36, "end": 385.52, "word": " yes.", "probability": 0.9306640625}], "temperature": 1.0}, {"id": 15, "seek": 43335, "start": 407.49, "end": 433.35, "text": " So, at five, the quantum x equals four, qx equals four, and the qy equals how much? One. At four, qx equals how much?", "tokens": [407, 11, 412, 1732, 11, 264, 13018, 2031, 6915, 1451, 11, 9505, 87, 6915, 1451, 11, 293, 264, 9505, 88, 6915, 577, 709, 30, 1485, 13, 1711, 1451, 11, 9505, 87, 6915, 577, 709, 30], "avg_logprob": -0.2188585036330753, "compression_ratio": 1.4936708860759493, "no_speech_prob": 0.0, "words": [{"start": 407.49, "end": 408.51, "word": " So,", "probability": 0.755859375}, {"start": 408.51, "end": 409.53, "word": " at", "probability": 0.841796875}, {"start": 409.53, "end": 410.07, "word": " five,", "probability": 0.80419921875}, {"start": 411.25, "end": 411.71, "word": " the", "probability": 0.8779296875}, {"start": 411.71, "end": 412.11, "word": " quantum", "probability": 0.8095703125}, {"start": 412.11, "end": 412.59, "word": " x", "probability": 0.611328125}, {"start": 412.59, "end": 413.19, "word": " equals", "probability": 0.9091796875}, {"start": 413.19, "end": 413.67, "word": " four,", "probability": 0.81103515625}, {"start": 414.41, "end": 415.15, "word": " qx", "probability": 0.696044921875}, {"start": 415.15, "end": 416.51, "word": " equals", "probability": 0.89501953125}, {"start": 416.51, "end": 416.81, "word": " four,", "probability": 0.9375}, {"start": 416.91, "end": 417.05, "word": " and", "probability": 0.943359375}, {"start": 417.05, "end": 417.17, "word": " the", "probability": 0.81298828125}, {"start": 417.17, "end": 417.69, "word": " qy", "probability": 0.8955078125}, {"start": 417.69, "end": 418.43, "word": " equals", "probability": 0.93212890625}, {"start": 418.43, "end": 418.63, "word": " how", "probability": 0.888671875}, {"start": 418.63, "end": 419.13, "word": " much?", "probability": 0.91748046875}, {"start": 419.43, "end": 420.21, "word": " One.", "probability": 0.7080078125}, {"start": 423.65, "end": 424.47, "word": " At", "probability": 0.650390625}, {"start": 424.47, "end": 425.53, "word": " four,", "probability": 0.9375}, {"start": 428.41, "end": 432.15, "word": " qx", "probability": 0.969482421875}, {"start": 432.15, "end": 432.65, "word": " equals", "probability": 0.9541015625}, {"start": 432.65, "end": 432.91, "word": " how", "probability": 0.93115234375}, {"start": 432.91, "end": 433.35, "word": " much?", "probability": 0.919921875}], "temperature": 1.0}, {"id": 16, "seek": 45774, "start": 434.38, "end": 457.74, "text": " at 4 here equals 5 and Qi 5 and Qi equals at 4 here equals 2. At 3, Qx equals how much? 6.", "tokens": [412, 1017, 510, 6915, 1025, 293, 21430, 1025, 293, 21430, 6915, 412, 1017, 510, 6915, 568, 13, 1711, 805, 11, 1249, 87, 6915, 577, 709, 30, 1386, 13], "avg_logprob": -0.313577598538892, "compression_ratio": 1.421875, "no_speech_prob": 0.0, "words": [{"start": 434.38, "end": 434.68, "word": " at", "probability": 0.314453125}, {"start": 434.68, "end": 434.98, "word": " 4", "probability": 0.47509765625}, {"start": 434.98, "end": 435.34, "word": " here", "probability": 0.806640625}, {"start": 435.34, "end": 436.52, "word": " equals", "probability": 0.69677734375}, {"start": 436.52, "end": 437.02, "word": " 5", "probability": 0.90478515625}, {"start": 437.02, "end": 437.86, "word": " and", "probability": 0.75}, {"start": 437.86, "end": 438.48, "word": " Qi", "probability": 0.2958984375}, {"start": 438.48, "end": 440.68, "word": " 5", "probability": 0.466064453125}, {"start": 440.68, "end": 441.56, "word": " and", "probability": 0.79833984375}, {"start": 441.56, "end": 442.02, "word": " Qi", "probability": 0.8291015625}, {"start": 442.02, "end": 443.66, "word": " equals", "probability": 0.81005859375}, {"start": 443.66, "end": 443.98, "word": " at", "probability": 0.7587890625}, {"start": 443.98, "end": 444.3, "word": " 4", "probability": 0.90625}, {"start": 444.3, "end": 444.62, "word": " here", "probability": 0.82470703125}, {"start": 444.62, "end": 445.12, "word": " equals", "probability": 0.90380859375}, {"start": 445.12, "end": 445.44, "word": " 2.", "probability": 0.92041015625}, {"start": 448.22, "end": 448.8, "word": " At", "probability": 0.84375}, {"start": 448.8, "end": 449.72, "word": " 3,", "probability": 0.947265625}, {"start": 451.76, "end": 455.46, "word": " Qx", "probability": 0.780029296875}, {"start": 455.46, "end": 456.58, "word": " equals", "probability": 0.93408203125}, {"start": 456.58, "end": 456.82, "word": " how", "probability": 0.85009765625}, {"start": 456.82, "end": 457.26, "word": " much?", "probability": 0.91748046875}, {"start": 457.46, "end": 457.74, "word": " 6.", "probability": 0.8466796875}], "temperature": 1.0}, {"id": 17, "seek": 48343, "start": 459.91, "end": 483.43, "text": " And the QY equals how much? At three here, equals three. So the first condition is met at three cases. But what about the second condition? 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Two here, times quantity Y. 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At five here. Seven must equal one times quantum x four plus two times quantum y one. 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So, this second case at four income seven equals one times a quantity Y here,", "tokens": [1633, 2681, 1451, 1804, 732, 11, 3407, 510, 1177, 380, 2681, 2309, 13, 407, 11, 341, 1150, 1389, 412, 1451, 5742, 3407, 6915, 472, 1413, 257, 11275, 398, 510, 11], "avg_logprob": -0.3293850729542394, "compression_ratio": 1.2884615384615385, "no_speech_prob": 0.0, "words": [{"start": 568.75, "end": 569.13, "word": " must", "probability": 0.646484375}, {"start": 569.13, "end": 569.63, "word": " equal", "probability": 0.865234375}, {"start": 569.63, "end": 570.13, "word": " four", "probability": 0.50830078125}, {"start": 570.13, "end": 570.71, "word": " plus", "probability": 0.9169921875}, {"start": 570.71, "end": 571.13, "word": " two,", "probability": 0.90380859375}, {"start": 571.65, "end": 572.05, "word": " seven", "probability": 0.89013671875}, {"start": 572.05, "end": 573.05, "word": " here", "probability": 0.5927734375}, {"start": 573.05, "end": 573.67, "word": " doesn't", "probability": 0.897216796875}, {"start": 573.67, "end": 574.19, "word": " equal", "probability": 0.89794921875}, {"start": 574.19, "end": 575.25, "word": " six.", "probability": 0.9423828125}, {"start": 575.99, "end": 576.21, "word": " So,", "probability": 0.93310546875}, {"start": 576.89, "end": 577.19, "word": " this", "probability": 0.92724609375}, {"start": 577.19, "end": 582.81, "word": " second", "probability": 0.340087890625}, {"start": 582.81, "end": 584.35, "word": " case", "probability": 0.845703125}, {"start": 584.35, "end": 585.07, "word": " at", "probability": 0.52880859375}, {"start": 585.07, "end": 587.43, "word": " four", "probability": 0.91162109375}, {"start": 587.43, "end": 590.99, "word": " income", "probability": 0.462646484375}, {"start": 590.99, "end": 592.65, "word": " seven", "probability": 0.73876953125}, {"start": 592.65, "end": 594.29, "word": " equals", "probability": 0.927734375}, {"start": 594.29, "end": 594.79, "word": " one", "probability": 0.92724609375}, {"start": 594.79, "end": 596.25, "word": " times", "probability": 0.8984375}, {"start": 596.25, "end": 596.77, "word": " a", "probability": 0.479736328125}, {"start": 596.77, "end": 597.31, "word": " quantity", "probability": 0.95166015625}, {"start": 597.31, "end": 597.65, "word": " Y", "probability": 0.474609375}, {"start": 597.65, "end": 597.93, "word": " here,", "probability": 0.79150390625}], "temperature": 1.0}, {"id": 22, "seek": 62387, "start": 599.11, "end": 623.87, "text": " sorry x5 plus 2 times y2 7 equals 5 plus 4 doesn't equal 7 doesn't equals 9 the last case", "tokens": [2597, 2031, 20, 1804, 568, 1413, 288, 17, 1614, 6915, 1025, 1804, 1017, 1177, 380, 2681, 1614, 1177, 380, 6915, 1722, 264, 1036, 1389], "avg_logprob": -0.4374999904632568, "compression_ratio": 1.2162162162162162, "no_speech_prob": 0.0, "words": [{"start": 599.11, "end": 599.49, "word": " sorry", "probability": 0.309326171875}, {"start": 599.49, "end": 600.59, "word": " x5", "probability": 0.373382568359375}, {"start": 600.59, "end": 602.35, "word": " plus", "probability": 0.59765625}, {"start": 602.35, "end": 604.75, "word": " 2", "probability": 0.7578125}, {"start": 604.75, "end": 607.25, "word": " times", "probability": 0.8056640625}, {"start": 607.25, "end": 608.69, "word": " y2", "probability": 0.6851806640625}, {"start": 608.69, "end": 611.79, "word": " 7", "probability": 0.28466796875}, {"start": 611.79, "end": 612.53, "word": " equals", "probability": 0.8818359375}, {"start": 612.53, "end": 612.89, "word": " 5", "probability": 0.9248046875}, {"start": 612.89, "end": 613.29, "word": " plus", "probability": 0.92724609375}, {"start": 613.29, "end": 613.77, "word": " 4", "probability": 0.970703125}, {"start": 613.77, "end": 615.23, "word": " doesn't", "probability": 0.833740234375}, {"start": 615.23, "end": 615.65, "word": " equal", "probability": 0.87109375}, {"start": 615.65, "end": 617.77, "word": " 7", "probability": 0.2626953125}, {"start": 617.77, "end": 618.63, "word": " doesn't", "probability": 0.92626953125}, {"start": 618.63, "end": 619.25, "word": " equals", "probability": 0.56689453125}, {"start": 619.25, "end": 619.67, "word": " 9", "probability": 0.95703125}, {"start": 619.67, "end": 622.13, "word": " the", "probability": 0.2454833984375}, {"start": 622.13, "end": 623.45, "word": " last", "probability": 0.8779296875}, {"start": 623.45, "end": 623.87, "word": " case", "probability": 0.9189453125}], "temperature": 1.0}, {"id": 23, "seek": 65297, "start": 627.39, "end": 652.97, "text": " Income seven equals one times six plus two times three. Okay, okay, okay. I'm going to put an assumption again. Let's say consumer income equals nine. 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This assumption we want to assume that income equals 9. Then here we want to work on instead of my 7, this is 9, 9, 9 doesn't, in the first case, 9 doesn't equal 6. 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Yes. One. That's right. Let's go. Four. And the five here equals how much? One. What does the first condition say?", "tokens": [45, 533, 6915, 4949, 13, 1079, 13, 1485, 13, 663, 311, 558, 13, 961, 311, 352, 13, 7451, 13, 400, 264, 1732, 510, 6915, 577, 709, 30, 1485, 13, 708, 775, 264, 700, 4188, 584, 30], "avg_logprob": -0.5160472715223158, "compression_ratio": 1.1891891891891893, "no_speech_prob": 0.0, "words": [{"start": 684.5999999999999, "end": 685.3199999999999, "word": "Nine", "probability": 0.489044189453125}, {"start": 685.3199999999999, "end": 686.04, "word": " equals", "probability": 0.4755859375}, {"start": 686.04, "end": 687.34, "word": " nine.", "probability": 0.68408203125}, {"start": 687.98, "end": 688.14, "word": " Yes.", "probability": 0.355712890625}, {"start": 691.72, "end": 692.44, "word": " One.", "probability": 0.30810546875}, {"start": 697.24, "end": 697.96, "word": " That's", "probability": 0.629150390625}, {"start": 697.96, "end": 698.18, "word": " right.", "probability": 0.55859375}, {"start": 698.5, "end": 698.52, "word": " Let's", "probability": 0.62017822265625}, {"start": 698.52, "end": 698.7, "word": " go.", "probability": 0.7021484375}, {"start": 700.7, "end": 701.42, "word": " Four.", "probability": 0.81787109375}, {"start": 702.2, "end": 702.36, "word": " And", "probability": 0.48095703125}, {"start": 702.36, "end": 702.54, "word": " the", "probability": 0.37890625}, {"start": 702.54, "end": 702.88, "word": " five", "probability": 0.73291015625}, {"start": 702.88, "end": 703.22, "word": " here", "probability": 0.505859375}, {"start": 703.22, "end": 703.58, "word": " equals", "probability": 0.41064453125}, {"start": 703.58, "end": 703.8, "word": " how", "probability": 0.411376953125}, {"start": 703.8, "end": 704.04, "word": " much?", "probability": 0.6640625}, {"start": 704.1, "end": 704.4, "word": " One.", "probability": 0.9052734375}, {"start": 709.42, "end": 710.14, "word": " What", "probability": 0.53857421875}, {"start": 710.14, "end": 710.38, "word": " does", "probability": 0.8701171875}, {"start": 710.38, "end": 711.34, "word": " the", "probability": 0.83544921875}, {"start": 711.34, "end": 711.58, "word": " first", "probability": 0.8125}, {"start": 711.58, "end": 712.04, "word": " condition", "probability": 0.9677734375}, {"start": 712.04, "end": 712.42, "word": " say?", "probability": 0.92822265625}], "temperature": 1.0}, {"id": 26, "seek": 72065, "start": 713.59, "end": 720.65, "text": "Mux over Px must equal the marginal derivative of Y over Py.", "tokens": [44, 2449, 670, 430, 87, 1633, 2681, 264, 16885, 13760, 295, 398, 670, 9953, 13], "avg_logprob": -0.4169921949505806, "compression_ratio": 0.9836065573770492, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 713.59, "end": 714.19, "word": "Mux", "probability": 0.654052734375}, {"start": 714.19, "end": 715.39, "word": " over", "probability": 0.705078125}, {"start": 715.39, "end": 716.05, "word": " Px", "probability": 0.74072265625}, {"start": 716.05, "end": 717.35, "word": " must", "probability": 0.84228515625}, {"start": 717.35, "end": 717.99, "word": " equal", "probability": 0.888671875}, {"start": 717.99, "end": 718.89, "word": " the", "probability": 0.8232421875}, {"start": 718.89, "end": 719.25, "word": " marginal", "probability": 0.78466796875}, {"start": 719.25, "end": 719.65, "word": " derivative", "probability": 0.340087890625}, {"start": 719.65, "end": 719.85, "word": " of", "probability": 0.8203125}, {"start": 719.85, "end": 720.03, "word": " Y", "probability": 0.61572265625}, {"start": 720.03, "end": 720.27, "word": " over", "probability": 0.91845703125}, {"start": 720.27, "end": 720.65, "word": " Py.", "probability": 0.89208984375}], "temperature": 1.0}, {"id": 27, "seek": 77044, "start": 743.68, "end": 770.44, "text": " Over PY, this Y is related to Y. So the quantity consumed of Y equals 1. Then the income here is not 7, but 9. Okay, then here 9 equals 9. 9 equals 9. In the third case, this will work. This fits with the condition.", "tokens": [4886, 430, 56, 11, 341, 398, 307, 4077, 281, 398, 13, 407, 264, 11275, 21226, 295, 398, 6915, 502, 13, 1396, 264, 5742, 510, 307, 406, 1614, 11, 457, 1722, 13, 1033, 11, 550, 510, 1722, 6915, 1722, 13, 1722, 6915, 1722, 13, 682, 264, 2636, 1389, 11, 341, 486, 589, 13, 639, 9001, 365, 264, 4188, 13], "avg_logprob": -0.37155720541032694, "compression_ratio": 1.411764705882353, "no_speech_prob": 0.0, "words": [{"start": 743.68, "end": 744.1, "word": " Over", "probability": 0.470458984375}, {"start": 744.1, "end": 744.66, "word": " PY,", "probability": 0.5557861328125}, {"start": 744.82, "end": 745.0, "word": " this", "probability": 0.93798828125}, {"start": 745.0, "end": 745.26, "word": " Y", "probability": 0.8115234375}, {"start": 745.26, "end": 745.44, "word": " is", "probability": 0.92919921875}, {"start": 745.44, "end": 745.76, "word": " related", "probability": 0.95703125}, {"start": 745.76, "end": 746.16, "word": " to", "probability": 0.9716796875}, {"start": 746.16, "end": 746.84, "word": " Y.", "probability": 0.98193359375}, {"start": 747.08, "end": 747.24, "word": " So", "probability": 0.96337890625}, {"start": 747.24, "end": 747.42, "word": " the", "probability": 0.53955078125}, {"start": 747.42, "end": 748.06, "word": " quantity", "probability": 0.978515625}, {"start": 748.06, "end": 749.04, "word": " consumed", "probability": 0.83740234375}, {"start": 749.04, "end": 749.26, "word": " of", "probability": 0.65185546875}, {"start": 749.26, "end": 749.46, "word": " Y", "probability": 0.99072265625}, {"start": 749.46, "end": 749.9, "word": " equals", "probability": 0.90185546875}, {"start": 749.9, "end": 750.14, "word": " 1.", "probability": 0.6044921875}, {"start": 752.62, "end": 752.94, "word": " Then", "probability": 0.1722412109375}, {"start": 752.94, "end": 753.12, "word": " the", "probability": 0.625}, {"start": 753.12, "end": 753.56, "word": " income", "probability": 0.94482421875}, {"start": 753.56, "end": 753.92, "word": " here", "probability": 0.299072265625}, {"start": 753.92, "end": 754.12, "word": " is", "probability": 0.5517578125}, {"start": 754.12, "end": 754.62, "word": " not", "probability": 0.4482421875}, {"start": 754.62, "end": 754.94, "word": " 7,", "probability": 0.6689453125}, {"start": 755.12, "end": 755.2, "word": " but", "probability": 0.54833984375}, {"start": 755.2, "end": 755.46, "word": " 9.", "probability": 0.984375}, {"start": 756.6, "end": 757.04, "word": " Okay,", "probability": 0.315185546875}, {"start": 758.26, "end": 758.62, "word": " then", "probability": 0.736328125}, {"start": 758.62, "end": 758.78, "word": " here", "probability": 0.705078125}, {"start": 758.78, "end": 759.14, "word": " 9", "probability": 0.60400390625}, {"start": 759.14, "end": 761.12, "word": " equals", "probability": 0.86865234375}, {"start": 761.12, "end": 761.72, "word": " 9.", "probability": 0.99267578125}, {"start": 761.96, "end": 762.22, "word": " 9", "probability": 0.50146484375}, {"start": 762.22, "end": 762.68, "word": " equals", "probability": 0.90869140625}, {"start": 762.68, "end": 763.08, "word": " 9.", "probability": 0.99560546875}, {"start": 763.96, "end": 764.14, "word": " In", "probability": 0.79736328125}, {"start": 764.14, "end": 764.3, "word": " the", "probability": 0.88623046875}, {"start": 764.3, "end": 764.66, "word": " third", "probability": 0.90234375}, {"start": 764.66, "end": 765.1, "word": " case,", "probability": 0.92529296875}, {"start": 765.74, "end": 766.24, "word": " this", "probability": 0.517578125}, {"start": 766.24, "end": 766.44, "word": " will", "probability": 0.61669921875}, {"start": 766.44, "end": 766.84, "word": " work.", "probability": 0.2022705078125}, {"start": 768.0, "end": 768.72, "word": " This", "probability": 0.5302734375}, {"start": 768.72, "end": 769.08, "word": " fits", "probability": 0.705078125}, {"start": 769.08, "end": 769.32, "word": " with", "probability": 0.77392578125}, {"start": 769.32, "end": 770.0, "word": " the", "probability": 0.908203125}, {"start": 770.0, "end": 770.44, "word": " condition.", "probability": 0.9404296875}], "temperature": 1.0}, {"id": 28, "seek": 79734, "start": 771.32, "end": 797.34, "text": " And a nine doesn't equal. Nine doesn't equal eleven. Six. Okay, twelve. So nine doesn't equal twelve. So I advise the consumer to buy how many units here?", "tokens": [400, 257, 4949, 1177, 380, 2681, 13, 18939, 1177, 380, 2681, 21090, 13, 11678, 13, 1033, 11, 14390, 13, 407, 4949, 1177, 380, 2681, 14390, 13, 407, 286, 18312, 264, 9711, 281, 2256, 577, 867, 6815, 510, 30], "avg_logprob": -0.368189091865833, "compression_ratio": 1.4220183486238531, "no_speech_prob": 0.0, "words": [{"start": 771.32, "end": 771.6, "word": " And", "probability": 0.1927490234375}, {"start": 771.6, "end": 771.76, "word": " a", "probability": 0.48291015625}, {"start": 771.76, "end": 772.06, "word": " nine", "probability": 0.77880859375}, {"start": 772.06, "end": 774.44, "word": " doesn't", "probability": 0.839111328125}, {"start": 774.44, "end": 774.9, "word": " equal.", "probability": 0.912109375}, {"start": 775.02, "end": 775.8, "word": " Nine", "probability": 0.1878662109375}, {"start": 775.8, "end": 777.8, "word": " doesn't", "probability": 0.809326171875}, {"start": 777.8, "end": 778.28, "word": " 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3217, 14877, 307, 257, 11275, 13], "avg_logprob": -0.34405047503801495, "compression_ratio": 1.5, "no_speech_prob": 0.0, "words": [{"start": 798.49, "end": 798.71, "word": " Then", "probability": 0.3544921875}, {"start": 798.71, "end": 798.83, "word": " I", "probability": 0.25341796875}, {"start": 798.83, "end": 801.21, "word": " advise", "probability": 0.1939697265625}, {"start": 801.21, "end": 801.55, "word": " the", "probability": 0.896484375}, {"start": 801.55, "end": 802.09, "word": " consumer", "probability": 0.83203125}, {"start": 802.09, "end": 802.43, "word": " or", "probability": 0.62890625}, {"start": 802.43, "end": 802.63, "word": " the", "probability": 0.91943359375}, {"start": 802.63, "end": 803.17, "word": " quantity", "probability": 0.9736328125}, {"start": 803.17, "end": 803.59, "word": " that", "probability": 0.919921875}, {"start": 803.59, "end": 805.25, "word": " maximizes", "probability": 0.82861328125}, {"start": 805.25, "end": 807.15, "word": " the", 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844.52, "text": " How many units? Five units of x and two units of y. So I advise the consumer to buy how many units? Quant of x equals five and quant of y equals two. So I advise the consumer to buy this bundle of goods, which maximizes the consumer total utility. Okay?", "tokens": [1012, 867, 6815, 30, 9436, 6815, 295, 2031, 293, 732, 6815, 295, 288, 13, 407, 286, 18312, 264, 9711, 281, 2256, 577, 867, 6815, 30, 26968, 295, 2031, 6915, 1732, 293, 4426, 295, 288, 6915, 732, 13, 407, 286, 18312, 264, 9711, 281, 2256, 341, 24438, 295, 10179, 11, 597, 5138, 5660, 264, 9711, 3217, 14877, 13, 1033, 30], "avg_logprob": -0.20481770460804302, "compression_ratio": 1.727891156462585, "no_speech_prob": 0.0, "words": [{"start": 816.7, "end": 816.94, "word": " How", "probability": 0.89794921875}, {"start": 816.94, "end": 817.18, "word": " many", "probability": 0.900390625}, {"start": 817.18, "end": 817.56, "word": " units?", "probability": 0.93896484375}, {"start": 818.04, "end": 818.8, "word": " Five", "probability": 0.72998046875}, {"start": 818.8, "end": 819.18, "word": " units", "probability": 0.94873046875}, {"start": 819.18, "end": 819.38, "word": " of", "probability": 0.845703125}, {"start": 819.38, "end": 819.68, "word": " x", "probability": 0.6875}, 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0.70166015625}, {"start": 848.8, "end": 849.62, "word": " let", "probability": 0.8837890625}, {"start": 849.62, "end": 849.78, "word": " us", "probability": 0.64453125}, {"start": 849.78, "end": 850.22, "word": " assume", "probability": 0.89453125}, {"start": 850.22, "end": 851.06, "word": " that", "probability": 0.9091796875}, {"start": 851.06, "end": 851.24, "word": " the", "probability": 0.85107421875}, {"start": 851.24, "end": 851.52, "word": " price", "probability": 0.93408203125}, {"start": 851.52, "end": 851.74, "word": " of", "probability": 0.91552734375}, {"start": 851.74, "end": 852.1, "word": " eggs", "probability": 0.84375}, {"start": 852.1, "end": 855.42, "word": " went", "probability": 0.7880859375}, {"start": 855.42, "end": 856.0, "word": " down", "probability": 0.8603515625}, {"start": 856.0, "end": 858.82, "word": " two", "probability": 0.466796875}, {"start": 858.82, "end": 859.92, "word": " or", "probability": 0.87255859375}, {"start": 859.92, "end": 860.64, "word": 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How much will it be? We will work on a new price of X. It will be 8 over 2. 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What are the new quantities that maximize or what is the optimal combination, the optimal group that maximizes the total utility? So these are the new data here. 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Two. Add three. Quant of X equals three. Quant Y equals three as well.", "tokens": [400, 257, 1249, 56, 6915, 577, 709, 30, 4453, 13, 5349, 1045, 13, 26968, 295, 1783, 6915, 1045, 13, 26968, 398, 6915, 1045, 382, 731, 13], "avg_logprob": -0.3512731393178304, "compression_ratio": 1.2597402597402598, "no_speech_prob": 0.0, "words": [{"start": 997.51, "end": 997.77, "word": " And", "probability": 0.46337890625}, {"start": 997.77, "end": 997.89, "word": " a", "probability": 0.463134765625}, {"start": 997.89, "end": 998.41, "word": " QY", "probability": 0.4129638671875}, {"start": 998.41, "end": 999.21, "word": " equals", "probability": 0.939453125}, {"start": 999.21, "end": 999.43, "word": " how", "probability": 0.890625}, {"start": 999.43, "end": 999.91, "word": " much?", "probability": 0.921875}, {"start": 1000.09, "end": 1000.47, "word": " Two.", "probability": 0.79541015625}, {"start": 1002.53, "end": 1003.29, "word": " Add", "probability": 0.6416015625}, {"start": 1003.29, "end": 1006.23, "word": " three.", "probability": 0.82470703125}, {"start": 1008.17, "end": 1009.05, "word": " Quant", "probability": 0.417724609375}, {"start": 1009.05, "end": 1009.23, "word": " of", "probability": 0.49560546875}, {"start": 1009.23, "end": 1009.65, "word": " X", "probability": 0.935546875}, {"start": 1009.65, "end": 1010.75, "word": " equals", "probability": 0.919921875}, {"start": 1010.75, "end": 1011.35, "word": " three.", "probability": 0.5986328125}, {"start": 1012.65, "end": 1013.43, "word": " Quant", "probability": 0.59619140625}, {"start": 1013.43, "end": 1013.73, "word": " Y", "probability": 0.74609375}, {"start": 1013.73, "end": 1014.17, "word": " equals", "probability": 0.921875}, {"start": 1014.17, "end": 1014.51, "word": " three", "probability": 0.9052734375}, {"start": 1014.51, "end": 1014.77, "word": " as", "probability": 0.94384765625}, {"start": 1014.77, "end": 1015.03, "word": " well.", "probability": 0.94384765625}], "temperature": 1.0}, {"id": 37, "seek": 105381, "start": 1024.95, "end": 1053.81, "text": " Quad X equals how much? Five. Quad Y equals how much? Two. At two, where is it? Four. And at one and a half, QX equals how much? Six. And QY equals? Five. Where is it? Five. Yes.", "tokens": [29619, 1783, 6915, 577, 709, 30, 9436, 13, 29619, 398, 6915, 577, 709, 30, 4453, 13, 1711, 732, 11, 689, 307, 309, 30, 7451, 13, 400, 412, 472, 293, 257, 1922, 11, 1249, 55, 6915, 577, 709, 30, 11678, 13, 400, 1249, 56, 6915, 30, 9436, 13, 2305, 307, 309, 30, 9436, 13, 1079, 13], "avg_logprob": -0.20452008449605533, "compression_ratio": 1.5565217391304347, "no_speech_prob": 2.980232238769531e-07, "words": [{"start": 1024.95, "end": 1025.33, "word": " Quad", "probability": 0.1390380859375}, {"start": 1025.33, "end": 1025.79, "word": " X", "probability": 0.7294921875}, {"start": 1025.79, "end": 1026.49, "word": " equals", "probability": 0.8955078125}, {"start": 1026.49, "end": 1027.23, "word": " how", "probability": 0.72021484375}, {"start": 1027.23, "end": 1027.71, "word": " much?", "probability": 0.916015625}, {"start": 1027.85, "end": 1028.47, "word": " Five.", "probability": 0.64794921875}, {"start": 1030.01, "end": 1030.77, "word": " Quad", "probability": 0.88818359375}, {"start": 1030.77, "end": 1031.15, "word": " Y", "probability": 0.98974609375}, {"start": 1031.15, "end": 1031.77, "word": " equals", "probability": 0.93896484375}, {"start": 1031.77, "end": 1032.01, "word": " how", "probability": 0.93115234375}, {"start": 1032.01, "end": 1032.47, "word": " much?", "probability": 0.9208984375}, {"start": 1033.41, "end": 1034.17, "word": " Two.", "probability": 0.68798828125}, {"start": 1034.27, "end": 1034.47, "word": " At", "probability": 0.2666015625}, {"start": 1034.47, "end": 1034.85, "word": " two,", "probability": 0.92431640625}, {"start": 1035.01, "end": 1035.21, "word": " where", "probability": 0.92041015625}, {"start": 1035.21, "end": 1035.31, "word": " is", "probability": 0.9287109375}, {"start": 1035.31, "end": 1035.47, "word": " it?", "probability": 0.95849609375}, {"start": 1035.53, "end": 1036.01, "word": " Four.", "probability": 0.89208984375}, {"start": 1037.57, "end": 1038.31, "word": " And", "probability": 0.87939453125}, {"start": 1038.31, "end": 1038.97, "word": " at", "probability": 0.85205078125}, {"start": 1038.97, "end": 1040.75, "word": " one", "probability": 0.7939453125}, {"start": 1040.75, "end": 1041.31, "word": " and", "probability": 0.76611328125}, {"start": 1041.31, "end": 1041.45, "word": " a", "probability": 0.810546875}, {"start": 1041.45, "end": 1041.75, "word": " half,", "probability": 0.8828125}, {"start": 1043.71, "end": 1044.77, "word": " QX", "probability": 0.8037109375}, {"start": 1044.77, "end": 1045.43, "word": " equals", "probability": 0.94140625}, {"start": 1045.43, "end": 1045.69, "word": " how", "probability": 0.92724609375}, {"start": 1045.69, "end": 1046.05, "word": " much?", "probability": 0.91796875}, {"start": 1046.35, "end": 1046.83, "word": " Six.", "probability": 0.931640625}, {"start": 1048.23, "end": 1048.59, "word": " And", "probability": 0.94921875}, {"start": 1048.59, "end": 1049.35, "word": " QY", "probability": 0.85009765625}, {"start": 1049.35, "end": 1050.09, "word": " equals?", "probability": 0.9404296875}, {"start": 1050.53, "end": 1050.99, "word": " Five.", "probability": 0.8251953125}, {"start": 1052.51, "end": 1052.77, "word": " Where", "probability": 0.83642578125}, {"start": 1052.77, "end": 1052.87, "word": " is", "probability": 0.94140625}, {"start": 1052.87, "end": 1053.03, "word": " it?", "probability": 0.95361328125}, {"start": 1053.13, "end": 1053.45, "word": " Five.", "probability": 0.89892578125}, {"start": 1053.55, "end": 1053.81, "word": " Yes.", "probability": 0.91845703125}], "temperature": 1.0}, {"id": 38, "seek": 108600, "start": 1064.82, "end": 1086.0, "text": " And let us assume that income has changed to 18. And then assumptions. Let us assume that the consumer income increased from nine to 18.", "tokens": [400, 718, 505, 6552, 300, 5742, 575, 3105, 281, 2443, 13, 400, 550, 17695, 13, 961, 505, 6552, 300, 264, 9711, 5742, 6505, 490, 4949, 281, 2443, 13], "avg_logprob": -0.25026938421972866, "compression_ratio": 1.4123711340206186, "no_speech_prob": 0.0, "words": [{"start": 1064.82, "end": 1065.8, "word": " And", "probability": 0.115478515625}, {"start": 1065.8, "end": 1066.78, "word": " let", "probability": 0.8896484375}, {"start": 1066.78, "end": 1066.96, "word": " us", "probability": 0.478515625}, {"start": 1066.96, "end": 1067.38, "word": " assume", "probability": 0.90478515625}, {"start": 1067.38, "end": 1067.74, "word": " that", "probability": 0.9296875}, {"start": 1067.74, "end": 1068.36, "word": " income", "probability": 0.912109375}, {"start": 1068.36, "end": 1069.7, "word": " has", "probability": 0.91845703125}, {"start": 1069.7, "end": 1070.58, "word": " changed", "probability": 0.90576171875}, {"start": 1070.58, "end": 1071.0, "word": " to", "probability": 0.96728515625}, {"start": 1071.0, "end": 1071.86, "word": " 18.", "probability": 0.87939453125}, {"start": 1078.0, "end": 1078.66, "word": " And", "probability": 0.331298828125}, {"start": 1078.66, "end": 1078.78, "word": " then", "probability": 0.80712890625}, {"start": 1078.78, "end": 1079.46, "word": " assumptions.", "probability": 0.8818359375}, {"start": 1080.5, "end": 1080.68, "word": " Let", "probability": 0.951171875}, {"start": 1080.68, "end": 1080.86, "word": " us", "probability": 0.873046875}, {"start": 1080.86, "end": 1081.28, "word": " assume", "probability": 0.91796875}, {"start": 1081.28, "end": 1081.62, "word": " that", "probability": 0.93359375}, {"start": 1081.62, "end": 1081.8, "word": " the", "probability": 0.80615234375}, {"start": 1081.8, "end": 1082.34, "word": " consumer", "probability": 0.84423828125}, {"start": 1082.34, "end": 1083.06, "word": " income", "probability": 0.9345703125}, {"start": 1083.06, "end": 1084.3, "word": " increased", "probability": 0.7958984375}, {"start": 1084.3, "end": 1084.74, "word": " from", "probability": 0.8935546875}, {"start": 1084.74, "end": 1085.18, "word": " nine", "probability": 0.73779296875}, {"start": 1085.18, "end": 1085.38, "word": " to", "probability": 0.9697265625}, {"start": 1085.38, "end": 1086.0, "word": " 18.", "probability": 0.92822265625}], "temperature": 1.0}, {"id": 39, "seek": 111186, "start": 1088.03, "end": 1111.87, "text": " And the price of X increases or increase from one to two. Determine the new equilibrium quantities of X and Y that maximizes its total utility. 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So, the new condition here, or to apply the second condition, 18 must equal 2 times QX plus 2 times QY. Let's apply the first case here. Add 4. 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1200.77, "text": " 18 must equal 2 times qx1 plus 2 times qy2. Is it acceptable here? 18 equals 2 plus 4. 18 doesn't equal 6. Where's the problem?", "tokens": [2443, 1633, 2681, 568, 1413, 9505, 87, 16, 1804, 568, 1413, 9505, 88, 17, 13, 1119, 309, 15513, 510, 30, 2443, 6915, 568, 1804, 1017, 13, 2443, 1177, 380, 2681, 1386, 13, 2305, 311, 264, 1154, 30], "avg_logprob": -0.19140625470562986, "compression_ratio": 1.2549019607843137, "no_speech_prob": 0.0, "words": [{"start": 1175.95, "end": 1176.59, "word": " 18", "probability": 0.76904296875}, {"start": 1176.59, "end": 1177.25, "word": " must", "probability": 0.796875}, {"start": 1177.25, "end": 1177.73, "word": " equal", "probability": 0.90185546875}, {"start": 1177.73, "end": 1178.07, "word": " 2", "probability": 0.67041015625}, {"start": 1178.07, "end": 1178.61, "word": " times", "probability": 0.927734375}, {"start": 1178.61, "end": 1180.71, "word": " qx1", "probability": 0.4394124348958333}, {"start": 1180.71, "end": 1182.79, "word": " plus", "probability": 0.80615234375}, {"start": 1182.79, "end": 1183.79, "word": " 2", "probability": 0.984375}, {"start": 1183.79, "end": 1184.45, "word": " times", "probability": 0.92919921875}, {"start": 1184.45, "end": 1185.65, "word": " qy2.", "probability": 0.9373372395833334}, {"start": 1186.93, "end": 1187.25, "word": " Is", "probability": 0.943359375}, {"start": 1187.25, "end": 1187.49, "word": " it", "probability": 0.939453125}, {"start": 1187.49, "end": 1188.69, "word": " acceptable", "probability": 0.908203125}, {"start": 1188.69, "end": 1189.17, "word": " here?", "probability": 0.85400390625}, {"start": 1189.43, "end": 1189.99, "word": " 18", "probability": 0.8359375}, {"start": 1189.99, "end": 1191.27, "word": " equals", "probability": 0.94287109375}, {"start": 1191.27, "end": 1191.73, "word": " 2", "probability": 0.8681640625}, {"start": 1191.73, "end": 1192.31, "word": " plus", "probability": 0.93896484375}, {"start": 1192.31, "end": 1192.81, "word": " 4.", "probability": 0.98486328125}, {"start": 1193.31, "end": 1193.89, "word": " 18", "probability": 0.927734375}, {"start": 1193.89, "end": 1194.67, "word": " doesn't", "probability": 0.9267578125}, {"start": 1194.67, "end": 1195.31, "word": " equal", "probability": 0.85400390625}, {"start": 1195.31, "end": 1195.77, "word": " 6.", "probability": 0.96728515625}, {"start": 1199.23, "end": 1200.39, "word": " Where's", "probability": 0.62646484375}, {"start": 1200.39, "end": 1200.53, "word": " the", "probability": 0.92578125}, {"start": 1200.53, "end": 1200.77, "word": " problem?", "probability": 0.869140625}], "temperature": 1.0}, {"id": 43, "seek": 123324, "start": 1210.88, "end": 1233.24, "text": " Here, here, here, here, here, here. How can we determine the quantity? How can we apply the first condition? What is the first condition? MUx over Px equals MUy over Py. All right? All right. Now N4, I have four, right?", "tokens": [1692, 11, 510, 11, 510, 11, 510, 11, 510, 11, 510, 13, 1012, 393, 321, 6997, 264, 11275, 30, 1012, 393, 321, 3079, 264, 700, 4188, 30, 708, 307, 264, 700, 4188, 30, 17935, 87, 670, 430, 87, 6915, 17935, 88, 670, 9953, 13, 1057, 558, 30, 1057, 558, 13, 823, 426, 19, 11, 286, 362, 1451, 11, 558, 30], "avg_logprob": -0.2981557318421661, "compression_ratio": 1.6058394160583942, "no_speech_prob": 0.0, "words": [{"start": 1210.88, "end": 1211.18, "word": " Here,", "probability": 0.23974609375}, {"start": 1211.24, "end": 1211.42, "word": " here,", "probability": 0.8505859375}, {"start": 1211.52, "end": 1211.74, "word": " here,", "probability": 0.8642578125}, {"start": 1211.74, "end": 1212.0, "word": " here,", "probability": 0.85693359375}, {"start": 1212.02, "end": 1212.24, "word": " here,", "probability": 0.85546875}, {"start": 1212.3, "end": 1212.46, "word": " here.", "probability": 0.85400390625}, {"start": 1216.26, "end": 1216.74, "word": " How", "probability": 0.7880859375}, {"start": 1216.74, "end": 1217.0, "word": " can", "probability": 0.939453125}, {"start": 1217.0, "end": 1217.16, "word": " we", "probability": 0.966796875}, {"start": 1217.16, "end": 1217.62, "word": " determine", "probability": 0.91650390625}, {"start": 1217.62, "end": 1217.84, "word": " the", "probability": 0.92529296875}, {"start": 1217.84, "end": 1218.26, "word": " quantity?", "probability": 0.9775390625}, {"start": 1220.22, "end": 1220.7, "word": " How", "probability": 0.96630859375}, {"start": 1220.7, "end": 1220.96, "word": " can", "probability": 0.9423828125}, {"start": 1220.96, "end": 1221.12, "word": " we", "probability": 0.96728515625}, {"start": 1221.12, "end": 1221.48, "word": " apply", "probability": 0.9345703125}, {"start": 1221.48, "end": 1221.68, "word": " the", "probability": 0.92138671875}, {"start": 1221.68, "end": 1221.9, "word": " first", "probability": 0.8828125}, {"start": 1221.9, "end": 1222.34, "word": " condition?", "probability": 0.953125}, {"start": 1222.96, "end": 1223.12, "word": " What", "probability": 0.89990234375}, {"start": 1223.12, "end": 1223.34, "word": " is", "probability": 0.947265625}, {"start": 1223.34, "end": 1223.48, "word": " the", "probability": 0.9208984375}, {"start": 1223.48, "end": 1223.7, "word": " first", "probability": 0.8779296875}, {"start": 1223.7, "end": 1224.14, "word": " condition?", "probability": 0.947265625}, {"start": 1225.04, "end": 1225.52, "word": " MUx", "probability": 0.4747314453125}, {"start": 1225.52, "end": 1226.12, "word": " over", "probability": 0.9091796875}, {"start": 1226.12, "end": 1226.66, "word": " Px", "probability": 0.944580078125}, {"start": 1226.66, "end": 1227.66, "word": " equals", "probability": 0.91650390625}, {"start": 1227.66, "end": 1228.36, "word": " MUy", "probability": 0.845947265625}, {"start": 1228.36, "end": 1228.6, "word": " over", "probability": 0.927734375}, {"start": 1228.6, "end": 1228.88, "word": " Py.", "probability": 0.91845703125}, {"start": 1229.1, "end": 1229.16, "word": " All", "probability": 0.2159423828125}, {"start": 1229.16, "end": 1229.68, "word": " right?", "probability": 0.8896484375}, {"start": 1230.42, "end": 1230.54, "word": " All", "probability": 0.68505859375}, {"start": 1230.54, "end": 1230.74, "word": " right.", "probability": 0.916015625}, {"start": 1231.56, "end": 1231.8, "word": " Now", "probability": 0.44775390625}, {"start": 1231.8, "end": 1232.4, "word": " N4,", "probability": 0.5145263671875}, {"start": 1232.54, "end": 1232.64, "word": " I", "probability": 0.2138671875}, {"start": 1232.64, "end": 1232.68, "word": " have", "probability": 0.89697265625}, {"start": 1232.68, "end": 1233.04, "word": " four,", "probability": 0.54931640625}, {"start": 1233.1, "end": 1233.24, "word": " right?", "probability": 0.84326171875}], "temperature": 1.0}, {"id": 44, "seek": 126419, "start": 1234.35, "end": 1264.19, "text": " This four is under the column MUX over PX. So it's related to what? To X. صح؟ إذا ال forehead قدش ال quantity تبعتها؟ واحد. One. مظبوط؟ طيب ال forehead it's under the column MUY over PY. صح؟ قدش ال quantity Y تبعتها؟ Two. 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Let's go to the third case.", "tokens": [708, 360, 291, 536, 30, 2443, 1633, 2681, 3218, 295, 6466, 568, 1413, 805, 1804, 568, 1413, 805, 13, 2443, 1633, 2681, 1386, 1804, 1386, 13, 2443, 1633, 6915, 2272, 13, 961, 311, 352, 281, 264, 2636, 1389, 13], "avg_logprob": -0.337109363079071, "compression_ratio": 1.3786407766990292, "no_speech_prob": 0.0, "words": [{"start": 1299.17, "end": 1299.41, "word": " What", "probability": 0.07135009765625}, {"start": 1299.41, "end": 1299.47, "word": " do", "probability": 0.412109375}, {"start": 1299.47, "end": 1299.53, "word": " you", "probability": 0.8662109375}, {"start": 1299.53, "end": 1299.81, "word": " see?", "probability": 0.8251953125}, {"start": 1300.45, "end": 1300.95, "word": " 18", "probability": 0.71044921875}, {"start": 1300.95, "end": 1301.85, "word": " must", "probability": 0.833984375}, {"start": 1301.85, "end": 1302.45, "word": " equal", "probability": 0.83984375}, {"start": 1302.45, "end": 1302.95, "word": " price", "probability": 0.3203125}, {"start": 1302.95, "end": 1303.17, "word": " of", "probability": 0.9150390625}, {"start": 1303.17, "end": 1303.41, "word": " eggs", "probability": 0.6484375}, {"start": 1303.41, "end": 1303.85, "word": " 2", "probability": 0.556640625}, {"start": 1303.85, "end": 1304.37, "word": " times", "probability": 0.755859375}, {"start": 1304.37, "end": 1305.11, "word": " 3", "probability": 0.94189453125}, {"start": 1305.11, "end": 1306.51, "word": " plus", "probability": 0.857421875}, {"start": 1306.51, "end": 1306.79, "word": " 2", "probability": 0.97021484375}, {"start": 1306.79, "end": 1307.11, "word": " times", "probability": 0.919921875}, {"start": 1307.11, "end": 1307.55, "word": " 3.", "probability": 0.98681640625}, {"start": 1308.23, "end": 1309.11, "word": " 18", "probability": 0.70654296875}, {"start": 1309.11, "end": 1309.53, "word": " must", "probability": 0.90234375}, {"start": 1309.53, "end": 1310.05, "word": " equal", "probability": 0.8720703125}, {"start": 1310.05, "end": 1310.81, "word": " 6", "probability": 0.9658203125}, {"start": 1310.81, "end": 1311.15, "word": " plus", "probability": 0.94921875}, {"start": 1311.15, "end": 1311.61, "word": " 6.", "probability": 0.99658203125}, {"start": 1311.77, "end": 1312.15, "word": " 18", "probability": 0.9248046875}, {"start": 1312.15, "end": 1312.57, "word": " must", "probability": 0.90771484375}, {"start": 1312.57, "end": 1313.35, "word": " equals", "probability": 0.60302734375}, {"start": 1313.35, "end": 1314.15, "word": " 12.", "probability": 0.91845703125}, {"start": 1318.27, "end": 1319.15, "word": " Let's", "probability": 0.61334228515625}, {"start": 1319.15, "end": 1319.29, "word": " go", "probability": 0.94580078125}, {"start": 1319.29, "end": 1319.39, "word": " to", "probability": 0.943359375}, {"start": 1319.39, "end": 1319.57, "word": " the", "probability": 0.9140625}, {"start": 1319.57, "end": 1319.79, "word": " third", "probability": 0.87890625}, {"start": 1319.79, "end": 1320.33, "word": " case.", "probability": 0.91552734375}], "temperature": 1.0}, {"id": 47, "seek": 134714, "start": 1328.96, "end": 1347.14, "text": " Eighteen equals the price of eggs two times five plus two times four. Eighteen equals ten plus eight. Eighteen equals eighteen. That's it.", "tokens": [17708, 10685, 6915, 264, 3218, 295, 6466, 732, 1413, 1732, 1804, 732, 1413, 1451, 13, 17708, 10685, 6915, 2064, 1804, 3180, 13, 17708, 10685, 6915, 31755, 13, 663, 311, 309, 13], "avg_logprob": -0.16430663550272584, "compression_ratio": 1.5795454545454546, "no_speech_prob": 0.0, "words": [{"start": 1328.96, "end": 1329.62, "word": " Eighteen", "probability": 0.71044921875}, {"start": 1329.62, "end": 1330.22, "word": " equals", "probability": 0.853515625}, {"start": 1330.22, "end": 1330.42, "word": " the", "probability": 0.61962890625}, {"start": 1330.42, "end": 1330.64, "word": " price", "probability": 0.78759765625}, {"start": 1330.64, "end": 1330.84, "word": " of", "probability": 0.92724609375}, {"start": 1330.84, "end": 1331.16, "word": " eggs", "probability": 0.91845703125}, {"start": 1331.16, "end": 1331.68, "word": " two", "probability": 0.533203125}, {"start": 1331.68, "end": 1332.7, "word": " times", "probability": 0.80810546875}, {"start": 1332.7, "end": 1334.28, "word": " five", "probability": 0.90478515625}, {"start": 1334.28, "end": 1336.14, "word": " plus", "probability": 0.80224609375}, {"start": 1336.14, "end": 1336.9, "word": " two", "probability": 0.9462890625}, {"start": 1336.9, "end": 1337.64, "word": " times", "probability": 0.92822265625}, {"start": 1337.64, "end": 1338.24, "word": " four.", "probability": 0.93505859375}, {"start": 1341.38, "end": 1342.14, "word": " Eighteen", "probability": 0.93212890625}, {"start": 1342.14, "end": 1342.82, "word": " equals", "probability": 0.916015625}, {"start": 1342.82, "end": 1343.18, "word": " ten", "probability": 0.86865234375}, {"start": 1343.18, "end": 1343.62, "word": " plus", "probability": 0.95068359375}, {"start": 1343.62, "end": 1344.32, "word": " eight.", "probability": 0.89208984375}, {"start": 1344.5, "end": 1345.24, "word": " Eighteen", "probability": 0.94873046875}, {"start": 1345.24, "end": 1345.8, "word": " equals", "probability": 0.927734375}, {"start": 1345.8, "end": 1346.34, "word": " eighteen.", "probability": 0.8095703125}, {"start": 1346.64, "end": 1347.0, "word": " That's", "probability": 0.9375}, {"start": 1347.0, "end": 1347.14, "word": " it.", "probability": 0.95751953125}], "temperature": 1.0}, {"id": 48, "seek": 135913, "start": 1349.17, "end": 1359.13, "text": " So this combination here, x and y, will maximize the total utility for the consumer. So I advise, don't try.", "tokens": [407, 341, 6562, 510, 11, 2031, 293, 288, 11, 486, 19874, 264, 3217, 14877, 337, 264, 9711, 13, 407, 286, 18312, 11, 500, 380, 853, 13], "avg_logprob": -0.18634258596985429, "compression_ratio": 1.1237113402061856, "no_speech_prob": 0.0, "words": [{"start": 1349.17, "end": 1349.55, "word": " So", "probability": 0.9521484375}, {"start": 1349.55, "end": 1350.15, "word": " this", "probability": 0.90185546875}, {"start": 1350.15, "end": 1350.83, "word": " combination", "probability": 0.89990234375}, {"start": 1350.83, "end": 1351.37, "word": " here,", "probability": 0.85205078125}, {"start": 1351.51, "end": 1351.83, "word": " x", "probability": 0.734375}, {"start": 1351.83, "end": 1352.01, "word": " and", "probability": 0.9462890625}, {"start": 1352.01, "end": 1352.45, "word": " y,", "probability": 0.9970703125}, {"start": 1352.99, "end": 1353.23, "word": " will", "probability": 0.876953125}, {"start": 1353.23, "end": 1354.27, "word": " maximize", "probability": 0.80810546875}, {"start": 1354.27, "end": 1354.55, "word": " the", "probability": 0.90771484375}, {"start": 1354.55, "end": 1354.87, "word": " total", "probability": 0.89404296875}, {"start": 1354.87, "end": 1355.17, "word": " utility", "probability": 0.9609375}, {"start": 1355.17, "end": 1355.49, "word": " for", "probability": 0.9462890625}, {"start": 1355.49, "end": 1355.67, "word": " the", "probability": 0.90869140625}, {"start": 1355.67, "end": 1356.11, "word": " consumer.", "probability": 0.75390625}, {"start": 1356.29, "end": 1356.39, "word": " So", "probability": 0.97265625}, {"start": 1356.39, "end": 1356.61, "word": " I", "probability": 0.98583984375}, {"start": 1356.61, "end": 1357.33, "word": " advise,", "probability": 0.77734375}, {"start": 1357.59, "end": 1358.69, "word": " don't", "probability": 0.75927734375}, {"start": 1358.69, "end": 1359.13, "word": " try.", "probability": 0.92724609375}], "temperature": 1.0}, {"id": 49, "seek": 140700, "start": 1381.8, "end": 1407.0, "text": " So I advise the consumer to buy how many units of X and how many units of Y? Five units. Five units. A quad X, five and a QY equals four to maximize the total utility. The question is, we have another question here.", "tokens": [407, 286, 18312, 264, 9711, 281, 2256, 577, 867, 6815, 295, 1783, 293, 577, 867, 6815, 295, 398, 30, 9436, 6815, 13, 9436, 6815, 13, 316, 10787, 1783, 11, 1732, 293, 257, 1249, 56, 6915, 1451, 281, 19874, 264, 3217, 14877, 13, 440, 1168, 307, 11, 321, 362, 1071, 1168, 510, 13], "avg_logprob": -0.29481133425010825, "compression_ratio": 1.5, "no_speech_prob": 0.0, "words": [{"start": 1381.8000000000002, "end": 1382.4, "word": " So", "probability": 0.2218017578125}, {"start": 1382.4, "end": 1383.0, "word": " I", "probability": 0.71923828125}, {"start": 1383.0, "end": 1383.48, "word": " advise", "probability": 0.8134765625}, {"start": 1383.48, "end": 1383.66, "word": " the", "probability": 0.90185546875}, {"start": 1383.66, "end": 1384.26, "word": " consumer", "probability": 0.8544921875}, {"start": 1384.26, "end": 1387.84, "word": " to", "probability": 0.8251953125}, {"start": 1387.84, "end": 1388.22, "word": " buy", "probability": 0.892578125}, {"start": 1388.22, "end": 1390.92, "word": " how", "probability": 0.65478515625}, {"start": 1390.92, "end": 1391.18, "word": " many", "probability": 0.89892578125}, {"start": 1391.18, "end": 1391.48, "word": " units", "probability": 0.93896484375}, {"start": 1391.48, "end": 1391.7, "word": " of", "probability": 0.9462890625}, {"start": 1391.7, "end": 1391.96, "word": " X", "probability": 0.47265625}, {"start": 1391.96, "end": 1392.22, "word": " and", "probability": 0.90625}, {"start": 1392.22, "end": 1392.44, "word": " how", "probability": 0.9208984375}, {"start": 1392.44, "end": 1392.64, "word": " many", "probability": 0.884765625}, {"start": 1392.64, "end": 1392.88, "word": " units", "probability": 0.921875}, {"start": 1392.88, "end": 1393.04, "word": " of", "probability": 0.9365234375}, {"start": 1393.04, "end": 1393.32, "word": " Y?", "probability": 0.986328125}, {"start": 1394.68, "end": 1395.04, "word": " Five", "probability": 0.6181640625}, {"start": 1395.04, "end": 1395.4, "word": " units.", "probability": 0.8876953125}, {"start": 1395.7, "end": 1395.96, "word": " Five", "probability": 0.5537109375}, {"start": 1395.96, "end": 1396.26, "word": " units.", "probability": 0.64501953125}, {"start": 1396.48, "end": 1396.6, "word": " A", "probability": 0.21630859375}, {"start": 1396.6, "end": 1396.8, "word": " quad", "probability": 0.76318359375}, {"start": 1396.8, "end": 1397.28, "word": " X,", "probability": 0.86474609375}, {"start": 1397.84, "end": 1398.28, "word": " five", "probability": 0.8349609375}, {"start": 1398.28, "end": 1398.56, "word": " and", "probability": 0.5888671875}, {"start": 1398.56, "end": 1398.74, "word": " a", "probability": 0.5380859375}, {"start": 1398.74, "end": 1399.24, "word": " QY", "probability": 0.67724609375}, {"start": 1399.24, "end": 1399.82, "word": " equals", "probability": 0.90234375}, {"start": 1399.82, "end": 1400.12, "word": " four", "probability": 0.88818359375}, {"start": 1400.12, "end": 1401.12, "word": " to", "probability": 0.599609375}, {"start": 1401.12, "end": 1401.84, "word": " maximize", "probability": 0.77783203125}, {"start": 1401.84, "end": 1402.12, "word": " the", "probability": 0.900390625}, {"start": 1402.12, "end": 1402.42, "word": " total", "probability": 0.8837890625}, {"start": 1402.42, "end": 1402.86, "word": " utility.", "probability": 0.9541015625}, {"start": 1403.38, "end": 1403.56, "word": " The", "probability": 0.85400390625}, {"start": 1403.56, "end": 1403.94, "word": " question", "probability": 0.9189453125}, {"start": 1403.94, "end": 1404.42, "word": " is,", "probability": 0.94921875}, {"start": 1405.1, "end": 1405.86, "word": " we", "probability": 0.90283203125}, {"start": 1405.86, "end": 1406.02, "word": " have", "probability": 0.9453125}, {"start": 1406.02, "end": 1406.3, "word": " another", "probability": 0.9013671875}, {"start": 1406.3, "end": 1406.7, "word": " question", "probability": 0.9296875}, {"start": 1406.7, "end": 1407.0, "word": " here.", "probability": 0.85595703125}], "temperature": 1.0}, {"id": 50, "seek": 143849, "start": 1409.13, "end": 1438.49, "text": " derive and draw the demand curve for product X, and determine if product X is or the demand for product X, is it elastic or inelastic? Okay. Here. Okay. So the question is,", "tokens": [28446, 293, 2642, 264, 4733, 7605, 337, 1674, 1783, 11, 293, 6997, 498, 1674, 1783, 307, 420, 264, 4733, 337, 1674, 1783, 11, 307, 309, 17115, 420, 294, 338, 2750, 30, 1033, 13, 1692, 13, 1033, 13, 407, 264, 1168, 307, 11], "avg_logprob": -0.21493458817171496, "compression_ratio": 1.4786324786324787, "no_speech_prob": 0.0, "words": [{"start": 1409.13, "end": 1409.87, "word": " derive", "probability": 0.5390625}, {"start": 1409.87, "end": 1410.41, "word": " and", "probability": 0.923828125}, {"start": 1410.41, "end": 1410.97, "word": " draw", "probability": 0.74462890625}, {"start": 1410.97, "end": 1411.31, "word": " the", "probability": 0.86669921875}, {"start": 1411.31, "end": 1411.75, "word": " demand", "probability": 0.91162109375}, {"start": 1411.75, "end": 1412.11, "word": " curve", "probability": 0.9443359375}, {"start": 1412.11, "end": 1412.37, "word": " for", "probability": 0.9404296875}, {"start": 1412.37, "end": 1412.75, "word": " product", "probability": 0.79150390625}, {"start": 1412.75, "end": 1413.07, "word": " X,", "probability": 0.69140625}, {"start": 1414.27, "end": 1414.87, "word": " and", "probability": 0.94091796875}, {"start": 1414.87, "end": 1415.65, "word": " determine", "probability": 0.9306640625}, {"start": 1415.65, "end": 1416.83, "word": " if", "probability": 0.9404296875}, {"start": 1416.83, "end": 1418.55, "word": " product", "probability": 0.84765625}, {"start": 1418.55, "end": 1418.97, "word": " X", "probability": 0.9833984375}, {"start": 1418.97, "end": 1419.39, "word": " is", "probability": 0.85986328125}, {"start": 1419.39, "end": 1419.69, "word": " or", "probability": 0.54638671875}, {"start": 1419.69, "end": 1419.85, "word": " the", "probability": 0.916015625}, {"start": 1419.85, "end": 1420.23, "word": " demand", "probability": 0.91845703125}, {"start": 1420.23, "end": 1420.45, "word": " for", "probability": 0.93505859375}, {"start": 1420.45, "end": 1420.75, "word": " product", "probability": 0.9052734375}, {"start": 1420.75, "end": 1421.07, "word": " X,", "probability": 0.97216796875}, {"start": 1421.33, "end": 1421.51, "word": " is", "probability": 0.93310546875}, {"start": 1421.51, "end": 1421.73, "word": " it", "probability": 0.92919921875}, {"start": 1421.73, "end": 1422.19, "word": " elastic", "probability": 0.9453125}, {"start": 1422.19, "end": 1422.47, "word": " or", "probability": 0.96240234375}, {"start": 1422.47, "end": 1423.03, "word": " inelastic?", "probability": 0.95166015625}, {"start": 1427.77, "end": 1427.95, "word": " Okay.", "probability": 0.55615234375}, {"start": 1428.27, "end": 1428.53, "word": " Here.", "probability": 0.71533203125}, {"start": 1431.21, "end": 1432.01, "word": " Okay.", "probability": 0.734375}, {"start": 1436.71, "end": 1437.51, "word": " So", "probability": 0.94873046875}, {"start": 1437.51, "end": 1437.69, "word": " the", "probability": 0.64501953125}, {"start": 1437.69, "end": 1438.09, "word": " question", "probability": 0.919921875}, {"start": 1438.09, "end": 1438.49, "word": " is,", "probability": 0.9501953125}], "temperature": 1.0}, {"id": 51, "seek": 146758, "start": 1439.74, "end": 1467.58, "text": " Determine or derive and draw the demand curve for product X. Price of X.", "tokens": [4237, 966, 533, 420, 28446, 293, 2642, 264, 4733, 7605, 337, 1674, 1783, 13, 25803, 295, 1783, 13], "avg_logprob": -0.3122943953463906, "compression_ratio": 1.0, "no_speech_prob": 0.0, "words": [{"start": 1439.74, "end": 1440.56, "word": " Determine", "probability": 0.7644856770833334}, {"start": 1440.56, "end": 1441.26, "word": " or", "probability": 0.8876953125}, {"start": 1441.26, "end": 1441.8, "word": " derive", "probability": 0.8134765625}, {"start": 1441.8, "end": 1442.12, "word": " and", "probability": 0.451904296875}, {"start": 1442.12, "end": 1442.52, "word": " draw", "probability": 0.69384765625}, {"start": 1442.52, "end": 1449.4, "word": " the", "probability": 0.3115234375}, {"start": 1449.4, "end": 1451.66, "word": " demand", "probability": 0.8857421875}, {"start": 1451.66, "end": 1452.18, "word": " curve", "probability": 0.93603515625}, {"start": 1452.18, "end": 1454.18, "word": " for", "probability": 0.9248046875}, {"start": 1454.18, "end": 1457.48, "word": " product", "probability": 0.7197265625}, {"start": 1457.48, "end": 1458.7, "word": " X.", "probability": 0.79248046875}, {"start": 1464.26, "end": 1465.66, "word": " Price", "probability": 0.74658203125}, {"start": 1465.66, "end": 1467.24, "word": " of", "probability": 0.96435546875}, {"start": 1467.24, "end": 1467.58, "word": " X.", "probability": 0.97900390625}], "temperature": 1.0}, {"id": 52, "seek": 149627, "start": 1469.575, "end": 1496.27, "text": " One. How much was price of eggs one? Before changes, it was one. How much was price of eggs two? How much was quantity of eggs one? Before changes, it was five?", "tokens": [1485, 13, 1012, 709, 390, 3218, 295, 6466, 472, 30, 4546, 2962, 11, 309, 390, 472, 13, 1012, 709, 390, 3218, 295, 6466, 732, 30, 1012, 709, 390, 11275, 295, 6466, 472, 30, 4546, 2962, 11, 309, 390, 1732, 30], "avg_logprob": -0.31897864690641076, "compression_ratio": 1.8295454545454546, "no_speech_prob": 0.0, "words": [{"start": 1469.44, "end": 1469.91, "word": " One.", "probability": 0.29052734375}, {"start": 1470.91, "end": 1471.85, "word": " How", "probability": 0.80029296875}, {"start": 1471.85, "end": 1472.23, "word": " much", "probability": 0.90966796875}, {"start": 1472.23, "end": 1472.79, "word": " was", "probability": 0.9609375}, {"start": 1472.79, "end": 1473.49, "word": " price", "probability": 0.705078125}, {"start": 1473.49, "end": 1473.69, "word": " of", "probability": 0.9091796875}, {"start": 1473.69, "end": 1473.91, "word": " eggs", "probability": 0.9052734375}, {"start": 1473.91, "end": 1474.19, "word": " one?", "probability": 0.65478515625}, {"start": 1475.25, "end": 1476.19, "word": " Before", "probability": 0.36474609375}, {"start": 1476.19, "end": 1476.87, "word": " changes,", "probability": 0.70068359375}, {"start": 1477.27, "end": 1477.91, "word": " it", "probability": 0.74560546875}, {"start": 1477.91, "end": 1478.09, "word": " was", "probability": 0.95263671875}, {"start": 1478.09, "end": 1478.37, "word": " one.", "probability": 0.8828125}, {"start": 1479.11, "end": 1479.57, "word": " How", "probability": 0.48876953125}, {"start": 1479.57, "end": 1479.73, "word": " much", "probability": 0.75927734375}, {"start": 1479.73, "end": 1479.97, "word": " was", "probability": 0.744140625}, {"start": 1479.97, "end": 1480.51, "word": " price", "probability": 0.70654296875}, {"start": 1480.51, "end": 1480.75, "word": " of", "probability": 0.9521484375}, {"start": 1480.75, "end": 1481.03, "word": " eggs", "probability": 0.8759765625}, {"start": 1481.03, "end": 1482.05, "word": " two?", "probability": 0.46875}, {"start": 1483.55, "end": 1483.79, "word": " How", "probability": 0.8330078125}, {"start": 1483.79, "end": 1484.21, "word": " much", "probability": 0.90771484375}, {"start": 1484.21, "end": 1484.81, "word": " was", "probability": 0.955078125}, {"start": 1484.81, "end": 1485.73, "word": " quantity", "probability": 0.4736328125}, {"start": 1485.73, "end": 1486.27, "word": " of", "probability": 0.3310546875}, {"start": 1486.27, "end": 1488.83, "word": " eggs", "probability": 0.87646484375}, {"start": 1488.83, "end": 1490.19, "word": " one?", "probability": 0.74853515625}, {"start": 1493.41, "end": 1494.35, "word": " Before", "probability": 0.7587890625}, {"start": 1494.35, "end": 1495.71, "word": " changes,", "probability": 0.81298828125}, {"start": 1495.81, "end": 1495.87, "word": " it", "probability": 0.79345703125}, {"start": 1495.87, "end": 1495.97, "word": " was", "probability": 0.94140625}, {"start": 1495.97, "end": 1496.27, "word": " five?", "probability": 0.84912109375}], "temperature": 1.0}, {"id": 53, "seek": 152393, "start": 1501.01, "end": 1523.93, "text": "Quantum of Y is equal to Quantum of X too. How many times did this happen in Hanna and Hanna? Five. Why? Before this situation. How many times was the Quantum of X that does utility maximization? Five. How many times did this happen in this combination? Also five. Okay.", "tokens": [8547, 394, 449, 295, 398, 307, 2681, 281, 44964, 295, 1783, 886, 13, 1012, 867, 1413, 630, 341, 1051, 294, 389, 1795, 293, 389, 1795, 30, 9436, 13, 1545, 30, 4546, 341, 2590, 13, 1012, 867, 1413, 390, 264, 44964, 295, 1783, 300, 775, 14877, 5138, 2144, 30, 9436, 13, 1012, 867, 1413, 630, 341, 1051, 294, 341, 6562, 30, 2743, 1732, 13, 1033, 13], "avg_logprob": -0.5260416775038748, "compression_ratio": 1.7419354838709677, "no_speech_prob": 0.0, "words": [{"start": 1501.01, "end": 1501.49, "word": "Quantum", "probability": 0.669677734375}, {"start": 1501.49, "end": 1501.59, "word": " of", "probability": 0.5791015625}, {"start": 1501.59, "end": 1501.81, "word": " Y", "probability": 0.5244140625}, {"start": 1501.81, "end": 1502.41, "word": " is", "probability": 0.59228515625}, {"start": 1502.41, "end": 1502.55, "word": " equal", "probability": 0.52880859375}, {"start": 1502.55, "end": 1502.55, "word": " to", "probability": 0.96240234375}, {"start": 1502.55, "end": 1502.83, "word": " Quantum", "probability": 0.53857421875}, {"start": 1502.83, "end": 1502.99, "word": " of", "probability": 0.90283203125}, {"start": 1502.99, "end": 1503.19, "word": " X", "probability": 0.9697265625}, {"start": 1503.19, "end": 1503.53, "word": " too.", "probability": 0.26171875}, {"start": 1504.23, "end": 1504.23, "word": " How", "probability": 0.333984375}, {"start": 1504.23, "end": 1504.37, "word": " many", "probability": 0.3408203125}, {"start": 1504.37, "end": 1504.55, "word": " times", "probability": 0.349609375}, {"start": 1504.55, "end": 1504.79, "word": " did", "probability": 0.374755859375}, {"start": 1504.79, "end": 1505.03, "word": " this", "probability": 0.48486328125}, {"start": 1505.03, "end": 1505.09, "word": " happen", "probability": 0.66455078125}, {"start": 1505.09, "end": 1505.33, "word": " in", "probability": 0.484619140625}, {"start": 1505.33, "end": 1505.61, "word": " Hanna", "probability": 0.465545654296875}, {"start": 1505.61, "end": 1505.79, "word": " and", "probability": 0.54345703125}, {"start": 1505.79, "end": 1505.99, "word": " Hanna?", "probability": 0.779296875}, {"start": 1506.27, "end": 1506.51, "word": " Five.", "probability": 0.447021484375}, {"start": 1507.05, "end": 1507.53, "word": " Why?", "probability": 0.56103515625}, {"start": 1510.77, "end": 1511.25, "word": " Before", "probability": 0.1158447265625}, {"start": 1511.25, "end": 1511.57, "word": " this", "probability": 0.68115234375}, {"start": 1511.57, "end": 1511.91, "word": " situation.", "probability": 0.7744140625}, {"start": 1515.39, "end": 1515.87, "word": " How", "probability": 0.6455078125}, {"start": 1515.87, "end": 1516.07, "word": " many", "probability": 0.66650390625}, {"start": 1516.07, "end": 1516.21, "word": " times", "probability": 0.79296875}, {"start": 1516.21, "end": 1516.33, "word": " was", "probability": 0.31298828125}, {"start": 1516.33, "end": 1516.83, "word": " the", "probability": 0.53759765625}, {"start": 1516.83, "end": 1517.01, "word": " Quantum", "probability": 0.29833984375}, {"start": 1517.01, "end": 1517.17, "word": " of", "probability": 0.95703125}, {"start": 1517.17, "end": 1517.35, "word": " X", "probability": 0.9609375}, {"start": 1517.35, "end": 1517.47, "word": " that", "probability": 0.31298828125}, {"start": 1517.47, "end": 1517.75, "word": " does", "probability": 0.24462890625}, {"start": 1517.75, "end": 1518.29, "word": " utility", "probability": 0.76025390625}, {"start": 1518.29, "end": 1519.21, "word": " maximization?", "probability": 0.933349609375}, {"start": 1519.37, "end": 1519.79, "word": " Five.", "probability": 0.822265625}, {"start": 1520.01, "end": 1520.25, "word": " How", "probability": 0.89306640625}, {"start": 1520.25, "end": 1520.49, "word": " many", "probability": 0.8515625}, {"start": 1520.49, "end": 1520.67, "word": " times", "probability": 0.83642578125}, {"start": 1520.67, "end": 1520.81, "word": " did", "probability": 0.72412109375}, {"start": 1520.81, "end": 1521.01, "word": " this", "probability": 0.7001953125}, {"start": 1521.01, "end": 1521.05, "word": " happen", "probability": 0.7421875}, {"start": 1521.05, "end": 1521.15, "word": " in", "probability": 0.849609375}, {"start": 1521.15, "end": 1521.23, "word": " this", "probability": 0.82568359375}, {"start": 1521.23, "end": 1521.71, "word": " combination?", "probability": 0.82275390625}, {"start": 1522.75, "end": 1523.23, "word": " Also", "probability": 0.375244140625}, {"start": 1523.23, "end": 1523.61, "word": " five.", "probability": 0.7685546875}, {"start": 1523.71, "end": 1523.93, "word": " Okay.", "probability": 0.462646484375}], "temperature": 1.0}, {"id": 54, "seek": 155484, "start": 1527.66, "end": 1554.84, "text": " I don't know. How can we determine that this demand is elastic or inelastic? Of course, let's draw a demand curve. Let's draw a demand curve. It will be perfectly inelastic. Perfectly. Wait a minute. Let's see. This is the table for the demand curve. 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Quantity of eggs, five and five. Let's draw the demand curve into perfectly, perfectly elastic. Let's set the demand curve here. Price of eggs, quantity of eggs. 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Quantities, one, two, three, four, five, six. At a price equals one, how much is quantity X? One, five. At two here, quantity equals five. 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As income goes up, the quantity remains constant. So calculate the income elasticity of demand. Zero. Zero. Zero. Yeah, zero. Zero. No relation between income and the quantity consumed. X zero. Right?", "tokens": [708, 775, 341, 914, 562, 321, 751, 466, 264, 5742, 46260, 295, 4733, 30, 1018, 5742, 1709, 493, 11, 264, 11275, 7023, 5754, 13, 407, 8873, 264, 5742, 46260, 295, 4733, 13, 17182, 13, 17182, 13, 17182, 13, 865, 11, 4018, 13, 17182, 13, 883, 9721, 1296, 5742, 293, 264, 11275, 21226, 13, 1783, 4018, 13, 1779, 30], "avg_logprob": -0.1643273259623576, "compression_ratio": 1.6956521739130435, "no_speech_prob": 0.0, "words": [{"start": 1642.16, "end": 1642.5, "word": " What", "probability": 0.78369140625}, {"start": 1642.5, "end": 1643.44, "word": " does", "probability": 0.8017578125}, {"start": 1643.44, "end": 1644.42, "word": " this", "probability": 0.935546875}, {"start": 1644.42, "end": 1644.92, "word": " mean", "probability": 0.92138671875}, {"start": 1644.92, "end": 1645.68, "word": " when", "probability": 0.8896484375}, {"start": 1645.68, "end": 1645.94, "word": " we", "probability": 0.96533203125}, {"start": 1645.94, "end": 1646.3, "word": " talk", "probability": 0.89794921875}, {"start": 1646.3, "end": 1646.68, "word": " about", "probability": 0.9033203125}, {"start": 1646.68, "end": 1647.18, "word": " the", "probability": 0.89453125}, {"start": 1647.18, "end": 1647.82, "word": " income", "probability": 0.9697265625}, {"start": 1647.82, "end": 1648.38, "word": " elasticity", "probability": 0.947265625}, {"start": 1648.38, "end": 1648.74, "word": " of", "probability": 0.96826171875}, {"start": 1648.74, "end": 1649.12, "word": " demand?", "probability": 0.9072265625}, {"start": 1650.14, "end": 1651.02, "word": " As", "probability": 0.8017578125}, {"start": 1651.02, "end": 1651.52, "word": " income", "probability": 0.9462890625}, {"start": 1651.52, "end": 1652.0, "word": " goes", "probability": 0.9453125}, {"start": 1652.0, "end": 1652.42, "word": " up,", "probability": 0.9716796875}, {"start": 1652.64, "end": 1652.8, "word": " the", "probability": 0.921875}, {"start": 1652.8, "end": 1653.24, "word": " quantity", "probability": 0.9814453125}, {"start": 1653.24, "end": 1654.02, "word": " remains", "probability": 0.8701171875}, {"start": 1654.02, "end": 1654.6, "word": " constant.", "probability": 0.9384765625}, {"start": 1655.92, "end": 1656.54, "word": " So", "probability": 0.93701171875}, {"start": 1656.54, "end": 1657.6, "word": " calculate", "probability": 0.8623046875}, {"start": 1657.6, "end": 1659.18, "word": " the", "probability": 0.9130859375}, {"start": 1659.18, "end": 1659.72, "word": " income", "probability": 0.96923828125}, {"start": 1659.72, "end": 1660.24, "word": " elasticity", "probability": 0.9345703125}, {"start": 1660.24, "end": 1660.54, "word": " of", "probability": 0.94921875}, {"start": 1660.54, "end": 1660.9, "word": " demand.", "probability": 0.89404296875}, {"start": 1661.78, "end": 1662.22, "word": " Zero.", "probability": 0.810546875}, {"start": 1662.8, "end": 1663.28, "word": " Zero.", "probability": 0.8916015625}, {"start": 1663.36, "end": 1663.74, "word": " Zero.", "probability": 0.8125}, {"start": 1663.9, "end": 1664.02, "word": " Yeah,", "probability": 0.32275390625}, {"start": 1664.1, "end": 1664.34, "word": " zero.", "probability": 0.91748046875}, {"start": 1664.78, "end": 1665.04, "word": " Zero.", "probability": 0.9150390625}, {"start": 1666.0, "end": 1666.28, "word": " No", "probability": 0.908203125}, {"start": 1666.28, "end": 1667.06, "word": " relation", "probability": 0.9228515625}, {"start": 1667.06, "end": 1667.44, "word": " between", "probability": 0.86376953125}, {"start": 1667.44, "end": 1667.92, "word": " income", "probability": 0.8642578125}, {"start": 1667.92, "end": 1668.22, "word": " and", "probability": 0.93505859375}, {"start": 1668.22, "end": 1668.32, "word": " the", "probability": 0.59814453125}, {"start": 1668.32, "end": 1668.56, "word": " quantity", "probability": 0.9775390625}, {"start": 1668.56, "end": 1669.08, "word": " consumed.", "probability": 0.90478515625}, {"start": 1669.24, "end": 1669.54, "word": " X", "probability": 0.69921875}, {"start": 1669.54, "end": 1669.78, "word": " zero.", "probability": 0.59521484375}, {"start": 1670.7, "end": 1671.3, "word": " Right?", "probability": 0.83154296875}], "temperature": 1.0}, {"id": 59, "seek": 169979, "start": 1672.31, "end": 1699.79, "text": " No? This is the demand curve. So the demand curve is perfectly inelastic here. Calculate the total revenue before and after the change. Or the total revenue generated from X when the price was 1 and 2. So the total revenue generated for the producer, total revenue 1, equals the price of X1.", "tokens": [883, 30, 639, 307, 264, 4733, 7605, 13, 407, 264, 4733, 7605, 307, 6239, 294, 338, 2750, 510, 13, 3511, 2444, 473, 264, 3217, 9324, 949, 293, 934, 264, 1319, 13, 1610, 264, 3217, 9324, 10833, 490, 1783, 562, 264, 3218, 390, 502, 293, 568, 13, 407, 264, 3217, 9324, 10833, 337, 264, 12314, 11, 3217, 9324, 502, 11, 6915, 264, 3218, 295, 1783, 16, 13], "avg_logprob": -0.17793843194619932, "compression_ratio": 1.7696969696969698, "no_speech_prob": 0.0, "words": [{"start": 1672.31, "end": 1672.59, "word": " No?", "probability": 0.7783203125}, {"start": 1675.09, "end": 1675.77, "word": " This", "probability": 0.1429443359375}, {"start": 1675.77, "end": 1678.55, "word": " is", "probability": 0.9345703125}, {"start": 1678.55, "end": 1678.65, "word": " the", "probability": 0.82763671875}, {"start": 1678.65, "end": 1678.95, "word": " demand", "probability": 0.86279296875}, {"start": 1678.95, 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60, "seek": 172925, "start": 1700.95, "end": 1729.25, "text": " They are talking about X times QX1. So total revenue before changes in prices, X1, equals 1 times the quantity consumed, equals 5. Total revenue, 2. Price of X2 times the quantity consumed, X2. Total revenue, 2, equals price of X2, 2 times 5, equals 10.", "tokens": [814, 366, 1417, 466, 1783, 1413, 1249, 55, 16, 13, 407, 3217, 9324, 949, 2962, 294, 7901, 11, 1783, 16, 11, 6915, 502, 1413, 264, 11275, 21226, 11, 6915, 1025, 13, 23170, 9324, 11, 568, 13, 25803, 295, 1783, 17, 1413, 264, 11275, 21226, 11, 1783, 17, 13, 23170, 9324, 11, 568, 11, 6915, 3218, 295, 1783, 17, 11, 568, 1413, 1025, 11, 6915, 1266, 13], "avg_logprob": -0.18411846703557827, "compression_ratio": 1.7638888888888888, "no_speech_prob": 0.0, "words": [{"start": 1700.95, "end": 1701.21, "word": " They", "probability": 0.287109375}, {"start": 1701.21, "end": 1701.37, "word": " are", "probability": 0.84521484375}, {"start": 1701.37, "end": 1701.67, "word": " talking", "probability": 0.8291015625}, {"start": 1701.67, "end": 1702.05, "word": " about", "probability": 0.916015625}, {"start": 1702.05, "end": 1702.47, "word": " X", "probability": 0.260009765625}, {"start": 1702.47, "end": 1704.19, "word": " times", "probability": 0.84619140625}, {"start": 1704.19, "end": 1705.85, "word": " QX1.", "probability": 0.7166341145833334}, {"start": 1705.99, "end": 1706.21, "word": " So", "probability": 0.955078125}, {"start": 1706.21, "end": 1706.57, "word": " total", "probability": 0.76611328125}, {"start": 1706.57, "end": 1706.89, "word": " revenue", "probability": 0.89404296875}, {"start": 1706.89, "end": 1707.29, "word": " before", "probability": 0.88232421875}, {"start": 1707.29, "end": 1707.97, "word": " changes", "probability": 0.8759765625}, {"start": 1707.97, "end": 1708.15, "word": " in", "probability": 0.92138671875}, {"start": 1708.15, "end": 1708.59, "word": " prices,", "probability": 0.7216796875}, {"start": 1709.33, "end": 1709.77, "word": " X1,", "probability": 0.98828125}, {"start": 1709.89, "end": 1710.45, "word": " equals", "probability": 0.9287109375}, {"start": 1710.45, "end": 1711.81, "word": " 1", "probability": 0.72216796875}, {"start": 1711.81, "end": 1712.41, "word": " times", "probability": 0.9228515625}, {"start": 1712.41, "end": 1712.57, "word": " the", "probability": 0.78564453125}, {"start": 1712.57, "end": 1712.77, "word": " quantity", "probability": 0.45849609375}, {"start": 1712.77, "end": 1713.31, "word": " consumed,", "probability": 0.826171875}, {"start": 1713.43, "end": 1713.79, "word": " equals", "probability": 0.9482421875}, {"start": 1713.79, "end": 1714.11, "word": " 5.", "probability": 0.93359375}, {"start": 1714.55, "end": 1714.91, "word": " Total", "probability": 0.88330078125}, {"start": 1714.91, "end": 1715.27, "word": " revenue,", "probability": 0.8974609375}, {"start": 1715.43, "end": 1715.65, "word": " 2.", "probability": 0.97900390625}, {"start": 1717.93, "end": 1718.65, "word": " Price", "probability": 0.88671875}, {"start": 1718.65, "end": 1718.83, "word": " of", "probability": 0.96630859375}, {"start": 1718.83, "end": 1719.37, "word": " X2", "probability": 0.990234375}, {"start": 1719.37, "end": 1719.95, "word": " times", "probability": 0.90380859375}, {"start": 1719.95, "end": 1720.21, "word": " the", "probability": 0.853515625}, {"start": 1720.21, "end": 1720.51, "word": " quantity", "probability": 0.97314453125}, {"start": 1720.51, "end": 1720.89, "word": " consumed,", "probability": 0.541015625}, {"start": 1720.89, "end": 1721.31, "word": " X2.", "probability": 0.958984375}, {"start": 1722.15, "end": 1722.47, "word": " Total", "probability": 0.8828125}, {"start": 1722.47, "end": 1722.91, "word": " revenue,", "probability": 0.91015625}, {"start": 1723.31, "end": 1723.67, "word": " 2,", "probability": 0.99267578125}, {"start": 1723.83, "end": 1724.41, "word": " equals", "probability": 0.94580078125}, {"start": 1724.41, "end": 1724.73, "word": " price", "probability": 0.7763671875}, {"start": 1724.73, "end": 1724.89, "word": " of", "probability": 0.9521484375}, {"start": 1724.89, "end": 1725.35, "word": " X2,", "probability": 0.996337890625}, {"start": 1725.97, "end": 1726.19, "word": " 2", "probability": 0.91357421875}, {"start": 1726.19, "end": 1726.93, "word": " times", "probability": 0.7333984375}, {"start": 1726.93, "end": 1728.49, "word": " 5,", "probability": 0.98828125}, {"start": 1728.57, "end": 1728.97, "word": " equals", "probability": 0.92529296875}, {"start": 1728.97, "end": 1729.25, "word": " 10.", "probability": 0.966796875}], "temperature": 1.0}, {"id": 61, "seek": 175782, "start": 1730.48, "end": 1757.82, "text": " Which means the consumer here, the producer decision here to increase the price. What is it? Rational. Rational. Yes. Because he raised the price and his revenue increased. This is the producer. Right? Right. Demand is what? Elastic or inelastic? We said perfectly inelastic. Perfect. That's it. The consumer. The consumer what?", "tokens": [3013, 1355, 264, 9711, 510, 11, 264, 12314, 3537, 510, 281, 3488, 264, 3218, 13, 708, 307, 309, 30, 497, 1478, 13, 497, 1478, 13, 1079, 13, 1436, 415, 6005, 264, 3218, 293, 702, 9324, 6505, 13, 639, 307, 264, 12314, 13, 1779, 30, 1779, 13, 4686, 474, 307, 437, 30, 2699, 2750, 420, 294, 338, 2750, 30, 492, 848, 6239, 294, 338, 2750, 13, 10246, 13, 663, 311, 309, 13, 440, 9711, 13, 440, 9711, 437, 30], "avg_logprob": -0.3751977840556374, "compression_ratio": 1.7225130890052356, "no_speech_prob": 0.0, "words": [{"start": 1730.48, "end": 1730.78, "word": " Which", "probability": 0.5888671875}, {"start": 1730.78, "end": 1731.38, "word": " means", "probability": 0.9375}, {"start": 1731.38, "end": 1732.8, "word": " the", "probability": 0.67822265625}, {"start": 1732.8, "end": 1733.48, "word": " consumer", "probability": 0.77001953125}, {"start": 1733.48, "end": 1733.9, "word": " here,", "probability": 0.8359375}, {"start": 1734.28, "end": 1734.6, "word": " 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consumer pays the whole of the export in. Let's go to something else.", "tokens": [440, 9711, 10604, 264, 1379, 295, 264, 10725, 294, 13, 961, 311, 352, 281, 746, 1646, 13], "avg_logprob": -0.4622395949231254, "compression_ratio": 1.0, "no_speech_prob": 0.0, "words": [{"start": 1759.44, "end": 1759.74, "word": " The", "probability": 0.75341796875}, {"start": 1759.74, "end": 1760.64, "word": " consumer", "probability": 0.86181640625}, {"start": 1760.64, "end": 1761.02, "word": " pays", "probability": 0.8369140625}, {"start": 1761.02, "end": 1761.4, "word": " the", "probability": 0.77490234375}, {"start": 1761.4, "end": 1761.64, "word": " whole", "probability": 0.87841796875}, {"start": 1761.64, "end": 1761.82, "word": " of", "probability": 0.89599609375}, {"start": 1761.82, "end": 1761.92, "word": " the", "probability": 0.8818359375}, {"start": 1761.92, "end": 1762.22, "word": " export", "probability": 0.5751953125}, {"start": 1762.22, "end": 1762.54, "word": " in.", "probability": 0.11358642578125}, {"start": 1770.5, "end": 1771.12, "word": " Let's", "probability": 0.5386962890625}, {"start": 1771.12, "end": 1771.26, "word": " go", "probability": 0.9521484375}, {"start": 1771.26, "end": 1771.44, "word": " to", "probability": 0.9501953125}, {"start": 1771.44, "end": 1771.7, "word": " something", "probability": 0.86328125}, {"start": 1771.7, "end": 1773.1, "word": " else.", "probability": 0.91357421875}], "temperature": 1.0}, {"id": 63, "seek": 181289, "start": 1783.45, "end": 1812.89, "text": " Income 1 for product x. Income 1 was 9. Income 2, I2 equals 18. Quantity of x1 was 5. Quantity of x2 was also 5. So the income versus the asset of demand will be the change in quantity of x over the change in income times the summation of income. Do you know the formula? You know that what we took a long time ago turns out to be zero, right?", "tokens": [682, 1102, 502, 337, 1674, 2031, 13, 682, 1102, 502, 390, 1722, 13, 682, 1102, 568, 11, 286, 17, 6915, 2443, 13, 26968, 507, 295, 2031, 16, 390, 1025, 13, 26968, 507, 295, 2031, 17, 390, 611, 1025, 13, 407, 264, 5742, 5717, 264, 11999, 295, 4733, 486, 312, 264, 1319, 294, 11275, 295, 2031, 670, 264, 1319, 294, 5742, 1413, 264, 28811, 295, 5742, 13, 1144, 291, 458, 264, 8513, 30, 509, 458, 300, 437, 321, 1890, 257, 938, 565, 2057, 4523, 484, 281, 312, 4018, 11, 558, 30], "avg_logprob": -0.4519230684081277, "compression_ratio": 1.6862745098039216, "no_speech_prob": 0.0, "words": [{"start": 1783.45, "end": 1784.01, "word": " Income", "probability": 0.77294921875}, {"start": 1784.01, "end": 1784.35, "word": " 1", "probability": 0.5927734375}, {"start": 1784.35, "end": 1785.29, "word": " for", "probability": 0.268798828125}, {"start": 1785.29, "end": 1785.85, "word": " product", "probability": 0.810546875}, 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All right. Let's go to something else. UX. Question. This goes back like this. This is eight, seven, six, five, four, three. How many data did we have? Someone tell me the data. Eight. Eight. Ten. 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Okay. This is the MUY. What do you see in this table?", "tokens": [3180, 11, 2309, 11, 1451, 11, 1045, 11, 293, 732, 13, 1033, 13, 639, 307, 264, 17935, 56, 13, 708, 360, 291, 536, 294, 341, 3199, 30], "avg_logprob": -0.22628348107848847, "compression_ratio": 1.0114942528735633, "no_speech_prob": 0.0, "words": [{"start": 1845.1000000000001, "end": 1845.68, "word": " eight,", "probability": 0.267333984375}, {"start": 1845.68, "end": 1846.26, "word": " six,", "probability": 0.94921875}, {"start": 1846.6, "end": 1847.64, "word": " four,", "probability": 0.9404296875}, {"start": 1848.02, "end": 1848.9, "word": " three,", "probability": 0.94189453125}, {"start": 1849.16, "end": 1849.66, "word": " and", "probability": 0.90869140625}, {"start": 1849.66, "end": 1849.9, "word": " two.", "probability": 0.94140625}, {"start": 1850.32, "end": 1850.54, "word": " Okay.", "probability": 0.77001953125}, {"start": 1853.66, "end": 1854.06, "word": " This", "probability": 0.86474609375}, {"start": 1854.06, "end": 1854.22, "word": " is", "probability": 0.94140625}, {"start": 1854.22, "end": 1854.42, "word": " the", "probability": 0.6748046875}, {"start": 1854.42, "end": 1855.72, "word": " MUY.", "probability": 0.5125732421875}, {"start": 1864.98, "end": 1865.16, "word": " What", "probability": 0.8984375}, {"start": 1865.16, "end": 1865.24, "word": " do", "probability": 0.5361328125}, {"start": 1865.24, "end": 1865.38, "word": " you", "probability": 0.8935546875}, {"start": 1865.38, "end": 1865.6, "word": " see", "probability": 0.927734375}, {"start": 1865.6, "end": 1865.76, "word": " in", "probability": 0.91259765625}, {"start": 1865.76, "end": 1865.92, "word": " this", "probability": 0.9404296875}, {"start": 1865.92, "end": 1866.18, "word": " table?", "probability": 0.9033203125}], "temperature": 1.0}, {"id": 66, "seek": 189703, "start": 1868.03, "end": 1897.03, "text": " As the quantity consumed of X goes up, the marginal utility of X goes down, which means that there is a negative relationship between the quantity consumed and the marginal utility. What about Y here? 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"words": [{"start": 1897.93, "end": 1898.27, "word": " which", "probability": 0.80517578125}, {"start": 1898.27, "end": 1899.01, "word": " represents", "probability": 0.8984375}, {"start": 1899.01, "end": 1899.63, "word": " the", "probability": 0.9091796875}, {"start": 1899.63, "end": 1900.01, "word": " law", "probability": 0.7275390625}, {"start": 1900.01, "end": 1900.35, "word": " of", "probability": 0.974609375}, {"start": 1900.35, "end": 1901.27, "word": " diminishing", "probability": 0.877685546875}, {"start": 1901.27, "end": 1902.03, "word": " marginal", "probability": 0.89794921875}, {"start": 1902.03, "end": 1902.41, "word": " utility.", "probability": 0.8935546875}], "temperature": 1.0}, {"id": 68, "seek": 192992, "start": 1905.5, "end": 1929.92, "text": " The law of decreasing the marginal utility. As the quantity consumed increases, the marginal utility goes down, which means there is a negative relationship between the quantity consumed, the quantity purchased of X, QX. As the quantity consumed of X goes up, the marginal utility", "tokens": [440, 2101, 295, 23223, 264, 16885, 14877, 13, 1018, 264, 11275, 21226, 8637, 11, 264, 16885, 14877, 1709, 760, 11, 597, 1355, 456, 307, 257, 3671, 2480, 1296, 264, 11275, 21226, 11, 264, 11275, 14734, 295, 1783, 11, 1249, 55, 13, 1018, 264, 11275, 21226, 295, 1783, 1709, 493, 11, 264, 16885, 14877], "avg_logprob": -0.1775173638705854, "compression_ratio": 1.8859060402684564, "no_speech_prob": 0.0, "words": [{"start": 1905.5000000000002, "end": 1906.3200000000002, "word": " The", "probability": 0.128662109375}, {"start": 1906.3200000000002, "end": 1907.14, "word": " law", "probability": 0.810546875}, {"start": 1907.14, "end": 1907.42, "word": " of", "probability": 0.951171875}, {"start": 1907.42, "end": 1908.16, "word": " decreasing", "probability": 0.92626953125}, {"start": 1908.16, "end": 1909.08, "word": " the", "probability": 0.83544921875}, {"start": 1909.08, "end": 1909.52, "word": " marginal", "probability": 0.89306640625}, {"start": 1909.52, "end": 1910.02, "word": " utility.", "probability": 0.96630859375}, {"start": 1910.18, "end": 1910.52, "word": " As", "probability": 0.724609375}, {"start": 1910.52, "end": 1911.02, "word": " the", "probability": 0.88037109375}, {"start": 1911.02, "end": 1911.36, "word": " quantity", "probability": 0.96435546875}, {"start": 1911.36, "end": 1912.46, "word": " consumed", "probability": 0.81494140625}, {"start": 1912.46, "end": 1913.52, "word": " increases,", "probability": 0.9013671875}, {"start": 1914.22, "end": 1914.66, "word": " the", "probability": 0.91455078125}, {"start": 1914.66, "end": 1915.08, "word": " marginal", "probability": 0.8779296875}, {"start": 1915.08, "end": 1915.46, "word": " utility", "probability": 0.9775390625}, {"start": 1915.46, "end": 1915.98, "word": " goes", "probability": 0.92822265625}, {"start": 1915.98, "end": 1916.28, "word": " down,", "probability": 0.857421875}, {"start": 1916.38, "end": 1916.54, "word": " which", "probability": 0.94580078125}, {"start": 1916.54, "end": 1916.88, "word": " means", "probability": 0.92822265625}, {"start": 1916.88, "end": 1917.28, "word": " there", "probability": 0.8896484375}, {"start": 1917.28, "end": 1917.44, "word": " is", "probability": 0.9423828125}, {"start": 1917.44, "end": 1917.6, "word": " a", "probability": 0.998046875}, {"start": 1917.6, "end": 1917.94, "word": " negative", "probability": 0.9404296875}, {"start": 1917.94, "end": 1918.6, "word": " relationship", "probability": 0.91943359375}, {"start": 1918.6, "end": 1919.24, "word": " between", "probability": 0.86962890625}, {"start": 1919.24, "end": 1919.96, "word": " the", "probability": 0.92626953125}, {"start": 1919.96, "end": 1920.32, "word": " quantity", "probability": 0.96923828125}, {"start": 1920.32, "end": 1921.04, "word": " consumed,", "probability": 0.8486328125}, {"start": 1921.18, "end": 1921.28, "word": " the", "probability": 0.9228515625}, {"start": 1921.28, "end": 1921.52, "word": " quantity", "probability": 0.9775390625}, {"start": 1921.52, "end": 1922.3, "word": " purchased", "probability": 0.94677734375}, {"start": 1922.3, "end": 1922.6, "word": " of", "probability": 0.83056640625}, {"start": 1922.6, "end": 1922.98, "word": " X,", "probability": 0.482421875}, {"start": 1923.46, "end": 1923.96, "word": " QX.", "probability": 0.828369140625}, {"start": 1924.06, "end": 1924.32, "word": " As", "probability": 0.9521484375}, {"start": 1924.32, "end": 1924.46, "word": " the", "probability": 0.89501953125}, {"start": 1924.46, "end": 1924.68, "word": " quantity", "probability": 0.982421875}, {"start": 1924.68, "end": 1926.24, "word": " consumed", "probability": 0.81005859375}, {"start": 1926.24, "end": 1926.66, "word": " of", "probability": 0.91943359375}, {"start": 1926.66, "end": 1926.9, "word": " X", "probability": 0.994140625}, {"start": 1926.9, "end": 1927.58, "word": " goes", "probability": 0.89453125}, {"start": 1927.58, "end": 1928.08, "word": " up,", "probability": 0.97412109375}, {"start": 1928.42, "end": 1928.7, "word": " the", "probability": 0.91796875}, {"start": 1928.7, "end": 1929.3, "word": " marginal", "probability": 0.93115234375}, {"start": 1929.3, "end": 1929.92, "word": " utility", "probability": 0.953125}], "temperature": 1.0}, {"id": 69, "seek": 195586, "start": 1930.62, "end": 1955.86, "text": " of X goes down, which represents the negative relationship between the quantity consumed and the marginal utility. All right? Now, let us assume that the marginal utility of X over PX was bigger than the marginal utility of Y over PY, which means", "tokens": [295, 1783, 1709, 760, 11, 597, 8855, 264, 3671, 2480, 1296, 264, 11275, 21226, 293, 264, 16885, 14877, 13, 1057, 558, 30, 823, 11, 718, 505, 6552, 300, 264, 16885, 14877, 295, 1783, 670, 430, 55, 390, 3801, 813, 264, 16885, 14877, 295, 398, 670, 430, 56, 11, 597, 1355], "avg_logprob": -0.21093750701231115, "compression_ratio": 1.6143790849673203, "no_speech_prob": 0.0, "words": [{"start": 1930.62, "end": 1930.92, "word": " of", "probability": 0.87890625}, {"start": 1930.92, "end": 1931.26, "word": " X", "probability": 0.54833984375}, {"start": 1931.26, "end": 1931.78, "word": " goes", "probability": 0.93115234375}, {"start": 1931.78, "end": 1932.14, "word": " down,", "probability": 0.841796875}, {"start": 1932.28, "end": 1932.36, "word": " which", "probability": 0.95068359375}, {"start": 1932.36, "end": 1932.92, "word": " represents", "probability": 0.87744140625}, {"start": 1932.92, "end": 1933.18, "word": " the", "probability": 0.91162109375}, {"start": 1933.18, "end": 1933.62, "word": " negative", "probability": 0.94580078125}, {"start": 1933.62, "end": 1934.3, "word": " relationship", "probability": 0.9150390625}, {"start": 1934.3, "end": 1934.96, "word": " between", "probability": 0.87353515625}, {"start": 1934.96, "end": 1935.88, "word": " the", "probability": 0.91455078125}, {"start": 1935.88, "end": 1936.6, "word": " quantity", "probability": 0.37646484375}, {"start": 1936.6, "end": 1937.3, "word": " consumed", "probability": 0.81884765625}, {"start": 1937.3, "end": 1937.68, "word": " and", "probability": 0.888671875}, {"start": 1937.68, "end": 1937.84, "word": " the", "probability": 0.75048828125}, {"start": 1937.84, "end": 1938.24, "word": " marginal", "probability": 0.8916015625}, {"start": 1938.24, "end": 1938.7, "word": " utility.", "probability": 0.95458984375}, {"start": 1939.64, "end": 1939.72, "word": " All", "probability": 0.457763671875}, {"start": 1939.72, "end": 1940.06, "word": " right?", "probability": 0.9072265625}, {"start": 1941.28, "end": 1942.14, "word": " Now,", "probability": 0.434814453125}, {"start": 1943.32, "end": 1943.52, "word": " let", "probability": 0.9228515625}, {"start": 1943.52, "end": 1943.7, "word": " us", "probability": 0.70556640625}, {"start": 1943.7, "end": 1944.1, "word": " assume", "probability": 0.90966796875}, {"start": 1944.1, "end": 1944.52, "word": " that", "probability": 0.93359375}, {"start": 1944.52, "end": 1945.1, "word": " the", "probability": 0.91064453125}, {"start": 1945.1, "end": 1945.5, "word": " marginal", "probability": 0.90234375}, {"start": 1945.5, "end": 1945.96, "word": " utility", "probability": 0.96728515625}, {"start": 1945.96, "end": 1946.62, "word": " of", "probability": 0.96728515625}, {"start": 1946.62, "end": 1947.04, "word": " X", "probability": 0.94970703125}, {"start": 1947.04, "end": 1949.26, "word": " over", "probability": 0.875}, {"start": 1949.26, "end": 1950.0, "word": " PX", "probability": 0.829345703125}, {"start": 1950.0, "end": 1950.56, "word": " was", "probability": 0.92822265625}, {"start": 1950.56, "end": 1951.06, "word": " bigger", "probability": 0.94677734375}, {"start": 1951.06, "end": 1951.46, "word": " than", "probability": 0.9404296875}, {"start": 1951.46, "end": 1951.72, "word": " the", "probability": 0.90234375}, {"start": 1951.72, "end": 1952.1, "word": " marginal", "probability": 0.90771484375}, {"start": 1952.1, "end": 1952.6, "word": " utility", "probability": 0.97412109375}, {"start": 1952.6, "end": 1952.84, "word": " of", "probability": 0.7841796875}, {"start": 1952.84, "end": 1953.12, "word": " Y", "probability": 0.9931640625}, {"start": 1953.12, "end": 1953.48, "word": " over", "probability": 0.921875}, {"start": 1953.48, "end": 1954.0, "word": " PY,", "probability": 0.890869140625}, {"start": 1954.76, "end": 1955.48, "word": " which", "probability": 0.9501953125}, {"start": 1955.48, "end": 1955.86, "word": " means", "probability": 0.931640625}], "temperature": 1.0}, {"id": 70, "seek": 197677, "start": 1956.99, "end": 1976.77, "text": " Let us assume that the marginal utility of X over the price of X was bigger than the marginal utility of Y over the price of Y. What shall the consumer do to reach the equilibrium?", "tokens": [961, 505, 6552, 300, 264, 16885, 14877, 295, 1783, 670, 264, 3218, 295, 1783, 390, 3801, 813, 264, 16885, 14877, 295, 398, 670, 264, 3218, 295, 398, 13, 708, 4393, 264, 9711, 360, 281, 2524, 264, 15625, 30], "avg_logprob": -0.13972355463565925, "compression_ratio": 1.5739130434782609, "no_speech_prob": 0.0, "words": [{"start": 1956.99, "end": 1957.31, "word": " Let", "probability": 0.771484375}, {"start": 1957.31, "end": 1957.47, "word": " us", "probability": 0.7548828125}, {"start": 1957.47, "end": 1957.89, "word": " assume", "probability": 0.90234375}, {"start": 1957.89, "end": 1958.31, "word": " that", "probability": 0.9287109375}, {"start": 1958.31, "end": 1958.83, "word": " the", "probability": 0.8759765625}, {"start": 1958.83, "end": 1959.33, "word": " marginal", "probability": 0.787109375}, {"start": 1959.33, "end": 1959.67, "word": " utility", "probability": 0.958984375}, {"start": 1959.67, "end": 1959.99, "word": " of", "probability": 0.94091796875}, {"start": 1959.99, "end": 1960.29, "word": " X", "probability": 0.58447265625}, {"start": 1960.29, "end": 1960.67, "word": " over", "probability": 0.89990234375}, {"start": 1960.67, "end": 1960.85, "word": " the", "probability": 0.91259765625}, {"start": 1960.85, "end": 1961.25, "word": " price", "probability": 0.93017578125}, {"start": 1961.25, "end": 1961.69, "word": " of", "probability": 0.96044921875}, {"start": 1961.69, "end": 1962.03, "word": " X", "probability": 0.9677734375}, {"start": 1962.03, "end": 1962.73, "word": " was", "probability": 0.90966796875}, {"start": 1962.73, "end": 1963.15, "word": " bigger", "probability": 0.9365234375}, {"start": 1963.15, "end": 1963.51, "word": " than", "probability": 0.93994140625}, {"start": 1963.51, "end": 1963.75, "word": " the", "probability": 0.88134765625}, {"start": 1963.75, "end": 1964.15, "word": " marginal", "probability": 0.8818359375}, {"start": 1964.15, "end": 1964.51, "word": " utility", "probability": 0.966796875}, {"start": 1964.51, "end": 1964.87, "word": " of", "probability": 0.94873046875}, {"start": 1964.87, "end": 1965.25, "word": " Y", "probability": 0.98828125}, {"start": 1965.25, "end": 1965.91, "word": " over", "probability": 0.90380859375}, {"start": 1965.91, "end": 1966.21, "word": " the", "probability": 0.76025390625}, {"start": 1966.21, "end": 1966.49, "word": " price", "probability": 0.92041015625}, {"start": 1966.49, "end": 1966.71, "word": " of", "probability": 0.94775390625}, {"start": 1966.71, "end": 1967.01, "word": " Y.", "probability": 0.99462890625}, {"start": 1969.61, "end": 1970.23, "word": " What", "probability": 0.896484375}, {"start": 1970.23, "end": 1971.07, "word": " shall", "probability": 0.826171875}, {"start": 1971.07, "end": 1971.55, "word": " the", "probability": 0.9150390625}, {"start": 1971.55, "end": 1972.27, "word": " consumer", "probability": 0.8291015625}, {"start": 1972.27, "end": 1973.87, "word": " do", "probability": 0.453369140625}, {"start": 1973.87, "end": 1974.49, "word": " to", "probability": 0.96044921875}, {"start": 1974.49, "end": 1974.95, "word": " reach", "probability": 0.927734375}, {"start": 1974.95, "end": 1976.27, "word": " the", "probability": 0.486572265625}, {"start": 1976.27, "end": 1976.77, "word": " equilibrium?", "probability": 0.9365234375}], "temperature": 1.0}, {"id": 71, "seek": 200738, "start": 1978.78, "end": 2007.38, "text": "بصير هيك أن أحياناً أنه ال marginal utility of X over the price of X is bigger or less than sometimes less. The marginal utility of Y over the price of Y. لعنى let us assume that we have an example أنه ال MUX equals twenty units and the price of X equals two. And MUY equals thirty.", "tokens": [3555, 9381, 13546, 39896, 4117, 14739, 5551, 5016, 1829, 7649, 995, 14111, 14739, 3224, 2423, 16885, 14877, 295, 1783, 670, 264, 3218, 295, 1783, 307, 3801, 420, 1570, 813, 2171, 1570, 13, 440, 16885, 14877, 295, 398, 670, 264, 3218, 295, 398, 13, 5296, 3615, 1863, 7578, 718, 505, 6552, 300, 321, 362, 364, 1365, 14739, 3224, 2423, 17935, 55, 6915, 7699, 6815, 293, 264, 3218, 295, 1783, 6915, 732, 13, 400, 17935, 56, 6915, 11790, 13], "avg_logprob": -0.28826123093947387, "compression_ratio": 1.5145631067961165, "no_speech_prob": 0.0, "words": [{"start": 1978.78, "end": 1979.32, "word": "بصير", "probability": 0.7412109375}, {"start": 1979.32, "end": 1979.64, "word": " هيك", "probability": 0.55224609375}, {"start": 1979.64, "end": 1979.74, "word": " أن", "probability": 0.62744140625}, {"start": 1979.74, "end": 1980.52, "word": " أحياناً", "probability": 0.87548828125}, {"start": 1980.52, "end": 1980.76, "word": " أنه", "probability": 0.4537353515625}, 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No, no, no, no. Okay, five. In this example here, what do you see? 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MUy 30 over 5. 10 is bigger than 6. So here, 10 is bigger than 6. What shall we do to achieve the first condition, MUx over the price of x equals MUy over Py? 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How can we reach to this condition? No, no, no, no. I'm the consumer. I'm not the producer. So I, as a consumer, I have to control the marginal utility by a changes to some changes in the quantity consumed of X or Y.", "tokens": [1012, 393, 321, 1677, 30, 1012, 393, 321, 2524, 281, 341, 4188, 30, 883, 11, 572, 11, 572, 11, 572, 13, 286, 478, 264, 9711, 13, 286, 478, 406, 264, 12314, 13, 407, 286, 11, 382, 257, 9711, 11, 286, 362, 281, 1969, 264, 16885, 14877, 538, 257, 2962, 281, 512, 2962, 294, 264, 11275, 21226, 295, 1783, 420, 398, 13], "avg_logprob": -0.191028225325769, "compression_ratio": 1.5496688741721854, "no_speech_prob": 0.0, "words": [{"start": 2066.48, "end": 2066.76, "word": " How", "probability": 0.78173828125}, {"start": 2066.76, "end": 2067.0, "word": " can", "probability": 0.9423828125}, {"start": 2067.0, "end": 2067.2, "word": " we", "probability": 0.962890625}, {"start": 2067.2, "end": 2067.74, "word": " meet?", "probability": 0.69921875}, {"start": 2068.34, "end": 2068.68, "word": " How", "probability": 0.96337890625}, {"start": 2068.68, "end": 2068.94, "word": " can", "probability": 0.9453125}, {"start": 2068.94, "end": 2069.22, "word": " we", "probability": 0.9609375}, {"start": 2069.22, "end": 2070.1, "word": " reach", "probability": 0.91650390625}, {"start": 2070.1, "end": 2070.36, "word": " to", "probability": 0.8984375}, {"start": 2070.36, "end": 2070.66, "word": " this", "probability": 0.9443359375}, {"start": 2070.66, "end": 2071.26, "word": " condition?", "probability": 0.94287109375}, {"start": 2073.52, "end": 2073.6, "word": " No,", "probability": 0.2457275390625}, {"start": 2073.76, "end": 2073.88, "word": " no,", "probability": 0.90087890625}, {"start": 2073.96, "end": 2074.02, "word": " no,", "probability": 0.93212890625}, {"start": 2074.04, "end": 2074.16, "word": " no.", "probability": 0.6337890625}, {"start": 2074.16, "end": 2074.32, "word": " I'm", "probability": 0.9541015625}, {"start": 2074.32, "end": 2074.48, "word": " the", "probability": 0.91357421875}, {"start": 2074.48, "end": 2075.02, "word": " consumer.", "probability": 0.845703125}, {"start": 2075.3, "end": 2075.38, "word": " I'm", "probability": 0.992919921875}, {"start": 2075.38, "end": 2075.54, "word": " not", "probability": 0.9482421875}, {"start": 2075.54, "end": 2075.72, "word": " the", "probability": 0.91259765625}, {"start": 2075.72, "end": 2076.22, "word": " producer.", "probability": 0.9208984375}, {"start": 2076.84, "end": 2077.18, "word": " So", "probability": 0.93359375}, {"start": 2077.18, "end": 2077.44, "word": " I,", "probability": 0.509765625}, {"start": 2077.68, "end": 2077.92, "word": " as", "probability": 0.9716796875}, {"start": 2077.92, "end": 2078.08, "word": " a", "probability": 0.9970703125}, {"start": 2078.08, "end": 2078.62, "word": " consumer,", "probability": 0.8564453125}, {"start": 2078.94, "end": 2079.24, "word": " I", "probability": 0.97900390625}, {"start": 2079.24, "end": 2079.54, "word": " have", "probability": 0.94873046875}, {"start": 2079.54, "end": 2079.74, "word": " to", "probability": 0.97314453125}, {"start": 2079.74, "end": 2080.36, "word": " control", "probability": 0.84228515625}, {"start": 2080.36, "end": 2081.26, "word": " the", "probability": 0.900390625}, {"start": 2081.26, "end": 2081.62, "word": " marginal", "probability": 0.8603515625}, {"start": 2081.62, "end": 2082.2, "word": " utility", "probability": 0.95263671875}, {"start": 2082.2, "end": 2084.42, "word": " by", "probability": 0.6435546875}, {"start": 2084.42, "end": 2085.04, "word": " a", "probability": 0.326416015625}, {"start": 2085.04, "end": 2085.9, "word": " changes", "probability": 0.69384765625}, {"start": 2085.9, "end": 2086.48, "word": " to", "probability": 0.3828125}, {"start": 2086.48, "end": 2086.74, "word": " some", "probability": 0.859375}, {"start": 2086.74, "end": 2087.46, "word": " changes", "probability": 0.82763671875}, {"start": 2087.46, "end": 2087.96, "word": " in", "probability": 0.91943359375}, {"start": 2087.96, "end": 2088.1, "word": " the", "probability": 0.9228515625}, {"start": 2088.1, "end": 2088.38, "word": " quantity", "probability": 0.91748046875}, {"start": 2088.38, "end": 2088.96, "word": " consumed", "probability": 0.88818359375}, {"start": 2088.96, "end": 2089.18, "word": " of", "probability": 0.623046875}, {"start": 2089.18, "end": 2089.5, "word": " X", "probability": 0.60205078125}, {"start": 2089.5, "end": 2089.88, "word": " or", "probability": 0.962890625}, {"start": 2089.88, "end": 2090.26, "word": " Y.", "probability": 0.99609375}], "temperature": 1.0}, {"id": 75, "seek": 211096, "start": 2092.35, "end": 2110.97, "text": " As the quantity of X goes up, the marginal utility of X goes down. And as the quantity of Y goes up, the marginal utility of Y goes down, and vice versa. There is a negative relationship between the quantity consumed and the marginal utility.", "tokens": [1018, 264, 11275, 295, 1783, 1709, 493, 11, 264, 16885, 14877, 295, 1783, 1709, 760, 13, 400, 382, 264, 11275, 295, 398, 1709, 493, 11, 264, 16885, 14877, 295, 398, 1709, 760, 11, 293, 11964, 25650, 13, 821, 307, 257, 3671, 2480, 1296, 264, 11275, 21226, 293, 264, 16885, 14877, 13], "avg_logprob": -0.17998798191547394, "compression_ratio": 1.8984375, "no_speech_prob": 0.0, "words": [{"start": 2092.3500000000004, "end": 2093.03, "word": " As", "probability": 0.499755859375}, {"start": 2093.03, "end": 2093.71, "word": " the", "probability": 0.80224609375}, {"start": 2093.71, "end": 2093.99, "word": " quantity", "probability": 0.6630859375}, {"start": 2093.99, "end": 2094.19, "word": " of", "probability": 0.75732421875}, {"start": 2094.19, "end": 2094.61, "word": " X", "probability": 0.6416015625}, {"start": 2094.61, "end": 2095.41, "word": " goes", "probability": 0.9130859375}, {"start": 2095.41, "end": 2095.81, "word": " up,", "probability": 0.9755859375}, {"start": 2095.97, "end": 2096.11, "word": " the", "probability": 0.884765625}, {"start": 2096.11, "end": 2096.55, "word": " marginal", "probability": 0.80712890625}, {"start": 2096.55, "end": 2096.89, "word": " utility", "probability": 0.984375}, {"start": 2096.89, "end": 2097.19, "word": " of", "probability": 0.9267578125}, {"start": 2097.19, "end": 2097.53, "word": " X", "probability": 0.9697265625}, {"start": 2097.53, "end": 2097.95, "word": " goes", "probability": 0.9287109375}, {"start": 2097.95, "end": 2098.27, "word": " down.", "probability": 0.85693359375}, {"start": 2098.77, "end": 2098.97, "word": " And", "probability": 0.505859375}, {"start": 2098.97, "end": 2100.31, "word": " as", "probability": 0.85791015625}, {"start": 2100.31, "end": 2100.43, "word": " the", "probability": 0.876953125}, {"start": 2100.43, "end": 2100.69, "word": " quantity", "probability": 0.978515625}, {"start": 2100.69, "end": 2100.89, "word": " of", "probability": 0.92822265625}, {"start": 2100.89, "end": 2101.11, "word": " Y", "probability": 0.9931640625}, {"start": 2101.11, "end": 2101.59, "word": " goes", "probability": 0.93798828125}, {"start": 2101.59, "end": 2101.97, "word": " up,", "probability": 0.97314453125}, {"start": 2102.59, "end": 2102.75, "word": " the", "probability": 0.904296875}, {"start": 2102.75, "end": 2103.17, "word": " marginal", "probability": 0.89892578125}, {"start": 2103.17, "end": 2103.51, "word": " utility", "probability": 0.97021484375}, {"start": 2103.51, "end": 2103.81, "word": " of", "probability": 0.9560546875}, {"start": 2103.81, "end": 2104.13, "word": " Y", "probability": 0.99462890625}, {"start": 2104.13, "end": 2104.55, "word": " goes", "probability": 0.9365234375}, {"start": 2104.55, "end": 2104.91, "word": " down,", "probability": 0.853515625}, {"start": 2105.17, "end": 2105.71, "word": " and", "probability": 0.9453125}, {"start": 2105.71, "end": 2106.01, "word": " vice", "probability": 0.90087890625}, {"start": 2106.01, "end": 2106.35, "word": " versa.", "probability": 0.83935546875}, {"start": 2106.67, "end": 2106.81, "word": " There", "probability": 0.75732421875}, {"start": 2106.81, "end": 2106.93, "word": " is", "probability": 0.57421875}, {"start": 2106.93, "end": 2107.05, "word": " a", "probability": 0.98974609375}, {"start": 2107.05, "end": 2107.33, "word": " negative", "probability": 0.93115234375}, {"start": 2107.33, "end": 2107.83, "word": " relationship", "probability": 0.9228515625}, {"start": 2107.83, "end": 2108.19, "word": " between", "probability": 0.8759765625}, {"start": 2108.19, "end": 2108.63, "word": " the", "probability": 0.89697265625}, {"start": 2108.63, "end": 2108.83, "word": " quantity", "probability": 0.97900390625}, {"start": 2108.83, "end": 2109.43, "word": " consumed", "probability": 0.8232421875}, {"start": 2109.43, "end": 2109.75, "word": " and", "probability": 0.9208984375}, {"start": 2109.75, "end": 2110.25, "word": " the", "probability": 0.89697265625}, {"start": 2110.25, "end": 2110.57, "word": " marginal", "probability": 0.916015625}, {"start": 2110.57, "end": 2110.97, "word": " utility.", "probability": 0.9658203125}], "temperature": 1.0}, {"id": 76, "seek": 214091, "start": 2121.35, "end": 2140.91, "text": "I want to reduce the marginal utility of X to 12. Because if this becomes 12, the marginal utility of X is 12 divided by 2, which is 6. So 6 equals 6. Or I want to keep this fixed and make this 10. So this becomes 50.", "tokens": [40, 528, 281, 5407, 264, 16885, 14877, 295, 1783, 281, 2272, 13, 1436, 498, 341, 3643, 2272, 11, 264, 16885, 14877, 295, 1783, 307, 2272, 6666, 538, 568, 11, 597, 307, 1386, 13, 407, 1386, 6915, 1386, 13, 1610, 286, 528, 281, 1066, 341, 6806, 293, 652, 341, 1266, 13, 407, 341, 3643, 2625, 13], "avg_logprob": -0.5577567060078893, "compression_ratio": 1.4965517241379311, "no_speech_prob": 0.0, "words": [{"start": 2121.35, "end": 2121.55, "word": "I", "probability": 0.5654296875}, {"start": 2121.55, "end": 2121.67, "word": " want", "probability": 0.470458984375}, {"start": 2121.67, "end": 2121.89, "word": " to", "probability": 0.95361328125}, {"start": 2121.89, "end": 2122.11, "word": " reduce", "probability": 0.32080078125}, {"start": 2122.11, "end": 2122.29, "word": " the", "probability": 0.7041015625}, {"start": 2122.29, "end": 2122.67, "word": " marginal", "probability": 0.68212890625}, {"start": 2122.67, "end": 2122.95, "word": " utility", "probability": 0.96826171875}, {"start": 2122.95, "end": 2123.15, "word": " of", "probability": 0.71240234375}, {"start": 2123.15, "end": 2123.45, "word": " X", "probability": 0.64794921875}, {"start": 2123.45, "end": 2124.57, "word": " to", "probability": 0.74365234375}, {"start": 2124.57, "end": 2125.27, "word": " 12.", "probability": 0.259521484375}, {"start": 2126.11, "end": 2126.63, "word": " Because", "probability": 0.51025390625}, {"start": 2126.63, "end": 2126.83, "word": " if", "probability": 0.8369140625}, {"start": 2126.83, "end": 2127.17, "word": " this", "probability": 0.266845703125}, {"start": 2127.17, "end": 2127.17, "word": " becomes", "probability": 0.56201171875}, {"start": 2127.17, "end": 2127.55, "word": " 12,", "probability": 0.89111328125}, {"start": 2127.63, "end": 2127.67, "word": " the", "probability": 0.39111328125}, {"start": 2127.67, "end": 2127.93, "word": " marginal", "probability": 0.85888671875}, {"start": 2127.93, "end": 2128.37, "word": " utility", "probability": 0.9619140625}, {"start": 2128.37, "end": 2128.91, "word": " of", "probability": 0.9140625}, {"start": 2128.91, "end": 2129.19, "word": " X", "probability": 0.9599609375}, {"start": 2129.19, "end": 2129.43, "word": " is", "probability": 0.2763671875}, {"start": 2129.43, "end": 2129.69, "word": " 12", "probability": 0.46142578125}, {"start": 2129.69, "end": 2129.87, "word": " divided", "probability": 0.1240234375}, {"start": 2129.87, "end": 2129.87, "word": " by", "probability": 0.955078125}, {"start": 2129.87, "end": 2130.07, "word": " 2,", "probability": 0.8818359375}, {"start": 2130.21, "end": 2130.23, "word": " which", "probability": 0.52734375}, {"start": 2130.23, "end": 2130.23, "word": " is", "probability": 0.595703125}, {"start": 2130.23, "end": 2130.49, "word": " 6.", "probability": 0.8759765625}, {"start": 2130.65, "end": 2130.81, "word": " So", "probability": 0.2646484375}, {"start": 2130.81, "end": 2131.45, "word": " 6", "probability": 0.62744140625}, {"start": 2131.45, "end": 2131.73, "word": " equals", "probability": 0.68798828125}, {"start": 2131.73, "end": 2132.13, "word": " 6.", "probability": 0.96044921875}, {"start": 2132.73, "end": 2133.25, "word": " Or", "probability": 0.92236328125}, {"start": 2133.25, "end": 2133.89, "word": " I", "probability": 0.474609375}, {"start": 2133.89, "end": 2134.51, "word": " want", "probability": 0.307861328125}, {"start": 2134.51, "end": 2134.69, "word": " to", "probability": 0.93359375}, {"start": 2134.69, "end": 2134.93, "word": " keep", "probability": 0.2144775390625}, {"start": 2134.93, "end": 2135.37, "word": " this", "probability": 0.857421875}, {"start": 2135.37, "end": 2137.99, "word": " fixed", "probability": 0.286376953125}, {"start": 2137.99, "end": 2138.85, "word": " and", "probability": 0.405517578125}, {"start": 2138.85, "end": 2139.11, "word": " make", "probability": 0.40673828125}, {"start": 2139.11, "end": 2139.33, "word": " this", "probability": 0.7314453125}, {"start": 2139.33, "end": 2139.77, "word": " 10.", "probability": 0.391845703125}, {"start": 2139.95, "end": 2140.07, "word": " So", "probability": 0.4228515625}, {"start": 2140.07, "end": 2140.11, "word": " this", "probability": 0.71240234375}, {"start": 2140.11, "end": 2140.41, "word": " becomes", "probability": 0.392578125}, {"start": 2140.41, "end": 2140.91, "word": " 50.", "probability": 0.96435546875}], "temperature": 1.0}, {"id": 77, "seek": 216998, "start": 2142.38, "end": 2169.98, "text": "So the available options in front of me, the chances in front of me is either to control or either to decrease the marginal utility of X to reach 12 or increase the marginal utility of Y to reach 50. How can we do some modifications or changes to the marginal utility of X to become", "tokens": [6455, 264, 2435, 3956, 294, 1868, 295, 385, 11, 264, 10486, 294, 1868, 295, 385, 307, 2139, 281, 1969, 420, 2139, 281, 11514, 264, 16885, 14877, 295, 1783, 281, 2524, 2272, 420, 3488, 264, 16885, 14877, 295, 398, 281, 2524, 2625, 13, 1012, 393, 321, 360, 512, 26881, 420, 2962, 281, 264, 16885, 14877, 295, 1783, 281, 1813], "avg_logprob": -0.29555083937564136, "compression_ratio": 1.8431372549019607, "no_speech_prob": 0.0, "words": [{"start": 2142.38, "end": 2142.66, "word": "So", "probability": 0.2685546875}, {"start": 2142.66, "end": 2143.08, "word": " the", "probability": 0.515625}, {"start": 2143.08, "end": 2143.94, "word": " available", "probability": 0.25537109375}, {"start": 2143.94, "end": 2143.98, "word": " options", "probability": 0.7099609375}, {"start": 2143.98, "end": 2144.24, "word": " in", "probability": 0.40576171875}, {"start": 2144.24, "end": 2144.46, "word": " front", 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How can we decrease the marginal return of X? Increasing the quantity consumed of X. How can we or", "tokens": [48063, 13, 1012, 393, 321, 11514, 264, 1849, 70, 1426, 75, 2736, 295, 1783, 30, 30367, 3349, 264, 11275, 21226, 295, 1783, 13, 1012, 393, 321, 420], "avg_logprob": -0.5460379613297326, "compression_ratio": 1.2159090909090908, "no_speech_prob": 0.0, "words": [{"start": 2171.17, "end": 2171.63, "word": " Twelve.", "probability": 0.6357421875}, {"start": 2174.85, "end": 2175.87, "word": " How", "probability": 0.05999755859375}, {"start": 2175.87, "end": 2180.89, "word": " can", "probability": 0.89990234375}, {"start": 2180.89, "end": 2181.11, "word": " we", "probability": 0.93359375}, {"start": 2181.11, "end": 2182.49, "word": " decrease", "probability": 0.7177734375}, {"start": 2182.49, "end": 2182.69, "word": " the", "probability": 0.83935546875}, {"start": 2182.69, "end": 2183.13, "word": " marginal", "probability": 0.6214141845703125}, {"start": 2183.13, "end": 2183.31, "word": " return", "probability": 0.36181640625}, {"start": 2183.31, "end": 2183.53, "word": " of", "probability": 0.8564453125}, {"start": 2183.53, "end": 2183.81, "word": " X?", "probability": 0.64013671875}, {"start": 2187.97, "end": 2189.09, "word": " Increasing", "probability": 0.59869384765625}, {"start": 2189.09, "end": 2189.47, "word": " the", "probability": 0.432373046875}, {"start": 2189.47, "end": 2190.45, "word": " quantity", "probability": 0.87109375}, {"start": 2190.45, "end": 2191.01, "word": " consumed", "probability": 0.89697265625}, {"start": 2191.01, "end": 2191.19, "word": " of", "probability": 0.82275390625}, {"start": 2191.19, "end": 2191.53, "word": " X.", "probability": 0.97265625}, {"start": 2194.11, "end": 2195.23, "word": " How", "probability": 0.6669921875}, {"start": 2195.23, "end": 2196.19, "word": " can", "probability": 0.9404296875}, {"start": 2196.19, "end": 2196.49, "word": " we", "probability": 0.95654296875}, {"start": 2196.49, "end": 2197.11, "word": " or", "probability": 0.481689453125}], "temperature": 1.0}, {"id": 79, "seek": 221136, "start": 2198.44, "end": 2211.36, "text": "I work increasing in the marginal utility of Y. When I subtract the marginal utility of Y, I work decreasing in the quantity of Y. That's it. Okay.", "tokens": [40, 589, 5662, 294, 264, 16885, 14877, 295, 398, 13, 1133, 286, 16390, 264, 16885, 14877, 295, 398, 11, 286, 589, 23223, 294, 264, 11275, 295, 398, 13, 663, 311, 309, 13, 1033, 13], "avg_logprob": -0.5316964217594692, "compression_ratio": 1.4554455445544554, "no_speech_prob": 0.0, "words": [{"start": 2198.44, "end": 2198.8, "word": "I", "probability": 0.131591796875}, {"start": 2198.8, "end": 2199.3, "word": " work", "probability": 0.1624755859375}, {"start": 2199.3, "end": 2200.34, "word": " increasing", "probability": 0.51220703125}, {"start": 2200.34, "end": 2200.58, "word": " in", "probability": 0.494873046875}, {"start": 2200.58, "end": 2200.66, "word": " the", "probability": 0.422607421875}, {"start": 2200.66, "end": 2201.04, "word": " marginal", "probability": 0.64404296875}, {"start": 2201.04, "end": 2201.38, "word": " utility", "probability": 0.6923828125}, {"start": 2201.38, "end": 2201.66, "word": " of", "probability": 0.9580078125}, {"start": 2201.66, "end": 2201.86, "word": " Y.", "probability": 0.8134765625}, {"start": 2202.0, "end": 2202.22, "word": " When", "probability": 0.266357421875}, {"start": 2202.22, "end": 2202.44, "word": " I", "probability": 0.935546875}, {"start": 2202.44, "end": 2202.78, "word": " subtract", "probability": 0.50244140625}, {"start": 2202.78, "end": 2203.02, "word": " the", "probability": 0.2491455078125}, {"start": 2203.02, "end": 2203.26, "word": " marginal", "probability": 0.80029296875}, {"start": 2203.26, "end": 2203.46, "word": " utility", "probability": 0.89501953125}, {"start": 2203.46, "end": 2203.68, "word": " of", "probability": 0.9296875}, {"start": 2203.68, "end": 2203.9, "word": " Y,", "probability": 0.98291015625}, {"start": 2204.06, "end": 2204.32, "word": " I", "probability": 0.94677734375}, {"start": 2204.32, "end": 2204.52, "word": " work", "probability": 0.4677734375}, {"start": 2204.52, "end": 2205.08, "word": " decreasing", "probability": 0.89453125}, {"start": 2205.08, "end": 2205.28, "word": " in", "probability": 0.7744140625}, {"start": 2205.28, "end": 2205.32, "word": " the", "probability": 0.837890625}, {"start": 2205.32, "end": 2205.64, "word": " quantity", "probability": 0.9150390625}, {"start": 2205.64, "end": 2205.84, "word": " of", "probability": 0.958984375}, {"start": 2205.84, "end": 2206.08, "word": " Y.", "probability": 0.98974609375}, {"start": 2208.46, "end": 2208.94, "word": " That's", "probability": 0.7509765625}, {"start": 2208.94, "end": 2209.5, "word": " it.", "probability": 0.9130859375}, {"start": 2210.9, "end": 2211.36, "word": " Okay.", "probability": 0.181884765625}], "temperature": 1.0}, {"id": 80, "seek": 225327, "start": 2224.15, "end": 2253.27, "text": "Tamam? So, if the marginal utility of X over the price of X was bigger than the marginal utility of R over PY to reach the equilibrium. We have to increase the quantity of X, decrease Y, increase Y, decrease Y, decrease, and so on. 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If Y, we have to decrease the marginal utility of X by increasing more of X, more quantities of X. That's it. Vice versa. If H is less than, let's go to something else. Break. Break. Yes, break.", "tokens": [271, 3801, 813, 264, 16885, 14877, 295, 398, 13, 759, 398, 11, 321, 362, 281, 11514, 264, 16885, 14877, 295, 1783, 538, 5662, 544, 295, 1783, 11, 544, 22927, 295, 1783, 13, 663, 311, 309, 13, 13276, 25650, 13, 759, 389, 307, 1570, 813, 11, 718, 311, 352, 281, 746, 1646, 13, 16925, 13, 16925, 13, 1079, 11, 1821, 13], "avg_logprob": -0.2564036748448356, "compression_ratio": 1.5526315789473684, "no_speech_prob": 0.0, "words": [{"start": 2254.95, "end": 2255.21, "word": "is", "probability": 0.75634765625}, {"start": 2255.21, "end": 2255.47, "word": " bigger", "probability": 0.912109375}, {"start": 2255.47, "end": 2255.71, "word": " than", "probability": 0.9384765625}, {"start": 2255.71, "end": 2255.83, "word": " the", "probability": 0.865234375}, {"start": 2255.83, "end": 2256.09, "word": " marginal", "probability": 0.779296875}, {"start": 2256.09, "end": 2256.33, "word": " utility", "probability": 0.9658203125}, {"start": 2256.33, "end": 2256.49, "word": " of", "probability": 0.89111328125}, {"start": 2256.49, "end": 2256.65, "word": " Y.", "probability": 0.64111328125}, {"start": 2256.89, "end": 2257.21, "word": " If", "probability": 0.1781005859375}, {"start": 2257.21, "end": 2257.37, "word": " Y,", "probability": 0.90673828125}, {"start": 2257.49, "end": 2257.57, "word": " we", "probability": 0.95361328125}, {"start": 2257.57, "end": 2257.87, "word": " have", "probability": 0.94482421875}, {"start": 2257.87, "end": 2258.11, "word": " to", "probability": 0.970703125}, {"start": 2258.11, "end": 2258.95, "word": " decrease", "probability": 0.87841796875}, {"start": 2258.95, "end": 2260.13, "word": " the", "probability": 0.88623046875}, {"start": 2260.13, "end": 2260.53, "word": " marginal", "probability": 0.91650390625}, {"start": 2260.53, "end": 2260.89, "word": " utility", "probability": 0.95751953125}, {"start": 2260.89, "end": 2261.29, "word": " of", "probability": 0.958984375}, {"start": 2261.29, "end": 2261.67, "word": " X", "probability": 0.984375}, {"start": 2261.67, "end": 2262.37, "word": " by", "probability": 0.96923828125}, {"start": 2262.37, "end": 2264.83, "word": " increasing", "probability": 0.9384765625}, {"start": 2264.83, "end": 2265.57, "word": " more", "probability": 0.91552734375}, {"start": 2265.57, "end": 2265.79, "word": " of", "probability": 0.53125}, {"start": 2265.79, "end": 2266.15, "word": " X,", "probability": 0.98876953125}, {"start": 2267.13, "end": 2267.87, "word": " more", "probability": 0.92431640625}, {"start": 2267.87, "end": 2268.73, "word": " quantities", "probability": 0.96826171875}, {"start": 2268.73, "end": 2269.25, "word": " of", "probability": 0.96923828125}, {"start": 2269.25, "end": 2269.59, "word": " X.", "probability": 0.99560546875}, {"start": 2269.95, "end": 2270.15, "word": " That's", "probability": 0.940185546875}, {"start": 2270.15, "end": 2270.51, "word": " it.", "probability": 0.95751953125}, {"start": 2271.29, "end": 2271.95, "word": " Vice", "probability": 0.363525390625}, {"start": 2271.95, "end": 2272.65, "word": " versa.", "probability": 0.80908203125}, {"start": 2273.09, "end": 2273.45, "word": " If", "probability": 0.75927734375}, {"start": 2273.45, "end": 2274.35, "word": " H", "probability": 0.232421875}, {"start": 2274.35, "end": 2274.53, "word": " is", "probability": 0.393310546875}, {"start": 2274.53, "end": 2275.11, "word": " less", "probability": 0.89697265625}, {"start": 2275.11, "end": 2275.41, "word": " than,", "probability": 0.9208984375}, {"start": 2276.93, "end": 2278.73, "word": " let's", "probability": 0.907470703125}, {"start": 2278.73, "end": 2278.87, "word": " go", "probability": 0.96630859375}, {"start": 2278.87, "end": 2279.05, "word": " to", "probability": 0.9560546875}, {"start": 2279.05, "end": 2279.37, "word": " something", "probability": 0.86767578125}, {"start": 2279.37, "end": 2279.81, "word": " else.", "probability": 0.908203125}, {"start": 2279.99, "end": 2280.15, "word": " Break.", "probability": 0.87744140625}, {"start": 2280.47, "end": 2281.07, "word": " Break.", "probability": 0.55908203125}, {"start": 2281.35, "end": 2281.59, "word": " Yes,", "probability": 0.73193359375}, {"start": 2281.83, "end": 2282.17, "word": " break.", "probability": 0.93798828125}], "temperature": 1.0}, {"id": 82, "seek": 230766, "start": 2282.8, "end": 2307.66, "text": " Let's take a break and then go to indifference scale theory. Let's go to the second theory, the consumer equilibrium, which is the indifference scale theory. Indifference curve,", "tokens": [961, 311, 747, 257, 1821, 293, 550, 352, 281, 1016, 351, 5158, 4373, 5261, 13, 961, 311, 352, 281, 264, 1150, 5261, 11, 264, 9711, 15625, 11, 597, 307, 264, 1016, 351, 5158, 4373, 5261, 13, 2333, 351, 5158, 7605, 11], "avg_logprob": -0.21670387330509366, "compression_ratio": 1.5614035087719298, "no_speech_prob": 0.0, "words": [{"start": 2282.8, "end": 2283.14, "word": " Let's", "probability": 0.874755859375}, {"start": 2283.14, "end": 2283.3, "word": " take", "probability": 0.88623046875}, {"start": 2283.3, "end": 2283.42, "word": " a", "probability": 0.99755859375}, {"start": 2283.42, "end": 2283.66, "word": " break", "probability": 0.97998046875}, {"start": 2283.66, "end": 2283.88, "word": " and", "probability": 0.82861328125}, {"start": 2283.88, "end": 2284.04, "word": " then", "probability": 0.85546875}, {"start": 2284.04, "end": 2284.28, "word": " go", "probability": 0.962890625}, {"start": 2284.28, "end": 2285.08, "word": " to", "probability": 0.94580078125}, {"start": 2285.08, "end": 2285.68, "word": " indifference", "probability": 0.7294921875}, {"start": 2285.68, "end": 2285.94, "word": " scale", "probability": 0.44970703125}, {"start": 2285.94, "end": 2286.42, "word": " theory.", "probability": 0.87255859375}, {"start": 2292.8, "end": 2293.74, "word": " Let's", "probability": 0.57476806640625}, {"start": 2293.74, "end": 2293.94, "word": " go", "probability": 0.96533203125}, {"start": 2293.94, "end": 2294.28, "word": " to", "probability": 0.95849609375}, {"start": 2294.28, "end": 2294.8, "word": " the", "probability": 0.921875}, {"start": 2294.8, "end": 2295.36, "word": " second", "probability": 0.9267578125}, {"start": 2295.36, "end": 2295.88, "word": " theory,", "probability": 0.87158203125}, {"start": 2296.24, "end": 2296.24, "word": " the", "probability": 0.8974609375}, {"start": 2296.24, "end": 2296.98, "word": " consumer", "probability": 0.3740234375}, {"start": 2296.98, "end": 2299.56, "word": " equilibrium,", "probability": 0.95849609375}, {"start": 2299.9, "end": 2300.02, "word": " which", "probability": 0.93701171875}, {"start": 2300.02, "end": 2300.68, "word": " is", "probability": 0.94677734375}, {"start": 2300.68, "end": 2300.98, "word": " the", "probability": 0.86962890625}, {"start": 2300.98, "end": 2301.48, "word": " indifference", "probability": 0.8966471354166666}, {"start": 2301.48, "end": 2301.82, "word": " scale", "probability": 0.84033203125}, {"start": 2301.82, "end": 2302.28, "word": " theory.", "probability": 0.84912109375}, {"start": 2305.26, "end": 2306.2, "word": " Indifference", "probability": 0.8779296875}, {"start": 2306.2, "end": 2307.66, "word": " curve,", "probability": 0.71240234375}], "temperature": 1.0}, {"id": 83, "seek": 234244, "start": 2313.78, "end": 2342.44, "text": " Theory. Difference. To understand the idea of indifference curve, let's have the following example. Let us assume that we are talking about a consumer and this consumer consumes different bundles of goods. Milk and bread.", "tokens": [29009, 13, 413, 12612, 655, 13, 1407, 1223, 264, 1558, 295, 1016, 351, 5158, 7605, 11, 718, 311, 362, 264, 3480, 1365, 13, 961, 505, 6552, 300, 321, 366, 1417, 466, 257, 9711, 293, 341, 9711, 48823, 819, 13882, 904, 295, 10179, 13, 26986, 293, 5961, 13], "avg_logprob": -0.26513670446972054, "compression_ratio": 1.4701986754966887, "no_speech_prob": 0.0, "words": [{"start": 2313.78, "end": 2314.5, "word": " Theory.", "probability": 0.78466796875}, {"start": 2318.94, "end": 2319.66, "word": " Difference.", "probability": 0.47509129842122394}, {"start": 2323.5, "end": 2324.22, "word": " To", "probability": 0.6376953125}, {"start": 2324.22, "end": 2327.74, "word": " understand", "probability": 0.7900390625}, {"start": 2327.74, "end": 2327.98, "word": " the", "probability": 0.90234375}, {"start": 2327.98, "end": 2328.26, "word": " idea", "probability": 0.76611328125}, {"start": 2328.26, "end": 2328.46, "word": " of", "probability": 0.8955078125}, {"start": 2328.46, "end": 2328.84, "word": " indifference", "probability": 0.87939453125}, {"start": 2328.84, "end": 2329.2, "word": " curve,", "probability": 0.9072265625}, {"start": 2329.44, "end": 2329.78, "word": " let's", "probability": 0.9482421875}, {"start": 2329.78, "end": 2330.06, "word": " have", "probability": 0.94384765625}, {"start": 2330.06, "end": 2330.2, "word": " the", "probability": 0.8974609375}, {"start": 2330.2, "end": 2330.48, "word": " following", "probability": 0.9072265625}, {"start": 2330.48, "end": 2331.04, "word": " example.", "probability": 0.97607421875}, {"start": 2331.88, "end": 2332.06, "word": " Let", "probability": 0.91552734375}, {"start": 2332.06, "end": 2332.22, "word": " us", "probability": 0.564453125}, {"start": 2332.22, "end": 2332.64, "word": " assume", "probability": 0.9072265625}, {"start": 2332.64, "end": 2333.02, "word": " that", "probability": 0.919921875}, {"start": 2333.02, "end": 2333.18, "word": " we", "probability": 0.7177734375}, {"start": 2333.18, "end": 2333.3, "word": " are", "probability": 0.89453125}, {"start": 2333.3, "end": 2333.58, "word": " talking", "probability": 0.85205078125}, {"start": 2333.58, "end": 2333.92, "word": " about", "probability": 0.90625}, {"start": 2333.92, "end": 2334.1, "word": " a", "probability": 0.9248046875}, {"start": 2334.1, "end": 2334.58, "word": " consumer", "probability": 0.8583984375}, {"start": 2334.58, "end": 2335.3, "word": " and", "probability": 0.51953125}, {"start": 2335.3, "end": 2335.54, "word": " this", "probability": 0.939453125}, {"start": 2335.54, "end": 2336.16, "word": " consumer", "probability": 0.8359375}, {"start": 2336.16, "end": 2337.4, "word": " consumes", "probability": 0.900390625}, {"start": 2337.4, "end": 2338.64, "word": " different", "probability": 0.89990234375}, {"start": 2338.64, "end": 2339.14, "word": " bundles", "probability": 0.932861328125}, {"start": 2339.14, "end": 2339.32, "word": " of", "probability": 0.97314453125}, {"start": 2339.32, "end": 2339.56, "word": " goods.", "probability": 0.8759765625}, {"start": 2340.98, "end": 2341.7, "word": " Milk", "probability": 0.9150390625}, {"start": 2341.7, "end": 2342.06, "word": " and", "probability": 0.92822265625}, {"start": 2342.06, "end": 2342.44, "word": " bread.", "probability": 0.87109375}], "temperature": 1.0}, {"id": 84, "seek": 237471, "start": 2345.76, "end": 2374.72, "text": " So, we're talking about a consumer, and this consumer consumes different combinations of two goods, X and Y. Product X and product Y. We're talking about bread. Bread and milk.", "tokens": [407, 11, 321, 434, 1417, 466, 257, 9711, 11, 293, 341, 9711, 48823, 819, 21267, 295, 732, 10179, 11, 1783, 293, 398, 13, 22005, 1783, 293, 1674, 398, 13, 492, 434, 1417, 466, 5961, 13, 35357, 293, 5392, 13], "avg_logprob": -0.2501953080296516, "compression_ratio": 1.4390243902439024, "no_speech_prob": 0.0, "words": [{"start": 2345.76, "end": 2346.2, "word": " So,", "probability": 0.87744140625}, {"start": 2346.54, "end": 2346.7, "word": " we're", "probability": 0.510986328125}, {"start": 2346.7, "end": 2347.02, "word": " talking", "probability": 0.8515625}, {"start": 2347.02, "end": 2347.34, "word": " about", "probability": 0.91064453125}, {"start": 2347.34, "end": 2347.54, "word": " a", "probability": 0.822265625}, {"start": 2347.54, "end": 2348.0, "word": " consumer,", "probability": 0.86083984375}, {"start": 2348.66, "end": 2348.76, "word": " and", "probability": 0.9072265625}, {"start": 2348.76, "end": 2349.02, "word": " this", "probability": 0.93603515625}, {"start": 2349.02, "end": 2349.62, "word": " consumer", "probability": 0.85693359375}, {"start": 2349.62, "end": 2350.6, "word": " consumes", "probability": 0.89892578125}, {"start": 2350.6, "end": 2352.08, "word": " different", "probability": 0.8642578125}, {"start": 2352.08, "end": 2352.86, "word": " combinations", "probability": 0.81884765625}, {"start": 2352.86, "end": 2353.14, "word": " of", "probability": 0.58837890625}, {"start": 2353.14, "end": 2353.86, "word": " two", "probability": 0.89013671875}, {"start": 2353.86, "end": 2355.7, "word": " goods,", "probability": 0.94384765625}, {"start": 2356.4, "end": 2356.8, "word": " X", "probability": 0.8623046875}, {"start": 2356.8, "end": 2357.18, "word": " and", "probability": 0.9453125}, {"start": 2357.18, "end": 2357.52, "word": " Y.", "probability": 0.99658203125}, {"start": 2358.58, "end": 2359.18, "word": " Product", "probability": 0.787109375}, {"start": 2359.18, "end": 2359.6, "word": " X", "probability": 0.9833984375}, {"start": 2359.6, "end": 2360.38, "word": " and", "probability": 0.78857421875}, {"start": 2360.38, "end": 2360.74, "word": " product", "probability": 0.49072265625}, {"start": 2360.74, "end": 2361.18, "word": " Y.", "probability": 0.99658203125}, {"start": 2368.18, "end": 2369.06, "word": " We're", "probability": 0.7587890625}, {"start": 2369.06, "end": 2369.4, "word": " talking", "probability": 0.85888671875}, {"start": 2369.4, "end": 2370.0, "word": " about", "probability": 0.9169921875}, {"start": 2370.0, "end": 2370.88, "word": " bread.", "probability": 0.9267578125}, {"start": 2373.22, "end": 2374.1, "word": " Bread", "probability": 0.89404296875}, {"start": 2374.1, "end": 2374.34, "word": " and", "probability": 0.9443359375}, {"start": 2374.34, "end": 2374.72, "word": " milk.", "probability": 0.8603515625}], "temperature": 1.0}, {"id": 85, "seek": 243519, "start": 2406.2, "end": 2435.2, "text": " Bundle here. Bread. Milk. Bundle A, B, C and D. Milk, milk.", "tokens": [10203, 306, 510, 13, 35357, 13, 26986, 13, 10203, 306, 316, 11, 363, 11, 383, 293, 413, 13, 26986, 11, 5392, 13], "avg_logprob": -0.23080842650454977, "compression_ratio": 1.0714285714285714, "no_speech_prob": 0.0, "words": [{"start": 2406.2, "end": 2407.6, "word": " Bundle", "probability": 0.777099609375}, {"start": 2407.6, "end": 2409.0, "word": " here.", "probability": 0.469482421875}, {"start": 2413.14, "end": 2414.54, "word": " Bread.", "probability": 0.9169921875}, {"start": 2419.04, "end": 2419.52, "word": " Milk.", "probability": 0.89111328125}, {"start": 2423.3, "end": 2424.5, "word": " Bundle", "probability": 0.955078125}, {"start": 2424.5, "end": 2425.16, "word": " A,", "probability": 0.7666015625}, {"start": 2425.94, "end": 2426.6, "word": " B,", "probability": 0.92578125}, {"start": 2428.54, "end": 2430.84, "word": " C", "probability": 0.98193359375}, {"start": 2430.84, "end": 2431.5, "word": " and", "probability": 0.67529296875}, {"start": 2431.5, "end": 2431.86, "word": " D.", "probability": 0.99853515625}, {"start": 2433.5, "end": 2434.9, "word": " Milk,", "probability": 0.89794921875}, {"start": 2435.04, "end": 2435.2, "word": " milk.", "probability": 0.84423828125}], "temperature": 1.0}, {"id": 86, "seek": 246396, "start": 2436.38, "end": 2463.96, "text": " CD, bread, 1, 2, 3, 4. Bread is the quantity of eggs and milk quantity of Y. Quantity consumed of Y is 10, 6, 4, 3. The total utility obtained when we consume", "tokens": [6743, 11, 5961, 11, 502, 11, 568, 11, 805, 11, 1017, 13, 35357, 307, 264, 11275, 295, 6466, 293, 5392, 11275, 295, 398, 13, 26968, 507, 21226, 295, 398, 307, 1266, 11, 1386, 11, 1017, 11, 805, 13, 440, 3217, 14877, 14879, 562, 321, 14732], "avg_logprob": -0.2744565126688584, "compression_ratio": 1.2926829268292683, "no_speech_prob": 0.0, "words": [{"start": 2436.3799999999997, "end": 2437.22, "word": " CD,", "probability": 0.264892578125}, {"start": 2438.54, "end": 2438.8, "word": " bread,", "probability": 0.493896484375}, {"start": 2441.24, "end": 2441.96, "word": " 1,", "probability": 0.385009765625}, {"start": 2442.16, "end": 2442.44, "word": " 2,", "probability": 0.81640625}, {"start": 2442.64, "end": 2443.0, "word": " 3,", "probability": 0.98779296875}, {"start": 2443.2, "end": 2443.5, "word": " 4.", "probability": 0.98583984375}, {"start": 2443.94, "end": 2444.38, "word": " Bread", "probability": 0.8720703125}, {"start": 2444.38, "end": 2444.72, "word": " is", "probability": 0.94140625}, {"start": 2444.72, "end": 2444.88, "word": " the", "probability": 0.91259765625}, {"start": 2444.88, "end": 2445.26, "word": " quantity", "probability": 0.485107421875}, {"start": 2445.26, "end": 2445.52, "word": " of", "probability": 0.89208984375}, {"start": 2445.52, "end": 2445.84, "word": " eggs", "probability": 0.9033203125}, {"start": 2445.84, "end": 2446.7, "word": " and", "probability": 0.857421875}, {"start": 2446.7, "end": 2447.22, "word": " milk", "probability": 0.89697265625}, {"start": 2447.22, "end": 2448.66, "word": " quantity", "probability": 0.76171875}, {"start": 2448.66, "end": 2448.88, "word": " of", "probability": 0.87646484375}, {"start": 2448.88, "end": 2449.12, "word": " Y.", "probability": 0.50634765625}, {"start": 2449.98, "end": 2450.34, "word": " Quantity", "probability": 0.736572265625}, {"start": 2450.34, "end": 2450.74, "word": " consumed", "probability": 0.83349609375}, {"start": 2450.74, "end": 2450.98, "word": " of", "probability": 0.7880859375}, {"start": 2450.98, "end": 2451.18, "word": " Y", "probability": 0.9833984375}, {"start": 2451.18, "end": 2451.44, "word": " is", "probability": 0.9423828125}, {"start": 2451.44, "end": 2451.78, "word": " 10,", "probability": 0.84375}, {"start": 2452.92, "end": 2454.64, "word": " 6,", "probability": 0.97412109375}, {"start": 2455.3, "end": 2455.84, "word": " 4,", "probability": 0.98193359375}, {"start": 2456.7, "end": 2457.04, "word": " 3.", "probability": 0.99267578125}, {"start": 2458.66, "end": 2459.16, "word": " The", "probability": 0.57373046875}, {"start": 2459.16, "end": 2459.62, "word": " total", "probability": 0.87353515625}, {"start": 2459.62, "end": 2460.18, "word": " utility", "probability": 0.953125}, {"start": 2460.18, "end": 2461.36, "word": " obtained", "probability": 0.9296875}, {"start": 2461.36, "end": 2463.24, "word": " when", "probability": 0.916015625}, {"start": 2463.24, "end": 2463.4, "word": " we", "probability": 0.96240234375}, {"start": 2463.4, "end": 2463.96, "word": " consume", "probability": 0.8935546875}], "temperature": 1.0}, {"id": 87, "seek": 249296, "start": 2465.01, "end": 2492.97, "text": " these bundles of goods, total utility. So let us assume it was 100 utils, 100, 100, 100. Let's have here,", "tokens": [613, 13882, 904, 295, 10179, 11, 3217, 14877, 13, 407, 718, 505, 6552, 309, 390, 2319, 2839, 4174, 11, 2319, 11, 2319, 11, 2319, 13, 961, 311, 362, 510, 11], "avg_logprob": -0.21396168778019567, "compression_ratio": 1.164835164835165, "no_speech_prob": 0.0, "words": [{"start": 2465.01, "end": 2465.45, "word": " these", "probability": 0.60107421875}, {"start": 2465.45, "end": 2466.05, "word": " bundles", "probability": 0.91748046875}, {"start": 2466.05, "end": 2466.27, "word": " of", "probability": 0.97119140625}, {"start": 2466.27, "end": 2466.55, "word": " goods,", "probability": 0.9423828125}, {"start": 2467.09, "end": 2467.45, "word": " total", "probability": 0.85107421875}, {"start": 2467.45, "end": 2467.89, "word": " utility.", "probability": 0.93017578125}, {"start": 2468.69, "end": 2468.79, "word": " So", "probability": 0.689453125}, {"start": 2468.79, "end": 2468.95, "word": " let", "probability": 0.87109375}, {"start": 2468.95, "end": 2469.11, "word": " us", "probability": 0.82421875}, {"start": 2469.11, "end": 2469.45, "word": " assume", "probability": 0.90673828125}, {"start": 2469.45, "end": 2469.59, "word": " it", "probability": 0.94384765625}, {"start": 2469.59, "end": 2470.05, "word": " was", "probability": 0.9541015625}, {"start": 2470.05, "end": 2471.99, "word": " 100", "probability": 0.73876953125}, {"start": 2471.99, "end": 2472.89, "word": " utils,", "probability": 0.661865234375}, {"start": 2473.05, "end": 2473.37, "word": " 100,", "probability": 0.84814453125}, {"start": 2473.99, "end": 2474.49, "word": " 100,", "probability": 0.91357421875}, {"start": 2474.97, "end": 2475.33, "word": " 100.", "probability": 0.8994140625}, {"start": 2491.75, "end": 2492.47, "word": " Let's", "probability": 0.869384765625}, {"start": 2492.47, "end": 2492.73, "word": " have", "probability": 0.75634765625}, {"start": 2492.73, "end": 2492.97, "word": " here,", "probability": 0.8232421875}], "temperature": 1.0}, {"id": 88, "seek": 250154, "start": 2493.4, "end": 2501.54, "text": " The marginal rate of substitution. Marginal rate of substitution.", "tokens": [440, 16885, 3314, 295, 35827, 13, 2039, 1494, 304, 3314, 295, 35827, 13], "avg_logprob": -0.21972656356436865, "compression_ratio": 1.4042553191489362, "no_speech_prob": 0.0, "words": [{"start": 2493.4, "end": 2493.66, "word": " The", "probability": 0.560546875}, {"start": 2493.66, "end": 2494.08, "word": " marginal", "probability": 0.71142578125}, {"start": 2494.08, "end": 2494.48, "word": " rate", "probability": 0.9501953125}, {"start": 2494.48, "end": 2494.8, "word": " of", "probability": 0.96142578125}, {"start": 2494.8, "end": 2495.42, "word": " substitution.", "probability": 0.93505859375}, {"start": 2499.68, "end": 2500.52, "word": " Marginal", "probability": 0.85791015625}, {"start": 2500.52, "end": 2500.7, "word": " rate", "probability": 0.896484375}, {"start": 2500.7, "end": 2500.9, "word": " of", "probability": 0.96044921875}, {"start": 2500.9, "end": 2501.54, "word": " substitution.", "probability": 0.953125}], "temperature": 1.0}, {"id": 89, "seek": 256067, "start": 2531.87, "end": 2560.67, "text": " In this example, we have a consumer who consumes different combinations, different groups, different bundles of goods, X and Y, bread and milk, two products, bread and milk. The first combination, the first group, the first bundle X of a product, bundle A,", "tokens": [682, 341, 1365, 11, 321, 362, 257, 9711, 567, 48823, 819, 21267, 11, 819, 3935, 11, 819, 13882, 904, 295, 10179, 11, 1783, 293, 398, 11, 5961, 293, 5392, 11, 732, 3383, 11, 5961, 293, 5392, 13, 440, 700, 6562, 11, 264, 700, 1594, 11, 264, 700, 24438, 1783, 295, 257, 1674, 11, 24438, 316, 11], "avg_logprob": -0.17530152881354616, "compression_ratio": 1.7724137931034483, "no_speech_prob": 0.0, "words": [{"start": 2531.87, "end": 2532.13, "word": " In", "probability": 0.7109375}, {"start": 2532.13, "end": 2532.35, "word": " this", "probability": 0.94775390625}, {"start": 2532.35, "end": 2532.83, "word": " example,", "probability": 0.9794921875}, {"start": 2533.81, "end": 2536.09, "word": " we", "probability": 0.95361328125}, {"start": 2536.09, "end": 2536.39, "word": " have", "probability": 0.9482421875}, {"start": 2536.39, "end": 2536.55, "word": " a", "probability": 0.76953125}, {"start": 2536.55, "end": 2537.13, "word": " consumer", "probability": 0.8916015625}, {"start": 2537.13, "end": 2538.73, "word": " who", "probability": 0.81640625}, {"start": 2538.73, "end": 2539.41, "word": " consumes", "probability": 0.869140625}, {"start": 2539.41, "end": 2540.73, "word": " different", "probability": 0.88818359375}, {"start": 2540.73, "end": 2541.45, "word": " combinations,", "probability": 0.8291015625}, {"start": 2541.85, "end": 2542.21, "word": " different", "probability": 0.8955078125}, {"start": 2542.21, "end": 2542.83, "word": " groups,", "probability": 0.95361328125}, {"start": 2543.55, "end": 2543.89, "word": " different", "probability": 0.87939453125}, {"start": 2543.89, "end": 2544.49, "word": " bundles", "probability": 0.724609375}, {"start": 2544.49, "end": 2544.69, "word": " of", "probability": 0.75244140625}, {"start": 2544.69, "end": 2544.97, "word": " goods,", "probability": 0.57080078125}, {"start": 2545.23, "end": 2545.41, "word": " X", "probability": 0.8125}, {"start": 2545.41, "end": 2545.59, "word": " and", "probability": 0.94091796875}, {"start": 2545.59, "end": 2545.97, "word": " Y,", "probability": 0.99609375}, {"start": 2548.15, "end": 2548.43, "word": " bread", "probability": 0.84326171875}, {"start": 2548.43, "end": 2548.87, "word": " and", "probability": 0.87548828125}, {"start": 2548.87, "end": 2549.19, "word": " milk,", "probability": 0.90966796875}, {"start": 2549.91, "end": 2550.07, "word": " two", "probability": 0.9267578125}, {"start": 2550.07, "end": 2550.45, "word": " products,", "probability": 0.89111328125}, {"start": 2550.51, "end": 2550.77, "word": " bread", "probability": 0.6484375}, {"start": 2550.77, "end": 2551.09, "word": " and", "probability": 0.94140625}, {"start": 2551.09, "end": 2551.37, "word": " milk.", "probability": 0.93212890625}, {"start": 2553.39, "end": 2554.19, "word": " The", "probability": 0.90087890625}, {"start": 2554.19, "end": 2554.47, "word": " first", "probability": 0.884765625}, {"start": 2554.47, "end": 2555.05, "word": " combination,", "probability": 0.94384765625}, {"start": 2555.27, "end": 2555.39, "word": " the", "probability": 0.9228515625}, {"start": 2555.39, "end": 2555.65, "word": " first", "probability": 0.89208984375}, {"start": 2555.65, "end": 2556.13, "word": " group,", "probability": 0.96435546875}, {"start": 2556.53, "end": 2556.65, "word": " the", "probability": 0.92138671875}, {"start": 2556.65, "end": 2556.95, "word": " first", "probability": 0.87890625}, {"start": 2556.95, "end": 2557.37, "word": " bundle", "probability": 0.94921875}, {"start": 2557.37, "end": 2558.03, "word": " X", "probability": 0.44677734375}, {"start": 2558.03, "end": 2558.49, "word": " of", "probability": 0.9072265625}, {"start": 2558.49, "end": 2558.93, "word": " a", "probability": 0.341796875}, {"start": 2558.93, "end": 2559.35, "word": " product,", "probability": 0.90478515625}, {"start": 2559.85, "end": 2560.15, "word": " bundle", "probability": 0.8984375}, {"start": 2560.15, "end": 2560.67, "word": " A,", "probability": 0.986328125}], "temperature": 1.0}, {"id": 90, "seek": 259090, "start": 2561.74, "end": 2590.9, "text": " And this bundle, the consumer buys or consumes one piece of bread, milk, sort of bread, and 10 mugs of milk. This combination, this group gives him or her 100 utils. That's the measurement.", "tokens": [400, 341, 24438, 11, 264, 9711, 28153, 420, 48823, 472, 2522, 295, 5961, 11, 5392, 11, 1333, 295, 5961, 11, 293, 1266, 275, 14950, 295, 5392, 13, 639, 6562, 11, 341, 1594, 2709, 796, 420, 720, 2319, 2839, 4174, 13, 663, 311, 264, 13160, 13], "avg_logprob": -0.29211955873862555, "compression_ratio": 1.3669064748201438, "no_speech_prob": 0.0, "words": [{"start": 2561.74, "end": 2562.02, "word": " And", "probability": 0.51953125}, {"start": 2562.02, "end": 2562.24, "word": " this", "probability": 0.92578125}, {"start": 2562.24, "end": 2562.56, "word": " bundle,", "probability": 0.701171875}, {"start": 2562.76, "end": 2562.84, "word": " the", "probability": 0.91259765625}, {"start": 2562.84, "end": 2563.34, "word": " consumer", "probability": 0.84619140625}, {"start": 2563.34, "end": 2564.46, "word": " buys", "probability": 0.98583984375}, {"start": 2564.46, "end": 2564.76, "word": " or", "probability": 0.89892578125}, {"start": 2564.76, "end": 2565.52, "word": " consumes", "probability": 0.9013671875}, {"start": 2565.52, "end": 2567.36, "word": " one", "probability": 0.751953125}, {"start": 2567.36, "end": 2568.36, "word": " piece", "probability": 0.7451171875}, {"start": 2568.36, "end": 2568.58, "word": " of", "probability": 0.96826171875}, {"start": 2568.58, "end": 2568.9, "word": " bread,", "probability": 0.84375}, {"start": 2569.48, "end": 2569.48, "word": " milk,", "probability": 0.5263671875}, {"start": 2569.86, "end": 2570.2, "word": " sort", "probability": 0.1263427734375}, {"start": 2570.2, "end": 2570.28, "word": " of", "probability": 0.95703125}, {"start": 2570.28, "end": 2570.56, "word": " bread,", "probability": 0.947265625}, {"start": 2571.64, "end": 2572.18, "word": " and", "probability": 0.939453125}, {"start": 2572.18, "end": 2574.08, "word": " 10", "probability": 0.74169921875}, {"start": 2574.08, "end": 2574.56, "word": " mugs", "probability": 0.85107421875}, {"start": 2574.56, "end": 2574.84, "word": " of", "probability": 0.97119140625}, {"start": 2574.84, "end": 2575.32, "word": " milk.", "probability": 0.896484375}, {"start": 2578.72, "end": 2579.68, "word": " This", "probability": 0.89892578125}, {"start": 2579.68, "end": 2580.68, "word": " combination,", "probability": 0.95556640625}, {"start": 2581.18, "end": 2581.38, "word": " this", "probability": 0.9501953125}, {"start": 2581.38, "end": 2581.84, "word": " group", "probability": 0.96484375}, {"start": 2581.84, "end": 2582.98, "word": " gives", "probability": 0.63525390625}, {"start": 2582.98, "end": 2583.4, "word": " him", "probability": 0.9228515625}, {"start": 2583.4, "end": 2583.72, "word": " or", "probability": 0.966796875}, {"start": 2583.72, "end": 2584.16, "word": " her", "probability": 0.97705078125}, {"start": 2584.16, "end": 2586.0, "word": " 100", "probability": 0.857421875}, {"start": 2586.0, "end": 2586.78, "word": " utils.", "probability": 0.699951171875}, {"start": 2588.12, "end": 2589.08, "word": " That's", "probability": 0.318359375}, {"start": 2589.08, "end": 2589.22, "word": " the", "probability": 0.78271484375}, {"start": 2589.22, "end": 2590.9, "word": " measurement.", "probability": 0.8662109375}], "temperature": 1.0}, {"id": 91, "seek": 261937, "start": 2591.71, "end": 2619.37, "text": " The total utility. The consumer decided to increase his consumption of bread to two, and decrease his consumption of milk, but this combination, this group, gives him the same total utility, which means if the consumer consumes one unit, one piece of bread, and ten nuts,", "tokens": [440, 3217, 14877, 13, 440, 9711, 3047, 281, 3488, 702, 12126, 295, 5961, 281, 732, 11, 293, 11514, 702, 12126, 295, 5392, 11, 457, 341, 6562, 11, 341, 1594, 11, 2709, 796, 264, 912, 3217, 14877, 11, 597, 1355, 498, 264, 9711, 48823, 472, 4985, 11, 472, 2522, 295, 5961, 11, 293, 2064, 10483, 11], "avg_logprob": -0.20884486447487557, "compression_ratio": 1.7777777777777777, "no_speech_prob": 0.0, "words": [{"start": 2591.71, "end": 2592.15, "word": " The", "probability": 0.380859375}, {"start": 2592.15, "end": 2592.39, "word": " total", "probability": 0.489013671875}, {"start": 2592.39, "end": 2592.79, "word": " utility.", "probability": 0.94921875}, {"start": 2594.17, "end": 2595.05, "word": " The", "probability": 0.89111328125}, {"start": 2595.05, "end": 2595.55, "word": " consumer", "probability": 0.83056640625}, {"start": 2595.55, "end": 2596.47, "word": " decided", "probability": 0.9404296875}, {"start": 2596.47, "end": 2597.11, "word": " to", "probability": 0.9716796875}, {"start": 2597.11, "end": 2597.91, "word": " increase", "probability": 0.83349609375}, {"start": 2597.91, "end": 2598.21, "word": " his", "probability": 0.96630859375}, {"start": 2598.21, "end": 2598.93, "word": " consumption", "probability": 0.9697265625}, {"start": 2598.93, "end": 2599.33, "word": " of", "probability": 0.96923828125}, {"start": 2599.33, "end": 2599.79, "word": " bread", "probability": 0.95263671875}, {"start": 2599.79, "end": 2600.43, "word": " to", "probability": 0.9111328125}, {"start": 2600.43, "end": 2600.75, "word": " two,", "probability": 0.91259765625}, {"start": 2602.39, "end": 2602.65, "word": " and", "probability": 0.927734375}, {"start": 2602.65, "end": 2602.99, "word": " decrease", "probability": 0.80810546875}, {"start": 2602.99, "end": 2603.21, "word": " his", "probability": 0.966796875}, {"start": 2603.21, "end": 2603.75, "word": " consumption", "probability": 0.97119140625}, {"start": 2603.75, "end": 2604.01, "word": " of", "probability": 0.955078125}, {"start": 2604.01, "end": 2604.37, "word": " milk,", "probability": 0.8974609375}, {"start": 2605.17, "end": 2605.45, "word": " but", "probability": 0.9208984375}, {"start": 2605.45, "end": 2605.85, "word": " this", "probability": 0.94287109375}, {"start": 2605.85, "end": 2606.51, "word": " combination,", "probability": 0.472412109375}, {"start": 2606.77, "end": 2606.91, "word": " this", "probability": 0.9453125}, {"start": 2606.91, "end": 2607.37, "word": " group,", "probability": 0.966796875}, {"start": 2607.95, "end": 2608.25, "word": " gives", "probability": 0.9267578125}, {"start": 2608.25, "end": 2608.67, "word": " him", "probability": 0.931640625}, {"start": 2608.67, "end": 2609.37, "word": " the", "probability": 0.85400390625}, {"start": 2609.37, "end": 2609.97, "word": " same", "probability": 0.904296875}, {"start": 2609.97, "end": 2610.57, "word": " total", "probability": 0.86328125}, {"start": 2610.57, "end": 2611.07, "word": " utility,", "probability": 0.95361328125}, {"start": 2611.71, "end": 2611.95, "word": " which", "probability": 0.94775390625}, {"start": 2611.95, "end": 2612.29, "word": " means", "probability": 0.931640625}, {"start": 2612.29, "end": 2612.73, "word": " if", "probability": 0.7802734375}, {"start": 2612.73, "end": 2612.89, "word": " the", "probability": 0.91650390625}, {"start": 2612.89, "end": 2613.47, "word": " consumer", "probability": 0.81298828125}, {"start": 2613.47, "end": 2614.73, "word": " consumes", "probability": 0.9013671875}, {"start": 2614.73, "end": 2615.51, "word": " one", "probability": 0.92431640625}, {"start": 2615.51, "end": 2615.93, "word": " unit,", "probability": 0.9306640625}, {"start": 2616.09, "end": 2616.25, "word": " one", "probability": 0.927734375}, {"start": 2616.25, "end": 2616.59, "word": " piece", "probability": 0.91162109375}, {"start": 2616.59, "end": 2616.73, "word": " of", "probability": 0.966796875}, {"start": 2616.73, "end": 2617.07, "word": " bread,", "probability": 0.8994140625}, {"start": 2617.99, "end": 2618.31, "word": " and", "probability": 0.9365234375}, {"start": 2618.31, "end": 2619.13, "word": " ten", "probability": 0.392822265625}, {"start": 2619.13, "end": 2619.37, "word": " nuts,", "probability": 0.377685546875}], "temperature": 1.0}, {"id": 92, "seek": 264687, "start": 2620.23, "end": 2646.87, "text": " Mugs of milk will give him 100 utils. If he consumes two pieces of bread and six cups of milk will give him the same total utility. Adding one more piece of bread here, three pieces of bread and four mugs of milk will give him the same total utility.", "tokens": [376, 14950, 295, 5392, 486, 976, 796, 2319, 2839, 4174, 13, 759, 415, 48823, 732, 3755, 295, 5961, 293, 2309, 13381, 295, 5392, 486, 976, 796, 264, 912, 3217, 14877, 13, 31204, 472, 544, 2522, 295, 5961, 510, 11, 1045, 3755, 295, 5961, 293, 1451, 275, 14950, 295, 5392, 486, 976, 796, 264, 912, 3217, 14877, 13], "avg_logprob": -0.16231141830312795, "compression_ratio": 1.887218045112782, "no_speech_prob": 0.0, "words": [{"start": 2620.23, "end": 2620.83, "word": " Mugs", "probability": 0.7188720703125}, {"start": 2620.83, "end": 2621.17, "word": " of", "probability": 0.97119140625}, {"start": 2621.17, "end": 2621.83, "word": " milk", "probability": 0.830078125}, {"start": 2621.83, "end": 2622.47, "word": " will", "probability": 0.86083984375}, {"start": 2622.47, "end": 2622.81, "word": " give", "probability": 0.888671875}, {"start": 2622.81, "end": 2623.19, "word": " him", "probability": 0.9287109375}, {"start": 2623.19, "end": 2624.61, "word": " 100", "probability": 0.80615234375}, {"start": 2624.61, "end": 2625.19, "word": " utils.", "probability": 0.5919189453125}, {"start": 2626.33, "end": 2626.89, "word": " If", "probability": 0.9521484375}, {"start": 2626.89, "end": 2627.07, "word": " he", "probability": 0.94921875}, {"start": 2627.07, "end": 2627.71, "word": " consumes", "probability": 0.8828125}, {"start": 2627.71, "end": 2628.75, "word": " two", "probability": 0.78125}, {"start": 2628.75, "end": 2629.33, "word": " pieces", "probability": 0.93896484375}, {"start": 2629.33, "end": 2629.63, "word": " of", "probability": 0.9658203125}, {"start": 2629.63, "end": 2629.87, "word": " bread", "probability": 0.9599609375}, {"start": 2629.87, "end": 2631.03, "word": " and", "probability": 0.63720703125}, {"start": 2631.03, "end": 2631.73, "word": " six", "probability": 0.89111328125}, {"start": 2631.73, "end": 2632.07, "word": " cups", "probability": 0.81982421875}, {"start": 2632.07, "end": 2632.33, "word": " of", "probability": 0.970703125}, {"start": 2632.33, "end": 2632.73, "word": " milk", "probability": 0.91455078125}, {"start": 2632.73, "end": 2633.55, "word": " will", "probability": 0.62158203125}, {"start": 2633.55, "end": 2633.91, "word": " give", "probability": 0.8896484375}, {"start": 2633.91, "end": 2634.23, "word": " him", "probability": 0.9248046875}, {"start": 2634.23, "end": 2634.91, "word": " the", "probability": 0.9091796875}, {"start": 2634.91, "end": 2635.29, "word": " same", "probability": 0.90234375}, {"start": 2635.29, "end": 2635.79, "word": " total", "probability": 0.84912109375}, {"start": 2635.79, "end": 2636.21, "word": " utility.", "probability": 0.923828125}, {"start": 2637.03, "end": 2637.59, "word": " Adding", "probability": 0.7001953125}, {"start": 2637.59, "end": 2637.89, "word": " one", "probability": 0.919921875}, {"start": 2637.89, "end": 2638.13, "word": " more", "probability": 0.921875}, {"start": 2638.13, "end": 2638.51, "word": " piece", "probability": 0.88671875}, {"start": 2638.51, "end": 2638.75, "word": " of", "probability": 0.962890625}, {"start": 2638.75, "end": 2638.93, "word": " bread", "probability": 0.94287109375}, {"start": 2638.93, "end": 2639.23, "word": " here,", "probability": 0.8349609375}, {"start": 2640.23, "end": 2640.49, "word": " three", "probability": 0.9287109375}, {"start": 2640.49, "end": 2640.95, "word": " pieces", "probability": 0.93603515625}, {"start": 2640.95, "end": 2641.17, "word": " of", "probability": 0.96142578125}, {"start": 2641.17, "end": 2641.41, "word": " bread", "probability": 0.953125}, {"start": 2641.41, "end": 2642.15, "word": " and", "probability": 0.7880859375}, {"start": 2642.15, "end": 2642.75, "word": " four", "probability": 0.9375}, {"start": 2642.75, "end": 2643.59, "word": " mugs", "probability": 0.88720703125}, {"start": 2643.59, "end": 2643.89, "word": " of", "probability": 0.96484375}, {"start": 2643.89, "end": 2644.39, "word": " milk", "probability": 0.9248046875}, {"start": 2644.39, "end": 2644.93, "word": " will", "probability": 0.84033203125}, {"start": 2644.93, "end": 2645.21, "word": " give", "probability": 0.8876953125}, {"start": 2645.21, "end": 2645.43, "word": " him", "probability": 0.92626953125}, {"start": 2645.43, "end": 2645.77, "word": " the", "probability": 0.91455078125}, {"start": 2645.77, "end": 2646.09, "word": " same", "probability": 0.90234375}, {"start": 2646.09, "end": 2646.53, "word": " total", "probability": 0.8349609375}, {"start": 2646.53, "end": 2646.87, "word": " utility.", "probability": 0.95654296875}], "temperature": 1.0}, {"id": 93, "seek": 267315, "start": 2647.69, "end": 2673.15, "text": " Well, you see, adding one more unit here of the bread, we have to give up additional units of milk to keep the same total utility. So here in this example, the different groups of bread and milk, X and Y, will give the consumer the same total utility.", "tokens": [1042, 11, 291, 536, 11, 5127, 472, 544, 4985, 510, 295, 264, 5961, 11, 321, 362, 281, 976, 493, 4497, 6815, 295, 5392, 281, 1066, 264, 912, 3217, 14877, 13, 407, 510, 294, 341, 1365, 11, 264, 819, 3935, 295, 5961, 293, 5392, 11, 1783, 293, 398, 11, 486, 976, 264, 9711, 264, 912, 3217, 14877, 13], "avg_logprob": -0.20043103139975976, "compression_ratio": 1.6153846153846154, "no_speech_prob": 0.0, "words": [{"start": 2647.69, "end": 2647.91, "word": " Well,", "probability": 0.175048828125}, {"start": 2647.97, "end": 2648.07, "word": " you", "probability": 0.74560546875}, {"start": 2648.07, "end": 2648.37, "word": " see,", "probability": 0.91650390625}, {"start": 2649.01, "end": 2649.37, "word": " adding", "probability": 0.66455078125}, {"start": 2649.37, "end": 2649.67, "word": " one", "probability": 0.92236328125}, {"start": 2649.67, "end": 2649.87, "word": " more", "probability": 0.93359375}, {"start": 2649.87, "end": 2650.19, "word": " unit", "probability": 0.88427734375}, {"start": 2650.19, "end": 2650.49, "word": " here", "probability": 0.83349609375}, {"start": 2650.49, "end": 2650.91, "word": " of", "probability": 0.896484375}, {"start": 2650.91, "end": 2651.05, "word": " the", "probability": 0.3837890625}, {"start": 2651.05, "end": 2651.33, "word": " bread,", "probability": 0.927734375}, {"start": 2651.69, "end": 2651.93, "word": " we", "probability": 0.95849609375}, {"start": 2651.93, "end": 2652.15, "word": " have", "probability": 0.94580078125}, {"start": 2652.15, "end": 2652.31, "word": " to", "probability": 0.97216796875}, {"start": 2652.31, "end": 2652.71, "word": " give", "probability": 0.89404296875}, {"start": 2652.71, "end": 2653.43, "word": " up", "probability": 0.97021484375}, {"start": 2653.43, "end": 2654.83, "word": " additional", "probability": 0.91796875}, {"start": 2654.83, "end": 2655.41, "word": " units", "probability": 0.943359375}, {"start": 2655.41, "end": 2656.01, "word": " of", "probability": 0.96826171875}, {"start": 2656.01, "end": 2656.51, "word": " milk", "probability": 0.90185546875}, {"start": 2656.51, "end": 2656.85, "word": " to", "probability": 0.9580078125}, {"start": 2656.85, "end": 2657.51, "word": " keep", "probability": 0.9111328125}, {"start": 2657.51, "end": 2658.05, "word": " the", "probability": 0.91650390625}, {"start": 2658.05, "end": 2658.43, "word": " same", "probability": 0.90478515625}, {"start": 2658.43, "end": 2658.95, "word": " total", "probability": 0.8544921875}, {"start": 2658.95, "end": 2659.31, "word": " utility.", "probability": 0.96923828125}, {"start": 2660.37, "end": 2660.77, "word": " So", "probability": 0.95458984375}, {"start": 2660.77, "end": 2661.69, "word": " here", "probability": 0.1937255859375}, {"start": 2661.69, "end": 2662.03, "word": " in", "probability": 0.7216796875}, {"start": 2662.03, "end": 2662.25, "word": " this", "probability": 0.94677734375}, {"start": 2662.25, "end": 2662.79, "word": " example,", "probability": 0.98291015625}, {"start": 2663.61, "end": 2663.77, "word": " the", "probability": 0.916015625}, {"start": 2663.77, "end": 2664.13, "word": " different", "probability": 0.86669921875}, {"start": 2664.13, "end": 2664.73, "word": " groups", "probability": 0.95654296875}, {"start": 2664.73, "end": 2665.75, "word": " of", "probability": 0.9658203125}, {"start": 2665.75, "end": 2666.35, "word": " bread", "probability": 0.93896484375}, {"start": 2666.35, "end": 2666.55, "word": " and", "probability": 0.93115234375}, {"start": 2666.55, "end": 2666.91, "word": " milk,", "probability": 0.8857421875}, {"start": 2667.13, "end": 2667.37, "word": " X", "probability": 0.810546875}, {"start": 2667.37, "end": 2667.53, "word": " and", "probability": 0.94384765625}, {"start": 2667.53, "end": 2667.87, "word": " Y,", "probability": 0.99853515625}, {"start": 2668.63, "end": 2668.85, "word": " will", "probability": 0.88037109375}, {"start": 2668.85, "end": 2669.25, "word": " give", "probability": 0.88427734375}, {"start": 2669.25, "end": 2669.49, "word": " the", "probability": 0.9169921875}, {"start": 2669.49, "end": 2670.17, "word": " consumer", "probability": 0.826171875}, {"start": 2670.17, "end": 2671.33, "word": " the", "probability": 0.9052734375}, {"start": 2671.33, "end": 2671.93, "word": " same", "probability": 0.90673828125}, {"start": 2671.93, "end": 2672.65, "word": " total", "probability": 0.84228515625}, {"start": 2672.65, "end": 2673.15, "word": " utility.", "probability": 0.953125}], "temperature": 1.0}, {"id": 94, "seek": 269283, "start": 2676.15, "end": 2692.83, "text": " So it's indifference here. Indifference. He will gain or obtain the same total utility. Indifference curve.", "tokens": [407, 309, 311, 1016, 351, 5158, 510, 13, 2333, 351, 5158, 13, 634, 486, 6052, 420, 12701, 264, 912, 3217, 14877, 13, 2333, 351, 5158, 7605, 13], "avg_logprob": -0.2647879421710968, "compression_ratio": 1.255813953488372, "no_speech_prob": 0.0, "words": [{"start": 2676.15, "end": 2676.55, "word": " So", "probability": 0.85009765625}, {"start": 2676.55, "end": 2677.19, "word": " it's", "probability": 0.77783203125}, {"start": 2677.19, "end": 2677.77, "word": " indifference", "probability": 0.89208984375}, {"start": 2677.77, "end": 2678.07, "word": " here.", "probability": 0.8154296875}, {"start": 2679.21, "end": 2680.49, "word": " Indifference.", "probability": 0.5958251953125}, {"start": 2681.27, "end": 2681.93, "word": " He", "probability": 0.11456298828125}, {"start": 2681.93, "end": 2686.57, "word": " will", "probability": 0.80859375}, {"start": 2686.57, "end": 2687.83, "word": " gain", "probability": 0.8642578125}, {"start": 2687.83, "end": 2688.23, "word": " or", "probability": 0.9365234375}, {"start": 2688.23, "end": 2688.65, "word": " obtain", "probability": 0.9111328125}, {"start": 2688.65, "end": 2688.89, "word": " the", "probability": 0.91796875}, {"start": 2688.89, "end": 2689.25, "word": " same", "probability": 0.89306640625}, {"start": 2689.25, "end": 2689.71, "word": " total", "probability": 0.81787109375}, {"start": 2689.71, "end": 2690.15, "word": " utility.", "probability": 0.96533203125}, {"start": 2691.55, "end": 2692.83, "word": " Indifference", "probability": 0.7789713541666666}, {"start": 2692.83, "end": 2692.83, "word": " curve.", "probability": 0.82177734375}], "temperature": 1.0}, {"id": 95, "seek": 271900, "start": 2695.98, "end": 2719.0, "text": " What do you see? What about the giving up here? Adding one more unit of bread, he will give up four units here. Adding one more unit, giving up is two. Adding one more unit, giving up is one. To keep the same total utility, right?", "tokens": [708, 360, 291, 536, 30, 708, 466, 264, 2902, 493, 510, 30, 31204, 472, 544, 4985, 295, 5961, 11, 415, 486, 976, 493, 1451, 6815, 510, 13, 31204, 472, 544, 4985, 11, 2902, 493, 307, 732, 13, 31204, 472, 544, 4985, 11, 2902, 493, 307, 472, 13, 1407, 1066, 264, 912, 3217, 14877, 11, 558, 30], "avg_logprob": -0.1611842105263158, "compression_ratio": 1.7238805970149254, "no_speech_prob": 0.0, "words": [{"start": 2695.98, "end": 2696.2, "word": " What", "probability": 0.78125}, {"start": 2696.2, "end": 2696.34, "word": " do", "probability": 0.76904296875}, {"start": 2696.34, "end": 2696.36, "word": " you", "probability": 0.88720703125}, {"start": 2696.36, "end": 2696.6, "word": " see?", "probability": 0.9111328125}, {"start": 2697.12, "end": 2697.28, "word": " What", "probability": 0.873046875}, {"start": 2697.28, "end": 2697.52, "word": " about", "probability": 0.9052734375}, {"start": 2697.52, "end": 2697.7, "word": " the", "probability": 0.85107421875}, {"start": 2697.7, "end": 2697.94, "word": " giving", "probability": 0.85498046875}, {"start": 2697.94, "end": 2698.32, "word": " up", "probability": 0.9716796875}, {"start": 2698.32, "end": 2698.66, "word": " here?", "probability": 0.85107421875}, {"start": 2699.48, "end": 2699.86, "word": " Adding", "probability": 0.86865234375}, {"start": 2699.86, "end": 2700.22, "word": " one", "probability": 0.91357421875}, {"start": 2700.22, "end": 2700.46, "word": " more", "probability": 0.93603515625}, {"start": 2700.46, "end": 2700.88, "word": " unit", "probability": 0.9619140625}, {"start": 2700.88, "end": 2701.34, "word": " of", "probability": 0.9560546875}, {"start": 2701.34, "end": 2701.66, "word": " bread,", "probability": 0.95654296875}, {"start": 2702.18, "end": 2702.32, "word": " he", "probability": 0.93896484375}, {"start": 2702.32, "end": 2702.54, "word": " will", "probability": 0.8720703125}, {"start": 2702.54, "end": 2702.9, "word": " give", "probability": 0.90673828125}, {"start": 2702.9, "end": 2703.28, "word": " up", "probability": 0.97119140625}, {"start": 2703.28, "end": 2703.56, "word": " four", "probability": 0.7919921875}, {"start": 2703.56, "end": 2703.94, "word": " units", "probability": 0.953125}, {"start": 2703.94, "end": 2704.24, "word": " here.", "probability": 0.8251953125}, {"start": 2704.98, "end": 2705.26, "word": " Adding", "probability": 0.90966796875}, {"start": 2705.26, "end": 2705.52, "word": " one", "probability": 0.91650390625}, {"start": 2705.52, "end": 2705.72, "word": " more", "probability": 0.91845703125}, {"start": 2705.72, "end": 2706.06, "word": " unit,", "probability": 0.96240234375}, {"start": 2706.56, "end": 2706.8, "word": " giving", "probability": 0.90234375}, {"start": 2706.8, "end": 2707.1, "word": " up", "probability": 0.97509765625}, {"start": 2707.1, "end": 2707.28, "word": " is", "probability": 0.92236328125}, {"start": 2707.28, "end": 2707.56, "word": " two.", "probability": 0.923828125}, {"start": 2709.54, "end": 2709.92, "word": " Adding", "probability": 0.039154052734375}, {"start": 2709.92, "end": 2711.08, "word": " one", "probability": 0.91650390625}, {"start": 2711.08, "end": 2711.26, "word": " more", "probability": 0.919921875}, {"start": 2711.26, "end": 2711.5, "word": " unit,", "probability": 0.9599609375}, {"start": 2711.72, "end": 2711.96, "word": " giving", "probability": 0.88232421875}, {"start": 2711.96, "end": 2712.26, "word": " up", "probability": 0.96630859375}, {"start": 2712.26, "end": 2712.44, "word": " is", "probability": 0.9404296875}, {"start": 2712.44, "end": 2712.72, "word": " one.", "probability": 0.92431640625}, {"start": 2715.52, "end": 2715.74, "word": " To", "probability": 0.60888671875}, {"start": 2715.74, "end": 2716.16, "word": " keep", "probability": 0.927734375}, {"start": 2716.16, "end": 2716.7, "word": " the", "probability": 0.9150390625}, {"start": 2716.7, "end": 2717.12, "word": " same", "probability": 0.90869140625}, {"start": 2717.12, "end": 2717.62, "word": " total", "probability": 0.7890625}, {"start": 2717.62, "end": 2718.14, "word": " utility,", "probability": 0.55908203125}, {"start": 2718.7, "end": 2719.0, "word": " right?", "probability": 0.87255859375}], "temperature": 1.0}, {"id": 96, "seek": 273885, "start": 2719.79, "end": 2738.85, "text": " So let's draw the graph here. Let's calculate the marginal rate of substitution. Marginal rate MRS is the marginal rate of substitution.", "tokens": [407, 718, 311, 2642, 264, 4295, 510, 13, 961, 311, 8873, 264, 16885, 3314, 295, 35827, 13, 2039, 1494, 304, 3314, 9808, 50, 307, 264, 16885, 3314, 295, 35827, 13], "avg_logprob": -0.24017136904501146, "compression_ratio": 1.5568181818181819, "no_speech_prob": 0.0, "words": [{"start": 2719.79, "end": 2720.63, "word": " So", "probability": 0.350341796875}, {"start": 2720.63, "end": 2721.59, "word": " let's", "probability": 0.81689453125}, {"start": 2721.59, "end": 2721.85, "word": " draw", "probability": 0.63134765625}, {"start": 2721.85, "end": 2722.01, "word": " the", "probability": 0.86083984375}, {"start": 2722.01, "end": 2722.35, "word": " graph", "probability": 0.93798828125}, {"start": 2722.35, "end": 2722.57, "word": " here.", "probability": 0.8212890625}, {"start": 2722.87, "end": 2723.39, "word": " Let's", "probability": 0.915771484375}, {"start": 2723.39, "end": 2723.83, "word": " calculate", "probability": 0.91357421875}, {"start": 2723.83, "end": 2724.35, "word": " the", "probability": 0.8974609375}, {"start": 2724.35, "end": 2724.75, "word": " marginal", "probability": 0.85888671875}, {"start": 2724.75, "end": 2725.21, "word": " rate", "probability": 0.9599609375}, {"start": 2725.21, "end": 2725.41, "word": " of", "probability": 0.9287109375}, {"start": 2725.41, "end": 2725.99, "word": " substitution.", "probability": 0.92041015625}, {"start": 2727.01, "end": 2727.67, "word": " Marginal", "probability": 0.8409830729166666}, {"start": 2727.67, "end": 2728.19, "word": " rate", "probability": 0.83251953125}, {"start": 2728.19, "end": 2728.95, "word": " MRS", "probability": 0.7188720703125}, {"start": 2728.95, "end": 2731.45, "word": " is", "probability": 0.841796875}, {"start": 2731.45, "end": 2731.93, "word": " the", "probability": 0.90185546875}, {"start": 2731.93, "end": 2732.53, "word": " marginal", "probability": 0.8701171875}, {"start": 2732.53, "end": 2735.87, "word": " rate", "probability": 0.9375}, {"start": 2735.87, "end": 2737.85, "word": " of", "probability": 0.962890625}, {"start": 2737.85, "end": 2738.85, "word": " substitution.", "probability": 0.9140625}], "temperature": 1.0}, {"id": 97, "seek": 276961, "start": 2750.03, "end": 2769.61, "text": " equals a change in the quantum consumed of Y over the change of quantum consumed of X. So let's calculate for the first point.", "tokens": [6915, 257, 1319, 294, 264, 13018, 21226, 295, 398, 670, 264, 1319, 295, 13018, 21226, 295, 1783, 13, 407, 718, 311, 8873, 337, 264, 700, 935, 13], "avg_logprob": -0.23535155558160373, "compression_ratio": 1.4111111111111112, "no_speech_prob": 0.0, "words": [{"start": 2750.03, "end": 2750.53, "word": " equals", "probability": 0.51171875}, {"start": 2750.53, "end": 2750.93, "word": " a", "probability": 0.6748046875}, {"start": 2750.93, "end": 2751.31, "word": " change", "probability": 0.90625}, {"start": 2751.31, "end": 2751.43, "word": " in", "probability": 0.87841796875}, {"start": 2751.43, "end": 2751.53, "word": " the", "probability": 0.48876953125}, {"start": 2751.53, "end": 2751.85, "word": " quantum", "probability": 0.37744140625}, {"start": 2751.85, "end": 2752.33, "word": " consumed", "probability": 0.87939453125}, {"start": 2752.33, "end": 2752.57, "word": " of", "probability": 0.80224609375}, {"start": 2752.57, "end": 2752.79, "word": " Y", "probability": 0.619140625}, {"start": 2752.79, "end": 2753.07, "word": " over", "probability": 0.8857421875}, {"start": 2753.07, "end": 2753.29, "word": " the", "probability": 0.83642578125}, {"start": 2753.29, "end": 2753.57, "word": " change", "probability": 0.892578125}, {"start": 2753.57, "end": 2753.73, "word": " of", "probability": 0.74365234375}, {"start": 2753.73, "end": 2753.97, "word": " quantum", "probability": 0.91357421875}, {"start": 2753.97, "end": 2754.45, "word": " consumed", "probability": 0.90380859375}, {"start": 2754.45, "end": 2754.65, "word": " of", "probability": 0.91650390625}, {"start": 2754.65, "end": 2754.97, "word": " X.", "probability": 0.974609375}, {"start": 2760.81, "end": 2761.39, "word": " So", "probability": 0.41845703125}, {"start": 2761.39, "end": 2767.39, "word": " let's", "probability": 0.856201171875}, {"start": 2767.39, "end": 2767.81, "word": " calculate", "probability": 0.91943359375}, {"start": 2767.81, "end": 2768.09, "word": " for", "probability": 0.74609375}, {"start": 2768.09, "end": 2768.25, "word": " the", "probability": 0.91943359375}, {"start": 2768.25, "end": 2768.55, "word": " first", "probability": 0.8916015625}, {"start": 2768.55, "end": 2769.61, "word": " point.", "probability": 0.892578125}], "temperature": 1.0}, {"id": 98, "seek": 280023, "start": 2773.71, "end": 2800.23, "text": "this is quantity y1 and quantity y2 right? quantity x1 and quantity x2 let's calculate the marginal rate of substitution for the first case 6 minus 10 over 2 minus 1 so this is like this 6 minus 10 over 2 minus 1 with the absolute value which is negative it will be plus something and minus something else this is equals", "tokens": [11176, 307, 11275, 288, 16, 293, 11275, 288, 17, 558, 30, 11275, 2031, 16, 293, 11275, 2031, 17, 718, 311, 8873, 264, 16885, 3314, 295, 35827, 337, 264, 700, 1389, 1386, 3175, 1266, 670, 568, 3175, 502, 370, 341, 307, 411, 341, 1386, 3175, 1266, 670, 568, 3175, 502, 365, 264, 8236, 2158, 597, 307, 3671, 309, 486, 312, 1804, 746, 293, 3175, 746, 1646, 341, 307, 6915], "avg_logprob": -0.32880435300909955, "compression_ratio": 1.7777777777777777, "no_speech_prob": 0.0, "words": [{"start": 2773.71, "end": 2774.15, "word": "this", "probability": 0.242919921875}, {"start": 2774.15, "end": 2774.27, "word": " is", "probability": 0.73681640625}, {"start": 2774.27, "end": 2774.71, "word": " quantity", "probability": 0.393798828125}, {"start": 2774.71, "end": 2775.59, "word": " y1", "probability": 0.728515625}, {"start": 2775.59, "end": 2776.17, "word": " and", "probability": 0.458251953125}, {"start": 2776.17, "end": 2776.47, "word": " quantity", "probability": 0.7490234375}, {"start": 2776.47, "end": 2776.97, "word": " y2", "probability": 0.97802734375}, {"start": 2776.97, "end": 2777.27, "word": " right?", "probability": 0.419189453125}, {"start": 2777.73, "end": 2778.21, "word": " quantity", "probability": 0.7734375}, {"start": 2778.21, "end": 2778.77, "word": " x1", "probability": 0.970458984375}, {"start": 2778.77, "end": 2779.03, "word": " and", "probability": 0.8515625}, {"start": 2779.03, "end": 2779.21, "word": " quantity", "probability": 0.982421875}, {"start": 2779.21, "end": 2779.77, "word": " x2", "probability": 0.9951171875}, {"start": 2779.77, "end": 2780.83, "word": " let's", "probability": 0.740966796875}, {"start": 2780.83, "end": 2781.23, "word": " calculate", "probability": 0.91748046875}, {"start": 2781.23, "end": 2781.41, "word": " the", "probability": 0.7001953125}, {"start": 2781.41, "end": 2781.65, "word": " marginal", "probability": 0.68017578125}, {"start": 2781.65, "end": 2781.89, "word": " rate", "probability": 0.87841796875}, {"start": 2781.89, "end": 2781.99, "word": " of", "probability": 0.92822265625}, {"start": 2781.99, "end": 2782.39, "word": " substitution", "probability": 0.9345703125}, {"start": 2782.39, "end": 2782.69, "word": " for", "probability": 0.89111328125}, {"start": 2782.69, "end": 2782.85, "word": " the", "probability": 0.89990234375}, {"start": 2782.85, "end": 2783.13, "word": " first", "probability": 0.88671875}, {"start": 2783.13, "end": 2783.55, "word": " case", "probability": 0.9306640625}, {"start": 2783.55, "end": 2784.61, "word": " 6", "probability": 0.638671875}, {"start": 2784.61, "end": 2784.97, "word": " minus", "probability": 0.391357421875}, {"start": 2784.97, "end": 2785.29, "word": " 10", "probability": 0.93701171875}, {"start": 2785.29, "end": 2787.09, "word": " over", "probability": 0.84033203125}, {"start": 2787.09, "end": 2787.63, "word": " 2", "probability": 0.9306640625}, {"start": 2787.63, "end": 2787.95, "word": " minus", "probability": 0.97216796875}, {"start": 2787.95, "end": 2788.29, "word": " 1", "probability": 0.966796875}, {"start": 2788.29, "end": 2789.05, "word": " so", "probability": 0.46435546875}, {"start": 2789.05, "end": 2789.29, "word": " this", "probability": 0.55078125}, {"start": 2789.29, "end": 2789.41, "word": " is", "probability": 0.873046875}, {"start": 2789.41, "end": 2789.63, "word": " like", "probability": 0.29931640625}, {"start": 2789.63, "end": 2790.17, "word": " this", "probability": 0.66943359375}, {"start": 2790.17, "end": 2790.59, "word": " 6", "probability": 0.8525390625}, {"start": 2790.59, "end": 2791.25, "word": " minus", "probability": 0.97265625}, {"start": 2791.25, "end": 2791.67, "word": " 10", "probability": 0.9619140625}, {"start": 2791.67, "end": 2792.21, "word": " over", "probability": 0.91650390625}, {"start": 2792.21, "end": 2792.71, "word": " 2", "probability": 0.9814453125}, {"start": 2792.71, "end": 2793.01, "word": " minus", "probability": 0.986328125}, {"start": 2793.01, "end": 2793.31, "word": " 1", "probability": 0.97021484375}, {"start": 2793.31, "end": 2793.47, "word": " with", "probability": 0.447509765625}, {"start": 2793.47, "end": 2793.55, "word": " the", "probability": 0.462890625}, {"start": 2793.55, "end": 2793.93, "word": " absolute", "probability": 0.8857421875}, {"start": 2793.93, "end": 2794.29, "word": " value", "probability": 0.96923828125}, {"start": 2794.29, "end": 2794.43, "word": " which", "probability": 0.322021484375}, {"start": 2794.43, "end": 2794.61, "word": " is", "probability": 0.67724609375}, {"start": 2794.61, "end": 2794.99, "word": " negative", "probability": 0.8857421875}, {"start": 2794.99, "end": 2795.25, "word": " it", "probability": 0.396484375}, {"start": 2795.25, "end": 2795.37, "word": " will", "probability": 0.67236328125}, {"start": 2795.37, "end": 2795.65, "word": " be", "probability": 0.86572265625}, {"start": 2795.65, "end": 2796.65, "word": " plus", "probability": 0.1943359375}, {"start": 2796.65, "end": 2797.13, "word": " something", "probability": 0.30517578125}, {"start": 2797.13, "end": 2797.27, "word": " and", "probability": 0.6845703125}, {"start": 2797.27, "end": 2797.73, "word": " minus", "probability": 0.96923828125}, {"start": 2797.73, "end": 2798.11, "word": " something", "probability": 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What about the second? 4 minus 6, which is Qy at the point y. Qy2, which is absolute Qy2 minus Qy1 over Qx2 minus Qx1.", "tokens": [30031, 301, 1017, 670, 502, 365, 8236, 2158, 6915, 1017, 13, 708, 466, 264, 1150, 30, 1017, 3175, 1386, 11, 597, 307, 1249, 88, 412, 264, 935, 288, 13, 1249, 88, 17, 11, 597, 307, 8236, 1249, 88, 17, 3175, 1249, 88, 16, 670, 1249, 87, 17, 3175, 1249, 87, 16, 13], "avg_logprob": -0.40123820304870605, "compression_ratio": 1.3471074380165289, "no_speech_prob": 0.0, "words": [{"start": 2801.42, "end": 2802.22, "word": "Minus", "probability": 0.590576171875}, {"start": 2802.22, "end": 2802.66, "word": " 4", "probability": 0.57958984375}, {"start": 2802.66, "end": 2803.14, "word": " over", "probability": 0.85791015625}, {"start": 2803.14, "end": 2803.98, "word": " 1", "probability": 0.91748046875}, {"start": 2803.98, "end": 2804.28, "word": " with", "probability": 0.327392578125}, {"start": 2804.28, "end": 2804.68, "word": " absolute", "probability": 0.443115234375}, {"start": 2804.68, "end": 2805.18, "word": " value", "probability": 0.95849609375}, {"start": 2805.18, "end": 2805.64, "word": " equals", "probability": 0.6826171875}, {"start": 2805.64, "end": 2805.86, "word": " 4.", "probability": 0.83740234375}, {"start": 2807.98, "end": 2808.56, "word": " What", "probability": 0.2174072265625}, {"start": 2808.56, "end": 2811.02, "word": " about", "probability": 0.89306640625}, {"start": 2811.02, "end": 2811.26, "word": " the", "probability": 0.90673828125}, {"start": 2811.26, "end": 2811.6, "word": " second?", "probability": 0.8974609375}, {"start": 2812.98, "end": 2813.52, "word": " 4", "probability": 0.84033203125}, {"start": 2813.52, "end": 2813.96, "word": " minus", "probability": 0.921875}, {"start": 2813.96, "end": 2814.44, "word": " 6,", "probability": 0.984375}, {"start": 2814.94, "end": 2815.06, "word": " which", "probability": 0.60986328125}, {"start": 2815.06, "end": 2815.16, "word": " is", "probability": 0.9033203125}, {"start": 2815.16, "end": 2816.22, "word": " Qy", "probability": 0.4267578125}, {"start": 2816.22, "end": 2816.48, "word": " at", "probability": 0.29150390625}, {"start": 2816.48, "end": 2816.6, "word": " the", "probability": 0.70703125}, {"start": 2816.6, "end": 2816.82, "word": " point", "probability": 0.41943359375}, {"start": 2816.82, "end": 2817.16, "word": " y.", "probability": 0.346435546875}, {"start": 2817.84, "end": 2818.52, "word": " Qy2,", "probability": 0.8595377604166666}, {"start": 2818.84, "end": 2818.86, "word": " which", "probability": 0.859375}, {"start": 2818.86, "end": 2819.24, "word": " is", "probability": 0.90966796875}, {"start": 2819.24, "end": 2821.04, "word": " absolute", "probability": 0.3046875}, {"start": 2821.04, "end": 2822.36, "word": " Qy2", "probability": 0.8626302083333334}, {"start": 2822.36, "end": 2822.8, "word": " minus", "probability": 0.8984375}, {"start": 2822.8, "end": 2823.82, "word": " Qy1", "probability": 0.9752604166666666}, {"start": 2823.82, "end": 2824.36, "word": " over", "probability": 0.88037109375}, {"start": 2824.36, "end": 2825.4, "word": " Qx2", "probability": 0.8865559895833334}, {"start": 2825.4, "end": 2825.68, "word": " minus", "probability": 0.98046875}, {"start": 2825.68, "end": 2826.48, "word": " Qx1.", "probability": 0.9931640625}], "temperature": 1.0}, {"id": 100, "seek": 285809, "start": 2831.57, "end": 2858.09, "text": " 4 minus 6 over 3 minus 2. If it is like this, it equals the absolute value 4 minus 6 over 3 minus 2. Minus 2 over 1 equals the absolute value equals 2. What's next?", "tokens": [1017, 3175, 1386, 670, 805, 3175, 568, 13, 759, 309, 307, 411, 341, 11, 309, 6915, 264, 8236, 2158, 1017, 3175, 1386, 670, 805, 3175, 568, 13, 2829, 301, 568, 670, 502, 6915, 264, 8236, 2158, 6915, 568, 13, 708, 311, 958, 30], "avg_logprob": -0.33913353153250436, "compression_ratio": 1.6666666666666667, "no_speech_prob": 0.0, "words": [{"start": 2831.57, "end": 2832.01, "word": " 4", "probability": 0.403076171875}, {"start": 2832.01, "end": 2832.49, "word": " minus", "probability": 0.48046875}, {"start": 2832.49, "end": 2832.95, "word": " 6", "probability": 0.97509765625}, {"start": 2832.95, "end": 2834.21, "word": " over", "probability": 0.8046875}, {"start": 2834.21, "end": 2834.65, "word": " 3", "probability": 0.96240234375}, {"start": 2834.65, "end": 2834.95, "word": " minus", "probability": 0.982421875}, {"start": 2834.95, "end": 2835.37, "word": " 2.", "probability": 0.984375}, {"start": 2837.17, "end": 2838.09, "word": " If", "probability": 0.468505859375}, {"start": 2838.09, "end": 2838.27, "word": " it", "probability": 0.340576171875}, {"start": 2838.27, "end": 2838.33, "word": " is", "probability": 0.53271484375}, {"start": 2838.33, "end": 2838.41, "word": " like", "probability": 0.71533203125}, {"start": 2838.41, "end": 2838.63, "word": " this,", "probability": 0.6455078125}, {"start": 2838.85, "end": 2838.95, "word": " it", "probability": 0.4912109375}, {"start": 2838.95, "end": 2839.35, "word": " equals", "probability": 0.513671875}, {"start": 2839.35, "end": 2840.13, "word": " the", "probability": 0.270751953125}, {"start": 2840.13, "end": 2840.61, "word": " absolute", "probability": 0.90966796875}, {"start": 2840.61, "end": 2841.07, "word": " value", "probability": 0.97900390625}, {"start": 2841.07, "end": 2841.87, "word": " 4", "probability": 0.52978515625}, {"start": 2841.87, "end": 2842.37, "word": " minus", "probability": 0.98095703125}, {"start": 2842.37, "end": 2842.89, "word": " 6", "probability": 0.99462890625}, {"start": 2842.89, "end": 2844.53, "word": " over", "probability": 0.88427734375}, {"start": 2844.53, "end": 2845.59, "word": " 3", "probability": 0.982421875}, {"start": 2845.59, "end": 2845.95, "word": " minus", "probability": 0.98681640625}, {"start": 2845.95, "end": 2846.37, "word": " 2.", "probability": 0.99560546875}, {"start": 2848.75, "end": 2849.67, "word": " Minus", "probability": 0.78564453125}, {"start": 2849.67, "end": 2850.13, "word": " 2", "probability": 0.884765625}, {"start": 2850.13, "end": 2850.77, "word": " over", "probability": 0.90625}, {"start": 2850.77, "end": 2851.19, "word": " 1", "probability": 0.943359375}, {"start": 2851.19, "end": 2851.79, "word": " equals", "probability": 0.8984375}, {"start": 2851.79, "end": 2851.95, "word": " the", "probability": 0.5498046875}, {"start": 2851.95, "end": 2852.35, "word": " absolute", "probability": 0.890625}, {"start": 2852.35, "end": 2852.87, "word": " value", "probability": 0.9697265625}, {"start": 2852.87, "end": 2853.31, "word": " equals", "probability": 0.54345703125}, {"start": 2853.31, "end": 2853.65, "word": " 2.", "probability": 0.91796875}, {"start": 2857.01, "end": 2857.93, "word": " What's", "probability": 0.5184326171875}, {"start": 2857.93, "end": 2858.09, "word": " next?", "probability": 0.8876953125}], "temperature": 1.0}, {"id": 101, "seek": 287978, "start": 2860.94, "end": 2879.78, "text": " 3 minus 4 over 4 minus 3 minus 1 with absolute value equals 1. Let's draw the graph that shows the relationship between the quantity consumed of x and the quantity consumed of y. So let's draw the graph.", "tokens": [805, 3175, 1017, 670, 1017, 3175, 805, 3175, 502, 365, 8236, 2158, 6915, 502, 13, 961, 311, 2642, 264, 4295, 300, 3110, 264, 2480, 1296, 264, 11275, 21226, 295, 2031, 293, 264, 11275, 21226, 295, 288, 13, 407, 718, 311, 2642, 264, 4295, 13], "avg_logprob": -0.2784722116258409, "compression_ratio": 1.5813953488372092, "no_speech_prob": 0.0, "words": [{"start": 2860.94, "end": 2861.68, "word": " 3", "probability": 0.1690673828125}, {"start": 2861.68, "end": 2862.06, "word": " minus", "probability": 0.419921875}, {"start": 2862.06, "end": 2862.48, "word": " 4", "probability": 0.83837890625}, {"start": 2862.48, "end": 2862.82, "word": " over", "probability": 0.8828125}, {"start": 2862.82, "end": 2863.22, "word": " 4", "probability": 0.935546875}, {"start": 2863.22, "end": 2863.56, "word": " minus", "probability": 0.9462890625}, {"start": 2863.56, "end": 2864.04, "word": " 3", "probability": 0.93505859375}, {"start": 2864.04, "end": 2864.6, "word": " minus", "probability": 0.96533203125}, {"start": 2864.6, "end": 2864.88, "word": " 1", "probability": 0.8056640625}, {"start": 2864.88, "end": 2864.98, "word": " with", "probability": 0.278076171875}, {"start": 2864.98, "end": 2865.38, "word": " absolute", "probability": 0.57275390625}, {"start": 2865.38, "end": 2865.84, "word": " value", "probability": 0.95458984375}, {"start": 2865.84, "end": 2866.24, "word": " equals", "probability": 0.85791015625}, {"start": 2866.24, "end": 2866.56, "word": " 1.", "probability": 0.79052734375}, {"start": 2868.78, "end": 2869.52, "word": " Let's", "probability": 0.69873046875}, {"start": 2869.52, "end": 2869.9, "word": " draw", "probability": 0.87890625}, {"start": 2869.9, "end": 2870.12, "word": " the", "probability": 0.85595703125}, {"start": 2870.12, "end": 2870.38, "word": " graph", "probability": 0.94140625}, {"start": 2870.38, "end": 2870.62, "word": " that", "probability": 0.91943359375}, {"start": 2870.62, "end": 2870.98, "word": " shows", "probability": 0.91552734375}, {"start": 2870.98, "end": 2871.88, "word": " the", "probability": 0.88818359375}, {"start": 2871.88, "end": 2872.42, "word": " relationship", "probability": 0.89404296875}, {"start": 2872.42, "end": 2873.22, "word": " between", "probability": 0.86767578125}, {"start": 2873.22, "end": 2873.48, "word": " the", "probability": 0.8828125}, {"start": 2873.48, "end": 2873.78, "word": " quantity", "probability": 0.482177734375}, {"start": 2873.78, "end": 2874.42, "word": " consumed", "probability": 0.880859375}, {"start": 2874.42, "end": 2875.34, "word": " of", "probability": 0.70166015625}, {"start": 2875.34, "end": 2876.46, "word": " x", "probability": 0.52978515625}, {"start": 2876.46, "end": 2876.72, "word": " and", "probability": 0.9267578125}, {"start": 2876.72, "end": 2876.84, "word": " the", "probability": 0.45654296875}, {"start": 2876.84, "end": 2877.06, "word": " quantity", "probability": 0.99169921875}, {"start": 2877.06, "end": 2877.56, "word": " consumed", "probability": 0.861328125}, {"start": 2877.56, "end": 2877.74, "word": " of", "probability": 0.953125}, {"start": 2877.74, "end": 2877.98, "word": " y.", "probability": 0.97705078125}, {"start": 2878.28, "end": 2878.5, "word": " So", "probability": 0.8544921875}, {"start": 2878.5, "end": 2879.02, "word": " let's", "probability": 0.838623046875}, {"start": 2879.02, "end": 2879.26, "word": " draw", "probability": 0.87939453125}, {"start": 2879.26, "end": 2879.42, "word": " the", "probability": 0.91552734375}, {"start": 2879.42, "end": 2879.78, "word": " graph.", "probability": 0.939453125}], "temperature": 1.0}, {"id": 102, "seek": 292905, "start": 2899.55, "end": 2929.05, "text": " Here we have two axes, x-axis and the y-axis. Quant of x, which is bread here, and the quant of y here, bread and milk, here bread. The quant consumed of bread and the quant consumed of milk. Quant consumed of bread, one, two, three, four. One, two,", "tokens": [1692, 321, 362, 732, 35387, 11, 2031, 12, 24633, 293, 264, 288, 12, 24633, 13, 26968, 295, 2031, 11, 597, 307, 5961, 510, 11, 293, 264, 4426, 295, 288, 510, 11, 5961, 293, 5392, 11, 510, 5961, 13, 440, 4426, 21226, 295, 5961, 293, 264, 4426, 21226, 295, 5392, 13, 26968, 21226, 295, 5961, 11, 472, 11, 732, 11, 1045, 11, 1451, 13, 1485, 11, 732, 11], "avg_logprob": -0.2421874997808653, "compression_ratio": 1.7857142857142858, "no_speech_prob": 0.0, "words": [{"start": 2899.55, "end": 2899.79, "word": " Here", "probability": 0.5234375}, {"start": 2899.79, "end": 2899.97, "word": " we", "probability": 0.8251953125}, {"start": 2899.97, "end": 2900.19, "word": " have", "probability": 0.9482421875}, {"start": 2900.19, "end": 2900.37, "word": " two", "probability": 0.85693359375}, {"start": 2900.37, "end": 2900.79, "word": " axes,", "probability": 0.697265625}, {"start": 2901.55, "end": 2901.91, "word": " x", "probability": 0.7001953125}, {"start": 2901.91, "end": 2902.31, "word": "-axis", "probability": 0.83056640625}, {"start": 2902.31, "end": 2902.89, "word": " and", "probability": 0.92529296875}, {"start": 2902.89, "end": 2903.27, "word": " the", "probability": 0.53662109375}, {"start": 2903.27, "end": 2904.05, "word": " y", "probability": 0.978515625}, {"start": 2904.05, "end": 2904.65, "word": "-axis.", "probability": 0.968994140625}, {"start": 2905.37, "end": 2905.67, "word": " Quant", "probability": 0.442626953125}, {"start": 2905.67, "end": 2905.91, "word": " of", "probability": 0.9169921875}, {"start": 2905.91, "end": 2906.27, "word": " x,", "probability": 0.513671875}, {"start": 2906.83, "end": 2907.29, "word": " which", "probability": 0.95263671875}, {"start": 2907.29, "end": 2907.69, "word": " is", "probability": 0.9482421875}, {"start": 2907.69, "end": 2908.03, "word": " bread", "probability": 0.395751953125}, {"start": 2908.03, "end": 2908.35, "word": " here,", "probability": 0.75830078125}, {"start": 2908.93, "end": 2910.21, "word": " and", "probability": 0.93408203125}, {"start": 2910.21, "end": 2910.35, "word": " the", "probability": 0.8134765625}, {"start": 2910.35, "end": 2910.63, "word": " quant", "probability": 0.8837890625}, {"start": 2910.63, "end": 2910.79, "word": " of", "probability": 0.88623046875}, {"start": 2910.79, "end": 2911.01, "word": " y", "probability": 0.982421875}, {"start": 2911.01, "end": 2911.37, "word": " here,", "probability": 0.806640625}, {"start": 2914.27, "end": 2914.97, "word": " bread", "probability": 0.93212890625}, {"start": 2914.97, "end": 2915.15, "word": " and", "probability": 0.9248046875}, {"start": 2915.15, "end": 2915.49, "word": " milk,", "probability": 0.892578125}, {"start": 2915.63, "end": 2915.79, "word": " here", "probability": 0.75732421875}, {"start": 2915.79, "end": 2916.23, "word": " bread.", "probability": 0.72607421875}, {"start": 2918.93, "end": 2919.21, "word": " The", "probability": 0.85986328125}, {"start": 2919.21, "end": 2919.45, "word": " quant", "probability": 0.9619140625}, {"start": 2919.45, "end": 2919.97, "word": " consumed", "probability": 0.787109375}, {"start": 2919.97, "end": 2920.21, "word": " of", "probability": 0.93408203125}, {"start": 2920.21, "end": 2920.51, "word": " bread", "probability": 0.94384765625}, {"start": 2920.51, "end": 2920.99, "word": " and", "probability": 0.7109375}, {"start": 2920.99, "end": 2921.13, "word": " the", "probability": 0.91357421875}, {"start": 2921.13, "end": 2921.29, "word": " quant", "probability": 0.98095703125}, {"start": 2921.29, "end": 2921.81, "word": " consumed", "probability": 0.869140625}, {"start": 2921.81, "end": 2922.09, "word": " of", "probability": 0.939453125}, {"start": 2922.09, "end": 2922.57, "word": " milk.", "probability": 0.90234375}, {"start": 2924.69, "end": 2925.23, "word": " Quant", "probability": 0.88818359375}, {"start": 2925.23, "end": 2925.75, "word": " consumed", "probability": 0.85400390625}, {"start": 2925.75, "end": 2925.97, "word": " of", "probability": 0.9521484375}, {"start": 2925.97, "end": 2926.23, "word": " bread,", "probability": 0.95068359375}, {"start": 2926.47, "end": 2926.67, "word": " one,", "probability": 0.68408203125}, {"start": 2926.73, "end": 2926.83, "word": " two,", "probability": 0.93798828125}, {"start": 2926.95, "end": 2927.09, "word": " three,", "probability": 0.9375}, {"start": 2927.21, "end": 2927.45, "word": " four.", "probability": 0.93798828125}, {"start": 2927.67, "end": 2927.97, "word": " One,", "probability": 0.90966796875}, {"start": 2928.65, "end": 2929.05, "word": " two,", "probability": 0.9365234375}], "temperature": 1.0}, {"id": 103, "seek": 295871, "start": 2929.73, "end": 2958.71, "text": "three, four, five. And why? Two, three, two, four. Two, three, four, five, six, seven, eight, nine,", "tokens": [27583, 11, 1451, 11, 1732, 13, 400, 983, 30, 4453, 11, 1045, 11, 732, 11, 1451, 13, 4453, 11, 1045, 11, 1451, 11, 1732, 11, 2309, 11, 3407, 11, 3180, 11, 4949, 11], "avg_logprob": -0.18727022277958252, "compression_ratio": 1.2857142857142858, "no_speech_prob": 0.0, "words": [{"start": 2929.73, "end": 2930.15, "word": "three,", "probability": 0.2310791015625}, {"start": 2930.53, "end": 2931.13, "word": " four,", "probability": 0.9072265625}, {"start": 2931.55, "end": 2931.93, "word": " five.", "probability": 0.91943359375}, {"start": 2935.87, "end": 2936.87, "word": " And", "probability": 0.8525390625}, {"start": 2936.87, "end": 2937.25, "word": " why?", "probability": 0.58544921875}, {"start": 2939.17, "end": 2940.17, "word": " Two,", "probability": 0.74169921875}, {"start": 2940.29, "end": 2940.57, "word": " three,", "probability": 0.9384765625}, {"start": 2940.77, "end": 2940.95, "word": " two,", "probability": 0.90283203125}, {"start": 2941.07, "end": 2941.39, "word": " four.", "probability": 0.93896484375}, {"start": 2945.47, "end": 2946.47, "word": " Two,", "probability": 0.6865234375}, {"start": 2946.77, "end": 2947.45, "word": " three,", "probability": 0.9423828125}, {"start": 2947.63, "end": 2948.47, "word": " four,", "probability": 0.9443359375}, {"start": 2948.69, "end": 2949.41, "word": " five,", "probability": 0.9150390625}, {"start": 2949.61, "end": 2950.37, "word": " six,", "probability": 0.95458984375}, {"start": 2951.57, "end": 2952.59, "word": " seven,", "probability": 0.91796875}, {"start": 2953.59, "end": 2954.09, "word": " eight,", "probability": 0.8935546875}, {"start": 2954.95, "end": 2958.71, "word": " nine,", "probability": 0.94189453125}], "temperature": 1.0}, {"id": 104, "seek": 298668, "start": 2959.22, "end": 2986.68, "text": " Ten. This is the QY. The first point here, at point A, the quantum consumed, quantum X, this is QX and QY. Quantum X, one and ten. One and ten. This is point A. 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This is the indifference curve, IC, which gives the consumer, in this case, total utility equals 100.", "tokens": [440, 1016, 351, 5158, 7605, 13, 639, 307, 264, 1016, 351, 5158, 7605, 11, 14360, 11, 597, 2709, 264, 9711, 11, 294, 341, 1389, 11, 3217, 14877, 6915, 2319, 13], "avg_logprob": -0.21446572676781686, "compression_ratio": 1.2727272727272727, "no_speech_prob": 0.0, "words": [{"start": 3018.87, "end": 3019.17, "word": " The", "probability": 0.57763671875}, {"start": 3019.17, "end": 3019.93, "word": " indifference", "probability": 0.8465169270833334}, {"start": 3019.93, "end": 3020.49, "word": " curve.", "probability": 0.92822265625}, {"start": 3021.63, "end": 3022.59, "word": " This", "probability": 0.86669921875}, {"start": 3022.59, "end": 3023.09, "word": " is", "probability": 0.95068359375}, {"start": 3023.09, "end": 3023.51, "word": " the", "probability": 0.9208984375}, {"start": 3023.51, "end": 3024.07, "word": " indifference", "probability": 0.9376627604166666}, {"start": 3024.07, "end": 3024.63, "word": " curve,", "probability": 0.90869140625}, {"start": 3025.21, "end": 3025.61, "word": " IC,", "probability": 0.580078125}, {"start": 3027.09, "end": 3027.87, "word": " which", "probability": 0.95361328125}, {"start": 3027.87, "end": 3028.27, "word": " gives", "probability": 0.93017578125}, {"start": 3028.27, "end": 3028.47, "word": " the", "probability": 0.9150390625}, {"start": 3028.47, "end": 3029.05, "word": " consumer,", "probability": 0.83251953125}, {"start": 3029.35, "end": 3029.43, "word": " in", "probability": 0.92431640625}, {"start": 3029.43, "end": 3029.61, "word": " this", "probability": 0.95068359375}, {"start": 3029.61, "end": 3029.93, "word": " case,", "probability": 0.900390625}, {"start": 3030.15, "end": 3030.35, "word": " total", "probability": 0.8154296875}, {"start": 3030.35, "end": 3030.73, "word": " utility", "probability": 0.96728515625}, {"start": 3030.73, "end": 3031.25, "word": " equals", "probability": 0.88330078125}, {"start": 3031.25, "end": 3031.71, "word": " 100.", "probability": 0.82373046875}], "temperature": 1.0}, {"id": 107, "seek": 306275, "start": 3037.35, "end": 3062.75, "text": " These points lies or lie along the indifference curve. So what is the indifference curve? The indifference curve is a graph, a line, shows what? The different groups, group A, group B, group C, D, that gives or give the consumer the same total utility. 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So any point lies along the interference curve will give the consumer the same total utility. All right? 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The marginal rate of substitution is delta y over delta x. The marginal rate of substitution, MRS, is the change in the quantity of y over the change in the quantity of x. It is a negative slope.", "tokens": [708, 466, 264, 16885, 3314, 295, 35827, 30, 440, 16885, 3314, 295, 35827, 307, 8289, 288, 670, 8289, 2031, 13, 440, 16885, 3314, 295, 35827, 11, 9808, 50, 11, 307, 264, 1319, 294, 264, 11275, 295, 288, 670, 264, 1319, 294, 264, 11275, 295, 2031, 13, 467, 307, 257, 3671, 13525, 13], "avg_logprob": -0.37057782569021547, "compression_ratio": 1.936, "no_speech_prob": 0.0, "words": [{"start": 3099.5600000000004, "end": 3100.3, "word": " What", "probability": 0.071044921875}, {"start": 3100.3, "end": 3101.04, "word": " about", "probability": 0.85546875}, {"start": 3101.04, "end": 3101.2, "word": " the", "probability": 0.82763671875}, {"start": 3101.2, "end": 3101.46, "word": " marginal", "probability": 0.69384765625}, {"start": 3101.46, "end": 3101.72, "word": " rate", "probability": 0.94873046875}, {"start": 3101.72, "end": 3101.84, "word": " of", "probability": 0.9443359375}, {"start": 3101.84, "end": 3102.4, "word": " substitution?", "probability": 0.93505859375}, {"start": 3103.0, "end": 3103.12, "word": " The", "probability": 0.78466796875}, {"start": 3103.12, "end": 3103.46, "word": " marginal", "probability": 0.82666015625}, {"start": 3103.46, "end": 3103.94, "word": " rate", "probability": 0.96533203125}, {"start": 3103.94, "end": 3104.12, "word": " of", "probability": 0.9599609375}, {"start": 3104.12, "end": 3104.64, "word": " substitution", "probability": 0.947265625}, {"start": 3104.64, "end": 3105.42, "word": " is", "probability": 0.455078125}, {"start": 3105.42, "end": 3106.58, "word": " delta", "probability": 0.38671875}, {"start": 3106.58, "end": 3107.08, "word": " y", "probability": 0.39208984375}, {"start": 3107.08, "end": 3107.38, "word": " over", "probability": 0.81201171875}, {"start": 3107.38, "end": 3107.7, "word": " delta", "probability": 0.9365234375}, {"start": 3107.7, "end": 3108.16, "word": " x.", "probability": 0.97802734375}, {"start": 3112.34, "end": 3113.08, "word": " The", "probability": 0.457763671875}, {"start": 3113.08, "end": 3113.84, "word": " marginal", "probability": 0.2459716796875}, {"start": 3113.84, "end": 3114.38, "word": " rate", "probability": 0.9697265625}, {"start": 3114.38, "end": 3114.54, "word": " of", "probability": 0.96728515625}, {"start": 3114.54, "end": 3115.12, "word": " substitution,", "probability": 0.94482421875}, {"start": 3115.66, "end": 3116.44, "word": " MRS,", "probability": 0.72412109375}, {"start": 3117.58, "end": 3117.84, "word": " is", "probability": 0.8271484375}, {"start": 3117.84, "end": 3118.02, "word": " the", "probability": 0.54931640625}, {"start": 3118.02, "end": 3118.56, "word": " change", "probability": 0.87255859375}, {"start": 3118.56, "end": 3118.76, "word": " in", "probability": 0.9033203125}, {"start": 3118.76, "end": 3118.84, "word": " the", "probability": 0.27197265625}, {"start": 3118.84, "end": 3119.26, "word": " quantity", "probability": 0.67138671875}, {"start": 3119.26, "end": 3119.62, "word": " of", "probability": 0.60205078125}, {"start": 3119.62, "end": 3119.98, "word": " y", "probability": 0.744140625}, {"start": 3119.98, "end": 3120.74, "word": " over", "probability": 0.9033203125}, {"start": 3120.74, "end": 3121.02, "word": " the", "probability": 0.787109375}, {"start": 3121.02, "end": 3121.26, "word": " change", "probability": 0.8837890625}, {"start": 3121.26, "end": 3121.4, "word": " in", "probability": 0.806640625}, {"start": 3121.4, "end": 3121.48, "word": " the", "probability": 0.80859375}, {"start": 3121.48, "end": 3121.74, "word": " quantity", "probability": 0.9853515625}, {"start": 3121.74, "end": 3121.92, "word": " of", "probability": 0.94091796875}, {"start": 3121.92, "end": 3122.3, "word": " x.", "probability": 0.98193359375}, {"start": 3123.1, "end": 3123.26, "word": " It", "probability": 0.64404296875}, {"start": 3123.26, "end": 3123.26, "word": " is", "probability": 0.61083984375}, {"start": 3123.26, "end": 3123.36, "word": " a", "probability": 0.501953125}, {"start": 3123.36, "end": 3123.66, "word": " negative", "probability": 0.935546875}, {"start": 3123.66, "end": 3124.2, "word": " slope.", "probability": 0.90234375}], "temperature": 1.0}, {"id": 110, "seek": 315293, "start": 3127.07, "end": 3152.93, "text": "It looks like the demand curve. Marginal Rate of Substitution. Come here, like this. Make your slope. Here. Opposite to adjacent. Right? Opposite, like this, to adjacent. Come here. What happens?", "tokens": [3522, 1542, 411, 264, 4733, 7605, 13, 2039, 1494, 304, 49583, 295, 42090, 6518, 13, 2492, 510, 11, 411, 341, 13, 4387, 428, 13525, 13, 1692, 13, 15666, 329, 642, 281, 24441, 13, 1779, 30, 15666, 329, 642, 11, 411, 341, 11, 281, 24441, 13, 2492, 510, 13, 708, 2314, 30], "avg_logprob": -0.570012031839444, "compression_ratio": 1.4130434782608696, "no_speech_prob": 0.0, "words": [{"start": 3127.07, "end": 3127.63, "word": "It", "probability": 0.1981201171875}, {"start": 3127.63, "end": 3128.19, "word": " looks", "probability": 0.7548828125}, {"start": 3128.19, "end": 3128.49, "word": " like", "probability": 0.9306640625}, {"start": 3128.49, "end": 3128.69, "word": " the", "probability": 0.50830078125}, {"start": 3128.69, "end": 3129.03, "word": " demand", "probability": 0.89599609375}, {"start": 3129.03, "end": 3129.43, "word": " curve.", "probability": 0.89794921875}, {"start": 3134.63, "end": 3135.19, "word": " Marginal", "probability": 0.6385091145833334}, {"start": 3135.19, "end": 3135.41, "word": " Rate", "probability": 0.61279296875}, {"start": 3135.41, "end": 3135.53, "word": " of", "probability": 0.873046875}, {"start": 3135.53, "end": 3136.09, "word": " Substitution.", "probability": 0.960693359375}, {"start": 3136.17, "end": 3136.33, "word": " Come", "probability": 0.341064453125}, {"start": 3136.33, "end": 3136.61, "word": " here,", "probability": 0.62939453125}, {"start": 3136.75, "end": 3136.93, "word": " like", "probability": 0.2498779296875}, {"start": 3136.93, "end": 3137.03, "word": " this.", "probability": 0.8662109375}, {"start": 3137.69, "end": 3137.93, "word": " Make", "probability": 0.313720703125}, {"start": 3137.93, "end": 3138.11, "word": " your", "probability": 0.31201171875}, {"start": 3138.11, "end": 3138.49, "word": " slope.", "probability": 0.8369140625}, {"start": 3140.05, "end": 3140.27, "word": " Here.", "probability": 0.411376953125}, {"start": 3142.65, "end": 3143.21, "word": " Opposite", "probability": 0.6129964192708334}, {"start": 3143.21, "end": 3143.31, "word": " to", "probability": 0.572265625}, {"start": 3143.31, "end": 3143.61, "word": " adjacent.", "probability": 0.23095703125}, {"start": 3145.53, "end": 3145.79, "word": " Right?", "probability": 0.716796875}, {"start": 3146.61, "end": 3147.17, "word": " Opposite,", "probability": 0.8349609375}, {"start": 3147.23, "end": 3147.35, "word": " like", "probability": 0.81689453125}, {"start": 3147.35, "end": 3147.89, "word": " this,", "probability": 0.92626953125}, {"start": 3148.51, "end": 3148.65, "word": " to", "probability": 0.5869140625}, {"start": 3148.65, "end": 3149.11, "word": " adjacent.", "probability": 0.90869140625}, {"start": 3149.33, "end": 3149.59, "word": " Come", "probability": 0.481689453125}, {"start": 3149.59, "end": 3149.87, "word": " here.", "probability": 0.8203125}, {"start": 3152.09, "end": 3152.65, "word": " What", "probability": 0.76611328125}, {"start": 3152.65, "end": 3152.93, "word": " happens?", "probability": 0.38916015625}], "temperature": 1.0}, {"id": 111, "seek": 318013, "start": 3155.91, "end": 3180.13, "text": " The slope begins, right? Do you see the slope here? The movement from point A to B to C to D, the slope is decreasing. Don't bother us, Abu Hamza. From behind you. How can I walk?", "tokens": [440, 13525, 7338, 11, 558, 30, 1144, 291, 536, 264, 13525, 510, 30, 440, 3963, 490, 935, 316, 281, 363, 281, 383, 281, 413, 11, 264, 13525, 307, 23223, 13, 1468, 380, 8677, 505, 11, 26874, 8234, 2394, 13, 3358, 2261, 291, 13, 1012, 393, 286, 1792, 30], "avg_logprob": -0.47704080659516, "compression_ratio": 1.2949640287769784, "no_speech_prob": 0.0, "words": [{"start": 3155.91, "end": 3156.15, "word": " The", "probability": 0.260986328125}, {"start": 3156.15, "end": 3156.43, "word": " slope", "probability": 0.8671875}, {"start": 3156.43, "end": 3156.83, "word": " begins,", "probability": 0.66064453125}, {"start": 3156.93, "end": 3157.19, "word": " right?", "probability": 0.72412109375}, {"start": 3159.81, "end": 3160.25, "word": " Do", "probability": 0.1383056640625}, {"start": 3160.25, "end": 3160.25, "word": " you", "probability": 0.970703125}, {"start": 3160.25, "end": 3160.51, "word": " see", "probability": 0.9189453125}, {"start": 3160.51, "end": 3160.81, "word": " the", "probability": 0.27197265625}, {"start": 3160.81, "end": 3161.19, "word": " slope", "probability": 0.7900390625}, {"start": 3161.19, "end": 3161.37, "word": " here?", "probability": 0.53173828125}, {"start": 3165.13, "end": 3165.85, "word": " The", "probability": 0.2490234375}, {"start": 3165.85, "end": 3167.67, "word": " movement", "probability": 0.87939453125}, {"start": 3167.67, "end": 3168.45, "word": " from", "probability": 0.8359375}, {"start": 3168.45, "end": 3168.81, "word": " point", "probability": 0.94384765625}, {"start": 3168.81, "end": 3169.19, "word": " A", "probability": 0.94873046875}, {"start": 3169.19, "end": 3169.39, "word": " to", "probability": 0.92578125}, {"start": 3169.39, "end": 3169.69, "word": " B", "probability": 0.71044921875}, {"start": 3169.69, "end": 3169.91, "word": " to", "probability": 0.87744140625}, {"start": 3169.91, "end": 3170.21, "word": " C", "probability": 0.98388671875}, {"start": 3170.21, "end": 3170.43, "word": " to", "probability": 0.9658203125}, {"start": 3170.43, "end": 3170.85, "word": " D,", "probability": 0.99658203125}, {"start": 3171.29, "end": 3171.53, "word": " the", "probability": 0.86865234375}, {"start": 3171.53, "end": 3171.97, "word": " slope", "probability": 0.91943359375}, {"start": 3171.97, "end": 3172.29, "word": " is", "probability": 0.91845703125}, {"start": 3172.29, "end": 3173.01, "word": " decreasing.", "probability": 0.9580078125}, {"start": 3174.29, "end": 3174.47, "word": " Don't", "probability": 0.61199951171875}, {"start": 3174.47, "end": 3174.65, "word": " bother", "probability": 0.46142578125}, {"start": 3174.65, "end": 3175.07, "word": " us,", "probability": 0.384033203125}, {"start": 3175.13, "end": 3175.27, "word": " Abu", "probability": 0.8359375}, {"start": 3175.27, "end": 3175.65, "word": " Hamza.", "probability": 0.9013671875}, {"start": 3176.53, "end": 3176.89, "word": " From", "probability": 0.2259521484375}, {"start": 3176.89, "end": 3177.23, "word": " behind", "probability": 0.87451171875}, {"start": 3177.23, "end": 3177.41, "word": " you.", "probability": 0.9052734375}, {"start": 3178.75, "end": 3179.47, "word": " How", "probability": 0.552734375}, {"start": 3179.47, "end": 3179.47, "word": " can", "probability": 0.35400390625}, {"start": 3179.47, "end": 3180.13, "word": " I", "probability": 0.96337890625}, {"start": 3180.13, "end": 3180.13, "word": " walk?", "probability": 0.63427734375}], "temperature": 1.0}, {"id": 112, "seek": 321118, "start": 3184.46, "end": 3211.18, "text": " The marginal rate of substitution is decreasing. This is the graph. What is the slope here? The slope here is 4. This is the slope of IC. The marginal rate of substitution with absolute value is decreasing.", "tokens": [440, 16885, 3314, 295, 35827, 307, 23223, 13, 639, 307, 264, 4295, 13, 708, 307, 264, 13525, 510, 30, 440, 13525, 510, 307, 1017, 13, 639, 307, 264, 13525, 295, 14360, 13, 440, 16885, 3314, 295, 35827, 365, 8236, 2158, 307, 23223, 13], "avg_logprob": -0.36061790585517883, "compression_ratio": 1.7394957983193278, "no_speech_prob": 0.0, "words": [{"start": 3184.46, "end": 3184.7, "word": " The", "probability": 0.4541015625}, {"start": 3184.7, "end": 3185.0, "word": " marginal", "probability": 0.495361328125}, {"start": 3185.0, "end": 3185.3, "word": " rate", "probability": 0.9541015625}, {"start": 3185.3, "end": 3185.42, "word": " of", "probability": 0.95751953125}, {"start": 3185.42, "end": 3186.02, "word": " substitution", "probability": 0.92822265625}, {"start": 3186.02, "end": 3186.82, "word": " is", "probability": 0.90087890625}, {"start": 3186.82, "end": 3187.48, "word": " decreasing.", "probability": 0.93603515625}, {"start": 3187.7, "end": 3187.84, "word": " This", "probability": 0.1253662109375}, {"start": 3187.84, "end": 3187.88, "word": " is", "probability": 0.8251953125}, {"start": 3187.88, "end": 3189.74, "word": " the", "probability": 0.431640625}, {"start": 3189.74, "end": 3190.22, "word": " graph.", "probability": 0.7548828125}, {"start": 3190.86, "end": 3191.44, "word": " What", "probability": 0.2198486328125}, {"start": 3191.44, "end": 3191.44, "word": " is", "probability": 0.7568359375}, {"start": 3191.44, "end": 3191.44, "word": " the", "probability": 0.8193359375}, {"start": 3191.44, "end": 3191.8, "word": " slope", "probability": 0.9267578125}, {"start": 3191.8, "end": 3192.46, "word": " here?", "probability": 0.30859375}, {"start": 3193.7, "end": 3194.64, "word": " The", "probability": 0.22265625}, {"start": 3194.64, "end": 3195.1, "word": " slope", "probability": 0.93017578125}, {"start": 3195.1, "end": 3195.3, "word": " here", "probability": 0.63232421875}, {"start": 3195.3, "end": 3195.3, "word": " is", "probability": 0.93115234375}, {"start": 3195.3, "end": 3195.64, "word": " 4.", "probability": 0.6162109375}, {"start": 3195.86, "end": 3196.16, "word": " This", "probability": 0.7490234375}, {"start": 3196.16, "end": 3196.4, "word": " is", "probability": 0.92626953125}, {"start": 3196.4, "end": 3196.98, "word": " the", "probability": 0.880859375}, {"start": 3196.98, "end": 3197.48, "word": " slope", "probability": 0.93798828125}, {"start": 3197.48, "end": 3198.56, "word": " of", "probability": 0.9453125}, {"start": 3198.56, "end": 3199.26, "word": " IC.", "probability": 0.67529296875}, {"start": 3200.62, "end": 3200.84, "word": " The", "probability": 0.859375}, {"start": 3200.84, "end": 3201.14, "word": " marginal", "probability": 0.85107421875}, {"start": 3201.14, "end": 3201.48, "word": " rate", "probability": 0.9501953125}, {"start": 3201.48, "end": 3201.62, "word": " of", "probability": 0.96728515625}, {"start": 3201.62, "end": 3202.36, "word": " substitution", "probability": 0.94677734375}, {"start": 3202.36, "end": 3203.76, "word": " with", "probability": 0.50048828125}, {"start": 3203.76, "end": 3204.46, "word": " absolute", "probability": 0.6083984375}, {"start": 3204.46, "end": 3205.48, "word": " value", "probability": 0.96826171875}, {"start": 3205.48, "end": 3208.96, "word": " is", "probability": 0.64111328125}, {"start": 3208.96, "end": 3211.18, "word": " decreasing.", "probability": 0.919921875}], "temperature": 1.0}, {"id": 113, "seek": 323192, "start": 3213.1, "end": 3231.92, "text": " While we consume additional quantities of x and less of y. It is decreasing.", "tokens": [3987, 321, 14732, 4497, 22927, 295, 2031, 293, 1570, 295, 288, 13, 467, 307, 23223, 13], "avg_logprob": -0.29296875, "compression_ratio": 1.0405405405405406, "no_speech_prob": 0.0, "words": [{"start": 3213.1, "end": 3213.54, "word": " While", "probability": 0.2144775390625}, {"start": 3213.54, "end": 3214.52, "word": " we", "probability": 0.90234375}, {"start": 3214.52, "end": 3215.46, "word": " consume", "probability": 0.8779296875}, {"start": 3215.46, "end": 3216.64, "word": " additional", "probability": 0.748046875}, {"start": 3216.64, "end": 3217.5, "word": " quantities", "probability": 0.966796875}, {"start": 3217.5, "end": 3217.84, "word": " of", "probability": 0.95703125}, {"start": 3217.84, "end": 3218.24, "word": " x", "probability": 0.5029296875}, {"start": 3218.24, "end": 3219.16, "word": " and", "probability": 0.87060546875}, {"start": 3219.16, "end": 3219.7, "word": " less", "probability": 0.90185546875}, {"start": 3219.7, "end": 3220.04, "word": " of", "probability": 0.93310546875}, {"start": 3220.04, "end": 3222.04, "word": " y.", "probability": 0.98876953125}, {"start": 3222.64, "end": 3224.0, "word": " It", "probability": 0.4619140625}, {"start": 3224.0, "end": 3231.32, "word": " is", "probability": 0.5634765625}, {"start": 3231.32, "end": 3231.92, "word": " decreasing.", "probability": 0.8291015625}], "temperature": 1.0}, {"id": 114, "seek": 324411, "start": 3234.17, "end": 3244.11, "text": " The marginal rate of substitution is decreasing as much as or as the while we add more or consume one more unit of X. Yes?", "tokens": [440, 16885, 3314, 295, 35827, 307, 23223, 382, 709, 382, 420, 382, 264, 1339, 321, 909, 544, 420, 14732, 472, 544, 4985, 295, 1783, 13, 1079, 30], "avg_logprob": -0.31082588540656225, "compression_ratio": 1.2178217821782178, "no_speech_prob": 2.384185791015625e-07, "words": [{"start": 3234.1699999999996, "end": 3234.95, "word": " The", "probability": 0.27978515625}, {"start": 3234.95, "end": 3235.33, "word": " marginal", "probability": 0.7138671875}, {"start": 3235.33, "end": 3235.75, "word": " rate", "probability": 0.939453125}, {"start": 3235.75, "end": 3235.91, "word": " of", "probability": 0.95703125}, {"start": 3235.91, "end": 3236.53, "word": " substitution", "probability": 0.9130859375}, {"start": 3236.53, "end": 3237.01, "word": " is", "probability": 0.921875}, {"start": 3237.01, "end": 3237.59, "word": " decreasing", "probability": 0.943359375}, {"start": 3237.59, "end": 3238.11, "word": " as", "probability": 0.93994140625}, {"start": 3238.11, "end": 3238.41, "word": " much", "probability": 0.92236328125}, {"start": 3238.41, "end": 3238.85, "word": " as", "probability": 0.7626953125}, {"start": 3238.85, "end": 3239.25, "word": " or", "probability": 0.493896484375}, {"start": 3239.25, "end": 3239.63, "word": " as", "probability": 0.921875}, {"start": 3239.63, "end": 3239.87, "word": " the", "probability": 0.609375}, {"start": 3239.87, "end": 3240.25, "word": " while", "probability": 0.31982421875}, {"start": 3240.25, "end": 3240.91, "word": " we", "probability": 0.87109375}, {"start": 3240.91, "end": 3241.35, "word": " add", "probability": 0.85791015625}, {"start": 3241.35, "end": 3241.77, "word": " more", "probability": 0.93505859375}, {"start": 3241.77, "end": 3242.17, "word": " or", "probability": 0.8427734375}, {"start": 3242.17, "end": 3242.63, "word": " consume", "probability": 0.92431640625}, {"start": 3242.63, "end": 3242.95, "word": " one", "probability": 0.78125}, {"start": 3242.95, "end": 3243.15, "word": " more", "probability": 0.923828125}, {"start": 3243.15, "end": 3243.43, "word": " unit", "probability": 0.61181640625}, {"start": 3243.43, "end": 3243.63, "word": " of", "probability": 0.708984375}, {"start": 3243.63, "end": 3243.87, "word": " X.", "probability": 0.64599609375}, {"start": 3244.11, "end": 3244.11, "word": " Yes?", "probability": 0.89599609375}], "temperature": 1.0}, {"id": 115, "seek": 326637, "start": 3264.97, "end": 3266.37, "text": "substitution.", "tokens": [30131, 372, 6518, 13], "avg_logprob": -0.631640625, "compression_ratio": 0.6190476190476191, "no_speech_prob": 0.0, "words": [{"start": 3264.97, "end": 3266.37, "word": "substitution.", "probability": 0.7498372395833334}], "temperature": 1.0}], "language": "en", "language_probability": 1.0, "duration": 3271.088, "duration_after_vad": 2997.5781249999873} \ No newline at end of file diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/BOhLfoYPfWM.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/BOhLfoYPfWM.srt new file mode 100644 index 0000000000000000000000000000000000000000..5a8310d07cad049fd91b7afe4fa2754225c0e6b6 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/BOhLfoYPfWM.srt @@ -0,0 +1,2326 @@ + +1 +00:00:21,440 --> 00:00:23,820 +Today, inshallah, we are going to completely talk + +2 +00:00:23,820 --> 00:00:27,540 +about the industrial organizations and different + +3 +00:00:27,540 --> 00:00:35,320 +markets. In the last class, we studied the break + +4 +00:00:35,320 --> 00:00:40,840 +-even point, shutdown point, and the equilibrium + +5 +00:00:40,840 --> 00:00:47,850 +point. Today, we are going to use or to calculate + +6 +00:00:47,850 --> 00:00:51,590 +or determine the break-even point, shutdown point, + +7 +00:00:51,750 --> 00:00:56,770 +and equilibrium point using numerical examples and + +8 +00:00:56,770 --> 00:01:03,690 +graphs. So, here we are talking about or in this + +9 +00:01:03,690 --> 00:01:08,430 +case, we are focusing on the perfect or discussing + +10 +00:01:08,430 --> 00:01:12,270 +the perfect competition market. As we mentioned + +11 +00:01:12,270 --> 00:01:14,710 +that, or before, that the perfect competition + +12 +00:01:14,710 --> 00:01:19,730 +market has a large number of consumers and + +13 +00:01:19,730 --> 00:01:24,070 +producers. And it's easy to enter and exit from + +14 +00:01:24,070 --> 00:01:26,930 +the markets without barriers. There are no entry + +15 +00:01:26,930 --> 00:01:31,810 +barriers and exit barriers from and to the market. + +16 +00:01:32,350 --> 00:01:37,370 +So to understand how can we determine the break + +17 +00:01:37,370 --> 00:01:39,950 +-even point, shutdown point, and equilibrium + +18 +00:01:39,950 --> 00:01:43,880 +point, we will take the following example. But + +19 +00:01:43,880 --> 00:01:48,520 +before that, I will remind you the formulas or the + +20 +00:01:48,520 --> 00:01:51,820 +break-even point and the shutdown point. As we + +21 +00:01:51,820 --> 00:01:55,520 +mentioned before that, the break-even point is + +22 +00:01:55,520 --> 00:01:58,080 +determined when total revenue equals the total + +23 +00:01:58,080 --> 00:02:02,840 +cost. So we said that if total revenue + +24 +00:02:05,680 --> 00:02:08,240 +is bigger than total cost, we have an economic + +25 +00:02:08,240 --> 00:02:13,760 +profit. Economic profit is positive. Number two, + +26 +00:02:14,360 --> 00:02:18,380 +if total revenue equals total cost, here we have + +27 +00:02:18,380 --> 00:02:23,100 +economic profit equals zero. And this is the + +28 +00:02:23,100 --> 00:02:28,140 +break-even point, right? Number three, if total + +29 +00:02:28,140 --> 00:02:33,160 +revenue is less than the total cost, the economic + +30 +00:02:33,160 --> 00:02:38,000 +profit is negative, right? We have the right + +31 +00:02:38,000 --> 00:02:41,820 +relationship between prices and ATC from these + +32 +00:02:41,820 --> 00:02:45,560 +formulas. And we said that when total revenue is + +33 +00:02:45,560 --> 00:02:48,020 +bigger than total cost, here we're talking about + +34 +00:02:48,020 --> 00:02:52,120 +the price times the Q is bigger than ATC times the + +35 +00:02:52,120 --> 00:02:55,100 +Q. And we said that if the price is bigger than + +36 +00:02:55,100 --> 00:02:59,280 +ATC, here we have the economic profit is positive. + +37 +00:02:59,820 --> 00:03:05,080 +This is the price equals ATC, economic profit is + +38 +00:03:05,080 --> 00:03:10,340 +zero, and if the price is less than ATC, the + +39 +00:03:10,340 --> 00:03:15,200 +economic profit is negative. This point has been + +40 +00:03:15,200 --> 00:03:20,040 +discussed or discussed in the last class, right? + +41 +00:03:20,740 --> 00:03:24,280 +To determine the equilibrium, the shutdown point, + +42 +00:03:24,420 --> 00:03:27,020 +we said we have to study the relationship between + +43 +00:03:27,020 --> 00:03:31,920 +the total revenue and TVC, and then we derive the + +44 +00:03:31,920 --> 00:03:33,900 +relationship between the price and average + +45 +00:03:33,900 --> 00:03:38,500 +variable cost. We said that if total revenue is + +46 +00:03:38,500 --> 00:03:43,900 +bigger than TVC, we advise the company or the + +47 +00:03:43,900 --> 00:03:48,280 +business to run or to keep working in order to + +48 +00:03:48,280 --> 00:03:52,720 +minimize the cost. Sorry, to minimize the loss + +49 +00:03:52,720 --> 00:03:57,900 +here. And we said that sometimes the organization + +50 +00:03:57,900 --> 00:04:03,420 +or the business faces a loss, but it has to keep + +51 +00:04:03,420 --> 00:04:08,430 +working. Right? So sometimes maybe we have a loss + +52 +00:04:08,430 --> 00:04:17,130 +and we have to keep working. Keep working. This is + +53 +00:04:17,130 --> 00:04:20,430 +our advice. If total revenue, this is number one. + +54 +00:04:20,850 --> 00:04:26,390 +So if the price is bigger than AVC, although or + +55 +00:04:26,390 --> 00:04:28,970 +even if we have a loss, we have to keep working, + +56 +00:04:29,170 --> 00:04:32,370 +right? The case number two, if total revenue + +57 +00:04:32,370 --> 00:04:35,710 +equals total variable cost, here we're talking + +58 +00:04:35,710 --> 00:04:40,090 +about the shutdown point, the confusion point for + +59 +00:04:40,090 --> 00:04:43,810 +either to shut down or keep working, right? So + +60 +00:04:43,810 --> 00:04:46,070 +here, this is the shutdown point. + +61 +00:04:51,280 --> 00:04:54,460 +which is the point at which the organization has two + +62 +00:04:54,460 --> 00:04:59,180 +options, either to keep working or to stop keeping + +63 +00:04:59,180 --> 00:05:04,870 +working. Right? So this is the shutdown point at + +64 +00:05:04,870 --> 00:05:07,030 +which the total revenue equals the total variable + +65 +00:05:07,030 --> 00:05:10,930 +cost. Sometimes we have a loss, but in this case, + +66 +00:05:11,770 --> 00:05:15,890 +the organization of the business is confused. + +67 +00:05:16,510 --> 00:05:20,550 +Confused to either to keep working or to run. + +68 +00:05:21,230 --> 00:05:28,330 +Keeping working means or equals shutting down. + +69 +00:05:29,010 --> 00:05:32,950 +Right? So here, this is the shutdown point. Number + +70 +00:05:32,950 --> 00:05:36,230 +three, if total revenue, which means if the price + +71 +00:05:36,230 --> 00:05:39,250 +equals average variable cost, here we have the + +72 +00:05:39,250 --> 00:05:43,770 +shutdown point, the confusion point. Right? If the + +73 +00:05:43,770 --> 00:05:46,770 +total revenue, number three, if total revenue is + +74 +00:05:46,770 --> 00:05:52,430 +less than TVC, here the company or the business + +75 +00:05:52,430 --> 00:05:56,290 +should close down. Right? Because closing down is + +76 +00:05:56,290 --> 00:06:02,330 +better for the organization. Right? Now, if + +77 +00:06:02,330 --> 00:06:06,950 +total revenue is bigger than TVC, we have a + +78 +00:06:06,950 --> 00:06:09,090 +loss, right? + +79 +00:06:10,810 --> 00:06:18,690 +It's called normal profit. If total revenue is + +80 +00:06:18,690 --> 00:06:20,810 +bigger than TVC, we have a loss. + +81 +00:06:25,460 --> 00:06:30,020 +In economics, we call it normal profit. If it had + +82 +00:06:30,020 --> 00:06:34,480 +a normal profit, we have a loss in general. + +83 +00:06:34,620 --> 00:06:40,200 +Economic profit is negative. But we call it normal + +84 +00:06:40,200 --> 00:06:46,330 +profit because the business here covered TVC plus + +85 +00:06:46,330 --> 00:06:50,990 +part of total fixed cost. Right? It covered the + +86 +00:06:50,990 --> 00:06:54,490 +TVC plus part of TFC. That's why they call it + +87 +00:06:54,490 --> 00:06:58,570 +normal profit. It's basically a loss because total + +88 +00:06:58,570 --> 00:07:01,930 +revenue is less than total cost. But since it + +89 +00:07:01,930 --> 00:07:04,690 +covered the TVC, the work is better than sitting. + +90 +00:07:05,550 --> 00:07:08,410 +Right? That's why they call it normal profit. We + +91 +00:07:08,410 --> 00:07:14,810 +have a normal profit. Normal profit is positive. He + +92 +00:07:14,810 --> 00:07:18,210 +lost because total revenue is less than TVC. It's + +93 +00:07:18,210 --> 00:07:23,130 +a total cost. Normal profit, where is it? The + +94 +00:07:23,130 --> 00:07:25,890 +second point, when total revenue equals TVC, + +95 +00:07:26,350 --> 00:07:29,570 +normal profit equals zero. Normal profit equals + +96 +00:07:29,570 --> 00:07:33,610 +zero. Normal profit equals zero. The last case, + +97 +00:07:33,990 --> 00:07:40,050 +normal profit is negative. Right? Let's have a + +98 +00:07:40,050 --> 00:07:43,030 +numerical example and study the relationship or + +99 +00:07:43,030 --> 00:07:46,550 +determine the equilibrium or the shutdown point, + +100 +00:07:46,790 --> 00:07:50,230 +break-even point, and the profit maximization + +101 +00:07:50,230 --> 00:07:50,730 +point. + +102 +00:08:11,770 --> 00:08:17,450 +Suppose that we are talking about a business that + +103 +00:08:17,450 --> 00:08:21,690 +works in the perfect competition market in the + +104 +00:08:21,690 --> 00:08:26,410 +short run. In the short run, we have a business + +105 +00:08:26,410 --> 00:08:28,770 +that works under the perfect competition market, + +106 +00:08:29,170 --> 00:08:33,360 +and we have the following data. The perfect + +107 +00:08:33,360 --> 00:08:35,520 +competition market, as we mentioned, that their + +108 +00:08:35,520 --> 00:08:39,740 +price or the customer or the business is a price + +109 +00:08:39,740 --> 00:08:43,280 +taker, not a price maker, which means all + +110 +00:08:43,280 --> 00:08:48,060 +organizations or all businesses in the market sell + +111 +00:08:48,060 --> 00:08:55,280 +the price or sell under the same prices. And the + +112 +00:08:55,280 --> 00:08:59,330 +organization, the business, or the selling one + +113 +00:08:59,330 --> 00:09:03,030 +unit. Let us assume one unit, the price of per + +114 +00:09:03,030 --> 00:09:07,530 +unit of the product equals 10 shekels. If the + +115 +00:09:07,530 --> 00:09:10,850 +company or the business tends to sell two units, + +116 +00:09:11,250 --> 00:09:16,030 +the price will be the same. The total will be 20 + +117 +00:09:16,030 --> 00:09:19,850 +shekels. Three units, 30 shekels. Because here we + +118 +00:09:19,850 --> 00:09:24,510 +have a fixed price. Because you're talking about a + +119 +00:09:24,510 --> 00:09:28,990 +perfect competition market. Right? Now, let us + +120 +00:09:28,990 --> 00:09:32,970 +assume that we have the following organization, + +121 +00:09:33,350 --> 00:09:36,470 +company that works under the perfect competition + +122 +00:09:36,470 --> 00:09:39,130 +market and we have the following data. + +123 +00:09:50,870 --> 00:09:55,800 +In this example, we are talking about a business + +124 +00:09:55,800 --> 00:09:58,420 +that works under the perfect competition market in + +125 +00:09:58,420 --> 00:10:04,140 +the short term, not in the long run, right? And we + +126 +00:10:04,140 --> 00:10:08,360 +have a fixed price, different quantities, + +127 +00:10:10,880 --> 00:10:18,940 +and the total cost is given, the requirements. We + +128 +00:10:18,940 --> 00:10:22,380 +have to calculate the total fixed cost, TVC, total + +129 +00:10:22,380 --> 00:10:26,640 +profit, marginal revenue, marginal cost, average + +130 +00:10:26,640 --> 00:10:29,280 +fixed cost, average variable cost, and average + +131 +00:10:29,280 --> 00:10:34,860 +cost, complete the table, and determine the break + +132 +00:10:34,860 --> 00:10:41,020 +-even point, the shutdown point, and the + +133 +00:10:41,020 --> 00:10:41,700 +equilibrium point. + +134 +00:10:45,420 --> 00:10:47,940 +Right? Then complete the table. Number one, + +135 +00:10:48,060 --> 00:10:52,800 +complete the table. To complete the table here, we + +136 +00:10:52,800 --> 00:10:55,200 +have to calculate the total revenue. TR is total + +137 +00:10:55,200 --> 00:10:58,900 +revenue. Price times quantity. Price times + +138 +00:10:58,900 --> 00:11:09,400 +quantity. Zero, 10, 20, 30, 40, 50, 60, 70, 80, + +139 +00:11:10,080 --> 00:11:15,530 +90, 100, 110. That's it. Right? + +140 +00:11:18,190 --> 00:11:24,590 +Or two, total fixed cost at Q equals zero. At Q + +141 +00:11:24,590 --> 00:11:29,670 +equals zero, total cost equals the total fixed + +142 +00:11:29,670 --> 00:11:31,890 +cost. So, all of them would be 10. + +143 +00:11:35,010 --> 00:11:42,810 +Because they + +144 +00:11:42,810 --> 00:11:43,290 +are fixed. + +145 +00:11:47,340 --> 00:11:52,100 +Total variable cost equals total cost minus TFC. + +146 +00:11:52,440 --> 00:12:11,320 +0, 10, 8, 18, 25, 30, 35, how much? 42, 50, 58.6, + +147 +00:12:12,320 --> 00:12:24,260 +68.6, 83.6 and 110. This is what? The total + +148 +00:12:24,260 --> 00:12:33,160 +variable cost. TP is the total profit. TP is the + +149 +00:12:33,160 --> 00:12:36,640 +total profit which equals total revenue minus + +150 +00:12:36,640 --> 00:12:42,700 +total cost. Total economic profits. When we say + +151 +00:12:42,700 --> 00:12:47,740 +here total profits total economic profits total + +152 +00:12:47,740 --> 00:12:54,040 +profit equals total revenue minus total cost, zero + +153 +00:12:54,040 --> 00:13:00,000 +minus ten, minus ten, ten minus twenty, minus ten + +154 +00:13:00,000 --> 00:13:03,320 +twenty + +155 +00:13:03,320 --> 00:13:07,460 +minus total + +156 +00:13:07,460 --> 00:13:09,440 +revenue minus total cost, minus ten + +157 +00:13:14,050 --> 00:13:21,710 +10 minus 20 minus 10, 20 minus 28 minus 8 minus 5, + +158 +00:13:22,530 --> 00:13:23,890 +0, + +159 +00:13:26,570 --> 00:13:41,150 +5, 8, 10, 70 minus 60, 10. Where is it? Oh, here. 8 + +160 +00:13:41,150 --> 00:13:44,800 +minus 68.6. How much is it? Sorry? + +161 +00:13:49,580 --> 00:13:56,740 +Point four, eleven. And then? + +162 +00:14:06,320 --> 00:14:15,240 +Six point four. And then? Minus 10. + +163 +00:14:22,340 --> 00:14:24,460 +Where is the break-even point? + +164 +00:14:29,280 --> 00:14:34,060 +From this data here, where is the break-even + +165 +00:14:34,060 --> 00:14:40,440 +point? When total revenue equals total cost? The + +166 +00:14:40,440 --> 00:14:46,100 +break-even point outputs are achieved when total + +167 +00:14:46,100 --> 00:14:49,500 +revenue equals total cost. Where is it? Here. + +168 +00:14:51,060 --> 00:14:54,900 +Total revenue equals total cost at total profit is + +169 +00:14:54,900 --> 00:14:59,500 +zero or equals zero. Here, we have what? Break-even + +170 +00:14:59,500 --> 00:15:04,320 +point. So, the break-even quantity is four units. + +171 +00:15:06,040 --> 00:15:08,660 +The break-even price is $10. + +172 +00:15:14,150 --> 00:15:20,210 +The break-even point, break-even, break-even point + +173 +00:15:20,210 --> 00:15:27,130 +and total revenue equals total cost or the price + +174 +00:15:27,130 --> 00:15:35,910 +equals ATC, or at the price equals ATC, ATC must be + +175 +00:15:35,910 --> 00:15:40,790 +10, let's calculate the marginal revenue and + +176 +00:15:40,790 --> 00:15:49,560 +marginal cost. Marginal revenue, or where is the + +177 +00:15:49,560 --> 00:15:52,100 +shutdown point? + +178 +00:15:54,800 --> 00:16:04,020 +Where is + +179 +00:16:04,020 --> 00:16:08,360 +the shutdown point? At the point where the total + +180 +00:16:08,360 --> 00:16:11,760 +revenue equals total variable cost. Where is it? + +181 +00:16:34,510 --> 00:16:39,230 +Marginal revenue equals change in total revenue + +182 +00:16:39,230 --> 00:16:41,190 +over change in quantity produced. + +183 +00:17:02,140 --> 00:17:07,200 +In the perfect competition market, in the short + +184 +00:17:07,200 --> 00:17:14,410 +run, the price equals marginal revenue. In the + +185 +00:17:14,410 --> 00:17:18,170 +perfect competition market, the price equals + +186 +00:17:18,170 --> 00:17:25,030 +marginal revenue. If the business works under the + +187 +00:17:25,030 --> 00:17:28,150 +perfect competition market, the selling price + +188 +00:17:28,150 --> 00:17:37,430 +equals the marginal revenue. The price + +189 +00:17:37,430 --> 00:17:42,050 +is fixed. In the perfect commercial market, the + +190 +00:17:42,050 --> 00:17:44,770 +marginal revenue equals the price, or the price + +191 +00:17:44,770 --> 00:17:52,110 +equals marginal revenue. In the + +192 +00:17:52,110 --> 00:17:57 + +223 +00:21:14,120 --> 00:21:16,840 +The previous one? Here. + +224 +00:21:19,200 --> 00:21:26,240 +The equilibrium point is the point at which + +225 +00:21:26,240 --> 00:21:29,380 +marginal revenue equals marginal cost. Is this + +226 +00:21:29,380 --> 00:21:32,940 +achieved or not achieved? Regardless. Here we have + +227 +00:21:32,940 --> 00:21:36,100 +the total profit, the highest total profit. So the + +228 +00:21:36,100 --> 00:21:41,720 +highest, highest total profit + +229 +00:21:55,390 --> 00:22:00,070 +Equilibrium point. Equilibrium point. + +230 +00:22:04,850 --> 00:22:08,670 +At the marginal revenue equals the marginal cost. + +231 +00:22:08,930 --> 00:22:16,450 +At the Q equals how much? Nine units. So and this + +232 +00:22:16,450 --> 00:22:17,650 +or for this company? + +233 +00:22:27,210 --> 00:22:30,450 +Where's the highest profit? The highest total + +234 +00:22:30,450 --> 00:22:36,650 +profit. Minus, we have a loss, loss, loss, loss, + +235 +00:22:36,870 --> 00:22:42,890 +break even. Here we have profit, 5, 8, 10, 11.4, + +236 +00:22:42,990 --> 00:22:51,040 +11.4, 6.4 minus 10. Let's say the highest total + +237 +00:22:51,040 --> 00:22:54,540 +profit was achieved at the marginal + +238 +00:22:54,540 --> 00:23:00,900 +revenue equals the marginal cost. At a Q equals + +239 +00:23:00,900 --> 00:23:01,760 +nine here. + +240 +00:23:15,170 --> 00:23:16,270 +Did you notice that we are going to make a graph + +241 +00:23:16,270 --> 00:23:19,170 +and everything is going to be clear? Okay. Average + +242 +00:23:19,170 --> 00:23:28,110 +fixed cost. TFC over Q. Ten over one. Ten. + +243 +00:23:32,550 --> 00:23:39,050 +Ten over two, five. Ten over three. Three point + +244 +00:23:39,050 --> 00:23:42,150 +three. Two and a half. Two. + +245 +00:23:51,340 --> 00:23:52,020 +And the last? + +246 +00:23:55,100 --> 00:23:57,740 +Zero, okay, zero. + +247 +00:24:00,960 --> 00:24:12,720 +And? Ten over ten here. One. And then ten over + +248 +00:24:12,720 --> 00:24:13,340 +eleven. + +249 +00:24:16,840 --> 00:24:27,840 +Eight. A, B, C. AVC. TVC over Q. TVC over Q. Ten + +250 +00:24:27,840 --> 00:24:30,900 +over + +251 +00:24:30,900 --> 00:24:36,440 +one. Ten. Nine. Nine. + +252 +00:24:41,980 --> 00:24:51,520 +TVC over Q. Nine. Yeah, nine. And then? Twenty + +253 +00:24:51,520 --> 00:24:57,920 +-five over three. Eight point three. And then? + +254 +00:24:58,700 --> 00:25:04,000 +Seven point five. Keep silent please. Thirty over + +255 +00:25:04,000 --> 00:25:11,900 +four. Seven. Thirty over four. Seven point five. + +256 +00:25:12,840 --> 00:25:13,700 +Seven. + +257 +00:25:16,640 --> 00:25:17,500 +Seven. + +258 +00:25:23,600 --> 00:25:25,640 +Fifty over seven, how much is it? + +259 +00:25:30,440 --> 00:25:31,380 +And then? + +260 +00:25:34,140 --> 00:25:37,240 +Fifty-eight point six over eight, how much is it? + +261 +00:25:39,120 --> 00:25:42,540 +Seven point + +262 +00:25:42,540 --> 00:25:47,360 +three, and then? Sixty-eight point six over nine, + +263 +00:25:49,380 --> 00:25:52,880 +how much? And then, + +264 +00:25:56,200 --> 00:25:59,160 +9.36. + +265 +00:26:03,880 --> 00:26:11,180 +No, no, no. 8 point, yeah. Sorry, the previous one + +266 +00:26:11,180 --> 00:26:17,260 +is wrong. 7.6. + +267 +00:26:18,180 --> 00:26:29,380 +and then 83.6 over 10, 8.36, and then 10. + +268 +00:26:31,740 --> 00:26:38,080 +What about the average total cost, ATC? TC over Q. + +269 +00:26:54,820 --> 00:27:03,840 +TC over Q, TC 20 over 1, 20. Yes, and then? + +270 +00:27:04,880 --> 00:27:09,340 +Fourteen. Fourteen, sorry? Fourteen. Fourteen, + +271 +00:27:09,640 --> 00:27:09,980 +yeah. + +272 +00:27:13,000 --> 00:27:21,500 +Eleven point six. No, no, no, no. TC over Q, 14 + +273 +00:27:21,500 --> 00:27:25,490 +and then, yeah. Eleven point. + +274 +00:27:30,430 --> 00:27:42,950 +Forty-five over five. Ten. Ten. Okay. Okay. Okay. + +275 +00:27:42,950 --> 00:27:46,970 +AFC plus AVC, how much is it here? Ten, nine, + +276 +00:27:49,070 --> 00:27:53,850 +eight point six, point six yes, eight point four, + +277 +00:27:56,250 --> 00:28:03,610 +Five. Eight point five. Eight point seven. + +278 +00:28:05,110 --> 00:28:13,270 +Nine point thirty-six. Ten point nine. What do you + +279 +00:28:13,270 --> 00:28:20,330 +see? The break-even point is determined when the + +280 +00:28:20,330 --> 00:28:25,570 +total revenue equals total cost. Total profit equals + +281 +00:28:25,570 --> 00:28:31,710 +zero and the price equals ATC. Total revenue + +282 +00:28:31,710 --> 00:28:38,430 +equals TC and the price equals ATC. + +283 +00:28:42,210 --> 00:28:47,170 +Let's determine or use a graph here. + +284 +00:28:59,570 --> 00:29:04,090 +Let's use a graph here. + +285 +00:29:15,570 --> 00:29:18,050 +Draw the demand curve. + +286 +00:29:22,530 --> 00:29:27,740 +Determine the equilibrium point, the shut down + +287 +00:29:27,740 --> 00:29:30,720 +point and break even point using graph. + +288 +00:29:34,880 --> 00:29:44,440 +Here's the graph, Q, and here's the marginal cost. + +289 +00:29:49,200 --> 00:29:55,220 +What about the marginal cost? It's decreasing and + +290 +00:29:55,220 --> 00:29:59,890 +then increasing. Hey, this is the marginal cost + +291 +00:29:59,890 --> 00:30:05,850 +decreasing as long as the equality increases and + +292 +00:30:05,850 --> 00:30:11,010 +then increases, right? If you see here, + +293 +00:30:14,990 --> 00:30:19,810 +if you see it's decreasing and then increasing. + +294 +00:30:20,170 --> 00:30:20,170 +Hey, + +295 +00:30:23,730 --> 00:30:33,050 +are you decreasing? And then increasing. And it's + +296 +00:30:33,050 --> 00:30:36,610 +bigger than the marginal cost. + +297 +00:30:42,430 --> 00:30:48,450 +When the + +298 +00:30:48,450 --> 00:30:56,850 +AVC is bigger than MC. What is AVC? Let's do it + +299 +00:30:56,850 --> 00:31:02,310 +this way. When AVC is + +300 +00:31:02,310 --> 00:31:08,570 +bigger than MC. AVC is decreasing. When AVC is + +301 +00:31:08,570 --> 00:31:10,470 +bigger than MC. + +302 +00:31:12,230 --> 00:31:15,230 +AVC is bigger than MC. + +303 +00:31:21,030 --> 00:31:29,390 +AVC is decreasing. The right side here means MC is + +304 +00:31:29,390 --> 00:31:32,690 +bigger than AVC. AVC is increasing. + +305 +00:31:35,950 --> 00:31:39,650 +When AVC is less than MC, + +306 +00:31:42,470 --> 00:31:44,190 +AVC is increasing. + +307 +00:32:11,120 --> 00:32:18,500 +The shut down point occurs when the price equals + +308 +00:32:18,500 --> 00:32:22,840 +AVC or at the minimum AVC. + +309 +00:32:32,910 --> 00:32:37,810 +A, point A here. The minimum AVC is the shutdown + +310 +00:32:37,810 --> 00:32:45,750 +point. The minimum of ATC is the break-even point, + +311 +00:32:46,370 --> 00:32:52,650 +is the break-even point, point B here. So, where + +312 +00:32:52,650 --> 00:32:57,910 +is the break-even point? Is at the point or at the + +313 +00:32:57,910 --> 00:33:03,290 +minimum ATC. Here. Where is the minimum ATC? Where + +314 +00:33:03,290 --> 00:33:04,150 +is ATC here? + +315 +00:33:17,270 --> 00:33:23,330 +No, no, we have two points. + +316 +00:33:34,530 --> 00:33:36,410 +Let's look at the shutdown point. + +317 +00:33:39,730 --> 00:33:45,050 +How does demand + +318 +00:33:45,050 --> 00:33:47,530 +come out? Let's draw a demand curve. + +319 +00:33:50,510 --> 00:33:54,590 +At Q + +320 +00:33:54,590 --> 00:33:58,290 +equals 1, how much is the price? Let's say it's 2, + +321 +00:33:58,690 --> 00:34:05,570 +4, 6, 8. Ten. How much at a Q equals one? How much + +322 +00:34:05,570 --> 00:34:11,230 +is the price? At two? Ten. Three. + +323 +00:34:14,390 --> 00:34:21,850 +How did the demand curve? Equals the price or equals + +324 +00:34:21,850 --> 00:34:29,770 +marginal revenue. Marginal revenue + +325 +00:34:29,770 --> 00:34:34,370 +is fixed. At EQ equals 1, marginal revenue equals + +326 +00:34:34,370 --> 00:34:43,070 +1. At 2, 10. 2, 3, 10. So here, this is the price + +327 +00:34:43,070 --> 00:34:46,050 +or the demand curve in the perfect competition + +328 +00:34:46,050 --> 00:34:48,750 +market. For the business that works under the + +329 +00:34:48,750 --> 00:34:52,750 +perfect competition market, the price equals the + +330 +00:34:52,750 --> 00:34:55,950 +marginal revenue and the demand curve is + +331 +00:34:58,710 --> 00:35:02,730 +perfectly elastic. Horizontal. Perfectly elastic. + +332 +00:35:11,570 --> 00:35:21,290 +Demand is perfectly elastic. If the + +333 +00:35:21,290 --> 00:35:27,850 +price was here. Here in this graph here MC, AVC, + +334 +00:35:28,270 --> 00:35:35,150 +ATC, and the price, marginal revenue. If the price + +335 +00:35:35,150 --> 00:35:40,010 +was above here, above the ATC. + +336 +00:35:57,610 --> 00:36:01,250 +Here, this is the demand curve. + +337 +00:36:04,490 --> 00:36:11,610 +Price equals MR equals demand. This is the demand + +338 +00:36:11,610 --> 00:36:20,060 +curve to determine if the business achieves + +339 +00:36:20,060 --> 00:36:25,500 +profit, loss, or break even, let us assume here + +340 +00:36:25,500 --> 00:36:30,400 +that the price equals 10. If the price was 10 + +341 +00:36:30,400 --> 00:36:39,060 +here, determine the equilibrium price. The + +342 +00:36:39,060 --> 00:36:43,950 +equilibrium price occurs or achieves when the + +343 +00:36:43,950 --> 00:36:46,050 +marginal revenue equals the marginal cost. Where + +344 +00:36:46,050 --> 00:36:48,290 +is the marginal revenue equals the marginal cost? + +345 +00:36:49,570 --> 00:36:55,490 +The highest + +346 +00:36:55,490 --> 00:36:59,250 +total profit, the best point is at which the + +347 +00:36:59,250 --> 00:37:03,970 +marginal revenue equals the marginal cost. Where + +348 +00:37:03,970 --> 00:37:05,590 +is the marginal revenue and where is the marginal + +349 +00:37:05,590 --> 00:37:05,970 +cost? + +350 +00:37:11,330 --> 00:37:18,330 +This is the equilibrium point. If the + +351 +00:37:18,330 --> 00:37:23,870 +business achieves or performs a loss, profits, or + +352 +00:37:23,870 --> 00:37:24,530 +break even. + +353 +00:37:42,630 --> 00:37:44,010 +If the price was here. + +354 +00:37:52,030 --> 00:37:58,270 +Do we have profits, break-even, or loss? And why? + +355 +00:38:00,770 --> 00:38:01,110 +Yeah? + +356 +00:38:04,790 --> 00:38:11,160 +To determine the break-even, profits, or loss, we + +357 +00:38:11,160 --> 00:38:15,860 +have to take a line here from the equilibrium + +358 +00:38:15,860 --> 00:38:19,320 +point to ATC. Here, + +359 +00:38:26,100 --> 00:38:31,500 +this point is along at the ATC. At this point is + +360 +00:38:31,500 --> 00:38:37,800 +the price, which is bigger, the price or ATC? The + +361 +00:38:37,800 --> 00:38:43,440 +price is bigger than ATC, which means what? We + +362 +00:38:43,440 --> 00:38:49,540 +have profits here, economic profits. Right? How + +363 +00:38:49,540 --> 00:38:52,780 +much is the total profit? This is the total + +364 +00:38:52,780 --> 00:38:54,120 +economic profits. Yes. + +365 +00:39:00,900 --> 00:39:03,620 +Let us assume that the ATC equals 7 here. + +366 +00:39:06,430 --> 00:39:09,590 +Sorry? Here in this example, in this example, in + +367 +00:39:09,590 --> 00:39:13,810 +this example. At the marginal revenue equals the + +368 +00:39:13,810 --> 00:39:17,550 +marginal cost. How much is the Q? Nine. Let's work + +369 +00:39:17,550 --> 00:39:21,330 +on the actual. This is nine. Okay? How much is + +370 +00:39:21,330 --> 00:39:27,910 +ATC? ATC is how much? Eight point seven. Eight + +371 +00:39:27,910 --> 00:39:32,430 +point seven. Eight point seven. Right? How much is + +372 +00:39:32,430 --> 00:39:38,330 +the price? It's ten. It's ten. Here's ten. Equals + +373 +00:39:38,330 --> 00:39:43,690 +10. Calculate total revenue, total cost, and total + +374 +00:39:43,690 --> 00:39:43,950 +profit. + +375 +00:39:46,990 --> 00:39:51,090 +Total revenue, + +376 +00:39:51,210 --> 00:39:56,110 +what does it mean? Price times quantity. Price. + +377 +00:39:56,730 --> 00:39:58,990 +Total revenue. + +378 +00:40:01,510 --> 00:40:12,300 +Price times quantity. 10 times 90. Is it correct? + +379 +00:40:13,740 --> 00:40:17,320 +How much + +380 +00:40:17,320 --> 00:40:25,260 +is total cost? Total revenue. Total cost. ATC + +381 +00:40:25,260 --> 00:40:36,220 +times Q. TC. Total cost. Total cost. ATC times Q. + +382 +00:40:36,800 --> 00:40:44,080 +How much is ATC in this case? 8.7 times the + +383 +00:40:44,080 --> 00:40:54,660 +quantity equals 9. How much is it? 7 to 8.6. + +384 +00:41:02,160 --> 00:41:06,560 +Total revenue, price times quantity. + +385 +00:41:10,920 --> 00:41:16,000 +Total revenue. And here is the total cost. Total + +386 +00:41:16,000 --> 00:41:19,980 +revenue minus total cost. Here we have the total + +387 +00:41:19,980 --> 00:41:22,180 +profit. How much is the total profit? + +388 +00:41:25,140 --> 00:41:28,520 +Nine times the difference between the price and + +389 +00:41:28,520 --> 00:41:34,770 +ATC. Right? Right or wrong? Which is this one, + +390 +00:41:34,850 --> 00:41:41,010 +total profit. Tp, this one here, is the total + +391 +00:41:41,010 --> 00:41:41,390 +profit. + +392 +00:41:46,090 --> 00:41:54,570 +Total profit equals price minus ATC times Q. The + +393 +00:41:54,570 --> 00:41:56,630 +difference between these here is multiplied by the + +394 +00:41:56,630 --> 00:42:01,080 +quantity. It's 100% in the equation. Price minus + +395 +00:42:01,080 --> 00:42:09,580 +ATC is multiplied by quantity. Right? If this is + +396 +00:42:09,580 --> 00:42:13,680 +the total profit equals price times quantity 11 + +397 +00:42:13,680 --> 00:42:21,080 +minus ATC 8.7 times quantity 9, the total profit + +398 +00:42:21,080 --> 00:42:26,980 +will be this number. See? 11.4 If I don't get it + +399 +00:42:26,980 --> 00:42:52,410 +before me. If the + +400 +00:42:52,410 --> 00:42:53,730 +price was + +401 +00:42:55,930 --> 00:43:00,210 +So here, if the price was above ATC, meaning that + +402 +00:43:00,210 --> 00:43:02,470 +the price came, let's say it came like that. We + +403 +00:43:02,470 --> 00:43:05,450 +said that we're downloading from A, from the + +404 +00:43:05,450 --> 00:43:08,770 +equilibrium point on the ATC. Right? But if it was + +405 +00:43:08,770 --> 00:43:11,990 +below it, let's see. On the graph. + +406 +00:43:14,770 --> 00:43:17,390 +Break? Break. + +407 +00:43:24,370 --> 00:43:27,050 +Q. MC, + +408 +00:43:31,970 --> 00:43:35,450 +AVC and ATC. + +409 +00:43:40,370 --> 00:43:48,530 +MC, MR, AVC, ATC and price. + +410 +00:43:52,970 --> 00:43:58,130 +The first case, we assume that the price was above + +411 +00:43:58,130 --> 00:44:03,770 +ATC. Above the minimum ATC or above the ATC. Now, + +412 +00:44:04,050 --> 00:44:09,130 +let us assume that the price was below ATC. Where + +413 +00:44:09,130 --> 00:44:15,310 +below ATC? Price equals + +414 +00:44:15,310 --> 00:44:21,690 +MR equals D. It's above AVC. + +415 +00:44:26,060 --> 00:44:31,500 +To determine if profits are lost, the price here + +416 +00:44:31,500 --> 00:44:34,780 +is below ATC. + +417 +00:44:37,180 --> 00:44:42,580 +Here we have a loss or break-even or profits. We + +418 +00:44:42,580 --> 00:44:48,280 +have a loss because the price is less than ATC, + +419 +00: + +445 +00:47:21,790 --> 00:47:29,210 +is the total revenue? Price per quantity. 10 times + +446 +00:47:29,210 --> 00:47:38,510 +7. 70. How much is the total cost? 12 times 7. 84. + +447 +00:47:41,930 --> 00:47:45,130 +The total loss had a total loss, total economic + +448 +00:47:45,130 --> 00:47:45,630 +loss. + +449 +00:47:50,750 --> 00:47:56,310 +Who approves it's negative? Because total cost is + +450 +00:47:56,310 --> 00:47:58,330 +bigger than total revenue. + +451 +00:48:01,370 --> 00:48:05,450 +The third + +452 +00:48:05,450 --> 00:48:05,870 +case. + +453 +00:48:08,560 --> 00:48:13,360 +Let's make the price tangent to the minimum AVC. + +454 +00:48:15,140 --> 00:48:22,600 +Fake. The third case. So, what do you see? If the + +455 +00:48:22,600 --> 00:48:26,840 +price is above or bigger than ATC, we have + +456 +00:48:26,840 --> 00:48:29,640 +profits, total profits. Total economic profits + +457 +00:48:29,640 --> 00:48:35,200 +will be positive. If the price is below or less + +458 +00:48:35,200 --> 00:48:41,190 +than ATC, Here we have total economic profits is + +459 +00:48:41,190 --> 00:48:45,830 +negative, or we have total loss. If the price + +460 +00:48:45,830 --> 00:48:49,550 +equals ATC. The third case. + +461 +00:49:05,810 --> 00:49:10,810 +The third case, When the price equals ATC. When + +462 +00:49:10,810 --> 00:49:17,450 +the price equals ATC. ATC and we will assume that + +463 +00:49:17,450 --> 00:49:22,630 +the price equals or change at the minimum ATC. + +464 +00:49:23,870 --> 00:49:32,670 +This is the + +465 +00:49:32,670 --> 00:49:40,120 +price here. MR equals D equals the price. To + +466 +00:49:40,120 --> 00:49:43,140 +determine the equilibrium point, the equilibrium + +467 +00:49:43,140 --> 00:49:47,460 +point when MR equals MC. Where does MR equals MC? + +468 +00:49:47,560 --> 00:49:52,780 +Here. I go to the ATC. Where is the ATC? It is + +469 +00:49:52,780 --> 00:49:55,400 +here. Right? + +470 +00:49:58,160 --> 00:50:02,260 +So this E is here. How much does this ATC cost? + +471 +00:50:05,980 --> 00:50:08,360 +Total revenue equals total cost because total + +472 +00:50:08,360 --> 00:50:12,500 +revenue is the price times the quantity. With + +473 +00:50:12,500 --> 00:50:16,440 +total cost, ATC times Q. So total revenue equals + +474 +00:50:16,440 --> 00:50:21,720 +the total cost. So the break-even point is the + +475 +00:50:21,720 --> 00:50:25,660 +point here or the minimum ATC or at the point at + +476 +00:50:25,660 --> 00:50:30,020 +which price tangent the minimum ATC or + +477 +00:50:32,470 --> 00:50:35,830 +Price equals ATC, or total revenue equals total + +478 +00:50:35,830 --> 00:50:43,730 +cost. Here, no profit, no loss. Total economic + +479 +00:50:43,730 --> 00:50:50,370 +profit equals zero. How much + +480 +00:50:50,370 --> 00:50:54,930 +is the total revenue? This is the price. times Q. + +481 +00:50:55,590 --> 00:50:59,190 +This is the total revenue, right? How much is + +482 +00:50:59,190 --> 00:51:04,470 +total cost? ATC times Q, the same. So total + +483 +00:51:04,470 --> 00:51:07,830 +profit, total economic profit equals total revenue + +484 +00:51:07,830 --> 00:51:12,190 +minus total cost. Total economic profits. Total + +485 +00:51:12,190 --> 00:51:18,230 +economic profits equals zero. No profit, no loss. + +486 +00:51:19,490 --> 00:51:25,040 +No economic profits, no economic loss. Right? We + +487 +00:51:25,040 --> 00:51:28,300 +still have three cases. + +488 +00:51:30,940 --> 00:51:36,820 +With the price, we put the price one time above + +489 +00:51:36,820 --> 00:51:40,920 +ATC, right? And two times above minimum ATC. Of + +490 +00:51:40,920 --> 00:51:43,540 +course, this is equilibrium point and break-even + +491 +00:51:43,540 --> 00:51:47,120 +point at the same time, right? And we put the + +492 +00:51:47,120 --> 00:51:51,720 +price one time like this. It came between ATC and + +493 +00:51:51,720 --> 00:51:57,540 +AVC. Right? We said this is a loss. Okay, if I want + +494 +00:51:57,540 --> 00:51:59,920 +to answer him here, like this. + +495 +00:52:02,980 --> 00:52:04,320 +With the AVC. + +496 +00:52:07,760 --> 00:52:08,440 +Let's see. + +497 +00:52:30,540 --> 00:52:33,500 +Shutdown point. Yeah. We are going to determine + +498 +00:52:33,500 --> 00:52:38,460 +the shutdown point here at which the price equals + +499 +00:52:38,460 --> 00:52:50,420 +AVC, not ATC. The same + +500 +00:52:50,420 --> 00:52:59,660 +graph, the same graph. Price MC, MR, AVC, ATC. + +501 +00:53:02,940 --> 00:53:03,940 +Yours is MC, + +502 +00:53:09,620 --> 00:53:13,000 +AVC, and ATC. + +503 +00:53:16,000 --> 00:53:19,260 +In short, you know what we did? We put the demand + +504 +00:53:19,260 --> 00:53:22,660 +once above, and then tangent with the ATC. Once + +505 +00:53:22,660 --> 00:53:27,640 +between ATC and AVC. Now it comes here like this, + +506 +00:53:27,840 --> 00:53:30,120 +tangent with the AVC, and then we put it below it. + +507 +00:53:39,640 --> 00:53:45,840 +Between when demand curve was between ATC and AVC. + +508 +00:53:46,300 --> 00:53:49,840 +We said there is an imbalance, right? We said this + +509 +00:53:49,840 --> 00:53:51,980 +equilibrium comes like this. This is the ATC. + +510 +00:53:54,500 --> 00:53:58,370 +This is the price. We have what? We have a loss. + +511 +00:53:59,450 --> 00:54:05,330 +What is your advice to work or to shut down? Why? + +512 +00:54:12,430 --> 00:54:15,810 +To determine that if we have to work or to shut + +513 +00:54:15,810 --> 00:54:21,430 +down or to close. How can we determine the AVC? + +514 +00:54:39,250 --> 00:54:48,410 +We have to work. We have to keep working. Although + +515 +00:54:48,410 --> 00:54:54,430 +we have a loss, We have to work because the price + +516 +00:54:54,430 --> 00:54:56,970 +is above AVC. + +517 +00:54:58,870 --> 00:55:06,110 +Exactly. From the AFC or from the TFC. How much is + +518 +00:55:06,110 --> 00:55:12,040 +TVC? Let's calculate. I haven't gone to the below, + +519 +00:55:12,100 --> 00:55:17,320 +the price, the tangent of the AVC. How much is, + +520 +00:55:17,700 --> 00:55:26,680 +let's say, 10, 12, 8, and this is 10. + +521 +00:55:28,420 --> 00:55:35,160 +How much is total cost? Total cost equals 12 times + +522 +00:55:35,160 --> 00:55:41,010 +10, 120, right? How much is total revenue? How + +523 +00:55:41,010 --> 00:55:45,750 +much is TVC? + +524 +00:55:47,270 --> 00:55:55,850 +8 times Q. AVC times Q. Since TVC equals AVC times + +525 +00:55:55,850 --> 00:56:05,530 +Q. So TVC, how much is it? 8 times 10. Total cost, + +526 +00:56:05,630 --> 00:56:11,260 +how much? 12 times 10 equals 120, right? How much + +527 +00:56:11,260 --> 00:56:11,780 +is TFC? + +528 +00:56:15,580 --> 00:56:24,140 +TFC minus TVC, right? Because TFC is 120 and TVC + +529 +00:56:24,140 --> 00:56:33,020 +is 80, TFC equals 120 minus 80 equals 40, right? + +530 +00:56:34,660 --> 00:56:44,190 +So, TVC is like this. 8 times 10. All right? Now, + +531 +00:56:44,190 --> 00:56:50,850 +let's assume that the price will be tangent to the + +532 +00:56:50,850 --> 00:56:54,990 +minimum AVC. So in this case, we have a loss. We + +533 +00:56:54,990 --> 00:56:59,390 +have a loss, but our advice to this business to + +534 +00:56:59,390 --> 00:57:03,950 +keep working. Not too close because the price is + +535 +00:57:03,950 --> 00:57:09,770 +bigger than AVC. Price minus AVC. Do you know what + +536 +00:57:09,770 --> 00:57:11,950 +they call it? Normal profit. + +537 +00:57:15,250 --> 00:57:20,510 +Yes, we said TR minus TVC is normal profit. This + +538 +00:57:20,510 --> 00:57:24,750 +is the loss I have, the economic loss, and this is + +539 +00:57:24,750 --> 00:57:31,490 +normal profit. Price minus AVC times Q. TR minus + +540 +00:57:31,490 --> 00:57:32,030 +TVC. + +541 +00:57:35,390 --> 00:57:40,430 +Let us assume that the price is tangent to the AVC + +542 +00:57:40,430 --> 00:57:47,150 +and the last case below AVC to determine the + +543 +00:57:47,150 --> 00:57:54,670 +shutdown point here. So the fifth case here, when + +544 +00:57:54,670 --> 00:58:00,970 +the price tangents the minimum AVC Q, + +545 +00:58:05,180 --> 00:58:09,720 +ATC, AVC, MC, what's his name? MR. + +546 +00:58:13,840 --> 00:58:19,300 +Okay, I'm coming, Hamza. Wait, let me see. No, + +547 +00:58:19,400 --> 00:58:20,440 +he's the blue one. I understand. + +548 +00:58:43,390 --> 00:58:52,270 +MC VC ATC + +549 +00:59:03,240 --> 00:59:07,400 +Here, we will assume that the price tangents the + +550 +00:59:07,400 --> 00:59:09,860 +minimum AVC. + +551 +00:59:20,040 --> 00:59:25,580 +This is the price here. Equals MR equals D. + +552 +00:59:30,100 --> 00:59:35,550 +Where's the equilibrium point? MR equals MC. This + +553 +00:59:35,550 --> 00:59:36,570 +is the equilibrium point. + +554 +00:59:39,230 --> 00:59:44,210 +Here's the price. How much is AVC? + +555 +00:59:48,710 --> 00:59:51,930 +AVC. Q. + +556 +00:59:57,450 --> 01:00:03,420 +What is it? What is this point here? It is the + +557 +01:00:03,420 --> 01:00:07,360 +equilibrium point and exactly the shutdown point. + +558 +01:00:08,760 --> 01:00:15,480 +This is the shutdown point at + +559 +01:00:15,480 --> 01:00:21,100 +which the price equals AVC or total revenue. How + +560 +01:00:21,100 --> 01:00:23,420 +much is total revenue? Price times the quantity. + +561 +01:00:24,860 --> 01:00:28,160 +Let us assume that the price equals 10 and AVC + +562 +01:00:28,160 --> 01:00:31,870 +equals 10 as well. How much is total revenue? + +563 +01:00:32,130 --> 01:00:36,750 +Price times quantity, let us assume it's 8 here. + +564 +01:00:38,750 --> 01:00:44,690 +The total revenue equals 10 times 8 equals 80. The + +565 +01:00:44,690 --> 01:00:49,990 +total variable cost, Tvc, 10 times 8, Avc times Q. + +566 +01:00:59,770 --> 01:01:06,930 +If the price equals AVC, this is the shutdown + +567 +01:01:06,930 --> 01:01:10,930 +point. What is your advice to the business here? + +568 +01:01:14,290 --> 01:01:18,810 +The same, either to work or to close down. The + +569 +01:01:18,810 --> 01:01:23,550 +same. Do we have profits or loss in this case? + +570 +01:01:24,690 --> 01:01:28,790 +Loss, exactly. No. Loss. We have a loss. Because + +571 +01:01:28,790 --> 01:01:31,950 +to determine the value of loss, we have to go to + +572 +01:01:31,950 --> 01:01:37,110 +the ATC to determine this is ATC. ATC is bigger + +573 +01:01:37,110 --> 01:01:42,250 +than the price. Here we have a loss, economic + +574 +01:01:42,250 --> 01:01:43,930 +loss. And what? + +575 +01:01:47,550 --> 01:01:50,650 +Working equals closing down. + +576 +01:01:55,380 --> 01:02:06,180 +How much is the normal profit? Zero. If the price + +577 +01:02:06,180 --> 01:02:07,740 +was like this here. + +578 +01:02:15,380 --> 01:02:22,360 +Let us assume that the price was below a VC. The + +579 +01:02:22,360 --> 01:02:27,440 +last case. the last case when the price was is + +580 +01:02:27,440 --> 01:02:41,840 +here is the avc and the price was below avc here + +581 +01:02:41,840 --> 01:02:45,320 +price + +582 +01:02:45,320 --> 01:02:50,520 +equals mr equals d what do you see + +583 +01:02:56,250 --> 01:02:57,510 +Here's the equilibrium point. + +584 +01:03:02,730 --> 01:03:06,850 +What is your advice here? To determine the value + +585 +01:03:06,850 --> 01:03:13,550 +of AVC, we have to take a vertical distance to + +586 +01:03:13,550 --> 01:03:14,070 +AVC. + +587 +01:03:26,260 --> 01:03:29,780 +What about AVC is bigger than the price? + +588 +01:03:35,080 --> 01:03:37,980 +AVC is bigger than the price. So what is your + +589 +01:03:37,980 --> 01:03:43,260 +advice to this business to close down? Let us + +590 +01:03:43,260 --> 01:03:49,280 +assume here that ATC equals 15 and AVC equals 12 + +591 +01:03:49,280 --> 01:03:53,800 +and the price equals 10 and the quantity equals 8. + +592 +01:03:55,720 --> 01:04:02,400 +Calculate the following. TVC, TFC, TC, Total + +593 +01:04:02,400 --> 01:04:07,220 +Profit, Total Revenues. All of them. Total + +594 +01:04:07,220 --> 01:04:10,060 +Revenue, how do we calculate it? The price times + +595 +01:04:10,060 --> 01:04:10,480 +the Q. + +596 +01:04:13,720 --> 01:04:16,080 +Ten times eight is eighty. This is total revenue, + +597 +01:04:16,340 --> 01:04:22,520 +right? Then TR equals ten times eight, which is + +598 +01:04:22,520 --> 01:04:32,880 +eighty. Total variable cost, Tvc, 12x8, + +599 +01:04:33,500 --> 01:04:34,100 +how much is this? + +600 +01:04:37,020 --> 01:04:40,920 +96. Tc? + +601 +01:04:47,160 --> 01:04:48,560 +120. + +602 +01:04:51,180 --> 01:04:52,580 +Tfc? + +603 +01:04:55,050 --> 01:04:58,770 +Tc minus Tfc + +604 +01:04:58,770 --> 01:05:05,510 +minus Tvc. How much is this? Twenty-four. + +605 +01:05:11,130 --> 01:05:11,970 +How much is MC? + +606 +01:05:15,170 --> 01:05:17,970 +How much is the marginal revenue? + +607 +01:05:25,900 --> 01:05:39,440 +Yes. Price equals MR 10. In this case, + +608 +01:05:39,680 --> 01:05:45,200 +what about the total profits or loss? Total + +609 +01:05:45,200 --> 01:05:55,040 +economic profits. Total revenue minus TC. Or total + +610 +01:05:55,040 --> 01:05:57,920 +revenue minus total cost. + +611 +01:06:13,840 --> 01:06:21,080 +Total revenue, 80 minus 120 minus 40. This is the + +612 +01:06:21,080 --> 01:06:23,940 +total economic profits, which is negative in this + +613 +01:06:23,940 --> 01:06:29,580 +case. How much is the normal profit? Normal + +614 +01:06:29,580 --> 01:06:33,600 +profit. Should be negative as well. Total revenue + +615 +01:06:33,600 --> 01:06:36,140 +minus total cost. Normal profit. + +616 +01:06:39,800 --> 01:06:46,460 +Equals total revenue minus TVC. Total revenue, how + +617 +01:06:46,460 --> 01:06:49,100 +much? How much is it? + +618 +01:06:52,160 --> 01:06:59,020 +Total revenue, + +619 +01:07:00,060 --> 01:07:10,300 +80 minus TVC, 96 minus 60. This is the normal + +620 +01:07:10,300 --> 01:07:14,280 +profit. What about the economic profit minus 40, + +621 +01:07:14,280 --> 01:07:15,560 +as we said. + +622 +01:07:21,400 --> 01:07:26,580 +Economic profits? No. Times the Q. + +623 +01:07:29,660 --> 01:07:31,040 +Normal profits. + +624 +01:07:35,250 --> 01:07:37,210 +It's equal. It's either if we say 2 to the power + +625 +01:07:37,210 --> 01:07:45,290 +of minus 2 T V C or P minus A V C times Q. Try it. + +626 +01:07:45,450 --> 01:07:49,970 +Try it. The price, how much is the price? Ten + +627 +01:07:49,970 --> 01:07:58,550 +times minus minus A V C, twelve times the Q at + +628 +01:07:58,550 --> 01:08:05,570 +this point, eight. The same result. Minus 2 times + +629 +01:08:05,570 --> 01:08:12,190 +8 equals minus 16. It's the same. She asks if she + +630 +01:08:12,190 --> 01:08:15,690 +can get it from price minus AVC. Yes, but times Q. + +631 +01:08:16,490 --> 01:08:22,550 +Result times Q. Okay? So to summarize, we have + +632 +01:08:22,550 --> 01:08:28,030 +about five cases or six cases. Number one, if the + +633 +01:08:28,030 --> 01:08:32,230 +price or demand curve was above ATC and tangent to + +634 +01:08:32,230 --> 01:08:38,270 +ATC, below ATC but above AVC, tangent AVC and + +635 +01:08:38,270 --> 01:08:44,280 +below AVC. This is the break-even point that Shut + +636 +01:08:44,280 --> 01:08:47,420 +down point. That's it. If the price, if demand + +637 +01:08:47,420 --> 01:08:52,180 +curve was in between here \ No newline at end of file diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/BOhLfoYPfWM_raw.json b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/BOhLfoYPfWM_raw.json new file mode 100644 index 0000000000000000000000000000000000000000..60155e767f81a6fe1e00645790ca4d70a285be59 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/BOhLfoYPfWM_raw.json @@ -0,0 +1 @@ +{"segments": [{"id": 1, "seek": 4502, "start": 21.44, "end": 45.02, "text": " Today, inshallah, we are going to completely talk about the industrial organizations and different markets. In the last class, we studied the break-even point, shutdown point, and the equilibrium point. 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But before that, I will remind you the formulas or the break-even point and the shutdown point. As we mentioned before that, the break-even point is determined when total revenue equals the total cost. So we said that if total revenue", "tokens": [321, 486, 747, 264, 3480, 1365, 13, 583, 949, 300, 11, 286, 486, 4160, 291, 264, 30546, 420, 264, 1821, 12, 27170, 935, 293, 264, 34927, 935, 13, 1018, 321, 2835, 949, 300, 11, 264, 1821, 12, 27170, 935, 307, 9540, 562, 3217, 9324, 6915, 264, 3217, 2063, 13, 407, 321, 848, 300, 498, 3217, 9324], "avg_logprob": -0.15474233083557665, "compression_ratio": 1.6832298136645962, "no_speech_prob": 0.0, "words": [{"start": 101.08, "end": 101.32, "word": " we", "probability": 0.6630859375}, {"start": 101.32, "end": 101.58, "word": " will", "probability": 0.8798828125}, {"start": 101.58, "end": 102.0, "word": " take", "probability": 0.88134765625}, {"start": 102.0, "end": 102.2, "word": " the", "probability": 0.91552734375}, {"start": 102.2, "end": 102.54, "word": " following", "probability": 0.90625}, {"start": 102.54, "end": 103.1, "word": " example.", "probability": 0.95556640625}, {"start": 103.54, "end": 103.88, "word": " But", "probability": 0.74609375}, {"start": 103.88, "end": 104.16, "word": " before", "probability": 0.85693359375}, {"start": 104.16, "end": 104.48, "word": " that,", "probability": 0.93798828125}, {"start": 104.62, "end": 104.74, "word": " I", "probability": 0.9912109375}, {"start": 104.74, "end": 104.8, "word": " will", "probability": 0.513671875}, {"start": 104.8, "end": 105.12, "word": " remind", "probability": 0.93310546875}, {"start": 105.12, "end": 105.42, "word": " you", "probability": 0.96435546875}, {"start": 105.42, "end": 106.12, "word": " the", "probability": 0.81103515625}, {"start": 106.12, "end": 107.42, "word": " formulas", "probability": 0.9609375}, {"start": 107.42, "end": 108.06, "word": " or", "probability": 0.68212890625}, {"start": 108.06, "end": 108.52, "word": " the", "probability": 0.92236328125}, {"start": 108.52, "end": 108.8, "word": " break", "probability": 0.76220703125}, {"start": 108.8, "end": 108.98, "word": "-even", "probability": 0.81640625}, {"start": 108.98, "end": 109.32, "word": " point", "probability": 0.93310546875}, {"start": 109.32, "end": 109.78, "word": " and", "probability": 0.67041015625}, {"start": 109.78, "end": 109.92, "word": " the", "probability": 0.890625}, {"start": 109.92, "end": 110.22, "word": " shutdown", "probability": 0.826171875}, {"start": 110.22, "end": 110.6, "word": " point.", "probability": 0.96533203125}, {"start": 111.26, "end": 111.7, "word": " As", "probability": 0.9755859375}, {"start": 111.7, "end": 111.82, "word": " we", "probability": 0.8076171875}, {"start": 111.82, "end": 112.04, "word": " mentioned", "probability": 0.841796875}, {"start": 112.04, "end": 112.38, "word": " before", "probability": 0.861328125}, {"start": 112.38, "end": 112.76, "word": " that,", "probability": 0.8740234375}, {"start": 113.22, "end": 113.5, "word": " the", "probability": 0.92431640625}, {"start": 113.5, "end": 113.84, "word": " break", "probability": 0.96875}, {"start": 113.84, "end": 114.14, "word": "-even", "probability": 0.947021484375}, {"start": 114.14, "end": 114.7, "word": " point", "probability": 0.9716796875}, {"start": 114.7, "end": 115.52, "word": " is", "probability": 0.9365234375}, {"start": 115.52, "end": 115.96, "word": " determined", "probability": 0.9228515625}, {"start": 115.96, "end": 116.24, "word": " when", "probability": 0.9228515625}, {"start": 116.24, "end": 116.52, "word": " total", "probability": 0.8369140625}, {"start": 116.52, "end": 116.9, "word": " revenue", "probability": 0.9033203125}, {"start": 116.9, "end": 117.48, "word": " equals", "probability": 0.94140625}, {"start": 117.48, "end": 117.72, "word": " the", "probability": 0.88134765625}, {"start": 117.72, "end": 118.08, "word": " total", "probability": 0.88232421875}, {"start": 118.08, "end": 118.54, "word": " cost.", "probability": 0.91796875}, {"start": 120.44, "end": 121.12, "word": " So", "probability": 0.8369140625}, {"start": 121.12, "end": 121.38, "word": " we", "probability": 0.89453125}, {"start": 121.38, "end": 121.6, "word": " said", "probability": 0.92041015625}, {"start": 121.6, "end": 121.92, "word": " that", "probability": 0.935546875}, {"start": 121.92, "end": 122.16, "word": " if", "probability": 0.81396484375}, {"start": 122.16, "end": 122.44, "word": " total", "probability": 0.86962890625}, {"start": 122.44, "end": 122.84, "word": " revenue", "probability": 0.90625}], "temperature": 1.0}, {"id": 5, "seek": 14863, "start": 125.68, "end": 148.64, "text": " It's bigger than total cost. We have an economic profits. Economic profits is positive. Number two, F total revenue equals total cost. Here we have economic profit equals zero. And this is the breakeven point, right? Number three, F total revenue", "tokens": [467, 311, 3801, 813, 3217, 2063, 13, 492, 362, 364, 4836, 17982, 13, 25776, 17982, 307, 3353, 13, 5118, 732, 11, 479, 3217, 9324, 6915, 3217, 2063, 13, 1692, 321, 362, 4836, 7475, 6915, 4018, 13, 400, 341, 307, 264, 1403, 619, 553, 935, 11, 558, 30, 5118, 1045, 11, 479, 3217, 9324], "avg_logprob": -0.24623843530813852, "compression_ratio": 1.6689189189189189, "no_speech_prob": 0.0, "words": [{"start": 125.68, "end": 125.98, "word": " It's", "probability": 0.56463623046875}, {"start": 125.98, "end": 126.2, "word": " bigger", "probability": 0.9345703125}, {"start": 126.2, "end": 126.5, "word": " than", "probability": 0.94873046875}, {"start": 126.5, "end": 126.78, "word": " total", "probability": 0.75146484375}, {"start": 126.78, "end": 127.2, "word": " cost.", "probability": 0.80712890625}, {"start": 127.34, "end": 127.4, "word": " We", "probability": 0.92822265625}, {"start": 127.4, "end": 127.68, "word": " have", "probability": 0.94677734375}, {"start": 127.68, "end": 127.9, "word": " an", "probability": 0.77783203125}, {"start": 127.9, "end": 128.24, "word": " economic", "probability": 0.60498046875}, {"start": 128.24, "end": 128.8, "word": " profits.", "probability": 0.669921875}, {"start": 129.18, "end": 129.52, "word": " Economic", "probability": 0.59228515625}, {"start": 129.52, "end": 130.1, "word": " profits", "probability": 0.80419921875}, {"start": 130.1, "end": 130.74, "word": " is", "probability": 0.833984375}, {"start": 130.74, "end": 131.28, "word": " positive.", "probability": 0.8935546875}, {"start": 132.9, "end": 133.38, "word": " Number", "probability": 0.81396484375}, {"start": 133.38, "end": 133.76, "word": " two,", "probability": 0.677734375}, {"start": 134.36, "end": 134.62, "word": " F", "probability": 0.60693359375}, {"start": 134.62, "end": 135.4, "word": " total", "probability": 0.7255859375}, {"start": 135.4, "end": 135.86, "word": " revenue", "probability": 0.91357421875}, {"start": 135.86, "end": 136.52, "word": " equals", "probability": 0.91064453125}, {"start": 136.52, "end": 136.94, "word": " total", "probability": 0.8720703125}, {"start": 136.94, "end": 137.38, "word": " cost.", "probability": 0.91064453125}, {"start": 137.72, "end": 137.92, "word": " Here", "probability": 0.84814453125}, {"start": 137.92, "end": 138.12, "word": " we", "probability": 0.74658203125}, {"start": 138.12, "end": 138.38, "word": " have", "probability": 0.93994140625}, {"start": 138.38, "end": 139.12, "word": " economic", "probability": 0.716796875}, {"start": 139.12, "end": 139.62, "word": " profit", "probability": 0.83544921875}, {"start": 139.62, "end": 140.62, "word": " equals", "probability": 0.86669921875}, {"start": 140.62, "end": 141.06, "word": " zero.", "probability": 0.8115234375}, {"start": 141.44, "end": 141.8, "word": " And", "probability": 0.93310546875}, {"start": 141.8, "end": 142.14, "word": " this", "probability": 0.93798828125}, {"start": 142.14, "end": 142.58, "word": " is", "probability": 0.94873046875}, {"start": 142.58, "end": 143.1, "word": " the", "probability": 0.92431640625}, {"start": 143.1, "end": 143.56, "word": " breakeven", "probability": 0.748291015625}, {"start": 143.56, "end": 143.94, "word": " point,", "probability": 0.97265625}, {"start": 144.24, "end": 144.74, "word": " right?", "probability": 0.89990234375}, {"start": 146.36, "end": 146.7, "word": " Number", "probability": 0.87255859375}, {"start": 146.7, "end": 147.12, "word": " three,", "probability": 0.9208984375}, {"start": 147.54, "end": 147.76, "word": " F", "probability": 0.99072265625}, {"start": 147.76, "end": 148.14, "word": " total", "probability": 0.8681640625}, {"start": 148.14, "end": 148.64, "word": " revenue", "probability": 0.90478515625}], "temperature": 1.0}, {"id": 6, "seek": 15550, "start": 150.1, "end": 155.5, "text": " is less than the total cost, the economic profit is negative, right?", "tokens": [307, 1570, 813, 264, 3217, 2063, 11, 264, 4836, 7475, 307, 3671, 11, 558, 30], "avg_logprob": -0.2785644493997097, "compression_ratio": 1.0, "no_speech_prob": 0.0, "words": [{"start": 150.1, "end": 150.44, "word": " is", "probability": 0.2587890625}, {"start": 150.44, "end": 150.72, "word": " less", "probability": 0.9453125}, {"start": 150.72, "end": 151.02, "word": " than", "probability": 0.9228515625}, {"start": 151.02, "end": 151.2, "word": " the", "probability": 0.492431640625}, {"start": 151.2, "end": 151.44, "word": " total", "probability": 0.88330078125}, {"start": 151.44, "end": 151.92, "word": " cost,", "probability": 0.91552734375}, {"start": 152.54, "end": 152.66, "word": " the", "probability": 0.83251953125}, {"start": 152.66, "end": 153.16, "word": " economic", "probability": 0.728515625}, {"start": 153.16, "end": 153.64, "word": " profit", "probability": 0.86962890625}, {"start": 153.64, "end": 154.4, "word": " is", "probability": 0.9267578125}, {"start": 154.4, "end": 154.92, "word": " negative,", "probability": 0.9326171875}, {"start": 155.22, "end": 155.5, "word": " right?", "probability": 0.8759765625}], "temperature": 1.0}, {"id": 7, "seek": 18314, "start": 157.1, "end": 183.14, "text": " We have the right relationship between prices and ATC from these formulas. And we said that when total revenue is bigger than total cost, here we're talking about the price times the Q is bigger than ATC times the Q. And we said that if the price is bigger than ATC, here we have the economic profit is positive. This is the price equals ATC, economic profit", "tokens": [492, 362, 264, 558, 2480, 1296, 7901, 293, 8872, 34, 490, 613, 30546, 13, 400, 321, 848, 300, 562, 3217, 9324, 307, 3801, 813, 3217, 2063, 11, 510, 321, 434, 1417, 466, 264, 3218, 1413, 264, 1249, 307, 3801, 813, 8872, 34, 1413, 264, 1249, 13, 400, 321, 848, 300, 498, 264, 3218, 307, 3801, 813, 8872, 34, 11, 510, 321, 362, 264, 4836, 7475, 307, 3353, 13, 639, 307, 264, 3218, 6915, 8872, 34, 11, 4836, 7475], "avg_logprob": -0.18314873153650307, "compression_ratio": 1.8697916666666667, "no_speech_prob": 0.0, "words": [{"start": 157.1, "end": 157.32, "word": " We", "probability": 0.5}, {"start": 157.32, "end": 157.54, "word": " have", "probability": 0.94775390625}, {"start": 157.54, "end": 157.72, "word": " the", "probability": 0.50146484375}, {"start": 157.72, "end": 158.0, "word": " right", "probability": 0.47998046875}, {"start": 158.0, "end": 158.68, "word": " relationship", "probability": 0.88916015625}, {"start": 158.68, 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"probability": 0.873046875}, {"start": 164.48, "end": 164.84, "word": " revenue", "probability": 0.892578125}, {"start": 164.84, "end": 165.56, "word": " is", "probability": 0.953125}, {"start": 165.56, "end": 165.82, "word": " bigger", "probability": 0.94921875}, {"start": 165.82, "end": 166.1, "word": " than", "probability": 0.9482421875}, {"start": 166.1, "end": 166.48, "word": " total", "probability": 0.8798828125}, {"start": 166.48, "end": 166.94, "word": " cost,", "probability": 0.884765625}, {"start": 167.14, "end": 167.36, "word": " here", "probability": 0.84619140625}, {"start": 167.36, "end": 167.5, "word": " we're", "probability": 0.8447265625}, {"start": 167.5, "end": 167.76, "word": " talking", "probability": 0.8369140625}, {"start": 167.76, "end": 168.02, "word": " about", "probability": 0.90380859375}, {"start": 168.02, "end": 168.18, "word": " the", "probability": 0.9189453125}, {"start": 168.18, "end": 168.54, "word": " price", "probability": 0.9140625}, {"start": 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"seek": 19244, "start": 184.7, "end": 192.44, "text": " is zero and if the price is less than ATC, the economic profit is negative.", "tokens": [307, 4018, 293, 498, 264, 3218, 307, 1570, 813, 8872, 34, 11, 264, 4836, 7475, 307, 3671, 13], "avg_logprob": -0.21443255951530055, "compression_ratio": 1.0133333333333334, "no_speech_prob": 0.0, "words": [{"start": 184.7, "end": 185.08, "word": " is", "probability": 0.33203125}, {"start": 185.08, "end": 186.0, "word": " zero", "probability": 0.73681640625}, {"start": 186.0, "end": 186.58, "word": " and", "probability": 0.6484375}, {"start": 186.58, "end": 186.78, "word": " if", "probability": 0.9560546875}, {"start": 186.78, "end": 186.92, "word": " the", "probability": 0.91650390625}, {"start": 186.92, "end": 187.3, "word": " price", "probability": 0.92822265625}, {"start": 187.3, "end": 187.6, "word": " is", "probability": 0.9501953125}, {"start": 187.6, "end": 187.92, "word": " less", "probability": 0.94140625}, {"start": 187.92, "end": 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To determine the equilibrium, the shutdown point, we said we have to study the relationship between the total revenue and TVC, and then we derive the relationship between the price and average variable cost. We said that if total revenue is bigger than TVC,", "tokens": [341, 935, 575, 668, 7152, 420, 7152, 294, 264, 1036, 1508, 11, 558, 30, 1407, 6997, 264, 15625, 11, 264, 34927, 935, 11, 321, 848, 321, 362, 281, 2979, 264, 2480, 1296, 264, 3217, 9324, 293, 3558, 34, 11, 293, 550, 321, 28446, 264, 2480, 1296, 264, 3218, 293, 4274, 7006, 2063, 13, 492, 848, 300, 498, 3217, 9324, 307, 3801, 813, 3558, 34, 11], "avg_logprob": -0.18738162449815057, "compression_ratio": 1.703125, "no_speech_prob": 0.0, "words": [{"start": 194.06, "end": 194.4, "word": " this", "probability": 0.1937255859375}, {"start": 194.4, "end": 194.72, "word": " point", "probability": 0.9658203125}, {"start": 194.72, "end": 194.98, "word": " has", "probability": 0.90625}, {"start": 194.98, "end": 195.2, "word": " been", "probability": 0.90576171875}, {"start": 195.2, "end": 195.62, "word": " discussed", "probability": 0.916015625}, {"start": 195.62, "end": 196.02, "word": " or", "probability": 0.64013671875}, {"start": 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Sorry, to minimize the loss here. 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So sometimes maybe we have a loss and we have to keep working. Keep working. This is our advice. If total revenue, this is number one. So if the price is bigger than AVC,", "tokens": [1779, 30, 407, 2171, 1310, 321, 362, 257, 4470, 293, 321, 362, 281, 1066, 1364, 13, 5527, 1364, 13, 639, 307, 527, 5192, 13, 759, 3217, 9324, 11, 341, 307, 1230, 472, 13, 407, 498, 264, 3218, 307, 3801, 813, 30198, 34, 11], "avg_logprob": -0.15101207487962462, "compression_ratio": 1.328358208955224, "no_speech_prob": 0.0, "words": [{"start": 244.35, "end": 244.79, "word": " Right?", "probability": 0.460205078125}, {"start": 244.93, "end": 245.27, "word": " So", "probability": 0.9609375}, {"start": 245.27, "end": 245.81, "word": " sometimes", "probability": 0.8125}, {"start": 245.81, "end": 246.95, "word": " maybe", "probability": 0.75146484375}, {"start": 246.95, "end": 247.77, "word": " we", "probability": 0.94580078125}, {"start": 247.77, "end": 247.99, "word": " have", "probability": 0.9501953125}, {"start": 247.99, "end": 248.11, "word": " a", "probability": 0.9951171875}, {"start": 248.11, "end": 248.43, "word": " loss", "probability": 0.88427734375}, {"start": 248.43, "end": 249.07, "word": " and", "probability": 0.78759765625}, {"start": 249.07, "end": 249.27, "word": " we", "probability": 0.962890625}, {"start": 249.27, "end": 249.59, "word": " have", "probability": 0.9482421875}, {"start": 249.59, "end": 249.97, "word": " to", "probability": 0.9716796875}, {"start": 249.97, "end": 250.61, "word": " keep", "probability": 0.91162109375}, {"start": 250.61, "end": 251.03, "word": " working.", "probability": 0.89990234375}, {"start": 253.49, "end": 254.23, "word": " Keep", "probability": 0.82568359375}, {"start": 254.23, "end": 255.25, "word": " working.", "probability": 0.8935546875}, {"start": 256.45, "end": 257.01, "word": " This", "probability": 0.8974609375}, {"start": 257.01, "end": 257.13, "word": " is", "probability": 0.94677734375}, {"start": 257.13, "end": 257.31, "word": " our", "probability": 0.90185546875}, {"start": 257.31, "end": 257.79, "word": " advice.", "probability": 0.87939453125}, {"start": 258.51, "end": 258.87, "word": " If", "probability": 0.9189453125}, {"start": 258.87, "end": 259.09, "word": " total", "probability": 0.85009765625}, {"start": 259.09, "end": 259.45, "word": " revenue,", "probability": 0.88525390625}, {"start": 259.83, "end": 259.93, "word": " this", "probability": 0.93115234375}, {"start": 259.93, "end": 260.01, "word": " is", "probability": 0.92578125}, {"start": 260.01, "end": 260.19, "word": " number", "probability": 0.80078125}, {"start": 260.19, "end": 260.43, "word": " one.", "probability": 0.8076171875}, {"start": 260.85, "end": 261.07, "word": " So", "probability": 0.9609375}, {"start": 261.07, "end": 261.75, "word": " if", "probability": 0.77294921875}, {"start": 261.75, "end": 261.91, "word": " the", "probability": 0.919921875}, {"start": 261.91, "end": 262.33, "word": " price", "probability": 0.92236328125}, {"start": 262.33, "end": 262.65, "word": " is", "probability": 0.9541015625}, {"start": 262.65, "end": 262.95, "word": " bigger", "probability": 0.94482421875}, {"start": 262.95, "end": 263.29, "word": " than", "probability": 0.94189453125}, {"start": 263.29, "end": 264.21, "word": " AVC,", "probability": 0.869384765625}], "temperature": 1.0}, {"id": 12, "seek": 28607, "start": 265.51, "end": 286.07, "text": " Although or even if we have a loss, we have to keep working, right? The case number two, if total revenue equals total variable cost, here we're talking about the shutdown point, the confusion point for either to shut down or keep working, right? So here, this is the shutdown point.", "tokens": [5780, 420, 754, 498, 321, 362, 257, 4470, 11, 321, 362, 281, 1066, 1364, 11, 558, 30, 440, 1389, 1230, 732, 11, 498, 3217, 9324, 6915, 3217, 7006, 2063, 11, 510, 321, 434, 1417, 466, 264, 34927, 935, 11, 264, 15075, 935, 337, 2139, 281, 5309, 760, 420, 1066, 1364, 11, 558, 30, 407, 510, 11, 341, 307, 264, 34927, 935, 13], "avg_logprob": -0.1476934471773723, "compression_ratio": 1.6608187134502923, "no_speech_prob": 0.0, "words": [{"start": 265.51, "end": 266.03, "word": " Although", "probability": 0.6416015625}, {"start": 266.03, "end": 266.39, "word": " or", "probability": 0.55908203125}, {"start": 266.39, "end": 266.71, "word": " even", "probability": 0.875}, {"start": 266.71, "end": 266.99, "word": " if", "probability": 0.95361328125}, {"start": 266.99, "end": 267.15, "word": " we", "probability": 0.95947265625}, {"start": 267.15, "end": 267.35, "word": " have", "probability": 0.9404296875}, {"start": 267.35, "end": 267.47, "word": " 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So this is the shutdown point at which the total revenue equals the total variable cost. Sometimes we have a loss, but in this case, the organization of the business is confused. Confused to either to keep working or to run. Keeping working means or equals shutting down.", "tokens": [1779, 30, 407, 341, 307, 264, 34927, 935, 412, 597, 264, 3217, 9324, 6915, 264, 3217, 7006, 2063, 13, 4803, 321, 362, 257, 4470, 11, 457, 294, 341, 1389, 11, 264, 4475, 295, 264, 1606, 307, 9019, 13, 11701, 4717, 281, 2139, 281, 1066, 1364, 420, 281, 1190, 13, 30187, 1364, 1355, 420, 6915, 36057, 760, 13], "avg_logprob": -0.18251617047293434, "compression_ratio": 1.558659217877095, "no_speech_prob": 0.0, "words": [{"start": 300.95, "end": 301.31, "word": " Right?", "probability": 0.60009765625}, {"start": 302.05, "end": 302.39, "word": " So", "probability": 0.95751953125}, {"start": 302.39, "end": 302.71, "word": " this", "probability": 0.74658203125}, {"start": 302.71, "end": 302.83, "word": " is", "probability": 0.9462890625}, {"start": 302.83, "end": 302.97, "word": " the", "probability": 0.67578125}, {"start": 302.97, "end": 303.35, "word": " shutdown", "probability": 0.9072265625}, {"start": 303.35, "end": 303.83, "word": " point", "probability": 0.9755859375}, {"start": 303.83, "end": 304.87, "word": " at", "probability": 0.8125}, {"start": 304.87, "end": 305.11, "word": " which", "probability": 0.95263671875}, {"start": 305.11, "end": 305.31, "word": " the", "probability": 0.9130859375}, {"start": 305.31, "end": 305.53, "word": " total", "probability": 0.9130859375}, {"start": 305.53, "end": 305.83, "word": " revenue", "probability": 0.87255859375}, {"start": 305.83, "end": 306.25, "word": " equals", "probability": 0.9248046875}, {"start": 306.25, "end": 306.43, "word": " the", "probability": 0.8916015625}, {"start": 306.43, "end": 306.67, "word": " total", "probability": 0.8935546875}, {"start": 306.67, "end": 307.03, "word": " variable", "probability": 0.8837890625}, {"start": 307.03, "end": 307.39, "word": " cost.", "probability": 0.8759765625}, {"start": 307.83, "end": 308.17, "word": " Sometimes", "probability": 0.91796875}, {"start": 308.17, "end": 308.67, "word": " we", "probability": 0.72216796875}, {"start": 308.67, "end": 308.93, "word": " have", "probability": 0.94921875}, {"start": 308.93, "end": 309.07, "word": " a", "probability": 0.98779296875}, {"start": 309.07, "end": 309.43, "word": " loss,", "probability": 0.8798828125}, {"start": 309.77, "end": 310.07, "word": " but", "probability": 0.93115234375}, {"start": 310.07, "end": 310.31, "word": " in", "probability": 0.9287109375}, {"start": 310.31, "end": 310.53, "word": " this", "probability": 0.9462890625}, {"start": 310.53, "end": 310.93, "word": " case,", "probability": 0.8994140625}, {"start": 311.77, "end": 312.01, "word": " the", "probability": 0.74853515625}, {"start": 312.01, "end": 313.21, "word": " organization", "probability": 0.90625}, {"start": 313.21, "end": 313.75, "word": " of", "probability": 0.50732421875}, {"start": 313.75, "end": 313.87, "word": " the", "probability": 0.91162109375}, {"start": 313.87, "end": 314.27, "word": " business", "probability": 0.94140625}, {"start": 314.27, "end": 314.95, "word": " is", "probability": 0.9443359375}, {"start": 314.95, "end": 315.89, "word": " confused.", "probability": 0.95654296875}, {"start": 316.51, "end": 317.23, "word": " Confused", "probability": 0.9697265625}, {"start": 317.23, "end": 317.67, "word": " to", "probability": 0.69091796875}, {"start": 317.67, "end": 318.11, "word": " either", "probability": 0.935546875}, {"start": 318.11, "end": 318.49, "word": " to", "probability": 0.9296875}, {"start": 318.49, "end": 318.95, "word": " keep", "probability": 0.9140625}, {"start": 318.95, "end": 319.31, "word": " working", "probability": 0.90673828125}, {"start": 319.31, "end": 319.67, "word": " or", "probability": 0.94482421875}, {"start": 319.67, "end": 320.01, "word": " to", "probability": 0.9580078125}, {"start": 320.01, "end": 320.55, "word": " run.", "probability": 0.50830078125}, {"start": 321.23, "end": 321.53, "word": " Keeping", "probability": 0.7646484375}, {"start": 321.53, "end": 323.03, "word": " working", "probability": 0.828125}, {"start": 323.03, "end": 324.03, "word": " means", "probability": 0.7783203125}, {"start": 324.03, "end": 324.39, "word": " or", "probability": 0.64111328125}, {"start": 324.39, "end": 325.65, "word": " equals", "probability": 0.74609375}, {"start": 325.65, "end": 327.87, "word": " shutting", "probability": 0.65869140625}, {"start": 327.87, "end": 328.33, "word": " down.", "probability": 0.86328125}], "temperature": 1.0}, {"id": 15, "seek": 35811, "start": 329.01, "end": 358.11, "text": " Right? So here, this is the shutdown point. Number three, if total revenue, which means if the price equals average variable cost, here we have the shutdown point, the confusion point. Right? If the total revenue, number three, if total revenue is less than TVC, here the company or the business should close down. Right? Because closing down is better for the organization. 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It's called Normal Profit. If Twitter Revenue is bigger than TVC, we have a loss.", "tokens": [823, 11, 498, 5794, 1300, 29307, 307, 3801, 813, 3558, 34, 11, 321, 362, 257, 4470, 11, 558, 30, 467, 311, 1219, 21277, 6039, 270, 13, 759, 5794, 1300, 29307, 307, 3801, 813, 3558, 34, 11, 321, 362, 257, 4470, 13], "avg_logprob": -0.3508184523809524, "compression_ratio": 1.4752475247524752, "no_speech_prob": 1.1920928955078125e-07, "words": [{"start": 358.93, "end": 359.61, "word": " Now,", "probability": 0.2130126953125}, {"start": 361.91, "end": 362.33, "word": " if", "probability": 0.916015625}, {"start": 362.33, "end": 362.59, "word": " Twitter", "probability": 0.7236328125}, {"start": 362.59, "end": 362.89, "word": " Revenue", "probability": 0.6690673828125}, {"start": 362.89, "end": 363.09, "word": " is", "probability": 0.9267578125}, {"start": 363.09, "end": 363.31, "word": " bigger", "probability": 0.9150390625}, {"start": 363.31, "end": 363.65, "word": " than", "probability": 0.95361328125}, {"start": 363.65, "end": 364.41, "word": " TVC,", "probability": 0.81787109375}, {"start": 364.73, "end": 366.57, "word": " we", "probability": 0.87109375}, {"start": 366.57, "end": 366.81, "word": " have", "probability": 0.9306640625}, {"start": 366.81, "end": 366.95, "word": " a", "probability": 0.90185546875}, {"start": 366.95, "end": 367.25, "word": " loss,", "probability": 0.892578125}, {"start": 367.77, "end": 369.09, "word": " right?", "probability": 0.88525390625}, {"start": 370.81, "end": 371.37, "word": " It's", "probability": 0.9296875}, {"start": 371.37, "end": 371.71, "word": " called", "probability": 0.9072265625}, {"start": 371.71, "end": 372.39, "word": " Normal", "probability": 0.1859130859375}, {"start": 372.39, "end": 373.05, "word": " Profit.", "probability": 0.937744140625}, {"start": 373.93, "end": 374.87, "word": " If", "probability": 0.25927734375}, {"start": 374.87, "end": 375.93, "word": " Twitter", "probability": 0.51025390625}, {"start": 375.93, "end": 376.65, "word": " Revenue", "probability": 0.9345703125}, {"start": 376.65, "end": 378.69, "word": " is", "probability": 0.325927734375}, {"start": 378.69, "end": 378.69, "word": " bigger", "probability": 0.76416015625}, {"start": 378.69, "end": 378.83, "word": " than", "probability": 0.86669921875}, {"start": 378.83, "end": 379.59, "word": " TVC,", "probability": 0.913818359375}, {"start": 379.77, "end": 379.81, "word": " we", "probability": 0.30712890625}, {"start": 379.81, "end": 379.99, "word": " have", "probability": 0.88525390625}, {"start": 379.99, "end": 380.51, "word": " a", "probability": 0.97802734375}, {"start": 380.51, "end": 380.81, "word": " loss.", "probability": 0.88525390625}], "temperature": 1.0}, {"id": 17, "seek": 40400, "start": 385.46, "end": 404.0, "text": " In economics, we call it normal profit. If it had a normal profit, we have a loss in general. Economic profit is negative. But we call it normal profit because the business here covered", "tokens": [682, 14564, 11, 321, 818, 309, 2710, 7475, 13, 759, 309, 632, 257, 2710, 7475, 11, 321, 362, 257, 4470, 294, 2674, 13, 25776, 7475, 307, 3671, 13, 583, 321, 818, 309, 2710, 7475, 570, 264, 1606, 510, 5343], "avg_logprob": -0.19472655951976775, "compression_ratio": 1.537190082644628, "no_speech_prob": 0.0, "words": [{"start": 385.46, "end": 385.66, "word": " In", "probability": 0.89208984375}, {"start": 385.66, "end": 386.1, "word": " economics,", "probability": 0.8271484375}, {"start": 386.24, "end": 386.44, "word": " we", "probability": 0.95947265625}, {"start": 386.44, "end": 387.64, "word": " call", "probability": 0.86767578125}, {"start": 387.64, "end": 387.86, "word": " it", "probability": 0.958984375}, {"start": 387.86, "end": 388.76, "word": " normal", "probability": 0.6337890625}, {"start": 388.76, "end": 389.18, "word": " profit.", "probability": 0.89306640625}, {"start": 389.72, "end": 389.8, "word": " If", "probability": 0.51513671875}, {"start": 389.8, "end": 389.9, "word": " it", "probability": 0.23388671875}, {"start": 389.9, "end": 390.02, "word": " had", "probability": 0.583984375}, {"start": 390.02, "end": 390.14, "word": " a", "probability": 0.9091796875}, {"start": 390.14, "end": 390.4, "word": " normal", "probability": 0.88134765625}, {"start": 390.4, "end": 390.76, "word": " profit,", "probability": 0.87353515625}, {"start": 391.16, "end": 391.24, "word": " we", "probability": 0.962890625}, {"start": 391.24, "end": 391.52, "word": " have", "probability": 0.912109375}, {"start": 391.52, "end": 393.76, "word": " a", "probability": 0.7451171875}, {"start": 393.76, "end": 394.06, "word": " loss", "probability": 0.9208984375}, {"start": 394.06, "end": 394.24, "word": " in", "probability": 0.75537109375}, {"start": 394.24, "end": 394.48, "word": " general.", "probability": 0.919921875}, {"start": 394.62, "end": 395.0, "word": " Economic", "probability": 0.87451171875}, {"start": 395.0, "end": 395.46, "word": " profit", "probability": 0.880859375}, {"start": 395.46, "end": 396.06, "word": " is", "probability": 0.94677734375}, {"start": 396.06, "end": 397.28, "word": " negative.", "probability": 0.9384765625}, {"start": 397.7, "end": 397.98, "word": " But", "probability": 0.95849609375}, {"start": 397.98, "end": 398.24, "word": " we", "probability": 0.9501953125}, {"start": 398.24, "end": 398.68, "word": " call", "probability": 0.8935546875}, {"start": 398.68, "end": 399.02, "word": " it", "probability": 0.9560546875}, {"start": 399.02, "end": 400.2, "word": " normal", "probability": 0.84375}, {"start": 400.2, "end": 400.84, "word": " profit", "probability": 0.8583984375}, {"start": 400.84, "end": 401.66, "word": " because", "probability": 0.5869140625}, {"start": 401.66, "end": 402.2, "word": " the", "probability": 0.9169921875}, {"start": 402.2, "end": 402.68, "word": " business", "probability": 0.94775390625}, {"start": 402.68, "end": 403.04, "word": " here", "probability": 0.86572265625}, {"start": 403.04, "end": 404.0, "word": " covered", "probability": 0.72705078125}], "temperature": 1.0}, {"id": 18, "seek": 43343, "start": 405.29, "end": 433.43, "text": " TVC plus part of total fixed cost. Right? It covered the TVC plus part of TFC. That's why they call it normal profit. It's basically a loss because total revenue is less than total cost. But since it covered the TVC, the work is better than sitting. Right? That's why they call it normal profit. We have a normal profit. 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It's a total cost. Normal profit, where is it? The second point, when total revenue equals TVC, normal profit equals zero. Normal profit equals zero. Normal profit equals zero. The last case, normal profit is negative. Right? 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Right? Now, let us assume that we have the following organization, company that works under the perfect competition market and we have the following data. 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And we have a fixed price, different quantities, and the total cost is given, the requirements.", "tokens": [492, 366, 1417, 466, 257, 1606, 300, 1985, 833, 264, 2176, 6211, 2142, 294, 264, 2099, 1433, 11, 406, 294, 264, 938, 1190, 11, 558, 30, 400, 321, 362, 257, 6806, 3218, 11, 819, 22927, 11, 293, 264, 3217, 2063, 307, 2212, 11, 264, 7728, 13], "avg_logprob": -0.16655584599109405, "compression_ratio": 1.4203821656050954, "no_speech_prob": 0.0, "words": [{"start": 594.08, "end": 594.3, "word": " We", "probability": 0.83544921875}, {"start": 594.3, "end": 594.48, "word": " are", "probability": 0.93310546875}, {"start": 594.48, "end": 594.8, "word": " talking", "probability": 0.84912109375}, {"start": 594.8, "end": 595.28, "word": " about", "probability": 0.90380859375}, {"start": 595.28, "end": 595.54, "word": " a", "probability": 0.77880859375}, {"start": 595.54, "end": 595.8, "word": " business", "probability": 0.94189453125}, {"start": 595.8, "end": 596.1, "word": " that", 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Then complete the table. Number one, complete the table. To complete the table here, we have to calculate the total revenue. TR is total revenue. Price times quantity. Price times quantity. Zero. 10, 20, 30, 40, 50, 60, 70, 80, 90, 100, 110. 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Or two, total fixed cost at Q equals zero. At Q equals zero, total cost equals the total fixed cost. So all them would be 10. Because they are fixed.", "tokens": [1779, 30, 1610, 732, 11, 3217, 6806, 2063, 412, 1249, 6915, 4018, 13, 1711, 1249, 6915, 4018, 11, 3217, 2063, 6915, 264, 3217, 6806, 2063, 13, 407, 439, 552, 576, 312, 1266, 13, 1436, 436, 366, 6806, 13], "avg_logprob": -0.26722756104591566, "compression_ratio": 1.4403669724770642, "no_speech_prob": 0.0, "words": [{"start": 675.13, "end": 675.53, "word": " Right?", "probability": 0.6328125}, {"start": 678.19, "end": 678.63, "word": " Or", "probability": 0.385009765625}, {"start": 678.63, "end": 678.89, "word": " two,", "probability": 0.74609375}, {"start": 679.15, "end": 679.51, "word": " total", "probability": 0.81689453125}, {"start": 679.51, "end": 679.97, "word": " fixed", "probability": 0.9306640625}, {"start": 679.97, "end": 680.47, "word": " cost", "probability": 0.6630859375}, {"start": 680.47, "end": 681.13, "word": " at", "probability": 0.68896484375}, {"start": 681.13, "end": 681.63, "word": " Q", "probability": 0.6845703125}, {"start": 681.63, "end": 682.63, "word": " equals", "probability": 0.80322265625}, {"start": 682.63, "end": 683.21, "word": " zero.", "probability": 0.6259765625}, {"start": 683.71, "end": 684.21, "word": " At", "probability": 0.958984375}, {"start": 684.21, "end": 684.59, "word": " Q", "probability": 0.98583984375}, {"start": 684.59, "end": 685.57, "word": " equals", "probability": 0.93408203125}, {"start": 685.57, "end": 686.13, "word": " zero,", "probability": 0.892578125}, {"start": 686.73, "end": 687.35, "word": " total", "probability": 0.86572265625}, {"start": 687.35, "end": 687.97, "word": " cost", "probability": 0.88818359375}, {"start": 687.97, "end": 688.63, "word": " equals", "probability": 0.94677734375}, {"start": 688.63, "end": 688.85, "word": " the", "probability": 0.86474609375}, {"start": 688.85, "end": 689.29, "word": " total", "probability": 0.80126953125}, {"start": 689.29, "end": 689.67, "word": " fixed", "probability": 0.93505859375}, {"start": 689.67, "end": 690.01, "word": " cost.", "probability": 0.84814453125}, {"start": 690.17, "end": 690.29, "word": " So", "probability": 0.93798828125}, {"start": 690.29, "end": 690.63, "word": " all", "probability": 0.70703125}, {"start": 690.63, "end": 690.85, "word": " them", "probability": 0.415771484375}, {"start": 690.85, "end": 691.03, "word": " would", "probability": 0.327880859375}, {"start": 691.03, "end": 691.23, "word": " be", "probability": 0.90087890625}, {"start": 691.23, "end": 691.89, "word": " 10.", "probability": 0.434326171875}, {"start": 695.01, "end": 695.91, "word": " Because", "probability": 0.84130859375}, {"start": 695.91, "end": 702.81, "word": " they", "probability": 0.892578125}, {"start": 702.81, "end": 703.01, "word": " are", "probability": 0.94287109375}, {"start": 703.01, "end": 703.29, "word": " fixed.", "probability": 0.90771484375}], "temperature": 1.0}, {"id": 29, "seek": 73386, "start": 707.34, "end": 733.86, "text": " Total variable cost equals total cost minus TFC. 0, 10, 8, 18, 25, 30, 35, how much? 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This is what? The total variable cost. TP is the total profit. TP is the total profit which equals total revenue minus total cost. Total economic profits.", "tokens": [30997, 13, 21, 293, 20154, 13, 639, 307, 437, 30, 440, 3217, 7006, 2063, 13, 44462, 307, 264, 3217, 7475, 13, 44462, 307, 264, 3217, 7475, 597, 6915, 3217, 9324, 3175, 3217, 2063, 13, 23170, 4836, 17982, 13], "avg_logprob": -0.17087339896422166, "compression_ratio": 1.4824561403508771, "no_speech_prob": 0.0, "words": [{"start": 735.52, "end": 736.52, "word": " 83", "probability": 0.89697265625}, {"start": 736.52, "end": 737.52, "word": ".6", "probability": 0.986572265625}, {"start": 737.52, "end": 739.22, "word": " and", "probability": 0.533203125}, {"start": 739.22, "end": 740.24, "word": " 110.", "probability": 0.91259765625}, {"start": 741.96, "end": 742.96, "word": " This", "probability": 0.89599609375}, {"start": 742.96, "end": 743.16, "word": " is", "probability": 0.9501953125}, {"start": 743.16, "end": 743.42, "word": " what?", "probability": 0.9423828125}, {"start": 743.8, "end": 743.92, "word": " The", "probability": 0.8564453125}, 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Where is it? Oh here. 8 minus 68.6. How much is it?", "tokens": [1266, 3175, 945, 3175, 1266, 11, 945, 3175, 7562, 3175, 1649, 3175, 1025, 11, 1958, 11, 1025, 11, 1649, 11, 1266, 11, 5285, 3175, 4060, 11, 1266, 13, 2305, 307, 309, 30, 876, 510, 13, 1649, 3175, 23317, 13, 21, 13, 1012, 709, 307, 309, 30], "avg_logprob": -0.2190824474426026, "compression_ratio": 1.528735632183908, "no_speech_prob": 0.0, "words": [{"start": 794.05, "end": 794.33, "word": " 10", "probability": 0.70556640625}, {"start": 794.33, "end": 794.65, "word": " minus", "probability": 0.87744140625}, {"start": 794.65, "end": 794.95, "word": " 20", "probability": 0.326904296875}, {"start": 794.95, "end": 795.75, "word": " minus", "probability": 0.73095703125}, {"start": 795.75, "end": 796.11, "word": " 10,", "probability": 0.87744140625}, {"start": 796.35, "end": 796.65, "word": " 20", "probability": 0.935546875}, {"start": 796.65, "end": 796.99, "word": " minus", "probability": 0.98046875}, {"start": 796.99, "end": 798.27, "word": " 28", "probability": 0.83984375}, {"start": 798.27, "end": 798.77, "word": " minus", "probability": 0.92578125}, {"start": 798.77, "end": 799.17, "word": " 8", "probability": 0.85888671875}, {"start": 799.17, "end": 800.11, "word": " minus", "probability": 0.78759765625}, {"start": 800.11, "end": 801.71, "word": " 5,", "probability": 0.947265625}, {"start": 802.53, "end": 803.89, "word": " 0,", "probability": 0.7421875}, {"start": 806.57, "end": 808.13, "word": " 5,", "probability": 0.978515625}, {"start": 808.71, "end": 809.65, "word": " 8,", "probability": 0.984375}, {"start": 810.17, "end": 811.13, "word": " 10,", "probability": 0.96923828125}, {"start": 812.35, "end": 814.39, "word": " 70", "probability": 0.93603515625}, {"start": 814.39, "end": 814.81, "word": " minus", "probability": 0.9873046875}, {"start": 814.81, "end": 815.75, "word": " 60,", "probability": 0.97021484375}, {"start": 816.47, "end": 816.73, "word": " 10.", "probability": 0.96435546875}, {"start": 818.97, "end": 819.23, "word": " Where", "probability": 0.78662109375}, {"start": 819.23, "end": 819.35, "word": " is", "probability": 0.9306640625}, {"start": 819.35, "end": 819.59, "word": " it?", "probability": 0.93505859375}, {"start": 819.73, "end": 819.89, "word": " Oh", "probability": 0.65966796875}, {"start": 819.89, "end": 820.03, "word": " here.", "probability": 0.51708984375}, {"start": 820.83, "end": 821.15, "word": " 8", "probability": 0.537109375}, {"start": 821.15, "end": 821.51, "word": " minus", "probability": 0.97265625}, {"start": 821.51, "end": 822.07, "word": " 68", "probability": 0.96044921875}, {"start": 822.07, "end": 822.71, "word": ".6.", "probability": 0.687744140625}, {"start": 822.75, "end": 822.91, "word": " How", "probability": 0.9453125}, {"start": 822.91, "end": 823.09, "word": " much", "probability": 0.92041015625}, {"start": 823.09, "end": 823.23, "word": " is", "probability": 0.9453125}, {"start": 823.23, "end": 823.37, "word": " it?", "probability": 0.93017578125}], "temperature": 1.0}, {"id": 33, "seek": 85158, "start": 824.46, "end": 851.58, "text": " Sorry? Point four. Eleven. And then? Six point four. And then?", "tokens": [4919, 30, 12387, 1451, 13, 48548, 13, 400, 550, 30, 11678, 935, 1451, 13, 400, 550, 30], "avg_logprob": -0.4813367790646023, "compression_ratio": 1.1454545454545455, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 824.46, "end": 824.8, "word": " Sorry?", "probability": 0.280029296875}, {"start": 829.58, "end": 829.88, "word": " Point", "probability": 0.273193359375}, {"start": 829.88, "end": 830.26, "word": " four.", "probability": 0.73876953125}, {"start": 831.72, "end": 832.2, "word": " Eleven.", "probability": 0.53271484375}, {"start": 833.66, "end": 835.02, "word": " And", "probability": 0.1947021484375}, {"start": 835.02, "end": 836.74, "word": " then?", "probability": 0.83544921875}, {"start": 846.32, "end": 847.72, "word": " Six", "probability": 0.76220703125}, {"start": 847.72, "end": 848.14, "word": " point", "probability": 0.9619140625}, {"start": 848.14, "end": 848.56, "word": " four.", "probability": 0.9423828125}, {"start": 850.88, "end": 851.5, "word": " And", "probability": 0.61328125}, {"start": 851.5, "end": 851.58, "word": " then?", "probability": 0.89501953125}], "temperature": 1.0}, {"id": 34, "seek": 88212, "start": 854.46, "end": 882.12, "text": " Minus 10. Where is the break-even point? From this data here, where is the break-even point? When total revenue equals total cost? The break-even point", "tokens": [2829, 301, 1266, 13, 2305, 307, 264, 1821, 12, 27170, 935, 30, 3358, 341, 1412, 510, 11, 689, 307, 264, 1821, 12, 27170, 935, 30, 1133, 3217, 9324, 6915, 3217, 2063, 30, 440, 1821, 12, 27170, 935], "avg_logprob": -0.22327302200229546, "compression_ratio": 1.5353535353535352, "no_speech_prob": 0.0, "words": [{"start": 854.46, "end": 854.94, "word": " Minus", "probability": 0.647705078125}, {"start": 854.94, "end": 855.24, "word": " 10.", "probability": 0.650390625}, {"start": 862.34, "end": 863.14, "word": " Where", "probability": 0.84033203125}, {"start": 863.14, "end": 863.46, "word": " is", "probability": 0.9453125}, {"start": 863.46, "end": 863.68, "word": " the", "probability": 0.9267578125}, {"start": 863.68, "end": 863.96, "word": " break", "probability": 0.7578125}, {"start": 863.96, "end": 864.12, "word": "-even", "probability": 0.8505859375}, {"start": 864.12, "end": 864.46, "word": " point?", "probability": 0.97314453125}, {"start": 869.28, "end": 870.08, "word": " From", "probability": 0.7529296875}, {"start": 870.08, "end": 870.48, "word": " this", "probability": 0.67333984375}, {"start": 870.48, "end": 870.84, "word": " data", "probability": 0.94140625}, {"start": 870.84, "end": 871.22, "word": " here,", "probability": 0.8544921875}, {"start": 871.86, "end": 872.74, "word": " where", "probability": 0.9453125}, {"start": 872.74, "end": 873.2, "word": " is", "probability": 0.9482421875}, {"start": 873.2, "end": 873.6, "word": " the", "probability": 0.9248046875}, {"start": 873.6, "end": 873.88, "word": " break", "probability": 0.97021484375}, {"start": 873.88, "end": 874.06, "word": "-even", "probability": 0.94091796875}, {"start": 874.06, "end": 874.44, "word": " point?", "probability": 0.9697265625}, {"start": 874.52, "end": 874.66, "word": " When", "probability": 0.161865234375}, {"start": 874.66, "end": 876.22, "word": " total", "probability": 0.7666015625}, {"start": 876.22, "end": 876.66, "word": " revenue", "probability": 0.90087890625}, {"start": 876.66, "end": 877.16, "word": " equals", "probability": 0.92431640625}, {"start": 877.16, "end": 877.52, "word": " total", "probability": 0.8271484375}, {"start": 877.52, "end": 878.0, "word": " cost?", "probability": 0.91259765625}, {"start": 879.64, "end": 880.44, "word": " The", "probability": 0.7705078125}, {"start": 880.44, "end": 881.52, "word": " break", "probability": 0.96923828125}, {"start": 881.52, "end": 881.68, "word": "-even", "probability": 0.9482421875}, {"start": 881.68, "end": 882.12, "word": " point", "probability": 0.970703125}], "temperature": 1.0}, {"id": 35, "seek": 90866, "start": 884.2, "end": 908.66, "text": " Outputs are achieved when total revenue equals total cost. Where is it? Here. Total revenue equals total cost at total profit is zero or equals zero. Here, we have what? Breakeven point. So, the breakeven quantity is four units. The breakeven price is $10.", "tokens": [5925, 2582, 82, 366, 11042, 562, 3217, 9324, 6915, 3217, 2063, 13, 2305, 307, 309, 30, 1692, 13, 23170, 9324, 6915, 3217, 2063, 412, 3217, 7475, 307, 4018, 420, 6915, 4018, 13, 1692, 11, 321, 362, 437, 30, 7090, 619, 553, 935, 13, 407, 11, 264, 1403, 619, 553, 11275, 307, 1451, 6815, 13, 440, 1403, 619, 553, 3218, 307, 1848, 3279, 13], "avg_logprob": -0.20446777087636292, "compression_ratio": 1.6265822784810127, "no_speech_prob": 0.0, "words": [{"start": 884.2, "end": 884.82, "word": " Outputs", "probability": 0.4336751302083333}, {"start": 884.82, "end": 885.0, "word": " are", "probability": 0.62109375}, {"start": 885.0, "end": 885.46, "word": " achieved", "probability": 0.8349609375}, {"start": 885.46, "end": 885.78, "word": " when", "probability": 0.8935546875}, {"start": 885.78, "end": 886.1, "word": " total", "probability": 0.7607421875}, {"start": 886.1, "end": 886.46, "word": " revenue", "probability": 0.89697265625}, {"start": 886.46, 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"word": " $10.", "probability": 0.8671875}], "temperature": 1.0}, {"id": 36, "seek": 94161, "start": 914.15, "end": 941.61, "text": "the break-even point break-even break-even point and total revenue equals total cost or the price equals ATC or at the price equals ATC ATC must be 10 let's calculate the marginal revenue and marginal cost", "tokens": [3322, 1821, 12, 27170, 935, 1821, 12, 27170, 1821, 12, 27170, 935, 293, 3217, 9324, 6915, 3217, 2063, 420, 264, 3218, 6915, 8872, 34, 420, 412, 264, 3218, 6915, 8872, 34, 8872, 34, 1633, 312, 1266, 718, 311, 8873, 264, 16885, 9324, 293, 16885, 2063], "avg_logprob": -0.3182744493950968, "compression_ratio": 1.7372881355932204, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 914.15, "end": 914.35, "word": "the", "probability": 0.185302734375}, {"start": 914.35, "end": 914.61, "word": " break", "probability": 0.70849609375}, {"start": 914.61, "end": 914.85, "word": "-even", "probability": 0.71533203125}, {"start": 914.85, "end": 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or", "probability": 0.479736328125}, {"start": 925.27, "end": 926.67, "word": " the", "probability": 0.86279296875}, {"start": 926.67, "end": 927.13, "word": " price", "probability": 0.9189453125}, {"start": 927.13, "end": 927.79, "word": " equals", "probability": 0.92529296875}, {"start": 927.79, "end": 928.61, "word": " ATC", "probability": 0.816650390625}, {"start": 928.61, "end": 930.67, "word": " or", "probability": 0.5537109375}, {"start": 930.67, "end": 931.03, "word": " at", "probability": 0.6328125}, {"start": 931.03, "end": 931.35, "word": " the", "probability": 0.87451171875}, {"start": 931.35, "end": 931.71, "word": " price", "probability": 0.91748046875}, {"start": 931.71, "end": 932.13, "word": " equals", "probability": 0.8896484375}, {"start": 932.13, "end": 932.81, "word": " ATC", "probability": 0.92431640625}, {"start": 932.81, "end": 934.75, "word": " ATC", "probability": 0.62274169921875}, {"start": 934.75, "end": 935.65, "word": " must", "probability": 0.83544921875}, {"start": 935.65, "end": 935.91, "word": " be", "probability": 0.947265625}, {"start": 935.91, "end": 936.31, "word": " 10", "probability": 0.7548828125}, {"start": 936.31, "end": 939.25, "word": " let's", "probability": 0.7259521484375}, {"start": 939.25, "end": 939.61, "word": " calculate", "probability": 0.9111328125}, {"start": 939.61, "end": 939.87, "word": " the", "probability": 0.81884765625}, {"start": 939.87, "end": 940.21, "word": " marginal", "probability": 0.89013671875}, {"start": 940.21, "end": 940.59, "word": " revenue", "probability": 0.90283203125}, {"start": 940.59, "end": 940.79, "word": " and", "probability": 0.9306640625}, {"start": 940.79, "end": 941.19, "word": " marginal", "probability": 0.89990234375}, {"start": 941.19, "end": 941.61, "word": " cost", "probability": 0.93212890625}], "temperature": 1.0}, {"id": 37, "seek": 97176, "start": 943.4, "end": 971.76, "text": " Marginal revenue. Or where is the shutdown point? Where is the shutdown point? At the point where the total revenue equals total variable cost. Where is it?", "tokens": [2039, 1494, 304, 9324, 13, 1610, 689, 307, 264, 34927, 935, 30, 2305, 307, 264, 34927, 935, 30, 1711, 264, 935, 689, 264, 3217, 9324, 6915, 3217, 7006, 2063, 13, 2305, 307, 309, 30], "avg_logprob": -0.23191963604518345, "compression_ratio": 1.5858585858585859, "no_speech_prob": 1.7881393432617188e-07, "words": [{"start": 943.4, "end": 944.02, "word": " Marginal", "probability": 0.80078125}, {"start": 944.02, "end": 944.36, "word": " revenue.", "probability": 0.6962890625}, {"start": 946.2, "end": 946.84, "word": " Or", "probability": 0.76416015625}, {"start": 946.84, "end": 947.46, "word": " where", "probability": 0.7509765625}, {"start": 947.46, "end": 947.92, "word": " is", "probability": 0.9287109375}, {"start": 947.92, "end": 949.56, "word": " the", "probability": 0.399169921875}, {"start": 949.56, "end": 951.3, "word": " shutdown", "probability": 0.85205078125}, {"start": 951.3, "end": 952.1, "word": " point?", "probability": 0.97607421875}, {"start": 954.8, "end": 954.8, "word": " Where", "probability": 0.1102294921875}, {"start": 954.8, "end": 964.02, "word": " is", "probability": 0.59033203125}, {"start": 964.02, "end": 964.12, "word": " the", "probability": 0.892578125}, {"start": 964.12, "end": 964.42, "word": " shutdown", "probability": 0.90283203125}, {"start": 964.42, "end": 964.88, "word": " point?", "probability": 0.96875}, {"start": 965.36, "end": 966.32, "word": " At", "probability": 0.8837890625}, {"start": 966.32, "end": 966.92, "word": " the", "probability": 0.92236328125}, {"start": 966.92, "end": 967.22, "word": " point", "probability": 0.9638671875}, {"start": 967.22, "end": 967.54, "word": " where", "probability": 0.94091796875}, {"start": 967.54, "end": 968.06, "word": " the", "probability": 0.89794921875}, {"start": 968.06, "end": 968.36, "word": " total", "probability": 0.89599609375}, {"start": 968.36, "end": 968.84, "word": " revenue", "probability": 0.90234375}, {"start": 968.84, "end": 970.06, "word": " 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Eight. How much is it? Seven. Five. Five. Sorry. Five, yes. Seven. Eight. Eight point six.", "tokens": [28789, 3175, 2064, 11, 2064, 13, 17708, 13, 1012, 709, 307, 309, 30, 14868, 13, 9436, 13, 9436, 13, 4919, 13, 9436, 11, 2086, 13, 14868, 13, 17708, 13, 17708, 935, 2309, 13], "avg_logprob": -0.26930147409439087, "compression_ratio": 1.2527472527472527, "no_speech_prob": 0.0, "words": [{"start": 1136.23, "end": 1136.57, "word": " Twenty", "probability": 0.2705078125}, {"start": 1136.57, "end": 1136.95, "word": " minus", "probability": 0.9736328125}, {"start": 1136.95, "end": 1137.39, "word": " ten,", "probability": 0.82958984375}, {"start": 1137.61, "end": 1137.87, "word": " ten.", "probability": 0.76806640625}, {"start": 1139.85, "end": 1141.25, "word": " Eight.", "probability": 0.865234375}, {"start": 1142.41, "end": 1142.41, "word": " How", "probability": 0.68701171875}, {"start": 1142.41, "end": 1144.49, "word": " much", "probability": 0.9208984375}, {"start": 1144.49, "end": 1144.69, "word": " is", "probability": 0.9140625}, {"start": 1144.69, "end": 1144.81, "word": " it?", "probability": 0.953125}, {"start": 1144.81, "end": 1145.67, "word": " Seven.", "probability": 0.80908203125}, {"start": 1146.79, "end": 1148.19, "word": " Five.", "probability": 0.8447265625}, {"start": 1150.67, "end": 1151.25, "word": " Five.", "probability": 0.7392578125}, {"start": 1152.29, "end": 1152.95, "word": " Sorry.", "probability": 0.5732421875}, {"start": 1153.45, "end": 1154.65, "word": " Five,", "probability": 0.2486572265625}, {"start": 1154.91, "end": 1155.51, "word": " yes.", "probability": 0.76416015625}, {"start": 1157.03, "end": 1157.99, "word": " Seven.", "probability": 0.84619140625}, {"start": 1159.01, "end": 1160.33, "word": " Eight.", "probability": 0.95849609375}, {"start": 1162.17, "end": 1162.51, "word": " Eight", "probability": 0.8203125}, {"start": 1162.51, "end": 1162.83, "word": " point", "probability": 0.9296875}, {"start": 1162.83, "end": 1163.09, "word": " six.", "probability": 0.9443359375}], "temperature": 1.0}, {"id": 45, "seek": 119763, "start": 1171.09, "end": 1197.63, "text": " 10. 93 point, how much is it? 93.6 minus 78.6. And then? 120 minus 93.6. 26 point.", "tokens": [1266, 13, 28876, 935, 11, 577, 709, 307, 309, 30, 28876, 13, 21, 3175, 26369, 13, 21, 13, 400, 550, 30, 10411, 3175, 28876, 13, 21, 13, 7551, 935, 13], "avg_logprob": -0.31502017090397494, "compression_ratio": 1.0506329113924051, "no_speech_prob": 1.1920928955078125e-07, "words": [{"start": 1171.09, "end": 1172.49, "word": " 10.", "probability": 0.20947265625}, {"start": 1172.49, "end": 1173.89, "word": " 93", "probability": 0.9169921875}, {"start": 1173.89, "end": 1174.39, "word": " point,", "probability": 0.70849609375}, {"start": 1174.87, "end": 1175.19, "word": " how", "probability": 0.92822265625}, {"start": 1175.19, "end": 1175.37, "word": " much", "probability": 0.91943359375}, {"start": 1175.37, "end": 1175.53, "word": " is", "probability": 0.94970703125}, {"start": 1175.53, "end": 1175.71, "word": " it?", "probability": 0.953125}, {"start": 1177.81, "end": 1179.21, "word": " 93", "probability": 0.473388671875}, {"start": 1179.21, "end": 1180.01, "word": ".6", "probability": 0.946533203125}, {"start": 1180.01, "end": 1180.35, "word": " minus", "probability": 0.95947265625}, {"start": 1180.35, "end": 1181.47, "word": " 78", "probability": 0.96142578125}, {"start": 1181.47, "end": 1182.19, "word": ".6.", "probability": 0.987548828125}, {"start": 1184.23, "end": 1185.63, "word": " And", "probability": 0.57470703125}, {"start": 1185.63, "end": 1187.69, "word": " then?", "probability": 0.87353515625}, {"start": 1189.03, "end": 1190.43, "word": " 120", "probability": 0.8642578125}, {"start": 1190.43, "end": 1191.03, "word": " minus", "probability": 0.9765625}, {"start": 1191.03, "end": 1192.09, "word": " 93", "probability": 0.8935546875}, {"start": 1192.09, "end": 1192.83, "word": ".6.", "probability": 0.68994140625}, {"start": 1195.69, "end": 1197.09, "word": " 26", "probability": 0.916015625}, {"start": 1197.09, "end": 1197.63, "word": " point.", "probability": 0.501953125}], "temperature": 1.0}, {"id": 46, "seek": 122878, "start": 1199.2, "end": 1228.78, "text": " Four. Four. Okay. Where is the highest total profit? Where is the highest total profit? No. No. Eleven point four. Eleven point four. Eleven point four. 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It has to produce at Q equals nine, at which the marginal revenue equals the marginal cost. Here we have the highest profit. أعلى ربح وانصار. 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The previous one? Here. The equilibrium point", "tokens": [440, 15625, 2793, 11, 264, 1151, 935, 11, 264, 16252, 935, 337, 264, 1606, 307, 264, 935, 412, 597, 264, 16885, 9324, 6915, 16885, 2063, 13, 440, 3894, 472, 30, 1692, 13, 440, 15625, 935], "avg_logprob": -0.19487847056653765, "compression_ratio": 1.576271186440678, "no_speech_prob": 0.0, "words": [{"start": 1262.06, "end": 1262.36, "word": " The", "probability": 0.72021484375}, {"start": 1262.36, "end": 1262.88, "word": " equilibrium", "probability": 0.912109375}, {"start": 1262.88, "end": 1263.42, "word": " points,", "probability": 0.48046875}, {"start": 1263.72, "end": 1263.9, "word": " the", "probability": 0.93115234375}, {"start": 1263.9, "end": 1264.16, "word": " best", "probability": 0.68212890625}, {"start": 1264.16, "end": 1264.5, "word": " point,", "probability": 0.93994140625}, {"start": 1264.76, "end": 1264.86, "word": " the", "probability": 0.91259765625}, {"start": 1264.86, "end": 1265.3, "word": " optimal", "probability": 0.83349609375}, {"start": 1265.3, "end": 1265.72, "word": " point", "probability": 0.9677734375}, {"start": 1265.72, "end": 1265.96, "word": " for", "probability": 0.90576171875}, {"start": 1265.96, "end": 1266.14, "word": " the", "probability": 0.9150390625}, {"start": 1266.14, "end": 1266.66, "word": " business", "probability": 0.9404296875}, {"start": 1266.66, "end": 1267.66, "word": " is", "probability": 0.65869140625}, {"start": 1267.66, "end": 1267.84, "word": " the", "probability": 0.92431640625}, {"start": 1267.84, "end": 1268.16, "word": " point", "probability": 0.96826171875}, {"start": 1268.16, "end": 1268.44, "word": " at", "probability": 0.9599609375}, {"start": 1268.44, "end": 1268.84, "word": " which", "probability": 0.947265625}, {"start": 1268.84, "end": 1269.28, "word": " the", "probability": 0.857421875}, {"start": 1269.28, "end": 1269.64, "word": " marginal", "probability": 0.8916015625}, {"start": 1269.64, "end": 1270.06, "word": " revenue", "probability": 0.89013671875}, {"start": 1270.06, "end": 1270.58, "word": " equals", "probability": 0.94091796875}, {"start": 1270.58, "end": 1271.02, "word": " marginal", "probability": 0.5966796875}, {"start": 1271.02, "end": 1271.5, "word": " cost.", "probability": 0.8984375}, {"start": 1274.12, "end": 1274.92, "word": " The", "probability": 0.69091796875}, {"start": 1274.92, "end": 1275.22, "word": " previous", "probability": 0.8896484375}, {"start": 1275.22, "end": 1275.52, "word": " one?", "probability": 0.9326171875}, {"start": 1276.04, "end": 1276.84, "word": " Here.", "probability": 0.49267578125}, {"start": 1279.2, "end": 1280.0, "word": " The", "probability": 0.3935546875}, {"start": 1280.0, "end": 1282.64, "word": " equilibrium", "probability": 0.93505859375}, {"start": 1282.64, "end": 1283.24, "word": " point", "probability": 0.95458984375}], "temperature": 1.0}, {"id": 49, "seek": 130172, "start": 1284.52, "end": 1301.72, "text": "is the point at which marginal revenue equals marginal cost. Is this achieved or not achieved? Regardless. Here we have the total profit, the highest total profit. 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Equilibrium point. At the marginal revenue equals the marginal cost. At the Q equals how much? Nine units. So and this or for this company?", "tokens": [15624, 12722, 13015, 935, 13, 15624, 12722, 13015, 935, 13, 1711, 264, 16885, 9324, 6915, 264, 16885, 2063, 13, 1711, 264, 1249, 6915, 577, 709, 30, 18939, 6815, 13, 407, 293, 341, 420, 337, 341, 2237, 30], "avg_logprob": -0.32072368891615616, "compression_ratio": 1.4196428571428572, "no_speech_prob": 0.0, "words": [{"start": 1315.39, "end": 1316.23, "word": " Equilibrium", "probability": 0.7275390625}, {"start": 1316.23, "end": 1316.61, "word": " point.", "probability": 0.8671875}, {"start": 1318.07, "end": 1318.91, "word": " Equilibrium", "probability": 0.6609293619791666}, {"start": 1318.91, "end": 1320.07, "word": " point.", "probability": 0.93896484375}, {"start": 1324.85, "end": 1325.69, "word": " At", "probability": 0.6904296875}, {"start": 1325.69, "end": 1326.11, "word": " the", "probability": 0.896484375}, {"start": 1326.11, "end": 1326.53, "word": " marginal", "probability": 0.8486328125}, {"start": 1326.53, "end": 1327.03, "word": " revenue", "probability": 0.916015625}, {"start": 1327.03, "end": 1327.57, "word": " equals", "probability": 0.80419921875}, {"start": 1327.57, "end": 1327.85, "word": " the", "probability": 0.429443359375}, {"start": 1327.85, "end": 1328.19, "word": " marginal", "probability": 0.9287109375}, {"start": 1328.19, "end": 1328.67, "word": " cost.", "probability": 0.92724609375}, {"start": 1328.93, "end": 1329.11, "word": " At", "probability": 0.93310546875}, {"start": 1329.11, "end": 1329.25, "word": " the", "probability": 0.67431640625}, {"start": 1329.25, "end": 1329.53, "word": " Q", "probability": 0.82666015625}, {"start": 1329.53, "end": 1331.79, "word": " equals", "probability": 0.79443359375}, {"start": 1331.79, "end": 1332.03, "word": " how", "probability": 0.90234375}, {"start": 1332.03, "end": 1332.53, "word": " much?", "probability": 0.91943359375}, {"start": 1333.55, "end": 1334.39, "word": " Nine", "probability": 0.8046875}, {"start": 1334.39, "end": 1335.09, "word": " units.", "probability": 0.91015625}, {"start": 1335.59, "end": 1335.79, "word": " So", "probability": 0.50732421875}, {"start": 1335.79, "end": 1336.11, "word": " and", "probability": 0.347412109375}, {"start": 1336.11, "end": 1336.45, "word": " this", "probability": 0.90234375}, {"start": 1336.45, "end": 1336.79, "word": " or", "probability": 0.51123046875}, {"start": 1336.79, "end": 1336.95, "word": " for", "probability": 0.87451171875}, {"start": 1336.95, "end": 1337.21, "word": " this", "probability": 0.95068359375}, {"start": 1337.21, "end": 1337.65, "word": " company?", "probability": 0.927734375}], "temperature": 1.0}, {"id": 51, "seek": 136751, "start": 1347.21, "end": 1367.51, "text": " Where's the highest profit? The highest total profit. Minus, we have a loss, loss, loss, loss, break even. Here we have profit, 5, 8, 10, 11.4, 11.4, 6.4 minus 10.", "tokens": [2305, 311, 264, 6343, 7475, 30, 440, 6343, 3217, 7475, 13, 2829, 301, 11, 321, 362, 257, 4470, 11, 4470, 11, 4470, 11, 4470, 11, 1821, 754, 13, 1692, 321, 362, 7475, 11, 1025, 11, 1649, 11, 1266, 11, 2975, 13, 19, 11, 2975, 13, 19, 11, 1386, 13, 19, 3175, 1266, 13], "avg_logprob": -0.22670717896134765, "compression_ratio": 1.4137931034482758, "no_speech_prob": 0.0, "words": [{"start": 1347.21, "end": 1347.83, "word": " Where's", "probability": 0.270904541015625}, {"start": 1347.83, "end": 1347.95, "word": " the", "probability": 0.91650390625}, {"start": 1347.95, "end": 1348.17, "word": " highest", "probability": 0.9287109375}, {"start": 1348.17, "end": 1348.51, "word": " profit?", "probability": 0.9072265625}, {"start": 1349.63, "end": 1349.79, "word": " The", "probability": 0.8076171875}, {"start": 1349.79, "end": 1350.15, "word": " highest", "probability": 0.93896484375}, {"start": 1350.15, "end": 1350.45, "word": " total", "probability": 0.85107421875}, {"start": 1350.45, "end": 1350.77, "word": " profit.", "probability": 0.9013671875}, {"start": 1353.01, "end": 1353.63, "word": " Minus,", "probability": 0.843505859375}, {"start": 1353.85, "end": 1354.29, "word": " we", "probability": 0.69970703125}, {"start": 1354.29, "end": 1354.55, "word": " have", "probability": 0.93701171875}, {"start": 1354.55, "end": 1354.69, "word": " a", "probability": 0.9716796875}, {"start": 1354.69, "end": 1355.01, "word": " loss,", "probability": 0.88232421875}, {"start": 1355.27, "end": 1355.65, "word": " loss,", "probability": 0.9033203125}, {"start": 1355.89, "end": 1356.19, "word": " loss,", "probability": 0.90478515625}, {"start": 1356.33, "end": 1356.65, "word": " loss,", "probability": 0.86767578125}, {"start": 1356.87, "end": 1357.11, "word": " break", "probability": 0.8505859375}, {"start": 1357.11, "end": 1357.45, "word": " even.", "probability": 0.7001953125}, {"start": 1358.83, "end": 1359.03, "word": " Here", "probability": 0.861328125}, {"start": 1359.03, "end": 1359.15, "word": " we", "probability": 0.70751953125}, {"start": 1359.15, "end": 1359.27, "word": " have", "probability": 0.66552734375}, {"start": 1359.27, "end": 1359.63, "word": " profit,", "probability": 0.89794921875}, {"start": 1359.79, "end": 1360.21, "word": " 5,", "probability": 0.55126953125}, {"start": 1360.33, "end": 1360.67, "word": " 8,", "probability": 0.9130859375}, {"start": 1360.89, "end": 1361.17, "word": " 10,", "probability": 0.9326171875}, {"start": 1361.99, "end": 1362.27, "word": " 11", "probability": 0.93896484375}, {"start": 1362.27, "end": 1362.89, "word": ".4,", "probability": 0.9736328125}, {"start": 1362.99, "end": 1363.23, "word": " 11", "probability": 0.939453125}, {"start": 1363.23, "end": 1363.97, "word": ".4,", "probability": 0.998779296875}, {"start": 1364.97, "end": 1365.25, "word": " 6", "probability": 0.9853515625}, {"start": 1365.25, "end": 1365.89, "word": ".4", "probability": 0.997802734375}, {"start": 1365.89, "end": 1366.59, "word": " minus", "probability": 0.69921875}, {"start": 1366.59, "end": 1367.51, "word": " 10.", "probability": 0.92333984375}], "temperature": 1.0}, {"id": 52, "seek": 138176, "start": 1368.68, "end": 1381.76, "text": " Let's say the highest total profit eight years were achieved at the marginal revenue equals the marginal cost. At a Q equals nine here.", "tokens": [961, 311, 584, 264, 6343, 3217, 7475, 3180, 924, 645, 11042, 412, 264, 16885, 9324, 6915, 264, 16885, 2063, 13, 1711, 257, 1249, 6915, 4949, 510, 13], "avg_logprob": -0.36328124361378805, "compression_ratio": 1.3076923076923077, "no_speech_prob": 0.0, "words": [{"start": 1368.68, "end": 1369.04, "word": " Let's", "probability": 0.4774169921875}, {"start": 1369.04, "end": 1369.26, "word": " say", "probability": 0.5693359375}, {"start": 1369.26, "end": 1370.32, "word": " the", "probability": 0.54736328125}, {"start": 1370.32, "end": 1370.76, "word": " highest", "probability": 0.9384765625}, {"start": 1370.76, "end": 1371.04, "word": " total", "probability": 0.92724609375}, {"start": 1371.04, "end": 1371.5, "word": " profit", "probability": 0.8212890625}, {"start": 1371.5, "end": 1372.42, "word": " eight", "probability": 0.212890625}, {"start": 1372.42, "end": 1372.7, "word": " years", "probability": 0.94091796875}, {"start": 1372.7, "end": 1372.88, "word": " were", "probability": 0.317626953125}, {"start": 1372.88, "end": 1373.46, "word": " achieved", "probability": 0.8583984375}, {"start": 1373.46, "end": 1373.98, "word": " at", "probability": 0.76025390625}, {"start": 1373.98, "end": 1374.16, "word": " the", "probability": 0.8310546875}, {"start": 1374.16, "end": 1374.54, "word": " marginal", "probability": 0.91748046875}, {"start": 1374.54, "end": 1374.94, "word": " revenue", "probability": 0.9150390625}, {"start": 1374.94, "end": 1375.52, "word": " equals", "probability": 0.93017578125}, {"start": 1375.52, "end": 1375.88, "word": " the", "probability": 0.8857421875}, {"start": 1375.88, "end": 1376.28, "word": " marginal", "probability": 0.9375}, {"start": 1376.28, "end": 1376.86, "word": " cost.", "probability": 0.93798828125}, {"start": 1378.98, "end": 1379.82, "word": " At", "probability": 0.6142578125}, {"start": 1379.82, "end": 1380.02, "word": " a", "probability": 0.66650390625}, {"start": 1380.02, "end": 1380.24, "word": " Q", "probability": 0.888671875}, {"start": 1380.24, "end": 1380.9, "word": " equals", "probability": 0.87451171875}, {"start": 1380.9, "end": 1381.26, "word": " nine", "probability": 0.7529296875}, {"start": 1381.26, "end": 1381.76, "word": " here.", "probability": 0.5224609375}], "temperature": 1.0}, {"id": 53, "seek": 142215, "start": 1395.17, "end": 1422.15, "text": " Did you notice that we are going to make a graph and everything is going to be clear? Okay. Average fixed cost. TFC over Q. Ten over one. Ten. Ten over two, five. Ten over three. Three point three. Two and a half. 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Zero, okay, zero. And? Ten over ten here. One. And then ten over eleven. Eight. 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TVC over Q. TVC over Q. Ten over one. Ten. Nine. Nine. TVC over Q. Nine.", "tokens": [30198, 34, 13, 3558, 34, 670, 1249, 13, 3558, 34, 670, 1249, 13, 9380, 670, 472, 13, 9380, 13, 18939, 13, 18939, 13, 3558, 34, 670, 1249, 13, 18939, 13], "avg_logprob": -0.2628528206579147, "compression_ratio": 1.7333333333333334, "no_speech_prob": 0.0, "words": [{"start": 1461.64, "end": 1462.64, "word": " AVC.", "probability": 0.724853515625}, {"start": 1463.16, "end": 1463.86, "word": " TVC", "probability": 0.716552734375}, {"start": 1463.86, "end": 1464.3, "word": " over", "probability": 0.91943359375}, {"start": 1464.3, "end": 1464.66, "word": " Q.", "probability": 0.97021484375}, {"start": 1465.4, "end": 1466.24, "word": " TVC", "probability": 0.798583984375}, {"start": 1466.24, "end": 1466.52, "word": " over", "probability": 0.92236328125}, {"start": 1466.52, "end": 1466.86, "word": " Q.", "probability": 0.9970703125}, {"start": 1467.48, "end": 1467.84, "word": " Ten", "probability": 0.44091796875}, {"start": 1467.84, "end": 1470.9, "word": " over", "probability": 0.9189453125}, {"start": 1470.9, "end": 1472.16, "word": " one.", "probability": 0.7822265625}, {"start": 1472.4, "end": 1472.62, "word": " Ten.", "probability": 0.415771484375}, {"start": 1473.84, "end": 1474.48, "word": " Nine.", "probability": 0.857421875}, {"start": 1476.44, "end": 1476.44, "word": " Nine.", "probability": 0.73828125}, {"start": 1481.98, "end": 1483.3, "word": " TVC", "probability": 0.76123046875}, {"start": 1483.3, "end": 1485.96, "word": " over", "probability": 0.8447265625}, {"start": 1485.96, "end": 1486.62, "word": " Q.", "probability": 0.99755859375}, {"start": 1487.02, "end": 1488.34, "word": " Nine.", "probability": 0.93359375}], "temperature": 1.0}, {"id": 56, "seek": 151750, "start": 1489.34, "end": 1517.5, "text": " Yeah, nine. And then? Twenty-five over three. Eight point three. And then? Seven point five. Keep silent please. Thirty over four. Seven. Thirty over four. Seven point five. Seven. 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And then? Fifty eight point six over eight, how much is it? Seven point three, and then? Sixty eight point six over nine, how much?", "tokens": [21501, 874, 670, 3407, 11, 577, 709, 307, 309, 30, 400, 550, 30, 21501, 874, 3180, 935, 2309, 670, 3180, 11, 577, 709, 307, 309, 30, 14868, 935, 1045, 11, 293, 550, 30, 47374, 88, 3180, 935, 2309, 670, 4949, 11, 577, 709, 30], "avg_logprob": -0.19826389286253188, "compression_ratio": 1.6767676767676767, "no_speech_prob": 0.0, "words": [{"start": 1523.6, "end": 1524.28, "word": " Fifty", "probability": 0.695068359375}, {"start": 1524.28, "end": 1524.5, "word": " over", "probability": 0.8876953125}, {"start": 1524.5, "end": 1524.86, "word": " seven,", "probability": 0.88916015625}, {"start": 1524.92, "end": 1525.02, "word": " how", "probability": 0.927734375}, {"start": 1525.02, "end": 1525.26, "word": " much", "probability": 0.91943359375}, {"start": 1525.26, "end": 1525.44, "word": " is", "probability": 0.94970703125}, {"start": 1525.44, "end": 1525.64, "word": " it?", "probability": 0.9501953125}, {"start": 1530.44, "end": 1531.12, "word": " And", "probability": 0.759765625}, {"start": 1531.12, "end": 1531.38, "word": " then?", "probability": 0.86181640625}, {"start": 1534.14, "end": 1534.82, "word": " Fifty", "probability": 0.82958984375}, {"start": 1534.82, "end": 1535.22, "word": " eight", "probability": 0.49560546875}, {"start": 1535.22, "end": 1535.6, "word": " point", "probability": 0.89208984375}, {"start": 1535.6, "end": 1535.94, "word": " six", "probability": 0.94091796875}, {"start": 1535.94, "end": 1536.28, "word": " over", "probability": 0.90869140625}, {"start": 1536.28, "end": 1536.62, "word": " eight,", "probability": 0.91552734375}, {"start": 1536.7, "end": 1536.78, "word": " how", "probability": 0.9375}, {"start": 1536.78, "end": 1536.96, "word": " much", "probability": 0.919921875}, {"start": 1536.96, "end": 1537.08, "word": " is", "probability": 0.94677734375}, {"start": 1537.08, "end": 1537.24, "word": " it?", "probability": 0.9501953125}, {"start": 1539.12, "end": 1539.46, "word": " Seven", "probability": 0.82080078125}, {"start": 1539.46, "end": 1542.54, "word": " point", "probability": 0.962890625}, {"start": 1542.54, "end": 1543.18, "word": " three,", "probability": 0.787109375}, {"start": 1544.08, "end": 1544.44, "word": " and", "probability": 0.88623046875}, {"start": 1544.44, "end": 1544.72, "word": " then?", "probability": 0.8701171875}, {"start": 1545.18, "end": 1545.86, "word": " Sixty", "probability": 0.8681640625}, {"start": 1545.86, "end": 1546.06, "word": " eight", "probability": 0.88330078125}, {"start": 1546.06, "end": 1546.32, "word": " point", "probability": 0.96923828125}, {"start": 1546.32, "end": 1546.64, "word": " six", "probability": 0.95166015625}, {"start": 1546.64, "end": 1546.98, "word": " over", "probability": 0.91455078125}, {"start": 1546.98, "end": 1547.36, "word": " nine,", "probability": 0.93994140625}, {"start": 1549.38, "end": 1549.92, "word": " how", "probability": 0.9306640625}, {"start": 1549.92, "end": 1550.2, "word": " much?", "probability": 0.92138671875}], "temperature": 1.0}, {"id": 58, "seek": 157726, "start": 1552.3, "end": 1577.26, "text": " And then, 9.36. No, no, no. 8 point, yeah. Sorry, the previous one is wrong. 7.6.", "tokens": [400, 550, 11, 1722, 13, 11309, 13, 883, 11, 572, 11, 572, 13, 1649, 935, 11, 1338, 13, 4919, 11, 264, 3894, 472, 307, 2085, 13, 1614, 13, 21, 13], "avg_logprob": -0.4352318471477878, "compression_ratio": 1.0, "no_speech_prob": 0.0, "words": [{"start": 1552.3, "end": 1552.56, "word": " And", "probability": 0.62646484375}, {"start": 1552.56, "end": 1552.88, "word": " then,", "probability": 0.87158203125}, {"start": 1556.2, "end": 1558.24, "word": " 9", "probability": 0.78662109375}, {"start": 1558.24, "end": 1559.16, "word": ".36.", "probability": 0.94970703125}, {"start": 1563.88, "end": 1564.72, "word": " No,", "probability": 0.260498046875}, {"start": 1565.4, "end": 1565.56, "word": " no,", "probability": 0.75}, {"start": 1565.94, "end": 1565.94, "word": " no.", "probability": 0.8408203125}, {"start": 1566.36, "end": 1566.78, "word": " 8", "probability": 0.4404296875}, {"start": 1566.78, "end": 1567.16, "word": " point,", "probability": 0.54638671875}, {"start": 1567.66, "end": 1567.84, "word": " yeah.", "probability": 0.5048828125}, {"start": 1569.7, "end": 1570.06, "word": " Sorry,", "probability": 0.83349609375}, {"start": 1570.28, "end": 1570.44, "word": " the", "probability": 0.361083984375}, {"start": 1570.44, "end": 1570.86, "word": " previous", "probability": 0.849609375}, {"start": 1570.86, "end": 1571.18, "word": " one", "probability": 0.9287109375}, {"start": 1571.18, "end": 1571.82, "word": " is", "probability": 0.734375}, {"start": 1571.82, "end": 1572.12, "word": " wrong.", "probability": 0.9248046875}, {"start": 1573.26, "end": 1573.88, "word": " 7", "probability": 0.2822265625}, {"start": 1573.88, "end": 1577.26, "word": ".6.", "probability": 0.978271484375}], "temperature": 1.0}, {"id": 59, "seek": 159808, "start": 1578.18, "end": 1598.08, "text": " and then 83.6 over 10, 8.36, and then 10. What about the average total cost, ATC? 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Yes, and then? Fourteen. Fourteen, sorry? Fourteen. Fourteen, yeah. Eleven point six. No, no, no, no. TC over Q, 14 and then, yeah.", "tokens": [34150, 670, 1249, 11, 34150, 945, 670, 502, 11, 945, 13, 1079, 11, 293, 550, 30, 7451, 9791, 13, 7451, 9791, 11, 2597, 30, 7451, 9791, 13, 7451, 9791, 11, 1338, 13, 48548, 935, 2309, 13, 883, 11, 572, 11, 572, 11, 572, 13, 34150, 670, 1249, 11, 3499, 293, 550, 11, 1338, 13], "avg_logprob": -0.3045454632152211, "compression_ratio": 1.5188679245283019, "no_speech_prob": 0.0, "words": [{"start": 1614.82, "end": 1615.26, "word": " TC", "probability": 0.6455078125}, {"start": 1615.26, "end": 1616.3, "word": " over", "probability": 0.91552734375}, {"start": 1616.3, "end": 1616.74, "word": " Q,", "probability": 0.9541015625}, {"start": 1617.14, "end": 1617.62, "word": " TC", "probability": 0.9052734375}, {"start": 1617.62, "end": 1618.94, "word": " 20", "probability": 0.51220703125}, {"start": 1618.94, "end": 1619.82, "word": " over", "probability": 0.92626953125}, {"start": 1619.82, "end": 1620.24, "word": " 1,", "probability": 0.2978515625}, {"start": 1620.38, "end": 1620.68, "word": " 20.", "probability": 0.82861328125}, {"start": 1622.44, "end": 1623.32, "word": " Yes,", "probability": 0.91650390625}, {"start": 1623.44, "end": 1623.58, "word": " and", "probability": 0.9404296875}, {"start": 1623.58, "end": 1623.84, "word": " then?", "probability": 0.87353515625}, {"start": 1624.88, "end": 1625.62, "word": " Fourteen.", "probability": 0.6964111328125}, {"start": 1626.22, "end": 1626.94, "word": " Fourteen,", "probability": 0.6015625}, {"start": 1626.98, "end": 1627.14, "word": " sorry?", "probability": 0.423583984375}, {"start": 1627.4, "end": 1627.94, "word": " Fourteen.", "probability": 0.97705078125}, {"start": 1628.48, "end": 1629.34, "word": " Fourteen,", "probability": 0.979248046875}, {"start": 1629.64, "end": 1629.98, "word": " yeah.", "probability": 0.826171875}, {"start": 1633.0, "end": 1633.78, "word": " Eleven", "probability": 0.60205078125}, {"start": 1633.78, "end": 1634.4, "word": " point", "probability": 0.67529296875}, {"start": 1634.4, "end": 1634.74, "word": " six.", "probability": 0.74365234375}, {"start": 1635.42, "end": 1636.3, "word": " No,", "probability": 0.8564453125}, {"start": 1636.38, "end": 1636.46, "word": " no,", "probability": 0.95556640625}, {"start": 1636.56, "end": 1636.68, "word": " no,", "probability": 0.95947265625}, {"start": 1636.68, "end": 1636.86, "word": " no.", "probability": 0.94970703125}, {"start": 1637.34, "end": 1638.22, "word": " TC", "probability": 0.96630859375}, {"start": 1638.22, "end": 1638.78, "word": " over", "probability": 0.9326171875}, {"start": 1638.78, "end": 1639.22, "word": " Q,", "probability": 0.99755859375}, {"start": 1639.86, "end": 1641.5, "word": " 14", "probability": 0.537109375}, {"start": 1641.5, "end": 1641.98, "word": " and", "probability": 0.5234375}, {"start": 1641.98, "end": 1642.3, "word": " then,", "probability": 0.86328125}, {"start": 1642.48, "end": 1642.66, "word": " yeah.", "probability": 0.9453125}], "temperature": 1.0}, {"id": 61, "seek": 167385, "start": 1644.53, "end": 1673.85, "text": " Eleven point. Forty-five over five. Ten. Ten. Okay. Okay. Okay. AFC plus AVC, how much is it here? Ten, nine, eight point six, point six yes, eight point four,", "tokens": [48548, 935, 13, 11002, 88, 12, 18621, 670, 1732, 13, 9380, 13, 9380, 13, 1033, 13, 1033, 13, 1033, 13, 316, 18671, 1804, 30198, 34, 11, 577, 709, 307, 309, 510, 30, 9380, 11, 4949, 11, 3180, 935, 2309, 11, 935, 2309, 2086, 11, 3180, 935, 1451, 11], "avg_logprob": -0.3332270505476971, "compression_ratio": 1.4035087719298245, "no_speech_prob": 0.0, "words": [{"start": 1644.53, "end": 1644.97, "word": " Eleven", "probability": 0.3212890625}, {"start": 1644.97, "end": 1645.49, "word": " point.", "probability": 0.89501953125}, {"start": 1650.43, "end": 1651.19, "word": " Forty", "probability": 0.91015625}, {"start": 1651.19, "end": 1652.43, "word": "-five", "probability": 0.6595458984375}, {"start": 1652.43, "end": 1652.81, "word": " over", "probability": 0.90771484375}, {"start": 1652.81, "end": 1653.17, "word": " five.", "probability": 0.90380859375}, {"start": 1655.49, "end": 1656.25, "word": " Ten.", "probability": 0.681640625}, {"start": 1657.79, "end": 1657.97, "word": " Ten.", "probability": 0.69677734375}, {"start": 1659.67, "end": 1660.43, "word": " Okay.", "probability": 0.400634765625}, {"start": 1662.31, "end": 1662.31, "word": " Okay.", "probability": 0.6630859375}, {"start": 1662.89, "end": 1662.95, "word": " Okay.", "probability": 0.4013671875}, {"start": 1662.95, "end": 1663.31, "word": " AFC", "probability": 0.81884765625}, {"start": 1663.31, "end": 1663.69, "word": " plus", "probability": 0.93017578125}, {"start": 1663.69, "end": 1664.41, "word": " AVC,", "probability": 0.927001953125}, {"start": 1664.65, "end": 1664.87, "word": " how", "probability": 0.9375}, {"start": 1664.87, "end": 1665.05, "word": " much", "probability": 0.9208984375}, {"start": 1665.05, "end": 1665.19, "word": " is", "probability": 0.94384765625}, {"start": 1665.19, "end": 1665.35, "word": " it", "probability": 0.93212890625}, {"start": 1665.35, "end": 1665.57, "word": " here?", "probability": 0.8349609375}, {"start": 1665.89, "end": 1666.13, "word": " Ten,", "probability": 0.720703125}, {"start": 1666.45, "end": 1666.97, "word": " nine,", "probability": 0.9267578125}, {"start": 1669.07, "end": 1669.61, "word": " eight", "probability": 0.491455078125}, {"start": 1669.61, "end": 1669.93, "word": " point", "probability": 0.904296875}, {"start": 1669.93, "end": 1670.35, "word": " six,", "probability": 0.93017578125}, {"start": 1670.61, "end": 1671.29, "word": " point", "probability": 0.429443359375}, {"start": 1671.29, "end": 1671.55, "word": " six", "probability": 0.9287109375}, {"start": 1671.55, "end": 1671.81, "word": " yes,", "probability": 0.54296875}, {"start": 1672.55, "end": 1673.17, "word": " eight", "probability": 0.9072265625}, {"start": 1673.17, "end": 1673.49, "word": " point", "probability": 0.96875}, {"start": 1673.49, "end": 1673.85, "word": " four,", "probability": 0.94189453125}], "temperature": 1.0}, {"id": 62, "seek": 170273, "start": 1676.25, "end": 1702.73, "text": " Five. Eight point five. Eight point seven. Nine point thirty-six. Ten point nine. What do you see? The break-even point is determined when the total revenue equals total cost", "tokens": [9436, 13, 17708, 935, 1732, 13, 17708, 935, 3407, 13, 18939, 935, 11790, 12, 35066, 13, 9380, 935, 4949, 13, 708, 360, 291, 536, 30, 440, 1821, 12, 27170, 935, 307, 9540, 562, 264, 3217, 9324, 6915, 3217, 2063], "avg_logprob": -0.21289061866700648, "compression_ratio": 1.4344262295081966, "no_speech_prob": 0.0, "words": [{"start": 1676.2500000000002, "end": 1677.3300000000002, "word": " Five.", "probability": 0.20361328125}, {"start": 1677.3300000000002, "end": 1678.41, "word": " Eight", "probability": 0.654296875}, {"start": 1678.41, "end": 1678.73, "word": " point", "probability": 0.91357421875}, {"start": 1678.73, "end": 1679.23, "word": " five.", "probability": 0.88916015625}, {"start": 1680.89, "end": 1681.03, "word": " Eight", "probability": 0.5224609375}, {"start": 1681.03, "end": 1681.81, "word": " point", "probability": 0.96484375}, {"start": 1681.81, "end": 1683.61, "word": " seven.", "probability": 0.54638671875}, {"start": 1685.11, "end": 1685.35, "word": " Nine", "probability": 0.8671875}, {"start": 1685.35, "end": 1687.27, "word": " point", "probability": 0.96728515625}, {"start": 1687.27, "end": 1687.69, "word": " thirty", "probability": 0.78955078125}, {"start": 1687.69, "end": 1688.15, "word": "-six.", "probability": 0.790771484375}, {"start": 1689.61, "end": 1689.99, "word": " Ten", "probability": 0.9345703125}, {"start": 1689.99, "end": 1690.37, "word": " point", "probability": 0.9658203125}, {"start": 1690.37, "end": 1690.85, "word": " nine.", "probability": 0.95947265625}, {"start": 1692.63, "end": 1693.09, "word": " What", "probability": 0.572265625}, {"start": 1693.09, "end": 1693.23, "word": " do", "probability": 0.8623046875}, {"start": 1693.23, "end": 1693.27, "word": " you", "probability": 0.837890625}, {"start": 1693.27, "end": 1693.51, "word": " see?", "probability": 0.92822265625}, {"start": 1694.83, "end": 1695.53, "word": " The", "probability": 0.89404296875}, {"start": 1695.53, "end": 1695.81, "word": " break", "probability": 0.79833984375}, {"start": 1695.81, "end": 1696.11, "word": "-even", "probability": 0.804443359375}, {"start": 1696.11, "end": 1697.03, "word": " point", "probability": 0.9716796875}, {"start": 1697.03, "end": 1698.11, "word": " is", "probability": 0.9208984375}, {"start": 1698.11, "end": 1698.71, "word": " determined", "probability": 0.91748046875}, {"start": 1698.71, "end": 1699.27, "word": " when", "probability": 0.94091796875}, {"start": 1699.27, "end": 1700.33, "word": " the", "probability": 0.90283203125}, {"start": 1700.33, "end": 1700.73, "word": " total", "probability": 0.88330078125}, {"start": 1700.73, "end": 1701.27, "word": " revenue", "probability": 0.90966796875}, {"start": 1701.27, "end": 1701.87, "word": " equals", "probability": 0.93896484375}, {"start": 1701.87, "end": 1702.29, "word": " total", "probability": 0.8291015625}, {"start": 1702.29, "end": 1702.73, "word": " cost", "probability": 0.89599609375}], "temperature": 1.0}, {"id": 63, "seek": 172717, "start": 1704.47, "end": 1727.17, "text": "Total profit equals zero and the price equals ATC. Twitter revenue equals TC and the price equals ATC. Let's determine or use a graph here.", "tokens": [51, 38180, 7475, 6915, 4018, 293, 264, 3218, 6915, 8872, 34, 13, 5794, 9324, 6915, 34150, 293, 264, 3218, 6915, 8872, 34, 13, 961, 311, 6997, 420, 764, 257, 4295, 510, 13], "avg_logprob": -0.32196969696969696, "compression_ratio": 1.4479166666666667, "no_speech_prob": 0.0, "words": [{"start": 1704.47, "end": 1704.85, "word": "Total", "probability": 0.62646484375}, {"start": 1704.85, "end": 1705.11, "word": " profit", "probability": 0.65966796875}, {"start": 1705.11, "end": 1705.57, "word": " equals", "probability": 0.77099609375}, {"start": 1705.57, "end": 1705.95, "word": " zero", "probability": 0.72265625}, {"start": 1705.95, "end": 1706.73, "word": " and", "probability": 0.5537109375}, {"start": 1706.73, "end": 1706.95, "word": " the", "probability": 0.87548828125}, {"start": 1706.95, "end": 1707.39, "word": " price", "probability": 0.92138671875}, {"start": 1707.39, "end": 1708.15, "word": " equals", "probability": 0.9228515625}, {"start": 1708.15, "end": 1709.35, "word": " ATC.", "probability": 0.74951171875}, {"start": 1710.39, "end": 1711.29, "word": " Twitter", "probability": 0.255859375}, {"start": 1711.29, "end": 1711.71, "word": " revenue", "probability": 0.580078125}, {"start": 1711.71, "end": 1712.17, "word": " equals", "probability": 0.8798828125}, {"start": 1712.17, "end": 1712.53, "word": " TC", "probability": 0.73193359375}, {"start": 1712.53, "end": 1713.15, "word": " and", "probability": 0.80419921875}, {"start": 1713.15, "end": 1713.31, "word": " the", "probability": 0.884765625}, {"start": 1713.31, "end": 1713.75, "word": " price", "probability": 0.89013671875}, {"start": 1713.75, "end": 1715.83, "word": " equals", "probability": 0.89697265625}, {"start": 1715.83, "end": 1718.43, "word": " ATC.", "probability": 0.876708984375}, {"start": 1722.21, "end": 1723.11, "word": " Let's", "probability": 0.7000732421875}, {"start": 1723.11, "end": 1723.65, "word": " determine", "probability": 0.64501953125}, {"start": 1723.65, "end": 1725.79, "word": " or", "probability": 0.41064453125}, {"start": 1725.79, "end": 1726.43, "word": " use", "probability": 0.640625}, {"start": 1726.43, "end": 1726.57, "word": " a", "probability": 0.7763671875}, {"start": 1726.57, "end": 1726.91, "word": " graph", "probability": 0.94287109375}, {"start": 1726.91, "end": 1727.17, "word": " here.", "probability": 0.77880859375}], "temperature": 1.0}, {"id": 64, "seek": 176521, "start": 1739.57, "end": 1765.21, "text": " Let's use a graph here. Draw the demand curve. Determine the equilibrium point", "tokens": [961, 311, 764, 257, 4295, 510, 13, 20386, 264, 4733, 7605, 13, 4237, 966, 533, 264, 15625, 935], "avg_logprob": -0.19592927004161634, "compression_ratio": 1.0533333333333332, "no_speech_prob": 0.0, "words": [{"start": 1739.57, "end": 1739.95, "word": " Let's", "probability": 0.88525390625}, {"start": 1739.95, "end": 1740.15, "word": " use", "probability": 0.88427734375}, {"start": 1740.15, "end": 1740.31, "word": " a", "probability": 0.71240234375}, {"start": 1740.31, "end": 1740.61, "word": " graph", "probability": 0.95849609375}, {"start": 1740.61, "end": 1744.09, "word": " here.", "probability": 0.84765625}, {"start": 1755.57, "end": 1756.57, "word": " Draw", "probability": 0.693359375}, {"start": 1756.57, "end": 1757.19, "word": " the", "probability": 0.8740234375}, {"start": 1757.19, "end": 1757.61, "word": " demand", "probability": 0.92578125}, {"start": 1757.61, "end": 1758.05, "word": " curve.", "probability": 0.95361328125}, {"start": 1762.53, "end": 1763.53, "word": " Determine", "probability": 0.7258707682291666}, {"start": 1763.53, "end": 1764.23, "word": " the", "probability": 0.92724609375}, {"start": 1764.23, "end": 1764.73, "word": " equilibrium", "probability": 0.9619140625}, {"start": 1764.73, "end": 1765.21, "word": " point", "probability": 0.9619140625}], "temperature": 1.0}, {"id": 65, "seek": 179608, "start": 1766.76, "end": 1796.08, "text": " they shut down point and break even point using graph. Here's the graph, Q, and here's the marginal cost. What about the marginal cost? It's decreasing and then increasing.", "tokens": [436, 5309, 760, 935, 293, 1821, 754, 935, 1228, 4295, 13, 1692, 311, 264, 4295, 11, 1249, 11, 293, 510, 311, 264, 16885, 2063, 13, 708, 466, 264, 16885, 2063, 30, 467, 311, 23223, 293, 550, 5662, 13], "avg_logprob": -0.23056891636970717, "compression_ratio": 1.453781512605042, "no_speech_prob": 0.0, "words": [{"start": 1766.76, "end": 1767.06, "word": " they", "probability": 0.298095703125}, {"start": 1767.06, "end": 1767.46, "word": " shut", "probability": 0.79443359375}, {"start": 1767.46, "end": 1767.74, "word": " down", "probability": 0.853515625}, {"start": 1767.74, "end": 1768.22, "word": " point", "probability": 0.876953125}, {"start": 1768.22, "end": 1768.7, "word": " and", "probability": 0.83935546875}, {"start": 1768.7, "end": 1769.14, "word": " break", "probability": 0.91015625}, {"start": 1769.14, "end": 1769.38, "word": " even", "probability": 0.65283203125}, {"start": 1769.38, "end": 1769.82, "word": " point", "probability": 0.95654296875}, {"start": 1769.82, "end": 1770.24, "word": " using", "probability": 0.921875}, {"start": 1770.24, "end": 1770.72, "word": " graph.", "probability": 0.82861328125}, {"start": 1774.88, "end": 1775.76, "word": " Here's", "probability": 0.45025634765625}, {"start": 1775.76, "end": 1776.9, "word": " the", "probability": 0.91357421875}, {"start": 1776.9, "end": 1777.32, "word": " graph,", "probability": 0.94384765625}, {"start": 1779.6, "end": 1780.06, "word": " Q,", "probability": 0.87841796875}, {"start": 1781.54, "end": 1782.72, "word": " and", "probability": 0.92626953125}, {"start": 1782.72, "end": 1783.12, "word": " here's", "probability": 0.796142578125}, {"start": 1783.12, "end": 1783.46, "word": " the", "probability": 0.91650390625}, {"start": 1783.46, "end": 1784.0, "word": " marginal", "probability": 0.90869140625}, {"start": 1784.0, "end": 1784.44, "word": " cost.", "probability": 0.9228515625}, {"start": 1789.2, "end": 1789.46, "word": " What", "probability": 0.86181640625}, {"start": 1789.46, "end": 1789.62, "word": " about", "probability": 0.8828125}, {"start": 1789.62, "end": 1789.76, "word": " the", "probability": 0.90869140625}, {"start": 1789.76, "end": 1790.06, "word": " marginal", "probability": 0.92822265625}, {"start": 1790.06, "end": 1790.5, "word": " cost?", "probability": 0.92919921875}, {"start": 1791.16, "end": 1791.98, "word": " It's", "probability": 0.980224609375}, {"start": 1791.98, "end": 1792.76, "word": " decreasing", "probability": 0.93408203125}, {"start": 1792.76, "end": 1795.22, "word": " and", "probability": 0.79736328125}, {"start": 1795.22, "end": 1795.52, "word": " then", "probability": 0.8544921875}, {"start": 1795.52, "end": 1796.08, "word": " increasing.", "probability": 0.9501953125}], "temperature": 1.0}, {"id": 66, "seek": 182469, "start": 1797.27, "end": 1824.69, "text": " Hey, this is the marginal cost decreasing as long as the equality increases and then increases, right? If you see here, if you see it's decreasing and then increasing. Hey, are you decreasing?", "tokens": [1911, 11, 341, 307, 264, 16885, 2063, 23223, 382, 938, 382, 264, 14949, 8637, 293, 550, 8637, 11, 558, 30, 759, 291, 536, 510, 11, 498, 291, 536, 309, 311, 23223, 293, 550, 5662, 13, 1911, 11, 366, 291, 23223, 30], "avg_logprob": -0.24851190050443014, "compression_ratio": 1.6218487394957983, "no_speech_prob": 0.0, "words": [{"start": 1797.27, "end": 1797.59, "word": " Hey,", "probability": 0.475830078125}, {"start": 1798.57, "end": 1798.95, "word": " this", "probability": 0.88037109375}, {"start": 1798.95, "end": 1799.05, "word": " is", "probability": 0.94921875}, {"start": 1799.05, "end": 1799.15, "word": " the", "probability": 0.7158203125}, {"start": 1799.15, "end": 1799.45, "word": " marginal", "probability": 0.89306640625}, {"start": 1799.45, "end": 1799.89, "word": " cost", "probability": 0.6767578125}, {"start": 1799.89, "end": 1800.87, "word": " decreasing", "probability": 0.65380859375}, {"start": 1800.87, "end": 1802.21, "word": " as", "probability": 0.87451171875}, {"start": 1802.21, "end": 1802.97, "word": " long", "probability": 0.9287109375}, {"start": 1802.97, "end": 1803.41, "word": " as", "probability": 0.96923828125}, {"start": 1803.41, "end": 1803.73, "word": " the", "probability": 0.88134765625}, {"start": 1803.73, "end": 1804.33, "word": " equality", "probability": 0.78662109375}, {"start": 1804.33, "end": 1805.15, "word": " increases", "probability": 0.9404296875}, {"start": 1805.15, "end": 1805.85, "word": " and", "probability": 0.82861328125}, {"start": 1805.85, "end": 1806.15, "word": " then", "probability": 0.8369140625}, {"start": 1806.15, "end": 1807.75, "word": " increases,", "probability": 0.8994140625}, {"start": 1808.23, "end": 1808.43, "word": " right?", "probability": 0.90283203125}, {"start": 1809.25, "end": 1810.21, "word": " If", "probability": 0.1861572265625}, {"start": 1810.21, "end": 1810.55, "word": " you", "probability": 0.70849609375}, {"start": 1810.55, "end": 1810.69, "word": " see", "probability": 0.90869140625}, {"start": 1810.69, "end": 1811.01, "word": " here,", "probability": 0.80224609375}, {"start": 1814.99, "end": 1815.53, "word": " if", "probability": 0.87353515625}, {"start": 1815.53, "end": 1815.77, "word": " you", "probability": 0.95068359375}, {"start": 1815.77, "end": 1816.03, "word": " see", "probability": 0.9296875}, {"start": 1816.03, "end": 1817.55, "word": " it's", "probability": 0.6820068359375}, {"start": 1817.55, "end": 1818.19, "word": " decreasing", "probability": 0.92919921875}, {"start": 1818.19, "end": 1818.97, "word": " and", "probability": 0.91259765625}, {"start": 1818.97, "end": 1819.23, "word": " then", "probability": 0.8486328125}, {"start": 1819.23, "end": 1819.81, "word": " increasing.", "probability": 0.95361328125}, {"start": 1820.17, "end": 1820.17, "word": " Hey,", "probability": 0.68505859375}, {"start": 1823.73, "end": 1823.95, "word": " are", "probability": 0.6015625}, {"start": 1823.95, "end": 1824.07, "word": " you", "probability": 0.96728515625}, {"start": 1824.07, "end": 1824.69, "word": " decreasing?", "probability": 0.92724609375}], "temperature": 1.0}, {"id": 67, "seek": 185419, "start": 1826.55, "end": 1854.19, "text": " And then increasing. And it's bigger than the marginal cost. When the AVC is bigger than MC. What is AVC?", "tokens": [400, 550, 5662, 13, 400, 309, 311, 3801, 813, 264, 16885, 2063, 13, 1133, 264, 30198, 34, 307, 3801, 813, 8797, 13, 708, 307, 30198, 34, 30], "avg_logprob": -0.3685825914144516, "compression_ratio": 1.2771084337349397, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 1826.55, "end": 1826.91, "word": " And", "probability": 0.230224609375}, {"start": 1826.91, "end": 1827.23, "word": " then", "probability": 0.7890625}, {"start": 1827.23, "end": 1828.31, "word": " increasing.", "probability": 0.70849609375}, {"start": 1829.61, "end": 1829.99, "word": " And", "probability": 0.345947265625}, {"start": 1829.99, "end": 1833.05, "word": " it's", "probability": 0.852783203125}, {"start": 1833.05, "end": 1833.41, "word": " bigger", "probability": 0.9384765625}, {"start": 1833.41, "end": 1833.93, "word": " than", "probability": 0.93359375}, {"start": 1833.93, "end": 1835.81, "word": " the", "probability": 0.7353515625}, {"start": 1835.81, "end": 1836.17, "word": " marginal", "probability": 0.82861328125}, {"start": 1836.17, "end": 1836.61, "word": " cost.", "probability": 0.92822265625}, {"start": 1842.43, "end": 1842.61, "word": " When", "probability": 0.2052001953125}, {"start": 1842.61, "end": 1848.45, "word": " the", "probability": 0.53515625}, {"start": 1848.45, "end": 1849.31, "word": " AVC", "probability": 0.87451171875}, {"start": 1849.31, "end": 1850.03, "word": " is", "probability": 0.93017578125}, {"start": 1850.03, "end": 1850.35, "word": " bigger", "probability": 0.9345703125}, {"start": 1850.35, "end": 1850.71, "word": " than", "probability": 0.94189453125}, {"start": 1850.71, "end": 1851.17, "word": " MC.", "probability": 0.85546875}, {"start": 1852.81, "end": 1853.17, "word": " What", "probability": 0.71044921875}, {"start": 1853.17, "end": 1853.25, "word": " is", "probability": 0.4501953125}, {"start": 1853.25, "end": 1854.19, "word": " AVC?", "probability": 0.7509765625}], "temperature": 1.0}, {"id": 68, "seek": 188257, "start": 1856.03, "end": 1882.57, "text": "Let's do it this way. When AVC is bigger than MC. AVC is decreasing. When AVC is bigger than MC. AVC is bigger than MC. AVC is decreasing.", "tokens": [8373, 311, 360, 309, 341, 636, 13, 1133, 30198, 34, 307, 3801, 813, 8797, 13, 30198, 34, 307, 23223, 13, 1133, 30198, 34, 307, 3801, 813, 8797, 13, 30198, 34, 307, 3801, 813, 8797, 13, 30198, 34, 307, 23223, 13], "avg_logprob": -0.3250762311423697, "compression_ratio": 1.943661971830986, "no_speech_prob": 0.0, "words": [{"start": 1856.03, "end": 1856.45, "word": "Let's", "probability": 0.537109375}, {"start": 1856.45, "end": 1856.71, "word": " do", "probability": 0.59375}, {"start": 1856.71, "end": 1856.85, "word": " it", "probability": 0.548828125}, {"start": 1856.85, "end": 1857.07, "word": " this", "probability": 0.5263671875}, {"start": 1857.07, "end": 1857.07, "word": " way.", "probability": 0.962890625}, {"start": 1857.51, "end": 1857.75, "word": " When", "probability": 0.62255859375}, {"start": 1857.75, "end": 1858.63, "word": " AVC", "probability": 0.823486328125}, {"start": 1858.63, "end": 1862.31, "word": " is", "probability": 0.81103515625}, {"start": 1862.31, "end": 1862.63, "word": " bigger", "probability": 0.8828125}, {"start": 1862.63, "end": 1863.03, "word": " than", "probability": 0.927734375}, {"start": 1863.03, "end": 1863.51, "word": " MC.", "probability": 0.9345703125}, {"start": 1863.99, "end": 1864.57, "word": " AVC", "probability": 0.764892578125}, {"start": 1864.57, "end": 1864.77, "word": " is", "probability": 0.88623046875}, {"start": 1864.77, "end": 1865.27, "word": " decreasing.", "probability": 0.9306640625}, {"start": 1866.41, "end": 1866.75, "word": " When", "probability": 0.3427734375}, {"start": 1866.75, "end": 1867.55, "word": " AVC", "probability": 0.9697265625}, {"start": 1867.55, "end": 1868.57, "word": " is", "probability": 0.943359375}, {"start": 1868.57, "end": 1868.81, "word": " bigger", "probability": 0.927734375}, {"start": 1868.81, "end": 1869.19, "word": " than", "probability": 0.9384765625}, {"start": 1869.19, "end": 1870.47, "word": " MC.", "probability": 0.44482421875}, {"start": 1872.23, "end": 1873.11, "word": " AVC", "probability": 0.765869140625}, {"start": 1873.11, "end": 1873.25, "word": " is", "probability": 0.93359375}, {"start": 1873.25, "end": 1873.45, "word": " bigger", "probability": 0.89794921875}, {"start": 1873.45, "end": 1873.87, "word": " than", "probability": 0.9423828125}, {"start": 1873.87, "end": 1875.23, "word": " MC.", "probability": 0.9501953125}, {"start": 1881.03, "end": 1881.91, "word": " AVC", "probability": 0.61376953125}, {"start": 1881.91, "end": 1882.13, "word": " is", "probability": 0.93017578125}, {"start": 1882.13, "end": 1882.57, "word": " decreasing.", "probability": 0.94482421875}], "temperature": 1.0}, {"id": 69, "seek": 190419, "start": 1883.91, "end": 1904.19, "text": "The right side here means MC is bigger than AVC. AVC is increasing. When AVC is less than MC, AVC is increasing.", "tokens": [2278, 558, 1252, 510, 1355, 8797, 307, 3801, 813, 30198, 34, 13, 30198, 34, 307, 5662, 13, 1133, 30198, 34, 307, 1570, 813, 8797, 11, 30198, 34, 307, 5662, 13], "avg_logprob": -0.2809979934846201, "compression_ratio": 1.3176470588235294, "no_speech_prob": 0.0, "words": [{"start": 1883.91, "end": 1884.87, "word": "The", "probability": 0.2188720703125}, {"start": 1884.87, "end": 1885.15, "word": " right", "probability": 0.91455078125}, {"start": 1885.15, "end": 1885.49, "word": " side", "probability": 0.8447265625}, {"start": 1885.49, "end": 1885.81, "word": " here", "probability": 0.763671875}, {"start": 1885.81, "end": 1887.83, "word": " means", "probability": 0.147705078125}, {"start": 1887.83, "end": 1888.79, "word": " MC", "probability": 0.65234375}, {"start": 1888.79, "end": 1889.39, "word": " is", "probability": 0.75341796875}, {"start": 1889.39, "end": 1889.59, "word": " bigger", "probability": 0.9072265625}, {"start": 1889.59, "end": 1889.85, "word": " than", "probability": 0.9091796875}, {"start": 1889.85, "end": 1890.45, "word": " AVC.", "probability": 0.920654296875}, {"start": 1891.23, "end": 1891.85, "word": " AVC", "probability": 0.903564453125}, {"start": 1891.85, "end": 1892.15, "word": " is", "probability": 0.93603515625}, {"start": 1892.15, "end": 1892.69, "word": " increasing.", "probability": 0.93408203125}, {"start": 1895.95, "end": 1896.61, "word": " When", "probability": 0.70166015625}, {"start": 1896.61, "end": 1897.61, "word": " AVC", "probability": 0.975830078125}, {"start": 1897.61, "end": 1898.55, "word": " is", "probability": 0.9443359375}, {"start": 1898.55, "end": 1898.81, "word": " less", "probability": 0.94677734375}, {"start": 1898.81, "end": 1899.15, "word": " than", "probability": 0.94482421875}, {"start": 1899.15, "end": 1899.65, "word": " MC,", "probability": 0.95556640625}, {"start": 1902.47, "end": 1903.47, "word": " AVC", "probability": 0.956298828125}, {"start": 1903.47, "end": 1903.73, "word": " is", "probability": 0.9365234375}, {"start": 1903.73, "end": 1904.19, "word": " increasing.", "probability": 0.95703125}], "temperature": 1.0}, {"id": 70, "seek": 194284, "start": 1931.12, "end": 1942.84, "text": " The shut down point occurs when the price equals AVC or at the minimum AVC.", "tokens": [440, 5309, 760, 935, 11843, 562, 264, 3218, 6915, 30198, 34, 420, 412, 264, 7285, 30198, 34, 13], "avg_logprob": -0.2629523089057521, "compression_ratio": 1.0133333333333334, "no_speech_prob": 0.0, "words": [{"start": 1931.12, "end": 1932.3, "word": " The", "probability": 0.2437744140625}, {"start": 1932.3, "end": 1933.48, "word": " shut", "probability": 0.28564453125}, {"start": 1933.48, "end": 1933.88, "word": " down", "probability": 0.70068359375}, {"start": 1933.88, "end": 1934.48, "word": " point", "probability": 0.96875}, {"start": 1934.48, "end": 1936.22, "word": " occurs", "probability": 0.8818359375}, {"start": 1936.22, "end": 1936.58, "word": " when", "probability": 0.9267578125}, {"start": 1936.58, "end": 1937.0, "word": " the", "probability": 0.86962890625}, {"start": 1937.0, "end": 1937.58, "word": " price", "probability": 0.91259765625}, {"start": 1937.58, "end": 1938.5, "word": " equals", "probability": 0.86328125}, {"start": 1938.5, "end": 1939.88, "word": " AVC", "probability": 0.826416015625}, {"start": 1939.88, "end": 1940.4, "word": " or", "probability": 0.75244140625}, {"start": 1940.4, "end": 1940.86, "word": " at", "probability": 0.89111328125}, {"start": 1940.86, "end": 1941.16, "word": " the", "probability": 0.88916015625}, {"start": 1941.16, "end": 1941.6, "word": " minimum", "probability": 0.96337890625}, {"start": 1941.6, "end": 1942.84, "word": " AVC.", "probability": 0.901123046875}], "temperature": 1.0}, {"id": 71, "seek": 198189, "start": 1952.91, "end": 1981.89, "text": " A, point A here. The minimum AVC is the shutdown point. The minimum of ATC is the break-even point, is the break-even point, point B here. So, where is the break-even point? Is at the point or at the minimum ATC. Here. Where is the minimum ATC?", "tokens": [316, 11, 935, 316, 510, 13, 440, 7285, 30198, 34, 307, 264, 34927, 935, 13, 440, 7285, 295, 8872, 34, 307, 264, 1821, 12, 27170, 935, 11, 307, 264, 1821, 12, 27170, 935, 11, 935, 363, 510, 13, 407, 11, 689, 307, 264, 1821, 12, 27170, 935, 30, 1119, 412, 264, 935, 420, 412, 264, 7285, 8872, 34, 13, 1692, 13, 2305, 307, 264, 7285, 8872, 34, 30], "avg_logprob": -0.18523550033569336, "compression_ratio": 1.96, "no_speech_prob": 0.0, "words": [{"start": 1952.91, "end": 1953.19, "word": " A,", "probability": 0.46875}, {"start": 1953.31, "end": 1953.51, "word": " point", "probability": 0.86328125}, {"start": 1953.51, "end": 1953.71, "word": " A", "probability": 0.9375}, {"start": 1953.71, "end": 1953.97, "word": " here.", "probability": 0.7939453125}, {"start": 1954.87, "end": 1955.43, "word": " The", "probability": 0.89013671875}, {"start": 1955.43, "end": 1955.81, "word": " minimum", "probability": 0.9599609375}, {"start": 1955.81, "end": 1956.61, "word": " AVC", "probability": 0.850830078125}, {"start": 1956.61, "end": 1957.15, "word": " is", "probability": 0.91650390625}, {"start": 1957.15, "end": 1957.43, "word": " the", "probability": 0.904296875}, {"start": 1957.43, "end": 1957.81, "word": " shutdown", "probability": 0.83154296875}, {"start": 1957.81, "end": 1958.39, "word": " point.", "probability": 0.9736328125}, {"start": 1960.11, "end": 1960.53, "word": " The", "probability": 0.8896484375}, {"start": 1960.53, "end": 1960.87, "word": " minimum", "probability": 0.96484375}, {"start": 1960.87, "end": 1961.11, "word": " of", "probability": 0.87255859375}, {"start": 1961.11, "end": 1961.73, "word": " ATC", "probability": 0.929443359375}, {"start": 1961.73, "end": 1964.19, "word": " is", "probability": 0.90234375}, {"start": 1964.19, "end": 1964.41, "word": " the", "probability": 0.88330078125}, {"start": 1964.41, "end": 1964.85, "word": " break", "probability": 0.7763671875}, {"start": 1964.85, "end": 1965.27, "word": "-even", "probability": 0.84716796875}, {"start": 1965.27, "end": 1965.75, "word": " point,", "probability": 0.9736328125}, {"start": 1966.37, "end": 1966.49, "word": " is", "probability": 0.77880859375}, {"start": 1966.49, "end": 1966.63, "word": " the", "probability": 0.447021484375}, {"start": 1966.63, "end": 1966.87, "word": " break", "probability": 0.9697265625}, {"start": 1966.87, "end": 1967.05, "word": "-even", "probability": 0.933349609375}, {"start": 1967.05, "end": 1967.41, "word": " point,", "probability": 0.97119140625}, {"start": 1967.53, "end": 1967.85, "word": " point", "probability": 0.9423828125}, {"start": 1967.85, "end": 1968.13, "word": " B", "probability": 0.98779296875}, {"start": 1968.13, "end": 1968.45, "word": " here.", "probability": 0.5732421875}, {"start": 1970.49, "end": 1971.17, "word": " So,", "probability": 0.962890625}, {"start": 1972.31, "end": 1972.65, "word": " where", "probability": 0.92138671875}, {"start": 1972.65, "end": 1973.11, "word": " is", "probability": 0.9404296875}, {"start": 1973.11, "end": 1974.11, "word": " the", "probability": 0.7236328125}, {"start": 1974.11, "end": 1975.03, "word": " break", "probability": 0.96533203125}, {"start": 1975.03, "end": 1975.23, "word": "-even", "probability": 0.947509765625}, {"start": 1975.23, "end": 1975.69, "word": " point?", "probability": 0.970703125}, {"start": 1975.79, "end": 1976.21, "word": " Is", "probability": 0.57421875}, {"start": 1976.21, "end": 1976.51, "word": " at", "probability": 0.955078125}, {"start": 1976.51, "end": 1976.63, "word": " the", "probability": 0.92138671875}, {"start": 1976.63, "end": 1976.91, "word": " point", "probability": 0.96533203125}, {"start": 1976.91, "end": 1977.43, "word": " or", "probability": 0.80810546875}, {"start": 1977.43, "end": 1977.69, "word": " at", "probability": 0.93115234375}, {"start": 1977.69, "end": 1977.91, "word": " the", "probability": 0.91650390625}, {"start": 1977.91, "end": 1978.27, "word": " minimum", "probability": 0.96484375}, {"start": 1978.27, "end": 1979.17, "word": " ATC.", "probability": 0.935546875}, {"start": 1979.83, "end": 1980.15, "word": " Here.", "probability": 0.84716796875}, {"start": 1980.59, "end": 1980.73, "word": " Where", "probability": 0.86669921875}, {"start": 1980.73, "end": 1980.87, "word": " is", "probability": 0.56640625}, {"start": 1980.87, "end": 1980.97, "word": " the", "probability": 0.90771484375}, {"start": 1980.97, "end": 1981.23, "word": " minimum", "probability": 0.96630859375}, {"start": 1981.23, "end": 1981.89, "word": " ATC?", "probability": 0.94873046875}], "temperature": 1.0}, {"id": 72, "seek": 200333, "start": 1983.03, "end": 2003.33, "text": " Where is ATC here? No, no, we have two points.", "tokens": [2305, 307, 8872, 34, 510, 30, 883, 11, 572, 11, 321, 362, 732, 2793, 13], "avg_logprob": -0.5581054463982582, "compression_ratio": 0.9215686274509803, "no_speech_prob": 0.0, "words": [{"start": 1983.03, "end": 1983.29, "word": " Where", "probability": 0.53466796875}, {"start": 1983.29, "end": 1983.43, "word": " is", "probability": 0.81591796875}, {"start": 1983.43, "end": 1983.87, "word": " ATC", "probability": 0.765869140625}, {"start": 1983.87, "end": 1984.15, "word": " here?", "probability": 0.85693359375}, {"start": 1997.27, "end": 1997.95, "word": " No,", "probability": 0.15576171875}, {"start": 2000.09, "end": 2000.09, "word": " no,", "probability": 0.8515625}, {"start": 2000.17, "end": 2001.01, "word": " we", "probability": 0.091796875}, {"start": 2001.01, "end": 2002.71, "word": " have", "probability": 0.919921875}, {"start": 2002.71, "end": 2002.99, "word": " two", "probability": 0.75732421875}, {"start": 2002.99, "end": 2003.33, "word": " points.", "probability": 0.76318359375}], "temperature": 1.0}, {"id": 73, "seek": 204093, "start": 2014.53, "end": 2040.93, "text": " Let's look at the shutdown point. How does demand come out? Let's draw a demand curve. At Q equals 1, how much is the price? 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How much at a Q equals one? How much is the price? At two? Ten. Three. How did demand curve? Equals the price or equals marginal revenue. 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At 2, 10. 2, 3, 10. So here, this is the price or the demand curve in the perfect competition market. For the business that works under the perfect competition market, the price equals the marginal revenue and the demand curve is", "tokens": [1711, 33580, 6915, 502, 11, 16885, 9324, 6915, 502, 13, 1711, 568, 11, 1266, 13, 568, 11, 805, 11, 1266, 13, 407, 510, 11, 341, 307, 264, 3218, 420, 264, 4733, 7605, 294, 264, 2176, 6211, 2142, 13, 1171, 264, 1606, 300, 1985, 833, 264, 2176, 6211, 2142, 11, 264, 3218, 6915, 264, 16885, 9324, 293, 264, 4733, 7605, 307], "avg_logprob": -0.1761014295406029, "compression_ratio": 1.7843137254901962, "no_speech_prob": 0.0, "words": [{"start": 2071.49, "end": 2071.81, "word": " At", "probability": 0.56787109375}, {"start": 2071.81, "end": 2072.07, "word": " EQ", "probability": 0.404052734375}, {"start": 2072.07, "end": 2072.61, "word": " equals", "probability": 0.7705078125}, {"start": 2072.61, "end": 2072.87, "word": " 1,", "probability": 0.38330078125}, {"start": 2073.25, "end": 2073.55, "word": " marginal", "probability": 0.787109375}, {"start": 2073.55, "end": 2073.93, "word": " revenue", "probability": 0.8916015625}, {"start": 2073.93, "end": 2074.37, "word": " equals", "probability": 0.91015625}, {"start": 2074.37, "end": 2074.63, "word": " 1.", "probability": 0.916015625}, {"start": 2075.15, "end": 2075.75, "word": " At", "probability": 0.95263671875}, {"start": 2075.75, "end": 2076.27, "word": " 2,", "probability": 0.693359375}, {"start": 2076.83, "end": 2077.13, "word": " 10.", "probability": 0.8876953125}, {"start": 2077.59, "end": 2078.27, "word": " 2,", "probability": 0.67333984375}, {"start": 2078.53, "end": 2078.97, "word": " 3,", "probability": 0.98046875}, {"start": 2079.09, "end": 2079.43, "word": " 10.", "probability": 0.96484375}, {"start": 2079.91, "end": 2080.15, "word": " So", "probability": 0.95947265625}, {"start": 2080.15, "end": 2081.07, "word": " here,", "probability": 0.6533203125}, {"start": 2081.37, "end": 2081.57, "word": " this", "probability": 0.9482421875}, {"start": 2081.57, "end": 2081.97, "word": " is", "probability": 0.94921875}, {"start": 2081.97, "end": 2082.51, "word": " the", "probability": 0.90771484375}, {"start": 2082.51, "end": 2083.07, "word": " price", "probability": 0.91943359375}, {"start": 2083.07, "end": 2083.43, "word": " or", "probability": 0.884765625}, {"start": 2083.43, "end": 2083.93, "word": " the", "probability": 0.923828125}, {"start": 2083.93, "end": 2084.75, "word": " demand", "probability": 0.927734375}, {"start": 2084.75, "end": 2085.13, "word": " curve", "probability": 0.92138671875}, {"start": 2085.13, "end": 2085.35, "word": " in", "probability": 0.7001953125}, {"start": 2085.35, "end": 2085.45, "word": " the", "probability": 0.908203125}, {"start": 2085.45, "end": 2085.71, "word": " perfect", "probability": 0.8447265625}, {"start": 2085.71, "end": 2086.05, "word": " competition", "probability": 0.982421875}, {"start": 2086.05, "end": 2086.41, "word": " market.", "probability": 0.87109375}, {"start": 2086.63, "end": 2086.87, "word": " For", "probability": 0.96826171875}, {"start": 2086.87, "end": 2087.03, "word": " the", "probability": 0.9150390625}, {"start": 2087.03, "end": 2087.49, "word": " business", "probability": 0.93798828125}, {"start": 2087.49, "end": 2088.07, "word": " that", "probability": 0.88037109375}, {"start": 2088.07, "end": 2088.33, "word": " works", "probability": 0.84912109375}, {"start": 2088.33, "end": 2088.57, "word": " under", "probability": 0.896484375}, {"start": 2088.57, "end": 2088.75, "word": " the", "probability": 0.92333984375}, {"start": 2088.75, "end": 2088.97, "word": " perfect", "probability": 0.83984375}, {"start": 2088.97, "end": 2089.31, "word": " competition", "probability": 0.9833984375}, {"start": 2089.31, "end": 2089.67, "word": " market,", "probability": 0.87646484375}, {"start": 2090.09, "end": 2090.25, "word": " the", "probability": 0.921875}, {"start": 2090.25, "end": 2090.73, "word": " price", "probability": 0.91162109375}, {"start": 2090.73, "end": 2092.39, "word": " equals", "probability": 0.94091796875}, {"start": 2092.39, "end": 2092.75, "word": " the", "probability": 0.91552734375}, {"start": 2092.75, "end": 2093.09, "word": " marginal", "probability": 0.9189453125}, {"start": 2093.09, "end": 2093.59, "word": " revenue", "probability": 0.89208984375}, {"start": 2093.59, "end": 2094.41, "word": " and", "probability": 0.61669921875}, {"start": 2094.41, "end": 2094.71, "word": " the", "probability": 0.8388671875}, {"start": 2094.71, "end": 2095.09, "word": " demand", "probability": 0.91943359375}, {"start": 2095.09, "end": 2095.41, "word": " curve", "probability": 0.9501953125}, {"start": 2095.41, "end": 2095.95, "word": " is", "probability": 0.8984375}], "temperature": 1.0}, {"id": 76, "seek": 212303, "start": 2098.71, "end": 2123.03, "text": " Perfectly elastic. Horizontal. Perfectly elastic. Demand is perfectly elastic. If the price was here,", "tokens": [10246, 356, 17115, 13, 42141, 896, 304, 13, 10246, 356, 17115, 13, 4686, 474, 307, 6239, 17115, 13, 759, 264, 3218, 390, 510, 11], "avg_logprob": -0.2921874904632568, "compression_ratio": 1.3246753246753247, "no_speech_prob": 0.0, "words": [{"start": 2098.71, "end": 2099.45, "word": " Perfectly", "probability": 0.7841796875}, {"start": 2099.45, "end": 2099.87, "word": " elastic.", "probability": 0.94140625}, {"start": 2100.09, "end": 2101.49, "word": " Horizontal.", "probability": 0.8732096354166666}, {"start": 2102.03, "end": 2102.41, "word": " Perfectly", "probability": 0.927490234375}, {"start": 2102.41, "end": 2102.73, "word": " elastic.", "probability": 0.94482421875}, {"start": 2111.57, "end": 2112.97, "word": " Demand", "probability": 0.57305908203125}, {"start": 2112.97, "end": 2113.73, "word": " is", "probability": 0.921875}, {"start": 2113.73, "end": 2115.51, "word": " perfectly", "probability": 0.93701171875}, {"start": 2115.51, "end": 2116.35, "word": " elastic.", "probability": 0.951171875}, {"start": 2117.81, "end": 2117.89, "word": " If", "probability": 0.70849609375}, {"start": 2117.89, "end": 2121.29, "word": " the", "probability": 0.923828125}, {"start": 2121.29, "end": 2121.71, "word": " price", "probability": 0.93310546875}, {"start": 2121.71, "end": 2122.69, "word": " was", "probability": 0.9404296875}, {"start": 2122.69, "end": 2123.03, "word": " here,", "probability": 0.84130859375}], "temperature": 1.0}, {"id": 77, "seek": 214001, "start": 2123.95, "end": 2140.01, "text": " Here in this graph here MC, AVC, ATC, and the price marginal revenue. If the price was above here, above the ATC.", "tokens": [1692, 294, 341, 4295, 510, 8797, 11, 30198, 34, 11, 8872, 34, 11, 293, 264, 3218, 16885, 9324, 13, 759, 264, 3218, 390, 3673, 510, 11, 3673, 264, 8872, 34, 13], "avg_logprob": -0.2646484449505806, "compression_ratio": 1.2, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 2123.95, "end": 2124.33, "word": " Here", "probability": 0.2435302734375}, {"start": 2124.33, "end": 2124.61, "word": " in", "probability": 0.71142578125}, {"start": 2124.61, "end": 2124.85, "word": " this", "probability": 0.9482421875}, {"start": 2124.85, "end": 2125.29, "word": " graph", "probability": 0.93115234375}, {"start": 2125.29, "end": 2125.61, "word": " here", "probability": 0.673828125}, {"start": 2125.61, "end": 2126.35, "word": " MC,", "probability": 0.55859375}, {"start": 2126.95, "end": 2127.85, "word": " AVC,", "probability": 0.93505859375}, {"start": 2128.27, "end": 2129.19, "word": " ATC,", "probability": 0.9345703125}, {"start": 2129.53, "end": 2129.95, "word": " and", "probability": 0.935546875}, {"start": 2129.95, "end": 2131.25, "word": " the", "probability": 0.8583984375}, {"start": 2131.25, "end": 2131.63, "word": " price", "probability": 0.93603515625}, {"start": 2131.63, "end": 2132.39, "word": " marginal", "probability": 0.50146484375}, {"start": 2132.39, "end": 2132.91, "word": " revenue.", "probability": 0.919921875}, {"start": 2134.13, "end": 2134.57, "word": " If", "probability": 0.958984375}, {"start": 2134.57, "end": 2134.73, "word": " the", "probability": 0.92041015625}, {"start": 2134.73, "end": 2135.15, "word": " price", "probability": 0.91748046875}, {"start": 2135.15, "end": 2136.31, "word": " was", "probability": 0.947265625}, {"start": 2136.31, "end": 2137.61, "word": " above", "probability": 0.96142578125}, {"start": 2137.61, "end": 2137.97, "word": " here,", "probability": 0.4775390625}, {"start": 2138.29, "end": 2138.83, "word": " above", "probability": 0.802734375}, {"start": 2138.83, "end": 2139.23, "word": " the", "probability": 0.923828125}, {"start": 2139.23, "end": 2140.01, "word": " ATC.", "probability": 0.923828125}], "temperature": 1.0}, {"id": 78, "seek": 217517, "start": 2157.61, "end": 2175.17, "text": " Here, this is the demand curve. Price equals MR equals demand. This is the demand curve to determine if", "tokens": [1692, 11, 341, 307, 264, 4733, 7605, 13, 25803, 6915, 9808, 6915, 4733, 13, 639, 307, 264, 4733, 7605, 281, 6997, 498], "avg_logprob": -0.25237772257431695, "compression_ratio": 1.3333333333333333, "no_speech_prob": 0.0, "words": [{"start": 2157.6099999999997, "end": 2158.91, "word": " Here,", "probability": 0.316162109375}, {"start": 2158.91, "end": 2160.21, "word": " this", "probability": 0.9384765625}, {"start": 2160.21, "end": 2160.45, "word": " is", "probability": 0.95263671875}, {"start": 2160.45, "end": 2160.59, "word": " the", "probability": 0.9091796875}, {"start": 2160.59, "end": 2160.91, "word": " demand", "probability": 0.90185546875}, {"start": 2160.91, "end": 2161.25, "word": " curve.", "probability": 0.93701171875}, {"start": 2164.49, "end": 2165.79, "word": " Price", "probability": 0.9189453125}, {"start": 2165.79, "end": 2167.27, "word": " equals", "probability": 0.91455078125}, {"start": 2167.27, "end": 2168.01, "word": " MR", "probability": 0.78076171875}, {"start": 2168.01, "end": 2168.99, "word": " equals", "probability": 0.857421875}, {"start": 2168.99, "end": 2169.83, "word": " demand.", "probability": 0.884765625}, {"start": 2170.67, "end": 2170.99, "word": " This", "probability": 0.31103515625}, {"start": 2170.99, "end": 2171.19, "word": " is", "probability": 0.94970703125}, {"start": 2171.19, "end": 2171.31, "word": " the", "probability": 0.859375}, {"start": 2171.31, "end": 2171.61, "word": " demand", "probability": 0.9130859375}, {"start": 2171.61, "end": 2171.97, "word": " curve", "probability": 0.95654296875}, {"start": 2171.97, "end": 2173.53, "word": " to", "probability": 0.5693359375}, {"start": 2173.53, "end": 2174.03, "word": " determine", "probability": 0.91064453125}, {"start": 2174.03, "end": 2175.17, "word": " if", "probability": 0.93798828125}], "temperature": 1.0}, {"id": 79, "seek": 220000, "start": 2176.08, "end": 2200.0, "text": " the business achieves profit, loss, or break even, let us assume here that the price equals 10. If the price was 10 here, determine the equilibrium price. The equilibrium price,", "tokens": [264, 1606, 3538, 977, 7475, 11, 4470, 11, 420, 1821, 754, 11, 718, 505, 6552, 510, 300, 264, 3218, 6915, 1266, 13, 759, 264, 3218, 390, 1266, 510, 11, 6997, 264, 15625, 3218, 13, 440, 15625, 3218, 11], "avg_logprob": -0.2367788430971977, "compression_ratio": 1.4833333333333334, "no_speech_prob": 0.0, "words": [{"start": 2176.08, "end": 2176.48, "word": " the", "probability": 0.258056640625}, {"start": 2176.48, "end": 2177.66, "word": " business", "probability": 0.89794921875}, {"start": 2177.66, "end": 2180.06, "word": " achieves", "probability": 0.9140625}, {"start": 2180.06, "end": 2181.42, "word": " profit,", "probability": 0.85400390625}, {"start": 2181.84, "end": 2182.28, "word": " loss,", "probability": 0.91162109375}, {"start": 2182.52, "end": 2182.68, "word": " or", "probability": 0.95947265625}, {"start": 2182.68, "end": 2183.06, "word": " break", "probability": 0.833984375}, {"start": 2183.06, "end": 2183.54, "word": " even,", "probability": 0.4560546875}, {"start": 2184.06, "end": 2184.8, "word": " let", "probability": 0.93994140625}, {"start": 2184.8, "end": 2184.94, "word": " us", "probability": 0.69189453125}, {"start": 2184.94, "end": 2185.3, "word": " assume", "probability": 0.908203125}, {"start": 2185.3, "end": 2185.5, "word": " here", "probability": 0.80224609375}, {"start": 2185.5, "end": 2185.74, "word": " that", "probability": 0.919921875}, {"start": 2185.74, "end": 2185.9, "word": " the", "probability": 0.8955078125}, {"start": 2185.9, "end": 2186.2, "word": " price", "probability": 0.9228515625}, {"start": 2186.2, "end": 2186.68, "word": " equals", "probability": 0.9111328125}, {"start": 2186.68, "end": 2186.98, "word": " 10.", "probability": 0.79541015625}, {"start": 2188.36, "end": 2189.28, "word": " If", "probability": 0.94091796875}, {"start": 2189.28, "end": 2189.44, "word": " the", "probability": 0.919921875}, {"start": 2189.44, "end": 2189.74, "word": " price", "probability": 0.92236328125}, {"start": 2189.74, "end": 2190.08, "word": " was", "probability": 0.95166015625}, {"start": 2190.08, "end": 2190.4, "word": " 10", "probability": 0.939453125}, {"start": 2190.4, "end": 2190.98, "word": " here,", "probability": 0.85546875}, {"start": 2193.3, "end": 2195.3, "word": " determine", "probability": 0.64404296875}, {"start": 2195.3, "end": 2195.82, "word": " the", "probability": 0.91162109375}, {"start": 2195.82, "end": 2196.28, "word": " equilibrium", "probability": 0.89306640625}, {"start": 2196.28, "end": 2196.86, "word": " price.", "probability": 0.8955078125}, {"start": 2198.14, "end": 2199.06, "word": " The", "probability": 0.8896484375}, {"start": 2199.06, "end": 2199.4, "word": " equilibrium", "probability": 0.93994140625}, {"start": 2199.4, "end": 2200.0, "word": " price,", "probability": 0.91796875}], "temperature": 1.0}, {"id": 80, "seek": 222596, "start": 2200.95, "end": 2225.97, "text": "occurs or achieves when the marginal revenue equals the marginal cost. Where is the marginal revenue equals the marginal cost? The highest total profit, the best point is at which the marginal revenue equals the marginal cost. Where is the marginal revenue and where is the marginal cost?", "tokens": [43280, 2156, 420, 3538, 977, 562, 264, 16885, 9324, 6915, 264, 16885, 2063, 13, 2305, 307, 264, 16885, 9324, 6915, 264, 16885, 2063, 30, 440, 6343, 3217, 7475, 11, 264, 1151, 935, 307, 412, 597, 264, 16885, 9324, 6915, 264, 16885, 2063, 13, 2305, 307, 264, 16885, 9324, 293, 689, 307, 264, 16885, 2063, 30], "avg_logprob": -0.25502231238143785, "compression_ratio": 2.3801652892561984, "no_speech_prob": 0.0, "words": [{"start": 2200.95, "end": 2201.49, "word": "occurs", "probability": 0.6309814453125}, {"start": 2201.49, "end": 2201.69, "word": " or", "probability": 0.73828125}, {"start": 2201.69, "end": 2202.19, "word": " achieves", "probability": 0.90283203125}, {"start": 2202.19, "end": 2203.15, "word": " when", "probability": 0.3037109375}, {"start": 2203.15, "end": 2203.95, "word": " the", "probability": 0.84619140625}, {"start": 2203.95, "end": 2204.25, "word": " marginal", "probability": 0.8134765625}, {"start": 2204.25, "end": 2204.63, "word": " revenue", "probability": 0.9169921875}, {"start": 2204.63, "end": 2204.95, "word": " equals", "probability": 0.88818359375}, {"start": 2204.95, "end": 2205.13, "word": " the", "probability": 0.6728515625}, {"start": 2205.13, "end": 2205.41, "word": " marginal", "probability": 0.921875}, {"start": 2205.41, "end": 2205.79, "word": " cost.", "probability": 0.8984375}, {"start": 2205.89, "end": 2206.05, "word": " Where", "probability": 0.7041015625}, {"start": 2206.05, "end": 2206.19, "word": " is", "probability": 0.751953125}, {"start": 2206.19, "end": 2206.35, "word": " the", "probability": 0.85009765625}, {"start": 2206.35, "end": 2206.95, "word": " marginal", "probability": 0.908203125}, {"start": 2206.95, "end": 2207.31, "word": " revenue", "probability": 0.9228515625}, {"start": 2207.31, "end": 2207.57, "word": " equals", "probability": 0.8818359375}, {"start": 2207.57, "end": 2207.71, "word": " the", "probability": 0.68408203125}, {"start": 2207.71, "end": 2207.99, "word": " marginal", "probability": 0.9296875}, {"start": 2207.99, "end": 2208.29, "word": " cost?", "probability": 0.916015625}, {"start": 2209.57, "end": 2210.17, "word": " The", "probability": 0.2398681640625}, {"start": 2210.17, "end": 2215.49, "word": " highest", "probability": 0.75244140625}, {"start": 2215.49, "end": 2215.83, "word": " total", "probability": 0.6201171875}, {"start": 2215.83, "end": 2216.13, "word": " profit,", "probability": 0.83984375}, {"start": 2216.25, "end": 2216.37, "word": " the", "probability": 0.88916015625}, {"start": 2216.37, "end": 2216.61, "word": " best", "probability": 0.90234375}, {"start": 2216.61, "end": 2217.07, "word": " point", "probability": 0.9736328125}, {"start": 2217.07, "end": 2217.55, "word": " is", "probability": 0.81982421875}, {"start": 2217.55, "end": 2218.75, "word": " at", "probability": 0.89404296875}, {"start": 2218.75, "end": 2219.03, "word": " which", "probability": 0.95361328125}, {"start": 2219.03, "end": 2219.25, "word": " the", "probability": 0.8818359375}, {"start": 2219.25, "end": 2219.55, "word": " marginal", "probability": 0.93212890625}, {"start": 2219.55, "end": 2219.93, "word": " revenue", "probability": 0.92626953125}, {"start": 2219.93, "end": 2220.25, "word": " equals", "probability": 0.93212890625}, {"start": 2220.25, "end": 2220.39, "word": " the", "probability": 0.796875}, {"start": 2220.39, "end": 2220.65, "word": " marginal", "probability": 0.943359375}, {"start": 2220.65, "end": 2221.05, "word": " cost.", "probability": 0.92041015625}, {"start": 2223.37, "end": 2223.97, "word": " Where", "probability": 0.44287109375}, {"start": 2223.97, "end": 2224.39, "word": " is", "probability": 0.8955078125}, {"start": 2224.39, "end": 2224.43, "word": " the", "probability": 0.72900390625}, {"start": 2224.43, "end": 2224.71, "word": " marginal", "probability": 0.90234375}, {"start": 2224.71, "end": 2225.05, "word": " revenue", "probability": 0.91943359375}, {"start": 2225.05, "end": 2225.23, "word": " and", "probability": 0.728515625}, {"start": 2225.23, "end": 2225.25, "word": " where", "probability": 0.51025390625}, {"start": 2225.25, "end": 2225.25, "word": " is", "probability": 0.94189453125}, {"start": 2225.25, "end": 2225.33, "word": " the", "probability": 0.86083984375}, {"start": 2225.33, "end": 2225.59, "word": " marginal", "probability": 0.93310546875}, {"start": 2225.59, "end": 2225.97, "word": " cost?", "probability": 0.9306640625}], "temperature": 1.0}, {"id": 81, "seek": 224453, "start": 2231.33, "end": 2244.53, "text": " This is the equilibrium point. If the business achieves or performs a loss, profits or break even.", "tokens": [639, 307, 264, 15625, 935, 13, 759, 264, 1606, 3538, 977, 420, 26213, 257, 4470, 11, 17982, 420, 1821, 754, 13], "avg_logprob": -0.28018467128276825, "compression_ratio": 1.1511627906976745, "no_speech_prob": 0.0, "words": [{"start": 2231.33, "end": 2231.61, "word": " This", "probability": 0.734375}, {"start": 2231.61, "end": 2231.77, "word": " is", "probability": 0.947265625}, {"start": 2231.77, "end": 2231.97, "word": " the", "probability": 0.8837890625}, {"start": 2231.97, "end": 2232.31, "word": " equilibrium", "probability": 0.93017578125}, {"start": 2232.31, "end": 2232.83, "word": " point.", "probability": 0.96923828125}, {"start": 2234.79, "end": 2235.29, "word": " If", "probability": 0.17236328125}, {"start": 2235.29, "end": 2238.33, "word": " the", "probability": 0.916015625}, {"start": 2238.33, "end": 2238.87, "word": " business", "probability": 0.947265625}, {"start": 2238.87, "end": 2240.25, "word": " achieves", "probability": 0.9375}, {"start": 2240.25, "end": 2240.61, "word": " or", "probability": 0.86181640625}, {"start": 2240.61, "end": 2241.95, "word": " performs", "probability": 0.64990234375}, {"start": 2241.95, "end": 2242.31, "word": " a", "probability": 0.79150390625}, {"start": 2242.31, "end": 2242.73, "word": " loss,", "probability": 0.90234375}, {"start": 2243.17, "end": 2243.65, "word": " profits", "probability": 0.89453125}, {"start": 2243.65, "end": 2243.87, "word": " or", "probability": 0.64990234375}, {"start": 2243.87, "end": 2244.23, "word": " break", "probability": 0.771484375}, {"start": 2244.23, "end": 2244.53, "word": " even.", "probability": 0.7412109375}], "temperature": 1.0}, {"id": 82, "seek": 228735, "start": 2262.63, "end": 2287.35, "text": " If the price was here. Do we have profits, break-even or loss? And why? Yeah? To determine the break-even,", "tokens": [759, 264, 3218, 390, 510, 13, 1144, 321, 362, 17982, 11, 1821, 12, 27170, 420, 4470, 30, 400, 983, 30, 865, 30, 1407, 6997, 264, 1821, 12, 27170, 11], "avg_logprob": -0.21093749701976777, "compression_ratio": 1.1382978723404256, "no_speech_prob": 0.0, "words": [{"start": 2262.63, "end": 2262.91, "word": " If", "probability": 0.427978515625}, {"start": 2262.91, "end": 2263.05, "word": " the", "probability": 0.91552734375}, {"start": 2263.05, "end": 2263.37, "word": " price", "probability": 0.916015625}, {"start": 2263.37, "end": 2263.67, "word": " was", "probability": 0.9404296875}, {"start": 2263.67, "end": 2264.01, "word": " here.", "probability": 0.853515625}, {"start": 2272.03, "end": 2272.75, "word": " Do", "probability": 0.90625}, {"start": 2272.75, "end": 2272.97, "word": " we", "probability": 0.958984375}, {"start": 2272.97, "end": 2273.49, "word": " have", "probability": 0.951171875}, {"start": 2273.49, "end": 2274.57, "word": " profits,", "probability": 0.8037109375}, {"start": 2275.11, "end": 2275.37, "word": " break", "probability": 0.775390625}, {"start": 2275.37, "end": 2275.71, "word": "-even", "probability": 0.724365234375}, {"start": 2275.71, "end": 2276.07, "word": " or", "probability": 0.6396484375}, {"start": 2276.07, "end": 2276.39, "word": " loss?", "probability": 0.85986328125}, {"start": 2277.39, "end": 2277.99, "word": " And", "probability": 0.92041015625}, {"start": 2277.99, "end": 2278.27, "word": " why?", "probability": 0.88427734375}, {"start": 2280.77, "end": 2281.11, "word": " Yeah?", "probability": 0.54736328125}, {"start": 2284.79, "end": 2285.51, "word": " To", "probability": 0.87548828125}, {"start": 2285.51, "end": 2286.07, "word": " determine", "probability": 0.91455078125}, {"start": 2286.07, "end": 2286.67, "word": " the", "probability": 0.90966796875}, {"start": 2286.67, "end": 2286.99, "word": " break", "probability": 0.96728515625}, {"start": 2286.99, "end": 2287.35, "word": "-even,", "probability": 0.93505859375}], "temperature": 1.0}, {"id": 83, "seek": 231636, "start": 2288.96, "end": 2316.36, "text": " Profits or loss, we have to take a line here from the equilibrium point to ATC. Here, this point is along at the ATC. At this point is the price, which is bigger, the price or ATC?", "tokens": [6039, 1208, 420, 4470, 11, 321, 362, 281, 747, 257, 1622, 510, 490, 264, 15625, 935, 281, 8872, 34, 13, 1692, 11, 341, 935, 307, 2051, 412, 264, 8872, 34, 13, 1711, 341, 935, 307, 264, 3218, 11, 597, 307, 3801, 11, 264, 3218, 420, 8872, 34, 30], "avg_logprob": -0.20838647472615146, "compression_ratio": 1.4140625, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 2288.96, "end": 2289.58, "word": " Profits", "probability": 0.8603515625}, {"start": 2289.58, "end": 2289.9, "word": " or", "probability": 0.87841796875}, {"start": 2289.9, "end": 2290.32, "word": " loss,", "probability": 0.7568359375}, {"start": 2290.84, "end": 2291.16, "word": " we", "probability": 0.94677734375}, {"start": 2291.16, "end": 2291.64, "word": " have", "probability": 0.9482421875}, {"start": 2291.64, "end": 2292.2, "word": " to", "probability": 0.97021484375}, {"start": 2292.2, "end": 2292.76, "word": " take", "probability": 0.87841796875}, {"start": 2292.76, "end": 2293.88, "word": " a", "probability": 0.8369140625}, {"start": 2293.88, "end": 2294.16, "word": " line", "probability": 0.94384765625}, {"start": 2294.16, "end": 2294.52, "word": " here", "probability": 0.71337890625}, {"start": 2294.52, "end": 2294.88, "word": " from", "probability": 0.79736328125}, {"start": 2294.88, "end": 2295.48, "word": " the", "probability": 0.865234375}, {"start": 2295.48, "end": 2295.86, "word": " equilibrium", "probability": 0.97802734375}, {"start": 2295.86, "end": 2296.38, "word": " point", "probability": 0.94970703125}, {"start": 2296.38, "end": 2296.68, "word": " to", "probability": 0.96728515625}, {"start": 2296.68, "end": 2297.48, "word": " ATC.", "probability": 0.853271484375}, {"start": 2298.5, "end": 2299.32, "word": " Here,", "probability": 0.1024169921875}, {"start": 2306.1, "end": 2307.02, "word": " this", "probability": 0.93359375}, {"start": 2307.02, "end": 2307.44, "word": " point", "probability": 0.96484375}, {"start": 2307.44, "end": 2307.66, "word": " is", "probability": 0.927734375}, {"start": 2307.66, "end": 2308.06, "word": " along", "probability": 0.95556640625}, {"start": 2308.06, "end": 2308.56, "word": " at", "probability": 0.787109375}, {"start": 2308.56, "end": 2308.92, "word": " the", "probability": 0.7998046875}, {"start": 2308.92, "end": 2309.44, "word": " ATC.", "probability": 0.93701171875}, {"start": 2310.54, "end": 2310.92, "word": " At", "probability": 0.43896484375}, {"start": 2310.92, "end": 2311.08, "word": " this", "probability": 0.9482421875}, {"start": 2311.08, "end": 2311.32, "word": " point", "probability": 0.96923828125}, {"start": 2311.32, "end": 2311.5, "word": " is", "probability": 0.88671875}, {"start": 2311.5, "end": 2311.64, "word": " the", "probability": 0.919921875}, {"start": 2311.64, "end": 2311.94, "word": " price,", "probability": 0.91259765625}, {"start": 2313.22, "end": 2313.5, "word": " which", "probability": 0.9541015625}, {"start": 2313.5, "end": 2313.7, "word": " is", "probability": 0.951171875}, {"start": 2313.7, "end": 2314.06, "word": " bigger,", "probability": 0.9462890625}, {"start": 2314.7, "end": 2315.16, "word": " the", "probability": 0.92626953125}, {"start": 2315.16, "end": 2315.56, "word": " price", "probability": 0.91796875}, {"start": 2315.56, "end": 2315.86, "word": " or", "probability": 0.95068359375}, {"start": 2315.86, "end": 2316.36, "word": " ATC?", "probability": 0.931640625}], "temperature": 1.0}, {"id": 84, "seek": 234362, "start": 2317.56, "end": 2343.62, "text": " The price is bigger than ATC, which means what? We have profits here, economic profits. Right? How much is the total profit? This is the total economic profits. Yes. Let us assume that the ATC equals 7 here.", "tokens": [440, 3218, 307, 3801, 813, 8872, 34, 11, 597, 1355, 437, 30, 492, 362, 17982, 510, 11, 4836, 17982, 13, 1779, 30, 1012, 709, 307, 264, 3217, 7475, 30, 639, 307, 264, 3217, 4836, 17982, 13, 1079, 13, 961, 505, 6552, 300, 264, 8872, 34, 6915, 1614, 510, 13], "avg_logprob": -0.27484376132488253, "compression_ratio": 1.4444444444444444, "no_speech_prob": 0.0, "words": [{"start": 2317.56, "end": 2317.8, "word": " The", "probability": 0.66650390625}, {"start": 2317.8, "end": 2318.24, "word": " price", "probability": 0.9033203125}, {"start": 2318.24, "end": 2318.44, "word": " is", "probability": 0.95458984375}, {"start": 2318.44, "end": 2318.7, "word": " bigger", "probability": 0.94775390625}, {"start": 2318.7, "end": 2318.96, "word": " than", "probability": 0.9482421875}, {"start": 2318.96, "end": 2319.46, "word": " ATC,", "probability": 0.74658203125}, {"start": 2320.52, "end": 2321.3, "word": " which", "probability": 0.93505859375}, {"start": 2321.3, "end": 2321.88, "word": " means", "probability": 0.93212890625}, {"start": 2321.88, "end": 2322.28, "word": " what?", "probability": 0.9384765625}, {"start": 2322.68, "end": 2323.44, "word": " We", "probability": 0.8193359375}, {"start": 2323.44, "end": 2323.68, "word": " have", "probability": 0.95166015625}, {"start": 2323.68, "end": 2324.1, "word": " profits", "probability": 0.55712890625}, {"start": 2324.1, "end": 2324.52, "word": " here,", "probability": 0.84912109375}, {"start": 2324.92, "end": 2325.34, "word": " economic", "probability": 0.75146484375}, {"start": 2325.34, "end": 2325.94, "word": " profits.", "probability": 0.9052734375}, {"start": 2327.76, "end": 2328.56, "word": " Right?", "probability": 0.461181640625}, {"start": 2329.06, "end": 2329.54, "word": " How", "probability": 0.76123046875}, {"start": 2329.54, "end": 2330.08, "word": " much", "probability": 0.91845703125}, {"start": 2330.08, "end": 2330.6, "word": " is", "probability": 0.9482421875}, {"start": 2330.6, "end": 2331.54, "word": " the", "probability": 0.74169921875}, {"start": 2331.54, "end": 2331.78, "word": " total", "probability": 0.876953125}, {"start": 2331.78, "end": 2331.98, "word": " profit?", "probability": 0.33984375}, {"start": 2332.02, "end": 2332.22, "word": " This", "probability": 0.8623046875}, {"start": 2332.22, "end": 2332.36, "word": " is", "probability": 0.9462890625}, {"start": 2332.36, "end": 2332.52, "word": " the", "probability": 0.91455078125}, {"start": 2332.52, "end": 2332.78, "word": " total", "probability": 0.86572265625}, {"start": 2332.78, "end": 2333.24, "word": " economic", "probability": 0.75927734375}, {"start": 2333.24, "end": 2333.74, "word": " profits.", "probability": 0.83251953125}, {"start": 2334.1, "end": 2334.12, "word": " Yes.", "probability": 0.6787109375}, {"start": 2340.9, "end": 2341.2, "word": " Let", "probability": 0.61328125}, {"start": 2341.2, "end": 2341.44, "word": " us", "probability": 0.82958984375}, {"start": 2341.44, "end": 2341.76, "word": " assume", "probability": 0.91162109375}, {"start": 2341.76, "end": 2342.02, "word": " that", "probability": 0.94140625}, {"start": 2342.02, "end": 2342.14, "word": " the", "probability": 0.5673828125}, {"start": 2342.14, "end": 2342.62, "word": " ATC", "probability": 0.915283203125}, {"start": 2342.62, "end": 2343.1, "word": " equals", "probability": 0.87451171875}, {"start": 2343.1, "end": 2343.38, "word": " 7", "probability": 0.290283203125}, {"start": 2343.38, "end": 2343.62, "word": " here.", "probability": 0.30419921875}], "temperature": 1.0}, {"id": 85, "seek": 237629, "start": 2346.43, "end": 2376.29, "text": " Sorry? Here in this example, in this example, in this example. At the marginal revenue equals the marginal cost. How much is the Q? Nine. Let's work on the actual. This is nine. Okay? How much is ATC? ATC is how much? Eight point seven. Eight point seven. Eight point seven. Right? How much is the price? It's ten. It's ten. Here's ten.", "tokens": [4919, 30, 1692, 294, 341, 1365, 11, 294, 341, 1365, 11, 294, 341, 1365, 13, 1711, 264, 16885, 9324, 6915, 264, 16885, 2063, 13, 1012, 709, 307, 264, 1249, 30, 18939, 13, 961, 311, 589, 322, 264, 3539, 13, 639, 307, 4949, 13, 1033, 30, 1012, 709, 307, 8872, 34, 30, 8872, 34, 307, 577, 709, 30, 17708, 935, 3407, 13, 17708, 935, 3407, 13, 17708, 935, 3407, 13, 1779, 30, 1012, 709, 307, 264, 3218, 30, 467, 311, 2064, 13, 467, 311, 2064, 13, 1692, 311, 2064, 13], "avg_logprob": -0.2845485985279083, "compression_ratio": 1.9479768786127167, "no_speech_prob": 0.0, "words": [{"start": 2346.43, "end": 2346.99, "word": " Sorry?", "probability": 0.2337646484375}, {"start": 2347.57, "end": 2347.93, "word": " Here", "probability": 0.63037109375}, {"start": 2347.93, "end": 2348.09, "word": " in", "probability": 0.6767578125}, {"start": 2348.09, "end": 2348.29, "word": " this", "probability": 0.9521484375}, {"start": 2348.29, "end": 2348.67, "word": " example,", "probability": 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Calculate total revenue, total cost, and total profit. Total revenue, what does it mean? Price times quantity. Price. Total revenue. Price times quantity.", "tokens": [15624, 1124, 1266, 13, 3511, 2444, 473, 3217, 9324, 11, 3217, 2063, 11, 293, 3217, 7475, 13, 23170, 9324, 11, 437, 775, 309, 914, 30, 25803, 1413, 11275, 13, 25803, 13, 23170, 9324, 13, 25803, 1413, 11275, 13], "avg_logprob": -0.3347355631681589, "compression_ratio": 1.509090909090909, "no_speech_prob": 0.0, "words": [{"start": 2377.69, "end": 2378.33, "word": " Equals", "probability": 0.542724609375}, {"start": 2378.33, "end": 2378.57, "word": " 10.", "probability": 0.344482421875}, {"start": 2379.57, "end": 2380.29, "word": " Calculate", "probability": 0.9861653645833334}, {"start": 2380.29, "end": 2380.67, "word": " total", "probability": 0.82763671875}, {"start": 2380.67, "end": 2381.13, "word": " revenue,", "probability": 0.89013671875}, {"start": 2381.63, "end": 2382.03, "word": " total", "probability": 0.896484375}, {"start": 2382.03, "end": 2382.63, "word": " cost,", "probability": 0.927734375}, {"start": 2382.97, "end": 2383.29, "word": " and", "probability": 0.9365234375}, {"start": 2383.29, "end": 2383.69, "word": " total", "probability": 0.86181640625}, {"start": 2383.69, "end": 2383.95, "word": " profit.", "probability": 0.8427734375}, {"start": 2386.99, "end": 2387.95, "word": " Total", "probability": 0.383056640625}, {"start": 2387.95, "end": 2391.09, "word": " revenue,", "probability": 0.8408203125}, {"start": 2391.21, "end": 2391.27, "word": " what", "probability": 0.556640625}, {"start": 2391.27, "end": 2391.41, "word": " does", "probability": 0.80712890625}, {"start": 2391.41, "end": 2391.41, "word": " it", "probability": 0.8544921875}, {"start": 2391.41, "end": 2391.61, "word": " mean?", "probability": 0.494873046875}, {"start": 2393.07, "end": 2394.03, "word": " Price", "probability": 0.33203125}, {"start": 2394.03, "end": 2394.35, "word": " times", "probability": 0.77880859375}, {"start": 2394.35, "end": 2394.89, "word": " quantity.", "probability": 0.9541015625}, {"start": 2395.77, "end": 2396.11, "word": " Price.", "probability": 0.80810546875}, {"start": 2396.73, "end": 2397.69, "word": " Total", "probability": 0.58349609375}, {"start": 2397.69, "end": 2398.99, "word": " revenue.", "probability": 0.84619140625}, {"start": 2401.51, "end": 2402.39, "word": " Price", "probability": 0.88134765625}, {"start": 2402.39, "end": 2403.27, "word": " times", "probability": 0.8408203125}, {"start": 2403.27, "end": 2403.87, "word": " quantity.", "probability": 0.9658203125}], "temperature": 1.0}, {"id": 87, "seek": 243290, "start": 2405.18, "end": 2432.9, "text": " 10 times 90. Is it correct? How much is total cost? Total revenue. Total cost. ATC times Q. TC. Total cost. Total cost.", "tokens": [1266, 1413, 4289, 13, 1119, 309, 3006, 30, 1012, 709, 307, 3217, 2063, 30, 23170, 9324, 13, 23170, 2063, 13, 8872, 34, 1413, 1249, 13, 34150, 13, 23170, 2063, 13, 23170, 2063, 13], "avg_logprob": -0.3492647199069752, "compression_ratio": 1.3636363636363635, "no_speech_prob": 0.0, "words": [{"start": 2405.18, "end": 2405.56, "word": " 10", "probability": 0.74560546875}, {"start": 2405.56, "end": 2406.08, "word": " times", "probability": 0.7041015625}, {"start": 2406.08, "end": 2407.72, "word": " 90.", "probability": 0.66650390625}, {"start": 2408.24, "end": 2409.28, "word": " Is", "probability": 0.5029296875}, {"start": 2409.28, "end": 2411.98, "word": " it", "probability": 0.65771484375}, {"start": 2411.98, "end": 2412.3, "word": " correct?", "probability": 0.90185546875}, {"start": 2413.74, "end": 2414.08, "word": " How", "probability": 0.41552734375}, {"start": 2414.08, "end": 2417.32, "word": " much", "probability": 0.91748046875}, {"start": 2417.32, "end": 2417.5, "word": " is", "probability": 0.8818359375}, {"start": 2417.5, "end": 2417.8, "word": " total", "probability": 0.6123046875}, {"start": 2417.8, "end": 2418.22, "word": " cost?", "probability": 0.89794921875}, {"start": 2420.8, "end": 2421.84, "word": " Total", "probability": 0.79248046875}, {"start": 2421.84, "end": 2422.34, "word": " revenue.", "probability": 0.77392578125}, {"start": 2422.86, "end": 2423.14, "word": " Total", "probability": 0.853515625}, {"start": 2423.14, "end": 2423.66, "word": " cost.", "probability": 0.880859375}, {"start": 2424.5, "end": 2425.26, "word": " ATC", "probability": 0.7470703125}, {"start": 2425.26, "end": 2425.94, "word": " times", "probability": 0.86181640625}, {"start": 2425.94, "end": 2426.36, "word": " Q.", "probability": 0.951171875}, {"start": 2428.74, "end": 2429.78, "word": " TC.", "probability": 0.381103515625}, {"start": 2430.2, "end": 2430.48, "word": " Total", "probability": 0.90234375}, {"start": 2430.48, "end": 2430.96, "word": " cost.", "probability": 0.81201171875}, {"start": 2432.04, "end": 2432.38, "word": " Total", "probability": 0.89794921875}, {"start": 2432.38, "end": 2432.9, "word": " cost.", "probability": 0.89306640625}], "temperature": 1.0}, {"id": 88, "seek": 245466, "start": 2434.1, "end": 2454.66, "text": " ATC times Q. How much is ATC in this case? 8.7 times the quantity equals 9. How much is it? 7 to 8.6.", "tokens": [8872, 34, 1413, 1249, 13, 1012, 709, 307, 8872, 34, 294, 341, 1389, 30, 1649, 13, 22, 1413, 264, 11275, 6915, 1722, 13, 1012, 709, 307, 309, 30, 1614, 281, 1649, 13, 21, 13], "avg_logprob": -0.16919642346245903, "compression_ratio": 1.186046511627907, "no_speech_prob": 0.0, "words": [{"start": 2434.1, "end": 2435.0, "word": " ATC", "probability": 0.7529296875}, {"start": 2435.0, "end": 2435.84, "word": " times", "probability": 0.66748046875}, {"start": 2435.84, "end": 2436.22, "word": " Q.", "probability": 0.7451171875}, {"start": 2436.8, "end": 2437.16, "word": " How", "probability": 0.921875}, {"start": 2437.16, "end": 2437.46, "word": " much", "probability": 0.9208984375}, {"start": 2437.46, "end": 2437.8, "word": " is", "probability": 0.90380859375}, {"start": 2437.8, "end": 2438.48, "word": " ATC", "probability": 0.8896484375}, {"start": 2438.48, "end": 2438.66, "word": " in", "probability": 0.9267578125}, {"start": 2438.66, "end": 2438.86, "word": " this", "probability": 0.94921875}, {"start": 2438.86, "end": 2439.64, "word": " case?", "probability": 0.91650390625}, {"start": 2439.9, "end": 2440.08, "word": " 8", "probability": 0.52734375}, {"start": 2440.08, "end": 2441.88, "word": ".7", "probability": 0.97021484375}, {"start": 2441.88, "end": 2443.64, "word": " times", "probability": 0.7275390625}, {"start": 2443.64, "end": 2444.08, "word": " the", "probability": 0.57958984375}, {"start": 2444.08, "end": 2444.52, "word": " quantity", "probability": 0.97314453125}, {"start": 2444.52, "end": 2445.86, "word": " equals", "probability": 0.79931640625}, {"start": 2445.86, "end": 2446.42, "word": " 9.", "probability": 0.6513671875}, {"start": 2447.26, "end": 2448.18, "word": " How", "probability": 0.921875}, {"start": 2448.18, "end": 2448.44, "word": " much", "probability": 0.91796875}, {"start": 2448.44, "end": 2448.6, "word": " is", "probability": 0.94189453125}, {"start": 2448.6, "end": 2448.88, "word": " it?", "probability": 0.92578125}, {"start": 2451.12, "end": 2451.74, "word": " 7", "probability": 0.74755859375}, {"start": 2451.74, "end": 2453.94, "word": " to", "probability": 0.85400390625}, {"start": 2453.94, "end": 2454.16, "word": " 8", "probability": 0.9921875}, {"start": 2454.16, "end": 2454.66, "word": ".6.", "probability": 0.994384765625}], "temperature": 1.0}, {"id": 89, "seek": 248906, "start": 2462.16, "end": 2489.06, "text": " Total revenue, price times quantity. Total revenue. And here is the total cost. Total revenue minus total cost. Here we have the total profit. How much is the total profit? Nine times the difference between the price and ATC.", "tokens": [23170, 9324, 11, 3218, 1413, 11275, 13, 23170, 9324, 13, 400, 510, 307, 264, 3217, 2063, 13, 23170, 9324, 3175, 3217, 2063, 13, 1692, 321, 362, 264, 3217, 7475, 13, 1012, 709, 307, 264, 3217, 7475, 30, 18939, 1413, 264, 2649, 1296, 264, 3218, 293, 8872, 34, 13], "avg_logprob": -0.28651147959183676, "compression_ratio": 1.661764705882353, "no_speech_prob": 0.0, "words": [{"start": 2462.1600000000003, "end": 2462.8, "word": " Total", "probability": 0.08355712890625}, {"start": 2462.8, "end": 2463.32, "word": " revenue,", "probability": 0.78271484375}, {"start": 2464.2, "end": 2464.78, "word": " price", "probability": 0.45556640625}, {"start": 2464.78, "end": 2465.88, "word": " times", "probability": 0.716796875}, {"start": 2465.88, "end": 2466.56, "word": " quantity.", "probability": 0.8349609375}, {"start": 2470.92, "end": 2471.42, "word": " Total", "probability": 0.59912109375}, {"start": 2471.42, "end": 2473.44, "word": " revenue.", "probability": 0.8798828125}, {"start": 2473.98, "end": 2474.26, "word": " And", "probability": 0.541015625}, {"start": 2474.26, "end": 2474.5, "word": " here", "probability": 0.869140625}, {"start": 2474.5, "end": 2474.64, "word": " is", "probability": 0.58056640625}, {"start": 2474.64, "end": 2474.78, "word": " the", "probability": 0.89892578125}, {"start": 2474.78, "end": 2475.04, "word": " total", "probability": 0.88720703125}, {"start": 2475.04, "end": 2475.42, "word": " cost.", "probability": 0.93017578125}, {"start": 2475.68, "end": 2476.0, "word": " Total", "probability": 0.84814453125}, {"start": 2476.0, "end": 2476.56, "word": " revenue", "probability": 0.9189453125}, {"start": 2476.56, "end": 2477.6, "word": " minus", "probability": 0.9453125}, {"start": 2477.6, "end": 2478.12, "word": " total", "probability": 0.86865234375}, {"start": 2478.12, "end": 2478.7, "word": " cost.", "probability": 0.9296875}, {"start": 2479.06, "end": 2479.22, "word": " Here", "probability": 0.85986328125}, {"start": 2479.22, "end": 2479.36, "word": " we", "probability": 0.77490234375}, {"start": 2479.36, "end": 2479.56, "word": " have", "probability": 0.94140625}, {"start": 2479.56, "end": 2479.7, "word": " the", "probability": 0.8876953125}, {"start": 2479.7, "end": 2479.98, "word": " total", "probability": 0.88720703125}, {"start": 2479.98, "end": 2480.28, "word": " profit.", "probability": 0.8544921875}, {"start": 2481.0, "end": 2481.14, "word": " How", "probability": 0.9658203125}, {"start": 2481.14, "end": 2481.38, "word": " much", "probability": 0.91845703125}, {"start": 2481.38, "end": 2481.54, "word": " is", "probability": 0.9462890625}, {"start": 2481.54, "end": 2481.66, "word": " the", "probability": 0.857421875}, {"start": 2481.66, "end": 2481.86, "word": " total", "probability": 0.88818359375}, {"start": 2481.86, "end": 2482.18, "word": " profit?", "probability": 0.87451171875}, {"start": 2485.14, "end": 2485.78, "word": " Nine", "probability": 0.56103515625}, {"start": 2485.78, "end": 2486.82, "word": " times", "probability": 0.92919921875}, {"start": 2486.82, "end": 2487.26, "word": " the", "probability": 0.89599609375}, {"start": 2487.26, "end": 2487.64, "word": " difference", "probability": 0.845703125}, {"start": 2487.64, "end": 2487.94, "word": " between", "probability": 0.86474609375}, {"start": 2487.94, "end": 2488.08, "word": " the", "probability": 0.81396484375}, {"start": 2488.08, "end": 2488.32, "word": " price", "probability": 0.9365234375}, {"start": 2488.32, "end": 2488.52, "word": " and", "probability": 0.93701171875}, {"start": 2488.52, "end": 2489.06, "word": " ATC.", "probability": 0.782470703125}], "temperature": 1.0}, {"id": 90, "seek": 251705, "start": 2490.01, "end": 2517.05, "text": " Right? Right or wrong? Which is this one, total profit. Tp, this one here, is the total profit. Total profit equals price minus ATC times Q. The difference between these here is multiplied by the quantity.", "tokens": [1779, 30, 1779, 420, 2085, 30, 3013, 307, 341, 472, 11, 3217, 7475, 13, 314, 79, 11, 341, 472, 510, 11, 307, 264, 3217, 7475, 13, 23170, 7475, 6915, 3218, 3175, 8872, 34, 1413, 1249, 13, 440, 2649, 1296, 613, 510, 307, 17207, 538, 264, 11275, 13], "avg_logprob": -0.44335937686264515, "compression_ratio": 1.4714285714285715, "no_speech_prob": 0.0, "words": [{"start": 2490.0099999999998, "end": 2490.77, "word": " Right?", "probability": 0.181884765625}, {"start": 2492.13, "end": 2492.83, "word": " Right", "probability": 0.623046875}, {"start": 2492.83, "end": 2493.01, "word": " or", "probability": 0.91064453125}, {"start": 2493.01, "end": 2493.21, "word": " wrong?", "probability": 0.8369140625}, {"start": 2493.89, "end": 2494.09, "word": " Which", "probability": 0.27880859375}, {"start": 2494.09, "end": 2494.25, "word": " is", "probability": 0.802734375}, {"start": 2494.25, "end": 2494.59, "word": " this", "probability": 0.55078125}, {"start": 2494.59, "end": 2494.77, "word": " one,", "probability": 0.189453125}, {"start": 2494.85, "end": 2495.13, "word": " total", "probability": 0.59033203125}, {"start": 2495.13, "end": 2495.55, "word": " profit.", "probability": 0.90625}, {"start": 2497.85, "end": 2498.31, "word": " Tp,", "probability": 0.3426513671875}, {"start": 2498.63, "end": 2499.03, "word": " this", "probability": 0.66162109375}, {"start": 2499.03, "end": 2499.21, "word": " one", "probability": 0.61279296875}, {"start": 2499.21, "end": 2499.43, "word": " here,", "probability": 0.306640625}, {"start": 2499.93, "end": 2500.55, "word": " is", "probability": 0.91748046875}, {"start": 2500.55, "end": 2500.71, "word": " the", "probability": 0.9072265625}, {"start": 2500.71, "end": 2501.01, "word": " total", "probability": 0.875}, {"start": 2501.01, "end": 2501.39, "word": " profit.", "probability": 0.90185546875}, {"start": 2506.09, "end": 2506.85, "word": " Total", "probability": 0.81787109375}, {"start": 2506.85, "end": 2507.27, "word": " profit", "probability": 0.87158203125}, {"start": 2507.27, "end": 2509.21, "word": " equals", "probability": 0.8447265625}, {"start": 2509.21, "end": 2510.79, "word": " price", "probability": 0.84228515625}, {"start": 2510.79, "end": 2511.29, "word": " minus", "probability": 0.9853515625}, {"start": 2511.29, "end": 2512.15, "word": " ATC", "probability": 0.685791015625}, {"start": 2512.15, "end": 2512.55, "word": " times", "probability": 0.92236328125}, {"start": 2512.55, "end": 2512.93, "word": " Q.", "probability": 0.853515625}, {"start": 2514.35, "end": 2514.57, "word": " The", "probability": 0.88525390625}, {"start": 2514.57, "end": 2514.79, "word": " difference", "probability": 0.81787109375}, {"start": 2514.79, "end": 2515.01, "word": " between", "probability": 0.7333984375}, {"start": 2515.01, "end": 2515.23, "word": " these", "probability": 0.75341796875}, {"start": 2515.23, "end": 2515.67, "word": " here", "probability": 0.1273193359375}, {"start": 2515.67, "end": 2516.11, "word": " is", "probability": 0.51904296875}, {"start": 2516.11, "end": 2516.37, "word": " multiplied", "probability": 0.418212890625}, {"start": 2516.37, "end": 2516.51, "word": " by", "probability": 0.88330078125}, {"start": 2516.51, "end": 2516.63, "word": " the", "probability": 0.6103515625}, {"start": 2516.63, "end": 2517.05, "word": " quantity.", "probability": 0.97509765625}], "temperature": 1.0}, {"id": 91, "seek": 254738, "start": 2518.66, "end": 2547.38, "text": " It's 100% in the equation. Price minus ATC is multiplied by quantity. Right? If this is the total profit equals price times quantity 11 minus ATC 8.7 times quantity 9, the total profit will be this number. See? 11.4 If I don't get it before me.", "tokens": [467, 311, 2319, 4, 294, 264, 5367, 13, 25803, 3175, 8872, 34, 307, 17207, 538, 11275, 13, 1779, 30, 759, 341, 307, 264, 3217, 7475, 6915, 3218, 1413, 11275, 2975, 3175, 8872, 34, 1649, 13, 22, 1413, 11275, 1722, 11, 264, 3217, 7475, 486, 312, 341, 1230, 13, 3008, 30, 2975, 13, 19, 759, 286, 500, 380, 483, 309, 949, 385, 13], "avg_logprob": -0.5917658805847168, "compression_ratio": 1.467065868263473, "no_speech_prob": 0.0, "words": [{"start": 2518.66, "end": 2518.86, "word": " It's", "probability": 0.3270721435546875}, {"start": 2518.86, "end": 2518.98, "word": " 100", "probability": 0.71044921875}, {"start": 2518.98, "end": 2519.36, "word": "%", "probability": 0.818359375}, {"start": 2519.36, "end": 2519.56, "word": " in", "probability": 0.338623046875}, {"start": 2519.56, "end": 2519.66, "word": " the", "probability": 0.375}, {"start": 2519.66, "end": 2519.82, "word": " equation.", "probability": 0.06414794921875}, {"start": 2519.98, 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"probability": 0.251953125}, {"start": 2546.46, "end": 2546.56, "word": " I", "probability": 0.5341796875}, {"start": 2546.56, "end": 2546.62, "word": " don't", "probability": 0.795654296875}, {"start": 2546.62, "end": 2546.74, "word": " get", "probability": 0.49658203125}, {"start": 2546.74, "end": 2546.98, "word": " it", "probability": 0.28369140625}, {"start": 2546.98, "end": 2547.08, "word": " before", "probability": 0.2371826171875}, {"start": 2547.08, "end": 2547.38, "word": " me.", "probability": 0.489501953125}], "temperature": 1.0}, {"id": 92, "seek": 257373, "start": 2548.01, "end": 2573.73, "text": " If the price was", "tokens": [759, 264, 3218, 390], "avg_logprob": -0.42421875, "compression_ratio": 0.68, "no_speech_prob": 1.5497207641601562e-06, "words": [{"start": 2548.01, "end": 2548.27, "word": " If", "probability": 0.1405029296875}, {"start": 2548.27, "end": 2572.41, "word": " the", "probability": 0.84716796875}, {"start": 2572.41, "end": 2572.91, "word": " price", "probability": 0.9228515625}, {"start": 2572.91, "end": 2573.73, "word": " was", "probability": 0.93115234375}], "temperature": 1.0}, {"id": 93, "seek": 260501, "start": 2575.93, "end": 2605.01, "text": " So here, if the price was above ATC, meaning that the price came, let's say it came like that. We said that we're downloading from A, from the equilibrium point on the ATC. Right? But if it was below it, let's see. On the graph. Break? Break. 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MC, MR, AVC, ATC and price.", "tokens": [8797, 11, 30198, 34, 293, 8872, 34, 13, 8797, 11, 9808, 11, 30198, 34, 11, 8872, 34, 293, 3218, 13], "avg_logprob": -0.24813986959911527, "compression_ratio": 1.0714285714285714, "no_speech_prob": 0.0, "words": [{"start": 2606.43, "end": 2607.05, "word": " MC,", "probability": 0.8037109375}, {"start": 2611.97, "end": 2612.89, "word": " AVC", "probability": 0.96826171875}, {"start": 2612.89, "end": 2614.59, "word": " and", "probability": 0.5673828125}, {"start": 2614.59, "end": 2615.45, "word": " ATC.", "probability": 0.921875}, {"start": 2620.37, "end": 2621.77, "word": " MC,", "probability": 0.9248046875}, {"start": 2623.03, "end": 2623.79, "word": " MR,", "probability": 0.94873046875}, {"start": 2624.81, "end": 2625.63, "word": " AVC,", "probability": 0.973876953125}, {"start": 2625.95, "end": 2626.77, "word": " ATC", "probability": 0.955322265625}, {"start": 2626.77, "end": 2628.07, "word": " and", "probability": 0.66552734375}, {"start": 2628.07, "end": 2628.53, "word": " price.", "probability": 0.2294921875}], "temperature": 1.0}, {"id": 95, "seek": 266169, "start": 2632.97, "end": 2661.69, "text": " The first case, we assume that the price was above ATC. Above the minimum ATC or above the ATC. Now, let us assume that the price was below ATC. Where below ATC? Price equals MR equals D. It's above AVC.", "tokens": [440, 700, 1389, 11, 321, 6552, 300, 264, 3218, 390, 3673, 8872, 34, 13, 32691, 264, 7285, 8872, 34, 420, 3673, 264, 8872, 34, 13, 823, 11, 718, 505, 6552, 300, 264, 3218, 390, 2507, 8872, 34, 13, 2305, 2507, 8872, 34, 30, 25803, 6915, 9808, 6915, 413, 13, 467, 311, 3673, 30198, 34, 13], "avg_logprob": -0.19433593510517053, "compression_ratio": 1.5338345864661653, "no_speech_prob": 0.0, "words": [{"start": 2632.97, "end": 2633.19, "word": " The", "probability": 0.64111328125}, {"start": 2633.19, "end": 2633.53, "word": " first", "probability": 0.89111328125}, {"start": 2633.53, "end": 2633.99, "word": " case,", "probability": 0.91357421875}, {"start": 2634.27, "end": 2634.39, "word": " we", "probability": 0.94873046875}, {"start": 2634.39, "end": 2635.01, "word": " assume", "probability": 0.477294921875}, {"start": 2635.01, "end": 2635.43, "word": " that", "probability": 0.8125}, {"start": 2635.43, "end": 2635.65, "word": " the", "probability": 0.89892578125}, {"start": 2635.65, "end": 2636.21, "word": " price", "probability": 0.916015625}, {"start": 2636.21, "end": 2636.85, "word": " was", "probability": 0.93017578125}, {"start": 2636.85, "end": 2638.13, "word": " above", "probability": 0.95654296875}, {"start": 2638.13, "end": 2639.13, "word": " ATC.", "probability": 0.812744140625}, {"start": 2640.05, "end": 2640.77, "word": " Above", "probability": 0.9267578125}, {"start": 2640.77, "end": 2641.01, "word": " the", "probability": 0.919921875}, {"start": 2641.01, "end": 2641.29, "word": " minimum", "probability": 0.9658203125}, {"start": 2641.29, "end": 2641.81, "word": " ATC", "probability": 0.901611328125}, {"start": 2641.81, "end": 2642.07, "word": " or", "probability": 0.7294921875}, {"start": 2642.07, "end": 2642.31, "word": " above", "probability": 0.9677734375}, {"start": 2642.31, "end": 2642.51, "word": " the", "probability": 0.91064453125}, {"start": 2642.51, "end": 2643.09, "word": " ATC.", "probability": 0.930419921875}, {"start": 2643.41, "end": 2643.77, "word": " Now,", "probability": 0.9599609375}, {"start": 2644.05, "end": 2644.25, "word": " let", "probability": 0.95068359375}, {"start": 2644.25, "end": 2644.39, "word": " us", "probability": 0.66455078125}, {"start": 2644.39, "end": 2644.73, "word": " assume", "probability": 0.91162109375}, {"start": 2644.73, "end": 2644.97, "word": " that", "probability": 0.93701171875}, {"start": 2644.97, "end": 2645.13, "word": " the", "probability": 0.919921875}, {"start": 2645.13, "end": 2645.49, "word": " price", "probability": 0.90966796875}, {"start": 2645.49, "end": 2645.89, "word": " was", "probability": 0.94873046875}, {"start": 2645.89, "end": 2646.79, "word": " below", "probability": 0.89208984375}, {"start": 2646.79, "end": 2647.87, "word": " ATC.", "probability": 0.93115234375}, {"start": 2648.99, "end": 2649.13, "word": " Where", "probability": 0.204345703125}, {"start": 2649.13, "end": 2649.43, "word": " below", "probability": 0.9111328125}, {"start": 2649.43, "end": 2649.85, "word": " ATC?", "probability": 0.93212890625}, {"start": 2650.81, "end": 2651.53, "word": " Price", "probability": 0.70751953125}, {"start": 2651.53, "end": 2655.31, "word": " equals", "probability": 0.8828125}, {"start": 2655.31, "end": 2656.11, "word": " MR", "probability": 0.732421875}, {"start": 2656.11, "end": 2657.45, "word": " equals", "probability": 0.91357421875}, {"start": 2657.45, "end": 2657.77, "word": " D.", "probability": 0.97900390625}, {"start": 2659.01, "end": 2659.73, "word": " It's", "probability": 0.64306640625}, {"start": 2659.73, "end": 2660.27, "word": " above", "probability": 0.97021484375}, {"start": 2660.27, "end": 2661.69, "word": " AVC.", "probability": 0.854736328125}], "temperature": 1.0}, {"id": 96, "seek": 269314, "start": 2666.06, "end": 2693.14, "text": " To determine if profits are lost, the price here is below ATC. Here we have a loss or break-even or profits. We have a loss because the price is less than ATC, which means total revenue is less than total cost.", "tokens": [1407, 6997, 498, 17982, 366, 2731, 11, 264, 3218, 510, 307, 2507, 8872, 34, 13, 1692, 321, 362, 257, 4470, 420, 1821, 12, 27170, 420, 17982, 13, 492, 362, 257, 4470, 570, 264, 3218, 307, 1570, 813, 8872, 34, 11, 597, 1355, 3217, 9324, 307, 1570, 813, 3217, 2063, 13], "avg_logprob": -0.2245710760939355, "compression_ratio": 1.5401459854014599, "no_speech_prob": 0.0, "words": [{"start": 2666.06, "end": 2666.82, "word": " To", "probability": 0.071044921875}, {"start": 2666.82, "end": 2667.54, "word": " determine", "probability": 0.89208984375}, {"start": 2667.54, "end": 2668.14, "word": " if", "probability": 0.46630859375}, {"start": 2668.14, "end": 2668.66, "word": " profits", "probability": 0.59912109375}, {"start": 2668.66, "end": 2668.94, "word": " are", "probability": 0.646484375}, {"start": 2668.94, "end": 2669.4, "word": " lost,", "probability": 0.65087890625}, {"start": 2669.68, "end": 2670.64, "word": " the", "probability": 0.8896484375}, {"start": 2670.64, "end": 2671.16, "word": " price", "probability": 0.92236328125}, {"start": 2671.16, "end": 2671.5, "word": " here", "probability": 0.8193359375}, {"start": 2671.5, "end": 2671.86, "word": " is", "probability": 0.9453125}, {"start": 2671.86, "end": 2672.82, "word": " below", "probability": 0.88037109375}, {"start": 2672.82, "end": 2674.78, "word": " ATC.", "probability": 0.871337890625}, {"start": 2677.18, "end": 2678.1, "word": " Here", "probability": 0.83251953125}, {"start": 2678.1, "end": 2678.22, "word": " we", "probability": 0.69189453125}, {"start": 2678.22, "end": 2678.4, "word": " have", "probability": 0.947265625}, {"start": 2678.4, "end": 2678.5, "word": " a", "probability": 0.64453125}, {"start": 2678.5, "end": 2678.76, "word": " loss", "probability": 0.91845703125}, {"start": 2678.76, "end": 2678.96, "word": " or", "probability": 0.7685546875}, {"start": 2678.96, "end": 2679.22, "word": " break", "probability": 0.7783203125}, {"start": 2679.22, "end": 2679.46, "word": "-even", "probability": 0.73095703125}, {"start": 2679.46, "end": 2679.9, "word": " or", "probability": 0.80859375}, {"start": 2679.9, "end": 2680.74, "word": " profits.", "probability": 0.9169921875}, {"start": 2681.9, "end": 2682.58, "word": " We", "probability": 0.7939453125}, {"start": 2682.58, "end": 2682.72, "word": " have", "probability": 0.9501953125}, {"start": 2682.72, "end": 2682.84, "word": " a", "probability": 0.9931640625}, {"start": 2682.84, "end": 2683.16, "word": " loss", "probability": 0.87890625}, {"start": 2683.16, "end": 2684.14, "word": " because", "probability": 0.630859375}, {"start": 2684.14, "end": 2684.44, "word": " the", "probability": 0.9150390625}, {"start": 2684.44, "end": 2684.8, "word": " price", "probability": 0.91064453125}, {"start": 2684.8, "end": 2685.5, "word": " is", "probability": 0.95263671875}, {"start": 2685.5, "end": 2686.9, "word": " less", "probability": 0.94287109375}, {"start": 2686.9, "end": 2687.48, "word": " than", "probability": 0.94677734375}, {"start": 2687.48, "end": 2688.28, "word": " ATC,", "probability": 0.927978515625}, {"start": 2689.06, "end": 2689.4, "word": " which", "probability": 0.9462890625}, {"start": 2689.4, "end": 2689.82, "word": " means", "probability": 0.93505859375}, {"start": 2689.82, "end": 2690.46, "word": " total", "probability": 0.8388671875}, {"start": 2690.46, "end": 2690.92, "word": " revenue", "probability": 0.89404296875}, {"start": 2690.92, "end": 2691.32, "word": " is", "probability": 0.95068359375}, {"start": 2691.32, "end": 2691.62, "word": " less", "probability": 0.9462890625}, {"start": 2691.62, "end": 2692.02, "word": " than", "probability": 0.953125}, {"start": 2692.02, "end": 2692.54, "word": " total", "probability": 0.8662109375}, {"start": 2692.54, "end": 2693.14, "word": " cost.", "probability": 0.9228515625}], "temperature": 1.0}, {"id": 97, "seek": 271783, "start": 2697.81, "end": 2717.83, "text": " Here, where's the equilibrium point? The equilibrium occurs when marginal revenue equals marginal cost. At this point here, marginal revenue equals the marginal cost.", "tokens": [1692, 11, 689, 311, 264, 15625, 935, 30, 440, 15625, 11843, 562, 16885, 9324, 6915, 16885, 2063, 13, 1711, 341, 935, 510, 11, 16885, 9324, 6915, 264, 16885, 2063, 13], "avg_logprob": -0.1510836712775692, "compression_ratio": 1.6057692307692308, "no_speech_prob": 0.0, "words": [{"start": 2697.81, "end": 2698.85, "word": " Here,", "probability": 0.1201171875}, {"start": 2702.31, "end": 2702.83, "word": " where's", "probability": 0.740478515625}, {"start": 2702.83, "end": 2702.95, "word": " the", "probability": 0.912109375}, {"start": 2702.95, "end": 2703.31, "word": " equilibrium", "probability": 0.96923828125}, {"start": 2703.31, "end": 2703.71, "word": " point?", "probability": 0.95263671875}, {"start": 2704.43, "end": 2705.17, "word": " The", "probability": 0.845703125}, {"start": 2705.17, "end": 2705.59, "word": " equilibrium", "probability": 0.96240234375}, {"start": 2705.59, "end": 2706.31, "word": " occurs", "probability": 0.92626953125}, {"start": 2706.31, "end": 2706.79, "word": " when", "probability": 0.94091796875}, {"start": 2706.79, "end": 2708.91, "word": " marginal", "probability": 0.81689453125}, {"start": 2708.91, "end": 2709.51, "word": " revenue", "probability": 0.92529296875}, {"start": 2709.51, "end": 2710.05, "word": " equals", "probability": 0.93603515625}, {"start": 2710.05, "end": 2710.59, "word": " marginal", "probability": 0.94482421875}, {"start": 2710.59, "end": 2711.09, "word": " cost.", "probability": 0.90966796875}, {"start": 2711.27, "end": 2712.29, "word": " At", "probability": 0.97265625}, {"start": 2712.29, "end": 2712.57, "word": " this", "probability": 0.9482421875}, {"start": 2712.57, "end": 2712.93, "word": " point", "probability": 0.96875}, {"start": 2712.93, "end": 2713.29, "word": " here,", "probability": 0.857421875}, {"start": 2714.73, "end": 2715.17, "word": " marginal", "probability": 0.90673828125}, {"start": 2715.17, "end": 2715.79, "word": " revenue", "probability": 0.92578125}, {"start": 2715.79, "end": 2716.65, "word": " equals", "probability": 0.95166015625}, {"start": 2716.65, "end": 2716.85, "word": " the", "probability": 0.72509765625}, {"start": 2716.85, "end": 2717.21, "word": " marginal", "probability": 0.93408203125}, {"start": 2717.21, "end": 2717.83, "word": " cost.", "probability": 0.9345703125}], "temperature": 1.0}, {"id": 98, "seek": 274020, "start": 2718.92, "end": 2740.2, "text": "and the marginal cost is increasing. The condition is that the best point is at the point at which marginal revenue equals marginal cost and marginal cost is increasing. So here is the equilibrium point.", "tokens": [474, 264, 16885, 2063, 307, 5662, 13, 440, 4188, 307, 300, 264, 1151, 935, 307, 412, 264, 935, 412, 597, 16885, 9324, 6915, 16885, 2063, 293, 16885, 2063, 307, 5662, 13, 407, 510, 307, 264, 15625, 935, 13], "avg_logprob": -0.2928685759886717, "compression_ratio": 1.7203389830508475, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 2718.92, "end": 2719.26, "word": "and", "probability": 0.587890625}, {"start": 2719.26, "end": 2719.48, "word": " the", "probability": 0.85791015625}, {"start": 2719.48, "end": 2719.9, "word": " marginal", "probability": 0.8427734375}, {"start": 2719.9, "end": 2720.3, "word": " cost", "probability": 0.90576171875}, {"start": 2720.3, "end": 2720.54, "word": " is", "probability": 0.93212890625}, {"start": 2720.54, "end": 2721.2, "word": " increasing.", "probability": 0.96240234375}, {"start": 2722.14, "end": 2722.68, "word": " The", "probability": 0.148681640625}, {"start": 2722.68, "end": 2723.3, "word": " condition", "probability": 0.7158203125}, {"start": 2723.3, "end": 2723.8, "word": " is", "probability": 0.67724609375}, {"start": 2723.8, "end": 2724.0, "word": " that", "probability": 0.66259765625}, {"start": 2724.0, "end": 2724.28, "word": " the", "probability": 0.75537109375}, {"start": 2724.28, "end": 2724.98, "word": " best", "probability": 0.68212890625}, {"start": 2724.98, "end": 2725.44, "word": " point", "probability": 0.94091796875}, {"start": 2725.44, "end": 2725.94, "word": " is", "probability": 0.87744140625}, {"start": 2725.94, "end": 2726.54, "word": " at", "probability": 0.673828125}, {"start": 2726.54, "end": 2726.66, "word": " the", "probability": 0.69580078125}, {"start": 2726.66, "end": 2727.02, "word": " point", "probability": 0.958984375}, {"start": 2727.02, "end": 2727.36, "word": " at", "probability": 0.51171875}, {"start": 2727.36, "end": 2727.66, "word": " which", "probability": 0.9482421875}, {"start": 2727.66, "end": 2728.36, "word": " marginal", "probability": 0.83642578125}, {"start": 2728.36, "end": 2728.78, "word": " revenue", "probability": 0.9130859375}, {"start": 2728.78, "end": 2729.16, "word": " equals", "probability": 0.8642578125}, {"start": 2729.16, "end": 2729.5, "word": " marginal", "probability": 0.4296875}, {"start": 2729.5, "end": 2730.16, "word": " cost", "probability": 0.90869140625}, {"start": 2730.16, "end": 2730.66, "word": " and", "probability": 0.5859375}, {"start": 2730.66, "end": 2731.4, "word": " marginal", "probability": 0.79345703125}, {"start": 2731.4, "end": 2732.1, "word": " cost", "probability": 0.92041015625}, {"start": 2732.1, "end": 2732.46, "word": " is", "probability": 0.8974609375}, {"start": 2732.46, "end": 2733.18, "word": " increasing.", "probability": 0.9638671875}, {"start": 2735.8, "end": 2735.98, "word": " So", "probability": 0.27734375}, {"start": 2735.98, "end": 2738.86, "word": " here", "probability": 0.7333984375}, {"start": 2738.86, "end": 2739.22, "word": " is", "probability": 0.919921875}, {"start": 2739.22, "end": 2739.48, "word": " the", "probability": 0.85107421875}, {"start": 2739.48, "end": 2739.8, "word": " equilibrium", "probability": 0.9384765625}, {"start": 2739.8, "end": 2740.2, "word": " point.", "probability": 0.93994140625}], "temperature": 1.0}, {"id": 99, "seek": 277265, "start": 2744.77, "end": 2772.65, "text": " To calculate the equilibrium, sorry, if we have profits or loss or break-even, we should go to ATC. Right? This is the ATC. Who am I running after? The ATC. If it's down, I go down. If it's up, I go up. That's how it is. Okay? Don't give up. Focus until the end of the day.", "tokens": [1407, 8873, 264, 15625, 11, 2597, 11, 498, 321, 362, 17982, 420, 4470, 420, 1821, 12, 27170, 11, 321, 820, 352, 281, 8872, 34, 13, 1779, 30, 639, 307, 264, 8872, 34, 13, 2102, 669, 286, 2614, 934, 30, 440, 8872, 34, 13, 759, 309, 311, 760, 11, 286, 352, 760, 13, 759, 309, 311, 493, 11, 286, 352, 493, 13, 663, 311, 577, 309, 307, 13, 1033, 30, 1468, 380, 976, 493, 13, 21862, 1826, 264, 917, 295, 264, 786, 13], "avg_logprob": -0.32435994694031867, "compression_ratio": 1.4270833333333333, "no_speech_prob": 4.172325134277344e-07, "words": [{"start": 2744.77, "end": 2744.97, "word": " To", "probability": 0.73388671875}, {"start": 2744.97, "end": 2745.83, "word": " calculate", "probability": 0.9306640625}, {"start": 2745.83, "end": 2746.37, "word": " the", "probability": 0.87841796875}, {"start": 2746.37, "end": 2747.01, "word": " equilibrium,", "probability": 0.9541015625}, {"start": 2747.61, "end": 2747.93, "word": " sorry,", "probability": 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This is here total loss. How much is the total economic loss? Are these profits or losses?", "tokens": [1012, 709, 307, 33580, 30, 639, 307, 510, 3217, 4470, 13, 1012, 709, 307, 264, 3217, 4836, 4470, 30, 2014, 613, 17982, 420, 15352, 30], "avg_logprob": -0.2680288484463325, "compression_ratio": 1.2298850574712643, "no_speech_prob": 0.0, "words": [{"start": 2804.54, "end": 2804.74, "word": " How", "probability": 0.67578125}, {"start": 2804.74, "end": 2804.96, "word": " much", "probability": 0.9248046875}, {"start": 2804.96, "end": 2805.14, "word": " is", "probability": 0.87548828125}, {"start": 2805.14, "end": 2805.4, "word": " EQ?", "probability": 0.8125}, {"start": 2809.1, "end": 2809.74, "word": " This", "probability": 0.3212890625}, {"start": 2809.74, "end": 2815.46, "word": " is", "probability": 0.9150390625}, {"start": 2815.46, "end": 2815.74, "word": " here", "probability": 0.75390625}, {"start": 2815.74, "end": 2819.64, "word": " total", "probability": 0.326904296875}, {"start": 2819.64, "end": 2820.56, "word": " loss.", "probability": 0.87646484375}, {"start": 2823.74, "end": 2824.38, "word": " How", "probability": 0.947265625}, {"start": 2824.38, "end": 2824.66, "word": " much", "probability": 0.9189453125}, {"start": 2824.66, "end": 2824.98, "word": " is", "probability": 0.9521484375}, {"start": 2824.98, "end": 2825.36, "word": " the", "probability": 0.8818359375}, {"start": 2825.36, "end": 2825.68, "word": " total", "probability": 0.873046875}, {"start": 2825.68, "end": 2826.22, "word": " economic", "probability": 0.8544921875}, {"start": 2826.22, "end": 2826.8, "word": " loss?", "probability": 0.873046875}, {"start": 2829.12, "end": 2829.76, "word": " Are", "probability": 0.52294921875}, {"start": 2829.76, "end": 2829.84, "word": " these", "probability": 0.60009765625}, {"start": 2829.84, "end": 2830.16, "word": " profits", "probability": 0.8759765625}, {"start": 2830.16, "end": 2830.36, "word": " or", "probability": 0.9306640625}, {"start": 2830.36, "end": 2830.68, "word": " losses?", "probability": 0.5517578125}], "temperature": 1.0}, {"id": 102, "seek": 285851, "start": 2831.83, "end": 2858.51, "text": " Loss. How much is the total revenue? Price per quantity. 10 times 7. 70. How much is the total cost? 12 times 7. 84.", "tokens": [441, 772, 13, 1012, 709, 307, 264, 3217, 9324, 30, 25803, 680, 11275, 13, 1266, 1413, 1614, 13, 5285, 13, 1012, 709, 307, 264, 3217, 2063, 30, 2272, 1413, 1614, 13, 29018, 13], "avg_logprob": -0.37522977590560913, "compression_ratio": 1.2717391304347827, "no_speech_prob": 0.0, "words": [{"start": 2831.83, "end": 2832.35, "word": " Loss.", "probability": 0.753662109375}, {"start": 2833.23, "end": 2833.45, "word": " How", "probability": 0.11566162109375}, {"start": 2833.45, "end": 2841.79, "word": " much", "probability": 0.919921875}, {"start": 2841.79, "end": 2842.23, "word": " is", "probability": 0.94287109375}, {"start": 2842.23, "end": 2843.07, "word": " the", "probability": 0.89453125}, {"start": 2843.07, "end": 2843.53, "word": " total", "probability": 0.8818359375}, {"start": 2843.53, "end": 2844.31, "word": " revenue?", "probability": 0.890625}, {"start": 2845.75, "end": 2846.13, "word": " Price", "probability": 0.91259765625}, {"start": 2846.13, "end": 2846.27, "word": " per", "probability": 0.1488037109375}, {"start": 2846.27, "end": 2846.73, "word": " quantity.", "probability": 0.9365234375}, {"start": 2847.41, "end": 2847.75, "word": " 10", "probability": 0.65283203125}, {"start": 2847.75, "end": 2849.21, "word": " times", "probability": 0.463623046875}, {"start": 2849.21, "end": 2849.87, "word": " 7.", "probability": 0.86181640625}, {"start": 2850.15, "end": 2850.63, "word": " 70.", "probability": 0.88427734375}, {"start": 2850.95, "end": 2851.83, "word": " How", "probability": 0.93310546875}, {"start": 2851.83, "end": 2852.11, "word": " much", "probability": 0.91796875}, {"start": 2852.11, "end": 2852.35, "word": " is", "probability": 0.6650390625}, {"start": 2852.35, "end": 2852.55, "word": " the", "probability": 0.9052734375}, {"start": 2852.55, "end": 2852.99, "word": " total", "probability": 0.892578125}, {"start": 2852.99, "end": 2853.49, "word": " cost?", "probability": 0.9384765625}, {"start": 2854.15, "end": 2854.65, "word": " 12", "probability": 0.87548828125}, {"start": 2854.65, "end": 2855.55, "word": " times", "probability": 0.83984375}, {"start": 2855.55, "end": 2856.01, "word": " 7.", "probability": 0.970703125}, {"start": 2857.51, "end": 2858.51, "word": " 84.", "probability": 0.53662109375}], "temperature": 1.0}, {"id": 103, "seek": 288587, "start": 2861.93, "end": 2885.87, "text": " The total loss had a total loss, total economic loss. Who approves it's negative? Because total cost is bigger than total revenue. The third case.", "tokens": [440, 3217, 4470, 632, 257, 3217, 4470, 11, 3217, 4836, 4470, 13, 2102, 2075, 977, 309, 311, 3671, 30, 1436, 3217, 2063, 307, 3801, 813, 3217, 9324, 13, 440, 2636, 1389, 13], "avg_logprob": -0.23449337121212122, "compression_ratio": 1.348623853211009, "no_speech_prob": 0.0, "words": [{"start": 2861.93, "end": 2862.17, "word": " The", "probability": 0.70947265625}, {"start": 2862.17, "end": 2862.51, "word": " total", "probability": 0.8955078125}, {"start": 2862.51, "end": 2862.95, "word": " loss", "probability": 0.9091796875}, {"start": 2862.95, "end": 2863.21, "word": " had", "probability": 0.71875}, {"start": 2863.21, "end": 2863.35, "word": " a", "probability": 0.9326171875}, {"start": 2863.35, "end": 2863.63, "word": " total", "probability": 0.9013671875}, {"start": 2863.63, "end": 2864.05, "word": " loss,", "probability": 0.87646484375}, {"start": 2864.31, "end": 2864.63, "word": " total", "probability": 0.82568359375}, {"start": 2864.63, "end": 2865.13, "word": " economic", "probability": 0.8173828125}, {"start": 2865.13, "end": 2865.63, "word": " loss.", "probability": 0.8662109375}, {"start": 2870.75, "end": 2871.03, "word": " Who", "probability": 0.33154296875}, {"start": 2871.03, "end": 2871.39, "word": " approves", "probability": 0.75244140625}, {"start": 2871.39, "end": 2871.63, "word": " it's", "probability": 0.710205078125}, {"start": 2871.63, "end": 2872.07, "word": " negative?", "probability": 0.94970703125}, {"start": 2872.95, "end": 2873.83, "word": " Because", "probability": 0.376220703125}, {"start": 2873.83, "end": 2875.25, "word": " total", "probability": 0.72900390625}, {"start": 2875.25, "end": 2875.73, "word": " cost", "probability": 0.90625}, {"start": 2875.73, "end": 2876.31, "word": " is", "probability": 0.95263671875}, {"start": 2876.31, "end": 2876.63, "word": " bigger", "probability": 0.94482421875}, {"start": 2876.63, "end": 2877.15, "word": " than", "probability": 0.95849609375}, {"start": 2877.15, "end": 2877.79, "word": " total", "probability": 0.8857421875}, {"start": 2877.79, "end": 2878.33, "word": " revenue.", "probability": 0.87158203125}, {"start": 2881.37, "end": 2882.25, "word": " The", "probability": 0.61279296875}, {"start": 2882.25, "end": 2885.45, "word": " third", "probability": 0.92529296875}, {"start": 2885.45, "end": 2885.87, "word": " case.", "probability": 0.9033203125}], "temperature": 1.0}, {"id": 104, "seek": 291642, "start": 2888.56, "end": 2916.42, "text": " Let's make the price tangent to the minimum AVC. Fake. The third case. So, what do you see? If the price is above or bigger than ATC, we have profits, total profits. Total economic profits will be positive. If the price is below or less than ATC,", "tokens": [961, 311, 652, 264, 3218, 27747, 281, 264, 7285, 30198, 34, 13, 40469, 13, 440, 2636, 1389, 13, 407, 11, 437, 360, 291, 536, 30, 759, 264, 3218, 307, 3673, 420, 3801, 813, 8872, 34, 11, 321, 362, 17982, 11, 3217, 17982, 13, 23170, 4836, 17982, 486, 312, 3353, 13, 759, 264, 3218, 307, 2507, 420, 1570, 813, 8872, 34, 11], "avg_logprob": -0.1862399135866473, "compression_ratio": 1.5060975609756098, "no_speech_prob": 0.0, "words": [{"start": 2888.56, "end": 2889.02, "word": " Let's", "probability": 0.609375}, {"start": 2889.02, "end": 2889.28, "word": " make", "probability": 0.467041015625}, {"start": 2889.28, "end": 2889.82, "word": " the", "probability": 0.8193359375}, {"start": 2889.82, "end": 2890.26, "word": " price", "probability": 0.89599609375}, {"start": 2890.26, "end": 2891.76, "word": " tangent", "probability": 0.499755859375}, {"start": 2891.76, "end": 2892.22, "word": " to", "probability": 0.9130859375}, {"start": 2892.22, "end": 2892.32, "word": " the", "probability": 0.66650390625}, {"start": 2892.32, "end": 2892.64, "word": " minimum", "probability": 0.85791015625}, {"start": 2892.64, "end": 2893.36, "word": " AVC.", "probability": 0.7239990234375}, {"start": 2895.14, "end": 2895.8, "word": " Fake.", "probability": 0.82470703125}, {"start": 2897.44, "end": 2898.24, "word": " The", "probability": 0.8369140625}, {"start": 2898.24, "end": 2898.54, "word": " third", "probability": 0.9052734375}, {"start": 2898.54, "end": 2899.0, "word": " case.", "probability": 0.90087890625}, {"start": 2899.88, "end": 2900.22, "word": " So,", "probability": 0.8564453125}, {"start": 2900.64, "end": 2900.8, "word": " what", "probability": 0.86279296875}, {"start": 2900.8, "end": 2900.92, "word": " do", "probability": 0.9267578125}, {"start": 2900.92, "end": 2900.96, "word": " you", "probability": 0.8916015625}, {"start": 2900.96, "end": 2901.2, "word": " see?", "probability": 0.93115234375}, {"start": 2902.08, "end": 2902.42, "word": " If", "probability": 0.9609375}, {"start": 2902.42, "end": 2902.6, "word": " the", "probability": 0.91455078125}, {"start": 2902.6, "end": 2903.0, "word": " price", "probability": 0.9091796875}, {"start": 2903.0, "end": 2903.26, "word": " is", "probability": 0.9443359375}, {"start": 2903.26, "end": 2903.9, "word": " above", "probability": 0.951171875}, {"start": 2903.9, "end": 2904.2, "word": " or", "probability": 0.95458984375}, {"start": 2904.2, "end": 2904.5, "word": " bigger", "probability": 0.89697265625}, {"start": 2904.5, "end": 2904.88, "word": " than", "probability": 0.953125}, {"start": 2904.88, "end": 2905.62, "word": " ATC,", "probability": 0.84130859375}, {"start": 2906.12, "end": 2906.5, "word": " we", "probability": 0.8798828125}, {"start": 2906.5, "end": 2906.84, "word": " have", "probability": 0.91796875}, {"start": 2906.84, "end": 2907.36, "word": " profits,", "probability": 0.58984375}, {"start": 2907.56, "end": 2907.84, "word": " total", "probability": 0.83544921875}, {"start": 2907.84, "end": 2908.28, "word": " profits.", "probability": 0.892578125}, {"start": 2908.62, "end": 2908.9, "word": " Total", "probability": 0.8876953125}, {"start": 2908.9, "end": 2909.3, "word": " economic", "probability": 0.77880859375}, {"start": 2909.3, "end": 2909.64, "word": " profits", "probability": 0.88818359375}, {"start": 2909.64, "end": 2909.86, "word": " will", "probability": 0.8203125}, {"start": 2909.86, "end": 2910.02, "word": " be", "probability": 0.95263671875}, {"start": 2910.02, "end": 2910.5, "word": " positive.", "probability": 0.92138671875}, {"start": 2911.22, "end": 2911.7, "word": " If", "probability": 0.97119140625}, {"start": 2911.7, "end": 2911.88, "word": " the", "probability": 0.91845703125}, {"start": 2911.88, "end": 2912.32, "word": " price", "probability": 0.9189453125}, {"start": 2912.32, "end": 2913.12, "word": " is", "probability": 0.9501953125}, {"start": 2913.12, "end": 2914.32, "word": " below", "probability": 0.849609375}, {"start": 2914.32, "end": 2914.94, "word": " or", "probability": 0.95068359375}, {"start": 2914.94, "end": 2915.2, "word": " less", "probability": 0.9189453125}, {"start": 2915.2, "end": 2915.56, "word": " than", "probability": 0.9501953125}, {"start": 2915.56, "end": 2916.42, "word": " ATC,", "probability": 0.9443359375}], "temperature": 1.0}, {"id": 105, "seek": 294737, "start": 2917.91, "end": 2947.37, "text": " Here we have total economic profits is negative, or we have total loss. If the price equals ATC. The third case. The third case,", "tokens": [1692, 321, 362, 3217, 4836, 17982, 307, 3671, 11, 420, 321, 362, 3217, 4470, 13, 759, 264, 3218, 6915, 8872, 34, 13, 440, 2636, 1389, 13, 440, 2636, 1389, 11], "avg_logprob": -0.22832661867141724, "compression_ratio": 1.372340425531915, "no_speech_prob": 0.0, "words": [{"start": 2917.91, "end": 2918.19, "word": " Here", "probability": 0.67626953125}, {"start": 2918.19, "end": 2918.35, "word": " we", "probability": 0.7138671875}, {"start": 2918.35, "end": 2918.75, "word": " have", "probability": 0.94384765625}, {"start": 2918.75, "end": 2919.83, "word": " total", "probability": 0.7373046875}, {"start": 2919.83, "end": 2920.35, "word": " economic", "probability": 0.7275390625}, {"start": 2920.35, "end": 2920.87, "word": " profits", "probability": 0.84716796875}, {"start": 2920.87, "end": 2921.19, "word": " is", "probability": 0.8369140625}, {"start": 2921.19, "end": 2921.67, "word": " negative,", "probability": 0.939453125}, {"start": 2922.05, "end": 2922.15, "word": " or", "probability": 0.78173828125}, {"start": 2922.15, "end": 2922.27, "word": " we", "probability": 0.95703125}, {"start": 2922.27, "end": 2922.43, "word": " have", "probability": 0.94580078125}, {"start": 2922.43, "end": 2922.71, "word": " total", "probability": 0.86767578125}, {"start": 2922.71, "end": 2923.19, "word": " loss.", "probability": 0.890625}, {"start": 2923.85, "end": 2924.17, "word": " If", "probability": 0.58251953125}, {"start": 2924.17, "end": 2925.45, "word": " the", "probability": 0.92578125}, {"start": 2925.45, "end": 2925.83, "word": " price", "probability": 0.927734375}, {"start": 2925.83, "end": 2926.47, "word": " equals", "probability": 0.91748046875}, {"start": 2926.47, "end": 2927.19, "word": " ATC.", "probability": 0.8076171875}, {"start": 2928.53, "end": 2928.83, "word": " The", "probability": 0.65380859375}, {"start": 2928.83, "end": 2929.13, "word": " third", "probability": 0.931640625}, {"start": 2929.13, "end": 2929.55, "word": " case.", "probability": 0.9072265625}, {"start": 2945.81, "end": 2946.61, "word": " The", "probability": 0.89794921875}, {"start": 2946.61, "end": 2946.93, "word": " third", "probability": 0.92822265625}, {"start": 2946.93, "end": 2947.37, "word": " case,", "probability": 0.91015625}], "temperature": 1.0}, {"id": 106, "seek": 297329, "start": 2948.31, "end": 2973.29, "text": " When the price equals ATC. When the price equals ATC. ATC and we will assume that the price equals or change at the minimum ATC. This is the price here.", "tokens": [1133, 264, 3218, 6915, 8872, 34, 13, 1133, 264, 3218, 6915, 8872, 34, 13, 8872, 34, 293, 321, 486, 6552, 300, 264, 3218, 6915, 420, 1319, 412, 264, 7285, 8872, 34, 13, 639, 307, 264, 3218, 510, 13], "avg_logprob": -0.24278846459511, "compression_ratio": 1.6105263157894736, "no_speech_prob": 0.0, "words": [{"start": 2948.31, "end": 2948.59, "word": " When", "probability": 0.357421875}, {"start": 2948.59, "end": 2948.79, "word": " the", "probability": 0.91064453125}, {"start": 2948.79, "end": 2949.13, "word": " price", "probability": 0.9130859375}, {"start": 2949.13, "end": 2949.73, "word": " equals", "probability": 0.875}, {"start": 2949.73, "end": 2950.39, "word": " ATC.", "probability": 0.829345703125}, {"start": 2950.79, "end": 2950.81, "word": " When", "probability": 0.55908203125}, {"start": 2950.81, "end": 2950.99, "word": " the", "probability": 0.91650390625}, {"start": 2950.99, "end": 2951.37, "word": " price", "probability": 0.91162109375}, {"start": 2951.37, "end": 2952.39, "word": " equals", "probability": 0.93310546875}, {"start": 2952.39, "end": 2953.23, "word": " ATC.", "probability": 0.933349609375}, {"start": 2953.97, "end": 2954.71, "word": " ATC", "probability": 0.8876953125}, {"start": 2954.71, "end": 2956.23, "word": " and", "probability": 0.37451171875}, {"start": 2956.23, "end": 2956.49, "word": " we", "probability": 0.95068359375}, {"start": 2956.49, "end": 2956.71, "word": " will", "probability": 0.89208984375}, {"start": 2956.71, "end": 2957.19, "word": " assume", "probability": 0.90625}, {"start": 2957.19, "end": 2957.45, "word": " that", "probability": 0.9296875}, {"start": 2957.45, "end": 2957.61, "word": " the", "probability": 0.9130859375}, {"start": 2957.61, "end": 2957.97, "word": " price", "probability": 0.8994140625}, {"start": 2957.97, "end": 2958.95, "word": " equals", "probability": 0.9423828125}, {"start": 2958.95, "end": 2959.85, "word": " or", "probability": 0.86669921875}, {"start": 2959.85, "end": 2960.33, "word": " change", "probability": 0.183349609375}, {"start": 2960.33, "end": 2960.71, "word": " at", "probability": 0.8701171875}, {"start": 2960.71, "end": 2961.25, "word": " the", "probability": 0.9072265625}, {"start": 2961.25, "end": 2961.63, "word": " minimum", "probability": 0.966796875}, {"start": 2961.63, "end": 2962.63, "word": " ATC.", "probability": 0.935302734375}, {"start": 2963.87, "end": 2964.67, "word": " This", "probability": 0.37939453125}, {"start": 2964.67, "end": 2964.67, "word": " is", "probability": 0.95361328125}, {"start": 2964.67, "end": 2972.67, "word": " the", "probability": 0.91162109375}, {"start": 2972.67, "end": 2973.05, "word": " price", "probability": 0.91064453125}, {"start": 2973.05, "end": 2973.29, "word": " here.", "probability": 0.546875}], "temperature": 1.0}, {"id": 107, "seek": 300226, "start": 2975.5, "end": 3002.26, "text": "MR equals D equals the price. To determine the equilibrium point, the equilibrium point when MR equals MC. Where does MR equals MC? Here. I go to the ATC. Where is the ATC? It is here. Right? So this E is here. How much does this ATC cost?", "tokens": [21173, 6915, 413, 6915, 264, 3218, 13, 1407, 6997, 264, 15625, 935, 11, 264, 15625, 935, 562, 9808, 6915, 8797, 13, 2305, 775, 9808, 6915, 8797, 30, 1692, 13, 286, 352, 281, 264, 8872, 34, 13, 2305, 307, 264, 8872, 34, 30, 467, 307, 510, 13, 1779, 30, 407, 341, 462, 307, 510, 13, 1012, 709, 775, 341, 8872, 34, 2063, 30], "avg_logprob": -0.3851686574163891, "compression_ratio": 1.6713286713286712, "no_speech_prob": 0.0, "words": [{"start": 2975.5, "end": 2976.02, "word": "MR", "probability": 0.7177734375}, {"start": 2976.02, "end": 2976.98, "word": " equals", "probability": 0.1817626953125}, {"start": 2976.98, "end": 2977.44, "word": " D", "probability": 0.46923828125}, {"start": 2977.44, "end": 2978.02, "word": " equals", "probability": 0.89453125}, {"start": 2978.02, "end": 2978.22, "word": " the", "probability": 0.367431640625}, {"start": 2978.22, "end": 2978.54, "word": " price.", "probability": 0.8935546875}, {"start": 2979.38, "end": 2980.12, "word": " To", "probability": 0.9033203125}, {"start": 2980.12, "end": 2980.7, "word": " determine", "probability": 0.9140625}, {"start": 2980.7, "end": 2981.46, "word": " the", "probability": 0.8525390625}, {"start": 2981.46, "end": 2981.86, "word": " equilibrium", "probability": 0.96337890625}, {"start": 2981.86, "end": 2982.42, "word": " point,", "probability": 0.95947265625}, {"start": 2982.68, "end": 2982.78, "word": " the", "probability": 0.59228515625}, {"start": 2982.78, "end": 2983.14, "word": " equilibrium", "probability": 0.962890625}, {"start": 2983.14, "end": 2983.7, "word": " point", "probability": 0.96044921875}, {"start": 2983.7, "end": 2984.12, "word": " when", "probability": 0.7763671875}, {"start": 2984.12, "end": 2984.56, "word": " MR", "probability": 0.916015625}, {"start": 2984.56, "end": 2984.92, "word": " equals", "probability": 0.92333984375}, {"start": 2984.92, "end": 2985.32, "word": " MC.", "probability": 0.9599609375}, {"start": 2985.96, "end": 2985.96, "word": " Where", "probability": 0.1973876953125}, {"start": 2985.96, "end": 2986.32, "word": " does", "probability": 0.5185546875}, {"start": 2986.32, "end": 2986.78, "word": " MR", "probability": 0.72119140625}, {"start": 2986.78, "end": 2987.1, "word": " equals", "probability": 0.5}, {"start": 2987.1, "end": 2987.46, "word": " MC?", "probability": 0.9716796875}, {"start": 2987.56, "end": 2987.64, "word": " Here.", "probability": 0.249755859375}, {"start": 2988.8, "end": 2989.6, "word": " I", "probability": 0.52001953125}, {"start": 2989.6, "end": 2989.88, "word": " go", "probability": 0.3154296875}, {"start": 2989.88, "end": 2990.12, "word": " to", "probability": 0.69921875}, {"start": 2990.12, "end": 2990.24, "word": " the", "probability": 0.66943359375}, {"start": 2990.24, "end": 2990.72, "word": " ATC.", "probability": 0.8896484375}, {"start": 2991.26, "end": 2991.6, "word": " Where", "probability": 0.71875}, {"start": 2991.6, "end": 2991.68, "word": " is", "probability": 0.8134765625}, {"start": 2991.68, "end": 2991.78, "word": " the", "probability": 0.85986328125}, {"start": 2991.78, "end": 2992.28, "word": " ATC?", "probability": 0.96728515625}, {"start": 2992.46, "end": 2992.7, "word": " It", "probability": 0.45263671875}, {"start": 2992.7, "end": 2992.78, "word": " is", "probability": 0.60009765625}, {"start": 2992.78, "end": 2993.28, "word": " here.", "probability": 0.34912109375}, {"start": 2994.6, "end": 2995.4, "word": " Right?", "probability": 0.349609375}, {"start": 2998.16, "end": 2998.48, "word": " So", "probability": 0.292724609375}, {"start": 2998.48, "end": 2998.8, "word": " this", "probability": 0.5224609375}, {"start": 2998.8, "end": 2999.22, "word": " E", "probability": 0.8740234375}, {"start": 2999.22, "end": 2999.84, "word": " is", "probability": 0.285400390625}, {"start": 2999.84, "end": 2999.84, "word": " here.", "probability": 0.5205078125}, {"start": 3000.1, "end": 3000.44, "word": " How", "probability": 0.8916015625}, {"start": 3000.44, "end": 3000.94, "word": " much", "probability": 0.927734375}, {"start": 3000.94, "end": 3001.2, "word": " does", "probability": 0.47119140625}, {"start": 3001.2, "end": 3001.62, "word": " this", "probability": 0.85888671875}, {"start": 3001.62, "end": 3002.12, "word": " ATC", "probability": 0.916015625}, {"start": 3002.12, "end": 3002.26, "word": " cost?", "probability": 0.74609375}], "temperature": 1.0}, {"id": 108, "seek": 303002, "start": 3005.98, "end": 3030.02, "text": " Total revenue equals total cost because total revenue is the price times the quantity. With total cost, ATC times Q. So total revenue equals the total cost. So the break-even point is the point here or the minimum ATC or at the point at which price tangent the minimum ATC or", "tokens": [23170, 9324, 6915, 3217, 2063, 570, 3217, 9324, 307, 264, 3218, 1413, 264, 11275, 13, 2022, 3217, 2063, 11, 8872, 34, 1413, 1249, 13, 407, 3217, 9324, 6915, 264, 3217, 2063, 13, 407, 264, 1821, 12, 27170, 935, 307, 264, 935, 510, 420, 264, 7285, 8872, 34, 420, 412, 264, 935, 412, 597, 3218, 27747, 264, 7285, 8872, 34, 420], "avg_logprob": -0.24436474823560872, "compression_ratio": 1.8904109589041096, "no_speech_prob": 0.0, "words": [{"start": 3005.98, "end": 3006.36, "word": " Total", "probability": 0.60400390625}, {"start": 3006.36, "end": 3006.72, "word": " revenue", "probability": 0.7109375}, {"start": 3006.72, "end": 3007.04, "word": " equals", "probability": 0.84228515625}, {"start": 3007.04, "end": 3007.36, "word": " total", "probability": 0.78759765625}, {"start": 3007.36, "end": 3007.64, "word": " cost", "probability": 0.8876953125}, {"start": 3007.64, "end": 3007.94, "word": " because", "probability": 0.59326171875}, {"start": 3007.94, "end": 3008.36, "word": " total", "probability": 0.77392578125}, {"start": 3008.36, "end": 3008.68, "word": " revenue", "probability": 0.89306640625}, {"start": 3008.68, "end": 3008.88, "word": " is", "probability": 0.317626953125}, {"start": 3008.88, "end": 3009.28, "word": " the", "probability": 0.66259765625}, {"start": 3009.28, "end": 3009.7, "word": " price", "probability": 0.93115234375}, {"start": 3009.7, "end": 3009.98, "word": " times", "probability": 0.798828125}, {"start": 3009.98, "end": 3010.18, "word": " the", "probability": 0.468994140625}, {"start": 3010.18, "end": 3010.6, "word": " quantity.", "probability": 0.982421875}, {"start": 3012.28, "end": 3012.5, "word": " With", "probability": 0.53271484375}, {"start": 3012.5, "end": 3012.82, "word": " total", "probability": 0.8427734375}, {"start": 3012.82, "end": 3013.22, "word": " cost,", "probability": 0.8974609375}, {"start": 3013.5, "end": 3014.08, "word": " ATC", "probability": 0.732177734375}, {"start": 3014.08, "end": 3014.52, "word": " times", "probability": 0.86669921875}, {"start": 3014.52, "end": 3014.86, "word": " Q.", "probability": 0.7314453125}, {"start": 3015.2, "end": 3015.38, "word": " So", "probability": 0.91015625}, {"start": 3015.38, "end": 3015.64, "word": " total", "probability": 0.61279296875}, {"start": 3015.64, "end": 3015.94, "word": " revenue", "probability": 0.89208984375}, {"start": 3015.94, "end": 3016.44, "word": " equals", "probability": 0.9345703125}, {"start": 3016.44, "end": 3016.8, "word": " the", "probability": 0.82177734375}, {"start": 3016.8, "end": 3017.12, "word": " total", "probability": 0.8818359375}, {"start": 3017.12, "end": 3017.54, "word": " cost.", "probability": 0.93505859375}, {"start": 3018.4, "end": 3018.64, "word": " So", "probability": 0.9306640625}, {"start": 3018.64, "end": 3019.6, "word": " the", "probability": 0.630859375}, {"start": 3019.6, "end": 3019.94, "word": " break", "probability": 0.81298828125}, {"start": 3019.94, "end": 3020.24, "word": "-even", "probability": 0.777587890625}, {"start": 3020.24, "end": 3020.74, "word": " point", "probability": 0.9697265625}, {"start": 3020.74, "end": 3021.58, "word": " is", "probability": 0.869140625}, {"start": 3021.58, "end": 3021.72, "word": " the", "probability": 0.90625}, {"start": 3021.72, "end": 3022.06, "word": " point", "probability": 0.9609375}, {"start": 3022.06, "end": 3022.36, "word": " here", "probability": 0.85986328125}, {"start": 3022.36, "end": 3022.52, "word": " or", "probability": 0.5400390625}, {"start": 3022.52, "end": 3022.66, "word": " the", "probability": 0.91943359375}, {"start": 3022.66, "end": 3023.04, "word": " minimum", "probability": 0.9609375}, {"start": 3023.04, "end": 3023.94, "word": " ATC", "probability": 0.928955078125}, {"start": 3023.94, "end": 3024.44, "word": " or", "probability": 0.7490234375}, {"start": 3024.44, "end": 3024.88, "word": " at", "probability": 0.88916015625}, {"start": 3024.88, "end": 3025.02, "word": " the", "probability": 0.91259765625}, {"start": 3025.02, "end": 3025.4, "word": " point", "probability": 0.96728515625}, {"start": 3025.4, "end": 3025.66, "word": " at", "probability": 0.583984375}, {"start": 3025.66, "end": 3026.02, "word": " which", "probability": 0.9501953125}, {"start": 3026.02, "end": 3026.8, "word": " price", "probability": 0.8837890625}, {"start": 3026.8, "end": 3027.5, "word": " tangent", "probability": 0.55029296875}, {"start": 3027.5, "end": 3027.84, "word": " the", "probability": 0.71826171875}, {"start": 3027.84, "end": 3028.2, "word": " minimum", "probability": 0.9580078125}, {"start": 3028.2, "end": 3029.06, "word": " ATC", "probability": 0.943115234375}, {"start": 3029.06, "end": 3030.02, "word": " or", "probability": 0.6962890625}], "temperature": 1.0}, {"id": 109, "seek": 305237, "start": 3032.47, "end": 3052.37, "text": " Price equals ATC, or total revenue equals total cost. Here, no profit, no loss. Total economic profit equals zero. How much is the total revenue? This is the price.", "tokens": [25803, 6915, 8872, 34, 11, 420, 3217, 9324, 6915, 3217, 2063, 13, 1692, 11, 572, 7475, 11, 572, 4470, 13, 23170, 4836, 7475, 6915, 4018, 13, 1012, 709, 307, 264, 3217, 9324, 30, 639, 307, 264, 3218, 13], "avg_logprob": -0.3187099251991663, "compression_ratio": 1.4102564102564104, "no_speech_prob": 0.0, "words": [{"start": 3032.4700000000003, "end": 3033.15, "word": " Price", "probability": 0.468505859375}, {"start": 3033.15, "end": 3033.65, "word": " equals", "probability": 0.78271484375}, {"start": 3033.65, "end": 3034.31, "word": " ATC,", "probability": 0.6943359375}, {"start": 3034.73, "end": 3034.85, "word": " or", "probability": 0.83251953125}, {"start": 3034.85, "end": 3034.95, "word": " total", "probability": 0.72021484375}, {"start": 3034.95, "end": 3035.25, "word": " revenue", "probability": 0.84228515625}, {"start": 3035.25, "end": 3035.57, "word": " equals", "probability": 0.9423828125}, {"start": 3035.57, "end": 3035.83, "word": " total", "probability": 0.85693359375}, {"start": 3035.83, "end": 3036.19, "word": " cost.", "probability": 0.91845703125}, {"start": 3038.23, "end": 3038.91, "word": " Here,", "probability": 0.6103515625}, {"start": 3039.07, "end": 3039.27, "word": " no", "probability": 0.84375}, {"start": 3039.27, "end": 3039.57, "word": " profit,", "probability": 0.68408203125}, {"start": 3039.69, "end": 3039.81, "word": " no", "probability": 0.94140625}, {"start": 3039.81, "end": 3040.19, "word": " loss.", "probability": 0.875}, {"start": 3041.51, "end": 3041.93, "word": " Total", "probability": 0.84423828125}, {"start": 3041.93, "end": 3043.73, "word": " economic", "probability": 0.44677734375}, {"start": 3043.73, "end": 3044.23, "word": " profit", "probability": 0.8701171875}, {"start": 3044.23, "end": 3044.77, "word": " equals", "probability": 0.92626953125}, {"start": 3044.77, "end": 3045.11, "word": " zero.", "probability": 0.84814453125}, {"start": 3047.19, "end": 3047.27, "word": " How", "probability": 0.330322265625}, {"start": 3047.27, "end": 3050.37, "word": " much", "probability": 0.83740234375}, {"start": 3050.37, "end": 3050.45, "word": " is", "probability": 0.88916015625}, {"start": 3050.45, "end": 3050.49, "word": " the", "probability": 0.517578125}, {"start": 3050.49, "end": 3050.65, "word": " total", "probability": 0.89990234375}, {"start": 3050.65, "end": 3051.01, "word": " revenue?", "probability": 0.8408203125}, {"start": 3051.49, "end": 3051.79, "word": " This", "probability": 0.2890625}, {"start": 3051.79, "end": 3051.89, "word": " is", "probability": 0.89990234375}, {"start": 3051.89, "end": 3051.95, "word": " the", "probability": 0.8720703125}, {"start": 3051.95, "end": 3052.37, "word": " price.", "probability": 0.8955078125}], "temperature": 1.0}, {"id": 110, "seek": 308213, "start": 3054.17, "end": 3082.13, "text": " times Q. This is the total revenue, right? How much is total cost? ATC times Q, the same. So total profit, total economic profit equals total revenue minus total cost. Total economic profits. Total economic profits equals zero. No profit, no loss. No economic profits, no economic loss.", "tokens": [1413, 1249, 13, 639, 307, 264, 3217, 9324, 11, 558, 30, 1012, 709, 307, 3217, 2063, 30, 8872, 34, 1413, 1249, 11, 264, 912, 13, 407, 3217, 7475, 11, 3217, 4836, 7475, 6915, 3217, 9324, 3175, 3217, 2063, 13, 23170, 4836, 17982, 13, 23170, 4836, 17982, 6915, 4018, 13, 883, 7475, 11, 572, 4470, 13, 883, 4836, 17982, 11, 572, 4836, 4470, 13], "avg_logprob": -0.2330322323832661, "compression_ratio": 1.9793103448275862, "no_speech_prob": 0.0, "words": [{"start": 3054.17, "end": 3054.59, "word": " times", "probability": 0.411865234375}, {"start": 3054.59, "end": 3054.93, "word": " Q.", "probability": 0.64013671875}, {"start": 3055.59, "end": 3056.19, "word": " This", "probability": 0.51220703125}, {"start": 3056.19, "end": 3056.71, "word": " is", "probability": 0.90966796875}, {"start": 3056.71, "end": 3057.17, "word": " the", "probability": 0.84326171875}, {"start": 3057.17, "end": 3057.43, "word": " total", "probability": 0.876953125}, {"start": 3057.43, "end": 3057.79, "word": " revenue,", "probability": 0.87255859375}, {"start": 3057.91, "end": 3058.03, "word": " right?", "probability": 0.6220703125}, {"start": 3058.33, "end": 3058.61, "word": " How", "probability": 0.9345703125}, {"start": 3058.61, "end": 3058.89, "word": " much", "probability": 0.91748046875}, {"start": 3058.89, "end": 3059.19, "word": " is", "probability": 0.92578125}, {"start": 3059.19, "end": 3059.57, "word": " total", "probability": 0.57763671875}, {"start": 3059.57, "end": 3060.05, "word": " cost?", "probability": 0.904296875}, {"start": 3060.69, "end": 3061.55, "word": " ATC", "probability": 0.7235107421875}, {"start": 3061.55, "end": 3062.07, "word": " times", "probability": 0.85107421875}, {"start": 3062.07, "end": 3062.41, "word": " Q,", "probability": 0.970703125}, {"start": 3062.47, "end": 3062.59, "word": " the", "probability": 0.8408203125}, {"start": 3062.59, "end": 3062.87, "word": " same.", "probability": 0.91015625}, {"start": 3063.71, "end": 3064.11, "word": " So", "probability": 0.8955078125}, {"start": 3064.11, "end": 3064.47, "word": " total", "probability": 0.6708984375}, {"start": 3064.47, "end": 3064.81, "word": " profit,", "probability": 0.7099609375}, {"start": 3065.09, "end": 3065.35, "word": " total", "probability": 0.85400390625}, {"start": 3065.35, "end": 3065.81, "word": " economic", "probability": 0.7998046875}, {"start": 3065.81, "end": 3066.25, "word": " profit", "probability": 0.845703125}, {"start": 3066.25, "end": 3066.93, "word": " equals", "probability": 0.77001953125}, {"start": 3066.93, "end": 3067.39, "word": " total", "probability": 0.849609375}, {"start": 3067.39, "end": 3067.83, "word": " revenue", "probability": 0.90234375}, {"start": 3067.83, "end": 3068.43, "word": " minus", "probability": 0.9755859375}, {"start": 3068.43, "end": 3068.85, "word": " total", "probability": 0.88623046875}, {"start": 3068.85, "end": 3069.27, "word": " cost.", "probability": 0.92236328125}, {"start": 3069.81, "end": 3070.47, "word": " Total", "probability": 0.419677734375}, {"start": 3070.47, "end": 3071.01, "word": " economic", "probability": 0.72509765625}, {"start": 3071.01, "end": 3071.45, "word": " profits.", "probability": 0.7158203125}, {"start": 3071.75, "end": 3072.19, "word": " Total", "probability": 0.66015625}, {"start": 3072.19, "end": 3073.23, "word": " economic", "probability": 0.69873046875}, {"start": 3073.23, "end": 3073.73, "word": " profits", "probability": 0.86865234375}, {"start": 3073.73, "end": 3074.63, "word": " equals", "probability": 0.86376953125}, {"start": 3074.63, "end": 3075.37, "word": " zero.", "probability": 0.79150390625}, {"start": 3076.83, "end": 3077.27, "word": " No", "probability": 0.9716796875}, {"start": 3077.27, "end": 3077.65, "word": " profit,", "probability": 0.85009765625}, {"start": 3077.77, "end": 3077.87, "word": " no", "probability": 0.94580078125}, {"start": 3077.87, "end": 3078.23, "word": " loss.", "probability": 0.87890625}, {"start": 3079.49, "end": 3079.85, "word": " No", "probability": 0.970703125}, {"start": 3079.85, "end": 3080.31, "word": " economic", "probability": 0.82177734375}, {"start": 3080.31, "end": 3080.79, "word": " profits,", "probability": 0.89306640625}, {"start": 3081.05, "end": 3081.23, "word": " no", "probability": 0.94775390625}, {"start": 3081.23, "end": 3081.67, "word": " economic", "probability": 0.82177734375}, {"start": 3081.67, "end": 3082.13, "word": " loss.", "probability": 0.8720703125}], "temperature": 1.0}, {"id": 111, "seek": 311232, "start": 3083.18, "end": 3112.32, "text": " Right? We still have three cases. With the price, we put the price one time above ATC, right? And two times above minimum ATC. Of course, this is equilibrium point and break-even point at the same time, right? And we put the price one time like this. It came between ATC and AVC.", "tokens": [1779, 30, 492, 920, 362, 1045, 3331, 13, 2022, 264, 3218, 11, 321, 829, 264, 3218, 472, 565, 3673, 8872, 34, 11, 558, 30, 400, 732, 1413, 3673, 7285, 8872, 34, 13, 2720, 1164, 11, 341, 307, 15625, 935, 293, 1821, 12, 27170, 935, 412, 264, 912, 565, 11, 558, 30, 400, 321, 829, 264, 3218, 472, 565, 411, 341, 13, 467, 1361, 1296, 8872, 34, 293, 30198, 34, 13], "avg_logprob": -0.34485034119914953, "compression_ratio": 1.627906976744186, "no_speech_prob": 5.960464477539062e-07, "words": [{"start": 3083.18, "end": 3083.54, "word": " Right?", "probability": 0.6630859375}, {"start": 3084.32, "end": 3085.04, "word": " We", "probability": 0.69189453125}, {"start": 3085.04, "end": 3085.42, "word": " still", "probability": 0.962890625}, {"start": 3085.42, "end": 3085.84, "word": " have", "probability": 0.95166015625}, {"start": 3085.84, "end": 3087.9, "word": " three", "probability": 0.8916015625}, {"start": 3087.9, "end": 3088.3, "word": " cases.", 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"temperature": 1.0}, {"id": 112, "seek": 312844, "start": 3113.42, "end": 3128.44, "text": "Right? We said this is a loss. Okay, if I want to answer him here, like this. With the AVC. Let's see.", "tokens": [16964, 30, 492, 848, 341, 307, 257, 4470, 13, 1033, 11, 498, 286, 528, 281, 1867, 796, 510, 11, 411, 341, 13, 2022, 264, 30198, 34, 13, 961, 311, 536, 13], "avg_logprob": -0.5390625055879354, "compression_ratio": 1.0515463917525774, "no_speech_prob": 1.1920928955078125e-07, "words": [{"start": 3113.42, "end": 3113.9, "word": "Right?", "probability": 0.25439453125}, {"start": 3114.24, "end": 3114.62, "word": " We", "probability": 0.59375}, {"start": 3114.62, "end": 3114.72, "word": " said", "probability": 0.787109375}, {"start": 3114.72, "end": 3114.98, "word": " this", "probability": 0.41796875}, {"start": 3114.98, "end": 3114.98, "word": " is", "probability": 0.80419921875}, {"start": 3114.98, "end": 3115.1, "word": " a", "probability": 0.46826171875}, {"start": 3115.1, "end": 3115.34, "word": " loss.", "probability": 0.74658203125}, {"start": 3116.4, "end": 3116.62, "word": " Okay,", "probability": 0.1846923828125}, {"start": 3117.2, "end": 3117.38, "word": " if", "probability": 0.443603515625}, {"start": 3117.38, "end": 3117.54, "word": " I", "probability": 0.9462890625}, {"start": 3117.54, "end": 3117.54, "word": " want", "probability": 0.595703125}, {"start": 3117.54, "end": 3117.62, "word": " to", "probability": 0.9521484375}, {"start": 3117.62, "end": 3117.86, "word": " answer", "probability": 0.7099609375}, {"start": 3117.86, "end": 3118.02, "word": " him", "probability": 0.23681640625}, {"start": 3118.02, "end": 3118.2, "word": " here,", "probability": 0.417724609375}, {"start": 3118.24, "end": 3118.38, "word": " like", "probability": 0.57373046875}, {"start": 3118.38, "end": 3119.92, "word": " this.", "probability": 0.84326171875}, {"start": 3122.98, "end": 3123.46, "word": " With", "probability": 0.68701171875}, {"start": 3123.46, "end": 3123.66, "word": " the", "probability": 0.359130859375}, {"start": 3123.66, "end": 3124.32, "word": " AVC.", "probability": 0.7880859375}, {"start": 3127.76, "end": 3128.24, "word": " Let's", "probability": 0.894287109375}, {"start": 3128.24, "end": 3128.44, "word": " see.", "probability": 0.87890625}], "temperature": 1.0}, {"id": 113, "seek": 317966, "start": 3150.54, "end": 3179.66, "text": " Shutdown point. Yeah. We are going to determine the shutdown point here at which the price equals AVC, not ATC. The same graph, the same graph. Price MC, MR, AVC, ATC.", "tokens": [13870, 5093, 935, 13, 865, 13, 492, 366, 516, 281, 6997, 264, 34927, 935, 510, 412, 597, 264, 3218, 6915, 30198, 34, 11, 406, 8872, 34, 13, 440, 912, 4295, 11, 264, 912, 4295, 13, 25803, 8797, 11, 9808, 11, 30198, 34, 11, 8872, 34, 13], "avg_logprob": -0.22639627913211255, "compression_ratio": 1.3770491803278688, "no_speech_prob": 0.0, "words": [{"start": 3150.54, "end": 3151.22, "word": " Shutdown", "probability": 0.5438232421875}, {"start": 3151.22, "end": 3151.6, "word": " point.", "probability": 0.91015625}, {"start": 3151.74, "end": 3151.96, "word": " Yeah.", "probability": 0.78857421875}, {"start": 3152.26, "end": 3152.54, "word": " We", "probability": 0.9560546875}, {"start": 3152.54, "end": 3152.7, "word": " are", "probability": 0.86279296875}, {"start": 3152.7, "end": 3152.98, "word": " going", "probability": 0.90478515625}, {"start": 3152.98, "end": 3153.1, "word": " to", "probability": 0.9736328125}, {"start": 3153.1, "end": 3153.5, "word": " determine", "probability": 0.93798828125}, {"start": 3153.5, "end": 3153.8, "word": " the", "probability": 0.91162109375}, {"start": 3153.8, "end": 3154.26, "word": " shutdown", "probability": 0.93212890625}, {"start": 3154.26, "end": 3154.94, "word": " point", "probability": 0.966796875}, {"start": 3154.94, "end": 3155.34, "word": " here", "probability": 0.8486328125}, {"start": 3155.34, "end": 3157.04, "word": " at", "probability": 0.50146484375}, {"start": 3157.04, "end": 3157.28, "word": " which", "probability": 0.939453125}, {"start": 3157.28, "end": 3157.54, "word": " the", "probability": 0.919921875}, {"start": 3157.54, "end": 3157.88, "word": " price", "probability": 0.91162109375}, {"start": 3157.88, "end": 3158.46, "word": " equals", "probability": 0.92822265625}, {"start": 3158.46, "end": 3159.58, "word": " AVC,", "probability": 0.822265625}, {"start": 3159.92, "end": 3160.94, "word": " not", "probability": 0.93896484375}, {"start": 3160.94, "end": 3161.56, "word": " ATC.", "probability": 0.9482421875}, {"start": 3162.68, "end": 3163.36, "word": " The", "probability": 0.205322265625}, {"start": 3163.36, "end": 3170.42, "word": " same", "probability": 0.8388671875}, {"start": 3170.42, "end": 3170.86, "word": " graph,", "probability": 0.92236328125}, {"start": 3170.92, "end": 3171.04, "word": " the", "probability": 0.82568359375}, {"start": 3171.04, "end": 3171.22, "word": " same", "probability": 0.8994140625}, {"start": 3171.22, "end": 3171.66, "word": " graph.", "probability": 0.94677734375}, {"start": 3172.4, "end": 3172.84, "word": " Price", "probability": 0.8310546875}, {"start": 3172.84, "end": 3174.92, "word": " MC,", "probability": 0.6796875}, {"start": 3175.84, "end": 3176.54, "word": " MR,", "probability": 0.94970703125}, {"start": 3177.76, "end": 3178.6, "word": " AVC,", "probability": 0.954345703125}, {"start": 3178.9, "end": 3179.66, "word": " ATC.", "probability": 0.9560546875}], "temperature": 1.0}, {"id": 114, "seek": 321012, "start": 3182.94, "end": 3210.12, "text": " Yours is MC, AVC, and ATC. In short, you know what we did? We put the demand once above, and then tangent with the ATC. Once between ATC and AVC. Now it comes here like this, tangent with the AVC, and then we put it below it.", "tokens": [37922, 307, 8797, 11, 30198, 34, 11, 293, 8872, 34, 13, 682, 2099, 11, 291, 458, 437, 321, 630, 30, 492, 829, 264, 4733, 1564, 3673, 11, 293, 550, 27747, 365, 264, 8872, 34, 13, 3443, 1296, 8872, 34, 293, 30198, 34, 13, 823, 309, 1487, 510, 411, 341, 11, 27747, 365, 264, 30198, 34, 11, 293, 550, 321, 829, 309, 2507, 309, 13], "avg_logprob": -0.49951923076923077, "compression_ratio": 1.4675324675324675, "no_speech_prob": 0.0, "words": [{"start": 3182.94, "end": 3183.3, "word": " Yours", "probability": 0.217529296875}, {"start": 3183.3, "end": 3183.46, "word": " is", "probability": 0.8046875}, {"start": 3183.46, "end": 3183.94, "word": " MC,", "probability": 0.89404296875}, {"start": 3189.62, "end": 3190.7, "word": " AVC,", "probability": 0.796875}, {"start": 3191.72, "end": 3192.22, "word": " and", "probability": 0.93212890625}, {"start": 3192.22, "end": 3193.0, "word": " ATC.", "probability": 0.9404296875}, {"start": 3196.0, "end": 3196.6, "word": " In", "probability": 0.49365234375}, {"start": 3196.6, "end": 3196.9, "word": " short,", "probability": 0.615234375}, {"start": 3197.02, "end": 3197.18, "word": " you", "probability": 0.09698486328125}, {"start": 3197.18, "end": 3197.18, "word": " know", "probability": 0.64208984375}, {"start": 3197.18, "end": 3197.34, "word": " what", "probability": 0.55810546875}, {"start": 3197.34, "end": 3197.5, "word": " we", "probability": 0.857421875}, {"start": 3197.5, "end": 3197.58, "word": " did?", "probability": 0.76513671875}, {"start": 3197.96, "end": 3198.56, "word": " We", "probability": 0.73583984375}, {"start": 3198.56, "end": 3198.56, "word": " put", "probability": 0.479248046875}, {"start": 3198.56, "end": 3198.94, "word": " the", "probability": 0.47119140625}, {"start": 3198.94, "end": 3199.26, "word": " demand", "probability": 0.87744140625}, {"start": 3199.26, "end": 3199.26, "word": " once", "probability": 0.134521484375}, {"start": 3199.26, "end": 3199.82, "word": " above,", "probability": 0.53955078125}, {"start": 3200.14, "end": 3200.42, "word": " and", "probability": 0.465087890625}, {"start": 3200.42, "end": 3200.42, "word": " then", "probability": 0.54736328125}, {"start": 3200.42, "end": 3200.84, "word": " tangent", "probability": 0.2481689453125}, {"start": 3200.84, "end": 3201.08, "word": " with", "probability": 0.39111328125}, {"start": 3201.08, "end": 3201.22, "word": " the", "probability": 0.57958984375}, {"start": 3201.22, "end": 3201.72, "word": " ATC.", "probability": 0.852294921875}, {"start": 3202.12, "end": 3202.66, "word": " Once", "probability": 0.60498046875}, {"start": 3202.66, "end": 3202.94, "word": " between", "probability": 0.8115234375}, {"start": 3202.94, "end": 3204.34, "word": " ATC", "probability": 0.602294921875}, {"start": 3204.34, "end": 3204.56, "word": " and", "probability": 0.947265625}, {"start": 3204.56, "end": 3205.12, "word": " AVC.", "probability": 0.9697265625}, {"start": 3205.84, "end": 3206.14, "word": " Now", "probability": 0.71142578125}, {"start": 3206.14, "end": 3206.52, "word": " it", "probability": 0.2607421875}, {"start": 3206.52, "end": 3206.52, "word": " comes", "probability": 0.239990234375}, {"start": 3206.52, "end": 3206.76, "word": " here", "probability": 0.467041015625}, {"start": 3206.76, "end": 3206.92, "word": " like", "probability": 0.29736328125}, {"start": 3206.92, "end": 3207.64, "word": " this,", "probability": 0.830078125}, {"start": 3207.84, "end": 3208.56, "word": " tangent", "probability": 0.7705078125}, {"start": 3208.56, "end": 3208.78, "word": " with", "probability": 0.61279296875}, {"start": 3208.78, "end": 3208.9, "word": " the", "probability": 0.68701171875}, {"start": 3208.9, "end": 3209.24, "word": " AVC,", "probability": 0.84619140625}, {"start": 3209.26, "end": 3209.3, "word": " and", "probability": 0.833984375}, {"start": 3209.3, "end": 3209.46, "word": " then", "probability": 0.79833984375}, {"start": 3209.46, "end": 3209.58, "word": " we", "probability": 0.84130859375}, {"start": 3209.58, "end": 3209.7, "word": " put", "probability": 0.86181640625}, {"start": 3209.7, "end": 3209.82, "word": " it", "probability": 0.90380859375}, {"start": 3209.82, "end": 3209.96, "word": " below", "probability": 0.548828125}, {"start": 3209.96, "end": 3210.12, "word": " it.", "probability": 0.63525390625}], "temperature": 1.0}, {"id": 115, "seek": 323570, "start": 3219.64, "end": 3235.7, "text": "Between when demand curve was between ATC and AVC. We said there is an imbalance, right? We said this equilibrium comes like this. This is the ATC. This is the price.", "tokens": [33, 302, 1259, 562, 4733, 7605, 390, 1296, 8872, 34, 293, 30198, 34, 13, 492, 848, 456, 307, 364, 43007, 11, 558, 30, 492, 848, 341, 15625, 1487, 411, 341, 13, 639, 307, 264, 8872, 34, 13, 639, 307, 264, 3218, 13], "avg_logprob": -0.5832122259361799, "compression_ratio": 1.371900826446281, "no_speech_prob": 0.0, "words": [{"start": 3219.64, "end": 3220.4, "word": "Between", "probability": 0.4865010579427083}, {"start": 3220.4, "end": 3221.08, "word": " when", "probability": 0.328369140625}, {"start": 3221.08, "end": 3221.68, "word": " demand", "probability": 0.71630859375}, {"start": 3221.68, "end": 3222.02, "word": " curve", "probability": 0.83984375}, {"start": 3222.02, "end": 3222.4, "word": " was", "probability": 0.869140625}, {"start": 3222.4, "end": 3223.08, "word": " between", "probability": 0.876953125}, {"start": 3223.08, "end": 3223.96, "word": " ATC", "probability": 0.7442626953125}, {"start": 3223.96, "end": 3225.0, "word": " and", "probability": 0.395263671875}, {"start": 3225.0, "end": 3225.84, "word": " AVC.", "probability": 0.87890625}, {"start": 3226.3, "end": 3226.84, "word": " We", "probability": 0.3623046875}, {"start": 3226.84, "end": 3226.96, "word": " said", "probability": 0.7080078125}, {"start": 3226.96, "end": 3227.14, "word": " there", "probability": 0.468505859375}, {"start": 3227.14, "end": 3227.14, "word": " is", "probability": 0.437255859375}, {"start": 3227.14, "end": 3227.28, "word": " an", "probability": 0.27490234375}, {"start": 3227.28, "end": 3227.54, "word": " imbalance,", "probability": 0.166259765625}, {"start": 3227.78, "end": 3227.9, "word": " right?", "probability": 0.7822265625}, {"start": 3228.36, "end": 3229.12, "word": " We", "probability": 0.2080078125}, {"start": 3229.12, "end": 3229.3, "word": " said", "probability": 0.89453125}, {"start": 3229.3, "end": 3229.84, "word": " this", "probability": 0.43017578125}, {"start": 3229.84, "end": 3230.3, "word": " equilibrium", "probability": 0.66748046875}, {"start": 3230.3, "end": 3230.6, "word": " comes", "probability": 0.2447509765625}, {"start": 3230.6, "end": 3230.74, "word": " like", "probability": 0.491943359375}, {"start": 3230.74, "end": 3230.96, "word": " this.", "probability": 0.79736328125}, {"start": 3231.26, "end": 3231.38, "word": " This", "probability": 0.7646484375}, {"start": 3231.38, "end": 3231.4, "word": " is", "probability": 0.8837890625}, {"start": 3231.4, "end": 3231.48, "word": " the", "probability": 0.498779296875}, {"start": 3231.48, "end": 3231.98, "word": " ATC.", "probability": 0.75439453125}, {"start": 3234.5, "end": 3235.26, "word": " This", "probability": 0.81640625}, {"start": 3235.26, "end": 3235.26, "word": " is", "probability": 0.943359375}, {"start": 3235.26, "end": 3235.4, "word": " the", "probability": 0.87109375}, {"start": 3235.4, "end": 3235.7, "word": " price.", "probability": 0.8955078125}], "temperature": 1.0}, {"id": 116, "seek": 326143, "start": 3236.93, "end": 3261.43, "text": " We have what? We have a loss. What is your advice to work or to shut down? Why? To determine that if we have to work or to shut down or to close. How can we determine the AVC?", "tokens": [492, 362, 437, 30, 492, 362, 257, 4470, 13, 708, 307, 428, 5192, 281, 589, 420, 281, 5309, 760, 30, 1545, 30, 1407, 6997, 300, 498, 321, 362, 281, 589, 420, 281, 5309, 760, 420, 281, 1998, 13, 1012, 393, 321, 6997, 264, 30198, 34, 30], "avg_logprob": -0.15558510574888676, "compression_ratio": 1.5042735042735043, "no_speech_prob": 0.0, "words": [{"start": 3236.93, "end": 3237.17, "word": " We", "probability": 0.7451171875}, {"start": 3237.17, "end": 3237.41, "word": " have", "probability": 0.95068359375}, {"start": 3237.41, "end": 3237.67, "word": " what?", "probability": 0.9296875}, {"start": 3237.75, "end": 3237.85, "word": " We", "probability": 0.95849609375}, {"start": 3237.85, "end": 3238.01, "word": " have", "probability": 0.95263671875}, {"start": 3238.01, "end": 3238.11, "word": " a", "probability": 0.935546875}, {"start": 3238.11, "end": 3238.37, "word": " loss.", "probability": 0.88037109375}, {"start": 3239.45, "end": 3239.63, "word": " What", "probability": 0.60693359375}, {"start": 3239.63, "end": 3240.51, "word": " is", "probability": 0.94091796875}, {"start": 3240.51, "end": 3240.73, "word": " your", "probability": 0.8896484375}, {"start": 3240.73, "end": 3241.17, "word": " advice", "probability": 0.93505859375}, {"start": 3241.17, "end": 3241.37, "word": " to", "probability": 0.323486328125}, {"start": 3241.37, "end": 3241.67, "word": " work", "probability": 0.9140625}, {"start": 3241.67, "end": 3241.89, "word": " or", "probability": 0.95947265625}, {"start": 3241.89, "end": 3242.07, "word": " to", "probability": 0.94140625}, {"start": 3242.07, "end": 3242.29, "word": " shut", "probability": 0.9306640625}, {"start": 3242.29, "end": 3242.65, "word": " down?", "probability": 0.87890625}, {"start": 3244.97, "end": 3245.33, "word": " Why?", "probability": 0.7646484375}, {"start": 3252.43, "end": 3252.95, "word": " To", "probability": 0.317626953125}, {"start": 3252.95, "end": 3253.45, "word": " determine", "probability": 0.89306640625}, {"start": 3253.45, "end": 3254.03, "word": " that", "probability": 0.451416015625}, {"start": 3254.03, "end": 3254.31, "word": " if", "probability": 0.8955078125}, {"start": 3254.31, "end": 3254.51, "word": " we", "probability": 0.95263671875}, {"start": 3254.51, "end": 3254.73, "word": " have", "probability": 0.94091796875}, {"start": 3254.73, "end": 3254.87, "word": " to", "probability": 0.96337890625}, {"start": 3254.87, "end": 3255.11, "word": " work", "probability": 0.8896484375}, {"start": 3255.11, "end": 3255.31, "word": " or", "probability": 0.90576171875}, {"start": 3255.31, "end": 3255.45, "word": " to", "probability": 0.8857421875}, {"start": 3255.45, "end": 3255.81, "word": " shut", "probability": 0.95068359375}, {"start": 3255.81, "end": 3256.33, "word": " down", "probability": 0.875}, {"start": 3256.33, "end": 3256.59, "word": " or", "probability": 0.8291015625}, {"start": 3256.59, "end": 3256.73, "word": " to", "probability": 0.955078125}, {"start": 3256.73, "end": 3257.23, "word": " close.", "probability": 0.888671875}, {"start": 3259.11, "end": 3259.63, "word": " How", "probability": 0.52685546875}, {"start": 3259.63, "end": 3259.99, "word": " can", "probability": 0.94140625}, {"start": 3259.99, "end": 3260.15, "word": " we", "probability": 0.9658203125}, {"start": 3260.15, "end": 3260.55, "word": " determine", "probability": 0.921875}, {"start": 3260.55, "end": 3260.79, "word": " the", "probability": 0.9208984375}, {"start": 3260.79, "end": 3261.43, "word": " AVC?", "probability": 0.871826171875}], "temperature": 1.0}, {"id": 117, "seek": 329005, "start": 3279.25, "end": 3290.05, "text": " We have to work. We have to keep working. Although we have a loss,", "tokens": [492, 362, 281, 589, 13, 492, 362, 281, 1066, 1364, 13, 5780, 321, 362, 257, 4470, 11], "avg_logprob": -0.2649739682674408, "compression_ratio": 1.1551724137931034, "no_speech_prob": 0.0, "words": [{"start": 3279.2499999999995, "end": 3280.0099999999998, "word": " We", "probability": 0.06219482421875}, {"start": 3280.0099999999998, "end": 3280.77, "word": " have", "probability": 0.9384765625}, {"start": 3280.77, "end": 3283.61, "word": " to", "probability": 0.6484375}, {"start": 3283.61, "end": 3283.85, "word": " work.", "probability": 0.71533203125}, {"start": 3285.39, "end": 3285.59, "word": " We", "probability": 0.9501953125}, {"start": 3285.59, "end": 3285.75, "word": " have", "probability": 0.95068359375}, {"start": 3285.75, "end": 3285.85, "word": " to", "probability": 0.9716796875}, {"start": 3285.85, "end": 3286.01, "word": " keep", "probability": 0.92138671875}, {"start": 3286.01, "end": 3286.39, "word": " working.", "probability": 0.91259765625}, {"start": 3287.69, "end": 3288.41, "word": " Although", "probability": 0.52392578125}, {"start": 3288.41, "end": 3289.33, "word": " we", "probability": 0.90771484375}, {"start": 3289.33, "end": 3289.53, "word": " have", "probability": 0.90673828125}, {"start": 3289.53, "end": 3289.67, "word": " a", "probability": 0.599609375}, {"start": 3289.67, "end": 3290.05, "word": " loss,", "probability": 0.87744140625}], "temperature": 1.0}, {"id": 118, "seek": 330703, "start": 3291.35, "end": 3307.03, "text": " We have to work because the price is above AVC. Exactly. From the AFC or from the TFC. How much is TVC?", "tokens": [492, 362, 281, 589, 570, 264, 3218, 307, 3673, 30198, 34, 13, 7587, 13, 3358, 264, 316, 18671, 420, 490, 264, 314, 18671, 13, 1012, 709, 307, 3558, 34, 30], "avg_logprob": -0.3316532123473383, "compression_ratio": 1.1063829787234043, "no_speech_prob": 0.0, "words": [{"start": 3291.35, "end": 3291.61, "word": " We", "probability": 0.480224609375}, {"start": 3291.61, "end": 3292.09, "word": " have", "probability": 0.951171875}, {"start": 3292.09, "end": 3292.53, "word": " to", "probability": 0.96533203125}, {"start": 3292.53, "end": 3292.97, "word": " work", "probability": 0.93359375}, {"start": 3292.97, "end": 3293.89, "word": " because", "probability": 0.5888671875}, {"start": 3293.89, "end": 3294.13, "word": " the", "probability": 0.87158203125}, {"start": 3294.13, "end": 3294.43, "word": " price", "probability": 0.74658203125}, {"start": 3294.43, "end": 3294.73, "word": " is", "probability": 0.9189453125}, {"start": 3294.73, "end": 3295.27, "word": " above", "probability": 0.9619140625}, {"start": 3295.27, "end": 3296.97, "word": " AVC.", "probability": 0.791015625}, {"start": 3298.87, "end": 3299.67, "word": " Exactly.", "probability": 0.5458984375}, {"start": 3300.55, "end": 3301.35, "word": " From", "probability": 0.22802734375}, {"start": 3301.35, "end": 3301.47, "word": " the", "probability": 0.6669921875}, {"start": 3301.47, "end": 3301.83, "word": " AFC", "probability": 0.7449951171875}, {"start": 3301.83, "end": 3302.09, "word": " or", "probability": 0.82177734375}, {"start": 3302.09, "end": 3302.21, "word": " from", "probability": 0.638671875}, {"start": 3302.21, "end": 3302.25, "word": " the", "probability": 0.82861328125}, {"start": 3302.25, "end": 3302.59, "word": " TFC.", "probability": 0.9306640625}, {"start": 3303.79, "end": 3304.59, "word": " How", "probability": 0.1737060546875}, {"start": 3304.59, "end": 3305.79, "word": " much", "probability": 0.92333984375}, {"start": 3305.79, "end": 3306.11, "word": " is", "probability": 0.9404296875}, {"start": 3306.11, "end": 3307.03, "word": " TVC?", "probability": 0.6748046875}], "temperature": 1.0}, {"id": 119, "seek": 333666, "start": 3308.66, "end": 3336.66, "text": " Let's calculate. I haven't gone to the below, the price, the tangent of the AVC. How much is, let's say, 10, 12, 8, and this is 10. How much is total cost? Total cost equals 12 times 10, 120, right?", "tokens": [961, 311, 8873, 13, 286, 2378, 380, 2780, 281, 264, 2507, 11, 264, 3218, 11, 264, 27747, 295, 264, 30198, 34, 13, 1012, 709, 307, 11, 718, 311, 584, 11, 1266, 11, 2272, 11, 1649, 11, 293, 341, 307, 1266, 13, 1012, 709, 307, 3217, 2063, 30, 23170, 2063, 6915, 2272, 1413, 1266, 11, 10411, 11, 558, 30], "avg_logprob": -0.36890888517185794, "compression_ratio": 1.3724137931034484, "no_speech_prob": 0.0, "words": [{"start": 3308.66, "end": 3309.3, "word": " Let's", "probability": 0.78564453125}, {"start": 3309.3, "end": 3309.86, "word": " calculate.", "probability": 0.9169921875}, {"start": 3310.1, "end": 3310.28, "word": " I", "probability": 0.64892578125}, {"start": 3310.28, "end": 3310.58, "word": " haven't", "probability": 0.692138671875}, {"start": 3310.58, "end": 3310.8, "word": " gone", "probability": 0.261474609375}, {"start": 3310.8, "end": 3311.04, "word": " to", "probability": 0.55859375}, {"start": 3311.04, "end": 3311.44, "word": " the", "probability": 0.59130859375}, {"start": 3311.44, "end": 3312.04, "word": " below,", "probability": 0.54931640625}, {"start": 3312.1, "end": 3312.3, "word": " the", "probability": 0.60693359375}, {"start": 3312.3, "end": 3312.58, "word": " price,", "probability": 0.6171875}, {"start": 3312.82, "end": 3313.66, "word": " the", "probability": 0.54248046875}, {"start": 3313.66, "end": 3314.76, "word": " tangent", "probability": 0.822265625}, {"start": 3314.76, "end": 3315.04, "word": " of", "probability": 0.541015625}, {"start": 3315.04, "end": 3315.1, "word": " the", "probability": 0.6201171875}, {"start": 3315.1, "end": 3315.6, "word": " AVC.", "probability": 0.749755859375}, {"start": 3316.26, "end": 3316.6, "word": " How", "probability": 0.861328125}, {"start": 3316.6, "end": 3316.92, "word": " much", "probability": 0.9140625}, {"start": 3316.92, "end": 3317.32, "word": " is,", "probability": 0.9482421875}, {"start": 3317.7, "end": 3318.38, "word": " let's", "probability": 0.82958984375}, {"start": 3318.38, "end": 3318.58, "word": " say,", "probability": 0.9228515625}, {"start": 3319.32, "end": 3320.58, "word": " 10,", "probability": 0.52783203125}, {"start": 3321.0, "end": 3322.06, "word": " 12,", "probability": 0.80322265625}, {"start": 3322.56, "end": 3322.98, "word": " 8,", "probability": 0.96337890625}, {"start": 3323.66, "end": 3324.08, "word": " and", "probability": 0.76416015625}, {"start": 3324.08, "end": 3324.38, "word": " this", "probability": 0.6630859375}, {"start": 3324.38, "end": 3324.58, "word": " is", "probability": 0.67578125}, {"start": 3324.58, "end": 3326.68, "word": " 10.", "probability": 0.869140625}, {"start": 3328.42, "end": 3329.22, "word": " How", "probability": 0.68798828125}, {"start": 3329.22, "end": 3329.58, "word": " much", "probability": 0.92041015625}, {"start": 3329.58, "end": 3330.06, "word": " is", "probability": 0.9404296875}, {"start": 3330.06, "end": 3331.14, "word": " total", "probability": 0.5517578125}, {"start": 3331.14, "end": 3331.6, "word": " cost?", "probability": 0.9306640625}, {"start": 3332.44, "end": 3333.24, "word": " Total", "probability": 0.8857421875}, {"start": 3333.24, "end": 3333.6, "word": " cost", "probability": 0.91259765625}, {"start": 3333.6, "end": 3334.0, "word": " equals", "probability": 0.88037109375}, {"start": 3334.0, "end": 3334.54, "word": " 12", "probability": 0.8818359375}, {"start": 3334.54, "end": 3335.16, "word": " times", "probability": 0.81103515625}, {"start": 3335.16, "end": 3335.5, "word": " 10,", "probability": 0.9619140625}, {"start": 3335.86, "end": 3336.22, "word": " 120,", "probability": 0.646484375}, {"start": 3336.5, "end": 3336.66, "word": " right?", "probability": 0.76416015625}], "temperature": 1.0}, {"id": 120, "seek": 336581, "start": 3337.81, "end": 3365.81, "text": " How much is total revenue? How much is TVC? 8 times Q. AVC times Q. Since TVC equals AVC times Q. So TVC, how much is it? 8 times 10. Total cost, how much?", "tokens": [1012, 709, 307, 3217, 9324, 30, 1012, 709, 307, 3558, 34, 30, 1649, 1413, 1249, 13, 30198, 34, 1413, 1249, 13, 4162, 3558, 34, 6915, 30198, 34, 1413, 1249, 13, 407, 3558, 34, 11, 577, 709, 307, 309, 30, 1649, 1413, 1266, 13, 23170, 2063, 11, 577, 709, 30], "avg_logprob": -0.29734375059604645, "compression_ratio": 1.5445544554455446, "no_speech_prob": 0.0, "words": [{"start": 3337.81, "end": 3338.07, "word": " How", "probability": 0.55029296875}, {"start": 3338.07, "end": 3338.35, "word": " much", "probability": 0.91943359375}, {"start": 3338.35, "end": 3338.59, "word": " is", "probability": 0.9423828125}, {"start": 3338.59, "end": 3338.85, "word": " total", "probability": 0.73095703125}, {"start": 3338.85, "end": 3339.23, "word": " revenue?", "probability": 0.88916015625}, {"start": 3340.11, "end": 3341.01, "word": " How", "probability": 0.258056640625}, {"start": 3341.01, "end": 3343.89, "word": " much", "probability": 0.91796875}, {"start": 3343.89, "end": 3344.21, "word": " is", "probability": 0.94140625}, {"start": 3344.21, "end": 3345.75, "word": " TVC?", "probability": 0.7252197265625}, {"start": 3347.27, "end": 3348.17, "word": " 8", "probability": 0.482177734375}, {"start": 3348.17, "end": 3348.89, "word": " times", "probability": 0.453125}, {"start": 3348.89, "end": 3349.37, "word": " Q.", "probability": 0.9345703125}, {"start": 3350.49, "end": 3351.01, "word": " AVC", "probability": 0.708740234375}, {"start": 3351.01, "end": 3351.27, "word": " times", "probability": 0.87451171875}, {"start": 3351.27, "end": 3351.63, "word": " Q.", "probability": 0.97900390625}, {"start": 3352.53, "end": 3352.95, "word": " Since", "probability": 0.75537109375}, {"start": 3352.95, "end": 3353.79, "word": " TVC", "probability": 0.872314453125}, {"start": 3353.79, "end": 3354.65, "word": " equals", "probability": 0.86181640625}, {"start": 3354.65, "end": 3355.47, "word": " AVC", "probability": 0.962890625}, {"start": 3355.47, "end": 3355.85, "word": " times", "probability": 0.9130859375}, {"start": 3355.85, "end": 3356.15, "word": " Q.", "probability": 0.9970703125}, {"start": 3357.19, "end": 3357.37, "word": " So", "probability": 0.939453125}, {"start": 3357.37, "end": 3357.95, "word": " TVC,", "probability": 0.7431640625}, {"start": 3358.01, "end": 3358.07, "word": " how", "probability": 0.9296875}, {"start": 3358.07, "end": 3358.25, "word": " much", "probability": 0.92138671875}, {"start": 3358.25, "end": 3358.39, "word": " is", "probability": 0.94482421875}, {"start": 3358.39, "end": 3358.59, "word": " it?", "probability": 0.87158203125}, {"start": 3360.91, "end": 3361.55, "word": " 8", "probability": 0.701171875}, {"start": 3361.55, "end": 3363.29, "word": " times", "probability": 0.27001953125}, {"start": 3363.29, "end": 3363.77, "word": " 10.", "probability": 0.849609375}, {"start": 3364.17, "end": 3364.95, "word": " Total", "probability": 0.51611328125}, {"start": 3364.95, "end": 3365.53, "word": " cost,", "probability": 0.8623046875}, {"start": 3365.63, "end": 3365.75, "word": " how", "probability": 0.58154296875}, {"start": 3365.75, "end": 3365.81, "word": " much?", "probability": 0.91748046875}], "temperature": 1.0}, {"id": 121, "seek": 339684, "start": 3367.94, "end": 3396.84, "text": " 12 times 10 equals 120, right? How much is TFC? TFC minus TVC, right? Because TFC is 120 and TVC is 80, TFC equals 120 minus 80 equals 40, right? So, TVC is like this.", "tokens": [2272, 1413, 1266, 6915, 10411, 11, 558, 30, 1012, 709, 307, 314, 18671, 30, 314, 18671, 3175, 314, 53, 34, 11, 558, 30, 1436, 314, 18671, 307, 10411, 293, 314, 53, 34, 307, 4688, 11, 314, 18671, 6915, 10411, 3175, 4688, 6915, 3356, 11, 558, 30, 407, 11, 314, 53, 34, 307, 411, 341, 13], "avg_logprob": -0.5178571173122951, "compression_ratio": 1.4482758620689655, "no_speech_prob": 0.0, "words": [{"start": 3367.94, "end": 3368.48, "word": " 12", "probability": 0.33544921875}, {"start": 3368.48, "end": 3368.8, "word": " times", "probability": 0.1019287109375}, {"start": 3368.8, "end": 3369.04, "word": " 10", "probability": 0.93310546875}, {"start": 3369.04, "end": 3369.46, "word": " equals", "probability": 0.41796875}, {"start": 3369.46, "end": 3370.02, "word": " 120,", "probability": 0.87890625}, {"start": 3370.18, "end": 3370.36, "word": " right?", "probability": 0.56787109375}, {"start": 3370.66, "end": 3371.26, "word": " How", "probability": 0.1324462890625}, {"start": 3371.26, "end": 3371.26, "word": " much", "probability": 0.61767578125}, {"start": 3371.26, "end": 3371.26, "word": " is", "probability": 0.81787109375}, {"start": 3371.26, "end": 3371.78, "word": " TFC?", "probability": 0.806884765625}, {"start": 3375.58, "end": 3376.66, "word": " TFC", "probability": 0.5008544921875}, {"start": 3376.66, "end": 3377.0, "word": " minus", "probability": 0.89794921875}, {"start": 3377.0, "end": 3377.68, "word": " TVC,", "probability": 0.7169596354166666}, {"start": 3378.68, "end": 3379.32, "word": " right?", "probability": 0.7314453125}, {"start": 3380.04, "end": 3381.12, "word": " Because", "probability": 0.7998046875}, {"start": 3381.12, "end": 3381.74, "word": " TFC", "probability": 0.56439208984375}, {"start": 3381.74, "end": 3381.82, "word": " is", "probability": 0.7578125}, {"start": 3381.82, "end": 3382.22, "word": " 120", "probability": 0.748046875}, {"start": 3382.22, "end": 3383.42, "word": " and", "probability": 0.51220703125}, {"start": 3383.42, "end": 3384.14, "word": " TVC", "probability": 0.7340494791666666}, {"start": 3384.14, "end": 3384.28, "word": " is", "probability": 0.87548828125}, {"start": 3384.28, "end": 3384.66, "word": " 80,", "probability": 0.96875}, {"start": 3385.1, "end": 3385.6, "word": " TFC", "probability": 0.699951171875}, {"start": 3385.6, "end": 3386.32, "word": " equals", "probability": 0.367431640625}, {"start": 3386.32, "end": 3387.08, "word": " 120", "probability": 0.544921875}, {"start": 3387.08, "end": 3387.66, "word": " minus", "probability": 0.478515625}, {"start": 3387.66, "end": 3390.18, "word": " 80", "probability": 0.8740234375}, {"start": 3390.18, "end": 3391.56, "word": " equals", "probability": 0.6708984375}, {"start": 3391.56, "end": 3392.16, "word": " 40,", "probability": 0.96484375}, {"start": 3392.72, "end": 3393.02, "word": " right?", "probability": 0.8505859375}, {"start": 3394.66, "end": 3395.62, "word": " So,", "probability": 0.2142333984375}, {"start": 3395.94, "end": 3396.48, "word": " TVC", "probability": 0.7472330729166666}, {"start": 3396.48, "end": 3396.64, "word": " is", "probability": 0.810546875}, {"start": 3396.64, "end": 3396.76, "word": " like", "probability": 0.29443359375}, {"start": 3396.76, "end": 3396.84, "word": " this.", "probability": 0.7216796875}], "temperature": 1.0}, {"id": 122, "seek": 342507, "start": 3398.39, "end": 3425.07, "text": " 8 times 10. All right? Now, let's assume that the price will be tangent to the minimum AVC. So in this case, we have a loss. We have a loss, but our advice to this business to keep working. Not too close because the price is bigger than AVC.", "tokens": [1649, 1413, 1266, 13, 1057, 558, 30, 823, 11, 718, 311, 6552, 300, 264, 3218, 486, 312, 27747, 281, 264, 7285, 30198, 34, 13, 407, 294, 341, 1389, 11, 321, 362, 257, 4470, 13, 492, 362, 257, 4470, 11, 457, 527, 5192, 281, 341, 1606, 281, 1066, 1364, 13, 1726, 886, 1998, 570, 264, 3218, 307, 3801, 813, 30198, 34, 13], "avg_logprob": -0.18308971389647452, "compression_ratio": 1.4491017964071857, "no_speech_prob": 0.0, "words": [{"start": 3398.3900000000003, "end": 3399.07, "word": " 8", "probability": 0.320556640625}, {"start": 3399.07, "end": 3399.75, "word": " times", "probability": 0.86572265625}, {"start": 3399.75, "end": 3400.43, "word": " 10.", "probability": 0.9638671875}, {"start": 3402.35, "end": 3402.69, "word": " All", "probability": 0.7763671875}, {"start": 3402.69, "end": 3402.91, "word": " right?", "probability": 0.91259765625}, {"start": 3403.93, "end": 3404.19, "word": " Now,", "probability": 0.37109375}, {"start": 3404.19, "end": 3406.61, "word": " let's", "probability": 0.970947265625}, {"start": 3406.61, "end": 3407.15, "word": " assume", "probability": 0.9130859375}, {"start": 3407.15, "end": 3407.69, "word": " that", "probability": 0.9326171875}, {"start": 3407.69, "end": 3408.29, "word": " the", "probability": 0.89306640625}, {"start": 3408.29, "end": 3408.77, "word": " price", "probability": 0.90869140625}, {"start": 3408.77, "end": 3409.03, "word": " will", "probability": 0.728515625}, {"start": 3409.03, "end": 3409.37, "word": " be", "probability": 0.95556640625}, {"start": 3409.37, "end": 3410.19, "word": " tangent", "probability": 0.84423828125}, {"start": 3410.19, "end": 3410.63, "word": " to", "probability": 0.966796875}, {"start": 3410.63, "end": 3410.85, "word": " the", "probability": 0.91845703125}, {"start": 3410.85, "end": 3411.21, "word": " minimum", "probability": 0.9697265625}, {"start": 3411.21, "end": 3411.89, "word": " AVC.", "probability": 0.892578125}, {"start": 3412.09, "end": 3412.35, "word": " So", "probability": 0.95068359375}, {"start": 3412.35, "end": 3412.53, "word": " in", "probability": 0.748046875}, {"start": 3412.53, "end": 3412.75, "word": " this", "probability": 0.9462890625}, {"start": 3412.75, "end": 3413.03, "word": " case,", "probability": 0.90576171875}, {"start": 3413.11, "end": 3413.25, "word": " we", "probability": 0.9638671875}, {"start": 3413.25, "end": 3413.45, "word": " have", "probability": 0.94384765625}, {"start": 3413.45, "end": 3413.57, "word": " a", "probability": 0.9326171875}, {"start": 3413.57, "end": 3413.87, "word": " loss.", "probability": 0.9013671875}, {"start": 3414.71, "end": 3414.99, "word": " We", "probability": 0.7978515625}, {"start": 3414.99, "end": 3415.29, "word": " have", "probability": 0.94580078125}, {"start": 3415.29, "end": 3415.43, "word": " a", "probability": 0.95068359375}, {"start": 3415.43, "end": 3415.77, "word": " loss,", "probability": 0.88134765625}, {"start": 3416.29, "end": 3416.73, "word": " but", "probability": 0.9228515625}, {"start": 3416.73, "end": 3417.69, "word": " our", "probability": 0.68603515625}, {"start": 3417.69, "end": 3418.31, "word": " advice", "probability": 0.9013671875}, {"start": 3418.31, "end": 3418.53, "word": " to", "probability": 0.89599609375}, {"start": 3418.53, "end": 3418.75, "word": " this", "probability": 0.94873046875}, {"start": 3418.75, "end": 3419.17, "word": " business", "probability": 0.9384765625}, {"start": 3419.17, "end": 3419.39, "word": " to", "probability": 0.54833984375}, {"start": 3419.39, "end": 3419.59, "word": " keep", "probability": 0.912109375}, {"start": 3419.59, "end": 3420.05, "word": " working.", "probability": 0.84521484375}, {"start": 3420.91, "end": 3421.21, "word": " Not", "probability": 0.96435546875}, {"start": 3421.21, "end": 3421.97, "word": " too", "probability": 0.5126953125}, {"start": 3421.97, "end": 3422.25, "word": " close", "probability": 0.92236328125}, {"start": 3422.25, "end": 3422.69, "word": " because", "probability": 0.439208984375}, {"start": 3422.69, "end": 3423.43, "word": " the", "probability": 0.919921875}, {"start": 3423.43, "end": 3423.75, "word": " price", "probability": 0.9052734375}, {"start": 3423.75, "end": 3423.95, "word": " is", "probability": 0.94873046875}, {"start": 3423.95, "end": 3424.23, "word": " bigger", "probability": 0.95556640625}, {"start": 3424.23, "end": 3424.49, "word": " than", "probability": 0.9462890625}, {"start": 3424.49, "end": 3425.07, "word": " AVC.", "probability": 0.9697265625}], "temperature": 1.0}, {"id": 123, "seek": 345203, "start": 3427.25, "end": 3452.03, "text": "Price minus AVC. Do you know what they call it? Normal profit. Yes, we said TR minus TVC is normal profit. This is the loss I have, the economic loss, and this is normal profit. Price minus AVC times Q. TR minus TVC.", "tokens": [47, 21299, 3175, 30198, 34, 13, 1144, 291, 458, 437, 436, 818, 309, 30, 21277, 7475, 13, 1079, 11, 321, 848, 15176, 3175, 314, 53, 34, 307, 2710, 7475, 13, 639, 307, 264, 4470, 286, 362, 11, 264, 4836, 4470, 11, 293, 341, 307, 2710, 7475, 13, 25803, 3175, 30198, 34, 1413, 1249, 13, 15176, 3175, 314, 53, 34, 13], "avg_logprob": -0.4282786904788408, "compression_ratio": 1.5319148936170213, "no_speech_prob": 0.0, "words": [{"start": 3427.25, "end": 3427.95, "word": "Price", "probability": 0.4981842041015625}, {"start": 3427.95, "end": 3428.21, "word": " minus", "probability": 0.77783203125}, {"start": 3428.21, "end": 3429.03, "word": " AVC.", "probability": 0.6824951171875}, {"start": 3429.25, "end": 3429.45, "word": " Do", "probability": 0.416748046875}, {"start": 3429.45, "end": 3429.45, "word": " you", "probability": 0.966796875}, {"start": 3429.45, "end": 3429.61, "word": " know", "probability": 0.86572265625}, {"start": 3429.61, "end": 3429.77, "word": " what", "probability": 0.75830078125}, {"start": 3429.77, "end": 3429.83, "word": " they", "probability": 0.51708984375}, {"start": 3429.83, "end": 3430.09, "word": " call", "probability": 0.75146484375}, {"start": 3430.09, "end": 3430.27, "word": " it?", "probability": 0.650390625}, {"start": 3430.85, "end": 3431.45, "word": " Normal", "probability": 0.63720703125}, {"start": 3431.45, "end": 3431.95, "word": " profit.", "probability": 0.40625}, {"start": 3435.25, "end": 3435.41, "word": " Yes,", "probability": 0.30126953125}, {"start": 3435.77, "end": 3435.81, "word": " we", "probability": 0.61083984375}, {"start": 3435.81, "end": 3435.93, "word": " said", "probability": 0.68212890625}, {"start": 3435.93, "end": 3436.27, "word": " TR", "probability": 0.55859375}, {"start": 3436.27, "end": 3436.57, "word": " minus", "probability": 0.95556640625}, {"start": 3436.57, "end": 3437.31, "word": " TVC", "probability": 0.7762044270833334}, {"start": 3437.31, "end": 3437.81, "word": " is", "probability": 0.591796875}, {"start": 3437.81, "end": 3438.11, "word": " normal", "probability": 0.400146484375}, {"start": 3438.11, "end": 3438.49, "word": " profit.", "probability": 0.88525390625}, {"start": 3439.85, "end": 3440.51, "word": " This", "probability": 0.23974609375}, {"start": 3440.51, "end": 3440.65, "word": " is", "probability": 0.54541015625}, {"start": 3440.65, "end": 3441.39, "word": " the", "probability": 0.51708984375}, {"start": 3441.39, "end": 3441.65, "word": " loss", "probability": 0.61474609375}, {"start": 3441.65, "end": 3441.85, "word": " I", "probability": 0.54833984375}, {"start": 3441.85, "end": 3442.01, "word": " have,", "probability": 0.8154296875}, {"start": 3442.73, "end": 3442.87, "word": " the", "probability": 0.50146484375}, {"start": 3442.87, "end": 3443.21, "word": " economic", "probability": 0.76416015625}, {"start": 3443.21, "end": 3443.69, "word": " loss,", "probability": 0.8779296875}, {"start": 3444.09, "end": 3444.21, "word": " and", "probability": 0.8466796875}, {"start": 3444.21, "end": 3444.53, "word": " this", "probability": 0.7783203125}, {"start": 3444.53, "end": 3444.75, "word": " is", "probability": 0.88720703125}, {"start": 3444.75, "end": 3445.65, "word": " normal", "probability": 0.626953125}, {"start": 3445.65, "end": 3446.03, "word": " profit.", "probability": 0.88623046875}, {"start": 3447.33, "end": 3448.03, "word": " Price", "probability": 0.84765625}, {"start": 3448.03, "end": 3448.35, "word": " minus", "probability": 0.982421875}, {"start": 3448.35, "end": 3448.87, "word": " AVC", "probability": 0.951171875}, {"start": 3448.87, "end": 3449.13, "word": " times", "probability": 0.845703125}, {"start": 3449.13, "end": 3449.49, "word": " Q.", "probability": 0.96875}, {"start": 3450.43, "end": 3451.13, "word": " TR", "probability": 0.8681640625}, {"start": 3451.13, "end": 3451.49, "word": " minus", "probability": 0.9853515625}, {"start": 3451.49, "end": 3452.03, "word": " TVC.", "probability": 0.8169759114583334}], "temperature": 1.0}, {"id": 124, "seek": 348097, "start": 3455.39, "end": 3480.97, "text": " Let us assume that the price is tangent to the AVC and the last case below AVC to determine the shutdown point here. So the fifth case here, when the price tangents the minimum AVC Q,", "tokens": [961, 505, 6552, 300, 264, 3218, 307, 27747, 281, 264, 30198, 34, 293, 264, 1036, 1389, 2507, 30198, 34, 281, 6997, 264, 34927, 935, 510, 13, 407, 264, 9266, 1389, 510, 11, 562, 264, 3218, 10266, 791, 264, 7285, 30198, 34, 1249, 11], "avg_logprob": -0.27130683105100284, "compression_ratio": 1.4375, "no_speech_prob": 0.0, "words": [{"start": 3455.39, "end": 3456.27, "word": " Let", "probability": 0.098388671875}, {"start": 3456.27, "end": 3457.15, "word": " us", "probability": 0.67041015625}, {"start": 3457.15, "end": 3457.51, "word": " assume", "probability": 0.8935546875}, {"start": 3457.51, "end": 3457.89, "word": " that", "probability": 0.92919921875}, {"start": 3457.89, "end": 3458.11, "word": " the", "probability": 0.8974609375}, {"start": 3458.11, "end": 3458.47, "word": " price", "probability": 0.9150390625}, {"start": 3458.47, "end": 3458.73, "word": " is", "probability": 0.94189453125}, {"start": 3458.73, "end": 3459.17, "word": " tangent", "probability": 0.8623046875}, {"start": 3459.17, "end": 3459.79, "word": " to", "probability": 0.9599609375}, {"start": 3459.79, "end": 3459.99, "word": " the", "probability": 0.9033203125}, {"start": 3459.99, "end": 3460.43, "word": " AVC", "probability": 0.864501953125}, {"start": 3460.43, "end": 3462.87, "word": " and", "probability": 0.197265625}, {"start": 3462.87, "end": 3463.07, "word": " the", "probability": 0.8408203125}, {"start": 3463.07, "end": 3463.35, "word": " last", "probability": 0.84033203125}, {"start": 3463.35, "end": 3463.75, "word": " case", "probability": 0.908203125}, {"start": 3463.75, "end": 3464.51, "word": " below", "probability": 0.68115234375}, {"start": 3464.51, "end": 3465.39, "word": " AVC", "probability": 0.93798828125}, {"start": 3465.39, "end": 3466.47, "word": " to", "probability": 0.71240234375}, {"start": 3466.47, "end": 3466.91, "word": " determine", "probability": 0.908203125}, {"start": 3466.91, "end": 3467.15, "word": " the", "probability": 0.90966796875}, {"start": 3467.15, "end": 3467.47, "word": " shutdown", "probability": 0.88671875}, {"start": 3467.47, "end": 3468.07, "word": " point", "probability": 0.966796875}, {"start": 3468.07, "end": 3468.37, "word": " here.", "probability": 0.49951171875}, {"start": 3468.87, "end": 3469.41, "word": " So", "probability": 0.494384765625}, {"start": 3469.41, "end": 3471.15, "word": " the", "probability": 0.6728515625}, {"start": 3471.15, "end": 3471.45, "word": " fifth", "probability": 0.86181640625}, {"start": 3471.45, "end": 3471.83, "word": " case", "probability": 0.8984375}, {"start": 3471.83, "end": 3472.17, "word": " here,", "probability": 0.8486328125}, {"start": 3474.47, "end": 3474.67, "word": " when", "probability": 0.908203125}, {"start": 3474.67, "end": 3474.83, "word": " the", "probability": 0.919921875}, {"start": 3474.83, "end": 3475.23, "word": " price", "probability": 0.92236328125}, {"start": 3475.23, "end": 3476.63, "word": " tangents", "probability": 0.953125}, {"start": 3476.63, "end": 3478.59, "word": " the", "probability": 0.841796875}, {"start": 3478.59, "end": 3479.03, "word": " minimum", "probability": 0.9638671875}, {"start": 3479.03, "end": 3480.05, "word": " AVC", "probability": 0.953125}, {"start": 3480.05, "end": 3480.97, "word": " Q,", "probability": 0.6767578125}], "temperature": 1.0}, {"id": 125, "seek": 350044, "start": 3485.18, "end": 3500.44, "text": "ATC, AVC, MC, what's his name? MR. Okay, I'm coming, Hamza. Wait, let me see. No, he's the blue one. I understand.", "tokens": [2218, 34, 11, 30198, 34, 11, 8797, 11, 437, 311, 702, 1315, 30, 9808, 13, 1033, 11, 286, 478, 1348, 11, 8234, 2394, 13, 3802, 11, 718, 385, 536, 13, 883, 11, 415, 311, 264, 3344, 472, 13, 286, 1223, 13], "avg_logprob": -0.5610118934086391, "compression_ratio": 1.0363636363636364, "no_speech_prob": 0.0, "words": [{"start": 3485.18, "end": 3485.64, "word": "ATC,", "probability": 0.8955078125}, {"start": 3485.64, "end": 3486.1, "word": " AVC,", "probability": 0.9501953125}, {"start": 3486.5, "end": 3486.92, "word": " MC,", "probability": 0.8701171875}, {"start": 3488.06, "end": 3488.4, "word": " what's", "probability": 0.319488525390625}, {"start": 3488.4, "end": 3488.6, "word": " his", "probability": 0.387451171875}, {"start": 3488.6, "end": 3488.66, "word": " name?", "probability": 0.91796875}, {"start": 3489.26, "end": 3489.72, "word": " MR.", "probability": 0.86376953125}, {"start": 3493.84, "end": 3494.3, "word": " Okay,", "probability": 0.34521484375}, {"start": 3494.5, "end": 3494.62, "word": " I'm", "probability": 0.626220703125}, {"start": 3494.62, "end": 3494.68, "word": " coming,", "probability": 0.497314453125}, {"start": 3494.84, "end": 3495.14, "word": " Hamza.", "probability": 0.5498046875}, {"start": 3495.32, "end": 3495.58, "word": " Wait,", "probability": 0.5830078125}, {"start": 3495.74, "end": 3495.84, "word": " let", "probability": 0.442626953125}, {"start": 3495.84, "end": 3495.84, "word": " me", "probability": 0.8466796875}, {"start": 3495.84, "end": 3495.96, "word": " see.", "probability": 0.59716796875}, {"start": 3498.84, "end": 3499.3, "word": " No,", "probability": 0.51611328125}, {"start": 3499.4, "end": 3499.54, "word": " he's", "probability": 0.51513671875}, {"start": 3499.54, "end": 3499.66, "word": " the", "probability": 0.7431640625}, {"start": 3499.66, "end": 3499.94, "word": " blue", "probability": 0.69580078125}, {"start": 3499.94, "end": 3500.22, "word": " one.", "probability": 0.58251953125}, {"start": 3500.24, "end": 3500.42, "word": " I", "probability": 0.79638671875}, {"start": 3500.42, "end": 3500.44, "word": " understand.", "probability": 0.2274169921875}], "temperature": 1.0}, {"id": 126, "seek": 353227, "start": 3523.39, "end": 3532.27, "text": " MC VC ATC", "tokens": [8797, 41922, 8872, 34], "avg_logprob": -0.379296875, "compression_ratio": 0.5555555555555556, "no_speech_prob": 1.7881393432617188e-07, "words": [{"start": 3523.39, "end": 3524.79, "word": " MC", "probability": 0.55322265625}, {"start": 3524.79, "end": 3526.19, "word": " VC", "probability": 0.35009765625}, {"start": 3526.19, "end": 3532.27, "word": " ATC", "probability": 0.896240234375}], "temperature": 1.0}, {"id": 127, "seek": 357148, "start": 3543.24, "end": 3571.48, "text": " Here, we will assume that the price tangents the minimum AVC. This is the price here. Equals MR equals D. Where's the equilibrium point?", "tokens": [1692, 11, 321, 486, 6552, 300, 264, 3218, 10266, 791, 264, 7285, 30198, 34, 13, 639, 307, 264, 3218, 510, 13, 15624, 1124, 9808, 6915, 413, 13, 2305, 311, 264, 15625, 935, 30], "avg_logprob": -0.1683134213089943, "compression_ratio": 1.2017543859649122, "no_speech_prob": 0.0, "words": [{"start": 3543.24, "end": 3543.62, "word": " Here,", "probability": 0.6611328125}, {"start": 3543.8, "end": 3543.98, "word": " we", "probability": 0.87890625}, {"start": 3543.98, "end": 3544.2, "word": " will", "probability": 0.80859375}, {"start": 3544.2, "end": 3544.64, "word": " assume", "probability": 0.91943359375}, {"start": 3544.64, "end": 3544.88, "word": " that", "probability": 0.93115234375}, {"start": 3544.88, "end": 3545.02, "word": " the", "probability": 0.89404296875}, {"start": 3545.02, "end": 3545.44, "word": " price", "probability": 0.923828125}, {"start": 3545.44, "end": 3546.68, "word": " tangents", "probability": 0.957275390625}, {"start": 3546.68, "end": 3547.4, "word": " the", "probability": 0.8515625}, {"start": 3547.4, "end": 3548.0, "word": " minimum", "probability": 0.95947265625}, {"start": 3548.0, "end": 3549.86, "word": " AVC.", "probability": 0.78125}, {"start": 3560.04, "end": 3560.88, "word": " This", "probability": 0.8427734375}, {"start": 3560.88, "end": 3560.98, "word": " is", "probability": 0.951171875}, {"start": 3560.98, "end": 3561.12, "word": " the", "probability": 0.92333984375}, {"start": 3561.12, "end": 3561.46, "word": " price", "probability": 0.92822265625}, {"start": 3561.46, "end": 3561.74, "word": " here.", "probability": 0.84326171875}, {"start": 3563.02, "end": 3563.86, "word": " Equals", "probability": 0.919921875}, {"start": 3563.86, "end": 3564.52, "word": " MR", "probability": 0.74658203125}, {"start": 3564.52, "end": 3565.28, "word": " equals", "probability": 0.8974609375}, {"start": 3565.28, "end": 3565.58, "word": " D.", "probability": 0.77587890625}, {"start": 3570.1, "end": 3570.58, "word": " Where's", "probability": 0.698486328125}, {"start": 3570.58, "end": 3570.7, "word": " the", "probability": 0.89990234375}, {"start": 3570.7, "end": 3571.06, "word": " equilibrium", "probability": 0.94775390625}, {"start": 3571.06, "end": 3571.48, "word": " point?", "probability": 0.9658203125}], "temperature": 1.0}, {"id": 128, "seek": 360143, "start": 3572.67, "end": 3601.43, "text": " MR equals MC. This is the equilibrium point. Here's the price. How much is AVC? AVC. Q. What is it? What is this point here?", "tokens": [9808, 6915, 8797, 13, 639, 307, 264, 15625, 935, 13, 1692, 311, 264, 3218, 13, 1012, 709, 307, 30198, 34, 30, 30198, 34, 13, 1249, 13, 708, 307, 309, 30, 708, 307, 341, 935, 510, 30], "avg_logprob": -0.1783150386165928, "compression_ratio": 1.2135922330097086, "no_speech_prob": 0.0, "words": [{"start": 3572.67, "end": 3573.15, "word": " MR", "probability": 0.43896484375}, {"start": 3573.15, "end": 3573.61, "word": " equals", "probability": 0.615234375}, {"start": 3573.61, "end": 3573.97, "word": " MC.", "probability": 0.9521484375}, {"start": 3575.19, "end": 3575.55, "word": " This", "probability": 0.8515625}, {"start": 3575.55, "end": 3575.67, "word": " is", "probability": 0.94384765625}, {"start": 3575.67, "end": 3575.77, "word": " the", "probability": 0.7509765625}, {"start": 3575.77, "end": 3576.13, "word": " equilibrium", "probability": 0.98095703125}, {"start": 3576.13, "end": 3576.57, "word": " point.", "probability": 0.95556640625}, {"start": 3579.23, "end": 3580.11, "word": " Here's", "probability": 0.679931640625}, {"start": 3580.11, "end": 3580.25, "word": " the", "probability": 0.91748046875}, {"start": 3580.25, "end": 3580.61, "word": " price.", "probability": 0.84716796875}, {"start": 3581.45, "end": 3581.97, "word": " How", "probability": 0.97119140625}, {"start": 3581.97, "end": 3582.33, "word": " much", "probability": 0.9140625}, {"start": 3582.33, "end": 3582.97, "word": " is", "probability": 0.95068359375}, {"start": 3582.97, "end": 3584.21, "word": " AVC?", "probability": 0.908203125}, {"start": 3588.71, "end": 3589.59, "word": " AVC.", "probability": 0.828125}, {"start": 3591.71, "end": 3591.93, "word": " Q.", "probability": 0.2578125}, {"start": 3597.45, "end": 3598.33, "word": " What", "probability": 0.8681640625}, {"start": 3598.33, "end": 3598.51, "word": " is", "probability": 0.9443359375}, {"start": 3598.51, "end": 3598.69, "word": " it?", "probability": 0.81298828125}, {"start": 3599.63, "end": 3600.25, "word": " What", "probability": 0.89404296875}, {"start": 3600.25, "end": 3600.53, "word": " is", "probability": 0.94482421875}, {"start": 3600.53, "end": 3600.79, "word": " this", "probability": 0.953125}, {"start": 3600.79, "end": 3601.09, "word": " point", "probability": 0.9716796875}, {"start": 3601.09, "end": 3601.43, "word": " here?", "probability": 0.86181640625}], "temperature": 1.0}, {"id": 129, "seek": 362910, "start": 3602.9, "end": 3629.1, "text": " It is the equilibrium point and exactly the shutdown point. This is the shutdown point at which the price equals AVC or total revenue. How much is total revenue? Price times the quantity. Let us assume that the price equals 10 and AVC equals 10 as well.", "tokens": [467, 307, 264, 15625, 935, 293, 2293, 264, 34927, 935, 13, 639, 307, 264, 34927, 935, 412, 597, 264, 3218, 6915, 30198, 34, 420, 3217, 9324, 13, 1012, 709, 307, 3217, 9324, 30, 25803, 1413, 264, 11275, 13, 961, 505, 6552, 300, 264, 3218, 6915, 1266, 293, 30198, 34, 6915, 1266, 382, 731, 13], "avg_logprob": -0.1585227223959836, "compression_ratio": 1.6282051282051282, "no_speech_prob": 0.0, "words": [{"start": 3602.9, "end": 3603.06, "word": " It", "probability": 0.6240234375}, {"start": 3603.06, "end": 3603.24, "word": " is", "probability": 0.818359375}, {"start": 3603.24, "end": 3603.42, "word": " the", "probability": 0.8994140625}, {"start": 3603.42, "end": 3603.78, "word": " equilibrium", "probability": 0.9462890625}, {"start": 3603.78, "end": 3604.3, "word": " point", "probability": 0.9609375}, {"start": 3604.3, "end": 3604.72, "word": " and", "probability": 0.77294921875}, {"start": 3604.72, "end": 3606.0, "word": " exactly", "probability": 0.69482421875}, {"start": 3606.0, "end": 3606.34, "word": " the", "probability": 0.6328125}, {"start": 3606.34, "end": 3606.7, "word": " shutdown", "probability": 0.77099609375}, {"start": 3606.7, "end": 3607.36, "word": " point.", "probability": 0.9755859375}, {"start": 3608.76, "end": 3609.14, "word": " This", "probability": 0.40625}, {"start": 3609.14, "end": 3609.36, "word": " is", "probability": 0.94775390625}, {"start": 3609.36, "end": 3609.54, "word": " the", "probability": 0.89990234375}, {"start": 3609.54, "end": 3609.98, "word": " shutdown", "probability": 0.97607421875}, {"start": 3609.98, "end": 3610.66, "word": " point", "probability": 0.97314453125}, {"start": 3610.66, "end": 3615.48, "word": " at", "probability": 0.471435546875}, {"start": 3615.48, "end": 3615.9, "word": " which", "probability": 0.951171875}, {"start": 3615.9, "end": 3616.56, "word": " the", "probability": 0.91357421875}, {"start": 3616.56, "end": 3616.94, "word": " price", "probability": 0.9189453125}, {"start": 3616.94, "end": 3617.54, "word": " equals", "probability": 0.93798828125}, {"start": 3617.54, "end": 3618.2, "word": " AVC", "probability": 0.87939453125}, {"start": 3618.2, "end": 3618.56, "word": " or", "probability": 0.75830078125}, {"start": 3618.56, "end": 3619.62, "word": " total", "probability": 0.74658203125}, {"start": 3619.62, "end": 3620.14, "word": " revenue.", "probability": 0.88525390625}, {"start": 3620.88, "end": 3621.1, "word": " How", "probability": 0.96923828125}, {"start": 3621.1, "end": 3621.32, "word": " much", "probability": 0.91650390625}, {"start": 3621.32, "end": 3621.48, "word": " is", "probability": 0.93994140625}, {"start": 3621.48, "end": 3621.72, "word": " total", "probability": 0.81689453125}, {"start": 3621.72, "end": 3622.04, "word": " revenue?", "probability": 0.9013671875}, {"start": 3622.22, "end": 3622.58, "word": " Price", "probability": 0.9150390625}, {"start": 3622.58, "end": 3622.92, "word": " times", "probability": 0.9091796875}, {"start": 3622.92, "end": 3623.06, "word": " the", "probability": 0.348876953125}, {"start": 3623.06, "end": 3623.42, "word": " quantity.", "probability": 0.97998046875}, {"start": 3624.86, "end": 3625.08, "word": " Let", "probability": 0.93310546875}, {"start": 3625.08, "end": 3625.22, "word": " us", "probability": 0.85205078125}, {"start": 3625.22, "end": 3625.54, "word": " assume", "probability": 0.91162109375}, {"start": 3625.54, "end": 3625.76, "word": " that", "probability": 0.93310546875}, {"start": 3625.76, "end": 3625.9, "word": " the", "probability": 0.90966796875}, {"start": 3625.9, "end": 3626.16, "word": " price", "probability": 0.912109375}, {"start": 3626.16, "end": 3626.58, "word": " equals", "probability": 0.93359375}, {"start": 3626.58, "end": 3626.88, "word": " 10", "probability": 0.8896484375}, {"start": 3626.88, "end": 3627.46, "word": " and", "probability": 0.87255859375}, {"start": 3627.46, "end": 3628.16, "word": " AVC", "probability": 0.968017578125}, {"start": 3628.16, "end": 3628.54, "word": " equals", "probability": 0.9072265625}, {"start": 3628.54, "end": 3628.74, "word": " 10", "probability": 0.94921875}, {"start": 3628.74, "end": 3628.92, "word": " as", "probability": 0.953125}, {"start": 3628.92, "end": 3629.1, "word": " well.", "probability": 0.94287109375}], "temperature": 1.0}, {"id": 130, "seek": 364999, "start": 3630.71, "end": 3649.99, "text": " How much is total revenue? Price times quantity, let us assume it's 8 here. The total revenue equals 10 times 8 equals 80. The total variable cost, Tvc, 10 times 8, Avc times Q.", "tokens": [1012, 709, 307, 3217, 9324, 30, 25803, 1413, 11275, 11, 718, 505, 6552, 309, 311, 1649, 510, 13, 440, 3217, 9324, 6915, 1266, 1413, 1649, 6915, 4688, 13, 440, 3217, 7006, 2063, 11, 314, 85, 66, 11, 1266, 1413, 1649, 11, 11667, 66, 1413, 1249, 13], "avg_logprob": -0.26479389185601093, "compression_ratio": 1.4471544715447155, "no_speech_prob": 0.0, "words": [{"start": 3630.71, "end": 3630.93, "word": " How", "probability": 0.4951171875}, {"start": 3630.93, "end": 3631.17, "word": " much", "probability": 0.92236328125}, {"start": 3631.17, "end": 3631.33, "word": " is", "probability": 0.94287109375}, {"start": 3631.33, "end": 3631.55, "word": " total", "probability": 0.79052734375}, {"start": 3631.55, "end": 3631.87, "word": " revenue?", "probability": 0.8935546875}, {"start": 3632.13, "end": 3632.59, "word": " Price", "probability": 0.89501953125}, {"start": 3632.59, "end": 3633.07, "word": " times", "probability": 0.82177734375}, {"start": 3633.07, "end": 3633.83, "word": " quantity,", "probability": 0.79150390625}, {"start": 3634.13, "end": 3634.35, "word": " let", "probability": 0.875}, {"start": 3634.35, "end": 3634.55, "word": " us", "probability": 0.79931640625}, {"start": 3634.55, "end": 3634.85, "word": " assume", "probability": 0.91455078125}, {"start": 3634.85, "end": 3635.11, "word": " it's", "probability": 0.9296875}, {"start": 3635.11, "end": 3635.39, "word": " 8", "probability": 0.23583984375}, {"start": 3635.39, "end": 3636.75, "word": " here.", "probability": 0.81640625}, {"start": 3638.75, "end": 3639.47, "word": " The", "probability": 0.46484375}, {"start": 3639.47, "end": 3639.85, "word": " total", "probability": 0.8984375}, {"start": 3639.85, "end": 3640.13, "word": " revenue", "probability": 0.8681640625}, {"start": 3640.13, "end": 3640.63, "word": " equals", "probability": 0.89794921875}, {"start": 3640.63, "end": 3641.29, "word": " 10", "probability": 0.9111328125}, {"start": 3641.29, "end": 3641.89, "word": " times", "probability": 0.8251953125}, {"start": 3641.89, "end": 3642.35, "word": " 8", "probability": 0.9638671875}, {"start": 3642.35, "end": 3642.81, "word": " equals", "probability": 0.89599609375}, {"start": 3642.81, "end": 3643.21, "word": " 80.", "probability": 0.97119140625}, {"start": 3644.47, "end": 3644.69, "word": " The", "probability": 0.79248046875}, {"start": 3644.69, "end": 3645.41, "word": " total", "probability": 0.88623046875}, {"start": 3645.41, "end": 3645.83, "word": " variable", "probability": 0.896484375}, {"start": 3645.83, "end": 3646.29, "word": " cost,", "probability": 0.83984375}, {"start": 3646.63, "end": 3647.31, "word": " Tvc,", "probability": 0.5830891927083334}, {"start": 3647.59, "end": 3648.07, "word": " 10", "probability": 0.76953125}, {"start": 3648.07, "end": 3648.49, "word": " times", "probability": 0.9169921875}, {"start": 3648.49, "end": 3648.83, "word": " 8,", "probability": 0.98193359375}, {"start": 3648.91, "end": 3649.35, "word": " Avc", "probability": 0.876220703125}, {"start": 3649.35, "end": 3649.67, "word": " times", "probability": 0.89306640625}, {"start": 3649.67, "end": 3649.99, "word": " Q.", "probability": 0.7314453125}], "temperature": 1.0}, {"id": 131, "seek": 368355, "start": 3659.77, "end": 3683.55, "text": " If the price equals AVC, this is the shutdown point. What is your advice to the business here? The same, either to work or to close down. The same. Do we have profits or loss in this case?", "tokens": [759, 264, 3218, 6915, 30198, 34, 11, 341, 307, 264, 34927, 935, 13, 708, 307, 428, 5192, 281, 264, 1606, 510, 30, 440, 912, 11, 2139, 281, 589, 420, 281, 1998, 760, 13, 440, 912, 13, 1144, 321, 362, 17982, 420, 4470, 294, 341, 1389, 30], "avg_logprob": -0.20960771657050925, "compression_ratio": 1.3597122302158273, "no_speech_prob": 0.0, "words": [{"start": 3659.7700000000004, "end": 3660.4100000000003, "word": " If", "probability": 0.0249481201171875}, {"start": 3660.4100000000003, "end": 3661.05, "word": " the", "probability": 0.71923828125}, {"start": 3661.05, "end": 3663.67, "word": " price", "probability": 0.93505859375}, {"start": 3663.67, "end": 3664.53, "word": " equals", "probability": 0.904296875}, {"start": 3664.53, "end": 3665.43, "word": " AVC,", "probability": 0.840087890625}, {"start": 3665.79, "end": 3666.09, "word": " this", "probability": 0.43896484375}, {"start": 3666.09, "end": 3666.33, "word": " is", "probability": 0.94384765625}, {"start": 3666.33, "end": 3666.57, "word": " the", "probability": 0.9013671875}, {"start": 3666.57, "end": 3666.93, "word": " shutdown", "probability": 0.84912109375}, {"start": 3666.93, "end": 3667.43, "word": " point.", "probability": 0.97412109375}, {"start": 3668.19, "end": 3668.75, "word": " What", "probability": 0.8955078125}, {"start": 3668.75, "end": 3668.99, "word": " is", "probability": 0.94482421875}, {"start": 3668.99, "end": 3669.19, "word": " your", "probability": 0.8837890625}, {"start": 3669.19, "end": 3669.73, "word": " advice", "probability": 0.931640625}, {"start": 3669.73, "end": 3670.17, "word": " to", "probability": 0.96435546875}, {"start": 3670.17, "end": 3670.31, "word": " the", "probability": 0.9189453125}, {"start": 3670.31, "end": 3670.67, "word": " business", "probability": 0.90625}, {"start": 3670.67, "end": 3670.93, "word": " here?", "probability": 0.79345703125}, {"start": 3674.29, "end": 3674.93, "word": " The", "probability": 0.58349609375}, {"start": 3674.93, "end": 3675.37, "word": " same,", "probability": 0.9189453125}, {"start": 3675.49, "end": 3675.81, "word": " either", "probability": 0.9462890625}, {"start": 3675.81, "end": 3676.07, "word": " to", "probability": 0.9677734375}, {"start": 3676.07, "end": 3676.39, "word": " work", "probability": 0.9248046875}, {"start": 3676.39, "end": 3676.71, "word": " or", "probability": 0.953125}, {"start": 3676.71, "end": 3676.93, "word": " to", "probability": 0.95703125}, {"start": 3676.93, "end": 3677.37, "word": " close", "probability": 0.87939453125}, {"start": 3677.37, "end": 3677.81, "word": " down.", "probability": 0.79052734375}, {"start": 3678.55, "end": 3678.81, "word": " The", "probability": 0.81298828125}, {"start": 3678.81, "end": 3679.25, "word": " same.", "probability": 0.90625}, {"start": 3681.05, "end": 3681.31, "word": " Do", "probability": 0.958984375}, {"start": 3681.31, "end": 3681.53, "word": " we", "probability": 0.9599609375}, {"start": 3681.53, "end": 3681.85, "word": " have", "probability": 0.9501953125}, {"start": 3681.85, "end": 3682.33, "word": " profits", "probability": 0.60986328125}, {"start": 3682.33, "end": 3682.57, "word": " or", "probability": 0.96337890625}, {"start": 3682.57, "end": 3682.81, "word": " loss", "probability": 0.859375}, {"start": 3682.81, "end": 3682.99, "word": " in", "probability": 0.94189453125}, {"start": 3682.99, "end": 3683.23, "word": " this", "probability": 0.94677734375}, {"start": 3683.23, "end": 3683.55, "word": " case?", "probability": 0.91357421875}], "temperature": 1.0}, {"id": 132, "seek": 371065, "start": 3684.69, "end": 3710.65, "text": " Loss, exactly. No. Loss. We have a loss. Because to determine the value of loss, we have to go to the ATC to determine this is ATC. ATC is bigger than the price. Here we have a loss, economic loss. And what? Working equals closing down.", "tokens": [441, 772, 11, 2293, 13, 883, 13, 441, 772, 13, 492, 362, 257, 4470, 13, 1436, 281, 6997, 264, 2158, 295, 4470, 11, 321, 362, 281, 352, 281, 264, 8872, 34, 281, 6997, 341, 307, 8872, 34, 13, 8872, 34, 307, 3801, 813, 264, 3218, 13, 1692, 321, 362, 257, 4470, 11, 4836, 4470, 13, 400, 437, 30, 18337, 6915, 10377, 760, 13], "avg_logprob": -0.17797851143404841, "compression_ratio": 1.490566037735849, "no_speech_prob": 0.0, "words": [{"start": 3684.69, "end": 3685.21, "word": " Loss,", "probability": 0.79736328125}, {"start": 3685.29, "end": 3685.75, "word": " exactly.", "probability": 0.8798828125}, {"start": 3685.93, "end": 3686.21, "word": " No.", "probability": 0.8974609375}, {"start": 3687.07, "end": 3687.69, "word": " Loss.", "probability": 0.886962890625}, {"start": 3687.77, "end": 3687.87, "word": " We", "probability": 0.94873046875}, {"start": 3687.87, "end": 3688.01, "word": " have", "probability": 0.94921875}, {"start": 3688.01, "end": 3688.13, "word": " a", "probability": 0.96337890625}, {"start": 3688.13, "end": 3688.27, "word": " loss.", "probability": 0.8427734375}, {"start": 3688.37, "end": 3688.79, "word": " Because", "probability": 0.9296875}, {"start": 3688.79, "end": 3689.33, "word": " to", "probability": 0.93212890625}, {"start": 3689.33, "end": 3689.73, "word": " determine", "probability": 0.92626953125}, {"start": 3689.73, "end": 3689.91, "word": " the", "probability": 0.9169921875}, {"start": 3689.91, "end": 3690.17, "word": " value", "probability": 0.9736328125}, {"start": 3690.17, "end": 3690.33, "word": " of", "probability": 0.9599609375}, {"start": 3690.33, "end": 3690.65, "word": " loss,", "probability": 0.8671875}, {"start": 3690.87, "end": 3691.15, "word": " we", "probability": 0.958984375}, {"start": 3691.15, "end": 3691.37, "word": " have", "probability": 0.94580078125}, {"start": 3691.37, "end": 3691.53, "word": " to", "probability": 0.96875}, {"start": 3691.53, "end": 3691.75, "word": " go", "probability": 0.96728515625}, {"start": 3691.75, "end": 3691.95, "word": " to", "probability": 0.796875}, {"start": 3691.95, "end": 3692.13, "word": " the", "probability": 0.92919921875}, {"start": 3692.13, "end": 3692.67, "word": " ATC", "probability": 0.84228515625}, {"start": 3692.67, "end": 3694.09, "word": " to", "probability": 0.66455078125}, {"start": 3694.09, "end": 3694.49, "word": " determine", "probability": 0.90869140625}, {"start": 3694.49, "end": 3694.79, "word": " this", "probability": 0.78076171875}, {"start": 3694.79, "end": 3695.03, "word": " is", "probability": 0.9453125}, {"start": 3695.03, "end": 3695.69, "word": " ATC.", "probability": 0.904296875}, {"start": 3696.37, "end": 3696.77, "word": " ATC", "probability": 0.95703125}, {"start": 3696.77, "end": 3696.91, "word": " is", "probability": 0.8408203125}, {"start": 3696.91, "end": 3697.11, "word": " bigger", "probability": 0.953125}, {"start": 3697.11, "end": 3697.33, "word": " than", "probability": 0.9306640625}, {"start": 3697.33, "end": 3697.47, "word": " the", "probability": 0.9130859375}, {"start": 3697.47, "end": 3697.85, "word": " price.", "probability": 0.9072265625}, {"start": 3698.55, "end": 3698.81, "word": " Here", "probability": 0.82275390625}, {"start": 3698.81, "end": 3699.03, "word": " we", "probability": 0.6005859375}, {"start": 3699.03, "end": 3699.41, "word": " have", "probability": 0.94384765625}, {"start": 3699.41, "end": 3701.45, "word": " a", "probability": 0.95166015625}, {"start": 3701.45, "end": 3701.79, "word": " loss,", "probability": 0.88916015625}, {"start": 3701.91, "end": 3702.25, "word": " economic", "probability": 0.7392578125}, {"start": 3702.25, "end": 3702.77, "word": " loss.", "probability": 0.86328125}, {"start": 3703.05, "end": 3703.45, "word": " And", "probability": 0.9541015625}, {"start": 3703.45, "end": 3703.93, "word": " what?", "probability": 0.9208984375}, {"start": 3707.55, "end": 3708.17, "word": " Working", "probability": 0.8662109375}, {"start": 3708.17, "end": 3709.71, "word": " equals", "probability": 0.7421875}, {"start": 3709.71, "end": 3710.29, "word": " closing", "probability": 0.82666015625}, {"start": 3710.29, "end": 3710.65, "word": " down.", "probability": 0.8671875}], "temperature": 1.0}, {"id": 133, "seek": 374306, "start": 3715.38, "end": 3743.06, "text": " How much is the normal profit? Zero. If the price was like this here. Let us assume that the price was below a VC. The last case.", "tokens": [1012, 709, 307, 264, 2710, 7475, 30, 17182, 13, 759, 264, 3218, 390, 411, 341, 510, 13, 961, 505, 6552, 300, 264, 3218, 390, 2507, 257, 41922, 13, 440, 1036, 1389, 13], "avg_logprob": -0.2623106060606061, "compression_ratio": 1.2149532710280373, "no_speech_prob": 0.0, "words": [{"start": 3715.3799999999997, "end": 3716.22, "word": " How", "probability": 0.2359619140625}, {"start": 3716.22, "end": 3717.06, "word": " much", "probability": 0.923828125}, {"start": 3717.06, "end": 3717.36, "word": " is", "probability": 0.93798828125}, {"start": 3717.36, "end": 3717.66, "word": " the", "probability": 0.890625}, {"start": 3717.66, "end": 3718.06, "word": " normal", "probability": 0.78955078125}, {"start": 3718.06, "end": 3718.64, "word": " profit?", "probability": 0.9306640625}, {"start": 3720.58, "end": 3721.42, "word": " Zero.", "probability": 0.52978515625}, {"start": 3723.1, "end": 3723.36, "word": " If", "probability": 0.430419921875}, {"start": 3723.36, 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What is your advice here? To determine the value of AVC, we have to take a vertical distance to AVC.", "tokens": [1692, 311, 264, 15625, 935, 13, 708, 307, 428, 5192, 510, 30, 1407, 6997, 264, 2158, 295, 30198, 34, 11, 321, 362, 281, 747, 257, 9429, 4560, 281, 30198, 34, 13], "avg_logprob": -0.20983887277543545, "compression_ratio": 1.1696428571428572, "no_speech_prob": 0.0, "words": [{"start": 3776.25, "end": 3776.61, "word": " Here's", "probability": 0.690673828125}, {"start": 3776.61, "end": 3776.71, "word": " the", "probability": 0.8896484375}, {"start": 3776.71, "end": 3777.05, "word": " equilibrium", "probability": 0.9267578125}, {"start": 3777.05, "end": 3777.51, "word": " point.", "probability": 0.96533203125}, {"start": 3782.73, "end": 3783.49, "word": " What", "probability": 0.8505859375}, {"start": 3783.49, "end": 3783.65, "word": " is", "probability": 0.92919921875}, {"start": 3783.65, "end": 3783.83, "word": " your", "probability": 0.88916015625}, {"start": 3783.83, "end": 3784.31, "word": " advice", "probability": 0.9296875}, {"start": 3784.31, "end": 3784.61, "word": " here?", "probability": 0.79931640625}, {"start": 3785.09, "end": 3785.85, "word": " To", "probability": 0.92822265625}, {"start": 3785.85, "end": 3786.29, "word": " determine", "probability": 0.9140625}, {"start": 3786.29, "end": 3786.51, "word": " the", "probability": 0.921875}, {"start": 3786.51, "end": 3786.85, "word": " value", "probability": 0.9765625}, {"start": 3786.85, "end": 3787.11, "word": " of", "probability": 0.9697265625}, {"start": 3787.11, "end": 3787.93, "word": " AVC,", "probability": 0.70263671875}, {"start": 3789.85, "end": 3790.55, "word": " we", "probability": 0.9482421875}, {"start": 3790.55, "end": 3790.83, "word": " have", "probability": 0.94921875}, {"start": 3790.83, "end": 3790.99, "word": " to", "probability": 0.9697265625}, {"start": 3790.99, "end": 3791.39, "word": " take", "probability": 0.8837890625}, {"start": 3791.39, "end": 3792.51, "word": " a", "probability": 0.96337890625}, {"start": 3792.51, "end": 3792.83, "word": " vertical", "probability": 0.8984375}, {"start": 3792.83, "end": 3793.35, "word": " distance", "probability": 0.9208984375}, {"start": 3793.35, "end": 3793.55, "word": " to", "probability": 0.9404296875}, {"start": 3793.55, "end": 3794.07, "word": " AVC.", "probability": 0.947509765625}], "temperature": 1.0}, {"id": 136, "seek": 383380, "start": 3806.26, "end": 3833.8, "text": " What about AVC is bigger than the price? AVC is bigger than the price. So what is your advice to this business to close down? Let us assume here that ATC equals 15 and AVC equals 12 and the price equals 10 and the quantity equals 8.", "tokens": [708, 466, 30198, 34, 307, 3801, 813, 264, 3218, 30, 30198, 34, 307, 3801, 813, 264, 3218, 13, 407, 437, 307, 428, 5192, 281, 341, 1606, 281, 1998, 760, 30, 961, 505, 6552, 510, 300, 8872, 34, 6915, 2119, 293, 30198, 34, 6915, 2272, 293, 264, 3218, 6915, 1266, 293, 264, 11275, 6915, 1649, 13], "avg_logprob": -0.2174944244325161, "compression_ratio": 1.606896551724138, "no_speech_prob": 0.0, "words": [{"start": 3806.26, "end": 3806.98, "word": " What", "probability": 0.12188720703125}, {"start": 3806.98, "end": 3807.7, "word": " about", "probability": 0.8935546875}, {"start": 3807.7, "end": 3808.56, "word": " AVC", "probability": 0.702880859375}, {"start": 3808.56, "end": 3808.8, "word": " is", "probability": 0.80322265625}, {"start": 3808.8, "end": 3809.02, "word": " bigger", "probability": 0.927734375}, {"start": 3809.02, "end": 3809.26, "word": " than", "probability": 0.93408203125}, {"start": 3809.26, "end": 3809.42, "word": " the", "probability": 0.7734375}, {"start": 3809.42, "end": 3809.78, "word": " price?", "probability": 0.904296875}, {"start": 3815.08, "end": 3815.8, "word": " AVC", "probability": 0.939697265625}, {"start": 3815.8, "end": 3816.24, "word": " is", "probability": 0.943359375}, {"start": 3816.24, "end": 3816.48, "word": " bigger", "probability": 0.93994140625}, {"start": 3816.48, "end": 3816.72, "word": " than", "probability": 0.94189453125}, {"start": 3816.72, "end": 3816.88, "word": " the", "probability": 0.86962890625}, {"start": 3816.88, "end": 3817.22, "word": " price.", "probability": 0.88134765625}, {"start": 3817.38, "end": 3817.44, "word": " So", "probability": 0.87646484375}, {"start": 3817.44, "end": 3817.64, "word": " what", "probability": 0.703125}, {"start": 3817.64, "end": 3817.82, "word": " is", "probability": 0.91650390625}, {"start": 3817.82, "end": 3817.98, "word": " your", "probability": 0.88623046875}, {"start": 3817.98, "end": 3818.36, "word": " advice", "probability": 0.92138671875}, {"start": 3818.36, "end": 3818.58, "word": " to", "probability": 0.900390625}, {"start": 3818.58, "end": 3818.78, "word": " this", "probability": 0.92333984375}, {"start": 3818.78, "end": 3819.22, "word": " business", "probability": 0.9326171875}, {"start": 3819.22, "end": 3819.6, "word": " to", "probability": 0.62451171875}, {"start": 3819.6, "end": 3819.96, "word": " close", "probability": 0.86669921875}, {"start": 3819.96, "end": 3820.4, "word": " down?", "probability": 0.86328125}, {"start": 3822.3, "end": 3823.02, "word": " Let", "probability": 0.79443359375}, {"start": 3823.02, "end": 3823.26, "word": " us", "probability": 0.78466796875}, {"start": 3823.26, "end": 3823.68, "word": " assume", "probability": 0.90869140625}, {"start": 3823.68, "end": 3823.92, "word": " here", "probability": 0.689453125}, {"start": 3823.92, "end": 3824.3, "word": " that", "probability": 0.9375}, {"start": 3824.3, "end": 3824.92, "word": " ATC", "probability": 0.854248046875}, {"start": 3824.92, "end": 3825.4, "word": " equals", "probability": 0.615234375}, {"start": 3825.4, "end": 3825.92, "word": " 15", "probability": 0.8212890625}, {"start": 3825.92, "end": 3826.58, "word": " and", "probability": 0.8193359375}, {"start": 3826.58, "end": 3827.4, "word": " AVC", "probability": 0.962890625}, {"start": 3827.4, "end": 3828.24, "word": " equals", "probability": 0.9248046875}, {"start": 3828.24, "end": 3829.28, "word": " 12", "probability": 0.93896484375}, {"start": 3829.28, "end": 3829.6, "word": " and", "probability": 0.83203125}, {"start": 3829.6, "end": 3829.72, "word": " the", "probability": 0.58056640625}, {"start": 3829.72, "end": 3829.96, "word": " price", "probability": 0.88720703125}, {"start": 3829.96, "end": 3830.42, "word": " equals", "probability": 0.90576171875}, {"start": 3830.42, "end": 3830.76, "word": " 10", "probability": 0.923828125}, {"start": 3830.76, "end": 3831.24, "word": " and", "probability": 0.86279296875}, {"start": 3831.24, "end": 3831.38, "word": " the", "probability": 0.5537109375}, {"start": 3831.38, "end": 3831.78, "word": " quantity", "probability": 0.96435546875}, {"start": 3831.78, "end": 3832.68, "word": " equals", "probability": 0.91943359375}, {"start": 3832.68, "end": 3833.8, "word": " 8.", "probability": 0.853515625}], "temperature": 1.0}, {"id": 137, "seek": 386276, "start": 3835.72, "end": 3862.76, "text": " Calculate the following. TVC, TFC, TC, Total Profit, Total Revenues. All of them. Total Revenue, how do we calculate it? The price times the Q. Ten times eight is eighty. This is total revenue, right? Then TR equals ten times eight, which is eighty.", "tokens": [3511, 2444, 473, 264, 3480, 13, 3558, 34, 11, 314, 18671, 11, 34150, 11, 23170, 6039, 270, 11, 23170, 1300, 553, 1247, 13, 1057, 295, 552, 13, 23170, 1300, 29307, 11, 577, 360, 321, 8873, 309, 30, 440, 3218, 1413, 264, 1249, 13, 9380, 1413, 3180, 307, 26348, 13, 639, 307, 3217, 9324, 11, 558, 30, 1396, 15176, 6915, 2064, 1413, 3180, 11, 597, 307, 26348, 13], "avg_logprob": -0.3600643369204858, "compression_ratio": 1.6339869281045751, "no_speech_prob": 0.0, "words": [{"start": 3835.7200000000003, "end": 3836.28, "word": " Calculate", "probability": 0.7396647135416666}, {"start": 3836.28, "end": 3836.52, "word": " the", "probability": 0.90087890625}, {"start": 3836.52, "end": 3837.04, "word": " following.", "probability": 0.8876953125}, {"start": 3838.86, "end": 3839.42, "word": " TVC,", "probability": 0.61590576171875}, {"start": 3839.96, "end": 3840.64, "word": " TFC,", "probability": 0.87109375}, {"start": 3841.12, "end": 3841.58, "word": " TC,", "probability": 0.8525390625}, {"start": 3842.18, "end": 3842.4, "word": " Total", "probability": 0.44775390625}, {"start": 3842.4, "end": 3842.88, "word": " Profit,", "probability": 0.706298828125}, {"start": 3843.06, "end": 3843.34, "word": " Total", "probability": 0.85205078125}, {"start": 3843.34, "end": 3844.14, "word": " Revenues.", "probability": 0.9148763020833334}, {"start": 3845.5, "end": 3845.78, "word": " All", "probability": 0.1798095703125}, {"start": 3845.78, "end": 3845.92, "word": " of", "probability": 0.7939453125}, {"start": 3845.92, "end": 3846.1, "word": " them.", "probability": 0.60595703125}, {"start": 3846.86, "end": 3847.22, "word": " Total", "probability": 0.82568359375}, {"start": 3847.22, "end": 3847.6, "word": " Revenue,", "probability": 0.7978515625}, {"start": 3847.7, "end": 3847.82, "word": " how", "probability": 0.599609375}, {"start": 3847.82, "end": 3847.88, "word": " do", "probability": 0.435302734375}, {"start": 3847.88, "end": 3847.96, "word": " we", "probability": 0.62353515625}, {"start": 3847.96, "end": 3848.2, "word": " calculate", "probability": 0.8212890625}, {"start": 3848.2, "end": 3848.48, "word": " it?", "probability": 0.8330078125}, {"start": 3848.6, "end": 3848.86, "word": " The", "probability": 0.431396484375}, {"start": 3848.86, "end": 3849.34, "word": " price", "probability": 0.69140625}, {"start": 3849.34, "end": 3850.06, "word": " times", "probability": 0.71630859375}, {"start": 3850.06, "end": 3850.32, "word": " the", "probability": 0.77685546875}, {"start": 3850.32, "end": 3850.48, "word": " Q.", "probability": 0.80810546875}, {"start": 3853.72, "end": 3854.28, "word": " Ten", "probability": 0.293701171875}, {"start": 3854.28, "end": 3854.46, "word": " times", "probability": 0.55078125}, {"start": 3854.46, "end": 3854.76, "word": " eight", "probability": 0.845703125}, {"start": 3854.76, "end": 3854.86, "word": " is", "probability": 0.337158203125}, {"start": 3854.86, "end": 3855.18, "word": " eighty.", "probability": 0.779296875}, {"start": 3855.22, "end": 3855.38, "word": " This", "probability": 0.841796875}, {"start": 3855.38, "end": 3855.5, "word": " is", "probability": 0.9462890625}, {"start": 3855.5, "end": 3855.72, "word": " total", "probability": 0.556640625}, {"start": 3855.72, "end": 3856.08, "word": " revenue,", "probability": 0.88916015625}, {"start": 3856.34, "end": 3856.52, "word": " right?", "probability": 0.76220703125}, {"start": 3856.88, "end": 3857.14, "word": " Then", "probability": 0.52197265625}, {"start": 3857.14, "end": 3857.52, "word": " TR", "probability": 0.68212890625}, {"start": 3857.52, "end": 3860.16, "word": " equals", "probability": 0.849609375}, {"start": 3860.16, "end": 3860.94, "word": " ten", "probability": 0.74755859375}, {"start": 3860.94, "end": 3861.74, "word": " times", "probability": 0.92626953125}, {"start": 3861.74, "end": 3862.38, "word": " eight,", "probability": 0.88818359375}, {"start": 3862.48, "end": 3862.52, "word": " which", "probability": 0.333251953125}, {"start": 3862.52, "end": 3862.52, "word": " is", "probability": 0.84130859375}, {"start": 3862.52, "end": 3862.76, "word": " eighty.", "probability": 0.71240234375}], "temperature": 1.0}, {"id": 138, "seek": 389258, "start": 3863.66, "end": 3892.58, "text": " Total variable cost, Tvc, 12x8, how much is this? 96. Tc? 120. Tfc?", "tokens": [23170, 7006, 2063, 11, 314, 85, 66, 11, 2272, 87, 23, 11, 577, 709, 307, 341, 30, 24124, 13, 314, 66, 30, 10411, 13, 314, 69, 66, 30], "avg_logprob": -0.5371767323592613, "compression_ratio": 0.9315068493150684, "no_speech_prob": 0.0, "words": [{"start": 3863.66, "end": 3864.98, "word": " Total", "probability": 0.53125}, {"start": 3864.98, "end": 3866.14, "word": " variable", "probability": 0.54931640625}, {"start": 3866.14, "end": 3866.72, "word": " cost,", "probability": 0.87744140625}, {"start": 3867.56, "end": 3868.28, "word": " Tvc,", "probability": 0.5687662760416666}, {"start": 3870.42, "end": 3872.88, "word": " 12x8,", "probability": 0.6098225911458334}, {"start": 3873.5, "end": 3873.66, "word": " how", "probability": 0.421875}, {"start": 3873.66, "end": 3873.86, "word": " much", "probability": 0.896484375}, {"start": 3873.86, "end": 3873.96, "word": " is", "probability": 0.8310546875}, {"start": 3873.96, "end": 3874.1, "word": " this?", "probability": 0.427001953125}, {"start": 3877.02, "end": 3878.42, "word": " 96.", "probability": 0.91162109375}, {"start": 3879.88, "end": 3880.92, "word": " Tc?", "probability": 0.6173095703125}, {"start": 3887.16, "end": 3888.56, "word": " 120.", "probability": 0.59619140625}, {"start": 3891.18, "end": 3892.58, "word": " Tfc?", "probability": 0.9090169270833334}], "temperature": 1.0}, {"id": 139, "seek": 391797, "start": 3895.05, "end": 3917.97, "text": " Tc minus Tfc minus Tvc. How much is this? Twenty-four. How much is MC? How much is the marginal revenue?", "tokens": [314, 66, 3175, 314, 69, 66, 3175, 314, 85, 66, 13, 1012, 709, 307, 341, 30, 28789, 12, 23251, 13, 1012, 709, 307, 8797, 30, 1012, 709, 307, 264, 16885, 9324, 30], "avg_logprob": -0.5729166666666666, "compression_ratio": 1.2962962962962963, "no_speech_prob": 1.7881393432617188e-07, "words": [{"start": 3895.05, "end": 3895.23, "word": " Tc", "probability": 0.2703399658203125}, {"start": 3895.23, "end": 3895.63, "word": " minus", "probability": 0.7041015625}, {"start": 3895.63, "end": 3898.77, "word": " Tfc", "probability": 0.8719075520833334}, {"start": 3898.77, "end": 3899.97, "word": " minus", "probability": 0.85107421875}, {"start": 3899.97, "end": 3900.97, "word": " Tvc.", "probability": 0.9415690104166666}, {"start": 3901.17, "end": 3901.99, "word": " How", "probability": 0.41796875}, {"start": 3901.99, "end": 3902.11, "word": " much", "probability": 0.82861328125}, {"start": 3902.11, "end": 3902.19, "word": " is", "probability": 0.806640625}, {"start": 3902.19, "end": 3902.35, "word": " this?", "probability": 0.57958984375}, {"start": 3904.19, "end": 3905.01, "word": " Twenty", "probability": 0.2091064453125}, {"start": 3905.01, "end": 3905.51, "word": "-four.", "probability": 0.6529541015625}, {"start": 3911.13, "end": 3911.65, "word": " How", "probability": 0.149658203125}, {"start": 3911.65, "end": 3911.65, "word": " much", "probability": 0.60888671875}, {"start": 3911.65, "end": 3911.65, "word": " is", "probability": 0.89306640625}, {"start": 3911.65, "end": 3911.97, "word": " MC?", "probability": 0.390625}, {"start": 3915.17, "end": 3915.59, "word": " How", "probability": 0.1895751953125}, {"start": 3915.59, "end": 3916.95, "word": " much", "probability": 0.90087890625}, {"start": 3916.95, "end": 3917.35, "word": " is", "probability": 0.93359375}, {"start": 3917.35, "end": 3917.39, "word": " the", "probability": 0.399658203125}, {"start": 3917.39, "end": 3917.61, "word": " marginal", "probability": 0.441650390625}, {"start": 3917.61, "end": 3917.97, "word": " revenue?", "probability": 0.8173828125}], "temperature": 1.0}, {"id": 140, "seek": 395136, "start": 3925.9, "end": 3951.36, "text": " Yes. Price equals MR 10. In this case, what about the total profits or loss? Total economic profits. Total revenue minus TC.", "tokens": [1079, 13, 25803, 6915, 9808, 1266, 13, 682, 341, 1389, 11, 437, 466, 264, 3217, 17982, 420, 4470, 30, 23170, 4836, 17982, 13, 23170, 9324, 3175, 34150, 13], "avg_logprob": -0.5635775944282269, "compression_ratio": 1.1682242990654206, "no_speech_prob": 0.0, "words": [{"start": 3925.9, "end": 3926.24, "word": " Yes.", "probability": 0.1292724609375}, {"start": 3926.78, "end": 3927.2, "word": " Price", "probability": 0.7578125}, {"start": 3927.2, "end": 3927.6, "word": " equals", "probability": 0.80224609375}, {"start": 3927.6, "end": 3927.9, "word": " MR", "probability": 0.55419921875}, {"start": 3927.9, "end": 3928.28, "word": " 10.", "probability": 0.339111328125}, {"start": 3929.06, "end": 3929.42, "word": " In", "probability": 0.07952880859375}, {"start": 3929.42, "end": 3929.7, "word": " this", "probability": 0.72509765625}, {"start": 3929.7, "end": 3939.44, "word": " case,", "probability": 0.9091796875}, {"start": 3939.68, "end": 3940.34, "word": " what", "probability": 0.56591796875}, {"start": 3940.34, "end": 3940.76, "word": " about", "probability": 0.8916015625}, {"start": 3940.76, "end": 3940.94, "word": " the", "probability": 0.7607421875}, {"start": 3940.94, "end": 3941.14, "word": " total", "probability": 0.87158203125}, {"start": 3941.14, "end": 3941.52, "word": " profits", "probability": 0.6611328125}, {"start": 3941.52, "end": 3944.36, "word": " or", "probability": 0.41259765625}, {"start": 3944.36, "end": 3944.8, "word": " loss?", "probability": 0.85498046875}, {"start": 3945.14, "end": 3945.2, "word": " Total", "probability": 0.81982421875}, {"start": 3945.2, "end": 3946.4, "word": " economic", "probability": 0.365966796875}, {"start": 3946.4, "end": 3947.12, "word": " profits.", "probability": 0.876953125}, {"start": 3948.26, "end": 3948.64, "word": " Total", "probability": 0.86376953125}, {"start": 3948.64, "end": 3949.1, "word": " revenue", "probability": 0.873046875}, {"start": 3949.1, "end": 3950.88, "word": " minus", "probability": 0.9560546875}, {"start": 3950.88, "end": 3951.36, "word": " TC.", "probability": 0.51708984375}], "temperature": 1.0}, {"id": 141, "seek": 395792, "start": 3953.88, "end": 3957.92, "text": "Or total revenue minus total cost.", "tokens": [21520, 3217, 9324, 3175, 3217, 2063, 13], "avg_logprob": -0.4924316331744194, "compression_ratio": 0.918918918918919, "no_speech_prob": 1.7881393432617188e-07, "words": [{"start": 3953.88, "end": 3954.76, "word": "Or", "probability": 0.0858154296875}, {"start": 3954.76, "end": 3955.04, "word": " total", "probability": 0.76611328125}, {"start": 3955.04, "end": 3955.48, "word": " revenue", "probability": 0.86083984375}, {"start": 3955.48, "end": 3956.9, "word": " minus", "probability": 0.9453125}, {"start": 3956.9, "end": 3957.34, "word": " total", "probability": 0.8623046875}, {"start": 3957.34, "end": 3957.92, "word": " cost.", "probability": 0.91943359375}], "temperature": 1.0}, {"id": 142, "seek": 399614, "start": 3973.84, "end": 3996.14, "text": " Total revenue, 80 minus 120 minus 40. This is the total economic profits, which is negative in this case. How much is the normal profit? Normal profit. Should be negative as well. Total revenue minus total cost. Normal profit.", "tokens": [23170, 9324, 11, 4688, 3175, 10411, 3175, 3356, 13, 639, 307, 264, 3217, 4836, 17982, 11, 597, 307, 3671, 294, 341, 1389, 13, 1012, 709, 307, 264, 2710, 7475, 30, 21277, 7475, 13, 6454, 312, 3671, 382, 731, 13, 23170, 9324, 3175, 3217, 2063, 13, 21277, 7475, 13], "avg_logprob": -0.16948342323303223, "compression_ratio": 1.5655172413793104, "no_speech_prob": 0.0, "words": [{"start": 3973.84, "end": 3974.16, "word": " Total", "probability": 0.64794921875}, {"start": 3974.16, "end": 3974.52, "word": " revenue,", "probability": 0.86962890625}, {"start": 3975.0, "end": 3975.52, "word": " 80", "probability": 0.469970703125}, {"start": 3975.52, "end": 3975.94, "word": " minus", "probability": 0.80712890625}, {"start": 3975.94, "end": 3976.76, "word": " 120", "probability": 0.7275390625}, {"start": 3976.76, "end": 3977.88, "word": " minus", "probability": 0.88671875}, {"start": 3977.88, "end": 3979.42, "word": " 40.", "probability": 0.966796875}, {"start": 3979.72, "end": 3980.06, "word": " This", "probability": 0.884765625}, {"start": 3980.06, "end": 3980.42, "word": " is", "probability": 0.9482421875}, {"start": 3980.42, "end": 3981.08, "word": " the", "probability": 0.91650390625}, {"start": 3981.08, "end": 3981.48, "word": " total", "probability": 0.86962890625}, {"start": 3981.48, "end": 3982.16, "word": " economic", "probability": 0.67236328125}, {"start": 3982.16, "end": 3982.5, "word": " profits,", "probability": 0.8525390625}, {"start": 3982.68, "end": 3982.86, "word": " which", "probability": 0.94921875}, {"start": 3982.86, "end": 3983.08, "word": " is", "probability": 0.95068359375}, {"start": 3983.08, "end": 3983.56, "word": " negative", "probability": 0.95458984375}, {"start": 3983.56, "end": 3983.76, "word": " in", "probability": 0.9111328125}, {"start": 3983.76, "end": 3983.94, "word": " this", "probability": 0.94677734375}, {"start": 3983.94, "end": 3984.28, "word": " case.", "probability": 0.9111328125}, {"start": 3984.72, "end": 3984.9, "word": " How", "probability": 0.96875}, {"start": 3984.9, "end": 3985.18, "word": " much", "probability": 0.9130859375}, {"start": 3985.18, "end": 3985.54, "word": " is", "probability": 0.9482421875}, {"start": 3985.54, "end": 3986.04, "word": " the", "probability": 0.91357421875}, {"start": 3986.04, "end": 3986.58, "word": " normal", "probability": 0.85693359375}, {"start": 3986.58, "end": 3987.08, "word": " profit?", "probability": 0.90087890625}, {"start": 3988.86, "end": 3989.58, "word": " Normal", "probability": 0.8642578125}, {"start": 3989.58, "end": 3990.34, "word": " profit.", "probability": 0.90478515625}, {"start": 3990.82, "end": 3991.32, "word": " Should", "probability": 0.76953125}, {"start": 3991.32, "end": 3991.48, "word": " be", "probability": 0.7626953125}, {"start": 3991.48, "end": 3991.8, "word": " negative", "probability": 0.89794921875}, {"start": 3991.8, "end": 3992.08, "word": " as", "probability": 0.93603515625}, {"start": 3992.08, "end": 3992.3, "word": " well.", "probability": 0.94091796875}, {"start": 3993.12, "end": 3993.28, "word": " Total", "probability": 0.89404296875}, {"start": 3993.28, "end": 3993.6, "word": " revenue", "probability": 0.89599609375}, {"start": 3993.6, "end": 3993.86, "word": " minus", "probability": 0.98193359375}, {"start": 3993.86, "end": 3994.12, "word": " total", "probability": 0.880859375}, {"start": 3994.12, "end": 3994.44, "word": " cost.", "probability": 0.9052734375}, {"start": 3995.06, "end": 3995.78, "word": " Normal", "probability": 0.876953125}, {"start": 3995.78, "end": 3996.14, "word": " profit.", "probability": 0.91162109375}], "temperature": 1.0}, {"id": 143, "seek": 402698, "start": 3999.8, "end": 4026.98, "text": " Equals total revenue minus TVC. Total revenue, how much? How much is it? Total revenue, 80 minus TVC, 96 minus 60.", "tokens": [15624, 1124, 3217, 9324, 3175, 3558, 34, 13, 23170, 9324, 11, 577, 709, 30, 1012, 709, 307, 309, 30, 23170, 9324, 11, 4688, 3175, 3558, 34, 11, 24124, 3175, 4060, 13], "avg_logprob": -0.3642578115686774, "compression_ratio": 1.4375, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 3999.8, "end": 4000.46, "word": " Equals", "probability": 0.640380859375}, {"start": 4000.46, "end": 4001.52, "word": " total", "probability": 0.623046875}, {"start": 4001.52, "end": 4002.02, "word": " revenue", "probability": 0.908203125}, {"start": 4002.02, "end": 4002.44, "word": " minus", "probability": 0.94287109375}, {"start": 4002.44, "end": 4003.52, "word": " TVC.", "probability": 0.72802734375}, {"start": 4004.4, "end": 4005.4, "word": " Total", "probability": 0.81005859375}, {"start": 4005.4, "end": 4005.82, "word": " revenue,", "probability": 0.8623046875}, {"start": 4006.32, "end": 4006.46, "word": " how", "probability": 0.5439453125}, {"start": 4006.46, "end": 4006.74, "word": " much?", "probability": 0.91650390625}, {"start": 4007.5, "end": 4008.5, "word": " How", "probability": 0.72705078125}, {"start": 4008.5, "end": 4008.72, "word": " much", "probability": 0.90576171875}, {"start": 4008.72, "end": 4008.9, "word": " is", "probability": 0.939453125}, {"start": 4008.9, "end": 4009.1, "word": " it?", "probability": 0.95166015625}, {"start": 4012.16, "end": 4013.1, "word": " Total", "probability": 0.3017578125}, {"start": 4013.1, "end": 4019.02, "word": " revenue,", "probability": 0.86767578125}, {"start": 4020.06, "end": 4020.14, "word": " 80", "probability": 0.587890625}, {"start": 4020.14, "end": 4021.98, "word": " minus", "probability": 0.94287109375}, {"start": 4021.98, "end": 4023.0, "word": " TVC,", "probability": 0.869873046875}, {"start": 4023.16, "end": 4023.6, "word": " 96", "probability": 0.6552734375}, {"start": 4023.6, "end": 4025.62, "word": " minus", "probability": 0.91796875}, {"start": 4025.62, "end": 4026.98, "word": " 60.", "probability": 0.9287109375}], "temperature": 1.0}, {"id": 144, "seek": 405104, "start": 4028.52, "end": 4051.04, "text": " This is the normal profit. What about the economic profit minus 40, as we said. Economic profits? No. Times the Q. Normal profits.", "tokens": [639, 307, 264, 2710, 7475, 13, 708, 466, 264, 4836, 7475, 3175, 3356, 11, 382, 321, 848, 13, 25776, 17982, 30, 883, 13, 11366, 264, 1249, 13, 21277, 17982, 13], "avg_logprob": -0.27293345620555265, "compression_ratio": 1.31, "no_speech_prob": 0.0, "words": [{"start": 4028.52, "end": 4028.8, "word": " This", "probability": 0.74072265625}, {"start": 4028.8, "end": 4029.14, "word": " is", "probability": 0.9541015625}, {"start": 4029.14, "end": 4029.78, "word": " the", "probability": 0.90771484375}, {"start": 4029.78, "end": 4030.3, "word": " normal", "probability": 0.8515625}, {"start": 4030.3, "end": 4030.66, "word": " profit.", "probability": 0.701171875}, {"start": 4031.3, "end": 4031.58, "word": " What", "probability": 0.890625}, {"start": 4031.58, "end": 4031.84, "word": " about", "probability": 0.91162109375}, {"start": 4031.84, "end": 4032.1, "word": " the", "probability": 0.85693359375}, {"start": 4032.1, "end": 4032.44, "word": " economic", "probability": 0.732421875}, {"start": 4032.44, "end": 4032.92, "word": " profit", "probability": 0.8271484375}, {"start": 4032.92, "end": 4033.84, "word": " minus", "probability": 0.81103515625}, {"start": 4033.84, "end": 4034.28, "word": " 40,", "probability": 0.59716796875}, {"start": 4034.28, "end": 4034.82, "word": " as", "probability": 0.94580078125}, {"start": 4034.82, "end": 4035.08, "word": " we", "probability": 0.958984375}, {"start": 4035.08, "end": 4035.56, "word": " said.", "probability": 0.94140625}, {"start": 4041.4, "end": 4042.32, "word": " Economic", "probability": 0.466064453125}, {"start": 4042.32, "end": 4042.86, "word": " profits?", "probability": 0.81103515625}, {"start": 4043.22, "end": 4043.52, "word": " No.", "probability": 0.342529296875}, {"start": 4045.26, "end": 4046.18, "word": " Times", "probability": 0.736328125}, {"start": 4046.18, "end": 4046.42, "word": " the", "probability": 0.341796875}, {"start": 4046.42, "end": 4046.58, "word": " Q.", "probability": 0.89892578125}, {"start": 4049.66, "end": 4050.58, "word": " Normal", "probability": 0.75390625}, {"start": 4050.58, "end": 4051.04, "word": " profits.", "probability": 0.87939453125}], "temperature": 1.0}, {"id": 145, "seek": 408295, "start": 4055.25, "end": 4082.95, "text": " It's equal. It's either if we say 2 to the power of minus 2 T V C or P minus A V C times Q. Try it. Try it. The price, how much is the price? Ten times minus minus A V C, twelve times the Q at this point, eight. The same result.", "tokens": [467, 311, 2681, 13, 467, 311, 2139, 498, 321, 584, 568, 281, 264, 1347, 295, 3175, 568, 314, 691, 383, 420, 430, 3175, 316, 691, 383, 1413, 1249, 13, 6526, 309, 13, 6526, 309, 13, 440, 3218, 11, 577, 709, 307, 264, 3218, 30, 9380, 1413, 3175, 3175, 316, 691, 383, 11, 14390, 1413, 264, 1249, 412, 341, 935, 11, 3180, 13, 440, 912, 1874, 13], "avg_logprob": -0.5097947743401599, "compression_ratio": 1.5266666666666666, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 4055.25, "end": 4055.49, "word": " It's", "probability": 0.38275146484375}, {"start": 4055.49, "end": 4055.65, "word": " equal.", "probability": 0.54248046875}, {"start": 4055.77, "end": 4056.01, "word": " It's", "probability": 0.6136474609375}, {"start": 4056.01, "end": 4056.37, "word": " either", "probability": 0.84228515625}, {"start": 4056.37, "end": 4056.57, "word": " if", "probability": 0.1495361328125}, {"start": 4056.57, "end": 4056.69, "word": " we", "probability": 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"start": 4084.19, "end": 4106.13, "text": " Minus 2 times 8 equals minus 16. It's the same. She asks if she can get it from price minus AVC. Yes, but times Q. Result times Q. Okay? So to summarize, we have about five cases or six cases.", "tokens": [2829, 301, 568, 1413, 1649, 6915, 3175, 3165, 13, 467, 311, 264, 912, 13, 1240, 8962, 498, 750, 393, 483, 309, 490, 3218, 3175, 30198, 34, 13, 1079, 11, 457, 1413, 1249, 13, 5015, 723, 1413, 1249, 13, 1033, 30, 407, 281, 20858, 11, 321, 362, 466, 1732, 3331, 420, 2309, 3331, 13], "avg_logprob": -0.30497686233785415, "compression_ratio": 1.304054054054054, "no_speech_prob": 1.7881393432617188e-07, "words": [{"start": 4084.19, "end": 4084.77, "word": " Minus", "probability": 0.857666015625}, {"start": 4084.77, "end": 4085.01, "word": " 2", "probability": 0.5595703125}, {"start": 4085.01, "end": 4085.57, "word": " times", "probability": 0.8994140625}, {"start": 4085.57, "end": 4086.15, "word": " 8", "probability": 0.97119140625}, {"start": 4086.15, "end": 4086.65, "word": " equals", "probability": 0.9306640625}, {"start": 4086.65, "end": 4086.97, "word": " minus", "probability": 0.96044921875}, {"start": 4086.97, "end": 4087.51, "word": " 16.", "probability": 0.97412109375}, {"start": 4089.51, "end": 4089.83, "word": " It's", "probability": 0.38079833984375}, {"start": 4089.83, "end": 4089.97, "word": " the", "probability": 0.90869140625}, {"start": 4089.97, "end": 4090.25, "word": " same.", "probability": 0.9091796875}, {"start": 4091.15, "end": 4091.35, "word": " She", "probability": 0.48681640625}, {"start": 4091.35, "end": 4091.73, "word": " asks", "probability": 0.5625}, {"start": 4091.73, "end": 4092.03, "word": " if", "probability": 0.54248046875}, {"start": 4092.03, "end": 4092.19, "word": " she", "probability": 0.70751953125}, {"start": 4092.19, "end": 4092.37, "word": " can", "probability": 0.8740234375}, {"start": 4092.37, "end": 4092.63, "word": " get", "probability": 0.69189453125}, {"start": 4092.63, "end": 4092.73, "word": " it", "probability": 0.61962890625}, {"start": 4092.73, "end": 4092.81, "word": " from", "probability": 0.818359375}, {"start": 4092.81, "end": 4093.37, "word": " price", "probability": 0.42431640625}, {"start": 4093.37, "end": 4093.71, "word": " minus", "probability": 0.9716796875}, {"start": 4093.71, "end": 4094.39, "word": " AVC.", "probability": 0.78515625}, {"start": 4094.63, "end": 4094.87, "word": " Yes,", "probability": 0.71875}, {"start": 4094.89, "end": 4095.01, "word": " but", "probability": 0.84326171875}, {"start": 4095.01, "end": 4095.33, "word": " times", "probability": 0.60107421875}, {"start": 4095.33, "end": 4095.69, "word": " Q.", "probability": 0.62841796875}, {"start": 4096.49, "end": 4097.03, "word": " Result", "probability": 0.7205810546875}, {"start": 4097.03, "end": 4097.35, "word": " times", "probability": 0.91064453125}, {"start": 4097.35, "end": 4097.73, "word": " Q.", "probability": 0.99072265625}, {"start": 4098.99, "end": 4099.07, "word": " Okay?", "probability": 0.3046875}, {"start": 4099.39, "end": 4099.73, "word": " So", "probability": 0.84375}, {"start": 4099.73, "end": 4100.07, "word": " to", "probability": 0.61669921875}, {"start": 4100.07, "end": 4101.15, "word": " summarize,", "probability": 0.78076171875}, {"start": 4101.33, "end": 4101.51, "word": " we", "probability": 0.80859375}, {"start": 4101.51, "end": 4102.55, "word": " have", "probability": 0.94091796875}, {"start": 4102.55, "end": 4103.33, "word": " about", "probability": 0.83984375}, {"start": 4103.33, "end": 4104.19, "word": " five", "probability": 0.63720703125}, {"start": 4104.19, "end": 4105.21, "word": " cases", "probability": 0.890625}, {"start": 4105.21, "end": 4105.43, "word": " or", "probability": 0.8310546875}, {"start": 4105.43, "end": 4105.67, "word": " six", "probability": 0.9462890625}, {"start": 4105.67, "end": 4106.13, "word": " cases.", "probability": 0.93017578125}], "temperature": 1.0}, {"id": 147, "seek": 412327, "start": 4106.87, "end": 4123.27, "text": " Number one, if the price or demand curve was above ATC and tangent to ATC, below ATC but above AVC, tangent AVC and below AVC. This is the break-even point that", "tokens": [5118, 472, 11, 498, 264, 3218, 420, 4733, 7605, 390, 3673, 8872, 34, 293, 27747, 281, 8872, 34, 11, 2507, 8872, 34, 457, 3673, 30198, 34, 11, 27747, 30198, 34, 293, 2507, 30198, 34, 13, 639, 307, 264, 1821, 12, 27170, 935, 300], "avg_logprob": -0.16716974939812312, "compression_ratio": 1.3416666666666666, "no_speech_prob": 0.0, "words": [{"start": 4106.87, "end": 4107.29, "word": " Number", "probability": 0.61328125}, {"start": 4107.29, "end": 4107.57, "word": " one,", "probability": 0.7001953125}, {"start": 4107.71, "end": 4107.89, "word": " if", "probability": 0.9208984375}, {"start": 4107.89, "end": 4108.03, "word": " the", "probability": 0.8974609375}, {"start": 4108.03, "end": 4108.43, "word": " price", "probability": 0.92578125}, {"start": 4108.43, "end": 4108.69, "word": " or", "probability": 0.91015625}, {"start": 4108.69, "end": 4109.03, "word": " demand", "probability": 0.93017578125}, {"start": 4109.03, "end": 4109.35, "word": " curve", "probability": 0.9375}, {"start": 4109.35, "end": 4109.75, "word": " was", "probability": 0.93603515625}, {"start": 4109.75, "end": 4110.09, "word": " above", "probability": 0.97216796875}, {"start": 4110.09, "end": 4110.73, "word": " ATC", "probability": 0.821044921875}, {"start": 4110.73, "end": 4111.41, "word": " and", "probability": 0.8271484375}, {"start": 4111.41, "end": 4111.97, "word": " tangent", "probability": 0.859375}, {"start": 4111.97, "end": 4112.23, "word": " to", "probability": 0.935546875}, {"start": 4112.23, "end": 4112.87, "word": " ATC,", "probability": 0.940673828125}, {"start": 4113.49, "end": 4114.01, "word": " below", "probability": 0.86328125}, {"start": 4114.01, "end": 4114.73, "word": " ATC", "probability": 0.9443359375}, {"start": 4114.73, "end": 4114.97, "word": " but", "probability": 0.79638671875}, {"start": 4114.97, "end": 4115.35, "word": " above", "probability": 0.9619140625}, {"start": 4115.35, "end": 4115.97, "word": " AVC,", "probability": 0.916748046875}, {"start": 4116.57, "end": 4116.91, "word": " tangent", "probability": 0.90478515625}, {"start": 4116.91, "end": 4117.85, "word": " AVC", "probability": 0.86181640625}, {"start": 4117.85, "end": 4118.27, "word": " and", "probability": 0.583984375}, {"start": 4118.27, "end": 4118.67, "word": " below", "probability": 0.9130859375}, {"start": 4118.67, "end": 4119.47, "word": " AVC.", "probability": 0.97265625}, {"start": 4120.17, "end": 4120.59, "word": " This", "probability": 0.8193359375}, {"start": 4120.59, "end": 4120.79, "word": " is", "probability": 0.9453125}, {"start": 4120.79, "end": 4120.97, "word": " the", "probability": 0.86572265625}, {"start": 4120.97, "end": 4121.87, "word": " break", "probability": 0.78466796875}, {"start": 4121.87, "end": 4122.07, "word": "-even", "probability": 0.76806640625}, {"start": 4122.07, "end": 4122.53, "word": " point", "probability": 0.96923828125}, {"start": 4122.53, "end": 4123.27, "word": " that", "probability": 0.74462890625}], "temperature": 1.0}, {"id": 148, "seek": 414178, "start": 4123.84, "end": 4141.78, "text": " Shut down point. That's it. If the price, if demand curve was in between here, we have a loss, but our advice is to keep working. If it was below, we have a loss and shutting down or closing down is better here. All right?", "tokens": [13870, 760, 935, 13, 663, 311, 309, 13, 759, 264, 3218, 11, 498, 4733, 7605, 390, 294, 1296, 510, 11, 321, 362, 257, 4470, 11, 457, 527, 5192, 307, 281, 1066, 1364, 13, 759, 309, 390, 2507, 11, 321, 362, 257, 4470, 293, 36057, 760, 420, 10377, 760, 307, 1101, 510, 13, 1057, 558, 30], "avg_logprob": -0.21023995243012905, "compression_ratio": 1.4671052631578947, "no_speech_prob": 2.384185791015625e-07, "words": [{"start": 4123.84, "end": 4124.28, "word": " Shut", "probability": 0.38818359375}, {"start": 4124.28, "end": 4124.58, "word": " down", "probability": 0.58740234375}, {"start": 4124.58, "end": 4124.96, "word": " point.", "probability": 0.96630859375}, {"start": 4125.18, "end": 4125.42, "word": " That's", "probability": 0.93505859375}, {"start": 4125.42, "end": 4125.62, "word": " it.", "probability": 0.95654296875}, {"start": 4126.12, "end": 4126.28, "word": " If", "probability": 0.95361328125}, {"start": 4126.28, "end": 4126.4, "word": " the", "probability": 0.84423828125}, {"start": 4126.4, "end": 4126.78, "word": " price,", "probability": 0.8798828125}, {"start": 4126.98, "end": 4127.06, "word": " if", "probability": 0.94873046875}, {"start": 4127.06, "end": 4127.42, "word": " demand", "probability": 0.6181640625}, {"start": 4127.42, "end": 4127.68, "word": " curve", "probability": 0.9521484375}, {"start": 4127.68, "end": 4128.1, "word": " was", "probability": 0.92431640625}, {"start": 4128.1, "end": 4128.36, "word": " in", "probability": 0.94287109375}, {"start": 4128.36, "end": 4128.78, "word": " between", "probability": 0.7958984375}, {"start": 4128.78, "end": 4129.16, "word": " here,", "probability": 0.857421875}, {"start": 4129.58, "end": 4129.76, "word": " we", "probability": 0.9619140625}, {"start": 4129.76, "end": 4130.02, "word": " have", "probability": 0.93701171875}, {"start": 4130.02, "end": 4130.18, "word": " a", "probability": 0.98779296875}, {"start": 4130.18, "end": 4130.54, "word": " loss,", "probability": 0.8828125}, {"start": 4130.9, "end": 4131.08, "word": " but", "probability": 0.92919921875}, {"start": 4131.08, "end": 4132.18, "word": " our", "probability": 0.712890625}, {"start": 4132.18, "end": 4132.7, "word": " advice", "probability": 0.9208984375}, {"start": 4132.7, "end": 4133.02, "word": " is", "probability": 0.94775390625}, {"start": 4133.02, "end": 4133.2, "word": " to", "probability": 0.970703125}, {"start": 4133.2, "end": 4133.42, "word": " keep", "probability": 0.912109375}, {"start": 4133.42, "end": 4133.7, "word": " working.", "probability": 0.8447265625}, {"start": 4134.06, "end": 4134.32, "word": " If", "probability": 0.974609375}, {"start": 4134.32, "end": 4134.46, "word": " it", "probability": 0.95166015625}, {"start": 4134.46, "end": 4134.76, "word": " was", "probability": 0.95068359375}, {"start": 4134.76, "end": 4135.16, "word": " below,", "probability": 0.86669921875}, {"start": 4135.48, "end": 4135.74, "word": " we", "probability": 0.9638671875}, {"start": 4135.74, "end": 4135.98, "word": " have", "probability": 0.93994140625}, {"start": 4135.98, "end": 4136.12, "word": " a", "probability": 0.99560546875}, {"start": 4136.12, "end": 4136.48, "word": " loss", "probability": 0.865234375}, {"start": 4136.48, "end": 4137.0, "word": " and", "probability": 0.52685546875}, {"start": 4137.0, "end": 4138.62, "word": " shutting", "probability": 0.99072265625}, {"start": 4138.62, "end": 4139.04, "word": " down", "probability": 0.84716796875}, {"start": 4139.04, "end": 4139.24, "word": " or", "probability": 0.9453125}, {"start": 4139.24, "end": 4139.6, "word": " closing", "probability": 0.88330078125}, {"start": 4139.6, "end": 4139.9, "word": " down", "probability": 0.8271484375}, {"start": 4139.9, "end": 4140.12, "word": " is", "probability": 0.71630859375}, {"start": 4140.12, "end": 4140.46, "word": " better", "probability": 0.9169921875}, {"start": 4140.46, "end": 4140.76, "word": " here.", "probability": 0.66162109375}, {"start": 4141.46, "end": 4141.62, "word": " All", "probability": 0.53759765625}, {"start": 4141.62, "end": 4141.78, "word": " right?", "probability": 0.9140625}], "temperature": 1.0}], "language": "en", "language_probability": 1.0, "duration": 4144.6225, "duration_after_vad": 3815.9187499999803} \ No newline at end of file diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/C6PzQFMUzLI.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/C6PzQFMUzLI.srt new file mode 100644 index 0000000000000000000000000000000000000000..6f22ee7e45c89d3b21c3bd551cd3ef82fd512f44 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/C6PzQFMUzLI.srt @@ -0,0 +1,2079 @@ + +1 +00:00:20,000 --> 00:00:22,200 +Bismillah al-Rahman al-Rahim. Today, inshallah, we + +2 +00:00:22,200 --> 00:00:26,680 +are going to complete our talk about the market + +3 +00:00:26,680 --> 00:00:33,420 +equilibrium. In the last classes, we discussed the + +4 +00:00:33,420 --> 00:00:38,760 +concept of demand, supply, and we derived the + +5 +00:00:38,760 --> 00:00:45,120 +demand curve, demand schedule, and supply as well. + +6 +00:00:48,190 --> 00:00:50,970 +And we talked about the difference between the + +7 +00:00:50,970 --> 00:00:53,610 +quantity, the difference between a change in + +8 +00:00:53,610 --> 00:00:56,570 +quantity demanded and a change in demand. And we + +9 +00:00:56,570 --> 00:01:00,290 +said that the change in demand means the full + +10 +00:01:00,290 --> 00:01:03,510 +shifting of the demand curve, either to the right or to + +11 +00:01:03,510 --> 00:01:08,470 +the left, due to the change in one of the factors + +12 +00:01:08,470 --> 00:01:11,230 +affecting demand, like the change in income, the + +13 +00:01:11,230 --> 00:01:14,650 +change in tastes and preferences, the prices of + +14 +00:01:14,650 --> 00:01:20,090 +other related goods, and some other variables. The + +15 +00:01:20,090 --> 00:01:24,170 +change in the quantity demanded is the change in + +16 +00:01:24,170 --> 00:01:28,890 +or the shifting or the movement from point A to + +17 +00:01:28,890 --> 00:01:40,430 +point B or B to A along the same demand curve due + +18 +00:01:40,430 --> 00:01:42,950 +to the change in the price of the product itself. + +19 +00:01:45,160 --> 00:01:50,540 +This is the change in quantity demanded. But the + +20 +00:01:50,540 --> 00:01:56,840 +change in demand is the function, this is D1, the + +21 +00:01:56,840 --> 00:02:01,140 +full shifting of the demand curve from D1 to D2 or to + +22 +00:02:01,140 --> 00:02:08,920 +D3 due to the change of one of the main + +23 +00:02:08,920 --> 00:02:12,020 +determinants of demand, or demand determinants. + +24 +00:02:14,460 --> 00:02:18,700 +Another point, which is the difference between the + +25 +00:02:18,700 --> 00:02:21,820 +change in quantity supplied and the change in + +26 +00:02:21,820 --> 00:02:27,620 +supply. As you know that we studied, the main + +27 +00:02:27,620 --> 00:02:31,900 +factors affecting supply, like the cost of inputs, + +28 +00:02:32,100 --> 00:02:36,360 +like the number of sellers, the price of other + +29 +00:02:36,360 --> 00:02:40,700 +goods, and change in technology or technological + +30 +00:02:40,700 --> 00:02:48,220 +change. We are going to study the difference + +31 +00:02:48,220 --> 00:02:51,960 +between the change in supply and the change in + +32 +00:02:51,960 --> 00:02:56,960 +quantity supplied. So, the same as we mentioned here + +33 +00:02:56,960 --> 00:03:06,460 +in demand, the change in supply is the change in + +34 +00:03:06,460 --> 00:03:11,660 +supply and the change in quantity supplied. + +35 +00:03:18,400 --> 00:03:25,360 +Change in supply is the full shifting. This is the + +36 +00:03:25,360 --> 00:03:28,880 +price, and the quantity supplied is on the horizontal + +37 +00:03:28,880 --> 00:03:34,700 +axis. And this is the original supply curve, this + +38 +00:03:34,700 --> 00:03:42,020 +one. Change in supply is + +39 +00:03:42,020 --> 00:03:46,560 +quite similar to change in demand. It's a full + +40 +00:03:46,560 --> 00:03:51,470 +shifting of a supply curve either to the right or left + +41 +00:03:51,470 --> 00:04:01,790 +to S3 due to what? Due to the change in one of the + +42 +00:04:01,790 --> 00:04:03,310 +supply's determinants. + +43 +00:04:07,130 --> 00:04:15,870 +Okay? Changing one supply is the movement + +44 +00:04:22,490 --> 00:04:32,250 +along the supply curve, change in a quant supplied is the + +45 +00:04:32,250 --> 00:04:41,060 +movement from point A to point B, or C, from C to + +46 +00:04:41,060 --> 00:04:47,060 +B, B to A, A to B, B to C, due to the change in + +47 +00:04:47,060 --> 00:04:50,460 +the price of the product. As the price, let us + +48 +00:04:50,460 --> 00:04:53,880 +assume that the price was P1, and this is the + +49 +00:04:53,880 --> 00:04:54,820 +quantity supplied one. + +50 +00:04:57,900 --> 00:05:03,120 +As the price goes up to P2, what will happen if the + +51 +00:05:03,120 --> 00:05:07,060 +quantity supplied goes up as well? This is quantity + +52 +00:05:07,060 --> 00:05:13,990 +supplied two. So, this idea or this point is called + +53 +00:05:13,990 --> 00:05:17,550 +the change in quantity supplied. So, the change in + +54 +00:05:17,550 --> 00:05:22,370 +quantity supplied is the movement along the same + +55 +00:05:22,370 --> 00:05:26,010 +supply curve due to the change in price of the + +56 +00:05:26,010 --> 00:05:32,370 +product itself. The same as the demand. The same + +57 +00:05:32,370 --> 00:05:37,330 +as demand. Let's go to something else. + +58 +00:05:44,670 --> 00:05:50,770 +Let's go to the market equilibrium. Let's go to the + +59 +00:05:50,770 --> 00:05:59,730 +market equilibrium. Market Equilibrium. + +60 +00:05:59,730 --> 00:06:07,770 +This + +61 +00:06:07,770 --> 00:06:08,170 +is the market balance. + +62 +00:06:13,210 --> 00:06:16,630 +To understand the idea of market equilibrium, + +63 +00:06:17,910 --> 00:06:23,310 +let's have the following example. We have the + +64 +00:06:23,310 --> 00:06:29,870 +following table that represents different prices + +65 +00:06:29,870 --> 00:06:32,490 +and different quantity demanded and quantity + +66 +00:06:32,490 --> 00:06:32,990 +supplied. + +67 +00:06:39,170 --> 00:06:40,170 +Point. + +68 +00:06:51,980 --> 00:07:00,180 +Price Quantity Demand Quant + +69 +00:07:00,180 --> 00:07:06,120 +Supply Market + +70 +00:07:06,120 --> 00:07:06,680 +Status + +71 +00:07:16,220 --> 00:07:21,420 +Well, A, B, C. + +72 +00:08:18,310 --> 00:08:19,430 +That's it, okay. + +73 +00:08:58,830 --> 00:09:06,150 +In this table, we have different points, different + +74 +00:09:06,150 --> 00:09:09,230 +prices, and different quantity demanded and + +75 +00:09:09,230 --> 00:09:14,310 +quantity supplied. As you see, at point A, the price was, + +76 +00:09:15,090 --> 00:09:19,380 +the price per unit was five shekels. The quantity + +77 +00:09:19,380 --> 00:09:24,600 +purchased was 200, and the quantity sold or the + +78 +00:09:24,600 --> 00:09:29,740 +quantity supplied was 80. As you see, as the price + +79 +00:09:29,740 --> 00:09:33,640 +goes up, increases, the quantity demanded goes + +80 +00:09:33,640 --> 00:09:38,760 +down, and the quantity supplied goes up. The same + +81 +00:09:38,760 --> 00:09:45,600 +as the demand and supply theory says. So, we are + +82 +00:09:45,600 --> 00:09:46,500 +going to determine + +83 +00:09:48,950 --> 00:09:53,650 +the market equilibrium, where is the willingness + +84 +00:09:53,650 --> 00:10:01,550 +of the consumers meet the producers? Or, where is + +85 +00:10:01,550 --> 00:10:05,590 +the point at which the willingness of the producer + +86 +00:10:05,590 --> 00:10:12,710 +and their ability meet the willingness and the + +87 +00:10:12,710 --> 00:10:16,270 +ability of the consumers, who demand and supply? + +88 +00:10:18,320 --> 00:10:21,860 +Okay? We will check the point here, but before + +89 +00:10:21,860 --> 00:10:28,540 +that, let's draw the demand curve and supply curve + +90 +00:10:28,540 --> 00:10:33,680 +on the same graph, or along the same graph. So, now, + +91 +00:10:34,260 --> 00:10:39,880 +we have the following graph that shows the prices + +92 +00:10:39,880 --> 00:10:43,600 +and quantity demanded and quantity supplied, as + +93 +00:10:43,600 --> 00:10:47,500 +well. So, here are the prices. + +94 +00:10:50,580 --> 00:10:55,340 +And this is the quantity. We will begin with + +95 +00:10:55,340 --> 00:10:59,420 +demand, and then once we finish, we will go to + +96 +00:10:59,420 --> 00:11:00,300 +supply. + +97 +00:11:02,460 --> 00:11:08,960 +Prices: 5, 10, + +98 +00:11:09,540 --> 00:11:19,780 +15, 20, 25, 30, 35, 40. That's it. + +99 +00:11:23,220 --> 00:11:27,600 +Let's derive or draw or determine the quantity + +100 +00:11:27,600 --> 00:11:31,140 +demanded here from 18, 20, + +101 +00:11:34,400 --> 00:11:37,740 +40, + +102 +00:11:39,000 --> 00:11:41,080 +80, + +103 +00:11:42,800 --> 00:11:45,320 +120, + +104 +00:11:47,000 --> 00:11:48,100 +160, + +105 +00:11:51,450 --> 00:12:05,050 +200. Okay, okay, okay. 20, 40, 60, 80, 100, 120, + +106 +00:12:05,730 --> 00:12:14,790 +140, 160, 180, and 200. That's it, 220. + +107 +00:12:18,090 --> 00:12:21,710 +Now, let's draw the demand curve. + +108 +00:12:26,310 --> 00:12:31,530 +The demand curve shows the relationship between + +109 +00:12:31,530 --> 00:12:36,790 +prices and the quantity demanded. So point A here. + +110 +00:12:37,770 --> 00:12:41,950 +When the price was five, the quantity demanded was + +111 +00:12:41,950 --> 00:12:46,680 +200. So at price five here, the quantity demanded + +112 +00:12:46,680 --> 00:12:47,840 +was 200. + +113 +00:12:51,040 --> 00:12:58,880 +This is point A for the demand function. Point B, + +114 +00:12:59,200 --> 00:13:01,140 +10 and 180. + +115 +00:13:06,120 --> 00:13:12,780 +B, C, 15 and 160. + +116 +00:13:25,560 --> 00:13:28,120 +D, 20 and 140. + +117 +00:13:36,940 --> 00:13:41,080 +E, 25, 120. + +118 +00:13:50,240 --> 00:13:52,420 +F, 30, 100. + +119 +00:14:00,970 --> 00:14:03,750 +G, 35 and 80. + +120 +00:14:12,830 --> 00:14:16,690 +Now, let's connect these points. We will reach to + +121 +00:14:16,690 --> 00:14:18,470 +the demand curve. + +122 +00:14:22,670 --> 00:14:26,550 +This is what here? This is the demand curve. + +123 +00:14:33,990 --> 00:14:40,950 +Let's go to derive and draw the supply curve. Supply + +124 +00:14:40,950 --> 00:14:47,870 +curve. At price equals 5, how much is the quantity + +125 +00:14:47,870 --> 00:14:58,380 +supplied? 80. Then 10, 100, 15, 120, okay? For the + +126 +00:14:58,380 --> 00:15:02,760 +first point, when the price was five, how much was + +127 +00:15:02,760 --> 00:15:06,680 +the quantity demanded equal to supplied? Five. The quantity + +128 +00:15:06,680 --> 00:15:11,800 +supplied equals 80. This is point A. + +129 +00:15:15,440 --> 00:15:25,200 +At 10, 100. 10 and 100, B. + +130 +00:15:30,320 --> 00:15:32,920 +15, 120. + +131 +00:15:36,740 --> 00:15:37,620 +Yeah. + +132 +00:15:41,020 --> 00:15:43,240 +20, 140. + +133 +00:15:46,140 --> 00:15:46,600 +Day. + +134 +00:15:51,640 --> 00:15:53,040 +25, + +135 +00:15:56,120 --> 00:15:56,740 +160. + +136 +00:16:04,580 --> 00:16:11,680 +E, 30, 180, 180 and 30. + +137 +00:16:15,580 --> 00:16:23,000 +And the last point, 200 and 35 here. Let's connect + +138 +00:16:23,000 --> 00:16:27,240 +these points here. This is the supply. + +139 +00:16:37,500 --> 00:16:41,060 +This point at D here. + +140 +00:16:44,640 --> 00:16:51,940 +The consumer desires to buy the product at D here. + +141 +00:16:59,300 --> 00:17:09,340 +The consumer agrees to buy the product at 20 + +142 +00:17:09,340 --> 00:17:13,520 +shekels, or for 20 shekels. And the producer, the + +143 +00:17:13,520 --> 00:17:19,960 +sellers, accepts also to sell the product at this + +144 +00:17:19,960 --> 00:17:23,300 +price here. How much is the equivalent? At this + +145 +00:17:23,300 --> 00:17:28,580 +point, they call it equilibrium point. Equilibrium + +146 +00:17:28,580 --> 00:17:29,160 +point. + +147 +00:17:32,160 --> 00:17:37,290 +Let's come here. Come back to the table here. What + +148 +00:17:37,290 --> 00:17:43,790 +do you see? If the price was low here, at five + +149 +00:17:43,790 --> 00:17:49,610 +shekels, the producer, or the consumer wishes to + +150 +00:17:49,610 --> 00:17:57,250 +buy, he has a willingness to buy 200 units. But + +151 +00:17:57,250 --> 00:18:02,480 +the producer wishes to buy, or tries to sell or + +152 +00:18:02,480 --> 00:18:09,500 +wishes to sell 80 units. Here we have what? + +153 +00:18:13,660 --> 00:18:20,220 +Excess demand. Excess demand means at this point, + +154 +00:18:20,700 --> 00:18:23,520 +the quantity demanded is bigger than the quantity + +155 +00:18:23,520 --> 00:18:30,720 +supplied. At this price, at five, at a price + +156 +00:18:30,720 --> 00:18:34,140 +equals five, the quantity demanded is bigger than + +157 +00:18:34,140 --> 00:18:34,880 +the quantity supplied. + +158 +00:18:37,700 --> 00:18:41,820 +Here we have excess demand. + +159 +00:18:45,420 --> 00:18:50,020 +Or supply shortage, or shortage supply. + +160 +00:18:54,140 --> 00:18:59,970 +QD minus QS. They call this market status. What is + +161 +00:18:59,970 --> 00:19:05,630 +QD minus QS? + +162 +00:19:09,170 --> 00:19:21,010 +200 minus 80? Positive 120. Positive 120. This is + +163 +00:19:21,010 --> 00:19:22,710 +called excess demand. + +164 +00:19:33,330 --> 00:19:39,190 +Excess demand. Sometimes, they calculate Qs minus + +165 +00:19:39,190 --> 00:19:43,710 +Qd. It doesn't matter. And then it turns out to be + +166 +00:19:43,710 --> 00:19:48,950 +negative. We have a shortage in the market. Okay? + +167 +00:19:49,090 --> 00:19:52,770 +It doesn't matter. The idea is, what is the market + +168 +00:19:52,770 --> 00:19:56,430 +situation here? These people sell for 80, and + +169 +00:19:56,430 --> 00:19:59,390 +these people ask for 200. We have excess demand. + +170 +00:19:59,670 --> 00:20:03,100 +Or shortage of supply, or supply shortage. The + +171 +00:20:03,100 --> 00:20:08,500 +formula is either Qs minus Qd or Qd minus Qs. It + +172 +00:20:08,500 --> 00:20:13,020 +doesn't matter. It's the same. Okay? Then here + +173 +00:20:13,020 --> 00:20:18,440 +it's like this. This makes Qs minus Qd, shortage + +174 +00:20:18,440 --> 00:20:20,200 +supply or supply shortage. + +175 +00:20:26,460 --> 00:20:35,110 +Next, 100 minus 180 minus 80, supply shortage, 120 + +176 +00:20:35,110 --> 00:20:43,130 +minus 40, zero, no excess demand, no excess + +177 +00:20:43,130 --> 00:20:43,870 +supply. + +178 +00:20:46,150 --> 00:20:50,730 +160 minus + +179 +00:20:50,730 --> 00:20:58,440 +120 plus 40, we have what here? Excess supply of + +180 +00:20:58,440 --> 00:21:06,580 +goods. Here we have excess supply of goods. Excess + +181 +00:21:06,580 --> 00:21:11,460 +supply or shortage demand. + +182 +00:21:14,660 --> 00:21:15,840 +Shortage. + +183 +00:21:22,520 --> 00:21:25,240 +Supply shortage which is excess demand. + +184 +00:21:30,450 --> 00:21:33,970 +Excess supply means equals shortage demand. + +185 +00:21:37,970 --> 00:21:43,550 +Positive 80, positive 120, that's it. + +186 +00:21:46,670 --> 00:21:50,970 +Where is the point at which the quantity supplied + +187 +00:21:50,970 --> 00:21:56,430 +equals the quantity demanded? Here it is. This is the + +188 +00:21:56,430 --> 00:21:57,450 +equilibrium point. + +189 +00:22:07,530 --> 00:22:11,590 +At this point, the quantity demanded equals the + +190 +00:22:11,590 --> 00:22:13,890 +quantity supplied. This is the equilibrium + +191 +00:22:13,890 --> 00:22:18,050 +quantity, equilibrium quantity, and this is the + +192 +00:22:18,050 --> 00:22:21,810 +equilibrium price. So the equilibrium price in + +193 +00:22:21,810 --> 00:22:29,150 +this case is $20, or 20 shekels per unit, and the + +194 +00:22:29,150 --> 00:22:33,730 +equilibrium quantity is 140. Let's go to the graph + +195 +00:22:33,730 --> 00:22:39,540 +here. Let's see. Where's the equilibrium point at + +196 +00:22:39,540 --> 00:22:45,020 +which this demand curve intersects or crosses + +197 +00:22:4 + +223 +00:25:14,970 --> 00:25:20,270 +quantity supplied. So we have an excess supply of + +224 +00:25:20,270 --> 00:25:23,810 +goods by excess demand. Thank you very much + +225 +00:25:23,810 --> 00:25:32,130 +indeed. X is demand by 180 minus 100. + +226 +00:25:34,630 --> 00:25:39,390 +How the X is demand? It can be shown by this + +227 +00:25:39,390 --> 00:25:41,410 +triangle here. + +228 +00:25:44,030 --> 00:25:48,610 +Okay. The same, the same. As I mentioned, you can + +229 +00:25:48,610 --> 00:25:52,890 +say that one demand minus one supply or Doesn't + +230 +00:25:52,890 --> 00:25:56,910 +matter. The absolute value should be taken here, + +231 +00:25:57,230 --> 00:26:04,990 +should be considered. So in this case, the X's + +232 +00:26:04,990 --> 00:26:09,590 +demand will be shown here or represented by this + +233 +00:26:09,590 --> 00:26:19,690 +triangle. Now, I'm going to make a new graph to + +234 +00:26:19,690 --> 00:26:20,630 +analyze the case + +235 +00:26:25,790 --> 00:26:34,750 +Okay. I will draw a new graph that shows the + +236 +00:26:34,750 --> 00:26:35,810 +market equilibrium. + +237 +00:26:39,170 --> 00:26:42,870 +This is the price and the quantity, + +238 +00:26:48,890 --> 00:26:51,190 +demand. + +239 +00:26:52,460 --> 00:26:57,860 +Sometimes, demand curve might intersect the + +240 +00:26:57,860 --> 00:27:02,720 +vertical axis. This is a formula that we will see + +241 +00:27:02,720 --> 00:27:03,880 +later in the analysis. + +242 +00:27:10,060 --> 00:27:13,500 +This is the supply curve. + +243 +00:27:15,860 --> 00:27:21,720 +The equilibrium occurs when demand equals supply. + +244 +00:27:23,080 --> 00:27:30,620 +This is the equilibrium point. At this point, we + +245 +00:27:30,620 --> 00:27:37,460 +have the equilibrium price, P star, and this is + +246 +00:27:37,460 --> 00:27:43,800 +the equilibrium quantity, a quantity star. Now, + +247 +00:27:45,100 --> 00:27:51,880 +let us assume that the price in the market was at + +248 +00:27:59,230 --> 00:27:59,770 +P1. + +249 +00:28:05,390 --> 00:28:13,570 +You see, this point represents one supply, and + +250 +00:28:13,570 --> 00:28:16,670 +this point lies along demand curve, so it + +251 +00:28:16,670 --> 00:28:18,890 +represents quantity demanded. + +252 +00:28:21,670 --> 00:28:31,910 +We have an X's supply. and shortage demand. This + +253 +00:28:31,910 --> 00:28:41,890 +triangle represents the case, the excess supply + +254 +00:28:41,890 --> 00:28:46,330 +because quantity supplied is bigger than quantity + +255 +00:28:46,330 --> 00:28:50,390 +demanded. We have excess supply. + +256 +00:28:58,100 --> 00:29:03,240 +When tomatoes in the local market, the quant + +257 +00:29:03,240 --> 00:29:08,380 +supplied of tomatoes is bigger than the quantity + +258 +00:29:08,380 --> 00:29:12,040 +demanded. There is no demand for tomatoes in the + +259 +00:29:12,040 --> 00:29:16,640 +market, and we have X's supply of tomatoes. What + +260 +00:29:16,640 --> 00:29:21,340 +will happen? Exactly, yeah, yeah, definitely. + +261 +00:29:21,740 --> 00:29:26,220 +Because the producers or sellers will be obliged + +262 +00:29:26,220 --> 00:29:30,120 +to decrease the prices in order to sell the + +263 +00:29:30,120 --> 00:29:30,540 +products. + +264 +00:29:34,200 --> 00:29:34,600 +So, + +265 +00:29:41,280 --> 00:29:51,900 +at P1 here, the price is so high Okay? And the + +266 +00:29:51,900 --> 00:30:03,360 +producers will try to decrease the prices in order + +267 +00:30:03,360 --> 00:30:05,380 +to be able to sell the product. + +268 +00:30:17,240 --> 00:30:23,340 +As the price goes down to P2, the quantity + +269 +00:30:23,340 --> 00:30:25,520 +demanded increases. + +270 +00:30:30,400 --> 00:30:38,340 +As the + +271 +00:30:38,340 --> 00:30:43,090 +price goes down to P2, What happens to the + +272 +00:30:43,090 --> 00:30:47,090 +producers' profits? It goes down as well. The + +273 +00:30:47,090 --> 00:30:50,730 +price goes down. The sellers lose their profits. + +274 +00:30:51,110 --> 00:30:55,610 +And the products stop being produced. What happens + +275 +00:30:55,610 --> 00:31:00,510 +to the quant supplied? It goes down. Can you see + +276 +00:31:00,510 --> 00:31:04,770 +what happened? The quant supplied was in the QS1. + +277 +00:31:05,770 --> 00:31:10,670 +What happened? QS2. It went down. And this + +278 +00:31:10,670 --> 00:31:10,910 +increased. + +279 +00:31:19,100 --> 00:31:27,580 +As we have X's supply represented + +280 +00:31:27,580 --> 00:31:33,740 +by this triangle here. We still have an X's supply + +281 +00:31:33,740 --> 00:31:40,680 +if it's QS2 minus QD2 represented by this + +282 +00:31:40,680 --> 00:31:48,380 +triangle. True. As we still have an excess supply + +283 +00:31:48,380 --> 00:31:52,280 +of goods, the price will go down. + +284 +00:31:55,520 --> 00:32:03,200 +They will be obliged to decrease the prices. So as + +285 +00:32:03,200 --> 00:32:04,280 +the price goes down, + +286 +00:32:07,140 --> 00:32:14,550 +when the price goes down, What will happen to the + +287 +00:32:14,550 --> 00:32:23,290 +quantity demanded? As the price goes down from P + +288 +00:32:23,290 --> 00:32:27,550 +to P star, what do you see? The quantity demanded + +289 +00:32:27,550 --> 00:32:29,030 +increases. + +290 +00:32:30,750 --> 00:32:38,810 +As the price goes down, the quantity supplied goes + +291 +00:32:38,810 --> 00:32:39,270 +down. + +292 +00:32:45,990 --> 00:32:53,730 +until the equilibrium is restored. Until the + +293 +00:32:53,730 --> 00:32:59,710 +equilibrium is restored at this point. Here we + +294 +00:32:59,710 --> 00:33:05,110 +have no excess demand, no excess supply. We have + +295 +00:33:05,110 --> 00:33:12,930 +an equilibrium. Okay? And vice versa. If the price + +296 +00:33:12,930 --> 00:33:14,250 +was here, + +297 +00:33:19,700 --> 00:33:25,440 +Let us assume that the price was here at P5. + +298 +00:33:27,520 --> 00:33:32,260 +How much is the quantity? Here is a point along + +299 +00:33:32,260 --> 00:33:38,420 +demand curve, so it represents Qd. All right? This + +300 +00:33:38,420 --> 00:33:43,500 +point along this price. The quantity supply, this + +301 +00:33:43,500 --> 00:33:51,170 +represents Qs. Here we have what? Qd. minus Qs. + +302 +00:33:56,010 --> 00:34:01,850 +This triangle represents what? X's demand because + +303 +00:34:01,850 --> 00:34:06,610 +Qd is bigger than Qs, represented by 200 maybe + +304 +00:34:06,610 --> 00:34:15,650 +minus 150, 150, that's it. Assumptions. As we have + +305 +00:34:15,650 --> 00:34:22,270 +an X's demand, And there is no supply. The + +306 +00:34:22,270 --> 00:34:27,990 +quantity supplied is smaller than the quantity + +307 +00:34:27,990 --> 00:34:32,810 +demanded. What will happen? The price goes up. So + +308 +00:34:32,810 --> 00:34:39,670 +in this case here, if the market price is + +309 +00:34:39,670 --> 00:34:42,950 +below the equilibrium price, this is the + +310 +00:34:42,950 --> 00:34:43,810 +equilibrium price. + +311 +00:34:47,250 --> 00:34:52,310 +If the market price below the equilibrium price, + +312 +00:34:52,730 --> 00:34:56,030 +in this case, the quantity demanded is bigger than + +313 +00:34:56,030 --> 00:34:59,590 +the quantity supplied, here we have an excess + +314 +00:34:59,590 --> 00:35:05,430 +demand or supply shortage. What will happen? The + +315 +00:35:05,430 --> 00:35:09,450 +price will go up. So in this case, the price will + +316 +00:35:09,450 --> 00:35:10,190 +go up. + +317 +00:35:14,660 --> 00:35:19,820 +Until the equilibrium is restored. That's it. + +318 +00:35:21,440 --> 00:35:27,840 +Understood or not? Okay. Let's take a break just + +319 +00:35:27,840 --> 00:35:31,400 +for one minute and complete. + +320 +00:35:33,760 --> 00:35:38,980 +Let's go to determine the market equilibrium using + +321 +00:35:38,980 --> 00:35:46,400 +formulas or demand and supply functions. Assume + +322 +00:35:46,400 --> 00:35:56,900 +that the demand function QD + +323 +00:35:56,900 --> 00:36:03,960 +equals 200 minus half times the prices. Demand + +324 +00:36:03,960 --> 00:36:05,960 +function. + +325 +00:36:07,760 --> 00:36:12,980 +Demand formula and supply function. + +326 +00:36:19,790 --> 00:36:26,630 +Qs equals 50 plus two times the prices. + +327 +00:36:34,930 --> 00:36:45,090 +We're going to determine the + +328 +00:36:45,090 --> 00:36:46,550 +equilibrium price number one, + +329 +00:36:58,940 --> 00:37:04,760 +price and quantity + +330 +00:37:04,760 --> 00:37:09,500 +and + +331 +00:37:09,500 --> 00:37:12,100 +the equilibrium quantity. Number two, + +332 +00:37:15,800 --> 00:37:16,600 +if the price + +333 +00:37:29,210 --> 00:37:37,070 +equals fifty shekels fifty dollars per unit + +334 +00:37:37,070 --> 00:37:45,210 +calculate + +335 +00:37:45,210 --> 00:37:52,670 +the + +336 +00:37:53,620 --> 00:37:57,920 +A quantity demanded and a quantity supplied QD + +337 +00:37:57,920 --> 00:38:09,140 +over QS What + +338 +00:38:09,140 --> 00:38:10,780 +is the market status here? + +339 +00:39:07,020 --> 00:39:13,030 +In this example, we have two functions, two + +340 +00:39:13,030 --> 00:39:18,310 +formulas, the demand function and supply function. + +341 +00:39:19,430 --> 00:39:23,690 +For the demand function here, quantity demanded + +342 +00:39:23,690 --> 00:39:31,770 +equals 200 minus half times prices. What does this + +343 +00:39:31,770 --> 00:39:32,130 +mean? + +344 +00:39:35,290 --> 00:39:40,950 +Let's explain the idea of this formula. and the + +345 +00:39:40,950 --> 00:39:43,970 +height of this formula, and we'll try to answer + +346 +00:39:43,970 --> 00:39:52,130 +then the question here. So QD equals 200 minus 0.5 + +347 +00:39:52,130 --> 00:39:55,390 +price. What does this mean here? This part here? + +348 +00:39:57,290 --> 00:40:02,670 +No, no. Quantity demanded here equals 200 minus + +349 +00:40:02,670 --> 00:40:10,310 +half times P. 200 means the intercept. In the + +350 +00:40:10,310 --> 00:40:14,350 +demand function, here price and quantity demanded, + +351 +00:40:17,930 --> 00:40:24,510 +this is the intercept. It's the value of the + +352 +00:40:24,510 --> 00:40:27,790 +quantity demanded when the price equals zero. + +353 +00:40:39,570 --> 00:40:42,570 +The value of a quantity demanded when a price + +354 +00:40:42,570 --> 00:40:53,810 +equals zero. The intercept 200 is the + +355 +00:40:53,810 --> 00:41:02,450 +value of a QD when price equals zero. + +356 +00:41:08,510 --> 00:41:13,550 +At price equals zero. At price equals zero. What + +357 +00:41:13,550 --> 00:41:19,610 +does this mean? Qd is equal to minus half times + +358 +00:41:19,610 --> 00:41:26,130 +zero. Qd is equal to 200. That's it. Minus zero + +359 +00:41:26,130 --> 00:41:26,850 +equals 200. + +360 +00:41:30,170 --> 00:41:31,270 +This is called intercept. + +361 +00:41:34,710 --> 00:41:38,210 +Minus half. This is minus half. + +362 +00:41:41,410 --> 00:41:44,370 +Slope. Slope. + +363 +00:41:49,190 --> 00:41:49,830 +Slope. + +364 +00:41:52,630 --> 00:41:54,710 +Slope. Slope. Slope. Slope. Slope. Slope. Slope. + +365 +00:41:54,710 --> 00:41:55,710 +Slope. Slope. Slope. Slope. Slope. Slope. Slope. + +366 +00:41:56,010 --> 00:41:59,310 +Slope. Slope. Slope. Slope. Slope. Slope. Slope. + +367 +00:41:59,310 --> 00:41:59,910 +Slope. Slope. Slope. Slope. Slope. Slope. Slope. + +368 +00:41:59,910 --> 00:42:01,810 +Slope. Slope. Slope. Slope. Slope. Slope. Slope. + +369 +00:42:01,890 --> 00:42:03,370 +Slope. Slope. Slope. Slope. Slope. Slope. Slope. + +370 +00:42:03,370 --> 00:42:03,570 +Slope. Slope. Slope. Slope. Slope. Slope. Slope. + +371 +00:42:03,930 --> 00:42:06,450 +Slope. Slope + +372 +00:42:10,270 --> 00:42:11,790 +Do you go to Shijia'iya or have you never been to + +373 +00:42:11,790 --> 00:42:14,370 +Shijia'iya? What's wrong with you from Shijia'iya? + +374 +00:42:15,170 --> 00:42:18,450 +And she went away from the university. And she + +375 +00:42:18,450 --> 00:42:20,550 +came down from Shijia'iya and entered like this. + +376 +00:42:20,670 --> 00:42:22,550 +Do you see it right or not? Before reaching the + +377 +00:42:22,550 --> 00:42:25,870 +souq. Right? This is very crooked, right? This is + +378 +00:42:25,870 --> 00:42:26,490 +called slope. + +379 +00:42:29,750 --> 00:42:32,750 +Yes, yes, it is the slope. This is very crooked. + +380 +00:42:33,230 --> 00:42:36,050 +There is a slope. You will find slopes. + +381 +00:43:01,390 --> 00:43:06,350 +If the price increases by one dollar. + +382 +00:43:09,230 --> 00:43:11,610 +Here, the quantity demanded means that it will + +383 +00:43:11,610 --> 00:43:13,330 +decrease by half units. + +384 +00:43:16,730 --> 00:43:23,550 +If the price increases by one dollar, the quantity + +385 +00:43:23,550 --> 00:43:28,170 +demanded will decrease by half units. This is the + +386 +00:43:28,170 --> 00:43:32,400 +supply here. Quantity, the second one will be + +387 +00:43:32,400 --> 00:43:33,920 +clearer than the first one. What does the second + +388 +00:43:33,920 --> 00:43:37,260 +one mean? If the price is zero, what does this 50 + +389 +00:43:37,260 --> 00:43:42,420 +mean? If the price is zero, the quantity supplied + +390 +00:43:42,420 --> 00:43:45,340 +is 50. Let's use this equation. What does this + +391 +00:43:45,340 --> 00:43:50,420 +mean? If positive two, as the price increases by + +392 +00:43:50,420 --> 00:43:54,820 +one dollar, the quantity supplied will increase by + +393 +00:43:54,820 --> 00:43:58,800 +two units. When the price increases by one dollar, + +394 +00:44:00,240 --> 00:44:02,340 +The producers will be encouraged to produce two + +395 +00:44:02,340 --> 00:44:07,960 +units more. Exactly. This is the slope. But what + +396 +00:44:07,960 --> 00:44:09,280 +is this for? For the supply. + +397 +00:44:12,560 --> 00:44:15,500 +Delta is the quantity supplied. This is the delta. + +398 +00:44:15,760 --> 00:44:22,660 +For this slope in the supply function, Qs is the + +399 +00:44:22,660 --> 00:44:28,690 +slope here. This is positive two. The slope means + +400 +00:44:28,690 --> 00:44:35,110 +supply function. Means Delta quant supplied over + +401 +00:44:35,110 --> 00:44:39,450 +Delta price. Which means here, as the price + +402 +00:44:39,450 --> 00:44:44,050 +increased by one dollar, the quant supplied will + +403 +00:44:44,050 --> 00:44:47,030 +increase because it's positive here by two units. + +404 +00:44:53,850 --> 00:44:59,910 +Now, the problem here is determine the equilibrium + +405 +00:44:59,910 --> 00:45:04,110 +price and the equilibrium quantity. If the price + +406 +00:45:04,110 --> 00:45:07,530 +equals blah, blah, blah, what is the market + +407 +00:45:07,530 --> 00:45:12,650 +status? Okay. Let's go to answer this problem + +408 +00:45:12,650 --> 00:45:18,350 +here. Clear had a function. Tell me once again. + +409 +00:45:20,770 --> 00:45:26,630 +What are the main factors or yes, what is the main + +410 +00:45:26,630 --> 00:45:31,470 +factor affect the quantity demanded? The price. As + +411 +00:45:31,470 --> 00:45:35,450 +the price goes up, what will happen to the + +412 +00:45:35,450 --> 00:45:38,030 +quantity demanded? Goes down. How they are + +413 +00:45:38,030 --> 00:45:40,190 +represented by a negative sign. + +414 +00:45:43,520 --> 00:45:52,320 +If the price equals zero, if the price + +415 +00:45:52,320 --> 00:45:57,620 +equals + +416 +00:45:57,620 --> 00:46:02,440 +zero, the quantity demanded will be 200. If the + +417 +00:46:02,440 --> 00:46:03,760 +price equals zero, the quantity demanded will be + +418 +00:46:03,760 --> 00:46:05,480 +200. If the price equals zero, the quantity + +419 +00:46:05,480 --> 00:46:06,160 +demanded will be 200. If the price equals zero, + +420 +00:46:06,380 --> 00:46:08,980 +the + +445 +00:48:32,160 --> 00:48:39,890 +here 200 minus half times the price, must equal + +446 +00:48:39,890 --> 00:48:43,210 +50 + +447 +00:48:43,210 --> 00:48:47,850 +as the + +448 +00:48:47,850 --> 00:48:50,670 +left side equals the left side. So the right side + +449 +00:48:50,670 --> 00:48:58,670 +must equal the right side. So 50 plus two prices. + +450 +00:49:00,740 --> 00:49:07,440 +We have one unknown variable, minus + +451 +00:49:07,440 --> 00:49:19,340 +half P minus 2P equals 50 minus 200. + +452 +00:49:24,350 --> 00:49:36,590 +Minus 2.5P equals minus 150. So price equals price + +453 +00:49:36,590 --> 00:49:45,050 +equals 150 over 2.5 equals 60. This is the + +454 +00:49:45,050 --> 00:49:48,210 +equilibrium price. So the equilibrium price here + +455 +00:49:48,210 --> 00:49:49,790 +equals 60. + +456 +00:49:54,870 --> 00:50:00,250 +It depends on the equation. It depends on the + +457 +00:50:00,250 --> 00:50:10,330 +equation. It depends on the equation. Now we have + +458 +00:50:10,330 --> 00:50:13,030 +the equilibrium price. How much is the equilibrium + +459 +00:50:13,030 --> 00:50:13,530 +quantity? + +460 +00:50:16,270 --> 00:50:18,590 +Substitution either by the quantity demanded + +461 +00:50:18,590 --> 00:50:21,090 +formula or the quantity supplied. You will reach + +462 +00:50:21,090 --> 00:50:31,030 +with the same result. So to calculate quantity, + +463 +00:50:31,790 --> 00:50:34,730 +the equilibrium quantity, at this point, the + +464 +00:50:34,730 --> 00:50:38,070 +equilibrium quantity, QD equals, either we can + +465 +00:50:38,070 --> 00:50:41,790 +substitute by quantity demanded or quantity + +466 +00:50:41,790 --> 00:50:50,010 +supplied. So I would fill in the QD, then QD + +467 +00:50:50,010 --> 00:50:53,110 +equals 200. + +468 +00:50:54,240 --> 00:50:58,320 +minus half times the price equal to the price 60. + +469 +00:50:59,080 --> 00:51:12,660 +So QD equals 200 minus 30, then QD equals 170. Or + +470 +00:51:12,660 --> 00:51:20,820 +we can substitute by QS. So QS here or + +471 +00:51:20,820 --> 00:51:23,620 +QS, + +472 +00:51:24,730 --> 00:51:28,470 +The formula is 50 plus 2P. + +473 +00:51:32,630 --> 00:51:42,290 +So QS equals 50 plus 2 times the price, 60. X + +474 +00:51:42,290 --> 00:51:48,830 +equals 170. That's it. The same result here. All + +475 +00:51:48,830 --> 00:51:53,350 +right? So the equilibrium quantity here is how + +476 +00:51:53,350 --> 00:52:03,950 +much? 170. Number two, if the market price equals + +477 +00:52:03,950 --> 00:52:04,730 +$50. + +478 +00:52:17,890 --> 00:52:19,330 +This is unknown and this is unknown. + +479 +00:52:22,890 --> 00:52:27,990 +Can we do it? Substitution. The price is like + +480 +00:52:27,990 --> 00:52:36,670 +this. We say QD equals 200 minus half times the + +481 +00:52:36,670 --> 00:52:45,910 +price, 50. QD equals 200 minus 25. So QD equals + +482 +00:52:46,860 --> 00:52:47,780 +175. + +483 +00:52:50,900 --> 00:52:57,140 +175. 175. 175. 175. 175. 175. 175. 175. 175. 175. + +484 +00:52:57,160 --> 00:53:03,940 +175. 175. 175. 175. 175. 175. 175. 175. 175. 175. + +485 +00:53:04,880 --> 00:53:07,160 +175. 175. 175. 175. 175. 175. 175. 175. 175. 175. + +486 +00:53:07,160 --> 00:53:07,180 +175. 175. 175. 175. 175. 175. 175. 175. 175. 175. + +487 +00:53:07,180 --> 00:53:07,260 +175. 175. 175. 175. 175. 175. 175. 175. 175. 175. + +488 +00:53:07,260 --> 00:53:09,500 +175. 175. 175. 175. 175. 175. 175. 175. 175. 175. + +489 +00:53:10,760 --> 00:53:11,700 +175. + +490 +00:53:16,220 --> 00:53:26,160 +Fifty. So QS equals 50 plus 100. So QS equals 150. + +491 +00:53:27,640 --> 00:53:34,320 +So it should be 150. Yes. The last point. Okay. + +492 +00:53:34,980 --> 00:53:39,360 +Because the market status is excess. Excess what? + +493 +00:53:39,600 --> 00:53:48,540 +Yes. By how much? Yeah, exactly. Yeah. By 25, + +494 +00:53:48,760 --> 00:53:52,940 +exactly. So what is the market situation or the + +495 +00:53:52,940 --> 00:53:57,640 +market status? The market status is we have an + +496 +00:53:57,640 --> 00:54:00,260 +excess demand because the quantity demand is + +497 +00:54:00,260 --> 00:54:05,680 +bigger than the quantity supplied by 25. That's + +498 +00:54:05,680 --> 00:54:07,020 +it. Okay? + +499 +00:54:10,320 --> 00:54:13,180 +Is there a problem? No. Okay. + +500 +00:54:19,290 --> 00:54:25,710 +The question is, what is the market status? + +501 +00:54:28,730 --> 00:54:32,650 +The market status is here at this price here. + +502 +00:54:35,650 --> 00:54:41,320 +The quantity demanded, is 175 is bigger than the + +503 +00:54:41,320 --> 00:54:45,800 +quant supply which is 150. So here we have what? + +504 +00:54:46,040 --> 00:54:51,540 +QD is bigger than the QS. So 175 is bigger than + +505 +00:54:51,540 --> 00:54:53,020 +150. + +506 +00:54:55,020 --> 00:55:03,380 +So the market status QS + +507 +00:55:03,380 --> 00:55:17,430 +minus QD. QS 150 minus QD 150 minus 175 equals + +508 +00:55:17,430 --> 00:55:24,290 +minus 25. This is what? Shortage supply or excess + +509 +00:55:24,290 --> 00:55:25,190 +demand. That's it. + +510 +00:55:31,160 --> 00:55:34,840 +I will show you something how we derive this + +511 +00:55:34,840 --> 00:55:36,580 +formula. That's it, the last point. + +512 +00:55:40,520 --> 00:55:46,860 +I will come back quickly to the last example. When + +513 +00:55:46,860 --> 00:55:49,600 +we determine the equilibrium price and equilibrium + +514 +00:55:49,600 --> 00:55:54,680 +quantity using numbers and figures, let us assume + +515 +00:55:54,680 --> 00:55:55,340 +that the price, + +516 +00:55:58,870 --> 00:56:02,750 +And here we have quantity demanded. With + +517 +00:56:02,750 --> 00:56:09,610 +assumptions, we had the prices was five, 10, 15, + +518 +00:56:10,190 --> 00:56:12,890 +20, 25. + +519 +00:56:16,050 --> 00:56:18,310 +I'm going to kill the CD. I'm going to kill it. + +520 +00:56:19,270 --> 00:56:24,310 +I'm going to kill it. I found this one next to the + +521 +00:56:24,310 --> 00:56:24,670 +table. + +522 +00:56:37,070 --> 00:56:45,110 +30, 35, 40. Let us assume that the quantity + +523 +00:56:45,110 --> 00:56:59,510 +demanded was 200, 180, 160, 140, 160, 120. Keep + +524 +00:56:59,510 --> 00:57:04,770 +silent + +525 +00:57:04,770 --> 00:57:13,200 +please. Now, we are going to derive the formula, + +526 +00:57:13,720 --> 00:57:18,440 +the demand function. To derive the demand function + +527 +00:57:18,440 --> 00:57:18,780 +here, + +528 +00:57:21,540 --> 00:57:28,560 +we can show this insert + +529 +00:57:28,560 --> 00:57:32,320 +shape + +530 +00:57:32,320 --> 00:57:34,300 +here, graph. + +531 +00:57:39,800 --> 00:57:46,360 +This graph can be represented here or represents + +532 +00:57:46,360 --> 00:57:48,100 +the relationship between the prices and the + +533 +00:57:48,100 --> 00:57:51,640 +quantity demanded. I will draw. + +534 +00:58:15,060 --> 00:58:15,900 +Where is the function? + +535 +00:58:21,400 --> 00:58:25,400 +Do you see this function? This function represents + +536 +00:58:25,400 --> 00:58:29,180 +the relationship between the prices and the + +537 +00:58:29,180 --> 00:58:34,340 +quantity demanded. Let's enlarge it like this. + +538 +00:58:38,560 --> 00:58:40,400 +For this function QD + +539 +00:58:51,260 --> 00:58:57,140 +equals 220QD equals 220 minus 4 for the price. + +540 +00:59:01,900 --> 00:59:05,160 +In GBQS, the function of the QS, had a demand + +541 +00:59:05,160 --> 00:59:05,640 +function. + +542 +00:59:10,500 --> 00:59:11,700 +Show the assumptions that we're going to have + +543 +00:59:11,700 --> 00:59:17,360 +here. The quant supplied, Qs. + +544 +00:59:23,800 --> 00:59:26,400 +Let's determine here 140. + +545 +00:59:29,200 --> 00:59:35,820 +120, 100, 80, + +546 +00:59:37,300 --> 00:59:41,200 +160, 180, + +547 +00:59:44,190 --> 00:59:51,930 +200, 220. Now, I'm going to study the relationship + +548 +00:59:51,930 --> 00:59:54,390 +between the prices and the quant supply to derive + +549 +00:59:54,390 --> 00:59:55,750 +the supply function. + +550 +01:00:11,030 --> 01:00:13,910 +Paste, paste, paste, paste. Okay. + +551 +01:00:19,530 --> 01:00:21,830 +I'm going to study the relationship between the + +552 +01:00:21,830 --> 01:00:23,970 +prices and the quant supplied here as you see. + +553 +01:00:37,850 --> 01:00:39,470 +The same as the previous. + +554 +01:00:42,570 --> 01:00:46,890 +Here's the graph. This is the supply curve. + +555 +01:00:49,730 --> 01:00:55,030 +Demand curve. Yes. So to derive the function here, + +556 +01:01:01,010 --> 01:01:07,570 +here's + +557 +01:01:07,570 --> 01:01:08,010 +the function. + +558 +01:01:25,710 --> 01:01:33,290 +Yes, the function is Qs, Qs. The supply function + +559 +01:01:33,290 --> 01:01:39,550 +Qs equals 60, + +560 +01:01:41,210 --> 01:01:47,230 +a plus 4x because here positive sign, 4P. + +561 +01:02:09,410 --> 01:02:12,470 +The equilibrium price will be 20 and the + +562 +01:02:12,470 --> 01:02:18,310 +equilibrium quantity is 140. Try it. This is an + +563 +01:02:18,310 --> 01:02:21,950 +assignment. At home? At home, yes. See if it turns + +564 +01:02:21,950 --> 01:02:24,670 +out right or not. No, not Excel. This is it. You + +565 +01:02:24,670 --> 01:02:27,450 +have an equilibrium quantity, quantity supplied, + +566 +01:02:28,050 --> 01:02:30,590 +okay? And work and see the equilibrium price, + +567 +01:02:30,710 --> 01:02:35,470 +equilibrium quantity. What is the price? price. + +568 +01:02:35,910 --> 01:02:38,070 +Determine the equilibrium price, the equilibrium + +569 +01:02:38,070 --> 01:02:43,970 +quantity using these parameters here. Try it. diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/C6PzQFMUzLI_postprocess.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/C6PzQFMUzLI_postprocess.srt new file mode 100644 index 0000000000000000000000000000000000000000..185cc3c54247a4174c003c552ebdee0ba7874136 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/C6PzQFMUzLI_postprocess.srt @@ -0,0 +1,2276 @@ +1 +00:00:20,000 --> 00:00:22,200 +Bismillah al-Rahman al-Rahim. Today, inshallah, we + +2 +00:00:22,200 --> 00:00:26,680 +are going to complete our talk about the market + +3 +00:00:26,680 --> 00:00:33,420 +equilibrium. In the last classes, we discussed the + +4 +00:00:33,420 --> 00:00:38,760 +concept of demand, supply, and we derived the + +5 +00:00:38,760 --> 00:00:45,120 +demand curve, demand schedule, and supply as well. + +6 +00:00:48,190 --> 00:00:50,970 +And we talk about the difference between the + +7 +00:00:50,970 --> 00:00:53,610 +quantity, the difference between a change in + +8 +00:00:53,610 --> 00:00:56,570 +quantity demanded and a change in demand. And we + +9 +00:00:56,570 --> 00:01:00,290 +said that the change in demand means the full + +10 +00:01:00,290 --> 00:01:03,510 +shifting of demand curve, either to right or to + +11 +00:01:03,510 --> 00:01:08,470 +left, due to the change in one of the factors + +12 +00:01:08,470 --> 00:01:11,230 +affecting demand, like the change in income, the + +13 +00:01:11,230 --> 00:01:14,650 +change in tastes and preferences, the prices of + +14 +00:01:14,650 --> 00:01:20,090 +other related goods. and some other variables. The + +15 +00:01:20,090 --> 00:01:24,170 +change in the quantity demanded is the change in + +16 +00:01:24,170 --> 00:01:28,890 +or the shifting or the movement from point A to + +17 +00:01:28,890 --> 00:01:40,430 +point B or B to A along the same demand curve due + +18 +00:01:40,430 --> 00:01:42,950 +to the change in the price of the product itself. + +19 +00:01:45,160 --> 00:01:50,540 +This is the change in quantity demanded. But the + +20 +00:01:50,540 --> 00:01:56,840 +change in demand is the function, this is D1, the + +21 +00:01:56,840 --> 00:02:01,140 +full shifting of demand curve from D1 to D2 or to + +22 +00:02:01,140 --> 00:02:08,920 +D3 due to the change of one of the main + +23 +00:02:08,920 --> 00:02:12,020 +determinants of demand or demand determinants. + +24 +00:02:14,460 --> 00:02:18,700 +Another point, which is the difference between the + +25 +00:02:18,700 --> 00:02:21,820 +change in quantity supplied and the change in + +26 +00:02:21,820 --> 00:02:27,620 +supply. As you know that we studied, the main + +27 +00:02:27,620 --> 00:02:31,900 +factors affect supply, like the cost of inputs, + +28 +00:02:32,100 --> 00:02:36,360 +like the number of sellers, the price of other + +29 +00:02:36,360 --> 00:02:40,700 +goods, and change in technology or technology + +30 +00:02:40,700 --> 00:02:48,220 +change. We are going to study the difference + +31 +00:02:48,220 --> 00:02:51,960 +between the change in supply and the change in + +32 +00:02:51,960 --> 00:02:56,960 +quant supplied. So the same as we mentioned here + +33 +00:02:56,960 --> 00:03:06,460 +in demand, the change in supply is change in + +34 +00:03:06,460 --> 00:03:11,660 +supply and the change in quant supplied. + +35 +00:03:18,400 --> 00:03:25,360 +Change in supply is the fall shifting. This is the + +36 +00:03:25,360 --> 00:03:28,880 +price and the quantity supplied in the horizontal + +37 +00:03:28,880 --> 00:03:34,700 +axis. And this is the original supply curve, this + +38 +00:03:34,700 --> 00:03:42,020 +one. Change in supply is + +39 +00:03:42,020 --> 00:03:46,560 +quite similar to change in demand. It's a fall + +40 +00:03:46,560 --> 00:03:51,470 +shifting. a supply curve either to right or left + +41 +00:03:51,470 --> 00:04:01,790 +to S3 due to what? Due to the change in one of the + +42 +00:04:01,790 --> 00:04:03,310 +supply's determinants. + +43 +00:04:07,130 --> 00:04:15,870 +Okay? Changing one supply is the movement + +44 +00:04:22,490 --> 00:04:32,250 +supply curve, change in a quant supplied is the + +45 +00:04:32,250 --> 00:04:41,060 +movement from point A to point B, Or C, from C to + +46 +00:04:41,060 --> 00:04:47,060 +B, B to A, A to B, B to C, due to the change in + +47 +00:04:47,060 --> 00:04:50,460 +the price of the product. As the price, let us + +48 +00:04:50,460 --> 00:04:53,880 +assume that the price was P1, and this is the + +49 +00:04:53,880 --> 00:04:54,820 +quant supplied one. + +50 +00:04:57,900 --> 00:05:03,120 +As the price goes up to P2, what will happen if + +51 +00:05:03,120 --> 00:05:07,060 +the quant supplied goes up as well? This is quant + +52 +00:05:07,060 --> 00:05:13,990 +supplied two. So this idea or this point is called + +53 +00:05:13,990 --> 00:05:17,550 +the change in quantity supplied. So the change in + +54 +00:05:17,550 --> 00:05:22,370 +quantity supplied is the movement along the same + +55 +00:05:22,370 --> 00:05:26,010 +supply curve due to the change in price of the + +56 +00:05:26,010 --> 00:05:32,370 +product itself. The same as the demand. The same + +57 +00:05:32,370 --> 00:05:37,330 +as demand. Let's go to something else. + +58 +00:05:44,670 --> 00:05:50,770 +Let's go to the market equilibrium Let's go to the + +59 +00:05:50,770 --> 00:05:59,730 +market equilibrium Market Equilibrium + +60 +00:05:59,730 --> 00:06:07,770 +This + +61 +00:06:07,770 --> 00:06:08,170 +is the market balance + +62 +00:06:13,210 --> 00:06:16,630 +to understand the idea of market equilibrium, + +63 +00:06:17,910 --> 00:06:23,310 +let's have the following example. We have the + +64 +00:06:23,310 --> 00:06:29,870 +following table that represents different prices + +65 +00:06:29,870 --> 00:06:32,490 +and different quantity demanded and quantity + +66 +00:06:32,490 --> 00:06:32,990 +supplied. + +67 +00:06:39,170 --> 00:06:40,170 +Point. + +68 +00:06:51,980 --> 00:07:00,180 +Price Quantity Demand Quant + +69 +00:07:00,180 --> 00:07:06,120 +Supply Market + +70 +00:07:06,120 --> 00:07:06,680 +Status + +71 +00:07:16,220 --> 00:07:21,420 +Well, A, B, C. + +72 +00:08:18,310 --> 00:08:19,430 +That's it, okay. + +73 +00:08:58,830 --> 00:09:06,150 +In this table, we have different points. different + +74 +00:09:06,150 --> 00:09:09,230 +prices and different quantity demanded and + +75 +00:09:09,230 --> 00:09:14,310 +quantified. As you see, at point A, the price was, + +76 +00:09:15,090 --> 00:09:19,380 +the price per unit was five shekels. The quantity + +77 +00:09:19,380 --> 00:09:24,600 +purchased was 200, and the quantity sold or the + +78 +00:09:24,600 --> 00:09:29,740 +quantity supplied was 80. As you see, as the price + +79 +00:09:29,740 --> 00:09:33,640 +goes up, increases, the quantity demanded goes + +80 +00:09:33,640 --> 00:09:38,760 +down, and the quantity supplied goes up. The same + +81 +00:09:38,760 --> 00:09:45,600 +as the demand and supply theory says. So, we are + +82 +00:09:45,600 --> 00:09:46,500 +going to determine + +83 +00:09:48,950 --> 00:09:53,650 +The market equilibrium, where is the willingness + +84 +00:09:53,650 --> 00:10:01,550 +or the consumers meet the producers? Or where is + +85 +00:10:01,550 --> 00:10:05,590 +the point at which the willingness of the producer + +86 +00:10:05,590 --> 00:10:12,710 +and their ability meet the willingness and the + +87 +00:10:12,710 --> 00:10:16,270 +ability of the producers who demand and supply? + +88 +00:10:18,320 --> 00:10:21,860 +Okay? We will check the point here. But before + +89 +00:10:21,860 --> 00:10:28,540 +that, let's draw the demand curve and supply curve + +90 +00:10:28,540 --> 00:10:33,680 +at the same graph or along the same graph. So now, + +91 +00:10:34,260 --> 00:10:39,880 +we have the following graph that shows the prices + +92 +00:10:39,880 --> 00:10:43,600 +and quantity demanded and quantity supplied as + +93 +00:10:43,600 --> 00:10:47,500 +well. So here are the prices. + +94 +00:10:50,580 --> 00:10:55,340 +And this is the quantity. We will begin with + +95 +00:10:55,340 --> 00:10:59,420 +demand, and then once we finish, we will go to + +96 +00:10:59,420 --> 00:11:00,300 +supply. + +97 +00:11:02,460 --> 00:11:08,960 +Prices, 5, 10, + +98 +00:11:09,540 --> 00:11:19,780 +15, 30, 35, 30, 35, 40. That's it. + +99 +00:11:23,220 --> 00:11:27,600 +Let's derive or draw or determine the quantity + +100 +00:11:27,600 --> 00:11:31,140 +demanded here from 18, 20, + +101 +00:11:34,400 --> 00:11:37,740 +40, + +102 +00:11:39,000 --> 00:11:41,080 +80, + +103 +00:11:42,800 --> 00:11:45,320 +120, + +104 +00:11:47,000 --> 00:11:48,100 +160, + +105 +00:11:51,450 --> 00:12:05,050 +200. Okay, okay, okay. 20, 40, 60, 80, 100, 120, + +106 +00:12:05,730 --> 00:12:14,790 +140, 160, 180, and 200. That's it. 220. + +107 +00:12:18,090 --> 00:12:21,710 +Now, let's draw the demand curve. + +108 +00:12:26,310 --> 00:12:31,530 +The demand curve shows the relationship between + +109 +00:12:31,530 --> 00:12:36,790 +prices and the quantity demanded. So point A here. + +110 +00:12:37,770 --> 00:12:41,950 +When the price was five, the quantity demanded was + +111 +00:12:41,950 --> 00:12:46,680 +200. So at price five here, The quantity demanded + +112 +00:12:46,680 --> 00:12:47,840 +was 200. + +113 +00:12:51,040 --> 00:12:58,880 +This is point A for the demand function. Point B, + +114 +00:12:59,200 --> 00:13:01,140 +10 and 180. + +115 +00:13:06,120 --> 00:13:12,780 +B, C, 50 and 160. + +116 +00:13:25,560 --> 00:13:28,120 +D, 20, and 140. + +117 +00:13:36,940 --> 00:13:41,080 +A, 25, 120. + +118 +00:13:50,240 --> 00:13:52,420 +F, 30, 100. + +119 +00:14:00,970 --> 00:14:03,750 +G, 35 and 80. + +120 +00:14:12,830 --> 00:14:16,690 +Now, let's connect these points. We will reach to + +121 +00:14:16,690 --> 00:14:18,470 +the demand curve. + +122 +00:14:22,670 --> 00:14:26,550 +This is what here? This is the demand curve. + +123 +00:14:33,990 --> 00:14:40,950 +Let's go to derive and draw supply curve. Supply + +124 +00:14:40,950 --> 00:14:47,870 +curve. At price equals 5, how much is the quantity + +125 +00:14:47,870 --> 00:14:58,380 +supplied? 80. Then 10, 100, 15, 120, okay? For the + +126 +00:14:58,380 --> 00:15:02,760 +first point, when the price was five, how much was + +127 +00:15:02,760 --> 00:15:06,680 +the quant demand equals supplied? Five. The quant + +128 +00:15:06,680 --> 00:15:11,800 +supplied equals 80. This is point A. + +129 +00:15:15,440 --> 00:15:25,200 +At 10, 100. 10 and 100. B. + +130 +00:15:30,320 --> 00:15:32,920 +15, 120. + +131 +00:15:36,740 --> 00:15:37,620 +Yeah. + +132 +00:15:41,020 --> 00:15:43,240 +20, 140. + +133 +00:15:46,140 --> 00:15:46,600 +Day. + +134 +00:15:51,640 --> 00:15:53,040 +25, + +135 +00:15:56,120 --> 00:15:56,740 +160. + +136 +00:16:04,580 --> 00:16:11,680 +E, 30, 180, 180 and 30. + +137 +00:16:15,580 --> 00:16:23,000 +And the last point, 200 and 35 here. Let's connect + +138 +00:16:23,000 --> 00:16:27,240 +these points here. This is the supply. + +139 +00:16:37,500 --> 00:16:41,060 +This point at D here. + +140 +00:16:44,640 --> 00:16:51,940 +The consumer desires to buy the product at D here. + +141 +00:16:59,300 --> 00:17:09,340 +The consumer agreed to buy the product at 20 + +142 +00:17:09,340 --> 00:17:13,520 +shekels, or by 20 shekels. And the producer, the + +143 +00:17:13,520 --> 00:17:19,960 +sellers, accepts also to sell the product at this + +144 +00:17:19,960 --> 00:17:23,300 +price here. How much is the equivalent? At this + +145 +00:17:23,300 --> 00:17:28,580 +point, they call it equilibrium point. Equilibrium + +146 +00:17:28,580 --> 00:17:29,160 +point. + +147 +00:17:32,160 --> 00:17:37,290 +Let's come here. Come back to the table here. What + +148 +00:17:37,290 --> 00:17:43,790 +do you see? If the price was low here, at five + +149 +00:17:43,790 --> 00:17:49,610 +shekels, the producer or the consumer wishes to + +150 +00:17:49,610 --> 00:17:57,250 +buy, he has a willingness to buy 200 units. But + +151 +00:17:57,250 --> 00:18:02,480 +the producer wishes to buy or tries to sell or + +152 +00:18:02,480 --> 00:18:09,500 +wishes to sell 80 units. Here we have what? + +153 +00:18:13,660 --> 00:18:20,220 +Excess demand. Excess demand means at this point, + +154 +00:18:20,700 --> 00:18:23,520 +the quantity demanded is bigger than the quantity + +155 +00:18:23,520 --> 00:18:30,720 +supplied. At this price, at five, At a price + +156 +00:18:30,720 --> 00:18:34,140 +equals five, the quantity demanded is bigger than + +157 +00:18:34,140 --> 00:18:34,880 +the quantity supplied. + +158 +00:18:37,700 --> 00:18:41,820 +Here we have excess demand. + +159 +00:18:45,420 --> 00:18:50,020 +Or supply shortage or shortage supply. + +160 +00:18:54,140 --> 00:18:59,970 +QD minus QS. They call this market status. What is + +161 +00:18:59,970 --> 00:19:05,630 +QD minus QS? + +162 +00:19:09,170 --> 00:19:21,010 +200 minus 80? Positive 120. Positive 120. This is + +163 +00:19:21,010 --> 00:19:22,710 +called excess demand. + +164 +00:19:33,330 --> 00:19:39,190 +Excess demand. Sometimes, they calculate Qs minus + +165 +00:19:39,190 --> 00:19:43,710 +Qd. It doesn't matter. And then it turns out to be + +166 +00:19:43,710 --> 00:19:48,950 +negative. We have a shortage in the market. Okay? + +167 +00:19:49,090 --> 00:19:52,770 +It doesn't matter. The idea is, what is the market + +168 +00:19:52,770 --> 00:19:56,430 +situation here? These people sell for 80, and + +169 +00:19:56,430 --> 00:19:59,390 +these people ask for 200. We have excess demand. + +170 +00:19:59,670 --> 00:20:03,100 +Or shortage of supply or supply shortage. The + +171 +00:20:03,100 --> 00:20:08,500 +formula is either Qs minus Qd or Qd minus Qs. It + +172 +00:20:08,500 --> 00:20:13,020 +doesn't matter. It's the same. Okay? Then here + +173 +00:20:13,020 --> 00:20:18,440 +it's like this. This makes Qs minus Qd shortage + +174 +00:20:18,440 --> 00:20:20,200 +supply or supply shortage. + +175 +00:20:26,460 --> 00:20:35,110 +Next. 100 minus 180 minus 80, supply shortage, 120 + +176 +00:20:35,110 --> 00:20:43,130 +minus 40, zero, no excess demand, no excess + +177 +00:20:43,130 --> 00:20:43,870 +supply. + +178 +00:20:46,150 --> 00:20:50,730 +160 minus + +179 +00:20:50,730 --> 00:20:58,440 +120 plus 40, we have what here? Excess supply of + +180 +00:20:58,440 --> 00:21:06,580 +goods. Here we have excess supply of goods. Excess + +181 +00:21:06,580 --> 00:21:11,460 +supply or shortage demand. + +182 +00:21:14,660 --> 00:21:15,840 +Shortage. + +183 +00:21:22,520 --> 00:21:25,240 +Supply shortage who are excess demand. + +184 +00:21:30,450 --> 00:21:33,970 +X supply means equals shortage demand. + +185 +00:21:37,970 --> 00:21:43,550 +Positive 80, positive 120, that's it. + +186 +00:21:46,670 --> 00:21:50,970 +Where is the point at which the quant supplied + +187 +00:21:50,970 --> 00:21:56,430 +equals the quantity demanded? Here's. This is the + +188 +00:21:56,430 --> 00:21:57,450 +equilibrium point. + +189 +00:22:07,530 --> 00:22:11,590 +At this point, the quantity demanded equals the + +190 +00:22:11,590 --> 00:22:13,890 +quantity supplied. This is the equilibrium + +191 +00:22:13,890 --> 00:22:18,050 +quantity, equilibrium quantity, and this is the + +192 +00:22:18,050 --> 00:22:21,810 +equilibrium price. So the equilibrium price in + +193 +00:22:21,810 --> 00:22:29,150 +this case is $20 or 20 shekels per unit, and the + +194 +00:22:29,150 --> 00:22:33,730 +equilibrium quantity is 140. Let's go to the graph + +195 +00:22:33,730 --> 00:22:39,540 +here. Let's see. Where's the equilibrium point at + +196 +00:22:39,540 --> 00:22:45,020 +which this demand curve intersects or crosses + +197 +00:22:45,020 --> 00:22:51,600 +supply curve? At this point, point D, here, this + +198 +00:22:51,600 --> 00:22:55,360 +is the equilibrium price and the equilibrium + +199 +00:22:55,360 --> 00:23:00,580 +quantity. That's it. All right? + +200 +00:23:03,930 --> 00:23:08,410 +Let's go here, above the equilibrium price. If the + +201 +00:23:08,410 --> 00:23:13,750 +price was bigger than the equilibrium price. If + +202 +00:23:13,750 --> 00:23:17,770 +the market price, had a heck market price, + +203 +00:23:18,070 --> 00:23:24,830 +sometimes market price can be 25. It doesn't have + +204 +00:23:24,830 --> 00:23:29,570 +to be at equilibrium. Sometimes it can be less. + +205 +00:23:30,430 --> 00:23:32,730 +The market price. But each one of these situations + +206 +00:23:32,730 --> 00:23:38,750 +has its own analysis. Okay? If the market price + +207 +00:23:38,750 --> 00:23:47,550 +was 25, it would be like this. Look at the + +208 +00:23:47,550 --> 00:23:53,090 +situation. Where is the QS? This point would be + +209 +00:23:53,090 --> 00:23:56,250 +here. And the QS in the supply. This is the QS. + +210 +00:23:57,550 --> 00:24:01,090 +Where's the Q? Quantity demanded. How much + +211 +00:24:01,090 --> 00:24:04,670 +quantity demanded? 160. + +212 +00:24:08,070 --> 00:24:14,910 +Quantity demanded? 120. This triangle represents + +213 +00:24:14,910 --> 00:24:21,110 +what? Qs is bigger than Qd. We have an excess + +214 +00:24:21,110 --> 00:24:27,010 +supply of goods. represented by this triangle + +215 +00:24:27,010 --> 00:24:27,570 +here. + +216 +00:24:31,170 --> 00:24:39,870 +All right. If the price was below the equilibrium + +217 +00:24:39,870 --> 00:24:45,050 +price, let us assume that the market price was + +218 +00:24:45,050 --> 00:24:51,310 +five here. Are you seeing? At this point, how much + +219 +00:24:51,310 --> 00:24:53,050 +is the quantity supplied? + +220 +00:25:00,030 --> 00:25:06,230 +But how much is the quantity demanded? 180. So + +221 +00:25:06,230 --> 00:25:11,150 +here quantity demanded and here is the quantity + +222 +00:25:11,150 --> 00:25:14,970 +supplied. Quantity demanded is bigger than + +223 +00:25:14,970 --> 00:25:20,270 +quantity supplied. So we have an excess supply of + +224 +00:25:20,270 --> 00:25:23,810 +goods by excess demand. Thank you very much + +225 +00:25:23,810 --> 00:25:32,130 +indeed. X is demand by 180 minus 100. + +226 +00:25:34,630 --> 00:25:39,390 +How the X is demand? It can be shown by this + +227 +00:25:39,390 --> 00:25:41,410 +triangle here. + +228 +00:25:44,030 --> 00:25:48,610 +Okay. The same, the same. As I mentioned, you can + +229 +00:25:48,610 --> 00:25:52,890 +say that one demand minus one supply or Doesn't + +230 +00:25:52,890 --> 00:25:56,910 +matter. The absolute value should be taken here, + +231 +00:25:57,230 --> 00:26:04,990 +should be considered. So in this case, the X's + +232 +00:26:04,990 --> 00:26:09,590 +demand will be shown here or represented by this + +233 +00:26:09,590 --> 00:26:19,690 +triangle. Now, I'm going to make a new graph to + +234 +00:26:19,690 --> 00:26:20,630 +analyze the case + +235 +00:26:25,790 --> 00:26:34,750 +Okay. I will draw a new graph that shows the + +236 +00:26:34,750 --> 00:26:35,810 +market equilibrium. + +237 +00:26:39,170 --> 00:26:42,870 +This is the price and the quantity, + +238 +00:26:48,890 --> 00:26:51,190 +demand. + +239 +00:26:52,460 --> 00:26:57,860 +Sometimes, demand curve might intersect the + +240 +00:26:57,860 --> 00:27:02,720 +vertical axis. This is a formula that we will see + +241 +00:27:02,720 --> 00:27:03,880 +later in the analysis. + +242 +00:27:10,060 --> 00:27:13,500 +This is the supply curve. + +243 +00:27:15,860 --> 00:27:21,720 +The equilibrium occurs when demand equals supply. + +244 +00:27:23,080 --> 00:27:30,620 +This is the equilibrium point. At this point, we + +245 +00:27:30,620 --> 00:27:37,460 +have the equilibrium price, P star, and this is + +246 +00:27:37,460 --> 00:27:43,800 +the equilibrium quantity, a quantity star. Now, + +247 +00:27:45,100 --> 00:27:51,880 +let us assume that the price in the market was at + +248 +00:27:59,230 --> 00:27:59,770 +P1. + +249 +00:28:05,390 --> 00:28:13,570 +You see, this point represents one supply, and + +250 +00:28:13,570 --> 00:28:16,670 +this point lies along demand curve, so it + +251 +00:28:16,670 --> 00:28:18,890 +represents quantity demanded. + +252 +00:28:21,670 --> 00:28:31,910 +We have an X's supply. and shortage demand. This + +253 +00:28:31,910 --> 00:28:41,890 +triangle represents the case, the excess supply + +254 +00:28:41,890 --> 00:28:46,330 +because quantity supplied is bigger than quantity + +255 +00:28:46,330 --> 00:28:50,390 +demanded. We have excess supply. + +256 +00:28:58,100 --> 00:29:03,240 +When tomatoes in the local market, the quant + +257 +00:29:03,240 --> 00:29:08,380 +supplied of tomatoes is bigger than the quantity + +258 +00:29:08,380 --> 00:29:12,040 +demanded. There is no demand for tomatoes in the + +259 +00:29:12,040 --> 00:29:16,640 +market, and we have X's supply of tomatoes. What + +260 +00:29:16,640 --> 00:29:21,340 +will happen? Exactly, yeah, yeah, definitely. + +261 +00:29:21,740 --> 00:29:26,220 +Because the producers or sellers will be obliged + +262 +00:29:26,220 --> 00:29:30,120 +to decrease the prices in order to sell the + +263 +00:29:30,120 --> 00:29:30,540 +products. + +264 +00:29:34,200 --> 00:29:34,600 +So, + +265 +00:29:41,280 --> 00:29:51,900 +at P1 here, the price is so high Okay? And the + +266 +00:29:51,900 --> 00:30:03,360 +producers will try to decrease the prices in order + +267 +00:30:03,360 --> 00:30:05,380 +to be able to sell the product. + +268 +00:30:17,240 --> 00:30:23,340 +As the price goes down to P2, the quantity + +269 +00:30:23,340 --> 00:30:25,520 +demanded increases. + +270 +00:30:30,400 --> 00:30:38,340 +As the + +271 +00:30:38,340 --> 00:30:43,090 +price goes down to P2, What happens to the + +272 +00:30:43,090 --> 00:30:47,090 +producers' profits? It goes down as well. The + +273 +00:30:47,090 --> 00:30:50,730 +price goes down. The sellers lose their profits. + +274 +00:30:51,110 --> 00:30:55,610 +And the products stop being produced. What happens + +275 +00:30:55,610 --> 00:31:00,510 +to the quant supplied? It goes down. Can you see + +276 +00:31:00,510 --> 00:31:04,770 +what happened? The quant supplied was in the QS1. + +277 +00:31:05,770 --> 00:31:10,670 +What happened? QS2. It went down. And this + +278 +00:31:10,670 --> 00:31:10,910 +increased. + +279 +00:31:19,100 --> 00:31:27,580 +As we have X's supply represented + +280 +00:31:27,580 --> 00:31:33,740 +by this triangle here. We still have an X's supply + +281 +00:31:33,740 --> 00:31:40,680 +if it's QS2 minus QD2 represented by this + +282 +00:31:40,680 --> 00:31:48,380 +triangle. True. As we still have an excess supply + +283 +00:31:48,380 --> 00:31:52,280 +of goods, the price will go down. + +284 +00:31:55,520 --> 00:32:03,200 +They will be obliged to decrease the prices. So as + +285 +00:32:03,200 --> 00:32:04,280 +the price goes down, + +286 +00:32:07,140 --> 00:32:14,550 +when the price goes down, What will happen to the + +287 +00:32:14,550 --> 00:32:23,290 +quantity demanded? As the price goes down from P + +288 +00:32:23,290 --> 00:32:27,550 +to P star, what do you see? The quantity demanded + +289 +00:32:27,550 --> 00:32:29,030 +increases. + +290 +00:32:30,750 --> 00:32:38,810 +As the price goes down, the quantity supplied goes + +291 +00:32:38,810 --> 00:32:39,270 +down. + +292 +00:32:45,990 --> 00:32:53,730 +until the equilibrium is restored. Until the + +293 +00:32:53,730 --> 00:32:59,710 +equilibrium is restored at this point. Here we + +294 +00:32:59,710 --> 00:33:05,110 +have no excess demand, no excess supply. We have + +295 +00:33:05,110 --> 00:33:12,930 +an equilibrium. Okay? And vice versa. If the price + +296 +00:33:12,930 --> 00:33:14,250 +was here, + +297 +00:33:19,700 --> 00:33:25,440 +Let us assume that the price was here at P5. + +298 +00:33:27,520 --> 00:33:32,260 +How much is the quantity? Here is a point along + +299 +00:33:32,260 --> 00:33:38,420 +demand curve, so it represents Qd. All right? This + +300 +00:33:38,420 --> 00:33:43,500 +point along this price. The quantity supply, this + +301 +00:33:43,500 --> 00:33:51,170 +represents Qs. Here we have what? Qd. minus Qs. + +302 +00:33:56,010 --> 00:34:01,850 +This triangle represents what? X's demand because + +303 +00:34:01,850 --> 00:34:06,610 +Qd is bigger than Qs, represented by 200 maybe + +304 +00:34:06,610 --> 00:34:15,650 +minus 150, 150, that's it. Assumptions. As we have + +305 +00:34:15,650 --> 00:34:22,270 +an X's demand, And there is no supply. The + +306 +00:34:22,270 --> 00:34:27,990 +quantity supplied is smaller than the quantity + +307 +00:34:27,990 --> 00:34:32,810 +demanded. What will happen? The price goes up. So + +308 +00:34:32,810 --> 00:34:39,670 +in this case here, if the market price is + +309 +00:34:39,670 --> 00:34:42,950 +below the equilibrium price, this is the + +310 +00:34:42,950 --> 00:34:43,810 +equilibrium price. + +311 +00:34:47,250 --> 00:34:52,310 +If the market price below the equilibrium price, + +312 +00:34:52,730 --> 00:34:56,030 +in this case, the quantity demanded is bigger than + +313 +00:34:56,030 --> 00:34:59,590 +the quantity supplied, here we have an excess + +314 +00:34:59,590 --> 00:35:05,430 +demand or supply shortage. What will happen? The + +315 +00:35:05,430 --> 00:35:09,450 +price will go up. So in this case, the price will + +316 +00:35:09,450 --> 00:35:10,190 +go up. + +317 +00:35:14,660 --> 00:35:19,820 +Until the equilibrium is restored. That's it. + +318 +00:35:21,440 --> 00:35:27,840 +Understood or not? Okay. Let's take a break just + +319 +00:35:27,840 --> 00:35:31,400 +for one minute and complete. + +320 +00:35:33,760 --> 00:35:38,980 +Let's go to determine the market equilibrium using + +321 +00:35:38,980 --> 00:35:46,400 +formulas or demand and supply functions. Assume + +322 +00:35:46,400 --> 00:35:56,900 +that the demand function QD + +323 +00:35:56,900 --> 00:36:03,960 +equals 200 minus half times the prices. Demand + +324 +00:36:03,960 --> 00:36:05,960 +function. + +325 +00:36:07,760 --> 00:36:12,980 +Demand formula and supply function. + +326 +00:36:19,790 --> 00:36:26,630 +Qs equals 50 plus two times the prices. + +327 +00:36:34,930 --> 00:36:45,090 +We're going to determine the + +328 +00:36:45,090 --> 00:36:46,550 +equilibrium price number one, + +329 +00:36:58,940 --> 00:37:04,760 +price and quantity + +330 +00:37:04,760 --> 00:37:09,500 +and + +331 +00:37:09,500 --> 00:37:12,100 +the equilibrium quantity. Number two, + +332 +00:37:15,800 --> 00:37:16,600 +if the price + +333 +00:37:29,210 --> 00:37:37,070 +equals fifty shekels fifty dollars per unit + +334 +00:37:37,070 --> 00:37:45,210 +calculate + +335 +00:37:45,210 --> 00:37:52,670 +the + +336 +00:37:53,620 --> 00:37:57,920 +A quantity demanded and a quantity supplied QD + +337 +00:37:57,920 --> 00:38:09,140 +over QS What + +338 +00:38:09,140 --> 00:38:10,780 +is the market status here? + +339 +00:39:07,020 --> 00:39:13,030 +In this example, we have two functions, two + +340 +00:39:13,030 --> 00:39:18,310 +formulas, the demand function and supply function. + +341 +00:39:19,430 --> 00:39:23,690 +For the demand function here, quantity demanded + +342 +00:39:23,690 --> 00:39:31,770 +equals 200 minus half times prices. What does this + +343 +00:39:31,770 --> 00:39:32,130 +mean? + +344 +00:39:35,290 --> 00:39:40,950 +Let's explain the idea of this formula. and the + +345 +00:39:40,950 --> 00:39:43,970 +height of this formula, and we'll try to answer + +346 +00:39:43,970 --> 00:39:52,130 +then the question here. So QD equals 200 minus 0.5 + +347 +00:39:52,130 --> 00:39:55,390 +price. What does this mean here? This part here? + +348 +00:39:57,290 --> 00:40:02,670 +No, no. Quantity demanded here equals 200 minus + +349 +00:40:02,670 --> 00:40:10,310 +half times P. 200 means the intercept. In the + +350 +00:40:10,310 --> 00:40:14,350 +demand function, here price and quantity demanded, + +351 +00:40:17,930 --> 00:40:24,510 +this is the intercept. It's the value of the + +352 +00:40:24,510 --> 00:40:27,790 +quantity demanded when the price equals zero. + +353 +00:40:39,570 --> 00:40:42,570 +The value of a quantity demanded when a price + +354 +00:40:42,570 --> 00:40:53,810 +equals zero. The intercept 200 is the + +355 +00:40:53,810 --> 00:41:02,450 +value of a QD when price equals zero. + +356 +00:41:08,510 --> 00:41:13,550 +At price equals zero. At price equals zero. What + +357 +00:41:13,550 --> 00:41:19,610 +does this mean? Qd is equal to minus half times + +358 +00:41:19,610 --> 00:41:26,130 +zero. Qd is equal to 200. That's it. Minus zero + +359 +00:41:26,130 --> 00:41:26,850 +equals 200. + +360 +00:41:30,170 --> 00:41:31,270 +This is called intercept. + +361 +00:41:34,710 --> 00:41:38,210 +Minus half. This is minus half. + +362 +00:41:41,410 --> 00:41:44,370 +Slope. Slope. + +363 +00:41:49,190 --> 00:41:49,830 +Slope. + +364 +00:41:52,630 --> 00:41:54,710 +Slope. Slope. Slope. Slope. Slope. Slope. Slope. + +365 +00:41:54,710 --> 00:41:55,710 +Slope. Slope. Slope. Slope. Slope. Slope. Slope. + +366 +00:41:56,010 --> 00:41:59,310 +Slope. Slope. Slope. Slope. Slope. Slope. Slope. + +367 +00:41:59,310 --> 00:41:59,910 +Slope. Slope. Slope. Slope. Slope. Slope. Slope. + +368 +00:41:59,910 --> 00:42:01,810 +Slope. Slope. Slope. Slope. Slope. Slope. Slope. + +369 +00:42:01,890 --> 00:42:03,370 +Slope. Slope. Slope. Slope. Slope. Slope. Slope. + +370 +00:42:03,370 --> 00:42:03,570 +Slope. Slope. Slope. Slope. Slope. Slope. Slope. + +371 +00:42:03,930 --> 00:42:06,450 +Slope. Slope + +372 +00:42:10,270 --> 00:42:11,790 +Do you go to Shijia'iya or have you never been to + +373 +00:42:11,790 --> 00:42:14,370 +Shijia'iya? What's wrong with you from Shijia'iya? + +374 +00:42:15,170 --> 00:42:18,450 +And she went away from the university. And she + +375 +00:42:18,450 --> 00:42:20,550 +came down from Shijia'iya and entered like this. + +376 +00:42:20,670 --> 00:42:22,550 +Do you see it right or not? Before reaching the + +377 +00:42:22,550 --> 00:42:25,870 +souq. Right? This is very crooked, right? This is + +378 +00:42:25,870 --> 00:42:26,490 +called slope. + +379 +00:42:29,750 --> 00:42:32,750 +Yes, yes, it is the slope. This is very crooked. + +380 +00:42:33,230 --> 00:42:36,050 +There is a slope. You will find slopes. + +381 +00:43:01,390 --> 00:43:06,350 +If the price increases by one dollar. + +382 +00:43:09,230 --> 00:43:11,610 +Here, the quantity demanded means that it will + +383 +00:43:11,610 --> 00:43:13,330 +decrease by half units. + +384 +00:43:16,730 --> 00:43:23,550 +If the price increases by one dollar, the quantity + +385 +00:43:23,550 --> 00:43:28,170 +demanded will decrease by half units. This is the + +386 +00:43:28,170 --> 00:43:32,400 +supply here. Quantity, the second one will be + +387 +00:43:32,400 --> 00:43:33,920 +clearer than the first one. What does the second + +388 +00:43:33,920 --> 00:43:37,260 +one mean? If the price is zero, what does this 50 + +389 +00:43:37,260 --> 00:43:42,420 +mean? If the price is zero, the quantity supplied + +390 +00:43:42,420 --> 00:43:45,340 +is 50. Let's use this equation. What does this + +391 +00:43:45,340 --> 00:43:50,420 +mean? If positive two, as the price increases by + +392 +00:43:50,420 --> 00:43:54,820 +one dollar, the quantity supplied will increase by + +393 +00:43:54,820 --> 00:43:58,800 +two units. When the price increases by one dollar, + +394 +00:44:00,240 --> 00:44:02,340 +The producers will be encouraged to produce two + +395 +00:44:02,340 --> 00:44:07,960 +units more. Exactly. This is the slope. But what + +396 +00:44:07,960 --> 00:44:09,280 +is this for? For the supply. + +397 +00:44:12,560 --> 00:44:15,500 +Delta is the quantity supplied. This is the delta. + +398 +00:44:15,760 --> 00:44:22,660 +For this slope in the supply function, Qs is the + +399 +00:44:22,660 --> 00:44:28,690 +slope here. This is positive two. The slope means + +400 +00:44:28,690 --> 00:44:35,110 +supply function. Means Delta quant supplied over + +401 +00:44:35,110 --> 00:44:39,450 +Delta price. Which means here, as the price + +402 +00:44:39,450 --> 00:44:44,050 +increased by one dollar, the quant supplied will + +403 +00:44:44,050 --> 00:44:47,030 +increase because it's positive here by two units. + +404 +00:44:53,850 --> 00:44:59,910 +Now, the problem here is determine the equilibrium + +405 +00:44:59,910 --> 00:45:04,110 +price and the equilibrium quantity. If the price + +406 +00:45:04,110 --> 00:45:07,530 +equals blah, blah, blah, what is the market + +407 +00:45:07,530 --> 00:45:12,650 +status? Okay. Let's go to answer this problem + +408 +00:45:12,650 --> 00:45:18,350 +here. Clear had a function. Tell me once again. + +409 +00:45:20,770 --> 00:45:26,630 +What are the main factors or yes, what is the main + +410 +00:45:26,630 --> 00:45:31,470 +factor affect the quantity demanded? The price. As + +411 +00:45:31,470 --> 00:45:35,450 +the price goes up, what will happen to the + +412 +00:45:35,450 --> 00:45:38,030 +quantity demanded? Goes down. How they are + +413 +00:45:38,030 --> 00:45:40,190 +represented by a negative sign. + +414 +00:45:43,520 --> 00:45:52,320 +If the price equals zero, if the price + +415 +00:45:52,320 --> 00:45:57,620 +equals + +416 +00:45:57,620 --> 00:46:02,440 +zero, the quantity demanded will be 200. If the + +417 +00:46:02,440 --> 00:46:03,760 +price equals zero, the quantity demanded will be + +418 +00:46:03,760 --> 00:46:05,480 +200. If the price equals zero, the quantity + +419 +00:46:05,480 --> 00:46:06,160 +demanded will be 200. If the price equals zero, + +420 +00:46:06,380 --> 00:46:08,980 +the quantity demanded will be 50 units. If the + +421 +00:46:08,980 --> 00:46:10,880 +price equals zero, the quantity demanded will be + +422 +00:46:10,880 --> 00:46:17,040 +50 units. Here, in demand, the slope is the change + +423 +00:46:17,040 --> 00:46:21,120 +in quantity demanded due to the change in price, + +424 +00:46:21,480 --> 00:46:26,540 +which is this. QD, delta QD divided by delta + +425 +00:46:26,540 --> 00:46:30,880 +price. If the price increases by one. If we + +426 +00:46:30,880 --> 00:46:32,480 +increase the price, will the price affect the + +427 +00:46:32,480 --> 00:46:36,460 +quantity demanded? Yes. What does this mean? Minus + +428 +00:46:36,460 --> 00:46:42,640 +half. If the price increases by one dollar, the + +429 +00:46:42,640 --> 00:46:45,180 +quantity demanded will decrease by half. That's + +430 +00:46:45,180 --> 00:46:51,700 +it. It will decline by half. This is the negative + +431 +00:46:51,700 --> 00:46:59,480 +sign. This is the slope in the supply function. If + +432 +00:46:59,480 --> 00:47:03,000 +the price increases by one dollar, the quantity + +433 +00:47:03,000 --> 00:47:06,360 +supplied will increase by two. This is positive. + +434 +00:47:11,720 --> 00:47:16,700 +How can we determine or calculate the equilibrium + +435 +00:47:16,700 --> 00:47:18,780 +price? Okay. + +436 +00:47:22,940 --> 00:47:28,640 +Let's answer original solutions to the problem. + +437 +00:47:32,020 --> 00:47:36,340 +To determine the equilibrium price and equilibrium + +438 +00:47:36,340 --> 00:47:42,130 +quantity. The equilibrium point is the point in + +439 +00:47:42,130 --> 00:47:52,950 +which demand equals supply. Price and quantity. At + +440 +00:47:52,950 --> 00:47:59,790 +this point, Qd equals Qs. At this point here, Qd + +441 +00:47:59,790 --> 00:48:02,750 +equals Qs. + +442 +00:48:10,360 --> 00:48:12,360 +At equilibrium, + +443 +00:48:17,880 --> 00:48:27,900 +all you see, Qd equals Qs. At equilibrium, + +444 +00:48:28,400 --> 00:48:32,160 +quantity demanded equals quantity supplied. So Qd + +445 +00:48:32,160 --> 00:48:39,890 +here 200 minus half times the prices, must equal + +446 +00:48:39,890 --> 00:48:43,210 +50 + +447 +00:48:43,210 --> 00:48:47,850 +as the + +448 +00:48:47,850 --> 00:48:50,670 +left side equals the left side. So the right side + +449 +00:48:50,670 --> 00:48:58,670 +must equal the right side. So 50 plus two prices. + +450 +00:49:00,740 --> 00:49:07,440 +We have one unknown variable, minus + +451 +00:49:07,440 --> 00:49:19,340 +half P minus 2P equals 50 minus 200. + +452 +00:49:24,350 --> 00:49:36,590 +Minus 2.5P equals minus 150. So price equals price + +453 +00:49:36,590 --> 00:49:45,050 +equals 150 over 2.5 equals 60. This is the + +454 +00:49:45,050 --> 00:49:48,210 +equilibrium price. So the equilibrium price here + +455 +00:49:48,210 --> 00:49:49,790 +equals 60. + +456 +00:49:54,870 --> 00:50:00,250 +It depends on the equation. It depends on the + +457 +00:50:00,250 --> 00:50:10,330 +equation. It depends on the equation. Now we have + +458 +00:50:10,330 --> 00:50:13,030 +the equilibrium price. How much is the equilibrium + +459 +00:50:13,030 --> 00:50:13,530 +quantity? + +460 +00:50:16,270 --> 00:50:18,590 +Substitution either by the quantity demanded + +461 +00:50:18,590 --> 00:50:21,090 +formula or the quantity supplied. You will reach + +462 +00:50:21,090 --> 00:50:31,030 +with the same result. So to calculate quantity, + +463 +00:50:31,790 --> 00:50:34,730 +the equilibrium quantity, at this point, the + +464 +00:50:34,730 --> 00:50:38,070 +equilibrium quantity, QD equals, either we can + +465 +00:50:38,070 --> 00:50:41,790 +substitute by quantity demanded or quantity + +466 +00:50:41,790 --> 00:50:50,010 +supplied. So I would fill in the QD, then QD + +467 +00:50:50,010 --> 00:50:53,110 +equals 200. + +468 +00:50:54,240 --> 00:50:58,320 +minus half times the price equal to the price 60. + +469 +00:50:59,080 --> 00:51:12,660 +So QD equals 200 minus 30, then QD equals 170. Or + +470 +00:51:12,660 --> 00:51:20,820 +we can substitute by QS. So QS here or + +471 +00:51:20,820 --> 00:51:23,620 +QS, + +472 +00:51:24,730 --> 00:51:28,470 +The formula is 50 plus 2P. + +473 +00:51:32,630 --> 00:51:42,290 +So QS equals 50 plus 2 times the price, 60. X + +474 +00:51:42,290 --> 00:51:48,830 +equals 170. That's it. The same result here. All + +475 +00:51:48,830 --> 00:51:53,350 +right? So the equilibrium quantity here is how + +476 +00:51:53,350 --> 00:52:03,950 +much? 170. Number two, if the market price equals + +477 +00:52:03,950 --> 00:52:04,730 +$50. + +478 +00:52:17,890 --> 00:52:19,330 +This is unknown and this is unknown. + +479 +00:52:22,890 --> 00:52:27,990 +Can we do it? Substitution. The price is like + +480 +00:52:27,990 --> 00:52:36,670 +this. We say QD equals 200 minus half times the + +481 +00:52:36,670 --> 00:52:45,910 +price, 50. QD equals 200 minus 25. So QD equals + +482 +00:52:46,860 --> 00:52:47,780 +175. + +483 +00:52:50,900 --> 00:52:57,140 +175. 175. 175. 175. 175. 175. 175. 175. 175. 175. + +484 +00:52:57,160 --> 00:53:03,940 +175. 175. 175. 175. 175. 175. 175. 175. 175. 175. + +485 +00:53:04,880 --> 00:53:07,160 +175. 175. 175. 175. 175. 175. 175. 175. 175. 175. + +486 +00:53:07,160 --> 00:53:07,180 +175. 175. 175. 175. 175. 175. 175. 175. 175. 175. + +487 +00:53:07,180 --> 00:53:07,260 +175. 175. 175. 175. 175. 175. 175. 175. 175. 175. + +488 +00:53:07,260 --> 00:53:09,500 +175. 175. 175. 175. 175. 175. 175. 175. 175. 175. + +489 +00:53:10,760 --> 00:53:11,700 +175. + +490 +00:53:16,220 --> 00:53:26,160 +Fifty. So QS equals 50 plus 100. So QS equals 150. + +491 +00:53:27,640 --> 00:53:34,320 +So it should be 150. Yes. The last point. Okay. + +492 +00:53:34,980 --> 00:53:39,360 +Because the market status is excess. Excess what? + +493 +00:53:39,600 --> 00:53:48,540 +Yes. By how much? Yeah, exactly. Yeah. By 25, + +494 +00:53:48,760 --> 00:53:52,940 +exactly. So what is the market situation or the + +495 +00:53:52,940 --> 00:53:57,640 +market status? The market status is we have an + +496 +00:53:57,640 --> 00:54:00,260 +excess demand because the quantity demand is + +497 +00:54:00,260 --> 00:54:05,680 +bigger than the quantity supplied by 25. That's + +498 +00:54:05,680 --> 00:54:07,020 +it. Okay? + +499 +00:54:10,320 --> 00:54:13,180 +Is there a problem? No. Okay. + +500 +00:54:19,290 --> 00:54:25,710 +The question is, what is the market status? + +501 +00:54:28,730 --> 00:54:32,650 +The market status is here at this price here. + +502 +00:54:35,650 --> 00:54:41,320 +The quantity demanded, is 175 is bigger than the + +503 +00:54:41,320 --> 00:54:45,800 +quant supply which is 150. So here we have what? + +504 +00:54:46,040 --> 00:54:51,540 +QD is bigger than the QS. So 175 is bigger than + +505 +00:54:51,540 --> 00:54:53,020 +150. + +506 +00:54:55,020 --> 00:55:03,380 +So the market status QS + +507 +00:55:03,380 --> 00:55:17,430 +minus QD. QS 150 minus QD 150 minus 175 equals + +508 +00:55:17,430 --> 00:55:24,290 +minus 25. This is what? Shortage supply or excess + +509 +00:55:24,290 --> 00:55:25,190 +demand. That's it. + +510 +00:55:31,160 --> 00:55:34,840 +I will show you something how we derive this + +511 +00:55:34,840 --> 00:55:36,580 +formula. That's it, the last point. + +512 +00:55:40,520 --> 00:55:46,860 +I will come back quickly to the last example. When + +513 +00:55:46,860 --> 00:55:49,600 +we determine the equilibrium price and equilibrium + +514 +00:55:49,600 --> 00:55:54,680 +quantity using numbers and figures, let us assume + +515 +00:55:54,680 --> 00:55:55,340 +that the price, + +516 +00:55:58,870 --> 00:56:02,750 +And here we have quantity demanded. With + +517 +00:56:02,750 --> 00:56:09,610 +assumptions, we had the prices was five, 10, 15, + +518 +00:56:10,190 --> 00:56:12,890 +20, 25. + +519 +00:56:16,050 --> 00:56:18,310 +I'm going to kill the CD. I'm going to kill it. + +520 +00:56:19,270 --> 00:56:24,310 +I'm going to kill it. I found this one next to the + +521 +00:56:24,310 --> 00:56:24,670 +table. + +522 +00:56:37,070 --> 00:56:45,110 +30, 35, 40. Let us assume that the quantity + +523 +00:56:45,110 --> 00:56:59,510 +demanded was 200, 180, 160, 140, 160, 120. Keep + +524 +00:56:59,510 --> 00:57:04,770 +silent + +525 +00:57:04,770 --> 00:57:13,200 +please. Now, we are going to derive the formula, + +526 +00:57:13,720 --> 00:57:18,440 +the demand function. To derive the demand function + +527 +00:57:18,440 --> 00:57:18,780 +here, + +528 +00:57:21,540 --> 00:57:28,560 +we can show this insert + +529 +00:57:28,560 --> 00:57:32,320 +shape + +530 +00:57:32,320 --> 00:57:34,300 +here, graph. + +531 +00:57:39,800 --> 00:57:46,360 +This graph can be represented here or represents + +532 +00:57:46,360 --> 00:57:48,100 +the relationship between the prices and the + +533 +00:57:48,100 --> 00:57:51,640 +quantity demanded. I will draw. + +534 +00:58:15,060 --> 00:58:15,900 +Where is the function? + +535 +00:58:21,400 --> 00:58:25,400 +Do you see this function? This function represents + +536 +00:58:25,400 --> 00:58:29,180 +the relationship between the prices and the + +537 +00:58:29,180 --> 00:58:34,340 +quantity demanded. Let's enlarge it like this. + +538 +00:58:38,560 --> 00:58:40,400 +For this function QD + +539 +00:58:51,260 --> 00:58:57,140 +equals 220QD equals 220 minus 4 for the price. + +540 +00:59:01,900 --> 00:59:05,160 +In GBQS, the function of the QS, had a demand + +541 +00:59:05,160 --> 00:59:05,640 +function. + +542 +00:59:10,500 --> 00:59:11,700 +Show the assumptions that we're going to have + +543 +00:59:11,700 --> 00:59:17,360 +here. The quant supplied, Qs. + +544 +00:59:23,800 --> 00:59:26,400 +Let's determine here 140. + +545 +00:59:29,200 --> 00:59:35,820 +120, 100, 80, + +546 +00:59:37,300 --> 00:59:41,200 +160, 180, + +547 +00:59:44,190 --> 00:59:51,930 +200, 220. Now, I'm going to study the relationship + +548 +00:59:51,930 --> 00:59:54,390 +between the prices and the quant supply to derive + +549 +00:59:54,390 --> 00:59:55,750 +the supply function. + +550 +01:00:11,030 --> 01:00:13,910 +Paste, paste, paste, paste. Okay. + +551 +01:00:19,530 --> 01:00:21,830 +I'm going to study the relationship between the + +552 +01:00:21,830 --> 01:00:23,970 +prices and the quant supplied here as you see. + +553 +01:00:37,850 --> 01:00:39,470 +The same as the previous. + +554 +01:00:42,570 --> 01:00:46,890 +Here's the graph. This is the supply curve. + +555 +01:00:49,730 --> 01:00:55,030 +Demand curve. Yes. So to derive the function here, + +556 +01:01:01,010 --> 01:01:07,570 +here's + +557 +01:01:07,570 --> 01:01:08,010 +the function. + +558 +01:01:25,710 --> 01:01:33,290 +Yes, the function is Qs, Qs. The supply function + +559 +01:01:33,290 --> 01:01:39,550 +Qs equals 60, + +560 +01:01:41,210 --> 01:01:47,230 +a plus 4x because here positive sign, 4P. + +561 +01:02:09,410 --> 01:02:12,470 +The equilibrium price will be 20 and the + +562 +01:02:12,470 --> 01:02:18,310 +equilibrium quantity is 140. Try it. This is an + +563 +01:02:18,310 --> 01:02:21,950 +assignment. At home? At home, yes. See if it turns + +564 +01:02:21,950 --> 01:02:24,670 +out right or not. No, not Excel. This is it. You + +565 +01:02:24,670 --> 01:02:27,450 +have an equilibrium quantity, quantity supplied, + +566 +01:02:28,050 --> 01:02:30,590 +okay? And work and see the equilibrium price, + +567 +01:02:30,710 --> 01:02:35,470 +equilibrium quantity. What is the price? price. + +568 +01:02:35,910 --> 01:02:38,070 +Determine the equilibrium price, the equilibrium + +569 +01:02:38,070 --> 01:02:43,970 +quantity using these parameters here. Try it. + diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/C6PzQFMUzLI_raw.json b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/C6PzQFMUzLI_raw.json new file mode 100644 index 0000000000000000000000000000000000000000..88f92cf3869274f7f44d2da6398b90bc3a773cee --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/C6PzQFMUzLI_raw.json @@ -0,0 +1 @@ +{"segments": [{"id": 1, "seek": 4512, "start": 20.0, "end": 45.12, "text": " Bismillah al-Rahman al-Rahim. Today, inshallah, we are going to complete our talk about the market equilibrium. 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But the change in demand is the function, this is D1, the full shifting of demand curve from D1 to D2 or to D3 due to the change of one of the main determinants of demand or demand determinants.", "tokens": [639, 307, 264, 1319, 294, 11275, 28276, 13, 583, 264, 1319, 294, 4733, 307, 264, 2445, 11, 341, 307, 413, 16, 11, 264, 1577, 17573, 295, 4733, 7605, 490, 413, 16, 281, 413, 17, 420, 281, 413, 18, 3462, 281, 264, 1319, 295, 472, 295, 264, 2135, 15957, 1719, 295, 4733, 420, 4733, 15957, 1719, 13], "avg_logprob": -0.13534813387352124, "compression_ratio": 1.710144927536232, "no_speech_prob": 0.0, "words": [{"start": 105.16, "end": 105.5, "word": " This", "probability": 0.82568359375}, {"start": 105.5, "end": 105.9, "word": " is", "probability": 0.9482421875}, {"start": 105.9, "end": 106.32, "word": " the", "probability": 0.8427734375}, {"start": 106.32, "end": 106.94, "word": " change", "probability": 0.89404296875}, {"start": 106.94, "end": 107.84, "word": " in", "probability": 0.87255859375}, {"start": 107.84, "end": 109.0, "word": " quantity", "probability": 0.74462890625}, {"start": 109.0, "end": 109.56, "word": " demanded.", "probability": 0.951171875}, {"start": 110.22, "end": 110.32, "word": " But", "probability": 0.896484375}, {"start": 110.32, "end": 110.54, "word": " the", "probability": 0.9091796875}, {"start": 110.54, "end": 110.84, "word": " change", "probability": 0.884765625}, {"start": 110.84, "end": 110.98, "word": " in", "probability": 0.93408203125}, {"start": 110.98, "end": 111.48, "word": " demand", "probability": 0.90380859375}, {"start": 111.48, "end": 113.34, "word": " is", "probability": 0.869140625}, {"start": 113.34, "end": 114.28, "word": " the", "probability": 0.64306640625}, {"start": 114.28, "end": 114.66, "word": " function,", "probability": 0.4873046875}, {"start": 114.82, "end": 114.98, "word": " this", "probability": 0.9462890625}, {"start": 114.98, "end": 115.12, "word": " is", "probability": 0.9462890625}, {"start": 115.12, "end": 115.48, "word": " D1,", "probability": 0.724365234375}, {"start": 116.68, "end": 116.84, "word": " the", "probability": 0.8759765625}, {"start": 116.84, "end": 117.16, "word": " full", "probability": 0.84619140625}, {"start": 117.16, "end": 117.82, "word": " shifting", "probability": 0.91064453125}, {"start": 117.82, "end": 118.18, "word": " of", "probability": 0.97119140625}, {"start": 118.18, "end": 118.58, "word": " demand", "probability": 0.8779296875}, {"start": 118.58, "end": 118.92, "word": " curve", "probability": 0.9443359375}, {"start": 118.92, "end": 119.26, "word": " from", "probability": 0.86572265625}, {"start": 119.26, "end": 119.66, "word": " D1", "probability": 0.989501953125}, {"start": 119.66, "end": 119.82, "word": " to", "probability": 0.95751953125}, {"start": 119.82, "end": 120.46, "word": " D2", "probability": 0.996337890625}, {"start": 120.46, "end": 120.96, "word": " or", "probability": 0.82470703125}, {"start": 120.96, "end": 121.14, "word": " to", "probability": 0.95068359375}, {"start": 121.14, "end": 121.82, "word": " D3", "probability": 0.999267578125}, {"start": 121.82, "end": 124.44, "word": " due", "probability": 0.59130859375}, {"start": 124.44, "end": 124.78, "word": " to", "probability": 0.96875}, {"start": 124.78, "end": 125.3, "word": " the", "probability": 0.8759765625}, {"start": 125.3, "end": 125.8, "word": " change", "probability": 0.89990234375}, {"start": 125.8, "end": 127.66, "word": " of", "probability": 0.85107421875}, {"start": 127.66, "end": 128.26, "word": " one", "probability": 0.927734375}, {"start": 128.26, "end": 128.54, "word": " of", "probability": 0.9697265625}, {"start": 128.54, "end": 128.7, "word": " the", "probability": 0.923828125}, {"start": 128.7, "end": 128.92, "word": " main", "probability": 0.9326171875}, {"start": 128.92, "end": 129.66, "word": " determinants", "probability": 0.95849609375}, {"start": 129.66, "end": 129.98, "word": " of", "probability": 0.962890625}, {"start": 129.98, "end": 130.38, "word": " demand", "probability": 0.92724609375}, {"start": 130.38, "end": 131.08, "word": " or", "probability": 0.763671875}, {"start": 131.08, "end": 131.38, "word": " demand", "probability": 0.9326171875}, {"start": 131.38, "end": 132.02, "word": " determinants.", "probability": 0.962890625}], "temperature": 1.0}, {"id": 5, "seek": 16134, "start": 134.46, "end": 161.34, "text": " Another point, which is the difference between the change in quantity supplied and the change in supply. As you know that we studied, the main factors affect supply, like the cost of inputs, like the number of sellers, the price of other goods, and change in technology or technology change.", "tokens": [3996, 935, 11, 597, 307, 264, 2649, 1296, 264, 1319, 294, 11275, 27625, 293, 264, 1319, 294, 5847, 13, 1018, 291, 458, 300, 321, 9454, 11, 264, 2135, 6771, 3345, 5847, 11, 411, 264, 2063, 295, 15743, 11, 411, 264, 1230, 295, 31276, 11, 264, 3218, 295, 661, 10179, 11, 293, 1319, 294, 2899, 420, 2899, 1319, 13], "avg_logprob": -0.15108579801300825, "compression_ratio": 1.697674418604651, "no_speech_prob": 0.0, "words": [{"start": 134.46, "end": 134.86, "word": " Another", "probability": 0.740234375}, {"start": 134.86, "end": 135.36, "word": " point,", "probability": 0.9736328125}, {"start": 136.14, "end": 136.22, "word": " which", "probability": 0.94677734375}, {"start": 136.22, "end": 136.6, "word": " is", "probability": 0.94677734375}, {"start": 136.6, "end": 137.38, "word": " the", "probability": 0.8984375}, {"start": 137.38, "end": 137.82, "word": " difference", "probability": 0.87255859375}, {"start": 137.82, "end": 138.4, "word": " between", "probability": 0.8740234375}, {"start": 138.4, "end": 138.7, "word": " the", "probability": 0.90869140625}, {"start": 138.7, "end": 139.08, "word": " change", "probability": 0.84814453125}, {"start": 139.08, "end": 139.22, "word": " in", "probability": 0.9306640625}, {"start": 139.22, "end": 139.68, "word": " quantity", "probability": 0.71044921875}, {"start": 139.68, "end": 140.3, "word": " supplied", "probability": 0.8671875}, {"start": 140.3, "end": 140.82, "word": " and", "probability": 0.89990234375}, {"start": 140.82, "end": 140.98, "word": " the", "probability": 0.873046875}, {"start": 140.98, "end": 141.5, "word": " change", "probability": 0.8955078125}, {"start": 141.5, "end": 141.82, "word": " in", "probability": 0.94287109375}, {"start": 141.82, "end": 142.22, "word": " supply.", "probability": 0.95068359375}, {"start": 143.32, "end": 143.72, "word": " As", "probability": 0.96728515625}, {"start": 143.72, "end": 143.86, "word": " you", "probability": 0.962890625}, {"start": 143.86, "end": 144.12, "word": " know", "probability": 0.8896484375}, {"start": 144.12, "end": 145.06, "word": " that", "probability": 0.50146484375}, {"start": 145.06, "end": 145.3, "word": " we", "probability": 0.9599609375}, {"start": 145.3, "end": 145.72, "word": " studied,", "probability": 0.8837890625}, {"start": 147.0, "end": 147.34, "word": " the", "probability": 0.916015625}, {"start": 147.34, "end": 147.62, "word": " main", "probability": 0.95703125}, {"start": 147.62, "end": 148.14, "word": " factors", "probability": 0.96337890625}, {"start": 148.14, "end": 148.84, "word": " affect", "probability": 0.908203125}, {"start": 148.84, "end": 149.84, "word": " supply,", "probability": 0.9375}, {"start": 150.08, "end": 150.42, "word": " like", "probability": 0.93701171875}, {"start": 150.42, "end": 150.76, "word": " the", "probability": 0.90380859375}, {"start": 150.76, "end": 151.14, "word": " cost", "probability": 0.92431640625}, {"start": 151.14, "end": 151.36, "word": " of", "probability": 0.9697265625}, {"start": 151.36, "end": 151.9, "word": " inputs,", "probability": 0.92724609375}, {"start": 152.1, "end": 152.3, "word": " like", "probability": 0.9140625}, {"start": 152.3, "end": 152.46, "word": " the", "probability": 0.91650390625}, {"start": 152.46, "end": 152.76, "word": " number", "probability": 0.93115234375}, {"start": 152.76, "end": 153.0, "word": " of", "probability": 0.9736328125}, {"start": 153.0, "end": 153.38, "word": " sellers,", "probability": 0.93896484375}, {"start": 154.92, "end": 155.5, "word": " the", "probability": 0.85595703125}, {"start": 155.5, "end": 155.84, "word": " price", "probability": 0.912109375}, {"start": 155.84, "end": 156.04, "word": " of", "probability": 0.96533203125}, {"start": 156.04, "end": 156.36, "word": " other", "probability": 0.88427734375}, {"start": 156.36, "end": 156.76, "word": " goods,", "probability": 0.841796875}, {"start": 157.96, "end": 158.32, "word": " and", "probability": 0.349853515625}, {"start": 158.32, "end": 159.12, "word": " change", "probability": 0.52294921875}, {"start": 159.12, "end": 159.32, "word": " in", "probability": 0.90673828125}, {"start": 159.32, "end": 159.98, "word": " technology", "probability": 0.96435546875}, {"start": 159.98, "end": 160.22, "word": " or", "probability": 0.7802734375}, {"start": 160.22, "end": 160.7, "word": " technology", "probability": 0.94921875}, {"start": 160.7, "end": 161.34, "word": " change.", "probability": 0.89501953125}], "temperature": 1.0}, {"id": 6, "seek": 19166, "start": 163.5, "end": 191.66, "text": " We are going to study the difference between the change in supply and the change in quant supplied. So the same as we mentioned here in demand, the change in supply is change in supply and the change in quant supplied.", "tokens": [492, 366, 516, 281, 2979, 264, 2649, 1296, 264, 1319, 294, 5847, 293, 264, 1319, 294, 4426, 27625, 13, 407, 264, 912, 382, 321, 2835, 510, 294, 4733, 11, 264, 1319, 294, 5847, 307, 1319, 294, 5847, 293, 264, 1319, 294, 4426, 27625, 13], "avg_logprob": -0.1835069497426351, "compression_ratio": 1.9210526315789473, "no_speech_prob": 0.0, "words": [{"start": 163.5, "end": 163.76, "word": " We", "probability": 0.63818359375}, {"start": 163.76, "end": 164.88, "word": " are", "probability": 0.2783203125}, {"start": 164.88, "end": 165.8, "word": " going", "probability": 0.82373046875}, {"start": 165.8, "end": 166.04, "word": " to", "probability": 0.9638671875}, {"start": 166.04, "end": 166.5, "word": " study", "probability": 0.92529296875}, {"start": 166.5, "end": 166.94, "word": " the", "probability": 0.8212890625}, {"start": 166.94, "end": 168.22, "word": " difference", "probability": 0.8701171875}, {"start": 168.22, "end": 168.78, "word": " between", "probability": 0.8759765625}, {"start": 168.78, "end": 169.1, "word": " the", "probability": 0.86083984375}, {"start": 169.1, "end": 169.56, "word": " change", "probability": 0.8828125}, {"start": 169.56, "end": 169.98, "word": " in", "probability": 0.8974609375}, {"start": 169.98, "end": 170.78, "word": " supply", "probability": 0.93994140625}, {"start": 170.78, "end": 171.16, "word": " and", "probability": 0.92236328125}, {"start": 171.16, "end": 171.36, "word": " the", "probability": 0.8388671875}, {"start": 171.36, "end": 171.74, "word": " change", "probability": 0.8828125}, {"start": 171.74, "end": 171.96, "word": " in", "probability": 0.931640625}, {"start": 171.96, "end": 172.28, "word": " quant", "probability": 0.357421875}, {"start": 172.28, "end": 172.74, "word": " supplied.", "probability": 0.7626953125}, {"start": 173.28, "end": 173.54, "word": " So", "probability": 0.94091796875}, {"start": 173.54, "end": 174.48, "word": " the", "probability": 0.75634765625}, {"start": 174.48, "end": 174.8, "word": " same", "probability": 0.90771484375}, {"start": 174.8, "end": 175.5, "word": " as", "probability": 0.96484375}, {"start": 175.5, "end": 176.24, "word": " we", "probability": 0.96533203125}, {"start": 176.24, "end": 176.64, "word": " mentioned", "probability": 0.802734375}, {"start": 176.64, "end": 176.96, "word": " here", "probability": 0.8623046875}, {"start": 176.96, "end": 177.12, "word": " in", "probability": 0.88134765625}, {"start": 177.12, "end": 177.64, "word": " demand,", "probability": 0.810546875}, {"start": 178.6, "end": 178.72, "word": " the", "probability": 0.91455078125}, {"start": 178.72, "end": 179.2, "word": " change", "probability": 0.900390625}, {"start": 179.2, "end": 179.94, "word": " in", "probability": 0.94384765625}, {"start": 179.94, "end": 180.7, "word": " supply", "probability": 0.947265625}, {"start": 180.7, "end": 181.52, "word": " is", "probability": 0.8720703125}, {"start": 181.52, "end": 183.78, "word": " change", "probability": 0.78564453125}, {"start": 183.78, "end": 186.46, "word": " in", "probability": 0.7236328125}, {"start": 186.46, "end": 187.02, "word": " supply", "probability": 0.958984375}, {"start": 187.02, "end": 189.74, "word": " and", "probability": 0.66748046875}, {"start": 189.74, "end": 189.88, "word": " the", "probability": 0.8642578125}, {"start": 189.88, "end": 190.36, "word": " change", "probability": 0.8916015625}, {"start": 190.36, "end": 190.98, "word": " in", "probability": 0.94140625}, {"start": 190.98, "end": 191.26, "word": " quant", "probability": 0.80859375}, {"start": 191.26, "end": 191.66, "word": " supplied.", "probability": 0.84033203125}], "temperature": 1.0}, {"id": 7, "seek": 22704, "start": 198.4, "end": 227.04, "text": " Change in supply is the fall shifting. This is the price and the quantity supplied in the horizontal axis. And this is the original supply curve, this one. Change in supply is quite similar to change in demand. It's a fall shifting.", "tokens": [15060, 294, 5847, 307, 264, 2100, 17573, 13, 639, 307, 264, 3218, 293, 264, 11275, 27625, 294, 264, 12750, 10298, 13, 400, 341, 307, 264, 3380, 5847, 7605, 11, 341, 472, 13, 15060, 294, 5847, 307, 1596, 2531, 281, 1319, 294, 4733, 13, 467, 311, 257, 2100, 17573, 13], "avg_logprob": -0.20609375029802324, "compression_ratio": 1.6180555555555556, "no_speech_prob": 0.0, "words": [{"start": 198.4, "end": 198.86, "word": " Change", "probability": 0.77001953125}, {"start": 198.86, "end": 199.04, "word": " in", "probability": 0.91943359375}, {"start": 199.04, "end": 199.48, "word": " supply", "probability": 0.91552734375}, {"start": 199.48, "end": 200.48, "word": " is", "probability": 0.9345703125}, {"start": 200.48, "end": 201.64, "word": " the", "probability": 0.7275390625}, {"start": 201.64, "end": 201.9, "word": " fall", "probability": 0.302734375}, {"start": 201.9, "end": 202.4, "word": " shifting.", "probability": 0.86328125}, {"start": 204.52, "end": 205.14, "word": " This", "probability": 0.837890625}, {"start": 205.14, "end": 205.24, "word": " is", "probability": 0.94873046875}, {"start": 205.24, "end": 205.36, "word": " the", "probability": 0.85302734375}, {"start": 205.36, "end": 205.78, "word": " price", "probability": 0.912109375}, {"start": 205.78, "end": 206.66, "word": " and", "probability": 0.5703125}, {"start": 206.66, "end": 206.8, "word": " the", "probability": 0.59521484375}, {"start": 206.8, "end": 207.12, "word": " quantity", "probability": 0.85400390625}, {"start": 207.12, "end": 207.8, "word": " supplied", "probability": 0.8525390625}, {"start": 207.8, "end": 208.38, "word": " in", "probability": 0.8076171875}, {"start": 208.38, "end": 208.48, "word": " the", "probability": 0.91650390625}, {"start": 208.48, "end": 208.88, "word": " horizontal", "probability": 0.86328125}, {"start": 208.88, "end": 209.46, "word": " axis.", "probability": 0.9560546875}, {"start": 211.64, "end": 211.98, "word": " And", "probability": 0.63427734375}, {"start": 211.98, "end": 212.18, "word": " this", "probability": 0.94140625}, {"start": 212.18, "end": 212.36, "word": " is", "probability": 0.947265625}, {"start": 212.36, "end": 212.66, "word": " the", "probability": 0.92138671875}, {"start": 212.66, "end": 213.14, "word": " original", "probability": 0.9423828125}, {"start": 213.14, "end": 213.7, "word": " supply", "probability": 0.94873046875}, {"start": 213.7, "end": 214.14, "word": " curve,", "probability": 0.97900390625}, {"start": 214.58, "end": 214.7, "word": " this", "probability": 0.88037109375}, {"start": 214.7, "end": 214.94, "word": " one.", "probability": 0.919921875}, {"start": 217.08, "end": 217.72, "word": " Change", "probability": 0.84716796875}, {"start": 217.72, "end": 218.0, "word": " in", "probability": 0.9423828125}, {"start": 218.0, "end": 218.56, "word": " supply", "probability": 0.93408203125}, {"start": 218.56, "end": 222.02, "word": " is", "probability": 0.400390625}, {"start": 222.02, "end": 222.38, "word": " quite", "probability": 0.88671875}, {"start": 222.38, "end": 222.8, "word": " similar", "probability": 0.96240234375}, {"start": 222.8, "end": 222.94, "word": " to", "probability": 0.9365234375}, {"start": 222.94, "end": 223.3, "word": " change", "probability": 0.438720703125}, {"start": 223.3, "end": 223.5, "word": " in", "probability": 0.9375}, {"start": 223.5, "end": 223.92, "word": " demand.", "probability": 0.9208984375}, {"start": 225.42, "end": 226.04, "word": " It's", "probability": 0.96435546875}, {"start": 226.04, "end": 226.34, "word": " a", "probability": 0.98583984375}, {"start": 226.34, "end": 226.56, "word": " fall", "probability": 0.79541015625}, {"start": 226.56, "end": 227.04, "word": " shifting.", "probability": 0.88818359375}], "temperature": 1.0}, {"id": 8, "seek": 25587, "start": 228.15, "end": 255.87, "text": " a supply curve either to right or left to S3 due to what? Due to the change in one of the supply's determinants. Okay? Changing one supply is the movement", "tokens": [257, 5847, 7605, 2139, 281, 558, 420, 1411, 281, 318, 18, 3462, 281, 437, 30, 18980, 281, 264, 1319, 294, 472, 295, 264, 5847, 311, 15957, 1719, 13, 1033, 30, 45773, 472, 5847, 307, 264, 3963], "avg_logprob": -0.26266893180640966, "compression_ratio": 1.2916666666666667, "no_speech_prob": 0.0, "words": [{"start": 228.15, "end": 228.47, "word": " a", "probability": 0.1558837890625}, {"start": 228.47, "end": 228.83, "word": " supply", "probability": 0.91552734375}, {"start": 228.83, "end": 229.43, "word": " curve", "probability": 0.94677734375}, {"start": 229.43, "end": 230.15, "word": " either", "probability": 0.8798828125}, {"start": 230.15, "end": 230.45, "word": " to", "probability": 0.96923828125}, {"start": 230.45, "end": 230.81, "word": " right", "probability": 0.8935546875}, {"start": 230.81, "end": 231.03, "word": " or", "probability": 0.96923828125}, {"start": 231.03, "end": 231.47, "word": " left", "probability": 0.94287109375}, {"start": 231.47, "end": 233.41, "word": " to", "probability": 0.52490234375}, {"start": 233.41, "end": 234.37, "word": " S3", "probability": 0.774169921875}, {"start": 234.37, "end": 236.31, "word": " due", "probability": 0.568359375}, {"start": 236.31, "end": 236.59, "word": " to", "probability": 0.970703125}, {"start": 236.59, "end": 237.01, "word": " what?", "probability": 0.91259765625}, {"start": 238.77, "end": 239.57, "word": " Due", "probability": 0.70361328125}, {"start": 239.57, "end": 239.75, "word": " to", "probability": 0.90234375}, {"start": 239.75, "end": 239.87, "word": " the", "probability": 0.52392578125}, {"start": 239.87, "end": 240.37, "word": " change", "probability": 0.90771484375}, {"start": 240.37, "end": 240.81, "word": " in", "probability": 0.92041015625}, {"start": 240.81, "end": 241.21, "word": " one", "probability": 0.91845703125}, {"start": 241.21, "end": 241.63, "word": " of", "probability": 0.9580078125}, {"start": 241.63, "end": 241.79, "word": " the", "probability": 0.9189453125}, {"start": 241.79, "end": 242.45, "word": " supply's", "probability": 0.6376953125}, {"start": 242.45, "end": 243.31, "word": " determinants.", "probability": 0.9580078125}, {"start": 247.13, "end": 247.25, "word": " Okay?", "probability": 0.4248046875}, {"start": 249.29, "end": 250.01, "word": " Changing", "probability": 0.69384765625}, {"start": 250.01, "end": 250.37, "word": " one", "probability": 0.42822265625}, {"start": 250.37, "end": 250.85, "word": " supply", "probability": 0.8828125}, {"start": 250.85, "end": 252.47, "word": " is", "probability": 0.9384765625}, {"start": 252.47, "end": 255.33, "word": " the", "probability": 0.9228515625}, {"start": 255.33, "end": 255.87, "word": " movement", "probability": 0.93408203125}], "temperature": 1.0}, {"id": 9, "seek": 27819, "start": 262.49, "end": 278.19, "text": " supply curve, change in a quant supplied is the movement from point A to point B,", "tokens": [5847, 7605, 11, 1319, 294, 257, 4426, 27625, 307, 264, 3963, 490, 935, 316, 281, 935, 363, 11], "avg_logprob": -0.19921874529437014, "compression_ratio": 1.0789473684210527, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 262.49, "end": 263.07, "word": " supply", "probability": 0.62939453125}, {"start": 263.07, "end": 263.53, "word": " curve,", "probability": 0.87841796875}, {"start": 264.97, "end": 265.67, "word": " change", "probability": 0.8447265625}, {"start": 265.67, "end": 265.85, "word": " in", "probability": 0.900390625}, {"start": 265.85, "end": 265.97, "word": " a", "probability": 0.62939453125}, {"start": 265.97, "end": 266.21, "word": " quant", "probability": 0.806640625}, {"start": 266.21, "end": 266.87, "word": " supplied", "probability": 0.81787109375}, {"start": 266.87, "end": 267.55, "word": " is", "probability": 0.93310546875}, {"start": 267.55, "end": 272.25, "word": " the", "probability": 0.88330078125}, {"start": 272.25, "end": 272.75, "word": " movement", "probability": 0.919921875}, {"start": 272.75, "end": 274.79, "word": " from", "probability": 0.841796875}, {"start": 274.79, "end": 275.21, "word": " point", "probability": 0.92822265625}, {"start": 275.21, "end": 275.71, "word": " A", "probability": 0.91943359375}, {"start": 275.71, "end": 277.43, "word": " to", "probability": 0.96875}, {"start": 277.43, "end": 277.79, "word": " point", "probability": 0.9580078125}, {"start": 277.79, "end": 278.19, "word": " B,", "probability": 0.998046875}], "temperature": 1.0}, {"id": 10, "seek": 30772, "start": 279.16, "end": 307.72, "text": " Or C, from C to B, B to A, A to B, B to C, due to the change in the price of the product. As the price, let us assume that the price was P1, and this is the quant supplied one. As the price goes up to P2, what will happen if the quant supplied goes up as well? This is quant supplied two.", "tokens": [1610, 383, 11, 490, 383, 281, 363, 11, 363, 281, 316, 11, 316, 281, 363, 11, 363, 281, 383, 11, 3462, 281, 264, 1319, 294, 264, 3218, 295, 264, 1674, 13, 1018, 264, 3218, 11, 718, 505, 6552, 300, 264, 3218, 390, 430, 16, 11, 293, 341, 307, 264, 4426, 27625, 472, 13, 1018, 264, 3218, 1709, 493, 281, 430, 17, 11, 437, 486, 1051, 498, 264, 4426, 27625, 1709, 493, 382, 731, 30, 639, 307, 4426, 27625, 732, 13], "avg_logprob": -0.15605710170887135, "compression_ratio": 1.7515151515151515, "no_speech_prob": 0.0, "words": [{"start": 279.16, "end": 279.52, "word": " Or", "probability": 0.5234375}, {"start": 279.52, "end": 279.94, "word": " C,", "probability": 0.54150390625}, {"start": 280.3, "end": 280.64, "word": " from", "probability": 0.87744140625}, {"start": 280.64, "end": 280.9, "word": " C", "probability": 0.98974609375}, {"start": 280.9, "end": 281.06, "word": " to", "probability": 0.97509765625}, {"start": 281.06, "end": 281.38, "word": " B,", 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So the change in quantity supplied is the movement along the same supply curve due to the change in price of the product itself. The same as the demand. The same as demand. Let's go to something else.", "tokens": [407, 341, 1558, 420, 341, 935, 307, 1219, 264, 1319, 294, 11275, 27625, 13, 407, 264, 1319, 294, 11275, 27625, 307, 264, 3963, 2051, 264, 912, 5847, 7605, 3462, 281, 264, 1319, 294, 3218, 295, 264, 1674, 2564, 13, 440, 912, 382, 264, 4733, 13, 440, 912, 382, 4733, 13, 961, 311, 352, 281, 746, 1646, 13], "avg_logprob": -0.1523437546244983, "compression_ratio": 1.7828947368421053, "no_speech_prob": 0.0, "words": [{"start": 308.83, "end": 309.19, "word": " So", "probability": 0.90478515625}, {"start": 309.19, "end": 311.35, "word": " this", "probability": 0.69970703125}, {"start": 311.35, "end": 312.13, "word": " idea", "probability": 0.9072265625}, {"start": 312.13, "end": 312.45, "word": " or", "probability": 0.90185546875}, {"start": 312.45, "end": 312.83, "word": " this", "probability": 0.93994140625}, {"start": 312.83, "end": 313.29, "word": " point", "probability": 0.9716796875}, {"start": 313.29, "end": 313.65, "word": " is", "probability": 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in", "probability": 0.93603515625}, {"start": 325.31, "end": 325.71, "word": " price", "probability": 0.5888671875}, {"start": 325.71, "end": 325.91, "word": " of", "probability": 0.96484375}, {"start": 325.91, "end": 326.01, "word": " the", "probability": 0.916015625}, {"start": 326.01, "end": 326.27, "word": " product", "probability": 0.90869140625}, {"start": 326.27, "end": 326.77, "word": " itself.", "probability": 0.82373046875}, {"start": 328.51, "end": 329.29, "word": " The", "probability": 0.5771484375}, {"start": 329.29, "end": 329.63, "word": " same", "probability": 0.90673828125}, {"start": 329.63, "end": 330.09, "word": " as", "probability": 0.9677734375}, {"start": 330.09, "end": 330.35, "word": " the", "probability": 0.76123046875}, {"start": 330.35, "end": 330.99, "word": " demand.", "probability": 0.92529296875}, {"start": 331.31, "end": 332.09, "word": " The", "probability": 0.474365234375}, {"start": 332.09, "end": 332.37, "word": " same", "probability": 0.90771484375}, {"start": 332.37, "end": 332.67, "word": " as", "probability": 0.96875}, {"start": 332.67, "end": 333.07, "word": " demand.", "probability": 0.861328125}, {"start": 334.57, "end": 335.35, "word": " Let's", "probability": 0.978515625}, {"start": 335.35, "end": 335.55, "word": " go", "probability": 0.9677734375}, {"start": 335.55, "end": 335.87, "word": " to", "probability": 0.931640625}, {"start": 335.87, "end": 336.91, "word": " something", "probability": 0.8701171875}, {"start": 336.91, "end": 337.33, "word": " else.", "probability": 0.93017578125}], "temperature": 1.0}, {"id": 12, "seek": 36817, "start": 344.67, "end": 368.17, "text": " Let's go to the market equilibrium Let's go to the market equilibrium Market Equilibrium This is the market balance", "tokens": [961, 311, 352, 281, 264, 2142, 15625, 961, 311, 352, 281, 264, 2142, 15625, 15596, 15624, 12722, 13015, 639, 307, 264, 2142, 4772], "avg_logprob": -0.299153633415699, "compression_ratio": 1.7575757575757576, 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0.97412109375}, {"start": 351.95, "end": 353.93, "word": " Market", "probability": 0.53662109375}, {"start": 353.93, "end": 359.73, "word": " Equilibrium", "probability": 0.8111165364583334}, {"start": 359.73, "end": 367.77, "word": " This", "probability": 0.1875}, {"start": 367.77, "end": 367.77, "word": " is", "probability": 0.92041015625}, {"start": 367.77, "end": 367.89, "word": " the", "probability": 0.455810546875}, {"start": 367.89, "end": 367.93, "word": " market", "probability": 0.70849609375}, {"start": 367.93, "end": 368.17, "word": " balance", "probability": 0.476806640625}], "temperature": 1.0}, {"id": 13, "seek": 40017, "start": 373.21, "end": 400.17, "text": " to understand the idea of market equilibrium, let's have the following example. We have the following table that represents different prices and different quantity demanded and quantity supplied. Point.", "tokens": [281, 1223, 264, 1558, 295, 2142, 15625, 11, 718, 311, 362, 264, 3480, 1365, 13, 492, 362, 264, 3480, 3199, 300, 8855, 819, 7901, 293, 819, 11275, 28276, 293, 11275, 27625, 13, 12387, 13], "avg_logprob": -0.15457589370863778, "compression_ratio": 1.5263157894736843, "no_speech_prob": 0.0, "words": [{"start": 373.21, "end": 373.41, "word": " to", "probability": 0.44921875}, {"start": 373.41, "end": 373.89, "word": " understand", "probability": 0.7998046875}, {"start": 373.89, "end": 374.07, "word": " the", "probability": 0.91357421875}, {"start": 374.07, "end": 374.45, "word": " idea", "probability": 0.92041015625}, {"start": 374.45, "end": 374.87, "word": " of", "probability": 0.97021484375}, {"start": 374.87, "end": 376.05, "word": " market", "probability": 0.8251953125}, {"start": 376.05, "end": 376.63, "word": " equilibrium,", "probability": 0.9345703125}, {"start": 377.91, "end": 378.29, "word": " let's", "probability": 0.96923828125}, {"start": 378.29, "end": 378.51, "word": " have", "probability": 0.9423828125}, {"start": 378.51, "end": 378.65, "word": " the", "probability": 0.87353515625}, {"start": 378.65, "end": 378.97, "word": " following", "probability": 0.90283203125}, {"start": 378.97, "end": 379.57, "word": " example.", "probability": 0.9697265625}, {"start": 381.97, "end": 382.97, "word": " We", "probability": 0.9130859375}, {"start": 382.97, "end": 383.17, "word": " have", "probability": 0.82177734375}, {"start": 383.17, "end": 383.31, "word": " the", "probability": 0.90234375}, {"start": 383.31, "end": 383.75, "word": " following", "probability": 0.89208984375}, {"start": 383.75, "end": 384.47, "word": " table", "probability": 0.86572265625}, {"start": 384.47, "end": 386.19, "word": " that", "probability": 0.92236328125}, {"start": 386.19, "end": 386.93, "word": " represents", "probability": 0.892578125}, {"start": 386.93, "end": 389.29, "word": " different", "probability": 0.880859375}, {"start": 389.29, "end": 389.87, "word": " prices", "probability": 0.90771484375}, {"start": 389.87, "end": 390.37, "word": " and", "probability": 0.9091796875}, {"start": 390.37, "end": 390.71, "word": " different", "probability": 0.88671875}, {"start": 390.71, "end": 391.21, "word": " quantity", "probability": 0.98828125}, {"start": 391.21, "end": 391.73, "word": " demanded", "probability": 0.93115234375}, {"start": 391.73, "end": 392.17, "word": " and", "probability": 0.86669921875}, {"start": 392.17, "end": 392.49, "word": " quantity", "probability": 0.85986328125}, {"start": 392.49, "end": 392.99, "word": " supplied.", "probability": 0.84716796875}, {"start": 399.17, "end": 400.17, "word": " Point.", "probability": 0.8251953125}], "temperature": 1.0}, {"id": 14, "seek": 42668, "start": 411.98, "end": 426.68, "text": " Price Quantity Demand Quant Supply Market Status", "tokens": [25803, 26968, 507, 4686, 474, 26968, 9391, 356, 15596, 47409], "avg_logprob": -0.26953125541860407, "compression_ratio": 0.9607843137254902, 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"word": " A,", "probability": 0.880859375}, {"start": 438.58, "end": 440.06, "word": " B,", "probability": 0.8876953125}, {"start": 440.9, "end": 441.42, "word": " C.", "probability": 0.71435546875}], "temperature": 1.0}, {"id": 16, "seek": 49943, "start": 498.31, "end": 499.43, "text": " That's it, okay.", "tokens": [663, 311, 309, 11, 1392, 13], "avg_logprob": -0.17034040178571427, "compression_ratio": 0.68, "no_speech_prob": 0.0, "words": [{"start": 498.31, "end": 498.87, "word": " That's", "probability": 0.91650390625}, {"start": 498.87, "end": 499.11, "word": " it,", "probability": 0.9326171875}, {"start": 499.15, "end": 499.43, "word": " okay.", "probability": 0.83984375}], "temperature": 1.0}, {"id": 17, "seek": 54373, "start": 538.83, "end": 543.73, "text": " In this table, we have different points.", "tokens": [682, 341, 3199, 11, 321, 362, 819, 2793, 13], "avg_logprob": -0.17480468451976777, "compression_ratio": 0.8367346938775511, "no_speech_prob": 0.0, "words": [{"start": 538.8299999999999, "end": 539.79, "word": " In", "probability": 0.466796875}, {"start": 539.79, "end": 540.75, "word": " this", "probability": 0.9521484375}, {"start": 540.75, "end": 541.17, "word": " table,", "probability": 0.8798828125}, {"start": 541.81, "end": 542.27, "word": " we", "probability": 0.96875}, {"start": 542.27, "end": 542.71, "word": " have", "probability": 0.95068359375}, {"start": 542.71, "end": 543.25, "word": " different", "probability": 0.88623046875}, {"start": 543.25, "end": 543.73, "word": " points.", "probability": 0.92724609375}], "temperature": 1.0}, {"id": 18, "seek": 55773, "start": 545.65, "end": 557.73, "text": " different prices and different quantity demanded and quantified. As you see, at point A, the price was, the price per unit was five shekels.", "tokens": [819, 7901, 293, 819, 11275, 28276, 293, 4426, 2587, 13, 1018, 291, 536, 11, 412, 935, 316, 11, 264, 3218, 390, 11, 264, 3218, 680, 4985, 390, 1732, 750, 7124, 82, 13], "avg_logprob": -0.20975378787878787, "compression_ratio": 1.4242424242424243, "no_speech_prob": 0.0, "words": [{"start": 545.65, "end": 546.15, "word": " different", "probability": 0.358642578125}, {"start": 546.15, "end": 546.57, "word": " prices", "probability": 0.8515625}, {"start": 546.57, "end": 547.11, "word": " and", "probability": 0.87060546875}, {"start": 547.11, "end": 547.63, "word": " different", "probability": 0.88232421875}, {"start": 547.63, "end": 548.47, "word": " quantity", "probability": 0.955078125}, {"start": 548.47, "end": 548.95, "word": " demanded", "probability": 0.8896484375}, {"start": 548.95, "end": 549.23, "word": " and", "probability": 0.83935546875}, {"start": 549.23, "end": 549.79, "word": " quantified.", "probability": 0.62353515625}, {"start": 550.65, "end": 550.93, "word": " As", "probability": 0.95458984375}, {"start": 550.93, "end": 551.13, "word": " you", "probability": 0.966796875}, {"start": 551.13, "end": 551.35, "word": " see,", "probability": 0.93603515625}, {"start": 551.83, "end": 551.93, "word": " at", "probability": 0.9501953125}, {"start": 551.93, "end": 552.21, "word": " point", "probability": 0.9072265625}, {"start": 552.21, "end": 552.51, "word": " A,", "probability": 0.9248046875}, {"start": 553.43, "end": 553.55, "word": " the", "probability": 0.919921875}, {"start": 553.55, "end": 553.89, "word": " price", "probability": 0.900390625}, {"start": 553.89, "end": 554.31, "word": " was,", "probability": 0.478515625}, {"start": 555.09, "end": 555.45, "word": " the", "probability": 0.9189453125}, {"start": 555.45, "end": 555.73, "word": " price", "probability": 0.90283203125}, {"start": 555.73, "end": 555.97, "word": " per", "probability": 0.876953125}, {"start": 555.97, "end": 556.19, "word": " unit", "probability": 0.95947265625}, {"start": 556.19, "end": 556.61, "word": " was", "probability": 0.94189453125}, {"start": 556.61, "end": 557.03, "word": " five", "probability": 0.61474609375}, {"start": 557.03, "end": 557.73, "word": " shekels.", "probability": 0.9482421875}], "temperature": 1.0}, {"id": 19, "seek": 58650, "start": 558.78, "end": 586.5, "text": " The quantity purchased was 200, and the quantity sold or the quantity supplied was 80. As you see, as the price goes up, increases, the quantity demanded goes down, and the quantity supplied goes up. The same as the demand and supply theory says. So, we are going to determine", "tokens": [440, 11275, 14734, 390, 2331, 11, 293, 264, 11275, 3718, 420, 264, 11275, 27625, 390, 4688, 13, 1018, 291, 536, 11, 382, 264, 3218, 1709, 493, 11, 8637, 11, 264, 11275, 28276, 1709, 760, 11, 293, 264, 11275, 27625, 1709, 493, 13, 440, 912, 382, 264, 4733, 293, 5847, 5261, 1619, 13, 407, 11, 321, 366, 516, 281, 6997], "avg_logprob": -0.13828125, "compression_ratio": 1.7531645569620253, "no_speech_prob": 0.0, "words": [{"start": 558.78, "end": 559.02, "word": " The", "probability": 0.6044921875}, {"start": 559.02, "end": 559.38, "word": " quantity", "probability": 0.984375}, {"start": 559.38, "end": 559.86, "word": " purchased", "probability": 0.9453125}, {"start": 559.86, "end": 560.72, "word": " was", "probability": 0.955078125}, {"start": 560.72, "end": 561.88, "word": " 200,", "probability": 0.884765625}, {"start": 562.12, "end": 562.34, "word": " and", "probability": 0.92919921875}, {"start": 562.34, "end": 562.5, "word": " the", "probability": 0.916015625}, {"start": 562.5, "end": 562.98, "word": " quantity", "probability": 0.982421875}, {"start": 562.98, "end": 564.14, "word": " sold", "probability": 0.94140625}, {"start": 564.14, "end": 564.46, "word": " or", "probability": 0.5908203125}, {"start": 564.46, "end": 564.6, "word": " the", "probability": 0.8671875}, {"start": 564.6, "end": 565.14, "word": " quantity", "probability": 0.9853515625}, {"start": 565.14, "end": 566.1, "word": " supplied", "probability": 0.84228515625}, {"start": 566.1, "end": 566.64, "word": " was", "probability": 0.94775390625}, {"start": 566.64, "end": 567.16, "word": " 80.", "probability": 0.98046875}, {"start": 567.54, "end": 567.84, "word": " As", "probability": 0.96240234375}, {"start": 567.84, "end": 568.0, "word": " you", "probability": 0.96484375}, {"start": 568.0, "end": 568.2, "word": " see,", "probability": 0.9267578125}, {"start": 568.38, "end": 568.82, "word": " as", "probability": 0.9638671875}, {"start": 568.82, "end": 569.4, "word": " the", "probability": 0.9169921875}, {"start": 569.4, "end": 569.74, "word": " price", "probability": 0.90087890625}, {"start": 569.74, "end": 570.3, "word": " goes", "probability": 0.921875}, {"start": 570.3, "end": 570.72, "word": " up,", "probability": 0.97119140625}, {"start": 570.88, "end": 571.34, "word": " increases,", "probability": 0.923828125}, {"start": 571.78, "end": 572.3, "word": " the", "probability": 0.921875}, {"start": 572.3, "end": 572.7, "word": " quantity", "probability": 0.986328125}, {"start": 572.7, "end": 573.22, "word": " demanded", "probability": 0.93017578125}, {"start": 573.22, "end": 573.64, "word": " goes", "probability": 0.9169921875}, {"start": 573.64, "end": 574.06, "word": " down,", "probability": 0.8515625}, {"start": 574.34, "end": 574.6, "word": " and", "probability": 0.9326171875}, {"start": 574.6, "end": 574.72, "word": " the", "probability": 0.921875}, {"start": 574.72, "end": 574.96, "word": " quantity", "probability": 0.92431640625}, {"start": 574.96, "end": 575.54, "word": " supplied", "probability": 0.85498046875}, {"start": 575.54, "end": 576.22, "word": " goes", "probability": 0.92919921875}, {"start": 576.22, "end": 576.92, "word": " up.", "probability": 0.9677734375}, {"start": 577.98, "end": 578.46, "word": " The", "probability": 0.74072265625}, {"start": 578.46, "end": 578.76, "word": " same", "probability": 0.904296875}, {"start": 578.76, "end": 579.18, "word": " as", "probability": 0.9599609375}, {"start": 579.18, "end": 579.4, "word": " the", "probability": 0.861328125}, {"start": 579.4, "end": 579.78, "word": " demand", "probability": 0.92138671875}, {"start": 579.78, "end": 579.96, "word": " and", "probability": 0.7666015625}, {"start": 579.96, "end": 580.3, "word": " supply", "probability": 0.9443359375}, {"start": 580.3, "end": 580.88, "word": " theory", "probability": 0.8779296875}, {"start": 580.88, "end": 581.68, "word": " says.", "probability": 0.86669921875}, {"start": 582.28, "end": 582.58, "word": " So,", "probability": 0.92578125}, {"start": 583.56, "end": 585.38, "word": " we", "probability": 0.94580078125}, {"start": 585.38, "end": 585.6, "word": " are", "probability": 0.94140625}, {"start": 585.6, "end": 585.78, "word": " going", "probability": 0.50341796875}, {"start": 585.78, "end": 585.92, "word": " to", "probability": 0.9677734375}, {"start": 585.92, "end": 586.5, "word": " determine", "probability": 0.92236328125}], "temperature": 1.0}, {"id": 20, "seek": 61627, "start": 588.95, "end": 616.27, "text": " The market equilibrium, where is the willingness or the consumers meet the producers? Or where is the point at which the willingness of the producer and their ability meet the willingness and the ability of the producers who demand and supply?", "tokens": [440, 2142, 15625, 11, 689, 307, 264, 25069, 420, 264, 11883, 1677, 264, 16080, 30, 1610, 689, 307, 264, 935, 412, 597, 264, 25069, 295, 264, 12314, 293, 641, 3485, 1677, 264, 25069, 293, 264, 3485, 295, 264, 16080, 567, 4733, 293, 5847, 30], "avg_logprob": -0.17100694709353978, "compression_ratio": 1.7941176470588236, "no_speech_prob": 0.0, "words": [{"start": 588.95, "end": 589.21, "word": " The", "probability": 0.50341796875}, {"start": 589.21, "end": 589.63, "word": " market", "probability": 0.88720703125}, {"start": 589.63, "end": 590.35, "word": " equilibrium,", "probability": 0.93359375}, {"start": 590.77, "end": 590.93, "word": " where", "probability": 0.9287109375}, {"start": 590.93, "end": 591.37, "word": " is", "probability": 0.87451171875}, {"start": 591.37, "end": 593.13, "word": " the", "probability": 0.873046875}, {"start": 593.13, "end": 593.65, "word": " willingness", "probability": 0.921875}, {"start": 593.65, "end": 594.29, "word": " or", "probability": 0.5654296875}, {"start": 594.29, "end": 594.71, "word": " the", "probability": 0.912109375}, {"start": 594.71, "end": 595.65, "word": " consumers", "probability": 0.9384765625}, {"start": 595.65, "end": 597.03, "word": " meet", "probability": 0.93115234375}, {"start": 597.03, "end": 597.43, "word": " the", "probability": 0.91650390625}, {"start": 597.43, "end": 597.93, "word": " producers?", "probability": 0.85546875}, {"start": 599.31, "end": 599.87, "word": " Or", "probability": 0.9453125}, {"start": 599.87, "end": 600.19, "word": " where", "probability": 0.900390625}, {"start": 600.19, "end": 601.55, "word": " is", "probability": 0.450439453125}, {"start": 601.55, "end": 602.15, "word": " the", "probability": 0.892578125}, {"start": 602.15, "end": 602.63, "word": " point", "probability": 0.9619140625}, {"start": 602.63, "end": 602.97, "word": " at", "probability": 0.95947265625}, {"start": 602.97, "end": 603.49, "word": " which", "probability": 0.95166015625}, {"start": 603.49, "end": 604.11, "word": " the", "probability": 0.90283203125}, {"start": 604.11, "end": 604.47, "word": " willingness", "probability": 0.90771484375}, {"start": 604.47, "end": 604.89, "word": " of", "probability": 0.96826171875}, {"start": 604.89, "end": 605.05, "word": " the", "probability": 0.916015625}, {"start": 605.05, "end": 605.59, "word": " producer", "probability": 0.89501953125}, {"start": 605.59, "end": 607.09, "word": " and", "probability": 0.79248046875}, {"start": 607.09, "end": 607.89, "word": " their", "probability": 0.9306640625}, {"start": 607.89, "end": 608.35, "word": " ability", "probability": 0.97216796875}, {"start": 608.35, "end": 609.95, "word": " meet", "probability": 0.8076171875}, {"start": 609.95, "end": 611.03, "word": " the", "probability": 0.92431640625}, {"start": 611.03, "end": 611.45, "word": " willingness", "probability": 0.95849609375}, {"start": 611.45, "end": 612.29, "word": " and", "probability": 0.92578125}, {"start": 612.29, "end": 612.71, "word": " the", "probability": 0.87841796875}, {"start": 612.71, "end": 613.27, "word": " ability", "probability": 0.97265625}, {"start": 613.27, "end": 613.73, "word": " of", "probability": 0.96435546875}, {"start": 613.73, "end": 613.85, "word": " the", "probability": 0.89990234375}, {"start": 613.85, "end": 614.37, "word": " producers", "probability": 0.86865234375}, {"start": 614.37, "end": 615.19, "word": " who", "probability": 0.72998046875}, {"start": 615.19, "end": 615.59, "word": " demand", "probability": 0.91455078125}, {"start": 615.59, "end": 615.91, "word": " and", "probability": 0.9228515625}, {"start": 615.91, "end": 616.27, "word": " supply?", "probability": 0.9599609375}], "temperature": 1.0}, {"id": 21, "seek": 64750, "start": 618.32, "end": 647.5, "text": " Okay? We will check the point here. But before that, let's draw the demand curve and supply curve at the same graph or along the same graph. So now, we have the following graph that shows the prices and quantity demanded and quantity supplied as well. So here are the prices.", "tokens": [1033, 30, 492, 486, 1520, 264, 935, 510, 13, 583, 949, 300, 11, 718, 311, 2642, 264, 4733, 7605, 293, 5847, 7605, 412, 264, 912, 4295, 420, 2051, 264, 912, 4295, 13, 407, 586, 11, 321, 362, 264, 3480, 4295, 300, 3110, 264, 7901, 293, 11275, 28276, 293, 11275, 27625, 382, 731, 13, 407, 510, 366, 264, 7901, 13], "avg_logprob": -0.1393229181567828, "compression_ratio": 1.6140350877192982, "no_speech_prob": 0.0, "words": [{"start": 618.32, "end": 618.68, "word": " Okay?", "probability": 0.609375}, {"start": 619.24, "end": 619.54, "word": " We", "probability": 0.9521484375}, {"start": 619.54, "end": 619.72, "word": " will", "probability": 0.79296875}, {"start": 619.72, "end": 620.06, "word": " check", "probability": 0.943359375}, {"start": 620.06, "end": 620.26, "word": " the", "probability": 0.91943359375}, {"start": 620.26, "end": 620.48, "word": " point", "probability": 0.9619140625}, {"start": 620.48, "end": 620.76, "word": " here.", "probability": 0.8544921875}, {"start": 621.32, "end": 621.5, "word": " But", "probability": 0.9521484375}, {"start": 621.5, "end": 621.86, "word": " before", "probability": 0.83349609375}, {"start": 621.86, "end": 622.34, "word": " that,", "probability": 0.93310546875}, {"start": 623.56, "end": 624.4, "word": " let's", "probability": 0.969482421875}, {"start": 624.4, "end": 625.04, "word": " draw", "probability": 0.84912109375}, {"start": 625.04, "end": 626.14, "word": " the", "probability": 0.8544921875}, {"start": 626.14, "end": 626.6, "word": " demand", "probability": 0.900390625}, {"start": 626.6, "end": 627.08, "word": " curve", "probability": 0.9453125}, {"start": 627.08, "end": 627.54, "word": " and", "probability": 0.91552734375}, {"start": 627.54, "end": 627.88, "word": " supply", "probability": 0.9521484375}, {"start": 627.88, "end": 628.54, "word": " curve", "probability": 0.955078125}, {"start": 628.54, "end": 629.74, "word": " at", "probability": 0.572265625}, {"start": 629.74, "end": 629.9, "word": " the", "probability": 0.91650390625}, {"start": 629.9, "end": 630.18, "word": " same", "probability": 0.923828125}, {"start": 630.18, "end": 630.68, "word": " graph", "probability": 0.94775390625}, {"start": 630.68, "end": 631.24, "word": " or", "probability": 0.70751953125}, {"start": 631.24, "end": 631.46, "word": " along", "probability": 0.9326171875}, {"start": 631.46, "end": 631.68, "word": " the", "probability": 0.85595703125}, {"start": 631.68, "end": 631.9, "word": " same", "probability": 0.916015625}, {"start": 631.9, "end": 632.2, "word": " graph.", "probability": 0.92724609375}, {"start": 632.66, "end": 632.86, "word": " So", "probability": 0.93505859375}, {"start": 632.86, "end": 633.68, "word": " now,", "probability": 0.82470703125}, {"start": 634.26, "end": 635.68, "word": " we", "probability": 0.96484375}, {"start": 635.68, "end": 636.06, "word": " have", "probability": 0.94873046875}, {"start": 636.06, "end": 636.3, "word": " the", "probability": 0.92041015625}, {"start": 636.3, "end": 636.6, "word": " following", "probability": 0.88818359375}, {"start": 636.6, "end": 637.24, "word": " graph", "probability": 0.9404296875}, {"start": 637.24, "end": 637.8, "word": " that", "probability": 0.85498046875}, {"start": 637.8, "end": 638.24, "word": " shows", "probability": 0.91943359375}, {"start": 638.24, "end": 639.3, "word": " the", "probability": 0.92138671875}, {"start": 639.3, "end": 639.88, "word": " prices", "probability": 0.8798828125}, {"start": 639.88, "end": 641.0, "word": " and", "probability": 0.73046875}, {"start": 641.0, "end": 641.56, "word": " quantity", "probability": 0.56494140625}, {"start": 641.56, "end": 642.24, "word": " demanded", "probability": 0.9296875}, {"start": 642.24, "end": 642.6, "word": " and", "probability": 0.8701171875}, {"start": 642.6, "end": 642.88, "word": " quantity", "probability": 0.94482421875}, {"start": 642.88, "end": 643.34, "word": " supplied", "probability": 0.86181640625}, {"start": 643.34, "end": 643.6, "word": " as", "probability": 0.947265625}, {"start": 643.6, "end": 643.8, "word": " well.", "probability": 0.943359375}, {"start": 644.08, "end": 644.26, "word": " So", "probability": 0.94091796875}, {"start": 644.26, "end": 644.86, "word": " here", "probability": 0.8046875}, {"start": 644.86, "end": 645.6, "word": " are", "probability": 0.92626953125}, {"start": 645.6, "end": 646.3, "word": " the", "probability": 0.90234375}, {"start": 646.3, "end": 647.5, "word": " prices.", "probability": 0.896484375}], "temperature": 1.0}, {"id": 22, "seek": 67978, "start": 650.58, "end": 679.78, "text": " And this is the quantity. We will begin with demand, and then once we finish, we will go to supply. Prices, 5, 10, 15, 30, 35, 30, 35, 40. That's it.", "tokens": [400, 341, 307, 264, 11275, 13, 492, 486, 1841, 365, 4733, 11, 293, 550, 1564, 321, 2413, 11, 321, 486, 352, 281, 5847, 13, 430, 24373, 11, 1025, 11, 1266, 11, 2119, 11, 2217, 11, 6976, 11, 2217, 11, 6976, 11, 3356, 13, 663, 311, 309, 13], "avg_logprob": -0.16129556919137636, "compression_ratio": 1.2195121951219512, "no_speech_prob": 0.0, "words": [{"start": 650.58, "end": 650.88, "word": " And", "probability": 0.84716796875}, {"start": 650.88, "end": 651.1, "word": " this", "probability": 0.9423828125}, {"start": 651.1, "end": 651.22, "word": " is", "probability": 0.943359375}, {"start": 651.22, "end": 651.34, "word": " the", "probability": 0.90283203125}, {"start": 651.34, "end": 651.72, "word": " quantity.", "probability": 0.984375}, {"start": 653.7, "end": 654.44, "word": " We", "probability": 0.95654296875}, {"start": 654.44, "end": 654.64, "word": " will", "probability": 0.849609375}, {"start": 654.64, "end": 655.06, "word": " begin", "probability": 0.85205078125}, {"start": 655.06, "end": 655.34, "word": " with", "probability": 0.89208984375}, {"start": 655.34, "end": 656.1, "word": " demand,", "probability": 0.84375}, {"start": 656.3, "end": 656.44, "word": " and", "probability": 0.93115234375}, {"start": 656.44, "end": 656.76, "word": " then", "probability": 0.84716796875}, {"start": 656.76, "end": 657.72, "word": " once", "probability": 0.69287109375}, {"start": 657.72, "end": 657.94, "word": " we", "probability": 0.96240234375}, {"start": 657.94, "end": 658.38, "word": " finish,", "probability": 0.80712890625}, {"start": 658.52, "end": 658.66, "word": " we", "probability": 0.958984375}, {"start": 658.66, "end": 658.84, "word": " will", "probability": 0.888671875}, {"start": 658.84, "end": 659.1, "word": " go", "probability": 0.970703125}, {"start": 659.1, "end": 659.42, "word": " to", "probability": 0.9677734375}, {"start": 659.42, "end": 660.3, "word": " supply.", "probability": 0.9462890625}, {"start": 662.46, "end": 663.34, "word": " Prices,", "probability": 0.669677734375}, {"start": 664.42, "end": 664.84, "word": " 5,", "probability": 0.54638671875}, {"start": 665.58, "end": 668.96, "word": " 10,", "probability": 0.94775390625}, {"start": 669.54, "end": 670.44, "word": " 15,", "probability": 0.97021484375}, {"start": 671.4, "end": 671.92, "word": " 30,", "probability": 0.76123046875}, {"start": 672.86, "end": 673.56, "word": " 35,", "probability": 0.52734375}, {"start": 674.3, "end": 674.9, "word": " 30,", "probability": 0.9609375}, {"start": 675.72, "end": 676.76, "word": " 35,", "probability": 0.97998046875}, {"start": 677.36, "end": 677.94, "word": " 40.", "probability": 0.9755859375}, {"start": 679.18, "end": 679.6, "word": " That's", "probability": 0.94921875}, {"start": 679.6, "end": 679.78, "word": " it.", "probability": 0.9541015625}], "temperature": 1.0}, {"id": 23, "seek": 70810, "start": 683.22, "end": 708.1, "text": " Let's derive or draw or determine the quantity demanded here from 18, 20, 40, 80, 120, 160,", "tokens": [961, 311, 28446, 420, 2642, 420, 6997, 264, 11275, 28276, 510, 490, 2443, 11, 945, 11, 3356, 11, 4688, 11, 10411, 11, 21243, 11], "avg_logprob": -0.193125, "compression_ratio": 1.069767441860465, "no_speech_prob": 0.0, "words": [{"start": 683.22, "end": 683.7, "word": " Let's", "probability": 0.89599609375}, {"start": 683.7, "end": 684.18, "word": " derive", "probability": 0.888671875}, {"start": 684.18, "end": 685.48, "word": " or", "probability": 0.77685546875}, {"start": 685.48, "end": 685.82, "word": " draw", "probability": 0.8857421875}, {"start": 685.82, "end": 686.26, "word": " or", "probability": 0.8642578125}, {"start": 686.26, "end": 686.72, "word": " determine", "probability": 0.93798828125}, {"start": 686.72, "end": 687.08, "word": " the", "probability": 0.91455078125}, {"start": 687.08, "end": 687.6, "word": " quantity", "probability": 0.96728515625}, {"start": 687.6, "end": 688.06, "word": " demanded", "probability": 0.96484375}, {"start": 688.06, "end": 688.38, "word": " here", "probability": 0.8681640625}, {"start": 688.38, "end": 688.76, "word": " from", "probability": 0.8798828125}, {"start": 688.76, "end": 689.56, "word": " 18,", "probability": 0.7939453125}, {"start": 689.98, "end": 691.14, "word": " 20,", "probability": 0.88818359375}, {"start": 694.4, "end": 697.74, "word": " 40,", "probability": 0.63232421875}, {"start": 699.0, "end": 701.08, "word": " 80,", "probability": 0.9794921875}, {"start": 702.8, "end": 705.32, "word": " 120,", "probability": 0.9189453125}, {"start": 707.0, "end": 708.1, "word": " 160,", "probability": 0.9326171875}], "temperature": 1.0}, {"id": 24, "seek": 73479, "start": 711.45, "end": 734.79, "text": " 200. Okay, okay, okay. 20, 40, 60, 80, 100, 120, 140, 160, 180, and 200. That's it. 220.", "tokens": [2331, 13, 1033, 11, 1392, 11, 1392, 13, 945, 11, 3356, 11, 4060, 11, 4688, 11, 2319, 11, 10411, 11, 21548, 11, 21243, 11, 11971, 11, 293, 2331, 13, 663, 311, 309, 13, 29387, 13], "avg_logprob": -0.271267369389534, "compression_ratio": 1.2714285714285714, "no_speech_prob": 0.0, "words": [{"start": 711.45, "end": 711.97, "word": " 200.", "probability": 0.41259765625}, {"start": 713.73, "end": 714.03, "word": " Okay,", "probability": 0.2396240234375}, {"start": 715.43, "end": 715.69, "word": " okay,", "probability": 0.7919921875}, {"start": 715.83, "end": 716.11, "word": " okay.", "probability": 0.73046875}, {"start": 716.15, "end": 716.45, "word": " 20,", "probability": 0.60498046875}, {"start": 717.25, "end": 718.59, "word": " 40,", "probability": 0.970703125}, {"start": 719.03, "end": 720.19, "word": " 60,", "probability": 0.9775390625}, {"start": 720.57, "end": 722.01, "word": " 80,", "probability": 0.98095703125}, {"start": 722.21, "end": 723.21, "word": " 100,", "probability": 0.9111328125}, {"start": 724.33, "end": 725.05, "word": " 120,", "probability": 0.91552734375}, {"start": 725.73, "end": 726.53, "word": " 140,", "probability": 0.90673828125}, {"start": 727.37, "end": 728.05, "word": " 160,", "probability": 0.93798828125}, {"start": 729.63, "end": 730.59, "word": " 180,", "probability": 0.935546875}, {"start": 731.07, "end": 731.51, "word": " and", "probability": 0.92431640625}, {"start": 731.51, "end": 731.91, "word": " 200.", "probability": 0.94287109375}, {"start": 732.67, "end": 733.23, "word": " That's", "probability": 0.946044921875}, {"start": 733.23, "end": 733.43, "word": " it.", "probability": 0.95654296875}, {"start": 734.01, "end": 734.79, "word": " 220.", "probability": 0.552734375}], "temperature": 1.0}, {"id": 25, "seek": 76461, "start": 738.09, "end": 764.61, "text": " Now, let's draw the demand curve. The demand curve shows the relationship between prices and the quantity demanded. So point A here. When the price was five, the quantity demanded was 200. So at price five here,", "tokens": [823, 11, 718, 311, 2642, 264, 4733, 7605, 13, 440, 4733, 7605, 3110, 264, 2480, 1296, 7901, 293, 264, 11275, 28276, 13, 407, 935, 316, 510, 13, 1133, 264, 3218, 390, 1732, 11, 264, 11275, 28276, 390, 2331, 13, 407, 412, 3218, 1732, 510, 11], "avg_logprob": -0.1242357379068499, "compression_ratio": 1.5588235294117647, "no_speech_prob": 0.0, "words": [{"start": 738.09, "end": 738.53, "word": " Now,", "probability": 0.95703125}, {"start": 738.99, "end": 739.79, "word": " let's", "probability": 0.97412109375}, {"start": 739.79, "end": 740.35, "word": " draw", "probability": 0.88427734375}, {"start": 740.35, "end": 740.89, "word": " the", "probability": 0.91015625}, {"start": 740.89, "end": 741.29, "word": " demand", "probability": 0.888671875}, {"start": 741.29, "end": 741.71, "word": " curve.", "probability": 0.94775390625}, {"start": 746.31, "end": 747.19, "word": " The", "probability": 0.88525390625}, {"start": 747.19, "end": 747.53, "word": " demand", "probability": 0.90283203125}, {"start": 747.53, "end": 747.97, "word": " curve", "probability": 0.955078125}, {"start": 747.97, "end": 748.83, "word": " shows", "probability": 0.8984375}, {"start": 748.83, "end": 750.25, "word": " the", "probability": 0.91796875}, {"start": 750.25, "end": 750.87, "word": " relationship", "probability": 0.91455078125}, {"start": 750.87, "end": 751.53, "word": " between", "probability": 0.87353515625}, {"start": 751.53, "end": 752.97, "word": " prices", "probability": 0.86181640625}, {"start": 752.97, "end": 753.67, "word": " and", "probability": 0.93505859375}, {"start": 753.67, "end": 753.83, "word": " the", "probability": 0.66259765625}, {"start": 753.83, "end": 754.23, "word": " quantity", "probability": 0.9833984375}, {"start": 754.23, "end": 754.69, "word": " demanded.", "probability": 0.947265625}, {"start": 755.09, "end": 755.09, "word": " So", "probability": 0.7998046875}, {"start": 755.09, "end": 756.23, "word": " point", "probability": 0.60498046875}, {"start": 756.23, "end": 756.51, "word": " A", "probability": 0.497314453125}, {"start": 756.51, "end": 756.79, "word": " here.", "probability": 0.83447265625}, {"start": 757.77, "end": 758.21, "word": " When", "probability": 0.8671875}, {"start": 758.21, "end": 758.35, "word": " the", "probability": 0.919921875}, {"start": 758.35, "end": 758.67, "word": " price", "probability": 0.91796875}, {"start": 758.67, "end": 759.01, "word": " was", "probability": 0.94970703125}, {"start": 759.01, "end": 759.47, "word": " five,", "probability": 0.890625}, {"start": 760.33, "end": 760.53, "word": " the", "probability": 0.91943359375}, {"start": 760.53, "end": 760.95, "word": " quantity", "probability": 0.9873046875}, {"start": 760.95, "end": 761.43, "word": " demanded", "probability": 0.935546875}, {"start": 761.43, "end": 761.95, "word": " was", "probability": 0.95068359375}, {"start": 761.95, "end": 762.47, "word": " 200.", "probability": 0.9365234375}, {"start": 762.87, "end": 763.11, "word": " So", "probability": 0.94189453125}, {"start": 763.11, "end": 763.59, "word": " at", "probability": 0.85205078125}, {"start": 763.59, "end": 763.97, "word": " price", "probability": 0.8984375}, {"start": 763.97, "end": 764.33, "word": " five", "probability": 0.90380859375}, {"start": 764.33, "end": 764.61, "word": " here,", "probability": 0.84765625}], "temperature": 1.0}, {"id": 26, "seek": 79278, "start": 765.68, "end": 792.78, "text": " The quantity demanded was 200. This is point A for the demand function. Point B, 10 and 180. B, C, 50 and 160.", "tokens": [440, 11275, 28276, 390, 2331, 13, 639, 307, 935, 316, 337, 264, 4733, 2445, 13, 12387, 363, 11, 1266, 293, 11971, 13, 363, 11, 383, 11, 2625, 293, 21243, 13], "avg_logprob": -0.17023689323855984, "compression_ratio": 1.121212121212121, "no_speech_prob": 0.0, "words": [{"start": 765.68, "end": 765.9, "word": " The", "probability": 0.63916015625}, {"start": 765.9, "end": 766.3, "word": " quantity", "probability": 0.9833984375}, {"start": 766.3, "end": 766.68, "word": " demanded", "probability": 0.92236328125}, {"start": 766.68, "end": 767.32, "word": " was", "probability": 0.953125}, {"start": 767.32, "end": 767.84, "word": " 200.", "probability": 0.94140625}, {"start": 771.04, "end": 771.74, "word": " This", "probability": 0.904296875}, {"start": 771.74, "end": 771.92, "word": " is", "probability": 0.9462890625}, {"start": 771.92, "end": 772.2, "word": " point", "probability": 0.94873046875}, {"start": 772.2, "end": 772.54, "word": " A", "probability": 0.916015625}, {"start": 772.54, "end": 774.76, "word": " for", "probability": 0.5888671875}, {"start": 774.76, "end": 776.0, "word": " the", "probability": 0.9189453125}, {"start": 776.0, "end": 776.3, "word": " demand", "probability": 0.90966796875}, {"start": 776.3, "end": 776.84, "word": " function.", "probability": 0.9638671875}, {"start": 778.36, "end": 778.58, "word": " Point", "probability": 0.76123046875}, {"start": 778.58, "end": 778.88, "word": " B,", "probability": 0.99462890625}, {"start": 779.2, "end": 779.48, "word": " 10", "probability": 0.958984375}, {"start": 779.48, "end": 779.94, "word": " and", "probability": 0.8837890625}, {"start": 779.94, "end": 781.14, "word": " 180.", "probability": 0.8642578125}, {"start": 786.12, "end": 787.3, "word": " B,", "probability": 0.86474609375}, {"start": 788.32, "end": 789.34, "word": " C,", "probability": 0.96630859375}, {"start": 790.14, "end": 790.96, "word": " 50", "probability": 0.51220703125}, {"start": 790.96, "end": 791.76, "word": " and", "probability": 0.78857421875}, {"start": 791.76, "end": 792.78, "word": " 160.", "probability": 0.94140625}], "temperature": 1.0}, {"id": 27, "seek": 83242, "start": 805.56, "end": 832.42, "text": " D, 20, and 140. A, 25, 120. F, 30, 100.", "tokens": [413, 11, 945, 11, 293, 21548, 13, 316, 11, 3552, 11, 10411, 13, 479, 11, 2217, 11, 2319, 13], "avg_logprob": -0.1307617224752903, "compression_ratio": 0.9090909090909091, "no_speech_prob": 0.0, "words": [{"start": 805.56, "end": 805.96, "word": " D,", "probability": 0.62646484375}, {"start": 806.22, "end": 806.8, "word": " 20,", "probability": 0.884765625}, {"start": 807.28, "end": 807.5, "word": " and", "probability": 0.90673828125}, {"start": 807.5, "end": 808.12, "word": " 140.", "probability": 0.814453125}, {"start": 816.94, "end": 817.82, "word": " A,", "probability": 0.85888671875}, {"start": 818.22, "end": 819.6, "word": " 25,", "probability": 0.97021484375}, {"start": 820.0, "end": 821.08, "word": " 120.", "probability": 0.93408203125}, {"start": 830.24, "end": 831.12, "word": " F,", "probability": 0.98291015625}, {"start": 831.34, "end": 831.78, "word": " 30,", "probability": 0.97998046875}, {"start": 832.0, "end": 832.42, "word": " 100.", "probability": 0.9208984375}], "temperature": 1.0}, {"id": 28, "seek": 86655, "start": 840.97, "end": 866.55, "text": " G, 35 and 80. Now, let's connect these points. We will reach to the demand curve. This is what here? This is the demand curve.", "tokens": [460, 11, 6976, 293, 4688, 13, 823, 11, 718, 311, 1745, 613, 2793, 13, 492, 486, 2524, 281, 264, 4733, 7605, 13, 639, 307, 437, 510, 30, 639, 307, 264, 4733, 7605, 13], "avg_logprob": -0.14981617822366602, "compression_ratio": 1.233009708737864, "no_speech_prob": 0.0, "words": [{"start": 840.9699999999999, "end": 841.79, "word": " G,", "probability": 0.56591796875}, {"start": 841.79, "end": 842.61, "word": " 35", "probability": 0.9365234375}, {"start": 842.61, "end": 843.27, "word": " and", "probability": 0.765625}, {"start": 843.27, "end": 843.75, "word": " 80.", "probability": 0.93896484375}, {"start": 852.83, "end": 853.65, "word": " Now,", "probability": 0.9306640625}, {"start": 853.83, "end": 854.25, "word": " let's", "probability": 0.966796875}, {"start": 854.25, "end": 854.59, "word": " connect", "probability": 0.884765625}, {"start": 854.59, "end": 854.85, "word": " these", "probability": 0.85205078125}, {"start": 854.85, "end": 855.27, "word": " points.", "probability": 0.921875}, {"start": 855.55, "end": 855.69, "word": " We", "probability": 0.916015625}, {"start": 855.69, "end": 855.87, "word": " will", "probability": 0.89697265625}, {"start": 855.87, "end": 856.33, "word": " reach", "probability": 0.935546875}, {"start": 856.33, "end": 856.69, "word": " to", "probability": 0.93115234375}, {"start": 856.69, "end": 857.51, "word": " the", "probability": 0.91015625}, {"start": 857.51, "end": 857.99, "word": " demand", "probability": 0.90576171875}, {"start": 857.99, "end": 858.47, "word": " curve.", "probability": 0.91162109375}, {"start": 862.67, "end": 863.49, "word": " This", "probability": 0.8876953125}, {"start": 863.49, "end": 863.67, "word": " is", "probability": 0.94189453125}, {"start": 863.67, "end": 863.91, "word": " what", "probability": 0.85107421875}, {"start": 863.91, "end": 864.17, "word": " here?", "probability": 0.6806640625}, {"start": 865.07, "end": 865.57, "word": " This", "probability": 0.6787109375}, {"start": 865.57, "end": 865.67, "word": " is", "probability": 0.9423828125}, {"start": 865.67, "end": 865.81, "word": " the", "probability": 0.90869140625}, {"start": 865.81, "end": 866.15, "word": " demand", "probability": 0.9111328125}, {"start": 866.15, "end": 866.55, "word": " curve.", "probability": 0.95556640625}], "temperature": 1.0}, {"id": 29, "seek": 89563, "start": 873.99, "end": 895.63, "text": " Let's go to derive and draw supply curve. Supply curve. At price equals 5, how much is the quantity supplied? 80. Then 10, 100, 15, 120, okay?", "tokens": [961, 311, 352, 281, 28446, 293, 2642, 5847, 7605, 13, 9391, 356, 7605, 13, 1711, 3218, 6915, 1025, 11, 577, 709, 307, 264, 11275, 27625, 30, 4688, 13, 1396, 1266, 11, 2319, 11, 2119, 11, 10411, 11, 1392, 30], "avg_logprob": -0.32187498807907106, "compression_ratio": 1.1916666666666667, "no_speech_prob": 0.0, "words": [{"start": 873.99, "end": 874.37, "word": " Let's", "probability": 0.892333984375}, {"start": 874.37, "end": 874.61, "word": " go", "probability": 0.9716796875}, {"start": 874.61, "end": 875.01, "word": " to", "probability": 0.89013671875}, {"start": 875.01, "end": 875.71, "word": " derive", "probability": 0.74951171875}, {"start": 875.71, "end": 876.49, "word": " and", "probability": 0.365478515625}, {"start": 876.49, "end": 876.93, "word": " draw", "probability": 0.802734375}, {"start": 876.93, "end": 877.93, "word": " supply", "probability": 0.6865234375}, {"start": 877.93, "end": 878.57, "word": " curve.", "probability": 0.955078125}, {"start": 880.19, "end": 880.95, "word": " Supply", "probability": 0.871337890625}, {"start": 880.95, "end": 881.35, "word": " curve.", "probability": 0.93408203125}, {"start": 882.81, "end": 883.85, "word": " At", "probability": 0.84130859375}, {"start": 883.85, "end": 885.03, "word": " price", "probability": 0.52001953125}, {"start": 885.03, "end": 885.65, "word": " equals", "probability": 0.85888671875}, {"start": 885.65, "end": 886.07, "word": " 5,", "probability": 0.42236328125}, {"start": 886.21, "end": 886.39, "word": " how", "probability": 0.9326171875}, {"start": 886.39, "end": 886.83, "word": " much", "probability": 0.919921875}, {"start": 886.83, "end": 887.21, "word": " is", "probability": 0.91552734375}, {"start": 887.21, "end": 887.73, "word": " the", "probability": 0.89892578125}, {"start": 887.73, "end": 887.87, "word": " quantity", "probability": 0.3212890625}, {"start": 887.87, "end": 888.43, "word": " supplied?", "probability": 0.86572265625}, {"start": 889.01, "end": 889.31, "word": " 80.", "probability": 0.87646484375}, {"start": 890.07, "end": 890.43, "word": " Then", "probability": 0.84130859375}, {"start": 890.43, "end": 891.81, "word": " 10,", "probability": 0.607421875}, {"start": 892.03, "end": 892.85, "word": " 100,", "probability": 0.86865234375}, {"start": 893.09, "end": 893.77, "word": " 15,", "probability": 0.383056640625}, {"start": 894.19, "end": 895.05, "word": " 120,", "probability": 0.796875}, {"start": 895.43, "end": 895.63, "word": " okay?", "probability": 0.82958984375}], "temperature": 1.0}, {"id": 30, "seek": 92520, "start": 898.04, "end": 925.2, "text": " For the first point, when the price was five, how much was the quant demand equals supplied? Five. The quant supplied equals 80. This is point A. At 10, 100. 10 and 100. B.", "tokens": [1171, 264, 700, 935, 11, 562, 264, 3218, 390, 1732, 11, 577, 709, 390, 264, 4426, 4733, 6915, 27625, 30, 9436, 13, 440, 4426, 27625, 6915, 4688, 13, 639, 307, 935, 316, 13, 1711, 1266, 11, 2319, 13, 1266, 293, 2319, 13, 363, 13], "avg_logprob": -0.22413195106718276, "compression_ratio": 1.373015873015873, "no_speech_prob": 0.0, "words": [{"start": 898.04, "end": 898.24, "word": " For", "probability": 0.85791015625}, {"start": 898.24, "end": 898.38, "word": " the", "probability": 0.92333984375}, {"start": 898.38, "end": 898.62, "word": " first", "probability": 0.88525390625}, {"start": 898.62, "end": 898.96, "word": " point,", "probability": 0.9677734375}, {"start": 899.34, "end": 899.58, "word": " when", "probability": 0.78564453125}, {"start": 899.58, "end": 899.7, "word": " the", "probability": 0.92138671875}, {"start": 899.7, "end": 900.0, "word": " price", "probability": 0.92041015625}, {"start": 900.0, "end": 900.32, "word": " was", "probability": 0.951171875}, {"start": 900.32, "end": 900.72, "word": " five,", "probability": 0.87109375}, {"start": 901.0, "end": 901.26, "word": " how", "probability": 0.9306640625}, {"start": 901.26, "end": 901.8, "word": " much", "probability": 0.916015625}, {"start": 901.8, "end": 902.76, "word": " was", "probability": 0.9453125}, {"start": 902.76, "end": 903.0, "word": " the", "probability": 0.89892578125}, {"start": 903.0, "end": 903.24, "word": " quant", "probability": 0.407958984375}, {"start": 903.24, "end": 903.62, "word": " demand", "probability": 0.92431640625}, {"start": 903.62, "end": 904.0, "word": " equals", "probability": 0.64501953125}, {"start": 904.0, "end": 904.5, "word": " supplied?", "probability": 0.4677734375}, {"start": 905.14, "end": 905.48, "word": " Five.", "probability": 0.8623046875}, {"start": 906.28, "end": 906.42, "word": " The", "probability": 0.73779296875}, {"start": 906.42, "end": 906.68, "word": " quant", "probability": 0.947265625}, {"start": 906.68, "end": 907.26, "word": " supplied", "probability": 0.830078125}, {"start": 907.26, "end": 908.46, "word": " equals", "probability": 0.94189453125}, {"start": 908.46, "end": 909.16, "word": " 80.", "probability": 0.912109375}, {"start": 909.88, "end": 910.78, "word": " This", "probability": 0.9033203125}, {"start": 910.78, "end": 910.98, "word": " is", "probability": 0.94873046875}, {"start": 910.98, "end": 911.34, "word": " point", "probability": 0.94091796875}, {"start": 911.34, "end": 911.8, "word": " A.", "probability": 0.93408203125}, {"start": 915.44, "end": 916.28, "word": " At", "probability": 0.7509765625}, {"start": 916.28, "end": 918.36, "word": " 10,", "probability": 0.7763671875}, {"start": 919.04, "end": 920.36, "word": " 100.", "probability": 0.85009765625}, {"start": 921.74, "end": 922.32, "word": " 10", "probability": 0.67333984375}, {"start": 922.32, "end": 923.52, "word": " and", "probability": 0.80078125}, {"start": 923.52, "end": 924.08, "word": " 100.", "probability": 0.92041015625}, {"start": 924.6, "end": 925.2, "word": " B.", "probability": 0.728515625}], "temperature": 1.0}, {"id": 31, "seek": 95674, "start": 930.32, "end": 956.74, "text": " 15, 120. Yeah. 20, 140. Day. 25, 160.", "tokens": [2119, 11, 10411, 13, 865, 13, 945, 11, 21548, 13, 5226, 13, 3552, 11, 21243, 13], "avg_logprob": -0.3343290441176471, "compression_ratio": 0.95, "no_speech_prob": 0.0, "words": [{"start": 930.32, "end": 931.02, "word": " 15,", "probability": 0.398193359375}, {"start": 931.5, "end": 932.92, "word": " 120.", "probability": 0.9150390625}, {"start": 936.74, "end": 937.62, "word": " Yeah.", "probability": 0.5}, {"start": 941.02, "end": 942.02, "word": " 20,", "probability": 0.8359375}, {"start": 942.54, "end": 943.24, "word": " 140.", "probability": 0.94189453125}, {"start": 946.14, "end": 946.6, "word": " Day.", "probability": 0.65966796875}, {"start": 951.64, "end": 953.04, "word": " 25,", "probability": 0.099609375}, {"start": 956.12, "end": 956.74, "word": " 160.", "probability": 0.931640625}], "temperature": 1.0}, {"id": 32, "seek": 98724, "start": 964.58, "end": 987.24, "text": " E, 30, 180, 180 and 30. And the last point, 200 and 35 here. Let's connect these points here. This is the supply.", "tokens": [462, 11, 2217, 11, 11971, 11, 11971, 293, 2217, 13, 400, 264, 1036, 935, 11, 2331, 293, 6976, 510, 13, 961, 311, 1745, 613, 2793, 510, 13, 639, 307, 264, 5847, 13], "avg_logprob": -0.16737689393939395, "compression_ratio": 1.2, "no_speech_prob": 0.0, "words": [{"start": 964.58, "end": 965.38, "word": " E,", "probability": 0.8349609375}, {"start": 965.38, "end": 966.18, "word": " 30,", "probability": 0.79345703125}, {"start": 966.42, "end": 968.28, "word": " 180,", "probability": 0.93505859375}, {"start": 969.22, "end": 970.76, "word": " 180", "probability": 0.9072265625}, {"start": 970.76, "end": 971.26, "word": " and", "probability": 0.55810546875}, {"start": 971.26, "end": 971.68, "word": " 30.", "probability": 0.97265625}, {"start": 975.58, "end": 975.72, "word": " And", "probability": 0.6650390625}, {"start": 975.72, "end": 975.84, "word": " the", "probability": 0.89892578125}, {"start": 975.84, "end": 976.06, "word": " last", "probability": 0.86474609375}, {"start": 976.06, "end": 976.36, "word": " point,", "probability": 0.94921875}, {"start": 976.52, "end": 976.9, "word": " 200", "probability": 0.64892578125}, {"start": 976.9, "end": 977.58, "word": " and", "probability": 0.8388671875}, {"start": 977.58, "end": 980.12, "word": " 35", "probability": 0.681640625}, {"start": 980.12, "end": 980.46, "word": " here.", "probability": 0.732421875}, {"start": 982.0, "end": 982.68, "word": " Let's", "probability": 0.96728515625}, {"start": 982.68, "end": 983.0, "word": " connect", "probability": 0.84912109375}, {"start": 983.0, "end": 983.26, "word": " these", "probability": 0.8486328125}, {"start": 983.26, "end": 983.62, "word": " points", "probability": 0.927734375}, {"start": 983.62, "end": 983.9, "word": " here.", "probability": 0.8583984375}, {"start": 985.66, "end": 986.18, "word": " This", "probability": 0.89990234375}, {"start": 986.18, "end": 986.5, "word": " is", "probability": 0.95068359375}, {"start": 986.5, "end": 986.9, "word": " the", "probability": 0.91796875}, {"start": 986.9, "end": 987.24, "word": " supply.", "probability": 0.95556640625}], "temperature": 1.0}, {"id": 33, "seek": 102558, "start": 997.5, "end": 1025.58, "text": " This point at D here. The consumer desires to buy the product at D here. The consumer agreed to buy the product", "tokens": [639, 935, 412, 413, 510, 13, 440, 9711, 18005, 281, 2256, 264, 1674, 412, 413, 510, 13, 440, 9711, 9166, 281, 2256, 264, 1674], "avg_logprob": -0.121640625, "compression_ratio": 1.4933333333333334, "no_speech_prob": 0.0, "words": [{"start": 997.5, "end": 997.86, "word": " This", "probability": 0.7666015625}, {"start": 997.86, "end": 998.3, "word": " point", "probability": 0.9716796875}, {"start": 998.3, "end": 1000.32, "word": " at", "probability": 0.74951171875}, {"start": 1000.32, "end": 1000.6, "word": " D", "probability": 0.86572265625}, {"start": 1000.6, "end": 1001.06, "word": " here.", "probability": 0.86669921875}, {"start": 1004.64, "end": 1004.98, "word": " The", "probability": 0.89306640625}, {"start": 1004.98, "end": 1005.66, "word": " consumer", "probability": 0.82958984375}, {"start": 1005.66, "end": 1007.98, "word": " desires", "probability": 0.888671875}, {"start": 1007.98, "end": 1008.96, "word": " to", "probability": 0.970703125}, {"start": 1008.96, "end": 1009.26, "word": " buy", "probability": 0.90576171875}, {"start": 1009.26, "end": 1009.46, "word": " the", "probability": 0.9208984375}, {"start": 1009.46, "end": 1009.9, "word": " product", "probability": 0.9169921875}, {"start": 1009.9, "end": 1011.44, "word": " at", "probability": 0.95458984375}, {"start": 1011.44, "end": 1011.62, "word": " D", "probability": 0.98779296875}, {"start": 1011.62, "end": 1011.94, "word": " here.", "probability": 0.8642578125}, {"start": 1019.3, "end": 1020.26, "word": " The", "probability": 0.8759765625}, {"start": 1020.26, "end": 1020.84, "word": " consumer", "probability": 0.8203125}, {"start": 1020.84, "end": 1023.7, "word": " agreed", "probability": 0.92919921875}, {"start": 1023.7, "end": 1024.3, "word": " to", "probability": 0.97119140625}, {"start": 1024.3, "end": 1024.72, "word": " buy", "probability": 0.921875}, {"start": 1024.72, "end": 1025.22, "word": " the", "probability": 0.92529296875}, {"start": 1025.22, "end": 1025.58, "word": " product", "probability": 0.91455078125}], "temperature": 1.0}, {"id": 34, "seek": 105335, "start": 1027.94, "end": 1053.36, "text": " at 20 shekels, or by 20 shekels. And the producer, the sellers, accepts also to sell the product at this price here. How much is the equivalent? At this point, they call it equilibrium point. Equilibrium point. Let's come here.", "tokens": [412, 945, 750, 7124, 82, 11, 420, 538, 945, 750, 7124, 82, 13, 400, 264, 12314, 11, 264, 31276, 11, 33538, 611, 281, 3607, 264, 1674, 412, 341, 3218, 510, 13, 1012, 709, 307, 264, 10344, 30, 1711, 341, 935, 11, 436, 818, 309, 15625, 935, 13, 15624, 12722, 13015, 935, 13, 961, 311, 808, 510, 13], "avg_logprob": -0.24757542384081874, "compression_ratio": 1.5616438356164384, "no_speech_prob": 0.0, "words": [{"start": 1027.9399999999998, "end": 1028.6399999999999, "word": " at", "probability": 0.73681640625}, {"start": 1028.6399999999999, "end": 1029.34, "word": " 20", "probability": 0.76611328125}, {"start": 1029.34, "end": 1030.04, "word": " shekels,", "probability": 0.7483723958333334}, {"start": 1030.24, "end": 1030.42, "word": " or", "probability": 0.96142578125}, {"start": 1030.42, "end": 1030.56, "word": " by", "probability": 0.818359375}, {"start": 1030.56, "end": 1030.84, "word": " 20", "probability": 0.935546875}, {"start": 1030.84, "end": 1031.36, "word": " shekels.", "probability": 0.9588216145833334}, {"start": 1031.58, "end": 1031.76, "word": " And", "probability": 0.833984375}, {"start": 1031.76, "end": 1032.36, "word": " the", "probability": 0.85595703125}, {"start": 1032.36, "end": 1033.16, "word": " producer,", "probability": 0.84765625}, {"start": 1033.38, "end": 1033.52, "word": " the", "probability": 0.85888671875}, {"start": 1033.52, "end": 1033.86, "word": " sellers,", "probability": 0.919921875}, {"start": 1034.32, "end": 1034.76, "word": " accepts", "probability": 0.8740234375}, {"start": 1034.76, "end": 1035.44, "word": " also", "probability": 0.81103515625}, {"start": 1035.44, "end": 1036.44, "word": " to", "probability": 0.89794921875}, {"start": 1036.44, "end": 1037.2, "word": " sell", "probability": 0.8798828125}, {"start": 1037.2, "end": 1037.38, "word": " the", "probability": 0.85302734375}, {"start": 1037.38, "end": 1037.88, "word": " product", "probability": 0.8994140625}, {"start": 1037.88, "end": 1039.8, "word": " at", "probability": 0.923828125}, {"start": 1039.8, "end": 1039.96, "word": " this", "probability": 0.9169921875}, {"start": 1039.96, "end": 1040.32, "word": " price", "probability": 0.927734375}, {"start": 1040.32, "end": 1040.58, "word": " here.", "probability": 0.70263671875}, {"start": 1041.16, "end": 1041.32, "word": " How", "probability": 0.798828125}, {"start": 1041.32, "end": 1041.58, "word": " much", "probability": 0.91015625}, {"start": 1041.58, "end": 1041.86, "word": " is", "probability": 0.9443359375}, {"start": 1041.86, "end": 1042.12, "word": " the", "probability": 0.7421875}, {"start": 1042.12, "end": 1042.56, "word": " equivalent?", "probability": 0.256103515625}, {"start": 1042.96, "end": 1043.14, "word": " At", "probability": 0.83447265625}, {"start": 1043.14, "end": 1043.3, "word": " this", "probability": 0.94775390625}, {"start": 1043.3, "end": 1043.62, "word": " point,", "probability": 0.9375}, {"start": 1044.2, "end": 1044.32, "word": " they", "probability": 0.383544921875}, {"start": 1044.32, "end": 1044.56, "word": " call", "probability": 0.85888671875}, {"start": 1044.56, "end": 1044.8, "word": " it", "probability": 0.82421875}, {"start": 1044.8, "end": 1045.6, "word": " equilibrium", "probability": 0.830078125}, {"start": 1045.6, "end": 1046.12, "word": " point.", "probability": 0.9580078125}, {"start": 1047.88, "end": 1048.58, "word": " Equilibrium", "probability": 0.9597981770833334}, {"start": 1048.58, "end": 1049.16, "word": " point.", "probability": 0.927734375}, {"start": 1052.16, "end": 1052.86, "word": " Let's", "probability": 0.60302734375}, {"start": 1052.86, "end": 1053.12, "word": " come", "probability": 0.8515625}, {"start": 1053.12, "end": 1053.36, "word": " here.", "probability": 0.86181640625}], "temperature": 1.0}, {"id": 35, "seek": 108189, "start": 1054.55, "end": 1081.89, "text": " Come back to the table here. What do you see? If the price was low here, at five shekels, the producer or the consumer wishes to buy, he has a willingness to buy 200 units. But the producer wishes to buy or tries to sell", "tokens": [2492, 646, 281, 264, 3199, 510, 13, 708, 360, 291, 536, 30, 759, 264, 3218, 390, 2295, 510, 11, 412, 1732, 750, 7124, 82, 11, 264, 12314, 420, 264, 9711, 15065, 281, 2256, 11, 415, 575, 257, 25069, 281, 2256, 2331, 6815, 13, 583, 264, 12314, 15065, 281, 2256, 420, 9898, 281, 3607], "avg_logprob": -0.15075231591860452, "compression_ratio": 1.5136986301369864, "no_speech_prob": 0.0, "words": [{"start": 1054.55, "end": 1054.85, "word": " Come", "probability": 0.59619140625}, {"start": 1054.85, "end": 1055.19, "word": " back", "probability": 0.8828125}, {"start": 1055.19, "end": 1055.43, "word": " to", "probability": 0.96923828125}, {"start": 1055.43, "end": 1055.91, "word": " the", "probability": 0.92578125}, {"start": 1055.91, "end": 1056.23, "word": " table", "probability": 0.91796875}, {"start": 1056.23, "end": 1056.61, "word": " here.", "probability": 0.84619140625}, {"start": 1057.15, "end": 1057.29, "word": " What", "probability": 0.5986328125}, {"start": 1057.29, "end": 1057.41, "word": " do", "probability": 0.9345703125}, {"start": 1057.41, "end": 1057.43, "word": " you", "probability": 0.96875}, {"start": 1057.43, "end": 1057.69, "word": " see?", "probability": 0.93115234375}, {"start": 1058.87, "end": 1059.15, "word": " If", "probability": 0.962890625}, {"start": 1059.15, "end": 1059.33, "word": " the", "probability": 0.91455078125}, {"start": 1059.33, "end": 1059.67, "word": " price", "probability": 0.908203125}, {"start": 1059.67, "end": 1060.21, "word": " was", "probability": 0.95166015625}, {"start": 1060.21, "end": 1061.99, "word": " low", "probability": 0.93896484375}, {"start": 1061.99, "end": 1062.33, "word": " here,", "probability": 0.50537109375}, {"start": 1063.19, "end": 1063.43, "word": " at", "probability": 0.96044921875}, {"start": 1063.43, "end": 1063.79, "word": " five", "probability": 0.83984375}, {"start": 1063.79, "end": 1064.59, "word": " shekels,", "probability": 0.8868815104166666}, {"start": 1065.05, "end": 1066.19, "word": " the", "probability": 0.8798828125}, {"start": 1066.19, "end": 1066.77, "word": " producer", "probability": 0.93017578125}, {"start": 1066.77, "end": 1067.29, "word": " or", "probability": 0.84375}, {"start": 1067.29, "end": 1067.45, "word": " the", "probability": 0.916015625}, {"start": 1067.45, "end": 1068.05, "word": " consumer", "probability": 0.8154296875}, {"start": 1068.05, "end": 1069.25, "word": " wishes", "probability": 0.8125}, {"start": 1069.25, "end": 1069.61, "word": " to", "probability": 0.97021484375}, {"start": 1069.61, "end": 1070.01, "word": " buy,", "probability": 0.91796875}, {"start": 1071.21, "end": 1071.41, "word": " he", "probability": 0.9619140625}, {"start": 1071.41, "end": 1071.69, "word": " has", "probability": 0.95458984375}, {"start": 1071.69, "end": 1071.91, "word": " a", "probability": 0.8857421875}, {"start": 1071.91, "end": 1072.33, "word": " willingness", "probability": 0.9169921875}, {"start": 1072.33, "end": 1073.87, "word": " to", "probability": 0.96337890625}, {"start": 1073.87, "end": 1074.41, "word": " buy", "probability": 0.90625}, {"start": 1074.41, "end": 1075.73, "word": " 200", "probability": 0.89794921875}, {"start": 1075.73, "end": 1076.47, "word": " units.", "probability": 0.947265625}, {"start": 1077.11, "end": 1077.25, "word": " But", "probability": 0.947265625}, {"start": 1077.25, "end": 1077.45, "word": " the", "probability": 0.85791015625}, {"start": 1077.45, "end": 1078.01, "word": " producer", "probability": 0.91650390625}, {"start": 1078.01, "end": 1079.15, "word": " wishes", "probability": 0.81201171875}, {"start": 1079.15, "end": 1079.47, "word": " to", "probability": 0.970703125}, {"start": 1079.47, "end": 1079.73, "word": " buy", "probability": 0.91748046875}, {"start": 1079.73, "end": 1080.09, "word": " or", "probability": 0.82763671875}, {"start": 1080.09, "end": 1080.83, "word": " tries", "probability": 0.8583984375}, {"start": 1080.83, "end": 1081.35, "word": " to", "probability": 0.96728515625}, {"start": 1081.35, "end": 1081.89, "word": " sell", "probability": 0.87939453125}], "temperature": 1.0}, {"id": 36, "seek": 110768, "start": 1082.14, "end": 1107.68, "text": " or wishes to sell 80 units. Here we have what? Excess demand. Excess demand means at this point, the quantity demanded is bigger than the quantity supplied. At this price, at five,", "tokens": [420, 15065, 281, 3607, 4688, 6815, 13, 1692, 321, 362, 437, 30, 2111, 780, 4733, 13, 2111, 780, 4733, 1355, 412, 341, 935, 11, 264, 11275, 28276, 307, 3801, 813, 264, 11275, 27625, 13, 1711, 341, 3218, 11, 412, 1732, 11], "avg_logprob": -0.18303571428571427, "compression_ratio": 1.4140625, "no_speech_prob": 0.0, "words": [{"start": 1082.14, "end": 1082.48, "word": " or", "probability": 0.5654296875}, {"start": 1082.48, "end": 1083.74, "word": " wishes", "probability": 0.1337890625}, {"start": 1083.74, "end": 1084.4, "word": " to", "probability": 0.96240234375}, {"start": 1084.4, "end": 1085.38, "word": " sell", "probability": 0.88671875}, {"start": 1085.38, "end": 1086.56, "word": " 80", "probability": 0.86328125}, {"start": 1086.56, "end": 1087.3, "word": " units.", "probability": 0.955078125}, {"start": 1088.48, "end": 1088.76, "word": " Here", "probability": 0.86474609375}, {"start": 1088.76, "end": 1088.9, "word": " we", "probability": 0.76513671875}, {"start": 1088.9, "end": 1089.18, "word": " have", "probability": 0.9482421875}, {"start": 1089.18, "end": 1089.5, "word": " what?", "probability": 0.89013671875}, {"start": 1093.66, "end": 1094.32, "word": " Excess", "probability": 0.6778564453125}, {"start": 1094.32, "end": 1095.1, "word": " demand.", "probability": 0.9091796875}, {"start": 1096.26, "end": 1097.22, "word": " Excess", "probability": 0.963623046875}, {"start": 1097.22, "end": 1097.78, "word": " demand", "probability": 0.8984375}, {"start": 1097.78, "end": 1098.32, "word": " means", "probability": 0.8193359375}, {"start": 1098.32, "end": 1099.6, "word": " at", "probability": 0.7294921875}, {"start": 1099.6, "end": 1099.88, "word": " this", "probability": 0.9501953125}, {"start": 1099.88, "end": 1100.22, "word": " point,", "probability": 0.96826171875}, {"start": 1100.7, "end": 1100.94, "word": " the", "probability": 0.92236328125}, {"start": 1100.94, "end": 1101.36, "word": " quantity", "probability": 0.9833984375}, {"start": 1101.36, "end": 1101.88, "word": " demanded", "probability": 0.93701171875}, {"start": 1101.88, "end": 1102.48, "word": " is", "probability": 0.95068359375}, {"start": 1102.48, "end": 1102.86, "word": " bigger", "probability": 0.95458984375}, {"start": 1102.86, "end": 1103.14, "word": " than", "probability": 0.943359375}, {"start": 1103.14, "end": 1103.28, "word": " the", "probability": 0.91796875}, {"start": 1103.28, "end": 1103.52, "word": " quantity", "probability": 0.869140625}, {"start": 1103.52, "end": 1104.16, "word": " supplied.", "probability": 0.8447265625}, {"start": 1105.58, "end": 1105.9, "word": " At", "probability": 0.92041015625}, {"start": 1105.9, "end": 1106.6, "word": " this", "probability": 0.9482421875}, {"start": 1106.6, "end": 1107.02, "word": " price,", "probability": 0.91748046875}, {"start": 1107.1, "end": 1107.32, "word": " at", "probability": 0.9609375}, {"start": 1107.32, "end": 1107.68, "word": " five,", "probability": 0.78369140625}], "temperature": 1.0}, {"id": 37, "seek": 113809, "start": 1110.14, "end": 1138.1, "text": " At a price equals five, the quantity demanded is bigger than the quantity supplied. Here we have excess demand. Or supply shortage or shortage supply. QD minus QS. They call this market status.", "tokens": [1711, 257, 3218, 6915, 1732, 11, 264, 11275, 28276, 307, 3801, 813, 264, 11275, 27625, 13, 1692, 321, 362, 9310, 4733, 13, 1610, 5847, 24708, 420, 24708, 5847, 13, 1249, 35, 3175, 1249, 50, 13, 814, 818, 341, 2142, 6558, 13], "avg_logprob": -0.2775297590664455, "compression_ratio": 1.39568345323741, "no_speech_prob": 0.0, "words": [{"start": 1110.14, "end": 1110.38, "word": " At", "probability": 0.72705078125}, {"start": 1110.38, "end": 1110.5, "word": " a", "probability": 0.6044921875}, {"start": 1110.5, "end": 1110.72, "word": " price", "probability": 0.9140625}, {"start": 1110.72, "end": 1111.08, "word": " equals", "probability": 0.92138671875}, {"start": 1111.08, "end": 1111.5, "word": " five,", "probability": 0.85009765625}, {"start": 1111.96, "end": 1112.1, "word": " the", "probability": 0.91455078125}, {"start": 1112.1, "end": 1112.44, "word": " quantity", "probability": 0.91845703125}, {"start": 1112.44, "end": 1113.06, "word": " demanded", "probability": 0.9091796875}, {"start": 1113.06, "end": 1113.62, "word": " is", "probability": 0.9306640625}, {"start": 1113.62, "end": 1113.86, "word": " bigger", "probability": 0.94482421875}, {"start": 1113.86, "end": 1114.14, "word": " than", "probability": 0.94140625}, {"start": 1114.14, "end": 1114.28, "word": " the", "probability": 0.47412109375}, {"start": 1114.28, "end": 1114.46, "word": " quantity", "probability": 0.9814453125}, {"start": 1114.46, "end": 1114.88, "word": " supplied.", "probability": 0.876953125}, {"start": 1117.7, "end": 1118.46, "word": " Here", "probability": 0.86083984375}, {"start": 1118.46, "end": 1118.64, "word": " we", "probability": 0.64208984375}, {"start": 1118.64, "end": 1119.16, "word": " have", "probability": 0.94775390625}, {"start": 1119.16, "end": 1121.16, "word": " excess", "probability": 0.42919921875}, {"start": 1121.16, "end": 1121.82, "word": " demand.", "probability": 0.93310546875}, {"start": 1125.42, "end": 1126.22, "word": " Or", "probability": 0.64208984375}, {"start": 1126.22, "end": 1127.9, "word": " supply", "probability": 0.9189453125}, {"start": 1127.9, "end": 1128.6, "word": " shortage", "probability": 0.9375}, {"start": 1128.6, "end": 1128.82, "word": " or", "probability": 0.8271484375}, {"start": 1128.82, "end": 1129.2, "word": " shortage", "probability": 0.93994140625}, {"start": 1129.2, "end": 1130.02, "word": " supply.", "probability": 0.86865234375}, {"start": 1134.14, "end": 1134.94, "word": " QD", "probability": 0.4849853515625}, {"start": 1134.94, "end": 1135.32, "word": " minus", "probability": 0.947265625}, {"start": 1135.32, "end": 1135.98, "word": " QS.", "probability": 0.90673828125}, {"start": 1136.3, "end": 1136.52, "word": " They", "probability": 0.2352294921875}, {"start": 1136.52, "end": 1136.76, "word": " call", "probability": 0.85107421875}, {"start": 1136.76, "end": 1136.98, "word": " this", "probability": 0.56005859375}, {"start": 1136.98, "end": 1137.38, "word": " market", "probability": 0.58935546875}, {"start": 1137.38, "end": 1138.1, "word": " status.", "probability": 0.9365234375}], "temperature": 1.0}, {"id": 38, "seek": 116271, "start": 1139.53, "end": 1162.71, "text": " What is QD minus QS? 200 minus 80? Positive 120. Positive 120. This is called excess demand.", "tokens": [708, 307, 1249, 35, 3175, 1249, 50, 30, 2331, 3175, 4688, 30, 46326, 10411, 13, 46326, 10411, 13, 639, 307, 1219, 9310, 4733, 13], "avg_logprob": -0.3459375, "compression_ratio": 1.1772151898734178, "no_speech_prob": 0.0, "words": [{"start": 1139.53, "end": 1139.81, "word": " What", "probability": 0.1693115234375}, {"start": 1139.81, "end": 1139.97, "word": " is", "probability": 0.62646484375}, {"start": 1139.97, "end": 1142.73, "word": " QD", "probability": 0.46661376953125}, {"start": 1142.73, "end": 1144.85, "word": " minus", "probability": 0.92822265625}, {"start": 1144.85, "end": 1145.63, "word": " QS?", "probability": 0.962158203125}, {"start": 1149.17, "end": 1150.27, "word": " 200", "probability": 0.46630859375}, {"start": 1150.27, "end": 1152.35, "word": " minus", "probability": 0.984375}, {"start": 1152.35, "end": 1153.13, "word": " 80?", "probability": 0.97998046875}, {"start": 1153.55, "end": 1154.95, "word": " Positive", "probability": 0.76611328125}, {"start": 1154.95, "end": 1155.91, "word": " 120.", "probability": 0.810546875}, {"start": 1156.87, "end": 1158.27, "word": " Positive", "probability": 0.7001953125}, {"start": 1158.27, "end": 1159.35, "word": " 120.", "probability": 0.89111328125}, {"start": 1160.17, "end": 1160.93, "word": " This", "probability": 0.48974609375}, {"start": 1160.93, "end": 1161.01, "word": " is", "probability": 0.93017578125}, {"start": 1161.01, "end": 1161.33, "word": " called", "probability": 0.70703125}, {"start": 1161.33, "end": 1162.07, "word": " excess", "probability": 0.833984375}, {"start": 1162.07, "end": 1162.71, "word": " demand.", "probability": 0.91259765625}], "temperature": 1.0}, {"id": 39, "seek": 120177, "start": 1173.33, "end": 1201.77, "text": " Excess demand. Sometimes, they calculate Qs minus Qd. It doesn't matter. And then it turns out to be negative. We have a shortage in the market. Okay? It doesn't matter. The idea is, what is the market situation here? These people sell for 80, and these people ask for 200. We have excess demand. Or shortage of supply or supply shortage.", "tokens": [2111, 780, 4733, 13, 4803, 11, 436, 2104, 2444, 473, 1249, 82, 3175, 1249, 67, 13, 467, 1177, 380, 1871, 13, 400, 550, 309, 4523, 484, 281, 312, 3671, 13, 492, 362, 257, 24708, 294, 264, 2142, 13, 1033, 30, 467, 1177, 380, 1871, 13, 440, 1558, 307, 11, 437, 307, 264, 2142, 2590, 510, 30, 1981, 561, 3607, 337, 4688, 11, 293, 613, 561, 1029, 337, 2331, 13, 492, 362, 9310, 4733, 13, 1610, 24708, 295, 5847, 420, 5847, 24708, 13], "avg_logprob": -0.5105421528758773, "compression_ratio": 1.6298076923076923, "no_speech_prob": 0.0, "words": [{"start": 1173.33, "end": 1173.81, "word": " Excess", "probability": 0.6099853515625}, {"start": 1173.81, "end": 1174.21, "word": " demand.", "probability": 0.845703125}, {"start": 1176.61, "end": 1177.17, "word": " Sometimes,", "probability": 0.9150390625}, {"start": 1177.27, "end": 1177.43, "word": " they", "probability": 0.455810546875}, {"start": 1177.43, "end": 1177.87, "word": " calculate", 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It doesn't matter. It's the same. Okay? Then here it's like this. This makes Qs minus Qd shortage supply or supply shortage. Next.", "tokens": [440, 8513, 307, 2139, 1249, 82, 3175, 1249, 67, 420, 1249, 67, 3175, 1249, 82, 13, 467, 1177, 380, 1871, 13, 467, 311, 264, 912, 13, 1033, 30, 1396, 510, 309, 311, 411, 341, 13, 639, 1669, 1249, 82, 3175, 1249, 67, 24708, 5847, 420, 5847, 24708, 13, 3087, 13], "avg_logprob": -0.3952205765481089, "compression_ratio": 1.4031007751937985, "no_speech_prob": 0.0, "words": [{"start": 1202.78, "end": 1203.1, "word": " The", "probability": 0.36279296875}, {"start": 1203.1, "end": 1203.4, "word": " formula", "probability": 0.71875}, {"start": 1203.4, "end": 1203.74, "word": " is", "probability": 0.37353515625}, {"start": 1203.74, "end": 1203.88, "word": " either", "probability": 0.6982421875}, {"start": 1203.88, "end": 1205.38, "word": " Qs", "probability": 0.512451171875}, {"start": 1205.38, "end": 1205.68, "word": " minus", "probability": 0.58154296875}, {"start": 1205.68, "end": 1206.28, "word": " Qd", "probability": 0.899658203125}, {"start": 1206.28, "end": 1206.9, 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"probability": 0.8046875}, {"start": 1219.6, "end": 1220.2, "word": " shortage.", "probability": 0.96435546875}, {"start": 1226.46, "end": 1227.06, "word": " Next.", "probability": 0.595703125}], "temperature": 1.0}, {"id": 41, "seek": 125577, "start": 1228.43, "end": 1255.77, "text": " 100 minus 180 minus 80, supply shortage, 120 minus 40, zero, no excess demand, no excess supply. 160 minus 120 plus 40, we have what here?", "tokens": [2319, 3175, 11971, 3175, 4688, 11, 5847, 24708, 11, 10411, 3175, 3356, 11, 4018, 11, 572, 9310, 4733, 11, 572, 9310, 5847, 13, 21243, 3175, 10411, 1804, 3356, 11, 321, 362, 437, 510, 30], "avg_logprob": -0.20848214626312256, "compression_ratio": 1.3762376237623761, "no_speech_prob": 0.0, "words": [{"start": 1228.43, "end": 1229.01, "word": " 100", "probability": 0.8330078125}, {"start": 1229.01, "end": 1229.53, "word": " minus", "probability": 0.9453125}, {"start": 1229.53, "end": 1230.57, "word": " 180", "probability": 0.9189453125}, {"start": 1230.57, 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"end": 1243.13, "word": " excess", "probability": 0.970703125}, {"start": 1243.13, "end": 1243.87, "word": " supply.", "probability": 0.94482421875}, {"start": 1246.15, "end": 1246.17, "word": " 160", "probability": 0.54541015625}, {"start": 1246.17, "end": 1250.73, "word": " minus", "probability": 0.98193359375}, {"start": 1250.73, "end": 1251.63, "word": " 120", "probability": 0.92919921875}, {"start": 1251.63, "end": 1253.13, "word": " plus", "probability": 0.78515625}, {"start": 1253.13, "end": 1253.63, "word": " 40,", "probability": 0.9716796875}, {"start": 1254.73, "end": 1255.05, "word": " we", "probability": 0.94775390625}, {"start": 1255.05, "end": 1255.27, "word": " have", "probability": 0.94873046875}, {"start": 1255.27, "end": 1255.49, "word": " what", "probability": 0.9375}, {"start": 1255.49, "end": 1255.77, "word": " here?", "probability": 0.8388671875}], "temperature": 1.0}, {"id": 42, "seek": 128524, "start": 1256.88, "end": 1285.24, "text": " Excess supply of goods. Here we have excess supply of goods. Excess supply or shortage demand. Shortage. Supply shortage who are excess demand.", "tokens": [2111, 780, 5847, 295, 10179, 13, 1692, 321, 362, 9310, 5847, 295, 10179, 13, 2111, 780, 5847, 420, 24708, 4733, 13, 16881, 609, 13, 9391, 356, 24708, 567, 366, 9310, 4733, 13], "avg_logprob": -0.30326704545454547, "compression_ratio": 1.6363636363636365, "no_speech_prob": 0.0, "words": [{"start": 1256.88, "end": 1257.62, "word": " Excess", "probability": 0.75244140625}, {"start": 1257.62, "end": 1258.26, "word": " supply", "probability": 0.8037109375}, {"start": 1258.26, "end": 1258.44, "word": " of", "probability": 0.82861328125}, {"start": 1258.44, "end": 1258.66, "word": " goods.", "probability": 0.9345703125}, {"start": 1260.36, "end": 1260.74, "word": " Here", "probability": 0.79833984375}, {"start": 1260.74, "end": 1260.92, "word": " we", "probability": 0.84375}, {"start": 1260.92, "end": 1261.28, "word": " have", "probability": 0.951171875}, {"start": 1261.28, "end": 1262.7, "word": " excess", "probability": 0.833984375}, {"start": 1262.7, "end": 1263.3, "word": " supply", "probability": 0.9501953125}, {"start": 1263.3, "end": 1263.56, "word": " of", "probability": 0.94287109375}, {"start": 1263.56, "end": 1263.78, "word": " goods.", "probability": 0.91552734375}, {"start": 1265.4, "end": 1266.58, "word": " Excess", "probability": 0.6309814453125}, {"start": 1266.58, "end": 1268.18, "word": " supply", "probability": 0.9189453125}, {"start": 1268.18, "end": 1270.12, "word": " or", "probability": 0.67041015625}, {"start": 1270.12, "end": 1270.96, "word": " shortage", "probability": 0.923828125}, {"start": 1270.96, "end": 1271.46, "word": " demand.", "probability": 0.92333984375}, {"start": 1274.66, "end": 1275.84, "word": " Shortage.", "probability": 0.74365234375}, {"start": 1282.52, "end": 1283.7, "word": " Supply", "probability": 0.849609375}, {"start": 1283.7, "end": 1284.28, "word": " shortage", "probability": 0.86962890625}, {"start": 1284.28, "end": 1284.48, "word": " who", "probability": 0.388671875}, {"start": 1284.48, "end": 1284.58, "word": " are", "probability": 0.175048828125}, {"start": 1284.58, "end": 1284.88, "word": " excess", "probability": 0.89794921875}, {"start": 1284.88, "end": 1285.24, "word": " demand.", "probability": 0.92041015625}], "temperature": 1.0}, {"id": 43, "seek": 131745, "start": 1290.45, "end": 1317.45, "text": " X supply means equals shortage demand. Positive 80, positive 120, that's it. Where is the point at which the quant supplied equals the quantity demanded? Here's. This is the equilibrium point.", "tokens": [1783, 5847, 1355, 6915, 24708, 4733, 13, 46326, 4688, 11, 3353, 10411, 11, 300, 311, 309, 13, 2305, 307, 264, 935, 412, 597, 264, 4426, 27625, 6915, 264, 11275, 28276, 30, 1692, 311, 13, 639, 307, 264, 15625, 935, 13], "avg_logprob": -0.22198932926829268, "compression_ratio": 1.4087591240875912, "no_speech_prob": 0.0, "words": [{"start": 1290.45, "end": 1290.89, "word": " X", "probability": 0.53076171875}, {"start": 1290.89, "end": 1291.33, "word": " supply", "probability": 0.415283203125}, {"start": 1291.33, "end": 1292.03, "word": " means", "probability": 0.92822265625}, {"start": 1292.03, "end": 1292.69, "word": " equals", "probability": 0.66064453125}, {"start": 1292.69, "end": 1293.55, "word": " shortage", "probability": 0.91259765625}, {"start": 1293.55, "end": 1293.97, "word": " demand.", "probability": 0.904296875}, {"start": 1297.97, "end": 1298.97, "word": " Positive", "probability": 0.407470703125}, {"start": 1298.97, "end": 1299.65, "word": " 80,", "probability": 0.943359375}, {"start": 1300.17, "end": 1300.75, "word": " positive", "probability": 0.94873046875}, {"start": 1300.75, "end": 1302.71, "word": " 120,", "probability": 0.91357421875}, {"start": 1303.11, "end": 1303.37, "word": " that's", "probability": 0.962890625}, {"start": 1303.37, "end": 1303.55, "word": " it.", "probability": 0.94091796875}, {"start": 1306.67, "end": 1307.03, "word": " Where", "probability": 0.85888671875}, {"start": 1307.03, "end": 1307.39, "word": " is", "probability": 0.9453125}, {"start": 1307.39, "end": 1307.83, "word": " the", "probability": 0.92333984375}, {"start": 1307.83, "end": 1308.21, "word": " point", "probability": 0.9765625}, {"start": 1308.21, "end": 1308.83, "word": " at", "probability": 0.96826171875}, {"start": 1308.83, "end": 1309.37, "word": " which", "probability": 0.95458984375}, {"start": 1309.37, "end": 1310.11, "word": " the", "probability": 0.8115234375}, {"start": 1310.11, "end": 1310.39, "word": " quant", "probability": 0.495361328125}, {"start": 1310.39, "end": 1310.97, "word": " supplied", "probability": 0.7802734375}, {"start": 1310.97, "end": 1311.79, "word": " equals", "probability": 0.93115234375}, {"start": 1311.79, "end": 1311.95, "word": " the", "probability": 0.69677734375}, {"start": 1311.95, "end": 1312.31, "word": " quantity", "probability": 0.583984375}, {"start": 1312.31, "end": 1312.79, "word": " demanded?", "probability": 0.9541015625}, {"start": 1313.39, "end": 1313.75, "word": " Here's.", "probability": 0.640625}, {"start": 1315.51, "end": 1315.91, "word": " This", "probability": 0.59716796875}, {"start": 1315.91, "end": 1316.15, "word": " is", "probability": 0.94580078125}, {"start": 1316.15, "end": 1316.43, "word": " the", "probability": 0.90966796875}, {"start": 1316.43, "end": 1316.91, "word": " equilibrium", "probability": 0.96923828125}, {"start": 1316.91, "end": 1317.45, "word": " point.", "probability": 0.9638671875}], "temperature": 1.0}, {"id": 44, "seek": 135401, "start": 1327.53, "end": 1354.01, "text": " At this point, the quantity demanded equals the quantity supplied. This is the equilibrium quantity, equilibrium quantity, and this is the equilibrium price. So the equilibrium price in this case is $20 or 20 shekels per unit, and the equilibrium quantity is 140. Let's go to the graph here.", "tokens": [1711, 341, 935, 11, 264, 11275, 28276, 6915, 264, 11275, 27625, 13, 639, 307, 264, 15625, 11275, 11, 15625, 11275, 11, 293, 341, 307, 264, 15625, 3218, 13, 407, 264, 15625, 3218, 294, 341, 1389, 307, 1848, 2009, 420, 945, 750, 7124, 82, 680, 4985, 11, 293, 264, 15625, 11275, 307, 21548, 13, 961, 311, 352, 281, 264, 4295, 510, 13], "avg_logprob": -0.15057963901950466, "compression_ratio": 1.908496732026144, "no_speech_prob": 0.0, "words": [{"start": 1327.53, "end": 1328.25, "word": " At", "probability": 0.44873046875}, {"start": 1328.25, "end": 1328.97, "word": " this", "probability": 0.9599609375}, {"start": 1328.97, "end": 1329.33, "word": " point,", "probability": 0.9716796875}, {"start": 1329.73, "end": 1329.95, "word": " the", "probability": 0.91943359375}, {"start": 1329.95, "end": 1330.33, "word": " quantity", "probability": 0.98876953125}, {"start": 1330.33, "end": 1330.91, "word": " demanded", "probability": 0.939453125}, {"start": 1330.91, "end": 1331.41, "word": " equals", "probability": 0.9208984375}, {"start": 1331.41, "end": 1331.59, "word": " the", "probability": 0.859375}, {"start": 1331.59, "end": 1331.77, "word": " quantity", "probability": 0.8720703125}, {"start": 1331.77, "end": 1332.21, "word": " supplied.", "probability": 0.85791015625}, {"start": 1332.63, "end": 1332.89, "word": " This", "probability": 0.8974609375}, {"start": 1332.89, "end": 1333.19, "word": " is", "probability": 0.951171875}, {"start": 1333.19, "end": 1333.49, "word": " the", "probability": 0.91796875}, {"start": 1333.49, "end": 1333.89, "word": " equilibrium", "probability": 0.96923828125}, {"start": 1333.89, "end": 1334.51, "word": " quantity,", "probability": 0.98095703125}, {"start": 1334.83, "end": 1335.81, "word": " equilibrium", "probability": 0.456787109375}, {"start": 1335.81, "end": 1336.71, "word": " quantity,", "probability": 0.95361328125}, {"start": 1337.15, "end": 1337.37, "word": " and", "probability": 0.92529296875}, {"start": 1337.37, "end": 1337.63, "word": " this", "probability": 0.94921875}, {"start": 1337.63, "end": 1337.81, "word": " is", "probability": 0.94970703125}, {"start": 1337.81, "end": 1338.05, "word": " the", "probability": 0.9169921875}, {"start": 1338.05, "end": 1338.47, "word": " equilibrium", "probability": 0.974609375}, {"start": 1338.47, "end": 1339.09, "word": " price.", "probability": 0.904296875}, {"start": 1339.87, "end": 1340.11, "word": " So", "probability": 0.90478515625}, {"start": 1340.11, "end": 1340.67, "word": " the", "probability": 0.76953125}, {"start": 1340.67, "end": 1341.03, "word": " equilibrium", "probability": 0.97265625}, {"start": 1341.03, "end": 1341.59, "word": " price", "probability": 0.89892578125}, {"start": 1341.59, "end": 1341.81, "word": " in", "probability": 0.9140625}, {"start": 1341.81, "end": 1342.15, "word": " this", "probability": 0.94775390625}, {"start": 1342.15, "end": 1342.75, "word": " case", "probability": 0.90966796875}, {"start": 1342.75, "end": 1343.33, "word": " is", "probability": 0.9365234375}, {"start": 1343.33, "end": 1345.51, "word": " $20", "probability": 0.819091796875}, {"start": 1345.51, "end": 1346.55, "word": " or", "probability": 0.7294921875}, {"start": 1346.55, "end": 1346.89, "word": " 20", "probability": 0.78466796875}, {"start": 1346.89, "end": 1347.81, "word": " shekels", "probability": 0.81982421875}, {"start": 1347.81, "end": 1347.97, "word": " per", "probability": 0.5224609375}, {"start": 1347.97, "end": 1348.23, "word": " unit,", "probability": 0.95068359375}, {"start": 1348.67, "end": 1348.95, "word": " and", "probability": 0.93896484375}, {"start": 1348.95, "end": 1349.15, "word": " the", "probability": 0.81396484375}, {"start": 1349.15, "end": 1349.43, "word": " equilibrium", "probability": 0.9599609375}, {"start": 1349.43, "end": 1349.97, "word": " quantity", "probability": 0.982421875}, {"start": 1349.97, "end": 1350.47, "word": " is", "probability": 0.94970703125}, {"start": 1350.47, "end": 1351.59, "word": " 140.", "probability": 0.89501953125}, {"start": 1352.51, "end": 1352.83, "word": " Let's", "probability": 0.97900390625}, {"start": 1352.83, "end": 1353.07, "word": " go", "probability": 0.96630859375}, {"start": 1353.07, "end": 1353.23, "word": " to", "probability": 0.919921875}, {"start": 1353.23, "end": 1353.37, "word": " the", "probability": 0.927734375}, {"start": 1353.37, "end": 1353.73, "word": " graph", "probability": 0.94775390625}, {"start": 1353.73, "end": 1354.01, "word": " here.", "probability": 0.85693359375}], "temperature": 1.0}, {"id": 45, "seek": 138058, "start": 1355.5, "end": 1380.58, "text": " Let's see. Where's the equilibrium point at which this demand curve intersects or crosses supply curve? At this point, point D, here, this is the equilibrium price and the equilibrium quantity. That's it. All right?", "tokens": [961, 311, 536, 13, 2305, 311, 264, 15625, 935, 412, 597, 341, 4733, 7605, 27815, 82, 420, 28467, 5847, 7605, 30, 1711, 341, 935, 11, 935, 413, 11, 510, 11, 341, 307, 264, 15625, 3218, 293, 264, 15625, 11275, 13, 663, 311, 309, 13, 1057, 558, 30], "avg_logprob": -0.21289061785986027, "compression_ratio": 1.5211267605633803, "no_speech_prob": 0.0, "words": [{"start": 1355.5, "end": 1355.9, "word": " Let's", "probability": 0.6865234375}, {"start": 1355.9, "end": 1356.1, "word": " see.", "probability": 0.85693359375}, {"start": 1356.72, "end": 1356.96, "word": " Where's", "probability": 0.72265625}, {"start": 1356.96, "end": 1357.08, "word": " the", "probability": 0.8486328125}, {"start": 1357.08, "end": 1357.54, "word": " equilibrium", "probability": 0.9736328125}, {"start": 1357.54, "end": 1358.72, "word": " point", "probability": 0.96728515625}, {"start": 1358.72, "end": 1359.54, "word": " at", "probability": 0.890625}, {"start": 1359.54, "end": 1359.94, "word": " which", "probability": 0.95947265625}, {"start": 1359.94, "end": 1361.1, "word": " this", "probability": 0.91064453125}, {"start": 1361.1, "end": 1361.84, "word": " demand", "probability": 0.91650390625}, {"start": 1361.84, "end": 1362.48, "word": " curve", "probability": 0.95361328125}, {"start": 1362.48, "end": 1364.5, "word": " intersects", "probability": 0.95849609375}, {"start": 1364.5, "end": 1364.7, "word": " or", "probability": 0.8515625}, {"start": 1364.7, "end": 1365.02, "word": " crosses", "probability": 0.8876953125}, {"start": 1365.02, "end": 1366.1, "word": " supply", "probability": 0.63623046875}, {"start": 1366.1, "end": 1366.72, "word": " curve?", "probability": 0.96240234375}, {"start": 1366.92, "end": 1367.38, "word": " At", "probability": 0.29638671875}, {"start": 1367.38, "end": 1369.42, "word": " this", "probability": 0.94677734375}, {"start": 1369.42, "end": 1369.82, "word": " point,", "probability": 0.95654296875}, {"start": 1369.82, "end": 1370.12, "word": " point", "probability": 0.857421875}, {"start": 1370.12, "end": 1370.4, "word": " D,", "probability": 0.9150390625}, {"start": 1370.94, "end": 1371.22, "word": " here,", "probability": 0.78564453125}, {"start": 1371.4, "end": 1371.6, "word": " this", "probability": 0.94921875}, {"start": 1371.6, "end": 1371.92, "word": " is", "probability": 0.9501953125}, {"start": 1371.92, "end": 1372.16, "word": " the", "probability": 0.92431640625}, {"start": 1372.16, "end": 1372.58, "word": " equilibrium", "probability": 0.9375}, {"start": 1372.58, "end": 1373.2, "word": " price", "probability": 0.9072265625}, {"start": 1373.2, "end": 1374.52, "word": " and", "probability": 0.85302734375}, {"start": 1374.52, "end": 1374.84, "word": " the", "probability": 0.8623046875}, {"start": 1374.84, "end": 1375.36, "word": " equilibrium", "probability": 0.92431640625}, {"start": 1375.36, "end": 1376.16, "word": " quantity.", "probability": 0.91845703125}, {"start": 1376.5, "end": 1376.68, "word": " That's", "probability": 0.96240234375}, {"start": 1376.68, "end": 1376.92, "word": " it.", "probability": 0.94921875}, {"start": 1378.78, "end": 1379.6, "word": " All", "probability": 0.77978515625}, {"start": 1379.6, "end": 1380.58, "word": " right?", "probability": 0.92431640625}], "temperature": 1.0}, {"id": 46, "seek": 140957, "start": 1383.93, "end": 1409.57, "text": " Let's go here, above the equilibrium price. If the price was bigger than the equilibrium price. If the market price, had a heck market price, sometimes market price can be 25. It doesn't have to be at equilibrium. Sometimes it can be less.", "tokens": [961, 311, 352, 510, 11, 3673, 264, 15625, 3218, 13, 759, 264, 3218, 390, 3801, 813, 264, 15625, 3218, 13, 759, 264, 2142, 3218, 11, 632, 257, 12872, 2142, 3218, 11, 2171, 2142, 3218, 393, 312, 3552, 13, 467, 1177, 380, 362, 281, 312, 412, 15625, 13, 4803, 309, 393, 312, 1570, 13], "avg_logprob": -0.3475115762816535, "compression_ratio": 1.7391304347826086, "no_speech_prob": 0.0, "words": [{"start": 1383.93, "end": 1384.29, "word": " Let's", "probability": 0.915283203125}, {"start": 1384.29, "end": 1384.45, "word": " go", "probability": 0.96337890625}, {"start": 1384.45, "end": 1384.83, "word": " here,", "probability": 0.833984375}, {"start": 1385.65, "end": 1386.15, "word": " above", "probability": 0.9423828125}, {"start": 1386.15, "end": 1386.65, "word": " the", "probability": 0.9169921875}, {"start": 1386.65, "end": 1387.01, "word": " equilibrium", "probability": 0.91845703125}, {"start": 1387.01, "end": 1387.59, "word": " price.", "probability": 0.9267578125}, {"start": 1387.91, "end": 1388.23, "word": " If", "probability": 0.95263671875}, {"start": 1388.23, "end": 1388.41, "word": " the", "probability": 0.9208984375}, {"start": 1388.41, "end": 1388.77, "word": " price", "probability": 0.90673828125}, {"start": 1388.77, "end": 1389.63, "word": " was", "probability": 0.9501953125}, {"start": 1389.63, "end": 1390.71, "word": " bigger", "probability": 0.9345703125}, {"start": 1390.71, "end": 1391.41, "word": " than", "probability": 0.94140625}, {"start": 1391.41, "end": 1392.53, "word": " the", "probability": 0.9033203125}, {"start": 1392.53, "end": 1392.95, "word": " equilibrium", "probability": 0.9658203125}, {"start": 1392.95, "end": 1393.37, "word": " price.", "probability": 0.91259765625}, {"start": 1393.53, "end": 1393.75, "word": " If", "probability": 0.9580078125}, {"start": 1393.75, "end": 1394.27, "word": " the", "probability": 0.91015625}, {"start": 1394.27, "end": 1394.65, "word": " market", "probability": 0.900390625}, {"start": 1394.65, "end": 1395.37, "word": " price,", "probability": 0.9326171875}, {"start": 1396.33, "end": 1396.69, "word": " had", "probability": 0.3681640625}, {"start": 1396.69, "end": 1396.81, "word": " a", "probability": 0.76171875}, {"start": 1396.81, "end": 1397.01, "word": " heck", "probability": 0.373779296875}, {"start": 1397.01, "end": 1397.27, "word": " market", "probability": 0.83203125}, {"start": 1397.27, "end": 1397.77, "word": " price,", "probability": 0.90087890625}, {"start": 1398.07, "end": 1400.77, "word": " sometimes", "probability": 0.1434326171875}, {"start": 1400.77, "end": 1402.69, "word": " market", "probability": 0.3125}, {"start": 1402.69, "end": 1403.25, "word": " price", "probability": 0.88671875}, {"start": 1403.25, "end": 1403.65, "word": " can", "probability": 0.300048828125}, {"start": 1403.65, "end": 1403.87, "word": " be", "probability": 0.84521484375}, {"start": 1403.87, "end": 1404.03, "word": " 25.", "probability": 0.6962890625}, {"start": 1404.45, "end": 1404.57, "word": " It", "probability": 0.27587890625}, {"start": 1404.57, "end": 1404.71, "word": " doesn't", "probability": 0.74755859375}, {"start": 1404.71, "end": 1404.83, "word": " have", "probability": 0.64013671875}, {"start": 1404.83, "end": 1404.97, "word": " to", "probability": 0.9697265625}, {"start": 1404.97, "end": 1405.17, "word": " be", "probability": 0.908203125}, {"start": 1405.17, "end": 1405.31, "word": " at", "probability": 0.43310546875}, {"start": 1405.31, "end": 1406.25, "word": " equilibrium.", "probability": 0.81591796875}, {"start": 1408.19, "end": 1408.91, "word": " Sometimes", "probability": 0.78857421875}, {"start": 1408.91, "end": 1409.21, "word": " it", "probability": 0.80419921875}, {"start": 1409.21, "end": 1409.33, "word": " can", "probability": 0.845703125}, {"start": 1409.33, "end": 1409.39, "word": " be", "probability": 0.923828125}, {"start": 1409.39, "end": 1409.57, "word": " less.", "probability": 0.74755859375}], "temperature": 1.0}, {"id": 47, "seek": 143625, "start": 1410.43, "end": 1436.25, "text": " The market price. But each one of these situations has its own analysis. Okay? If the market price was 25, it would be like this. Look at the situation. Where is the QS? This point would be here. And the QS in the supply. This is the QS.", "tokens": [440, 2142, 3218, 13, 583, 1184, 472, 295, 613, 6851, 575, 1080, 1065, 5215, 13, 1033, 30, 759, 264, 2142, 3218, 390, 3552, 11, 309, 576, 312, 411, 341, 13, 2053, 412, 264, 2590, 13, 2305, 307, 264, 1249, 50, 30, 639, 935, 576, 312, 510, 13, 400, 264, 1249, 50, 294, 264, 5847, 13, 639, 307, 264, 1249, 50, 13], "avg_logprob": -0.43750000624887403, "compression_ratio": 1.5354838709677419, "no_speech_prob": 0.0, "words": [{"start": 1410.43, "end": 1410.65, "word": " The", "probability": 0.306396484375}, {"start": 1410.65, "end": 1410.85, "word": " market", "probability": 0.849609375}, {"start": 1410.85, "end": 1411.27, "word": " price.", "probability": 0.9375}, {"start": 1411.71, "end": 1411.71, "word": " But", "probability": 0.2386474609375}, {"start": 1411.71, "end": 1411.87, "word": " each", "probability": 0.56884765625}, {"start": 1411.87, "end": 1412.01, "word": " one", "probability": 0.359130859375}, {"start": 1412.01, "end": 1412.01, "word": " of", "probability": 0.54296875}, {"start": 1412.01, "end": 1412.15, "word": " these", "probability": 0.71240234375}, {"start": 1412.15, "end": 1412.73, "word": " situations", "probability": 0.7314453125}, {"start": 1412.73, "end": 1413.63, "word": " has", "probability": 0.6298828125}, {"start": 1413.63, "end": 1413.73, "word": " its", "probability": 0.59619140625}, {"start": 1413.73, "end": 1413.73, "word": " own", "probability": 0.83349609375}, {"start": 1413.73, "end": 1414.25, "word": " analysis.", "probability": 0.8798828125}, {"start": 1415.03, "end": 1415.73, "word": " Okay?", "probability": 0.3740234375}, {"start": 1416.33, "end": 1417.03, "word": " If", "probability": 0.697265625}, {"start": 1417.03, "end": 1417.61, "word": " the", "probability": 0.9130859375}, {"start": 1417.61, "end": 1418.03, "word": " market", "probability": 0.88671875}, {"start": 1418.03, "end": 1418.75, "word": " price", "probability": 0.92236328125}, {"start": 1418.75, "end": 1421.15, "word": " was", "probability": 0.75}, {"start": 1421.15, "end": 1422.83, "word": " 25,", "probability": 0.8408203125}, {"start": 1423.65, "end": 1424.11, "word": " it", "probability": 0.100341796875}, {"start": 1424.11, "end": 1424.11, "word": " would", "probability": 0.478271484375}, {"start": 1424.11, "end": 1424.13, "word": " be", "probability": 0.80517578125}, {"start": 1424.13, "end": 1424.33, "word": " like", "probability": 0.4599609375}, {"start": 1424.33, "end": 1424.67, "word": " this.", "probability": 0.88525390625}, {"start": 1426.59, "end": 1427.29, "word": " Look", "probability": 0.296630859375}, {"start": 1427.29, "end": 1427.49, "word": " at", "probability": 0.8046875}, {"start": 1427.49, "end": 1427.55, "word": " the", "probability": 0.69677734375}, {"start": 1427.55, "end": 1427.69, "word": " situation.", "probability": 0.78369140625}, {"start": 1428.13, "end": 1428.39, "word": " Where", "probability": 0.8388671875}, {"start": 1428.39, "end": 1428.93, "word": " is", "probability": 0.67041015625}, {"start": 1428.93, "end": 1429.05, "word": " the", "probability": 0.77587890625}, {"start": 1429.05, "end": 1429.71, "word": " QS?", "probability": 0.864990234375}, {"start": 1430.59, "end": 1430.85, "word": " This", "probability": 0.2352294921875}, {"start": 1430.85, "end": 1432.69, "word": " point", "probability": 0.86572265625}, {"start": 1432.69, "end": 1432.91, "word": " would", "probability": 0.52001953125}, {"start": 1432.91, "end": 1433.09, "word": " be", "probability": 0.9296875}, {"start": 1433.09, "end": 1433.23, "word": " here.", "probability": 0.7666015625}, {"start": 1433.53, "end": 1433.97, "word": " And", "probability": 0.74853515625}, {"start": 1433.97, "end": 1434.15, "word": " the", "probability": 0.71826171875}, {"start": 1434.15, "end": 1434.51, "word": " QS", "probability": 0.9775390625}, {"start": 1434.51, "end": 1434.69, "word": " in", "probability": 0.1470947265625}, {"start": 1434.69, "end": 1434.79, "word": " the", "probability": 0.8115234375}, {"start": 1434.79, "end": 1435.15, "word": " supply.", "probability": 0.9404296875}, {"start": 1435.59, "end": 1435.77, "word": " This", "probability": 0.77392578125}, {"start": 1435.77, "end": 1435.83, "word": " is", "probability": 0.9296875}, {"start": 1435.83, "end": 1435.89, "word": " the", "probability": 0.5166015625}, {"start": 1435.89, "end": 1436.25, "word": " QS.", "probability": 0.9892578125}], "temperature": 1.0}, {"id": 48, "seek": 146219, "start": 1437.55, "end": 1462.19, "text": " Where's the Q? Quantity demanded. How much quantity demanded? 160. Quantity demanded? 120. This triangle represents what? Qs is bigger than Qd. We have an excess supply of goods.", "tokens": [2305, 311, 264, 1249, 30, 26968, 507, 28276, 13, 1012, 709, 11275, 28276, 30, 21243, 13, 26968, 507, 28276, 30, 10411, 13, 639, 13369, 8855, 437, 30, 1249, 82, 307, 3801, 813, 1249, 67, 13, 492, 362, 364, 9310, 5847, 295, 10179, 13], "avg_logprob": -0.2819602306593548, "compression_ratio": 1.376923076923077, "no_speech_prob": 0.0, "words": [{"start": 1437.55, "end": 1437.91, "word": " Where's", "probability": 0.736328125}, {"start": 1437.91, "end": 1438.01, "word": " the", "probability": 0.58447265625}, {"start": 1438.01, "end": 1438.39, "word": " Q?", "probability": 0.86669921875}, {"start": 1438.89, "end": 1439.55, "word": " Quantity", "probability": 0.6673583984375}, {"start": 1439.55, "end": 1440.01, "word": " demanded.", "probability": 0.87060546875}, {"start": 1440.85, "end": 1440.97, "word": " How", "probability": 0.3017578125}, {"start": 1440.97, "end": 1441.09, "word": " much", "probability": 0.319580078125}, {"start": 1441.09, "end": 1441.45, "word": " quantity", "probability": 0.50244140625}, {"start": 1441.45, "end": 1441.87, "word": " demanded?", "probability": 0.7666015625}, {"start": 1443.75, "end": 1444.67, "word": " 160.", "probability": 0.46875}, {"start": 1448.07, "end": 1448.71, "word": " Quantity", "probability": 0.890625}, {"start": 1448.71, "end": 1449.11, "word": " demanded?", "probability": 0.91455078125}, {"start": 1449.57, "end": 1450.37, "word": " 120.", "probability": 0.814453125}, {"start": 1451.81, "end": 1452.25, "word": " This", "probability": 0.82080078125}, {"start": 1452.25, "end": 1453.79, "word": " triangle", "probability": 0.880859375}, {"start": 1453.79, "end": 1454.91, "word": " represents", "probability": 0.876953125}, {"start": 1454.91, "end": 1455.29, "word": " what?", "probability": 0.93896484375}, {"start": 1455.95, "end": 1456.69, "word": " Qs", "probability": 0.772216796875}, {"start": 1456.69, "end": 1457.03, "word": " is", "probability": 0.92822265625}, {"start": 1457.03, "end": 1457.33, "word": " bigger", "probability": 0.93310546875}, {"start": 1457.33, "end": 1457.65, "word": " than", "probability": 0.9384765625}, {"start": 1457.65, "end": 1458.29, "word": " Qd.", "probability": 0.908447265625}, {"start": 1458.79, "end": 1459.71, "word": " We", "probability": 0.94677734375}, {"start": 1459.71, "end": 1460.23, "word": " have", "probability": 0.94775390625}, {"start": 1460.23, "end": 1460.61, "word": " an", "probability": 0.83837890625}, {"start": 1460.61, "end": 1461.11, "word": " excess", "probability": 0.86328125}, {"start": 1461.11, "end": 1461.73, "word": " supply", "probability": 0.87841796875}, {"start": 1461.73, "end": 1461.95, "word": " of", "probability": 0.59423828125}, {"start": 1461.95, "end": 1462.19, "word": " goods.", "probability": 0.9033203125}], "temperature": 1.0}, {"id": 49, "seek": 149305, "start": 1464.21, "end": 1493.05, "text": " represented by this triangle here. All right. If the price was below the equilibrium price, let us assume that the market price was five here. Are you seeing? At this point, how much is the quantity supplied?", "tokens": [10379, 538, 341, 13369, 510, 13, 1057, 558, 13, 759, 264, 3218, 390, 2507, 264, 15625, 3218, 11, 718, 505, 6552, 300, 264, 2142, 3218, 390, 1732, 510, 13, 2014, 291, 2577, 30, 1711, 341, 935, 11, 577, 709, 307, 264, 11275, 27625, 30], "avg_logprob": -0.17812500132454767, "compression_ratio": 1.4413793103448276, "no_speech_prob": 0.0, "words": [{"start": 1464.21, "end": 1464.83, "word": " represented", "probability": 0.79833984375}, {"start": 1464.83, "end": 1465.59, "word": " by", "probability": 0.97314453125}, {"start": 1465.59, "end": 1466.29, "word": " this", "probability": 0.9423828125}, {"start": 1466.29, "end": 1467.01, "word": " triangle", "probability": 0.86572265625}, {"start": 1467.01, "end": 1467.57, "word": " here.", "probability": 0.85107421875}, {"start": 1471.17, "end": 1471.19, "word": " All", "probability": 0.5}, {"start": 1471.19, "end": 1472.89, "word": " right.", "probability": 0.9140625}, {"start": 1474.13, "end": 1475.13, "word": " If", "probability": 0.97607421875}, {"start": 1475.13, "end": 1475.29, "word": " the", "probability": 0.9169921875}, {"start": 1475.29, "end": 1475.69, "word": " price", "probability": 0.91650390625}, {"start": 1475.69, "end": 1476.33, "word": " was", "probability": 0.939453125}, {"start": 1476.33, "end": 1477.29, "word": " below", "probability": 0.916015625}, {"start": 1477.29, "end": 1479.29, "word": " the", "probability": 0.8623046875}, {"start": 1479.29, "end": 1479.87, "word": " equilibrium", "probability": 0.712890625}, {"start": 1479.87, "end": 1480.55, "word": " price,", "probability": 0.88525390625}, {"start": 1481.79, "end": 1482.03, "word": " let", "probability": 0.94091796875}, {"start": 1482.03, "end": 1482.23, "word": " us", "probability": 0.8427734375}, {"start": 1482.23, "end": 1482.65, "word": " assume", "probability": 0.912109375}, {"start": 1482.65, "end": 1483.17, "word": " that", "probability": 0.931640625}, {"start": 1483.17, "end": 1483.71, "word": " the", "probability": 0.86328125}, {"start": 1483.71, "end": 1484.21, "word": " market", "probability": 0.8583984375}, {"start": 1484.21, "end": 1484.69, "word": " price", "probability": 0.8681640625}, {"start": 1484.69, "end": 1485.05, "word": " was", "probability": 0.9501953125}, {"start": 1485.05, "end": 1485.55, "word": " five", "probability": 0.87255859375}, {"start": 1485.55, "end": 1485.93, "word": " here.", "probability": 0.69580078125}, {"start": 1487.01, "end": 1487.19, "word": " Are", "probability": 0.205078125}, {"start": 1487.19, "end": 1487.41, "word": " you", "probability": 0.94580078125}, {"start": 1487.41, "end": 1487.61, "word": " seeing?", "probability": 0.61767578125}, {"start": 1488.33, "end": 1488.63, "word": " At", "probability": 0.97265625}, {"start": 1488.63, "end": 1488.89, "word": " this", "probability": 0.94677734375}, {"start": 1488.89, "end": 1489.25, "word": " point,", "probability": 0.96923828125}, {"start": 1489.87, "end": 1490.95, "word": " how", "probability": 0.93212890625}, {"start": 1490.95, "end": 1491.31, "word": " much", "probability": 0.91455078125}, {"start": 1491.31, "end": 1491.63, "word": " is", "probability": 0.94287109375}, {"start": 1491.63, "end": 1492.07, "word": " the", "probability": 0.8330078125}, {"start": 1492.07, "end": 1492.55, "word": " quantity", "probability": 0.982421875}, {"start": 1492.55, "end": 1493.05, "word": " supplied?", "probability": 0.853515625}], "temperature": 1.0}, {"id": 50, "seek": 152405, "start": 1500.03, "end": 1524.05, "text": " But how much is the quantity demanded? 180. So here quantity demanded and here is the quantity supplied. Quantity demanded is bigger than quantity supplied. So we have an excess supply of goods by excess demand. Thank you very much indeed.", "tokens": [583, 577, 709, 307, 264, 11275, 28276, 30, 11971, 13, 407, 510, 11275, 28276, 293, 510, 307, 264, 11275, 27625, 13, 26968, 507, 28276, 307, 3801, 813, 11275, 27625, 13, 407, 321, 362, 364, 9310, 5847, 295, 10179, 538, 9310, 4733, 13, 1044, 291, 588, 709, 6451, 13], "avg_logprob": -0.24744896986046616, "compression_ratio": 1.7266187050359711, "no_speech_prob": 0.0, "words": [{"start": 1500.0299999999997, "end": 1500.9099999999999, "word": " But", "probability": 0.05438232421875}, {"start": 1500.9099999999999, "end": 1501.79, "word": " how", "probability": 0.88720703125}, {"start": 1501.79, "end": 1502.11, "word": " much", "probability": 0.92529296875}, {"start": 1502.11, "end": 1502.37, "word": " is", "probability": 0.92236328125}, {"start": 1502.37, "end": 1502.51, "word": " the", "probability": 0.9111328125}, {"start": 1502.51, "end": 1502.87, "word": " quantity", "probability": 0.98681640625}, {"start": 1502.87, "end": 1503.35, "word": " demanded?", "probability": 0.92138671875}, {"start": 1503.97, "end": 1504.85, "word": " 180.", "probability": 0.3955078125}, {"start": 1506.03, "end": 1506.23, "word": " So", "probability": 0.77685546875}, {"start": 1506.23, "end": 1506.73, "word": " here", "probability": 0.62451171875}, {"start": 1506.73, "end": 1507.25, "word": " quantity", "probability": 0.66650390625}, {"start": 1507.25, "end": 1507.81, "word": " demanded", "probability": 0.9267578125}, {"start": 1507.81, "end": 1509.99, "word": " and", "probability": 0.454345703125}, {"start": 1509.99, "end": 1510.25, "word": " here", "probability": 0.85302734375}, {"start": 1510.25, "end": 1510.77, "word": " is", "probability": 0.93310546875}, {"start": 1510.77, "end": 1510.93, "word": " the", "probability": 0.912109375}, {"start": 1510.93, "end": 1511.15, "word": " quantity", "probability": 0.443115234375}, {"start": 1511.15, "end": 1511.69, "word": " supplied.", "probability": 0.89013671875}, {"start": 1512.81, "end": 1513.69, "word": " Quantity", "probability": 0.9111328125}, {"start": 1513.69, "end": 1514.13, "word": " demanded", "probability": 0.92919921875}, {"start": 1514.13, "end": 1514.47, "word": " is", "probability": 0.953125}, {"start": 1514.47, "end": 1514.73, "word": " bigger", "probability": 0.93603515625}, {"start": 1514.73, "end": 1514.97, "word": " than", "probability": 0.927734375}, {"start": 1514.97, "end": 1515.27, "word": " quantity", "probability": 0.904296875}, {"start": 1515.27, "end": 1515.75, "word": " supplied.", "probability": 0.869140625}, {"start": 1516.41, "end": 1516.73, "word": " So", "probability": 0.9521484375}, {"start": 1516.73, "end": 1517.37, "word": " we", "probability": 0.83935546875}, {"start": 1517.37, "end": 1517.77, "word": " have", "probability": 0.94384765625}, {"start": 1517.77, "end": 1518.39, "word": " an", "probability": 0.7001953125}, {"start": 1518.39, "end": 1519.03, "word": " excess", "probability": 0.63427734375}, {"start": 1519.03, "end": 1519.89, "word": " supply", "probability": 0.9541015625}, {"start": 1519.89, "end": 1520.27, "word": " of", "probability": 0.939453125}, {"start": 1520.27, "end": 1520.65, "word": " goods", "probability": 0.8759765625}, {"start": 1520.65, "end": 1521.09, "word": " by", "probability": 0.96728515625}, {"start": 1521.09, "end": 1522.65, "word": " excess", "probability": 0.217529296875}, {"start": 1522.65, "end": 1523.15, "word": " demand.", "probability": 0.94482421875}, {"start": 1523.21, "end": 1523.35, "word": " Thank", "probability": 0.77734375}, {"start": 1523.35, "end": 1523.47, "word": " you", "probability": 0.962890625}, {"start": 1523.47, "end": 1523.65, "word": " very", "probability": 0.83251953125}, {"start": 1523.65, "end": 1523.81, "word": " much", "probability": 0.9111328125}, {"start": 1523.81, "end": 1524.05, "word": " indeed.", "probability": 0.62353515625}], "temperature": 1.0}, {"id": 51, "seek": 155157, "start": 1525.19, "end": 1551.57, "text": " X is demand by 180 minus 100. How the X is demand? It can be shown by this triangle here. Okay. The same, the same. As I mentioned, you can say that one demand minus one supply or", "tokens": [1783, 307, 4733, 538, 11971, 3175, 2319, 13, 1012, 264, 1783, 307, 4733, 30, 467, 393, 312, 4898, 538, 341, 13369, 510, 13, 1033, 13, 440, 912, 11, 264, 912, 13, 1018, 286, 2835, 11, 291, 393, 584, 300, 472, 4733, 3175, 472, 5847, 420], "avg_logprob": -0.2250339690109958, "compression_ratio": 1.3235294117647058, "no_speech_prob": 0.0, "words": [{"start": 1525.19, "end": 1525.55, "word": " X", "probability": 0.5458984375}, {"start": 1525.55, "end": 1525.69, "word": " is", "probability": 0.86279296875}, {"start": 1525.69, "end": 1526.09, "word": " demand", "probability": 0.6455078125}, {"start": 1526.09, "end": 1529.07, "word": " by", "probability": 0.8369140625}, {"start": 1529.07, "end": 1530.47, "word": " 180", "probability": 0.91552734375}, {"start": 1530.47, "end": 1531.35, "word": " minus", "probability": 0.9716796875}, {"start": 1531.35, "end": 1532.13, "word": " 100.", "probability": 0.91845703125}, {"start": 1534.63, "end": 1534.87, "word": " How", "probability": 0.50439453125}, {"start": 1534.87, "end": 1534.99, "word": " the", "probability": 0.5390625}, {"start": 1534.99, "end": 1535.23, "word": " X", "probability": 0.76708984375}, {"start": 1535.23, "end": 1535.39, "word": " is", "probability": 0.8447265625}, {"start": 1535.39, "end": 1535.75, "word": " demand?", "probability": 0.8583984375}, {"start": 1536.61, "end": 1537.29, "word": " It", "probability": 0.94873046875}, {"start": 1537.29, "end": 1537.53, "word": " can", "probability": 0.94091796875}, {"start": 1537.53, "end": 1537.87, "word": " be", "probability": 0.93115234375}, {"start": 1537.87, "end": 1538.45, "word": " shown", "probability": 0.9326171875}, {"start": 1538.45, "end": 1538.83, "word": " by", "probability": 0.9716796875}, {"start": 1538.83, "end": 1539.39, "word": " this", "probability": 0.951171875}, {"start": 1539.39, "end": 1540.99, "word": " triangle", "probability": 0.81201171875}, {"start": 1540.99, "end": 1541.41, "word": " here.", "probability": 0.8662109375}, {"start": 1544.03, "end": 1544.31, "word": " Okay.", "probability": 0.57568359375}, {"start": 1544.51, "end": 1544.91, "word": " The", "probability": 0.875}, {"start": 1544.91, "end": 1545.15, "word": " same,", "probability": 0.91650390625}, {"start": 1545.27, "end": 1545.37, "word": " the", "probability": 0.88818359375}, {"start": 1545.37, "end": 1545.61, "word": " same.", "probability": 0.908203125}, {"start": 1547.03, "end": 1547.27, "word": " As", "probability": 0.97119140625}, {"start": 1547.27, "end": 1547.41, "word": " I", "probability": 0.99169921875}, {"start": 1547.41, "end": 1548.13, "word": " mentioned,", "probability": 0.83447265625}, {"start": 1548.31, "end": 1548.41, "word": " you", "probability": 0.94921875}, {"start": 1548.41, "end": 1548.61, "word": " can", "probability": 0.94775390625}, {"start": 1548.61, "end": 1548.87, "word": " say", "probability": 0.51953125}, {"start": 1548.87, "end": 1549.09, "word": " that", "probability": 0.8291015625}, {"start": 1549.09, "end": 1549.31, "word": " one", "probability": 0.60009765625}, {"start": 1549.31, "end": 1549.55, "word": " demand", "probability": 0.8203125}, {"start": 1549.55, "end": 1550.39, "word": " minus", "probability": 0.88427734375}, {"start": 1550.39, "end": 1550.69, "word": " one", "probability": 0.9072265625}, {"start": 1550.69, "end": 1551.15, "word": " supply", "probability": 0.87353515625}, {"start": 1551.15, "end": 1551.57, "word": " or", "probability": 0.712890625}], "temperature": 1.0}, {"id": 52, "seek": 158063, "start": 1552.55, "end": 1580.63, "text": " Doesn't matter. The absolute value should be taken here, should be considered. So in this case, the X's demand will be shown here or represented by this triangle. Now, I'm going to make a new graph to analyze the case", "tokens": [12955, 380, 1871, 13, 440, 8236, 2158, 820, 312, 2726, 510, 11, 820, 312, 4888, 13, 407, 294, 341, 1389, 11, 264, 1783, 311, 4733, 486, 312, 4898, 510, 420, 10379, 538, 341, 13369, 13, 823, 11, 286, 478, 516, 281, 652, 257, 777, 4295, 281, 12477, 264, 1389], "avg_logprob": -0.25624999463558196, "compression_ratio": 1.3885350318471337, "no_speech_prob": 0.0, "words": [{"start": 1552.55, "end": 1552.89, "word": " Doesn't", "probability": 0.6541748046875}, {"start": 1552.89, "end": 1553.23, "word": " matter.", "probability": 0.865234375}, {"start": 1553.83, "end": 1553.93, "word": " The", "probability": 0.84765625}, {"start": 1553.93, "end": 1554.31, "word": " absolute", "probability": 0.89501953125}, {"start": 1554.31, "end": 1554.91, "word": " value", "probability": 0.97607421875}, {"start": 1554.91, "end": 1555.11, "word": " should", "probability": 0.96240234375}, {"start": 1555.11, "end": 1555.55, "word": " be", "probability": 0.94775390625}, {"start": 1555.55, "end": 1556.57, "word": " taken", "probability": 0.845703125}, {"start": 1556.57, "end": 1556.91, "word": " here,", "probability": 0.85400390625}, {"start": 1557.23, "end": 1557.43, "word": " should", "probability": 0.94091796875}, {"start": 1557.43, "end": 1557.57, "word": " be", "probability": 0.95751953125}, {"start": 1557.57, "end": 1557.97, "word": " considered.", "probability": 0.81298828125}, {"start": 1560.05, "end": 1560.89, "word": " So", "probability": 0.4794921875}, {"start": 1560.89, "end": 1561.73, "word": " in", "probability": 0.77880859375}, {"start": 1561.73, "end": 1561.97, "word": " this", "probability": 0.94970703125}, {"start": 1561.97, "end": 1562.27, "word": " case,", "probability": 0.92041015625}, {"start": 1563.67, "end": 1564.33, "word": " the", "probability": 0.92236328125}, {"start": 1564.33, "end": 1564.99, "word": " X's", "probability": 0.6192626953125}, {"start": 1564.99, "end": 1565.55, "word": " demand", "probability": 0.935546875}, {"start": 1565.55, "end": 1565.95, "word": " will", "probability": 0.87841796875}, {"start": 1565.95, "end": 1566.27, "word": " be", "probability": 0.95654296875}, {"start": 1566.27, "end": 1566.67, "word": " shown", "probability": 0.9326171875}, {"start": 1566.67, "end": 1567.05, "word": " here", "probability": 0.8642578125}, {"start": 1567.05, "end": 1567.69, "word": " or", "probability": 0.8056640625}, {"start": 1567.69, "end": 1568.39, "word": " represented", "probability": 0.84326171875}, {"start": 1568.39, "end": 1568.91, "word": " by", "probability": 0.9716796875}, {"start": 1568.91, "end": 1569.59, "word": " this", "probability": 0.9501953125}, {"start": 1569.59, "end": 1570.25, "word": " triangle.", "probability": 0.86962890625}, {"start": 1572.33, "end": 1572.79, "word": " Now,", "probability": 0.8427734375}, {"start": 1575.13, "end": 1575.33, "word": " I'm", "probability": 0.2320556640625}, {"start": 1575.33, "end": 1575.59, "word": " going", "probability": 0.61181640625}, {"start": 1575.59, "end": 1577.15, "word": " to", "probability": 0.97216796875}, {"start": 1577.15, "end": 1577.43, "word": " make", "probability": 0.2135009765625}, {"start": 1577.43, "end": 1578.21, "word": " a", "probability": 0.953125}, {"start": 1578.21, "end": 1578.41, "word": " new", "probability": 0.8955078125}, {"start": 1578.41, "end": 1578.97, "word": " graph", "probability": 0.94873046875}, {"start": 1578.97, "end": 1579.69, "word": " to", "probability": 0.921875}, {"start": 1579.69, "end": 1580.05, "word": " analyze", "probability": 0.90234375}, {"start": 1580.05, "end": 1580.29, "word": " the", "probability": 0.92333984375}, {"start": 1580.29, "end": 1580.63, "word": " case", "probability": 0.91552734375}], "temperature": 1.0}, {"id": 53, "seek": 161119, "start": 1585.911, "end": 1611.19, "text": " Okay. I will draw a new graph that shows the market equilibrium. This is the price and the quantity, demand.", "tokens": [1033, 13, 286, 486, 2642, 257, 777, 4295, 300, 3110, 264, 2142, 15625, 13, 639, 307, 264, 3218, 293, 264, 11275, 11, 4733, 13], "avg_logprob": -0.1681249952316284, "compression_ratio": 1.1720430107526882, "no_speech_prob": 0.0, "words": [{"start": 1585.79, "end": 1586.27, "word": " Okay.", "probability": 0.66162109375}, {"start": 1587.17, "end": 1587.97, "word": " I", "probability": 0.99853515625}, {"start": 1587.97, "end": 1588.13, "word": " will", "probability": 0.72265625}, {"start": 1588.13, "end": 1588.55, "word": " draw", "probability": 0.8642578125}, {"start": 1588.55, "end": 1589.11, "word": " a", "probability": 0.99462890625}, {"start": 1589.11, "end": 1589.29, "word": " new", "probability": 0.91845703125}, {"start": 1589.29, "end": 1589.79, "word": " graph", "probability": 0.94873046875}, {"start": 1589.79, "end": 1590.55, "word": " that", "probability": 0.9248046875}, {"start": 1590.55, "end": 1591.01, "word": " shows", "probability": 0.9150390625}, {"start": 1591.01, "end": 1594.75, "word": " the", "probability": 0.9130859375}, {"start": 1594.75, "end": 1595.15, "word": " market", "probability": 0.90625}, {"start": 1595.15, "end": 1595.81, "word": " equilibrium.", "probability": 0.96875}, {"start": 1599.17, "end": 1599.55, "word": " This", "probability": 0.7744140625}, {"start": 1599.55, "end": 1599.69, "word": " is", "probability": 0.9482421875}, {"start": 1599.69, "end": 1599.83, "word": " the", "probability": 0.91748046875}, {"start": 1599.83, "end": 1600.23, "word": " price", "probability": 0.93603515625}, {"start": 1600.23, "end": 1601.95, "word": " and", "probability": 0.86328125}, {"start": 1601.95, "end": 1602.05, "word": " the", "probability": 0.86865234375}, {"start": 1602.05, "end": 1602.87, "word": " quantity,", "probability": 0.98779296875}, {"start": 1608.89, "end": 1611.19, "word": " demand.", "probability": 0.89794921875}], "temperature": 1.0}, {"id": 54, "seek": 164172, "start": 1612.46, "end": 1641.72, "text": " Sometimes, demand curve might intersect the vertical axis. This is a formula that we will see later in the analysis. This is the supply curve. The equilibrium occurs when demand equals supply.", "tokens": [4803, 11, 4733, 7605, 1062, 27815, 264, 9429, 10298, 13, 639, 307, 257, 8513, 300, 321, 486, 536, 1780, 294, 264, 5215, 13, 639, 307, 264, 5847, 7605, 13, 440, 15625, 11843, 562, 4733, 6915, 5847, 13], "avg_logprob": -0.3425164481526927, "compression_ratio": 1.4511278195488722, "no_speech_prob": 0.0, "words": [{"start": 1612.46, "end": 1613.16, "word": " Sometimes,", "probability": 0.8359375}, {"start": 1613.36, "end": 1613.78, "word": " demand", "probability": 0.64111328125}, {"start": 1613.78, "end": 1614.22, "word": " curve", "probability": 0.8857421875}, {"start": 1614.22, "end": 1615.24, "word": " might", "probability": 0.93408203125}, {"start": 1615.24, "end": 1616.5, "word": " intersect", "probability": 0.9521484375}, {"start": 1616.5, "end": 1617.86, "word": " the", "probability": 0.9111328125}, {"start": 1617.86, "end": 1618.22, "word": " vertical", "probability": 0.91845703125}, {"start": 1618.22, "end": 1618.78, "word": " axis.", "probability": 0.9306640625}, {"start": 1620.54, "end": 1620.54, "word": " This", "probability": 0.1064453125}, {"start": 1620.54, "end": 1620.74, "word": " is", "probability": 0.82958984375}, {"start": 1620.74, "end": 1621.72, "word": " a", "probability": 0.2205810546875}, {"start": 1621.72, "end": 1622.02, "word": " formula", "probability": 0.5673828125}, {"start": 1622.02, "end": 1622.3, "word": " that", "probability": 0.54931640625}, {"start": 1622.3, "end": 1622.44, "word": " we", "probability": 0.8330078125}, {"start": 1622.44, "end": 1622.44, "word": " will", "probability": 0.418701171875}, {"start": 1622.44, "end": 1622.72, "word": " see", "probability": 0.58056640625}, {"start": 1622.72, "end": 1623.06, "word": " later", "probability": 0.39111328125}, {"start": 1623.06, "end": 1623.38, "word": " in", "probability": 0.748046875}, {"start": 1623.38, "end": 1623.46, "word": " the", "probability": 0.58544921875}, {"start": 1623.46, "end": 1623.88, "word": " analysis.", "probability": 0.8701171875}, {"start": 1630.06, "end": 1630.94, "word": " This", "probability": 0.83251953125}, {"start": 1630.94, "end": 1631.14, "word": " is", "probability": 0.9462890625}, {"start": 1631.14, "end": 1631.26, "word": " the", "probability": 0.85400390625}, {"start": 1631.26, "end": 1631.58, "word": " supply", "probability": 0.708984375}, {"start": 1631.58, "end": 1633.5, "word": " curve.", "probability": 0.96044921875}, {"start": 1635.86, "end": 1636.06, "word": " The", "probability": 0.8828125}, {"start": 1636.06, "end": 1636.54, "word": " equilibrium", "probability": 0.5244140625}, {"start": 1636.54, "end": 1638.1, "word": " occurs", "probability": 0.95068359375}, {"start": 1638.1, "end": 1638.94, "word": " when", "probability": 0.94189453125}, {"start": 1638.94, "end": 1640.54, "word": " demand", "probability": 0.865234375}, {"start": 1640.54, "end": 1641.2, "word": " equals", "probability": 0.94580078125}, {"start": 1641.2, "end": 1641.72, "word": " supply.", "probability": 0.9423828125}], "temperature": 1.0}, {"id": 55, "seek": 167188, "start": 1643.08, "end": 1671.88, "text": " This is the equilibrium point. At this point, we have the equilibrium price, P star, and this is the equilibrium quantity, a quantity star. Now, let us assume that the price in the market was at", "tokens": [639, 307, 264, 15625, 935, 13, 1711, 341, 935, 11, 321, 362, 264, 15625, 3218, 11, 430, 3543, 11, 293, 341, 307, 264, 15625, 11275, 11, 257, 11275, 3543, 13, 823, 11, 718, 505, 6552, 300, 264, 3218, 294, 264, 2142, 390, 412], "avg_logprob": -0.12402344020930203, "compression_ratio": 1.5725806451612903, "no_speech_prob": 0.0, "words": [{"start": 1643.08, "end": 1643.38, "word": " This", "probability": 0.826171875}, {"start": 1643.38, "end": 1643.64, "word": " is", "probability": 0.951171875}, {"start": 1643.64, "end": 1644.4, "word": " the", "probability": 0.92333984375}, {"start": 1644.4, "end": 1645.02, "word": " equilibrium", "probability": 0.9716796875}, {"start": 1645.02, "end": 1645.58, "word": " point.", "probability": 0.96533203125}, {"start": 1647.9, "end": 1648.9, "word": " At", "probability": 0.97607421875}, {"start": 1648.9, "end": 1649.18, "word": " this", "probability": 0.9501953125}, {"start": 1649.18, "end": 1649.56, "word": " point,", "probability": 0.9697265625}, {"start": 1650.06, "end": 1650.62, "word": " we", "probability": 0.9638671875}, {"start": 1650.62, "end": 1651.1, "word": " have", "probability": 0.94775390625}, {"start": 1651.1, "end": 1652.98, "word": " the", "probability": 0.8818359375}, {"start": 1652.98, "end": 1653.46, "word": " equilibrium", "probability": 0.93798828125}, {"start": 1653.46, "end": 1654.0, "word": " price,", "probability": 0.892578125}, {"start": 1654.64, "end": 1654.88, "word": " P", "probability": 0.86865234375}, {"start": 1654.88, "end": 1655.28, "word": " star,", "probability": 0.5}, {"start": 1656.4, "end": 1656.92, "word": " and", "probability": 0.9365234375}, {"start": 1656.92, "end": 1657.16, "word": " this", "probability": 0.94873046875}, {"start": 1657.16, "end": 1657.46, "word": " is", "probability": 0.94775390625}, {"start": 1657.46, "end": 1657.88, "word": " the", "probability": 0.9189453125}, {"start": 1657.88, "end": 1658.36, "word": " equilibrium", "probability": 0.9580078125}, {"start": 1658.36, "end": 1659.08, "word": " quantity,", "probability": 0.9736328125}, {"start": 1659.5, "end": 1659.7, "word": " a", "probability": 0.513671875}, {"start": 1659.7, "end": 1660.12, "word": " quantity", "probability": 0.98681640625}, {"start": 1660.12, "end": 1660.54, "word": " star.", "probability": 0.89306640625}, {"start": 1662.8, "end": 1663.8, "word": " Now,", "probability": 0.638671875}, {"start": 1665.1, "end": 1665.8, "word": " let", "probability": 0.94384765625}, {"start": 1665.8, "end": 1666.0, "word": " us", "probability": 0.8525390625}, {"start": 1666.0, "end": 1666.58, "word": " assume", "probability": 0.91015625}, {"start": 1666.58, "end": 1667.44, "word": " that", "probability": 0.9365234375}, {"start": 1667.44, "end": 1668.26, "word": " the", "probability": 0.91748046875}, {"start": 1668.26, "end": 1668.74, "word": " price", "probability": 0.9130859375}, {"start": 1668.74, "end": 1669.12, "word": " in", "probability": 0.94775390625}, {"start": 1669.12, "end": 1669.3, "word": " the", "probability": 0.916015625}, {"start": 1669.3, "end": 1669.72, "word": " market", "probability": 0.888671875}, {"start": 1669.72, "end": 1670.48, "word": " was", "probability": 0.951171875}, {"start": 1670.48, "end": 1671.88, "word": " at", "probability": 0.96337890625}], "temperature": 1.0}, {"id": 56, "seek": 170581, "start": 1679.23, "end": 1705.81, "text": " P1. You see, this point represents one supply, and this point lies along demand curve, so it represents quantity demanded. We have an X's supply.", "tokens": [430, 16, 13, 509, 536, 11, 341, 935, 8855, 472, 5847, 11, 293, 341, 935, 9134, 2051, 4733, 7605, 11, 370, 309, 8855, 11275, 28276, 13, 492, 362, 364, 1783, 311, 5847, 13], "avg_logprob": -0.2433363891699735, "compression_ratio": 1.3394495412844036, "no_speech_prob": 0.0, "words": [{"start": 1679.2297187500003, "end": 1679.77, "word": " P1.", "probability": 0.6796875}, {"start": 1685.39, "end": 1685.71, "word": " You", "probability": 0.377685546875}, {"start": 1685.71, "end": 1685.97, "word": " see,", "probability": 0.923828125}, {"start": 1687.31, "end": 1688.71, "word": " this", "probability": 0.9267578125}, {"start": 1688.71, "end": 1689.11, "word": " point", "probability": 0.947265625}, {"start": 1689.11, "end": 1690.43, "word": " represents", "probability": 0.91162109375}, {"start": 1690.43, "end": 1690.75, "word": " one", "probability": 0.3212890625}, {"start": 1690.75, "end": 1691.25, "word": " supply,", "probability": 0.94140625}, {"start": 1692.23, "end": 1693.57, "word": " and", "probability": 0.8447265625}, {"start": 1693.57, "end": 1693.79, "word": " this", "probability": 0.94873046875}, {"start": 1693.79, "end": 1694.15, "word": " point", "probability": 0.9638671875}, {"start": 1694.15, "end": 1694.69, "word": " lies", "probability": 0.91943359375}, {"start": 1694.69, "end": 1695.03, "word": " along", "probability": 0.94384765625}, {"start": 1695.03, "end": 1695.53, "word": " demand", "probability": 0.77783203125}, {"start": 1695.53, "end": 1695.95, "word": " curve,", "probability": 0.94873046875}, {"start": 1696.31, "end": 1696.43, "word": " so", "probability": 0.95849609375}, {"start": 1696.43, "end": 1696.67, "word": " it", "probability": 0.9521484375}, {"start": 1696.67, "end": 1697.39, "word": " represents", "probability": 0.87060546875}, {"start": 1697.39, "end": 1698.31, "word": " quantity", "probability": 0.9658203125}, {"start": 1698.31, "end": 1698.89, "word": " demanded.", "probability": 0.95654296875}, {"start": 1701.67, "end": 1702.25, "word": " We", "probability": 0.974609375}, {"start": 1702.25, "end": 1702.77, "word": " have", "probability": 0.94775390625}, {"start": 1702.77, "end": 1703.41, "word": " an", "probability": 0.89599609375}, {"start": 1703.41, "end": 1705.11, "word": " X's", "probability": 0.630126953125}, {"start": 1705.11, "end": 1705.81, "word": " supply.", "probability": 0.94775390625}], "temperature": 1.0}, {"id": 57, "seek": 173039, "start": 1707.77, "end": 1730.39, "text": " and shortage demand. This triangle represents the case, the excess supply because quantity supplied is bigger than quantity demanded. We have excess supply.", "tokens": [293, 24708, 4733, 13, 639, 13369, 8855, 264, 1389, 11, 264, 9310, 5847, 570, 11275, 27625, 307, 3801, 813, 11275, 28276, 13, 492, 362, 9310, 5847, 13], "avg_logprob": -0.23465401359966823, "compression_ratio": 1.4017857142857142, "no_speech_prob": 0.0, "words": [{"start": 1707.77, "end": 1708.15, "word": " and", "probability": 0.7353515625}, {"start": 1708.15, "end": 1709.15, "word": " shortage", "probability": 0.9326171875}, {"start": 1709.15, "end": 1709.71, "word": " demand.", "probability": 0.77001953125}, {"start": 1710.71, "end": 1711.91, "word": " This", "probability": 0.282958984375}, {"start": 1711.91, "end": 1713.63, "word": " triangle", "probability": 0.85205078125}, {"start": 1713.63, "end": 1714.87, "word": " represents", "probability": 0.853515625}, {"start": 1714.87, "end": 1717.03, "word": " the", "probability": 0.84765625}, {"start": 1717.03, "end": 1717.43, "word": " case,", "probability": 0.869140625}, {"start": 1718.95, "end": 1719.05, "word": " the", "probability": 0.69189453125}, {"start": 1719.05, "end": 1719.65, "word": " excess", "probability": 0.85986328125}, {"start": 1719.65, "end": 1721.89, "word": " supply", "probability": 0.951171875}, {"start": 1721.89, "end": 1722.45, "word": " because", "probability": 0.57861328125}, {"start": 1722.45, "end": 1723.13, "word": " quantity", "probability": 0.92822265625}, {"start": 1723.13, "end": 1723.69, "word": " supplied", "probability": 0.875}, {"start": 1723.69, "end": 1725.01, "word": " is", "probability": 0.9248046875}, {"start": 1725.01, "end": 1725.29, "word": " bigger", "probability": 0.94970703125}, {"start": 1725.29, "end": 1725.69, "word": " than", "probability": 0.91015625}, {"start": 1725.69, "end": 1726.33, "word": " quantity", "probability": 0.97802734375}, {"start": 1726.33, "end": 1726.85, "word": " demanded.", "probability": 0.91845703125}, {"start": 1727.23, "end": 1727.27, "word": " We", "probability": 0.62548828125}, {"start": 1727.27, "end": 1727.57, "word": " have", "probability": 0.9375}, {"start": 1727.57, "end": 1728.49, "word": " excess", "probability": 0.9560546875}, {"start": 1728.49, "end": 1730.39, "word": " supply.", "probability": 0.8671875}], "temperature": 1.0}, {"id": 58, "seek": 175720, "start": 1738.1, "end": 1757.2, "text": " When tomatoes in the local market, the quant supplied of tomatoes is bigger than the quantity demanded. There is no demand for tomatoes in the market, and we have X's supply of tomatoes. What will happen?", "tokens": [1133, 15135, 294, 264, 2654, 2142, 11, 264, 4426, 27625, 295, 15135, 307, 3801, 813, 264, 11275, 28276, 13, 821, 307, 572, 4733, 337, 15135, 294, 264, 2142, 11, 293, 321, 362, 1783, 311, 5847, 295, 15135, 13, 708, 486, 1051, 30], "avg_logprob": -0.1522529083628987, "compression_ratio": 1.5648854961832062, "no_speech_prob": 0.0, "words": [{"start": 1738.1, "end": 1738.74, "word": " When", "probability": 0.740234375}, {"start": 1738.74, "end": 1739.38, "word": " tomatoes", "probability": 0.91943359375}, {"start": 1739.38, "end": 1740.08, "word": " in", "probability": 0.75}, {"start": 1740.08, "end": 1740.2, "word": " the", "probability": 0.91552734375}, {"start": 1740.2, "end": 1740.44, "word": " local", "probability": 0.875}, {"start": 1740.44, "end": 1740.9, "word": " market,", "probability": 0.873046875}, {"start": 1742.78, "end": 1743.0, "word": " the", "probability": 0.90625}, {"start": 1743.0, "end": 1743.24, "word": " quant", "probability": 0.6298828125}, {"start": 1743.24, "end": 1743.62, "word": " supplied", "probability": 0.77001953125}, {"start": 1743.62, "end": 1743.86, "word": " of", "probability": 0.7626953125}, {"start": 1743.86, "end": 1744.48, "word": " tomatoes", "probability": 0.93505859375}, {"start": 1744.48, "end": 1747.18, "word": " is", "probability": 0.82861328125}, {"start": 1747.18, "end": 1747.46, "word": " bigger", "probability": 0.9521484375}, {"start": 1747.46, "end": 1747.72, "word": " than", "probability": 0.9375}, {"start": 1747.72, "end": 1747.92, "word": " the", "probability": 0.92236328125}, {"start": 1747.92, "end": 1748.38, "word": " quantity", "probability": 0.9775390625}, {"start": 1748.38, "end": 1749.0, "word": " demanded.", "probability": 0.931640625}, {"start": 1749.16, "end": 1749.38, "word": " There", "probability": 0.7958984375}, {"start": 1749.38, "end": 1749.56, "word": " is", "probability": 0.84521484375}, {"start": 1749.56, "end": 1749.84, "word": " no", "probability": 0.953125}, {"start": 1749.84, "end": 1750.46, "word": " demand", "probability": 0.908203125}, {"start": 1750.46, "end": 1751.2, "word": " for", "probability": 0.953125}, {"start": 1751.2, "end": 1751.72, "word": " tomatoes", "probability": 0.93798828125}, {"start": 1751.72, "end": 1751.92, "word": " in", "probability": 0.9140625}, {"start": 1751.92, "end": 1752.04, "word": " the", "probability": 0.9150390625}, {"start": 1752.04, "end": 1752.34, "word": " market,", "probability": 0.87548828125}, {"start": 1752.68, "end": 1752.88, "word": " and", "probability": 0.93408203125}, {"start": 1752.88, "end": 1753.1, "word": " we", "probability": 0.96337890625}, {"start": 1753.1, "end": 1753.54, "word": " have", "probability": 0.94921875}, {"start": 1753.54, "end": 1754.64, "word": " X's", "probability": 0.57080078125}, {"start": 1754.64, "end": 1755.36, "word": " supply", "probability": 0.958984375}, {"start": 1755.36, "end": 1755.68, "word": " of", "probability": 0.96728515625}, {"start": 1755.68, "end": 1756.18, "word": " tomatoes.", "probability": 0.93115234375}, {"start": 1756.46, "end": 1756.64, "word": " What", "probability": 0.8916015625}, {"start": 1756.64, "end": 1756.78, "word": " will", "probability": 0.86962890625}, {"start": 1756.78, "end": 1757.2, "word": " happen?", "probability": 0.91943359375}], "temperature": 1.0}, {"id": 59, "seek": 178770, "start": 1759.28, "end": 1787.7, "text": " Exactly, yeah, yeah, definitely. Because the producers or sellers will be obliged to decrease the prices in order to sell the products. So, at P1 here, the price is so high", "tokens": [7587, 11, 1338, 11, 1338, 11, 2138, 13, 1436, 264, 16080, 420, 31276, 486, 312, 47194, 281, 11514, 264, 7901, 294, 1668, 281, 3607, 264, 3383, 13, 407, 11, 412, 430, 16, 510, 11, 264, 3218, 307, 370, 1090], "avg_logprob": -0.20390624329447746, "compression_ratio": 1.4065040650406504, "no_speech_prob": 0.0, "words": [{"start": 1759.28, "end": 1759.88, "word": " Exactly,", "probability": 0.439208984375}, {"start": 1760.16, "end": 1760.28, "word": " yeah,", "probability": 0.84716796875}, {"start": 1760.52, "end": 1760.76, "word": " yeah,", "probability": 0.72900390625}, {"start": 1760.94, "end": 1761.34, "word": " definitely.", "probability": 0.90087890625}, {"start": 1761.74, "end": 1762.06, "word": " Because", "probability": 0.9326171875}, {"start": 1762.06, "end": 1762.92, "word": " the", "probability": 0.88232421875}, {"start": 1762.92, "end": 1763.46, "word": " producers", "probability": 0.88525390625}, {"start": 1763.46, "end": 1763.98, "word": " or", "probability": 0.93603515625}, {"start": 1763.98, "end": 1764.44, "word": " sellers", "probability": 0.9169921875}, {"start": 1764.44, "end": 1765.12, "word": " will", "probability": 0.85400390625}, {"start": 1765.12, "end": 1765.38, "word": " be", "probability": 0.95703125}, {"start": 1765.38, "end": 1766.22, "word": " obliged", "probability": 0.9453125}, {"start": 1766.22, "end": 1766.96, "word": " to", "probability": 0.966796875}, {"start": 1766.96, "end": 1767.52, "word": " decrease", "probability": 0.88916015625}, {"start": 1767.52, "end": 1767.7, "word": " the", "probability": 0.84423828125}, {"start": 1767.7, "end": 1768.16, "word": " prices", "probability": 0.91357421875}, {"start": 1768.16, "end": 1768.82, "word": " in", "probability": 0.86328125}, {"start": 1768.82, "end": 1769.06, "word": " order", "probability": 0.91943359375}, {"start": 1769.06, "end": 1769.5, "word": " to", "probability": 0.96923828125}, {"start": 1769.5, "end": 1769.98, "word": " sell", "probability": 0.87890625}, {"start": 1769.98, "end": 1770.12, "word": " the", "probability": 0.90625}, {"start": 1770.12, "end": 1770.54, "word": " products.", "probability": 0.859375}, {"start": 1774.2, "end": 1774.6, "word": " So,", "probability": 0.175048828125}, {"start": 1781.28, "end": 1783.14, "word": " at", "probability": 0.92138671875}, {"start": 1783.14, "end": 1783.78, "word": " P1", "probability": 0.9267578125}, {"start": 1783.78, "end": 1784.1, "word": " here,", "probability": 0.841796875}, {"start": 1784.94, "end": 1785.96, "word": " the", "probability": 0.91796875}, {"start": 1785.96, "end": 1786.34, "word": " price", "probability": 0.91455078125}, {"start": 1786.34, "end": 1786.68, "word": " is", "probability": 0.95166015625}, {"start": 1786.68, "end": 1787.22, "word": " so", "probability": 0.9560546875}, {"start": 1787.22, "end": 1787.7, "word": " high", "probability": 0.90673828125}], "temperature": 1.0}, {"id": 60, "seek": 180538, "start": 1789.74, "end": 1805.38, "text": " Okay? And the producers will try to decrease the prices in order to be able to sell the product.", "tokens": [1033, 30, 400, 264, 16080, 486, 853, 281, 11514, 264, 7901, 294, 1668, 281, 312, 1075, 281, 3607, 264, 1674, 13], "avg_logprob": -0.14675071225924927, "compression_ratio": 1.1686746987951808, "no_speech_prob": 0.0, "words": [{"start": 1789.74, "end": 1790.06, "word": " Okay?", "probability": 0.46923828125}, {"start": 1790.66, "end": 1791.0, "word": " And", "probability": 0.85400390625}, {"start": 1791.0, "end": 1791.9, "word": " the", "probability": 0.84033203125}, {"start": 1791.9, "end": 1792.5, "word": " producers", "probability": 0.87451171875}, {"start": 1792.5, "end": 1793.92, "word": " will", "probability": 0.880859375}, {"start": 1793.92, "end": 1794.5, "word": " try", "probability": 0.95361328125}, {"start": 1794.5, "end": 1795.5, "word": " to", "probability": 0.9736328125}, {"start": 1795.5, "end": 1798.08, "word": " decrease", "probability": 0.86279296875}, {"start": 1798.08, "end": 1799.04, "word": " the", "probability": 0.9228515625}, {"start": 1799.04, "end": 1800.34, "word": " prices", "probability": 0.8603515625}, {"start": 1800.34, "end": 1803.06, "word": " in", "probability": 0.85693359375}, {"start": 1803.06, "end": 1803.36, "word": " order", "probability": 0.921875}, {"start": 1803.36, "end": 1803.58, "word": " to", "probability": 0.9716796875}, {"start": 1803.58, "end": 1803.82, "word": " be", "probability": 0.96142578125}, {"start": 1803.82, "end": 1804.32, "word": " able", "probability": 0.94970703125}, {"start": 1804.32, "end": 1804.58, "word": " to", "probability": 0.97119140625}, {"start": 1804.58, "end": 1804.9, "word": " sell", "probability": 0.87353515625}, {"start": 1804.9, "end": 1805.04, "word": " the", "probability": 0.91748046875}, {"start": 1805.04, "end": 1805.38, "word": " product.", "probability": 0.91455078125}], "temperature": 1.0}, {"id": 61, "seek": 184136, "start": 1817.24, "end": 1841.36, "text": " As the price goes down to P2, the quantity demanded increases. As the price goes down to P2,", "tokens": [1018, 264, 3218, 1709, 760, 281, 430, 17, 11, 264, 11275, 28276, 8637, 13, 1018, 264, 3218, 1709, 760, 281, 430, 17, 11], "avg_logprob": -0.4091796738406022, "compression_ratio": 1.3098591549295775, "no_speech_prob": 0.0, "words": [{"start": 1817.2399999999998, "end": 1818.12, "word": " As", "probability": 0.1427001953125}, {"start": 1818.12, "end": 1819.0, "word": " the", "probability": 0.85302734375}, {"start": 1819.0, "end": 1819.26, "word": " price", "probability": 0.8935546875}, {"start": 1819.26, "end": 1819.56, "word": " goes", "probability": 0.92529296875}, {"start": 1819.56, "end": 1819.76, "word": " down", "probability": 0.84765625}, {"start": 1819.76, "end": 1819.94, "word": " to", "probability": 0.89697265625}, {"start": 1819.94, "end": 1820.38, "word": " P2,", "probability": 0.908203125}, {"start": 1821.7, "end": 1821.7, "word": " the", "probability": 0.1494140625}, {"start": 1821.7, "end": 1823.34, "word": " quantity", "probability": 0.9814453125}, {"start": 1823.34, "end": 1823.78, "word": " demanded", "probability": 0.90673828125}, {"start": 1823.78, "end": 1825.52, "word": " increases.", "probability": 0.7412109375}, {"start": 1830.4, "end": 1831.28, "word": " As", "probability": 0.11932373046875}, {"start": 1831.28, "end": 1838.34, "word": " the", "probability": 0.8837890625}, {"start": 1838.34, "end": 1838.7, "word": " price", "probability": 0.83544921875}, {"start": 1838.7, "end": 1840.82, "word": " goes", "probability": 0.900390625}, {"start": 1840.82, "end": 1841.12, "word": " down", "probability": 0.85693359375}, {"start": 1841.12, "end": 1841.36, "word": " to", "probability": 0.31005859375}, {"start": 1841.36, "end": 1841.36, "word": " P2,", "probability": 0.98095703125}], "temperature": 1.0}, {"id": 62, "seek": 187091, "start": 1842.41, "end": 1870.91, "text": " What happens to the producers' profits? It goes down as well. The price goes down. The sellers lose their profits. And the products stop being produced. What happens to the quant supplied? It goes down. Can you see what happened? The quant supplied was in the QS1. What happened? QS2. It went down. And this increased.", "tokens": [708, 2314, 281, 264, 16080, 6, 17982, 30, 467, 1709, 760, 382, 731, 13, 440, 3218, 1709, 760, 13, 440, 31276, 3624, 641, 17982, 13, 400, 264, 3383, 1590, 885, 7126, 13, 708, 2314, 281, 264, 4426, 27625, 30, 467, 1709, 760, 13, 1664, 291, 536, 437, 2011, 30, 440, 4426, 27625, 390, 294, 264, 1249, 50, 16, 13, 708, 2011, 30, 1249, 50, 17, 13, 467, 1437, 760, 13, 400, 341, 6505, 13], "avg_logprob": -0.4483333381017049, "compression_ratio": 1.822857142857143, "no_speech_prob": 0.0, "words": [{"start": 1842.41, "end": 1842.67, "word": " What", "probability": 0.658203125}, {"start": 1842.67, "end": 1842.87, "word": " happens", "probability": 0.8017578125}, {"start": 1842.87, "end": 1843.05, "word": " to", "probability": 0.8251953125}, {"start": 1843.05, "end": 1843.09, "word": " the", "probability": 0.5205078125}, {"start": 1843.09, "end": 1843.39, "word": " producers'", "probability": 0.173095703125}, {"start": 1843.39, "end": 1843.43, "word": " profits?", 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We still have an X's supply if it's QS2 minus QD2 represented by this triangle.", "tokens": [1018, 321, 362, 1783, 311, 5847, 10379, 538, 341, 13369, 510, 13, 492, 920, 362, 364, 1783, 311, 5847, 498, 309, 311, 1249, 50, 17, 3175, 1249, 35, 17, 10379, 538, 341, 13369, 13], "avg_logprob": -0.33593749829701014, "compression_ratio": 1.3979591836734695, "no_speech_prob": 0.0, "words": [{"start": 1879.1000000000001, "end": 1880.22, "word": " As", "probability": 0.023040771484375}, {"start": 1880.22, "end": 1881.34, "word": " we", "probability": 0.92919921875}, {"start": 1881.34, "end": 1881.86, "word": " have", "probability": 0.9443359375}, {"start": 1881.86, "end": 1883.22, "word": " X's", "probability": 0.62939453125}, {"start": 1883.22, "end": 1883.86, "word": " supply", "probability": 0.9033203125}, {"start": 1883.86, "end": 1887.58, "word": " represented", "probability": 0.3359375}, {"start": 1887.58, "end": 1888.74, "word": " by", "probability": 0.9736328125}, {"start": 1888.74, "end": 1888.98, "word": " this", "probability": 0.9404296875}, {"start": 1888.98, "end": 1889.48, "word": " triangle", "probability": 0.86962890625}, {"start": 1889.48, "end": 1889.86, "word": " here.", "probability": 0.76025390625}, {"start": 1890.0, "end": 1891.06, "word": " We", "probability": 0.8994140625}, {"start": 1891.06, "end": 1891.6, "word": " still", "probability": 0.958984375}, {"start": 1891.6, "end": 1892.16, "word": " have", "probability": 0.94970703125}, {"start": 1892.16, "end": 1892.7, "word": " an", "probability": 0.8349609375}, {"start": 1892.7, "end": 1893.28, "word": " X's", "probability": 0.7802734375}, {"start": 1893.28, "end": 1893.74, "word": " supply", "probability": 0.94482421875}, {"start": 1893.74, "end": 1893.94, "word": " if", "probability": 0.55419921875}, {"start": 1893.94, "end": 1894.42, "word": " it's", "probability": 0.4378662109375}, {"start": 1894.42, "end": 1896.38, "word": " QS2", "probability": 0.8177083333333334}, {"start": 1896.38, "end": 1897.38, "word": " minus", "probability": 0.9140625}, {"start": 1897.38, "end": 1898.42, "word": " QD2", "probability": 0.9514973958333334}, {"start": 1898.42, "end": 1900.02, "word": " represented", "probability": 0.59130859375}, {"start": 1900.02, "end": 1900.38, "word": " by", "probability": 0.96826171875}, {"start": 1900.38, "end": 1900.68, "word": " this", "probability": 0.94921875}, {"start": 1900.68, "end": 1901.24, "word": " triangle.", "probability": 0.859375}], "temperature": 1.0}, {"id": 64, "seek": 193094, "start": 1902.756, "end": 1930.94, "text": " True. As we still have an excess supply of goods, the price will go down. They will be obliged to decrease the prices. So as the price goes down, when the price goes down,", "tokens": [13587, 13, 1018, 321, 920, 362, 364, 9310, 5847, 295, 10179, 11, 264, 3218, 486, 352, 760, 13, 814, 486, 312, 47194, 281, 11514, 264, 7901, 13, 407, 382, 264, 3218, 1709, 760, 11, 562, 264, 3218, 1709, 760, 11], "avg_logprob": -0.1837842929654005, "compression_ratio": 1.4956521739130435, "no_speech_prob": 0.0, "words": [{"start": 1902.6499999999999, "end": 1903.08, "word": " True.", "probability": 0.7392578125}, {"start": 1904.54, "end": 1905.04, "word": " As", "probability": 0.96728515625}, {"start": 1905.04, "end": 1905.24, "word": " we", "probability": 0.9638671875}, {"start": 1905.24, "end": 1905.68, "word": " still", "probability": 0.96533203125}, {"start": 1905.68, "end": 1906.38, "word": " have", "probability": 0.9453125}, {"start": 1906.38, "end": 1907.28, "word": " an", "probability": 0.8896484375}, {"start": 1907.28, "end": 1907.74, "word": " excess", "probability": 0.97412109375}, {"start": 1907.74, "end": 1908.38, "word": " supply", "probability": 0.94775390625}, {"start": 1908.38, "end": 1908.68, "word": " of", "probability": 0.95263671875}, {"start": 1908.68, "end": 1909.0, "word": " goods,", "probability": 0.92333984375}, {"start": 1910.68, "end": 1911.1, "word": " the", "probability": 0.91259765625}, {"start": 1911.1, "end": 1911.44, "word": " price", "probability": 0.90869140625}, {"start": 1911.44, "end": 1911.66, "word": " will", "probability": 0.888671875}, {"start": 1911.66, "end": 1911.92, "word": " go", "probability": 0.9658203125}, {"start": 1911.92, "end": 1912.28, "word": " down.", "probability": 0.857421875}, {"start": 1915.52, "end": 1916.02, "word": " They", "probability": 0.2425537109375}, {"start": 1916.02, "end": 1917.56, "word": " will", "probability": 0.7900390625}, {"start": 1917.56, "end": 1917.82, "word": " be", "probability": 0.923828125}, {"start": 1917.82, "end": 1918.48, "word": " obliged", "probability": 0.88427734375}, {"start": 1918.48, "end": 1919.06, "word": " to", "probability": 0.9716796875}, {"start": 1919.06, "end": 1920.68, "word": " decrease", "probability": 0.87060546875}, {"start": 1920.68, "end": 1922.24, "word": " the", "probability": 0.80029296875}, {"start": 1922.24, "end": 1922.68, "word": " prices.", "probability": 0.80859375}, {"start": 1922.92, "end": 1922.92, "word": " So", "probability": 0.904296875}, {"start": 1922.92, "end": 1923.2, "word": " as", "probability": 0.7841796875}, {"start": 1923.2, "end": 1923.32, "word": " the", "probability": 0.85791015625}, {"start": 1923.32, "end": 1923.56, "word": " price", "probability": 0.88134765625}, {"start": 1923.56, "end": 1923.98, "word": " goes", "probability": 0.9365234375}, {"start": 1923.98, "end": 1924.28, "word": " down,", "probability": 0.84130859375}, {"start": 1927.14, "end": 1927.14, "word": " when", "probability": 0.269287109375}, {"start": 1927.14, "end": 1929.74, "word": " the", "probability": 0.91845703125}, {"start": 1929.74, "end": 1930.12, "word": " price", "probability": 0.8955078125}, {"start": 1930.12, "end": 1930.6, "word": " goes", "probability": 0.9384765625}, {"start": 1930.6, "end": 1930.94, "word": " down,", "probability": 0.86083984375}], "temperature": 1.0}, {"id": 65, "seek": 195927, "start": 1932.89, "end": 1959.27, "text": " What will happen to the quantity demanded? As the price goes down from P to P star, what do you see? The quantity demanded increases. As the price goes down, the quantity supplied goes down.", "tokens": [708, 486, 1051, 281, 264, 11275, 28276, 30, 1018, 264, 3218, 1709, 760, 490, 430, 281, 430, 3543, 11, 437, 360, 291, 536, 30, 440, 11275, 28276, 8637, 13, 1018, 264, 3218, 1709, 760, 11, 264, 11275, 27625, 1709, 760, 13], "avg_logprob": -0.13727678571428573, "compression_ratio": 1.578512396694215, "no_speech_prob": 0.0, "words": [{"start": 1932.89, "end": 1933.15, "word": " What", "probability": 0.73095703125}, {"start": 1933.15, "end": 1933.31, "word": " will", "probability": 0.57763671875}, {"start": 1933.31, "end": 1933.69, "word": " happen", "probability": 0.9140625}, {"start": 1933.69, "end": 1934.03, "word": " to", "probability": 0.9697265625}, {"start": 1934.03, "end": 1934.55, "word": " the", "probability": 0.923828125}, {"start": 1934.55, "end": 1935.07, "word": " quantity", "probability": 0.9755859375}, {"start": 1935.07, "end": 1935.95, "word": " demanded?", "probability": 0.93994140625}, {"start": 1938.03, "end": 1938.99, "word": " As", "probability": 0.266357421875}, {"start": 1938.99, "end": 1940.33, "word": " the", "probability": 0.9091796875}, {"start": 1940.33, "end": 1940.57, "word": " price", "probability": 0.912109375}, {"start": 1940.57, "end": 1941.09, "word": " goes", "probability": 0.93994140625}, {"start": 1941.09, "end": 1942.05, "word": " down", "probability": 0.84619140625}, {"start": 1942.05, "end": 1942.93, "word": " from", "probability": 0.7998046875}, {"start": 1942.93, "end": 1943.29, "word": " P", "probability": 0.86865234375}, {"start": 1943.29, "end": 1943.55, "word": " to", "probability": 0.82177734375}, {"start": 1943.55, "end": 1944.03, "word": " P", "probability": 0.92724609375}, {"start": 1944.03, "end": 1944.51, "word": " star,", "probability": 0.47216796875}, {"start": 1945.35, "end": 1945.51, "word": " what", "probability": 0.787109375}, {"start": 1945.51, "end": 1945.63, "word": " do", "probability": 0.87109375}, {"start": 1945.63, "end": 1945.67, "word": " you", "probability": 0.8642578125}, {"start": 1945.67, "end": 1945.91, "word": " see?", "probability": 0.931640625}, {"start": 1946.15, "end": 1946.31, "word": " The", "probability": 0.89794921875}, {"start": 1946.31, "end": 1946.83, "word": " quantity", "probability": 0.9814453125}, {"start": 1946.83, "end": 1947.55, "word": " demanded", "probability": 0.9404296875}, {"start": 1947.55, "end": 1949.03, "word": " increases.", "probability": 0.9345703125}, {"start": 1950.75, "end": 1951.71, "word": " As", "probability": 0.96435546875}, {"start": 1951.71, "end": 1951.87, "word": " the", "probability": 0.91552734375}, {"start": 1951.87, "end": 1952.27, "word": " price", "probability": 0.91064453125}, {"start": 1952.27, "end": 1953.23, "word": " goes", "probability": 0.93798828125}, {"start": 1953.23, "end": 1953.79, "word": " down,", "probability": 0.85595703125}, {"start": 1955.19, "end": 1955.33, "word": " the", "probability": 0.923828125}, {"start": 1955.33, "end": 1957.21, "word": " quantity", "probability": 0.9765625}, {"start": 1957.21, "end": 1957.85, "word": " supplied", "probability": 0.8681640625}, {"start": 1957.85, "end": 1958.81, "word": " goes", "probability": 0.9296875}, {"start": 1958.81, "end": 1959.27, "word": " down.", "probability": 0.859375}], "temperature": 1.0}, {"id": 66, "seek": 199425, "start": 1965.99, "end": 1994.25, "text": " until the equilibrium is restored. Until the equilibrium is restored at this point. Here we have no excess demand, no excess supply. We have an equilibrium. Okay? And vice versa. If the price was here,", "tokens": [1826, 264, 15625, 307, 23143, 13, 9088, 264, 15625, 307, 23143, 412, 341, 935, 13, 1692, 321, 362, 572, 9310, 4733, 11, 572, 9310, 5847, 13, 492, 362, 364, 15625, 13, 1033, 30, 400, 11964, 25650, 13, 759, 264, 3218, 390, 510, 11], "avg_logprob": -0.1628195961767977, "compression_ratio": 1.5538461538461539, "no_speech_prob": 0.0, "words": [{"start": 1965.99, "end": 1966.73, "word": " until", "probability": 0.50634765625}, {"start": 1966.73, "end": 1968.09, "word": " the", "probability": 0.89111328125}, {"start": 1968.09, "end": 1968.63, "word": " equilibrium", "probability": 0.95263671875}, {"start": 1968.63, "end": 1969.35, "word": " is", "probability": 0.93994140625}, {"start": 1969.35, "end": 1970.19, "word": " restored.", "probability": 0.892578125}, {"start": 1971.61, "end": 1972.69, "word": " Until", "probability": 0.8125}, {"start": 1972.69, "end": 1973.73, "word": " the", "probability": 0.88134765625}, {"start": 1973.73, "end": 1974.37, "word": " equilibrium", "probability": 0.95556640625}, {"start": 1974.37, "end": 1975.09, "word": " is", "probability": 0.93896484375}, {"start": 1975.09, "end": 1976.29, "word": " restored", "probability": 0.86865234375}, {"start": 1976.29, "end": 1976.79, "word": " at", "probability": 0.92578125}, {"start": 1976.79, "end": 1977.07, "word": " this", "probability": 0.9462890625}, {"start": 1977.07, "end": 1977.39, "word": " point.", "probability": 0.96337890625}, {"start": 1978.99, "end": 1979.29, "word": " Here", "probability": 0.82275390625}, {"start": 1979.29, "end": 1979.71, "word": " we", "probability": 0.6650390625}, {"start": 1979.71, "end": 1980.25, "word": " have", "probability": 0.9267578125}, {"start": 1980.25, "end": 1981.05, "word": " no", "probability": 0.92041015625}, {"start": 1981.05, "end": 1981.49, "word": " excess", "probability": 0.958984375}, {"start": 1981.49, "end": 1981.97, "word": " demand,", "probability": 0.92333984375}, {"start": 1982.13, "end": 1982.29, "word": " no", "probability": 0.9306640625}, {"start": 1982.29, "end": 1982.61, "word": " excess", "probability": 0.95654296875}, {"start": 1982.61, "end": 1983.23, "word": " supply.", "probability": 0.93896484375}, {"start": 1984.09, "end": 1984.65, "word": " We", "probability": 0.953125}, {"start": 1984.65, "end": 1985.11, "word": " have", "probability": 0.94580078125}, {"start": 1985.11, "end": 1986.13, "word": " an", "probability": 0.8837890625}, {"start": 1986.13, "end": 1986.73, "word": " equilibrium.", "probability": 0.970703125}, {"start": 1987.33, "end": 1987.51, "word": " Okay?", "probability": 0.69677734375}, {"start": 1989.17, "end": 1989.63, "word": " And", "probability": 0.8876953125}, {"start": 1989.63, "end": 1990.21, "word": " vice", "probability": 0.88525390625}, {"start": 1990.21, "end": 1990.61, "word": " versa.", "probability": 0.78173828125}, {"start": 1992.11, "end": 1992.39, "word": " If", "probability": 0.95654296875}, {"start": 1992.39, "end": 1992.57, "word": " the", "probability": 0.91796875}, {"start": 1992.57, "end": 1992.93, "word": " price", "probability": 0.9248046875}, {"start": 1992.93, "end": 1993.77, "word": " was", "probability": 0.94580078125}, {"start": 1993.77, "end": 1994.25, "word": " here,", "probability": 0.8515625}], "temperature": 1.0}, {"id": 67, "seek": 202874, "start": 1999.7, "end": 2028.74, "text": " Let us assume that the price was here at P5. How much is the quantity? Here is a point along demand curve, so it represents Qd. All right? This point along this price. The quantity supply, this represents Qs. Here we have what? 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This triangle represents what? X's demand because Qd is bigger than Qs, represented by 200 maybe minus 150, 150, that's it. Assumptions. As we have an X's demand,", "tokens": [3175, 1249, 82, 13, 639, 13369, 8855, 437, 30, 1783, 311, 4733, 570, 1249, 67, 307, 3801, 813, 1249, 82, 11, 10379, 538, 2331, 1310, 3175, 8451, 11, 8451, 11, 300, 311, 309, 13, 6281, 449, 9799, 13, 1018, 321, 362, 364, 1783, 311, 4733, 11], "avg_logprob": -0.24800532929440763, "compression_ratio": 1.3106060606060606, "no_speech_prob": 0.0, "words": [{"start": 2029.77, "end": 2030.27, "word": " minus", "probability": 0.81005859375}, {"start": 2030.27, "end": 2031.17, "word": " Qs.", "probability": 0.63916015625}, {"start": 2036.01, "end": 2036.37, "word": " This", "probability": 0.76123046875}, {"start": 2036.37, "end": 2037.09, "word": " triangle", "probability": 0.77978515625}, {"start": 2037.09, "end": 2037.83, "word": " represents", "probability": 0.8876953125}, {"start": 2037.83, "end": 2038.13, "word": " what?", "probability": 0.923828125}, {"start": 2040.73, "end": 2041.19, "word": " X's", "probability": 0.3331298828125}, {"start": 2041.19, "end": 2041.47, "word": " demand", "probability": 0.9296875}, {"start": 2041.47, "end": 2041.85, "word": " because", "probability": 0.79296875}, {"start": 2041.85, "end": 2042.43, "word": " Qd", "probability": 0.80615234375}, {"start": 2042.43, "end": 2042.63, "word": " is", "probability": 0.947265625}, {"start": 2042.63, "end": 2042.91, "word": " bigger", "probability": 0.943359375}, {"start": 2042.91, "end": 2043.13, "word": " than", "probability": 0.9462890625}, {"start": 2043.13, "end": 2043.75, "word": " Qs,", "probability": 0.95263671875}, {"start": 2044.35, "end": 2044.87, "word": " represented", "probability": 0.83203125}, {"start": 2044.87, "end": 2045.39, "word": " by", "probability": 0.97607421875}, {"start": 2045.39, "end": 2046.19, "word": " 200", "probability": 0.93212890625}, {"start": 2046.19, "end": 2046.61, "word": " maybe", "probability": 0.8984375}, {"start": 2046.61, "end": 2047.31, "word": " minus", "probability": 0.90771484375}, {"start": 2047.31, "end": 2048.75, "word": " 150,", "probability": 0.8583984375}, {"start": 2048.87, "end": 2049.23, "word": " 150,", "probability": 0.5771484375}, {"start": 2049.61, "end": 2049.83, "word": " that's", "probability": 0.9501953125}, {"start": 2049.83, "end": 2050.05, "word": " it.", "probability": 0.9326171875}, {"start": 2050.97, "end": 2051.53, "word": " Assumptions.", "probability": 0.9635416666666666}, {"start": 2053.87, "end": 2054.89, "word": " As", "probability": 0.55908203125}, {"start": 2054.89, "end": 2055.21, "word": " we", "probability": 0.96435546875}, {"start": 2055.21, "end": 2055.65, "word": " have", "probability": 0.943359375}, {"start": 2055.65, "end": 2056.01, "word": " an", "probability": 0.94775390625}, {"start": 2056.01, "end": 2056.55, "word": " X's", "probability": 0.8515625}, {"start": 2056.55, "end": 2056.91, "word": " demand,", "probability": 0.9140625}], "temperature": 1.0}, {"id": 69, "seek": 208381, "start": 2059.21, "end": 2083.81, "text": " And there is no supply. The quantity supplied is smaller than the quantity demanded. What will happen? The price goes up. So in this case here, if the market price is below the equilibrium price, this is the equilibrium price.", "tokens": [400, 456, 307, 572, 5847, 13, 440, 11275, 27625, 307, 4356, 813, 264, 11275, 28276, 13, 708, 486, 1051, 30, 440, 3218, 1709, 493, 13, 407, 294, 341, 1389, 510, 11, 498, 264, 2142, 3218, 307, 2507, 264, 15625, 3218, 11, 341, 307, 264, 15625, 3218, 13], "avg_logprob": -0.15616862351695696, "compression_ratio": 1.5547945205479452, "no_speech_prob": 0.0, "words": [{"start": 2059.2100000000005, "end": 2059.8900000000003, "word": " And", "probability": 0.724609375}, {"start": 2059.8900000000003, "end": 2060.57, "word": " there", "probability": 0.8525390625}, {"start": 2060.57, "end": 2060.91, "word": " is", "probability": 0.9443359375}, {"start": 2060.91, "end": 2061.31, "word": " no", "probability": 0.9443359375}, {"start": 2061.31, "end": 2061.87, "word": " supply.", "probability": 0.95361328125}, {"start": 2062.21, "end": 2062.27, "word": " The", "probability": 0.5546875}, {"start": 2062.27, "end": 2062.51, "word": " quantity", "probability": 0.7783203125}, {"start": 2062.51, "end": 2063.01, "word": " supplied", "probability": 0.841796875}, {"start": 2063.01, "end": 2063.47, "word": " is", "probability": 0.9462890625}, {"start": 2063.47, "end": 2064.79, "word": " smaller", "probability": 0.79833984375}, {"start": 2064.79, "end": 2065.49, "word": " than", "probability": 0.93896484375}, {"start": 2065.49, "end": 2066.67, "word": " the", "probability": 0.89599609375}, {"start": 2066.67, "end": 2067.99, "word": " quantity", "probability": 0.97900390625}, {"start": 2067.99, "end": 2068.49, "word": " demanded.", "probability": 0.9189453125}, {"start": 2068.65, "end": 2068.81, "word": " What", "probability": 0.8701171875}, {"start": 2068.81, "end": 2068.97, "word": " will", "probability": 0.80615234375}, {"start": 2068.97, "end": 2069.33, "word": " happen?", "probability": 0.919921875}, {"start": 2069.45, "end": 2070.07, "word": " The", "probability": 0.74169921875}, {"start": 2070.07, "end": 2070.67, "word": " price", "probability": 0.921875}, {"start": 2070.67, "end": 2071.01, "word": " goes", "probability": 0.82568359375}, {"start": 2071.01, "end": 2071.41, "word": " up.", "probability": 0.96826171875}, {"start": 2072.49, "end": 2072.81, "word": " So", "probability": 0.89453125}, {"start": 2072.81, "end": 2073.05, "word": " in", "probability": 0.7958984375}, {"start": 2073.05, "end": 2073.29, "word": " this", "probability": 0.9462890625}, {"start": 2073.29, "end": 2073.63, "word": " case", "probability": 0.91455078125}, {"start": 2073.63, "end": 2073.87, "word": " here,", "probability": 0.79736328125}, {"start": 2074.17, "end": 2074.43, "word": " if", "probability": 0.95263671875}, {"start": 2074.43, "end": 2074.65, "word": " the", "probability": 0.91259765625}, {"start": 2074.65, "end": 2074.97, "word": " market", "probability": 0.78662109375}, {"start": 2074.97, "end": 2075.49, "word": " price", "probability": 0.87939453125}, {"start": 2075.49, "end": 2079.67, "word": " is", "probability": 0.900390625}, {"start": 2079.67, "end": 2080.51, "word": " below", "probability": 0.87646484375}, {"start": 2080.51, "end": 2080.83, "word": " the", "probability": 0.90625}, {"start": 2080.83, "end": 2081.35, "word": " equilibrium", "probability": 0.958984375}, {"start": 2081.35, "end": 2082.11, "word": " price,", "probability": 0.8935546875}, {"start": 2082.31, "end": 2082.59, "word": " this", "probability": 0.81689453125}, {"start": 2082.59, "end": 2082.73, "word": " is", "probability": 0.943359375}, {"start": 2082.73, "end": 2082.95, "word": " the", "probability": 0.8798828125}, {"start": 2082.95, "end": 2083.31, "word": " equilibrium", "probability": 0.96337890625}, {"start": 2083.31, "end": 2083.81, "word": " price.", "probability": 0.89697265625}], "temperature": 1.0}, {"id": 70, "seek": 211019, "start": 2087.25, "end": 2110.19, "text": " If the market price below the equilibrium price, in this case, the quantity demanded is bigger than the quantity supplied, here we have an excess demand or supply shortage. What will happen? The price will go up. So in this case, the price will go up.", "tokens": [759, 264, 2142, 3218, 2507, 264, 15625, 3218, 11, 294, 341, 1389, 11, 264, 11275, 28276, 307, 3801, 813, 264, 11275, 27625, 11, 510, 321, 362, 364, 9310, 4733, 420, 5847, 24708, 13, 708, 486, 1051, 30, 440, 3218, 486, 352, 493, 13, 407, 294, 341, 1389, 11, 264, 3218, 486, 352, 493, 13], "avg_logprob": -0.12855114340782164, "compression_ratio": 1.6363636363636365, "no_speech_prob": 0.0, "words": [{"start": 2087.25, "end": 2087.65, "word": " If", "probability": 0.82763671875}, {"start": 2087.65, "end": 2088.15, "word": " the", "probability": 0.9140625}, {"start": 2088.15, "end": 2088.47, "word": " market", "probability": 0.873046875}, {"start": 2088.47, "end": 2088.99, "word": " price", "probability": 0.8828125}, {"start": 2088.99, "end": 2090.35, "word": " below", "probability": 0.86572265625}, {"start": 2090.35, "end": 2091.23, "word": " the", "probability": 0.91015625}, {"start": 2091.23, "end": 2091.69, "word": " equilibrium", "probability": 0.96875}, {"start": 2091.69, "end": 2092.31, "word": " price,", "probability": 0.91455078125}, {"start": 2092.73, "end": 2092.99, "word": " in", "probability": 0.9482421875}, {"start": 2092.99, "end": 2093.29, "word": " this", "probability": 0.94921875}, {"start": 2093.29, "end": 2093.65, "word": " case,", "probability": 0.9033203125}, {"start": 2093.83, "end": 2093.91, "word": " the", "probability": 0.9228515625}, {"start": 2093.91, "end": 2094.39, "word": " quantity", "probability": 0.9853515625}, {"start": 2094.39, "end": 2094.87, "word": " demanded", "probability": 0.94189453125}, {"start": 2094.87, "end": 2095.39, "word": " is", "probability": 0.9501953125}, {"start": 2095.39, "end": 2095.73, "word": " bigger", "probability": 0.955078125}, {"start": 2095.73, "end": 2096.03, "word": " than", "probability": 0.94384765625}, {"start": 2096.03, "end": 2096.21, "word": " the", "probability": 0.90869140625}, {"start": 2096.21, "end": 2096.43, "word": " quantity", "probability": 0.8369140625}, {"start": 2096.43, "end": 2096.93, "word": " supplied,", "probability": 0.857421875}, {"start": 2097.33, "end": 2097.57, "word": " here", "probability": 0.83740234375}, {"start": 2097.57, "end": 2097.73, "word": " we", "probability": 0.89599609375}, {"start": 2097.73, "end": 2098.21, "word": " have", "probability": 0.94189453125}, {"start": 2098.21, "end": 2099.01, "word": " an", "probability": 0.62158203125}, {"start": 2099.01, "end": 2099.59, "word": " excess", "probability": 0.95751953125}, {"start": 2099.59, "end": 2100.23, "word": " demand", "probability": 0.91943359375}, {"start": 2100.23, "end": 2100.61, "word": " or", "probability": 0.95751953125}, {"start": 2100.61, "end": 2101.35, "word": " supply", "probability": 0.94482421875}, {"start": 2101.35, "end": 2102.09, "word": " shortage.", "probability": 0.95458984375}, {"start": 2103.69, "end": 2104.41, "word": " What", "probability": 0.6494140625}, {"start": 2104.41, "end": 2104.63, "word": " will", "probability": 0.7119140625}, {"start": 2104.63, "end": 2104.99, "word": " happen?", "probability": 0.91748046875}, {"start": 2105.27, "end": 2105.43, "word": " The", "probability": 0.8974609375}, {"start": 2105.43, "end": 2105.75, "word": " price", "probability": 0.9091796875}, {"start": 2105.75, "end": 2105.93, "word": " will", "probability": 0.88427734375}, {"start": 2105.93, "end": 2106.19, "word": " go", "probability": 0.96826171875}, {"start": 2106.19, "end": 2106.49, "word": " up.", "probability": 0.97021484375}, {"start": 2107.27, "end": 2107.49, "word": " So", "probability": 0.96728515625}, {"start": 2107.49, "end": 2108.01, "word": " in", "probability": 0.7783203125}, {"start": 2108.01, "end": 2108.23, "word": " this", "probability": 0.94775390625}, {"start": 2108.23, "end": 2108.55, "word": " case,", "probability": 0.90478515625}, {"start": 2108.73, "end": 2108.99, "word": " the", "probability": 0.91943359375}, {"start": 2108.99, "end": 2109.25, "word": " price", "probability": 0.91259765625}, {"start": 2109.25, "end": 2109.45, "word": " will", "probability": 0.89013671875}, {"start": 2109.45, "end": 2109.75, "word": " go", "probability": 0.96435546875}, {"start": 2109.75, "end": 2110.19, "word": " up.", "probability": 0.970703125}], "temperature": 1.0}, {"id": 71, "seek": 214367, "start": 2114.66, "end": 2143.68, "text": " Until the equilibrium is restored. That's it. Understood or not? Okay. Let's take a break just for one minute and complete. Let's go to determine the market equilibrium using formulas or demand and supply functions.", "tokens": [9088, 264, 15625, 307, 23143, 13, 663, 311, 309, 13, 42832, 420, 406, 30, 1033, 13, 961, 311, 747, 257, 1821, 445, 337, 472, 3456, 293, 3566, 13, 961, 311, 352, 281, 6997, 264, 2142, 15625, 1228, 30546, 420, 4733, 293, 5847, 6828, 13], "avg_logprob": -0.1200520826710595, "compression_ratio": 1.4025974025974026, "no_speech_prob": 0.0, "words": [{"start": 2114.66, "end": 2115.22, "word": " Until", "probability": 0.54736328125}, {"start": 2115.22, "end": 2115.58, "word": " the", "probability": 0.90478515625}, {"start": 2115.58, "end": 2116.04, "word": " equilibrium", "probability": 0.94384765625}, {"start": 2116.04, "end": 2116.78, "word": " is", "probability": 0.923828125}, {"start": 2116.78, "end": 2117.44, "word": " restored.", "probability": 0.87060546875}, {"start": 2118.46, "end": 2119.04, "word": " That's", "probability": 0.9580078125}, {"start": 2119.04, "end": 2119.82, "word": " it.", "probability": 0.95458984375}, {"start": 2121.44, "end": 2122.56, "word": " Understood", "probability": 0.53271484375}, {"start": 2122.56, "end": 2123.24, "word": " or", "probability": 0.92578125}, {"start": 2123.24, "end": 2123.44, "word": " not?", "probability": 0.94140625}, {"start": 2124.02, "end": 2125.14, "word": " Okay.", "probability": 0.228515625}, {"start": 2126.3, "end": 2126.8, "word": " Let's", "probability": 0.9814453125}, {"start": 2126.8, "end": 2127.06, "word": " take", "probability": 0.87744140625}, {"start": 2127.06, "end": 2127.2, "word": " a", "probability": 0.99658203125}, {"start": 2127.2, "end": 2127.46, "word": " break", "probability": 0.9794921875}, {"start": 2127.46, "end": 2127.84, "word": " just", "probability": 0.89013671875}, {"start": 2127.84, "end": 2128.42, "word": " for", "probability": 0.9501953125}, {"start": 2128.42, "end": 2128.78, "word": " one", "probability": 0.935546875}, {"start": 2128.78, "end": 2129.22, "word": " minute", "probability": 0.9326171875}, {"start": 2129.22, "end": 2130.58, "word": " and", "probability": 0.83544921875}, {"start": 2130.58, "end": 2131.4, "word": " complete.", "probability": 0.7021484375}, {"start": 2133.76, "end": 2134.88, "word": " Let's", "probability": 0.972412109375}, {"start": 2134.88, "end": 2135.12, "word": " go", "probability": 0.96875}, {"start": 2135.12, "end": 2135.46, "word": " to", "probability": 0.94189453125}, {"start": 2135.46, "end": 2136.08, "word": " determine", "probability": 0.9208984375}, {"start": 2136.08, "end": 2137.14, "word": " the", "probability": 0.91455078125}, {"start": 2137.14, "end": 2137.52, "word": " market", "probability": 0.89404296875}, {"start": 2137.52, "end": 2138.02, "word": " equilibrium", "probability": 0.93310546875}, {"start": 2138.02, "end": 2138.98, "word": " using", "probability": 0.9287109375}, {"start": 2138.98, "end": 2139.96, "word": " formulas", "probability": 0.97119140625}, {"start": 2139.96, "end": 2142.18, "word": " or", "probability": 0.693359375}, {"start": 2142.18, "end": 2142.58, "word": " demand", "probability": 0.91748046875}, {"start": 2142.58, "end": 2142.78, "word": " and", "probability": 0.88134765625}, {"start": 2142.78, "end": 2143.1, "word": " supply", "probability": 0.9521484375}, {"start": 2143.1, "end": 2143.68, "word": " functions.", "probability": 0.8974609375}], "temperature": 1.0}, {"id": 72, "seek": 217298, "start": 2145.76, "end": 2172.98, "text": " Assume that the demand function QD equals 200 minus half times the prices. Demand function. Demand formula and supply function.", "tokens": [6281, 2540, 300, 264, 4733, 2445, 1249, 35, 6915, 2331, 3175, 1922, 1413, 264, 7901, 13, 4686, 474, 2445, 13, 4686, 474, 8513, 293, 5847, 2445, 13], "avg_logprob": -0.23200335406831332, "compression_ratio": 1.3195876288659794, "no_speech_prob": 0.0, "words": [{"start": 2145.76, "end": 2146.4, "word": " Assume", "probability": 0.7626953125}, {"start": 2146.4, "end": 2147.32, "word": " that", "probability": 0.9375}, {"start": 2147.32, "end": 2147.94, "word": " the", "probability": 0.89990234375}, {"start": 2147.94, "end": 2148.4, "word": " demand", "probability": 0.89794921875}, {"start": 2148.4, "end": 2149.08, "word": " function", "probability": 0.96533203125}, {"start": 2149.08, "end": 2156.9, "word": " QD", "probability": 0.4747314453125}, {"start": 2156.9, "end": 2158.78, "word": " equals", "probability": 0.86376953125}, {"start": 2158.78, "end": 2159.74, "word": " 200", "probability": 0.8515625}, {"start": 2159.74, "end": 2160.5, "word": " minus", "probability": 0.978515625}, {"start": 2160.5, "end": 2161.38, "word": " half", "probability": 0.8408203125}, {"start": 2161.38, "end": 2162.26, "word": " times", "probability": 0.86279296875}, {"start": 2162.26, "end": 2162.46, "word": " the", "probability": 0.7705078125}, {"start": 2162.46, "end": 2162.94, "word": " prices.", "probability": 0.88037109375}, {"start": 2163.2, "end": 2163.96, "word": " Demand", "probability": 0.80126953125}, {"start": 2163.96, "end": 2165.96, "word": " function.", "probability": 0.93798828125}, {"start": 2167.76, "end": 2168.06, "word": " Demand", "probability": 0.8046875}, {"start": 2168.06, "end": 2170.02, "word": " formula", "probability": 0.87255859375}, {"start": 2170.02, "end": 2172.04, "word": " and", "probability": 0.515625}, {"start": 2172.04, "end": 2172.42, "word": " supply", "probability": 0.9541015625}, {"start": 2172.42, "end": 2172.98, "word": " function.", "probability": 0.966796875}], "temperature": 1.0}, {"id": 73, "seek": 220655, "start": 2179.79, "end": 2206.55, "text": " Qs equals 50 plus two times the prices. We're going to determine the equilibrium price number one,", "tokens": [1249, 82, 6915, 2625, 1804, 732, 1413, 264, 7901, 13, 492, 434, 516, 281, 6997, 264, 15625, 3218, 1230, 472, 11], "avg_logprob": -0.245916179635308, "compression_ratio": 1.1123595505617978, "no_speech_prob": 0.0, "words": [{"start": 2179.79, "end": 2180.89, "word": " Qs", "probability": 0.719970703125}, {"start": 2180.89, "end": 2181.99, "word": " equals", "probability": 0.9306640625}, {"start": 2181.99, "end": 2182.79, "word": " 50", "probability": 0.93603515625}, {"start": 2182.79, "end": 2184.57, "word": " plus", "probability": 0.90087890625}, {"start": 2184.57, "end": 2185.45, "word": " two", "probability": 0.84375}, {"start": 2185.45, "end": 2185.93, "word": " times", "probability": 0.80859375}, {"start": 2185.93, "end": 2186.13, "word": " the", "probability": 0.8203125}, {"start": 2186.13, "end": 2186.63, "word": " prices.", "probability": 0.869140625}, {"start": 2194.93, "end": 2195.89, "word": " We're", "probability": 0.5}, {"start": 2195.89, "end": 2195.89, "word": " going", "probability": 0.73046875}, {"start": 2195.89, "end": 2195.95, "word": " to", "probability": 0.97314453125}, {"start": 2195.95, "end": 2196.55, "word": " determine", "probability": 0.93505859375}, {"start": 2196.55, "end": 2205.09, "word": " the", "probability": 0.775390625}, {"start": 2205.09, "end": 2205.57, "word": " equilibrium", "probability": 0.78271484375}, {"start": 2205.57, "end": 2206.03, "word": " price", "probability": 0.84619140625}, {"start": 2206.03, "end": 2206.31, "word": " number", "probability": 0.62353515625}, {"start": 2206.31, "end": 2206.55, "word": " one,", "probability": 0.90625}], "temperature": 1.0}, {"id": 74, "seek": 223660, "start": 2218.94, "end": 2236.6, "text": " price and quantity and the equilibrium quantity. Number two, if the price", "tokens": [3218, 293, 11275, 293, 264, 15625, 11275, 13, 5118, 732, 11, 498, 264, 3218], "avg_logprob": -0.2627604087193807, "compression_ratio": 1.1384615384615384, "no_speech_prob": 0.0, "words": [{"start": 2218.94, "end": 2220.06, "word": " price", "probability": 0.6083984375}, {"start": 2220.06, "end": 2221.18, "word": " and", "probability": 0.6142578125}, {"start": 2221.18, "end": 2224.76, "word": " quantity", "probability": 0.9521484375}, {"start": 2224.76, "end": 2229.5, "word": " and", "probability": 0.6611328125}, {"start": 2229.5, "end": 2229.64, "word": " the", "probability": 0.546875}, {"start": 2229.64, "end": 2229.98, "word": " equilibrium", "probability": 0.8603515625}, {"start": 2229.98, "end": 2230.72, "word": " quantity.", "probability": 0.96337890625}, {"start": 2231.28, "end": 2231.84, "word": " Number", "probability": 0.85693359375}, {"start": 2231.84, "end": 2232.1, "word": " two,", "probability": 0.7685546875}, {"start": 2235.8, "end": 2236.06, "word": " if", "probability": 0.93798828125}, {"start": 2236.06, "end": 2236.22, "word": " the", "probability": 0.92626953125}, {"start": 2236.22, "end": 2236.6, "word": " price", "probability": 0.91748046875}], "temperature": 1.0}, {"id": 75, "seek": 227267, "start": 2249.21, "end": 2272.67, "text": " equals fifty shekels fifty dollars per unit calculate the", "tokens": [6915, 13442, 750, 7124, 82, 13442, 3808, 680, 4985, 8873, 264], "avg_logprob": -0.3570963516831398, "compression_ratio": 1.0175438596491229, "no_speech_prob": 0.0, "words": [{"start": 2249.21, "end": 2250.61, "word": " equals", "probability": 0.4853515625}, {"start": 2250.61, "end": 2252.01, "word": " fifty", "probability": 0.351806640625}, {"start": 2252.01, "end": 2254.15, "word": " shekels", "probability": 0.859375}, {"start": 2254.15, "end": 2255.41, "word": " fifty", "probability": 0.41796875}, {"start": 2255.41, "end": 2255.95, "word": " dollars", "probability": 0.939453125}, {"start": 2255.95, "end": 2256.75, "word": " per", "probability": 0.95703125}, {"start": 2256.75, "end": 2257.07, "word": " unit", "probability": 0.955078125}, {"start": 2257.07, "end": 2265.21, "word": " calculate", "probability": 0.408447265625}, {"start": 2265.21, "end": 2272.67, "word": " the", "probability": 0.85595703125}], "temperature": 1.0}, {"id": 76, "seek": 229078, "start": 2273.62, "end": 2290.78, "text": " A quantity demanded and a quantity supplied QD over QS What is the market status here?", "tokens": [316, 11275, 28276, 293, 257, 11275, 27625, 1249, 35, 670, 1249, 50, 708, 307, 264, 2142, 6558, 510, 30], "avg_logprob": -0.29941406697034834, "compression_ratio": 1.0875, "no_speech_prob": 0.0, "words": [{"start": 2273.62, "end": 2273.9, "word": " A", "probability": 0.402099609375}, {"start": 2273.9, "end": 2274.32, "word": " quantity", "probability": 0.814453125}, {"start": 2274.32, "end": 2274.92, "word": " demanded", "probability": 0.88525390625}, {"start": 2274.92, "end": 2275.42, "word": " and", "probability": 0.92333984375}, {"start": 2275.42, "end": 2275.58, "word": " a", "probability": 0.779296875}, {"start": 2275.58, "end": 2275.86, "word": " quantity", "probability": 0.95947265625}, {"start": 2275.86, "end": 2276.44, "word": " supplied", "probability": 0.865234375}, {"start": 2276.44, "end": 2277.92, "word": " QD", "probability": 0.5040283203125}, {"start": 2277.92, "end": 2278.66, "word": " over", "probability": 0.11932373046875}, {"start": 2278.66, "end": 2279.3, "word": " QS", "probability": 0.93212890625}, {"start": 2279.3, "end": 2289.14, "word": " What", "probability": 0.56787109375}, {"start": 2289.14, "end": 2289.42, "word": " is", "probability": 0.94287109375}, {"start": 2289.42, "end": 2289.58, "word": " the", "probability": 0.90234375}, {"start": 2289.58, "end": 2289.84, "word": " market", "probability": 0.88330078125}, {"start": 2289.84, "end": 2290.46, "word": " status", "probability": 0.92041015625}, {"start": 2290.46, "end": 2290.78, "word": " here?", "probability": 0.82421875}], "temperature": 1.0}, {"id": 77, "seek": 235028, "start": 2347.02, "end": 2350.28, "text": " In this example, we have", "tokens": [682, 341, 1365, 11, 321, 362], "avg_logprob": -0.12179129464285714, "compression_ratio": 0.7575757575757576, "no_speech_prob": 0.0, "words": [{"start": 2347.02, "end": 2348.06, "word": " In", "probability": 0.78125}, {"start": 2348.06, "end": 2348.28, "word": " this", "probability": 0.951171875}, {"start": 2348.28, "end": 2348.76, "word": " example,", "probability": 0.982421875}, {"start": 2349.36, "end": 2349.92, "word": " we", "probability": 0.97021484375}, {"start": 2349.92, "end": 2350.28, "word": " have", "probability": 0.94970703125}], "temperature": 1.0}, {"id": 78, "seek": 237919, "start": 2351.45, "end": 2379.19, "text": " two functions, two formulas, the demand function and supply function. For the demand function here, quantity demanded equals 200 minus half times prices. What does this mean? Let's explain the idea of this formula.", "tokens": [732, 6828, 11, 732, 30546, 11, 264, 4733, 2445, 293, 5847, 2445, 13, 1171, 264, 4733, 2445, 510, 11, 11275, 28276, 6915, 2331, 3175, 1922, 1413, 7901, 13, 708, 775, 341, 914, 30, 961, 311, 2903, 264, 1558, 295, 341, 8513, 13], "avg_logprob": -0.1332667088785837, "compression_ratio": 1.5357142857142858, "no_speech_prob": 0.0, "words": [{"start": 2351.45, "end": 2351.73, "word": " two", "probability": 0.53466796875}, {"start": 2351.73, "end": 2352.25, "word": " functions,", "probability": 0.77734375}, {"start": 2352.87, "end": 2353.03, "word": " two", "probability": 0.93994140625}, {"start": 2353.03, "end": 2353.59, "word": " formulas,", "probability": 0.97119140625}, {"start": 2354.53, "end": 2354.69, "word": " the", "probability": 0.9013671875}, {"start": 2354.69, "end": 2355.03, "word": " demand", "probability": 0.896484375}, {"start": 2355.03, "end": 2355.57, "word": " function", "probability": 0.95751953125}, {"start": 2355.57, "end": 2357.31, "word": " and", "probability": 0.5615234375}, {"start": 2357.31, "end": 2357.71, "word": " supply", "probability": 0.94091796875}, {"start": 2357.71, "end": 2358.31, "word": " function.", "probability": 0.9580078125}, {"start": 2359.43, "end": 2359.71, "word": " For", "probability": 0.896484375}, {"start": 2359.71, "end": 2359.85, "word": " the", "probability": 0.92138671875}, {"start": 2359.85, "end": 2360.15, "word": " demand", "probability": 0.904296875}, {"start": 2360.15, "end": 2360.63, "word": " function", "probability": 0.95458984375}, {"start": 2360.63, "end": 2361.03, "word": " here,", "probability": 0.8349609375}, {"start": 2362.69, "end": 2363.11, "word": " quantity", "probability": 0.8896484375}, {"start": 2363.11, "end": 2363.69, "word": " demanded", "probability": 0.95068359375}, {"start": 2363.69, "end": 2365.53, "word": " equals", "probability": 0.9130859375}, {"start": 2365.53, "end": 2366.47, "word": " 200", "probability": 0.8798828125}, {"start": 2366.47, "end": 2367.53, "word": " minus", "probability": 0.9775390625}, {"start": 2367.53, "end": 2368.69, "word": " half", "probability": 0.83056640625}, {"start": 2368.69, "end": 2369.85, "word": " times", "probability": 0.88134765625}, {"start": 2369.85, "end": 2370.49, "word": " prices.", "probability": 0.7890625}, {"start": 2370.79, "end": 2370.95, "word": " What", "probability": 0.8994140625}, {"start": 2370.95, "end": 2371.33, "word": " does", "probability": 0.9755859375}, {"start": 2371.33, "end": 2371.77, "word": " this", "probability": 0.94873046875}, {"start": 2371.77, "end": 2372.13, "word": " mean?", "probability": 0.9619140625}, {"start": 2375.29, "end": 2376.25, "word": " Let's", "probability": 0.953125}, {"start": 2376.25, "end": 2377.13, "word": " explain", "probability": 0.90185546875}, {"start": 2377.13, "end": 2377.95, "word": " the", "probability": 0.92138671875}, {"start": 2377.95, "end": 2378.43, "word": " idea", "probability": 0.93603515625}, {"start": 2378.43, "end": 2378.63, "word": " of", "probability": 0.96923828125}, {"start": 2378.63, "end": 2378.83, "word": " this", "probability": 0.95166015625}, {"start": 2378.83, "end": 2379.19, "word": " formula.", "probability": 0.88330078125}], "temperature": 1.0}, {"id": 79, "seek": 240792, "start": 2380.57, "end": 2407.93, "text": " and the height of this formula, and we'll try to answer then the question here. So QD equals 200 minus 0.5 price. What does this mean here? This part here? No, no. 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It's the value of the quantity demanded when the price equals zero.", "tokens": [682, 264, 4733, 2445, 11, 510, 3218, 293, 11275, 28276, 11, 341, 307, 264, 24700, 13, 467, 311, 264, 2158, 295, 264, 11275, 28276, 562, 264, 3218, 6915, 4018, 13], "avg_logprob": -0.28830646507201657, "compression_ratio": 1.4326923076923077, "no_speech_prob": 0.0, "words": [{"start": 2409.39, "end": 2409.75, "word": " In", "probability": 0.2147216796875}, {"start": 2409.75, "end": 2410.31, "word": " the", "probability": 0.927734375}, {"start": 2410.31, "end": 2410.71, "word": " demand", "probability": 0.90234375}, {"start": 2410.71, "end": 2411.29, "word": " function,", "probability": 0.96240234375}, {"start": 2411.55, "end": 2411.77, "word": " here", "probability": 0.202392578125}, {"start": 2411.77, "end": 2412.55, "word": " price", "probability": 0.73974609375}, {"start": 2412.55, "end": 2413.27, "word": " and", "probability": 0.720703125}, {"start": 2413.27, "end": 2413.79, "word": " quantity", "probability": 0.5400390625}, {"start": 2413.79, "end": 2414.35, "word": " demanded,", "probability": 0.9482421875}, {"start": 2417.93, "end": 2420.07, "word": " this", "probability": 0.9501953125}, {"start": 2420.07, "end": 2420.21, "word": " is", "probability": 0.94873046875}, {"start": 2420.21, "end": 2420.35, "word": " the", "probability": 0.923828125}, {"start": 2420.35, "end": 2420.79, "word": " intercept.", "probability": 0.970703125}, {"start": 2422.43, "end": 2422.95, "word": " It's", "probability": 0.973876953125}, {"start": 2422.95, "end": 2423.31, "word": " the", "probability": 0.9228515625}, {"start": 2423.31, "end": 2423.91, "word": " value", "probability": 0.97119140625}, {"start": 2423.91, "end": 2424.35, "word": " of", "probability": 0.9697265625}, {"start": 2424.35, "end": 2424.51, "word": " the", "probability": 0.49853515625}, {"start": 2424.51, "end": 2424.93, "word": " quantity", "probability": 0.978515625}, {"start": 2424.93, "end": 2425.63, "word": " demanded", "probability": 0.93701171875}, {"start": 2425.63, "end": 2426.47, "word": " when", "probability": 0.9033203125}, {"start": 2426.47, "end": 2426.67, "word": " the", "probability": 0.92333984375}, {"start": 2426.67, "end": 2426.99, "word": " price", "probability": 0.91748046875}, {"start": 2426.99, "end": 2427.43, "word": " equals", "probability": 0.9228515625}, {"start": 2427.43, "end": 2427.79, "word": " zero.", "probability": 0.84326171875}], "temperature": 1.0}, {"id": 81, "seek": 246244, "start": 2439.57, "end": 2462.45, "text": " The value of a quantity demanded when a price equals zero. 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At price equals zero. What does this mean? Qd is equal to minus half times zero. Qd is equal to 200. That's it. Minus zero equals 200. This is called intercept. Minus half. 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Exactly. This is the slope. But what is this for? For the supply. Delta is the quantity supplied. This is the delta. For this slope in the supply function, Qs is the slope here. This is positive two.", "tokens": [440, 16080, 486, 312, 14658, 281, 5258, 732, 6815, 544, 13, 7587, 13, 639, 307, 264, 13525, 13, 583, 437, 307, 341, 337, 30, 1171, 264, 5847, 13, 18183, 307, 264, 11275, 27625, 13, 639, 307, 264, 8289, 13, 1171, 341, 13525, 294, 264, 5847, 2445, 11, 1249, 82, 307, 264, 13525, 510, 13, 639, 307, 3353, 732, 13], "avg_logprob": -0.4458333263794581, "compression_ratio": 1.6352201257861636, "no_speech_prob": 0.0, "words": [{"start": 2640.2400000000002, "end": 2640.92, "word": " The", "probability": 0.10455322265625}, {"start": 2640.92, "end": 2641.32, "word": " producers", "probability": 0.428466796875}, {"start": 2641.32, "end": 2641.32, "word": " will", "probability": 0.73046875}, {"start": 2641.32, "end": 2641.32, "word": " be", "probability": 0.416748046875}, {"start": 2641.32, "end": 2641.32, "word": " encouraged", "probability": 0.837890625}, {"start": 2641.32, "end": 2641.52, "word": " to", "probability": 0.94580078125}, {"start": 2641.52, "end": 2641.84, "word": " produce", "probability": 0.70703125}, {"start": 2641.84, "end": 2642.34, "word": " two", "probability": 0.51416015625}, {"start": 2642.34, "end": 2643.84, "word": " units", "probability": 0.63427734375}, {"start": 2643.84, "end": 2644.48, "word": " more.", "probability": 0.537109375}, {"start": 2645.54, "end": 2646.22, "word": " Exactly.", "probability": 0.51904296875}, {"start": 2646.64, "end": 2646.74, "word": " This", "probability": 0.375244140625}, {"start": 2646.74, "end": 2646.8, "word": " is", "probability": 0.869140625}, {"start": 2646.8, "end": 2647.06, "word": " the", "probability": 0.76220703125}, {"start": 2647.06, "end": 2647.44, "word": " slope.", "probability": 0.89111328125}, {"start": 2647.64, "end": 2647.78, "word": " But", "probability": 0.609375}, {"start": 2647.78, "end": 2647.96, "word": " what", "probability": 0.251220703125}, {"start": 2647.96, "end": 2647.96, "word": " is", "probability": 0.64306640625}, {"start": 2647.96, "end": 2647.96, "word": " this", "probability": 0.75146484375}, {"start": 2647.96, "end": 2648.3, "word": " for?", "probability": 0.55615234375}, {"start": 2648.52, "end": 2648.8, "word": " For", "probability": 0.8212890625}, {"start": 2648.8, "end": 2648.9, "word": " the", "probability": 0.64208984375}, {"start": 2648.9, "end": 2649.28, "word": " supply.", "probability": 0.92626953125}, {"start": 2652.56, "end": 2653.24, "word": " Delta", "probability": 0.71435546875}, {"start": 2653.24, "end": 2653.72, "word": " is", "probability": 0.161865234375}, {"start": 2653.72, "end": 2653.78, "word": " the", "probability": 0.79150390625}, {"start": 2653.78, "end": 2654.14, "word": " quantity", "probability": 0.93408203125}, {"start": 2654.14, "end": 2654.64, "word": " supplied.", "probability": 0.80712890625}, {"start": 2654.98, "end": 2655.06, "word": " This", "probability": 0.1976318359375}, {"start": 2655.06, "end": 2655.06, "word": " is", "probability": 0.81103515625}, {"start": 2655.06, "end": 2655.32, "word": " the", "probability": 0.3232421875}, {"start": 2655.32, "end": 2655.5, "word": " delta.", "probability": 0.6376953125}, {"start": 2655.76, "end": 2656.18, "word": " For", "probability": 0.400146484375}, {"start": 2656.18, "end": 2656.32, "word": " this", "probability": 0.8271484375}, {"start": 2656.32, "end": 2656.76, "word": " slope", "probability": 0.89306640625}, {"start": 2656.76, "end": 2657.56, "word": " in", "probability": 0.73779296875}, {"start": 2657.56, "end": 2658.04, "word": " the", "probability": 0.89111328125}, {"start": 2658.04, "end": 2658.54, "word": " supply", "probability": 0.9560546875}, {"start": 2658.54, "end": 2659.16, "word": " function,", "probability": 0.9755859375}, {"start": 2661.22, "end": 2662.02, "word": " Qs", "probability": 0.6683349609375}, {"start": 2662.02, "end": 2662.42, "word": " is", "probability": 0.367431640625}, {"start": 2662.42, "end": 2662.66, "word": " the", "probability": 0.8671875}, {"start": 2662.66, "end": 2663.04, "word": " slope", "probability": 0.8984375}, {"start": 2663.04, "end": 2663.38, "word": " here.", "probability": 0.740234375}, {"start": 2664.62, "end": 2665.3, "word": " This", "probability": 0.822265625}, {"start": 2665.3, "end": 2665.4, "word": " is", "probability": 0.91845703125}, {"start": 2665.4, "end": 2665.74, "word": " positive", "probability": 0.88427734375}, {"start": 2665.74, "end": 2666.06, "word": " two.", "probability": 0.689453125}], "temperature": 1.0}, {"id": 89, "seek": 268703, "start": 2667.33, "end": 2687.03, "text": " The slope means supply function. Means Delta quant supplied over Delta price. Which means here, as the price increased by one dollar, the quant supplied will increase because it's positive here by two units.", "tokens": [440, 13525, 1355, 5847, 2445, 13, 40290, 18183, 4426, 27625, 670, 18183, 3218, 13, 3013, 1355, 510, 11, 382, 264, 3218, 6505, 538, 472, 7241, 11, 264, 4426, 27625, 486, 3488, 570, 309, 311, 3353, 510, 538, 732, 6815, 13], "avg_logprob": -0.25666920150198586, "compression_ratio": 1.4857142857142858, "no_speech_prob": 0.0, "words": [{"start": 2667.33, "end": 2667.59, "word": " The", "probability": 0.58740234375}, {"start": 2667.59, "end": 2668.17, "word": " slope", "probability": 0.90673828125}, {"start": 2668.17, "end": 2668.69, "word": " means", "probability": 0.171142578125}, {"start": 2668.69, "end": 2669.55, "word": " supply", "probability": 0.413818359375}, {"start": 2669.55, "end": 2670.25, "word": " function.", "probability": 0.97021484375}, {"start": 2671.43, "end": 2672.23, "word": " Means", "probability": 0.76708984375}, {"start": 2672.23, "end": 2673.81, "word": " Delta", "probability": 0.6064453125}, {"start": 2673.81, "end": 2674.23, "word": " quant", "probability": 0.355224609375}, {"start": 2674.23, "end": 2674.75, "word": " supplied", "probability": 0.83984375}, {"start": 2674.75, "end": 2675.11, "word": " over", "probability": 0.9296875}, {"start": 2675.11, "end": 2675.41, "word": " Delta", "probability": 0.900390625}, {"start": 2675.41, "end": 2675.79, "word": " price.", "probability": 0.89794921875}, {"start": 2676.65, "end": 2677.03, "word": " Which", "probability": 0.88525390625}, {"start": 2677.03, "end": 2677.47, "word": " means", "probability": 0.9375}, {"start": 2677.47, "end": 2677.81, "word": " here,", "probability": 0.857421875}, {"start": 2678.51, "end": 2678.83, "word": " as", "probability": 0.96630859375}, {"start": 2678.83, "end": 2679.03, "word": " the", "probability": 0.9228515625}, {"start": 2679.03, "end": 2679.45, "word": " price", "probability": 0.9287109375}, {"start": 2679.45, "end": 2680.27, "word": " increased", "probability": 0.76318359375}, {"start": 2680.27, "end": 2680.57, "word": " by", "probability": 0.97412109375}, {"start": 2680.57, "end": 2680.97, "word": " one", "probability": 0.71337890625}, {"start": 2680.97, "end": 2681.37, "word": " dollar,", "probability": 0.9267578125}, {"start": 2682.79, "end": 2682.93, "word": " the", "probability": 0.916015625}, {"start": 2682.93, "end": 2683.25, "word": " quant", "probability": 0.8564453125}, {"start": 2683.25, "end": 2683.83, "word": " supplied", "probability": 0.84814453125}, {"start": 2683.83, "end": 2684.05, "word": " will", "probability": 0.85986328125}, {"start": 2684.05, "end": 2684.51, "word": " increase", "probability": 0.876953125}, {"start": 2684.51, "end": 2684.79, "word": " because", "probability": 0.66357421875}, {"start": 2684.79, "end": 2685.05, "word": " it's", "probability": 0.95263671875}, {"start": 2685.05, "end": 2685.41, "word": " positive", "probability": 0.9208984375}, {"start": 2685.41, "end": 2685.79, "word": " here", "probability": 0.865234375}, {"start": 2685.79, "end": 2686.33, "word": " by", "probability": 0.76708984375}, {"start": 2686.33, "end": 2686.63, "word": " two", "probability": 0.9345703125}, {"start": 2686.63, "end": 2687.03, "word": " units.", "probability": 0.958984375}], "temperature": 1.0}, {"id": 90, "seek": 271835, "start": 2693.85, "end": 2718.35, "text": " Now, the problem here is determine the equilibrium price and the equilibrium quantity. If the price equals blah, blah, blah, what is the market status? Okay. Let's go to answer this problem here. Clear had a function. Tell me once again.", "tokens": [823, 11, 264, 1154, 510, 307, 6997, 264, 15625, 3218, 293, 264, 15625, 11275, 13, 759, 264, 3218, 6915, 12288, 11, 12288, 11, 12288, 11, 437, 307, 264, 2142, 6558, 30, 1033, 13, 961, 311, 352, 281, 1867, 341, 1154, 510, 13, 14993, 632, 257, 2445, 13, 5115, 385, 1564, 797, 13], "avg_logprob": -0.25235848831680585, "compression_ratio": 1.4968553459119496, "no_speech_prob": 0.0, "words": [{"start": 2693.85, "end": 2694.61, "word": " Now,", "probability": 0.61669921875}, {"start": 2695.53, "end": 2695.71, "word": " the", "probability": 0.919921875}, {"start": 2695.71, "end": 2696.07, "word": " problem", "probability": 0.8720703125}, {"start": 2696.07, "end": 2696.41, "word": " here", "probability": 0.85986328125}, {"start": 2696.41, "end": 2696.89, "word": " is", "probability": 0.935546875}, {"start": 2696.89, "end": 2698.95, "word": " determine", "probability": 0.80078125}, {"start": 2698.95, "end": 2699.49, "word": " the", "probability": 0.9189453125}, {"start": 2699.49, "end": 2699.91, "word": " equilibrium", "probability": 0.95263671875}, {"start": 2699.91, "end": 2700.49, "word": " price", "probability": 0.9228515625}, {"start": 2700.49, "end": 2701.07, "word": " and", "probability": 0.923828125}, {"start": 2701.07, "end": 2701.39, "word": " the", "probability": 0.5009765625}, {"start": 2701.39, "end": 2701.73, "word": " equilibrium", "probability": 0.9521484375}, {"start": 2701.73, "end": 2702.41, "word": " quantity.", "probability": 0.978515625}, {"start": 2703.33, "end": 2703.63, "word": " If", "probability": 0.9365234375}, {"start": 2703.63, "end": 2703.81, "word": " the", "probability": 0.9208984375}, {"start": 2703.81, "end": 2704.11, "word": " price", "probability": 0.9228515625}, {"start": 2704.11, "end": 2704.55, "word": " equals", "probability": 0.931640625}, {"start": 2704.55, "end": 2705.31, "word": " blah,", "probability": 0.6953125}, {"start": 2705.35, "end": 2705.45, "word": " blah,", "probability": 0.95361328125}, {"start": 2705.57, "end": 2705.71, "word": " blah,", "probability": 0.95361328125}, {"start": 2705.89, "end": 2706.83, "word": " what", "probability": 0.955078125}, {"start": 2706.83, "end": 2707.07, "word": " is", "probability": 0.94677734375}, {"start": 2707.07, "end": 2707.21, "word": " the", "probability": 0.91650390625}, {"start": 2707.21, "end": 2707.53, "word": " market", "probability": 0.7880859375}, {"start": 2707.53, "end": 2708.21, "word": " status?", "probability": 0.9443359375}, {"start": 2709.13, "end": 2709.31, "word": " Okay.", "probability": 0.350341796875}, {"start": 2709.95, "end": 2710.71, "word": " Let's", "probability": 0.97900390625}, {"start": 2710.71, "end": 2711.03, "word": " go", "probability": 0.970703125}, {"start": 2711.03, "end": 2711.21, "word": " to", "probability": 0.96875}, {"start": 2711.21, "end": 2711.77, "word": " answer", "probability": 0.96435546875}, {"start": 2711.77, "end": 2712.25, "word": " this", "probability": 0.94921875}, {"start": 2712.25, "end": 2712.65, "word": " problem", "probability": 0.87353515625}, {"start": 2712.65, "end": 2712.93, "word": " here.", "probability": 0.80029296875}, {"start": 2713.99, "end": 2714.37, "word": " Clear", "probability": 0.364013671875}, {"start": 2714.37, "end": 2714.75, "word": " had", "probability": 0.58251953125}, {"start": 2714.75, "end": 2714.95, "word": " a", "probability": 0.68017578125}, {"start": 2714.95, "end": 2715.49, "word": " function.", "probability": 0.96875}, {"start": 2716.91, "end": 2717.67, "word": " Tell", "probability": 0.1119384765625}, {"start": 2717.67, "end": 2717.85, "word": " me", "probability": 0.499755859375}, {"start": 2717.85, "end": 2718.09, "word": " once", "probability": 0.9150390625}, {"start": 2718.09, "end": 2718.35, "word": " again.", "probability": 0.96044921875}], "temperature": 1.0}, {"id": 91, "seek": 274019, "start": 2720.77, "end": 2740.19, "text": " What are the main factors or yes, what is the main factor affect the quantity demanded? The price. As the price goes up, what will happen to the quantity demanded? Goes down. How they are represented by a negative sign.", "tokens": [708, 366, 264, 2135, 6771, 420, 2086, 11, 437, 307, 264, 2135, 5952, 3345, 264, 11275, 28276, 30, 440, 3218, 13, 1018, 264, 3218, 1709, 493, 11, 437, 486, 1051, 281, 264, 11275, 28276, 30, 44471, 760, 13, 1012, 436, 366, 10379, 538, 257, 3671, 1465, 13], "avg_logprob": -0.29394532305498916, "compression_ratio": 1.5492957746478873, "no_speech_prob": 0.0, "words": [{"start": 2720.7700000000004, "end": 2721.4500000000003, "word": " What", "probability": 0.20654296875}, {"start": 2721.4500000000003, "end": 2722.13, "word": " are", "probability": 0.58056640625}, {"start": 2722.13, "end": 2723.05, "word": " the", "probability": 0.92822265625}, {"start": 2723.05, "end": 2723.35, "word": " main", "probability": 0.93017578125}, {"start": 2723.35, "end": 2723.99, "word": " factors", "probability": 0.958984375}, {"start": 2723.99, "end": 2724.51, "word": " or", "probability": 0.5185546875}, {"start": 2724.51, "end": 2725.07, "word": " yes,", "probability": 0.58984375}, {"start": 2725.63, "end": 2725.99, "word": " what", "probability": 0.69970703125}, {"start": 2725.99, "end": 2726.27, "word": " is", "probability": 0.93603515625}, {"start": 2726.27, "end": 2726.45, "word": " the", "probability": 0.92431640625}, {"start": 2726.45, "end": 2726.63, "word": " main", "probability": 0.91943359375}, {"start": 2726.63, "end": 2727.03, "word": " factor", "probability": 0.90966796875}, {"start": 2727.03, "end": 2727.73, "word": " affect", "probability": 0.56982421875}, {"start": 2727.73, "end": 2728.17, "word": " the", "probability": 0.9189453125}, {"start": 2728.17, "end": 2728.61, "word": " quantity", "probability": 0.98388671875}, {"start": 2728.61, "end": 2729.11, "word": " demanded?", "probability": 0.9404296875}, {"start": 2729.85, "end": 2730.01, "word": " The", "probability": 0.392822265625}, {"start": 2730.01, "end": 2730.91, "word": " price.", "probability": 0.9365234375}, {"start": 2731.25, "end": 2731.47, "word": " As", "probability": 0.3388671875}, {"start": 2731.47, "end": 2732.71, "word": " the", "probability": 0.8828125}, {"start": 2732.71, "end": 2733.03, "word": " price", "probability": 0.9248046875}, {"start": 2733.03, "end": 2733.77, "word": " goes", "probability": 0.9296875}, {"start": 2733.77, "end": 2734.15, "word": " up,", "probability": 0.97265625}, {"start": 2734.55, "end": 2734.71, "word": " what", "probability": 0.9443359375}, {"start": 2734.71, "end": 2734.87, "word": " will", "probability": 0.8623046875}, {"start": 2734.87, "end": 2735.15, "word": " happen", "probability": 0.916015625}, {"start": 2735.15, "end": 2735.31, "word": " to", "probability": 0.9697265625}, {"start": 2735.31, "end": 2735.45, "word": " the", "probability": 0.9208984375}, {"start": 2735.45, "end": 2735.79, "word": " quantity", "probability": 0.98291015625}, {"start": 2735.79, "end": 2736.25, "word": " demanded?", "probability": 0.92822265625}, {"start": 2736.49, "end": 2737.05, "word": " Goes", "probability": 0.8037109375}, {"start": 2737.05, "end": 2737.37, "word": " down.", "probability": 0.83984375}, {"start": 2737.65, "end": 2737.85, "word": " How", "probability": 0.306884765625}, {"start": 2737.85, "end": 2737.95, "word": " they", "probability": 0.61572265625}, {"start": 2737.95, "end": 2738.03, "word": " are", "probability": 0.4150390625}, {"start": 2738.03, "end": 2738.41, "word": " represented", "probability": 0.68115234375}, {"start": 2738.41, "end": 2738.69, "word": " by", "probability": 0.94580078125}, {"start": 2738.69, "end": 2738.91, "word": " a", "probability": 0.51318359375}, {"start": 2738.91, "end": 2739.85, "word": " negative", "probability": 0.329345703125}, {"start": 2739.85, "end": 2740.19, "word": " sign.", "probability": 0.89697265625}], "temperature": 1.0}, {"id": 92, "seek": 277154, "start": 2743.52, "end": 2771.54, "text": " If the price equals zero, if the price equals zero, the quantity demanded will be 200. If the price equals zero, the quantity demanded will be 200. If the price equals zero, the quantity demanded will be 200. If the price equals zero, the quantity demanded will be 50 units. If the price equals zero, the quantity demanded will be 50 units.", "tokens": [759, 264, 3218, 6915, 4018, 11, 498, 264, 3218, 6915, 4018, 11, 264, 11275, 28276, 486, 312, 2331, 13, 759, 264, 3218, 6915, 4018, 11, 264, 11275, 28276, 486, 312, 2331, 13, 759, 264, 3218, 6915, 4018, 11, 264, 11275, 28276, 486, 312, 2331, 13, 759, 264, 3218, 6915, 4018, 11, 264, 11275, 28276, 486, 312, 2625, 6815, 13, 759, 264, 3218, 6915, 4018, 11, 264, 11275, 28276, 486, 312, 2625, 6815, 13], "avg_logprob": -0.30025337958658066, "compression_ratio": 4.011764705882353, "no_speech_prob": 0.0, "words": [{"start": 2743.52, "end": 2743.86, "word": " If", "probability": 0.6201171875}, {"start": 2743.86, "end": 2744.02, "word": " the", "probability": 0.88671875}, {"start": 2744.02, "end": 2744.32, "word": " price", "probability": 0.91796875}, {"start": 2744.32, "end": 2744.68, "word": " equals", "probability": 0.87060546875}, {"start": 2744.68, "end": 2745.04, "word": " zero,", "probability": 0.65087890625}, 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QD, delta QD divided by delta price. If the price increases by one. If we increase the price, will the price affect the quantity demanded? Yes. What does this mean? Minus half.", "tokens": [1692, 11, 294, 4733, 11, 264, 13525, 307, 264, 1319, 294, 11275, 28276, 3462, 281, 264, 1319, 294, 3218, 11, 597, 307, 341, 13, 1249, 35, 11, 8289, 1249, 35, 6666, 538, 8289, 3218, 13, 759, 264, 3218, 8637, 538, 472, 13, 759, 321, 3488, 264, 3218, 11, 486, 264, 3218, 3345, 264, 11275, 28276, 30, 1079, 13, 708, 775, 341, 914, 30, 2829, 301, 1922, 13], "avg_logprob": -0.4538143320995219, "compression_ratio": 1.6987951807228916, "no_speech_prob": 0.0, "words": [{"start": 2772.38, "end": 2772.8, "word": " Here,", "probability": 0.0775146484375}, {"start": 2773.1, "end": 2773.2, "word": " in", "probability": 0.65185546875}, {"start": 2773.2, "end": 2773.92, "word": " demand,", "probability": 0.5595703125}, {"start": 2774.58, "end": 2774.9, "word": " the", "probability": 0.634765625}, {"start": 2774.9, "end": 2775.52, "word": " slope", "probability": 0.90087890625}, {"start": 2775.52, "end": 2775.88, "word": " is", "probability": 0.25146484375}, {"start": 2775.88, "end": 2776.54, "word": " the", "probability": 0.399658203125}, {"start": 2776.54, "end": 2777.04, "word": " change", "probability": 0.751953125}, {"start": 2777.04, "end": 2777.48, "word": " in", "probability": 0.904296875}, {"start": 2777.48, "end": 2778.08, "word": " quantity", "probability": 0.787109375}, {"start": 2778.08, "end": 2778.68, "word": " demanded", "probability": 0.9208984375}, {"start": 2778.68, "end": 2779.32, "word": " due", "probability": 0.8349609375}, {"start": 2779.32, "end": 2779.94, "word": " to", "probability": 0.96826171875}, {"start": 2779.94, "end": 2780.28, "word": " the", "probability": 0.7060546875}, {"start": 2780.28, "end": 2780.58, "word": " change", "probability": 0.857421875}, {"start": 2780.58, "end": 2780.7, "word": " in", "probability": 0.9228515625}, {"start": 2780.7, "end": 2781.12, "word": " price,", "probability": 0.8134765625}, {"start": 2781.48, "end": 2781.48, "word": " which", "probability": 0.68212890625}, {"start": 2781.48, "end": 2781.64, "word": " is", "probability": 0.908203125}, {"start": 2781.64, "end": 2781.88, "word": " this.", "probability": 0.407958984375}, {"start": 2783.94, "end": 2784.62, "word": " QD,", "probability": 0.56982421875}, {"start": 2784.86, "end": 2785.56, "word": " delta", "probability": 0.40185546875}, {"start": 2785.56, "end": 2786.18, "word": " QD", "probability": 0.862548828125}, {"start": 2786.18, "end": 2786.32, "word": " divided", "probability": 0.422607421875}, {"start": 2786.32, "end": 2786.32, "word": " by", "probability": 0.97314453125}, {"start": 2786.32, "end": 2786.54, "word": " delta", "probability": 0.77783203125}, {"start": 2786.54, "end": 2786.88, "word": " price.", "probability": 0.87353515625}, {"start": 2787.14, "end": 2787.46, "word": " If", "probability": 0.900390625}, {"start": 2787.46, "end": 2787.66, "word": " the", "probability": 0.8564453125}, {"start": 2787.66, "end": 2787.84, "word": " price", "probability": 0.8857421875}, {"start": 2787.84, "end": 2788.22, "word": " increases", "probability": 0.53662109375}, {"start": 2788.22, "end": 2788.64, "word": " by", "probability": 0.9404296875}, {"start": 2788.64, "end": 2788.98, "word": " one.", "probability": 0.642578125}, {"start": 2790.32, "end": 2790.54, "word": " If", "probability": 0.447509765625}, {"start": 2790.54, "end": 2790.88, "word": " we", "probability": 0.40087890625}, {"start": 2790.88, "end": 2790.88, "word": " increase", "probability": 0.78076171875}, {"start": 2790.88, "end": 2791.02, "word": " the", "probability": 0.8701171875}, {"start": 2791.02, "end": 2791.22, "word": " price,", "probability": 0.89453125}, {"start": 2791.46, "end": 2791.56, "word": " will", "probability": 0.1182861328125}, {"start": 2791.56, "end": 2791.74, "word": " the", "probability": 0.66015625}, {"start": 2791.74, "end": 2791.92, "word": " price", "probability": 0.8173828125}, {"start": 2791.92, "end": 2792.3, "word": " affect", "probability": 0.5263671875}, {"start": 2792.3, "end": 2792.48, "word": " the", "probability": 0.84423828125}, {"start": 2792.48, "end": 2792.7, "word": " quantity", "probability": 0.95703125}, {"start": 2792.7, "end": 2793.06, "word": " demanded?", "probability": 0.908203125}, {"start": 2793.36, "end": 2793.58, "word": " Yes.", "probability": 0.4404296875}, {"start": 2794.9, "end": 2795.28, "word": " What", "probability": 0.794921875}, {"start": 2795.28, "end": 2795.28, "word": " does", "probability": 0.79052734375}, {"start": 2795.28, "end": 2795.44, "word": " this", "probability": 0.72900390625}, {"start": 2795.44, "end": 2795.72, "word": " mean?", "probability": 0.828125}, {"start": 2795.96, "end": 2796.46, "word": " Minus", "probability": 0.880126953125}, {"start": 2796.46, "end": 2797.1, "word": " half.", "probability": 0.70751953125}], "temperature": 1.0}, {"id": 94, "seek": 282636, "start": 2799.24, "end": 2826.36, "text": " If the price increases by one dollar, the quantity demanded will decrease by half. That's it. It will decline by half. This is the negative sign. This is the slope in the supply function. If the price increases by one dollar, the quantity supplied will increase by two. This is positive.", "tokens": [759, 264, 3218, 8637, 538, 472, 7241, 11, 264, 11275, 28276, 486, 11514, 538, 1922, 13, 663, 311, 309, 13, 467, 486, 15635, 538, 1922, 13, 639, 307, 264, 3671, 1465, 13, 639, 307, 264, 13525, 294, 264, 5847, 2445, 13, 759, 264, 3218, 8637, 538, 472, 7241, 11, 264, 11275, 27625, 486, 3488, 538, 732, 13, 639, 307, 3353, 13], "avg_logprob": -0.2920866935483871, "compression_ratio": 1.9726027397260273, "no_speech_prob": 0.0, "words": [{"start": 2799.2400000000002, "end": 2799.96, "word": " If", "probability": 0.52685546875}, {"start": 2799.96, "end": 2800.68, "word": " the", "probability": 0.75537109375}, {"start": 2800.68, "end": 2800.98, "word": " price", "probability": 0.91796875}, {"start": 2800.98, "end": 2801.32, "word": " increases", "probability": 0.54931640625}, {"start": 2801.32, "end": 2801.6, "word": " by", "probability": 0.955078125}, {"start": 2801.6, "end": 2801.94, "word": " one", "probability": 0.55859375}, {"start": 2801.94, "end": 2802.3, "word": " dollar,", "probability": 0.86474609375}, {"start": 2802.48, "end": 2802.64, "word": " the", "probability": 0.68994140625}, {"start": 2802.64, "end": 2803.04, "word": " quantity", "probability": 0.97119140625}, {"start": 2803.04, "end": 2803.52, "word": " demanded", "probability": 0.8515625}, {"start": 2803.52, "end": 2803.7, "word": " will", "probability": 0.71728515625}, {"start": 2803.7, "end": 2803.92, "word": " decrease", "probability": 0.54052734375}, {"start": 2803.92, "end": 2804.02, "word": " by", "probability": 0.86572265625}, {"start": 2804.02, "end": 2805.18, "word": " half.", "probability": 0.57373046875}, {"start": 2805.18, "end": 2805.18, "word": " That's", "probability": 0.709228515625}, {"start": 2805.18, "end": 2806.16, "word": " it.", "probability": 0.91162109375}, {"start": 2806.84, "end": 2806.86, "word": " It", "probability": 0.250732421875}, {"start": 2806.86, "end": 2809.32, "word": " will", "probability": 0.8017578125}, {"start": 2809.32, "end": 2809.7, "word": " decline", "probability": 0.71875}, {"start": 2809.7, "end": 2810.02, "word": " by", "probability": 0.9736328125}, {"start": 2810.02, "end": 2810.82, "word": " half.", "probability": 0.8330078125}, {"start": 2811.12, "end": 2811.3, "word": " This", "probability": 0.31787109375}, {"start": 2811.3, "end": 2811.32, "word": " is", "probability": 0.90869140625}, {"start": 2811.32, "end": 2811.46, "word": " the", "probability": 0.69677734375}, {"start": 2811.46, "end": 2811.7, "word": " negative", "probability": 0.853515625}, {"start": 2811.7, "end": 2812.08, "word": " sign.", "probability": 0.9150390625}, {"start": 2813.04, "end": 2813.48, "word": " This", "probability": 0.29541015625}, {"start": 2813.48, "end": 2813.48, "word": " is", "probability": 0.6923828125}, {"start": 2813.48, "end": 2815.68, "word": " the", "probability": 0.77294921875}, {"start": 2815.68, "end": 2816.04, "word": " slope", "probability": 0.88330078125}, {"start": 2816.04, "end": 2816.34, "word": " in", "probability": 0.57666015625}, {"start": 2816.34, "end": 2817.2, "word": " the", "probability": 0.79296875}, {"start": 2817.2, "end": 2817.74, "word": " supply", "probability": 0.95361328125}, {"start": 2817.74, "end": 2818.28, "word": " function.", "probability": 0.97509765625}, {"start": 2819.1, "end": 2819.48, "word": " If", "probability": 0.958984375}, {"start": 2819.48, "end": 2819.7, "word": " the", "probability": 0.91015625}, {"start": 2819.7, "end": 2820.0, "word": " price", "probability": 0.91796875}, {"start": 2820.0, "end": 2820.42, "word": " increases", "probability": 0.7998046875}, {"start": 2820.42, "end": 2820.7, "word": " by", "probability": 0.9716796875}, {"start": 2820.7, "end": 2821.06, "word": " one", "probability": 0.89208984375}, {"start": 2821.06, "end": 2821.38, "word": " dollar,", "probability": 0.9462890625}, {"start": 2822.4, "end": 2822.54, "word": " the", "probability": 0.83984375}, {"start": 2822.54, "end": 2823.0, "word": " quantity", "probability": 0.9912109375}, {"start": 2823.0, "end": 2823.56, "word": " supplied", "probability": 0.87451171875}, {"start": 2823.56, "end": 2823.84, "word": " will", "probability": 0.60693359375}, {"start": 2823.84, "end": 2824.06, "word": " increase", "probability": 0.82275390625}, {"start": 2824.06, "end": 2824.88, "word": " by", "probability": 0.94287109375}, {"start": 2824.88, "end": 2825.2, "word": " two.", "probability": 0.8876953125}, {"start": 2825.66, "end": 2826.08, "word": " This", "probability": 0.410400390625}, {"start": 2826.08, "end": 2826.14, "word": " is", "probability": 0.353759765625}, {"start": 2826.14, "end": 2826.36, "word": " positive.", "probability": 0.72021484375}], "temperature": 1.0}, {"id": 95, "seek": 285758, "start": 2831.72, "end": 2857.58, "text": " How can we determine or calculate the equilibrium price? Okay. Let's answer original solutions to the problem. To determine the equilibrium price and equilibrium quantity.", "tokens": [1012, 393, 321, 6997, 420, 8873, 264, 15625, 3218, 30, 1033, 13, 961, 311, 1867, 3380, 6547, 281, 264, 1154, 13, 1407, 6997, 264, 15625, 3218, 293, 15625, 11275, 13], "avg_logprob": -0.23588710254238499, "compression_ratio": 1.4333333333333333, "no_speech_prob": 0.0, "words": [{"start": 2831.7200000000003, "end": 2832.84, "word": " How", "probability": 0.1571044921875}, {"start": 2832.84, "end": 2833.96, "word": " can", "probability": 0.9404296875}, {"start": 2833.96, "end": 2834.2, "word": " we", "probability": 0.96240234375}, {"start": 2834.2, "end": 2834.7, "word": " determine", "probability": 0.93994140625}, {"start": 2834.7, "end": 2835.0, "word": " or", "probability": 0.95703125}, {"start": 2835.0, "end": 2835.66, "word": " calculate", "probability": 0.9326171875}, {"start": 2835.66, "end": 2836.3, "word": " the", "probability": 0.87890625}, {"start": 2836.3, "end": 2836.7, "word": " equilibrium", "probability": 0.85986328125}, {"start": 2836.7, "end": 2837.0, "word": " price?", "probability": 0.66552734375}, {"start": 2837.66, "end": 2838.78, "word": " Okay.", "probability": 0.50244140625}, {"start": 2842.94, "end": 2843.54, "word": " Let's", "probability": 0.966552734375}, {"start": 2843.54, "end": 2845.26, "word": " answer", "probability": 0.96923828125}, {"start": 2845.26, "end": 2846.96, "word": " original", "probability": 0.62255859375}, {"start": 2846.96, "end": 2847.54, "word": " solutions", "probability": 0.55078125}, {"start": 2847.54, "end": 2847.88, "word": " to", "probability": 0.58740234375}, {"start": 2847.88, "end": 2848.24, "word": " the", "probability": 0.8388671875}, {"start": 2848.24, "end": 2848.64, "word": " problem.", "probability": 0.89013671875}, {"start": 2852.02, "end": 2853.14, "word": " To", "probability": 0.95458984375}, {"start": 2853.14, "end": 2853.7, "word": " determine", "probability": 0.91015625}, {"start": 2853.7, "end": 2854.76, "word": " the", "probability": 0.9169921875}, {"start": 2854.76, "end": 2855.16, "word": " equilibrium", "probability": 0.9296875}, {"start": 2855.16, "end": 2855.62, "word": " price", "probability": 0.9111328125}, {"start": 2855.62, "end": 2855.9, "word": " and", "probability": 0.9287109375}, {"start": 2855.9, "end": 2856.34, "word": " equilibrium", "probability": 0.6337890625}, {"start": 2856.34, "end": 2857.58, "word": " quantity.", "probability": 0.93310546875}], "temperature": 1.0}, {"id": 96, "seek": 288275, "start": 2858.99, "end": 2882.75, "text": " The equilibrium point is the point in which demand equals supply. Price and quantity. At this point, Qd equals Qs. At this point here, Qd equals Qs.", "tokens": [440, 15625, 935, 307, 264, 935, 294, 597, 4733, 6915, 5847, 13, 25803, 293, 11275, 13, 1711, 341, 935, 11, 1249, 67, 6915, 1249, 82, 13, 1711, 341, 935, 510, 11, 1249, 67, 6915, 1249, 82, 13], "avg_logprob": -0.1446340464447674, "compression_ratio": 1.4752475247524752, "no_speech_prob": 0.0, "words": [{"start": 2858.99, "end": 2859.27, "word": " The", "probability": 0.7861328125}, {"start": 2859.27, "end": 2859.67, "word": " equilibrium", "probability": 0.9375}, {"start": 2859.67, "end": 2860.17, "word": " point", "probability": 0.97314453125}, {"start": 2860.17, "end": 2861.01, "word": " is", "probability": 0.943359375}, {"start": 2861.01, "end": 2861.37, "word": " the", "probability": 0.9189453125}, {"start": 2861.37, "end": 2861.83, "word": " point", "probability": 0.97119140625}, {"start": 2861.83, "end": 2862.13, "word": " in", "probability": 0.93115234375}, {"start": 2862.13, "end": 2862.63, "word": " which", "probability": 0.951171875}, {"start": 2862.63, "end": 2864.39, "word": " demand", "probability": 0.91064453125}, {"start": 2864.39, "end": 2865.59, "word": " equals", "probability": 0.92236328125}, {"start": 2865.59, "end": 2866.17, "word": " supply.", "probability": 0.9443359375}, {"start": 2868.31, "end": 2869.31, "word": " Price", "probability": 0.87646484375}, {"start": 2869.31, "end": 2872.09, "word": " and", "probability": 0.8515625}, {"start": 2872.09, "end": 2872.65, "word": " quantity.", "probability": 0.68212890625}, {"start": 2872.81, "end": 2872.95, "word": " At", "probability": 0.9755859375}, {"start": 2872.95, "end": 2873.17, "word": " this", "probability": 0.94921875}, {"start": 2873.17, "end": 2873.57, "word": " point,", "probability": 0.97216796875}, {"start": 2874.79, "end": 2875.29, "word": " Qd", "probability": 0.7470703125}, {"start": 2875.29, "end": 2875.73, "word": " equals", "probability": 0.93603515625}, {"start": 2875.73, "end": 2876.27, "word": " Qs.", "probability": 0.937744140625}, {"start": 2877.29, "end": 2878.29, "word": " At", "probability": 0.9697265625}, {"start": 2878.29, "end": 2878.55, "word": " this", "probability": 0.9482421875}, {"start": 2878.55, "end": 2878.83, "word": " point", "probability": 0.9736328125}, {"start": 2878.83, "end": 2879.09, "word": " here,", "probability": 0.84423828125}, {"start": 2879.33, "end": 2879.79, "word": " Qd", "probability": 0.99365234375}, {"start": 2879.79, "end": 2881.43, "word": " equals", "probability": 0.94287109375}, {"start": 2881.43, "end": 2882.75, "word": " Qs.", "probability": 0.98681640625}], "temperature": 1.0}, {"id": 97, "seek": 291714, "start": 2890.36, "end": 2917.14, "text": " At equilibrium, all you see, Qd equals Qs. At equilibrium, quantity demanded equals quantity supplied. So Qd here 200 minus half times the prices,", "tokens": [1711, 15625, 11, 439, 291, 536, 11, 1249, 67, 6915, 1249, 82, 13, 1711, 15625, 11, 11275, 28276, 6915, 11275, 27625, 13, 407, 1249, 67, 510, 2331, 3175, 1922, 1413, 264, 7901, 11], "avg_logprob": -0.27849264179959016, "compression_ratio": 1.348623853211009, "no_speech_prob": 0.0, "words": [{"start": 2890.36, "end": 2891.36, "word": " At", "probability": 0.12890625}, {"start": 2891.36, "end": 2892.36, "word": " equilibrium,", "probability": 0.845703125}, {"start": 2897.88, "end": 2899.7, "word": " all", "probability": 0.259033203125}, {"start": 2899.7, "end": 2899.86, "word": " you", "probability": 0.9677734375}, {"start": 2899.86, "end": 2900.06, "word": " see,", "probability": 0.91650390625}, {"start": 2902.64, "end": 2903.14, "word": " Qd", "probability": 0.716552734375}, {"start": 2903.14, "end": 2905.48, "word": " equals", "probability": 0.94482421875}, {"start": 2905.48, "end": 2906.22, "word": " Qs.", "probability": 0.8603515625}, {"start": 2906.96, "end": 2907.4, "word": " At", "probability": 0.95361328125}, {"start": 2907.4, "end": 2907.9, "word": " equilibrium,", "probability": 0.9521484375}, {"start": 2908.4, "end": 2908.8, "word": " quantity", "probability": 0.96875}, {"start": 2908.8, "end": 2909.28, "word": " demanded", "probability": 0.9375}, {"start": 2909.28, "end": 2909.96, "word": " equals", "probability": 0.94970703125}, {"start": 2909.96, "end": 2910.3, "word": " quantity", "probability": 0.888671875}, {"start": 2910.3, "end": 2910.72, "word": " supplied.", "probability": 0.84423828125}, {"start": 2910.94, "end": 2911.28, "word": " So", "probability": 0.96630859375}, {"start": 2911.28, "end": 2912.16, "word": " Qd", "probability": 0.96435546875}, {"start": 2912.16, "end": 2912.48, "word": " here", "probability": 0.8623046875}, {"start": 2912.48, "end": 2913.16, "word": " 200", "probability": 0.447509765625}, {"start": 2913.16, "end": 2915.28, "word": " minus", "probability": 0.96484375}, {"start": 2915.28, "end": 2915.76, "word": " half", "probability": 0.85302734375}, {"start": 2915.76, "end": 2916.56, "word": " times", "probability": 0.9033203125}, {"start": 2916.56, "end": 2916.76, "word": " the", "probability": 0.84375}, {"start": 2916.76, "end": 2917.14, "word": " prices,", "probability": 0.84130859375}], "temperature": 1.0}, {"id": 98, "seek": 293867, "start": 2918.45, "end": 2938.67, "text": " must equal 50 as the left side equals the left side. So the right side must equal the right side. So 50 plus two prices.", "tokens": [1633, 2681, 2625, 382, 264, 1411, 1252, 6915, 264, 1411, 1252, 13, 407, 264, 558, 1252, 1633, 2681, 264, 558, 1252, 13, 407, 2625, 1804, 732, 7901, 13], "avg_logprob": -0.19275323481395326, "compression_ratio": 1.5512820512820513, "no_speech_prob": 0.0, "words": [{"start": 2918.45, "end": 2919.05, "word": " must", "probability": 0.5654296875}, {"start": 2919.05, "end": 2919.89, "word": " equal", "probability": 0.91162109375}, {"start": 2919.89, "end": 2923.21, "word": " 50", "probability": 0.8623046875}, {"start": 2923.21, "end": 2924.75, "word": " as", "probability": 0.31787109375}, {"start": 2924.75, "end": 2927.85, "word": " the", "probability": 0.8515625}, {"start": 2927.85, "end": 2928.07, "word": " left", "probability": 0.9580078125}, {"start": 2928.07, "end": 2928.45, "word": " side", "probability": 0.80615234375}, {"start": 2928.45, "end": 2928.83, "word": " equals", "probability": 0.93408203125}, {"start": 2928.83, "end": 2929.03, "word": " the", "probability": 0.8984375}, {"start": 2929.03, "end": 2929.23, "word": " left", "probability": 0.94189453125}, {"start": 2929.23, "end": 2929.55, "word": " side.", "probability": 0.87744140625}, {"start": 2929.87, "end": 2929.95, "word": " So", "probability": 0.9580078125}, {"start": 2929.95, "end": 2930.13, "word": " the", "probability": 0.8271484375}, {"start": 2930.13, "end": 2930.37, "word": " right", "probability": 0.91455078125}, {"start": 2930.37, "end": 2930.67, "word": " side", "probability": 0.80078125}, {"start": 2930.67, "end": 2931.29, "word": " must", "probability": 0.6875}, {"start": 2931.29, "end": 2932.19, "word": " equal", "probability": 0.89501953125}, {"start": 2932.19, "end": 2932.51, "word": " the", "probability": 0.8779296875}, {"start": 2932.51, "end": 2933.09, "word": " right", "probability": 0.91259765625}, {"start": 2933.09, "end": 2933.51, "word": " side.", "probability": 0.87939453125}, {"start": 2933.69, "end": 2933.95, "word": " So", "probability": 0.95703125}, {"start": 2933.95, "end": 2935.41, "word": " 50", "probability": 0.9140625}, {"start": 2935.41, "end": 2937.15, "word": " plus", "probability": 0.91796875}, {"start": 2937.15, "end": 2937.89, "word": " two", "probability": 0.87353515625}, {"start": 2937.89, "end": 2938.67, "word": " prices.", "probability": 0.7841796875}], "temperature": 1.0}, {"id": 99, "seek": 295934, "start": 2940.74, "end": 2959.34, "text": " We have one unknown variable, minus half P minus 2P equals 50 minus 200.", "tokens": [492, 362, 472, 9841, 7006, 11, 3175, 1922, 430, 3175, 568, 47, 6915, 2625, 3175, 2331, 13], "avg_logprob": -0.3721788260671828, "compression_ratio": 1.0735294117647058, "no_speech_prob": 0.0, "words": [{"start": 2940.74, "end": 2940.96, "word": " We", "probability": 0.65283203125}, {"start": 2940.96, "end": 2941.28, "word": " have", "probability": 0.947265625}, {"start": 2941.28, "end": 2942.18, "word": " one", "probability": 0.8310546875}, {"start": 2942.18, "end": 2942.82, "word": " unknown", "probability": 0.317626953125}, {"start": 2942.82, "end": 2943.58, "word": " variable,", "probability": 0.9208984375}, {"start": 2944.06, "end": 2947.44, "word": " minus", "probability": 0.50634765625}, {"start": 2947.44, "end": 2950.0, "word": " half", "probability": 0.78857421875}, {"start": 2950.0, "end": 2951.2, "word": " P", "probability": 0.61181640625}, {"start": 2951.2, "end": 2953.92, "word": " minus", "probability": 0.66455078125}, {"start": 2953.92, "end": 2955.62, "word": " 2P", "probability": 0.6865234375}, {"start": 2955.62, "end": 2956.96, "word": " equals", "probability": 0.84619140625}, {"start": 2956.96, "end": 2957.48, "word": " 50", "probability": 0.84228515625}, {"start": 2957.48, "end": 2958.76, "word": " minus", "probability": 0.95849609375}, {"start": 2958.76, "end": 2959.34, "word": " 200.", "probability": 0.9169921875}], "temperature": 1.0}, {"id": 100, "seek": 298979, "start": 2964.35, "end": 2989.79, "text": " Minus 2.5P equals minus 150. So price equals price equals 150 over 2.5 equals 60. This is the equilibrium price. So the equilibrium price here equals 60.", "tokens": [2829, 301, 568, 13, 20, 47, 6915, 3175, 8451, 13, 407, 3218, 6915, 3218, 6915, 8451, 670, 568, 13, 20, 6915, 4060, 13, 639, 307, 264, 15625, 3218, 13, 407, 264, 15625, 3218, 510, 6915, 4060, 13], "avg_logprob": -0.19140625470562986, "compression_ratio": 1.673913043478261, "no_speech_prob": 0.0, "words": [{"start": 2964.3500000000004, "end": 2965.51, "word": " Minus", "probability": 0.584716796875}, {"start": 2965.51, "end": 2965.69, "word": " 2", "probability": 0.8056640625}, {"start": 2965.69, "end": 2966.91, "word": ".5P", "probability": 0.84130859375}, {"start": 2966.91, "end": 2967.79, "word": " equals", "probability": 0.57763671875}, {"start": 2967.79, "end": 2970.21, "word": " minus", "probability": 0.8984375}, {"start": 2970.21, "end": 2970.95, "word": " 150.", "probability": 0.9267578125}, {"start": 2971.69, "end": 2971.81, "word": " So", "probability": 0.62255859375}, {"start": 2971.81, "end": 2972.31, "word": " price", "probability": 0.9072265625}, {"start": 2972.31, "end": 2973.23, "word": " equals", "probability": 0.93798828125}, {"start": 2973.23, "end": 2976.59, "word": " price", "probability": 0.328369140625}, {"start": 2976.59, "end": 2977.13, "word": " equals", "probability": 0.94970703125}, {"start": 2977.13, "end": 2978.19, "word": " 150", "probability": 0.92626953125}, {"start": 2978.19, "end": 2979.27, "word": " over", "probability": 0.85888671875}, {"start": 2979.27, "end": 2979.73, "word": " 2", "probability": 0.99267578125}, {"start": 2979.73, "end": 2980.37, "word": ".5", "probability": 0.99755859375}, {"start": 2980.37, "end": 2980.95, "word": " equals", "probability": 0.9189453125}, {"start": 2980.95, "end": 2981.91, "word": " 60.", "probability": 0.935546875}, {"start": 2983.39, "end": 2984.55, "word": " This", "probability": 0.90478515625}, {"start": 2984.55, "end": 2984.85, "word": " is", "probability": 0.95068359375}, {"start": 2984.85, "end": 2985.05, "word": " the", "probability": 0.927734375}, {"start": 2985.05, "end": 2985.39, "word": " equilibrium", "probability": 0.4755859375}, {"start": 2985.39, "end": 2985.87, "word": " price.", "probability": 0.89208984375}, {"start": 2986.57, "end": 2986.79, "word": " So", "probability": 0.9462890625}, {"start": 2986.79, "end": 2987.23, "word": " the", "probability": 0.8759765625}, {"start": 2987.23, "end": 2987.53, "word": " equilibrium", "probability": 0.92236328125}, {"start": 2987.53, "end": 2987.99, "word": " price", "probability": 0.91015625}, {"start": 2987.99, "end": 2988.21, "word": " here", "probability": 0.83203125}, {"start": 2988.21, "end": 2988.79, "word": " equals", "probability": 0.953125}, {"start": 2988.79, "end": 2989.79, "word": " 60.", "probability": 0.9755859375}], "temperature": 1.0}, {"id": 101, "seek": 302241, "start": 2994.87, "end": 3022.41, "text": " It depends on the equation. It depends on the equation. It depends on the equation. Now we have the equilibrium price. How much is the equilibrium quantity? Substitution either by the quantity demanded formula or the quantity supplied. You will reach with the same result.", "tokens": [467, 5946, 322, 264, 5367, 13, 467, 5946, 322, 264, 5367, 13, 467, 5946, 322, 264, 5367, 13, 823, 321, 362, 264, 15625, 3218, 13, 1012, 709, 307, 264, 15625, 11275, 30, 42090, 6518, 2139, 538, 264, 11275, 28276, 8513, 420, 264, 11275, 27625, 13, 509, 486, 2524, 365, 264, 912, 1874, 13], "avg_logprob": -0.2608506911330753, "compression_ratio": 1.8571428571428572, "no_speech_prob": 0.0, "words": [{"start": 2994.8699999999994, "end": 2995.6299999999997, "word": " It", "probability": 0.35009765625}, {"start": 2995.6299999999997, "end": 2996.39, "word": " depends", "probability": 0.916015625}, {"start": 2996.39, "end": 2996.65, "word": " on", "probability": 0.94970703125}, {"start": 2996.65, "end": 2996.77, "word": " the", "probability": 0.90869140625}, {"start": 2996.77, "end": 2997.25, "word": " equation.", "probability": 0.9814453125}, {"start": 2998.63, "end": 2999.39, "word": " It", "probability": 0.685546875}, {"start": 2999.39, "end": 2999.95, "word": " depends", "probability": 0.91064453125}, {"start": 2999.95, "end": 3000.17, "word": " on", "probability": 0.947265625}, {"start": 3000.17, "end": 3000.25, "word": " the", "probability": 0.90185546875}, {"start": 3000.25, "end": 3000.69, "word": " equation.", "probability": 0.97900390625}, {"start": 3001.73, "end": 3002.49, "word": " It", "probability": 0.222900390625}, {"start": 3002.49, "end": 3004.61, "word": " depends", "probability": 0.88330078125}, {"start": 3004.61, "end": 3007.15, "word": " on", "probability": 0.947265625}, {"start": 3007.15, "end": 3007.23, "word": " the", "probability": 0.8935546875}, {"start": 3007.23, "end": 3007.65, "word": " equation.", "probability": 0.98193359375}, {"start": 3008.11, "end": 3008.21, "word": " Now", "probability": 0.509765625}, {"start": 3008.21, "end": 3009.79, "word": " we", "probability": 0.5751953125}, {"start": 3009.79, "end": 3010.33, "word": " have", "probability": 0.94873046875}, {"start": 3010.33, "end": 3010.77, "word": " the", "probability": 0.90283203125}, {"start": 3010.77, "end": 3011.19, "word": " equilibrium", "probability": 0.89892578125}, {"start": 3011.19, "end": 3011.59, "word": " price.", "probability": 0.59326171875}, {"start": 3011.85, "end": 3011.99, "word": " How", "probability": 0.9560546875}, {"start": 3011.99, "end": 3012.35, "word": " much", "probability": 0.91455078125}, {"start": 3012.35, "end": 3012.57, "word": " is", "probability": 0.93994140625}, {"start": 3012.57, "end": 3012.69, "word": " the", "probability": 0.88232421875}, {"start": 3012.69, "end": 3013.03, "word": " equilibrium", "probability": 0.912109375}, {"start": 3013.03, "end": 3013.53, "word": " quantity?", "probability": 0.9150390625}, {"start": 3016.27, "end": 3017.03, "word": " Substitution", "probability": 0.552001953125}, {"start": 3017.03, "end": 3017.61, "word": " either", "probability": 0.7685546875}, {"start": 3017.61, "end": 3017.81, "word": " by", "probability": 0.3984375}, {"start": 3017.81, "end": 3017.91, "word": " the", "probability": 0.55419921875}, {"start": 3017.91, "end": 3018.15, "word": " quantity", "probability": 0.38671875}, {"start": 3018.15, "end": 3018.59, "word": " demanded", "probability": 0.91552734375}, {"start": 3018.59, "end": 3019.03, "word": " formula", "probability": 0.56396484375}, {"start": 3019.03, "end": 3019.33, "word": " or", "probability": 0.87353515625}, {"start": 3019.33, "end": 3019.45, "word": " the", "probability": 0.626953125}, {"start": 3019.45, "end": 3019.61, "word": " quantity", "probability": 0.98388671875}, {"start": 3019.61, "end": 3020.05, "word": " supplied.", "probability": 0.8583984375}, {"start": 3020.45, "end": 3020.61, "word": " You", "probability": 0.95263671875}, {"start": 3020.61, "end": 3020.77, "word": " will", "probability": 0.896484375}, {"start": 3020.77, "end": 3021.09, "word": " reach", "probability": 0.919921875}, {"start": 3021.09, "end": 3021.29, "word": " with", "probability": 0.296875}, {"start": 3021.29, "end": 3021.49, "word": " the", "probability": 0.91552734375}, {"start": 3021.49, "end": 3021.89, "word": " same", "probability": 0.9150390625}, {"start": 3021.89, "end": 3022.41, "word": " result.", "probability": 0.93701171875}], "temperature": 1.0}, {"id": 102, "seek": 305311, "start": 3023.83, "end": 3053.11, "text": " So to calculate quantity, the equilibrium quantity, at this point, the equilibrium quantity, QD equals, either we can substitute by quantity demanded or quantity supplied. So I would fill in the QD, then QD equals 200.", "tokens": [407, 281, 8873, 11275, 11, 264, 15625, 11275, 11, 412, 341, 935, 11, 264, 15625, 11275, 11, 1249, 35, 6915, 11, 2139, 321, 393, 15802, 538, 11275, 28276, 420, 11275, 27625, 13, 407, 286, 576, 2836, 294, 264, 1249, 35, 11, 550, 1249, 35, 6915, 2331, 13], "avg_logprob": -0.32177735554675263, "compression_ratio": 1.6102941176470589, "no_speech_prob": 0.0, "words": [{"start": 3023.83, "end": 3024.27, "word": " So", "probability": 0.45556640625}, {"start": 3024.27, "end": 3025.23, "word": " to", "probability": 0.80859375}, {"start": 3025.23, "end": 3027.51, "word": " calculate", "probability": 0.94140625}, {"start": 3027.51, "end": 3031.03, "word": " quantity,", "probability": 0.65771484375}, {"start": 3031.79, "end": 3031.89, "word": " the", "probability": 0.89599609375}, {"start": 3031.89, "end": 3032.29, "word": " equilibrium", "probability": 0.86669921875}, {"start": 3032.29, "end": 3032.93, "word": " quantity,", "probability": 0.95751953125}, {"start": 3033.49, "end": 3033.93, "word": " at", "probability": 0.96240234375}, {"start": 3033.93, "end": 3034.19, "word": " this", "probability": 0.94873046875}, {"start": 3034.19, "end": 3034.55, "word": " point,", "probability": 0.97314453125}, {"start": 3034.65, "end": 3034.73, "word": " the", "probability": 0.857421875}, {"start": 3034.73, "end": 3035.03, "word": " equilibrium", "probability": 0.9677734375}, {"start": 3035.03, "end": 3035.53, "word": " quantity,", "probability": 0.7890625}, {"start": 3035.67, "end": 3036.05, "word": " QD", "probability": 0.7236328125}, {"start": 3036.05, "end": 3036.51, "word": " equals,", "probability": 0.67431640625}, {"start": 3036.85, "end": 3037.65, "word": " either", "probability": 0.93408203125}, {"start": 3037.65, "end": 3037.89, "word": " we", "probability": 0.93798828125}, {"start": 3037.89, "end": 3038.07, "word": " can", "probability": 0.92578125}, {"start": 3038.07, "end": 3038.53, "word": " substitute", "probability": 0.91357421875}, {"start": 3038.53, "end": 3039.13, "word": " by", "probability": 0.9677734375}, {"start": 3039.13, "end": 3040.57, "word": " quantity", "probability": 0.9697265625}, {"start": 3040.57, "end": 3041.05, "word": " demanded", "probability": 0.9208984375}, {"start": 3041.05, "end": 3041.43, "word": " or", "probability": 0.94873046875}, {"start": 3041.43, "end": 3041.79, "word": " quantity", "probability": 0.9521484375}, {"start": 3041.79, "end": 3042.25, "word": " supplied.", "probability": 0.8662109375}, {"start": 3042.95, "end": 3043.13, "word": " So", "probability": 0.97509765625}, {"start": 3043.13, "end": 3043.75, "word": " I", "probability": 0.431396484375}, {"start": 3043.75, "end": 3043.99, "word": " would", "probability": 0.6025390625}, {"start": 3043.99, "end": 3044.17, "word": " fill", "probability": 0.7138671875}, {"start": 3044.17, "end": 3044.57, "word": " in", "probability": 0.326904296875}, {"start": 3044.57, "end": 3044.71, "word": " the", "probability": 0.66162109375}, {"start": 3044.71, "end": 3045.13, "word": " QD,", "probability": 0.975341796875}, {"start": 3045.37, "end": 3047.07, "word": " then", "probability": 0.1092529296875}, {"start": 3047.07, "end": 3050.01, "word": " QD", "probability": 0.8544921875}, {"start": 3050.01, "end": 3050.57, "word": " equals", "probability": 0.9140625}, {"start": 3050.57, "end": 3053.11, "word": " 200.", "probability": 0.865234375}], "temperature": 1.0}, {"id": 103, "seek": 308362, "start": 3054.24, "end": 3083.62, "text": " minus half times the price equal to the price 60. So QD equals 200 minus 30, then QD equals 170. Or we can substitute by QS. So QS here or QS,", "tokens": [3175, 1922, 1413, 264, 3218, 2681, 281, 264, 3218, 4060, 13, 407, 1249, 35, 6915, 2331, 3175, 2217, 11, 550, 1249, 35, 6915, 27228, 13, 1610, 321, 393, 15802, 538, 1249, 50, 13, 407, 1249, 50, 510, 420, 1249, 50, 11], "avg_logprob": -0.2511160792339416, "compression_ratio": 1.3, "no_speech_prob": 0.0, "words": [{"start": 3054.24, "end": 3054.82, "word": " minus", "probability": 0.94677734375}, {"start": 3054.82, "end": 3055.54, "word": " half", "probability": 0.8701171875}, {"start": 3055.54, "end": 3056.06, "word": " times", "probability": 0.92578125}, {"start": 3056.06, "end": 3056.28, "word": " the", "probability": 0.541015625}, {"start": 3056.28, "end": 3056.7, "word": " price", "probability": 0.84765625}, {"start": 3056.7, "end": 3057.06, "word": " equal", "probability": 0.49609375}, {"start": 3057.06, "end": 3057.2, "word": " to", "probability": 0.708984375}, {"start": 3057.2, "end": 3057.32, "word": " the", "probability": 0.361572265625}, {"start": 3057.32, "end": 3057.62, "word": " price", "probability": 0.8974609375}, {"start": 3057.62, "end": 3058.32, "word": " 60.", "probability": 0.363525390625}, {"start": 3059.08, "end": 3060.14, "word": " So", "probability": 0.966796875}, {"start": 3060.14, "end": 3060.84, "word": " QD", "probability": 0.636474609375}, {"start": 3060.84, "end": 3062.84, "word": " equals", "probability": 0.9501953125}, {"start": 3062.84, "end": 3063.34, "word": " 200", "probability": 0.93701171875}, {"start": 3063.34, "end": 3064.46, "word": " minus", "probability": 0.98583984375}, {"start": 3064.46, "end": 3065.52, "word": " 30,", "probability": 0.27490234375}, {"start": 3067.26, "end": 3067.84, "word": " then", "probability": 0.6748046875}, {"start": 3067.84, "end": 3068.6, "word": " QD", "probability": 0.958984375}, {"start": 3068.6, "end": 3069.34, "word": " equals", "probability": 0.94775390625}, {"start": 3069.34, "end": 3070.06, "word": " 170.", "probability": 0.9140625}, {"start": 3072.08, "end": 3072.66, "word": " Or", "probability": 0.6923828125}, {"start": 3072.66, "end": 3073.46, "word": " we", "probability": 0.8583984375}, {"start": 3073.46, "end": 3073.82, "word": " can", "probability": 0.94140625}, {"start": 3073.82, "end": 3074.28, "word": " substitute", "probability": 0.90771484375}, {"start": 3074.28, "end": 3075.06, "word": " by", "probability": 0.97265625}, {"start": 3075.06, "end": 3076.06, "word": " QS.", "probability": 0.909912109375}, {"start": 3076.4, "end": 3076.86, "word": " So", "probability": 0.974609375}, {"start": 3076.86, "end": 3077.42, "word": " QS", "probability": 0.97314453125}, {"start": 3077.42, "end": 3077.74, "word": " here", "probability": 0.85107421875}, {"start": 3077.74, "end": 3080.82, "word": " or", "probability": 0.71484375}, {"start": 3080.82, "end": 3083.62, "word": " QS,", "probability": 0.989013671875}], "temperature": 1.0}, {"id": 104, "seek": 310631, "start": 3084.73, "end": 3106.31, "text": " The formula is 50 plus 2P. So QS equals 50 plus 2 times the price, 60. X equals 170. That's it. The same result here.", "tokens": [440, 8513, 307, 2625, 1804, 568, 47, 13, 407, 1249, 50, 6915, 2625, 1804, 568, 1413, 264, 3218, 11, 4060, 13, 1783, 6915, 27228, 13, 663, 311, 309, 13, 440, 912, 1874, 510, 13], "avg_logprob": -0.2662946326392038, "compression_ratio": 1.1683168316831682, "no_speech_prob": 0.0, "words": [{"start": 3084.73, "end": 3084.95, "word": " The", "probability": 0.303955078125}, {"start": 3084.95, "end": 3085.35, "word": " formula", "probability": 0.9072265625}, {"start": 3085.35, "end": 3085.77, "word": " is", "probability": 0.310791015625}, {"start": 3085.77, "end": 3086.33, "word": " 50", "probability": 0.82763671875}, {"start": 3086.33, "end": 3087.07, "word": " plus", "probability": 0.55029296875}, {"start": 3087.07, "end": 3088.47, "word": " 2P.", "probability": 0.84375}, {"start": 3092.63, "end": 3093.01, "word": " So", "probability": 0.83642578125}, {"start": 3093.01, "end": 3093.95, "word": " QS", "probability": 0.623779296875}, {"start": 3093.95, "end": 3094.71, "word": " equals", "probability": 0.85205078125}, {"start": 3094.71, "end": 3096.67, "word": " 50", "probability": 0.90185546875}, {"start": 3096.67, "end": 3097.47, "word": " plus", "probability": 0.94384765625}, {"start": 3097.47, "end": 3097.95, "word": " 2", "probability": 0.85693359375}, {"start": 3097.95, "end": 3098.41, "word": " times", "probability": 0.77734375}, {"start": 3098.41, "end": 3098.61, "word": " the", "probability": 0.82958984375}, {"start": 3098.61, "end": 3099.01, "word": " price,", "probability": 0.91845703125}, {"start": 3099.61, "end": 3100.11, "word": " 60.", "probability": 0.93896484375}, {"start": 3101.37, "end": 3102.29, "word": " X", "probability": 0.83642578125}, {"start": 3102.29, "end": 3102.99, "word": " equals", "probability": 0.83056640625}, {"start": 3102.99, "end": 3103.59, "word": " 170.", "probability": 0.88818359375}, {"start": 3103.89, "end": 3104.13, "word": " That's", "probability": 0.91015625}, {"start": 3104.13, "end": 3104.31, "word": " it.", "probability": 0.93505859375}, {"start": 3104.99, "end": 3105.29, "word": " The", "probability": 0.876953125}, {"start": 3105.29, "end": 3105.57, "word": " same", "probability": 0.9052734375}, {"start": 3105.57, "end": 3106.03, "word": " result", "probability": 0.9521484375}, {"start": 3106.03, "end": 3106.31, "word": " here.", "probability": 0.85302734375}], "temperature": 1.0}, {"id": 105, "seek": 312473, "start": 3108.59, "end": 3124.73, "text": " All right? So the equilibrium quantity here is how much? 170. Number two, if the market price equals $50.", "tokens": [1057, 558, 30, 407, 264, 15625, 11275, 510, 307, 577, 709, 30, 27228, 13, 5118, 732, 11, 498, 264, 2142, 3218, 6915, 1848, 2803, 13], "avg_logprob": -0.2546574633855086, "compression_ratio": 1.0816326530612246, "no_speech_prob": 0.0, "words": [{"start": 3108.59, "end": 3108.83, "word": " All", "probability": 0.72607421875}, {"start": 3108.83, "end": 3109.13, "word": " right?", "probability": 0.91455078125}, {"start": 3109.41, "end": 3109.73, "word": " So", "probability": 0.9560546875}, {"start": 3109.73, "end": 3110.17, "word": " the", "probability": 0.5634765625}, {"start": 3110.17, "end": 3110.57, "word": " equilibrium", "probability": 0.90966796875}, {"start": 3110.57, "end": 3111.49, "word": " quantity", "probability": 0.50341796875}, {"start": 3111.49, "end": 3111.85, "word": " here", "probability": 0.83642578125}, {"start": 3111.85, "end": 3112.35, "word": " is", "probability": 0.935546875}, {"start": 3112.35, "end": 3113.35, "word": " how", "probability": 0.82958984375}, {"start": 3113.35, "end": 3113.69, "word": " much?", "probability": 0.919921875}, {"start": 3113.91, "end": 3114.85, "word": " 170.", "probability": 0.71923828125}, {"start": 3116.69, "end": 3117.37, "word": " Number", "probability": 0.87255859375}, {"start": 3117.37, "end": 3117.69, "word": " two,", "probability": 0.767578125}, {"start": 3119.17, "end": 3119.49, "word": " if", "probability": 0.9482421875}, {"start": 3119.49, "end": 3119.65, "word": " the", "probability": 0.9189453125}, {"start": 3119.65, "end": 3122.13, "word": " market", "probability": 0.55810546875}, {"start": 3122.13, "end": 3122.77, "word": " price", "probability": 0.90478515625}, {"start": 3122.77, "end": 3123.95, "word": " equals", "probability": 0.95263671875}, {"start": 3123.95, "end": 3124.73, "word": " $50.", "probability": 0.915771484375}], "temperature": 1.0}, {"id": 106, "seek": 316591, "start": 3137.89, "end": 3165.91, "text": " This is unknown and this is unknown. Can we do it? Substitution. The price is like this. We say QD equals 200 minus half times the price, 50. QD equals 200 minus 25. 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So QS equals 50 plus 100. So QS equals 150. So it should be 150. Yes. The last point. Okay. Because the market status is excess. Excess what? Yes. 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Yeah. By 25, exactly. So what is the market situation or the market status? The market status is we have an excess demand because the quantity demand is bigger than the quantity supplied by 25. That's it. Okay? Is there a problem? 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The market status is here at this price here. The quantity demanded,", "tokens": [440, 1168, 307, 11, 437, 307, 264, 2142, 6558, 30, 440, 2142, 6558, 307, 510, 412, 341, 3218, 510, 13, 440, 11275, 28276, 11], "avg_logprob": -0.18406249523162843, "compression_ratio": 1.2840909090909092, "no_speech_prob": 0.0, "words": [{"start": 3259.29, "end": 3260.19, "word": " The", "probability": 0.1815185546875}, {"start": 3260.19, "end": 3261.09, "word": " question", "probability": 0.9140625}, {"start": 3261.09, "end": 3263.55, "word": " is,", "probability": 0.95361328125}, {"start": 3263.99, "end": 3264.19, "word": " what", "probability": 0.79345703125}, {"start": 3264.19, "end": 3264.51, "word": " is", "probability": 0.9482421875}, {"start": 3264.51, "end": 3264.71, "word": " the", "probability": 0.919921875}, {"start": 3264.71, "end": 3264.99, "word": " market", "probability": 0.849609375}, {"start": 3264.99, "end": 3265.71, "word": " status?", "probability": 0.93408203125}, {"start": 3268.73, "end": 3269.63, "word": " The", "probability": 0.73974609375}, {"start": 3269.63, "end": 3269.87, "word": " market", "probability": 0.84716796875}, {"start": 3269.87, "end": 3270.31, "word": " status", "probability": 0.9541015625}, {"start": 3270.31, "end": 3270.77, "word": " is", "probability": 0.9384765625}, {"start": 3270.77, "end": 3271.31, "word": " here", "probability": 0.751953125}, {"start": 3271.31, "end": 3271.57, "word": " at", "probability": 0.7744140625}, {"start": 3271.57, "end": 3271.85, "word": " this", "probability": 0.947265625}, {"start": 3271.85, "end": 3272.31, "word": " price", "probability": 0.93505859375}, {"start": 3272.31, "end": 3272.65, "word": " here.", "probability": 0.8388671875}, {"start": 3275.65, "end": 3275.95, "word": " The", "probability": 0.88134765625}, {"start": 3275.95, "end": 3276.35, "word": " quantity", "probability": 0.94580078125}, {"start": 3276.35, "end": 3276.85, "word": " demanded,", "probability": 0.9423828125}], "temperature": 1.0}, {"id": 111, "seek": 330418, "start": 3277.9, "end": 3304.18, "text": " is 175 is bigger than the quant supply which is 150. So here we have what? QD is bigger than the QS. So 175 is bigger than 150. So the market status QS minus QD.", "tokens": [307, 41165, 307, 3801, 813, 264, 4426, 5847, 597, 307, 8451, 13, 407, 510, 321, 362, 437, 30, 1249, 35, 307, 3801, 813, 264, 1249, 50, 13, 407, 41165, 307, 3801, 813, 8451, 13, 407, 264, 2142, 6558, 1249, 50, 3175, 1249, 35, 13], "avg_logprob": -0.22968750132454765, "compression_ratio": 1.4464285714285714, "no_speech_prob": 0.0, "words": [{"start": 3277.9, "end": 3278.2, "word": " is", "probability": 0.63623046875}, {"start": 3278.2, "end": 3279.14, "word": " 175", "probability": 0.95703125}, {"start": 3279.14, "end": 3279.7, "word": " is", "probability": 0.57568359375}, {"start": 3279.7, "end": 3280.08, "word": " bigger", "probability": 0.94091796875}, {"start": 3280.08, "end": 3280.98, "word": " than", "probability": 0.94873046875}, {"start": 3280.98, "end": 3281.32, "word": " the", "probability": 0.892578125}, {"start": 3281.32, "end": 3281.6, "word": " quant", "probability": 0.4541015625}, {"start": 3281.6, "end": 3282.04, "word": " supply", "probability": 0.55419921875}, {"start": 3282.04, "end": 3282.4, "word": " which", "probability": 0.7255859375}, {"start": 3282.4, "end": 3282.96, "word": " is", "probability": 0.9521484375}, {"start": 3282.96, "end": 3284.04, "word": " 150.", "probability": 0.89990234375}, {"start": 3284.52, "end": 3284.78, "word": " So", "probability": 0.96728515625}, {"start": 3284.78, "end": 3285.06, "word": " here", "probability": 0.7314453125}, {"start": 3285.06, "end": 3285.28, "word": " we", "probability": 0.720703125}, {"start": 3285.28, "end": 3285.58, "word": " have", "probability": 0.94384765625}, {"start": 3285.58, "end": 3285.8, "word": " what?", "probability": 0.87744140625}, {"start": 3286.04, "end": 3286.44, "word": " QD", "probability": 0.76025390625}, {"start": 3286.44, "end": 3287.8, "word": " is", "probability": 0.927734375}, {"start": 3287.8, "end": 3288.06, "word": " bigger", "probability": 0.951171875}, {"start": 3288.06, "end": 3288.3, "word": " than", "probability": 0.947265625}, {"start": 3288.3, "end": 3288.44, "word": " the", "probability": 0.837890625}, {"start": 3288.44, "end": 3288.96, "word": " QS.", "probability": 0.963134765625}, {"start": 3289.08, "end": 3289.16, "word": " So", "probability": 0.411376953125}, {"start": 3289.16, "end": 3289.74, "word": " 175", "probability": 0.92138671875}, {"start": 3289.74, "end": 3290.82, "word": " is", "probability": 0.94970703125}, {"start": 3290.82, "end": 3291.06, "word": " bigger", "probability": 0.9375}, {"start": 3291.06, "end": 3291.54, "word": " than", "probability": 0.94677734375}, {"start": 3291.54, "end": 3293.02, "word": " 150.", "probability": 0.8916015625}, {"start": 3295.02, "end": 3295.42, "word": " So", "probability": 0.9541015625}, {"start": 3295.42, "end": 3297.02, "word": " the", "probability": 0.8330078125}, {"start": 3297.02, "end": 3297.4, "word": " market", "probability": 0.86865234375}, {"start": 3297.4, "end": 3298.18, "word": " status", "probability": 0.8837890625}, {"start": 3298.18, "end": 3303.38, "word": " QS", "probability": 0.59320068359375}, {"start": 3303.38, "end": 3303.7, "word": " minus", "probability": 0.9765625}, {"start": 3303.7, "end": 3304.18, "word": " QD.", "probability": 0.95703125}], "temperature": 1.0}, {"id": 112, "seek": 332519, "start": 3306.69, "end": 3325.19, "text": " QS 150 minus QD 150 minus 175 equals minus 25. This is what? Shortage supply or excess demand. That's it.", "tokens": [1249, 50, 8451, 3175, 1249, 35, 8451, 3175, 41165, 6915, 3175, 3552, 13, 639, 307, 437, 30, 16881, 609, 5847, 420, 9310, 4733, 13, 663, 311, 309, 13], "avg_logprob": -0.21336207513151498, "compression_ratio": 1.1157894736842104, "no_speech_prob": 0.0, "words": [{"start": 3306.6899999999996, "end": 3307.95, "word": " QS", "probability": 0.62353515625}, {"start": 3307.95, "end": 3309.21, "word": " 150", "probability": 0.318603515625}, {"start": 3309.21, "end": 3311.49, "word": " minus", "probability": 0.77099609375}, {"start": 3311.49, "end": 3312.29, "word": " QD", "probability": 0.841552734375}, {"start": 3312.29, "end": 3314.13, "word": " 150", "probability": 0.491943359375}, {"start": 3314.13, "end": 3314.89, "word": " minus", "probability": 0.96533203125}, {"start": 3314.89, "end": 3315.89, "word": " 175", "probability": 0.91455078125}, {"start": 3315.89, "end": 3317.43, "word": " equals", "probability": 0.8583984375}, {"start": 3317.43, "end": 3318.07, "word": " minus", "probability": 0.92041015625}, {"start": 3318.07, "end": 3318.79, "word": " 25.", "probability": 0.9560546875}, {"start": 3319.25, "end": 3319.59, "word": " This", "probability": 0.8818359375}, {"start": 3319.59, "end": 3319.93, "word": " is", "probability": 0.94384765625}, {"start": 3319.93, "end": 3320.23, "word": " what?", "probability": 0.8974609375}, {"start": 3321.53, "end": 3322.79, "word": " Shortage", "probability": 0.904052734375}, {"start": 3322.79, "end": 3323.47, "word": " supply", "probability": 0.912109375}, {"start": 3323.47, "end": 3323.93, "word": " or", "probability": 0.9169921875}, {"start": 3323.93, "end": 3324.29, "word": " excess", "probability": 0.93994140625}, {"start": 3324.29, "end": 3324.65, "word": " demand.", "probability": 0.9091796875}, {"start": 3324.77, "end": 3324.97, "word": " That's", "probability": 0.91650390625}, {"start": 3324.97, "end": 3325.19, "word": " it.", "probability": 0.95458984375}], "temperature": 1.0}, {"id": 113, "seek": 335534, "start": 3331.16, "end": 3355.34, "text": " I will show you something how we derive this formula. That's it, the last point. I will come back quickly to the last example. When we determine the equilibrium price and equilibrium quantity using numbers and figures, let us assume that the price,", "tokens": [286, 486, 855, 291, 746, 577, 321, 28446, 341, 8513, 13, 663, 311, 309, 11, 264, 1036, 935, 13, 286, 486, 808, 646, 2661, 281, 264, 1036, 1365, 13, 1133, 321, 6997, 264, 15625, 3218, 293, 15625, 11275, 1228, 3547, 293, 9624, 11, 718, 505, 6552, 300, 264, 3218, 11], "avg_logprob": -0.18857231034952052, "compression_ratio": 1.5182926829268293, "no_speech_prob": 0.0, "words": [{"start": 3331.16, "end": 3331.38, "word": " I", "probability": 0.970703125}, {"start": 3331.38, "end": 3331.58, "word": " will", "probability": 0.77685546875}, {"start": 3331.58, "end": 3331.84, "word": " show", "probability": 0.9453125}, {"start": 3331.84, "end": 3332.28, "word": " you", "probability": 0.9638671875}, {"start": 3332.28, "end": 3332.74, "word": " something", "probability": 0.8662109375}, {"start": 3332.74, "end": 3333.36, "word": " how", "probability": 0.50244140625}, {"start": 3333.36, "end": 3334.08, "word": " we", "probability": 0.96337890625}, {"start": 3334.08, "end": 3334.56, "word": " derive", "probability": 0.74609375}, {"start": 3334.56, "end": 3334.84, "word": " this", "probability": 0.93603515625}, {"start": 3334.84, "end": 3335.3, "word": " formula.", "probability": 0.91552734375}, {"start": 3335.6, "end": 3335.84, "word": " That's", "probability": 0.820556640625}, {"start": 3335.84, "end": 3335.96, "word": " it,", "probability": 0.8095703125}, {"start": 3336.06, "end": 3336.14, "word": " the", "probability": 0.88427734375}, {"start": 3336.14, "end": 3336.32, "word": " last", "probability": 0.85498046875}, {"start": 3336.32, "end": 3336.58, "word": " point.", "probability": 0.900390625}, {"start": 3340.52, "end": 3341.12, "word": " I", "probability": 0.466064453125}, {"start": 3341.12, "end": 3342.76, "word": " will", "probability": 0.81884765625}, {"start": 3342.76, "end": 3343.08, "word": " come", "probability": 0.88623046875}, {"start": 3343.08, "end": 3343.4, "word": " back", "probability": 0.86181640625}, {"start": 3343.4, "end": 3343.76, "word": " quickly", "probability": 0.90966796875}, {"start": 3343.76, "end": 3344.02, "word": " to", "probability": 0.96630859375}, {"start": 3344.02, "end": 3344.2, "word": " the", "probability": 0.92529296875}, {"start": 3344.2, "end": 3344.48, "word": " last", "probability": 0.87548828125}, {"start": 3344.48, "end": 3345.12, "word": " example.", "probability": 0.97705078125}, {"start": 3346.26, "end": 3346.86, "word": " When", "probability": 0.89794921875}, {"start": 3346.86, "end": 3347.12, "word": " we", "probability": 0.966796875}, {"start": 3347.12, "end": 3347.7, "word": " determine", "probability": 0.79931640625}, {"start": 3347.7, "end": 3348.04, "word": " the", "probability": 0.912109375}, {"start": 3348.04, "end": 3348.44, "word": " equilibrium", "probability": 0.96630859375}, {"start": 3348.44, "end": 3349.02, "word": " price", "probability": 0.91357421875}, {"start": 3349.02, "end": 3349.2, "word": " and", "probability": 0.9189453125}, {"start": 3349.2, "end": 3349.6, "word": " equilibrium", "probability": 0.71875}, {"start": 3349.6, "end": 3350.44, "word": " quantity", "probability": 0.98193359375}, {"start": 3350.44, "end": 3351.8, "word": " using", "probability": 0.88232421875}, {"start": 3351.8, "end": 3353.0, "word": " numbers", "probability": 0.87548828125}, {"start": 3353.0, "end": 3353.18, "word": " and", "probability": 0.662109375}, {"start": 3353.18, "end": 3353.46, "word": " figures,", "probability": 0.91455078125}, {"start": 3353.76, "end": 3354.18, "word": " let", "probability": 0.927734375}, {"start": 3354.18, "end": 3354.38, "word": " us", "probability": 0.7939453125}, {"start": 3354.38, "end": 3354.68, "word": " assume", "probability": 0.9169921875}, {"start": 3354.68, "end": 3354.88, "word": " that", "probability": 0.93505859375}, {"start": 3354.88, "end": 3355.0, "word": " the", "probability": 0.9140625}, {"start": 3355.0, "end": 3355.34, "word": " price,", "probability": 0.92138671875}], "temperature": 1.0}, {"id": 114, "seek": 338467, "start": 3358.87, "end": 3384.67, "text": " And here we have quantity demanded. With assumptions, we had the prices was five, 10, 15, 20, 25. I'm going to kill the CD. I'm going to kill it. I'm going to kill it. I found this one next to the table.", "tokens": [400, 510, 321, 362, 11275, 28276, 13, 2022, 17695, 11, 321, 632, 264, 7901, 390, 1732, 11, 1266, 11, 2119, 11, 945, 11, 3552, 13, 286, 478, 516, 281, 1961, 264, 6743, 13, 286, 478, 516, 281, 1961, 309, 13, 286, 478, 516, 281, 1961, 309, 13, 286, 1352, 341, 472, 958, 281, 264, 3199, 13], "avg_logprob": -0.47258773184659186, "compression_ratio": 1.489051094890511, "no_speech_prob": 0.0, "words": [{"start": 3358.87, "end": 3359.13, "word": " And", "probability": 0.8076171875}, {"start": 3359.13, "end": 3359.31, "word": " here", "probability": 0.86083984375}, {"start": 3359.31, "end": 3359.47, "word": " we", "probability": 0.86572265625}, {"start": 3359.47, "end": 3359.71, "word": " have", "probability": 0.94384765625}, {"start": 3359.71, "end": 3360.23, "word": " quantity", "probability": 0.80517578125}, {"start": 3360.23, "end": 3360.79, "word": " demanded.", "probability": 0.95068359375}, {"start": 3362.67, "end": 3362.75, "word": " With", "probability": 0.293212890625}, {"start": 3362.75, "end": 3363.29, "word": " assumptions,", "probability": 0.85205078125}, {"start": 3364.01, "end": 3364.09, "word": " we", "probability": 0.69775390625}, {"start": 3364.09, "end": 3364.67, "word": " had", "probability": 0.7529296875}, {"start": 3364.67, "end": 3365.67, "word": " the", "probability": 0.54736328125}, {"start": 3365.67, "end": 3365.99, "word": " prices", "probability": 0.8251953125}, {"start": 3365.99, "end": 3366.41, "word": " was", "probability": 0.90869140625}, {"start": 3366.41, "end": 3367.03, "word": " five,", "probability": 0.8017578125}, {"start": 3367.21, "end": 3367.49, "word": " 10,", "probability": 0.701171875}, {"start": 3368.41, "end": 3369.61, "word": " 15,", "probability": 0.9697265625}, {"start": 3370.19, "end": 3370.45, "word": " 20,", "probability": 0.4951171875}, {"start": 3371.21, "end": 3372.89, "word": " 25.", "probability": 0.970703125}, {"start": 3376.05, "end": 3376.29, "word": " I'm", "probability": 0.33707427978515625}, {"start": 3376.29, "end": 3376.29, "word": " going", "probability": 0.2252197265625}, {"start": 3376.29, "end": 3376.31, "word": " to", "probability": 0.962890625}, {"start": 3376.31, "end": 3376.53, "word": " kill", "probability": 0.091064453125}, {"start": 3376.53, "end": 3376.81, "word": " the", "probability": 0.67333984375}, {"start": 3376.81, "end": 3377.05, "word": " CD.", "probability": 0.497314453125}, {"start": 3377.35, "end": 3377.95, "word": " I'm", "probability": 0.5819091796875}, {"start": 3377.95, "end": 3378.05, "word": " going", "probability": 0.68408203125}, {"start": 3378.05, "end": 3378.05, "word": " to", "probability": 0.95703125}, {"start": 3378.05, "end": 3378.05, "word": " kill", "probability": 0.19384765625}, {"start": 3378.05, "end": 3378.31, "word": " it.", "probability": 0.303466796875}, {"start": 3379.27, "end": 3379.87, "word": " I'm", "probability": 0.5380859375}, {"start": 3379.87, "end": 3379.93, "word": " going", "probability": 0.8623046875}, {"start": 3379.93, "end": 3381.59, "word": " to", "probability": 0.96337890625}, {"start": 3381.59, "end": 3382.05, "word": " kill", "probability": 0.65771484375}, {"start": 3382.05, "end": 3382.15, "word": " it.", "probability": 0.7158203125}, {"start": 3382.23, "end": 3382.23, "word": " I", "probability": 0.70263671875}, {"start": 3382.23, "end": 3382.37, "word": " found", "probability": 0.68896484375}, {"start": 3382.37, "end": 3382.63, "word": " this", "probability": 0.318359375}, {"start": 3382.63, "end": 3383.49, "word": " one", "probability": 0.31591796875}, {"start": 3383.49, "end": 3383.75, "word": " next", "probability": 0.2498779296875}, {"start": 3383.75, "end": 3383.87, "word": " to", "probability": 0.96826171875}, {"start": 3383.87, "end": 3384.31, "word": " the", "probability": 0.90380859375}, {"start": 3384.31, "end": 3384.67, "word": " table.", "probability": 0.8955078125}], "temperature": 1.0}, {"id": 115, "seek": 342525, "start": 3397.07, "end": 3425.25, "text": " 30, 35, 40. Let us assume that the quantity demanded was 200, 180, 160, 140, 160, 120. Keep silent please.", "tokens": [2217, 11, 6976, 11, 3356, 13, 961, 505, 6552, 300, 264, 11275, 28276, 390, 2331, 11, 11971, 11, 21243, 11, 21548, 11, 21243, 11, 10411, 13, 5527, 12784, 1767, 13], "avg_logprob": -0.18283769488334656, "compression_ratio": 1.1505376344086022, "no_speech_prob": 0.0, "words": [{"start": 3397.07, "end": 3397.51, "word": " 30,", "probability": 0.41162109375}, {"start": 3398.09, "end": 3398.99, "word": " 35,", "probability": 0.98193359375}, {"start": 3399.61, "end": 3400.03, "word": " 40.", "probability": 0.9736328125}, {"start": 3402.17, "end": 3402.89, "word": " Let", "probability": 0.39599609375}, {"start": 3402.89, "end": 3403.09, "word": " us", "probability": 0.83203125}, {"start": 3403.09, "end": 3403.49, "word": " assume", "probability": 0.90869140625}, {"start": 3403.49, "end": 3403.91, "word": " that", "probability": 0.93798828125}, {"start": 3403.91, "end": 3404.37, "word": " the", "probability": 0.8017578125}, {"start": 3404.37, "end": 3405.11, "word": " quantity", "probability": 0.98388671875}, {"start": 3405.11, "end": 3405.65, "word": " demanded", "probability": 0.93212890625}, {"start": 3405.65, "end": 3406.27, "word": " was", "probability": 0.95556640625}, {"start": 3406.27, "end": 3407.19, "word": " 200,", "probability": 0.8837890625}, {"start": 3409.11, "end": 3410.07, "word": " 180,", "probability": 0.91796875}, {"start": 3410.71, "end": 3411.51, "word": " 160,", "probability": 0.919921875}, {"start": 3411.89, "end": 3412.61, "word": " 140,", "probability": 0.90625}, {"start": 3413.15, "end": 3414.91, "word": " 160,", "probability": 0.9345703125}, {"start": 3415.77, "end": 3417.03, "word": " 120.", "probability": 0.603515625}, {"start": 3418.15, "end": 3419.51, "word": " Keep", "probability": 0.80517578125}, {"start": 3419.51, "end": 3424.77, "word": " silent", "probability": 0.89404296875}, {"start": 3424.77, "end": 3425.25, "word": " please.", "probability": 0.61669921875}], "temperature": 1.0}, {"id": 116, "seek": 345430, "start": 3427.72, "end": 3454.3, "text": " Now, we are going to derive the formula, the demand function. To derive the demand function here, we can show this insert shape here, graph.", "tokens": [823, 11, 321, 366, 516, 281, 28446, 264, 8513, 11, 264, 4733, 2445, 13, 1407, 28446, 264, 4733, 2445, 510, 11, 321, 393, 855, 341, 8969, 3909, 510, 11, 4295, 13], "avg_logprob": -0.20117187080904841, "compression_ratio": 1.41, "no_speech_prob": 0.0, "words": [{"start": 3427.72, "end": 3428.14, "word": " Now,", "probability": 0.94921875}, {"start": 3428.76, "end": 3429.12, "word": " we", "probability": 0.9677734375}, {"start": 3429.12, "end": 3429.42, "word": " are", "probability": 0.87744140625}, {"start": 3429.42, "end": 3429.58, "word": " going", "probability": 0.9482421875}, {"start": 3429.58, "end": 3430.62, "word": " to", "probability": 0.96826171875}, {"start": 3430.62, "end": 3431.3, "word": " derive", "probability": 0.9345703125}, {"start": 3431.3, "end": 3432.72, "word": " the", "probability": 0.9169921875}, {"start": 3432.72, "end": 3433.2, "word": " formula,", "probability": 0.86962890625}, {"start": 3433.72, "end": 3433.86, "word": " the", "probability": 0.87646484375}, {"start": 3433.86, "end": 3434.28, "word": " demand", "probability": 0.900390625}, {"start": 3434.28, "end": 3434.88, "word": " function.", "probability": 0.9541015625}, {"start": 3436.6, "end": 3437.3, "word": " To", "probability": 0.7998046875}, {"start": 3437.3, "end": 3437.58, "word": " derive", "probability": 0.89892578125}, {"start": 3437.58, "end": 3437.74, "word": " the", "probability": 0.88232421875}, {"start": 3437.74, "end": 3438.02, "word": " demand", "probability": 0.89697265625}, {"start": 3438.02, "end": 3438.44, "word": " function", "probability": 0.95556640625}, {"start": 3438.44, "end": 3438.78, "word": " here,", "probability": 0.87060546875}, {"start": 3441.54, "end": 3441.66, "word": " we", "probability": 0.95849609375}, {"start": 3441.66, "end": 3442.06, "word": " can", "probability": 0.92626953125}, {"start": 3442.06, "end": 3442.5, "word": " show", "probability": 0.5712890625}, {"start": 3442.5, "end": 3443.56, "word": " this", "probability": 0.1602783203125}, {"start": 3443.56, "end": 3448.56, "word": " insert", "probability": 0.7744140625}, {"start": 3448.56, "end": 3452.32, "word": " shape", "probability": 0.751953125}, {"start": 3452.32, "end": 3452.66, "word": " here,", "probability": 0.78271484375}, {"start": 3453.84, "end": 3454.3, "word": " graph.", "probability": 0.900390625}], "temperature": 1.0}, {"id": 117, "seek": 347164, "start": 3459.8, "end": 3471.64, "text": " This graph can be represented here or represents the relationship between the prices and the quantity demanded. I will draw.", "tokens": [639, 4295, 393, 312, 10379, 510, 420, 8855, 264, 2480, 1296, 264, 7901, 293, 264, 11275, 28276, 13, 286, 486, 2642, 13], "avg_logprob": -0.18019700827805893, "compression_ratio": 1.2626262626262625, "no_speech_prob": 0.0, "words": [{"start": 3459.8, "end": 3460.1, "word": " This", "probability": 0.75439453125}, {"start": 3460.1, "end": 3460.54, "word": " graph", "probability": 0.943359375}, {"start": 3460.54, "end": 3462.78, "word": " can", "probability": 0.91796875}, {"start": 3462.78, "end": 3462.98, "word": " be", "probability": 0.93017578125}, {"start": 3462.98, "end": 3463.58, "word": " represented", "probability": 0.85107421875}, {"start": 3463.58, "end": 3464.04, "word": " here", "probability": 0.86279296875}, {"start": 3464.04, "end": 3465.88, "word": " or", "probability": 0.482177734375}, {"start": 3465.88, "end": 3466.36, "word": " represents", "probability": 0.89208984375}, {"start": 3466.36, "end": 3466.56, "word": " the", "probability": 0.91552734375}, {"start": 3466.56, "end": 3467.0, "word": " relationship", "probability": 0.91357421875}, {"start": 3467.0, "end": 3467.3, "word": " between", "probability": 0.86962890625}, {"start": 3467.3, "end": 3467.46, "word": " the", "probability": 0.880859375}, {"start": 3467.46, "end": 3467.76, "word": " prices", "probability": 0.81787109375}, {"start": 3467.76, "end": 3468.0, "word": " and", "probability": 0.92626953125}, {"start": 3468.0, "end": 3468.1, "word": " the", "probability": 0.69921875}, {"start": 3468.1, "end": 3468.56, "word": " quantity", "probability": 0.9814453125}, {"start": 3468.56, "end": 3469.42, "word": " demanded.", "probability": 0.921875}, {"start": 3469.92, "end": 3470.42, "word": " I", "probability": 0.99853515625}, {"start": 3470.42, "end": 3470.8, "word": " will", "probability": 0.90478515625}, {"start": 3470.8, "end": 3471.64, "word": " draw.", "probability": 0.89453125}], "temperature": 1.0}, {"id": 118, "seek": 352040, "start": 3495.06, "end": 3520.4, "text": " Where is the function? Do you see this function? This function represents the relationship between the prices and the quantity demanded. Let's enlarge it like this. For this function QD", "tokens": [2305, 307, 264, 2445, 30, 1144, 291, 536, 341, 2445, 30, 639, 2445, 8855, 264, 2480, 1296, 264, 7901, 293, 264, 11275, 28276, 13, 961, 311, 31976, 432, 309, 411, 341, 13, 1171, 341, 2445, 1249, 35], "avg_logprob": -0.3628700571624856, "compression_ratio": 1.4645669291338583, "no_speech_prob": 0.0, "words": [{"start": 3495.06, "end": 3495.28, "word": " Where", "probability": 0.135009765625}, {"start": 3495.28, "end": 3495.38, "word": " is", "probability": 0.71240234375}, {"start": 3495.38, "end": 3495.52, "word": " the", "probability": 0.8818359375}, {"start": 3495.52, "end": 3495.9, "word": " function?", "probability": 0.9619140625}, {"start": 3501.4, "end": 3501.54, "word": " Do", "probability": 0.26953125}, {"start": 3501.54, "end": 3501.54, "word": " you", "probability": 0.97998046875}, {"start": 3501.54, "end": 3501.68, "word": " see", "probability": 0.9189453125}, {"start": 3501.68, "end": 3501.84, "word": " this", "probability": 0.87548828125}, {"start": 3501.84, "end": 3502.2, "word": " function?", "probability": 0.95263671875}, {"start": 3503.38, "end": 3504.22, "word": " This", "probability": 0.8251953125}, {"start": 3504.22, "end": 3504.68, "word": " function", "probability": 0.93115234375}, {"start": 3504.68, "end": 3505.4, "word": " represents", "probability": 0.87939453125}, {"start": 3505.4, "end": 3506.4, "word": " the", "probability": 0.68310546875}, {"start": 3506.4, "end": 3507.0, "word": " relationship", "probability": 0.90869140625}, {"start": 3507.0, "end": 3507.64, "word": " between", "probability": 0.87255859375}, {"start": 3507.64, "end": 3508.36, "word": " the", "probability": 0.77294921875}, {"start": 3508.36, "end": 3508.78, "word": " prices", "probability": 0.7666015625}, {"start": 3508.78, "end": 3509.08, "word": " and", "probability": 0.93603515625}, {"start": 3509.08, "end": 3509.18, "word": " the", "probability": 0.57373046875}, {"start": 3509.18, "end": 3509.46, "word": " quantity", "probability": 0.802734375}, {"start": 3509.46, "end": 3510.06, "word": " demanded.", "probability": 0.91748046875}, {"start": 3510.82, "end": 3510.84, "word": " Let's", "probability": 0.605224609375}, {"start": 3510.84, "end": 3511.14, "word": " enlarge", "probability": 0.7105712890625}, {"start": 3511.14, "end": 3511.36, "word": " it", "probability": 0.82958984375}, {"start": 3511.36, "end": 3511.78, "word": " like", "probability": 0.6259765625}, {"start": 3511.78, "end": 3514.34, "word": " this.", "probability": 0.880859375}, {"start": 3518.56, "end": 3519.24, "word": " For", "probability": 0.2056884765625}, {"start": 3519.24, "end": 3519.3, "word": " this", "probability": 0.923828125}, {"start": 3519.3, "end": 3519.76, "word": " function", "probability": 0.931640625}, {"start": 3519.76, "end": 3520.4, "word": " QD", "probability": 0.4510498046875}], "temperature": 1.0}, {"id": 119, "seek": 355188, "start": 3531.26, "end": 3551.88, "text": " equals 220QD equals 220 minus 4 for the price. In GBQS, the function of the QS, had a demand function. Show the assumptions that we're going to have here.", "tokens": [6915, 29387, 48, 35, 6915, 29387, 3175, 1017, 337, 264, 3218, 13, 682, 26809, 48, 50, 11, 264, 2445, 295, 264, 1249, 50, 11, 632, 257, 4733, 2445, 13, 6895, 264, 17695, 300, 321, 434, 516, 281, 362, 510, 13], "avg_logprob": -0.444740842028362, "compression_ratio": 1.2916666666666667, "no_speech_prob": 0.0, "words": [{"start": 3531.26, "end": 3531.78, "word": " equals", "probability": 0.646484375}, {"start": 3531.78, "end": 3532.3, "word": " 220QD", "probability": 0.736328125}, {"start": 3532.3, "end": 3533.6, "word": " equals", "probability": 0.8720703125}, {"start": 3533.6, "end": 3534.6, "word": " 220", "probability": 0.94580078125}, {"start": 3534.6, "end": 3535.84, "word": " minus", "probability": 0.93896484375}, {"start": 3535.84, "end": 3536.42, "word": " 4", "probability": 0.56103515625}, {"start": 3536.42, "end": 3536.72, "word": " for", "probability": 0.371337890625}, {"start": 3536.72, "end": 3536.82, "word": " the", "probability": 0.8173828125}, {"start": 3536.82, "end": 3537.14, "word": " price.", "probability": 0.93115234375}, {"start": 3541.9, "end": 3542.08, "word": " In", "probability": 0.10662841796875}, {"start": 3542.08, "end": 3542.88, "word": " GBQS,", "probability": 0.7740885416666666}, {"start": 3543.36, "end": 3543.56, "word": " the", "probability": 0.84375}, {"start": 3543.56, "end": 3543.88, "word": " function", "probability": 0.94287109375}, {"start": 3543.88, "end": 3544.08, "word": " of", "probability": 0.388916015625}, {"start": 3544.08, "end": 3544.18, "word": " the", "probability": 0.474853515625}, {"start": 3544.18, "end": 3544.42, "word": " QS,", "probability": 0.865966796875}, {"start": 3544.6, "end": 3544.78, "word": " had", "probability": 0.388427734375}, {"start": 3544.78, "end": 3544.88, "word": " a", "probability": 0.93701171875}, {"start": 3544.88, "end": 3545.16, "word": " demand", "probability": 0.91943359375}, {"start": 3545.16, "end": 3545.64, "word": " function.", "probability": 0.96435546875}, {"start": 3550.5, "end": 3550.7, "word": " Show", "probability": 0.31201171875}, {"start": 3550.7, "end": 3550.82, "word": " the", "probability": 0.397216796875}, {"start": 3550.82, "end": 3551.18, "word": " assumptions", "probability": 0.92529296875}, {"start": 3551.18, "end": 3551.38, "word": " that", "probability": 0.8271484375}, {"start": 3551.38, "end": 3551.52, "word": " we're", "probability": 0.54510498046875}, {"start": 3551.52, "end": 3551.56, "word": " going", "probability": 0.70068359375}, {"start": 3551.56, "end": 3551.58, "word": " to", "probability": 0.96923828125}, {"start": 3551.58, "end": 3551.7, "word": " have", "probability": 0.53955078125}, {"start": 3551.7, "end": 3551.88, "word": " here.", "probability": 0.20751953125}], "temperature": 1.0}, {"id": 120, "seek": 358120, "start": 3553.6, "end": 3581.2, "text": " The quant supplied, Qs. Let's determine here 140. 120, 100, 80, 160, 180,", "tokens": [440, 4426, 27625, 11, 1249, 82, 13, 961, 311, 6997, 510, 21548, 13, 10411, 11, 2319, 11, 4688, 11, 21243, 11, 11971, 11], "avg_logprob": -0.5120442683498064, "compression_ratio": 1.0, "no_speech_prob": 0.0, "words": [{"start": 3553.6, "end": 3553.82, "word": " The", "probability": 0.11639404296875}, {"start": 3553.82, "end": 3554.1, "word": " quant", "probability": 0.67236328125}, {"start": 3554.1, "end": 3554.62, "word": " supplied,", "probability": 0.576171875}, {"start": 3555.08, "end": 3557.36, "word": " Qs.", "probability": 0.398681640625}, {"start": 3563.8, "end": 3564.44, "word": " Let's", "probability": 0.68408203125}, {"start": 3564.44, "end": 3565.06, "word": " determine", "probability": 0.75341796875}, {"start": 3565.06, "end": 3565.36, "word": " here", "probability": 0.3798828125}, {"start": 3565.36, "end": 3566.4, "word": " 140.", "probability": 0.70458984375}, {"start": 3569.2, "end": 3570.6, "word": " 120,", "probability": 0.7626953125}, {"start": 3571.54, "end": 3572.82, "word": " 100,", "probability": 0.833984375}, {"start": 3574.1, "end": 3575.82, "word": " 80,", "probability": 0.6201171875}, {"start": 3577.3, "end": 3579.32, "word": " 160,", "probability": 0.92578125}, {"start": 3580.04, "end": 3581.2, "word": " 180,", "probability": 0.85693359375}], "temperature": 1.0}, {"id": 121, "seek": 359575, "start": 3584.19, "end": 3595.75, "text": " 200, 220. Now, I'm going to study the relationship between the prices and the quant supply to derive the supply function.", "tokens": [2331, 11, 29387, 13, 823, 11, 286, 478, 516, 281, 2979, 264, 2480, 1296, 264, 7901, 293, 264, 4426, 5847, 281, 28446, 264, 5847, 2445, 13], "avg_logprob": -0.23119213625236792, "compression_ratio": 1.196078431372549, "no_speech_prob": 0.0, "words": [{"start": 3584.1900000000005, "end": 3584.9100000000003, "word": " 200,", "probability": 0.51171875}, {"start": 3584.9100000000003, "end": 3585.63, "word": " 220.", "probability": 0.890625}, {"start": 3587.89, "end": 3588.61, "word": " Now,", "probability": 0.95556640625}, {"start": 3590.23, "end": 3590.51, "word": " I'm", "probability": 0.984130859375}, {"start": 3590.51, "end": 3590.67, "word": " going", "probability": 0.61474609375}, {"start": 3590.67, "end": 3590.83, "word": " to", "probability": 0.9638671875}, {"start": 3590.83, "end": 3591.21, "word": " study", "probability": 0.91748046875}, {"start": 3591.21, "end": 3591.47, "word": " the", "probability": 0.91064453125}, {"start": 3591.47, "end": 3591.93, "word": " relationship", "probability": 0.91650390625}, {"start": 3591.93, "end": 3592.23, "word": " between", "probability": 0.876953125}, {"start": 3592.23, "end": 3592.43, "word": " the", "probability": 0.89013671875}, {"start": 3592.43, "end": 3592.81, "word": " prices", "probability": 0.77099609375}, {"start": 3592.81, "end": 3593.09, "word": " and", "probability": 0.92138671875}, {"start": 3593.09, "end": 3593.21, "word": " the", "probability": 0.888671875}, {"start": 3593.21, "end": 3593.39, "word": " quant", "probability": 0.29345703125}, {"start": 3593.39, "end": 3593.75, "word": " supply", "probability": 0.61767578125}, {"start": 3593.75, "end": 3594.03, "word": " to", "probability": 0.83349609375}, {"start": 3594.03, "end": 3594.39, "word": " derive", "probability": 0.9287109375}, {"start": 3594.39, "end": 3594.67, "word": " the", "probability": 0.900390625}, {"start": 3594.67, "end": 3595.15, "word": " supply", "probability": 0.9580078125}, {"start": 3595.15, "end": 3595.75, "word": " function.", "probability": 0.96826171875}], "temperature": 1.0}, {"id": 122, "seek": 363947, "start": 3611.03, "end": 3639.47, "text": " Paste, paste, paste, paste. Okay. I'm going to study the relationship between the prices and the quant supplied here as you see. The same as the previous.", "tokens": [43827, 11, 9163, 11, 9163, 11, 9163, 13, 1033, 13, 286, 478, 516, 281, 2979, 264, 2480, 1296, 264, 7901, 293, 264, 4426, 27625, 510, 382, 291, 536, 13, 440, 912, 382, 264, 3894, 13], "avg_logprob": -0.17361111525032255, "compression_ratio": 1.3362068965517242, "no_speech_prob": 0.0, "words": [{"start": 3611.03, "end": 3611.53, "word": " Paste,", "probability": 0.89208984375}, {"start": 3611.69, "end": 3612.01, "word": " paste,", "probability": 0.8828125}, {"start": 3612.17, "end": 3612.47, "word": " paste,", "probability": 0.93603515625}, {"start": 3612.61, "end": 3612.93, "word": " paste.", "probability": 0.9443359375}, {"start": 3613.35, "end": 3613.91, "word": " Okay.", "probability": 0.438720703125}, {"start": 3619.53, "end": 3620.09, "word": " I'm", "probability": 0.96875}, {"start": 3620.09, "end": 3620.27, "word": " going", "probability": 0.7724609375}, {"start": 3620.27, "end": 3620.41, "word": " to", "probability": 0.96826171875}, {"start": 3620.41, "end": 3620.63, "word": " study", "probability": 0.80859375}, {"start": 3620.63, "end": 3620.83, "word": " the", "probability": 0.91650390625}, {"start": 3620.83, "end": 3621.33, "word": " relationship", "probability": 0.9150390625}, {"start": 3621.33, "end": 3621.63, "word": " between", "probability": 0.8740234375}, {"start": 3621.63, "end": 3621.83, "word": " the", "probability": 0.91748046875}, {"start": 3621.83, "end": 3622.13, "word": " prices", "probability": 0.75634765625}, {"start": 3622.13, "end": 3622.41, "word": " and", "probability": 0.9296875}, {"start": 3622.41, "end": 3622.51, "word": " the", "probability": 0.90234375}, {"start": 3622.51, "end": 3622.71, "word": " quant", "probability": 0.372314453125}, {"start": 3622.71, "end": 3623.19, "word": " supplied", "probability": 0.71484375}, {"start": 3623.19, "end": 3623.47, "word": " here", "probability": 0.7587890625}, {"start": 3623.47, "end": 3623.61, "word": " as", "probability": 0.55224609375}, {"start": 3623.61, "end": 3623.75, "word": " you", "probability": 0.9677734375}, {"start": 3623.75, "end": 3623.97, "word": " see.", "probability": 0.93115234375}, {"start": 3637.85, "end": 3638.41, "word": " The", "probability": 0.861328125}, {"start": 3638.41, "end": 3638.67, "word": " same", "probability": 0.91796875}, {"start": 3638.67, "end": 3638.97, "word": " as", "probability": 0.97119140625}, {"start": 3638.97, "end": 3639.09, "word": " the", "probability": 0.91357421875}, {"start": 3639.09, "end": 3639.47, "word": " previous.", "probability": 0.86865234375}], "temperature": 1.0}, {"id": 123, "seek": 366801, "start": 3642.57, "end": 3668.01, "text": " Here's the graph. This is the supply curve. Demand curve. Yes. So to derive the function here, here's the function.", "tokens": [1692, 311, 264, 4295, 13, 639, 307, 264, 5847, 7605, 13, 4686, 474, 7605, 13, 1079, 13, 407, 281, 28446, 264, 2445, 510, 11, 510, 311, 264, 2445, 13], "avg_logprob": -0.19296874503294628, "compression_ratio": 1.2340425531914894, "no_speech_prob": 0.0, "words": [{"start": 3642.57, "end": 3642.87, "word": " Here's", "probability": 0.627197265625}, {"start": 3642.87, "end": 3642.99, "word": " the", "probability": 0.9228515625}, {"start": 3642.99, "end": 3643.39, "word": " graph.", "probability": 0.94580078125}, {"start": 3644.31, "end": 3644.73, "word": " This", "probability": 0.8994140625}, {"start": 3644.73, "end": 3645.09, "word": " is", "probability": 0.951171875}, {"start": 3645.09, "end": 3645.61, "word": " the", "probability": 0.9228515625}, {"start": 3645.61, "end": 3646.25, "word": " supply", "probability": 0.939453125}, {"start": 3646.25, "end": 3646.89, "word": " curve.", "probability": 0.97021484375}, {"start": 3649.73, "end": 3650.51, "word": " Demand", "probability": 0.577880859375}, {"start": 3650.51, "end": 3650.89, "word": " curve.", "probability": 0.92333984375}, {"start": 3651.25, "end": 3651.51, "word": " Yes.", "probability": 0.74658203125}, {"start": 3652.13, "end": 3652.47, "word": " So", "probability": 0.92724609375}, {"start": 3652.47, "end": 3653.47, "word": " to", "probability": 0.796875}, {"start": 3653.47, "end": 3653.73, "word": " derive", "probability": 0.673828125}, {"start": 3653.73, "end": 3653.95, "word": " the", "probability": 0.90283203125}, {"start": 3653.95, "end": 3654.31, "word": " function", "probability": 0.96533203125}, {"start": 3654.31, "end": 3655.03, "word": " here,", "probability": 0.8603515625}, {"start": 3661.01, "end": 3667.57, "word": " here's", "probability": 0.8486328125}, {"start": 3667.57, "end": 3667.71, "word": " the", "probability": 0.79052734375}, {"start": 3667.71, "end": 3668.01, "word": " function.", "probability": 0.96337890625}], "temperature": 1.0}, {"id": 124, "seek": 369955, "start": 3685.71, "end": 3699.55, "text": " Yes, the function is Qs, Qs. The supply function Qs equals 60,", "tokens": [1079, 11, 264, 2445, 307, 1249, 82, 11, 1249, 82, 13, 440, 5847, 2445, 1249, 82, 6915, 4060, 11], "avg_logprob": -0.3535156354308128, "compression_ratio": 1.05, "no_speech_prob": 0.0, "words": [{"start": 3685.71, "end": 3686.83, "word": " Yes,", "probability": 0.133056640625}, {"start": 3686.83, "end": 3686.95, "word": " the", "probability": 0.88671875}, {"start": 3686.95, "end": 3687.39, "word": " function", "probability": 0.9697265625}, {"start": 3687.39, "end": 3687.89, "word": " is", "probability": 0.94091796875}, {"start": 3687.89, "end": 3689.93, "word": " Qs,", "probability": 0.5467529296875}, {"start": 3690.33, "end": 3691.13, "word": " Qs.", "probability": 0.82373046875}, {"start": 3691.89, "end": 3692.37, "word": " The", "probability": 0.89306640625}, {"start": 3692.37, "end": 3692.73, "word": " supply", "probability": 0.955078125}, {"start": 3692.73, "end": 3693.29, "word": " function", "probability": 0.96728515625}, {"start": 3693.29, "end": 3695.29, "word": " Qs", "probability": 0.86279296875}, {"start": 3695.29, "end": 3698.03, "word": " equals", "probability": 0.927734375}, {"start": 3698.03, "end": 3699.55, "word": " 60,", "probability": 0.8310546875}], "temperature": 1.0}, {"id": 125, "seek": 370723, "start": 3701.21, "end": 3707.23, "text": " a plus 4x because here positive sign, 4P.", "tokens": [257, 1804, 1017, 87, 570, 510, 3353, 1465, 11, 1017, 47, 13], "avg_logprob": -0.5802283837245061, "compression_ratio": 0.84, "no_speech_prob": 0.0, "words": [{"start": 3701.21, "end": 3701.47, "word": " a", "probability": 0.1551513671875}, {"start": 3701.47, "end": 3702.03, "word": " plus", "probability": 0.708984375}, {"start": 3702.03, "end": 3702.85, "word": " 4x", "probability": 0.6943359375}, {"start": 3702.85, "end": 3703.29, "word": " because", "probability": 0.72216796875}, {"start": 3703.29, "end": 3703.61, "word": " here", "probability": 0.75390625}, {"start": 3703.61, "end": 3704.87, "word": " positive", "probability": 0.662109375}, {"start": 3704.87, "end": 3705.29, "word": " sign,", "probability": 0.85205078125}, {"start": 3706.63, "end": 3707.23, "word": " 4P.", "probability": 0.6383056640625}], "temperature": 1.0}, {"id": 126, "seek": 375329, "start": 3729.41, "end": 3753.29, "text": " The equilibrium price will be 20 and the equilibrium quantity is 140. Try it. This is an assignment. At home? At home, yes. See if it turns out right or not. No, not Excel. This is it. You have an equilibrium quantity, quantity supplied, okay? And work and see the equilibrium price, equilibrium quantity. What is the price?", "tokens": [440, 15625, 3218, 486, 312, 945, 293, 264, 15625, 11275, 307, 21548, 13, 6526, 309, 13, 639, 307, 364, 15187, 13, 1711, 1280, 30, 1711, 1280, 11, 2086, 13, 3008, 498, 309, 4523, 484, 558, 420, 406, 13, 883, 11, 406, 19060, 13, 639, 307, 309, 13, 509, 362, 364, 15625, 11275, 11, 11275, 27625, 11, 1392, 30, 400, 589, 293, 536, 264, 15625, 3218, 11, 15625, 11275, 13, 708, 307, 264, 3218, 30], "avg_logprob": -0.4304166618982951, "compression_ratio": 1.7195767195767195, "no_speech_prob": 0.0, "words": [{"start": 3729.41, "end": 3729.65, "word": " The", "probability": 0.6826171875}, {"start": 3729.65, "end": 3730.19, "word": " equilibrium", "probability": 0.60302734375}, {"start": 3730.19, "end": 3730.83, "word": " price", "probability": 0.9052734375}, {"start": 3730.83, "end": 3731.07, "word": " will", "probability": 0.273681640625}, {"start": 3731.07, "end": 3731.31, "word": " be", "probability": 0.95166015625}, {"start": 3731.31, "end": 3731.81, "word": " 20", "probability": 0.638671875}, {"start": 3731.81, "end": 3732.35, "word": " and", "probability": 0.52001953125}, {"start": 3732.35, "end": 3732.47, "word": " the", "probability": 0.583984375}, {"start": 3732.47, "end": 3732.81, "word": " equilibrium", "probability": 0.94970703125}, {"start": 3732.81, "end": 3734.91, "word": " quantity", "probability": 0.943359375}, {"start": 3734.91, "end": 3735.19, "word": " is", "probability": 0.880859375}, {"start": 3735.19, "end": 3735.77, "word": " 140.", "probability": 0.76953125}, {"start": 3736.23, "end": 3736.55, "word": " Try", "probability": 0.25927734375}, {"start": 3736.55, "end": 3736.85, "word": " it.", "probability": 0.9287109375}, {"start": 3737.99, "end": 3738.19, "word": " This", "probability": 0.383544921875}, {"start": 3738.19, "end": 3738.21, "word": " is", "probability": 0.92431640625}, {"start": 3738.21, "end": 3738.31, "word": " an", "probability": 0.6923828125}, {"start": 3738.31, "end": 3738.83, "word": " assignment.", "probability": 0.95166015625}, {"start": 3739.51, "end": 3739.73, "word": " At", "probability": 0.85107421875}, {"start": 3739.73, "end": 3740.05, "word": " home?", "probability": 0.86181640625}, {"start": 3740.23, "end": 3740.51, "word": " At", "probability": 0.76318359375}, {"start": 3740.51, "end": 3740.81, "word": " home,", "probability": 0.8798828125}, {"start": 3740.91, "end": 3741.07, "word": " yes.", "probability": 0.83203125}, {"start": 3741.39, "end": 3741.59, "word": " See", "probability": 0.564453125}, {"start": 3741.59, "end": 3741.67, "word": " if", "probability": 0.87255859375}, {"start": 3741.67, "end": 3741.83, "word": " it", "probability": 0.7802734375}, {"start": 3741.83, "end": 3741.95, "word": " turns", "probability": 0.1553955078125}, {"start": 3741.95, "end": 3742.01, "word": " out", "probability": 0.87255859375}, {"start": 3742.01, "end": 3742.31, "word": " right", "probability": 0.496337890625}, {"start": 3742.31, "end": 3742.53, "word": " or", "probability": 0.82421875}, {"start": 3742.53, "end": 3742.65, "word": " not.", "probability": 0.8896484375}, {"start": 3742.81, "end": 3743.01, "word": " No,", "probability": 0.595703125}, {"start": 3743.05, "end": 3743.17, "word": " not", "probability": 0.5712890625}, {"start": 3743.17, "end": 3743.51, "word": " Excel.", "probability": 0.80224609375}, {"start": 3743.87, "end": 3744.41, "word": " This", "probability": 0.43701171875}, {"start": 3744.41, "end": 3744.49, "word": " is", "probability": 0.439208984375}, {"start": 3744.49, "end": 3744.49, "word": " it.", "probability": 0.53271484375}, {"start": 3744.67, "end": 3744.67, "word": " You", "probability": 0.7099609375}, {"start": 3744.67, "end": 3744.81, "word": " have", "probability": 0.89208984375}, {"start": 3744.81, "end": 3745.15, "word": " an", "probability": 0.290771484375}, {"start": 3745.15, "end": 3745.51, "word": " equilibrium", "probability": 0.93212890625}, {"start": 3745.51, "end": 3746.31, "word": " quantity,", "probability": 0.67919921875}, {"start": 3746.59, "end": 3746.59, "word": " quantity", "probability": 0.232666015625}, {"start": 3746.59, "end": 3747.45, "word": " supplied,", "probability": 0.5224609375}, {"start": 3748.05, "end": 3748.27, "word": " okay?", "probability": 0.444580078125}, {"start": 3748.51, "end": 3748.75, "word": " And", "probability": 0.489013671875}, {"start": 3748.75, "end": 3749.03, "word": " work", "probability": 0.74365234375}, {"start": 3749.03, "end": 3749.17, "word": " and", "probability": 0.275634765625}, {"start": 3749.17, "end": 3749.33, "word": " see", "probability": 0.7890625}, {"start": 3749.33, "end": 3749.73, "word": " the", "probability": 0.40966796875}, {"start": 3749.73, "end": 3750.07, "word": " equilibrium", "probability": 0.81591796875}, {"start": 3750.07, "end": 3750.59, "word": " price,", "probability": 0.84375}, {"start": 3750.71, "end": 3750.97, "word": " equilibrium", "probability": 0.9541015625}, {"start": 3750.97, "end": 3751.95, "word": " quantity.", "probability": 0.98046875}, {"start": 3752.29, "end": 3752.83, "word": " What", "probability": 0.333251953125}, {"start": 3752.83, "end": 3752.83, "word": " is", "probability": 0.63330078125}, {"start": 3752.83, "end": 3752.91, "word": " the", "probability": 0.87646484375}, {"start": 3752.91, "end": 3753.29, "word": " price?", "probability": 0.8720703125}], "temperature": 1.0}, {"id": 127, "seek": 376397, "start": 3755.09, "end": 3763.97, "text": " price. Determine the equilibrium price, the equilibrium quantity using these parameters here. Try it.", "tokens": [3218, 13, 4237, 966, 533, 264, 15625, 3218, 11, 264, 15625, 11275, 1228, 613, 9834, 510, 13, 6526, 309, 13], "avg_logprob": -0.42819939908527194, "compression_ratio": 1.2439024390243902, "no_speech_prob": 0.0, "words": [{"start": 3755.09, "end": 3755.47, "word": " price.", "probability": 0.1767578125}, {"start": 3755.91, "end": 3756.61, "word": " Determine", "probability": 0.81591796875}, {"start": 3756.61, "end": 3756.73, "word": " the", "probability": 0.8876953125}, {"start": 3756.73, "end": 3757.11, "word": " equilibrium", "probability": 0.4697265625}, {"start": 3757.11, "end": 3757.53, "word": " price,", "probability": 0.88916015625}, {"start": 3757.65, "end": 3757.71, "word": " the", "probability": 0.73779296875}, {"start": 3757.71, "end": 3758.07, "word": " equilibrium", "probability": 0.95361328125}, {"start": 3758.07, "end": 3758.63, "word": " quantity", "probability": 0.966796875}, {"start": 3758.63, "end": 3759.47, "word": " using", "probability": 0.79052734375}, {"start": 3759.47, "end": 3760.01, "word": " these", "probability": 0.81787109375}, {"start": 3760.01, "end": 3760.43, "word": " parameters", "probability": 0.67431640625}, {"start": 3760.43, "end": 3760.81, "word": " here.", "probability": 0.8359375}, {"start": 3762.93, "end": 3763.23, "word": " Try", "probability": 0.49609375}, {"start": 3763.23, "end": 3763.97, "word": " it.", "probability": 0.92822265625}], "temperature": 1.0}], "language": "en", "language_probability": 1.0, "duration": 3765.882, "duration_after_vad": 3345.6574999999802} \ No newline at end of file diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/C6PzQFMUzLI_raw.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/C6PzQFMUzLI_raw.srt new file mode 100644 index 0000000000000000000000000000000000000000..3b8071097b979fce4080a33bbd59a207d6ea7f5c --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/C6PzQFMUzLI_raw.srt @@ -0,0 +1,2308 @@ +1 +00:00:20,000 --> 00:00:22,200 +Bismillah al-Rahman al-Rahim. Today, inshallah, we + +2 +00:00:22,200 --> 00:00:26,680 +are going to complete our talk about the market + +3 +00:00:26,680 --> 00:00:33,420 +equilibrium. In the last classes, we discussed the + +4 +00:00:33,420 --> 00:00:38,760 +concept of demand, supply, and we derived the + +5 +00:00:38,760 --> 00:00:45,120 +demand curve, demand schedule, and supply as well. + +6 +00:00:48,190 --> 00:00:50,970 +And we talk about the difference between the + +7 +00:00:50,970 --> 00:00:53,610 +quantity, the difference between a change in + +8 +00:00:53,610 --> 00:00:56,570 +quantity demanded and a change in demand. And we + +9 +00:00:56,570 --> 00:01:00,290 +said that the change in demand means the full + +10 +00:01:00,290 --> 00:01:03,510 +shifting of demand curve, either to right or to + +11 +00:01:03,510 --> 00:01:08,470 +left, due to the change in one of the factors + +12 +00:01:08,470 --> 00:01:11,230 +affecting demand, like the change in income, the + +13 +00:01:11,230 --> 00:01:14,650 +change in tastes and preferences, the prices of + +14 +00:01:14,650 --> 00:01:20,090 +other related goods. and some other variables. The + +15 +00:01:20,090 --> 00:01:24,170 +change in the quantity demanded is the change in + +16 +00:01:24,170 --> 00:01:28,890 +or the shifting or the movement from point A to + +17 +00:01:28,890 --> 00:01:40,430 +point B or B to A along the same demand curve due + +18 +00:01:40,430 --> 00:01:42,950 +to the change in the price of the product itself. + +19 +00:01:45,160 --> 00:01:50,540 +This is the change in quantity demanded. But the + +20 +00:01:50,540 --> 00:01:56,840 +change in demand is the function, this is D1, the + +21 +00:01:56,840 --> 00:02:01,140 +full shifting of demand curve from D1 to D2 or to + +22 +00:02:01,140 --> 00:02:08,920 +D3 due to the change of one of the main + +23 +00:02:08,920 --> 00:02:12,020 +determinants of demand or demand determinants. + +24 +00:02:14,460 --> 00:02:18,700 +Another point, which is the difference between the + +25 +00:02:18,700 --> 00:02:21,820 +change in quantity supplied and the change in + +26 +00:02:21,820 --> 00:02:27,620 +supply. As you know that we studied, the main + +27 +00:02:27,620 --> 00:02:31,900 +factors affect supply, like the cost of inputs, + +28 +00:02:32,100 --> 00:02:36,360 +like the number of sellers, the price of other + +29 +00:02:36,360 --> 00:02:40,700 +goods, and change in technology or technology + +30 +00:02:40,700 --> 00:02:48,220 +change. We are going to study the difference + +31 +00:02:48,220 --> 00:02:51,960 +between the change in supply and the change in + +32 +00:02:51,960 --> 00:02:56,960 +quant supplied. So the same as we mentioned here + +33 +00:02:56,960 --> 00:03:06,460 +in demand, the change in supply is change in + +34 +00:03:06,460 --> 00:03:11,660 +supply and the change in quant supplied. + +35 +00:03:18,400 --> 00:03:25,360 +Change in supply is the fall shifting. This is the + +36 +00:03:25,360 --> 00:03:28,880 +price and the quantity supplied in the horizontal + +37 +00:03:28,880 --> 00:03:34,700 +axis. And this is the original supply curve, this + +38 +00:03:34,700 --> 00:03:42,020 +one. Change in supply is + +39 +00:03:42,020 --> 00:03:46,560 +quite similar to change in demand. It's a fall + +40 +00:03:46,560 --> 00:03:51,470 +shifting. a supply curve either to right or left + +41 +00:03:51,470 --> 00:04:01,790 +to S3 due to what? Due to the change in one of the + +42 +00:04:01,790 --> 00:04:03,310 +supply's determinants. + +43 +00:04:07,130 --> 00:04:15,870 +Okay? Changing one supply is the movement + +44 +00:04:22,490 --> 00:04:32,250 +supply curve, change in a quant supplied is the + +45 +00:04:32,250 --> 00:04:41,060 +movement from point A to point B, Or C, from C to + +46 +00:04:41,060 --> 00:04:47,060 +B, B to A, A to B, B to C, due to the change in + +47 +00:04:47,060 --> 00:04:50,460 +the price of the product. As the price, let us + +48 +00:04:50,460 --> 00:04:53,880 +assume that the price was P1, and this is the + +49 +00:04:53,880 --> 00:04:54,820 +quant supplied one. + +50 +00:04:57,900 --> 00:05:03,120 +As the price goes up to P2, what will happen if + +51 +00:05:03,120 --> 00:05:07,060 +the quant supplied goes up as well? This is quant + +52 +00:05:07,060 --> 00:05:13,990 +supplied two. So this idea or this point is called + +53 +00:05:13,990 --> 00:05:17,550 +the change in quantity supplied. So the change in + +54 +00:05:17,550 --> 00:05:22,370 +quantity supplied is the movement along the same + +55 +00:05:22,370 --> 00:05:26,010 +supply curve due to the change in price of the + +56 +00:05:26,010 --> 00:05:32,370 +product itself. The same as the demand. The same + +57 +00:05:32,370 --> 00:05:37,330 +as demand. Let's go to something else. + +58 +00:05:44,670 --> 00:05:50,770 +Let's go to the market equilibrium Let's go to the + +59 +00:05:50,770 --> 00:05:59,730 +market equilibrium Market Equilibrium + +60 +00:05:59,730 --> 00:06:07,770 +This + +61 +00:06:07,770 --> 00:06:08,170 +is the market balance + +62 +00:06:13,210 --> 00:06:16,630 +to understand the idea of market equilibrium, + +63 +00:06:17,910 --> 00:06:23,310 +let's have the following example. We have the + +64 +00:06:23,310 --> 00:06:29,870 +following table that represents different prices + +65 +00:06:29,870 --> 00:06:32,490 +and different quantity demanded and quantity + +66 +00:06:32,490 --> 00:06:32,990 +supplied. + +67 +00:06:39,170 --> 00:06:40,170 +Point. + +68 +00:06:51,980 --> 00:07:00,180 +Price Quantity Demand Quant + +69 +00:07:00,180 --> 00:07:06,120 +Supply Market + +70 +00:07:06,120 --> 00:07:06,680 +Status + +71 +00:07:16,220 --> 00:07:21,420 +Well, A, B, C. + +72 +00:08:18,310 --> 00:08:19,430 +That's it, okay. + +73 +00:08:58,830 --> 00:09:06,150 +In this table, we have different points. different + +74 +00:09:06,150 --> 00:09:09,230 +prices and different quantity demanded and + +75 +00:09:09,230 --> 00:09:14,310 +quantified. As you see, at point A, the price was, + +76 +00:09:15,090 --> 00:09:19,380 +the price per unit was five shekels. The quantity + +77 +00:09:19,380 --> 00:09:24,600 +purchased was 200, and the quantity sold or the + +78 +00:09:24,600 --> 00:09:29,740 +quantity supplied was 80. As you see, as the price + +79 +00:09:29,740 --> 00:09:33,640 +goes up, increases, the quantity demanded goes + +80 +00:09:33,640 --> 00:09:38,760 +down, and the quantity supplied goes up. The same + +81 +00:09:38,760 --> 00:09:45,600 +as the demand and supply theory says. So, we are + +82 +00:09:45,600 --> 00:09:46,500 +going to determine + +83 +00:09:48,950 --> 00:09:53,650 +The market equilibrium, where is the willingness + +84 +00:09:53,650 --> 00:10:01,550 +or the consumers meet the producers? Or where is + +85 +00:10:01,550 --> 00:10:05,590 +the point at which the willingness of the producer + +86 +00:10:05,590 --> 00:10:12,710 +and their ability meet the willingness and the + +87 +00:10:12,710 --> 00:10:16,270 +ability of the producers who demand and supply? + +88 +00:10:18,320 --> 00:10:21,860 +Okay? We will check the point here. But before + +89 +00:10:21,860 --> 00:10:28,540 +that, let's draw the demand curve and supply curve + +90 +00:10:28,540 --> 00:10:33,680 +at the same graph or along the same graph. So now, + +91 +00:10:34,260 --> 00:10:39,880 +we have the following graph that shows the prices + +92 +00:10:39,880 --> 00:10:43,600 +and quantity demanded and quantity supplied as + +93 +00:10:43,600 --> 00:10:47,500 +well. So here are the prices. + +94 +00:10:50,580 --> 00:10:55,340 +And this is the quantity. We will begin with + +95 +00:10:55,340 --> 00:10:59,420 +demand, and then once we finish, we will go to + +96 +00:10:59,420 --> 00:11:00,300 +supply. + +97 +00:11:02,460 --> 00:11:08,960 +Prices, 5, 10, + +98 +00:11:09,540 --> 00:11:19,780 +15, 30, 35, 30, 35, 40. That's it. + +99 +00:11:23,220 --> 00:11:27,600 +Let's derive or draw or determine the quantity + +100 +00:11:27,600 --> 00:11:31,140 +demanded here from 18, 20, + +101 +00:11:34,400 --> 00:11:37,740 +40, + +102 +00:11:39,000 --> 00:11:41,080 +80, + +103 +00:11:42,800 --> 00:11:45,320 +120, + +104 +00:11:47,000 --> 00:11:48,100 +160, + +105 +00:11:51,450 --> 00:12:05,050 +200. Okay, okay, okay. 20, 40, 60, 80, 100, 120, + +106 +00:12:05,730 --> 00:12:14,790 +140, 160, 180, and 200. That's it. 220. + +107 +00:12:18,090 --> 00:12:21,710 +Now, let's draw the demand curve. + +108 +00:12:26,310 --> 00:12:31,530 +The demand curve shows the relationship between + +109 +00:12:31,530 --> 00:12:36,790 +prices and the quantity demanded. So point A here. + +110 +00:12:37,770 --> 00:12:41,950 +When the price was five, the quantity demanded was + +111 +00:12:41,950 --> 00:12:46,680 +200. So at price five here, The quantity demanded + +112 +00:12:46,680 --> 00:12:47,840 +was 200. + +113 +00:12:51,040 --> 00:12:58,880 +This is point A for the demand function. Point B, + +114 +00:12:59,200 --> 00:13:01,140 +10 and 180. + +115 +00:13:06,120 --> 00:13:12,780 +B, C, 50 and 160. + +116 +00:13:25,560 --> 00:13:28,120 +D, 20, and 140. + +117 +00:13:36,940 --> 00:13:41,080 +A, 25, 120. + +118 +00:13:50,240 --> 00:13:52,420 +F, 30, 100. + +119 +00:14:00,970 --> 00:14:03,750 +G, 35 and 80. + +120 +00:14:12,830 --> 00:14:16,690 +Now, let's connect these points. We will reach to + +121 +00:14:16,690 --> 00:14:18,470 +the demand curve. + +122 +00:14:22,670 --> 00:14:26,550 +This is what here? This is the demand curve. + +123 +00:14:33,990 --> 00:14:40,950 +Let's go to derive and draw supply curve. Supply + +124 +00:14:40,950 --> 00:14:47,870 +curve. At price equals 5, how much is the quantity + +125 +00:14:47,870 --> 00:14:58,380 +supplied? 80. Then 10, 100, 15, 120, okay? For the + +126 +00:14:58,380 --> 00:15:02,760 +first point, when the price was five, how much was + +127 +00:15:02,760 --> 00:15:06,680 +the quant demand equals supplied? Five. The quant + +128 +00:15:06,680 --> 00:15:11,800 +supplied equals 80. This is point A. + +129 +00:15:15,440 --> 00:15:25,200 +At 10, 100. 10 and 100. B. + +130 +00:15:30,320 --> 00:15:32,920 +15, 120. + +131 +00:15:36,740 --> 00:15:37,620 +Yeah. + +132 +00:15:41,020 --> 00:15:43,240 +20, 140. + +133 +00:15:46,140 --> 00:15:46,600 +Day. + +134 +00:15:51,640 --> 00:15:53,040 +25, + +135 +00:15:56,120 --> 00:15:56,740 +160. + +136 +00:16:04,580 --> 00:16:11,680 +E, 30, 180, 180 and 30. + +137 +00:16:15,580 --> 00:16:23,000 +And the last point, 200 and 35 here. Let's connect + +138 +00:16:23,000 --> 00:16:27,240 +these points here. This is the supply. + +139 +00:16:37,500 --> 00:16:41,060 +This point at D here. + +140 +00:16:44,640 --> 00:16:51,940 +The consumer desires to buy the product at D here. + +141 +00:16:59,300 --> 00:17:09,340 +The consumer agreed to buy the product at 20 + +142 +00:17:09,340 --> 00:17:13,520 +shekels, or by 20 shekels. And the producer, the + +143 +00:17:13,520 --> 00:17:19,960 +sellers, accepts also to sell the product at this + +144 +00:17:19,960 --> 00:17:23,300 +price here. How much is the equivalent? At this + +145 +00:17:23,300 --> 00:17:28,580 +point, they call it equilibrium point. Equilibrium + +146 +00:17:28,580 --> 00:17:29,160 +point. + +147 +00:17:32,160 --> 00:17:37,290 +Let's come here. Come back to the table here. What + +148 +00:17:37,290 --> 00:17:43,790 +do you see? If the price was low here, at five + +149 +00:17:43,790 --> 00:17:49,610 +shekels, the producer or the consumer wishes to + +150 +00:17:49,610 --> 00:17:57,250 +buy, he has a willingness to buy 200 units. But + +151 +00:17:57,250 --> 00:18:02,480 +the producer wishes to buy or tries to sell or + +152 +00:18:02,480 --> 00:18:09,500 +wishes to sell 80 units. Here we have what? + +153 +00:18:13,660 --> 00:18:20,220 +Excess demand. Excess demand means at this point, + +154 +00:18:20,700 --> 00:18:23,520 +the quantity demanded is bigger than the quantity + +155 +00:18:23,520 --> 00:18:30,720 +supplied. At this price, at five, At a price + +156 +00:18:30,720 --> 00:18:34,140 +equals five, the quantity demanded is bigger than + +157 +00:18:34,140 --> 00:18:34,880 +the quantity supplied. + +158 +00:18:37,700 --> 00:18:41,820 +Here we have excess demand. + +159 +00:18:45,420 --> 00:18:50,020 +Or supply shortage or shortage supply. + +160 +00:18:54,140 --> 00:18:59,970 +QD minus QS. They call this market status. What is + +161 +00:18:59,970 --> 00:19:05,630 +QD minus QS? + +162 +00:19:09,170 --> 00:19:21,010 +200 minus 80? Positive 120. Positive 120. This is + +163 +00:19:21,010 --> 00:19:22,710 +called excess demand. + +164 +00:19:33,330 --> 00:19:39,190 +Excess demand. Sometimes, they calculate Qs minus + +165 +00:19:39,190 --> 00:19:43,710 +Qd. It doesn't matter. And then it turns out to be + +166 +00:19:43,710 --> 00:19:48,950 +negative. We have a shortage in the market. Okay? + +167 +00:19:49,090 --> 00:19:52,770 +It doesn't matter. The idea is, what is the market + +168 +00:19:52,770 --> 00:19:56,430 +situation here? These people sell for 80, and + +169 +00:19:56,430 --> 00:19:59,390 +these people ask for 200. We have excess demand. + +170 +00:19:59,670 --> 00:20:03,100 +Or shortage of supply or supply shortage. The + +171 +00:20:03,100 --> 00:20:08,500 +formula is either Qs minus Qd or Qd minus Qs. It + +172 +00:20:08,500 --> 00:20:13,020 +doesn't matter. It's the same. Okay? Then here + +173 +00:20:13,020 --> 00:20:18,440 +it's like this. This makes Qs minus Qd shortage + +174 +00:20:18,440 --> 00:20:20,200 +supply or supply shortage. + +175 +00:20:26,460 --> 00:20:35,110 +Next. 100 minus 180 minus 80, supply shortage, 120 + +176 +00:20:35,110 --> 00:20:43,130 +minus 40, zero, no excess demand, no excess + +177 +00:20:43,130 --> 00:20:43,870 +supply. + +178 +00:20:46,150 --> 00:20:50,730 +160 minus + +179 +00:20:50,730 --> 00:20:58,440 +120 plus 40, we have what here? Excess supply of + +180 +00:20:58,440 --> 00:21:06,580 +goods. Here we have excess supply of goods. Excess + +181 +00:21:06,580 --> 00:21:11,460 +supply or shortage demand. + +182 +00:21:14,660 --> 00:21:15,840 +Shortage. + +183 +00:21:22,520 --> 00:21:25,240 +Supply shortage who are excess demand. + +184 +00:21:30,450 --> 00:21:33,970 +X supply means equals shortage demand. + +185 +00:21:37,970 --> 00:21:43,550 +Positive 80, positive 120, that's it. + +186 +00:21:46,670 --> 00:21:50,970 +Where is the point at which the quant supplied + +187 +00:21:50,970 --> 00:21:56,430 +equals the quantity demanded? Here's. This is the + +188 +00:21:56,430 --> 00:21:57,450 +equilibrium point. + +189 +00:22:07,530 --> 00:22:11,590 +At this point, the quantity demanded equals the + +190 +00:22:11,590 --> 00:22:13,890 +quantity supplied. This is the equilibrium + +191 +00:22:13,890 --> 00:22:18,050 +quantity, equilibrium quantity, and this is the + +192 +00:22:18,050 --> 00:22:21,810 +equilibrium price. So the equilibrium price in + +193 +00:22:21,810 --> 00:22:29,150 +this case is $20 or 20 shekels per unit, and the + +194 +00:22:29,150 --> 00:22:33,730 +equilibrium quantity is 140. Let's go to the graph + +195 +00:22:33,730 --> 00:22:39,540 +here. Let's see. Where's the equilibrium point at + +196 +00:22:39,540 --> 00:22:45,020 +which this demand curve intersects or crosses + +197 +00:22:45,020 --> 00:22:51,600 +supply curve? At this point, point D, here, this + +198 +00:22:51,600 --> 00:22:55,360 +is the equilibrium price and the equilibrium + +199 +00:22:55,360 --> 00:23:00,580 +quantity. That's it. All right? + +200 +00:23:03,930 --> 00:23:08,410 +Let's go here, above the equilibrium price. If the + +201 +00:23:08,410 --> 00:23:13,750 +price was bigger than the equilibrium price. If + +202 +00:23:13,750 --> 00:23:17,770 +the market price, had a heck market price, + +203 +00:23:18,070 --> 00:23:24,830 +sometimes market price can be 25. It doesn't have + +204 +00:23:24,830 --> 00:23:29,570 +to be at equilibrium. Sometimes it can be less. + +205 +00:23:30,430 --> 00:23:32,730 +The market price. But each one of these situations + +206 +00:23:32,730 --> 00:23:38,750 +has its own analysis. Okay? If the market price + +207 +00:23:38,750 --> 00:23:47,550 +was 25, it would be like this. Look at the + +208 +00:23:47,550 --> 00:23:53,090 +situation. Where is the QS? This point would be + +209 +00:23:53,090 --> 00:23:56,250 +here. And the QS in the supply. This is the QS. + +210 +00:23:57,550 --> 00:24:01,090 +Where's the Q? Quantity demanded. How much + +211 +00:24:01,090 --> 00:24:04,670 +quantity demanded? 160. + +212 +00:24:08,070 --> 00:24:14,910 +Quantity demanded? 120. This triangle represents + +213 +00:24:14,910 --> 00:24:21,110 +what? Qs is bigger than Qd. We have an excess + +214 +00:24:21,110 --> 00:24:27,010 +supply of goods. represented by this triangle + +215 +00:24:27,010 --> 00:24:27,570 +here. + +216 +00:24:31,170 --> 00:24:39,870 +All right. If the price was below the equilibrium + +217 +00:24:39,870 --> 00:24:45,050 +price, let us assume that the market price was + +218 +00:24:45,050 --> 00:24:51,310 +five here. Are you seeing? At this point, how much + +219 +00:24:51,310 --> 00:24:53,050 +is the quantity supplied? + +220 +00:25:00,030 --> 00:25:06,230 +But how much is the quantity demanded? 180. So + +221 +00:25:06,230 --> 00:25:11,150 +here quantity demanded and here is the quantity + +222 +00:25:11,150 --> 00:25:14,970 +supplied. Quantity demanded is bigger than + +223 +00:25:14,970 --> 00:25:20,270 +quantity supplied. So we have an excess supply of + +224 +00:25:20,270 --> 00:25:23,810 +goods by excess demand. Thank you very much + +225 +00:25:23,810 --> 00:25:32,130 +indeed. X is demand by 180 minus 100. + +226 +00:25:34,630 --> 00:25:39,390 +How the X is demand? It can be shown by this + +227 +00:25:39,390 --> 00:25:41,410 +triangle here. + +228 +00:25:44,030 --> 00:25:48,610 +Okay. The same, the same. As I mentioned, you can + +229 +00:25:48,610 --> 00:25:52,890 +say that one demand minus one supply or Doesn't + +230 +00:25:52,890 --> 00:25:56,910 +matter. The absolute value should be taken here, + +231 +00:25:57,230 --> 00:26:04,990 +should be considered. So in this case, the X's + +232 +00:26:04,990 --> 00:26:09,590 +demand will be shown here or represented by this + +233 +00:26:09,590 --> 00:26:19,690 +triangle. Now, I'm going to make a new graph to + +234 +00:26:19,690 --> 00:26:20,630 +analyze the case + +235 +00:26:25,790 --> 00:26:34,750 +Okay. I will draw a new graph that shows the + +236 +00:26:34,750 --> 00:26:35,810 +market equilibrium. + +237 +00:26:39,170 --> 00:26:42,870 +This is the price and the quantity, + +238 +00:26:48,890 --> 00:26:51,190 +demand. + +239 +00:26:52,460 --> 00:26:57,860 +Sometimes, demand curve might intersect the + +240 +00:26:57,860 --> 00:27:02,720 +vertical axis. This is a formula that we will see + +241 +00:27:02,720 --> 00:27:03,880 +later in the analysis. + +242 +00:27:10,060 --> 00:27:13,500 +This is the supply curve. + +243 +00:27:15,860 --> 00:27:21,720 +The equilibrium occurs when demand equals supply. + +244 +00:27:23,080 --> 00:27:30,620 +This is the equilibrium point. At this point, we + +245 +00:27:30,620 --> 00:27:37,460 +have the equilibrium price, P star, and this is + +246 +00:27:37,460 --> 00:27:43,800 +the equilibrium quantity, a quantity star. Now, + +247 +00:27:45,100 --> 00:27:51,880 +let us assume that the price in the market was at + +248 +00:27:59,230 --> 00:27:59,770 +P1. + +249 +00:28:05,390 --> 00:28:13,570 +You see, this point represents one supply, and + +250 +00:28:13,570 --> 00:28:16,670 +this point lies along demand curve, so it + +251 +00:28:16,670 --> 00:28:18,890 +represents quantity demanded. + +252 +00:28:21,670 --> 00:28:31,910 +We have an X's supply. and shortage demand. This + +253 +00:28:31,910 --> 00:28:41,890 +triangle represents the case, the excess supply + +254 +00:28:41,890 --> 00:28:46,330 +because quantity supplied is bigger than quantity + +255 +00:28:46,330 --> 00:28:50,390 +demanded. We have excess supply. + +256 +00:28:58,100 --> 00:29:03,240 +When tomatoes in the local market, the quant + +257 +00:29:03,240 --> 00:29:08,380 +supplied of tomatoes is bigger than the quantity + +258 +00:29:08,380 --> 00:29:12,040 +demanded. There is no demand for tomatoes in the + +259 +00:29:12,040 --> 00:29:16,640 +market, and we have X's supply of tomatoes. What + +260 +00:29:16,640 --> 00:29:21,340 +will happen? Exactly, yeah, yeah, definitely. + +261 +00:29:21,740 --> 00:29:26,220 +Because the producers or sellers will be obliged + +262 +00:29:26,220 --> 00:29:30,120 +to decrease the prices in order to sell the + +263 +00:29:30,120 --> 00:29:30,540 +products. + +264 +00:29:34,200 --> 00:29:34,600 +So, + +265 +00:29:41,280 --> 00:29:51,900 +at P1 here, the price is so high Okay? And the + +266 +00:29:51,900 --> 00:30:03,360 +producers will try to decrease the prices in order + +267 +00:30:03,360 --> 00:30:05,380 +to be able to sell the product. + +268 +00:30:17,240 --> 00:30:23,340 +As the price goes down to P2, the quantity + +269 +00:30:23,340 --> 00:30:25,520 +demanded increases. + +270 +00:30:30,400 --> 00:30:38,340 +As the + +271 +00:30:38,340 --> 00:30:43,090 +price goes down to P2, What happens to the + +272 +00:30:43,090 --> 00:30:47,090 +producers' profits? It goes down as well. The + +273 +00:30:47,090 --> 00:30:50,730 +price goes down. The sellers lose their profits. + +274 +00:30:51,110 --> 00:30:55,610 +And the products stop being produced. What happens + +275 +00:30:55,610 --> 00:31:00,510 +to the quant supplied? It goes down. Can you see + +276 +00:31:00,510 --> 00:31:04,770 +what happened? The quant supplied was in the QS1. + +277 +00:31:05,770 --> 00:31:10,670 +What happened? QS2. It went down. And this + +278 +00:31:10,670 --> 00:31:10,910 +increased. + +279 +00:31:19,100 --> 00:31:27,580 +As we have X's supply represented + +280 +00:31:27,580 --> 00:31:33,740 +by this triangle here. We still have an X's supply + +281 +00:31:33,740 --> 00:31:40,680 +if it's QS2 minus QD2 represented by this + +282 +00:31:40,680 --> 00:31:48,380 +triangle. True. As we still have an excess supply + +283 +00:31:48,380 --> 00:31:52,280 +of goods, the price will go down. + +284 +00:31:55,520 --> 00:32:03,200 +They will be obliged to decrease the prices. So as + +285 +00:32:03,200 --> 00:32:04,280 +the price goes down, + +286 +00:32:07,140 --> 00:32:14,550 +when the price goes down, What will happen to the + +287 +00:32:14,550 --> 00:32:23,290 +quantity demanded? As the price goes down from P + +288 +00:32:23,290 --> 00:32:27,550 +to P star, what do you see? The quantity demanded + +289 +00:32:27,550 --> 00:32:29,030 +increases. + +290 +00:32:30,750 --> 00:32:38,810 +As the price goes down, the quantity supplied goes + +291 +00:32:38,810 --> 00:32:39,270 +down. + +292 +00:32:45,990 --> 00:32:53,730 +until the equilibrium is restored. Until the + +293 +00:32:53,730 --> 00:32:59,710 +equilibrium is restored at this point. Here we + +294 +00:32:59,710 --> 00:33:05,110 +have no excess demand, no excess supply. We have + +295 +00:33:05,110 --> 00:33:12,930 +an equilibrium. Okay? And vice versa. If the price + +296 +00:33:12,930 --> 00:33:14,250 +was here, + +297 +00:33:19,700 --> 00:33:25,440 +Let us assume that the price was here at P5. + +298 +00:33:27,520 --> 00:33:32,260 +How much is the quantity? Here is a point along + +299 +00:33:32,260 --> 00:33:38,420 +demand curve, so it represents Qd. All right? This + +300 +00:33:38,420 --> 00:33:43,500 +point along this price. The quantity supply, this + +301 +00:33:43,500 --> 00:33:51,170 +represents Qs. Here we have what? Qd. minus Qs. + +302 +00:33:56,010 --> 00:34:01,850 +This triangle represents what? X's demand because + +303 +00:34:01,850 --> 00:34:06,610 +Qd is bigger than Qs, represented by 200 maybe + +304 +00:34:06,610 --> 00:34:15,650 +minus 150, 150, that's it. Assumptions. As we have + +305 +00:34:15,650 --> 00:34:22,270 +an X's demand, And there is no supply. The + +306 +00:34:22,270 --> 00:34:27,990 +quantity supplied is smaller than the quantity + +307 +00:34:27,990 --> 00:34:32,810 +demanded. What will happen? The price goes up. So + +308 +00:34:32,810 --> 00:34:39,670 +in this case here, if the market price is + +309 +00:34:39,670 --> 00:34:42,950 +below the equilibrium price, this is the + +310 +00:34:42,950 --> 00:34:43,810 +equilibrium price. + +311 +00:34:47,250 --> 00:34:52,310 +If the market price below the equilibrium price, + +312 +00:34:52,730 --> 00:34:56,030 +in this case, the quantity demanded is bigger than + +313 +00:34:56,030 --> 00:34:59,590 +the quantity supplied, here we have an excess + +314 +00:34:59,590 --> 00:35:05,430 +demand or supply shortage. What will happen? The + +315 +00:35:05,430 --> 00:35:09,450 +price will go up. So in this case, the price will + +316 +00:35:09,450 --> 00:35:10,190 +go up. + +317 +00:35:14,660 --> 00:35:19,820 +Until the equilibrium is restored. That's it. + +318 +00:35:21,440 --> 00:35:27,840 +Understood or not? Okay. Let's take a break just + +319 +00:35:27,840 --> 00:35:31,400 +for one minute and complete. + +320 +00:35:33,760 --> 00:35:38,980 +Let's go to determine the market equilibrium using + +321 +00:35:38,980 --> 00:35:46,400 +formulas or demand and supply functions. Assume + +322 +00:35:46,400 --> 00:35:56,900 +that the demand function QD + +323 +00:35:56,900 --> 00:36:03,960 +equals 200 minus half times the prices. Demand + +324 +00:36:03,960 --> 00:36:05,960 +function. + +325 +00:36:07,760 --> 00:36:12,980 +Demand formula and supply function. + +326 +00:36:19,790 --> 00:36:26,630 +Qs equals 50 plus two times the prices. + +327 +00:36:34,930 --> 00:36:45,090 +We're going to determine the + +328 +00:36:45,090 --> 00:36:46,550 +equilibrium price number one, + +329 +00:36:58,940 --> 00:37:04,760 +price and quantity + +330 +00:37:04,760 --> 00:37:09,500 +and + +331 +00:37:09,500 --> 00:37:12,100 +the equilibrium quantity. Number two, + +332 +00:37:15,800 --> 00:37:16,600 +if the price + +333 +00:37:29,210 --> 00:37:37,070 +equals fifty shekels fifty dollars per unit + +334 +00:37:37,070 --> 00:37:45,210 +calculate + +335 +00:37:45,210 --> 00:37:52,670 +the + +336 +00:37:53,620 --> 00:37:57,920 +A quantity demanded and a quantity supplied QD + +337 +00:37:57,920 --> 00:38:09,140 +over QS What + +338 +00:38:09,140 --> 00:38:10,780 +is the market status here? + +339 +00:39:07,020 --> 00:39:13,030 +In this example, we have two functions, two + +340 +00:39:13,030 --> 00:39:18,310 +formulas, the demand function and supply function. + +341 +00:39:19,430 --> 00:39:23,690 +For the demand function here, quantity demanded + +342 +00:39:23,690 --> 00:39:31,770 +equals 200 minus half times prices. What does this + +343 +00:39:31,770 --> 00:39:32,130 +mean? + +344 +00:39:35,290 --> 00:39:40,950 +Let's explain the idea of this formula. and the + +345 +00:39:40,950 --> 00:39:43,970 +height of this formula, and we'll try to answer + +346 +00:39:43,970 --> 00:39:52,130 +then the question here. So QD equals 200 minus 0.5 + +347 +00:39:52,130 --> 00:39:55,390 +price. What does this mean here? This part here? + +348 +00:39:57,290 --> 00:40:02,670 +No, no. Quantity demanded here equals 200 minus + +349 +00:40:02,670 --> 00:40:10,310 +half times P. 200 means the intercept. In the + +350 +00:40:10,310 --> 00:40:14,350 +demand function, here price and quantity demanded, + +351 +00:40:17,930 --> 00:40:24,510 +this is the intercept. It's the value of the + +352 +00:40:24,510 --> 00:40:27,790 +quantity demanded when the price equals zero. + +353 +00:40:39,570 --> 00:40:42,570 +The value of a quantity demanded when a price + +354 +00:40:42,570 --> 00:40:53,810 +equals zero. The intercept 200 is the + +355 +00:40:53,810 --> 00:41:02,450 +value of a QD when price equals zero. + +356 +00:41:08,510 --> 00:41:13,550 +At price equals zero. At price equals zero. What + +357 +00:41:13,550 --> 00:41:19,610 +does this mean? Qd is equal to minus half times + +358 +00:41:19,610 --> 00:41:26,130 +zero. Qd is equal to 200. That's it. Minus zero + +359 +00:41:26,130 --> 00:41:26,850 +equals 200. + +360 +00:41:30,170 --> 00:41:31,270 +This is called intercept. + +361 +00:41:34,710 --> 00:41:38,210 +Minus half. This is minus half. + +362 +00:41:41,410 --> 00:41:44,370 +Slope. Slope. + +363 +00:41:49,190 --> 00:41:49,830 +Slope. + +364 +00:41:52,630 --> 00:41:54,710 +Slope. Slope. Slope. Slope. Slope. Slope. Slope. + +365 +00:41:54,710 --> 00:41:54,710 +Slope. Slope. Slope. Slope. Slope. Slope. Slope. + +366 +00:41:54,710 --> 00:41:55,710 +Slope. Slope. Slope. Slope. Slope. Slope. Slope. + +367 +00:41:56,010 --> 00:41:59,310 +Slope. Slope. Slope. Slope. Slope. Slope. Slope. + +368 +00:41:59,310 --> 00:41:59,910 +Slope. Slope. Slope. Slope. Slope. Slope. Slope. + +369 +00:41:59,910 --> 00:42:01,810 +Slope. Slope. Slope. Slope. Slope. Slope. Slope. + +370 +00:42:01,810 --> 00:42:01,810 +Slope. Slope. Slope. Slope. Slope. Slope. Slope. + +371 +00:42:01,890 --> 00:42:03,370 +Slope. Slope. Slope. Slope. Slope. Slope. Slope. + +372 +00:42:03,370 --> 00:42:03,370 +Slope. Slope. Slope. Slope. Slope. Slope. Slope. + +373 +00:42:03,370 --> 00:42:03,570 +Slope. Slope. Slope. Slope. Slope. Slope. Slope. + +374 +00:42:03,930 --> 00:42:06,450 +Slope. Slope + +375 +00:42:10,270 --> 00:42:11,790 +Do you go to Shijia'iya or have you never been to + +376 +00:42:11,790 --> 00:42:14,370 +Shijia'iya? What's wrong with you from Shijia'iya? + +377 +00:42:15,170 --> 00:42:18,450 +And she went away from the university. And she + +378 +00:42:18,450 --> 00:42:20,550 +came down from Shijia'iya and entered like this. + +379 +00:42:20,670 --> 00:42:22,550 +Do you see it right or not? Before reaching the + +380 +00:42:22,550 --> 00:42:25,870 +souq. Right? This is very crooked, right? This is + +381 +00:42:25,870 --> 00:42:26,490 +called slope. + +382 +00:42:29,750 --> 00:42:32,750 +Yes, yes, it is the slope. This is very crooked. + +383 +00:42:33,230 --> 00:42:36,050 +There is a slope. You will find slopes. + +384 +00:43:01,390 --> 00:43:06,350 +If the price increases by one dollar. + +385 +00:43:09,230 --> 00:43:11,610 +Here, the quantity demanded means that it will + +386 +00:43:11,610 --> 00:43:13,330 +decrease by half units. + +387 +00:43:16,730 --> 00:43:23,550 +If the price increases by one dollar, the quantity + +388 +00:43:23,550 --> 00:43:28,170 +demanded will decrease by half units. This is the + +389 +00:43:28,170 --> 00:43:32,400 +supply here. Quantity, the second one will be + +390 +00:43:32,400 --> 00:43:33,920 +clearer than the first one. What does the second + +391 +00:43:33,920 --> 00:43:37,260 +one mean? If the price is zero, what does this 50 + +392 +00:43:37,260 --> 00:43:42,420 +mean? If the price is zero, the quantity supplied + +393 +00:43:42,420 --> 00:43:45,340 +is 50. Let's use this equation. What does this + +394 +00:43:45,340 --> 00:43:50,420 +mean? If positive two, as the price increases by + +395 +00:43:50,420 --> 00:43:54,820 +one dollar, the quantity supplied will increase by + +396 +00:43:54,820 --> 00:43:58,800 +two units. When the price increases by one dollar, + +397 +00:44:00,240 --> 00:44:02,340 +The producers will be encouraged to produce two + +398 +00:44:02,340 --> 00:44:07,960 +units more. Exactly. This is the slope. But what + +399 +00:44:07,960 --> 00:44:09,280 +is this for? For the supply. + +400 +00:44:12,560 --> 00:44:15,500 +Delta is the quantity supplied. This is the delta. + +401 +00:44:15,760 --> 00:44:22,660 +For this slope in the supply function, Qs is the + +402 +00:44:22,660 --> 00:44:28,690 +slope here. This is positive two. The slope means + +403 +00:44:28,690 --> 00:44:35,110 +supply function. Means Delta quant supplied over + +404 +00:44:35,110 --> 00:44:39,450 +Delta price. Which means here, as the price + +405 +00:44:39,450 --> 00:44:44,050 +increased by one dollar, the quant supplied will + +406 +00:44:44,050 --> 00:44:47,030 +increase because it's positive here by two units. + +407 +00:44:53,850 --> 00:44:59,910 +Now, the problem here is determine the equilibrium + +408 +00:44:59,910 --> 00:45:04,110 +price and the equilibrium quantity. If the price + +409 +00:45:04,110 --> 00:45:07,530 +equals blah, blah, blah, what is the market + +410 +00:45:07,530 --> 00:45:12,650 +status? Okay. Let's go to answer this problem + +411 +00:45:12,650 --> 00:45:18,350 +here. Clear had a function. Tell me once again. + +412 +00:45:20,770 --> 00:45:26,630 +What are the main factors or yes, what is the main + +413 +00:45:26,630 --> 00:45:31,470 +factor affect the quantity demanded? The price. As + +414 +00:45:31,470 --> 00:45:35,450 +the price goes up, what will happen to the + +415 +00:45:35,450 --> 00:45:38,030 +quantity demanded? Goes down. How they are + +416 +00:45:38,030 --> 00:45:40,190 +represented by a negative sign. + +417 +00:45:43,520 --> 00:45:52,320 +If the price equals zero, if the price + +418 +00:45:52,320 --> 00:45:57,620 +equals + +419 +00:45:57,620 --> 00:46:02,440 +zero, the quantity demanded will be 200. If the + +420 +00:46:02,440 --> 00:46:03,760 +price equals zero, the quantity demanded will be + +421 +00:46:03,760 --> 00:46:05,480 +200. If the price equals zero, the quantity + +422 +00:46:05,480 --> 00:46:06,160 +demanded will be 200. If the price equals zero, + +423 +00:46:06,380 --> 00:46:08,980 +the quantity demanded will be 50 units. If the + +424 +00:46:08,980 --> 00:46:10,880 +price equals zero, the quantity demanded will be + +425 +00:46:10,880 --> 00:46:17,040 +50 units. Here, in demand, the slope is the change + +426 +00:46:17,040 --> 00:46:21,120 +in quantity demanded due to the change in price, + +427 +00:46:21,480 --> 00:46:26,540 +which is this. QD, delta QD divided by delta + +428 +00:46:26,540 --> 00:46:30,880 +price. If the price increases by one. If we + +429 +00:46:30,880 --> 00:46:32,480 +increase the price, will the price affect the + +430 +00:46:32,480 --> 00:46:36,460 +quantity demanded? Yes. What does this mean? Minus + +431 +00:46:36,460 --> 00:46:42,640 +half. If the price increases by one dollar, the + +432 +00:46:42,640 --> 00:46:45,180 +quantity demanded will decrease by half. That's + +433 +00:46:45,180 --> 00:46:51,700 +it. It will decline by half. This is the negative + +434 +00:46:51,700 --> 00:46:59,480 +sign. This is the slope in the supply function. If + +435 +00:46:59,480 --> 00:47:03,000 +the price increases by one dollar, the quantity + +436 +00:47:03,000 --> 00:47:06,360 +supplied will increase by two. This is positive. + +437 +00:47:11,720 --> 00:47:16,700 +How can we determine or calculate the equilibrium + +438 +00:47:16,700 --> 00:47:18,780 +price? Okay. + +439 +00:47:22,940 --> 00:47:28,640 +Let's answer original solutions to the problem. + +440 +00:47:32,020 --> 00:47:36,340 +To determine the equilibrium price and equilibrium + +441 +00:47:36,340 --> 00:47:42,130 +quantity. The equilibrium point is the point in + +442 +00:47:42,130 --> 00:47:52,950 +which demand equals supply. Price and quantity. At + +443 +00:47:52,950 --> 00:47:59,790 +this point, Qd equals Qs. At this point here, Qd + +444 +00:47:59,790 --> 00:48:02,750 +equals Qs. + +445 +00:48:10,360 --> 00:48:12,360 +At equilibrium, + +446 +00:48:17,880 --> 00:48:27,900 +all you see, Qd equals Qs. At equilibrium, + +447 +00:48:28,400 --> 00:48:32,160 +quantity demanded equals quantity supplied. So Qd + +448 +00:48:32,160 --> 00:48:39,890 +here 200 minus half times the prices, must equal + +449 +00:48:39,890 --> 00:48:43,210 +50 + +450 +00:48:43,210 --> 00:48:47,850 +as the + +451 +00:48:47,850 --> 00:48:50,670 +left side equals the left side. So the right side + +452 +00:48:50,670 --> 00:48:58,670 +must equal the right side. So 50 plus two prices. + +453 +00:49:00,740 --> 00:49:07,440 +We have one unknown variable, minus + +454 +00:49:07,440 --> 00:49:19,340 +half P minus 2P equals 50 minus 200. + +455 +00:49:24,350 --> 00:49:36,590 +Minus 2.5P equals minus 150. So price equals price + +456 +00:49:36,590 --> 00:49:45,050 +equals 150 over 2.5 equals 60. This is the + +457 +00:49:45,050 --> 00:49:48,210 +equilibrium price. So the equilibrium price here + +458 +00:49:48,210 --> 00:49:49,790 +equals 60. + +459 +00:49:54,870 --> 00:50:00,250 +It depends on the equation. It depends on the + +460 +00:50:00,250 --> 00:50:10,330 +equation. It depends on the equation. Now we have + +461 +00:50:10,330 --> 00:50:13,030 +the equilibrium price. How much is the equilibrium + +462 +00:50:13,030 --> 00:50:13,530 +quantity? + +463 +00:50:16,270 --> 00:50:18,590 +Substitution either by the quantity demanded + +464 +00:50:18,590 --> 00:50:21,090 +formula or the quantity supplied. You will reach + +465 +00:50:21,090 --> 00:50:31,030 +with the same result. So to calculate quantity, + +466 +00:50:31,790 --> 00:50:34,730 +the equilibrium quantity, at this point, the + +467 +00:50:34,730 --> 00:50:38,070 +equilibrium quantity, QD equals, either we can + +468 +00:50:38,070 --> 00:50:41,790 +substitute by quantity demanded or quantity + +469 +00:50:41,790 --> 00:50:50,010 +supplied. So I would fill in the QD, then QD + +470 +00:50:50,010 --> 00:50:53,110 +equals 200. + +471 +00:50:54,240 --> 00:50:58,320 +minus half times the price equal to the price 60. + +472 +00:50:59,080 --> 00:51:12,660 +So QD equals 200 minus 30, then QD equals 170. Or + +473 +00:51:12,660 --> 00:51:20,820 +we can substitute by QS. So QS here or + +474 +00:51:20,820 --> 00:51:23,620 +QS, + +475 +00:51:24,730 --> 00:51:28,470 +The formula is 50 plus 2P. + +476 +00:51:32,630 --> 00:51:42,290 +So QS equals 50 plus 2 times the price, 60. X + +477 +00:51:42,290 --> 00:51:48,830 +equals 170. That's it. The same result here. All + +478 +00:51:48,830 --> 00:51:53,350 +right? So the equilibrium quantity here is how + +479 +00:51:53,350 --> 00:52:03,950 +much? 170. Number two, if the market price equals + +480 +00:52:03,950 --> 00:52:04,730 +$50. + +481 +00:52:17,890 --> 00:52:19,330 +This is unknown and this is unknown. + +482 +00:52:22,890 --> 00:52:27,990 +Can we do it? Substitution. The price is like + +483 +00:52:27,990 --> 00:52:36,670 +this. We say QD equals 200 minus half times the + +484 +00:52:36,670 --> 00:52:45,910 +price, 50. QD equals 200 minus 25. So QD equals + +485 +00:52:46,860 --> 00:52:47,780 +175. + +486 +00:52:50,900 --> 00:52:57,140 +175. 175. 175. 175. 175. 175. 175. 175. 175. 175. + +487 +00:52:57,160 --> 00:53:03,940 +175. 175. 175. 175. 175. 175. 175. 175. 175. 175. + +488 +00:53:04,880 --> 00:53:07,160 +175. 175. 175. 175. 175. 175. 175. 175. 175. 175. + +489 +00:53:07,160 --> 00:53:07,160 +175. 175. 175. 175. 175. 175. 175. 175. 175. 175. + +490 +00:53:07,160 --> 00:53:07,160 +175. 175. 175. 175. 175. 175. 175. 175. 175. 175. + +491 +00:53:07,160 --> 00:53:07,160 +175. 175. 175. 175. 175. 175. 175. 175. 175. 175. + +492 +00:53:07,160 --> 00:53:07,180 +175. 175. 175. 175. 175. 175. 175. 175. 175. 175. + +493 +00:53:07,180 --> 00:53:07,180 +175. 175. 175. 175. 175. 175. 175. 175. 175. 175. + +494 +00:53:07,180 --> 00:53:07,260 +175. 175. 175. 175. 175. 175. 175. 175. 175. 175. + +495 +00:53:07,260 --> 00:53:07,260 +175. 175. 175. 175. 175. 175. 175. 175. 175. 175. + +496 +00:53:07,260 --> 00:53:09,500 +175. 175. 175. 175. 175. 175. 175. 175. 175. 175. + +497 +00:53:10,760 --> 00:53:11,700 +175. + +498 +00:53:16,220 --> 00:53:26,160 +Fifty. So QS equals 50 plus 100. So QS equals 150. + +499 +00:53:27,640 --> 00:53:34,320 +So it should be 150. Yes. The last point. Okay. + +500 +00:53:34,980 --> 00:53:39,360 +Because the market status is excess. Excess what? + +501 +00:53:39,600 --> 00:53:48,540 +Yes. By how much? Yeah, exactly. Yeah. By 25, + +502 +00:53:48,760 --> 00:53:52,940 +exactly. So what is the market situation or the + +503 +00:53:52,940 --> 00:53:57,640 +market status? The market status is we have an + +504 +00:53:57,640 --> 00:54:00,260 +excess demand because the quantity demand is + +505 +00:54:00,260 --> 00:54:05,680 +bigger than the quantity supplied by 25. That's + +506 +00:54:05,680 --> 00:54:07,020 +it. Okay? + +507 +00:54:10,320 --> 00:54:13,180 +Is there a problem? No. Okay. + +508 +00:54:19,290 --> 00:54:25,710 +The question is, what is the market status? + +509 +00:54:28,730 --> 00:54:32,650 +The market status is here at this price here. + +510 +00:54:35,650 --> 00:54:41,320 +The quantity demanded, is 175 is bigger than the + +511 +00:54:41,320 --> 00:54:45,800 +quant supply which is 150. So here we have what? + +512 +00:54:46,040 --> 00:54:51,540 +QD is bigger than the QS. So 175 is bigger than + +513 +00:54:51,540 --> 00:54:53,020 +150. + +514 +00:54:55,020 --> 00:55:03,380 +So the market status QS + +515 +00:55:03,380 --> 00:55:17,430 +minus QD. QS 150 minus QD 150 minus 175 equals + +516 +00:55:17,430 --> 00:55:24,290 +minus 25. This is what? Shortage supply or excess + +517 +00:55:24,290 --> 00:55:25,190 +demand. That's it. + +518 +00:55:31,160 --> 00:55:34,840 +I will show you something how we derive this + +519 +00:55:34,840 --> 00:55:36,580 +formula. That's it, the last point. + +520 +00:55:40,520 --> 00:55:46,860 +I will come back quickly to the last example. When + +521 +00:55:46,860 --> 00:55:49,600 +we determine the equilibrium price and equilibrium + +522 +00:55:49,600 --> 00:55:54,680 +quantity using numbers and figures, let us assume + +523 +00:55:54,680 --> 00:55:55,340 +that the price, + +524 +00:55:58,870 --> 00:56:02,750 +And here we have quantity demanded. With + +525 +00:56:02,750 --> 00:56:09,610 +assumptions, we had the prices was five, 10, 15, + +526 +00:56:10,190 --> 00:56:12,890 +20, 25. + +527 +00:56:16,050 --> 00:56:18,310 +I'm going to kill the CD. I'm going to kill it. + +528 +00:56:19,270 --> 00:56:24,310 +I'm going to kill it. I found this one next to the + +529 +00:56:24,310 --> 00:56:24,670 +table. + +530 +00:56:37,070 --> 00:56:45,110 +30, 35, 40. Let us assume that the quantity + +531 +00:56:45,110 --> 00:56:59,510 +demanded was 200, 180, 160, 140, 160, 120. Keep + +532 +00:56:59,510 --> 00:57:04,770 +silent + +533 +00:57:04,770 --> 00:57:13,200 +please. Now, we are going to derive the formula, + +534 +00:57:13,720 --> 00:57:18,440 +the demand function. To derive the demand function + +535 +00:57:18,440 --> 00:57:18,780 +here, + +536 +00:57:21,540 --> 00:57:28,560 +we can show this insert + +537 +00:57:28,560 --> 00:57:32,320 +shape + +538 +00:57:32,320 --> 00:57:34,300 +here, graph. + +539 +00:57:39,800 --> 00:57:46,360 +This graph can be represented here or represents + +540 +00:57:46,360 --> 00:57:48,100 +the relationship between the prices and the + +541 +00:57:48,100 --> 00:57:51,640 +quantity demanded. I will draw. + +542 +00:58:15,060 --> 00:58:15,900 +Where is the function? + +543 +00:58:21,400 --> 00:58:25,400 +Do you see this function? This function represents + +544 +00:58:25,400 --> 00:58:29,180 +the relationship between the prices and the + +545 +00:58:29,180 --> 00:58:34,340 +quantity demanded. Let's enlarge it like this. + +546 +00:58:38,560 --> 00:58:40,400 +For this function QD + +547 +00:58:51,260 --> 00:58:57,140 +equals 220QD equals 220 minus 4 for the price. + +548 +00:59:01,900 --> 00:59:05,160 +In GBQS, the function of the QS, had a demand + +549 +00:59:05,160 --> 00:59:05,640 +function. + +550 +00:59:10,500 --> 00:59:11,700 +Show the assumptions that we're going to have + +551 +00:59:11,700 --> 00:59:17,360 +here. The quant supplied, Qs. + +552 +00:59:23,800 --> 00:59:26,400 +Let's determine here 140. + +553 +00:59:29,200 --> 00:59:35,820 +120, 100, 80, + +554 +00:59:37,300 --> 00:59:41,200 +160, 180, + +555 +00:59:44,190 --> 00:59:51,930 +200, 220. Now, I'm going to study the relationship + +556 +00:59:51,930 --> 00:59:54,390 +between the prices and the quant supply to derive + +557 +00:59:54,390 --> 00:59:55,750 +the supply function. + +558 +01:00:11,030 --> 01:00:13,910 +Paste, paste, paste, paste. Okay. + +559 +01:00:19,530 --> 01:00:21,830 +I'm going to study the relationship between the + +560 +01:00:21,830 --> 01:00:23,970 +prices and the quant supplied here as you see. + +561 +01:00:37,850 --> 01:00:39,470 +The same as the previous. + +562 +01:00:42,570 --> 01:00:46,890 +Here's the graph. This is the supply curve. + +563 +01:00:49,730 --> 01:00:55,030 +Demand curve. Yes. So to derive the function here, + +564 +01:01:01,010 --> 01:01:07,570 +here's + +565 +01:01:07,570 --> 01:01:08,010 +the function. + +566 +01:01:25,710 --> 01:01:33,290 +Yes, the function is Qs, Qs. The supply function + +567 +01:01:33,290 --> 01:01:39,550 +Qs equals 60, + +568 +01:01:41,210 --> 01:01:47,230 +a plus 4x because here positive sign, 4P. + +569 +01:02:09,410 --> 01:02:12,470 +The equilibrium price will be 20 and the + +570 +01:02:12,470 --> 01:02:18,310 +equilibrium quantity is 140. Try it. This is an + +571 +01:02:18,310 --> 01:02:21,950 +assignment. At home? At home, yes. See if it turns + +572 +01:02:21,950 --> 01:02:24,670 +out right or not. No, not Excel. This is it. You + +573 +01:02:24,670 --> 01:02:27,450 +have an equilibrium quantity, quantity supplied, + +574 +01:02:28,050 --> 01:02:30,590 +okay? And work and see the equilibrium price, + +575 +01:02:30,710 --> 01:02:35,470 +equilibrium quantity. What is the price? price. + +576 +01:02:35,910 --> 01:02:38,070 +Determine the equilibrium price, the equilibrium + +577 +01:02:38,070 --> 01:02:43,970 +quantity using these parameters here. Try it. + diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/Ch5iN4YRhv0.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/Ch5iN4YRhv0.srt new file mode 100644 index 0000000000000000000000000000000000000000..003c3167db3ead865ce0d5958f1aef7f55b2c540 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/Ch5iN4YRhv0.srt @@ -0,0 +1,2057 @@ + +1 +00:00:20,050 --> 00:00:21,930 +Okay, bismillahirrahmanirrahim. Today, inshallah, + +2 +00:00:22,050 --> 00:00:24,090 +we are going to complete our talk about the + +3 +00:00:24,090 --> 00:00:28,810 +consumer behavior, focusing on the marginal + +4 +00:00:28,810 --> 00:00:34,910 +utility theories. In the last class, we said that + +5 +00:00:34,910 --> 00:00:40,590 +any rational consumer will try to maximize his + +6 +00:00:40,590 --> 00:00:44,430 +benefits or utilities when he consumes or she + +7 +00:00:44,430 --> 00:00:48,370 +consumes different bundles of goods out of the + +8 +00:00:48,370 --> 00:00:53,750 +limited income. And we said that we have four + +9 +00:00:53,750 --> 00:00:59,110 +assumptions. We have one consumer in the market, + +10 +00:01:01,020 --> 00:01:05,880 +which means that we will ignore the ethics or the + +11 +00:01:05,880 --> 00:01:09,120 +consumer's ethics on the change in the market + +12 +00:01:09,120 --> 00:01:12,820 +price and the market equilibrium quantities. + +13 +00:01:13,400 --> 00:01:17,540 +Number two, we have a rational consumer, which + +14 +00:01:17,540 --> 00:01:22,320 +means that the consumer behaves rationally. Number + +15 +00:01:22,320 --> 00:01:26,960 +three, the taste and the preferences for the + +16 +00:01:26,960 --> 00:01:33,920 +consumer are fixed while studying his or her + +17 +00:01:33,920 --> 00:01:42,020 +behavior. And the last is the consumer has or + +18 +00:01:42,020 --> 00:01:49,260 +received a limited income and allocates or + +19 +00:01:49,260 --> 00:01:53,440 +distributes this income to buy different goods and + +20 +00:01:53,440 --> 00:02:00,440 +services. These are the four assumptions when we + +21 +00:02:00,440 --> 00:02:08,160 +analyze the consumer behavior. So let me have + +22 +00:02:09,600 --> 00:02:12,780 +the following example to understand the idea of + +23 +00:02:12,780 --> 00:02:17,880 +the utility maximization, we said that we have two + +24 +00:02:17,880 --> 00:02:23,360 +theories or two approaches or two schools to + +25 +00:02:23,360 --> 00:02:26,400 +analyze the consumer behavior, the marginal + +26 +00:02:26,400 --> 00:02:29,200 +theory, the marginal utility theory, and the + +27 +00:02:29,200 --> 00:02:33,210 +indifference curve theory. So let's go to the + +28 +00:02:33,210 --> 00:02:34,410 +marginal utility theory. + +29 +00:02:37,410 --> 00:02:46,510 +I will come + +30 +00:02:46,510 --> 00:02:50,210 +back to the last example, numerical example. Okay. + +31 +00:02:51,150 --> 00:02:54,250 +So let's go to the marginal utility theory. + +32 +00:03:01,340 --> 00:03:04,100 +So the Marginal Utility Theory here. + +33 +00:03:14,340 --> 00:03:16,460 +The Marginal Utility Theory means, + +34 +00:03:20,540 --> 00:03:22,880 +to understand the idea of the marginal utility + +35 +00:03:22,880 --> 00:03:27,480 +theory and how can we use or apply this theory to + +36 +00:03:27,480 --> 00:03:30,660 +understand the consumer behavior. Let's have the + +37 +00:03:30,660 --> 00:03:33,960 +following example. Let us assume that we have the + +38 +00:03:33,960 --> 00:03:42,580 +following data about a rational consumer or who + +39 +00:03:42,580 --> 00:03:45,960 +buys + +40 +00:03:45,960 --> 00:03:51,060 +or consumes different goods. Quantity consumed or + +41 +00:03:51,060 --> 00:03:54,500 +the quantity purchased or quantity bought here or + +42 +00:03:54,500 --> 00:03:58,140 +quantity demanded. And here the total utility + +43 +00:03:58,140 --> 00:04:03,360 +obtained when he gains or when he consumed or + +44 +00:04:03,360 --> 00:04:06,200 +consumed different goods or different quantities + +45 +00:04:06,200 --> 00:04:12,340 +of this product quantity from zero to nine, zero, + +46 +00:04:12,520 --> 00:04:21,580 +one, two, three, four, five, six, seven, eight, + +47 +00:04:21,920 --> 00:04:28,320 +nine, zero. One, two, three, four, five, six, + +48 +00:04:28,540 --> 00:04:33,080 +seven, eight, nine. And let us have the following + +49 +00:04:33,080 --> 00:04:35,380 +data. + +50 +00:04:42,180 --> 00:04:45,120 +Zero. Five. + +51 +00:04:53,160 --> 00:05:07,460 +18, 24, 28, 30, 30, 27, 22. + +52 +00:05:13,180 --> 00:05:19,160 +In this example, we are talking about a consumer. + +53 +00:05:20,520 --> 00:05:24,860 +who consumes different quantities of eggs, product + +54 +00:05:24,860 --> 00:05:32,360 +eggs. What will happen if you eat an apple? + +55 +00:05:35,240 --> 00:05:40,860 +You will get benefits or utilities. Adding or + +56 +00:05:40,860 --> 00:05:44,700 +eating one more unit of apple, what will happen? + +57 +00:05:45,000 --> 00:05:48,160 +The total utility or the total benefits will + +58 +00:05:48,160 --> 00:05:54,400 +maximize or increase. Okay? Let us assume that you + +59 +00:05:54,400 --> 00:06:04,000 +are a patient and you had one tablet of a drug. + +60 +00:06:09,880 --> 00:06:17,620 +Few benefits, few utilities. Adding one + +61 +00:06:17,620 --> 00:06:22,780 +more tablet means that you will get more benefits, + +62 +00:06:23,080 --> 00:06:23,780 +more utilities. + +63 +00:06:49,920 --> 00:06:53,740 +So in this example, here we are talking about a + +64 +00:06:53,740 --> 00:06:54,200 +consumer. + +65 +00:06:56,920 --> 00:07:03,980 +When he buys or she buys or consumes zero units. + +66 +00:07:05,500 --> 00:07:11,200 +The total utility obtained here equals zero. There + +67 +00:07:11,200 --> 00:07:17,460 +are no benefits. There are no utilities. When he + +68 +00:07:17,460 --> 00:07:24,460 +consumes one unit, the total benefits or the total + +69 +00:07:24,460 --> 00:07:29,840 +utility obtained or gained here equals five utils + +70 +00:07:29,840 --> 00:07:31,760 +with assumptions. + +71 +00:07:34,260 --> 00:07:39,100 +Economists assume that we can measure the utility. + +72 +00:07:40,560 --> 00:07:43,800 +وإن كان في صعوبة في موضوع الـmeasurement، القياس. + +73 +00:07:44,140 --> 00:07:48,400 +يعني إنت واحد أخد حابة حبوب، ماعرفش قدري استفيدت + +74 +00:07:48,400 --> 00:07:52,780 +منها، بس في استفادة. هلأ to manage the case and + +75 +00:07:52,780 --> 00:08:00,320 +the theory، جالك لأ أعمل، إنه في مجال إن أعمل يعني + +76 +00:08:00,320 --> 00:08:14,690 +measurement indicator، سموه الـutile. which means + +77 +00:08:14,690 --> 00:08:19,190 +that the consumer consumed + +78 +00:08:19,190 --> 00:08:25,130 +two units. The total utility obtained here from + +79 +00:08:25,130 --> 00:08:30,150 +one plus two equals 11 utils. + +80 +00:08:32,360 --> 00:08:36,640 +Adding one more unit, the total utility obtained + +81 +00:08:36,640 --> 00:08:44,560 +or gained from consuming three units equals 18, 4, + +82 +00:08:45,020 --> 00:08:49,920 +24, 5, 20. The total utility, the total benefits + +83 +00:08:49,920 --> 00:08:55,820 +obtained here as you see at + +84 +00:08:55,820 --> 00:09:02,850 +unit seven. there are no benefits added to this + +85 +00:09:02,850 --> 00:09:08,490 +point here. Which means that this quantity number + +86 +00:09:08,490 --> 00:09:13,310 +seven will add zero utils, no benefits. + +87 +00:09:16,350 --> 00:09:22,290 +Having another one or consuming an additional unit + +88 +00:09:24,280 --> 00:09:29,540 +Negative effects or negative impacts on the total + +89 +00:09:29,540 --> 00:09:34,820 +utility here. Okay? Now, we are going to calculate + +90 +00:09:34,820 --> 00:09:39,920 +something which is the marginal utility. The + +91 +00:09:39,920 --> 00:09:45,800 +marginal utility. Marginal utility. + +92 +00:09:49,360 --> 00:09:59,960 +equals the change in total utility, change in + +93 +00:09:59,960 --> 00:10:06,780 +total utility over the change in the quantity + +94 +00:10:06,780 --> 00:10:11,480 +consumed here. Which means what will happen to the + +95 +00:10:11,480 --> 00:10:15,640 +total utility? with the quantity consumed + +96 +00:10:15,640 --> 00:10:18,880 +increased. What will happen? Total utility might + +97 +00:10:18,880 --> 00:10:23,440 +increase, decrease, or remains constant. This + +98 +00:10:23,440 --> 00:10:29,520 +depends on the added or the case itself here. So + +99 +00:10:29,520 --> 00:10:33,700 +the marginal utility, MU, equals the change in + +100 +00:10:33,700 --> 00:10:37,620 +total utility over the change in quantity. Let us + +101 +00:10:37,620 --> 00:10:40,900 +assume that we are talking about product x, + +102 +00:10:41,220 --> 00:10:45,600 +quantity x, and the total utility of x. + +103 +00:10:48,940 --> 00:10:54,310 +So marginal utility of x equals the change in + +104 +00:10:54,310 --> 00:10:57,990 +total utility of X over change in quantity + +105 +00:10:57,990 --> 00:11:02,290 +consumed of X. So the marginal utility of X equals + +106 +00:11:02,290 --> 00:11:06,050 +total utility of X number two minus total utility + +107 +00:11:06,050 --> 00:11:14,170 +of X number one, the change over a quantity two minus a + +108 +00:11:14,170 --> 00:11:14,970 +quantity one. + +109 +00:11:18,670 --> 00:11:24,360 +Let's come back here to the table as you see. So + +110 +00:11:24,360 --> 00:11:26,600 +here we are going to calculate the marginal + +111 +00:11:26,600 --> 00:11:31,220 +utility of x. For the first case, there's no + +112 +00:11:31,220 --> 00:11:32,160 +change here. + +113 +00:11:34,800 --> 00:11:40,860 +Number two, total utility two minus one over q2 + +114 +00:11:40,860 --> 00:11:47,140 +minus q1. Five minus zero over one minus zero. So + +115 +00:11:47,140 --> 00:11:53,630 +the first case, Mu, X, for the first case, equals + +116 +00:11:53,630 --> 00:12:00,410 +5 minus 0 over 1 minus 0. 5 minus 0 over 1 minus 0 + +117 +00:12:00,410 --> 00:12:06,490 +equals 5 over 1 equals 5. That's it. What's next? + +118 +00:12:07,570 --> 00:12:16,190 +11 minus 5 over 2 minus 1. That's X. That's X. + +119 +00:12:16,190 --> 00:12:19,410 +That means that each unit we consumed, how much + +120 +00:12:19,410 --> 00:12:22,030 +did it add up to the total benefit? This is the + +121 +00:12:22,030 --> 00:12:30,250 +marginal unit. How much is this? Seven, six, four, + +122 +00:12:31,810 --> 00:12:39,950 +two, zero, minus three, minus five. Of course, + +123 +00:12:39,970 --> 00:12:45,850 +here I assumed that there is one more unit. One + +124 +00:12:45,850 --> 00:12:49,950 +more unit. Sometimes it's not like that. It can be + +125 +00:12:49,950 --> 00:12:56,010 +0, 1, 5, 10. It depends. It works on this formula. + +126 +00:12:56,830 --> 00:13:01,970 +Margin of X equals 2T U2 minus T U1 over Q2 minus + +127 +00:13:01,970 --> 00:13:08,170 +Q1. In all cases. All right. What do you see? The + +128 +00:13:08,170 --> 00:13:16,430 +first quantity added 5 utils. More, 6, 7. + +129 +00:13:20,940 --> 00:13:27,260 +Zero minus. Let us draw the graph that shows the + +130 +00:13:27,260 --> 00:13:30,400 +relationship between the total utility, marginal + +131 +00:13:30,400 --> 00:13:37,680 +utility, and the quantity consumed. Okay. Let's go + +132 +00:13:37,680 --> 00:13:41,440 +to the graph that shows or represents the + +133 +00:13:41,440 --> 00:13:44,840 +relationship between quantity, total utility, and + +134 +00:13:44,840 --> 00:13:47,460 +marginal utility using graph. + +135 +00:13:59,880 --> 00:14:00,560 +In general, + +136 +00:14:04,500 --> 00:14:08,500 +here's the quantity consumed, quantity x. + +137 +00:14:13,000 --> 00:14:18,380 +And here's the total utility of x and the marginal + +138 +00:14:18,380 --> 00:14:19,160 +utility of x. + +139 +00:14:25,250 --> 00:14:28,790 +The graph always looks like this. Look. To make an + +140 +00:14:28,790 --> 00:14:29,650 +analysis on it. + +141 +00:14:32,490 --> 00:14:33,550 +Tu x. + +142 +00:14:41,510 --> 00:14:45,210 +Marginal u to root of x. And + +143 +00:15:04,900 --> 00:15:06,160 +Average utility. + +144 +00:15:17,540 --> 00:15:19,360 +Maximum total utility. + +145 +00:15:56,030 --> 00:15:56,410 +Come on. + +146 +00:15:59,430 --> 00:16:02,610 +Let the graph not draw this gate. But let's do an + +147 +00:16:02,610 --> 00:16:05,010 +analysis on it and then I'll give you the answer. + +148 +00:16:05,370 --> 00:16:08,290 +It's like this. This gate, you see, this gate, the + +149 +00:16:08,290 --> 00:16:10,790 +analysis will come out like this with us. But + +150 +00:16:10,790 --> 00:16:13,590 +let's not draw it. Let's understand it and then + +151 +00:16:13,590 --> 00:16:15,630 +I'll give you the chance. + +152 +00:16:28,700 --> 00:16:29,620 +Okay. + +153 +00:16:34,820 --> 00:16:40,320 +In this graph, we will see or check the + +154 +00:16:40,320 --> 00:16:43,340 +relationship between the total utility and the + +155 +00:16:43,340 --> 00:16:48,880 +marginal utility at the different quantities. In + +156 +00:16:48,880 --> 00:16:51,680 +the horizontal axis, we have the quantity + +157 +00:16:51,680 --> 00:16:52,280 +consumed, + +158 +00:16:57,670 --> 00:17:01,450 +Total utility, marginal utility, the vertical + +159 +00:17:01,450 --> 00:17:11,430 +axis. Let's follow your one, two, three, four, + +160 +00:17:11,990 --> 00:17:13,750 +five, six, seven. + +161 +00:17:17,130 --> 00:17:20,970 +Let's follow the total utility at different + +162 +00:17:20,970 --> 00:17:26,710 +quantities. At equality equals zero, how much is + +163 +00:17:26,710 --> 00:17:31,550 +the total utility? Zero. At equality equals one, + +164 +00:17:31,870 --> 00:17:40,430 +the total utility equals five. At two, eleven. + +165 +00:17:45,090 --> 00:17:51,530 +At three, how much is it? Eighteen. + +166 +00:17:53,650 --> 00:17:56,130 +At four, 24. + +167 +00:18:01,030 --> 00:18:06,610 +At five, 28. + +168 +00:18:13,550 --> 00:18:17,050 +At six, 30. + +169 +00:18:20,930 --> 00:18:31,300 +At seven, 30. At + +170 +00:18:31,300 --> 00:18:39,420 +eight, 27 again + +171 +00:18:39,420 --> 00:18:43,260 +at nine, + +172 +00:18:43,260 --> 00:18:44,260 +22. + +173 +00:18:52,950 --> 00:18:55,630 +Represents the relationship between the quantity + +174 +00:18:55,630 --> 00:18:58,950 +consumed and the total utility. So the total + +175 +00:18:58,950 --> 00:19:06,310 +utility curve is always like this. As the quantity + +176 +00:19:06,310 --> 00:19:09,450 +consumed or the quantity pulled, quantity demanded + +177 +00:19:09,450 --> 00:19:13,970 +increased, right? What about the marginal utility? + +178 +00:19:18,210 --> 00:19:22,690 +At a quarter equals zero. How much is it? Zero. + +179 +00:19:25,590 --> 00:19:32,910 +At one, how much is it? Five. At one, + +180 +00:19:34,390 --> 00:19:37,890 +it starts like this. But I don't want to ... There + +181 +00:19:37,890 --> 00:19:39,970 +is an easier way to analyze it. + +182 +00:19:44,890 --> 00:19:46,270 +Let it come to me like this. + +183 +00:19:58,330 --> 00:20:03,950 +At three or two here equals six. + +184 +00:20:10,950 --> 00:20:17,370 +At one + +185 +00:20:17,370 --> 00:20:23,590 +equals five, right? At two equals six. At three + +186 +00:20:23,590 --> 00:20:25,450 +equals seven. + +187 +00:20:39,020 --> 00:20:49,180 +At three here. The data + +188 +00:20:49,180 --> 00:20:51,320 +is increasing. + +189 +00:20:52,920 --> 00:20:56,480 +Then decreasing, but then it becomes zero, but + +190 +00:20:56,480 --> 00:20:59,540 +then negative. Yes, what do you see? + +191 +00:21:02,420 --> 00:21:07,240 +The marginal utility acts here. The data + +192 +00:21:07,240 --> 00:21:15,600 +is increasing while the quantity increased here. And + +193 +00:21:15,600 --> 00:21:22,960 +then decreased, increasing. Then decreasing until + +194 +00:21:22,960 --> 00:21:30,800 +seven at Q equals seven. Until the quantity equals + +195 +00:21:30,800 --> 00:21:33,600 +zero here. So the quantity equals seven. Right? + +196 +00:21:35,180 --> 00:21:39,780 +Becomes zero. Then as the quantity goes up, + +197 +00:21:39,920 --> 00:21:43,240 +increased, the marginal utility becomes negative + +198 +00:21:43,240 --> 00:21:45,280 +and declining. Okay? + +199 +00:22:13,730 --> 00:22:15,130 +Maximum three. + +200 +00:22:22,890 --> 00:22:26,230 +Okay. Let's go to this graph. As you see, + + + +223 +00:24:56,850 --> 00:24:57,410 +positive. + +224 +00:25:00,630 --> 00:25:06,350 +Right? The graph says this. While the total + +225 +00:25:06,350 --> 00:25:11,930 +utility is increasing at an increasing rate, Are + +226 +00:25:11,930 --> 00:25:18,530 +you increasing at an increasing rate? The marginal + +227 +00:25:18,530 --> 00:25:22,550 +utility had a total utility. The marginal utility + +228 +00:25:22,550 --> 00:25:24,390 +is increasing and positive. + +229 +00:25:28,210 --> 00:25:31,670 +Stage two, + +230 +00:25:31,790 --> 00:25:37,530 +this is the first stage here. In stage two, the + +231 +00:25:37,530 --> 00:25:44,420 +total utility is increasing, but what about the + +232 +00:25:44,420 --> 00:25:48,960 +increasing rate is lower than the previous case. + +233 +00:25:49,540 --> 00:25:52,600 +It means it didn't grow fast, it became slow. So, + +234 +00:25:52,700 --> 00:25:58,240 +stage two, the total utility is increasing at a + +235 +00:25:58,240 --> 00:26:02,820 +decreasing rate. Come and see this, total utility. + +236 +00:26:03,980 --> 00:26:09,120 +From here, from 18 to 24, it increased, increased, + +237 +00:26:09,320 --> 00:26:09,980 +increased in quantity. + +238 +00:26:20,000 --> 00:26:26,780 +Total utility is increasing at a decreasing rate + +239 +00:26:26,780 --> 00:26:29,100 +or in a decreasing rate. + +240 +00:26:31,100 --> 00:26:41,310 +From 18 to 24, 28 to 30. Decreasing but in a + +241 +00:26:41,310 --> 00:26:42,410 +decreasing rate. + +242 +00:26:45,950 --> 00:26:49,830 +It was in the first stage increasing at an + +243 +00:26:49,830 --> 00:26:54,250 +increasing rate. Only I see the marginal utility + +244 +00:26:54,250 --> 00:26:58,890 +here. Decreasing but it's still positive. Yes. + +245 +00:26:59,870 --> 00:27:04,170 +Yes. Up to this stage, what happens to the + +246 +00:27:04,170 --> 00:27:09,060 +marginal utility? Decreasing. But it's still + +247 +00:27:09,060 --> 00:27:14,140 +positive, right? So when the marginal utility + +248 +00:27:14,140 --> 00:27:14,580 +here. + +249 +00:27:49,380 --> 00:27:52,840 +While or as the total utility increasing at a + +250 +00:27:52,840 --> 00:27:56,570 +decreasing rate, the marginal utility is + +251 +00:27:56,570 --> 00:28:00,770 +decreasing. The MU is decreasing but still + +252 +00:28:00,770 --> 00:28:01,390 +positive. + +253 +00:28:06,210 --> 00:28:11,790 +The third point. When the total utility is + +254 +00:28:11,790 --> 00:28:16,230 +maximized, when the total utility reaches the + +255 +00:28:16,230 --> 00:28:16,530 +peak, + +256 +00:28:19,250 --> 00:28:24,510 +the marginal utility equals zero. So when the + +257 +00:28:24,510 --> 00:28:30,570 +total utility is maximized or the maximum total + +258 +00:28:30,570 --> 00:28:33,590 +utility, marginal utility equals zero. + +259 +00:28:45,800 --> 00:28:48,580 +On the graph here, when the total utility is + +260 +00:28:48,580 --> 00:28:54,040 +maximized at a + +261 +00:28:54,040 --> 00:29:01,300 +quantity seven, the marginal utility equals zero. + +262 +00:29:02,080 --> 00:29:04,740 +Then when the total utility is maximized, + +263 +00:29:07,160 --> 00:29:09,000 +the marginal utility equals zero. + +264 +00:29:12,260 --> 00:29:15,640 +And the quantity seven marginal utility is zero. + +265 +00:29:16,120 --> 00:29:21,440 +Then M U equals zero. When the total utility + +266 +00:29:21,440 --> 00:29:22,680 +starts to decline, + +267 +00:29:25,360 --> 00:29:30,340 +the total utility starts to decline, decreasing + +268 +00:29:30,340 --> 00:29:35,020 +the total utility. This is stage three. When the + +269 +00:29:35,020 --> 00:29:38,300 +total utility declines or goes down, the marginal + +270 +00:29:38,300 --> 00:29:40,280 +utility is declining and negative. + +271 +00:29:44,090 --> 00:29:48,650 +Then MU is negative and declining. + +272 +00:29:52,090 --> 00:29:57,150 +At stage + +273 +00:29:57,150 --> 00:30:00,350 +three here, what do you see? The total utility is + +274 +00:30:00,350 --> 00:30:00,810 +declining. + +275 +00:30:03,510 --> 00:30:07,480 +What do you see in the marginal utility? And + +276 +00:30:07,480 --> 00:30:15,060 +negative. As the + +277 +00:30:15,060 --> 00:30:18,200 +marginal, the total utility start to decline from 30 + +278 +00:30:18,200 --> 00:30:24,900 +to 27, 22, 15, 10, honestly, the marginal utility + +279 +00:30:24,900 --> 00:30:29,940 +becomes negative. All right? + +280 +00:30:33,010 --> 00:30:36,090 +As the total utility goes down, the marginal + +281 +00:30:36,090 --> 00:30:41,370 +utility decreases and negative. + +282 +00:30:43,590 --> 00:30:49,990 +Okay? The first stage here, while the total + +283 +00:30:49,990 --> 00:30:54,330 +utility is increasing at an increasing rate, the + +284 +00:30:54,330 --> 00:30:58,000 +marginal utility is increasing at positive. Phase + +285 +00:30:58,000 --> 00:31:02,860 +two, while the total utility is increasing, but in + +286 +00:31:02,860 --> 00:31:04,340 +a decreasing rate. + +287 +00:31:07,640 --> 00:31:13,420 +The marginal utility is decreasing, but it's + +288 +00:31:13,420 --> 00:31:18,120 +still positive, bigger than zero. When the total + +289 +00:31:18,120 --> 00:31:21,820 +utility is maximized at the peak of total utility, + +290 +00:31:22,300 --> 00:31:25,420 +the marginal utility equals zero. When the total + +291 +00:31:25,420 --> 00:31:28,880 +utility decreasing, the marginal utility + +292 +00:31:28,880 --> 00:31:35,080 +decreasing and negative. That's it. Yeah. + +293 +00:31:40,350 --> 00:31:44,050 +The first stage, when the totality is increasing + +294 +00:31:44,050 --> 00:31:47,090 +at an increasing rate, the marginal utility is + +295 +00:31:47,090 --> 00:31:51,550 +increasing and still positive. Number two. Number + +296 +00:32:05,350 --> 00:32:09,670 +When the total utility is increasing or in a + +297 +00:32:09,670 --> 00:32:14,170 +decreasing rate while the total utility is + +298 +00:32:14,170 --> 00:32:20,970 +increasing at a decreasing rate, what do you see? + +299 +00:32:21,510 --> 00:32:24,330 +The marginal utility is decreasing but still + +300 +00:32:24,330 --> 00:32:30,370 +positive. Number three. When the total utility is + +301 +00:32:30,370 --> 00:32:36,330 +maximized or reached the peak. Why? When? The TU + +302 +00:32:36,330 --> 00:32:39,450 +reached the peak, + +303 +00:32:46,290 --> 00:32:48,510 +or maximized, + +304 +00:32:51,970 --> 00:32:57,090 +or reached the maximum. Peak, meaning the peak. + +305 +00:33:00,110 --> 00:33:04,620 +The marginal utility equals how much? Zero. the + +306 +00:33:04,620 --> 00:33:09,460 +marginal utility equals zero. Number four, when + +307 +00:33:09,460 --> 00:33:13,320 +the total utility decline, the marginal utility is + +308 +00:33:13,320 --> 00:33:16,580 +declining and negative. + +309 +00:33:17,580 --> 00:33:25,120 +Then when the total utility goes down or + +310 +00:33:25,120 --> 00:33:29,340 +decreases, the marginal utility is decreasing and + +311 +00:33:29,340 --> 00:33:38,420 +negative. Let's go to Study how can the consumer + +312 +00:33:38,420 --> 00:33:42,060 +maximizes + +313 +00:33:42,060 --> 00:33:47,650 +his utilities or her utilities. when he or she + +314 +00:33:47,650 --> 00:33:52,610 +consumes different groups and what are the optimal + +315 +00:33:52,610 --> 00:33:56,790 +quantities, what are the best quantities that the + +316 +00:33:56,790 --> 00:34:00,750 +consumer should buy under the limited income to + +317 +00:34:00,750 --> 00:34:05,670 +maximize utilities and or to maximize the benefits + +318 +00:34:05,670 --> 00:34:11,530 +that he or she gains when he or she consumed the + +319 +00:34:11,530 --> 00:34:14,110 +different groups or different combinations of X + +320 +00:34:14,110 --> 00:34:19,880 +and Y. Let's go to the example to understand the + +321 +00:34:19,880 --> 00:34:25,080 +idea of the consumer maximization or utility + +322 +00:34:25,080 --> 00:34:29,120 +maximization by using the marginal utility theory. + +323 +00:34:30,140 --> 00:34:33,220 +So let us assume that we have the following data + +324 +00:34:33,220 --> 00:34:36,400 +about + +325 +00:34:36,400 --> 00:34:44,140 +a rational consumer who + +326 +00:34:44,140 --> 00:34:52,690 +consumes two goods, X and Y, and while the + +327 +00:34:52,690 --> 00:34:58,570 +consumption of these combinations, X and Y, are + +328 +00:34:58,570 --> 00:35:04,710 +two goods, he will gain different total utilities. + +329 +00:35:05,970 --> 00:35:10,270 +So here we're talking about a consumer who + +330 +00:35:10,270 --> 00:35:16,650 +consumes different combinations, the quantity, of + +331 +00:35:16,650 --> 00:35:24,010 +X and Y 0 1 + +332 +00:35:24,010 --> 00:35:42,130 +2 3 4 5 6 7 8 + +333 +00:35:50,680 --> 00:35:58,660 +and 10 and 10 0 + +334 +00:35:58,660 --> 00:36:09,300 +1 2 3 4 5 6 7 8 9 10 the + +335 +00:36:09,300 --> 00:36:12,980 +total utility obtained will be consumed or + +336 +00:36:12,980 --> 00:36:20,280 +consumes x the total utility of x equals + +337 +00:36:22,530 --> 00:36:23,050 +Zero. + +338 +00:36:28,370 --> 00:36:29,770 +Sixteen. + +339 +00:36:32,610 --> 00:36:37,990 +Fourteen. Thirty. Forty-one. + +340 +00:36:41,290 --> 00:36:50,390 +Fifty-one. Sixty. Sixty-eight. Seven. Seventy + +341 +00:36:50,390 --> 00:36:50,430 +-five. + +342 +00:37:08,480 --> 00:37:11,820 +Total and total, why? + +343 +00:37:18,400 --> 00:37:22,300 +Zero Fifteen + +344 +00:37:24,580 --> 00:37:30,260 +and 13, 28, 12, + +345 +00:37:31,300 --> 00:37:34,480 +40, + +346 +00:37:36,080 --> 00:37:42,800 +48, and 6, 54, 59, + +347 +00:37:44,300 --> 00:37:46,180 +63, + +348 +00:37:49,000 --> 00:37:51,360 +and 4, and 3, 66, + +349 +00:38:02,470 --> 00:38:13,710 +If the consumer income, if the consumer income + +350 +00:38:13,710 --> 00:38:16,850 +equals + +351 +00:38:16,850 --> 00:38:17,930 +$30 + +352 +00:38:24,200 --> 00:38:33,580 +And the price of X, product X equals + +353 +00:38:33,580 --> 00:38:36,860 +$2. + +354 +00:38:39,040 --> 00:38:41,400 +And the price per unit of Y, + +355 +00:38:45,740 --> 00:38:47,160 +$2 as well. + +356 +00:38:59,320 --> 00:39:13,180 +calculate the quantity x and y that maximizes the + +357 +00:39:13,180 --> 00:39:19,220 +total utility or + +358 +00:39:21,690 --> 00:39:26,010 +that achieves or performs the consumer + +359 +00:39:26,010 --> 00:39:32,350 +equilibrium. Or the + +360 +00:39:32,350 --> 00:39:37,870 +quadrant X and Y that performs + +361 +00:39:37,870 --> 00:39:41,810 +the + +362 +00:39:41,810 --> 00:39:47,130 +consumer equilibrium. + +363 +00:40:24,280 --> 00:40:27,680 +I finished. Not yet, okay. + +364 +00:40:32,940 --> 00:40:37,260 +Or that performs or achieves the consumer + +365 +00:40:37,260 --> 00:40:37,980 +equilibrium. + +366 +00:41:00,490 --> 00:41:05,290 +Okay, in this example, we are talking about a + +367 +00:41:05,290 --> 00:41:11,570 +consumer and this consumer receives + +368 +00:41:11,570 --> 00:41:19,250 +an income of $30 and + +369 +00:41:19,250 --> 00:41:25,900 +the price of per unit of X equals two, the price + +370 +00:41:25,900 --> 00:41:30,480 +per unit of Y equals two as well. And we have + +371 +00:41:30,480 --> 00:41:35,920 +different combinations of X and Y that gives him + +372 +00:41:35,920 --> 00:41:41,980 +or give him different total utilities, which means + +373 +00:41:41,980 --> 00:41:49,040 +if the consumer, this is a quantum X and Y, Yes, + +374 +00:41:50,420 --> 00:41:54,180 +you're talking about X and Y. If the consumer + +375 +00:41:54,180 --> 00:41:57,980 +consumes zero from X, the total utility obtained + +376 +00:41:57,980 --> 00:42:03,560 +equals zero. One unit of X means 16 utils. Two + +377 +00:42:03,560 --> 00:42:08,520 +units of X, 30, as you see. The quantity zero from + +378 +00:42:08,520 --> 00:42:13,180 +Y will give him zero for zero utility of Y. One + +379 +00:42:13,180 --> 00:42:20,410 +unit of Y gives him 15 utils. Two, as you can see. + +380 +00:42:21,200 --> 00:42:23,980 +Now, what is your advice? + +381 +00:42:27,140 --> 00:42:33,440 +What is + +382 +00:42:33,440 --> 00:42:38,340 +your advice to him to maximize his benefits or his + +383 +00:42:38,340 --> 00:42:46,200 +total utility? What is your advice for him to buy? + +384 +00:42:49,870 --> 00:42:57,730 +And why should he buy? We have two conditions for + +385 +00:42:57,730 --> 00:43:00,150 +the market equilibrium or the consumer + +386 +00:43:00,150 --> 00:43:03,210 +equilibrium. We have two conditions. The condition + +387 +00:43:03,210 --> 00:43:07,510 +number one, the marginal utility of X over the + +388 +00:43:07,510 --> 00:43:10,530 +price of X must equal. And this is the first + +389 +00:43:10,530 --> 00:43:17,880 +condition of consumer equilibrium, MUx over Px + +390 +00:43:17,880 --> 00:43:21,200 +must equal the marginal utility of Y over the + +391 +00:43:21,200 --> 00:43:22,940 +price of Y. This is the first condition. + +392 +00:43:28,240 --> 00:43:33,240 +The second condition is that the consumer must + +393 +00:43:33,240 --> 00:43:41,900 +spend all of his income to buy two goods. income + +394 +00:43:41,900 --> 00:43:48,320 +must equal the price of eggs times the QX plus + +395 +00:43:48,320 --> 00:43:55,220 +price of Y times the QY. This is the second + +396 +00:43:55,220 --> 00:43:55,900 +condition. + +397 +00:44:02,280 --> 00:44:06,080 +This is the first order condition, the second + +398 +00:44:06,080 --> 00:44:07,060 +order condition. + +399 +00:44:11,980 --> 00:44:17,460 +How can we work on this exercise? We have to + +400 +00:44:17,460 --> 00:44:25,320 +calculate the marginal utility of x and the + +401 +00:44:25,320 --> 00:44:32,900 +marginal utility of y and mu x over p x mu y over + +402 +00:44:32,900 --> 00:44:41,320 +p y. So we have four columns, mu x, over PX and + +403 +00:44:41,320 --> 00:44:46,040 +MUI over PY. + +404 +00:44:50,440 --> 00:44:55,600 +Let's calculate the marginal utility of X. For the + +405 +00:44:55,600 --> 00:45:02,800 +first case, we can put zero. Then 16 minus zero + +406 +00:45:02,800 --> 00:45:05,920 +over one minus zero, right? Correct or not? + +407 +00:45:06,200 --> 00:45:12,510 +Because this is 16. Thirty minus sixteen, + +408 +00:45:12,930 --> 00:45:22,630 +fourteen. Eleven, ten, nine, eight, + +409 +00:45:25,210 --> 00:45:32,050 +seven, six, five, + +410 +00:45:33,690 --> 00:45:38,530 +three. Right? This is the marginal utility of X. + +411 +00:45:39,490 --> 00:45:42,550 +What about the marginal iterate of Y? Change in + +412 +00:45:42,550 --> 00:45:45,350 +total iterate of Y over the change in quantity of + +413 +00:45:45,350 --> 00:45:53,650 +Y. The marginal iterate of Y, TuY to 2 minus 1 + +414 +00:45:53,650 --> 00:46:00,290 +over quantity 2 minus 1 to 1. 15 minus 0 over 1 + +415 +00:46:00,290 --> 00:46:08,190 +minus 0, 15. 15 over 1. 28 minus 15 over 2 minus + +416 +00:46:08,190 --> 00:46:15,590 +1. How much? Thirteen. Twelve. + +417 +00:46:17,730 --> 00:46:27,250 +Eight. How much is it? Six. Four. Five. Four. + +418 +00:46:28,610 --> 00:46:38,550 +Three. Two. One. Assumption, increasing periodic + +419 +00:46:38,550 --> 00:46:42,550 +quantity equals one. Otherwise, you have to work on + +420 +00:46:42,550 --> 00:46:48,550 +the formula. Right? Meaning if this is 0,2,10,70, + +421 +00:46: + +445 +00:49:41,670 --> 00:49:44,990 +half. Four point five. No. Four. This is four. I + +446 +00:49:44,990 --> 00:49:48,050 +want to reduce it like this. Four. + +447 +00:49:51,800 --> 00:49:57,200 +This is 4 with 4. This is the first one. 3.5. + +448 +00:49:57,940 --> 00:50:09,660 +There is no 3. There is 3 with 3. 2.5 and 2.5. 1 + +449 +00:50:09,660 --> 00:50:12,580 +.5, 5, 1.5. + +450 +00:50:16,020 --> 00:50:18,680 +Okay? The question. + +451 +00:50:22,240 --> 00:50:23,460 +So, + +452 +00:50:30,880 --> 00:50:36,920 +we can say that the first order condition is met + +453 +00:50:36,920 --> 00:50:46,140 +at four points. The first + +454 +00:50:46,140 --> 00:50:51,670 +order condition is met at four points. then the + +455 +00:50:51,670 --> 00:50:59,590 +first order condition is met at four points then + +456 +00:50:59,590 --> 00:51:09,190 +the first order condition is + +457 +00:51:09,190 --> 00:51:13,950 +met at four points + +458 +00:51:20,020 --> 00:51:22,520 +Four. This is the point where the four is. Where + +459 +00:51:22,520 --> 00:51:27,460 +is the four? Is this four below the X or below the + +460 +00:51:27,460 --> 00:51:33,380 +Y? Here, show me this four. How close is it to Q? + +461 +00:51:34,120 --> 00:51:45,120 +Six. So here, at four, QX equals six. And QY? + +462 +00:51:48,630 --> 00:51:54,130 +Where is the 4? Under the Y, correct? How big is + +463 +00:51:54,130 --> 00:51:57,850 +the Q? 4, then here is the Q, Y is equal to 4, + +464 +00:51:57,910 --> 00:52:00,510 +right? + +465 +00:52:02,170 --> 00:52:05,170 +At 3 + +466 +00:52:11,780 --> 00:52:13,040 +At 2.5 + +467 +00:52:38,590 --> 00:52:44,270 +Height is 2.5 under X. How much is its Q? 9. + +468 +00:52:48,550 --> 00:52:56,250 +QY equals 2.56 at + +469 +00:52:56,250 --> 00:52:58,990 +1.5. + +470 +00:53:03,430 --> 00:53:11,030 +QX equals how much? 10. QY equals how much? Eight. + +471 +00:53:14,870 --> 00:53:22,870 +Eight. The first order condition is met at four + +472 +00:53:22,870 --> 00:53:28,620 +points. So, the consumer can buy under the limited + +473 +00:53:28,620 --> 00:53:36,500 +income, $30. He can buy one of these combinations, + +474 +00:53:37,140 --> 00:53:40,680 +but which is the optimal, which is the best + +475 +00:53:40,680 --> 00:53:44,020 +combination that maximizes the total utility? + +476 +00:53:45,700 --> 00:53:50,320 +Second order + +477 +00:53:50,320 --> 00:53:54,030 +condition. under the limited income. + +478 +00:53:58,110 --> 00:54:05,290 +The best maximizes + +479 +00:54:05,290 --> 00:54:10,690 +the total utility. So we have to apply the second + +480 +00:54:10,690 --> 00:54:15,890 +order condition to determine which is the optimal + +481 +00:54:15,890 --> 00:54:21,030 +combination, the optimal group, the optimal group + +482 +00:54:21,030 --> 00:54:24,550 +yes that maximizes the total utility. So we have + +483 +00:54:24,550 --> 00:54:29,010 +to apply the second order condition here. So the + +484 +00:54:29,010 --> 00:54:37,790 +second, the second order condition, + +485 +00:54:43,130 --> 00:54:49,790 +it try the first case I,must equal price of X + +486 +00:54:49,790 --> 00:54:55,930 +times QX plus price of Y times QY. Income, how + +487 +00:54:55,930 --> 00:54:59,070 +much is income? If we say at four, + +488 +00:55:01,990 --> 00:55:05,950 +the income is thirty, equals price of X, given, + +489 +00:55:07,310 --> 00:55:12,950 +two. The quantity at four, how much is the + +490 +00:55:12,950 --> 00:55:18,330 +quantity of X? Six.plus price of wine is given to + +491 +00:55:18,330 --> 00:55:22,950 +times a quantity Y for him. + +492 +00:55:29,590 --> 00:55:34,330 +Otherwise not. + +493 +00:55:35,190 --> 00:55:41,790 +So at the 30, Must equal. How much? 2x6 is 12. + +494 +00:55:42,690 --> 00:55:49,770 +Plus 8. 12 and 28 don't match. So here it's like + +495 +00:55:49,770 --> 00:55:54,450 +this. 30 doesn't equal 20. So this doesn't match. + +496 +00:55:55,290 --> 00:55:56,810 +So this is what we reflected on. + +497 +00:56:00,450 --> 00:56:04,730 +It must, + +498 +00:56:04,790 --> 00:56:05,770 +it should be equal. + +499 +00:56:10,620 --> 00:56:18,480 +The second, does not + +500 +00:56:18,480 --> 00:56:23,120 +achieve or perform the consumer equilibrium. + +501 +00:56:23,460 --> 00:56:24,000 +Number two. + +502 +00:56:30,840 --> 00:56:38,560 +income 30 must equal price of eggs 2 times the + +503 +00:56:38,560 --> 00:56:45,040 +quantity of eggs 8 plus 2 times 5. + +504 +00:56:48,460 --> 00:56:58,160 +30 must equal 16 plus 10. 30 doesn't equal 26. + +505 +00:57:00,630 --> 00:57:04,170 +Let's go to the third case. Let's try the third + +506 +00:57:04,170 --> 00:57:04,670 +case. + +507 +00:57:07,370 --> 00:57:10,610 +Let's say we have the income which is 30. The + +508 +00:57:10,610 --> 00:57:12,370 +third which is this. Let's write it like this. + +509 +00:57:14,030 --> 00:57:18,490 +Thirty equals price of X two times the quantity of + +510 +00:57:18,490 --> 00:57:29,130 +X nine plus the price of Y two times six. Thirty + +511 +00:57:29,130 --> 00:57:33,450 +equals two times nine, eighteen plus twelve. + +512 +00:57:34,090 --> 00:57:39,230 +Thirty equals thirty. Then, I advise. Try the last + +513 +00:57:39,230 --> 00:57:42,450 +case. It doesn't work. So, the first order + +514 +00:57:42,450 --> 00:57:47,430 +condition might be met in all cases. But, we have + +515 +00:57:47,430 --> 00:57:51,790 +one comparison to do utility maximization, which + +516 +00:57:51,790 --> 00:57:58,390 +is this one. So, I advise the consumer to buy Nine + +517 +00:57:58,390 --> 00:58:05,350 +units of X and six units of Y to maximize the + +518 +00:58:05,350 --> 00:58:06,170 +total utility. + +519 +00:58:11,530 --> 00:58:21,510 +If the + +520 +00:58:21,510 --> 00:58:27,480 +consumer's income declined to 20, Citrus Pyramus. + +521 +00:58:27,780 --> 00:58:32,710 +It doesn't change anything. The income here has + +522 +00:58:32,710 --> 00:58:39,450 +nothing to do with the rest of the world. If the + +523 +00:58:39,450 --> 00:58:42,310 +income is not 30, but 20, how is it going to work + +524 +00:58:42,310 --> 00:58:47,610 +with 4? That's it. The first case. Try it, you + +525 +00:58:47,610 --> 00:58:50,070 +will find 20. In the next question, he says, + +526 +00:58:50,350 --> 00:58:54,490 +suppose that the income declined from 30 to 20. + +527 +00:58:54,930 --> 00:58:58,410 +What is the correlation that makes profit-utility + +528 +00:58:58,410 --> 00:59:14,160 +maximization? If the + +529 +00:59:14,160 --> 00:59:18,220 +price of X declined to 1, + +530 +00:59:20,600 --> 00:59:25,600 +the price + +531 +00:59:25,600 --> 00:59:28,700 +of Y remains constant. + +532 +00:59:46,920 --> 00:59:51,380 +Suppose that the price of eggs declined to one + +533 +00:59:51,380 --> 00:59:58,530 +dollar per unit. Or the income remains constant at + +534 +00:59:58,530 --> 01:00:02,170 +$30, price of Y remains constant at $2. + +535 +01:00:15,970 --> 01:00:19,690 +So what is the optimal combination in this case? + +536 +01:00:20,330 --> 01:00:21,730 +What is the best combination? + +537 +01:00:35,700 --> 01:00:39,100 +You have to work as if you are in a new case. So + +538 +01:00:39,100 --> 01:00:42,140 +my assumption is that the price of X becomes 1, + +539 +01:00:42,480 --> 01:00:45,880 +the price of Y equals 2, and the income equals 30. + +540 +01:00:48,540 --> 01:00:50,380 +You will work in a place where you work in a new + +541 +01:00:50,380 --> 01:00:53,020 +question. It will come like this. Price of x over + +542 +01:00:53,020 --> 01:00:56,840 +mu x over p x. I worked on mu x and mu y. It + +543 +01:00:56,840 --> 01:01:01,900 +becomes like this. Mu x is 16 divided by 1. 14, + +544 +01:01:02,240 --> 01:01:09,970 +11, 10, 9, 8, 7, 6, 5, 3. Right? Where are the + +545 +01:01:09,970 --> 01:01:12,330 +combinations that will work with me? These are the + +546 +01:01:12,330 --> 01:01:16,570 +same as mine. Mux My over Py. Remains constant + +547 +01:01:16,570 --> 01:01:19,430 +because the price of Y remains constant. Right? + +548 +01:01:20,710 --> 01:01:23,170 +Who works with me? Catch 16, there is no 16. + +549 +01:01:24,570 --> 01:01:27,990 +Fourteen, right? Where does it work? Where does it + +550 +01:01:27,990 --> 01:01:32,070 +work? At six, this one works. This is six and six, + +551 +01:01:32,170 --> 01:01:37,300 +right? Then three. Three and three. That's it. + +552 +01:01:37,980 --> 01:01:46,300 +That's it. That's it. + +553 +01:01:46,640 --> 01:01:49,040 +That's it. That's it. That's it. That's it. That's + +554 +01:01:49,100 --> 01:01:51,560 +That's it. That's it. That's it. That's it. That's + +555 +01:01:51,560 --> 01:01:54,760 +it. That's it. That's it. That's it. That's it. + +556 +01:01:55,380 --> 01:01:59,640 +That's it. That's it. That's it. That's it. That's + +557 +01:01:59,640 --> 01:02:02,300 +it. That's it. That's it. That's it. That's it. + +558 +01:02:02,300 --> 01:02:02,520 +That's it. That's it. That's it. That's it. That's + +559 +01:02:02,520 --> 01:02:02,640 +it. That's it. That's it. diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/Ch5iN4YRhv0_postprocess.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/Ch5iN4YRhv0_postprocess.srt new file mode 100644 index 0000000000000000000000000000000000000000..ccb931de4f69161ae4c3695dac9bd24643cf8988 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/Ch5iN4YRhv0_postprocess.srt @@ -0,0 +1,2236 @@ +1 +00:00:20,050 --> 00:00:21,930 +Okay, bismillahirrahmanirrahim. Today, inshallah, + +2 +00:00:22,050 --> 00:00:24,090 +we are going to complete our talk about the + +3 +00:00:24,090 --> 00:00:28,810 +consumer behavior, focusing on the marginal + +4 +00:00:28,810 --> 00:00:34,910 +utility theories. In the last class, We said that + +5 +00:00:34,910 --> 00:00:40,590 +any rational consumer will try to maximize his + +6 +00:00:40,590 --> 00:00:44,430 +benefits or utilities when he consumes or she + +7 +00:00:44,430 --> 00:00:48,370 +consumes different bundles of goods out of the + +8 +00:00:48,370 --> 00:00:53,750 +limited income. And we said that we have four + +9 +00:00:53,750 --> 00:00:59,110 +assumptions. We have one consumer in the market, + +10 +00:01:01,020 --> 00:01:05,880 +which means that we will ignore the ethics or the + +11 +00:01:05,880 --> 00:01:09,120 +consumer's ethics on the change in the market + +12 +00:01:09,120 --> 00:01:12,820 +price and the market equilibrium quantities. + +13 +00:01:13,400 --> 00:01:17,540 +Number two, we have a rational consumer, which + +14 +00:01:17,540 --> 00:01:22,320 +means that the consumer behaves rationally. Number + +15 +00:01:22,320 --> 00:01:26,960 +three, the taste and the preferences for the + +16 +00:01:26,960 --> 00:01:33,920 +consumer. are fixed while studying his or her + +17 +00:01:33,920 --> 00:01:42,020 +behavior. And the last is the consumer has or + +18 +00:01:42,020 --> 00:01:49,260 +received a limited income and allocates or + +19 +00:01:49,260 --> 00:01:53,440 +distributes this income to buy different goods and + +20 +00:01:53,440 --> 00:02:00,440 +services. These are the four assumptions when we + +21 +00:02:00,440 --> 00:02:08,160 +analyze the consumer behavior. So let me have + +22 +00:02:09,600 --> 00:02:12,780 +The following example to understand the idea of + +23 +00:02:12,780 --> 00:02:17,880 +the utility maximization, we said that we have two + +24 +00:02:17,880 --> 00:02:23,360 +theories or two approaches or two schools to + +25 +00:02:23,360 --> 00:02:26,400 +analyze the consumer behavior, the marginal + +26 +00:02:26,400 --> 00:02:29,200 +theory, the marginal utility theory, and the + +27 +00:02:29,200 --> 00:02:33,210 +indifference curve theory. So let's go to the + +28 +00:02:33,210 --> 00:02:34,410 +marginal utility theory. + +29 +00:02:37,410 --> 00:02:46,510 +I will come + +30 +00:02:46,510 --> 00:02:50,210 +back to the last example, numerical example. Okay. + +31 +00:02:51,150 --> 00:02:54,250 +So let's go to the marginal utility theory. + +32 +00:03:01,340 --> 00:03:04,100 +So the Marginal Utility Theory here. + +33 +00:03:14,340 --> 00:03:16,460 +The Marginal Utility Theory means, + +34 +00:03:20,540 --> 00:03:22,880 +to understand the idea of the marginal utility + +35 +00:03:22,880 --> 00:03:27,480 +theory and how can we use or apply this theory to + +36 +00:03:27,480 --> 00:03:30,660 +understand the consumer behavior. Let's have the + +37 +00:03:30,660 --> 00:03:33,960 +following example. Let us assume that we have the + +38 +00:03:33,960 --> 00:03:42,580 +following data about a rational consumer or who + +39 +00:03:42,580 --> 00:03:45,960 +buys + +40 +00:03:45,960 --> 00:03:51,060 +or consumes different goods. quantity consumed or + +41 +00:03:51,060 --> 00:03:54,500 +the quantity purchased or quantity bought here or + +42 +00:03:54,500 --> 00:03:58,140 +quantity demanded. And here the total utility + +43 +00:03:58,140 --> 00:04:03,360 +obtained when he gains or when he consumed or + +44 +00:04:03,360 --> 00:04:06,200 +consumed different goods or different quantities + +45 +00:04:06,200 --> 00:04:12,340 +of this product quantity from zero to nine, zero, + +46 +00:04:12,520 --> 00:04:21,580 +one, two, three, four, Five, six, seven, eight, + +47 +00:04:21,920 --> 00:04:28,320 +nine, zero. One, two, three, four, five, six, + +48 +00:04:28,540 --> 00:04:33,080 +seven, eight, nine. And let us have the following + +49 +00:04:33,080 --> 00:04:35,380 +data. + +50 +00:04:42,180 --> 00:04:45,120 +Zero. Five. + +51 +00:04:53,160 --> 00:05:07,460 +18, 24, 28, 30, 30, 27, 22. + +52 +00:05:13,180 --> 00:05:19,160 +In this example, we are talking about a consumer. + +53 +00:05:20,520 --> 00:05:24,860 +who consumes different quantities of eggs, product + +54 +00:05:24,860 --> 00:05:32,360 +eggs. What will happen if you eat an apple? + +55 +00:05:35,240 --> 00:05:40,860 +You will get benefits or utilities. Adding or + +56 +00:05:40,860 --> 00:05:44,700 +eating one more unit of apple, what will happen? + +57 +00:05:45,000 --> 00:05:48,160 +The total utility or the total benefits will + +58 +00:05:48,160 --> 00:05:54,400 +maximize or increase.Okay? Let us assume that you + +59 +00:05:54,400 --> 00:06:04,000 +are a patient and you had one tablet of a drug. + +60 +00:06:09,880 --> 00:06:17,620 +Few benefits, few utilities. Adding one + +61 +00:06:17,620 --> 00:06:22,780 +more tablet means that you will get more benefits, + +62 +00:06:23,080 --> 00:06:23,780 +more utilities. + +63 +00:06:49,920 --> 00:06:53,740 +So in this example, here we are talking about a + +64 +00:06:53,740 --> 00:06:54,200 +consumer. + +65 +00:06:56,920 --> 00:07:03,980 +When he buys or she buys or consumes zero units. + +66 +00:07:05,500 --> 00:07:11,200 +The total utility obtained here equals zero. There + +67 +00:07:11,200 --> 00:07:17,460 +are no benefits. There are no utilities. When he + +68 +00:07:17,460 --> 00:07:24,460 +consumes one unit, the total benefits or the total + +69 +00:07:24,460 --> 00:07:29,840 +utility obtained or gained here equals five utils + +70 +00:07:29,840 --> 00:07:31,760 +with assumptions + +71 +00:07:34,260 --> 00:07:39,100 +Economists assume that we can measure the utility. + +72 +00:07:40,560 --> 00:07:43,800 +وإن كان في صعوبة في موضوع الـmeasurement، القياس. + +73 +00:07:44,140 --> 00:07:48,400 +يعني إنت واحد أخد حابة حبوب، ماعرفش قدري استفيدت + +74 +00:07:48,400 --> 00:07:52,780 +منها، بس في استفادة. هلأ to manage ال case هذا و + +75 +00:07:52,780 --> 00:08:00,320 +ال theory، جالك لأ أعمل، إنه في مجال إن أعمل يعني + +76 +00:08:00,320 --> 00:08:14,690 +measurement indicator، سموه الـutile. which means + +77 +00:08:14,690 --> 00:08:19,190 +that the consumer consumed + +78 +00:08:19,190 --> 00:08:25,130 +two units. The total utility obtained here from + +79 +00:08:25,130 --> 00:08:30,150 +one plus two equals 11 utils. + +80 +00:08:32,360 --> 00:08:36,640 +Adding one more unit, the total utility obtained + +81 +00:08:36,640 --> 00:08:44,560 +or gained from consuming three units equals 18, 4, + +82 +00:08:45,020 --> 00:08:49,920 +24, 5, 20. The total utility, the total benefits + +83 +00:08:49,920 --> 00:08:55,820 +obtained here as you see at + +84 +00:08:55,820 --> 00:09:02,850 +unit seven. there are no benefits added to this + +85 +00:09:02,850 --> 00:09:08,490 +point here. Which means that this quantity number + +86 +00:09:08,490 --> 00:09:13,310 +seven will add zero utils, no benefits. + +87 +00:09:16,350 --> 00:09:22,290 +Having another one or consuming additional unit + +88 +00:09:24,280 --> 00:09:29,540 +Negative effects or negative impacts on the total + +89 +00:09:29,540 --> 00:09:34,820 +utility here. Okay? Now, we are going to calculate + +90 +00:09:34,820 --> 00:09:39,920 +something which is the marginal utility. The + +91 +00:09:39,920 --> 00:09:45,800 +marginal utility. Marginal utility. + +92 +00:09:49,360 --> 00:09:59,960 +equals the change in total utility, change in + +93 +00:09:59,960 --> 00:10:06,780 +total utility over the change in the quantity + +94 +00:10:06,780 --> 00:10:11,480 +consumed here. Which means what will happen to the + +95 +00:10:11,480 --> 00:10:15,640 +total utility? with the quantity consumed + +96 +00:10:15,640 --> 00:10:18,880 +increased. What will happen? Total utility might + +97 +00:10:18,880 --> 00:10:23,440 +increase, decrease, or remains constant. This + +98 +00:10:23,440 --> 00:10:29,520 +depends on the added or the case itself here. So + +99 +00:10:29,520 --> 00:10:33,700 +the marginal utility, MU, equals the change in + +100 +00:10:33,700 --> 00:10:37,620 +total utility over the change in quantity. Let us + +101 +00:10:37,620 --> 00:10:40,900 +assume that we are talking about product x, + +102 +00:10:41,220 --> 00:10:45,600 +quantity x, and the total utility of x. + +103 +00:10:48,940 --> 00:10:54,310 +So marginal utility of x. equals the change in + +104 +00:10:54,310 --> 00:10:57,990 +total utility of X over change in quantity + +105 +00:10:57,990 --> 00:11:02,290 +consumed of X. So the marginal utility of X equals + +106 +00:11:02,290 --> 00:11:06,050 +total utility of X number two minus total utility + +107 +00:11:06,050 --> 00:11:14,170 +two one, the change over a quantity two minus a + +108 +00:11:14,170 --> 00:11:14,970 +quantity one. + +109 +00:11:18,670 --> 00:11:24,360 +Let's come back here to the table as you see. So + +110 +00:11:24,360 --> 00:11:26,600 +here we are going to calculate the marginal + +111 +00:11:26,600 --> 00:11:31,220 +utility of x. For the first case, there's no + +112 +00:11:31,220 --> 00:11:32,160 +change here. + +113 +00:11:34,800 --> 00:11:40,860 +Number two, total utility two minus one over q2 + +114 +00:11:40,860 --> 00:11:47,140 +minus q1. Five minus zero over one minus zero. So + +115 +00:11:47,140 --> 00:11:53,630 +the first case, Mu, X, for the first case, equals + +116 +00:11:53,630 --> 00:12:00,410 +5 minus 0 over 1 minus 0. 5 minus 0 over 1 minus 0 + +117 +00:12:00,410 --> 00:12:06,490 +equals 5 over 1 equals 5. That's it. What's next? + +118 +00:12:07,570 --> 00:12:16,190 +11 minus 5 over 2 minus 1. That's X. That's X. + +119 +00:12:16,190 --> 00:12:19,410 +That means that each unit we consumed, how much + +120 +00:12:19,410 --> 00:12:22,030 +did it add up to the total benefit? This is the + +121 +00:12:22,030 --> 00:12:30,250 +marginal unit. How much is this? Seven, six, four, + +122 +00:12:31,810 --> 00:12:39,950 +two, zero, minus three, minus five. Of course, + +123 +00:12:39,970 --> 00:12:45,850 +here I assumed that there is one more unit. One + +124 +00:12:45,850 --> 00:12:49,950 +more unit.Sometimes it's not like that. It can be + +125 +00:12:49,950 --> 00:12:56,010 +0, 1, 5, 10. It depends. It works on this formula. + +126 +00:12:56,830 --> 00:13:01,970 +Margin of X equals 2T U2 minus T U1 over Q2 minus + +127 +00:13:01,970 --> 00:13:08,170 +Q1. In all cases. All right. What do you see? The + +128 +00:13:08,170 --> 00:13:16,430 +first quantity added 5 utils. More, 6, 7. + +129 +00:13:20,940 --> 00:13:27,260 +Zero minus. Let us draw the graph that shows the + +130 +00:13:27,260 --> 00:13:30,400 +relationship between the total utility, marginal + +131 +00:13:30,400 --> 00:13:37,680 +utility, and the quantity consumed. Okay. Let's go + +132 +00:13:37,680 --> 00:13:41,440 +to the graph that shows or represents the + +133 +00:13:41,440 --> 00:13:44,840 +relationship between quantity, total utility, and + +134 +00:13:44,840 --> 00:13:47,460 +marginal utility using graph. + +135 +00:13:59,880 --> 00:14:00,560 +In general, + +136 +00:14:04,500 --> 00:14:08,500 +here's the quantity consumed, quantity x. + +137 +00:14:13,000 --> 00:14:18,380 +And here's the total utility of x and the marginal + +138 +00:14:18,380 --> 00:14:19,160 +utility of x. + +139 +00:14:25,250 --> 00:14:28,790 +The graph always looks like this. Look. To make an + +140 +00:14:28,790 --> 00:14:29,650 +analysis on it. + +141 +00:14:32,490 --> 00:14:33,550 +Tu x. + +142 +00:14:41,510 --> 00:14:45,210 +Marginal u to root of x. And + +143 +00:15:04,900 --> 00:15:06,160 +Average utility. + +144 +00:15:17,540 --> 00:15:19,360 +Maximum total utility. + +145 +00:15:56,030 --> 00:15:56,410 +Come on. + +146 +00:15:59,430 --> 00:16:02,610 +Let the graph not draw this gate. But let's do an + +147 +00:16:02,610 --> 00:16:05,010 +analysis on it and then I'll give you the answer. + +148 +00:16:05,370 --> 00:16:08,290 +It's like this. This gate, you see, this gate, the + +149 +00:16:08,290 --> 00:16:10,790 +analysis will come out like this with us. But + +150 +00:16:10,790 --> 00:16:13,590 +let's not draw it. Let's understand it and then + +151 +00:16:13,590 --> 00:16:15,630 +I'll give you the chance. + +152 +00:16:28,700 --> 00:16:29,620 +Okay. + +153 +00:16:34,820 --> 00:16:40,320 +In this graph, we will see or check the + +154 +00:16:40,320 --> 00:16:43,340 +relationship between the total utility and the + +155 +00:16:43,340 --> 00:16:48,880 +marginal utility at the different quantities. In + +156 +00:16:48,880 --> 00:16:51,680 +the horizontal axis, we have the quantity + +157 +00:16:51,680 --> 00:16:52,280 +consumed, + +158 +00:16:57,670 --> 00:17:01,450 +Total utility, marginal utility, the vertical + +159 +00:17:01,450 --> 00:17:11,430 +axis. Let's follow your one, two, three, four, + +160 +00:17:11,990 --> 00:17:13,750 +five, six, seven. + +161 +00:17:17,130 --> 00:17:20,970 +Let's follow the total utility at different + +162 +00:17:20,970 --> 00:17:26,710 +quantities. At equality equals zero, how much is + +163 +00:17:26,710 --> 00:17:31,550 +the total utility? Zero. At equality equals one, + +164 +00:17:31,870 --> 00:17:40,430 +the total utility equals five. At two, eleven. + +165 +00:17:45,090 --> 00:17:51,530 +At three, how much is it? Eighteen. + +166 +00:17:53,650 --> 00:17:56,130 +At four, 24. + +167 +00:18:01,030 --> 00:18:06,610 +At five, 28. + +168 +00:18:13,550 --> 00:18:17,050 +At six, 30. + +169 +00:18:20,930 --> 00:18:31,300 +At seven, 3rd Ezreal at + +170 +00:18:31,300 --> 00:18:39,420 +8,27 again + +171 +00:18:39,420 --> 00:18:43,260 +at 9 + +172 +00:18:43,260 --> 00:18:44,260 +,22 + +173 +00:18:52,950 --> 00:18:55,630 +Represents the relationship between the quantity + +174 +00:18:55,630 --> 00:18:58,950 +consumed and the total utility. So the total + +175 +00:18:58,950 --> 00:19:06,310 +utility curve is always like this. As the quantity + +176 +00:19:06,310 --> 00:19:09,450 +consumed or the quantity pulled, quantity demanded + +177 +00:19:09,450 --> 00:19:13,970 +increased, right? What about the marginal utility? + +178 +00:19:18,210 --> 00:19:22,690 +At a quarter equals zero. How much is it? Zero. + +179 +00:19:25,590 --> 00:19:32,910 +At one, how much is it? Five. At one, + +180 +00:19:34,390 --> 00:19:37,890 +it starts like this. But I don't want to ... There + +181 +00:19:37,890 --> 00:19:39,970 +is an easier way to analyze it. + +182 +00:19:44,890 --> 00:19:46,270 +Let it come to me like this. + +183 +00:19:58,330 --> 00:20:03,950 +At three or two here equals six. + +184 +00:20:10,950 --> 00:20:17,370 +At one + +185 +00:20:17,370 --> 00:20:23,590 +equals five, right? At two equals six. At three + +186 +00:20:23,590 --> 00:20:25,450 +equals seven. + +187 +00:20:39,020 --> 00:20:49,180 +At three here. The data + +188 +00:20:49,180 --> 00:20:51,320 +increasing. + +189 +00:20:52,920 --> 00:20:56,480 +Then decreasing, but then it becomes zero, but + +190 +00:20:56,480 --> 00:20:59,540 +then negative. Yes, what do you see? + +191 +00:21:02,420 --> 00:21:07,240 +The marginal utility acts here. The data + +192 +00:21:07,240 --> 00:21:15,600 +increasing while the quantity increased here. And + +193 +00:21:15,600 --> 00:21:22,960 +then decreased, increasing, Then decreasing until + +194 +00:21:22,960 --> 00:21:30,800 +seven at Q equals seven. Until the quantity equals + +195 +00:21:30,800 --> 00:21:33,600 +zero here. So the quantity equals seven. Right? + +196 +00:21:35,180 --> 00:21:39,780 +Becomes zero. Then as the quantity goes up, + +197 +00:21:39,920 --> 00:21:43,240 +increased, the marginal utility becomes negative + +198 +00:21:43,240 --> 00:21:45,280 +and declining. Okay? + +199 +00:22:13,730 --> 00:22:15,130 +Maximum three. + +200 +00:22:22,890 --> 00:22:26,230 +Okay. Let's go to this graph. As you see, + +201 +00:22:29,650 --> 00:22:36,970 +here we're talking about three stages. Three + +202 +00:22:36,970 --> 00:22:47,120 +stages. Stage one, Stage two and stage three. So + +203 +00:22:47,120 --> 00:22:50,900 +we will classify the stages or the phases here + +204 +00:22:50,900 --> 00:22:57,520 +into three stages or phases. Stage one. + +205 +00:23:06,880 --> 00:23:11,140 +While the total utility increases, + +206 +00:23:16,270 --> 00:23:22,950 +in an increasing rate. From zero to five. + +207 +00:23:28,430 --> 00:23:34,790 +So this total utility is increasing at an + +208 +00:23:34,790 --> 00:23:36,130 +increasing rate. + +209 +00:23:40,190 --> 00:23:44,710 +This is + +210 +00:23:44,710 --> 00:23:48,670 +the first stage. What do you see? The marginal + +211 +00:23:48,670 --> 00:23:52,590 +utility is increasing from zero to five, to six, + +212 +00:23:52,650 --> 00:23:57,850 +to seven. Had a first stage. So, the first stage, + +213 +00:23:59,590 --> 00:24:04,030 +first stage. The first stage, + +214 +00:24:09,110 --> 00:24:13,750 +while the total utility, number one, the total + +215 +00:24:13,750 --> 00:24:15,630 +utility increasing. + +216 +00:24:19,080 --> 00:24:23,440 +at an increasing rate. + +217 +00:24:28,020 --> 00:24:32,940 +What do you see? The marginal utility is + +218 +00:24:32,940 --> 00:24:38,820 +increasing. So while the total utility is + +219 +00:24:38,820 --> 00:24:39,340 +increasing, + +220 +00:24:43,070 --> 00:24:46,710 +The rate is high and fast. What does this mean? + +221 +00:24:47,010 --> 00:24:51,170 +Marginal utility in the graph is high, increasing. + +222 +00:24:51,650 --> 00:24:56,850 +So the marginal utility is increasing and + +223 +00:24:56,850 --> 00:24:57,410 +positive. + +224 +00:25:00,630 --> 00:25:06,350 +Right? The graph says this. While the total + +225 +00:25:06,350 --> 00:25:11,930 +utility is increasing at an increasing rate, Are + +226 +00:25:11,930 --> 00:25:18,530 +you increasing at an increasing rate? The marginal + +227 +00:25:18,530 --> 00:25:22,550 +utility had a total utility. The marginal utility + +228 +00:25:22,550 --> 00:25:24,390 +is increasing and positive. + +229 +00:25:28,210 --> 00:25:31,670 +Stage two, + +230 +00:25:31,790 --> 00:25:37,530 +this is the first stage here. In stage two, the + +231 +00:25:37,530 --> 00:25:44,420 +total utility Increasing, but what about the + +232 +00:25:44,420 --> 00:25:48,960 +increasing grade is lower than the previous case. + +233 +00:25:49,540 --> 00:25:52,600 +It means it didn't grow fast, it became slow. So, + +234 +00:25:52,700 --> 00:25:58,240 +stage two, the total utility is increasing at a + +235 +00:25:58,240 --> 00:26:02,820 +decreasing rate. Come and see this, total utility. + +236 +00:26:03,980 --> 00:26:09,120 +From here, from 18 to 24, it increased, increased, + +237 +00:26:09,320 --> 00:26:09,980 +increased in quantity. + +238 +00:26:20,000 --> 00:26:26,780 +Total utility is increasing at a decreasing rate + +239 +00:26:26,780 --> 00:26:29,100 +or in a decreasing rate. + +240 +00:26:31,100 --> 00:26:41,310 +From 18 to 24, 28 to 30. Decreasing but in a + +241 +00:26:41,310 --> 00:26:42,410 +decreasing rate. + +242 +00:26:45,950 --> 00:26:49,830 +It was in the first stage increasing at an + +243 +00:26:49,830 --> 00:26:54,250 +increasing rate. Only I see the marginal utility + +244 +00:26:54,250 --> 00:26:58,890 +here. Decreasing but it's still positive. Yes. + +245 +00:26:59,870 --> 00:27:04,170 +Yes. Up to this stage, what happens to the + +246 +00:27:04,170 --> 00:27:09,060 +marginal utility? Decreasing. But it's still + +247 +00:27:09,060 --> 00:27:14,140 +positive, right? So when the marginal utility + +248 +00:27:14,140 --> 00:27:14,580 +here. + +249 +00:27:49,380 --> 00:27:52,840 +While or as the total utility increasing at a + +250 +00:27:52,840 --> 00:27:56,570 +decreasing rate, The marginal utility is + +251 +00:27:56,570 --> 00:28:00,770 +decreasing. The MU is decreasing but still + +252 +00:28:00,770 --> 00:28:01,390 +positive. + +253 +00:28:06,210 --> 00:28:11,790 +The third point. When the total utility is + +254 +00:28:11,790 --> 00:28:16,230 +maximized, when the total utility reaches the + +255 +00:28:16,230 --> 00:28:16,530 +peak, + +256 +00:28:19,250 --> 00:28:24,510 +the marginal utility equals zero. So when the + +257 +00:28:24,510 --> 00:28:30,570 +total utility is maximized or the maximum total + +258 +00:28:30,570 --> 00:28:33,590 +utility, marginal utility equals zero. + +259 +00:28:45,800 --> 00:28:48,580 +On the graph here, when the total utility is + +260 +00:28:48,580 --> 00:28:54,040 +maximized at a + +261 +00:28:54,040 --> 00:29:01,300 +quantity seven, the marginal utility equals zero. + +262 +00:29:02,080 --> 00:29:04,740 +Then when the total utility is maximized, + +263 +00:29:07,160 --> 00:29:09,000 +the marginal utility equals zero. + +264 +00:29:12,260 --> 00:29:15,640 +And the quantity seven marginal utility into zero. + +265 +00:29:16,120 --> 00:29:21,440 +Then M U equals zero. When the total utility + +266 +00:29:21,440 --> 00:29:22,680 +starts to decline, + +267 +00:29:25,360 --> 00:29:30,340 +the total utility starts to decline, decreasing + +268 +00:29:30,340 --> 00:29:35,020 +the total utility. This is stage three. When the + +269 +00:29:35,020 --> 00:29:38,300 +total utility declines or goes down, the marginal + +270 +00:29:38,300 --> 00:29:40,280 +utility is declining and negative. + +271 +00:29:44,090 --> 00:29:48,650 +Then MU is negative and declining. + +272 +00:29:52,090 --> 00:29:57,150 +At stage + +273 +00:29:57,150 --> 00:30:00,350 +three here, what do you see? The total utility is + +274 +00:30:00,350 --> 00:30:00,810 +declining. + +275 +00:30:03,510 --> 00:30:07,480 +What do you see in the marginal utility? And + +276 +00:30:07,480 --> 00:30:15,060 +negative. As the + +277 +00:30:15,060 --> 00:30:18,200 +margin, the total utility start to decline from 30 + +278 +00:30:18,200 --> 00:30:24,900 +to 27, 22, 15, 10, honestly, the marginal utility + +279 +00:30:24,900 --> 00:30:29,940 +becomes negative. All right? + +280 +00:30:33,010 --> 00:30:36,090 +As the total utility goes down, the marginal + +281 +00:30:36,090 --> 00:30:41,370 +utility decreases and negative. + +282 +00:30:43,590 --> 00:30:49,990 +Okay? The first stage here, while the total + +283 +00:30:49,990 --> 00:30:54,330 +utility is increasing at an increasing rate, the + +284 +00:30:54,330 --> 00:30:58,000 +marginal utility is increasing at positive. Phase + +285 +00:30:58,000 --> 00:31:02,860 +two, while the total utility is increasing, but in + +286 +00:31:02,860 --> 00:31:04,340 +a decreasing rate. + +287 +00:31:07,640 --> 00:31:13,420 +The marginal utility marrow decreasing, but it's + +288 +00:31:13,420 --> 00:31:18,120 +still positive, bigger than zero. When the total + +289 +00:31:18,120 --> 00:31:21,820 +utility is maximized at the peak of total utility, + +290 +00:31:22,300 --> 00:31:25,420 +the marginal utility equals zero. When the total + +291 +00:31:25,420 --> 00:31:28,880 +utility decreasing, the marginal utility + +292 +00:31:28,880 --> 00:31:35,080 +decreasing and negative. That's it. Yeah. + +293 +00:31:40,350 --> 00:31:44,050 +The first stage, when the totality is increasing + +294 +00:31:44,050 --> 00:31:47,090 +at an increasing rate, the marginal utility is + +295 +00:31:47,090 --> 00:31:51,550 +increasing and still positive. Number two. Number + +296 +00:32:05,350 --> 00:32:09,670 +When the total utility is increasing or in a + +297 +00:32:09,670 --> 00:32:14,170 +decreasing rate while the total utility is + +298 +00:32:14,170 --> 00:32:20,970 +increasing at a decreasing rate, what do you see? + +299 +00:32:21,510 --> 00:32:24,330 +The marginal utility is decreasing but still + +300 +00:32:24,330 --> 00:32:30,370 +positive. Number three. When the total utility is + +301 +00:32:30,370 --> 00:32:36,330 +maximized or reached the peak. Why? When? The TU + +302 +00:32:36,330 --> 00:32:39,450 +reached the peak, + +303 +00:32:46,290 --> 00:32:48,510 +or maximized, + +304 +00:32:51,970 --> 00:32:57,090 +or reached the maximum. Peak, meaning the peak. + +305 +00:33:00,110 --> 00:33:04,620 +The marginal utility equals how much? Zero. the + +306 +00:33:04,620 --> 00:33:09,460 +marginal utility equals zero. Number four, when + +307 +00:33:09,460 --> 00:33:13,320 +the total utility decline, the marginal utility is + +308 +00:33:13,320 --> 00:33:16,580 +declining and negative. + +309 +00:33:17,580 --> 00:33:25,120 +Then when the total utility goes down or + +310 +00:33:25,120 --> 00:33:29,340 +decreases, the marginal utility is decreasing and + +311 +00:33:29,340 --> 00:33:38,420 +negative. Let's go to Study how can the consumer + +312 +00:33:38,420 --> 00:33:42,060 +maximizes + +313 +00:33:42,060 --> 00:33:47,650 +his utilities or her utilities. when he or she + +314 +00:33:47,650 --> 00:33:52,610 +consumes different groups and what are the optimal + +315 +00:33:52,610 --> 00:33:56,790 +quantities, what are the best quantities that the + +316 +00:33:56,790 --> 00:34:00,750 +consumer should buy under the limited income to + +317 +00:34:00,750 --> 00:34:05,670 +maximize utilities and or to maximize the benefits + +318 +00:34:05,670 --> 00:34:11,530 +that he or she gains when he or she consumed the + +319 +00:34:11,530 --> 00:34:14,110 +different groups or different combinations of X + +320 +00:34:14,110 --> 00:34:19,880 +and Y. Let's go to the example to understand the + +321 +00:34:19,880 --> 00:34:25,080 +idea of the consumer maximization or utility + +322 +00:34:25,080 --> 00:34:29,120 +maximization by using the marginal utility theory. + +323 +00:34:30,140 --> 00:34:33,220 +So let us assume that we have the following data + +324 +00:34:33,220 --> 00:34:36,400 +about + +325 +00:34:36,400 --> 00:34:44,140 +a rational consumer who + +326 +00:34:44,140 --> 00:34:52,690 +consumes two goods, X and Y, and while the + +327 +00:34:52,690 --> 00:34:58,570 +consumption of these combinations, X and Y, are + +328 +00:34:58,570 --> 00:35:04,710 +two goods, he will gain different total utilities. + +329 +00:35:05,970 --> 00:35:10,270 +So here we're talking about a consumer who + +330 +00:35:10,270 --> 00:35:16,650 +consumes different combinations, the quantity, of + +331 +00:35:16,650 --> 00:35:24,010 +X and Y 0 1 + +332 +00:35:24,010 --> 00:35:42,130 +2 3 4 5 6 7 8 + +333 +00:35:50,680 --> 00:35:58,660 +and 10 my and 10 0 + +334 +00:35:58,660 --> 00:36:09,300 +1 2 3 4 5 6 7 8 9 10 the + +335 +00:36:09,300 --> 00:36:12,980 +total utility obtained will be consumed or + +336 +00:36:12,980 --> 00:36:20,280 +consumes x the total utility of x equals + +337 +00:36:22,530 --> 00:36:23,050 +Zero. + +338 +00:36:28,370 --> 00:36:29,770 +Sixteen. + +339 +00:36:32,610 --> 00:36:37,990 +Fourteen. Thirty. Forty-one. + +340 +00:36:41,290 --> 00:36:50,390 +Fifty-one. Sixty. Sixty-eight. Seven. Seventy + +341 +00:36:50,390 --> 00:36:50,430 +-five. + +342 +00:37:08,480 --> 00:37:11,820 +Total and total, why? + +343 +00:37:18,400 --> 00:37:22,300 +Zero Fifteen + +344 +00:37:24,580 --> 00:37:30,260 +and 13, 28, 12, + +345 +00:37:31,300 --> 00:37:34,480 +40, + +346 +00:37:36,080 --> 00:37:42,800 +48, and 6, 54, 59, + +347 +00:37:44,300 --> 00:37:46,180 +63, + +348 +00:37:49,000 --> 00:37:51,360 +and 4, and 3, 66, + +349 +00:38:02,470 --> 00:38:13,710 +If the consumer income, if the consumer income + +350 +00:38:13,710 --> 00:38:16,850 +equals + +351 +00:38:16,850 --> 00:38:17,930 +$30 + +352 +00:38:24,200 --> 00:38:33,580 +And the price of X, product X equals + +353 +00:38:33,580 --> 00:38:36,860 +$2. + +354 +00:38:39,040 --> 00:38:41,400 +And the price per unit of Y, + +355 +00:38:45,740 --> 00:38:47,160 +$2 as well. + +356 +00:38:59,320 --> 00:39:13,180 +calculate the quantity x and y that maximizes the + +357 +00:39:13,180 --> 00:39:19,220 +total utility or + +358 +00:39:21,690 --> 00:39:26,010 +that achieves or performs the consumer + +359 +00:39:26,010 --> 00:39:32,350 +equilibrium. Or the + +360 +00:39:32,350 --> 00:39:37,870 +quadrant X and Y that performs + +361 +00:39:37,870 --> 00:39:41,810 +the + +362 +00:39:41,810 --> 00:39:47,130 +consumer equilibrium. + +363 +00:40:24,280 --> 00:40:27,680 +I finished. Not yet, okay. + +364 +00:40:32,940 --> 00:40:37,260 +Or that performs or achieves the consumer + +365 +00:40:37,260 --> 00:40:37,980 +equilibrium. + +366 +00:41:00,490 --> 00:41:05,290 +Okay, in this example, we are talking about a + +367 +00:41:05,290 --> 00:41:11,570 +consumer and this consumer receives + +368 +00:41:11,570 --> 00:41:19,250 +an income of $30 and + +369 +00:41:19,250 --> 00:41:25,900 +the price of per unit of X equals two, the price + +370 +00:41:25,900 --> 00:41:30,480 +per unit of Y equals two as well. And we have + +371 +00:41:30,480 --> 00:41:35,920 +different combinations of X and Y that gives him + +372 +00:41:35,920 --> 00:41:41,980 +or give him different total utilities, which means + +373 +00:41:41,980 --> 00:41:49,040 +if the consumer, this is a quantum X and Y, Yes, + +374 +00:41:50,420 --> 00:41:54,180 +you're talking about X and Y. If the consumer + +375 +00:41:54,180 --> 00:41:57,980 +consumes zero from X, the total utility obtained + +376 +00:41:57,980 --> 00:42:03,560 +equals zero. One unit of X means 16 utils. Two + +377 +00:42:03,560 --> 00:42:08,520 +units of X, 30, as you see. The quantity zero from + +378 +00:42:08,520 --> 00:42:13,180 +Y will give him zero for zero utility of Y. One + +379 +00:42:13,180 --> 00:42:20,410 +unit of Y gives him 15 utils. Two, as you can see. + +380 +00:42:21,200 --> 00:42:23,980 +Now, what is your advice? + +381 +00:42:27,140 --> 00:42:33,440 +What is + +382 +00:42:33,440 --> 00:42:38,340 +your advice to him to maximize his benefits or his + +383 +00:42:38,340 --> 00:42:46,200 +total utility? What is your advice for him to buy? + +384 +00:42:49,870 --> 00:42:57,730 +And why should he buy? We have two conditions for + +385 +00:42:57,730 --> 00:43:00,150 +the market equilibrium or the consumer + +386 +00:43:00,150 --> 00:43:03,210 +equilibrium. We have two conditions. The condition + +387 +00:43:03,210 --> 00:43:07,510 +number one, the marginal utility of X over the + +388 +00:43:07,510 --> 00:43:10,530 +price of X must equal. And this is the first + +389 +00:43:10,530 --> 00:43:17,880 +condition. of consumer equilibrium, MUx over Px + +390 +00:43:17,880 --> 00:43:21,200 +must equal the marginal utility of Y over the + +391 +00:43:21,200 --> 00:43:22,940 +price of Y. This is the first condition. + +392 +00:43:28,240 --> 00:43:33,240 +The second condition is that the consumer must + +393 +00:43:33,240 --> 00:43:41,900 +spend all of his income to buy two goods. income + +394 +00:43:41,900 --> 00:43:48,320 +must equal the price of eggs times the QX plus + +395 +00:43:48,320 --> 00:43:55,220 +price of Y times the QY. This is the second + +396 +00:43:55,220 --> 00:43:55,900 +condition. + +397 +00:44:02,280 --> 00:44:06,080 +This is the first order condition, the second + +398 +00:44:06,080 --> 00:44:07,060 +order condition. + +399 +00:44:11,980 --> 00:44:17,460 +How can we work on this exercise? We have to + +400 +00:44:17,460 --> 00:44:25,320 +calculate the marginal utility of x and the + +401 +00:44:25,320 --> 00:44:32,900 +marginal utility of y and mu x over p x mu y over + +402 +00:44:32,900 --> 00:44:41,320 +p y. So we have four columns, mu x, over PX and + +403 +00:44:41,320 --> 00:44:46,040 +MUI over PY. + +404 +00:44:50,440 --> 00:44:55,600 +Let's calculate the marginal utility of X. For the + +405 +00:44:55,600 --> 00:45:02,800 +first case, we can put zero. Then 16 minus zero + +406 +00:45:02,800 --> 00:45:05,920 +over one minus zero, right? Correct or not? + +407 +00:45:06,200 --> 00:45:12,510 +Because this is 16. Thirty minus sixteen, + +408 +00:45:12,930 --> 00:45:22,630 +fourteen. Eleven, ten, nine, eight, + +409 +00:45:25,210 --> 00:45:32,050 +seven, six, five, + +410 +00:45:33,690 --> 00:45:38,530 +three. Right? This is the marginal utility of X. + +411 +00:45:39,490 --> 00:45:42,550 +What about the marginal iterate of Y? Change in + +412 +00:45:42,550 --> 00:45:45,350 +total iterate of Y over the change in quantity of + +413 +00:45:45,350 --> 00:45:53,650 +Y. The marginal iterate of Y, TuY to 2 minus 1 + +414 +00:45:53,650 --> 00:46:00,290 +over quantity 2 minus 1 to 1. 15 minus 0 over 1 + +415 +00:46:00,290 --> 00:46:08,190 +minus 0, 15. 15 over 1. 28 minus 15 over 2 minus + +416 +00:46:08,190 --> 00:46:15,590 +1. How much? Thirteen. Twelve. + +417 +00:46:17,730 --> 00:46:27,250 +Eight. How much is it? Six. Four. Five. Four. + +418 +00:46:28,610 --> 00:46:38,550 +Three. Two. One. Assumption, increasing periodic + +419 +00:46:38,550 --> 00:46:42,550 +quantity equals one.Otherwise, you have to work on + +420 +00:46:42,550 --> 00:46:48,550 +the formula. Right? Meaning if this is 0,2,10,70, + +421 +00:46:48,870 --> 00:46:53,910 +you have to work on the formula. Okay? Okay. Let's + +422 +00:46:53,910 --> 00:46:57,150 +calculate the marginal unit of X over price of X + +423 +00:46:57,150 --> 00:47:01,110 +and marginal unit of Y over price of Y. MUX over + +424 +00:47:01,110 --> 00:47:06,730 +PX. MUX, I will put them like this later. MUX is + +425 +00:47:06,730 --> 00:47:13,370 +16 over the price of X.2, 16 over 2, 8. This is 16 + +426 +00:47:13,370 --> 00:47:20,190 +over 2 equals 8. What else? 14, MUX over price of + +427 +00:47:20,190 --> 00:47:27,310 +X. I wrote this to tell you honestly. Who asked + +428 +00:47:27,310 --> 00:47:30,310 +this question? Come on, Hanad, answer. Come on. + +429 +00:47:30,770 --> 00:47:36,650 +MUX, the formula, MUX over PX. How much is MUX? 16 + +430 +00:47:36,650 --> 00:47:38,710 +over the price of X, 2. + +431 +00:47:42,770 --> 00:47:55,230 +14 over 2 equals 7. 11 over 2 equals + +432 +00:47:55,230 --> 00:48:08,590 +5. 4.5, 3.5, 3, 1.5. + +433 +00:48:16,500 --> 00:48:24,140 +Let's go to MUY over PY. Where is the MUY? 15 over + +434 +00:48:24,140 --> 00:48:26,380 +price of Y. This is PY. + +435 +00:48:33,920 --> 00:48:35,520 +MUY over PY. + +436 +00:48:38,850 --> 00:48:52,510 +15 over 2, low price of wine. 7.5. 7.5 + +437 +00:48:52,510 --> 00:48:52,770 +here, + +438 +00:48:56,450 --> 00:49:09,130 +6.5, 6, 4, 3, 2.5, 2, 1.5, One half. + +439 +00:49:11,990 --> 00:49:21,930 +The first order condition is mid. Where? When MUX + +440 +00:49:21,930 --> 00:49:25,370 +over PX is equal to the first order condition. + +441 +00:49:25,790 --> 00:49:28,070 +This is eight, so I hold it like this. Eight. Are + +442 +00:49:28,070 --> 00:49:33,210 +there eights? No. No. Seven. Are there sevens? No. + +443 +00:49:33,790 --> 00:49:36,870 +No. Then, five and a half. Are there five and a + +444 +00:49:36,870 --> 00:49:41,670 +half? No. Five. Are there fives? No. Four and a + +445 +00:49:41,670 --> 00:49:44,990 +half. Four point five. No. Four. This is four. I + +446 +00:49:44,990 --> 00:49:48,050 +want to reduce it like this. Four. + +447 +00:49:51,800 --> 00:49:57,200 +This is 4 with 4. This is the first one. 3.5. + +448 +00:49:57,940 --> 00:50:09,660 +There is no 3. There is 3 with 3. 2.5 and 2.5. 1 + +449 +00:50:09,660 --> 00:50:12,580 +.5, 5, 1.5. + +450 +00:50:16,020 --> 00:50:18,680 +Okay? The question. + +451 +00:50:22,240 --> 00:50:23,460 +So, + +452 +00:50:30,880 --> 00:50:36,920 +we can say that the first order condition is met + +453 +00:50:36,920 --> 00:50:46,140 +at four points. The first + +454 +00:50:46,140 --> 00:50:51,670 +order condition is met at four points. then the + +455 +00:50:51,670 --> 00:50:59,590 +first order condition is met at four points then + +456 +00:50:59,590 --> 00:51:09,190 +the first order condition is + +457 +00:51:09,190 --> 00:51:13,950 +met at four points + +458 +00:51:20,020 --> 00:51:22,520 +Four. This is the point where the four is. Where + +459 +00:51:22,520 --> 00:51:27,460 +is the four? Is this four below the X or below the + +460 +00:51:27,460 --> 00:51:33,380 +Y? Here, show me this four. How close is it to Q? + +461 +00:51:34,120 --> 00:51:45,120 +Six. So here, at four, QX equals six. And QY? + +462 +00:51:48,630 --> 00:51:54,130 +Where is the 4? Under the Y, correct? How big is + +463 +00:51:54,130 --> 00:51:57,850 +the Q? 4, then here is the Q, Y is equal to 4, + +464 +00:51:57,910 --> 00:52:00,510 +right? + +465 +00:52:02,170 --> 00:52:05,170 +At 3 + +466 +00:52:11,780 --> 00:52:13,040 +At 2.5 + +467 +00:52:38,590 --> 00:52:44,270 +Height is 2.5 under X. How much is its Q? 9. + +468 +00:52:48,550 --> 00:52:56,250 +QY equals 2.56 at + +469 +00:52:56,250 --> 00:52:58,990 +1.5. + +470 +00:53:03,430 --> 00:53:11,030 +QX equals how much? 10.EQY equals how much? Eight. + +471 +00:53:14,870 --> 00:53:22,870 +Eight. The first order condition is met at four + +472 +00:53:22,870 --> 00:53:28,620 +points. So, the consumer can buy under the limited + +473 +00:53:28,620 --> 00:53:36,500 +income, $30. He can buy one of these combinations, + +474 +00:53:37,140 --> 00:53:40,680 +but which is the optimal, which is the best + +475 +00:53:40,680 --> 00:53:44,020 +combination that maximizes the total utility? + +476 +00:53:45,700 --> 00:53:50,320 +Second order + +477 +00:53:50,320 --> 00:53:54,030 +condition. under the limited income. + +478 +00:53:58,110 --> 00:54:05,290 +The best maximizes + +479 +00:54:05,290 --> 00:54:10,690 +the total utility. So we have to apply the second + +480 +00:54:10,690 --> 00:54:15,890 +order condition to determine which is the optimal + +481 +00:54:15,890 --> 00:54:21,030 +combination, the optimal group, the optimal group + +482 +00:54:21,030 --> 00:54:24,550 +yes that maximizes the total utility. So we have + +483 +00:54:24,550 --> 00:54:29,010 +to apply the second order condition here. So the + +484 +00:54:29,010 --> 00:54:37,790 +second, the second order condition, + +485 +00:54:43,130 --> 00:54:49,790 +it try the first case I,must equal price of X + +486 +00:54:49,790 --> 00:54:55,930 +times QX plus price of Y times QY. Income, how + +487 +00:54:55,930 --> 00:54:59,070 +much is income? If we say at four, + +488 +00:55:01,990 --> 00:55:05,950 +the income is thirty, equals price of X, given, + +489 +00:55:07,310 --> 00:55:12,950 +two. The quantity at four, how much is the + +490 +00:55:12,950 --> 00:55:18,330 +quantity of X? Six.plus price of wine is given to + +491 +00:55:18,330 --> 00:55:22,950 +times a quantity Y for him. + +492 +00:55:29,590 --> 00:55:34,330 +Otherwise not. + +493 +00:55:35,190 --> 00:55:41,790 +So at the 30, Must equal. How much? 2x6 is 12. + +494 +00:55:42,690 --> 00:55:49,770 +Plus 8. 12 and 28 don't match. So here it's like + +495 +00:55:49,770 --> 00:55:54,450 +this. 30 doesn't equal 20. So this doesn't match. + +496 +00:55:55,290 --> 00:55:56,810 +So this is what we reflected on. + +497 +00:56:00,450 --> 00:56:04,730 +It must, + +498 +00:56:04,790 --> 00:56:05,770 +it should be equal. + +499 +00:56:10,620 --> 00:56:18,480 +The second, does not + +500 +00:56:18,480 --> 00:56:23,120 +achieve or perform the consumer equilibrium. + +501 +00:56:23,460 --> 00:56:24,000 +Number two. + +502 +00:56:30,840 --> 00:56:38,560 +income 30 must equal price of eggs 2 times the + +503 +00:56:38,560 --> 00:56:45,040 +quantity of eggs 8 plus 2 times 5. + +504 +00:56:48,460 --> 00:56:58,160 +30 must equal 16 plus 10. 30 doesn't equal 26. + +505 +00:57:00,630 --> 00:57:04,170 +Let's go to the third case. Let's try the third + +506 +00:57:04,170 --> 00:57:04,670 +case. + +507 +00:57:07,370 --> 00:57:10,610 +Let's say we have the income which is 30. The + +508 +00:57:10,610 --> 00:57:12,370 +third which is this. Let's write it like this. + +509 +00:57:14,030 --> 00:57:18,490 +Thirty equals price of X two times the quantity of + +510 +00:57:18,490 --> 00:57:29,130 +X nine plus the price of Y two times six. Thirty + +511 +00:57:29,130 --> 00:57:33,450 +equals two times nine, eighteen plus twelve. + +512 +00:57:34,090 --> 00:57:39,230 +Thirty equals thirty. Then, I advise. Try the last + +513 +00:57:39,230 --> 00:57:42,450 +case. It doesn't work. So, the first order + +514 +00:57:42,450 --> 00:57:47,430 +condition might be met in all cases. But, we have + +515 +00:57:47,430 --> 00:57:51,790 +one comparison to do utility maximization, which + +516 +00:57:51,790 --> 00:57:58,390 +is this one. So, I advise the consumer to buy Nine + +517 +00:57:58,390 --> 00:58:05,350 +units of X and six units of Y to maximize the + +518 +00:58:05,350 --> 00:58:06,170 +total utility. + +519 +00:58:11,530 --> 00:58:21,510 +If the + +520 +00:58:21,510 --> 00:58:27,480 +consumer's income declined to 20, Citrus Pyramus. + +521 +00:58:27,780 --> 00:58:32,710 +It doesn't change anything. The income here has + +522 +00:58:32,710 --> 00:58:39,450 +nothing to do with the rest of the world. If the + +523 +00:58:39,450 --> 00:58:42,310 +income is not 30, but 20, how is it going to work + +524 +00:58:42,310 --> 00:58:47,610 +with 4? That's it. The first case. Try it, you + +525 +00:58:47,610 --> 00:58:50,070 +will find 20. In the next question, he says, + +526 +00:58:50,350 --> 00:58:54,490 +suppose that the income declined from 30 to 20. + +527 +00:58:54,930 --> 00:58:58,410 +What is the correlation that makes profit-utility + +528 +00:58:58,410 --> 00:59:14,160 +maximization? If the + +529 +00:59:14,160 --> 00:59:18,220 +price of X declined to 1, + +530 +00:59:20,600 --> 00:59:25,600 +the price + +531 +00:59:25,600 --> 00:59:28,700 +of Y remains constant. + +532 +00:59:46,920 --> 00:59:51,380 +Suppose that the price of eggs declined to one + +533 +00:59:51,380 --> 00:59:58,530 +dollar per unit. Or the income remains constant at + +534 +00:59:58,530 --> 01:00:02,170 +$30, price of Y remains constant at $2. + +535 +01:00:15,970 --> 01:00:19,690 +So what is the optimal combination in this case? + +536 +01:00:20,330 --> 01:00:21,730 +What is the best combination? + +537 +01:00:35,700 --> 01:00:39,100 +You have to work as if you are in a new case. So + +538 +01:00:39,100 --> 01:00:42,140 +my assumption is that the price of X becomes 1, + +539 +01:00:42,480 --> 01:00:45,880 +the price of Y equals 2, and the income equals 30. + +540 +01:00:48,540 --> 01:00:50,380 +You will work in a place where you work in a new + +541 +01:00:50,380 --> 01:00:53,020 +question. It will come like this. Price of x over + +542 +01:00:53,020 --> 01:00:56,840 +mu x over p x. I worked on mu x and mu y. It + +543 +01:00:56,840 --> 01:01:01,900 +becomes like this. Mu x is 16 divided by 1. 14, + +544 +01:01:02,240 --> 01:01:09,970 +11, 10, 9, 8, 7, 6, 5, 3. Right? Where are the + +545 +01:01:09,970 --> 01:01:12,330 +combinations that will work with me? These are the + +546 +01:01:12,330 --> 01:01:16,570 +same as mine. Mux My over Py. Remains constant + +547 +01:01:16,570 --> 01:01:19,430 +because the price of Y remains constant. Right? + +548 +01:01:20,710 --> 01:01:23,170 +Who works with me? Catch 16, there is no 16. + +549 +01:01:24,570 --> 01:01:27,990 +Fourteen, right? Where does it work? Where does it + +550 +01:01:27,990 --> 01:01:32,070 +work? At six, this one works. This is six and six, + +551 +01:01:32,170 --> 01:01:37,300 +right? Then three. Three and three. That's it. + +552 +01:01:37,980 --> 01:01:46,300 +That's it. That's it. + +553 +01:01:46,640 --> 01:01:49,040 +That's it. That's it. That's it. That's it. That's + +554 +01:01:49,100 --> 01:01:51,560 +That's it. That's it. That's it. That's it. That's + +555 +01:01:51,560 --> 01:01:54,760 +it. That's it. That's it. That's it. That's it. + +556 +01:01:55,380 --> 01:01:59,640 +That's it. That's it. That's it. That's it. That's + +557 +01:01:59,640 --> 01:02:02,300 +it. That's it. That's it. That's it. That's it. + +558 +01:02:02,300 --> 01:02:02,520 +That's it. That's it. That's it. That's it. That's + +559 +01:02:02,520 --> 01:02:02,640 +it. That's it. That's it. + diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/Ch5iN4YRhv0_raw.json b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/Ch5iN4YRhv0_raw.json new file mode 100644 index 0000000000000000000000000000000000000000..4d9b17bc95804335ee3ddcdc6e981a705b53a7b3 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/Ch5iN4YRhv0_raw.json @@ -0,0 +1 @@ +{"segments": [{"id": 1, "seek": 3290, "start": 20.05, "end": 32.91, "text": " Okay, bismillahirrahmanirrahim. Today, inshallah, we are going to complete our talk about the consumer behavior, focusing on the marginal utility theories. In the last class,", "tokens": [1033, 11, 272, 1434, 32703, 347, 15688, 1601, 347, 15688, 332, 13, 2692, 11, 1028, 71, 13492, 11, 321, 366, 516, 281, 3566, 527, 751, 466, 264, 9711, 5223, 11, 8416, 322, 264, 16885, 14877, 13667, 13, 682, 264, 1036, 1508, 11], "avg_logprob": -0.2452761586322341, "compression_ratio": 1.3358778625954197, "no_speech_prob": 3.5762786865234375e-07, "words": [{"start": 20.05, "end": 20.35, "word": " Okay,", "probability": 0.64306640625}, {"start": 20.45, "end": 21.11, "word": " bismillahirrahmanirrahim.", "probability": 0.8136257595486112}, {"start": 21.29, "end": 21.63, "word": " Today,", "probability": 0.888671875}, {"start": 21.75, "end": 21.93, "word": " inshallah,", "probability": 0.7169596354166666}, {"start": 22.05, "end": 22.11, "word": " we", "probability": 0.94091796875}, {"start": 22.11, "end": 22.27, "word": " are", "probability": 0.8955078125}, {"start": 22.27, "end": 22.49, "word": " going", "probability": 0.9580078125}, {"start": 22.49, "end": 22.67, "word": " to", "probability": 0.9716796875}, {"start": 22.67, "end": 23.01, "word": " complete", "probability": 0.7744140625}, {"start": 23.01, "end": 23.19, "word": " our", "probability": 0.87646484375}, {"start": 23.19, "end": 23.45, "word": " talk", "probability": 0.9140625}, {"start": 23.45, "end": 23.83, "word": " about", "probability": 0.89013671875}, {"start": 23.83, "end": 24.09, "word": " the", "probability": 0.7978515625}, {"start": 24.09, "end": 24.59, "word": " consumer", "probability": 0.82421875}, {"start": 24.59, "end": 25.21, "word": " behavior,", "probability": 0.8642578125}, {"start": 26.85, "end": 27.87, "word": " focusing", "probability": 0.455322265625}, {"start": 27.87, "end": 28.39, "word": " on", "probability": 0.94580078125}, {"start": 28.39, "end": 28.51, "word": " the", "probability": 0.84716796875}, {"start": 28.51, "end": 28.81, "word": " marginal", "probability": 0.81494140625}, {"start": 28.81, "end": 29.31, "word": " utility", "probability": 0.94677734375}, {"start": 29.31, "end": 29.89, "word": " theories.", "probability": 0.86669921875}, {"start": 30.91, "end": 31.47, "word": " In", "probability": 0.931640625}, {"start": 31.47, "end": 31.59, "word": " the", "probability": 0.92431640625}, {"start": 31.59, "end": 32.45, "word": " last", "probability": 0.88818359375}, {"start": 32.45, "end": 32.91, "word": " class,", "probability": 0.92578125}], "temperature": 1.0}, {"id": 2, "seek": 5911, "start": 33.73, "end": 59.11, "text": " We said that any rational consumer will try to maximize his benefits or utilities when he consumes or she consumes different bundles of goods out of the limited income. And we said that we have four assumptions. 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Number two, we have a rational consumer, which means that the consumer behaves rationally. 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So let me have", "tokens": [1981, 366, 264, 1451, 17695, 562, 321, 12477, 264, 9711, 5223, 13, 407, 718, 385, 362], "avg_logprob": -0.16762408088235295, "compression_ratio": 1.0897435897435896, "no_speech_prob": 0.0, "words": [{"start": 115.44, "end": 116.3, "word": " These", "probability": 0.313232421875}, {"start": 116.3, "end": 116.58, "word": " are", "probability": 0.9521484375}, {"start": 116.58, "end": 116.74, "word": " the", "probability": 0.91650390625}, {"start": 116.74, "end": 117.3, "word": " four", "probability": 0.93896484375}, {"start": 117.3, "end": 119.58, "word": " assumptions", "probability": 0.95849609375}, {"start": 119.58, "end": 120.28, "word": " when", "probability": 0.8662109375}, {"start": 120.28, "end": 120.44, "word": " we", "probability": 0.966796875}, {"start": 120.44, "end": 121.1, "word": " analyze", "probability": 0.8984375}, {"start": 121.1, "end": 121.48, "word": " the", "probability": 0.9140625}, {"start": 121.48, "end": 121.94, "word": " consumer", 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I will come back to the last example, numerical example. Okay. So let's go to the marginal utility theory.", "tokens": [407, 718, 311, 352, 281, 264, 16885, 14877, 5261, 13, 286, 486, 808, 646, 281, 264, 1036, 1365, 11, 29054, 1365, 13, 1033, 13, 407, 718, 311, 352, 281, 264, 16885, 14877, 5261, 13], "avg_logprob": -0.20290178741727558, "compression_ratio": 1.5408163265306123, "no_speech_prob": 1.7881393432617188e-07, "words": [{"start": 151.23, "end": 151.53, "word": " So", "probability": 0.90625}, {"start": 151.53, "end": 151.89, "word": " let's", "probability": 0.910888671875}, {"start": 151.89, "end": 152.21, "word": " go", "probability": 0.96435546875}, {"start": 152.21, "end": 152.95, "word": " to", "probability": 0.95361328125}, {"start": 152.95, "end": 153.21, "word": " the", "probability": 0.8974609375}, {"start": 153.21, "end": 153.61, "word": " marginal", "probability": 0.708984375}, {"start": 153.61, "end": 154.03, "word": " utility", "probability": 0.95361328125}, {"start": 154.03, "end": 154.41, "word": " theory.", "probability": 0.8603515625}, {"start": 157.41, "end": 158.19, "word": " I", "probability": 0.11505126953125}, {"start": 158.19, "end": 160.81, "word": " will", "probability": 0.6396484375}, {"start": 160.81, "end": 166.51, "word": " come", "probability": 0.87158203125}, {"start": 166.51, "end": 166.83, "word": " back", "probability": 0.884765625}, {"start": 166.83, "end": 166.99, "word": " to", "probability": 0.9658203125}, {"start": 166.99, "end": 167.17, "word": " the", "probability": 0.9169921875}, {"start": 167.17, "end": 167.43, "word": " last", "probability": 0.71337890625}, {"start": 167.43, "end": 167.97, "word": " example,", "probability": 0.7568359375}, {"start": 168.11, "end": 168.37, "word": " numerical", "probability": 0.9423828125}, {"start": 168.37, "end": 168.97, "word": " example.", "probability": 0.9736328125}, {"start": 170.11, "end": 170.21, "word": " Okay.", "probability": 0.615234375}, {"start": 171.15, "end": 171.57, "word": " So", "probability": 0.94873046875}, {"start": 171.57, "end": 172.47, "word": " let's", "probability": 0.9365234375}, {"start": 172.47, "end": 172.61, "word": " go", "probability": 0.96533203125}, {"start": 172.61, "end": 172.77, "word": " to", "probability": 0.95849609375}, {"start": 172.77, "end": 172.91, "word": " the", "probability": 0.92041015625}, {"start": 172.91, "end": 173.33, "word": " marginal", "probability": 0.90087890625}, {"start": 173.33, "end": 173.79, "word": " utility", "probability": 0.9609375}, {"start": 173.79, "end": 174.25, "word": " theory.", "probability": 0.85595703125}], "temperature": 1.0}, {"id": 8, "seek": 19646, "start": 181.34, "end": 196.46, "text": " So the Marginal Utility Theory here. The Marginal Utility Theory means,", "tokens": [407, 264, 2039, 1494, 304, 12555, 1140, 29009, 510, 13, 440, 2039, 1494, 304, 12555, 1140, 29009, 1355, 11], "avg_logprob": -0.4546874925494194, "compression_ratio": 1.309090909090909, "no_speech_prob": 0.0, "words": [{"start": 181.34, "end": 182.18, "word": " So", "probability": 0.1805419921875}, {"start": 182.18, "end": 182.66, "word": " the", "probability": 0.76904296875}, {"start": 182.66, "end": 183.08, "word": " Marginal", "probability": 0.7437337239583334}, {"start": 183.08, "end": 183.4, "word": " Utility", "probability": 0.92236328125}, {"start": 183.4, "end": 183.68, "word": " Theory", "probability": 0.83203125}, {"start": 183.68, "end": 184.1, "word": " here.", "probability": 0.47900390625}, {"start": 194.34, "end": 195.18, "word": " The", "probability": 0.460693359375}, {"start": 195.18, "end": 195.58, "word": " Marginal", "probability": 0.9793294270833334}, {"start": 195.58, "end": 195.82, "word": " Utility", "probability": 0.955078125}, {"start": 195.82, "end": 196.06, "word": " Theory", "probability": 0.9013671875}, {"start": 196.06, "end": 196.46, "word": " means,", "probability": 0.93896484375}], "temperature": 1.0}, {"id": 9, "seek": 22858, "start": 200.54, "end": 228.58, "text": " to understand the idea of the marginal utility theory and how can we use or apply this theory to understand the consumer behavior. Let's have the following example. Let us assume that we have the following data about a rational consumer or who buys or consumes different goods.", "tokens": [281, 1223, 264, 1558, 295, 264, 16885, 14877, 5261, 293, 577, 393, 321, 764, 420, 3079, 341, 5261, 281, 1223, 264, 9711, 5223, 13, 961, 311, 362, 264, 3480, 1365, 13, 961, 505, 6552, 300, 321, 362, 264, 3480, 1412, 466, 257, 15090, 9711, 420, 567, 28153, 420, 48823, 819, 10179, 13], "avg_logprob": -0.15241744945634086, "compression_ratio": 1.7160493827160495, "no_speech_prob": 0.0, "words": [{"start": 200.54, "end": 200.74, "word": " to", "probability": 0.448974609375}, {"start": 200.74, "end": 201.18, "word": " understand", "probability": 0.79833984375}, {"start": 201.18, "end": 201.38, "word": " the", "probability": 0.91357421875}, {"start": 201.38, "end": 201.68, "word": " idea", "probability": 0.92919921875}, {"start": 201.68, "end": 201.88, "word": " of", "probability": 0.96337890625}, {"start": 201.88, "end": 202.0, "word": " the", "probability": 0.806640625}, {"start": 202.0, "end": 202.38, "word": " marginal", "probability": 0.720703125}, {"start": 202.38, "end": 202.88, "word": " utility", "probability": 0.93115234375}, {"start": 202.88, "end": 203.84, "word": " theory", "probability": 0.82763671875}, {"start": 203.84, "end": 204.14, "word": " and", "probability": 0.60791015625}, {"start": 204.14, "end": 204.42, "word": " how", "probability": 0.939453125}, {"start": 204.42, "end": 204.64, "word": " can", "probability": 0.90673828125}, {"start": 204.64, "end": 204.8, "word": " we", "probability": 0.9541015625}, {"start": 204.8, "end": 205.18, "word": " use", "probability": 0.87060546875}, {"start": 205.18, "end": 205.8, "word": " or", "probability": 0.91650390625}, {"start": 205.8, "end": 206.26, "word": " apply", "probability": 0.9287109375}, {"start": 206.26, "end": 206.56, "word": " this", "probability": 0.94384765625}, {"start": 206.56, "end": 207.02, "word": " theory", "probability": 0.8720703125}, {"start": 207.02, "end": 207.48, "word": " to", "probability": 0.9560546875}, {"start": 207.48, "end": 207.96, "word": " understand", "probability": 0.8095703125}, {"start": 207.96, "end": 208.14, "word": " the", "probability": 0.900390625}, {"start": 208.14, "end": 208.64, "word": " consumer", "probability": 0.84521484375}, {"start": 208.64, "end": 209.12, "word": " behavior.", "probability": 0.9326171875}, {"start": 209.86, "end": 210.36, "word": " Let's", "probability": 0.9697265625}, {"start": 210.36, "end": 210.52, "word": " have", "probability": 0.9404296875}, {"start": 210.52, "end": 210.66, "word": " the", "probability": 0.90625}, {"start": 210.66, "end": 210.94, "word": " following", "probability": 0.90869140625}, {"start": 210.94, "end": 211.48, "word": " example.", "probability": 0.96875}, {"start": 212.06, "end": 212.22, "word": " Let", "probability": 0.94482421875}, {"start": 212.22, "end": 212.38, "word": " us", "probability": 0.71923828125}, {"start": 212.38, "end": 212.72, "word": " assume", "probability": 0.90478515625}, {"start": 212.72, "end": 212.96, "word": " that", "probability": 0.92919921875}, {"start": 212.96, "end": 213.14, "word": " we", "probability": 0.95947265625}, {"start": 213.14, "end": 213.46, "word": " have", "probability": 0.947265625}, {"start": 213.46, "end": 213.96, "word": " the", "probability": 0.91748046875}, {"start": 213.96, "end": 214.4, "word": " following", "probability": 0.86376953125}, {"start": 214.4, "end": 215.68, "word": " data", "probability": 0.79248046875}, {"start": 215.68, "end": 216.26, "word": " about", "probability": 0.88818359375}, {"start": 216.26, "end": 217.46, "word": " a", "probability": 0.5537109375}, {"start": 217.46, "end": 217.82, "word": " rational", "probability": 0.82470703125}, {"start": 217.82, "end": 219.24, "word": " consumer", "probability": 0.826171875}, {"start": 219.24, "end": 220.8, "word": " or", "probability": 0.43798828125}, {"start": 220.8, "end": 222.58, "word": " who", "probability": 0.9130859375}, {"start": 222.58, "end": 225.96, "word": " buys", "probability": 0.986328125}, {"start": 225.96, "end": 226.34, "word": " or", "probability": 0.962890625}, {"start": 226.34, "end": 226.92, "word": " consumes", "probability": 0.9052734375}, {"start": 226.92, "end": 227.96, "word": " different", "probability": 0.8759765625}, {"start": 227.96, "end": 228.58, "word": " goods.", "probability": 0.87548828125}], "temperature": 1.0}, {"id": 10, "seek": 25590, "start": 229.5, "end": 255.9, "text": " quantity consumed or the quantity purchased or quantity bought here or quantity demanded. And here the total utility obtained when he gains or when he consumed or consumed different goods or different quantities of this product quantity from zero to nine, zero, one, two, three, four,", "tokens": [11275, 21226, 420, 264, 11275, 14734, 420, 11275, 4243, 510, 420, 11275, 28276, 13, 400, 510, 264, 3217, 14877, 14879, 562, 415, 16823, 420, 562, 415, 21226, 420, 21226, 819, 10179, 420, 819, 22927, 295, 341, 1674, 11275, 490, 4018, 281, 4949, 11, 4018, 11, 472, 11, 732, 11, 1045, 11, 1451, 11], "avg_logprob": -0.2047164296662366, "compression_ratio": 1.8037974683544304, "no_speech_prob": 0.0, "words": [{"start": 229.5, "end": 230.0, "word": " quantity", "probability": 0.452880859375}, {"start": 230.0, "end": 230.66, "word": " consumed", "probability": 0.81689453125}, {"start": 230.66, "end": 231.06, "word": " or", "probability": 0.61572265625}, {"start": 231.06, "end": 231.2, "word": " the", "probability": 0.8134765625}, {"start": 231.2, "end": 231.5, "word": " quantity", "probability": 0.9814453125}, {"start": 231.5, "end": 231.98, "word": " purchased", "probability": 0.921875}, {"start": 231.98, "end": 232.42, "word": " or", "probability": 0.62548828125}, {"start": 232.42, "end": 232.86, "word": " quantity", "probability": 0.91552734375}, {"start": 232.86, "end": 233.22, "word": " bought", "probability": 0.83642578125}, {"start": 233.22, "end": 233.64, "word": " here", "probability": 0.826171875}, {"start": 233.64, "end": 234.5, "word": " or", "probability": 0.55126953125}, {"start": 234.5, "end": 234.78, "word": " quantity", "probability": 0.962890625}, {"start": 234.78, "end": 235.3, "word": " demanded.", "probability": 0.94140625}, {"start": 236.54, "end": 236.84, "word": " And", "probability": 0.9365234375}, {"start": 236.84, "end": 237.0, "word": " here", "probability": 0.8330078125}, {"start": 237.0, "end": 237.24, "word": " the", "probability": 0.65771484375}, {"start": 237.24, "end": 237.64, "word": " total", "probability": 0.86328125}, {"start": 237.64, "end": 238.14, "word": " utility", "probability": 0.94775390625}, {"start": 238.14, "end": 238.92, "word": " obtained", "probability": 0.939453125}, {"start": 238.92, "end": 240.2, "word": " when", "probability": 0.89404296875}, {"start": 240.2, "end": 240.52, "word": " he", "probability": 0.9697265625}, {"start": 240.52, "end": 241.04, "word": " gains", "probability": 0.7421875}, {"start": 241.04, "end": 241.3, "word": " or", "probability": 0.9208984375}, {"start": 241.3, "end": 241.54, "word": " when", "probability": 0.91943359375}, {"start": 241.54, "end": 241.76, "word": " he", "probability": 0.96728515625}, {"start": 241.76, "end": 242.52, "word": " consumed", "probability": 0.68798828125}, {"start": 242.52, "end": 243.36, "word": " or", "probability": 0.495361328125}, {"start": 243.36, "end": 243.76, "word": " consumed", "probability": 0.505859375}, {"start": 243.76, "end": 244.28, "word": " different", "probability": 0.86474609375}, {"start": 244.28, "end": 244.82, "word": " goods", "probability": 0.9482421875}, {"start": 244.82, "end": 245.16, "word": " or", "probability": 0.82568359375}, {"start": 245.16, "end": 245.58, "word": " different", "probability": 0.67431640625}, {"start": 245.58, "end": 246.2, "word": " quantities", "probability": 0.86572265625}, {"start": 246.2, "end": 246.86, "word": " of", "probability": 0.96142578125}, {"start": 246.86, "end": 247.06, "word": " this", "probability": 0.921875}, {"start": 247.06, "end": 247.34, "word": " product", "probability": 0.94580078125}, {"start": 247.34, "end": 248.12, "word": " quantity", "probability": 0.8251953125}, {"start": 248.12, "end": 248.78, "word": " from", "probability": 0.83154296875}, {"start": 248.78, "end": 249.2, "word": " zero", "probability": 0.8037109375}, {"start": 249.2, "end": 249.92, "word": " to", "probability": 0.95361328125}, {"start": 249.92, "end": 251.72, "word": " nine,", "probability": 0.87060546875}, {"start": 252.06, "end": 252.34, "word": " zero,", "probability": 0.9091796875}, {"start": 252.52, "end": 252.78, "word": " one,", "probability": 0.93994140625}, {"start": 253.06, "end": 253.38, "word": " two,", "probability": 0.94287109375}, {"start": 253.86, "end": 254.78, "word": " three,", "probability": 0.94287109375}, {"start": 255.28, "end": 255.9, "word": " four,", "probability": 0.939453125}], "temperature": 1.0}, {"id": 11, "seek": 28512, "start": 257.16, "end": 285.12, "text": " Five, six, seven, eight, nine, zero. One, two, three, four, five, six, seven, eight, nine. And let us have the following data. Zero. Five.", "tokens": [9436, 11, 2309, 11, 3407, 11, 3180, 11, 4949, 11, 4018, 13, 1485, 11, 732, 11, 1045, 11, 1451, 11, 1732, 11, 2309, 11, 3407, 11, 3180, 11, 4949, 13, 400, 718, 505, 362, 264, 3480, 1412, 13, 17182, 13, 9436, 13], "avg_logprob": -0.1499818341676579, "compression_ratio": 1.39, "no_speech_prob": 0.0, "words": [{"start": 257.15999999999997, "end": 257.88, "word": " Five,", "probability": 0.240478515625}, {"start": 257.88, "end": 258.6, "word": " six,", "probability": 0.89208984375}, {"start": 259.14, "end": 260.2, "word": " seven,", "probability": 0.90869140625}, {"start": 260.4, "end": 261.58, "word": " eight,", "probability": 0.8984375}, {"start": 261.92, "end": 263.28, "word": " nine,", "probability": 0.93212890625}, {"start": 263.94, "end": 264.28, "word": " zero.", "probability": 0.90576171875}, {"start": 265.3, "end": 265.84, "word": " One,", "probability": 0.8837890625}, {"start": 265.94, "end": 266.1, "word": " two,", "probability": 0.94580078125}, {"start": 266.4, "end": 266.94, "word": " three,", "probability": 0.94384765625}, {"start": 267.06, "end": 267.36, "word": " four,", "probability": 0.951171875}, {"start": 267.58, "end": 267.9, "word": " five,", "probability": 0.92431640625}, {"start": 268.04, "end": 268.32, "word": " six,", "probability": 0.96240234375}, {"start": 268.54, "end": 268.9, "word": " seven,", "probability": 0.9033203125}, {"start": 269.58, "end": 269.94, "word": " eight,", "probability": 0.89501953125}, {"start": 270.22, "end": 270.6, "word": " nine.", "probability": 0.9423828125}, {"start": 271.2, "end": 271.48, "word": " And", "probability": 0.9013671875}, {"start": 271.48, "end": 271.68, "word": " let", "probability": 0.921875}, {"start": 271.68, "end": 272.02, "word": " us", "probability": 0.92041015625}, {"start": 272.02, "end": 272.5, "word": " have", "probability": 0.91748046875}, {"start": 272.5, "end": 272.68, "word": " the", "probability": 0.91552734375}, {"start": 272.68, "end": 273.08, "word": " following", "probability": 0.8935546875}, {"start": 273.08, "end": 275.38, "word": " data.", "probability": 0.623046875}, {"start": 282.18, "end": 282.9, "word": " Zero.", "probability": 0.91162109375}, {"start": 284.4, "end": 285.12, "word": " Five.", "probability": 0.91845703125}], "temperature": 1.0}, {"id": 12, "seek": 31916, "start": 293.16, "end": 319.16, "text": " 18, 24, 28, 30, 30, 27, 22. In this example, we are talking about a consumer.", "tokens": [2443, 11, 4022, 11, 7562, 11, 2217, 11, 2217, 11, 7634, 11, 5853, 13, 682, 341, 1365, 11, 321, 366, 1417, 466, 257, 9711, 13], "avg_logprob": -0.1992187534387295, "compression_ratio": 1.0129870129870129, "no_speech_prob": 0.0, "words": [{"start": 293.16, "end": 294.56, "word": " 18,", "probability": 0.427734375}, {"start": 294.56, "end": 295.96, "word": " 24,", "probability": 0.9775390625}, {"start": 297.56, "end": 299.08, "word": " 28,", "probability": 0.97802734375}, {"start": 300.18, "end": 300.82, "word": " 30,", "probability": 0.97412109375}, {"start": 302.26, "end": 303.1, "word": " 30,", "probability": 0.71484375}, {"start": 304.08, "end": 305.34, "word": " 27,", "probability": 0.978515625}, {"start": 306.94, "end": 307.46, "word": " 22.", "probability": 0.8974609375}, {"start": 313.18, "end": 314.58, "word": " In", "probability": 0.80908203125}, {"start": 314.58, "end": 314.8, "word": " this", "probability": 0.94775390625}, {"start": 314.8, "end": 315.2, "word": " example,", "probability": 0.98291015625}, {"start": 316.42, "end": 316.92, "word": " we", "probability": 0.93603515625}, {"start": 316.92, "end": 317.36, "word": " are", "probability": 0.322509765625}, {"start": 317.36, "end": 318.1, "word": " talking", "probability": 0.876953125}, {"start": 318.1, "end": 318.48, "word": " about", "probability": 0.9052734375}, {"start": 318.48, "end": 318.72, "word": " a", "probability": 0.96923828125}, {"start": 318.72, "end": 319.16, "word": " consumer.", "probability": 0.87060546875}], "temperature": 1.0}, {"id": 13, "seek": 34984, "start": 320.52, "end": 349.84, "text": " who consumes different quantities of eggs, product eggs. What will happen if you eat an apple? You will get benefits or utilities. Adding or eating one more unit of apple, what will happen? The total utility or the total benefits will maximize or increase.", "tokens": [567, 48823, 819, 22927, 295, 6466, 11, 1674, 6466, 13, 708, 486, 1051, 498, 291, 1862, 364, 10606, 30, 509, 486, 483, 5311, 420, 30482, 13, 31204, 420, 3936, 472, 544, 4985, 295, 10606, 11, 437, 486, 1051, 30, 440, 3217, 14877, 420, 264, 3217, 5311, 486, 19874, 420, 3488, 13], "avg_logprob": -0.1404747644869181, "compression_ratio": 1.5766871165644172, "no_speech_prob": 0.0, "words": [{"start": 320.52, "end": 320.78, "word": " who", "probability": 0.350341796875}, {"start": 320.78, "end": 321.42, "word": " consumes", "probability": 0.84326171875}, {"start": 321.42, "end": 322.48, "word": " different", "probability": 0.88330078125}, {"start": 322.48, "end": 323.48, "word": " quantities", "probability": 0.97216796875}, {"start": 323.48, "end": 323.94, "word": " of", "probability": 0.97119140625}, {"start": 323.94, "end": 324.28, "word": " eggs,", "probability": 0.765625}, {"start": 324.58, "end": 324.86, "word": " product", "probability": 0.8603515625}, {"start": 324.86, "end": 325.2, "word": " eggs.", "probability": 0.65869140625}, {"start": 327.6, "end": 328.48, "word": " What", "probability": 0.89306640625}, {"start": 328.48, "end": 328.64, "word": " will", "probability": 0.830078125}, {"start": 328.64, "end": 329.1, "word": " happen", "probability": 0.91845703125}, {"start": 329.1, "end": 329.9, "word": " if", "probability": 0.93603515625}, {"start": 329.9, "end": 330.14, "word": " you", "probability": 0.9658203125}, {"start": 330.14, "end": 330.66, "word": " eat", "probability": 0.97900390625}, {"start": 330.66, "end": 332.06, "word": " an", "probability": 0.9443359375}, {"start": 332.06, "end": 332.36, "word": " apple?", "probability": 0.91748046875}, {"start": 335.24, "end": 336.12, "word": " You", "probability": 0.95703125}, {"start": 336.12, "end": 336.34, "word": " will", "probability": 0.89306640625}, {"start": 336.34, "end": 336.7, "word": " get", "probability": 0.93994140625}, {"start": 336.7, "end": 337.42, "word": " benefits", "probability": 0.86328125}, {"start": 337.42, "end": 338.16, "word": " or", "probability": 0.87646484375}, {"start": 338.16, "end": 338.64, "word": " utilities.", "probability": 0.806640625}, {"start": 339.98, "end": 340.42, "word": " Adding", "probability": 0.8857421875}, {"start": 340.42, "end": 340.86, "word": " or", "probability": 0.95947265625}, {"start": 340.86, "end": 341.38, "word": " eating", "probability": 0.888671875}, {"start": 341.38, "end": 341.86, "word": " one", "probability": 0.91748046875}, {"start": 341.86, "end": 342.16, "word": " more", "probability": 0.93505859375}, {"start": 342.16, "end": 342.52, "word": " unit", "probability": 0.955078125}, {"start": 342.52, "end": 342.68, "word": " of", "probability": 0.97265625}, {"start": 342.68, "end": 343.02, "word": " apple,", "probability": 0.9228515625}, {"start": 344.06, "end": 344.24, "word": " what", "probability": 0.9375}, {"start": 344.24, "end": 344.38, "word": " will", "probability": 0.86474609375}, {"start": 344.38, "end": 344.7, "word": " happen?", "probability": 0.9150390625}, {"start": 345.0, "end": 345.46, "word": " The", "probability": 0.8974609375}, {"start": 345.46, "end": 345.94, "word": " total", "probability": 0.86181640625}, {"start": 345.94, "end": 346.54, "word": " utility", "probability": 0.97119140625}, {"start": 346.54, "end": 346.8, "word": " or", "probability": 0.85595703125}, {"start": 346.8, "end": 346.96, "word": " the", "probability": 0.919921875}, {"start": 346.96, "end": 347.32, "word": " total", "probability": 0.85498046875}, {"start": 347.32, "end": 347.9, "word": " benefits", "probability": 0.84521484375}, {"start": 347.9, "end": 348.16, "word": " will", "probability": 0.8701171875}, {"start": 348.16, "end": 348.6, "word": " maximize", "probability": 0.78076171875}, {"start": 348.6, "end": 349.16, "word": " or", "probability": 0.94970703125}, {"start": 349.16, "end": 349.84, "word": " increase.", "probability": 0.833984375}], "temperature": 1.0}, {"id": 14, "seek": 36400, "start": 350.68, "end": 364.0, "text": "Okay? Let us assume that you are a patient and you had one tablet of a drug.", "tokens": [8297, 30, 961, 505, 6552, 300, 291, 366, 257, 4537, 293, 291, 632, 472, 14136, 295, 257, 4110, 13], "avg_logprob": -0.32539062947034836, "compression_ratio": 1.0, "no_speech_prob": 0.0, "words": [{"start": 350.68, "end": 351.36, "word": "Okay?", "probability": 0.444091796875}, {"start": 353.36, "end": 353.56, "word": " Let", "probability": 0.499267578125}, {"start": 353.56, "end": 353.7, "word": " us", "probability": 0.43896484375}, {"start": 353.7, "end": 354.02, "word": " assume", "probability": 0.8994140625}, {"start": 354.02, "end": 354.24, "word": " that", "probability": 0.8515625}, {"start": 354.24, "end": 354.4, "word": " you", "probability": 0.958984375}, {"start": 354.4, "end": 354.5, "word": " are", "probability": 0.6318359375}, {"start": 354.5, "end": 354.64, "word": " a", "probability": 0.9580078125}, {"start": 354.64, "end": 355.02, "word": " patient", "probability": 0.89404296875}, {"start": 355.02, "end": 357.14, "word": " and", "probability": 0.69140625}, {"start": 357.14, "end": 357.52, "word": " you", "probability": 0.95947265625}, {"start": 357.52, "end": 359.02, "word": " had", "probability": 0.73974609375}, {"start": 359.02, "end": 361.68, "word": " one", "probability": 0.89404296875}, {"start": 361.68, "end": 362.34, "word": " tablet", "probability": 0.892578125}, {"start": 362.34, "end": 363.52, "word": " of", "probability": 0.96533203125}, {"start": 363.52, "end": 363.72, "word": " a", "probability": 0.39599609375}, {"start": 363.72, "end": 364.0, "word": " drug.", "probability": 0.96923828125}], "temperature": 1.0}, {"id": 15, "seek": 38378, "start": 369.88, "end": 383.78, "text": " Few benefits, few utilities. Adding one more tablet means that you will get more benefits, more utilities.", "tokens": [3697, 86, 5311, 11, 1326, 30482, 13, 31204, 472, 544, 14136, 1355, 300, 291, 486, 483, 544, 5311, 11, 544, 30482, 13], "avg_logprob": -0.395720098329627, "compression_ratio": 1.2738095238095237, "no_speech_prob": 0.0, "words": [{"start": 369.88, "end": 370.14, "word": " Few", "probability": 0.13311767578125}, {"start": 370.14, "end": 370.66, "word": " benefits,", "probability": 0.76318359375}, {"start": 371.22, "end": 371.48, "word": " few", "probability": 0.9189453125}, {"start": 371.48, "end": 372.08, "word": " utilities.", "probability": 0.84814453125}, {"start": 374.36, "end": 374.36, "word": " Adding", "probability": 0.1334228515625}, {"start": 374.36, "end": 377.62, "word": " one", "probability": 0.888671875}, {"start": 377.62, "end": 377.86, "word": " more", "probability": 0.87890625}, {"start": 377.86, "end": 378.18, "word": " tablet", "probability": 0.857421875}, {"start": 378.18, "end": 379.44, "word": " means", "probability": 0.87353515625}, {"start": 379.44, "end": 380.36, "word": " that", "probability": 0.896484375}, {"start": 380.36, "end": 380.6, "word": " you", "probability": 0.9404296875}, {"start": 380.6, "end": 380.84, "word": " will", "probability": 0.87841796875}, {"start": 380.84, "end": 381.28, "word": " get", "probability": 0.92041015625}, {"start": 381.28, "end": 382.14, "word": " more", "probability": 0.9345703125}, {"start": 382.14, "end": 382.78, "word": " benefits,", "probability": 0.85888671875}, {"start": 383.08, "end": 383.22, "word": " more", "probability": 0.93310546875}, {"start": 383.22, "end": 383.78, "word": " utilities.", "probability": 0.89501953125}], "temperature": 1.0}, {"id": 16, "seek": 42398, "start": 409.92, "end": 423.98, "text": " So in this example, here we are talking about a consumer. When he buys or she buys or consumes zero units.", "tokens": [407, 294, 341, 1365, 11, 510, 321, 366, 1417, 466, 257, 9711, 13, 1133, 415, 28153, 420, 750, 28153, 420, 48823, 4018, 6815, 13], "avg_logprob": -0.26109375, "compression_ratio": 1.1888888888888889, "no_speech_prob": 0.0, "words": [{"start": 409.92, "end": 410.68, "word": " So", "probability": 0.0833740234375}, {"start": 410.68, "end": 411.44, "word": " in", "probability": 0.69091796875}, {"start": 411.44, "end": 411.72, "word": " this", "probability": 0.951171875}, {"start": 411.72, "end": 412.26, "word": " example,", "probability": 0.97900390625}, {"start": 412.56, "end": 412.72, "word": " here", "probability": 0.85400390625}, {"start": 412.72, "end": 412.88, "word": " we", "probability": 0.86083984375}, {"start": 412.88, "end": 413.0, "word": " are", "probability": 0.89599609375}, {"start": 413.0, "end": 413.28, "word": " talking", "probability": 0.8515625}, {"start": 413.28, "end": 413.56, "word": " about", "probability": 0.90673828125}, {"start": 413.56, "end": 413.74, "word": " a", "probability": 0.89306640625}, {"start": 413.74, "end": 414.2, "word": " consumer.", "probability": 0.87109375}, {"start": 416.92, "end": 417.16, "word": " When", "probability": 0.89404296875}, {"start": 417.16, "end": 417.62, "word": " he", "probability": 0.95556640625}, {"start": 417.62, "end": 419.72, "word": " buys", "probability": 0.9775390625}, {"start": 419.72, "end": 420.48, "word": " or", "probability": 0.6982421875}, {"start": 420.48, "end": 420.7, "word": " she", "probability": 0.9228515625}, {"start": 420.7, "end": 421.12, "word": " buys", "probability": 0.9892578125}, {"start": 421.12, "end": 421.44, "word": " or", "probability": 0.90771484375}, {"start": 421.44, "end": 422.22, "word": " consumes", "probability": 0.89306640625}, {"start": 422.22, "end": 423.5, "word": " zero", "probability": 0.8017578125}, {"start": 423.5, "end": 423.98, "word": " units.", "probability": 0.94775390625}], "temperature": 1.0}, {"id": 17, "seek": 45176, "start": 425.5, "end": 451.76, "text": " The total utility obtained here equals zero. There are no benefits. There are no utilities. When he consumes one unit, the total benefits or the total utility obtained or gained here equals five utils with assumptions", "tokens": [440, 3217, 14877, 14879, 510, 6915, 4018, 13, 821, 366, 572, 5311, 13, 821, 366, 572, 30482, 13, 1133, 415, 48823, 472, 4985, 11, 264, 3217, 5311, 420, 264, 3217, 14877, 14879, 420, 12634, 510, 6915, 1732, 2839, 4174, 365, 17695], "avg_logprob": -0.20703124893563135, "compression_ratio": 1.7580645161290323, "no_speech_prob": 0.0, "words": [{"start": 425.5, "end": 425.76, "word": " The", "probability": 0.72265625}, {"start": 425.76, "end": 426.22, "word": " total", "probability": 0.88037109375}, {"start": 426.22, "end": 426.78, "word": " utility", "probability": 0.95361328125}, {"start": 426.78, "end": 428.46, "word": " obtained", "probability": 0.927734375}, {"start": 428.46, "end": 428.78, "word": " here", "probability": 0.86865234375}, {"start": 428.78, "end": 429.22, "word": " equals", "probability": 0.8955078125}, {"start": 429.22, "end": 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"probability": 0.681396484375}, {"start": 475.6, "end": 476.22, "word": " إنه", "probability": 0.6671142578125}, {"start": 476.22, "end": 476.6, "word": " في", "probability": 0.982421875}, {"start": 476.6, "end": 477.2, "word": " مجال", "probability": 0.9957682291666666}, {"start": 477.2, "end": 477.36, "word": " إن", "probability": 0.63037109375}, {"start": 477.36, "end": 478.2, "word": " أعمل", "probability": 0.7718912760416666}, {"start": 478.2, "end": 480.32, "word": " يعني", "probability": 0.6123046875}, {"start": 480.32, "end": 480.92, "word": " measurement", "probability": 0.82470703125}, {"start": 480.92, "end": 481.96, "word": " indicator،", "probability": 0.855712890625}, {"start": 481.96, "end": 482.24, "word": " سموه", "probability": 0.927978515625}, {"start": 482.24, "end": 482.7, "word": " الـutile.", "probability": 0.72357177734375}], "temperature": 1.0}, {"id": 19, "seek": 51015, "start": 484.01, "end": 510.15, "text": " which means that the consumer consumed two units. The total utility obtained here from one plus two equals 11 utils.", "tokens": [597, 1355, 300, 264, 9711, 21226, 732, 6815, 13, 440, 3217, 14877, 14879, 510, 490, 472, 1804, 732, 6915, 2975, 2839, 4174, 13], "avg_logprob": -0.2615559995174408, "compression_ratio": 1.21875, "no_speech_prob": 0.0, "words": [{"start": 484.01, "end": 484.33, "word": " which", "probability": 0.08514404296875}, {"start": 484.33, "end": 494.69, "word": " means", "probability": 0.603515625}, {"start": 494.69, "end": 494.89, "word": " that", "probability": 0.8427734375}, {"start": 494.89, "end": 495.05, "word": " the", "probability": 0.87890625}, {"start": 495.05, "end": 495.59, "word": " consumer", "probability": 0.8359375}, {"start": 495.59, "end": 499.19, "word": " consumed", "probability": 0.72802734375}, {"start": 499.19, "end": 499.87, "word": " two", "probability": 0.86669921875}, {"start": 499.87, "end": 500.31, "word": " units.", "probability": 0.95263671875}, {"start": 500.65, "end": 501.13, "word": " The", "probability": 0.845703125}, {"start": 501.13, "end": 501.61, "word": " total", "probability": 0.8828125}, {"start": 501.61, "end": 502.07, "word": " utility", "probability": 0.958984375}, {"start": 502.07, "end": 502.69, "word": " obtained", "probability": 0.953125}, {"start": 502.69, "end": 503.15, "word": " here", "probability": 0.859375}, {"start": 503.15, "end": 505.13, "word": " from", "probability": 0.81201171875}, {"start": 505.13, "end": 505.59, "word": " one", "probability": 0.73828125}, {"start": 505.59, "end": 506.21, "word": " plus", "probability": 0.8828125}, {"start": 506.21, "end": 506.67, "word": " two", "probability": 0.94970703125}, {"start": 506.67, "end": 508.29, "word": " equals", "probability": 0.90087890625}, {"start": 508.29, "end": 509.27, "word": " 11", "probability": 0.77880859375}, {"start": 509.27, "end": 510.15, "word": " utils.", "probability": 0.792724609375}], "temperature": 1.0}, {"id": 20, "seek": 53767, "start": 512.36, "end": 537.68, "text": " Adding one more unit, the total utility obtained or gained from consuming three units equals 18, 4, 24, 5, 20. The total utility, the total benefits obtained here as you see at unit seven.", "tokens": [31204, 472, 544, 4985, 11, 264, 3217, 14877, 14879, 420, 12634, 490, 19867, 1045, 6815, 6915, 2443, 11, 1017, 11, 4022, 11, 1025, 11, 945, 13, 440, 3217, 14877, 11, 264, 3217, 5311, 14879, 510, 382, 291, 536, 412, 4985, 3407, 13], "avg_logprob": -0.20857558624688968, "compression_ratio": 1.4427480916030535, "no_speech_prob": 0.0, "words": [{"start": 512.36, "end": 513.28, "word": " Adding", "probability": 0.34521484375}, {"start": 513.28, "end": 513.56, "word": " one", "probability": 0.90673828125}, {"start": 513.56, "end": 513.74, "word": " more", "probability": 0.9306640625}, {"start": 513.74, "end": 514.1, "word": " unit,", "probability": 0.94384765625}, {"start": 514.76, "end": 514.9, "word": " the", "probability": 0.8564453125}, {"start": 514.9, "end": 515.3, "word": " total", "probability": 0.8486328125}, {"start": 515.3, "end": 515.8, "word": " utility", "probability": 0.9619140625}, {"start": 515.8, "end": 516.64, "word": " obtained", "probability": 0.94970703125}, {"start": 516.64, "end": 516.96, "word": " or", "probability": 0.822265625}, {"start": 516.96, "end": 517.52, "word": " gained", "probability": 0.7216796875}, {"start": 517.52, "end": 518.5, "word": " from", "probability": 0.7841796875}, {"start": 518.5, "end": 520.6, "word": " consuming", "probability": 0.84912109375}, {"start": 520.6, "end": 521.08, "word": " three", "probability": 0.81103515625}, {"start": 521.08, "end": 521.66, "word": " units", "probability": 0.947265625}, {"start": 521.66, "end": 522.4, "word": " equals", "probability": 0.896484375}, {"start": 522.4, "end": 523.64, "word": " 18,", "probability": 0.86572265625}, {"start": 524.04, "end": 524.56, "word": " 4,", "probability": 0.457763671875}, {"start": 525.02, "end": 525.46, "word": " 24,", "probability": 0.94091796875}, {"start": 525.94, "end": 526.38, "word": " 5,", "probability": 0.9501953125}, {"start": 526.62, "end": 526.9, "word": " 20.", "probability": 0.857421875}, {"start": 527.12, "end": 527.42, "word": " The", "probability": 0.884765625}, {"start": 527.42, "end": 528.04, "word": " total", "probability": 0.8623046875}, {"start": 528.04, "end": 528.64, "word": " utility,", "probability": 0.96044921875}, {"start": 528.82, "end": 528.92, "word": " the", "probability": 0.9140625}, {"start": 528.92, "end": 529.24, "word": " total", "probability": 0.85791015625}, {"start": 529.24, "end": 529.92, "word": " benefits", "probability": 0.84326171875}, {"start": 529.92, "end": 530.54, "word": " obtained", "probability": 0.9365234375}, {"start": 530.54, "end": 531.1, "word": " here", "probability": 0.86767578125}, {"start": 531.1, "end": 531.56, "word": " as", "probability": 0.6455078125}, {"start": 531.56, "end": 531.7, "word": " you", "probability": 0.9677734375}, {"start": 531.7, "end": 531.98, "word": " see", "probability": 0.90869140625}, {"start": 531.98, "end": 535.82, "word": " at", "probability": 0.460205078125}, {"start": 535.82, "end": 537.26, "word": " unit", "probability": 0.75390625}, {"start": 537.26, "end": 537.68, "word": " seven.", "probability": 0.66845703125}], "temperature": 1.0}, {"id": 21, "seek": 56229, "start": 539.83, "end": 562.29, "text": " there are no benefits added to this point here. Which means that this quantity number seven will add zero utils, no benefits. Having another one or consuming additional unit", "tokens": [456, 366, 572, 5311, 3869, 281, 341, 935, 510, 13, 3013, 1355, 300, 341, 11275, 1230, 3407, 486, 909, 4018, 2839, 4174, 11, 572, 5311, 13, 10222, 1071, 472, 420, 19867, 4497, 4985], "avg_logprob": -0.20301011555335102, "compression_ratio": 1.380952380952381, "no_speech_prob": 0.0, "words": [{"start": 539.83, "end": 540.21, "word": " there", "probability": 0.464111328125}, {"start": 540.21, "end": 540.45, "word": " are", "probability": 0.93505859375}, {"start": 540.45, "end": 540.73, "word": " no", "probability": 0.95458984375}, {"start": 540.73, "end": 541.27, "word": " benefits", "probability": 0.83984375}, {"start": 541.27, "end": 542.35, "word": " added", "probability": 0.86328125}, {"start": 542.35, "end": 542.63, "word": " to", "probability": 0.96923828125}, {"start": 542.63, "end": 542.85, "word": " this", "probability": 0.94873046875}, {"start": 542.85, "end": 543.09, "word": " point", "probability": 0.96923828125}, {"start": 543.09, "end": 543.39, "word": " here.", "probability": 0.84814453125}, {"start": 544.23, "end": 544.79, "word": " Which", "probability": 0.62841796875}, {"start": 544.79, "end": 545.13, "word": " means", "probability": 0.94091796875}, {"start": 545.13, "end": 545.47, "word": " that", "probability": 0.9189453125}, {"start": 545.47, "end": 546.27, "word": " this", "probability": 0.89453125}, {"start": 546.27, "end": 547.41, "word": " quantity", "probability": 0.85498046875}, {"start": 547.41, "end": 548.49, "word": " number", "probability": 0.5419921875}, {"start": 548.49, "end": 549.07, "word": " seven", "probability": 0.89111328125}, {"start": 549.07, "end": 550.27, "word": " will", "probability": 0.74853515625}, {"start": 550.27, "end": 550.67, "word": " add", "probability": 0.9130859375}, {"start": 550.67, "end": 551.35, "word": " zero", "probability": 0.9091796875}, {"start": 551.35, "end": 552.07, "word": " utils,", "probability": 0.748291015625}, {"start": 552.69, "end": 552.85, "word": " no", "probability": 0.955078125}, {"start": 552.85, "end": 553.31, "word": " benefits.", "probability": 0.8525390625}, {"start": 556.35, "end": 557.03, "word": " Having", "probability": 0.87353515625}, {"start": 557.03, "end": 558.23, "word": " another", "probability": 0.92041015625}, {"start": 558.23, "end": 558.77, "word": " one", "probability": 0.88720703125}, {"start": 558.77, "end": 559.15, "word": " or", "probability": 0.65087890625}, {"start": 559.15, "end": 560.19, "word": " consuming", "probability": 0.8955078125}, {"start": 560.19, "end": 561.81, "word": " additional", "probability": 0.85400390625}, {"start": 561.81, "end": 562.29, "word": " unit", "probability": 0.9248046875}], "temperature": 1.0}, {"id": 22, "seek": 58579, "start": 564.28, "end": 585.8, "text": " Negative effects or negative impacts on the total utility here. Okay? Now, we are going to calculate something which is the marginal utility. The marginal utility. Marginal utility.", "tokens": [43230, 5065, 420, 3671, 11606, 322, 264, 3217, 14877, 510, 13, 1033, 30, 823, 11, 321, 366, 516, 281, 8873, 746, 597, 307, 264, 16885, 14877, 13, 440, 16885, 14877, 13, 2039, 1494, 304, 14877, 13], "avg_logprob": -0.17989864381583962, "compression_ratio": 1.5423728813559323, "no_speech_prob": 0.0, "words": [{"start": 564.2800000000001, "end": 565.2, "word": " Negative", "probability": 0.61328125}, {"start": 565.2, "end": 566.12, "word": " effects", "probability": 0.86572265625}, {"start": 566.12, "end": 566.36, "word": " or", "probability": 0.8447265625}, {"start": 566.36, "end": 566.68, "word": " negative", "probability": 0.92626953125}, {"start": 566.68, "end": 567.36, "word": " impacts", "probability": 0.79833984375}, {"start": 567.36, "end": 568.42, "word": " on", "probability": 0.81689453125}, {"start": 568.42, "end": 568.94, "word": " the", "probability": 0.89599609375}, {"start": 568.94, "end": 569.54, "word": " total", "probability": 0.88330078125}, {"start": 569.54, "end": 569.94, "word": " utility", "probability": 0.939453125}, {"start": 569.94, "end": 570.36, "word": " here.", "probability": 0.62890625}, {"start": 570.74, "end": 571.18, "word": " Okay?", "probability": 0.7060546875}, {"start": 571.8, "end": 572.26, "word": " Now,", "probability": 0.966796875}, {"start": 572.62, "end": 572.98, "word": " we", "probability": 0.966796875}, {"start": 572.98, "end": 573.16, "word": " are", "probability": 0.8876953125}, {"start": 573.16, "end": 573.36, "word": " going", "probability": 0.83056640625}, {"start": 573.36, "end": 573.94, "word": " to", "probability": 0.96923828125}, {"start": 573.94, "end": 574.82, "word": " calculate", "probability": 0.923828125}, {"start": 574.82, "end": 575.92, "word": " something", "probability": 0.86865234375}, {"start": 575.92, "end": 576.34, "word": " which", "probability": 0.8505859375}, {"start": 576.34, "end": 576.7, "word": " is", "probability": 0.951171875}, {"start": 576.7, "end": 577.12, "word": " the", "probability": 0.91552734375}, {"start": 577.12, "end": 577.58, "word": " marginal", "probability": 0.900390625}, {"start": 577.58, "end": 578.18, "word": " utility.", "probability": 0.9619140625}, {"start": 579.64, "end": 579.92, "word": " The", "probability": 0.87255859375}, {"start": 579.92, "end": 580.28, "word": " marginal", "probability": 0.92236328125}, {"start": 580.28, "end": 580.82, "word": " utility.", "probability": 0.9755859375}, {"start": 583.26, "end": 584.18, "word": " Marginal", "probability": 0.95361328125}, {"start": 584.18, "end": 585.8, "word": " utility.", "probability": 0.95263671875}], "temperature": 1.0}, {"id": 23, "seek": 61229, "start": 589.36, "end": 612.3, "text": " equals the change in total utility, change in total utility over the change in the quantity consumed here. Which means what will happen to the total utility?", "tokens": [6915, 264, 1319, 294, 3217, 14877, 11, 1319, 294, 3217, 14877, 670, 264, 1319, 294, 264, 11275, 21226, 510, 13, 3013, 1355, 437, 486, 1051, 281, 264, 3217, 14877, 30], "avg_logprob": -0.2445816416894236, "compression_ratio": 1.5643564356435644, "no_speech_prob": 0.0, "words": [{"start": 589.3600000000001, "end": 590.4000000000001, "word": " equals", "probability": 0.3486328125}, {"start": 590.4000000000001, "end": 591.44, "word": " the", "probability": 0.77001953125}, {"start": 591.44, "end": 592.14, "word": " change", "probability": 0.9150390625}, {"start": 592.14, "end": 592.5, "word": " in", "probability": 0.94140625}, {"start": 592.5, "end": 593.0, "word": " total", "probability": 0.853515625}, {"start": 593.0, "end": 593.54, "word": " utility,", "probability": 0.96044921875}, {"start": 593.72, "end": 594.72, "word": " change", "probability": 0.818359375}, {"start": 594.72, "end": 599.96, "word": " in", "probability": 0.54443359375}, {"start": 599.96, "end": 600.72, "word": " total", "probability": 0.87158203125}, {"start": 600.72, "end": 601.2, "word": " utility", "probability": 0.96044921875}, {"start": 601.2, "end": 602.16, "word": " over", "probability": 0.79150390625}, {"start": 602.16, "end": 602.78, "word": " the", "probability": 0.919921875}, {"start": 602.78, "end": 603.32, "word": " change", "probability": 0.921875}, {"start": 603.32, "end": 605.88, "word": " in", "probability": 0.8603515625}, {"start": 605.88, "end": 606.36, "word": " the", "probability": 0.91552734375}, {"start": 606.36, "end": 606.78, "word": " quantity", "probability": 0.90673828125}, {"start": 606.78, "end": 607.34, "word": " consumed", "probability": 0.8515625}, {"start": 607.34, "end": 607.7, "word": " here.", "probability": 0.84228515625}, {"start": 608.66, "end": 608.92, "word": " Which", "probability": 0.89111328125}, {"start": 608.92, "end": 609.36, "word": " means", "probability": 0.94140625}, {"start": 609.36, "end": 610.4, "word": " what", "probability": 0.50048828125}, {"start": 610.4, "end": 610.6, "word": " will", "probability": 0.87353515625}, {"start": 610.6, "end": 611.1, "word": " happen", "probability": 0.91845703125}, {"start": 611.1, "end": 611.32, "word": " to", "probability": 0.9697265625}, {"start": 611.32, "end": 611.48, "word": " the", "probability": 0.8818359375}, {"start": 611.48, "end": 611.82, "word": " total", "probability": 0.86962890625}, {"start": 611.82, "end": 612.3, "word": " utility?", "probability": 0.96142578125}], "temperature": 1.0}, {"id": 24, "seek": 63626, "start": 613.78, "end": 636.26, "text": " with the quantity consumed increased. What will happen? Total utility might increase, decrease, or remains constant. This depends on the added or the case itself here. So the marginal utility, MU, equals the change in total utility over the change in quantity.", "tokens": [365, 264, 11275, 21226, 6505, 13, 708, 486, 1051, 30, 23170, 14877, 1062, 3488, 11, 11514, 11, 420, 7023, 5754, 13, 639, 5946, 322, 264, 3869, 420, 264, 1389, 2564, 510, 13, 407, 264, 16885, 14877, 11, 17935, 11, 6915, 264, 1319, 294, 3217, 14877, 670, 264, 1319, 294, 11275, 13], "avg_logprob": -0.20012019316737467, "compression_ratio": 1.6111111111111112, "no_speech_prob": 0.0, "words": [{"start": 613.78, "end": 614.14, "word": " with", "probability": 0.259765625}, {"start": 614.14, "end": 614.3, "word": " the", "probability": 0.8798828125}, {"start": 614.3, "end": 614.84, "word": " quantity", "probability": 0.978515625}, {"start": 614.84, "end": 615.64, "word": " consumed", "probability": 0.8515625}, {"start": 615.64, "end": 616.3, "word": " increased.", "probability": 0.7890625}, {"start": 616.96, "end": 617.18, "word": " What", "probability": 0.88916015625}, {"start": 617.18, "end": 617.32, "word": " will", "probability": 0.84326171875}, {"start": 617.32, "end": 617.68, "word": " happen?", "probability": 0.92431640625}, {"start": 618.02, "end": 618.26, "word": " Total", "probability": 0.85205078125}, {"start": 618.26, "end": 618.56, "word": " utility", "probability": 0.96875}, {"start": 618.56, "end": 618.88, "word": " might", "probability": 0.81103515625}, {"start": 618.88, "end": 619.64, "word": " increase,", "probability": 0.826171875}, {"start": 619.92, "end": 620.74, "word": " decrease,", "probability": 0.8681640625}, {"start": 620.92, "end": 621.02, "word": " or", "probability": 0.9638671875}, {"start": 621.02, "end": 621.38, "word": " remains", "probability": 0.5478515625}, {"start": 621.38, "end": 621.84, "word": " constant.", "probability": 0.8544921875}, {"start": 623.1, "end": 623.44, "word": " This", "probability": 0.58837890625}, {"start": 623.44, "end": 623.84, "word": " depends", "probability": 0.919921875}, {"start": 623.84, "end": 624.32, "word": " on", "probability": 0.95166015625}, {"start": 624.32, "end": 624.9, "word": " the", "probability": 0.9033203125}, {"start": 624.9, "end": 625.6, "word": " added", "probability": 0.91943359375}, {"start": 625.6, "end": 626.7, "word": " or", "probability": 0.84130859375}, {"start": 626.7, "end": 627.1, "word": " the", "probability": 0.923828125}, {"start": 627.1, "end": 627.38, "word": " case", "probability": 0.88916015625}, {"start": 627.38, "end": 627.84, "word": " itself", "probability": 0.82470703125}, {"start": 627.84, "end": 628.14, "word": " here.", "probability": 0.83740234375}, {"start": 629.2, "end": 629.52, "word": " So", "probability": 0.95361328125}, {"start": 629.52, "end": 630.06, "word": " the", "probability": 0.5205078125}, {"start": 630.06, "end": 630.4, "word": " marginal", "probability": 0.865234375}, {"start": 630.4, "end": 630.88, "word": " utility,", "probability": 0.97412109375}, {"start": 631.38, "end": 631.74, "word": " MU,", "probability": 0.339111328125}, {"start": 632.42, "end": 632.88, "word": " equals", "probability": 0.9189453125}, {"start": 632.88, "end": 633.08, "word": " the", "probability": 0.87744140625}, {"start": 633.08, "end": 633.5, "word": " change", "probability": 0.90185546875}, {"start": 633.5, "end": 633.7, "word": " in", "probability": 0.9404296875}, {"start": 633.7, "end": 634.04, "word": " total", "probability": 0.83935546875}, {"start": 634.04, "end": 634.44, "word": " utility", "probability": 0.96875}, {"start": 634.44, "end": 634.9, "word": " over", "probability": 0.8935546875}, {"start": 634.9, "end": 635.2, "word": " the", "probability": 0.91650390625}, {"start": 635.2, "end": 635.62, "word": " change", "probability": 0.90478515625}, {"start": 635.62, "end": 635.76, "word": " in", "probability": 0.94287109375}, {"start": 635.76, "end": 636.26, "word": " quantity.", "probability": 0.90185546875}], "temperature": 1.0}, {"id": 25, "seek": 65188, "start": 637.08, "end": 651.88, "text": " Let us assume that we are talking about product x, quantity x, and the total utility of x. So marginal utility of x.", "tokens": [961, 505, 6552, 300, 321, 366, 1417, 466, 1674, 2031, 11, 11275, 2031, 11, 293, 264, 3217, 14877, 295, 2031, 13, 407, 16885, 14877, 295, 2031, 13], "avg_logprob": -0.26799664965697695, "compression_ratio": 1.2717391304347827, "no_speech_prob": 0.0, "words": [{"start": 637.08, "end": 637.4, "word": " Let", "probability": 0.447509765625}, {"start": 637.4, "end": 637.62, "word": " us", "probability": 0.6552734375}, {"start": 637.62, "end": 638.04, "word": " assume", "probability": 0.89306640625}, {"start": 638.04, "end": 638.3, "word": " that", "probability": 0.9169921875}, {"start": 638.3, "end": 638.46, "word": " we", "probability": 0.876953125}, {"start": 638.46, "end": 638.52, "word": " are", "probability": 0.67138671875}, {"start": 638.52, "end": 638.76, "word": " talking", "probability": 0.79248046875}, {"start": 638.76, "end": 639.3, "word": " about", "probability": 0.92041015625}, {"start": 639.3, "end": 640.36, "word": " product", "probability": 0.75048828125}, {"start": 640.36, "end": 640.9, "word": " x,", "probability": 0.58837890625}, {"start": 641.22, "end": 641.88, "word": " quantity", "probability": 0.493896484375}, {"start": 641.88, "end": 642.52, "word": " x,", "probability": 0.58154296875}, {"start": 642.84, "end": 643.7, "word": " and", "probability": 0.93701171875}, {"start": 643.7, "end": 643.86, "word": " the", "probability": 0.85888671875}, {"start": 643.86, "end": 644.14, "word": " total", "probability": 0.7861328125}, {"start": 644.14, "end": 644.58, "word": " utility", "probability": 0.97998046875}, {"start": 644.58, "end": 645.1, "word": " of", "probability": 0.95361328125}, {"start": 645.1, "end": 645.6, "word": " x.", "probability": 0.92333984375}, {"start": 648.94, "end": 649.78, "word": " So", "probability": 0.5595703125}, {"start": 649.78, "end": 650.96, "word": " marginal", "probability": 0.630859375}, {"start": 650.96, "end": 651.38, "word": " utility", "probability": 0.97900390625}, {"start": 651.38, "end": 651.58, "word": " of", "probability": 0.87548828125}, {"start": 651.58, "end": 651.88, "word": " x.", "probability": 0.97119140625}], "temperature": 1.0}, {"id": 26, "seek": 68163, "start": 653.15, "end": 681.63, "text": " equals the change in total utility of X over change in quantity consumed of X. So the marginal utility of X equals total utility of X number two minus total utility two one, the change over a quantity two minus a quantity one. Let's come back here to the table as you see.", "tokens": [6915, 264, 1319, 294, 3217, 14877, 295, 1783, 670, 1319, 294, 11275, 21226, 295, 1783, 13, 407, 264, 16885, 14877, 295, 1783, 6915, 3217, 14877, 295, 1783, 1230, 732, 3175, 3217, 14877, 732, 472, 11, 264, 1319, 670, 257, 11275, 732, 3175, 257, 11275, 472, 13, 961, 311, 808, 646, 510, 281, 264, 3199, 382, 291, 536, 13], "avg_logprob": -0.20511122325719414, "compression_ratio": 1.8958333333333333, "no_speech_prob": 0.0, "words": [{"start": 653.15, "end": 653.69, "word": " equals", "probability": 0.62939453125}, {"start": 653.69, "end": 653.89, "word": " the", "probability": 0.73291015625}, {"start": 653.89, "end": 654.17, "word": " change", "probability": 0.9052734375}, {"start": 654.17, "end": 654.31, "word": " in", "probability": 0.8369140625}, {"start": 654.31, "end": 654.57, "word": " total", "probability": 0.748046875}, {"start": 654.57, "end": 654.75, "word": " utility", "probability": 0.56005859375}, {"start": 654.75, "end": 655.05, "word": " of", "probability": 0.90185546875}, {"start": 655.05, "end": 655.29, "word": " X", "probability": 0.546875}, {"start": 655.29, "end": 655.69, "word": " over", "probability": 0.91796875}, {"start": 655.69, "end": 657.43, "word": " change", "probability": 0.44580078125}, {"start": 657.43, "end": 657.61, "word": " in", "probability": 0.8896484375}, {"start": 657.61, "end": 657.99, "word": " quantity", "probability": 0.7802734375}, {"start": 657.99, "end": 658.65, "word": " consumed", "probability": 0.8330078125}, {"start": 658.65, "end": 658.93, "word": " of", "probability": 0.80126953125}, {"start": 658.93, "end": 659.21, "word": " X.", "probability": 0.97998046875}, {"start": 659.55, "end": 659.97, "word": " So", "probability": 0.92529296875}, {"start": 659.97, "end": 660.41, "word": " the", "probability": 0.5771484375}, {"start": 660.41, "end": 660.77, "word": " marginal", "probability": 0.8681640625}, {"start": 660.77, "end": 661.05, "word": " utility", "probability": 0.9716796875}, {"start": 661.05, "end": 661.35, "word": " of", "probability": 0.9208984375}, {"start": 661.35, "end": 661.61, "word": " X", "probability": 0.98681640625}, {"start": 661.61, "end": 662.29, "word": " equals", "probability": 0.92724609375}, {"start": 662.29, "end": 663.19, "word": " total", "probability": 0.6630859375}, {"start": 663.19, "end": 663.51, "word": " utility", "probability": 0.97412109375}, {"start": 663.51, "end": 663.81, "word": " of", "probability": 0.91845703125}, {"start": 663.81, "end": 664.11, "word": " X", "probability": 0.9873046875}, {"start": 664.11, "end": 664.65, "word": " number", "probability": 0.67724609375}, {"start": 664.65, "end": 664.97, "word": " two", "probability": 0.5791015625}, {"start": 664.97, "end": 665.35, "word": " minus", "probability": 0.96142578125}, {"start": 665.35, "end": 665.77, "word": " total", "probability": 0.74072265625}, {"start": 665.77, "end": 666.05, "word": " utility", "probability": 0.9716796875}, {"start": 666.05, "end": 666.57, "word": " two", "probability": 0.5517578125}, {"start": 666.57, "end": 667.03, "word": " one,", "probability": 0.6845703125}, {"start": 668.31, "end": 668.57, "word": " the", "probability": 0.80029296875}, {"start": 668.57, "end": 668.97, "word": " change", "probability": 0.91455078125}, {"start": 668.97, "end": 670.49, "word": " over", "probability": 0.63525390625}, {"start": 670.49, "end": 671.37, "word": " a", "probability": 0.80029296875}, {"start": 671.37, "end": 671.91, "word": " quantity", "probability": 0.994140625}, {"start": 671.91, "end": 672.69, "word": " two", "probability": 0.91552734375}, {"start": 672.69, "end": 673.89, "word": " minus", "probability": 0.966796875}, {"start": 673.89, "end": 674.17, "word": " a", "probability": 0.82177734375}, {"start": 674.17, "end": 674.57, "word": " quantity", "probability": 0.98193359375}, {"start": 674.57, "end": 674.97, "word": " one.", "probability": 0.92724609375}, {"start": 678.67, "end": 679.35, "word": " Let's", "probability": 0.968017578125}, {"start": 679.35, "end": 679.53, "word": " come", "probability": 0.85986328125}, {"start": 679.53, "end": 679.79, "word": " back", "probability": 0.87841796875}, {"start": 679.79, "end": 679.99, "word": " here", "probability": 0.84912109375}, {"start": 679.99, "end": 680.19, "word": " to", "probability": 0.96533203125}, {"start": 680.19, "end": 680.49, "word": " the", "probability": 0.9306640625}, {"start": 680.49, "end": 681.01, "word": " table", "probability": 0.89892578125}, {"start": 681.01, "end": 681.35, "word": " as", "probability": 0.64013671875}, {"start": 681.35, "end": 681.47, "word": " you", "probability": 0.9638671875}, {"start": 681.47, "end": 681.63, "word": " see.", "probability": 0.93310546875}], "temperature": 1.0}, {"id": 27, "seek": 70868, "start": 683.98, "end": 708.68, "text": " So here we are going to calculate the marginal utility of x. For the first case, there's no change here. Number two, total utility two minus one over q2 minus q1. Five minus zero over one minus zero. So the first case, Mu,", "tokens": [407, 510, 321, 366, 516, 281, 8873, 264, 16885, 14877, 295, 2031, 13, 1171, 264, 700, 1389, 11, 456, 311, 572, 1319, 510, 13, 5118, 732, 11, 3217, 14877, 732, 3175, 472, 670, 9505, 17, 3175, 9505, 16, 13, 9436, 3175, 4018, 670, 472, 3175, 4018, 13, 407, 264, 700, 1389, 11, 15601, 11], "avg_logprob": -0.256107957796617, "compression_ratio": 1.5067567567567568, "no_speech_prob": 0.0, "words": [{"start": 683.98, "end": 684.36, "word": " So", "probability": 0.7509765625}, {"start": 684.36, "end": 684.74, "word": " here", "probability": 0.568359375}, {"start": 684.74, "end": 684.88, "word": " we", "probability": 0.80322265625}, {"start": 684.88, "end": 684.96, "word": " are", "probability": 0.537109375}, {"start": 684.96, "end": 685.18, "word": " going", "probability": 0.80615234375}, {"start": 685.18, "end": 685.4, "word": " to", "probability": 0.95703125}, {"start": 685.4, "end": 685.98, "word": " calculate", "probability": 0.90771484375}, {"start": 685.98, "end": 686.2, "word": " the", "probability": 0.86865234375}, {"start": 686.2, "end": 686.6, "word": " marginal", "probability": 0.8056640625}, {"start": 686.6, "end": 686.88, "word": " utility", "probability": 0.87353515625}, {"start": 686.88, "end": 687.12, "word": " of", "probability": 0.91357421875}, {"start": 687.12, "end": 687.42, "word": " x.", "probability": 0.54833984375}, {"start": 688.84, "end": 689.18, "word": " For", "probability": 0.90283203125}, {"start": 689.18, "end": 689.3, "word": " the", "probability": 0.919921875}, {"start": 689.3, "end": 689.58, "word": " first", "probability": 0.88916015625}, {"start": 689.58, "end": 689.98, "word": " case,", "probability": 0.9130859375}, {"start": 690.36, "end": 691.02, "word": " there's", "probability": 0.687744140625}, {"start": 691.02, "end": 691.22, "word": " no", "probability": 0.94140625}, {"start": 691.22, "end": 691.76, "word": " change", "probability": 0.9072265625}, {"start": 691.76, "end": 692.16, "word": " here.", "probability": 0.77587890625}, {"start": 694.8, "end": 695.06, "word": " Number", "probability": 0.79296875}, {"start": 695.06, "end": 695.44, "word": " two,", "probability": 0.68115234375}, {"start": 697.4, "end": 697.76, "word": " total", "probability": 0.6591796875}, {"start": 697.76, "end": 698.18, "word": " utility", "probability": 0.9619140625}, {"start": 698.18, "end": 698.68, "word": " two", "probability": 0.449462890625}, {"start": 698.68, "end": 699.34, "word": " minus", "probability": 0.95068359375}, {"start": 699.34, "end": 699.82, "word": " one", "probability": 0.92919921875}, {"start": 699.82, "end": 700.26, "word": " over", "probability": 0.919921875}, {"start": 700.26, "end": 700.86, "word": " q2", "probability": 0.556396484375}, {"start": 700.86, "end": 701.18, "word": " minus", "probability": 0.9755859375}, {"start": 701.18, "end": 701.74, "word": " q1.", "probability": 0.9619140625}, {"start": 703.2, "end": 703.84, "word": " Five", "probability": 0.78662109375}, {"start": 703.84, "end": 704.18, "word": " minus", "probability": 0.9814453125}, {"start": 704.18, "end": 704.7, "word": " zero", "probability": 0.88525390625}, {"start": 704.7, "end": 705.32, "word": " over", "probability": 0.91650390625}, {"start": 705.32, "end": 705.68, "word": " one", "probability": 0.91748046875}, {"start": 705.68, "end": 706.0, "word": " minus", "probability": 0.9873046875}, {"start": 706.0, "end": 706.4, "word": " zero.", "probability": 0.89453125}, {"start": 706.98, "end": 707.14, "word": " So", "probability": 0.96337890625}, {"start": 707.14, "end": 707.34, "word": " the", "probability": 0.76025390625}, {"start": 707.34, "end": 707.6, "word": " first", "probability": 0.89306640625}, {"start": 707.6, "end": 708.0, "word": " case,", "probability": 0.9111328125}, {"start": 708.42, "end": 708.68, "word": " Mu,", "probability": 0.378173828125}], "temperature": 1.0}, {"id": 28, "seek": 74029, "start": 711.01, "end": 740.29, "text": " X, for the first case, equals 5 minus 0 over 1 minus 0. 5 minus 0 over 1 minus 0 equals 5 over 1 equals 5. That's it. What's next? 11 minus 5 over 2 minus 1. That's X. That's X. That means that each unit we consumed, how much did it add up to the total benefit?", "tokens": [1783, 11, 337, 264, 700, 1389, 11, 6915, 1025, 3175, 1958, 670, 502, 3175, 1958, 13, 1025, 3175, 1958, 670, 502, 3175, 1958, 6915, 1025, 670, 502, 6915, 1025, 13, 663, 311, 309, 13, 708, 311, 958, 30, 2975, 3175, 1025, 670, 568, 3175, 502, 13, 663, 311, 1783, 13, 663, 311, 1783, 13, 663, 1355, 300, 1184, 4985, 321, 21226, 11, 577, 709, 630, 309, 909, 493, 281, 264, 3217, 5121, 30], "avg_logprob": -0.3673986583142667, "compression_ratio": 1.7466666666666666, "no_speech_prob": 0.0, "words": [{"start": 711.01, "end": 711.65, "word": " X,", "probability": 0.40380859375}, {"start": 711.65, "end": 712.29, "word": " for", "probability": 0.822265625}, {"start": 712.29, "end": 712.45, "word": " the", "probability": 0.9208984375}, {"start": 712.45, "end": 712.65, "word": " first", "probability": 0.88916015625}, {"start": 712.65, "end": 712.97, "word": " case,", "probability": 0.9267578125}, {"start": 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How much is this? Seven, six, four, two, zero, minus three, minus five. Of course, here I assumed that there is one more unit. One more unit.", "tokens": [639, 307, 264, 16885, 4985, 13, 1012, 709, 307, 341, 30, 14868, 11, 2309, 11, 1451, 11, 732, 11, 4018, 11, 3175, 1045, 11, 3175, 1732, 13, 2720, 1164, 11, 510, 286, 15895, 300, 456, 307, 472, 544, 4985, 13, 1485, 544, 4985, 13], "avg_logprob": -0.3690972089767456, "compression_ratio": 1.3412698412698412, "no_speech_prob": 0.0, "words": [{"start": 741.67, "end": 741.95, "word": " This", "probability": 0.2069091796875}, {"start": 741.95, "end": 741.99, "word": " is", "probability": 0.84716796875}, {"start": 741.99, "end": 742.03, "word": " the", "probability": 0.72216796875}, {"start": 742.03, "end": 742.27, "word": " marginal", "probability": 0.321533203125}, {"start": 742.27, "end": 742.57, "word": " unit.", "probability": 0.488037109375}, {"start": 742.97, "end": 743.83, "word": " How", "probability": 0.1422119140625}, {"start": 743.83, "end": 745.19, "word": " much", "probability": 0.56298828125}, {"start": 745.19, "end": 745.19, "word": " is", "probability": 0.869140625}, {"start": 745.19, "end": 745.19, "word": " this?", "probability": 0.81103515625}, {"start": 745.29, "end": 745.61, "word": " Seven,", "probability": 0.4755859375}, {"start": 747.45, "end": 748.77, "word": " six,", "probability": 0.87939453125}, {"start": 749.65, "end": 750.25, "word": " four,", "probability": 0.9423828125}, {"start": 751.81, "end": 752.49, "word": " two,", "probability": 0.93701171875}, {"start": 753.33, "end": 753.81, "word": " zero,", "probability": 0.9052734375}, {"start": 754.23, "end": 754.55, "word": " minus", "probability": 0.9716796875}, {"start": 754.55, "end": 755.23, "word": " three,", "probability": 0.93798828125}, {"start": 755.93, "end": 757.03, "word": " minus", "probability": 0.97900390625}, {"start": 757.03, "end": 757.51, "word": " five.", "probability": 0.9140625}, {"start": 759.61, "end": 759.95, "word": " Of", "probability": 0.6103515625}, {"start": 759.95, "end": 759.95, "word": " course,", "probability": 0.9580078125}, {"start": 759.97, "end": 760.21, "word": " here", "probability": 0.75244140625}, {"start": 760.21, "end": 761.75, "word": " I", "probability": 0.46435546875}, {"start": 761.75, "end": 762.17, "word": " assumed", "probability": 0.77587890625}, {"start": 762.17, "end": 762.41, "word": " that", "probability": 0.79931640625}, {"start": 762.41, "end": 762.67, "word": " there", "probability": 0.70654296875}, {"start": 762.67, "end": 762.67, "word": " is", "probability": 0.50927734375}, {"start": 762.67, "end": 763.47, "word": " one", "probability": 0.448486328125}, {"start": 763.47, "end": 764.41, "word": " more", "probability": 0.77783203125}, {"start": 764.41, "end": 764.75, "word": " unit.", "probability": 0.9189453125}, {"start": 765.41, "end": 765.85, "word": " One", "probability": 0.87939453125}, {"start": 765.85, "end": 766.11, "word": " more", "probability": 0.939453125}, {"start": 766.11, "end": 766.45, "word": " unit.", "probability": 0.95947265625}], "temperature": 1.0}, {"id": 30, "seek": 79643, "start": 767.37, "end": 796.43, "text": "Sometimes it's not like that. It can be 0, 1, 5, 10. It depends. It works on this formula. Margin of X equals 2T U2 minus T U1 over Q2 minus Q1. In all cases. All right. What do you see? The first quantity added 5 utils. More, 6, 7.", "tokens": [50, 45890, 309, 311, 406, 411, 300, 13, 467, 393, 312, 1958, 11, 502, 11, 1025, 11, 1266, 13, 467, 5946, 13, 467, 1985, 322, 341, 8513, 13, 2039, 1494, 295, 1783, 6915, 568, 51, 624, 17, 3175, 314, 624, 16, 670, 1249, 17, 3175, 1249, 16, 13, 682, 439, 3331, 13, 1057, 558, 13, 708, 360, 291, 536, 30, 440, 700, 11275, 3869, 1025, 2839, 4174, 13, 5048, 11, 1386, 11, 1614, 13], "avg_logprob": -0.38666667143503824, "compression_ratio": 1.3181818181818181, "no_speech_prob": 0.0, "words": [{"start": 767.37, "end": 767.97, "word": "Sometimes", "probability": 0.60302734375}, {"start": 767.97, "end": 768.33, "word": " it's", "probability": 0.43780517578125}, {"start": 768.33, "end": 768.57, "word": " not", "probability": 0.720703125}, {"start": 768.57, "end": 768.69, "word": " like", "probability": 0.74609375}, {"start": 768.69, "end": 768.89, "word": " that.", "probability": 0.455078125}, {"start": 769.15, "end": 769.25, "word": " It", "probability": 0.73779296875}, {"start": 769.25, "end": 769.67, "word": " can", "probability": 0.447021484375}, {"start": 769.67, "end": 769.95, "word": " be", "probability": 0.89501953125}, {"start": 769.95, "end": 770.57, "word": " 0,", "probability": 0.55224609375}, {"start": 770.75, "end": 771.03, "word": " 1,", "probability": 0.6533203125}, {"start": 771.35, "end": 771.91, "word": " 5,", "probability": 0.94775390625}, {"start": 772.35, "end": 772.81, "word": " 10.", "probability": 0.82373046875}, {"start": 773.79, "end": 774.13, "word": " It", "probability": 0.65576171875}, {"start": 774.13, "end": 774.47, "word": " depends.", "probability": 0.82861328125}, {"start": 774.85, "end": 775.03, "word": " It", "probability": 0.50390625}, {"start": 775.03, "end": 775.21, "word": " works", "probability": 0.65283203125}, {"start": 775.21, "end": 775.43, "word": " on", "probability": 0.5859375}, {"start": 775.43, "end": 775.61, "word": " this", "probability": 0.81298828125}, {"start": 775.61, "end": 776.01, "word": " formula.", "probability": 0.8984375}, {"start": 776.83, "end": 777.23, "word": " Margin", "probability": 0.75146484375}, {"start": 777.23, "end": 777.35, "word": " of", "probability": 0.67919921875}, {"start": 777.35, "end": 777.81, "word": " X", "probability": 0.41796875}, {"start": 777.81, "end": 778.27, "word": " equals", "probability": 0.537109375}, {"start": 778.27, "end": 779.67, "word": " 2T", "probability": 0.3302001953125}, {"start": 779.67, "end": 780.05, "word": " U2", "probability": 0.513427734375}, {"start": 780.05, "end": 780.35, "word": " minus", "probability": 0.92041015625}, {"start": 780.35, "end": 780.61, "word": " T", "probability": 0.55615234375}, {"start": 780.61, "end": 780.97, "word": " U1", "probability": 0.931396484375}, {"start": 780.97, "end": 781.23, "word": " over", "probability": 0.869140625}, {"start": 781.23, "end": 781.69, "word": " Q2", "probability": 0.932861328125}, {"start": 781.69, "end": 781.97, "word": " minus", "probability": 0.9775390625}, {"start": 781.97, "end": 782.49, "word": " Q1.", "probability": 0.9921875}, {"start": 782.77, "end": 783.07, "word": " In", "probability": 0.798828125}, {"start": 783.07, "end": 783.21, "word": " all", "probability": 0.94384765625}, {"start": 783.21, "end": 783.63, "word": " cases.", "probability": 0.9150390625}, {"start": 784.45, "end": 784.59, "word": " All", "probability": 0.408203125}, {"start": 784.59, "end": 784.77, "word": " right.", "probability": 0.90283203125}, {"start": 785.83, "end": 786.05, "word": " What", "probability": 0.1827392578125}, {"start": 786.05, "end": 786.17, "word": " do", "probability": 0.76611328125}, {"start": 786.17, "end": 786.17, "word": " you", "probability": 0.92236328125}, {"start": 786.17, "end": 786.39, "word": " see?", "probability": 0.91650390625}, {"start": 787.61, "end": 788.17, "word": " The", "probability": 0.896484375}, {"start": 788.17, "end": 788.45, "word": " first", "probability": 0.8955078125}, {"start": 788.45, "end": 789.05, "word": " quantity", "probability": 0.98388671875}, {"start": 789.05, "end": 791.31, "word": " added", "probability": 0.736328125}, {"start": 791.31, "end": 792.57, "word": " 5", "probability": 0.509765625}, {"start": 792.57, "end": 793.39, "word": " utils.", "probability": 0.7412109375}, {"start": 794.33, "end": 795.03, "word": " More,", "probability": 0.74267578125}, {"start": 795.53, "end": 795.85, "word": " 6,", "probability": 0.80029296875}, {"start": 796.07, "end": 796.43, "word": " 7.", "probability": 0.96875}], "temperature": 1.0}, {"id": 31, "seek": 82746, "start": 800.94, "end": 827.46, "text": " Zero minus. Let us draw the graph that shows the relationship between the total utility, marginal utility, and the quantity consumed. Okay. Let's go to the graph that shows or represents the relationship between quantity, total utility, and marginal utility using graph.", "tokens": [17182, 3175, 13, 961, 505, 2642, 264, 4295, 300, 3110, 264, 2480, 1296, 264, 3217, 14877, 11, 16885, 14877, 11, 293, 264, 11275, 21226, 13, 1033, 13, 961, 311, 352, 281, 264, 4295, 300, 3110, 420, 8855, 264, 2480, 1296, 11275, 11, 3217, 14877, 11, 293, 16885, 14877, 1228, 4295, 13], "avg_logprob": -0.12935697029416376, "compression_ratio": 1.856164383561644, "no_speech_prob": 0.0, "words": [{"start": 800.94, "end": 801.38, "word": " Zero", "probability": 0.689453125}, {"start": 801.38, "end": 802.08, "word": " minus.", "probability": 0.88232421875}, {"start": 803.94, "end": 804.5, "word": " Let", "probability": 0.93408203125}, {"start": 804.5, "end": 804.84, "word": " us", "probability": 0.84765625}, {"start": 804.84, "end": 805.44, "word": " draw", "probability": 0.85302734375}, {"start": 805.44, "end": 805.66, "word": " the", "probability": 0.9052734375}, {"start": 805.66, "end": 805.9, "word": " graph", "probability": 0.9599609375}, {"start": 805.9, "end": 806.12, "word": " that", "probability": 0.9365234375}, {"start": 806.12, "end": 806.56, "word": " shows", "probability": 0.912109375}, {"start": 806.56, "end": 807.26, "word": " the", "probability": 0.89453125}, {"start": 807.26, "end": 807.82, "word": " relationship", "probability": 0.90771484375}, {"start": 807.82, "end": 808.36, "word": " between", "probability": 0.86767578125}, {"start": 808.36, "end": 808.94, "word": " the", "probability": 0.84130859375}, {"start": 808.94, "end": 809.32, "word": " total", "probability": 0.85791015625}, {"start": 809.32, "end": 809.74, "word": " utility,", "probability": 0.953125}, {"start": 809.98, "end": 810.4, "word": " marginal", "probability": 0.89111328125}, {"start": 810.4, "end": 810.88, "word": " utility,", "probability": 0.9619140625}, {"start": 811.3, "end": 811.6, "word": " and", "probability": 0.94287109375}, {"start": 811.6, "end": 811.88, "word": " the", "probability": 0.7529296875}, {"start": 811.88, "end": 812.64, "word": " quantity", "probability": 0.92626953125}, {"start": 812.64, "end": 813.34, "word": " consumed.", "probability": 0.89306640625}, {"start": 815.14, "end": 815.52, "word": " Okay.", "probability": 0.4560546875}, {"start": 817.02, "end": 817.48, "word": " Let's", "probability": 0.973876953125}, {"start": 817.48, "end": 817.68, "word": " go", "probability": 0.9658203125}, {"start": 817.68, "end": 818.06, "word": " to", "probability": 0.95068359375}, {"start": 818.06, "end": 818.46, "word": " the", "probability": 0.9208984375}, {"start": 818.46, "end": 818.74, "word": " graph", "probability": 0.94970703125}, {"start": 818.74, "end": 818.98, "word": " that", "probability": 0.93505859375}, {"start": 818.98, "end": 819.48, "word": " shows", "probability": 0.90771484375}, {"start": 819.48, "end": 820.22, "word": " or", "probability": 0.85693359375}, {"start": 820.22, "end": 820.9, "word": " represents", "probability": 0.900390625}, {"start": 820.9, "end": 821.44, "word": " the", "probability": 0.90478515625}, {"start": 821.44, "end": 821.98, "word": " relationship", "probability": 0.90673828125}, {"start": 821.98, "end": 822.58, "word": " between", "probability": 0.88671875}, {"start": 822.58, "end": 823.5, "word": " quantity,", "probability": 0.97607421875}, {"start": 823.82, "end": 824.02, "word": " total", "probability": 0.8515625}, {"start": 824.02, "end": 824.38, "word": " utility,", "probability": 0.96044921875}, {"start": 824.54, "end": 824.84, "word": " and", "probability": 0.9443359375}, {"start": 824.84, "end": 825.48, "word": " marginal", "probability": 0.9443359375}, {"start": 825.48, "end": 826.24, "word": " utility", "probability": 0.9599609375}, {"start": 826.24, "end": 827.0, "word": " using", "probability": 0.85693359375}, {"start": 827.0, "end": 827.46, "word": " graph.", "probability": 0.91552734375}], "temperature": 1.0}, {"id": 32, "seek": 85916, "start": 839.88, "end": 859.16, "text": " In general, here's the quantity consumed, quantity x. And here's the total utility of x and the marginal utility of x.", "tokens": [682, 2674, 11, 510, 311, 264, 11275, 21226, 11, 11275, 2031, 13, 400, 510, 311, 264, 3217, 14877, 295, 2031, 293, 264, 16885, 14877, 295, 2031, 13], "avg_logprob": -0.21442522427865437, "compression_ratio": 1.367816091954023, "no_speech_prob": 0.0, "words": [{"start": 839.88, "end": 840.14, "word": " In", "probability": 0.6875}, {"start": 840.14, "end": 840.56, "word": " general,", "probability": 0.921875}, {"start": 844.5, "end": 846.48, "word": " here's", "probability": 0.645751953125}, {"start": 846.48, "end": 846.62, "word": " the", "probability": 0.9228515625}, {"start": 846.62, "end": 847.06, "word": " quantity", "probability": 0.9716796875}, {"start": 847.06, "end": 847.66, "word": " consumed,", "probability": 0.82958984375}, {"start": 847.84, "end": 848.06, "word": " quantity", "probability": 0.55419921875}, {"start": 848.06, "end": 848.5, "word": " x.", "probability": 0.386474609375}, {"start": 853.0, "end": 853.66, "word": " And", "probability": 0.89111328125}, {"start": 853.66, "end": 854.06, "word": " here's", "probability": 0.786376953125}, {"start": 854.06, "end": 854.3, "word": " the", "probability": 0.90869140625}, {"start": 854.3, "end": 854.66, "word": " total", "probability": 0.845703125}, {"start": 854.66, "end": 855.06, "word": " utility", "probability": 0.97412109375}, {"start": 855.06, "end": 856.24, "word": " of", "probability": 0.9580078125}, {"start": 856.24, "end": 856.64, "word": " x", "probability": 0.93212890625}, {"start": 856.64, "end": 857.32, "word": " and", "probability": 0.79345703125}, {"start": 857.32, "end": 857.96, "word": " the", "probability": 0.9130859375}, {"start": 857.96, "end": 858.38, "word": " marginal", "probability": 0.904296875}, {"start": 858.38, "end": 858.72, "word": " utility", "probability": 0.94873046875}, {"start": 858.72, "end": 858.94, "word": " of", "probability": 0.90380859375}, {"start": 858.94, "end": 859.16, "word": " x.", "probability": 0.9921875}], "temperature": 1.0}, {"id": 33, "seek": 88521, "start": 865.25, "end": 885.21, "text": " The graph always looks like this. Look. To make an analysis on it. Tu x. Marginal u to root of x. And", "tokens": [314, 675, 4295, 1009, 1542, 411, 341, 13, 2053, 13, 1407, 652, 364, 5215, 322, 309, 13, 7836, 2031, 13, 2039, 1494, 304, 344, 281, 5593, 295, 2031, 13, 400], "avg_logprob": -0.711693533005253, "compression_ratio": 1.1333333333333333, "no_speech_prob": 0.0, "words": [{"start": 865.25, "end": 865.49, "word": " The", "probability": 0.18023681640625}, {"start": 865.49, "end": 865.97, "word": " graph", "probability": 0.86669921875}, {"start": 865.97, "end": 866.09, "word": " always", "probability": 0.32666015625}, {"start": 866.09, "end": 866.25, "word": " looks", "probability": 0.30517578125}, {"start": 866.25, "end": 866.67, "word": " like", "probability": 0.86083984375}, {"start": 866.67, "end": 866.77, "word": " this.", "probability": 0.8955078125}, {"start": 866.83, "end": 866.99, "word": " Look.", "probability": 0.1756591796875}, {"start": 867.91, "end": 868.31, "word": " To", "probability": 0.60693359375}, {"start": 868.31, "end": 868.53, "word": " make", "probability": 0.343017578125}, {"start": 868.53, "end": 868.79, "word": " an", "probability": 0.5341796875}, {"start": 868.79, "end": 869.17, "word": " analysis", "probability": 0.88427734375}, {"start": 869.17, "end": 869.37, "word": " on", "probability": 0.48974609375}, {"start": 869.37, "end": 869.65, "word": " it.", "probability": 0.7041015625}, {"start": 872.49, "end": 873.05, "word": " Tu", "probability": 0.2919921875}, {"start": 873.05, "end": 873.55, "word": " x.", "probability": 0.5400390625}, {"start": 881.51, "end": 882.07, "word": " Marginal", "probability": 0.70849609375}, {"start": 882.07, "end": 882.21, "word": " u", "probability": 0.7412109375}, {"start": 882.21, "end": 882.29, "word": " to", "probability": 0.56396484375}, {"start": 882.29, "end": 882.41, "word": " root", "probability": 0.59814453125}, {"start": 882.41, "end": 882.55, "word": " of", "probability": 0.9169921875}, {"start": 882.55, "end": 882.83, "word": " x.", "probability": 0.9833984375}, {"start": 884.65, "end": 885.21, "word": " And", "probability": 0.8203125}], "temperature": 1.0}, {"id": 34, "seek": 91936, "start": 904.9, "end": 919.36, "text": " Average utility. Maximum total utility.", "tokens": [316, 3623, 14877, 13, 29076, 449, 3217, 14877, 13], "avg_logprob": -0.4937499940395355, "compression_ratio": 0.975609756097561, "no_speech_prob": 0.0, "words": [{"start": 904.9, "end": 905.62, "word": " Average", "probability": 0.5411376953125}, {"start": 905.62, "end": 906.16, "word": " utility.", "probability": 0.89306640625}, {"start": 917.54, "end": 918.62, "word": " Maximum", "probability": 0.72021484375}, {"start": 918.62, "end": 918.98, "word": " total", "probability": 0.80078125}, {"start": 918.98, "end": 919.36, "word": " utility.", "probability": 0.97900390625}], "temperature": 1.0}, {"id": 35, "seek": 97563, "start": 956.03, "end": 975.63, "text": " Come on. Let the graph not draw this gate. But let's do an analysis on it and then I'll give you the answer. It's like this. This gate, you see, this gate, the analysis will come out like this with us. But let's not draw it. Let's understand it and then I'll give you the chance.", "tokens": [2492, 322, 13, 961, 264, 4295, 406, 2642, 341, 8539, 13, 583, 718, 311, 360, 364, 5215, 322, 309, 293, 550, 286, 603, 976, 291, 264, 1867, 13, 467, 311, 411, 341, 13, 639, 8539, 11, 291, 536, 11, 341, 8539, 11, 264, 5215, 486, 808, 484, 411, 341, 365, 505, 13, 583, 718, 311, 406, 2642, 309, 13, 961, 311, 1223, 309, 293, 550, 286, 603, 976, 291, 264, 2931, 13], "avg_logprob": -0.48672946185281835, "compression_ratio": 1.75, "no_speech_prob": 1.7881393432617188e-07, "words": [{"start": 956.03, "end": 956.29, "word": " Come", "probability": 0.044891357421875}, {"start": 956.29, "end": 956.41, "word": " on.", "probability": 0.92138671875}, {"start": 959.43, "end": 959.87, "word": " Let", "probability": 0.475830078125}, {"start": 959.87, "end": 960.07, "word": " the", "probability": 0.51513671875}, {"start": 960.07, "end": 960.33, "word": " graph", "probability": 0.68701171875}, {"start": 960.33, "end": 960.45, "word": " 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In this graph, we will see or check the relationship between the total utility and the marginal utility at the different quantities. In the horizontal axis, we have the quantity consumed,", "tokens": [1033, 13, 682, 341, 4295, 11, 321, 486, 536, 420, 1520, 264, 2480, 1296, 264, 3217, 14877, 293, 264, 16885, 14877, 412, 264, 819, 22927, 13, 682, 264, 12750, 10298, 11, 321, 362, 264, 11275, 21226, 11], "avg_logprob": -0.13795230655293717, "compression_ratio": 1.4586466165413534, "no_speech_prob": 0.0, "words": [{"start": 988.7, "end": 989.62, "word": " Okay.", "probability": 0.307861328125}, {"start": 994.82, "end": 995.74, "word": " In", "probability": 0.9267578125}, {"start": 995.74, "end": 996.0, "word": " this", "probability": 0.9453125}, {"start": 996.0, "end": 996.38, "word": " graph,", "probability": 0.90625}, {"start": 997.24, "end": 998.46, "word": " we", "probability": 0.96240234375}, {"start": 998.46, "end": 998.68, "word": " will", "probability": 0.88232421875}, {"start": 998.68, "end": 999.12, "word": " see", "probability": 0.822265625}, {"start": 999.12, "end": 999.86, "word": " or", "probability": 0.8994140625}, {"start": 999.86, "end": 1000.14, "word": " check", "probability": 0.95556640625}, {"start": 1000.14, "end": 1000.32, "word": " the", "probability": 0.89453125}, {"start": 1000.32, "end": 1000.86, "word": " relationship", "probability": 0.919921875}, {"start": 1000.86, "end": 1001.4, "word": " between", "probability": 0.873046875}, {"start": 1001.4, "end": 1002.0, "word": " the", "probability": 0.896484375}, {"start": 1002.0, "end": 1002.36, "word": " total", "probability": 0.87109375}, {"start": 1002.36, "end": 1002.78, "word": " utility", "probability": 0.95556640625}, {"start": 1002.78, "end": 1003.18, "word": " and", "probability": 0.83544921875}, {"start": 1003.18, "end": 1003.34, "word": " the", "probability": 0.841796875}, {"start": 1003.34, "end": 1003.74, "word": " marginal", "probability": 0.8515625}, {"start": 1003.74, "end": 1004.26, "word": " utility", "probability": 0.97412109375}, {"start": 1004.26, "end": 1006.2, "word": " at", "probability": 0.72509765625}, {"start": 1006.2, "end": 1006.5, "word": " the", "probability": 0.8818359375}, {"start": 1006.5, "end": 1007.0, "word": " different", "probability": 0.86865234375}, {"start": 1007.0, "end": 1007.64, "word": " quantities.", "probability": 0.9765625}, {"start": 1008.58, "end": 1008.88, "word": " In", "probability": 0.97265625}, {"start": 1008.88, "end": 1009.02, "word": " the", "probability": 0.92236328125}, {"start": 1009.02, "end": 1009.46, "word": " horizontal", "probability": 0.85595703125}, {"start": 1009.46, "end": 1009.92, "word": " axis,", "probability": 0.9296875}, {"start": 1010.14, "end": 1010.26, "word": " we", "probability": 0.9638671875}, {"start": 1010.26, "end": 1010.72, "word": " have", "probability": 0.94580078125}, {"start": 1010.72, "end": 1011.36, "word": " the", "probability": 0.91552734375}, {"start": 1011.36, "end": 1011.68, "word": " quantity", "probability": 0.91162109375}, {"start": 1011.68, "end": 1012.28, "word": " consumed,", "probability": 0.8486328125}], "temperature": 1.0}, {"id": 37, "seek": 104155, "start": 1017.67, "end": 1041.55, "text": " Total utility, marginal utility, the vertical axis. Let's follow your one, two, three, four, five, six, seven. Let's follow the total utility at different quantities.", "tokens": [23170, 14877, 11, 16885, 14877, 11, 264, 9429, 10298, 13, 961, 311, 1524, 428, 472, 11, 732, 11, 1045, 11, 1451, 11, 1732, 11, 2309, 11, 3407, 13, 961, 311, 1524, 264, 3217, 14877, 412, 819, 22927, 13], "avg_logprob": -0.13421473976893303, "compression_ratio": 1.4649122807017543, "no_speech_prob": 0.0, "words": [{"start": 1017.6700000000001, "end": 1018.59, "word": " Total", "probability": 0.369384765625}, {"start": 1018.59, "end": 1019.51, "word": " utility,", "probability": 0.92138671875}, {"start": 1019.85, "end": 1020.21, "word": " marginal", "probability": 0.89208984375}, {"start": 1020.21, "end": 1020.79, "word": " utility,", "probability": 0.9677734375}, {"start": 1021.05, "end": 1021.15, "word": " the", "probability": 0.78857421875}, {"start": 1021.15, "end": 1021.45, "word": " vertical", "probability": 0.9111328125}, {"start": 1021.45, "end": 1021.93, "word": " axis.", "probability": 0.92822265625}, {"start": 1024.05, "end": 1024.55, "word": " Let's", "probability": 0.970703125}, {"start": 1024.55, "end": 1025.07, "word": " follow", "probability": 0.91552734375}, {"start": 1025.07, "end": 1026.51, "word": " your", "probability": 0.344970703125}, {"start": 1026.51, "end": 1026.99, "word": " one,", "probability": 0.6689453125}, {"start": 1028.45, "end": 1029.43, "word": " two,", "probability": 0.94775390625}, {"start": 1029.87, "end": 1030.25, "word": " three,", "probability": 0.94091796875}, {"start": 1031.03, "end": 1031.43, "word": " four,", "probability": 0.9423828125}, {"start": 1031.99, "end": 1032.51, "word": " five,", "probability": 0.9208984375}, {"start": 1032.83, "end": 1033.25, "word": " six,", "probability": 0.95849609375}, {"start": 1033.45, "end": 1033.75, "word": " seven.", "probability": 0.9140625}, {"start": 1037.13, "end": 1037.51, "word": " Let's", "probability": 0.978759765625}, {"start": 1037.51, "end": 1037.83, "word": " follow", "probability": 0.91796875}, {"start": 1037.83, "end": 1039.39, "word": " the", "probability": 0.8740234375}, {"start": 1039.39, "end": 1039.73, "word": " total", "probability": 0.86181640625}, {"start": 1039.73, "end": 1040.25, "word": " utility", "probability": 0.9501953125}, {"start": 1040.25, "end": 1040.61, "word": " at", "probability": 0.955078125}, {"start": 1040.61, "end": 1040.97, "word": " different", "probability": 0.89990234375}, {"start": 1040.97, "end": 1041.55, "word": " quantities.", "probability": 0.97314453125}], "temperature": 1.0}, {"id": 38, "seek": 107153, "start": 1042.81, "end": 1071.53, "text": " At equality equals zero, how much is the total utility? Zero. At equality equals one, the total utility equals five. At two, eleven. At three, how much is it? Eighteen.", "tokens": [1711, 14949, 6915, 4018, 11, 577, 709, 307, 264, 3217, 14877, 30, 17182, 13, 1711, 14949, 6915, 472, 11, 264, 3217, 14877, 6915, 1732, 13, 1711, 732, 11, 21090, 13, 1711, 1045, 11, 577, 709, 307, 309, 30, 17708, 10685, 13], "avg_logprob": -0.20703124893563135, "compression_ratio": 1.6095238095238096, "no_speech_prob": 0.0, "words": [{"start": 1042.81, "end": 1043.03, "word": " At", "probability": 0.58544921875}, {"start": 1043.03, "end": 1043.49, "word": " equality", "probability": 0.20263671875}, {"start": 1043.49, "end": 1043.99, "word": " equals", "probability": 0.74658203125}, {"start": 1043.99, "end": 1044.59, "word": " zero,", "probability": 0.708984375}, {"start": 1045.69, "end": 1046.05, "word": " how", "probability": 0.845703125}, {"start": 1046.05, "end": 1046.47, "word": " much", "probability": 0.91845703125}, {"start": 1046.47, "end": 1046.71, "word": " is", "probability": 0.93896484375}, {"start": 1046.71, "end": 1046.89, "word": " the", "probability": 0.9091796875}, {"start": 1046.89, "end": 1047.17, "word": " total", "probability": 0.8369140625}, {"start": 1047.17, "end": 1047.55, "word": " utility?", "probability": 0.96484375}, {"start": 1047.79, "end": 1048.55, "word": " Zero.", "probability": 0.78564453125}, {"start": 1049.25, "end": 1049.93, "word": " At", "probability": 0.84765625}, {"start": 1049.93, "end": 1050.69, "word": " equality", "probability": 0.849609375}, {"start": 1050.69, "end": 1051.27, "word": " equals", "probability": 0.91845703125}, {"start": 1051.27, "end": 1051.55, "word": " one,", "probability": 0.822265625}, {"start": 1051.87, "end": 1052.01, "word": " the", "probability": 0.89453125}, {"start": 1052.01, "end": 1052.35, "word": " total", "probability": 0.802734375}, {"start": 1052.35, "end": 1052.79, "word": " utility", "probability": 0.96337890625}, {"start": 1052.79, "end": 1054.23, "word": " equals", "probability": 0.9189453125}, {"start": 1054.23, "end": 1054.63, "word": " five.", "probability": 0.8427734375}, {"start": 1057.03, "end": 1057.83, "word": " At", "probability": 0.85986328125}, {"start": 1057.83, "end": 1059.35, "word": " two,", "probability": 0.85205078125}, {"start": 1059.91, "end": 1060.43, "word": " eleven.", "probability": 0.66650390625}, {"start": 1065.09, "end": 1065.99, "word": " At", "probability": 0.9580078125}, {"start": 1065.99, "end": 1066.41, "word": " three,", "probability": 0.935546875}, {"start": 1067.07, "end": 1068.73, "word": " how", "probability": 0.50439453125}, {"start": 1068.73, "end": 1068.99, "word": " much", "probability": 0.91064453125}, {"start": 1068.99, "end": 1069.15, "word": " is", "probability": 0.9453125}, {"start": 1069.15, "end": 1069.37, "word": " it?", "probability": 0.95654296875}, {"start": 1070.63, "end": 1071.53, "word": " Eighteen.", "probability": 0.925048828125}], "temperature": 1.0}, {"id": 39, "seek": 110310, "start": 1073.65, "end": 1103.11, "text": " At four, 24. At five, 28. At six, 30. At seven,", "tokens": [1711, 1451, 11, 4022, 13, 1711, 1732, 11, 7562, 13, 1711, 2309, 11, 2217, 13, 1711, 3407, 11], "avg_logprob": -0.17259457393696434, "compression_ratio": 1.0666666666666667, "no_speech_prob": 0.0, "words": [{"start": 1073.65, "end": 1073.87, "word": " At", "probability": 0.6396484375}, {"start": 1073.87, "end": 1074.37, "word": " four,", "probability": 0.7900390625}, {"start": 1075.49, "end": 1076.13, "word": " 24.", "probability": 0.53515625}, {"start": 1081.03, "end": 1082.43, "word": " At", "probability": 0.9287109375}, {"start": 1082.43, "end": 1082.97, "word": " five,", "probability": 0.90576171875}, {"start": 1084.59, "end": 1086.61, "word": " 28.", "probability": 0.95654296875}, {"start": 1093.55, "end": 1094.95, "word": " At", "probability": 0.95263671875}, {"start": 1094.95, "end": 1095.37, "word": " six,", "probability": 0.947265625}, {"start": 1096.03, "end": 1097.05, "word": " 30.", "probability": 0.97216796875}, {"start": 1100.93, "end": 1102.33, "word": " At", "probability": 0.9677734375}, {"start": 1102.33, "end": 1103.11, "word": " seven,", "probability": 0.92529296875}], "temperature": 1.0}, {"id": 40, "seek": 112426, "start": 1104.52, "end": 1124.26, "text": " 3rd Ezreal at 8,27 again at 9,22", "tokens": [805, 7800, 27211, 9342, 412, 1649, 11, 10076, 797, 412, 1722, 11, 7490], "avg_logprob": -0.736049119915281, "compression_ratio": 0.868421052631579, "no_speech_prob": 0.0, "words": [{"start": 1104.52, "end": 1104.94, "word": " 3rd", "probability": 0.406768798828125}, {"start": 1104.94, "end": 1105.34, "word": " Ezreal", "probability": 0.3707275390625}, {"start": 1105.34, "end": 1111.3, "word": " at", "probability": 0.365966796875}, {"start": 1111.3, "end": 1113.44, "word": " 8", "probability": 0.943359375}, {"start": 1113.44, "end": 1114.58, "word": ",27", "probability": 0.43243408203125}, {"start": 1114.58, "end": 1119.42, "word": " again", "probability": 0.314453125}, {"start": 1119.42, "end": 1120.14, "word": " at", "probability": 0.384765625}, {"start": 1120.14, "end": 1123.26, "word": " 9", "probability": 0.9814453125}, {"start": 1123.26, "end": 1124.26, "word": ",22", "probability": 0.957275390625}], "temperature": 1.0}, {"id": 41, "seek": 115397, "start": 1132.95, "end": 1153.97, "text": " Represents the relationship between the quantity consumed and the total utility. So the total utility curve is always like this. As the quantity consumed or the quantity pulled, quantity demanded increased, right? What about the marginal utility?", "tokens": [3696, 495, 791, 264, 2480, 1296, 264, 11275, 21226, 293, 264, 3217, 14877, 13, 407, 264, 3217, 14877, 7605, 307, 1009, 411, 341, 13, 1018, 264, 11275, 21226, 420, 264, 11275, 7373, 11, 11275, 28276, 6505, 11, 558, 30, 708, 466, 264, 16885, 14877, 30], "avg_logprob": -0.3082540663688079, "compression_ratio": 1.6917808219178083, "no_speech_prob": 0.0, "words": [{"start": 1132.95, "end": 1133.79, "word": " Represents", "probability": 0.6434783935546875}, {"start": 1133.79, "end": 1133.97, "word": " the", "probability": 0.9033203125}, {"start": 1133.97, "end": 1134.61, "word": " relationship", "probability": 0.8994140625}, {"start": 1134.61, "end": 1135.09, "word": " between", "probability": 0.890625}, {"start": 1135.09, "end": 1135.29, "word": " the", "probability": 0.88525390625}, {"start": 1135.29, "end": 1135.63, "word": " quantity", "probability": 0.50048828125}, {"start": 1135.63, "end": 1136.27, "word": " consumed", "probability": 0.857421875}, {"start": 1136.27, "end": 1136.73, "word": " and", "probability": 0.908203125}, {"start": 1136.73, "end": 1137.23, "word": " the", "probability": 0.875}, {"start": 1137.23, "end": 1137.59, "word": " total", "probability": 0.86962890625}, {"start": 1137.59, "end": 1137.93, "word": " utility.", "probability": 0.94677734375}, {"start": 1138.33, "end": 1138.47, "word": " So", "probability": 0.95361328125}, {"start": 1138.47, "end": 1138.65, "word": " the", "probability": 0.76318359375}, {"start": 1138.65, "end": 1138.95, "word": " total", "probability": 0.83837890625}, {"start": 1138.95, "end": 1139.37, "word": " utility", "probability": 0.95263671875}, {"start": 1139.37, "end": 1140.39, "word": " curve", "probability": 0.91748046875}, {"start": 1140.39, "end": 1140.97, "word": " is", "probability": 0.9228515625}, {"start": 1140.97, "end": 1141.67, "word": " always", "probability": 0.91162109375}, {"start": 1141.67, "end": 1142.17, "word": " like", "probability": 0.916015625}, {"start": 1142.17, "end": 1142.49, "word": " this.", "probability": 0.939453125}, {"start": 1144.35, "end": 1145.19, "word": " As", "probability": 0.96826171875}, {"start": 1145.19, "end": 1146.01, "word": " the", "probability": 0.75146484375}, {"start": 1146.01, "end": 1146.31, "word": " quantity", "probability": 0.96875}, {"start": 1146.31, "end": 1147.01, "word": " consumed", "probability": 0.89453125}, {"start": 1147.01, "end": 1147.51, "word": " or", "probability": 0.8896484375}, {"start": 1147.51, "end": 1147.75, "word": " the", "probability": 0.86376953125}, {"start": 1147.75, "end": 1148.23, "word": " quantity", "probability": 0.9765625}, {"start": 1148.23, "end": 1148.63, "word": " pulled,", "probability": 0.39208984375}, {"start": 1148.89, "end": 1149.03, "word": " quantity", "probability": 0.90185546875}, {"start": 1149.03, "end": 1149.45, "word": " demanded", "probability": 0.955078125}, {"start": 1149.45, "end": 1150.21, "word": " increased,", "probability": 0.57275390625}, {"start": 1151.31, "end": 1151.53, "word": " right?", "probability": 0.68115234375}, {"start": 1152.73, "end": 1152.95, "word": " What", "probability": 0.3623046875}, {"start": 1152.95, "end": 1153.09, "word": " about", "probability": 0.90087890625}, {"start": 1153.09, "end": 1153.23, "word": " the", "probability": 0.89111328125}, {"start": 1153.23, "end": 1153.55, "word": " marginal", "probability": 0.8466796875}, {"start": 1153.55, "end": 1153.97, "word": " utility?", "probability": 0.9580078125}], "temperature": 1.0}, {"id": 42, "seek": 118627, "start": 1158.21, "end": 1186.27, "text": " At a quarter equals zero. How much is it? Zero. At one, how much is it? Five. At one, it starts like this. But I don't want to ... There is an easier way to analyze it. Let it come to me like this.", "tokens": [1711, 257, 6555, 6915, 4018, 13, 1012, 709, 307, 309, 30, 17182, 13, 1711, 472, 11, 577, 709, 307, 309, 30, 9436, 13, 1711, 472, 11, 309, 3719, 411, 341, 13, 583, 286, 500, 380, 528, 281, 1097, 821, 307, 364, 3571, 636, 281, 12477, 309, 13, 961, 309, 808, 281, 385, 411, 341, 13], "avg_logprob": -0.45870535873941015, "compression_ratio": 1.434782608695652, "no_speech_prob": 0.0, "words": [{"start": 1158.21, "end": 1158.49, "word": " At", "probability": 0.2303466796875}, {"start": 1158.49, "end": 1158.61, "word": " a", "probability": 0.131591796875}, {"start": 1158.61, "end": 1158.89, "word": " quarter", "probability": 0.7265625}, {"start": 1158.89, "end": 1159.33, "word": " equals", "probability": 0.8134765625}, {"start": 1159.33, "end": 1159.87, "word": " zero.", "probability": 0.7236328125}, {"start": 1160.49, "end": 1160.83, "word": " How", "probability": 0.92431640625}, {"start": 1160.83, "end": 1161.11, "word": " much", "probability": 0.9208984375}, {"start": 1161.11, "end": 1161.31, "word": " is", "probability": 0.94091796875}, {"start": 1161.31, "end": 1161.55, "word": " it?", "probability": 0.9443359375}, {"start": 1162.13, "end": 1162.69, "word": " Zero.", "probability": 0.77001953125}, {"start": 1165.59, "end": 1166.15, "word": " At", "probability": 0.8505859375}, {"start": 1166.15, "end": 1167.51, "word": " one,", "probability": 0.74365234375}, {"start": 1167.79, "end": 1168.51, "word": " how", "probability": 0.9111328125}, {"start": 1168.51, "end": 1168.77, "word": " much", "probability": 0.921875}, {"start": 1168.77, "end": 1168.99, "word": " is", "probability": 0.9453125}, {"start": 1168.99, "end": 1169.25, "word": " it?", "probability": 0.95361328125}, {"start": 1169.33, "end": 1169.89, "word": " Five.", "probability": 0.81298828125}, {"start": 1170.09, "end": 1170.35, "word": " At", "probability": 0.08465576171875}, {"start": 1170.35, "end": 1172.91, "word": " one,", "probability": 0.9052734375}, {"start": 1174.39, "end": 1174.47, "word": " it", "probability": 0.4384765625}, {"start": 1174.47, "end": 1174.73, "word": " starts", "probability": 0.474365234375}, {"start": 1174.73, "end": 1174.97, "word": " like", "probability": 0.76416015625}, {"start": 1174.97, "end": 1175.63, "word": " this.", "probability": 0.81884765625}, {"start": 1175.87, "end": 1176.01, "word": " But", "probability": 0.409423828125}, {"start": 1176.01, "end": 1176.13, "word": " I", "probability": 0.7783203125}, {"start": 1176.13, "end": 1176.19, "word": " don't", "probability": 0.781494140625}, {"start": 1176.19, "end": 1176.45, "word": " want", "probability": 0.857421875}, {"start": 1176.45, "end": 1176.65, "word": " to", "probability": 0.74072265625}, {"start": 1176.65, "end": 1177.59, "word": " ...", "probability": 0.0701904296875}, {"start": 1177.59, "end": 1177.89, "word": " There", "probability": 0.455078125}, {"start": 1177.89, "end": 1177.95, "word": " is", "probability": 0.560546875}, {"start": 1177.95, "end": 1178.37, "word": " an", "probability": 0.78466796875}, {"start": 1178.37, "end": 1178.69, "word": " easier", "probability": 0.91552734375}, {"start": 1178.69, "end": 1178.71, "word": " way", "probability": 0.9169921875}, {"start": 1178.71, "end": 1179.01, "word": " to", "probability": 0.85302734375}, {"start": 1179.01, "end": 1179.53, "word": " analyze", "probability": 0.73388671875}, {"start": 1179.53, "end": 1179.97, "word": " it.", "probability": 0.5517578125}, {"start": 1184.89, "end": 1185.45, "word": " Let", "probability": 0.76806640625}, {"start": 1185.45, "end": 1185.73, "word": " it", "probability": 0.264404296875}, {"start": 1185.73, "end": 1185.95, "word": " come", "probability": 0.533203125}, {"start": 1185.95, "end": 1185.99, "word": " to", "probability": 0.398681640625}, {"start": 1185.99, "end": 1185.99, "word": " me", "probability": 0.90478515625}, {"start": 1185.99, "end": 1186.13, "word": " like", "probability": 0.79296875}, {"start": 1186.13, "end": 1186.27, "word": " this.", "probability": 0.91357421875}], "temperature": 1.0}, {"id": 43, "seek": 122545, "start": 1198.33, "end": 1225.45, "text": "At three or two here equals six. At one equals five, right? At two equals six. At three equals seven.", "tokens": [18684, 1045, 420, 732, 510, 6915, 2309, 13, 1711, 472, 6915, 1732, 11, 558, 30, 1711, 732, 6915, 2309, 13, 1711, 1045, 6915, 3407, 13], "avg_logprob": -0.31460337340831757, "compression_ratio": 1.3466666666666667, "no_speech_prob": 0.0, "words": [{"start": 1198.33, "end": 1198.61, "word": "At", "probability": 0.2578125}, {"start": 1198.61, "end": 1198.99, "word": " three", "probability": 0.54541015625}, {"start": 1198.99, "end": 1201.41, "word": " or", "probability": 0.386474609375}, {"start": 1201.41, "end": 1201.75, "word": " two", "probability": 0.91064453125}, {"start": 1201.75, "end": 1202.13, "word": " here", "probability": 0.7919921875}, {"start": 1202.13, "end": 1203.41, "word": " equals", "probability": 0.64892578125}, {"start": 1203.41, "end": 1203.95, "word": " six.", "probability": 0.8623046875}, {"start": 1210.95, "end": 1211.25, "word": " At", "probability": 0.59375}, {"start": 1211.25, "end": 1217.37, "word": " one", "probability": 0.89111328125}, {"start": 1217.37, "end": 1217.79, "word": " equals", "probability": 0.9453125}, {"start": 1217.79, "end": 1218.19, "word": " five,", "probability": 0.904296875}, {"start": 1219.21, "end": 1219.69, "word": " right?", "probability": 0.81982421875}, {"start": 1220.33, "end": 1220.63, "word": " At", "probability": 0.93212890625}, {"start": 1220.63, "end": 1220.87, "word": " two", "probability": 0.9375}, {"start": 1220.87, "end": 1221.25, "word": " equals", "probability": 0.91845703125}, {"start": 1221.25, "end": 1221.65, "word": " six.", "probability": 0.947265625}, {"start": 1222.79, "end": 1223.11, "word": " At", "probability": 0.94775390625}, {"start": 1223.11, "end": 1223.59, "word": " three", "probability": 0.9423828125}, {"start": 1223.59, "end": 1224.97, "word": " equals", "probability": 0.9169921875}, {"start": 1224.97, "end": 1225.45, "word": " seven.", "probability": 0.9111328125}], "temperature": 1.0}, {"id": 44, "seek": 125132, "start": 1239.02, "end": 1251.32, "text": " At three here. The data increasing.", "tokens": [1711, 1045, 510, 13, 440, 1412, 5662, 13], "avg_logprob": -0.6571180555555556, "compression_ratio": 0.8181818181818182, "no_speech_prob": 0.0, "words": [{"start": 1239.0199999999998, "end": 1240.4199999999998, "word": " At", "probability": 0.1019287109375}, {"start": 1240.4199999999998, "end": 1241.82, "word": " three", "probability": 0.8115234375}, {"start": 1241.82, "end": 1242.26, "word": " here.", "probability": 0.7666015625}, {"start": 1244.68, "end": 1245.94, "word": " The", "probability": 0.229248046875}, {"start": 1245.94, "end": 1249.18, "word": " data", "probability": 0.84228515625}, {"start": 1249.18, "end": 1251.32, "word": " increasing.", "probability": 0.419677734375}], "temperature": 1.0}, {"id": 45, "seek": 127968, "start": 1252.92, "end": 1279.68, "text": " Then decreasing, but then it becomes zero, but then negative. Yes, what do you see? The marginal utility acts here. The data increasing while the quantity increased here. And then decreased, increasing,", "tokens": [1396, 23223, 11, 457, 550, 309, 3643, 4018, 11, 457, 550, 3671, 13, 1079, 11, 437, 360, 291, 536, 30, 440, 16885, 14877, 10672, 510, 13, 440, 1412, 5662, 1339, 264, 11275, 6505, 510, 13, 400, 550, 24436, 11, 5662, 11], "avg_logprob": -0.3751860104856037, "compression_ratio": 1.5263157894736843, "no_speech_prob": 0.0, "words": [{"start": 1252.92, "end": 1253.3, "word": " Then", "probability": 0.461669921875}, {"start": 1253.3, "end": 1254.28, "word": " decreasing,", "probability": 0.82421875}, {"start": 1254.84, "end": 1254.98, "word": " but", "probability": 0.30859375}, {"start": 1254.98, "end": 1255.14, "word": " then", "probability": 0.81591796875}, {"start": 1255.14, "end": 1255.22, "word": " it", "probability": 0.45361328125}, {"start": 1255.22, "end": 1255.5, "word": " becomes", "probability": 0.837890625}, {"start": 1255.5, "end": 1255.96, "word": " zero,", "probability": 0.86279296875}, {"start": 1256.32, "end": 1256.48, "word": " but", "probability": 0.619140625}, {"start": 1256.48, "end": 1256.66, "word": " then", "probability": 0.85888671875}, {"start": 1256.66, "end": 1257.56, "word": " negative.", "probability": 0.90869140625}, {"start": 1258.4, "end": 1258.44, "word": " Yes,", "probability": 0.56298828125}, {"start": 1258.94, "end": 1259.12, "word": " what", "probability": 0.276123046875}, {"start": 1259.12, "end": 1259.3, "word": " do", "probability": 0.642578125}, {"start": 1259.3, "end": 1259.32, "word": " you", "probability": 0.9189453125}, {"start": 1259.32, "end": 1259.54, "word": " see?", "probability": 0.9287109375}, {"start": 1262.42, "end": 1263.18, "word": " The", "probability": 0.8916015625}, {"start": 1263.18, "end": 1263.54, "word": " marginal", "probability": 0.615234375}, {"start": 1263.54, "end": 1263.92, "word": " utility", "probability": 0.470458984375}, {"start": 1263.92, "end": 1264.5, "word": " acts", "probability": 0.5009765625}, {"start": 1264.5, "end": 1264.84, "word": " here.", "probability": 0.87109375}, {"start": 1266.58, "end": 1266.86, "word": " The", "probability": 0.890625}, {"start": 1266.86, "end": 1267.24, "word": " data", "probability": 0.9560546875}, {"start": 1267.24, "end": 1268.88, "word": " increasing", "probability": 0.91357421875}, {"start": 1268.88, "end": 1271.68, "word": " while", "probability": 0.7490234375}, {"start": 1271.68, "end": 1272.5, "word": " the", "probability": 0.8876953125}, {"start": 1272.5, "end": 1272.92, "word": " quantity", "probability": 0.98046875}, {"start": 1272.92, "end": 1273.58, "word": " increased", "probability": 0.6923828125}, {"start": 1273.58, "end": 1273.86, "word": " here.", "probability": 0.65087890625}, {"start": 1275.28, "end": 1275.6, "word": " And", "probability": 0.796875}, {"start": 1275.6, "end": 1275.94, "word": " then", "probability": 0.84765625}, {"start": 1275.94, "end": 1278.14, "word": " decreased,", "probability": 0.3759765625}, {"start": 1278.78, "end": 1279.68, "word": " increasing,", "probability": 0.86474609375}], "temperature": 1.0}, {"id": 46, "seek": 130528, "start": 1280.74, "end": 1305.28, "text": " Then decreasing until seven at Q equals seven. Until the quantity equals zero here. So the quantity equals seven. Right? Becomes zero. Then as the quantity goes up, increased, the marginal utility becomes negative and declining. Okay?", "tokens": [1396, 23223, 1826, 3407, 412, 1249, 6915, 3407, 13, 9088, 264, 11275, 6915, 4018, 510, 13, 407, 264, 11275, 6915, 3407, 13, 1779, 30, 879, 9055, 4018, 13, 1396, 382, 264, 11275, 1709, 493, 11, 6505, 11, 264, 16885, 14877, 3643, 3671, 293, 34298, 13, 1033, 30], "avg_logprob": -0.36263020522892475, "compression_ratio": 1.5771812080536913, "no_speech_prob": 0.0, "words": [{"start": 1280.74, "end": 1281.12, "word": " Then", "probability": 0.451171875}, {"start": 1281.12, "end": 1281.76, "word": " decreasing", "probability": 0.70849609375}, {"start": 1281.76, "end": 1282.96, "word": " until", "probability": 0.6455078125}, {"start": 1282.96, "end": 1284.8, "word": " seven", "probability": 0.424072265625}, {"start": 1284.8, "end": 1285.18, "word": " at", "probability": 0.5625}, {"start": 1285.18, "end": 1285.48, "word": " Q", "probability": 0.5712890625}, {"start": 1285.48, "end": 1285.86, "word": " equals", "probability": 0.68994140625}, {"start": 1285.86, "end": 1286.08, "word": " seven.", "probability": 0.83642578125}, {"start": 1287.72, "end": 1287.72, "word": " Until", "probability": 0.166259765625}, {"start": 1287.72, "end": 1289.98, "word": " the", "probability": 0.86376953125}, {"start": 1289.98, "end": 1290.32, "word": " quantity", "probability": 0.94091796875}, {"start": 1290.32, "end": 1290.8, "word": " equals", "probability": 0.828125}, {"start": 1290.8, "end": 1291.2, "word": " zero", "probability": 0.78515625}, {"start": 1291.2, "end": 1291.48, "word": " here.", "probability": 0.7021484375}, {"start": 1291.66, "end": 1291.82, "word": " So", "probability": 0.40673828125}, {"start": 1291.82, "end": 1292.02, "word": " the", "probability": 0.62548828125}, {"start": 1292.02, "end": 1292.28, "word": " quantity", "probability": 0.98193359375}, {"start": 1292.28, "end": 1292.64, "word": " equals", "probability": 0.90380859375}, {"start": 1292.64, "end": 1292.98, "word": " seven.", "probability": 0.85693359375}, {"start": 1293.44, "end": 1293.6, "word": " Right?", "probability": 0.161376953125}, {"start": 1295.18, "end": 1295.98, "word": " Becomes", "probability": 0.71337890625}, {"start": 1295.98, "end": 1296.34, "word": " zero.", "probability": 0.88037109375}, {"start": 1297.28, "end": 1297.54, "word": " Then", "probability": 0.87939453125}, {"start": 1297.54, "end": 1298.28, "word": " as", "probability": 0.70361328125}, {"start": 1298.28, "end": 1298.4, "word": " the", "probability": 0.615234375}, {"start": 1298.4, "end": 1298.76, "word": " quantity", "probability": 0.98876953125}, {"start": 1298.76, "end": 1299.34, "word": " goes", "probability": 0.935546875}, {"start": 1299.34, "end": 1299.78, "word": " up,", "probability": 0.974609375}, {"start": 1299.92, "end": 1300.48, "word": " increased,", "probability": 0.6279296875}, {"start": 1301.04, "end": 1301.16, "word": " the", "probability": 0.892578125}, {"start": 1301.16, "end": 1301.56, "word": " marginal", "probability": 0.76953125}, {"start": 1301.56, "end": 1301.88, "word": " utility", "probability": 0.9794921875}, {"start": 1301.88, "end": 1302.56, "word": " becomes", "probability": 0.900390625}, {"start": 1302.56, "end": 1303.24, "word": " negative", "probability": 0.865234375}, {"start": 1303.24, "end": 1303.66, "word": " and", "probability": 0.9287109375}, {"start": 1303.66, "end": 1304.16, "word": " declining.", "probability": 0.9052734375}, {"start": 1305.24, "end": 1305.28, "word": " Okay?", "probability": 0.333251953125}], "temperature": 1.0}, {"id": 47, "seek": 135975, "start": 1333.73, "end": 1359.75, "text": " Maximum three. Okay. Let's go to this graph. As you see, here we're talking about three stages. Three stages. Stage one,", "tokens": [29076, 449, 1045, 13, 1033, 13, 961, 311, 352, 281, 341, 4295, 13, 1018, 291, 536, 11, 510, 321, 434, 1417, 466, 1045, 10232, 13, 6244, 10232, 13, 25907, 472, 11], "avg_logprob": -0.24304199498146772, "compression_ratio": 1.1862745098039216, "no_speech_prob": 0.0, "words": [{"start": 1333.73, "end": 1334.63, "word": " Maximum", "probability": 0.6112060546875}, {"start": 1334.63, "end": 1335.13, "word": " three.", "probability": 0.51220703125}, {"start": 1342.89, "end": 1343.29, "word": " Okay.", "probability": 0.80029296875}, {"start": 1344.13, "end": 1344.83, "word": " Let's", "probability": 0.90966796875}, {"start": 1344.83, "end": 1344.95, "word": " go", "probability": 0.9619140625}, {"start": 1344.95, "end": 1345.11, "word": " to", "probability": 0.79638671875}, {"start": 1345.11, "end": 1345.31, "word": " this", "probability": 0.7724609375}, {"start": 1345.31, "end": 1345.57, "word": " graph.", "probability": 0.91748046875}, {"start": 1345.61, "end": 1345.77, "word": " As", "probability": 0.953125}, {"start": 1345.77, "end": 1345.91, "word": " you", "probability": 0.96728515625}, {"start": 1345.91, "end": 1346.23, "word": " see,", "probability": 0.8955078125}, {"start": 1349.65, "end": 1349.95, "word": " here", "probability": 0.736328125}, {"start": 1349.95, "end": 1350.15, "word": " we're", "probability": 0.81591796875}, {"start": 1350.15, "end": 1350.41, "word": " talking", "probability": 0.85888671875}, {"start": 1350.41, "end": 1351.11, "word": " about", "probability": 0.90478515625}, {"start": 1351.11, "end": 1353.31, "word": " three", "probability": 0.9189453125}, {"start": 1353.31, "end": 1354.15, "word": " stages.", "probability": 0.9189453125}, {"start": 1356.07, "end": 1356.97, "word": " Three", "probability": 0.92333984375}, {"start": 1356.97, "end": 1357.55, "word": " stages.", "probability": 0.92578125}, {"start": 1358.99, "end": 1359.49, "word": " Stage", "probability": 0.93017578125}, {"start": 1359.49, "end": 1359.75, "word": " one,", "probability": 0.85693359375}], "temperature": 1.0}, {"id": 48, "seek": 139114, "start": 1362.0, "end": 1391.14, "text": " Stage two and stage three. So we will classify the stages or the phases here into three stages or phases. Stage one. 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From zero to five. So this total utility is increasing at an increasing rate. This is the first stage.", "tokens": [294, 364, 5662, 3314, 13, 3358, 4018, 281, 1732, 13, 407, 341, 3217, 14877, 307, 5662, 412, 364, 5662, 3314, 13, 639, 307, 264, 700, 3233, 13], "avg_logprob": -0.317801333963871, "compression_ratio": 1.4, "no_speech_prob": 2.384185791015625e-07, "words": [{"start": 1396.27, "end": 1396.67, "word": " in", "probability": 0.50390625}, {"start": 1396.67, "end": 1397.45, "word": " an", "probability": 0.93701171875}, {"start": 1397.45, "end": 1398.05, "word": " increasing", "probability": 0.93408203125}, {"start": 1398.05, "end": 1398.65, "word": " rate.", "probability": 0.95556640625}, {"start": 1399.87, "end": 1400.85, "word": " From", "probability": 0.1285400390625}, {"start": 1400.85, "end": 1402.27, "word": " zero", "probability": 0.583984375}, {"start": 1402.27, "end": 1402.57, "word": " to", "probability": 0.9755859375}, {"start": 1402.57, "end": 1402.95, "word": " five.", "probability": 0.86669921875}, {"start": 1408.43, "end": 1408.43, "word": " So", "probability": 0.3857421875}, {"start": 1408.43, "end": 1411.37, "word": " this", "probability": 0.2900390625}, {"start": 1411.37, "end": 1411.79, "word": " total", "probability": 0.76220703125}, {"start": 1411.79, "end": 1412.21, "word": " utility", "probability": 0.97216796875}, {"start": 1412.21, "end": 1412.51, "word": " is", "probability": 0.89599609375}, {"start": 1412.51, "end": 1413.23, "word": " increasing", "probability": 0.95849609375}, {"start": 1413.23, "end": 1413.85, "word": " at", "probability": 0.908203125}, {"start": 1413.85, "end": 1414.79, "word": " an", "probability": 0.9169921875}, {"start": 1414.79, "end": 1415.47, "word": " increasing", "probability": 0.94287109375}, {"start": 1415.47, "end": 1416.13, "word": " rate.", "probability": 0.96044921875}, {"start": 1420.19, "end": 1421.47, "word": " This", "probability": 0.341796875}, {"start": 1421.47, "end": 1424.71, "word": " is", "probability": 0.89306640625}, {"start": 1424.71, "end": 1424.81, "word": " the", "probability": 0.8681640625}, {"start": 1424.81, "end": 1425.05, "word": " first", "probability": 0.892578125}, {"start": 1425.05, "end": 1425.55, "word": " stage.", "probability": 0.89990234375}], "temperature": 1.0}, {"id": 50, "seek": 145563, "start": 1426.85, "end": 1455.63, "text": " What do you see? The marginal utility is increasing from zero to five, to six, to seven. Had a first stage. So, the first stage, first stage. The first stage, while the total utility, number one, the total utility increasing.", "tokens": [708, 360, 291, 536, 30, 440, 16885, 14877, 307, 5662, 490, 4018, 281, 1732, 11, 281, 2309, 11, 281, 3407, 13, 12298, 257, 700, 3233, 13, 407, 11, 264, 700, 3233, 11, 700, 3233, 13, 440, 700, 3233, 11, 1339, 264, 3217, 14877, 11, 1230, 472, 11, 264, 3217, 14877, 5662, 13], "avg_logprob": -0.26547760558578204, "compression_ratio": 1.674074074074074, "no_speech_prob": 0.0, "words": [{"start": 1426.85, "end": 1427.11, "word": " What", "probability": 0.8076171875}, {"start": 1427.11, "end": 1427.23, "word": " do", "probability": 0.91162109375}, {"start": 1427.23, "end": 1427.33, "word": " you", "probability": 0.79736328125}, {"start": 1427.33, "end": 1427.61, "word": " see?", "probability": 0.92724609375}, {"start": 1428.05, "end": 1428.21, "word": " The", "probability": 0.90087890625}, {"start": 1428.21, "end": 1428.67, "word": " marginal", "probability": 0.89013671875}, {"start": 1428.67, "end": 1429.17, "word": " utility", "probability": 0.9619140625}, {"start": 1429.17, "end": 1429.59, "word": " is", "probability": 0.94384765625}, {"start": 1429.59, "end": 1430.23, "word": " increasing", "probability": 0.9599609375}, {"start": 1430.23, "end": 1430.85, "word": " from", "probability": 0.86865234375}, {"start": 1430.85, "end": 1431.43, "word": " zero", "probability": 0.5908203125}, {"start": 1431.43, "end": 1431.65, "word": " to", "probability": 0.947265625}, {"start": 1431.65, "end": 1432.07, "word": " five,", "probability": 0.8994140625}, {"start": 1432.17, "end": 1432.27, "word": " to", "probability": 0.94873046875}, {"start": 1432.27, "end": 1432.59, "word": " six,", "probability": 0.9560546875}, {"start": 1432.65, "end": 1432.79, "word": " to", "probability": 0.97216796875}, {"start": 1432.79, "end": 1433.15, "word": " seven.", "probability": 0.9130859375}, {"start": 1435.07, "end": 1435.29, "word": " Had", "probability": 0.497314453125}, {"start": 1435.29, "end": 1435.39, "word": " a", "probability": 0.48779296875}, {"start": 1435.39, "end": 1435.65, "word": " first", "probability": 0.89501953125}, {"start": 1435.65, "end": 1436.09, "word": " stage.", "probability": 0.8935546875}, {"start": 1436.41, "end": 1436.55, "word": " So,", "probability": 0.93505859375}, {"start": 1436.85, "end": 1437.01, "word": " the", "probability": 0.6904296875}, {"start": 1437.01, "end": 1437.29, "word": " first", "probability": 0.8916015625}, {"start": 1437.29, "end": 1437.85, "word": " stage,", "probability": 0.90185546875}, {"start": 1439.59, "end": 1441.35, "word": " first", "probability": 0.240478515625}, {"start": 1441.35, "end": 1441.99, "word": " stage.", "probability": 0.91357421875}, {"start": 1442.67, "end": 1443.21, "word": " The", "probability": 0.39501953125}, {"start": 1443.21, "end": 1443.51, "word": " first", "probability": 0.88037109375}, {"start": 1443.51, "end": 1444.03, "word": " stage,", "probability": 0.90478515625}, {"start": 1449.11, "end": 1449.45, "word": " while", "probability": 0.89501953125}, {"start": 1449.45, "end": 1450.97, "word": " the", "probability": 0.88623046875}, {"start": 1450.97, "end": 1451.35, "word": " total", "probability": 0.85791015625}, {"start": 1451.35, "end": 1451.83, "word": " utility,", "probability": 0.95361328125}, {"start": 1452.07, "end": 1452.25, "word": " number", "probability": 0.91064453125}, {"start": 1452.25, "end": 1452.53, "word": " one,", "probability": 0.8359375}, {"start": 1453.23, "end": 1453.39, "word": " the", "probability": 0.90234375}, {"start": 1453.39, "end": 1453.75, "word": " total", "probability": 0.87060546875}, {"start": 1453.75, "end": 1454.31, "word": " utility", "probability": 0.95263671875}, {"start": 1454.31, "end": 1455.63, "word": " increasing.", "probability": 0.9248046875}], "temperature": 1.0}, {"id": 51, "seek": 147934, "start": 1459.08, "end": 1479.34, "text": " at an increasing rate. What do you see? The marginal utility is increasing. So while the total utility is increasing,", "tokens": [412, 364, 5662, 3314, 13, 708, 360, 291, 536, 30, 440, 16885, 14877, 307, 5662, 13, 407, 1339, 264, 3217, 14877, 307, 5662, 11], "avg_logprob": -0.260625, "compression_ratio": 1.3563218390804597, "no_speech_prob": 0.0, "words": [{"start": 1459.0800000000002, "end": 1460.2, "word": " at", "probability": 0.634765625}, {"start": 1460.2, "end": 1461.32, "word": " an", "probability": 0.87255859375}, {"start": 1461.32, "end": 1462.84, "word": " increasing", "probability": 0.95166015625}, {"start": 1462.84, "end": 1463.44, "word": " rate.", "probability": 0.95458984375}, {"start": 1468.02, "end": 1468.54, "word": " What", "probability": 0.11566162109375}, {"start": 1468.54, "end": 1468.64, "word": " do", "probability": 0.9169921875}, {"start": 1468.64, "end": 1468.68, "word": " you", "probability": 0.83544921875}, {"start": 1468.68, "end": 1468.98, "word": " see?", "probability": 0.93115234375}, {"start": 1470.22, "end": 1470.5, "word": " The", "probability": 0.88720703125}, {"start": 1470.5, "end": 1471.0, "word": " marginal", "probability": 0.89990234375}, {"start": 1471.0, "end": 1471.56, "word": " utility", "probability": 0.96142578125}, {"start": 1471.56, "end": 1472.94, "word": " is", "probability": 0.9462890625}, {"start": 1472.94, "end": 1473.78, "word": " increasing.", "probability": 0.96142578125}, {"start": 1475.84, "end": 1476.16, "word": " So", "probability": 0.95458984375}, {"start": 1476.16, "end": 1476.56, "word": " while", "probability": 0.7841796875}, {"start": 1476.56, "end": 1477.32, "word": " the", "probability": 0.900390625}, {"start": 1477.32, "end": 1477.66, "word": " total", "probability": 0.8701171875}, {"start": 1477.66, "end": 1478.1, "word": " utility", "probability": 0.96826171875}, {"start": 1478.1, "end": 1478.82, "word": " is", "probability": 0.9443359375}, {"start": 1478.82, "end": 1479.34, "word": " increasing,", "probability": 0.96240234375}], "temperature": 1.0}, {"id": 52, "seek": 151005, "start": 1483.07, "end": 1510.05, "text": " The rate is high and fast. What does this mean? Marginal utility in the graph is high, increasing. So the marginal utility is increasing and positive. Right? The graph says this. 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The marginal utility had a total utility. The marginal utility is increasing and positive. Stage two, this is the first stage here. 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It means it didn't grow fast, it became slow. So, stage two, the total utility is increasing at a decreasing rate. Come and see this, total utility. From here, from 18 to 24, it increased, increased, increased in quantity.", "tokens": [30367, 3349, 11, 457, 437, 466, 264, 5662, 7204, 307, 3126, 813, 264, 3894, 1389, 13, 467, 1355, 309, 994, 380, 1852, 2370, 11, 309, 3062, 2964, 13, 407, 11, 3233, 732, 11, 264, 3217, 14877, 307, 5662, 412, 257, 23223, 3314, 13, 2492, 293, 536, 341, 11, 3217, 14877, 13, 3358, 510, 11, 490, 2443, 281, 4022, 11, 309, 6505, 11, 6505, 11, 6505, 294, 11275, 13], "avg_logprob": -0.42753622842871625, "compression_ratio": 1.6612021857923498, "no_speech_prob": 1.1920928955078125e-07, "words": [{"start": 1540.84, "end": 1541.52, "word": " Increasing,", "probability": 0.76708984375}, {"start": 1542.12, "end": 1542.36, "word": " but", "probability": 0.91650390625}, {"start": 1542.36, "end": 1542.6, "word": " what", "probability": 0.62451171875}, {"start": 1542.6, "end": 1543.28, "word": " about", "probability": 0.318359375}, {"start": 1543.28, "end": 1544.42, "word": " the", "probability": 0.8017578125}, 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utility is increasing at a decreasing rate or in a decreasing rate. From 18 to 24, 28 to 30.", "tokens": [23170, 14877, 307, 5662, 412, 257, 23223, 3314, 420, 294, 257, 23223, 3314, 13, 3358, 2443, 281, 4022, 11, 7562, 281, 2217, 13], "avg_logprob": -0.1749674535046021, "compression_ratio": 1.2531645569620253, "no_speech_prob": 0.0, "words": [{"start": 1580.0, "end": 1581.24, "word": " Total", "probability": 0.330078125}, {"start": 1581.24, "end": 1582.48, "word": " utility", "probability": 0.8876953125}, {"start": 1582.48, "end": 1583.18, "word": " is", "probability": 0.9072265625}, {"start": 1583.18, "end": 1584.18, "word": " increasing", "probability": 0.94970703125}, {"start": 1584.18, "end": 1584.86, "word": " at", "probability": 0.93115234375}, {"start": 1584.86, "end": 1585.78, "word": " a", "probability": 0.896484375}, {"start": 1585.78, "end": 1586.4, "word": " decreasing", "probability": 0.94384765625}, {"start": 1586.4, "end": 1586.78, "word": " rate", "probability": 0.927734375}, {"start": 1586.78, "end": 1586.94, "word": " or", "probability": 0.6650390625}, {"start": 1586.94, "end": 1587.14, "word": " in", "probability": 0.89111328125}, {"start": 1587.14, "end": 1587.32, "word": " a", "probability": 0.9541015625}, {"start": 1587.32, "end": 1587.7, "word": " decreasing", "probability": 0.9560546875}, {"start": 1587.7, "end": 1589.1, "word": " rate.", "probability": 0.95458984375}, {"start": 1591.1, "end": 1592.34, "word": " From", "probability": 0.399658203125}, {"start": 1592.34, "end": 1594.86, "word": " 18", "probability": 0.7841796875}, {"start": 1594.86, "end": 1595.22, "word": " to", "probability": 0.931640625}, {"start": 1595.22, "end": 1595.86, "word": " 24,", "probability": 0.97216796875}, {"start": 1596.08, "end": 1596.44, "word": " 28", "probability": 0.8525390625}, {"start": 1596.44, "end": 1597.6, "word": " to", "probability": 0.80615234375}, {"start": 1597.6, "end": 1597.98, "word": " 30.", "probability": 0.97802734375}], "temperature": 1.0}, {"id": 56, "seek": 162687, "start": 1599.39, "end": 1626.87, "text": " Decreasing but in a decreasing rate. It was in the first stage increasing at an increasing rate. Only I see the marginal utility here. Decreasing but it's still positive. Yes. Yes. Up to this stage, what happens to the marginal utility? Decreasing.", "tokens": [12427, 265, 3349, 457, 294, 257, 23223, 3314, 13, 467, 390, 294, 264, 700, 3233, 5662, 412, 364, 5662, 3314, 13, 5686, 286, 536, 264, 16885, 14877, 510, 13, 12427, 265, 3349, 457, 309, 311, 920, 3353, 13, 1079, 13, 1079, 13, 5858, 281, 341, 3233, 11, 437, 2314, 281, 264, 16885, 14877, 30, 12427, 265, 3349, 13], "avg_logprob": -0.35222457020969716, "compression_ratio": 1.717241379310345, "no_speech_prob": 0.0, "words": [{"start": 1599.39, "end": 1600.01, "word": " Decreasing", "probability": 0.497802734375}, {"start": 1600.01, "end": 1600.29, "word": " but", "probability": 0.57958984375}, {"start": 1600.29, "end": 1600.97, "word": " in", "probability": 0.84228515625}, {"start": 1600.97, "end": 1601.31, "word": " a", "probability": 0.966796875}, {"start": 1601.31, "end": 1601.87, "word": " decreasing", "probability": 0.953125}, {"start": 1601.87, "end": 1602.41, "word": " rate.", "probability": 0.9521484375}, {"start": 1605.95, "end": 1606.75, "word": " It", "probability": 0.59765625}, {"start": 1606.75, "end": 1607.11, "word": " was", "probability": 0.95068359375}, {"start": 1607.11, "end": 1607.49, "word": " in", "probability": 0.466064453125}, {"start": 1607.49, "end": 1607.59, "word": " the", "probability": 0.89501953125}, {"start": 1607.59, "end": 1607.81, "word": " first", "probability": 0.89599609375}, {"start": 1607.81, "end": 1608.27, "word": " stage", "probability": 0.9033203125}, {"start": 1608.27, "end": 1609.03, "word": " increasing", "probability": 0.74560546875}, {"start": 1609.03, "end": 1609.41, "word": " at", "probability": 0.943359375}, {"start": 1609.41, "end": 1609.83, "word": " an", "probability": 0.9296875}, {"start": 1609.83, "end": 1610.53, "word": " increasing", "probability": 0.9462890625}, {"start": 1610.53, "end": 1611.25, "word": " rate.", "probability": 0.96142578125}, {"start": 1612.77, "end": 1613.07, "word": " Only", "probability": 0.104736328125}, {"start": 1613.07, "end": 1613.25, "word": " I", "probability": 0.84423828125}, {"start": 1613.25, "end": 1613.37, "word": " see", "probability": 0.8994140625}, {"start": 1613.37, "end": 1613.53, "word": " the", "probability": 0.89697265625}, {"start": 1613.53, "end": 1613.83, "word": " marginal", "probability": 0.59619140625}, {"start": 1613.83, "end": 1614.25, "word": " utility", "probability": 0.97314453125}, {"start": 1614.25, "end": 1614.61, "word": " here.", "probability": 0.8271484375}, {"start": 1615.83, "end": 1616.63, "word": " Decreasing", "probability": 0.9378255208333334}, {"start": 1616.63, "end": 1617.33, "word": " but", "probability": 0.759765625}, {"start": 1617.33, "end": 1617.51, "word": " it's", "probability": 0.616943359375}, {"start": 1617.51, "end": 1617.69, "word": " still", "probability": 0.95947265625}, {"start": 1617.69, "end": 1618.23, "word": " positive.", "probability": 0.919921875}, {"start": 1618.87, "end": 1618.89, "word": " Yes.", "probability": 0.416015625}, {"start": 1619.87, "end": 1620.05, "word": " Yes.", "probability": 0.325439453125}, {"start": 1621.57, "end": 1621.57, "word": " Up", "probability": 0.12408447265625}, {"start": 1621.57, "end": 1621.77, "word": " to", "probability": 0.67626953125}, {"start": 1621.77, "end": 1622.03, "word": " this", "probability": 0.6640625}, {"start": 1622.03, "end": 1622.31, "word": " stage,", "probability": 0.859375}, {"start": 1622.55, "end": 1622.97, "word": " what", "probability": 0.3271484375}, {"start": 1622.97, "end": 1623.75, "word": " happens", "probability": 0.7919921875}, {"start": 1623.75, "end": 1624.01, "word": " to", "probability": 0.48828125}, {"start": 1624.01, "end": 1624.17, "word": " the", "probability": 0.422607421875}, {"start": 1624.17, "end": 1624.83, "word": " marginal", "probability": 0.93115234375}, {"start": 1624.83, "end": 1625.71, "word": " utility?", "probability": 0.96923828125}, {"start": 1626.07, "end": 1626.87, "word": " Decreasing.", "probability": 0.9072265625}], "temperature": 1.0}, {"id": 57, "seek": 163458, "start": 1628.32, "end": 1634.58, "text": " But it's still positive, right? So when the marginal utility here.", "tokens": [583, 309, 311, 920, 3353, 11, 558, 30, 407, 562, 264, 16885, 14877, 510, 13], "avg_logprob": -0.3515625, "compression_ratio": 0.9178082191780822, "no_speech_prob": 1.1920928955078125e-07, "words": [{"start": 1628.32, "end": 1628.68, "word": " But", "probability": 0.382568359375}, {"start": 1628.68, "end": 1628.88, "word": " it's", "probability": 0.84130859375}, {"start": 1628.88, "end": 1629.06, "word": " still", "probability": 0.96484375}, {"start": 1629.06, "end": 1629.72, "word": " positive,", "probability": 0.9287109375}, {"start": 1631.64, "end": 1631.9, "word": " right?", "probability": 0.80029296875}, {"start": 1632.3, "end": 1632.5, "word": " So", "probability": 0.908203125}, {"start": 1632.5, "end": 1633.16, "word": " when", "probability": 0.55908203125}, {"start": 1633.16, "end": 1633.32, "word": " the", "probability": 0.91845703125}, {"start": 1633.32, "end": 1633.7, "word": " marginal", "probability": 0.88427734375}, {"start": 1633.7, "end": 1634.14, "word": " utility", "probability": 0.966796875}, {"start": 1634.14, "end": 1634.58, "word": " here.", "probability": 0.74853515625}], "temperature": 1.0}, {"id": 58, "seek": 167374, "start": 1669.38, "end": 1673.74, "text": " While or as the total utility increasing at a decreasing rate,", "tokens": [3987, 420, 382, 264, 3217, 14877, 5662, 412, 257, 23223, 3314, 11], "avg_logprob": -0.24399037544543928, "compression_ratio": 1.0161290322580645, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 1669.3799999999999, "end": 1670.08, "word": " While", "probability": 0.0770263671875}, {"start": 1670.08, "end": 1670.78, "word": " or", "probability": 0.423828125}, {"start": 1670.78, "end": 1671.18, "word": " as", "probability": 0.96484375}, {"start": 1671.18, "end": 1671.34, "word": " the", "probability": 0.77490234375}, {"start": 1671.34, "end": 1671.54, "word": " total", "probability": 0.82666015625}, {"start": 1671.54, "end": 1671.78, "word": " utility", "probability": 0.92919921875}, {"start": 1671.78, "end": 1672.36, "word": " increasing", "probability": 0.87841796875}, {"start": 1672.36, "end": 1672.64, "word": " at", "probability": 0.93701171875}, {"start": 1672.64, "end": 1672.84, "word": " a", "probability": 0.9326171875}, {"start": 1672.84, "end": 1673.26, "word": " decreasing", "probability": 0.95361328125}, {"start": 1673.26, "end": 1673.74, "word": " rate,", "probability": 0.95361328125}], "temperature": 1.0}, {"id": 59, "seek": 170151, "start": 1675.23, "end": 1701.51, "text": " The marginal utility is decreasing. The MU is decreasing but still positive. The third point. 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{"id": 61, "seek": 174900, "start": 1725.8, "end": 1749.0, "text": " On the graph here, when the total utility is maximized at a quantity seven, the marginal utility equals zero. Then when the total utility is maximized, the marginal utility equals zero.", "tokens": [1282, 264, 4295, 510, 11, 562, 264, 3217, 14877, 307, 5138, 1602, 412, 257, 11275, 3407, 11, 264, 16885, 14877, 6915, 4018, 13, 1396, 562, 264, 3217, 14877, 307, 5138, 1602, 11, 264, 16885, 14877, 6915, 4018, 13], "avg_logprob": -0.29527244201073277, "compression_ratio": 1.8979591836734695, "no_speech_prob": 0.0, "words": [{"start": 1725.8, "end": 1726.06, "word": " On", "probability": 0.06231689453125}, {"start": 1726.06, "end": 1726.12, "word": " the", "probability": 0.8935546875}, {"start": 1726.12, "end": 1726.4, "word": " graph", "probability": 0.94677734375}, {"start": 1726.4, "end": 1726.66, "word": " here,", "probability": 0.8544921875}, {"start": 1727.34, "end": 1727.42, "word": " when", "probability": 0.92138671875}, {"start": 1727.42, "end": 1727.6, "word": " the", "probability": 0.9169921875}, {"start": 1727.6, "end": 1727.9, "word": " total", "probability": 0.87646484375}, {"start": 1727.9, "end": 1728.26, "word": " utility", "probability": 0.966796875}, {"start": 1728.26, "end": 1728.58, "word": " is", "probability": 0.94970703125}, {"start": 1728.58, "end": 1729.3, "word": " maximized", "probability": 0.956787109375}, {"start": 1729.3, "end": 1730.0, "word": " at", "probability": 0.14404296875}, {"start": 1730.0, "end": 1734.04, "word": " a", "probability": 0.338623046875}, {"start": 1734.04, "end": 1734.68, "word": " quantity", "probability": 0.8212890625}, {"start": 1734.68, "end": 1735.72, "word": " seven,", "probability": 0.5859375}, {"start": 1737.12, "end": 1737.12, "word": " the", "probability": 0.490234375}, {"start": 1737.12, "end": 1739.88, "word": " marginal", "probability": 0.89208984375}, {"start": 1739.88, "end": 1740.38, "word": " utility", "probability": 0.978515625}, {"start": 1740.38, "end": 1740.9, "word": " equals", "probability": 0.912109375}, {"start": 1740.9, "end": 1741.3, "word": " zero.", "probability": 0.8583984375}, {"start": 1742.08, "end": 1742.28, "word": " Then", "probability": 0.6748046875}, {"start": 1742.28, "end": 1742.82, "word": " when", "probability": 0.55126953125}, {"start": 1742.82, "end": 1743.0, "word": " the", "probability": 0.91357421875}, {"start": 1743.0, "end": 1743.3, "word": " total", "probability": 0.837890625}, {"start": 1743.3, "end": 1743.68, "word": " utility", "probability": 0.96484375}, {"start": 1743.68, "end": 1743.96, "word": " is", "probability": 0.9501953125}, {"start": 1743.96, "end": 1744.74, "word": " maximized,", "probability": 0.96337890625}, {"start": 1747.16, "end": 1747.3, "word": " the", "probability": 0.90966796875}, {"start": 1747.3, "end": 1747.64, "word": " marginal", "probability": 0.92529296875}, {"start": 1747.64, "end": 1748.1, "word": " utility", "probability": 0.974609375}, {"start": 1748.1, "end": 1748.76, "word": " equals", "probability": 0.93408203125}, {"start": 1748.76, "end": 1749.0, "word": " zero.", "probability": 0.87255859375}], "temperature": 1.0}, {"id": 62, "seek": 178028, "start": 1752.26, "end": 1780.28, "text": " And the quantity seven marginal utility into zero. Then M U equals zero. When the total utility starts to decline, the total utility starts to decline, decreasing the total utility. This is stage three. 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At stage three here, what do you see? The total utility is declining. What do you see in the marginal utility?", "tokens": [1396, 17935, 307, 3671, 293, 34298, 13, 1711, 3233, 1045, 510, 11, 437, 360, 291, 536, 30, 440, 3217, 14877, 307, 34298, 13, 708, 360, 291, 536, 294, 264, 16885, 14877, 30], "avg_logprob": -0.28290719696969696, "compression_ratio": 1.3773584905660377, "no_speech_prob": 0.0, "words": [{"start": 1784.0899999999997, "end": 1784.7299999999998, "word": " Then", "probability": 0.1085205078125}, {"start": 1784.7299999999998, "end": 1785.37, "word": " MU", "probability": 0.404541015625}, {"start": 1785.37, "end": 1787.03, "word": " is", "probability": 0.923828125}, {"start": 1787.03, "end": 1787.53, "word": " negative", "probability": 0.92138671875}, {"start": 1787.53, "end": 1788.11, "word": " and", "probability": 0.890625}, {"start": 1788.11, "end": 1788.65, "word": " declining.", "probability": 0.90966796875}, {"start": 1792.09, "end": 1792.37, "word": " At", "probability": 0.51171875}, {"start": 1792.37, "end": 1797.15, "word": " stage", "probability": 0.68505859375}, {"start": 1797.15, "end": 1797.65, "word": " three", "probability": 0.53076171875}, {"start": 1797.65, "end": 1798.07, "word": " here,", "probability": 0.77783203125}, {"start": 1798.43, "end": 1798.57, "word": " what", "probability": 0.91748046875}, {"start": 1798.57, "end": 1798.67, "word": " do", "probability": 0.91796875}, {"start": 1798.67, "end": 1798.77, "word": " you", "probability": 0.84814453125}, {"start": 1798.77, "end": 1799.03, "word": " see?", "probability": 0.92578125}, {"start": 1799.21, "end": 1799.25, "word": " The", "probability": 0.67041015625}, {"start": 1799.25, "end": 1799.75, "word": " total", "probability": 0.8310546875}, {"start": 1799.75, "end": 1800.09, "word": " utility", "probability": 0.9755859375}, {"start": 1800.09, "end": 1800.35, "word": " is", "probability": 0.9384765625}, {"start": 1800.35, "end": 1800.81, "word": " declining.", "probability": 0.9404296875}, {"start": 1803.51, "end": 1804.15, "word": " What", "probability": 0.56982421875}, {"start": 1804.15, "end": 1804.29, "word": " do", "probability": 0.92822265625}, {"start": 1804.29, "end": 1804.35, "word": " you", "probability": 0.94384765625}, {"start": 1804.35, "end": 1804.49, "word": " see", "probability": 0.9228515625}, {"start": 1804.49, "end": 1804.61, "word": " in", "probability": 0.39111328125}, {"start": 1804.61, "end": 1804.67, "word": " the", "probability": 0.84228515625}, {"start": 1804.67, "end": 1804.97, "word": " marginal", "probability": 0.8359375}, {"start": 1804.97, "end": 1805.27, "word": " utility?", "probability": 0.978515625}], "temperature": 1.0}, {"id": 64, "seek": 182994, "start": 1807.14, "end": 1829.94, "text": " And negative. As the margin, the total utility start to decline from 30 to 27, 22, 15, 10, honestly, the marginal utility becomes negative. All right?", "tokens": [400, 3671, 13, 1018, 264, 10270, 11, 264, 3217, 14877, 722, 281, 15635, 490, 2217, 281, 7634, 11, 5853, 11, 2119, 11, 1266, 11, 6095, 11, 264, 16885, 14877, 3643, 3671, 13, 1057, 558, 30], "avg_logprob": -0.258680565489663, "compression_ratio": 1.336283185840708, "no_speech_prob": 0.0, "words": [{"start": 1807.14, "end": 1807.48, "word": " And", "probability": 0.55908203125}, {"start": 1807.48, "end": 1808.1, "word": " negative.", "probability": 0.9169921875}, {"start": 1810.28, "end": 1810.66, "word": " As", "probability": 0.07769775390625}, {"start": 1810.66, "end": 1815.06, "word": " the", "probability": 0.89697265625}, {"start": 1815.06, "end": 1815.36, "word": " margin,", "probability": 0.270751953125}, {"start": 1815.5, "end": 1815.6, "word": " the", "probability": 0.83984375}, {"start": 1815.6, "end": 1815.88, "word": " total", "probability": 0.8662109375}, {"start": 1815.88, "end": 1816.26, "word": " utility", "probability": 0.88623046875}, {"start": 1816.26, "end": 1816.64, "word": " start", "probability": 0.611328125}, {"start": 1816.64, "end": 1816.8, "word": " to", "probability": 0.9580078125}, {"start": 1816.8, "end": 1817.2, "word": " decline", "probability": 0.935546875}, {"start": 1817.2, "end": 1817.72, "word": " from", "probability": 0.73876953125}, {"start": 1817.72, "end": 1818.2, "word": " 30", "probability": 0.806640625}, {"start": 1818.2, "end": 1818.42, "word": " to", "probability": 0.91748046875}, {"start": 1818.42, "end": 1819.42, "word": " 27,", "probability": 0.931640625}, {"start": 1819.6, "end": 1819.78, "word": " 22,", "probability": 0.9599609375}, {"start": 1820.34, "end": 1820.82, "word": " 15,", "probability": 0.95263671875}, {"start": 1821.4, "end": 1821.84, "word": " 10,", "probability": 0.9521484375}, {"start": 1822.42, "end": 1822.82, "word": " honestly,", "probability": 0.65869140625}, {"start": 1823.44, "end": 1823.7, "word": " the", "probability": 0.9140625}, {"start": 1823.7, "end": 1824.4, "word": " marginal", "probability": 0.912109375}, {"start": 1824.4, "end": 1824.9, "word": " utility", "probability": 0.9677734375}, {"start": 1824.9, "end": 1825.7, "word": " becomes", "probability": 0.89013671875}, {"start": 1825.7, "end": 1826.48, "word": " negative.", "probability": 0.95361328125}, {"start": 1828.7, "end": 1829.66, "word": " All", "probability": 0.63427734375}, {"start": 1829.66, "end": 1829.94, "word": " right?", "probability": 0.916015625}], "temperature": 1.0}, {"id": 65, "seek": 185621, "start": 1833.01, "end": 1856.21, "text": " As the total utility goes down, the marginal utility decreases and negative. Okay? The first stage here, while the total utility is increasing at an increasing rate, the marginal utility is increasing at positive.", "tokens": [1018, 264, 3217, 14877, 1709, 760, 11, 264, 16885, 14877, 24108, 293, 3671, 13, 1033, 30, 440, 700, 3233, 510, 11, 1339, 264, 3217, 14877, 307, 5662, 412, 364, 5662, 3314, 11, 264, 16885, 14877, 307, 5662, 412, 3353, 13], "avg_logprob": -0.1817835394929095, "compression_ratio": 1.7540983606557377, "no_speech_prob": 0.0, "words": [{"start": 1833.01, "end": 1833.39, "word": " As", "probability": 0.60546875}, {"start": 1833.39, "end": 1833.55, "word": " the", "probability": 0.91650390625}, {"start": 1833.55, "end": 1833.81, "word": " total", "probability": 0.845703125}, {"start": 1833.81, "end": 1834.21, "word": " utility", "probability": 0.95849609375}, {"start": 1834.21, "end": 1834.83, "word": " goes", "probability": 0.9345703125}, {"start": 1834.83, "end": 1835.25, "word": " down,", "probability": 0.8486328125}, {"start": 1835.55, "end": 1835.67, "word": " the", "probability": 0.91943359375}, {"start": 1835.67, "end": 1836.09, "word": " marginal", "probability": 0.822265625}, {"start": 1836.09, "end": 1836.61, "word": " utility", "probability": 0.95703125}, {"start": 1836.61, "end": 1838.79, "word": " decreases", "probability": 0.9482421875}, {"start": 1838.79, "end": 1840.43, "word": " and", "probability": 0.60888671875}, {"start": 1840.43, "end": 1841.37, "word": " negative.", "probability": 0.888671875}, {"start": 1843.59, "end": 1843.79, "word": " Okay?", "probability": 0.70751953125}, {"start": 1844.43, "end": 1844.65, "word": " The", "probability": 0.302734375}, {"start": 1844.65, "end": 1846.07, "word": " first", "probability": 0.89892578125}, {"start": 1846.07, "end": 1846.57, "word": " stage", "probability": 0.9091796875}, {"start": 1846.57, "end": 1847.01, "word": " here,", "probability": 0.86181640625}, {"start": 1848.89, "end": 1849.01, "word": " while", "probability": 0.3564453125}, {"start": 1849.01, "end": 1849.67, "word": " the", "probability": 0.88134765625}, {"start": 1849.67, "end": 1849.99, "word": " total", "probability": 0.8505859375}, {"start": 1849.99, "end": 1850.33, "word": " utility", "probability": 0.95751953125}, {"start": 1850.33, "end": 1850.67, "word": " is", "probability": 0.93359375}, {"start": 1850.67, "end": 1851.45, "word": " increasing", "probability": 0.9580078125}, {"start": 1851.45, "end": 1851.87, "word": " at", "probability": 0.96240234375}, {"start": 1851.87, "end": 1852.23, "word": " an", "probability": 0.95458984375}, {"start": 1852.23, "end": 1852.71, "word": " increasing", "probability": 0.9482421875}, {"start": 1852.71, "end": 1853.35, "word": " rate,", "probability": 0.953125}, {"start": 1854.17, "end": 1854.33, "word": " the", "probability": 0.91748046875}, {"start": 1854.33, "end": 1854.69, "word": " marginal", "probability": 0.9169921875}, {"start": 1854.69, "end": 1855.03, "word": " utility", "probability": 0.96337890625}, {"start": 1855.03, "end": 1855.27, "word": " is", "probability": 0.91748046875}, {"start": 1855.27, "end": 1855.69, "word": " increasing", "probability": 0.95166015625}, {"start": 1855.69, "end": 1855.87, "word": " at", "probability": 0.75146484375}, {"start": 1855.87, "end": 1856.21, "word": " positive.", "probability": 0.9384765625}], "temperature": 1.0}, {"id": 66, "seek": 187520, "start": 1857.62, "end": 1875.2, "text": " Phase two, while the total utility is increasing, but in a decreasing rate. The marginal utility marrow decreasing, but it's still positive, bigger than zero.", "tokens": [24432, 732, 11, 1339, 264, 3217, 14877, 307, 5662, 11, 457, 294, 257, 23223, 3314, 13, 440, 16885, 14877, 47739, 23223, 11, 457, 309, 311, 920, 3353, 11, 3801, 813, 4018, 13], "avg_logprob": -0.2779356060606061, "compression_ratio": 1.3706896551724137, "no_speech_prob": 0.0, "words": [{"start": 1857.62, "end": 1858.0, "word": " Phase", "probability": 0.87548828125}, {"start": 1858.0, "end": 1858.4, "word": " two,", "probability": 0.63916015625}, {"start": 1859.38, "end": 1859.62, "word": " while", "probability": 0.85791015625}, {"start": 1859.62, "end": 1859.86, "word": " the", "probability": 0.9150390625}, {"start": 1859.86, "end": 1860.18, "word": " total", "probability": 0.8583984375}, {"start": 1860.18, "end": 1860.5, "word": " utility", "probability": 0.8984375}, {"start": 1860.5, "end": 1860.76, "word": " is", "probability": 0.8701171875}, {"start": 1860.76, "end": 1861.42, "word": " increasing,", "probability": 0.96240234375}, {"start": 1861.58, "end": 1861.82, "word": " but", "probability": 0.9306640625}, {"start": 1861.82, "end": 1862.86, "word": " in", "probability": 0.91796875}, {"start": 1862.86, "end": 1863.3, "word": " a", "probability": 0.9794921875}, {"start": 1863.3, "end": 1863.9, "word": " decreasing", "probability": 0.95556640625}, {"start": 1863.9, "end": 1864.34, "word": " rate.", "probability": 0.65576171875}, {"start": 1867.64, "end": 1868.0, "word": " The", "probability": 0.324462890625}, {"start": 1868.0, "end": 1869.6, "word": " marginal", "probability": 0.7880859375}, {"start": 1869.6, "end": 1870.16, "word": " utility", "probability": 0.9609375}, {"start": 1870.16, "end": 1870.72, "word": " marrow", "probability": 0.144287109375}, {"start": 1870.72, "end": 1872.66, "word": " decreasing,", "probability": 0.64501953125}, {"start": 1872.9, "end": 1873.22, "word": " but", "probability": 0.9033203125}, {"start": 1873.22, "end": 1873.42, "word": " it's", "probability": 0.6982421875}, {"start": 1873.42, "end": 1873.6, "word": " still", "probability": 0.9580078125}, {"start": 1873.6, "end": 1874.04, "word": " positive,", "probability": 0.93017578125}, {"start": 1874.48, "end": 1874.64, "word": " bigger", "probability": 0.9560546875}, {"start": 1874.64, "end": 1874.92, "word": " than", "probability": 0.9501953125}, {"start": 1874.92, "end": 1875.2, "word": " zero.", "probability": 0.8515625}], "temperature": 1.0}, {"id": 67, "seek": 189508, "start": 1877.44, "end": 1895.08, "text": " When the total utility is maximized at the peak of total utility, the marginal utility equals zero. When the total utility decreasing, the marginal utility decreasing and negative. That's it. Yeah.", "tokens": [1133, 264, 3217, 14877, 307, 5138, 1602, 412, 264, 10651, 295, 3217, 14877, 11, 264, 16885, 14877, 6915, 4018, 13, 1133, 264, 3217, 14877, 23223, 11, 264, 16885, 14877, 23223, 293, 3671, 13, 663, 311, 309, 13, 865, 13], "avg_logprob": -0.17871093638241292, "compression_ratio": 1.736842105263158, "no_speech_prob": 0.0, "words": [{"start": 1877.44, "end": 1877.72, "word": " When", "probability": 0.36279296875}, {"start": 1877.72, "end": 1877.88, "word": " the", "probability": 0.8994140625}, {"start": 1877.88, "end": 1878.12, "word": " total", "probability": 0.82763671875}, {"start": 1878.12, "end": 1878.46, "word": " utility", "probability": 0.93212890625}, {"start": 1878.46, "end": 1878.72, "word": " is", "probability": 0.8681640625}, {"start": 1878.72, "end": 1879.48, "word": " maximized", "probability": 0.935791015625}, {"start": 1879.48, "end": 1879.84, "word": " at", "probability": 0.8193359375}, {"start": 1879.84, "end": 1880.06, "word": " the", "probability": 0.93115234375}, {"start": 1880.06, "end": 1880.6, "word": " peak", "probability": 0.9521484375}, {"start": 1880.6, "end": 1880.94, "word": " of", "probability": 0.96142578125}, {"start": 1880.94, "end": 1881.36, "word": " total", "probability": 0.84033203125}, {"start": 1881.36, "end": 1881.82, "word": " utility,", "probability": 0.9423828125}, {"start": 1882.3, "end": 1882.66, "word": " the", "probability": 0.90673828125}, {"start": 1882.66, "end": 1883.02, "word": " marginal", "probability": 0.8564453125}, {"start": 1883.02, "end": 1883.48, "word": " utility", "probability": 0.98095703125}, {"start": 1883.48, "end": 1883.92, "word": " equals", "probability": 0.90283203125}, {"start": 1883.92, "end": 1884.36, "word": " zero.", "probability": 0.7197265625}, {"start": 1884.66, "end": 1884.96, "word": " When", "probability": 0.8017578125}, {"start": 1884.96, "end": 1885.14, "word": " the", "probability": 0.91259765625}, {"start": 1885.14, "end": 1885.42, "word": " total", "probability": 0.84716796875}, {"start": 1885.42, "end": 1885.98, "word": " utility", "probability": 0.953125}, {"start": 1885.98, "end": 1886.98, "word": " decreasing,", "probability": 0.51220703125}, {"start": 1887.76, "end": 1887.94, "word": " the", "probability": 0.8642578125}, {"start": 1887.94, "end": 1888.56, "word": " marginal", "probability": 0.896484375}, {"start": 1888.56, "end": 1888.88, "word": " utility", "probability": 0.9599609375}, {"start": 1888.88, "end": 1889.6, "word": " decreasing", "probability": 0.880859375}, {"start": 1889.6, "end": 1889.82, "word": " and", "probability": 0.794921875}, {"start": 1889.82, "end": 1890.32, "word": " negative.", "probability": 0.89453125}, {"start": 1890.96, "end": 1891.36, "word": " That's", "probability": 0.918212890625}, {"start": 1891.36, "end": 1891.64, "word": " it.", "probability": 0.9501953125}, {"start": 1894.28, "end": 1895.08, "word": " Yeah.", "probability": 0.472900390625}], "temperature": 1.0}, {"id": 68, "seek": 191155, "start": 1900.35, "end": 1911.55, "text": " The first stage, when the totality is increasing at an increasing rate, the marginal utility is increasing and still positive. Number two. Number two.", "tokens": [440, 700, 3233, 11, 562, 264, 1993, 1860, 307, 5662, 412, 364, 5662, 3314, 11, 264, 16885, 14877, 307, 5662, 293, 920, 3353, 13, 5118, 732, 13, 5118, 732, 13], "avg_logprob": -0.32610888442685526, "compression_ratio": 1.4803921568627452, "no_speech_prob": 0.0, "words": [{"start": 1900.35, "end": 1901.07, "word": " The", "probability": 0.09930419921875}, {"start": 1901.07, "end": 1901.79, "word": " first", "probability": 0.869140625}, {"start": 1901.79, "end": 1902.35, "word": " stage,", "probability": 0.88671875}, {"start": 1902.65, "end": 1902.71, "word": " when", "probability": 0.78564453125}, {"start": 1902.71, "end": 1902.85, "word": " the", "probability": 0.91162109375}, {"start": 1902.85, "end": 1903.13, "word": " totality", "probability": 0.652099609375}, {"start": 1903.13, "end": 1903.45, "word": " is", "probability": 0.5244140625}, {"start": 1903.45, "end": 1904.05, "word": " increasing", "probability": 0.95458984375}, {"start": 1904.05, "end": 1904.61, "word": " at", "probability": 0.82958984375}, {"start": 1904.61, "end": 1904.89, "word": " an", "probability": 0.94921875}, {"start": 1904.89, "end": 1905.33, "word": " increasing", "probability": 0.95458984375}, {"start": 1905.33, "end": 1905.75, "word": " rate,", "probability": 0.9130859375}, {"start": 1906.03, "end": 1906.11, "word": " the", "probability": 0.8818359375}, {"start": 1906.11, "end": 1906.45, "word": " marginal", "probability": 0.403564453125}, {"start": 1906.45, "end": 1906.81, "word": " utility", "probability": 0.9423828125}, {"start": 1906.81, "end": 1907.09, "word": " is", "probability": 0.9267578125}, {"start": 1907.09, "end": 1907.53, "word": " increasing", "probability": 0.94775390625}, {"start": 1907.53, "end": 1907.83, "word": " and", "probability": 0.77587890625}, {"start": 1907.83, "end": 1908.01, "word": " still", "probability": 0.9052734375}, {"start": 1908.01, "end": 1908.55, "word": " positive.", "probability": 0.93359375}, {"start": 1908.91, "end": 1909.09, "word": " Number", "probability": 0.89208984375}, {"start": 1909.09, "end": 1909.47, "word": " two.", "probability": 0.76220703125}, {"start": 1910.93, "end": 1911.55, "word": " Number", "probability": 0.6474609375}, {"start": 1911.55, "end": 1911.55, "word": " two.", "probability": 0.9296875}], "temperature": 1.0}, {"id": 69, "seek": 195433, "start": 1925.35, "end": 1954.33, "text": " When the total utility is increasing or in a decreasing rate while the total utility is increasing at a decreasing rate, what do you see? The marginal utility is decreasing but still positive. Number three. When the total utility is maximized or reached the peak. Why? When?", "tokens": [1133, 264, 3217, 14877, 307, 5662, 420, 294, 257, 23223, 3314, 1339, 264, 3217, 14877, 307, 5662, 412, 257, 23223, 3314, 11, 437, 360, 291, 536, 30, 440, 16885, 14877, 307, 23223, 457, 920, 3353, 13, 5118, 1045, 13, 1133, 264, 3217, 14877, 307, 5138, 1602, 420, 6488, 264, 10651, 13, 1545, 30, 1133, 30], "avg_logprob": -0.23353794323546545, "compression_ratio": 1.8835616438356164, "no_speech_prob": 0.0, "words": [{"start": 1925.35, "end": 1925.63, "word": " When", "probability": 0.61279296875}, {"start": 1925.63, "end": 1925.83, "word": " the", "probability": 0.88134765625}, {"start": 1925.83, "end": 1926.17, "word": " total", "probability": 0.8359375}, {"start": 1926.17, "end": 1926.51, "word": " utility", "probability": 0.93408203125}, {"start": 1926.51, "end": 1926.83, "word": " is", "probability": 0.91650390625}, {"start": 1926.83, "end": 1927.45, "word": " increasing", "probability": 0.935546875}, {"start": 1927.45, "end": 1928.69, "word": " or", "probability": 0.1495361328125}, {"start": 1928.69, "end": 1929.55, "word": " in", "probability": 0.66943359375}, {"start": 1929.55, "end": 1929.67, "word": " a", "probability": 0.92822265625}, {"start": 1929.67, "end": 1930.07, "word": " decreasing", "probability": 0.95654296875}, {"start": 1930.07, "end": 1930.53, "word": " rate", "probability": 0.9423828125}, {"start": 1930.53, "end": 1931.33, "word": " while", "probability": 0.55419921875}, {"start": 1931.33, "end": 1933.19, "word": " the", "probability": 0.7841796875}, {"start": 1933.19, "end": 1933.51, "word": " total", "probability": 0.83837890625}, {"start": 1933.51, "end": 1933.87, "word": " utility", "probability": 0.95458984375}, {"start": 1933.87, "end": 1934.17, "word": " is", "probability": 0.9306640625}, {"start": 1934.17, "end": 1934.87, "word": " increasing", "probability": 0.95166015625}, {"start": 1934.87, "end": 1935.51, "word": " at", "probability": 0.95751953125}, {"start": 1935.51, "end": 1937.11, "word": " a", "probability": 0.9404296875}, {"start": 1937.11, "end": 1937.63, "word": " decreasing", "probability": 0.94677734375}, {"start": 1937.63, "end": 1938.37, "word": " rate,", "probability": 0.95556640625}, {"start": 1940.41, "end": 1940.55, "word": " what", "probability": 0.264892578125}, {"start": 1940.55, "end": 1940.63, "word": " do", "probability": 0.92724609375}, {"start": 1940.63, "end": 1940.73, "word": " you", "probability": 0.939453125}, {"start": 1940.73, "end": 1940.97, "word": " see?", "probability": 0.70947265625}, {"start": 1941.51, "end": 1941.89, "word": " The", "probability": 0.89306640625}, {"start": 1941.89, "end": 1942.31, "word": " marginal", "probability": 0.9111328125}, {"start": 1942.31, "end": 1942.79, "word": " utility", "probability": 0.9697265625}, {"start": 1942.79, "end": 1943.23, "word": " is", "probability": 0.939453125}, {"start": 1943.23, "end": 1943.83, "word": " decreasing", "probability": 0.93212890625}, {"start": 1943.83, "end": 1944.11, "word": " but", "probability": 0.6796875}, {"start": 1944.11, "end": 1944.33, "word": " still", "probability": 0.9404296875}, {"start": 1944.33, "end": 1944.79, "word": " positive.", "probability": 0.92333984375}, {"start": 1946.31, "end": 1946.51, "word": " Number", "probability": 0.83203125}, {"start": 1946.51, "end": 1946.83, "word": " three.", "probability": 0.783203125}, {"start": 1948.79, "end": 1949.19, "word": " When", "probability": 0.8798828125}, {"start": 1949.19, "end": 1949.41, "word": " the", "probability": 0.91650390625}, {"start": 1949.41, "end": 1949.71, "word": " total", "probability": 0.8359375}, {"start": 1949.71, "end": 1950.05, "word": " utility", "probability": 0.9609375}, {"start": 1950.05, "end": 1950.37, "word": " is", "probability": 0.93896484375}, {"start": 1950.37, "end": 1951.15, "word": " maximized", "probability": 0.951171875}, {"start": 1951.15, "end": 1951.49, "word": " or", "probability": 0.94384765625}, {"start": 1951.49, "end": 1951.79, "word": " reached", "probability": 0.73193359375}, {"start": 1951.79, "end": 1952.01, "word": " the", "probability": 0.9111328125}, {"start": 1952.01, "end": 1952.41, "word": " peak.", "probability": 0.953125}, {"start": 1953.23, "end": 1953.95, "word": " Why?", "probability": 0.626953125}, {"start": 1954.11, "end": 1954.33, "word": " When?", "probability": 0.919921875}], "temperature": 1.0}, {"id": 70, "seek": 198307, "start": 1955.71, "end": 1983.07, "text": " The TU reached the peak, or maximized, or reached the maximum. Peak, meaning the peak. The marginal utility equals how much? Zero.", "tokens": [440, 42408, 6488, 264, 10651, 11, 420, 5138, 1602, 11, 420, 6488, 264, 6674, 13, 43604, 11, 3620, 264, 10651, 13, 440, 16885, 14877, 6915, 577, 709, 30, 17182, 13], "avg_logprob": -0.29082661674868676, "compression_ratio": 1.2843137254901962, "no_speech_prob": 0.0, "words": [{"start": 1955.71, "end": 1955.99, "word": " The", "probability": 0.57763671875}, {"start": 1955.99, "end": 1956.33, "word": " TU", "probability": 0.73046875}, {"start": 1956.33, "end": 1958.81, "word": " reached", "probability": 0.68505859375}, {"start": 1958.81, "end": 1959.11, "word": " the", "probability": 0.8984375}, {"start": 1959.11, "end": 1959.45, "word": " peak,", "probability": 0.91796875}, {"start": 1966.29, "end": 1967.39, "word": " or", "probability": 0.77587890625}, {"start": 1967.39, "end": 1968.51, "word": " maximized,", "probability": 0.9423828125}, {"start": 1971.97, "end": 1972.67, "word": " or", "probability": 0.9560546875}, {"start": 1972.67, "end": 1973.49, "word": " reached", "probability": 0.87890625}, {"start": 1973.49, "end": 1973.77, "word": " the", "probability": 0.91650390625}, {"start": 1973.77, "end": 1974.31, "word": " maximum.", "probability": 0.9345703125}, {"start": 1975.99, "end": 1976.33, "word": " Peak,", "probability": 0.93310546875}, {"start": 1976.47, "end": 1976.63, "word": " meaning", "probability": 0.1026611328125}, {"start": 1976.63, "end": 1976.89, "word": " the", "probability": 0.362060546875}, {"start": 1976.89, "end": 1977.09, "word": " peak.", "probability": 0.5283203125}, {"start": 1980.11, "end": 1980.87, "word": " The", "probability": 0.845703125}, {"start": 1980.87, "end": 1981.31, "word": " marginal", "probability": 0.90234375}, {"start": 1981.31, "end": 1981.69, "word": " utility", "probability": 0.98486328125}, {"start": 1981.69, "end": 1982.15, "word": " equals", "probability": 0.921875}, {"start": 1982.15, "end": 1982.35, "word": " how", "probability": 0.80859375}, {"start": 1982.35, "end": 1982.67, "word": " much?", "probability": 0.91064453125}, {"start": 1982.79, "end": 1983.07, "word": " Zero.", "probability": 0.83154296875}], "temperature": 1.0}, {"id": 71, "seek": 201282, "start": 1984.38, "end": 2012.82, "text": " the marginal utility equals zero. Number four, when the total utility decline, the marginal utility is declining and negative. Then when the total utility goes down or decreases, the marginal utility is decreasing and negative. Let's go to", "tokens": [264, 16885, 14877, 6915, 4018, 13, 5118, 1451, 11, 562, 264, 3217, 14877, 15635, 11, 264, 16885, 14877, 307, 34298, 293, 3671, 13, 1396, 562, 264, 3217, 14877, 1709, 760, 420, 24108, 11, 264, 16885, 14877, 307, 23223, 293, 3671, 13, 961, 311, 352, 281], "avg_logprob": -0.18121603228475736, "compression_ratio": 1.9047619047619047, "no_speech_prob": 0.0, "words": [{"start": 1984.38, "end": 1984.62, "word": " the", "probability": 0.280517578125}, {"start": 1984.62, "end": 1985.02, "word": " marginal", "probability": 0.85009765625}, {"start": 1985.02, "end": 1985.46, "word": " utility", "probability": 0.96875}, {"start": 1985.46, "end": 1986.04, "word": " equals", "probability": 0.8154296875}, {"start": 1986.04, "end": 1986.5, "word": " zero.", "probability": 0.783203125}, {"start": 1987.18, "end": 1987.36, "word": " Number", "probability": 0.7841796875}, {"start": 1987.36, "end": 1987.68, "word": " four,", "probability": 0.87646484375}, {"start": 1989.14, "end": 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2008.12, "word": " is", "probability": 0.89404296875}, {"start": 2008.12, "end": 2008.68, "word": " decreasing", "probability": 0.9384765625}, {"start": 2008.68, "end": 2009.34, "word": " and", "probability": 0.87109375}, {"start": 2009.34, "end": 2009.7, "word": " negative.", "probability": 0.9482421875}, {"start": 2011.52, "end": 2012.22, "word": " Let's", "probability": 0.97021484375}, {"start": 2012.22, "end": 2012.48, "word": " go", "probability": 0.9599609375}, {"start": 2012.48, "end": 2012.82, "word": " to", "probability": 0.9501953125}], "temperature": 1.0}, {"id": 72, "seek": 202466, "start": 2014.82, "end": 2024.66, "text": " Study how can the consumer maximizes his utilities or her utilities.", "tokens": [27039, 577, 393, 264, 9711, 5138, 5660, 702, 30482, 420, 720, 30482, 13], "avg_logprob": -0.14815848001411983, "compression_ratio": 1.0298507462686568, "no_speech_prob": 0.0, "words": [{"start": 2014.8199999999997, "end": 2015.9599999999998, "word": " Study", 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groups and what are the optimal quantities, what are the best quantities that the consumer should buy under the limited income to maximize utilities and or to maximize the benefits that he or she gains when he or she consumed the different groups or different combinations of X and Y.", "tokens": [562, 415, 420, 750, 48823, 819, 3935, 293, 437, 366, 264, 16252, 22927, 11, 437, 366, 264, 1151, 22927, 300, 264, 9711, 820, 2256, 833, 264, 5567, 5742, 281, 19874, 30482, 293, 420, 281, 19874, 264, 5311, 300, 415, 420, 750, 16823, 562, 415, 420, 750, 21226, 264, 819, 3935, 420, 819, 21267, 295, 1783, 293, 398, 13], "avg_logprob": -0.20537605528104103, "compression_ratio": 1.9333333333333333, "no_speech_prob": 0.0011816024780273438, "words": [{"start": 2025.83, "end": 2026.25, "word": " when", "probability": 0.5703125}, {"start": 2026.25, "end": 2027.09, "word": " he", "probability": 0.96044921875}, {"start": 2027.09, "end": 2027.35, "word": " or", "probability": 0.96923828125}, {"start": 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So let us assume that we have the following data about a rational consumer who consumes", "tokens": [961, 311, 352, 281, 264, 1365, 281, 1223, 264, 1558, 295, 264, 9711, 5138, 2144, 420, 14877, 5138, 2144, 538, 1228, 264, 16885, 14877, 5261, 13, 407, 718, 505, 6552, 300, 321, 362, 264, 3480, 1412, 466, 257, 15090, 9711, 567, 48823], "avg_logprob": -0.14407703834910726, "compression_ratio": 1.5694444444444444, "no_speech_prob": 0.0, "words": [{"start": 2056.76, "end": 2057.52, "word": " Let's", "probability": 0.861083984375}, {"start": 2057.52, "end": 2057.74, "word": " go", "probability": 0.9638671875}, {"start": 2057.74, "end": 2058.04, "word": " to", "probability": 0.81591796875}, {"start": 2058.04, "end": 2058.32, "word": " the", "probability": 0.9111328125}, {"start": 2058.32, "end": 2058.8, "word": " example", "probability": 0.9794921875}, {"start": 2058.8, "end": 2059.04, "word": " to", "probability": 0.96728515625}, {"start": 2059.04, "end": 2059.64, "word": " understand", "probability": 0.8056640625}, {"start": 2059.64, "end": 2059.88, "word": " the", "probability": 0.9169921875}, {"start": 2059.88, "end": 2060.34, "word": " idea", "probability": 0.93798828125}, {"start": 2060.34, "end": 2060.96, "word": " of", "probability": 0.96240234375}, {"start": 2060.96, "end": 2061.16, "word": " the", "probability": 0.88623046875}, {"start": 2061.16, "end": 2061.92, "word": " consumer", "probability": 0.82080078125}, {"start": 2061.92, "end": 2064.34, "word": " maximization", "probability": 0.9775390625}, {"start": 2064.34, "end": 2064.7, "word": " or", "probability": 0.85888671875}, {"start": 2064.7, "end": 2065.08, "word": " utility", "probability": 0.94970703125}, {"start": 2065.08, "end": 2066.04, "word": " maximization", "probability": 0.976318359375}, {"start": 2066.04, "end": 2066.36, "word": " by", "probability": 0.95458984375}, {"start": 2066.36, "end": 2066.92, "word": " using", "probability": 0.93408203125}, {"start": 2066.92, "end": 2067.38, "word": " the", "probability": 0.90185546875}, {"start": 2067.38, "end": 2068.02, "word": " marginal", "probability": 0.779296875}, {"start": 2068.02, "end": 2068.58, "word": " utility", "probability": 0.953125}, {"start": 2068.58, "end": 2069.12, "word": " theory.", "probability": 0.857421875}, {"start": 2070.14, "end": 2070.42, "word": " So", "probability": 0.95849609375}, {"start": 2070.42, "end": 2071.12, "word": " let", "probability": 0.810546875}, {"start": 2071.12, "end": 2071.28, "word": " us", "probability": 0.70751953125}, {"start": 2071.28, "end": 2071.62, "word": " assume", "probability": 0.90869140625}, {"start": 2071.62, "end": 2071.86, "word": " that", "probability": 0.93603515625}, {"start": 2071.86, "end": 2072.04, "word": " we", "probability": 0.96142578125}, {"start": 2072.04, "end": 2072.3, "word": " have", "probability": 0.90478515625}, {"start": 2072.3, "end": 2072.46, "word": " the", "probability": 0.919921875}, {"start": 2072.46, "end": 2072.78, "word": " following", "probability": 0.88916015625}, {"start": 2072.78, "end": 2073.22, "word": " data", "probability": 0.94189453125}, {"start": 2073.22, "end": 2076.4, "word": " about", "probability": 0.63818359375}, {"start": 2076.4, "end": 2076.74, "word": " a", "probability": 0.50927734375}, {"start": 2076.74, "end": 2077.3, "word": " rational", "probability": 0.80078125}, {"start": 2077.3, "end": 2078.16, "word": " consumer", "probability": 0.8203125}, {"start": 2078.16, "end": 2084.14, "word": " who", "probability": 0.701171875}, {"start": 2084.14, "end": 2085.46, "word": " consumes", "probability": 0.8505859375}], "temperature": 1.0}, {"id": 75, "seek": 211459, "start": 2086.69, "end": 2114.59, "text": " two goods, X and Y, and while the consumption of these combinations, X and Y, are two goods, he will gain different total utilities. So here we're talking about a consumer who consumes different combinations, the quantity,", "tokens": [732, 10179, 11, 1783, 293, 398, 11, 293, 1339, 264, 12126, 295, 613, 21267, 11, 1783, 293, 398, 11, 366, 732, 10179, 11, 415, 486, 6052, 819, 3217, 30482, 13, 407, 510, 321, 434, 1417, 466, 257, 9711, 567, 48823, 819, 21267, 11, 264, 11275, 11], "avg_logprob": -0.21077128103438844, "compression_ratio": 1.6159420289855073, "no_speech_prob": 0.0, "words": [{"start": 2086.69, "end": 2087.15, "word": " two", "probability": 0.64404296875}, {"start": 2087.15, "end": 2087.69, "word": " goods,", "probability": 0.96142578125}, {"start": 2088.17, "end": 2088.49, "word": " X", "probability": 0.81640625}, {"start": 2088.49, "end": 2088.89, "word": " and", "probability": 0.94580078125}, {"start": 2088.89, "end": 2089.29, "word": " Y,", "probability": 0.99755859375}, {"start": 2090.57, "end": 2091.41, "word": " and", "probability": 0.9365234375}, {"start": 2091.41, "end": 2092.51, "word": " while", 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Sixteen. Fourteen. Thirty. Forty-one. Fifty-one. Sixty. Sixty-eight. Seven. 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Or the quadrant X and Y that performs the consumer equilibrium.", "tokens": [300, 3538, 977, 420, 26213, 264, 9711, 15625, 13, 1610, 264, 46856, 1783, 293, 398, 300, 26213, 264, 9711, 15625, 13], "avg_logprob": -0.25923296131870965, "compression_ratio": 1.4320987654320987, "no_speech_prob": 0.0, "words": [{"start": 2361.69, "end": 2362.07, "word": " that", "probability": 0.701171875}, {"start": 2362.07, "end": 2363.03, "word": " achieves", "probability": 0.960693359375}, {"start": 2363.03, "end": 2363.47, "word": " or", "probability": 0.861328125}, {"start": 2363.47, "end": 2364.15, "word": " performs", "probability": 0.7763671875}, {"start": 2364.15, "end": 2365.27, "word": " the", "probability": 0.86669921875}, {"start": 2365.27, "end": 2366.01, "word": " consumer", "probability": 0.7939453125}, {"start": 2366.01, "end": 2366.93, "word": " equilibrium.", "probability": 0.95654296875}, {"start": 2367.61, "end": 2368.79, "word": " Or", "probability": 0.943359375}, {"start": 2368.79, "end": 2372.35, "word": " the", "probability": 0.68798828125}, {"start": 2372.35, "end": 2372.71, "word": " quadrant", "probability": 0.2373046875}, {"start": 2372.71, "end": 2373.13, "word": " X", "probability": 0.69384765625}, {"start": 2373.13, "end": 2373.35, "word": " and", "probability": 0.876953125}, {"start": 2373.35, "end": 2373.69, "word": " Y", "probability": 0.9921875}, {"start": 2373.69, "end": 2374.41, "word": " that", "probability": 0.87353515625}, {"start": 2374.41, "end": 2377.87, "word": " performs", "probability": 0.63623046875}, {"start": 2377.87, "end": 2381.81, "word": " the", "probability": 0.91064453125}, {"start": 2381.81, "end": 2382.59, "word": " consumer", "probability": 0.82421875}, {"start": 2382.59, "end": 2387.13, "word": " equilibrium.", "probability": 0.94580078125}], "temperature": 1.0}, {"id": 85, "seek": 243798, "start": 2424.28, "end": 2437.98, "text": " I finished. Not yet, okay. Or that performs or achieves the consumer equilibrium.", "tokens": [286, 4335, 13, 1726, 1939, 11, 1392, 13, 1610, 300, 26213, 420, 3538, 977, 264, 9711, 15625, 13], "avg_logprob": -0.31743421366340235, "compression_ratio": 1.025, "no_speech_prob": 0.0, "words": [{"start": 2424.28, "end": 2424.48, "word": " I", "probability": 0.75146484375}, {"start": 2424.48, "end": 2425.02, "word": " finished.", "probability": 0.7138671875}, {"start": 2426.64, "end": 2427.12, "word": " Not", "probability": 0.298095703125}, {"start": 2427.12, "end": 2427.4, "word": " yet,", "probability": 0.96826171875}, {"start": 2427.54, "end": 2427.68, "word": " okay.", "probability": 0.89990234375}, {"start": 2432.94, "end": 2434.02, "word": " Or", "probability": 0.91796875}, {"start": 2434.02, "end": 2434.94, "word": " that", "probability": 0.69970703125}, {"start": 2434.94, "end": 2435.54, "word": " performs", "probability": 0.69677734375}, {"start": 2435.54, "end": 2435.78, "word": " or", "probability": 0.888671875}, {"start": 2435.78, "end": 2436.36, "word": " achieves", "probability": 0.911376953125}, {"start": 2436.36, "end": 2436.74, "word": " the", "probability": 0.896484375}, {"start": 2436.74, "end": 2437.26, "word": " consumer", "probability": 0.83740234375}, {"start": 2437.26, "end": 2437.98, "word": " equilibrium.", "probability": 0.89453125}], "temperature": 1.0}, {"id": 86, "seek": 248169, "start": 2460.49, "end": 2481.69, "text": " Okay, in this example, we are talking about a consumer and this consumer receives an income of $30 and the price", "tokens": [1033, 11, 294, 341, 1365, 11, 321, 366, 1417, 466, 257, 9711, 293, 341, 9711, 20717, 364, 5742, 295, 1848, 3446, 293, 264, 3218], "avg_logprob": -0.27249999046325685, "compression_ratio": 1.2150537634408602, "no_speech_prob": 0.0, "words": [{"start": 2460.49, "end": 2461.33, "word": " Okay,", "probability": 0.330322265625}, {"start": 2462.65, "end": 2462.91, "word": " in", "probability": 0.89794921875}, {"start": 2462.91, "end": 2463.15, "word": " this", "probability": 0.9482421875}, {"start": 2463.15, "end": 2463.57, "word": " example,", "probability": 0.9853515625}, {"start": 2463.93, "end": 2464.29, "word": " we", "probability": 0.9658203125}, {"start": 2464.29, "end": 2464.45, "word": " are", "probability": 0.92822265625}, {"start": 2464.45, "end": 2464.79, "word": " talking", "probability": 0.8525390625}, {"start": 2464.79, "end": 2465.11, "word": " about", "probability": 0.9033203125}, {"start": 2465.11, "end": 2465.29, "word": " a", "probability": 0.65283203125}, {"start": 2465.29, "end": 2465.81, "word": " consumer", "probability": 0.86669921875}, {"start": 2465.81, "end": 2466.91, "word": " and", "probability": 0.420166015625}, {"start": 2466.91, "end": 2467.09, "word": " this", "probability": 0.93701171875}, {"start": 2467.09, "end": 2467.71, "word": " consumer", "probability": 0.8525390625}, {"start": 2467.71, "end": 2471.57, "word": " receives", "probability": 0.37060546875}, {"start": 2471.57, "end": 2473.15, "word": " an", "probability": 0.92333984375}, {"start": 2473.15, "end": 2473.51, "word": " income", "probability": 0.93701171875}, {"start": 2473.51, "end": 2474.03, "word": " of", "probability": 0.97216796875}, {"start": 2474.03, "end": 2475.77, "word": " $30", "probability": 0.796630859375}, {"start": 2475.77, "end": 2479.25, "word": " and", "probability": 0.7373046875}, {"start": 2479.25, "end": 2481.23, "word": " the", "probability": 0.9150390625}, {"start": 2481.23, "end": 2481.69, "word": " price", "probability": 0.93505859375}], "temperature": 1.0}, {"id": 87, "seek": 250706, "start": 2482.6, "end": 2507.06, "text": " of per unit of X equals two, the price per unit of Y equals two as well. And we have different combinations of X and Y that gives him or give him different total utilities, which means if the consumer, this is a quantum X and Y,", "tokens": [295, 680, 4985, 295, 1783, 6915, 732, 11, 264, 3218, 680, 4985, 295, 398, 6915, 732, 382, 731, 13, 400, 321, 362, 819, 21267, 295, 1783, 293, 398, 300, 2709, 796, 420, 976, 796, 819, 3217, 30482, 11, 597, 1355, 498, 264, 9711, 11, 341, 307, 257, 13018, 1783, 293, 398, 11], "avg_logprob": -0.21196934412110527, "compression_ratio": 1.5684931506849316, "no_speech_prob": 0.0, "words": [{"start": 2482.6, "end": 2482.94, "word": " of", "probability": 0.57421875}, {"start": 2482.94, "end": 2483.26, "word": " per", "probability": 0.456787109375}, {"start": 2483.26, "end": 2483.48, "word": " unit", "probability": 0.96484375}, {"start": 2483.48, "end": 2483.72, "word": " of", "probability": 0.814453125}, {"start": 2483.72, "end": 2484.0, "word": " X", "probability": 0.509765625}, {"start": 2484.0, "end": 2484.6, "word": " equals", "probability": 0.83837890625}, {"start": 2484.6, "end": 2485.06, "word": " two,", "probability": 0.51904296875}, {"start": 2485.5, "end": 2485.6, "word": " the", "probability": 0.86376953125}, {"start": 2485.6, "end": 2485.9, "word": " price", "probability": 0.8740234375}, {"start": 2485.9, "end": 2486.22, "word": " per", "probability": 0.9501953125}, {"start": 2486.22, "end": 2486.46, "word": " unit", "probability": 0.96044921875}, {"start": 2486.46, "end": 2486.68, "word": " of", "probability": 0.93994140625}, {"start": 2486.68, "end": 2486.96, "word": " Y", "probability": 0.98583984375}, {"start": 2486.96, "end": 2487.7, "word": " equals", "probability": 0.9345703125}, {"start": 2487.7, "end": 2488.4, "word": " two", "probability": 0.921875}, {"start": 2488.4, "end": 2488.66, "word": " as", "probability": 0.9384765625}, {"start": 2488.66, "end": 2488.94, "word": " well.", "probability": 0.94482421875}, {"start": 2489.56, "end": 2490.02, "word": " And", "probability": 0.8720703125}, {"start": 2490.02, "end": 2490.2, "word": " we", "probability": 0.931640625}, {"start": 2490.2, "end": 2490.48, "word": " have", "probability": 0.91357421875}, {"start": 2490.48, "end": 2490.88, "word": " different", "probability": 0.89306640625}, {"start": 2490.88, "end": 2491.6, "word": " combinations", "probability": 0.7841796875}, {"start": 2491.6, "end": 2492.84, "word": " of", "probability": 0.96142578125}, {"start": 2492.84, "end": 2493.18, "word": " X", "probability": 0.97705078125}, {"start": 2493.18, "end": 2493.54, "word": " and", "probability": 0.94384765625}, {"start": 2493.54, "end": 2493.9, "word": " Y", "probability": 0.9951171875}, {"start": 2493.9, "end": 2495.08, "word": " that", "probability": 0.82373046875}, {"start": 2495.08, "end": 2495.62, "word": " gives", "probability": 0.91748046875}, {"start": 2495.62, "end": 2495.92, "word": " him", "probability": 0.8486328125}, {"start": 2495.92, "end": 2496.14, "word": " or", "probability": 0.927734375}, {"start": 2496.14, "end": 2496.52, "word": " give", "probability": 0.85546875}, {"start": 2496.52, "end": 2496.88, "word": " him", "probability": 0.849609375}, {"start": 2496.88, "end": 2499.52, "word": " different", "probability": 0.8583984375}, {"start": 2499.52, "end": 2500.0, "word": " total", "probability": 0.89794921875}, {"start": 2500.0, "end": 2500.36, "word": " utilities,", "probability": 0.80615234375}, {"start": 2500.76, "end": 2501.56, "word": " which", "probability": 0.94384765625}, {"start": 2501.56, "end": 2501.98, "word": " means", "probability": 0.93505859375}, {"start": 2501.98, "end": 2504.12, "word": " if", "probability": 0.3935546875}, {"start": 2504.12, "end": 2504.24, "word": " the", "probability": 0.90283203125}, {"start": 2504.24, "end": 2504.74, "word": " consumer,", "probability": 0.83935546875}, {"start": 2505.18, "end": 2505.3, "word": " this", "probability": 0.94775390625}, {"start": 2505.3, "end": 2505.56, "word": " is", "probability": 0.94677734375}, {"start": 2505.56, "end": 2505.76, "word": " a", "probability": 0.70849609375}, {"start": 2505.76, "end": 2506.04, "word": " quantum", "probability": 0.462158203125}, {"start": 2506.04, "end": 2506.56, "word": " X", "probability": 0.83203125}, {"start": 2506.56, "end": 2506.78, "word": " and", "probability": 0.9404296875}, {"start": 2506.78, "end": 2507.06, "word": " Y,", "probability": 0.99658203125}], "temperature": 1.0}, {"id": 88, "seek": 253730, "start": 2508.32, "end": 2537.3, "text": " Yes, you're talking about X and Y. If the consumer consumes zero from X, the total utility obtained equals zero. One unit of X means 16 utils. Two units of X, 30, as you see. The quantity zero from Y will give him zero for zero utility of Y. One unit of Y gives him 15 utils.", "tokens": [1079, 11, 291, 434, 1417, 466, 1783, 293, 398, 13, 759, 264, 9711, 48823, 4018, 490, 1783, 11, 264, 3217, 14877, 14879, 6915, 4018, 13, 1485, 4985, 295, 1783, 1355, 3165, 2839, 4174, 13, 4453, 6815, 295, 1783, 11, 2217, 11, 382, 291, 536, 13, 440, 11275, 4018, 490, 398, 486, 976, 796, 4018, 337, 4018, 14877, 295, 398, 13, 1485, 4985, 295, 398, 2709, 796, 2119, 2839, 4174, 13], "avg_logprob": -0.20488556631853883, "compression_ratio": 1.5681818181818181, "no_speech_prob": 0.0, "words": [{"start": 2508.32, "end": 2509.04, "word": " Yes,", "probability": 0.174072265625}, {"start": 2510.42, "end": 2510.56, "word": " you're", "probability": 0.63134765625}, {"start": 2510.56, "end": 2510.82, "word": " talking", "probability": 0.65380859375}, {"start": 2510.82, "end": 2511.34, "word": " about", "probability": 0.92431640625}, {"start": 2511.34, "end": 2511.8, "word": " X", "probability": 0.59228515625}, {"start": 2511.8, "end": 2512.0, "word": " 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advice? What is your advice to him to maximize his benefits or his total utility? What is your advice for him to buy?", "tokens": [823, 11, 437, 307, 428, 5192, 30, 708, 307, 428, 5192, 281, 796, 281, 19874, 702, 5311, 420, 702, 3217, 14877, 30, 708, 307, 428, 5192, 337, 796, 281, 2256, 30], "avg_logprob": -0.1889648367650807, "compression_ratio": 1.4945054945054945, "no_speech_prob": 0.0, "words": [{"start": 2541.2, "end": 2541.58, "word": " Now,", "probability": 0.9501953125}, {"start": 2542.3, "end": 2542.92, "word": " what", "probability": 0.9404296875}, {"start": 2542.92, "end": 2543.16, "word": " is", "probability": 0.947265625}, {"start": 2543.16, "end": 2543.36, "word": " your", "probability": 0.88818359375}, {"start": 2543.36, "end": 2543.98, "word": " advice?", "probability": 0.92236328125}, {"start": 2547.14, "end": 2548.3, "word": " What", "probability": 0.322998046875}, {"start": 2548.3, "end": 2553.44, "word": " is", "probability": 0.94189453125}, {"start": 2553.44, "end": 2553.64, "word": " your", "probability": 0.8798828125}, {"start": 2553.64, "end": 2554.28, "word": " advice", "probability": 0.91552734375}, {"start": 2554.28, "end": 2554.82, "word": " to", "probability": 0.94482421875}, {"start": 2554.82, "end": 2555.08, "word": " him", "probability": 0.93603515625}, {"start": 2555.08, "end": 2555.74, "word": " to", "probability": 0.94677734375}, {"start": 2555.74, "end": 2556.32, "word": " maximize", "probability": 0.8466796875}, {"start": 2556.32, "end": 2557.12, "word": " his", "probability": 0.96875}, {"start": 2557.12, "end": 2557.72, "word": " benefits", "probability": 0.83447265625}, {"start": 2557.72, "end": 2558.06, "word": " or", "probability": 0.84814453125}, {"start": 2558.06, "end": 2558.34, "word": " his", "probability": 0.95458984375}, {"start": 2558.34, "end": 2558.74, "word": " total", "probability": 0.89697265625}, {"start": 2558.74, "end": 2559.24, "word": " utility?", "probability": 0.939453125}, {"start": 2559.86, "end": 2560.06, "word": " What", "probability": 0.6220703125}, {"start": 2560.06, "end": 2562.96, "word": " is", "probability": 0.61962890625}, {"start": 2562.96, "end": 2564.22, "word": " your", "probability": 0.73681640625}, {"start": 2564.22, "end": 2564.8, "word": " advice", "probability": 0.9267578125}, {"start": 2564.8, "end": 2565.46, "word": " for", "probability": 0.8798828125}, {"start": 2565.46, "end": 2565.68, "word": " him", "probability": 0.93408203125}, {"start": 2565.68, "end": 2565.92, "word": " to", "probability": 0.9599609375}, {"start": 2565.92, "end": 2566.2, "word": " buy?", "probability": 0.92236328125}], "temperature": 1.0}, {"id": 91, "seek": 259107, "start": 2569.87, "end": 2591.07, "text": " And why should he buy? We have two conditions for the market equilibrium or the consumer equilibrium. We have two conditions. The condition number one, the marginal utility of X over the price of X must equal. And this is the first condition.", "tokens": [400, 983, 820, 415, 2256, 30, 492, 362, 732, 4487, 337, 264, 2142, 15625, 420, 264, 9711, 15625, 13, 492, 362, 732, 4487, 13, 440, 4188, 1230, 472, 11, 264, 16885, 14877, 295, 1783, 670, 264, 3218, 295, 1783, 1633, 2681, 13, 400, 341, 307, 264, 700, 4188, 13], "avg_logprob": -0.1604687428474426, "compression_ratio": 1.6418918918918919, "no_speech_prob": 0.0, "words": [{"start": 2569.87, "end": 2570.27, "word": " And", "probability": 0.6162109375}, {"start": 2570.27, "end": 2570.81, "word": " why", "probability": 0.88330078125}, {"start": 2570.81, "end": 2571.49, "word": " should", "probability": 0.9619140625}, {"start": 2571.49, "end": 2571.83, "word": " he", "probability": 0.9619140625}, {"start": 2571.83, "end": 2572.15, "word": " buy?", "probability": 0.9248046875}, {"start": 2574.29, "end": 2574.71, "word": " We", "probability": 0.71435546875}, {"start": 2574.71, "end": 2575.97, "word": " have", "probability": 0.94970703125}, {"start": 2575.97, "end": 2576.75, "word": " two", "probability": 0.701171875}, {"start": 2576.75, "end": 2577.43, "word": " conditions", "probability": 0.89892578125}, {"start": 2577.43, "end": 2577.73, "word": " for", "probability": 0.9189453125}, {"start": 2577.73, "end": 2577.87, "word": " the", "probability": 0.845703125}, {"start": 2577.87, "end": 2578.15, "word": " market", "probability": 0.87646484375}, {"start": 2578.15, "end": 2578.81, "word": " equilibrium", "probability": 0.931640625}, {"start": 2578.81, "end": 2579.61, "word": " or", "probability": 0.390869140625}, {"start": 2579.61, "end": 2579.77, "word": " the", "probability": 0.8232421875}, {"start": 2579.77, "end": 2580.15, "word": " consumer", "probability": 0.86962890625}, {"start": 2580.15, "end": 2580.71, "word": " equilibrium.", "probability": 0.93408203125}, {"start": 2581.07, "end": 2581.21, "word": " We", "probability": 0.9267578125}, {"start": 2581.21, "end": 2581.45, "word": " have", "probability": 0.94775390625}, {"start": 2581.45, "end": 2581.67, "word": " two", "probability": 0.93017578125}, {"start": 2581.67, "end": 2582.21, "word": " conditions.", "probability": 0.87939453125}, {"start": 2582.75, "end": 2582.85, "word": " The", "probability": 0.84814453125}, {"start": 2582.85, "end": 2583.21, "word": " condition", "probability": 0.95166015625}, {"start": 2583.21, "end": 2583.45, "word": " number", "probability": 0.90185546875}, {"start": 2583.45, "end": 2583.71, "word": " one,", "probability": 0.88623046875}, {"start": 2585.51, "end": 2585.65, "word": " the", "probability": 0.89306640625}, {"start": 2585.65, "end": 2586.05, "word": " marginal", "probability": 0.8427734375}, {"start": 2586.05, "end": 2586.33, "word": " utility", "probability": 0.82666015625}, {"start": 2586.33, "end": 2586.67, "word": " of", "probability": 0.8837890625}, {"start": 2586.67, "end": 2586.87, "word": " X", "probability": 0.6455078125}, {"start": 2586.87, "end": 2587.27, "word": " over", "probability": 0.91259765625}, {"start": 2587.27, "end": 2587.51, "word": " the", "probability": 0.91796875}, {"start": 2587.51, "end": 2587.79, "word": " price", "probability": 0.9248046875}, {"start": 2587.79, "end": 2587.99, "word": " of", "probability": 0.95361328125}, {"start": 2587.99, "end": 2588.27, "word": " X", "probability": 0.990234375}, {"start": 2588.27, "end": 2588.67, "word": " must", "probability": 0.87548828125}, {"start": 2588.67, "end": 2589.23, "word": " equal.", "probability": 0.8876953125}, {"start": 2589.61, "end": 2589.77, "word": " And", "probability": 0.50830078125}, {"start": 2589.77, "end": 2589.95, "word": " this", "probability": 0.9365234375}, {"start": 2589.95, "end": 2590.09, "word": " is", "probability": 0.939453125}, {"start": 2590.09, "end": 2590.25, "word": " the", "probability": 0.91650390625}, {"start": 2590.25, "end": 2590.53, "word": " first", "probability": 0.884765625}, {"start": 2590.53, "end": 2591.07, "word": " condition.", "probability": 0.94921875}], "temperature": 1.0}, {"id": 92, "seek": 262040, "start": 2592.32, "end": 2620.4, "text": " of consumer equilibrium, MUx over Px must equal the marginal utility of Y over the price of Y. This is the first condition. The second condition is that the consumer must spend all of his income to buy two goods.", "tokens": [295, 9711, 15625, 11, 17935, 87, 670, 430, 87, 1633, 2681, 264, 16885, 14877, 295, 398, 670, 264, 3218, 295, 398, 13, 639, 307, 264, 700, 4188, 13, 440, 1150, 4188, 307, 300, 264, 9711, 1633, 3496, 439, 295, 702, 5742, 281, 2256, 732, 10179, 13], "avg_logprob": -0.15325797682112835, "compression_ratio": 1.4791666666666667, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 2592.32, "end": 2592.74, "word": " of", "probability": 0.87353515625}, {"start": 2592.74, "end": 2593.6, "word": " consumer", "probability": 0.82373046875}, {"start": 2593.6, "end": 2595.7, "word": " equilibrium,", "probability": 0.921875}, {"start": 2596.22, "end": 2596.96, "word": " MUx", "probability": 0.52392578125}, {"start": 2596.96, "end": 2597.4, "word": " over", "probability": 0.890625}, {"start": 2597.4, "end": 2597.88, "word": " Px", "probability": 0.958740234375}, {"start": 2597.88, "end": 2598.46, "word": " must", "probability": 0.76513671875}, {"start": 2598.46, "end": 2598.96, "word": " equal", "probability": 0.91748046875}, {"start": 2598.96, "end": 2599.2, "word": " the", "probability": 0.86767578125}, {"start": 2599.2, "end": 2599.54, "word": " marginal", "probability": 0.8388671875}, {"start": 2599.54, "end": 2599.84, "word": " utility", "probability": 0.74755859375}, {"start": 2599.84, "end": 2600.12, "word": " of", "probability": 0.947265625}, {"start": 2600.12, "end": 2600.38, "word": " Y", "probability": 0.92138671875}, {"start": 2600.38, "end": 2600.92, "word": " over", "probability": 0.90625}, {"start": 2600.92, "end": 2601.2, "word": " the", "probability": 0.91943359375}, {"start": 2601.2, "end": 2601.44, "word": " price", "probability": 0.91943359375}, {"start": 2601.44, "end": 2601.6, "word": " of", "probability": 0.9541015625}, {"start": 2601.6, "end": 2601.78, "word": " Y.", "probability": 0.9921875}, {"start": 2601.86, "end": 2602.0, "word": " This", "probability": 0.89111328125}, {"start": 2602.0, "end": 2602.1, "word": " is", "probability": 0.9384765625}, {"start": 2602.1, "end": 2602.22, "word": " the", "probability": 0.89453125}, {"start": 2602.22, "end": 2602.46, "word": " first", "probability": 0.87841796875}, {"start": 2602.46, "end": 2602.94, "word": " condition.", "probability": 0.9462890625}, {"start": 2608.24, "end": 2608.8, "word": " The", "probability": 0.87451171875}, {"start": 2608.8, "end": 2609.12, "word": " second", "probability": 0.8984375}, {"start": 2609.12, "end": 2609.66, "word": " condition", "probability": 0.95068359375}, {"start": 2609.66, "end": 2610.76, "word": " is", "probability": 0.91162109375}, {"start": 2610.76, "end": 2611.36, "word": " that", "probability": 0.90966796875}, {"start": 2611.36, "end": 2611.56, "word": " the", "probability": 0.896484375}, {"start": 2611.56, "end": 2612.26, "word": " consumer", "probability": 0.8408203125}, {"start": 2612.26, "end": 2613.24, "word": " must", "probability": 0.88916015625}, {"start": 2613.24, "end": 2614.06, "word": " spend", "probability": 0.90771484375}, {"start": 2614.06, "end": 2615.08, "word": " all", "probability": 0.953125}, {"start": 2615.08, "end": 2615.36, "word": " of", "probability": 0.96337890625}, {"start": 2615.36, "end": 2615.68, "word": " his", "probability": 0.96240234375}, {"start": 2615.68, "end": 2616.36, "word": " income", "probability": 0.94580078125}, {"start": 2616.36, "end": 2619.3, "word": " to", "probability": 0.2337646484375}, {"start": 2619.3, "end": 2619.66, "word": " buy", "probability": 0.92724609375}, {"start": 2619.66, "end": 2620.0, "word": " two", "probability": 0.88525390625}, {"start": 2620.0, "end": 2620.4, "word": " goods.", "probability": 0.92822265625}], "temperature": 1.0}, {"id": 93, "seek": 264706, "start": 2621.48, "end": 2647.06, "text": " income must equal the price of eggs times the QX plus price of Y times the QY. This is the second condition. This is the first order condition, the second order condition.", "tokens": [5742, 1633, 2681, 264, 3218, 295, 6466, 1413, 264, 1249, 55, 1804, 3218, 295, 398, 1413, 264, 1249, 56, 13, 639, 307, 264, 1150, 4188, 13, 639, 307, 264, 700, 1668, 4188, 11, 264, 1150, 1668, 4188, 13], "avg_logprob": -0.3034855662248073, "compression_ratio": 1.702970297029703, "no_speech_prob": 0.0, "words": [{"start": 2621.48, "end": 2621.9, "word": " income", "probability": 0.56884765625}, {"start": 2621.9, "end": 2624.14, "word": " must", "probability": 0.7900390625}, {"start": 2624.14, "end": 2624.66, "word": " equal", "probability": 0.88134765625}, {"start": 2624.66, "end": 2625.12, "word": " the", "probability": 0.62646484375}, {"start": 2625.12, "end": 2625.38, "word": " price", "probability": 0.91455078125}, {"start": 2625.38, "end": 2625.6, "word": " of", "probability": 0.9248046875}, {"start": 2625.6, "end": 2625.96, "word": " eggs", "probability": 0.7724609375}, {"start": 2625.96, "end": 2626.4, "word": " times", "probability": 0.7841796875}, {"start": 2626.4, "end": 2626.6, "word": " the", "probability": 0.327880859375}, {"start": 2626.6, "end": 2627.18, "word": " QX", "probability": 0.71240234375}, {"start": 2627.18, "end": 2628.32, "word": " plus", "probability": 0.82666015625}, {"start": 2628.32, "end": 2629.2, "word": " price", "probability": 0.6875}, {"start": 2629.2, "end": 2629.46, "word": " of", "probability": 0.8955078125}, {"start": 2629.46, "end": 2629.82, "word": " Y", "probability": 0.2293701171875}, {"start": 2629.82, "end": 2630.28, "word": " times", "probability": 0.90771484375}, {"start": 2630.28, "end": 2630.5, "word": " the", "probability": 0.5625}, {"start": 2630.5, "end": 2631.1, "word": " QY.", "probability": 0.978271484375}, {"start": 2633.2, "end": 2634.1, "word": " This", "probability": 0.8125}, {"start": 2634.1, "end": 2634.28, "word": " is", "probability": 0.955078125}, {"start": 2634.28, "end": 2634.86, "word": " the", "probability": 0.9189453125}, {"start": 2634.86, "end": 2635.22, "word": " second", "probability": 0.8701171875}, {"start": 2635.22, "end": 2635.9, "word": " condition.", "probability": 0.95458984375}, {"start": 2642.28, "end": 2642.76, "word": " This", "probability": 0.8076171875}, {"start": 2642.76, "end": 2642.9, "word": " is", "probability": 0.94580078125}, {"start": 2642.9, "end": 2643.22, "word": " the", "probability": 0.8984375}, {"start": 2643.22, "end": 2644.56, "word": " first", "probability": 0.86962890625}, {"start": 2644.56, "end": 2644.96, "word": " order", "probability": 0.79345703125}, {"start": 2644.96, "end": 2645.52, "word": " condition,", "probability": 0.9521484375}, {"start": 2645.66, "end": 2645.76, "word": " the", "probability": 0.85302734375}, {"start": 2645.76, "end": 2646.08, "word": " second", "probability": 0.89208984375}, {"start": 2646.08, "end": 2646.4, "word": " order", "probability": 0.8720703125}, {"start": 2646.4, "end": 2647.06, "word": " condition.", "probability": 0.95068359375}], "temperature": 1.0}, {"id": 94, "seek": 267778, "start": 2651.98, "end": 2677.78, "text": " How can we work on this exercise? We have to calculate the marginal utility of x and the marginal utility of y and mu x over p x mu y over p y. So we have four columns, mu x,", "tokens": [1012, 393, 321, 589, 322, 341, 5380, 30, 492, 362, 281, 8873, 264, 16885, 14877, 295, 2031, 293, 264, 16885, 14877, 295, 288, 293, 2992, 2031, 670, 280, 2031, 2992, 288, 670, 280, 288, 13, 407, 321, 362, 1451, 13766, 11, 2992, 2031, 11], "avg_logprob": -0.2574652671813965, "compression_ratio": 1.4344262295081966, "no_speech_prob": 0.0, "words": [{"start": 2651.9800000000005, "end": 2652.7000000000003, "word": " How", "probability": 0.10394287109375}, {"start": 2652.7000000000003, "end": 2653.42, "word": " can", "probability": 0.91650390625}, {"start": 2653.42, "end": 2653.74, "word": " we", "probability": 0.95654296875}, {"start": 2653.74, "end": 2654.42, "word": " work", "probability": 0.9052734375}, {"start": 2654.42, "end": 2654.84, "word": " on", "probability": 0.93115234375}, {"start": 2654.84, "end": 2655.16, "word": " this", "probability": 0.9453125}, {"start": 2655.16, "end": 2655.92, "word": " exercise?", "probability": 0.9541015625}, {"start": 2656.68, "end": 2657.02, "word": " We", "probability": 0.93408203125}, {"start": 2657.02, "end": 2657.28, "word": " have", "probability": 0.93701171875}, {"start": 2657.28, "end": 2657.46, "word": " to", "probability": 0.97265625}, {"start": 2657.46, "end": 2658.2, "word": " calculate", "probability": 0.9267578125}, {"start": 2658.2, "end": 2659.44, "word": " the", "probability": 0.81787109375}, {"start": 2659.44, "end": 2659.82, "word": " marginal", "probability": 0.86376953125}, {"start": 2659.82, "end": 2660.14, "word": " utility", "probability": 0.765625}, {"start": 2660.14, "end": 2660.46, "word": " of", "probability": 0.91064453125}, {"start": 2660.46, "end": 2660.72, "word": " x", "probability": 0.446533203125}, {"start": 2660.72, "end": 2663.66, "word": " and", "probability": 0.68115234375}, {"start": 2663.66, "end": 2665.32, "word": " the", "probability": 0.857421875}, {"start": 2665.32, "end": 2665.74, "word": " marginal", "probability": 0.908203125}, {"start": 2665.74, "end": 2666.04, "word": " utility", "probability": 0.97509765625}, {"start": 2666.04, "end": 2666.38, "word": " of", "probability": 0.96484375}, {"start": 2666.38, "end": 2666.7, "word": " y", "probability": 0.9736328125}, {"start": 2666.7, "end": 2669.22, "word": " and", "probability": 0.7333984375}, {"start": 2669.22, "end": 2670.34, "word": " mu", "probability": 0.414794921875}, {"start": 2670.34, "end": 2670.76, "word": " x", "probability": 0.68603515625}, {"start": 2670.76, "end": 2671.06, "word": " over", "probability": 0.890625}, {"start": 2671.06, "end": 2671.3, "word": " p", "probability": 0.7451171875}, {"start": 2671.3, "end": 2671.58, "word": " x", "probability": 0.7568359375}, {"start": 2671.58, "end": 2672.22, "word": " mu", "probability": 0.400634765625}, {"start": 2672.22, "end": 2672.62, "word": " y", "probability": 0.9814453125}, {"start": 2672.62, "end": 2672.9, "word": " over", "probability": 0.92529296875}, {"start": 2672.9, "end": 2673.12, "word": " p", "probability": 0.8740234375}, {"start": 2673.12, "end": 2673.36, "word": " y.", "probability": 0.98876953125}, {"start": 2673.54, "end": 2673.76, "word": " So", "probability": 0.94384765625}, {"start": 2673.76, "end": 2673.92, "word": " we", "probability": 0.76318359375}, {"start": 2673.92, "end": 2674.16, "word": " have", "probability": 0.9501953125}, {"start": 2674.16, "end": 2674.8, "word": " four", "probability": 0.87841796875}, {"start": 2674.8, "end": 2675.4, "word": " columns,", "probability": 0.95751953125}, {"start": 2677.08, "end": 2677.4, "word": " mu", "probability": 0.7470703125}, {"start": 2677.4, "end": 2677.78, "word": " x,", "probability": 0.96875}], "temperature": 1.0}, {"id": 95, "seek": 270728, "start": 2679.46, "end": 2707.28, "text": " over PX and MUI over PY. Let's calculate the marginal utility of X. For the first case, we can put zero. Then 16 minus zero over one minus zero, right? Correct or not? Because this is 16.", "tokens": [670, 430, 55, 293, 17935, 40, 670, 430, 56, 13, 961, 311, 8873, 264, 16885, 14877, 295, 1783, 13, 1171, 264, 700, 1389, 11, 321, 393, 829, 4018, 13, 1396, 3165, 3175, 4018, 670, 472, 3175, 4018, 11, 558, 30, 12753, 420, 406, 30, 1436, 341, 307, 3165, 13], "avg_logprob": -0.31515624940395354, "compression_ratio": 1.2702702702702702, "no_speech_prob": 0.0, "words": [{"start": 2679.46, "end": 2679.86, "word": " over", "probability": 0.57666015625}, {"start": 2679.86, "end": 2680.5, "word": " PX", "probability": 0.641845703125}, {"start": 2680.5, "end": 2681.32, "word": " and", "probability": 0.79833984375}, {"start": 2681.32, "end": 2683.82, "word": " MUI", "probability": 0.5032958984375}, {"start": 2683.82, "end": 2685.26, "word": " over", "probability": 0.8857421875}, {"start": 2685.26, "end": 2686.04, "word": " PY.", "probability": 0.913330078125}, {"start": 2690.44, "end": 2691.22, "word": " Let's", "probability": 0.95654296875}, {"start": 2691.22, "end": 2691.84, "word": " calculate", "probability": 0.935546875}, {"start": 2691.84, "end": 2692.68, "word": " the", "probability": 0.91455078125}, {"start": 2692.68, "end": 2693.02, "word": " marginal", "probability": 0.81884765625}, {"start": 2693.02, "end": 2693.32, "word": " utility", "probability": 0.271484375}, {"start": 2693.32, "end": 2693.58, "word": " of", "probability": 0.83203125}, {"start": 2693.58, "end": 2693.82, "word": " X.", "probability": 0.9677734375}, {"start": 2695.12, "end": 2695.44, "word": " For", "probability": 0.9365234375}, {"start": 2695.44, "end": 2695.6, "word": " the", "probability": 0.92138671875}, {"start": 2695.6, "end": 2695.84, "word": " first", "probability": 0.88525390625}, {"start": 2695.84, "end": 2696.24, "word": " case,", "probability": 0.90966796875}, {"start": 2696.8, "end": 2696.86, "word": " we", "probability": 0.939453125}, {"start": 2696.86, "end": 2697.06, "word": " can", "probability": 0.63232421875}, {"start": 2697.06, "end": 2698.66, "word": " put", "probability": 0.74462890625}, {"start": 2698.66, "end": 2699.08, "word": " zero.", "probability": 0.52490234375}, {"start": 2699.46, "end": 2699.7, "word": " Then", "probability": 0.494873046875}, {"start": 2699.7, "end": 2701.32, "word": " 16", "probability": 0.5478515625}, {"start": 2701.32, "end": 2702.38, "word": " minus", "probability": 0.943359375}, {"start": 2702.38, "end": 2702.8, "word": " zero", "probability": 0.71435546875}, {"start": 2702.8, "end": 2703.06, "word": " over", "probability": 0.92138671875}, {"start": 2703.06, "end": 2703.3, "word": " one", "probability": 0.751953125}, {"start": 2703.3, "end": 2703.58, "word": " minus", "probability": 0.89306640625}, {"start": 2703.58, "end": 2703.94, "word": " zero,", "probability": 0.8701171875}, {"start": 2704.14, "end": 2704.38, "word": " right?", "probability": 0.634765625}, {"start": 2705.14, "end": 2705.74, "word": " Correct", "probability": 0.2181396484375}, {"start": 2705.74, "end": 2705.92, "word": " or", "probability": 0.8095703125}, {"start": 2705.92, "end": 2705.92, "word": " not?", "probability": 0.7421875}, {"start": 2706.2, "end": 2706.62, "word": " Because", "probability": 0.72265625}, {"start": 2706.62, "end": 2706.8, "word": " this", "probability": 0.66650390625}, {"start": 2706.8, "end": 2706.82, "word": " is", "probability": 0.90478515625}, {"start": 2706.82, "end": 2707.28, "word": " 16.", "probability": 0.5322265625}], "temperature": 1.0}, {"id": 96, "seek": 273853, "start": 2709.47, "end": 2738.53, "text": " Thirty minus sixteen, fourteen. Eleven, ten, nine, eight, seven, six, five, three. Right? This is the marginal utility of X.", "tokens": [41490, 3175, 27847, 11, 32253, 13, 48548, 11, 2064, 11, 4949, 11, 3180, 11, 3407, 11, 2309, 11, 1732, 11, 1045, 13, 1779, 30, 639, 307, 264, 16885, 14877, 295, 1783, 13], "avg_logprob": -0.24053030303030304, "compression_ratio": 1.2019230769230769, "no_speech_prob": 0.0, "words": [{"start": 2709.47, "end": 2709.99, "word": " Thirty", "probability": 0.4599609375}, {"start": 2709.99, "end": 2711.11, "word": " minus", "probability": 0.95458984375}, {"start": 2711.11, "end": 2712.51, "word": " sixteen,", "probability": 0.7255859375}, {"start": 2712.93, "end": 2713.57, "word": " fourteen.", "probability": 0.884765625}, {"start": 2715.15, "end": 2716.55, "word": " Eleven,", "probability": 0.409912109375}, {"start": 2717.33, "end": 2718.23, "word": " ten,", "probability": 0.84423828125}, {"start": 2719.53, "end": 2720.29, "word": " nine,", "probability": 0.95068359375}, {"start": 2721.95, "end": 2722.63, "word": " eight,", "probability": 0.89794921875}, {"start": 2725.21, "end": 2725.77, "word": " seven,", "probability": 0.90966796875}, {"start": 2728.05, "end": 2729.07, "word": " six,", "probability": 0.958984375}, {"start": 2729.69, "end": 2732.05, "word": " five,", "probability": 0.92138671875}, {"start": 2733.69, "end": 2734.09, "word": " three.", "probability": 0.93408203125}, {"start": 2734.95, "end": 2735.21, "word": " Right?", "probability": 0.3662109375}, {"start": 2735.67, "end": 2736.77, "word": " This", "probability": 0.86572265625}, {"start": 2736.77, "end": 2736.91, "word": " is", "probability": 0.93505859375}, {"start": 2736.91, "end": 2736.99, "word": " the", "probability": 0.490966796875}, {"start": 2736.99, "end": 2737.31, "word": " marginal", "probability": 0.6455078125}, {"start": 2737.31, "end": 2737.65, "word": " utility", "probability": 0.68017578125}, {"start": 2737.65, "end": 2738.35, "word": " of", "probability": 0.88134765625}, {"start": 2738.35, "end": 2738.53, "word": " X.", "probability": 0.564453125}], "temperature": 1.0}, {"id": 97, "seek": 276853, "start": 2739.49, "end": 2768.53, "text": " What about the marginal iterate of Y? Change in total iterate of Y over the change in quantity of Y. The marginal iterate of Y, TuY to 2 minus 1 over quantity 2 minus 1 to 1. 15 minus 0 over 1 minus 0, 15. 15 over 1. 28 minus 15 over 2 minus 1.", "tokens": [708, 466, 264, 16885, 44497, 295, 398, 30, 15060, 294, 3217, 44497, 295, 398, 670, 264, 1319, 294, 11275, 295, 398, 13, 440, 16885, 44497, 295, 398, 11, 7836, 56, 281, 568, 3175, 502, 670, 11275, 568, 3175, 502, 281, 502, 13, 2119, 3175, 1958, 670, 502, 3175, 1958, 11, 2119, 13, 2119, 670, 502, 13, 7562, 3175, 2119, 670, 568, 3175, 502, 13], "avg_logprob": -0.3235576923076923, "compression_ratio": 1.828358208955224, "no_speech_prob": 0.0, "words": [{"start": 2739.49, "end": 2739.75, "word": " What", "probability": 0.52978515625}, {"start": 2739.75, "end": 2739.97, "word": " about", "probability": 0.8955078125}, {"start": 2739.97, "end": 2740.13, "word": " the", "probability": 0.619140625}, {"start": 2740.13, "end": 2740.45, "word": " marginal", "probability": 0.79248046875}, {"start": 2740.45, "end": 2740.71, "word": " iterate", 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0.69384765625}, {"start": 2753.33, "end": 2753.65, "word": " 1", "probability": 0.93896484375}, {"start": 2753.65, "end": 2754.01, "word": " over", "probability": 0.86865234375}, {"start": 2754.01, "end": 2754.85, "word": " quantity", "probability": 0.86279296875}, {"start": 2754.85, "end": 2755.69, "word": " 2", "probability": 0.71728515625}, {"start": 2755.69, "end": 2756.05, "word": " minus", "probability": 0.9765625}, {"start": 2756.05, "end": 2756.43, "word": " 1", "probability": 0.7802734375}, {"start": 2756.43, "end": 2756.55, "word": " to", "probability": 0.79638671875}, {"start": 2756.55, "end": 2756.87, "word": " 1.", "probability": 0.98291015625}, {"start": 2758.37, "end": 2759.05, "word": " 15", "probability": 0.53271484375}, {"start": 2759.05, "end": 2759.49, "word": " minus", "probability": 0.87744140625}, {"start": 2759.49, "end": 2759.85, "word": " 0", "probability": 0.79248046875}, {"start": 2759.85, "end": 2760.09, "word": " over", "probability": 0.88134765625}, 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2768.19, "word": " minus", "probability": 0.98486328125}, {"start": 2768.19, "end": 2768.53, "word": " 1.", "probability": 0.99365234375}], "temperature": 1.0}, {"id": 98, "seek": 279965, "start": 2770.43, "end": 2799.65, "text": " How much? Thirteen. Twelve. Eight. How much is it? Six. Four. Five. Four. Three. Two. One. Assumption, increasing periodic quantity equals one.", "tokens": [1012, 709, 30, 334, 27114, 13, 48063, 13, 17708, 13, 1012, 709, 307, 309, 30, 11678, 13, 7451, 13, 9436, 13, 7451, 13, 6244, 13, 4453, 13, 1485, 13, 6281, 449, 1695, 11, 5662, 27790, 11275, 6915, 472, 13], "avg_logprob": -0.2830078169703484, "compression_ratio": 1.2203389830508475, "no_speech_prob": 0.0, "words": [{"start": 2770.43, "end": 2770.63, "word": " How", "probability": 0.751953125}, {"start": 2770.63, "end": 2771.03, "word": " much?", "probability": 0.921875}, {"start": 2772.09, "end": 2773.21, "word": " Thirteen.", "probability": 0.7373046875}, {"start": 2774.47, "end": 2775.59, "word": " Twelve.", "probability": 0.66064453125}, {"start": 2777.73, "end": 2778.41, "word": " Eight.", "probability": 0.92724609375}, {"start": 2779.61, "end": 2780.05, "word": " How", "probability": 0.359619140625}, {"start": 2780.05, "end": 2780.25, "word": " much", "probability": 0.9169921875}, {"start": 2780.25, "end": 2780.45, "word": " is", "probability": 0.94970703125}, {"start": 2780.45, "end": 2780.71, "word": " it?", "probability": 0.9462890625}, {"start": 2780.93, "end": 2781.31, "word": " Six.", "probability": 0.9482421875}, {"start": 2782.97, "end": 2784.09, "word": " Four.", "probability": 0.348388671875}, {"start": 2784.41, "end": 2784.85, "word": " Five.", "probability": 0.91357421875}, {"start": 2786.69, "end": 2787.25, "word": " Four.", "probability": 0.89111328125}, {"start": 2788.61, "end": 2789.39, "word": " Three.", "probability": 0.9541015625}, {"start": 2790.61, "end": 2791.13, "word": " Two.", "probability": 0.87841796875}, {"start": 2791.59, "end": 2791.89, "word": " One.", "probability": 0.91796875}, {"start": 2794.53, "end": 2795.51, "word": " Assumption,", "probability": 0.7757161458333334}, {"start": 2796.07, "end": 2797.69, "word": " increasing", "probability": 0.74462890625}, {"start": 2797.69, "end": 2798.55, "word": " periodic", "probability": 0.1058349609375}, {"start": 2798.55, "end": 2798.95, "word": " quantity", "probability": 0.92724609375}, {"start": 2798.95, "end": 2799.31, "word": " equals", "probability": 0.88525390625}, {"start": 2799.31, "end": 2799.65, "word": " one.", "probability": 0.86669921875}], "temperature": 1.0}, {"id": 99, "seek": 282887, "start": 2801.17, "end": 2828.87, "text": "Otherwise, you have to work on the formula. Right? Meaning if this is 0,2,10,70, you have to work on the formula. Okay? Okay. Let's calculate the marginal unit of X over price of X and marginal unit of Y over price of Y. MUX over PX. MUX, I will put them like this later. 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"seek": 285871, "start": 2829.77, "end": 2858.71, "text": "2, 16 over 2, 8. This is 16 over 2 equals 8. What else? 14, MUX over price of X. I wrote this to tell you honestly. Who asked this question? Come on, Hanad, answer. Come on. MUX, the formula, MUX over PX. 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Where is the MUY? 15 over price of Y. This is PY. MUY over PY.", "tokens": [961, 311, 352, 281, 17935, 56, 670, 430, 56, 13, 2305, 307, 264, 17935, 56, 30, 2119, 670, 3218, 295, 398, 13, 639, 307, 430, 56, 13, 17935, 56, 670, 430, 56, 13], "avg_logprob": -0.323069848558482, "compression_ratio": 1.1891891891891893, "no_speech_prob": 0.0, "words": [{"start": 2896.5, "end": 2897.16, "word": " Let's", "probability": 0.501861572265625}, {"start": 2897.16, "end": 2897.3, "word": " go", "probability": 0.86669921875}, {"start": 2897.3, "end": 2897.48, "word": " to", "probability": 0.94580078125}, {"start": 2897.48, "end": 2898.26, "word": " MUY", "probability": 0.37969970703125}, {"start": 2898.26, "end": 2898.56, "word": " over", "probability": 0.85546875}, {"start": 2898.56, "end": 2899.06, "word": " PY.", "probability": 0.883544921875}, {"start": 2899.38, "end": 2899.52, "word": " Where", "probability": 0.80419921875}, {"start": 2899.52, "end": 2899.66, "word": " is", "probability": 0.62890625}, {"start": 2899.66, "end": 2899.78, "word": " the", "probability": 0.6298828125}, {"start": 2899.78, "end": 2900.28, "word": " MUY?", "probability": 0.73876953125}, {"start": 2902.7, "end": 2903.36, "word": " 15", "probability": 0.35107421875}, {"start": 2903.36, "end": 2904.14, "word": " over", "probability": 0.89892578125}, {"start": 2904.14, "end": 2904.86, "word": " price", "probability": 0.77001953125}, {"start": 2904.86, "end": 2905.06, "word": " of", "probability": 0.9677734375}, {"start": 2905.06, "end": 2905.36, "word": " Y.", "probability": 0.98486328125}, {"start": 2905.48, "end": 2905.64, "word": " This", "probability": 0.8798828125}, {"start": 2905.64, "end": 2905.78, "word": " is", "probability": 0.95166015625}, {"start": 2905.78, "end": 2906.38, "word": " PY.", "probability": 0.937255859375}, {"start": 2913.92, "end": 2914.58, "word": " MUY", "probability": 0.75439453125}, {"start": 2914.58, "end": 2914.92, "word": " over", "probability": 0.921875}, {"start": 2914.92, "end": 2915.52, "word": " PY.", "probability": 0.9814453125}], "temperature": 1.0}, {"id": 103, "seek": 294665, "start": 2918.85, "end": 2946.65, "text": " 15 over 2, low price of wine. 7.5. 7.5 here, 6.5, 6, 4, 3, 2.5, 2, 1.5,", "tokens": [2119, 670, 568, 11, 2295, 3218, 295, 7209, 13, 1614, 13, 20, 13, 1614, 13, 20, 510, 11, 1386, 13, 20, 11, 1386, 11, 1017, 11, 805, 11, 568, 13, 20, 11, 568, 11, 502, 13, 20, 11], "avg_logprob": -0.2359775641025641, "compression_ratio": 1.0434782608695652, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 2918.85, "end": 2919.69, "word": " 15", "probability": 0.402099609375}, {"start": 2919.69, "end": 2920.53, "word": " over", "probability": 0.7666015625}, {"start": 2920.53, "end": 2920.95, "word": " 2,", "probability": 0.7685546875}, {"start": 2921.01, "end": 2921.15, "word": " low", "probability": 0.3408203125}, {"start": 2921.15, "end": 2921.41, "word": " price", "probability": 0.7041015625}, {"start": 2921.41, "end": 2921.59, "word": " of", "probability": 0.9404296875}, {"start": 2921.59, "end": 2921.83, "word": " wine.", "probability": 0.5859375}, {"start": 2923.49, "end": 2923.93, "word": " 7", "probability": 0.9404296875}, {"start": 2923.93, "end": 2924.69, "word": ".5.", "probability": 0.9892578125}, {"start": 2925.75, "end": 2926.01, "word": " 7", "probability": 0.16552734375}, {"start": 2926.01, "end": 2932.51, "word": ".5", "probability": 0.98681640625}, {"start": 2932.51, "end": 2932.77, "word": " here,", "probability": 0.71142578125}, {"start": 2936.45, "end": 2936.73, "word": " 6", "probability": 0.9873046875}, {"start": 2936.73, "end": 2937.49, "word": ".5,", "probability": 0.98876953125}, {"start": 2937.87, "end": 2939.55, "word": " 6,", "probability": 0.908203125}, {"start": 2939.79, "end": 2941.23, "word": " 4,", "probability": 0.94921875}, {"start": 2941.75, "end": 2942.97, "word": " 3,", "probability": 0.98388671875}, {"start": 2943.27, "end": 2943.57, "word": " 2", "probability": 0.98486328125}, {"start": 2943.57, "end": 2944.45, "word": ".5,", "probability": 0.9873046875}, {"start": 2944.91, "end": 2945.23, "word": " 2,", "probability": 0.97802734375}, {"start": 2945.59, "end": 2945.85, "word": " 1", "probability": 0.97509765625}, {"start": 2945.85, "end": 2946.65, "word": ".5,", "probability": 0.998046875}], "temperature": 1.0}, {"id": 104, "seek": 295965, "start": 2947.49, "end": 2959.65, "text": " One half. The first order condition is mid. Where?", "tokens": [1485, 1922, 13, 440, 700, 1668, 4188, 307, 2062, 13, 2305, 30], "avg_logprob": -0.4137620192307692, "compression_ratio": 0.864406779661017, "no_speech_prob": 0.0, "words": [{"start": 2947.49, "end": 2947.91, "word": " One", "probability": 0.384521484375}, {"start": 2947.91, "end": 2949.13, "word": " half.", "probability": 0.455078125}, {"start": 2951.99, "end": 2951.99, "word": " The", "probability": 0.53955078125}, {"start": 2951.99, "end": 2954.57, "word": " first", "probability": 0.89208984375}, {"start": 2954.57, "end": 2954.85, "word": " order", "probability": 0.94970703125}, {"start": 2954.85, "end": 2955.45, "word": " condition", "probability": 0.94677734375}, {"start": 2955.45, "end": 2956.41, "word": " is", "probability": 0.93017578125}, {"start": 2956.41, "end": 2956.97, "word": " mid.", "probability": 0.55322265625}, {"start": 2959.19, "end": 2959.65, "word": " Where?", "probability": 0.389892578125}], "temperature": 1.0}, {"id": 105, "seek": 298805, "start": 2960.97, "end": 2988.05, "text": " When MUX over PX is equal to the first order condition. This is eight, so I hold it like this. Eight. Are there eights? No. No. Seven. Are there sevens? No. No. Then, five and a half. Are there five and a half? No. Five. Are there fives? No. Four and a half. Four point five. No. Four. This is four. I want to reduce it like this. Four.", "tokens": [1133, 17935, 55, 670, 430, 55, 307, 2681, 281, 264, 700, 1668, 4188, 13, 639, 307, 3180, 11, 370, 286, 1797, 309, 411, 341, 13, 17708, 13, 2014, 456, 3180, 82, 30, 883, 13, 883, 13, 14868, 13, 2014, 456, 3407, 82, 30, 883, 13, 883, 13, 1396, 11, 1732, 293, 257, 1922, 13, 2014, 456, 1732, 293, 257, 1922, 30, 883, 13, 9436, 13, 2014, 456, 283, 1539, 30, 883, 13, 7451, 293, 257, 1922, 13, 7451, 935, 1732, 13, 883, 13, 7451, 13, 639, 307, 1451, 13, 286, 528, 281, 5407, 309, 411, 341, 13, 7451, 13], "avg_logprob": -0.348749991953373, "compression_ratio": 1.8722222222222222, "no_speech_prob": 0.0, "words": [{"start": 2960.97, "end": 2961.45, "word": " When", "probability": 0.212158203125}, {"start": 2961.45, "end": 2961.93, "word": " MUX", "probability": 0.567138671875}, {"start": 2961.93, "end": 2962.21, "word": " over", "probability": 0.720703125}, {"start": 2962.21, "end": 2962.83, "word": " PX", "probability": 0.965087890625}, {"start": 2962.83, "end": 2963.49, "word": 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"probability": 0.91455078125}, {"start": 2972.13, "end": 2972.71, "word": " sevens?", "probability": 0.9013671875}, {"start": 2972.79, "end": 2973.21, "word": " No.", "probability": 0.748046875}, {"start": 2973.79, "end": 2973.79, "word": " No.", "probability": 0.591796875}, {"start": 2973.89, "end": 2974.29, "word": " Then,", "probability": 0.599609375}, {"start": 2974.81, "end": 2975.11, "word": " five", "probability": 0.77490234375}, {"start": 2975.11, "end": 2975.37, "word": " and", "probability": 0.93603515625}, {"start": 2975.37, "end": 2975.61, "word": " a", "probability": 0.91796875}, {"start": 2975.61, "end": 2975.63, "word": " half.", "probability": 0.892578125}, {"start": 2975.85, "end": 2976.11, "word": " Are", "probability": 0.9111328125}, {"start": 2976.11, "end": 2976.25, "word": " there", "probability": 0.90625}, {"start": 2976.25, "end": 2976.47, "word": " five", "probability": 0.82177734375}, {"start": 2976.47, "end": 2976.69, "word": " and", "probability": 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0.88330078125}, {"start": 2981.81, "end": 2982.07, "word": " Four", "probability": 0.49560546875}, {"start": 2982.07, "end": 2982.33, "word": " point", "probability": 0.92919921875}, {"start": 2982.33, "end": 2982.67, "word": " five.", "probability": 0.91259765625}, {"start": 2982.93, "end": 2983.25, "word": " No.", "probability": 0.89013671875}, {"start": 2983.69, "end": 2984.17, "word": " Four.", "probability": 0.9013671875}, {"start": 2984.31, "end": 2984.47, "word": " This", "probability": 0.6611328125}, {"start": 2984.47, "end": 2984.47, "word": " is", "probability": 0.9404296875}, {"start": 2984.47, "end": 2984.75, "word": " four.", "probability": 0.9033203125}, {"start": 2984.89, "end": 2984.99, "word": " I", "probability": 0.86669921875}, {"start": 2984.99, "end": 2985.09, "word": " want", "probability": 0.30078125}, {"start": 2985.09, "end": 2985.23, "word": " to", "probability": 0.96484375}, {"start": 2985.23, "end": 2985.41, "word": " reduce", "probability": 0.291015625}, 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This is the first one. 3.5. There is no 3. There is 3 with 3. 2.5 and 2.5. 1.5, 5, 1.5. Okay? The question.", "tokens": [639, 307, 1017, 365, 1017, 13, 639, 307, 264, 700, 472, 13, 805, 13, 20, 13, 821, 307, 572, 805, 13, 821, 307, 805, 365, 805, 13, 568, 13, 20, 293, 568, 13, 20, 13, 502, 13, 20, 11, 1025, 11, 502, 13, 20, 13, 1033, 30, 440, 1168, 13], "avg_logprob": -0.3964460655754688, "compression_ratio": 1.2989690721649485, "no_speech_prob": 0.0, "words": [{"start": 2991.8, "end": 2992.06, "word": " This", "probability": 0.278564453125}, {"start": 2992.06, "end": 2992.06, "word": " is", "probability": 0.87353515625}, {"start": 2992.06, "end": 2992.34, "word": " 4", "probability": 0.32177734375}, {"start": 2992.34, "end": 2993.32, "word": " with", "probability": 0.3544921875}, {"start": 2993.32, "end": 2993.62, "word": " 4.", "probability": 0.92578125}, {"start": 2994.02, "end": 2994.24, "word": " This", "probability": 0.6904296875}, {"start": 2994.24, "end": 2994.28, "word": " is", "probability": 0.92919921875}, {"start": 2994.28, "end": 2994.44, "word": " the", "probability": 0.89501953125}, {"start": 2994.44, "end": 2994.44, "word": " first", "probability": 0.8896484375}, {"start": 2994.44, "end": 2994.74, "word": " one.", "probability": 0.78271484375}, {"start": 2996.0, "end": 2996.44, "word": " 3", "probability": 0.83984375}, {"start": 2996.44, "end": 2997.2, "word": ".5.", "probability": 0.94189453125}, {"start": 2997.94, "end": 2998.42, "word": " There", "probability": 0.36474609375}, {"start": 2998.42, "end": 2998.62, "word": " is", "probability": 0.60107421875}, {"start": 2998.62, "end": 2998.74, "word": " no", "probability": 0.4912109375}, {"start": 2998.74, "end": 2999.0, "word": " 3.", "probability": 0.6025390625}, {"start": 2999.72, "end": 3000.14, "word": " There", "probability": 0.332275390625}, {"start": 3000.14, "end": 3000.24, "word": " is", "probability": 0.7353515625}, {"start": 3000.24, "end": 3001.06, "word": " 3", "probability": 0.387939453125}, {"start": 3001.06, "end": 3001.64, "word": " with", "probability": 0.55859375}, {"start": 3001.64, "end": 3002.1, "word": " 3.", "probability": 0.953125}, {"start": 3002.92, "end": 3003.8, "word": " 2", "probability": 0.86767578125}, {"start": 3003.8, "end": 3004.68, "word": ".5", "probability": 0.99658203125}, {"start": 3004.68, "end": 3006.34, "word": " and", "probability": 0.339599609375}, {"start": 3006.34, "end": 3006.54, "word": " 2", "probability": 0.888671875}, {"start": 3006.54, "end": 3007.36, "word": ".5.", "probability": 0.997314453125}, {"start": 3009.22, "end": 3009.66, "word": " 1", "probability": 0.677734375}, {"start": 3009.66, "end": 3010.4, "word": ".5,", "probability": 0.97705078125}, {"start": 3010.68, "end": 3011.18, "word": " 5,", "probability": 0.7041015625}, {"start": 3011.58, "end": 3011.8, "word": " 1", "probability": 0.9619140625}, {"start": 3011.8, "end": 3012.58, "word": ".5.", "probability": 0.998291015625}, {"start": 3016.02, "end": 3016.9, "word": " Okay?", "probability": 0.248291015625}, {"start": 3017.6, "end": 3018.48, "word": " The", "probability": 0.64990234375}, {"start": 3018.48, "end": 3018.68, "word": " question.", "probability": 0.91552734375}], "temperature": 1.0}, {"id": 107, "seek": 304982, "start": 3022.24, "end": 3049.82, "text": " So, we can say that the first order condition is met at four points. The first order condition is met at four points.", "tokens": [407, 11, 321, 393, 584, 300, 264, 700, 1668, 4188, 307, 1131, 412, 1451, 2793, 13, 440, 700, 1668, 4188, 307, 1131, 412, 1451, 2793, 13], "avg_logprob": -0.27126736994142886, "compression_ratio": 1.5526315789473684, "no_speech_prob": 0.0, "words": [{"start": 3022.2400000000002, "end": 3023.46, "word": " So,", "probability": 0.07672119140625}, {"start": 3030.88, "end": 3031.8, "word": " we", "probability": 0.8681640625}, {"start": 3031.8, "end": 3032.2, "word": " can", "probability": 0.94921875}, {"start": 3032.2, "end": 3032.58, "word": " say", "probability": 0.93408203125}, {"start": 3032.58, "end": 3033.18, "word": " that", "probability": 0.93359375}, {"start": 3033.18, "end": 3034.1, "word": " the", "probability": 0.75}, {"start": 3034.1, "end": 3034.54, "word": " first", "probability": 0.85302734375}, {"start": 3034.54, "end": 3034.9, "word": " order", "probability": 0.66162109375}, {"start": 3034.9, "end": 3035.72, "word": " condition", "probability": 0.9599609375}, {"start": 3035.72, "end": 3036.42, "word": " is", "probability": 0.939453125}, {"start": 3036.42, "end": 3036.92, "word": " met", "probability": 0.8193359375}, {"start": 3036.92, "end": 3038.22, "word": " at", "probability": 0.96435546875}, {"start": 3038.22, "end": 3038.9, "word": " four", "probability": 0.92138671875}, {"start": 3038.9, "end": 3039.42, "word": " points.", "probability": 0.9189453125}, {"start": 3039.6, "end": 3040.62, "word": " The", "probability": 0.1343994140625}, {"start": 3040.62, "end": 3046.14, "word": " first", "probability": 0.884765625}, {"start": 3046.14, "end": 3046.4, "word": " order", "probability": 0.8623046875}, {"start": 3046.4, "end": 3046.9, "word": " condition", "probability": 0.95654296875}, {"start": 3046.9, "end": 3047.56, "word": " is", "probability": 0.94873046875}, {"start": 3047.56, "end": 3048.02, "word": " met", "probability": 0.912109375}, {"start": 3048.02, "end": 3048.7, "word": " at", "probability": 0.97021484375}, {"start": 3048.7, "end": 3049.32, "word": " four", "probability": 0.9423828125}, {"start": 3049.32, "end": 3049.82, "word": " points.", "probability": 0.916015625}], "temperature": 1.0}, {"id": 108, "seek": 307395, "start": 3050.83, "end": 3073.95, "text": " then the first order condition is met at four points then the first order condition is met at four points", "tokens": [550, 264, 700, 1668, 4188, 307, 1131, 412, 1451, 2793, 550, 264, 700, 1668, 4188, 307, 1131, 412, 1451, 2793], "avg_logprob": -0.2888764937718709, "compression_ratio": 1.7966101694915255, "no_speech_prob": 0.0, "words": [{"start": 3050.83, "end": 3051.15, "word": " then", "probability": 0.29736328125}, {"start": 3051.15, "end": 3051.67, "word": " the", "probability": 0.8125}, {"start": 3051.67, "end": 3051.99, "word": " first", "probability": 0.87060546875}, {"start": 3051.99, "end": 3052.45, "word": " order", "probability": 0.873046875}, {"start": 3052.45, "end": 3053.07, "word": " condition", "probability": 0.94970703125}, {"start": 3053.07, "end": 3053.77, "word": " is", "probability": 0.91064453125}, {"start": 3053.77, "end": 3054.19, "word": " met", "probability": 0.5986328125}, {"start": 3054.19, "end": 3055.25, "word": " at", "probability": 0.96484375}, {"start": 3055.25, "end": 3056.87, "word": " four", "probability": 0.755859375}, {"start": 3056.87, "end": 3058.85, "word": " points", "probability": 0.92626953125}, {"start": 3058.85, "end": 3059.59, "word": " then", "probability": 0.57470703125}, {"start": 3059.59, "end": 3059.77, "word": " the", "probability": 0.9189453125}, {"start": 3059.77, "end": 3061.69, "word": " first", "probability": 0.876953125}, {"start": 3061.69, "end": 3063.97, "word": " order", "probability": 0.9052734375}, {"start": 3063.97, "end": 3064.63, "word": " condition", "probability": 0.94775390625}, {"start": 3064.63, "end": 3069.19, "word": " is", "probability": 0.93017578125}, {"start": 3069.19, "end": 3069.73, "word": " met", "probability": 0.91357421875}, {"start": 3069.73, "end": 3071.93, "word": " at", "probability": 0.96142578125}, {"start": 3071.93, "end": 3073.23, "word": " four", "probability": 0.90576171875}, {"start": 3073.23, "end": 3073.95, "word": " points", "probability": 0.91943359375}], "temperature": 1.0}, {"id": 109, "seek": 310512, "start": 3080.02, "end": 3105.12, "text": " Four. This is the point where the four is. Where is the four? Is this four below the X or below the Y? Here, show me this four. How close is it to Q? Six. So here, at four, QX equals six. And QY?", "tokens": [7451, 13, 639, 307, 264, 935, 689, 264, 1451, 307, 13, 2305, 307, 264, 1451, 30, 1119, 341, 1451, 2507, 264, 1783, 420, 2507, 264, 398, 30, 1692, 11, 855, 385, 341, 1451, 13, 1012, 1998, 307, 309, 281, 1249, 30, 11678, 13, 407, 510, 11, 412, 1451, 11, 1249, 55, 6915, 2309, 13, 400, 1249, 56, 30], "avg_logprob": -0.5439618421813189, "compression_ratio": 1.4736842105263157, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 3080.02, "end": 3080.58, "word": " Four.", "probability": 0.0894775390625}, {"start": 3081.08, "end": 3081.34, "word": " This", "probability": 0.496337890625}, {"start": 3081.34, "end": 3081.36, "word": " is", "probability": 0.33740234375}, {"start": 3081.36, "end": 3081.44, "word": " the", "probability": 0.650390625}, {"start": 3081.44, "end": 3081.6, "word": " point", "probability": 0.75927734375}, {"start": 3081.6, "end": 3081.78, "word": " where", "probability": 0.31591796875}, {"start": 3081.78, "end": 3081.94, "word": " the", "probability": 0.3447265625}, {"start": 3081.94, "end": 3082.1, "word": " four", "probability": 0.61181640625}, {"start": 3082.1, "end": 3082.18, "word": " is.", "probability": 0.546875}, {"start": 3082.34, "end": 3082.52, "word": " Where", "probability": 0.1544189453125}, {"start": 3082.52, "end": 3082.54, "word": " is", "probability": 0.81689453125}, {"start": 3082.54, "end": 3082.68, "word": " the", "probability": 0.42578125}, {"start": 3082.68, "end": 3082.82, "word": " four?", "probability": 0.8916015625}, {"start": 3084.3, "end": 3084.86, "word": " Is", "probability": 0.268798828125}, {"start": 3084.86, "end": 3084.96, "word": " this", "probability": 0.52392578125}, {"start": 3084.96, "end": 3085.26, "word": " four", "probability": 0.833984375}, {"start": 3085.26, "end": 3086.38, "word": " below", "probability": 0.446533203125}, {"start": 3086.38, "end": 3086.74, "word": " the", "probability": 0.521484375}, {"start": 3086.74, "end": 3086.94, "word": " X", "probability": 0.473388671875}, {"start": 3086.94, "end": 3087.08, "word": " or", "probability": 0.712890625}, {"start": 3087.08, "end": 3087.34, "word": " below", "probability": 0.3720703125}, {"start": 3087.34, "end": 3087.46, "word": " the", "probability": 0.87646484375}, {"start": 3087.46, "end": 3087.68, "word": " Y?", "probability": 0.99072265625}, {"start": 3088.92, "end": 3089.48, "word": " Here,", "probability": 0.1875}, {"start": 3089.6, "end": 3089.78, "word": " show", "probability": 0.457763671875}, {"start": 3089.78, "end": 3090.0, "word": " me", "probability": 0.94580078125}, {"start": 3090.0, "end": 3090.1, "word": " this", "probability": 0.69140625}, {"start": 3090.1, "end": 3090.4, "word": " four.", "probability": 0.8994140625}, {"start": 3091.92, "end": 3092.3, "word": " How", "probability": 0.83837890625}, {"start": 3092.3, "end": 3092.74, "word": " close", "probability": 0.50439453125}, {"start": 3092.74, "end": 3093.02, "word": " is", "probability": 0.8271484375}, {"start": 3093.02, "end": 3093.02, "word": " it", "probability": 0.81005859375}, {"start": 3093.02, "end": 3093.08, "word": " to", "probability": 0.970703125}, {"start": 3093.08, "end": 3093.38, "word": " Q?", "probability": 0.55712890625}, {"start": 3094.12, "end": 3094.68, "word": " Six.", "probability": 0.38525390625}, {"start": 3095.32, "end": 3095.52, "word": " So", "probability": 0.53125}, {"start": 3095.52, "end": 3095.82, "word": " here,", "probability": 0.311767578125}, {"start": 3096.62, "end": 3097.12, "word": " at", "probability": 0.86474609375}, {"start": 3097.12, "end": 3097.7, "word": " four,", "probability": 0.57568359375}, {"start": 3100.06, "end": 3101.7, "word": " QX", "probability": 0.597900390625}, {"start": 3101.7, "end": 3102.48, "word": " equals", "probability": 0.3447265625}, {"start": 3102.48, "end": 3103.68, "word": " six.", "probability": 0.85400390625}, {"start": 3104.36, "end": 3104.66, "word": " And", "probability": 0.81640625}, {"start": 3104.66, "end": 3105.12, "word": " QY?", "probability": 0.94384765625}], "temperature": 1.0}, {"id": 110, "seek": 312517, "start": 3108.63, "end": 3125.17, "text": "Where is the 4? Under the Y, correct? How big is the Q? 4, then here is the Q, Y is equal to 4, right? At 3", "tokens": [14436, 307, 264, 1017, 30, 6974, 264, 398, 11, 3006, 30, 1012, 955, 307, 264, 1249, 30, 1017, 11, 550, 510, 307, 264, 1249, 11, 398, 307, 2681, 281, 1017, 11, 558, 30, 1711, 805], "avg_logprob": -0.7309027595652474, "compression_ratio": 1.2159090909090908, "no_speech_prob": 2.980232238769531e-07, "words": [{"start": 3108.6299999999997, "end": 3108.99, "word": "Where", "probability": 0.0777587890625}, {"start": 3108.99, "end": 3109.13, "word": " is", "probability": 0.66943359375}, {"start": 3109.13, "end": 3109.17, "word": " the", "probability": 0.236572265625}, {"start": 3109.17, "end": 3109.43, "word": " 4?", "probability": 0.473876953125}, {"start": 3110.05, "end": 3110.41, "word": " Under", "probability": 0.12841796875}, {"start": 3110.41, "end": 3112.05, "word": " the", "probability": 0.65283203125}, {"start": 3112.05, "end": 3112.23, "word": " Y,", "probability": 0.76171875}, {"start": 3112.29, "end": 3112.49, "word": " correct?", "probability": 0.493896484375}, {"start": 3113.33, "end": 3113.67, "word": " How", "probability": 0.71240234375}, {"start": 3113.67, "end": 3114.01, "word": " big", "probability": 0.2900390625}, {"start": 3114.01, "end": 3114.13, "word": " is", "probability": 0.82421875}, {"start": 3114.13, "end": 3114.31, "word": " the", "probability": 0.53515625}, {"start": 3114.31, "end": 3114.53, "word": " Q?", "probability": 0.529296875}, {"start": 3115.57, "end": 3115.87, "word": " 4,", "probability": 0.5693359375}, {"start": 3116.39, "end": 3116.57, "word": " then", "probability": 0.33837890625}, {"start": 3116.57, "end": 3116.71, "word": " here", "probability": 0.25390625}, {"start": 3116.71, "end": 3116.81, "word": " is", "probability": 0.61865234375}, {"start": 3116.81, "end": 3116.85, "word": " the", "probability": 0.783203125}, {"start": 3116.85, "end": 3117.01, "word": " Q,", "probability": 0.97216796875}, {"start": 3117.09, "end": 3117.21, "word": " Y", "probability": 0.405517578125}, {"start": 3117.21, "end": 3117.37, "word": " is", "probability": 0.269775390625}, {"start": 3117.37, "end": 3117.53, "word": " equal", "probability": 0.56396484375}, {"start": 3117.53, "end": 3117.57, "word": " to", "probability": 0.9609375}, {"start": 3117.57, "end": 3117.85, "word": " 4,", "probability": 0.93115234375}, {"start": 3117.91, "end": 3120.51, "word": " right?", "probability": 0.42236328125}, {"start": 3122.17, "end": 3122.53, "word": " At", "probability": 0.2095947265625}, {"start": 3122.53, "end": 3125.17, "word": " 3", "probability": 0.42822265625}], "temperature": 1.0}, {"id": 111, "seek": 313304, "start": 3131.78, "end": 3133.04, "text": "At 2.5", "tokens": [18684, 568, 13, 20], "avg_logprob": -0.64609375, "compression_ratio": 0.42857142857142855, "no_speech_prob": 0.0, "words": [{"start": 3131.78, "end": 3132.38, "word": "At", "probability": 0.1258544921875}, {"start": 3132.38, "end": 3132.98, "word": " 2", "probability": 0.560546875}, {"start": 3132.98, "end": 3133.04, "word": ".5", "probability": 0.978515625}], "temperature": 1.0}, {"id": 112, "seek": 318613, "start": 3158.59, "end": 3186.13, "text": " Height is 2.5 under X. How much is its Q? 9. QY equals 2.56 at 1.5. QX equals how much? 10.", "tokens": [634, 397, 307, 568, 13, 20, 833, 1783, 13, 1012, 709, 307, 1080, 1249, 30, 1722, 13, 1249, 56, 6915, 568, 13, 18317, 412, 502, 13, 20, 13, 1249, 55, 6915, 577, 709, 30, 1266, 13], "avg_logprob": -0.41300674709113866, "compression_ratio": 1.1219512195121952, "no_speech_prob": 0.0, "words": [{"start": 3158.59, "end": 3158.97, "word": " Height", "probability": 0.777099609375}, {"start": 3158.97, "end": 3159.19, "word": " is", "probability": 0.17138671875}, {"start": 3159.19, "end": 3159.61, "word": " 2", "probability": 0.9267578125}, {"start": 3159.61, "end": 3160.23, "word": ".5", "probability": 0.988037109375}, {"start": 3160.23, "end": 3160.55, "word": " under", "probability": 0.54443359375}, {"start": 3160.55, "end": 3161.01, "word": " X.", "probability": 0.419921875}, {"start": 3161.79, "end": 3161.97, "word": " How", "probability": 0.294677734375}, {"start": 3161.97, "end": 3162.21, "word": " much", "probability": 0.6962890625}, {"start": 3162.21, "end": 3162.27, "word": " is", "probability": 0.818359375}, {"start": 3162.27, "end": 3162.75, "word": " its", "probability": 0.21630859375}, {"start": 3162.75, "end": 3162.97, "word": " Q?", "probability": 0.90478515625}, {"start": 3163.49, "end": 3164.27, "word": " 9.", "probability": 0.4638671875}, {"start": 3168.55, "end": 3169.55, "word": " QY", "probability": 0.58740234375}, {"start": 3169.55, "end": 3170.17, "word": " equals", "probability": 0.64306640625}, {"start": 3170.17, "end": 3171.23, "word": " 2", "probability": 0.2568359375}, {"start": 3171.23, "end": 3172.21, "word": ".56", "probability": 0.74951171875}, {"start": 3172.21, "end": 3176.25, "word": " at", "probability": 0.56201171875}, {"start": 3176.25, "end": 3178.19, "word": " 1", "probability": 0.95068359375}, {"start": 3178.19, "end": 3178.99, "word": ".5.", "probability": 0.984375}, {"start": 3183.43, "end": 3184.31, "word": " QX", "probability": 0.866455078125}, {"start": 3184.31, "end": 3184.95, "word": " equals", "probability": 0.85693359375}, {"start": 3184.95, "end": 3185.17, "word": " how", "probability": 0.71142578125}, {"start": 3185.17, "end": 3185.63, "word": " much?", "probability": 0.90673828125}, {"start": 3185.77, "end": 3186.13, "word": " 10.", "probability": 0.88525390625}], "temperature": 1.0}, {"id": 113, "seek": 320339, "start": 3188.09, "end": 3203.39, "text": "EQY equals how much? Eight. Eight. The first order condition is met at four points.", "tokens": [36, 48, 56, 6915, 577, 709, 30, 17708, 13, 17708, 13, 440, 700, 1668, 4188, 307, 1131, 412, 1451, 2793, 13], "avg_logprob": -0.32510653138160706, "compression_ratio": 1.0375, "no_speech_prob": 0.0, "words": [{"start": 3188.09, "end": 3188.85, "word": "EQY", "probability": 0.596435546875}, {"start": 3188.85, "end": 3189.41, "word": " equals", "probability": 0.7685546875}, {"start": 3189.41, "end": 3189.61, "word": " how", "probability": 0.875}, {"start": 3189.61, "end": 3190.03, "word": " much?", "probability": 0.91552734375}, {"start": 3190.13, "end": 3191.03, "word": " Eight.", "probability": 0.49951171875}, {"start": 3194.87, "end": 3194.87, "word": " Eight.", "probability": 0.4345703125}, {"start": 3197.07, "end": 3198.17, "word": " The", "probability": 0.1331787109375}, {"start": 3198.17, "end": 3199.01, "word": " first", "probability": 0.8603515625}, {"start": 3199.01, "end": 3199.33, "word": " order", "probability": 0.85400390625}, {"start": 3199.33, "end": 3199.93, "word": " condition", "probability": 0.95361328125}, {"start": 3199.93, "end": 3200.47, "word": " is", "probability": 0.92529296875}, {"start": 3200.47, "end": 3200.99, "word": " met", "probability": 0.822265625}, {"start": 3200.99, "end": 3201.79, "word": " at", "probability": 0.94287109375}, {"start": 3201.79, "end": 3202.87, "word": " four", "probability": 0.8603515625}, {"start": 3202.87, "end": 3203.39, "word": " points.", "probability": 0.9208984375}], "temperature": 1.0}, {"id": 114, "seek": 323078, "start": 3204.36, "end": 3230.78, "text": " So, the consumer can buy under the limited income, $30. He can buy one of these combinations, but which is the optimal, which is the best combination that maximizes the total utility? Second order condition.", "tokens": [407, 11, 264, 9711, 393, 2256, 833, 264, 5567, 5742, 11, 1848, 3446, 13, 634, 393, 2256, 472, 295, 613, 21267, 11, 457, 597, 307, 264, 16252, 11, 597, 307, 264, 1151, 6562, 300, 5138, 5660, 264, 3217, 14877, 30, 5736, 1668, 4188, 13], "avg_logprob": -0.206770834657881, "compression_ratio": 1.4964028776978417, "no_speech_prob": 0.0, "words": [{"start": 3204.36, "end": 3204.76, "word": " So,", "probability": 0.89501953125}, {"start": 3205.44, "end": 3205.58, "word": " the", "probability": 0.908203125}, {"start": 3205.58, "end": 3206.08, "word": " consumer", "probability": 0.8427734375}, {"start": 3206.08, "end": 3206.56, "word": " can", "probability": 0.95068359375}, {"start": 3206.56, "end": 3206.98, "word": " buy", "probability": 0.92138671875}, {"start": 3206.98, "end": 3207.62, "word": " under", "probability": 0.78369140625}, {"start": 3207.62, "end": 3208.24, "word": " the", "probability": 0.89111328125}, {"start": 3208.24, "end": 3208.62, "word": " limited", "probability": 0.86328125}, {"start": 3208.62, "end": 3209.72, "word": " income,", "probability": 0.94482421875}, {"start": 3210.06, "end": 3210.92, "word": " $30.", "probability": 0.746337890625}, {"start": 3212.04, "end": 3212.7, "word": " He", "probability": 0.94384765625}, {"start": 3212.7, "end": 3213.16, "word": " can", "probability": 0.94580078125}, {"start": 3213.16, "end": 3213.7, "word": " buy", "probability": 0.91796875}, {"start": 3213.7, "end": 3214.8, "word": " one", "probability": 0.927734375}, {"start": 3214.8, "end": 3215.24, "word": " of", "probability": 0.97021484375}, {"start": 3215.24, "end": 3215.72, "word": " these", "probability": 0.86181640625}, {"start": 3215.72, "end": 3216.5, "word": " combinations,", "probability": 0.82421875}, {"start": 3217.14, "end": 3217.46, "word": " but", "probability": 0.77880859375}, {"start": 3217.46, "end": 3218.12, "word": " which", "probability": 0.92529296875}, {"start": 3218.12, "end": 3218.62, "word": " is", "probability": 0.95361328125}, {"start": 3218.62, "end": 3218.86, "word": " the", "probability": 0.8974609375}, {"start": 3218.86, "end": 3219.26, "word": " optimal,", "probability": 0.771484375}, {"start": 3219.66, "end": 3219.9, "word": " which", "probability": 0.947265625}, {"start": 3219.9, "end": 3220.3, "word": " is", "probability": 0.95458984375}, {"start": 3220.3, "end": 3220.46, "word": " the", "probability": 0.89111328125}, {"start": 3220.46, "end": 3220.68, "word": " best", "probability": 0.923828125}, {"start": 3220.68, "end": 3221.28, "word": " combination", "probability": 0.9677734375}, {"start": 3221.28, "end": 3221.84, "word": " that", "probability": 0.908203125}, {"start": 3221.84, "end": 3223.08, "word": " maximizes", "probability": 0.96728515625}, {"start": 3223.08, "end": 3223.32, "word": " the", "probability": 0.90234375}, {"start": 3223.32, "end": 3223.64, "word": " total", "probability": 0.8896484375}, {"start": 3223.64, "end": 3224.02, "word": " utility?", "probability": 0.94287109375}, {"start": 3225.7, "end": 3226.12, "word": " Second", "probability": 0.0877685546875}, {"start": 3226.12, "end": 3230.32, "word": " order", "probability": 0.70556640625}, {"start": 3230.32, "end": 3230.78, "word": " condition.", "probability": 0.9443359375}], "temperature": 1.0}, {"id": 115, "seek": 325939, "start": 3231.51, "end": 3259.39, "text": " under the limited income. The best maximizes the total utility. So we have to apply the second order condition to determine which is the optimal combination, the optimal group, the optimal", "tokens": [833, 264, 5567, 5742, 13, 440, 1151, 5138, 5660, 264, 3217, 14877, 13, 407, 321, 362, 281, 3079, 264, 1150, 1668, 4188, 281, 6997, 597, 307, 264, 16252, 6562, 11, 264, 16252, 1594, 11, 264, 16252], "avg_logprob": -0.19446791023821444, "compression_ratio": 1.5, "no_speech_prob": 0.0, "words": [{"start": 3231.51, "end": 3231.85, "word": " under", "probability": 0.2103271484375}, {"start": 3231.85, "end": 3233.01, "word": " the", "probability": 0.82177734375}, {"start": 3233.01, "end": 3233.35, "word": " limited", "probability": 0.921875}, {"start": 3233.35, "end": 3234.03, "word": " income.", "probability": 0.966796875}, {"start": 3238.11, "end": 3238.21, "word": " The", "probability": 0.25537109375}, {"start": 3238.21, "end": 3240.09, "word": " best", "probability": 0.6103515625}, {"start": 3240.09, "end": 3245.29, "word": " maximizes", "probability": 0.964599609375}, {"start": 3245.29, "end": 3245.55, "word": " the", "probability": 0.85302734375}, {"start": 3245.55, "end": 3245.85, "word": " total", "probability": 0.8662109375}, {"start": 3245.85, "end": 3246.21, "word": " utility.", "probability": 0.9345703125}, {"start": 3247.65, "end": 3247.93, "word": " So", "probability": 0.9306640625}, {"start": 3247.93, "end": 3248.35, "word": " we", "probability": 0.61279296875}, {"start": 3248.35, "end": 3248.69, "word": " have", "probability": 0.94384765625}, {"start": 3248.69, "end": 3248.87, "word": " to", "probability": 0.9716796875}, {"start": 3248.87, "end": 3249.51, "word": " apply", "probability": 0.95263671875}, {"start": 3249.51, "end": 3250.25, "word": " the", "probability": 0.90185546875}, {"start": 3250.25, "end": 3250.69, "word": " second", "probability": 0.8720703125}, {"start": 3250.69, "end": 3251.07, "word": " order", "probability": 0.81591796875}, {"start": 3251.07, "end": 3251.75, "word": " condition", "probability": 0.9609375}, {"start": 3251.75, "end": 3253.07, "word": " to", "probability": 0.93212890625}, {"start": 3253.07, "end": 3254.03, "word": " determine", "probability": 0.92724609375}, {"start": 3254.03, "end": 3254.73, "word": " which", "probability": 0.9443359375}, {"start": 3254.73, "end": 3255.21, "word": " is", "probability": 0.951171875}, {"start": 3255.21, "end": 3255.45, "word": " the", "probability": 0.9169921875}, {"start": 3255.45, "end": 3255.89, "word": " optimal", "probability": 0.8427734375}, {"start": 3255.89, "end": 3256.77, "word": " combination,", "probability": 0.9560546875}, {"start": 3257.23, "end": 3257.33, "word": " the", "probability": 0.91357421875}, {"start": 3257.33, "end": 3257.93, "word": " optimal", "probability": 0.7607421875}, {"start": 3257.93, "end": 3258.39, "word": " group,", "probability": 0.96142578125}, {"start": 3258.71, "end": 3258.83, "word": " the", "probability": 0.90966796875}, {"start": 3258.83, "end": 3259.39, "word": " optimal", "probability": 0.84814453125}], "temperature": 1.0}, {"id": 116, "seek": 328683, "start": 3260.69, "end": 3286.83, "text": " group yes that maximizes the total utility. So we have to apply the second order condition here. So the second, the second order condition, it try the first case I,", "tokens": [1594, 2086, 300, 5138, 5660, 264, 3217, 14877, 13, 407, 321, 362, 281, 3079, 264, 1150, 1668, 4188, 510, 13, 407, 264, 1150, 11, 264, 1150, 1668, 4188, 11, 309, 853, 264, 700, 1389, 286, 11], "avg_logprob": -0.3154560810810811, "compression_ratio": 1.5137614678899083, "no_speech_prob": 0.0, "words": [{"start": 3260.69, "end": 3261.03, "word": " group", "probability": 0.264892578125}, {"start": 3261.03, "end": 3261.31, "word": " yes", "probability": 0.2474365234375}, {"start": 3261.31, "end": 3261.69, "word": " that", "probability": 0.7265625}, {"start": 3261.69, "end": 3262.63, "word": " maximizes", "probability": 0.909912109375}, {"start": 3262.63, "end": 3262.89, "word": " the", "probability": 0.818359375}, {"start": 3262.89, "end": 3263.19, "word": " total", "probability": 0.84423828125}, {"start": 3263.19, "end": 3263.57, "word": " utility.", "probability": 0.95166015625}, {"start": 3263.97, "end": 3264.11, "word": " So", "probability": 0.94921875}, {"start": 3264.11, "end": 3264.35, "word": " we", "probability": 0.90966796875}, {"start": 3264.35, "end": 3264.55, "word": " have", "probability": 0.94580078125}, {"start": 3264.55, "end": 3264.71, "word": " to", "probability": 0.9775390625}, {"start": 3264.71, "end": 3265.31, "word": " apply", "probability": 0.94384765625}, {"start": 3265.31, "end": 3265.81, "word": " the", "probability": 0.783203125}, {"start": 3265.81, "end": 3266.17, "word": " second", "probability": 0.8876953125}, {"start": 3266.17, "end": 3266.51, "word": " order", "probability": 0.82958984375}, {"start": 3266.51, "end": 3267.05, "word": " condition", "probability": 0.919921875}, {"start": 3267.05, "end": 3267.43, "word": " here.", "probability": 0.84814453125}, {"start": 3268.31, "end": 3268.53, "word": " So", "probability": 0.92529296875}, {"start": 3268.53, "end": 3269.01, "word": " the", "probability": 0.86572265625}, {"start": 3269.01, "end": 3269.47, "word": " second,", "probability": 0.896484375}, {"start": 3271.73, "end": 3274.25, "word": " the", "probability": 0.80810546875}, {"start": 3274.25, "end": 3274.73, "word": " second", "probability": 0.8857421875}, {"start": 3274.73, "end": 3277.15, "word": " order", "probability": 0.76611328125}, {"start": 3277.15, "end": 3277.79, "word": " condition,", "probability": 0.94873046875}, {"start": 3283.13, "end": 3283.27, "word": " it", "probability": 0.37841796875}, {"start": 3283.27, "end": 3283.69, "word": " try", "probability": 0.457763671875}, {"start": 3283.69, "end": 3284.43, "word": " the", "probability": 0.83984375}, {"start": 3284.43, "end": 3284.73, "word": " first", "probability": 0.8916015625}, {"start": 3284.73, "end": 3285.15, "word": " case", "probability": 0.8876953125}, {"start": 3285.15, "end": 3286.83, "word": " I,", "probability": 0.433837890625}], "temperature": 1.0}, {"id": 117, "seek": 331389, "start": 3287.91, "end": 3313.89, "text": "must equal price of X times QX plus price of Y times QY. Income, how much is income? If we say at four, the income is thirty, equals price of X, given, two. The quantity at four, how much is the quantity of X? 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Otherwise not. So at the 30,", "tokens": [18954, 3218, 295, 7209, 307, 2212, 281, 1413, 257, 11275, 398, 337, 796, 13, 10328, 406, 13, 407, 412, 264, 2217, 11], "avg_logprob": -0.59205162525177, "compression_ratio": 1.0481927710843373, "no_speech_prob": 0.0, "words": [{"start": 3315.65, "end": 3316.21, "word": "plus", "probability": 0.197021484375}, {"start": 3316.21, "end": 3316.77, "word": " price", "probability": 0.69677734375}, {"start": 3316.77, "end": 3316.99, "word": " of", "probability": 0.9189453125}, {"start": 3316.99, "end": 3317.23, "word": " wine", "probability": 0.35986328125}, {"start": 3317.23, "end": 3317.43, "word": " is", "probability": 0.58154296875}, {"start": 3317.43, "end": 3317.75, "word": " given", "probability": 0.8701171875}, {"start": 3317.75, "end": 3318.33, "word": " to", "probability": 0.397705078125}, {"start": 3318.33, "end": 3320.41, "word": " times", "probability": 0.45458984375}, {"start": 3320.41, "end": 3320.89, "word": " a", "probability": 0.56884765625}, {"start": 3320.89, "end": 3321.41, "word": " quantity", "probability": 0.98681640625}, {"start": 3321.41, "end": 3321.85, "word": " Y", "probability": 0.44970703125}, {"start": 3321.85, "end": 3322.37, "word": " for", "probability": 0.56689453125}, {"start": 3322.37, "end": 3322.95, "word": " him.", "probability": 0.7314453125}, {"start": 3329.59, "end": 3329.75, "word": " Otherwise", "probability": 0.61083984375}, {"start": 3329.75, "end": 3334.33, "word": " not.", "probability": 0.6416015625}, {"start": 3335.19, "end": 3335.65, "word": " So", "probability": 0.89306640625}, {"start": 3335.65, "end": 3336.29, "word": " at", "probability": 0.4248046875}, {"start": 3336.29, "end": 3336.37, "word": " the", "probability": 0.405029296875}, {"start": 3336.37, "end": 3336.79, "word": " 30,", "probability": 0.6220703125}], "temperature": 1.0}, {"id": 119, "seek": 336577, "start": 3338.35, "end": 3365.77, "text": " Must equal. How much? 2x6 is 12. Plus 8. 12 and 28 don't match. So here it's like this. 30 doesn't equal 20. So this doesn't match. So this is what we reflected on. It must, it should be equal.", "tokens": [13252, 2681, 13, 1012, 709, 30, 568, 87, 21, 307, 2272, 13, 7721, 1649, 13, 2272, 293, 7562, 500, 380, 2995, 13, 407, 510, 309, 311, 411, 341, 13, 2217, 1177, 380, 2681, 945, 13, 407, 341, 1177, 380, 2995, 13, 407, 341, 307, 437, 321, 1895, 1809, 292, 322, 13, 467, 1633, 11, 309, 820, 312, 2681, 13], "avg_logprob": -0.5205729067325592, "compression_ratio": 1.3379310344827586, "no_speech_prob": 0.0, "words": [{"start": 3338.3500000000004, "end": 3339.03, "word": " Must", "probability": 0.287841796875}, {"start": 3339.03, "end": 3339.71, "word": " equal.", "probability": 0.89404296875}, {"start": 3340.35, "end": 3340.67, "word": " How", "probability": 0.1900634765625}, {"start": 3340.67, "end": 3340.75, "word": " much?", "probability": 0.5078125}, {"start": 3340.83, "end": 3341.39, "word": " 2x6", "probability": 0.625732421875}, {"start": 3341.39, "end": 3341.53, "word": " is", "probability": 0.0927734375}, {"start": 3341.53, "end": 3341.79, "word": " 12.", "probability": 0.79345703125}, {"start": 3342.69, "end": 3343.37, "word": " Plus", "probability": 0.81103515625}, {"start": 3343.37, "end": 3344.21, "word": " 8.", "probability": 0.845703125}, {"start": 3345.21, "end": 3345.59, "word": " 12", "probability": 0.56494140625}, {"start": 3345.59, "end": 3345.89, "word": " and", "probability": 0.587890625}, {"start": 3345.89, "end": 3346.45, "word": " 28", "probability": 0.94921875}, {"start": 3346.45, "end": 3346.85, "word": " don't", "probability": 0.6429443359375}, {"start": 3346.85, "end": 3347.15, "word": " match.", "probability": 0.65869140625}, {"start": 3348.87, "end": 3349.13, "word": " So", "probability": 0.6552734375}, {"start": 3349.13, "end": 3349.39, "word": " here", "probability": 0.317626953125}, {"start": 3349.39, "end": 3349.77, "word": " it's", "probability": 0.3746337890625}, {"start": 3349.77, "end": 3349.77, "word": " like", "probability": 0.80224609375}, {"start": 3349.77, "end": 3350.07, "word": " this.", "probability": 0.66259765625}, {"start": 3350.13, "end": 3350.69, "word": " 30", "probability": 0.828125}, {"start": 3350.69, "end": 3351.81, "word": " doesn't", "probability": 0.95849609375}, {"start": 3351.81, "end": 3352.43, "word": " equal", "probability": 0.921875}, {"start": 3352.43, "end": 3353.23, "word": " 20.", "probability": 0.87353515625}, {"start": 3353.55, "end": 3353.73, "word": " So", "probability": 0.77978515625}, {"start": 3353.73, "end": 3354.07, "word": " this", "probability": 0.77001953125}, {"start": 3354.07, "end": 3354.19, "word": " doesn't", "probability": 0.88427734375}, {"start": 3354.19, "end": 3354.45, "word": " match.", "probability": 0.771484375}, {"start": 3355.29, "end": 3355.51, "word": " So", "probability": 0.5341796875}, {"start": 3355.51, "end": 3355.85, "word": " this", "probability": 0.62109375}, {"start": 3355.85, "end": 3356.13, "word": " is", "probability": 0.3603515625}, {"start": 3356.13, "end": 3356.31, "word": " what", "probability": 0.43115234375}, {"start": 3356.31, "end": 3356.31, "word": " we", "probability": 0.80908203125}, {"start": 3356.31, "end": 3356.63, "word": " reflected", "probability": 0.5067545572916666}, {"start": 3356.63, "end": 3356.81, "word": " on.", "probability": 0.59814453125}, {"start": 3360.45, "end": 3361.13, "word": " It", "probability": 0.05267333984375}, {"start": 3361.13, "end": 3364.73, "word": " must,", "probability": 0.6748046875}, {"start": 3364.79, "end": 3364.91, "word": " it", "probability": 0.56396484375}, {"start": 3364.91, "end": 3365.03, "word": " should", "probability": 0.96923828125}, {"start": 3365.03, "end": 3365.27, "word": " be", "probability": 0.92431640625}, {"start": 3365.27, "end": 3365.77, "word": " equal.", "probability": 0.9140625}], "temperature": 1.0}, {"id": 120, "seek": 338400, "start": 3370.62, "end": 3384.0, "text": " The second, does not achieve or perform the consumer equilibrium. Number two.", "tokens": [440, 1150, 11, 775, 406, 4584, 420, 2042, 264, 9711, 15625, 13, 5118, 732, 13], "avg_logprob": -0.4313964955508709, "compression_ratio": 1.0263157894736843, "no_speech_prob": 1.1920928955078125e-07, "words": [{"start": 3370.6199999999994, "end": 3371.8999999999996, "word": " The", "probability": 0.3427734375}, {"start": 3371.8999999999996, "end": 3373.18, "word": " second,", "probability": 0.92041015625}, {"start": 3374.16, "end": 3374.4, "word": " does", "probability": 0.06768798828125}, {"start": 3374.4, "end": 3378.48, "word": " not", "probability": 0.95458984375}, {"start": 3378.48, "end": 3380.18, "word": " achieve", "probability": 0.77490234375}, {"start": 3380.18, "end": 3380.5, "word": " or", "probability": 0.83154296875}, {"start": 3380.5, "end": 3381.08, "word": " perform", "probability": 0.71435546875}, {"start": 3381.08, "end": 3381.72, "word": " the", "probability": 0.78076171875}, {"start": 3381.72, "end": 3382.42, "word": " consumer", "probability": 0.7548828125}, {"start": 3382.42, "end": 3383.12, "word": " equilibrium.", "probability": 0.96435546875}, {"start": 3383.46, "end": 3383.6, "word": " Number", "probability": 0.74658203125}, {"start": 3383.6, "end": 3384.0, "word": " two.", "probability": 0.8505859375}], "temperature": 1.0}, {"id": 121, "seek": 341816, "start": 3390.84, "end": 3418.16, "text": "income 30 must equal price of eggs 2 times the quantity of eggs 8 plus 2 times 5. 30 must equal 16 plus 10. 30 doesn't equal 26.", "tokens": [30673, 2217, 1633, 2681, 3218, 295, 6466, 568, 1413, 264, 11275, 295, 6466, 1649, 1804, 568, 1413, 1025, 13, 2217, 1633, 2681, 3165, 1804, 1266, 13, 2217, 1177, 380, 2681, 7551, 13], "avg_logprob": -0.5340909090909091, "compression_ratio": 1.4065934065934067, "no_speech_prob": 0.0, "words": [{"start": 3390.84, "end": 3391.42, "word": "income", "probability": 0.227783203125}, {"start": 3391.42, "end": 3392.2, "word": " 30", "probability": 0.564453125}, {"start": 3392.2, "end": 3392.94, "word": " must", "probability": 0.61962890625}, {"start": 3392.94, "end": 3393.46, "word": " equal", "probability": 0.84765625}, {"start": 3393.46, "end": 3395.46, "word": " price", "probability": 0.1783447265625}, {"start": 3395.46, "end": 3396.32, "word": " of", "probability": 0.91015625}, {"start": 3396.32, "end": 3396.6, "word": " eggs", "probability": 0.86376953125}, {"start": 3396.6, "end": 3397.04, "word": " 2", "probability": 0.55859375}, {"start": 3397.04, "end": 3398.14, "word": " times", "probability": 0.1461181640625}, {"start": 3398.14, "end": 3398.56, "word": " the", "probability": 0.308837890625}, {"start": 3398.56, "end": 3398.94, "word": " quantity", "probability": 0.475830078125}, {"start": 3398.94, "end": 3399.46, "word": " of", "probability": 0.9208984375}, {"start": 3399.46, "end": 3399.46, "word": " eggs", "probability": 0.87109375}, {"start": 3399.46, "end": 3401.22, "word": " 8", "probability": 0.489501953125}, {"start": 3401.22, "end": 3402.3, "word": " plus", "probability": 0.60302734375}, {"start": 3402.3, "end": 3404.46, "word": " 2", "probability": 0.845703125}, {"start": 3404.46, "end": 3404.68, "word": " times", "probability": 0.44921875}, {"start": 3404.68, "end": 3405.04, "word": " 5.", "probability": 0.94677734375}, {"start": 3408.46, "end": 3408.82, "word": " 30", "probability": 0.283935546875}, {"start": 3408.82, "end": 3410.28, "word": " must", "probability": 0.73291015625}, {"start": 3410.28, "end": 3412.66, "word": " equal", "probability": 0.84619140625}, {"start": 3412.66, "end": 3413.54, "word": " 16", "probability": 0.89111328125}, {"start": 3413.54, "end": 3414.0, "word": " plus", "probability": 0.49560546875}, {"start": 3414.0, "end": 3414.46, "word": " 10.", "probability": 0.9580078125}, {"start": 3414.96, "end": 3415.42, "word": " 30", "probability": 0.7802734375}, {"start": 3415.42, "end": 3416.4, "word": " doesn't", "probability": 0.758544921875}, {"start": 3416.4, "end": 3416.94, "word": " equal", "probability": 0.9033203125}, {"start": 3416.94, "end": 3418.16, "word": " 26.", "probability": 0.86376953125}], "temperature": 1.0}, {"id": 122, "seek": 344721, "start": 3420.63, "end": 3447.21, "text": "Let's go to the third case. Let's try the third case. Let's say we have the income which is 30. The third which is this. Let's write it like this. 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Thirty equals thirty. Then, I advise. Try the last case. It doesn't work. So, the first order condition might be met in all cases. But, we have one comparison to do utility maximization, which is this one. 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It doesn't change anything.", "tokens": [18435, 13783, 9953, 2356, 301, 13, 467, 1177, 380, 1319, 1340, 13], "avg_logprob": -0.5646033470447247, "compression_ratio": 0.8461538461538461, "no_speech_prob": 0.0, "words": [{"start": 3506.22, "end": 3506.82, "word": " Citrus", "probability": 0.70849609375}, {"start": 3506.82, "end": 3507.48, "word": " Pyramus.", "probability": 0.5722249348958334}, {"start": 3507.78, "end": 3507.78, "word": " It", "probability": 0.18017578125}, {"start": 3507.78, "end": 3509.1, "word": " doesn't", "probability": 0.760498046875}, {"start": 3509.1, "end": 3509.36, "word": " change", "probability": 0.8515625}, {"start": 3509.36, "end": 3509.74, "word": " anything.", "probability": 0.78271484375}], "temperature": 1.0}, {"id": 126, "seek": 353933, "start": 3511.27, "end": 3539.33, "text": " The income here has nothing to do with the rest of the world. If the income is not 30, but 20, how is it going to work with 4? That's it. The first case. Try it, you will find 20. In the next question, he says, suppose that the income declined from 30 to 20. 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What is the best combination?", "tokens": [6455, 437, 307, 264, 16252, 6562, 294, 341, 1389, 30, 708, 307, 264, 1151, 6562, 30], "avg_logprob": -0.34650735294117646, "compression_ratio": 1.2, "no_speech_prob": 0.0, "words": [{"start": 3615.9700000000003, "end": 3616.67, "word": "So", "probability": 0.341796875}, {"start": 3616.67, "end": 3617.37, "word": " what", "probability": 0.666015625}, {"start": 3617.37, "end": 3617.75, "word": " is", "probability": 0.9228515625}, {"start": 3617.75, "end": 3617.95, "word": " the", "probability": 0.84765625}, {"start": 3617.95, "end": 3618.29, "word": " optimal", "probability": 0.7978515625}, {"start": 3618.29, "end": 3618.91, "word": " combination", "probability": 0.91015625}, {"start": 3618.91, "end": 3619.13, "word": " in", "probability": 0.77587890625}, {"start": 3619.13, "end": 3619.31, "word": " this", "probability": 0.9462890625}, {"start": 3619.31, "end": 3619.69, "word": " case?", "probability": 0.9345703125}, {"start": 3620.33, "end": 3620.49, "word": " What", "probability": 0.75244140625}, {"start": 3620.49, "end": 3620.77, "word": " is", "probability": 0.93505859375}, {"start": 3620.77, "end": 3620.91, "word": " the", "probability": 0.91943359375}, {"start": 3620.91, "end": 3621.13, "word": " best", "probability": 0.9375}, {"start": 3621.13, "end": 3621.73, "word": " combination?", "probability": 0.95458984375}], "temperature": 1.0}, {"id": 131, "seek": 364588, "start": 3635.7, "end": 3645.88, "text": "You have to work as if you are in a new case. So my assumption is that the price of X becomes 1, the price of Y equals 2, and the income equals 30.", "tokens": [3223, 362, 281, 589, 382, 498, 291, 366, 294, 257, 777, 1389, 13, 407, 452, 15302, 307, 300, 264, 3218, 295, 1783, 3643, 502, 11, 264, 3218, 295, 398, 6915, 568, 11, 293, 264, 5742, 6915, 2217, 13], "avg_logprob": -0.4338942307692308, "compression_ratio": 1.2894736842105263, "no_speech_prob": 0.0, "words": [{"start": 3635.7, "end": 3635.84, "word": "You", "probability": 0.32763671875}, {"start": 3635.84, "end": 3635.98, "word": " have", "probability": 0.290771484375}, {"start": 3635.98, "end": 3636.12, "word": " to", "probability": 0.96044921875}, {"start": 3636.12, "end": 3636.44, "word": " work", "probability": 0.7451171875}, {"start": 3636.44, "end": 3636.84, "word": " as", "probability": 0.1658935546875}, {"start": 3636.84, "end": 3637.12, "word": " if", "probability": 0.9267578125}, {"start": 3637.12, "end": 3637.24, "word": " you", "probability": 0.418701171875}, {"start": 3637.24, "end": 3637.24, "word": " are", "probability": 0.56640625}, {"start": 3637.24, "end": 3637.24, "word": " in", "probability": 0.50537109375}, {"start": 3637.24, "end": 3637.38, "word": " a", "probability": 0.8984375}, {"start": 3637.38, "end": 3637.88, "word": " new", "probability": 0.8505859375}, {"start": 3637.88, "end": 3637.88, "word": " case.", "probability": 0.43310546875}, {"start": 3638.94, "end": 3639.1, "word": " So", "probability": 0.381103515625}, {"start": 3639.1, "end": 3639.28, "word": " my", "probability": 0.257080078125}, {"start": 3639.28, "end": 3640.38, "word": " assumption", "probability": 0.95556640625}, {"start": 3640.38, "end": 3640.62, "word": " is", "probability": 0.84375}, {"start": 3640.62, "end": 3640.66, "word": " that", "probability": 0.755859375}, {"start": 3640.66, "end": 3640.74, "word": " the", "probability": 0.39306640625}, {"start": 3640.74, "end": 3640.98, "word": " price", "probability": 0.92333984375}, {"start": 3640.98, "end": 3641.12, "word": " of", "probability": 0.9501953125}, {"start": 3641.12, "end": 3641.34, "word": " X", "probability": 0.70947265625}, {"start": 3641.34, "end": 3641.82, "word": " becomes", "probability": 0.431640625}, {"start": 3641.82, "end": 3642.14, "word": " 1,", "probability": 0.6533203125}, {"start": 3642.48, "end": 3642.6, "word": " the", "probability": 0.478759765625}, {"start": 3642.6, "end": 3642.86, "word": " price", "probability": 0.91357421875}, {"start": 3642.86, "end": 3643.02, "word": " of", "probability": 0.96826171875}, {"start": 3643.02, "end": 3643.3, "word": " Y", "probability": 0.99169921875}, {"start": 3643.3, "end": 3643.84, "word": " equals", "probability": 0.485595703125}, {"start": 3643.84, "end": 3644.18, "word": " 2,", "probability": 0.97021484375}, {"start": 3644.5, "end": 3644.54, "word": " and", "probability": 0.919921875}, {"start": 3644.54, "end": 3644.64, "word": " the", "probability": 0.6640625}, {"start": 3644.64, "end": 3644.98, "word": " income", "probability": 0.931640625}, {"start": 3644.98, "end": 3645.5, "word": " equals", "probability": 0.8740234375}, {"start": 3645.5, "end": 3645.88, "word": " 30.", "probability": 0.955078125}], "temperature": 1.0}, {"id": 132, "seek": 366858, "start": 3648.54, "end": 3668.58, "text": " You will work in a place where you work in a new question. It will come like this. Price of x over mu x over p x. I worked on mu x and mu y. It becomes like this. Mu x is 16 divided by 1. 14, 11, 10, 9, 8, 7, 6, 5, 3. Right?", "tokens": [509, 486, 589, 294, 257, 1081, 689, 291, 589, 294, 257, 777, 1168, 13, 467, 486, 808, 411, 341, 13, 25803, 295, 2031, 670, 2992, 2031, 670, 280, 2031, 13, 286, 2732, 322, 2992, 2031, 293, 2992, 288, 13, 467, 3643, 411, 341, 13, 15601, 2031, 307, 3165, 6666, 538, 502, 13, 3499, 11, 2975, 11, 1266, 11, 1722, 11, 1649, 11, 1614, 11, 1386, 11, 1025, 11, 805, 13, 1779, 30], "avg_logprob": -0.44648971296336554, "compression_ratio": 1.40625, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 3648.54, "end": 3648.82, "word": " You", "probability": 0.3740234375}, {"start": 3648.82, "end": 3648.82, "word": " will", "probability": 0.5849609375}, {"start": 3648.82, "end": 3649.08, "word": " work", "probability": 0.7294921875}, {"start": 3649.08, "end": 3649.22, "word": " in", "probability": 0.2841796875}, {"start": 3649.22, "end": 3649.26, "word": " a", "probability": 0.62109375}, {"start": 3649.26, "end": 3649.34, "word": " place", "probability": 0.381591796875}, 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These are the same as mine. Mux My over Py. Remains constant because the price of Y remains constant. Right? Who works with me? Catch 16, there is no 16. Fourteen, right? Where does it work? Where does it work? At six, this one works. This is six and six, right? Then three.", "tokens": [2305, 366, 264, 21267, 300, 486, 589, 365, 385, 30, 1981, 366, 264, 912, 382, 3892, 13, 376, 2449, 1222, 670, 9953, 13, 4080, 2315, 5754, 570, 264, 3218, 295, 398, 7023, 5754, 13, 1779, 30, 2102, 1985, 365, 385, 30, 23869, 3165, 11, 456, 307, 572, 3165, 13, 7451, 9791, 11, 558, 30, 2305, 775, 309, 589, 30, 2305, 775, 309, 589, 30, 1711, 2309, 11, 341, 472, 1985, 13, 639, 307, 2309, 293, 2309, 11, 558, 30, 1396, 1045, 13], "avg_logprob": -0.46875000933566724, "compression_ratio": 1.63, "no_speech_prob": 0.0, "words": [{"start": 3669.43, "end": 3669.77, "word": " Where", "probability": 0.399169921875}, {"start": 3669.77, "end": 3669.89, "word": " are", "probability": 0.78564453125}, {"start": 3669.89, "end": 3669.97, "word": " the", "probability": 0.85888671875}, {"start": 3669.97, "end": 3670.45, "word": " combinations", "probability": 0.7041015625}, {"start": 3670.45, "end": 3670.67, "word": " that", "probability": 0.78466796875}, {"start": 3670.67, "end": 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" Where", "probability": 0.6044921875}, {"start": 3687.19, "end": 3687.25, "word": " does", "probability": 0.64892578125}, {"start": 3687.25, "end": 3687.55, "word": " it", "probability": 0.80712890625}, {"start": 3687.55, "end": 3687.55, "word": " work?", "probability": 0.830078125}, {"start": 3687.65, "end": 3687.71, "word": " Where", "probability": 0.65234375}, {"start": 3687.71, "end": 3687.79, "word": " does", "probability": 0.943359375}, {"start": 3687.79, "end": 3687.99, "word": " it", "probability": 0.9541015625}, {"start": 3687.99, "end": 3688.13, "word": " work?", "probability": 0.92333984375}, {"start": 3689.03, "end": 3689.45, "word": " At", "probability": 0.25634765625}, {"start": 3689.45, "end": 3689.85, "word": " six,", "probability": 0.5341796875}, {"start": 3689.93, "end": 3690.07, "word": " this", "probability": 0.315673828125}, {"start": 3690.07, "end": 3690.17, "word": " one", "probability": 0.29638671875}, {"start": 3690.17, "end": 3690.33, "word": " works.", "probability": 0.38916015625}, {"start": 3691.01, "end": 3691.43, "word": " This", "probability": 0.78076171875}, {"start": 3691.43, "end": 3691.49, "word": " is", "probability": 0.56982421875}, {"start": 3691.49, "end": 3691.69, "word": " six", "probability": 0.87744140625}, {"start": 3691.69, "end": 3691.83, "word": " and", "probability": 0.87060546875}, {"start": 3691.83, "end": 3692.07, "word": " six,", "probability": 0.92822265625}, {"start": 3692.17, "end": 3692.35, "word": " right?", "probability": 0.88916015625}, {"start": 3693.35, "end": 3693.77, "word": " Then", "probability": 0.76171875}, {"start": 3693.77, "end": 3694.43, "word": " three.", "probability": 0.67138671875}], "temperature": 1.0}, {"id": 134, "seek": 372264, "start": 3695.64, "end": 3722.64, "text": " Three and three. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it. That's it.", "tokens": [6244, 293, 1045, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 311, 309, 13, 663, 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0000000000000000000000000000000000000000..17814786cd27c1b16329758b95bbdd66b6c1dc6f --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/Ch5iN4YRhv0_raw.srt @@ -0,0 +1,2260 @@ +1 +00:00:20,050 --> 00:00:21,930 +Okay, bismillahirrahmanirrahim. Today, inshallah, + +2 +00:00:22,050 --> 00:00:24,090 +we are going to complete our talk about the + +3 +00:00:24,090 --> 00:00:28,810 +consumer behavior, focusing on the marginal + +4 +00:00:28,810 --> 00:00:34,910 +utility theories. In the last class, We said that + +5 +00:00:34,910 --> 00:00:40,590 +any rational consumer will try to maximize his + +6 +00:00:40,590 --> 00:00:44,430 +benefits or utilities when he consumes or she + +7 +00:00:44,430 --> 00:00:48,370 +consumes different bundles of goods out of the + +8 +00:00:48,370 --> 00:00:53,750 +limited income. And we said that we have four + +9 +00:00:53,750 --> 00:00:59,110 +assumptions. We have one consumer in the market, + +10 +00:01:01,020 --> 00:01:05,880 +which means that we will ignore the ethics or the + +11 +00:01:05,880 --> 00:01:09,120 +consumer's ethics on the change in the market + +12 +00:01:09,120 --> 00:01:12,820 +price and the market equilibrium quantities. + +13 +00:01:13,400 --> 00:01:17,540 +Number two, we have a rational consumer, which + +14 +00:01:17,540 --> 00:01:22,320 +means that the consumer behaves rationally. Number + +15 +00:01:22,320 --> 00:01:26,960 +three, the taste and the preferences for the + +16 +00:01:26,960 --> 00:01:33,920 +consumer. are fixed while studying his or her + +17 +00:01:33,920 --> 00:01:42,020 +behavior. And the last is the consumer has or + +18 +00:01:42,020 --> 00:01:49,260 +received a limited income and allocates or + +19 +00:01:49,260 --> 00:01:53,440 +distributes this income to buy different goods and + +20 +00:01:53,440 --> 00:02:00,440 +services. These are the four assumptions when we + +21 +00:02:00,440 --> 00:02:08,160 +analyze the consumer behavior. So let me have + +22 +00:02:09,600 --> 00:02:12,780 +The following example to understand the idea of + +23 +00:02:12,780 --> 00:02:17,880 +the utility maximization, we said that we have two + +24 +00:02:17,880 --> 00:02:23,360 +theories or two approaches or two schools to + +25 +00:02:23,360 --> 00:02:26,400 +analyze the consumer behavior, the marginal + +26 +00:02:26,400 --> 00:02:29,200 +theory, the marginal utility theory, and the + +27 +00:02:29,200 --> 00:02:33,210 +indifference curve theory. So let's go to the + +28 +00:02:33,210 --> 00:02:34,410 +marginal utility theory. + +29 +00:02:37,410 --> 00:02:46,510 +I will come + +30 +00:02:46,510 --> 00:02:50,210 +back to the last example, numerical example. Okay. + +31 +00:02:51,150 --> 00:02:54,250 +So let's go to the marginal utility theory. + +32 +00:03:01,340 --> 00:03:04,100 +So the Marginal Utility Theory here. + +33 +00:03:14,340 --> 00:03:16,460 +The Marginal Utility Theory means, + +34 +00:03:20,540 --> 00:03:22,880 +to understand the idea of the marginal utility + +35 +00:03:22,880 --> 00:03:27,480 +theory and how can we use or apply this theory to + +36 +00:03:27,480 --> 00:03:30,660 +understand the consumer behavior. Let's have the + +37 +00:03:30,660 --> 00:03:33,960 +following example. Let us assume that we have the + +38 +00:03:33,960 --> 00:03:42,580 +following data about a rational consumer or who + +39 +00:03:42,580 --> 00:03:45,960 +buys + +40 +00:03:45,960 --> 00:03:51,060 +or consumes different goods. quantity consumed or + +41 +00:03:51,060 --> 00:03:54,500 +the quantity purchased or quantity bought here or + +42 +00:03:54,500 --> 00:03:58,140 +quantity demanded. And here the total utility + +43 +00:03:58,140 --> 00:04:03,360 +obtained when he gains or when he consumed or + +44 +00:04:03,360 --> 00:04:06,200 +consumed different goods or different quantities + +45 +00:04:06,200 --> 00:04:12,340 +of this product quantity from zero to nine, zero, + +46 +00:04:12,520 --> 00:04:21,580 +one, two, three, four, Five, six, seven, eight, + +47 +00:04:21,920 --> 00:04:28,320 +nine, zero. One, two, three, four, five, six, + +48 +00:04:28,540 --> 00:04:33,080 +seven, eight, nine. And let us have the following + +49 +00:04:33,080 --> 00:04:35,380 +data. + +50 +00:04:42,180 --> 00:04:45,120 +Zero. Five. + +51 +00:04:53,160 --> 00:05:07,460 +18, 24, 28, 30, 30, 27, 22. + +52 +00:05:13,180 --> 00:05:19,160 +In this example, we are talking about a consumer. + +53 +00:05:20,520 --> 00:05:24,860 +who consumes different quantities of eggs, product + +54 +00:05:24,860 --> 00:05:32,360 +eggs. What will happen if you eat an apple? + +55 +00:05:35,240 --> 00:05:40,860 +You will get benefits or utilities. Adding or + +56 +00:05:40,860 --> 00:05:44,700 +eating one more unit of apple, what will happen? + +57 +00:05:45,000 --> 00:05:48,160 +The total utility or the total benefits will + +58 +00:05:48,160 --> 00:05:54,400 +maximize or increase.Okay? Let us assume that you + +59 +00:05:54,400 --> 00:06:04,000 +are a patient and you had one tablet of a drug. + +60 +00:06:09,880 --> 00:06:17,620 +Few benefits, few utilities. Adding one + +61 +00:06:17,620 --> 00:06:22,780 +more tablet means that you will get more benefits, + +62 +00:06:23,080 --> 00:06:23,780 +more utilities. + +63 +00:06:49,920 --> 00:06:53,740 +So in this example, here we are talking about a + +64 +00:06:53,740 --> 00:06:54,200 +consumer. + +65 +00:06:56,920 --> 00:07:03,980 +When he buys or she buys or consumes zero units. + +66 +00:07:05,500 --> 00:07:11,200 +The total utility obtained here equals zero. There + +67 +00:07:11,200 --> 00:07:17,460 +are no benefits. There are no utilities. When he + +68 +00:07:17,460 --> 00:07:24,460 +consumes one unit, the total benefits or the total + +69 +00:07:24,460 --> 00:07:29,840 +utility obtained or gained here equals five utils + +70 +00:07:29,840 --> 00:07:31,760 +with assumptions + +71 +00:07:34,260 --> 00:07:39,100 +Economists assume that we can measure the utility. + +72 +00:07:40,560 --> 00:07:43,800 +وإن كان في صعوبة في موضوع الـmeasurement، القياس. + +73 +00:07:44,140 --> 00:07:48,400 +يعني إنت واحد أخد حابة حبوب، ماعرفش قدري استفيدت + +74 +00:07:48,400 --> 00:07:52,780 +منها، بس في استفادة. هلأ to manage ال case هذا و + +75 +00:07:52,780 --> 00:08:00,320 +ال theory، جالك لأ أعمل، إنه في مجال إن أعمل يعني + +76 +00:08:00,320 --> 00:08:14,690 +measurement indicator، سموه الـutile. which means + +77 +00:08:14,690 --> 00:08:19,190 +that the consumer consumed + +78 +00:08:19,190 --> 00:08:25,130 +two units. The total utility obtained here from + +79 +00:08:25,130 --> 00:08:30,150 +one plus two equals 11 utils. + +80 +00:08:32,360 --> 00:08:36,640 +Adding one more unit, the total utility obtained + +81 +00:08:36,640 --> 00:08:44,560 +or gained from consuming three units equals 18, 4, + +82 +00:08:45,020 --> 00:08:49,920 +24, 5, 20. The total utility, the total benefits + +83 +00:08:49,920 --> 00:08:55,820 +obtained here as you see at + +84 +00:08:55,820 --> 00:09:02,850 +unit seven. there are no benefits added to this + +85 +00:09:02,850 --> 00:09:08,490 +point here. Which means that this quantity number + +86 +00:09:08,490 --> 00:09:13,310 +seven will add zero utils, no benefits. + +87 +00:09:16,350 --> 00:09:22,290 +Having another one or consuming additional unit + +88 +00:09:24,280 --> 00:09:29,540 +Negative effects or negative impacts on the total + +89 +00:09:29,540 --> 00:09:34,820 +utility here. Okay? Now, we are going to calculate + +90 +00:09:34,820 --> 00:09:39,920 +something which is the marginal utility. The + +91 +00:09:39,920 --> 00:09:45,800 +marginal utility. Marginal utility. + +92 +00:09:49,360 --> 00:09:59,960 +equals the change in total utility, change in + +93 +00:09:59,960 --> 00:10:06,780 +total utility over the change in the quantity + +94 +00:10:06,780 --> 00:10:11,480 +consumed here. Which means what will happen to the + +95 +00:10:11,480 --> 00:10:15,640 +total utility? with the quantity consumed + +96 +00:10:15,640 --> 00:10:18,880 +increased. What will happen? Total utility might + +97 +00:10:18,880 --> 00:10:23,440 +increase, decrease, or remains constant. This + +98 +00:10:23,440 --> 00:10:29,520 +depends on the added or the case itself here. So + +99 +00:10:29,520 --> 00:10:33,700 +the marginal utility, MU, equals the change in + +100 +00:10:33,700 --> 00:10:37,620 +total utility over the change in quantity. Let us + +101 +00:10:37,620 --> 00:10:40,900 +assume that we are talking about product x, + +102 +00:10:41,220 --> 00:10:45,600 +quantity x, and the total utility of x. + +103 +00:10:48,940 --> 00:10:54,310 +So marginal utility of x. equals the change in + +104 +00:10:54,310 --> 00:10:57,990 +total utility of X over change in quantity + +105 +00:10:57,990 --> 00:11:02,290 +consumed of X. So the marginal utility of X equals + +106 +00:11:02,290 --> 00:11:06,050 +total utility of X number two minus total utility + +107 +00:11:06,050 --> 00:11:14,170 +two one, the change over a quantity two minus a + +108 +00:11:14,170 --> 00:11:14,970 +quantity one. + +109 +00:11:18,670 --> 00:11:24,360 +Let's come back here to the table as you see. So + +110 +00:11:24,360 --> 00:11:26,600 +here we are going to calculate the marginal + +111 +00:11:26,600 --> 00:11:31,220 +utility of x. For the first case, there's no + +112 +00:11:31,220 --> 00:11:32,160 +change here. + +113 +00:11:34,800 --> 00:11:40,860 +Number two, total utility two minus one over q2 + +114 +00:11:40,860 --> 00:11:47,140 +minus q1. Five minus zero over one minus zero. So + +115 +00:11:47,140 --> 00:11:53,630 +the first case, Mu, X, for the first case, equals + +116 +00:11:53,630 --> 00:12:00,410 +5 minus 0 over 1 minus 0. 5 minus 0 over 1 minus 0 + +117 +00:12:00,410 --> 00:12:06,490 +equals 5 over 1 equals 5. That's it. What's next? + +118 +00:12:07,570 --> 00:12:16,190 +11 minus 5 over 2 minus 1. That's X. That's X. + +119 +00:12:16,190 --> 00:12:19,410 +That means that each unit we consumed, how much + +120 +00:12:19,410 --> 00:12:22,030 +did it add up to the total benefit? This is the + +121 +00:12:22,030 --> 00:12:30,250 +marginal unit. How much is this? Seven, six, four, + +122 +00:12:31,810 --> 00:12:39,950 +two, zero, minus three, minus five. Of course, + +123 +00:12:39,970 --> 00:12:45,850 +here I assumed that there is one more unit. One + +124 +00:12:45,850 --> 00:12:49,950 +more unit.Sometimes it's not like that. It can be + +125 +00:12:49,950 --> 00:12:56,010 +0, 1, 5, 10. It depends. It works on this formula. + +126 +00:12:56,830 --> 00:13:01,970 +Margin of X equals 2T U2 minus T U1 over Q2 minus + +127 +00:13:01,970 --> 00:13:08,170 +Q1. In all cases. All right. What do you see? The + +128 +00:13:08,170 --> 00:13:16,430 +first quantity added 5 utils. More, 6, 7. + +129 +00:13:20,940 --> 00:13:27,260 +Zero minus. Let us draw the graph that shows the + +130 +00:13:27,260 --> 00:13:30,400 +relationship between the total utility, marginal + +131 +00:13:30,400 --> 00:13:37,680 +utility, and the quantity consumed. Okay. Let's go + +132 +00:13:37,680 --> 00:13:41,440 +to the graph that shows or represents the + +133 +00:13:41,440 --> 00:13:44,840 +relationship between quantity, total utility, and + +134 +00:13:44,840 --> 00:13:47,460 +marginal utility using graph. + +135 +00:13:59,880 --> 00:14:00,560 +In general, + +136 +00:14:04,500 --> 00:14:08,500 +here's the quantity consumed, quantity x. + +137 +00:14:13,000 --> 00:14:18,380 +And here's the total utility of x and the marginal + +138 +00:14:18,380 --> 00:14:19,160 +utility of x. + +139 +00:14:25,250 --> 00:14:28,790 +The graph always looks like this. Look. To make an + +140 +00:14:28,790 --> 00:14:29,650 +analysis on it. + +141 +00:14:32,490 --> 00:14:33,550 +Tu x. + +142 +00:14:41,510 --> 00:14:45,210 +Marginal u to root of x. And + +143 +00:15:04,900 --> 00:15:06,160 +Average utility. + +144 +00:15:17,540 --> 00:15:19,360 +Maximum total utility. + +145 +00:15:56,030 --> 00:15:56,410 +Come on. + +146 +00:15:59,430 --> 00:16:02,610 +Let the graph not draw this gate. But let's do an + +147 +00:16:02,610 --> 00:16:05,010 +analysis on it and then I'll give you the answer. + +148 +00:16:05,370 --> 00:16:08,290 +It's like this. This gate, you see, this gate, the + +149 +00:16:08,290 --> 00:16:10,790 +analysis will come out like this with us. But + +150 +00:16:10,790 --> 00:16:13,590 +let's not draw it. Let's understand it and then + +151 +00:16:13,590 --> 00:16:15,630 +I'll give you the chance. + +152 +00:16:28,700 --> 00:16:29,620 +Okay. + +153 +00:16:34,820 --> 00:16:40,320 +In this graph, we will see or check the + +154 +00:16:40,320 --> 00:16:43,340 +relationship between the total utility and the + +155 +00:16:43,340 --> 00:16:48,880 +marginal utility at the different quantities. In + +156 +00:16:48,880 --> 00:16:51,680 +the horizontal axis, we have the quantity + +157 +00:16:51,680 --> 00:16:52,280 +consumed, + +158 +00:16:57,670 --> 00:17:01,450 +Total utility, marginal utility, the vertical + +159 +00:17:01,450 --> 00:17:11,430 +axis. Let's follow your one, two, three, four, + +160 +00:17:11,990 --> 00:17:13,750 +five, six, seven. + +161 +00:17:17,130 --> 00:17:20,970 +Let's follow the total utility at different + +162 +00:17:20,970 --> 00:17:26,710 +quantities. At equality equals zero, how much is + +163 +00:17:26,710 --> 00:17:31,550 +the total utility? Zero. At equality equals one, + +164 +00:17:31,870 --> 00:17:40,430 +the total utility equals five. At two, eleven. + +165 +00:17:45,090 --> 00:17:51,530 +At three, how much is it? Eighteen. + +166 +00:17:53,650 --> 00:17:56,130 +At four, 24. + +167 +00:18:01,030 --> 00:18:06,610 +At five, 28. + +168 +00:18:13,550 --> 00:18:17,050 +At six, 30. + +169 +00:18:20,930 --> 00:18:31,300 +At seven, 3rd Ezreal at + +170 +00:18:31,300 --> 00:18:39,420 +8,27 again + +171 +00:18:39,420 --> 00:18:43,260 +at 9 + +172 +00:18:43,260 --> 00:18:44,260 +,22 + +173 +00:18:52,950 --> 00:18:55,630 +Represents the relationship between the quantity + +174 +00:18:55,630 --> 00:18:58,950 +consumed and the total utility. So the total + +175 +00:18:58,950 --> 00:19:06,310 +utility curve is always like this. As the quantity + +176 +00:19:06,310 --> 00:19:09,450 +consumed or the quantity pulled, quantity demanded + +177 +00:19:09,450 --> 00:19:13,970 +increased, right? What about the marginal utility? + +178 +00:19:18,210 --> 00:19:22,690 +At a quarter equals zero. How much is it? Zero. + +179 +00:19:25,590 --> 00:19:32,910 +At one, how much is it? Five. At one, + +180 +00:19:34,390 --> 00:19:37,890 +it starts like this. But I don't want to ... There + +181 +00:19:37,890 --> 00:19:39,970 +is an easier way to analyze it. + +182 +00:19:44,890 --> 00:19:46,270 +Let it come to me like this. + +183 +00:19:58,330 --> 00:20:03,950 +At three or two here equals six. + +184 +00:20:10,950 --> 00:20:17,370 +At one + +185 +00:20:17,370 --> 00:20:23,590 +equals five, right? At two equals six. At three + +186 +00:20:23,590 --> 00:20:25,450 +equals seven. + +187 +00:20:39,020 --> 00:20:49,180 +At three here. The data + +188 +00:20:49,180 --> 00:20:51,320 +increasing. + +189 +00:20:52,920 --> 00:20:56,480 +Then decreasing, but then it becomes zero, but + +190 +00:20:56,480 --> 00:20:59,540 +then negative. Yes, what do you see? + +191 +00:21:02,420 --> 00:21:07,240 +The marginal utility acts here. The data + +192 +00:21:07,240 --> 00:21:15,600 +increasing while the quantity increased here. And + +193 +00:21:15,600 --> 00:21:22,960 +then decreased, increasing, Then decreasing until + +194 +00:21:22,960 --> 00:21:30,800 +seven at Q equals seven. Until the quantity equals + +195 +00:21:30,800 --> 00:21:33,600 +zero here. So the quantity equals seven. Right? + +196 +00:21:35,180 --> 00:21:39,780 +Becomes zero. Then as the quantity goes up, + +197 +00:21:39,920 --> 00:21:43,240 +increased, the marginal utility becomes negative + +198 +00:21:43,240 --> 00:21:45,280 +and declining. Okay? + +199 +00:22:13,730 --> 00:22:15,130 +Maximum three. + +200 +00:22:22,890 --> 00:22:26,230 +Okay. Let's go to this graph. As you see, + +201 +00:22:29,650 --> 00:22:36,970 +here we're talking about three stages. Three + +202 +00:22:36,970 --> 00:22:47,120 +stages. Stage one, Stage two and stage three. So + +203 +00:22:47,120 --> 00:22:50,900 +we will classify the stages or the phases here + +204 +00:22:50,900 --> 00:22:57,520 +into three stages or phases. Stage one. + +205 +00:23:06,880 --> 00:23:11,140 +While the total utility increases, + +206 +00:23:16,270 --> 00:23:22,950 +in an increasing rate. From zero to five. + +207 +00:23:28,430 --> 00:23:34,790 +So this total utility is increasing at an + +208 +00:23:34,790 --> 00:23:36,130 +increasing rate. + +209 +00:23:40,190 --> 00:23:44,710 +This is + +210 +00:23:44,710 --> 00:23:48,670 +the first stage. What do you see? The marginal + +211 +00:23:48,670 --> 00:23:52,590 +utility is increasing from zero to five, to six, + +212 +00:23:52,650 --> 00:23:57,850 +to seven. Had a first stage. So, the first stage, + +213 +00:23:59,590 --> 00:24:04,030 +first stage. The first stage, + +214 +00:24:09,110 --> 00:24:13,750 +while the total utility, number one, the total + +215 +00:24:13,750 --> 00:24:15,630 +utility increasing. + +216 +00:24:19,080 --> 00:24:23,440 +at an increasing rate. + +217 +00:24:28,020 --> 00:24:32,940 +What do you see? The marginal utility is + +218 +00:24:32,940 --> 00:24:38,820 +increasing. So while the total utility is + +219 +00:24:38,820 --> 00:24:39,340 +increasing, + +220 +00:24:43,070 --> 00:24:46,710 +The rate is high and fast. What does this mean? + +221 +00:24:47,010 --> 00:24:51,170 +Marginal utility in the graph is high, increasing. + +222 +00:24:51,650 --> 00:24:56,850 +So the marginal utility is increasing and + +223 +00:24:56,850 --> 00:24:57,410 +positive. + +224 +00:25:00,630 --> 00:25:06,350 +Right? The graph says this. While the total + +225 +00:25:06,350 --> 00:25:11,930 +utility is increasing at an increasing rate, Are + +226 +00:25:11,930 --> 00:25:18,530 +you increasing at an increasing rate? The marginal + +227 +00:25:18,530 --> 00:25:22,550 +utility had a total utility. The marginal utility + +228 +00:25:22,550 --> 00:25:24,390 +is increasing and positive. + +229 +00:25:28,210 --> 00:25:31,670 +Stage two, + +230 +00:25:31,790 --> 00:25:37,530 +this is the first stage here. In stage two, the + +231 +00:25:37,530 --> 00:25:44,420 +total utility Increasing, but what about the + +232 +00:25:44,420 --> 00:25:48,960 +increasing grade is lower than the previous case. + +233 +00:25:49,540 --> 00:25:52,600 +It means it didn't grow fast, it became slow. So, + +234 +00:25:52,700 --> 00:25:58,240 +stage two, the total utility is increasing at a + +235 +00:25:58,240 --> 00:26:02,820 +decreasing rate. Come and see this, total utility. + +236 +00:26:03,980 --> 00:26:09,120 +From here, from 18 to 24, it increased, increased, + +237 +00:26:09,320 --> 00:26:09,980 +increased in quantity. + +238 +00:26:20,000 --> 00:26:26,780 +Total utility is increasing at a decreasing rate + +239 +00:26:26,780 --> 00:26:29,100 +or in a decreasing rate. + +240 +00:26:31,100 --> 00:26:41,310 +From 18 to 24, 28 to 30. Decreasing but in a + +241 +00:26:41,310 --> 00:26:42,410 +decreasing rate. + +242 +00:26:45,950 --> 00:26:49,830 +It was in the first stage increasing at an + +243 +00:26:49,830 --> 00:26:54,250 +increasing rate. Only I see the marginal utility + +244 +00:26:54,250 --> 00:26:58,890 +here. Decreasing but it's still positive. Yes. + +245 +00:26:59,870 --> 00:27:04,170 +Yes. Up to this stage, what happens to the + +246 +00:27:04,170 --> 00:27:09,060 +marginal utility? Decreasing. But it's still + +247 +00:27:09,060 --> 00:27:14,140 +positive, right? So when the marginal utility + +248 +00:27:14,140 --> 00:27:14,580 +here. + +249 +00:27:49,380 --> 00:27:52,840 +While or as the total utility increasing at a + +250 +00:27:52,840 --> 00:27:56,570 +decreasing rate, The marginal utility is + +251 +00:27:56,570 --> 00:28:00,770 +decreasing. The MU is decreasing but still + +252 +00:28:00,770 --> 00:28:01,390 +positive. + +253 +00:28:06,210 --> 00:28:11,790 +The third point. When the total utility is + +254 +00:28:11,790 --> 00:28:16,230 +maximized, when the total utility reaches the + +255 +00:28:16,230 --> 00:28:16,530 +peak, + +256 +00:28:19,250 --> 00:28:24,510 +the marginal utility equals zero. So when the + +257 +00:28:24,510 --> 00:28:30,570 +total utility is maximized or the maximum total + +258 +00:28:30,570 --> 00:28:33,590 +utility, marginal utility equals zero. + +259 +00:28:45,800 --> 00:28:48,580 +On the graph here, when the total utility is + +260 +00:28:48,580 --> 00:28:54,040 +maximized at a + +261 +00:28:54,040 --> 00:29:01,300 +quantity seven, the marginal utility equals zero. + +262 +00:29:02,080 --> 00:29:04,740 +Then when the total utility is maximized, + +263 +00:29:07,160 --> 00:29:09,000 +the marginal utility equals zero. + +264 +00:29:12,260 --> 00:29:15,640 +And the quantity seven marginal utility into zero. + +265 +00:29:16,120 --> 00:29:21,440 +Then M U equals zero. When the total utility + +266 +00:29:21,440 --> 00:29:22,680 +starts to decline, + +267 +00:29:25,360 --> 00:29:30,340 +the total utility starts to decline, decreasing + +268 +00:29:30,340 --> 00:29:35,020 +the total utility. This is stage three. When the + +269 +00:29:35,020 --> 00:29:38,300 +total utility declines or goes down, the marginal + +270 +00:29:38,300 --> 00:29:40,280 +utility is declining and negative. + +271 +00:29:44,090 --> 00:29:48,650 +Then MU is negative and declining. + +272 +00:29:52,090 --> 00:29:57,150 +At stage + +273 +00:29:57,150 --> 00:30:00,350 +three here, what do you see? The total utility is + +274 +00:30:00,350 --> 00:30:00,810 +declining. + +275 +00:30:03,510 --> 00:30:07,480 +What do you see in the marginal utility? And + +276 +00:30:07,480 --> 00:30:15,060 +negative. As the + +277 +00:30:15,060 --> 00:30:18,200 +margin, the total utility start to decline from 30 + +278 +00:30:18,200 --> 00:30:24,900 +to 27, 22, 15, 10, honestly, the marginal utility + +279 +00:30:24,900 --> 00:30:29,940 +becomes negative. All right? + +280 +00:30:33,010 --> 00:30:36,090 +As the total utility goes down, the marginal + +281 +00:30:36,090 --> 00:30:41,370 +utility decreases and negative. + +282 +00:30:43,590 --> 00:30:49,990 +Okay? The first stage here, while the total + +283 +00:30:49,990 --> 00:30:54,330 +utility is increasing at an increasing rate, the + +284 +00:30:54,330 --> 00:30:58,000 +marginal utility is increasing at positive. Phase + +285 +00:30:58,000 --> 00:31:02,860 +two, while the total utility is increasing, but in + +286 +00:31:02,860 --> 00:31:04,340 +a decreasing rate. + +287 +00:31:07,640 --> 00:31:13,420 +The marginal utility marrow decreasing, but it's + +288 +00:31:13,420 --> 00:31:18,120 +still positive, bigger than zero. When the total + +289 +00:31:18,120 --> 00:31:21,820 +utility is maximized at the peak of total utility, + +290 +00:31:22,300 --> 00:31:25,420 +the marginal utility equals zero. When the total + +291 +00:31:25,420 --> 00:31:28,880 +utility decreasing, the marginal utility + +292 +00:31:28,880 --> 00:31:35,080 +decreasing and negative. That's it. Yeah. + +293 +00:31:40,350 --> 00:31:44,050 +The first stage, when the totality is increasing + +294 +00:31:44,050 --> 00:31:47,090 +at an increasing rate, the marginal utility is + +295 +00:31:47,090 --> 00:31:51,550 +increasing and still positive. Number two. Number + +296 +00:31:51,550 --> 00:31:51,550 +two. + +297 +00:32:05,350 --> 00:32:09,670 +When the total utility is increasing or in a + +298 +00:32:09,670 --> 00:32:14,170 +decreasing rate while the total utility is + +299 +00:32:14,170 --> 00:32:20,970 +increasing at a decreasing rate, what do you see? + +300 +00:32:21,510 --> 00:32:24,330 +The marginal utility is decreasing but still + +301 +00:32:24,330 --> 00:32:30,370 +positive. Number three. When the total utility is + +302 +00:32:30,370 --> 00:32:36,330 +maximized or reached the peak. Why? When? The TU + +303 +00:32:36,330 --> 00:32:39,450 +reached the peak, + +304 +00:32:46,290 --> 00:32:48,510 +or maximized, + +305 +00:32:51,970 --> 00:32:57,090 +or reached the maximum. Peak, meaning the peak. + +306 +00:33:00,110 --> 00:33:04,620 +The marginal utility equals how much? Zero. the + +307 +00:33:04,620 --> 00:33:09,460 +marginal utility equals zero. Number four, when + +308 +00:33:09,460 --> 00:33:13,320 +the total utility decline, the marginal utility is + +309 +00:33:13,320 --> 00:33:16,580 +declining and negative. + +310 +00:33:17,580 --> 00:33:25,120 +Then when the total utility goes down or + +311 +00:33:25,120 --> 00:33:29,340 +decreases, the marginal utility is decreasing and + +312 +00:33:29,340 --> 00:33:38,420 +negative. Let's go to Study how can the consumer + +313 +00:33:38,420 --> 00:33:42,060 +maximizes + +314 +00:33:42,060 --> 00:33:47,650 +his utilities or her utilities. when he or she + +315 +00:33:47,650 --> 00:33:52,610 +consumes different groups and what are the optimal + +316 +00:33:52,610 --> 00:33:56,790 +quantities, what are the best quantities that the + +317 +00:33:56,790 --> 00:34:00,750 +consumer should buy under the limited income to + +318 +00:34:00,750 --> 00:34:05,670 +maximize utilities and or to maximize the benefits + +319 +00:34:05,670 --> 00:34:11,530 +that he or she gains when he or she consumed the + +320 +00:34:11,530 --> 00:34:14,110 +different groups or different combinations of X + +321 +00:34:14,110 --> 00:34:19,880 +and Y. Let's go to the example to understand the + +322 +00:34:19,880 --> 00:34:25,080 +idea of the consumer maximization or utility + +323 +00:34:25,080 --> 00:34:29,120 +maximization by using the marginal utility theory. + +324 +00:34:30,140 --> 00:34:33,220 +So let us assume that we have the following data + +325 +00:34:33,220 --> 00:34:36,400 +about + +326 +00:34:36,400 --> 00:34:44,140 +a rational consumer who + +327 +00:34:44,140 --> 00:34:52,690 +consumes two goods, X and Y, and while the + +328 +00:34:52,690 --> 00:34:58,570 +consumption of these combinations, X and Y, are + +329 +00:34:58,570 --> 00:35:04,710 +two goods, he will gain different total utilities. + +330 +00:35:05,970 --> 00:35:10,270 +So here we're talking about a consumer who + +331 +00:35:10,270 --> 00:35:16,650 +consumes different combinations, the quantity, of + +332 +00:35:16,650 --> 00:35:24,010 +X and Y 0 1 + +333 +00:35:24,010 --> 00:35:42,130 +2 3 4 5 6 7 8 + +334 +00:35:50,680 --> 00:35:58,660 +and 10 my and 10 0 + +335 +00:35:58,660 --> 00:36:09,300 +1 2 3 4 5 6 7 8 9 10 the + +336 +00:36:09,300 --> 00:36:12,980 +total utility obtained will be consumed or + +337 +00:36:12,980 --> 00:36:20,280 +consumes x the total utility of x equals + +338 +00:36:22,530 --> 00:36:23,050 +Zero. + +339 +00:36:28,370 --> 00:36:29,770 +Sixteen. + +340 +00:36:32,610 --> 00:36:37,990 +Fourteen. Thirty. Forty-one. + +341 +00:36:41,290 --> 00:36:50,390 +Fifty-one. Sixty. Sixty-eight. Seven. Seventy + +342 +00:36:50,390 --> 00:36:50,430 +-five. + +343 +00:37:08,480 --> 00:37:11,820 +Total and total, why? + +344 +00:37:18,400 --> 00:37:22,300 +Zero Fifteen + +345 +00:37:24,580 --> 00:37:30,260 +and 13, 28, 12, + +346 +00:37:31,300 --> 00:37:34,480 +40, + +347 +00:37:36,080 --> 00:37:42,800 +48, and 6, 54, 59, + +348 +00:37:44,300 --> 00:37:46,180 +63, + +349 +00:37:49,000 --> 00:37:51,360 +and 4, and 3, 66, + +350 +00:38:02,470 --> 00:38:13,710 +If the consumer income, if the consumer income + +351 +00:38:13,710 --> 00:38:16,850 +equals + +352 +00:38:16,850 --> 00:38:17,930 +$30 + +353 +00:38:24,200 --> 00:38:33,580 +And the price of X, product X equals + +354 +00:38:33,580 --> 00:38:36,860 +$2. + +355 +00:38:39,040 --> 00:38:41,400 +And the price per unit of Y, + +356 +00:38:45,740 --> 00:38:47,160 +$2 as well. + +357 +00:38:59,320 --> 00:39:13,180 +calculate the quantity x and y that maximizes the + +358 +00:39:13,180 --> 00:39:19,220 +total utility or + +359 +00:39:21,690 --> 00:39:26,010 +that achieves or performs the consumer + +360 +00:39:26,010 --> 00:39:32,350 +equilibrium. Or the + +361 +00:39:32,350 --> 00:39:37,870 +quadrant X and Y that performs + +362 +00:39:37,870 --> 00:39:41,810 +the + +363 +00:39:41,810 --> 00:39:47,130 +consumer equilibrium. + +364 +00:40:24,280 --> 00:40:27,680 +I finished. Not yet, okay. + +365 +00:40:32,940 --> 00:40:37,260 +Or that performs or achieves the consumer + +366 +00:40:37,260 --> 00:40:37,980 +equilibrium. + +367 +00:41:00,490 --> 00:41:05,290 +Okay, in this example, we are talking about a + +368 +00:41:05,290 --> 00:41:11,570 +consumer and this consumer receives + +369 +00:41:11,570 --> 00:41:19,250 +an income of $30 and + +370 +00:41:19,250 --> 00:41:25,900 +the price of per unit of X equals two, the price + +371 +00:41:25,900 --> 00:41:30,480 +per unit of Y equals two as well. And we have + +372 +00:41:30,480 --> 00:41:35,920 +different combinations of X and Y that gives him + +373 +00:41:35,920 --> 00:41:41,980 +or give him different total utilities, which means + +374 +00:41:41,980 --> 00:41:49,040 +if the consumer, this is a quantum X and Y, Yes, + +375 +00:41:50,420 --> 00:41:54,180 +you're talking about X and Y. If the consumer + +376 +00:41:54,180 --> 00:41:57,980 +consumes zero from X, the total utility obtained + +377 +00:41:57,980 --> 00:42:03,560 +equals zero. One unit of X means 16 utils. Two + +378 +00:42:03,560 --> 00:42:08,520 +units of X, 30, as you see. The quantity zero from + +379 +00:42:08,520 --> 00:42:13,180 +Y will give him zero for zero utility of Y. One + +380 +00:42:13,180 --> 00:42:20,410 +unit of Y gives him 15 utils. Two, as you can see. + +381 +00:42:21,200 --> 00:42:23,980 +Now, what is your advice? + +382 +00:42:27,140 --> 00:42:33,440 +What is + +383 +00:42:33,440 --> 00:42:38,340 +your advice to him to maximize his benefits or his + +384 +00:42:38,340 --> 00:42:46,200 +total utility? What is your advice for him to buy? + +385 +00:42:49,870 --> 00:42:57,730 +And why should he buy? We have two conditions for + +386 +00:42:57,730 --> 00:43:00,150 +the market equilibrium or the consumer + +387 +00:43:00,150 --> 00:43:03,210 +equilibrium. We have two conditions. The condition + +388 +00:43:03,210 --> 00:43:07,510 +number one, the marginal utility of X over the + +389 +00:43:07,510 --> 00:43:10,530 +price of X must equal. And this is the first + +390 +00:43:10,530 --> 00:43:17,880 +condition. of consumer equilibrium, MUx over Px + +391 +00:43:17,880 --> 00:43:21,200 +must equal the marginal utility of Y over the + +392 +00:43:21,200 --> 00:43:22,940 +price of Y. This is the first condition. + +393 +00:43:28,240 --> 00:43:33,240 +The second condition is that the consumer must + +394 +00:43:33,240 --> 00:43:41,900 +spend all of his income to buy two goods. income + +395 +00:43:41,900 --> 00:43:48,320 +must equal the price of eggs times the QX plus + +396 +00:43:48,320 --> 00:43:55,220 +price of Y times the QY. This is the second + +397 +00:43:55,220 --> 00:43:55,900 +condition. + +398 +00:44:02,280 --> 00:44:06,080 +This is the first order condition, the second + +399 +00:44:06,080 --> 00:44:07,060 +order condition. + +400 +00:44:11,980 --> 00:44:17,460 +How can we work on this exercise? We have to + +401 +00:44:17,460 --> 00:44:25,320 +calculate the marginal utility of x and the + +402 +00:44:25,320 --> 00:44:32,900 +marginal utility of y and mu x over p x mu y over + +403 +00:44:32,900 --> 00:44:41,320 +p y. So we have four columns, mu x, over PX and + +404 +00:44:41,320 --> 00:44:46,040 +MUI over PY. + +405 +00:44:50,440 --> 00:44:55,600 +Let's calculate the marginal utility of X. For the + +406 +00:44:55,600 --> 00:45:02,800 +first case, we can put zero. Then 16 minus zero + +407 +00:45:02,800 --> 00:45:05,920 +over one minus zero, right? Correct or not? + +408 +00:45:06,200 --> 00:45:12,510 +Because this is 16. Thirty minus sixteen, + +409 +00:45:12,930 --> 00:45:22,630 +fourteen. Eleven, ten, nine, eight, + +410 +00:45:25,210 --> 00:45:32,050 +seven, six, five, + +411 +00:45:33,690 --> 00:45:38,530 +three. Right? This is the marginal utility of X. + +412 +00:45:39,490 --> 00:45:42,550 +What about the marginal iterate of Y? Change in + +413 +00:45:42,550 --> 00:45:45,350 +total iterate of Y over the change in quantity of + +414 +00:45:45,350 --> 00:45:53,650 +Y. The marginal iterate of Y, TuY to 2 minus 1 + +415 +00:45:53,650 --> 00:46:00,290 +over quantity 2 minus 1 to 1. 15 minus 0 over 1 + +416 +00:46:00,290 --> 00:46:08,190 +minus 0, 15. 15 over 1. 28 minus 15 over 2 minus + +417 +00:46:08,190 --> 00:46:15,590 +1. How much? Thirteen. Twelve. + +418 +00:46:17,730 --> 00:46:27,250 +Eight. How much is it? Six. Four. Five. Four. + +419 +00:46:28,610 --> 00:46:38,550 +Three. Two. One. Assumption, increasing periodic + +420 +00:46:38,550 --> 00:46:42,550 +quantity equals one.Otherwise, you have to work on + +421 +00:46:42,550 --> 00:46:48,550 +the formula. Right? Meaning if this is 0,2,10,70, + +422 +00:46:48,870 --> 00:46:53,910 +you have to work on the formula. Okay? Okay. Let's + +423 +00:46:53,910 --> 00:46:57,150 +calculate the marginal unit of X over price of X + +424 +00:46:57,150 --> 00:47:01,110 +and marginal unit of Y over price of Y. MUX over + +425 +00:47:01,110 --> 00:47:06,730 +PX. MUX, I will put them like this later. MUX is + +426 +00:47:06,730 --> 00:47:13,370 +16 over the price of X.2, 16 over 2, 8. This is 16 + +427 +00:47:13,370 --> 00:47:20,190 +over 2 equals 8. What else? 14, MUX over price of + +428 +00:47:20,190 --> 00:47:27,310 +X. I wrote this to tell you honestly. Who asked + +429 +00:47:27,310 --> 00:47:30,310 +this question? Come on, Hanad, answer. Come on. + +430 +00:47:30,770 --> 00:47:36,650 +MUX, the formula, MUX over PX. How much is MUX? 16 + +431 +00:47:36,650 --> 00:47:38,710 +over the price of X, 2. + +432 +00:47:42,770 --> 00:47:55,230 +14 over 2 equals 7. 11 over 2 equals + +433 +00:47:55,230 --> 00:48:08,590 +5. 4.5, 3.5, 3, 1.5. + +434 +00:48:16,500 --> 00:48:24,140 +Let's go to MUY over PY. Where is the MUY? 15 over + +435 +00:48:24,140 --> 00:48:26,380 +price of Y. This is PY. + +436 +00:48:33,920 --> 00:48:35,520 +MUY over PY. + +437 +00:48:38,850 --> 00:48:52,510 +15 over 2, low price of wine. 7.5. 7.5 + +438 +00:48:52,510 --> 00:48:52,770 +here, + +439 +00:48:56,450 --> 00:49:09,130 +6.5, 6, 4, 3, 2.5, 2, 1.5, One half. + +440 +00:49:11,990 --> 00:49:21,930 +The first order condition is mid. Where? When MUX + +441 +00:49:21,930 --> 00:49:25,370 +over PX is equal to the first order condition. + +442 +00:49:25,790 --> 00:49:28,070 +This is eight, so I hold it like this. Eight. Are + +443 +00:49:28,070 --> 00:49:33,210 +there eights? No. No. Seven. Are there sevens? No. + +444 +00:49:33,790 --> 00:49:36,870 +No. Then, five and a half. Are there five and a + +445 +00:49:36,870 --> 00:49:41,670 +half? No. Five. Are there fives? No. Four and a + +446 +00:49:41,670 --> 00:49:44,990 +half. Four point five. No. Four. This is four. I + +447 +00:49:44,990 --> 00:49:48,050 +want to reduce it like this. Four. + +448 +00:49:51,800 --> 00:49:57,200 +This is 4 with 4. This is the first one. 3.5. + +449 +00:49:57,940 --> 00:50:09,660 +There is no 3. There is 3 with 3. 2.5 and 2.5. 1 + +450 +00:50:09,660 --> 00:50:12,580 +.5, 5, 1.5. + +451 +00:50:16,020 --> 00:50:18,680 +Okay? The question. + +452 +00:50:22,240 --> 00:50:23,460 +So, + +453 +00:50:30,880 --> 00:50:36,920 +we can say that the first order condition is met + +454 +00:50:36,920 --> 00:50:46,140 +at four points. The first + +455 +00:50:46,140 --> 00:50:51,670 +order condition is met at four points. then the + +456 +00:50:51,670 --> 00:50:59,590 +first order condition is met at four points then + +457 +00:50:59,590 --> 00:51:09,190 +the first order condition is + +458 +00:51:09,190 --> 00:51:13,950 +met at four points + +459 +00:51:20,020 --> 00:51:22,520 +Four. This is the point where the four is. Where + +460 +00:51:22,520 --> 00:51:27,460 +is the four? Is this four below the X or below the + +461 +00:51:27,460 --> 00:51:33,380 +Y? Here, show me this four. How close is it to Q? + +462 +00:51:34,120 --> 00:51:45,120 +Six. So here, at four, QX equals six. And QY? + +463 +00:51:48,630 --> 00:51:54,130 +Where is the 4? Under the Y, correct? How big is + +464 +00:51:54,130 --> 00:51:57,850 +the Q? 4, then here is the Q, Y is equal to 4, + +465 +00:51:57,910 --> 00:52:00,510 +right? + +466 +00:52:02,170 --> 00:52:05,170 +At 3 + +467 +00:52:11,780 --> 00:52:13,040 +At 2.5 + +468 +00:52:38,590 --> 00:52:44,270 +Height is 2.5 under X. How much is its Q? 9. + +469 +00:52:48,550 --> 00:52:56,250 +QY equals 2.56 at + +470 +00:52:56,250 --> 00:52:58,990 +1.5. + +471 +00:53:03,430 --> 00:53:11,030 +QX equals how much? 10.EQY equals how much? Eight. + +472 +00:53:14,870 --> 00:53:22,870 +Eight. The first order condition is met at four + +473 +00:53:22,870 --> 00:53:28,620 +points. So, the consumer can buy under the limited + +474 +00:53:28,620 --> 00:53:36,500 +income, $30. He can buy one of these combinations, + +475 +00:53:37,140 --> 00:53:40,680 +but which is the optimal, which is the best + +476 +00:53:40,680 --> 00:53:44,020 +combination that maximizes the total utility? + +477 +00:53:45,700 --> 00:53:50,320 +Second order + +478 +00:53:50,320 --> 00:53:54,030 +condition. under the limited income. + +479 +00:53:58,110 --> 00:54:05,290 +The best maximizes + +480 +00:54:05,290 --> 00:54:10,690 +the total utility. So we have to apply the second + +481 +00:54:10,690 --> 00:54:15,890 +order condition to determine which is the optimal + +482 +00:54:15,890 --> 00:54:21,030 +combination, the optimal group, the optimal group + +483 +00:54:21,030 --> 00:54:24,550 +yes that maximizes the total utility. So we have + +484 +00:54:24,550 --> 00:54:29,010 +to apply the second order condition here. So the + +485 +00:54:29,010 --> 00:54:37,790 +second, the second order condition, + +486 +00:54:43,130 --> 00:54:49,790 +it try the first case I,must equal price of X + +487 +00:54:49,790 --> 00:54:55,930 +times QX plus price of Y times QY. Income, how + +488 +00:54:55,930 --> 00:54:59,070 +much is income? If we say at four, + +489 +00:55:01,990 --> 00:55:05,950 +the income is thirty, equals price of X, given, + +490 +00:55:07,310 --> 00:55:12,950 +two. The quantity at four, how much is the + +491 +00:55:12,950 --> 00:55:18,330 +quantity of X? Six.plus price of wine is given to + +492 +00:55:18,330 --> 00:55:22,950 +times a quantity Y for him. + +493 +00:55:29,590 --> 00:55:34,330 +Otherwise not. + +494 +00:55:35,190 --> 00:55:41,790 +So at the 30, Must equal. How much? 2x6 is 12. + +495 +00:55:42,690 --> 00:55:49,770 +Plus 8. 12 and 28 don't match. So here it's like + +496 +00:55:49,770 --> 00:55:54,450 +this. 30 doesn't equal 20. So this doesn't match. + +497 +00:55:55,290 --> 00:55:56,810 +So this is what we reflected on. + +498 +00:56:00,450 --> 00:56:04,730 +It must, + +499 +00:56:04,790 --> 00:56:05,770 +it should be equal. + +500 +00:56:10,620 --> 00:56:18,480 +The second, does not + +501 +00:56:18,480 --> 00:56:23,120 +achieve or perform the consumer equilibrium. + +502 +00:56:23,460 --> 00:56:24,000 +Number two. + +503 +00:56:30,840 --> 00:56:38,560 +income 30 must equal price of eggs 2 times the + +504 +00:56:38,560 --> 00:56:45,040 +quantity of eggs 8 plus 2 times 5. + +505 +00:56:48,460 --> 00:56:58,160 +30 must equal 16 plus 10. 30 doesn't equal 26. + +506 +00:57:00,630 --> 00:57:04,170 +Let's go to the third case. Let's try the third + +507 +00:57:04,170 --> 00:57:04,670 +case. + +508 +00:57:07,370 --> 00:57:10,610 +Let's say we have the income which is 30. The + +509 +00:57:10,610 --> 00:57:12,370 +third which is this. Let's write it like this. + +510 +00:57:14,030 --> 00:57:18,490 +Thirty equals price of X two times the quantity of + +511 +00:57:18,490 --> 00:57:29,130 +X nine plus the price of Y two times six. Thirty + +512 +00:57:29,130 --> 00:57:33,450 +equals two times nine, eighteen plus twelve. + +513 +00:57:34,090 --> 00:57:39,230 +Thirty equals thirty. Then, I advise. Try the last + +514 +00:57:39,230 --> 00:57:42,450 +case. It doesn't work. So, the first order + +515 +00:57:42,450 --> 00:57:47,430 +condition might be met in all cases. But, we have + +516 +00:57:47,430 --> 00:57:51,790 +one comparison to do utility maximization, which + +517 +00:57:51,790 --> 00:57:58,390 +is this one. So, I advise the consumer to buy Nine + +518 +00:57:58,390 --> 00:58:05,350 +units of X and six units of Y to maximize the + +519 +00:58:05,350 --> 00:58:06,170 +total utility. + +520 +00:58:11,530 --> 00:58:21,510 +If the + +521 +00:58:21,510 --> 00:58:27,480 +consumer's income declined to 20, Citrus Pyramus. + +522 +00:58:27,780 --> 00:58:32,710 +It doesn't change anything. The income here has + +523 +00:58:32,710 --> 00:58:39,450 +nothing to do with the rest of the world. If the + +524 +00:58:39,450 --> 00:58:42,310 +income is not 30, but 20, how is it going to work + +525 +00:58:42,310 --> 00:58:47,610 +with 4? That's it. The first case. Try it, you + +526 +00:58:47,610 --> 00:58:50,070 +will find 20. In the next question, he says, + +527 +00:58:50,350 --> 00:58:54,490 +suppose that the income declined from 30 to 20. + +528 +00:58:54,930 --> 00:58:58,410 +What is the correlation that makes profit-utility + +529 +00:58:58,410 --> 00:59:14,160 +maximization? If the + +530 +00:59:14,160 --> 00:59:18,220 +price of X declined to 1, + +531 +00:59:20,600 --> 00:59:25,600 +the price + +532 +00:59:25,600 --> 00:59:28,700 +of Y remains constant. + +533 +00:59:46,920 --> 00:59:51,380 +Suppose that the price of eggs declined to one + +534 +00:59:51,380 --> 00:59:58,530 +dollar per unit. Or the income remains constant at + +535 +00:59:58,530 --> 01:00:02,170 +$30, price of Y remains constant at $2. + +536 +01:00:15,970 --> 01:00:19,690 +So what is the optimal combination in this case? + +537 +01:00:20,330 --> 01:00:21,730 +What is the best combination? + +538 +01:00:35,700 --> 01:00:39,100 +You have to work as if you are in a new case. So + +539 +01:00:39,100 --> 01:00:42,140 +my assumption is that the price of X becomes 1, + +540 +01:00:42,480 --> 01:00:45,880 +the price of Y equals 2, and the income equals 30. + +541 +01:00:48,540 --> 01:00:50,380 +You will work in a place where you work in a new + +542 +01:00:50,380 --> 01:00:53,020 +question. It will come like this. Price of x over + +543 +01:00:53,020 --> 01:00:56,840 +mu x over p x. I worked on mu x and mu y. It + +544 +01:00:56,840 --> 01:01:01,900 +becomes like this. Mu x is 16 divided by 1. 14, + +545 +01:01:02,240 --> 01:01:09,970 +11, 10, 9, 8, 7, 6, 5, 3. Right? Where are the + +546 +01:01:09,970 --> 01:01:12,330 +combinations that will work with me? These are the + +547 +01:01:12,330 --> 01:01:16,570 +same as mine. Mux My over Py. Remains constant + +548 +01:01:16,570 --> 01:01:19,430 +because the price of Y remains constant. Right? + +549 +01:01:20,710 --> 01:01:23,170 +Who works with me? Catch 16, there is no 16. + +550 +01:01:24,570 --> 01:01:27,990 +Fourteen, right? Where does it work? Where does it + +551 +01:01:27,990 --> 01:01:32,070 +work? At six, this one works. This is six and six, + +552 +01:01:32,170 --> 01:01:37,300 +right? Then three. Three and three. That's it. + +553 +01:01:37,980 --> 01:01:46,300 +That's it. That's it. + +554 +01:01:46,640 --> 01:01:49,040 +That's it. That's it. That's it. That's it. That's + +555 +01:01:49,040 --> 01:01:49,040 +it. That's it. That's it. That's it. That's it. + +556 +01:01:49,100 --> 01:01:51,560 +That's it. That's it. That's it. That's it. That's + +557 +01:01:51,560 --> 01:01:54,760 +it. That's it. That's it. That's it. That's it. + +558 +01:01:55,380 --> 01:01:59,640 +That's it. That's it. That's it. That's it. That's + +559 +01:01:59,640 --> 01:02:02,300 +it. That's it. That's it. That's it. That's it. + +560 +01:02:02,300 --> 01:02:02,520 +That's it. That's it. That's it. That's it. That's + +561 +01:02:02,520 --> 01:02:02,520 +it. That's it. That's it. That's it. That's it. + +562 +01:02:02,520 --> 01:02:02,520 +That's it. That's it. That's it. That's it. That's + +563 +01:02:02,520 --> 01:02:02,520 +it. That's it. That's it. That's it. That's it. + +564 +01:02:02,520 --> 01:02:02,520 +That's it. That's it. That's it. That's it. That's + +565 +01:02:02,520 --> 01:02:02,640 +it. That's it. That's it. + diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/DDSGNADAYVs.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/DDSGNADAYVs.srt new file mode 100644 index 0000000000000000000000000000000000000000..9c5ba4d1fdbc1ed8c5fd5e3288ccb05ccdf779f4 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/DDSGNADAYVs.srt @@ -0,0 +1,2142 @@ + +1 +00:00:20,210 --> 00:00:24,170 +Okay. Today, inshallah, we are going to complete + +2 +00:00:24,170 --> 00:00:26,830 +our talk about the consumer equilibrium using the + +3 +00:00:26,830 --> 00:00:30,330 +indifference curve theory. In the last two + +4 +00:00:30,330 --> 00:00:36,410 +classes, we said that the indifference curve + +5 +00:00:36,410 --> 00:00:41,790 +represents the consumer willingness to consume + +6 +00:00:41,790 --> 00:00:47,530 +something and explains the total utility obtained + +7 +00:00:47,530 --> 00:00:51,710 +when the consumer consumes different bundled + +8 +000:00:51,710 --> 00:00:58,370 +goods. So the indifference curve represents the + +9 +00:00:58,370 --> 00:01:04,870 +consumer willingness to consume something. And the + +10 +00:01:04,870 --> 00:01:10,530 +budget line represents the ability to buy + +11 +00:01:10,530 --> 00:01:19,020 +something which can be derived from the consumer + +12 +00:01:19,020 --> 00:01:26,840 +income and the prices of X and Y. All right. In + +13 +00:01:26,840 --> 00:01:30,920 +the last class, we said that if we have or we can + +14 +00:01:30,920 --> 00:01:33,840 +derive the budget line, + +15 +00:01:36,890 --> 00:01:40,690 +from using the income and the prices. So let us + +16 +00:01:40,690 --> 00:01:47,290 +assume that the consumer's income equals $200, and + +17 +00:01:47,290 --> 00:01:54,270 +the price of X equals $50, and the price + +18 +00:01:54,270 --> 00:02:01,070 +of Y equals $10. Or + +19 +00:02:01,070 --> 00:02:02,310 +$20. Okay. + +20 +00:02:05,670 --> 00:02:09,930 +Now let's derive the budget line. To derive the + +21 +00:02:09,930 --> 00:02:13,610 +budget line, we said that we have to calculate the + +22 +00:02:13,610 --> 00:02:17,890 +quantity consumed of X when we consume zero units + +23 +00:02:17,890 --> 00:02:21,930 +of Y. So the quantity of X equals income over the + +24 +00:02:21,930 --> 00:02:27,310 +price of X. So income here 200 over price of X 50 + +25 +00:02:27,310 --> 00:02:33,050 +equals four units. And zero from Y because in this + +26 +00:02:33,050 --> 00:02:38,250 +case the consumer uses his income or her income to + +27 +00:02:38,250 --> 00:02:44,150 +buy only X, right? So, and let's assume that the + +28 +00:02:44,150 --> 00:02:48,570 +consumer will allocate his income to buy only Y. + +29 +00:02:48,650 --> 00:02:53,790 +In this case, the QY equals income over the price + +30 +00:02:53,790 --> 00:03:01,650 +of Y equals 200 over 10 equals 20 units. So, + +31 +00:03:04,510 --> 00:03:08,190 +derive the budget line. To derive the budget line + +32 +00:03:08,190 --> 00:03:08,850 +here, + +33 +00:03:11,390 --> 00:03:18,390 +quantity X and quantity Y. Quantity X, let's assume + +34 +00:03:18,390 --> 00:03:23,870 +two, four, six, one, two, three, four. + +35 +00:03:27,510 --> 00:03:34,000 +One, two, three, four, five, six, seven, and the + +36 +00:03:34,000 --> 00:03:40,380 +quantity consumed of Y, let us assume five, ten, + +37 +00:03:41,520 --> 00:03:49,640 +fifteen, twenty, twenty-five, that's it. The + +38 +00:03:49,640 --> 00:03:53,760 +budget line can be shown or can be derived here at + +39 +00:03:53,760 --> 00:03:59,590 +X, quantity of X equals four, and the quantity + +40 +00:03:59,590 --> 00:04:05,710 +equals 20 units. If we connect these points here, + +41 +00:04:05,830 --> 00:04:08,170 +we will reach to the budget line. + +42 +00:04:11,390 --> 00:04:15,860 +This is the budget line here. We said also that + +43 +00:04:15,860 --> 00:04:21,020 +the budget line is sensitive to the consumer's + +44 +00:04:21,020 --> 00:04:25,360 +income and the change in prices of X and Y, which + +45 +00:04:25,360 --> 00:04:29,120 +means what will happen to the budget line if the + +46 +00:04:29,120 --> 00:04:33,860 +consumer's income goes up or goes down, and what + +47 +00:04:33,860 --> 00:04:37,340 +will happen to the budget line if the price of X + +48 +00:04:37,340 --> 00:04:41,380 +goes up or goes down, if the price of Y changes + +49 +00:04:42,370 --> 00:04:47,850 +went down or increases. So let us assume that the + +50 +00:04:47,850 --> 00:04:53,350 +consumer's income goes up or increased to or + +51 +00:04:53,350 --> 00:04:59,170 +declined to $100. And the price of x, price of y + +52 +00:04:59,170 --> 00:05:02,350 +remains constant. This is the second case here. + +53 +00:05:02,910 --> 00:05:06,770 +Price of x remains constant at 50. Price of y + +54 +00:05:06,770 --> 00:05:09,170 +remains constant at 10. What will happen to the + +55 +00:05:09,170 --> 00:05:14,370 +budget line here? So we have a new case. So the + +56 +00:05:14,370 --> 00:05:17,730 +price, we have to calculate a new x, a new + +57 +00:05:17,730 --> 00:05:20,830 +quantity consumed of x, which equals, here we're + +58 +00:05:20,830 --> 00:05:24,870 +talking about a new. So this is a new here, a new + +59 +00:05:24,870 --> 00:05:29,310 +situation. Income is a new. We have a new income, + +60 +00:05:29,630 --> 00:05:34,790 +a new price of x, and a new price of y. Assuming + +61 +00:05:34,790 --> 00:05:40,900 +no change in the prices. Tamam? So here, quantity + +62 +00:05:40,900 --> 00:05:46,160 +of X in U, the new case, equals I over price of X + +63 +00:05:46,160 --> 00:05:54,860 +in U, in U, which equals 100 over 50 equals two + +64 +00:05:54,860 --> 00:05:57,620 +units. But what about the new quantity consumed of + +65 +00:05:57,620 --> 00:06:00,620 +Y? Equals, here we're talking about the new income + +66 +00:06:00,620 --> 00:06:07,530 +in U over price of X in U, Y in U. How much is it? + +67 +00:06:07,650 --> 00:06:14,670 +100 over 10 equals 10. So let's derive the new + +68 +00:06:14,670 --> 00:06:18,970 +quantity consumed. Sorry, derive the new budget + +69 +00:06:18,970 --> 00:06:24,690 +line. The first case where x here declined to 2 + +70 +00:06:24,690 --> 00:06:27,970 +and the quantity y declined to 10. So let's connect + +71 +00:06:27,970 --> 00:06:32,630 +these points here. We will reach to a new budget + +72 +00:06:32,630 --> 00:06:38,880 +line. Here, we have a new budget line, inside + +73 +00:06:38,880 --> 00:06:42,760 +shifting or leftward shifting in the budget line + +74 +00:06:42,760 --> 00:06:49,020 +due to parallel to the previous one. Parallel to + +75 +00:06:49,020 --> 00:06:52,220 +the previous one, the original. So this is the + +76 +00:06:52,220 --> 00:06:53,400 +budget line two here. + +77 +00:06:56,540 --> 00:07:01,360 +The slope remains constant, which means how much + +78 +00:07:01,360 --> 00:07:06,890 +is the slope? How much was the slope before it + +79 +00:07:06,890 --> 00:07:11,230 +changing in the consumer income? At the original + +80 +00:07:11,230 --> 00:07:16,270 +consumer income, how much was the slope? Let us + +81 +00:07:16,270 --> 00:07:24,570 +calculate the slope of budget line 1 equals 20 + +82 +00:07:24,570 --> 00:07:27,590 +over + +83 +00:07:27,590 --> 00:07:32,090 +4, negative slope. + +84 +00:07:34,020 --> 00:07:38,080 +the absolute value equals five. At the minus five, + +85 +00:07:38,140 --> 00:07:42,760 +the absolute value equals five, right? What about + +86 +00:07:42,760 --> 00:07:47,360 +the new slope or the slope for the new budget + +87 +00:07:47,360 --> 00:07:51,020 +line? Budget line two, the slope of the budget + +88 +00:07:51,020 --> 00:07:55,800 +line two equals 10 over two. + +89 +00:07:59,210 --> 00:08:02,410 +Negative slope equals minus five and the absolute + +90 +00:08:02,410 --> 00:08:07,010 +value equals five. Which means that, what does + +91 +00:08:07,010 --> 00:08:14,010 +this mean? This means as the consumer's income + +92 +00:08:14,010 --> 00:08:19,950 +changes or goes down, the budget line shifts left + +93 +00:08:19,950 --> 00:08:26,470 +with the same slope. No changes in the slope of + +94 +00:08:26,470 --> 00:08:29,590 +the budget line due to the change in the consumer + +95 +00:08:29,590 --> 00:08:35,450 +income, right? Then had a negative slope. As I + +96 +00:08:35,450 --> 00:08:38,990 +said, minus five, minus five. You're talking about + +97 +00:08:38,990 --> 00:08:43,010 +the slope of the budget line remains constant at + +98 +00:08:43,010 --> 00:08:48,170 +or when the consumer's income goes down or goes up + +99 +00:08:48,170 --> 00:08:51,730 +as well. Let us assume that the consumer's income + +100 +00:08:51,730 --> 00:08:56,590 +goes up. Changed from 200 to 300. What will + +101 +00:08:56,590 --> 00:09:00,960 +happen? The budget line will shift right. Parallel + +102 +00:09:00,960 --> 00:09:03,600 +to the previous one, the slope remains constant. + +103 +00:09:05,180 --> 00:09:08,140 +All right? So any changes in the consumer income + +104 +00:09:08,140 --> 00:09:11,620 +will not change the slope of the budget line. All + +105 +00:09:11,620 --> 00:09:16,500 +right? But what will happen if the price of eggs + +106 +00:09:16,500 --> 00:09:23,060 +declines? Let us assume that here we have the + +107 +00:09:23,060 --> 00:09:27,580 +original or the initial data, the original data, + +108 +00:09:28,240 --> 00:09:33,930 +and We have derived the budget line, and the + +109 +00:09:33,930 --> 00:09:39,310 +budget line was as follow. Here we have the + +110 +00:09:39,310 --> 00:09:43,470 +original data, the initial data, the consumer's + +111 +00:09:43,470 --> 00:09:48,290 +income equals 100, the price of X 50, the price of + +112 +00:09:48,290 --> 00:09:52,010 +Y is 10. We have derived the budget line. So the + +113 +00:09:52,010 --> 00:09:57,510 +budget line was quantity Y here and quantity X. + +114 +00:09:59,690 --> 00:10:07,930 +Quantity consumed x was four, five. + +115 +00:10:08,250 --> 00:10:13,570 +Okay. Quantity x was four and the quantity y was + +116 +00:10:13,570 --> 00:10:20,370 +twenty units. So five, ten, fifteen, twenty, + +117 +00:10:21,050 --> 00:10:22,030 +twenty-five, + +118 +00:10:25,820 --> 00:10:29,400 +The budget line was, this is the budget line + +119 +00:10:29,400 --> 00:10:38,740 +money. Now, the assumption is the consumer income + +120 +00:10:38,740 --> 00:10:43,380 +remains constant at 100. Here we are talking about + +121 +00:10:43,380 --> 00:10:47,720 +a new situation. A new situation. + +122 +00:10:50,990 --> 00:10:54,730 +The consumer's income remains constant. This is + +123 +00:10:54,730 --> 00:10:59,410 +the old here. The consumer income remains constant + +124 +00:10:59,410 --> 00:11:07,130 +at what? 200. The price of eggs increased. + +125 +00:11:09,350 --> 00:11:14,710 +Price of eggs increased + +126 +00:11:14,710 --> 00:11:18,070 +from 50 to + +127 +00:11:19,640 --> 00:11:25,780 +60. And the price of Y remains constant at 10. + +128 +00:11:26,580 --> 00:11:31,440 +Price of Y remains constant at 10. What will + +129 +00:11:31,440 --> 00:11:36,600 +happen to the budget line? We have to deal with + +130 +00:11:36,600 --> 00:11:42,140 +this case as the previous. So we have to + +131 +00:11:42,140 --> 00:11:45,060 +calculate, we have to deal with it as in a + +132 +00:11:45,060 --> 00:11:48,850 +separate case. So we have to calculate the new + +133 +00:11:48,850 --> 00:11:52,910 +quantity x, new quantity y, and then derive the new + +134 +00:11:52,910 --> 00:11:56,170 +budget line. So let's derive the new budget line. + +135 +00:11:56,450 --> 00:12:00,170 +You're talking about the new budget line. + +136 +00:12:02,890 --> 00:12:09,190 +To derive and draw the new budget line, we have to + +137 +00:12:09,190 --> 00:12:12,210 +calculate the new Qx. You're talking about the + +138 +00:12:12,210 --> 00:12:18,130 +new. And you want to consume them. X equals I over + +139 +00:12:18,130 --> 00:12:21,310 +PX. Here, I'm talking about a new, a new, a new. + +140 +00:12:22,570 --> 00:12:27,970 +All right? So quantity X equals, how much is the + +141 +00:12:27,970 --> 00:12:36,250 +consumer's income? 200. Over $60, the price for + +142 +00:12:36,250 --> 00:12:41,690 +quantity X, how much is it? 3.3. + +143 +00:12:44,470 --> 00:12:47,670 +This is the new quantity of X. What about the new + +144 +00:12:47,670 --> 00:12:50,370 +quantity of Y? So here, it should be here. + +145 +00:12:53,030 --> 00:13:00,290 +The quantity consumed of X, 3.3. What about the quantity + +146 +00:13:00,290 --> 00:13:08,570 +consumed of Y? A new QY, a new, equals income over + +147 +00:13:08,570 --> 00:13:10,790 +the price of Y. You're talking about a new new, + +148 +00:13:11,590 --> 00:13:19,130 +200 over 10 equals 20, which means we still work + +149 +00:13:19,130 --> 00:13:23,430 +at this point here. We have a new budget line. + +150 +00:13:29,090 --> 00:13:30,630 +We have, + +151 +00:13:38,310 --> 00:13:39,250 +what do you see? + +152 +00:13:46,500 --> 00:13:51,100 +inside shifting of + +153 +00:13:51,100 --> 00:13:54,000 +the budget line toward x. + +154 +00:13:56,880 --> 00:14:01,620 +What about this slope here? + +155 +00:14:05,660 --> 00:14:11,180 +Increasing in the price of x. The price of X was + +156 +00:14:11,180 --> 00:14:16,940 +$50, and it has increased to $60, which means that + +157 +00:14:16,940 --> 00:14:22,080 +the price of X becomes more expensive. The + +158 +00:14:22,080 --> 00:14:27,960 +consumer, right? So his ability to buy of X will + +159 +00:14:27,960 --> 00:14:34,600 +go down, which means as the price of X goes up, + +160 +00:14:34,820 --> 00:14:41,090 +the quantity purchased of X goes down. That fits + +161 +00:14:41,090 --> 00:14:44,430 +with the demand theory. Correct? Then how do you? + +162 +00:14:46,390 --> 00:14:48,990 +The quantity consumed if X can't pour, you'll get + +163 +00:14:48,990 --> 00:14:53,750 +3.3 due to the change in price, due to increasing + +164 +00:14:53,750 --> 00:14:59,230 +the price of X. If the price of X goes up, this is + +165 +00:14:59,230 --> 00:15:03,470 +the budget line two here. What about the slope? + +166 +00:15:04,770 --> 00:15:09,650 +The initial slope was Minus five, five absolute + +167 +00:15:09,650 --> 00:15:15,410 +value. The initial slope of budget line one was + +168 +00:15:15,410 --> 00:15:20,270 +five, the absolute value. Minus five, absolute + +169 +00:15:20,270 --> 00:15:25,650 +value equals five. Calculate the new slope of the + +170 +00:15:25,650 --> 00:15:32,050 +budget line. Slope of budget line two equals + +171 +00:15:35,460 --> 00:15:41,300 +20 over 3.3, the absolute value, right? And the 3 + +172 +00:15:41,300 --> 00:15:48,840 +.3. So equals 20 over 3.3 with negative sign, the + +173 +00:15:48,840 --> 00:15:52,380 +absolute value increased or decreased? Increased. + +174 +00:15:52,480 --> 00:15:58,040 +Increased. How much did it become? 6.6. 6.6, like + +175 +00:15:58,040 --> 00:16:02,030 +this? No, 6 percent. 6 percent, okay. This is the + +176 +00:16:02,030 --> 00:16:09,730 +minus in the absolute value of 6.06. So, it is + +177 +00:16:09,730 --> 00:16:11,730 +clear that the slope, the more it increases, the + +178 +00:16:11,730 --> 00:16:18,950 +more it decreases. Right? Correct? Okay? Okay. + +179 +00:16:19,430 --> 00:16:23,030 +What will happen if the price of eggs goes down? + +180 +00:16:24,450 --> 00:16:28,730 +Ceteris Paribus means all other variables remain + +181 +00:16:28,730 --> 00:16:30,690 +constant without changes. + +182 +00:16:33,410 --> 00:16:39,390 +So here let us assume that the consumer's income + +183 +00:16:39,390 --> 00:16:45,710 +remains constant. The price of eggs goes down to + +184 +00:16:45,710 --> 00:16:46,290 +25. + +185 +00:16:51,230 --> 00:16:54,350 +and the price of Y remains constant at 10. What + +186 +00:16:54,350 --> 00:16:56,690 +will happen to the budget line? Here is the + +187 +00:16:56,690 --> 00:16:57,930 +original budget line. + +188 +00:17:03,630 --> 00:17:06,370 +The original budget line here, + +189 +00:17:09,510 --> 00:17:14,190 +QX, QY, here's 4, + +190 +00:17:20,560 --> 00:17:24,720 +And the 20. This is the budget line number one. + +191 +0 + +223 +00:20:21,250 --> 00:20:28,290 +assumption is the price of X has not changed, and + +224 +00:20:28,290 --> 00:20:33,360 +the quantity Y, sorry, the price of Y, increased + +225 +00:20:33,360 --> 00:20:41,860 +from 10 to 20. What will happen? We have a new + +226 +00:20:41,860 --> 00:20:46,620 +situation. This is the original situation. The + +227 +00:20:46,620 --> 00:20:50,580 +budget line here, the quant consumed in the + +228 +00:20:50,580 --> 00:20:52,300 +original situation, budget line one. + +229 +00:20:55,380 --> 00:20:57,840 +The quantity consumed of X equals 4, the quantity + +230 +00:20:57,840 --> 00:21:01,060 +consumed of Y equals 20. Now we have a new + +231 +00:21:01,060 --> 00:21:07,480 +situation, which is I price of X unchanged, and + +232 +00:21:07,480 --> 00:21:11,480 +the price of Y increased to 10. What will happen? + +233 +00:21:11,680 --> 00:21:16,240 +Here we have a new situation. So here we can say + +234 +00:21:16,240 --> 00:21:18,840 +that we have to calculate the new quantity of X + +235 +00:21:18,840 --> 00:21:22,360 +and the new quantity of Y. So the new quantity of + +236 +00:21:22,360 --> 00:21:29,910 +X equals 200, over 50 equals how much? 4. So this + +237 +00:21:29,910 --> 00:21:34,130 +is the new quantity consumed of X. What about Y? + +238 +00:21:34,650 --> 00:21:42,030 +The new quantity of Y, QY equals 200 over 20 + +239 +00:21:42,030 --> 00:21:46,930 +equals 10. So the quantity Y, quantity of X + +240 +00:21:46,930 --> 00:21:50,910 +remains constant at 4, and the quantity Y + +241 +00:21:50,910 --> 00:21:59,840 +decreased to 10. Might be here. So here we have a + +242 +00:21:59,840 --> 00:22:03,920 +new budget line. Budget line 2. + +243 +00:22:07,440 --> 00:22:12,940 +This is the new budget line. What will happen to + +244 +00:22:12,940 --> 00:22:21,620 +this slope here? It was 20 over 4 and 2.5 here, + +245 +00:22:22,060 --> 00:22:28,970 +right? What will happen if the price of X and the + +246 +00:22:28,970 --> 00:22:33,050 +price of Y changed and the consumer's income + +247 +00:22:33,050 --> 00:22:38,530 +remains constant? Any changes in the prices, + +248 +00:22:39,030 --> 00:22:41,870 +either in the prices or the consumer's income, + +249 +00:22:42,190 --> 00:22:46,550 +will make some changes in the budget line, either + +250 +00:22:46,550 --> 00:22:52,700 +the slope or the location of the budget line. All + +251 +00:22:52,700 --> 00:22:56,780 +right? We said, who moves the location? Who makes + +252 +00:22:56,780 --> 00:23:00,160 +the location either to go left side or right side? + +253 +00:23:00,320 --> 00:23:04,560 +The change in the consumer's income, right? But + +254 +00:23:04,560 --> 00:23:07,940 +who affects the slope? The change in income has an + +255 +00:23:07,940 --> 00:23:11,800 +effect on whom? On the location of the budget + +256 +00:23:11,800 --> 00:23:16,580 +line, right? Either right side or left side, + +257 +00:23:16,680 --> 00:23:20,370 +right? But who makes the changes in the slope? The + +258 +00:23:20,370 --> 00:23:23,050 +change in the prices, either for price of X or + +259 +00:23:23,050 --> 00:23:31,210 +price of Y. Sometimes consumers income remains + +260 +00:23:31,210 --> 00:23:35,670 +constant. The price of X, I will assume that the + +261 +00:23:35,670 --> 00:23:40,390 +price of X increases. Price of Y increases as + +262 +00:23:40,390 --> 00:23:43,910 +well. The ability to purchase. + +263 +00:23:47,090 --> 00:23:53,140 +Exactly. Definitely. Here, as a consumer, you + +264 +00:23:53,140 --> 00:23:58,760 +receive the same income, but the prices go up or + +265 +00:23:58,760 --> 00:24:03,400 +went up. Your ability to buy will go down. So the + +266 +00:24:03,400 --> 00:24:10,000 +budget line will shift left or shifts left. Let us + +267 +00:24:10,000 --> 00:24:15,110 +assume here. Here, the original situation, the + +268 +00:24:15,110 --> 00:24:17,950 +consumer's income equals 200, the price of X + +269 +00:24:17,950 --> 00:24:21,070 +equals 50, the price of Y equals 10. Now, + +270 +00:24:21,170 --> 00:24:23,710 +according to our assumption, or we will assume + +271 +00:24:23,710 --> 00:24:28,010 +that the consumer's income remains constant at + +272 +00:24:28,010 --> 00:24:36,770 +200, the price of X goes up or went up to 75. + +273 +00:24:39,920 --> 00:24:48,380 +The price of + +274 +00:24:48,380 --> 00:24:52,060 +X and the price of Y, let us assume it increased + +275 +00:24:52,060 --> 00:24:58,080 +also by 50%. What + +276 +00:24:58,080 --> 00:25:01,760 +will happen to the budget line? We have to + +277 +00:25:01,760 --> 00:25:04,420 +calculate the new quantity X and the new quantity + +278 +00:25:04,420 --> 00:25:10,740 +Y. So, the new quantity X will be Here we are + +279 +00:25:10,740 --> 00:25:13,040 +talking about the new situation. This is the + +280 +00:25:13,040 --> 00:25:13,900 +original here. + +281 +00:25:23,380 --> 00:25:29,660 +The new quantity X equals 200 over 75. How much is + +282 +00:25:29,660 --> 00:25:29,900 +it? + +283 +00:25:43,250 --> 00:25:48,910 +2.6. Well, sorry, this is here a quantity of X 2 + +284 +00:25:48,910 --> 00:25:56,050 +.6. What about the quantity of Y here? 200 over + +285 +00:25:56,050 --> 00:26:07,330 +15. How much is it? 13.3 units. So, this will be + +286 +00:26:07,330 --> 00:26:20,760 +here, 2.6. and 13.3. Who are parallel because the + +287 +00:26:20,760 --> 00:26:27,460 +changes was or were 50%. Parallel. + +288 +00:26:28,780 --> 00:26:38,840 +Increased by 50%. Increased by 50%. Decreasing + +289 +00:26:38,840 --> 00:26:44,050 +in the budget line or the budget line shifts left. + +290 +00:26:44,630 --> 00:26:50,070 +Sometimes, the price of X goes up and the price of + +291 +00:26:50,070 --> 00:26:51,970 +Y goes down. What will happen here? + +292 +00:26:55,650 --> 00:27:00,290 +This is the original situation QX and QY here. + +293 +00:27:01,490 --> 00:27:05,370 +This is the original situation four and twenty. + +294 +00:27:07,760 --> 00:27:12,840 +Let us assume that the price of X increased and + +295 +00:27:12,840 --> 00:27:18,020 +the price of Y goes down or went down. What will + +296 +00:27:18,020 --> 00:27:23,580 +happen? In this case, the quant purchased of X + +297 +00:27:23,580 --> 00:27:27,920 +will go down. As the price of X goes up, the quant + +298 +00:27:27,920 --> 00:27:32,400 +consumed of X go down. So as the price of X goes + +299 +00:27:32,400 --> 00:27:37,200 +up, the quant consumed of X go down or goes down. + +300 +00:27:37,750 --> 00:27:43,350 +What about if the price of Y goes down, or went + +301 +00:27:43,350 --> 00:27:47,950 +down, the quantity of Y increased? So, the + +302 +00:27:47,950 --> 00:27:51,710 +quantity of Y will increase, and the quantity of + +303 +00:27:51,710 --> 00:27:55,590 +X, sorry, the quantity of Y, yes, increased, and + +304 +00:27:55,590 --> 00:28:00,730 +the quantity of X goes down. So, + +305 +00:28:09,950 --> 00:28:13,870 +This depends on the magnitudes of a change in the + +306 +00:28:13,870 --> 00:28:17,150 +prices of X and the prices of Y. All right? + +307 +00:28:21,230 --> 00:28:27,350 +Let's go to the consumer equilibrium. Depends. + +308 +00:28:33,370 --> 00:28:37,370 +So there could be changes like this. It could be + +309 +00:28:37,370 --> 00:28:41,470 +like this. + +310 +00:28:41,470 --> 00:28:46,810 +It could be like this. This means that there is a + +311 +00:28:46,810 --> 00:28:53,330 +decrease by 20% and this decreased by 70%. Right? + +312 +00:28:53,810 --> 00:28:56,510 +The increase could be like this. + +313 +00:29:07,850 --> 00:29:13,330 +Steeper means higher slope. Flatter means lower + +314 +00:29:13,330 --> 00:29:20,310 +slope. Steeper or flatter, let's explain the point + +315 +00:29:20,310 --> 00:29:27,790 +here. Let's explain the point here. Steeper means + +316 +00:29:27,790 --> 00:29:35,460 +this curve has A higher slope, which has a higher + +317 +00:29:35,460 --> 00:29:42,300 +slope, steeper, this or that? Number one or this? + +318 +00:29:50,540 --> 00:29:54,820 +Number one is flatter. Number two is steeper. + +319 +00:29:55,620 --> 00:29:59,960 +Steeper means it has a higher slope. Let's + +320 +00:29:59,960 --> 00:30:03,600 +calculate the slope here. Yeah, of course. Yes, + +321 +00:30:03,620 --> 00:30:11,780 +it's more curved, right? Perfect. PL1 is what? + +322 +00:30:12,120 --> 00:30:12,920 +Flatter. + +323 +00:30:17,440 --> 00:30:20,380 +PL2 is steeper. + +324 +00:30:23,620 --> 00:30:29,280 +Steeper means more curved. Its angle is more. It + +325 +00:30:29,280 --> 00:30:32,940 +has a higher, larger slope. Okay? + +326 +00:30:35,880 --> 00:30:37,780 +Let's go to the budget line formula. + +327 +00:30:49,700 --> 00:30:51,700 +Let's derive the budget line formula. + +328 +00:30:56,320 --> 00:31:01,430 +And then we will go to the consumer equilibrium + +329 +00:31:01,430 --> 00:31:03,590 +using the difference curve in the budget line. + +330 +00:31:16,730 --> 00:31:19,210 +So let's go to the budget line formula. + +331 +00:31:23,850 --> 00:31:24,870 +Budget line, + +332 +00:31:29,910 --> 00:31:32,510 +formula or equation. + +333 +00:31:38,270 --> 00:31:43,190 +As you know that the second condition of the + +334 +00:31:43,190 --> 00:31:47,090 +consumer equilibrium was or the second order + +335 +00:31:47,090 --> 00:31:51,670 +condition was income equals the price of X times + +336 +00:31:51,670 --> 00:31:55,390 +QX plus price of Y times QY. + +337 +00:31:59,120 --> 00:32:05,540 +Do you remember it? Okay. Now if + +338 +00:32:05,540 --> 00:32:16,000 +we have the following budget line, 420 times Y + +339 +00:32:16,000 --> 00:32:20,760 +times X. In the example, the last example that we + +340 +00:32:20,760 --> 00:32:26,280 +took. We assume that the consumer's income was how + +341 +00:32:26,280 --> 00:32:30,560 +much? 200, I think? Price of X was 50. And the + +342 +00:32:30,560 --> 00:32:36,440 +price of Y was how much? 10. The question is, we + +343 +00:32:36,440 --> 00:32:42,820 +know that the consumer can allocate his income to + +344 +00:32:42,820 --> 00:32:48,160 +buy two products, X and Y. And definitely, we know + +345 +00:32:48,160 --> 00:32:53,500 +that if he wants to buy only X, how many units of + +346 +00:32:53,500 --> 00:32:57,780 +X can he buy? Four units. If he wants or tends to + +347 +00:32:57,780 --> 00:33:02,780 +allocate his income to buy only Y, he can buy 20 + +348 +00:33:02,780 --> 00:33:07,380 +units only, all right? But in general, the + +349 +00:33:07,380 --> 00:33:11,860 +consumer will allocate his income to buy different + +350 +00:33:11,860 --> 00:33:17,880 +goods, different products. The question is, if he + +351 +00:33:17,880 --> 00:33:23,560 +decided to buy seven units of X, how many of Y, + +352 +00:33:23,720 --> 00:33:27,740 +how many units of X can he buy? If he tends to buy + +353 +00:33:27,740 --> 00:33:32,760 +five units, three units of X, how many units of Y + +354 +00:33:32,760 --> 00:33:34,840 +can he buy? This is the major question here, + +355 +00:33:35,980 --> 00:33:42,180 +right? To answer this question, we have the budget + +356 +00:33:42,180 --> 00:33:47,550 +line formula. We have the budget line formula. So + +357 +00:33:47,550 --> 00:33:50,910 +to answer this question, we have the budget line + +358 +00:33:50,910 --> 00:33:53,910 +formula. So let's derive the budget line formula. + +359 +00:33:54,470 --> 00:33:55,490 +The budget line formula. + +360 +00:34:01,710 --> 00:34:04,070 +The slope is part of the formula. + +361 +00:34:07,120 --> 00:34:10,780 +But the major or to derive the budget line + +362 +00:34:10,780 --> 00:34:16,160 +formula, we have to derive it from this major + +363 +00:34:16,160 --> 00:34:26,580 +function or main function. We have + +364 +00:34:26,580 --> 00:34:32,700 +the budget line here, Qx. + +365 +00:34:35,520 --> 00:34:40,420 +If you have a Qx that is known, three, how much is + +366 +00:34:40,420 --> 00:34:45,820 +the Qy? So I have to calculate Qy. Okay? We have, + +367 +00:34:46,040 --> 00:34:50,160 +we are going to calculate Qy. So from this + +368 +00:34:50,160 --> 00:34:54,220 +function or this formula, let's say this guy is + +369 +00:34:54,220 --> 00:34:56,900 +alone. I want to get Qy alone. + +370 +00:35:01,120 --> 00:35:08,320 +price of Y times QY equals income minus this part + +371 +00:35:08,320 --> 00:35:13,060 +PX into QX. Right? Right? + +372 +00:35:20,680 --> 00:35:24,460 +So, this is how over PY + +373 +00:35:35,590 --> 00:35:46,190 +this is the + +374 +00:35:46,190 --> 00:35:51,810 +budget line formula this + +375 +00:35:51,810 --> 00:35:56,520 +is the budget line formula Budget line formula. + +376 +00:36:03,020 --> 00:36:08,400 +Now, let's come back quickly to the last example. + +377 +00:36:09,980 --> 00:36:14,340 +The last example, the last example. We assume that + +378 +00:36:14,340 --> 00:36:22,240 +the consumer's income was $200, + +379 +00:36:22,880 --> 00:36:31,350 +price of eggs. was how much? $50 and the price of + +380 +00:36:31,350 --> 00:36:37,670 +wine equals $10. The question is derive the budget + +381 +00:36:37,670 --> 00:36:45,930 +line formula. Derive the budget line formula. + +382 +00:36:49,890 --> 00:36:55,310 +To derive the budget line formula, Before it draws + +383 +00:36:55,310 --> 00:36:59,390 +the budget line, let's draw the budget line. The + +384 +00:36:59,390 --> 00:37:02,530 +question is, derive the budget line, derive and + +385 +00:37:02,530 --> 00:37:04,750 +draw the budget line, number one. Number two, + +386 +00:37:05,090 --> 00:37:09,050 +derive the budget line formula. All right? So, + +387 +00:37:09,170 --> 00:37:12,210 +first, tell me to derive the budget line. Derive + +388 +00:37:12,210 --> 00:37:18,110 +and draw the budget line. Forget the formula. Give + +389 +00:37:18,110 --> 00:37:22,540 +me number two. derived and drew the budget line. + +390 +00:37:22,740 --> 00:37:27,880 +To derive the budget line, budget line QX equals + +391 +00:37:27,880 --> 00:37:31,580 +the consumers income over the price of X equals + +392 +00:37:31,580 --> 00:37:37,880 +200 over 50 equals 4. QY equals income over the + +393 +00:37:37,880 --> 00:37:42,800 +price of Y equals 200 over 10 equals 20. So here + +394 +00:37:42,800 --> 00:37:51,650 +we have QX, QY, and this is here. 4 and the 20. + +395 +00:37:53,190 --> 00:37:56,890 +This is what? This is the budget line. All right? + +396 +00:37:58,130 --> 00:38:02,470 +Number two, derive the budget line formula. + +397 +00:38:05,050 --> 00:38:12,430 +Derive number two here. Derive the + +398 +00:38:12,430 --> 00:38:15,570 +budget line formula. + +399 +00:38:19,340 --> 00:38:23,580 +How can we derive the budget line formula? We have + +400 +00:38:23,580 --> 00:38:25,240 +to write this formula here. + +401 +00:38:32,500 --> 00:38:35,420 +Easier if you write this formula and subtract the + +402 +00:38:35,420 --> 00:38:37,780 +quantity Y from it, right? Because this will be + +403 +00:38:37,780 --> 00:38:39,480 +general. Correct or not? + +404 +00:38:42,580 --> 00:38:46,820 +You got it from QX equals zero. + +405 +00:38:49,660 --> 00:38:54,640 +You have to use this formula. + +406 +00:38:57,780 --> 00:39:06,560 +Quantum Y here equals I over Py minus price of X + +407 +00:39:06,560 --> 00:39:09,700 +over price of Y times QX. + +408 +00:39:13,300 --> 00:39:21,700 +So QY in this case, equals I is how much? 200 over + +409 +00:39:21,700 --> 00:39:28,360 +the price of Y, 10 minus price of X over the price + +410 +00:39:28,360 --> 00:39:37,8 + +445 +00:43:19,760 --> 00:43:30,020 +it? QY. How can we calculate QY? I over Py. Right? + +446 +00:43:31,020 --> 00:43:34,620 +Correct? This is minus PX over Py. + +447 +00:43:43,340 --> 00:43:47,940 +Minus 50 over 10 minus 5, which is the slope of + +448 +00:43:47,940 --> 00:43:53,340 +the budget line, or what delta Qy over delta Qx. + +449 +00:43:54,320 --> 00:43:58,280 +So the slope of the budget line can be calculated + +450 +00:43:58,280 --> 00:44:04,840 +by two ways. Either minus the price of X over + +451 +00:44:04,840 --> 00:44:09,260 +price of Y or change in the quantity of Y over the + +452 +00:44:09,260 --> 00:44:10,420 +change in quantity of X. + +453 +00:44:14,640 --> 00:44:15,200 +Break. + +454 +00:44:17,760 --> 00:44:21,000 +Okay, let's take a break. Let's go to the consumer + +455 +00:44:21,000 --> 00:44:21,560 +equilibrium. + +456 +00:44:24,320 --> 00:44:26,580 +Let's go to the consumer equilibrium. + +457 +00:44:34,740 --> 00:44:42,260 +using the indifference curve theory. As we + +458 +00:44:42,260 --> 00:44:47,880 +mentioned that the consumer can + +459 +00:44:47,880 --> 00:44:53,940 +buy under the limited income and under the + +460 +00:44:53,940 --> 00:44:58,240 +different prices. and any rational consumer will + +461 +00:44:58,240 --> 00:45:02,620 +try to maximize his benefits or his utility when + +462 +00:45:02,620 --> 00:45:06,700 +he consumes different abundance of goods. So let + +463 +00:45:06,700 --> 00:45:11,400 +us have the following graph, X, Y, + +464 +00:45:14,560 --> 00:45:18,800 +and + +465 +00:45:18,800 --> 00:45:21,840 +let us assume that we have the following graph. + +466 +00:45:27,280 --> 00:45:28,680 +IC1, + +467 +00:45:34,220 --> 00:45:41,840 +IC2 and + +468 +00:45:41,840 --> 00:45:43,160 +IC3. + +469 +00:46:06,820 --> 00:46:12,460 +IC1, the total utility in this case, Tu equals 50, + +470 +00:46:14,000 --> 00:46:20,540 +Tu2 equals + +471 +00:46:20,540 --> 00:46:27,380 +100, and Tu3 equals + +472 +00:46:27,380 --> 00:46:31,400 +140. These are assumptions here. + +473 +00:46:38,990 --> 00:46:44,190 +A, B, C, + +474 +00:46:45,650 --> 00:46:53,270 +D Draw + +475 +00:46:53,270 --> 00:46:53,850 +the graph + +476 +00:47:37,460 --> 00:47:45,460 +Let's go, okay. As we said that the consumers, the + +477 +00:47:45,460 --> 00:47:51,440 +budget line represents or shows the ability of the + +478 +00:47:51,440 --> 00:47:55,580 +consumer to buy different bundles of goods, right? + +479 +00:47:56,040 --> 00:48:00,500 +Which means that along this budget line, the + +480 +00:48:00,500 --> 00:48:05,630 +consumer spends all of his income. to buy + +481 +00:48:05,630 --> 00:48:11,150 +different groups of X and Y, all right? Any + +482 +00:48:11,150 --> 00:48:15,710 +rational consumer will try to maximize his utility + +483 +00:48:15,710 --> 00:48:20,470 +or her utility when he or she consumes different + +484 +00:48:20,470 --> 00:48:24,910 +bundles of goods. Now, we have a budget line. + +485 +00:48:25,610 --> 00:48:30,870 +Along this budget line, the consumer buys Or + +486 +00:48:30,870 --> 00:48:36,070 +spends $100. I have an example. And he can buy how + +487 +00:48:36,070 --> 00:48:39,430 +much, how many units? Four and twenty. Alright? + +488 +00:48:41,690 --> 00:48:47,330 +Any point lies along the budget line means that + +489 +00:48:47,330 --> 00:48:51,270 +the consumer spends all of his income. Alright? + +490 +00:48:52,350 --> 00:48:58,220 +Any point. Lies along at or at the budget line + +491 +00:48:58,220 --> 00:49:02,100 +means that the consumer spends all of his income. + +492 +00:49:03,320 --> 00:49:07,740 +Meaning that $100 is equivalent to $200 spent. + +493 +00:49:08,680 --> 00:49:14,900 +Okay? Okay. He has different choices. + +494 +00:49:18,680 --> 00:49:22,560 +The first choice, he can + +495 +00:49:25,630 --> 00:49:30,990 +consume at point A or + +496 +00:49:30,990 --> 00:49:40,870 +B, C or M or at C or at D, B here. صح؟ بيقدر يا + +497 +00:49:40,870 --> 00:49:48,770 +بيشتري عند هان أو هان أو هان أو هان صح؟ He can't + +498 +00:49:48,770 --> 00:49:54,370 +buy. The ability to buy is either at A or B, C or + +499 +00:49:54,370 --> 00:49:59,810 +B or M or N or any point along the budget line, he + +500 +00:49:59,810 --> 00:50:05,090 +can buy it. He has the ability to buy it, right? + +501 +00:50:05,930 --> 00:50:09,130 +But the question is, which is better for the + +502 +00:50:09,130 --> 00:50:14,230 +consumer? Point A or B or C or D? D is + +503 +00:50:14,230 --> 00:50:19,700 +unattainable point. because it needs more money to + +504 +00:50:19,700 --> 00:50:25,100 +get it. Along this, let's do a comparison or + +505 +00:50:25,100 --> 00:50:32,500 +compare point A and B. Which is better for the + +506 +00:50:32,500 --> 00:50:41,480 +consumer? A or B? The same, right? Who said the + +507 +00:50:41,480 --> 00:50:49,470 +same? Do you know why? 100%. At A, he spends $200 + +508 +00:50:49,470 --> 00:50:55,530 +to get utilities, how much? 50, right? Because + +509 +00:50:55,530 --> 00:50:59,490 +this is on the indifference curve. You will give + +510 +00:50:59,490 --> 00:51:06,370 +him 50 utilities. Okay, at B here, how much is he + +511 +00:51:06,370 --> 00:51:10,750 +spending here? How much does he spend? Also $200, + +512 +00:51:11,490 --> 00:51:15,960 +right? How much is the total utility obtained? + +513 +00:51:16,820 --> 00:51:24,900 +Fifty. So for the consumer, point A equals + +514 +00:51:24,900 --> 00:51:31,590 +point B. Because at point A, he will spend How + +515 +00:51:31,590 --> 00:51:37,890 +much? $200 to get utilities, 50. At point B, he + +516 +00:51:37,890 --> 00:51:45,070 +spends the same amount, $200, to get 50 utils. But + +517 +00:51:45,070 --> 00:51:53,830 +what about C? At C here, he spends $200 to get how + +518 +00:51:53,830 --> 00:52:00,800 +much is the utility here? 100. 100. So, so. C is + +519 +00:52:00,800 --> 00:52:06,760 +better than A. All right? And C is better than B. + +520 +00:52:10,920 --> 00:52:17,360 +So C + +521 +00:52:17,360 --> 00:52:24,260 +is better than A than B. What about point D here? + +522 +00:52:33,020 --> 00:52:38,580 +To get the utilities, 140. But under the limited + +523 +00:52:38,580 --> 00:52:44,120 +budget, the limited income, he cannot. How can we + +524 +00:52:44,120 --> 00:52:49,180 +reach it? By increasing income. If the income goes + +525 +00:52:49,180 --> 00:52:53,860 +up, he can go rightward. Or prices go down. Price + +526 +00:52:53,860 --> 00:53:01,360 +of X or price of Y. So let's come back here. So at + +527 +00:53:01,360 --> 00:53:07,480 +point A, at A, the consumer spends how much? The + +528 +00:53:07,480 --> 00:53:10,680 +consumer spends, + +529 +00:53:12,560 --> 00:53:17,400 +let's make it spending will you obtain. Then at A, + +530 +00:53:17,780 --> 00:53:21,000 +here we're talking about the spending, the + +531 +00:53:21,000 --> 00:53:25,780 +consumer spending, spending, the consumer, + +532 +00:53:28,640 --> 00:53:31,800 +spending and utility obtains. + +533 +00:53:37,420 --> 00:53:42,240 +At point A, how much is the consumer spending? + +534 +00:53:43,800 --> 00:53:48,800 +$200. In this + +535 +00:53:48,800 --> 00:54:01,460 +example, + +536 +00:54:01,560 --> 00:54:08,240 +the consumer spends $200 at A, he spends $200 and + +537 +00:54:08,240 --> 00:54:11,460 +gets how much? 50 utils. + +538 +00:54:14,120 --> 00:54:17,260 +the satisfaction or your total utility obtained + +539 +00:54:17,260 --> 00:54:24,340 +equals 50 units at B + +540 +00:54:24,340 --> 00:54:32,080 +here. He spends 200 because this point lies along + +541 +00:54:32,080 --> 00:54:40,620 +the budget line. So he spends 200 point B and gets + +542 +00:54:40,620 --> 00:54:49,110 +how much? Fifty. So point A equals B. So we can + +543 +00:54:49,110 --> 00:54:57,650 +say that A equals B. What about point C? At C, + +544 +00:55:00,950 --> 00:55:08,470 +he spends $200 to get 100 units. + +545 +00:55:11,780 --> 00:55:18,860 +So point C is better than A, C is better than B. + +546 +00:55:21,680 --> 00:55:25,480 +What about point D? + +547 +00:55:29,720 --> 00:55:32,560 +I don't know how much is the spending because he + +548 +00:55:32,560 --> 00:55:37,760 +works under a limited income. But he will try + +549 +00:55:37,760 --> 00:55:39,780 +unattainable point. + +550 +00:55:43,640 --> 00:55:50,440 +attainable point under the limited income. + +551 +00:56:09,330 --> 00:56:15,050 +So the optimal point, the best point for the + +552 +00:56:15,050 --> 00:56:22,410 +consumer, which is? C is the optimal point. So I + +553 +00:56:22,410 --> 00:56:25,970 +advise the consumer to buy at point C. + +554 +00:56:29,370 --> 00:56:31,430 +Consumer equilibrium. + +555 +00:56:38,200 --> 00:56:42,480 +I advise the consumer to buy at point C because + +556 +00:56:42,480 --> 00:56:47,640 +this point confirms the consumer equilibrium or + +557 +00:56:47,640 --> 00:56:52,940 +the maximum utility can be obtained at point C + +558 +00:56:52,940 --> 00:56:55,800 +under the limited budget or the limited income. + +559 +00:56:56,420 --> 00:57:03,480 +All right? So, the optimal point is the point at + +560 +00:57:03,480 --> 00:57:03,980 +which + +561 +00:57:08,190 --> 00:57:12,510 +The budget line, tangent, and difference curve. + +562 +00:57:13,990 --> 00:57:17,610 +Tangent to mass. Mishi cross. Well, I'm sure + +563 +00:57:17,610 --> 00:57:18,610 +you've all experienced this before the exam. + +564 +00:57:22,470 --> 00:57:27,710 +The most efficient point, the point that maximizes + +565 +00:57:27,710 --> 00:57:33,350 +the consumer equilibrium is the point at which the + +566 +00:57:33,350 --> 00:57:35,770 +budget line tangent + +567 +00:57:44,550 --> 00:57:47,770 +Between the budget line and the indifference + +568 +00:57:47,770 --> 00:57:51,510 +curve. Not across, because here we have a cross. + +569 +00:57:53,510 --> 00:57:57,510 +Or at the point where the slope of the budget line + +570 +00:57:57,510 --> 00:58:00,590 +equals the slope of indifference curve. + +571 +00:58:04,630 --> 00:58:08,810 +And at this point, the slope of the budget line + +572 +00:58:08,810 --> 00:58:11,390 +equals the slope of indifference curve. + +573 +00:58:15,250 --> 00:58:19,390 +Once again, + +574 +00:58:19,950 --> 00:58:22,990 +then the consumer equilibrium achieved at the + +575 +00:58:22,990 --> 00:58:29,150 +point at which the slope or at the tangency point + +576 +00:58:29,150 --> 00:58:29,930 +or when + +577 +00:58:33,890 --> 00:58:42,970 +There is a tangency between, + +578 +00:58:42,990 --> 00:58:49,450 +there is a tangency between the + +579 +00:58:49,450 --> 00:58:51,750 +budget line and the indifference curve. + +580 +00:58:55,310 --> 00:59:00,110 +Not across. Not across. + +581 +00:59:10,350 --> 00:59:23,290 +The point where + +582 +00:59:23,290 --> 00:59:27,530 +the slope of the budget line equals the slope of + +583 +00:59:27,530 --> 00:59:33,570 +indifference curve. At this point, At this point + +584 +00:59:33,570 --> 00:59:39,110 +here, at point A, slope mean, slope mean. + +585 +00:59:42,430 --> 00:59:44,770 +Slope of the indifference curve is bigger than the + +586 +00:59:44,770 --> 00:59:46,010 +slope of the budget line. + +587 +00:59:56,160 --> 01:00:02,660 +At point A, which is steeper, which has a larger + +588 +01:00:02,660 --> 01:00:12,920 +slope? The IC or the budget line? The IC. At point + +589 +01:00:12,920 --> 01:00:23,820 +A, the slope of IC, IC is bigger than the slope of + +590 +01:00:23,820 --> 01:00:30,840 +budget line. At B, the slope of the budget line is + +591 +01:00:30,840 --> 01:00:35,900 +bigger than the slope of indifference curve. At + +592 +01:00:35,900 --> 01:00:48,600 +point B, the slope of the budget line is bigger + +593 +01:00:48,600 --> 01:00:57,110 +than the slope of IC. Smooth? What is the point + +594 +01:00:57,110 --> 01:01:00,990 +that only has the slope of indifference curve + +595 +01:01:00,990 --> 01:01:04,410 +equals the slope of the budget line, point C? So + +596 +01:01:04,410 --> 01:01:08,890 +it's the optimal point, the most efficient point. + +597 +01:01:10,250 --> 01:01:15,910 +The point achieves the consumer equilibrium. So at + +598 +01:01:15,910 --> 01:01:16,550 +point C, + +599 +01:01:19,610 --> 01:01:23,370 +slope + +600 +01:01:24,770 --> 01:01:31,850 +of budget line equals the slope of IC, which is + +601 +01:01:31,850 --> 01:01:33,470 +the optimal point. diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/DDSGNADAYVs_postprocess.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/DDSGNADAYVs_postprocess.srt new file mode 100644 index 0000000000000000000000000000000000000000..17c9a6833b8313e8e38164d58f7e7df443433fab --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/DDSGNADAYVs_postprocess.srt @@ -0,0 +1,2404 @@ +1 +00:00:20,210 --> 00:00:24,170 +Okay. Today, inshallah, we are going to complete + +2 +00:00:24,170 --> 00:00:26,830 +our talk about the consumer equilibrium using the + +3 +00:00:26,830 --> 00:00:30,330 +indifference curve theory. In the last two + +4 +00:00:30,330 --> 00:00:36,410 +classes, we said that the indifference curve + +5 +00:00:36,410 --> 00:00:41,790 +represents the consumer willingness to consume + +6 +00:00:41,790 --> 00:00:47,530 +something and explains the total utility obtained + +7 +00:00:47,530 --> 00:00:51,710 +when the consumer consumes different bonded + +8 +00:00:51,710 --> 00:00:58,370 +circuits. So the indifference curve represents the + +9 +00:00:58,370 --> 00:01:04,870 +consumer willingness to consume something. And the + +10 +00:01:04,870 --> 00:01:10,530 +budget line represents the ability to buy + +11 +00:01:10,530 --> 00:01:19,020 +something which can be derived from the consumer + +12 +00:01:19,020 --> 00:01:26,840 +income and the prices of X and Y. All right. In + +13 +00:01:26,840 --> 00:01:30,920 +the last class, we said that if we have or we can + +14 +00:01:30,920 --> 00:01:33,840 +derive the budget line, + +15 +00:01:36,890 --> 00:01:40,690 +from using the income and the prices. So let us + +16 +00:01:40,690 --> 00:01:47,290 +assume that the consumer's income equals $200, and + +17 +00:01:47,290 --> 00:01:54,270 +the price period of X equals $50, and the price + +18 +00:01:54,270 --> 00:02:01,070 +period of Y equals $10 or + +19 +00:02:01,070 --> 00:02:02,310 +$20. Okay. + +20 +00:02:05,670 --> 00:02:09,930 +Now let's derive the budget line. To derive the + +21 +00:02:09,930 --> 00:02:13,610 +budget line, we said that we have to calculate the + +22 +00:02:13,610 --> 00:02:17,890 +quantity consumed of X when we consume zero units + +23 +00:02:17,890 --> 00:02:21,930 +of Y. So the quantity of X equals income over the + +24 +00:02:21,930 --> 00:02:27,310 +price of X. So income here 200 over price of X50 + +25 +00:02:27,310 --> 00:02:33,050 +equals four units. And zero from Y because in this + +26 +00:02:33,050 --> 00:02:38,250 +case the consumer uses his income or her income to + +27 +00:02:38,250 --> 00:02:44,150 +buy only X, right? So, and let's assume that the + +28 +00:02:44,150 --> 00:02:48,570 +consumer will allocate his income to buy only Y. + +29 +00:02:48,650 --> 00:02:53,790 +In this case, the QY equals income over the price + +30 +00:02:53,790 --> 00:03:01,650 +of Y equals 200 over 10 equals 20 units. So, + +31 +00:03:04,510 --> 00:03:08,190 +derive the budget line. To derive the budget line + +32 +00:03:08,190 --> 00:03:08,850 +here, + +33 +00:03:11,390 --> 00:03:18,390 +quantum X and quantum Y. Quantum X, let's assume + +34 +00:03:18,390 --> 00:03:23,870 +two, four, six, one, two, three, four. + +35 +00:03:27,510 --> 00:03:34,000 +One, two, three, four, five, six, seven, and the + +36 +00:03:34,000 --> 00:03:40,380 +quantity consumed of Y, let us assume five, ten, + +37 +00:03:41,520 --> 00:03:49,640 +fifteen, twenty, twenty-five, that's it. The + +38 +00:03:49,640 --> 00:03:53,760 +budget line can be shown or can be derived here at + +39 +00:03:53,760 --> 00:03:59,590 +X, quantity of X equals four, and the quantified + +40 +00:03:59,590 --> 00:04:05,710 +equals 20 units. If we connect these points here, + +41 +00:04:05,830 --> 00:04:08,170 +we will reach to the budget line. + +42 +00:04:11,390 --> 00:04:15,860 +This is the budget line here. We said also that + +43 +00:04:15,860 --> 00:04:21,020 +the budget line is sensitive to the consumer's + +44 +00:04:21,020 --> 00:04:25,360 +income and the change in prices of X and Y, which + +45 +00:04:25,360 --> 00:04:29,120 +means what will happen to the budget line if the + +46 +00:04:29,120 --> 00:04:33,860 +consumer's income goes up or goes down, and what + +47 +00:04:33,860 --> 00:04:37,340 +will happen to the budget line if the price of X + +48 +00:04:37,340 --> 00:04:41,380 +goes up or goes down, if the price of Y changes + +49 +00:04:42,370 --> 00:04:47,850 +went down or increases. So let us assume that the + +50 +00:04:47,850 --> 00:04:53,350 +consumer's income goes up or increased to or + +51 +00:04:53,350 --> 00:04:59,170 +declined to $100. And the price of x, price of y + +52 +00:04:59,170 --> 00:05:02,350 +remains constant. This is the second case here. + +53 +00:05:02,910 --> 00:05:06,770 +Price of x remains constant at 50. Price of y + +54 +00:05:06,770 --> 00:05:09,170 +remains constant at 10. What will happen to the + +55 +00:05:09,170 --> 00:05:14,370 +budget line here? So we have a new case. So the + +56 +00:05:14,370 --> 00:05:17,730 +price, we have to calculate a new x, a new + +57 +00:05:17,730 --> 00:05:20,830 +quantity consumed of x, which equals, here we're + +58 +00:05:20,830 --> 00:05:24,870 +talking about a new. So this is a new here, a new + +59 +00:05:24,870 --> 00:05:29,310 +situation. Income is a new. We have a new income, + +60 +00:05:29,630 --> 00:05:34,790 +a new price of x, and a new price of y. Assuming + +61 +00:05:34,790 --> 00:05:40,900 +no change in the prices. Tamam? So here, quantity + +62 +00:05:40,900 --> 00:05:46,160 +of X in U, the new case, equals I over price of X + +63 +00:05:46,160 --> 00:05:54,860 +in U, in U, which equals 100 over 50 equals two + +64 +00:05:54,860 --> 00:05:57,620 +units. But what about the new quantity consumed of + +65 +00:05:57,620 --> 00:06:00,620 +Y? Equals, here we're talking about the new income + +66 +00:06:00,620 --> 00:06:07,530 +in U over price of X in U, Y in U. How much is it? + +67 +00:06:07,650 --> 00:06:14,670 +100 over 10 equals 10. So let's derive the new + +68 +00:06:14,670 --> 00:06:18,970 +quantum consumed. Sorry, derive the new budget + +69 +00:06:18,970 --> 00:06:24,690 +line. The first case where x here declined to 2 + +70 +00:06:24,690 --> 00:06:27,970 +and the quantum y declined to 10. So let's connect + +71 +00:06:27,970 --> 00:06:32,630 +these points here. We will reach to a new budget + +72 +00:06:32,630 --> 00:06:38,880 +line. Here, we have a new budget line. inside + +73 +00:06:38,880 --> 00:06:42,760 +shifting or leftward shifting in the budget line + +74 +00:06:42,760 --> 00:06:49,020 +due to parallel to the previous one. Parallel to + +75 +00:06:49,020 --> 00:06:52,220 +the previous one, the original. So this is the + +76 +00:06:52,220 --> 00:06:53,400 +budget line two here. + +77 +00:06:56,540 --> 00:07:01,360 +The slope remains constant, which means how much + +78 +00:07:01,360 --> 00:07:06,890 +is the slope How much was the slope before it + +79 +00:07:06,890 --> 00:07:11,230 +changing in the consumer income? At the original + +80 +00:07:11,230 --> 00:07:16,270 +consumer income, how much was the slope? Let us + +81 +00:07:16,270 --> 00:07:24,570 +calculate the slope of budget line 1 equals 20 + +82 +00:07:24,570 --> 00:07:27,590 +over + +83 +00:07:27,590 --> 00:07:32,090 +4, negative slope. + +84 +00:07:34,020 --> 00:07:38,080 +the absolute value equals five. At the minus five, + +85 +00:07:38,140 --> 00:07:42,760 +the absolute value equals five, right? What about + +86 +00:07:42,760 --> 00:07:47,360 +the new slope or the slope for the new budget + +87 +00:07:47,360 --> 00:07:51,020 +line? Budget line two, the slope of the budget + +88 +00:07:51,020 --> 00:07:55,800 +line two equals 10 over two. + +89 +00:07:59,210 --> 00:08:02,410 +Negative slope equals minus five and the absolute + +90 +00:08:02,410 --> 00:08:07,010 +value equals five. Which means that, what does + +91 +00:08:07,010 --> 00:08:14,010 +this mean? This means as the consumer's income + +92 +00:08:14,010 --> 00:08:19,950 +changes or goes down, the budget line shifts left + +93 +00:08:19,950 --> 00:08:26,470 +with the same slope. No changes in the slope of + +94 +00:08:26,470 --> 00:08:29,590 +the budget line due to the change in the consumer + +95 +00:08:29,590 --> 00:08:35,450 +income, right? Then had a negative slope. As I + +96 +00:08:35,450 --> 00:08:38,990 +said, minus five, minus five. You're talking about + +97 +00:08:38,990 --> 00:08:43,010 +the slope of the budget line remains constant at + +98 +00:08:43,010 --> 00:08:48,170 +or when the consumer's income goes down or goes up + +99 +00:08:48,170 --> 00:08:51,730 +as well. Let us assume that the consumer's income + +100 +00:08:51,730 --> 00:08:56,590 +goes up. Changed from 200 to 300. What will + +101 +00:08:56,590 --> 00:09:00,960 +happen? The budget line will shift right. Parallel + +102 +00:09:00,960 --> 00:09:03,600 +to the previous one, the slope remains constant. + +103 +00:09:05,180 --> 00:09:08,140 +All right? So any changes in the consumer income + +104 +00:09:08,140 --> 00:09:11,620 +will not change the slope of the budget line. All + +105 +00:09:11,620 --> 00:09:16,500 +right? But what will happen if the price of eggs + +106 +00:09:16,500 --> 00:09:23,060 +declines? Let us assume that here we have the + +107 +00:09:23,060 --> 00:09:27,580 +original or the initial data, the original data, + +108 +00:09:28,240 --> 00:09:33,930 +and We have derived the budget line, and the + +109 +00:09:33,930 --> 00:09:39,310 +budget line was as follow. Here we have the + +110 +00:09:39,310 --> 00:09:43,470 +original data, the initial data, the consumer's + +111 +00:09:43,470 --> 00:09:48,290 +income equals 100, the price of X 50, the price of + +112 +00:09:48,290 --> 00:09:52,010 +Y is 10. We have derived the budget line. So the + +113 +00:09:52,010 --> 00:09:57,510 +budget line was quantity Y here and quantity X. + +114 +00:09:59,690 --> 00:10:07,930 +quantity consumed x was four, five. + +115 +00:10:08,250 --> 00:10:13,570 +Okay. A quantity x was four and the quantity y was + +116 +00:10:13,570 --> 00:10:20,370 +twenty units. So five, ten, fifteen, twenty, + +117 +00:10:21,050 --> 00:10:22,030 +twenty-five, + +118 +00:10:25,820 --> 00:10:29,400 +The budget line was, this is the budget line + +119 +00:10:29,400 --> 00:10:38,740 +money. Now, the assumption is the consumer income + +120 +00:10:38,740 --> 00:10:43,380 +remains constant at 100. Here we are talking about + +121 +00:10:43,380 --> 00:10:47,720 +a new situation. A new situation. + +122 +00:10:50,990 --> 00:10:54,730 +The consumer's income remains constant. This is + +123 +00:10:54,730 --> 00:10:59,410 +the old here. The consumer income remains constant + +124 +00:10:59,410 --> 00:11:07,130 +at what? 200. The price of eggs increased. + +125 +00:11:09,350 --> 00:11:14,710 +Price of eggs increased + +126 +00:11:14,710 --> 00:11:18,070 +from 50 to + +127 +00:11:19,640 --> 00:11:25,780 +60. And the price of Y remains constant at 10. + +128 +00:11:26,580 --> 00:11:31,440 +Price of Y remains constant at 10. What will + +129 +00:11:31,440 --> 00:11:36,600 +happen to the budget line? We have to deal with + +130 +00:11:36,600 --> 00:11:42,140 +this case as the previous. So we have to + +131 +00:11:42,140 --> 00:11:45,060 +calculate, we have to deal with it as in a + +132 +00:11:45,060 --> 00:11:48,850 +separate case. So we have to calculate the new + +133 +00:11:48,850 --> 00:11:52,910 +quantum x, new quantum y, and then derive the new + +134 +00:11:52,910 --> 00:11:56,170 +budget line. So let's derive the new budget line. + +135 +00:11:56,450 --> 00:12:00,170 +You're talking about the new budget line. + +136 +00:12:02,890 --> 00:12:09,190 +To derive and draw the new budget line, we have to + +137 +00:12:09,190 --> 00:12:12,210 +calculate the new Qx. You're talking about the + +138 +00:12:12,210 --> 00:12:18,130 +new. And you want to consume them. X equals I over + +139 +00:12:18,130 --> 00:12:21,310 +PX. Here, I'm talking about a new, a new, a new. + +140 +00:12:22,570 --> 00:12:27,970 +All right? So quantum X equals, how much is the + +141 +00:12:27,970 --> 00:12:36,250 +consumer's income? 200. Over $60, the price for + +142 +00:12:36,250 --> 00:12:41,690 +quantum X, how much is it? 3.3. + +143 +00:12:44,470 --> 00:12:47,670 +This is the new quant of X. What about the new + +144 +00:12:47,670 --> 00:12:50,370 +quant of Y? So here, it should be here. + +145 +00:12:53,030 --> 00:13:00,290 +The quant consumed of X, 3.3. What about the quant + +146 +00:13:00,290 --> 00:13:08,570 +consumed of Y? A new QY, a new, equals income over + +147 +00:13:08,570 --> 00:13:10,790 +the price of Y. You're talking about a new new, + +148 +00:13:11,590 --> 00:13:19,130 +200 over 10 equals 20, which means we still work + +149 +00:13:19,130 --> 00:13:23,430 +at this point here. We have a new budget line. + +150 +00:13:29,090 --> 00:13:30,630 +We have, + +151 +00:13:38,310 --> 00:13:39,250 +what do you see? + +152 +00:13:46,500 --> 00:13:51,100 +inside shifting of + +153 +00:13:51,100 --> 00:13:54,000 +the budget line toward x. + +154 +00:13:56,880 --> 00:14:01,620 +What about this slope here? + +155 +00:14:05,660 --> 00:14:11,180 +Increasing in the price of x. The price of X was + +156 +00:14:11,180 --> 00:14:16,940 +$50, and it has increased to $60, which means that + +157 +00:14:16,940 --> 00:14:22,080 +the price of X becomes more expensive. The + +158 +00:14:22,080 --> 00:14:27,960 +consumer, right? So his ability to buy of X will + +159 +00:14:27,960 --> 00:14:34,600 +go down, which means as the price of X goes up, + +160 +00:14:34,820 --> 00:14:41,090 +the quantity purchased of X goes down. That fits + +161 +00:14:41,090 --> 00:14:44,430 +with the demand theory. Correct? Then how do you? + +162 +00:14:46,390 --> 00:14:48,990 +The quantity consumed if X can't pour, you'll get + +163 +00:14:48,990 --> 00:14:53,750 +3.3 due to the change in price, due to increasing + +164 +00:14:53,750 --> 00:14:59,230 +the price of X. If the price of X goes up, this is + +165 +00:14:59,230 --> 00:15:03,470 +the budget line two here. What about the slope? + +166 +00:15:04,770 --> 00:15:09,650 +The initial slope was Minus five, five absolute + +167 +00:15:09,650 --> 00:15:15,410 +value. The initial slope of budget line one was + +168 +00:15:15,410 --> 00:15:20,270 +five, the absolute value. Minus five, absolute + +169 +00:15:20,270 --> 00:15:25,650 +value equals five. Calculate the new slope of the + +170 +00:15:25,650 --> 00:15:32,050 +budget line. Slope of budget line two equals + +171 +00:15:35,460 --> 00:15:41,300 +20 over 3.3, the absolute value, right? And the 3 + +172 +00:15:41,300 --> 00:15:48,840 +.3. So equals 20 over 3.3 with negative sign, the + +173 +00:15:48,840 --> 00:15:52,380 +absolute value increased or decreased? Increased. + +174 +00:15:52,480 --> 00:15:58,040 +Increased. How much did it become? 6.6. 6.6, like + +175 +00:15:58,040 --> 00:16:02,030 +this? No, 6 percent. 6 percent, okay.This is the + +176 +00:16:02,030 --> 00:16:09,730 +minus in the absolute value of 6.06. So, it is + +177 +00:16:09,730 --> 00:16:11,730 +clear that the slope, the more it increases, the + +178 +00:16:11,730 --> 00:16:18,950 +more it decreases. Right? Correct? Okay? Okay. + +179 +00:16:19,430 --> 00:16:23,030 +What will happen if the price of eggs goes down? + +180 +00:16:24,450 --> 00:16:28,730 +Ceteris Paribus means all other variables remain + +181 +00:16:28,730 --> 00:16:30,690 +constant without changes. + +182 +00:16:33,410 --> 00:16:39,390 +So here let us assume that the consumer's income + +183 +00:16:39,390 --> 00:16:45,710 +remains constant. The price of eggs goes down to + +184 +00:16:45,710 --> 00:16:46,290 +25. + +185 +00:16:51,230 --> 00:16:54,350 +and the price of Y remains constant at 10. What + +186 +00:16:54,350 --> 00:16:56,690 +will happen to the budget line? Here is the + +187 +00:16:56,690 --> 00:16:57,930 +original budget line. + +188 +00:17:03,630 --> 00:17:06,370 +The original budget line here, + +189 +00:17:09,510 --> 00:17:14,190 +QX, QY, here's 4, + +190 +00:17:20,560 --> 00:17:24,720 +And the 20. This is the budget line number one. + +191 +00:17:25,660 --> 00:17:29,180 +The original budget line. Here according to our + +192 +00:17:29,180 --> 00:17:35,020 +assumption is or that the consumer's income + +193 +00:17:35,020 --> 00:17:40,280 +remains constant, fixed. The price of X has + +194 +00:17:40,280 --> 00:17:45,680 +declined to 25 and the price of Y remains constant + +195 +00:17:45,680 --> 00:17:48,830 +at 10. The question, what will happen to the + +196 +00:17:48,830 --> 00:17:53,090 +budget line? As the price of eggs goes down, as + +197 +00:17:53,090 --> 00:17:58,750 +the price of eggs goes down from 50 to 25, what + +198 +00:17:58,750 --> 00:18:01,750 +will happen to the budget line? As the price of + +199 +00:18:01,750 --> 00:18:06,710 +eggs goes down, what will happen? The quantity + +200 +00:18:06,710 --> 00:18:12,270 +consumed of eggs will go up, which means that we + +201 +00:18:12,270 --> 00:18:17,630 +will be able to buy more eggs. What about Y? And + +202 +00:18:17,630 --> 00:18:21,010 +it changed because the price of Y remains + +203 +00:18:21,010 --> 00:18:27,690 +constant, right? So here, the new quant of X, the + +204 +00:18:27,690 --> 00:18:31,030 +new. Here we are talking about a new situation. + +205 +00:18:31,390 --> 00:18:35,730 +Quant of X equals 200 over the price of X, 25 + +206 +00:18:35,730 --> 00:18:41,610 +equals how much? Eight. Quant of Y, the new. + +207 +00:18:42,440 --> 00:18:48,520 +equals 200 over 10 equals 20. So we have a new + +208 +00:18:48,520 --> 00:18:57,380 +budget line with increasing in the quantity X. The + +209 +00:18:57,380 --> 00:19:01,480 +new quantity X equals 8 and the quantity Y equals + +210 +00:19:01,480 --> 00:19:09,750 +20, the same amount. All right? So, here we have + +211 +00:19:09,750 --> 00:19:13,690 +rightward shifting movement of the budget line + +212 +00:19:13,690 --> 00:19:20,670 +toward X, outside toward X. All right? What will + +213 +00:19:20,670 --> 00:19:25,790 +happen if the price of Y changes and citrus + +214 +00:19:25,790 --> 00:19:31,810 +permits? Which means, what will happen to the + +215 +00:19:31,810 --> 00:19:36,120 +slope here? decline, because here the original + +216 +00:19:36,120 --> 00:19:43,780 +slope equals 20 over 4, 5, the absolute value. A + +217 +00:19:43,780 --> 00:19:47,460 +movement of the budget line, this is budget line 2 + +218 +00:19:47,460 --> 00:19:59,140 +here, the slope will be 20 over 8. Exactly, 2.5. + +219 +00:19:59,880 --> 00:20:02,960 +What will happen if the price of Y + +220 +00:20:07,390 --> 00:20:11,530 +What will happen here if the price of Y, the + +221 +00:20:11,530 --> 00:20:16,110 +consumer's income remains constant at 200, and the + +222 +00:20:16,110 --> 00:20:21,250 +price of X remains constant at 50. So here the + +223 +00:20:21,250 --> 00:20:28,290 +assumption is the price of X has not changed, and + +224 +00:20:28,290 --> 00:20:33,360 +the quantity Y, sorry, the price of Y, increased + +225 +00:20:33,360 --> 00:20:41,860 +from 10 to 20. What will happen? We have a new + +226 +00:20:41,860 --> 00:20:46,620 +situation. This is the original situation. The + +227 +00:20:46,620 --> 00:20:50,580 +budget line here, the quant consumed in the + +228 +00:20:50,580 --> 00:20:52,300 +original situation, budget line one. + +229 +00:20:55,380 --> 00:20:57,840 +The quantity consumed of X equals 4, the quantity + +230 +00:20:57,840 --> 00:21:01,060 +consumed of Y equals 20. Now we have a new + +231 +00:21:01,060 --> 00:21:07,480 +situation, which is I price of X unchanged, and + +232 +00:21:07,480 --> 00:21:11,480 +the price of Y increased to 10. What will happen? + +233 +00:21:11,680 --> 00:21:16,240 +Here we have a new situation. So here we can say + +234 +00:21:16,240 --> 00:21:18,840 +that we have to calculate the new quantity of X + +235 +00:21:18,840 --> 00:21:22,360 +and the new quantity of Y. So the new quantity of + +236 +00:21:22,360 --> 00:21:29,910 +X equals 200, over 50 equals how much? 4. So this + +237 +00:21:29,910 --> 00:21:34,130 +is the new quantity consumed of X. What about Y? + +238 +00:21:34,650 --> 00:21:42,030 +The new quantity of Y, QY equals 200 over 20 + +239 +00:21:42,030 --> 00:21:46,930 +equals 10. So the quantity Y, quantity of X + +240 +00:21:46,930 --> 00:21:50,910 +remains constant at 4, and the quantity Y + +241 +00:21:50,910 --> 00:21:59,840 +decreased to 10. Might be here. So here we have a + +242 +00:21:59,840 --> 00:22:03,920 +new budget line. Budget line 2. + +243 +00:22:07,440 --> 00:22:12,940 +This is the new budget line. What will happen to + +244 +00:22:12,940 --> 00:22:21,620 +this slope here? It was 20 over 4 and 2.5 here, + +245 +00:22:22,060 --> 00:22:28,970 +right? What will happen if the price of X and the + +246 +00:22:28,970 --> 00:22:33,050 +price of Y changed and the consumer's income + +247 +00:22:33,050 --> 00:22:38,530 +remains constant? Any changes in the prices, + +248 +00:22:39,030 --> 00:22:41,870 +either in the prices or the consumer's income, + +249 +00:22:42,190 --> 00:22:46,550 +will make some changes in the budget line, either + +250 +00:22:46,550 --> 00:22:52,700 +the slope or the location of the budget line. All + +251 +00:22:52,700 --> 00:22:56,780 +right? We said, who moves the location? Who makes + +252 +00:22:56,780 --> 00:23:00,160 +the location either to go left side or right side? + +253 +00:23:00,320 --> 00:23:04,560 +The change in the consumer's income, right? But + +254 +00:23:04,560 --> 00:23:07,940 +who affects the slope? The change in income has an + +255 +00:23:07,940 --> 00:23:11,800 +effect on whom? On the location of the budget + +256 +00:23:11,800 --> 00:23:16,580 +line, right? Either right side or left side, + +257 +00:23:16,680 --> 00:23:20,370 +right? But who makes the changes in the slope? The + +258 +00:23:20,370 --> 00:23:23,050 +change in the prices, either for price of X or + +259 +00:23:23,050 --> 00:23:31,210 +price of Y. Sometimes consumers income remains + +260 +00:23:31,210 --> 00:23:35,670 +constant. The price of X, I will assume that the + +261 +00:23:35,670 --> 00:23:40,390 +price of X increases. Price of Y increases as + +262 +00:23:40,390 --> 00:23:43,910 +well. The ability to purchase. + +263 +00:23:47,090 --> 00:23:53,140 +Exactly. Definitely. Here, as a consumer, you + +264 +00:23:53,140 --> 00:23:58,760 +receive the same income, but the prices go up or + +265 +00:23:58,760 --> 00:24:03,400 +went up. Your ability to buy will go down. So the + +266 +00:24:03,400 --> 00:24:10,000 +budget line will shift left or shifts left. Let us + +267 +00:24:10,000 --> 00:24:15,110 +assume here. Here, the original situation, the + +268 +00:24:15,110 --> 00:24:17,950 +consumer's income equals 200, the price of X + +269 +00:24:17,950 --> 00:24:21,070 +equals 50, the price of Y equals 10. Now, + +270 +00:24:21,170 --> 00:24:23,710 +according to our assumption, or we will assume + +271 +00:24:23,710 --> 00:24:28,010 +that the consumer's income remains constant at + +272 +00:24:28,010 --> 00:24:36,770 +200, the price of X goes up or went up to 75. + +273 +00:24:39,920 --> 00:24:48,380 +The price of + +274 +00:24:48,380 --> 00:24:52,060 +X and the price of Y, let us assume it increased + +275 +00:24:52,060 --> 00:24:58,080 +also by 50%. What + +276 +00:24:58,080 --> 00:25:01,760 +will happen to the budget line? We have to + +277 +00:25:01,760 --> 00:25:04,420 +calculate the new quantity X and the new quantity + +278 +00:25:04,420 --> 00:25:10,740 +Y. So, the new quantity X will be Here we are + +279 +00:25:10,740 --> 00:25:13,040 +talking about the new situation. This is the + +280 +00:25:13,040 --> 00:25:13,900 +original here. + +281 +00:25:23,380 --> 00:25:29,660 +The new quantity X equals 200 over 75. How much is + +282 +00:25:29,660 --> 00:25:29,900 +it? + +283 +00:25:43,250 --> 00:25:48,910 +2.6. Well, sorry, this is here a quantity of X 2 + +284 +00:25:48,910 --> 00:25:56,050 +.6. What about the quantity of Y here? 200 over + +285 +00:25:56,050 --> 00:26:07,330 +15. How much is it? 13.3 units. So, this will be + +286 +00:26:07,330 --> 00:26:20,760 +here, 2.6. and 13.3. Who are parallel because the + +287 +00:26:20,760 --> 00:26:27,460 +changes was or were 50%. Parallel. + +288 +00:26:28,780 --> 00:26:38,840 +Increased by 50%. Increased by 50%. Decreasing + +289 +00:26:38,840 --> 00:26:44,050 +in the budget line or the budget line shifts left. + +290 +00:26:44,630 --> 00:26:50,070 +Sometimes, the price of X goes up and the price of + +291 +00:26:50,070 --> 00:26:51,970 +Y goes down. What will happen here? + +292 +00:26:55,650 --> 00:27:00,290 +This is the original situation QX and QY here. + +293 +00:27:01,490 --> 00:27:05,370 +This is the original situation four and twenty. + +294 +00:27:07,760 --> 00:27:12,840 +Let us assume that the price of X increased and + +295 +00:27:12,840 --> 00:27:18,020 +the price of Y goes down or went down. What will + +296 +00:27:18,020 --> 00:27:23,580 +happen? In this case, the quant purchased of X + +297 +00:27:23,580 --> 00:27:27,920 +will go down. As the price of X goes up, the quant + +298 +00:27:27,920 --> 00:27:32,400 +consumed of X go down. So as the price of X goes + +299 +00:27:32,400 --> 00:27:37,200 +up, the quant consumed of X go down or goes down. + +300 +00:27:37,750 --> 00:27:43,350 +What about if the price of Y goes down, or went + +301 +00:27:43,350 --> 00:27:47,950 +down, the quantity of Y increased? So, the + +302 +00:27:47,950 --> 00:27:51,710 +quantity of Y will increase, and the quantity of + +303 +00:27:51,710 --> 00:27:55,590 +X, sorry, the quantity of Y, yes, increased, and + +304 +00:27:55,590 --> 00:28:00,730 +the quantity of X goes down. So, + +305 +00:28:09,950 --> 00:28:13,870 +This depends on the magnitudes of a change in the + +306 +00:28:13,870 --> 00:28:17,150 +prices of X and the prices of Y. All right? + +307 +00:28:21,230 --> 00:28:27,350 +Let's go to the consumer equilibrium. Depends. + +308 +00:28:33,370 --> 00:28:37,370 +So there could be changes like this. It could be + +309 +00:28:37,370 --> 00:28:41,470 +like this. + +310 +00:28:41,470 --> 00:28:46,810 +It could be like this. This means that there is a + +311 +00:28:46,810 --> 00:28:53,330 +decrease by 20% and this decreased by 70%. Right? + +312 +00:28:53,810 --> 00:28:56,510 +The increase could be like this. + +313 +00:29:07,850 --> 00:29:13,330 +Steeper means higher slope. Flatter means lower + +314 +00:29:13,330 --> 00:29:20,310 +slope. Steeper or flatter, let's explain the point + +315 +00:29:20,310 --> 00:29:27,790 +here. Let's explain the point here. Steeper means + +316 +00:29:27,790 --> 00:29:35,460 +this curve has A higher slope, which has a higher + +317 +00:29:35,460 --> 00:29:42,300 +slope, steeper, this or that? Number one or this? + +318 +00:29:50,540 --> 00:29:54,820 +Number one is flatter. Number two is steeper. + +319 +00:29:55,620 --> 00:29:59,960 +Steeper means it has a higher slope. Let's + +320 +00:29:59,960 --> 00:30:03,600 +calculate the slope here. Yeah, of course. Yes, + +321 +00:30:03,620 --> 00:30:11,780 +it's more curved, right? Perfect. PL1 is what? + +322 +00:30:12,120 --> 00:30:12,920 +Flatter. + +323 +00:30:17,440 --> 00:30:20,380 +PL2 is steeper. + +324 +00:30:23,620 --> 00:30:29,280 +Steeper means more curved. Its angle is more. It + +325 +00:30:29,280 --> 00:30:32,940 +has a higher, larger slope. Okay? + +326 +00:30:35,880 --> 00:30:37,780 +Let's go to the budget line formula. + +327 +00:30:49,700 --> 00:30:51,700 +Let's derive the budget line formula. + +328 +00:30:56,320 --> 00:31:01,430 +And then we will go to the consumer equilibrium + +329 +00:31:01,430 --> 00:31:03,590 +using the difference curve in the budget line. + +330 +00:31:16,730 --> 00:31:19,210 +So let's go to the budget line formula. + +331 +00:31:23,850 --> 00:31:24,870 +Budget line, + +332 +00:31:29,910 --> 00:31:32,510 +formula or equation. + +333 +00:31:38,270 --> 00:31:43,190 +As you know that the second condition of the + +334 +00:31:43,190 --> 00:31:47,090 +consumer equilibrium was or the second order + +335 +00:31:47,090 --> 00:31:51,670 +condition was income equals the price of X times + +336 +00:31:51,670 --> 00:31:55,390 +QX plus price of Y times QY. + +337 +00:31:59,120 --> 00:32:05,540 +Do you remember it? Okay. Now if + +338 +00:32:05,540 --> 00:32:16,000 +we have the following budget line, 420 times Y + +339 +00:32:16,000 --> 00:32:20,760 +times X. In the example, the last example that we + +340 +00:32:20,760 --> 00:32:26,280 +took. We assume that the consumer's income was how + +341 +00:32:26,280 --> 00:32:30,560 +much? 200, I think? Price of X was 50. And the + +342 +00:32:30,560 --> 00:32:36,440 +price of Y was how much? 10. The question is, we + +343 +00:32:36,440 --> 00:32:42,820 +know that the consumer can allocate his income to + +344 +00:32:42,820 --> 00:32:48,160 +buy two products, X and Y. And definitely, we know + +345 +00:32:48,160 --> 00:32:53,500 +that if he wants to buy only X, how many units of + +346 +00:32:53,500 --> 00:32:57,780 +X can he buy? Four units. If he wants or tends to + +347 +00:32:57,780 --> 00:33:02,780 +allocate his income to buy only Y, he can buy 20 + +348 +00:33:02,780 --> 00:33:07,380 +units only, all right? But in general, the + +349 +00:33:07,380 --> 00:33:11,860 +consumer will allocate his income to buy different + +350 +00:33:11,860 --> 00:33:17,880 +goods, different products. The question is, if he + +351 +00:33:17,880 --> 00:33:23,560 +decided to buy seven units of X, how many of Y, + +352 +00:33:23,720 --> 00:33:27,740 +how many units of X can he buy? If he tends to buy + +353 +00:33:27,740 --> 00:33:32,760 +five units, three units of X, how many units of Y + +354 +00:33:32,760 --> 00:33:34,840 +can he buy? This is the major question here, + +355 +00:33:35,980 --> 00:33:42,180 +right? To answer this question, we have the budget + +356 +00:33:42,180 --> 00:33:47,550 +line formula. We have the budget line formula. So + +357 +00:33:47,550 --> 00:33:50,910 +to answer this question, we have the budget line + +358 +00:33:50,910 --> 00:33:53,910 +formula. So let's derive the budget line formula. + +359 +00:33:54,470 --> 00:33:55,490 +The budget line formula. + +360 +00:34:01,710 --> 00:34:04,070 +The slope is part of the formula. + +361 +00:34:07,120 --> 00:34:10,780 +But the major or to derive the budget line + +362 +00:34:10,780 --> 00:34:16,160 +formula, we have to derive it from this major + +363 +00:34:16,160 --> 00:34:26,580 +function or main function. We have + +364 +00:34:26,580 --> 00:34:32,700 +the budget line here, Qx. + +365 +00:34:35,520 --> 00:34:40,420 +If you have a Qx that is known, three, how much is + +366 +00:34:40,420 --> 00:34:45,820 +the Qy? So I have to calculate Qy. Okay? We have, + +367 +00:34:46,040 --> 00:34:50,160 +we are going to calculate Qy. So from this + +368 +00:34:50,160 --> 00:34:54,220 +function or this formula, let's say this guy is + +369 +00:34:54,220 --> 00:34:56,900 +alone. I want to get Qy alone. + +370 +00:35:01,120 --> 00:35:08,320 +price of Y times QY equals income minus this part + +371 +00:35:08,320 --> 00:35:13,060 +PX into QX. Right? Right? + +372 +00:35:20,680 --> 00:35:24,460 +So, this is how over PY + +373 +00:35:35,590 --> 00:35:46,190 +this is the + +374 +00:35:46,190 --> 00:35:51,810 +budget line formula this + +375 +00:35:51,810 --> 00:35:56,520 +is the budget line formula Budget line formula. + +376 +00:36:03,020 --> 00:36:08,400 +Now, let's come back quickly to the last example. + +377 +00:36:09,980 --> 00:36:14,340 +The last example, the last example. We assume that + +378 +00:36:14,340 --> 00:36:22,240 +the consumer's income was $200, + +379 +00:36:22,880 --> 00:36:31,350 +price of eggs. was how much? $50 and the price of + +380 +00:36:31,350 --> 00:36:37,670 +wine equals $10. The question is derive the budget + +381 +00:36:37,670 --> 00:36:45,930 +line formula. Derive the budget line formula. + +382 +00:36:49,890 --> 00:36:55,310 +To derive the budget line formula, Before it draws + +383 +00:36:55,310 --> 00:36:59,390 +the budget line, let's draw the budget line. The + +384 +00:36:59,390 --> 00:37:02,530 +question is, derive the budget line, derive and + +385 +00:37:02,530 --> 00:37:04,750 +draw the budget line, number one. Number two, + +386 +00:37:05,090 --> 00:37:09,050 +derive the budget line formula. All right? So, + +387 +00:37:09,170 --> 00:37:12,210 +first, tell me to derive the budget line. Derive + +388 +00:37:12,210 --> 00:37:18,110 +and draw the budget line. Forget the formula. Give + +389 +00:37:18,110 --> 00:37:22,540 +me number two. derived and drew the budget line. + +390 +00:37:22,740 --> 00:37:27,880 +To derive the budget line, budget line QX equals + +391 +00:37:27,880 --> 00:37:31,580 +the consumers income over the price of X equals + +392 +00:37:31,580 --> 00:37:37,880 +200 over 50 equals 4. QY equals income over the + +393 +00:37:37,880 --> 00:37:42,800 +price of Y equals 200 over 10 equals 20. So here + +394 +00:37:42,800 --> 00:37:51,650 +we have QX, QY, and this is here. 4 and the 20. + +395 +00:37:53,190 --> 00:37:56,890 +This is what? This is the budget line. All right? + +396 +00:37:58,130 --> 00:38:02,470 +Number two, derive the budget line formula. + +397 +00:38:05,050 --> 00:38:12,430 +Derive number two here. Derive the + +398 +00:38:12,430 --> 00:38:15,570 +budget line formula. + +399 +00:38:19,340 --> 00:38:23,580 +How can we derive the budget line formula? We have + +400 +00:38:23,580 --> 00:38:25,240 +to write this formula here. + +401 +00:38:32,500 --> 00:38:35,420 +Easier if you write this formula and subtract the + +402 +00:38:35,420 --> 00:38:37,780 +quantity Y from it, right? Because this will be + +403 +00:38:37,780 --> 00:38:39,480 +general. Correct or not? + +404 +00:38:42,580 --> 00:38:46,820 +You got it from QX equals zero. + +405 +00:38:49,660 --> 00:38:54,640 +You have to use this formula. + +406 +00:38:57,780 --> 00:39:06,560 +Quantum Y here equals I over Py minus price of X + +407 +00:39:06,560 --> 00:39:09,700 +over price of Y times QX. + +408 +00:39:13,300 --> 00:39:21,700 +So QY in this case, equals I is how much? 200 over + +409 +00:39:21,700 --> 00:39:28,360 +the price of Y, 10 minus price of X over the price + +410 +00:39:28,360 --> 00:39:37,880 +of Y, 50 over 10 times QX. So, QY equals 20 minus + +411 +00:39:37,880 --> 00:39:42,060 +5QX. This is the budget line formula. + +412 +00:39:52,050 --> 00:39:58,210 +which helps us to calculate the quantity of Y when + +413 +00:39:58,210 --> 00:39:59,870 +the quantity of X is known. + +414 +00:40:02,690 --> 00:40:06,610 +Here, if the quantity of X equals three, how much + +415 +00:40:06,610 --> 00:40:07,530 +is the quantity of Y? + +416 +00:40:11,050 --> 00:40:13,930 +You have to, we have to use the formula here. So + +417 +00:40:13,930 --> 00:40:18,030 +the question is number three, this is number two, + +418 +00:40:18,430 --> 00:40:23,710 +number three. If the quantity of Y of X equals + +419 +00:40:23,710 --> 00:40:30,410 +three units, how much calculate the quantity of Y? + +420 +00:40:34,640 --> 00:40:37,800 +Which means if the consumer decided to buy three + +421 +00:40:37,800 --> 00:40:44,040 +units of X, how many units of Y can he buy? So QY + +422 +00:40:44,040 --> 00:40:52,400 +equals 20 minus 5 times the quantity of X at 3. So + +423 +00:40:52,400 --> 00:40:57,000 +quantity of Y equals 20 minus 15 equals 5. + +424 +00:41:04,520 --> 00:41:09,820 +How much will he buy? He will buy me, right? He + +425 +00:41:09,820 --> 00:41:14,500 +will buy 10. But if he wants to buy 4, how much + +426 +00:41:14,500 --> 00:41:21,260 +will he buy? Zero. Try it. Try it. Try it. If the + +427 +00:41:21,260 --> 00:41:24,720 +consumer tends to buy four units of X, how many + +428 +00:41:24,720 --> 00:41:28,560 +units of Y he will buy? Zero. Twenty minus one. + +429 +00:41:28,660 --> 00:41:32,320 +Zero. That's it. So the formula helps us to + +430 +00:41:32,320 --> 00:41:38,400 +calculate quantity of Y when we know the amount of + +431 +00:41:38,400 --> 00:41:45,440 +Y. And vice versa. We can if we have the value of + +432 +00:41:45,440 --> 00:41:50,420 +x of y, 10. How many units of x? We can calculate + +433 +00:41:50,420 --> 00:41:55,820 +it as well. What do + +434 +00:41:55,820 --> 00:41:57,540 +you see in the formula here? + +435 +00:42:00,420 --> 00:42:04,380 +20 is + +436 +00:42:04,380 --> 00:42:05,420 +the intercept. + +437 +00:42:20,140 --> 00:42:28,300 +Let's assume that the + +438 +00:42:28,300 --> 00:42:29,280 +budget line + +439 +00:42:37,960 --> 00:42:46,360 +Quant Y, Quant X, and I gave you 7 and 21. + +440 +00:42:49,200 --> 00:42:52,420 +I told you to derive the budget line formula. You + +441 +00:42:52,420 --> 00:42:56,440 +will say that QY equals + +442 +00:42:56,440 --> 00:43:07,440 +21 minus slope 21 over 7, over 7 which is 3. + +443 +00:43:08,640 --> 00:43:10,000 +Quantum X. That's it. + +444 +00:43:13,780 --> 00:43:19,760 +The formula here is like this. I over Py. What is + +445 +00:43:19,760 --> 00:43:30,020 +it? QY. How can we calculate QY? I over Py. Right? + +446 +00:43:31,020 --> 00:43:34,620 +Correct? This is minus PX over Py. + +447 +00:43:43,340 --> 00:43:47,940 +Minus 50 over 10 minus 5, which is the slope of + +448 +00:43:47,940 --> 00:43:53,340 +the budget line, or what delta Qy over delta Qx. + +449 +00:43:54,320 --> 00:43:58,280 +So the slope of the budget line can be calculated + +450 +00:43:58,280 --> 00:44:04,840 +by two ways. Either minus the price of X over + +451 +00:44:04,840 --> 00:44:09,260 +price of Y or change in the quantity of Y over the + +452 +00:44:09,260 --> 00:44:10,420 +change in quantity of X. + +453 +00:44:14,640 --> 00:44:15,200 +Break. + +454 +00:44:17,760 --> 00:44:21,000 +Okay, let's take a break. Let's go to the consumer + +455 +00:44:21,000 --> 00:44:21,560 +equilibrium. + +456 +00:44:24,320 --> 00:44:26,580 +Let's go to the consumer equilibrium. + +457 +00:44:34,740 --> 00:44:42,260 +using the indifference curve theory. As we + +458 +00:44:42,260 --> 00:44:47,880 +mentioned that the consumer can + +459 +00:44:47,880 --> 00:44:53,940 +buy under the limited income and under the + +460 +00:44:53,940 --> 00:44:58,240 +different prices. and any rational consumer will + +461 +00:44:58,240 --> 00:45:02,620 +try to maximize his benefits or his utility when + +462 +00:45:02,620 --> 00:45:06,700 +he consumes different abundance of goods. So let + +463 +00:45:06,700 --> 00:45:11,400 +us have the following graph, X, Y, + +464 +00:45:14,560 --> 00:45:18,800 +and + +465 +00:45:18,800 --> 00:45:21,840 +let us assume that we have the following graph. + +466 +00:45:27,280 --> 00:45:28,680 +IC1, + +467 +00:45:34,220 --> 00:45:41,840 +IC2 and + +468 +00:45:41,840 --> 00:45:43,160 +IC3. + +469 +00:46:06,820 --> 00:46:12,460 +IC1, the total utility in this case, Tu equals 50, + +470 +00:46:14,000 --> 00:46:20,540 +Tu2 equals + +471 +00:46:20,540 --> 00:46:27,380 +100, and Tu3 equals + +472 +00:46:27,380 --> 00:46:31,400 +140. These are assumptions here. + +473 +00:46:38,990 --> 00:46:44,190 +A, B, C, + +474 +00:46:45,650 --> 00:46:53,270 +D Draw + +475 +00:46:53,270 --> 00:46:53,850 +the graph + +476 +00:47:37,460 --> 00:47:45,460 +Let's go, okay. As we said that the consumers, the + +477 +00:47:45,460 --> 00:47:51,440 +budget line represents or shows the ability of the + +478 +00:47:51,440 --> 00:47:55,580 +consumer to buy different bundles of goods, right? + +479 +00:47:56,040 --> 00:48:00,500 +Which means that along this budget line, the + +480 +00:48:00,500 --> 00:48:05,630 +consumer spends all of his income. to buy + +481 +00:48:05,630 --> 00:48:11,150 +different groups of X and Y, all right? Any + +482 +00:48:11,150 --> 00:48:15,710 +rational consumer will try to maximize his utility + +483 +00:48:15,710 --> 00:48:20,470 +or her utility when he or she consumes different + +484 +00:48:20,470 --> 00:48:24,910 +bundles of goods. Now, we have a budget line. + +485 +00:48:25,610 --> 00:48:30,870 +Along this budget line, the consumer buys Or + +486 +00:48:30,870 --> 00:48:36,070 +spends $100. I have an example. And he can buy how + +487 +00:48:36,070 --> 00:48:39,430 +much, how many units? Four and twenty. Alright? + +488 +00:48:41,690 --> 00:48:47,330 +Any point lies along the budget line means that + +489 +00:48:47,330 --> 00:48:51,270 +the consumer spends all of his income. Alright? + +490 +00:48:52,350 --> 00:48:58,220 +Any point. Lies along at or at the budget line + +491 +00:48:58,220 --> 00:49:02,100 +means that the consumer spends all of his income. + +492 +00:49:03,320 --> 00:49:07,740 +Meaning that $100 is equivalent to $200 spent. + +493 +00:49:08,680 --> 00:49:14,900 +Okay? Okay. He has different choices. + +494 +00:49:18,680 --> 00:49:22,560 +The first choice, he can + +495 +00:49:25,630 --> 00:49:30,990 +consume at point A or + +496 +00:49:30,990 --> 00:49:40,870 +B, C or M or at C or at D, B here. صح؟ بيقدر يا + +497 +00:49:40,870 --> 00:49:48,770 +بيشتري عند هان أو هان أو هان أو هان صح؟ He can't + +498 +00:49:48,770 --> 00:49:54,370 +buy. The ability to buy is either at A or B, C or + +499 +00:49:54,370 --> 00:49:59,810 +B or M or N or any point along the budget line, he + +500 +00:49:59,810 --> 00:50:05,090 +can buy it. He has the ability to buy it, right? + +501 +00:50:05,930 --> 00:50:09,130 +But the question is, which is better for the + +502 +00:50:09,130 --> 00:50:14,230 +consumer? Point A or B or C or D? D is + +503 +00:50:14,230 --> 00:50:19,700 +unattainable point. because it needs more money to + +504 +00:50:19,700 --> 00:50:25,100 +get it. Along this, let's do a comparison or + +505 +00:50:25,100 --> 00:50:32,500 +compare point A and B. Which is better for the + +506 +00:50:32,500 --> 00:50:41,480 +consumer? A or B? The same, right? Who said the + +507 +00:50:41,480 --> 00:50:49,470 +same? Do you know why? 100%. At A, he spends $200 + +508 +00:50:49,470 --> 00:50:55,530 +to get utilities, how much? 50, right? Because + +509 +00:50:55,530 --> 00:50:59,490 +this is on the indifference curve. You will give + +510 +00:50:59,490 --> 00:51:06,370 +him 50 utilities. Okay, at B here, how much is he + +511 +00:51:06,370 --> 00:51:10,750 +spending here? How much does he spend? Also $200, + +512 +00:51:11,490 --> 00:51:15,960 +right? How much is the total utility obtained? + +513 +00:51:16,820 --> 00:51:24,900 +Fifty. So for the consumer, point A equals + +514 +00:51:24,900 --> 00:51:31,590 +point B. Because at point A, he will spend How + +515 +00:51:31,590 --> 00:51:37,890 +much? $200 to get utilities, 50. At point B, he + +516 +00:51:37,890 --> 00:51:45,070 +spends the same amount, $200, to get 50 utils. But + +517 +00:51:45,070 --> 00:51:53,830 +what about C? At C here, he spends $200 to get how + +518 +00:51:53,830 --> 00:52:00,800 +much is the utility here? 100. 100. So, so. C is + +519 +00:52:00,800 --> 00:52:06,760 +better than A. All right? And C is better than B. + +520 +00:52:10,920 --> 00:52:17,360 +So C + +521 +00:52:17,360 --> 00:52:24,260 +is better than A than B. What about point D here? + +522 +00:52:33,020 --> 00:52:38,580 +To get the utilities, 140. But under the limited + +523 +00:52:38,580 --> 00:52:44,120 +budget, the limited income, he cannot. How can we + +524 +00:52:44,120 --> 00:52:49,180 +reach it? By increasing income. If the income goes + +525 +00:52:49,180 --> 00:52:53,860 +up, he can go rightward. Or prices go down. Price + +526 +00:52:53,860 --> 00:53:01,360 +of X or price of Y. So let's come back here. So at + +527 +00:53:01,360 --> 00:53:07,480 +point A, at A, the consumer spends how much? The + +528 +00:53:07,480 --> 00:53:10,680 +consumer spends, + +529 +00:53:12,560 --> 00:53:17,400 +let's make it spending will you obtain. Then at A, + +530 +00:53:17,780 --> 00:53:21,000 +here we're talking about the spending, the + +531 +00:53:21,000 --> 00:53:25,780 +consumer spending, spending, the consumer, + +532 +00:53:28,640 --> 00:53:31,800 +spending and utility obtains. + +533 +00:53:37,420 --> 00:53:42,240 +At point A, how much is the consumer spending? + +534 +00:53:43,800 --> 00:53:48,800 +$200. In this + +535 +00:53:48,800 --> 00:54:01,460 +example, + +536 +00:54:01,560 --> 00:54:08,240 +the consumer spends $200 at A, he spends $200 and + +537 +00:54:08,240 --> 00:54:11,460 +gets how much? 50 utils. + +538 +00:54:14,120 --> 00:54:17,260 +the satisfaction or your total utility obtained + +539 +00:54:17,260 --> 00:54:24,340 +equals 50 units at B + +540 +00:54:24,340 --> 00:54:32,080 +here. He spends 200 because this point lies along + +541 +00:54:32,080 --> 00:54:40,620 +the budget line. So he spends 200 point B and gets + +542 +00:54:40,620 --> 00:54:49,110 +how much? Fifty. So point A equals B. So we can + +543 +00:54:49,110 --> 00:54:57,650 +say that A equals B. What about point C? At C, + +544 +00:55:00,950 --> 00:55:08,470 +he spends $200 to get 100 units. + +545 +00:55:11,780 --> 00:55:18,860 +So point C is better than A, C is better than B. + +546 +00:55:21,680 --> 00:55:25,480 +What about point D? + +547 +00:55:29,720 --> 00:55:32,560 +I don't know how much is the spending because he + +548 +00:55:32,560 --> 00:55:37,760 +works under a limited income. But he will try + +549 +00:55:37,760 --> 00:55:39,780 +unattainable point. + +550 +00:55:43,640 --> 00:55:50,440 +attainable point under the limited income. + +551 +00:56:09,330 --> 00:56:15,050 +So the optimal point, the best point for the + +552 +00:56:15,050 --> 00:56:22,410 +consumer, which is? C is the optimal point. So I + +553 +00:56:22,410 --> 00:56:25,970 +advise the consumer to buy at point C. + +554 +00:56:29,370 --> 00:56:31,430 +Consumer equilibrium. + +555 +00:56:38,200 --> 00:56:42,480 +I advise the consumer to buy at point C because + +556 +00:56:42,480 --> 00:56:47,640 +this point confirms the consumer equilibrium or + +557 +00:56:47,640 --> 00:56:52,940 +the maximum utility can be obtained at point C + +558 +00:56:52,940 --> 00:56:55,800 +under the limited budget or the limited income. + +559 +00:56:56,420 --> 00:57:03,480 +All right? So, the optimal point is the point at + +560 +00:57:03,480 --> 00:57:03,980 +which + +561 +00:57:08,190 --> 00:57:12,510 +The budget line, tangent, and difference curve. + +562 +00:57:13,990 --> 00:57:17,610 +Tangent to mass. Mishi cross. Well, I'm sure + +563 +00:57:17,610 --> 00:57:18,610 +you've all experienced this before the exam. + +564 +00:57:22,470 --> 00:57:27,710 +The most efficient point, the point that maximizes + +565 +00:57:27,710 --> 00:57:33,350 +the consumer equilibrium is the point at which the + +566 +00:57:33,350 --> 00:57:35,770 +budget line tangent + +567 +00:57:44,550 --> 00:57:47,770 +Between the budget line and the indifference + +568 +00:57:47,770 --> 00:57:51,510 +curve. Not across, because here we have a cross. + +569 +00:57:53,510 --> 00:57:57,510 +Or at the point where the slope of the budget line + +570 +00:57:57,510 --> 00:58:00,590 +equals the slope of indifference curve. + +571 +00:58:04,630 --> 00:58:08,810 +And at this point, the slope of the budget line + +572 +00:58:08,810 --> 00:58:11,390 +equals the slope of indifference curve. + +573 +00:58:15,250 --> 00:58:19,390 +Once again, + +574 +00:58:19,950 --> 00:58:22,990 +then the consumer equilibrium achieved at the + +575 +00:58:22,990 --> 00:58:29,150 +point at which the slope or at the tangency point + +576 +00:58:29,150 --> 00:58:29,930 +or when + +577 +00:58:33,890 --> 00:58:42,970 +There is a tangency between, + +578 +00:58:42,990 --> 00:58:49,450 +there is a tangency between the + +579 +00:58:49,450 --> 00:58:51,750 +budget line and the indifference curve. + +580 +00:58:55,310 --> 00:59:00,110 +Not across. Not across. + +581 +00:59:10,350 --> 00:59:23,290 +The point where + +582 +00:59:23,290 --> 00:59:27,530 +the slope of the budget line equals the slope of + +583 +00:59:27,530 --> 00:59:33,570 +indifference curve. At this point, At this point + +584 +00:59:33,570 --> 00:59:39,110 +here, at point A, slope mean, slope mean. + +585 +00:59:42,430 --> 00:59:44,770 +Slope of the indifference curve is bigger than the + +586 +00:59:44,770 --> 00:59:46,010 +slope of the budget line. + +587 +00:59:56,160 --> 01:00:02,660 +At point A, which is steeper, which has a larger + +588 +01:00:02,660 --> 01:00:12,920 +slope? The IC or the budget line? The IC. At point + +589 +01:00:12,920 --> 01:00:23,820 +A, the slope of IC, IC is bigger than the slope of + +590 +01:00:23,820 --> 01:00:30,840 +budget line. At B, the slope of the budget line is + +591 +01:00:30,840 --> 01:00:35,900 +bigger than the slope of indifference curve. At + +592 +01:00:35,900 --> 01:00:48,600 +point B, the slope of the budget line is bigger + +593 +01:00:48,600 --> 01:00:57,110 +than the slope of IC. Smooth? What is the point + +594 +01:00:57,110 --> 01:01:00,990 +that only has the slope of indifference curve + +595 +01:01:00,990 --> 01:01:04,410 +equals the slope of the budget line, point C? So + +596 +01:01:04,410 --> 01:01:08,890 +it's the optimal point, the most efficient point. + +597 +01:01:10,250 --> 01:01:15,910 +The point achieves the consumer equilibrium. So at + +598 +01:01:15,910 --> 01:01:16,550 +point C, + +599 +01:01:19,610 --> 01:01:23,370 +slope + +600 +01:01:24,770 --> 01:01:31,850 +of budget line equals the slope of IC, which is + +601 +01:01:31,850 --> 01:01:33,470 +the optimal point. + diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/DDSGNADAYVs_raw.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/DDSGNADAYVs_raw.srt new file mode 100644 index 0000000000000000000000000000000000000000..17c9a6833b8313e8e38164d58f7e7df443433fab --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/DDSGNADAYVs_raw.srt @@ -0,0 +1,2404 @@ +1 +00:00:20,210 --> 00:00:24,170 +Okay. Today, inshallah, we are going to complete + +2 +00:00:24,170 --> 00:00:26,830 +our talk about the consumer equilibrium using the + +3 +00:00:26,830 --> 00:00:30,330 +indifference curve theory. In the last two + +4 +00:00:30,330 --> 00:00:36,410 +classes, we said that the indifference curve + +5 +00:00:36,410 --> 00:00:41,790 +represents the consumer willingness to consume + +6 +00:00:41,790 --> 00:00:47,530 +something and explains the total utility obtained + +7 +00:00:47,530 --> 00:00:51,710 +when the consumer consumes different bonded + +8 +00:00:51,710 --> 00:00:58,370 +circuits. So the indifference curve represents the + +9 +00:00:58,370 --> 00:01:04,870 +consumer willingness to consume something. And the + +10 +00:01:04,870 --> 00:01:10,530 +budget line represents the ability to buy + +11 +00:01:10,530 --> 00:01:19,020 +something which can be derived from the consumer + +12 +00:01:19,020 --> 00:01:26,840 +income and the prices of X and Y. All right. In + +13 +00:01:26,840 --> 00:01:30,920 +the last class, we said that if we have or we can + +14 +00:01:30,920 --> 00:01:33,840 +derive the budget line, + +15 +00:01:36,890 --> 00:01:40,690 +from using the income and the prices. So let us + +16 +00:01:40,690 --> 00:01:47,290 +assume that the consumer's income equals $200, and + +17 +00:01:47,290 --> 00:01:54,270 +the price period of X equals $50, and the price + +18 +00:01:54,270 --> 00:02:01,070 +period of Y equals $10 or + +19 +00:02:01,070 --> 00:02:02,310 +$20. Okay. + +20 +00:02:05,670 --> 00:02:09,930 +Now let's derive the budget line. To derive the + +21 +00:02:09,930 --> 00:02:13,610 +budget line, we said that we have to calculate the + +22 +00:02:13,610 --> 00:02:17,890 +quantity consumed of X when we consume zero units + +23 +00:02:17,890 --> 00:02:21,930 +of Y. So the quantity of X equals income over the + +24 +00:02:21,930 --> 00:02:27,310 +price of X. So income here 200 over price of X50 + +25 +00:02:27,310 --> 00:02:33,050 +equals four units. And zero from Y because in this + +26 +00:02:33,050 --> 00:02:38,250 +case the consumer uses his income or her income to + +27 +00:02:38,250 --> 00:02:44,150 +buy only X, right? So, and let's assume that the + +28 +00:02:44,150 --> 00:02:48,570 +consumer will allocate his income to buy only Y. + +29 +00:02:48,650 --> 00:02:53,790 +In this case, the QY equals income over the price + +30 +00:02:53,790 --> 00:03:01,650 +of Y equals 200 over 10 equals 20 units. So, + +31 +00:03:04,510 --> 00:03:08,190 +derive the budget line. To derive the budget line + +32 +00:03:08,190 --> 00:03:08,850 +here, + +33 +00:03:11,390 --> 00:03:18,390 +quantum X and quantum Y. Quantum X, let's assume + +34 +00:03:18,390 --> 00:03:23,870 +two, four, six, one, two, three, four. + +35 +00:03:27,510 --> 00:03:34,000 +One, two, three, four, five, six, seven, and the + +36 +00:03:34,000 --> 00:03:40,380 +quantity consumed of Y, let us assume five, ten, + +37 +00:03:41,520 --> 00:03:49,640 +fifteen, twenty, twenty-five, that's it. The + +38 +00:03:49,640 --> 00:03:53,760 +budget line can be shown or can be derived here at + +39 +00:03:53,760 --> 00:03:59,590 +X, quantity of X equals four, and the quantified + +40 +00:03:59,590 --> 00:04:05,710 +equals 20 units. If we connect these points here, + +41 +00:04:05,830 --> 00:04:08,170 +we will reach to the budget line. + +42 +00:04:11,390 --> 00:04:15,860 +This is the budget line here. We said also that + +43 +00:04:15,860 --> 00:04:21,020 +the budget line is sensitive to the consumer's + +44 +00:04:21,020 --> 00:04:25,360 +income and the change in prices of X and Y, which + +45 +00:04:25,360 --> 00:04:29,120 +means what will happen to the budget line if the + +46 +00:04:29,120 --> 00:04:33,860 +consumer's income goes up or goes down, and what + +47 +00:04:33,860 --> 00:04:37,340 +will happen to the budget line if the price of X + +48 +00:04:37,340 --> 00:04:41,380 +goes up or goes down, if the price of Y changes + +49 +00:04:42,370 --> 00:04:47,850 +went down or increases. So let us assume that the + +50 +00:04:47,850 --> 00:04:53,350 +consumer's income goes up or increased to or + +51 +00:04:53,350 --> 00:04:59,170 +declined to $100. And the price of x, price of y + +52 +00:04:59,170 --> 00:05:02,350 +remains constant. This is the second case here. + +53 +00:05:02,910 --> 00:05:06,770 +Price of x remains constant at 50. Price of y + +54 +00:05:06,770 --> 00:05:09,170 +remains constant at 10. What will happen to the + +55 +00:05:09,170 --> 00:05:14,370 +budget line here? So we have a new case. So the + +56 +00:05:14,370 --> 00:05:17,730 +price, we have to calculate a new x, a new + +57 +00:05:17,730 --> 00:05:20,830 +quantity consumed of x, which equals, here we're + +58 +00:05:20,830 --> 00:05:24,870 +talking about a new. So this is a new here, a new + +59 +00:05:24,870 --> 00:05:29,310 +situation. Income is a new. We have a new income, + +60 +00:05:29,630 --> 00:05:34,790 +a new price of x, and a new price of y. Assuming + +61 +00:05:34,790 --> 00:05:40,900 +no change in the prices. Tamam? So here, quantity + +62 +00:05:40,900 --> 00:05:46,160 +of X in U, the new case, equals I over price of X + +63 +00:05:46,160 --> 00:05:54,860 +in U, in U, which equals 100 over 50 equals two + +64 +00:05:54,860 --> 00:05:57,620 +units. But what about the new quantity consumed of + +65 +00:05:57,620 --> 00:06:00,620 +Y? Equals, here we're talking about the new income + +66 +00:06:00,620 --> 00:06:07,530 +in U over price of X in U, Y in U. How much is it? + +67 +00:06:07,650 --> 00:06:14,670 +100 over 10 equals 10. So let's derive the new + +68 +00:06:14,670 --> 00:06:18,970 +quantum consumed. Sorry, derive the new budget + +69 +00:06:18,970 --> 00:06:24,690 +line. The first case where x here declined to 2 + +70 +00:06:24,690 --> 00:06:27,970 +and the quantum y declined to 10. So let's connect + +71 +00:06:27,970 --> 00:06:32,630 +these points here. We will reach to a new budget + +72 +00:06:32,630 --> 00:06:38,880 +line. Here, we have a new budget line. inside + +73 +00:06:38,880 --> 00:06:42,760 +shifting or leftward shifting in the budget line + +74 +00:06:42,760 --> 00:06:49,020 +due to parallel to the previous one. Parallel to + +75 +00:06:49,020 --> 00:06:52,220 +the previous one, the original. So this is the + +76 +00:06:52,220 --> 00:06:53,400 +budget line two here. + +77 +00:06:56,540 --> 00:07:01,360 +The slope remains constant, which means how much + +78 +00:07:01,360 --> 00:07:06,890 +is the slope How much was the slope before it + +79 +00:07:06,890 --> 00:07:11,230 +changing in the consumer income? At the original + +80 +00:07:11,230 --> 00:07:16,270 +consumer income, how much was the slope? Let us + +81 +00:07:16,270 --> 00:07:24,570 +calculate the slope of budget line 1 equals 20 + +82 +00:07:24,570 --> 00:07:27,590 +over + +83 +00:07:27,590 --> 00:07:32,090 +4, negative slope. + +84 +00:07:34,020 --> 00:07:38,080 +the absolute value equals five. At the minus five, + +85 +00:07:38,140 --> 00:07:42,760 +the absolute value equals five, right? What about + +86 +00:07:42,760 --> 00:07:47,360 +the new slope or the slope for the new budget + +87 +00:07:47,360 --> 00:07:51,020 +line? Budget line two, the slope of the budget + +88 +00:07:51,020 --> 00:07:55,800 +line two equals 10 over two. + +89 +00:07:59,210 --> 00:08:02,410 +Negative slope equals minus five and the absolute + +90 +00:08:02,410 --> 00:08:07,010 +value equals five. Which means that, what does + +91 +00:08:07,010 --> 00:08:14,010 +this mean? This means as the consumer's income + +92 +00:08:14,010 --> 00:08:19,950 +changes or goes down, the budget line shifts left + +93 +00:08:19,950 --> 00:08:26,470 +with the same slope. No changes in the slope of + +94 +00:08:26,470 --> 00:08:29,590 +the budget line due to the change in the consumer + +95 +00:08:29,590 --> 00:08:35,450 +income, right? Then had a negative slope. As I + +96 +00:08:35,450 --> 00:08:38,990 +said, minus five, minus five. You're talking about + +97 +00:08:38,990 --> 00:08:43,010 +the slope of the budget line remains constant at + +98 +00:08:43,010 --> 00:08:48,170 +or when the consumer's income goes down or goes up + +99 +00:08:48,170 --> 00:08:51,730 +as well. Let us assume that the consumer's income + +100 +00:08:51,730 --> 00:08:56,590 +goes up. Changed from 200 to 300. What will + +101 +00:08:56,590 --> 00:09:00,960 +happen? The budget line will shift right. Parallel + +102 +00:09:00,960 --> 00:09:03,600 +to the previous one, the slope remains constant. + +103 +00:09:05,180 --> 00:09:08,140 +All right? So any changes in the consumer income + +104 +00:09:08,140 --> 00:09:11,620 +will not change the slope of the budget line. All + +105 +00:09:11,620 --> 00:09:16,500 +right? But what will happen if the price of eggs + +106 +00:09:16,500 --> 00:09:23,060 +declines? Let us assume that here we have the + +107 +00:09:23,060 --> 00:09:27,580 +original or the initial data, the original data, + +108 +00:09:28,240 --> 00:09:33,930 +and We have derived the budget line, and the + +109 +00:09:33,930 --> 00:09:39,310 +budget line was as follow. Here we have the + +110 +00:09:39,310 --> 00:09:43,470 +original data, the initial data, the consumer's + +111 +00:09:43,470 --> 00:09:48,290 +income equals 100, the price of X 50, the price of + +112 +00:09:48,290 --> 00:09:52,010 +Y is 10. We have derived the budget line. So the + +113 +00:09:52,010 --> 00:09:57,510 +budget line was quantity Y here and quantity X. + +114 +00:09:59,690 --> 00:10:07,930 +quantity consumed x was four, five. + +115 +00:10:08,250 --> 00:10:13,570 +Okay. A quantity x was four and the quantity y was + +116 +00:10:13,570 --> 00:10:20,370 +twenty units. So five, ten, fifteen, twenty, + +117 +00:10:21,050 --> 00:10:22,030 +twenty-five, + +118 +00:10:25,820 --> 00:10:29,400 +The budget line was, this is the budget line + +119 +00:10:29,400 --> 00:10:38,740 +money. Now, the assumption is the consumer income + +120 +00:10:38,740 --> 00:10:43,380 +remains constant at 100. Here we are talking about + +121 +00:10:43,380 --> 00:10:47,720 +a new situation. A new situation. + +122 +00:10:50,990 --> 00:10:54,730 +The consumer's income remains constant. This is + +123 +00:10:54,730 --> 00:10:59,410 +the old here. The consumer income remains constant + +124 +00:10:59,410 --> 00:11:07,130 +at what? 200. The price of eggs increased. + +125 +00:11:09,350 --> 00:11:14,710 +Price of eggs increased + +126 +00:11:14,710 --> 00:11:18,070 +from 50 to + +127 +00:11:19,640 --> 00:11:25,780 +60. And the price of Y remains constant at 10. + +128 +00:11:26,580 --> 00:11:31,440 +Price of Y remains constant at 10. What will + +129 +00:11:31,440 --> 00:11:36,600 +happen to the budget line? We have to deal with + +130 +00:11:36,600 --> 00:11:42,140 +this case as the previous. So we have to + +131 +00:11:42,140 --> 00:11:45,060 +calculate, we have to deal with it as in a + +132 +00:11:45,060 --> 00:11:48,850 +separate case. So we have to calculate the new + +133 +00:11:48,850 --> 00:11:52,910 +quantum x, new quantum y, and then derive the new + +134 +00:11:52,910 --> 00:11:56,170 +budget line. So let's derive the new budget line. + +135 +00:11:56,450 --> 00:12:00,170 +You're talking about the new budget line. + +136 +00:12:02,890 --> 00:12:09,190 +To derive and draw the new budget line, we have to + +137 +00:12:09,190 --> 00:12:12,210 +calculate the new Qx. You're talking about the + +138 +00:12:12,210 --> 00:12:18,130 +new. And you want to consume them. X equals I over + +139 +00:12:18,130 --> 00:12:21,310 +PX. Here, I'm talking about a new, a new, a new. + +140 +00:12:22,570 --> 00:12:27,970 +All right? So quantum X equals, how much is the + +141 +00:12:27,970 --> 00:12:36,250 +consumer's income? 200. Over $60, the price for + +142 +00:12:36,250 --> 00:12:41,690 +quantum X, how much is it? 3.3. + +143 +00:12:44,470 --> 00:12:47,670 +This is the new quant of X. What about the new + +144 +00:12:47,670 --> 00:12:50,370 +quant of Y? So here, it should be here. + +145 +00:12:53,030 --> 00:13:00,290 +The quant consumed of X, 3.3. What about the quant + +146 +00:13:00,290 --> 00:13:08,570 +consumed of Y? A new QY, a new, equals income over + +147 +00:13:08,570 --> 00:13:10,790 +the price of Y. You're talking about a new new, + +148 +00:13:11,590 --> 00:13:19,130 +200 over 10 equals 20, which means we still work + +149 +00:13:19,130 --> 00:13:23,430 +at this point here. We have a new budget line. + +150 +00:13:29,090 --> 00:13:30,630 +We have, + +151 +00:13:38,310 --> 00:13:39,250 +what do you see? + +152 +00:13:46,500 --> 00:13:51,100 +inside shifting of + +153 +00:13:51,100 --> 00:13:54,000 +the budget line toward x. + +154 +00:13:56,880 --> 00:14:01,620 +What about this slope here? + +155 +00:14:05,660 --> 00:14:11,180 +Increasing in the price of x. The price of X was + +156 +00:14:11,180 --> 00:14:16,940 +$50, and it has increased to $60, which means that + +157 +00:14:16,940 --> 00:14:22,080 +the price of X becomes more expensive. The + +158 +00:14:22,080 --> 00:14:27,960 +consumer, right? So his ability to buy of X will + +159 +00:14:27,960 --> 00:14:34,600 +go down, which means as the price of X goes up, + +160 +00:14:34,820 --> 00:14:41,090 +the quantity purchased of X goes down. That fits + +161 +00:14:41,090 --> 00:14:44,430 +with the demand theory. Correct? Then how do you? + +162 +00:14:46,390 --> 00:14:48,990 +The quantity consumed if X can't pour, you'll get + +163 +00:14:48,990 --> 00:14:53,750 +3.3 due to the change in price, due to increasing + +164 +00:14:53,750 --> 00:14:59,230 +the price of X. If the price of X goes up, this is + +165 +00:14:59,230 --> 00:15:03,470 +the budget line two here. What about the slope? + +166 +00:15:04,770 --> 00:15:09,650 +The initial slope was Minus five, five absolute + +167 +00:15:09,650 --> 00:15:15,410 +value. The initial slope of budget line one was + +168 +00:15:15,410 --> 00:15:20,270 +five, the absolute value. Minus five, absolute + +169 +00:15:20,270 --> 00:15:25,650 +value equals five. Calculate the new slope of the + +170 +00:15:25,650 --> 00:15:32,050 +budget line. Slope of budget line two equals + +171 +00:15:35,460 --> 00:15:41,300 +20 over 3.3, the absolute value, right? And the 3 + +172 +00:15:41,300 --> 00:15:48,840 +.3. So equals 20 over 3.3 with negative sign, the + +173 +00:15:48,840 --> 00:15:52,380 +absolute value increased or decreased? Increased. + +174 +00:15:52,480 --> 00:15:58,040 +Increased. How much did it become? 6.6. 6.6, like + +175 +00:15:58,040 --> 00:16:02,030 +this? No, 6 percent. 6 percent, okay.This is the + +176 +00:16:02,030 --> 00:16:09,730 +minus in the absolute value of 6.06. So, it is + +177 +00:16:09,730 --> 00:16:11,730 +clear that the slope, the more it increases, the + +178 +00:16:11,730 --> 00:16:18,950 +more it decreases. Right? Correct? Okay? Okay. + +179 +00:16:19,430 --> 00:16:23,030 +What will happen if the price of eggs goes down? + +180 +00:16:24,450 --> 00:16:28,730 +Ceteris Paribus means all other variables remain + +181 +00:16:28,730 --> 00:16:30,690 +constant without changes. + +182 +00:16:33,410 --> 00:16:39,390 +So here let us assume that the consumer's income + +183 +00:16:39,390 --> 00:16:45,710 +remains constant. The price of eggs goes down to + +184 +00:16:45,710 --> 00:16:46,290 +25. + +185 +00:16:51,230 --> 00:16:54,350 +and the price of Y remains constant at 10. What + +186 +00:16:54,350 --> 00:16:56,690 +will happen to the budget line? Here is the + +187 +00:16:56,690 --> 00:16:57,930 +original budget line. + +188 +00:17:03,630 --> 00:17:06,370 +The original budget line here, + +189 +00:17:09,510 --> 00:17:14,190 +QX, QY, here's 4, + +190 +00:17:20,560 --> 00:17:24,720 +And the 20. This is the budget line number one. + +191 +00:17:25,660 --> 00:17:29,180 +The original budget line. Here according to our + +192 +00:17:29,180 --> 00:17:35,020 +assumption is or that the consumer's income + +193 +00:17:35,020 --> 00:17:40,280 +remains constant, fixed. The price of X has + +194 +00:17:40,280 --> 00:17:45,680 +declined to 25 and the price of Y remains constant + +195 +00:17:45,680 --> 00:17:48,830 +at 10. The question, what will happen to the + +196 +00:17:48,830 --> 00:17:53,090 +budget line? As the price of eggs goes down, as + +197 +00:17:53,090 --> 00:17:58,750 +the price of eggs goes down from 50 to 25, what + +198 +00:17:58,750 --> 00:18:01,750 +will happen to the budget line? As the price of + +199 +00:18:01,750 --> 00:18:06,710 +eggs goes down, what will happen? The quantity + +200 +00:18:06,710 --> 00:18:12,270 +consumed of eggs will go up, which means that we + +201 +00:18:12,270 --> 00:18:17,630 +will be able to buy more eggs. What about Y? And + +202 +00:18:17,630 --> 00:18:21,010 +it changed because the price of Y remains + +203 +00:18:21,010 --> 00:18:27,690 +constant, right? So here, the new quant of X, the + +204 +00:18:27,690 --> 00:18:31,030 +new. Here we are talking about a new situation. + +205 +00:18:31,390 --> 00:18:35,730 +Quant of X equals 200 over the price of X, 25 + +206 +00:18:35,730 --> 00:18:41,610 +equals how much? Eight. Quant of Y, the new. + +207 +00:18:42,440 --> 00:18:48,520 +equals 200 over 10 equals 20. So we have a new + +208 +00:18:48,520 --> 00:18:57,380 +budget line with increasing in the quantity X. The + +209 +00:18:57,380 --> 00:19:01,480 +new quantity X equals 8 and the quantity Y equals + +210 +00:19:01,480 --> 00:19:09,750 +20, the same amount. All right? So, here we have + +211 +00:19:09,750 --> 00:19:13,690 +rightward shifting movement of the budget line + +212 +00:19:13,690 --> 00:19:20,670 +toward X, outside toward X. All right? What will + +213 +00:19:20,670 --> 00:19:25,790 +happen if the price of Y changes and citrus + +214 +00:19:25,790 --> 00:19:31,810 +permits? Which means, what will happen to the + +215 +00:19:31,810 --> 00:19:36,120 +slope here? decline, because here the original + +216 +00:19:36,120 --> 00:19:43,780 +slope equals 20 over 4, 5, the absolute value. A + +217 +00:19:43,780 --> 00:19:47,460 +movement of the budget line, this is budget line 2 + +218 +00:19:47,460 --> 00:19:59,140 +here, the slope will be 20 over 8. Exactly, 2.5. + +219 +00:19:59,880 --> 00:20:02,960 +What will happen if the price of Y + +220 +00:20:07,390 --> 00:20:11,530 +What will happen here if the price of Y, the + +221 +00:20:11,530 --> 00:20:16,110 +consumer's income remains constant at 200, and the + +222 +00:20:16,110 --> 00:20:21,250 +price of X remains constant at 50. So here the + +223 +00:20:21,250 --> 00:20:28,290 +assumption is the price of X has not changed, and + +224 +00:20:28,290 --> 00:20:33,360 +the quantity Y, sorry, the price of Y, increased + +225 +00:20:33,360 --> 00:20:41,860 +from 10 to 20. What will happen? We have a new + +226 +00:20:41,860 --> 00:20:46,620 +situation. This is the original situation. The + +227 +00:20:46,620 --> 00:20:50,580 +budget line here, the quant consumed in the + +228 +00:20:50,580 --> 00:20:52,300 +original situation, budget line one. + +229 +00:20:55,380 --> 00:20:57,840 +The quantity consumed of X equals 4, the quantity + +230 +00:20:57,840 --> 00:21:01,060 +consumed of Y equals 20. Now we have a new + +231 +00:21:01,060 --> 00:21:07,480 +situation, which is I price of X unchanged, and + +232 +00:21:07,480 --> 00:21:11,480 +the price of Y increased to 10. What will happen? + +233 +00:21:11,680 --> 00:21:16,240 +Here we have a new situation. So here we can say + +234 +00:21:16,240 --> 00:21:18,840 +that we have to calculate the new quantity of X + +235 +00:21:18,840 --> 00:21:22,360 +and the new quantity of Y. So the new quantity of + +236 +00:21:22,360 --> 00:21:29,910 +X equals 200, over 50 equals how much? 4. So this + +237 +00:21:29,910 --> 00:21:34,130 +is the new quantity consumed of X. What about Y? + +238 +00:21:34,650 --> 00:21:42,030 +The new quantity of Y, QY equals 200 over 20 + +239 +00:21:42,030 --> 00:21:46,930 +equals 10. So the quantity Y, quantity of X + +240 +00:21:46,930 --> 00:21:50,910 +remains constant at 4, and the quantity Y + +241 +00:21:50,910 --> 00:21:59,840 +decreased to 10. Might be here. So here we have a + +242 +00:21:59,840 --> 00:22:03,920 +new budget line. Budget line 2. + +243 +00:22:07,440 --> 00:22:12,940 +This is the new budget line. What will happen to + +244 +00:22:12,940 --> 00:22:21,620 +this slope here? It was 20 over 4 and 2.5 here, + +245 +00:22:22,060 --> 00:22:28,970 +right? What will happen if the price of X and the + +246 +00:22:28,970 --> 00:22:33,050 +price of Y changed and the consumer's income + +247 +00:22:33,050 --> 00:22:38,530 +remains constant? Any changes in the prices, + +248 +00:22:39,030 --> 00:22:41,870 +either in the prices or the consumer's income, + +249 +00:22:42,190 --> 00:22:46,550 +will make some changes in the budget line, either + +250 +00:22:46,550 --> 00:22:52,700 +the slope or the location of the budget line. All + +251 +00:22:52,700 --> 00:22:56,780 +right? We said, who moves the location? Who makes + +252 +00:22:56,780 --> 00:23:00,160 +the location either to go left side or right side? + +253 +00:23:00,320 --> 00:23:04,560 +The change in the consumer's income, right? But + +254 +00:23:04,560 --> 00:23:07,940 +who affects the slope? The change in income has an + +255 +00:23:07,940 --> 00:23:11,800 +effect on whom? On the location of the budget + +256 +00:23:11,800 --> 00:23:16,580 +line, right? Either right side or left side, + +257 +00:23:16,680 --> 00:23:20,370 +right? But who makes the changes in the slope? The + +258 +00:23:20,370 --> 00:23:23,050 +change in the prices, either for price of X or + +259 +00:23:23,050 --> 00:23:31,210 +price of Y. Sometimes consumers income remains + +260 +00:23:31,210 --> 00:23:35,670 +constant. The price of X, I will assume that the + +261 +00:23:35,670 --> 00:23:40,390 +price of X increases. Price of Y increases as + +262 +00:23:40,390 --> 00:23:43,910 +well. The ability to purchase. + +263 +00:23:47,090 --> 00:23:53,140 +Exactly. Definitely. Here, as a consumer, you + +264 +00:23:53,140 --> 00:23:58,760 +receive the same income, but the prices go up or + +265 +00:23:58,760 --> 00:24:03,400 +went up. Your ability to buy will go down. So the + +266 +00:24:03,400 --> 00:24:10,000 +budget line will shift left or shifts left. Let us + +267 +00:24:10,000 --> 00:24:15,110 +assume here. Here, the original situation, the + +268 +00:24:15,110 --> 00:24:17,950 +consumer's income equals 200, the price of X + +269 +00:24:17,950 --> 00:24:21,070 +equals 50, the price of Y equals 10. Now, + +270 +00:24:21,170 --> 00:24:23,710 +according to our assumption, or we will assume + +271 +00:24:23,710 --> 00:24:28,010 +that the consumer's income remains constant at + +272 +00:24:28,010 --> 00:24:36,770 +200, the price of X goes up or went up to 75. + +273 +00:24:39,920 --> 00:24:48,380 +The price of + +274 +00:24:48,380 --> 00:24:52,060 +X and the price of Y, let us assume it increased + +275 +00:24:52,060 --> 00:24:58,080 +also by 50%. What + +276 +00:24:58,080 --> 00:25:01,760 +will happen to the budget line? We have to + +277 +00:25:01,760 --> 00:25:04,420 +calculate the new quantity X and the new quantity + +278 +00:25:04,420 --> 00:25:10,740 +Y. So, the new quantity X will be Here we are + +279 +00:25:10,740 --> 00:25:13,040 +talking about the new situation. This is the + +280 +00:25:13,040 --> 00:25:13,900 +original here. + +281 +00:25:23,380 --> 00:25:29,660 +The new quantity X equals 200 over 75. How much is + +282 +00:25:29,660 --> 00:25:29,900 +it? + +283 +00:25:43,250 --> 00:25:48,910 +2.6. Well, sorry, this is here a quantity of X 2 + +284 +00:25:48,910 --> 00:25:56,050 +.6. What about the quantity of Y here? 200 over + +285 +00:25:56,050 --> 00:26:07,330 +15. How much is it? 13.3 units. So, this will be + +286 +00:26:07,330 --> 00:26:20,760 +here, 2.6. and 13.3. Who are parallel because the + +287 +00:26:20,760 --> 00:26:27,460 +changes was or were 50%. Parallel. + +288 +00:26:28,780 --> 00:26:38,840 +Increased by 50%. Increased by 50%. Decreasing + +289 +00:26:38,840 --> 00:26:44,050 +in the budget line or the budget line shifts left. + +290 +00:26:44,630 --> 00:26:50,070 +Sometimes, the price of X goes up and the price of + +291 +00:26:50,070 --> 00:26:51,970 +Y goes down. What will happen here? + +292 +00:26:55,650 --> 00:27:00,290 +This is the original situation QX and QY here. + +293 +00:27:01,490 --> 00:27:05,370 +This is the original situation four and twenty. + +294 +00:27:07,760 --> 00:27:12,840 +Let us assume that the price of X increased and + +295 +00:27:12,840 --> 00:27:18,020 +the price of Y goes down or went down. What will + +296 +00:27:18,020 --> 00:27:23,580 +happen? In this case, the quant purchased of X + +297 +00:27:23,580 --> 00:27:27,920 +will go down. As the price of X goes up, the quant + +298 +00:27:27,920 --> 00:27:32,400 +consumed of X go down. So as the price of X goes + +299 +00:27:32,400 --> 00:27:37,200 +up, the quant consumed of X go down or goes down. + +300 +00:27:37,750 --> 00:27:43,350 +What about if the price of Y goes down, or went + +301 +00:27:43,350 --> 00:27:47,950 +down, the quantity of Y increased? So, the + +302 +00:27:47,950 --> 00:27:51,710 +quantity of Y will increase, and the quantity of + +303 +00:27:51,710 --> 00:27:55,590 +X, sorry, the quantity of Y, yes, increased, and + +304 +00:27:55,590 --> 00:28:00,730 +the quantity of X goes down. So, + +305 +00:28:09,950 --> 00:28:13,870 +This depends on the magnitudes of a change in the + +306 +00:28:13,870 --> 00:28:17,150 +prices of X and the prices of Y. All right? + +307 +00:28:21,230 --> 00:28:27,350 +Let's go to the consumer equilibrium. Depends. + +308 +00:28:33,370 --> 00:28:37,370 +So there could be changes like this. It could be + +309 +00:28:37,370 --> 00:28:41,470 +like this. + +310 +00:28:41,470 --> 00:28:46,810 +It could be like this. This means that there is a + +311 +00:28:46,810 --> 00:28:53,330 +decrease by 20% and this decreased by 70%. Right? + +312 +00:28:53,810 --> 00:28:56,510 +The increase could be like this. + +313 +00:29:07,850 --> 00:29:13,330 +Steeper means higher slope. Flatter means lower + +314 +00:29:13,330 --> 00:29:20,310 +slope. Steeper or flatter, let's explain the point + +315 +00:29:20,310 --> 00:29:27,790 +here. Let's explain the point here. Steeper means + +316 +00:29:27,790 --> 00:29:35,460 +this curve has A higher slope, which has a higher + +317 +00:29:35,460 --> 00:29:42,300 +slope, steeper, this or that? Number one or this? + +318 +00:29:50,540 --> 00:29:54,820 +Number one is flatter. Number two is steeper. + +319 +00:29:55,620 --> 00:29:59,960 +Steeper means it has a higher slope. Let's + +320 +00:29:59,960 --> 00:30:03,600 +calculate the slope here. Yeah, of course. Yes, + +321 +00:30:03,620 --> 00:30:11,780 +it's more curved, right? Perfect. PL1 is what? + +322 +00:30:12,120 --> 00:30:12,920 +Flatter. + +323 +00:30:17,440 --> 00:30:20,380 +PL2 is steeper. + +324 +00:30:23,620 --> 00:30:29,280 +Steeper means more curved. Its angle is more. It + +325 +00:30:29,280 --> 00:30:32,940 +has a higher, larger slope. Okay? + +326 +00:30:35,880 --> 00:30:37,780 +Let's go to the budget line formula. + +327 +00:30:49,700 --> 00:30:51,700 +Let's derive the budget line formula. + +328 +00:30:56,320 --> 00:31:01,430 +And then we will go to the consumer equilibrium + +329 +00:31:01,430 --> 00:31:03,590 +using the difference curve in the budget line. + +330 +00:31:16,730 --> 00:31:19,210 +So let's go to the budget line formula. + +331 +00:31:23,850 --> 00:31:24,870 +Budget line, + +332 +00:31:29,910 --> 00:31:32,510 +formula or equation. + +333 +00:31:38,270 --> 00:31:43,190 +As you know that the second condition of the + +334 +00:31:43,190 --> 00:31:47,090 +consumer equilibrium was or the second order + +335 +00:31:47,090 --> 00:31:51,670 +condition was income equals the price of X times + +336 +00:31:51,670 --> 00:31:55,390 +QX plus price of Y times QY. + +337 +00:31:59,120 --> 00:32:05,540 +Do you remember it? Okay. Now if + +338 +00:32:05,540 --> 00:32:16,000 +we have the following budget line, 420 times Y + +339 +00:32:16,000 --> 00:32:20,760 +times X. In the example, the last example that we + +340 +00:32:20,760 --> 00:32:26,280 +took. We assume that the consumer's income was how + +341 +00:32:26,280 --> 00:32:30,560 +much? 200, I think? Price of X was 50. And the + +342 +00:32:30,560 --> 00:32:36,440 +price of Y was how much? 10. The question is, we + +343 +00:32:36,440 --> 00:32:42,820 +know that the consumer can allocate his income to + +344 +00:32:42,820 --> 00:32:48,160 +buy two products, X and Y. And definitely, we know + +345 +00:32:48,160 --> 00:32:53,500 +that if he wants to buy only X, how many units of + +346 +00:32:53,500 --> 00:32:57,780 +X can he buy? Four units. If he wants or tends to + +347 +00:32:57,780 --> 00:33:02,780 +allocate his income to buy only Y, he can buy 20 + +348 +00:33:02,780 --> 00:33:07,380 +units only, all right? But in general, the + +349 +00:33:07,380 --> 00:33:11,860 +consumer will allocate his income to buy different + +350 +00:33:11,860 --> 00:33:17,880 +goods, different products. The question is, if he + +351 +00:33:17,880 --> 00:33:23,560 +decided to buy seven units of X, how many of Y, + +352 +00:33:23,720 --> 00:33:27,740 +how many units of X can he buy? If he tends to buy + +353 +00:33:27,740 --> 00:33:32,760 +five units, three units of X, how many units of Y + +354 +00:33:32,760 --> 00:33:34,840 +can he buy? This is the major question here, + +355 +00:33:35,980 --> 00:33:42,180 +right? To answer this question, we have the budget + +356 +00:33:42,180 --> 00:33:47,550 +line formula. We have the budget line formula. So + +357 +00:33:47,550 --> 00:33:50,910 +to answer this question, we have the budget line + +358 +00:33:50,910 --> 00:33:53,910 +formula. So let's derive the budget line formula. + +359 +00:33:54,470 --> 00:33:55,490 +The budget line formula. + +360 +00:34:01,710 --> 00:34:04,070 +The slope is part of the formula. + +361 +00:34:07,120 --> 00:34:10,780 +But the major or to derive the budget line + +362 +00:34:10,780 --> 00:34:16,160 +formula, we have to derive it from this major + +363 +00:34:16,160 --> 00:34:26,580 +function or main function. We have + +364 +00:34:26,580 --> 00:34:32,700 +the budget line here, Qx. + +365 +00:34:35,520 --> 00:34:40,420 +If you have a Qx that is known, three, how much is + +366 +00:34:40,420 --> 00:34:45,820 +the Qy? So I have to calculate Qy. Okay? We have, + +367 +00:34:46,040 --> 00:34:50,160 +we are going to calculate Qy. So from this + +368 +00:34:50,160 --> 00:34:54,220 +function or this formula, let's say this guy is + +369 +00:34:54,220 --> 00:34:56,900 +alone. I want to get Qy alone. + +370 +00:35:01,120 --> 00:35:08,320 +price of Y times QY equals income minus this part + +371 +00:35:08,320 --> 00:35:13,060 +PX into QX. Right? Right? + +372 +00:35:20,680 --> 00:35:24,460 +So, this is how over PY + +373 +00:35:35,590 --> 00:35:46,190 +this is the + +374 +00:35:46,190 --> 00:35:51,810 +budget line formula this + +375 +00:35:51,810 --> 00:35:56,520 +is the budget line formula Budget line formula. + +376 +00:36:03,020 --> 00:36:08,400 +Now, let's come back quickly to the last example. + +377 +00:36:09,980 --> 00:36:14,340 +The last example, the last example. We assume that + +378 +00:36:14,340 --> 00:36:22,240 +the consumer's income was $200, + +379 +00:36:22,880 --> 00:36:31,350 +price of eggs. was how much? $50 and the price of + +380 +00:36:31,350 --> 00:36:37,670 +wine equals $10. The question is derive the budget + +381 +00:36:37,670 --> 00:36:45,930 +line formula. Derive the budget line formula. + +382 +00:36:49,890 --> 00:36:55,310 +To derive the budget line formula, Before it draws + +383 +00:36:55,310 --> 00:36:59,390 +the budget line, let's draw the budget line. The + +384 +00:36:59,390 --> 00:37:02,530 +question is, derive the budget line, derive and + +385 +00:37:02,530 --> 00:37:04,750 +draw the budget line, number one. Number two, + +386 +00:37:05,090 --> 00:37:09,050 +derive the budget line formula. All right? So, + +387 +00:37:09,170 --> 00:37:12,210 +first, tell me to derive the budget line. Derive + +388 +00:37:12,210 --> 00:37:18,110 +and draw the budget line. Forget the formula. Give + +389 +00:37:18,110 --> 00:37:22,540 +me number two. derived and drew the budget line. + +390 +00:37:22,740 --> 00:37:27,880 +To derive the budget line, budget line QX equals + +391 +00:37:27,880 --> 00:37:31,580 +the consumers income over the price of X equals + +392 +00:37:31,580 --> 00:37:37,880 +200 over 50 equals 4. QY equals income over the + +393 +00:37:37,880 --> 00:37:42,800 +price of Y equals 200 over 10 equals 20. So here + +394 +00:37:42,800 --> 00:37:51,650 +we have QX, QY, and this is here. 4 and the 20. + +395 +00:37:53,190 --> 00:37:56,890 +This is what? This is the budget line. All right? + +396 +00:37:58,130 --> 00:38:02,470 +Number two, derive the budget line formula. + +397 +00:38:05,050 --> 00:38:12,430 +Derive number two here. Derive the + +398 +00:38:12,430 --> 00:38:15,570 +budget line formula. + +399 +00:38:19,340 --> 00:38:23,580 +How can we derive the budget line formula? We have + +400 +00:38:23,580 --> 00:38:25,240 +to write this formula here. + +401 +00:38:32,500 --> 00:38:35,420 +Easier if you write this formula and subtract the + +402 +00:38:35,420 --> 00:38:37,780 +quantity Y from it, right? Because this will be + +403 +00:38:37,780 --> 00:38:39,480 +general. Correct or not? + +404 +00:38:42,580 --> 00:38:46,820 +You got it from QX equals zero. + +405 +00:38:49,660 --> 00:38:54,640 +You have to use this formula. + +406 +00:38:57,780 --> 00:39:06,560 +Quantum Y here equals I over Py minus price of X + +407 +00:39:06,560 --> 00:39:09,700 +over price of Y times QX. + +408 +00:39:13,300 --> 00:39:21,700 +So QY in this case, equals I is how much? 200 over + +409 +00:39:21,700 --> 00:39:28,360 +the price of Y, 10 minus price of X over the price + +410 +00:39:28,360 --> 00:39:37,880 +of Y, 50 over 10 times QX. So, QY equals 20 minus + +411 +00:39:37,880 --> 00:39:42,060 +5QX. This is the budget line formula. + +412 +00:39:52,050 --> 00:39:58,210 +which helps us to calculate the quantity of Y when + +413 +00:39:58,210 --> 00:39:59,870 +the quantity of X is known. + +414 +00:40:02,690 --> 00:40:06,610 +Here, if the quantity of X equals three, how much + +415 +00:40:06,610 --> 00:40:07,530 +is the quantity of Y? + +416 +00:40:11,050 --> 00:40:13,930 +You have to, we have to use the formula here. So + +417 +00:40:13,930 --> 00:40:18,030 +the question is number three, this is number two, + +418 +00:40:18,430 --> 00:40:23,710 +number three. If the quantity of Y of X equals + +419 +00:40:23,710 --> 00:40:30,410 +three units, how much calculate the quantity of Y? + +420 +00:40:34,640 --> 00:40:37,800 +Which means if the consumer decided to buy three + +421 +00:40:37,800 --> 00:40:44,040 +units of X, how many units of Y can he buy? So QY + +422 +00:40:44,040 --> 00:40:52,400 +equals 20 minus 5 times the quantity of X at 3. So + +423 +00:40:52,400 --> 00:40:57,000 +quantity of Y equals 20 minus 15 equals 5. + +424 +00:41:04,520 --> 00:41:09,820 +How much will he buy? He will buy me, right? He + +425 +00:41:09,820 --> 00:41:14,500 +will buy 10. But if he wants to buy 4, how much + +426 +00:41:14,500 --> 00:41:21,260 +will he buy? Zero. Try it. Try it. Try it. If the + +427 +00:41:21,260 --> 00:41:24,720 +consumer tends to buy four units of X, how many + +428 +00:41:24,720 --> 00:41:28,560 +units of Y he will buy? Zero. Twenty minus one. + +429 +00:41:28,660 --> 00:41:32,320 +Zero. That's it. So the formula helps us to + +430 +00:41:32,320 --> 00:41:38,400 +calculate quantity of Y when we know the amount of + +431 +00:41:38,400 --> 00:41:45,440 +Y. And vice versa. We can if we have the value of + +432 +00:41:45,440 --> 00:41:50,420 +x of y, 10. How many units of x? We can calculate + +433 +00:41:50,420 --> 00:41:55,820 +it as well. What do + +434 +00:41:55,820 --> 00:41:57,540 +you see in the formula here? + +435 +00:42:00,420 --> 00:42:04,380 +20 is + +436 +00:42:04,380 --> 00:42:05,420 +the intercept. + +437 +00:42:20,140 --> 00:42:28,300 +Let's assume that the + +438 +00:42:28,300 --> 00:42:29,280 +budget line + +439 +00:42:37,960 --> 00:42:46,360 +Quant Y, Quant X, and I gave you 7 and 21. + +440 +00:42:49,200 --> 00:42:52,420 +I told you to derive the budget line formula. You + +441 +00:42:52,420 --> 00:42:56,440 +will say that QY equals + +442 +00:42:56,440 --> 00:43:07,440 +21 minus slope 21 over 7, over 7 which is 3. + +443 +00:43:08,640 --> 00:43:10,000 +Quantum X. That's it. + +444 +00:43:13,780 --> 00:43:19,760 +The formula here is like this. I over Py. What is + +445 +00:43:19,760 --> 00:43:30,020 +it? QY. How can we calculate QY? I over Py. Right? + +446 +00:43:31,020 --> 00:43:34,620 +Correct? This is minus PX over Py. + +447 +00:43:43,340 --> 00:43:47,940 +Minus 50 over 10 minus 5, which is the slope of + +448 +00:43:47,940 --> 00:43:53,340 +the budget line, or what delta Qy over delta Qx. + +449 +00:43:54,320 --> 00:43:58,280 +So the slope of the budget line can be calculated + +450 +00:43:58,280 --> 00:44:04,840 +by two ways. Either minus the price of X over + +451 +00:44:04,840 --> 00:44:09,260 +price of Y or change in the quantity of Y over the + +452 +00:44:09,260 --> 00:44:10,420 +change in quantity of X. + +453 +00:44:14,640 --> 00:44:15,200 +Break. + +454 +00:44:17,760 --> 00:44:21,000 +Okay, let's take a break. Let's go to the consumer + +455 +00:44:21,000 --> 00:44:21,560 +equilibrium. + +456 +00:44:24,320 --> 00:44:26,580 +Let's go to the consumer equilibrium. + +457 +00:44:34,740 --> 00:44:42,260 +using the indifference curve theory. As we + +458 +00:44:42,260 --> 00:44:47,880 +mentioned that the consumer can + +459 +00:44:47,880 --> 00:44:53,940 +buy under the limited income and under the + +460 +00:44:53,940 --> 00:44:58,240 +different prices. and any rational consumer will + +461 +00:44:58,240 --> 00:45:02,620 +try to maximize his benefits or his utility when + +462 +00:45:02,620 --> 00:45:06,700 +he consumes different abundance of goods. So let + +463 +00:45:06,700 --> 00:45:11,400 +us have the following graph, X, Y, + +464 +00:45:14,560 --> 00:45:18,800 +and + +465 +00:45:18,800 --> 00:45:21,840 +let us assume that we have the following graph. + +466 +00:45:27,280 --> 00:45:28,680 +IC1, + +467 +00:45:34,220 --> 00:45:41,840 +IC2 and + +468 +00:45:41,840 --> 00:45:43,160 +IC3. + +469 +00:46:06,820 --> 00:46:12,460 +IC1, the total utility in this case, Tu equals 50, + +470 +00:46:14,000 --> 00:46:20,540 +Tu2 equals + +471 +00:46:20,540 --> 00:46:27,380 +100, and Tu3 equals + +472 +00:46:27,380 --> 00:46:31,400 +140. These are assumptions here. + +473 +00:46:38,990 --> 00:46:44,190 +A, B, C, + +474 +00:46:45,650 --> 00:46:53,270 +D Draw + +475 +00:46:53,270 --> 00:46:53,850 +the graph + +476 +00:47:37,460 --> 00:47:45,460 +Let's go, okay. As we said that the consumers, the + +477 +00:47:45,460 --> 00:47:51,440 +budget line represents or shows the ability of the + +478 +00:47:51,440 --> 00:47:55,580 +consumer to buy different bundles of goods, right? + +479 +00:47:56,040 --> 00:48:00,500 +Which means that along this budget line, the + +480 +00:48:00,500 --> 00:48:05,630 +consumer spends all of his income. to buy + +481 +00:48:05,630 --> 00:48:11,150 +different groups of X and Y, all right? Any + +482 +00:48:11,150 --> 00:48:15,710 +rational consumer will try to maximize his utility + +483 +00:48:15,710 --> 00:48:20,470 +or her utility when he or she consumes different + +484 +00:48:20,470 --> 00:48:24,910 +bundles of goods. Now, we have a budget line. + +485 +00:48:25,610 --> 00:48:30,870 +Along this budget line, the consumer buys Or + +486 +00:48:30,870 --> 00:48:36,070 +spends $100. I have an example. And he can buy how + +487 +00:48:36,070 --> 00:48:39,430 +much, how many units? Four and twenty. Alright? + +488 +00:48:41,690 --> 00:48:47,330 +Any point lies along the budget line means that + +489 +00:48:47,330 --> 00:48:51,270 +the consumer spends all of his income. Alright? + +490 +00:48:52,350 --> 00:48:58,220 +Any point. Lies along at or at the budget line + +491 +00:48:58,220 --> 00:49:02,100 +means that the consumer spends all of his income. + +492 +00:49:03,320 --> 00:49:07,740 +Meaning that $100 is equivalent to $200 spent. + +493 +00:49:08,680 --> 00:49:14,900 +Okay? Okay. He has different choices. + +494 +00:49:18,680 --> 00:49:22,560 +The first choice, he can + +495 +00:49:25,630 --> 00:49:30,990 +consume at point A or + +496 +00:49:30,990 --> 00:49:40,870 +B, C or M or at C or at D, B here. صح؟ بيقدر يا + +497 +00:49:40,870 --> 00:49:48,770 +بيشتري عند هان أو هان أو هان أو هان صح؟ He can't + +498 +00:49:48,770 --> 00:49:54,370 +buy. The ability to buy is either at A or B, C or + +499 +00:49:54,370 --> 00:49:59,810 +B or M or N or any point along the budget line, he + +500 +00:49:59,810 --> 00:50:05,090 +can buy it. He has the ability to buy it, right? + +501 +00:50:05,930 --> 00:50:09,130 +But the question is, which is better for the + +502 +00:50:09,130 --> 00:50:14,230 +consumer? Point A or B or C or D? D is + +503 +00:50:14,230 --> 00:50:19,700 +unattainable point. because it needs more money to + +504 +00:50:19,700 --> 00:50:25,100 +get it. Along this, let's do a comparison or + +505 +00:50:25,100 --> 00:50:32,500 +compare point A and B. Which is better for the + +506 +00:50:32,500 --> 00:50:41,480 +consumer? A or B? The same, right? Who said the + +507 +00:50:41,480 --> 00:50:49,470 +same? Do you know why? 100%. At A, he spends $200 + +508 +00:50:49,470 --> 00:50:55,530 +to get utilities, how much? 50, right? Because + +509 +00:50:55,530 --> 00:50:59,490 +this is on the indifference curve. You will give + +510 +00:50:59,490 --> 00:51:06,370 +him 50 utilities. Okay, at B here, how much is he + +511 +00:51:06,370 --> 00:51:10,750 +spending here? How much does he spend? Also $200, + +512 +00:51:11,490 --> 00:51:15,960 +right? How much is the total utility obtained? + +513 +00:51:16,820 --> 00:51:24,900 +Fifty. So for the consumer, point A equals + +514 +00:51:24,900 --> 00:51:31,590 +point B. Because at point A, he will spend How + +515 +00:51:31,590 --> 00:51:37,890 +much? $200 to get utilities, 50. At point B, he + +516 +00:51:37,890 --> 00:51:45,070 +spends the same amount, $200, to get 50 utils. But + +517 +00:51:45,070 --> 00:51:53,830 +what about C? At C here, he spends $200 to get how + +518 +00:51:53,830 --> 00:52:00,800 +much is the utility here? 100. 100. So, so. C is + +519 +00:52:00,800 --> 00:52:06,760 +better than A. All right? And C is better than B. + +520 +00:52:10,920 --> 00:52:17,360 +So C + +521 +00:52:17,360 --> 00:52:24,260 +is better than A than B. What about point D here? + +522 +00:52:33,020 --> 00:52:38,580 +To get the utilities, 140. But under the limited + +523 +00:52:38,580 --> 00:52:44,120 +budget, the limited income, he cannot. How can we + +524 +00:52:44,120 --> 00:52:49,180 +reach it? By increasing income. If the income goes + +525 +00:52:49,180 --> 00:52:53,860 +up, he can go rightward. Or prices go down. Price + +526 +00:52:53,860 --> 00:53:01,360 +of X or price of Y. So let's come back here. So at + +527 +00:53:01,360 --> 00:53:07,480 +point A, at A, the consumer spends how much? The + +528 +00:53:07,480 --> 00:53:10,680 +consumer spends, + +529 +00:53:12,560 --> 00:53:17,400 +let's make it spending will you obtain. Then at A, + +530 +00:53:17,780 --> 00:53:21,000 +here we're talking about the spending, the + +531 +00:53:21,000 --> 00:53:25,780 +consumer spending, spending, the consumer, + +532 +00:53:28,640 --> 00:53:31,800 +spending and utility obtains. + +533 +00:53:37,420 --> 00:53:42,240 +At point A, how much is the consumer spending? + +534 +00:53:43,800 --> 00:53:48,800 +$200. In this + +535 +00:53:48,800 --> 00:54:01,460 +example, + +536 +00:54:01,560 --> 00:54:08,240 +the consumer spends $200 at A, he spends $200 and + +537 +00:54:08,240 --> 00:54:11,460 +gets how much? 50 utils. + +538 +00:54:14,120 --> 00:54:17,260 +the satisfaction or your total utility obtained + +539 +00:54:17,260 --> 00:54:24,340 +equals 50 units at B + +540 +00:54:24,340 --> 00:54:32,080 +here. He spends 200 because this point lies along + +541 +00:54:32,080 --> 00:54:40,620 +the budget line. So he spends 200 point B and gets + +542 +00:54:40,620 --> 00:54:49,110 +how much? Fifty. So point A equals B. So we can + +543 +00:54:49,110 --> 00:54:57,650 +say that A equals B. What about point C? At C, + +544 +00:55:00,950 --> 00:55:08,470 +he spends $200 to get 100 units. + +545 +00:55:11,780 --> 00:55:18,860 +So point C is better than A, C is better than B. + +546 +00:55:21,680 --> 00:55:25,480 +What about point D? + +547 +00:55:29,720 --> 00:55:32,560 +I don't know how much is the spending because he + +548 +00:55:32,560 --> 00:55:37,760 +works under a limited income. But he will try + +549 +00:55:37,760 --> 00:55:39,780 +unattainable point. + +550 +00:55:43,640 --> 00:55:50,440 +attainable point under the limited income. + +551 +00:56:09,330 --> 00:56:15,050 +So the optimal point, the best point for the + +552 +00:56:15,050 --> 00:56:22,410 +consumer, which is? C is the optimal point. So I + +553 +00:56:22,410 --> 00:56:25,970 +advise the consumer to buy at point C. + +554 +00:56:29,370 --> 00:56:31,430 +Consumer equilibrium. + +555 +00:56:38,200 --> 00:56:42,480 +I advise the consumer to buy at point C because + +556 +00:56:42,480 --> 00:56:47,640 +this point confirms the consumer equilibrium or + +557 +00:56:47,640 --> 00:56:52,940 +the maximum utility can be obtained at point C + +558 +00:56:52,940 --> 00:56:55,800 +under the limited budget or the limited income. + +559 +00:56:56,420 --> 00:57:03,480 +All right? So, the optimal point is the point at + +560 +00:57:03,480 --> 00:57:03,980 +which + +561 +00:57:08,190 --> 00:57:12,510 +The budget line, tangent, and difference curve. + +562 +00:57:13,990 --> 00:57:17,610 +Tangent to mass. Mishi cross. Well, I'm sure + +563 +00:57:17,610 --> 00:57:18,610 +you've all experienced this before the exam. + +564 +00:57:22,470 --> 00:57:27,710 +The most efficient point, the point that maximizes + +565 +00:57:27,710 --> 00:57:33,350 +the consumer equilibrium is the point at which the + +566 +00:57:33,350 --> 00:57:35,770 +budget line tangent + +567 +00:57:44,550 --> 00:57:47,770 +Between the budget line and the indifference + +568 +00:57:47,770 --> 00:57:51,510 +curve. Not across, because here we have a cross. + +569 +00:57:53,510 --> 00:57:57,510 +Or at the point where the slope of the budget line + +570 +00:57:57,510 --> 00:58:00,590 +equals the slope of indifference curve. + +571 +00:58:04,630 --> 00:58:08,810 +And at this point, the slope of the budget line + +572 +00:58:08,810 --> 00:58:11,390 +equals the slope of indifference curve. + +573 +00:58:15,250 --> 00:58:19,390 +Once again, + +574 +00:58:19,950 --> 00:58:22,990 +then the consumer equilibrium achieved at the + +575 +00:58:22,990 --> 00:58:29,150 +point at which the slope or at the tangency point + +576 +00:58:29,150 --> 00:58:29,930 +or when + +577 +00:58:33,890 --> 00:58:42,970 +There is a tangency between, + +578 +00:58:42,990 --> 00:58:49,450 +there is a tangency between the + +579 +00:58:49,450 --> 00:58:51,750 +budget line and the indifference curve. + +580 +00:58:55,310 --> 00:59:00,110 +Not across. Not across. + +581 +00:59:10,350 --> 00:59:23,290 +The point where + +582 +00:59:23,290 --> 00:59:27,530 +the slope of the budget line equals the slope of + +583 +00:59:27,530 --> 00:59:33,570 +indifference curve. At this point, At this point + +584 +00:59:33,570 --> 00:59:39,110 +here, at point A, slope mean, slope mean. + +585 +00:59:42,430 --> 00:59:44,770 +Slope of the indifference curve is bigger than the + +586 +00:59:44,770 --> 00:59:46,010 +slope of the budget line. + +587 +00:59:56,160 --> 01:00:02,660 +At point A, which is steeper, which has a larger + +588 +01:00:02,660 --> 01:00:12,920 +slope? The IC or the budget line? The IC. At point + +589 +01:00:12,920 --> 01:00:23,820 +A, the slope of IC, IC is bigger than the slope of + +590 +01:00:23,820 --> 01:00:30,840 +budget line. At B, the slope of the budget line is + +591 +01:00:30,840 --> 01:00:35,900 +bigger than the slope of indifference curve. At + +592 +01:00:35,900 --> 01:00:48,600 +point B, the slope of the budget line is bigger + +593 +01:00:48,600 --> 01:00:57,110 +than the slope of IC. Smooth? What is the point + +594 +01:00:57,110 --> 01:01:00,990 +that only has the slope of indifference curve + +595 +01:01:00,990 --> 01:01:04,410 +equals the slope of the budget line, point C? So + +596 +01:01:04,410 --> 01:01:08,890 +it's the optimal point, the most efficient point. + +597 +01:01:10,250 --> 01:01:15,910 +The point achieves the consumer equilibrium. So at + +598 +01:01:15,910 --> 01:01:16,550 +point C, + +599 +01:01:19,610 --> 01:01:23,370 +slope + +600 +01:01:24,770 --> 01:01:31,850 +of budget line equals the slope of IC, which is + +601 +01:01:31,850 --> 01:01:33,470 +the optimal point. + diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/L9jBM3q_4x0.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/L9jBM3q_4x0.srt new file mode 100644 index 0000000000000000000000000000000000000000..a2c71b8dccf8c03ceefe7aa1365e9a5cc2eaa7d5 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/L9jBM3q_4x0.srt @@ -0,0 +1,1831 @@ + +1 +00:00:20,060 --> 00:00:23,100 +Okay. Bismillahirrahmanirrahim. Today, inshallah, + +2 +00:00:23,180 --> 00:00:26,640 +we are going to study the government intervention + +3 +00:00:26,640 --> 00:00:27,280 +in the market. + +4 +00:00:30,240 --> 00:00:37,200 +Okay. The government intervenes in the market to + +5 +00:00:37,200 --> 00:00:41,780 +internalize the situation by different tools, by + +6 +00:00:41,780 --> 00:00:44,740 +different techniques. So, + +7 +00:00:47,400 --> 00:00:51,980 +Let's go to study the government intervention in + +8 +00:00:51,980 --> 00:00:57,940 +the market. The government intervenes + +9 +00:00:57,940 --> 00:01:05,440 +in the market by two ways, either directly or + +10 +00:01:05,440 --> 00:01:12,400 +indirectly. So the government intervention, the + +11 +00:01:12,400 --> 00:01:16,060 +government intervention, + +12 +00:01:20,480 --> 00:01:26,700 +and the market either + +13 +00:01:26,700 --> 00:01:32,560 +should be direct or + +14 +00:01:32,560 --> 00:01:36,160 +indirect. + +15 +00:01:50,260 --> 00:01:54,400 +The direct intervention of the government might be + +16 +00:01:54,400 --> 00:01:58,720 +by taxes or subsidies. + +17 +00:02:12,140 --> 00:02:18,820 +The indirect intervention of the government might + +18 +00:02:18,820 --> 00:02:25,510 +be by the price ceiling and the price floor + +19 +00:02:25,510 --> 00:02:31,970 +policies. Price ceiling + +20 +00:02:31,970 --> 00:02:39,370 +or the price floor. + +21 +00:02:47,300 --> 00:02:57,160 +So sometimes the government intervenes by setting + +22 +00:02:57,160 --> 00:03:01,280 +taxes directly on the producers or sometimes on + +23 +00:03:01,280 --> 00:03:06,200 +the consumers, which means that we have a direct + +24 +00:03:06,200 --> 00:03:10,990 +intervention in the economy. Or sometimes the + +25 +00:03:10,990 --> 00:03:15,510 +government subsidizes the producers to produce + +26 +00:03:15,510 --> 00:03:20,550 +more. Sometimes there is a supply shortage, so the + +27 +00:03:20,550 --> 00:03:24,830 +government can subsidize the farmers, the + +28 +00:03:24,830 --> 00:03:27,990 +producers, the different groups who produce + +29 +00:03:27,990 --> 00:03:32,250 +different kinds of goods and services. This part + +30 +00:03:32,250 --> 00:03:36,830 +or this type is called the direct intervention. + +31 +00:03:41,200 --> 00:03:47,560 +I will try to, or we will try to explain the + +32 +00:03:47,560 --> 00:03:51,060 +indirect intervention of the government by + +33 +00:03:51,060 --> 00:03:55,880 +imposing a price ceiling and a price floor. To + +34 +00:03:55,880 --> 00:03:58,180 +understand the idea of price ceiling and the price + +35 +00:03:58,180 --> 00:04:02,380 +floor, let's have the following example. So I + +36 +00:04:02,380 --> 00:04:07,120 +think that I have to wear my shoes. Okay, the + +37 +00:04:07,120 --> 00:04:11,070 +price ceiling. So let's go to the indirect + +38 +00:04:11,070 --> 00:04:16,550 +intervention of the government by setting a price + +39 +00:04:16,550 --> 00:04:20,730 +ceiling. Price ceiling. Okay. + +40 +00:04:23,870 --> 00:04:27,210 +Let's go to understand the concept or the idea of + +41 +00:04:27,210 --> 00:04:27,890 +price ceiling. + +42 +00:04:31,890 --> 00:04:35,550 +To understand the idea of price ceiling, let's + +43 +00:04:35,550 --> 00:04:36,890 +have the following example. + +44 +00:04:45,170 --> 00:04:48,370 +Here, we will talk about the flowers market. + +45 +00:04:56,090 --> 00:05:02,710 +Flowers means flour. Price of a bag of flour and the + +46 +00:05:02,710 --> 00:05:03,770 +quantity of flour. + +47 +00:05:09,990 --> 00:05:15,450 +Here's the demand for flour. And supply of flour. + +48 +00:05:22,270 --> 00:05:29,130 +A bag of flour, 50 kilograms. 50 kilograms of + +49 +00:05:29,130 --> 00:05:35,610 +flour. This is the bag of flour. Some flour, + +50 +00:05:35,810 --> 00:05:39,050 +which is 50 kilograms. Fairly. Fairly. How much is + +51 +00:05:39,050 --> 00:05:41,390 +the price? How much does it cost? In the normal + +52 +00:05:41,390 --> 00:05:45,520 +situation. 120 shekels. Okay. + +53 +00:05:50,700 --> 00:05:54,180 +Kind of a normal situation. This is an assumption + +54 +00:05:54,180 --> 00:06:01,540 +here. Now, let's assume that the price in the + +55 +00:06:01,540 --> 00:06:08,400 +market, the price per bag of flour equals 250 + +56 +00:06:08,400 --> 00:06:09,220 +shekels. + +57 +00:06:13,480 --> 00:06:16,580 +This is the equilibrium price. + +58 +00:06:19,900 --> 00:06:25,360 +And per family, or per capital consumption of a + +59 +00:06:25,360 --> 00:06:29,580 +bag of flour is two + +60 +00:06:29,580 --> 00:06:32,120 +bags of flour a month. + +61 +00:06:35,040 --> 00:06:42,840 +What do you see? The price is so high. And the + +62 +00:06:42,840 --> 00:06:49,420 +consumer cannot buy this product, and it's + +63 +00:06:49,420 --> 00:06:53,820 +necessary for the consumers, and they cannot give + +64 +00:06:53,820 --> 00:07:01,960 +up on it. So, the government should intervene to + +65 +00:07:01,960 --> 00:07:06,240 +protect whom? To protect whom? The consumers, + +66 +00:07:06,440 --> 00:07:12,640 +exactly. To protect the consumers, the government + +67 +00:07:12,640 --> 00:07:17,600 +should intervene by imposing or setting a price + +68 +00:07:17,600 --> 00:07:27,080 +ceiling. So the price ceiling here should be 120 + +69 +00:07:27,080 --> 00:07:30,660 +shekels. + +70 +00:07:35,420 --> 00:07:44,060 +This is the maximum price that the seller can buy + +71 +00:07:44,060 --> 00:07:51,780 +or can sell. It's allowed for them to sell the + +72 +00:07:51,780 --> 00:07:56,160 +product with lower than or less than 120 shekels. + +73 +00:07:56,180 --> 00:08:00,640 +But it's forbidden to sell the product above the + +74 +00:08:00,640 --> 00:08:04,640 +price ceiling, 120. So this price is cool here. + +75 +00:08:06,200 --> 00:08:15,920 +The price? Ceiling. How you sealing egg? But it's + +76 +00:08:15,920 --> 00:08:22,220 +allowed for you to sell the product by 100, 110, + +77 +00:08:22,620 --> 00:08:29,640 +90 shekels, but not more than 120. This is the + +78 +00:08:29,640 --> 00:08:33,370 +government regulations or regulation or + +79 +00:08:33,370 --> 00:08:38,530 +legislations by the government here. It's the + +80 +00:08:38,530 --> 00:08:46,430 +price ceiling here. Okay? What do you see? What do + +81 +00:08:46,430 --> 00:08:50,490 +you see? The quantity demanded before the price + +82 +00:08:50,490 --> 00:08:54,210 +ceiling was two and the quantity supplied was two + +83 +00:08:54,210 --> 00:08:56,570 +than before the price ceiling. + +84 +00:08:59,710 --> 00:09:00,450 +Before, + +85 +00:09:04,370 --> 00:09:05,230 +the price ceiling. + +86 +00:09:09,070 --> 00:09:15,770 +The quantity demanded was equal to the quantity + +87 +00:09:15,770 --> 00:09:20,990 +supplied. Quantity demanded was two bags and the + +88 +00:09:20,990 --> 00:09:26,830 +quantity supplied equals two bags of flour. Now, + +89 +00:09:27,910 --> 00:09:30,290 +after imposing or setting a price ceiling here, + +90 +00:09:31,090 --> 00:09:35,870 +the quantity demanded Here, it's the point lies + +91 +00:09:35,870 --> 00:09:42,130 +along demand curve here, maybe four bags of + +92 +00:09:42,130 --> 00:09:48,290 +flour. The quantity supplied here, this is the + +93 +00:09:48,290 --> 00:09:51,990 +quantity demanded here. The quantity supplied is + +94 +00:09:51,990 --> 00:09:59,470 +the point lies along the supply curve, one bag of + +95 +00:09:59,470 --> 00:10:05,300 +flour. So after imposing after, the price ceiling. + +96 +00:10:08,140 --> 00:10:15,340 +The quantity demanded becomes how much? Four, and + +97 +00:10:15,340 --> 00:10:20,560 +the quantity supplied equals one here. Here we + +98 +00:10:20,560 --> 00:10:26,560 +have what? Shortage supply, exactly, or supply + +99 +00:10:26,560 --> 00:10:34,500 +shortage. A Qs minus a Qd equals 1 minus 4. The + +100 +00:10:34,500 --> 00:10:39,160 +market situation here, we have minus 3. We have a + +101 +00:10:39,160 --> 00:10:42,380 +shortage supply or supply shortage of flour or + +102 +00:10:42,380 --> 00:10:47,380 +excess demand by three bags, per unit or per + +103 +00:10:47,380 --> 00:10:57,420 +family. Because as the price went down here, the + +104 +00:10:57,420 --> 00:11:03,510 +sellers felt that they face a loss or their + +105 +00:11:03,510 --> 00:11:10,490 +profits went down. So they will try to decrease + +106 +00:11:10,490 --> 00:11:18,250 +their production. So this created what? The + +107 +00:11:18,250 --> 00:11:19,330 +shortage supply. + +108 +00:11:23,750 --> 00:11:37,800 +Or created excess demand. So now, if + +109 +00:11:37,800 --> 00:11:41,680 +the government imposed or sets the price ceiling + +110 +00:11:41,680 --> 00:11:48,000 +above the equilibrium, what will happen? + +111 +00:11:52,020 --> 00:11:57,620 +No. It's an ineffective price ceiling. Because the + +112 +00:11:57,620 --> 00:12:00,680 +price ceiling is what? The price ceiling is the + +113 +00:12:00,680 --> 00:12:04,740 +maximum price that the producer can sell or the + +114 +00:12:04,740 --> 00:12:09,180 +sellers can sell. In this case, it should be + +115 +00:12:09,180 --> 00:12:13,820 +effective. So if the price ceiling is imposed to + +116 +00:12:13,820 --> 00:12:19,440 +protect whom? To protect the consumers, then the + +117 +00:12:19,440 --> 00:12:20,180 +price ceiling can + +118 +00:12:25,030 --> 00:12:33,730 +is imposed then effective price + +119 +00:12:33,730 --> 00:12:35,950 +ceiling. + +120 +00:12:38,010 --> 00:12:46,330 +The price ceiling is mainly set to protect the + +121 +00:12:46,330 --> 00:12:52,170 +consumers. To protect the + +122 +00:12:52,170 --> 00:13:01,360 +consumers. It should be lower or less than + +123 +00:13:01,360 --> 00:13:11,000 +the equilibrium price. So high, 250. So it's + +124 +00:13:11,000 --> 00:13:14,940 +ineffective. The price, the effective price should + +125 +00:13:14,940 --> 00:13:18,960 +be lower than the equilibrium price. So it should + +126 +00:13:18,960 --> 00:13:20,700 +be below + +127 +00:13:25,050 --> 00:13:26,410 +the equilibrium price. + +128 +00:13:33,690 --> 00:13:34,650 +What else? + +129 +00:13:43,130 --> 00:13:48,370 +No, I'm going to study the effects, the impacts of + +130 +00:13:48,370 --> 00:13:51,780 +the price ceiling now. But here I'm talking about + +131 +00:13:51,780 --> 00:13:56,500 +the price ceiling is the maximum price. It's not + +132 +00:13:56,500 --> 00:13:57,080 +the minimum. + +133 +00:14:00,680 --> 00:14:08,840 +The producer + +134 +00:14:08,840 --> 00:14:18,340 +can or the seller can sell his + +135 +00:14:19,140 --> 00:14:20,120 +product. + +136 +00:14:25,320 --> 00:14:26,540 +For + +137 +00:14:30,460 --> 00:14:37,200 +It's forbidden to sell the product above the price + +138 +00:14:37,200 --> 00:14:44,940 +ceiling. It's forbidden. It's forbidden. Or + +139 +00:14:44,940 --> 00:14:45,320 +forbidden. + +140 +00:14:48,860 --> 00:14:54,320 +to sell the product or + +141 +00:14:54,320 --> 00:14:58,000 +service above + +142 +00:14:58,000 --> 00:15:01,220 +the + +143 +00:15:01,220 --> 00:15:03,840 +price ceiling. + +144 +00:15:26,480 --> 00:15:32,660 +It's allowed to sell the product below 120. + +145 +00:15:39,480 --> 00:15:43,220 +Then Hana Hague is allowed to sell the product + +146 +00:15:43,220 --> 00:15:50,670 +below or less than 120 shekels. Tamam? Okay? + +147 +00:15:54,390 --> 00:15:57,830 +This is the price, the market price. If you go to + +148 +00:15:57,830 --> 00:16:00,690 +the market and find the price, it's 250 shekels + +149 +00:16:00,690 --> 00:16:03,270 +for a bag of flour. This is the current situation. + +150 +00:16:06,950 --> 00:16:12,370 +This is the normal consumption. Two bags of flour + +151 +00:16:12,370 --> 00:16:17,130 +along this price. The price is so expensive. + +152 +00:16:19,660 --> 00:16:22,600 +Two units, two bags of flour. + +153 +00:16:35,200 --> 00:16:41,120 +That's it. Effective price ceiling. Now, if the + +154 +00:16:41,120 --> 00:16:46,220 +government sets the price ceiling above 250. + +155 +00:16:49,500 --> 00:16:58,000 +To protect + +156 +00:16:58,000 --> 00:17:06,740 +whom? The goal is to protect the consumers. The + +157 +00:17:06,740 --> 00:17:11,280 +government set the price ceiling to 300 shekels. + +158 +00:17:12,630 --> 00:17:17,350 +A butter price ceiling. The main goal, the main + +159 +00:17:17,350 --> 00:17:22,730 +objective of the price ceiling is to protect the + +160 +00:17:22,730 --> 00:17:26,690 +consumers here. If the government sets the price + +161 +00:17:26,690 --> 00:17:32,530 +ceiling above the equilibrium here. Ineffective + +162 +00:17:32,530 --> 00:17:33,410 +price ceiling. + +163 +00:17:37,520 --> 00:17:42,020 +If the government or the price ceiling is imposed + +164 +00:17:42,020 --> 00:17:48,540 +above the equilibrium price it should be ineffective + +165 +00:17:48,540 --> 00:17:49,240 +price ceiling. + +166 +00:17:57,280 --> 00:18:03,240 +The effective price ceiling is below the equilibrium + +167 +00:18:03,240 --> 00:18:07,660 +price or the market price. Effective price + +168 +00:18:07,660 --> 00:18:07,940 +ceiling. + +169 +00:18:11,680 --> 00:18:13,380 +Effective price ceiling. + +170 +00:18:18,440 --> 00:18:25,800 +What are the impacts of setting the price ceiling + +171 +00:18:25,800 --> 00:18:33,460 +in the market. Above the equilibrium price is an + +172 +00:18:33,460 --> 00:18:37,780 +ineffective price ceiling. So the effective price + +173 +00:18:37,780 --> 00:18:41,420 +ceiling should be imposed below the equilibrium of + +174 +00:18:41,420 --> 00:18:47,520 +the market price. What are the impacts or the + +175 +00:18:47,520 --> 00:18:51,860 +effects of a price ceiling? The effects or the + +176 +00:18:51,860 --> 00:18:59,360 +impacts or the consequences of the price ceiling. + +177 +00:19:03,940 --> 00:19:08,900 +The effects or + +178 +00:19:08,900 --> 00:19:15,420 +impacts of + +179 +00:19:15,420 --> 00:19:18,040 +price ceiling policy. + +180 +00:19:28,790 --> 00:19:32,830 +Let's come back here to the graph. Before the + +181 +00:19:32,830 --> 00:19:36,190 +price ceiling, the quantity demanded equals the + +182 +00:19:36,190 --> 00:19:40,530 +quantity supplied. Now the government decided to + +183 +00:19:40,530 --> 00:19:47,250 +impose or to set a price ceiling here at 120 + +184 +00:19:47,250 --> 00:19:53,630 +shekels. What has happened here? What do you see? + +185 +00:19:54,810 --> 00:20:00,050 +The quantity demanded goes up. The quantity supplied + +186 +00:20:00,050 --> 00:20:06,650 +goes down. Here we have what? Shortage supply. And + +187 +00:20:06,650 --> 00:20:11,030 +then number one, imposing the price ceiling or + +188 +00:20:11,030 --> 00:20:15,250 +setting the price ceiling leads to what? Number + +189 +00:20:15,250 --> 00:20:19,630 +one, supply shortage or shortage supply. Number + +190 +00:20:19,630 --> 00:20:26,010 +one, quantity demanded becomes bigger than the quantity + +191 +00:20:26,010 --> 00:20:38,650 +supplied. Here we have shortage supply. Or excess + +192 +00:20:38,650 --> 00:20:39,150 +demand. + +193 +00:20:46,930 --> 00:20:48,530 +What else? + +194 +00:20:53,290 --> 00:20:57,230 +Queuing. Queuing. + +195 +00:21:27,510 --> 00:21:32,290 +Imposing the price ceiling had a heck. The + +196 +00:21:32,290 --> 00:21:37,310 +producers, what do they do? Conflict. Conflict. + +197 +00:21:37,310 --> 00:21:39,390 +Conflict. Conflict. Conflict. Conflict. Conflict. + +198 +00:21:39,390 --> 00:21:41,110 +Conflict. Conflict. + +199 +00:21:45,230 --> 00:21:47,650 +Conflict. Conflict. Conflict. Conflict. Conflict. + +200 +00:21:47,650 --> 00:21:47,710 +Conflict. Conflict. Conflict. Conflict. Conflict. + +201 +00:21:47,710 --> 00:21:47,910 +Conflict. Conflict. Conflict. Conflict. Conflict. + +202 +00:21:47,910 --> 00:21:50,070 +Conflict. Conflict. Conflict. Conflict. Conflict. + +203 +00:21:50,070 --> 00:21:50,470 +Conflict. Conflict. Conflict. Conflict. Conflict. + +204 +00:21:50,470 --> 00: + +223 +00:24:38,510 --> 00:24:49,330 +the product underground to underground with higher + +224 +00:24:49,330 --> 00:24:49,790 +prices. + +225 +00:24:52,340 --> 00:24:55,760 +They go to a friend with money and say, hello, I + +226 +00:24:55,760 --> 00:25:00,800 +have flour, okay? But I don't want to sell it for + +227 +00:25:00,800 --> 00:25:04,380 +120, I want to sell it for 170. They say, I'll buy + +228 +00:25:04,380 --> 00:25:06,840 +it. I don't want to stand in a queue. This is what + +229 +00:25:06,840 --> 00:25:09,760 +happens with money. Okay? They don't have the + +230 +00:25:09,760 --> 00:25:13,840 +ability to stand in a queue. Right? Not even if + +231 +00:25:13,840 --> 00:25:16,340 +they don't have flour in the house. What can we + +232 +00:25:16,340 --> 00:25:19,840 +do? But he remained silent. This is called black + +233 +00:25:19,840 --> 00:25:24,960 +market. So the black market here occurs due to the + +234 +00:25:24,960 --> 00:25:28,980 +price ceiling policy. So the black market here + +235 +00:25:28,980 --> 00:25:32,960 +means that the seller will sell the products with + +236 +00:25:32,960 --> 00:25:36,940 +higher prices than the price ceiling but + +237 +00:25:36,940 --> 00:25:43,060 +underground. Okay? Number five. + +238 +00:25:49,090 --> 00:25:52,470 +The sellers will try to sell the product for their + +239 +00:25:52,470 --> 00:25:57,110 +families, their relatives. Correct? They go to + +240 +00:25:57,110 --> 00:25:58,790 +someone close to them, they sell it to them. They + +241 +00:25:58,790 --> 00:26:02,150 +say, my priority here is to take them to the + +242 +00:26:02,150 --> 00:26:03,850 +market and leave it for relatives and friends. + +243 +00:26:04,090 --> 00:26:07,170 +That's what happens. Okay? So here, the sellers, + +244 +00:26:10,350 --> 00:26:11,730 +the seller, + +245 +00:26:13,730 --> 00:26:15,890 +sellers, + +246 +00:26:18,970 --> 00:26:27,810 +Well, sell the product, the flower, for their + +247 +00:26:27,810 --> 00:26:35,110 +relatives and families. Their families and + +248 +00:26:35,110 --> 00:26:36,170 +relatives. + +249 +00:26:39,090 --> 00:26:42,350 +That's it. A second, of course. + +250 +00:26:55,360 --> 00:26:56,860 +That's it. + +251 +00:26:59,980 --> 00:27:10,580 +The same prices. Crisis. Okay. Selling will sell + +252 +00:27:10,580 --> 00:27:13,260 +the products or the flour for their families and + +253 +00:27:13,260 --> 00:27:17,840 +relatives. Okay, let's go to how can the + +254 +00:27:17,840 --> 00:27:21,980 +government deals with such a problem. Here, the + +255 +00:27:21,980 --> 00:27:28,680 +price ceiling. So the problem protected the + +256 +00:27:28,680 --> 00:27:34,220 +consumers, but it has created so many problems. + +257 +00:27:38,170 --> 00:27:41,510 +The problem was solved by the consumer. This is a + +258 +00:27:41,510 --> 00:27:45,190 +necessary product for the consumer and it's so + +259 +00:27:45,190 --> 00:27:48,610 +expensive. The problem was solved by the consumer + +260 +00:27:48,610 --> 00:27:52,990 +and it created many problems. How can the + +261 +00:27:52,990 --> 00:27:57,150 +government internalize the situation or how can + +262 +00:27:57,150 --> 00:28:00,330 +the government get rid of these problems or solve + +263 +00:28:00,330 --> 00:28:02,290 +these problems? Number one. + +264 +00:28:05,750 --> 00:28:08,810 +How can The government, + +265 +00:28:12,350 --> 00:28:15,890 +how + +266 +00:28:15,890 --> 00:28:22,990 +can the government solve these problems here? We + +267 +00:28:22,990 --> 00:28:28,490 +have a shortage supply. Number one, we have low + +268 +00:28:28,490 --> 00:28:34,950 +quality of flowers. High production, high cost of + +269 +00:28:34,950 --> 00:28:36,210 +raw material. + +270 +00:28:38,940 --> 00:28:42,240 +What else? The black market. How can the + +271 +00:28:42,240 --> 00:28:51,060 +government solve these problems? Yes. No. Price + +272 +00:28:51,060 --> 00:28:57,240 +floor is something else. It's something else which + +273 +00:28:57,240 --> 00:29:00,600 +will be discussed later on, inshallah. Yes. + +274 +00:29:01,620 --> 00:29:05,740 +Maximize the price of the basic products for the + +275 +00:29:05,740 --> 00:29:07,420 +consumer + +276 +00:29:10,730 --> 00:29:13,630 +Lower prices. To lower the prices? How? + +277 +00:29:19,230 --> 00:29:20,630 +How? How? And why? + +278 +00:29:26,190 --> 00:29:31,010 +As we mentioned that the 120 is fair game. Fair + +279 +00:29:31,010 --> 00:29:34,690 +for the producers and fair for the consumers. + +280 +00:29:35,910 --> 00:29:39,870 +After the calculation of the raw material and the + +281 +00:29:39,870 --> 00:29:44,610 +production inputs, it turns out that all of this + +282 +00:29:44,610 --> 00:29:48,730 +costs 110 shekels. If you sell 120 shekels, it's + +283 +00:29:48,730 --> 00:29:51,430 +fair. This means that he wins and this means that + +284 +00:29:51,430 --> 00:29:54,790 +he pays a lot of shekels. The question is yes. + +285 +00:29:57,540 --> 00:30:01,000 +Exactly. This is number one. We have a shortage + +286 +00:30:01,000 --> 00:30:05,820 +supply. How can we increase supply here, + +287 +00:30:06,200 --> 00:30:09,640 +encouraging the local production, number one, and + +288 +00:30:09,640 --> 00:30:16,500 +increase the imports for a short period? So number + +289 +00:30:16,500 --> 00:30:20,380 +one, the government, then how can we or the + +290 +00:30:20,380 --> 00:30:24,060 +government solve the problems of price ceiling? + +291 +00:30:24,840 --> 00:30:25,920 +How can + +292 +00:30:30,290 --> 00:30:39,830 +Can the government solve the problems of + +293 +00:30:39,830 --> 00:30:44,310 +the price ceiling policy? Number one, + +294 +00:30:46,990 --> 00:30:53,470 +encouragement of + +295 +00:30:53,470 --> 00:30:56,870 +local + +296 +00:30:56,870 --> 00:30:57,550 +production. + +297 +00:31:06,070 --> 00:31:06,870 +Of flour. + +298 +00:31:17,990 --> 00:31:18,830 +Sometimes, + +299 +00:31:21,590 --> 00:31:25,130 +raw material that we buy from outside, like wheat + +300 +00:31:25,130 --> 00:31:29,970 +and inputs, we want to encourage its importation. + +301 +00:31:30,410 --> 00:31:30,590 +Right? + +302 +00:31:33,730 --> 00:31:40,470 +Encouragement. Or the inputs importing. + +303 +00:31:44,330 --> 00:31:52,590 +Inputs of raw + +304 +00:31:52,590 --> 00:31:55,190 +material. What else? + +305 +00:32:13,550 --> 00:32:16,650 +No, expectation here is not related to this point + +306 +00:32:16,650 --> 00:32:17,390 +here. Yes. + +307 +00:32:21,270 --> 00:32:24,470 +From what? + +308 +00:32:29,210 --> 00:32:35,750 +Obstacles, why? Okay, it monitors the market. But + +309 +00:32:35,750 --> 00:32:39,790 +we are dealing with shortage of supply. You can + +310 +00:32:39,790 --> 00:32:45,160 +give coupons to people who buy. Right? Yes. Now, + +311 +00:32:45,220 --> 00:32:49,340 +when you put gasoline and all that, what do they + +312 +00:32:49,340 --> 00:32:54,300 +do? They give samples to people. They give them + +313 +00:32:54,300 --> 00:33:00,940 +coupons. They say, this coupon, you can buy just + +314 +00:33:00,940 --> 00:33:06,040 +100 liters a week. Not more than that. That's it. + +315 +00:33:06,260 --> 00:33:09,540 +They organize the market. Then what do they do? + +316 +00:33:09,960 --> 00:33:11,120 +These are coupons. + +317 +00:33:18,080 --> 00:33:23,580 +You can buy. They make a limitation. This is a + +318 +00:33:23,580 --> 00:33:26,960 +limited limitation. + +319 +00:33:28,160 --> 00:33:37,620 +You can buy 50 kilograms a month only, instead of + +320 +00:33:37,620 --> 00:33:42,200 +buying 20 bags. You just need one. That's it. + +321 +00:33:42,240 --> 00:33:47,440 +These are coupons. They make a limited amount. OK? + +322 +00:33:49,130 --> 00:33:51,210 +Okay, let's go to something else. + +323 +00:33:54,090 --> 00:33:54,550 +Clear? + +324 +00:33:57,930 --> 00:34:04,210 +Clear? Okay. Let's go to the price floor. + +325 +00:34:10,530 --> 00:34:11,290 +Coupons. + +326 +00:34:24,140 --> 00:34:30,700 +The problem is that you are a bit far from this. + +327 +00:34:32,380 --> 00:34:39,780 +Fishermen. When we have a short supply of fuel. + +328 +00:34:40,400 --> 00:34:43,980 +There is no gasoline and no solar. What does it + +329 +00:34:43,980 --> 00:34:49,740 +do? And there are periods of hunting. It could be + +330 +00:34:49,740 --> 00:34:52,840 +a hunting season, and there's no solar. So that he + +331 +00:34:52,840 --> 00:34:56,340 +can go hunting, he needs solar to run his boat, + +332 +00:34:56,700 --> 00:35:00,440 +right? Right? So how do you get it if you have a + +333 +00:35:00,440 --> 00:35:03,920 +shortage of supply? They give them in the Ministry + +334 +00:35:03,920 --> 00:35:08,880 +of Agriculture coupons. They say, go to a certain + +335 +00:35:08,880 --> 00:35:12,100 +plant with you for a month. How much consumption + +336 +00:35:12,100 --> 00:35:14,820 +do you have? How much demand do you have? For + +337 +00:35:14,820 --> 00:35:19,430 +example, 100 liters a month. And tell him, here's + +338 +00:35:19,430 --> 00:35:22,130 +your coupon, 100 liters, and you'll find this at + +339 +00:35:22,130 --> 00:35:26,870 +Abu Flan station. Now, what did he do? He + +340 +00:35:26,870 --> 00:35:29,650 +organized instead of taking one by one, one + +341 +00:35:29,650 --> 00:35:34,530 +fisherman, one fisherman, meaning he takes 1000 + +342 +00:35:34,530 --> 00:35:38,890 +liters and nobody else takes it. And they create a + +343 +00:35:38,890 --> 00:35:42,540 +crisis with this, okay? No. I'm telling you, no. + +344 +00:35:42,680 --> 00:35:44,620 +Distribute. This one takes 100 and this one takes + +345 +00:35:44,620 --> 00:35:46,680 +50 and this one takes 70 and this one takes so and + +346 +00:35:46,680 --> 00:35:49,300 +so according to the needs here. So, they do + +347 +00:35:49,300 --> 00:35:51,660 +organizing. So, these coupons are the idea behind + +348 +00:35:51,660 --> 00:35:58,300 +them. Okay? Okay. Let's go to the price floor. + +349 +00:36:00,800 --> 00:36:01,200 +Price. + +350 +00:36:13,300 --> 00:36:16,620 +It's the opposite case, or the opposite side of + +351 +00:36:16,620 --> 00:36:21,200 +the price ceiling. To understand the idea of price + +352 +00:36:21,200 --> 00:36:23,180 +floor, let's have the following example. + +353 +00:36:29,780 --> 00:36:36,240 +The price here packs up to May 2. + +354 +00:36:43,550 --> 00:36:51,950 +The normal situation, 15 shekels. + +355 +00:36:52,250 --> 00:36:56,510 +Where a peer price includes + +356 +00:36:56,510 --> 00:37:00,150 +or contains about seven kilograms. + +357 +00:37:03,770 --> 00:37:07,750 +At a fair, the consumer and the producer to sell + +358 +00:37:07,750 --> 00:37:13,780 +the product by 15 shekels. per box of tomato. + +359 +00:37:14,280 --> 00:37:18,500 +Okay? Now, let's go to the market. The tomatoes + +360 +00:37:18,500 --> 00:37:19,280 +market here. + +361 +00:37:23,920 --> 00:37:31,000 +Price per box of tomato and + +362 +00:37:31,000 --> 00:37:39,180 +the quantity of tomatoes by + +363 +00:37:39,180 --> 00:37:40,980 +box + +364 +00:37:44,000 --> 00:37:49,840 +And this is the demand for tomatoes, supply of + +365 +00:37:49,840 --> 00:37:55,700 +tomatoes. And the equilibrium price in the market + +366 +00:37:55,700 --> 00:38:00,420 +was four + +367 +00:38:00,420 --> 00:38:00,700 +shakes. + +368 +00:38:08,200 --> 00:38:19,010 +The quote purchased of tomato equals eight boxes a + +369 +00:38:19,010 --> 00:38:19,290 +month. + +370 +00:38:22,910 --> 00:38:27,950 +This is the per capita consumption of tomatoes per + +371 +00:38:27,950 --> 00:38:34,830 +family. The per family buys eight boxes a month + +372 +00:38:34,830 --> 00:38:40,750 +under the low prices. This is an assumption. + +373 +00:38:44,140 --> 00:38:53,720 +The price is so low. Right? Right? So who will + +374 +00:38:53,720 --> 00:38:58,520 +lose in this case? The producer. The producer, the + +375 +00:38:58,520 --> 00:39:06,360 +sellers here face big loss. Right? So the + +376 +00:39:06,360 --> 00:39:09,480 +government should intervene in this case to + +377 +00:39:09,480 --> 00:39:14,460 +protect whom? To protect the sellers. So the + +378 +00:39:14,460 --> 00:39:18,400 +government under the low prices. + +379 +00:39:20,680 --> 00:39:28,500 +The price here is low and the + +380 +00:39:28,500 --> 00:39:29,260 +selling prices + +381 +00:39:32,840 --> 00:39:37,160 +will not cover or meet the cost of inputs. + +382 +00:39:41,820 --> 00:39:44,380 +So here are the farmers, + +383 +00:39:48,160 --> 00:39:53,660 +they are the sellers, face big loss. + +384 +00:39:57,940 --> 00:40:02,860 +As there is a big loss here. The government should + +385 +00:40:02,860 --> 00:40:07,440 +intervene to protect whom? To protect the sellers. + +386 +00:40:08,040 --> 00:40:13,860 +So, yeah. So, the government should + +387 +00:40:13,860 --> 00:40:22,600 +intervene to protect whom? + +388 +00:40:23,180 --> 00:40:23,940 +The sellers. + +389 +00:40:30,200 --> 00:40:37,380 +should be larger than four. Exactly, yeah. The + +390 +00:40:37,380 --> 00:40:40,240 +fair price should be above four. + +391 +00:40:43,600 --> 00:40:49,500 +The fair + +392 +00:40:49,500 --> 00:40:57,270 +price should be above four. Fifteen, with the + +393 +00:40:57,270 --> 00:41:03,510 +assumption that fifteen shekels, per box of tomato + +394 +00:41:03,510 --> 00:41:06,330 +is fair for the producers. + +395 +00:41:09,270 --> 00:41:22,770 +This price + +396 +00:41:22,770 --> 00:41:24,830 +is called here the price of flora. + +397 +00:41:33,250 --> 00:41:37,190 +Now, if the government imposes or sets the price + +398 +00:41:37,190 --> 00:41:42,410 +floor here above the equilibrium, is it effective? + +399 +00:41:43,470 --> 00:41:48,530 +Effective. Why? Because we have an achievement for + +400 +00:41:48,530 --> 00:41:51,590 +their goal to protect whom? To protect the + +401 +00:41:51,590 --> 00:41:54,510 +sellers. If the government says, I want to protect + +402 +00:41:54,510 --> 00:41:57,370 +the producers or sellers and set the price to 3, + +403 +00:41:58,090 --> 00:42:04,590 +it is actually from Kip to 4, right? If the price + +404 +00:42:04,590 --> 00:42:08,470 +of flour is set or is imposed above the + +405 +00:42:08,470 --> 00:42:13,790 +equilibrium price, it will be an effective price + +406 +00:42:13,790 --> 00:42:17,670 +of flour. Okay? So the effective price of flour. + +407 +00:42:20,330 --> 00:42:25,270 +Mellow, above. The ground below you or above you? + +408 +00:42:25,710 --> 00:42:30,210 +This is the effective floor. Effective price + +409 +00:42:30,210 --> 00:42:32,850 +ceiling. Effective price ceiling. + +410 +00:42:38,710 --> 00:42:47,870 +Effective price ceiling should be + +411 +00:42:47,870 --> 00:42:52,870 +below the equilibrium. Effective price floor + +412 +00:42:52,870 --> 00:42:55,350 +above. Okay? + +413 +00:42:59,030 --> 00:43:03,910 +Now, what are the consequences and effects of + +414 +00:43:03,910 --> 00:43:07,930 +imposing a price ceiling? What are the effects of + +415 +00:43:07,930 --> 00:43:13,850 +imposing the price ceiling here? One supply will + +416 +00:43:13,850 --> 00:43:19,010 +go up. Because instead of selling at price four + +417 +00:43:19,010 --> 00:43:21,350 +purebreds, he started selling at fifteen. So he + +418 +00:43:21,350 --> 00:43:25,710 +tells you to plant tomatoes. Right or wrong? Okay, + +419 +00:43:25,830 --> 00:43:29,950 +this guy who used to buy eight boxes of tomatoes, + +420 +00:43:30,550 --> 00:43:33,370 +he tells you, one is enough for us. And a lot. + +421 +00:43:33,610 --> 00:43:35,570 +Isn't + +445 +00:46:09,840 --> 00:46:15,540 +Exactly. Nice. Perfect. So here, what should the + +446 +00:46:15,540 --> 00:46:22,600 +government do to solve the + +447 +00:46:22,600 --> 00:46:24,140 +price of lower preference here? + +448 +00:46:35,180 --> 00:46:36,560 +Excess supply. + +449 +00:46:44,430 --> 00:46:49,570 +Optimizers. If the price or the price floor was + +450 +00:46:49,570 --> 00:46:54,030 +below the equilibrium, is it effective? No. They + +451 +00:46:54,030 --> 00:47:00,250 +call it ineffective price + +452 +00:47:00,250 --> 00:47:00,730 +floor. + +453 +00:47:03,790 --> 00:47:06,430 +Above, this is an effective price floor. + +454 +00:47:11,390 --> 00:47:20,250 +Another price take effective price floor. So here, + +455 +00:47:20,570 --> 00:47:26,870 +what should the government do? What should the + +456 +00:47:26,870 --> 00:47:31,430 +government do to solve the problem? + +457 +00:47:35,210 --> 00:47:38,890 +The price floor problem. + +458 +00:47:46,130 --> 00:47:47,710 +or created problems here? + +459 +00:47:59,290 --> 00:48:02,510 +Are the problems created by the price of flour? + +460 +00:48:03,810 --> 00:48:08,110 +What should the government do to solve the + +461 +00:48:08,110 --> 00:48:12,170 +problems created by the price of flour policy? + +462 +00:48:13,760 --> 00:48:17,320 +Number one, encouragement. + +463 +00:48:23,180 --> 00:48:30,220 +Exporting of tomatoes. Number one. Number two, + +464 +00:48:31,820 --> 00:48:32,960 +stop importing. + +465 +00:48:38,840 --> 00:48:40,740 +Encouragement or stop + +466 +00:48:43,640 --> 00:48:47,980 +or decrease importing + +467 +00:48:47,980 --> 00:48:51,040 +of tomatoes + +468 +00:48:51,040 --> 00:48:54,900 +by + +469 +00:48:54,900 --> 00:49:00,500 +increasing import tariffs or customs. + +470 +00:49:10,630 --> 00:49:16,950 +Yes. This is import tariffs. You know how customs + +471 +00:49:16,950 --> 00:49:17,470 +work. + +472 +00:49:20,470 --> 00:49:24,690 +How do you + +473 +00:49:24,690 --> 00:49:28,590 +want to stop importing tomatoes? You import + +474 +00:49:28,590 --> 00:49:30,990 +tomatoes from abroad. How do you want to stop it? + +475 +00:49:34,950 --> 00:49:38,010 +Reduce your tax on it by 200%. + +476 +00:49:53,890 --> 00:50:00,610 +Three. The government sometimes can buy the + +477 +00:50:00,610 --> 00:50:02,210 +overproduction of tomatoes. + +478 +00:50:05,810 --> 00:50:06,870 +Sometimes + +479 +00:50:13,570 --> 00:50:18,270 +The government buys + +480 +00:50:18,270 --> 00:50:26,710 +or purchase the overproduced. + +481 +00:50:26,710 --> 00:50:34,190 +The overproduced + +482 +00:50:34,190 --> 00:50:35,070 +quantities + +483 +00:50:51,800 --> 00:50:54,840 +of tomatoes. From the sellers. + +484 +00:51:00,880 --> 00:51:05,880 +Of course, they send it to the army. Right? Yes, + +485 +00:51:05,920 --> 00:51:08,800 +it happens. It happens, of course, that's how they + +486 +00:51:08,800 --> 00:51:13,340 +work. Now they work on imports a lot. Imports + +487 +00:51:13,340 --> 00:51:17,500 +tariffs. Yes, it happens. Say no. They follow + +488 +00:51:17,500 --> 00:51:20,980 +what? Now look, not everything that is said is + +489 +00:51:20,980 --> 00:51:26,980 +applied in the country. Yes, Mr. Hamza. Are we + +490 +00:51:26,980 --> 00:51:28,720 +done? How much time? + +491 +00:51:32,660 --> 00:51:38,120 +One point only. Look at this. A project. That's + +492 +00:51:38,120 --> 00:51:40,420 +it. A project. + +493 +00:51:43,380 --> 00:51:50,720 +The last point is + +494 +00:51:50,720 --> 00:52:04,760 +subsidizing + +495 +00:52:04,760 --> 00:52:08,580 +the producers. Number four, + +496 +00:52:15,950 --> 00:52:17,690 +Support their producers. + +497 +00:52:23,410 --> 00:52:31,670 +Supporting the producers + +498 +00:52:31,670 --> 00:52:32,330 +or sellers. + +499 +00:52:38,750 --> 00:52:40,310 +That's it. diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/L9jBM3q_4x0_raw.json b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/L9jBM3q_4x0_raw.json new file mode 100644 index 0000000000000000000000000000000000000000..3b99beb8e6f6692e8232f064acc45a525616f9ec --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/L9jBM3q_4x0_raw.json @@ -0,0 +1 @@ +{"segments": [{"id": 1, "seek": 4474, "start": 20.06, "end": 44.74, "text": " Okay. Bismillahirrahmanirrahim. Today, inshallah, we are going to study the government intervention in the market. Okay. The government intervenes in the market to internalize the situation by different tools, by different techniques. 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The government intervenes in the market by two ways, either directly or indirectly. 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The indirect intervention of the government might be", "tokens": [440, 2047, 13176, 295, 264, 2463, 1062, 312, 538, 10041, 420, 38523, 13, 440, 19523, 13176, 295, 264, 2463, 1062, 312], "avg_logprob": -0.09747869114984166, "compression_ratio": 1.5875, "no_speech_prob": 0.0, "words": [{"start": 110.26, "end": 110.48, "word": " The", "probability": 0.84375}, {"start": 110.48, "end": 110.86, "word": " direct", "probability": 0.8916015625}, {"start": 110.86, "end": 111.62, "word": " intervention", "probability": 0.8681640625}, {"start": 111.62, "end": 112.34, "word": " of", "probability": 0.96728515625}, {"start": 112.34, "end": 112.54, "word": " the", "probability": 0.91748046875}, {"start": 112.54, "end": 113.42, "word": " government", "probability": 0.9189453125}, {"start": 113.42, "end": 113.94, "word": " might", "probability": 0.8681640625}, {"start": 113.94, "end": 114.4, "word": " be", "probability": 0.9501953125}, {"start": 114.4, "end": 115.42, "word": " by", "probability": 0.97509765625}, {"start": 115.42, "end": 116.1, "word": " taxes", "probability": 0.935546875}, {"start": 116.1, "end": 118.14, "word": " or", "probability": 0.931640625}, {"start": 118.14, "end": 118.72, "word": " subsidies.", "probability": 0.87548828125}, {"start": 132.14, "end": 132.7, "word": " The", "probability": 0.85791015625}, {"start": 132.7, "end": 133.3, "word": " indirect", "probability": 0.95849609375}, {"start": 133.3, "end": 134.2, "word": " intervention", "probability": 0.9228515625}, {"start": 134.2, "end": 135.1, "word": " of", "probability": 0.96240234375}, {"start": 135.1, "end": 135.24, "word": " the", "probability": 0.9189453125}, {"start": 135.24, "end": 135.66, "word": " government", "probability": 0.90966796875}, {"start": 135.66, "end": 138.82, "word": " might", "probability": 0.87451171875}, {"start": 138.82, "end": 139.2, "word": " be", "probability": 0.95556640625}], "temperature": 1.0}, {"id": 5, "seek": 15937, "start": 140.15, "end": 159.37, "text": " by the price ceiling and the price of floor policies. Price ceiling or the price of floor.", "tokens": [538, 264, 3218, 13655, 293, 264, 3218, 295, 4123, 7657, 13, 25803, 13655, 420, 264, 3218, 295, 4123, 13], "avg_logprob": -0.2775390654802322, "compression_ratio": 1.467741935483871, "no_speech_prob": 0.0, "words": [{"start": 140.15, "end": 140.71, "word": " by", "probability": 0.62060546875}, {"start": 140.71, "end": 143.39, "word": " the", "probability": 0.80029296875}, {"start": 143.39, "end": 143.69, "word": " price", "probability": 0.88134765625}, {"start": 143.69, "end": 144.07, "word": " ceiling", "probability": 0.97705078125}, {"start": 144.07, "end": 144.67, "word": " and", "probability": 0.92822265625}, {"start": 144.67, "end": 144.83, "word": " the", "probability": 0.82080078125}, {"start": 144.83, "end": 145.09, "word": " price", "probability": 0.93359375}, {"start": 145.09, "end": 145.25, "word": " of", "probability": 0.72998046875}, {"start": 145.25, "end": 145.51, "word": " floor", "probability": 0.45751953125}, {"start": 145.51, "end": 146.15, "word": " policies.", "probability": 0.9375}, {"start": 147.09, "end": 147.91, "word": " Price", "probability": 0.85302734375}, {"start": 147.91, "end": 151.97, "word": " ceiling", "probability": 0.8671875}, {"start": 151.97, "end": 154.79, "word": " or", "probability": 0.431396484375}, {"start": 154.79, "end": 156.65, "word": " the", "probability": 0.90234375}, {"start": 156.65, "end": 156.99, "word": " price", "probability": 0.9150390625}, {"start": 156.99, "end": 157.15, "word": " of", "probability": 0.68408203125}, {"start": 157.15, "end": 159.37, "word": " floor.", "probability": 0.9052734375}], "temperature": 1.0}, {"id": 6, "seek": 18822, "start": 167.3, "end": 188.22, "text": " So sometimes the government intervene by setting taxes directly on the producers or sometimes on the consumers, which means that we have a direct intervention in the economy.", "tokens": [407, 2171, 264, 2463, 30407, 538, 3287, 10041, 3838, 322, 264, 16080, 420, 2171, 322, 264, 11883, 11, 597, 1355, 300, 321, 362, 257, 2047, 13176, 294, 264, 5010, 13], "avg_logprob": -0.12090473886459105, "compression_ratio": 1.4830508474576272, "no_speech_prob": 0.0, "words": [{"start": 167.3, "end": 167.66, "word": " So", "probability": 0.9150390625}, {"start": 167.66, "end": 168.94, "word": " sometimes", "probability": 0.65576171875}, {"start": 168.94, "end": 169.68, "word": " the", "probability": 0.8603515625}, {"start": 169.68, "end": 170.14, "word": " government", "probability": 0.91064453125}, {"start": 170.14, "end": 172.02, "word": " intervene", "probability": 0.70751953125}, {"start": 172.02, "end": 174.6, "word": " by", "probability": 0.94287109375}, {"start": 174.6, "end": 177.16, "word": " setting", "probability": 0.9375}, {"start": 177.16, "end": 177.84, "word": " taxes", "probability": 0.9189453125}, {"start": 177.84, "end": 178.7, "word": " directly", "probability": 0.87890625}, {"start": 178.7, "end": 179.28, "word": " on", "probability": 0.9482421875}, {"start": 179.28, "end": 179.48, "word": " the", "probability": 0.9140625}, {"start": 179.48, "end": 179.94, "word": " producers", "probability": 0.8818359375}, {"start": 179.94, "end": 180.38, "word": " or", "probability": 0.61767578125}, {"start": 180.38, "end": 180.9, "word": " sometimes", "probability": 0.9375}, {"start": 180.9, "end": 181.28, "word": " on", "probability": 0.92333984375}, {"start": 181.28, "end": 181.46, "word": " the", "probability": 0.916015625}, {"start": 181.46, "end": 182.18, "word": " consumers,", "probability": 0.94140625}, {"start": 183.3, "end": 183.64, "word": " which", "probability": 0.94970703125}, {"start": 183.64, "end": 183.98, "word": " means", "probability": 0.93603515625}, {"start": 183.98, "end": 184.42, "word": " that", "probability": 0.93505859375}, {"start": 184.42, "end": 184.62, "word": " we", "probability": 0.9619140625}, {"start": 184.62, "end": 185.04, "word": " have", "probability": 0.947265625}, {"start": 185.04, "end": 185.74, "word": " a", "probability": 0.9921875}, {"start": 185.74, "end": 186.2, "word": " direct", "probability": 0.92333984375}, {"start": 186.2, "end": 187.28, "word": " intervention", "probability": 0.9267578125}, {"start": 187.28, "end": 187.72, "word": " in", "probability": 0.93896484375}, {"start": 187.72, "end": 187.84, "word": " the", "probability": 0.92431640625}, {"start": 187.84, "end": 188.22, "word": " economy.", "probability": 0.84228515625}], "temperature": 1.0}, {"id": 7, "seek": 21683, "start": 189.61, "end": 216.83, "text": " Or sometimes the government subsidizes the producers to produce more. Sometimes there is a supply shortage, so the government can subsidize the farmers, the producers, the different groups who produce different bonds of goods and services. 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To understand the idea of price ceiling and the price floor, let's have the following example. So I think that I have to wear my shoes. Okay, the price ceiling.", "tokens": [286, 486, 853, 281, 11, 420, 321, 486, 853, 281, 2903, 264, 19523, 13176, 295, 264, 2463, 538, 40288, 257, 3218, 13655, 293, 257, 3218, 4123, 13, 1407, 1223, 264, 1558, 295, 3218, 13655, 293, 264, 3218, 4123, 11, 718, 311, 362, 264, 3480, 1365, 13, 407, 286, 519, 300, 286, 362, 281, 3728, 452, 6654, 13, 1033, 11, 264, 3218, 13655, 13], "avg_logprob": -0.12335204961709678, "compression_ratio": 1.6839080459770115, "no_speech_prob": 0.0, "words": [{"start": 221.2, "end": 221.6, "word": " I", "probability": 0.86865234375}, {"start": 221.6, "end": 222.02, "word": " will", "probability": 0.6904296875}, {"start": 222.02, "end": 222.44, "word": " try", "probability": 0.9423828125}, {"start": 222.44, "end": 222.76, "word": " to,", "probability": 0.912109375}, {"start": 222.8, "end": 222.96, "word": " or", "probability": 0.96630859375}, {"start": 222.96, "end": 223.18, "word": " we", "probability": 0.9453125}, {"start": 223.18, "end": 223.38, "word": " 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let's go to the indirect intervention of the government by setting a price ceiling. Price ceiling. Okay. Let's go to understand the concept or the idea of price ceiling. To understand the idea of price ceiling, let's have the following example.", "tokens": [407, 718, 311, 352, 281, 264, 19523, 13176, 295, 264, 2463, 538, 3287, 257, 3218, 13655, 13, 25803, 13655, 13, 1033, 13, 961, 311, 352, 281, 1223, 264, 3410, 420, 264, 1558, 295, 3218, 13655, 13, 1407, 1223, 264, 1558, 295, 3218, 13655, 11, 718, 311, 362, 264, 3480, 1365, 13], "avg_logprob": -0.1024639425942531, "compression_ratio": 1.7222222222222223, "no_speech_prob": 0.0, "words": [{"start": 249.17, "end": 249.43, "word": " So", "probability": 0.93505859375}, {"start": 249.43, "end": 249.75, "word": " let's", "probability": 0.9189453125}, {"start": 249.75, "end": 249.99, "word": " go", "probability": 0.96533203125}, {"start": 249.99, "end": 250.23, "word": " to", "probability": 0.912109375}, {"start": 250.23, "end": 250.47, "word": " the", "probability": 0.90966796875}, {"start": 250.47, "end": 251.07, "word": " indirect", "probability": 0.96923828125}, {"start": 251.07, "end": 253.11, "word": " intervention", "probability": 0.884765625}, {"start": 253.11, "end": 253.35, "word": " of", "probability": 0.95166015625}, {"start": 253.35, "end": 253.91, "word": " the", "probability": 0.9140625}, {"start": 253.91, "end": 254.35, "word": " government", "probability": 0.9111328125}, {"start": 254.35, "end": 255.01, "word": " by", "probability": 0.96826171875}, {"start": 255.01, "end": 255.79, "word": " setting", "probability": 0.88916015625}, {"start": 255.79, "end": 256.19, "word": " a", "probability": 0.89697265625}, {"start": 256.19, "end": 256.55, "word": " price", "probability": 0.9208984375}, {"start": 256.55, "end": 257.05, "word": " ceiling.", "probability": 0.9853515625}, {"start": 257.85, "end": 258.13, "word": " Price", "probability": 0.759765625}, {"start": 258.13, "end": 258.39, "word": " ceiling.", "probability": 0.951171875}, {"start": 260.59, "end": 260.73, "word": " Okay.", "probability": 0.48193359375}, {"start": 263.87, "end": 264.51, "word": " Let's", "probability": 0.976806640625}, {"start": 264.51, "end": 264.75, "word": " go", "probability": 0.96875}, {"start": 264.75, "end": 265.03, "word": " to", "probability": 0.96728515625}, {"start": 265.03, "end": 265.75, "word": " understand", "probability": 0.79248046875}, {"start": 265.75, "end": 265.95, "word": " the", "probability": 0.9248046875}, {"start": 265.95, "end": 266.33, "word": " concept", "probability": 0.9013671875}, {"start": 266.33, "end": 266.53, "word": " or", "probability": 0.935546875}, {"start": 266.53, "end": 266.67, "word": " the", "probability": 0.91552734375}, {"start": 266.67, "end": 267.01, "word": " idea", "probability": 0.9111328125}, {"start": 267.01, "end": 267.21, "word": " of", "probability": 0.95947265625}, {"start": 267.21, "end": 267.53, "word": " price", "probability": 0.9130859375}, {"start": 267.53, "end": 267.89, "word": " ceiling.", "probability": 0.97119140625}, {"start": 271.89, "end": 272.53, "word": " To", "probability": 0.90283203125}, {"start": 272.53, "end": 272.99, "word": " understand", "probability": 0.7998046875}, {"start": 272.99, "end": 273.21, "word": " the", "probability": 0.9169921875}, {"start": 273.21, "end": 273.49, "word": " idea", "probability": 0.9013671875}, {"start": 273.49, "end": 273.69, "word": " of", "probability": 0.96533203125}, {"start": 273.69, "end": 273.97, "word": " price", "probability": 0.9248046875}, {"start": 273.97, "end": 274.25, "word": " ceiling,", "probability": 0.9609375}, {"start": 275.05, "end": 275.55, "word": " let's", "probability": 0.972412109375}, {"start": 275.55, "end": 275.81, "word": " have", "probability": 0.94482421875}, {"start": 275.81, "end": 275.97, "word": " the", "probability": 0.91650390625}, {"start": 275.97, "end": 276.29, "word": " following", "probability": 0.89599609375}, {"start": 276.29, "end": 276.89, "word": " example.", "probability": 0.98095703125}], "temperature": 1.0}, {"id": 10, "seek": 31233, "start": 285.17, "end": 312.33, "text": " Here, we will talk about the flowers market. Flowers means tahini. Price of a flower and the quantity of flower. Here's the demand for flower.", "tokens": [1692, 11, 321, 486, 751, 466, 264, 8085, 2142, 13, 48194, 1355, 23059, 3812, 13, 25803, 295, 257, 8617, 293, 264, 11275, 295, 8617, 13, 1692, 311, 264, 4733, 337, 8617, 13], "avg_logprob": -0.29663825757575757, "compression_ratio": 1.3364485981308412, "no_speech_prob": 0.0, "words": [{"start": 285.17, "end": 285.53, "word": " Here,", "probability": 0.78564453125}, {"start": 286.01, "end": 286.33, "word": " we", "probability": 0.93017578125}, {"start": 286.33, "end": 286.47, "word": " will", "probability": 0.89013671875}, {"start": 286.47, "end": 286.83, "word": " talk", "probability": 0.89697265625}, {"start": 286.83, "end": 287.23, "word": " about", "probability": 0.908203125}, {"start": 287.23, "end": 287.47, "word": " the", "probability": 0.91455078125}, {"start": 287.47, "end": 287.85, "word": " flowers", "probability": 0.68798828125}, {"start": 287.85, "end": 288.37, "word": " market.", "probability": 0.86865234375}, {"start": 296.09, "end": 296.87, "word": " Flowers", "probability": 0.80419921875}, {"start": 296.87, "end": 297.19, "word": " means", "probability": 0.5771484375}, {"start": 297.19, "end": 298.41, "word": " tahini.", "probability": 0.3994140625}, {"start": 299.15, "end": 299.93, "word": " Price", "probability": 0.417236328125}, {"start": 299.93, "end": 300.11, "word": " of", "probability": 0.919921875}, {"start": 300.11, "end": 300.21, "word": " a", "probability": 0.80712890625}, {"start": 300.21, "end": 300.53, "word": " flower", "probability": 0.9033203125}, {"start": 300.53, "end": 302.59, "word": " and", "probability": 0.73876953125}, {"start": 302.59, "end": 302.71, "word": " the", "probability": 0.8623046875}, {"start": 302.71, "end": 303.15, "word": " quantity", "probability": 0.80322265625}, {"start": 303.15, "end": 303.47, "word": " of", "probability": 0.80029296875}, {"start": 303.47, "end": 303.77, "word": " flower.", "probability": 0.509765625}, {"start": 309.99, "end": 310.63, "word": " Here's", "probability": 0.710205078125}, {"start": 310.63, "end": 310.87, "word": " the", "probability": 0.919921875}, {"start": 310.87, "end": 311.35, "word": " demand", "probability": 0.90771484375}, {"start": 311.35, "end": 311.77, "word": " for", "probability": 0.95263671875}, {"start": 311.77, "end": 312.33, "word": " flower.", "probability": 0.669921875}], "temperature": 1.0}, {"id": 11, "seek": 34197, "start": 314.19, "end": 341.97, "text": " And supply of flour. Pearsack flour, 50 kilograms. 50 kilograms of flour. This is the pearsack flour. Some flour, which is 50 kilograms. Fairly. Fairly. How much is the price? How much does it cost? In the normal situation.", "tokens": [400, 5847, 295, 7693, 13, 2396, 685, 501, 7693, 11, 2625, 30690, 13, 2625, 30690, 295, 7693, 13, 639, 307, 264, 520, 685, 501, 7693, 13, 2188, 7693, 11, 597, 307, 2625, 30690, 13, 12157, 356, 13, 12157, 356, 13, 1012, 709, 307, 264, 3218, 30, 1012, 709, 775, 309, 2063, 30, 682, 264, 2710, 2590, 13], "avg_logprob": -0.4356142318454282, "compression_ratio": 1.6115107913669064, "no_speech_prob": 0.0, "words": [{"start": 314.19, "end": 314.49, "word": " And", "probability": 0.37451171875}, {"start": 314.49, "end": 314.85, "word": " supply", "probability": 0.634765625}, {"start": 314.85, "end": 315.09, "word": " of", "probability": 0.5595703125}, {"start": 315.09, "end": 315.45, "word": " flour.", "probability": 0.96435546875}, {"start": 322.27, "end": 322.73, "word": " Pearsack", "probability": 0.5436197916666666}, {"start": 322.73, "end": 323.17, "word": " flour,", "probability": 0.9326171875}, {"start": 323.71, "end": 324.01, "word": " 50", "probability": 0.97705078125}, {"start": 324.01, "end": 324.53, "word": " kilograms.", "probability": 0.5830078125}, {"start": 325.19, "end": 325.91, "word": " 50", "probability": 0.95947265625}, {"start": 325.91, "end": 326.43, "word": " kilograms", "probability": 0.85009765625}, {"start": 326.43, "end": 329.13, "word": " of", "probability": 0.9052734375}, {"start": 329.13, "end": 329.57, "word": " flour.", "probability": 0.9716796875}, {"start": 330.73, "end": 331.35, "word": " This", "probability": 0.0208740234375}, {"start": 331.35, "end": 331.39, "word": " is", "probability": 0.7451171875}, {"start": 331.39, "end": 331.89, "word": " the", "probability": 0.46435546875}, {"start": 331.89, "end": 332.67, "word": " pearsack", "probability": 0.7784830729166666}, {"start": 332.67, "end": 332.71, "word": " flour.", "probability": 0.492919921875}, {"start": 334.49, "end": 335.21, "word": " Some", "probability": 0.266357421875}, {"start": 335.21, "end": 335.61, "word": " flour,", "probability": 0.77978515625}, {"start": 335.81, "end": 335.93, "word": " which", "probability": 0.65234375}, {"start": 335.93, "end": 336.03, "word": " is", "probability": 0.87646484375}, {"start": 336.03, "end": 336.37, "word": " 50", "probability": 0.94189453125}, {"start": 336.37, "end": 336.95, "word": " kilograms.", "probability": 0.837890625}, {"start": 337.39, "end": 338.11, "word": " Fairly.", "probability": 0.368804931640625}, {"start": 338.11, "end": 338.49, "word": " Fairly.", "probability": 0.74365234375}, {"start": 338.49, "end": 338.67, "word": " How", "probability": 0.56689453125}, {"start": 338.67, "end": 338.91, "word": " much", "probability": 0.9072265625}, {"start": 338.91, "end": 339.05, "word": " is", "probability": 0.5556640625}, {"start": 339.05, "end": 339.13, "word": " the", "probability": 0.6357421875}, {"start": 339.13, "end": 339.43, "word": " price?", "probability": 0.89404296875}, {"start": 339.69, "end": 339.77, "word": " How", "probability": 0.31494140625}, {"start": 339.77, "end": 339.91, "word": " much", "probability": 0.892578125}, {"start": 339.91, "end": 339.95, "word": " does", "probability": 0.82421875}, {"start": 339.95, "end": 340.03, "word": " it", "probability": 0.93505859375}, {"start": 340.03, "end": 340.27, "word": " cost?", "probability": 0.9267578125}, {"start": 340.75, "end": 341.07, "word": " In", "probability": 0.630859375}, {"start": 341.07, "end": 341.19, "word": " the", "probability": 0.5126953125}, {"start": 341.19, "end": 341.39, "word": " normal", "probability": 0.8681640625}, {"start": 341.39, "end": 341.97, "word": " situation.", "probability": 0.92041015625}], "temperature": 1.0}, {"id": 12, "seek": 36922, "start": 343.88, "end": 369.22, "text": " 120 shekels. Okay. Kind of a normal situation. This is an assumption here. Now, let's assume that the price in the market, the price per sack of flour equals 250 shekels.", "tokens": [10411, 750, 7124, 82, 13, 1033, 13, 9242, 295, 257, 2710, 2590, 13, 639, 307, 364, 15302, 510, 13, 823, 11, 718, 311, 6552, 300, 264, 3218, 294, 264, 2142, 11, 264, 3218, 680, 33209, 295, 7693, 6915, 11650, 750, 7124, 82, 13], "avg_logprob": -0.13307883861390027, "compression_ratio": 1.3153846153846154, "no_speech_prob": 0.0, "words": [{"start": 343.88, "end": 344.64, "word": " 120", "probability": 0.537109375}, {"start": 344.64, "end": 345.26, "word": " shekels.", "probability": 0.8914388020833334}, {"start": 345.38, "end": 345.52, "word": " Okay.", "probability": 0.70654296875}, {"start": 350.7, "end": 350.88, "word": " Kind", "probability": 0.45263671875}, {"start": 350.88, "end": 350.94, "word": " of", "probability": 0.97314453125}, {"start": 350.94, "end": 351.04, "word": " a", "probability": 0.9326171875}, {"start": 351.04, "end": 351.26, "word": " normal", "probability": 0.912109375}, {"start": 351.26, "end": 351.8, "word": " situation.", "probability": 0.9296875}, {"start": 352.58, "end": 353.16, "word": " This", "probability": 0.904296875}, {"start": 353.16, "end": 353.52, "word": " is", "probability": 0.95166015625}, {"start": 353.52, "end": 353.8, "word": " an", "probability": 0.943359375}, {"start": 353.8, "end": 354.18, "word": " assumption", "probability": 0.9765625}, {"start": 354.18, "end": 354.56, "word": " here.", "probability": 0.82958984375}, {"start": 355.62, "end": 356.04, "word": " Now,", "probability": 0.9580078125}, {"start": 357.02, "end": 357.96, "word": " let's", "probability": 0.9697265625}, {"start": 357.96, "end": 358.44, "word": " assume", "probability": 0.908203125}, {"start": 358.44, "end": 360.6, "word": " that", "probability": 0.91162109375}, {"start": 360.6, "end": 360.82, "word": " the", "probability": 0.92041015625}, {"start": 360.82, "end": 361.2, "word": " price", "probability": 0.9169921875}, {"start": 361.2, "end": 361.42, "word": " in", "probability": 0.8828125}, {"start": 361.42, "end": 361.54, "word": " the", "probability": 0.91796875}, {"start": 361.54, "end": 361.9, "word": " market,", "probability": 0.875}, {"start": 362.8, "end": 363.06, "word": " the", "probability": 0.927734375}, {"start": 363.06, "end": 363.36, "word": " price", "probability": 0.9052734375}, {"start": 363.36, "end": 363.7, "word": " per", "probability": 0.67236328125}, {"start": 363.7, "end": 364.02, "word": " sack", "probability": 0.95703125}, {"start": 364.02, "end": 364.2, "word": " of", "probability": 0.9736328125}, {"start": 364.2, "end": 364.6, "word": " flour", "probability": 0.9541015625}, {"start": 364.6, "end": 366.58, "word": " equals", "probability": 0.814453125}, {"start": 366.58, "end": 368.4, "word": " 250", "probability": 0.94873046875}, {"start": 368.4, "end": 369.22, "word": " shekels.", "probability": 0.9700520833333334}], "temperature": 1.0}, {"id": 13, "seek": 39992, "start": 373.48, "end": 399.92, "text": " This is the equilibrium price. And peer family, or peer capital consumption of a flower is two sacks of flour a month. What do you see? The price is so high.", "tokens": [639, 307, 264, 15625, 3218, 13, 400, 15108, 1605, 11, 420, 15108, 4238, 12126, 295, 257, 8617, 307, 732, 262, 7424, 295, 7693, 257, 1618, 13, 708, 360, 291, 536, 30, 440, 3218, 307, 370, 1090, 13], "avg_logprob": -0.22039473605783363, "compression_ratio": 1.264, "no_speech_prob": 0.0, "words": [{"start": 373.48, "end": 373.9, "word": " This", "probability": 0.755859375}, {"start": 373.9, "end": 374.32, "word": " is", "probability": 0.95068359375}, {"start": 374.32, "end": 375.26, "word": " the", "probability": 0.923828125}, {"start": 375.26, "end": 376.06, "word": " equilibrium", "probability": 0.638671875}, {"start": 376.06, "end": 376.58, "word": " price.", "probability": 0.90478515625}, {"start": 379.9, "end": 380.04, "word": " And", "probability": 0.880859375}, {"start": 380.04, "end": 381.54, "word": " peer", "probability": 0.49853515625}, {"start": 381.54, "end": 381.94, "word": " family,", "probability": 0.78662109375}, {"start": 383.0, "end": 383.26, "word": " or", "probability": 0.916015625}, {"start": 383.26, "end": 383.56, "word": " peer", "probability": 0.89892578125}, {"start": 383.56, "end": 384.26, "word": " capital", "probability": 0.81494140625}, {"start": 384.26, "end": 385.0, "word": " consumption", "probability": 0.97802734375}, {"start": 385.0, "end": 385.24, "word": " of", "probability": 0.94873046875}, {"start": 385.24, "end": 385.36, "word": " a", "probability": 0.8212890625}, {"start": 385.36, "end": 385.66, "word": " flower", "probability": 0.8837890625}, {"start": 385.66, "end": 386.2, "word": " is", "probability": 0.87158203125}, {"start": 386.2, "end": 389.58, "word": " two", "probability": 0.8701171875}, {"start": 389.58, "end": 390.84, "word": " sacks", "probability": 0.721923828125}, {"start": 390.84, "end": 391.12, "word": " of", "probability": 0.97412109375}, {"start": 391.12, "end": 391.44, "word": " flour", "probability": 0.8154296875}, {"start": 391.44, "end": 391.88, "word": " a", "probability": 0.83984375}, {"start": 391.88, "end": 392.12, "word": " month.", "probability": 0.921875}, {"start": 395.04, "end": 395.2, "word": " What", "probability": 0.427490234375}, {"start": 395.2, "end": 395.3, "word": " do", "probability": 0.66748046875}, {"start": 395.3, "end": 395.32, "word": " you", "probability": 0.931640625}, {"start": 395.32, "end": 395.54, "word": " see?", "probability": 0.9169921875}, {"start": 396.44, "end": 396.64, "word": " The", "probability": 0.90185546875}, {"start": 396.64, "end": 397.06, "word": " price", "probability": 0.90673828125}, {"start": 397.06, "end": 398.54, "word": " is", "probability": 0.94091796875}, {"start": 398.54, "end": 399.48, "word": " so", "probability": 0.955078125}, {"start": 399.48, "end": 399.92, "word": " high.", "probability": 0.90966796875}], "temperature": 1.0}, {"id": 14, "seek": 42680, "start": 401.62, "end": 426.8, "text": " And the consumer cannot buy this product, and it's necessary for the consumers, and they cannot give up it. So, the government should intervene to protect whom? To protect whom? The consumers, exactly.", "tokens": [400, 264, 9711, 2644, 2256, 341, 1674, 11, 293, 309, 311, 4818, 337, 264, 11883, 11, 293, 436, 2644, 976, 493, 309, 13, 407, 11, 264, 2463, 820, 30407, 281, 2371, 7101, 30, 1407, 2371, 7101, 30, 440, 11883, 11, 2293, 13], "avg_logprob": -0.1468023186506227, "compression_ratio": 1.5303030303030303, "no_speech_prob": 0.0, "words": [{"start": 401.62, "end": 402.02, "word": " And", "probability": 0.77490234375}, {"start": 402.02, "end": 402.84, "word": " the", "probability": 0.90087890625}, {"start": 402.84, "end": 403.56, "word": " consumer", "probability": 0.8310546875}, {"start": 403.56, "end": 406.26, "word": " cannot", "probability": 0.86181640625}, {"start": 406.26, "end": 406.98, "word": " buy", "probability": 0.92236328125}, {"start": 406.98, "end": 408.0, "word": " this", "probability": 0.94775390625}, {"start": 408.0, "end": 408.42, "word": " product,", "probability": 0.89599609375}, {"start": 408.7, "end": 409.16, "word": " and", "probability": 0.9306640625}, {"start": 409.16, "end": 409.42, "word": " it's", "probability": 0.966796875}, {"start": 409.42, "end": 410.04, "word": " necessary", "probability": 0.9560546875}, {"start": 410.04, "end": 410.32, "word": " for", "probability": 0.95166015625}, {"start": 410.32, "end": 410.54, "word": " the", "probability": 0.904296875}, {"start": 410.54, "end": 411.18, "word": " consumers,", "probability": 0.9501953125}, {"start": 411.62, "end": 412.02, "word": " and", "probability": 0.93701171875}, {"start": 412.02, "end": 412.66, "word": " they", "probability": 0.89599609375}, {"start": 412.66, "end": 413.24, "word": " cannot", "probability": 0.904296875}, {"start": 413.24, "end": 413.82, "word": " give", "probability": 0.89501953125}, {"start": 413.82, "end": 414.14, "word": " up", "probability": 0.9716796875}, {"start": 414.14, "end": 414.58, "word": " it.", "probability": 0.93994140625}, {"start": 416.5, "end": 417.38, "word": " So,", "probability": 0.94677734375}, {"start": 417.9, "end": 419.18, "word": " the", "probability": 0.91845703125}, {"start": 419.18, "end": 419.58, "word": " government", "probability": 0.908203125}, {"start": 419.58, "end": 420.78, "word": " should", "probability": 0.9697265625}, {"start": 420.78, "end": 421.7, "word": " intervene", "probability": 0.9375}, {"start": 421.7, "end": 421.96, "word": " to", "probability": 0.72021484375}, {"start": 421.96, "end": 422.32, "word": " protect", "probability": 0.91943359375}, {"start": 422.32, "end": 422.72, "word": " whom?", "probability": 0.94921875}, {"start": 423.92, "end": 424.18, "word": " To", "probability": 0.9462890625}, {"start": 424.18, "end": 424.5, "word": " protect", "probability": 0.91943359375}, {"start": 424.5, "end": 424.82, "word": " whom?", "probability": 0.953125}, {"start": 424.92, "end": 425.66, "word": " The", "probability": 0.73681640625}, {"start": 425.66, "end": 426.24, "word": " consumers,", "probability": 0.951171875}, {"start": 426.44, "end": 426.8, "word": " exactly.", "probability": 0.8662109375}], "temperature": 1.0}, {"id": 15, "seek": 45066, "start": 428.88, "end": 450.66, "text": " To protect the consumers, the government should intervene by imposing or setting a price ceiling. So the price ceiling here should be 120 shekels.", "tokens": [1407, 2371, 264, 11883, 11, 264, 2463, 820, 30407, 538, 40288, 420, 3287, 257, 3218, 13655, 13, 407, 264, 3218, 13655, 510, 820, 312, 10411, 750, 7124, 82, 13], "avg_logprob": -0.10377604489525159, "compression_ratio": 1.3363636363636364, "no_speech_prob": 0.0, "words": [{"start": 428.88, "end": 429.08, "word": " To", "probability": 0.845703125}, {"start": 429.08, "end": 430.3, "word": " protect", "probability": 0.91259765625}, {"start": 430.3, "end": 430.6, "word": " the", "probability": 0.89697265625}, {"start": 430.6, "end": 431.24, "word": " consumers,", "probability": 0.93896484375}, {"start": 432.02, "end": 432.2, "word": " the", "probability": 0.92431640625}, {"start": 432.2, "end": 432.64, "word": " government", "probability": 0.908203125}, {"start": 432.64, "end": 433.04, "word": " should", "probability": 0.97607421875}, {"start": 433.04, "end": 434.02, "word": " intervene", "probability": 0.96484375}, {"start": 434.02, "end": 434.86, "word": " by", "probability": 0.9462890625}, {"start": 434.86, "end": 435.56, "word": " imposing", "probability": 0.94921875}, {"start": 435.56, "end": 436.08, "word": " or", "probability": 0.92578125}, {"start": 436.08, "end": 436.56, "word": " setting", "probability": 0.96826171875}, {"start": 436.56, "end": 437.12, "word": " a", "probability": 0.9697265625}, {"start": 437.12, "end": 437.6, "word": " price", "probability": 0.921875}, {"start": 437.6, "end": 438.08, "word": " ceiling.", "probability": 0.9853515625}, {"start": 438.74, "end": 439.72, "word": " So", "probability": 0.9208984375}, {"start": 439.72, "end": 440.28, "word": " the", "probability": 0.55712890625}, {"start": 440.28, "end": 440.56, "word": " price", "probability": 0.884765625}, {"start": 440.56, "end": 440.84, "word": " ceiling", "probability": 0.9716796875}, {"start": 440.84, "end": 441.16, "word": " here", "probability": 0.83935546875}, {"start": 441.16, "end": 441.62, "word": " should", "probability": 0.95849609375}, {"start": 441.62, "end": 442.28, "word": " be", "probability": 0.9609375}, {"start": 442.28, "end": 447.08, "word": " 120", "probability": 0.85400390625}, {"start": 447.08, "end": 450.66, "word": " shekels.", "probability": 0.8232421875}], "temperature": 1.0}, {"id": 16, "seek": 48464, "start": 455.42, "end": 484.64, "text": " This is the maximum price that the seller can buy or can sell. It's allowed for them to sell the product with lower than or less than 120 shekels. But it's forbidden to sell the product above the price ceiling, 120. So this price is cool here.", "tokens": [639, 307, 264, 6674, 3218, 300, 264, 23600, 393, 2256, 420, 393, 3607, 13, 467, 311, 4350, 337, 552, 281, 3607, 264, 1674, 365, 3126, 813, 420, 1570, 813, 10411, 750, 7124, 82, 13, 583, 309, 311, 25990, 281, 3607, 264, 1674, 3673, 264, 3218, 13655, 11, 10411, 13, 407, 341, 3218, 307, 1627, 510, 13], "avg_logprob": -0.1720120676776819, "compression_ratio": 1.5541401273885351, "no_speech_prob": 0.0, "words": [{"start": 455.42, "end": 455.76, "word": " This", "probability": 0.84716796875}, {"start": 455.76, "end": 456.18, "word": " is", "probability": 0.953125}, {"start": 456.18, "end": 457.36, "word": " the", "probability": 0.919921875}, {"start": 457.36, "end": 457.86, "word": " maximum", "probability": 0.92529296875}, {"start": 457.86, "end": 458.56, "word": " price", "probability": 0.89208984375}, {"start": 458.56, "end": 460.6, "word": " that", "probability": 0.92333984375}, {"start": 460.6, "end": 461.96, "word": " the", "probability": 0.8740234375}, {"start": 461.96, "end": 462.3, "word": " seller", "probability": 0.9189453125}, {"start": 462.3, "end": 463.66, "word": " can", "probability": 0.951171875}, {"start": 463.66, "end": 464.06, "word": " buy", "probability": 0.89306640625}, {"start": 464.06, "end": 464.4, "word": " or", "probability": 0.8369140625}, {"start": 464.4, "end": 464.74, "word": " can", "probability": 0.931640625}, {"start": 464.74, "end": 465.12, "word": " sell.", "probability": 0.8818359375}, {"start": 467.12, "end": 467.94, "word": " It's", "probability": 0.6600341796875}, {"start": 467.94, "end": 468.66, "word": " allowed", "probability": 0.9228515625}, {"start": 468.66, "end": 469.3, "word": " for", "probability": 0.94482421875}, {"start": 469.3, "end": 469.66, "word": " them", "probability": 0.89892578125}, {"start": 469.66, "end": 470.76, "word": " to", "probability": 0.96826171875}, {"start": 470.76, "end": 471.62, "word": " sell", "probability": 0.86083984375}, {"start": 471.62, "end": 471.78, "word": " the", "probability": 0.69873046875}, {"start": 471.78, "end": 472.14, "word": " product", "probability": 0.90283203125}, {"start": 472.14, "end": 472.5, "word": " with", "probability": 0.88623046875}, {"start": 472.5, "end": 473.02, "word": " lower", "probability": 0.8544921875}, {"start": 473.02, "end": 473.4, "word": " than", "probability": 0.9248046875}, {"start": 473.4, "end": 473.6, "word": " or", "probability": 0.95654296875}, {"start": 473.6, "end": 473.92, "word": " less", "probability": 0.92431640625}, {"start": 473.92, "end": 474.36, "word": " than", "probability": 0.939453125}, {"start": 474.36, "end": 475.44, "word": " 120", "probability": 0.916015625}, {"start": 475.44, "end": 476.16, "word": " shekels.", "probability": 0.85986328125}, {"start": 476.18, "end": 476.54, "word": " But", "probability": 0.95703125}, {"start": 476.54, "end": 477.04, "word": " it's", "probability": 0.95166015625}, {"start": 477.04, "end": 477.58, "word": " forbidden", "probability": 0.7099609375}, {"start": 477.58, "end": 478.62, "word": " to", "probability": 0.96044921875}, {"start": 478.62, "end": 478.84, "word": " sell", "probability": 0.8837890625}, {"start": 478.84, "end": 478.96, "word": " the", "probability": 0.6650390625}, {"start": 478.96, "end": 479.32, "word": " product", "probability": 0.9091796875}, {"start": 479.32, "end": 480.02, "word": " above", "probability": 0.9677734375}, {"start": 480.02, "end": 480.64, "word": " the", "probability": 0.921875}, {"start": 480.64, "end": 480.92, "word": " price", "probability": 0.8681640625}, {"start": 480.92, "end": 481.22, "word": " ceiling,", "probability": 0.2197265625}, {"start": 481.46, "end": 481.92, "word": " 120.", "probability": 0.91552734375}, {"start": 482.4, "end": 482.86, "word": " So", "probability": 0.9287109375}, {"start": 482.86, "end": 483.24, "word": " this", "probability": 0.86767578125}, {"start": 483.24, "end": 483.72, "word": " price", "probability": 0.9150390625}, {"start": 483.72, "end": 484.04, "word": " is", "probability": 0.94189453125}, {"start": 484.04, "end": 484.32, "word": " cool", "probability": 0.62646484375}, {"start": 484.32, "end": 484.64, "word": " here.", "probability": 0.85888671875}], "temperature": 1.0}, {"id": 17, "seek": 51205, "start": 486.2, "end": 512.06, "text": " The price? Sealing. How you sealing egg? But it's allowed for you to sell the product by 100, 110, 90 shekels, but not more than 120. This is the government regulations or regulation", "tokens": [440, 3218, 30, 1100, 4270, 13, 1012, 291, 48678, 3777, 30, 583, 309, 311, 4350, 337, 291, 281, 3607, 264, 1674, 538, 2319, 11, 20154, 11, 4289, 750, 7124, 82, 11, 457, 406, 544, 813, 10411, 13, 639, 307, 264, 2463, 12563, 420, 15062], "avg_logprob": -0.21562499470180935, "compression_ratio": 1.2797202797202798, "no_speech_prob": 0.0, "words": [{"start": 486.2, "end": 486.44, "word": " The", "probability": 0.85009765625}, {"start": 486.44, "end": 486.84, "word": " price?", "probability": 0.91357421875}, {"start": 488.8, "end": 489.12, "word": " Sealing.", "probability": 0.55224609375}, {"start": 491.16, "end": 491.5, "word": " How", "probability": 0.83935546875}, {"start": 491.5, "end": 491.6, "word": " you", "probability": 0.6748046875}, {"start": 491.6, "end": 491.92, "word": " sealing", "probability": 0.8525390625}, {"start": 491.92, "end": 492.34, "word": " egg?", "probability": 0.340087890625}, {"start": 492.66, "end": 493.48, "word": " But", "probability": 0.26513671875}, {"start": 493.48, "end": 495.92, "word": " it's", "probability": 0.961181640625}, {"start": 495.92, "end": 496.36, "word": " allowed", "probability": 0.9130859375}, {"start": 496.36, "end": 496.64, "word": " for", "probability": 0.95068359375}, {"start": 496.64, "end": 497.0, "word": " you", "probability": 0.96728515625}, {"start": 497.0, "end": 497.64, "word": " to", "probability": 0.96533203125}, {"start": 497.64, "end": 498.4, "word": " sell", "probability": 0.8798828125}, {"start": 498.4, "end": 498.52, "word": " the", "probability": 0.87890625}, {"start": 498.52, "end": 498.96, "word": " product", "probability": 0.93115234375}, {"start": 498.96, "end": 499.94, "word": " by", "probability": 0.41455078125}, {"start": 499.94, "end": 500.88, "word": " 100,", "probability": 0.8515625}, {"start": 501.18, "end": 502.22, "word": " 110,", "probability": 0.90087890625}, {"start": 502.62, "end": 503.38, "word": " 90", "probability": 0.97802734375}, {"start": 503.38, "end": 504.36, "word": " shekels,", "probability": 0.9261067708333334}, {"start": 504.38, "end": 504.7, "word": " but", "probability": 0.93017578125}, {"start": 504.7, "end": 505.08, "word": " not", "probability": 0.9384765625}, {"start": 505.08, "end": 505.54, "word": " more", "probability": 0.94140625}, {"start": 505.54, "end": 505.96, "word": " than", "probability": 0.9423828125}, {"start": 505.96, "end": 506.58, "word": " 120.", "probability": 0.9326171875}, {"start": 507.52, "end": 508.38, "word": " This", "probability": 0.90087890625}, {"start": 508.38, "end": 508.74, "word": " is", "probability": 0.9482421875}, {"start": 508.74, "end": 509.64, "word": " the", "probability": 0.916015625}, {"start": 509.64, "end": 510.0, "word": " government", "probability": 0.94775390625}, {"start": 510.0, "end": 510.98, "word": " regulations", "probability": 0.7841796875}, {"start": 510.98, "end": 511.48, "word": " or", "probability": 0.64013671875}, {"start": 511.48, "end": 512.06, "word": " regulation", "probability": 0.94482421875}], "temperature": 1.0}, {"id": 18, "seek": 54045, "start": 512.95, "end": 540.45, "text": " or legislations by the government here. It's the price ceiling here. Okay? What do you see? What do you see? The quantity demanded before the price ceiling was two and the quantity supplied was two than before the price ceiling. 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The quantity demanded was equal to the quantity supplied. Quantity demanded was two sacks and the quantity supplied equals two sacks of flour. 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The quantity supplied here, this is the quantity demanded here. The quantity supplied is the point lies along the supply curve, one sack of flour. 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The quantity demanded becomes how much? Four, and the quantity supplied equals one here. Here we have what? Shortage supply, exactly, or supply shortage.", "tokens": [440, 3218, 13655, 13, 440, 11275, 28276, 3643, 577, 709, 30, 7451, 11, 293, 264, 11275, 27625, 6915, 472, 510, 13, 1692, 321, 362, 437, 30, 16881, 609, 5847, 11, 2293, 11, 420, 5847, 24708, 13], "avg_logprob": -0.24007601834632256, "compression_ratio": 1.373015873015873, "no_speech_prob": 0.0, "words": [{"start": 604.44, "end": 604.64, "word": " The", "probability": 0.70068359375}, {"start": 604.64, "end": 604.92, "word": " price", "probability": 0.84375}, {"start": 604.92, "end": 605.3, "word": " ceiling.", "probability": 0.9697265625}, {"start": 608.14, "end": 608.94, "word": " The", "probability": 0.86865234375}, {"start": 608.94, "end": 609.4, "word": " quantity", "probability": 0.9892578125}, {"start": 609.4, "end": 609.9, "word": " demanded", "probability": 0.92724609375}, {"start": 609.9, "end": 611.04, "word": " becomes", "probability": 0.857421875}, {"start": 611.04, "end": 611.52, "word": " how", "probability": 0.90380859375}, {"start": 611.52, "end": 612.02, "word": " much?", "probability": 0.91748046875}, {"start": 612.56, "end": 612.84, "word": " Four,", "probability": 0.66162109375}, {"start": 614.0, "end": 615.34, "word": " and", "probability": 0.7197265625}, {"start": 615.34, "end": 615.46, "word": " the", "probability": 0.86083984375}, {"start": 615.46, "end": 615.68, "word": " quantity", "probability": 0.54541015625}, {"start": 615.68, "end": 616.26, "word": " supplied", "probability": 0.849609375}, {"start": 616.26, "end": 618.08, "word": " equals", "probability": 0.84716796875}, {"start": 618.08, "end": 618.38, "word": " one", "probability": 0.8681640625}, {"start": 618.38, "end": 618.64, "word": " here.", "probability": 0.720703125}, {"start": 620.1, "end": 620.42, "word": " Here", "probability": 0.8095703125}, {"start": 620.42, "end": 620.56, "word": " we", "probability": 0.72607421875}, {"start": 620.56, "end": 620.84, "word": " have", "probability": 0.9462890625}, {"start": 620.84, "end": 621.16, "word": " what?", "probability": 0.83154296875}, {"start": 623.8, "end": 624.6, "word": " Shortage", "probability": 0.896728515625}, {"start": 624.6, "end": 625.16, "word": " supply,", "probability": 0.65673828125}, {"start": 625.34, "end": 625.72, "word": " exactly,", "probability": 0.8779296875}, {"start": 626.1, "end": 626.2, "word": " or", "probability": 0.93017578125}, {"start": 626.2, "end": 626.56, "word": " supply", "probability": 0.9453125}, {"start": 626.56, "end": 627.08, "word": " shortage.", "probability": 0.85009765625}], "temperature": 1.0}, {"id": 22, "seek": 65780, "start": 628.86, "end": 657.8, "text": " A Qs minus a Qd equals 1 minus 4. The market situation here, we have minus 3. We have a shortage supply or supply shortage of a flower or excess demand by three sex, peer unit or peer family. Because as the price went down here, the sellers", "tokens": [316, 1249, 82, 3175, 257, 1249, 67, 6915, 502, 3175, 1017, 13, 440, 2142, 2590, 510, 11, 321, 362, 3175, 805, 13, 492, 362, 257, 24708, 5847, 420, 5847, 24708, 295, 257, 8617, 420, 9310, 4733, 538, 1045, 3260, 11, 15108, 4985, 420, 15108, 1605, 13, 1436, 382, 264, 3218, 1437, 760, 510, 11, 264, 31276], "avg_logprob": -0.23410087719298245, "compression_ratio": 1.478527607361963, "no_speech_prob": 0.0, "words": [{"start": 628.86, "end": 629.14, "word": " A", "probability": 0.43603515625}, {"start": 629.14, "end": 629.74, "word": " Qs", "probability": 0.50390625}, {"start": 629.74, "end": 630.1, "word": " minus", "probability": 0.9736328125}, {"start": 630.1, "end": 630.38, "word": " a", "probability": 0.71337890625}, {"start": 630.38, "end": 630.86, "word": " Qd", "probability": 0.974853515625}, {"start": 630.86, "end": 631.9, "word": " equals", "probability": 0.90283203125}, {"start": 631.9, "end": 632.72, "word": " 1", "probability": 0.82421875}, {"start": 632.72, "end": 633.44, "word": " minus", "probability": 0.97998046875}, {"start": 633.44, "end": 633.88, "word": " 4.", "probability": 0.9775390625}, {"start": 634.26, "end": 634.5, "word": " The", "probability": 0.83154296875}, {"start": 634.5, "end": 634.72, "word": " market", "probability": 0.5517578125}, {"start": 634.72, "end": 635.2, "word": " situation", "probability": 0.9267578125}, {"start": 635.2, "end": 635.42, "word": " here,", "probability": 0.7333984375}, {"start": 635.5, "end": 635.58, "word": " we", "probability": 0.919921875}, {"start": 635.58, "end": 635.9, "word": " have", "probability": 0.9521484375}, {"start": 635.9, "end": 637.78, "word": " minus", "probability": 0.89697265625}, {"start": 637.78, "end": 638.2, "word": " 3.", "probability": 0.7490234375}, {"start": 638.44, "end": 638.66, "word": " We", "probability": 0.96630859375}, {"start": 638.66, "end": 639.0, "word": " have", "probability": 0.94580078125}, {"start": 639.0, "end": 639.16, "word": " a", "probability": 0.98193359375}, {"start": 639.16, "end": 639.54, "word": " shortage", "probability": 0.962890625}, {"start": 639.54, "end": 639.98, "word": " supply", "probability": 0.81103515625}, {"start": 639.98, "end": 640.2, "word": " or", "probability": 0.83544921875}, {"start": 640.2, "end": 640.58, "word": " supply", "probability": 0.93359375}, {"start": 640.58, "end": 641.28, "word": " shortage", "probability": 0.96337890625}, {"start": 641.28, "end": 641.58, "word": " of", "probability": 0.96630859375}, {"start": 641.58, "end": 641.7, "word": " a", "probability": 0.6982421875}, {"start": 641.7, "end": 641.98, "word": " flower", "probability": 0.83837890625}, {"start": 641.98, "end": 642.38, "word": " or", "probability": 0.50341796875}, {"start": 642.38, "end": 643.16, "word": " excess", "probability": 0.822265625}, {"start": 643.16, "end": 643.66, "word": " demand", "probability": 0.92138671875}, {"start": 643.66, "end": 644.72, "word": " by", "probability": 0.74365234375}, {"start": 644.72, "end": 645.62, "word": " three", "probability": 0.64697265625}, {"start": 645.62, "end": 646.08, "word": " sex,", "probability": 0.274169921875}, {"start": 646.24, "end": 646.44, "word": " peer", "probability": 0.8759765625}, {"start": 646.44, "end": 646.74, "word": " unit", "probability": 0.935546875}, {"start": 646.74, "end": 647.08, "word": " or", "probability": 0.57080078125}, {"start": 647.08, "end": 647.38, "word": " peer", "probability": 0.97265625}, {"start": 647.38, "end": 647.8, "word": " family.", "probability": 0.91162109375}, {"start": 649.42, "end": 650.18, "word": " Because", "probability": 0.70068359375}, {"start": 650.18, "end": 651.62, "word": " as", "probability": 0.9248046875}, {"start": 651.62, "end": 651.8, "word": " the", "probability": 0.9013671875}, {"start": 651.8, "end": 652.12, "word": " price", "probability": 0.9052734375}, {"start": 652.12, "end": 652.68, "word": " went", "probability": 0.489990234375}, {"start": 652.68, "end": 653.68, "word": " down", "probability": 0.85595703125}, {"start": 653.68, "end": 653.98, "word": " here,", "probability": 0.84228515625}, {"start": 656.58, "end": 657.42, "word": " the", "probability": 0.91650390625}, {"start": 657.42, "end": 657.8, "word": " sellers", "probability": 0.93017578125}], "temperature": 1.0}, {"id": 23, "seek": 68719, "start": 659.05, "end": 687.19, "text": " felt that they face a loss or their profits went down. So they will try to decrease their production. So this created what? The shortage supply. Or created excess demand.", "tokens": [2762, 300, 436, 1851, 257, 4470, 420, 641, 17982, 1437, 760, 13, 407, 436, 486, 853, 281, 11514, 641, 4265, 13, 407, 341, 2942, 437, 30, 440, 24708, 5847, 13, 1610, 2942, 9310, 4733, 13], "avg_logprob": -0.1985677041941219, "compression_ratio": 1.3902439024390243, "no_speech_prob": 0.0, "words": [{"start": 659.05, "end": 659.55, "word": " felt", "probability": 0.734375}, {"start": 659.55, "end": 660.21, "word": " that", "probability": 0.9375}, {"start": 660.21, "end": 661.47, "word": " they", "probability": 0.90380859375}, {"start": 661.47, "end": 661.89, "word": " face", "probability": 0.61572265625}, {"start": 661.89, "end": 662.07, "word": " a", "probability": 0.98046875}, {"start": 662.07, "end": 662.45, "word": " loss", "probability": 0.87890625}, {"start": 662.45, "end": 663.17, "word": " or", "probability": 0.69140625}, {"start": 663.17, "end": 663.51, "word": " their", "probability": 0.95849609375}, {"start": 663.51, "end": 663.91, "word": " profits", "probability": 0.96630859375}, {"start": 663.91, "end": 664.45, "word": " went", "probability": 0.88037109375}, {"start": 664.45, "end": 664.91, "word": " down.", "probability": 0.861328125}, {"start": 665.93, "end": 666.51, "word": " So", "probability": 0.9248046875}, {"start": 666.51, "end": 667.71, "word": " they", "probability": 0.76611328125}, {"start": 667.71, "end": 667.89, "word": " will", "probability": 0.378662109375}, {"start": 667.89, "end": 668.35, "word": " try", "probability": 0.9384765625}, {"start": 668.35, "end": 669.47, "word": " to", "probability": 0.97021484375}, {"start": 669.47, "end": 670.49, "word": " decrease", "probability": 0.876953125}, {"start": 670.49, "end": 671.97, "word": " their", "probability": 0.9306640625}, {"start": 671.97, "end": 672.47, "word": " production.", "probability": 0.97021484375}, {"start": 673.77, "end": 674.17, "word": " So", "probability": 0.5234375}, {"start": 674.17, "end": 676.29, "word": " this", "probability": 0.88818359375}, {"start": 676.29, "end": 676.91, "word": " created", "probability": 0.80419921875}, {"start": 676.91, "end": 677.57, "word": " what?", "probability": 0.80712890625}, {"start": 677.95, "end": 678.25, "word": " The", "probability": 0.87353515625}, {"start": 678.25, "end": 678.69, "word": " shortage", "probability": 0.9384765625}, {"start": 678.69, "end": 679.33, "word": " supply.", "probability": 0.88671875}, {"start": 683.75, "end": 684.91, "word": " Or", "probability": 0.92578125}, {"start": 684.91, "end": 685.43, "word": " created", "probability": 0.68603515625}, {"start": 685.43, "end": 686.11, "word": " excess", "probability": 0.61474609375}, {"start": 686.11, "end": 687.19, "word": " demand.", "probability": 0.9150390625}], "temperature": 1.0}, {"id": 24, "seek": 70800, "start": 689.04, "end": 708.0, "text": " So now, if the government imposed or sets the price ceiling above the equilibrium, what will happen?", "tokens": [407, 586, 11, 498, 264, 2463, 26491, 420, 6352, 264, 3218, 13655, 3673, 264, 15625, 11, 437, 486, 1051, 30], "avg_logprob": -0.15625, "compression_ratio": 1.1477272727272727, "no_speech_prob": 0.0, "words": [{"start": 689.04, "end": 689.42, "word": " So", "probability": 0.8583984375}, {"start": 689.42, "end": 690.54, "word": " now,", "probability": 0.55517578125}, {"start": 691.8, "end": 697.8, "word": " if", "probability": 0.9130859375}, {"start": 697.8, "end": 698.08, "word": " the", "probability": 0.91943359375}, {"start": 698.08, "end": 698.58, "word": " government", "probability": 0.90771484375}, {"start": 698.58, "end": 699.34, "word": " imposed", "probability": 0.85595703125}, {"start": 699.34, "end": 699.72, "word": " or", "probability": 0.880859375}, {"start": 699.72, "end": 700.02, "word": " sets", "probability": 0.83642578125}, {"start": 700.02, "end": 700.88, "word": " the", "probability": 0.91064453125}, {"start": 700.88, "end": 701.2, "word": " price", "probability": 0.92431640625}, {"start": 701.2, "end": 701.68, "word": " ceiling", "probability": 0.98291015625}, {"start": 701.68, "end": 703.34, "word": " above", "probability": 0.9560546875}, {"start": 703.34, "end": 703.68, "word": " the", "probability": 0.88623046875}, {"start": 703.68, "end": 704.34, "word": " equilibrium,", "probability": 0.96044921875}, {"start": 706.06, "end": 707.56, "word": " what", "probability": 0.931640625}, {"start": 707.56, "end": 707.68, "word": " will", "probability": 0.6796875}, {"start": 707.68, "end": 708.0, "word": " happen?", "probability": 0.92529296875}], "temperature": 1.0}, {"id": 25, "seek": 74018, "start": 712.02, "end": 740.18, "text": " No. It's an ineffective price ceiling. Because the price ceiling is what? The price ceiling is the maximum price that the producer can sell or the sellers can sell. In this case, it should be effective. So if the price ceiling is imposed to protect whom? To protect the consumers, then the price ceiling can", "tokens": [883, 13, 467, 311, 364, 48836, 3218, 13655, 13, 1436, 264, 3218, 13655, 307, 437, 30, 440, 3218, 13655, 307, 264, 6674, 3218, 300, 264, 12314, 393, 3607, 420, 264, 31276, 393, 3607, 13, 682, 341, 1389, 11, 309, 820, 312, 4942, 13, 407, 498, 264, 3218, 13655, 307, 26491, 281, 2371, 7101, 30, 1407, 2371, 264, 11883, 11, 550, 264, 3218, 13655, 393], "avg_logprob": -0.19723557692307692, "compression_ratio": 1.8666666666666667, "no_speech_prob": 0.0, "words": [{"start": 712.02, "end": 712.66, "word": " No.", "probability": 0.1436767578125}, {"start": 713.46, "end": 714.1, "word": " It's", "probability": 0.955810546875}, {"start": 714.1, "end": 714.4, "word": " an", "probability": 0.78271484375}, {"start": 714.4, "end": 715.54, "word": " ineffective", "probability": 0.68359375}, {"start": 715.54, "end": 716.02, "word": " price", "probability": 0.88525390625}, {"start": 716.02, "end": 716.34, "word": " ceiling.", "probability": 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26, "seek": 77269, "start": 745.03, "end": 772.69, "text": " is imposed then effective price ceiling. The price ceiling is mainly sets to protect the consumers. To protect the consumers.", "tokens": [307, 26491, 550, 4942, 3218, 13655, 13, 440, 3218, 13655, 307, 8704, 6352, 281, 2371, 264, 11883, 13, 1407, 2371, 264, 11883, 13], "avg_logprob": -0.2755533866584301, "compression_ratio": 1.4823529411764707, "no_speech_prob": 0.0, "words": [{"start": 745.03, "end": 745.35, "word": " is", "probability": 0.84375}, {"start": 745.35, "end": 746.01, "word": " imposed", "probability": 0.9072265625}, {"start": 746.01, "end": 747.33, "word": " then", "probability": 0.1851806640625}, {"start": 747.33, "end": 748.51, "word": " effective", "probability": 0.587890625}, {"start": 748.51, "end": 753.73, "word": " price", "probability": 0.9013671875}, {"start": 753.73, "end": 755.95, "word": " ceiling.", "probability": 0.955078125}, {"start": 758.01, "end": 759.33, "word": " The", "probability": 0.71875}, {"start": 759.33, "end": 761.67, "word": " price", "probability": 0.9052734375}, {"start": 761.67, "end": 762.03, "word": " ceiling", "probability": 0.9443359375}, {"start": 762.03, "end": 762.43, "word": " is", "probability": 0.50537109375}, {"start": 762.43, "end": 763.13, "word": " mainly", "probability": 0.97509765625}, {"start": 763.13, "end": 765.35, "word": " sets", "probability": 0.460205078125}, {"start": 765.35, "end": 765.71, "word": " to", "probability": 0.97607421875}, {"start": 765.71, "end": 766.09, "word": " protect", "probability": 0.80078125}, {"start": 766.09, "end": 766.33, "word": " the", "probability": 0.9111328125}, {"start": 766.33, "end": 766.99, "word": " consumers.", "probability": 0.9423828125}, {"start": 767.11, "end": 767.85, "word": " To", "probability": 0.509765625}, {"start": 767.85, "end": 768.43, "word": " protect", "probability": 0.919921875}, {"start": 768.43, "end": 772.17, "word": " the", "probability": 0.90576171875}, {"start": 772.17, "end": 772.69, "word": " consumers.", "probability": 0.94775390625}], "temperature": 1.0}, {"id": 27, "seek": 80070, "start": 774.882, "end": 800.7, "text": " Day. It should be lower or less than the equilibrium price. So high, 250. So it's illegible. The price, the effective price should be lower than the equilibrium price. So it should be below", "tokens": [5226, 13, 467, 820, 312, 3126, 420, 1570, 813, 264, 15625, 3218, 13, 407, 1090, 11, 11650, 13, 407, 309, 311, 9976, 964, 13, 440, 3218, 11, 264, 4942, 3218, 820, 312, 3126, 813, 264, 15625, 3218, 13, 407, 309, 820, 312, 2507], "avg_logprob": -0.29634232886812906, "compression_ratio": 1.5833333333333333, "no_speech_prob": 0.0, "words": [{"start": 774.76, "end": 775.22, "word": " Day.", "probability": 0.1781005859375}, {"start": 776.08, "end": 777.0, "word": " It", "probability": 0.94091796875}, {"start": 777.0, "end": 777.32, "word": " should", "probability": 0.966796875}, {"start": 777.32, "end": 777.88, "word": " be", "probability": 0.9609375}, {"start": 777.88, "end": 779.92, "word": " lower", "probability": 0.5078125}, {"start": 779.92, "end": 780.3, "word": " or", "probability": 0.9267578125}, {"start": 780.3, "end": 780.76, "word": " less", "probability": 0.94140625}, {"start": 780.76, "end": 781.36, "word": " than", "probability": 0.94091796875}, {"start": 781.36, "end": 782.5, "word": " the", "probability": 0.90185546875}, {"start": 782.5, "end": 782.88, "word": " equilibrium", "probability": 0.91455078125}, {"start": 782.88, "end": 783.3, "word": " price.", "probability": 0.8994140625}, {"start": 785.1, "end": 786.02, "word": " So", "probability": 0.1312255859375}, {"start": 786.02, "end": 788.28, "word": " high,", "probability": 0.84375}, {"start": 788.58, "end": 789.24, "word": " 250.", "probability": 0.9150390625}, {"start": 790.16, "end": 790.48, "word": " So", "probability": 0.84912109375}, {"start": 790.48, "end": 791.0, "word": " it's", "probability": 0.86962890625}, {"start": 791.0, "end": 791.76, "word": " illegible.", "probability": 0.741943359375}, {"start": 792.68, "end": 793.6, "word": " The", "probability": 0.370849609375}, {"start": 793.6, "end": 793.86, "word": " price,", "probability": 0.453125}, {"start": 794.0, "end": 794.08, "word": " the", "probability": 0.8291015625}, {"start": 794.08, "end": 794.4, "word": " effective", "probability": 0.72509765625}, {"start": 794.4, "end": 794.74, "word": " price", "probability": 0.83642578125}, {"start": 794.74, "end": 794.94, "word": " should", "probability": 0.54345703125}, {"start": 794.94, "end": 795.44, "word": " be", "probability": 0.95263671875}, {"start": 795.44, "end": 796.26, "word": " lower", "probability": 0.8671875}, {"start": 796.26, "end": 796.74, "word": " than", "probability": 0.94189453125}, {"start": 796.74, "end": 796.94, "word": " the", "probability": 0.90234375}, {"start": 796.94, "end": 797.28, "word": " equilibrium", "probability": 0.9560546875}, {"start": 797.28, "end": 797.9, "word": " price.", "probability": 0.88671875}, {"start": 798.18, "end": 798.68, "word": " So", "probability": 0.953125}, {"start": 798.68, "end": 798.82, "word": " it", "probability": 0.91650390625}, {"start": 798.82, "end": 798.96, "word": " should", "probability": 0.9677734375}, {"start": 798.96, "end": 799.64, "word": " be", "probability": 0.95654296875}, {"start": 799.64, "end": 800.7, "word": " below", "probability": 0.89306640625}], "temperature": 1.0}, {"id": 28, "seek": 82931, "start": 805.05, "end": 829.31, "text": " The equilibrium price. What else? No, I'm going to study the effects, the impacts of the price ceiling now.", "tokens": [440, 15625, 3218, 13, 708, 1646, 30, 883, 11, 286, 478, 516, 281, 2979, 264, 5065, 11, 264, 11606, 295, 264, 3218, 13655, 586, 13], "avg_logprob": -0.16721754979628783, "compression_ratio": 1.125, "no_speech_prob": 0.0, "words": [{"start": 805.05, "end": 805.33, "word": " The", "probability": 0.71044921875}, {"start": 805.33, "end": 805.71, "word": " equilibrium", "probability": 0.869140625}, {"start": 805.71, "end": 806.41, "word": " price.", "probability": 0.90673828125}, {"start": 813.69, "end": 814.37, "word": " What", "probability": 0.73583984375}, {"start": 814.37, "end": 814.65, "word": " else?", "probability": 0.91064453125}, {"start": 823.13, "end": 823.81, "word": " No,", "probability": 0.54052734375}, {"start": 824.43, "end": 824.93, "word": " I'm", "probability": 0.969970703125}, {"start": 824.93, "end": 825.17, "word": " going", "probability": 0.74365234375}, {"start": 825.17, "end": 825.31, "word": " to", "probability": 0.96240234375}, {"start": 825.31, "end": 825.57, "word": " study", "probability": 0.93505859375}, {"start": 825.57, "end": 825.81, "word": " the", "probability": 0.9111328125}, {"start": 825.81, "end": 826.23, "word": " effects,", "probability": 0.462158203125}, {"start": 827.33, "end": 827.43, "word": " the", "probability": 0.9169921875}, {"start": 827.43, "end": 828.11, "word": " impacts", "probability": 0.86376953125}, {"start": 828.11, "end": 828.37, "word": " of", "probability": 0.91064453125}, {"start": 828.37, "end": 828.51, "word": " the", "probability": 0.89990234375}, {"start": 828.51, "end": 828.75, "word": " price", "probability": 0.91845703125}, {"start": 828.75, "end": 829.01, "word": " ceiling", "probability": 0.86767578125}, {"start": 829.01, "end": 829.31, "word": " now.", "probability": 0.93408203125}], "temperature": 1.0}, {"id": 29, "seek": 85834, "start": 830.18, "end": 858.34, "text": " But here I'm talking about the price ceiling is the maximum price. It's not the minimum. The producer can or the seller can sell his", "tokens": [583, 510, 286, 478, 1417, 466, 264, 3218, 13655, 307, 264, 6674, 3218, 13, 467, 311, 406, 264, 7285, 13, 440, 12314, 393, 420, 264, 23600, 393, 3607, 702], "avg_logprob": -0.21927083482344945, "compression_ratio": 1.33, "no_speech_prob": 0.0, "words": [{"start": 830.18, "end": 830.48, "word": " But", "probability": 0.77587890625}, {"start": 830.48, "end": 830.98, "word": " here", "probability": 0.7626953125}, {"start": 830.98, "end": 831.12, "word": " I'm", "probability": 0.787109375}, {"start": 831.12, "end": 831.4, "word": " talking", "probability": 0.8525390625}, {"start": 831.4, "end": 831.78, "word": " about", "probability": 0.91162109375}, {"start": 831.78, "end": 832.14, "word": " the", "probability": 0.890625}, {"start": 832.14, "end": 832.4, "word": " price", "probability": 0.9052734375}, {"start": 832.4, "end": 832.7, "word": " ceiling", "probability": 0.9873046875}, {"start": 832.7, "end": 833.3, "word": " is", "probability": 0.426513671875}, {"start": 833.3, "end": 833.56, "word": " the", "probability": 0.91162109375}, {"start": 833.56, "end": 834.1, "word": " maximum", "probability": 0.94287109375}, {"start": 834.1, "end": 834.7, "word": " price.", "probability": 0.89013671875}, {"start": 835.4, "end": 836.28, "word": " It's", "probability": 0.971923828125}, {"start": 836.28, "end": 836.5, "word": " not", "probability": 0.9453125}, {"start": 836.5, "end": 836.7, "word": " the", "probability": 0.91845703125}, {"start": 836.7, "end": 837.08, "word": " minimum.", "probability": 0.9775390625}, {"start": 840.68, "end": 841.62, "word": " The", "probability": 0.1116943359375}, {"start": 841.62, "end": 848.84, "word": " producer", "probability": 0.67724609375}, {"start": 848.84, "end": 849.48, "word": " can", "probability": 0.8828125}, {"start": 849.48, "end": 851.34, "word": " or", "probability": 0.66455078125}, {"start": 851.34, "end": 851.54, "word": " the", "probability": 0.9296875}, {"start": 851.54, "end": 851.82, "word": " seller", "probability": 0.90087890625}, {"start": 851.82, "end": 853.82, "word": " can", "probability": 0.93359375}, {"start": 853.82, "end": 856.1, "word": " sell", "probability": 0.890625}, {"start": 856.1, "end": 858.34, "word": " his", "probability": 0.95556640625}], "temperature": 1.0}, {"id": 30, "seek": 88532, "start": 859.14, "end": 885.32, "text": " Or hair product. For. It's forbidden to sell the product above the price ceiling. It's forbidden. It's forbidden. Or forbidden.", "tokens": [1610, 2578, 1674, 13, 1171, 13, 467, 311, 25990, 281, 3607, 264, 1674, 3673, 264, 3218, 13655, 13, 467, 311, 25990, 13, 467, 311, 25990, 13, 1610, 25990, 13], "avg_logprob": -0.26184895137945813, "compression_ratio": 1.5058823529411764, "no_speech_prob": 0.0, "words": [{"start": 859.14, "end": 859.44, "word": " Or", "probability": 0.271240234375}, {"start": 859.44, "end": 859.66, "word": " hair", "probability": 0.5810546875}, {"start": 859.66, "end": 860.12, "word": " product.", "probability": 0.85595703125}, {"start": 865.32, "end": 866.54, "word": " For.", "probability": 0.76611328125}, {"start": 870.46, "end": 871.68, "word": " It's", "probability": 0.9384765625}, {"start": 871.68, "end": 872.46, "word": " forbidden", "probability": 0.9130859375}, {"start": 872.46, "end": 874.5, "word": " to", "probability": 0.6337890625}, {"start": 874.5, "end": 874.8, "word": " sell", "probability": 0.83837890625}, {"start": 874.8, "end": 874.96, "word": " the", "probability": 0.87255859375}, {"start": 874.96, "end": 875.36, "word": " product", "probability": 0.9033203125}, {"start": 875.36, "end": 876.04, "word": " above", "probability": 0.958984375}, {"start": 876.04, "end": 876.9, "word": " the", "probability": 0.91650390625}, {"start": 876.9, "end": 877.2, "word": " price", "probability": 0.931640625}, {"start": 877.2, "end": 877.54, "word": " ceiling.", "probability": 0.982421875}, {"start": 879.1, "end": 879.68, "word": " It's", "probability": 0.97119140625}, {"start": 879.68, "end": 880.32, "word": " forbidden.", "probability": 0.9453125}, {"start": 881.3, "end": 882.52, "word": " It's", "probability": 0.58740234375}, {"start": 882.52, "end": 882.86, "word": " forbidden.", "probability": 0.92724609375}, {"start": 883.72, "end": 884.94, "word": " Or", "probability": 0.76220703125}, {"start": 884.94, "end": 885.32, "word": " forbidden.", "probability": 0.8984375}], "temperature": 1.0}, {"id": 31, "seek": 90384, "start": 888.86, "end": 903.84, "text": " to sell the product or service above the price ceiling.", "tokens": [281, 3607, 264, 1674, 420, 2643, 3673, 264, 3218, 13655, 13], "avg_logprob": -0.2633463591337204, "compression_ratio": 1.018181818181818, "no_speech_prob": 0.0, "words": [{"start": 888.86, "end": 889.06, "word": " to", "probability": 0.67138671875}, {"start": 889.06, "end": 889.34, "word": " sell", "probability": 0.89111328125}, {"start": 889.34, "end": 889.46, "word": " the", "probability": 0.7646484375}, {"start": 889.46, "end": 889.84, "word": " product", "probability": 0.90478515625}, {"start": 889.84, "end": 894.32, "word": " or", "probability": 0.88427734375}, {"start": 894.32, "end": 894.94, "word": " service", "probability": 0.873046875}, {"start": 894.94, "end": 898.0, "word": " above", "probability": 0.93994140625}, {"start": 898.0, "end": 901.22, "word": " the", "probability": 0.9033203125}, {"start": 901.22, "end": 901.66, "word": " price", "probability": 0.47607421875}, {"start": 901.66, "end": 903.84, "word": " ceiling.", "probability": 0.974609375}], "temperature": 1.0}, {"id": 32, "seek": 94730, "start": 926.48, "end": 947.3, "text": " It's allowed to sell the product below 120. Then Hana Hague is allowed to sell the product below or less than 120 shakers.", "tokens": [467, 311, 4350, 281, 3607, 264, 1674, 2507, 10411, 13, 1396, 47946, 389, 4918, 307, 4350, 281, 3607, 264, 1674, 2507, 420, 1570, 813, 10411, 402, 19552, 13], "avg_logprob": -0.3566810262614283, "compression_ratio": 1.4137931034482758, "no_speech_prob": 0.0, "words": [{"start": 926.48, "end": 927.48, "word": " It's", "probability": 0.4927978515625}, {"start": 927.48, "end": 927.82, "word": " allowed", "probability": 0.873046875}, {"start": 927.82, "end": 929.6, "word": " to", "probability": 0.95361328125}, {"start": 929.6, "end": 930.28, "word": " sell", "probability": 0.87939453125}, {"start": 930.28, "end": 930.42, "word": " the", "probability": 0.7568359375}, {"start": 930.42, "end": 930.8, "word": " product", "probability": 0.89111328125}, {"start": 930.8, "end": 931.44, "word": " below", "probability": 0.8701171875}, {"start": 931.44, "end": 932.66, "word": " 120.", "probability": 0.8525390625}, {"start": 939.48, "end": 940.48, "word": " Then", "probability": 0.2171630859375}, {"start": 940.48, "end": 940.84, "word": " Hana", "probability": 0.394775390625}, {"start": 940.84, "end": 941.12, "word": " Hague", "probability": 0.344970703125}, {"start": 941.12, "end": 941.34, "word": " is", "probability": 0.8681640625}, {"start": 941.34, "end": 941.8, "word": " allowed", "probability": 0.916015625}, {"start": 941.8, "end": 942.38, "word": " to", "probability": 0.96728515625}, {"start": 942.38, "end": 942.68, "word": " sell", "probability": 0.87841796875}, {"start": 942.68, "end": 942.82, "word": " the", "probability": 0.85302734375}, {"start": 942.82, "end": 943.22, "word": " product", "probability": 0.9111328125}, {"start": 943.22, "end": 944.14, "word": " below", "probability": 0.88134765625}, {"start": 944.14, "end": 945.18, "word": " or", "probability": 0.93408203125}, {"start": 945.18, "end": 945.5, "word": " less", "probability": 0.94482421875}, {"start": 945.5, "end": 945.9, "word": " than", "probability": 0.93798828125}, {"start": 945.9, "end": 946.8, "word": " 120", "probability": 0.9072265625}, {"start": 946.8, "end": 947.3, "word": " shakers.", "probability": 0.6597900390625}], "temperature": 1.0}, {"id": 33, "seek": 97713, "start": 948.61, "end": 977.13, "text": " Tamam? Okay? This is the price, the market price. If you go to the market and find the price, it's 250 shekels for a bag of flour. This is the current situation. This is the normal consumption. Two sacks of flour along this price. The price is so expensive.", "tokens": [18224, 30, 1033, 30, 639, 307, 264, 3218, 11, 264, 2142, 3218, 13, 759, 291, 352, 281, 264, 2142, 293, 915, 264, 3218, 11, 309, 311, 11650, 750, 7124, 82, 337, 257, 3411, 295, 7693, 13, 639, 307, 264, 2190, 2590, 13, 639, 307, 264, 2710, 12126, 13, 4453, 262, 7424, 295, 7693, 2051, 341, 3218, 13, 440, 3218, 307, 370, 5124, 13], "avg_logprob": -0.3920898442156613, "compression_ratio": 1.6024844720496894, "no_speech_prob": 0.0, "words": [{"start": 948.61, "end": 949.21, "word": " Tamam?", "probability": 0.1478271484375}, {"start": 950.37, "end": 950.67, "word": " Okay?", "probability": 0.77099609375}, {"start": 954.39, "end": 954.67, "word": " This", "probability": 0.1038818359375}, {"start": 954.67, "end": 954.93, "word": " is", "probability": 0.82861328125}, {"start": 954.93, "end": 955.43, "word": " the", "probability": 0.83984375}, {"start": 955.43, "end": 955.73, "word": " price,", "probability": 0.5029296875}, {"start": 955.79, "end": 955.91, "word": " the", "probability": 0.429931640625}, {"start": 955.91, "end": 956.13, "word": " market", "probability": 0.85302734375}, {"start": 956.13, "end": 956.53, "word": " price.", "probability": 0.9140625}, {"start": 957.21, "end": 957.35, "word": " If", "probability": 0.434326171875}, {"start": 957.35, "end": 957.53, "word": " you", "probability": 0.94189453125}, {"start": 957.53, "end": 957.71, "word": " go", "probability": 0.32958984375}, {"start": 957.71, "end": 957.83, "word": " to", "probability": 0.876953125}, {"start": 957.83, "end": 957.99, "word": " the", "probability": 0.80908203125}, {"start": 957.99, "end": 958.19, "word": " market", "probability": 0.72998046875}, {"start": 958.19, "end": 958.57, "word": " and", "probability": 0.625}, {"start": 958.57, "end": 958.79, "word": " find", "probability": 0.469970703125}, {"start": 958.79, "end": 958.95, "word": " the", "probability": 0.6181640625}, {"start": 958.95, "end": 959.29, "word": " price,", "probability": 0.80078125}, {"start": 959.39, "end": 959.57, "word": " it's", "probability": 0.578369140625}, {"start": 959.57, "end": 960.01, "word": " 250", "probability": 0.8388671875}, {"start": 960.01, "end": 960.69, "word": " shekels", "probability": 0.8079427083333334}, {"start": 960.69, "end": 960.85, "word": " for", "probability": 0.513671875}, {"start": 960.85, "end": 960.91, "word": " a", "probability": 0.70849609375}, {"start": 960.91, "end": 961.01, "word": " bag", "probability": 0.392578125}, {"start": 961.01, "end": 961.11, "word": " of", "probability": 0.96533203125}, {"start": 961.11, "end": 961.35, "word": " flour.", "probability": 0.904296875}, {"start": 962.15, "end": 962.75, "word": " This", "probability": 0.81298828125}, {"start": 962.75, "end": 962.95, "word": " is", "probability": 0.92822265625}, {"start": 962.95, "end": 963.03, "word": " the", "probability": 0.75390625}, {"start": 963.03, "end": 963.15, "word": " current", "probability": 0.481689453125}, {"start": 963.15, "end": 963.27, "word": " situation.", "probability": 0.76611328125}, {"start": 966.95, "end": 967.55, "word": " This", "probability": 0.60791015625}, {"start": 967.55, "end": 968.09, "word": " is", "probability": 0.91357421875}, {"start": 968.09, "end": 969.09, "word": " the", "probability": 0.404296875}, {"start": 969.09, "end": 969.29, "word": " normal", "probability": 0.84765625}, {"start": 969.29, "end": 969.87, "word": " consumption.", "probability": 0.9814453125}, {"start": 970.29, "end": 970.89, "word": " Two", "probability": 0.107666015625}, {"start": 970.89, "end": 971.79, "word": " sacks", "probability": 0.738037109375}, {"start": 971.79, "end": 972.01, "word": " of", "probability": 0.970703125}, {"start": 972.01, "end": 972.37, "word": " flour", "probability": 0.96435546875}, {"start": 972.37, "end": 973.75, "word": " along", "probability": 0.54150390625}, {"start": 973.75, "end": 974.07, "word": " this", "probability": 0.7978515625}, {"start": 974.07, "end": 974.53, "word": " price.", "probability": 0.9072265625}, {"start": 975.29, "end": 975.67, "word": " The", "probability": 0.8505859375}, {"start": 975.67, "end": 975.89, "word": " price", "probability": 0.89501953125}, {"start": 975.89, "end": 976.13, "word": " is", "probability": 0.943359375}, {"start": 976.13, "end": 976.59, "word": " so", "probability": 0.92529296875}, {"start": 976.59, "end": 977.13, "word": " expensive.", "probability": 0.95947265625}], "temperature": 1.0}, {"id": 34, "seek": 100152, "start": 979.66, "end": 1001.52, "text": " Two units, two sacks of flour. That's it. Effective price ceiling. Now, if the government", "tokens": [4453, 6815, 11, 732, 262, 7424, 295, 7693, 13, 663, 311, 309, 13, 17764, 488, 3218, 13655, 13, 823, 11, 498, 264, 2463], "avg_logprob": -0.3194986904660861, "compression_ratio": 1.0588235294117647, "no_speech_prob": 0.0, "words": [{"start": 979.66, "end": 980.4, "word": " Two", "probability": 0.1334228515625}, {"start": 980.4, "end": 981.14, "word": " units,", "probability": 0.81494140625}, {"start": 981.62, "end": 981.88, "word": " two", "probability": 0.89599609375}, {"start": 981.88, "end": 982.14, "word": " sacks", "probability": 0.75537109375}, {"start": 982.14, "end": 982.34, "word": " of", "probability": 0.97265625}, {"start": 982.34, "end": 982.6, "word": " flour.", "probability": 0.96337890625}, {"start": 995.2, "end": 995.94, "word": " That's", "probability": 0.58929443359375}, {"start": 995.94, "end": 996.1, "word": " it.", "probability": 0.8583984375}, {"start": 996.92, "end": 997.66, "word": " Effective", "probability": 0.777099609375}, {"start": 997.66, "end": 998.0, "word": " price", "probability": 0.89404296875}, {"start": 998.0, "end": 998.34, "word": " ceiling.", "probability": 0.90966796875}, {"start": 999.28, "end": 1000.02, "word": " Now,", "probability": 0.84423828125}, {"start": 1000.6, "end": 1000.9, "word": " if", "probability": 0.94921875}, {"start": 1000.9, "end": 1001.12, "word": " the", "probability": 0.921875}, {"start": 1001.12, "end": 1001.52, "word": " government", "probability": 0.90185546875}], "temperature": 1.0}, {"id": 35, "seek": 103128, "start": 1002.42, "end": 1031.28, "text": " sets the price ceiling above 250. To protect whom? The goal is to protect the consumers. The government set the price ceiling to 300 chickens.", "tokens": [6352, 264, 3218, 13655, 3673, 11650, 13, 1407, 2371, 7101, 30, 440, 3387, 307, 281, 2371, 264, 11883, 13, 440, 2463, 992, 264, 3218, 13655, 281, 6641, 22329, 13], "avg_logprob": -0.49427080949147545, "compression_ratio": 1.349056603773585, "no_speech_prob": 0.0, "words": [{"start": 1002.42, "end": 1002.9, "word": " sets", "probability": 0.5126953125}, {"start": 1002.9, "end": 1003.26, "word": " the", "probability": 0.91796875}, {"start": 1003.26, "end": 1003.6, "word": " price", "probability": 0.88720703125}, {"start": 1003.6, "end": 1004.08, "word": " ceiling", "probability": 0.98779296875}, {"start": 1004.08, "end": 1005.02, "word": " above", "probability": 0.9638671875}, {"start": 1005.02, "end": 1006.22, "word": " 250.", "probability": 0.916015625}, {"start": 1009.5, "end": 1010.62, "word": " To", "probability": 0.033782958984375}, {"start": 1010.62, "end": 1018.0, "word": " protect", "probability": 0.90185546875}, {"start": 1018.0, "end": 1018.4, "word": " whom?", "probability": 0.95849609375}, {"start": 1020.8, "end": 1021.66, "word": " The", "probability": 0.36474609375}, {"start": 1021.66, "end": 1023.72, "word": " goal", "probability": 0.52001953125}, {"start": 1023.72, "end": 1024.28, "word": " is", "probability": 0.62060546875}, {"start": 1024.28, "end": 1024.84, "word": " to", "probability": 0.9619140625}, {"start": 1024.84, "end": 1025.18, "word": " protect", "probability": 0.916015625}, {"start": 1025.18, "end": 1025.34, "word": " the", "probability": 0.53564453125}, {"start": 1025.34, "end": 1025.96, "word": " consumers.", "probability": 0.93408203125}, {"start": 1026.56, "end": 1026.74, "word": " The", "probability": 0.3896484375}, {"start": 1026.74, "end": 1027.3, "word": " government", "probability": 0.8564453125}, {"start": 1027.3, "end": 1027.7, "word": " set", "probability": 0.243896484375}, {"start": 1027.7, "end": 1028.76, "word": " the", "probability": 0.75341796875}, {"start": 1028.76, "end": 1029.04, "word": " price", "probability": 0.72021484375}, {"start": 1029.04, "end": 1029.48, "word": " ceiling", "probability": 0.34521484375}, {"start": 1029.48, "end": 1029.6, "word": " to", "probability": 0.325439453125}, {"start": 1029.6, "end": 1030.46, "word": " 300", "probability": 0.67138671875}, {"start": 1030.46, "end": 1031.28, "word": " chickens.", "probability": 0.2398681640625}], "temperature": 1.0}, {"id": 36, "seek": 105341, "start": 1032.63, "end": 1053.41, "text": " Butter price ceiling. The main goal, the main objective of the price ceiling is to protect the consumers here. If the government sets the price ceiling above the equilibrium here. Ineffective price ceiling.", "tokens": [22646, 3218, 13655, 13, 440, 2135, 3387, 11, 264, 2135, 10024, 295, 264, 3218, 13655, 307, 281, 2371, 264, 11883, 510, 13, 759, 264, 2463, 6352, 264, 3218, 13655, 3673, 264, 15625, 510, 13, 682, 45122, 3218, 13655, 13], "avg_logprob": -0.21250000186264514, "compression_ratio": 1.6693548387096775, "no_speech_prob": 0.0, "words": [{"start": 1032.63, "end": 1033.05, "word": " Butter", "probability": 0.1748046875}, {"start": 1033.05, "end": 1033.41, "word": " price", "probability": 0.80615234375}, {"start": 1033.41, "end": 1033.69, "word": " ceiling.", "probability": 0.97265625}, {"start": 1035.01, "end": 1035.31, "word": " The", "probability": 0.2763671875}, {"start": 1035.31, "end": 1035.89, "word": " main", "probability": 0.9384765625}, {"start": 1035.89, "end": 1036.45, "word": " goal,", "probability": 0.86279296875}, {"start": 1036.85, "end": 1037.05, "word": " the", "probability": 0.89990234375}, {"start": 1037.05, "end": 1037.35, "word": " 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"probability": 0.8681640625}, {"start": 1068.98, "end": 1069.24, "word": " ceiling.", "probability": 0.9541015625}], "temperature": 1.0}, {"id": 38, "seek": 110126, "start": 1077.28, "end": 1101.26, "text": " The effective price ceiling below the equilibrium price or the market price. Effective price ceiling. Effective price ceiling. What are", "tokens": [440, 4942, 3218, 13655, 2507, 264, 15625, 3218, 420, 264, 2142, 3218, 13, 17764, 488, 3218, 13655, 13, 17764, 488, 3218, 13655, 13, 708, 366], "avg_logprob": -0.29507210621467006, "compression_ratio": 1.6385542168674698, "no_speech_prob": 0.0, "words": [{"start": 1077.28, "end": 1078.32, "word": " The", "probability": 0.576171875}, {"start": 1078.32, "end": 1078.82, "word": " effective", "probability": 0.62451171875}, {"start": 1078.82, "end": 1079.26, "word": " price", "probability": 0.9443359375}, {"start": 1079.26, "end": 1079.62, "word": " ceiling", "probability": 0.96875}, {"start": 1079.62, "end": 1081.82, "word": " below", "probability": 0.1771240234375}, {"start": 1081.82, "end": 1082.8, "word": " the", "probability": 0.82763671875}, {"start": 1082.8, "end": 1083.24, "word": " equilibrium", "probability": 0.95751953125}, {"start": 1083.24, "end": 1083.96, "word": " price", "probability": 0.87841796875}, {"start": 1083.96, "end": 1084.2, "word": " or", "probability": 0.58154296875}, {"start": 1084.2, "end": 1084.32, "word": " the", "probability": 0.7646484375}, {"start": 1084.32, "end": 1084.52, "word": " market", "probability": 0.84521484375}, {"start": 1084.52, "end": 1085.08, "word": " price.", "probability": 0.92236328125}, {"start": 1086.3, "end": 1087.34, "word": " Effective", "probability": 0.65673828125}, {"start": 1087.34, "end": 1087.66, "word": " price", "probability": 0.86865234375}, {"start": 1087.66, "end": 1087.94, "word": " ceiling.", "probability": 0.94140625}, {"start": 1091.68, "end": 1092.72, "word": " Effective", "probability": 0.72021484375}, {"start": 1092.72, "end": 1093.1, "word": " price", "probability": 0.8955078125}, {"start": 1093.1, "end": 1093.38, "word": " ceiling.", "probability": 0.9658203125}, {"start": 1098.44, "end": 1099.48, "word": " What", "probability": 0.79931640625}, {"start": 1099.48, "end": 1101.26, "word": " are", "probability": 0.94091796875}], "temperature": 1.0}, {"id": 39, "seek": 112883, "start": 1102.12, "end": 1128.84, "text": " the impacts of setting the price ceiling of the market. Above the equilibrium price is an ineffective price ceiling. So the effective price ceiling should be imposed below the equilibrium of the market price. What are the impacts or the effects of a price ceiling?", "tokens": [264, 11606, 295, 3287, 264, 3218, 13655, 295, 264, 2142, 13, 32691, 264, 15625, 3218, 307, 364, 48836, 3218, 13655, 13, 407, 264, 4942, 3218, 13655, 820, 312, 26491, 2507, 264, 15625, 295, 264, 2142, 3218, 13, 708, 366, 264, 11606, 420, 264, 5065, 295, 257, 3218, 13655, 30], "avg_logprob": -0.15164062023162841, "compression_ratio": 1.962962962962963, "no_speech_prob": 0.0, "words": [{"start": 1102.12, "end": 1102.38, "word": " the", "probability": 0.6513671875}, {"start": 1102.38, "end": 1103.06, "word": " impacts", "probability": 0.8251953125}, {"start": 1103.06, "end": 1103.7, "word": " of", "probability": 0.96240234375}, {"start": 1103.7, "end": 1104.9, "word": " setting", "probability": 0.919921875}, {"start": 1104.9, "end": 1105.14, "word": " the", "probability": 0.91162109375}, {"start": 1105.14, "end": 1105.44, "word": " price", "probability": 0.9169921875}, {"start": 1105.44, "end": 1105.8, "word": " ceiling", "probability": 0.98486328125}, {"start": 1105.8, "end": 1106.42, "word": " of", "probability": 0.494140625}, {"start": 1106.42, "end": 1106.54, "word": " the", "probability": 0.80615234375}, {"start": 1106.54, "end": 1106.88, "word": " market.", "probability": 0.88330078125}, {"start": 1108.64, "end": 1108.92, "word": " Above", "probability": 0.58740234375}, {"start": 1108.92, "end": 1110.56, "word": " the", "probability": 0.88427734375}, {"start": 1110.56, "end": 1110.92, "word": " equilibrium", "probability": 0.87890625}, {"start": 1110.92, "end": 1111.46, "word": " price", "probability": 0.916015625}, {"start": 1111.46, "end": 1112.58, "word": " is", "probability": 0.87451171875}, {"start": 1112.58, "end": 1113.46, "word": " an", "probability": 0.82958984375}, {"start": 1113.46, "end": 1114.5, "word": " ineffective", "probability": 0.60693359375}, {"start": 1114.5, "end": 1114.98, "word": " price", "probability": 0.90869140625}, {"start": 1114.98, "end": 1115.26, "word": " ceiling.", "probability": 0.94091796875}, {"start": 1116.14, "end": 1116.78, "word": " So", "probability": 0.89208984375}, {"start": 1116.78, "end": 1117.18, "word": " the", "probability": 0.61865234375}, {"start": 1117.18, "end": 1117.44, "word": " effective", "probability": 0.8447265625}, {"start": 1117.44, "end": 1117.78, "word": " price", "probability": 0.90234375}, {"start": 1117.78, "end": 1118.0, "word": " ceiling", "probability": 0.9755859375}, {"start": 1118.0, "end": 1118.24, "word": " should", "probability": 0.9677734375}, {"start": 1118.24, "end": 1118.5, "word": " be", "probability": 0.94873046875}, {"start": 1118.5, "end": 1119.16, "word": " imposed", "probability": 0.9501953125}, {"start": 1119.16, "end": 1120.24, "word": " below", "probability": 0.859375}, {"start": 1120.24, "end": 1120.82, "word": " the", "probability": 0.90576171875}, {"start": 1120.82, "end": 1121.18, "word": " equilibrium", "probability": 0.95947265625}, {"start": 1121.18, "end": 1121.42, "word": " of", "probability": 0.70166015625}, {"start": 1121.42, "end": 1121.42, "word": " the", "probability": 0.84375}, {"start": 1121.42, "end": 1121.56, "word": " market", "probability": 0.82421875}, {"start": 1121.56, "end": 1122.04, "word": " price.", "probability": 0.91943359375}, {"start": 1123.56, "end": 1124.06, "word": " What", "probability": 0.6884765625}, {"start": 1124.06, "end": 1125.2, "word": " are", "probability": 0.9365234375}, {"start": 1125.2, "end": 1125.68, "word": " the", "probability": 0.9208984375}, {"start": 1125.68, "end": 1126.56, "word": " impacts", "probability": 0.90673828125}, {"start": 1126.56, "end": 1127.36, "word": " or", "probability": 0.88232421875}, {"start": 1127.36, "end": 1127.52, "word": " the", "probability": 0.90283203125}, {"start": 1127.52, "end": 1127.9, "word": " effects", "probability": 0.7783203125}, {"start": 1127.9, "end": 1128.16, "word": " of", "probability": 0.966796875}, {"start": 1128.16, "end": 1128.28, "word": " a", "probability": 0.90771484375}, {"start": 1128.28, "end": 1128.54, "word": " price", "probability": 0.92236328125}, {"start": 1128.54, "end": 1128.84, "word": " ceiling?", "probability": 0.9765625}], "temperature": 1.0}, {"id": 40, "seek": 115804, "start": 1129.9, "end": 1158.04, "text": " The effects or the impacts or the consequences of the price ceiling. The effects or impacts of price ceiling policy.", "tokens": [440, 5065, 420, 264, 11606, 420, 264, 10098, 295, 264, 3218, 13655, 13, 440, 5065, 420, 11606, 295, 3218, 13655, 3897, 13], "avg_logprob": -0.11948029632153719, "compression_ratio": 1.5194805194805194, "no_speech_prob": 0.0, "words": [{"start": 1129.9, "end": 1130.16, "word": " The", "probability": 0.7021484375}, {"start": 1130.16, "end": 1130.66, "word": " effects", "probability": 0.9052734375}, {"start": 1130.66, "end": 1131.68, "word": " or", "probability": 0.8408203125}, {"start": 1131.68, "end": 1131.86, "word": " the", "probability": 0.90185546875}, {"start": 1131.86, "end": 1132.6, "word": " impacts", "probability": 0.80126953125}, {"start": 1132.6, "end": 1134.44, "word": " or", "probability": 0.86181640625}, {"start": 1134.44, "end": 1134.6, "word": " the", "probability": 0.9228515625}, {"start": 1134.6, "end": 1135.34, "word": " consequences", "probability": 0.92822265625}, {"start": 1135.34, "end": 1137.4, "word": " of", "probability": 0.97216796875}, {"start": 1137.4, "end": 1138.76, "word": " the", "probability": 0.9248046875}, {"start": 1138.76, "end": 1139.04, "word": " price", "probability": 0.888671875}, {"start": 1139.04, "end": 1139.36, "word": " ceiling.", "probability": 0.7578125}, {"start": 1143.94, "end": 1145.34, "word": " The", "probability": 0.89208984375}, {"start": 1145.34, "end": 1145.82, "word": " effects", "probability": 0.884765625}, {"start": 1145.82, "end": 1148.9, "word": " or", "probability": 0.9599609375}, {"start": 1148.9, "end": 1149.74, "word": " impacts", "probability": 0.86865234375}, {"start": 1149.74, "end": 1155.42, "word": " of", "probability": 0.9599609375}, {"start": 1155.42, "end": 1157.22, "word": " price", "probability": 0.904296875}, {"start": 1157.22, "end": 1157.52, "word": " ceiling", "probability": 0.974609375}, {"start": 1157.52, "end": 1158.04, "word": " policy.", "probability": 0.9013671875}], "temperature": 1.0}, {"id": 41, "seek": 119773, "start": 1168.79, "end": 1197.73, "text": " Let's come back here to the graph. Before the price ceiling, the quantity demanded equals the quantity supplied. Now the government decided to impose or to set a price ceiling here at 120 shekels. What has happened here? What do you see? The quantity demanded goes up.", "tokens": [961, 311, 808, 646, 510, 281, 264, 4295, 13, 4546, 264, 3218, 13655, 11, 264, 11275, 28276, 6915, 264, 11275, 27625, 13, 823, 264, 2463, 3047, 281, 26952, 420, 281, 992, 257, 3218, 13655, 510, 412, 10411, 750, 7124, 82, 13, 708, 575, 2011, 510, 30, 708, 360, 291, 536, 30, 440, 11275, 28276, 1709, 493, 13], "avg_logprob": -0.09873383299543939, "compression_ratio": 1.5917159763313609, "no_speech_prob": 0.0, "words": [{"start": 1168.79, "end": 1169.19, "word": " Let's", "probability": 0.97265625}, {"start": 1169.19, "end": 1169.43, "word": " come", "probability": 0.86669921875}, {"start": 1169.43, "end": 1169.77, "word": " back", "probability": 0.88232421875}, {"start": 1169.77, "end": 1170.01, "word": " here", "probability": 0.857421875}, {"start": 1170.01, "end": 1170.19, "word": " to", "probability": 0.96533203125}, {"start": 1170.19, "end": 1170.35, "word": " the", "probability": 0.9267578125}, {"start": 1170.35, "end": 1170.77, "word": " graph.", "probability": 0.94091796875}, {"start": 1172.01, "end": 1172.59, "word": " Before", "probability": 0.90771484375}, {"start": 1172.59, "end": 1172.83, "word": " the", "probability": 0.86376953125}, {"start": 1172.83, "end": 1173.13, "word": " price", "probability": 0.94384765625}, {"start": 1173.13, "end": 1173.39, "word": " ceiling,", "probability": 0.98046875}, {"start": 1174.19, "end": 1174.37, "word": " the", "probability": 0.9248046875}, {"start": 1174.37, "end": 1174.89, "word": " quantity", "probability": 0.97998046875}, {"start": 1174.89, "end": 1175.45, "word": " demanded", "probability": 0.9443359375}, {"start": 1175.45, "end": 1176.01, "word": " equals", "probability": 0.92919921875}, {"start": 1176.01, "end": 1176.19, "word": " the", "probability": 0.908203125}, {"start": 1176.19, "end": 1176.35, "word": " quantity", "probability": 0.84326171875}, {"start": 1176.35, "end": 1176.79, "word": " supplied.", "probability": 0.85009765625}, {"start": 1178.43, "end": 1179.03, "word": " Now", "probability": 0.96435546875}, {"start": 1179.03, "end": 1179.25, "word": " the", "probability": 0.6953125}, {"start": 1179.25, "end": 1179.61, "word": " government", "probability": 0.9013671875}, {"start": 1179.61, "end": 1180.23, "word": " decided", "probability": 0.9150390625}, {"start": 1180.23, "end": 1180.53, "word": " to", "probability": 0.97314453125}, {"start": 1180.53, "end": 1180.97, "word": " impose", "probability": 0.94091796875}, {"start": 1180.97, "end": 1181.25, "word": " or", "probability": 0.78271484375}, {"start": 1181.25, "end": 1181.43, "word": " to", "probability": 0.92333984375}, {"start": 1181.43, "end": 1181.63, "word": " set", "probability": 0.93310546875}, {"start": 1181.63, "end": 1181.77, "word": " a", "probability": 0.6279296875}, {"start": 1181.77, "end": 1182.03, "word": " price", "probability": 0.92431640625}, {"start": 1182.03, "end": 1182.39, "word": " ceiling", "probability": 0.97216796875}, {"start": 1182.39, "end": 1184.37, "word": " here", "probability": 0.48681640625}, {"start": 1184.37, "end": 1185.93, "word": " at", "probability": 0.85009765625}, {"start": 1185.93, "end": 1187.25, "word": " 120", "probability": 0.9189453125}, {"start": 1187.25, "end": 1188.21, "word": " shekels.", "probability": 0.9444986979166666}, {"start": 1189.93, "end": 1190.53, "word": " What", "probability": 0.89794921875}, {"start": 1190.53, "end": 1190.91, "word": " has", "probability": 0.95703125}, {"start": 1190.91, "end": 1191.37, "word": " happened", "probability": 0.845703125}, {"start": 1191.37, "end": 1191.71, "word": " here?", "probability": 0.85693359375}, {"start": 1192.73, "end": 1193.23, "word": " What", "probability": 0.87646484375}, {"start": 1193.23, "end": 1193.39, "word": " do", "probability": 0.9189453125}, {"start": 1193.39, "end": 1193.43, "word": " you", "probability": 0.95556640625}, {"start": 1193.43, "end": 1193.63, "word": " see?", "probability": 0.93359375}, {"start": 1194.81, "end": 1195.21, "word": " The", "probability": 0.89453125}, {"start": 1195.21, "end": 1195.59, "word": " quantity", "probability": 0.99169921875}, {"start": 1195.59, "end": 1196.17, "word": " demanded", "probability": 0.919921875}, {"start": 1196.17, "end": 1197.37, "word": " goes", "probability": 0.93212890625}, {"start": 1197.37, "end": 1197.73, "word": " up.", "probability": 0.96875}], "temperature": 1.0}, {"id": 42, "seek": 122647, "start": 1199.19, "end": 1226.47, "text": " The quant supplied goes down. Here we have what? Shortage supply. And then number one, imposing the price ceiling or setting the price ceiling leads to what? Number one, supply shortage or shortage supply. Number one, quant demanded becomes bigger than the quant supplied.", "tokens": [440, 4426, 27625, 1709, 760, 13, 1692, 321, 362, 437, 30, 16881, 609, 5847, 13, 400, 550, 1230, 472, 11, 40288, 264, 3218, 13655, 420, 3287, 264, 3218, 13655, 6689, 281, 437, 30, 5118, 472, 11, 5847, 24708, 420, 24708, 5847, 13, 5118, 472, 11, 4426, 28276, 3643, 3801, 813, 264, 4426, 27625, 13], "avg_logprob": -0.17485796050591904, "compression_ratio": 1.7388535031847134, "no_speech_prob": 0.0, "words": [{"start": 1199.19, "end": 1199.41, "word": " The", "probability": 0.6357421875}, {"start": 1199.41, "end": 1199.61, "word": " quant", "probability": 0.494384765625}, {"start": 1199.61, "end": 1200.05, "word": " supplied", "probability": 0.87109375}, {"start": 1200.05, "end": 1200.81, "word": " goes", "probability": 0.9375}, {"start": 1200.81, "end": 1201.17, "word": " down.", "probability": 0.85595703125}, {"start": 1202.01, "end": 1202.33, "word": " Here", "probability": 0.8271484375}, {"start": 1202.33, "end": 1202.51, "word": " we", "probability": 0.693359375}, {"start": 1202.51, "end": 1202.81, "word": " have", "probability": 0.947265625}, {"start": 1202.81, "end": 1203.13, "word": " what?", "probability": 0.912109375}, {"start": 1204.15, "end": 1204.87, "word": " Shortage", "probability": 0.882080078125}, {"start": 1204.87, "end": 1206.41, "word": " supply.", "probability": 0.86279296875}, {"start": 1206.59, "end": 1206.65, "word": " And", "probability": 0.213134765625}, {"start": 1206.65, "end": 1206.75, "word": " then", "probability": 0.58349609375}, {"start": 1206.75, "end": 1206.97, "word": " number", "probability": 0.86669921875}, {"start": 1206.97, "end": 1207.25, "word": " one,", "probability": 0.8544921875}, {"start": 1209.29, "end": 1209.91, "word": " imposing", "probability": 0.912109375}, {"start": 1209.91, "end": 1210.17, "word": " the", "probability": 0.88671875}, {"start": 1210.17, "end": 1210.47, "word": " price", "probability": 0.9248046875}, {"start": 1210.47, "end": 1210.81, "word": " ceiling", "probability": 0.98388671875}, {"start": 1210.81, "end": 1211.03, "word": " or", "probability": 0.8408203125}, {"start": 1211.03, "end": 1211.21, "word": " setting", "probability": 0.93505859375}, {"start": 1211.21, "end": 1211.43, "word": " the", "probability": 0.89404296875}, {"start": 1211.43, "end": 1211.69, "word": " price", "probability": 0.89892578125}, {"start": 1211.69, "end": 1212.11, "word": " ceiling", "probability": 0.9599609375}, {"start": 1212.11, "end": 1213.17, "word": " leads", "probability": 0.77490234375}, {"start": 1213.17, "end": 1213.55, "word": " to", "probability": 0.97119140625}, {"start": 1213.55, "end": 1214.69, "word": " what?", "probability": 0.89453125}, {"start": 1214.95, "end": 1215.25, "word": " Number", "probability": 0.8876953125}, {"start": 1215.25, "end": 1215.61, "word": " one,", "probability": 0.91455078125}, {"start": 1216.27, "end": 1216.69, "word": " supply", "probability": 0.6103515625}, {"start": 1216.69, "end": 1217.39, "word": " shortage", "probability": 0.9384765625}, {"start": 1217.39, "end": 1217.67, "word": " or", "probability": 0.92822265625}, {"start": 1217.67, "end": 1217.99, "word": " shortage", "probability": 0.86572265625}, {"start": 1217.99, "end": 1218.41, "word": " supply.", "probability": 0.91455078125}, {"start": 1219.41, "end": 1219.63, "word": " Number", "probability": 0.88134765625}, {"start": 1219.63, "end": 1220.11, "word": " one,", "probability": 0.92724609375}, {"start": 1222.27, "end": 1222.59, "word": " quant", "probability": 0.884765625}, {"start": 1222.59, "end": 1223.09, "word": " demanded", "probability": 0.9208984375}, {"start": 1223.09, "end": 1224.25, "word": " becomes", "probability": 0.89599609375}, {"start": 1224.25, "end": 1225.25, "word": " bigger", "probability": 0.95361328125}, {"start": 1225.25, "end": 1225.61, "word": " than", "probability": 0.9384765625}, {"start": 1225.61, "end": 1225.75, "word": " the", "probability": 0.8359375}, {"start": 1225.75, "end": 1226.01, "word": " quant", "probability": 0.9755859375}, {"start": 1226.01, "end": 1226.47, "word": " supplied.", "probability": 0.84912109375}], "temperature": 1.0}, {"id": 43, "seek": 125723, "start": 1228.23, "end": 1257.23, "text": " Here we have shortage supply. Or excess demand. What else? Queuing. Queuing.", "tokens": [1692, 321, 362, 24708, 5847, 13, 1610, 9310, 4733, 13, 708, 1646, 30, 4493, 9635, 13, 4493, 9635, 13], "avg_logprob": -0.21914062425494193, "compression_ratio": 1.013157894736842, "no_speech_prob": 0.0, "words": [{"start": 1228.23, "end": 1228.51, "word": " Here", "probability": 0.69921875}, {"start": 1228.51, "end": 1228.73, "word": " we", "probability": 0.7490234375}, {"start": 1228.73, "end": 1229.17, "word": " have", "probability": 0.931640625}, {"start": 1229.17, "end": 1231.99, "word": " shortage", "probability": 0.8095703125}, {"start": 1231.99, "end": 1232.63, "word": " supply.", "probability": 0.93115234375}, {"start": 1234.35, "end": 1235.63, "word": " Or", "probability": 0.33837890625}, {"start": 1235.63, "end": 1238.65, "word": " excess", "probability": 0.79541015625}, {"start": 1238.65, "end": 1239.15, "word": " demand.", "probability": 0.9208984375}, {"start": 1246.93, "end": 1248.21, "word": " What", "probability": 0.84716796875}, {"start": 1248.21, "end": 1248.53, "word": " else?", "probability": 0.9228515625}, {"start": 1253.29, "end": 1254.57, "word": " Queuing.", "probability": 0.911376953125}, {"start": 1255.95, "end": 1257.23, "word": " Queuing.", "probability": 0.959716796875}], "temperature": 1.0}, {"id": 44, "seek": 128953, "start": 1287.51, "end": 1289.53, "text": " Imposing the price ceiling had a heck.", "tokens": [8270, 6110, 264, 3218, 13655, 632, 257, 12872, 13], "avg_logprob": -0.509374988079071, "compression_ratio": 0.8666666666666667, "no_speech_prob": 0.0, "words": [{"start": 1287.51, "end": 1288.05, "word": " Imposing", "probability": 0.56622314453125}, {"start": 1288.05, "end": 1288.25, "word": " the", "probability": 0.63916015625}, {"start": 1288.25, "end": 1288.51, "word": " price", "probability": 0.953125}, {"start": 1288.51, "end": 1288.87, "word": " ceiling", "probability": 0.98876953125}, {"start": 1288.87, "end": 1289.11, "word": " had", "probability": 0.320556640625}, {"start": 1289.11, "end": 1289.23, "word": " a", "probability": 0.94970703125}, {"start": 1289.23, "end": 1289.53, "word": " heck.", "probability": 0.42822265625}], "temperature": 1.0}, {"id": 45, "seek": 131055, "start": 1292.07, "end": 1310.55, "text": " The producers, what do they do? Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. Conflict. 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What will happen to the quality of production here? Down exactly. 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What will happen to the quality? The quality goes down.", "tokens": [295, 32612, 510, 337, 4265, 337, 1090, 4733, 11, 24708, 5847, 295, 7693, 294, 264, 2142, 510, 13, 708, 486, 1051, 281, 264, 3125, 30, 440, 3125, 1709, 760, 13], "avg_logprob": -0.37474797618004585, "compression_ratio": 1.3421052631578947, "no_speech_prob": 0.0, "words": [{"start": 1404.54, "end": 1404.88, "word": " of", "probability": 0.36865234375}, {"start": 1404.88, "end": 1405.54, "word": " productions", "probability": 0.2314453125}, {"start": 1405.54, "end": 1405.92, "word": " here", "probability": 0.73828125}, {"start": 1405.92, "end": 1406.28, "word": " for", "probability": 0.459716796875}, {"start": 1406.28, "end": 1407.08, "word": " production", "probability": 0.44580078125}, {"start": 1407.08, "end": 1407.84, "word": " for", "probability": 0.8232421875}, {"start": 1407.84, "end": 1408.84, "word": " high", "probability": 0.4365234375}, {"start": 1408.84, "end": 1409.52, "word": " demand,", "probability": 0.7548828125}, {"start": 1410.04, "end": 1412.92, "word": " shortage", "probability": 0.76123046875}, {"start": 1412.92, "end": 1413.5, "word": " supply", "probability": 0.8974609375}, {"start": 1413.5, "end": 1413.92, "word": " of", "probability": 0.9638671875}, {"start": 1413.92, "end": 1414.34, "word": " flour", "probability": 0.61083984375}, {"start": 1414.34, "end": 1414.6, "word": " in", "probability": 0.9091796875}, {"start": 1414.6, "end": 1414.72, "word": " the", "probability": 0.91552734375}, {"start": 1414.72, "end": 1415.04, "word": " market", "probability": 0.85888671875}, {"start": 1415.04, "end": 1415.38, "word": " here.", "probability": 0.7998046875}, {"start": 1415.7, "end": 1416.46, "word": " What", "probability": 0.88037109375}, {"start": 1416.46, "end": 1416.62, "word": " will", "probability": 0.84375}, {"start": 1416.62, "end": 1417.0, "word": " happen", "probability": 0.919921875}, {"start": 1417.0, "end": 1417.34, "word": " to", "probability": 0.97119140625}, {"start": 1417.34, "end": 1417.6, "word": " the", "probability": 0.9169921875}, {"start": 1417.6, "end": 1418.02, "word": " quality?", "probability": 0.85791015625}, {"start": 1418.18, "end": 1418.3, "word": " The", "probability": 0.87890625}, {"start": 1418.3, "end": 1418.6, "word": " quality", "probability": 0.85107421875}, {"start": 1418.6, "end": 1419.02, "word": " goes", "probability": 0.9296875}, {"start": 1419.02, "end": 1419.3, "word": " down.", "probability": 0.85205078125}], "temperature": 1.0}, {"id": 50, "seek": 145945, "start": 1432.11, "end": 1459.45, "text": " Imposing the price ceiling here leads to create products with lower quality than the quality of the products here. More services goes there. What else?", "tokens": [8270, 6110, 264, 3218, 13655, 510, 6689, 281, 1884, 3383, 365, 3126, 3125, 813, 264, 3125, 295, 264, 3383, 510, 13, 5048, 3328, 1709, 456, 13, 708, 1646, 30], "avg_logprob": -0.17851563096046447, "compression_ratio": 1.3333333333333333, "no_speech_prob": 0.0, "words": [{"start": 1432.11, "end": 1432.83, "word": " Imposing", "probability": 0.7213134765625}, {"start": 1432.83, "end": 1433.07, "word": " the", "probability": 0.9248046875}, {"start": 1433.07, "end": 1433.37, "word": " price", "probability": 0.93798828125}, {"start": 1433.37, "end": 1433.69, "word": " ceiling", "probability": 0.9765625}, {"start": 1433.69, "end": 1434.13, "word": " here", "probability": 0.85498046875}, {"start": 1434.13, "end": 1435.01, "word": " leads", "probability": 0.82568359375}, {"start": 1435.01, "end": 1435.53, "word": " to", "probability": 0.9736328125}, {"start": 1435.53, "end": 1437.57, "word": " create", "probability": 0.88232421875}, {"start": 1437.57, "end": 1438.75, "word": " products", "probability": 0.85791015625}, {"start": 1438.75, "end": 1439.41, "word": " with", "probability": 0.904296875}, {"start": 1439.41, "end": 1439.95, "word": " lower", "probability": 0.63818359375}, {"start": 1439.95, "end": 1440.61, "word": " quality", "probability": 0.6015625}, {"start": 1440.61, "end": 1441.51, "word": " than", "probability": 0.5986328125}, {"start": 1441.51, "end": 1441.93, "word": " the", "probability": 0.91943359375}, {"start": 1441.93, "end": 1443.75, "word": " quality", "probability": 0.857421875}, {"start": 1443.75, "end": 1447.11, "word": " of", "probability": 0.9599609375}, {"start": 1447.11, "end": 1447.27, "word": " the", "probability": 0.91748046875}, {"start": 1447.27, "end": 1447.63, "word": " products", "probability": 0.8759765625}, {"start": 1447.63, "end": 1447.91, "word": " here.", "probability": 0.8447265625}, {"start": 1451.07, "end": 1451.69, "word": " More", "probability": 0.74560546875}, {"start": 1451.69, "end": 1452.29, "word": " services", "probability": 0.9619140625}, {"start": 1452.29, "end": 1455.59, "word": " goes", "probability": 0.7109375}, {"start": 1455.59, "end": 1455.85, "word": " there.", "probability": 0.63134765625}, {"start": 1457.93, "end": 1459.15, "word": " What", "probability": 0.9052734375}, {"start": 1459.15, "end": 1459.45, "word": " else?", "probability": 0.92822265625}], "temperature": 1.0}, {"id": 51, "seek": 148979, "start": 1467.11, "end": 1489.79, "text": " Black market. The black market means the seller will try to sell the product underground to underground with higher prices.", "tokens": [4076, 2142, 13, 440, 2211, 2142, 1355, 264, 23600, 486, 853, 281, 3607, 264, 1674, 14977, 281, 14977, 365, 2946, 7901, 13], "avg_logprob": -0.20805027821789618, "compression_ratio": 1.3191489361702127, "no_speech_prob": 0.0, "words": [{"start": 1467.11, "end": 1467.53, "word": " Black", "probability": 0.681640625}, {"start": 1467.53, "end": 1468.13, "word": " market.", "probability": 0.6865234375}, {"start": 1473.91, "end": 1473.91, "word": " The", "probability": 0.3740234375}, {"start": 1473.91, "end": 1475.37, "word": " black", "probability": 0.9130859375}, {"start": 1475.37, "end": 1475.79, "word": " market", "probability": 0.87451171875}, {"start": 1475.79, "end": 1476.21, "word": " means", "probability": 0.92236328125}, {"start": 1476.21, "end": 1477.23, "word": " the", "probability": 0.74462890625}, {"start": 1477.23, "end": 1477.55, "word": " seller", "probability": 0.89453125}, {"start": 1477.55, "end": 1477.73, "word": " will", "probability": 0.7978515625}, {"start": 1477.73, "end": 1478.11, "word": " try", "probability": 0.93701171875}, {"start": 1478.11, "end": 1478.33, "word": " to", "probability": 0.96240234375}, {"start": 1478.33, "end": 1478.51, "word": " sell", "probability": 0.8681640625}, {"start": 1478.51, "end": 1478.65, "word": " the", "probability": 0.9130859375}, {"start": 1478.65, "end": 1479.31, "word": " product", "probability": 0.89111328125}, {"start": 1479.31, "end": 1481.01, "word": " underground", "probability": 0.9013671875}, {"start": 1481.01, "end": 1483.19, "word": " to", "probability": 0.9111328125}, {"start": 1483.19, "end": 1485.13, "word": " underground", "probability": 0.9541015625}, {"start": 1485.13, "end": 1487.67, "word": " with", "probability": 0.4091796875}, {"start": 1487.67, "end": 1489.33, "word": " higher", "probability": 0.84375}, {"start": 1489.33, "end": 1489.79, "word": " prices.", "probability": 0.8916015625}], "temperature": 1.0}, {"id": 52, "seek": 152020, "start": 1492.34, "end": 1520.2, "text": " They go to a friend with money and say, hello, I have flour, okay? But I don't want to sell it for 120, I want to sell it for 170. They say, I'll buy it. I don't want to stand in a queue. This is what happens with money. Okay? They don't have the ability to stand in a queue. Right? Not even if they don't have flour in the house. What can we do? But he remained silent. 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So the black market here means that the seller will sell the products with higher prices than the price ceiling but underground. Okay? Number five.", "tokens": [407, 264, 2211, 2142, 510, 11843, 3462, 281, 264, 3218, 13655, 3897, 13, 407, 264, 2211, 2142, 510, 1355, 300, 264, 23600, 486, 3607, 264, 3383, 365, 2946, 7901, 813, 264, 3218, 13655, 457, 14977, 13, 1033, 30, 5118, 1732, 13], "avg_logprob": -0.21688987775927498, "compression_ratio": 1.6015037593984962, "no_speech_prob": 0.0, "words": [{"start": 1521.04, "end": 1521.32, "word": " So", "probability": 0.88232421875}, {"start": 1521.32, "end": 1521.48, "word": " the", "probability": 0.73876953125}, {"start": 1521.48, "end": 1521.7, "word": " black", "probability": 0.90673828125}, {"start": 1521.7, "end": 1522.14, "word": " market", "probability": 0.88330078125}, {"start": 1522.14, "end": 1522.54, "word": " here", "probability": 0.8681640625}, {"start": 1522.54, "end": 1523.64, "word": " occurs", "probability": 0.875}, {"start": 1523.64, "end": 1524.14, "word": " due", "probability": 0.947265625}, {"start": 1524.14, "end": 1524.48, "word": " to", "probability": 0.9716796875}, {"start": 1524.48, "end": 1524.96, "word": " the", "probability": 0.9189453125}, {"start": 1524.96, "end": 1525.28, "word": " price", "probability": 0.89453125}, {"start": 1525.28, "end": 1525.56, "word": " ceiling", "probability": 0.806640625}, {"start": 1525.56, "end": 1526.16, "word": " policy.", "probability": 0.88916015625}, {"start": 1527.18, "end": 1527.38, "word": " So", "probability": 0.9443359375}, {"start": 1527.38, "end": 1527.98, "word": " the", "probability": 0.82763671875}, {"start": 1527.98, "end": 1528.26, "word": " black", "probability": 0.9072265625}, {"start": 1528.26, "end": 1528.66, "word": " market", "probability": 0.87060546875}, {"start": 1528.66, "end": 1528.98, "word": " here", "probability": 0.85791015625}, {"start": 1528.98, "end": 1529.52, "word": " means", "probability": 0.9306640625}, {"start": 1529.52, "end": 1529.84, "word": " that", "probability": 0.9345703125}, {"start": 1529.84, "end": 1530.1, "word": " the", "probability": 0.7197265625}, {"start": 1530.1, "end": 1530.46, "word": " seller", "probability": 0.92822265625}, {"start": 1530.46, "end": 1531.62, "word": " will", "probability": 0.87451171875}, {"start": 1531.62, "end": 1531.96, "word": " sell", "probability": 0.87841796875}, {"start": 1531.96, "end": 1532.1, "word": " the", "probability": 0.9033203125}, {"start": 1532.1, "end": 1532.52, "word": " products", "probability": 0.85693359375}, {"start": 1532.52, "end": 1532.96, "word": " with", "probability": 0.9033203125}, {"start": 1532.96, "end": 1533.38, "word": " higher", "probability": 0.81982421875}, {"start": 1533.38, "end": 1533.98, "word": " prices", "probability": 0.65771484375}, {"start": 1533.98, "end": 1534.44, "word": " than", "probability": 0.93408203125}, {"start": 1534.44, "end": 1535.0, "word": " the", "probability": 0.91552734375}, {"start": 1535.0, "end": 1535.74, "word": " price", "probability": 0.89892578125}, {"start": 1535.74, "end": 1536.3, "word": " ceiling", "probability": 0.974609375}, {"start": 1536.3, "end": 1536.94, "word": " but", "probability": 0.125732421875}, {"start": 1536.94, "end": 1537.56, "word": " underground.", "probability": 0.7998046875}, {"start": 1538.1, "end": 1538.6, "word": " Okay?", "probability": 0.63818359375}, {"start": 1540.06, "end": 1540.94, "word": " Number", "probability": 0.334228515625}, {"start": 1540.94, "end": 1543.06, "word": " five.", "probability": 0.8076171875}], "temperature": 1.0}, {"id": 54, "seek": 157589, "start": 1549.09, "end": 1575.89, "text": " The sellers will try to sell the product for their families, their relatives. Correct? They go to someone close to them, they sell it to them. They say, my priority here is to take them to the market and leave it for relatives and friends. That's what happens. Okay? So here, the sellers, the seller, sellers,", "tokens": [440, 31276, 486, 853, 281, 3607, 264, 1674, 337, 641, 4466, 11, 641, 18201, 13, 12753, 30, 814, 352, 281, 1580, 1998, 281, 552, 11, 436, 3607, 309, 281, 552, 13, 814, 584, 11, 452, 9365, 510, 307, 281, 747, 552, 281, 264, 2142, 293, 1856, 309, 337, 18201, 293, 1855, 13, 663, 311, 437, 2314, 13, 1033, 30, 407, 510, 11, 264, 31276, 11, 264, 23600, 11, 31276, 11], "avg_logprob": -0.5044014353147694, "compression_ratio": 1.684782608695652, "no_speech_prob": 0.0, "words": [{"start": 1549.09, "end": 1549.37, "word": " The", "probability": 0.81494140625}, {"start": 1549.37, "end": 1549.75, "word": " sellers", "probability": 0.93310546875}, {"start": 1549.75, "end": 1550.39, "word": " will", "probability": 0.8955078125}, {"start": 1550.39, "end": 1550.91, "word": " try", "probability": 0.94580078125}, {"start": 1550.91, "end": 1551.29, "word": " to", "probability": 0.9697265625}, {"start": 1551.29, "end": 1551.49, "word": " sell", 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Their families and relatives. That's it. A second, of course.", "tokens": [1042, 11, 3607, 264, 1674, 11, 264, 8617, 11, 337, 641, 18201, 293, 4466, 13, 6710, 4466, 293, 18201, 13, 663, 311, 309, 13, 316, 1150, 11, 295, 1164, 13], "avg_logprob": -0.24017136904501146, "compression_ratio": 1.2941176470588236, "no_speech_prob": 0.0, "words": [{"start": 1578.9699999999998, "end": 1579.85, "word": " Well,", "probability": 0.66357421875}, {"start": 1581.01, "end": 1581.37, "word": " sell", "probability": 0.84521484375}, {"start": 1581.37, "end": 1581.49, "word": " the", "probability": 0.92236328125}, {"start": 1581.49, "end": 1581.81, "word": " product,", "probability": 0.91357421875}, {"start": 1582.85, "end": 1583.59, "word": " the", "probability": 0.9248046875}, {"start": 1583.59, "end": 1583.97, "word": " flower,", "probability": 0.8134765625}, {"start": 1585.31, "end": 1585.89, "word": " for", "probability": 0.94921875}, {"start": 1585.89, "end": 1587.81, "word": " their", "probability": 0.955078125}, {"start": 1587.81, "end": 1589.35, "word": " relatives", "probability": 0.78662109375}, {"start": 1589.35, "end": 1589.71, "word": " and", "probability": 0.9423828125}, {"start": 1589.71, "end": 1590.21, "word": " families.", "probability": 0.939453125}, {"start": 1591.07, "end": 1591.51, "word": " Their", "probability": 0.85595703125}, {"start": 1591.51, "end": 1592.03, "word": " families", "probability": 0.95068359375}, {"start": 1592.03, "end": 1595.11, "word": " and", "probability": 0.81640625}, {"start": 1595.11, "end": 1596.17, "word": " relatives.", "probability": 0.79736328125}, {"start": 1599.09, "end": 1599.15, "word": " That's", "probability": 0.9423828125}, {"start": 1599.15, "end": 1599.27, "word": " it.", "probability": 0.95361328125}, {"start": 1601.51, "end": 1601.69, "word": " A", "probability": 0.4052734375}, {"start": 1601.69, "end": 1602.01, "word": " second,", "probability": 0.9033203125}, {"start": 1602.15, "end": 1602.25, "word": " of", "probability": 0.41357421875}, {"start": 1602.25, "end": 1602.35, "word": " course.", "probability": 0.95849609375}], "temperature": 1.0}, {"id": 56, "seek": 162758, "start": 1615.36, "end": 1627.58, "text": " That's it. The same prices. Crisis. Okay.", "tokens": [663, 311, 309, 13, 440, 912, 7901, 13, 42846, 13, 1033, 13], "avg_logprob": -0.40414664378532994, "compression_ratio": 0.875, "no_speech_prob": 0.0, "words": [{"start": 1615.36, "end": 1616.76, "word": " That's", "probability": 0.55364990234375}, {"start": 1616.76, "end": 1616.86, "word": " it.", "probability": 0.92724609375}, {"start": 1619.98, "end": 1620.12, "word": " The", "probability": 0.4453125}, {"start": 1620.12, "end": 1622.26, "word": " same", "probability": 0.90283203125}, {"start": 1622.26, "end": 1622.86, "word": " prices.", "probability": 0.90380859375}, {"start": 1625.22, "end": 1626.62, "word": " Crisis.", "probability": 0.35986328125}, {"start": 1627.42, "end": 1627.58, "word": " Okay.", "probability": 0.814453125}], "temperature": 1.0}, {"id": 57, "seek": 165422, "start": 1629.26, "end": 1654.22, "text": " Selling will sell the products or the flour for their families and relatives. Okay, let's go to how can the government deals with such a problem. Here, the price ceiling. 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This is a necessary product for the consumer and it's so expensive. The problem was solved by the consumer and it created many problems. How can the government internalize the situation or how can the government get rid of these problems or solve these problems? Number one. 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We have a shortage supply. Number one, we have low quality of flowers. High production, high cost of raw material.", "tokens": [440, 2463, 11, 577, 393, 264, 2463, 5039, 613, 2740, 510, 30, 492, 362, 257, 24708, 5847, 13, 5118, 472, 11, 321, 362, 2295, 3125, 295, 8085, 13, 5229, 4265, 11, 1090, 2063, 295, 8936, 2527, 13], "avg_logprob": -0.20651727405033612, "compression_ratio": 1.3308823529411764, "no_speech_prob": 0.0, "words": [{"start": 1688.07, "end": 1688.37, "word": " The", "probability": 0.8125}, {"start": 1688.37, "end": 1688.81, "word": " government,", "probability": 0.9033203125}, {"start": 1692.35, "end": 1695.89, "word": " how", "probability": 0.90283203125}, {"start": 1695.89, "end": 1696.17, "word": " can", "probability": 0.9453125}, {"start": 1696.17, "end": 1696.39, "word": " the", "probability": 0.9150390625}, {"start": 1696.39, "end": 1696.87, "word": " government", "probability": 0.9111328125}, {"start": 1696.87, "end": 1699.67, "word": " solve", "probability": 0.91552734375}, {"start": 1699.67, "end": 1700.89, "word": " these", "probability": 0.8466796875}, {"start": 1700.89, "end": 1701.41, "word": " problems", "probability": 0.82958984375}, {"start": 1701.41, "end": 1701.79, "word": " here?", "probability": 0.83056640625}, {"start": 1702.35, "end": 1702.99, "word": " We", "probability": 0.93359375}, {"start": 1702.99, "end": 1703.49, "word": " have", "probability": 0.94775390625}, {"start": 1703.49, "end": 1705.01, "word": " a", "probability": 0.9345703125}, {"start": 1705.01, "end": 1705.33, "word": " shortage", "probability": 0.86865234375}, {"start": 1705.33, "end": 1705.85, "word": " supply.", "probability": 0.6982421875}, {"start": 1706.39, "end": 1706.59, "word": " Number", "probability": 0.87109375}, {"start": 1706.59, "end": 1706.87, "word": " one,", "probability": 0.89013671875}, {"start": 1707.55, "end": 1707.73, "word": " we", "probability": 0.95751953125}, {"start": 1707.73, "end": 1708.15, "word": " have", "probability": 0.95068359375}, {"start": 1708.15, "end": 1708.49, "word": " low", "probability": 0.327392578125}, {"start": 1708.49, "end": 1709.51, "word": " quality", "probability": 0.7783203125}, {"start": 1709.51, "end": 1710.09, "word": " of", "probability": 0.91455078125}, {"start": 1710.09, "end": 1710.55, "word": " flowers.", "probability": 0.81982421875}, {"start": 1712.57, "end": 1712.93, "word": " High", "probability": 0.85693359375}, {"start": 1712.93, "end": 1713.49, "word": " production,", "probability": 0.95263671875}, {"start": 1713.79, "end": 1714.11, "word": " high", "probability": 0.91064453125}, {"start": 1714.11, "end": 1714.75, "word": " cost", "probability": 0.9033203125}, {"start": 1714.75, "end": 1714.95, "word": " of", "probability": 0.92919921875}, {"start": 1714.95, "end": 1715.09, "word": " raw", "probability": 0.81884765625}, {"start": 1715.09, "end": 1716.21, "word": " material.", "probability": 0.84228515625}], "temperature": 1.0}, {"id": 60, "seek": 174742, "start": 1718.94, "end": 1747.42, "text": " What else? The black market. How can the government solve these problems? Yes. No. Price floor is something else. It's something else which will be discussed later on, inshallah. Yes. 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To lower the prices? How? How? How? And why?", "tokens": [25523, 7901, 13, 1407, 3126, 264, 7901, 30, 1012, 30, 1012, 30, 1012, 30, 400, 983, 30], "avg_logprob": -0.2910156316227383, "compression_ratio": 1.2291666666666667, "no_speech_prob": 0.0, "words": [{"start": 1750.73, "end": 1751.09, "word": " Lower", "probability": 0.77685546875}, {"start": 1751.09, "end": 1751.65, "word": " prices.", "probability": 0.9052734375}, {"start": 1752.03, "end": 1752.25, "word": " To", "probability": 0.81982421875}, {"start": 1752.25, "end": 1752.61, "word": " lower", "probability": 0.49951171875}, {"start": 1752.61, "end": 1752.79, "word": " the", "probability": 0.79931640625}, {"start": 1752.79, "end": 1753.15, "word": " prices?", "probability": 0.890625}, {"start": 1753.43, "end": 1753.63, "word": " How?", "probability": 0.96435546875}, {"start": 1759.23, "end": 1759.55, "word": " How?", "probability": 0.85595703125}, {"start": 1759.77, "end": 1759.99, "word": " How?", "probability": 0.71826171875}, {"start": 1760.19, "end": 1760.37, "word": " And", "probability": 0.92578125}, {"start": 1760.37, "end": 1760.63, "word": " why?", "probability": 0.87353515625}], "temperature": 1.0}, {"id": 62, "seek": 179479, "start": 1766.19, "end": 1794.79, "text": " As we mentioned that the 120 is fair game. Fair for the producers and fair for the consumers. After the calculation of the raw material and the production inputs, it turns out that all of this costs 110 shekels. If you sell 120 shekels, it's fair. This means that he wins and this means that he pays a lot of shekels. 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This is number one. We have a shortage supply. How can we increase supply here, encouraging the local production, number one, and increase the imports for a short period? So number one, the government, then how can we or the government solve the problems of price ceiling? 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Number one, encouragement of local production.", "tokens": [1664, 264, 2463, 5039, 264, 2740, 295, 264, 3218, 13655, 3897, 30, 5118, 472, 11, 25683, 295, 2654, 4265, 13], "avg_logprob": -0.19568451813289098, "compression_ratio": 1.175257731958763, "no_speech_prob": 0.0, "words": [{"start": 1830.29, "end": 1830.83, "word": " Can", "probability": 0.599609375}, {"start": 1830.83, "end": 1831.71, "word": " the", "probability": 0.9248046875}, {"start": 1831.71, "end": 1832.15, "word": " government", "probability": 0.919921875}, {"start": 1832.15, "end": 1833.71, "word": " solve", "probability": 0.93896484375}, {"start": 1833.71, "end": 1835.11, "word": " the", "probability": 0.935546875}, {"start": 1835.11, "end": 1835.69, "word": " problems", "probability": 0.84130859375}, {"start": 1835.69, "end": 1839.83, "word": " of", "probability": 0.95556640625}, {"start": 1839.83, "end": 1840.27, "word": " the", "probability": 0.89501953125}, {"start": 1840.27, "end": 1840.59, "word": " price", "probability": 0.9228515625}, {"start": 1840.59, "end": 1840.87, "word": " ceiling", "probability": 0.4072265625}, {"start": 1840.87, "end": 1841.37, "word": " policy?", "probability": 0.82958984375}, {"start": 1843.79, "end": 1844.03, "word": " Number", "probability": 0.806640625}, {"start": 1844.03, "end": 1844.31, "word": " one,", "probability": 0.91162109375}, {"start": 1846.99, "end": 1847.63, "word": " encouragement", "probability": 0.70263671875}, {"start": 1847.63, "end": 1853.47, "word": " of", "probability": 0.955078125}, {"start": 1853.47, "end": 1856.87, "word": " local", "probability": 0.8798828125}, {"start": 1856.87, "end": 1857.55, "word": " production.", "probability": 0.95166015625}], "temperature": 1.0}, {"id": 65, "seek": 189457, "start": 1866.07, "end": 1894.57, "text": " Of flour. Sometimes, raw material that we buy from outside, like wheat and inputs, we want to encourage its importation. Right? Encouragement.", "tokens": [2720, 7693, 13, 4803, 11, 8936, 2527, 300, 321, 2256, 490, 2380, 11, 411, 16691, 293, 15743, 11, 321, 528, 281, 5373, 1080, 974, 399, 13, 1779, 30, 29584, 396, 11129, 13], "avg_logprob": -0.5355113636363636, "compression_ratio": 1.2222222222222223, "no_speech_prob": 0.0, "words": [{"start": 1866.07, "end": 1866.45, "word": " Of", "probability": 0.26416015625}, {"start": 1866.45, "end": 1866.87, "word": " flour.", "probability": 0.8798828125}, {"start": 1877.99, "end": 1878.83, "word": " Sometimes,", "probability": 0.096923828125}, {"start": 1881.59, "end": 1882.05, "word": " raw", "probability": 0.74609375}, {"start": 1882.05, "end": 1882.53, "word": " material", "probability": 0.66015625}, {"start": 1882.53, "end": 1882.65, "word": " that", "probability": 0.267822265625}, {"start": 1882.65, "end": 1882.73, "word": " we", "probability": 0.8525390625}, {"start": 1882.73, "end": 1882.95, "word": " buy", "probability": 0.8056640625}, {"start": 1882.95, "end": 1883.11, "word": " from", "probability": 0.7421875}, {"start": 1883.11, "end": 1883.41, "word": " outside,", "probability": 0.576171875}, {"start": 1884.11, "end": 1884.41, "word": " like", "probability": 0.92138671875}, {"start": 1884.41, "end": 1885.13, "word": " wheat", "probability": 0.76513671875}, {"start": 1885.13, "end": 1885.61, "word": " and", "probability": 0.67236328125}, {"start": 1885.61, "end": 1886.99, "word": " inputs,", "probability": 0.86376953125}, {"start": 1887.41, "end": 1888.09, "word": " we", "probability": 0.66552734375}, {"start": 1888.09, "end": 1888.35, "word": " want", "probability": 0.362548828125}, {"start": 1888.35, "end": 1888.39, "word": " to", "probability": 0.95703125}, {"start": 1888.39, "end": 1888.61, "word": " encourage", "probability": 0.486083984375}, {"start": 1888.61, "end": 1888.77, "word": " its", "probability": 0.2003173828125}, {"start": 1888.77, "end": 1889.97, "word": " importation.", "probability": 0.539794921875}, {"start": 1890.41, "end": 1890.59, "word": " Right?", "probability": 0.384521484375}, {"start": 1893.73, "end": 1894.57, "word": " Encouragement.", "probability": 0.679931640625}], "temperature": 1.0}, {"id": 66, "seek": 191519, "start": 1895.77, "end": 1915.19, "text": " Or the inputs importing. Inputs of raw material. What else?", "tokens": [1610, 264, 15743, 43866, 13, 682, 2582, 82, 295, 8936, 2527, 13, 708, 1646, 30], "avg_logprob": -0.25024414993822575, "compression_ratio": 0.9375, "no_speech_prob": 0.0, "words": [{"start": 1895.77, "end": 1896.19, "word": " Or", "probability": 0.316650390625}, {"start": 1896.19, "end": 1897.65, "word": " the", "probability": 0.7568359375}, {"start": 1897.65, "end": 1899.69, "word": " inputs", "probability": 0.84228515625}, {"start": 1899.69, "end": 1900.47, "word": " importing.", "probability": 0.7333984375}, {"start": 1904.33, "end": 1905.73, "word": " Inputs", "probability": 0.83642578125}, {"start": 1905.73, "end": 1905.89, "word": " of", "probability": 0.97216796875}, {"start": 1905.89, "end": 1912.59, "word": " raw", "probability": 0.73583984375}, {"start": 1912.59, "end": 1913.03, "word": " material.", "probability": 0.8701171875}, {"start": 1915.19, "end": 1915.19, "word": " What", "probability": 0.88623046875}, {"start": 1915.19, "end": 1915.19, "word": " else?", "probability": 0.92333984375}], "temperature": 1.0}, {"id": 67, "seek": 196155, "start": 1933.55, "end": 1961.55, "text": " No, expectation here is not related to this point here. Yes. From what? Obstacles, why? Okay, it monitors the market. But we are dealing with shortage of supply. 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They make a limitation. This is a limited limitation. You can buy 50 kilograms a month only, instead of buying 20 bags. You just need one. That's it. These are coupons. They make a limited amount. 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Clear? Clear? Okay. Let's go to the price floor. 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Fishermen. When we have a short supply of fuel. There is no gasoline and no solar. What does it do? 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Now, what did he do? He organized instead of taking one by one, one fisherman, one fisherman, meaning he takes 1000 liters and nobody else takes it. And they create a crisis with this, okay?", "tokens": [400, 980, 796, 11, 510, 311, 428, 33390, 11, 2319, 32323, 11, 293, 291, 603, 915, 341, 412, 26874, 3235, 282, 5214, 13, 823, 11, 437, 630, 415, 360, 30, 634, 9983, 2602, 295, 1940, 472, 538, 472, 11, 472, 48657, 11, 472, 48657, 11, 3620, 415, 2516, 9714, 32323, 293, 5079, 1646, 2516, 309, 13, 400, 436, 1884, 257, 5869, 365, 341, 11, 1392, 30], "avg_logprob": -0.6128731076397113, "compression_ratio": 1.5, "no_speech_prob": 0.0, "words": [{"start": 2118.33, "end": 2118.53, "word": " And", "probability": 0.07177734375}, {"start": 2118.53, "end": 2118.63, "word": " tell", "probability": 0.279296875}, {"start": 2118.63, "end": 2118.69, "word": " him,", "probability": 0.7265625}, {"start": 2118.69, "end": 2119.43, "word": " here's", "probability": 0.4661865234375}, {"start": 2119.43, "end": 2119.61, "word": " your", "probability": 0.5205078125}, {"start": 2119.61, "end": 2119.97, "word": " coupon,", "probability": 0.921875}, {"start": 2120.57, "end": 2121.01, "word": " 100", "probability": 0.67724609375}, {"start": 2121.01, "end": 2121.73, "word": " liters,", "probability": 0.7275390625}, {"start": 2121.89, "end": 2122.01, "word": " and", "probability": 0.67822265625}, {"start": 2122.01, "end": 2122.13, "word": " you'll", "probability": 0.447998046875}, {"start": 2122.13, "end": 2122.13, "word": " find", "probability": 0.869140625}, {"start": 2122.13, "end": 2122.13, "word": " this", "probability": 0.39111328125}, {"start": 2122.13, "end": 2122.13, "word": " at", "probability": 0.491943359375}, {"start": 2122.13, "end": 2122.77, "word": " Abu", "probability": 0.426025390625}, {"start": 2122.77, "end": 2123.51, "word": " Flan", "probability": 0.60693359375}, {"start": 2123.51, "end": 2123.51, "word": " station.", "probability": 0.2247314453125}, {"start": 2125.27, "end": 2125.89, "word": " Now,", "probability": 0.51416015625}, {"start": 2125.99, "end": 2126.25, "word": " what", "probability": 0.85595703125}, {"start": 2126.25, "end": 2126.27, "word": " did", "probability": 0.76904296875}, {"start": 2126.27, "end": 2126.27, "word": " he", "probability": 0.94384765625}, {"start": 2126.27, "end": 2126.55, "word": " do?", "probability": 0.95361328125}, {"start": 2126.73, "end": 2126.87, "word": " He", "probability": 0.904296875}, {"start": 2126.87, "end": 2127.45, "word": " organized", "probability": 0.76611328125}, {"start": 2127.45, "end": 2128.05, "word": " instead", "probability": 0.2802734375}, {"start": 2128.05, "end": 2128.21, "word": " of", "probability": 0.96923828125}, {"start": 2128.21, "end": 2128.55, "word": " taking", "probability": 0.491455078125}, {"start": 2128.55, "end": 2128.85, "word": " one", "probability": 0.54638671875}, {"start": 2128.85, "end": 2129.17, "word": " by", "probability": 0.1470947265625}, {"start": 2129.17, "end": 2129.31, "word": " one,", "probability": 0.93115234375}, {"start": 2129.31, "end": 2129.65, "word": " one", "probability": 0.6640625}, {"start": 2129.65, "end": 2129.95, "word": " fisherman,", "probability": 0.60693359375}, {"start": 2130.29, "end": 2130.49, "word": " one", "probability": 0.83251953125}, {"start": 2130.49, "end": 2131.19, "word": " fisherman,", "probability": 0.625}, {"start": 2132.11, "end": 2132.27, "word": " meaning", "probability": 0.1190185546875}, {"start": 2132.27, "end": 2132.53, "word": " he", "probability": 0.46435546875}, {"start": 2132.53, "end": 2132.81, "word": " takes", "probability": 0.515625}, {"start": 2132.81, "end": 2134.53, "word": " 1000", "probability": 0.281494140625}, {"start": 2134.53, "end": 2134.99, "word": " liters", "probability": 0.93798828125}, {"start": 2134.99, "end": 2135.69, "word": " and", "probability": 0.45068359375}, {"start": 2135.69, "end": 2136.15, "word": " nobody", "probability": 0.286865234375}, {"start": 2136.15, "end": 2136.17, "word": " else", "probability": 0.82080078125}, {"start": 2136.17, "end": 2136.51, "word": " takes", "probability": 0.58837890625}, {"start": 2136.51, "end": 2137.07, "word": " it.", "probability": 0.5732421875}, {"start": 2137.65, "end": 2138.03, "word": " And", "probability": 0.50146484375}, {"start": 2138.03, "end": 2138.55, "word": " they", "probability": 0.5068359375}, {"start": 2138.55, "end": 2138.75, "word": " create", "probability": 0.303466796875}, {"start": 2138.75, "end": 2138.89, "word": " a", "probability": 0.82373046875}, {"start": 2138.89, "end": 2139.31, "word": " crisis", "probability": 0.833984375}, {"start": 2139.31, "end": 2139.47, "word": " with", "probability": 0.269287109375}, {"start": 2139.47, "end": 2139.73, "word": " this,", "probability": 0.6953125}, {"start": 2140.13, "end": 2140.41, "word": " okay?", "probability": 0.55126953125}], "temperature": 1.0}, {"id": 74, "seek": 216119, "start": 2141.52, "end": 2161.2, "text": " No. I'm telling you, no. Distribute. This one takes 100 and this one takes 50 and this one takes 70 and this one takes so and so according to the needs here. So, they do organizing. So, these coupons are the idea behind them. Okay? Okay. Let's go to the price floor. Price.", "tokens": [883, 13, 286, 478, 3585, 291, 11, 572, 13, 9840, 2024, 1169, 13, 639, 472, 2516, 2319, 293, 341, 472, 2516, 2625, 293, 341, 472, 2516, 5285, 293, 341, 472, 2516, 370, 293, 370, 4650, 281, 264, 2203, 510, 13, 407, 11, 436, 360, 17608, 13, 407, 11, 613, 8682, 892, 366, 264, 1558, 2261, 552, 13, 1033, 30, 1033, 13, 961, 311, 352, 281, 264, 3218, 4123, 13, 25803, 13], "avg_logprob": -0.4108072949780358, "compression_ratio": 1.630952380952381, "no_speech_prob": 0.0, "words": [{"start": 2141.52, "end": 2141.78, "word": " No.", "probability": 0.338134765625}, {"start": 2141.96, "end": 2142.04, "word": " I'm", "probability": 0.5052490234375}, {"start": 2142.04, "end": 2142.2, "word": " telling", "probability": 0.70556640625}, {"start": 2142.2, "end": 2142.4, "word": " you,", "probability": 0.96875}, {"start": 2142.54, "end": 2142.54, "word": " no.", "probability": 0.31982421875}, {"start": 2142.68, "end": 2143.04, "word": " Distribute.", "probability": 0.7196451822916666}, {"start": 2143.24, "end": 2143.54, "word": " This", "probability": 0.650390625}, {"start": 2143.54, "end": 2143.66, "word": " one", "probability": 0.49609375}, {"start": 2143.66, "end": 2143.88, "word": " takes", "probability": 0.64599609375}, {"start": 2143.88, "end": 2144.08, "word": " 100", "probability": 0.76171875}, {"start": 2144.08, "end": 2144.22, "word": " and", "probability": 0.37158203125}, {"start": 2144.22, "end": 2144.34, "word": " this", "probability": 0.79345703125}, {"start": 2144.34, "end": 2144.4, "word": " one", "probability": 0.87158203125}, {"start": 2144.4, "end": 2144.62, "word": " takes", "probability": 0.54296875}, {"start": 2144.62, "end": 2144.96, "word": " 50", "probability": 0.97509765625}, {"start": 2144.96, "end": 2145.1, "word": " and", "probability": 0.6416015625}, {"start": 2145.1, "end": 2145.24, "word": " this", "probability": 0.90576171875}, {"start": 2145.24, "end": 2145.3, "word": " one", "probability": 0.900390625}, {"start": 2145.3, "end": 2145.48, "word": " takes", "probability": 0.73583984375}, {"start": 2145.48, "end": 2145.86, "word": " 70", "probability": 0.96826171875}, {"start": 2145.86, "end": 2146.0, "word": " and", "probability": 0.78759765625}, {"start": 2146.0, "end": 2146.1, "word": " this", "probability": 0.86279296875}, {"start": 2146.1, "end": 2146.16, "word": " one", "probability": 0.9150390625}, {"start": 2146.16, "end": 2146.34, "word": " takes", "probability": 0.78369140625}, {"start": 2146.34, "end": 2146.6, "word": " so", "probability": 0.1639404296875}, {"start": 2146.6, "end": 2146.68, "word": " and", "probability": 0.482666015625}, {"start": 2146.68, "end": 2146.68, "word": " so", "probability": 0.96044921875}, {"start": 2146.68, "end": 2147.46, "word": " according", "probability": 0.69482421875}, {"start": 2147.46, "end": 2147.62, "word": " to", "probability": 0.947265625}, {"start": 2147.62, "end": 2147.74, "word": " the", "probability": 0.7880859375}, {"start": 2147.74, "end": 2148.06, "word": " needs", "probability": 0.8818359375}, {"start": 2148.06, "end": 2148.34, "word": " here.", "probability": 0.77197265625}, {"start": 2148.72, "end": 2149.06, "word": " So,", "probability": 0.611328125}, {"start": 2149.12, "end": 2149.18, "word": " they", "probability": 0.356201171875}, {"start": 2149.18, "end": 2149.3, "word": " do", "probability": 0.3056640625}, {"start": 2149.3, "end": 2149.88, "word": " organizing.", "probability": 0.92236328125}, {"start": 2150.28, "end": 2150.36, "word": " So,", "probability": 0.82763671875}, {"start": 2150.4, "end": 2150.6, "word": " these", "probability": 0.2900390625}, {"start": 2150.6, "end": 2151.04, "word": " coupons", "probability": 0.7509765625}, {"start": 2151.04, "end": 2151.2, "word": " are", "probability": 0.71435546875}, {"start": 2151.2, "end": 2151.32, "word": " the", "probability": 0.473876953125}, {"start": 2151.32, "end": 2151.5, "word": " idea", "probability": 0.5107421875}, {"start": 2151.5, "end": 2151.66, "word": " behind", "probability": 0.2734375}, {"start": 2151.66, "end": 2152.34, "word": " them.", "probability": 0.4169921875}, {"start": 2152.64, "end": 2152.82, "word": " Okay?", "probability": 0.57177734375}, {"start": 2153.32, "end": 2153.72, "word": " Okay.", "probability": 0.869140625}, {"start": 2155.38, "end": 2155.78, "word": " Let's", "probability": 0.751953125}, {"start": 2155.78, "end": 2156.0, "word": " go", "probability": 0.96728515625}, {"start": 2156.0, "end": 2157.1, "word": " to", "probability": 0.96875}, {"start": 2157.1, "end": 2157.64, "word": " the", "probability": 0.92041015625}, {"start": 2157.64, "end": 2157.9, "word": " price", "probability": 0.83056640625}, {"start": 2157.9, "end": 2158.3, "word": " floor.", "probability": 0.9169921875}, {"start": 2160.8, "end": 2161.2, "word": " Price.", "probability": 0.89013671875}], "temperature": 1.0}, {"id": 75, "seek": 219623, "start": 2173.3, "end": 2196.24, "text": " It's the opposite case, or the opposite side of the price ceiling. To understand the idea of price floor, let's have the following example. The price here packs up to May 2.", "tokens": [467, 311, 264, 6182, 1389, 11, 420, 264, 6182, 1252, 295, 264, 3218, 13655, 13, 1407, 1223, 264, 1558, 295, 3218, 4123, 11, 718, 311, 362, 264, 3480, 1365, 13, 440, 3218, 510, 19403, 493, 281, 1891, 568, 13], "avg_logprob": -0.3019531242549419, "compression_ratio": 1.380952380952381, "no_speech_prob": 0.0, "words": [{"start": 2173.3, "end": 2173.94, "word": " It's", "probability": 0.60302734375}, {"start": 2173.94, "end": 2174.12, "word": " the", "probability": 0.9130859375}, {"start": 2174.12, "end": 2174.48, "word": " opposite", "probability": 0.95263671875}, {"start": 2174.48, "end": 2175.02, "word": " case,", "probability": 0.90087890625}, {"start": 2175.26, "end": 2175.32, "word": " or", "probability": 0.564453125}, {"start": 2175.32, "end": 2175.64, "word": " the", "probability": 0.88037109375}, {"start": 2175.64, "end": 2175.9, "word": " opposite", "probability": 0.93505859375}, {"start": 2175.9, "end": 2176.32, "word": " side", "probability": 0.82421875}, {"start": 2176.32, "end": 2176.62, "word": " of", "probability": 0.72998046875}, {"start": 2176.62, "end": 2176.94, "word": " the", "probability": 0.86279296875}, {"start": 2176.94, "end": 2177.54, "word": " price", "probability": 0.91455078125}, {"start": 2177.54, "end": 2177.9, "word": " ceiling.", "probability": 0.994140625}, {"start": 2179.1, "end": 2179.74, "word": " To", "probability": 0.8955078125}, {"start": 2179.74, "end": 2180.28, "word": " understand", "probability": 0.80224609375}, {"start": 2180.28, "end": 2180.48, "word": " the", "probability": 0.90576171875}, {"start": 2180.48, "end": 2180.76, "word": " idea", "probability": 0.767578125}, {"start": 2180.76, "end": 2180.94, "word": " of", "probability": 0.95947265625}, {"start": 2180.94, "end": 2181.2, "word": " price", "probability": 0.8056640625}, {"start": 2181.2, "end": 2181.54, "word": " floor,", "probability": 0.56103515625}, {"start": 2181.76, "end": 2182.0, "word": " let's", "probability": 0.962646484375}, {"start": 2182.0, "end": 2182.22, "word": " have", "probability": 0.93212890625}, {"start": 2182.22, "end": 2182.4, "word": " the", "probability": 0.8251953125}, {"start": 2182.4, "end": 2182.62, "word": " following", "probability": 0.90283203125}, {"start": 2182.62, "end": 2183.18, "word": " example.", "probability": 0.97412109375}, {"start": 2189.78, "end": 2190.42, "word": " The", "probability": 0.85693359375}, {"start": 2190.42, "end": 2190.82, "word": " price", "probability": 0.931640625}, {"start": 2190.82, "end": 2192.5, "word": " here", "probability": 0.1864013671875}, {"start": 2192.5, "end": 2192.9, "word": " packs", "probability": 0.3935546875}, {"start": 2192.9, "end": 2195.68, "word": " up", "probability": 0.273681640625}, {"start": 2195.68, "end": 2195.86, "word": " to", "probability": 0.95166015625}, {"start": 2195.86, "end": 2196.08, "word": " May", "probability": 0.37841796875}, {"start": 2196.08, "end": 2196.24, "word": " 2.", "probability": 0.81787109375}], "temperature": 1.0}, {"id": 76, "seek": 223051, "start": 2203.55, "end": 2230.51, "text": " The normal situation, 15 shekels. Where a peer price includes or contains about seven kilograms. At a fair, the consumer and the producer to sell the product by 15 shekels.", "tokens": [440, 2710, 2590, 11, 2119, 750, 7124, 82, 13, 2305, 257, 15108, 3218, 5974, 420, 8306, 466, 3407, 30690, 13, 1711, 257, 3143, 11, 264, 9711, 293, 264, 12314, 281, 3607, 264, 1674, 538, 2119, 750, 7124, 82, 13], "avg_logprob": -0.2824218772351742, "compression_ratio": 1.3515625, "no_speech_prob": 0.0, "words": [{"start": 2203.55, "end": 2203.79, "word": " The", "probability": 0.431396484375}, {"start": 2203.79, "end": 2204.09, "word": " normal", "probability": 0.9033203125}, {"start": 2204.09, "end": 2204.89, "word": " situation,", "probability": 0.94970703125}, {"start": 2206.63, "end": 2207.09, "word": " 15", "probability": 0.91796875}, {"start": 2207.09, "end": 2211.95, "word": " shekels.", "probability": 0.726318359375}, {"start": 2212.25, "end": 2212.63, "word": " Where", "probability": 0.52880859375}, {"start": 2212.63, "end": 2212.87, "word": " a", "probability": 0.5283203125}, {"start": 2212.87, "end": 2213.09, "word": " peer", "probability": 0.283935546875}, {"start": 2213.09, "end": 2213.43, "word": " price", "probability": 0.4970703125}, {"start": 2213.43, "end": 2216.51, "word": " includes", "probability": 0.91015625}, {"start": 2216.51, "end": 2216.83, "word": " or", "probability": 0.9169921875}, {"start": 2216.83, "end": 2217.53, "word": " contains", "probability": 0.91259765625}, {"start": 2217.53, "end": 2218.51, "word": " about", "probability": 0.90478515625}, {"start": 2218.51, "end": 2219.25, "word": " seven", "probability": 0.861328125}, {"start": 2219.25, "end": 2220.15, "word": " kilograms.", "probability": 0.37548828125}, {"start": 2223.77, "end": 2223.95, "word": " At", "probability": 0.3994140625}, {"start": 2223.95, "end": 2224.09, "word": " a", "probability": 0.85400390625}, {"start": 2224.09, "end": 2224.41, "word": " fair,", "probability": 0.8466796875}, {"start": 2224.83, "end": 2224.91, "word": " the", "probability": 0.7958984375}, {"start": 2224.91, "end": 2225.53, "word": " consumer", "probability": 0.8505859375}, {"start": 2225.53, "end": 2226.37, "word": " and", "probability": 0.91845703125}, {"start": 2226.37, "end": 2226.51, "word": " the", "probability": 0.83154296875}, {"start": 2226.51, "end": 2226.93, "word": " producer", "probability": 0.916015625}, {"start": 2226.93, "end": 2227.53, "word": " to", "probability": 0.8251953125}, {"start": 2227.53, "end": 2227.75, "word": " sell", "probability": 0.89013671875}, {"start": 2227.75, "end": 2227.87, "word": " the", "probability": 0.90771484375}, {"start": 2227.87, "end": 2228.27, "word": " product", "probability": 0.9130859375}, {"start": 2228.27, "end": 2229.11, "word": " by", "probability": 0.64404296875}, {"start": 2229.11, "end": 2229.91, "word": " 15", "probability": 0.95947265625}, {"start": 2229.91, "end": 2230.51, "word": " shekels.", "probability": 0.9090169270833334}], "temperature": 1.0}, {"id": 77, "seek": 226098, "start": 2232.14, "end": 2260.98, "text": " per box of tomato. Okay? Now, let's go to the market. The tomatoes market here. 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And the equilibrium price in the market was four shakes. The quote purchased of tomato", "tokens": [400, 341, 307, 264, 4733, 337, 15135, 11, 5847, 295, 15135, 13, 400, 264, 15625, 3218, 294, 264, 2142, 390, 1451, 37891, 13, 440, 6513, 14734, 295, 9288], "avg_logprob": -0.2726293062341624, "compression_ratio": 1.3211009174311927, "no_speech_prob": 0.0, "words": [{"start": 2264.0, "end": 2264.2, "word": " And", "probability": 0.433349609375}, {"start": 2264.2, "end": 2264.34, "word": " this", "probability": 0.9208984375}, {"start": 2264.34, "end": 2264.46, "word": " is", "probability": 0.87841796875}, {"start": 2264.46, "end": 2264.58, "word": " the", "probability": 0.763671875}, {"start": 2264.58, "end": 2264.92, "word": " demand", "probability": 0.9150390625}, {"start": 2264.92, "end": 2265.18, "word": " for", "probability": 0.9482421875}, {"start": 2265.18, "end": 2265.74, "word": " tomatoes,", "probability": 0.93359375}, {"start": 2267.18, "end": 2269.62, "word": " supply", "probability": 0.9423828125}, {"start": 2269.62, "end": 2269.84, "word": " of", "probability": 0.9658203125}, {"start": 2269.84, "end": 2270.3, "word": " tomatoes.", "probability": 0.9404296875}, {"start": 2272.46, "end": 2273.14, "word": " And", "probability": 0.93115234375}, {"start": 2273.14, "end": 2273.3, "word": " the", "probability": 0.896484375}, {"start": 2273.3, "end": 2273.72, "word": " equilibrium", "probability": 0.95654296875}, {"start": 2273.72, "end": 2274.42, "word": " price", "probability": 0.91259765625}, {"start": 2274.42, "end": 2275.16, "word": " in", "probability": 0.853515625}, {"start": 2275.16, "end": 2275.3, "word": " the", "probability": 0.91064453125}, {"start": 2275.3, "end": 2275.7, "word": " market", "probability": 0.875}, {"start": 2275.7, "end": 2276.84, "word": " was", "probability": 0.94970703125}, {"start": 2276.84, "end": 2280.42, "word": " four", "probability": 0.81689453125}, {"start": 2280.42, "end": 2280.7, "word": " shakes.", "probability": 0.11578369140625}, {"start": 2288.2, "end": 2289.1, "word": " The", "probability": 0.8798828125}, {"start": 2289.1, "end": 2289.4, "word": " quote", "probability": 0.489501953125}, {"start": 2289.4, "end": 2290.08, "word": " purchased", "probability": 0.68505859375}, {"start": 2290.08, "end": 2292.0, "word": " of", "probability": 0.94189453125}, {"start": 2292.0, "end": 2292.44, "word": " tomato", "probability": 0.85302734375}], "temperature": 1.0}, {"id": 79, "seek": 232075, "start": 2293.45, "end": 2320.75, "text": " equals eight boxes a month. This is the per capita consumption of tomatoes per family. The per family buys eight boxes a month under the low prices. This is an assumption.", "tokens": [6915, 3180, 9002, 257, 1618, 13, 639, 307, 264, 680, 39727, 12126, 295, 15135, 680, 1605, 13, 440, 680, 1605, 28153, 3180, 9002, 257, 1618, 833, 264, 2295, 7901, 13, 639, 307, 364, 15302, 13], "avg_logprob": -0.3250867997606595, "compression_ratio": 1.5221238938053097, "no_speech_prob": 0.0, "words": [{"start": 2293.45, "end": 2294.13, "word": " equals", "probability": 0.59521484375}, {"start": 2294.13, "end": 2296.41, "word": " eight", "probability": 0.2230224609375}, {"start": 2296.41, "end": 2296.91, "word": " boxes", "probability": 0.82861328125}, {"start": 2296.91, "end": 2299.01, "word": " a", "probability": 0.94140625}, {"start": 2299.01, "end": 2299.29, "word": " month.", "probability": 0.91943359375}, {"start": 2302.91, "end": 2303.99, "word": " This", "probability": 0.246337890625}, {"start": 2303.99, "end": 2304.25, "word": " is", "probability": 0.869140625}, {"start": 2304.25, "end": 2304.71, "word": " the", "probability": 0.68896484375}, {"start": 2304.71, "end": 2304.89, "word": " per", "probability": 0.451416015625}, {"start": 2304.89, "end": 2305.23, "word": " capita", "probability": 0.953125}, {"start": 2305.23, "end": 2305.87, "word": " consumption", "probability": 0.982421875}, {"start": 2305.87, "end": 2306.81, "word": " of", "probability": 0.9482421875}, {"start": 2306.81, "end": 2307.43, "word": " tomatoes", "probability": 0.92626953125}, {"start": 2307.43, "end": 2307.95, "word": " per", "probability": 0.367919921875}, {"start": 2307.95, "end": 2308.43, "word": " family.", "probability": 0.9404296875}, {"start": 2308.85, "end": 2309.35, "word": " The", "probability": 0.20751953125}, {"start": 2309.35, "end": 2309.55, "word": " per", "probability": 0.78955078125}, {"start": 2309.55, "end": 2310.07, "word": " family", "probability": 0.9306640625}, {"start": 2310.07, "end": 2311.75, "word": " buys", "probability": 0.9814453125}, {"start": 2311.75, "end": 2313.23, "word": " eight", "probability": 0.8408203125}, {"start": 2313.23, "end": 2313.95, "word": " boxes", "probability": 0.93701171875}, {"start": 2313.95, "end": 2314.55, "word": " a", "probability": 0.95458984375}, {"start": 2314.55, "end": 2314.83, "word": " month", "probability": 0.91064453125}, {"start": 2314.83, "end": 2316.35, "word": " under", "probability": 0.52783203125}, {"start": 2316.35, "end": 2316.99, "word": " the", "probability": 0.73583984375}, {"start": 2316.99, "end": 2317.27, "word": " low", "probability": 0.93701171875}, {"start": 2317.27, "end": 2317.93, "word": " prices.", "probability": 0.8876953125}, {"start": 2319.09, "end": 2319.95, "word": " This", "probability": 0.478759765625}, {"start": 2319.95, "end": 2320.13, "word": " is", "probability": 0.9501953125}, {"start": 2320.13, "end": 2320.31, "word": " an", "probability": 0.9443359375}, {"start": 2320.31, "end": 2320.75, "word": " assumption.", "probability": 0.97607421875}], "temperature": 1.0}, {"id": 80, "seek": 234390, "start": 2324.14, "end": 2343.9, "text": " The price is so low. Right? Right? So who will lose in this case? The producer. The producer, the sellers here face big loss. Right?", "tokens": [440, 3218, 307, 370, 2295, 13, 1779, 30, 1779, 30, 407, 567, 486, 3624, 294, 341, 1389, 30, 440, 12314, 13, 440, 12314, 11, 264, 31276, 510, 1851, 955, 4470, 13, 1779, 30], "avg_logprob": -0.26907168767031503, "compression_ratio": 1.3571428571428572, "no_speech_prob": 0.0, "words": [{"start": 2324.14, "end": 2324.36, "word": " The", "probability": 0.6064453125}, {"start": 2324.36, "end": 2324.78, "word": " price", "probability": 0.90869140625}, {"start": 2324.78, "end": 2325.24, "word": " is", "probability": 0.95166015625}, {"start": 2325.24, "end": 2327.26, "word": " so", "probability": 0.919921875}, {"start": 2327.26, "end": 2327.82, "word": " low.", "probability": 0.94775390625}, {"start": 2328.8, "end": 2329.0, "word": " Right?", "probability": 0.1746826171875}, {"start": 2331.16, "end": 2331.38, "word": " Right?", "probability": 0.303955078125}, {"start": 2331.94, "end": 2332.34, "word": " So", "probability": 0.87548828125}, {"start": 2332.34, "end": 2333.48, "word": " who", "probability": 0.3388671875}, {"start": 2333.48, "end": 2333.72, "word": " will", "probability": 0.84228515625}, {"start": 2333.72, "end": 2334.12, "word": " lose", "probability": 0.8369140625}, {"start": 2334.12, "end": 2334.3, "word": " in", "probability": 0.9404296875}, {"start": 2334.3, "end": 2334.52, "word": " this", "probability": 0.95068359375}, {"start": 2334.52, "end": 2334.9, "word": " case?", "probability": 0.92529296875}, {"start": 2335.72, "end": 2336.56, "word": " The", "probability": 0.89013671875}, {"start": 2336.56, "end": 2337.08, "word": " producer.", "probability": 0.88623046875}, {"start": 2337.52, "end": 2337.78, "word": " The", "probability": 0.88671875}, {"start": 2337.78, "end": 2338.18, "word": " producer,", "probability": 0.6318359375}, {"start": 2338.4, "end": 2338.52, "word": " the", "probability": 0.91357421875}, {"start": 2338.52, "end": 2338.88, "word": " sellers", "probability": 0.92041015625}, {"start": 2338.88, "end": 2339.92, "word": " here", "probability": 0.75244140625}, {"start": 2339.92, "end": 2341.26, "word": " face", "probability": 0.82763671875}, {"start": 2341.26, "end": 2342.3, "word": " big", "probability": 0.68212890625}, {"start": 2342.3, "end": 2342.86, "word": " loss.", "probability": 0.86767578125}, {"start": 2343.76, "end": 2343.9, "word": " Right?", "probability": 0.83203125}], "temperature": 1.0}, {"id": 81, "seek": 236926, "start": 2344.98, "end": 2369.26, "text": " So the government should intervene in this case to protect whom? To protect the sellers. So the government under the low prices. The price here is low and the selling prices", "tokens": [407, 264, 2463, 820, 30407, 294, 341, 1389, 281, 2371, 7101, 30, 1407, 2371, 264, 31276, 13, 407, 264, 2463, 833, 264, 2295, 7901, 13, 440, 3218, 510, 307, 2295, 293, 264, 6511, 7901], "avg_logprob": -0.151674108845847, "compression_ratio": 1.5398230088495575, "no_speech_prob": 0.0, "words": [{"start": 2344.98, "end": 2345.38, "word": " So", "probability": 0.87158203125}, {"start": 2345.38, "end": 2346.36, "word": " the", "probability": 0.58544921875}, {"start": 2346.36, "end": 2346.74, "word": " government", "probability": 0.916015625}, {"start": 2346.74, "end": 2347.18, "word": " should", "probability": 0.974609375}, {"start": 2347.18, "end": 2348.04, "word": " intervene", "probability": 0.92138671875}, {"start": 2348.04, "end": 2348.68, "word": " in", "probability": 0.6083984375}, {"start": 2348.68, "end": 2348.96, "word": " this", "probability": 0.94873046875}, {"start": 2348.96, "end": 2349.3, "word": " case", "probability": 0.9150390625}, {"start": 2349.3, "end": 2349.48, "word": " to", "probability": 0.8515625}, {"start": 2349.48, "end": 2349.76, "word": " protect", "probability": 0.826171875}, {"start": 2349.76, "end": 2350.16, "word": " whom?", "probability": 0.96337890625}, {"start": 2350.42, "end": 2350.82, "word": " To", "probability": 0.953125}, {"start": 2350.82, "end": 2351.24, "word": " protect", "probability": 0.92138671875}, {"start": 2351.24, "end": 2351.96, "word": " the", "probability": 0.92626953125}, {"start": 2351.96, "end": 2352.24, "word": " sellers.", "probability": 0.95654296875}, {"start": 2353.02, "end": 2353.46, "word": " So", "probability": 0.92431640625}, {"start": 2353.46, "end": 2354.46, "word": " the", "probability": 0.79150390625}, {"start": 2354.46, "end": 2354.9, "word": " government", "probability": 0.92138671875}, {"start": 2354.9, "end": 2357.08, "word": " under", "probability": 0.7177734375}, {"start": 2357.08, "end": 2357.34, "word": " the", "probability": 0.9111328125}, {"start": 2357.34, "end": 2357.66, "word": " low", "probability": 0.9501953125}, {"start": 2357.66, "end": 2358.4, "word": " prices.", "probability": 0.88623046875}, {"start": 2360.68, "end": 2361.54, "word": " The", "probability": 0.89697265625}, {"start": 2361.54, "end": 2361.9, "word": " price", "probability": 0.8818359375}, {"start": 2361.9, "end": 2362.14, "word": " here", "probability": 0.859375}, {"start": 2362.14, "end": 2362.4, "word": " is", "probability": 0.94873046875}, {"start": 2362.4, "end": 2363.34, "word": " low", "probability": 0.9560546875}, {"start": 2363.34, "end": 2364.4, "word": " and", "probability": 0.7490234375}, {"start": 2364.4, "end": 2368.5, "word": " the", "probability": 0.89208984375}, {"start": 2368.5, "end": 2368.78, "word": " selling", "probability": 0.89599609375}, {"start": 2368.78, "end": 2369.26, "word": " prices", "probability": 0.66015625}], "temperature": 1.0}, {"id": 82, "seek": 239988, "start": 2372.84, "end": 2399.88, "text": " will not cover or meet the cost of inputs. So here are the farmers, they are the sellers, face big loss. As there is a big loss here.", "tokens": [486, 406, 2060, 420, 1677, 264, 2063, 295, 15743, 13, 407, 510, 366, 264, 11339, 11, 436, 366, 264, 31276, 11, 1851, 955, 4470, 13, 1018, 456, 307, 257, 955, 4470, 510, 13], "avg_logprob": -0.3235294214066337, "compression_ratio": 1.3535353535353536, "no_speech_prob": 0.0, "words": [{"start": 2372.84, "end": 2373.14, "word": " will", "probability": 0.8095703125}, {"start": 2373.14, "end": 2373.48, "word": " not", "probability": 0.953125}, {"start": 2373.48, "end": 2373.94, "word": " cover", "probability": 0.95556640625}, {"start": 2373.94, "end": 2374.28, "word": " or", "probability": 0.94140625}, {"start": 2374.28, "end": 2374.58, "word": " meet", "probability": 0.9453125}, {"start": 2374.58, "end": 2375.36, "word": " the", "probability": 0.92041015625}, {"start": 2375.36, "end": 2376.4, "word": " cost", "probability": 0.4833984375}, {"start": 2376.4, "end": 2376.62, "word": " of", "probability": 0.966796875}, {"start": 2376.62, "end": 2377.16, "word": " inputs.", "probability": 0.95703125}, {"start": 2381.82, "end": 2382.54, "word": " So", "probability": 0.346435546875}, {"start": 2382.54, "end": 2383.46, "word": " here", "probability": 0.53564453125}, {"start": 2383.46, "end": 2383.64, "word": " are", "probability": 0.351806640625}, {"start": 2383.64, "end": 2383.78, "word": " the", "probability": 0.92333984375}, {"start": 2383.78, "end": 2384.38, "word": " farmers,", "probability": 0.84375}, {"start": 2388.16, "end": 2388.24, "word": " they", "probability": 0.2008056640625}, {"start": 2388.24, "end": 2388.38, "word": " are", "probability": 0.5556640625}, {"start": 2388.38, "end": 2388.6, "word": " the", "probability": 0.498046875}, {"start": 2388.6, "end": 2388.98, "word": " sellers,", "probability": 0.86328125}, {"start": 2391.16, "end": 2391.66, "word": " face", "probability": 0.8515625}, {"start": 2391.66, "end": 2393.18, "word": " big", "probability": 0.7216796875}, {"start": 2393.18, "end": 2393.66, "word": " loss.", "probability": 0.87255859375}, {"start": 2397.94, "end": 2398.66, "word": " As", "probability": 0.94384765625}, {"start": 2398.66, "end": 2398.86, "word": " there", "probability": 0.90283203125}, {"start": 2398.86, "end": 2399.0, "word": " is", "probability": 0.74951171875}, {"start": 2399.0, "end": 2399.14, "word": " a", "probability": 0.97607421875}, {"start": 2399.14, "end": 2399.28, "word": " big", "probability": 0.91259765625}, {"start": 2399.28, "end": 2399.58, "word": " loss", "probability": 0.86572265625}, {"start": 2399.58, "end": 2399.88, "word": " here.", "probability": 0.86669921875}], "temperature": 1.0}, {"id": 83, "seek": 242394, "start": 2401.92, "end": 2423.94, "text": " The government should intervene to protect whom? To protect the sellers. So, yeah. So, the government should intervene to protect whom? The sellers.", "tokens": [440, 2463, 820, 30407, 281, 2371, 7101, 30, 1407, 2371, 264, 31276, 13, 407, 11, 1338, 13, 407, 11, 264, 2463, 820, 30407, 281, 2371, 7101, 30, 440, 31276, 13], "avg_logprob": -0.26209678380720075, "compression_ratio": 1.7325581395348837, "no_speech_prob": 0.0, "words": [{"start": 2401.92, "end": 2402.14, "word": " The", "probability": 0.4853515625}, {"start": 2402.14, "end": 2402.5, "word": " government", "probability": 0.9091796875}, {"start": 2402.5, "end": 2402.86, "word": " should", "probability": 0.97705078125}, {"start": 2402.86, "end": 2403.8, "word": " intervene", "probability": 0.9130859375}, {"start": 2403.8, "end": 2404.4, "word": " to", "probability": 0.91357421875}, {"start": 2404.4, "end": 2404.84, "word": " protect", "probability": 0.84130859375}, {"start": 2404.84, "end": 2405.3, "word": " whom?", "probability": 0.8818359375}, {"start": 2405.5, "end": 2405.56, "word": " To", "probability": 0.8916015625}, {"start": 2405.56, "end": 2406.7, "word": " protect", "probability": 0.92919921875}, {"start": 2406.7, "end": 2407.16, "word": " the", "probability": 0.74755859375}, {"start": 2407.16, "end": 2407.44, "word": " sellers.", "probability": 0.875}, {"start": 2408.04, "end": 2408.22, "word": " So,", "probability": 0.80712890625}, {"start": 2408.56, "end": 2408.78, "word": " yeah.", "probability": 0.7138671875}, {"start": 2409.48, "end": 2409.7, "word": " So,", "probability": 0.8720703125}, {"start": 2410.02, "end": 2410.2, "word": " the", "probability": 0.90673828125}, {"start": 2410.2, "end": 2410.66, "word": " government", "probability": 0.91259765625}, {"start": 2410.66, "end": 2413.86, "word": " should", "probability": 0.94140625}, {"start": 2413.86, "end": 2416.26, "word": " intervene", "probability": 0.93115234375}, {"start": 2416.26, "end": 2419.1, "word": " to", "probability": 0.90771484375}, {"start": 2419.1, "end": 2419.58, "word": " protect", "probability": 0.9140625}, {"start": 2419.58, "end": 2422.6, "word": " whom?", "probability": 0.9443359375}, {"start": 2423.18, "end": 2423.62, "word": " The", "probability": 0.48095703125}, {"start": 2423.62, "end": 2423.94, "word": " sellers.", "probability": 0.91455078125}], "temperature": 1.0}, {"id": 84, "seek": 245456, "start": 2430.2, "end": 2454.56, "text": " should be larger than four. Exactly, yeah. The fair price should be above four. The fair price should be above four.", "tokens": [820, 312, 4833, 813, 1451, 13, 7587, 11, 1338, 13, 440, 3143, 3218, 820, 312, 3673, 1451, 13, 440, 3143, 3218, 820, 312, 3673, 1451, 13], "avg_logprob": -0.21397569996339302, "compression_ratio": 1.5, "no_speech_prob": 0.0, "words": [{"start": 2430.2, "end": 2430.5, "word": " should", "probability": 0.7216796875}, {"start": 2430.5, "end": 2430.88, "word": " be", "probability": 0.95703125}, {"start": 2430.88, "end": 2431.8, "word": " larger", "probability": 0.95263671875}, {"start": 2431.8, "end": 2432.24, "word": " than", "probability": 0.9482421875}, {"start": 2432.24, "end": 2432.62, "word": " four.", "probability": 0.69677734375}, {"start": 2434.06, "end": 2435.3, "word": " Exactly,", "probability": 0.5673828125}, {"start": 2435.64, "end": 2435.82, "word": " yeah.", "probability": 0.8095703125}, {"start": 2437.08, "end": 2437.38, "word": " The", "probability": 0.8984375}, {"start": 2437.38, "end": 2437.64, "word": " fair", "probability": 0.91064453125}, {"start": 2437.64, "end": 2438.08, "word": " price", "probability": 0.91259765625}, {"start": 2438.08, "end": 2438.38, "word": " should", "probability": 0.97021484375}, {"start": 2438.38, "end": 2438.88, "word": " be", "probability": 0.9609375}, {"start": 2438.88, "end": 2439.62, "word": " above", "probability": 0.9677734375}, {"start": 2439.62, "end": 2440.24, "word": " four.", "probability": 0.9072265625}, {"start": 2443.6, "end": 2443.6, "word": " The", "probability": 0.21923828125}, {"start": 2443.6, "end": 2449.5, "word": " fair", "probability": 0.4638671875}, {"start": 2449.5, "end": 2450.12, "word": " price", "probability": 0.896484375}, {"start": 2450.12, "end": 2451.1, "word": " should", "probability": 0.96044921875}, {"start": 2451.1, "end": 2451.74, "word": " be", "probability": 0.9560546875}, {"start": 2451.74, "end": 2453.4, "word": " above", "probability": 0.9609375}, {"start": 2453.4, "end": 2454.56, "word": " four.", "probability": 0.92041015625}], "temperature": 1.0}, {"id": 85, "seek": 248483, "start": 2456.37, "end": 2484.83, "text": " Fifteen, with the assumption that fifteen shekels, per box of tomato is fair for the producers. This price is called here the price of flora.", "tokens": [21501, 9791, 11, 365, 264, 15302, 300, 18126, 750, 7124, 82, 11, 680, 2424, 295, 9288, 307, 3143, 337, 264, 16080, 13, 639, 3218, 307, 1219, 510, 264, 3218, 295, 932, 3252, 13], "avg_logprob": -0.3639705882352941, "compression_ratio": 1.3027522935779816, "no_speech_prob": 0.0, "words": [{"start": 2456.37, "end": 2456.93, "word": " Fifteen,", "probability": 0.78076171875}, {"start": 2457.11, "end": 2457.21, "word": " with", "probability": 0.279052734375}, {"start": 2457.21, "end": 2457.27, "word": " the", "probability": 0.50927734375}, {"start": 2457.27, "end": 2457.71, "word": " assumption", "probability": 0.96240234375}, {"start": 2457.71, "end": 2458.15, "word": " that", "probability": 0.37255859375}, {"start": 2458.15, "end": 2459.67, "word": " fifteen", "probability": 0.66455078125}, {"start": 2459.67, "end": 2461.97, "word": " shekels,", "probability": 0.78564453125}, {"start": 2462.23, "end": 2462.51, "word": " per", "probability": 0.681640625}, {"start": 2462.51, "end": 2462.91, "word": " box", "probability": 0.470703125}, {"start": 2462.91, "end": 2463.11, "word": " of", "probability": 0.96826171875}, {"start": 2463.11, "end": 2463.51, "word": " tomato", "probability": 0.6572265625}, {"start": 2463.51, "end": 2463.81, "word": " is", "probability": 0.876953125}, {"start": 2463.81, "end": 2464.15, "word": " fair", "probability": 0.88525390625}, {"start": 2464.15, "end": 2465.49, "word": " for", "probability": 0.755859375}, {"start": 2465.49, "end": 2465.83, "word": " the", "probability": 0.91064453125}, {"start": 2465.83, "end": 2466.33, "word": " producers.", "probability": 0.828125}, {"start": 2469.27, "end": 2469.49, "word": " This", "probability": 0.19287109375}, {"start": 2469.49, "end": 2482.77, "word": " price", "probability": 0.90185546875}, {"start": 2482.77, "end": 2483.09, "word": " is", "probability": 0.93408203125}, {"start": 2483.09, "end": 2483.45, "word": " called", "probability": 0.9072265625}, {"start": 2483.45, "end": 2483.77, "word": " here", "probability": 0.76904296875}, {"start": 2483.77, "end": 2484.03, "word": " the", "probability": 0.59765625}, {"start": 2484.03, "end": 2484.39, "word": " price", "probability": 0.85986328125}, {"start": 2484.39, "end": 2484.59, "word": " of", "probability": 0.9716796875}, {"start": 2484.59, "end": 2484.83, "word": " flora.", "probability": 0.6552734375}], "temperature": 1.0}, {"id": 86, "seek": 252117, "start": 2493.25, "end": 2521.17, "text": " Now, if the government imposes or sets the price floor here above the equilibrium, is it effective? Effective. Why? Because we have an achievement for their goal to protect whom? To protect the sellers. If the government says, I want to protect the producers or sellers and set the price to 3, it is actually from Kip to 4, right?", "tokens": [823, 11, 498, 264, 2463, 704, 4201, 420, 6352, 264, 3218, 4123, 510, 3673, 264, 15625, 11, 307, 309, 4942, 30, 17764, 488, 13, 1545, 30, 1436, 321, 362, 364, 15838, 337, 641, 3387, 281, 2371, 7101, 30, 1407, 2371, 264, 31276, 13, 759, 264, 2463, 1619, 11, 286, 528, 281, 2371, 264, 16080, 420, 31276, 293, 992, 264, 3218, 281, 805, 11, 309, 307, 767, 490, 591, 647, 281, 1017, 11, 558, 30], "avg_logprob": -0.3820833206176758, "compression_ratio": 1.5913461538461537, "no_speech_prob": 0.0, "words": [{"start": 2493.25, "end": 2493.55, "word": " Now,", "probability": 0.431640625}, {"start": 2493.59, "end": 2493.85, "word": " if", "probability": 0.93310546875}, {"start": 2493.85, "end": 2494.01, "word": " the", "probability": 0.90869140625}, {"start": 2494.01, "end": 2494.41, "word": " government", "probability": 0.9013671875}, {"start": 2494.41, "end": 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Okay? So the effective price of flour. Mellow, above. The ground below you or above you? This is the effective floor.", "tokens": [759, 264, 3218, 295, 7693, 307, 992, 420, 307, 26491, 3673, 264, 15625, 3218, 11, 309, 486, 312, 364, 4942, 3218, 295, 7693, 13, 1033, 30, 407, 264, 4942, 3218, 295, 7693, 13, 376, 21348, 11, 3673, 13, 440, 2727, 2507, 291, 420, 3673, 291, 30, 639, 307, 264, 4942, 4123, 13], "avg_logprob": -0.35082546495041755, "compression_ratio": 1.6428571428571428, "no_speech_prob": 0.0, "words": [{"start": 2522.03, "end": 2522.29, "word": " If", "probability": 0.60546875}, {"start": 2522.29, "end": 2524.27, "word": " the", "probability": 0.888671875}, {"start": 2524.27, "end": 2524.59, "word": " price", "probability": 0.93603515625}, {"start": 2524.59, "end": 2524.73, "word": " of", "probability": 0.69921875}, {"start": 2524.73, "end": 2525.07, "word": " flour", "probability": 0.73828125}, {"start": 2525.07, "end": 2526.05, "word": " is", "probability": 0.9091796875}, {"start": 2526.05, "end": 2526.35, "word": " set", "probability": 0.66162109375}, {"start": 2526.35, "end": 2526.61, "word": " or", "probability": 0.91943359375}, {"start": 2526.61, "end": 2526.91, "word": " is", "probability": 0.861328125}, {"start": 2526.91, "end": 2527.51, "word": " imposed", "probability": 0.90625}, {"start": 2527.51, "end": 2528.17, "word": " above", "probability": 0.95703125}, {"start": 2528.17, "end": 2528.47, "word": " the", "probability": 0.908203125}, {"start": 2528.47, "end": 2528.93, "word": " equilibrium", "probability": 0.96826171875}, {"start": 2528.93, "end": 2529.61, "word": " price,", "probability": 0.90869140625}, {"start": 2530.07, "end": 2530.53, "word": " it", "probability": 0.947265625}, {"start": 2530.53, "end": 2530.69, "word": " will", "probability": 0.87890625}, {"start": 2530.69, "end": 2531.63, "word": " be", "probability": 0.95361328125}, {"start": 2531.63, "end": 2532.27, "word": " an", "probability": 0.955078125}, {"start": 2532.27, "end": 2533.07, "word": " effective", "probability": 0.88916015625}, {"start": 2533.07, "end": 2533.79, "word": " price", "probability": 0.93994140625}, {"start": 2533.79, "end": 2534.11, "word": " of", "probability": 0.36962890625}, {"start": 2534.11, "end": 2534.45, "word": " flour.", "probability": 0.96923828125}, {"start": 2535.19, "end": 2535.27, "word": " Okay?", "probability": 0.3388671875}, {"start": 2535.89, "end": 2536.11, "word": " So", "probability": 0.9287109375}, {"start": 2536.11, "end": 2536.33, "word": " the", "probability": 0.58935546875}, {"start": 2536.33, "end": 2536.73, "word": " effective", "probability": 0.423583984375}, {"start": 2536.73, "end": 2537.17, "word": " price", "probability": 0.90185546875}, {"start": 2537.17, "end": 2537.33, "word": " of", "probability": 0.958984375}, {"start": 2537.33, "end": 2537.67, "word": " flour.", "probability": 0.9697265625}, {"start": 2540.33, "end": 2541.01, "word": " Mellow,", "probability": 0.41259765625}, {"start": 2541.51, "end": 2541.89, "word": " above.", "probability": 0.61474609375}, {"start": 2543.67, "end": 2543.85, "word": " The", "probability": 0.418701171875}, {"start": 2543.85, "end": 2544.11, "word": " ground", "probability": 0.47998046875}, {"start": 2544.11, "end": 2544.45, "word": " below", "probability": 0.41845703125}, {"start": 2544.45, "end": 2544.69, "word": " you", "probability": 0.427734375}, {"start": 2544.69, "end": 2544.85, "word": " or", "probability": 0.888671875}, {"start": 2544.85, "end": 2545.05, "word": " above", "probability": 0.962890625}, {"start": 2545.05, "end": 2545.27, "word": " you?", "probability": 0.82080078125}, {"start": 2545.71, "end": 2546.07, "word": " This", "probability": 0.199951171875}, {"start": 2546.07, "end": 2547.53, "word": " is", "probability": 0.8330078125}, {"start": 2547.53, "end": 2547.63, "word": " the", "probability": 0.8232421875}, {"start": 2547.63, "end": 2548.03, "word": " effective", "probability": 0.78564453125}, {"start": 2548.03, "end": 2548.37, "word": " floor.", "probability": 0.33349609375}], "temperature": 1.0}, {"id": 88, "seek": 257535, "start": 2549.37, "end": 2575.35, "text": " Effective price ceiling. Effective price ceiling. Effective price ceiling should be below the equilibrium. Effective price floor above. Okay?", "tokens": [17764, 488, 3218, 13655, 13, 17764, 488, 3218, 13655, 13, 17764, 488, 3218, 13655, 820, 312, 2507, 264, 15625, 13, 17764, 488, 3218, 4123, 3673, 13, 1033, 30], "avg_logprob": -0.2836745730761824, "compression_ratio": 1.6904761904761905, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 2549.37, "end": 2550.03, "word": " Effective", "probability": 0.6378173828125}, {"start": 2550.03, "end": 2550.21, "word": " price", "probability": 0.876953125}, {"start": 2550.21, "end": 2550.21, "word": " ceiling.", "probability": 0.96630859375}, {"start": 2550.83, "end": 2552.15, "word": " Effective", "probability": 0.90771484375}, {"start": 2552.15, "end": 2552.47, "word": " price", "probability": 0.896484375}, {"start": 2552.47, "end": 2552.85, "word": " ceiling.", "probability": 0.96484375}, {"start": 2558.71, "end": 2560.03, "word": " Effective", "probability": 0.8076171875}, {"start": 2560.03, "end": 2560.39, "word": " price", "probability": 0.8935546875}, {"start": 2560.39, "end": 2560.89, "word": " ceiling", "probability": 0.95751953125}, {"start": 2560.89, "end": 2563.61, "word": " should", "probability": 0.5966796875}, {"start": 2563.61, "end": 2567.87, "word": " be", "probability": 0.94970703125}, {"start": 2567.87, "end": 2569.27, "word": " below", "probability": 0.82568359375}, {"start": 2569.27, "end": 2569.95, "word": " the", "probability": 0.84521484375}, {"start": 2569.95, "end": 2570.55, "word": " equilibrium.", "probability": 0.96435546875}, {"start": 2571.33, "end": 2572.09, "word": " Effective", "probability": 0.919921875}, {"start": 2572.09, "end": 2572.43, "word": " price", "probability": 0.919921875}, {"start": 2572.43, "end": 2572.87, "word": " floor", "probability": 0.38525390625}, {"start": 2572.87, "end": 2573.61, "word": " above.", "probability": 0.52587890625}, {"start": 2574.79, "end": 2575.35, "word": " Okay?", "probability": 0.62939453125}], "temperature": 1.0}, {"id": 89, "seek": 259515, "start": 2579.03, "end": 2595.15, "text": " Now, what are the consequences and effects of imposing a price ceiling? What are the effects of imposing the price ceiling here? One supply will go up.", "tokens": [823, 11, 437, 366, 264, 10098, 293, 5065, 295, 40288, 257, 3218, 13655, 30, 708, 366, 264, 5065, 295, 40288, 264, 3218, 13655, 510, 30, 1485, 5847, 486, 352, 493, 13], "avg_logprob": -0.2268066336400807, "compression_ratio": 1.4476190476190476, "no_speech_prob": 0.0, "words": [{"start": 2579.0299999999997, "end": 2579.79, "word": " Now,", "probability": 0.251953125}, {"start": 2580.67, "end": 2581.31, "word": " what", "probability": 0.943359375}, {"start": 2581.31, "end": 2581.63, "word": " are", "probability": 0.939453125}, {"start": 2581.63, "end": 2581.83, "word": " the", "probability": 0.91943359375}, {"start": 2581.83, "end": 2582.47, "word": " consequences", "probability": 0.92529296875}, {"start": 2582.47, "end": 2583.15, "word": " and", "probability": 0.857421875}, {"start": 2583.15, "end": 2583.57, "word": " effects", "probability": 0.8095703125}, {"start": 2583.57, "end": 2583.91, "word": " of", "probability": 0.95556640625}, {"start": 2583.91, "end": 2584.79, "word": " imposing", "probability": 0.85009765625}, {"start": 2584.79, "end": 2584.99, "word": " a", "probability": 0.71728515625}, {"start": 2584.99, "end": 2585.25, "word": " price", "probability": 0.93603515625}, {"start": 2585.25, "end": 2585.51, "word": " ceiling?", "probability": 0.98046875}, {"start": 2586.55, "end": 2586.75, "word": " What", "probability": 0.7490234375}, {"start": 2586.75, "end": 2586.95, "word": " are", "probability": 0.93359375}, {"start": 2586.95, "end": 2587.13, "word": " the", "probability": 0.92333984375}, {"start": 2587.13, "end": 2587.55, "word": " effects", "probability": 0.8583984375}, {"start": 2587.55, "end": 2587.93, "word": " of", "probability": 0.96630859375}, {"start": 2587.93, "end": 2588.43, "word": " imposing", "probability": 0.9541015625}, {"start": 2588.43, "end": 2588.61, "word": " the", "probability": 0.82568359375}, {"start": 2588.61, "end": 2588.85, "word": " price", "probability": 0.916015625}, {"start": 2588.85, "end": 2589.19, "word": " ceiling", "probability": 0.97607421875}, {"start": 2589.19, "end": 2589.43, "word": " here?", "probability": 0.744140625}, {"start": 2591.87, "end": 2592.63, "word": " One", "probability": 0.137939453125}, {"start": 2592.63, "end": 2593.15, "word": " supply", "probability": 0.4365234375}, {"start": 2593.15, "end": 2593.85, "word": " will", "probability": 0.82958984375}, {"start": 2593.85, "end": 2594.05, "word": " go", "probability": 0.96826171875}, {"start": 2594.05, "end": 2595.15, "word": " up.", "probability": 0.9384765625}], "temperature": 1.0}, {"id": 90, "seek": 262365, "start": 2596.25, "end": 2623.65, "text": " Because instead of selling at price four purebreds, he started selling at fifteen. So he tells you to plant tomatoes. Right or wrong? Okay, this guy who used to buy eight boxes of tomatoes, he tells you, one is enough for us. And a lot. Isn't that what happens? It's hard. Instead of trying to figure out where to get tomatoes, he gets them and sells them. Right? Not today. Quantity demanded goes down.", "tokens": [1436, 2602, 295, 6511, 412, 3218, 1451, 6075, 65, 986, 82, 11, 415, 1409, 6511, 412, 18126, 13, 407, 415, 5112, 291, 281, 3709, 15135, 13, 1779, 420, 2085, 30, 1033, 11, 341, 2146, 567, 1143, 281, 2256, 3180, 9002, 295, 15135, 11, 415, 5112, 291, 11, 472, 307, 1547, 337, 505, 13, 400, 257, 688, 13, 6998, 380, 300, 437, 2314, 30, 467, 311, 1152, 13, 7156, 295, 1382, 281, 2573, 484, 689, 281, 483, 15135, 11, 415, 2170, 552, 293, 20897, 552, 13, 1779, 30, 1726, 965, 13, 2326, 394, 507, 28276, 1709, 760, 13], "avg_logprob": -0.5991709116770296, "compression_ratio": 1.6290322580645162, "no_speech_prob": 0.0, "words": [{"start": 2596.25, "end": 2596.49, "word": " Because", "probability": 0.51025390625}, {"start": 2596.49, "end": 2596.79, "word": " instead", "probability": 0.681640625}, {"start": 2596.79, "end": 2596.87, "word": " of", "probability": 0.970703125}, {"start": 2596.87, "end": 2597.19, "word": " selling", "probability": 0.65869140625}, 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And the quantity supplied here increases to 12 maybe or 20 boxes per capita production to the producer. 20 boxes. Here we have what? QS?", "tokens": [281, 732, 9002, 420, 472, 2424, 13, 400, 264, 11275, 27625, 510, 8637, 281, 2272, 1310, 420, 945, 9002, 680, 39727, 4265, 281, 264, 12314, 13, 945, 9002, 13, 1692, 321, 362, 437, 30, 1249, 50, 30], "avg_logprob": -0.3053042802371477, "compression_ratio": 1.296, "no_speech_prob": 0.0, "words": [{"start": 2624.5, "end": 2624.78, "word": " to", "probability": 0.75390625}, {"start": 2624.78, "end": 2625.16, "word": " two", "probability": 0.8671875}, {"start": 2625.16, "end": 2625.42, "word": " boxes", "probability": 0.900390625}, {"start": 2625.42, "end": 2625.72, "word": " or", "probability": 0.9267578125}, {"start": 2625.72, "end": 2625.94, "word": " one", "probability": 0.92236328125}, {"start": 2625.94, "end": 2626.28, "word": " box.", "probability": 0.9482421875}, {"start": 2627.7, "end": 2627.9, "word": " And", "probability": 0.79638671875}, {"start": 2627.9, "end": 2628.0, "word": " the", "probability": 0.849609375}, {"start": 2628.0, "end": 2628.46, "word": " quantity", "probability": 0.98681640625}, {"start": 2628.46, "end": 2629.56, "word": " supplied", "probability": 0.646484375}, {"start": 2629.56, "end": 2629.88, "word": " here", "probability": 0.8515625}, {"start": 2629.88, "end": 2630.5, "word": " increases", "probability": 0.92138671875}, {"start": 2630.5, "end": 2631.1, "word": " to", "probability": 0.96142578125}, {"start": 2631.1, "end": 2631.84, "word": " 12", "probability": 0.438232421875}, {"start": 2631.84, "end": 2632.22, "word": " maybe", "probability": 0.86376953125}, {"start": 2632.22, "end": 2633.42, "word": " or", "probability": 0.5859375}, {"start": 2633.42, "end": 2634.88, "word": " 20", "probability": 0.93798828125}, {"start": 2634.88, "end": 2638.12, "word": " boxes", "probability": 0.91552734375}, {"start": 2638.12, "end": 2639.76, "word": " per", "probability": 0.4921875}, {"start": 2639.76, "end": 2640.16, "word": " capita", "probability": 0.97265625}, {"start": 2640.16, "end": 2641.22, "word": " production", "probability": 0.8095703125}, {"start": 2641.22, "end": 2641.52, "word": " to", "probability": 0.389892578125}, {"start": 2641.52, "end": 2642.28, "word": " the", "probability": 0.484130859375}, {"start": 2642.28, "end": 2643.86, "word": " producer.", "probability": 0.85546875}, {"start": 2644.5, "end": 2645.56, "word": " 20", "probability": 0.1904296875}, {"start": 2645.56, "end": 2647.22, "word": " boxes.", "probability": 0.92431640625}, {"start": 2649.28, "end": 2650.34, "word": " Here", "probability": 0.7724609375}, {"start": 2650.34, "end": 2650.56, "word": " we", "probability": 0.837890625}, {"start": 2650.56, "end": 2650.84, "word": " have", "probability": 0.94580078125}, {"start": 2650.84, "end": 2651.16, "word": " what?", "probability": 0.87548828125}, {"start": 2651.48, "end": 2652.18, "word": " QS?", "probability": 0.752197265625}], "temperature": 1.0}, {"id": 92, "seek": 268246, "start": 2653.54, "end": 2682.46, "text": " It's bigger than QD. We have what? Excess supply of goods. Exactly, exactly. So here we have excess supply equals shortage demand. Automated by QS minus QD. QS", "tokens": [467, 311, 3801, 813, 1249, 35, 13, 492, 362, 437, 30, 2111, 780, 5847, 295, 10179, 13, 7587, 11, 2293, 13, 407, 510, 321, 362, 9310, 5847, 6915, 24708, 4733, 13, 24619, 770, 538, 1249, 50, 3175, 1249, 35, 13, 1249, 50], "avg_logprob": -0.29160611296808997, "compression_ratio": 1.25, "no_speech_prob": 0.0, "words": [{"start": 2653.54, "end": 2653.84, "word": " It's", "probability": 0.43902587890625}, {"start": 2653.84, "end": 2654.02, "word": " bigger", "probability": 0.97509765625}, {"start": 2654.02, "end": 2654.32, "word": " than", "probability": 0.94189453125}, {"start": 2654.32, "end": 2654.86, "word": " QD.", "probability": 0.7138671875}, {"start": 2655.96, "end": 2656.4, "word": " We", "probability": 0.50537109375}, {"start": 2656.4, "end": 2656.56, "word": " have", "probability": 0.94677734375}, {"start": 2656.56, "end": 2656.74, "word": " what?", "probability": 0.81396484375}, {"start": 2657.94, "end": 2658.56, "word": " Excess", "probability": 0.6785888671875}, {"start": 2658.56, "end": 2659.26, "word": " supply", "probability": 0.93603515625}, {"start": 2659.26, "end": 2659.58, "word": " of", "probability": 0.55908203125}, {"start": 2659.58, "end": 2659.86, "word": " goods.", "probability": 0.331298828125}, {"start": 2661.08, "end": 2661.44, "word": " Exactly,", "probability": 0.513671875}, {"start": 2661.72, "end": 2662.1, "word": " exactly.", "probability": 0.86279296875}, {"start": 2662.26, "end": 2662.44, "word": " So", "probability": 0.94140625}, {"start": 2662.44, "end": 2662.66, "word": " here", "probability": 0.7216796875}, {"start": 2662.66, "end": 2662.84, "word": " we", "probability": 0.89208984375}, {"start": 2662.84, "end": 2663.2, "word": " have", "probability": 0.94921875}, {"start": 2663.2, "end": 2664.1, "word": " excess", "probability": 0.8642578125}, {"start": 2664.1, "end": 2666.36, "word": " supply", "probability": 0.947265625}, {"start": 2666.36, "end": 2668.68, "word": " equals", "probability": 0.880859375}, {"start": 2668.68, "end": 2669.12, "word": " shortage", "probability": 0.96484375}, {"start": 2669.12, "end": 2670.02, "word": " demand.", "probability": 0.8447265625}, {"start": 2674.04, "end": 2674.92, "word": " Automated", "probability": 0.7001953125}, {"start": 2674.92, "end": 2677.9, "word": " by", "probability": 0.89208984375}, {"start": 2677.9, "end": 2679.66, "word": " QS", "probability": 0.89111328125}, {"start": 2679.66, "end": 2680.04, "word": " minus", "probability": 0.966796875}, {"start": 2680.04, "end": 2680.68, "word": " QD.", "probability": 0.983642578125}, {"start": 2681.58, "end": 2682.46, "word": " QS", "probability": 0.9912109375}], "temperature": 1.0}, {"id": 93, "seek": 271616, "start": 2691.74, "end": 2716.16, "text": " 20 minus 1 equals 19. This is X's supply of tomatoes in the local market. Okay? Clear? Okay. What should the government, here we have an X's supply of tomatoes in the local market. What should the government, it's a problem.", "tokens": [945, 3175, 502, 6915, 1294, 13, 639, 307, 1783, 311, 5847, 295, 15135, 294, 264, 2654, 2142, 13, 1033, 30, 14993, 30, 1033, 13, 708, 820, 264, 2463, 11, 510, 321, 362, 364, 1783, 311, 5847, 295, 15135, 294, 264, 2654, 2142, 13, 708, 820, 264, 2463, 11, 309, 311, 257, 1154, 13], "avg_logprob": -0.16304976603499166, "compression_ratio": 1.6423357664233578, "no_speech_prob": 0.0, "words": [{"start": 2691.74, "end": 2692.5, "word": " 20", "probability": 0.6435546875}, {"start": 2692.5, "end": 2693.26, "word": " minus", "probability": 0.94677734375}, {"start": 2693.26, "end": 2693.72, "word": " 1", "probability": 0.64111328125}, {"start": 2693.72, "end": 2694.6, "word": " equals", "probability": 0.93408203125}, {"start": 2694.6, "end": 2696.14, "word": " 19.", "probability": 0.9287109375}, {"start": 2696.3, "end": 2696.44, "word": " This", "probability": 0.88330078125}, {"start": 2696.44, "end": 2697.42, "word": " is", "probability": 0.94580078125}, {"start": 2697.42, "end": 2698.32, "word": " X's", "probability": 0.791259765625}, {"start": 2698.32, "end": 2698.86, "word": " supply", "probability": 0.9599609375}, {"start": 2698.86, "end": 2699.08, "word": " of", "probability": 0.96923828125}, {"start": 2699.08, "end": 2699.58, "word": " tomatoes", "probability": 0.919921875}, {"start": 2699.58, "end": 2700.28, "word": " in", "probability": 0.9404296875}, {"start": 2700.28, "end": 2700.42, "word": " the", "probability": 0.90966796875}, {"start": 2700.42, "end": 2700.66, "word": " local", "probability": 0.85546875}, {"start": 2700.66, "end": 2701.22, "word": " market.", "probability": 0.88330078125}, {"start": 2702.12, "end": 2702.32, "word": " Okay?", "probability": 0.327880859375}, {"start": 2703.86, "end": 2704.42, "word": " Clear?", "probability": 0.94677734375}, {"start": 2705.2, "end": 2705.42, "word": " Okay.", "probability": 0.8115234375}, {"start": 2707.38, "end": 2707.7, "word": " What", "probability": 0.8046875}, {"start": 2707.7, "end": 2707.96, "word": " should", "probability": 0.96923828125}, {"start": 2707.96, "end": 2708.2, "word": " the", "probability": 0.91943359375}, {"start": 2708.2, "end": 2708.52, "word": " government,", "probability": 0.91162109375}, {"start": 2708.82, "end": 2709.12, "word": " here", "probability": 0.83447265625}, {"start": 2709.12, "end": 2709.34, "word": " we", "probability": 0.93603515625}, {"start": 2709.34, "end": 2709.78, "word": " have", "probability": 0.9443359375}, {"start": 2709.78, "end": 2710.52, "word": " an", "probability": 0.798828125}, {"start": 2710.52, "end": 2711.12, "word": " X's", "probability": 0.906494140625}, {"start": 2711.12, "end": 2711.64, "word": " supply", "probability": 0.95556640625}, {"start": 2711.64, "end": 2711.88, "word": " of", "probability": 0.962890625}, {"start": 2711.88, "end": 2712.4, "word": " tomatoes", "probability": 0.9296875}, {"start": 2712.4, "end": 2712.96, "word": " in", "probability": 0.94091796875}, {"start": 2712.96, "end": 2713.12, "word": " the", "probability": 0.91455078125}, {"start": 2713.12, "end": 2713.38, "word": " local", "probability": 0.88232421875}, {"start": 2713.38, "end": 2713.86, "word": " market.", "probability": 0.87451171875}, {"start": 2714.46, "end": 2714.68, "word": " What", "probability": 0.85546875}, {"start": 2714.68, "end": 2714.9, "word": " should", "probability": 0.97216796875}, {"start": 2714.9, "end": 2715.08, "word": " the", "probability": 0.91796875}, {"start": 2715.08, "end": 2715.36, "word": " government,", "probability": 0.92138671875}, {"start": 2715.54, "end": 2715.76, "word": " it's", "probability": 0.94775390625}, {"start": 2715.76, "end": 2715.88, "word": " a", "probability": 0.99609375}, {"start": 2715.88, "end": 2716.16, "word": " problem.", "probability": 0.8916015625}], "temperature": 1.0}, {"id": 94, "seek": 273973, "start": 2717.35, "end": 2739.73, "text": " Actually, that's a problem here. What should the government do in this case? Exactly. Number one, the government should encourage exporting of tomatoes. Yes. Exactly. Stop importing of tomatoes by increasing the imports tariff.", "tokens": [5135, 11, 300, 311, 257, 1154, 510, 13, 708, 820, 264, 2463, 360, 294, 341, 1389, 30, 2111, 46831, 13, 5118, 472, 11, 264, 2463, 820, 5373, 44686, 295, 15135, 13, 1079, 13, 7587, 13, 5535, 43866, 295, 15135, 538, 5662, 264, 41596, 3112, 3661, 13], "avg_logprob": -0.21791888297872342, "compression_ratio": 1.4901960784313726, "no_speech_prob": 0.0, "words": [{"start": 2717.35, "end": 2717.89, "word": " Actually,", "probability": 0.82861328125}, {"start": 2718.21, "end": 2718.65, "word": " that's", "probability": 0.7164306640625}, {"start": 2718.65, "end": 2718.75, "word": " a", "probability": 0.974609375}, {"start": 2718.75, "end": 2719.07, "word": " problem", "probability": 0.8740234375}, {"start": 2719.07, "end": 2719.35, "word": " here.", "probability": 0.85302734375}, {"start": 2719.95, "end": 2720.17, "word": " What", "probability": 0.89306640625}, {"start": 2720.17, "end": 2720.55, "word": " should", "probability": 0.97119140625}, {"start": 2720.55, "end": 2721.29, "word": " the", "probability": 0.919921875}, {"start": 2721.29, "end": 2721.65, "word": " government", "probability": 0.912109375}, {"start": 2721.65, "end": 2722.07, "word": " do", "probability": 0.9658203125}, {"start": 2722.07, "end": 2722.31, "word": " in", "probability": 0.9248046875}, {"start": 2722.31, "end": 2722.49, "word": " this", "probability": 0.9462890625}, {"start": 2722.49, "end": 2722.85, "word": " case?", "probability": 0.91650390625}, {"start": 2724.37, "end": 2724.93, "word": " Exactly.", "probability": 0.5843505859375}, {"start": 2725.07, "end": 2725.19, "word": " Number", "probability": 0.86767578125}, {"start": 2725.19, "end": 2725.55, "word": " one,", "probability": 0.8974609375}, {"start": 2725.69, "end": 2725.91, "word": " the", "probability": 0.4921875}, {"start": 2725.91, "end": 2726.35, "word": " government", "probability": 0.91015625}, {"start": 2726.35, "end": 2726.77, "word": " should", "probability": 0.9697265625}, {"start": 2726.77, "end": 2727.75, "word": " encourage", "probability": 0.81689453125}, {"start": 2727.75, "end": 2728.61, "word": " exporting", "probability": 0.8828125}, {"start": 2728.61, "end": 2728.89, "word": " of", "probability": 0.95458984375}, {"start": 2728.89, "end": 2729.35, "word": " tomatoes.", "probability": 0.9306640625}, {"start": 2730.75, "end": 2731.11, "word": " Yes.", "probability": 0.412353515625}, {"start": 2733.07, "end": 2733.87, "word": " Exactly.", "probability": 0.50439453125}, {"start": 2734.27, "end": 2734.49, "word": " Stop", "probability": 0.94140625}, {"start": 2734.49, "end": 2735.07, "word": " importing", "probability": 0.92578125}, {"start": 2735.07, "end": 2735.31, "word": " of", "probability": 0.763671875}, {"start": 2735.31, "end": 2735.75, "word": " tomatoes", "probability": 0.93212890625}, {"start": 2735.75, "end": 2737.19, "word": " by", "probability": 0.8623046875}, {"start": 2737.19, "end": 2738.47, "word": " increasing", "probability": 0.94873046875}, {"start": 2738.47, "end": 2738.73, "word": " the", "probability": 0.8994140625}, {"start": 2738.73, "end": 2739.13, "word": " imports", "probability": 0.693359375}, {"start": 2739.13, "end": 2739.73, "word": " tariff.", "probability": 0.835693359375}], "temperature": 1.0}, {"id": 95, "seek": 276692, "start": 2752.4, "end": 2766.92, "text": " What else? Yes.", "tokens": [708, 1646, 30, 1079, 13], "avg_logprob": -0.4596354067325592, "compression_ratio": 0.6666666666666666, "no_speech_prob": 0.0, "words": [{"start": 2752.3999999999996, "end": 2753.7999999999997, "word": " What", "probability": 0.11749267578125}, {"start": 2753.7999999999997, "end": 2755.2, "word": " else?", "probability": 0.90771484375}, {"start": 2766.22, "end": 2766.92, "word": " Yes.", "probability": 0.88818359375}], "temperature": 1.0}, {"id": 96, "seek": 279656, "start": 2769.84, "end": 2796.56, "text": " Exactly. Nice. Perfect. So here, what should the government do to solve the price of lower preference here? Excess supply.", "tokens": [7587, 13, 5490, 13, 10246, 13, 407, 510, 11, 437, 820, 264, 2463, 360, 281, 5039, 264, 3218, 295, 3126, 17502, 510, 30, 2111, 780, 5847, 13], "avg_logprob": -0.30636161672217505, "compression_ratio": 1.1388888888888888, "no_speech_prob": 0.0, "words": [{"start": 2769.84, "end": 2770.44, "word": " Exactly.", "probability": 0.4970703125}, {"start": 2770.74, "end": 2771.24, "word": " Nice.", "probability": 0.8076171875}, {"start": 2771.34, "end": 2771.58, "word": " Perfect.", "probability": 0.91015625}, {"start": 2772.04, "end": 2772.24, "word": " So", "probability": 0.91748046875}, {"start": 2772.24, "end": 2773.0, "word": " here,", "probability": 0.71435546875}, {"start": 2773.9, "end": 2774.14, "word": " what", "probability": 0.90625}, {"start": 2774.14, "end": 2774.44, "word": " should", "probability": 0.97119140625}, {"start": 2774.44, "end": 2775.54, "word": " the", "probability": 0.90625}, {"start": 2775.54, "end": 2775.84, "word": " government", "probability": 0.9423828125}, {"start": 2775.84, "end": 2776.46, "word": " do", "probability": 0.9501953125}, {"start": 2776.46, "end": 2777.78, "word": " to", "probability": 0.97216796875}, {"start": 2777.78, "end": 2778.76, "word": " solve", "probability": 0.9140625}, {"start": 2778.76, "end": 2782.6, "word": " the", "probability": 0.52783203125}, {"start": 2782.6, "end": 2782.9, "word": " price", "probability": 0.88134765625}, {"start": 2782.9, "end": 2783.06, "word": " of", "probability": 0.83154296875}, {"start": 2783.06, "end": 2783.28, "word": " lower", "probability": 0.6083984375}, {"start": 2783.28, "end": 2783.76, "word": " preference", "probability": 0.108642578125}, {"start": 2783.76, "end": 2784.14, "word": " here?", "probability": 0.74072265625}, {"start": 2795.18, "end": 2796.1, "word": " Excess", "probability": 0.56005859375}, {"start": 2796.1, "end": 2796.56, "word": " supply.", "probability": 0.892578125}], "temperature": 1.0}, {"id": 97, "seek": 282643, "start": 2804.43, "end": 2826.43, "text": " Optimators. If the price or the price floor was below the equilibrium, is it effective? No. They call it ineffective price floor. Above, this is an effective price floor.", "tokens": [35013, 3391, 13, 759, 264, 3218, 420, 264, 3218, 4123, 390, 2507, 264, 15625, 11, 307, 309, 4942, 30, 883, 13, 814, 818, 309, 48836, 3218, 4123, 13, 32691, 11, 341, 307, 364, 4942, 3218, 4123, 13], "avg_logprob": -0.34662827692533793, "compression_ratio": 1.4869565217391305, "no_speech_prob": 0.0, "words": [{"start": 2804.43, "end": 2805.31, "word": " Optimators.", "probability": 0.60107421875}, {"start": 2805.31, "end": 2806.19, "word": " If", "probability": 0.7451171875}, {"start": 2806.19, "end": 2807.41, "word": " the", "probability": 0.9091796875}, {"start": 2807.41, "end": 2807.77, "word": " price", "probability": 0.92626953125}, {"start": 2807.77, "end": 2808.17, "word": " or", "probability": 0.73046875}, {"start": 2808.17, "end": 2808.37, "word": " the", "probability": 0.82373046875}, {"start": 2808.37, "end": 2808.59, "word": " price", "probability": 0.9482421875}, {"start": 2808.59, "end": 2808.91, "word": " floor", "probability": 0.5859375}, {"start": 2808.91, "end": 2809.57, "word": " was", "probability": 0.89404296875}, {"start": 2809.57, "end": 2810.09, "word": " below", "probability": 0.8740234375}, {"start": 2810.09, "end": 2810.55, "word": " the", "probability": 0.890625}, {"start": 2810.55, "end": 2811.01, "word": " equilibrium,", "probability": 0.9423828125}, {"start": 2811.53, "end": 2811.97, "word": " is", "probability": 0.896484375}, {"start": 2811.97, "end": 2812.13, "word": " it", "probability": 0.783203125}, {"start": 2812.13, "end": 2812.61, "word": " effective?", "probability": 0.86865234375}, {"start": 2813.11, "end": 2813.35, "word": " No.", "probability": 0.372314453125}, {"start": 2813.81, "end": 2814.03, "word": " They", "probability": 0.15576171875}, {"start": 2814.03, "end": 2814.03, "word": " call", "probability": 0.77880859375}, {"start": 2814.03, "end": 2814.39, "word": " it", "probability": 0.8173828125}, {"start": 2814.39, "end": 2815.27, "word": " ineffective", "probability": 0.28955078125}, {"start": 2815.27, "end": 2820.25, "word": " price", "probability": 0.80859375}, {"start": 2820.25, "end": 2820.73, "word": " floor.", "probability": 0.89111328125}, {"start": 2823.79, "end": 2824.67, "word": " Above,", "probability": 0.90625}, {"start": 2824.89, "end": 2825.19, "word": " this", "probability": 0.66796875}, {"start": 2825.19, "end": 2825.21, "word": " is", "probability": 0.9140625}, {"start": 2825.21, "end": 2825.31, "word": " an", "probability": 0.5126953125}, {"start": 2825.31, "end": 2825.67, "word": " effective", "probability": 0.86181640625}, {"start": 2825.67, "end": 2826.11, "word": " price", "probability": 0.9140625}, {"start": 2826.11, "end": 2826.43, "word": " floor.", "probability": 0.90185546875}], "temperature": 1.0}, {"id": 98, "seek": 285889, "start": 2831.39, "end": 2858.89, "text": " Another price take effective price floor. So here, what should the government do? What should the government do to solve the problem? The price floor problem.", "tokens": [3996, 3218, 747, 4942, 3218, 4123, 13, 407, 510, 11, 437, 820, 264, 2463, 360, 30, 708, 820, 264, 2463, 360, 281, 5039, 264, 1154, 30, 440, 3218, 4123, 1154, 13], "avg_logprob": -0.28540039993822575, "compression_ratio": 1.5, "no_speech_prob": 0.0, "words": [{"start": 2831.39, "end": 2831.73, "word": " Another", "probability": 0.1602783203125}, {"start": 2831.73, "end": 2832.11, "word": " price", "probability": 0.9453125}, {"start": 2832.11, "end": 2832.47, "word": " take", "probability": 0.339111328125}, {"start": 2832.47, "end": 2834.39, "word": " effective", "probability": 0.66845703125}, {"start": 2834.39, "end": 2837.37, "word": " price", "probability": 0.900390625}, {"start": 2837.37, "end": 2837.67, "word": " floor.", "probability": 0.2890625}, {"start": 2839.07, "end": 2839.61, "word": " So", "probability": 0.9072265625}, {"start": 2839.61, "end": 2840.25, "word": " here,", "probability": 0.74609375}, {"start": 2840.57, "end": 2840.71, "word": " what", "probability": 0.9482421875}, {"start": 2840.71, "end": 2840.85, "word": " should", "probability": 0.96875}, {"start": 2840.85, "end": 2841.01, "word": " the", "probability": 0.92333984375}, {"start": 2841.01, "end": 2841.33, "word": " government", "probability": 0.9130859375}, {"start": 2841.33, "end": 2841.79, "word": " do?", "probability": 0.96240234375}, {"start": 2842.39, "end": 2843.01, "word": " What", "probability": 0.6650390625}, {"start": 2843.01, "end": 2845.45, "word": " should", "probability": 0.962890625}, {"start": 2845.45, "end": 2846.87, "word": " the", "probability": 0.92333984375}, {"start": 2846.87, "end": 2847.25, "word": " government", "probability": 0.91845703125}, {"start": 2847.25, "end": 2848.21, "word": " do", "probability": 0.95849609375}, {"start": 2848.21, "end": 2849.97, "word": " to", "probability": 0.95947265625}, {"start": 2849.97, "end": 2850.89, "word": " solve", "probability": 0.9345703125}, {"start": 2850.89, "end": 2851.03, "word": " the", "probability": 0.91748046875}, {"start": 2851.03, "end": 2851.43, "word": " problem?", "probability": 0.87744140625}, {"start": 2855.21, "end": 2856.29, "word": " The", "probability": 0.88623046875}, {"start": 2856.29, "end": 2856.69, "word": " price", "probability": 0.9169921875}, {"start": 2856.69, "end": 2858.27, "word": " floor", "probability": 0.8681640625}, {"start": 2858.27, "end": 2858.89, "word": " problem.", "probability": 0.28271484375}], "temperature": 1.0}, {"id": 99, "seek": 289217, "start": 2866.13, "end": 2892.17, "text": " or created problems here? Are the problems created by the price of flour? What should the government do to solve the problems created by the price of flour policy?", "tokens": [420, 2942, 2740, 510, 30, 2014, 264, 2740, 2942, 538, 264, 3218, 295, 7693, 30, 708, 820, 264, 2463, 360, 281, 5039, 264, 2740, 2942, 538, 264, 3218, 295, 7693, 3897, 30], "avg_logprob": -0.18122632575757575, "compression_ratio": 1.7263157894736842, "no_speech_prob": 0.0, "words": [{"start": 2866.13, "end": 2866.43, "word": " or", "probability": 0.611328125}, {"start": 2866.43, "end": 2866.83, "word": " created", "probability": 0.65380859375}, {"start": 2866.83, "end": 2867.35, "word": " problems", "probability": 0.8173828125}, {"start": 2867.35, "end": 2867.71, "word": " here?", "probability": 0.85693359375}, {"start": 2879.29, "end": 2880.13, "word": " Are", "probability": 0.1900634765625}, {"start": 2880.13, "end": 2880.27, "word": " the", "probability": 0.92041015625}, {"start": 2880.27, "end": 2880.67, "word": " problems", "probability": 0.84765625}, {"start": 2880.67, "end": 2881.21, "word": " created", "probability": 0.8095703125}, {"start": 2881.21, "end": 2881.63, "word": " by", "probability": 0.97314453125}, {"start": 2881.63, "end": 2881.89, "word": " the", "probability": 0.91552734375}, {"start": 2881.89, "end": 2882.15, "word": " price", "probability": 0.90869140625}, {"start": 2882.15, "end": 2882.29, "word": " of", "probability": 0.9189453125}, {"start": 2882.29, "end": 2882.51, "word": " flour?", "probability": 0.71875}, {"start": 2883.81, "end": 2884.65, "word": " What", "probability": 0.91162109375}, {"start": 2884.65, "end": 2884.91, "word": " should", "probability": 0.96923828125}, {"start": 2884.91, "end": 2885.07, "word": " the", "probability": 0.92138671875}, {"start": 2885.07, "end": 2885.45, "word": " government", "probability": 0.90966796875}, {"start": 2885.45, "end": 2886.07, "word": " do", "probability": 0.951171875}, {"start": 2886.07, "end": 2886.93, "word": " to", "probability": 0.96533203125}, {"start": 2886.93, "end": 2887.67, "word": " solve", "probability": 0.92724609375}, {"start": 2887.67, "end": 2888.11, "word": " the", "probability": 0.92578125}, {"start": 2888.11, "end": 2888.53, "word": " problems", "probability": 0.82958984375}, {"start": 2888.53, "end": 2889.11, "word": " created", "probability": 0.82275390625}, {"start": 2889.11, "end": 2889.69, "word": " by", "probability": 0.9716796875}, {"start": 2889.69, "end": 2890.79, "word": " the", "probability": 0.92431640625}, {"start": 2890.79, "end": 2891.33, "word": " price", "probability": 0.91796875}, {"start": 2891.33, "end": 2891.47, "word": " of", "probability": 0.96826171875}, {"start": 2891.47, "end": 2891.71, "word": " flour", "probability": 0.9560546875}, {"start": 2891.71, "end": 2892.17, "word": " policy?", "probability": 0.91357421875}], "temperature": 1.0}, {"id": 100, "seek": 292074, "start": 2893.76, "end": 2920.74, "text": " Number one, encouragement. Exporting of tomatoes. Number one. Number two, stop importing. Encouragement or stop.", "tokens": [5118, 472, 11, 25683, 13, 50130, 278, 295, 15135, 13, 5118, 472, 13, 5118, 732, 11, 1590, 43866, 13, 29584, 396, 11129, 420, 1590, 13], "avg_logprob": -0.18013821771511665, "compression_ratio": 1.3452380952380953, "no_speech_prob": 0.0, "words": [{"start": 2893.76, "end": 2894.08, "word": " Number", "probability": 0.8740234375}, {"start": 2894.08, "end": 2894.36, "word": " one,", "probability": 0.91845703125}, {"start": 2896.68, "end": 2897.32, "word": " encouragement.", "probability": 0.75634765625}, {"start": 2903.18, "end": 2904.24, "word": " Exporting", "probability": 0.896484375}, {"start": 2904.24, "end": 2905.72, "word": " of", "probability": 0.94189453125}, {"start": 2905.72, "end": 2906.22, "word": " tomatoes.", "probability": 0.9521484375}, {"start": 2908.48, "end": 2909.04, "word": " Number", "probability": 0.89892578125}, {"start": 2909.04, "end": 2909.3, "word": " one.", "probability": 0.91650390625}, {"start": 2909.74, "end": 2909.94, "word": " Number", "probability": 0.88330078125}, {"start": 2909.94, "end": 2910.22, "word": " two,", "probability": 0.9345703125}, {"start": 2911.82, "end": 2912.16, "word": " stop", "probability": 0.91650390625}, {"start": 2912.16, "end": 2912.96, "word": " importing.", "probability": 0.9482421875}, {"start": 2918.84, "end": 2919.9, "word": " Encouragement", "probability": 0.6578776041666666}, {"start": 2919.9, "end": 2920.34, "word": " or", "probability": 0.83349609375}, {"start": 2920.34, "end": 2920.74, "word": " stop.", "probability": 0.93212890625}], "temperature": 1.0}, {"id": 101, "seek": 294050, "start": 2923.64, "end": 2940.5, "text": " or decrease importing automators by increasing imports tariff or customs.", "tokens": [420, 11514, 43866, 3553, 3391, 538, 5662, 41596, 3112, 3661, 420, 27330, 13], "avg_logprob": -0.2943638414144516, "compression_ratio": 1.088235294117647, "no_speech_prob": 0.0, "words": [{"start": 2923.64, "end": 2923.96, "word": " or", "probability": 0.78759765625}, {"start": 2923.96, "end": 2924.62, "word": " decrease", "probability": 0.82177734375}, {"start": 2924.62, "end": 2927.98, "word": " importing", "probability": 0.7841796875}, {"start": 2927.98, "end": 2931.04, "word": " automators", "probability": 0.63916015625}, {"start": 2931.04, "end": 2934.9, "word": " by", "probability": 0.9326171875}, {"start": 2934.9, "end": 2936.4, "word": " increasing", "probability": 0.95849609375}, {"start": 2936.4, "end": 2939.0, "word": " imports", "probability": 0.7548828125}, {"start": 2939.0, "end": 2939.58, "word": " tariff", "probability": 0.8466796875}, {"start": 2939.58, "end": 2939.92, "word": " or", "probability": 0.86865234375}, {"start": 2939.92, "end": 2940.5, "word": " customs.", "probability": 0.26123046875}], "temperature": 1.0}, {"id": 102, "seek": 297801, "start": 2950.63, "end": 2978.01, "text": " Yes. This is import tariff. You know how customs work. How do you want to stop importing tomatoes? You import tomatoes from abroad. How do you want to stop it? Reduce your tax on it by 200%.", "tokens": [1079, 13, 639, 307, 974, 3112, 3661, 13, 509, 458, 577, 27330, 589, 13, 1012, 360, 291, 528, 281, 1590, 43866, 15135, 30, 509, 974, 15135, 490, 12637, 13, 1012, 360, 291, 528, 281, 1590, 309, 30, 4477, 4176, 428, 3366, 322, 309, 538, 2331, 6856], "avg_logprob": -0.5857712791321126, "compression_ratio": 1.4692307692307693, "no_speech_prob": 0.0, "words": [{"start": 2950.63, "end": 2950.97, "word": " Yes.", "probability": 0.54736328125}, {"start": 2951.49, "end": 2951.77, "word": " This", "probability": 0.2110595703125}, {"start": 2951.77, "end": 2951.77, "word": " is", "probability": 0.88134765625}, {"start": 2951.77, "end": 2953.01, "word": " import", "probability": 0.57421875}, {"start": 2953.01, "end": 2954.01, "word": " tariff.", "probability": 0.5465087890625}, {"start": 2954.21, "end": 2954.41, "word": " You", "probability": 0.337890625}, {"start": 2954.41, "end": 2955.99, "word": " know", "probability": 0.53759765625}, {"start": 2955.99, "end": 2956.19, "word": " how", "probability": 0.37548828125}, {"start": 2956.19, "end": 2956.95, "word": " customs", "probability": 0.487548828125}, {"start": 2956.95, "end": 2957.47, "word": " work.", "probability": 0.4326171875}, {"start": 2960.47, "end": 2961.15, "word": " How", "probability": 0.85205078125}, {"start": 2961.15, "end": 2961.19, "word": " do", "probability": 0.28662109375}, {"start": 2961.19, "end": 2964.69, "word": " you", "probability": 0.962890625}, {"start": 2964.69, "end": 2964.71, "word": " want", "probability": 0.382080078125}, {"start": 2964.71, "end": 2964.75, "word": " to", "probability": 0.9384765625}, {"start": 2964.75, "end": 2964.89, "word": " stop", "probability": 0.271728515625}, {"start": 2964.89, "end": 2965.37, "word": " importing", "probability": 0.37060546875}, {"start": 2965.37, "end": 2965.73, "word": " tomatoes?", "probability": 0.1654052734375}, {"start": 2967.51, "end": 2968.19, "word": " You", "probability": 0.52587890625}, {"start": 2968.19, "end": 2968.59, "word": " import", "probability": 0.6484375}, {"start": 2968.59, "end": 2969.15, "word": " tomatoes", "probability": 0.79931640625}, {"start": 2969.15, "end": 2969.31, "word": " from", "probability": 0.7529296875}, {"start": 2969.31, "end": 2969.61, "word": " abroad.", "probability": 0.671875}, {"start": 2970.09, "end": 2970.33, "word": " How", "probability": 0.93408203125}, {"start": 2970.33, "end": 2970.41, "word": " do", "probability": 0.8408203125}, {"start": 2970.41, "end": 2970.53, "word": " you", "probability": 0.96630859375}, {"start": 2970.53, "end": 2970.53, "word": " want", "probability": 0.78515625}, {"start": 2970.53, "end": 2970.59, "word": " to", "probability": 0.96142578125}, {"start": 2970.59, "end": 2970.77, "word": " stop", "probability": 0.8857421875}, {"start": 2970.77, "end": 2970.99, "word": " it?", "probability": 0.374755859375}, {"start": 2974.95, "end": 2975.53, "word": " Reduce", "probability": 0.55242919921875}, {"start": 2975.53, "end": 2975.71, "word": " your", "probability": 0.62109375}, {"start": 2975.71, "end": 2976.01, "word": " tax", "probability": 0.1412353515625}, {"start": 2976.01, "end": 2976.31, "word": " on", "probability": 0.56689453125}, {"start": 2976.31, "end": 2976.57, "word": " it", "probability": 0.60546875}, {"start": 2976.57, "end": 2977.27, "word": " by", "probability": 0.90576171875}, {"start": 2977.27, "end": 2978.01, "word": " 200%.", "probability": 0.644775390625}], "temperature": 1.0}, {"id": 103, "seek": 300687, "start": 2993.89, "end": 3006.87, "text": " Three. The government sometimes can buy the overproduction of tomatoes. Sometimes", "tokens": [6244, 13, 440, 2463, 2171, 393, 2256, 264, 670, 40827, 295, 15135, 13, 4803], "avg_logprob": -0.3380208373069763, "compression_ratio": 1.0789473684210527, "no_speech_prob": 0.0, "words": [{"start": 2993.89, "end": 2995.29, "word": " Three.", "probability": 0.202392578125}, {"start": 2995.29, "end": 2996.69, "word": " The", "probability": 0.85693359375}, {"start": 2996.69, "end": 2997.13, "word": " government", "probability": 0.89697265625}, {"start": 2997.13, "end": 2998.35, "word": " sometimes", "probability": 0.8740234375}, {"start": 2998.35, "end": 2998.95, "word": " can", "probability": 0.955078125}, {"start": 2998.95, "end": 3000.29, "word": " buy", "probability": 0.84716796875}, {"start": 3000.29, "end": 3000.61, "word": " the", "probability": 0.8603515625}, {"start": 3000.61, "end": 3001.51, "word": " overproduction", "probability": 0.854248046875}, {"start": 3001.51, "end": 3001.73, "word": " of", "probability": 0.9677734375}, {"start": 3001.73, "end": 3002.21, "word": " tomatoes.", "probability": 0.93603515625}, {"start": 3005.81, "end": 3006.87, "word": " Sometimes", "probability": 0.368896484375}], "temperature": 1.0}, {"id": 104, "seek": 303507, "start": 3013.57, "end": 3035.07, "text": " The government buys or purchase the overproduced. The overproduced quantities", "tokens": [440, 2463, 28153, 420, 8110, 264, 670, 14314, 1232, 13, 440, 670, 14314, 1232, 22927], "avg_logprob": -0.3437500074505806, "compression_ratio": 1.1304347826086956, "no_speech_prob": 0.0, "words": [{"start": 3013.57, "end": 3013.83, "word": " The", "probability": 0.796875}, {"start": 3013.83, "end": 3014.61, "word": " government", "probability": 0.927734375}, {"start": 3014.61, "end": 3018.27, "word": " buys", "probability": 0.9892578125}, {"start": 3018.27, "end": 3020.15, "word": " or", "probability": 0.92236328125}, {"start": 3020.15, "end": 3020.81, "word": " purchase", "probability": 0.484375}, {"start": 3020.81, "end": 3022.41, "word": " the", "probability": 0.75634765625}, {"start": 3022.41, "end": 3026.71, "word": " overproduced.", "probability": 0.7679036458333334}, {"start": 3026.71, "end": 3027.93, "word": " The", "probability": 0.85205078125}, {"start": 3027.93, "end": 3034.19, "word": " overproduced", "probability": 0.9513346354166666}, {"start": 3034.19, "end": 3035.07, "word": " quantities", "probability": 0.330322265625}], "temperature": 1.0}, {"id": 105, "seek": 307370, "start": 3051.8, "end": 3073.7, "text": " Automated. From the sellers. Of course, they send it to the army. Right? Yes, it happens. It happens, of course, that's how they work. Now they work on imports a lot. Imports tariffs.", "tokens": [24619, 770, 13, 3358, 264, 31276, 13, 2720, 1164, 11, 436, 2845, 309, 281, 264, 7267, 13, 1779, 30, 1079, 11, 309, 2314, 13, 467, 2314, 11, 295, 1164, 11, 300, 311, 577, 436, 589, 13, 823, 436, 589, 322, 41596, 257, 688, 13, 8270, 3299, 39661, 13], "avg_logprob": -0.4531249902686294, "compression_ratio": 1.4153846153846155, "no_speech_prob": 0.0, "words": [{"start": 3051.7999999999997, "end": 3052.24, "word": " Automated.", "probability": 0.37646484375}, {"start": 3052.24, "end": 3052.68, "word": " From", "probability": 0.72607421875}, {"start": 3052.68, "end": 3054.42, "word": " the", "probability": 0.7724609375}, {"start": 3054.42, "end": 3054.84, "word": " sellers.", "probability": 0.888671875}, {"start": 3060.88, "end": 3061.06, "word": " Of", "probability": 0.035125732421875}, {"start": 3061.06, "end": 3061.14, "word": " course,", "probability": 0.953125}, {"start": 3061.2, "end": 3061.42, "word": " they", "probability": 0.3408203125}, {"start": 3061.42, "end": 3061.42, "word": " send", "probability": 0.2406005859375}, {"start": 3061.42, "end": 3061.48, "word": " it", "probability": 0.513671875}, {"start": 3061.48, "end": 3061.64, "word": " to", "probability": 0.9150390625}, {"start": 3061.64, "end": 3061.74, "word": " the", "probability": 0.86669921875}, {"start": 3061.74, "end": 3061.96, "word": " army.", "probability": 0.77099609375}, {"start": 3063.6, "end": 3063.96, "word": " Right?", "probability": 0.55029296875}, {"start": 3065.6, "end": 3065.88, "word": " Yes,", "probability": 0.5517578125}, {"start": 3065.92, "end": 3066.04, "word": " it", "probability": 0.12359619140625}, {"start": 3066.04, "end": 3066.18, "word": " happens.", "probability": 0.556640625}, {"start": 3067.7, "end": 3068.14, "word": " It", "probability": 0.501953125}, {"start": 3068.14, "end": 3068.36, "word": " happens,", "probability": 0.88623046875}, {"start": 3068.46, "end": 3068.64, "word": " of", "probability": 0.849609375}, {"start": 3068.64, "end": 3068.64, "word": " course,", "probability": 0.958984375}, {"start": 3068.7, "end": 3068.8, "word": " that's", "probability": 0.61181640625}, {"start": 3068.8, "end": 3068.8, "word": " how", "probability": 0.86669921875}, {"start": 3068.8, "end": 3068.8, "word": " they", "probability": 0.85498046875}, {"start": 3068.8, "end": 3069.02, "word": " work.", "probability": 0.84765625}, {"start": 3069.84, "end": 3070.12, "word": " Now", "probability": 0.69189453125}, {"start": 3070.12, "end": 3070.24, "word": " they", "probability": 0.53125}, {"start": 3070.24, "end": 3070.44, "word": " work", "probability": 0.82421875}, {"start": 3070.44, "end": 3070.64, "word": " on", "probability": 0.413818359375}, {"start": 3070.64, "end": 3071.92, "word": " imports", "probability": 0.71923828125}, {"start": 3071.92, "end": 3072.3, "word": " a", "probability": 0.79443359375}, {"start": 3072.3, "end": 3072.3, "word": " lot.", "probability": 0.95263671875}, {"start": 3073.0, "end": 3073.34, "word": " Imports", "probability": 0.826171875}, {"start": 3073.34, "end": 3073.7, "word": " tariffs.", "probability": 0.87158203125}], "temperature": 1.0}, {"id": 106, "seek": 310042, "start": 3075.26, "end": 3100.42, "text": " Yes, it happens. Say no. They follow what? Now look, not everything that is said is applied in the country. Yes, Mr. Hamza. Are we done? How much time? One point only. Look at this. A project. That's it. A project.", "tokens": [1079, 11, 309, 2314, 13, 6463, 572, 13, 814, 1524, 437, 30, 823, 574, 11, 406, 1203, 300, 307, 848, 307, 6456, 294, 264, 1941, 13, 1079, 11, 2221, 13, 8234, 2394, 13, 2014, 321, 1096, 30, 1012, 709, 565, 30, 1485, 935, 787, 13, 2053, 412, 341, 13, 316, 1716, 13, 663, 311, 309, 13, 316, 1716, 13], "avg_logprob": -0.5692708124717076, "compression_ratio": 1.3354037267080745, "no_speech_prob": 0.0, "words": [{"start": 3075.26, "end": 3075.54, "word": " Yes,", "probability": 0.269287109375}, {"start": 3075.64, "end": 3075.74, "word": " it", "probability": 0.54248046875}, {"start": 3075.74, "end": 3075.84, "word": " happens.", "probability": 0.56494140625}, {"start": 3076.02, "end": 3076.02, "word": " Say", "probability": 0.329345703125}, {"start": 3076.02, "end": 3076.18, "word": " no.", "probability": 0.32080078125}, {"start": 3076.86, "end": 3077.2, "word": " They", "probability": 0.28759765625}, {"start": 3077.2, "end": 3077.5, "word": " follow", "probability": 0.62255859375}, {"start": 3077.5, "end": 3078.3, "word": " what?", "probability": 0.30908203125}, {"start": 3078.68, "end": 3079.22, "word": " Now", "probability": 0.249755859375}, {"start": 3079.22, "end": 3079.42, "word": " look,", "probability": 0.28564453125}, {"start": 3079.54, "end": 3079.72, "word": " not", "probability": 0.82666015625}, {"start": 3079.72, "end": 3079.96, "word": " everything", "probability": 0.88232421875}, {"start": 3079.96, "end": 3080.1, "word": " that", "probability": 0.53076171875}, {"start": 3080.1, "end": 3080.16, "word": " is", "probability": 0.8125}, {"start": 3080.16, "end": 3080.58, "word": " said", "probability": 0.8720703125}, {"start": 3080.58, "end": 3080.98, "word": " is", "probability": 0.316162109375}, {"start": 3080.98, "end": 3081.28, "word": " applied", "probability": 0.453369140625}, {"start": 3081.28, "end": 3081.46, "word": " in", "probability": 0.853515625}, {"start": 3081.46, "end": 3081.54, "word": " the", "probability": 0.7998046875}, {"start": 3081.54, "end": 3081.78, "word": " country.", "probability": 0.85009765625}, {"start": 3084.54, "end": 3084.9, "word": " Yes,", "probability": 0.4599609375}, {"start": 3084.94, "end": 3085.02, "word": " Mr.", "probability": 0.29248046875}, {"start": 3085.08, "end": 3085.36, "word": " Hamza.", "probability": 0.67236328125}, {"start": 3086.52, "end": 3086.72, "word": " Are", "probability": 0.54052734375}, {"start": 3086.72, "end": 3086.98, "word": " we", "probability": 0.953125}, {"start": 3086.98, "end": 3086.98, "word": " done?", "probability": 0.70703125}, {"start": 3087.94, "end": 3088.4, "word": " How", "probability": 0.41748046875}, {"start": 3088.4, "end": 3088.5, "word": " much", "probability": 0.310791015625}, {"start": 3088.5, "end": 3088.72, "word": " time?", "probability": 0.78662109375}, {"start": 3092.66, "end": 3093.2, "word": " One", "probability": 0.0833740234375}, {"start": 3093.2, "end": 3093.74, "word": " point", "probability": 0.57470703125}, {"start": 3093.74, "end": 3093.96, "word": " only.", "probability": 0.337890625}, {"start": 3094.18, "end": 3094.5, "word": " Look", "probability": 0.1717529296875}, {"start": 3094.5, "end": 3094.6, "word": " at", "probability": 0.8857421875}, {"start": 3094.6, "end": 3094.88, "word": " this.", "probability": 0.81201171875}, {"start": 3097.26, "end": 3097.8, "word": " A", "probability": 0.2137451171875}, {"start": 3097.8, "end": 3097.8, "word": " project.", "probability": 0.7890625}, {"start": 3097.94, "end": 3098.12, "word": " That's", "probability": 0.67919921875}, {"start": 3098.12, "end": 3098.24, "word": " it.", "probability": 0.837890625}, {"start": 3099.34, "end": 3099.88, "word": " A", "probability": 0.611328125}, {"start": 3099.88, "end": 3100.42, "word": " project.", "probability": 0.94140625}], "temperature": 1.0}, {"id": 107, "seek": 312858, "start": 3103.38, "end": 3128.58, "text": " The last point is subsidizing the producers. Number four,", "tokens": [440, 1036, 935, 307, 20051, 3319, 264, 16080, 13, 5118, 1451, 11], "avg_logprob": -0.1915564903846154, "compression_ratio": 0.8923076923076924, "no_speech_prob": 0.0, "words": [{"start": 3103.38, "end": 3104.34, "word": " The", "probability": 0.368408203125}, {"start": 3104.34, "end": 3104.78, "word": " last", "probability": 0.87255859375}, {"start": 3104.78, "end": 3105.22, "word": " point", "probability": 0.9267578125}, {"start": 3105.22, "end": 3110.72, "word": " is", "probability": 0.896484375}, {"start": 3110.72, "end": 3124.76, "word": " subsidizing", "probability": 0.950439453125}, {"start": 3124.76, "end": 3125.16, "word": " the", "probability": 0.90234375}, {"start": 3125.16, "end": 3125.64, "word": " producers.", "probability": 0.68603515625}, {"start": 3127.68, "end": 3128.2, "word": " Number", "probability": 0.90869140625}, {"start": 3128.2, "end": 3128.58, "word": " four,", "probability": 0.8515625}], "temperature": 1.0}, {"id": 108, "seek": 316031, "start": 3135.95, "end": 3160.31, "text": " Support their producers. Supporting the producers or sellers. That's it.", "tokens": [18073, 641, 16080, 13, 9391, 284, 783, 264, 16080, 420, 31276, 13, 663, 311, 309, 13], "avg_logprob": -0.33547794117647056, "compression_ratio": 1.1774193548387097, "no_speech_prob": 0.0, "words": [{"start": 3135.95, "end": 3136.59, "word": " Support", "probability": 0.273681640625}, {"start": 3136.59, "end": 3137.01, "word": " their", "probability": 0.73681640625}, {"start": 3137.01, "end": 3137.69, "word": " producers.", "probability": 0.83642578125}, {"start": 3143.41, "end": 3144.77, "word": " Supporting", "probability": 0.5658365885416666}, {"start": 3144.77, "end": 3147.59, "word": " the", "probability": 0.55224609375}, {"start": 3147.59, "end": 3151.67, "word": " producers", "probability": 0.8623046875}, {"start": 3151.67, "end": 3152.03, "word": " or", "probability": 0.89453125}, {"start": 3152.03, "end": 3152.33, "word": " sellers.", "probability": 0.8974609375}, {"start": 3158.75, "end": 3160.11, "word": " That's", "probability": 0.943115234375}, {"start": 3160.11, "end": 3160.31, "word": " it.", "probability": 0.9580078125}], "temperature": 1.0}], "language": "en", "language_probability": 1.0, "duration": 3161.629, "duration_after_vad": 2852.5174999999845} \ No newline at end of file diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/L9jBM3q_4x0_raw.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/L9jBM3q_4x0_raw.srt new file mode 100644 index 0000000000000000000000000000000000000000..e6e74f47e3567722418193031ca46288cdd899e6 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/L9jBM3q_4x0_raw.srt @@ -0,0 +1,2008 @@ +1 +00:00:20,060 --> 00:00:23,100 +Okay. Bismillahirrahmanirrahim. Today, inshallah, + +2 +00:00:23,180 --> 00:00:26,640 +we are going to study the government intervention + +3 +00:00:26,640 --> 00:00:27,280 +in the market. + +4 +00:00:30,240 --> 00:00:37,200 +Okay. The government intervenes in the market to + +5 +00:00:37,200 --> 00:00:41,780 +internalize the situation by different tools, by + +6 +00:00:41,780 --> 00:00:44,740 +different techniques. So, + +7 +00:00:47,400 --> 00:00:51,980 +Let's go to study the government intervention in + +8 +00:00:51,980 --> 00:00:57,940 +the market. The government intervenes + +9 +00:00:57,940 --> 00:01:05,440 +in the market by two ways, either directly or + +10 +00:01:05,440 --> 00:01:12,400 +indirectly. So the government intervention, the + +11 +00:01:12,400 --> 00:01:16,060 +government intervention, + +12 +00:01:20,480 --> 00:01:26,700 +and the market either + +13 +00:01:26,700 --> 00:01:32,560 +should be direct or + +14 +00:01:32,560 --> 00:01:36,160 +indirect. + +15 +00:01:50,260 --> 00:01:54,400 +The direct intervention of the government might be + +16 +00:01:54,400 --> 00:01:58,720 +by taxes or subsidies. + +17 +00:02:12,140 --> 00:02:18,820 +The indirect intervention of the government might + +18 +00:02:18,820 --> 00:02:25,510 +be by the price ceiling and the price of floor + +19 +00:02:25,510 --> 00:02:31,970 +policies. Price ceiling + +20 +00:02:31,970 --> 00:02:39,370 +or the price of floor. + +21 +00:02:47,300 --> 00:02:57,160 +So sometimes the government intervene by setting + +22 +00:02:57,160 --> 00:03:01,280 +taxes directly on the producers or sometimes on + +23 +00:03:01,280 --> 00:03:06,200 +the consumers, which means that we have a direct + +24 +00:03:06,200 --> 00:03:10,990 +intervention in the economy. Or sometimes the + +25 +00:03:10,990 --> 00:03:15,510 +government subsidizes the producers to produce + +26 +00:03:15,510 --> 00:03:20,550 +more. Sometimes there is a supply shortage, so the + +27 +00:03:20,550 --> 00:03:24,830 +government can subsidize the farmers, the + +28 +00:03:24,830 --> 00:03:27,990 +producers, the different groups who produce + +29 +00:03:27,990 --> 00:03:32,250 +different bonds of goods and services. This part + +30 +00:03:32,250 --> 00:03:36,830 +or this type is called the direct intervention. + +31 +00:03:41,200 --> 00:03:47,560 +I will try to, or we will try to explain the + +32 +00:03:47,560 --> 00:03:51,060 +indirect intervention of the government by + +33 +00:03:51,060 --> 00:03:55,880 +imposing a price ceiling and a price floor. To + +34 +00:03:55,880 --> 00:03:58,180 +understand the idea of price ceiling and the price + +35 +00:03:58,180 --> 00:04:02,380 +floor, let's have the following example. So I + +36 +00:04:02,380 --> 00:04:07,120 +think that I have to wear my shoes. Okay, the + +37 +00:04:07,120 --> 00:04:11,070 +price ceiling. So let's go to the indirect + +38 +00:04:11,070 --> 00:04:16,550 +intervention of the government by setting a price + +39 +00:04:16,550 --> 00:04:20,730 +ceiling. Price ceiling. Okay. + +40 +00:04:23,870 --> 00:04:27,210 +Let's go to understand the concept or the idea of + +41 +00:04:27,210 --> 00:04:27,890 +price ceiling. + +42 +00:04:31,890 --> 00:04:35,550 +To understand the idea of price ceiling, let's + +43 +00:04:35,550 --> 00:04:36,890 +have the following example. + +44 +00:04:45,170 --> 00:04:48,370 +Here, we will talk about the flowers market. + +45 +00:04:56,090 --> 00:05:02,710 +Flowers means tahini. Price of a flower and the + +46 +00:05:02,710 --> 00:05:03,770 +quantity of flower. + +47 +00:05:09,990 --> 00:05:15,450 +Here's the demand for flower. And supply of flour. + +48 +00:05:22,270 --> 00:05:29,130 +Pearsack flour, 50 kilograms. 50 kilograms of + +49 +00:05:29,130 --> 00:05:35,610 +flour. This is the pearsack flour. Some flour, + +50 +00:05:35,810 --> 00:05:39,050 +which is 50 kilograms. Fairly. Fairly. How much is + +51 +00:05:39,050 --> 00:05:41,390 +the price? How much does it cost? In the normal + +52 +00:05:41,390 --> 00:05:45,520 +situation. 120 shekels. Okay. + +53 +00:05:50,700 --> 00:05:54,180 +Kind of a normal situation. This is an assumption + +54 +00:05:54,180 --> 00:06:01,540 +here. Now, let's assume that the price in the + +55 +00:06:01,540 --> 00:06:08,400 +market, the price per sack of flour equals 250 + +56 +00:06:08,400 --> 00:06:09,220 +shekels. + +57 +00:06:13,480 --> 00:06:16,580 +This is the equilibrium price. + +58 +00:06:19,900 --> 00:06:25,360 +And peer family, or peer capital consumption of a + +59 +00:06:25,360 --> 00:06:29,580 +flower is two + +60 +00:06:29,580 --> 00:06:32,120 +sacks of flour a month. + +61 +00:06:35,040 --> 00:06:42,840 +What do you see? The price is so high. And the + +62 +00:06:42,840 --> 00:06:49,420 +consumer cannot buy this product, and it's + +63 +00:06:49,420 --> 00:06:53,820 +necessary for the consumers, and they cannot give + +64 +00:06:53,820 --> 00:07:01,960 +up it. So, the government should intervene to + +65 +00:07:01,960 --> 00:07:06,240 +protect whom? To protect whom? The consumers, + +66 +00:07:06,440 --> 00:07:12,640 +exactly. To protect the consumers, the government + +67 +00:07:12,640 --> 00:07:17,600 +should intervene by imposing or setting a price + +68 +00:07:17,600 --> 00:07:27,080 +ceiling. So the price ceiling here should be 120 + +69 +00:07:27,080 --> 00:07:30,660 +shekels. + +70 +00:07:35,420 --> 00:07:44,060 +This is the maximum price that the seller can buy + +71 +00:07:44,060 --> 00:07:51,780 +or can sell. It's allowed for them to sell the + +72 +00:07:51,780 --> 00:07:56,160 +product with lower than or less than 120 shekels. + +73 +00:07:56,180 --> 00:08:00,640 +But it's forbidden to sell the product above the + +74 +00:08:00,640 --> 00:08:04,640 +price ceiling, 120. So this price is cool here. + +75 +00:08:06,200 --> 00:08:15,920 +The price? Sealing. How you sealing egg? But it's + +76 +00:08:15,920 --> 00:08:22,220 +allowed for you to sell the product by 100, 110, + +77 +00:08:22,620 --> 00:08:29,640 +90 shekels, but not more than 120. This is the + +78 +00:08:29,640 --> 00:08:33,370 +government regulations or regulation or + +79 +00:08:33,370 --> 00:08:38,530 +legislations by the government here. It's the + +80 +00:08:38,530 --> 00:08:46,430 +price ceiling here. Okay? What do you see? What do + +81 +00:08:46,430 --> 00:08:50,490 +you see? The quantity demanded before the price + +82 +00:08:50,490 --> 00:08:54,210 +ceiling was two and the quantity supplied was two + +83 +00:08:54,210 --> 00:08:56,570 +than before the price ceiling. + +84 +00:08:59,710 --> 00:09:00,450 +Before, + +85 +00:09:04,370 --> 00:09:05,230 +The price ceiling. + +86 +00:09:09,070 --> 00:09:15,770 +The quantity demanded was equal to the quantity + +87 +00:09:15,770 --> 00:09:20,990 +supplied. Quantity demanded was two sacks and the + +88 +00:09:20,990 --> 00:09:26,830 +quantity supplied equals two sacks of flour. Now, + +89 +00:09:27,910 --> 00:09:30,290 +after imposing or setting a price ceiling here, + +90 +00:09:31,090 --> 00:09:35,870 +the quantity demanded Here, it's the point lies + +91 +00:09:35,870 --> 00:09:42,130 +along demand curve here, maybe four sacks of + +92 +00:09:42,130 --> 00:09:48,290 +flour. The quantity supplied here, this is the + +93 +00:09:48,290 --> 00:09:51,990 +quantity demanded here. The quantity supplied is + +94 +00:09:51,990 --> 00:09:59,470 +the point lies along the supply curve, one sack of + +95 +00:09:59,470 --> 00:10:05,300 +flour. So after imposing after, The price ceiling. + +96 +00:10:08,140 --> 00:10:15,340 +The quantity demanded becomes how much? Four, and + +97 +00:10:15,340 --> 00:10:20,560 +the quantity supplied equals one here. Here we + +98 +00:10:20,560 --> 00:10:26,560 +have what? Shortage supply, exactly, or supply + +99 +00:10:26,560 --> 00:10:34,500 +shortage. A Qs minus a Qd equals 1 minus 4. The + +100 +00:10:34,500 --> 00:10:39,160 +market situation here, we have minus 3. We have a + +101 +00:10:39,160 --> 00:10:42,380 +shortage supply or supply shortage of a flower or + +102 +00:10:42,380 --> 00:10:47,380 +excess demand by three sex, peer unit or peer + +103 +00:10:47,380 --> 00:10:57,420 +family. Because as the price went down here, the + +104 +00:10:57,420 --> 00:11:03,510 +sellers felt that they face a loss or their + +105 +00:11:03,510 --> 00:11:10,490 +profits went down. So they will try to decrease + +106 +00:11:10,490 --> 00:11:18,250 +their production. So this created what? The + +107 +00:11:18,250 --> 00:11:19,330 +shortage supply. + +108 +00:11:23,750 --> 00:11:37,800 +Or created excess demand. So now, if + +109 +00:11:37,800 --> 00:11:41,680 +the government imposed or sets the price ceiling + +110 +00:11:41,680 --> 00:11:48,000 +above the equilibrium, what will happen? + +111 +00:11:52,020 --> 00:11:57,620 +No. It's an ineffective price ceiling. Because the + +112 +00:11:57,620 --> 00:12:00,680 +price ceiling is what? The price ceiling is the + +113 +00:12:00,680 --> 00:12:04,740 +maximum price that the producer can sell or the + +114 +00:12:04,740 --> 00:12:09,180 +sellers can sell. In this case, it should be + +115 +00:12:09,180 --> 00:12:13,820 +effective. So if the price ceiling is imposed to + +116 +00:12:13,820 --> 00:12:19,440 +protect whom? To protect the consumers, then the + +117 +00:12:19,440 --> 00:12:20,180 +price ceiling can + +118 +00:12:25,030 --> 00:12:33,730 +is imposed then effective price + +119 +00:12:33,730 --> 00:12:35,950 +ceiling. + +120 +00:12:38,010 --> 00:12:46,330 +The price ceiling is mainly sets to protect the + +121 +00:12:46,330 --> 00:12:52,170 +consumers. To protect the + +122 +00:12:52,170 --> 00:13:01,360 +consumers. Day. It should be lower or less than + +123 +00:13:01,360 --> 00:13:11,000 +the equilibrium price. So high, 250. So it's + +124 +00:13:11,000 --> 00:13:14,940 +illegible. The price, the effective price should + +125 +00:13:14,940 --> 00:13:18,960 +be lower than the equilibrium price. So it should + +126 +00:13:18,960 --> 00:13:20,700 +be below + +127 +00:13:25,050 --> 00:13:26,410 +The equilibrium price. + +128 +00:13:33,690 --> 00:13:34,650 +What else? + +129 +00:13:43,130 --> 00:13:48,370 +No, I'm going to study the effects, the impacts of + +130 +00:13:48,370 --> 00:13:51,780 +the price ceiling now. But here I'm talking about + +131 +00:13:51,780 --> 00:13:56,500 +the price ceiling is the maximum price. It's not + +132 +00:13:56,500 --> 00:13:57,080 +the minimum. + +133 +00:14:00,680 --> 00:14:08,840 +The producer + +134 +00:14:08,840 --> 00:14:18,340 +can or the seller can sell his + +135 +00:14:19,140 --> 00:14:20,120 +Or hair product. + +136 +00:14:25,320 --> 00:14:26,540 +For. + +137 +00:14:30,460 --> 00:14:37,200 +It's forbidden to sell the product above the price + +138 +00:14:37,200 --> 00:14:44,940 +ceiling. It's forbidden. It's forbidden. Or + +139 +00:14:44,940 --> 00:14:45,320 +forbidden. + +140 +00:14:48,860 --> 00:14:54,320 +to sell the product or + +141 +00:14:54,320 --> 00:14:58,000 +service above + +142 +00:14:58,000 --> 00:15:01,220 +the + +143 +00:15:01,220 --> 00:15:03,840 +price ceiling. + +144 +00:15:26,480 --> 00:15:32,660 +It's allowed to sell the product below 120. + +145 +00:15:39,480 --> 00:15:43,220 +Then Hana Hague is allowed to sell the product + +146 +00:15:43,220 --> 00:15:50,670 +below or less than 120 shakers. Tamam? Okay? + +147 +00:15:54,390 --> 00:15:57,830 +This is the price, the market price. If you go to + +148 +00:15:57,830 --> 00:16:00,690 +the market and find the price, it's 250 shekels + +149 +00:16:00,690 --> 00:16:03,270 +for a bag of flour. This is the current situation. + +150 +00:16:06,950 --> 00:16:12,370 +This is the normal consumption. Two sacks of flour + +151 +00:16:12,370 --> 00:16:17,130 +along this price. The price is so expensive. + +152 +00:16:19,660 --> 00:16:22,600 +Two units, two sacks of flour. + +153 +00:16:35,200 --> 00:16:41,120 +That's it. Effective price ceiling. Now, if the + +154 +00:16:41,120 --> 00:16:46,220 +government sets the price ceiling above 250. + +155 +00:16:49,500 --> 00:16:58,000 +To protect + +156 +00:16:58,000 --> 00:17:06,740 +whom? The goal is to protect the consumers. The + +157 +00:17:06,740 --> 00:17:11,280 +government set the price ceiling to 300 chickens. + +158 +00:17:12,630 --> 00:17:17,350 +Butter price ceiling. The main goal, the main + +159 +00:17:17,350 --> 00:17:22,730 +objective of the price ceiling is to protect the + +160 +00:17:22,730 --> 00:17:26,690 +consumers here. If the government sets the price + +161 +00:17:26,690 --> 00:17:32,530 +ceiling above the equilibrium here. Ineffective + +162 +00:17:32,530 --> 00:17:33,410 +price ceiling. + +163 +00:17:37,520 --> 00:17:42,020 +If the government or the price ceiling is imposed + +164 +00:17:42,020 --> 00:17:48,540 +above the equilibrium price should be ineffective + +165 +00:17:48,540 --> 00:17:49,240 +price ceiling. + +166 +00:17:57,280 --> 00:18:03,240 +The effective price ceiling below the equilibrium + +167 +00:18:03,240 --> 00:18:07,660 +price or the market price. Effective price + +168 +00:18:07,660 --> 00:18:07,940 +ceiling. + +169 +00:18:11,680 --> 00:18:13,380 +Effective price ceiling. + +170 +00:18:18,440 --> 00:18:25,800 +What are the impacts of setting the price ceiling + +171 +00:18:25,800 --> 00:18:33,460 +of the market. Above the equilibrium price is an + +172 +00:18:33,460 --> 00:18:37,780 +ineffective price ceiling. So the effective price + +173 +00:18:37,780 --> 00:18:41,420 +ceiling should be imposed below the equilibrium of + +174 +00:18:41,420 --> 00:18:47,520 +the market price. What are the impacts or the + +175 +00:18:47,520 --> 00:18:51,860 +effects of a price ceiling? The effects or the + +176 +00:18:51,860 --> 00:18:59,360 +impacts or the consequences of the price ceiling. + +177 +00:19:03,940 --> 00:19:08,900 +The effects or + +178 +00:19:08,900 --> 00:19:15,420 +impacts of + +179 +00:19:15,420 --> 00:19:18,040 +price ceiling policy. + +180 +00:19:28,790 --> 00:19:32,830 +Let's come back here to the graph. Before the + +181 +00:19:32,830 --> 00:19:36,190 +price ceiling, the quantity demanded equals the + +182 +00:19:36,190 --> 00:19:40,530 +quantity supplied. Now the government decided to + +183 +00:19:40,530 --> 00:19:47,250 +impose or to set a price ceiling here at 120 + +184 +00:19:47,250 --> 00:19:53,630 +shekels. What has happened here? What do you see? + +185 +00:19:54,810 --> 00:20:00,050 +The quantity demanded goes up. The quant supplied + +186 +00:20:00,050 --> 00:20:06,650 +goes down. Here we have what? Shortage supply. And + +187 +00:20:06,650 --> 00:20:11,030 +then number one, imposing the price ceiling or + +188 +00:20:11,030 --> 00:20:15,250 +setting the price ceiling leads to what? Number + +189 +00:20:15,250 --> 00:20:19,630 +one, supply shortage or shortage supply. Number + +190 +00:20:19,630 --> 00:20:26,010 +one, quant demanded becomes bigger than the quant + +191 +00:20:26,010 --> 00:20:38,650 +supplied. Here we have shortage supply. Or excess + +192 +00:20:38,650 --> 00:20:39,150 +demand. + +193 +00:20:46,930 --> 00:20:48,530 +What else? + +194 +00:20:53,290 --> 00:20:57,230 +Queuing. Queuing. + +195 +00:21:27,510 --> 00:21:32,290 +Imposing the price ceiling had a heck. The + +196 +00:21:32,290 --> 00:21:37,310 +producers, what do they do? Conflict. Conflict. + +197 +00:21:37,310 --> 00:21:39,390 +Conflict. Conflict. Conflict. Conflict. Conflict. + +198 +00:21:39,390 --> 00:21:41,110 +Conflict. Conflict. + +199 +00:21:45,230 --> 00:21:47,650 +Conflict. Conflict. Conflict. Conflict. Conflict. + +200 +00:21:47,650 --> 00:21:47,710 +Conflict. Conflict. Conflict. Conflict. Conflict. + +201 +00:21:47,710 --> 00:21:47,910 +Conflict. Conflict. Conflict. Conflict. Conflict. + +202 +00:21:47,910 --> 00:21:50,070 +Conflict. Conflict. Conflict. Conflict. Conflict. + +203 +00:21:50,070 --> 00:21:50,470 +Conflict. Conflict. Conflict. Conflict. Conflict. + +204 +00:21:50,470 --> 00:21:50,470 +Conflict. Conflict. Conflict. Conflict. Conflict. + +205 +00:21:50,470 --> 00:21:50,470 +Conflict. Conflict. Conflict. Conflict. Conflict. + +206 +00:21:50,470 --> 00:21:50,550 +Conflict. Conflict. Conflict. Conflict. Conflict. + +207 +00:21:50,550 --> 00:21:50,550 +Conflict. Conflict. Conflict. Conflict. Conflict. + +208 +00:22:04,130 --> 00:22:21,770 +The consumers will + +209 +00:22:21,770 --> 00:22:26,740 +wait in long queues to get the product. So the + +210 +00:22:26,740 --> 00:22:32,780 +consumers will + +211 +00:22:32,780 --> 00:22:44,640 +wait in two long queues to get the product free. + +212 +00:22:58,030 --> 00:23:03,210 +The consumers will wait in two long queues over + +213 +00:23:03,210 --> 00:23:08,910 +here to get the product, to buy the product. What + +214 +00:23:08,910 --> 00:23:15,310 +will happen to the quality of production here? + +215 +00:23:19,210 --> 00:23:24,880 +Down exactly. What will happen to the quality? of + +216 +00:23:24,880 --> 00:23:29,520 +productions here for production for high demand, + +217 +00:23:30,040 --> 00:23:36,460 +shortage supply of flour in the market here. What + +218 +00:23:36,460 --> 00:23:39,300 +will happen to the quality? The quality goes down. + +219 +00:23:52,110 --> 00:23:57,570 +Imposing the price ceiling here leads to create + +220 +00:23:57,570 --> 00:24:07,110 +products with lower quality than the quality of + +221 +00:24:07,110 --> 00:24:07,910 +the products here. + +222 +00:24:11,070 --> 00:24:15,590 +More services goes + +223 +00:24:15,590 --> 00:24:19,450 +there. What else? + +224 +00:24:27,110 --> 00:24:28,130 +Black market. + +225 +00:24:33,910 --> 00:24:38,510 +The black market means the seller will try to sell + +226 +00:24:38,510 --> 00:24:49,330 +the product underground to underground with higher + +227 +00:24:49,330 --> 00:24:49,790 +prices. + +228 +00:24:52,340 --> 00:24:55,760 +They go to a friend with money and say, hello, I + +229 +00:24:55,760 --> 00:25:00,800 +have flour, okay? But I don't want to sell it for + +230 +00:25:00,800 --> 00:25:04,380 +120, I want to sell it for 170. They say, I'll buy + +231 +00:25:04,380 --> 00:25:06,840 +it. I don't want to stand in a queue. This is what + +232 +00:25:06,840 --> 00:25:09,760 +happens with money. Okay? They don't have the + +233 +00:25:09,760 --> 00:25:13,840 +ability to stand in a queue. Right? Not even if + +234 +00:25:13,840 --> 00:25:16,340 +they don't have flour in the house. What can we + +235 +00:25:16,340 --> 00:25:19,840 +do? But he remained silent. This is called black + +236 +00:25:19,840 --> 00:25:24,960 +market. So the black market here occurs due to the + +237 +00:25:24,960 --> 00:25:28,980 +price ceiling policy. So the black market here + +238 +00:25:28,980 --> 00:25:32,960 +means that the seller will sell the products with + +239 +00:25:32,960 --> 00:25:36,940 +higher prices than the price ceiling but + +240 +00:25:36,940 --> 00:25:43,060 +underground. Okay? Number five. + +241 +00:25:49,090 --> 00:25:52,470 +The sellers will try to sell the product for their + +242 +00:25:52,470 --> 00:25:57,110 +families, their relatives. Correct? They go to + +243 +00:25:57,110 --> 00:25:58,790 +someone close to them, they sell it to them. They + +244 +00:25:58,790 --> 00:26:02,150 +say, my priority here is to take them to the + +245 +00:26:02,150 --> 00:26:03,850 +market and leave it for relatives and friends. + +246 +00:26:04,090 --> 00:26:07,170 +That's what happens. Okay? So here, the sellers, + +247 +00:26:10,350 --> 00:26:11,730 +the seller, + +248 +00:26:13,730 --> 00:26:15,890 +sellers, + +249 +00:26:18,970 --> 00:26:27,810 +Well, sell the product, the flower, for their + +250 +00:26:27,810 --> 00:26:35,110 +relatives and families. Their families and + +251 +00:26:35,110 --> 00:26:36,170 +relatives. + +252 +00:26:39,090 --> 00:26:42,350 +That's it. A second, of course. + +253 +00:26:55,360 --> 00:26:56,860 +That's it. + +254 +00:26:59,980 --> 00:27:10,580 +The same prices. Crisis. Okay. Selling will sell + +255 +00:27:10,580 --> 00:27:13,260 +the products or the flour for their families and + +256 +00:27:13,260 --> 00:27:17,840 +relatives. Okay, let's go to how can the + +257 +00:27:17,840 --> 00:27:21,980 +government deals with such a problem. Here, the + +258 +00:27:21,980 --> 00:27:28,680 +price ceiling. So the problem protected the + +259 +00:27:28,680 --> 00:27:34,220 +consumers, but it has created so many problems. + +260 +00:27:38,170 --> 00:27:41,510 +The problem was solved by the consumer. This is a + +261 +00:27:41,510 --> 00:27:45,190 +necessary product for the consumer and it's so + +262 +00:27:45,190 --> 00:27:48,610 +expensive. The problem was solved by the consumer + +263 +00:27:48,610 --> 00:27:52,990 +and it created many problems. How can the + +264 +00:27:52,990 --> 00:27:57,150 +government internalize the situation or how can + +265 +00:27:57,150 --> 00:28:00,330 +the government get rid of these problems or solve + +266 +00:28:00,330 --> 00:28:02,290 +these problems? Number one. + +267 +00:28:05,750 --> 00:28:08,810 +How can The government, + +268 +00:28:12,350 --> 00:28:15,890 +how + +269 +00:28:15,890 --> 00:28:22,990 +can the government solve these problems here? We + +270 +00:28:22,990 --> 00:28:28,490 +have a shortage supply. Number one, we have low + +271 +00:28:28,490 --> 00:28:34,950 +quality of flowers. High production, high cost of + +272 +00:28:34,950 --> 00:28:36,210 +raw material. + +273 +00:28:38,940 --> 00:28:42,240 +What else? The black market. How can the + +274 +00:28:42,240 --> 00:28:51,060 +government solve these problems? Yes. No. Price + +275 +00:28:51,060 --> 00:28:57,240 +floor is something else. It's something else which + +276 +00:28:57,240 --> 00:29:00,600 +will be discussed later on, inshallah. Yes. + +277 +00:29:01,620 --> 00:29:05,740 +Maximize the price of the basic products for the + +278 +00:29:05,740 --> 00:29:07,420 +consumer + +279 +00:29:10,730 --> 00:29:13,630 +Lower prices. To lower the prices? How? + +280 +00:29:19,230 --> 00:29:20,630 +How? How? And why? + +281 +00:29:26,190 --> 00:29:31,010 +As we mentioned that the 120 is fair game. Fair + +282 +00:29:31,010 --> 00:29:34,690 +for the producers and fair for the consumers. + +283 +00:29:35,910 --> 00:29:39,870 +After the calculation of the raw material and the + +284 +00:29:39,870 --> 00:29:44,610 +production inputs, it turns out that all of this + +285 +00:29:44,610 --> 00:29:48,730 +costs 110 shekels. If you sell 120 shekels, it's + +286 +00:29:48,730 --> 00:29:51,430 +fair. This means that he wins and this means that + +287 +00:29:51,430 --> 00:29:54,790 +he pays a lot of shekels. The question is yes. + +288 +00:29:57,540 --> 00:30:01,000 +Exactly. This is number one. We have a shortage + +289 +00:30:01,000 --> 00:30:05,820 +supply. How can we increase supply here, + +290 +00:30:06,200 --> 00:30:09,640 +encouraging the local production, number one, and + +291 +00:30:09,640 --> 00:30:16,500 +increase the imports for a short period? So number + +292 +00:30:16,500 --> 00:30:20,380 +one, the government, then how can we or the + +293 +00:30:20,380 --> 00:30:24,060 +government solve the problems of price ceiling? + +294 +00:30:24,840 --> 00:30:25,920 +How can + +295 +00:30:30,290 --> 00:30:39,830 +Can the government solve the problems of + +296 +00:30:39,830 --> 00:30:44,310 +the price ceiling policy? Number one, + +297 +00:30:46,990 --> 00:30:53,470 +encouragement of + +298 +00:30:53,470 --> 00:30:56,870 +local + +299 +00:30:56,870 --> 00:30:57,550 +production. + +300 +00:31:06,070 --> 00:31:06,870 +Of flour. + +301 +00:31:17,990 --> 00:31:18,830 +Sometimes, + +302 +00:31:21,590 --> 00:31:25,130 +raw material that we buy from outside, like wheat + +303 +00:31:25,130 --> 00:31:29,970 +and inputs, we want to encourage its importation. + +304 +00:31:30,410 --> 00:31:30,590 +Right? + +305 +00:31:33,730 --> 00:31:40,470 +Encouragement. Or the inputs importing. + +306 +00:31:44,330 --> 00:31:52,590 +Inputs of raw + +307 +00:31:52,590 --> 00:31:55,190 +material. What else? + +308 +00:32:13,550 --> 00:32:16,650 +No, expectation here is not related to this point + +309 +00:32:16,650 --> 00:32:17,390 +here. Yes. + +310 +00:32:21,270 --> 00:32:24,470 +From what? + +311 +00:32:29,210 --> 00:32:35,750 +Obstacles, why? Okay, it monitors the market. But + +312 +00:32:35,750 --> 00:32:39,790 +we are dealing with shortage of supply. You can + +313 +00:32:39,790 --> 00:32:45,160 +give coupons to people who buy. Right? Yes. Now, + +314 +00:32:45,220 --> 00:32:49,340 +when you put gasoline and all that, what do they + +315 +00:32:49,340 --> 00:32:54,300 +do? They give samples to people. They give them + +316 +00:32:54,300 --> 00:33:00,940 +coupons. They say, this coupon, you can buy just + +317 +00:33:00,940 --> 00:33:06,040 +100 liters a week. Not more than that. That's it. + +318 +00:33:06,260 --> 00:33:09,540 +They organize the market. Then what do they do? + +319 +00:33:09,960 --> 00:33:11,120 +These are coupons. + +320 +00:33:18,080 --> 00:33:23,580 +You can buy. They make a limitation. This is a + +321 +00:33:23,580 --> 00:33:26,960 +limited limitation. + +322 +00:33:28,160 --> 00:33:37,620 +You can buy 50 kilograms a month only, instead of + +323 +00:33:37,620 --> 00:33:42,200 +buying 20 bags. You just need one. That's it. + +324 +00:33:42,240 --> 00:33:47,440 +These are coupons. They make a limited amount. OK? + +325 +00:33:49,130 --> 00:33:51,210 +Okay, let's go to something else. + +326 +00:33:54,090 --> 00:33:54,550 +Clear? + +327 +00:33:57,930 --> 00:34:04,210 +Clear? Okay. Let's go to the price floor. + +328 +00:34:10,530 --> 00:34:11,290 +Coupons. + +329 +00:34:24,140 --> 00:34:30,700 +The problem is that you are a bit far from this. + +330 +00:34:32,380 --> 00:34:39,780 +Fishermen. When we have a short supply of fuel. + +331 +00:34:40,400 --> 00:34:43,980 +There is no gasoline and no solar. What does it + +332 +00:34:43,980 --> 00:34:49,740 +do? And there are periods of hunting. It could be + +333 +00:34:49,740 --> 00:34:52,840 +a hunting season, and there's no solar. So that he + +334 +00:34:52,840 --> 00:34:56,340 +can go hunting, he needs solar to run his boat, + +335 +00:34:56,700 --> 00:35:00,440 +right? Right? So how do you get it if you have a + +336 +00:35:00,440 --> 00:35:03,920 +shortage of supply? They give them in the Ministry + +337 +00:35:03,920 --> 00:35:08,880 +of Agriculture coupons. They say, go to a certain + +338 +00:35:08,880 --> 00:35:12,100 +plant with you for a month. How much consumption + +339 +00:35:12,100 --> 00:35:14,820 +do you have? How much demand do you have? For + +340 +00:35:14,820 --> 00:35:19,430 +example, 100 liters a month. And tell him, here's + +341 +00:35:19,430 --> 00:35:22,130 +your coupon, 100 liters, and you'll find this at + +342 +00:35:22,130 --> 00:35:26,870 +Abu Flan station. Now, what did he do? He + +343 +00:35:26,870 --> 00:35:29,650 +organized instead of taking one by one, one + +344 +00:35:29,650 --> 00:35:34,530 +fisherman, one fisherman, meaning he takes 1000 + +345 +00:35:34,530 --> 00:35:38,890 +liters and nobody else takes it. And they create a + +346 +00:35:38,890 --> 00:35:42,540 +crisis with this, okay? No. I'm telling you, no. + +347 +00:35:42,680 --> 00:35:44,620 +Distribute. This one takes 100 and this one takes + +348 +00:35:44,620 --> 00:35:46,680 +50 and this one takes 70 and this one takes so and + +349 +00:35:46,680 --> 00:35:49,300 +so according to the needs here. So, they do + +350 +00:35:49,300 --> 00:35:51,660 +organizing. So, these coupons are the idea behind + +351 +00:35:51,660 --> 00:35:58,300 +them. Okay? Okay. Let's go to the price floor. + +352 +00:36:00,800 --> 00:36:01,200 +Price. + +353 +00:36:13,300 --> 00:36:16,620 +It's the opposite case, or the opposite side of + +354 +00:36:16,620 --> 00:36:21,200 +the price ceiling. To understand the idea of price + +355 +00:36:21,200 --> 00:36:23,180 +floor, let's have the following example. + +356 +00:36:29,780 --> 00:36:36,240 +The price here packs up to May 2. + +357 +00:36:43,550 --> 00:36:51,950 +The normal situation, 15 shekels. + +358 +00:36:52,250 --> 00:36:56,510 +Where a peer price includes + +359 +00:36:56,510 --> 00:37:00,150 +or contains about seven kilograms. + +360 +00:37:03,770 --> 00:37:07,750 +At a fair, the consumer and the producer to sell + +361 +00:37:07,750 --> 00:37:13,780 +the product by 15 shekels. per box of tomato. + +362 +00:37:14,280 --> 00:37:18,500 +Okay? Now, let's go to the market. The tomatoes + +363 +00:37:18,500 --> 00:37:19,280 +market here. + +364 +00:37:23,920 --> 00:37:31,000 +Price per box of tomato and + +365 +00:37:31,000 --> 00:37:39,180 +the quantity of tomatoes by + +366 +00:37:39,180 --> 00:37:40,980 +box + +367 +00:37:44,000 --> 00:37:49,840 +And this is the demand for tomatoes, supply of + +368 +00:37:49,840 --> 00:37:55,700 +tomatoes. And the equilibrium price in the market + +369 +00:37:55,700 --> 00:38:00,420 +was four + +370 +00:38:00,420 --> 00:38:00,700 +shakes. + +371 +00:38:08,200 --> 00:38:19,010 +The quote purchased of tomato equals eight boxes a + +372 +00:38:19,010 --> 00:38:19,290 +month. + +373 +00:38:22,910 --> 00:38:27,950 +This is the per capita consumption of tomatoes per + +374 +00:38:27,950 --> 00:38:34,830 +family. The per family buys eight boxes a month + +375 +00:38:34,830 --> 00:38:40,750 +under the low prices. This is an assumption. + +376 +00:38:44,140 --> 00:38:53,720 +The price is so low. Right? Right? So who will + +377 +00:38:53,720 --> 00:38:58,520 +lose in this case? The producer. The producer, the + +378 +00:38:58,520 --> 00:39:06,360 +sellers here face big loss. Right? So the + +379 +00:39:06,360 --> 00:39:09,480 +government should intervene in this case to + +380 +00:39:09,480 --> 00:39:14,460 +protect whom? To protect the sellers. So the + +381 +00:39:14,460 --> 00:39:18,400 +government under the low prices. + +382 +00:39:20,680 --> 00:39:28,500 +The price here is low and the + +383 +00:39:28,500 --> 00:39:29,260 +selling prices + +384 +00:39:32,840 --> 00:39:37,160 +will not cover or meet the cost of inputs. + +385 +00:39:41,820 --> 00:39:44,380 +So here are the farmers, + +386 +00:39:48,160 --> 00:39:53,660 +they are the sellers, face big loss. + +387 +00:39:57,940 --> 00:40:02,860 +As there is a big loss here. The government should + +388 +00:40:02,860 --> 00:40:07,440 +intervene to protect whom? To protect the sellers. + +389 +00:40:08,040 --> 00:40:13,860 +So, yeah. So, the government should + +390 +00:40:13,860 --> 00:40:22,600 +intervene to protect whom? + +391 +00:40:23,180 --> 00:40:23,940 +The sellers. + +392 +00:40:30,200 --> 00:40:37,380 +should be larger than four. Exactly, yeah. The + +393 +00:40:37,380 --> 00:40:40,240 +fair price should be above four. + +394 +00:40:43,600 --> 00:40:49,500 +The fair + +395 +00:40:49,500 --> 00:40:57,270 +price should be above four. Fifteen, with the + +396 +00:40:57,270 --> 00:41:03,510 +assumption that fifteen shekels, per box of tomato + +397 +00:41:03,510 --> 00:41:06,330 +is fair for the producers. + +398 +00:41:09,270 --> 00:41:22,770 +This price + +399 +00:41:22,770 --> 00:41:24,830 +is called here the price of flora. + +400 +00:41:33,250 --> 00:41:37,190 +Now, if the government imposes or sets the price + +401 +00:41:37,190 --> 00:41:42,410 +floor here above the equilibrium, is it effective? + +402 +00:41:43,470 --> 00:41:48,530 +Effective. Why? Because we have an achievement for + +403 +00:41:48,530 --> 00:41:51,590 +their goal to protect whom? To protect the + +404 +00:41:51,590 --> 00:41:54,510 +sellers. If the government says, I want to protect + +405 +00:41:54,510 --> 00:41:57,370 +the producers or sellers and set the price to 3, + +406 +00:41:58,090 --> 00:42:04,590 +it is actually from Kip to 4, right? If the price + +407 +00:42:04,590 --> 00:42:08,470 +of flour is set or is imposed above the + +408 +00:42:08,470 --> 00:42:13,790 +equilibrium price, it will be an effective price + +409 +00:42:13,790 --> 00:42:17,670 +of flour. Okay? So the effective price of flour. + +410 +00:42:20,330 --> 00:42:25,270 +Mellow, above. The ground below you or above you? + +411 +00:42:25,710 --> 00:42:30,210 +This is the effective floor. Effective price + +412 +00:42:30,210 --> 00:42:32,850 +ceiling. Effective price ceiling. + +413 +00:42:38,710 --> 00:42:47,870 +Effective price ceiling should be + +414 +00:42:47,870 --> 00:42:52,870 +below the equilibrium. Effective price floor + +415 +00:42:52,870 --> 00:42:55,350 +above. Okay? + +416 +00:42:59,030 --> 00:43:03,910 +Now, what are the consequences and effects of + +417 +00:43:03,910 --> 00:43:07,930 +imposing a price ceiling? What are the effects of + +418 +00:43:07,930 --> 00:43:13,850 +imposing the price ceiling here? One supply will + +419 +00:43:13,850 --> 00:43:19,010 +go up. Because instead of selling at price four + +420 +00:43:19,010 --> 00:43:21,350 +purebreds, he started selling at fifteen. So he + +421 +00:43:21,350 --> 00:43:25,710 +tells you to plant tomatoes. Right or wrong? Okay, + +422 +00:43:25,830 --> 00:43:29,950 +this guy who used to buy eight boxes of tomatoes, + +423 +00:43:30,550 --> 00:43:33,370 +he tells you, one is enough for us. And a lot. + +424 +00:43:33,610 --> 00:43:35,570 +Isn't that what happens? It's hard. Instead of + +425 +00:43:35,570 --> 00:43:38,030 +trying to figure out where to get tomatoes, he + +426 +00:43:38,030 --> 00:43:40,410 +gets them and sells them. Right? Not today. + +427 +00:43:40,970 --> 00:43:45,940 +Quantity demanded goes down. to two boxes or one + +428 +00:43:45,940 --> 00:43:51,100 +box. And the quantity supplied here increases to + +429 +00:43:51,100 --> 00:43:58,120 +12 maybe or 20 boxes + +430 +00:43:58,120 --> 00:44:07,220 +per capita production to the producer. 20 boxes. + +431 +00:44:09,280 --> 00:44:16,400 +Here we have what? QS? It's bigger than QD. We + +432 +00:44:16,400 --> 00:44:21,440 +have what? Excess supply of goods. Exactly, + +433 +00:44:21,720 --> 00:44:28,680 +exactly. So here we have excess supply equals + +434 +00:44:28,680 --> 00:44:30,020 +shortage demand. + +435 +00:44:34,040 --> 00:44:42,460 +Automated by QS minus QD. QS + +436 +00:44:51,740 --> 00:44:59,080 +20 minus 1 equals 19. This is X's supply of + +437 +00:44:59,080 --> 00:45:05,420 +tomatoes in the local market. Okay? Clear? Okay. + +438 +00:45:07,380 --> 00:45:11,120 +What should the government, here we have an X's + +439 +00:45:11,120 --> 00:45:14,680 +supply of tomatoes in the local market. What + +440 +00:45:14,680 --> 00:45:17,890 +should the government, it's a problem. Actually, + +441 +00:45:18,210 --> 00:45:21,650 +that's a problem here. What should the government + +442 +00:45:21,650 --> 00:45:25,910 +do in this case? Exactly. Number one, the + +443 +00:45:25,910 --> 00:45:29,350 +government should encourage exporting of tomatoes. + +444 +00:45:30,750 --> 00:45:37,190 +Yes. Exactly. Stop importing of tomatoes by + +445 +00:45:37,190 --> 00:45:39,730 +increasing the imports tariff. + +446 +00:45:52,400 --> 00:45:55,200 +What else? + +447 +00:46:06,220 --> 00:46:06,920 +Yes. + +448 +00:46:09,840 --> 00:46:15,540 +Exactly. Nice. Perfect. So here, what should the + +449 +00:46:15,540 --> 00:46:22,600 +government do to solve the + +450 +00:46:22,600 --> 00:46:24,140 +price of lower preference here? + +451 +00:46:35,180 --> 00:46:36,560 +Excess supply. + +452 +00:46:44,430 --> 00:46:49,570 +Optimators. If the price or the price floor was + +453 +00:46:49,570 --> 00:46:54,030 +below the equilibrium, is it effective? No. They + +454 +00:46:54,030 --> 00:47:00,250 +call it ineffective price + +455 +00:47:00,250 --> 00:47:00,730 +floor. + +456 +00:47:03,790 --> 00:47:06,430 +Above, this is an effective price floor. + +457 +00:47:11,390 --> 00:47:20,250 +Another price take effective price floor. So here, + +458 +00:47:20,570 --> 00:47:26,870 +what should the government do? What should the + +459 +00:47:26,870 --> 00:47:31,430 +government do to solve the problem? + +460 +00:47:35,210 --> 00:47:38,890 +The price floor problem. + +461 +00:47:46,130 --> 00:47:47,710 +or created problems here? + +462 +00:47:59,290 --> 00:48:02,510 +Are the problems created by the price of flour? + +463 +00:48:03,810 --> 00:48:08,110 +What should the government do to solve the + +464 +00:48:08,110 --> 00:48:12,170 +problems created by the price of flour policy? + +465 +00:48:13,760 --> 00:48:17,320 +Number one, encouragement. + +466 +00:48:23,180 --> 00:48:30,220 +Exporting of tomatoes. Number one. Number two, + +467 +00:48:31,820 --> 00:48:32,960 +stop importing. + +468 +00:48:38,840 --> 00:48:40,740 +Encouragement or stop. + +469 +00:48:43,640 --> 00:48:47,980 +or decrease importing + +470 +00:48:47,980 --> 00:48:51,040 +automators + +471 +00:48:51,040 --> 00:48:54,900 +by + +472 +00:48:54,900 --> 00:49:00,500 +increasing imports tariff or customs. + +473 +00:49:10,630 --> 00:49:16,950 +Yes. This is import tariff. You know how customs + +474 +00:49:16,950 --> 00:49:17,470 +work. + +475 +00:49:20,470 --> 00:49:24,690 +How do you + +476 +00:49:24,690 --> 00:49:28,590 +want to stop importing tomatoes? You import + +477 +00:49:28,590 --> 00:49:30,990 +tomatoes from abroad. How do you want to stop it? + +478 +00:49:34,950 --> 00:49:38,010 +Reduce your tax on it by 200%. + +479 +00:49:53,890 --> 00:50:00,610 +Three. The government sometimes can buy the + +480 +00:50:00,610 --> 00:50:02,210 +overproduction of tomatoes. + +481 +00:50:05,810 --> 00:50:06,870 +Sometimes + +482 +00:50:13,570 --> 00:50:18,270 +The government buys + +483 +00:50:18,270 --> 00:50:26,710 +or purchase the overproduced. + +484 +00:50:26,710 --> 00:50:34,190 +The overproduced + +485 +00:50:34,190 --> 00:50:35,070 +quantities + +486 +00:50:51,800 --> 00:50:54,840 +Automated. From the sellers. + +487 +00:51:00,880 --> 00:51:05,880 +Of course, they send it to the army. Right? Yes, + +488 +00:51:05,920 --> 00:51:08,800 +it happens. It happens, of course, that's how they + +489 +00:51:08,800 --> 00:51:13,340 +work. Now they work on imports a lot. Imports + +490 +00:51:13,340 --> 00:51:17,500 +tariffs. Yes, it happens. Say no. They follow + +491 +00:51:17,500 --> 00:51:20,980 +what? Now look, not everything that is said is + +492 +00:51:20,980 --> 00:51:26,980 +applied in the country. Yes, Mr. Hamza. Are we + +493 +00:51:26,980 --> 00:51:28,720 +done? How much time? + +494 +00:51:32,660 --> 00:51:38,120 +One point only. Look at this. A project. That's + +495 +00:51:38,120 --> 00:51:40,420 +it. A project. + +496 +00:51:43,380 --> 00:51:50,720 +The last point is + +497 +00:51:50,720 --> 00:52:04,760 +subsidizing + +498 +00:52:04,760 --> 00:52:08,580 +the producers. Number four, + +499 +00:52:15,950 --> 00:52:17,690 +Support their producers. + +500 +00:52:23,410 --> 00:52:31,670 +Supporting the producers + +501 +00:52:31,670 --> 00:52:32,330 +or sellers. + +502 +00:52:38,750 --> 00:52:40,310 +That's it. + diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/PpXJLizOnr4.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/PpXJLizOnr4.srt new file mode 100644 index 0000000000000000000000000000000000000000..368938bdff6623621b5d8cb7371cf085983c4de2 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/PpXJLizOnr4.srt @@ -0,0 +1,2258 @@ + +1 +00:00:20,880 --> 00:00:24,900 +Okay, today, inshallah, we are going to study the + +2 +00:00:24,900 --> 00:00:29,180 +consumer surplus, producer surplus, and its + +3 +00:00:29,180 --> 00:00:31,720 +relationship with the price ceiling and the price + +4 +00:00:31,720 --> 00:00:37,320 +floor policies. In the last class, we studied the + +5 +00:00:37,320 --> 00:00:41,860 +idea of price ceiling and price floor, and we had + +6 +00:00:41,860 --> 00:00:46,840 +examples related to these points today. + +7 +00:00:47,940 --> 00:00:54,400 +Let's complete the topic and study the consumer + +8 +00:00:54,400 --> 00:00:57,500 +surplus and the producer surplus, which is related + +9 +00:00:57,500 --> 00:01:01,980 +or are related to the economic welfare. + +10 +00:01:04,900 --> 00:01:07,660 +So to understand the idea of consumer surplus and + +11 +00:01:07,660 --> 00:01:13,540 +producer surplus, let us assume. So the point here + +12 +00:01:13,540 --> 00:01:14,960 +is the consumer surplus. + +13 +00:01:22,840 --> 00:01:30,420 +and producer surplus with + +14 +00:01:30,420 --> 00:01:33,860 +price ceiling and price floor. + +15 +00:01:41,660 --> 00:01:45,600 +So let's begin with the consumer surplus or the + +16 +00:01:45,600 --> 00:01:50,020 +idea of the consumer surplus. The consumer surplus + +17 +00:01:50,020 --> 00:01:50,500 +means, + +18 +00:01:56,900 --> 00:02:01,380 +To understand the idea of the consumer surplus, + +19 +00:02:01,980 --> 00:02:08,780 +let's assume that you tend or you want to buy + +20 +00:02:08,780 --> 00:02:14,940 +jilbat from the market, and you are willing to pay + +21 +00:02:14,940 --> 00:02:22,800 +300 shekels for this jilbat, okay? This is your + +22 +00:02:22,800 --> 00:02:29,860 +willingness to pay or the demand price. You are + +23 +00:02:29,860 --> 00:02:36,520 +willing to pay 300 shekels for this jilbat, okay? + +24 +00:02:37,480 --> 00:02:43,480 +And you went to the market. Now you have 300 + +25 +00:02:43,480 --> 00:02:48,020 +shekels to pay for jilbat, okay? And you find the + +26 +00:02:48,020 --> 00:02:50,200 +price was + +27 +00:02:52,120 --> 00:02:56,560 +250, the actual price, the actual market price, + +28 +00:02:57,360 --> 00:03:01,940 +250 shekels. + +29 +00:03:03,500 --> 00:03:11,360 +Here we have, you will be happy. Yeah, excellent. + +30 +00:03:12,540 --> 00:03:17,020 +Here you have what? If you want to buy one jilbab, + +31 +00:03:18,600 --> 00:03:26,020 +Your welfare is 50 shekels. To buy this jilbab. + +32 +00:03:27,220 --> 00:03:33,160 +You have a welfare, how much? 50. Two jilbabs. + +33 +00:03:37,340 --> 00:03:45,400 +Two times 50. 100 shekels. Three. 53.50, $150.00. + +34 +00:03:45,460 --> 00:03:47,980 +This is called prosperity. This is called consumer + +35 +00:03:47,980 --> 00:03:51,140 +surplus. How happy are you? Simply because you + +36 +00:03:51,140 --> 00:03:58,260 +have a tendency to pay 300 shekels. This is the + +37 +00:03:58,260 --> 00:04:00,340 +willingness or the demand price. This is called + +38 +00:04:00,340 --> 00:04:01,180 +the demand price. + +39 +00:04:06,320 --> 00:04:11,580 +Or the price that + +40 +00:04:12,750 --> 00:04:19,690 +you are willing to + +41 +00:04:19,690 --> 00:04:22,990 +pay for Jilbab. + +42 +00:04:25,650 --> 00:04:33,110 +Okay? And this is what the actual market price, + +43 +00:04:34,710 --> 00:04:35,350 +the actual + +44 +00:04:46,910 --> 00:04:54,190 +If you want to buy one Jilbab, you have to gain 50 + +45 +00:04:54,190 --> 00:04:58,270 +shekels, which is the consumer surplus in this + +46 +00:04:58,270 --> 00:05:04,730 +case. So, the consumer surplus, if you want to buy + +47 +00:05:04,730 --> 00:05:10,090 +one Jilbab, one, times 50, the difference between + +48 +00:05:12,690 --> 00:05:20,490 +300 minus 250. One times 50 equals 50 shekels. + +49 +00:05:21,850 --> 00:05:27,730 +Someone else in the community wants to buy two + +50 +00:05:27,730 --> 00:05:28,490 +units. + +51 +00:05:32,330 --> 00:05:36,390 +And he is + +52 +00:05:36,390 --> 00:05:37,910 +willing to pay + +53 +00:05:49,640 --> 00:05:56,040 +And she has a willingness to pay $217. + +54 +00:05:56,860 --> 00:05:59,740 +How much did she save? And the actual price is + +55 +00:05:59,740 --> 00:06:04,120 +$250. How much did she save? She saved $20 per + +56 +00:06:04,120 --> 00:06:07,300 +person. Right? Correct? So she can buy two for + +57 +00:06:07,300 --> 00:06:14,110 +$300. Minus 270. How much did it save us? 2 times + +58 +00:06:14,110 --> 00:06:19,170 +30 is 60. 60 shekels. The third one. + +59 +00:06:22,310 --> 00:06:28,670 +Sorry. Correct. Correct. Correct. This is 270 + +60 +00:06:28,670 --> 00:06:33,930 +minus 250. The actual price. How much did it save + +61 +00:06:33,930 --> 00:06:38,470 +us? 2 times 20 is 40. Exactly. Thank you very + +62 +00:06:38,470 --> 00:06:46,230 +much. Someone else wants to buy three units. One + +63 +00:06:46,230 --> 00:06:49,770 +third wants to buy three units. But she has a + +64 +00:06:49,770 --> 00:06:58,430 +tendency to pay 260. Two hundred and fifty equals + +65 +00:06:58,430 --> 00:07:03,690 +three times ten to thirty. Someone else wants to + +66 +00:07:03,690 --> 00:07:06,810 +pay 250. Zero. + +67 +00:07:09,610 --> 00:07:18,330 +Exactly. If a person buys three units and pays 250 + +68 +00:07:18,330 --> 00:07:24,810 +minus 250 equals zero. The summation of the entire + +69 +00:07:24,810 --> 00:07:31,650 +community, the consumer surplus is 50 plus 40 plus + +70 +00:07:31,650 --> 00:07:35,010 +30 plus zero. What is the total consumer surplus? + +71 +00:07:36,840 --> 00:07:43,020 +120. That's it. Now, the consumer surplus is what? + +72 +00:07:43,420 --> 00:07:48,220 +Is the difference between the price that the + +73 +00:07:48,220 --> 00:07:56,240 +consumer willing is to pay for the products or + +74 +00:07:56,240 --> 00:08:03,580 +services minus the actual market price. The + +75 +00:08:03,580 --> 00:08:06,580 +difference between the prices that you have + +76 +00:08:06,580 --> 00:08:10,140 +willingness to pay and the actual market prices, + +77 +00:08:10,560 --> 00:08:13,860 +okay? To understand, let's draw the graph that + +78 +00:08:13,860 --> 00:08:22,500 +shows the idea, okay? Now, let's + +79 +00:08:22,500 --> 00:08:24,620 +assume that we have the following example. + +80 +00:08:30,080 --> 00:08:31,720 +Click it to the gel. + +81 +00:08:37,116 --> 00:08:37,700 +Price, + +82 +00:08:42,460 --> 00:08:47,360 +quantity, and the market. + +83 +00:08:51,200 --> 00:08:58,440 +This is the demand here for jilbab. The market + +84 +00:08:58,440 --> 00:09:01,460 +supply for jilbab. + +85 +00:09:04,940 --> 00:09:08,700 +The equilibrium price in the market is how much? + +86 +00:09:09,720 --> 00:09:16,460 +250. This is our assumption here, that the actual + +87 +00:09:16,460 --> 00:09:19,000 +market price or the equilibrium price of the + +88 +00:09:19,000 --> 00:09:24,140 +market equals 250. This is the price of exit + +89 +00:09:24,140 --> 00:09:29,820 +change here in the market. Now, according to our + +90 +00:09:29,820 --> 00:09:30,620 +assumption there, + +91 +00:09:34,510 --> 00:09:38,490 +This is the upper price here, 300 tickets. + +92 +00:09:41,090 --> 00:09:43,110 +The consumers winning. + +93 +00:09:46,980 --> 00:09:52,100 +to pay 300 tickets and the actual market price is + +94 +00:09:52,100 --> 00:09:58,240 +250 units. Let us assume that the quantity + +95 +00:09:58,240 --> 00:10:00,960 +exchange in the market quantity demanded and + +96 +00:10:00,960 --> 00:10:04,240 +quantity supplied equals seven units. + +97 +00:10:07,960 --> 00:10:16,840 +Now, the difference here between The price that + +98 +00:10:16,840 --> 00:10:21,240 +the consumers is willing to pay and the actual + +99 +00:10:21,240 --> 00:10:25,800 +market price, this is the price of the consumer + +100 +00:10:25,800 --> 00:10:28,960 +surplus. Okay? How much is the quantity? It is + +101 +00:10:28,960 --> 00:10:35,020 +seven units. What do you notice? As the price goes + +102 +00:10:35,020 --> 00:10:36,080 +down. + +103 +00:10:41,320 --> 00:10:44,860 +No, the quantity increases. All right? The + +104 +00:10:44,860 --> 00:10:48,080 +question is not here. The question is, how much + +105 +00:10:48,080 --> 00:10:50,620 +did we save as a community? I mean, we go down to + +106 +00:10:50,620 --> 00:10:54,420 +the market. We find the price at 300. And I have a + +107 +00:10:54,420 --> 00:11:00,440 +tendency, a willingness to pay 300 in the + +108 +00:11:00,440 --> 00:11:03,540 +quantities that I want to buy. This is called the + +109 +00:11:03,540 --> 00:11:06,340 +consumer surplus. Consumer surplus is this area + +110 +00:11:06,340 --> 00:11:08,040 +here. You see? This triangle. + +111 +00:11:12,400 --> 00:11:16,980 +So this area, this triangle represents or + +112 +00:11:16,980 --> 00:11:20,620 +illustrates or shows the consumer surface. + +113 +00:11:22,500 --> 00:11:23,580 +Consumer. + +114 +00:11:31,040 --> 00:11:36,760 +And each unit purchased or purchased unit or each + +115 +00:11:36,760 --> 00:11:42,870 +sold unit. So the consumer surplus is the area + +116 +00:11:42,870 --> 00:11:49,550 +above the equilibrium price below demand curve, + +117 +00:11:52,530 --> 00:11:57,670 +which can be represented by this triangle. The + +118 +00:11:57,670 --> 00:12:02,630 +area of this triangle is the consumer surplus. So + +119 +00:12:02,630 --> 00:12:03,990 +the consumer surplus, + +120 +00:12:12,150 --> 00:12:19,550 +is the area above + +121 +00:12:19,550 --> 00:12:28,530 +the equilibrium price below demand curve above the + +122 +00:12:28,530 --> 00:12:34,330 +equilibrium which + +123 +00:12:34,330 --> 00:12:37,730 +is the actual market price and + +124 +00:12:41,870 --> 00:12:45,230 +Below the demand curve. + +125 +00:12:49,210 --> 00:12:52,970 +How can we calculate the consumer surplus? + +126 +00:13:10,100 --> 00:13:11,700 +times pace, + +127 +00:13:16,040 --> 00:13:19,640 +times height. + +128 +00:13:23,540 --> 00:13:24,940 +Now, + +129 +00:13:31,320 --> 00:13:32,700 +so the consumer surplus, + +130 +00:13:38,890 --> 00:13:43,630 +Equals half times pace. How much is the pace here? + +131 +00:13:44,390 --> 00:13:46,850 +Seven units. + +132 +00:13:50,530 --> 00:13:57,050 +Times high, 300 minus 250. + +133 +00:14:00,190 --> 00:14:08,140 +300 minus 250. So the consumer surplus, Equals + +134 +00:14:08,140 --> 00:14:12,080 +half times seven times 50, + +135 +00:14:13,960 --> 00:14:24,800 +25. I think + +136 +00:14:24,800 --> 00:14:25,560 +175. + +137 +00:14:28,720 --> 00:14:35,690 +This is the consumer welfare. The consumer gains, + +138 +00:14:36,090 --> 00:14:37,710 +the consumer satisfaction. + +139 +00:14:42,390 --> 00:14:45,770 +Because he + +140 +00:14:45,770 --> 00:14:50,610 +has one English to pay 300 shekels. + +141 +00:15:06,740 --> 00:15:12,820 +What about the producer? The producer in the + +142 +00:15:12,820 --> 00:15:18,420 +opposite case or the opposite side. Let me assume + +143 +00:15:18,420 --> 00:15:22,660 +that you are this seller. You are the producers. + +144 +00:15:26,410 --> 00:15:33,390 +And you sell or you want to sell, you have a + +145 +00:15:33,390 --> 00:15:42,590 +willingness to pay or to sell jilbab by 180 + +146 +00:15:42,590 --> 00:15:48,050 +shekels. And you found that the actual market + +147 +00:15:48,050 --> 00:15:50,130 +price is 250. + +148 +00:16:09,170 --> 00:16:12,370 +The difference between the price that the + +149 +00:16:12,370 --> 00:16:17,330 +producer, the seller, wants to sell, and the + +150 +00:16:17,330 --> 00:16:22,330 +actual market price. Look at who wants it. For + +151 +00:16:22,330 --> 00:16:27,190 +example, someone who sells Jilbab has a surplus, + +152 +00:16:27,410 --> 00:16:30,170 +he wants to sell it for 180. He goes to the market + +153 +00:16:30,170 --> 00:16:33,530 +and sells it for 250. He has gains. He has + +154 +00:16:33,530 --> 00:16:37,660 +surplus. They call it producer surplus. How many + +155 +00:16:37,660 --> 00:16:39,540 +quantities did someone sell? Someone sold 10 + +156 +00:16:39,540 --> 00:16:41,820 +quantities, someone sold 20, someone sold so and + +157 +00:16:41,820 --> 00:16:46,420 +so. Okay? This is called producer surplus. Okay? + +158 +00:16:46,700 --> 00:16:52,100 +The producer surplus here is or can be represented + +159 +00:16:52,100 --> 00:16:58,240 +by the area or this triangle here. This is called + +160 +00:16:58,240 --> 00:17:05,000 +producer surplus. Can we do another graph again? + +161 +00:17:05,340 --> 00:17:05,960 +Okay. + +162 +00:17:10,790 --> 00:17:16,310 +So this triangle represents the producer surplus. + +163 +00:17:19,330 --> 00:17:25,970 +So the producer surplus is the + +164 +00:17:25,970 --> 00:17:33,330 +area below the equilibrium price and above the + +165 +00:17:33,330 --> 00:17:34,310 +supply curve. + +166 +00:17:38,500 --> 00:17:46,440 +The producer surplus is the area + +167 +00:17:46,440 --> 00:17:58,520 +below + +168 +00:17:58,520 --> 00:18:03,840 +the equilibrium price and above the supply curve, + +169 +00:18:04,360 --> 00:18:09,840 +okay? Which is producer welfare. The producer + +170 +00:18:09,840 --> 00:18:16,480 +surplus, the producer satisfaction. Okay? So the + +171 +00:18:16,480 --> 00:18:17,520 +producer surplus. + +172 +00:18:29,260 --> 00:18:31,520 +So the producer surplus, + +173 +00:18:39,960 --> 00:18:43,280 +Is the area or the triangle, the area, + +174 +00:18:46,760 --> 00:18:50,560 +below the equilibrium market price, market price + +175 +00:18:50,560 --> 00:18:57,140 +or equilibrium price. The price that the producers + +176 +00:18:57,140 --> 00:19:04,560 +willingness to sell their products. Is the area + +177 +00:19:04,560 --> 00:19:09,140 +between. The supply price, + +178 +00:19:11,650 --> 00:19:21,910 +The producer is + +179 +00:19:21,910 --> 00:19:28,090 +the price, is the area between the equilibrium + +180 +00:19:28,090 --> 00:19:35,510 +price and the + +181 +00:19:35,510 --> 00:19:43,620 +supply curve, or below. Sorry, is the area below + +182 +00:19:43,620 --> 00:19:51,100 +the equilibrium price above + +183 +00:19:51,100 --> 00:19:56,200 +supply curve. So is the area below the equilibrium + +184 +00:19:56,200 --> 00:20:03,180 +price and + +185 +00:20:03,180 --> 00:20:06,140 +above the supply curve. + +186 +00:20:11,050 --> 00:20:15,450 +Okay. Is it clear? How can we calculate the area + +187 +00:20:15,450 --> 00:20:20,490 +of this triangle? The red area here. So the + +188 +00:20:20,490 --> 00:20:30,990 +producer surplus equals half times pace times + +189 +00:20:30,990 --> 00:20:38,410 +height. So the producer surplus equals half times + +190 +00:20:39,990 --> 00:20:44,870 +Pays seven times + +191 +00:20:44,870 --> 00:20:54,550 +high. The difference between 250 minus 180. + +192 +00:20:54,990 --> 00:21:00,230 +So the producer surplus equals half times seven + +193 +00:21:00,230 --> 00:21:03,730 +times 70. + +194 +00:21:08,290 --> 00:21:21,570 +245. That's it. Tamam? Okay. Now, if + +195 +00:21:21,570 --> 00:21:26,030 +the price goes up, if the equilibrium price or the + +196 +00:21:26,030 --> 00:21:30,430 +market price goes up, who will suffer? The + +197 +00:21:30,430 --> 0 + +223 +00:24:02,310 --> 00:24:08,010 +the consumer surplus? Above the seller, below the + +224 +00:24:08,010 --> 00:24:13,170 +demand, right? The producer surplus, above or + +225 +00:24:13,170 --> 00:24:19,930 +below price, above the supplier. That's it. A new + +226 +00:24:19,930 --> 00:24:23,810 +situation, right? Right or wrong? Who doesn't + +227 +00:24:23,810 --> 00:24:31,150 +understand? Who is the problem? No one. If you + +228 +00:24:31,150 --> 00:24:32,750 +don't understand, it's okay. Tell me, it's okay. + +229 +00:24:34,060 --> 00:24:35,940 +Is everything clear? Go ahead. Yes, what is the + +230 +00:24:35,940 --> 00:24:40,380 +problem exactly? On my mind, I am aware of it. Now + +231 +00:24:40,380 --> 00:24:45,280 +look, focus with me. The consumer surplus for new + +232 +00:24:45,280 --> 00:24:48,800 +and old, do you understand? The old consumer + +233 +00:24:48,800 --> 00:24:51,620 +surplus, where was it? It was like this, right? + +234 +00:24:52,080 --> 00:24:57,020 +Above the price, below demand curve, correct? In + +235 +00:24:57,020 --> 00:24:59,440 +the new situation, we put the price here, the + +236 +00:24:59,440 --> 00:25:02,220 +market price. Where did the new consumer surplus + +237 +00:25:02,220 --> 00:25:07,980 +go? This price is above the price, below demand. I + +238 +00:25:07,980 --> 00:25:12,220 +have this area. Right? Okay. Producer surplus. + +239 +00:25:12,580 --> 00:25:17,220 +Where is the old producer surplus? It was here, + +240 +00:25:17,420 --> 00:25:21,920 +right? Below the price, above supply curve. Right? + +241 +00:25:22,480 --> 00:25:23,580 +Where did the price go? Here. + +242 +00:25:27,280 --> 00:25:32,180 +Below the price, above supply. Where did it get + +243 +00:25:32,180 --> 00:25:35,680 +from the supply? Where is the intercept? Oh sorry, + +244 +00:25:35,780 --> 00:25:43,460 +where is the intersection? This is + +245 +00:25:43,460 --> 00:25:47,500 +how I got all of this. This is the NU producer + +246 +00:25:47,500 --> 00:25:55,590 +surplus. Right? The area of the triangle below the + +247 +00:25:55,590 --> 00:25:57,970 +equilibrium, the new price, the market price, and + +248 +00:25:57,970 --> 00:26:03,150 +above supply. How can we calculate here? Assume + +249 +00:26:03,150 --> 00:26:09,330 +here the quantity 10, okay? How much is the + +250 +00:26:09,330 --> 00:26:13,430 +producer surplus, the new producer surplus? Half + +251 +00:26:13,430 --> 00:26:15,650 +times base times height. + +252 +00:26:39,590 --> 00:26:46,300 +Let's calculate. The old consumer surplus, how + +253 +00:26:46,300 --> 00:26:49,600 +much was it? How much was the old consumer + +254 +00:26:49,600 --> 00:26:52,100 +surplus? One hundred and seventy-five. One hundred + +255 +00:26:52,100 --> 00:26:54,720 +and seventy-five. Let's make a comparison between + +256 +00:26:54,720 --> 00:26:59,400 +the old and the new consumer surplus. + +257 +00:27:18,960 --> 00:27:21,760 +Consumer surplus, + +258 +00:27:24,000 --> 00:27:25,580 +producer surplus, + +259 +00:27:32,740 --> 00:27:35,940 +old, then new. + +260 +00:27:40,240 --> 00:27:43,760 +The old consumer surplus was + +261 +00:27:50,080 --> 00:27:54,780 +The old producer surplus was? Two hundred and + +262 +00:27:54,780 --> 00:28:00,060 +forty-five. Had already calculated. The new + +263 +00:28:00,060 --> 00:28:01,000 +consumer surplus? + +264 +00:28:11,130 --> 00:28:13,930 +Where? Okay. + +265 +00:28:22,570 --> 00:28:25,810 +Yes, Hana. Is that what you mean? Yes, that's + +266 +00:28:25,810 --> 00:28:30,770 +right. You're 100% right. Now look, this is the + +267 +00:28:30,770 --> 00:28:34,370 +area of the triangle. We haven't calculated the + +268 +00:28:34,370 --> 00:28:37,090 +new one yet. We haven't calculated it yet. Let's + +269 +00:28:37,090 --> 00:28:39,270 +calculate it. Let's make an assumption that Hana + +270 +00:28:39,270 --> 00:28:42,830 +is 5 units. Name. + +271 +00:28:45,970 --> 00:28:46,650 +Yes. + +272 +00:28:49,690 --> 00:28:54,940 +Look, this is the price. Correct? Where did you + +273 +00:28:54,940 --> 00:28:57,900 +miss the demand? Where did you miss the supply? + +274 +00:29:00,500 --> 00:29:03,580 +The market price is not the equilibrium, by the + +275 +00:29:03,580 --> 00:29:06,380 +way. Let's talk about the market price. Right. + +276 +00:29:06,660 --> 00:29:08,700 +This is the market price. Here, this equilibrium + +277 +00:29:08,700 --> 00:29:13,660 +is equal to the market price. Yes? To clarify + +278 +00:29:13,660 --> 00:29:19,260 +more, this is the market price, actually. What I + +279 +00:29:19,260 --> 00:29:21,280 +just said is called the actual market price. + +280 +00:29:28,790 --> 00:29:32,830 +In the price of floor. In the price of floor. What + +281 +00:29:32,830 --> 00:29:36,610 +does this mean? When we do analysis on the price + +282 +00:29:36,610 --> 00:29:40,510 +of floor. This is the price of floor, right? And + +283 +00:29:40,510 --> 00:29:42,650 +this is equilibrium. It stays the same, right? But + +284 +00:29:42,650 --> 00:29:48,550 +this is the price of floor, right? Things stay on + +285 +00:29:48,550 --> 00:29:50,550 +their own. They stay here. There is no + +286 +00:29:50,550 --> 00:29:54,650 +equilibrium. Right? And this is the point that I + +287 +00:29:54,650 --> 00:29:57,150 +want to connect here. Consumer surplus produces + +288 +00:29:57,150 --> 00:29:59,710 +surplus with the price sitting on the price floor. + +289 +00:30:00,130 --> 00:30:03,210 +This is the point that you argued about. Okay? + +290 +00:30:04,210 --> 00:30:08,350 +This gives me effects on the price floor on the + +291 +00:30:08,350 --> 00:30:14,030 +consumer surplus produces surplus. Where is the + +292 +00:30:14,030 --> 00:30:19,840 +price floor? To above the equilibrium. Had a + +293 +00:30:19,840 --> 00:30:25,040 +market price, if the government sets a price of + +294 +00:30:25,040 --> 00:30:28,660 +four, what will happen to the consumers and the + +295 +00:30:28,660 --> 00:30:29,620 +producer surplus? + +296 +00:30:32,540 --> 00:30:37,240 +Now, in this case, we are going to analyze what? + +297 +00:30:38,010 --> 00:30:41,530 +the effects or the impacts of, or the consequences + +298 +00:30:41,530 --> 00:30:46,730 +of setting the price of lower or the effective + +299 +00:30:46,730 --> 00:30:50,210 +price of lower on the consumer surplus and + +300 +00:30:50,210 --> 00:30:55,330 +producer surplus. Right? Assumption. + +301 +00:30:58,130 --> 00:31:03,270 +Consumer surplus, producer surplus with the price + +302 +00:31:03,270 --> 00:31:08,280 +ceiling and the price of lower. Let's analyze the + +303 +00:31:08,280 --> 00:31:11,420 +effects of the price of flour. This is the market + +304 +00:31:11,420 --> 00:31:13,980 +price set by the government, which is the price of + +305 +00:31:13,980 --> 00:31:22,000 +flour. It is forbidden to sell Jilbab at + +306 +00:31:22,000 --> 00:31:27,140 +270 yuan. Here is the price of flour you agreed to + +307 +00:31:27,140 --> 00:31:30,560 +sell at 270 yuan. This is the price of flour. + +308 +00:31:34,000 --> 00:31:34,760 +What happened? + +309 +00:31:37,780 --> 00:31:41,500 +Producer surplus, oh sorry, the price floor is + +310 +00:31:41,500 --> 00:31:45,680 +imposed here. The new consumer surplus. + +311 +00:31:59,190 --> 00:32:00,990 +Consumer surplus. Consumer surplus. Consumer + +312 +00:32:00,990 --> 00:32:05,810 +surplus. Consumer surplus. Consumer surplus. + +313 +00:32:06,230 --> 00:32:07,530 +Consumer surplus. Consumer surplus. Consumer + +314 +00:32:07,530 --> 00:32:12,430 +surplus. Consumer surplus. Consumer surplus. + +315 +00:32:14,010 --> 00:32:23,110 +Consumer surplus. Consumer surplus. + +316 +00:32:25,220 --> 00:32:28,680 +Positive impacts on whom? On the producer. Because + +317 +00:32:28,680 --> 00:32:32,100 +here, how much is the new consumer surplus? Which + +318 +00:32:32,100 --> 00:32:36,520 +is half the base in height, half of thirty-five. + +319 +00:32:39,020 --> 00:32:42,240 +Seventy-five. Seventy-five? Okay, the new consumer + +320 +00:32:42,240 --> 00:32:47,620 +surplus after, let's say, the effects of + +321 +00:32:48,480 --> 00:32:52,340 +Price floor policy on the consumer surplus and + +322 +00:32:52,340 --> 00:32:59,020 +producer surplus. The effects of price floor on + +323 +00:32:59,020 --> 00:33:04,060 +the consumer surplus and producer surplus. + +324 +00:33:08,180 --> 00:33:12,200 +Let's see who benefited from the price floor + +325 +00:33:12,200 --> 00:33:18,810 +policy. Let's see. This is his account. Half, this + +326 +00:33:18,810 --> 00:33:30,230 +line is half. Base? Five. Height? 300 minus 270. + +327 +00:33:32,090 --> 00:33:32,670 +Thirty. + +328 +00:33:36,170 --> 00:33:45,510 +Seventy-five. Right? Okay. Let's see the changes. + +329 +00:34:01,760 --> 00:34:08,780 +What about the + +330 +00:34:08,780 --> 00:34:12,520 +producer + +331 +00:34:12,520 --> 00:34:16,220 +surplus + +332 +00:34:16,220 --> 00:34:20,320 +here? The old was like this and the new was like + +333 +00:34:20,320 --> 00:34:24,730 +this. Right? Half of the base in 10, because it's + +334 +00:34:24,730 --> 00:34:25,110 +half. + +335 +00:34:28,350 --> 00:34:35,810 +In height, 90. 270 minus 180, 90. + +336 +00:34:39,210 --> 00:34:40,070 +450. + +337 +00:34:42,770 --> 00:34:46,410 +More or less? More. How much? 250. + +338 +00:35:22,550 --> 00:35:30,500 +Exactly, but my assumption or analysis. Why do, why + +339 +00:35:30,500 --> 00:35:37,260 +did the producer gets more than the consumer? How + +340 +00:35:37,260 --> 00:35:42,100 +much did he want to pay? And how much did he want + +341 +00:35:42,100 --> 00:35:46,300 +to get? Okay, there is something called dead + +342 +00:35:46,300 --> 00:35:50,140 +weight loss. Yes, we will talk about it later. But + +343 +00:35:50,140 --> 00:35:54,740 +let's see the effects for whom? For the price + +344 +00:35:54,740 --> 00:35:59,640 +ceiling. Using the figures that we see here, we do + +345 +00:35:59,640 --> 00:36:02,740 +the calculations and we want to do another + +346 +00:36:02,740 --> 00:36:05,660 +analysis to see what is called dead weight loss. + +347 +00:36:06,560 --> 00:36:11,340 +Okay? Okay. Who has a hidden point in this part of + +348 +00:36:11,340 --> 00:36:15,220 +the game? We want to make a new graph. Okay? And + +349 +00:36:15,220 --> 00:36:19,220 +we do the consequences or impacts or effects of + +350 +00:36:19,220 --> 00:36:23,540 +the price ceiling on whom? On the consumer surplus + +351 +00:36:23,540 --> 00:36:24,940 +and producer surplus. Okay? + +352 +00:36:33,530 --> 00:36:34,450 +Okay, + +353 +00:36:38,050 --> 00:36:43,830 +let's go to the effects of price ceiling or the + +354 +00:36:43,830 --> 00:36:46,790 +effect of a price ceiling on the consumer surplus + +355 +00:36:46,790 --> 00:36:51,030 +and producer surplus. So, + +356 +00:36:58,280 --> 00:37:02,920 +the effects of the price ceiling. This is the + +357 +00:37:02,920 --> 00:37:08,400 +original situation here. Price quantity in the + +358 +00:37:08,400 --> 00:37:14,300 +market, D, S. + +359 +00:37:17,100 --> 00:37:20,300 +This is the original equilibrium and market price. + +360 +00:37:21,070 --> 00:37:27,210 +The actual market price. The market price is the + +361 +00:37:27,210 --> 00:37:30,510 +equilibrium price. The assumption is like this. + +362 +00:37:30,650 --> 00:37:36,550 +How much did we put? 250. And this is 300. And how + +363 +00:37:36,550 --> 00:37:39,770 +much did we put? 180. And this is 7. + +364 +00:37:46,240 --> 00:37:49,340 +The consumer surplus, the original or initial + +365 +00:37:49,340 --> 00:37:56,780 +consumer surplus can get this. The producer + +366 +00:37:56,780 --> 00:38:00,640 +surplus can have it. He had already calculated + +367 +00:38:00,640 --> 00:38:00,880 +that. + +368 +00:38:04,220 --> 00:38:08,960 +Effects of + +369 +00:38:08,960 --> 00:38:10,120 +a price ceiling. + +370 +00:38:14,120 --> 00:38:17,160 +on the consumer surplus and the producer surplus. + +371 +00:38:20,640 --> 00:38:28,740 +The price ceiling. The consumer. Then the + +372 +00:38:28,740 --> 00:38:33,680 +government here feels that the price is so high + +373 +00:38:33,680 --> 00:38:39,420 +and the producers must sell the product with lower + +374 +00:38:39,420 --> 00:38:43,060 +prices to protect the consumers. + +375 +00:39:00,050 --> 00:39:04,330 +Let's assume that the government sets a price + +376 +00:39:04,330 --> 00:39:10,690 +ceiling of 200 shekels per jilbab. This is the + +377 +00:39:10,690 --> 00:39:11,330 +price ceiling. + +378 +00:39:15,750 --> 00:39:21,910 +sold by 200 chickens. It's forbidden to sell the + +379 +00:39:21,910 --> 00:39:27,030 +product above 200, but it's allowed to sell the + +380 +00:39:27,030 --> 00:39:32,070 +product below 200. Okay? How much was the + +381 +00:39:32,070 --> 00:39:39,530 +producer's surplus before the price ceiling? How + +382 +00:39:39,530 --> 00:39:41,390 +much did he have? This is the producer's surplus, + +383 +00:39:41,550 --> 00:39:44,750 +right? It was like this, right? So what happened? + +384 +00:39:47,930 --> 00:39:56,170 +The area between or below the price, above supply. + +385 +00:40:14,960 --> 00:40:19,220 +Below the price, market price, and above the + +386 +00:40:19,220 --> 00:40:20,540 +supply curve. + +387 +00:40:23,680 --> 00:40:34,560 +Before the + +388 +00:40:34,560 --> 00:40:35,100 +price ceiling. + +389 +00:40:38,860 --> 00:40:40,920 +Before setting the price ceiling here. + +390 +00:40:46,820 --> 00:40:54,100 +Where is the producer surplus? Area A. + +391 +00:40:57,740 --> 00:41:06,460 +This is area B. Area A is the producer surplus. + +392 +00:41:07,380 --> 00:41:15,020 +Where is the consumer surplus? Area B. Now, let me + +393 +00:41:15,020 --> 00:41:18,580 +assume that the government sets a price ceiling. + +394 +00:41:19,480 --> 00:41:24,940 +Price ceiling below the equilibrium price. Price + +395 +00:41:24,940 --> 00:41:29,060 +ceiling. + +396 +00:41:35,040 --> 00:41:36,340 +Two hundred. + +397 +00:41:39,260 --> 00:41:47,500 +Let me say that we have different areas, A, B, C, + +398 +00:41:47,780 --> 00:41:57,820 +D, E. Where is the old consumer surplus? Let's + +399 +00:41:57,820 --> 00:42:00,800 +talk about the old consumer surplus and the old + +400 +00:42:00,800 --> 00:42:03,560 +producer surplus. What is the old consumer surplus + +401 +00:42:03,560 --> 00:42:13,360 +area? The new consumer surplus A plus B plus C + +402 +00:42:13,360 --> 00:42:13,900 +plus D. + +403 +00:42:16,660 --> 00:42:25,840 +What about the producer surplus? The old one. A + +404 +00:42:25,840 --> 00:42:30,520 +plus B. After comes E. + +405 +00:42:38,210 --> 00:42:45,770 +The new consumer surplus becomes how much? Let me + +406 +00:42:45,770 --> 00:42:50,110 +assume that the price or the quantity becomes 12. + +407 +00:42:52,370 --> 00:42:58,310 +And here, along this supply here becomes four. + +408 +00:43:00,610 --> 00:43:07,250 +Now, the new consumer surplus and the new producer + +409 +00:43:07,250 --> 00:43:07,690 +surplus, + +410 +00:43:10,280 --> 00:43:13,420 +How much is the new consumer surplus? + +411 +00:43:16,240 --> 00:43:18,560 +Half times base. + +412 +00:43:21,940 --> 00:43:24,900 +Base. How much is base? Twelve. + +413 +00:43:27,620 --> 00:43:31,920 +Times height. One hundred. One hundred, yes. Three + +414 +00:43:31,920 --> 00:43:35,360 +hundred minus two hundred, one hundred. Six + +415 +00:43:35,360 --> 00:43:42,250 +hundred. How much is it? Six hundred. Okay, what + +416 +00:43:42,250 --> 00:43:51,050 +about the new producer surplus? It's just E. Half + +417 +00:43:51,05 + +445 +00:47:10,630 --> 00:47:15,050 +The original situation without figures here, E. + +446 +00:47:18,610 --> 00:47:20,410 +This is the original situation here. + +447 +00:47:24,350 --> 00:47:31,230 +Let me assume that the government sets a price of + +448 +00:47:31,230 --> 00:47:36,590 +flour. The government decided to set a price of + +449 +00:47:36,590 --> 00:47:42,530 +flour, which is above the equilibrium here. Price, + +450 +00:47:43,170 --> 00:47:50,530 +flour. Walmart price. The areas A, + +451 +00:47:59,090 --> 00:48:02,890 +A, B, C, D, E. + +452 +00:48:07,970 --> 00:48:08,970 +Okay. + +453 +00:48:14,570 --> 00:48:21,030 +Effect of the price floor policy on the consumer + +454 +00:48:21,030 --> 00:48:25,310 +surplus, producer surplus, and the total welfare + +455 +00:48:25,310 --> 00:48:26,070 +gains. + +456 +00:48:28,620 --> 00:48:33,040 +In the market headed due to the policy. + +457 +00:48:42,520 --> 00:48:44,660 +The consumer surplus. + +458 +00:48:51,160 --> 00:48:52,260 +Producer surplus. + +459 +00:48:59,810 --> 00:49:05,370 +Total welfare, total surplus. The consumer surplus + +460 +00:49:05,370 --> 00:49:08,770 +produces surplus, total surplus or total welfare. + +461 +00:49:09,950 --> 00:49:10,510 +Before, + +462 +00:49:16,930 --> 00:49:17,710 +price floor. + +463 +00:49:22,190 --> 00:49:23,110 +After, + +464 +00:49:25,310 --> 00:49:26,690 +setting the price floor. + +465 +00:49:30,200 --> 00:49:31,220 +Changes. + +466 +00:49:40,960 --> 00:49:48,600 +Now, let's analyze the original situation. Before + +467 +00:49:48,600 --> 00:49:54,940 +setting a price ceiling, how much was the price of + +468 +00:49:54,940 --> 00:49:56,740 +the consumer surplus? ABC. + +469 +00:50:00,490 --> 00:50:06,730 +All right? Before imposing the price ceiling. + +470 +00:50:07,030 --> 00:50:10,530 +Before the price ceiling. In the original + +471 +00:50:10,530 --> 00:50:14,590 +situation, the consumer surplus was area A. + +472 +00:50:16,110 --> 00:50:21,470 +Producer surplus was this. After price ceiling, + +473 +00:50:21,830 --> 00:50:25,490 +after price floor, this became this and this + +474 +00:50:25,490 --> 00:50:25,930 +became this. + +475 +00:50:28,770 --> 00:50:34,550 +Let's see. Then before the price ceiling, how much + +476 +00:50:34,550 --> 00:50:41,850 +was the consumer surplus? A plus B plus C. A plus + +477 +00:50:41,850 --> 00:50:53,290 +B plus C. Area A positive. What about the producer + +478 +00:50:53,290 --> 00:50:55,950 +surplus? How much was it? + +479 +00:51:09,940 --> 00:51:17,700 +Before the price floor is imposed, how much was + +480 +00:51:17,700 --> 00:51:24,420 +the producer surplus? D and E. + +481 +00:51:28,490 --> 00:51:31,570 +D plus E. Of course this is positive. + +482 +00:51:34,270 --> 00:51:40,790 +Total welfare, how much was it? A, B, C, D, E. + +483 +00:51:41,170 --> 00:51:47,490 +Summation of them. A, positive A, positive B, + +484 +00:51:47,850 --> 00:51:53,350 +positive C, positive D, positive E. Alright? After + +485 +00:51:58,160 --> 00:52:05,700 +imposing the price floor here. Then you consumer + +486 +00:52:05,700 --> 00:52:10,920 +surplus, just A. Then on the other side, just A. + +487 +00:52:14,420 --> 00:52:19,320 +What about the consumer that produces surplus? B, + +488 +00:52:19,540 --> 00:52:26,520 +C, D, E, F. Then plus B, + +489 +00:52:28,500 --> 00:52:40,820 +plus C plus D plus E plus F total A plus B plus C + +490 +00:52:40,820 --> 00:52:50,440 +plus D plus E plus F let's + +491 +00:52:50,440 --> 00:52:54,100 +change after + +492 +00:52:54,100 --> 00:52:55,020 +minus before + +493 +00:52:58,270 --> 00:53:00,950 +The change that happened. What is the situation + +494 +00:53:00,950 --> 00:53:05,010 +now? It is minus the situation before. It is like + +495 +00:53:05,010 --> 00:53:10,910 +this minus this and this. It is minus B minus C. + +496 +00:53:11,870 --> 00:53:13,390 +Because this happened. Our brain did not produce + +497 +00:53:13,390 --> 00:53:17,450 +A. Minus passes through all of them, like this. + +498 +00:53:17,990 --> 00:53:22,470 +Minus becomes positive A, positive B, positive C. + +499 +00:53:24,730 --> 00:53:28,130 +Minus passes through all of them, right? After, + +500 +00:53:28,770 --> 00:53:31,430 +minus these. Minus passes through all of them. + +501 +00:53:32,110 --> 00:53:35,390 +Negative signs happen. So this happens like this. + +502 +00:53:36,010 --> 00:53:41,230 +Positive A, minus A. Minus B, minus C. This goes + +503 +00:53:41,230 --> 00:53:47,510 +with it. Minus B, minus C. This is the result, our + +504 +00:53:47,510 --> 00:53:53,830 +conclusion. Minus B minus C. What about this? This + +505 +00:53:53,830 --> 00:53:58,970 +is like this, minus this. Minus B and minus C. No, + +506 +00:53:59,010 --> 00:54:02,090 +it's not minus. Do it like this. It's not minus. + +507 +00:54:02,490 --> 00:54:06,530 +This is minus. But this second one is minus the + +508 +00:54:06,530 --> 00:54:11,610 +first one. Positive B.Positive C, positive D, + +509 +00:54:11,830 --> 00:54:22,130 +positive A, positive F. Minus D minus E. Minus D + +510 +00:54:22,130 --> 00:54:25,350 +minus E. Minus D minus E. Minus D minus E. Minus D + +511 +00:54:25,350 --> 00:54:29,570 +minus E. Minus D minus E. Minus D minus E. Minus D + +512 +00:54:29,570 --> 00:54:29,750 +minus E. Minus D minus E. Minus D minus E. Minus D + +513 +00:54:29,750 --> 00:54:29,770 +minus E. Minus D minus E. Minus D minus E. Minus D + +514 +00:54:29,770 --> 00:54:29,850 +minus E. Minus D minus E. Minus D minus E. Minus D + +515 +00:54:29,850 --> 00:54:30,130 +minus E. Minus D minus E. Minus D minus E. Minus D + +516 +00:54:30,130 --> 00:54:30,610 +minus E. Minus D minus E. Minus D minus E. Minus D + +517 +00:54:30,610 --> 00:54:33,150 +minus E. Minus D minus E. Minus D minus E. Minus D + +518 +00:54:33,150 --> 00:54:43,340 +minus E. Right? Minus D minus E Look, positive D + +519 +00:54:43,340 --> 00:54:49,140 +minus D Positive E and negative E equals positive + +520 +00:54:49,140 --> 00:54:55,300 +B positive C positive F Right? Because it became + +521 +00:54:55,300 --> 00:55:01,280 +like this Positive B positive C positive F Yes? + +522 +00:55:05,690 --> 00:55:10,030 +Now, combine these like this, or combine these, or + +523 +00:55:10,030 --> 00:55:12,550 +say this minus this. So, you have two solutions. + +524 +00:55:12,830 --> 00:55:16,230 +Either you combine them vertically like this, or + +525 +00:55:16,230 --> 00:55:18,670 +you say, we used to say this minus this, or this + +526 +00:55:18,670 --> 00:55:20,410 +minus this, or this minus this, they give you + +527 +00:55:20,410 --> 00:55:24,410 +this, right? The same result. If I want to say + +528 +00:55:24,410 --> 00:55:28,470 +that this is minus P and positive P, minus C, + +529 +00:55:28,550 --> 00:55:31,230 +positive C, we get positive F. So, if I say this + +530 +00:55:31,230 --> 00:55:34,710 +minus this, I get positive F. This is called like + +531 +00:55:34,710 --> 00:55:43,740 +this, Total or Net Gains. Net Gains. Meaning that + +532 +00:55:43,740 --> 00:55:48,800 +the sitting price in this ceiling, increased the + +533 +00:55:48,800 --> 00:55:50,320 +community by F. + +534 +00:55:53,100 --> 00:55:55,240 +Increased the general popularity. It ruined + +535 +00:55:55,240 --> 00:55:59,400 +people. It ruined consumers. And it fixed the + +536 +00:55:59,400 --> 00:56:04,020 +producers' situation. But in general, We have an + +537 +00:56:04,020 --> 00:56:07,680 +increase in the surplus of F, which is the area. + +538 +00:56:12,320 --> 00:56:18,520 +Yes, once again, raise your head. Look. Who did + +539 +00:56:18,520 --> 00:56:20,160 +not understand the analysis that we did here? + +540 +00:56:21,840 --> 00:56:24,960 +Those who did not understand, look, we came here + +541 +00:56:24,960 --> 00:56:28,100 +to simplify. I say it once, twice and ten times. + +542 +00:56:28,500 --> 00:56:30,340 +If you do not understand, you will have a problem + +543 +00:56:30,340 --> 00:56:33,040 +with me, not with you. Okay? + +544 +00:56:38,000 --> 00:56:38,160 +Okay. + +545 +00:56:41,240 --> 00:56:43,460 +Who did not understand this analysis? And how did + +546 +00:56:43,460 --> 00:56:47,040 +we get this result? This is called net welfare + +547 +00:56:47,040 --> 00:56:54,940 +gains. Net gains. It may be negative. The price of + +548 +00:56:54,940 --> 00:56:58,650 +the sailing game may be negative. All right? This + +549 +00:56:58,650 --> 00:57:02,950 +depends on what the policy affects. And there are + +550 +00:57:02,950 --> 00:57:04,810 +people, because when we put the price on the + +551 +00:57:04,810 --> 00:57:08,770 +floor, the prices went up. Consumers were harmed, + +552 +00:57:08,910 --> 00:57:13,170 +right? But the producers benefited. What is the + +553 +00:57:13,170 --> 00:57:16,650 +difference between this F? Is this F positive or + +554 +00:57:16,650 --> 00:57:20,490 +negative? So this is net gains. This is positive + +555 +00:57:20,490 --> 00:57:25,720 +net gains or net surplus. The net surplus is + +556 +00:57:25,720 --> 00:57:30,660 +positive. There are positive impacts of this + +557 +00:57:30,660 --> 00:57:40,580 +policy on the economy. This is called net welfare + +558 +00:57:40,580 --> 00:57:43,100 +gains. + +559 +00:57:44,760 --> 00:57:48,700 +If it is negative, it is called net welfare loss + +560 +00:57:48,700 --> 00:57:51,280 +or surplus. + +561 +00:57:54,660 --> 00:58:00,700 +All right? All right. No, it turned out to be the + +562 +00:58:00,700 --> 00:58:06,660 +producer. The price turned out to be the producer. + +563 +00:58:09,240 --> 00:58:14,980 +Right? Correct? All right. Let's look at the + +564 +00:58:14,980 --> 00:58:19,930 +price. Ceiling, sorry, had a price ceiling, price + +565 +00:58:19,930 --> 00:58:24,770 +floor. Price ceiling, it affects the welfare + +566 +00:58:24,770 --> 00:58:31,190 +gains. Our net surplus, the community, to the + +567 +00:58:31,190 --> 00:58:36,990 +effects of a price ceiling on the consumer surplus + +568 +00:58:36,990 --> 00:58:42,870 +and the producer surplus. Let's come back to the + +569 +00:58:42,870 --> 00:58:44,110 +example. + +570 +00:58:46,380 --> 00:58:49,800 +This is the effects of a price ceiling policy on + +571 +00:58:49,800 --> 00:58:53,300 +the consumer surplus and producer surplus. Price, + +572 +00:58:54,260 --> 00:58:55,180 +quantity, + +573 +00:58:58,840 --> 00:59:05,240 +demand, supply. This is the original situation, + +574 +00:59:05,800 --> 00:59:06,360 +point A. + +575 +00:59:13,870 --> 00:59:16,990 +The effective price ceiling, where do we put it? + +576 +00:59:17,570 --> 00:59:24,830 +Below or above equilibrium? Below. The effective + +577 +00:59:24,830 --> 00:59:31,250 +price ceiling below equilibrium. + +578 +00:59:32,450 --> 00:59:37,190 +The price ceiling. The effective price ceiling. + +579 +00:59:41,770 --> 00:59:48,450 +Let's assume here, We have different areas, A, B, + +580 +00:59:48,990 --> 00:59:53,370 +C, D, E. What else? That's it. Okay. + +581 +00:59:56,470 --> 01:00:03,470 +So before the price ceiling, before the price + +582 +01:00:03,470 --> 01:00:09,510 +ceiling, and after the price ceiling, and the + +583 +01:00:09,510 --> 01:00:14,310 +changes or the impacts on the Community, + +584 +01:00:14,690 --> 01:00:19,810 +consumers, and producer surpluses. Okay? Before. + +585 +01:00:21,510 --> 01:00:27,310 +Before. How much is the consumer surplus? Consumer + +586 +01:00:27,310 --> 01:00:32,170 +surplus area A, right? Producer surplus area A and + +587 +01:00:32,170 --> 01:00:37,790 +B. After. What happened to consumer surplus? + +588 +01:00:38,930 --> 01:00:42,530 +Producer surplus A. Who benefited from the damage? + +589 +01:00:43,700 --> 01:00:56,840 +Consumer surplus before + +590 +01:00:56,840 --> 01:01:08,300 +area A. Positive A. Producer surplus. E and B. E + +591 +01:01:08,300 --> 01:01:09,000 +plus B. + +592 +01:01:12,230 --> 01:01:24,150 +A plus, positive. Positive A, + +593 +01:01:26,770 --> 01:01:29,130 +positive B. That's it. + +594 +01:01:32,850 --> 01:01:38,310 +After setting the price ceiling here, how much is + +595 +01:01:38,310 --> 01:01:42,940 +the new consumer surplus? A, B, C, D. + +596 +01:01:46,340 --> 01:01:52,400 +Consumer surplus, the new consumer surplus, A, B + +597 +01:01:52,400 --> 01:01:55,980 +plus + +598 +01:01:55,980 --> 01:01:57,940 +C plus D. + +599 +01:02:00,500 --> 01:02:03,860 +All right. Okay. What about the producer surplus? + +600 +01:02:04,940 --> 01:02:06,040 +It's just E. + +601 +01:02:11,030 --> 01:02:16,490 +The sum of these A's becomes A plus B plus C plus + +602 +01:02:16,490 --> 01:02:24,110 +D plus E. Right? Look at the changes. After minus + +603 +01:02:24,110 --> 01:02:32,890 +before. These are the minuses. So A minus A goes + +604 +01:02:32,890 --> 01:02:34,770 +together. Right? + +605 +01:02:37,930 --> 01:02:41,330 +It remains positive B, positive C, positive D. + +606 +01:02:41,770 --> 01:02:47,010 +Right? Correct? Yes. No, the second minus the + +607 +01:02:47,010 --> 01:02:50,510 +first. It works like this. What is this? Positive + +608 +01:02:50,510 --> 01:02:55,590 +A, positive B, positive C, positive D. All minus + +609 +01:02:55,590 --> 01:03:01,170 +A. Right? This goes with it. This is like this. It + +610 +01:03:01,170 --> 01:03:06,730 +remains these. Okay? Okay. This is minus these. + +611 +01:03:08,200 --> 01:03:14,140 +Minus B. Right? Because this is positive E minus E + +612 +01:03:14,140 --> 01:03:18,720 +minus B. It turned out to be minus B. How did we + +613 +01:03:18,720 --> 01:03:22,240 +get all the science? We say this plus this. This + +614 +01:03:22,240 --> 01:03:26,280 +plus this. This plus this. No, positive. + +615 +01:03:30,060 --> 01:03:30,700 +Right? + +616 +01:03:35,420 --> 01:03:37,640 +Because this logic is like this, + +617 +01:03:41,950 --> 01:03:46,850 +Positive C, positive D. Net welfare gains. Okay. diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/PpXJLizOnr4_postprocess.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/PpXJLizOnr4_postprocess.srt new file mode 100644 index 0000000000000000000000000000000000000000..e8173b39644956ed67aa635126316473b9abefa8 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/PpXJLizOnr4_postprocess.srt @@ -0,0 +1,2468 @@ +1 +00:00:20,880 --> 00:00:24,900 +Okay, today, inshallah, we are going to study the + +2 +00:00:24,900 --> 00:00:29,180 +consumer surplus, producer surplus, and its + +3 +00:00:29,180 --> 00:00:31,720 +relationship with the price ceiling and the price + +4 +00:00:31,720 --> 00:00:37,320 +floor policies. In the last class, we studied the + +5 +00:00:37,320 --> 00:00:41,860 +idea of price ceiling and price floor, and we had + +6 +00:00:41,860 --> 00:00:46,840 +examples related to these points today. + +7 +00:00:47,940 --> 00:00:54,400 +Let's complete the topic and study the consumer + +8 +00:00:54,400 --> 00:00:57,500 +surplus and the producer surplus, which is related + +9 +00:00:57,500 --> 00:01:01,980 +or are related to the economic welfare. + +10 +00:01:04,900 --> 00:01:07,660 +So to understand the idea of consumer surplus and + +11 +00:01:07,660 --> 00:01:13,540 +producer surplus, let us assume. So the point here + +12 +00:01:13,540 --> 00:01:14,960 +is the consumer surplus. + +13 +00:01:22,840 --> 00:01:30,420 +and producer surplus with + +14 +00:01:30,420 --> 00:01:33,860 +price ceiling and price floor. + +15 +00:01:41,660 --> 00:01:45,600 +So let's begin with the consumer surplus or the + +16 +00:01:45,600 --> 00:01:50,020 +idea of the consumer surplus. The consumer surplus + +17 +00:01:50,020 --> 00:01:50,500 +means, + +18 +00:01:56,900 --> 00:02:01,380 +To understand the idea of the consumer surplus, + +19 +00:02:01,980 --> 00:02:08,780 +let's assume that you tend or you want to buy + +20 +00:02:08,780 --> 00:02:14,940 +jilbat from the market, and you are willing to pay + +21 +00:02:14,940 --> 00:02:22,800 +300 shekels for this jilbat, okay? This is your + +22 +00:02:22,800 --> 00:02:29,860 +willingness to pay or the demand price. You are + +23 +00:02:29,860 --> 00:02:36,520 +willing to pay 300 shekels for this jilbat, okay? + +24 +00:02:37,480 --> 00:02:43,480 +And you went to the market. Now you have 300 + +25 +00:02:43,480 --> 00:02:48,020 +shekels to pay for jilbat, okay? And you find the + +26 +00:02:48,020 --> 00:02:50,200 +price was + +27 +00:02:52,120 --> 00:02:56,560 +250, the actual price, the actual market price, + +28 +00:02:57,360 --> 00:03:01,940 +250 shekels. + +29 +00:03:03,500 --> 00:03:11,360 +Here we have, you will be happy. Yeah, excellent. + +30 +00:03:12,540 --> 00:03:17,020 +Here you have what? If you want to buy one jilbab, + +31 +00:03:18,600 --> 00:03:26,020 +Your welfare is 50 shekels. To buy this jilbab. + +32 +00:03:27,220 --> 00:03:33,160 +You have a welfare, how much? 50. Two jilbabs. + +33 +00:03:37,340 --> 00:03:45,400 +Two times 50. 100 shekels. Three. $53.50, $150.00. + +34 +00:03:45,460 --> 00:03:47,980 +This is called prosperity. This is called consumer + +35 +00:03:47,980 --> 00:03:51,140 +surplus. How happy are you? Simply because you + +36 +00:03:51,140 --> 00:03:58,260 +have a tendency to pay 300 shekels. This is the + +37 +00:03:58,260 --> 00:04:00,340 +willingness or the demand price. This is called + +38 +00:04:00,340 --> 00:04:01,180 +the demand price. + +39 +00:04:06,320 --> 00:04:11,580 +Or the price that + +40 +00:04:12,750 --> 00:04:19,690 +you are willing to + +41 +00:04:19,690 --> 00:04:22,990 +pay for Jilbab. + +42 +00:04:25,650 --> 00:04:33,110 +Okay? And this is what the actual market price, + +43 +00:04:34,710 --> 00:04:35,350 +the actual + +44 +00:04:46,910 --> 00:04:54,190 +If you want to buy one Jilbab, you have to gain 50 + +45 +00:04:54,190 --> 00:04:58,270 +shekels, which is the consumer surplus in this + +46 +00:04:58,270 --> 00:05:04,730 +case. So, the consumer surplus, if you want to buy + +47 +00:05:04,730 --> 00:05:10,090 +one Jilbab, one, times 50, the difference between + +48 +00:05:12,690 --> 00:05:20,490 +300 minus 250. One times 50 equals 50 shekels. + +49 +00:05:21,850 --> 00:05:27,730 +Someone else in the community wants to buy two + +50 +00:05:27,730 --> 00:05:28,490 +units. + +51 +00:05:32,330 --> 00:05:36,390 +And he is + +52 +00:05:36,390 --> 00:05:37,910 +willing to pay + +53 +00:05:49,640 --> 00:05:56,040 +And she has a willingness to pay $217. + +54 +00:05:56,860 --> 00:05:59,740 +How much did she save? And the actual price is + +55 +00:05:59,740 --> 00:06:04,120 +$250. How much did she save? She saved $20 per + +56 +00:06:04,120 --> 00:06:07,300 +person. Right? Correct? So she can buy two for + +57 +00:06:07,300 --> 00:06:14,110 +$300. Minus 270. How much did it save us? 2 times + +58 +00:06:14,110 --> 00:06:19,170 +30 is 60. 60 shekels. The third one. + +59 +00:06:22,310 --> 00:06:28,670 +Sorry. Correct. Correct. Correct. This is 270 + +60 +00:06:28,670 --> 00:06:33,930 +minus 250. The actual price. How much did it save + +61 +00:06:33,930 --> 00:06:38,470 +us? 2 times 20 is 40. Exactly. Thank you very + +62 +00:06:38,470 --> 00:06:46,230 +much. Someone else wants to buy three units. One + +63 +00:06:46,230 --> 00:06:49,770 +third wants to buy three units. But she has a + +64 +00:06:49,770 --> 00:06:58,430 +tendency to pay 260. Two hundred and fifty equals + +65 +00:06:58,430 --> 00:07:03,690 +three times ten to thirty. Someone else wants to + +66 +00:07:03,690 --> 00:07:06,810 +pay 250. Zero. + +67 +00:07:09,610 --> 00:07:18,330 +Exactly. If a person buys three units and pays 250 + +68 +00:07:18,330 --> 00:07:24,810 +minus 250 equals zero. The summation of the entire + +69 +00:07:24,810 --> 00:07:31,650 +community, the consumer surplus is 50 plus 40 plus + +70 +00:07:31,650 --> 00:07:35,010 +30 plus zero. What is the total consumer surplus? + +71 +00:07:36,840 --> 00:07:43,020 +120. That's it. Now, the consumer surplus is what? + +72 +00:07:43,420 --> 00:07:48,220 +Is the difference between the price that the + +73 +00:07:48,220 --> 00:07:56,240 +consumer willing is to pay for the products or + +74 +00:07:56,240 --> 00:08:03,580 +services minus the actual market price. The + +75 +00:08:03,580 --> 00:08:06,580 +difference between the prices that you have + +76 +00:08:06,580 --> 00:08:10,140 +willingness to pay and the actual market prices, + +77 +00:08:10,560 --> 00:08:13,860 +okay? To understand, let's draw the graph that + +78 +00:08:13,860 --> 00:08:22,500 +shows the idea, okay? Now, let's + +79 +00:08:22,500 --> 00:08:24,620 +assume that we have the following example. + +80 +00:08:30,080 --> 00:08:31,720 +Click it to the gel. + +81 +00:08:37,116 --> 00:08:37,700 +Price, + +82 +00:08:42,460 --> 00:08:47,360 +quantity, and the market. + +83 +00:08:51,200 --> 00:08:58,440 +This is the demand here for jilbab. The market + +84 +00:08:58,440 --> 00:09:01,460 +supply for jilbab. + +85 +00:09:04,940 --> 00:09:08,700 +The equilibrium price in the market is how much? + +86 +00:09:09,720 --> 00:09:16,460 +250. This is our assumption here, that the actual + +87 +00:09:16,460 --> 00:09:19,000 +market price or the equilibrium price of the + +88 +00:09:19,000 --> 00:09:24,140 +market equals 250. This is the price of exit + +89 +00:09:24,140 --> 00:09:29,820 +change here in the market. Now, according to our + +90 +00:09:29,820 --> 00:09:30,620 +assumption there, + +91 +00:09:34,510 --> 00:09:38,490 +This is the upper price here, 300 tickets. + +92 +00:09:41,090 --> 00:09:43,110 +The consumers winning. + +93 +00:09:46,980 --> 00:09:52,100 +to pay 300 tickets and the actual market price is + +94 +00:09:52,100 --> 00:09:58,240 +250 units. Let us assume that the quantity + +95 +00:09:58,240 --> 00:10:00,960 +exchange in the market quantity demanded and + +96 +00:10:00,960 --> 00:10:04,240 +quantity supplied equals seven units. + +97 +00:10:07,960 --> 00:10:16,840 +Now, the difference here between The price that + +98 +00:10:16,840 --> 00:10:21,240 +the consumers is willing to pay and the actual + +99 +00:10:21,240 --> 00:10:25,800 +market price, this is the price of the consumer + +100 +00:10:25,800 --> 00:10:28,960 +surplus. Okay? How much is the quantity? It is + +101 +00:10:28,960 --> 00:10:35,020 +seven units. What do you notice? As the price goes + +102 +00:10:35,020 --> 00:10:36,080 +down. + +103 +00:10:41,320 --> 00:10:44,860 +No, the quantity increases. All right? The + +104 +00:10:44,860 --> 00:10:48,080 +question is not here. The question is, how much + +105 +00:10:48,080 --> 00:10:50,620 +did we save as a community? I mean, we go down to + +106 +00:10:50,620 --> 00:10:54,420 +the market. We find the price at 300. And I have a + +107 +00:10:54,420 --> 00:11:00,440 +tendency, a willingness to pay 300 in the + +108 +00:11:00,440 --> 00:11:03,540 +quantities that I want to buy. This is called the + +109 +00:11:03,540 --> 00:11:06,340 +consumer surplus. Consumer surplus is this area + +110 +00:11:06,340 --> 00:11:08,040 +here. You see? This triangle. + +111 +00:11:12,400 --> 00:11:16,980 +So this area, this triangle represents or + +112 +00:11:16,980 --> 00:11:20,620 +illustrates or shows the consumer surface. + +113 +00:11:22,500 --> 00:11:23,580 +Consumer. + +114 +00:11:31,040 --> 00:11:36,760 +And each unit purchased or purchased unit or each + +115 +00:11:36,760 --> 00:11:42,870 +sold unit. So the consumer surplus is the area + +116 +00:11:42,870 --> 00:11:49,550 +above the equilibrium price below demand curve, + +117 +00:11:52,530 --> 00:11:57,670 +which can be represented by this triangle. The + +118 +00:11:57,670 --> 00:12:02,630 +area of this triangle is the consumer surplus. So + +119 +00:12:02,630 --> 00:12:03,990 +the consumer surplus, + +120 +00:12:12,150 --> 00:12:19,550 +is the area above + +121 +00:12:19,550 --> 00:12:28,530 +the equilibrium price below demand curve above the + +122 +00:12:28,530 --> 00:12:34,330 +equilibrium which + +123 +00:12:34,330 --> 00:12:37,730 +is the actual market price and + +124 +00:12:41,870 --> 00:12:45,230 +Below the demand curve. + +125 +00:12:49,210 --> 00:12:52,970 +How can we calculate the consumer surplus? + +126 +00:13:10,100 --> 00:13:11,700 +times pace, + +127 +00:13:16,040 --> 00:13:19,640 +times height. + +128 +00:13:23,540 --> 00:13:24,940 +Now, + +129 +00:13:31,320 --> 00:13:32,700 +so the consumer surplus, + +130 +00:13:38,890 --> 00:13:43,630 +Equals half times pace. How much is the pace here? + +131 +00:13:44,390 --> 00:13:46,850 +Seven units. + +132 +00:13:50,530 --> 00:13:57,050 +Times high, 300 minus 250. + +133 +00:14:00,190 --> 00:14:08,140 +300 minus 250. So the consumer surplus, Equals + +134 +00:14:08,140 --> 00:14:12,080 +half times seven times 50, + +135 +00:14:13,960 --> 00:14:24,800 +25. I think + +136 +00:14:24,800 --> 00:14:25,560 +175. + +137 +00:14:28,720 --> 00:14:35,690 +This is the consumer welfare. The consumer gains, + +138 +00:14:36,090 --> 00:14:37,710 +the consumer satisfaction. + +139 +00:14:42,390 --> 00:14:45,770 +Because he + +140 +00:14:45,770 --> 00:14:50,610 +has one English to pay 300 shekels. + +141 +00:15:06,740 --> 00:15:12,820 +What about the producer? The producer in the + +142 +00:15:12,820 --> 00:15:18,420 +opposite case or the opposite side. Let me assume + +143 +00:15:18,420 --> 00:15:22,660 +that you are this seller. You are the producers. + +144 +00:15:26,410 --> 00:15:33,390 +And you sell or you want to sell, you have a + +145 +00:15:33,390 --> 00:15:42,590 +willingness to pay or to sell jilbab by 180 + +146 +00:15:42,590 --> 00:15:48,050 +shekels. And you found that the actual market + +147 +00:15:48,050 --> 00:15:50,130 +price is 250. + +148 +00:16:09,170 --> 00:16:12,370 +The difference between the price that the + +149 +00:16:12,370 --> 00:16:17,330 +producer, the seller, wants to sell, and the + +150 +00:16:17,330 --> 00:16:22,330 +actual market price. Look at who wants it. For + +151 +00:16:22,330 --> 00:16:27,190 +example, someone who sells Jilbab has a surplus, + +152 +00:16:27,410 --> 00:16:30,170 +he wants to sell it for 180. He goes to the market + +153 +00:16:30,170 --> 00:16:33,530 +and sells it for 250. He has gains. He has + +154 +00:16:33,530 --> 00:16:37,660 +surplus. They call it producer surplus. How many + +155 +00:16:37,660 --> 00:16:39,540 +quantities did someone sell? Someone sold 10 + +156 +00:16:39,540 --> 00:16:41,820 +quantities, someone sold 20, someone sold so and + +157 +00:16:41,820 --> 00:16:46,420 +so. Okay? This is called producer surplus. Okay? + +158 +00:16:46,700 --> 00:16:52,100 +The producer surplus here is or can be represented + +159 +00:16:52,100 --> 00:16:58,240 +by the area or this triangle here. This is called + +160 +00:16:58,240 --> 00:17:05,000 +producer surplus. Can we do another graph again? + +161 +00:17:05,340 --> 00:17:05,960 +Okay. + +162 +00:17:10,790 --> 00:17:16,310 +So this triangle represents the producer surplus. + +163 +00:17:19,330 --> 00:17:25,970 +So the producer surplus is the + +164 +00:17:25,970 --> 00:17:33,330 +area below the equilibrium price and above the + +165 +00:17:33,330 --> 00:17:34,310 +supply curve. + +166 +00:17:38,500 --> 00:17:46,440 +The producer surplus is the area + +167 +00:17:46,440 --> 00:17:58,520 +below + +168 +00:17:58,520 --> 00:18:03,840 +the equilibrium price and above the supply curve, + +169 +00:18:04,360 --> 00:18:09,840 +okay? Which is producer welfare. The producer + +170 +00:18:09,840 --> 00:18:16,480 +surplus, the producer satisfaction. Okay? So the + +171 +00:18:16,480 --> 00:18:17,520 +producer surplus. + +172 +00:18:29,260 --> 00:18:31,520 +So the producer surplus, + +173 +00:18:39,960 --> 00:18:43,280 +Is the area or the triangle, the area, + +174 +00:18:46,760 --> 00:18:50,560 +below the equilibrium market price, market price + +175 +00:18:50,560 --> 00:18:57,140 +or equilibrium price. The price that the producers + +176 +00:18:57,140 --> 00:19:04,560 +willingness to sell their products. Is the area + +177 +00:19:04,560 --> 00:19:09,140 +between. The supply price, + +178 +00:19:11,650 --> 00:19:21,910 +The producer is + +179 +00:19:21,910 --> 00:19:28,090 +the price, is the area between the equilibrium + +180 +00:19:28,090 --> 00:19:35,510 +price and the + +181 +00:19:35,510 --> 00:19:43,620 +supply curve, or below. Sorry, is the area below + +182 +00:19:43,620 --> 00:19:51,100 +the equilibrium price above + +183 +00:19:51,100 --> 00:19:56,200 +supply curve. So is the area below the equilibrium + +184 +00:19:56,200 --> 00:20:03,180 +price and + +185 +00:20:03,180 --> 00:20:06,140 +above the supply curve. + +186 +00:20:11,050 --> 00:20:15,450 +Okay. Is it clear? How can we calculate the area + +187 +00:20:15,450 --> 00:20:20,490 +of this triangle? The red area here. So the + +188 +00:20:20,490 --> 00:20:30,990 +producer surplus equals half times pace times + +189 +00:20:30,990 --> 00:20:38,410 +height. So the producer surplus equals half times + +190 +00:20:39,990 --> 00:20:44,870 +Pays seven times + +191 +00:20:44,870 --> 00:20:54,550 +high. The difference between 250 minus 180. + +192 +00:20:54,990 --> 00:21:00,230 +So the producer surplus equals half times seven + +193 +00:21:00,230 --> 00:21:03,730 +times 70. + +194 +00:21:08,290 --> 00:21:21,570 +245. That's it. Tamam? Okay. Now, if + +195 +00:21:21,570 --> 00:21:26,030 +the price goes up, if the equilibrium price or the + +196 +00:21:26,030 --> 00:21:30,430 +market price goes up, who will suffer? The + +197 +00:21:30,430 --> 00:21:33,350 +consumer. In other words, his welfare will + +198 +00:21:33,350 --> 00:21:42,150 +decrease. Definitely. Right? I mean, if you As a + +199 +00:21:42,150 --> 00:21:45,510 +consumer, you are as a consumer. What happens in + +200 +00:21:45,510 --> 00:21:49,670 +this case? Your benefits decrease. Or welfare, or + +201 +00:21:49,670 --> 00:21:52,630 +satisfaction, whatever you call it. This surplus + +202 +00:21:52,630 --> 00:21:57,150 +will decrease. But the producers increase. Right? + +203 +00:21:57,730 --> 00:22:04,330 +Let's see. Let's try to put that the price went + +204 +00:22:04,330 --> 00:22:14,050 +up. Here we have The equilibrium price, 250. Okay? + +205 +00:22:14,750 --> 00:22:19,970 +Now, let us assume that the market price becomes + +206 +00:22:19,970 --> 00:22:23,230 +or became here. + +207 +00:22:25,110 --> 00:22:26,290 +This is the market price. + +208 +00:22:39,090 --> 00:22:47,670 +How much is the consumer surplus? 30 times space + +209 +00:22:47,670 --> 00:22:52,770 +times height. Right? This is the new consumer + +210 +00:22:52,770 --> 00:22:53,290 +surplus. + +211 +00:23:00,310 --> 00:23:01,030 +Right? + +212 +00:23:04,950 --> 00:23:08,310 +What did he lose? He lost this. Because this was + +213 +00:23:08,310 --> 00:23:14,780 +with him. The consumer surplus before and the + +214 +00:23:14,780 --> 00:23:23,200 +original situation. After the price increases, the + +215 +00:23:23,200 --> 00:23:27,920 +new consumer surplus becomes the blue area here, + +216 +00:23:28,000 --> 00:23:33,960 +the blue triangle. Here we have a loss and the + +217 +00:23:33,960 --> 00:23:39,490 +consumer surplus represented by this area. Right? + +218 +00:23:39,490 --> 00:23:41,770 +Correct? But what about the producer surplus? + +219 +00:23:41,850 --> 00:23:48,390 +Where was it? The original situation was this red + +220 +00:23:48,390 --> 00:23:51,630 +area. The red triangle, right? Then what happened? + +221 +00:23:52,410 --> 00:23:59,170 +The price went below the price above supply. Isn't + +222 +00:23:59,170 --> 00:24:02,310 +that how you define it? Correct or not? What is + +223 +00:24:02,310 --> 00:24:08,010 +the consumer surplus? Above the seller, below the + +224 +00:24:08,010 --> 00:24:13,170 +demand, right? The producer surplus, above or + +225 +00:24:13,170 --> 00:24:19,930 +below price, above the supplier. That's it. A new + +226 +00:24:19,930 --> 00:24:23,810 +situation, right? Right or wrong? Who doesn't + +227 +00:24:23,810 --> 00:24:31,150 +understand? Who is the problem? No one. If you + +228 +00:24:31,150 --> 00:24:32,750 +don't understand, it's okay. Tell me, it's okay. + +229 +00:24:34,060 --> 00:24:35,940 +Is everything clear? Go ahead. Yes, what is the + +230 +00:24:35,940 --> 00:24:40,380 +problem exactly? On my mind, I am aware of it. Now + +231 +00:24:40,380 --> 00:24:45,280 +look, focus with me. The consumer surplus for new + +232 +00:24:45,280 --> 00:24:48,800 +and old, do you understand? The old consumer + +233 +00:24:48,800 --> 00:24:51,620 +surplus, where was it? It was like this, right? + +234 +00:24:52,080 --> 00:24:57,020 +Above the price, below demand curve, correct? In + +235 +00:24:57,020 --> 00:24:59,440 +the new situation, we put the price here, the + +236 +00:24:59,440 --> 00:25:02,220 +market price. Where did the new consumer surplus + +237 +00:25:02,220 --> 00:25:07,980 +go? This price is above the price, below demand. I + +238 +00:25:07,980 --> 00:25:12,220 +have this area. Right? Okay. Producer surplus. + +239 +00:25:12,580 --> 00:25:17,220 +Where is the old producer surplus? It was here, + +240 +00:25:17,420 --> 00:25:21,920 +right? Below the price, above supply curve. Right? + +241 +00:25:22,480 --> 00:25:23,580 +Where did the price go? Here. + +242 +00:25:27,280 --> 00:25:32,180 +Below the price, above supply. Where did it got + +243 +00:25:32,180 --> 00:25:35,680 +from the supply? Where is the intercept? Oh sorry, + +244 +00:25:35,780 --> 00:25:43,460 +where is the intersection? This is + +245 +00:25:43,460 --> 00:25:47,500 +how I got all of this. This is the NU producer + +246 +00:25:47,500 --> 00:25:55,590 +surplus. Right? The area of the triangle below the + +247 +00:25:55,590 --> 00:25:57,970 +equilibrium, the new price, the market price, and + +248 +00:25:57,970 --> 00:26:03,150 +above supply. How can we calculate here? Assume + +249 +00:26:03,150 --> 00:26:09,330 +here the quantity 10, okay? How much is the + +250 +00:26:09,330 --> 00:26:13,430 +producer surplus, the new producer surplus? Half + +251 +00:26:13,430 --> 00:26:15,650 +times pace times height. + +252 +00:26:39,590 --> 00:26:46,300 +Let's calculate. The old consumer surplus, how + +253 +00:26:46,300 --> 00:26:49,600 +much was it? How much was the old consumer + +254 +00:26:49,600 --> 00:26:52,100 +surplus? One hundred and seventy-five. One hundred + +255 +00:26:52,100 --> 00:26:54,720 +and seventy-five. Let's make a comparison between + +256 +00:26:54,720 --> 00:26:59,400 +the old and the new consumer surplus. + +257 +00:27:18,960 --> 00:27:21,760 +Consumer surplus, + +258 +00:27:24,000 --> 00:27:25,580 +producer surplus, + +259 +00:27:32,740 --> 00:27:35,940 +old, then new. + +260 +00:27:40,240 --> 00:27:43,760 +The old consumer surplus was + +261 +00:27:50,080 --> 00:27:54,780 +The old producer surplus was? Two hundred and + +262 +00:27:54,780 --> 00:28:00,060 +forty-five. Had already calculated. The new + +263 +00:28:00,060 --> 00:28:01,000 +consumer surplus? + +264 +00:28:11,130 --> 00:28:13,930 +Where? Okay. + +265 +00:28:22,570 --> 00:28:25,810 +Yes, Hana. Is that what you mean? Yes, that's + +266 +00:28:25,810 --> 00:28:30,770 +right. You're 100% right. Now look, this is the + +267 +00:28:30,770 --> 00:28:34,370 +area of the triangle. We haven't calculated the + +268 +00:28:34,370 --> 00:28:37,090 +new one yet. We haven't calculated it yet. Let's + +269 +00:28:37,090 --> 00:28:39,270 +calculate it. Let's make an assumption that Hana + +270 +00:28:39,270 --> 00:28:42,830 +is 5 units. Name. + +271 +00:28:45,970 --> 00:28:46,650 +Yes. + +272 +00:28:49,690 --> 00:28:54,940 +Look, this is the price. Correct? Where did you + +273 +00:28:54,940 --> 00:28:57,900 +miss the demand? Where did you miss the supply? + +274 +00:29:00,500 --> 00:29:03,580 +The market price is not the equilibrium, by the + +275 +00:29:03,580 --> 00:29:06,380 +way. Let's talk about the market price. Right. + +276 +00:29:06,660 --> 00:29:08,700 +This is the market price. Here, this equilibrium + +277 +00:29:08,700 --> 00:29:13,660 +is equal to the market price. Yes? To clarify + +278 +00:29:13,660 --> 00:29:19,260 +more, this is the market price, actually. What I + +279 +00:29:19,260 --> 00:29:21,280 +just said is called the actual market price. + +280 +00:29:28,790 --> 00:29:32,830 +In the price of floor. In the price of floor. What + +281 +00:29:32,830 --> 00:29:36,610 +does this mean? When we do analysis on the price + +282 +00:29:36,610 --> 00:29:40,510 +of floor. This is the price of floor, right? And + +283 +00:29:40,510 --> 00:29:42,650 +this is equilibrium. It stays the same, right? But + +284 +00:29:42,650 --> 00:29:48,550 +this is the price of floor, right? Things stay on + +285 +00:29:48,550 --> 00:29:50,550 +their own. They stay here. There is no + +286 +00:29:50,550 --> 00:29:54,650 +equilibrium. Right? And this is the point that I + +287 +00:29:54,650 --> 00:29:57,150 +want to connect here. Consumer surplus produces + +288 +00:29:57,150 --> 00:29:59,710 +surplus with the price sitting on the price floor. + +289 +00:30:00,130 --> 00:30:03,210 +This is the point that you argued about. Okay? + +290 +00:30:04,210 --> 00:30:08,350 +This gives me effects on the price floor on the + +291 +00:30:08,350 --> 00:30:14,030 +consumer surplus produces surplus. Where is the + +292 +00:30:14,030 --> 00:30:19,840 +price floor? to above the equilibrium. Had a + +293 +00:30:19,840 --> 00:30:25,040 +market price, if the government sets a price of + +294 +00:30:25,040 --> 00:30:28,660 +four, what will happen to the consumers and the + +295 +00:30:28,660 --> 00:30:29,620 +producer surplus? + +296 +00:30:32,540 --> 00:30:37,240 +Now, in this case, we are going to analyze what? + +297 +00:30:38,010 --> 00:30:41,530 +the effects or the impacts of, or the consequences + +298 +00:30:41,530 --> 00:30:46,730 +of setting the price of lower or the effective + +299 +00:30:46,730 --> 00:30:50,210 +price of lower on the consumer surplus and + +300 +00:30:50,210 --> 00:30:55,330 +producer surplus. Right? Assumption. + +301 +00:30:58,130 --> 00:31:03,270 +Consumer surplus, producer surplus with the price + +302 +00:31:03,270 --> 00:31:08,280 +ceiling and the price of lower. Let's analyze the + +303 +00:31:08,280 --> 00:31:11,420 +effects of the price of flour. This is the market + +304 +00:31:11,420 --> 00:31:13,980 +price set by the government, which is the price of + +305 +00:31:13,980 --> 00:31:22,000 +flour. It is forbidden to sell Jilbab at + +306 +00:31:22,000 --> 00:31:27,140 +270 yuan. Here is the price of flour you agreed to + +307 +00:31:27,140 --> 00:31:30,560 +sell at 270 yuan. This is the price of flour. + +308 +00:31:34,000 --> 00:31:34,760 +What happened? + +309 +00:31:37,780 --> 00:31:41,500 +Producer surplus, oh sorry, the price floor is + +310 +00:31:41,500 --> 00:31:45,680 +imposed here. The new consumer surplus. + +311 +00:31:59,190 --> 00:32:00,990 +Consumer surplus. Consumer surplus. Consumer + +312 +00:32:00,990 --> 00:32:05,810 +surplus. Consumer surplus. Consumer surplus. + +313 +00:32:06,230 --> 00:32:07,530 +Consumer surplus. Consumer surplus. Consumer + +314 +00:32:07,530 --> 00:32:12,430 +surplus. Consumer surplus. Consumer surplus. + +315 +00:32:14,010 --> 00:32:23,110 +Consumer surplus. Consumer surplus. + +316 +00:32:25,220 --> 00:32:28,680 +Positive impacts on whom? On the producer. Because + +317 +00:32:28,680 --> 00:32:32,100 +here, how much is the new consumer surplus? Which + +318 +00:32:32,100 --> 00:32:36,520 +is half the base in height, half of thirty-five. + +319 +00:32:39,020 --> 00:32:42,240 +Seventy-five. Seventy-five? Okay, the new consumer + +320 +00:32:42,240 --> 00:32:47,620 +surplus after, let's say, the effects of + +321 +00:32:48,480 --> 00:32:52,340 +Price floor policy on the consumer surplus and + +322 +00:32:52,340 --> 00:32:59,020 +producer surplus. The effects of price floor on + +323 +00:32:59,020 --> 00:33:04,060 +the consumer surplus and producer surplus. + +324 +00:33:08,180 --> 00:33:12,200 +Let's see who benefited from the price floor + +325 +00:33:12,200 --> 00:33:18,810 +policy. Let's see. This is his account. Half, this + +326 +00:33:18,810 --> 00:33:30,230 +line is half. Pace? Five. Height? 300 minus 270. + +327 +00:33:32,090 --> 00:33:32,670 +Thirty. + +328 +00:33:36,170 --> 00:33:45,510 +Seventy-five. Right? Okay. Let's see the changes. + +329 +00:34:01,760 --> 00:34:08,780 +What about the + +330 +00:34:08,780 --> 00:34:12,520 +producer + +331 +00:34:12,520 --> 00:34:16,220 +surplus + +332 +00:34:16,220 --> 00:34:20,320 +here? The old was like this and the new was like + +333 +00:34:20,320 --> 00:34:24,730 +this. Right? Half of the pace in 10, because it's + +334 +00:34:24,730 --> 00:34:25,110 +half. + +335 +00:34:28,350 --> 00:34:35,810 +In height, 90. 270 minus 180, 90. + +336 +00:34:39,210 --> 00:34:40,070 +450. + +337 +00:34:42,770 --> 00:34:46,410 +More or less? More. How much? 250. + +338 +00:35:22,550 --> 00:35:30,500 +Exactly, but my assumption or analysis Why do, why + +339 +00:35:30,500 --> 00:35:37,260 +did the producer gets more than the consumer? How + +340 +00:35:37,260 --> 00:35:42,100 +much did he want to pay? And how much did he want + +341 +00:35:42,100 --> 00:35:46,300 +to get? Okay, there is something called dead + +342 +00:35:46,300 --> 00:35:50,140 +weight loss. Yes, we will talk about it later. But + +343 +00:35:50,140 --> 00:35:54,740 +let's see the effects for whom? For the price + +344 +00:35:54,740 --> 00:35:59,640 +ceiling. Using the figures that we see here, we do + +345 +00:35:59,640 --> 00:36:02,740 +the calculations and we want to do another + +346 +00:36:02,740 --> 00:36:05,660 +analysis to see what is called dead weight loss. + +347 +00:36:06,560 --> 00:36:11,340 +Okay? Okay. Who has a hidden point in this part of + +348 +00:36:11,340 --> 00:36:15,220 +the game? We want to make a new graph. Okay? And + +349 +00:36:15,220 --> 00:36:19,220 +we do the consequences or impacts or effects of + +350 +00:36:19,220 --> 00:36:23,540 +the price ceiling on whom? On the consumer surplus + +351 +00:36:23,540 --> 00:36:24,940 +and producer surplus. Okay? + +352 +00:36:33,530 --> 00:36:34,450 +Okay, + +353 +00:36:38,050 --> 00:36:43,830 +let's go to the effects of price ceiling or the + +354 +00:36:43,830 --> 00:36:46,790 +effect of a price ceiling on the consumer surplus + +355 +00:36:46,790 --> 00:36:51,030 +and producer surplus. So, + +356 +00:36:58,280 --> 00:37:02,920 +the effects of the price ceiling. This is the + +357 +00:37:02,920 --> 00:37:08,400 +original situation here. Price quantity in the + +358 +00:37:08,400 --> 00:37:14,300 +market, D, S. + +359 +00:37:17,100 --> 00:37:20,300 +This is the original equilibrium and market price. + +360 +00:37:21,070 --> 00:37:27,210 +The actual market price. The market price is the + +361 +00:37:27,210 --> 00:37:30,510 +equilibrium price. The assumption is like this. + +362 +00:37:30,650 --> 00:37:36,550 +How much did we put? 250. And this is 300. And how + +363 +00:37:36,550 --> 00:37:39,770 +much did we put? 180. And this is 7. + +364 +00:37:46,240 --> 00:37:49,340 +The consumer surplus, the original or initial + +365 +00:37:49,340 --> 00:37:56,780 +consumer surplus can get this. The producer + +366 +00:37:56,780 --> 00:38:00,640 +surplus can have it. He had already calculated + +367 +00:38:00,640 --> 00:38:00,880 +that. + +368 +00:38:04,220 --> 00:38:08,960 +Effects of + +369 +00:38:08,960 --> 00:38:10,120 +a price ceiling. + +370 +00:38:14,120 --> 00:38:17,160 +on the consumer surplus and the producer surplus. + +371 +00:38:20,640 --> 00:38:28,740 +The price ceiling. The consumer. Then the + +372 +00:38:28,740 --> 00:38:33,680 +government here feels that the price is so high + +373 +00:38:33,680 --> 00:38:39,420 +and the producers must sell the product with lower + +374 +00:38:39,420 --> 00:38:43,060 +prices to protect the consumers. + +375 +00:39:00,050 --> 00:39:04,330 +Let's assume that the government sets a price + +376 +00:39:04,330 --> 00:39:10,690 +ceiling of 200 shekels per jilbab. This is the + +377 +00:39:10,690 --> 00:39:11,330 +price ceiling. + +378 +00:39:15,750 --> 00:39:21,910 +sold by 200 chickens. It's forbidden to sell the + +379 +00:39:21,910 --> 00:39:27,030 +product above 200, but it's allowed to sell the + +380 +00:39:27,030 --> 00:39:32,070 +product below 200. Okay? How much was the + +381 +00:39:32,070 --> 00:39:39,530 +producer's surplus before the price ceiling? How + +382 +00:39:39,530 --> 00:39:41,390 +much did he have? This is the producer's surplus, + +383 +00:39:41,550 --> 00:39:44,750 +right? It was like this, right? So what happened? + +384 +00:39:47,930 --> 00:39:56,170 +The area between or below the price, above supply. + +385 +00:40:14,960 --> 00:40:19,220 +Below the price, marked price, and above the + +386 +00:40:19,220 --> 00:40:20,540 +supply curve. + +387 +00:40:23,680 --> 00:40:34,560 +Before the + +388 +00:40:34,560 --> 00:40:35,100 +price ceiling. + +389 +00:40:38,860 --> 00:40:40,920 +Before setting the price ceiling here. + +390 +00:40:46,820 --> 00:40:54,100 +Where is the producer surplus? Area A. + +391 +00:40:57,740 --> 00:41:06,460 +This is area B. Area A is the producer surplus. + +392 +00:41:07,380 --> 00:41:15,020 +Where is the consumer surplus? Area B. Now, let me + +393 +00:41:15,020 --> 00:41:18,580 +assume that the government sets a price ceiling. + +394 +00:41:19,480 --> 00:41:24,940 +Price ceiling below the equilibrium price. Price + +395 +00:41:24,940 --> 00:41:29,060 +ceiling. + +396 +00:41:35,040 --> 00:41:36,340 +Two hundred. + +397 +00:41:39,260 --> 00:41:47,500 +Let me say that We have different areas, A, B, C, + +398 +00:41:47,780 --> 00:41:57,820 +D, E. Where is the old consumer surplus? Let's + +399 +00:41:57,820 --> 00:42:00,800 +talk about the old consumer surplus and the old + +400 +00:42:00,800 --> 00:42:03,560 +producer surplus. What is the old consumer surplus + +401 +00:42:03,560 --> 00:42:13,360 +area? The new consumer surplus A plus B plus C + +402 +00:42:13,360 --> 00:42:13,900 +plus D. + +403 +00:42:16,660 --> 00:42:25,840 +What about the producer surplus? The old one. A + +404 +00:42:25,840 --> 00:42:30,520 +plus B. After comes E. + +405 +00:42:38,210 --> 00:42:45,770 +The new consumer surplus becomes how much? Let me + +406 +00:42:45,770 --> 00:42:50,110 +assume that the price or the quantity becomes 12. + +407 +00:42:52,370 --> 00:42:58,310 +And here, along this supply here becomes four. + +408 +00:43:00,610 --> 00:43:07,250 +Now, the new consumer surplus and the new producer + +409 +00:43:07,250 --> 00:43:07,690 +surplus, + +410 +00:43:10,280 --> 00:43:13,420 +How much is the new consumer surplus? + +411 +00:43:16,240 --> 00:43:18,560 +Half times pace. + +412 +00:43:21,940 --> 00:43:24,900 +Pace. How much is pace? Twelve. + +413 +00:43:27,620 --> 00:43:31,920 +Times height. One hundred. One hundred, yes. Three + +414 +00:43:31,920 --> 00:43:35,360 +hundred minus two hundred, one hundred. Six + +415 +00:43:35,360 --> 00:43:42,250 +hundred. How much is it? Six hundred. Okay, what + +416 +00:43:42,250 --> 00:43:51,050 +about the new producer surplus? It's just E. Half + +417 +00:43:51,050 --> 00:43:58,870 +times + +418 +00:43:58,870 --> 00:44:04,670 +four times 20. So 40. + +419 +00:44:06,340 --> 00:44:11,360 +Then had it was or the consumer surplus was 175, + +420 +00:44:12,240 --> 00:44:18,660 +becomes 600. The benefits, ajalo. And then had it + +421 +00:44:18,660 --> 00:44:20,940 +to protect the consumers, had an effective price + +422 +00:44:20,940 --> 00:44:23,980 +ceiling. To protect the consumers. Can feel into + +423 +00:44:23,980 --> 00:44:29,120 +gains, welfare gains. How much was it? 175. Now + +424 +00:44:29,120 --> 00:44:31,520 +they have gains, welfare gains, 6 million. The + +425 +00:44:31,520 --> 00:44:36,160 +difference between them. How much is this? 400. 25 + +426 +00:44:36,160 --> 00:44:39,860 +had a positive increasing in consumer surplus, + +427 +00:44:40,020 --> 00:44:48,460 +producer surplus can 245 becomes 40 minus 205. + +428 +00:44:48,800 --> 00:44:58,020 +That's it. Okay? We have something which + +429 +00:44:58,020 --> 00:45:00,180 +is the dead weight loss. + +430 +00:45:02,900 --> 00:45:18,220 +Let's go to the deadweight + +431 +00:45:18,220 --> 00:45:27,680 +loss. + +432 +00:45:31,890 --> 00:45:39,610 +How much? A, B, C, D. Right? So what did the + +433 +00:45:39,610 --> 00:45:45,470 +consumer calculate? Sorry, the consumer calculated + +434 +00:45:45,470 --> 00:45:50,950 +B plus C plus D. Right? Because it was A and it + +435 +00:45:50,950 --> 00:45:53,070 +became A, B, C, D. What did he calculate? He + +436 +00:45:53,070 --> 00:45:59,570 +calculated this. Right? The producer. So these are + +437 +00:45:59,570 --> 00:46:05,190 +the gains. Not the consumer, the producer. Can + +438 +00:46:05,190 --> 00:46:11,310 +hack and lose B. Right? Okay. + +439 +00:46:15,350 --> 00:46:19,690 +I want to do an analysis on the price floor. I + +440 +00:46:19,690 --> 00:46:22,150 +want to do an analysis on the debate loss due to + +441 +00:46:22,150 --> 00:46:24,790 +the price floor. Okay? Then I will go to price + +442 +00:46:24,790 --> 00:46:30,720 +theory. So let's analyze the deadweight loss + +443 +00:46:56,570 --> 00:47:00,830 +Here we have the original situation, price, queue, + +444 +00:47:03,810 --> 00:47:06,910 +demand, supply. + +445 +00:47:10,630 --> 00:47:15,050 +The original situation without figures here, E. + +446 +00:47:18,610 --> 00:47:20,410 +This is the original situation here. + +447 +00:47:24,350 --> 00:47:31,230 +Let me assume that the government sets a price of + +448 +00:47:31,230 --> 00:47:36,590 +flour. The government decided to set a price of + +449 +00:47:36,590 --> 00:47:42,530 +flour, which is above the equilibrium here. Price, + +450 +00:47:43,170 --> 00:47:50,530 +flour. Walmart price. The areas A, + +451 +00:47:59,090 --> 00:48:02,890 +A, B, C, D, E. + +452 +00:48:07,970 --> 00:48:08,970 +Okay. + +453 +00:48:14,570 --> 00:48:21,030 +Effect of the price floor policy on the consumer + +454 +00:48:21,030 --> 00:48:25,310 +surplus, producer surplus, and the total welfare + +455 +00:48:25,310 --> 00:48:26,070 +gains. + +456 +00:48:28,620 --> 00:48:33,040 +In the market headed due to the policy. + +457 +00:48:42,520 --> 00:48:44,660 +The consumer surplus. + +458 +00:48:51,160 --> 00:48:52,260 +Producer surplus. + +459 +00:48:59,810 --> 00:49:05,370 +Total welfare, total surplus. The consumer surplus + +460 +00:49:05,370 --> 00:49:08,770 +produces surplus, total surplus or total welfare. + +461 +00:49:09,950 --> 00:49:10,510 +Before, + +462 +00:49:16,930 --> 00:49:17,710 +price floor. + +463 +00:49:22,190 --> 00:49:23,110 +After, + +464 +00:49:25,310 --> 00:49:26,690 +setting the price floor. + +465 +00:49:30,200 --> 00:49:31,220 +Changes. + +466 +00:49:40,960 --> 00:49:48,600 +Now, let's analyze the original situation. Before + +467 +00:49:48,600 --> 00:49:54,940 +setting a price ceiling, how much was the price of + +468 +00:49:54,940 --> 00:49:56,740 +the consumer surplus? ABC. + +469 +00:50:00,490 --> 00:50:06,730 +All right? Before imposing the price ceiling. + +470 +00:50:07,030 --> 00:50:10,530 +Before the price ceiling. In the original + +471 +00:50:10,530 --> 00:50:14,590 +situation, the consumer surplus was area A. + +472 +00:50:16,110 --> 00:50:21,470 +Producer surplus was this. After price ceiling, + +473 +00:50:21,830 --> 00:50:25,490 +after price floor, this became this and this + +474 +00:50:25,490 --> 00:50:25,930 +became this. + +475 +00:50:28,770 --> 00:50:34,550 +Let's see. Then before the price ceiling, how much + +476 +00:50:34,550 --> 00:50:41,850 +was the consumer surplus? A plus B plus C. A plus + +477 +00:50:41,850 --> 00:50:53,290 +B plus C. Area A positive. What about the producer + +478 +00:50:53,290 --> 00:50:55,950 +surplus? How much was it? + +479 +00:51:09,940 --> 00:51:17,700 +Before the price floor is imposed, how much was + +480 +00:51:17,700 --> 00:51:24,420 +the producer surplus? D and E. + +481 +00:51:28,490 --> 00:51:31,570 +D plus E. Of course this is positive. + +482 +00:51:34,270 --> 00:51:40,790 +Total welfare, how much was it? A, B, C, D, E. + +483 +00:51:41,170 --> 00:51:47,490 +Summation of them. A, positive A, positive B, + +484 +00:51:47,850 --> 00:51:53,350 +positive C, positive D, positive E. Alright? After + +485 +00:51:58,160 --> 00:52:05,700 +imposing the price floor here. Then you consumer + +486 +00:52:05,700 --> 00:52:10,920 +surplus, just A. Then on the other side, just A. + +487 +00:52:14,420 --> 00:52:19,320 +What about the consumer that produces surplus? B, + +488 +00:52:19,540 --> 00:52:26,520 +C, D, E, F. Then plus B, + +489 +00:52:28,500 --> 00:52:40,820 +plus C plus D plus E plus F total A plus B plus C + +490 +00:52:40,820 --> 00:52:50,440 +plus D plus E plus F let's + +491 +00:52:50,440 --> 00:52:54,100 +change after + +492 +00:52:54,100 --> 00:52:55,020 +minus before + +493 +00:52:58,270 --> 00:53:00,950 +The change that happened. What is the situation + +494 +00:53:00,950 --> 00:53:05,010 +now? It is minus the situation before. It is like + +495 +00:53:05,010 --> 00:53:10,910 +this minus this and this. It is minus B minus C. + +496 +00:53:11,870 --> 00:53:13,390 +Because this happened. Our brain did not produce + +497 +00:53:13,390 --> 00:53:17,450 +A. Minus passes through all of them, like this. + +498 +00:53:17,990 --> 00:53:22,470 +Minus becomes positive A, positive B, positive C. + +499 +00:53:24,730 --> 00:53:28,130 +Minus passes through all of them, right? After, + +500 +00:53:28,770 --> 00:53:31,430 +minus these. Minus passes through all of them. + +501 +00:53:32,110 --> 00:53:35,390 +Negative signs happen. So this happens like this. + +502 +00:53:36,010 --> 00:53:41,230 +Positive A, minus A. Minus B, minus C. This goes + +503 +00:53:41,230 --> 00:53:47,510 +with it. Minus B, minus C. This is the result, our + +504 +00:53:47,510 --> 00:53:53,830 +conclusion. Minus B minus C. What about this? This + +505 +00:53:53,830 --> 00:53:58,970 +is like this, minus this. Minus B and minus C. No, + +506 +00:53:59,010 --> 00:54:02,090 +it's not minus. Do it like this. It's not minus. + +507 +00:54:02,490 --> 00:54:06,530 +This is minus. But this second one is minus the + +508 +00:54:06,530 --> 00:54:11,610 +first one. Positive B.Positive C, positive D, + +509 +00:54:11,830 --> 00:54:22,130 +positive A, positive F. Minus D minus E. Minus D + +510 +00:54:22,130 --> 00:54:25,350 +minus E. Minus D minus E. Minus D minus E. Minus D + +511 +00:54:25,350 --> 00:54:29,570 +minus E. Minus D minus E. Minus D minus E. Minus D + +512 +00:54:29,570 --> 00:54:29,750 +minus E. Minus D minus E. Minus D minus E. Minus D + +513 +00:54:29,750 --> 00:54:29,770 +minus E. Minus D minus E. Minus D minus E. Minus D + +514 +00:54:29,770 --> 00:54:29,850 +minus E. Minus D minus E. Minus D minus E. Minus D + +515 +00:54:29,850 --> 00:54:30,130 +minus E. Minus D minus E. Minus D minus E. Minus D + +516 +00:54:30,130 --> 00:54:30,610 +minus E. Minus D minus E. Minus D minus E. Minus D + +517 +00:54:30,610 --> 00:54:33,150 +minus E. Minus D minus E. Minus D minus E. Minus D + +518 +00:54:33,150 --> 00:54:43,340 +minus E. Right? Minus D minus E Look, positive D + +519 +00:54:43,340 --> 00:54:49,140 +minus D Positive E and negative E equals positive + +520 +00:54:49,140 --> 00:54:55,300 +B positive C positive F Right? Because it became + +521 +00:54:55,300 --> 00:55:01,280 +like this Positive B positive C positive F Yes? + +522 +00:55:05,690 --> 00:55:10,030 +Now, combine these like this, or combine these, or + +523 +00:55:10,030 --> 00:55:12,550 +say this minus this. So, you have two solutions. + +524 +00:55:12,830 --> 00:55:16,230 +Either you combine them vertically like this, or + +525 +00:55:16,230 --> 00:55:18,670 +you say, we used to say this minus this, or this + +526 +00:55:18,670 --> 00:55:20,410 +minus this, or this minus this, they give you + +527 +00:55:20,410 --> 00:55:24,410 +this, right? The same result. If I want to say + +528 +00:55:24,410 --> 00:55:28,470 +that this is minus P and positive P, minus C, + +529 +00:55:28,550 --> 00:55:31,230 +positive C, we get positive F. So, if I say this + +530 +00:55:31,230 --> 00:55:34,710 +minus this, I get positive F. This is called like + +531 +00:55:34,710 --> 00:55:43,740 +this, Total or Net Gains. Net Gains. Meaning that + +532 +00:55:43,740 --> 00:55:48,800 +the sitting price in this ceiling, increased the + +533 +00:55:48,800 --> 00:55:50,320 +community by F. + +534 +00:55:53,100 --> 00:55:55,240 +Increased the general popularity. It ruined + +535 +00:55:55,240 --> 00:55:59,400 +people. It ruined consumers. And it fixed the + +536 +00:55:59,400 --> 00:56:04,020 +producers' situation. But in general, We have an + +537 +00:56:04,020 --> 00:56:07,680 +increase in the surplus of F, which is the area. + +538 +00:56:12,320 --> 00:56:18,520 +Yes, once again, raise your head. Look. Who did + +539 +00:56:18,520 --> 00:56:20,160 +not understand the analysis that we did here? + +540 +00:56:21,840 --> 00:56:24,960 +Those who did not understand, look, we came here + +541 +00:56:24,960 --> 00:56:28,100 +to simplify. I say it once, twice and ten times. + +542 +00:56:28,500 --> 00:56:30,340 +If you do not understand, you will have a problem + +543 +00:56:30,340 --> 00:56:33,040 +with me, not with you. Okay? + +544 +00:56:38,000 --> 00:56:38,160 +Okay. + +545 +00:56:41,240 --> 00:56:43,460 +Who did not understand this analysis? And how did + +546 +00:56:43,460 --> 00:56:47,040 +we get this result? This is called net welfare + +547 +00:56:47,040 --> 00:56:54,940 +gains. Net gains. It may be negative. The price of + +548 +00:56:54,940 --> 00:56:58,650 +the sailing game may be negative. All right? This + +549 +00:56:58,650 --> 00:57:02,950 +depends on what the policy affects. And there are + +550 +00:57:02,950 --> 00:57:04,810 +people, because when we put the price on the + +551 +00:57:04,810 --> 00:57:08,770 +floor, the prices went up. Consumers were harmed, + +552 +00:57:08,910 --> 00:57:13,170 +right? But the producers benefited. What is the + +553 +00:57:13,170 --> 00:57:16,650 +difference between this F? Is this F positive or + +554 +00:57:16,650 --> 00:57:20,490 +negative? So this is net gains. This is positive + +555 +00:57:20,490 --> 00:57:25,720 +net gains or net surplus. The net surplus is + +556 +00:57:25,720 --> 00:57:30,660 +positive. There are positive impacts of this + +557 +00:57:30,660 --> 00:57:40,580 +policy on the economy. This is called net welfare + +558 +00:57:40,580 --> 00:57:43,100 +gains. + +559 +00:57:44,760 --> 00:57:48,700 +If it is negative, it is called net welfare loss + +560 +00:57:48,700 --> 00:57:51,280 +or surplus. + +561 +00:57:54,660 --> 00:58:00,700 +All right? All right. No, it turned out to be the + +562 +00:58:00,700 --> 00:58:06,660 +producer. The price turned out to be the producer. + +563 +00:58:09,240 --> 00:58:14,980 +Right? Correct? All right. Let's look at the + +564 +00:58:14,980 --> 00:58:19,930 +price. Ceiling, sorry, had a price ceiling, price + +565 +00:58:19,930 --> 00:58:24,770 +floor. Price ceiling, it affects the welfare + +566 +00:58:24,770 --> 00:58:31,190 +gains. Our net surplus, the community, to the + +567 +00:58:31,190 --> 00:58:36,990 +effects of a price ceiling on the consumer surplus + +568 +00:58:36,990 --> 00:58:42,870 +and the producer surplus. Let's come back to the + +569 +00:58:42,870 --> 00:58:44,110 +example. + +570 +00:58:46,380 --> 00:58:49,800 +This is the effects of a price ceiling policy on + +571 +00:58:49,800 --> 00:58:53,300 +the consumer surplus and producer surplus. Price, + +572 +00:58:54,260 --> 00:58:55,180 +quantity, + +573 +00:58:58,840 --> 00:59:05,240 +demand, supply. This is the original situation, + +574 +00:59:05,800 --> 00:59:06,360 +point A. + +575 +00:59:13,870 --> 00:59:16,990 +The effective price ceiling, where do we put it? + +576 +00:59:17,570 --> 00:59:24,830 +Below or above equilibrium? Below. The effective + +577 +00:59:24,830 --> 00:59:31,250 +price ceiling below equilibrium. + +578 +00:59:32,450 --> 00:59:37,190 +The price ceiling. The effective price ceiling. + +579 +00:59:41,770 --> 00:59:48,450 +Let's assume here, We have different areas, A, B, + +580 +00:59:48,990 --> 00:59:53,370 +C, D, E. What else? That's it. Okay. + +581 +00:59:56,470 --> 01:00:03,470 +So before the price ceiling, before the price + +582 +01:00:03,470 --> 01:00:09,510 +ceiling, and after the price ceiling, and the + +583 +01:00:09,510 --> 01:00:14,310 +changes or the impacts on the Community, + +584 +01:00:14,690 --> 01:00:19,810 +consumers, and producer surpluses. Okay? Before. + +585 +01:00:21,510 --> 01:00:27,310 +Before. How much is the consumer surplus? Consumer + +586 +01:00:27,310 --> 01:00:32,170 +surplus area A, right? Producer surplus area A and + +587 +01:00:32,170 --> 01:00:37,790 +B. After. What happened to consumer surplus? + +588 +01:00:38,930 --> 01:00:42,530 +Producer surplus A. Who benefited from the damage? + +589 +01:00:43,700 --> 01:00:56,840 +Consumer surplus before + +590 +01:00:56,840 --> 01:01:08,300 +area A. Positive A. Producer surplus. E and B. E + +591 +01:01:08,300 --> 01:01:09,000 +plus B. + +592 +01:01:12,230 --> 01:01:24,150 +A plus, positive. Positive A, + +593 +01:01:26,770 --> 01:01:29,130 +positive B. That's it. + +594 +01:01:32,850 --> 01:01:38,310 +After setting the price ceiling here, how much is + +595 +01:01:38,310 --> 01:01:42,940 +the new consumer surplus? A, B, C, D. + +596 +01:01:46,340 --> 01:01:52,400 +Consumer surplus, the new consumer surplus, A, B + +597 +01:01:52,400 --> 01:01:55,980 +plus + +598 +01:01:55,980 --> 01:01:57,940 +C plus D. + +599 +01:02:00,500 --> 01:02:03,860 +All right. Okay. What about the producer surplus? + +600 +01:02:04,940 --> 01:02:06,040 +It's just E. + +601 +01:02:11,030 --> 01:02:16,490 +The sum of these A's becomes A plus B plus C plus + +602 +01:02:16,490 --> 01:02:24,110 +D plus E. Right? Look at the changes. After minus + +603 +01:02:24,110 --> 01:02:32,890 +before. These are the minuses. So A minus A goes + +604 +01:02:32,890 --> 01:02:34,770 +together. Right? + +605 +01:02:37,930 --> 01:02:41,330 +It remains positive B, positive C, positive D. + +606 +01:02:41,770 --> 01:02:47,010 +Right? Correct? Yes. No, the second minus the + +607 +01:02:47,010 --> 01:02:50,510 +first. It works like this. What is this? Positive + +608 +01:02:50,510 --> 01:02:55,590 +A, positive B, positive C, positive D. All minus + +609 +01:02:55,590 --> 01:03:01,170 +A. Right? This goes with it. This is like this. It + +610 +01:03:01,170 --> 01:03:06,730 +remains these. Okay? Okay. This is minus these. + +611 +01:03:08,200 --> 01:03:14,140 +Minus B. Right? Because this is positive E minus E + +612 +01:03:14,140 --> 01:03:18,720 +minus B. It turned out to be minus B. How did we + +613 +01:03:18,720 --> 01:03:22,240 +get all the science? We say this plus this. This + +614 +01:03:22,240 --> 01:03:26,280 +plus this. This plus this. No, positive. + +615 +01:03:30,060 --> 01:03:30,700 +Right? + +616 +01:03:35,420 --> 01:03:37,640 +Because this logic is like this, + +617 +01:03:41,950 --> 01:03:46,850 +Positive C, positive D. Net welfare gains. Okay. + diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/PpXJLizOnr4_raw.json b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/PpXJLizOnr4_raw.json new file mode 100644 index 0000000000000000000000000000000000000000..a9e2fb99d5f8ed4bb7a2b99f17ce7dddf3815b85 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/PpXJLizOnr4_raw.json @@ -0,0 +1 @@ +{"segments": [{"id": 1, "seek": 4684, "start": 20.88, "end": 46.84, "text": " Okay, today, inshallah, we are going to study the consumer surplus, producer surplus, and its relationship with the price ceiling and the price floor policies. 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So let's begin with the consumer surplus or the idea of the consumer surplus. 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You are willing to pay 300 shekels for this jilbat, okay? And you went to the market. Now you have 300 shekels to pay for jilbat, okay? 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Here we have, you will be happy. Yeah, excellent. Here you have what? 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To buy this jilbab. You have a welfare, how much? 50. Two jilbabs. Two times 50. 100 shekels. 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This is called prosperity. This is called consumer surplus. How happy are you? Simply because you have a tendency to pay 300 shekels. This is the willingness or the demand price. This is called the demand price. 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Okay? 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So, the consumer surplus, if you want to buy one Jilbab, one, times 50, the difference between", "tokens": [759, 291, 528, 281, 2256, 472, 508, 388, 24301, 11, 291, 362, 281, 6052, 2625, 750, 7124, 82, 11, 597, 307, 264, 9711, 31019, 294, 341, 1389, 13, 407, 11, 264, 9711, 31019, 11, 498, 291, 528, 281, 2256, 472, 508, 388, 24301, 11, 472, 11, 1413, 2625, 11, 264, 2649, 1296], "avg_logprob": -0.2517688634260645, "compression_ratio": 1.5793650793650793, "no_speech_prob": 0.0, "words": [{"start": 286.91, "end": 287.19, "word": " If", "probability": 0.759765625}, {"start": 287.19, "end": 287.37, "word": " you", "probability": 0.96337890625}, {"start": 287.37, "end": 287.73, "word": " want", "probability": 0.8818359375}, {"start": 287.73, "end": 287.89, "word": " to", "probability": 0.970703125}, {"start": 287.89, "end": 288.23, "word": " buy", "probability": 0.9169921875}, {"start": 288.23, "end": 288.65, "word": " one", "probability": 0.904296875}, {"start": 288.65, "end": 289.07, "word": " Jilbab,", "probability": 0.5045369466145834}, {"start": 289.63, "end": 290.89, "word": " you", "probability": 0.96240234375}, {"start": 290.89, "end": 291.23, "word": " have", "probability": 0.9384765625}, {"start": 291.23, "end": 291.45, "word": " to", "probability": 0.96826171875}, {"start": 291.45, "end": 292.05, "word": " gain", "probability": 0.95361328125}, {"start": 292.05, "end": 294.19, "word": " 50", "probability": 0.61083984375}, {"start": 294.19, "end": 295.23, "word": " shekels,", "probability": 0.8585611979166666}, {"start": 295.23, "end": 295.91, "word": " which", "probability": 0.951171875}, {"start": 295.91, "end": 296.19, "word": " is", "probability": 0.94482421875}, {"start": 296.19, "end": 296.65, "word": " the", "probability": 0.92138671875}, {"start": 296.65, "end": 297.35, "word": " consumer", "probability": 0.84716796875}, {"start": 297.35, "end": 297.83, "word": " surplus", "probability": 0.923828125}, {"start": 297.83, "end": 298.07, "word": " in", "probability": 0.923828125}, {"start": 298.07, "end": 298.27, "word": " this", "probability": 0.9462890625}, {"start": 298.27, "end": 298.63, "word": " case.", "probability": 0.90234375}, {"start": 299.43, "end": 299.65, "word": " So,", "probability": 0.947265625}, {"start": 300.99, "end": 301.39, "word": " the", "probability": 0.900390625}, {"start": 301.39, "end": 301.83, "word": " consumer", "probability": 0.84228515625}, {"start": 301.83, "end": 302.43, "word": " surplus,", "probability": 0.94580078125}, {"start": 302.81, "end": 302.89, "word": " if", "probability": 0.2900390625}, {"start": 302.89, "end": 303.79, "word": " you", "probability": 0.9658203125}, {"start": 303.79, "end": 304.21, "word": " want", "probability": 0.8818359375}, {"start": 304.21, "end": 304.43, "word": " to", "probability": 0.97021484375}, {"start": 304.43, "end": 304.73, "word": " buy", "probability": 0.90478515625}, {"start": 304.73, "end": 305.07, "word": " one", "probability": 0.900390625}, {"start": 305.07, "end": 305.61, "word": " Jilbab,", "probability": 0.9358723958333334}, {"start": 305.81, "end": 306.07, "word": " one,", "probability": 0.466552734375}, {"start": 306.69, "end": 307.37, "word": " times", "probability": 0.9208984375}, {"start": 307.37, "end": 308.71, "word": " 50,", "probability": 0.9013671875}, {"start": 308.91, "end": 309.01, "word": " the", "probability": 0.2330322265625}, {"start": 309.01, "end": 309.53, "word": " difference", "probability": 0.86474609375}, {"start": 309.53, "end": 310.09, "word": " between", "probability": 0.87939453125}], "temperature": 1.0}, {"id": 11, "seek": 33791, "start": 312.69, "end": 337.91, "text": " 300 minus 250. One times 50 equals 50 shekels. Someone else in the community wants to buy two units. And he is willing to pay", "tokens": [6641, 3175, 11650, 13, 1485, 1413, 2625, 6915, 2625, 750, 7124, 82, 13, 8734, 1646, 294, 264, 1768, 2738, 281, 2256, 732, 6815, 13, 400, 415, 307, 4950, 281, 1689], "avg_logprob": -0.16532258160652652, "compression_ratio": 1.1559633027522935, "no_speech_prob": 0.0, "words": [{"start": 312.69, "end": 313.17, "word": " 300", "probability": 0.92333984375}, {"start": 313.17, "end": 314.23, "word": " minus", "probability": 0.9609375}, {"start": 314.23, "end": 315.35, "word": " 250.", "probability": 0.9462890625}, {"start": 316.33, "end": 316.61, "word": " One", "probability": 0.360107421875}, {"start": 316.61, "end": 317.69, "word": " times", "probability": 0.93408203125}, {"start": 317.69, "end": 318.21, "word": " 50", "probability": 0.82080078125}, {"start": 318.21, "end": 318.99, "word": " equals", "probability": 0.87353515625}, {"start": 318.99, "end": 319.37, "word": " 50", "probability": 0.89306640625}, {"start": 319.37, "end": 320.49, "word": " shekels.", "probability": 0.9181315104166666}, {"start": 321.85, "end": 322.93, "word": " Someone", "probability": 0.359619140625}, {"start": 322.93, "end": 324.11, "word": " else", "probability": 0.8740234375}, {"start": 324.11, "end": 324.31, "word": " in", "probability": 0.92529296875}, {"start": 324.31, "end": 324.43, "word": " the", "probability": 0.92138671875}, {"start": 324.43, "end": 324.85, "word": " community", "probability": 0.9306640625}, {"start": 324.85, "end": 326.51, "word": " wants", "probability": 0.73681640625}, {"start": 326.51, "end": 326.83, "word": " to", "probability": 0.97021484375}, {"start": 326.83, "end": 327.17, "word": " buy", "probability": 0.92041015625}, {"start": 327.17, "end": 327.73, "word": " two", "probability": 0.92822265625}, {"start": 327.73, "end": 328.49, "word": " units.", "probability": 0.96533203125}, {"start": 332.33, "end": 332.67, "word": " And", "probability": 0.9306640625}, {"start": 332.67, "end": 333.05, "word": " he", "probability": 0.96044921875}, {"start": 333.05, "end": 336.39, "word": " is", "probability": 0.9150390625}, {"start": 336.39, "end": 337.03, "word": " willing", "probability": 0.83642578125}, {"start": 337.03, "end": 337.47, "word": " to", "probability": 0.97216796875}, {"start": 337.47, "end": 337.91, "word": " pay", "probability": 0.9443359375}], "temperature": 1.0}, {"id": 12, "seek": 36840, "start": 349.64, "end": 368.4, "text": " And she has a willingness to pay $217. How much did she save? And the actual price is $250. How much did she save? She saved $20 per person. Right? Correct? 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How much did it save us? 2 times 30 is 60. 60 shekels. The third one. Sorry. Correct. Correct. Correct. This is 270 minus 250. The actual price. How much did it save us? 2 times 20 is 40. Exactly. Thank you very much.", "tokens": [2829, 301, 40774, 13, 1012, 709, 630, 309, 3155, 505, 30, 568, 1413, 2217, 307, 4060, 13, 4060, 750, 7124, 82, 13, 440, 2636, 472, 13, 4919, 13, 12753, 13, 12753, 13, 12753, 13, 639, 307, 40774, 3175, 11650, 13, 440, 3539, 3218, 13, 1012, 709, 630, 309, 3155, 505, 30, 568, 1413, 945, 307, 3356, 13, 7587, 13, 1044, 291, 588, 709, 13], "avg_logprob": -0.390625, "compression_ratio": 1.5578231292517006, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 369.39000000000004, "end": 370.03000000000003, "word": " Minus", "probability": 0.8291015625}, {"start": 370.03000000000003, "end": 370.67, "word": " 270.", "probability": 0.91357421875}, {"start": 371.71, "end": 371.99, "word": " How", "probability": 0.11297607421875}, {"start": 371.99, "end": 372.13, "word": " much", "probability": 0.8662109375}, {"start": 372.13, "end": 372.13, "word": " did", "probability": 0.383056640625}, {"start": 372.13, "end": 372.19, "word": " it", "probability": 0.183349609375}, {"start": 372.19, "end": 372.39, "word": " save", "probability": 0.71044921875}, {"start": 372.39, "end": 372.71, "word": " us?", "probability": 0.8515625}, {"start": 373.15, "end": 373.79, "word": " 2", "probability": 0.54736328125}, {"start": 373.79, "end": 374.11, "word": " times", "probability": 0.316162109375}, {"start": 374.11, "end": 375.57, "word": " 30", "probability": 0.89404296875}, {"start": 375.57, "end": 375.67, "word": " is", "probability": 0.278076171875}, {"start": 375.67, "end": 376.17, "word": " 60.", "probability": 0.876953125}, {"start": 376.31, "end": 376.79, "word": " 60", "probability": 0.7119140625}, {"start": 376.79, "end": 377.81, "word": " shekels.", "probability": 0.8927408854166666}, {"start": 378.37, "end": 378.65, "word": " The", "probability": 0.1031494140625}, {"start": 378.65, "end": 378.65, "word": " third", "probability": 0.7626953125}, {"start": 378.65, "end": 379.17, "word": " one.", "probability": 0.6513671875}, {"start": 382.31, "end": 382.95, "word": " Sorry.", "probability": 0.18896484375}, {"start": 383.51, "end": 383.51, "word": " Correct.", "probability": 0.44580078125}, {"start": 384.53, "end": 384.83, "word": " Correct.", "probability": 0.72900390625}, {"start": 385.23, "end": 385.35, "word": " Correct.", "probability": 0.876953125}, {"start": 385.61, "end": 385.91, "word": " This", "probability": 0.1859130859375}, {"start": 385.91, "end": 386.59, "word": " is", "probability": 0.7724609375}, {"start": 386.59, "end": 388.67, "word": " 270", "probability": 0.8427734375}, {"start": 388.67, "end": 389.93, "word": " minus", "probability": 0.87060546875}, {"start": 389.93, "end": 391.47, "word": " 250.", "probability": 0.9501953125}, {"start": 391.77, "end": 392.03, "word": " The", "probability": 0.5439453125}, {"start": 392.03, "end": 392.29, "word": " actual", "probability": 0.8720703125}, {"start": 392.29, "end": 392.65, "word": " price.", "probability": 0.91357421875}, {"start": 393.03, "end": 393.55, "word": " How", "probability": 0.92236328125}, {"start": 393.55, "end": 393.67, "word": " much", "probability": 0.890625}, {"start": 393.67, "end": 393.67, "word": " did", "probability": 0.89892578125}, {"start": 393.67, "end": 393.71, "word": " it", "probability": 0.76513671875}, {"start": 393.71, "end": 393.93, "word": " save", "probability": 0.90380859375}, {"start": 393.93, "end": 394.37, "word": " us?", "probability": 0.76806640625}, {"start": 394.65, "end": 395.29, "word": " 2", "probability": 0.73193359375}, {"start": 395.29, "end": 395.97, "word": " times", "probability": 0.89697265625}, {"start": 395.97, "end": 396.85, "word": " 20", "probability": 0.90087890625}, {"start": 396.85, "end": 396.85, "word": " is", "probability": 0.76318359375}, {"start": 396.85, "end": 397.17, "word": " 40.", "probability": 0.98291015625}, {"start": 397.33, "end": 397.71, "word": " Exactly.", "probability": 0.701171875}, {"start": 397.97, "end": 398.19, "word": " Thank", "probability": 0.88671875}, {"start": 398.19, "end": 398.29, "word": " you", "probability": 0.95166015625}, {"start": 398.29, "end": 398.47, "word": " very", "probability": 0.58203125}, {"start": 398.47, "end": 398.59, "word": " much.", "probability": 0.9287109375}], "temperature": 1.0}, {"id": 14, "seek": 42681, "start": 400.37, "end": 426.81, "text": " Someone else wants to buy three units. One third wants to buy three units. But she has a tendency to pay 260. Two hundred and fifty equals three times ten to thirty. Someone else wants to pay 250. Zero.", "tokens": [8734, 1646, 2738, 281, 2256, 1045, 6815, 13, 1485, 2636, 2738, 281, 2256, 1045, 6815, 13, 583, 750, 575, 257, 18187, 281, 1689, 44624, 13, 4453, 3262, 293, 13442, 6915, 1045, 1413, 2064, 281, 11790, 13, 8734, 1646, 2738, 281, 1689, 11650, 13, 17182, 13], "avg_logprob": -0.4276494519866031, "compression_ratio": 1.573643410852713, "no_speech_prob": 0.0, "words": [{"start": 400.37, "end": 400.71, "word": " Someone", "probability": 0.8798828125}, {"start": 400.71, "end": 401.13, "word": " else", "probability": 0.91650390625}, {"start": 401.13, "end": 403.23, "word": " wants", "probability": 0.64599609375}, {"start": 403.23, "end": 403.55, "word": " to", "probability": 0.97216796875}, {"start": 403.55, "end": 403.99, "word": " buy", "probability": 0.8603515625}, {"start": 403.99, "end": 405.01, "word": " three", "probability": 0.72119140625}, {"start": 405.01, "end": 405.83, "word": " units.", "probability": 0.95068359375}, {"start": 406.01, "end": 406.23, "word": " One", "probability": 0.054229736328125}, {"start": 406.23, "end": 406.47, "word": " third", "probability": 0.389892578125}, {"start": 406.47, "end": 406.67, "word": " wants", "probability": 0.35400390625}, {"start": 406.67, "end": 406.77, "word": " to", "probability": 0.9658203125}, {"start": 406.77, "end": 407.01, "word": " buy", "probability": 0.9013671875}, {"start": 407.01, "end": 407.55, "word": " three", "probability": 0.89453125}, {"start": 407.55, "end": 407.95, "word": " units.", "probability": 0.94970703125}, {"start": 409.01, "end": 409.33, "word": " But", "probability": 0.82568359375}, {"start": 409.33, "end": 409.59, "word": " she", "probability": 0.54150390625}, {"start": 409.59, "end": 409.59, "word": " has", "probability": 0.7431640625}, {"start": 409.59, "end": 409.77, "word": " a", "probability": 0.86962890625}, {"start": 409.77, "end": 410.09, "word": " tendency", "probability": 0.84130859375}, {"start": 410.09, "end": 410.25, "word": " to", "probability": 0.84716796875}, {"start": 410.25, "end": 410.57, "word": " pay", "probability": 0.7958984375}, {"start": 410.57, "end": 411.25, "word": " 260.", "probability": 0.79443359375}, {"start": 412.85, "end": 413.65, "word": " Two", "probability": 0.1514892578125}, {"start": 413.65, "end": 415.29, "word": " hundred", "probability": 0.90283203125}, {"start": 415.29, "end": 415.47, "word": " and", "probability": 0.59521484375}, {"start": 415.47, "end": 415.77, "word": " fifty", "probability": 0.876953125}, {"start": 415.77, "end": 418.43, "word": " equals", "probability": 0.7197265625}, {"start": 418.43, "end": 419.15, "word": " three", "probability": 0.537109375}, {"start": 419.15, "end": 419.47, "word": " times", "probability": 0.6083984375}, {"start": 419.47, "end": 419.87, "word": " ten", "probability": 0.8056640625}, {"start": 419.87, "end": 420.05, "word": " to", "probability": 0.24462890625}, {"start": 420.05, "end": 420.69, "word": " thirty.", "probability": 0.381103515625}, {"start": 422.53, "end": 423.33, "word": " Someone", "probability": 0.20166015625}, {"start": 423.33, "end": 423.59, "word": " else", "probability": 0.86572265625}, {"start": 423.59, "end": 423.59, "word": " wants", "probability": 0.432373046875}, {"start": 423.59, "end": 423.69, "word": " to", "probability": 0.96337890625}, {"start": 423.69, "end": 423.91, "word": " pay", "probability": 0.85888671875}, {"start": 423.91, "end": 424.53, "word": " 250.", "probability": 0.818359375}, {"start": 426.01, "end": 426.81, "word": " Zero.", "probability": 0.77490234375}], "temperature": 1.0}, {"id": 15, "seek": 45501, "start": 429.61, "end": 455.01, "text": " Exactly. If a person buys three units and pays 250 minus 250 equals zero. The summation of the entire community, the consumer surplus is 50 plus 40 plus 30 plus zero. What is the total consumer surplus?", "tokens": [7587, 13, 759, 257, 954, 28153, 1045, 6815, 293, 10604, 11650, 3175, 11650, 6915, 4018, 13, 440, 28811, 295, 264, 2302, 1768, 11, 264, 9711, 31019, 307, 2625, 1804, 3356, 1804, 2217, 1804, 4018, 13, 708, 307, 264, 3217, 9711, 31019, 30], "avg_logprob": -0.4026162860005401, "compression_ratio": 1.45, "no_speech_prob": 0.0, "words": [{"start": 429.61, "end": 430.55, "word": " Exactly.", "probability": 0.38671875}, {"start": 430.89, "end": 430.93, "word": " If", "probability": 0.266357421875}, {"start": 430.93, "end": 431.13, "word": " a", "probability": 0.2158203125}, {"start": 431.13, "end": 431.53, "word": " person", "probability": 0.78759765625}, {"start": 431.53, "end": 431.93, "word": " buys", "probability": 0.611328125}, {"start": 431.93, "end": 433.11, "word": " three", "probability": 0.75341796875}, {"start": 433.11, "end": 433.47, "word": " units", "probability": 0.94873046875}, {"start": 433.47, "end": 435.99, "word": " and", "probability": 0.421630859375}, {"start": 435.99, "end": 436.47, "word": " pays", "probability": 0.345458984375}, {"start": 436.47, "end": 438.33, "word": " 250", "probability": 0.66650390625}, {"start": 438.33, "end": 438.99, "word": " minus", "probability": 0.8857421875}, {"start": 438.99, "end": 440.25, "word": " 250", "probability": 0.9296875}, {"start": 440.25, "end": 440.99, "word": " equals", "probability": 0.33544921875}, {"start": 440.99, "end": 441.33, "word": " zero.", "probability": 0.5830078125}, {"start": 443.09, "end": 444.03, "word": " The", "probability": 0.642578125}, {"start": 444.03, "end": 444.49, "word": " summation", "probability": 0.6435546875}, {"start": 444.49, "end": 444.75, "word": " of", "probability": 0.80078125}, {"start": 444.75, "end": 444.81, "word": " the", "probability": 0.79052734375}, {"start": 444.81, "end": 444.81, "word": " entire", "probability": 0.39013671875}, {"start": 444.81, "end": 445.33, "word": " community,", "probability": 0.826171875}, {"start": 446.23, "end": 446.35, "word": " the", "probability": 0.412841796875}, {"start": 446.35, "end": 446.83, "word": " consumer", "probability": 0.7685546875}, {"start": 446.83, "end": 447.45, "word": " surplus", "probability": 0.9677734375}, {"start": 447.45, "end": 447.85, "word": " is", "probability": 0.509765625}, {"start": 447.85, "end": 449.67, "word": " 50", "probability": 0.72119140625}, {"start": 449.67, "end": 450.67, "word": " plus", "probability": 0.89404296875}, {"start": 450.67, "end": 451.17, "word": " 40", "probability": 0.9560546875}, {"start": 451.17, "end": 451.65, "word": " plus", "probability": 0.9326171875}, {"start": 451.65, "end": 452.11, "word": " 30", "probability": 0.9736328125}, {"start": 452.11, "end": 452.59, "word": " plus", "probability": 0.931640625}, {"start": 452.59, "end": 452.99, "word": " zero.", "probability": 0.73388671875}, {"start": 453.73, "end": 453.93, "word": " What", "probability": 0.493408203125}, {"start": 453.93, "end": 454.03, "word": " is", "probability": 0.833984375}, {"start": 454.03, "end": 454.17, "word": " the", "probability": 0.8974609375}, {"start": 454.17, "end": 454.17, "word": " total", "probability": 0.65234375}, {"start": 454.17, "end": 454.57, "word": " consumer", "probability": 0.83056640625}, {"start": 454.57, "end": 455.01, "word": " surplus?", "probability": 0.95166015625}], "temperature": 1.0}, {"id": 16, "seek": 48156, "start": 456.84, "end": 481.56, "text": " 120. That's it. Now, the consumer surplus is what? Is the difference between the price that the consumer willing is to pay for the products or services minus the actual market price.", "tokens": [10411, 13, 663, 311, 309, 13, 823, 11, 264, 9711, 31019, 307, 437, 30, 1119, 264, 2649, 1296, 264, 3218, 300, 264, 9711, 4950, 307, 281, 1689, 337, 264, 3383, 420, 3328, 3175, 264, 3539, 2142, 3218, 13], "avg_logprob": -0.15775240461031595, "compression_ratio": 1.3656716417910448, "no_speech_prob": 0.0, "words": [{"start": 456.84, "end": 457.38, "word": " 120.", "probability": 0.126953125}, {"start": 458.0, "end": 458.34, "word": " That's", "probability": 0.94580078125}, {"start": 458.34, "end": 458.52, "word": " it.", "probability": 0.9521484375}, {"start": 459.32, "end": 459.56, "word": " Now,", "probability": 0.9560546875}, {"start": 460.34, "end": 460.46, "word": " the", "probability": 0.9140625}, {"start": 460.46, "end": 460.94, "word": " consumer", "probability": 0.84521484375}, {"start": 460.94, "end": 461.36, "word": " surplus", "probability": 0.9375}, {"start": 461.36, "end": 462.08, "word": " is", "probability": 0.9365234375}, {"start": 462.08, "end": 463.02, "word": " what?", "probability": 0.90283203125}, {"start": 463.42, "end": 463.64, "word": " Is", "probability": 0.73193359375}, {"start": 463.64, "end": 463.78, "word": " the", "probability": 0.9189453125}, {"start": 463.78, "end": 464.24, "word": " difference", "probability": 0.8544921875}, {"start": 464.24, "end": 464.82, "word": " between", "probability": 0.86572265625}, {"start": 464.82, "end": 466.72, "word": " the", "probability": 0.91650390625}, {"start": 466.72, "end": 467.22, "word": " price", "probability": 0.921875}, {"start": 467.22, "end": 467.98, "word": " that", "probability": 0.935546875}, {"start": 467.98, "end": 468.22, "word": " the", "probability": 0.91650390625}, {"start": 468.22, "end": 469.18, "word": " consumer", "probability": 0.849609375}, {"start": 469.18, "end": 472.16, "word": " willing", "probability": 0.429931640625}, {"start": 472.16, "end": 472.46, "word": " is", "probability": 0.86376953125}, {"start": 472.46, "end": 472.62, "word": " to", "probability": 0.97265625}, {"start": 472.62, "end": 473.04, "word": " pay", "probability": 0.93603515625}, {"start": 473.04, "end": 475.16, "word": " for", "probability": 0.94921875}, {"start": 475.16, "end": 475.4, "word": " the", "probability": 0.89990234375}, {"start": 475.4, "end": 475.8, "word": " products", "probability": 0.87158203125}, {"start": 475.8, "end": 476.24, "word": " or", "probability": 0.96142578125}, {"start": 476.24, "end": 476.82, "word": " services", "probability": 0.9306640625}, {"start": 476.82, "end": 478.32, "word": " minus", "probability": 0.9111328125}, {"start": 478.32, "end": 480.2, "word": " the", "probability": 0.91943359375}, {"start": 480.2, "end": 480.76, "word": " actual", "probability": 0.8896484375}, {"start": 480.76, "end": 481.08, "word": " market", "probability": 0.68310546875}, {"start": 481.08, "end": 481.56, "word": " price.", "probability": 0.91552734375}], "temperature": 1.0}, {"id": 17, "seek": 51172, "start": 483.38, "end": 511.72, "text": " The difference between the prices that you have willingness to pay and the actual market prices, okay? To understand, let's draw the graph that shows the idea, okay? Now, let's assume that we have the following example. Click it to the gel.", "tokens": [440, 2649, 1296, 264, 7901, 300, 291, 362, 25069, 281, 1689, 293, 264, 3539, 2142, 7901, 11, 1392, 30, 1407, 1223, 11, 718, 311, 2642, 264, 4295, 300, 3110, 264, 1558, 11, 1392, 30, 823, 11, 718, 311, 6552, 300, 321, 362, 264, 3480, 1365, 13, 8230, 309, 281, 264, 4087, 13], "avg_logprob": -0.30144457772093, "compression_ratio": 1.4876543209876543, "no_speech_prob": 0.0, "words": [{"start": 483.38, "end": 483.58, "word": " The", "probability": 0.689453125}, {"start": 483.58, "end": 483.92, "word": " difference", "probability": 0.86083984375}, {"start": 483.92, "end": 484.42, "word": " between", "probability": 0.87158203125}, {"start": 484.42, "end": 485.3, "word": " the", "probability": 0.91943359375}, {"start": 485.3, "end": 485.64, "word": " prices", "probability": 0.71240234375}, {"start": 485.64, "end": 485.94, "word": " that", "probability": 0.93505859375}, {"start": 485.94, "end": 486.2, "word": " you", "probability": 0.96728515625}, {"start": 486.2, "end": 486.58, "word": " have", "probability": 0.90771484375}, {"start": 486.58, "end": 487.14, "word": " willingness", "probability": 0.92919921875}, {"start": 487.14, "end": 487.52, "word": " to", "probability": 0.97021484375}, {"start": 487.52, "end": 487.94, "word": " pay", "probability": 0.93896484375}, {"start": 487.94, "end": 488.6, "word": " and", "probability": 0.78466796875}, {"start": 488.6, "end": 488.88, "word": " the", "probability": 0.91943359375}, {"start": 488.88, "end": 489.38, "word": " actual", "probability": 0.88818359375}, {"start": 489.38, "end": 489.66, "word": " market", "probability": 0.76513671875}, {"start": 489.66, "end": 490.14, "word": " prices,", "probability": 0.8916015625}, {"start": 490.56, "end": 490.68, "word": " okay?", "probability": 0.8515625}, {"start": 491.2, "end": 491.4, "word": " To", "probability": 0.94921875}, {"start": 491.4, "end": 491.76, "word": " understand,", "probability": 0.7978515625}, {"start": 492.04, "end": 492.56, "word": " let's", "probability": 0.970458984375}, {"start": 492.56, "end": 493.02, "word": " draw", "probability": 0.88818359375}, {"start": 493.02, "end": 493.22, "word": " the", "probability": 0.9248046875}, {"start": 493.22, "end": 493.6, "word": " graph", "probability": 0.94482421875}, {"start": 493.6, "end": 493.86, "word": " that", "probability": 0.91015625}, {"start": 493.86, "end": 494.28, "word": " shows", "probability": 0.91796875}, {"start": 494.28, "end": 494.8, "word": " the", "probability": 0.92236328125}, {"start": 494.8, "end": 495.24, "word": " idea,", "probability": 0.9375}, {"start": 495.44, "end": 495.62, "word": " okay?", "probability": 0.923828125}, {"start": 496.36, "end": 496.72, "word": " Now,", "probability": 0.9453125}, {"start": 497.52, "end": 502.5, "word": " let's", "probability": 0.52838134765625}, {"start": 502.5, "end": 502.86, "word": " assume", "probability": 0.912109375}, {"start": 502.86, "end": 503.16, "word": " that", "probability": 0.93310546875}, {"start": 503.16, "end": 503.32, "word": " we", "probability": 0.9638671875}, {"start": 503.32, "end": 503.58, "word": " have", "probability": 0.93310546875}, {"start": 503.58, "end": 503.72, "word": " the", "probability": 0.9169921875}, {"start": 503.72, "end": 504.02, "word": " following", "probability": 0.9189453125}, {"start": 504.02, "end": 504.62, "word": " example.", "probability": 0.9765625}, {"start": 510.08, "end": 510.8, "word": " Click", "probability": 0.73583984375}, {"start": 510.8, "end": 511.02, "word": " it", "probability": 0.29541015625}, {"start": 511.02, "end": 511.26, "word": " to", "probability": 0.95263671875}, {"start": 511.26, "end": 511.5, "word": " the", "probability": 0.7939453125}, {"start": 511.5, "end": 511.72, "word": " gel.", "probability": 0.151611328125}], "temperature": 1.0}, {"id": 18, "seek": 54146, "start": 517.116, "end": 541.46, "text": " Price, quantity, and the market. This is the demand here for jilbab. The market supply for jilbab.", "tokens": [25803, 11, 11275, 11, 293, 264, 2142, 13, 639, 307, 264, 4733, 510, 337, 361, 388, 24301, 13, 440, 2142, 5847, 337, 361, 388, 24301, 13], "avg_logprob": -0.32638889992678605, "compression_ratio": 1.1927710843373494, "no_speech_prob": 0.0, "words": [{"start": 517.11596875, "end": 517.7, "word": " Price,", "probability": 0.84326171875}, {"start": 522.46, "end": 522.46, "word": " quantity,", "probability": 0.218017578125}, {"start": 524.74, "end": 526.9, "word": " and", "probability": 0.5390625}, {"start": 526.9, "end": 526.96, "word": " the", "probability": 0.75}, {"start": 526.96, "end": 527.36, "word": " market.", "probability": 0.88720703125}, {"start": 531.2, "end": 532.36, "word": " This", "probability": 0.634765625}, {"start": 532.36, "end": 532.5, "word": " is", "probability": 0.9375}, {"start": 532.5, "end": 532.62, "word": " the", "probability": 0.78271484375}, {"start": 532.62, "end": 532.96, "word": " demand", "probability": 0.9755859375}, {"start": 532.96, "end": 534.02, "word": " here", "probability": 0.69921875}, {"start": 534.02, "end": 535.54, "word": " for", "probability": 0.6103515625}, {"start": 535.54, "end": 536.0, "word": " jilbab.", "probability": 0.5803629557291666}, {"start": 537.02, "end": 538.18, "word": " The", "probability": 0.89404296875}, {"start": 538.18, "end": 538.44, "word": " market", "probability": 0.8603515625}, {"start": 538.44, "end": 539.0, "word": " supply", "probability": 0.9462890625}, {"start": 539.0, "end": 541.0, "word": " for", "probability": 0.90625}, {"start": 541.0, "end": 541.46, "word": " jilbab.", "probability": 0.9646809895833334}], "temperature": 1.0}, {"id": 19, "seek": 57062, "start": 544.94, "end": 570.62, "text": " The equilibrium price in the market is how much? 250. This is our assumption here, that the actual market price or the equilibrium price of the market equals 250. This is the price of exit change here in the market. 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The consumers winning.", "tokens": [639, 307, 264, 6597, 3218, 510, 11, 6641, 12628, 13, 440, 11883, 8224, 13], "avg_logprob": -0.24322917064030966, "compression_ratio": 0.9565217391304348, "no_speech_prob": 2.384185791015625e-07, "words": [{"start": 574.51, "end": 574.77, "word": " This", "probability": 0.73095703125}, {"start": 574.77, "end": 574.87, "word": " is", "probability": 0.95068359375}, {"start": 574.87, "end": 575.01, "word": " the", "probability": 0.92529296875}, {"start": 575.01, "end": 575.41, "word": " upper", "probability": 0.88525390625}, {"start": 575.41, "end": 576.39, "word": " price", "probability": 0.86767578125}, {"start": 576.39, "end": 576.71, "word": " here,", "probability": 0.8359375}, {"start": 577.47, "end": 577.95, "word": " 300", "probability": 0.9326171875}, {"start": 577.95, "end": 578.49, "word": " tickets.", "probability": 0.65478515625}, {"start": 581.09, "end": 581.73, "word": " The", "probability": 0.892578125}, {"start": 581.73, "end": 582.37, "word": " consumers", "probability": 0.9345703125}, {"start": 582.37, "end": 583.11, "word": " winning.", "probability": 0.27880859375}], "temperature": 1.0}, {"id": 21, "seek": 61317, "start": 586.98, "end": 613.18, "text": " to pay 300 tickets and the actual market price is 250 units. Let us assume that the quantity exchange in the market quantity demanded and quantity supplied equals seven units. Now, the difference here between", "tokens": [281, 1689, 6641, 12628, 293, 264, 3539, 2142, 3218, 307, 11650, 6815, 13, 961, 505, 6552, 300, 264, 11275, 7742, 294, 264, 2142, 11275, 28276, 293, 11275, 27625, 6915, 3407, 6815, 13, 823, 11, 264, 2649, 510, 1296], "avg_logprob": -0.20913461614877749, "compression_ratio": 1.471830985915493, "no_speech_prob": 0.0, "words": [{"start": 586.98, "end": 587.2, "word": " to", "probability": 0.73193359375}, {"start": 587.2, "end": 587.64, "word": " pay", "probability": 0.947265625}, {"start": 587.64, "end": 588.84, "word": " 300", "probability": 0.97998046875}, {"start": 588.84, "end": 589.34, "word": " tickets", "probability": 0.72705078125}, {"start": 589.34, "end": 590.14, "word": " and", "probability": 0.44140625}, {"start": 590.14, "end": 590.28, "word": " the", "probability": 0.8876953125}, {"start": 590.28, "end": 590.64, "word": " actual", "probability": 0.88525390625}, {"start": 590.64, "end": 590.92, "word": " market", "probability": 0.8017578125}, {"start": 590.92, "end": 591.36, "word": " price", "probability": 0.9169921875}, {"start": 591.36, "end": 592.1, "word": " is", "probability": 0.94921875}, {"start": 592.1, "end": 593.84, "word": " 250", "probability": 0.76806640625}, {"start": 593.84, "end": 595.62, "word": " units.", "probability": 0.94384765625}, {"start": 596.14, "end": 596.34, "word": " Let", "probability": 0.95166015625}, {"start": 596.34, "end": 596.5, "word": " us", "probability": 0.85693359375}, {"start": 596.5, "end": 596.78, "word": " assume", "probability": 0.9130859375}, {"start": 596.78, "end": 597.14, "word": " that", "probability": 0.93603515625}, {"start": 597.14, "end": 597.82, "word": " the", "probability": 0.896484375}, {"start": 597.82, "end": 598.24, "word": " quantity", "probability": 0.73095703125}, {"start": 598.24, "end": 598.8, "word": " exchange", "probability": 0.476318359375}, {"start": 598.8, "end": 598.98, "word": " in", "probability": 0.51708984375}, {"start": 598.98, "end": 599.08, "word": " the", "probability": 0.91552734375}, {"start": 599.08, "end": 599.56, "word": " market", "probability": 0.90234375}, {"start": 599.56, "end": 600.34, "word": " quantity", "probability": 0.51806640625}, {"start": 600.34, "end": 600.72, "word": " demanded", "probability": 0.9296875}, {"start": 600.72, "end": 600.96, "word": " and", "probability": 0.7841796875}, {"start": 600.96, "end": 601.16, "word": " quantity", "probability": 0.97607421875}, {"start": 601.16, "end": 601.56, "word": " supplied", "probability": 0.8515625}, {"start": 601.56, "end": 602.08, "word": " equals", "probability": 0.919921875}, {"start": 602.08, "end": 602.9, "word": " seven", "probability": 0.91357421875}, {"start": 602.9, "end": 604.24, "word": " units.", "probability": 0.947265625}, {"start": 607.96, "end": 608.84, "word": " Now,", "probability": 0.448486328125}, {"start": 610.84, "end": 612.3, "word": " the", "probability": 0.921875}, {"start": 612.3, "end": 612.7, "word": " difference", "probability": 0.8564453125}, {"start": 612.7, "end": 612.9, "word": " here", "probability": 0.85595703125}, {"start": 612.9, "end": 613.18, "word": " between", "probability": 0.8642578125}], "temperature": 1.0}, {"id": 22, "seek": 64262, "start": 615.72, "end": 642.62, "text": " The price that the consumers is willing to pay and the actual market price, this is the price of the consumer surplus. Okay? How much is the quantity? It is seven units. What do you notice? As the price goes down. No, the quantity increases.", "tokens": [440, 3218, 300, 264, 11883, 307, 4950, 281, 1689, 293, 264, 3539, 2142, 3218, 11, 341, 307, 264, 3218, 295, 264, 9711, 31019, 13, 1033, 30, 1012, 709, 307, 264, 11275, 30, 467, 307, 3407, 6815, 13, 708, 360, 291, 3449, 30, 1018, 264, 3218, 1709, 760, 13, 883, 11, 264, 11275, 8637, 13], "avg_logprob": -0.3110795584591952, "compression_ratio": 1.5316455696202531, "no_speech_prob": 0.0, "words": [{"start": 615.72, "end": 615.96, "word": " The", "probability": 0.76025390625}, {"start": 615.96, "end": 616.42, "word": " price", "probability": 0.91748046875}, {"start": 616.42, "end": 616.84, "word": " that", "probability": 0.9365234375}, {"start": 616.84, "end": 617.0, "word": " the", "probability": 0.88330078125}, {"start": 617.0, "end": 617.6, "word": " consumers", "probability": 0.7529296875}, {"start": 617.6, "end": 618.16, "word": " is", "probability": 0.78564453125}, {"start": 618.16, "end": 618.44, "word": " willing", "probability": 0.80517578125}, {"start": 618.44, "end": 619.54, "word": " to", "probability": 0.9736328125}, {"start": 619.54, "end": 619.88, "word": " pay", "probability": 0.943359375}, {"start": 619.88, "end": 620.4, "word": " and", "probability": 0.732421875}, {"start": 620.4, "end": 620.86, "word": " the", "probability": 0.92041015625}, {"start": 620.86, "end": 621.24, "word": " actual", "probability": 0.90087890625}, {"start": 621.24, "end": 621.52, "word": " market", "probability": 0.6982421875}, {"start": 621.52, "end": 621.92, "word": " price,", "probability": 0.91455078125}, {"start": 622.32, "end": 622.32, "word": " this", "probability": 0.11212158203125}, {"start": 622.32, "end": 622.6, "word": " is", "probability": 0.80615234375}, {"start": 622.6, "end": 623.6, "word": " the", "probability": 0.7314453125}, {"start": 623.6, "end": 624.8, "word": " price", "probability": 0.483154296875}, {"start": 624.8, "end": 625.0, "word": " of", "probability": 0.74169921875}, {"start": 625.0, "end": 625.26, "word": " the", "probability": 0.5224609375}, {"start": 625.26, "end": 625.8, "word": " consumer", "probability": 0.65234375}, {"start": 625.8, "end": 626.26, "word": " surplus.", "probability": 0.67529296875}, {"start": 626.92, "end": 627.22, "word": " Okay?", "probability": 0.353271484375}, {"start": 627.46, "end": 627.82, "word": " How", "probability": 0.65625}, {"start": 627.82, "end": 627.9, "word": " much", "probability": 0.84716796875}, {"start": 627.9, "end": 627.94, "word": " is", "probability": 0.5595703125}, {"start": 627.94, "end": 628.04, "word": " the", "probability": 0.81396484375}, {"start": 628.04, "end": 628.46, "word": " quantity?", "probability": 0.96435546875}, {"start": 628.82, "end": 628.94, "word": " It", "probability": 0.446044921875}, {"start": 628.94, "end": 628.96, "word": " is", "probability": 0.50390625}, {"start": 628.96, "end": 629.24, "word": " seven", "probability": 0.8623046875}, {"start": 629.24, "end": 629.68, "word": " units.", "probability": 0.9365234375}, {"start": 631.46, "end": 631.8, "word": " What", "probability": 0.6630859375}, {"start": 631.8, "end": 631.8, "word": " do", "probability": 0.79833984375}, {"start": 631.8, "end": 631.96, "word": " you", "probability": 0.96240234375}, {"start": 631.96, "end": 632.26, "word": " notice?", "probability": 0.85595703125}, {"start": 633.82, "end": 634.22, "word": " As", "probability": 0.97119140625}, {"start": 634.22, "end": 634.36, "word": " the", "probability": 0.8994140625}, {"start": 634.36, "end": 634.6, "word": " price", "probability": 0.90625}, {"start": 634.6, "end": 635.02, "word": " goes", "probability": 0.9326171875}, {"start": 635.02, "end": 636.08, "word": " down.", "probability": 0.84765625}, {"start": 641.32, "end": 641.76, "word": " No,", "probability": 0.195556640625}, {"start": 641.82, "end": 641.96, "word": " the", "probability": 0.7216796875}, {"start": 641.96, "end": 642.24, "word": " quantity", "probability": 0.9755859375}, {"start": 642.24, "end": 642.62, "word": " increases.", "probability": 0.744140625}], "temperature": 1.0}, {"id": 23, "seek": 66804, "start": 643.8, "end": 668.04, "text": " All right? The question is not here. The question is, how much did we save as a community? I mean, we go down to the market. We find the price at 300. And I have a tendency, a willingness to pay 300 in the quantities that I want to buy. This is called the consumer surplus. Consumer surplus is this area here. You see? This triangle.", "tokens": [1057, 558, 30, 440, 1168, 307, 406, 510, 13, 440, 1168, 307, 11, 577, 709, 630, 321, 3155, 382, 257, 1768, 30, 286, 914, 11, 321, 352, 760, 281, 264, 2142, 13, 492, 915, 264, 3218, 412, 6641, 13, 400, 286, 362, 257, 18187, 11, 257, 25069, 281, 1689, 6641, 294, 264, 22927, 300, 286, 528, 281, 2256, 13, 639, 307, 1219, 264, 9711, 31019, 13, 39494, 31019, 307, 341, 1859, 510, 13, 509, 536, 30, 639, 13369, 13], "avg_logprob": -0.3949218697845936, "compression_ratio": 1.5534883720930233, "no_speech_prob": 0.0, "words": [{"start": 643.8, "end": 644.12, "word": " All", "probability": 0.0902099609375}, {"start": 644.12, "end": 644.16, "word": " right?", "probability": 0.88916015625}, {"start": 644.38, "end": 644.86, "word": " The", "probability": 0.65234375}, {"start": 644.86, "end": 645.04, "word": " question", "probability": 0.9248046875}, {"start": 645.04, "end": 645.18, "word": " is", "probability": 0.72216796875}, {"start": 645.18, "end": 645.3, "word": " not", 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illustrates or shows the consumer surface. Consumer. And each unit purchased or purchased unit or each sold unit.", "tokens": [407, 341, 1859, 11, 341, 13369, 8855, 420, 41718, 420, 3110, 264, 9711, 3753, 13, 39494, 13, 400, 1184, 4985, 14734, 420, 14734, 4985, 420, 1184, 3718, 4985, 13], "avg_logprob": -0.20507812450329463, "compression_ratio": 1.4054054054054055, "no_speech_prob": 0.0, "words": [{"start": 672.4, "end": 672.76, "word": " So", "probability": 0.966796875}, {"start": 672.76, "end": 673.36, "word": " this", "probability": 0.7666015625}, {"start": 673.36, "end": 674.32, "word": " area,", "probability": 0.787109375}, {"start": 674.62, "end": 674.76, "word": " this", "probability": 0.9521484375}, {"start": 674.76, "end": 675.3, "word": " triangle", "probability": 0.88671875}, {"start": 675.3, "end": 676.14, "word": " represents", "probability": 0.55810546875}, {"start": 676.14, "end": 676.98, "word": " or", "probability": 0.830078125}, {"start": 676.98, "end": 677.48, "word": " illustrates", "probability": 0.9501953125}, {"start": 677.48, "end": 677.82, "word": " or", "probability": 0.931640625}, {"start": 677.82, "end": 678.3, "word": " shows", "probability": 0.927734375}, {"start": 678.3, "end": 679.18, "word": " the", "probability": 0.900390625}, {"start": 679.18, "end": 679.9, "word": " consumer", "probability": 0.86669921875}, {"start": 679.9, "end": 680.62, "word": " surface.", "probability": 0.67626953125}, {"start": 682.5, "end": 683.58, "word": " Consumer.", "probability": 0.91845703125}, {"start": 691.04, "end": 691.82, "word": " And", "probability": 0.3046875}, {"start": 691.82, "end": 693.52, "word": " each", "probability": 0.87744140625}, {"start": 693.52, "end": 693.82, "word": " unit", "probability": 0.95458984375}, {"start": 693.82, "end": 694.36, "word": " purchased", "probability": 0.9462890625}, {"start": 694.36, "end": 694.96, "word": " or", "probability": 0.671875}, {"start": 694.96, "end": 695.42, "word": " purchased", "probability": 0.75341796875}, {"start": 695.42, "end": 695.76, "word": " unit", "probability": 0.95166015625}, {"start": 695.76, "end": 696.48, "word": " or", "probability": 0.75146484375}, {"start": 696.48, "end": 696.76, "word": " each", "probability": 0.9384765625}, {"start": 696.76, "end": 697.14, "word": " sold", "probability": 0.5771484375}, {"start": 697.14, "end": 697.42, "word": " unit.", "probability": 0.95751953125}], "temperature": 1.0}, {"id": 25, "seek": 72399, "start": 698.47, "end": 723.99, "text": " So the consumer surplus is the area above the equilibrium price below demand curve, which can be represented by this triangle. The area of this triangle is the consumer surplus. So the consumer surplus,", "tokens": [407, 264, 9711, 31019, 307, 264, 1859, 3673, 264, 15625, 3218, 2507, 4733, 7605, 11, 597, 393, 312, 10379, 538, 341, 13369, 13, 440, 1859, 295, 341, 13369, 307, 264, 9711, 31019, 13, 407, 264, 9711, 31019, 11], "avg_logprob": -0.14633413537954673, "compression_ratio": 1.6504065040650406, "no_speech_prob": 0.0, "words": [{"start": 698.47, "end": 698.85, "word": " So", "probability": 0.92822265625}, {"start": 698.85, "end": 699.63, "word": " the", "probability": 0.64599609375}, {"start": 699.63, "end": 700.13, "word": " consumer", "probability": 0.81103515625}, {"start": 700.13, "end": 700.75, "word": " surplus", "probability": 0.95703125}, {"start": 700.75, "end": 701.29, "word": " is", "probability": 0.95263671875}, {"start": 701.29, "end": 702.23, "word": " the", "probability": 0.91259765625}, {"start": 702.23, "end": 702.87, "word": " area", "probability": 0.91064453125}, {"start": 702.87, "end": 705.23, "word": " above", "probability": 0.921875}, {"start": 705.23, "end": 705.79, "word": " the", "probability": 0.91845703125}, {"start": 705.79, "end": 706.29, "word": " equilibrium", "probability": 0.83935546875}, {"start": 706.29, "end": 706.93, "word": " price", "probability": 0.912109375}, {"start": 706.93, "end": 708.47, "word": " below", "probability": 0.541015625}, {"start": 708.47, "end": 709.07, "word": " demand", "probability": 0.74560546875}, {"start": 709.07, "end": 709.55, "word": " curve,", "probability": 0.94482421875}, {"start": 712.53, "end": 713.15, "word": " which", "probability": 0.951171875}, {"start": 713.15, "end": 713.37, "word": " can", "probability": 0.92822265625}, {"start": 713.37, "end": 713.61, "word": " be", "probability": 0.955078125}, {"start": 713.61, "end": 714.19, "word": " represented", "probability": 0.8427734375}, {"start": 714.19, "end": 714.81, "word": " by", "probability": 0.97265625}, {"start": 714.81, "end": 715.89, "word": " this", "probability": 0.9375}, {"start": 715.89, "end": 716.47, "word": " triangle.", "probability": 0.8583984375}, {"start": 717.41, "end": 717.67, "word": " The", "probability": 0.88916015625}, {"start": 717.67, "end": 718.07, "word": " area", "probability": 0.90283203125}, {"start": 718.07, "end": 718.61, "word": " of", "probability": 0.9697265625}, {"start": 718.61, "end": 718.81, "word": " this", "probability": 0.9482421875}, {"start": 718.81, "end": 719.25, "word": " triangle", "probability": 0.8876953125}, {"start": 719.25, "end": 719.83, "word": " is", "probability": 0.94873046875}, {"start": 719.83, "end": 720.33, "word": " the", "probability": 0.921875}, {"start": 720.33, "end": 720.87, "word": " consumer", "probability": 0.8134765625}, {"start": 720.87, "end": 721.55, "word": " surplus.", "probability": 0.9365234375}, {"start": 721.99, "end": 722.63, "word": " So", "probability": 0.7275390625}, {"start": 722.63, "end": 723.09, "word": " the", "probability": 0.89453125}, {"start": 723.09, "end": 723.49, "word": " consumer", "probability": 0.8251953125}, {"start": 723.49, "end": 723.99, "word": " surplus,", "probability": 0.95166015625}], "temperature": 1.0}, {"id": 26, "seek": 75773, "start": 732.15, "end": 757.73, "text": " is the area above the equilibrium price below demand curve above the equilibrium which is the actual market price and", "tokens": [307, 264, 1859, 3673, 264, 15625, 3218, 2507, 4733, 7605, 3673, 264, 15625, 597, 307, 264, 3539, 2142, 3218, 293], "avg_logprob": -0.31752231575193857, "compression_ratio": 1.4567901234567902, "no_speech_prob": 0.0, "words": [{"start": 732.1500000000001, "end": 733.4300000000001, "word": " is", "probability": 0.1265869140625}, {"start": 733.4300000000001, "end": 734.71, "word": " the", "probability": 0.81982421875}, {"start": 734.71, "end": 735.15, "word": " area", "probability": 0.8818359375}, {"start": 735.15, "end": 739.55, "word": " above", "probability": 0.80419921875}, {"start": 739.55, "end": 741.99, "word": " the", "probability": 0.8349609375}, {"start": 741.99, "end": 742.59, "word": " equilibrium", "probability": 0.94140625}, {"start": 742.59, "end": 743.21, "word": " price", "probability": 0.9306640625}, {"start": 743.21, "end": 744.99, "word": " below", "probability": 0.6865234375}, {"start": 744.99, "end": 745.73, "word": " demand", "probability": 0.6328125}, {"start": 745.73, "end": 746.43, "word": " curve", "probability": 0.94775390625}, {"start": 746.43, "end": 747.89, "word": " above", "probability": 0.447265625}, {"start": 747.89, "end": 748.53, "word": " the", "probability": 0.86962890625}, {"start": 748.53, "end": 749.13, "word": " equilibrium", "probability": 0.95166015625}, {"start": 749.13, "end": 754.33, "word": " which", "probability": 0.5078125}, {"start": 754.33, "end": 754.49, "word": " is", "probability": 0.93310546875}, {"start": 754.49, "end": 754.65, "word": " the", "probability": 0.87939453125}, {"start": 754.65, "end": 755.29, "word": " actual", "probability": 0.86279296875}, {"start": 755.29, "end": 755.73, "word": " market", "probability": 0.83251953125}, {"start": 755.73, "end": 756.29, "word": " price", "probability": 0.91259765625}, {"start": 756.29, "end": 757.73, "word": " and", "probability": 0.56396484375}], "temperature": 1.0}, {"id": 27, "seek": 77297, "start": 761.87, "end": 772.97, "text": " Below the demand curve. How can we calculate the consumer surplus?", "tokens": [36261, 264, 4733, 7605, 13, 1012, 393, 321, 8873, 264, 9711, 31019, 30], "avg_logprob": -0.2818080314568111, "compression_ratio": 0.9710144927536232, "no_speech_prob": 0.0, "words": [{"start": 761.87, "end": 763.15, "word": " Below", "probability": 0.53466796875}, {"start": 763.15, "end": 764.43, "word": " the", "probability": 0.7412109375}, {"start": 764.43, "end": 764.89, "word": " demand", "probability": 0.9052734375}, {"start": 764.89, "end": 765.23, "word": " curve.", "probability": 0.95166015625}, {"start": 769.21, "end": 769.97, "word": " How", "probability": 0.9521484375}, {"start": 769.97, "end": 770.27, "word": " can", "probability": 0.94189453125}, {"start": 770.27, "end": 770.55, "word": " we", "probability": 0.9658203125}, {"start": 770.55, "end": 771.29, "word": " calculate", "probability": 0.9208984375}, {"start": 771.29, "end": 771.77, "word": " the", "probability": 0.9150390625}, {"start": 771.77, "end": 772.33, "word": " consumer", "probability": 0.85009765625}, {"start": 772.33, "end": 772.97, "word": " surplus?", "probability": 0.9609375}], "temperature": 1.0}, {"id": 28, "seek": 81270, "start": 790.1, "end": 812.7, "text": " times pace, times height. Now, so the consumer surplus,", "tokens": [1413, 11638, 11, 1413, 6681, 13, 823, 11, 370, 264, 9711, 31019, 11], "avg_logprob": -0.32421874148505075, "compression_ratio": 0.9491525423728814, "no_speech_prob": 0.0, "words": [{"start": 790.1, "end": 790.72, "word": " times", "probability": 0.4677734375}, {"start": 790.72, "end": 791.7, "word": " pace,", "probability": 0.354736328125}, {"start": 796.04, "end": 796.04, "word": " times", "probability": 0.4443359375}, {"start": 796.04, "end": 799.64, "word": " height.", "probability": 0.9501953125}, {"start": 803.54, "end": 804.94, "word": " Now,", "probability": 0.83935546875}, {"start": 811.32, "end": 811.62, "word": " so", "probability": 0.8974609375}, {"start": 811.62, "end": 811.8, "word": " the", "probability": 0.904296875}, {"start": 811.8, "end": 812.22, "word": " consumer", "probability": 0.8564453125}, {"start": 812.22, "end": 812.7, "word": " surplus,", "probability": 0.953125}], "temperature": 1.0}, {"id": 29, "seek": 84635, "start": 818.89, "end": 846.35, "text": " Equals half times pace. How much is the pace here? Seven units. Times high, 300 minus 250. 300 minus 250. So the consumer surplus,", "tokens": [15624, 1124, 1922, 1413, 11638, 13, 1012, 709, 307, 264, 11638, 510, 30, 14868, 6815, 13, 11366, 1090, 11, 6641, 3175, 11650, 13, 6641, 3175, 11650, 13, 407, 264, 9711, 31019, 11], "avg_logprob": -0.30303030303030304, "compression_ratio": 1.2358490566037736, "no_speech_prob": 0.0, "words": [{"start": 818.89, "end": 819.45, "word": " Equals", "probability": 0.7200927734375}, {"start": 819.45, "end": 819.87, "word": " half", "probability": 0.779296875}, {"start": 819.87, "end": 821.17, "word": " times", "probability": 0.873046875}, {"start": 821.17, "end": 822.05, "word": " pace.", "probability": 0.449951171875}, {"start": 822.31, "end": 822.45, "word": " How", "probability": 0.9658203125}, {"start": 822.45, "end": 822.69, "word": " much", "probability": 0.91943359375}, {"start": 822.69, "end": 822.83, "word": " is", "probability": 0.94873046875}, {"start": 822.83, "end": 822.95, "word": " the", "probability": 0.9208984375}, {"start": 822.95, "end": 823.23, "word": " pace", "probability": 0.92041015625}, {"start": 823.23, "end": 823.63, "word": " here?", "probability": 0.84521484375}, {"start": 824.39, "end": 824.91, "word": " Seven", "probability": 0.1505126953125}, {"start": 824.91, "end": 826.85, "word": " units.", "probability": 0.8779296875}, {"start": 830.53, "end": 831.73, "word": " Times", "probability": 0.8974609375}, {"start": 831.73, "end": 832.85, "word": " high,", "probability": 0.45166015625}, {"start": 834.63, "end": 835.19, "word": " 300", "probability": 0.958984375}, {"start": 835.19, "end": 836.17, "word": " minus", "probability": 0.93896484375}, {"start": 836.17, "end": 837.05, "word": " 250.", "probability": 0.94677734375}, {"start": 840.19, "end": 841.39, "word": " 300", "probability": 0.43505859375}, {"start": 841.39, "end": 842.45, "word": " minus", "probability": 0.97998046875}, {"start": 842.45, "end": 843.43, "word": " 250.", "probability": 0.94482421875}, {"start": 844.07, "end": 845.27, "word": " So", "probability": 0.94384765625}, {"start": 845.27, "end": 845.45, "word": " the", "probability": 0.59375}, {"start": 845.45, "end": 845.89, "word": " consumer", "probability": 0.791015625}, {"start": 845.89, "end": 846.35, "word": " surplus,", "probability": 0.845703125}], "temperature": 1.0}, {"id": 30, "seek": 87200, "start": 847.58, "end": 872.0, "text": " Equals half times seven times 50, 25. I think 175. This is the consumer welfare.", "tokens": [15624, 1124, 1922, 1413, 3407, 1413, 2625, 11, 3552, 13, 286, 519, 41165, 13, 639, 307, 264, 9711, 17788, 13], "avg_logprob": -0.23697916950498307, "compression_ratio": 1.0, "no_speech_prob": 0.0, "words": [{"start": 847.58, "end": 848.14, "word": " Equals", "probability": 0.85302734375}, {"start": 848.14, "end": 848.54, "word": " half", "probability": 0.7490234375}, {"start": 848.54, "end": 849.24, "word": " times", "probability": 0.8447265625}, {"start": 849.24, "end": 849.7, "word": " seven", "probability": 0.86181640625}, {"start": 849.7, "end": 850.56, "word": " times", "probability": 0.8388671875}, {"start": 850.56, "end": 852.08, "word": " 50,", "probability": 0.7958984375}, {"start": 853.96, "end": 855.84, "word": " 25.", "probability": 0.96142578125}, {"start": 856.58, "end": 857.22, "word": " I", "probability": 0.14404296875}, {"start": 857.22, "end": 864.8, "word": " think", "probability": 0.93115234375}, {"start": 864.8, "end": 865.56, "word": " 175.", "probability": 0.5703125}, {"start": 868.72, "end": 870.12, "word": " This", "probability": 0.888671875}, {"start": 870.12, "end": 870.48, "word": " is", "probability": 0.94970703125}, {"start": 870.48, "end": 870.9, "word": " the", "probability": 0.9189453125}, {"start": 870.9, "end": 871.54, "word": " consumer", "probability": 0.85205078125}, {"start": 871.54, "end": 872.0, "word": " welfare.", "probability": 0.8857421875}], "temperature": 1.0}, {"id": 31, "seek": 89061, "start": 873.87, "end": 890.61, "text": " The consumer gains, the consumer satisfaction. Because he has one English to pay 300 shekels.", "tokens": [440, 9711, 16823, 11, 264, 9711, 18715, 13, 1436, 415, 575, 472, 3669, 281, 1689, 6641, 750, 7124, 82, 13], "avg_logprob": -0.46837798186710905, "compression_ratio": 1.1058823529411765, "no_speech_prob": 0.0, "words": [{"start": 873.87, "end": 874.09, "word": " The", "probability": 0.68359375}, {"start": 874.09, "end": 874.63, "word": " consumer", "probability": 0.7998046875}, {"start": 874.63, "end": 875.69, "word": " gains,", "probability": 0.84326171875}, {"start": 876.09, "end": 876.23, "word": " the", "probability": 0.8984375}, {"start": 876.23, "end": 876.75, "word": " consumer", "probability": 0.82177734375}, {"start": 876.75, "end": 877.71, "word": " satisfaction.", "probability": 0.84326171875}, {"start": 882.39, "end": 882.51, "word": " Because", "probability": 0.1307373046875}, {"start": 882.51, "end": 885.77, "word": " he", "probability": 0.568359375}, {"start": 885.77, "end": 886.19, "word": " has", "probability": 0.52294921875}, {"start": 886.19, "end": 886.77, "word": " one", "probability": 0.354248046875}, {"start": 886.77, "end": 887.11, "word": " English", "probability": 0.5205078125}, {"start": 887.11, "end": 887.33, "word": " to", "probability": 0.87451171875}, {"start": 887.33, "end": 887.67, "word": " pay", "probability": 0.916015625}, {"start": 887.67, "end": 888.87, "word": " 300", "probability": 0.6171875}, {"start": 888.87, "end": 890.61, "word": " shekels.", "probability": 0.92041015625}], "temperature": 1.0}, {"id": 32, "seek": 92266, "start": 906.74, "end": 922.66, "text": " What about the producer? The producer in the opposite case or the opposite side. Let me assume that you are this seller. You are the producers.", "tokens": [708, 466, 264, 12314, 30, 440, 12314, 294, 264, 6182, 1389, 420, 264, 6182, 1252, 13, 961, 385, 6552, 300, 291, 366, 341, 23600, 13, 509, 366, 264, 16080, 13], "avg_logprob": -0.23475301842535695, "compression_ratio": 1.44, "no_speech_prob": 0.0, "words": [{"start": 906.74, "end": 907.48, "word": " What", "probability": 0.126220703125}, {"start": 907.48, "end": 908.22, "word": " about", "probability": 0.88818359375}, {"start": 908.22, "end": 908.38, "word": " the", "probability": 0.86669921875}, {"start": 908.38, "end": 908.8, "word": " producer?", "probability": 0.92724609375}, {"start": 910.54, "end": 911.28, "word": " The", "probability": 0.791015625}, {"start": 911.28, "end": 911.8, "word": " producer", "probability": 0.93896484375}, {"start": 911.8, "end": 912.7, "word": " in", "probability": 0.33837890625}, {"start": 912.7, "end": 912.82, "word": " the", "probability": 0.923828125}, {"start": 912.82, "end": 913.12, "word": " opposite", 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"end": 919.9, "word": " seller.", "probability": 0.87548828125}, {"start": 921.38, "end": 921.62, "word": " You", "probability": 0.96923828125}, {"start": 921.62, "end": 921.94, "word": " are", "probability": 0.939453125}, {"start": 921.94, "end": 922.14, "word": " the", "probability": 0.916015625}, {"start": 922.14, "end": 922.66, "word": " producers.", "probability": 0.8818359375}], "temperature": 1.0}, {"id": 33, "seek": 94359, "start": 926.41, "end": 943.59, "text": " And you sell or you want to sell, you have a willingness to pay or to sell jilbab by 180 shekels.", "tokens": [400, 291, 3607, 420, 291, 528, 281, 3607, 11, 291, 362, 257, 25069, 281, 1689, 420, 281, 3607, 361, 388, 24301, 538, 11971, 750, 7124, 82, 13], "avg_logprob": -0.16155134088226727, "compression_ratio": 1.1666666666666667, "no_speech_prob": 0.0, "words": [{"start": 926.41, "end": 927.17, "word": " And", "probability": 0.71435546875}, {"start": 927.17, "end": 927.93, "word": " you", "probability": 0.912109375}, {"start": 927.93, "end": 930.55, "word": " sell", "probability": 0.8232421875}, {"start": 930.55, "end": 930.85, "word": " or", "probability": 0.57421875}, {"start": 930.85, "end": 931.21, "word": " you", "probability": 0.96484375}, {"start": 931.21, "end": 931.73, "word": " want", "probability": 0.8994140625}, {"start": 931.73, "end": 931.99, "word": " to", "probability": 0.9697265625}, {"start": 931.99, "end": 932.31, "word": " sell,", "probability": 0.88427734375}, {"start": 932.49, "end": 932.79, "word": " you", "probability": 0.9638671875}, {"start": 932.79, "end": 933.19, "word": " have", "probability": 0.951171875}, {"start": 933.19, "end": 933.39, "word": " a", "probability": 0.92041015625}, {"start": 933.39, "end": 933.71, "word": " willingness", "probability": 0.88330078125}, {"start": 933.71, "end": 934.13, "word": " to", "probability": 0.96875}, {"start": 934.13, "end": 934.43, "word": " pay", "probability": 0.88427734375}, {"start": 934.43, "end": 934.73, "word": " or", "probability": 0.9130859375}, {"start": 934.73, "end": 934.97, "word": " to", "probability": 0.958984375}, {"start": 934.97, "end": 935.39, "word": " sell", "probability": 0.87353515625}, {"start": 935.39, "end": 936.81, "word": " jilbab", "probability": 0.6731770833333334}, {"start": 936.81, "end": 938.69, "word": " by", "probability": 0.67041015625}, {"start": 938.69, "end": 942.59, "word": " 180", "probability": 0.9091796875}, {"start": 942.59, "end": 943.59, "word": " shekels.", "probability": 0.9055989583333334}], "temperature": 1.0}, {"id": 34, "seek": 95013, "start": 944.95, "end": 950.13, "text": " And you found that the actual market price is 250.", "tokens": [400, 291, 1352, 300, 264, 3539, 2142, 3218, 307, 11650, 13], "avg_logprob": -0.2560221354166667, "compression_ratio": 0.9107142857142857, "no_speech_prob": 0.0, "words": [{"start": 944.95, "end": 945.33, "word": " And", "probability": 0.5625}, {"start": 945.33, "end": 945.55, "word": " you", "probability": 0.95166015625}, {"start": 945.55, "end": 946.11, "word": " found", "probability": 0.86767578125}, {"start": 946.11, "end": 946.55, "word": " that", "probability": 0.92919921875}, {"start": 946.55, "end": 947.09, "word": " the", "probability": 0.88916015625}, {"start": 947.09, "end": 947.65, "word": " actual", "probability": 0.8935546875}, {"start": 947.65, "end": 948.05, "word": " market", "probability": 0.8154296875}, {"start": 948.05, "end": 948.53, "word": " price", "probability": 0.91455078125}, {"start": 948.53, "end": 948.91, "word": " is", "probability": 0.9482421875}, {"start": 948.91, "end": 950.13, "word": " 250.", "probability": 0.9150390625}], "temperature": 1.0}, {"id": 35, "seek": 99583, "start": 969.17, "end": 995.83, "text": " The difference between the price that the producer, the seller, wants to sell, and the actual market price. Look at who wants it. For example, someone who sells Jilbab has a surplus, he wants to sell it for 180. He goes to the market and sells it for 250. He has gains. He has surplus. They call it producer surplus.", "tokens": [440, 2649, 1296, 264, 3218, 300, 264, 12314, 11, 264, 23600, 11, 2738, 281, 3607, 11, 293, 264, 3539, 2142, 3218, 13, 2053, 412, 567, 2738, 309, 13, 1171, 1365, 11, 1580, 567, 20897, 508, 388, 24301, 575, 257, 31019, 11, 415, 2738, 281, 3607, 309, 337, 11971, 13, 634, 1709, 281, 264, 2142, 293, 20897, 309, 337, 11650, 13, 634, 575, 16823, 13, 634, 575, 31019, 13, 814, 818, 309, 12314, 31019, 13], "avg_logprob": -0.5204166523615519, "compression_ratio": 1.6772486772486772, "no_speech_prob": 0.0, "words": [{"start": 969.1700000000001, "end": 969.73, "word": " The", "probability": 0.317626953125}, {"start": 969.73, "end": 970.15, "word": " difference", "probability": 0.8603515625}, {"start": 970.15, "end": 970.75, "word": " between", "probability": 0.8828125}, {"start": 970.75, "end": 971.47, "word": " the", "probability": 0.89501953125}, {"start": 971.47, "end": 971.81, "word": " price", "probability": 0.92626953125}, {"start": 971.81, "end": 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Someone sold 10 quantities, someone sold 20, someone sold so and so. Okay? This is called producer surplus. Okay? The producer surplus here is or can be represented by the area or this triangle here. This is called producer surplus. Can we do another graph again? Okay.", "tokens": [1012, 867, 22927, 630, 1580, 3607, 30, 8734, 3718, 1266, 22927, 11, 1580, 3718, 945, 11, 1580, 3718, 370, 293, 370, 13, 1033, 30, 639, 307, 1219, 12314, 31019, 13, 1033, 30, 440, 12314, 31019, 510, 307, 420, 393, 312, 10379, 538, 264, 1859, 420, 341, 13369, 510, 13, 639, 307, 1219, 12314, 31019, 13, 1664, 321, 360, 1071, 4295, 797, 30, 1033, 13], "avg_logprob": -0.4076923076923077, "compression_ratio": 1.8011695906432748, "no_speech_prob": 0.0, "words": [{"start": 997.16, "end": 997.46, "word": " How", "probability": 0.127685546875}, {"start": 997.46, "end": 997.66, "word": " many", "probability": 0.8447265625}, {"start": 997.66, "end": 998.02, "word": " quantities", "probability": 0.85498046875}, {"start": 998.02, "end": 998.22, "word": " did", "probability": 0.474365234375}, {"start": 998.22, "end": 998.22, "word": " someone", "probability": 0.169189453125}, {"start": 998.22, "end": 998.32, "word": " sell?", "probability": 0.7236328125}, {"start": 998.68, "end": 999.1, "word": " Someone", "probability": 0.5087890625}, {"start": 999.1, "end": 999.28, "word": " sold", "probability": 0.85546875}, {"start": 999.28, "end": 999.54, "word": " 10", "probability": 0.80810546875}, {"start": 999.54, "end": 999.96, "word": " quantities,", "probability": 0.8564453125}, {"start": 1000.12, "end": 1000.3, "word": " someone", "probability": 0.73876953125}, {"start": 1000.3, "end": 1000.52, "word": " sold", "probability": 0.8203125}, {"start": 1000.52, "end": 1000.9, "word": " 20,", "probability": 0.955078125}, {"start": 1001.0, "end": 1001.22, "word": " someone", "probability": 0.58154296875}, {"start": 1001.22, "end": 1001.42, "word": " sold", "probability": 0.892578125}, {"start": 1001.42, "end": 1001.7, "word": " so", "probability": 0.1590576171875}, {"start": 1001.7, "end": 1001.82, "word": " and", "probability": 0.5126953125}, {"start": 1001.82, "end": 1001.82, "word": " so.", "probability": 0.9599609375}, {"start": 1002.08, "end": 1002.32, "word": " Okay?", "probability": 0.19287109375}, {"start": 1002.44, "end": 1002.7, "word": " This", "probability": 0.5380859375}, {"start": 1002.7, "end": 1002.82, "word": " is", "probability": 0.88720703125}, {"start": 1002.82, "end": 1003.1, "word": " called", "probability": 0.6669921875}, {"start": 1003.1, "end": 1003.86, "word": " producer", "probability": 0.41357421875}, {"start": 1003.86, "end": 1004.74, "word": " surplus.", "probability": 0.966796875}, {"start": 1006.1, "end": 1006.42, "word": " Okay?", "probability": 0.58544921875}, {"start": 1006.7, "end": 1006.86, "word": " The", "probability": 0.6884765625}, {"start": 1006.86, "end": 1007.24, "word": " producer", "probability": 0.9130859375}, {"start": 1007.24, "end": 1007.68, "word": " surplus", "probability": 0.97705078125}, {"start": 1007.68, "end": 1008.04, "word": " here", "probability": 0.78515625}, {"start": 1008.04, "end": 1008.52, "word": " is", "probability": 0.80029296875}, {"start": 1008.52, "end": 1010.2, "word": " or", "probability": 0.403076171875}, {"start": 1010.2, "end": 1010.4, "word": " can", "probability": 0.92724609375}, {"start": 1010.4, "end": 1010.74, "word": " be", "probability": 0.95263671875}, {"start": 1010.74, "end": 1012.1, "word": " represented", "probability": 0.810546875}, {"start": 1012.1, "end": 1012.7, "word": " by", "probability": 0.97021484375}, {"start": 1012.7, "end": 1013.26, "word": " the", "probability": 0.8759765625}, {"start": 1013.26, "end": 1013.7, "word": " area", "probability": 0.89453125}, {"start": 1013.7, "end": 1014.26, "word": " or", "probability": 0.82470703125}, {"start": 1014.26, "end": 1014.54, "word": " this", "probability": 0.94091796875}, {"start": 1014.54, "end": 1015.0, "word": " triangle", "probability": 0.86669921875}, {"start": 1015.0, "end": 1015.4, "word": " here.", "probability": 0.8359375}, {"start": 1017.36, "end": 1017.6, "word": " This", "probability": 0.8291015625}, {"start": 1017.6, "end": 1017.88, "word": " is", "probability": 0.89111328125}, {"start": 1017.88, "end": 1018.24, "word": " called", "probability": 0.67724609375}, {"start": 1018.24, "end": 1020.62, "word": " producer", "probability": 0.80517578125}, {"start": 1020.62, "end": 1021.26, "word": " surplus.", "probability": 0.97021484375}, {"start": 1023.18, "end": 1023.8, "word": " Can", "probability": 0.3740234375}, {"start": 1023.8, "end": 1023.84, "word": " we", "probability": 0.740234375}, {"start": 1023.84, "end": 1024.02, "word": " do", "probability": 0.1741943359375}, {"start": 1024.02, "end": 1024.38, "word": " another", "probability": 0.5859375}, {"start": 1024.38, "end": 1024.62, "word": " graph", "probability": 0.88671875}, {"start": 1024.62, "end": 1025.0, "word": " again?", "probability": 0.396240234375}, {"start": 1025.34, "end": 1025.96, "word": " Okay.", "probability": 0.488525390625}], "temperature": 1.0}, {"id": 37, "seek": 105431, "start": 1030.79, "end": 1054.31, "text": " So this triangle represents the producer surplus. So the producer surplus is the area below the equilibrium price and above the supply curve.", "tokens": [407, 341, 13369, 8855, 264, 12314, 31019, 13, 407, 264, 12314, 31019, 307, 264, 1859, 2507, 264, 15625, 3218, 293, 3673, 264, 5847, 7605, 13], "avg_logprob": -0.2273137036424417, "compression_ratio": 1.4059405940594059, "no_speech_prob": 0.0, "words": [{"start": 1030.7900000000002, "end": 1032.15, "word": " So", "probability": 0.0513916015625}, {"start": 1032.15, "end": 1033.51, "word": " this", "probability": 0.7626953125}, {"start": 1033.51, "end": 1034.03, "word": " triangle", "probability": 0.64208984375}, {"start": 1034.03, "end": 1034.77, "word": " represents", "probability": 0.833984375}, {"start": 1034.77, "end": 1035.19, "word": " the", "probability": 0.88232421875}, {"start": 1035.19, "end": 1035.75, "word": " producer", "probability": 0.873046875}, {"start": 1035.75, "end": 1036.31, "word": " surplus.", "probability": 0.9130859375}, {"start": 1039.33, "end": 1040.69, "word": " So", "probability": 0.80859375}, {"start": 1040.69, "end": 1041.35, "word": " the", "probability": 0.63232421875}, {"start": 1041.35, "end": 1041.83, "word": " producer", "probability": 0.90087890625}, {"start": 1041.83, "end": 1042.37, "word": " surplus", "probability": 0.9287109375}, {"start": 1042.37, "end": 1042.95, "word": " is", "probability": 0.9501953125}, {"start": 1042.95, "end": 1045.97, "word": " the", "probability": 0.72119140625}, {"start": 1045.97, "end": 1046.61, "word": " area", "probability": 0.88671875}, {"start": 1046.61, "end": 1048.89, "word": " below", "probability": 0.8447265625}, {"start": 1048.89, "end": 1049.69, "word": " the", "probability": 0.8818359375}, {"start": 1049.69, "end": 1050.17, "word": " equilibrium", "probability": 0.97314453125}, {"start": 1050.17, "end": 1050.99, "word": " price", "probability": 0.89892578125}, {"start": 1050.99, "end": 1051.73, "word": " and", "probability": 0.88623046875}, {"start": 1051.73, "end": 1052.49, "word": " above", "probability": 0.9658203125}, {"start": 1052.49, "end": 1053.33, "word": " the", "probability": 0.89208984375}, {"start": 1053.33, "end": 1053.79, "word": " supply", "probability": 0.9296875}, {"start": 1053.79, "end": 1054.31, "word": " curve.", "probability": 0.947265625}], "temperature": 1.0}, {"id": 38, "seek": 108761, "start": 1058.5, "end": 1087.62, "text": " The producer surplus is the area below the equilibrium price and above the supply curve, okay? Which is producer welfare.", "tokens": [440, 12314, 31019, 307, 264, 1859, 2507, 264, 15625, 3218, 293, 3673, 264, 5847, 7605, 11, 1392, 30, 3013, 307, 12314, 17788, 13], "avg_logprob": -0.3551432391007741, "compression_ratio": 1.2079207920792079, "no_speech_prob": 0.0, "words": [{"start": 1058.5, "end": 1058.72, "word": " The", "probability": 0.8056640625}, {"start": 1058.72, "end": 1059.1, "word": " producer", "probability": 0.6943359375}, {"start": 1059.1, "end": 1059.42, "word": " surplus", "probability": 0.8916015625}, {"start": 1059.42, "end": 1062.12, "word": " is", "probability": 0.304443359375}, {"start": 1062.12, "end": 1063.28, "word": " the", "probability": 0.26806640625}, {"start": 1063.28, "end": 1066.44, "word": " area", "probability": 0.609375}, {"start": 1066.44, "end": 1078.52, "word": " below", "probability": 0.82275390625}, {"start": 1078.52, "end": 1079.4, "word": " the", "probability": 0.86328125}, {"start": 1079.4, "end": 1079.82, "word": " equilibrium", "probability": 0.58984375}, {"start": 1079.82, "end": 1080.42, "word": " price", "probability": 0.896484375}, {"start": 1080.42, "end": 1080.88, "word": " and", "probability": 0.90771484375}, {"start": 1080.88, "end": 1081.54, "word": " above", "probability": 0.9560546875}, {"start": 1081.54, "end": 1082.84, "word": " the", "probability": 0.91015625}, {"start": 1082.84, "end": 1083.18, "word": " supply", "probability": 0.94091796875}, {"start": 1083.18, "end": 1083.84, "word": " curve,", "probability": 0.96435546875}, {"start": 1084.36, "end": 1084.52, "word": " okay?", "probability": 0.57763671875}, {"start": 1085.12, "end": 1085.34, "word": " Which", "probability": 0.87353515625}, {"start": 1085.34, "end": 1085.6, "word": " is", "probability": 0.91845703125}, {"start": 1085.6, "end": 1086.8, "word": " producer", "probability": 0.297119140625}, {"start": 1086.8, "end": 1087.62, "word": " welfare.", "probability": 0.7939453125}], "temperature": 1.0}, {"id": 39, "seek": 111152, "start": 1089.28, "end": 1111.52, "text": " The producer surplus, the producer satisfaction. Okay? So the producer surplus. So the producer surplus,", "tokens": [440, 12314, 31019, 11, 264, 12314, 18715, 13, 1033, 30, 407, 264, 12314, 31019, 13, 407, 264, 12314, 31019, 11], "avg_logprob": -0.2527901672181629, "compression_ratio": 1.6666666666666667, "no_speech_prob": 0.0, "words": [{"start": 1089.28, "end": 1089.5, "word": " The", "probability": 0.6904296875}, {"start": 1089.5, "end": 1089.84, "word": " producer", "probability": 0.802734375}, {"start": 1089.84, "end": 1090.38, "word": " surplus,", "probability": 0.76025390625}, {"start": 1090.98, "end": 1091.08, "word": " the", "probability": 0.91015625}, {"start": 1091.08, "end": 1091.44, "word": " producer", "probability": 0.8857421875}, {"start": 1091.44, "end": 1092.18, "word": " satisfaction.", "probability": 0.78857421875}, {"start": 1093.38, "end": 1093.5, "word": " Okay?", "probability": 0.451904296875}, {"start": 1093.8, "end": 1094.38, "word": " So", "probability": 0.95751953125}, {"start": 1094.38, "end": 1096.48, "word": " the", "probability": 0.68896484375}, {"start": 1096.48, "end": 1096.9, "word": " producer", "probability": 0.869140625}, {"start": 1096.9, "end": 1097.52, "word": " surplus.", "probability": 0.9326171875}, {"start": 1109.26, "end": 1110.18, "word": " So", "probability": 0.94287109375}, {"start": 1110.18, "end": 1110.62, "word": " the", "probability": 0.865234375}, {"start": 1110.62, "end": 1111.04, "word": " producer", "probability": 0.8837890625}, {"start": 1111.04, "end": 1111.52, "word": " surplus,", "probability": 0.92529296875}], "temperature": 1.0}, {"id": 40, "seek": 114914, "start": 1119.96, "end": 1149.14, "text": " Is the area or the triangle, the area, below the equilibrium market price, market price or equilibrium price. The price that the producers willingness to sell their products. Is the area between. The supply price,", "tokens": [1119, 264, 1859, 420, 264, 13369, 11, 264, 1859, 11, 2507, 264, 15625, 2142, 3218, 11, 2142, 3218, 420, 15625, 3218, 13, 440, 3218, 300, 264, 16080, 25069, 281, 3607, 641, 3383, 13, 1119, 264, 1859, 1296, 13, 440, 5847, 3218, 11], "avg_logprob": -0.33866277960843816, "compression_ratio": 1.6589147286821706, "no_speech_prob": 0.0, "words": [{"start": 1119.96, "end": 1120.2, "word": " Is", "probability": 0.382080078125}, {"start": 1120.2, "end": 1120.38, "word": " the", "probability": 0.90966796875}, {"start": 1120.38, "end": 1120.76, "word": " area", "probability": 0.89794921875}, {"start": 1120.76, "end": 1121.0, "word": " or", "probability": 0.83544921875}, {"start": 1121.0, "end": 1121.12, "word": " the", "probability": 0.92041015625}, {"start": 1121.12, "end": 1121.8, "word": " triangle,", "probability": 0.81689453125}, {"start": 1122.7, "end": 1122.84, "word": " the", "probability": 0.8076171875}, {"start": 1122.84, "end": 1123.28, "word": " area,", 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between.", "probability": 0.86083984375}, {"start": 1147.28, "end": 1148.2, "word": " The", "probability": 0.89111328125}, {"start": 1148.2, "end": 1148.62, "word": " supply", "probability": 0.93701171875}, {"start": 1148.62, "end": 1149.14, "word": " price,", "probability": 0.92529296875}], "temperature": 1.0}, {"id": 41, "seek": 117789, "start": 1151.65, "end": 1177.89, "text": " The producer is the price, is the area between the equilibrium price and the supply curve, or below.", "tokens": [440, 12314, 307, 264, 3218, 11, 307, 264, 1859, 1296, 264, 15625, 3218, 293, 264, 5847, 7605, 11, 420, 2507, 13], "avg_logprob": -0.4612926177003167, "compression_ratio": 1.216867469879518, "no_speech_prob": 0.0, "words": [{"start": 1151.6499999999999, "end": 1152.61, "word": " The", "probability": 0.10943603515625}, {"start": 1152.61, "end": 1152.83, "word": " producer", "probability": 0.1593017578125}, {"start": 1152.83, "end": 1161.91, "word": " is", "probability": 0.64404296875}, {"start": 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1175.85, "end": 1176.37, "word": " curve,", "probability": 0.97216796875}, {"start": 1177.33, "end": 1177.47, "word": " or", "probability": 0.95263671875}, {"start": 1177.47, "end": 1177.89, "word": " below.", "probability": 0.8974609375}], "temperature": 1.0}, {"id": 42, "seek": 120614, "start": 1179.36, "end": 1206.14, "text": " Sorry, is the area below the equilibrium price above supply curve. So is the area below the equilibrium price and above the supply curve.", "tokens": [4919, 11, 307, 264, 1859, 2507, 264, 15625, 3218, 3673, 5847, 7605, 13, 407, 307, 264, 1859, 2507, 264, 15625, 3218, 293, 3673, 264, 5847, 7605, 13], "avg_logprob": -0.20396205144269125, "compression_ratio": 1.6428571428571428, "no_speech_prob": 0.0, "words": [{"start": 1179.36, "end": 1179.72, "word": " Sorry,", "probability": 0.499267578125}, {"start": 1180.42, "end": 1180.62, "word": " is", "probability": 0.7548828125}, {"start": 1180.62, "end": 1180.86, "word": " the", "probability": 0.92138671875}, {"start": 1180.86, "end": 1181.34, "word": " area", "probability": 0.90869140625}, {"start": 1181.34, "end": 1183.62, "word": " below", "probability": 0.75830078125}, {"start": 1183.62, "end": 1184.06, "word": " the", "probability": 0.91015625}, {"start": 1184.06, "end": 1184.44, "word": " equilibrium", "probability": 0.8740234375}, {"start": 1184.44, "end": 1184.92, "word": " price", "probability": 0.75146484375}, {"start": 1184.92, "end": 1191.1, "word": " above", "probability": 0.371337890625}, {"start": 1191.1, "end": 1191.64, "word": " supply", "probability": 0.9189453125}, {"start": 1191.64, "end": 1191.94, "word": " curve.", "probability": 0.91650390625}, {"start": 1192.92, "end": 1193.5, "word": " So", "probability": 0.96337890625}, {"start": 1193.5, "end": 1193.96, "word": " is", "probability": 0.615234375}, {"start": 1193.96, "end": 1194.12, "word": " the", "probability": 0.90478515625}, {"start": 1194.12, "end": 1194.54, "word": " area", "probability": 0.90478515625}, {"start": 1194.54, "end": 1195.0, "word": " below", "probability": 0.89404296875}, {"start": 1195.0, "end": 1195.78, "word": " the", "probability": 0.91650390625}, {"start": 1195.78, "end": 1196.2, "word": " equilibrium", "probability": 0.93994140625}, {"start": 1196.2, "end": 1196.78, "word": " price", "probability": 0.90576171875}, {"start": 1196.78, "end": 1203.18, "word": " and", "probability": 0.71484375}, {"start": 1203.18, "end": 1203.8, "word": " above", "probability": 0.966796875}, {"start": 1203.8, "end": 1205.36, "word": " the", "probability": 0.88330078125}, {"start": 1205.36, "end": 1205.76, "word": " supply", "probability": 0.958984375}, {"start": 1205.76, "end": 1206.14, "word": " curve.", "probability": 0.96240234375}], "temperature": 1.0}, {"id": 43, "seek": 123841, "start": 1211.05, "end": 1238.41, "text": " Okay. Is it clear? How can we calculate the area of this triangle? The red area here. So the producer surplus equals half times pace times height. So the producer surplus equals half times", "tokens": [1033, 13, 1119, 309, 1850, 30, 1012, 393, 321, 8873, 264, 1859, 295, 341, 13369, 30, 440, 2182, 1859, 510, 13, 407, 264, 12314, 31019, 6915, 1922, 1413, 11638, 1413, 6681, 13, 407, 264, 12314, 31019, 6915, 1922, 1413], "avg_logprob": -0.15595703534781932, "compression_ratio": 1.575, "no_speech_prob": 0.0, "words": [{"start": 1211.05, "end": 1211.41, "word": " Okay.", "probability": 0.68359375}, {"start": 1212.11, "end": 1212.25, "word": " Is", "probability": 0.95263671875}, {"start": 1212.25, "end": 1212.37, "word": " it", "probability": 0.89013671875}, {"start": 1212.37, "end": 1212.71, "word": " clear?", "probability": 0.88525390625}, {"start": 1213.09, "end": 1213.63, "word": " How", "probability": 0.88232421875}, {"start": 1213.63, "end": 1213.87, "word": " can", "probability": 0.9384765625}, {"start": 1213.87, "end": 1214.05, "word": " we", "probability": 0.9619140625}, {"start": 1214.05, "end": 1214.49, "word": " calculate", "probability": 0.9228515625}, {"start": 1214.49, "end": 1215.19, "word": " the", "probability": 0.9169921875}, {"start": 1215.19, "end": 1215.45, "word": " area", "probability": 0.90869140625}, {"start": 1215.45, "end": 1215.65, "word": " of", "probability": 0.9658203125}, {"start": 1215.65, "end": 1215.85, "word": " this", "probability": 0.943359375}, {"start": 1215.85, "end": 1216.37, "word": " triangle?", "probability": 0.826171875}, {"start": 1216.99, "end": 1217.11, "word": " The", "probability": 0.8349609375}, {"start": 1217.11, "end": 1217.37, "word": " red", "probability": 0.91455078125}, {"start": 1217.37, "end": 1218.85, "word": " area", "probability": 0.888671875}, {"start": 1218.85, "end": 1219.15, "word": " here.", "probability": 0.84814453125}, {"start": 1219.97, "end": 1220.25, "word": " So", "probability": 0.9404296875}, {"start": 1220.25, "end": 1220.49, "word": " the", "probability": 0.73828125}, {"start": 1220.49, "end": 1221.73, "word": " producer", "probability": 0.70654296875}, {"start": 1221.73, "end": 1222.35, "word": " surplus", "probability": 0.91796875}, {"start": 1222.35, "end": 1223.91, "word": " equals", "probability": 0.93115234375}, {"start": 1223.91, "end": 1225.45, "word": " half", "probability": 0.8828125}, {"start": 1225.45, "end": 1226.61, "word": " times", "probability": 0.875}, {"start": 1226.61, "end": 1229.29, "word": " pace", "probability": 0.54443359375}, {"start": 1229.29, "end": 1230.99, "word": " times", "probability": 0.81396484375}, {"start": 1230.99, "end": 1231.35, "word": " height.", "probability": 0.951171875}, {"start": 1233.57, "end": 1234.45, "word": " So", "probability": 0.970703125}, {"start": 1234.45, "end": 1234.65, "word": " the", "probability": 0.88916015625}, {"start": 1234.65, "end": 1235.03, "word": " producer", "probability": 0.80859375}, {"start": 1235.03, "end": 1235.63, "word": " surplus", "probability": 0.923828125}, {"start": 1235.63, "end": 1236.97, "word": " equals", "probability": 0.95263671875}, {"start": 1236.97, "end": 1237.41, "word": " half", "probability": 0.8759765625}, {"start": 1237.41, "end": 1238.41, "word": " times", "probability": 0.9384765625}], "temperature": 1.0}, {"id": 44, "seek": 126960, "start": 1239.99, "end": 1269.61, "text": " Pays seven times high. The difference between 250 minus 180. So the producer surplus equals half times seven times 70. 245.", "tokens": [430, 3772, 3407, 1413, 1090, 13, 440, 2649, 1296, 11650, 3175, 11971, 13, 407, 264, 12314, 31019, 6915, 1922, 1413, 3407, 1413, 5285, 13, 4022, 20, 13], "avg_logprob": -0.28934150614908766, "compression_ratio": 1.158878504672897, "no_speech_prob": 0.0, "words": [{"start": 1239.99, "end": 1240.57, "word": " Pays", "probability": 0.6719970703125}, {"start": 1240.57, "end": 1241.83, "word": " seven", "probability": 0.6435546875}, {"start": 1241.83, "end": 1244.87, "word": " times", "probability": 0.76416015625}, {"start": 1244.87, "end": 1245.53, "word": " high.", "probability": 0.4248046875}, {"start": 1247.45, "end": 1247.65, "word": " The", "probability": 0.859375}, {"start": 1247.65, "end": 1248.01, "word": " difference", "probability": 0.87255859375}, {"start": 1248.01, "end": 1248.53, "word": " between", "probability": 0.9013671875}, {"start": 1248.53, "end": 1249.53, "word": " 250", "probability": 0.7080078125}, {"start": 1249.53, "end": 1250.39, "word": " minus", "probability": 0.9736328125}, {"start": 1250.39, "end": 1254.55, "word": " 180.", "probability": 0.90966796875}, {"start": 1254.99, "end": 1255.99, "word": " So", "probability": 0.9599609375}, {"start": 1255.99, "end": 1256.53, "word": " the", "probability": 0.5126953125}, {"start": 1256.53, "end": 1256.89, "word": " producer", "probability": 0.83447265625}, {"start": 1256.89, "end": 1257.47, "word": " surplus", "probability": 0.94580078125}, {"start": 1257.47, "end": 1258.35, "word": " equals", "probability": 0.9345703125}, {"start": 1258.35, "end": 1259.29, "word": " half", "probability": 0.81591796875}, {"start": 1259.29, "end": 1259.73, "word": " times", "probability": 0.91064453125}, {"start": 1259.73, "end": 1260.23, "word": " seven", "probability": 0.81787109375}, {"start": 1260.23, "end": 1260.85, "word": " times", "probability": 0.919921875}, {"start": 1260.85, "end": 1263.73, "word": " 70.", "probability": 0.85009765625}, {"start": 1268.29, "end": 1269.61, "word": " 245.", "probability": 0.5609130859375}], "temperature": 1.0}, {"id": 45, "seek": 129827, "start": 1269.93, "end": 1298.27, "text": " That's it. Tamam? Okay. Now, if the price goes up, if the equilibrium price or the market price goes up, who will suffer? The consumer. In other words, his welfare will decrease. Definitely. Right? I mean, if you", "tokens": [663, 311, 309, 13, 18224, 30, 1033, 13, 823, 11, 498, 264, 3218, 1709, 493, 11, 498, 264, 15625, 3218, 420, 264, 2142, 3218, 1709, 493, 11, 567, 486, 9753, 30, 440, 9711, 13, 682, 661, 2283, 11, 702, 17788, 486, 11514, 13, 12151, 13, 1779, 30, 286, 914, 11, 498, 291], "avg_logprob": -0.3870872641509434, "compression_ratio": 1.392156862745098, "no_speech_prob": 0.0, "words": [{"start": 1269.93, "end": 1270.27, "word": " That's", "probability": 0.8974609375}, {"start": 1270.27, "end": 1271.11, "word": " it.", "probability": 0.94873046875}, {"start": 1272.97, "end": 1273.35, "word": " Tamam?", "probability": 0.140869140625}, {"start": 1274.27, "end": 1275.01, "word": " Okay.", "probability": 0.67236328125}, {"start": 1277.01, "end": 1277.49, "word": " Now,", "probability": 0.92333984375}, {"start": 1278.23, "end": 1281.57, "word": " if", "probability": 0.92822265625}, {"start": 1281.57, "end": 1281.75, "word": " the", "probability": 0.9228515625}, {"start": 1281.75, "end": 1282.07, "word": " price", "probability": 0.91748046875}, {"start": 1282.07, "end": 1282.53, "word": " goes", "probability": 0.93603515625}, {"start": 1282.53, "end": 1282.93, "word": " up,", "probability": 0.9765625}, {"start": 1284.29, "end": 1284.65, "word": " if", "probability": 0.95166015625}, {"start": 1284.65, "end": 1284.93, "word": " the", "probability": 0.92578125}, {"start": 1284.93, "end": 1285.27, "word": " equilibrium", "probability": 0.64990234375}, {"start": 1285.27, "end": 1285.61, "word": " price", "probability": 0.875}, {"start": 1285.61, "end": 1285.83, "word": " or", "probability": 0.87744140625}, {"start": 1285.83, "end": 1286.03, "word": " the", "probability": 0.9013671875}, {"start": 1286.03, "end": 1286.27, "word": " market", "probability": 0.5517578125}, {"start": 1286.27, "end": 1286.79, "word": " price", "probability": 0.91162109375}, {"start": 1286.79, "end": 1287.53, "word": " goes", "probability": 0.91650390625}, {"start": 1287.53, "end": 1287.83, "word": " up,", "probability": 0.97412109375}, {"start": 1287.95, "end": 1288.07, "word": " who", "probability": 0.4228515625}, {"start": 1288.07, "end": 1288.13, "word": " will", "probability": 0.287109375}, {"start": 1288.13, "end": 1288.35, "word": " suffer?", "probability": 0.3662109375}, {"start": 1289.69, "end": 1290.43, "word": " The", "probability": 0.791015625}, {"start": 1290.43, "end": 1290.97, "word": " consumer.", "probability": 0.8076171875}, {"start": 1291.79, "end": 1291.89, "word": " In", "probability": 0.18359375}, {"start": 1291.89, "end": 1292.07, "word": " other", "probability": 0.5703125}, {"start": 1292.07, "end": 1292.11, "word": " words,", "probability": 0.87744140625}, {"start": 1292.25, "end": 1292.25, "word": " his", "probability": 0.384765625}, {"start": 1292.25, "end": 1292.75, "word": " welfare", "probability": 0.69189453125}, {"start": 1292.75, "end": 1293.35, "word": " will", "probability": 0.6640625}, {"start": 1293.35, "end": 1293.69, "word": " decrease.", "probability": 0.32373046875}, {"start": 1294.05, "end": 1294.63, "word": " Definitely.", "probability": 0.77099609375}, {"start": 1295.57, "end": 1295.93, "word": " Right?", "probability": 0.52294921875}, {"start": 1296.59, "end": 1296.99, "word": " I", "probability": 0.268310546875}, {"start": 1296.99, "end": 1297.15, "word": " mean,", "probability": 0.96923828125}, {"start": 1297.79, "end": 1297.99, "word": " if", "probability": 0.92724609375}, {"start": 1297.99, "end": 1298.27, "word": " you", "probability": 0.93603515625}], "temperature": 1.0}, {"id": 46, "seek": 132863, "start": 1300.87, "end": 1328.63, "text": " As a consumer, you are as a consumer. What happens in this case? Your benefits decrease. Or welfare, or satisfaction, whatever you call it. This surplus will decrease. But the producers increase. Right? Let's see. Let's try to put that the price went up. 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Okay? Now, let us assume that the market price becomes or became here. This is the market price.", "tokens": [440, 15625, 3218, 11, 11650, 13, 1033, 30, 823, 11, 718, 505, 6552, 300, 264, 2142, 3218, 3643, 420, 3062, 510, 13, 639, 307, 264, 2142, 3218, 13], "avg_logprob": -0.258890098538892, "compression_ratio": 1.2019230769230769, "no_speech_prob": 0.0, "words": [{"start": 1329.55, "end": 1329.85, "word": " The", "probability": 0.583984375}, {"start": 1329.85, "end": 1330.49, "word": " equilibrium", "probability": 0.7890625}, {"start": 1330.49, "end": 1331.09, "word": " price,", "probability": 0.8427734375}, {"start": 1331.93, "end": 1332.43, "word": " 250.", "probability": 0.91552734375}, {"start": 1333.77, "end": 1334.05, "word": " Okay?", "probability": 0.66650390625}, {"start": 1334.75, "end": 1335.17, "word": " Now,", "probability": 0.95751953125}, {"start": 1335.45, "end": 1335.59, "word": " let", "probability": 0.95263671875}, {"start": 1335.59, "end": 1335.75, "word": " us", "probability": 0.83740234375}, {"start": 1335.75, "end": 1336.09, "word": " assume", "probability": 0.90234375}, {"start": 1336.09, "end": 1336.61, "word": " that", "probability": 0.9287109375}, {"start": 1336.61, "end": 1337.75, "word": " the", "probability": 0.8544921875}, {"start": 1337.75, "end": 1338.29, "word": " market", "probability": 0.619140625}, {"start": 1338.29, "end": 1338.91, "word": " price", "probability": 0.8837890625}, {"start": 1338.91, "end": 1339.97, "word": " becomes", "probability": 0.8818359375}, {"start": 1339.97, "end": 1340.39, "word": " or", "probability": 0.90234375}, {"start": 1340.39, "end": 1341.09, "word": " became", "probability": 0.9365234375}, {"start": 1341.09, "end": 1343.23, "word": " here.", "probability": 0.7783203125}, {"start": 1345.11, "end": 1345.35, "word": " This", "probability": 0.865234375}, {"start": 1345.35, "end": 1345.45, "word": " is", "probability": 0.935546875}, {"start": 1345.45, "end": 1345.57, "word": " the", "probability": 0.87060546875}, {"start": 1345.57, "end": 1345.83, "word": " market", "probability": 0.873046875}, {"start": 1345.83, "end": 1346.29, "word": " price.", "probability": 0.9130859375}], "temperature": 1.0}, {"id": 48, "seek": 138861, "start": 1359.09, "end": 1388.61, "text": " How much is the consumer surplus? 30 times space times height. Right? This is the new consumer surplus. Right? What did he lose? He lost this. Because this was with him.", "tokens": [1012, 709, 307, 264, 9711, 31019, 30, 2217, 1413, 1901, 1413, 6681, 13, 1779, 30, 639, 307, 264, 777, 9711, 31019, 13, 1779, 30, 708, 630, 415, 3624, 30, 634, 2731, 341, 13, 1436, 341, 390, 365, 796, 13], "avg_logprob": -0.4468750096857548, "compression_ratio": 1.4166666666666667, "no_speech_prob": 0.0, "words": [{"start": 1359.09, "end": 1359.41, "word": " How", "probability": 0.58251953125}, {"start": 1359.41, "end": 1359.49, "word": " much", "probability": 0.83642578125}, {"start": 1359.49, "end": 1359.59, "word": " is", "probability": 0.2802734375}, {"start": 1359.59, "end": 1359.71, "word": " the", "probability": 0.546875}, {"start": 1359.71, "end": 1360.11, "word": " consumer", "probability": 0.703125}, {"start": 1360.11, "end": 1360.51, "word": " surplus?", "probability": 0.97998046875}, {"start": 1363.07, "end": 1363.79, "word": " 30", "probability": 0.297119140625}, {"start": 1363.79, "end": 1366.29, "word": " times", "probability": 0.251220703125}, {"start": 1366.29, "end": 1367.67, "word": " space", "probability": 0.181396484375}, {"start": 1367.67, "end": 1368.03, "word": " times", "probability": 0.6044921875}, {"start": 1368.03, "end": 1369.73, "word": " height.", "probability": 0.94091796875}, {"start": 1370.67, "end": 1371.03, "word": " Right?", "probability": 0.1978759765625}, {"start": 1371.29, "end": 1371.67, "word": " This", "probability": 0.83740234375}, {"start": 1371.67, "end": 1371.81, "word": " is", "probability": 0.9375}, {"start": 1371.81, "end": 1371.95, "word": " the", "probability": 0.7900390625}, {"start": 1371.95, "end": 1372.23, "word": " new", "probability": 0.89697265625}, {"start": 1372.23, "end": 1372.77, "word": " consumer", "probability": 0.86865234375}, {"start": 1372.77, "end": 1373.29, "word": " surplus.", "probability": 0.9736328125}, {"start": 1380.31, "end": 1381.03, "word": " Right?", "probability": 0.408935546875}, {"start": 1384.95, "end": 1385.67, "word": " What", "probability": 0.332763671875}, {"start": 1385.67, "end": 1385.67, "word": " did", "probability": 0.8564453125}, {"start": 1385.67, "end": 1385.83, "word": " he", "probability": 0.5732421875}, {"start": 1385.83, "end": 1385.83, "word": " lose?", "probability": 0.81494140625}, {"start": 1386.25, "end": 1386.49, "word": " He", "probability": 0.85498046875}, {"start": 1386.49, "end": 1386.63, "word": " lost", "probability": 0.83154296875}, {"start": 1386.63, "end": 1386.95, "word": " this.", "probability": 0.6708984375}, {"start": 1387.25, "end": 1387.87, "word": " Because", "probability": 0.81689453125}, {"start": 1387.87, "end": 1388.11, "word": " this", "probability": 0.5244140625}, {"start": 1388.11, "end": 1388.31, "word": " was", "probability": 0.69091796875}, {"start": 1388.31, "end": 1388.47, "word": " with", "probability": 0.77587890625}, {"start": 1388.47, "end": 1388.61, "word": " him.", "probability": 0.9287109375}], "temperature": 1.0}, {"id": 49, "seek": 141748, "start": 1389.72, "end": 1417.48, "text": " The consumer surplus before and the original situation. After the price increases, the new consumer surplus becomes the blue area here, the blue triangle. Here we have a loss and the consumer surplus represented by this area.", "tokens": [440, 9711, 31019, 949, 293, 264, 3380, 2590, 13, 2381, 264, 3218, 8637, 11, 264, 777, 9711, 31019, 3643, 264, 3344, 1859, 510, 11, 264, 3344, 13369, 13, 1692, 321, 362, 257, 4470, 293, 264, 9711, 31019, 10379, 538, 341, 1859, 13], "avg_logprob": -0.19240551701811856, "compression_ratio": 1.6142857142857143, "no_speech_prob": 0.0, "words": [{"start": 1389.72, "end": 1390.62, "word": " The", "probability": 0.10833740234375}, {"start": 1390.62, "end": 1392.1, "word": " consumer", "probability": 0.794921875}, {"start": 1392.1, "end": 1392.6, "word": " surplus", "probability": 0.98876953125}, {"start": 1392.6, "end": 1393.48, "word": " before", "probability": 0.86474609375}, {"start": 1393.48, "end": 1394.68, "word": " and", "probability": 0.572265625}, {"start": 1394.68, "end": 1394.78, "word": " the", "probability": 0.72412109375}, {"start": 1394.78, "end": 1395.12, "word": " original", "probability": 0.94140625}, {"start": 1395.12, "end": 1395.94, "word": " situation.", "probability": 0.9365234375}, {"start": 1397.88, "end": 1398.52, "word": " After", "probability": 0.372802734375}, {"start": 1398.52, "end": 1400.34, "word": " the", "probability": 0.86279296875}, {"start": 1400.34, "end": 1400.84, "word": " price", "probability": 0.91552734375}, {"start": 1400.84, "end": 1401.66, "word": " increases,", "probability": 0.94091796875}, {"start": 1402.82, "end": 1403.2, "word": " the", "probability": 0.90771484375}, {"start": 1403.2, "end": 1403.6, "word": " new", "probability": 0.912109375}, {"start": 1403.6, "end": 1404.36, "word": " consumer", "probability": 0.8515625}, {"start": 1404.36, "end": 1404.78, "word": " surplus", "probability": 0.97119140625}, {"start": 1404.78, "end": 1405.42, "word": " becomes", "probability": 0.89501953125}, {"start": 1405.42, "end": 1406.24, "word": " the", "probability": 0.89208984375}, {"start": 1406.24, "end": 1407.16, "word": " blue", "probability": 0.9677734375}, {"start": 1407.16, "end": 1407.64, "word": " area", "probability": 0.85400390625}, {"start": 1407.64, "end": 1407.92, "word": " here,", "probability": 0.82080078125}, {"start": 1408.0, "end": 1408.08, "word": " the", "probability": 0.912109375}, {"start": 1408.08, "end": 1408.6, "word": " blue", "probability": 0.96533203125}, {"start": 1408.6, "end": 1409.38, "word": " triangle.", "probability": 0.70654296875}, {"start": 1410.98, "end": 1411.3, "word": " Here", "probability": 0.8740234375}, {"start": 1411.3, "end": 1411.46, "word": " we", "probability": 0.69873046875}, {"start": 1411.46, "end": 1411.68, "word": " have", "probability": 0.94970703125}, {"start": 1411.68, "end": 1411.8, "word": " a", "probability": 0.99169921875}, {"start": 1411.8, "end": 1412.18, "word": " loss", "probability": 0.89013671875}, {"start": 1412.18, "end": 1413.82, "word": " and", "probability": 0.421630859375}, {"start": 1413.82, "end": 1413.96, "word": " the", "probability": 0.9091796875}, {"start": 1413.96, "end": 1414.42, "word": " consumer", "probability": 0.85791015625}, {"start": 1414.42, "end": 1414.92, "word": " surplus", "probability": 0.94970703125}, {"start": 1414.92, "end": 1415.6, "word": " represented", "probability": 0.7509765625}, {"start": 1415.6, "end": 1416.04, "word": " by", "probability": 0.96923828125}, {"start": 1416.04, "end": 1416.9, "word": " this", "probability": 0.9462890625}, {"start": 1416.9, "end": 1417.48, "word": " area.", "probability": 0.88720703125}], "temperature": 1.0}, {"id": 50, "seek": 144439, "start": 1418.79, "end": 1444.39, "text": " Right? Correct? But what about the producer surplus? Where was it? The original situation was this red area. The red triangle, right? Then what happened? The price went below the price above supply. Isn't that how you define it? Correct or not? What is the consumer surplus?", "tokens": [1779, 30, 12753, 30, 583, 437, 466, 264, 12314, 31019, 30, 2305, 390, 309, 30, 440, 3380, 2590, 390, 341, 2182, 1859, 13, 440, 2182, 13369, 11, 558, 30, 1396, 437, 2011, 30, 440, 3218, 1437, 2507, 264, 3218, 3673, 5847, 13, 6998, 380, 300, 577, 291, 6964, 309, 30, 12753, 420, 406, 30, 708, 307, 264, 9711, 31019, 30], "avg_logprob": -0.41547130365840723, "compression_ratio": 1.5027322404371584, "no_speech_prob": 0.0, "words": [{"start": 1418.79, "end": 1419.49, "word": " Right?", "probability": 0.4580078125}, {"start": 1419.49, "end": 1420.19, "word": " Correct?", "probability": 0.315185546875}, {"start": 1420.71, "end": 1420.85, "word": " But", "probability": 0.1500244140625}, {"start": 1420.85, "end": 1420.95, "word": " what", "probability": 0.48193359375}, {"start": 1420.95, "end": 1420.95, "word": " about", "probability": 0.826171875}, {"start": 1420.95, "end": 1420.99, "word": " the", "probability": 0.625}, {"start": 1420.99, "end": 1421.39, "word": " producer", "probability": 0.82861328125}, {"start": 1421.39, "end": 1421.77, "word": " surplus?", "probability": 0.93017578125}, {"start": 1421.85, "end": 1421.97, "word": " Where", "probability": 0.640625}, {"start": 1421.97, "end": 1422.21, "word": " was", "probability": 0.7548828125}, {"start": 1422.21, "end": 1422.29, "word": " it?", "probability": 0.927734375}, {"start": 1423.67, "end": 1424.37, "word": " The", "probability": 0.7802734375}, {"start": 1424.37, "end": 1424.71, "word": " original", "probability": 0.93408203125}, {"start": 1424.71, "end": 1425.59, "word": " situation", "probability": 0.93603515625}, {"start": 1425.59, "end": 1426.53, "word": " was", "probability": 0.666015625}, {"start": 1426.53, "end": 1428.07, "word": " this", "probability": 0.53271484375}, {"start": 1428.07, "end": 1428.39, "word": " red", "probability": 0.92041015625}, {"start": 1428.39, "end": 1428.85, "word": " area.", "probability": 0.69140625}, {"start": 1428.99, "end": 1429.03, "word": " The", "probability": 0.58984375}, {"start": 1429.03, "end": 1429.21, "word": " red", "probability": 0.92919921875}, {"start": 1429.21, "end": 1429.69, "word": " triangle,", "probability": 0.84326171875}, {"start": 1429.83, "end": 1429.97, "word": " right?", "probability": 0.73388671875}, {"start": 1430.89, "end": 1431.29, "word": " Then", "probability": 0.1944580078125}, {"start": 1431.29, "end": 1431.63, "word": " what", "probability": 0.3759765625}, {"start": 1431.63, "end": 1431.63, "word": " happened?", "probability": 0.66943359375}, {"start": 1432.41, "end": 1432.53, "word": " The", "probability": 0.7548828125}, {"start": 1432.53, "end": 1432.91, "word": " price", "probability": 0.8115234375}, {"start": 1432.91, "end": 1433.17, "word": " went", "probability": 0.187255859375}, {"start": 1433.17, "end": 1434.19, "word": " below", "probability": 0.71044921875}, {"start": 1434.19, "end": 1435.75, "word": " the", "probability": 0.88134765625}, {"start": 1435.75, "end": 1436.23, "word": " price", "probability": 0.86181640625}, {"start": 1436.23, "end": 1437.19, "word": " above", "probability": 0.74853515625}, {"start": 1437.19, "end": 1437.95, "word": " supply.", "probability": 0.66455078125}, {"start": 1438.87, "end": 1439.17, "word": " Isn't", "probability": 0.773681640625}, {"start": 1439.17, "end": 1439.31, "word": " that", "probability": 0.654296875}, {"start": 1439.31, "end": 1439.45, "word": " how", "probability": 0.6474609375}, {"start": 1439.45, "end": 1439.53, "word": " you", "probability": 0.59423828125}, {"start": 1439.53, "end": 1439.75, "word": " define", "probability": 0.6552734375}, {"start": 1439.75, "end": 1439.93, "word": " it?", "probability": 0.92041015625}, {"start": 1440.63, "end": 1441.33, "word": " Correct", "probability": 0.36572265625}, {"start": 1441.33, "end": 1441.49, "word": " or", "probability": 0.72509765625}, {"start": 1441.49, "end": 1441.53, "word": " not?", "probability": 0.79345703125}, {"start": 1442.05, "end": 1442.31, "word": " What", "probability": 0.6279296875}, {"start": 1442.31, "end": 1442.31, "word": " is", "probability": 0.697265625}, {"start": 1442.31, "end": 1442.79, "word": " the", "probability": 0.49853515625}, {"start": 1442.79, "end": 1443.99, "word": " consumer", "probability": 0.83984375}, {"start": 1443.99, "end": 1444.39, "word": " surplus?", "probability": 0.9736328125}], "temperature": 1.0}, {"id": 51, "seek": 147275, "start": 1446.41, "end": 1472.75, "text": " Above the seller, below the demand, right? The producer surplus, above or below price, above the supplier. That's it. A new situation, right? Right or wrong? Who doesn't understand? Who is the problem? No one. If you don't understand, it's okay. Tell me, it's okay.", "tokens": [32691, 264, 23600, 11, 2507, 264, 4733, 11, 558, 30, 440, 12314, 31019, 11, 3673, 420, 2507, 3218, 11, 3673, 264, 31909, 13, 663, 311, 309, 13, 316, 777, 2590, 11, 558, 30, 1779, 420, 2085, 30, 2102, 1177, 380, 1223, 30, 2102, 307, 264, 1154, 30, 883, 472, 13, 759, 291, 500, 380, 1223, 11, 309, 311, 1392, 13, 5115, 385, 11, 309, 311, 1392, 13], "avg_logprob": -0.4453124991234611, "compression_ratio": 1.528735632183908, "no_speech_prob": 0.0, "words": [{"start": 1446.41, "end": 1446.75, "word": " Above", "probability": 0.1773681640625}, {"start": 1446.75, "end": 1446.95, "word": " the", "probability": 0.56396484375}, {"start": 1446.95, "end": 1447.17, "word": " seller,", "probability": 0.5}, {"start": 1447.37, "end": 1447.49, "word": " below", "probability": 0.442138671875}, {"start": 1447.49, "end": 1448.01, "word": " the", "probability": 0.7021484375}, {"start": 1448.01, "end": 1448.37, "word": " demand,", "probability": 0.77734375}, {"start": 1448.47, "end": 1448.65, "word": " right?", "probability": 0.75390625}, {"start": 1448.99, "end": 1449.53, "word": " The", "probability": 0.52783203125}, {"start": 1449.53, "end": 1449.81, "word": " producer", "probability": 0.84033203125}, {"start": 1449.81, "end": 1450.35, "word": " surplus,", "probability": 0.76171875}, {"start": 1451.05, "end": 1451.53, "word": " above", "probability": 0.763671875}, {"start": 1451.53, "end": 1453.17, "word": " or", "probability": 0.342529296875}, {"start": 1453.17, "end": 1453.43, "word": " below", "probability": 0.8837890625}, {"start": 1453.43, "end": 1453.97, "word": " price,", "probability": 0.744140625}, {"start": 1454.91, "end": 1455.13, "word": " above", "probability": 0.90625}, {"start": 1455.13, "end": 1455.57, "word": " the", "probability": 0.32421875}, {"start": 1455.57, "end": 1456.05, "word": " supplier.", "probability": 0.90966796875}, {"start": 1457.17, "end": 1457.31, "word": " That's", "probability": 0.5224609375}, {"start": 1457.31, "end": 1457.39, "word": " it.", "probability": 0.58056640625}, {"start": 1459.23, "end": 1459.77, "word": " A", "probability": 0.255126953125}, {"start": 1459.77, "end": 1459.93, "word": " new", "probability": 0.82763671875}, {"start": 1459.93, "end": 1460.55, "word": " situation,", "probability": 0.9404296875}, {"start": 1461.01, "end": 1461.23, "word": " right?", "probability": 0.8359375}, {"start": 1462.21, "end": 1462.45, "word": " Right", "probability": 0.32666015625}, {"start": 1462.45, "end": 1462.63, "word": " or", "probability": 0.90185546875}, {"start": 1462.63, "end": 1462.91, "word": " wrong?", "probability": 0.75390625}, {"start": 1463.27, "end": 1463.71, "word": " Who", "probability": 0.70263671875}, {"start": 1463.71, "end": 1463.81, "word": " doesn't", "probability": 0.868408203125}, {"start": 1463.81, "end": 1464.05, "word": " understand?", "probability": 0.66015625}, {"start": 1466.31, "end": 1466.85, "word": " Who", "probability": 0.79443359375}, {"start": 1466.85, "end": 1466.97, "word": " is", "probability": 0.36279296875}, {"start": 1466.97, "end": 1467.07, "word": " the", "probability": 0.52490234375}, {"start": 1467.07, "end": 1467.27, "word": " problem?", "probability": 0.859375}, {"start": 1469.29, "end": 1469.83, "word": " No", "probability": 0.236328125}, {"start": 1469.83, "end": 1470.19, "word": " one.", "probability": 0.916015625}, {"start": 1470.49, "end": 1470.99, "word": " If", "probability": 0.468994140625}, {"start": 1470.99, "end": 1471.15, "word": " you", "probability": 0.751953125}, {"start": 1471.15, "end": 1471.23, "word": " don't", "probability": 0.9443359375}, {"start": 1471.23, "end": 1471.51, "word": " understand,", "probability": 0.7470703125}, {"start": 1471.57, "end": 1471.83, "word": " it's", "probability": 0.7275390625}, {"start": 1471.83, "end": 1471.93, "word": " okay.", "probability": 0.59716796875}, {"start": 1472.03, "end": 1472.17, "word": " Tell", "probability": 0.70947265625}, {"start": 1472.17, "end": 1472.35, "word": " me,", "probability": 0.93212890625}, {"start": 1472.37, "end": 1472.49, "word": " it's", "probability": 0.805908203125}, {"start": 1472.49, "end": 1472.75, "word": " okay.", "probability": 0.84814453125}], "temperature": 1.0}, {"id": 52, "seek": 149572, "start": 1474.06, "end": 1495.72, "text": " Is everything clear? Go ahead. Yes, what is the problem exactly? On my mind, I am aware of it. Now look, focus with me. The consumer surplus for new and old, do you understand? The old consumer surplus, where was it? It was like this, right? Above the price, below demand curve, correct?", "tokens": [1119, 1203, 1850, 30, 1037, 2286, 13, 1079, 11, 437, 307, 264, 1154, 2293, 30, 1282, 452, 1575, 11, 286, 669, 3650, 295, 309, 13, 823, 574, 11, 1879, 365, 385, 13, 440, 9711, 31019, 337, 777, 293, 1331, 11, 360, 291, 1223, 30, 440, 1331, 9711, 31019, 11, 689, 390, 309, 30, 467, 390, 411, 341, 11, 558, 30, 32691, 264, 3218, 11, 2507, 4733, 7605, 11, 3006, 30], "avg_logprob": -0.515845065385523, "compression_ratio": 1.4472361809045227, "no_speech_prob": 0.0, "words": [{"start": 1474.06, "end": 1474.24, "word": " Is", "probability": 0.193115234375}, {"start": 1474.24, "end": 1474.34, "word": " everything", "probability": 0.65966796875}, {"start": 1474.34, "end": 1474.66, "word": " clear?", "probability": 0.873046875}, {"start": 1474.74, "end": 1474.94, "word": " Go", "probability": 0.1524658203125}, {"start": 1474.94, "end": 1475.1, "word": " ahead.", "probability": 0.83447265625}, {"start": 1475.3, "end": 1475.42, "word": " 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"start": 1496.78, "end": 1523.58, "text": " In the new situation, we put the price here, the market price. Where did the new consumer surplus go? This price is above the price, below demand. I have this area. Right? Okay. Producer surplus. Where is the old producer surplus? It was here, right? Below the price, above supply curve. Right? Where did the price go? 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Where did it got from the supply? Where is the intercept? Oh sorry, where is the intersection? This is how I got all of this. This is the NU producer surplus. Right?", "tokens": [36261, 264, 3218, 11, 3673, 5847, 13, 2305, 630, 309, 658, 490, 264, 5847, 30, 2305, 307, 264, 24700, 30, 876, 2597, 11, 689, 307, 264, 15236, 30, 639, 307, 577, 286, 658, 439, 295, 341, 13, 639, 307, 264, 426, 52, 12314, 31019, 13, 1779, 30], "avg_logprob": -0.6370442733168602, "compression_ratio": 1.4071428571428573, "no_speech_prob": 0.0, "words": [{"start": 1527.28, "end": 1527.96, "word": " Below", "probability": 0.326904296875}, {"start": 1527.96, "end": 1528.44, "word": " the", "probability": 0.888671875}, {"start": 1528.44, "end": 1528.9, "word": " price,", "probability": 0.9169921875}, {"start": 1529.18, "end": 1529.52, "word": " above", "probability": 0.94384765625}, {"start": 1529.52, "end": 1530.08, "word": " supply.", "probability": 0.8984375}, {"start": 1531.8, "end": 1531.92, "word": " Where", "probability": 0.426025390625}, {"start": 1531.92, "end": 1532.04, "word": " did", "probability": 0.52734375}, {"start": 1532.04, "end": 1532.1, "word": " it", "probability": 0.327880859375}, {"start": 1532.1, "end": 1532.18, "word": " got", "probability": 0.18310546875}, {"start": 1532.18, "end": 1532.32, "word": " from", "probability": 0.262451171875}, {"start": 1532.32, "end": 1532.44, "word": " the", "probability": 0.455810546875}, {"start": 1532.44, "end": 1532.78, "word": " supply?", "probability": 0.92822265625}, {"start": 1534.04, "end": 1534.28, "word": " Where", "probability": 0.75244140625}, {"start": 1534.28, "end": 1534.36, "word": " is", "probability": 0.400390625}, {"start": 1534.36, "end": 1534.46, "word": " the", "probability": 0.87255859375}, {"start": 1534.46, "end": 1534.86, "word": " intercept?", "probability": 0.424072265625}, {"start": 1535.28, "end": 1535.34, "word": " Oh", "probability": 0.369140625}, {"start": 1535.34, "end": 1535.68, "word": " sorry,", "probability": 0.66650390625}, {"start": 1535.78, "end": 1536.06, "word": " where", "probability": 0.306640625}, {"start": 1536.06, "end": 1536.06, "word": " is", "probability": 0.5830078125}, {"start": 1536.06, "end": 1536.06, "word": " the", "probability": 0.8662109375}, {"start": 1536.06, "end": 1536.52, "word": " intersection?", "probability": 0.83837890625}, {"start": 1538.12, "end": 1538.8, "word": " This", "probability": 0.1417236328125}, {"start": 1538.8, "end": 1543.46, "word": " is", "probability": 0.354736328125}, {"start": 1543.46, "end": 1543.74, "word": " how", "probability": 0.595703125}, {"start": 1543.74, "end": 1543.84, "word": " I", "probability": 0.5009765625}, {"start": 1543.84, "end": 1544.2, "word": " got", "probability": 0.334716796875}, {"start": 1544.2, "end": 1545.62, "word": " all", "probability": 0.34814453125}, {"start": 1545.62, "end": 1546.08, "word": " of", "probability": 0.3037109375}, {"start": 1546.08, "end": 1546.08, "word": " this.", "probability": 0.67626953125}, {"start": 1546.16, "end": 1546.36, "word": " This", "probability": 0.513671875}, {"start": 1546.36, "end": 1546.48, "word": " is", "probability": 0.8662109375}, {"start": 1546.48, "end": 1546.68, "word": " the", "probability": 0.2467041015625}, {"start": 1546.68, "end": 1546.94, "word": " NU", "probability": 0.5499267578125}, {"start": 1546.94, "end": 1547.5, "word": " producer", "probability": 0.448486328125}, {"start": 1547.5, "end": 1548.18, "word": " surplus.", "probability": 0.94384765625}, {"start": 1550.2, "end": 1550.88, "word": " Right?", "probability": 0.491943359375}], "temperature": 1.0}, {"id": 55, "seek": 157565, "start": 1552.31, "end": 1575.65, "text": " The area of the triangle below the equilibrium, the new price, the market price, and above supply. How can we calculate here? Assume here the quantity 10, okay? How much is the producer surplus, the new producer surplus? 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How much was the old consumer surplus? One hundred and seventy-five. One hundred and seventy-five. Let's make a comparison between the old and the new consumer surplus.", "tokens": [440, 1331, 9711, 31019, 11, 577, 709, 390, 309, 30, 1012, 709, 390, 264, 1331, 9711, 31019, 30, 1485, 3262, 293, 25662, 12, 18621, 13, 1485, 3262, 293, 25662, 12, 18621, 13, 961, 311, 652, 257, 9660, 1296, 264, 1331, 293, 264, 777, 9711, 31019, 13], "avg_logprob": -0.3071808434547262, "compression_ratio": 1.7096774193548387, "no_speech_prob": 0.0, "words": [{"start": 1603.88, "end": 1604.22, "word": " The", "probability": 0.46533203125}, {"start": 1604.22, "end": 1604.76, "word": " old", "probability": 0.9091796875}, {"start": 1604.76, "end": 1605.64, "word": " consumer", "probability": 0.82275390625}, {"start": 1605.64, "end": 1606.1, "word": " surplus,", "probability": 0.966796875}, {"start": 1606.26, "end": 1606.3, "word": " how", "probability": 0.64208984375}, {"start": 1606.3, "end": 1606.42, "word": " much", "probability": 0.85498046875}, {"start": 1606.42, "end": 1606.64, "word": " was", "probability": 0.72021484375}, {"start": 1606.64, "end": 1607.24, "word": " it?", "probability": 0.8837890625}, {"start": 1607.62, "end": 1608.1, "word": " How", "probability": 0.64306640625}, {"start": 1608.1, "end": 1608.26, "word": " much", "probability": 0.88623046875}, {"start": 1608.26, "end": 1608.36, "word": " was", "probability": 0.74560546875}, {"start": 1608.36, "end": 1608.42, "word": " the", "probability": 0.86376953125}, {"start": 1608.42, "end": 1608.72, "word": " old", "probability": 0.9072265625}, {"start": 1608.72, "end": 1609.6, "word": " consumer", "probability": 0.85693359375}, {"start": 1609.6, "end": 1609.98, "word": " surplus?", "probability": 0.95849609375}, {"start": 1610.12, "end": 1610.26, "word": " One", "probability": 0.220947265625}, {"start": 1610.26, "end": 1610.62, "word": " hundred", "probability": 0.89453125}, {"start": 1610.62, "end": 1610.9, "word": " and", "probability": 0.60546875}, {"start": 1610.9, "end": 1611.0, "word": " seventy", "probability": 0.5986328125}, {"start": 1611.0, "end": 1611.48, "word": "-five.", "probability": 0.6033935546875}, {"start": 1611.68, "end": 1611.88, "word": " One", "probability": 0.5517578125}, {"start": 1611.88, "end": 1612.1, "word": " hundred", "probability": 0.92431640625}, {"start": 1612.1, "end": 1612.28, "word": " and", "probability": 0.87890625}, {"start": 1612.28, "end": 1612.38, "word": " seventy", "probability": 0.875}, {"start": 1612.38, "end": 1612.44, "word": "-five.", "probability": 0.802734375}, {"start": 1612.46, "end": 1612.82, "word": " Let's", "probability": 0.877685546875}, {"start": 1612.82, "end": 1612.96, "word": " make", "probability": 0.59814453125}, {"start": 1612.96, "end": 1613.18, "word": " a", "probability": 0.931640625}, {"start": 1613.18, "end": 1613.66, "word": " comparison", "probability": 0.8291015625}, {"start": 1613.66, "end": 1614.72, "word": " between", "probability": 0.362548828125}, {"start": 1614.72, "end": 1617.18, "word": " the", "probability": 0.849609375}, {"start": 1617.18, "end": 1617.54, "word": " old", "probability": 0.92626953125}, {"start": 1617.54, "end": 1617.84, "word": " and", "probability": 0.93896484375}, {"start": 1617.84, "end": 1618.02, "word": " the", "probability": 0.81689453125}, {"start": 1618.02, "end": 1618.28, "word": " new", "probability": 0.908203125}, {"start": 1618.28, "end": 1618.9, "word": " consumer", "probability": 0.82861328125}, {"start": 1618.9, "end": 1619.4, "word": " surplus.", "probability": 0.6904296875}], "temperature": 1.0}, {"id": 58, "seek": 166376, "start": 1638.96, "end": 1663.76, "text": " Consumer surplus, producer surplus, old, then new. The old consumer surplus was", "tokens": [39494, 31019, 11, 12314, 31019, 11, 1331, 11, 550, 777, 13, 440, 1331, 9711, 31019, 390], "avg_logprob": -0.24057904411764705, "compression_ratio": 1.2698412698412698, "no_speech_prob": 0.0, "words": [{"start": 1638.9599999999998, "end": 1640.36, "word": " Consumer", "probability": 0.84912109375}, {"start": 1640.36, "end": 1641.76, "word": " surplus,", "probability": 0.7783203125}, {"start": 1644.0, "end": 1644.94, "word": " producer", "probability": 0.671875}, {"start": 1644.94, "end": 1645.58, "word": " surplus,", "probability": 0.93359375}, {"start": 1652.74, "end": 1653.34, "word": " old,", "probability": 0.82177734375}, {"start": 1654.1, "end": 1655.7, "word": " then", "probability": 0.264892578125}, {"start": 1655.7, "end": 1655.94, "word": " new.", "probability": 0.90478515625}, {"start": 1660.24, "end": 1661.6, "word": " The", "probability": 0.9013671875}, {"start": 1661.6, "end": 1661.92, "word": " old", "probability": 0.94384765625}, {"start": 1661.92, "end": 1662.48, "word": " consumer", "probability": 0.84814453125}, {"start": 1662.48, "end": 1663.1, "word": " surplus", "probability": 0.9580078125}, {"start": 1663.1, "end": 1663.76, "word": " was", "probability": 0.9560546875}], "temperature": 1.0}, {"id": 59, "seek": 168100, "start": 1670.08, "end": 1681.0, "text": " The old producer surplus was? Two hundred and forty-five. Had already calculated. The new consumer surplus?", "tokens": [440, 1331, 12314, 31019, 390, 30, 4453, 3262, 293, 15815, 12, 18621, 13, 12298, 1217, 15598, 13, 440, 777, 9711, 31019, 30], "avg_logprob": -0.53464674949646, "compression_ratio": 1.148936170212766, "no_speech_prob": 0.0, "words": [{"start": 1670.08, "end": 1671.04, "word": " The", "probability": 0.2001953125}, {"start": 1671.04, "end": 1672.0, "word": " old", "probability": 0.89306640625}, {"start": 1672.0, "end": 1672.58, "word": " producer", "probability": 0.80029296875}, {"start": 1672.58, "end": 1673.0, "word": " surplus", "probability": 0.97119140625}, {"start": 1673.0, "end": 1673.5, "word": " was?", "probability": 0.93994140625}, {"start": 1673.58, "end": 1673.72, "word": " Two", "probability": 0.2271728515625}, {"start": 1673.72, "end": 1674.6, "word": " hundred", "probability": 0.89453125}, {"start": 1674.6, "end": 1674.78, "word": " and", "probability": 0.5927734375}, {"start": 1674.78, "end": 1677.1, "word": " forty", "probability": 0.62744140625}, {"start": 1677.1, "end": 1677.72, "word": "-five.", "probability": 0.81591796875}, {"start": 1678.36, "end": 1678.7, "word": " Had", "probability": 0.1533203125}, {"start": 1678.7, "end": 1678.94, "word": " already", "probability": 0.91552734375}, {"start": 1678.94, "end": 1679.5, "word": " calculated.", "probability": 0.884765625}, {"start": 1679.64, "end": 1679.84, "word": " The", "probability": 0.278564453125}, {"start": 1679.84, "end": 1680.06, "word": " new", "probability": 0.896484375}, {"start": 1680.06, "end": 1680.52, "word": " consumer", "probability": 0.84228515625}, {"start": 1680.52, "end": 1681.0, "word": " surplus?", "probability": 0.95849609375}], "temperature": 1.0}, {"id": 60, "seek": 169393, "start": 1691.13, "end": 1693.93, "text": " Where? Okay.", "tokens": [2305, 30, 1033, 13], "avg_logprob": -0.8046875, "compression_ratio": 0.6190476190476191, "no_speech_prob": 1.1920928955078125e-07, "words": [{"start": 1691.1299999999999, "end": 1692.53, "word": " Where?", "probability": 0.164794921875}, {"start": 1692.53, "end": 1693.93, "word": " Okay.", "probability": 0.2890625}], "temperature": 1.0}, {"id": 61, "seek": 173171, "start": 1702.57, "end": 1731.71, "text": " Yes, Hana. Is that what you mean? Yes, that's right. You're 100% right. Now look, this is the area of the triangle. We haven't calculated the new one yet. We haven't calculated it yet. Let's calculate it. Let's make an assumption that Hana is 5 units. Name. Yes. Look, this is the price.", "tokens": [1079, 11, 47946, 13, 1119, 300, 437, 291, 914, 30, 1079, 11, 300, 311, 558, 13, 509, 434, 2319, 4, 558, 13, 823, 574, 11, 341, 307, 264, 1859, 295, 264, 13369, 13, 492, 2378, 380, 15598, 264, 777, 472, 1939, 13, 492, 2378, 380, 15598, 309, 1939, 13, 961, 311, 8873, 309, 13, 961, 311, 652, 364, 15302, 300, 47946, 307, 1025, 6815, 13, 13866, 13, 1079, 13, 2053, 11, 341, 307, 264, 3218, 13], "avg_logprob": -0.44642857452491663, "compression_ratio": 1.6271186440677967, "no_speech_prob": 0.0, "words": [{"start": 1702.57, "end": 1702.93, "word": " Yes,", "probability": 0.2266845703125}, {"start": 1702.97, "end": 1703.15, "word": " Hana.", "probability": 0.3056640625}, {"start": 1703.91, "end": 1704.33, "word": " Is", "probability": 0.434326171875}, {"start": 1704.33, "end": 1704.51, "word": " that", "probability": 0.55517578125}, {"start": 1704.51, "end": 1704.51, "word": " what", "probability": 0.796875}, {"start": 1704.51, "end": 1704.81, "word": " 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Where did you miss the demand? Where did you miss the supply? The market price is not the equilibrium, by the way. Let's talk about the market price. Right. This is the market price. Here, this equilibrium is equal to the market price. Yes? To clarify more, this is the market price, actually. 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In the price of floor. What does this mean? When we do analysis on the price of floor. This is the price of floor, right? And this is equilibrium. It stays the same, right? But this is the price of floor, right? Things stay on their own. They stay here. There is no equilibrium.", "tokens": [682, 264, 3218, 295, 4123, 13, 682, 264, 3218, 295, 4123, 13, 708, 775, 341, 914, 30, 1133, 321, 360, 5215, 322, 264, 3218, 295, 4123, 13, 639, 307, 264, 3218, 295, 4123, 11, 558, 30, 400, 341, 307, 15625, 13, 467, 10834, 264, 912, 11, 558, 30, 583, 341, 307, 264, 3218, 295, 4123, 11, 558, 30, 9514, 1754, 322, 641, 1065, 13, 814, 1754, 510, 13, 821, 307, 572, 15625, 13], "avg_logprob": -0.3739442708524498, "compression_ratio": 2.013333333333333, "no_speech_prob": 0.0, "words": [{"start": 1768.79, "end": 1768.99, "word": " In", "probability": 0.37841796875}, {"start": 1768.99, "end": 1769.11, "word": " the", "probability": 0.71923828125}, {"start": 1769.11, "end": 1769.33, "word": " price", "probability": 0.86083984375}, {"start": 1769.33, "end": 1769.51, "word": " of", "probability": 0.5234375}, {"start": 1769.51, "end": 1769.83, "word": " floor.", "probability": 0.23486328125}, {"start": 1770.25, "end": 1770.55, "word": " In", "probability": 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And this is the point that I want to connect here. Consumer surplus produces surplus with the price sitting on the price floor. This is the point that you argued about. Okay? This gives me effects on the price floor on the consumer surplus produces surplus. 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Had a market price, if the government sets a price of four, what will happen to the consumers and the producer surplus? Now, in this case, we are going to analyze what?", "tokens": [281, 3673, 264, 15625, 13, 12298, 257, 2142, 3218, 11, 498, 264, 2463, 6352, 257, 3218, 295, 1451, 11, 437, 486, 1051, 281, 264, 11883, 293, 264, 12314, 31019, 30, 823, 11, 294, 341, 1389, 11, 321, 366, 516, 281, 12477, 437, 30], "avg_logprob": -0.2716619230129502, "compression_ratio": 1.3636363636363635, "no_speech_prob": 0.0, "words": [{"start": 1816.54, "end": 1816.78, "word": " to", "probability": 0.1192626953125}, {"start": 1816.78, "end": 1817.38, "word": " above", "probability": 0.94189453125}, {"start": 1817.38, "end": 1817.88, "word": " the", "probability": 0.91162109375}, {"start": 1817.88, "end": 1818.54, "word": " equilibrium.", "probability": 0.94921875}, {"start": 1819.5, "end": 1819.72, "word": " Had", "probability": 0.55810546875}, {"start": 1819.72, "end": 1819.84, "word": " a", "probability": 0.59423828125}, {"start": 1819.84, "end": 1820.16, "word": " market", "probability": 0.84423828125}, {"start": 1820.16, "end": 1820.58, "word": " price,", "probability": 0.912109375}, {"start": 1820.72, "end": 1820.92, "word": " if", "probability": 0.3359375}, {"start": 1820.92, "end": 1822.86, "word": " the", "probability": 0.87939453125}, {"start": 1822.86, "end": 1823.44, "word": " government", "probability": 0.9140625}, {"start": 1823.44, "end": 1824.16, "word": " sets", "probability": 0.73291015625}, {"start": 1824.16, "end": 1824.52, "word": " a", "probability": 0.951171875}, {"start": 1824.52, "end": 1824.86, "word": " price", "probability": 0.93359375}, {"start": 1824.86, "end": 1825.04, "word": " of", "probability": 0.5947265625}, {"start": 1825.04, "end": 1825.36, "word": " four,", "probability": 0.384521484375}, {"start": 1825.76, "end": 1825.92, "word": " what", "probability": 0.9384765625}, {"start": 1825.92, "end": 1826.12, "word": " will", "probability": 0.79443359375}, {"start": 1826.12, "end": 1826.5, "word": " happen", "probability": 0.912109375}, {"start": 1826.5, "end": 1826.86, "word": " to", "probability": 0.970703125}, {"start": 1826.86, "end": 1827.46, "word": " the", "probability": 0.8974609375}, {"start": 1827.46, "end": 1828.12, "word": " consumers", "probability": 0.9404296875}, {"start": 1828.12, "end": 1828.52, "word": " and", "probability": 0.90869140625}, {"start": 1828.52, "end": 1828.66, "word": " the", "probability": 0.794921875}, {"start": 1828.66, "end": 1829.04, "word": " producer", "probability": 0.80078125}, {"start": 1829.04, "end": 1829.62, "word": " surplus?", "probability": 0.87890625}, {"start": 1832.54, "end": 1832.9, "word": " Now,", "probability": 0.9443359375}, {"start": 1833.68, "end": 1833.86, "word": " in", "probability": 0.93994140625}, {"start": 1833.86, "end": 1834.12, "word": " this", "probability": 0.94580078125}, {"start": 1834.12, "end": 1834.7, "word": " case,", "probability": 0.9091796875}, {"start": 1835.18, "end": 1835.34, "word": " we", "probability": 0.96044921875}, {"start": 1835.34, "end": 1835.54, "word": " are", "probability": 0.89697265625}, {"start": 1835.54, "end": 1835.72, "word": " going", "probability": 0.5166015625}, {"start": 1835.72, "end": 1835.88, "word": " to", "probability": 0.896484375}, {"start": 1835.88, "end": 1836.5, "word": " analyze", "probability": 0.88330078125}, {"start": 1836.5, "end": 1837.24, "word": " what?", "probability": 0.77734375}], "temperature": 1.0}, {"id": 66, "seek": 186459, "start": 1838.01, "end": 1864.59, "text": " the effects or the impacts of, or the consequences of setting the price of lower or the effective price of lower on the consumer surplus and producer surplus. Right? Assumption. 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This is the market price set by the government, which is the price of flour. It is forbidden to sell Jilbab at 270 yuan. Here is the price of flour you agreed to sell at 270 yuan. This is the price of flour. What happened?", "tokens": [961, 311, 12477, 264, 5065, 295, 264, 3218, 295, 7693, 13, 639, 307, 264, 2142, 3218, 992, 538, 264, 2463, 11, 597, 307, 264, 3218, 295, 7693, 13, 467, 307, 25990, 281, 3607, 508, 388, 24301, 412, 40774, 28370, 13, 1692, 307, 264, 3218, 295, 7693, 291, 9166, 281, 3607, 412, 40774, 28370, 13, 639, 307, 264, 3218, 295, 7693, 13, 708, 2011, 30], "avg_logprob": -0.5307692307692308, "compression_ratio": 1.7, "no_speech_prob": 0.0, "words": [{"start": 1866.8000000000002, "end": 1867.4, "word": " Let's", "probability": 0.85302734375}, {"start": 1867.4, "end": 1868.0, "word": " analyze", "probability": 0.826171875}, {"start": 1868.0, "end": 1868.28, "word": " the", "probability": 0.92236328125}, {"start": 1868.28, "end": 1868.8, "word": " effects", "probability": 0.8603515625}, {"start": 1868.8, "end": 1869.18, "word": " of", "probability": 0.96337890625}, {"start": 1869.18, "end": 1869.42, "word": " the", "probability": 0.229248046875}, {"start": 1869.42, "end": 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"end": 1905.68, "text": " Producer surplus, oh sorry, the price floor is imposed here. 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Consumer surplus. Consumer surplus. Consumer surplus. Consumer surplus. Consumer surplus. Consumer surplus. Consumer surplus. Consumer surplus. Consumer surplus. Consumer surplus. 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On the producer. Because here, how much is the new consumer surplus? Which is half the base in height, half of thirty-five. Seventy-five. Seventy-five? 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The effects of price floor on the consumer surplus and producer surplus. Let's see who benefited from the price floor policy. Let's see. 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Half of the pace in 10, because it's half. In height, 90. 270 minus 180, 90. 450. More or less? More. How much? 250.", "tokens": [1779, 30, 15917, 295, 264, 11638, 294, 1266, 11, 570, 309, 311, 1922, 13, 682, 6681, 11, 4289, 13, 40774, 3175, 11971, 11, 4289, 13, 26034, 13, 5048, 420, 1570, 30, 5048, 13, 1012, 709, 30, 11650, 13], "avg_logprob": -0.543669859568278, "compression_ratio": 1.1071428571428572, "no_speech_prob": 0.0, "words": [{"start": 2061.11, "end": 2061.47, "word": " Right?", "probability": 0.14013671875}, {"start": 2061.81, "end": 2062.47, "word": " Half", "probability": 0.65869140625}, {"start": 2062.47, "end": 2062.73, "word": " of", "probability": 0.462890625}, {"start": 2062.73, "end": 2063.35, "word": " the", "probability": 0.442626953125}, {"start": 2063.35, "end": 2063.73, "word": " pace", "probability": 0.53466796875}, {"start": 2063.73, "end": 2063.87, "word": " in", "probability": 0.2685546875}, {"start": 2063.87, "end": 2064.15, "word": " 10,", "probability": 0.365478515625}, {"start": 2064.27, "end": 2064.27, "word": " because", "probability": 0.73193359375}, {"start": 2064.27, "end": 2064.73, "word": " it's", "probability": 0.54345703125}, {"start": 2064.73, "end": 2065.11, "word": " half.", "probability": 0.464599609375}, {"start": 2068.35, "end": 2069.21, "word": " In", "probability": 0.53759765625}, {"start": 2069.21, "end": 2069.61, "word": " height,", "probability": 0.91357421875}, {"start": 2071.31, "end": 2072.05, "word": " 90.", "probability": 0.763671875}, {"start": 2072.47, "end": 2073.25, "word": " 270", "probability": 0.93310546875}, {"start": 2073.25, "end": 2073.85, "word": " minus", "probability": 0.94921875}, {"start": 2073.85, "end": 2074.87, "word": " 180,", "probability": 0.92138671875}, {"start": 2075.41, "end": 2075.81, "word": " 90.", "probability": 0.94677734375}, {"start": 2079.21, "end": 2080.07, "word": " 450.", "probability": 0.34814453125}, {"start": 2082.77, "end": 2082.93, "word": " More", "probability": 0.280029296875}, {"start": 2082.93, "end": 2083.25, "word": " or", "probability": 0.94677734375}, {"start": 2083.25, "end": 2083.47, "word": " less?", "probability": 0.92578125}, {"start": 2083.83, "end": 2084.09, "word": " More.", "probability": 0.6552734375}, {"start": 2084.81, "end": 2085.25, "word": " How", "probability": 0.7421875}, {"start": 2085.25, "end": 2085.39, "word": " much?", "probability": 0.80712890625}, {"start": 2085.63, "end": 2086.41, "word": " 250.", "probability": 0.461181640625}], "temperature": 1.0}, {"id": 75, "seek": 212757, "start": 2122.55, "end": 2127.57, "text": " Exactly, but my assumption or analysis", "tokens": [2111, 46831, 11, 457, 452, 15302, 420, 5215], "avg_logprob": -0.2743055555555556, "compression_ratio": 0.8297872340425532, "no_speech_prob": 0.0, "words": [{"start": 2122.55, "end": 2123.63, "word": " Exactly,", "probability": 0.51617431640625}, {"start": 2123.79, "end": 2123.99, "word": " but", "probability": 0.89990234375}, {"start": 2123.99, "end": 2125.57, "word": " my", "probability": 0.90380859375}, {"start": 2125.57, "end": 2126.67, "word": " assumption", "probability": 0.98291015625}, {"start": 2126.67, "end": 2127.03, "word": " or", "probability": 0.88427734375}, {"start": 2127.03, "end": 2127.57, "word": " analysis", "probability": 0.8330078125}], "temperature": 1.0}, {"id": 76, "seek": 215536, "start": 2128.22, "end": 2155.36, "text": " Why do, why did the producer gets more than the consumer? How much did he want to pay? And how much did he want to get? Okay, there is something called dead weight loss. Yes, we will talk about it later. But let's see the effects for whom? 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Okay? Okay. Who has a hidden point in this part of the game? We want to make a new graph. Okay? And we do the consequences or impacts or effects of the price ceiling on whom? On the consumer surplus and producer surplus. 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This is the original situation here. Price quantity in the market, D, S. This is the original equilibrium and market price.", "tokens": [264, 5065, 295, 264, 3218, 13655, 13, 639, 307, 264, 3380, 2590, 510, 13, 25803, 11275, 294, 264, 2142, 11, 413, 11, 318, 13, 639, 307, 264, 3380, 15625, 293, 2142, 3218, 13], "avg_logprob": -0.2085248161764706, "compression_ratio": 1.4107142857142858, "no_speech_prob": 0.0, "words": [{"start": 2218.28, "end": 2218.54, "word": " the", "probability": 0.49755859375}, {"start": 2218.54, "end": 2218.92, "word": " effects", "probability": 0.83203125}, {"start": 2218.92, "end": 2219.8, "word": " of", "probability": 0.96484375}, {"start": 2219.8, "end": 2220.46, "word": " the", "probability": 0.919921875}, {"start": 2220.46, "end": 2220.8, "word": " price", "probability": 0.91552734375}, {"start": 2220.8, "end": 2221.24, "word": " ceiling.", "probability": 0.94287109375}, {"start": 2222.24, "end": 2222.64, "word": " This", "probability": 0.9052734375}, {"start": 2222.64, "end": 2222.76, "word": " is", "probability": 0.93310546875}, {"start": 2222.76, "end": 2222.92, "word": " the", "probability": 0.8955078125}, {"start": 2222.92, "end": 2223.24, "word": " original", "probability": 0.95458984375}, {"start": 2223.24, "end": 2223.92, "word": " situation", "probability": 0.94287109375}, {"start": 2223.92, "end": 2224.34, "word": " here.", "probability": 0.78173828125}, {"start": 2225.06, "end": 2225.46, "word": " Price", "probability": 0.88916015625}, {"start": 2225.46, "end": 2226.74, "word": " quantity", "probability": 0.395263671875}, {"start": 2226.74, "end": 2228.32, "word": " in", "probability": 0.5888671875}, {"start": 2228.32, "end": 2228.4, "word": " the", "probability": 0.90771484375}, {"start": 2228.4, "end": 2228.8, "word": " market,", "probability": 0.865234375}, {"start": 2231.24, "end": 2231.84, "word": " D,", "probability": 0.5}, {"start": 2233.3, "end": 2234.3, "word": " S.", "probability": 0.92578125}, {"start": 2237.1, "end": 2237.46, "word": " This", "probability": 0.9072265625}, {"start": 2237.46, "end": 2237.62, "word": " is", "probability": 0.94482421875}, {"start": 2237.62, "end": 2237.74, "word": " the", "probability": 0.919921875}, {"start": 2237.74, "end": 2238.14, "word": " original", "probability": 0.95556640625}, {"start": 2238.14, "end": 2238.72, "word": " equilibrium", "probability": 0.9697265625}, {"start": 2238.72, "end": 2239.28, "word": " and", "probability": 0.92822265625}, {"start": 2239.28, "end": 2239.88, "word": " market", "probability": 0.8662109375}, {"start": 2239.88, "end": 2240.3, "word": " price.", "probability": 0.89306640625}], "temperature": 1.0}, {"id": 80, "seek": 225977, "start": 2241.07, "end": 2259.77, "text": " The actual market price. The market price is the equilibrium price. The assumption is like this. How much did we put? 250. And this is 300. And how much did we put? 180. And this is 7.", "tokens": [440, 3539, 2142, 3218, 13, 440, 2142, 3218, 307, 264, 15625, 3218, 13, 440, 15302, 307, 411, 341, 13, 1012, 709, 630, 321, 829, 30, 11650, 13, 400, 341, 307, 6641, 13, 400, 577, 709, 630, 321, 829, 30, 11971, 13, 400, 341, 307, 1614, 13], "avg_logprob": -0.4092420276175154, "compression_ratio": 1.5546218487394958, "no_speech_prob": 0.0, "words": [{"start": 2241.07, "end": 2241.21, "word": " The", "probability": 0.25634765625}, {"start": 2241.21, "end": 2241.53, "word": " actual", "probability": 0.85595703125}, {"start": 2241.53, "end": 2241.85, "word": " market", "probability": 0.86767578125}, {"start": 2241.85, "end": 2242.21, "word": " price.", "probability": 0.92724609375}, {"start": 2242.59, "end": 2242.71, "word": " The", "probability": 0.1373291015625}, {"start": 2242.71, "end": 2243.99, "word": " market", "probability": 0.8125}, {"start": 2243.99, "end": 2246.83, "word": " price", "probability": 0.498291015625}, {"start": 2246.83, "end": 2247.07, "word": " is", "probability": 0.6083984375}, {"start": 2247.07, "end": 2247.21, "word": " the", "probability": 0.712890625}, {"start": 2247.21, "end": 2247.57, "word": " equilibrium", "probability": 0.75927734375}, {"start": 2247.57, "end": 2248.13, "word": " price.", "probability": 0.88525390625}, {"start": 2248.59, "end": 2248.99, "word": " The", "probability": 0.4287109375}, {"start": 2248.99, "end": 2249.35, "word": " assumption", "probability": 0.8642578125}, {"start": 2249.35, "end": 2249.73, "word": " is", "probability": 0.8212890625}, {"start": 2249.73, "end": 2249.79, "word": " like", "probability": 0.4619140625}, {"start": 2249.79, "end": 2250.51, "word": " this.", "probability": 0.85888671875}, {"start": 2250.65, "end": 2250.85, "word": " How", "probability": 0.8203125}, {"start": 2250.85, "end": 2250.97, "word": " much", "probability": 0.54150390625}, {"start": 2250.97, "end": 2250.97, "word": " did", "probability": 0.7421875}, {"start": 2250.97, "end": 2251.15, "word": " we", "probability": 0.9072265625}, {"start": 2251.15, "end": 2251.33, "word": " put?", "probability": 0.71923828125}, {"start": 2251.63, "end": 2252.29, "word": " 250.", "probability": 0.759765625}, {"start": 2253.49, "end": 2253.89, "word": " And", "probability": 0.389404296875}, {"start": 2253.89, "end": 2254.05, "word": " this", "probability": 0.82373046875}, {"start": 2254.05, "end": 2254.05, "word": " is", "probability": 0.72998046875}, {"start": 2254.05, "end": 2254.45, "word": " 300.", "probability": 0.955078125}, {"start": 2256.07, "end": 2256.39, "word": " And", "probability": 0.56103515625}, {"start": 2256.39, "end": 2256.55, "word": " how", "probability": 0.391845703125}, {"start": 2256.55, "end": 2256.65, "word": " much", "probability": 0.8056640625}, {"start": 2256.65, "end": 2256.65, "word": " did", "probability": 0.80615234375}, {"start": 2256.65, "end": 2256.95, "word": " we", "probability": 0.908203125}, {"start": 2256.95, "end": 2256.95, "word": " put?", "probability": 0.93017578125}, {"start": 2257.05, "end": 2257.67, "word": " 180.", "probability": 0.9140625}, {"start": 2258.71, "end": 2258.85, "word": " And", "probability": 0.83984375}, {"start": 2258.85, "end": 2259.03, "word": " this", "probability": 0.8837890625}, {"start": 2259.03, "end": 2259.37, "word": " is", "probability": 0.69482421875}, {"start": 2259.37, "end": 2259.77, "word": " 7.", "probability": 0.6376953125}], "temperature": 1.0}, {"id": 81, "seek": 229012, "start": 2266.24, "end": 2290.12, "text": " The consumer surplus, the original or initial consumer surplus can get this. The producer surplus can have it. He had already calculated that. Effects of a price ceiling.", "tokens": [440, 9711, 31019, 11, 264, 3380, 420, 5883, 9711, 31019, 393, 483, 341, 13, 440, 12314, 31019, 393, 362, 309, 13, 634, 632, 1217, 15598, 300, 13, 34515, 295, 257, 3218, 13655, 13], "avg_logprob": -0.4078584646477419, "compression_ratio": 1.4369747899159664, "no_speech_prob": 0.0, "words": [{"start": 2266.24, "end": 2266.44, "word": " The", "probability": 0.814453125}, {"start": 2266.44, "end": 2267.02, "word": " consumer", "probability": 0.78125}, {"start": 2267.02, "end": 2267.54, "word": " surplus,", "probability": 0.9697265625}, {"start": 2267.74, "end": 2267.86, "word": " the", "probability": 0.908203125}, {"start": 2267.86, "end": 2268.46, "word": " original", "probability": 0.94091796875}, {"start": 2268.46, "end": 2268.8, "word": " or", "probability": 0.80078125}, {"start": 2268.8, "end": 2269.34, "word": " initial", "probability": 0.88720703125}, {"start": 2269.34, "end": 2270.54, "word": " consumer", "probability": 0.833984375}, {"start": 2270.54, "end": 2271.14, "word": " surplus", "probability": 0.95703125}, {"start": 2271.14, "end": 2271.62, "word": " can", "probability": 0.424560546875}, {"start": 2271.62, "end": 2271.86, "word": " get", "probability": 0.77392578125}, {"start": 2271.86, "end": 2272.12, "word": " this.", "probability": 0.368408203125}, {"start": 2274.64, "end": 2275.72, "word": " The", "probability": 0.495849609375}, {"start": 2275.72, "end": 2276.78, "word": " producer", "probability": 0.84326171875}, {"start": 2276.78, "end": 2277.56, "word": " surplus", "probability": 0.9287109375}, {"start": 2277.56, "end": 2277.8, "word": " can", "probability": 0.83154296875}, {"start": 2277.8, "end": 2278.02, "word": " have", "probability": 0.55419921875}, {"start": 2278.02, "end": 2278.12, "word": " it.", "probability": 0.3232421875}, {"start": 2278.8, "end": 2279.4, "word": " He", "probability": 0.1365966796875}, {"start": 2279.4, "end": 2279.74, "word": " had", "probability": 0.576171875}, {"start": 2279.74, "end": 2280.04, "word": " already", "probability": 0.92578125}, {"start": 2280.04, "end": 2280.64, "word": " calculated", "probability": 0.93701171875}, {"start": 2280.64, "end": 2280.88, "word": " that.", "probability": 0.27587890625}, {"start": 2284.22, "end": 2285.3, "word": " Effects", "probability": 0.2353515625}, {"start": 2285.3, "end": 2288.96, "word": " of", "probability": 0.93359375}, {"start": 2288.96, "end": 2289.1, "word": " a", "probability": 0.46240234375}, {"start": 2289.1, "end": 2289.5, "word": " price", "probability": 0.91162109375}, {"start": 2289.5, "end": 2290.12, "word": " ceiling.", "probability": 0.94482421875}], "temperature": 1.0}, {"id": 82, "seek": 232306, "start": 2294.12, "end": 2323.06, "text": " on the consumer surplus and the producer surplus. The price ceiling. The consumer. Then the government here feels that the price is so high and the producers must sell the product with lower prices to protect the consumers.", "tokens": [322, 264, 9711, 31019, 293, 264, 12314, 31019, 13, 440, 3218, 13655, 13, 440, 9711, 13, 1396, 264, 2463, 510, 3417, 300, 264, 3218, 307, 370, 1090, 293, 264, 16080, 1633, 3607, 264, 1674, 365, 3126, 7901, 281, 2371, 264, 11883, 13], "avg_logprob": -0.22365552880043207, "compression_ratio": 1.763779527559055, "no_speech_prob": 0.0, "words": [{"start": 2294.12, "end": 2294.56, "word": " on", "probability": 0.615234375}, {"start": 2294.56, "end": 2294.92, "word": " the", "probability": 0.9189453125}, {"start": 2294.92, "end": 2295.46, "word": " consumer", "probability": 0.81884765625}, {"start": 2295.46, "end": 2295.92, "word": " surplus", "probability": 0.9541015625}, {"start": 2295.92, "end": 2296.16, "word": " and", "probability": 0.9248046875}, {"start": 2296.16, "end": 2296.28, "word": " the", "probability": 0.84326171875}, {"start": 2296.28, "end": 2296.64, "word": " producer", "probability": 0.87353515625}, {"start": 2296.64, "end": 2297.16, "word": " surplus.", "probability": 0.93359375}, {"start": 2300.64, "end": 2301.26, "word": " The", "probability": 0.55859375}, {"start": 2301.26, "end": 2302.88, "word": " price", "probability": 0.8671875}, {"start": 2302.88, "end": 2303.24, "word": " ceiling.", "probability": 0.9833984375}, {"start": 2304.7, "end": 2305.46, "word": " The", "probability": 0.195068359375}, {"start": 2305.46, "end": 2307.14, "word": " consumer.", "probability": 0.79736328125}, {"start": 2307.72, "end": 2308.2, "word": " Then", "probability": 0.4541015625}, {"start": 2308.2, "end": 2308.74, "word": " the", "probability": 0.64111328125}, {"start": 2308.74, "end": 2309.16, "word": " government", "probability": 0.91796875}, {"start": 2309.16, "end": 2309.7, "word": " here", "probability": 0.82470703125}, {"start": 2309.7, "end": 2311.26, "word": " feels", "probability": 0.89013671875}, {"start": 2311.26, "end": 2311.64, "word": " that", "probability": 0.9384765625}, {"start": 2311.64, "end": 2312.2, "word": " the", "probability": 0.9189453125}, {"start": 2312.2, "end": 2312.56, "word": " price", "probability": 0.89794921875}, {"start": 2312.56, "end": 2312.82, "word": " is", "probability": 0.9501953125}, {"start": 2312.82, "end": 2313.16, "word": " so", "probability": 0.9560546875}, {"start": 2313.16, "end": 2313.68, "word": " high", "probability": 0.9052734375}, {"start": 2313.68, "end": 2314.4, "word": " and", "probability": 0.64453125}, {"start": 2314.4, "end": 2316.08, "word": " the", "probability": 0.91552734375}, {"start": 2316.08, "end": 2316.68, "word": " producers", "probability": 0.85107421875}, {"start": 2316.68, "end": 2317.72, "word": " must", "probability": 0.87255859375}, {"start": 2317.72, "end": 2318.1, "word": " sell", "probability": 0.86083984375}, {"start": 2318.1, "end": 2318.26, "word": " the", "probability": 0.876953125}, {"start": 2318.26, "end": 2318.62, "word": " product", "probability": 0.90869140625}, {"start": 2318.62, "end": 2319.08, "word": " with", "probability": 0.9033203125}, {"start": 2319.08, "end": 2319.42, "word": " lower", "probability": 0.84814453125}, {"start": 2319.42, "end": 2320.06, "word": " prices", "probability": 0.90185546875}, {"start": 2320.06, "end": 2321.68, "word": " to", "probability": 0.8779296875}, {"start": 2321.68, "end": 2322.12, "word": " protect", "probability": 0.904296875}, {"start": 2322.12, "end": 2322.44, "word": " the", "probability": 0.91650390625}, {"start": 2322.44, "end": 2323.06, "word": " consumers.", "probability": 0.94580078125}], "temperature": 1.0}, {"id": 83, "seek": 235133, "start": 2340.05, "end": 2351.33, "text": " Let's assume that the government sets a price ceiling of 200 shekels per jilbab. This is the price ceiling.", "tokens": [961, 311, 6552, 300, 264, 2463, 6352, 257, 3218, 13655, 295, 2331, 750, 7124, 82, 680, 361, 388, 24301, 13, 639, 307, 264, 3218, 13655, 13], "avg_logprob": -0.1754919003557276, "compression_ratio": 1.1868131868131868, "no_speech_prob": 0.0, "words": [{"start": 2340.0499999999997, "end": 2340.81, "word": " Let's", "probability": 0.53790283203125}, {"start": 2340.81, "end": 2341.15, "word": " assume", "probability": 0.89013671875}, {"start": 2341.15, "end": 2341.43, "word": " that", "probability": 0.90478515625}, {"start": 2341.43, "end": 2341.61, "word": " the", "probability": 0.90625}, {"start": 2341.61, "end": 2342.57, "word": " government", "probability": 0.89599609375}, {"start": 2342.57, "end": 2343.47, "word": " sets", "probability": 0.8974609375}, {"start": 2343.47, "end": 2343.97, "word": " a", "probability": 0.96044921875}, {"start": 2343.97, "end": 2344.33, "word": " price", "probability": 0.89697265625}, {"start": 2344.33, "end": 2344.73, "word": " ceiling", "probability": 0.982421875}, {"start": 2344.73, "end": 2345.11, "word": " of", "probability": 0.96435546875}, {"start": 2345.11, "end": 2346.05, "word": " 200", "probability": 0.90185546875}, {"start": 2346.05, "end": 2347.01, "word": " shekels", "probability": 0.9339192708333334}, {"start": 2347.01, "end": 2347.45, "word": " per", "probability": 0.8876953125}, {"start": 2347.45, "end": 2347.87, "word": " jilbab.", "probability": 0.68505859375}, {"start": 2350.21, "end": 2350.43, "word": " This", "probability": 0.8505859375}, {"start": 2350.43, "end": 2350.55, "word": " is", "probability": 0.95068359375}, {"start": 2350.55, "end": 2350.69, "word": " the", "probability": 0.91162109375}, {"start": 2350.69, "end": 2351.01, "word": " price", "probability": 0.90283203125}, {"start": 2351.01, "end": 2351.33, "word": " ceiling.", "probability": 0.96435546875}], "temperature": 1.0}, {"id": 84, "seek": 238475, "start": 2355.75, "end": 2384.75, "text": " sold by 200 chickens. It's forbidden to sell the product above 200, but it's allowed to sell the product below 200. Okay? How much was the producer's surplus before the price ceiling? How much did he have? This is the producer's surplus, right? It was like this, right? So what happened?", "tokens": [3718, 538, 2331, 22329, 13, 467, 311, 25990, 281, 3607, 264, 1674, 3673, 2331, 11, 457, 309, 311, 4350, 281, 3607, 264, 1674, 2507, 2331, 13, 1033, 30, 1012, 709, 390, 264, 12314, 311, 31019, 949, 264, 3218, 13655, 30, 1012, 709, 630, 415, 362, 30, 639, 307, 264, 12314, 311, 31019, 11, 558, 30, 467, 390, 411, 341, 11, 558, 30, 407, 437, 2011, 30], "avg_logprob": -0.2842817021839654, "compression_ratio": 1.6551724137931034, "no_speech_prob": 0.0, "words": [{"start": 2355.75, "end": 2356.27, "word": " sold", "probability": 0.35595703125}, {"start": 2356.27, "end": 2356.51, "word": " by", "probability": 0.97412109375}, {"start": 2356.51, "end": 2357.17, "word": " 200", "probability": 0.8876953125}, {"start": 2357.17, "end": 2357.71, "word": " chickens.", "probability": 0.66845703125}, {"start": 2358.79, "end": 2359.43, "word": " It's", "probability": 0.93798828125}, {"start": 2359.43, "end": 2360.55, "word": " forbidden", "probability": 0.90673828125}, 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Before the price ceiling. Before setting the price ceiling here.", "tokens": [36261, 264, 3218, 11, 12658, 3218, 11, 293, 3673, 264, 5847, 7605, 13, 4546, 264, 3218, 13655, 13, 4546, 3287, 264, 3218, 13655, 510, 13], "avg_logprob": -0.19711538289601988, "compression_ratio": 1.441860465116279, "no_speech_prob": 0.0, "words": [{"start": 2414.9600000000005, "end": 2415.6800000000003, "word": " Below", "probability": 0.206787109375}, {"start": 2415.6800000000003, "end": 2416.4, "word": " the", "probability": 0.865234375}, {"start": 2416.4, "end": 2416.82, "word": " price,", "probability": 0.861328125}, {"start": 2417.02, "end": 2417.22, "word": " marked", "probability": 0.650390625}, {"start": 2417.22, "end": 2417.62, "word": " price,", "probability": 0.91357421875}, {"start": 2417.9, "end": 2417.92, "word": " and", "probability": 0.92919921875}, {"start": 2417.92, "end": 2418.48, "word": " above", "probability": 0.9619140625}, {"start": 2418.48, "end": 2419.22, "word": " the", "probability": 0.89794921875}, {"start": 2419.22, "end": 2420.1, "word": " supply", "probability": 0.9482421875}, {"start": 2420.1, "end": 2420.54, "word": " curve.", "probability": 0.982421875}, {"start": 2423.68, "end": 2424.18, "word": " Before", "probability": 0.1663818359375}, {"start": 2424.18, "end": 2434.56, "word": " the", "probability": 0.86328125}, {"start": 2434.56, "end": 2434.82, "word": " price", "probability": 0.9375}, {"start": 2434.82, "end": 2435.1, "word": " ceiling.", "probability": 0.9716796875}, {"start": 2438.86, "end": 2439.58, "word": " Before", "probability": 0.89697265625}, {"start": 2439.58, "end": 2439.92, "word": " setting", "probability": 0.90283203125}, {"start": 2439.92, "end": 2440.12, "word": " the", "probability": 0.92138671875}, {"start": 2440.12, "end": 2440.34, "word": " price", "probability": 0.92236328125}, {"start": 2440.34, "end": 2440.64, "word": " ceiling", "probability": 0.96484375}, {"start": 2440.64, "end": 2440.92, "word": " here.", "probability": 0.79833984375}], "temperature": 1.0}, {"id": 87, "seek": 247180, "start": 2446.82, "end": 2471.8, "text": " Where is the producer surplus? Area A. This is area B. Area A is the producer surplus. Where is the consumer surplus? Area B.", "tokens": [2305, 307, 264, 12314, 31019, 30, 19405, 316, 13, 639, 307, 1859, 363, 13, 19405, 316, 307, 264, 12314, 31019, 13, 2305, 307, 264, 9711, 31019, 30, 19405, 363, 13], "avg_logprob": -0.22353831318116957, "compression_ratio": 1.6363636363636365, "no_speech_prob": 0.0, "words": [{"start": 2446.82, "end": 2447.18, "word": " Where", "probability": 0.69970703125}, {"start": 2447.18, "end": 2447.64, "word": " is", "probability": 0.947265625}, {"start": 2447.64, "end": 2449.42, "word": " the", "probability": 0.91650390625}, {"start": 2449.42, "end": 2450.86, "word": " producer", "probability": 0.890625}, {"start": 2450.86, "end": 2451.52, "word": " surplus?", "probability": 0.94677734375}, {"start": 2452.98, "end": 2454.1, "word": " Area", "probability": 0.36669921875}, {"start": 2454.1, "end": 2454.1, "word": " A.", "probability": 0.9033203125}, {"start": 2457.74, "end": 2458.86, "word": " This", "probability": 0.197998046875}, {"start": 2458.86, "end": 2459.64, "word": " is", "probability": 0.93701171875}, {"start": 2459.64, "end": 2459.92, "word": " area", "probability": 0.44287109375}, {"start": 2459.92, "end": 2460.16, "word": " B.", "probability": 0.98095703125}, {"start": 2462.78, "end": 2463.32, "word": " Area", "probability": 0.90234375}, {"start": 2463.32, "end": 2463.68, "word": " A", "probability": 0.99658203125}, {"start": 2463.68, "end": 2464.94, "word": " is", "probability": 0.93017578125}, {"start": 2464.94, "end": 2465.5, "word": " the", "probability": 0.92041015625}, {"start": 2465.5, "end": 2465.92, "word": " producer", "probability": 0.90966796875}, {"start": 2465.92, "end": 2466.46, "word": " surplus.", "probability": 0.96435546875}, {"start": 2467.38, "end": 2467.74, "word": " Where", "probability": 0.7060546875}, {"start": 2467.74, "end": 2469.1, "word": " is", "probability": 0.66552734375}, {"start": 2469.1, "end": 2469.22, "word": " the", "probability": 0.8994140625}, {"start": 2469.22, "end": 2469.6, "word": " consumer", "probability": 0.8388671875}, {"start": 2469.6, "end": 2469.98, "word": " surplus?", "probability": 0.95166015625}, {"start": 2471.1, "end": 2471.54, "word": " Area", "probability": 0.89794921875}, {"start": 2471.54, "end": 2471.8, "word": " B.", "probability": 0.99560546875}], "temperature": 1.0}, {"id": 88, "seek": 250150, "start": 2473.86, "end": 2501.5, "text": " Now, let me assume that the government sets a price ceiling. Price ceiling below the equilibrium price. Price ceiling. Two hundred. Let me say that", "tokens": [823, 11, 718, 385, 6552, 300, 264, 2463, 6352, 257, 3218, 13655, 13, 25803, 13655, 2507, 264, 15625, 3218, 13, 25803, 13655, 13, 4453, 3262, 13, 961, 385, 584, 300], "avg_logprob": -0.2580645295881456, "compression_ratio": 1.3703703703703705, "no_speech_prob": 0.0, "words": [{"start": 2473.86, "end": 2474.22, "word": " Now,", "probability": 0.94580078125}, {"start": 2474.48, "end": 2474.82, "word": " let", "probability": 0.95361328125}, {"start": 2474.82, "end": 2475.02, "word": " me", "probability": 0.9638671875}, {"start": 2475.02, "end": 2475.68, "word": " assume", "probability": 0.90087890625}, {"start": 2475.68, "end": 2476.18, "word": " that", "probability": 0.93408203125}, {"start": 2476.18, "end": 2476.58, "word": " the", "probability": 0.91455078125}, {"start": 2476.58, "end": 2476.98, "word": " government", "probability": 0.91259765625}, {"start": 2476.98, "end": 2477.44, "word": " sets", "probability": 0.8994140625}, {"start": 2477.44, "end": 2477.64, "word": " a", "probability": 0.94384765625}, {"start": 2477.64, "end": 2478.0, "word": " price", "probability": 0.91455078125}, {"start": 2478.0, "end": 2478.58, "word": " ceiling.", "probability": 0.98583984375}, {"start": 2479.48, "end": 2480.48, "word": " Price", "probability": 0.07684326171875}, {"start": 2480.48, "end": 2481.32, "word": " ceiling", "probability": 0.94677734375}, {"start": 2481.32, "end": 2482.06, "word": " below", "probability": 0.755859375}, {"start": 2482.06, "end": 2482.7, "word": " the", "probability": 0.9091796875}, {"start": 2482.7, "end": 2483.14, "word": " equilibrium", "probability": 0.818359375}, {"start": 2483.14, "end": 2483.66, "word": " price.", "probability": 0.90185546875}, {"start": 2484.62, "end": 2484.94, "word": " Price", "probability": 0.271484375}, {"start": 2484.94, "end": 2489.06, "word": " ceiling.", "probability": 0.97119140625}, {"start": 2495.04, "end": 2496.04, "word": " Two", "probability": 0.68896484375}, {"start": 2496.04, "end": 2496.34, "word": " hundred.", "probability": 0.87548828125}, {"start": 2499.26, "end": 2500.26, "word": " Let", "probability": 0.9580078125}, {"start": 2500.26, "end": 2500.5, "word": " me", "probability": 0.96044921875}, {"start": 2500.5, "end": 2500.88, "word": " say", "probability": 0.951171875}, {"start": 2500.88, "end": 2501.5, "word": " that", "probability": 0.9384765625}], "temperature": 1.0}, {"id": 89, "seek": 253044, "start": 2503.3, "end": 2530.44, "text": " We have different areas, A, B, C, D, E. Where is the old consumer surplus? Let's talk about the old consumer surplus and the old producer surplus. What is the old consumer surplus area? The new consumer surplus", "tokens": [492, 362, 819, 3179, 11, 316, 11, 363, 11, 383, 11, 413, 11, 462, 13, 2305, 307, 264, 1331, 9711, 31019, 30, 961, 311, 751, 466, 264, 1331, 9711, 31019, 293, 264, 1331, 12314, 31019, 13, 708, 307, 264, 1331, 9711, 31019, 1859, 30, 440, 777, 9711, 31019], "avg_logprob": -0.2543048566701461, "compression_ratio": 1.7295081967213115, "no_speech_prob": 0.0, "words": [{"start": 2503.3, "end": 2503.54, "word": " We", "probability": 0.7109375}, {"start": 2503.54, "end": 2503.76, "word": " have", "probability": 0.9453125}, {"start": 2503.76, "end": 2504.18, "word": " different", "probability": 0.88525390625}, {"start": 2504.18, "end": 2504.8, "word": " areas,", "probability": 0.94921875}, {"start": 2505.08, "end": 2505.4, "word": " A,", "probability": 0.93701171875}, {"start": 2505.66, "end": 2506.62, "word": " B,", "probability": 0.89697265625}, {"start": 2507.24, "end": 2507.5, "word": " C,", "probability": 0.9736328125}, {"start": 2507.78, "end": 2508.02, "word": " D,", "probability": 0.9755859375}, {"start": 2508.46, "end": 2508.68, "word": " E.", "probability": 0.93212890625}, {"start": 2510.7, "end": 2510.94, "word": " Where", "probability": 0.56884765625}, {"start": 2510.94, "end": 2513.22, "word": " is", "probability": 0.94482421875}, {"start": 2513.22, "end": 2514.16, "word": " the", "probability": 0.87255859375}, {"start": 2514.16, "end": 2514.9, "word": " old", "probability": 0.9228515625}, {"start": 2514.9, "end": 2516.48, "word": " consumer", "probability": 0.85595703125}, {"start": 2516.48, "end": 2516.94, "word": " surplus?", "probability": 0.9892578125}, {"start": 2517.5, "end": 2517.82, "word": " Let's", "probability": 0.6536865234375}, {"start": 2517.82, "end": 2518.04, "word": " talk", "probability": 0.498046875}, {"start": 2518.04, "end": 2518.14, "word": " about", "probability": 0.8857421875}, {"start": 2518.14, "end": 2518.26, "word": " the", "probability": 0.74560546875}, {"start": 2518.26, "end": 2518.66, "word": " old", "probability": 0.9091796875}, {"start": 2518.66, "end": 2519.48, "word": " consumer", "probability": 0.81494140625}, {"start": 2519.48, "end": 2519.98, "word": " surplus", "probability": 0.9619140625}, {"start": 2519.98, "end": 2520.36, "word": " and", "probability": 0.89794921875}, {"start": 2520.36, "end": 2520.64, "word": " the", "probability": 0.51611328125}, {"start": 2520.64, "end": 2520.8, "word": " old", "probability": 0.72802734375}, {"start": 2520.8, "end": 2521.34, "word": " producer", "probability": 0.849609375}, {"start": 2521.34, "end": 2521.84, "word": " surplus.", "probability": 0.96728515625}, {"start": 2522.16, "end": 2522.38, "word": " What", "probability": 0.481689453125}, {"start": 2522.38, "end": 2522.38, "word": " is", "probability": 0.76953125}, {"start": 2522.38, "end": 2522.42, "word": " the", "probability": 0.89208984375}, {"start": 2522.42, "end": 2522.62, "word": " old", "probability": 0.82666015625}, {"start": 2522.62, "end": 2523.08, "word": " consumer", "probability": 0.8505859375}, {"start": 2523.08, "end": 2523.56, "word": " surplus", "probability": 0.97607421875}, {"start": 2523.56, "end": 2523.88, "word": " area?", "probability": 0.7177734375}, {"start": 2526.02, "end": 2526.84, "word": " The", "probability": 0.151123046875}, {"start": 2526.84, "end": 2529.02, "word": " new", "probability": 0.82421875}, {"start": 2529.02, "end": 2529.78, "word": " consumer", "probability": 0.86328125}, {"start": 2529.78, "end": 2530.44, "word": " surplus", "probability": 0.9716796875}], "temperature": 1.0}, {"id": 90, "seek": 255052, "start": 2531.86, "end": 2550.52, "text": " A plus B plus C plus D. What about the producer surplus? The old one. A plus B. After comes E.", "tokens": [316, 1804, 363, 1804, 383, 1804, 413, 13, 708, 466, 264, 12314, 31019, 30, 440, 1331, 472, 13, 316, 1804, 363, 13, 2381, 1487, 462, 13], "avg_logprob": -0.3709490829043918, "compression_ratio": 1.144578313253012, "no_speech_prob": 0.0, "words": [{"start": 2531.86, "end": 2532.28, "word": " A", "probability": 0.6416015625}, {"start": 2532.28, "end": 2532.62, "word": " plus", "probability": 0.65478515625}, {"start": 2532.62, "end": 2532.9, "word": " B", "probability": 0.974609375}, {"start": 2532.9, "end": 2533.16, "word": " plus", "probability": 0.9423828125}, {"start": 2533.16, "end": 2533.36, "word": " C", "probability": 0.5126953125}, {"start": 2533.36, "end": 2533.6, "word": " plus", "probability": 0.95361328125}, {"start": 2533.6, "end": 2533.9, "word": " D.", "probability": 0.994140625}, {"start": 2536.66, "end": 2536.88, "word": " What", "probability": 0.2391357421875}, {"start": 2536.88, "end": 2538.46, "word": " about", "probability": 0.468017578125}, {"start": 2538.46, "end": 2538.68, "word": " the", "probability": 0.8740234375}, {"start": 2538.68, "end": 2539.0, "word": " producer", "probability": 0.327392578125}, {"start": 2539.0, "end": 2539.44, "word": " surplus?", "probability": 0.6748046875}, {"start": 2541.66, "end": 2542.46, "word": " The", "probability": 0.69873046875}, {"start": 2542.46, "end": 2543.02, "word": " old", "probability": 0.92138671875}, {"start": 2543.02, "end": 2544.2, "word": " one.", "probability": 0.47607421875}, {"start": 2545.64, "end": 2545.84, "word": " A", "probability": 0.68798828125}, {"start": 2545.84, "end": 2546.14, "word": " plus", "probability": 0.95703125}, {"start": 2546.14, "end": 2546.52, "word": " B.", "probability": 0.9970703125}, {"start": 2548.44, "end": 2548.92, "word": " After", "probability": 0.8583984375}, {"start": 2548.92, "end": 2550.22, "word": " comes", "probability": 0.4931640625}, {"start": 2550.22, "end": 2550.52, "word": " E.", "probability": 0.75}], "temperature": 1.0}, {"id": 91, "seek": 258769, "start": 2558.21, "end": 2587.69, "text": " The new consumer surplus becomes how much? Let me assume that the price or the quantity becomes 12. And here, along this supply here becomes four. Now, the new consumer surplus and the new producer surplus,", "tokens": [440, 777, 9711, 31019, 3643, 577, 709, 30, 961, 385, 6552, 300, 264, 3218, 420, 264, 11275, 3643, 2272, 13, 400, 510, 11, 2051, 341, 5847, 510, 3643, 1451, 13, 823, 11, 264, 777, 9711, 31019, 293, 264, 777, 12314, 31019, 11], "avg_logprob": -0.23492006437723026, "compression_ratio": 1.510948905109489, "no_speech_prob": 0.0, "words": [{"start": 2558.21, "end": 2558.51, "word": " The", "probability": 0.7041015625}, {"start": 2558.51, "end": 2558.93, "word": " new", "probability": 0.88427734375}, {"start": 2558.93, "end": 2560.05, "word": " consumer", "probability": 0.83056640625}, {"start": 2560.05, "end": 2560.53, "word": " surplus", "probability": 0.984375}, {"start": 2560.53, "end": 2561.07, "word": " becomes", "probability": 0.89111328125}, {"start": 2561.07, "end": 2561.37, "word": " how", "probability": 0.93701171875}, {"start": 2561.37, "end": 2561.93, "word": " much?", "probability": 0.919921875}, {"start": 2563.49, "end": 2564.37, "word": " Let", "probability": 0.207763671875}, {"start": 2564.37, "end": 2565.77, "word": " me", "probability": 0.9072265625}, {"start": 2565.77, "end": 2566.31, "word": " assume", "probability": 0.90576171875}, {"start": 2566.31, "end": 2566.71, "word": " that", "probability": 0.91943359375}, {"start": 2566.71, "end": 2566.97, "word": " the", "probability": 0.880859375}, {"start": 2566.97, "end": 2567.37, "word": " price", "probability": 0.91162109375}, {"start": 2567.37, "end": 2567.79, "word": " or", "probability": 0.40087890625}, {"start": 2567.79, "end": 2567.91, "word": " the", "probability": 0.8046875}, {"start": 2567.91, "end": 2568.35, "word": " quantity", "probability": 0.974609375}, {"start": 2568.35, "end": 2569.25, "word": " becomes", "probability": 0.888671875}, {"start": 2569.25, "end": 2570.11, "word": " 12.", "probability": 0.7431640625}, {"start": 2572.37, "end": 2572.55, "word": " And", "probability": 0.43701171875}, {"start": 2572.55, "end": 2572.87, "word": " here,", "probability": 0.841796875}, {"start": 2573.91, "end": 2574.45, "word": " along", "probability": 0.8681640625}, {"start": 2574.45, "end": 2575.13, "word": " this", "probability": 0.84912109375}, {"start": 2575.13, "end": 2576.11, "word": " supply", "probability": 0.6484375}, {"start": 2576.11, "end": 2576.43, "word": " here", "probability": 0.8515625}, {"start": 2576.43, "end": 2577.23, "word": " becomes", "probability": 0.6318359375}, {"start": 2577.23, "end": 2578.31, "word": " four.", "probability": 0.52734375}, {"start": 2580.61, "end": 2580.81, "word": " Now,", "probability": 0.87646484375}, {"start": 2582.89, "end": 2584.91, "word": " the", "probability": 0.90771484375}, {"start": 2584.91, "end": 2585.17, "word": " new", "probability": 0.9169921875}, {"start": 2585.17, "end": 2585.75, "word": " consumer", "probability": 0.83447265625}, {"start": 2585.75, "end": 2586.15, "word": " surplus", "probability": 0.94775390625}, {"start": 2586.15, "end": 2586.37, "word": " and", "probability": 0.9306640625}, {"start": 2586.37, "end": 2586.49, "word": " the", "probability": 0.80615234375}, {"start": 2586.49, "end": 2586.81, "word": " new", "probability": 0.91650390625}, {"start": 2586.81, "end": 2587.25, "word": " producer", "probability": 0.89794921875}, {"start": 2587.25, "end": 2587.69, "word": " surplus,", "probability": 0.93994140625}], "temperature": 1.0}, {"id": 92, "seek": 261967, "start": 2590.28, "end": 2619.68, "text": " How much is the new consumer surplus? Half times pace. Pace. How much is pace? Twelve. Times height. One hundred. One hundred, yes. Three hundred minus two hundred, one hundred. Six hundred. How much is it? 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It's just E. Half times four times 20. 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The benefits, ajalo. And then had it to protect the consumers, had an effective price ceiling. To protect the consumers. Can feel into gains, welfare gains. How much was it? 175. Now they have gains, welfare gains, 6 million. The difference between them. 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That's it. Okay? We have something which is the dead weight loss.", "tokens": [3552, 632, 257, 3353, 5662, 294, 9711, 31019, 11, 12314, 31019, 393, 4022, 20, 3643, 3356, 3175, 945, 20, 13, 663, 311, 309, 13, 1033, 30, 492, 362, 746, 597, 307, 264, 3116, 3364, 4470, 13], "avg_logprob": -0.31440033461596517, "compression_ratio": 1.2255639097744362, "no_speech_prob": 0.0, "words": [{"start": 2675.7, "end": 2676.16, "word": " 25", "probability": 0.59130859375}, {"start": 2676.16, "end": 2676.86, "word": " had", "probability": 0.389892578125}, {"start": 2676.86, "end": 2676.98, "word": " a", "probability": 0.9638671875}, {"start": 2676.98, "end": 2677.44, "word": " positive", "probability": 0.91259765625}, {"start": 2677.44, "end": 2678.3, "word": " increasing", "probability": 0.8134765625}, {"start": 2678.3, "end": 2678.54, "word": " in", "probability": 0.185302734375}, {"start": 2678.54, "end": 2679.4, "word": " consumer", "probability": 0.54541015625}, {"start": 2679.4, "end": 2679.86, "word": " surplus,", "probability": 0.97119140625}, {"start": 2680.02, "end": 2680.36, "word": " producer", "probability": 0.7822265625}, {"start": 2680.36, "end": 2680.96, "word": " surplus", "probability": 0.9228515625}, {"start": 2680.96, "end": 2681.78, "word": " can", "probability": 0.342041015625}, {"start": 2681.78, "end": 2684.38, "word": " 245", "probability": 0.827880859375}, {"start": 2684.38, "end": 2684.84, "word": " becomes", "probability": 0.79296875}, {"start": 2684.84, "end": 2686.1, "word": " 40", "probability": 0.9599609375}, {"start": 2686.1, "end": 2687.02, "word": " minus", "probability": 0.92578125}, {"start": 2687.02, "end": 2688.46, "word": " 205.", "probability": 0.921875}, {"start": 2688.8, "end": 2689.64, "word": " That's", "probability": 0.947021484375}, {"start": 2689.64, "end": 2689.96, "word": " it.", "probability": 0.955078125}, {"start": 2690.78, "end": 2691.08, "word": " Okay?", "probability": 0.58740234375}, {"start": 2692.7, "end": 2693.18, "word": " We", "probability": 0.468994140625}, {"start": 2693.18, "end": 2693.38, "word": " have", "probability": 0.953125}, {"start": 2693.38, "end": 2694.04, "word": " something", "probability": 0.8818359375}, {"start": 2694.04, "end": 2698.02, "word": " which", "probability": 0.60400390625}, {"start": 2698.02, "end": 2698.68, "word": " is", "probability": 0.9384765625}, {"start": 2698.68, "end": 2699.42, "word": " the", "probability": 0.79296875}, {"start": 2699.42, "end": 2699.66, "word": " dead", "probability": 0.8955078125}, {"start": 2699.66, "end": 2699.82, "word": " weight", "probability": 0.51513671875}, {"start": 2699.82, "end": 2700.18, "word": " loss.", "probability": 0.88818359375}], "temperature": 1.0}, {"id": 96, "seek": 272768, "start": 2702.9, "end": 2727.68, "text": " Let's go to the deadweight loss.", "tokens": [961, 311, 352, 281, 264, 3116, 12329, 4470, 13], "avg_logprob": -0.2859375089406967, "compression_ratio": 0.8461538461538461, "no_speech_prob": 0.0, "words": [{"start": 2702.9, "end": 2703.24, "word": " Let's", "probability": 0.932373046875}, {"start": 2703.24, "end": 2703.38, "word": " go", "probability": 0.953125}, {"start": 2703.38, "end": 2703.52, "word": " to", "probability": 0.91748046875}, {"start": 2703.52, "end": 2706.32, "word": " the", "probability": 0.88134765625}, {"start": 2706.32, "end": 2718.22, "word": " deadweight", "probability": 0.805908203125}, {"start": 2718.22, "end": 2727.68, "word": " loss.", "probability": 0.8564453125}], "temperature": 1.0}, {"id": 97, "seek": 276007, "start": 2731.89, "end": 2760.07, "text": " How much? A, B, C, D. Right? So what did the consumer calculate? Sorry, the consumer calculated B plus C plus D. Right? Because it was A and it became A, B, C, D. What did he calculate? He calculated this. Right? The producer. So these are the gains.", "tokens": [1012, 709, 30, 316, 11, 363, 11, 383, 11, 413, 13, 1779, 30, 407, 437, 630, 264, 9711, 8873, 30, 4919, 11, 264, 9711, 15598, 363, 1804, 383, 1804, 413, 13, 1779, 30, 1436, 309, 390, 316, 293, 309, 3062, 316, 11, 363, 11, 383, 11, 413, 13, 708, 630, 415, 8873, 30, 634, 15598, 341, 13, 1779, 30, 440, 12314, 13, 407, 613, 366, 264, 16823, 13], "avg_logprob": -0.27785325050354004, "compression_ratio": 1.62987012987013, "no_speech_prob": 0.0, "words": [{"start": 2731.89, "end": 2732.17, "word": " How", "probability": 0.37158203125}, {"start": 2732.17, "end": 2732.29, "word": " much?", "probability": 0.63232421875}, {"start": 2733.65, "end": 2734.29, "word": " A,", "probability": 0.5693359375}, {"start": 2734.43, "end": 2734.85, "word": " B,", "probability": 0.79736328125}, {"start": 2735.09, "end": 2735.23, "word": " C,", "probability": 0.98486328125}, {"start": 2735.41, "end": 2735.57, "word": " D.", "probability": 0.96435546875}, {"start": 2736.15, "end": 2736.75, "word": " Right?", "probability": 0.52099609375}, {"start": 2738.17, "end": 2738.81, "word": " So", "probability": 0.66748046875}, {"start": 2738.81, "end": 2739.61, "word": " what", "probability": 0.39306640625}, {"start": 2739.61, "end": 2739.61, "word": " did", "probability": 0.57421875}, {"start": 2739.61, "end": 2739.61, "word": " the", "probability": 0.86865234375}, {"start": 2739.61, "end": 2740.07, "word": " consumer", "probability": 0.86083984375}, {"start": 2740.07, "end": 2740.61, "word": " calculate?", "probability": 0.546875}, {"start": 2742.81, "end": 2743.45, "word": " Sorry,", "probability": 0.61669921875}, {"start": 2743.79, "end": 2743.91, "word": " the", "probability": 0.27685546875}, {"start": 2743.91, "end": 2744.91, "word": " consumer", "probability": 0.79931640625}, {"start": 2744.91, "end": 2745.47, "word": " calculated", "probability": 0.6787109375}, {"start": 2745.47, "end": 2745.89, "word": " B", "probability": 0.67236328125}, {"start": 2745.89, "end": 2746.23, "word": " plus", "probability": 0.41455078125}, {"start": 2746.23, "end": 2746.45, "word": " C", "probability": 0.95654296875}, {"start": 2746.45, "end": 2746.63, "word": " plus", "probability": 0.94970703125}, {"start": 2746.63, "end": 2746.89, "word": " D.", "probability": 0.99560546875}, {"start": 2747.73, "end": 2748.37, "word": " Right?", "probability": 0.69873046875}, {"start": 2748.99, "end": 2749.63, "word": " Because", "probability": 0.83251953125}, {"start": 2749.63, "end": 2749.75, "word": " it", "probability": 0.71630859375}, {"start": 2749.75, "end": 2749.99, "word": " was", "probability": 0.8427734375}, {"start": 2749.99, "end": 2750.33, "word": " A", "probability": 0.95166015625}, {"start": 2750.33, "end": 2750.89, "word": " and", "probability": 0.53955078125}, {"start": 2750.89, "end": 2750.95, "word": " it", "probability": 0.70068359375}, {"start": 2750.95, "end": 2751.11, "word": " became", "probability": 0.7470703125}, {"start": 2751.11, "end": 2751.47, "word": " A,", "probability": 0.92626953125}, {"start": 2751.55, "end": 2751.85, "word": " B,", "probability": 0.9521484375}, {"start": 2751.89, "end": 2752.03, "word": " C,", "probability": 0.99462890625}, {"start": 2752.17, "end": 2752.31, "word": " D.", "probability": 0.984375}, {"start": 2752.55, "end": 2752.69, "word": " What", "probability": 0.65576171875}, {"start": 2752.69, "end": 2752.79, "word": " did", "probability": 0.9296875}, {"start": 2752.79, "end": 2753.07, "word": " he", "probability": 0.58984375}, {"start": 2753.07, "end": 2753.07, "word": " calculate?", "probability": 0.9365234375}, {"start": 2753.07, "end": 2753.07, "word": " He", "probability": 0.81396484375}, {"start": 2753.07, "end": 2753.23, "word": " calculated", "probability": 0.91845703125}, {"start": 2753.23, "end": 2753.57, "word": " this.", "probability": 0.81640625}, {"start": 2754.69, "end": 2755.01, "word": " Right?", "probability": 0.8828125}, {"start": 2756.07, "end": 2756.71, "word": " The", "probability": 0.53662109375}, {"start": 2756.71, "end": 2757.27, "word": " producer.", "probability": 0.91162109375}, {"start": 2758.71, "end": 2759.17, "word": " So", "probability": 0.86083984375}, {"start": 2759.17, "end": 2759.49, "word": " these", "probability": 0.437255859375}, {"start": 2759.49, "end": 2759.57, "word": " are", "probability": 0.68359375}, {"start": 2759.57, "end": 2759.65, "word": " the", "probability": 0.759765625}, {"start": 2759.65, "end": 2760.07, "word": " gains.", "probability": 0.89892578125}], "temperature": 1.0}, {"id": 98, "seek": 278501, "start": 2760.87, "end": 2785.01, "text": " Not the consumer, the producer. Can hack and lose B. Right? Okay. I want to do an analysis on the price floor. I want to do an analysis on the debate loss due to the price floor. Okay? Then I will go to price theory.", "tokens": [1726, 264, 9711, 11, 264, 12314, 13, 1664, 10339, 293, 3624, 363, 13, 1779, 30, 1033, 13, 286, 528, 281, 360, 364, 5215, 322, 264, 3218, 4123, 13, 286, 528, 281, 360, 364, 5215, 322, 264, 7958, 4470, 3462, 281, 264, 3218, 4123, 13, 1033, 30, 1396, 286, 486, 352, 281, 3218, 5261, 13], "avg_logprob": -0.48920455195687035, "compression_ratio": 1.583941605839416, "no_speech_prob": 0.0, "words": [{"start": 2760.87, "end": 2761.11, "word": " Not", "probability": 0.10394287109375}, {"start": 2761.11, "end": 2761.23, "word": " the", "probability": 0.328369140625}, {"start": 2761.23, "end": 2761.65, "word": " consumer,", "probability": 0.8525390625}, {"start": 2762.17, "end": 2762.33, "word": " the", "probability": 0.80615234375}, {"start": 2762.33, "end": 2762.85, "word": " producer.", "probability": 0.9248046875}, {"start": 2764.71, "end": 2765.19, "word": " Can", "probability": 0.43017578125}, {"start": 2765.19, "end": 2765.73, "word": " hack", "probability": 0.0791015625}, {"start": 2765.73, "end": 2767.21, "word": " and", "probability": 0.548828125}, {"start": 2767.21, "end": 2767.49, "word": " lose", "probability": 0.209228515625}, {"start": 2767.49, "end": 2767.73, "word": " B.", "probability": 0.5634765625}, {"start": 2769.29, "end": 2769.49, "word": " Right?", "probability": 0.54638671875}, {"start": 2771.13, "end": 2771.31, "word": " Okay.", "probability": 0.35986328125}, {"start": 2775.35, "end": 2775.83, "word": " I", "probability": 0.51318359375}, {"start": 2775.83, "end": 2775.97, "word": " want", "probability": 0.55322265625}, {"start": 2775.97, "end": 2776.07, "word": " to", "probability": 0.96923828125}, {"start": 2776.07, "end": 2776.31, "word": " do", "probability": 0.623046875}, {"start": 2776.31, "end": 2776.91, "word": " an", "probability": 0.362060546875}, {"start": 2776.91, "end": 2777.27, "word": " analysis", "probability": 0.89501953125}, {"start": 2777.27, "end": 2777.51, "word": " on", "probability": 0.8076171875}, {"start": 2777.51, "end": 2777.63, "word": " the", "probability": 0.76318359375}, {"start": 2777.63, "end": 2777.89, "word": " price", "probability": 0.91259765625}, {"start": 2777.89, "end": 2778.33, "word": " floor.", "probability": 0.63330078125}, {"start": 2779.25, "end": 2779.69, "word": " I", "probability": 0.369140625}, {"start": 2779.69, "end": 2779.85, "word": " want", "probability": 0.65966796875}, {"start": 2779.85, "end": 2779.87, "word": " to", "probability": 0.9658203125}, {"start": 2779.87, "end": 2780.07, "word": " do", "probability": 0.8291015625}, {"start": 2780.07, "end": 2780.39, "word": " an", "probability": 0.68408203125}, {"start": 2780.39, "end": 2780.61, "word": " analysis", "probability": 0.87451171875}, {"start": 2780.61, "end": 2780.85, "word": " on", "probability": 0.720703125}, {"start": 2780.85, "end": 2780.97, "word": " the", "probability": 0.64111328125}, {"start": 2780.97, "end": 2781.27, "word": " debate", "probability": 0.71044921875}, {"start": 2781.27, "end": 2781.61, "word": " loss", "probability": 0.77685546875}, {"start": 2781.61, "end": 2782.01, "word": " due", "probability": 0.875}, {"start": 2782.01, "end": 2782.15, "word": " to", "probability": 0.96923828125}, {"start": 2782.15, "end": 2782.29, "word": " the", "probability": 0.9052734375}, {"start": 2782.29, "end": 2782.53, "word": " price", "probability": 0.92333984375}, {"start": 2782.53, "end": 2782.93, "word": " floor.", "probability": 0.90673828125}, {"start": 2783.39, "end": 2783.79, "word": " Okay?", "probability": 0.427490234375}, {"start": 2783.83, "end": 2784.03, "word": " Then", "probability": 0.6455078125}, {"start": 2784.03, "end": 2784.17, "word": " I", "probability": 0.58056640625}, {"start": 2784.17, "end": 2784.23, "word": " will", "probability": 0.338134765625}, {"start": 2784.23, "end": 2784.31, "word": " go", "probability": 0.57958984375}, {"start": 2784.31, "end": 2784.43, "word": " to", "probability": 0.72900390625}, {"start": 2784.43, "end": 2784.79, "word": " price", "probability": 0.54443359375}, {"start": 2784.79, "end": 2785.01, "word": " theory.", "probability": 0.408935546875}], "temperature": 1.0}, {"id": 99, "seek": 279072, "start": 2787.14, "end": 2790.72, "text": " So let's analyze the deadweight loss", "tokens": [407, 718, 311, 12477, 264, 3116, 12329, 4470], "avg_logprob": -0.2179904513888889, "compression_ratio": 0.8222222222222222, "no_speech_prob": 0.0, "words": [{"start": 2787.14, "end": 2787.56, "word": " So", "probability": 0.8603515625}, {"start": 2787.56, "end": 2788.4, "word": " let's", "probability": 0.783447265625}, {"start": 2788.4, "end": 2788.68, "word": " analyze", "probability": 0.88671875}, {"start": 2788.68, "end": 2789.36, "word": " the", "probability": 0.90625}, {"start": 2789.36, "end": 2790.18, "word": " deadweight", "probability": 0.802978515625}, {"start": 2790.18, "end": 2790.72, "word": " loss", "probability": 0.88525390625}], "temperature": 1.0}, {"id": 100, "seek": 284041, "start": 2816.57, "end": 2840.41, "text": " Here we have the original situation, price, queue, demand, supply. The original situation without figures here, E. This is the original situation here.", "tokens": [1692, 321, 362, 264, 3380, 2590, 11, 3218, 11, 18639, 11, 4733, 11, 5847, 13, 440, 3380, 2590, 1553, 9624, 510, 11, 462, 13, 639, 307, 264, 3380, 2590, 510, 13], "avg_logprob": -0.19372559245675802, "compression_ratio": 1.4901960784313726, "no_speech_prob": 0.0, "words": [{"start": 2816.57, "end": 2816.83, "word": " Here", "probability": 0.8388671875}, {"start": 2816.83, "end": 2816.97, "word": " we", "probability": 0.76708984375}, {"start": 2816.97, "end": 2817.19, "word": " have", "probability": 0.9267578125}, {"start": 2817.19, "end": 2817.87, "word": " the", "probability": 0.9052734375}, {"start": 2817.87, "end": 2818.33, "word": " original", "probability": 0.95068359375}, {"start": 2818.33, "end": 2819.07, "word": " situation,", "probability": 0.9443359375}, {"start": 2819.57, "end": 2819.85, "word": " price,", "probability": 0.8349609375}, {"start": 2820.47, "end": 2820.83, "word": " queue,", "probability": 0.46142578125}, {"start": 2823.81, "end": 2824.23, "word": " demand,", "probability": 0.9365234375}, {"start": 2826.47, "end": 2826.91, "word": " supply.", "probability": 0.9521484375}, {"start": 2830.63, "end": 2831.51, "word": " The", "probability": 0.8828125}, {"start": 2831.51, "end": 2831.85, "word": " original", "probability": 0.95263671875}, {"start": 2831.85, "end": 2832.53, "word": " situation", "probability": 0.931640625}, {"start": 2832.53, "end": 2833.53, "word": " without", "probability": 0.7705078125}, {"start": 2833.53, "end": 2833.99, "word": " figures", "probability": 0.86962890625}, {"start": 2833.99, "end": 2834.35, "word": " here,", "probability": 0.78466796875}, {"start": 2834.83, "end": 2835.05, "word": " E.", "probability": 0.53955078125}, {"start": 2838.61, "end": 2839.01, "word": " This", "probability": 0.8984375}, {"start": 2839.01, "end": 2839.11, "word": " is", "probability": 0.94482421875}, {"start": 2839.11, "end": 2839.23, "word": " the", "probability": 0.8857421875}, {"start": 2839.23, "end": 2839.55, "word": " original", "probability": 0.9482421875}, {"start": 2839.55, "end": 2840.13, "word": " situation", "probability": 0.92919921875}, {"start": 2840.13, "end": 2840.41, "word": " here.", "probability": 0.63427734375}], "temperature": 1.0}, {"id": 101, "seek": 287053, "start": 2844.35, "end": 2870.53, "text": " Let me assume that the government sets a price of flour. The government decided to set a price of flour, which is above the equilibrium here. Price, flour. Walmart price. The areas A,", "tokens": [961, 385, 6552, 300, 264, 2463, 6352, 257, 3218, 295, 7693, 13, 440, 2463, 3047, 281, 992, 257, 3218, 295, 7693, 11, 597, 307, 3673, 264, 15625, 510, 13, 25803, 11, 7693, 13, 25237, 3218, 13, 440, 3179, 316, 11], "avg_logprob": -0.3513719395893376, "compression_ratio": 1.4838709677419355, "no_speech_prob": 0.0, "words": [{"start": 2844.35, "end": 2845.31, "word": " Let", "probability": 0.6826171875}, {"start": 2845.31, "end": 2845.57, "word": " me", "probability": 0.9560546875}, {"start": 2845.57, "end": 2846.05, "word": " assume", "probability": 0.90283203125}, {"start": 2846.05, "end": 2846.61, "word": " that", "probability": 0.93408203125}, {"start": 2846.61, "end": 2848.39, "word": " the", "probability": 0.904296875}, {"start": 2848.39, "end": 2848.91, "word": " government", "probability": 0.91064453125}, {"start": 2848.91, "end": 2850.17, "word": " sets", "probability": 0.68408203125}, {"start": 2850.17, "end": 2850.63, "word": " a", "probability": 0.87890625}, {"start": 2850.63, "end": 2851.03, "word": " price", "probability": 0.9375}, {"start": 2851.03, "end": 2851.23, "word": " of", "probability": 0.364990234375}, {"start": 2851.23, "end": 2851.69, "word": " flour.", "probability": 0.27734375}, {"start": 2852.69, "end": 2853.65, "word": " The", "probability": 0.8994140625}, {"start": 2853.65, "end": 2854.05, "word": " government", "probability": 0.90966796875}, {"start": 2854.05, "end": 2854.87, "word": " decided", "probability": 0.94091796875}, {"start": 2854.87, "end": 2855.37, "word": " to", "probability": 0.97216796875}, {"start": 2855.37, "end": 2855.77, "word": " set", "probability": 0.96044921875}, {"start": 2855.77, "end": 2856.07, "word": " a", "probability": 0.87646484375}, {"start": 2856.07, "end": 2856.43, "word": " price", "probability": 0.92529296875}, {"start": 2856.43, "end": 2856.59, "word": " of", "probability": 0.95068359375}, {"start": 2856.59, "end": 2856.85, "word": " flour,", "probability": 0.951171875}, {"start": 2857.29, "end": 2858.79, "word": " which", "probability": 0.91943359375}, {"start": 2858.79, "end": 2859.09, "word": " is", "probability": 0.953125}, {"start": 2859.09, "end": 2860.01, "word": " above", "probability": 0.96875}, {"start": 2860.01, "end": 2860.25, "word": " the", "probability": 0.92822265625}, {"start": 2860.25, "end": 2860.69, "word": " equilibrium", "probability": 0.95751953125}, {"start": 2860.69, "end": 2861.29, "word": " here.", "probability": 0.7919921875}, {"start": 2862.11, "end": 2862.53, "word": " Price,", "probability": 0.880859375}, {"start": 2863.17, "end": 2863.55, "word": " flour.", "probability": 0.9453125}, {"start": 2865.37, "end": 2865.63, "word": " Walmart", "probability": 0.20166015625}, {"start": 2865.63, "end": 2866.11, "word": " price.", "probability": 0.869140625}, {"start": 2867.73, "end": 2868.69, "word": " The", "probability": 0.179931640625}, {"start": 2868.69, "end": 2869.45, "word": " areas", "probability": 0.6904296875}, {"start": 2869.45, "end": 2870.53, "word": " A,", "probability": 0.498046875}], "temperature": 1.0}, {"id": 102, "seek": 290607, "start": 2879.09, "end": 2906.07, "text": " A, B, C, D, E. Okay. Effect of the price floor policy on the consumer surplus, producer surplus, and the total welfare gains.", "tokens": [316, 11, 363, 11, 383, 11, 413, 11, 462, 13, 1033, 13, 17764, 295, 264, 3218, 4123, 3897, 322, 264, 9711, 31019, 11, 12314, 31019, 11, 293, 264, 3217, 17788, 16823, 13], "avg_logprob": -0.14204545454545456, "compression_ratio": 1.2115384615384615, "no_speech_prob": 0.0, "words": [{"start": 2879.09, "end": 2879.51, "word": " A,", "probability": 0.82275390625}, {"start": 2879.77, "end": 2880.35, "word": " B,", "probability": 0.95751953125}, {"start": 2880.79, "end": 2881.07, "word": " C,", "probability": 0.9970703125}, {"start": 2881.55, "end": 2881.99, "word": " D,", "probability": 0.99755859375}, {"start": 2882.37, "end": 2882.89, "word": " E.", "probability": 0.98779296875}, {"start": 2887.97, "end": 2888.97, "word": " Okay.", "probability": 0.61572265625}, {"start": 2894.57, "end": 2895.57, "word": " Effect", "probability": 0.435546875}, {"start": 2895.57, "end": 2898.03, "word": " of", "probability": 0.9052734375}, {"start": 2898.03, "end": 2898.19, "word": " the", "probability": 0.9130859375}, {"start": 2898.19, "end": 2898.59, "word": " price", "probability": 0.82421875}, {"start": 2898.59, "end": 2899.11, "word": " floor", "probability": 0.8916015625}, {"start": 2899.11, "end": 2899.77, "word": " policy", "probability": 0.89013671875}, {"start": 2899.77, "end": 2900.43, "word": " on", "probability": 0.87548828125}, {"start": 2900.43, "end": 2900.55, "word": " the", "probability": 0.9140625}, {"start": 2900.55, "end": 2901.03, "word": " consumer", "probability": 0.78759765625}, {"start": 2901.03, "end": 2901.57, "word": " surplus,", "probability": 0.9599609375}, {"start": 2901.79, "end": 2902.13, "word": " producer", "probability": 0.8203125}, {"start": 2902.13, "end": 2902.71, "word": " surplus,", "probability": 0.9345703125}, {"start": 2903.03, "end": 2903.41, "word": " and", "probability": 0.9365234375}, {"start": 2903.41, "end": 2904.17, "word": " the", "probability": 0.91357421875}, {"start": 2904.17, "end": 2904.75, "word": " total", "probability": 0.93359375}, {"start": 2904.75, "end": 2905.31, "word": " welfare", "probability": 0.86572265625}, {"start": 2905.31, "end": 2906.07, "word": " gains.", "probability": 0.87060546875}], "temperature": 1.0}, {"id": 103, "seek": 293226, "start": 2908.62, "end": 2932.26, "text": " In the market headed due to the policy. The consumer surplus. Producer surplus.", "tokens": [682, 264, 2142, 12798, 3462, 281, 264, 3897, 13, 440, 9711, 31019, 13, 33034, 31019, 13], "avg_logprob": -0.42072610294117646, "compression_ratio": 1.0810810810810811, "no_speech_prob": 0.0, "words": [{"start": 2908.62, "end": 2909.66, "word": " In", "probability": 0.28173828125}, {"start": 2909.66, "end": 2909.66, "word": " the", "probability": 0.1046142578125}, {"start": 2909.66, "end": 2911.38, "word": " market", "probability": 0.7626953125}, {"start": 2911.38, "end": 2911.66, "word": " headed", "probability": 0.325927734375}, {"start": 2911.66, "end": 2911.9, "word": " due", "probability": 0.8447265625}, {"start": 2911.9, "end": 2912.16, "word": " to", "probability": 0.96923828125}, {"start": 2912.16, "end": 2912.58, "word": " the", "probability": 0.81787109375}, {"start": 2912.58, "end": 2913.04, "word": " policy.", "probability": 0.86669921875}, {"start": 2922.52, "end": 2923.56, "word": " The", "probability": 0.67236328125}, {"start": 2923.56, "end": 2924.04, "word": " consumer", "probability": 0.8193359375}, {"start": 2924.04, "end": 2924.66, "word": " surplus.", "probability": 0.93994140625}, {"start": 2931.16, "end": 2931.74, "word": " Producer", "probability": 0.62158203125}, {"start": 2931.74, "end": 2932.26, "word": " surplus.", "probability": 0.9296875}], "temperature": 1.0}, {"id": 104, "seek": 296669, "start": 2939.81, "end": 2966.69, "text": " Total welfare, total surplus. The consumer surplus produces surplus, total surplus or total welfare. Before, price floor. After, setting the price floor.", "tokens": [23170, 17788, 11, 3217, 31019, 13, 440, 9711, 31019, 14725, 31019, 11, 3217, 31019, 420, 3217, 17788, 13, 4546, 11, 3218, 4123, 13, 2381, 11, 3287, 264, 3218, 4123, 13], "avg_logprob": -0.26008065669767316, "compression_ratio": 1.54, "no_speech_prob": 0.0, "words": [{"start": 2939.81, "end": 2940.49, "word": " Total", "probability": 0.81787109375}, {"start": 2940.49, "end": 2941.01, "word": " welfare,", "probability": 0.8486328125}, {"start": 2942.75, "end": 2943.09, "word": " total", "probability": 0.82666015625}, {"start": 2943.09, "end": 2943.61, "word": " surplus.", "probability": 0.9833984375}, {"start": 2944.23, "end": 2944.51, "word": " The", "probability": 0.83740234375}, {"start": 2944.51, "end": 2944.95, "word": " consumer", "probability": 0.77490234375}, {"start": 2944.95, "end": 2945.37, "word": " surplus", "probability": 0.9404296875}, {"start": 2945.37, "end": 2945.77, "word": " produces", "probability": 0.422607421875}, {"start": 2945.77, "end": 2946.31, "word": " surplus,", "probability": 0.544921875}, {"start": 2946.53, "end": 2946.91, "word": " total", "probability": 0.8818359375}, {"start": 2946.91, "end": 2947.53, "word": " surplus", "probability": 0.95166015625}, {"start": 2947.53, "end": 2947.85, "word": " or", "probability": 0.59326171875}, {"start": 2947.85, "end": 2948.29, "word": " total", "probability": 0.8779296875}, {"start": 2948.29, "end": 2948.77, "word": " welfare.", "probability": 0.904296875}, {"start": 2949.95, "end": 2950.51, "word": " Before,", "probability": 0.91259765625}, {"start": 2956.93, "end": 2957.33, "word": " price", "probability": 0.9296875}, {"start": 2957.33, "end": 2957.71, "word": " floor.", "probability": 0.450927734375}, {"start": 2962.19, "end": 2963.11, "word": " After,", "probability": 0.888671875}, {"start": 2965.31, "end": 2965.81, "word": " setting", "probability": 0.72314453125}, {"start": 2965.81, "end": 2966.05, "word": " the", "probability": 0.91162109375}, {"start": 2966.05, "end": 2966.33, "word": " price", "probability": 0.93603515625}, {"start": 2966.33, "end": 2966.69, "word": " floor.", "probability": 0.90478515625}], "temperature": 1.0}, {"id": 105, "seek": 299674, "start": 2970.2, "end": 2996.74, "text": " Changes. Now, let's analyze the original situation. Before setting a price ceiling, how much was the price of the consumer surplus? ABC.", "tokens": [761, 10350, 13, 823, 11, 718, 311, 12477, 264, 3380, 2590, 13, 4546, 3287, 257, 3218, 13655, 11, 577, 709, 390, 264, 3218, 295, 264, 9711, 31019, 30, 22342, 13], "avg_logprob": -0.18233367031620396, "compression_ratio": 1.2123893805309736, "no_speech_prob": 0.0, "words": [{"start": 2970.2, "end": 2971.22, "word": " Changes.", "probability": 0.80517578125}, {"start": 2980.96, "end": 2981.98, "word": " Now,", "probability": 0.9443359375}, {"start": 2982.28, "end": 2982.7, "word": " let's", "probability": 0.97265625}, {"start": 2982.7, "end": 2983.3, "word": " analyze", "probability": 0.89208984375}, {"start": 2983.3, "end": 2984.3, "word": " the", "probability": 0.9091796875}, {"start": 2984.3, "end": 2984.76, "word": " original", "probability": 0.95751953125}, {"start": 2984.76, "end": 2985.52, "word": " situation.", "probability": 0.93994140625}, {"start": 2987.58, "end": 2988.6, "word": " Before", "probability": 0.90673828125}, {"start": 2988.6, "end": 2989.18, "word": " setting", "probability": 0.94873046875}, {"start": 2989.18, "end": 2989.36, "word": " a", "probability": 0.7724609375}, {"start": 2989.36, "end": 2989.58, "word": " price", "probability": 0.92578125}, {"start": 2989.58, "end": 2989.92, "word": " ceiling,", "probability": 0.98486328125}, {"start": 2991.02, "end": 2991.2, "word": " how", "probability": 0.93896484375}, {"start": 2991.2, "end": 2991.68, "word": " much", "probability": 0.91455078125}, {"start": 2991.68, "end": 2992.86, "word": " was", "probability": 0.958984375}, {"start": 2992.86, "end": 2994.18, "word": " the", "probability": 0.9169921875}, {"start": 2994.18, "end": 2994.68, "word": " price", "probability": 0.84912109375}, {"start": 2994.68, "end": 2994.94, "word": " of", "probability": 0.83544921875}, {"start": 2994.94, "end": 2995.04, "word": " the", "probability": 0.90869140625}, {"start": 2995.04, "end": 2995.46, "word": " consumer", "probability": 0.8642578125}, {"start": 2995.46, "end": 2995.96, "word": " surplus?", "probability": 0.95458984375}, {"start": 2996.48, "end": 2996.74, "word": " ABC.", "probability": 0.06329345703125}], "temperature": 1.0}, {"id": 106, "seek": 302975, "start": 3000.49, "end": 3029.75, "text": " All right? Before imposing the price ceiling. Before the price ceiling. In the original situation, the consumer surplus was area A. Producer surplus was this. After price ceiling, after price floor, this became this and this became this. Let's see.", "tokens": [1057, 558, 30, 4546, 40288, 264, 3218, 13655, 13, 4546, 264, 3218, 13655, 13, 682, 264, 3380, 2590, 11, 264, 9711, 31019, 390, 1859, 316, 13, 33034, 31019, 390, 341, 13, 2381, 3218, 13655, 11, 934, 3218, 4123, 11, 341, 3062, 341, 293, 341, 3062, 341, 13, 961, 311, 536, 13], "avg_logprob": -0.3605769161994641, "compression_ratio": 1.717241379310345, "no_speech_prob": 0.0, "words": [{"start": 3000.49, "end": 3000.71, "word": " All", "probability": 0.66064453125}, {"start": 3000.71, "end": 3000.97, "word": " right?", "probability": 0.9140625}, {"start": 3003.01, "end": 3003.77, "word": " Before", "probability": 0.17919921875}, {"start": 3003.77, "end": 3005.77, "word": " imposing", "probability": 0.86083984375}, {"start": 3005.77, "end": 3006.01, "word": " the", "probability": 0.91650390625}, {"start": 3006.01, "end": 3006.29, "word": " price", "probability": 0.9140625}, {"start": 3006.29, "end": 3006.73, "word": " ceiling.", "probability": 0.9775390625}, {"start": 3007.03, "end": 3007.41, "word": " Before", "probability": 0.79541015625}, {"start": 3007.41, "end": 3007.61, "word": " the", "probability": 0.8896484375}, {"start": 3007.61, "end": 3007.87, "word": " price", "probability": 0.90380859375}, {"start": 3007.87, "end": 3008.07, "word": " ceiling.", "probability": 0.9619140625}, {"start": 3008.57, "end": 3009.15, "word": " In", "probability": 0.2347412109375}, {"start": 3009.15, "end": 3010.23, "word": " the", "probability": 0.806640625}, {"start": 3010.23, "end": 3010.53, "word": " original", "probability": 0.95166015625}, {"start": 3010.53, "end": 3011.29, "word": " situation,", "probability": 0.93505859375}, {"start": 3011.79, "end": 3011.89, "word": " the", "probability": 0.89892578125}, {"start": 3011.89, "end": 3012.51, "word": " consumer", "probability": 0.80029296875}, {"start": 3012.51, "end": 3012.93, "word": " surplus", "probability": 0.97900390625}, {"start": 3012.93, "end": 3013.39, "word": " was", "probability": 0.9453125}, {"start": 3013.39, "end": 3014.11, "word": " area", "probability": 0.6015625}, {"start": 3014.11, "end": 3014.59, "word": " A.", "probability": 0.7978515625}, {"start": 3016.11, "end": 3016.87, "word": " Producer", "probability": 0.323974609375}, {"start": 3016.87, "end": 3017.37, "word": " surplus", "probability": 0.92822265625}, {"start": 3017.37, "end": 3017.73, "word": " was", "probability": 0.390869140625}, {"start": 3017.73, "end": 3018.35, "word": " this.", "probability": 0.57763671875}, {"start": 3019.95, "end": 3020.71, "word": " After", "probability": 0.6806640625}, {"start": 3020.71, "end": 3021.19, "word": " price", "probability": 0.490234375}, {"start": 3021.19, "end": 3021.47, "word": " ceiling,", "probability": 0.9248046875}, {"start": 3021.83, "end": 3023.23, "word": " after", "probability": 0.51611328125}, {"start": 3023.23, "end": 3023.61, "word": " price", "probability": 0.84375}, {"start": 3023.61, "end": 3023.91, "word": " floor,", "probability": 0.94140625}, {"start": 3024.19, "end": 3024.35, "word": " this", "probability": 0.72509765625}, {"start": 3024.35, "end": 3024.63, "word": " became", "probability": 0.432373046875}, {"start": 3024.63, "end": 3024.85, "word": " this", "probability": 0.73095703125}, {"start": 3024.85, "end": 3025.21, "word": " and", "probability": 0.646484375}, {"start": 3025.21, "end": 3025.49, "word": " this", "probability": 0.71875}, {"start": 3025.49, "end": 3025.71, "word": " became", "probability": 0.81396484375}, {"start": 3025.71, "end": 3025.93, "word": " this.", "probability": 0.86376953125}, {"start": 3028.77, "end": 3029.53, "word": " Let's", "probability": 0.531005859375}, {"start": 3029.53, "end": 3029.75, "word": " see.", "probability": 0.83544921875}], "temperature": 1.0}, {"id": 107, "seek": 305595, "start": 3031.71, "end": 3055.95, "text": " Then before the price ceiling, how much was the consumer surplus? A plus B plus C. A plus B plus C. Area A positive. What about the producer surplus? How much was it?", "tokens": [1396, 949, 264, 3218, 13655, 11, 577, 709, 390, 264, 9711, 31019, 30, 316, 1804, 363, 1804, 383, 13, 316, 1804, 363, 1804, 383, 13, 19405, 316, 3353, 13, 708, 466, 264, 12314, 31019, 30, 1012, 709, 390, 309, 30], "avg_logprob": -0.2029344512195122, "compression_ratio": 1.4649122807017543, "no_speech_prob": 0.0, "words": [{"start": 3031.71, "end": 3032.01, "word": " Then", "probability": 0.364013671875}, {"start": 3032.01, "end": 3032.43, "word": " before", "probability": 0.78466796875}, {"start": 3032.43, "end": 3032.65, "word": " the", "probability": 0.72900390625}, {"start": 3032.65, "end": 3032.91, "word": " price", "probability": 0.93310546875}, {"start": 3032.91, "end": 3033.37, "word": " ceiling,", "probability": 0.96044921875}, {"start": 3033.99, "end": 3034.13, "word": " how", "probability": 0.92041015625}, {"start": 3034.13, "end": 3034.55, "word": " much", "probability": 0.91845703125}, {"start": 3034.55, "end": 3035.17, "word": " was", "probability": 0.95703125}, {"start": 3035.17, "end": 3035.55, "word": " the", "probability": 0.90625}, {"start": 3035.55, "end": 3036.11, "word": " consumer", "probability": 0.80517578125}, {"start": 3036.11, "end": 3036.67, "word": " surplus?", "probability": 0.98876953125}, {"start": 3037.35, "end": 3037.75, "word": " A", "probability": 0.9052734375}, {"start": 3037.75, "end": 3038.93, "word": " plus", "probability": 0.70068359375}, {"start": 3038.93, "end": 3039.31, "word": " B", "probability": 0.98828125}, {"start": 3039.31, "end": 3039.63, "word": " plus", "probability": 0.93798828125}, {"start": 3039.63, "end": 3040.09, "word": " C.", "probability": 0.9970703125}, {"start": 3040.67, "end": 3041.31, "word": " A", "probability": 0.1552734375}, {"start": 3041.31, "end": 3041.85, "word": " plus", "probability": 0.90478515625}, {"start": 3041.85, "end": 3044.53, "word": " B", "probability": 0.9833984375}, {"start": 3044.53, "end": 3045.03, "word": " plus", "probability": 0.931640625}, {"start": 3045.03, "end": 3045.61, "word": " C.", "probability": 0.99609375}, {"start": 3046.65, "end": 3047.43, "word": " Area", "probability": 0.43115234375}, {"start": 3047.43, "end": 3047.93, "word": " A", "probability": 0.93603515625}, {"start": 3047.93, "end": 3048.35, "word": " positive.", "probability": 0.50390625}, {"start": 3049.55, "end": 3050.51, "word": " What", "probability": 0.7470703125}, {"start": 3050.51, "end": 3052.57, "word": " about", "probability": 0.89453125}, {"start": 3052.57, "end": 3052.83, "word": " the", "probability": 0.8916015625}, {"start": 3052.83, "end": 3053.29, "word": " producer", "probability": 0.8759765625}, {"start": 3053.29, "end": 3053.93, "word": " surplus?", "probability": 0.96337890625}, {"start": 3054.59, "end": 3055.01, "word": " How", "probability": 0.96142578125}, {"start": 3055.01, "end": 3055.39, "word": " much", "probability": 0.91650390625}, {"start": 3055.39, "end": 3055.71, "word": " was", "probability": 0.95751953125}, {"start": 3055.71, "end": 3055.95, "word": " it?", "probability": 0.94140625}], "temperature": 1.0}, {"id": 108, "seek": 308442, "start": 3069.94, "end": 3084.42, "text": " Before the price floor is imposed, how much was the producer surplus? D and E.", "tokens": [4546, 264, 3218, 4123, 307, 26491, 11, 577, 709, 390, 264, 12314, 31019, 30, 413, 293, 462, 13], "avg_logprob": -0.295024667915545, "compression_ratio": 1.0394736842105263, "no_speech_prob": 0.0, "words": [{"start": 3069.9399999999996, "end": 3071.3399999999997, "word": " Before", "probability": 0.1094970703125}, {"start": 3071.3399999999997, "end": 3072.74, "word": " the", "probability": 0.86962890625}, {"start": 3072.74, "end": 3073.24, "word": " price", "probability": 0.953125}, {"start": 3073.24, "end": 3074.22, "word": " floor", "probability": 0.94140625}, {"start": 3074.22, "end": 3074.88, "word": " is", "probability": 0.89453125}, {"start": 3074.88, "end": 3075.64, "word": " imposed,", "probability": 0.94580078125}, {"start": 3076.08, "end": 3076.48, "word": " how", "probability": 0.92138671875}, {"start": 3076.48, "end": 3076.96, "word": " much", "probability": 0.916015625}, {"start": 3076.96, "end": 3077.7, "word": " was", "probability": 0.95166015625}, {"start": 3077.7, "end": 3078.62, "word": " the", "probability": 0.91455078125}, {"start": 3078.62, "end": 3079.44, "word": " producer", "probability": 0.80224609375}, {"start": 3079.44, "end": 3080.24, "word": " surplus?", "probability": 0.92138671875}, {"start": 3082.38, "end": 3083.78, "word": " D", "probability": 0.311279296875}, {"start": 3083.78, "end": 3084.1, "word": " and", "probability": 0.90771484375}, {"start": 3084.1, "end": 3084.42, "word": " E.", "probability": 0.79248046875}], "temperature": 1.0}, {"id": 109, "seek": 311335, "start": 3088.49, "end": 3113.35, "text": " D plus E. Of course this is positive. Total welfare, how much was it? A, B, C, D, E. Summation of them. A, positive A, positive B, positive C, positive D, positive E. Alright? 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Then you consumer surplus, just A. Then on the other side, just A. What about the consumer that produces surplus? B, C, D, E, F. 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What is the situation now? It is minus the situation before. It is like this minus this and this. It is minus B minus C. Because this happened. 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Minus becomes positive A, positive B, positive C. Minus passes through all of them, right? After, minus these. Minus passes through all of them. Negative signs happen. So this happens like this. Positive A, minus A. Minus B, minus C. This goes with it. 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Minus B minus C. What about this? This is like this, minus this. Minus B and minus C. No, it's not minus. Do it like this. It's not minus. This is minus. But this second one is minus the first one. 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Minus D minus E. Minus D minus E. Minus D minus E. Minus D minus E. Minus D minus E. Minus D minus E. Minus D minus E. Minus D minus E. Minus D minus E. Minus D minus E. Minus D minus E. Minus D minus E. Minus D minus E. Minus D minus E. Minus D minus E. Minus D minus E. Minus D minus E. Minus D minus E. Minus D minus E. Minus D minus E. Minus D minus E. Minus D minus E. Minus D minus E. Minus D minus E. Minus D minus E. Minus D minus E. Minus D minus E. Minus D minus E. Minus D minus E. Minus D minus E. Minus D minus E. Minus D minus E. Minus D minus E. Minus D minus E. 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Minus D minus E Look, positive D minus D Positive E and negative E equals positive B positive C positive F Right? 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Net Gains. Meaning that the sitting price in this ceiling, increased the community by F. Increased the general popularity. It ruined people. It ruined consumers. And it fixed the producers' situation. 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Yes, once again, raise your head. Look. Who did not understand the analysis that we did here? Those who did not understand, look, we came here to simplify. I say it once, twice and ten times. 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Okay. Who did not understand this analysis? And how did we get this result? This is called net welfare gains. Net gains. It may be negative. The price of the sailing game may be negative.", "tokens": [1033, 30, 1033, 13, 2102, 630, 406, 1223, 341, 5215, 30, 400, 577, 630, 321, 483, 341, 1874, 30, 639, 307, 1219, 2533, 17788, 16823, 13, 6188, 16823, 13, 467, 815, 312, 3671, 13, 440, 3218, 295, 264, 27452, 1216, 815, 312, 3671, 13], "avg_logprob": -0.4513888809416029, "compression_ratio": 1.4057971014492754, "no_speech_prob": 0.0, "words": [{"start": 3392.54, "end": 3393.04, "word": " Okay?", "probability": 0.259033203125}, {"start": 3398.0, "end": 3398.16, "word": " Okay.", "probability": 0.2340087890625}, {"start": 3401.24, "end": 3401.7, "word": " Who", "probability": 0.421630859375}, {"start": 3401.7, "end": 3401.86, "word": " did", "probability": 0.262451171875}, {"start": 3401.86, "end": 3401.86, "word": " not", "probability": 0.93701171875}, {"start": 3401.86, "end": 3402.04, "word": " understand", "probability": 0.75927734375}, {"start": 3402.04, "end": 3402.22, "word": " this", "probability": 0.7890625}, {"start": 3402.22, "end": 3402.46, "word": " analysis?", "probability": 0.787109375}, {"start": 3402.94, "end": 3403.1, "word": " And", "probability": 0.576171875}, {"start": 3403.1, "end": 3403.26, "word": " how", "probability": 0.779296875}, {"start": 3403.26, "end": 3403.46, "word": " did", "probability": 0.78662109375}, {"start": 3403.46, "end": 3403.58, "word": " we", "probability": 0.80712890625}, {"start": 3403.58, "end": 3403.58, "word": " get", "probability": 0.51220703125}, {"start": 3403.58, "end": 3403.68, "word": " this", "probability": 0.7275390625}, {"start": 3403.68, "end": 3404.16, "word": " result?", "probability": 0.86572265625}, {"start": 3405.22, "end": 3405.44, "word": " This", "probability": 0.62353515625}, {"start": 3405.44, "end": 3405.5, "word": " is", "probability": 0.78955078125}, {"start": 3405.5, "end": 3405.98, "word": " called", "probability": 0.84423828125}, {"start": 3405.98, "end": 3406.52, "word": " net", "probability": 0.654296875}, {"start": 3406.52, "end": 3407.04, "word": " welfare", "probability": 0.89404296875}, {"start": 3407.04, "end": 3407.62, "word": " gains.", "probability": 0.787109375}, {"start": 3408.98, "end": 3409.48, "word": " Net", "probability": 0.876953125}, {"start": 3409.48, "end": 3410.12, "word": " gains.", "probability": 0.72705078125}, {"start": 3410.94, "end": 3411.06, "word": " It", "probability": 0.6943359375}, {"start": 3411.06, "end": 3411.18, "word": " may", "probability": 0.28125}, {"start": 3411.18, "end": 3411.42, "word": " be", "probability": 0.90771484375}, {"start": 3411.42, "end": 3411.88, "word": " negative.", "probability": 0.94091796875}, {"start": 3413.84, "end": 3414.34, "word": " The", "probability": 0.377685546875}, {"start": 3414.34, "end": 3414.76, "word": " price", "probability": 0.54638671875}, {"start": 3414.76, "end": 3414.94, "word": " of", "probability": 0.8037109375}, {"start": 3414.94, "end": 3415.2, "word": " the", "probability": 0.334228515625}, {"start": 3415.2, "end": 3415.44, "word": " sailing", "probability": 0.7255859375}, {"start": 3415.44, "end": 3415.62, "word": " game", "probability": 0.8046875}, {"start": 3415.62, "end": 3415.74, "word": " may", "probability": 0.482421875}, {"start": 3415.74, "end": 3415.84, "word": " be", "probability": 0.356201171875}, {"start": 3415.84, "end": 3416.3, "word": " negative.", "probability": 0.93017578125}], "temperature": 1.0}, {"id": 121, "seek": 344313, "start": 3417.69, "end": 3443.13, "text": " All right? This depends on what the policy affects. And there are people, because when we put the price on the floor, the prices went up. Consumers were harmed, right? But the producers benefited. What is the difference between this F? Is this F positive or negative? So this is net gains. This is positive net gains or net surplus.", "tokens": [1057, 558, 30, 639, 5946, 322, 437, 264, 3897, 11807, 13, 400, 456, 366, 561, 11, 570, 562, 321, 829, 264, 3218, 322, 264, 4123, 11, 264, 7901, 1437, 493, 13, 6923, 449, 433, 645, 41478, 11, 558, 30, 583, 264, 16080, 33605, 13, 708, 307, 264, 2649, 1296, 341, 479, 30, 1119, 341, 479, 3353, 420, 3671, 30, 407, 341, 307, 2533, 16823, 13, 639, 307, 3353, 2533, 16823, 420, 2533, 31019, 13], "avg_logprob": -0.505833322207133, "compression_ratio": 1.6243902439024391, "no_speech_prob": 0.0, "words": [{"start": 3417.69, "end": 3417.93, "word": " All", "probability": 0.18115234375}, {"start": 3417.93, "end": 3418.03, "word": " right?", "probability": 0.8681640625}, {"start": 3418.35, "end": 3418.65, "word": " This", "probability": 0.36279296875}, {"start": 3418.65, "end": 3419.11, "word": " depends", "probability": 0.86376953125}, {"start": 3419.11, "end": 3419.51, "word": " on", "probability": 0.931640625}, {"start": 3419.51, "end": 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There are positive impacts of this policy on the economy. This is called net welfare gains. If it is negative, it is called net welfare loss or surplus.", "tokens": [440, 2533, 31019, 307, 3353, 13, 821, 366, 3353, 11606, 295, 341, 3897, 322, 264, 5010, 13, 639, 307, 1219, 2533, 17788, 16823, 13, 759, 309, 307, 3671, 11, 309, 307, 1219, 2533, 17788, 4470, 420, 31019, 13], "avg_logprob": -0.4679487041937999, "compression_ratio": 1.5041322314049588, "no_speech_prob": 0.0, "words": [{"start": 3444.46, "end": 3444.82, "word": " The", "probability": 0.2236328125}, {"start": 3444.82, "end": 3445.02, "word": " net", "probability": 0.89990234375}, {"start": 3445.02, "end": 3445.44, "word": " surplus", "probability": 0.99267578125}, {"start": 3445.44, "end": 3445.72, "word": " is", "probability": 0.2177734375}, {"start": 3445.72, "end": 3446.56, "word": " positive.", "probability": 0.650390625}, {"start": 3446.96, "end": 3447.3, "word": " There", "probability": 0.2100830078125}, {"start": 3447.3, "end": 3447.64, "word": " are", "probability": 0.51611328125}, {"start": 3447.64, "end": 3448.68, "word": " positive", "probability": 0.9091796875}, {"start": 3448.68, "end": 3449.64, "word": " impacts", "probability": 0.8828125}, {"start": 3449.64, "end": 3450.38, "word": " of", "probability": 0.3388671875}, {"start": 3450.38, "end": 3450.66, "word": " this", "probability": 0.779296875}, {"start": 3450.66, "end": 3451.08, "word": " policy", "probability": 0.6787109375}, {"start": 3451.08, "end": 3451.2, "word": " on", "probability": 0.69384765625}, {"start": 3451.2, "end": 3451.28, "word": " the", "probability": 0.63427734375}, {"start": 3451.28, "end": 3451.66, "word": " economy.", "probability": 0.91064453125}, {"start": 3454.06, "end": 3454.88, "word": " This", "probability": 0.11468505859375}, {"start": 3454.88, "end": 3457.5, "word": " is", "probability": 0.77978515625}, {"start": 3457.5, "end": 3457.62, "word": " called", "probability": 0.552734375}, {"start": 3457.62, "end": 3458.42, "word": " net", "probability": 0.68994140625}, {"start": 3458.42, "end": 3460.58, "word": " welfare", "probability": 0.87841796875}, {"start": 3460.58, "end": 3463.1, "word": " gains.", "probability": 0.80419921875}, {"start": 3464.76, "end": 3465.58, "word": " If", "probability": 0.84033203125}, {"start": 3465.58, "end": 3465.72, "word": " it", "probability": 0.5830078125}, {"start": 3465.72, "end": 3465.76, "word": " is", "probability": 0.32763671875}, {"start": 3465.76, "end": 3466.28, "word": " negative,", "probability": 0.908203125}, {"start": 3466.74, "end": 3466.9, "word": " it", "probability": 0.6435546875}, {"start": 3466.9, "end": 3467.24, "word": " is", "probability": 0.53173828125}, {"start": 3467.24, "end": 3467.42, "word": " called", "probability": 0.412841796875}, {"start": 3467.42, "end": 3467.74, "word": " net", "probability": 0.85693359375}, {"start": 3467.74, "end": 3468.16, "word": " welfare", "probability": 0.8818359375}, {"start": 3468.16, "end": 3468.7, "word": " loss", "probability": 0.8603515625}, {"start": 3468.7, "end": 3470.9, "word": " or", "probability": 0.5390625}, {"start": 3470.9, "end": 3471.28, "word": " surplus.", "probability": 0.96484375}], "temperature": 1.0}, {"id": 123, "seek": 349534, "start": 3474.66, "end": 3495.34, "text": " All right? All right. No, it turned out to be the producer. The price turned out to be the producer. Right? Correct? All right. Let's look at the price.", "tokens": [1057, 558, 30, 1057, 558, 13, 883, 11, 309, 3574, 484, 281, 312, 264, 12314, 13, 440, 3218, 3574, 484, 281, 312, 264, 12314, 13, 1779, 30, 12753, 30, 1057, 558, 13, 961, 311, 574, 412, 264, 3218, 13], "avg_logprob": -0.4675781361758709, "compression_ratio": 1.577319587628866, "no_speech_prob": 0.0, "words": [{"start": 3474.66, "end": 3474.92, "word": " All", "probability": 0.0928955078125}, {"start": 3474.92, "end": 3475.84, "word": " right?", "probability": 0.796875}, {"start": 3476.46, "end": 3476.74, "word": " All", "probability": 0.200439453125}, {"start": 3476.74, "end": 3476.74, "word": " right.", "probability": 0.91650390625}, {"start": 3477.28, "end": 3477.88, "word": " No,", "probability": 0.083740234375}, {"start": 3480.1, "end": 3480.26, "word": " it", "probability": 0.568359375}, {"start": 3480.26, "end": 3480.44, "word": " turned", "probability": 0.1500244140625}, {"start": 3480.44, "end": 3480.5, "word": " out", "probability": 0.78564453125}, {"start": 3480.5, "end": 3480.58, "word": " to", "probability": 0.55517578125}, {"start": 3480.58, "end": 3480.58, "word": " be", "probability": 0.93115234375}, {"start": 3480.58, "end": 3480.7, "word": " the", "probability": 0.63671875}, {"start": 3480.7, "end": 3481.1, "word": " producer.", "probability": 0.89990234375}, {"start": 3481.58, "end": 3481.8, "word": " The", "probability": 0.744140625}, {"start": 3481.8, "end": 3482.08, "word": " price", "probability": 0.90869140625}, {"start": 3482.08, "end": 3482.34, "word": " turned", "probability": 0.6123046875}, {"start": 3482.34, "end": 3482.4, "word": " out", "probability": 0.83544921875}, {"start": 3482.4, "end": 3482.54, "word": " to", "probability": 0.67041015625}, {"start": 3482.54, "end": 3483.1, "word": " be", "probability": 0.95068359375}, {"start": 3483.1, "end": 3483.68, "word": " the", "probability": 0.4755859375}, {"start": 3483.68, "end": 3486.66, "word": " producer.", "probability": 0.8359375}, {"start": 3489.24, "end": 3489.52, "word": " Right?", "probability": 0.30517578125}, {"start": 3490.46, "end": 3491.06, "word": " Correct?", "probability": 0.367431640625}, {"start": 3491.54, "end": 3492.14, "word": " All", "probability": 0.45849609375}, {"start": 3492.14, "end": 3493.36, "word": " right.", "probability": 0.9150390625}, {"start": 3493.9, "end": 3494.5, "word": " Let's", "probability": 0.8564453125}, {"start": 3494.5, "end": 3494.8, "word": " look", "probability": 0.6201171875}, {"start": 3494.8, "end": 3494.82, "word": " at", "probability": 0.955078125}, {"start": 3494.82, "end": 3494.98, "word": " the", "probability": 0.7412109375}, {"start": 3494.98, "end": 3495.34, "word": " price.", "probability": 0.92041015625}], "temperature": 1.0}, {"id": 124, "seek": 352411, "start": 3497.31, "end": 3524.11, "text": " Ceiling, sorry, had a price ceiling, price floor. Price ceiling, it affects the welfare gains. Our net surplus, the community, to the effects of a price ceiling on the consumer surplus and the producer surplus. Let's come back to the example.", "tokens": [8257, 4883, 11, 2597, 11, 632, 257, 3218, 13655, 11, 3218, 4123, 13, 25803, 13655, 11, 309, 11807, 264, 17788, 16823, 13, 2621, 2533, 31019, 11, 264, 1768, 11, 281, 264, 5065, 295, 257, 3218, 13655, 322, 264, 9711, 31019, 293, 264, 12314, 31019, 13, 961, 311, 808, 646, 281, 264, 1365, 13], "avg_logprob": -0.3451967559478901, "compression_ratio": 1.6758620689655173, "no_speech_prob": 0.0, "words": [{"start": 3497.31, "end": 3497.95, "word": " Ceiling,", "probability": 0.87109375}, {"start": 3498.47, "end": 3498.71, "word": " sorry,", "probability": 0.83935546875}, {"start": 3499.01, "end": 3499.17, "word": " had", "probability": 0.461181640625}, {"start": 3499.17, "end": 3499.27, "word": " a", "probability": 0.8056640625}, {"start": 3499.27, "end": 3499.47, "word": " price", "probability": 0.92626953125}, {"start": 3499.47, "end": 3499.65, "word": " ceiling,", "probability": 0.2425537109375}, {"start": 3499.75, "end": 3499.93, "word": " price", "probability": 0.85986328125}, {"start": 3499.93, "end": 3500.25, "word": " floor.", "probability": 0.6279296875}, {"start": 3500.55, "end": 3501.03, "word": " Price", "probability": 0.34326171875}, {"start": 3501.03, "end": 3501.91, "word": " ceiling,", "probability": 0.943359375}, {"start": 3502.39, "end": 3502.49, "word": " it", "probability": 0.1719970703125}, {"start": 3502.49, "end": 3502.85, "word": " affects", "probability": 0.7578125}, {"start": 3502.85, "end": 3503.11, "word": " the", "probability": 0.378662109375}, {"start": 3503.11, "end": 3504.77, "word": " welfare", "probability": 0.88623046875}, {"start": 3504.77, "end": 3505.45, "word": " gains.", "probability": 0.87548828125}, {"start": 3505.65, "end": 3506.49, "word": " Our", "probability": 0.254150390625}, {"start": 3506.49, "end": 3507.47, "word": " net", "probability": 0.798828125}, {"start": 3507.47, "end": 3507.93, "word": " surplus,", "probability": 0.9404296875}, {"start": 3508.53, "end": 3508.77, "word": " the", "probability": 0.483642578125}, {"start": 3508.77, "end": 3509.37, "word": " community,", "probability": 0.9365234375}, {"start": 3510.49, "end": 3510.77, "word": " to", "probability": 0.83544921875}, {"start": 3510.77, "end": 3511.19, "word": " the", "probability": 0.92138671875}, {"start": 3511.19, "end": 3511.67, "word": " effects", "probability": 0.8740234375}, {"start": 3511.67, "end": 3512.05, "word": " of", "probability": 0.96826171875}, {"start": 3512.05, "end": 3512.25, "word": " a", "probability": 0.5732421875}, {"start": 3512.25, "end": 3512.85, "word": " price", "probability": 0.92041015625}, {"start": 3512.85, "end": 3514.17, "word": " ceiling", "probability": 0.93212890625}, {"start": 3514.17, "end": 3515.41, "word": " on", "probability": 0.91357421875}, {"start": 3515.41, "end": 3515.75, "word": " the", "probability": 0.9140625}, {"start": 3515.75, "end": 3516.53, "word": " consumer", "probability": 0.8017578125}, {"start": 3516.53, "end": 3516.99, "word": " surplus", "probability": 0.9384765625}, {"start": 3516.99, "end": 3517.19, "word": " and", "probability": 0.912109375}, {"start": 3517.19, "end": 3517.29, "word": " the", "probability": 0.765625}, {"start": 3517.29, "end": 3517.61, "word": " producer", "probability": 0.7392578125}, {"start": 3517.61, "end": 3518.09, "word": " surplus.", "probability": 0.93896484375}, {"start": 3519.89, "end": 3520.59, "word": " Let's", "probability": 0.974853515625}, {"start": 3520.59, "end": 3520.79, "word": " come", "probability": 0.78564453125}, {"start": 3520.79, "end": 3521.15, "word": " back", "probability": 0.8720703125}, {"start": 3521.15, "end": 3522.31, "word": " to", "probability": 0.95947265625}, {"start": 3522.31, "end": 3522.87, "word": " the", "probability": 0.92724609375}, {"start": 3522.87, "end": 3524.11, "word": " example.", "probability": 0.98291015625}], "temperature": 1.0}, {"id": 125, "seek": 354636, "start": 3526.38, "end": 3546.36, "text": " This is the effects of a price ceiling policy on the consumer surplus and producer surplus. Price, quantity, demand, supply. This is the original situation, point A.", "tokens": [639, 307, 264, 5065, 295, 257, 3218, 13655, 3897, 322, 264, 9711, 31019, 293, 12314, 31019, 13, 25803, 11, 11275, 11, 4733, 11, 5847, 13, 639, 307, 264, 3380, 2590, 11, 935, 316, 13], "avg_logprob": -0.2148437431880406, "compression_ratio": 1.3495934959349594, "no_speech_prob": 0.0, "words": [{"start": 3526.38, "end": 3526.64, "word": " This", "probability": 0.765625}, {"start": 3526.64, "end": 3526.86, "word": " is", "probability": 0.92529296875}, {"start": 3526.86, "end": 3527.14, "word": " the", "probability": 0.921875}, {"start": 3527.14, "end": 3527.64, "word": " effects", "probability": 0.76025390625}, {"start": 3527.64, "end": 3527.96, "word": " of", "probability": 0.953125}, {"start": 3527.96, "end": 3528.1, "word": " a", "probability": 0.5263671875}, {"start": 3528.1, "end": 3528.42, "word": " price", "probability": 0.89599609375}, {"start": 3528.42, "end": 3528.74, "word": " ceiling", "probability": 0.953125}, {"start": 3528.74, "end": 3529.42, "word": " policy", "probability": 0.88671875}, {"start": 3529.42, "end": 3529.8, "word": " on", "probability": 0.79052734375}, {"start": 3529.8, "end": 3529.92, "word": " the", "probability": 0.88818359375}, {"start": 3529.92, "end": 3530.46, "word": " consumer", "probability": 0.51806640625}, {"start": 3530.46, "end": 3530.82, "word": " surplus", "probability": 0.5478515625}, {"start": 3530.82, "end": 3531.06, "word": " and", "probability": 0.7421875}, {"start": 3531.06, "end": 3531.42, "word": " producer", "probability": 0.498291015625}, {"start": 3531.42, "end": 3531.82, "word": " surplus.", "probability": 0.958984375}, {"start": 3532.58, "end": 3533.3, "word": " Price,", "probability": 0.900390625}, {"start": 3534.26, "end": 3535.18, "word": " quantity,", "probability": 0.8544921875}, {"start": 3538.84, "end": 3539.3, "word": " demand,", "probability": 0.92529296875}, {"start": 3541.4, "end": 3541.84, "word": " supply.", "probability": 0.9443359375}, {"start": 3543.74, "end": 3543.98, "word": " This", "probability": 0.875}, {"start": 3543.98, "end": 3544.08, "word": " is", "probability": 0.94189453125}, {"start": 3544.08, "end": 3544.2, "word": " the", "probability": 0.908203125}, {"start": 3544.2, "end": 3544.56, "word": " original", "probability": 0.9560546875}, {"start": 3544.56, "end": 3545.24, "word": " situation,", "probability": 0.93310546875}, {"start": 3545.8, "end": 3546.0, "word": " point", "probability": 0.86279296875}, {"start": 3546.0, "end": 3546.36, "word": " A.", "probability": 0.87646484375}], "temperature": 1.0}, {"id": 126, "seek": 358325, "start": 3553.87, "end": 3583.25, "text": " The effective price ceiling, where do we put it? Below or above equilibrium? Below. The effective price ceiling below equilibrium. The price ceiling. The effective price ceiling. Let's assume here,", "tokens": [440, 4942, 3218, 13655, 11, 689, 360, 321, 829, 309, 30, 36261, 420, 3673, 15625, 30, 36261, 13, 440, 4942, 3218, 13655, 2507, 15625, 13, 440, 3218, 13655, 13, 440, 4942, 3218, 13655, 13, 961, 311, 6552, 510, 11], "avg_logprob": -0.28671874925494195, "compression_ratio": 1.8333333333333333, "no_speech_prob": 0.0, "words": [{"start": 3553.87, "end": 3554.13, "word": " The", "probability": 0.7314453125}, {"start": 3554.13, "end": 3554.65, "word": " effective", "probability": 0.83154296875}, {"start": 3554.65, "end": 3555.55, "word": " price", "probability": 0.95166015625}, {"start": 3555.55, "end": 3556.07, "word": " ceiling,", "probability": 0.982421875}, {"start": 3556.25, "end": 3556.43, "word": " where", "probability": 0.748046875}, {"start": 3556.43, "end": 3556.51, "word": " do", "probability": 0.44677734375}, {"start": 3556.51, "end": 3556.59, "word": " we", "probability": 0.88623046875}, {"start": 3556.59, "end": 3556.83, "word": " put", "probability": 0.77783203125}, {"start": 3556.83, "end": 3556.99, "word": " it?", "probability": 0.8681640625}, {"start": 3557.57, "end": 3557.97, "word": " Below", "probability": 0.927734375}, {"start": 3557.97, "end": 3558.29, "word": " or", "probability": 0.9111328125}, {"start": 3558.29, "end": 3558.73, "word": " above", "probability": 0.95947265625}, {"start": 3558.73, "end": 3559.25, "word": " equilibrium?", "probability": 0.896484375}, {"start": 3560.07, "end": 3560.41, "word": " Below.", "probability": 0.927734375}, {"start": 3561.15, "end": 3561.25, "word": " The", "probability": 0.162353515625}, {"start": 3561.25, "end": 3564.83, "word": " effective", "probability": 0.46923828125}, {"start": 3564.83, "end": 3565.47, "word": " price", "probability": 0.9140625}, {"start": 3565.47, "end": 3566.13, "word": " ceiling", "probability": 0.95751953125}, {"start": 3566.13, "end": 3568.83, "word": " below", "probability": 0.435791015625}, {"start": 3568.83, "end": 3571.25, "word": " equilibrium.", "probability": 0.9453125}, {"start": 3572.45, "end": 3572.89, "word": " The", "probability": 0.31005859375}, {"start": 3572.89, "end": 3573.43, "word": " price", "probability": 0.541015625}, {"start": 3573.43, "end": 3574.41, "word": " ceiling.", "probability": 0.9560546875}, {"start": 3576.01, "end": 3576.11, "word": " The", "probability": 0.62646484375}, {"start": 3576.11, "end": 3576.43, "word": " effective", "probability": 0.763671875}, {"start": 3576.43, "end": 3576.85, "word": " price", "probability": 0.916015625}, {"start": 3576.85, "end": 3577.19, "word": " ceiling.", "probability": 0.96435546875}, {"start": 3581.77, "end": 3582.65, "word": " Let's", "probability": 0.91357421875}, {"start": 3582.65, "end": 3582.99, "word": " assume", "probability": 0.89501953125}, {"start": 3582.99, "end": 3583.25, "word": " here,", "probability": 0.853515625}], "temperature": 1.0}, {"id": 127, "seek": 361243, "start": 3584.23, "end": 3612.43, "text": " We have different areas, A, B, C, D, E. What else? That's it. Okay. So before the price ceiling, before the price ceiling, and after the price ceiling, and the changes or the impacts on the", "tokens": [492, 362, 819, 3179, 11, 316, 11, 363, 11, 383, 11, 413, 11, 462, 13, 708, 1646, 30, 663, 311, 309, 13, 1033, 13, 407, 949, 264, 3218, 13655, 11, 949, 264, 3218, 13655, 11, 293, 934, 264, 3218, 13655, 11, 293, 264, 2962, 420, 264, 11606, 322, 264], "avg_logprob": -0.16671875447034837, "compression_ratio": 1.5447154471544715, "no_speech_prob": 0.0, "words": [{"start": 3584.23, "end": 3584.55, "word": " We", "probability": 0.57568359375}, {"start": 3584.55, "end": 3585.13, "word": " have", "probability": 0.94482421875}, {"start": 3585.13, "end": 3585.43, "word": " different", "probability": 0.87548828125}, {"start": 3585.43, "end": 3585.91, "word": " areas,", "probability": 0.94873046875}, {"start": 3586.17, "end": 3586.45, "word": " A,", "probability": 0.91015625}, {"start": 3586.97, "end": 3588.45, "word": " B,", "probability": 0.96533203125}, {"start": 3588.99, "end": 3589.27, "word": " C,", "probability": 0.9951171875}, {"start": 3589.71, "end": 3590.11, "word": " D,", "probability": 0.99609375}, {"start": 3590.81, "end": 3591.21, "word": " E.", "probability": 0.88330078125}, {"start": 3591.61, "end": 3591.77, "word": " What", "probability": 0.662109375}, {"start": 3591.77, "end": 3592.11, "word": " else?", "probability": 0.93408203125}, {"start": 3592.27, "end": 3592.51, "word": " That's", "probability": 0.9453125}, {"start": 3592.51, "end": 3592.71, "word": " it.", "probability": 0.95556640625}, {"start": 3593.19, "end": 3593.37, "word": " Okay.", "probability": 0.78564453125}, {"start": 3596.47, "end": 3596.85, "word": " So", "probability": 0.9541015625}, {"start": 3596.85, "end": 3598.03, "word": " before", "probability": 0.5322265625}, {"start": 3598.03, "end": 3599.21, "word": " the", "probability": 0.791015625}, {"start": 3599.21, "end": 3599.53, "word": " price", "probability": 0.93701171875}, {"start": 3599.53, "end": 3599.95, "word": " ceiling,", "probability": 0.943359375}, {"start": 3601.17, "end": 3602.23, "word": " before", "probability": 0.7939453125}, {"start": 3602.23, "end": 3603.05, "word": " the", "probability": 0.92529296875}, {"start": 3603.05, "end": 3603.47, "word": " price", "probability": 0.9130859375}, {"start": 3603.47, "end": 3604.15, "word": " ceiling,", "probability": 0.9443359375}, {"start": 3604.79, "end": 3605.87, "word": " and", "probability": 0.93994140625}, {"start": 3605.87, "end": 3606.29, "word": " after", "probability": 0.8193359375}, {"start": 3606.29, "end": 3606.51, "word": " the", "probability": 0.9248046875}, {"start": 3606.51, "end": 3606.81, "word": " price", "probability": 0.91357421875}, {"start": 3606.81, "end": 3607.29, "word": " ceiling,", "probability": 0.9501953125}, {"start": 3608.67, "end": 3609.29, "word": " and", "probability": 0.9111328125}, {"start": 3609.29, "end": 3609.51, "word": " the", "probability": 0.91162109375}, {"start": 3609.51, "end": 3609.93, "word": " changes", "probability": 0.89990234375}, {"start": 3609.93, "end": 3610.29, "word": " or", "probability": 0.8828125}, {"start": 3610.29, "end": 3610.45, "word": " the", "probability": 0.916015625}, {"start": 3610.45, "end": 3611.05, "word": " impacts", "probability": 0.88623046875}, {"start": 3611.05, "end": 3612.19, "word": " on", "probability": 0.8115234375}, {"start": 3612.19, "end": 3612.43, "word": " the", "probability": 0.92626953125}], "temperature": 1.0}, {"id": 128, "seek": 364253, "start": 3613.59, "end": 3642.53, "text": " Community, consumers, and producer surpluses. Okay? Before. Before. How much is the consumer surplus? Consumer surplus area A, right? Producer surplus area A and B. After. What happened to consumer surplus? Producer surplus A. 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Positive A. Producer surplus. E and B. E plus B.", "tokens": [39494, 31019, 949, 1859, 316, 13, 46326, 316, 13, 33034, 31019, 13, 462, 293, 363, 13, 462, 1804, 363, 13], "avg_logprob": -0.2847842375437419, "compression_ratio": 1.125, "no_speech_prob": 0.0, "words": [{"start": 3643.7, "end": 3644.14, "word": " Consumer", "probability": 0.83251953125}, {"start": 3644.14, "end": 3644.46, "word": " surplus", "probability": 0.2261962890625}, {"start": 3644.46, "end": 3656.84, "word": " before", "probability": 0.5478515625}, {"start": 3656.84, "end": 3658.72, "word": " area", "probability": 0.7451171875}, {"start": 3658.72, "end": 3659.06, "word": " A.", "probability": 0.9189453125}, {"start": 3660.24, "end": 3661.16, "word": " Positive", "probability": 0.751953125}, {"start": 3661.16, "end": 3661.64, "word": " A.", "probability": 0.96240234375}, {"start": 3663.08, "end": 3663.64, "word": " Producer", "probability": 0.61328125}, {"start": 3663.64, "end": 3664.26, "word": " surplus.", "probability": 0.95654296875}, {"start": 3665.88, "end": 3666.26, "word": " E", "probability": 0.89990234375}, {"start": 3666.26, "end": 3667.46, "word": " and", "probability": 0.88427734375}, {"start": 3667.46, "end": 3667.84, "word": " B.", "probability": 0.9775390625}, {"start": 3668.04, "end": 3668.3, "word": " E", "probability": 0.9912109375}, {"start": 3668.3, "end": 3668.68, "word": " plus", "probability": 0.90771484375}, {"start": 3668.68, "end": 3669.0, "word": " B.", "probability": 0.99755859375}], "temperature": 1.0}, {"id": 130, "seek": 369979, "start": 3672.23, "end": 3699.79, "text": " A plus, positive. Positive A, positive B. That's it. After setting the price ceiling here, how much is the new consumer surplus?", "tokens": [316, 1804, 11, 3353, 13, 46326, 316, 11, 3353, 363, 13, 663, 311, 309, 13, 2381, 3287, 264, 3218, 13655, 510, 11, 577, 709, 307, 264, 777, 9711, 31019, 30], "avg_logprob": -0.3495463728904724, "compression_ratio": 1.2285714285714286, "no_speech_prob": 0.0, "words": [{"start": 3672.23, "end": 3672.49, "word": " A", "probability": 0.55615234375}, {"start": 3672.49, "end": 3672.71, "word": " plus,", "probability": 0.7255859375}, {"start": 3672.91, "end": 3673.39, "word": " positive.", "probability": 0.91455078125}, {"start": 3674.59, "end": 3675.19, "word": " Positive", "probability": 0.1463623046875}, {"start": 3675.19, "end": 3684.15, "word": " A,", "probability": 0.802734375}, {"start": 3686.77, "end": 3687.67, "word": " positive", "probability": 0.4501953125}, {"start": 3687.67, "end": 3688.15, "word": " B.", "probability": 0.9306640625}, {"start": 3688.65, "end": 3688.83, "word": " That's", "probability": 0.6754150390625}, {"start": 3688.83, "end": 3689.13, "word": " it.", "probability": 0.939453125}, {"start": 3692.85, "end": 3693.81, "word": " After", "probability": 0.701171875}, {"start": 3693.81, "end": 3694.53, "word": " setting", "probability": 0.896484375}, {"start": 3694.53, "end": 3694.79, "word": " the", "probability": 0.88720703125}, {"start": 3694.79, "end": 3695.17, "word": " price", "probability": 0.91162109375}, {"start": 3695.17, "end": 3695.67, "word": " ceiling", "probability": 0.9697265625}, {"start": 3695.67, "end": 3696.07, "word": " here,", "probability": 0.83349609375}, {"start": 3697.11, "end": 3697.69, "word": " how", "probability": 0.8642578125}, {"start": 3697.69, "end": 3698.01, "word": " much", "probability": 0.91748046875}, {"start": 3698.01, "end": 3698.31, "word": " is", "probability": 0.92431640625}, {"start": 3698.31, "end": 3698.53, "word": " the", "probability": 0.88134765625}, {"start": 3698.53, "end": 3698.83, "word": " new", "probability": 0.89404296875}, {"start": 3698.83, "end": 3699.51, "word": " consumer", "probability": 0.8291015625}, {"start": 3699.51, "end": 3699.79, "word": " surplus?", "probability": 0.28466796875}], "temperature": 1.0}, {"id": 131, "seek": 372604, "start": 3701.8, "end": 3726.04, "text": " A, B, C, D. Consumer surplus, the new consumer surplus, A, B plus C plus D. All right. Okay. What about the producer surplus? It's just E.", "tokens": [316, 11, 363, 11, 383, 11, 413, 13, 39494, 31019, 11, 264, 777, 9711, 31019, 11, 316, 11, 363, 1804, 383, 1804, 413, 13, 1057, 558, 13, 1033, 13, 708, 466, 264, 12314, 31019, 30, 467, 311, 445, 462, 13], "avg_logprob": -0.2187500058150873, "compression_ratio": 1.275229357798165, "no_speech_prob": 0.0, "words": [{"start": 3701.8, "end": 3702.14, "word": " A,", "probability": 0.330810546875}, {"start": 3702.22, "end": 3702.38, "word": " B,", "probability": 0.90185546875}, {"start": 3702.48, "end": 3702.58, "word": " C,", "probability": 0.9951171875}, {"start": 3702.68, "end": 3702.94, "word": " D.", "probability": 0.98974609375}, {"start": 3706.34, "end": 3706.94, "word": " Consumer", "probability": 0.2108154296875}, {"start": 3706.94, "end": 3709.18, "word": " surplus,", "probability": 0.951171875}, {"start": 3709.4, "end": 3709.54, "word": " the", "probability": 0.90087890625}, {"start": 3709.54, "end": 3709.76, "word": " new", "probability": 0.91845703125}, {"start": 3709.76, "end": 3710.26, "word": " consumer", "probability": 0.8251953125}, {"start": 3710.26, "end": 3710.88, "word": " surplus,", "probability": 0.9091796875}, {"start": 3711.82, "end": 3712.12, "word": " A,", "probability": 0.62451171875}, {"start": 3712.22, "end": 3712.4, "word": " B", "probability": 0.955078125}, {"start": 3712.4, "end": 3715.98, "word": " plus", "probability": 0.490478515625}, {"start": 3715.98, "end": 3716.72, "word": " C", "probability": 0.9765625}, {"start": 3716.72, "end": 3717.28, "word": " plus", "probability": 0.9208984375}, {"start": 3717.28, "end": 3717.94, "word": " D.", "probability": 0.998046875}, {"start": 3720.5, "end": 3720.74, "word": " All", "probability": 0.58349609375}, {"start": 3720.74, "end": 3721.08, "word": " right.", "probability": 0.91552734375}, {"start": 3721.38, "end": 3721.54, "word": " Okay.", "probability": 0.740234375}, {"start": 3722.52, "end": 3722.8, "word": " What", "probability": 0.82666015625}, {"start": 3722.8, "end": 3722.98, "word": " about", "probability": 0.900390625}, {"start": 3722.98, "end": 3723.12, "word": " the", "probability": 0.9072265625}, {"start": 3723.12, "end": 3723.44, "word": " producer", "probability": 0.72119140625}, {"start": 3723.44, "end": 3723.86, "word": " surplus?", "probability": 0.90771484375}, {"start": 3724.94, "end": 3725.32, "word": " It's", "probability": 0.902587890625}, {"start": 3725.32, "end": 3725.64, "word": " just", "probability": 0.92919921875}, {"start": 3725.64, "end": 3726.04, "word": " E.", "probability": 0.96435546875}], "temperature": 1.0}, {"id": 132, "seek": 375477, "start": 3731.03, "end": 3754.77, "text": " The sum of these A's becomes A plus B plus C plus D plus E. Right? Look at the changes. After minus before. These are the minuses. So A minus A goes together. Right?", "tokens": [440, 2408, 295, 613, 316, 311, 3643, 316, 1804, 363, 1804, 383, 1804, 413, 1804, 462, 13, 1779, 30, 2053, 412, 264, 2962, 13, 2381, 3175, 949, 13, 1981, 366, 264, 3175, 279, 13, 407, 316, 3175, 316, 1709, 1214, 13, 1779, 30], "avg_logprob": -0.5184658941897479, "compression_ratio": 1.3949579831932772, "no_speech_prob": 0.0, "words": [{"start": 3731.03, "end": 3731.29, "word": " The", "probability": 0.225341796875}, {"start": 3731.29, "end": 3731.47, "word": " sum", "probability": 0.15234375}, {"start": 3731.47, "end": 3731.73, "word": " of", "probability": 0.8955078125}, {"start": 3731.73, "end": 3731.79, "word": " these", "probability": 0.640625}, {"start": 3731.79, "end": 3732.13, "word": " A's", "probability": 0.4049072265625}, {"start": 3732.13, "end": 3732.39, "word": " becomes", "probability": 0.2626953125}, {"start": 3732.39, "end": 3733.73, "word": " A", "probability": 0.5673828125}, {"start": 3733.73, "end": 3734.55, "word": " plus", "probability": 0.351806640625}, {"start": 3734.55, "end": 3735.01, "word": " B", "probability": 0.9912109375}, {"start": 3735.01, "end": 3735.45, "word": " plus", "probability": 0.94775390625}, {"start": 3735.45, "end": 3735.99, "word": " C", "probability": 0.98828125}, {"start": 3735.99, "end": 3736.49, "word": " plus", "probability": 0.9541015625}, {"start": 3736.49, "end": 3737.07, "word": " D", "probability": 0.9892578125}, {"start": 3737.07, "end": 3737.61, "word": " plus", "probability": 0.953125}, {"start": 3737.61, "end": 3738.27, "word": " E.", "probability": 0.9951171875}, {"start": 3739.41, "end": 3739.55, "word": " Right?", "probability": 0.493408203125}, {"start": 3741.01, "end": 3741.51, "word": " Look", "probability": 0.368408203125}, {"start": 3741.51, "end": 3741.55, "word": " at", "probability": 0.92333984375}, {"start": 3741.55, "end": 3741.75, "word": " the", "probability": 0.76513671875}, {"start": 3741.75, "end": 3742.23, "word": " changes.", "probability": 0.74658203125}, {"start": 3742.97, "end": 3743.67, "word": " After", "probability": 0.75927734375}, {"start": 3743.67, "end": 3744.11, "word": " minus", "probability": 0.61181640625}, {"start": 3744.11, "end": 3744.65, "word": " before.", "probability": 0.87060546875}, {"start": 3745.45, "end": 3745.63, "word": " These", "probability": 0.537109375}, {"start": 3745.63, "end": 3745.71, "word": " are", "probability": 0.7685546875}, {"start": 3745.71, "end": 3745.81, "word": " the", "probability": 0.50244140625}, {"start": 3745.81, "end": 3746.15, "word": " minuses.", "probability": 0.3729248046875}, {"start": 3747.87, "end": 3748.79, "word": " So", "probability": 0.346435546875}, {"start": 3748.79, "end": 3749.95, "word": " A", "probability": 0.315185546875}, {"start": 3749.95, "end": 3751.49, "word": " minus", "probability": 0.9375}, {"start": 3751.49, "end": 3751.89, "word": " A", "probability": 0.94921875}, {"start": 3751.89, "end": 3752.89, "word": " goes", "probability": 0.22216796875}, {"start": 3752.89, "end": 3753.27, "word": " together.", "probability": 0.6123046875}, {"start": 3754.61, "end": 3754.77, "word": " Right?", "probability": 0.8642578125}], "temperature": 1.0}, {"id": 133, "seek": 378673, "start": 3757.93, "end": 3786.73, "text": " It remains positive B, positive C, positive D. Right? Correct? Yes. No, the second minus the first. It works like this. What is this? Positive A, positive B, positive C, positive D. All minus A. Right? This goes with it. This is like this. It remains these. Okay? Okay. This is minus these.", "tokens": [467, 7023, 3353, 363, 11, 3353, 383, 11, 3353, 413, 13, 1779, 30, 12753, 30, 1079, 13, 883, 11, 264, 1150, 3175, 264, 700, 13, 467, 1985, 411, 341, 13, 708, 307, 341, 30, 46326, 316, 11, 3353, 363, 11, 3353, 383, 11, 3353, 413, 13, 1057, 3175, 316, 13, 1779, 30, 639, 1709, 365, 309, 13, 639, 307, 411, 341, 13, 467, 7023, 613, 13, 1033, 30, 1033, 13, 639, 307, 3175, 613, 13], "avg_logprob": -0.4514802737455619, "compression_ratio": 1.830188679245283, "no_speech_prob": 0.0, "words": [{"start": 3757.93, "end": 3758.13, "word": " It", "probability": 0.255615234375}, {"start": 3758.13, "end": 3758.25, "word": " remains", "probability": 0.311279296875}, {"start": 3758.25, "end": 3758.97, "word": " positive", "probability": 0.69189453125}, {"start": 3758.97, "end": 3759.33, "word": " B,", "probability": 0.72314453125}, {"start": 3759.59, "end": 3760.19, "word": " positive", "probability": 0.8876953125}, {"start": 3760.19, "end": 3760.55, "word": " C,", 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3788.2, "end": 3817.64, "text": " Minus B. Right? Because this is positive E minus E minus B. It turned out to be minus B. How did we get all the science? We say this plus this. This plus this. This plus this. No, positive. Right? Because this logic is like this,", "tokens": [2829, 301, 363, 13, 1779, 30, 1436, 341, 307, 3353, 462, 3175, 462, 3175, 363, 13, 467, 3574, 484, 281, 312, 3175, 363, 13, 1012, 630, 321, 483, 439, 264, 3497, 30, 492, 584, 341, 1804, 341, 13, 639, 1804, 341, 13, 639, 1804, 341, 13, 883, 11, 3353, 13, 1779, 30, 1436, 341, 9952, 307, 411, 341, 11], "avg_logprob": -0.5697916905085246, "compression_ratio": 1.6546762589928057, "no_speech_prob": 0.0, "words": [{"start": 3788.2, "end": 3788.74, "word": " Minus", "probability": 0.77685546875}, {"start": 3788.74, "end": 3789.04, "word": " B.", "probability": 0.44921875}, {"start": 3789.54, "end": 3790.18, "word": " Right?", "probability": 0.2491455078125}, {"start": 3790.88, "end": 3791.5, "word": " Because", "probability": 0.791015625}, {"start": 3791.5, "end": 3791.88, "word": " this", "probability": 0.64697265625}, {"start": 3791.88, "end": 3792.08, "word": " is", "probability": 0.288818359375}, {"start": 3792.08, "end": 3792.64, "word": " positive", "probability": 0.81787109375}, {"start": 3792.64, "end": 3792.94, "word": " E", "probability": 0.64453125}, {"start": 3792.94, "end": 3793.82, "word": " minus", "probability": 0.51513671875}, {"start": 3793.82, "end": 3794.14, "word": " E", "probability": 0.5458984375}, {"start": 3794.14, "end": 3794.42, "word": " minus", "probability": 0.98193359375}, {"start": 3794.42, "end": 3794.82, "word": " B.", "probability": 0.9892578125}, {"start": 3795.44, "end": 3795.5, "word": " It", "probability": 0.23046875}, {"start": 3795.5, "end": 3795.52, "word": " turned", "probability": 0.25341796875}, {"start": 3795.52, "end": 3795.64, "word": " out", "probability": 0.8837890625}, {"start": 3795.64, "end": 3795.72, "word": " to", "probability": 0.6005859375}, {"start": 3795.72, "end": 3795.72, "word": " be", "probability": 0.9580078125}, {"start": 3795.72, "end": 3795.96, "word": " minus", "probability": 0.88671875}, {"start": 3795.96, "end": 3796.26, "word": " B.", "probability": 0.97314453125}, {"start": 3797.86, "end": 3798.36, "word": " How", "probability": 0.861328125}, {"start": 3798.36, "end": 3798.56, "word": " did", "probability": 0.33154296875}, {"start": 3798.56, "end": 3798.72, "word": " we", "probability": 0.88720703125}, {"start": 3798.72, "end": 3799.02, "word": " get", "probability": 0.1346435546875}, {"start": 3799.02, "end": 3799.48, "word": " all", "probability": 0.319580078125}, {"start": 3799.48, "end": 3799.48, "word": " the", "probability": 0.35400390625}, {"start": 3799.48, "end": 3799.48, "word": " science?", "probability": 0.1202392578125}, {"start": 3799.56, "end": 3799.7, "word": " We", "probability": 0.69482421875}, {"start": 3799.7, "end": 3799.86, "word": " say", "probability": 0.3642578125}, {"start": 3799.86, "end": 3800.14, "word": " this", "probability": 0.69140625}, {"start": 3800.14, "end": 3800.36, "word": " plus", "probability": 0.59716796875}, {"start": 3800.36, "end": 3800.68, "word": " this.", "probability": 0.8095703125}, {"start": 3801.6, "end": 3802.24, "word": " This", "probability": 0.70361328125}, {"start": 3802.24, "end": 3802.56, "word": " plus", "probability": 0.830078125}, {"start": 3802.56, "end": 3802.82, "word": " this.", "probability": 0.65673828125}, {"start": 3803.6, "end": 3804.24, "word": " This", "probability": 0.3251953125}, {"start": 3804.24, "end": 3804.42, "word": " plus", "probability": 0.52783203125}, {"start": 3804.42, "end": 3805.46, "word": " this.", "probability": 0.65234375}, {"start": 3805.66, "end": 3805.84, "word": " No,", "probability": 0.55712890625}, {"start": 3805.96, "end": 3806.28, "word": " positive.", "probability": 0.84130859375}, {"start": 3810.06, "end": 3810.7, "word": " Right?", "probability": 0.389404296875}, {"start": 3815.42, "end": 3816.06, "word": " Because", "probability": 0.63037109375}, {"start": 3816.06, "end": 3816.72, "word": " this", "probability": 0.303466796875}, {"start": 3816.72, "end": 3817.16, "word": " logic", "probability": 0.61962890625}, {"start": 3817.16, "end": 3817.28, "word": " is", "probability": 0.458740234375}, {"start": 3817.28, "end": 3817.34, "word": " like", "probability": 0.314453125}, {"start": 3817.34, "end": 3817.64, "word": " this,", "probability": 0.6982421875}], "temperature": 1.0}, {"id": 135, "seek": 382685, "start": 3821.95, "end": 3826.85, "text": " Positive C, positive D. Net welfare gains. Okay.", "tokens": [46326, 383, 11, 3353, 413, 13, 6188, 17788, 16823, 13, 1033, 13], "avg_logprob": -0.47295674910912144, "compression_ratio": 0.98, "no_speech_prob": 0.0, "words": [{"start": 3821.95, "end": 3822.43, "word": " Positive", "probability": 0.623046875}, {"start": 3822.43, "end": 3822.77, "word": " C,", "probability": 0.63134765625}, {"start": 3822.93, "end": 3823.29, "word": " positive", "probability": 0.84912109375}, {"start": 3823.29, "end": 3823.57, "word": " D.", "probability": 0.76171875}, {"start": 3823.85, "end": 3824.01, "word": " Net", "probability": 0.325927734375}, {"start": 3824.01, "end": 3824.35, "word": " welfare", "probability": 0.908203125}, {"start": 3824.35, "end": 3825.13, "word": " gains.", "probability": 0.76904296875}, {"start": 3826.53, "end": 3826.85, "word": " Okay.", "probability": 0.53662109375}], "temperature": 1.0}], "language": "en", "language_probability": 1.0, "duration": 3836.0525, "duration_after_vad": 3507.453124999982} \ No newline at end of file diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/TG8ZRUadRls.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/TG8ZRUadRls.srt new file mode 100644 index 0000000000000000000000000000000000000000..f90e2f4434c9b01a62755d4fac83ac9cd99b60bb --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/TG8ZRUadRls.srt @@ -0,0 +1,1958 @@ + +1 +00:00:20,080 --> 00:00:22,620 +Okay, bismillahirrahmanirrahim. Today, inshallah, + +2 +00:00:22,720 --> 00:00:25,100 +we are going to start a chapter which is the + +3 +00:00:25,100 --> 00:00:33,920 +analysis of cost. Analysis of + +4 +00:00:33,920 --> 00:00:34,400 +cost. + +5 +00:00:38,840 --> 00:00:41,860 +In this chapter, we will study the different types + +6 +00:00:41,860 --> 00:00:46,200 +of cost and the relationship between the different + +7 +00:00:46,200 --> 00:00:52,770 +types of cost. To understand the idea of the cost, + +8 +00:00:53,850 --> 00:00:58,330 +let's have the following example. Assume or + +9 +00:00:58,330 --> 00:01:04,250 +suppose that someone has a blocks manufacturing + +10 +00:01:04,250 --> 00:01:12,370 +unit, blocks manufacturing + +11 +00:01:12,370 --> 00:01:17,290 +unit. + +12 +00:01:21,980 --> 00:01:29,420 +to produce blocks. To produce blocks. To produce + +13 +00:01:29,420 --> 00:01:34,140 +blocks, we need the + +14 +00:01:34,140 --> 00:01:35,200 +following inputs. + +15 +00:01:41,340 --> 00:01:50,340 +We need cement, sand, water, + +16 +00:01:53,500 --> 00:01:54,420 +gravel. + +17 +00:01:57,720 --> 00:02:06,240 +What else? No, no, it's a new chapter. Yes. To + +18 +00:02:06,240 --> 00:02:11,560 +produce blocks, we need the following raw + +19 +00:02:11,560 --> 00:02:16,680 +materials, cement, water, sand, gravels, human + +20 +00:02:16,680 --> 00:02:21,980 +resources, workers, labor, + +21 +00:02:25,370 --> 00:02:26,130 +machines. + +22 +00:02:29,610 --> 00:02:35,970 +We have also to pay for maybe rent, land rent. We + +23 +00:02:35,970 --> 00:02:40,490 +have to pay insurance, registration, electricity. + +24 +00:02:41,770 --> 00:02:45,290 +Right? So we have to pay also for insurance. + +25 +00:02:48,950 --> 00:02:52,890 +Registration. Yes, taxes. + +26 +00:02:55,800 --> 00:02:57,440 +We need also to pay taxes. + +27 +00:03:00,880 --> 00:03:08,500 +Gravels. Hasma. We need also to pay for... Keep + +28 +00:03:08,500 --> 00:03:09,280 +silent, please. + +29 +00:03:12,240 --> 00:03:18,700 +We need also to pay for other types of costs, like + +30 +00:03:18,700 --> 00:03:23,060 +sometimes we may rent the land, so we have to pay + +31 +00:03:23,060 --> 00:03:25,320 +for rent. Rent. + +32 +00:03:32,390 --> 00:03:34,630 +Electricity, transportation. + +33 +00:03:40,090 --> 00:03:47,230 +All these types are classified as or called inputs + +34 +00:03:47,230 --> 00:03:48,250 +or costs. + +35 +00:03:50,770 --> 00:03:56,870 +In economics, we classify the costs here into + +36 +00:03:56,870 --> 00:04:04,580 +different types. Variable cost and fixed cost. The + +37 +00:04:04,580 --> 00:04:07,580 +variable cost, let us ask here about cement. + +38 +00:04:08,420 --> 00:04:14,980 +Cement is an input to produce blocks, right? To + +39 +00:04:14,980 --> 00:04:19,140 +produce 200, let us assume to produce 200 blocks, + +40 +00:04:20,780 --> 00:04:28,680 +organism of blocks, we need 20 sacks of cement + +41 +00:04:29,890 --> 00:04:37,510 +sand, water, gravels, and two workers. Are these + +42 +00:04:37,510 --> 00:04:42,410 +here, cement, water, sand, gravels, and human + +43 +00:04:42,410 --> 00:04:49,250 +resources here, are these costs variable or fixed? + +44 +00:04:50,250 --> 00:04:55,070 +Which means if we need to produce more blocks, + +45 +00:04:56,140 --> 00:05:00,160 +additional units of blocks. We need more cement. + +46 +00:05:00,540 --> 00:05:04,960 +We need more gravels. We need more sand. Which + +47 +00:05:04,960 --> 00:05:10,740 +means these costs are variable, interchangeable. + +48 +00:05:12,240 --> 00:05:15,800 +When we produce more, when we want to produce more + +49 +00:05:15,800 --> 00:05:20,530 +blocks, we need more cement, more water, more + +50 +00:05:20,530 --> 00:05:27,010 +electricity. So these types of costs are called + +51 +00:05:27,010 --> 00:05:31,770 +variable costs. We need more workers. So workers + +52 +00:05:31,770 --> 00:05:38,170 +also are classified as a variable cost, right? What + +53 +00:05:38,170 --> 00:05:46,460 +else? What of these costs are classified as + +54 +00:05:46,460 --> 00:05:52,060 +variable cost. Maybe electricity, because we need + +55 +00:05:52,060 --> 00:05:55,820 +to run the generators to run the machines here. So + +56 +00:05:55,820 --> 00:05:59,960 +electricity also are classified as a variable cost, + +57 +00:06:01,200 --> 00:06:07,540 +right? No, no, no, machinery, it's an investment + +58 +00:06:07,540 --> 00:06:09,420 +cost, capital. + +59 +00:06:13,000 --> 00:06:19,300 +What about the registration for the factory? We + +60 +00:06:19,300 --> 00:06:24,620 +have to pay it either if we produce or not. Right? + +61 +00:06:24,760 --> 00:06:28,740 +One of the licenses of this factory that pays + +62 +00:06:28,740 --> 00:06:38,800 +annually, or taxes, or insurance. Rent, land rent. + +63 +00:06:40,100 --> 00:06:41,220 +One rents land. + +64 +00:06:44,540 --> 00:06:51,340 +He has to pay the rent. So rent, + +65 +00:06:52,300 --> 00:06:59,980 +insurance, registration, taxes should be paid + +66 +00:06:59,980 --> 00:07:06,500 +either you work or not. So it should be classified + +67 +00:07:06,500 --> 00:07:09,260 +as a fixed cost. Right? + +68 +00:07:12,860 --> 00:07:18,340 +The sum of the variable cost, cement, water, sand, + +69 +00:07:18,680 --> 00:07:23,760 +gravels, the wages or salaries, and electricity + +70 +00:07:23,760 --> 00:07:30,800 +here are called the total variable cost. Total + +71 +00:07:30,800 --> 00:07:34,220 +variable cost is the cost of the summation or the + +72 +00:07:34,220 --> 00:07:38,900 +sum of the cost of cement, water, sand, plus + +73 +00:07:38,900 --> 00:07:41,300 +gravels, plus human resources, wages, and + +74 +00:07:41,300 --> 00:07:45,900 +salaries, and electricity, right? So the total + +75 +00:07:45,900 --> 00:07:50,840 +variable cost, if you say total variable cost, + +76 +00:07:54,340 --> 00:08:00,880 +is the summation of the sum of total. In this + +77 +00:08:08,680 --> 00:08:09,000 +Right? + +78 +00:08:16,300 --> 00:08:23,330 +The total fixed cost is the sum of fixed cost paid + +79 +00:08:23,330 --> 00:08:29,230 +by the organization, by the company, either if we + +80 +00:08:29,230 --> 00:08:34,590 +work or not. You have the total fixed cost, TFC. + +81 +00:08:36,130 --> 00:08:43,290 +Total fixed cost equals + +82 +00:08:43,290 --> 00:08:50,700 +the summation of the cost of insurance, + +83 +00:08:50,860 --> 00:08:55,880 +registration, land rent, all right? These are + +84 +00:08:55,880 --> 00:09:00,060 +called the total fixed cost. + +85 +00:09:30,100 --> 00:09:43,400 +This is the + +86 +00:09:43,400 --> 00:09:48,570 +idea. Thank you for your comment here. The total + +87 +00:09:48,570 --> 00:09:53,910 +cost is the total variable cost plus total fixed + +88 +00:09:53,910 --> 00:09:54,350 +cost. + +89 +00:09:59,270 --> 00:10:07,230 +TC, total cost equals total fixed cost plus total + +90 +00:10:07,230 --> 00:10:08,230 +variable cost. + +91 +00:10:10,740 --> 00:10:15,940 +Right? So the total cost is the summation or the + +92 +00:10:15,940 --> 00:10:27,580 +total, the sum of all these costs. Total cost + +93 +00:10:27,580 --> 00:10:31,860 +is the total fixed cost plus total variable cost. + +94 +00:10:32,100 --> 00:10:36,990 +Total fixed cost, is the cost that paid by the + +95 +00:10:36,990 --> 00:10:42,190 +organization and doesn't change when the output + +96 +00:10:42,190 --> 00:10:43,250 +change. + +97 +00:10:45,670 --> 00:10:49,330 +Which means if the output increases, our + +98 +00:10:49,330 --> 00:10:53,350 +production increases, we have to pay the same + +99 +00:10:53,350 --> 00:10:58,490 +cost. We have to pay the same amount of insurance, + +100 +00:10:58,630 --> 00:11:01,630 +registration, land rent here in this example. + +101 +00:11:02,930 --> 00:11:10,290 +Regardless our output. Regardless if we + +102 +00:11:10,290 --> 00:11:15,790 +produce zero units. How much is, let us assume the + +103 +00:11:15,790 --> 00:11:20,470 +land rent here equals we pay monthly or annual + +104 +00:11:20,470 --> 00:11:26,580 +$1000 for rent. And for insurance, for insurance, + +105 +00:11:27,060 --> 00:11:32,540 +we pay $2,000. And for registration, about $500. + +106 +00:11:34,160 --> 00:11:42,800 +How much is the total fixed cost? TFC equals 1 + +107 +00:11:42,800 --> 00:11:44,860 +,000. + +108 +00:11:46,460 --> 00:11:53,850 +Yeah, 1,000 plus insurance, 2,000. Plus + +109 +00:11:53,850 --> 00:12:00,510 +registration 500 equals $3,500. + +110 +00:12:03,290 --> 00:12:06,790 +This is the total fixed cost. We have to pay it + +111 +00:12:06,790 --> 00:12:11,280 +regardless our output, our production. If we + +112 +00:12:11,280 --> 00:12:16,340 +produce zero quantities of blocks, we have to pay + +113 +00:12:16,340 --> 00:12:23,500 +$3,500. If we produce one million units of blocks, + +114 +00:12:23,640 --> 00:12:28,340 +we have to pay the same amount here, right? But + +115 +00:12:28,340 --> 00:12:34,520 +the total variable cost is the cost of these + +116 +00:12:34,520 --> 00:12:42,350 +units, which are exchanges. When our production + +117 +00:12:42,350 --> 00:12:47,510 +changes, right? Which means if we want to produce + +118 +00:12:47,510 --> 00:12:52,990 +more blocks, we need more cement, so the total + +119 +00:12:52,990 --> 00:12:56,350 +variable, and we need more sand, more water, so + +120 +00:12:56,350 --> 00:13:01,970 +the total variable cost will increase, right? So + +121 +00:13:01,970 --> 00:13:07,090 +let us assume that the total variable cost to + +122 +00:13:07,090 --> 00:13:07,690 +produce + +123 +00:13:11,220 --> 00:13:13,740 +1,000 units of blocks. + +124 +00:13:19,800 --> 00:13:24,520 +TVC, total variable cost to produce 1,000 blocks + +125 +00:13:24,520 --> 00:13:27,480 +equals $2,000. + +126 +00:13:31,440 --> 00:13:37,720 +To produce 1,500 blocks, we need more, TVC will + +127 +00:13:37,720 --> 00:13:45,160 +increase. Right? We will check it in different + +128 +00:13:45,160 --> 00:13:51,400 +examples now. But if we produce zero, if we + +129 +00:13:51,400 --> 00:13:56,360 +produce zero units of blocks, do we need variable + +130 +00:13:56,360 --> 00:14:00,600 +cost? Do we need cement? To produce zero from + +131 +00:14:00,600 --> 00:14:06,740 +blocks, the needed amount of cement equals zero. + +132 +00:14:09,170 --> 00:14:15,090 +So at a Q equals zero, total variable cost equals + +133 +00:14:15,090 --> 00:14:20,950 +zero as well. Right? But if we produce zero + +134 +00:14:20,950 --> 00:14:31,310 +quantities of blocks, TFC equals $3,500. Right? Let's + +135 +00:14:31,310 --> 00:14:35,490 +go to an example here. + +136 +00:14:40,180 --> 00:14:41,780 +Okay, complete the table. + +137 +00:14:45,660 --> 00:14:50,500 +Calculate, or we have the following data about the + +138 +00:14:50,500 --> 00:14:57,440 +company which produces different quantities, the + +139 +00:14:57,440 --> 00:15:03,520 +total production here. We have the total fixed + +140 +00:15:03,520 --> 00:15:06,660 +cost. As you see, total fixed cost is fixed + +141 +00:15:06,660 --> 00:15:11,420 +regardless the quantity produced. Here, when we + +142 +00:15:11,420 --> 00:15:15,260 +produce zero quantities of X, or sorry, of the + +143 +00:15:15,260 --> 00:15:18,400 +product here, the total fixed cost that we have to + +144 +00:15:18,400 --> 00:15:20,180 +pay is $60. + +145 +00:15:22,560 --> 00:15:26,540 +It's fixed regardless or as the quantity + +146 +00:15:26,540 --> 00:15:30,460 +increased, the total fixed cost is fixed here. + +147 +00:15:33,200 --> 00:15:35,920 +The total variable cost. When we produce zero + +148 +00:15:35,920 --> 00:15:40,900 +quantities of X, or the blocks here, the total + +149 +00:15:40,900 --> 00:15:44,280 +variable cost equals zero as we mentioned, which + +150 +00:15:44,280 --> 00:15:51,000 +means we don't need cement, we don't need sand, + +151 +00:15:51,120 --> 00:15:54,480 +water, and gravels, and human resources as well. + +152 +00:15:54,860 --> 00:15:58,360 +But as the quantity produced here from zero to + +153 +00:15:58,360 --> 00:16:02,470 +one, because the total variable cost increased + +154 +00:16:02,470 --> 00:16:06,610 +from 0 to 7, to 8, to 9, to 16, as you see here. + +155 +00:16:07,290 --> 00:16:13,610 +Increased gradually, right? Now we have different + +156 +00:16:13,610 --> 00:16:21,930 +formulas for the cost, the total cost. Total cost + +157 +00:16:21,930 --> 00:16:25,130 +is that TC is the total cost. + +158 +00:16:29,650 --> 00:16:35,550 +Equals total fixed cost plus total variable cost + +159 +00:16:35,550 --> 00:16:36,410 +Right? + +160 +00:16:40,450 --> 00:16:48,350 +Another variable which is average fixed cost, AFC + +161 +00:16:48,350 --> 00:16:51,550 +AFC + +162 +00:16:51,550 --> 00:16:57,490 +is the average fixed + +163 +00:16:57,490 --> 00:17:06,380 +cost. AFC equals Total Fixed Cost over Quantity + +164 +00:17:06,380 --> 00:17:14,640 +Produced. TFC over Q. Average + +165 +00:17:14,640 --> 00:17:22,440 +Variable Cost. AVC is the average variable + +166 +00:17:22,440 --> 00:17:26,220 +cost. + +167 +00:17:26,220 --> 00:17:28,540 +AVC + +168 +00:17:29,960 --> 00:17:34,320 +equals TVC over Q. We will see the applications + +169 +00:17:34,320 --> 00:17:39,460 +again. TVC over + +170 +00:17:39,460 --> 00:17:39,920 +Q. + +171 +00:17:48,920 --> 00:17:54,180 +Average total cost, average + +172 +00:17:54,180 --> 00:18:03,770 +total cost equals total cost over Q, TC over Q, or + +173 +00:18:03,770 --> 00:18:06,010 +ATC. + +174 +00:18:09,610 --> 00:18:19,650 +Now, TC, total cost, what does it equal? TFC, plus + +175 +00:18:19,650 --> 00:18:25,600 +TVC, right? Average total cost. What does it mean? + +176 +00:18:26,120 --> 00:18:29,760 +Average fixed cost plus average variable cost. + +177 +00:18:30,500 --> 00:18:31,820 +Because in the end, the whole universe is divided + +178 +00:18:31,820 --> 00:18:38,300 +by Q. Right? Again? I feel like I confirmed it. Do + +179 +00:18:38,300 --> 00:18:41,480 +you want to write it down? Okay, okay. I will + +180 +00:18:41,480 --> 00:18:43,360 +write it down. I will explain it to you here. + +181 +00:19:44,550 --> 00:19:49,610 +Total cost equals total fixed cost plus total + +182 +00:19:49,610 --> 00:19:56,560 +variable cost, right? Average fixed cost equals + +183 +00:19:56,560 --> 00:20:02,880 +TFC over Q, which means here average or total cost + +184 +00:20:02,880 --> 00:20:16,420 +equals TFC plus TVC. So 60 plus 0, 60. 67, 68, 69, + +185 +00:20:17,180 --> 00:20:20,080 +76, 90. + +186 +00:20:21,360 --> 00:20:28,220 +One hundred thirty-two. One hundred ninety-three. + +187 +00:20:29,280 --> 00:20:32,620 +How much is it here? Two hundred eighty-four. + +188 +00:20:33,860 --> 00:20:40,000 +Three hundred, or four hundred eleven. Five hundred + +189 +00:20:40,000 --> 00:20:48,180 +eighty. Right? The total cost here equals the + +190 +00:20:48,180 --> 00:20:52,380 +total fixed cost plus total variable cost. Right? + +191 +00:20:53,760 --> 00:21:04,420 +The average fixed cost equals TFC over Q. The + +192 +00:21:04,420 --> 00:21:13,400 +first point. Exactly. 60 over 1. 60. + +193 +00:21:16,320 --> 00:21:19,440 +60 over 2? 30. + +194 +00:21:22,400 --> 00:21:33,920 +60 over 3? 20. 60 over 4? 15. 60 over 5? How much + +195 +00:21:33,920 --> 00:21:41,380 +is it? 12? Yeah. 60 over 6? 10. 60 over 7? + +196 +00:21:44,340 --> 00:21:46,000 +8.5. + +197 +00:21:48,690 --> 00:21:53,650 +60 over 8. 7.5. + +198 +00:21:56,430 --> 00:21:58,530 +60 over 9. + +199 +00:22:01,070 --> 00:22:10 + +223 +00:24:50,450 --> 00:24:55,750 +this formula. ATC equals TC over Q. TC over Q. How + +224 +00:24:55,750 --> 00:25:02,770 +much is TC? 67 over 1. 67, the same result. 34. + +225 +00:25:05,890 --> 00:25:16,630 +Or 68 over 2. 34, the same result. Right? So 23, + +226 +00:25:17,070 --> 00:25:23,150 +19, 18, 22, + +227 +00:25:24,690 --> 00:25:27,030 +27.5, + +228 +00:25:29,150 --> 00:25:42,150 +35.5, How much I said? 30 or yeah, 45.6. And the + +229 +00:25:42,150 --> 00:25:47,890 +last point, the last... Exactly. Right? + +230 +00:25:50,610 --> 00:25:56,190 +What else? What about the marginal cost? We + +231 +00:25:56,190 --> 00:25:59,470 +studied before the marginal revenue, marginal + +232 +00:25:59,470 --> 00:26:05,480 +utility. And here we have the marginal cost, MC. + +233 +00:26:06,580 --> 00:26:09,900 +What about the marginal utility? Let's come back + +234 +00:26:09,900 --> 00:26:12,760 +quickly to the marginal utility. A change in total + +235 +00:26:12,760 --> 00:26:17,320 +utility over the change in quantity, right? What + +236 +00:26:17,320 --> 00:26:21,900 +about the marginal revenue, MR? Change in total + +237 +00:26:21,900 --> 00:26:25,780 +revenue over the change in quantity. What about + +238 +00:26:25,780 --> 00:26:29,240 +the marginal production of labor change? What + +239 +00:26:29,240 --> 00:26:33,260 +about the marginal cost? Exactly, yeah. So, the + +240 +00:26:33,260 --> 00:26:37,980 +marginal cost is the change in total cost over the + +241 +00:26:37,980 --> 00:26:41,720 +change in quantity produced. The same as marginal + +242 +00:26:41,720 --> 00:26:44,740 +utility, the marginal revenue, and the marginal + +243 +00:26:44,740 --> 00:26:50,920 +production of labor. So, the marginal cost equals + +244 +00:26:50,920 --> 00:26:57,840 +change in total cost over + +245 +00:26:57,840 --> 00:27:02,810 +change in quantity. Or TC2 minus TC1 over Q2 minus + +246 +00:27:02,810 --> 00:27:07,150 +CQ1. We have another formula which is marginal + +247 +00:27:07,150 --> 00:27:10,130 +cost equals the change in total variable cost over + +248 +00:27:10,130 --> 00:27:12,150 +changing quantity, the same result. + +249 +00:27:16,630 --> 00:27:22,690 +So let's calculate the marginal cost here. Let's + +250 +00:27:22,690 --> 00:27:25,690 +use this formula, change in total cost over change + +251 +00:27:25,690 --> 00:27:30,350 +in quantity produced.Change in total cost. Here is + +252 +00:27:30,350 --> 00:27:36,090 +the total cost. 67 minus 60 over 1 minus 0. + +253 +00:27:37,630 --> 00:27:38,470 +Exactly. + +254 +00:27:43,650 --> 00:27:47,530 +68 minus + +255 +00:27:47,530 --> 00:27:52,410 +67 over 2 minus 1. How much is it? One. + +256 +00:28:02,420 --> 00:28:14,920 +And then, 76 minus 69 over 4 minus 3, 7. And then, + +257 +00:28:17,140 --> 00:28:22,800 +14, and then 42, + +258 +00:28:24,920 --> 00:28:25,740 +and then + +259 +00:28:33,160 --> 00:28:40,580 +Then 91. And then 127. + +260 +00:28:43,420 --> 00:28:51,220 +And then the last one, 170, 169. + +261 +00:28:51,580 --> 00:28:58,220 +We can use this formula. Marginal cost equals + +262 +00:28:58,220 --> 00:29:00,760 +change in total variable cost over change in + +263 +00:29:00,760 --> 00:29:04,400 +quantity. We will get the same result here. So + +264 +00:29:04,400 --> 00:29:08,040 +here, we can use this formula. Change in total + +265 +00:29:08,040 --> 00:29:10,760 +variable cost over the change in quantity + +266 +00:29:10,760 --> 00:29:14,580 +produced. Seven minus zero over one minus zero. + +267 +00:29:15,560 --> 00:29:21,310 +How much is it? Seven. Eight minus seven over two + +268 +00:29:21,310 --> 00:29:26,570 +minus one, one. Nine minus eight over one, sixteen + +269 +00:29:26,570 --> 00:29:30,690 +minus nine, seven, you will have the same result. + +270 +00:29:31,490 --> 00:29:36,430 +Because total fixed cost is fixed here. So, the + +271 +00:29:36,430 --> 00:29:39,310 +change will be seen for variable cost. + +272 +00:29:42,790 --> 00:29:49,310 +Let's go to the graphs here. What do you see? We + +273 +00:29:49,310 --> 00:29:52,550 +have different comments here. We have different + +274 +00:29:52,550 --> 00:29:56,550 +comments on the table and then we will check it on + +275 +00:29:56,550 --> 00:30:02,490 +the graph. Let me say, as the quantity here + +276 +00:30:02,490 --> 00:30:08,370 +increased, the total fixed cost is fixed. The + +277 +00:30:08,370 --> 00:30:13,210 +total fixed costs are fixed. They were fixed + +278 +00:30:13,210 --> 00:30:17,290 +values. What about the total variable cost? As the + +279 +00:30:17,290 --> 00:30:20,850 +quantity produced increases, the total variable + +280 +00:30:20,850 --> 00:30:25,630 +cost increases as well, right? Which means that + +281 +00:30:25,630 --> 00:30:28,830 +there is a positive relationship between the + +282 +00:30:28,830 --> 00:30:31,510 +quantity produced and the total variable cost, + +283 +00:30:32,130 --> 00:30:39,130 +right? What about the quantity produced and the + +284 +00:30:39,130 --> 00:30:45,500 +average fixed cost? As the quantity increases, the + +285 +00:30:45,500 --> 00:30:51,260 +average fixed cost is decreasing and then, or + +286 +00:30:51,260 --> 00:30:54,240 +sorry, decreasing here, right. Yeah, yeah. Yeah, + +287 +00:30:54,260 --> 00:30:57,820 +decreasing and then, okay, decreasing, but it + +288 +00:30:57,820 --> 00:30:59,740 +never reached the zero. + +289 +00:31:15,030 --> 00:31:18,950 +What do you see? We have to pay it, but the + +290 +00:31:18,950 --> 00:31:21,770 +average fixed cost is decreasing, but it never + +291 +00:31:21,770 --> 00:31:24,870 +reaches zero. Do you know why? Let's say that the + +292 +00:31:24,870 --> 00:31:28,570 +quantity produced reaches 100 million blocks, and + +293 +00:31:28,570 --> 00:31:31,490 +I pay 60 million. How much will the average fixed + +294 +00:31:31,490 --> 00:31:34,770 +cost be? Let's assume that the quantity produced + +295 +00:31:34,770 --> 00:31:39,110 +reaches 100 million blocks. 100 million blocks. + +296 +00:31:39,510 --> 00:31:42,940 +How much will the average fixed cost be? It's + +297 +00:31:42,940 --> 00:31:47,080 +going to be 60 over 100 million. + +298 +00:31:49,300 --> 00:31:53,500 +Never reach zero because how much bus do you have? + +299 +00:31:53,700 --> 00:31:54,380 +It's positive. + +300 +00:31:57,180 --> 00:32:04,360 +Right? Right? But it's decreasing. As long as the + +301 +00:32:04,360 --> 00:32:07,380 +quantity increase, produce increase, the average + +302 +00:32:07,380 --> 00:32:10,340 +fixed cost will go down, but never reach zero + +303 +00:32:10,340 --> 00:32:12,080 +here. Okay? + +304 +00:32:21,020 --> 00:32:25,540 +All variables or factors production will be + +305 +00:32:25,540 --> 00:32:30,140 +variable. Here in this example, we are talking + +306 +00:32:30,140 --> 00:32:35,800 +about a short run, a short term. But in the long + +307 +00:32:35,800 --> 00:32:37,220 +term, + +308 +00:32:38,880 --> 00:32:42,800 +We have no fixed cost. We can change all the + +309 +00:32:42,800 --> 00:32:45,620 +factors of production. We can change all + +310 +00:32:45,620 --> 00:32:51,540 +machinery. Exactly, in the long term. So in the + +311 +00:32:51,540 --> 00:32:56,160 +long term, total fixed cost will be zero. But in + +312 +00:32:56,160 --> 00:33:00,840 +the short run, as there is total fixed cost, + +313 +00:33:03,520 --> 00:33:08,420 +The average fixed cost will still go down, but + +314 +00:33:08,420 --> 00:33:11,500 +never reach zero. But in the long-term, we have no + +315 +00:33:11,500 --> 00:33:18,800 +fixed cost, right? Okay. What about the average + +316 +00:33:18,800 --> 00:33:26,440 +variable cost? What do you see? Decline here, but + +317 +00:33:26,440 --> 00:33:30,200 +then it start to go up, average variable cost. + +318 +00:33:31,040 --> 00:33:36,000 +Here we are talking about a short run. So it has + +319 +00:33:36,000 --> 00:33:42,440 +declined here and start to go up. What about the + +320 +00:33:42,440 --> 00:33:48,340 +average total cost? Declined and + +321 +00:33:48,340 --> 00:33:53,180 +then go up. Goes up, right? The same as the + +322 +00:33:53,180 --> 00:33:57,660 +marginal cost. Goes down or went down here and + +323 +00:33:57,660 --> 00:34:09,380 +start to go up. Now let's draw the graph using + +324 +00:34:09,380 --> 00:34:12,680 +the total approach, the totals approach, and the + +325 +00:34:12,680 --> 00:34:18,900 +marginal approach. So let's go to graphs here. + +326 +00:34:36,770 --> 00:34:39,670 +Now, we are going to study the relationship + +327 +00:34:39,670 --> 00:34:46,290 +between the total cost, total variable cost, total + +328 +00:34:46,290 --> 00:34:49,270 +fixed cost, and the quantity. Here, we are talking + +329 +00:34:49,270 --> 00:34:54,290 +about the totals approach. So, we are going to + +330 +00:34:54,290 --> 00:34:57,510 +study the relationship between total fixed cost, + +331 +00:34:58,290 --> 00:35:01,870 +total variable cost, total cost, and the quantity. + +332 +00:35:09,290 --> 00:35:17,710 +Want to produce from 1 to 10, 0 to 10. + +333 +00:35:27,010 --> 00:35:38,740 +0, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10. Total fixed + +334 +00:35:38,740 --> 00:35:42,660 +cost, total variable cost, and total cost. Okay. + +335 +00:35:43,820 --> 00:35:49,940 +At Q equals zero, how much is the total fixed + +336 +00:35:49,940 --> 00:35:53,920 +cost? At Q equals zero, how much is the total + +337 +00:35:53,920 --> 00:36:02,200 +fixed cost? Sixty. At Q + +338 +00:36:02,200 --> 00:36:06,280 +equals one, how much is the total fixed cost? + +339 +00:36:06,840 --> 00:36:07,600 +Sixty. + +340 +00:36:10,960 --> 00:36:21,080 +Exactly. Total fixed cost. What about the total + +341 +00:36:21,080 --> 00:36:25,360 +cost? Quantity and total cost. So here, the total + +342 +00:36:25,360 --> 00:36:30,020 +fixed cost will be a straight line, horizontal + +343 +00:36:30,020 --> 00:36:36,720 +line. What about the quantity and total variable + +344 +00:36:36,720 --> 00:36:42,030 +cost? When q equals zero, total variable cost + +345 +00:36:42,030 --> 00:36:43,270 +equals zero as well. + +346 +00:36:46,850 --> 00:36:50,110 +Had a total variable cost. We are going to derive + +347 +00:36:50,110 --> 00:36:54,770 +and draw the total variable cost. At a quad equals + +348 +00:36:54,770 --> 00:36:57,990 +one, how much is the total variable cost? Seven. + +349 +00:36:58,550 --> 00:37:03,770 +Let's assume it is here, one here. It's an + +350 +00:37:03,770 --> 00:37:09,600 +assumption. At what equals to, how much is it? 8. + +351 +00:37:13,160 --> 00:37:15,600 +At 3, 9. + +352 +00:37:18,360 --> 00:37:21,720 +At 4, 16. + +353 +00:37:25,920 --> 00:37:28,500 +At 5, 30. + +354 +00:37:32,980 --> 00:37:34,360 +At 6, + +355 +00:37:37,010 --> 00:37:45,250 +At 6, 72. It's above 60. Let's assume it's here. + +356 +00:37:48,290 --> 00:37:52,750 +At 7, + +357 +00:37:53,310 --> 00:37:54,890 +133. + +358 +00:38:04,550 --> 00:38:06,570 +This is the total variable cost. + +359 +00:38:35,030 --> 00:38:40,790 +TBC. What about the total cost? + +360 +00:38:44,990 --> 00:38:48,590 +At Q equals zero, how much is the total cost? + +361 +00:38:49,010 --> 00:38:49,730 +Sixty. + +362 +00:38:52,730 --> 00:38:54,470 +Are you shaping? + +363 +00:38:58,270 --> 00:39:04,350 +At Q equals one, How much is the total cost? Sixty + +364 +00:39:04,350 --> 00:39:04,710 +-seven. + +365 +00:39:08,290 --> 00:39:08,370 +Two, + +366 +00:39:12,970 --> 00:39:14,110 +sixty-eight, + +367 +00:39:17,510 --> 00:39:22,770 +three, sixty-nine, seventy-six, + +368 +00:39:25,630 --> 00:39:28,390 +nine, should be here. + +369 +00:39:32,170 --> 00:39:33,030 +Total cost. + +370 +00:39:39,670 --> 00:39:51,870 +What do you see? TVC curve starts + +371 +00:39:51,870 --> 00:39:55,490 +from zero and increasing. + +372 +00:39:57,550 --> 00:40:01,090 +Which means in the short run, if the quantity + +373 +00:40:01,090 --> 00:40:04,450 +produced equals zero, the total variable cost will + +374 +00:40:04,450 --> 00:40:08,710 +be zero as well. As the quantity increased, the + +375 +00:40:08,710 --> 00:40:12,970 +total variable cost is increasing as well. Right? + +376 +00:40:13,750 --> 00:40:19,590 +What about the total fixed cost? It's fixed. In + +377 +00:40:19,590 --> 00:40:23,970 +the short term, we have a value for the total + +378 +00:40:23,970 --> 00:40:30,100 +fixed cost. It's a straight line. Right? What + +379 +00:40:30,100 --> 00:40:35,260 +about the total cost? It starts or at a Q equals + +380 +00:40:35,260 --> 00:40:40,520 +zero, total fixed cost equals the total cost. In + +381 +00:40:40,520 --> 00:40:45,680 +the short run, in the short term, at a Q equals + +382 +00:40:45,680 --> 00:40:50,800 +zero, total fixed cost equals the total cost. + +383 +00:40:58,560 --> 00:41:08,060 +You have to + +384 +00:41:08,060 --> 00:41:08,420 +think. + +385 +00:41:15,260 --> 00:41:19,200 +Assumption equals zero. + +386 +00:41:20,440 --> 00:41:25,560 +Total fixed cost equals total cost. Let us assume + +387 +00:41:25,560 --> 00:41:26,280 +that this is not given. + +388 +00:41:30,230 --> 00:41:32,570 +And the total cost equals 60. + +389 +00:41:36,230 --> 00:41:39,570 +At Q equals zero. And this is not a given either. + +390 +00:41:39,710 --> 00:41:45,610 +It's a PVC. Go ahead. How can it not remain? If + +391 +00:41:45,610 --> 00:41:49,850 +the quantity produced equals zero. The total cost + +392 +00:41:49,850 --> 00:41:53,250 +is the total fixed cost. Right? And the total + +393 +00:41:53,250 --> 00:41:55,090 +variable equals zero. In this case, the total + +394 +00:41:55,090 --> 00:41:57,950 +variable equals zero. This plus this is 60. + +395 +00:42:01,450 --> 00:42:17,390 +Which means in the long term, + +396 +00:42:17,430 --> 00:42:20,510 +total fixed cost equals zero. + +397 +00:42:37,070 --> 00:42:41,110 +In the long term, in the long term, in the long + +398 +00:42:41,110 --> 00:42:46,910 +term, all costs are variable, will be changeable, + +399 +00:42:46,970 --> 00:42:50,750 +which means yes, yes, yes, yes, yes. In the long + +400 +00:42:50,750 --> 00:42:56,650 +term, the long term is the term at which the costs + +401 +00:42:56,650 --> 00:43:00,770 +are changeable, or we can change all costs. + +402 +00:43:22,450 --> 00:43:25,550 +Our definition for the long term or the + +403 +00:43:25,550 --> 00:43:30,390 +distinction between long term and short term is + +404 +00:43:30,390 --> 00:43:36,320 +not the duration. It's the period at which we can + +405 +00:43:36,320 --> 00:43:39,020 +change all the factors of production. + +406 +00:43:54,220 --> 00:43:57,240 +How it's reformed? Short term, you can 40 days. + +407 +00:43:57,840 --> 00:44:01,840 +Long term, you can maybe a year, two years. So the + +408 +00:44:01,840 --> 00:44:05,320 +difference between short term and long term is the + +409 +00:44:05,320 --> 00:44:09,700 +period at which we can change all the factors of + +410 +00:44:09,700 --> 00:44:14,360 +production. This is the difference economically + +411 +00:44:14,360 --> 00:44:17,180 +between short term and long term in terms of + +412 +00:44:17,180 --> 00:44:17,800 +economics. + +413 +00:44:21,190 --> 00:44:24,010 +Because of this, there are two types of costs, + +414 +00:44:24,510 --> 00:44:28,590 +accounting and economic cost. We will get to this + +415 +00:44:28,590 --> 00:44:34,310 +in a while. So here, + +416 +00:44:34,530 --> 00:44:35,030 +what do you see? + +417 +00: + +445 +00:47:48,690 --> 00:47:52,470 +AVC. Right? Where does it intersect? With whose + +446 +00:47:52,470 --> 00:47:58,510 +minimum? AVC or MC? AVC. At the minimum of AVC. At + +447 +00:47:58,510 --> 00:48:09,610 +the minimum or at the least of or the minimum of + +448 +00:48:09,610 --> 00:48:18,290 +marginal cost curve. Right? Correct? Okay. What + +449 +00:48:18,290 --> 00:48:20,570 +else? ATC. + +450 +00:48:25,150 --> 00:48:28,030 +Yes, where did it stop? At the minimum for whom? + +451 +00:48:28,490 --> 00:48:31,090 +Sorry, at the minimum AVC. Thank you, thank you. + +452 +00:48:32,010 --> 00:48:41,430 +Of AVC. Number two. ATC. The same as AVC. FTC. + +453 +00:48:42,780 --> 00:48:47,100 +crosses MC at the minimum of ATC. + +454 +00:48:50,460 --> 00:48:59,000 +Sorry. AVC crosses MC at the minimum of AVC. ATC + +455 +00:48:59,000 --> 00:49:04,580 +crosses MC at the minimum of ATC. + +456 +00:49:08,430 --> 00:49:14,330 +AVC crosses MC. Crosses the least. Thank you, + +457 +00:49:14,430 --> 00:49:22,550 +thank you. AVC crosses MC. Crosses MC. + +458 +00:49:27,330 --> 00:49:33,990 +AVC crosses MC at the least. Or the minimum of + +459 +00:49:33,990 --> 00:49:38,440 +AVC. The same as for the average total cost. + +460 +00:49:40,260 --> 00:49:48,240 +Number two, ATC crosses MC + +461 +00:49:48,240 --> 00:49:57,000 +curve at the least or the minimum of ATC. + +462 +00:50:00,540 --> 00:50:03,740 +This is called the shutdown point, and this is the + +463 +00:50:03,740 --> 00:50:08,140 +break-even point. This is in the next chapter with + +464 +00:50:08,140 --> 00:50:11,520 +the chicken. Okay? Okay. What else? + +465 +00:50:15,220 --> 00:50:19,860 +As the quantity increases, or let's take this + +466 +00:50:19,860 --> 00:50:26,720 +part, at the left side of point A. At the left + +467 +00:50:26,720 --> 00:50:30,060 +side of point A, which is bigger? + +468 +00:50:32,790 --> 00:50:40,710 +AVC or MC? AVC is bigger than MC. Right? What do + +469 +00:50:40,710 --> 00:50:43,170 +you see? AVC is decreasing. + +470 +00:50:45,910 --> 00:50:54,650 +Right? When? Then three. When? AVC is bigger than + +471 +00:50:54,650 --> 00:50:59,770 +MC. AVC is decreasing. Right? + +472 +00:51:02,330 --> 00:51:08,110 +At the left side here, when the AVC is bigger than + +473 +00:51:08,110 --> 00:51:17,390 +MC, AVC is decreasing. Right side here. When MC is + +474 +00:51:17,390 --> 00:51:21,290 +bigger than AVC, AVC is decreasing, increasing. + +475 +00:51:23,690 --> 00:51:30,430 +Right? So here, at the left side, when AVC is + +476 +00:51:30,430 --> 00:51:35,310 +bigger than MC, AVC is decreasing. Right side, + +477 +00:51:35,410 --> 00:51:42,730 +right point A here. When AVC is less than MC. MC + +478 +00:51:42,730 --> 00:51:48,830 +is bigger than AVC. AVC is increasing. + +479 +00:51:51,870 --> 00:51:58,610 +That's it. So when Have the left side AVC is + +480 +00:51:58,610 --> 00:52:05,430 +bigger than MC. When AVC + +481 +00:52:05,430 --> 00:52:11,790 +is bigger than MC. When AVC is bigger than MC. + +482 +00:52:11,890 --> 00:52:20,630 +When AVC is bigger than MC. Left side point A. AVC + +483 +00:52:20,630 --> 00:52:22,450 +is decreasing. + +484 +00:52:26,700 --> 00:52:27,420 +Positive. + +485 +00:52:30,840 --> 00:52:37,360 +At the right side here. What do you see? When MC + +486 +00:52:37,360 --> 00:52:43,540 +is bigger than AVC. AVC is increasing. Then number + +487 +00:52:43,540 --> 00:52:53,620 +four. When? AVC or MC is bigger than AVC. AVC is + +488 +00:52:53,620 --> 00:53:02,540 +increasing. What else? + +489 +00:53:03,140 --> 00:53:09,300 +Here, point B. The same as for + +490 +00:53:09,300 --> 00:53:19,320 +the ATC. ATC and MC. When ATC is bigger than MC, + +491 +00:53:19,580 --> 00:53:20,420 +ATC is decreasing. + +492 +00:53:23,480 --> 00:53:27,220 +When MC, ATC is bigger than, when MC is bigger + +493 +00:53:27,220 --> 00:53:33,080 +than ATC, ATC is increasing. Right? And then left + +494 +00:53:33,080 --> 00:53:37,220 +side point B here. When MC, when ATC is bigger + +495 +00:53:37,220 --> 00:53:40,120 +than MC. Who is bigger than whom? ATC is bigger + +496 +00:53:40,120 --> 00:53:47,220 +than MC. ATC is decreasing. Right? It's a matter + +497 +00:53:47,220 --> 00:53:49,800 +of understanding, not memorization. Let's get the + +498 +00:53:49,800 --> 00:53:52,240 +data from the table. When? + +499 +00:53:55,780 --> 00:54:02,860 +ATC is bigger than MC, ATC is decreasing. Number + +500 +00:54:02,860 --> 00:54:07,400 +six, when MC is bigger than ATC, + +501 +00:54:10,280 --> 00:54:14,120 +when MC + +502 +00:54:14,120 --> 00:54:18,240 +is bigger than ATC, ATC is decreasing, it's + +503 +00:54:18,240 --> 00:54:18,520 +increasing. + +504 +00:54:25,310 --> 00:54:26,370 +Well, we still have. + +505 +00:54:31,910 --> 00:54:36,010 +Abu Hamza, give me just three minutes. Two + +506 +00:54:36,010 --> 00:54:40,230 +minutes. Two minutes. Two minutes. I'm learning + +507 +00:54:40,230 --> 00:54:42,530 +from Dr. Arafat, man. Bear with me for a while. + +508 +00:54:43,230 --> 00:54:50,210 +It's over. Okay. AFC is decreasing. Number seven. + +509 +00:54:53,170 --> 00:55:03,890 +AFC It's decreasing. But never touch zero in the + +510 +00:55:03,890 --> 00:55:12,750 +short run. Never reaches zero in the short run. + +511 +00:55:22,970 --> 00:55:30,990 +as the AFC is decreasing. The distance here, the + +512 +00:55:30,990 --> 00:55:35,450 +vertical distance between ATC and AVC gets closer. + +513 +00:55:38,670 --> 00:55:44,690 +ATC equals AFC plus AVC. + +514 +00:55:48,640 --> 00:55:54,000 +As quantity increased, HADA gets closer. Oh sorry, + +515 +00:55:54,200 --> 00:55:58,960 +decreasing doesn't increase quantity, right? The + +516 +00:55:58,960 --> 00:56:02,580 +distance between HADA and HADA is very small. You + +517 +00:56:02,580 --> 00:56:05,400 +see, HADA goes up and HADA goes down. They don't + +518 +00:56:05,400 --> 00:56:08,360 +meet each other. Do you know why? Because HADA + +519 +00:56:08,360 --> 00:56:12,960 +doesn't become zero. When AFC, when ATC equals + +520 +00:56:12,960 --> 00:56:21,630 +AVC, then AFC becomes zero. In the + +521 +00:56:21,630 --> 00:56:30,430 +short term, ATC and AVC get closer because ATC and + +522 +00:56:30,430 --> 00:56:37,870 +AFC are decreasing. In the short term, ATC never + +523 +00:56:37,870 --> 00:56:39,830 +equals AVC. + +524 +00:56:42,060 --> 00:56:47,360 +Because A of C is always positive bigger than zero + +525 +00:56:47,360 --> 00:56:49,560 +in the short run, right? + +526 +00:56:52,300 --> 00:56:57,840 +A T C never equal a V C in the short run because A + +527 +00:56:57,840 --> 00:57:04,630 +of C never equal zero in the short run. This + +528 +00:57:04,630 --> 00:57:06,630 +doesn't become zero. This doesn't become zero. + +529 +00:57:06,910 --> 00:57:11,350 +When this can become this equals this, then AFC + +530 +00:57:11,350 --> 00:57:14,650 +equals zero. This equals this and this doesn't + +531 +00:57:14,650 --> 00:57:19,250 +become zero. This is the short run. So ATC is + +532 +00:57:19,250 --> 00:57:26,990 +always bigger than AVC. ATC is always bigger than + +533 +00:57:26,990 --> 00:57:35,220 +AVC. Right?ATC is always bigger than AVC. What is + +534 +00:57:35,220 --> 00:57:38,580 +the vertical distance between this and this? What + +535 +00:57:38,580 --> 00:57:44,520 +is the vertical distance between ATC and AVC? What + +536 +00:57:44,520 --> 00:57:50,420 +is ATC minus AVC? AFC. Right? The vertical + +537 +00:57:50,420 --> 00:57:54,900 +distance between ATC and AVC... The distance is + +538 +00:57:54,900 --> 00:57:58,120 +getting smaller as you want to increase. But we + +539 +00:57:58,120 --> 00:57:59,620 +call this AFC. + +540 +00:58:01,870 --> 00:58:03,450 +Eat well, eat well diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/TG8ZRUadRls_postprocess.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/TG8ZRUadRls_postprocess.srt new file mode 100644 index 0000000000000000000000000000000000000000..3bf1b12a3330f4c31e0b827ba3b939f359ea5649 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/TG8ZRUadRls_postprocess.srt @@ -0,0 +1,2160 @@ +1 +00:00:20,080 --> 00:00:22,620 +Okay, bismillahirrahmanirrahim. Today, inshallah, + +2 +00:00:22,720 --> 00:00:25,100 +we are going to start a chapter which is the + +3 +00:00:25,100 --> 00:00:33,920 +analysis of cost. Analysis of + +4 +00:00:33,920 --> 00:00:34,400 +cost. + +5 +00:00:38,840 --> 00:00:41,860 +In this chapter, we will study the different types + +6 +00:00:41,860 --> 00:00:46,200 +of cost and the relationship between the different + +7 +00:00:46,200 --> 00:00:52,770 +types of cost. To understand the idea of the cost, + +8 +00:00:53,850 --> 00:00:58,330 +let's have the following example. Assume or + +9 +00:00:58,330 --> 00:01:04,250 +suppose that someone has a blocks manufacturing + +10 +00:01:04,250 --> 00:01:12,370 +unit, blocks manufacturing + +11 +00:01:12,370 --> 00:01:17,290 +unit. + +12 +00:01:21,980 --> 00:01:29,420 +to produce blocks. To produce blocks. To produce + +13 +00:01:29,420 --> 00:01:34,140 +blocks, we need the + +14 +00:01:34,140 --> 00:01:35,200 +following inputs. + +15 +00:01:41,340 --> 00:01:50,340 +We need cement, sand, water, + +16 +00:01:53,500 --> 00:01:54,420 +Gravels. + +17 +00:01:57,720 --> 00:02:06,240 +What else? No, no, it's a new chapter. Yes. To + +18 +00:02:06,240 --> 00:02:11,560 +produce blocks, we need the following raw + +19 +00:02:11,560 --> 00:02:16,680 +material, cement, water, sand, gravels, human + +20 +00:02:16,680 --> 00:02:21,980 +resources, workers, labor, + +21 +00:02:25,370 --> 00:02:26,130 +Machines. + +22 +00:02:29,610 --> 00:02:35,970 +We have also to pay for maybe rent, land rent. We + +23 +00:02:35,970 --> 00:02:40,490 +have to pay insurance, registration, electricity. + +24 +00:02:41,770 --> 00:02:45,290 +Right? So we have to pay also for insurance. + +25 +00:02:48,950 --> 00:02:52,890 +Registration. Yes, taxes. + +26 +00:02:55,800 --> 00:02:57,440 +We need also to pay taxes. + +27 +00:03:00,880 --> 00:03:08,500 +Gravels. Hasma. We need also to pay for... Keep + +28 +00:03:08,500 --> 00:03:09,280 +silent, please. + +29 +00:03:12,240 --> 00:03:18,700 +We need also to pay for other types of costs, like + +30 +00:03:18,700 --> 00:03:23,060 +sometimes we may rent the land, so we have to pay + +31 +00:03:23,060 --> 00:03:25,320 +for rent. Rent. + +32 +00:03:32,390 --> 00:03:34,630 +Electricity, transportation. + +33 +00:03:40,090 --> 00:03:47,230 +All these types are classified as or called inputs + +34 +00:03:47,230 --> 00:03:48,250 +or course. + +35 +00:03:50,770 --> 00:03:56,870 +In economics, we classify the course here into + +36 +00:03:56,870 --> 00:04:04,580 +different types. Variable cost and fixed cost. The + +37 +00:04:04,580 --> 00:04:07,580 +variable cost, let us ask here about cement. + +38 +00:04:08,420 --> 00:04:14,980 +Cement is an input to produce blocks, right? To + +39 +00:04:14,980 --> 00:04:19,140 +produce 200, let us assume to produce 200 blocks, + +40 +00:04:20,780 --> 00:04:28,680 +organism of blocks, we need 20 sacks of cement + +41 +00:04:29,890 --> 00:04:37,510 +sand, water, gravels, and two workers. Are these + +42 +00:04:37,510 --> 00:04:42,410 +here, cement, water, sand, gravels, and human + +43 +00:04:42,410 --> 00:04:49,250 +resources here, are these costs variable or fixed? + +44 +00:04:50,250 --> 00:04:55,070 +Which means if we need to produce more blocks, + +45 +00:04:56,140 --> 00:05:00,160 +Additional units of blocks. We need more cement. + +46 +00:05:00,540 --> 00:05:04,960 +We need more gravels. We need more sand. Which + +47 +00:05:04,960 --> 00:05:10,740 +means these costs are variable, interchangeable. + +48 +00:05:12,240 --> 00:05:15,800 +When we produce more, when we want to produce more + +49 +00:05:15,800 --> 00:05:20,530 +blocks, We need more cement, more water, more + +50 +00:05:20,530 --> 00:05:27,010 +electricity. So these types of costs are called + +51 +00:05:27,010 --> 00:05:31,770 +variable costs. We need more workers. So workers + +52 +00:05:31,770 --> 00:05:38,170 +also is classified as a variable cost, right? What + +53 +00:05:38,170 --> 00:05:46,460 +else? What of these Costs are classified as + +54 +00:05:46,460 --> 00:05:52,060 +variable cost. Maybe electricity, because we need + +55 +00:05:52,060 --> 00:05:55,820 +to run the generators to run the machines here. So + +56 +00:05:55,820 --> 00:05:59,960 +electricity also is classified as a variable cost, + +57 +00:06:01,200 --> 00:06:07,540 +right? No, no, no, machinery, it's an investment + +58 +00:06:07,540 --> 00:06:09,420 +cost, capital. + +59 +00:06:13,000 --> 00:06:19,300 +What about the registration for the factory? We + +60 +00:06:19,300 --> 00:06:24,620 +have to pay it either if we produce or not. Right? + +61 +00:06:24,760 --> 00:06:28,740 +One of the licenses of this factory that pays + +62 +00:06:28,740 --> 00:06:38,800 +annually, or taxes, or insurance. Rent, land rent. + +63 +00:06:40,100 --> 00:06:41,220 +One rents land. + +64 +00:06:44,540 --> 00:06:51,340 +He has to pay the rent. So rent, + +65 +00:06:52,300 --> 00:06:59,980 +insurance, registration, taxes should be paid + +66 +00:06:59,980 --> 00:07:06,500 +either you work or not. So it should be classified + +67 +00:07:06,500 --> 00:07:09,260 +as a fixed cost. Right? + +68 +00:07:12,860 --> 00:07:18,340 +The sum of the variable cost, cement, water, sand, + +69 +00:07:18,680 --> 00:07:23,760 +gravels, the wages or salaries, and electricity + +70 +00:07:23,760 --> 00:07:30,800 +here are called the total variable cost. Total + +71 +00:07:30,800 --> 00:07:34,220 +variable cost is the cost of the summation or the + +72 +00:07:34,220 --> 00:07:38,900 +sum of the cost of cement, water, sand, plus + +73 +00:07:38,900 --> 00:07:41,300 +rabbits, plus human resources, wages, and + +74 +00:07:41,300 --> 00:07:45,900 +salaries, and electricity, right? So the total + +75 +00:07:45,900 --> 00:07:50,840 +variable cost, if you say total variable cost, + +76 +00:07:54,340 --> 00:08:00,880 +is the summation of the sum of total. In this + +77 +00:08:08,680 --> 00:08:09,000 +Right? + +78 +00:08:16,300 --> 00:08:23,330 +The total fixed cost is the sum of Fixed cost paid + +79 +00:08:23,330 --> 00:08:29,230 +by the organization, by the company, either if we + +80 +00:08:29,230 --> 00:08:34,590 +work or not. You have the total fixed cost, TFC. + +81 +00:08:36,130 --> 00:08:43,290 +Total fixed cost equals + +82 +00:08:43,290 --> 00:08:50,700 +the summation of the cost of Insurance, + +83 +00:08:50,860 --> 00:08:55,880 +registration, land rent, all right? These are + +84 +00:08:55,880 --> 00:09:00,060 +called the total fixed cost. + +85 +00:09:30,100 --> 00:09:43,400 +This is the + +86 +00:09:43,400 --> 00:09:48,570 +idea. Thank you for your comment here.The total + +87 +00:09:48,570 --> 00:09:53,910 +cost is the total variable cost plus total fixed + +88 +00:09:53,910 --> 00:09:54,350 +cost. + +89 +00:09:59,270 --> 00:10:07,230 +TC, total cost equals total fixed cost plus total + +90 +00:10:07,230 --> 00:10:08,230 +variable cost. + +91 +00:10:10,740 --> 00:10:15,940 +Right? So the total cost is the summation or the + +92 +00:10:15,940 --> 00:10:27,580 +total, the sum of all these costs. Total cost + +93 +00:10:27,580 --> 00:10:31,860 +is the total fixed cost plus total variable cost. + +94 +00:10:32,100 --> 00:10:36,990 +Total fixed cost, is the cost that paid by the + +95 +00:10:36,990 --> 00:10:42,190 +organization and doesn't change when the output + +96 +00:10:42,190 --> 00:10:43,250 +change. + +97 +00:10:45,670 --> 00:10:49,330 +Which means if the output increases, our + +98 +00:10:49,330 --> 00:10:53,350 +production increases, we have to pay the same + +99 +00:10:53,350 --> 00:10:58,490 +cost. We have to pay the same amount of insurance, + +100 +00:10:58,630 --> 00:11:01,630 +registration, land rent here in this example. + +101 +00:11:02,930 --> 00:11:10,290 +Regardless our output. Regardless if we + +102 +00:11:10,290 --> 00:11:15,790 +produce zero units. How much is, let us assume the + +103 +00:11:15,790 --> 00:11:20,470 +land rent here equals we pay monthly or annual + +104 +00:11:20,470 --> 00:11:26,580 +$1000 for rent. And for insurance, for insurance, + +105 +00:11:27,060 --> 00:11:32,540 +we pay $2,000. And for registration, about $500. + +106 +00:11:34,160 --> 00:11:42,800 +How much is the total fixed cost? TFC equals 1 + +107 +00:11:42,800 --> 00:11:44,860 +,000. + +108 +00:11:46,460 --> 00:11:53,850 +Yeah, 1,000 plus insurance, 2,000. Plus + +109 +00:11:53,850 --> 00:12:00,510 +registration 500 equals $3,500. + +110 +00:12:03,290 --> 00:12:06,790 +This is the total fixed cost. We have to pay it + +111 +00:12:06,790 --> 00:12:11,280 +regardless our output, our production. If we + +112 +00:12:11,280 --> 00:12:16,340 +produce zero quantities of blocks, we have to pay + +113 +00:12:16,340 --> 00:12:23,500 +$3,500. If we produce one million units of blocks, + +114 +00:12:23,640 --> 00:12:28,340 +we have to pay the same amount here, right? But + +115 +00:12:28,340 --> 00:12:34,520 +the total variable cost is the cost of these + +116 +00:12:34,520 --> 00:12:42,350 +units, which are exchanges. when our production + +117 +00:12:42,350 --> 00:12:47,510 +changes, right? Which means if we want to produce + +118 +00:12:47,510 --> 00:12:52,990 +more blocks, we need more cement, so the total + +119 +00:12:52,990 --> 00:12:56,350 +variable, and we need more sand, more water, so + +120 +00:12:56,350 --> 00:13:01,970 +the total variable cost will increase, right? So + +121 +00:13:01,970 --> 00:13:07,090 +let us assume that the total variable cost to + +122 +00:13:07,090 --> 00:13:07,690 +produce + +123 +00:13:11,220 --> 00:13:13,740 +1,000 units of blocks. + +124 +00:13:19,800 --> 00:13:24,520 +Tvc, total variable cost to produce 1,000 blocks + +125 +00:13:24,520 --> 00:13:27,480 +equals $2,000. + +126 +00:13:31,440 --> 00:13:37,720 +To produce 1,500 blocks, we need more, Tvc will + +127 +00:13:37,720 --> 00:13:45,160 +increase. Right? We will check it in different + +128 +00:13:45,160 --> 00:13:51,400 +examples now. But if we produce zero, if we + +129 +00:13:51,400 --> 00:13:56,360 +produce zero units of blocks, do we need variable + +130 +00:13:56,360 --> 00:14:00,600 +cost? Do we need cement? To produce zero from + +131 +00:14:00,600 --> 00:14:06,740 +blocks, the needed amount of cement equals zero. + +132 +00:14:09,170 --> 00:14:15,090 +So at a Q equals zero, total variable cost equals + +133 +00:14:15,090 --> 00:14:20,950 +zero as well. Right? But if we produce zero + +134 +00:14:20,950 --> 00:14:31,310 +quantities of log, TFC equals $3,500. Right? Let's + +135 +00:14:31,310 --> 00:14:35,490 +go to an example here. + +136 +00:14:40,180 --> 00:14:41,780 +Okay, complete the table. + +137 +00:14:45,660 --> 00:14:50,500 +Calculate, or we have the following data about the + +138 +00:14:50,500 --> 00:14:57,440 +company which produces different quantities, the + +139 +00:14:57,440 --> 00:15:03,520 +total production here. We have the total fixed + +140 +00:15:03,520 --> 00:15:06,660 +cost. As you see, total fixed cost is fixed + +141 +00:15:06,660 --> 00:15:11,420 +regardless the quota produced. Here, when we + +142 +00:15:11,420 --> 00:15:15,260 +produce zero quantities of X or sorry of the + +143 +00:15:15,260 --> 00:15:18,400 +product here, the total fixed cost that we have to + +144 +00:15:18,400 --> 00:15:20,180 +pay is $60. + +145 +00:15:22,560 --> 00:15:26,540 +It's fixed regardless or as the quantity + +146 +00:15:26,540 --> 00:15:30,460 +increased, the total fixed cost is fixed here. + +147 +00:15:33,200 --> 00:15:35,920 +The total variable cost. When we produce zero + +148 +00:15:35,920 --> 00:15:40,900 +quantities of X or the blocks here, the total + +149 +00:15:40,900 --> 00:15:44,280 +variable cost equals zero as we mentioned, which + +150 +00:15:44,280 --> 00:15:51,000 +means we don't need cement, we don't need sand, + +151 +00:15:51,120 --> 00:15:54,480 +water, and gravels, and human resources as well. + +152 +00:15:54,860 --> 00:15:58,360 +But as the quantity produced here from zero to + +153 +00:15:58,360 --> 00:16:02,470 +one, Because the total variable cost increased + +154 +00:16:02,470 --> 00:16:06,610 +from 0 to 7, to 8, to 9, to 16, as you see here. + +155 +00:16:07,290 --> 00:16:13,610 +Increased gradually, right? Now we have different + +156 +00:16:13,610 --> 00:16:21,930 +formulas for the cost, the total cost. Total cost + +157 +00:16:21,930 --> 00:16:25,130 +is that Tc is the total cost. + +158 +00:16:29,650 --> 00:16:35,550 +Equals total fixed cost plus total variable cost + +159 +00:16:35,550 --> 00:16:36,410 +Right? + +160 +00:16:40,450 --> 00:16:48,350 +Another variable which is average fixed cost, AFC + +161 +00:16:48,350 --> 00:16:51,550 +AFC + +162 +00:16:51,550 --> 00:16:57,490 +is the average fixed + +163 +00:16:57,490 --> 00:17:06,380 +cost AFC equals Total Fixed Cost over Quant + +164 +00:17:06,380 --> 00:17:14,640 +Produced TFC over Q Average + +165 +00:17:14,640 --> 00:17:22,440 +Variable Cost AVC is the average variable + +166 +00:17:22,440 --> 00:17:26,220 +cost + +167 +00:17:26,220 --> 00:17:28,540 +AVC + +168 +00:17:29,960 --> 00:17:34,320 +equals T V C over Q. We will see the applications + +169 +00:17:34,320 --> 00:17:39,460 +again. T V C over + +170 +00:17:39,460 --> 00:17:39,920 +Q. + +171 +00:17:48,920 --> 00:17:54,180 +Average total cost average + +172 +00:17:54,180 --> 00:18:03,770 +total costequals total cost over Q, TC over Q, or + +173 +00:18:03,770 --> 00:18:06,010 +ATC. + +174 +00:18:09,610 --> 00:18:19,650 +Now, TC, total cost, what does it equal? TFC, plus + +175 +00:18:19,650 --> 00:18:25,600 +TVC, right? Average total costWhat does it mean? + +176 +00:18:26,120 --> 00:18:29,760 +Average fixed cost plus average variable cost. + +177 +00:18:30,500 --> 00:18:31,820 +Because in the end, the whole universe is divided + +178 +00:18:31,820 --> 00:18:38,300 +by Q. Right? Again? I feel like I confirmed it. Do + +179 +00:18:38,300 --> 00:18:41,480 +you want to write it down? Okay, okay. I will + +180 +00:18:41,480 --> 00:18:43,360 +write it down. I will explain it to you here. + +181 +00:19:44,550 --> 00:19:49,610 +Total cost equals total fixed cost plus total + +182 +00:19:49,610 --> 00:19:56,560 +variable cost, right? Average fixed cost equals + +183 +00:19:56,560 --> 00:20:02,880 +TFC over Q, which means here average or total cost + +184 +00:20:02,880 --> 00:20:16,420 +equals TFC plus TPC. So 60 plus 0, 60. 67, 68, 69, + +185 +00:20:17,180 --> 00:20:20,080 +76, 90. + +186 +00:20:21,360 --> 00:20:28,220 +One hundred thirty-two. One hundred ninety-three. + +187 +00:20:29,280 --> 00:20:32,620 +How much is it here? Two hundred eighty-four. + +188 +00:20:33,860 --> 00:20:40,000 +Three hundred or four hundred eleven. Five hundred + +189 +00:20:40,000 --> 00:20:48,180 +eighty. Right? The total cost here equals The + +190 +00:20:48,180 --> 00:20:52,380 +total fixed cost plus total variable cost. Right? + +191 +00:20:53,760 --> 00:21:04,420 +The average fixed cost equals TFC over Q. The + +192 +00:21:04,420 --> 00:21:13,400 +first point. Exactly. 60 over 1. 60. + +193 +00:21:16,320 --> 00:21:19,440 +60 over 2? 30. + +194 +00:21:22,400 --> 00:21:33,920 +60 over 3? 20. 60 over 4? 15. 60 over 5? How much + +195 +00:21:33,920 --> 00:21:41,380 +is it? 12? Yeah. 60 over 6? 10. 60 over 7? + +196 +00:21:44,340 --> 00:21:46,000 +8.5. + +197 +00:21:48,690 --> 00:21:53,650 +60 over 8. 7.5. + +198 +00:21:56,430 --> 00:21:58,530 +60 over 9. + +199 +00:22:01,070 --> 00:22:10,510 +6.6. 60 over 10, 6. Is it clear? Yeah. The same + +200 +00:22:10,510 --> 00:22:14,890 +for average variable cost. Average variable cost + +201 +00:22:15,740 --> 00:22:18,960 +equals total variable cost over Q. + +202 +00:22:23,760 --> 00:22:28,560 +Average 7 over 1, 7. + +203 +00:22:30,960 --> 00:22:39,100 +8 over 2, 4. 9 over 3, 3. + +204 +00:22:41,900 --> 00:22:45,220 +16 over 4, 4. + +205 +00:22:48,110 --> 00:22:56,250 +Ninety over five. How much? Three. TVC over Q. + +206 +00:22:56,510 --> 00:23:03,630 +Thirty over five. Six. Seventy-two over six. How + +207 +00:23:03,630 --> 00:23:13,330 +much is it? Nine. Ten. Twelve. Right? No. Correct. + +208 +00:23:13,750 --> 00:23:14,250 +Twelve. + +209 +00:23:18,580 --> 00:23:19,000 +And then? + +210 +00:23:35,060 --> 00:23:36,320 +224 over 8? + +211 +00:23:39,780 --> 00:23:43,400 +28, okay. And then? + +212 +00:23:48,530 --> 00:23:54,470 +Thirty-nine. And the last point? Fifty-two. + +213 +00:23:56,050 --> 00:23:56,410 +Alright? + +214 +00:24:00,930 --> 00:24:08,570 +Average total cost, ATC, has two formulas. either + +215 +00:24:08,570 --> 00:24:15,650 +total cost over Q or AFC plus AVC, ATC. Either we + +216 +00:24:15,650 --> 00:24:19,990 +can use this formula, ATC equals AVC, AFC plus + +217 +00:24:19,990 --> 00:24:27,570 +AVC, or ATC equals TC over Q. The same as the + +218 +00:24:27,570 --> 00:24:29,870 +previous cases, the previous parameters for + +219 +00:24:29,870 --> 00:24:32,370 +average fixed cost and average variable cost, + +220 +00:24:32,590 --> 00:24:38,750 +right? So ATC, Yeah, yeah, yeah, the same result. + +221 +00:24:40,390 --> 00:24:43,810 +AFC plus AVC, how much is it? Let's use this + +222 +00:24:43,810 --> 00:24:50,450 +formula here. AFC plus AVC, 67. Okay, let's use + +223 +00:24:50,450 --> 00:24:55,750 +this formula. ATC equals TC over Q. TC over Q. How + +224 +00:24:55,750 --> 00:25:02,770 +much is TC? 67 over 1. 67, the same result. 34. + +225 +00:25:05,890 --> 00:25:16,630 +Or 68 over 2. 34, the same result. Right? So 23, + +226 +00:25:17,070 --> 00:25:23,150 +19, 18, 22, + +227 +00:25:24,690 --> 00:25:27,030 +27.5, + +228 +00:25:29,150 --> 00:25:42,150 +35.5, How much I said? 30 or yeah, 45.6. And the + +229 +00:25:42,150 --> 00:25:47,890 +last point, the last... Exactly. Right? + +230 +00:25:50,610 --> 00:25:56,190 +What else? What about the marginal cost? We + +231 +00:25:56,190 --> 00:25:59,470 +studied before the marginal revenue, marginal + +232 +00:25:59,470 --> 00:26:05,480 +utility. And here we have the marginal cost, MC. + +233 +00:26:06,580 --> 00:26:09,900 +What about the marginal utility? Let's come back + +234 +00:26:09,900 --> 00:26:12,760 +quickly to the marginal utility. A change in total + +235 +00:26:12,760 --> 00:26:17,320 +utility over the change in quantity, right? What + +236 +00:26:17,320 --> 00:26:21,900 +about the marginal revenue, MR? Change in total + +237 +00:26:21,900 --> 00:26:25,780 +revenue over the change in quantity. What about + +238 +00:26:25,780 --> 00:26:29,240 +the marginal production of labor change? What + +239 +00:26:29,240 --> 00:26:33,260 +about the marginal cost? Exactly, yeah. So, the + +240 +00:26:33,260 --> 00:26:37,980 +marginal cost is the change in total cost over the + +241 +00:26:37,980 --> 00:26:41,720 +change in quantity produced. The same as marginal + +242 +00:26:41,720 --> 00:26:44,740 +utility, the marginal revenue, and the marginal + +243 +00:26:44,740 --> 00:26:50,920 +production of labor. So, the marginal cost equals + +244 +00:26:50,920 --> 00:26:57,840 +change in total cost over + +245 +00:26:57,840 --> 00:27:02,810 +change in quantity. Or TC2 minus TC1 over Q2 minus + +246 +00:27:02,810 --> 00:27:07,150 +CQ1. We have another formula which is marginal + +247 +00:27:07,150 --> 00:27:10,130 +cost equals the change in total variable cost over + +248 +00:27:10,130 --> 00:27:12,150 +changing quantity, the same result. + +249 +00:27:16,630 --> 00:27:22,690 +So let's calculate the marginal cost here. Let's + +250 +00:27:22,690 --> 00:27:25,690 +use this formula, change in total cost over change + +251 +00:27:25,690 --> 00:27:30,350 +in quantity produced.Change in total cost. Here is + +252 +00:27:30,350 --> 00:27:36,090 +the total cost. 67 minus 60 over 1 minus 0. + +253 +00:27:37,630 --> 00:27:38,470 +Exactly. + +254 +00:27:43,650 --> 00:27:47,530 +68 minus + +255 +00:27:47,530 --> 00:27:52,410 +67 over 2 minus 1. How much is it? One. + +256 +00:28:02,420 --> 00:28:14,920 +And then, 76 minus 69 over 4 minus 3, 7. And then, + +257 +00:28:17,140 --> 00:28:22,800 +14, and then 42, + +258 +00:28:24,920 --> 00:28:25,740 +and then + +259 +00:28:33,160 --> 00:28:40,580 +Then 91. And then 127. + +260 +00:28:43,420 --> 00:28:51,220 +And then the last one, 170, 169. + +261 +00:28:51,580 --> 00:28:58,220 +We can use this formula. Marginal cost equals + +262 +00:28:58,220 --> 00:29:00,760 +change in total variable cost over change in + +263 +00:29:00,760 --> 00:29:04,400 +quantity. We will get the same result here. So + +264 +00:29:04,400 --> 00:29:08,040 +here, we can use this formula. Change in total + +265 +00:29:08,040 --> 00:29:10,760 +variable cost over the change in quantity + +266 +00:29:10,760 --> 00:29:14,580 +produced. Seven minus zero over one minus zero. + +267 +00:29:15,560 --> 00:29:21,310 +How much is it? Seven. Eight minus seven over two + +268 +00:29:21,310 --> 00:29:26,570 +minus one, one. Nine minus eight over one, sixteen + +269 +00:29:26,570 --> 00:29:30,690 +minus nine, seven, you will have the same result. + +270 +00:29:31,490 --> 00:29:36,430 +Because total fixed cost is fixed here. So, the + +271 +00:29:36,430 --> 00:29:39,310 +change will be seen for variable cost. + +272 +00:29:42,790 --> 00:29:49,310 +Let's go to the graphs here. What do you see? We + +273 +00:29:49,310 --> 00:29:52,550 +have different comments here. We have different + +274 +00:29:52,550 --> 00:29:56,550 +comments on the table and then we will check it on + +275 +00:29:56,550 --> 00:30:02,490 +the graph. Let me say, as the quantity here + +276 +00:30:02,490 --> 00:30:08,370 +increased, the total fixed cost is fixed. The + +277 +00:30:08,370 --> 00:30:13,210 +total fixed costs are fixed. They were fixed + +278 +00:30:13,210 --> 00:30:17,290 +values. What about the total variable cost? As the + +279 +00:30:17,290 --> 00:30:20,850 +quantity produced increases, the total variable + +280 +00:30:20,850 --> 00:30:25,630 +cost increases as well, right? Which means that + +281 +00:30:25,630 --> 00:30:28,830 +there is a positive relationship between the + +282 +00:30:28,830 --> 00:30:31,510 +quantity produced and the total variable cost, + +283 +00:30:32,130 --> 00:30:39,130 +right? What about the quantity produced and the + +284 +00:30:39,130 --> 00:30:45,500 +average fixed cost? As the quantity increases, the + +285 +00:30:45,500 --> 00:30:51,260 +average fixed cost is decreasing and then, or + +286 +00:30:51,260 --> 00:30:54,240 +sorry, decreasing here, right. Yeah, yeah. Yeah, + +287 +00:30:54,260 --> 00:30:57,820 +decreasing and then, okay, decreasing, but it + +288 +00:30:57,820 --> 00:30:59,740 +never reached the zero. + +289 +00:31:15,030 --> 00:31:18,950 +What do you see? We have to pay it, but the + +290 +00:31:18,950 --> 00:31:21,770 +average fixed cost is decreasing, but it never + +291 +00:31:21,770 --> 00:31:24,870 +reaches zero. Do you know why? Let's say that the + +292 +00:31:24,870 --> 00:31:28,570 +quantity produced reaches 100 million blocks, and + +293 +00:31:28,570 --> 00:31:31,490 +I pay 60 million. How much will the average fixed + +294 +00:31:31,490 --> 00:31:34,770 +cost be? Let's assume that the quantity produced + +295 +00:31:34,770 --> 00:31:39,110 +reaches 100 million blocks. 100 million blocks. + +296 +00:31:39,510 --> 00:31:42,940 +How much will the average fixed cost be? It's + +297 +00:31:42,940 --> 00:31:47,080 +going to be 60 over 100 million. + +298 +00:31:49,300 --> 00:31:53,500 +Never reach zero because how much bus do you have? + +299 +00:31:53,700 --> 00:31:54,380 +It's positive. + +300 +00:31:57,180 --> 00:32:04,360 +Right? Right? But it's decreasing. As long as the + +301 +00:32:04,360 --> 00:32:07,380 +quantity increase, produce increase, the average + +302 +00:32:07,380 --> 00:32:10,340 +fixed cost will go down, but never reach zero + +303 +00:32:10,340 --> 00:32:12,080 +here. Okay? + +304 +00:32:21,020 --> 00:32:25,540 +All variables or factors production will be + +305 +00:32:25,540 --> 00:32:30,140 +variable. Here in this example, we are talking + +306 +00:32:30,140 --> 00:32:35,800 +about a short run, a short term. But in the long + +307 +00:32:35,800 --> 00:32:37,220 +term, + +308 +00:32:38,880 --> 00:32:42,800 +We have no fixed cost. We can change all the + +309 +00:32:42,800 --> 00:32:45,620 +factors of production. We can change all + +310 +00:32:45,620 --> 00:32:51,540 +machinery. Exactly, in the long term. So in the + +311 +00:32:51,540 --> 00:32:56,160 +long term, total fixed cost will be zero. But in + +312 +00:32:56,160 --> 00:33:00,840 +the short run, as there is total fixed cost, + +313 +00:33:03,520 --> 00:33:08,420 +The average fixed cost will still go down, but + +314 +00:33:08,420 --> 00:33:11,500 +never reach zero. But in the long-term, we have no + +315 +00:33:11,500 --> 00:33:18,800 +fixed cost, right? Okay. What about the average + +316 +00:33:18,800 --> 00:33:26,440 +variable cost? What do you see? Decline here, but + +317 +00:33:26,440 --> 00:33:30,200 +then it start to go up, average variable cost. + +318 +00:33:31,040 --> 00:33:36,000 +Here we are talking about a short run. So it has + +319 +00:33:36,000 --> 00:33:42,440 +declined here and start to go up. What about the + +320 +00:33:42,440 --> 00:33:48,340 +average total cost? Declined and + +321 +00:33:48,340 --> 00:33:53,180 +then go up. Goes up, right? The same as the + +322 +00:33:53,180 --> 00:33:57,660 +marginal cost. Goes down or went down here and + +323 +00:33:57,660 --> 00:34:09,380 +start to go up. Now let's draw the graph using + +324 +00:34:09,380 --> 00:34:12,680 +the total approach, the totals approach, and the + +325 +00:34:12,680 --> 00:34:18,900 +marginal approach. So let's go to graphs here. + +326 +00:34:36,770 --> 00:34:39,670 +Now, we are going to study the relationship + +327 +00:34:39,670 --> 00:34:46,290 +between the total cost, total variable cost, total + +328 +00:34:46,290 --> 00:34:49,270 +fixed cost, and the quantity. Here, we are talking + +329 +00:34:49,270 --> 00:34:54,290 +about the totals approach. So, we are going to + +330 +00:34:54,290 --> 00:34:57,510 +study the relationship between total fixed cost, + +331 +00:34:58,290 --> 00:35:01,870 +total variable cost, total cost, and the quantity. + +332 +00:35:09,290 --> 00:35:17,710 +Want to produce from 1 to 10, 0 to 10. + +333 +00:35:27,010 --> 00:35:38,740 +0, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10. Total fixed + +334 +00:35:38,740 --> 00:35:42,660 +cost, total variable cost, and total cost. Okay. + +335 +00:35:43,820 --> 00:35:49,940 +At Q equals zero, how much is the total fixed + +336 +00:35:49,940 --> 00:35:53,920 +cost? At Q equals zero, how much is the total + +337 +00:35:53,920 --> 00:36:02,200 +fixed cost? Sixty. At Q + +338 +00:36:02,200 --> 00:36:06,280 +equals one, how much is the total fixed cost? + +339 +00:36:06,840 --> 00:36:07,600 +Sixty. + +340 +00:36:10,960 --> 00:36:21,080 +Exactly. Total fixed cost. What about the total + +341 +00:36:21,080 --> 00:36:25,360 +cost? Quantity and total cost. So here, the total + +342 +00:36:25,360 --> 00:36:30,020 +fixed cost will be a straight line, horizontal + +343 +00:36:30,020 --> 00:36:36,720 +line. What about the quantity and total variable + +344 +00:36:36,720 --> 00:36:42,030 +cost? When q equals zero, total variable cost + +345 +00:36:42,030 --> 00:36:43,270 +equals zero as well. + +346 +00:36:46,850 --> 00:36:50,110 +Had a total variable cost. We are going to derive + +347 +00:36:50,110 --> 00:36:54,770 +and draw the total variable cost. At a quad equals + +348 +00:36:54,770 --> 00:36:57,990 +one, how much is the total variable cost? Seven. + +349 +00:36:58,550 --> 00:37:03,770 +Let's assume it is here, one here. It's an + +350 +00:37:03,770 --> 00:37:09,600 +assumption. At what equals to, how much is it? 8. + +351 +00:37:13,160 --> 00:37:15,600 +At 3, 9. + +352 +00:37:18,360 --> 00:37:21,720 +At 4, 16. + +353 +00:37:25,920 --> 00:37:28,500 +At 5, 30. + +354 +00:37:32,980 --> 00:37:34,360 +At 6, + +355 +00:37:37,010 --> 00:37:45,250 +At 6, 72. It's above 60. Let's assume it's here. + +356 +00:37:48,290 --> 00:37:52,750 +At 7, + +357 +00:37:53,310 --> 00:37:54,890 +133. + +358 +00:38:04,550 --> 00:38:06,570 +This is the total variable cost. + +359 +00:38:35,030 --> 00:38:40,790 +TBC. What about the total cost? + +360 +00:38:44,990 --> 00:38:48,590 +At Q equals zero, how much is the total cost? + +361 +00:38:49,010 --> 00:38:49,730 +Sixty. + +362 +00:38:52,730 --> 00:38:54,470 +Are you shaping? + +363 +00:38:58,270 --> 00:39:04,350 +At Q equals one, How much is the total cost? Sixty + +364 +00:39:04,350 --> 00:39:04,710 +-seven. + +365 +00:39:08,290 --> 00:39:08,370 +Two, + +366 +00:39:12,970 --> 00:39:14,110 +sixty-eight, + +367 +00:39:17,510 --> 00:39:22,770 +three, sixty-nine, seventy-six, + +368 +00:39:25,630 --> 00:39:28,390 +nine, should be here. + +369 +00:39:32,170 --> 00:39:33,030 +Total cost. + +370 +00:39:39,670 --> 00:39:51,870 +What do you see? TVC curve starts + +371 +00:39:51,870 --> 00:39:55,490 +from zero and increasing. + +372 +00:39:57,550 --> 00:40:01,090 +Which means in the short run, if the quantity + +373 +00:40:01,090 --> 00:40:04,450 +produced equals zero, the total variable cost will + +374 +00:40:04,450 --> 00:40:08,710 +be zero as well. As the quantity increased, the + +375 +00:40:08,710 --> 00:40:12,970 +total variable cost is increasing as well. Right? + +376 +00:40:13,750 --> 00:40:19,590 +What about the total fixed cost? It's fixed. In + +377 +00:40:19,590 --> 00:40:23,970 +the short term, we have a value for the total + +378 +00:40:23,970 --> 00:40:30,100 +fixed cost. It's a straight line. Right? What + +379 +00:40:30,100 --> 00:40:35,260 +about the total cost? It starts or at a Q equals + +380 +00:40:35,260 --> 00:40:40,520 +zero, total fixed cost equals the total cost. In + +381 +00:40:40,520 --> 00:40:45,680 +the short run, in the short term, at a Q equals + +382 +00:40:45,680 --> 00:40:50,800 +zero, total fixed cost equals the total cost. + +383 +00:40:58,560 --> 00:41:08,060 +You have to + +384 +00:41:08,060 --> 00:41:08,420 +think. + +385 +00:41:15,260 --> 00:41:19,200 +Assumption equals zero. + +386 +00:41:20,440 --> 00:41:25,560 +Total fixed cost equals total cost. Let us assume + +387 +00:41:25,560 --> 00:41:26,280 +that this is not given. + +388 +00:41:30,230 --> 00:41:32,570 +And the total cost equals 60. + +389 +00:41:36,230 --> 00:41:39,570 +At Q equals zero. And this is not a given either. + +390 +00:41:39,710 --> 00:41:45,610 +It's a PVC. Go ahead. How can it not remain? If + +391 +00:41:45,610 --> 00:41:49,850 +the quantity produced equals zero. The total cost + +392 +00:41:49,850 --> 00:41:53,250 +is the total fixed cost. Right? And the total + +393 +00:41:53,250 --> 00:41:55,090 +variable equals zero. In this case, the total + +394 +00:41:55,090 --> 00:41:57,950 +variable equals zero. This plus this is 60. + +395 +00:42:01,450 --> 00:42:17,390 +Which means in the long term, + +396 +00:42:17,430 --> 00:42:20,510 +total fixed cost equals zero. + +397 +00:42:37,070 --> 00:42:41,110 +In the long term, in the long term, in the long + +398 +00:42:41,110 --> 00:42:46,910 +term, all costs are variable, will be changeable, + +399 +00:42:46,970 --> 00:42:50,750 +which means yes, yes, yes, yes, yes. In the long + +400 +00:42:50,750 --> 00:42:56,650 +term, the long term is the term at which the costs + +401 +00:42:56,650 --> 00:43:00,770 +are changeable, or we can change all costs. + +402 +00:43:22,450 --> 00:43:25,550 +Our definition for the long term or the + +403 +00:43:25,550 --> 00:43:30,390 +distinction between long term and short term is + +404 +00:43:30,390 --> 00:43:36,320 +not the duration. It's the period at which we can + +405 +00:43:36,320 --> 00:43:39,020 +change all the factors of production. + +406 +00:43:54,220 --> 00:43:57,240 +How it's reformed? Short term, you can 40 days. + +407 +00:43:57,840 --> 00:44:01,840 +Long term, you can maybe a year, two years. So the + +408 +00:44:01,840 --> 00:44:05,320 +difference between short term and long term is the + +409 +00:44:05,320 --> 00:44:09,700 +period at which we can change all the factors of + +410 +00:44:09,700 --> 00:44:14,360 +production. This is the difference economically + +411 +00:44:14,360 --> 00:44:17,180 +between short term and long term in terms of + +412 +00:44:17,180 --> 00:44:17,800 +economics. + +413 +00:44:21,190 --> 00:44:24,010 +Because of this, there are two types of costs, + +414 +00:44:24,510 --> 00:44:28,590 +accounting and economic cost. We will get to this + +415 +00:44:28,590 --> 00:44:34,310 +in a while. So here, + +416 +00:44:34,530 --> 00:44:35,030 +what do you see? + +417 +00:44:38,450 --> 00:44:46,330 +The total cost curve is quite similar to the total + +418 +00:44:46,330 --> 00:44:47,450 +variable cost. + +419 +00:44:50,580 --> 00:44:54,440 +But it starts from the total fixed cost point. + +420 +00:44:56,900 --> 00:44:59,840 +Right? It's similar. It goes like this. + +421 +00:45:02,860 --> 00:45:08,180 +Okay? Okay. Let's go to the average fixed cost or + +422 +00:45:08,180 --> 00:45:12,100 +average variable or average total or marginal + +423 +00:45:12,100 --> 00:45:19,160 +cost. Okay? AVC, AFC, and ATC. + +424 +00:45:24,820 --> 00:45:29,000 +These curves have been derived from the numerical + +425 +00:45:29,000 --> 00:45:35,500 +example that we had five minutes ago, right? From + +426 +00:45:35,500 --> 00:45:42,140 +the table. What do you see? The marginal cost + +427 +00:45:42,140 --> 00:45:46,540 +curve decline + +428 +00:45:46,540 --> 00:45:49,200 +and then increases. + +429 +00:45:55,820 --> 00:46:03,080 +Above here, the average variable cost declines and + +430 +00:46:03,080 --> 00:46:04,260 +then goes up. + +431 +00:46:07,180 --> 00:46:15,140 +Average fixed cost is decreasing but never reaches + +432 +00:46:15,140 --> 00:46:22,150 +zero in the short term. It never touches. The + +433 +00:46:22,150 --> 00:46:28,630 +horizontal axis. The average variable cost, sorry, + +434 +00:46:28,770 --> 00:46:32,730 +average total cost, hey you, Jai. Jai mean like + +435 +00:46:32,730 --> 00:46:35,990 +the average variable cost decreasing and + +436 +00:46:35,990 --> 00:46:41,450 +increasing, right? We have the following comments + +437 +00:46:41,450 --> 00:46:46,010 +on the graph. Number one. + +438 +00:46:51,930 --> 00:46:54,650 +Point A, here B. + +439 +00:47:04,130 --> 00:47:10,130 +What do you see? The average variable cost curve + +440 +00:47:10,130 --> 00:47:17,320 +crosses Z. The marginal cost curve at the minimum + +441 +00:47:17,320 --> 00:47:21,440 +value at the least of AVC. + +442 +00:47:23,340 --> 00:47:28,460 +The average variable cost, AVC, number one. + +443 +00:47:31,220 --> 00:47:38,580 +AVC crosses the + +444 +00:47:38,580 --> 00:47:48,350 +marginal cost curveat the minimum of what? AVC. + +445 +00:47:48,690 --> 00:47:52,470 +AVC. Right? Where does it intersect? With whose + +446 +00:47:52,470 --> 00:47:58,510 +minimum? AVC or MC? AVC. At the minimum of AVC. At + +447 +00:47:58,510 --> 00:48:09,610 +the minimum or at the least of or the minimum of + +448 +00:48:09,610 --> 00:48:18,290 +marginal cost curve. Right? Correct? Okay. What + +449 +00:48:18,290 --> 00:48:20,570 +else? ATC. + +450 +00:48:25,150 --> 00:48:28,030 +Yes, where did it stop? At the minimum for whom? + +451 +00:48:28,490 --> 00:48:31,090 +Sorry, at the minimum AVC. Thank you, thank you. + +452 +00:48:32,010 --> 00:48:41,430 +Of AVC. Number two. ATC. The same as AVC. FTC. + +453 +00:48:42,780 --> 00:48:47,100 +crosses MC at the minimum of ATC. + +454 +00:48:50,460 --> 00:48:59,000 +Sorry. AVC crosses MC at the minimum of AVC. ATC + +455 +00:48:59,000 --> 00:49:04,580 +crosses MC at the minimum of ATC. + +456 +00:49:08,430 --> 00:49:14,330 +AVC crosses MC. Crosses the least. Thank you, + +457 +00:49:14,430 --> 00:49:22,550 +thank you. AVC crosses MC. Crosses MC. + +458 +00:49:27,330 --> 00:49:33,990 +AVC crosses MC at the least. Or the minimum of + +459 +00:49:33,990 --> 00:49:38,440 +AVC. The same as for the average total cost. + +460 +00:49:40,260 --> 00:49:48,240 +Number two, ATC crosses MC + +461 +00:49:48,240 --> 00:49:57,000 +curve at the least or the minimum of ATC. + +462 +00:50:00,540 --> 00:50:03,740 +This is called the shutdown point, and this is the + +463 +00:50:03,740 --> 00:50:08,140 +break-even point. This is in the next chapter with + +464 +00:50:08,140 --> 00:50:11,520 +the chicken. Okay? Okay. What else? + +465 +00:50:15,220 --> 00:50:19,860 +As the quantity increases, or let's take this + +466 +00:50:19,860 --> 00:50:26,720 +part, at the left side of point A. At the left + +467 +00:50:26,720 --> 00:50:30,060 +side of point A, which is bigger? + +468 +00:50:32,790 --> 00:50:40,710 +AVC or MC? AVC is bigger than MC. Right? What do + +469 +00:50:40,710 --> 00:50:43,170 +you see? AVC is decreasing. + +470 +00:50:45,910 --> 00:50:54,650 +Right? When? Then three. When? AVC is bigger than + +471 +00:50:54,650 --> 00:50:59,770 +MC. AVC is decreasing. Right? + +472 +00:51:02,330 --> 00:51:08,110 +At the left side here, when the AVC is bigger than + +473 +00:51:08,110 --> 00:51:17,390 +MC, AVC is decreasing. Right side here. When MC is + +474 +00:51:17,390 --> 00:51:21,290 +bigger than AVC, AVC is decreasing, increasing. + +475 +00:51:23,690 --> 00:51:30,430 +Right? So here, at the left side, when AVC is + +476 +00:51:30,430 --> 00:51:35,310 +bigger than MC, AVC is decreasing. Right side, + +477 +00:51:35,410 --> 00:51:42,730 +right point A here. When AVC is less than MC. MC + +478 +00:51:42,730 --> 00:51:48,830 +is bigger than AVC. AVC is increasing. + +479 +00:51:51,870 --> 00:51:58,610 +That's it. So when Have the left side AVC is + +480 +00:51:58,610 --> 00:52:05,430 +bigger than MC. When AVC + +481 +00:52:05,430 --> 00:52:11,790 +is bigger than MC. When AVC is bigger than MC. + +482 +00:52:11,890 --> 00:52:20,630 +When AVC is bigger than MC. Left side point A. AVC + +483 +00:52:20,630 --> 00:52:22,450 +is decreasing. + +484 +00:52:26,700 --> 00:52:27,420 +Positive. + +485 +00:52:30,840 --> 00:52:37,360 +At the right side here. What do you see? When MC + +486 +00:52:37,360 --> 00:52:43,540 +is bigger than AVC. AVC is increasing. Then number + +487 +00:52:43,540 --> 00:52:53,620 +four. When? AVC or MC is bigger than AVC. AVC is + +488 +00:52:53,620 --> 00:53:02,540 +increasing. What else? + +489 +00:53:03,140 --> 00:53:09,300 +Here, point B. The same as for + +490 +00:53:09,300 --> 00:53:19,320 +the ATC. ATC and MC. When ATC is bigger than MC, + +491 +00:53:19,580 --> 00:53:20,420 +ATC is decreasing. + +492 +00:53:23,480 --> 00:53:27,220 +When MC, ATC is bigger than, when MC is bigger + +493 +00:53:27,220 --> 00:53:33,080 +than ATC, ATC is increasing. Right? And then left + +494 +00:53:33,080 --> 00:53:37,220 +side point B here. When MC, when ATC is bigger + +495 +00:53:37,220 --> 00:53:40,120 +than MC. Who is bigger than whom? ATC is bigger + +496 +00:53:40,120 --> 00:53:47,220 +than MC. ATC is decreasing. Right? It's a matter + +497 +00:53:47,220 --> 00:53:49,800 +of understanding, not memorization. Let's get the + +498 +00:53:49,800 --> 00:53:52,240 +data from the table. When? + +499 +00:53:55,780 --> 00:54:02,860 +ATC is bigger than MC, ATC is decreasing. Number + +500 +00:54:02,860 --> 00:54:07,400 +six, when MC is bigger than ATC, + +501 +00:54:10,280 --> 00:54:14,120 +when MC + +502 +00:54:14,120 --> 00:54:18,240 +is bigger than ATC, ATC is decreasing, it's + +503 +00:54:18,240 --> 00:54:18,520 +increasing. + +504 +00:54:25,310 --> 00:54:26,370 +Well, we still have. + +505 +00:54:31,910 --> 00:54:36,010 +Abu Hamza, give me just three minutes. Two + +506 +00:54:36,010 --> 00:54:40,230 +minutes. Two minutes. Two minutes. I'm learning + +507 +00:54:40,230 --> 00:54:42,530 +from Dr. Arafat, man. Bear with me for a while. + +508 +00:54:43,230 --> 00:54:50,210 +It's over. Okay. AFC is decreasing. Number seven. + +509 +00:54:53,170 --> 00:55:03,890 +AFC It's decreasing. But never touch zero in the + +510 +00:55:03,890 --> 00:55:12,750 +short run. Never reaches zero in the short run. + +511 +00:55:22,970 --> 00:55:30,990 +as the AFC is decreasing. The distance here, the + +512 +00:55:30,990 --> 00:55:35,450 +vertical distance between ATC and AVC gets closer. + +513 +00:55:38,670 --> 00:55:44,690 +ATC equals AFC plus AVC. + +514 +00:55:48,640 --> 00:55:54,000 +As quantity increased, HADA gets closer. Oh sorry, + +515 +00:55:54,200 --> 00:55:58,960 +decreasing doesn't increase quantity, right? The + +516 +00:55:58,960 --> 00:56:02,580 +distance between HADA and HADA is very small. You + +517 +00:56:02,580 --> 00:56:05,400 +see, HADA goes up and HADA goes down. They don't + +518 +00:56:05,400 --> 00:56:08,360 +meet each other. Do you know why? Because HADA + +519 +00:56:08,360 --> 00:56:12,960 +doesn't become zero. When AFC, when ATC equals + +520 +00:56:12,960 --> 00:56:21,630 +AVC, then AFC becomes zero. In the + +521 +00:56:21,630 --> 00:56:30,430 +short term, ATC and AVC get closer because ATC and + +522 +00:56:30,430 --> 00:56:37,870 +AFC are decreasing. In the short term, ATC never + +523 +00:56:37,870 --> 00:56:39,830 +equals AVC. + +524 +00:56:42,060 --> 00:56:47,360 +Because A of C is always positive bigger than zero + +525 +00:56:47,360 --> 00:56:49,560 +in the short run, right? + +526 +00:56:52,300 --> 00:56:57,840 +A T C never equal a V C in the short run because A + +527 +00:56:57,840 --> 00:57:04,630 +of C never equal zero in the short run. This + +528 +00:57:04,630 --> 00:57:06,630 +doesn't become zero. This doesn't become zero. + +529 +00:57:06,910 --> 00:57:11,350 +When this can become this equals this, then AFC + +530 +00:57:11,350 --> 00:57:14,650 +equals zero. This equals this and this doesn't + +531 +00:57:14,650 --> 00:57:19,250 +become zero. This is the short run. So ATC is + +532 +00:57:19,250 --> 00:57:26,990 +always bigger than AVC. ATC is always bigger than + +533 +00:57:26,990 --> 00:57:35,220 +AVC. Right?ATC is always bigger than AVC. What is + +534 +00:57:35,220 --> 00:57:38,580 +the vertical distance between this and this? What + +535 +00:57:38,580 --> 00:57:44,520 +is the vertical distance between ATC and AVC? What + +536 +00:57:44,520 --> 00:57:50,420 +is ATC minus AVC? AFC. Right? The vertical + +537 +00:57:50,420 --> 00:57:54,900 +distance between ATC and AVC... The distance is + +538 +00:57:54,900 --> 00:57:58,120 +getting smaller as you want to increase. But we + +539 +00:57:58,120 --> 00:57:59,620 +call this AFC. + +540 +00:58:01,870 --> 00:58:03,450 +Eat well, eat well + diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/TG8ZRUadRls_raw.json b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/TG8ZRUadRls_raw.json new file mode 100644 index 0000000000000000000000000000000000000000..69c1e8bdfdcfedc28b5da292e1b0dd5f8443e5fb --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/TG8ZRUadRls_raw.json @@ -0,0 +1 @@ +{"segments": [{"id": 1, "seek": 4738, "start": 20.08, "end": 47.38, "text": " Okay, bismillahirrahmanirrahim. Today, inshallah, we are going to start a chapter which is the analysis of cost. Analysis of cost. In this chapter, we will study the different types of cost and the relationship between the different types of cost.", "tokens": [1033, 11, 272, 1434, 32703, 347, 15688, 1601, 347, 15688, 332, 13, 2692, 11, 1028, 71, 13492, 11, 321, 366, 516, 281, 722, 257, 7187, 597, 307, 264, 5215, 295, 2063, 13, 38172, 295, 2063, 13, 682, 341, 7187, 11, 321, 486, 2979, 264, 819, 3467, 295, 2063, 293, 264, 2480, 1296, 264, 819, 3467, 295, 2063, 13], "avg_logprob": -0.2074946968232171, "compression_ratio": 1.6209150326797386, "no_speech_prob": 0.0, "words": [{"start": 20.08, "end": 20.4, "word": " Okay,", "probability": 0.68798828125}, {"start": 20.54, "end": 21.08, "word": " bismillahirrahmanirrahim.", "probability": 0.8247341579861112}, {"start": 21.92, "end": 22.34, "word": " Today,", "probability": 0.86865234375}, {"start": 22.46, "end": 22.62, "word": " inshallah,", "probability": 0.7379557291666666}, {"start": 22.72, "end": 22.84, "word": " we", "probability": 0.9619140625}, {"start": 22.84, "end": 22.96, "word": " are", "probability": 0.91552734375}, {"start": 22.96, "end": 23.28, "word": " going", "probability": 0.9482421875}, {"start": 23.28, "end": 23.42, "word": " to", "probability": 0.96630859375}, {"start": 23.42, "end": 23.7, "word": " start", "probability": 0.9296875}, {"start": 23.7, "end": 23.82, "word": " a", "probability": 0.49267578125}, {"start": 23.82, "end": 24.16, "word": " chapter", "probability": 0.85791015625}, {"start": 24.16, "end": 24.44, "word": " which", "probability": 0.384521484375}, {"start": 24.44, "end": 24.94, "word": " is", "probability": 0.93701171875}, {"start": 24.94, "end": 25.1, "word": " the", "probability": 0.74169921875}, {"start": 25.1, "end": 25.52, "word": " analysis", "probability": 0.7431640625}, {"start": 25.52, "end": 25.86, "word": " of", "probability": 0.97314453125}, {"start": 25.86, "end": 26.18, "word": " cost.", "probability": 0.387451171875}, {"start": 27.36, "end": 28.04, "word": " Analysis", "probability": 0.9580078125}, {"start": 28.04, "end": 33.92, "word": " of", "probability": 0.681640625}, {"start": 33.92, "end": 34.4, "word": " cost.", "probability": 0.90625}, {"start": 38.84, "end": 39.22, "word": " In", "probability": 0.7216796875}, {"start": 39.22, "end": 39.44, "word": " this", "probability": 0.9462890625}, {"start": 39.44, "end": 39.84, "word": " chapter,", "probability": 0.869140625}, {"start": 39.88, "end": 40.06, "word": " we", "probability": 0.96142578125}, {"start": 40.06, "end": 40.2, "word": " will", "probability": 0.88623046875}, {"start": 40.2, "end": 40.64, "word": " study", "probability": 0.93212890625}, {"start": 40.64, "end": 41.14, "word": " the", "probability": 0.904296875}, {"start": 41.14, "end": 41.46, "word": " different", "probability": 0.88623046875}, {"start": 41.46, "end": 41.86, "word": " types", "probability": 0.82177734375}, {"start": 41.86, "end": 42.06, "word": " of", "probability": 0.97119140625}, {"start": 42.06, "end": 42.44, "word": " cost", "probability": 0.89404296875}, {"start": 42.44, "end": 43.38, "word": " and", "probability": 0.8271484375}, {"start": 43.38, "end": 44.3, "word": " the", "probability": 0.923828125}, {"start": 44.3, "end": 44.86, "word": " relationship", "probability": 0.91650390625}, {"start": 44.86, "end": 45.5, "word": " between", "probability": 0.875}, {"start": 45.5, "end": 45.92, "word": " the", "probability": 0.81689453125}, {"start": 45.92, "end": 46.2, "word": " different", "probability": 0.88330078125}, {"start": 46.2, "end": 46.7, "word": " types", "probability": 0.83349609375}, {"start": 46.7, "end": 47.02, "word": " of", "probability": 0.9697265625}, {"start": 47.02, "end": 47.38, "word": " cost.", "probability": 0.89453125}], "temperature": 1.0}, {"id": 2, "seek": 7729, "start": 48.51, "end": 77.29, "text": " To understand the idea of the cost, let's have the following example. Assume or suppose that someone has a blocks manufacturing unit, blocks manufacturing unit.", "tokens": [1407, 1223, 264, 1558, 295, 264, 2063, 11, 718, 311, 362, 264, 3480, 1365, 13, 6281, 2540, 420, 7297, 300, 1580, 575, 257, 8474, 11096, 4985, 11, 8474, 11096, 4985, 13], "avg_logprob": -0.16186523158103228, "compression_ratio": 1.4, "no_speech_prob": 0.0, "words": [{"start": 48.51, "end": 48.71, "word": " To", "probability": 0.83056640625}, {"start": 48.71, "end": 49.21, "word": " understand", "probability": 0.80419921875}, {"start": 49.21, "end": 49.43, "word": " the", "probability": 0.92041015625}, {"start": 49.43, "end": 49.91, "word": " idea", "probability": 0.93359375}, {"start": 49.91, "end": 50.53, "word": " of", "probability": 0.96923828125}, {"start": 50.53, "end": 52.17, "word": " the", "probability": 0.81689453125}, {"start": 52.17, "end": 52.77, "word": " cost,", "probability": 0.4677734375}, {"start": 53.85, "end": 54.25, "word": " let's", "probability": 0.966064453125}, {"start": 54.25, "end": 54.51, "word": " have", "probability": 0.9453125}, {"start": 54.51, "end": 54.67, "word": " the", "probability": 0.869140625}, {"start": 54.67, "end": 54.97, "word": " following", "probability": 0.90966796875}, {"start": 54.97, "end": 55.57, "word": " example.", "probability": 0.97216796875}, {"start": 57.17, "end": 57.81, "word": " Assume", "probability": 0.96240234375}, {"start": 57.81, "end": 58.33, "word": " or", "probability": 0.80615234375}, {"start": 58.33, "end": 58.83, "word": " suppose", "probability": 0.9033203125}, {"start": 58.83, "end": 59.51, "word": " that", "probability": 0.93408203125}, {"start": 59.51, "end": 60.73, "word": " someone", "probability": 0.9462890625}, {"start": 60.73, "end": 61.31, "word": " has", "probability": 0.95068359375}, {"start": 61.31, "end": 63.23, "word": " a", "probability": 0.52685546875}, {"start": 63.23, "end": 63.51, "word": " blocks", "probability": 0.86865234375}, {"start": 63.51, "end": 64.25, "word": " manufacturing", "probability": 0.92138671875}, {"start": 64.25, "end": 64.69, "word": " unit,", "probability": 0.96533203125}, {"start": 66.27, "end": 67.39, "word": " blocks", "probability": 0.7783203125}, {"start": 67.39, "end": 72.37, "word": " manufacturing", "probability": 0.8515625}, {"start": 72.37, "end": 77.29, "word": " unit.", "probability": 0.95263671875}], "temperature": 1.0}, {"id": 3, "seek": 11034, "start": 81.98, "end": 110.34, "text": " to produce blocks. To produce blocks. To produce blocks, we need the following inputs. We need cement, sand, water,", "tokens": [281, 5258, 8474, 13, 1407, 5258, 8474, 13, 1407, 5258, 8474, 11, 321, 643, 264, 3480, 15743, 13, 492, 643, 19729, 11, 4932, 11, 1281, 11], "avg_logprob": -0.17288773810421978, "compression_ratio": 1.4320987654320987, "no_speech_prob": 0.0, "words": [{"start": 81.98, "end": 82.22, "word": " to", "probability": 0.450439453125}, {"start": 82.22, "end": 82.66, "word": " produce", "probability": 0.84814453125}, {"start": 82.66, "end": 83.08, "word": " blocks.", "probability": 0.955078125}, {"start": 84.1, "end": 85.0, "word": " To", "probability": 0.86083984375}, {"start": 85.0, "end": 85.5, "word": " produce", "probability": 0.86767578125}, {"start": 85.5, "end": 86.08, "word": " blocks.", "probability": 0.91748046875}, {"start": 87.72, "end": 89.02, "word": " To", "probability": 0.95458984375}, {"start": 89.02, "end": 89.42, "word": " produce", "probability": 0.87109375}, {"start": 89.42, "end": 89.82, "word": " blocks,", "probability": 0.9091796875}, {"start": 89.98, "end": 90.16, "word": " we", "probability": 0.9560546875}, {"start": 90.16, "end": 90.92, "word": " need", "probability": 0.9267578125}, {"start": 90.92, "end": 94.14, "word": " the", "probability": 0.75048828125}, {"start": 94.14, "end": 94.62, "word": " following", "probability": 0.88525390625}, {"start": 94.62, "end": 95.2, "word": " inputs.", "probability": 0.8935546875}, {"start": 101.34, "end": 102.64, "word": " We", "probability": 0.951171875}, {"start": 102.64, "end": 103.06, "word": " need", "probability": 0.9296875}, {"start": 103.06, "end": 104.16, "word": " cement,", "probability": 0.90673828125}, {"start": 105.92, "end": 106.98, "word": " sand,", "probability": 0.84375}, {"start": 108.1, "end": 110.34, "word": " water,", "probability": 0.87890625}], "temperature": 1.0}, {"id": 4, "seek": 14197, "start": 113.5, "end": 141.98, "text": " Gravels. What else? No, no, it's a new chapter. Yes. 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We have also to pay for maybe rent, land rent. We have to pay insurance, registration, electricity. Right? So we have to pay also for insurance. Registration. Yes, taxes.", "tokens": [12089, 1652, 13, 492, 362, 611, 281, 1689, 337, 1310, 6214, 11, 2117, 6214, 13, 492, 362, 281, 1689, 7214, 11, 16847, 11, 10356, 13, 1779, 30, 407, 321, 362, 281, 1689, 611, 337, 7214, 13, 4791, 468, 2405, 13, 1079, 11, 10041, 13], "avg_logprob": -0.136979165342119, "compression_ratio": 1.4596774193548387, "no_speech_prob": 0.0, "words": [{"start": 145.37, "end": 146.13, "word": " Machines.", "probability": 0.8388671875}, {"start": 149.61, "end": 150.37, "word": " We", "probability": 0.908203125}, {"start": 150.37, "end": 150.65, "word": " have", "probability": 0.91064453125}, {"start": 150.65, "end": 151.03, "word": " also", "probability": 0.80908203125}, {"start": 151.03, "end": 151.25, "word": " to", "probability": 0.96826171875}, {"start": 151.25, "end": 151.53, "word": " pay", "probability": 0.935546875}, {"start": 151.53, "end": 151.99, "word": " for", "probability": 0.87939453125}, {"start": 151.99, "end": 153.03, "word": " maybe", "probability": 0.708984375}, {"start": 153.03, "end": 154.03, "word": " rent,", "probability": 0.78662109375}, {"start": 154.81, "end": 154.95, "word": " land", "probability": 0.89794921875}, {"start": 154.95, "end": 155.31, "word": " rent.", "probability": 0.9013671875}, {"start": 155.75, "end": 155.97, "word": " We", "probability": 0.962890625}, {"start": 155.97, "end": 156.25, "word": " have", "probability": 0.95068359375}, {"start": 156.25, "end": 156.43, "word": " to", "probability": 0.97265625}, {"start": 156.43, "end": 156.75, "word": " pay", "probability": 0.9501953125}, {"start": 156.75, "end": 157.91, "word": " insurance,", "probability": 0.95458984375}, {"start": 158.51, "end": 159.07, "word": " registration,", "probability": 0.95556640625}, {"start": 159.81, "end": 160.49, "word": " electricity.", "probability": 0.939453125}, {"start": 161.77, "end": 162.09, "word": " Right?", "probability": 0.84033203125}, {"start": 162.35, "end": 162.61, "word": " So", "probability": 0.9560546875}, {"start": 162.61, "end": 162.95, "word": " we", "probability": 0.6201171875}, {"start": 162.95, "end": 163.13, "word": " have", "probability": 0.93408203125}, {"start": 163.13, "end": 163.29, "word": " to", "probability": 0.96923828125}, {"start": 163.29, "end": 163.53, "word": " pay", "probability": 0.9287109375}, {"start": 163.53, "end": 163.91, "word": " also", "probability": 0.87451171875}, {"start": 163.91, "end": 164.27, "word": " for", "probability": 0.94970703125}, {"start": 164.27, "end": 165.29, "word": " insurance.", "probability": 0.95361328125}, {"start": 168.95, "end": 169.71, "word": " Registration.", "probability": 0.8610026041666666}, {"start": 171.51, "end": 172.27, "word": " Yes,", "probability": 0.8828125}, {"start": 172.51, "end": 172.89, "word": " taxes.", "probability": 0.93505859375}], "temperature": 1.0}, {"id": 6, "seek": 20532, "start": 175.8, "end": 205.32, "text": " We need also to pay taxes. Gravels. Hasma. We need also to pay for... Keep silent, please. We need also to pay for other types of costs, like sometimes we may rent the land, so we have to pay for rent. Rent.", "tokens": [492, 643, 611, 281, 1689, 10041, 13, 8985, 779, 82, 13, 8646, 1696, 13, 492, 643, 611, 281, 1689, 337, 485, 5527, 12784, 11, 1767, 13, 492, 643, 611, 281, 1689, 337, 661, 3467, 295, 5497, 11, 411, 2171, 321, 815, 6214, 264, 2117, 11, 370, 321, 362, 281, 1689, 337, 6214, 13, 42743, 13], "avg_logprob": -0.26813615379588945, "compression_ratio": 1.625, "no_speech_prob": 0.0, "words": [{"start": 175.8, "end": 176.02, "word": " We", "probability": 0.8759765625}, {"start": 176.02, "end": 176.24, "word": " need", "probability": 0.884765625}, {"start": 176.24, "end": 176.52, "word": " also", "probability": 0.85400390625}, {"start": 176.52, "end": 176.72, "word": " to", "probability": 0.970703125}, {"start": 176.72, "end": 176.86, "word": " pay", "probability": 0.9462890625}, {"start": 176.86, "end": 177.44, "word": " taxes.", "probability": 0.9169921875}, {"start": 180.88, "end": 181.6, "word": " Gravels.", "probability": 0.6104329427083334}, {"start": 181.96, "end": 182.34, "word": " Hasma.", "probability": 0.43304443359375}, {"start": 184.16, "end": 184.88, "word": " We", "probability": 0.94384765625}, {"start": 184.88, "end": 185.22, "word": " need", "probability": 0.91015625}, {"start": 185.22, "end": 185.72, "word": " also", "probability": 0.86767578125}, {"start": 185.72, "end": 185.96, "word": " to", "probability": 0.970703125}, {"start": 185.96, "end": 186.34, "word": " pay", "probability": 0.93896484375}, {"start": 186.34, "end": 188.04, "word": " for...", "probability": 0.6065673828125}, {"start": 188.04, "end": 188.5, "word": " Keep", "probability": 0.55615234375}, {"start": 188.5, "end": 188.86, "word": " silent,", "probability": 0.91064453125}, {"start": 189.0, "end": 189.28, "word": " please.", "probability": 0.80517578125}, {"start": 192.24, "end": 192.96, "word": " We", "probability": 0.95947265625}, {"start": 192.96, "end": 193.34, "word": " need", "probability": 0.9140625}, {"start": 193.34, "end": 193.7, "word": " also", "probability": 0.87744140625}, {"start": 193.7, "end": 193.92, "word": " to", "probability": 0.96875}, {"start": 193.92, "end": 194.16, "word": " pay", "probability": 0.93896484375}, {"start": 194.16, "end": 194.6, "word": " for", "probability": 0.94921875}, {"start": 194.6, "end": 196.6, "word": " other", "probability": 0.8115234375}, {"start": 196.6, "end": 197.1, "word": " types", "probability": 0.82470703125}, {"start": 197.1, "end": 197.64, "word": " of", "probability": 0.97021484375}, {"start": 197.64, "end": 198.2, "word": " costs,", "probability": 0.3154296875}, {"start": 198.4, "end": 198.7, "word": " like", "probability": 0.91357421875}, {"start": 198.7, "end": 199.46, "word": " sometimes", "probability": 0.8447265625}, {"start": 199.46, "end": 199.8, "word": " we", "probability": 0.853515625}, {"start": 199.8, "end": 200.16, "word": " may", "probability": 0.442138671875}, {"start": 200.16, "end": 201.36, "word": " rent", "probability": 0.771484375}, {"start": 201.36, "end": 201.56, "word": " the", "probability": 0.48095703125}, {"start": 201.56, "end": 201.9, "word": " land,", "probability": 0.92578125}, {"start": 202.04, "end": 202.16, "word": " so", "probability": 0.94970703125}, {"start": 202.16, "end": 202.38, "word": " we", "probability": 0.94921875}, {"start": 202.38, "end": 202.56, "word": " have", "probability": 0.94482421875}, {"start": 202.56, "end": 202.72, "word": " to", "probability": 0.97119140625}, {"start": 202.72, "end": 203.06, "word": " pay", "probability": 0.9375}, {"start": 203.06, "end": 203.88, "word": " for", "probability": 0.9208984375}, {"start": 203.88, "end": 204.2, "word": " rent.", "probability": 0.9130859375}, {"start": 204.94, "end": 205.32, "word": " Rent.", "probability": 0.8818359375}], "temperature": 1.0}, {"id": 7, "seek": 23769, "start": 212.39, "end": 237.69, "text": " Electricity, transportation. All these types are classified as or called inputs or course. In economics, we classify the course here into different types.", "tokens": [24677, 507, 11, 11328, 13, 1057, 613, 3467, 366, 20627, 382, 420, 1219, 15743, 420, 1164, 13, 682, 14564, 11, 321, 33872, 264, 1164, 510, 666, 819, 3467, 13], "avg_logprob": -0.22669270187616347, "compression_ratio": 1.3362068965517242, "no_speech_prob": 0.0, "words": [{"start": 212.39, "end": 213.51, "word": " Electricity,", "probability": 0.93408203125}, {"start": 213.51, "end": 214.63, "word": " transportation.", "probability": 0.73486328125}, {"start": 220.09, "end": 221.21, "word": " All", "probability": 0.97314453125}, {"start": 221.21, "end": 221.59, "word": " these", "probability": 0.84375}, {"start": 221.59, "end": 222.01, "word": " types", "probability": 0.8037109375}, {"start": 222.01, "end": 223.07, "word": " are", "probability": 0.94384765625}, {"start": 223.07, "end": 223.57, "word": " classified", "probability": 0.94580078125}, {"start": 223.57, "end": 224.25, "word": " as", "probability": 0.95849609375}, {"start": 224.25, "end": 224.51, "word": " or", "probability": 0.7109375}, {"start": 224.51, "end": 225.17, "word": " called", "probability": 0.8427734375}, {"start": 225.17, "end": 227.23, "word": " inputs", "probability": 0.845703125}, {"start": 227.23, "end": 227.69, "word": " or", "probability": 0.96142578125}, {"start": 227.69, "end": 228.25, "word": " course.", "probability": 0.2274169921875}, {"start": 230.77, "end": 231.01, "word": " In", "probability": 0.86572265625}, {"start": 231.01, "end": 231.45, "word": " economics,", "probability": 0.55908203125}, {"start": 232.57, "end": 232.57, "word": " we", "probability": 0.9140625}, {"start": 232.57, "end": 233.11, "word": " classify", "probability": 0.9189453125}, {"start": 233.11, "end": 233.73, "word": " the", "probability": 0.81884765625}, {"start": 233.73, "end": 236.33, "word": " course", "probability": 0.8447265625}, {"start": 236.33, "end": 236.57, "word": " here", "probability": 0.76171875}, {"start": 236.57, "end": 236.87, "word": " into", "probability": 0.83642578125}, {"start": 236.87, "end": 237.27, "word": " different", "probability": 0.88525390625}, {"start": 237.27, "end": 237.69, "word": " types.", "probability": 0.873046875}], "temperature": 1.0}, {"id": 8, "seek": 26868, "start": 239.56, "end": 268.68, "text": " Variable cost and fixed cost. The variable cost, let us ask here about cement. Cement is an input to produce blocks, right? 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Are these here, cement, water, sand, gravels, and human resources here, are these costs variable or fixed? Which means if we need to produce more blocks,", "tokens": [4932, 11, 1281, 11, 30001, 82, 11, 293, 732, 5600, 13, 2014, 613, 510, 11, 19729, 11, 1281, 11, 4932, 11, 30001, 82, 11, 293, 1952, 3593, 510, 11, 366, 613, 5497, 7006, 420, 6806, 30, 3013, 1355, 498, 321, 643, 281, 5258, 544, 8474, 11], "avg_logprob": -0.18866357080479887, "compression_ratio": 1.4621212121212122, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 269.89, "end": 270.87, "word": " sand,", "probability": 0.65966796875}, {"start": 270.95, "end": 271.61, "word": " water,", "probability": 0.86474609375}, {"start": 271.91, "end": 272.69, "word": " gravels,", "probability": 0.87451171875}, {"start": 272.93, "end": 273.37, "word": " and", "probability": 0.93994140625}, {"start": 273.37, "end": 273.85, "word": " two", "probability": 0.67529296875}, {"start": 273.85, "end": 274.25, "word": " workers.", "probability": 0.8046875}, {"start": 276.61, "end": 276.93, "word": " Are", "probability": 0.8388671875}, {"start": 276.93, "end": 277.51, "word": " these", "probability": 0.8603515625}, {"start": 277.51, "end": 278.13, "word": " here,", "probability": 0.63330078125}, {"start": 278.65, "end": 278.93, "word": " cement,", "probability": 0.95361328125}, {"start": 279.31, "end": 280.01, "word": " water,", "probability": 0.8564453125}, {"start": 280.47, "end": 280.91, "word": " sand,", "probability": 0.84033203125}, {"start": 281.13, "end": 281.87, "word": " gravels,", "probability": 0.7203369140625}, {"start": 281.89, "end": 282.11, "word": " and", "probability": 0.9375}, {"start": 282.11, "end": 282.41, "word": " human", "probability": 0.576171875}, {"start": 282.41, "end": 282.95, "word": " resources", "probability": 0.94140625}, {"start": 282.95, "end": 283.49, "word": " here,", "probability": 0.85205078125}, {"start": 284.23, "end": 285.07, "word": " are", "probability": 0.9375}, {"start": 285.07, "end": 285.95, "word": " these", "probability": 0.861328125}, {"start": 285.95, "end": 287.41, "word": " costs", "probability": 0.7783203125}, {"start": 287.41, "end": 288.49, "word": " variable", "probability": 0.88720703125}, {"start": 288.49, "end": 288.89, "word": " or", "probability": 0.96142578125}, {"start": 288.89, "end": 289.25, "word": " fixed?", "probability": 0.92431640625}, {"start": 290.25, "end": 291.23, "word": " Which", "probability": 0.8759765625}, {"start": 291.23, "end": 291.65, "word": " means", "probability": 0.9375}, {"start": 291.65, "end": 292.11, "word": " if", "probability": 0.73486328125}, {"start": 292.11, "end": 292.35, "word": " we", "probability": 0.9599609375}, {"start": 292.35, "end": 292.77, "word": " need", "probability": 0.92724609375}, {"start": 292.77, "end": 293.29, "word": " to", "probability": 0.97119140625}, {"start": 293.29, "end": 293.91, "word": " produce", "probability": 0.865234375}, {"start": 293.91, "end": 294.57, "word": " more", "probability": 0.935546875}, {"start": 294.57, "end": 295.07, "word": " blocks,", "probability": 0.943359375}], "temperature": 1.0}, {"id": 10, "seek": 31627, "start": 296.14, "end": 316.28, "text": " Additional units of blocks. We need more cement. We need more gravels. We need more sand. Which means these costs are variable, interchangeable. When we produce more, when we want to produce more blocks,", "tokens": [44272, 6815, 295, 8474, 13, 492, 643, 544, 19729, 13, 492, 643, 544, 30001, 82, 13, 492, 643, 544, 4932, 13, 3013, 1355, 613, 5497, 366, 7006, 11, 30358, 712, 13, 1133, 321, 5258, 544, 11, 562, 321, 528, 281, 5258, 544, 8474, 11], "avg_logprob": -0.1840277844005161, "compression_ratio": 1.619047619047619, "no_speech_prob": 0.0, "words": [{"start": 296.14, "end": 296.74, "word": " Additional", "probability": 0.3291015625}, {"start": 296.74, "end": 297.26, "word": " units", "probability": 0.9521484375}, {"start": 297.26, "end": 297.42, "word": " of", "probability": 0.96142578125}, {"start": 297.42, "end": 297.84, "word": " blocks.", "probability": 0.9013671875}, {"start": 298.3, "end": 298.6, "word": " We", "probability": 0.91796875}, {"start": 298.6, "end": 299.04, "word": " need", "probability": 0.93115234375}, {"start": 299.04, "end": 299.64, "word": " more", "probability": 0.93994140625}, {"start": 299.64, "end": 300.16, "word": " cement.", "probability": 0.9287109375}, {"start": 300.54, "end": 300.66, "word": " We", "probability": 0.9658203125}, {"start": 300.66, "end": 300.94, "word": " need", "probability": 0.9287109375}, {"start": 300.94, "end": 301.26, "word": " more", "probability": 0.92919921875}, {"start": 301.26, "end": 302.0, "word": " gravels.", "probability": 0.82177734375}, {"start": 302.18, "end": 302.28, "word": " We", "probability": 0.97021484375}, {"start": 302.28, "end": 302.58, "word": " need", "probability": 0.9267578125}, {"start": 302.58, "end": 302.84, "word": " more", "probability": 0.935546875}, {"start": 302.84, "end": 303.34, "word": " sand.", "probability": 0.859375}, {"start": 304.74, "end": 304.96, "word": " Which", "probability": 0.78369140625}, {"start": 304.96, "end": 305.46, "word": " means", "probability": 0.93798828125}, {"start": 305.46, "end": 306.96, "word": " these", "probability": 0.6533203125}, {"start": 306.96, "end": 308.68, "word": " costs", "probability": 0.50537109375}, {"start": 308.68, "end": 309.04, "word": " are", "probability": 0.93994140625}, {"start": 309.04, "end": 309.52, "word": " variable,", "probability": 0.8466796875}, {"start": 309.94, "end": 310.74, "word": " interchangeable.", "probability": 0.753173828125}, {"start": 312.24, "end": 312.66, "word": " When", "probability": 0.89599609375}, {"start": 312.66, "end": 312.84, "word": " we", "probability": 0.96337890625}, {"start": 312.84, "end": 313.42, "word": " produce", "probability": 0.82958984375}, {"start": 313.42, "end": 313.8, "word": " more,", "probability": 0.93359375}, {"start": 313.92, "end": 314.1, "word": " when", "probability": 0.92724609375}, {"start": 314.1, "end": 314.3, "word": " we", "probability": 0.962890625}, {"start": 314.3, "end": 314.64, "word": " want", "probability": 0.873046875}, {"start": 314.64, "end": 314.76, "word": " to", "probability": 0.97314453125}, {"start": 314.76, "end": 315.22, "word": " produce", "probability": 0.8642578125}, {"start": 315.22, "end": 315.8, "word": " more", "probability": 0.94091796875}, {"start": 315.8, "end": 316.28, "word": " blocks,", "probability": 0.6845703125}], "temperature": 1.0}, {"id": 11, "seek": 34273, "start": 317.57, "end": 342.73, "text": " We need more cement, more water, more electricity. So these types of costs are called variable costs. We need more workers. So workers also is classified as a variable cost, right? What else? 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Maybe electricity, because we need to run the generators to run the machines here. So electricity also is classified as a variable cost, right? 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We have to pay it either if we produce or not. Right? One of the licenses of this factory that pays annually, or taxes, or insurance. Rent, land rent. 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So rent, insurance, registration, taxes should be paid either you work or not. So it should be classified as a fixed cost. Right?", "tokens": [634, 575, 281, 1689, 264, 6214, 13, 407, 6214, 11, 7214, 11, 16847, 11, 10041, 820, 312, 4835, 2139, 291, 589, 420, 406, 13, 407, 309, 820, 312, 20627, 382, 257, 6806, 2063, 13, 1779, 30], "avg_logprob": -0.2358530469842859, "compression_ratio": 1.2941176470588236, "no_speech_prob": 0.0, "words": [{"start": 404.53999999999996, "end": 405.4, "word": " He", "probability": 0.1866455078125}, {"start": 405.4, "end": 406.26, "word": " has", "probability": 0.890625}, {"start": 406.26, "end": 406.44, "word": " to", "probability": 0.97021484375}, {"start": 406.44, "end": 406.66, "word": " pay", "probability": 0.9521484375}, {"start": 406.66, "end": 406.82, "word": " the", "probability": 0.86328125}, {"start": 406.82, "end": 407.1, "word": " rent.", "probability": 0.91845703125}, {"start": 408.58, "end": 408.76, "word": " So", "probability": 0.84521484375}, {"start": 408.76, "end": 411.34, "word": " rent,", "probability": 0.232421875}, {"start": 412.3, "end": 414.08, "word": 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So the total variable cost, if you say total variable cost,", "tokens": [23170, 7006, 2063, 307, 264, 2063, 295, 264, 28811, 420, 264, 2408, 295, 264, 2063, 295, 19729, 11, 1281, 11, 4932, 11, 1804, 38752, 11, 1804, 1952, 3593, 11, 20097, 11, 293, 35057, 11, 293, 10356, 11, 558, 30, 407, 264, 3217, 7006, 2063, 11, 498, 291, 584, 3217, 7006, 2063, 11], "avg_logprob": -0.24336674528301888, "compression_ratio": 1.7426470588235294, "no_speech_prob": 0.0, "words": [{"start": 450.34, "end": 450.8, "word": " Total", "probability": 0.8349609375}, {"start": 450.8, "end": 451.18, "word": " variable", "probability": 0.8740234375}, {"start": 451.18, "end": 451.66, "word": " cost", "probability": 0.85791015625}, {"start": 451.66, "end": 452.16, "word": " is", "probability": 0.9267578125}, {"start": 452.16, "end": 452.4, "word": " the", "probability": 0.921875}, {"start": 452.4, "end": 452.72, "word": " cost", "probability": 0.8154296875}, {"start": 452.72, "end": 452.98, "word": " of", "probability": 0.57373046875}, {"start": 452.98, "end": 453.16, "word": " the", "probability": 0.8994140625}, {"start": 453.16, "end": 453.7, "word": " summation", "probability": 0.90869140625}, {"start": 453.7, "end": 454.02, "word": " or", "probability": 0.5498046875}, {"start": 454.02, "end": 454.22, "word": " the", "probability": 0.91552734375}, {"start": 454.22, "end": 454.54, "word": " sum", "probability": 0.939453125}, {"start": 454.54, "end": 454.98, "word": " of", "probability": 0.94189453125}, {"start": 454.98, "end": 455.3, "word": " the", "probability": 0.802734375}, {"start": 455.3, "end": 456.34, "word": " cost", "probability": 0.802734375}, {"start": 456.34, "end": 456.8, "word": " of", "probability": 0.96435546875}, {"start": 456.8, "end": 457.52, "word": " cement,", "probability": 0.939453125}, {"start": 457.68, "end": 458.0, "word": " water,", "probability": 0.84130859375}, {"start": 458.22, "end": 458.52, "word": " sand,", "probability": 0.86865234375}, {"start": 458.66, "end": 458.9, "word": " plus", "probability": 0.7939453125}, {"start": 458.9, "end": 459.32, "word": " rabbits,", "probability": 0.193115234375}, {"start": 459.54, "end": 459.76, "word": " plus", "probability": 0.94482421875}, {"start": 459.76, "end": 460.06, "word": " human", "probability": 0.8115234375}, {"start": 460.06, "end": 460.62, "word": " resources,", "probability": 0.9345703125}, {"start": 460.78, "end": 461.02, "word": " wages,", "probability": 0.84619140625}, {"start": 461.2, "end": 461.3, "word": " and", "probability": 0.82177734375}, {"start": 461.3, "end": 461.6, "word": " salaries,", "probability": 0.998046875}, {"start": 461.96, "end": 462.38, "word": " and", "probability": 0.9296875}, {"start": 462.38, "end": 463.54, "word": " electricity,", "probability": 0.93115234375}, {"start": 464.24, "end": 464.48, "word": " right?", "probability": 0.890625}, {"start": 464.78, "end": 465.06, "word": " So", "probability": 0.9443359375}, {"start": 465.06, "end": 465.56, "word": " the", "probability": 0.67041015625}, {"start": 465.56, "end": 465.9, "word": " total", "probability": 0.87060546875}, {"start": 465.9, "end": 466.28, "word": " variable", "probability": 0.8896484375}, {"start": 466.28, "end": 466.7, "word": " cost,", "probability": 0.880859375}, {"start": 466.8, "end": 466.96, "word": " if", "probability": 0.2607421875}, {"start": 466.96, "end": 467.16, "word": " you", "probability": 0.841796875}, {"start": 467.16, "end": 467.38, "word": " say", "probability": 0.654296875}, {"start": 467.38, "end": 468.26, "word": " total", "probability": 0.744140625}, {"start": 468.26, "end": 470.34, "word": " variable", "probability": 0.91796875}, {"start": 470.34, "end": 470.84, "word": " cost,", "probability": 0.90576171875}], "temperature": 1.0}, {"id": 17, "seek": 50108, "start": 474.34, "end": 501.08, "text": " is the summation of the sum of total. In this example. Right? The total fixed cost is the sum of", "tokens": [307, 264, 28811, 295, 264, 2408, 295, 3217, 13, 682, 341, 1365, 13, 1779, 30, 440, 3217, 6806, 2063, 307, 264, 2408, 295], "avg_logprob": -0.3221028707921505, "compression_ratio": 1.2125, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 474.34, "end": 474.76, "word": " is", "probability": 0.383544921875}, {"start": 474.76, "end": 475.68, "word": " the", "probability": 0.90771484375}, {"start": 475.68, "end": 476.42, "word": " summation", "probability": 0.8583984375}, {"start": 476.42, "end": 477.1, "word": " of", "probability": 0.97314453125}, {"start": 477.1, "end": 477.46, "word": " the", "probability": 0.85888671875}, {"start": 477.46, "end": 477.7, "word": " sum", "probability": 0.93212890625}, {"start": 477.7, "end": 478.0, "word": " of", "probability": 0.9560546875}, {"start": 478.0, "end": 478.8, "word": " total.", "probability": 0.8349609375}, {"start": 480.88, "end": 480.88, "word": " In", "probability": 0.343994140625}, {"start": 480.88, "end": 480.88, "word": " this", "probability": 0.9462890625}, {"start": 480.88, "end": 480.88, "word": " example.", "probability": 0.96875}, {"start": 488.68, "end": 489.0, "word": " Right?", "probability": 0.1685791015625}, {"start": 496.3, "end": 496.96, "word": " The", "probability": 0.8740234375}, {"start": 496.96, "end": 497.32, "word": " total", "probability": 0.89697265625}, {"start": 497.32, "end": 497.74, "word": " fixed", "probability": 0.94677734375}, {"start": 497.74, "end": 498.16, "word": " cost", "probability": 0.888671875}, {"start": 498.16, "end": 499.22, "word": " is", "probability": 0.9453125}, {"start": 499.22, "end": 500.06, "word": " the", "probability": 0.92626953125}, {"start": 500.06, "end": 500.54, "word": " sum", "probability": 0.94384765625}, {"start": 500.54, "end": 501.08, "word": " of", "probability": 0.97314453125}], "temperature": 1.0}, {"id": 18, "seek": 52809, "start": 501.83, "end": 528.09, "text": " Fixed cost paid by the organization, by the company, either if we work or not. You have the total fixed cost, TFC. Total fixed cost equals the summation of the cost of", "tokens": [25538, 292, 2063, 4835, 538, 264, 4475, 11, 538, 264, 2237, 11, 2139, 498, 321, 589, 420, 406, 13, 509, 362, 264, 3217, 6806, 2063, 11, 314, 18671, 13, 23170, 6806, 2063, 6915, 264, 28811, 295, 264, 2063, 295], "avg_logprob": -0.2863281324505806, "compression_ratio": 1.3884297520661157, "no_speech_prob": 0.0, "words": [{"start": 501.83, "end": 502.43, "word": " Fixed", "probability": 0.679931640625}, {"start": 502.43, "end": 502.83, "word": " cost", "probability": 0.5439453125}, {"start": 502.83, "end": 503.33, "word": " paid", "probability": 0.91845703125}, {"start": 503.33, "end": 503.65, "word": " by", "probability": 0.97021484375}, {"start": 503.65, "end": 503.87, "word": " the", "probability": 0.91796875}, {"start": 503.87, "end": 504.67, "word": " organization,", "probability": 0.888671875}, {"start": 504.91, "end": 505.01, "word": " by", "probability": 0.90771484375}, {"start": 505.01, "end": 505.17, "word": " the", "probability": 0.9091796875}, {"start": 505.17, "end": 505.67, "word": " company,", "probability": 0.92236328125}, {"start": 506.49, "end": 508.01, "word": " either", "probability": 0.88720703125}, {"start": 508.01, "end": 509.07, "word": " if", "probability": 0.9375}, {"start": 509.07, "end": 509.23, "word": " we", "probability": 0.91455078125}, {"start": 509.23, "end": 509.57, "word": " work", "probability": 0.923828125}, {"start": 509.57, "end": 509.77, "word": " or", "probability": 0.94775390625}, {"start": 509.77, "end": 510.17, "word": " not.", "probability": 0.95361328125}, {"start": 511.67, "end": 512.23, "word": " You", "probability": 0.103515625}, {"start": 512.23, "end": 512.39, "word": " have", "probability": 0.61328125}, {"start": 512.39, "end": 512.55, "word": " the", "probability": 0.833984375}, {"start": 512.55, "end": 512.85, "word": " total", "probability": 0.81982421875}, {"start": 512.85, "end": 513.19, "word": " fixed", "probability": 0.94189453125}, {"start": 513.19, "end": 513.63, "word": " cost,", "probability": 0.865234375}, {"start": 514.01, "end": 514.59, "word": " TFC.", "probability": 0.884765625}, {"start": 516.13, "end": 516.69, "word": " Total", "probability": 0.8359375}, {"start": 516.69, "end": 517.05, "word": " fixed", "probability": 0.90869140625}, {"start": 517.05, "end": 517.51, "word": " cost", "probability": 0.87744140625}, {"start": 517.51, "end": 523.29, "word": " equals", "probability": 0.2509765625}, {"start": 523.29, "end": 525.75, "word": " the", "probability": 0.904296875}, {"start": 525.75, "end": 526.39, "word": " summation", "probability": 0.8583984375}, {"start": 526.39, "end": 526.95, "word": " of", "probability": 0.9697265625}, {"start": 526.95, "end": 527.21, "word": " the", "probability": 0.912109375}, {"start": 527.21, "end": 527.65, "word": " cost", "probability": 0.9052734375}, {"start": 527.65, "end": 528.09, "word": " of", "probability": 0.96533203125}], "temperature": 1.0}, {"id": 19, "seek": 54005, "start": 529.86, "end": 540.06, "text": " Insurance, registration, land rent, all right? These are called the total fixed cost.", "tokens": [39971, 11, 16847, 11, 2117, 6214, 11, 439, 558, 30, 1981, 366, 1219, 264, 3217, 6806, 2063, 13], "avg_logprob": -0.35032893795716136, "compression_ratio": 1.0617283950617284, "no_speech_prob": 0.0, "words": [{"start": 529.86, "end": 530.7, "word": " Insurance,", "probability": 0.76025390625}, {"start": 530.86, "end": 531.58, "word": " registration,", "probability": 0.95068359375}, {"start": 532.3, "end": 532.68, "word": " land", "probability": 0.94140625}, {"start": 532.68, "end": 533.26, "word": " rent,", "probability": 0.8818359375}, {"start": 534.44, "end": 534.56, "word": " all", "probability": 0.587890625}, {"start": 534.56, "end": 534.72, "word": " right?", "probability": 0.91552734375}, {"start": 535.32, "end": 535.58, "word": " These", "probability": 0.80615234375}, {"start": 535.58, "end": 535.88, "word": " are", "probability": 0.91162109375}, {"start": 535.88, "end": 538.32, "word": " called", "probability": 0.66552734375}, {"start": 538.32, "end": 538.54, "word": " the", "probability": 0.7080078125}, {"start": 538.54, "end": 539.0, "word": " total", "probability": 0.83251953125}, {"start": 539.0, "end": 539.6, "word": " fixed", "probability": 0.87255859375}, {"start": 539.6, "end": 540.06, "word": " cost.", "probability": 0.8134765625}], "temperature": 1.0}, {"id": 20, "seek": 58574, "start": 570.1, "end": 585.74, "text": " This is the idea. Thank you for your comment here.", "tokens": [639, 307, 264, 1558, 13, 1044, 291, 337, 428, 2871, 510, 13], "avg_logprob": -0.2829026534007146, "compression_ratio": 0.9272727272727272, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 570.1, "end": 570.64, "word": " This", "probability": 0.024932861328125}, {"start": 570.64, "end": 571.18, "word": " is", "probability": 0.9150390625}, {"start": 571.18, "end": 583.4, "word": " the", "probability": 0.90966796875}, {"start": 583.4, "end": 583.74, "word": " idea.", "probability": 0.9384765625}, {"start": 584.0, "end": 584.12, "word": " Thank", "probability": 0.7138671875}, {"start": 584.12, "end": 584.74, "word": " you", "probability": 0.95556640625}, {"start": 584.74, "end": 584.96, "word": " for", "probability": 0.875}, {"start": 584.96, "end": 585.2, "word": " your", "probability": 0.8544921875}, {"start": 585.2, "end": 585.46, "word": " comment", "probability": 0.86181640625}, {"start": 585.46, "end": 585.74, "word": " here.", "probability": 0.765625}], "temperature": 1.0}, {"id": 21, "seek": 60823, "start": 586.13, "end": 608.23, "text": "The total cost is the total variable cost plus total fixed cost. TC, total cost equals total fixed cost plus total variable cost.", "tokens": [2278, 3217, 2063, 307, 264, 3217, 7006, 2063, 1804, 3217, 6806, 2063, 13, 34150, 11, 3217, 2063, 6915, 3217, 6806, 2063, 1804, 3217, 7006, 2063, 13], "avg_logprob": -0.31741897265116376, "compression_ratio": 1.8169014084507042, "no_speech_prob": 0.0, "words": [{"start": 586.13, "end": 586.95, "word": "The", "probability": 0.51953125}, {"start": 586.95, "end": 588.57, "word": " total", "probability": 0.8486328125}, {"start": 588.57, "end": 589.21, "word": " cost", "probability": 0.85693359375}, {"start": 589.21, "end": 590.35, "word": " is", "probability": 0.826171875}, {"start": 590.35, "end": 591.07, "word": " the", "probability": 0.66845703125}, {"start": 591.07, "end": 591.77, "word": " total", "probability": 0.8623046875}, {"start": 591.77, "end": 592.43, "word": " variable", "probability": 0.86474609375}, {"start": 592.43, "end": 592.89, "word": " cost", "probability": 0.89111328125}, {"start": 592.89, "end": 593.21, "word": " plus", "probability": 0.853515625}, {"start": 593.21, "end": 593.55, "word": " total", "probability": 0.5380859375}, {"start": 593.55, "end": 593.91, "word": " fixed", "probability": 0.92431640625}, {"start": 593.91, "end": 594.35, "word": " cost.", "probability": 0.89404296875}, {"start": 599.27, "end": 600.45, "word": " TC,", "probability": 0.1002197265625}, {"start": 600.81, "end": 601.19, "word": " total", "probability": 0.6396484375}, {"start": 601.19, "end": 601.75, "word": " cost", "probability": 0.91748046875}, {"start": 601.75, "end": 603.97, "word": " equals", "probability": 0.54296875}, {"start": 603.97, "end": 604.97, "word": " total", "probability": 0.763671875}, {"start": 604.97, "end": 605.47, "word": " fixed", "probability": 0.92578125}, {"start": 605.47, "end": 605.97, "word": " cost", "probability": 0.8935546875}, {"start": 605.97, "end": 606.61, "word": " plus", "probability": 0.9443359375}, {"start": 606.61, "end": 607.23, "word": " total", "probability": 0.85205078125}, {"start": 607.23, "end": 607.71, "word": " variable", "probability": 0.89453125}, {"start": 607.71, "end": 608.23, "word": " cost.", "probability": 0.9140625}], "temperature": 1.0}, {"id": 22, "seek": 63310, "start": 610.74, "end": 633.1, "text": " Right? So the total cost is the summation or the total, the sum of all these costs. Total cost is the total fixed cost plus total variable cost. Total fixed cost,", "tokens": [1779, 30, 407, 264, 3217, 2063, 307, 264, 28811, 420, 264, 3217, 11, 264, 2408, 295, 439, 613, 5497, 13, 23170, 2063, 307, 264, 3217, 6806, 2063, 1804, 3217, 7006, 2063, 13, 23170, 6806, 2063, 11], "avg_logprob": -0.16638513835700783, "compression_ratio": 1.663265306122449, "no_speech_prob": 0.0, "words": [{"start": 610.74, "end": 611.12, "word": " Right?", "probability": 0.434814453125}, {"start": 612.04, "end": 612.28, "word": " So", "probability": 0.96337890625}, {"start": 612.28, "end": 612.84, "word": " the", "probability": 0.65673828125}, {"start": 612.84, "end": 613.2, "word": " total", "probability": 0.85595703125}, {"start": 613.2, "end": 613.64, "word": " cost", "probability": 0.90478515625}, {"start": 613.64, "end": 614.54, "word": " is", "probability": 0.943359375}, {"start": 614.54, "end": 614.8, "word": " the", "probability": 0.91845703125}, {"start": 614.8, "end": 615.4, "word": " summation", "probability": 0.91162109375}, {"start": 615.4, "end": 615.78, "word": " or", "probability": 0.900390625}, {"start": 615.78, "end": 615.94, "word": " the", "probability": 0.85107421875}, {"start": 615.94, "end": 616.58, "word": " total,", "probability": 0.7939453125}, {"start": 616.76, "end": 616.84, "word": " the", "probability": 0.9248046875}, {"start": 616.84, "end": 617.26, "word": " sum", "probability": 0.94921875}, {"start": 617.26, "end": 617.72, "word": " of", "probability": 0.94287109375}, {"start": 617.72, "end": 618.66, "word": " all", "probability": 0.9453125}, {"start": 618.66, "end": 619.9, "word": " these", "probability": 0.86474609375}, {"start": 619.9, "end": 620.42, "word": " costs.", "probability": 0.85302734375}, {"start": 622.76, "end": 623.4, "word": " Total", "probability": 0.470703125}, {"start": 623.4, "end": 627.58, "word": " cost", "probability": 0.90283203125}, {"start": 627.58, "end": 627.9, "word": " is", "probability": 0.8916015625}, {"start": 627.9, "end": 628.32, "word": " the", "probability": 0.85498046875}, {"start": 628.32, "end": 628.8, "word": " total", "probability": 0.82470703125}, {"start": 628.8, "end": 629.2, "word": " fixed", "probability": 0.939453125}, {"start": 629.2, "end": 629.78, "word": " cost", "probability": 0.87841796875}, {"start": 629.78, "end": 630.46, "word": " plus", "probability": 0.93359375}, {"start": 630.46, "end": 631.1, "word": " total", "probability": 0.87451171875}, {"start": 631.1, "end": 631.48, "word": " variable", "probability": 0.92041015625}, {"start": 631.48, "end": 631.86, "word": " cost.", "probability": 0.91748046875}, {"start": 632.1, "end": 632.38, "word": " Total", "probability": 0.89794921875}, {"start": 632.38, "end": 632.7, "word": " fixed", "probability": 0.9404296875}, {"start": 632.7, "end": 633.1, "word": " cost,", "probability": 0.9052734375}], "temperature": 1.0}, {"id": 23, "seek": 66163, "start": 634.57, "end": 661.63, "text": " is the cost that paid by the organization and doesn't change when the output change. Which means if the output increases, our production increases, we have to pay the same cost. We have to pay the same amount of insurance, registration, land rent here in this example.", "tokens": [307, 264, 2063, 300, 4835, 538, 264, 4475, 293, 1177, 380, 1319, 562, 264, 5598, 1319, 13, 3013, 1355, 498, 264, 5598, 8637, 11, 527, 4265, 8637, 11, 321, 362, 281, 1689, 264, 912, 2063, 13, 492, 362, 281, 1689, 264, 912, 2372, 295, 7214, 11, 16847, 11, 2117, 6214, 510, 294, 341, 1365, 13], "avg_logprob": -0.14871652238070965, "compression_ratio": 1.6604938271604939, "no_speech_prob": 0.0, "words": [{"start": 634.57, "end": 634.83, "word": " is", "probability": 0.75146484375}, {"start": 634.83, "end": 635.07, "word": " the", "probability": 0.91943359375}, {"start": 635.07, "end": 635.47, "word": " cost", "probability": 0.900390625}, {"start": 635.47, "end": 636.03, "word": " that", "probability": 0.81396484375}, {"start": 636.03, "end": 636.51, "word": " paid", "probability": 0.76025390625}, {"start": 636.51, "end": 636.79, "word": " by", "probability": 0.9716796875}, {"start": 636.79, "end": 636.99, "word": " the", "probability": 0.92236328125}, {"start": 636.99, "end": 637.85, "word": " organization", "probability": 0.93701171875}, {"start": 637.85, "end": 639.07, "word": " and", "probability": 0.39306640625}, {"start": 639.07, "end": 640.03, "word": " doesn't", "probability": 0.949462890625}, {"start": 640.03, "end": 640.71, "word": " change", "probability": 0.611328125}, {"start": 640.71, "end": 641.37, "word": " when", "probability": 0.81494140625}, {"start": 641.37, "end": 641.59, "word": " the", "probability": 0.908203125}, {"start": 641.59, "end": 642.19, "word": " output", "probability": 0.93701171875}, {"start": 642.19, "end": 643.25, "word": " change.", "probability": 0.5693359375}, {"start": 645.67, "end": 645.95, "word": " Which", "probability": 0.8291015625}, {"start": 645.95, "end": 646.37, "word": " means", "probability": 0.935546875}, {"start": 646.37, "end": 647.23, "word": " if", "probability": 0.6748046875}, {"start": 647.23, "end": 647.45, "word": " the", "probability": 0.91357421875}, {"start": 647.45, "end": 647.91, "word": " output", "probability": 0.9404296875}, {"start": 647.91, "end": 648.67, "word": " increases,", "probability": 0.93212890625}, {"start": 649.09, "end": 649.33, "word": " our", "probability": 0.88232421875}, {"start": 649.33, "end": 649.79, "word": " production", "probability": 0.958984375}, {"start": 649.79, "end": 650.43, "word": " increases,", "probability": 0.93408203125}, {"start": 651.29, "end": 651.65, "word": " we", "probability": 0.95849609375}, {"start": 651.65, "end": 651.99, "word": " have", "probability": 0.94921875}, {"start": 651.99, "end": 652.17, "word": " to", "probability": 0.97021484375}, {"start": 652.17, "end": 652.47, "word": " pay", "probability": 0.93701171875}, {"start": 652.47, "end": 652.81, "word": " the", "probability": 0.85986328125}, {"start": 652.81, "end": 653.35, "word": " same", "probability": 0.90869140625}, {"start": 653.35, "end": 654.49, "word": " cost.", "probability": 0.88330078125}, {"start": 654.85, "end": 654.95, "word": " We", "probability": 0.96044921875}, {"start": 654.95, "end": 655.19, "word": " have", "probability": 0.9482421875}, {"start": 655.19, "end": 655.33, "word": " to", "probability": 0.9716796875}, {"start": 655.33, "end": 655.91, "word": " pay", "probability": 0.91748046875}, {"start": 655.91, "end": 656.49, "word": " the", "probability": 0.9130859375}, {"start": 656.49, "end": 656.83, "word": " same", "probability": 0.88671875}, {"start": 656.83, "end": 657.31, "word": " amount", "probability": 0.9013671875}, {"start": 657.31, "end": 657.67, "word": " of", "probability": 0.96630859375}, {"start": 657.67, "end": 658.49, "word": " insurance,", "probability": 0.94775390625}, {"start": 658.63, "end": 659.37, "word": " registration,", "probability": 0.96240234375}, {"start": 659.95, "end": 660.27, "word": " land", "probability": 0.87158203125}, {"start": 660.27, "end": 660.59, "word": " rent", "probability": 0.6953125}, {"start": 660.59, "end": 660.83, "word": " here", "probability": 0.80712890625}, {"start": 660.83, "end": 661.01, "word": " in", "probability": 0.75146484375}, {"start": 661.01, "end": 661.19, "word": " this", "probability": 0.9462890625}, {"start": 661.19, "end": 661.63, "word": " example.", "probability": 0.9794921875}], "temperature": 1.0}, {"id": 24, "seek": 68245, "start": 662.93, "end": 682.45, "text": " Regardless our output. Regardless if we produce zero units. How much is, let us assume the land rent here equals we pay monthly or annual $1000 for rent.", "tokens": [25148, 527, 5598, 13, 25148, 498, 321, 5258, 4018, 6815, 13, 1012, 709, 307, 11, 718, 505, 6552, 264, 2117, 6214, 510, 6915, 321, 1689, 12878, 420, 9784, 1848, 21199, 337, 6214, 13], "avg_logprob": -0.2585018303464441, "compression_ratio": 1.2727272727272727, "no_speech_prob": 0.0, "words": [{"start": 662.93, "end": 663.57, "word": " Regardless", "probability": 0.381103515625}, {"start": 663.57, "end": 664.43, "word": " our", "probability": 0.76318359375}, {"start": 664.43, "end": 665.05, "word": " output.", "probability": 0.958984375}, {"start": 666.27, "end": 666.75, "word": " Regardless", "probability": 0.625}, {"start": 666.75, "end": 666.99, "word": " if", "probability": 0.1729736328125}, {"start": 666.99, "end": 670.29, "word": " we", "probability": 0.64453125}, {"start": 670.29, "end": 670.87, "word": " produce", "probability": 0.85693359375}, {"start": 670.87, "end": 671.31, "word": " zero", "probability": 0.8720703125}, {"start": 671.31, "end": 671.81, "word": " units.", "probability": 0.94482421875}, {"start": 673.75, "end": 673.97, "word": " How", "probability": 0.78955078125}, {"start": 673.97, "end": 674.35, "word": " much", "probability": 0.91015625}, {"start": 674.35, "end": 674.75, "word": " is,", "probability": 0.90771484375}, {"start": 674.95, "end": 675.15, "word": " let", "probability": 0.9404296875}, {"start": 675.15, "end": 675.29, "word": " us", "probability": 0.8017578125}, {"start": 675.29, "end": 675.63, "word": " assume", "probability": 0.91796875}, {"start": 675.63, "end": 675.79, "word": " the", "probability": 0.83056640625}, {"start": 675.79, "end": 676.05, "word": " land", "probability": 0.9345703125}, {"start": 676.05, "end": 676.33, "word": " rent", "probability": 0.92236328125}, {"start": 676.33, "end": 676.61, "word": " here", "probability": 0.8271484375}, {"start": 676.61, "end": 677.17, "word": " equals", "probability": 0.92138671875}, {"start": 677.17, "end": 677.59, "word": " we", "probability": 0.62451171875}, {"start": 677.59, "end": 678.11, "word": " pay", "probability": 0.9375}, {"start": 678.11, "end": 679.23, "word": " monthly", "probability": 0.8818359375}, {"start": 679.23, "end": 679.81, "word": " or", "probability": 0.880859375}, {"start": 679.81, "end": 680.47, "word": " annual", "probability": 0.9033203125}, {"start": 680.47, "end": 681.39, "word": " $1000", "probability": 0.65625}, {"start": 681.39, "end": 682.11, "word": " for", "probability": 0.77587890625}, {"start": 682.11, "end": 682.45, "word": " rent.", "probability": 0.9169921875}], "temperature": 1.0}, {"id": 25, "seek": 71128, "start": 683.86, "end": 711.28, "text": " And for insurance, for insurance, we pay $2,000. And for registration, about $500. How much is the total fixed cost? TFC equals 1,000. Yeah, 1,000 plus insurance, 2,000.", "tokens": [400, 337, 7214, 11, 337, 7214, 11, 321, 1689, 1848, 17, 11, 1360, 13, 400, 337, 16847, 11, 466, 1848, 7526, 13, 1012, 709, 307, 264, 3217, 6806, 2063, 30, 314, 18671, 6915, 502, 11, 1360, 13, 865, 11, 502, 11, 1360, 1804, 7214, 11, 568, 11, 1360, 13], "avg_logprob": -0.24468749284744262, "compression_ratio": 1.3492063492063493, "no_speech_prob": 0.0, "words": [{"start": 683.86, "end": 684.28, "word": " And", "probability": 0.82470703125}, {"start": 684.28, "end": 684.9, "word": " for", "probability": 0.88916015625}, {"start": 684.9, "end": 685.64, "word": " insurance,", "probability": 0.94970703125}, {"start": 686.0, "end": 686.26, "word": " for", "probability": 0.1378173828125}, {"start": 686.26, "end": 686.58, "word": " insurance,", "probability": 0.6123046875}, {"start": 687.06, "end": 687.74, "word": " we", "probability": 0.78125}, {"start": 687.74, "end": 687.94, "word": " pay", "probability": 0.85693359375}, {"start": 687.94, "end": 688.74, "word": " $2", "probability": 0.461669921875}, {"start": 688.74, "end": 689.12, "word": ",000.", "probability": 0.986572265625}, {"start": 689.6, "end": 690.04, "word": " And", "probability": 0.8974609375}, {"start": 690.04, "end": 690.24, "word": " for", "probability": 0.9443359375}, {"start": 690.24, "end": 690.96, "word": " registration,", "probability": 0.96630859375}, {"start": 691.24, "end": 691.6, "word": " about", "probability": 0.8984375}, {"start": 691.6, "end": 692.54, "word": " $500.", "probability": 0.931396484375}, {"start": 694.16, "end": 695.02, "word": " How", "probability": 0.9697265625}, {"start": 695.02, "end": 695.4, "word": " much", "probability": 0.9169921875}, {"start": 695.4, "end": 695.88, "word": " is", "probability": 0.9404296875}, {"start": 695.88, "end": 696.26, "word": " the", "probability": 0.89990234375}, {"start": 696.26, "end": 696.58, "word": " total", "probability": 0.8515625}, {"start": 696.58, "end": 696.94, "word": " fixed", "probability": 0.939453125}, {"start": 696.94, "end": 697.36, "word": " cost?", "probability": 0.8916015625}, {"start": 698.08, "end": 698.58, "word": " TFC", "probability": 0.837890625}, {"start": 698.58, "end": 699.9, "word": " equals", "probability": 0.87939453125}, {"start": 699.9, "end": 702.8, "word": " 1", "probability": 0.46630859375}, {"start": 702.8, "end": 704.86, "word": ",000.", "probability": 0.986083984375}, {"start": 706.46, "end": 707.32, "word": " Yeah,", "probability": 0.7724609375}, {"start": 707.44, "end": 707.66, "word": " 1", "probability": 0.962890625}, {"start": 707.66, "end": 708.0, "word": ",000", "probability": 0.99951171875}, {"start": 708.0, "end": 709.0, "word": " plus", "probability": 0.7734375}, {"start": 709.0, "end": 710.66, "word": " insurance,", "probability": 0.775390625}, {"start": 710.78, "end": 710.96, "word": " 2", "probability": 0.7734375}, {"start": 710.96, "end": 711.28, "word": ",000.", "probability": 0.997802734375}], "temperature": 1.0}, {"id": 26, "seek": 72963, "start": 712.93, "end": 729.63, "text": " Plus registration 500 equals $3,500. This is the total fixed cost. We have to pay it regardless our output, our production.", "tokens": [7721, 16847, 5923, 6915, 1848, 18, 11, 7526, 13, 639, 307, 264, 3217, 6806, 2063, 13, 492, 362, 281, 1689, 309, 10060, 527, 5598, 11, 527, 4265, 13], "avg_logprob": -0.12749191193745055, "compression_ratio": 1.1376146788990826, "no_speech_prob": 0.0, "words": [{"start": 712.9300000000001, "end": 713.85, "word": " Plus", "probability": 0.5986328125}, {"start": 713.85, "end": 714.77, "word": " registration", "probability": 0.9443359375}, {"start": 714.77, "end": 715.57, "word": " 500", "probability": 0.525390625}, {"start": 715.57, "end": 717.47, "word": " equals", "probability": 0.70166015625}, {"start": 717.47, "end": 718.07, "word": " $3", "probability": 0.94287109375}, {"start": 718.07, "end": 720.51, "word": ",500.", "probability": 0.9033203125}, {"start": 723.29, "end": 724.21, "word": " This", "probability": 0.89697265625}, {"start": 724.21, "end": 724.35, "word": " is", "probability": 0.9462890625}, {"start": 724.35, "end": 724.49, "word": " the", "probability": 0.9140625}, {"start": 724.49, "end": 724.71, "word": " total", "probability": 0.83349609375}, {"start": 724.71, "end": 725.03, "word": " fixed", "probability": 0.93017578125}, {"start": 725.03, "end": 725.27, "word": " cost.", "probability": 0.7880859375}, {"start": 725.45, "end": 725.59, "word": " We", "probability": 0.96484375}, {"start": 725.59, "end": 725.91, "word": " have", "probability": 0.9482421875}, {"start": 725.91, "end": 726.09, "word": " to", "probability": 0.97265625}, {"start": 726.09, "end": 726.35, "word": " pay", "probability": 0.9423828125}, {"start": 726.35, "end": 726.79, "word": " it", "probability": 0.9462890625}, {"start": 726.79, "end": 727.43, "word": " regardless", "probability": 0.787109375}, {"start": 727.43, "end": 728.07, "word": " our", "probability": 0.74365234375}, {"start": 728.07, "end": 728.63, "word": " output,", "probability": 0.9765625}, {"start": 728.99, "end": 729.15, "word": " our", "probability": 0.89501953125}, {"start": 729.15, "end": 729.63, "word": " production.", "probability": 0.9482421875}], "temperature": 1.0}, {"id": 27, "seek": 75898, "start": 730.8, "end": 758.98, "text": " If we produce zero quantities of blocks, we have to pay $3,500. If we produce one million units of blocks, we have to pay the same amount here, right? But the total variable cost is the cost of these units, which are exchanges.", "tokens": [759, 321, 5258, 4018, 22927, 295, 8474, 11, 321, 362, 281, 1689, 1848, 18, 11, 7526, 13, 759, 321, 5258, 472, 2459, 6815, 295, 8474, 11, 321, 362, 281, 1689, 264, 912, 2372, 510, 11, 558, 30, 583, 264, 3217, 7006, 2063, 307, 264, 2063, 295, 613, 6815, 11, 597, 366, 27374, 13], "avg_logprob": -0.12962963156126164, "compression_ratio": 1.52, "no_speech_prob": 0.0, "words": [{"start": 730.8, "end": 731.1, "word": " If", "probability": 0.85986328125}, {"start": 731.1, "end": 731.28, "word": " we", "probability": 0.9111328125}, {"start": 731.28, "end": 731.78, "word": " produce", "probability": 0.83740234375}, {"start": 731.78, "end": 732.28, "word": " zero", "probability": 0.77880859375}, {"start": 732.28, "end": 733.42, "word": " quantities", "probability": 0.97998046875}, {"start": 733.42, "end": 734.3, "word": " of", "probability": 0.96923828125}, {"start": 734.3, "end": 734.92, "word": " blocks,", "probability": 0.9501953125}, {"start": 735.2, "end": 735.6, "word": " we", "probability": 0.95947265625}, {"start": 735.6, "end": 735.88, "word": " have", "probability": 0.94384765625}, {"start": 735.88, "end": 736.06, "word": " to", "probability": 0.97265625}, {"start": 736.06, "end": 736.34, "word": " pay", "probability": 0.93701171875}, {"start": 736.34, "end": 736.8, "word": " $3", "probability": 0.9306640625}, {"start": 736.8, "end": 737.76, "word": ",500.", "probability": 0.89501953125}, {"start": 738.58, "end": 739.16, "word": " If", "probability": 0.88427734375}, {"start": 739.16, "end": 739.34, "word": " we", "probability": 0.93701171875}, {"start": 739.34, "end": 740.62, "word": " produce", "probability": 0.7646484375}, {"start": 740.62, "end": 741.26, "word": " one", "probability": 0.7099609375}, {"start": 741.26, "end": 741.74, "word": " million", "probability": 0.8876953125}, {"start": 741.74, "end": 742.94, "word": " units", "probability": 0.955078125}, {"start": 742.94, "end": 743.12, "word": " of", "probability": 0.96630859375}, {"start": 743.12, "end": 743.5, "word": " blocks,", "probability": 0.93359375}, {"start": 743.64, "end": 743.82, "word": " we", "probability": 0.9609375}, {"start": 743.82, "end": 744.04, "word": " have", "probability": 0.947265625}, {"start": 744.04, "end": 744.18, "word": " to", "probability": 0.97119140625}, {"start": 744.18, "end": 744.36, "word": " pay", "probability": 0.947265625}, {"start": 744.36, "end": 744.62, "word": " the", "probability": 0.912109375}, {"start": 744.62, "end": 744.94, "word": " same", "probability": 0.89794921875}, {"start": 744.94, "end": 745.32, "word": " amount", "probability": 0.90234375}, {"start": 745.32, "end": 745.64, "word": " here,", "probability": 0.845703125}, {"start": 746.1, "end": 746.44, "word": " right?", "probability": 0.8095703125}, {"start": 747.42, "end": 748.34, "word": " But", "probability": 0.94775390625}, {"start": 748.34, "end": 748.84, "word": " the", "probability": 0.73828125}, {"start": 748.84, "end": 749.18, "word": " total", "probability": 0.8720703125}, {"start": 749.18, "end": 749.56, "word": " variable", "probability": 0.90673828125}, {"start": 749.56, "end": 750.1, "word": " cost", "probability": 0.9306640625}, {"start": 750.1, "end": 752.38, "word": " is", "probability": 0.921875}, {"start": 752.38, "end": 752.9, "word": " the", "probability": 0.9208984375}, {"start": 752.9, "end": 753.38, "word": " cost", "probability": 0.92041015625}, {"start": 753.38, "end": 753.9, "word": " of", "probability": 0.9697265625}, {"start": 753.9, "end": 754.52, "word": " these", "probability": 0.8583984375}, {"start": 754.52, "end": 754.98, "word": " units,", "probability": 0.93896484375}, {"start": 756.64, "end": 757.18, "word": " which", "probability": 0.94775390625}, {"start": 757.18, "end": 757.56, "word": " are", "probability": 0.9189453125}, {"start": 757.56, "end": 758.98, "word": " exchanges.", "probability": 0.321044921875}], "temperature": 1.0}, {"id": 28, "seek": 78769, "start": 760.55, "end": 787.69, "text": " when our production changes, right? Which means if we want to produce more blocks, we need more cement, so the total variable, and we need more sand, more water, so the total variable cost will increase, right? So let us assume that the total variable cost to produce", "tokens": [562, 527, 4265, 2962, 11, 558, 30, 3013, 1355, 498, 321, 528, 281, 5258, 544, 8474, 11, 321, 643, 544, 19729, 11, 370, 264, 3217, 7006, 11, 293, 321, 643, 544, 4932, 11, 544, 1281, 11, 370, 264, 3217, 7006, 2063, 486, 3488, 11, 558, 30, 407, 718, 505, 6552, 300, 264, 3217, 7006, 2063, 281, 5258], "avg_logprob": -0.18615301004771528, "compression_ratio": 1.7986577181208054, "no_speech_prob": 0.0, "words": [{"start": 760.55, "end": 761.01, "word": " when", "probability": 0.845703125}, {"start": 761.01, "end": 761.77, "word": " our", "probability": 0.8916015625}, {"start": 761.77, "end": 762.35, "word": " production", "probability": 0.9541015625}, {"start": 762.35, "end": 763.27, "word": " changes,", "probability": 0.8291015625}, {"start": 764.89, "end": 765.17, "word": " right?", "probability": 0.35205078125}, {"start": 765.49, "end": 765.75, "word": " Which", "probability": 0.83984375}, {"start": 765.75, "end": 766.03, "word": " means", "probability": 0.93603515625}, {"start": 766.03, "end": 766.37, "word": " if", "probability": 0.734375}, {"start": 766.37, "end": 766.59, "word": " we", "probability": 0.9091796875}, {"start": 766.59, "end": 766.93, "word": " want", "probability": 0.89892578125}, {"start": 766.93, "end": 767.07, "word": " to", "probability": 0.970703125}, {"start": 767.07, "end": 767.51, "word": " produce", "probability": 0.87646484375}, {"start": 767.51, "end": 768.13, "word": " more", "probability": 0.93798828125}, {"start": 768.13, "end": 768.55, "word": " blocks,", "probability": 0.94384765625}, {"start": 770.09, "end": 770.31, "word": " we", "probability": 0.9482421875}, {"start": 770.31, "end": 771.11, "word": " need", "probability": 0.9248046875}, {"start": 771.11, "end": 771.49, "word": " more", "probability": 0.89599609375}, {"start": 771.49, "end": 771.95, "word": " cement,", "probability": 0.91796875}, {"start": 772.25, "end": 772.35, "word": " so", "probability": 0.59619140625}, {"start": 772.35, "end": 772.65, "word": " the", "probability": 0.8828125}, {"start": 772.65, "end": 772.99, "word": " total", "probability": 0.880859375}, {"start": 772.99, "end": 773.49, "word": " variable,", "probability": 0.880859375}, {"start": 773.69, "end": 773.93, "word": " and", "probability": 0.93359375}, {"start": 773.93, "end": 774.17, "word": " we", "probability": 0.958984375}, {"start": 774.17, "end": 774.41, "word": " need", "probability": 0.923828125}, {"start": 774.41, "end": 774.75, "word": " more", "probability": 0.9345703125}, {"start": 774.75, "end": 775.25, "word": " sand,", "probability": 0.87548828125}, {"start": 775.37, "end": 775.47, "word": " more", "probability": 0.93408203125}, {"start": 775.47, "end": 775.87, "word": " water,", "probability": 0.8720703125}, {"start": 776.21, "end": 776.35, "word": " so", "probability": 0.94580078125}, {"start": 776.35, "end": 776.79, "word": " the", "probability": 0.8759765625}, {"start": 776.79, "end": 777.13, "word": " total", "probability": 0.87939453125}, {"start": 777.13, "end": 777.53, "word": " variable", "probability": 0.90234375}, {"start": 777.53, "end": 777.99, "word": " cost", "probability": 0.84375}, {"start": 777.99, "end": 778.19, "word": " will", "probability": 0.83984375}, {"start": 778.19, "end": 778.85, "word": " increase,", "probability": 0.845703125}, {"start": 780.11, "end": 781.09, "word": " right?", "probability": 0.8798828125}, {"start": 781.63, "end": 781.97, "word": " So", "probability": 0.94873046875}, {"start": 781.97, "end": 782.67, "word": " let", "probability": 0.6748046875}, {"start": 782.67, "end": 782.83, "word": " us", "probability": 0.89013671875}, {"start": 782.83, "end": 783.25, "word": " assume", "probability": 0.91162109375}, {"start": 783.25, "end": 783.61, "word": " that", "probability": 0.91943359375}, {"start": 783.61, "end": 784.73, "word": " the", "probability": 0.6728515625}, {"start": 784.73, "end": 785.09, "word": " total", "probability": 0.87646484375}, {"start": 785.09, "end": 785.49, "word": " variable", "probability": 0.9130859375}, {"start": 785.49, "end": 785.97, "word": " cost", "probability": 0.90185546875}, {"start": 785.97, "end": 787.09, "word": " to", "probability": 0.95068359375}, {"start": 787.09, "end": 787.69, "word": " produce", "probability": 0.85888671875}], "temperature": 1.0}, {"id": 29, "seek": 81822, "start": 791.22, "end": 818.22, "text": " 1,000 units of blocks. Tvc, total variable cost to produce 1,000 blocks equals $2,000. To produce 1,500 blocks, we need more, Tvc will increase.", "tokens": [502, 11, 1360, 6815, 295, 8474, 13, 314, 85, 66, 11, 3217, 7006, 2063, 281, 5258, 502, 11, 1360, 8474, 6915, 1848, 17, 11, 1360, 13, 1407, 5258, 502, 11, 7526, 8474, 11, 321, 643, 544, 11, 314, 85, 66, 486, 3488, 13], "avg_logprob": -0.1871448809450323, "compression_ratio": 1.3302752293577982, "no_speech_prob": 0.0, "words": [{"start": 791.22, "end": 791.56, "word": " 1", "probability": 0.541015625}, {"start": 791.56, "end": 792.12, "word": ",000", "probability": 0.997314453125}, {"start": 792.12, "end": 793.08, "word": " units", "probability": 0.962890625}, {"start": 793.08, "end": 793.3, "word": " of", "probability": 0.9619140625}, {"start": 793.3, "end": 793.74, "word": " blocks.", "probability": 0.86376953125}, {"start": 799.8, "end": 800.88, "word": " Tvc,", "probability": 0.5194498697916666}, {"start": 801.0, "end": 801.18, "word": " total", "probability": 0.8037109375}, {"start": 801.18, "end": 801.46, "word": " variable", "probability": 0.90087890625}, {"start": 801.46, "end": 801.88, "word": " cost", "probability": 0.6787109375}, {"start": 801.88, "end": 802.22, "word": " to", "probability": 0.83154296875}, {"start": 802.22, "end": 802.64, "word": " produce", "probability": 0.8505859375}, {"start": 802.64, "end": 803.2, "word": " 1", "probability": 0.98046875}, {"start": 803.2, "end": 803.84, "word": ",000", "probability": 0.99951171875}, {"start": 803.84, "end": 804.52, "word": " blocks", "probability": 0.94775390625}, {"start": 804.52, "end": 806.14, "word": " equals", "probability": 0.8701171875}, {"start": 806.14, "end": 806.88, "word": " $2", "probability": 0.90283203125}, {"start": 806.88, "end": 807.48, "word": ",000.", "probability": 0.999267578125}, {"start": 811.44, "end": 812.52, "word": " To", "probability": 0.5078125}, {"start": 812.52, "end": 813.14, "word": " produce", "probability": 0.87060546875}, {"start": 813.14, "end": 813.46, "word": " 1", "probability": 0.92822265625}, {"start": 813.46, "end": 814.16, "word": ",500", "probability": 0.9775390625}, {"start": 814.16, "end": 814.84, "word": " blocks,", "probability": 0.93896484375}, {"start": 815.3, "end": 815.36, "word": " we", "probability": 0.9443359375}, {"start": 815.36, "end": 815.88, "word": " need", "probability": 0.92724609375}, {"start": 815.88, "end": 816.34, "word": " more,", "probability": 0.9384765625}, {"start": 816.98, "end": 817.54, "word": " Tvc", "probability": 0.90576171875}, {"start": 817.54, "end": 817.72, "word": " will", "probability": 0.8720703125}, {"start": 817.72, "end": 818.22, "word": " increase.", "probability": 0.83984375}], "temperature": 1.0}, {"id": 30, "seek": 84674, "start": 819.3, "end": 846.74, "text": " Right? We will check it in different examples now. But if we produce zero, if we produce zero units of blocks, do we need variable cost? Do we need cement? To produce zero from blocks, the needed amount of cement equals zero.", "tokens": [1779, 30, 492, 486, 1520, 309, 294, 819, 5110, 586, 13, 583, 498, 321, 5258, 4018, 11, 498, 321, 5258, 4018, 6815, 295, 8474, 11, 360, 321, 643, 7006, 2063, 30, 1144, 321, 643, 19729, 30, 1407, 5258, 4018, 490, 8474, 11, 264, 2978, 2372, 295, 19729, 6915, 4018, 13], "avg_logprob": -0.13595281862745098, "compression_ratio": 1.5374149659863945, "no_speech_prob": 0.0, "words": [{"start": 819.3, "end": 819.72, "word": " Right?", "probability": 0.6357421875}, {"start": 820.7, "end": 820.92, "word": " We", "probability": 0.91748046875}, {"start": 820.92, "end": 821.08, "word": " will", "probability": 0.82763671875}, {"start": 821.08, "end": 821.38, "word": " check", "probability": 0.955078125}, {"start": 821.38, "end": 822.3, "word": " it", "probability": 0.947265625}, {"start": 822.3, "end": 824.06, "word": " in", "probability": 0.7392578125}, {"start": 824.06, "end": 825.16, "word": " different", "probability": 0.66943359375}, {"start": 825.16, "end": 825.76, "word": " examples", "probability": 0.84912109375}, {"start": 825.76, "end": 826.1, "word": " now.", "probability": 0.912109375}, {"start": 827.14, "end": 827.14, "word": " But", "probability": 0.728515625}, {"start": 827.14, "end": 827.7, "word": " if", "probability": 0.8251953125}, {"start": 827.7, "end": 827.88, "word": " we", "probability": 0.9619140625}, {"start": 827.88, "end": 828.36, "word": " produce", "probability": 0.83544921875}, {"start": 828.36, "end": 828.8, "word": " zero,", "probability": 0.8779296875}, {"start": 830.16, "end": 831.16, "word": " if", "probability": 0.9443359375}, {"start": 831.16, "end": 831.4, "word": " we", "probability": 0.96240234375}, {"start": 831.4, "end": 832.18, "word": " produce", "probability": 0.8671875}, {"start": 832.18, "end": 833.06, "word": " zero", "probability": 0.89501953125}, {"start": 833.06, "end": 833.62, "word": " units", "probability": 0.9443359375}, {"start": 833.62, "end": 833.82, "word": " of", "probability": 0.9638671875}, {"start": 833.82, "end": 834.24, "word": " blocks,", "probability": 0.94384765625}, {"start": 835.5, "end": 835.66, "word": " do", "probability": 0.96142578125}, {"start": 835.66, "end": 835.82, "word": " we", "probability": 0.962890625}, {"start": 835.82, "end": 836.04, "word": " need", "probability": 0.93310546875}, {"start": 836.04, "end": 836.36, "word": " variable", "probability": 0.9130859375}, {"start": 836.36, "end": 836.74, "word": " cost?", "probability": 0.84130859375}, {"start": 837.22, "end": 837.46, "word": " Do", "probability": 0.83154296875}, {"start": 837.46, "end": 837.58, "word": " we", "probability": 0.9619140625}, {"start": 837.58, "end": 837.84, "word": " need", "probability": 0.92822265625}, {"start": 837.84, "end": 838.16, "word": " cement?", "probability": 0.923828125}, {"start": 838.54, "end": 839.3, "word": " To", "probability": 0.552734375}, {"start": 839.3, "end": 839.78, "word": " produce", "probability": 0.87890625}, {"start": 839.78, "end": 840.26, "word": " zero", "probability": 0.89599609375}, {"start": 840.26, "end": 840.6, "word": " from", "probability": 0.82568359375}, {"start": 840.6, "end": 841.06, "word": " blocks,", "probability": 0.95263671875}, {"start": 843.38, "end": 843.52, "word": " the", "probability": 0.76953125}, {"start": 843.52, "end": 843.92, "word": " needed", "probability": 0.7998046875}, {"start": 843.92, "end": 844.74, "word": " amount", "probability": 0.89892578125}, {"start": 844.74, "end": 845.3, "word": " of", "probability": 0.9677734375}, {"start": 845.3, "end": 845.88, "word": " cement", "probability": 0.90087890625}, {"start": 845.88, "end": 846.34, "word": " equals", "probability": 0.92333984375}, {"start": 846.34, "end": 846.74, "word": " zero.", "probability": 0.8916015625}], "temperature": 1.0}, {"id": 31, "seek": 87549, "start": 849.17, "end": 875.49, "text": " So at a Q equals zero, total variable cost equals zero as well. Right? But if we produce zero quantities of log, TFC equals $3,500. Right? Let's go to an example here.", "tokens": [407, 412, 257, 1249, 6915, 4018, 11, 3217, 7006, 2063, 6915, 4018, 382, 731, 13, 1779, 30, 583, 498, 321, 5258, 4018, 22927, 295, 3565, 11, 314, 18671, 6915, 1848, 18, 11, 7526, 13, 1779, 30, 961, 311, 352, 281, 364, 1365, 510, 13], "avg_logprob": -0.2482638888888889, "compression_ratio": 1.2727272727272727, "no_speech_prob": 0.0, "words": [{"start": 849.17, "end": 850.25, "word": " So", "probability": 0.0771484375}, {"start": 850.25, "end": 851.31, "word": " at", "probability": 0.681640625}, {"start": 851.31, "end": 851.49, "word": " a", "probability": 0.41552734375}, {"start": 851.49, "end": 851.69, "word": " Q", "probability": 0.87841796875}, {"start": 851.69, "end": 852.31, "word": " equals", "probability": 0.6875}, {"start": 852.31, "end": 852.87, "word": " zero,", "probability": 0.82470703125}, {"start": 853.33, "end": 853.65, "word": " total", "probability": 0.85546875}, {"start": 853.65, "end": 854.17, "word": " variable", "probability": 0.8701171875}, {"start": 854.17, "end": 854.63, "word": " cost", "probability": 0.712890625}, {"start": 854.63, "end": 855.09, "word": " equals", "probability": 0.92529296875}, {"start": 855.09, "end": 855.39, "word": " zero", "probability": 0.88818359375}, {"start": 855.39, "end": 855.55, "word": " as", "probability": 0.9228515625}, {"start": 855.55, "end": 855.79, "word": " well.", "probability": 0.94580078125}, {"start": 856.73, "end": 857.03, "word": " Right?", "probability": 0.779296875}, {"start": 857.97, "end": 859.05, "word": " But", "probability": 0.50341796875}, {"start": 859.05, "end": 859.77, "word": " if", "probability": 0.80615234375}, {"start": 859.77, "end": 859.93, "word": " we", "probability": 0.82861328125}, {"start": 859.93, "end": 860.43, "word": " produce", "probability": 0.78515625}, {"start": 860.43, "end": 860.95, "word": " zero", "probability": 0.86962890625}, {"start": 860.95, "end": 861.57, "word": " quantities", "probability": 0.955078125}, {"start": 861.57, "end": 861.81, "word": " of", "probability": 0.966796875}, {"start": 861.81, "end": 862.23, "word": " log,", "probability": 0.39990234375}, {"start": 862.67, "end": 863.25, "word": " TFC", "probability": 0.874755859375}, {"start": 863.25, "end": 864.55, "word": " equals", "probability": 0.9052734375}, {"start": 864.55, "end": 865.13, "word": " $3", "probability": 0.88916015625}, {"start": 865.13, "end": 865.99, "word": ",500.", "probability": 0.861328125}, {"start": 867.53, "end": 868.39, "word": " Right?", "probability": 0.429931640625}, {"start": 870.23, "end": 871.31, "word": " Let's", "probability": 0.83935546875}, {"start": 871.31, "end": 871.55, "word": " go", "probability": 0.96728515625}, {"start": 871.55, "end": 872.15, "word": " to", "probability": 0.962890625}, {"start": 872.15, "end": 873.71, "word": " an", "probability": 0.79931640625}, {"start": 873.71, "end": 875.17, "word": " example", "probability": 0.98046875}, {"start": 875.17, "end": 875.49, "word": " here.", "probability": 0.84033203125}], "temperature": 1.0}, {"id": 32, "seek": 90806, "start": 880.18, "end": 908.06, "text": " Okay, complete the table. Calculate, or we have the following data about the company which produces different quantities, the total production here. We have the total fixed cost. As you see, total fixed cost is fixed regardless", "tokens": [1033, 11, 3566, 264, 3199, 13, 3511, 2444, 473, 11, 420, 321, 362, 264, 3480, 1412, 466, 264, 2237, 597, 14725, 819, 22927, 11, 264, 3217, 4265, 510, 13, 492, 362, 264, 3217, 6806, 2063, 13, 1018, 291, 536, 11, 3217, 6806, 2063, 307, 6806, 10060], "avg_logprob": -0.20960771657050925, "compression_ratio": 1.509933774834437, "no_speech_prob": 0.0, "words": [{"start": 880.18, "end": 880.52, "word": " Okay,", "probability": 0.62060546875}, {"start": 880.6, "end": 881.12, "word": " complete", "probability": 0.214599609375}, {"start": 881.12, "end": 881.48, "word": " the", "probability": 0.8564453125}, {"start": 881.48, "end": 881.78, "word": " table.", "probability": 0.8955078125}, {"start": 885.66, "end": 886.4, "word": " Calculate,", "probability": 0.98193359375}, {"start": 887.64, "end": 888.02, "word": " or", "probability": 0.77392578125}, {"start": 888.02, "end": 888.2, "word": " we", "probability": 0.9599609375}, {"start": 888.2, "end": 888.4, "word": " have", "probability": 0.939453125}, {"start": 888.4, "end": 888.54, "word": " the", "probability": 0.9150390625}, {"start": 888.54, "end": 888.84, "word": " following", "probability": 0.88525390625}, {"start": 888.84, "end": 889.24, "word": " data", "probability": 0.94580078125}, {"start": 889.24, "end": 890.26, "word": " about", "probability": 0.82958984375}, {"start": 890.26, "end": 890.5, "word": " the", "probability": 0.68310546875}, {"start": 890.5, "end": 890.9, "word": " company", "probability": 0.9130859375}, {"start": 890.9, "end": 892.24, "word": " which", "probability": 0.76513671875}, {"start": 892.24, "end": 892.98, "word": " produces", "probability": 0.857421875}, {"start": 892.98, "end": 895.22, "word": " different", "probability": 0.87109375}, {"start": 895.22, "end": 896.04, "word": " quantities,", "probability": 0.974609375}, {"start": 897.32, "end": 897.44, "word": " the", "probability": 0.85888671875}, {"start": 897.44, "end": 897.68, "word": " total", "probability": 0.91650390625}, {"start": 897.68, "end": 898.2, "word": " production", "probability": 0.939453125}, {"start": 898.2, "end": 898.58, "word": " here.", "probability": 0.79931640625}, {"start": 900.74, "end": 901.48, "word": " We", "probability": 0.83251953125}, {"start": 901.48, "end": 901.9, "word": " have", "probability": 0.9482421875}, {"start": 901.9, "end": 902.88, "word": " the", "probability": 0.91357421875}, {"start": 902.88, "end": 903.2, "word": " total", "probability": 0.85107421875}, {"start": 903.2, "end": 903.52, "word": " fixed", "probability": 0.93212890625}, {"start": 903.52, "end": 903.9, "word": " cost.", "probability": 0.80810546875}, {"start": 904.0, "end": 904.1, "word": " As", "probability": 0.970703125}, {"start": 904.1, "end": 904.24, "word": " you", "probability": 0.96484375}, {"start": 904.24, "end": 904.54, "word": " see,", "probability": 0.88232421875}, {"start": 904.74, "end": 904.98, "word": " total", "probability": 0.75927734375}, {"start": 904.98, "end": 905.26, "word": " fixed", "probability": 0.9404296875}, {"start": 905.26, "end": 905.56, "word": " cost", "probability": 0.9130859375}, {"start": 905.56, "end": 905.92, "word": " is", "probability": 0.9482421875}, {"start": 905.92, "end": 906.66, "word": " fixed", "probability": 0.93115234375}, {"start": 906.66, "end": 908.06, "word": " regardless", "probability": 0.8818359375}], "temperature": 1.0}, {"id": 33, "seek": 93046, "start": 909.12, "end": 930.46, "text": " the quota produced. Here, when we produce zero quantities of X or sorry of the product here, the total fixed cost that we have to pay is $60. It's fixed regardless or as the quantity increased, the total fixed cost is fixed here.", "tokens": [264, 45171, 7126, 13, 1692, 11, 562, 321, 5258, 4018, 22927, 295, 1783, 420, 2597, 295, 264, 1674, 510, 11, 264, 3217, 6806, 2063, 300, 321, 362, 281, 1689, 307, 1848, 4550, 13, 467, 311, 6806, 10060, 420, 382, 264, 11275, 6505, 11, 264, 3217, 6806, 2063, 307, 6806, 510, 13], "avg_logprob": -0.2540565012739255, "compression_ratio": 1.5753424657534247, "no_speech_prob": 3.5762786865234375e-07, "words": [{"start": 909.12, "end": 909.4, "word": " the", "probability": 0.234375}, {"start": 909.4, "end": 909.66, "word": " quota", "probability": 0.24609375}, {"start": 909.66, "end": 910.3, "word": " produced.", "probability": 0.923828125}, {"start": 910.54, "end": 910.98, "word": " Here,", "probability": 0.80615234375}, {"start": 911.12, "end": 911.28, "word": " when", "probability": 0.85205078125}, {"start": 911.28, "end": 911.42, "word": " we", "probability": 0.9638671875}, {"start": 911.42, "end": 912.0, "word": " produce", "probability": 0.84814453125}, {"start": 912.0, "end": 912.28, "word": " zero", "probability": 0.82568359375}, {"start": 912.28, "end": 912.88, "word": " quantities", "probability": 0.9697265625}, {"start": 912.88, "end": 913.28, "word": " of", "probability": 0.833984375}, {"start": 913.28, "end": 913.52, "word": " X", "probability": 0.56005859375}, {"start": 913.52, "end": 913.74, "word": " or", "probability": 0.380126953125}, {"start": 913.74, "end": 913.98, "word": " sorry", "probability": 0.376220703125}, {"start": 913.98, "end": 914.18, "word": " of", "probability": 0.6552734375}, {"start": 914.18, "end": 915.26, "word": " the", "probability": 0.75537109375}, {"start": 915.26, "end": 915.66, "word": " product", "probability": 0.9140625}, {"start": 915.66, "end": 916.02, "word": " here,", "probability": 0.85888671875}, {"start": 916.48, "end": 916.7, "word": " the", "probability": 0.91943359375}, {"start": 916.7, "end": 917.02, "word": " total", "probability": 0.8564453125}, {"start": 917.02, "end": 917.34, "word": " fixed", "probability": 0.9384765625}, {"start": 917.34, "end": 917.62, "word": " cost", "probability": 0.828125}, {"start": 917.62, "end": 917.84, "word": " that", "probability": 0.9365234375}, {"start": 917.84, "end": 918.0, "word": " we", "probability": 0.96337890625}, {"start": 918.0, "end": 918.28, "word": " have", "probability": 0.94873046875}, {"start": 918.28, "end": 918.4, "word": " to", "probability": 0.97314453125}, {"start": 918.4, "end": 918.8, "word": " pay", "probability": 0.94140625}, {"start": 918.8, "end": 919.3, "word": " is", "probability": 0.94677734375}, {"start": 919.3, "end": 920.18, "word": " $60.", "probability": 0.94384765625}, {"start": 922.56, "end": 923.2, "word": " It's", "probability": 0.7381591796875}, {"start": 923.2, "end": 923.76, "word": " fixed", "probability": 0.9375}, {"start": 923.76, "end": 924.72, "word": " regardless", "probability": 0.93359375}, {"start": 924.72, "end": 925.44, "word": " or", "probability": 0.775390625}, {"start": 925.44, "end": 925.84, "word": " as", "probability": 0.9619140625}, {"start": 925.84, "end": 926.06, "word": " the", "probability": 0.92578125}, {"start": 926.06, "end": 926.54, "word": " quantity", "probability": 0.98291015625}, {"start": 926.54, "end": 927.58, "word": " increased,", "probability": 0.85595703125}, {"start": 928.4, "end": 928.56, "word": " the", "probability": 0.91845703125}, {"start": 928.56, "end": 928.8, "word": " total", "probability": 0.86669921875}, {"start": 928.8, "end": 929.1, "word": " fixed", "probability": 0.95361328125}, {"start": 929.1, "end": 929.5, "word": " cost", "probability": 0.8994140625}, {"start": 929.5, "end": 929.78, "word": " is", "probability": 0.94775390625}, {"start": 929.78, "end": 930.16, "word": " fixed", "probability": 0.923828125}, {"start": 930.16, "end": 930.46, "word": " here.", "probability": 0.66943359375}], "temperature": 1.0}, {"id": 34, "seek": 95866, "start": 933.2, "end": 958.66, "text": " The total variable cost. When we produce zero quantities of X or the blocks here, the total variable cost equals zero as we mentioned, which means we don't need cement, we don't need sand, water, and gravels, and human resources as well. 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Increased gradually, right? Now we have different formulas for the cost, the total cost. Total cost is that Tc is the total cost.", "tokens": [1436, 264, 3217, 7006, 2063, 6505, 490, 1958, 281, 1614, 11, 281, 1649, 11, 281, 1722, 11, 281, 3165, 11, 382, 291, 536, 510, 13, 30367, 1937, 13145, 11, 558, 30, 823, 321, 362, 819, 30546, 337, 264, 2063, 11, 264, 3217, 2063, 13, 23170, 2063, 307, 300, 314, 66, 307, 264, 3217, 2063, 13], "avg_logprob": -0.25655691644975115, "compression_ratio": 1.4635761589403973, "no_speech_prob": 0.0, "words": [{"start": 959.97, "end": 960.31, "word": " Because", "probability": 0.19189453125}, {"start": 960.31, "end": 960.83, "word": " the", "probability": 0.87060546875}, {"start": 960.83, "end": 961.15, "word": " total", "probability": 0.880859375}, {"start": 961.15, "end": 961.53, "word": " variable", "probability": 0.85107421875}, {"start": 961.53, "end": 961.93, "word": " cost", "probability": 0.7392578125}, {"start": 961.93, "end": 962.47, "word": " increased", "probability": 0.81298828125}, {"start": 962.47, "end": 962.79, "word": " from", "probability": 0.88427734375}, {"start": 962.79, "end": 963.13, "word": " 0", "probability": 0.56494140625}, {"start": 963.13, "end": 963.27, "word": " to", "probability": 0.927734375}, {"start": 963.27, "end": 963.65, "word": " 7,", "probability": 0.98583984375}, {"start": 963.79, "end": 963.91, "word": " to", "probability": 0.88818359375}, {"start": 963.91, "end": 964.27, "word": " 8,", "probability": 0.98388671875}, {"start": 964.33, "end": 964.47, "word": " to", "probability": 0.94580078125}, {"start": 964.47, "end": 964.77, "word": " 9,", "probability": 0.9970703125}, {"start": 964.85, "end": 964.97, "word": " to", "probability": 0.96533203125}, {"start": 964.97, "end": 965.53, "word": " 16,", "probability": 0.96728515625}, {"start": 965.87, "end": 966.09, "word": " as", "probability": 0.787109375}, {"start": 966.09, "end": 966.19, "word": " you", "probability": 0.96337890625}, {"start": 966.19, "end": 966.31, "word": " see", "probability": 0.92724609375}, {"start": 966.31, "end": 966.61, "word": " here.", "probability": 0.8447265625}, {"start": 967.29, "end": 967.87, "word": " Increased", "probability": 0.698486328125}, {"start": 967.87, "end": 968.89, "word": " gradually,", "probability": 0.9169921875}, {"start": 969.61, "end": 969.91, "word": " right?", "probability": 0.8291015625}, {"start": 971.15, "end": 971.39, "word": " Now", "probability": 0.350341796875}, {"start": 971.39, "end": 972.85, "word": " we", "probability": 0.7421875}, {"start": 972.85, "end": 973.21, "word": " have", "probability": 0.9501953125}, {"start": 973.21, "end": 973.61, "word": " different", "probability": 0.87548828125}, {"start": 973.61, "end": 974.13, "word": " formulas", "probability": 0.9677734375}, {"start": 974.13, "end": 974.95, "word": " for", "probability": 0.9453125}, {"start": 974.95, "end": 976.01, "word": " the", "probability": 0.91650390625}, {"start": 976.01, "end": 977.13, "word": " cost,", "probability": 0.88623046875}, {"start": 977.95, "end": 978.11, "word": " the", "probability": 0.9150390625}, {"start": 978.11, "end": 978.43, "word": " total", "probability": 0.87255859375}, {"start": 978.43, "end": 978.97, "word": " cost.", "probability": 0.9150390625}, {"start": 980.97, "end": 981.41, "word": " Total", "probability": 0.85009765625}, {"start": 981.41, "end": 981.93, "word": " cost", "probability": 0.9013671875}, {"start": 981.93, "end": 982.41, "word": " is", "probability": 0.88232421875}, {"start": 982.41, "end": 982.71, "word": " that", "probability": 0.434814453125}, {"start": 982.71, "end": 983.83, "word": " Tc", "probability": 0.533447265625}, {"start": 983.83, "end": 984.13, "word": " is", "probability": 0.91748046875}, {"start": 984.13, "end": 984.31, "word": " the", "probability": 0.912109375}, {"start": 984.31, "end": 984.65, "word": " total", "probability": 0.87890625}, {"start": 984.65, "end": 985.13, "word": " cost.", "probability": 0.9208984375}], "temperature": 1.0}, {"id": 36, "seek": 101899, "start": 989.65, "end": 1018.99, "text": "Equals total fixed cost plus total variable cost Right? Another variable which is average fixed cost, AFC AFC is the average fixed cost", "tokens": [36, 358, 1124, 3217, 6806, 2063, 1804, 3217, 7006, 2063, 1779, 30, 3996, 7006, 597, 307, 4274, 6806, 2063, 11, 316, 18671, 316, 18671, 307, 264, 4274, 6806, 2063], "avg_logprob": -0.25507813692092896, "compression_ratio": 1.4516129032258065, "no_speech_prob": 0.0, "words": [{"start": 989.65, "end": 990.41, "word": "Equals", "probability": 0.702392578125}, {"start": 990.41, "end": 991.41, "word": " total", "probability": 0.462646484375}, {"start": 991.41, "end": 992.33, "word": " fixed", "probability": 0.91357421875}, {"start": 992.33, "end": 992.85, "word": " cost", "probability": 0.85791015625}, {"start": 992.85, "end": 993.31, "word": " plus", "probability": 0.84228515625}, {"start": 993.31, "end": 994.05, "word": " total", "probability": 0.83154296875}, {"start": 994.05, "end": 994.51, "word": " variable", "probability": 0.9033203125}, {"start": 994.51, "end": 995.55, "word": " cost", "probability": 0.91748046875}, {"start": 995.55, "end": 996.41, "word": " Right?", "probability": 0.49072265625}, {"start": 1000.45, "end": 1001.85, "word": " Another", "probability": 0.52685546875}, {"start": 1001.85, "end": 1004.49, "word": " variable", "probability": 0.923828125}, {"start": 1004.49, "end": 1004.73, "word": " which", "probability": 0.80078125}, {"start": 1004.73, "end": 1005.13, "word": " is", "probability": 0.93994140625}, {"start": 1005.13, "end": 1006.19, "word": " average", "probability": 0.6611328125}, {"start": 1006.19, "end": 1006.85, "word": " fixed", "probability": 0.94091796875}, {"start": 1006.85, "end": 1007.39, "word": " cost,", "probability": 0.90771484375}, {"start": 1007.83, "end": 1008.35, "word": " AFC", "probability": 0.760009765625}, {"start": 1008.35, "end": 1011.55, "word": " AFC", "probability": 0.89208984375}, {"start": 1011.55, "end": 1012.91, "word": " is", "probability": 0.93017578125}, {"start": 1012.91, "end": 1013.53, "word": " the", "probability": 0.89599609375}, {"start": 1013.53, "end": 1014.05, "word": " average", "probability": 0.74609375}, {"start": 1014.05, "end": 1017.49, "word": " fixed", "probability": 0.923828125}, {"start": 1017.49, "end": 1018.99, "word": " cost", "probability": 0.919921875}], "temperature": 1.0}, {"id": 37, "seek": 104854, "start": 1020.46, "end": 1048.54, "text": " AFC equals Total Fixed Cost over Quant Produced TFC over Q Average Variable Cost AVC is the average variable cost AVC", "tokens": [316, 18671, 6915, 23170, 25538, 292, 20863, 670, 26968, 11793, 1232, 314, 18671, 670, 1249, 316, 3623, 32511, 712, 20863, 30198, 34, 307, 264, 4274, 7006, 2063, 30198, 34], "avg_logprob": -0.28229166865348815, "compression_ratio": 1.2826086956521738, "no_speech_prob": 0.0, "words": [{"start": 1020.46, "end": 1021.06, "word": " AFC", "probability": 0.70166015625}, {"start": 1021.06, "end": 1023.3, "word": " equals", "probability": 0.61962890625}, {"start": 1023.3, "end": 1024.88, "word": " Total", "probability": 0.2841796875}, {"start": 1024.88, "end": 1025.42, "word": " Fixed", "probability": 0.915283203125}, {"start": 1025.42, "end": 1025.68, "word": " Cost", "probability": 0.89501953125}, {"start": 1025.68, "end": 1026.0, "word": " over", "probability": 0.72900390625}, {"start": 1026.0, "end": 1026.38, "word": " Quant", "probability": 0.162353515625}, {"start": 1026.38, "end": 1027.06, "word": " Produced", "probability": 0.76220703125}, {"start": 1027.06, "end": 1028.26, "word": " TFC", "probability": 0.7093505859375}, {"start": 1028.26, "end": 1030.32, "word": " over", "probability": 0.87548828125}, {"start": 1030.32, "end": 1030.76, "word": " Q", "probability": 0.94775390625}, {"start": 1030.76, "end": 1034.64, "word": " Average", "probability": 0.830078125}, {"start": 1034.64, "end": 1035.08, "word": " Variable", "probability": 0.833984375}, {"start": 1035.08, "end": 1035.54, "word": " Cost", "probability": 0.92919921875}, {"start": 1035.54, "end": 1038.1, "word": " AVC", "probability": 0.87158203125}, {"start": 1038.1, "end": 1038.66, "word": " is", "probability": 0.9296875}, {"start": 1038.66, "end": 1038.84, "word": " the", "probability": 0.89013671875}, {"start": 1038.84, "end": 1039.34, "word": " average", "probability": 0.489990234375}, {"start": 1039.34, "end": 1042.44, "word": " variable", "probability": 0.87890625}, {"start": 1042.44, "end": 1046.22, "word": " cost", "probability": 0.91796875}, {"start": 1046.22, "end": 1048.54, "word": " AVC", "probability": 0.93359375}], "temperature": 1.0}, {"id": 38, "seek": 107568, "start": 1049.96, "end": 1075.68, "text": " equals T V C over Q. We will see the applications again. T V C over Q. Average total cost average total cost", "tokens": [6915, 314, 691, 383, 670, 1249, 13, 492, 486, 536, 264, 5821, 797, 13, 314, 691, 383, 670, 1249, 13, 316, 3623, 3217, 2063, 4274, 3217, 2063], "avg_logprob": -0.40122767112084795, "compression_ratio": 1.329268292682927, "no_speech_prob": 0.0, "words": [{"start": 1049.9600000000003, "end": 1050.8200000000002, "word": " equals", "probability": 0.6064453125}, {"start": 1050.8200000000002, "end": 1051.68, "word": " T", "probability": 0.55859375}, {"start": 1051.68, "end": 1051.86, "word": " V", "probability": 0.211181640625}, {"start": 1051.86, "end": 1052.18, "word": " C", "probability": 0.77099609375}, {"start": 1052.18, "end": 1052.52, "word": " over", "probability": 0.8974609375}, {"start": 1052.52, "end": 1052.88, "word": " Q.", "probability": 0.9189453125}, {"start": 1053.24, "end": 1053.44, "word": " We", "probability": 0.38037109375}, {"start": 1053.44, "end": 1053.52, "word": " will", "probability": 0.537109375}, {"start": 1053.52, "end": 1053.7, "word": " see", "probability": 0.6845703125}, {"start": 1053.7, "end": 1053.82, "word": " the", "probability": 0.64453125}, {"start": 1053.82, "end": 1054.32, "word": " applications", "probability": 0.496826171875}, {"start": 1054.32, "end": 1054.74, "word": " again.", "probability": 0.23828125}, {"start": 1055.36, "end": 1055.56, "word": " T", "probability": 0.92138671875}, {"start": 1055.56, "end": 1055.76, "word": " V", "probability": 0.951171875}, {"start": 1055.76, "end": 1056.14, "word": " C", "probability": 0.99462890625}, {"start": 1056.14, "end": 1059.46, "word": " over", "probability": 0.89404296875}, {"start": 1059.46, "end": 1059.92, "word": " Q.", "probability": 0.99462890625}, {"start": 1068.92, "end": 1069.78, "word": " Average", "probability": 0.88330078125}, {"start": 1069.78, "end": 1070.24, "word": " total", "probability": 0.826171875}, {"start": 1070.24, "end": 1070.68, "word": " cost", "probability": 0.9306640625}, {"start": 1070.68, "end": 1074.18, "word": " average", "probability": 0.259765625}, {"start": 1074.18, "end": 1075.14, "word": " total", "probability": 0.88232421875}, {"start": 1075.14, "end": 1075.68, "word": " cost", "probability": 0.92236328125}], "temperature": 1.0}, {"id": 39, "seek": 110381, "start": 1077.03, "end": 1103.81, "text": "equals total cost over Q, TC over Q, or ATC. Now, TC, total cost, what does it equal? TFC, plus TVC, right? 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Average fixed cost plus average variable cost. Because in the end, the whole universe is divided by Q. Right? Again? I feel like I confirmed it. Do you want to write it down? Okay, okay. I will write it down. I will explain it to you here.", "tokens": [3748, 775, 309, 914, 30, 316, 3623, 6806, 2063, 1804, 4274, 7006, 2063, 13, 1436, 294, 264, 917, 11, 264, 1379, 6445, 307, 6666, 538, 1249, 13, 1779, 30, 3764, 30, 286, 841, 411, 286, 11341, 309, 13, 1144, 291, 528, 281, 2464, 309, 760, 30, 1033, 11, 1392, 13, 286, 486, 2464, 309, 760, 13, 286, 486, 2903, 309, 281, 291, 510, 13], "avg_logprob": -0.5024038461538461, "compression_ratio": 1.4576271186440677, "no_speech_prob": 1.1920928955078125e-07, "words": [{"start": 1105.02, "end": 1105.22, "word": "What", "probability": 0.255126953125}, {"start": 1105.22, "end": 1105.36, "word": " does", "probability": 0.6875}, {"start": 1105.36, "end": 1105.36, "word": " it", "probability": 0.693359375}, {"start": 1105.36, "end": 1105.6, "word": " mean?", "probability": 0.61376953125}, {"start": 1106.12, "end": 1106.56, "word": " Average", "probability": 0.757080078125}, {"start": 1106.56, "end": 1106.9, "word": " fixed", "probability": 0.79541015625}, 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"seek": 122008, "start": 1193.2, "end": 1220.08, "text": " Average fixed cost equals TFC over Q, which means here average or total cost equals TFC plus TPC. So 60 plus 0, 60. 67, 68, 69, 76, 90.", "tokens": [316, 3623, 6806, 2063, 6915, 314, 18671, 670, 1249, 11, 597, 1355, 510, 4274, 420, 3217, 2063, 6915, 314, 18671, 1804, 314, 12986, 13, 407, 4060, 1804, 1958, 11, 4060, 13, 23879, 11, 23317, 11, 28267, 11, 24733, 11, 4289, 13], "avg_logprob": -0.1728050620073364, "compression_ratio": 1.2142857142857142, "no_speech_prob": 0.0, "words": [{"start": 1193.2, "end": 1193.9, "word": " Average", "probability": 0.8291015625}, {"start": 1193.9, "end": 1195.16, "word": " fixed", "probability": 0.85009765625}, {"start": 1195.16, "end": 1195.64, "word": " cost", "probability": 0.77734375}, {"start": 1195.64, "end": 1196.56, "word": " equals", "probability": 0.9111328125}, {"start": 1196.56, "end": 1198.32, "word": " TFC", "probability": 0.841064453125}, {"start": 1198.32, "end": 1198.66, "word": " over", "probability": 0.921875}, {"start": 1198.66, "end": 1198.96, "word": " Q,", "probability": 0.94580078125}, {"start": 1199.1, "end": 1199.28, "word": " which", "probability": 0.9501953125}, {"start": 1199.28, "end": 1199.6, "word": " means", "probability": 0.92529296875}, {"start": 1199.6, "end": 1199.88, "word": " here", "probability": 0.85400390625}, {"start": 1199.88, "end": 1200.92, "word": " average", "probability": 0.56982421875}, {"start": 1200.92, "end": 1202.1, "word": " or", "probability": 0.62158203125}, {"start": 1202.1, "end": 1202.4, "word": " total", "probability": 0.873046875}, {"start": 1202.4, "end": 1202.88, "word": " cost", "probability": 0.91650390625}, {"start": 1202.88, "end": 1203.86, "word": " equals", "probability": 0.92529296875}, {"start": 1203.86, "end": 1204.96, "word": " TFC", "probability": 0.874267578125}, {"start": 1204.96, "end": 1205.26, "word": " plus", "probability": 0.9541015625}, {"start": 1205.26, "end": 1205.64, "word": " TPC.", "probability": 0.739013671875}, {"start": 1207.5, "end": 1207.74, "word": " So", "probability": 0.8759765625}, {"start": 1207.74, "end": 1208.58, "word": " 60", "probability": 0.68603515625}, {"start": 1208.58, "end": 1208.86, "word": " plus", "probability": 0.94140625}, {"start": 1208.86, "end": 1209.5, "word": " 0,", "probability": 0.7421875}, {"start": 1209.72, "end": 1210.08, "word": " 60.", "probability": 0.95947265625}, {"start": 1211.76, "end": 1213.04, "word": " 67,", "probability": 0.9033203125}, {"start": 1214.02, "end": 1214.9, "word": " 68,", "probability": 0.982421875}, {"start": 1215.28, "end": 1216.42, "word": " 69,", "probability": 0.98388671875}, {"start": 1217.18, "end": 1218.04, "word": " 76,", "probability": 0.96728515625}, {"start": 1218.3, "end": 1220.08, "word": " 90.", "probability": 0.9716796875}], "temperature": 1.0}, {"id": 43, "seek": 124592, "start": 1221.36, "end": 1245.92, "text": " One hundred thirty-two. One hundred ninety-three. How much is it here? Two hundred eighty-four. Three hundred or four hundred eleven. Five hundred eighty. Right? The total cost here equals", "tokens": [1485, 3262, 11790, 12, 20534, 13, 1485, 3262, 25063, 12, 27583, 13, 1012, 709, 307, 309, 510, 30, 4453, 3262, 26348, 12, 23251, 13, 6244, 3262, 420, 1451, 3262, 21090, 13, 9436, 3262, 26348, 13, 1779, 30, 440, 3217, 2063, 510, 6915], "avg_logprob": -0.16615188884180646, "compression_ratio": 1.5365853658536586, "no_speech_prob": 0.0, "words": [{"start": 1221.36, "end": 1222.02, "word": " One", "probability": 0.259765625}, {"start": 1222.02, "end": 1222.54, "word": " hundred", "probability": 0.8583984375}, {"start": 1222.54, "end": 1223.2, "word": " thirty", "probability": 0.6884765625}, {"start": 1223.2, "end": 1223.64, "word": "-two.", "probability": 0.8642578125}, {"start": 1225.0, "end": 1226.08, "word": " One", "probability": 0.83544921875}, {"start": 1226.08, "end": 1226.74, "word": " hundred", "probability": 0.9287109375}, {"start": 1226.74, "end": 1227.7, "word": " ninety", "probability": 0.89453125}, {"start": 1227.7, "end": 1228.22, "word": "-three.", "probability": 0.945068359375}, {"start": 1229.28, "end": 1229.46, "word": " How", "probability": 0.94970703125}, {"start": 1229.46, "end": 1229.68, "word": " much", "probability": 0.91650390625}, {"start": 1229.68, "end": 1229.84, "word": " is", "probability": 0.947265625}, {"start": 1229.84, "end": 1230.02, "word": " it", "probability": 0.92578125}, {"start": 1230.02, "end": 1230.34, "word": " here?", "probability": 0.83740234375}, {"start": 1230.88, "end": 1231.16, "word": " Two", "probability": 0.83349609375}, {"start": 1231.16, "end": 1231.62, "word": " hundred", "probability": 0.91650390625}, {"start": 1231.62, "end": 1232.16, "word": " eighty", "probability": 0.84130859375}, {"start": 1232.16, "end": 1232.62, "word": "-four.", "probability": 0.928955078125}, {"start": 1233.86, "end": 1234.62, "word": " Three", "probability": 0.9453125}, {"start": 1234.62, "end": 1235.06, "word": " hundred", "probability": 0.92333984375}, {"start": 1235.06, "end": 1235.38, "word": " or", "probability": 0.8310546875}, {"start": 1235.38, "end": 1235.68, "word": " four", "probability": 0.93896484375}, {"start": 1235.68, "end": 1236.28, "word": " hundred", "probability": 0.93359375}, {"start": 1236.28, "end": 1237.64, "word": " eleven.", "probability": 0.751953125}, {"start": 1238.82, "end": 1239.42, "word": " Five", "probability": 0.92431640625}, {"start": 1239.42, "end": 1240.0, "word": " hundred", "probability": 0.9296875}, {"start": 1240.0, "end": 1241.28, "word": " eighty.", "probability": 0.88427734375}, {"start": 1242.24, "end": 1242.62, "word": " Right?", "probability": 0.83837890625}, {"start": 1243.48, "end": 1243.92, "word": " The", "probability": 0.89794921875}, {"start": 1243.92, "end": 1244.2, "word": " total", "probability": 0.87353515625}, {"start": 1244.2, "end": 1244.72, "word": " cost", "probability": 0.9169921875}, {"start": 1244.72, "end": 1245.12, "word": " here", "probability": 0.865234375}, {"start": 1245.12, "end": 1245.92, "word": " equals", "probability": 0.93212890625}], "temperature": 1.0}, {"id": 44, "seek": 127340, "start": 1247.96, "end": 1273.4, "text": " The total fixed cost plus total variable cost. Right? The average fixed cost equals TFC over Q. The first point. Exactly. 60 over 1. 60.", "tokens": [440, 3217, 6806, 2063, 1804, 3217, 7006, 2063, 13, 1779, 30, 440, 4274, 6806, 2063, 6915, 314, 18671, 670, 1249, 13, 440, 700, 935, 13, 7587, 13, 4060, 670, 502, 13, 4060, 13], "avg_logprob": -0.2506893522599164, "compression_ratio": 1.2342342342342343, "no_speech_prob": 0.0, "words": [{"start": 1247.96, "end": 1248.18, "word": " The", "probability": 0.69384765625}, {"start": 1248.18, "end": 1248.6, "word": " total", "probability": 0.8544921875}, {"start": 1248.6, "end": 1249.08, "word": " fixed", "probability": 0.9228515625}, {"start": 1249.08, "end": 1249.42, "word": " cost", "probability": 0.75927734375}, {"start": 1249.42, "end": 1249.82, "word": " plus", "probability": 0.900390625}, {"start": 1249.82, "end": 1250.28, "word": " total", "probability": 0.81103515625}, {"start": 1250.28, "end": 1250.76, "word": " variable", "probability": 0.8857421875}, {"start": 1250.76, "end": 1251.4, "word": " cost.", "probability": 0.8955078125}, {"start": 1252.02, "end": 1252.38, "word": " Right?", "probability": 0.82568359375}, {"start": 1253.76, "end": 1254.9, "word": " The", "probability": 0.39208984375}, {"start": 1254.9, "end": 1256.32, "word": " average", "probability": 0.7138671875}, {"start": 1256.32, "end": 1257.26, "word": " fixed", "probability": 0.9228515625}, {"start": 1257.26, "end": 1257.78, "word": " cost", "probability": 0.90087890625}, {"start": 1257.78, "end": 1258.64, "word": " equals", "probability": 0.92138671875}, {"start": 1258.64, "end": 1259.86, "word": " TFC", "probability": 0.8408203125}, {"start": 1259.86, "end": 1261.52, "word": " over", "probability": 0.9111328125}, {"start": 1261.52, "end": 1261.92, "word": " Q.", "probability": 0.892578125}, {"start": 1263.74, "end": 1264.42, "word": " The", "probability": 0.85595703125}, {"start": 1264.42, "end": 1264.68, "word": " first", "probability": 0.892578125}, {"start": 1264.68, "end": 1265.02, "word": " point.", "probability": 0.6240234375}, {"start": 1267.64, "end": 1268.66, "word": " Exactly.", "probability": 0.66162109375}, {"start": 1270.42, "end": 1270.9, "word": " 60", "probability": 0.5234375}, {"start": 1270.9, "end": 1271.6, "word": " over", "probability": 0.88623046875}, {"start": 1271.6, "end": 1271.98, "word": " 1.", "probability": 0.87744140625}, {"start": 1272.36, "end": 1273.4, "word": " 60.", "probability": 0.775390625}], "temperature": 1.0}, {"id": 45, "seek": 130600, "start": 1276.32, "end": 1306.0, "text": " 60 over 2? 30. 60 over 3? 20. 60 over 4? 15. 60 over 5? How much is it? 12? Yeah. 60 over 6? 10. 60 over 7? 8.5.", "tokens": [4060, 670, 568, 30, 2217, 13, 4060, 670, 805, 30, 945, 13, 4060, 670, 1017, 30, 2119, 13, 4060, 670, 1025, 30, 1012, 709, 307, 309, 30, 2272, 30, 865, 13, 4060, 670, 1386, 30, 1266, 13, 4060, 670, 1614, 30, 1649, 13, 20, 13], "avg_logprob": -0.1428328778432763, "compression_ratio": 1.4675324675324675, "no_speech_prob": 0.0, "words": [{"start": 1276.32, "end": 1276.94, "word": " 60", "probability": 0.33740234375}, {"start": 1276.94, "end": 1277.62, "word": " over", "probability": 0.80908203125}, {"start": 1277.62, "end": 1278.08, "word": " 2?", "probability": 0.70361328125}, {"start": 1278.52, "end": 1279.44, "word": " 30.", "probability": 0.705078125}, {"start": 1282.4, "end": 1283.32, "word": " 60", "probability": 0.88623046875}, {"start": 1283.32, "end": 1283.78, "word": " over", "probability": 0.91259765625}, {"start": 1283.78, "end": 1284.24, "word": " 3?", "probability": 0.98876953125}, {"start": 1284.52, "end": 1285.16, "word": " 20.", "probability": 0.93798828125}, {"start": 1287.24, "end": 1288.16, "word": " 60", "probability": 0.96728515625}, {"start": 1288.16, "end": 1288.58, "word": " over", "probability": 0.9228515625}, {"start": 1288.58, "end": 1289.04, "word": " 4?", "probability": 0.9951171875}, {"start": 1289.52, "end": 1290.14, "word": " 15.", "probability": 0.96337890625}, {"start": 1291.64, "end": 1292.56, "word": " 60", "probability": 0.97314453125}, {"start": 1292.56, "end": 1292.94, "word": " over", "probability": 0.92138671875}, {"start": 1292.94, "end": 1293.36, "word": " 5?", "probability": 0.99658203125}, {"start": 1293.56, "end": 1293.72, "word": " How", "probability": 0.9453125}, {"start": 1293.72, "end": 1293.92, "word": " much", "probability": 0.91845703125}, {"start": 1293.92, "end": 1294.08, "word": " is", "probability": 0.94970703125}, {"start": 1294.08, "end": 1294.3, "word": " it?", "probability": 0.953125}, {"start": 1294.42, "end": 1294.76, "word": " 12?", "probability": 0.80615234375}, {"start": 1295.12, "end": 1295.34, "word": " Yeah.", "probability": 0.7548828125}, {"start": 1296.94, "end": 1297.5, "word": " 60", "probability": 0.970703125}, {"start": 1297.5, "end": 1297.82, "word": " over", "probability": 0.9228515625}, {"start": 1297.82, "end": 1298.18, "word": " 6?", "probability": 0.9912109375}, {"start": 1298.22, "end": 1298.5, "word": " 10.", "probability": 0.96484375}, {"start": 1299.72, "end": 1300.44, "word": " 60", "probability": 0.96923828125}, {"start": 1300.44, "end": 1300.88, "word": " over", "probability": 0.921875}, {"start": 1300.88, "end": 1301.38, "word": " 7?", "probability": 0.998046875}, {"start": 1304.34, "end": 1305.26, "word": " 8", "probability": 0.97998046875}, {"start": 1305.26, "end": 1306.0, "word": ".5.", "probability": 0.97314453125}], "temperature": 1.0}, {"id": 46, "seek": 133489, "start": 1308.69, "end": 1334.89, "text": " 60 over 8. 7.5. 60 over 9. 6.6. 60 over 10, 6. Is it clear? Yeah. The same for average variable cost. 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Average 7 over 1, 7. 8 over 2, 4. 9 over 3, 3. 16 over 4, 4.", "tokens": [6915, 3217, 7006, 2063, 670, 1249, 13, 316, 3623, 1614, 670, 502, 11, 1614, 13, 1649, 670, 568, 11, 1017, 13, 1722, 670, 805, 11, 805, 13, 3165, 670, 1017, 11, 1017, 13], "avg_logprob": -0.13212315869681976, "compression_ratio": 1.1566265060240963, "no_speech_prob": 0.0, "words": [{"start": 1335.74, "end": 1336.38, "word": " equals", "probability": 0.73876953125}, {"start": 1336.38, "end": 1337.14, "word": " total", "probability": 0.7451171875}, {"start": 1337.14, "end": 1337.58, "word": " variable", "probability": 0.9140625}, {"start": 1337.58, "end": 1338.18, "word": " cost", "probability": 0.90673828125}, {"start": 1338.18, "end": 1338.54, "word": " over", "probability": 0.91845703125}, {"start": 1338.54, "end": 1338.96, "word": " Q.", "probability": 0.70751953125}, {"start": 1343.76, "end": 1344.88, "word": " Average", "probability": 0.9052734375}, {"start": 1344.88, "end": 1346.68, "word": " 7", "probability": 0.392578125}, {"start": 1346.68, "end": 1347.08, "word": " over", "probability": 0.70654296875}, {"start": 1347.08, "end": 1347.44, "word": " 1,", "probability": 0.93603515625}, {"start": 1347.78, "end": 1348.56, "word": " 7.", "probability": 0.94287109375}, {"start": 1350.96, "end": 1352.08, "word": " 8", "probability": 0.6611328125}, {"start": 1352.08, "end": 1352.58, "word": " over", "probability": 0.88818359375}, {"start": 1352.58, "end": 1353.18, "word": " 2,", "probability": 0.9951171875}, {"start": 1353.68, "end": 1353.98, "word": " 4.", "probability": 0.990234375}, {"start": 1355.96, "end": 1357.08, "word": " 9", "probability": 0.97802734375}, {"start": 1357.08, "end": 1357.52, "word": " over", "probability": 0.91357421875}, {"start": 1357.52, "end": 1358.04, "word": " 3,", "probability": 0.9970703125}, {"start": 1358.54, "end": 1359.1, "word": " 3.", "probability": 0.9931640625}, {"start": 1361.9, "end": 1363.02, "word": " 16", "probability": 0.96533203125}, {"start": 1363.02, "end": 1363.88, "word": " over", "probability": 0.92236328125}, {"start": 1363.88, "end": 1364.32, "word": " 4,", "probability": 0.98828125}, {"start": 1364.88, "end": 1365.22, "word": " 4.", "probability": 0.99169921875}], "temperature": 1.0}, {"id": 48, "seek": 139425, "start": 1368.11, "end": 1394.25, "text": " Ninety over five. How much? Three. TVC over Q. Thirty over five. Six. Seventy-two over six. How much is it? Nine. Ten. Twelve. Right? No. Correct. 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And then?", "tokens": [400, 550, 30, 5853, 19, 670, 1649, 30, 7562, 11, 1392, 13, 400, 550, 30], "avg_logprob": -0.69580078125, "compression_ratio": 1.024390243902439, "no_speech_prob": 0.0, "words": [{"start": 1398.58, "end": 1398.82, "word": " And", "probability": 0.016754150390625}, {"start": 1398.82, "end": 1399.0, "word": " then?", "probability": 0.779296875}, {"start": 1415.06, "end": 1415.7, "word": " 224", "probability": 0.6768798828125}, {"start": 1415.7, "end": 1415.94, "word": " over", "probability": 0.5126953125}, {"start": 1415.94, "end": 1416.32, "word": " 8?", "probability": 0.85986328125}, {"start": 1419.78, "end": 1420.42, "word": " 28,", "probability": 0.7841796875}, {"start": 1421.96, "end": 1422.22, "word": " okay.", "probability": 0.6943359375}, {"start": 1423.0, "end": 1423.2, "word": " And", "probability": 0.89111328125}, {"start": 1423.2, "end": 1423.4, "word": " then?", "probability": 0.87841796875}], "temperature": 1.0}, {"id": 50, "seek": 144617, "start": 1428.53, "end": 1446.17, "text": " Thirty-nine. And the last point? Fifty-two. Alright? 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Either we can use this formula, ATC equals AVC, AFC plus AVC, or ATC equals TC over Q. The same as the previous cases, the previous parameters for average fixed cost and average variable cost, right? So ATC,", "tokens": [2139, 3217, 2063, 670, 1249, 420, 316, 18671, 1804, 30198, 34, 11, 8872, 34, 13, 13746, 321, 393, 764, 341, 8513, 11, 8872, 34, 6915, 30198, 34, 11, 316, 18671, 1804, 30198, 34, 11, 420, 8872, 34, 6915, 34150, 670, 1249, 13, 440, 912, 382, 264, 3894, 3331, 11, 264, 3894, 9834, 337, 4274, 6806, 2063, 293, 4274, 7006, 2063, 11, 558, 30, 407, 8872, 34, 11], "avg_logprob": -0.20829504005172672, "compression_ratio": 1.59375, "no_speech_prob": 0.0, "words": [{"start": 1448.09, "end": 1448.57, "word": " either", "probability": 0.402587890625}, {"start": 1448.57, "end": 1449.07, "word": " total", "probability": 0.7333984375}, {"start": 1449.07, "end": 1449.59, "word": " cost", "probability": 0.74755859375}, {"start": 1449.59, "end": 1449.95, "word": " over", "probability": 0.9228515625}, {"start": 1449.95, "end": 1450.37, "word": " Q", "probability": 0.72607421875}, {"start": 1450.37, "end": 1451.15, "word": " or", "probability": 0.7607421875}, {"start": 1451.15, "end": 1452.23, "word": " AFC", "probability": 0.644287109375}, {"start": 1452.23, "end": 1452.65, "word": " plus", "probability": 0.88330078125}, {"start": 1452.65, "end": 1453.29, "word": " AVC,", "probability": 0.90966796875}, {"start": 1453.91, "end": 1454.37, "word": " ATC.", "probability": 0.84765625}, {"start": 1454.65, "end": 1455.19, "word": " Either", "probability": 0.8720703125}, {"start": 1455.19, "end": 1455.65, "word": " we", "probability": 0.87255859375}, {"start": 1455.65, "end": 1455.87, "word": " can", "probability": 0.94287109375}, {"start": 1455.87, "end": 1456.17, "word": " use", "probability": 0.875}, {"start": 1456.17, "end": 1456.45, "word": " this", "probability": 0.9443359375}, {"start": 1456.45, "end": 1456.89, "word": " formula,", "probability": 0.91943359375}, {"start": 1457.33, "end": 1457.85, "word": " ATC", "probability": 0.878662109375}, {"start": 1457.85, "end": 1458.35, "word": " equals", "probability": 0.95068359375}, {"start": 1458.35, "end": 1459.23, "word": " AVC,", "probability": 0.88525390625}, {"start": 1459.37, "end": 1459.67, "word": " AFC", "probability": 0.888427734375}, {"start": 1459.67, "end": 1459.99, "word": " plus", "probability": 0.9384765625}, {"start": 1459.99, "end": 1460.63, "word": " AVC,", "probability": 0.9736328125}, {"start": 1460.79, "end": 1461.25, "word": " or", "probability": 0.97021484375}, {"start": 1461.25, "end": 1462.45, "word": " ATC", "probability": 0.93359375}, {"start": 1462.45, "end": 1464.21, "word": " equals", "probability": 0.943359375}, {"start": 1464.21, "end": 1464.67, "word": " TC", "probability": 0.89404296875}, {"start": 1464.67, "end": 1465.11, "word": " over", "probability": 0.91552734375}, {"start": 1465.11, "end": 1465.47, "word": " Q.", "probability": 0.99609375}, {"start": 1465.69, "end": 1466.07, "word": " The", "probability": 0.89208984375}, {"start": 1466.07, "end": 1466.31, "word": " same", "probability": 0.9052734375}, {"start": 1466.31, "end": 1466.83, "word": " as", "probability": 0.97119140625}, {"start": 1466.83, "end": 1467.57, "word": " the", "probability": 0.91650390625}, {"start": 1467.57, "end": 1467.95, "word": " previous", "probability": 0.87548828125}, {"start": 1467.95, "end": 1468.35, "word": " cases,", "probability": 0.892578125}, {"start": 1468.51, "end": 1468.63, "word": " the", "probability": 0.86767578125}, {"start": 1468.63, "end": 1468.97, "word": " previous", "probability": 0.8515625}, {"start": 1468.97, "end": 1469.37, "word": " parameters", "probability": 0.3134765625}, {"start": 1469.37, "end": 1469.87, "word": " for", "probability": 0.8232421875}, {"start": 1469.87, "end": 1470.41, "word": " average", "probability": 0.73046875}, {"start": 1470.41, "end": 1470.67, "word": " fixed", "probability": 0.94482421875}, {"start": 1470.67, "end": 1470.95, "word": " cost", "probability": 0.671875}, {"start": 1470.95, "end": 1471.21, "word": " and", "probability": 0.93115234375}, {"start": 1471.21, "end": 1471.63, "word": " average", "probability": 0.75390625}, {"start": 1471.63, "end": 1471.93, "word": " variable", "probability": 0.94140625}, {"start": 1471.93, "end": 1472.37, "word": " cost,", "probability": 0.9052734375}, {"start": 1472.59, "end": 1472.79, "word": " right?", "probability": 0.8837890625}, {"start": 1473.27, "end": 1474.13, "word": " So", "probability": 0.97216796875}, {"start": 1474.13, "end": 1475.61, "word": " ATC,", "probability": 0.804931640625}], "temperature": 1.0}, {"id": 52, "seek": 150277, "start": 1477.13, "end": 1502.77, "text": " Yeah, yeah, yeah, the same result. AFC plus AVC, how much is it? Let's use this formula here. AFC plus AVC, 67. Okay, let's use this formula. ATC equals TC over Q. TC over Q. How much is TC? 67 over 1. 67, the same result. 34.", "tokens": [865, 11, 1338, 11, 1338, 11, 264, 912, 1874, 13, 316, 18671, 1804, 30198, 34, 11, 577, 709, 307, 309, 30, 961, 311, 764, 341, 8513, 510, 13, 316, 18671, 1804, 30198, 34, 11, 23879, 13, 1033, 11, 718, 311, 764, 341, 8513, 13, 8872, 34, 6915, 34150, 670, 1249, 13, 34150, 670, 1249, 13, 1012, 709, 307, 34150, 30, 23879, 670, 502, 13, 23879, 11, 264, 912, 1874, 13, 12790, 13], "avg_logprob": -0.14490582028480425, "compression_ratio": 1.6214285714285714, "no_speech_prob": 0.0, "words": [{"start": 1477.13, "end": 1477.47, "word": " Yeah,", "probability": 0.64501953125}, {"start": 1477.59, "end": 1477.73, "word": " yeah,", "probability": 0.818359375}, {"start": 1477.77, "end": 1477.89, "word": " yeah,", "probability": 0.896484375}, {"start": 1477.91, "end": 1478.07, "word": " the", "probability": 0.9091796875}, {"start": 1478.07, "end": 1478.29, "word": " same", "probability": 0.91162109375}, {"start": 1478.29, "end": 1478.75, "word": " result.", "probability": 0.9365234375}, {"start": 1480.39, "end": 1481.07, "word": " AFC", "probability": 0.627197265625}, {"start": 1481.07, "end": 1481.61, "word": " plus", "probability": 0.8291015625}, {"start": 1481.61, "end": 1482.19, "word": " AVC,", "probability": 0.91162109375}, {"start": 1482.25, "end": 1482.37, "word": " how", "probability": 0.9306640625}, {"start": 1482.37, "end": 1482.61, "word": " much", "probability": 0.916015625}, {"start": 1482.61, "end": 1482.75, "word": " is", "probability": 0.94677734375}, {"start": 1482.75, "end": 1482.89, "word": " it?", "probability": 0.9453125}, {"start": 1483.03, "end": 1483.29, "word": " Let's", "probability": 0.968505859375}, {"start": 1483.29, "end": 1483.55, "word": " use", "probability": 0.87158203125}, {"start": 1483.55, "end": 1483.81, "word": " this", "probability": 0.94482421875}, {"start": 1483.81, "end": 1484.19, "word": " formula", "probability": 0.9208984375}, {"start": 1484.19, "end": 1484.39, "word": " here.", "probability": 0.80419921875}, {"start": 1485.75, "end": 1486.27, "word": " AFC", "probability": 0.89306640625}, {"start": 1486.27, "end": 1486.73, "word": " plus", "probability": 0.95166015625}, {"start": 1486.73, "end": 1487.45, "word": " AVC,", "probability": 0.957763671875}, {"start": 1487.85, "end": 1488.31, "word": " 67.", "probability": 0.73974609375}, {"start": 1488.87, "end": 1489.15, "word": " Okay,", "probability": 0.75439453125}, {"start": 1489.45, "end": 1489.79, "word": " let's", "probability": 0.9736328125}, {"start": 1489.79, "end": 1490.45, "word": " use", "probability": 0.8681640625}, {"start": 1490.45, "end": 1490.97, "word": " this", "probability": 0.94482421875}, {"start": 1490.97, "end": 1491.33, "word": " formula.", "probability": 0.892578125}, {"start": 1491.71, "end": 1492.17, "word": " ATC", "probability": 0.88330078125}, {"start": 1492.17, "end": 1492.59, "word": " equals", "probability": 0.923828125}, {"start": 1492.59, "end": 1492.95, "word": " TC", "probability": 0.93603515625}, {"start": 1492.95, "end": 1493.27, "word": " over", "probability": 0.9306640625}, {"start": 1493.27, "end": 1493.57, "word": " Q.", "probability": 0.96337890625}, {"start": 1494.49, "end": 1494.87, "word": " TC", "probability": 0.97705078125}, {"start": 1494.87, "end": 1495.33, "word": " over", "probability": 0.92578125}, {"start": 1495.33, "end": 1495.59, "word": " Q.", "probability": 0.99853515625}, {"start": 1495.65, "end": 1495.75, "word": " How", "probability": 0.9658203125}, {"start": 1495.75, "end": 1495.93, "word": " much", "probability": 0.9072265625}, {"start": 1495.93, "end": 1496.09, "word": " is", "probability": 0.94091796875}, {"start": 1496.09, "end": 1496.39, "word": " TC?", "probability": 0.97216796875}, {"start": 1496.95, "end": 1497.59, "word": " 67", "probability": 0.890625}, {"start": 1497.59, "end": 1498.17, "word": " over", "probability": 0.91552734375}, {"start": 1498.17, "end": 1498.49, "word": " 1.", "probability": 0.74609375}, {"start": 1499.07, "end": 1499.57, "word": " 67,", "probability": 0.86376953125}, {"start": 1501.23, "end": 1501.35, "word": " the", "probability": 0.875}, {"start": 1501.35, "end": 1501.57, "word": " same", "probability": 0.9150390625}, {"start": 1501.57, "end": 1501.95, "word": " result.", "probability": 0.94482421875}, {"start": 1502.27, "end": 1502.77, "word": " 34.", "probability": 0.84375}], "temperature": 1.0}, {"id": 53, "seek": 153297, "start": 1505.89, "end": 1532.97, "text": " Or 68 over 2. 34, the same result. Right? So 23, 19, 18, 22, 27.5, 35.5,", "tokens": [1610, 23317, 670, 568, 13, 12790, 11, 264, 912, 1874, 13, 1779, 30, 407, 6673, 11, 1294, 11, 2443, 11, 5853, 11, 7634, 13, 20, 11, 6976, 13, 20, 11], "avg_logprob": -0.14894153802625595, "compression_ratio": 0.9605263157894737, "no_speech_prob": 0.0, "words": [{"start": 1505.89, "end": 1506.41, "word": " Or", "probability": 0.82763671875}, {"start": 1506.41, "end": 1508.51, "word": " 68", "probability": 0.78466796875}, {"start": 1508.51, "end": 1509.23, "word": " over", "probability": 0.70703125}, {"start": 1509.23, "end": 1509.61, "word": " 2.", "probability": 0.8310546875}, {"start": 1510.13, "end": 1511.01, "word": " 34,", "probability": 0.92138671875}, {"start": 1511.19, "end": 1511.29, "word": " the", "probability": 0.87255859375}, {"start": 1511.29, "end": 1511.49, "word": " same", "probability": 0.91015625}, {"start": 1511.49, "end": 1511.85, "word": " result.", "probability": 0.95654296875}, {"start": 1512.85, "end": 1513.01, "word": " Right?", "probability": 0.619140625}, {"start": 1514.81, "end": 1514.95, "word": " So", "probability": 0.307373046875}, {"start": 1514.95, "end": 1516.63, "word": " 23,", "probability": 0.798828125}, {"start": 1517.07, "end": 1518.75, "word": " 19,", "probability": 0.9765625}, {"start": 1519.29, "end": 1519.99, "word": " 18,", "probability": 0.97265625}, {"start": 1520.35, "end": 1523.15, "word": " 22,", "probability": 0.97314453125}, {"start": 1524.69, "end": 1525.89, "word": " 27", "probability": 0.97705078125}, {"start": 1525.89, "end": 1527.03, "word": ".5,", "probability": 0.99560546875}, {"start": 1529.15, "end": 1531.49, "word": " 35", "probability": 0.97314453125}, {"start": 1531.49, "end": 1532.97, "word": ".5,", "probability": 0.998779296875}], "temperature": 1.0}, {"id": 54, "seek": 156005, "start": 1534.09, "end": 1560.05, "text": " How much I said? 30 or yeah, 45.6. And the last point, the last... Exactly. Right? What else? What about the marginal cost? We studied before the marginal revenue, marginal utility.", "tokens": [1012, 709, 286, 848, 30, 2217, 420, 1338, 11, 6905, 13, 21, 13, 400, 264, 1036, 935, 11, 264, 1036, 485, 7587, 13, 1779, 30, 708, 1646, 30, 708, 466, 264, 16885, 2063, 30, 492, 9454, 949, 264, 16885, 9324, 11, 16885, 14877, 13], "avg_logprob": -0.2652777724795871, "compression_ratio": 1.348148148148148, "no_speech_prob": 0.0, "words": [{"start": 1534.09, "end": 1534.69, "word": " How", "probability": 0.64111328125}, {"start": 1534.69, "end": 1534.87, "word": " much", "probability": 0.919921875}, {"start": 1534.87, "end": 1535.03, "word": " I", "probability": 0.681640625}, {"start": 1535.03, "end": 1535.23, "word": " said?", "probability": 0.91162109375}, {"start": 1535.61, "end": 1536.03, "word": " 30", "probability": 0.2822265625}, {"start": 1536.03, "end": 1537.53, "word": " or", "probability": 0.546875}, {"start": 1537.53, "end": 1538.09, "word": " yeah,", "probability": 0.429443359375}, {"start": 1538.63, "end": 1539.29, "word": " 45", "probability": 0.96484375}, {"start": 1539.29, "end": 1540.65, "word": ".6.", "probability": 0.986083984375}, {"start": 1541.05, "end": 1541.89, "word": " And", "probability": 0.8955078125}, {"start": 1541.89, "end": 1542.15, "word": " the", "probability": 0.91259765625}, {"start": 1542.15, "end": 1542.45, "word": " last", "probability": 0.8642578125}, {"start": 1542.45, "end": 1542.85, "word": " point,", "probability": 0.9580078125}, {"start": 1543.03, "end": 1543.09, "word": " the", "probability": 0.91015625}, {"start": 1543.09, "end": 1544.55, "word": " last...", "probability": 0.52587890625}, {"start": 1544.55, "end": 1545.05, "word": " Exactly.", "probability": 0.352294921875}, {"start": 1547.53, "end": 1547.89, "word": " Right?", "probability": 0.81396484375}, {"start": 1550.61, "end": 1550.85, "word": " What", "probability": 0.5224609375}, {"start": 1550.85, "end": 1552.33, "word": " else?", "probability": 0.88916015625}, {"start": 1552.75, "end": 1552.91, "word": " What", "probability": 0.88134765625}, {"start": 1552.91, "end": 1553.09, "word": " about", "probability": 0.90380859375}, {"start": 1553.09, "end": 1553.27, "word": " the", "probability": 0.90380859375}, {"start": 1553.27, "end": 1553.59, "word": " marginal", "probability": 0.87451171875}, {"start": 1553.59, "end": 1554.15, "word": " cost?", "probability": 0.90234375}, {"start": 1555.85, "end": 1556.19, "word": " We", "probability": 0.9365234375}, {"start": 1556.19, "end": 1556.73, "word": " studied", "probability": 0.779296875}, {"start": 1556.73, "end": 1557.21, "word": " before", "probability": 0.8662109375}, {"start": 1557.21, "end": 1557.73, "word": " the", "probability": 0.66845703125}, {"start": 1557.73, "end": 1558.15, "word": " marginal", "probability": 0.9111328125}, {"start": 1558.15, "end": 1558.79, "word": " revenue,", "probability": 0.8955078125}, {"start": 1559.09, "end": 1559.47, "word": " marginal", "probability": 0.94091796875}, {"start": 1559.47, "end": 1560.05, "word": " utility.", "probability": 0.955078125}], "temperature": 1.0}, {"id": 55, "seek": 159054, "start": 1561.34, "end": 1590.54, "text": " And here we have the marginal cost, MC. What about the marginal utility? Let's come back quickly to the marginal utility. A change in total utility over the change in quantity, right? What about the marginal revenue, MR? Change in total revenue over the change in quantity. What about the marginal production of labor change? What about the marginal cost?", "tokens": [400, 510, 321, 362, 264, 16885, 2063, 11, 8797, 13, 708, 466, 264, 16885, 14877, 30, 961, 311, 808, 646, 2661, 281, 264, 16885, 14877, 13, 316, 1319, 294, 3217, 14877, 670, 264, 1319, 294, 11275, 11, 558, 30, 708, 466, 264, 16885, 9324, 11, 9808, 30, 15060, 294, 3217, 9324, 670, 264, 1319, 294, 11275, 13, 708, 466, 264, 16885, 4265, 295, 5938, 1319, 30, 708, 466, 264, 16885, 2063, 30], "avg_logprob": -0.15432363666900217, "compression_ratio": 2.1707317073170733, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 1561.34, "end": 1561.66, "word": " And", "probability": 0.81201171875}, {"start": 1561.66, "end": 1561.98, "word": " here", "probability": 0.85791015625}, {"start": 1561.98, "end": 1562.22, "word": " we", "probability": 0.84375}, {"start": 1562.22, "end": 1562.54, "word": " have", "probability": 0.93994140625}, {"start": 1562.54, "end": 1562.98, "word": " the", "probability": 0.818359375}, {"start": 1562.98, "end": 1563.36, 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So, the marginal cost is the change in total cost over the change in quantity produced. The same as marginal utility, the marginal revenue, and the marginal production of labor. So, the marginal cost equals change in total cost over change in quantity.", "tokens": [7587, 11, 1338, 13, 407, 11, 264, 16885, 2063, 307, 264, 1319, 294, 3217, 2063, 670, 264, 1319, 294, 11275, 7126, 13, 440, 912, 382, 16885, 14877, 11, 264, 16885, 9324, 11, 293, 264, 16885, 4265, 295, 5938, 13, 407, 11, 264, 16885, 2063, 6915, 1319, 294, 3217, 2063, 670, 1319, 294, 11275, 13], "avg_logprob": -0.16974431438879534, "compression_ratio": 2.0150375939849625, "no_speech_prob": 0.0, "words": [{"start": 1591.72, "end": 1592.4, "word": " Exactly,", "probability": 0.45166015625}, {"start": 1592.6, "end": 1592.76, "word": " yeah.", "probability": 0.8583984375}, {"start": 1593.02, "end": 1593.1, "word": " So,", "probability": 0.95263671875}, {"start": 1593.24, "end": 1593.26, "word": " the", "probability": 0.9130859375}, {"start": 1593.26, "end": 1593.58, "word": " marginal", "probability": 0.88623046875}, {"start": 1593.58, "end": 1594.06, "word": " cost", "probability": 0.90771484375}, {"start": 1594.06, "end": 1595.04, "word": " is", "probability": 0.93310546875}, {"start": 1595.04, "end": 1595.28, "word": " the", "probability": 0.491455078125}, {"start": 1595.28, "end": 1595.82, "word": " change", "probability": 0.91357421875}, {"start": 1595.82, "end": 1596.18, "word": " in", "probability": 0.9169921875}, {"start": 1596.18, "end": 1597.0, "word": " total", "probability": 0.8818359375}, {"start": 1597.0, "end": 1597.52, "word": " cost", "probability": 0.89892578125}, {"start": 1597.52, "end": 1597.8, "word": " over", "probability": 0.75146484375}, {"start": 1597.8, "end": 1597.98, "word": " the", "probability": 0.87060546875}, {"start": 1597.98, "end": 1598.28, "word": " change", "probability": 0.90869140625}, {"start": 1598.28, "end": 1598.38, "word": " in", "probability": 0.88623046875}, {"start": 1598.38, "end": 1598.66, "word": " quantity", "probability": 0.426025390625}, {"start": 1598.66, "end": 1599.24, "word": " produced.", "probability": 0.91015625}, {"start": 1599.84, "end": 1600.6, "word": " The", "probability": 0.89501953125}, {"start": 1600.6, "end": 1600.88, "word": " same", "probability": 0.908203125}, {"start": 1600.88, "end": 1601.28, "word": " as", "probability": 0.9716796875}, {"start": 1601.28, "end": 1601.72, "word": " marginal", "probability": 0.73193359375}, {"start": 1601.72, "end": 1602.12, "word": " utility,", "probability": 0.94921875}, {"start": 1602.54, "end": 1602.66, "word": " the", "probability": 0.89990234375}, {"start": 1602.66, "end": 1602.98, "word": " marginal", "probability": 0.9130859375}, {"start": 1602.98, "end": 1603.44, "word": " revenue,", "probability": 0.8984375}, {"start": 1603.9, "end": 1604.08, "word": " and", "probability": 0.90966796875}, {"start": 1604.08, "end": 1604.26, "word": " the", "probability": 0.904296875}, {"start": 1604.26, "end": 1604.74, "word": " marginal", "probability": 0.93505859375}, {"start": 1604.74, "end": 1605.4, "word": " production", "probability": 0.95458984375}, {"start": 1605.4, "end": 1605.58, "word": " of", "probability": 0.69482421875}, {"start": 1605.58, "end": 1605.8, "word": " labor.", "probability": 0.93408203125}, {"start": 1606.2, "end": 1606.44, "word": " So,", "probability": 0.9638671875}, {"start": 1607.0, "end": 1607.76, "word": " the", "probability": 0.91455078125}, {"start": 1607.76, "end": 1608.1, "word": " marginal", "probability": 0.9208984375}, {"start": 1608.1, "end": 1608.68, "word": " cost", "probability": 0.931640625}, {"start": 1608.68, "end": 1610.92, "word": " equals", "probability": 0.9365234375}, {"start": 1610.92, "end": 1613.06, "word": " change", "probability": 0.76513671875}, {"start": 1613.06, "end": 1613.24, "word": " in", "probability": 0.94775390625}, {"start": 1613.24, "end": 1613.56, "word": " total", "probability": 0.86767578125}, {"start": 1613.56, "end": 1614.14, "word": " cost", "probability": 0.93115234375}, {"start": 1614.14, "end": 1617.84, "word": " over", "probability": 0.85693359375}, {"start": 1617.84, "end": 1618.28, "word": " change", "probability": 0.7490234375}, {"start": 1618.28, "end": 1618.42, "word": " in", "probability": 0.9013671875}, {"start": 1618.42, "end": 1618.82, "word": " quantity.", "probability": 0.755859375}], "temperature": 1.0}, {"id": 57, "seek": 164657, "start": 1619.73, "end": 1646.57, "text": " Or TC2 minus TC1 over Q2 minus CQ1. We have another formula which is marginal cost equals the change in total variable cost over changing quantity, the same result. So let's calculate the marginal cost here. Let's use this formula, change in total cost over change in quantity produced.", "tokens": [1610, 34150, 17, 3175, 34150, 16, 670, 1249, 17, 3175, 383, 48, 16, 13, 492, 362, 1071, 8513, 597, 307, 16885, 2063, 6915, 264, 1319, 294, 3217, 7006, 2063, 670, 4473, 11275, 11, 264, 912, 1874, 13, 407, 718, 311, 8873, 264, 16885, 2063, 510, 13, 961, 311, 764, 341, 8513, 11, 1319, 294, 3217, 2063, 670, 1319, 294, 11275, 7126, 13], "avg_logprob": -0.1550099267846062, "compression_ratio": 1.6494252873563218, "no_speech_prob": 0.0, "words": [{"start": 1619.73, "end": 1620.01, "word": " Or", "probability": 0.5419921875}, {"start": 1620.01, "end": 1620.87, "word": " TC2", "probability": 0.715087890625}, {"start": 1620.87, "end": 1621.19, "word": " minus", "probability": 0.79150390625}, {"start": 1621.19, "end": 1621.91, "word": " TC1", "probability": 0.952880859375}, {"start": 1621.91, "end": 1622.17, "word": " over", "probability": 0.90869140625}, {"start": 1622.17, "end": 1622.55, "word": " Q2", "probability": 0.95166015625}, {"start": 1622.55, "end": 1622.81, "word": " minus", "probability": 0.982421875}, {"start": 1622.81, "end": 1623.29, "word": " CQ1.", "probability": 0.9090169270833334}, {"start": 1623.83, "end": 1624.05, "word": " We", "probability": 0.9677734375}, {"start": 1624.05, "end": 1624.31, "word": " have", "probability": 0.9462890625}, {"start": 1624.31, "end": 1624.67, "word": " another", "probability": 0.93017578125}, {"start": 1624.67, "end": 1625.11, "word": " formula", "probability": 0.8974609375}, {"start": 1625.11, "end": 1625.43, "word": " which", "probability": 0.83837890625}, {"start": 1625.43, "end": 1625.93, "word": " is", "probability": 0.951171875}, {"start": 1625.93, "end": 1627.15, "word": " marginal", "probability": 0.79736328125}, {"start": 1627.15, "end": 1627.61, "word": " cost", "probability": 0.86181640625}, {"start": 1627.61, "end": 1627.99, "word": " equals", "probability": 0.88720703125}, {"start": 1627.99, "end": 1628.19, "word": " the", "probability": 0.669921875}, {"start": 1628.19, "end": 1628.59, "word": " change", "probability": 0.88427734375}, {"start": 1628.59, "end": 1628.73, "word": " in", "probability": 0.921875}, {"start": 1628.73, "end": 1629.05, "word": " total", "probability": 0.88525390625}, {"start": 1629.05, "end": 1629.47, "word": " variable", "probability": 0.88671875}, {"start": 1629.47, "end": 1629.89, "word": " cost", "probability": 0.77783203125}, {"start": 1629.89, "end": 1630.13, "word": " over", "probability": 0.91064453125}, {"start": 1630.13, "end": 1630.59, "word": " changing", "probability": 0.60791015625}, {"start": 1630.59, "end": 1631.01, "word": " quantity,", "probability": 0.9677734375}, {"start": 1631.35, "end": 1631.49, "word": " the", "probability": 0.82861328125}, {"start": 1631.49, "end": 1631.75, "word": " same", "probability": 0.89453125}, {"start": 1631.75, "end": 1632.15, "word": " result.", "probability": 0.8935546875}, {"start": 1636.63, "end": 1637.35, "word": " So", "probability": 0.95458984375}, {"start": 1637.35, "end": 1637.83, "word": " let's", "probability": 0.857421875}, {"start": 1637.83, "end": 1638.17, "word": " calculate", "probability": 0.92138671875}, {"start": 1638.17, "end": 1638.35, "word": " the", "probability": 0.90576171875}, {"start": 1638.35, "end": 1638.65, "word": " marginal", "probability": 0.9111328125}, {"start": 1638.65, "end": 1639.93, "word": " cost", "probability": 0.716796875}, {"start": 1639.93, "end": 1640.29, "word": " here.", "probability": 0.859375}, {"start": 1641.97, "end": 1642.69, "word": " Let's", "probability": 0.926513671875}, {"start": 1642.69, "end": 1642.93, "word": " use", "probability": 0.87744140625}, {"start": 1642.93, "end": 1643.21, "word": " this", "probability": 0.9443359375}, {"start": 1643.21, "end": 1643.63, "word": " formula,", "probability": 0.88818359375}, {"start": 1644.07, "end": 1644.37, "word": " change", "probability": 0.74560546875}, {"start": 1644.37, "end": 1644.51, "word": " in", "probability": 0.92626953125}, {"start": 1644.51, "end": 1644.77, "word": " total", "probability": 0.8720703125}, {"start": 1644.77, "end": 1645.13, "word": " cost", "probability": 0.8984375}, {"start": 1645.13, "end": 1645.31, "word": " over", "probability": 0.91015625}, {"start": 1645.31, "end": 1645.69, "word": " change", "probability": 0.7373046875}, {"start": 1645.69, "end": 1645.81, "word": " in", "probability": 0.89697265625}, {"start": 1645.81, "end": 1646.05, "word": " quantity", "probability": 0.93212890625}, {"start": 1646.05, "end": 1646.57, "word": " produced.", "probability": 0.82958984375}], "temperature": 1.0}, {"id": 58, "seek": 167241, "start": 1648.37, "end": 1672.41, "text": "Change in total cost. Here is the total cost. 67 minus 60 over 1 minus 0. Exactly. 68 minus 67 over 2 minus 1. How much is it? One.", "tokens": [6546, 933, 294, 3217, 2063, 13, 1692, 307, 264, 3217, 2063, 13, 23879, 3175, 4060, 670, 502, 3175, 1958, 13, 7587, 13, 23317, 3175, 23879, 670, 568, 3175, 502, 13, 1012, 709, 307, 309, 30, 1485, 13], "avg_logprob": -0.2629522900832327, "compression_ratio": 1.297029702970297, "no_speech_prob": 0.0, "words": [{"start": 1648.37, "end": 1648.79, "word": "Change", "probability": 0.5968017578125}, {"start": 1648.79, "end": 1648.93, "word": " in", "probability": 0.89208984375}, {"start": 1648.93, "end": 1649.17, "word": " total", "probability": 0.810546875}, {"start": 1649.17, "end": 1649.57, "word": " cost.", "probability": 0.87109375}, {"start": 1649.81, "end": 1649.99, "word": " Here", "probability": 0.73828125}, {"start": 1649.99, "end": 1650.35, "word": " is", "probability": 0.759765625}, {"start": 1650.35, "end": 1650.51, "word": " the", "probability": 0.88671875}, {"start": 1650.51, "end": 1650.81, "word": " total", "probability": 0.9013671875}, {"start": 1650.81, "end": 1651.19, "word": " cost.", "probability": 0.9150390625}, {"start": 1651.59, "end": 1652.11, "word": " 67", "probability": 0.7568359375}, {"start": 1652.11, "end": 1653.03, "word": " minus", "probability": 0.75439453125}, {"start": 1653.03, "end": 1653.65, "word": " 60", "probability": 0.958984375}, {"start": 1653.65, "end": 1654.31, "word": " over", "probability": 0.9111328125}, {"start": 1654.31, "end": 1654.97, "word": " 1", "probability": 0.859375}, {"start": 1654.97, "end": 1655.53, "word": " minus", "probability": 0.98583984375}, {"start": 1655.53, "end": 1656.09, "word": " 0.", "probability": 0.87451171875}, {"start": 1657.63, "end": 1658.47, "word": " Exactly.", "probability": 0.459716796875}, {"start": 1663.65, "end": 1664.49, "word": " 68", "probability": 0.5048828125}, {"start": 1664.49, "end": 1667.53, "word": " minus", "probability": 0.9853515625}, {"start": 1667.53, "end": 1668.41, "word": " 67", "probability": 0.9833984375}, {"start": 1668.41, "end": 1669.27, "word": " over", "probability": 0.927734375}, {"start": 1669.27, "end": 1670.01, "word": " 2", "probability": 0.9609375}, {"start": 1670.01, "end": 1670.53, "word": " minus", "probability": 0.98779296875}, {"start": 1670.53, "end": 1670.89, "word": " 1.", "probability": 0.98828125}, {"start": 1671.03, "end": 1671.17, "word": " How", "probability": 0.90283203125}, {"start": 1671.17, "end": 1671.37, "word": " much", "probability": 0.9189453125}, {"start": 1671.37, "end": 1671.51, "word": " is", "probability": 0.94482421875}, {"start": 1671.51, "end": 1671.79, "word": " it?", "probability": 0.94384765625}, {"start": 1672.21, "end": 1672.41, "word": " One.", "probability": 0.499755859375}], "temperature": 1.0}, {"id": 59, "seek": 170574, "start": 1682.42, "end": 1705.74, "text": " And then, 76 minus 69 over 4 minus 3, 7. And then, 14, and then 42, and then", "tokens": [400, 550, 11, 24733, 3175, 28267, 670, 1017, 3175, 805, 11, 1614, 13, 400, 550, 11, 3499, 11, 293, 550, 14034, 11, 293, 550], "avg_logprob": -0.44937500953674314, "compression_ratio": 1.3508771929824561, "no_speech_prob": 0.0, "words": [{"start": 1682.4199999999998, "end": 1683.82, "word": " And", "probability": 0.095947265625}, {"start": 1683.82, "end": 1685.22, "word": " then,", "probability": 0.84765625}, {"start": 1685.88, "end": 1687.18, "word": " 76", "probability": 0.48193359375}, {"start": 1687.18, "end": 1688.1, "word": " minus", "probability": 0.884765625}, {"start": 1688.1, "end": 1689.42, "word": " 69", "probability": 0.96630859375}, {"start": 1689.42, "end": 1690.12, "word": " over", "probability": 0.89111328125}, {"start": 1690.12, "end": 1691.02, "word": " 4", "probability": 0.70556640625}, {"start": 1691.02, "end": 1691.3, "word": " minus", "probability": 0.98291015625}, {"start": 1691.3, "end": 1691.82, "word": " 3,", "probability": 0.953125}, {"start": 1692.1, "end": 1692.74, "word": " 7.", "probability": 0.7958984375}, {"start": 1694.08, "end": 1694.64, "word": " And", "probability": 0.9052734375}, {"start": 1694.64, "end": 1694.92, "word": " then,", "probability": 0.85888671875}, {"start": 1697.14, "end": 1698.7, "word": " 14,", "probability": 0.431396484375}, {"start": 1699.96, "end": 1700.42, "word": " and", "probability": 0.8525390625}, {"start": 1700.42, "end": 1700.74, "word": " then", "probability": 0.875}, {"start": 1700.74, "end": 1702.8, "word": " 42,", "probability": 0.6796875}, {"start": 1704.92, "end": 1705.54, "word": " and", "probability": 0.9365234375}, {"start": 1705.54, "end": 1705.74, "word": " then", "probability": 0.86279296875}], "temperature": 1.0}, {"id": 60, "seek": 173450, "start": 1713.16, "end": 1734.5, "text": " Then 91. And then 127. And then the last one, 170, 169. We can use this formula.", "tokens": [1396, 31064, 13, 400, 550, 47561, 13, 400, 550, 264, 1036, 472, 11, 27228, 11, 3165, 24, 13, 492, 393, 764, 341, 8513, 13], "avg_logprob": -0.2046874952316284, "compression_ratio": 1.0945945945945945, "no_speech_prob": 0.0, "words": [{"start": 1713.16, "end": 1714.0, "word": " Then", "probability": 0.5556640625}, {"start": 1714.0, "end": 1714.84, "word": " 91.", "probability": 0.53466796875}, {"start": 1716.54, "end": 1716.94, "word": " And", "probability": 0.869140625}, {"start": 1716.94, "end": 1717.26, "word": " then", "probability": 0.8603515625}, {"start": 1717.26, "end": 1720.58, "word": " 127.", "probability": 0.87548828125}, {"start": 1723.42, "end": 1724.02, "word": " And", "probability": 0.83544921875}, {"start": 1724.02, "end": 1724.16, "word": " then", "probability": 0.65478515625}, {"start": 1724.16, "end": 1724.34, "word": " the", "probability": 0.81884765625}, {"start": 1724.34, "end": 1724.6, "word": " last", "probability": 0.87939453125}, {"start": 1724.6, "end": 1724.86, "word": " one,", "probability": 0.92626953125}, {"start": 1726.04, "end": 1727.52, "word": " 170,", "probability": 0.89794921875}, {"start": 1727.74, "end": 1731.22, "word": " 169.", "probability": 0.947265625}, {"start": 1731.58, "end": 1732.34, "word": " We", "probability": 0.96044921875}, {"start": 1732.34, "end": 1732.62, "word": " can", "probability": 0.94677734375}, {"start": 1732.62, "end": 1733.04, "word": " use", "probability": 0.87109375}, {"start": 1733.04, "end": 1734.1, "word": " this", "probability": 0.9501953125}, {"start": 1734.1, "end": 1734.5, "word": " formula.", "probability": 0.90234375}], "temperature": 1.0}, {"id": 61, "seek": 175678, "start": 1736.52, "end": 1756.78, "text": " Marginal cost equals change in total variable cost over change in quantity. We will get the same result here. So here, we can use this formula. Change in total variable cost over the change in quantity produced. Seven minus zero over one minus zero. How much is it? 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Nine minus eight over one, sixteen minus nine, seven, you will have the same result. Because total fixed cost is fixed here. So, the change will be seen for variable cost. Let's go to the graphs here. What do you see?", "tokens": [17708, 3175, 3407, 670, 732, 3175, 472, 11, 472, 13, 18939, 3175, 3180, 670, 472, 11, 27847, 3175, 4949, 11, 3407, 11, 291, 486, 362, 264, 912, 1874, 13, 1436, 3217, 6806, 2063, 307, 6806, 510, 13, 407, 11, 264, 1319, 486, 312, 1612, 337, 7006, 2063, 13, 961, 311, 352, 281, 264, 24877, 510, 13, 708, 360, 291, 536, 30], "avg_logprob": -0.2724294369259188, "compression_ratio": 1.5263157894736843, "no_speech_prob": 0.0, "words": [{"start": 1758.49, "end": 1759.05, "word": " Eight", "probability": 0.451416015625}, {"start": 1759.05, "end": 1759.47, "word": " minus", "probability": 0.97607421875}, {"start": 1759.47, "end": 1760.01, "word": " seven", "probability": 0.8837890625}, {"start": 1760.01, "end": 1760.95, "word": " over", "probability": 0.830078125}, {"start": 1760.95, "end": 1761.31, "word": " two", "probability": 0.9248046875}, {"start": 1761.31, "end": 1761.63, "word": " minus", "probability": 0.984375}, {"start": 1761.63, "end": 1762.01, "word": " one,", "probability": 0.93408203125}, {"start": 1762.31, "end": 1762.57, "word": " one.", "probability": 0.77685546875}, {"start": 1763.33, "end": 1763.83, "word": " Nine", "probability": 0.91455078125}, {"start": 1763.83, "end": 1764.21, "word": " minus", "probability": 0.98193359375}, {"start": 1764.21, "end": 1764.75, "word": " eight", "probability": 0.90283203125}, {"start": 1764.75, "end": 1765.05, "word": " over", "probability": 0.92529296875}, {"start": 1765.05, "end": 1765.73, "word": " one,", "probability": 0.9208984375}, {"start": 1766.19, "end": 1766.57, "word": " sixteen", "probability": 0.72705078125}, {"start": 1766.57, "end": 1767.03, "word": " minus", "probability": 0.9736328125}, {"start": 1767.03, "end": 1768.25, "word": " nine,", "probability": 0.8876953125}, {"start": 1768.63, "end": 1768.93, "word": " seven,", "probability": 0.8876953125}, {"start": 1769.19, "end": 1769.31, "word": " you", "probability": 0.66162109375}, {"start": 1769.31, "end": 1769.41, "word": " will", "probability": 0.646484375}, {"start": 1769.41, "end": 1769.67, "word": " have", "probability": 0.9443359375}, {"start": 1769.67, "end": 1769.89, "word": " the", "probability": 0.91357421875}, {"start": 1769.89, "end": 1770.19, "word": " same", "probability": 0.9130859375}, {"start": 1770.19, "end": 1770.69, "word": " result.", "probability": 0.93896484375}, {"start": 1771.49, "end": 1772.23, "word": " Because", "probability": 0.939453125}, {"start": 1772.23, "end": 1773.23, "word": " total", "probability": 0.76904296875}, {"start": 1773.23, "end": 1773.61, "word": " fixed", "probability": 0.92626953125}, {"start": 1773.61, "end": 1774.05, "word": " cost", "probability": 0.8515625}, {"start": 1774.05, "end": 1774.37, "word": " is", "probability": 0.943359375}, {"start": 1774.37, "end": 1774.65, "word": " fixed", "probability": 0.81640625}, {"start": 1774.65, "end": 1774.91, "word": " here.", "probability": 0.6904296875}, {"start": 1775.73, "end": 1775.87, "word": " So,", "probability": 0.294921875}, {"start": 1776.31, "end": 1776.43, "word": " the", "probability": 0.80615234375}, {"start": 1776.43, "end": 1776.79, "word": " change", "probability": 0.92041015625}, {"start": 1776.79, "end": 1776.93, "word": " will", "probability": 0.56396484375}, {"start": 1776.93, "end": 1777.09, "word": " be", "probability": 0.546875}, {"start": 1777.09, "end": 1777.33, "word": " seen", "probability": 0.5615234375}, {"start": 1777.33, "end": 1778.45, "word": " for", "probability": 0.1607666015625}, {"start": 1778.45, "end": 1778.87, "word": " variable", "probability": 0.80322265625}, {"start": 1778.87, "end": 1779.31, "word": " cost.", "probability": 0.908203125}, {"start": 1782.79, "end": 1783.53, "word": " Let's", "probability": 0.685546875}, {"start": 1783.53, "end": 1783.79, "word": " go", "probability": 0.96240234375}, {"start": 1783.79, "end": 1784.25, "word": " to", "probability": 0.93994140625}, {"start": 1784.25, "end": 1784.59, "word": " the", "probability": 0.9150390625}, {"start": 1784.59, "end": 1784.87, "word": " graphs", "probability": 0.8857421875}, {"start": 1784.87, "end": 1785.17, "word": " here.", "probability": 0.74365234375}, {"start": 1786.33, "end": 1786.47, "word": " What", "probability": 0.72021484375}, {"start": 1786.47, "end": 1786.55, "word": " do", "probability": 0.7646484375}, {"start": 1786.55, "end": 1786.59, "word": " you", "probability": 0.81787109375}, {"start": 1786.59, "end": 1786.79, "word": " see?", "probability": 0.92529296875}], "temperature": 1.0}, {"id": 63, "seek": 181655, "start": 1789.07, "end": 1816.55, "text": " We have different comments here. We have different comments on the table and then we will check it on the graph. Let me say, as the quantity here increased, the total fixed cost is fixed. The total fixed costs are fixed. They were fixed values. What about the total variable cost?", "tokens": [492, 362, 819, 3053, 510, 13, 492, 362, 819, 3053, 322, 264, 3199, 293, 550, 321, 486, 1520, 309, 322, 264, 4295, 13, 961, 385, 584, 11, 382, 264, 11275, 510, 6505, 11, 264, 3217, 6806, 2063, 307, 6806, 13, 440, 3217, 6806, 5497, 366, 6806, 13, 814, 645, 6806, 4190, 13, 708, 466, 264, 3217, 7006, 2063, 30], "avg_logprob": -0.21028645510474842, "compression_ratio": 1.75625, "no_speech_prob": 0.0, "words": [{"start": 1789.07, "end": 1789.31, "word": " We", "probability": 0.9140625}, {"start": 1789.31, "end": 1789.53, "word": " have", "probability": 0.94921875}, {"start": 1789.53, "end": 1789.87, "word": " different", "probability": 0.88037109375}, {"start": 1789.87, "end": 1790.27, "word": " comments", "probability": 0.56298828125}, {"start": 1790.27, "end": 1790.57, "word": " here.", "probability": 0.84765625}, {"start": 1791.25, "end": 1791.93, "word": " We", "probability": 0.95849609375}, {"start": 1791.93, "end": 1792.21, "word": " have", "probability": 0.94775390625}, {"start": 1792.21, "end": 1792.55, "word": " different", "probability": 0.880859375}, {"start": 1792.55, "end": 1793.03, "word": " comments", "probability": 0.89208984375}, {"start": 1793.03, "end": 1793.81, "word": " on", "probability": 0.90185546875}, {"start": 1793.81, "end": 1794.01, "word": " the", "probability": 0.9296875}, {"start": 1794.01, "end": 1794.41, "word": " table", "probability": 0.90869140625}, {"start": 1794.41, "end": 1794.79, "word": " and", "probability": 0.5927734375}, {"start": 1794.79, "end": 1795.05, "word": " then", "probability": 0.8486328125}, {"start": 1795.05, "end": 1795.53, "word": " we", "probability": 0.88623046875}, {"start": 1795.53, "end": 1795.69, "word": " will", "probability": 0.86572265625}, {"start": 1795.69, "end": 1795.97, "word": " check", "probability": 0.95751953125}, {"start": 1795.97, "end": 1796.19, "word": " it", "probability": 0.94384765625}, {"start": 1796.19, "end": 1796.55, "word": " on", "probability": 0.947265625}, {"start": 1796.55, "end": 1796.69, "word": " the", "probability": 0.92529296875}, {"start": 1796.69, "end": 1797.17, "word": " graph.", "probability": 0.93896484375}, {"start": 1798.71, "end": 1798.93, "word": " Let", "probability": 0.218994140625}, {"start": 1798.93, "end": 1799.05, "word": " me", "probability": 0.78369140625}, {"start": 1799.05, "end": 1799.23, "word": " say,", "probability": 0.83984375}, {"start": 1800.97, "end": 1801.53, "word": " as", "probability": 0.9365234375}, {"start": 1801.53, "end": 1801.69, "word": " the", "probability": 0.89990234375}, {"start": 1801.69, "end": 1802.17, "word": " quantity", "probability": 0.9794921875}, {"start": 1802.17, "end": 1802.49, "word": " here", "probability": 0.79248046875}, {"start": 1802.49, "end": 1803.07, "word": " increased,", "probability": 0.408447265625}, {"start": 1804.19, "end": 1804.33, "word": " the", "probability": 0.79150390625}, {"start": 1804.33, "end": 1804.69, "word": " total", "probability": 0.86376953125}, {"start": 1804.69, "end": 1805.03, "word": " fixed", "probability": 0.9013671875}, {"start": 1805.03, "end": 1805.45, "word": " cost", "probability": 0.841796875}, {"start": 1805.45, "end": 1805.77, "word": " is", "probability": 0.94482421875}, {"start": 1805.77, "end": 1806.11, "word": " fixed.", "probability": 0.935546875}, {"start": 1807.69, "end": 1808.37, "word": " The", "probability": 0.60791015625}, {"start": 1808.37, "end": 1810.25, "word": " total", "probability": 0.8740234375}, {"start": 1810.25, "end": 1810.57, "word": " fixed", "probability": 0.94580078125}, {"start": 1810.57, "end": 1810.93, "word": " costs", "probability": 0.51220703125}, {"start": 1810.93, "end": 1811.25, "word": " are", "probability": 0.85107421875}, {"start": 1811.25, "end": 1811.79, "word": " fixed.", "probability": 0.91455078125}, {"start": 1812.21, "end": 1812.35, "word": " They", "probability": 0.55615234375}, {"start": 1812.35, "end": 1812.51, "word": " were", "probability": 0.58935546875}, {"start": 1812.51, "end": 1813.21, "word": " fixed", "probability": 0.90625}, {"start": 1813.21, "end": 1813.75, "word": " values.", "probability": 0.94482421875}, {"start": 1814.55, "end": 1815.05, "word": " What", "probability": 0.7001953125}, {"start": 1815.05, "end": 1815.27, "word": " about", "probability": 0.90087890625}, {"start": 1815.27, "end": 1815.57, "word": " the", "probability": 0.91748046875}, {"start": 1815.57, "end": 1815.87, "word": " total", "probability": 0.8935546875}, {"start": 1815.87, "end": 1816.17, "word": " variable", "probability": 0.91064453125}, {"start": 1816.17, "end": 1816.55, "word": " cost?", "probability": 0.87451171875}], "temperature": 1.0}, {"id": 64, "seek": 184079, "start": 1816.79, "end": 1840.79, "text": " As the quantity produced increases, the total variable cost increases as well, right? Which means that there is a positive relationship between the quantity produced and the total variable cost, right? What about the quantity produced and the average fixed cost?", "tokens": [1018, 264, 11275, 7126, 8637, 11, 264, 3217, 7006, 2063, 8637, 382, 731, 11, 558, 30, 3013, 1355, 300, 456, 307, 257, 3353, 2480, 1296, 264, 11275, 7126, 293, 264, 3217, 7006, 2063, 11, 558, 30, 708, 466, 264, 11275, 7126, 293, 264, 4274, 6806, 2063, 30], "avg_logprob": -0.17675780784338713, "compression_ratio": 1.8785714285714286, "no_speech_prob": 0.0, "words": [{"start": 1816.79, "end": 1817.15, "word": " As", "probability": 0.60498046875}, {"start": 1817.15, "end": 1817.29, "word": " the", "probability": 0.8544921875}, {"start": 1817.29, "end": 1817.53, "word": " quantity", "probability": 0.92578125}, {"start": 1817.53, "end": 1818.13, "word": " produced", "probability": 0.904296875}, {"start": 1818.13, "end": 1818.79, "word": " increases,", "probability": 0.888671875}, {"start": 1819.65, "end": 1819.93, "word": " the", "probability": 0.9140625}, {"start": 1819.93, "end": 1820.29, "word": " total", "probability": 0.8916015625}, {"start": 1820.29, "end": 1820.85, "word": " variable", "probability": 0.8466796875}, {"start": 1820.85, "end": 1821.35, "word": " cost", "probability": 0.7998046875}, {"start": 1821.35, "end": 1822.11, "word": " increases", "probability": 0.88623046875}, {"start": 1822.11, "end": 1822.45, "word": " as", "probability": 0.94580078125}, {"start": 1822.45, "end": 1822.65, "word": " well,", "probability": 0.9423828125}, {"start": 1823.45, "end": 1823.77, "word": " right?", "probability": 0.84814453125}, {"start": 1824.09, "end": 1824.85, "word": " Which", "probability": 0.8642578125}, {"start": 1824.85, "end": 1825.19, "word": " means", "probability": 0.93310546875}, {"start": 1825.19, "end": 1825.63, "word": " that", "probability": 0.9013671875}, {"start": 1825.63, "end": 1825.85, "word": " there", "probability": 0.9130859375}, {"start": 1825.85, "end": 1826.03, "word": " is", "probability": 0.93798828125}, {"start": 1826.03, "end": 1826.19, "word": " a", "probability": 0.99169921875}, {"start": 1826.19, "end": 1826.51, "word": " positive", "probability": 0.92626953125}, {"start": 1826.51, "end": 1827.23, "word": " relationship", "probability": 0.9169921875}, {"start": 1827.23, "end": 1827.97, "word": " between", "probability": 0.8740234375}, {"start": 1827.97, "end": 1828.83, "word": " the", "probability": 0.9248046875}, {"start": 1828.83, "end": 1829.15, "word": " quantity", "probability": 0.98828125}, {"start": 1829.15, "end": 1829.81, "word": " produced", "probability": 0.91064453125}, {"start": 1829.81, "end": 1830.13, "word": " and", "probability": 0.90869140625}, {"start": 1830.13, "end": 1830.31, "word": " the", "probability": 0.9091796875}, {"start": 1830.31, "end": 1830.59, "word": " total", "probability": 0.89306640625}, {"start": 1830.59, "end": 1831.03, "word": " variable", "probability": 0.8955078125}, {"start": 1831.03, "end": 1831.51, "word": " cost,", "probability": 0.93603515625}, {"start": 1832.13, "end": 1832.39, "word": " right?", "probability": 0.912109375}, {"start": 1833.71, "end": 1834.59, "word": " What", "probability": 0.037353515625}, {"start": 1834.59, "end": 1836.51, "word": " about", "probability": 0.90234375}, {"start": 1836.51, "end": 1837.25, "word": " the", "probability": 0.91015625}, {"start": 1837.25, "end": 1837.67, "word": " quantity", "probability": 0.99365234375}, {"start": 1837.67, "end": 1838.41, "word": " produced", "probability": 0.91845703125}, {"start": 1838.41, "end": 1838.95, "word": " and", "probability": 0.88623046875}, {"start": 1838.95, "end": 1839.13, "word": " the", "probability": 0.57080078125}, {"start": 1839.13, "end": 1839.53, "word": " average", "probability": 0.72314453125}, {"start": 1839.53, "end": 1840.25, "word": " fixed", "probability": 0.970703125}, {"start": 1840.25, "end": 1840.79, "word": " cost?", "probability": 0.9169921875}], "temperature": 1.0}, {"id": 65, "seek": 185974, "start": 1843.24, "end": 1859.74, "text": " As the quantity increases, the average fixed cost is decreasing and then, or sorry, decreasing here, right. Yeah, yeah. Yeah, decreasing and then, okay, decreasing, but it never reached the zero.", "tokens": [1018, 264, 11275, 8637, 11, 264, 4274, 6806, 2063, 307, 23223, 293, 550, 11, 420, 2597, 11, 23223, 510, 11, 558, 13, 865, 11, 1338, 13, 865, 11, 23223, 293, 550, 11, 1392, 11, 23223, 11, 457, 309, 1128, 6488, 264, 4018, 13], "avg_logprob": -0.2826704437082464, "compression_ratio": 1.5934959349593496, "no_speech_prob": 0.0, "words": [{"start": 1843.24, "end": 1843.6, "word": " As", "probability": 0.923828125}, {"start": 1843.6, "end": 1843.72, "word": " the", "probability": 0.7216796875}, {"start": 1843.72, "end": 1844.02, "word": " quantity", "probability": 0.94091796875}, {"start": 1844.02, "end": 1844.68, "word": " increases,", "probability": 0.92431640625}, {"start": 1845.44, "end": 1845.5, "word": " the", "probability": 0.87255859375}, {"start": 1845.5, "end": 1845.96, "word": " average", "probability": 0.759765625}, {"start": 1845.96, "end": 1846.28, "word": " fixed", "probability": 0.9404296875}, {"start": 1846.28, "end": 1846.6, "word": " cost", "probability": 0.87109375}, {"start": 1846.6, "end": 1846.88, "word": " is", "probability": 0.94140625}, {"start": 1846.88, "end": 1848.1, "word": " decreasing", "probability": 0.9541015625}, {"start": 1848.1, "end": 1849.72, "word": " and", "probability": 0.73486328125}, {"start": 1849.72, "end": 1850.32, "word": " then,", "probability": 0.85498046875}, {"start": 1850.52, "end": 1851.26, "word": " or", "probability": 0.59765625}, {"start": 1851.26, "end": 1851.54, "word": " sorry,", "probability": 0.833984375}, {"start": 1851.68, "end": 1852.02, "word": " decreasing", "probability": 0.94921875}, {"start": 1852.02, "end": 1852.36, "word": " here,", "probability": 0.84912109375}, {"start": 1852.64, "end": 1852.9, "word": " right.", "probability": 0.7666015625}, {"start": 1853.26, "end": 1853.38, "word": " Yeah,", "probability": 0.8310546875}, {"start": 1853.56, "end": 1853.56, "word": " yeah.", "probability": 0.6484375}, {"start": 1854.02, "end": 1854.24, "word": " Yeah,", "probability": 0.67626953125}, {"start": 1854.26, "end": 1854.84, "word": " decreasing", "probability": 0.9365234375}, {"start": 1854.84, "end": 1855.34, "word": " and", "probability": 0.84130859375}, {"start": 1855.34, "end": 1855.7, "word": " then,", "probability": 0.86328125}, {"start": 1855.84, "end": 1856.1, "word": " okay,", "probability": 0.80224609375}, {"start": 1856.28, "end": 1856.64, "word": " decreasing,", "probability": 0.9521484375}, {"start": 1857.0, "end": 1857.26, "word": " but", "probability": 0.9306640625}, {"start": 1857.26, "end": 1857.82, "word": " it", "probability": 0.95361328125}, {"start": 1857.82, "end": 1858.28, "word": " never", "probability": 0.91064453125}, {"start": 1858.28, "end": 1859.04, "word": " reached", "probability": 0.6396484375}, {"start": 1859.04, "end": 1859.4, "word": " the", "probability": 0.453125}, {"start": 1859.4, "end": 1859.74, "word": " zero.", "probability": 0.85107421875}], "temperature": 1.0}, {"id": 66, "seek": 190103, "start": 1875.03, "end": 1901.03, "text": " What do you see? We have to pay it, but the average fixed cost is decreasing, but it never reaches zero. Do you know why? Let's say that the quantity produced reaches 100 million blocks, and I pay 60 million. How much will the average fixed cost be? Let's assume that the quantity produced reaches 100 million blocks. 100 million blocks. How much will the average fixed cost be?", "tokens": [708, 360, 291, 536, 30, 492, 362, 281, 1689, 309, 11, 457, 264, 4274, 6806, 2063, 307, 23223, 11, 457, 309, 1128, 14235, 4018, 13, 1144, 291, 458, 983, 30, 961, 311, 584, 300, 264, 11275, 7126, 14235, 2319, 2459, 8474, 11, 293, 286, 1689, 4060, 2459, 13, 1012, 709, 486, 264, 4274, 6806, 2063, 312, 30, 961, 311, 6552, 300, 264, 11275, 7126, 14235, 2319, 2459, 8474, 13, 2319, 2459, 8474, 13, 1012, 709, 486, 264, 4274, 6806, 2063, 312, 30], "avg_logprob": -0.38704820641552107, "compression_ratio": 2.0824175824175826, "no_speech_prob": 1.7881393432617188e-07, "words": [{"start": 1875.03, "end": 1875.29, "word": " What", "probability": 0.295654296875}, {"start": 1875.29, "end": 1875.31, "word": " do", "probability": 0.85107421875}, {"start": 1875.31, "end": 1875.57, "word": " you", "probability": 0.84130859375}, {"start": 1875.57, "end": 1875.57, "word": " see?", "probability": 0.399658203125}, {"start": 1877.09, "end": 1877.65, "word": 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Never reach zero because how much bus do you have? It's positive. Right? Right? But it's decreasing. As long as the quantity increase, produce increase, the average fixed cost will go down, but never reach zero here. 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Here in this example, we are talking about a short run, a short term. 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So it has declined here and start to go up. What about the average total cost? Declined and then go up. Goes up, right? The same as the marginal cost. 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Okay. At Q equals zero, how much is the total fixed cost? At Q equals zero, how much is the total fixed cost? Sixty. At Q equals one, how much is the total fixed cost? 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Total fixed cost. What about the total cost? Quantity and total cost. So here, the total fixed cost will be a straight line, horizontal line. What about the quantity and total variable cost?", "tokens": [7587, 13, 23170, 6806, 2063, 13, 708, 466, 264, 3217, 2063, 30, 26968, 507, 293, 3217, 2063, 13, 407, 510, 11, 264, 3217, 6806, 2063, 486, 312, 257, 2997, 1622, 11, 12750, 1622, 13, 708, 466, 264, 11275, 293, 3217, 7006, 2063, 30], "avg_logprob": -0.17906605824828148, "compression_ratio": 1.6129032258064515, "no_speech_prob": 0.0, "words": [{"start": 2170.96, "end": 2171.8, "word": " Exactly.", "probability": 0.68798828125}, {"start": 2172.86, "end": 2173.7, "word": " Total", "probability": 0.399658203125}, {"start": 2173.7, "end": 2176.54, "word": " fixed", "probability": 0.859375}, {"start": 2176.54, "end": 2176.96, "word": " cost.", "probability": 0.79150390625}, {"start": 2177.92, "end": 2178.76, "word": " What", "probability": 0.71240234375}, {"start": 2178.76, "end": 2180.66, "word": " about", "probability": 0.89013671875}, {"start": 2180.66, "end": 2180.82, "word": " the", "probability": 0.88818359375}, {"start": 2180.82, "end": 2181.08, "word": " total", "probability": 0.861328125}, {"start": 2181.08, "end": 2181.52, "word": " cost?", "probability": 0.92919921875}, {"start": 2181.9, "end": 2182.4, "word": " Quantity", "probability": 0.90283203125}, {"start": 2182.4, "end": 2182.6, "word": " and", "probability": 0.9345703125}, {"start": 2182.6, "end": 2182.84, "word": " total", "probability": 0.87353515625}, {"start": 2182.84, "end": 2183.18, "word": " cost.", "probability": 0.9169921875}, {"start": 2183.34, "end": 2183.6, "word": " So", "probability": 0.9384765625}, {"start": 2183.6, "end": 2184.4, "word": " here,", "probability": 0.74755859375}, {"start": 2184.86, "end": 2185.04, "word": " the", "probability": 0.9140625}, {"start": 2185.04, "end": 2185.36, "word": " total", "probability": 0.83984375}, {"start": 2185.36, "end": 2185.68, "word": " fixed", "probability": 0.9541015625}, {"start": 2185.68, "end": 2186.04, "word": " cost", "probability": 0.900390625}, {"start": 2186.04, "end": 2186.28, "word": " will", "probability": 0.77001953125}, {"start": 2186.28, "end": 2186.72, "word": " be", "probability": 0.95556640625}, {"start": 2186.72, "end": 2187.14, "word": " a", "probability": 0.99267578125}, {"start": 2187.14, "end": 2187.46, "word": " straight", "probability": 0.9208984375}, {"start": 2187.46, "end": 2187.88, "word": " line,", "probability": 0.93017578125}, {"start": 2189.68, "end": 2190.02, "word": " horizontal", "probability": 0.7890625}, {"start": 2190.02, "end": 2190.6, "word": " line.", "probability": 0.92529296875}, {"start": 2192.14, "end": 2192.98, "word": " What", "probability": 0.76025390625}, {"start": 2192.98, "end": 2193.36, "word": " about", "probability": 0.90625}, {"start": 2193.36, "end": 2193.78, "word": " the", "probability": 0.9228515625}, {"start": 2193.78, "end": 2194.64, "word": " quantity", "probability": 0.9736328125}, {"start": 2194.64, "end": 2195.16, "word": " and", "probability": 0.93603515625}, {"start": 2195.16, "end": 2195.98, "word": " total", "probability": 0.8857421875}, {"start": 2195.98, "end": 2196.72, "word": " variable", "probability": 0.9072265625}, {"start": 2196.72, "end": 2197.28, "word": " cost?", "probability": 0.93212890625}], "temperature": 1.0}, {"id": 77, "seek": 222413, "start": 2199.65, "end": 2224.13, "text": " When q equals zero, total variable cost equals zero as well. Had a total variable cost. We are going to derive and draw the total variable cost. At a quad equals one, how much is the total variable cost? Seven. Let's assume it is here, one here. It's an assumption.", "tokens": [1133, 9505, 6915, 4018, 11, 3217, 7006, 2063, 6915, 4018, 382, 731, 13, 12298, 257, 3217, 7006, 2063, 13, 492, 366, 516, 281, 28446, 293, 2642, 264, 3217, 7006, 2063, 13, 1711, 257, 10787, 6915, 472, 11, 577, 709, 307, 264, 3217, 7006, 2063, 30, 14868, 13, 961, 311, 6552, 309, 307, 510, 11, 472, 510, 13, 467, 311, 364, 15302, 13], "avg_logprob": -0.2123015901399037, "compression_ratio": 1.7272727272727273, "no_speech_prob": 0.0, "words": [{"start": 2199.65, "end": 2199.89, "word": " When", "probability": 0.66162109375}, {"start": 2199.89, "end": 2200.15, "word": " q", "probability": 0.224365234375}, {"start": 2200.15, "end": 2200.53, "word": " equals", "probability": 0.609375}, {"start": 2200.53, "end": 2200.89, "word": " zero,", "probability": 0.697265625}, {"start": 2201.05, "end": 2201.29, "word": " total", "probability": 0.74853515625}, {"start": 2201.29, "end": 2201.63, "word": " variable", "probability": 0.80517578125}, {"start": 2201.63, "end": 2202.03, "word": " cost", "probability": 0.853515625}, {"start": 2202.03, "end": 2202.41, "word": " equals", "probability": 0.91552734375}, {"start": 2202.41, "end": 2202.69, "word": " zero", "probability": 0.89453125}, {"start": 2202.69, "end": 2202.87, "word": " as", "probability": 0.90966796875}, {"start": 2202.87, "end": 2203.27, "word": " well.", "probability": 0.9453125}, {"start": 2206.85, "end": 2207.01, "word": " Had", "probability": 0.342529296875}, {"start": 2207.01, "end": 2207.13, "word": " a", "probability": 0.92529296875}, {"start": 2207.13, "end": 2207.43, "word": " total", "probability": 0.87646484375}, {"start": 2207.43, "end": 2207.79, "word": " variable", "probability": 0.90087890625}, {"start": 2207.79, "end": 2208.31, "word": " cost.", "probability": 0.9091796875}, {"start": 2208.67, "end": 2208.73, "word": " We", "probability": 0.9287109375}, {"start": 2208.73, "end": 2208.87, "word": " are", "probability": 0.82177734375}, {"start": 2208.87, "end": 2209.09, "word": " going", "probability": 0.81982421875}, {"start": 2209.09, "end": 2209.33, "word": " to", "probability": 0.95654296875}, {"start": 2209.33, "end": 2210.11, "word": " derive", "probability": 0.92041015625}, {"start": 2210.11, "end": 2210.45, "word": " and", "probability": 0.91650390625}, {"start": 2210.45, "end": 2210.81, "word": " draw", "probability": 0.63037109375}, {"start": 2210.81, "end": 2211.03, "word": " the", "probability": 0.8720703125}, {"start": 2211.03, "end": 2211.41, "word": " total", "probability": 0.8837890625}, {"start": 2211.41, "end": 2211.79, "word": " variable", "probability": 0.8955078125}, {"start": 2211.79, "end": 2212.33, "word": " cost.", "probability": 0.9267578125}, {"start": 2213.27, "end": 2213.51, "word": " At", "probability": 0.7548828125}, {"start": 2213.51, "end": 2213.67, "word": " a", "probability": 0.66015625}, {"start": 2213.67, "end": 2213.99, "word": " quad", "probability": 0.4501953125}, {"start": 2213.99, "end": 2214.77, "word": " equals", "probability": 0.91552734375}, {"start": 2214.77, "end": 2215.11, "word": " one,", "probability": 0.8564453125}, {"start": 2215.31, "end": 2215.47, "word": " how", "probability": 0.935546875}, {"start": 2215.47, "end": 2215.79, "word": " much", "probability": 0.9140625}, {"start": 2215.79, "end": 2216.03, "word": " is", "probability": 0.9404296875}, {"start": 2216.03, "end": 2216.17, "word": " the", "probability": 0.80126953125}, {"start": 2216.17, "end": 2216.45, "word": " total", "probability": 0.88427734375}, {"start": 2216.45, "end": 2216.79, "word": " variable", "probability": 0.89111328125}, {"start": 2216.79, "end": 2217.29, "word": " cost?", "probability": 0.923828125}, {"start": 2217.41, "end": 2217.99, "word": " Seven.", "probability": 0.82568359375}, {"start": 2218.55, "end": 2218.83, "word": " Let's", "probability": 0.79541015625}, {"start": 2218.83, "end": 2219.11, "word": " assume", "probability": 0.8935546875}, {"start": 2219.11, "end": 2219.29, "word": " it", "probability": 0.9111328125}, {"start": 2219.29, "end": 2219.53, "word": " is", "probability": 0.63671875}, {"start": 2219.53, "end": 2219.91, "word": " here,", "probability": 0.85009765625}, {"start": 2220.97, "end": 2221.35, "word": " one", "probability": 0.82958984375}, {"start": 2221.35, "end": 2222.33, "word": " here.", "probability": 0.7890625}, {"start": 2223.19, "end": 2223.63, "word": " It's", "probability": 0.969482421875}, {"start": 2223.63, "end": 2223.77, "word": " an", "probability": 0.9560546875}, {"start": 2223.77, "end": 2224.13, "word": " assumption.", "probability": 0.97314453125}], "temperature": 1.0}, {"id": 78, "seek": 225436, "start": 2225.92, "end": 2254.36, "text": " At what equals to, how much is it? 8. At 3, 9. At 4, 16. At 5, 30. At 6,", "tokens": [1711, 437, 6915, 281, 11, 577, 709, 307, 309, 30, 1649, 13, 1711, 805, 11, 1722, 13, 1711, 1017, 11, 3165, 13, 1711, 1025, 11, 2217, 13, 1711, 1386, 11], "avg_logprob": -0.22857863095498854, "compression_ratio": 1.042857142857143, "no_speech_prob": 0.0, "words": [{"start": 2225.92, "end": 2226.9, "word": " At", "probability": 0.42041015625}, {"start": 2226.9, "end": 2227.34, "word": " what", "probability": 0.442138671875}, {"start": 2227.34, "end": 2227.86, "word": " equals", "probability": 0.9208984375}, {"start": 2227.86, "end": 2228.18, "word": " to,", "probability": 0.66162109375}, {"start": 2228.26, "end": 2228.4, "word": " how", "probability": 0.91796875}, {"start": 2228.4, "end": 2228.64, "word": " much", "probability": 0.921875}, {"start": 2228.64, "end": 2228.82, "word": " is", "probability": 0.9345703125}, {"start": 2228.82, "end": 2229.08, "word": " it?", "probability": 0.95166015625}, {"start": 2229.32, "end": 2229.6, "word": " 8.", "probability": 0.39306640625}, {"start": 2233.16, "end": 2234.14, "word": " At", "probability": 0.9560546875}, {"start": 2234.14, "end": 2234.6, "word": " 3,", "probability": 0.8427734375}, {"start": 2235.18, "end": 2235.6, "word": " 9.", "probability": 0.9716796875}, {"start": 2238.36, "end": 2239.34, "word": " At", "probability": 0.97021484375}, {"start": 2239.34, "end": 2239.78, "word": " 4,", "probability": 0.99169921875}, {"start": 2241.2, "end": 2241.72, "word": " 16.", "probability": 0.94873046875}, {"start": 2245.92, "end": 2246.9, "word": " At", "probability": 0.966796875}, {"start": 2246.9, "end": 2247.52, "word": " 5,", "probability": 0.99658203125}, {"start": 2247.96, "end": 2248.5, "word": " 30.", "probability": 0.9619140625}, {"start": 2252.98, "end": 2253.96, "word": " At", "probability": 0.96826171875}, {"start": 2253.96, "end": 2254.36, "word": " 6,", "probability": 0.990234375}], "temperature": 1.0}, {"id": 79, "seek": 227489, "start": 2257.01, "end": 2274.89, "text": " At 6, 72. It's above 60. Let's assume it's here. At 7, 133.", "tokens": [1711, 1386, 11, 18731, 13, 467, 311, 3673, 4060, 13, 961, 311, 6552, 309, 311, 510, 13, 1711, 1614, 11, 3705, 18, 13], "avg_logprob": -0.19954427145421505, "compression_ratio": 0.9836065573770492, "no_speech_prob": 0.0, "words": [{"start": 2257.01, "end": 2257.35, "word": " At", "probability": 0.724609375}, {"start": 2257.35, "end": 2257.75, "word": " 6,", "probability": 0.59716796875}, {"start": 2258.47, "end": 2259.39, "word": " 72.", "probability": 0.9150390625}, {"start": 2260.13, "end": 2260.75, "word": " It's", "probability": 0.923095703125}, {"start": 2260.75, "end": 2261.27, "word": " above", "probability": 0.97607421875}, {"start": 2261.27, "end": 2261.85, "word": " 60.", "probability": 0.95166015625}, {"start": 2264.15, "end": 2264.47, "word": " Let's", "probability": 0.925537109375}, {"start": 2264.47, "end": 2264.79, "word": " assume", "probability": 0.7119140625}, {"start": 2264.79, "end": 2265.03, "word": " it's", "probability": 0.80322265625}, {"start": 2265.03, "end": 2265.25, "word": " here.", "probability": 0.8759765625}, {"start": 2268.29, "end": 2268.71, "word": " At", "probability": 0.3310546875}, {"start": 2268.71, "end": 2272.75, "word": " 7,", "probability": 0.97265625}, {"start": 2273.31, "end": 2274.89, "word": " 133.", "probability": 0.917724609375}], "temperature": 1.0}, {"id": 80, "seek": 228657, "start": 2284.55, "end": 2286.57, "text": " This is the total variable cost.", "tokens": [639, 307, 264, 3217, 7006, 2063, 13], "avg_logprob": -0.39990234375, "compression_ratio": 0.8461538461538461, "no_speech_prob": 0.0, "words": [{"start": 2284.55, "end": 2284.85, "word": " This", "probability": 0.65966796875}, {"start": 2284.85, "end": 2284.99, "word": " is", "probability": 0.947265625}, {"start": 2284.99, "end": 2285.13, "word": " the", "probability": 0.876953125}, {"start": 2285.13, "end": 2285.55, "word": " total", "probability": 0.8720703125}, {"start": 2285.55, "end": 2286.05, "word": " variable", "probability": 0.859375}, {"start": 2286.05, "end": 2286.57, "word": " cost.", "probability": 0.92724609375}], "temperature": 1.0}, {"id": 81, "seek": 233998, "start": 2315.03, "end": 2339.99, "text": " TBC. What about the total cost? At Q equals zero, how much is the total cost? Sixty. Are you shaping? At Q equals one,", "tokens": [314, 7869, 13, 708, 466, 264, 3217, 2063, 30, 1711, 1249, 6915, 4018, 11, 577, 709, 307, 264, 3217, 2063, 30, 47374, 88, 13, 2014, 291, 25945, 30, 1711, 1249, 6915, 472, 11], "avg_logprob": -0.2541360329179203, "compression_ratio": 1.2795698924731183, "no_speech_prob": 0.0, "words": [{"start": 2315.03, "end": 2315.75, "word": " TBC.", "probability": 0.5455322265625}, {"start": 2317.29, "end": 2317.45, "word": " What", "probability": 0.80419921875}, {"start": 2317.45, "end": 2317.77, "word": " about", "probability": 0.90185546875}, {"start": 2317.77, "end": 2319.99, "word": " the", "probability": 0.921875}, {"start": 2319.99, "end": 2320.29, "word": " total", "probability": 0.409423828125}, {"start": 2320.29, "end": 2320.79, "word": " cost?", "probability": 0.94287109375}, {"start": 2324.99, "end": 2325.71, "word": " At", "probability": 0.9560546875}, {"start": 2325.71, "end": 2325.97, "word": " Q", "probability": 0.48681640625}, {"start": 2325.97, "end": 2326.35, "word": " equals", "probability": 0.8798828125}, {"start": 2326.35, "end": 2326.71, "word": " zero,", "probability": 0.728515625}, {"start": 2326.95, "end": 2327.11, "word": " how", "probability": 0.93310546875}, {"start": 2327.11, "end": 2327.41, "word": " much", "probability": 0.9189453125}, {"start": 2327.41, "end": 2327.63, "word": " is", "probability": 0.94580078125}, {"start": 2327.63, "end": 2327.81, "word": " the", "probability": 0.859375}, {"start": 2327.81, "end": 2328.15, "word": " total", "probability": 0.88671875}, {"start": 2328.15, "end": 2328.59, "word": " cost?", "probability": 0.943359375}, {"start": 2329.01, "end": 2329.73, "word": " Sixty.", "probability": 0.837158203125}, {"start": 2332.73, "end": 2332.73, "word": " Are", "probability": 0.64599609375}, {"start": 2332.73, "end": 2334.23, "word": " you", "probability": 0.9716796875}, {"start": 2334.23, "end": 2334.47, "word": " shaping?", "probability": 0.11358642578125}, {"start": 2338.27, "end": 2338.99, "word": " At", "probability": 0.9580078125}, {"start": 2338.99, "end": 2339.25, "word": " Q", "probability": 0.8359375}, {"start": 2339.25, "end": 2339.71, "word": " equals", "probability": 0.9384765625}, {"start": 2339.71, "end": 2339.99, "word": " one,", "probability": 0.87451171875}], "temperature": 1.0}, {"id": 82, "seek": 236839, "start": 2341.37, "end": 2368.39, "text": " How much is the total cost? Sixty-seven. Two, sixty-eight, three, sixty-nine, seventy-six, nine, should be here.", "tokens": [1012, 709, 307, 264, 3217, 2063, 30, 47374, 88, 12, 44476, 13, 4453, 11, 21390, 12, 36309, 11, 1045, 11, 21390, 12, 46140, 11, 25662, 12, 35066, 11, 4949, 11, 820, 312, 510, 13], "avg_logprob": -0.26294644049235755, "compression_ratio": 1.2150537634408602, "no_speech_prob": 0.0, "words": [{"start": 2341.37, "end": 2341.61, "word": " How", "probability": 0.7900390625}, {"start": 2341.61, "end": 2341.93, "word": " much", "probability": 0.9228515625}, {"start": 2341.93, "end": 2342.15, "word": " is", "probability": 0.7421875}, {"start": 2342.15, "end": 2342.31, "word": " the", "probability": 0.90234375}, {"start": 2342.31, "end": 2342.57, "word": " total", "probability": 0.8857421875}, {"start": 2342.57, "end": 2342.99, "word": " cost?", "probability": 0.92041015625}, {"start": 2343.75, "end": 2344.35, "word": " Sixty", "probability": 0.540863037109375}, {"start": 2344.35, "end": 2344.71, "word": "-seven.", "probability": 0.84130859375}, {"start": 2348.29, "end": 2348.37, "word": " Two,", "probability": 0.68994140625}, {"start": 2352.97, "end": 2353.69, "word": " sixty", "probability": 0.68994140625}, {"start": 2353.69, "end": 2354.11, "word": "-eight,", "probability": 0.944580078125}, {"start": 2357.51, "end": 2358.05, "word": " three,", "probability": 0.7451171875}, {"start": 2359.15, "end": 2359.59, "word": " sixty", "probability": 0.87744140625}, {"start": 2359.59, "end": 2359.97, "word": "-nine,", "probability": 0.938720703125}, {"start": 2361.83, "end": 2362.29, "word": " seventy", "probability": 0.869140625}, {"start": 2362.29, "end": 2362.77, "word": "-six,", "probability": 0.97265625}, {"start": 2365.63, "end": 2366.07, "word": " nine,", "probability": 0.654296875}, {"start": 2366.29, "end": 2367.81, "word": " should", "probability": 0.83740234375}, {"start": 2367.81, "end": 2368.05, "word": " be", "probability": 0.95361328125}, {"start": 2368.05, "end": 2368.39, "word": " here.", "probability": 0.85595703125}], "temperature": 1.0}, {"id": 83, "seek": 239548, "start": 2372.17, "end": 2395.49, "text": " Total cost. What do you see? TVC curve starts from zero and increasing.", "tokens": [23170, 2063, 13, 708, 360, 291, 536, 30, 3558, 34, 7605, 3719, 490, 4018, 293, 5662, 13], "avg_logprob": -0.3496093882454766, "compression_ratio": 0.96, "no_speech_prob": 0.0, "words": [{"start": 2372.17, "end": 2372.61, "word": " Total", "probability": 0.6318359375}, {"start": 2372.61, "end": 2373.03, "word": " cost.", "probability": 0.78857421875}, {"start": 2379.67, "end": 2381.07, "word": " What", "probability": 0.295166015625}, {"start": 2381.07, "end": 2382.73, "word": " do", "probability": 0.81298828125}, {"start": 2382.73, "end": 2384.61, "word": " you", "probability": 0.51611328125}, {"start": 2384.61, "end": 2384.85, "word": " see?", "probability": 0.9130859375}, {"start": 2386.29, "end": 2387.57, "word": " TVC", "probability": 0.6558837890625}, {"start": 2387.57, "end": 2388.55, "word": " curve", "probability": 0.91796875}, {"start": 2388.55, "end": 2391.87, "word": " starts", "probability": 0.63525390625}, {"start": 2391.87, "end": 2392.27, "word": " from", "probability": 0.88330078125}, {"start": 2392.27, "end": 2392.71, "word": " zero", "probability": 0.73974609375}, {"start": 2392.71, "end": 2394.37, "word": " and", "probability": 0.87255859375}, {"start": 2394.37, "end": 2395.49, "word": " increasing.", "probability": 0.51171875}], "temperature": 1.0}, {"id": 84, "seek": 242653, "start": 2397.55, "end": 2426.53, "text": " Which means in the short run, if the quantity produced equals zero, the total variable cost will be zero as well. As the quantity increased, the total variable cost is increasing as well. Right? What about the total fixed cost? It's fixed. In the short term, we have a value for the total fixed cost. 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What about the total cost? It starts or at a Q equals zero, total fixed cost equals the total cost. 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Assumption equals zero. Total fixed cost equals total cost. 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At Q equals zero. And this is not a given either. It's a PVC. Go ahead. How can it not remain? If the quantity produced equals zero. The total cost is the total fixed cost. Right? And the total variable equals zero. In this case, the total variable equals zero. 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Short term, you can 40 days. Long term, you can maybe a year, two years. So the difference between short term and long term is the period at which we can change all the factors of production. 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Right? It's similar. It goes like this. Okay? Okay. Let's go to the average fixed cost or average variable or average total or marginal cost. Okay? 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From the table. What do you see? The marginal cost curve decline and then increases.", "tokens": [1981, 19490, 362, 668, 18949, 490, 264, 29054, 1365, 300, 321, 632, 1732, 2077, 2057, 11, 558, 30, 3358, 264, 3199, 13, 708, 360, 291, 536, 30, 440, 16885, 2063, 7605, 15635, 293, 550, 8637, 13], "avg_logprob": -0.1812711084211195, "compression_ratio": 1.3432835820895523, "no_speech_prob": 0.0, "words": [{"start": 2724.82, "end": 2725.24, "word": " These", "probability": 0.791015625}, {"start": 2725.24, "end": 2725.7, "word": " curves", "probability": 0.9345703125}, {"start": 2725.7, "end": 2726.52, "word": " have", "probability": 0.89599609375}, {"start": 2726.52, "end": 2726.76, "word": " been", "probability": 0.9130859375}, {"start": 2726.76, "end": 2727.22, "word": " derived", "probability": 0.873046875}, {"start": 2727.22, "end": 2727.94, "word": " from", "probability": 0.89453125}, {"start": 2727.94, "end": 2728.68, "word": " the", "probability": 0.83251953125}, {"start": 2728.68, "end": 2729.0, "word": " numerical", "probability": 0.98291015625}, {"start": 2729.0, "end": 2729.58, "word": " example", "probability": 0.890625}, {"start": 2729.58, "end": 2729.9, "word": " that", "probability": 0.9267578125}, {"start": 2729.9, "end": 2730.08, "word": " we", "probability": 0.962890625}, {"start": 2730.08, "end": 2730.54, "word": " had", "probability": 0.91015625}, {"start": 2730.54, "end": 2732.34, "word": " five", "probability": 0.8515625}, {"start": 2732.34, "end": 2732.64, "word": " minutes", "probability": 0.921875}, {"start": 2732.64, "end": 2733.46, "word": " ago,", "probability": 0.89599609375}, {"start": 2733.8, "end": 2733.94, "word": " right?", "probability": 0.67626953125}, {"start": 2735.0, "end": 2735.5, "word": " From", "probability": 0.71826171875}, {"start": 2735.5, "end": 2735.64, "word": " the", "probability": 0.9296875}, {"start": 2735.64, "end": 2735.96, "word": " table.", "probability": 0.9072265625}, {"start": 2738.42, "end": 2738.56, "word": " What", "probability": 0.79541015625}, {"start": 2738.56, "end": 2738.64, "word": " do", "probability": 0.880859375}, {"start": 2738.64, "end": 2738.7, "word": " you", "probability": 0.9287109375}, {"start": 2738.7, "end": 2738.94, "word": " see?", "probability": 0.93408203125}, {"start": 2740.66, "end": 2741.32, "word": " The", "probability": 0.89892578125}, {"start": 2741.32, "end": 2741.7, "word": " marginal", "probability": 0.87060546875}, {"start": 2741.7, "end": 2742.14, "word": " cost", "probability": 0.91552734375}, {"start": 2742.14, "end": 2742.58, "word": " curve", "probability": 0.95947265625}, {"start": 2742.58, "end": 2746.54, "word": " decline", "probability": 0.397705078125}, {"start": 2746.54, "end": 2747.68, "word": " and", "probability": 0.84814453125}, {"start": 2747.68, "end": 2748.0, "word": " then", "probability": 0.849609375}, {"start": 2748.0, "end": 2749.2, "word": " increases.", "probability": 0.91943359375}], "temperature": 1.0}, {"id": 96, "seek": 278040, "start": 2755.82, "end": 2780.4, "text": " Above here, the average variable cost declines and then goes up. Average fixed cost is decreasing but never reaches zero in the short term. It never touches.", "tokens": [32691, 510, 11, 264, 4274, 7006, 2063, 7488, 1652, 293, 550, 1709, 493, 13, 316, 3623, 6806, 2063, 307, 23223, 457, 1128, 14235, 4018, 294, 264, 2099, 1433, 13, 467, 1128, 17431, 13], "avg_logprob": -0.310202213771203, "compression_ratio": 1.3504273504273505, "no_speech_prob": 0.0, "words": [{"start": 2755.82, "end": 2756.94, "word": " Above", "probability": 0.08447265625}, {"start": 2756.94, "end": 2758.06, "word": " here,", "probability": 0.85498046875}, {"start": 2758.64, "end": 2758.74, "word": " the", "probability": 0.90478515625}, {"start": 2758.74, "end": 2759.14, "word": " average", "probability": 0.72216796875}, {"start": 2759.14, "end": 2759.52, "word": " variable", "probability": 0.8896484375}, {"start": 2759.52, "end": 2760.02, "word": " cost", "probability": 0.91162109375}, {"start": 2760.02, "end": 2762.74, "word": " declines", "probability": 0.7119140625}, {"start": 2762.74, "end": 2763.08, "word": " and", "probability": 0.90869140625}, {"start": 2763.08, "end": 2763.42, "word": " then", "probability": 0.84228515625}, {"start": 2763.42, "end": 2763.86, "word": " goes", "probability": 0.927734375}, {"start": 2763.86, "end": 2764.26, "word": " up.", "probability": 0.97265625}, {"start": 2767.18, "end": 2768.3, "word": " Average", "probability": 0.810791015625}, {"start": 2768.3, "end": 2769.74, "word": " fixed", "probability": 0.94482421875}, {"start": 2769.74, "end": 2770.14, "word": " cost", "probability": 0.88818359375}, {"start": 2770.14, "end": 2770.72, "word": " is", "probability": 0.92919921875}, {"start": 2770.72, "end": 2771.56, "word": " decreasing", "probability": 0.9306640625}, {"start": 2771.56, "end": 2774.16, "word": " but", "probability": 0.285888671875}, {"start": 2774.16, "end": 2774.84, "word": " never", "probability": 0.87646484375}, {"start": 2774.84, "end": 2775.14, "word": " reaches", "probability": 0.58349609375}, {"start": 2775.14, "end": 2775.68, "word": " zero", "probability": 0.82177734375}, {"start": 2775.68, "end": 2776.7, "word": " in", "probability": 0.91552734375}, {"start": 2776.7, "end": 2776.8, "word": " the", "probability": 0.884765625}, {"start": 2776.8, "end": 2777.48, "word": " short", "probability": 0.9658203125}, {"start": 2777.48, "end": 2777.84, "word": " term.", "probability": 0.84716796875}, {"start": 2778.68, "end": 2778.68, "word": " It", "probability": 0.38427734375}, {"start": 2778.68, "end": 2779.86, "word": " never", "probability": 0.7353515625}, {"start": 2779.86, "end": 2780.4, "word": " touches.", "probability": 0.75830078125}], "temperature": 1.0}, {"id": 97, "seek": 280601, "start": 2781.77, "end": 2806.01, "text": " The horizontal axis. The average variable cost, sorry, average total cost, hey you, Jai. Jai mean like the average variable cost decreasing and increasing, right? We have the following comments on the graph. Number one.", "tokens": [440, 12750, 10298, 13, 440, 4274, 7006, 2063, 11, 2597, 11, 4274, 3217, 2063, 11, 4177, 291, 11, 508, 1301, 13, 508, 1301, 914, 411, 264, 4274, 7006, 2063, 23223, 293, 5662, 11, 558, 30, 492, 362, 264, 3480, 3053, 322, 264, 4295, 13, 5118, 472, 13], "avg_logprob": -0.34960938803851604, "compression_ratio": 1.4965986394557824, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 2781.77, "end": 2782.15, "word": " The", "probability": 0.59375}, {"start": 2782.15, "end": 2782.81, "word": " horizontal", "probability": 0.8505859375}, {"start": 2782.81, "end": 2783.31, "word": " axis.", "probability": 0.92822265625}, {"start": 2785.61, "end": 2785.73, "word": " The", "probability": 0.8486328125}, {"start": 2785.73, "end": 2786.07, "word": " average", "probability": 0.78564453125}, {"start": 2786.07, "end": 2786.43, "word": " variable", "probability": 0.71923828125}, {"start": 2786.43, "end": 2786.89, "word": " cost,", "probability": 0.89208984375}, {"start": 2787.71, "end": 2788.63, "word": " sorry,", "probability": 0.60986328125}, {"start": 2788.77, "end": 2789.19, "word": " average", "probability": 0.7509765625}, {"start": 2789.19, "end": 2789.61, "word": " total", "probability": 0.8896484375}, {"start": 2789.61, "end": 2790.05, "word": " cost,", "probability": 0.91650390625}, {"start": 2790.41, "end": 2790.49, "word": " hey", "probability": 0.291259765625}, {"start": 2790.49, "end": 2790.65, "word": " you,", "probability": 0.4521484375}, {"start": 2790.75, "end": 2790.91, "word": " Jai.", "probability": 0.49212646484375}, {"start": 2791.41, "end": 2791.73, "word": " Jai", "probability": 0.92333984375}, {"start": 2791.73, "end": 2791.99, "word": " mean", "probability": 0.62109375}, {"start": 2791.99, "end": 2792.73, "word": " like", "probability": 0.353759765625}, {"start": 2792.73, "end": 2793.11, "word": " the", "probability": 0.8994140625}, {"start": 2793.11, "end": 2793.49, "word": " average", "probability": 0.76171875}, {"start": 2793.49, "end": 2794.11, "word": " variable", "probability": 0.8837890625}, {"start": 2794.11, "end": 2794.59, "word": " cost", "probability": 0.91064453125}, {"start": 2794.59, "end": 2795.43, "word": " decreasing", "probability": 0.89501953125}, {"start": 2795.43, "end": 2795.99, "word": " and", "probability": 0.93896484375}, {"start": 2795.99, "end": 2796.57, "word": " increasing,", "probability": 0.96240234375}, {"start": 2797.21, "end": 2797.39, "word": " right?", "probability": 0.66943359375}, {"start": 2798.49, "end": 2798.77, "word": " We", "probability": 0.51611328125}, {"start": 2798.77, "end": 2800.15, "word": " have", "probability": 0.94921875}, {"start": 2800.15, "end": 2800.59, "word": " the", "probability": 0.92138671875}, {"start": 2800.59, "end": 2800.89, "word": " following", "probability": 0.89501953125}, {"start": 2800.89, "end": 2801.45, "word": " comments", "probability": 0.68359375}, {"start": 2801.45, "end": 2801.99, "word": " on", "probability": 0.9462890625}, {"start": 2801.99, "end": 2802.09, "word": " the", "probability": 0.9267578125}, {"start": 2802.09, "end": 2802.43, "word": " graph.", "probability": 0.9404296875}, {"start": 2804.93, "end": 2805.77, "word": " Number", "probability": 0.86328125}, {"start": 2805.77, "end": 2806.01, "word": " one.", "probability": 0.75439453125}], "temperature": 1.0}, {"id": 98, "seek": 283263, "start": 2811.93, "end": 2832.63, "text": " Point A, here B. What do you see? The average variable cost curve crosses Z.", "tokens": [12387, 316, 11, 510, 363, 13, 708, 360, 291, 536, 30, 440, 4274, 7006, 2063, 7605, 28467, 1176, 13], "avg_logprob": -0.32207031548023224, "compression_ratio": 0.9625, "no_speech_prob": 0.0, "words": [{"start": 2811.93, "end": 2812.25, "word": " Point", "probability": 0.69775390625}, {"start": 2812.25, "end": 2812.69, "word": " A,", "probability": 0.84716796875}, {"start": 2813.43, "end": 2813.97, "word": " here", "probability": 0.68505859375}, {"start": 2813.97, "end": 2814.65, "word": " B.", "probability": 0.70263671875}, {"start": 2824.13, "end": 2824.65, "word": " What", "probability": 0.445556640625}, {"start": 2824.65, "end": 2824.75, "word": " do", "probability": 0.68310546875}, {"start": 2824.75, "end": 2824.81, "word": " you", "probability": 0.7783203125}, {"start": 2824.81, "end": 2825.07, "word": " see?", "probability": 0.93505859375}, {"start": 2825.89, "end": 2826.09, "word": " The", "probability": 0.89306640625}, {"start": 2826.09, "end": 2826.55, "word": " average", "probability": 0.72900390625}, {"start": 2826.55, "end": 2826.97, "word": " variable", "probability": 0.88134765625}, {"start": 2826.97, "end": 2827.47, "word": " cost", "probability": 0.8837890625}, {"start": 2827.47, "end": 2830.13, "word": " curve", "probability": 0.88671875}, {"start": 2830.13, "end": 2832.15, "word": " crosses", "probability": 0.810546875}, {"start": 2832.15, "end": 2832.63, "word": " Z.", "probability": 0.270263671875}], "temperature": 1.0}, {"id": 99, "seek": 286252, "start": 2833.8, "end": 2862.52, "text": " The marginal cost curve at the minimum value at the least of AVC. The average variable cost, AVC, number one. 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AVC. AVC. Right? Where does it intersect? With whose minimum? AVC or MC? AVC. At the minimum of AVC. 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Correct? Okay. What else? ATC. Yes, where did it stop? At the minimum for whom? Sorry, at the minimum AVC. Thank you, thank you. Of AVC. Number two. ATC. The same as AVC. 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Sorry. AVC crosses MC at the minimum of AVC. 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Crosses the least. Thank you, thank you. AVC crosses MC. Crosses MC. AVC crosses MC at the least. Or the minimum of AVC.", "tokens": [30198, 34, 28467, 8797, 13, 11623, 279, 264, 1935, 13, 1044, 291, 11, 1309, 291, 13, 30198, 34, 28467, 8797, 13, 11623, 279, 8797, 13, 30198, 34, 28467, 8797, 412, 264, 1935, 13, 1610, 264, 7285, 295, 30198, 34, 13], "avg_logprob": -0.2860137311423697, "compression_ratio": 1.670731707317073, "no_speech_prob": 0.0, "words": [{"start": 2948.43, "end": 2949.09, "word": " AVC", "probability": 0.6873779296875}, {"start": 2949.09, "end": 2949.41, "word": " crosses", "probability": 0.81298828125}, {"start": 2949.41, "end": 2949.83, "word": " MC.", "probability": 0.90869140625}, {"start": 2950.03, "end": 2950.73, "word": " Crosses", "probability": 0.591552734375}, {"start": 2950.73, "end": 2950.97, "word": " the", "probability": 0.82958984375}, {"start": 2950.97, "end": 2951.25, "word": " least.", "probability": 0.1810302734375}, {"start": 2952.23, "end": 2953.03, "word": " Thank", "probability": 0.2734375}, {"start": 2953.03, "end": 2954.33, "word": " you,", "probability": 0.96142578125}, {"start": 2954.43, "end": 2954.61, "word": " thank", "probability": 0.8291015625}, {"start": 2954.61, "end": 2954.89, "word": " you.", "probability": 0.96484375}, {"start": 2957.37, "end": 2958.17, "word": " AVC", "probability": 0.857177734375}, {"start": 2958.17, "end": 2958.55, "word": " crosses", "probability": 0.84375}, {"start": 2958.55, "end": 2959.43, "word": " MC.", "probability": 0.97265625}, {"start": 2961.23, "end": 2962.03, "word": " Crosses", "probability": 0.6796875}, {"start": 2962.03, "end": 2962.55, "word": " MC.", "probability": 0.97509765625}, {"start": 2967.33, "end": 2968.13, "word": " AVC", "probability": 0.89404296875}, {"start": 2968.13, "end": 2968.79, "word": " crosses", "probability": 0.8447265625}, {"start": 2968.79, "end": 2969.55, "word": " MC", "probability": 0.9814453125}, {"start": 2969.55, "end": 2970.25, "word": " at", "probability": 0.89013671875}, {"start": 2970.25, "end": 2970.49, "word": " the", "probability": 0.8642578125}, {"start": 2970.49, "end": 2970.99, "word": " least.", "probability": 0.96630859375}, {"start": 2972.97, "end": 2973.21, "word": " Or", "probability": 0.77392578125}, {"start": 2973.21, "end": 2973.37, "word": " the", "probability": 0.89306640625}, {"start": 2973.37, "end": 2973.63, "word": " minimum", "probability": 0.919921875}, {"start": 2973.63, "end": 2973.99, "word": " of", "probability": 0.9638671875}, {"start": 2973.99, "end": 2974.57, "word": " AVC.", "probability": 0.9765625}], "temperature": 1.0}, {"id": 104, "seek": 299700, "start": 2975.8, "end": 2997.0, "text": " The same as for the average total cost. Number two, ATC crosses MC curve at the least or the minimum of ATC.", "tokens": [440, 912, 382, 337, 264, 4274, 3217, 2063, 13, 5118, 732, 11, 8872, 34, 28467, 8797, 7605, 412, 264, 1935, 420, 264, 7285, 295, 8872, 34, 13], "avg_logprob": -0.2357700951397419, "compression_ratio": 1.1595744680851063, "no_speech_prob": 0.0, "words": [{"start": 2975.8, "end": 2976.04, "word": " The", "probability": 0.5419921875}, {"start": 2976.04, "end": 2976.36, "word": " same", "probability": 0.9072265625}, {"start": 2976.36, "end": 2976.78, "word": " as", "probability": 0.953125}, {"start": 2976.78, "end": 2977.04, "word": " for", "probability": 0.89892578125}, {"start": 2977.04, "end": 2977.24, "word": " the", "probability": 0.89599609375}, {"start": 2977.24, "end": 2977.62, "word": " average", "probability": 0.76416015625}, {"start": 2977.62, "end": 2977.96, "word": " total", "probability": 0.8798828125}, {"start": 2977.96, "end": 2978.44, "word": " cost.", "probability": 0.90576171875}, {"start": 2980.26, "end": 2980.44, "word": " Number", "probability": 0.71923828125}, {"start": 2980.44, "end": 2980.82, "word": " two,", "probability": 0.72412109375}, {"start": 2981.7, "end": 2982.44, "word": " ATC", "probability": 0.880859375}, {"start": 2982.44, "end": 2985.08, "word": " crosses", "probability": 0.63427734375}, {"start": 2985.08, "end": 2988.24, "word": " MC", "probability": 0.468505859375}, {"start": 2988.24, "end": 2988.84, "word": " curve", "probability": 0.92626953125}, {"start": 2988.84, "end": 2990.46, "word": " at", "probability": 0.91357421875}, {"start": 2990.46, "end": 2991.2, "word": " the", "probability": 0.90673828125}, {"start": 2991.2, "end": 2991.64, "word": " least", "probability": 0.9169921875}, {"start": 2991.64, "end": 2991.84, "word": " or", "probability": 0.77880859375}, {"start": 2991.84, "end": 2991.98, "word": " the", "probability": 0.83740234375}, {"start": 2991.98, "end": 2992.44, "word": " minimum", "probability": 0.96875}, {"start": 2992.44, "end": 2994.62, "word": " of", "probability": 0.93798828125}, {"start": 2994.62, "end": 2997.0, "word": " ATC.", "probability": 0.923095703125}], "temperature": 1.0}, {"id": 105, "seek": 303006, "start": 3000.54, "end": 3030.06, "text": " This is called the shutdown point, and this is the break-even point. This is in the next chapter with the chicken. Okay? Okay. What else? As the quantity increases, or let's take this part, at the left side of point A. 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AVC is bigger than MC. Right? What do you see? AVC is decreasing. Right? When? Then three. When? AVC is bigger than MC. AVC is decreasing. Right?", "tokens": [30198, 34, 420, 8797, 30, 30198, 34, 307, 3801, 813, 8797, 13, 1779, 30, 708, 360, 291, 536, 30, 30198, 34, 307, 23223, 13, 1779, 30, 1133, 30, 1396, 1045, 13, 1133, 30, 30198, 34, 307, 3801, 813, 8797, 13, 30198, 34, 307, 23223, 13, 1779, 30], "avg_logprob": -0.22102865048994622, "compression_ratio": 1.6526315789473685, "no_speech_prob": 0.0, "words": [{"start": 3032.79, "end": 3033.59, "word": " AVC", "probability": 0.858154296875}, {"start": 3033.59, "end": 3033.93, "word": " or", "probability": 0.9287109375}, {"start": 3033.93, "end": 3034.27, "word": " MC?", "probability": 0.94775390625}, {"start": 3035.69, "end": 3036.53, "word": " AVC", "probability": 0.928466796875}, {"start": 3036.53, "end": 3036.71, "word": " is", "probability": 0.73046875}, {"start": 3036.71, "end": 3036.95, "word": " bigger", "probability": 0.92822265625}, {"start": 3036.95, "end": 3037.27, "word": " than", "probability": 0.94091796875}, {"start": 3037.27, "end": 3037.67, "word": " MC.", "probability": 0.986328125}, {"start": 3038.71, "end": 3038.97, "word": " Right?", "probability": 0.162353515625}, {"start": 3039.69, "end": 3040.53, "word": " What", "probability": 0.7333984375}, {"start": 3040.53, "end": 3040.71, "word": " do", "probability": 0.389892578125}, {"start": 3040.71, "end": 3040.71, "word": " you", "probability": 0.58349609375}, {"start": 3040.71, "end": 3040.93, "word": " see?", "probability": 0.623046875}, {"start": 3041.35, "end": 3042.15, "word": " AVC", "probability": 0.961669921875}, {"start": 3042.15, "end": 3042.61, "word": " is", "probability": 0.93505859375}, {"start": 3042.61, "end": 3043.17, "word": " decreasing.", "probability": 0.95068359375}, {"start": 3045.91, "end": 3046.11, "word": " Right?", "probability": 0.8388671875}, {"start": 3046.63, "end": 3047.47, "word": " When?", "probability": 0.45068359375}, {"start": 3047.63, "end": 3047.81, "word": " Then", "probability": 0.45654296875}, {"start": 3047.81, "end": 3048.21, "word": " three.", "probability": 0.638671875}, {"start": 3049.57, "end": 3049.83, "word": " When?", "probability": 0.8984375}, {"start": 3052.05, "end": 3052.89, "word": " AVC", "probability": 0.9609375}, {"start": 3052.89, "end": 3053.83, "word": " is", "probability": 0.94580078125}, {"start": 3053.83, "end": 3054.19, "word": " bigger", "probability": 0.94921875}, {"start": 3054.19, "end": 3054.65, "word": " than", "probability": 0.94970703125}, {"start": 3054.65, "end": 3055.21, "word": " MC.", "probability": 0.9892578125}, {"start": 3055.63, "end": 3056.19, "word": " AVC", "probability": 0.9619140625}, {"start": 3056.19, "end": 3056.45, "word": " is", "probability": 0.93994140625}, {"start": 3056.45, "end": 3056.89, "word": " decreasing.", "probability": 0.95166015625}, {"start": 3058.93, "end": 3059.77, "word": " Right?", "probability": 0.8955078125}], "temperature": 1.0}, {"id": 107, "seek": 308905, "start": 3062.33, "end": 3089.05, "text": " At the left side here, when the AVC is bigger than MC, AVC is decreasing. Right side here. When MC is bigger than AVC, AVC is decreasing, increasing. Right? So here, at the left side, when AVC", "tokens": [1711, 264, 1411, 1252, 510, 11, 562, 264, 30198, 34, 307, 3801, 813, 8797, 11, 30198, 34, 307, 23223, 13, 1779, 1252, 510, 13, 1133, 8797, 307, 3801, 813, 30198, 34, 11, 30198, 34, 307, 23223, 11, 5662, 13, 1779, 30, 407, 510, 11, 412, 264, 1411, 1252, 11, 562, 30198, 34], "avg_logprob": -0.22641509546423857, "compression_ratio": 1.8037383177570094, "no_speech_prob": 0.0, "words": [{"start": 3062.33, "end": 3063.25, "word": " At", "probability": 0.47509765625}, {"start": 3063.25, "end": 3063.39, "word": " the", "probability": 0.919921875}, {"start": 3063.39, "end": 3063.55, "word": " left", "probability": 0.9443359375}, {"start": 3063.55, "end": 3063.87, "word": " side", "probability": 0.8525390625}, {"start": 3063.87, "end": 3064.15, "word": " here,", "probability": 0.794921875}, {"start": 3065.11, "end": 3065.53, "word": " when", "probability": 0.89892578125}, {"start": 3065.53, "end": 3065.69, "word": " the", "probability": 0.8837890625}, {"start": 3065.69, "end": 3066.35, "word": " AVC", "probability": 0.8798828125}, {"start": 3066.35, "end": 3067.31, "word": " is", "probability": 0.9462890625}, {"start": 3067.31, "end": 3067.69, "word": " bigger", "probability": 0.9453125}, {"start": 3067.69, "end": 3068.11, "word": " than", "probability": 0.9443359375}, {"start": 3068.11, "end": 3068.57, "word": " MC,", "probability": 0.8759765625}, {"start": 3069.77, "end": 3070.51, "word": " AVC", "probability": 0.947021484375}, {"start": 3070.51, "end": 3070.77, "word": " is", "probability": 0.93212890625}, {"start": 3070.77, "end": 3071.31, "word": " decreasing.", "probability": 0.95703125}, {"start": 3072.57, "end": 3072.93, "word": " Right", "probability": 0.208740234375}, {"start": 3072.93, "end": 3073.43, "word": " side", "probability": 0.82470703125}, {"start": 3073.43, "end": 3073.59, "word": " here.", "probability": 0.65673828125}, {"start": 3075.31, "end": 3076.23, "word": " When", "probability": 0.890625}, {"start": 3076.23, "end": 3076.77, "word": " MC", "probability": 0.9638671875}, {"start": 3076.77, "end": 3077.39, "word": " is", "probability": 0.95458984375}, {"start": 3077.39, "end": 3077.63, "word": " bigger", "probability": 0.95458984375}, {"start": 3077.63, "end": 3077.93, "word": " than", "probability": 0.9462890625}, {"start": 3077.93, "end": 3078.65, "word": " AVC,", "probability": 0.97607421875}, {"start": 3079.55, "end": 3080.05, "word": " AVC", "probability": 0.953125}, {"start": 3080.05, "end": 3080.23, "word": " is", "probability": 0.92626953125}, {"start": 3080.23, "end": 3080.67, "word": " decreasing,", "probability": 0.72607421875}, {"start": 3080.83, "end": 3081.29, "word": " increasing.", "probability": 0.95263671875}, {"start": 3083.69, "end": 3084.61, "word": " Right?", "probability": 0.447021484375}, {"start": 3085.59, "end": 3085.83, "word": " So", "probability": 0.53125}, {"start": 3085.83, "end": 3086.09, "word": " here,", "probability": 0.54931640625}, {"start": 3086.15, "end": 3086.65, "word": " at", "probability": 0.353515625}, {"start": 3086.65, "end": 3086.77, "word": " the", "probability": 0.8984375}, {"start": 3086.77, "end": 3086.95, "word": " left", "probability": 0.94775390625}, {"start": 3086.95, "end": 3087.39, "word": " side,", "probability": 0.87451171875}, {"start": 3087.93, "end": 3088.13, "word": " when", "probability": 0.9228515625}, {"start": 3088.13, "end": 3089.05, "word": " AVC", "probability": 0.951904296875}], "temperature": 1.0}, {"id": 108, "seek": 311423, "start": 3090.11, "end": 3114.23, "text": " is bigger than MC, AVC is decreasing. Right side, right point A here. When AVC is less than MC. MC is bigger than AVC. AVC is increasing. That's it. 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When AVC is bigger than MC. When AVC is bigger than MC. When AVC is bigger than MC. Left side point A. 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At the right side here. What do you see? When MC is bigger than AVC. AVC is increasing. Then number four. When? 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What else? Here, point B. The same as for the ATC. ATC and MC. 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Right? And then left side point B here. When MC, when ATC is bigger than MC. Who is bigger than whom? ATC is bigger than MC. ATC is decreasing. Right? It's a matter of understanding, not memorization. Let's get the data from the table. 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Abu Hamza, give me just three minutes. Two minutes. Two minutes. Two minutes. I'm learning from Dr. Arafat, man. Bear with me for a while. It's over. Okay. AFC is decreasing. Number seven. 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But never touch zero in the short run. Never reaches zero in the short run.", "tokens": [467, 311, 23223, 13, 583, 1128, 2557, 4018, 294, 264, 2099, 1190, 13, 7344, 14235, 4018, 294, 264, 2099, 1190, 13], "avg_logprob": -0.1946022700179707, "compression_ratio": 1.2567567567567568, "no_speech_prob": 0.0, "words": [{"start": 3295.97, "end": 3296.31, "word": " It's", "probability": 0.6441650390625}, {"start": 3296.31, "end": 3296.87, "word": " decreasing.", "probability": 0.9599609375}, {"start": 3299.07, "end": 3299.07, "word": " But", "probability": 0.397216796875}, {"start": 3299.07, "end": 3301.41, "word": " never", "probability": 0.87744140625}, {"start": 3301.41, "end": 3302.11, "word": " touch", "probability": 0.71044921875}, {"start": 3302.11, "end": 3303.55, "word": " zero", "probability": 0.8671875}, {"start": 3303.55, "end": 3303.75, "word": " in", "probability": 0.85205078125}, {"start": 3303.75, "end": 3303.89, "word": " the", "probability": 0.9150390625}, {"start": 3303.89, "end": 3304.19, "word": " short", "probability": 0.978515625}, {"start": 3304.19, "end": 3304.81, "word": " run.", "probability": 0.86767578125}, {"start": 3305.21, "end": 3305.57, "word": " Never", "probability": 0.8037109375}, {"start": 3305.57, "end": 3308.43, "word": " reaches", "probability": 0.611328125}, {"start": 3308.43, "end": 3310.55, "word": " zero", "probability": 0.912109375}, {"start": 3310.55, "end": 3311.97, "word": " in", "probability": 0.93408203125}, {"start": 3311.97, "end": 3312.19, "word": " the", "probability": 0.91845703125}, {"start": 3312.19, "end": 3312.51, "word": " short", "probability": 0.96337890625}, {"start": 3312.51, "end": 3312.75, "word": " run.", "probability": 0.92333984375}], "temperature": 1.0}, {"id": 116, "seek": 334469, "start": 3322.97, "end": 3344.69, "text": "as the AFC is decreasing. The distance here, the vertical distance between ATC and AVC gets closer. 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Oh sorry, decreasing doesn't increase quantity, right? The distance between HADA and HADA is very small. You see, HADA goes up and HADA goes down. They don't meet each other. Do you know why? Because HADA doesn't become zero. 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In the short term, ATC never equals AVC.", "tokens": [682, 264, 2099, 1433, 11, 8872, 34, 293, 30198, 34, 483, 4966, 570, 8872, 34, 293, 316, 18671, 366, 23223, 13, 682, 264, 2099, 1433, 11, 8872, 34, 1128, 6915, 30198, 34, 13], "avg_logprob": -0.323069848558482, "compression_ratio": 1.3076923076923077, "no_speech_prob": 0.0, "words": [{"start": 3377.83, "end": 3378.49, "word": " In", "probability": 0.1795654296875}, {"start": 3378.49, "end": 3381.63, "word": " the", "probability": 0.81640625}, {"start": 3381.63, "end": 3382.01, "word": " short", "probability": 0.90771484375}, {"start": 3382.01, "end": 3382.41, "word": " term,", "probability": 0.833984375}, {"start": 3383.37, "end": 3384.31, "word": " ATC", "probability": 0.74853515625}, {"start": 3384.31, "end": 3384.79, "word": " and", "probability": 0.75439453125}, {"start": 3384.79, "end": 3385.67, "word": " AVC", "probability": 0.87109375}, {"start": 3385.67, "end": 3386.31, "word": " get", "probability": 0.6357421875}, {"start": 3386.31, "end": 3387.13, "word": " closer", "probability": 0.931640625}, {"start": 3387.13, "end": 3389.25, "word": " because", "probability": 0.5185546875}, {"start": 3389.25, "end": 3390.29, "word": " ATC", "probability": 0.7900390625}, {"start": 3390.29, "end": 3390.43, "word": " and", "probability": 0.80615234375}, {"start": 3390.43, "end": 3390.87, "word": " AFC", "probability": 0.763671875}, {"start": 3390.87, "end": 3392.21, "word": " are", "probability": 0.455078125}, {"start": 3392.21, "end": 3392.71, "word": " decreasing.", "probability": 0.935546875}, {"start": 3394.31, "end": 3394.69, "word": " In", "probability": 0.372802734375}, {"start": 3394.69, "end": 3394.95, "word": " the", "probability": 0.82421875}, {"start": 3394.95, "end": 3395.33, "word": " short", "probability": 0.95556640625}, {"start": 3395.33, "end": 3395.67, "word": " term,", "probability": 0.89111328125}, {"start": 3396.13, "end": 3396.93, "word": " ATC", "probability": 0.905029296875}, {"start": 3396.93, "end": 3397.87, "word": " never", "probability": 0.410400390625}, {"start": 3397.87, "end": 3398.65, "word": " equals", "probability": 0.595703125}, {"start": 3398.65, "end": 3399.83, "word": " AVC.", "probability": 0.932861328125}], "temperature": 1.0}, {"id": 119, "seek": 342276, "start": 3402.06, "end": 3422.76, "text": " Because A of C is always positive bigger than zero in the short run, right? A T C never equal a V C in the short run because A of C never equal zero in the short run.", "tokens": [1436, 316, 295, 383, 307, 1009, 3353, 3801, 813, 4018, 294, 264, 2099, 1190, 11, 558, 30, 316, 314, 383, 1128, 2681, 257, 691, 383, 294, 264, 2099, 1190, 570, 316, 295, 383, 1128, 2681, 4018, 294, 264, 2099, 1190, 13], "avg_logprob": -0.22991071322134563, "compression_ratio": 1.5462962962962963, "no_speech_prob": 0.0, "words": [{"start": 3402.06, "end": 3402.82, "word": " Because", "probability": 0.5439453125}, {"start": 3402.82, "end": 3403.5, "word": " A", "probability": 0.7001953125}, {"start": 3403.5, "end": 3403.78, "word": " of", "probability": 0.30078125}, {"start": 3403.78, "end": 3404.02, "word": " C", "probability": 0.7890625}, {"start": 3404.02, "end": 3404.42, "word": " is", "probability": 0.951171875}, {"start": 3404.42, "end": 3405.16, "word": " always", "probability": 0.90087890625}, {"start": 3405.16, "end": 3405.94, "word": " positive", "probability": 0.91845703125}, {"start": 3405.94, "end": 3406.5, "word": " bigger", "probability": 0.6982421875}, {"start": 3406.5, "end": 3406.96, "word": " than", "probability": 0.9462890625}, {"start": 3406.96, "end": 3407.36, "word": " zero", "probability": 0.70166015625}, {"start": 3407.36, "end": 3407.56, "word": " in", "probability": 0.72412109375}, {"start": 3407.56, "end": 3407.94, "word": " the", "probability": 0.884765625}, {"start": 3407.94, "end": 3408.22, "word": " short", "probability": 0.9658203125}, {"start": 3408.22, "end": 3408.52, "word": " run,", "probability": 0.728515625}, {"start": 3409.08, "end": 3409.56, "word": " right?", "probability": 0.890625}, {"start": 3412.3, "end": 3413.06, "word": " A", "probability": 0.51123046875}, {"start": 3413.06, "end": 3413.32, "word": " T", "probability": 0.60009765625}, {"start": 3413.32, "end": 3413.54, "word": " C", "probability": 0.9658203125}, {"start": 3413.54, "end": 3414.18, "word": " never", "probability": 0.88134765625}, {"start": 3414.18, "end": 3414.86, "word": " equal", "probability": 0.7275390625}, {"start": 3414.86, "end": 3415.18, "word": " a", "probability": 0.428466796875}, {"start": 3415.18, "end": 3415.36, "word": " V", "probability": 0.89306640625}, {"start": 3415.36, "end": 3415.66, "word": " C", "probability": 0.98779296875}, {"start": 3415.66, "end": 3415.9, "word": " in", "probability": 0.9306640625}, {"start": 3415.9, "end": 3416.04, "word": " the", "probability": 0.90478515625}, {"start": 3416.04, "end": 3416.34, "word": " short", "probability": 0.966796875}, {"start": 3416.34, "end": 3416.56, "word": " run", "probability": 0.89990234375}, {"start": 3416.56, "end": 3417.16, "word": " because", "probability": 0.68212890625}, {"start": 3417.16, "end": 3417.84, "word": " A", "probability": 0.9736328125}, {"start": 3417.84, "end": 3418.1, "word": " of", "probability": 0.89306640625}, {"start": 3418.1, "end": 3418.48, "word": " C", "probability": 0.99658203125}, {"start": 3418.48, "end": 3420.5, "word": " never", "probability": 0.91064453125}, {"start": 3420.5, "end": 3421.02, "word": " equal", "probability": 0.529296875}, {"start": 3421.02, "end": 3421.5, "word": " zero", "probability": 0.8505859375}, {"start": 3421.5, "end": 3422.16, "word": " in", "probability": 0.9150390625}, {"start": 3422.16, "end": 3422.28, "word": " the", "probability": 0.9111328125}, {"start": 3422.28, "end": 3422.54, "word": " short", "probability": 0.97021484375}, {"start": 3422.54, "end": 3422.76, "word": " run.", "probability": 0.85888671875}], "temperature": 1.0}, {"id": 120, "seek": 344993, "start": 3424.29, "end": 3449.93, "text": " This doesn't become zero. This doesn't become zero. When this can become this equals this, then AFC equals zero. This equals this and this doesn't become zero. This is the short run. So ATC is always bigger than AVC. ATC is always bigger than AVC. Right?", "tokens": [639, 1177, 380, 1813, 4018, 13, 639, 1177, 380, 1813, 4018, 13, 1133, 341, 393, 1813, 341, 6915, 341, 11, 550, 316, 18671, 6915, 4018, 13, 639, 6915, 341, 293, 341, 1177, 380, 1813, 4018, 13, 639, 307, 264, 2099, 1190, 13, 407, 8872, 34, 307, 1009, 3801, 813, 30198, 34, 13, 8872, 34, 307, 1009, 3801, 813, 30198, 34, 13, 1779, 30], "avg_logprob": -0.36572266928851604, "compression_ratio": 1.9318181818181819, "no_speech_prob": 0.0, "words": [{"start": 3424.29, "end": 3424.63, "word": " This", "probability": 0.1265869140625}, {"start": 3424.63, "end": 3424.77, "word": " doesn't", "probability": 0.62890625}, {"start": 3424.77, "end": 3425.07, "word": " become", "probability": 0.61767578125}, {"start": 3425.07, "end": 3425.47, "word": " zero.", "probability": 0.68896484375}, {"start": 3425.67, "end": 3425.85, "word": " This", "probability": 0.2978515625}, {"start": 3425.85, "end": 3425.95, "word": " doesn't", "probability": 0.842041015625}, {"start": 3425.95, "end": 3426.31, "word": " become", "probability": 0.83544921875}, {"start": 3426.31, "end": 3426.63, "word": " zero.", "probability": 0.896484375}, {"start": 3426.91, "end": 3427.31, "word": " When", "probability": 0.359375}, {"start": 3427.31, "end": 3428.41, "word": " this", "probability": 0.8173828125}, {"start": 3428.41, "end": 3428.81, "word": " can", "probability": 0.369384765625}, {"start": 3428.81, "end": 3429.11, "word": " become", "probability": 0.7197265625}, {"start": 3429.11, "end": 3429.33, "word": " this", "probability": 0.69921875}, {"start": 3429.33, "end": 3429.63, "word": " equals", "probability": 0.619140625}, {"start": 3429.63, "end": 3429.91, "word": " this,", "probability": 0.64306640625}, {"start": 3430.23, "end": 3430.37, "word": " then", "probability": 0.57080078125}, {"start": 3430.37, "end": 3431.35, "word": " AFC", "probability": 0.510009765625}, {"start": 3431.35, "end": 3432.19, "word": " equals", "probability": 0.767578125}, {"start": 3432.19, "end": 3432.59, "word": " zero.", "probability": 0.75927734375}, {"start": 3433.29, "end": 3433.75, "word": " This", "probability": 0.37255859375}, {"start": 3433.75, "end": 3433.75, "word": " equals", "probability": 0.459228515625}, {"start": 3433.75, "end": 3434.27, "word": " this", "probability": 0.63720703125}, {"start": 3434.27, "end": 3434.39, "word": " and", "probability": 0.39404296875}, {"start": 3434.39, "end": 3434.55, "word": " this", "probability": 0.82177734375}, {"start": 3434.55, "end": 3434.65, "word": " doesn't", "probability": 0.81689453125}, {"start": 3434.65, "end": 3434.85, "word": " become", "probability": 0.8515625}, {"start": 3434.85, "end": 3435.17, "word": " zero.", "probability": 0.8916015625}, {"start": 3435.67, "end": 3435.79, "word": " This", "probability": 0.41845703125}, {"start": 3435.79, "end": 3435.79, "word": " is", "probability": 0.91943359375}, {"start": 3435.79, "end": 3435.87, "word": " the", "probability": 0.56640625}, {"start": 3435.87, "end": 3436.05, "word": " short", "probability": 0.93798828125}, {"start": 3436.05, "end": 3436.23, "word": " run.", "probability": 0.70361328125}, {"start": 3437.53, "end": 3437.81, "word": " So", "probability": 0.88134765625}, {"start": 3437.81, "end": 3438.71, "word": " ATC", "probability": 0.7666015625}, {"start": 3438.71, "end": 3439.25, "word": " is", "probability": 0.94482421875}, {"start": 3439.25, "end": 3440.05, "word": " always", "probability": 0.90673828125}, {"start": 3440.05, "end": 3440.71, "word": " bigger", "probability": 0.9326171875}, {"start": 3440.71, "end": 3441.21, "word": " than", "probability": 0.947265625}, {"start": 3441.21, "end": 3442.35, "word": " AVC.", "probability": 0.774658203125}, {"start": 3443.63, "end": 3444.43, "word": " ATC", "probability": 0.893798828125}, {"start": 3444.43, "end": 3445.23, "word": " is", "probability": 0.94775390625}, {"start": 3445.23, "end": 3445.75, "word": " always", "probability": 0.90771484375}, {"start": 3445.75, "end": 3446.47, "word": " bigger", "probability": 0.9423828125}, {"start": 3446.47, "end": 3446.99, "word": " than", "probability": 0.95068359375}, {"start": 3446.99, "end": 3448.71, "word": " AVC.", "probability": 0.972900390625}, {"start": 3449.13, "end": 3449.93, "word": " Right?", "probability": 0.603515625}], "temperature": 1.0}, {"id": 121, "seek": 347962, "start": 3450.88, "end": 3479.62, "text": "ATC is always bigger than AVC. What is the vertical distance between this and this? What is the vertical distance between ATC and AVC? What is ATC minus AVC? AFC. Right? The vertical distance between ATC and AVC... The distance is getting smaller as you want to increase. But we call this AFC.", "tokens": [2218, 34, 307, 1009, 3801, 813, 30198, 34, 13, 708, 307, 264, 9429, 4560, 1296, 341, 293, 341, 30, 708, 307, 264, 9429, 4560, 1296, 8872, 34, 293, 30198, 34, 30, 708, 307, 8872, 34, 3175, 30198, 34, 30, 316, 18671, 13, 1779, 30, 440, 9429, 4560, 1296, 8872, 34, 293, 30198, 34, 485, 440, 4560, 307, 1242, 4356, 382, 291, 528, 281, 3488, 13, 583, 321, 818, 341, 20389, 34, 13], "avg_logprob": -0.40047088387894303, "compression_ratio": 1.9025974025974026, "no_speech_prob": 0.0, "words": [{"start": 3450.8799999999997, "end": 3451.64, "word": "ATC", "probability": 0.8076171875}, {"start": 3451.64, "end": 3452.4, "word": " is", "probability": 0.91845703125}, {"start": 3452.4, "end": 3453.02, "word": " always", "probability": 0.90234375}, {"start": 3453.02, "end": 3453.5, "word": " bigger", "probability": 0.92333984375}, {"start": 3453.5, "end": 3454.0, "word": " than", "probability": 0.94482421875}, {"start": 3454.0, "end": 3454.76, "word": " AVC.", 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3481.87, "end": 3483.45, "text": " Eat well, eat well", "tokens": [14429, 731, 11, 1862, 731], "avg_logprob": -0.8164062599341074, "compression_ratio": 0.9047619047619048, "no_speech_prob": 0.0, "words": [{"start": 3481.87, "end": 3482.11, "word": " Eat", "probability": 0.128173828125}, {"start": 3482.11, "end": 3482.41, "word": " well,", "probability": 0.63134765625}, {"start": 3482.69, "end": 3483.07, "word": " eat", "probability": 0.7880859375}, {"start": 3483.07, "end": 3483.45, "word": " well", "probability": 0.9423828125}], "temperature": 1.0}], "language": "en", "language_probability": 1.0, "duration": 3483.57375, "duration_after_vad": 3199.4506249999854} \ No newline at end of file diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/TG8ZRUadRls_raw.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/TG8ZRUadRls_raw.srt new file mode 100644 index 0000000000000000000000000000000000000000..d66b7a84958c4a92e8e6d26c9d05477e8c9862c9 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/TG8ZRUadRls_raw.srt @@ -0,0 +1,2164 @@ +1 +00:00:20,080 --> 00:00:22,620 +Okay, bismillahirrahmanirrahim. Today, inshallah, + +2 +00:00:22,720 --> 00:00:25,100 +we are going to start a chapter which is the + +3 +00:00:25,100 --> 00:00:33,920 +analysis of cost. Analysis of + +4 +00:00:33,920 --> 00:00:34,400 +cost. + +5 +00:00:38,840 --> 00:00:41,860 +In this chapter, we will study the different types + +6 +00:00:41,860 --> 00:00:46,200 +of cost and the relationship between the different + +7 +00:00:46,200 --> 00:00:52,770 +types of cost. To understand the idea of the cost, + +8 +00:00:53,850 --> 00:00:58,330 +let's have the following example. Assume or + +9 +00:00:58,330 --> 00:01:04,250 +suppose that someone has a blocks manufacturing + +10 +00:01:04,250 --> 00:01:12,370 +unit, blocks manufacturing + +11 +00:01:12,370 --> 00:01:17,290 +unit. + +12 +00:01:21,980 --> 00:01:29,420 +to produce blocks. To produce blocks. To produce + +13 +00:01:29,420 --> 00:01:34,140 +blocks, we need the + +14 +00:01:34,140 --> 00:01:35,200 +following inputs. + +15 +00:01:41,340 --> 00:01:50,340 +We need cement, sand, water, + +16 +00:01:53,500 --> 00:01:54,420 +Gravels. + +17 +00:01:57,720 --> 00:02:06,240 +What else? No, no, it's a new chapter. Yes. To + +18 +00:02:06,240 --> 00:02:11,560 +produce blocks, we need the following raw + +19 +00:02:11,560 --> 00:02:16,680 +material, cement, water, sand, gravels, human + +20 +00:02:16,680 --> 00:02:21,980 +resources, workers, labor, + +21 +00:02:25,370 --> 00:02:26,130 +Machines. + +22 +00:02:29,610 --> 00:02:35,970 +We have also to pay for maybe rent, land rent. We + +23 +00:02:35,970 --> 00:02:40,490 +have to pay insurance, registration, electricity. + +24 +00:02:41,770 --> 00:02:45,290 +Right? So we have to pay also for insurance. + +25 +00:02:48,950 --> 00:02:52,890 +Registration. Yes, taxes. + +26 +00:02:55,800 --> 00:02:57,440 +We need also to pay taxes. + +27 +00:03:00,880 --> 00:03:08,500 +Gravels. Hasma. We need also to pay for... Keep + +28 +00:03:08,500 --> 00:03:09,280 +silent, please. + +29 +00:03:12,240 --> 00:03:18,700 +We need also to pay for other types of costs, like + +30 +00:03:18,700 --> 00:03:23,060 +sometimes we may rent the land, so we have to pay + +31 +00:03:23,060 --> 00:03:25,320 +for rent. Rent. + +32 +00:03:32,390 --> 00:03:34,630 +Electricity, transportation. + +33 +00:03:40,090 --> 00:03:47,230 +All these types are classified as or called inputs + +34 +00:03:47,230 --> 00:03:48,250 +or course. + +35 +00:03:50,770 --> 00:03:56,870 +In economics, we classify the course here into + +36 +00:03:56,870 --> 00:04:04,580 +different types. Variable cost and fixed cost. The + +37 +00:04:04,580 --> 00:04:07,580 +variable cost, let us ask here about cement. + +38 +00:04:08,420 --> 00:04:14,980 +Cement is an input to produce blocks, right? To + +39 +00:04:14,980 --> 00:04:19,140 +produce 200, let us assume to produce 200 blocks, + +40 +00:04:20,780 --> 00:04:28,680 +organism of blocks, we need 20 sacks of cement + +41 +00:04:29,890 --> 00:04:37,510 +sand, water, gravels, and two workers. Are these + +42 +00:04:37,510 --> 00:04:42,410 +here, cement, water, sand, gravels, and human + +43 +00:04:42,410 --> 00:04:49,250 +resources here, are these costs variable or fixed? + +44 +00:04:50,250 --> 00:04:55,070 +Which means if we need to produce more blocks, + +45 +00:04:56,140 --> 00:05:00,160 +Additional units of blocks. We need more cement. + +46 +00:05:00,540 --> 00:05:04,960 +We need more gravels. We need more sand. Which + +47 +00:05:04,960 --> 00:05:10,740 +means these costs are variable, interchangeable. + +48 +00:05:12,240 --> 00:05:15,800 +When we produce more, when we want to produce more + +49 +00:05:15,800 --> 00:05:20,530 +blocks, We need more cement, more water, more + +50 +00:05:20,530 --> 00:05:27,010 +electricity. So these types of costs are called + +51 +00:05:27,010 --> 00:05:31,770 +variable costs. We need more workers. So workers + +52 +00:05:31,770 --> 00:05:38,170 +also is classified as a variable cost, right? What + +53 +00:05:38,170 --> 00:05:46,460 +else? What of these Costs are classified as + +54 +00:05:46,460 --> 00:05:52,060 +variable cost. Maybe electricity, because we need + +55 +00:05:52,060 --> 00:05:55,820 +to run the generators to run the machines here. So + +56 +00:05:55,820 --> 00:05:59,960 +electricity also is classified as a variable cost, + +57 +00:06:01,200 --> 00:06:07,540 +right? No, no, no, machinery, it's an investment + +58 +00:06:07,540 --> 00:06:09,420 +cost, capital. + +59 +00:06:13,000 --> 00:06:19,300 +What about the registration for the factory? We + +60 +00:06:19,300 --> 00:06:24,620 +have to pay it either if we produce or not. Right? + +61 +00:06:24,760 --> 00:06:28,740 +One of the licenses of this factory that pays + +62 +00:06:28,740 --> 00:06:38,800 +annually, or taxes, or insurance. Rent, land rent. + +63 +00:06:40,100 --> 00:06:41,220 +One rents land. + +64 +00:06:44,540 --> 00:06:51,340 +He has to pay the rent. So rent, + +65 +00:06:52,300 --> 00:06:59,980 +insurance, registration, taxes should be paid + +66 +00:06:59,980 --> 00:07:06,500 +either you work or not. So it should be classified + +67 +00:07:06,500 --> 00:07:09,260 +as a fixed cost. Right? + +68 +00:07:12,860 --> 00:07:18,340 +The sum of the variable cost, cement, water, sand, + +69 +00:07:18,680 --> 00:07:23,760 +gravels, the wages or salaries, and electricity + +70 +00:07:23,760 --> 00:07:30,800 +here are called the total variable cost. Total + +71 +00:07:30,800 --> 00:07:34,220 +variable cost is the cost of the summation or the + +72 +00:07:34,220 --> 00:07:38,900 +sum of the cost of cement, water, sand, plus + +73 +00:07:38,900 --> 00:07:41,300 +rabbits, plus human resources, wages, and + +74 +00:07:41,300 --> 00:07:45,900 +salaries, and electricity, right? So the total + +75 +00:07:45,900 --> 00:07:50,840 +variable cost, if you say total variable cost, + +76 +00:07:54,340 --> 00:08:00,880 +is the summation of the sum of total. In this + +77 +00:08:00,880 --> 00:08:00,880 +example. + +78 +00:08:08,680 --> 00:08:09,000 +Right? + +79 +00:08:16,300 --> 00:08:23,330 +The total fixed cost is the sum of Fixed cost paid + +80 +00:08:23,330 --> 00:08:29,230 +by the organization, by the company, either if we + +81 +00:08:29,230 --> 00:08:34,590 +work or not. You have the total fixed cost, TFC. + +82 +00:08:36,130 --> 00:08:43,290 +Total fixed cost equals + +83 +00:08:43,290 --> 00:08:50,700 +the summation of the cost of Insurance, + +84 +00:08:50,860 --> 00:08:55,880 +registration, land rent, all right? These are + +85 +00:08:55,880 --> 00:09:00,060 +called the total fixed cost. + +86 +00:09:30,100 --> 00:09:43,400 +This is the + +87 +00:09:43,400 --> 00:09:48,570 +idea. Thank you for your comment here.The total + +88 +00:09:48,570 --> 00:09:53,910 +cost is the total variable cost plus total fixed + +89 +00:09:53,910 --> 00:09:54,350 +cost. + +90 +00:09:59,270 --> 00:10:07,230 +TC, total cost equals total fixed cost plus total + +91 +00:10:07,230 --> 00:10:08,230 +variable cost. + +92 +00:10:10,740 --> 00:10:15,940 +Right? So the total cost is the summation or the + +93 +00:10:15,940 --> 00:10:27,580 +total, the sum of all these costs. Total cost + +94 +00:10:27,580 --> 00:10:31,860 +is the total fixed cost plus total variable cost. + +95 +00:10:32,100 --> 00:10:36,990 +Total fixed cost, is the cost that paid by the + +96 +00:10:36,990 --> 00:10:42,190 +organization and doesn't change when the output + +97 +00:10:42,190 --> 00:10:43,250 +change. + +98 +00:10:45,670 --> 00:10:49,330 +Which means if the output increases, our + +99 +00:10:49,330 --> 00:10:53,350 +production increases, we have to pay the same + +100 +00:10:53,350 --> 00:10:58,490 +cost. We have to pay the same amount of insurance, + +101 +00:10:58,630 --> 00:11:01,630 +registration, land rent here in this example. + +102 +00:11:02,930 --> 00:11:10,290 +Regardless our output. Regardless if we + +103 +00:11:10,290 --> 00:11:15,790 +produce zero units. How much is, let us assume the + +104 +00:11:15,790 --> 00:11:20,470 +land rent here equals we pay monthly or annual + +105 +00:11:20,470 --> 00:11:26,580 +$1000 for rent. And for insurance, for insurance, + +106 +00:11:27,060 --> 00:11:32,540 +we pay $2,000. And for registration, about $500. + +107 +00:11:34,160 --> 00:11:42,800 +How much is the total fixed cost? TFC equals 1 + +108 +00:11:42,800 --> 00:11:44,860 +,000. + +109 +00:11:46,460 --> 00:11:53,850 +Yeah, 1,000 plus insurance, 2,000. Plus + +110 +00:11:53,850 --> 00:12:00,510 +registration 500 equals $3,500. + +111 +00:12:03,290 --> 00:12:06,790 +This is the total fixed cost. We have to pay it + +112 +00:12:06,790 --> 00:12:11,280 +regardless our output, our production. If we + +113 +00:12:11,280 --> 00:12:16,340 +produce zero quantities of blocks, we have to pay + +114 +00:12:16,340 --> 00:12:23,500 +$3,500. If we produce one million units of blocks, + +115 +00:12:23,640 --> 00:12:28,340 +we have to pay the same amount here, right? But + +116 +00:12:28,340 --> 00:12:34,520 +the total variable cost is the cost of these + +117 +00:12:34,520 --> 00:12:42,350 +units, which are exchanges. when our production + +118 +00:12:42,350 --> 00:12:47,510 +changes, right? Which means if we want to produce + +119 +00:12:47,510 --> 00:12:52,990 +more blocks, we need more cement, so the total + +120 +00:12:52,990 --> 00:12:56,350 +variable, and we need more sand, more water, so + +121 +00:12:56,350 --> 00:13:01,970 +the total variable cost will increase, right? So + +122 +00:13:01,970 --> 00:13:07,090 +let us assume that the total variable cost to + +123 +00:13:07,090 --> 00:13:07,690 +produce + +124 +00:13:11,220 --> 00:13:13,740 +1,000 units of blocks. + +125 +00:13:19,800 --> 00:13:24,520 +Tvc, total variable cost to produce 1,000 blocks + +126 +00:13:24,520 --> 00:13:27,480 +equals $2,000. + +127 +00:13:31,440 --> 00:13:37,720 +To produce 1,500 blocks, we need more, Tvc will + +128 +00:13:37,720 --> 00:13:45,160 +increase. Right? We will check it in different + +129 +00:13:45,160 --> 00:13:51,400 +examples now. But if we produce zero, if we + +130 +00:13:51,400 --> 00:13:56,360 +produce zero units of blocks, do we need variable + +131 +00:13:56,360 --> 00:14:00,600 +cost? Do we need cement? To produce zero from + +132 +00:14:00,600 --> 00:14:06,740 +blocks, the needed amount of cement equals zero. + +133 +00:14:09,170 --> 00:14:15,090 +So at a Q equals zero, total variable cost equals + +134 +00:14:15,090 --> 00:14:20,950 +zero as well. Right? But if we produce zero + +135 +00:14:20,950 --> 00:14:31,310 +quantities of log, TFC equals $3,500. Right? Let's + +136 +00:14:31,310 --> 00:14:35,490 +go to an example here. + +137 +00:14:40,180 --> 00:14:41,780 +Okay, complete the table. + +138 +00:14:45,660 --> 00:14:50,500 +Calculate, or we have the following data about the + +139 +00:14:50,500 --> 00:14:57,440 +company which produces different quantities, the + +140 +00:14:57,440 --> 00:15:03,520 +total production here. We have the total fixed + +141 +00:15:03,520 --> 00:15:06,660 +cost. As you see, total fixed cost is fixed + +142 +00:15:06,660 --> 00:15:11,420 +regardless the quota produced. Here, when we + +143 +00:15:11,420 --> 00:15:15,260 +produce zero quantities of X or sorry of the + +144 +00:15:15,260 --> 00:15:18,400 +product here, the total fixed cost that we have to + +145 +00:15:18,400 --> 00:15:20,180 +pay is $60. + +146 +00:15:22,560 --> 00:15:26,540 +It's fixed regardless or as the quantity + +147 +00:15:26,540 --> 00:15:30,460 +increased, the total fixed cost is fixed here. + +148 +00:15:33,200 --> 00:15:35,920 +The total variable cost. When we produce zero + +149 +00:15:35,920 --> 00:15:40,900 +quantities of X or the blocks here, the total + +150 +00:15:40,900 --> 00:15:44,280 +variable cost equals zero as we mentioned, which + +151 +00:15:44,280 --> 00:15:51,000 +means we don't need cement, we don't need sand, + +152 +00:15:51,120 --> 00:15:54,480 +water, and gravels, and human resources as well. + +153 +00:15:54,860 --> 00:15:58,360 +But as the quantity produced here from zero to + +154 +00:15:58,360 --> 00:16:02,470 +one, Because the total variable cost increased + +155 +00:16:02,470 --> 00:16:06,610 +from 0 to 7, to 8, to 9, to 16, as you see here. + +156 +00:16:07,290 --> 00:16:13,610 +Increased gradually, right? Now we have different + +157 +00:16:13,610 --> 00:16:21,930 +formulas for the cost, the total cost. Total cost + +158 +00:16:21,930 --> 00:16:25,130 +is that Tc is the total cost. + +159 +00:16:29,650 --> 00:16:35,550 +Equals total fixed cost plus total variable cost + +160 +00:16:35,550 --> 00:16:36,410 +Right? + +161 +00:16:40,450 --> 00:16:48,350 +Another variable which is average fixed cost, AFC + +162 +00:16:48,350 --> 00:16:51,550 +AFC + +163 +00:16:51,550 --> 00:16:57,490 +is the average fixed + +164 +00:16:57,490 --> 00:17:06,380 +cost AFC equals Total Fixed Cost over Quant + +165 +00:17:06,380 --> 00:17:14,640 +Produced TFC over Q Average + +166 +00:17:14,640 --> 00:17:22,440 +Variable Cost AVC is the average variable + +167 +00:17:22,440 --> 00:17:26,220 +cost + +168 +00:17:26,220 --> 00:17:28,540 +AVC + +169 +00:17:29,960 --> 00:17:34,320 +equals T V C over Q. We will see the applications + +170 +00:17:34,320 --> 00:17:39,460 +again. T V C over + +171 +00:17:39,460 --> 00:17:39,920 +Q. + +172 +00:17:48,920 --> 00:17:54,180 +Average total cost average + +173 +00:17:54,180 --> 00:18:03,770 +total costequals total cost over Q, TC over Q, or + +174 +00:18:03,770 --> 00:18:06,010 +ATC. + +175 +00:18:09,610 --> 00:18:19,650 +Now, TC, total cost, what does it equal? TFC, plus + +176 +00:18:19,650 --> 00:18:25,600 +TVC, right? Average total costWhat does it mean? + +177 +00:18:26,120 --> 00:18:29,760 +Average fixed cost plus average variable cost. + +178 +00:18:30,500 --> 00:18:31,820 +Because in the end, the whole universe is divided + +179 +00:18:31,820 --> 00:18:38,300 +by Q. Right? Again? I feel like I confirmed it. Do + +180 +00:18:38,300 --> 00:18:41,480 +you want to write it down? Okay, okay. I will + +181 +00:18:41,480 --> 00:18:43,360 +write it down. I will explain it to you here. + +182 +00:19:44,550 --> 00:19:49,610 +Total cost equals total fixed cost plus total + +183 +00:19:49,610 --> 00:19:56,560 +variable cost, right? Average fixed cost equals + +184 +00:19:56,560 --> 00:20:02,880 +TFC over Q, which means here average or total cost + +185 +00:20:02,880 --> 00:20:16,420 +equals TFC plus TPC. So 60 plus 0, 60. 67, 68, 69, + +186 +00:20:17,180 --> 00:20:20,080 +76, 90. + +187 +00:20:21,360 --> 00:20:28,220 +One hundred thirty-two. One hundred ninety-three. + +188 +00:20:29,280 --> 00:20:32,620 +How much is it here? Two hundred eighty-four. + +189 +00:20:33,860 --> 00:20:40,000 +Three hundred or four hundred eleven. Five hundred + +190 +00:20:40,000 --> 00:20:48,180 +eighty. Right? The total cost here equals The + +191 +00:20:48,180 --> 00:20:52,380 +total fixed cost plus total variable cost. Right? + +192 +00:20:53,760 --> 00:21:04,420 +The average fixed cost equals TFC over Q. The + +193 +00:21:04,420 --> 00:21:13,400 +first point. Exactly. 60 over 1. 60. + +194 +00:21:16,320 --> 00:21:19,440 +60 over 2? 30. + +195 +00:21:22,400 --> 00:21:33,920 +60 over 3? 20. 60 over 4? 15. 60 over 5? How much + +196 +00:21:33,920 --> 00:21:41,380 +is it? 12? Yeah. 60 over 6? 10. 60 over 7? + +197 +00:21:44,340 --> 00:21:46,000 +8.5. + +198 +00:21:48,690 --> 00:21:53,650 +60 over 8. 7.5. + +199 +00:21:56,430 --> 00:21:58,530 +60 over 9. + +200 +00:22:01,070 --> 00:22:10,510 +6.6. 60 over 10, 6. Is it clear? Yeah. The same + +201 +00:22:10,510 --> 00:22:14,890 +for average variable cost. Average variable cost + +202 +00:22:15,740 --> 00:22:18,960 +equals total variable cost over Q. + +203 +00:22:23,760 --> 00:22:28,560 +Average 7 over 1, 7. + +204 +00:22:30,960 --> 00:22:39,100 +8 over 2, 4. 9 over 3, 3. + +205 +00:22:41,900 --> 00:22:45,220 +16 over 4, 4. + +206 +00:22:48,110 --> 00:22:56,250 +Ninety over five. How much? Three. TVC over Q. + +207 +00:22:56,510 --> 00:23:03,630 +Thirty over five. Six. Seventy-two over six. How + +208 +00:23:03,630 --> 00:23:13,330 +much is it? Nine. Ten. Twelve. Right? No. Correct. + +209 +00:23:13,750 --> 00:23:14,250 +Twelve. + +210 +00:23:18,580 --> 00:23:19,000 +And then? + +211 +00:23:35,060 --> 00:23:36,320 +224 over 8? + +212 +00:23:39,780 --> 00:23:43,400 +28, okay. And then? + +213 +00:23:48,530 --> 00:23:54,470 +Thirty-nine. And the last point? Fifty-two. + +214 +00:23:56,050 --> 00:23:56,410 +Alright? + +215 +00:24:00,930 --> 00:24:08,570 +Average total cost, ATC, has two formulas. either + +216 +00:24:08,570 --> 00:24:15,650 +total cost over Q or AFC plus AVC, ATC. Either we + +217 +00:24:15,650 --> 00:24:19,990 +can use this formula, ATC equals AVC, AFC plus + +218 +00:24:19,990 --> 00:24:27,570 +AVC, or ATC equals TC over Q. The same as the + +219 +00:24:27,570 --> 00:24:29,870 +previous cases, the previous parameters for + +220 +00:24:29,870 --> 00:24:32,370 +average fixed cost and average variable cost, + +221 +00:24:32,590 --> 00:24:38,750 +right? So ATC, Yeah, yeah, yeah, the same result. + +222 +00:24:40,390 --> 00:24:43,810 +AFC plus AVC, how much is it? Let's use this + +223 +00:24:43,810 --> 00:24:50,450 +formula here. AFC plus AVC, 67. Okay, let's use + +224 +00:24:50,450 --> 00:24:55,750 +this formula. ATC equals TC over Q. TC over Q. How + +225 +00:24:55,750 --> 00:25:02,770 +much is TC? 67 over 1. 67, the same result. 34. + +226 +00:25:05,890 --> 00:25:16,630 +Or 68 over 2. 34, the same result. Right? So 23, + +227 +00:25:17,070 --> 00:25:23,150 +19, 18, 22, + +228 +00:25:24,690 --> 00:25:27,030 +27.5, + +229 +00:25:29,150 --> 00:25:42,150 +35.5, How much I said? 30 or yeah, 45.6. And the + +230 +00:25:42,150 --> 00:25:47,890 +last point, the last... Exactly. Right? + +231 +00:25:50,610 --> 00:25:56,190 +What else? What about the marginal cost? We + +232 +00:25:56,190 --> 00:25:59,470 +studied before the marginal revenue, marginal + +233 +00:25:59,470 --> 00:26:05,480 +utility. And here we have the marginal cost, MC. + +234 +00:26:06,580 --> 00:26:09,900 +What about the marginal utility? Let's come back + +235 +00:26:09,900 --> 00:26:12,760 +quickly to the marginal utility. A change in total + +236 +00:26:12,760 --> 00:26:17,320 +utility over the change in quantity, right? What + +237 +00:26:17,320 --> 00:26:21,900 +about the marginal revenue, MR? Change in total + +238 +00:26:21,900 --> 00:26:25,780 +revenue over the change in quantity. What about + +239 +00:26:25,780 --> 00:26:29,240 +the marginal production of labor change? What + +240 +00:26:29,240 --> 00:26:33,260 +about the marginal cost? Exactly, yeah. So, the + +241 +00:26:33,260 --> 00:26:37,980 +marginal cost is the change in total cost over the + +242 +00:26:37,980 --> 00:26:41,720 +change in quantity produced. The same as marginal + +243 +00:26:41,720 --> 00:26:44,740 +utility, the marginal revenue, and the marginal + +244 +00:26:44,740 --> 00:26:50,920 +production of labor. So, the marginal cost equals + +245 +00:26:50,920 --> 00:26:57,840 +change in total cost over + +246 +00:26:57,840 --> 00:27:02,810 +change in quantity. Or TC2 minus TC1 over Q2 minus + +247 +00:27:02,810 --> 00:27:07,150 +CQ1. We have another formula which is marginal + +248 +00:27:07,150 --> 00:27:10,130 +cost equals the change in total variable cost over + +249 +00:27:10,130 --> 00:27:12,150 +changing quantity, the same result. + +250 +00:27:16,630 --> 00:27:22,690 +So let's calculate the marginal cost here. Let's + +251 +00:27:22,690 --> 00:27:25,690 +use this formula, change in total cost over change + +252 +00:27:25,690 --> 00:27:30,350 +in quantity produced.Change in total cost. Here is + +253 +00:27:30,350 --> 00:27:36,090 +the total cost. 67 minus 60 over 1 minus 0. + +254 +00:27:37,630 --> 00:27:38,470 +Exactly. + +255 +00:27:43,650 --> 00:27:47,530 +68 minus + +256 +00:27:47,530 --> 00:27:52,410 +67 over 2 minus 1. How much is it? One. + +257 +00:28:02,420 --> 00:28:14,920 +And then, 76 minus 69 over 4 minus 3, 7. And then, + +258 +00:28:17,140 --> 00:28:22,800 +14, and then 42, + +259 +00:28:24,920 --> 00:28:25,740 +and then + +260 +00:28:33,160 --> 00:28:40,580 +Then 91. And then 127. + +261 +00:28:43,420 --> 00:28:51,220 +And then the last one, 170, 169. + +262 +00:28:51,580 --> 00:28:58,220 +We can use this formula. Marginal cost equals + +263 +00:28:58,220 --> 00:29:00,760 +change in total variable cost over change in + +264 +00:29:00,760 --> 00:29:04,400 +quantity. We will get the same result here. So + +265 +00:29:04,400 --> 00:29:08,040 +here, we can use this formula. Change in total + +266 +00:29:08,040 --> 00:29:10,760 +variable cost over the change in quantity + +267 +00:29:10,760 --> 00:29:14,580 +produced. Seven minus zero over one minus zero. + +268 +00:29:15,560 --> 00:29:21,310 +How much is it? Seven. Eight minus seven over two + +269 +00:29:21,310 --> 00:29:26,570 +minus one, one. Nine minus eight over one, sixteen + +270 +00:29:26,570 --> 00:29:30,690 +minus nine, seven, you will have the same result. + +271 +00:29:31,490 --> 00:29:36,430 +Because total fixed cost is fixed here. So, the + +272 +00:29:36,430 --> 00:29:39,310 +change will be seen for variable cost. + +273 +00:29:42,790 --> 00:29:49,310 +Let's go to the graphs here. What do you see? We + +274 +00:29:49,310 --> 00:29:52,550 +have different comments here. We have different + +275 +00:29:52,550 --> 00:29:56,550 +comments on the table and then we will check it on + +276 +00:29:56,550 --> 00:30:02,490 +the graph. Let me say, as the quantity here + +277 +00:30:02,490 --> 00:30:08,370 +increased, the total fixed cost is fixed. The + +278 +00:30:08,370 --> 00:30:13,210 +total fixed costs are fixed. They were fixed + +279 +00:30:13,210 --> 00:30:17,290 +values. What about the total variable cost? As the + +280 +00:30:17,290 --> 00:30:20,850 +quantity produced increases, the total variable + +281 +00:30:20,850 --> 00:30:25,630 +cost increases as well, right? Which means that + +282 +00:30:25,630 --> 00:30:28,830 +there is a positive relationship between the + +283 +00:30:28,830 --> 00:30:31,510 +quantity produced and the total variable cost, + +284 +00:30:32,130 --> 00:30:39,130 +right? What about the quantity produced and the + +285 +00:30:39,130 --> 00:30:45,500 +average fixed cost? As the quantity increases, the + +286 +00:30:45,500 --> 00:30:51,260 +average fixed cost is decreasing and then, or + +287 +00:30:51,260 --> 00:30:54,240 +sorry, decreasing here, right. Yeah, yeah. Yeah, + +288 +00:30:54,260 --> 00:30:57,820 +decreasing and then, okay, decreasing, but it + +289 +00:30:57,820 --> 00:30:59,740 +never reached the zero. + +290 +00:31:15,030 --> 00:31:18,950 +What do you see? We have to pay it, but the + +291 +00:31:18,950 --> 00:31:21,770 +average fixed cost is decreasing, but it never + +292 +00:31:21,770 --> 00:31:24,870 +reaches zero. Do you know why? Let's say that the + +293 +00:31:24,870 --> 00:31:28,570 +quantity produced reaches 100 million blocks, and + +294 +00:31:28,570 --> 00:31:31,490 +I pay 60 million. How much will the average fixed + +295 +00:31:31,490 --> 00:31:34,770 +cost be? Let's assume that the quantity produced + +296 +00:31:34,770 --> 00:31:39,110 +reaches 100 million blocks. 100 million blocks. + +297 +00:31:39,510 --> 00:31:42,940 +How much will the average fixed cost be? It's + +298 +00:31:42,940 --> 00:31:47,080 +going to be 60 over 100 million. + +299 +00:31:49,300 --> 00:31:53,500 +Never reach zero because how much bus do you have? + +300 +00:31:53,700 --> 00:31:54,380 +It's positive. + +301 +00:31:57,180 --> 00:32:04,360 +Right? Right? But it's decreasing. As long as the + +302 +00:32:04,360 --> 00:32:07,380 +quantity increase, produce increase, the average + +303 +00:32:07,380 --> 00:32:10,340 +fixed cost will go down, but never reach zero + +304 +00:32:10,340 --> 00:32:12,080 +here. Okay? + +305 +00:32:21,020 --> 00:32:25,540 +All variables or factors production will be + +306 +00:32:25,540 --> 00:32:30,140 +variable. Here in this example, we are talking + +307 +00:32:30,140 --> 00:32:35,800 +about a short run, a short term. But in the long + +308 +00:32:35,800 --> 00:32:37,220 +term, + +309 +00:32:38,880 --> 00:32:42,800 +We have no fixed cost. We can change all the + +310 +00:32:42,800 --> 00:32:45,620 +factors of production. We can change all + +311 +00:32:45,620 --> 00:32:51,540 +machinery. Exactly, in the long term. So in the + +312 +00:32:51,540 --> 00:32:56,160 +long term, total fixed cost will be zero. But in + +313 +00:32:56,160 --> 00:33:00,840 +the short run, as there is total fixed cost, + +314 +00:33:03,520 --> 00:33:08,420 +The average fixed cost will still go down, but + +315 +00:33:08,420 --> 00:33:11,500 +never reach zero. But in the long-term, we have no + +316 +00:33:11,500 --> 00:33:18,800 +fixed cost, right? Okay. What about the average + +317 +00:33:18,800 --> 00:33:26,440 +variable cost? What do you see? Decline here, but + +318 +00:33:26,440 --> 00:33:30,200 +then it start to go up, average variable cost. + +319 +00:33:31,040 --> 00:33:36,000 +Here we are talking about a short run. So it has + +320 +00:33:36,000 --> 00:33:42,440 +declined here and start to go up. What about the + +321 +00:33:42,440 --> 00:33:48,340 +average total cost? Declined and + +322 +00:33:48,340 --> 00:33:53,180 +then go up. Goes up, right? The same as the + +323 +00:33:53,180 --> 00:33:57,660 +marginal cost. Goes down or went down here and + +324 +00:33:57,660 --> 00:34:09,380 +start to go up. Now let's draw the graph using + +325 +00:34:09,380 --> 00:34:12,680 +the total approach, the totals approach, and the + +326 +00:34:12,680 --> 00:34:18,900 +marginal approach. So let's go to graphs here. + +327 +00:34:36,770 --> 00:34:39,670 +Now, we are going to study the relationship + +328 +00:34:39,670 --> 00:34:46,290 +between the total cost, total variable cost, total + +329 +00:34:46,290 --> 00:34:49,270 +fixed cost, and the quantity. Here, we are talking + +330 +00:34:49,270 --> 00:34:54,290 +about the totals approach. So, we are going to + +331 +00:34:54,290 --> 00:34:57,510 +study the relationship between total fixed cost, + +332 +00:34:58,290 --> 00:35:01,870 +total variable cost, total cost, and the quantity. + +333 +00:35:09,290 --> 00:35:17,710 +Want to produce from 1 to 10, 0 to 10. + +334 +00:35:27,010 --> 00:35:38,740 +0, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10. Total fixed + +335 +00:35:38,740 --> 00:35:42,660 +cost, total variable cost, and total cost. Okay. + +336 +00:35:43,820 --> 00:35:49,940 +At Q equals zero, how much is the total fixed + +337 +00:35:49,940 --> 00:35:53,920 +cost? At Q equals zero, how much is the total + +338 +00:35:53,920 --> 00:36:02,200 +fixed cost? Sixty. At Q + +339 +00:36:02,200 --> 00:36:06,280 +equals one, how much is the total fixed cost? + +340 +00:36:06,840 --> 00:36:07,600 +Sixty. + +341 +00:36:10,960 --> 00:36:21,080 +Exactly. Total fixed cost. What about the total + +342 +00:36:21,080 --> 00:36:25,360 +cost? Quantity and total cost. So here, the total + +343 +00:36:25,360 --> 00:36:30,020 +fixed cost will be a straight line, horizontal + +344 +00:36:30,020 --> 00:36:36,720 +line. What about the quantity and total variable + +345 +00:36:36,720 --> 00:36:42,030 +cost? When q equals zero, total variable cost + +346 +00:36:42,030 --> 00:36:43,270 +equals zero as well. + +347 +00:36:46,850 --> 00:36:50,110 +Had a total variable cost. We are going to derive + +348 +00:36:50,110 --> 00:36:54,770 +and draw the total variable cost. At a quad equals + +349 +00:36:54,770 --> 00:36:57,990 +one, how much is the total variable cost? Seven. + +350 +00:36:58,550 --> 00:37:03,770 +Let's assume it is here, one here. It's an + +351 +00:37:03,770 --> 00:37:09,600 +assumption. At what equals to, how much is it? 8. + +352 +00:37:13,160 --> 00:37:15,600 +At 3, 9. + +353 +00:37:18,360 --> 00:37:21,720 +At 4, 16. + +354 +00:37:25,920 --> 00:37:28,500 +At 5, 30. + +355 +00:37:32,980 --> 00:37:34,360 +At 6, + +356 +00:37:37,010 --> 00:37:45,250 +At 6, 72. It's above 60. Let's assume it's here. + +357 +00:37:48,290 --> 00:37:52,750 +At 7, + +358 +00:37:53,310 --> 00:37:54,890 +133. + +359 +00:38:04,550 --> 00:38:06,570 +This is the total variable cost. + +360 +00:38:35,030 --> 00:38:40,790 +TBC. What about the total cost? + +361 +00:38:44,990 --> 00:38:48,590 +At Q equals zero, how much is the total cost? + +362 +00:38:49,010 --> 00:38:49,730 +Sixty. + +363 +00:38:52,730 --> 00:38:54,470 +Are you shaping? + +364 +00:38:58,270 --> 00:39:04,350 +At Q equals one, How much is the total cost? Sixty + +365 +00:39:04,350 --> 00:39:04,710 +-seven. + +366 +00:39:08,290 --> 00:39:08,370 +Two, + +367 +00:39:12,970 --> 00:39:14,110 +sixty-eight, + +368 +00:39:17,510 --> 00:39:22,770 +three, sixty-nine, seventy-six, + +369 +00:39:25,630 --> 00:39:28,390 +nine, should be here. + +370 +00:39:32,170 --> 00:39:33,030 +Total cost. + +371 +00:39:39,670 --> 00:39:51,870 +What do you see? TVC curve starts + +372 +00:39:51,870 --> 00:39:55,490 +from zero and increasing. + +373 +00:39:57,550 --> 00:40:01,090 +Which means in the short run, if the quantity + +374 +00:40:01,090 --> 00:40:04,450 +produced equals zero, the total variable cost will + +375 +00:40:04,450 --> 00:40:08,710 +be zero as well. As the quantity increased, the + +376 +00:40:08,710 --> 00:40:12,970 +total variable cost is increasing as well. Right? + +377 +00:40:13,750 --> 00:40:19,590 +What about the total fixed cost? It's fixed. In + +378 +00:40:19,590 --> 00:40:23,970 +the short term, we have a value for the total + +379 +00:40:23,970 --> 00:40:30,100 +fixed cost. It's a straight line. Right? What + +380 +00:40:30,100 --> 00:40:35,260 +about the total cost? It starts or at a Q equals + +381 +00:40:35,260 --> 00:40:40,520 +zero, total fixed cost equals the total cost. In + +382 +00:40:40,520 --> 00:40:45,680 +the short run, in the short term, at a Q equals + +383 +00:40:45,680 --> 00:40:50,800 +zero, total fixed cost equals the total cost. + +384 +00:40:58,560 --> 00:41:08,060 +You have to + +385 +00:41:08,060 --> 00:41:08,420 +think. + +386 +00:41:15,260 --> 00:41:19,200 +Assumption equals zero. + +387 +00:41:20,440 --> 00:41:25,560 +Total fixed cost equals total cost. Let us assume + +388 +00:41:25,560 --> 00:41:26,280 +that this is not given. + +389 +00:41:30,230 --> 00:41:32,570 +And the total cost equals 60. + +390 +00:41:36,230 --> 00:41:39,570 +At Q equals zero. And this is not a given either. + +391 +00:41:39,710 --> 00:41:45,610 +It's a PVC. Go ahead. How can it not remain? If + +392 +00:41:45,610 --> 00:41:49,850 +the quantity produced equals zero. The total cost + +393 +00:41:49,850 --> 00:41:53,250 +is the total fixed cost. Right? And the total + +394 +00:41:53,250 --> 00:41:55,090 +variable equals zero. In this case, the total + +395 +00:41:55,090 --> 00:41:57,950 +variable equals zero. This plus this is 60. + +396 +00:42:01,450 --> 00:42:17,390 +Which means in the long term, + +397 +00:42:17,430 --> 00:42:20,510 +total fixed cost equals zero. + +398 +00:42:37,070 --> 00:42:41,110 +In the long term, in the long term, in the long + +399 +00:42:41,110 --> 00:42:46,910 +term, all costs are variable, will be changeable, + +400 +00:42:46,970 --> 00:42:50,750 +which means yes, yes, yes, yes, yes. In the long + +401 +00:42:50,750 --> 00:42:56,650 +term, the long term is the term at which the costs + +402 +00:42:56,650 --> 00:43:00,770 +are changeable, or we can change all costs. + +403 +00:43:22,450 --> 00:43:25,550 +Our definition for the long term or the + +404 +00:43:25,550 --> 00:43:30,390 +distinction between long term and short term is + +405 +00:43:30,390 --> 00:43:36,320 +not the duration. It's the period at which we can + +406 +00:43:36,320 --> 00:43:39,020 +change all the factors of production. + +407 +00:43:54,220 --> 00:43:57,240 +How it's reformed? Short term, you can 40 days. + +408 +00:43:57,840 --> 00:44:01,840 +Long term, you can maybe a year, two years. So the + +409 +00:44:01,840 --> 00:44:05,320 +difference between short term and long term is the + +410 +00:44:05,320 --> 00:44:09,700 +period at which we can change all the factors of + +411 +00:44:09,700 --> 00:44:14,360 +production. This is the difference economically + +412 +00:44:14,360 --> 00:44:17,180 +between short term and long term in terms of + +413 +00:44:17,180 --> 00:44:17,800 +economics. + +414 +00:44:21,190 --> 00:44:24,010 +Because of this, there are two types of costs, + +415 +00:44:24,510 --> 00:44:28,590 +accounting and economic cost. We will get to this + +416 +00:44:28,590 --> 00:44:34,310 +in a while. So here, + +417 +00:44:34,530 --> 00:44:35,030 +what do you see? + +418 +00:44:38,450 --> 00:44:46,330 +The total cost curve is quite similar to the total + +419 +00:44:46,330 --> 00:44:47,450 +variable cost. + +420 +00:44:50,580 --> 00:44:54,440 +But it starts from the total fixed cost point. + +421 +00:44:56,900 --> 00:44:59,840 +Right? It's similar. It goes like this. + +422 +00:45:02,860 --> 00:45:08,180 +Okay? Okay. Let's go to the average fixed cost or + +423 +00:45:08,180 --> 00:45:12,100 +average variable or average total or marginal + +424 +00:45:12,100 --> 00:45:19,160 +cost. Okay? AVC, AFC, and ATC. + +425 +00:45:24,820 --> 00:45:29,000 +These curves have been derived from the numerical + +426 +00:45:29,000 --> 00:45:35,500 +example that we had five minutes ago, right? From + +427 +00:45:35,500 --> 00:45:42,140 +the table. What do you see? The marginal cost + +428 +00:45:42,140 --> 00:45:46,540 +curve decline + +429 +00:45:46,540 --> 00:45:49,200 +and then increases. + +430 +00:45:55,820 --> 00:46:03,080 +Above here, the average variable cost declines and + +431 +00:46:03,080 --> 00:46:04,260 +then goes up. + +432 +00:46:07,180 --> 00:46:15,140 +Average fixed cost is decreasing but never reaches + +433 +00:46:15,140 --> 00:46:22,150 +zero in the short term. It never touches. The + +434 +00:46:22,150 --> 00:46:28,630 +horizontal axis. The average variable cost, sorry, + +435 +00:46:28,770 --> 00:46:32,730 +average total cost, hey you, Jai. Jai mean like + +436 +00:46:32,730 --> 00:46:35,990 +the average variable cost decreasing and + +437 +00:46:35,990 --> 00:46:41,450 +increasing, right? We have the following comments + +438 +00:46:41,450 --> 00:46:46,010 +on the graph. Number one. + +439 +00:46:51,930 --> 00:46:54,650 +Point A, here B. + +440 +00:47:04,130 --> 00:47:10,130 +What do you see? The average variable cost curve + +441 +00:47:10,130 --> 00:47:17,320 +crosses Z. The marginal cost curve at the minimum + +442 +00:47:17,320 --> 00:47:21,440 +value at the least of AVC. + +443 +00:47:23,340 --> 00:47:28,460 +The average variable cost, AVC, number one. + +444 +00:47:31,220 --> 00:47:38,580 +AVC crosses the + +445 +00:47:38,580 --> 00:47:48,350 +marginal cost curveat the minimum of what? AVC. + +446 +00:47:48,690 --> 00:47:52,470 +AVC. Right? Where does it intersect? With whose + +447 +00:47:52,470 --> 00:47:58,510 +minimum? AVC or MC? AVC. At the minimum of AVC. At + +448 +00:47:58,510 --> 00:48:09,610 +the minimum or at the least of or the minimum of + +449 +00:48:09,610 --> 00:48:18,290 +marginal cost curve. Right? Correct? Okay. What + +450 +00:48:18,290 --> 00:48:20,570 +else? ATC. + +451 +00:48:25,150 --> 00:48:28,030 +Yes, where did it stop? At the minimum for whom? + +452 +00:48:28,490 --> 00:48:31,090 +Sorry, at the minimum AVC. Thank you, thank you. + +453 +00:48:32,010 --> 00:48:41,430 +Of AVC. Number two. ATC. The same as AVC. FTC. + +454 +00:48:42,780 --> 00:48:47,100 +crosses MC at the minimum of ATC. + +455 +00:48:50,460 --> 00:48:59,000 +Sorry. AVC crosses MC at the minimum of AVC. ATC + +456 +00:48:59,000 --> 00:49:04,580 +crosses MC at the minimum of ATC. + +457 +00:49:08,430 --> 00:49:14,330 +AVC crosses MC. Crosses the least. Thank you, + +458 +00:49:14,430 --> 00:49:22,550 +thank you. AVC crosses MC. Crosses MC. + +459 +00:49:27,330 --> 00:49:33,990 +AVC crosses MC at the least. Or the minimum of + +460 +00:49:33,990 --> 00:49:38,440 +AVC. The same as for the average total cost. + +461 +00:49:40,260 --> 00:49:48,240 +Number two, ATC crosses MC + +462 +00:49:48,240 --> 00:49:57,000 +curve at the least or the minimum of ATC. + +463 +00:50:00,540 --> 00:50:03,740 +This is called the shutdown point, and this is the + +464 +00:50:03,740 --> 00:50:08,140 +break-even point. This is in the next chapter with + +465 +00:50:08,140 --> 00:50:11,520 +the chicken. Okay? Okay. What else? + +466 +00:50:15,220 --> 00:50:19,860 +As the quantity increases, or let's take this + +467 +00:50:19,860 --> 00:50:26,720 +part, at the left side of point A. At the left + +468 +00:50:26,720 --> 00:50:30,060 +side of point A, which is bigger? + +469 +00:50:32,790 --> 00:50:40,710 +AVC or MC? AVC is bigger than MC. Right? What do + +470 +00:50:40,710 --> 00:50:43,170 +you see? AVC is decreasing. + +471 +00:50:45,910 --> 00:50:54,650 +Right? When? Then three. When? AVC is bigger than + +472 +00:50:54,650 --> 00:50:59,770 +MC. AVC is decreasing. Right? + +473 +00:51:02,330 --> 00:51:08,110 +At the left side here, when the AVC is bigger than + +474 +00:51:08,110 --> 00:51:17,390 +MC, AVC is decreasing. Right side here. When MC is + +475 +00:51:17,390 --> 00:51:21,290 +bigger than AVC, AVC is decreasing, increasing. + +476 +00:51:23,690 --> 00:51:30,430 +Right? So here, at the left side, when AVC is + +477 +00:51:30,430 --> 00:51:35,310 +bigger than MC, AVC is decreasing. Right side, + +478 +00:51:35,410 --> 00:51:42,730 +right point A here. When AVC is less than MC. MC + +479 +00:51:42,730 --> 00:51:48,830 +is bigger than AVC. AVC is increasing. + +480 +00:51:51,870 --> 00:51:58,610 +That's it. So when Have the left side AVC is + +481 +00:51:58,610 --> 00:52:05,430 +bigger than MC. When AVC + +482 +00:52:05,430 --> 00:52:11,790 +is bigger than MC. When AVC is bigger than MC. + +483 +00:52:11,890 --> 00:52:20,630 +When AVC is bigger than MC. Left side point A. AVC + +484 +00:52:20,630 --> 00:52:22,450 +is decreasing. + +485 +00:52:26,700 --> 00:52:27,420 +Positive. + +486 +00:52:30,840 --> 00:52:37,360 +At the right side here. What do you see? When MC + +487 +00:52:37,360 --> 00:52:43,540 +is bigger than AVC. AVC is increasing. Then number + +488 +00:52:43,540 --> 00:52:53,620 +four. When? AVC or MC is bigger than AVC. AVC is + +489 +00:52:53,620 --> 00:53:02,540 +increasing. What else? + +490 +00:53:03,140 --> 00:53:09,300 +Here, point B. The same as for + +491 +00:53:09,300 --> 00:53:19,320 +the ATC. ATC and MC. When ATC is bigger than MC, + +492 +00:53:19,580 --> 00:53:20,420 +ATC is decreasing. + +493 +00:53:23,480 --> 00:53:27,220 +When MC, ATC is bigger than, when MC is bigger + +494 +00:53:27,220 --> 00:53:33,080 +than ATC, ATC is increasing. Right? And then left + +495 +00:53:33,080 --> 00:53:37,220 +side point B here. When MC, when ATC is bigger + +496 +00:53:37,220 --> 00:53:40,120 +than MC. Who is bigger than whom? ATC is bigger + +497 +00:53:40,120 --> 00:53:47,220 +than MC. ATC is decreasing. Right? It's a matter + +498 +00:53:47,220 --> 00:53:49,800 +of understanding, not memorization. Let's get the + +499 +00:53:49,800 --> 00:53:52,240 +data from the table. When? + +500 +00:53:55,780 --> 00:54:02,860 +ATC is bigger than MC, ATC is decreasing. Number + +501 +00:54:02,860 --> 00:54:07,400 +six, when MC is bigger than ATC, + +502 +00:54:10,280 --> 00:54:14,120 +when MC + +503 +00:54:14,120 --> 00:54:18,240 +is bigger than ATC, ATC is decreasing, it's + +504 +00:54:18,240 --> 00:54:18,520 +increasing. + +505 +00:54:25,310 --> 00:54:26,370 +Well, we still have. + +506 +00:54:31,910 --> 00:54:36,010 +Abu Hamza, give me just three minutes. Two + +507 +00:54:36,010 --> 00:54:40,230 +minutes. Two minutes. Two minutes. I'm learning + +508 +00:54:40,230 --> 00:54:42,530 +from Dr. Arafat, man. Bear with me for a while. + +509 +00:54:43,230 --> 00:54:50,210 +It's over. Okay. AFC is decreasing. Number seven. + +510 +00:54:53,170 --> 00:55:03,890 +AFC It's decreasing. But never touch zero in the + +511 +00:55:03,890 --> 00:55:12,750 +short run. Never reaches zero in the short run. + +512 +00:55:22,970 --> 00:55:30,990 +as the AFC is decreasing. The distance here, the + +513 +00:55:30,990 --> 00:55:35,450 +vertical distance between ATC and AVC gets closer. + +514 +00:55:38,670 --> 00:55:44,690 +ATC equals AFC plus AVC. + +515 +00:55:48,640 --> 00:55:54,000 +As quantity increased, HADA gets closer. Oh sorry, + +516 +00:55:54,200 --> 00:55:58,960 +decreasing doesn't increase quantity, right? The + +517 +00:55:58,960 --> 00:56:02,580 +distance between HADA and HADA is very small. You + +518 +00:56:02,580 --> 00:56:05,400 +see, HADA goes up and HADA goes down. They don't + +519 +00:56:05,400 --> 00:56:08,360 +meet each other. Do you know why? Because HADA + +520 +00:56:08,360 --> 00:56:12,960 +doesn't become zero. When AFC, when ATC equals + +521 +00:56:12,960 --> 00:56:21,630 +AVC, then AFC becomes zero. In the + +522 +00:56:21,630 --> 00:56:30,430 +short term, ATC and AVC get closer because ATC and + +523 +00:56:30,430 --> 00:56:37,870 +AFC are decreasing. In the short term, ATC never + +524 +00:56:37,870 --> 00:56:39,830 +equals AVC. + +525 +00:56:42,060 --> 00:56:47,360 +Because A of C is always positive bigger than zero + +526 +00:56:47,360 --> 00:56:49,560 +in the short run, right? + +527 +00:56:52,300 --> 00:56:57,840 +A T C never equal a V C in the short run because A + +528 +00:56:57,840 --> 00:57:04,630 +of C never equal zero in the short run. This + +529 +00:57:04,630 --> 00:57:06,630 +doesn't become zero. This doesn't become zero. + +530 +00:57:06,910 --> 00:57:11,350 +When this can become this equals this, then AFC + +531 +00:57:11,350 --> 00:57:14,650 +equals zero. This equals this and this doesn't + +532 +00:57:14,650 --> 00:57:19,250 +become zero. This is the short run. So ATC is + +533 +00:57:19,250 --> 00:57:26,990 +always bigger than AVC. ATC is always bigger than + +534 +00:57:26,990 --> 00:57:35,220 +AVC. Right?ATC is always bigger than AVC. What is + +535 +00:57:35,220 --> 00:57:38,580 +the vertical distance between this and this? What + +536 +00:57:38,580 --> 00:57:44,520 +is the vertical distance between ATC and AVC? What + +537 +00:57:44,520 --> 00:57:50,420 +is ATC minus AVC? AFC. Right? The vertical + +538 +00:57:50,420 --> 00:57:54,900 +distance between ATC and AVC... The distance is + +539 +00:57:54,900 --> 00:57:58,120 +getting smaller as you want to increase. But we + +540 +00:57:58,120 --> 00:57:59,620 +call this AFC. + +541 +00:58:01,870 --> 00:58:03,450 +Eat well, eat well + diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/V0ESE6iUHho.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/V0ESE6iUHho.srt new file mode 100644 index 0000000000000000000000000000000000000000..9960323e1ca860241eaf63de570952eb2483c106 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/V0ESE6iUHho.srt @@ -0,0 +1,2344 @@ + +1 +00:00:20,680 --> 00:00:24,800 +Okay. Today, inshallah, we are going to complete + +2 +00:00:24,800 --> 00:00:28,860 +our talk about the price, sorry, the tax incidence + +3 +00:00:28,860 --> 00:00:33,380 +or tax burden. In the last class, we had an idea + +4 +00:00:33,380 --> 00:00:34,560 +about the tax burden. + +5 +00:00:37,500 --> 00:00:43,780 +We said that if the product was necessary for the + +6 +00:00:43,780 --> 00:00:49,630 +consumer, the demand will be inelastic and the + +7 +00:00:49,630 --> 00:00:54,270 +consumer pays the most of tax burden and the + +8 +00:00:54,270 --> 00:00:57,510 +producer pays the least of tax burden and vice + +9 +00:00:57,510 --> 00:01:03,490 +versa. If the demand is elastic, the consumer pays + +10 +00:01:03,490 --> 00:01:07,010 +the least of tax burden and the producer pays the + +11 +00:01:07,010 --> 00:01:11,470 +most because here the product is not necessary for + +12 +00:01:11,470 --> 00:01:14,130 +the consumers. It's easy to give up it when the + +13 +00:01:14,130 --> 00:01:19,810 +price, when the tax is imposed here. So let's back + +14 +00:01:19,810 --> 00:01:26,650 +quickly to the last point, the tax incidence or + +15 +00:01:26,650 --> 00:01:27,310 +tax burden. + +16 +00:01:36,740 --> 00:01:42,000 +The first case, or we have five cases. Inelastic + +17 +00:01:42,000 --> 00:01:46,480 +demand, elastic, unitary elastic, perfectly + +18 +00:01:46,480 --> 00:01:49,560 +elastic, perfectly inelastic, and we will deal + +19 +00:01:49,560 --> 00:01:54,180 +with the supply here is a neutral or unitary + +20 +00:01:54,180 --> 00:01:58,100 +elastic in the five cases. Okay? So the first case + +21 +00:01:58,100 --> 00:01:58,400 +here, + +22 +00:02:01,720 --> 00:02:08,570 +when demand is inelastic, price, to D or a + +23 +00:02:08,570 --> 00:02:13,770 +quantity when demand is inelastic demand curve + +24 +00:02:13,770 --> 00:02:20,970 +will be close to the vertical axis D + +25 +00:02:20,970 --> 00:02:24,470 +inelastic + +26 +00:02:24,470 --> 00:02:24,850 +demand + +27 +00:02:35,970 --> 00:02:39,130 +Like the demand for flour, demand for + +28 +00:02:39,130 --> 00:02:40,610 +telecommunication services. + +29 +00:02:46,630 --> 00:02:50,590 +Supply will be neutral here, unitary elastic. + +30 +00:02:53,650 --> 00:03:00,690 +S1, D1. This is the original here, the original + +31 +00:03:00,690 --> 00:03:07,730 +equilibrium point, E1. The price is P1, and the + +32 +00:03:07,730 --> 00:03:09,270 +quantity here is Q1. + +33 +00:03:12,990 --> 00:03:16,070 +According to the factors that affect supply, we + +34 +00:03:16,070 --> 00:03:20,970 +said that if taxes or the tax rate goes up, the + +35 +00:03:20,970 --> 00:03:26,770 +gross production goes up, profits go down, and + +36 +00:03:26,770 --> 00:03:30,810 +supply shifts left. So when tax increases, + +37 +00:03:33,600 --> 00:03:36,620 +the cost production goes up. + +38 +00:03:45,220 --> 00:03:46,940 +Profits go down. + +39 +00:03:51,860 --> 00:03:55,720 +Ability to produce and the willingness to produce + +40 +00:03:55,720 --> 00:04:00,860 +goes down. So supply curve, supply goes down. + +41 +00:04:03,130 --> 00:04:07,430 +Hence, supply curve shifts left. + +42 +00:04:14,090 --> 00:04:19,410 +So in this case, supply will shift left. + +43 +00:04:25,770 --> 00:04:26,330 +Demand + +44 +00:04:29,710 --> 00:04:34,610 +No. Here, the tax is imposed on the producer. In + +45 +00:04:34,610 --> 00:04:40,670 +all cases, when the tax is imposed on the + +46 +00:04:40,670 --> 00:04:46,390 +producer, supply shifts left. Because here, it's + +47 +00:04:46,390 --> 00:04:54,590 +tax of production here. But if the tax is imposed + +48 +00:04:54,590 --> 00:05:01,220 +on the consumers, demand shifts left. But here, + +49 +00:05:01,320 --> 00:05:04,320 +according to theory, the basics of our digital + +50 +00:05:04,320 --> 00:05:08,740 +fee, supply is imposed here on the producers. When + +51 +00:05:08,740 --> 00:05:13,000 +we talk about taxes here, tax incidents, we're + +52 +00:05:13,000 --> 00:05:17,540 +talking about the tax is imposed on the producers, + +53 +00:05:17,860 --> 00:05:23,700 +okay? On the sellers here. So, in general, as tax + +54 +00:05:23,700 --> 00:05:27,240 +goes up, the supply curve shifts left. + +55 +00:05:30,070 --> 00:05:35,190 +Supply shifts left here to + +56 +00:05:35,190 --> 00:05:41,790 +S2. We have a new equilibrium point, E2. + +57 +00:05:48,570 --> 00:05:53,390 +We have a new equilibrium point which is E2 and + +58 +00:05:53,390 --> 00:06:03,010 +the price goes up to from P1 to P2, the + +59 +00:06:03,010 --> 00:06:08,550 +equilibrium quantity goes down, Q2. + +60 +00:06:11,450 --> 00:06:14,350 +As you see, the magnitudes or the percentage + +61 +00:06:14,350 --> 00:06:16,290 +change in price is bigger than the percentage + +62 +00:06:16,290 --> 00:06:19,970 +change in quantity. Smooth? Because the demand is + +63 +00:06:19,970 --> 00:06:26,830 +inelastic. Okay. Now, the question is calculate + +64 +00:06:28,390 --> 00:06:31,950 +the government's revenue of tax. Number two, + +65 +00:06:32,650 --> 00:06:36,170 +determines, sorry, the government's revenue of + +66 +00:06:36,170 --> 00:06:42,030 +tax. Tax revenue. Number two, who bears the most + +67 +00:06:42,030 --> 00:06:45,630 +and who bears the least of tax burden. According + +68 +00:06:45,630 --> 00:06:48,890 +to our assumption in the last example, we said + +69 +00:06:48,890 --> 00:06:53,470 +that the original equilibrium price was three + +70 +00:06:53,470 --> 00:06:58,520 +units, three dollars here. The price was three + +71 +00:06:58,520 --> 00:07:01,860 +dollars or is three dollars. And the price per + +72 +00:07:01,860 --> 00:07:05,380 +unit, three shekels here, the price of per + +73 +00:07:05,380 --> 00:07:10,280 +kilogram of flour here. The price, price, the + +74 +00:07:10,280 --> 00:07:17,640 +original price per kilogram of flour equals three + +75 +00:07:17,640 --> 00:07:21,960 +shekels. This is the original assumption, initial + +76 +00:07:21,960 --> 00:07:27,830 +assumption, all right? And let us assume that the + +77 +00:07:27,830 --> 00:07:32,670 +quantity purchased equals 70 kilograms or 100 + +78 +00:07:32,670 --> 00:07:39,670 +kilograms. At the price equals three, the original + +79 +00:07:39,670 --> 00:07:42,810 +quantity exchange in the market, the equilibrium + +80 +00:07:42,810 --> 00:07:47,210 +quantity in the market, equals 100 kilograms. As + +81 +00:07:47,210 --> 00:07:53,250 +the government sets a tax, supply Or let us assume + +82 +00:07:53,250 --> 00:07:57,150 +that the government imposed a tax one shekel per + +83 +00:07:57,150 --> 00:07:57,590 +kilogram. + +84 +00:08:00,270 --> 00:08:05,610 +So the assumption here is if the government + +85 +00:08:05,610 --> 00:08:07,370 +imposed a tax, + +86 +00:08:09,990 --> 00:08:15,990 +if the government sits + +87 +00:08:15,990 --> 00:08:20,690 +or + +88 +00:08:20,690 --> 00:08:21,210 +imposed + +89 +00:08:24,020 --> 00:08:29,580 +one shekel per kilogram tax by + +90 +00:08:29,580 --> 00:08:35,440 +one shekel per + +91 +00:08:35,440 --> 00:08:38,620 +kilogram of the flour. + +92 +00:08:44,900 --> 00:08:52,420 +Analyze the effect on supply Explain or calculate + +93 +00:08:52,420 --> 00:08:57,620 +the total government revenue of tax. Determine who + +94 +00:08:57,620 --> 00:09:00,720 +will bear the most and who will bear the least of + +95 +00:09:00,720 --> 00:09:06,580 +tax burden. So number one, the question is, who + +96 +00:09:06,580 --> 00:09:11,080 +will bear the + +97 +00:09:11,080 --> 00:09:15,420 +most and + +98 +00:09:15,420 --> 00:09:16,040 +the least? + +99 +00:09:20,010 --> 00:09:21,010 +of tax burden. + +100 +00:09:30,830 --> 00:09:31,550 +Yeah. + +101 +00:09:34,090 --> 00:09:41,370 +The most tax burden. Yeah. The least. + +102 +00:09:42,510 --> 00:09:42,870 +Why? + +103 +00:09:47,150 --> 00:09:51,510 +Yeah, yeah, and it's not easy to give up it as the + +104 +00:09:51,510 --> 00:09:56,890 +price goes up here. Okay, so number one here, who + +105 +00:09:56,890 --> 00:09:59,390 +will bear the most and the least of tax burden? + +106 +00:10:00,310 --> 00:10:09,970 +How much Bato calculate the + +107 +00:10:09,970 --> 00:10:11,250 +government revenue tax? + +108 +00:10:20,120 --> 00:10:26,180 +That's it. Now, the government imposed a tax. This + +109 +00:10:26,180 --> 00:10:29,540 +is the original situation. The government sets a + +110 +00:10:29,540 --> 00:10:35,440 +tax by one shekel per kilogram of flour. So + +111 +00:10:35,440 --> 00:10:41,540 +supply, as we analyzed, the supply shifts left. So + +112 +00:10:41,540 --> 00:10:48,260 +we have leftward shifting in supply curve. We have + +113 +00:10:48,260 --> 00:10:49,480 +a new equilibrium point. + +114 +00:10:52,170 --> 00:10:56,970 +The vertical distance between supply two and + +115 +00:10:56,970 --> 00:11:04,350 +supply one here is the tax per unit. The vertical + +116 +00:11:04,350 --> 00:11:11,890 +distance here from A2 to the point along lies + +117 +00:11:11,890 --> 00:11:16,350 +along S1 is + +118 +00:11:16,350 --> 00:11:17,390 +the tax per unit. + +119 +00:11:23,600 --> 00:11:30,100 +So the vertical distance + +120 +00:11:30,100 --> 00:11:34,580 +here represents + +121 +00:11:34,580 --> 00:11:44,290 +the tax per unit to determine the government's + +122 +00:11:44,290 --> 00:11:49,410 +revenue of tax, you have to take a vertical line + +123 +00:11:49,410 --> 00:11:51,470 +from A2 to S1. + +124 +00:11:57,230 --> 00:12:03,610 +From A2 to S1, the shaded area, rectangular area + +125 +00:12:03,610 --> 00:12:08,310 +represents the government's revenue of tax. The + +126 +00:12:08,310 --> 00:12:11,550 +total, the whole tax burden. + +127 +00:12:16,740 --> 00:12:20,600 +I swear I know. But there's a problem. There was + +128 +00:12:20,600 --> 00:12:25,240 +confusion in the last lecture. And the most + +129 +00:12:25,240 --> 00:12:30,620 +important thing is the course. And the most + +130 +00:12:30,620 --> 00:12:34,560 +important thing is not succeeding in the course. + +131 +00:12:35,960 --> 00:12:39,720 +Right? That's the most important thing. The least + +132 +00:12:39,720 --> 00:12:40,720 +important thing is that I don't know what to do. + +133 +00:12:42,420 --> 00:12:47,390 +Right? And that's what I don't want. So to + +134 +00:12:47,390 --> 00:12:50,210 +determine the total government revenue tax or the + +135 +00:12:50,210 --> 00:12:54,790 +total tax burden, the whole of tax burden, the + +136 +00:12:54,790 --> 00:12:58,950 +vertical distance from A to S1, this is the whole + +137 +00:12:58,950 --> 00:12:59,630 +of tax burden. + +138 +00:13:02,450 --> 00:13:08,090 +Let us assume that the price goes up, or this is + +139 +00:13:08,090 --> 00:13:12,570 +as a result or due to the leftward shifting of + +140 +00:13:12,570 --> 00:13:15,690 +supply curve, we have a new equilibrium point. A + +141 +00:13:15,690 --> 00:13:17,750 +new equilibrium point leads to increasing the + +142 +00:13:17,750 --> 00:13:21,710 +prices from P1 to P2, the quantity goes down from + +143 +00:13:21,710 --> 00:13:26,350 +Q1 to Q2. Let us assume that the decrease in the + +144 +00:13:26,350 --> 00:13:31,130 +quantity here equals 95. + +145 +00:13:33,370 --> 00:13:40,790 +The new equilibrium quantity equals 95 units, 95 + +146 +00:13:40,790 --> 00:13:42,930 +kilogram. Now, + +147 +00:13:46,870 --> 00:13:48,910 +this is the whole of tax burden. + +148 +00:13:54,150 --> 00:13:58,810 +The consumer share of tax burden can be determined + +149 +00:13:58,810 --> 00:14:02,410 +from + +150 +00:14:02,410 --> 00:14:03,290 +A1 here, + +151 +00:14:06,990 --> 00:14:13,270 +this part here represents the consumer share to + +152 +00:14:13,270 --> 00:14:13,930 +export it. + +153 +00:14:19,970 --> 00:14:21,090 +This share, + +154 +00:14:24,510 --> 00:14:29,690 +this is the consumer share to export it. This is + +155 +00:14:29,690 --> 00:14:32,970 +here, the producer share to export it. + +156 +00:14:40,270 --> 00:14:46,790 +The blue area shows the consumer share. This is + +157 +00:14:46,790 --> 00:14:47,790 +the consumer share. + +158 +00:14:53,830 --> 00:14:58,630 +The black rectangle here represents the producer + +159 +00:14:58,630 --> 00:15:03,030 +share of + +160 +00:15:03,030 --> 00:15:03,770 +tax burden. + +161 +00:15:13,440 --> 00:15:21,960 +The producers or the sellers tried to transfer the + +162 +00:15:21,960 --> 00:15:25,720 +whole of tax board and domain to consumers, but + +163 +00:15:25,720 --> 00:15:31,820 +they have not succeeded. They did not succeed. هو + +164 +00:15:31,820 --> 00:15:35,140 +خطر الشيلو كله يعني بمعنى أجى واحد بقى كم كان ال + +165 +00:15:35,140 --> 00:15:40,380 +per kilogram حقه three shekels حطوا taxes واحد + +166 +00:15:42,480 --> 00:15:44,240 +They're supposed to sell it for how much? For 4. + +167 +00:15:44,620 --> 00:15:48,300 +For 4. But actually, actually, when demand is + +168 +00:15:48,300 --> 00:15:50,380 +inelastic, they carry the larger part. + +169 +00:15:53,800 --> 00:15:57,040 +Okay? So this is how it is. The distance from hand + +170 +00:15:57,040 --> 00:16:01,420 +to hand. It's all one. Well, from hand to hand, + +171 +00:16:01,480 --> 00:16:05,480 +what do you expect? It could be 75%, 80%. Right? + +172 +00:16:06,080 --> 00:16:11,160 +80%. And this is 20%. Right? This is each one. + +173 +00:16:12,230 --> 00:16:16,650 +Dollar, one shekel. This is, or this part is + +174 +00:16:16,650 --> 00:16:20,590 +bigger than this part. Then how they handle it + +175 +00:16:20,590 --> 00:16:25,170 +here, 80%, 75%. So this price, the new price + +176 +00:16:25,170 --> 00:16:31,530 +becomes 3.75 shekels. From here to here, 25% + +177 +00:16:31,530 --> 00:16:37,390 +remains. This minus 25%, how much remains? 2.75. + +178 +00:16:38,090 --> 00:16:38,330 +Okay? + +179 +00:16:42,310 --> 00:16:46,870 +So, the consumer share of tax burden here equals + +180 +00:16:46,870 --> 00:16:49,550 +how much? As you see, the consumer share of tax + +181 +00:16:49,550 --> 00:16:51,990 +burden is bigger than the producer's share of tax + +182 +00:16:51,990 --> 00:16:55,150 +burden or the seller's share of tax burden. To + +183 +00:16:55,150 --> 00:17:00,990 +calculate the consumer share of tax burden, it is + +184 +00:17:00,990 --> 00:17:03,330 +the area of this rectangle. + +185 +00:17:10,570 --> 00:17:22,470 +So 3.75 minus 3, 75% or 0.75 times 95. So let's + +186 +00:17:22,470 --> 00:17:26,410 +calculate the consumer share to export it. So the + +187 +00:17:26,410 --> 00:17:27,330 +consumer share. + +188 +00:17:32,090 --> 00:17:37,310 +So as we can say that the consumer bears the most + +189 +00:17:38,260 --> 00:17:40,860 +of tax burden and the producer B is the least of + +190 +00:17:40,860 --> 00:17:43,560 +tax burden. Let's calculate the consumer share. + +191 +00:17:43,740 --> 00:17:50,440 +The consumer share of tax burden equals + +192 +00:17:50,440 --> 00:18:02,960 +3.75 minus 3 times + +193 +00:18:02,960 --> 00:18:05,820 +Q. + +194 +00:18:07,910 --> 00:18:14,370 +Two over the 95 equals how much? The consumer + +195 +00:18:14,370 --> 00:18:15,510 +share equals? + +196 +00:18:20,790 --> 00:18:23,290 +What about the producer share of tax burden? + +197 +00:18:24,410 --> 00:18:30,030 +Producer share equals + +198 +00:18:30,030 --> 00:18:43,610 +had a hick fed. Three minus 2.75 times 95. The + +199 +00:18:43,610 --> 00:18:51,270 +area of this rectangle equals three points. So the + +200 +00:18:51,270 --> 00:19:00,390 +producer share equals three minus 2.75 times 95 + +201 +00:19:00,390 --> 00:19:01,490 +equals how much? + +202 +00:19:0 + +223 +00:21:10,820 --> 00:21:15,820 +The second case, when demand is elastic, elastic + +224 +00:21:15,820 --> 00:21:16,240 +demand. + +225 +00:21:22,240 --> 00:21:26,240 +Like the demand for apple or like the demand for + +226 +00:21:26,240 --> 00:21:26,940 +orange. + +227 +00:21:33,080 --> 00:21:37,920 +When demand is elastic, demand curve will be close + +228 +00:21:37,920 --> 00:21:38,960 +to the horizontal axis. + +229 +00:21:42,660 --> 00:21:52,020 +Demand is elastic, D1. Supply is neutral. Supply + +230 +00:21:52,020 --> 00:21:54,660 +is unitary elastic. + +231 +00:21:59,360 --> 00:22:05,280 +S1, D1. The original or initial equilibrium point + +232 +00:22:05,280 --> 00:22:07,160 +is E1. + +233 +00:22:10,560 --> 00:22:11,780 +Let us assume that + +234 +00:22:15,210 --> 00:22:19,630 +The price per kilogram of apple equals six + +235 +00:22:19,630 --> 00:22:21,810 +shekels. + +236 +00:22:24,830 --> 00:22:31,310 +The price per kilogram of price quantity, and the + +237 +00:22:31,310 --> 00:22:34,250 +price per kilogram of apple equals six shekels, + +238 +00:22:34,410 --> 00:22:37,370 +the quantity purchased per family month, let us + +239 +00:22:37,370 --> 00:22:39,210 +assume it was 10 kilogram. + +240 +00:22:44,410 --> 00:22:51,990 +The government imposed a tax, one shekel per + +241 +00:22:51,990 --> 00:22:56,070 +kilogram of apple. Who bears the most and who + +242 +00:22:56,070 --> 00:22:59,870 +bears the least? As the government imposed a tax, + +243 +00:23:00,850 --> 00:23:08,510 +one shekel per kilogram of apple. Supply goes down + +244 +00:23:08,510 --> 00:23:13,710 +and shifts left. So supply will shift left here. + +245 +00:23:15,490 --> 00:23:20,570 +parallel to the initial supply curve, S2. + +246 +00:23:27,790 --> 00:23:31,810 +We have a new equilibrium point, E2, + +247 +00:23:38,990 --> 00:23:39,710 +to determine + +248 +00:23:42,880 --> 00:23:45,980 +the tax burden or the whole tax burden, we have to + +249 +00:23:45,980 --> 00:23:51,120 +take a vertical distance from A2 to S1. This is + +250 +00:23:51,120 --> 00:23:59,400 +the + +251 +00:23:59,400 --> 00:24:00,540 +whole tax burden. + +252 +00:24:06,910 --> 00:24:11,830 +From A1 here to this point along S1, from A2 to S1 + +253 +00:24:11,830 --> 00:24:17,250 +here, this is one shekel, the tax per unit. The + +254 +00:24:17,250 --> 00:24:20,890 +tax per unit. To determine the total tax burden, + +255 +00:24:22,450 --> 00:24:25,630 +the vertical line here from A2 to the point along + +256 +00:24:25,630 --> 00:24:31,130 +S1 here, this is the whole of tax burden. The + +257 +00:24:31,130 --> 00:24:34,470 +vertical distance here is the tax per unit. + +258 +00:24:40,150 --> 00:24:45,150 +Where's the consumer share? Hey, the consumer + +259 +00:24:45,150 --> 00:24:52,310 +share of tax burden, this is the consumer share of + +260 +00:24:52,310 --> 00:24:59,410 +tax burden. And this is the producer share of tax + +261 +00:24:59,410 --> 00:24:59,710 +burden. + +262 +00:25:11,590 --> 00:25:17,750 +The above area is the consumer share and the below + +263 +00:25:17,750 --> 00:25:22,270 +here is or represents the producer share. So here + +264 +00:25:22,270 --> 00:25:29,890 +is the consumer share and + +265 +00:25:29,890 --> 00:25:31,650 +here is the producer share. + +266 +00:25:48,290 --> 00:25:53,890 +So this can be shown to represent 6.25. So this + +267 +00:25:53,890 --> 00:25:54,230 +can be shown to represent 6.25. So this can be + +268 +00:25:54,230 --> 00:25:55,550 +shown to represent 6.25. So this can be shown to + +269 +00:25:55,550 --> 00:25:55,710 +6.25. So this can be shown to represent 6.25. So + +270 +00:25:55,710 --> 00:26:01,130 +this can be shown to represent 6.25. So this can + +271 +00:26:01,130 --> 00:26:02,130 +be shown to represent 6.25. So this can be shown + +272 +00:26:02,130 --> 00:26:03,590 +to represent 6.25. So this can be shown to + +273 +00:26:03,590 --> 00:26:03,810 +represent 6.25. So this can be shown to represent + +274 +00:26:03,810 --> 00:26:03,990 +6.25. So this can be shown to represent 6.25. So + +275 +00:26:03,990 --> 00:26:04,050 +this can be shown to represent 6.25. So this can + +276 +00:26:04,050 --> 00:26:04,070 +to represent 6.25. So this can be shown to + +277 +00:26:04,070 --> 00:26:04,210 +6.25. So this can be shown to represent 6.25. So + +278 +00:26:04,210 --> 00:26:04,710 +this can be shown to represent 6.25. So this can + +279 +00:26:04,710 --> 00:26:09,530 +be shown to represent 6.25. So this can be Zero + +280 +00:26:09,530 --> 00:26:14,550 +point, so 5.25. Yes, say this is minus this is + +281 +00:26:14,550 --> 00:26:18,410 +one. You can say difference or not difference, + +282 +00:26:18,450 --> 00:26:20,170 +whatever you want. Yes? + +283 +00:26:23,430 --> 00:26:29,450 +This is 6.25 minus 5.25, this is one. That's it. + +284 +00:26:31,010 --> 00:26:35,120 +Correct? Okay. Let us assume here that the + +285 +00:26:35,120 --> 00:26:40,640 +quantity declined from 10 to seven. + +286 +00:26:42,360 --> 00:26:48,200 +To four, okay. To four. Calculate the whole of tax + +287 +00:26:48,200 --> 00:26:50,080 +burden, the consumer share of tax burden, the + +288 +00:26:50,080 --> 00:26:53,760 +producer share of tax burden. The consumer share + +289 +00:26:53,760 --> 00:26:54,660 +of tax burden here. + +290 +00:26:59,480 --> 00:27:02,940 +Consumer share of tax burden, producer share, and + +291 +00:27:02,940 --> 00:27:03,940 +the total tax burden. + +292 +00:27:08,280 --> 00:27:12,480 +The consumer + +293 +00:27:12,480 --> 00:27:13,480 +share of tax burden. + +294 +00:27:27,290 --> 00:27:28,350 +Times four, yes. + +295 +00:27:32,190 --> 00:27:32,570 +One. + +296 +00:27:37,970 --> 00:27:41,710 +Total tax burden. So the producer share. + +297 +00:27:44,990 --> 00:27:51,170 +Five point, + +298 +00:27:51,570 --> 00:27:52,570 +no six minus. + +299 +00:27:59,900 --> 00:28:07,080 +Six minus 5.25 times four, + +300 +00:28:07,220 --> 00:28:11,640 +yes, three. Yes, three. The total tax burden, + +301 +00:28:14,780 --> 00:28:20,640 +one times four. Yeah, that's it. Or the summation + +302 +00:28:20,640 --> 00:28:23,580 +of the consumer share and the producer share of + +303 +00:28:23,580 --> 00:28:26,680 +tax burden that gives us the total tax burden. + +304 +00:28:26,880 --> 00:28:29,620 +Okay, let's go to the last case, the third case. + +305 +00:28:31,020 --> 00:28:35,520 +Thank you. Let's go to the third case. + +306 +00:28:38,620 --> 00:28:43,440 +The unitary elastic demand. Or when demand is + +307 +00:28:43,440 --> 00:28:44,240 +unitary elastic. + +308 +00:28:47,290 --> 00:28:56,510 +Unitary elastic demand Unitary + +309 +00:28:56,510 --> 00:29:04,130 +Unitary + +310 +00:29:04,130 --> 00:29:13,510 +elastic demand Price + +311 +00:29:13,510 --> 00:29:14,410 +wanting + +312 +00:29:20,090 --> 00:29:24,490 +D1, S1. This is the original equilibrium point, + +313 +00:29:24,650 --> 00:29:30,790 +E1. P1 equals eight. + +314 +00:29:37,050 --> 00:29:43,010 +Q1 equals 100 units. + +315 +00:29:45,710 --> 00:29:51,070 +The government imposed a tax by two dollars or two + +316 +00:29:51,070 --> 00:29:53,630 +shekels per unit. + +317 +00:29:55,930 --> 00:30:02,190 +The tax per unit equals + +318 +00:30:02,190 --> 00:30:12,130 +two shekels, not one. Analyze the effects of the + +319 +00:30:12,130 --> 00:30:18,550 +tax per unit here. The tax period here, when the + +320 +00:30:18,550 --> 00:30:26,610 +government sets a tax, supply curve shifts left to + +321 +00:30:26,610 --> 00:30:27,130 +S2. + +322 +00:30:29,830 --> 00:30:36,910 +There's E2, P2, and the quantity goes down by Q2. + +323 +00:30:41,710 --> 00:30:45,830 +My question is, Who bears the most and who bears + +324 +00:30:45,830 --> 00:30:51,650 +the least of tax burden? 50-50, yes. Yes, 50-50. + +325 +00:30:52,970 --> 00:30:58,330 +To determine the tax burden from A2 to S1 here, + +326 +00:30:58,830 --> 00:31:00,330 +this is the whole of tax burden. + +327 +00:31:06,690 --> 00:31:09,330 +This is the consumer share of tax burden and this + +328 +00:31:09,330 --> 00:31:12,010 +is the producer share of tax burden. They are + +329 +00:31:12,010 --> 00:31:12,430 +equals. + +330 +00:31:16,540 --> 00:31:22,000 +The vertical here, how much is it? Two. The tax + +331 +00:31:22,000 --> 00:31:25,920 +per unit, two. Ten. Six. + +332 +00:31:30,240 --> 00:31:36,220 +Nine and seven. Because the whole tax or the tax + +333 +00:31:36,220 --> 00:31:36,920 +per unit is two. + +334 +00:31:40,560 --> 00:31:42,160 +Nine minus seven, two. + +335 +00:31:45,380 --> 00:31:50,860 +50-50. Had a 50 percent, had a 50 percent, had a + +336 +00:31:50,860 --> 00:31:55,300 +one dollar, one dollar. Tamam? Sah or مش صح؟ مش + +337 +00:31:55,300 --> 00:32:01,340 +ضبطة مش ضبطة؟ أحنا غيرنا الأرقام عشان هيك. أسمع + +338 +00:32:01,340 --> 00:32:05,560 +تبانيش زي الزلم هضحك. أحنا هنا في ال two examples, + +339 +00:32:05,920 --> 00:32:11,060 +one one. Yet the tax period is two, just two + +340 +00:32:11,060 --> 00:32:14,160 +years. It's not always fun. + +341 +00:32:19,800 --> 00:32:24,800 +So the tax, the whole of tax burden equals two + +342 +00:32:24,800 --> 00:32:28,700 +times... + +343 +00:32:28,700 --> 00:32:29,360 +280. + +344 +00:32:40,040 --> 00:32:45,900 +The percentage change of a price equals percentage + +345 +00:32:45,900 --> 00:32:50,200 +change in a quantity. How much is the percentage + +346 +00:32:50,200 --> 00:32:51,680 +change in a price here? + +347 +00:32:54,800 --> 00:33:02,720 +I don't know. Nine minus eight over eight. This + +348 +00:33:02,720 --> 00:33:04,660 +gives me the percentage change. + +349 +00:33:07,380 --> 00:33:10,620 +How much is the percentage change in the price? + +350 +00:33:11,900 --> 00:33:19,640 +How much? 125,000. 125,000. 125,000. 125,000. 125 + +351 +00:33:19,640 --> 00:33:19,680 +,000. 125,000. 125,000. 125,000. 125,000. 125,000. + +352 +00:33:19,680 --> 00:33:19,800 +125,000. 125,000. 125,000. 125,000. 125,000. 125 + +353 +00:33:19,800 --> 00:33:20,420 +,000. 125,000. 125,000. 125,000. 125,000. 125,000. + +354 +00:33:20,580 --> 00:33:22,760 +125,000. 125,000. 125,000. 125,000. 125,000. 125 + +355 +00:33:22,760 --> 00:33:24,260 +,000. 125,000. 125,000. 125,000. 125,000. 125,000. + +356 +00:33:24,260 --> 00:33:26,060 +125,000. 125,000. 125,000. 125,000. 125,000. 125 + +357 +00:33:26,060 --> 00:33:30,340 +,000. 125,000. 125,000. 125,000. + +358 +00:33:36,480 --> 00:33:43,070 +125,000 The price increased. How much is the + +359 +00:33:43,070 --> 00:33:46,810 +percentage change in price? Two minus one over + +360 +00:33:46,810 --> 00:33:48,530 +one. The price. How much? Of course it's + +361 +00:33:48,530 --> 00:33:51,170 +multiplied by one hundred percent. It's multiplied + +362 +00:33:51,170 --> 00:33:52,370 +by one hundred percent. How much does it have to + +363 +00:33:52,370 --> 00:33:55,070 +be? Twelve and a half percent. Twelve and a half + +364 +00:33:55,070 --> 00:33:59,270 +percent. This has to go down by twelve and a half + +365 +00:33:59,270 --> 00:34:01,730 +percent. How much did it go down? How many numbers + +366 +00:34:01,730 --> 00:34:02,390 +does it have to be? + +367 +00:34:05,490 --> 00:34:18,020 +No, sir. It was one hundred 87.5% 87.5 + +368 +00:34:18,020 --> 00:34:31,560 +% 87.5% 87.5% 87.5% 87.5% 87.5% 87.5% 87.5% 87.5% + +369 +00:34:56,440 --> 00:35:04,860 +The whole of tax burden is 2 times 87.5. One by + +370 +00:35:04,860 --> 00:35:07,020 +one, like this, they give the total tax report. + +371 +00:35:07,100 --> 00:35:08,520 +That's how much the consumer shares and how much + +372 +00:35:08,520 --> 00:35:13,340 +the producer shares. That's it. Okay? Okay. Is + +373 +00:35:13,340 --> 00:35:13,700 +there a problem? + +374 +00:35:20,220 --> 00:35:23,900 +No, there are no problems, thank God. Okay. + +375 +00:35:35,090 --> 00:35:37,130 +The person should change her price. + +376 +00:35:40,630 --> 00:35:42,230 +The person should change her price. The person + +377 +00:35:42,230 --> 00:35:46,650 +should change her price. The person should change + +378 +00:35:46,650 --> 00:35:47,110 +her price. + +379 +00:35:54,660 --> 00:35:57,380 +Without justifications, I don't know. But you have + +380 +00:35:57,380 --> 00:36:03,020 +them. For example, in Delta, I took this person + +381 +00:36:03,020 --> 00:36:07,220 +and it changed. Does this price go up? How much + +382 +00:36:07,220 --> 00:36:09,580 +did it increase? It increased from eight to nine. + +383 +00:36:09,680 --> 00:36:11,560 +How much did the person change in price? We + +384 +00:36:11,560 --> 00:36:15,700 +calculated it. Twelve and a half, right? Right? + +385 +00:36:17,040 --> 00:36:19,460 +The quantity decreased by the same percentage + +386 +00:36:19,460 --> 00:36:21,840 +because this percentage change in price equals the + +387 +00:36:21,840 --> 00:36:23,780 +percentage change in quantity. Because this is + +388 +00:36:23,780 --> 00:36:30,960 +unitary elastic. Unitary elastic in AD, change, + +389 +00:36:31,240 --> 00:36:35,480 +the percentage change in QD equals the percentage + +390 +00:36:35,480 --> 00:36:40,020 +change in price. So if this change in price is 12 + +391 +00:36:40,020 --> 00:36:45,420 +.5%, as shown here, this will decrease by 12.5%. + +392 +00:36:48,820 --> 00:36:51,640 +From eight to nine. How much does the percentage + +393 +00:36:51,640 --> 00:36:58,020 +change in price? How much does Q2 have to be? It + +394 +00:36:58,020 --> 00:37:03,060 +has to be 12 and a half, which is Q2 minus Q1 over + +395 +00:37:03,060 --> 00:37:03,700 +Q1. + +396 +00:37:06,500 --> 00:37:09,680 +In other words, how can I calculate this if I + +397 +00:37:09,680 --> 00:37:13,360 +don't have it? A change in QD percent. + +398 +00:37:15,760 --> 00:37:23,070 +The percentage change in QD Change of QD is Q2 + +399 +00:37:23,070 --> 00:37:31,570 +minus Q1 over Q1. Correct? This is supposed to be + +400 +00:37:31,570 --> 00:37:38,190 +12.5%. Equals. + +401 +00:37:38,610 --> 00:37:50,000 +Q2 is unknown here. Q2 minus Q1 is 100. over 100 + +402 +00:37:50,000 --> 00:37:53,260 +times + +403 +00:37:53,260 --> 00:38:04,420 +100 + +404 +00:38:04,420 --> 00:38:07,740 +equals + +405 +00:38:07,740 --> 00:38:15,180 +Q2 minus 100. So Q2 equals + +406 +00:38:17,380 --> 00:38:19,280 +Of course, this is declining. This is a negative + +407 +00:38:19,280 --> 00:38:23,600 +sign. The percentage change in QD is negative + +408 +00:38:23,600 --> 00:38:26,860 +because Q has declined. So, it should be a + +409 +00:38:26,860 --> 00:38:27,620 +negative sign. + +410 + +445 +00:42:18,000 --> 00:42:19,620 +the consumer share, + +446 +00:42:22,980 --> 00:42:26,860 +which means that the consumer bears the whole of + +447 +00:42:26,860 --> 00:42:32,460 +tax burden, which is or equals 10 times 5 equals + +448 +00:42:32,460 --> 00:42:32,840 +50. + +449 +00:42:35,600 --> 00:42:39,400 +Let's go to the last, which means that the seller + +450 +00:42:39,400 --> 00:42:47,040 +was able to transfer the total tax to the + +451 +00:42:47,040 --> 00:42:55,500 +consumer. As he is able to sell the product by 210 + +452 +00:42:55,500 --> 00:43:00,850 +shekels. They didn't carry anything. They paid 10 + +453 +00:43:00,850 --> 00:43:03,130 +shekels of taxes and sold them for 210 shekels to + +454 +00:43:03,130 --> 00:43:06,250 +the consumer. That means he sold his sheep for 200 + +455 +00:43:06,250 --> 00:43:10,810 +shekels. They paid 10 shekels and sold them all. + +456 +00:43:12,090 --> 00:43:19,670 +That's it. Okay? Exactly. They made a transfer. + +457 +00:43:21,050 --> 00:43:26,920 +By 100%. So in this case, the consumer bears the + +458 +00:43:26,920 --> 00:43:29,540 +whole of tax burden. Let's go to the last case. + +459 +00:43:30,240 --> 00:43:36,240 +When the product is perfectly elastic. Okay. + +460 +00:43:58,460 --> 00:44:04,440 +The last case when demand is + +461 +00:44:04,440 --> 00:44:08,940 +perfectly elastic. + +462 +00:44:10,560 --> 00:44:14,220 +Like a product that is not necessary at all for + +463 +00:44:14,220 --> 00:44:19,720 +the consumer. Rings for male youth. + +464 +00:44:29,960 --> 00:44:39,160 +Like the demand for rings for male youth. + +465 +00:44:45,500 --> 00:44:52,630 +Which means the product that's necessary for Some + +466 +00:44:52,630 --> 00:44:58,730 +group or someone. It's not necessary, sometimes + +467 +00:44:58,730 --> 00:45:00,930 +not necessary for someone else. + +468 +00:45:03,810 --> 00:45:07,890 +This product might be elastic for me, but it's + +469 +00:45:07,890 --> 00:45:11,890 +inelastic for someone else. Insulin is perfectly + +470 +00:45:11,890 --> 00:45:14,870 +inelastic for me as a diabetic patient. For you, + +471 +00:45:14,990 --> 00:45:16,050 +it's perfectly elastic. + +472 +00:45:19,840 --> 00:45:25,800 +For smokers, cigarettes is inelastic because it is + +473 +00:45:25,800 --> 00:45:30,380 +important. For me, it's elastic. It's perfectly + +474 +00:45:30,380 --> 00:45:33,240 +elastic. For you as well. + +475 +00:45:37,440 --> 00:45:44,860 +Let's go ranks for male youth. The man is + +476 +00:45:44,860 --> 00:45:55,110 +perfectly elastic. P, Q, demand is horizontal, D1, + +477 +00:45:56,090 --> 00:46:02,210 +and supply, S1. This is the original equilibrium, + +478 +00:46:02,670 --> 00:46:09,350 +the price, P1, and the Q is the Q1 here, equals + +479 +00:46:09,350 --> 00:46:12,550 +five shekels, and the quantity purchased equals + +480 +00:46:12,550 --> 00:46:13,270 +three units. + +481 +00:46:18,870 --> 00:46:23,330 +Although the price is on a change here, quantity + +482 +00:46:23,330 --> 00:46:23,950 +goes down. + +483 +00:46:27,630 --> 00:46:34,770 +As the + +484 +00:46:34,770 --> 00:46:42,550 +government imposed the tax by 10% or two shekels + +485 +00:46:42,550 --> 00:46:44,390 +per unit. + +486 +00:46:48,790 --> 00:46:52,630 +Let us assume that the government impose a tax by + +487 +00:46:52,630 --> 00:46:58,390 +two shekels per unit sold. Who bears the tax here? + +488 +00:46:59,410 --> 00:47:06,470 +The producer. To determine + +489 +00:47:06,470 --> 00:47:13,390 +here, the new equilibrium point is A2. From A2 to + +490 +00:47:13,390 --> 00:47:20,130 +S1 here. At this point here. This is the whole of + +491 +00:47:20,130 --> 00:47:29,170 +tax burden. The total tax burden. And the + +492 +00:47:29,170 --> 00:47:33,270 +government imposed a tax by two shakers per unit. + +493 +00:47:35,330 --> 00:47:40,790 +Two dollars. What do you see? The price is + +494 +00:47:40,790 --> 00:47:41,170 +unchanged. + +495 +00:47:44,730 --> 00:47:48,490 +Two units here, this becomes how much? This is P2 + +496 +00:47:48,490 --> 00:47:55,030 +here, or P3. P2 equals five, and this is P3 equals + +497 +00:47:55,030 --> 00:48:01,890 +how much? This distance here, two units, so it + +498 +00:48:01,890 --> 00:48:08,650 +should be three here. Two units, two dollars, two + +499 +00:48:08,650 --> 00:48:09,830 +shekels. + +500 +00:48:12,070 --> 00:48:18,690 +In this case, this is the point or the area below + +501 +00:48:18,690 --> 00:48:23,630 +E1. This is the producer share of tax burden above + +502 +00:48:23,630 --> 00:48:27,090 +the consumer share. So the consumer share of tax + +503 +00:48:27,090 --> 00:48:31,510 +burden equals zero here. This is the total tax + +504 +00:48:31,510 --> 00:48:37,230 +burden and this is here the producer share. + +505 +00:48:40,250 --> 00:48:44,150 +The producer share equals the total share, the + +506 +00:48:44,150 --> 00:48:45,090 +total tax burden. + +507 +00:48:47,910 --> 00:48:50,490 +Let us assume that the quantity goes down or went + +508 +00:48:50,490 --> 00:48:59,930 +down to one shaker or 0.5. How much is the total + +509 +00:48:59,930 --> 00:49:03,950 +tax burden and how much is the consumer share and + +510 +00:49:03,950 --> 00:49:05,290 +producer share tax burden? + +511 +00:49:11,890 --> 00:49:16,710 +Two times half equals one. The total tax borrowed + +512 +00:49:16,710 --> 00:49:21,390 +equals one. The consumer share tax borrowed equals + +513 +00:49:21,390 --> 00:49:28,990 +zero, producer share equals one. Five times two + +514 +00:49:28,990 --> 00:49:30,110 +times half. + +515 +00:49:34,100 --> 00:49:38,720 +Then Hana, five times three times half, five minus + +516 +00:49:38,720 --> 00:49:42,320 +three, two times half equals one. This is the + +517 +00:49:42,320 --> 00:49:44,520 +total tax burden and the producer share tax + +518 +00:49:44,520 --> 00:49:49,780 +burden. That's it. How can we calculate the total + +519 +00:49:49,780 --> 00:49:53,660 +tax burden? From A2 to S1 here. This is the whole + +520 +00:49:53,660 --> 00:49:57,260 +tax burden. How can we calculate it? The length of + +521 +00:49:57,260 --> 00:50:01,160 +land. Correct? It has this length, two and a half. + +522 +00:50:01,910 --> 00:50:05,250 +One, right? She's the producer's share of tax + +523 +00:50:05,250 --> 00:50:07,950 +burden. Which means he couldn't sell her in five. + +524 +00:50:08,050 --> 00:50:10,790 +He sold her in five, took two of them and gave + +525 +00:50:10,790 --> 00:50:12,030 +them to the government. How many children does he + +526 +00:50:12,030 --> 00:50:18,190 +have? Three. That's what it means. Okay, let's go + +527 +00:50:18,190 --> 00:50:21,670 +to the price elasticity of supply and the tax + +528 +00:50:21,670 --> 00:50:25,990 +burden or tax incidence. The price elasticity of + +529 +00:50:25,990 --> 00:50:29,170 +supply and tax incidence. + +530 +00:50:35,290 --> 00:50:38,010 +As we mentioned, when we studied the price + +531 +00:50:38,010 --> 00:50:44,590 +elasticity of demand, we said that when demand is + +532 +00:50:44,590 --> 00:50:49,310 +inelastic, like demand for flour, the consumer + +533 +00:50:49,310 --> 00:50:51,670 +pays the most of the export and the producer pays + +534 +00:50:51,670 --> 00:50:56,090 +the least. When demand is elastic, like the demand + +535 +00:50:56,090 --> 00:50:59,680 +for orange for Apple, And the government imposed a + +536 +00:50:59,680 --> 00:51:02,640 +tax. The consumer pays the least of tax burden, + +537 +00:51:02,780 --> 00:51:05,540 +and the consumer pays the most. If the product is + +538 +00:51:05,540 --> 00:51:08,540 +perfectly inelastic, like the demand for insulin + +539 +00:51:08,540 --> 00:51:12,560 +for diabetic patients, the consumer pays the whole + +540 +00:51:12,560 --> 00:51:15,260 +of tax burden. If the demand is perfectly + +541 +00:51:15,260 --> 00:51:18,620 +inelastic, like the demand for eggs for male + +542 +00:51:18,620 --> 00:51:23,300 +youth, the consumer pays zero, and the producer + +543 +00:51:23,300 --> 00:51:26,800 +pays the whole of tax burden. Now, and if demand + +544 +00:51:26,800 --> 00:51:31,600 +is unitary elastic, the tax will be allocated 50 + +545 +00:51:31,600 --> 00:51:35,180 +-50 for the producers and the consumers, okay? + +546 +00:51:35,780 --> 00:51:41,840 +Now, we are gonna analyze the relationship between + +547 +00:51:41,840 --> 00:51:45,820 +the price elasticity of supply, not demand, and + +548 +00:51:45,820 --> 00:51:48,180 +the tax burden or tax incidence. + +549 +00:51:51,140 --> 00:51:57,180 +We will have five cases. When supply is elastic, + +550 +00:51:57,780 --> 00:52:01,460 +inelastic, perfectly elastic, perfectly inelastic, + +551 +00:52:01,640 --> 00:52:06,040 +and unitary. And demand in these five cases will + +552 +00:52:06,040 --> 00:52:11,580 +be neutral. Unitary, elastic. So we have five + +553 +00:52:11,580 --> 00:52:15,760 +cases with different shapes of supply curves, but + +554 +00:52:15,760 --> 00:52:20,360 +demand is always unitary here. The opposite cases. + +555 +00:52:21,670 --> 00:52:25,530 +And the government imposed a tax on the producer. + +556 +00:52:27,890 --> 00:52:32,750 +So here we have five cases. One, + +557 +00:52:35,690 --> 00:52:36,890 +inelastic supply. + +558 +00:52:42,490 --> 00:52:44,550 +This is the short run. + +559 +00:52:47,930 --> 00:52:52,910 +Perfectly inelastic supply. Very short run. + +560 +00:52:54,410 --> 00:52:58,230 +Inelastic supply, short run. Unitary elastic, + +561 +00:52:59,050 --> 00:52:59,790 +medium run. + +562 +00:53:02,990 --> 00:53:07,210 +Elastic supply, long run. Perfectly elastic, very + +563 +00:53:07,210 --> 00:53:10,610 +long. Inelastic supply, short run. + +564 +00:53:21,690 --> 00:53:26,550 +Price, quantity. Supply is inelastic, so it should + +565 +00:53:26,550 --> 00:53:31,310 +be close to vertical axis. This is inelastic + +566 +00:53:31,310 --> 00:53:37,630 +supply. This one. And demand is a neutral, is + +567 +00:53:37,630 --> 00:53:39,650 +unitary elastic in the five cases. + +568 +00:53:43,570 --> 00:53:48,590 +D1. Demand is unitary elastic in the five cases. + +569 +00:53:48,930 --> 00:53:50,790 +You're inelastic supply. + +570 +00:53:55,220 --> 00:54:00,920 +E1, P1, Q1. + +571 +00:54:10,460 --> 00:54:14,180 +When the government impose a tax on the producers, + +572 +00:54:15,160 --> 00:54:20,360 +on sellers, like let us talk about the demand for + +573 +00:54:20,360 --> 00:54:27,590 +blocks. In the short run here, supply shifts lift. + +574 +00:54:28,170 --> 00:54:32,590 +The same as the previous analysis, previous cases. + +575 +00:54:33,170 --> 00:54:36,970 +When the government imposed a tax supply or on + +576 +00:54:36,970 --> 00:54:41,410 +producers, tax increased the cost of production, + +577 +00:54:41,870 --> 00:54:46,110 +supply shifts lift. So there is a leftward + +578 +00:54:46,110 --> 00:54:51,800 +shifting in supply curve to S2. Here we have a new + +579 +00:54:51,800 --> 00:54:58,700 +equilibrium point, A2. Right? Or you see, this is + +580 +00:54:58,700 --> 00:55:05,600 +P2. P goes up, price goes up, and here's the + +581 +00:55:05,600 --> 00:55:13,780 +quantity. Q2 goes down. How can we determine the + +582 +00:55:13,780 --> 00:55:17,740 +tax burden here? From A2 to Isman. + +583 +00:55:22,370 --> 00:55:27,430 +This is the whole of tax burden. Where is the + +584 +00:55:27,430 --> 00:55:28,750 +consumer share of tax burden? + +585 +00:55:31,710 --> 00:55:35,650 +The producer + +586 +00:55:35,650 --> 00:55:43,470 +share of tax burden. So here, this is the + +587 +00:55:43,470 --> 00:55:48,010 +consumer share of tax burden and + +588 +00:55:48,010 --> 00:55:50,090 +this is the producer share of tax burden. + +589 +00:55:56,680 --> 00:56:05,200 +So, the consumer pays the least. And the producer + +590 +00:56:05,200 --> 00:56:10,240 +pays the most. Producer, most. + +591 +00:56:16,200 --> 00:56:17,760 +Inelastic demand. + +592 +00:56:25,970 --> 00:56:30,410 +Can the consumer most + +593 +00:56:30,410 --> 00:56:35,790 +or the producer least? + +594 +00:56:36,730 --> 00:56:45,990 +In an elastic supply, the + +595 +00:56:45,990 --> 00:56:48,830 +consumer least, + +596 +00:56:50,410 --> 00:56:53,670 +producer most. + +597 +00:56:57,200 --> 00:57:00,480 +In all cases, it's the opposite. Let's see. + +598 +00:57:01,700 --> 00:57:07,300 +Elastic supply. In the elastic demand, who was + +599 +00:57:07,300 --> 00:57:10,960 +moving the most? The consumer was in the elastic + +600 +00:57:10,960 --> 00:57:15,060 +demand. Like like Pepsi demand for Pepsi demand + +601 +00:57:15,060 --> 00:57:18,700 +for Apple demand for Orange. The consumer was in + +602 +00:57:18,700 --> 00:57:23,540 +the elastic demand. In the elastic demand, like + +603 +00:57:23,540 --> 00:57:27,560 +the demand for Apple, The consumer bears the + +604 +00:57:27,560 --> 00:57:35,060 +least, producer bears the most. Elastic supply, we + +605 +00:57:35,060 --> 00:57:38,300 +will see in reverse. This is most and this is + +606 +00:57:38,300 --> 00:57:38,680 +least. + +607 +00:57:41,720 --> 00:57:45,020 +Let's see. In the applications, you can see more. + +608 +00:57:45,720 --> 00:57:50,800 +Did anyone notice? Okay. So, let's go to the + +609 +00:57:50,800 --> 00:57:53,120 +elastic supply. + +610 +00:57:55,560 --> 00:58:00,500 +Long run. Elastic supply, the long run here. Long + +611 +00:58:00,500 --> 00:58:00,780 +term. + +612 +00:58:04,320 --> 00:58:09,720 +Elastic supply. So let's deal with supply as + +613 +00:58:09,720 --> 00:58:15,760 +elastic. Price, quantity. Elastic supply should be + +614 +00:58:15,760 --> 00:58:21,620 +close to the horizontal axis. This one. And demand + +615 +00:58:21,620 --> 00:58:22,780 +is unitary elastic. + +616 +00:58:26,420 --> 00:58:33,340 +D1. Here's the equilibrium, E1 versus P1, Q1. The + +617 +00:58:33,340 --> 00:58:40,120 +government impose a tax by period. + +618 +00:58:40,740 --> 00:58:43,440 +This is S2. + +619 +00:58:45,160 --> 00:58:47,000 +So here we have E2. + +620 +00:58:52,260 --> 00:58:58,960 +This is P2 to determine to determine the whole of + +621 +00:58:58,960 --> 00:59:03,480 +tax burden from A2 to S1. + +622 +00:59:06,560 --> 00:59:12,740 +What do you see? P3. Price goes up, quantity goes + +623 +00:59:12,740 --> 00:59:18,500 +down. What do you see? This is the whole of tax + +624 +00:59:18,500 --> 00:59:21,380 +burden and this is the consumer share. + +625 +00:59:23,930 --> 00:59:26,730 +which is bigger than the producer share of tax + +626 +00:59:26,730 --> 00:59:27,030 +burden. + +627 +00:59:31,170 --> 00:59:37,150 +This case + +628 +00:59:37,150 --> 00:59:40,130 +pays the most, producer pays the least of tax + +629 +00:59:40,130 --> 00:59:40,530 +burden. + +630 +00:59:44,230 --> 00:59:49,550 +Most, producer pays the least of tax burden. + +631 +00:59:53,020 --> 00:59:54,740 +Who's bigger? This one is bigger than this one, + +632 +00:59:55,640 --> 01:00:00,160 +right? In the unitary, 50-50. Try it, you'll find + +633 +01:00:00,160 --> 01:00:05,940 +it 50-50. Okay? Which is the medium term. + +634 +01:00:09,520 --> 01:00:11,360 +Let's say this is the unitary elastic. + +635 +01:00:16,060 --> 01:00:19,220 +Demand, consumers, P is 50 percent and the + +636 +01:00:19,220 --> 01:00:20,740 +producer P is 50 percent. + +637 +01:00:24,750 --> 01:00:26,550 +The unitary elastic supply, + +638 +01:00:32,610 --> 01:00:40,170 +the same 50-50, 50 percent, 50 percent. Try it. + +639 +01:00:57,100 --> 01:00:58,880 +Very short run. + +640 +01:01:11,980 --> 01:01:18,660 +Unitary elastic supply. So medium run, then + +641 +01:01: \ No newline at end of file diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/V0ESE6iUHho_postprocess.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/V0ESE6iUHho_postprocess.srt new file mode 100644 index 0000000000000000000000000000000000000000..a67562afaa7204eea76ada3bda037d85de596e87 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/V0ESE6iUHho_postprocess.srt @@ -0,0 +1,2608 @@ +1 +00:00:20,680 --> 00:00:24,800 +Okay. Today, inshallah, we are going to complete + +2 +00:00:24,800 --> 00:00:28,860 +our talk about the price, sorry, the tax incidence + +3 +00:00:28,860 --> 00:00:33,380 +or tax burden. In the last class, we had an idea + +4 +00:00:33,380 --> 00:00:34,560 +about the tax burden. + +5 +00:00:37,500 --> 00:00:43,780 +We said that if the product was necessary for the + +6 +00:00:43,780 --> 00:00:49,630 +consumer, The demand will be inelastic and the + +7 +00:00:49,630 --> 00:00:54,270 +consumer pays the most of tax burden and the + +8 +00:00:54,270 --> 00:00:57,510 +producer pays the least of tax burden and vice + +9 +00:00:57,510 --> 00:01:03,490 +versa. If the demand is elastic, the consumer pays + +10 +00:01:03,490 --> 00:01:07,010 +the least of tax burden and the producer pays the + +11 +00:01:07,010 --> 00:01:11,470 +most because here The product is not necessary for + +12 +00:01:11,470 --> 00:01:14,130 +the consumers. It's easy to give up it when the + +13 +00:01:14,130 --> 00:01:19,810 +price, when the tax is imposed here. So let's back + +14 +00:01:19,810 --> 00:01:26,650 +quickly to the last point, the tax incidence or + +15 +00:01:26,650 --> 00:01:27,310 +tax burden. + +16 +00:01:36,740 --> 00:01:42,000 +The first case, or we have five cases. Inelastic + +17 +00:01:42,000 --> 00:01:46,480 +demand, elastic, unitary elastic, perfectly + +18 +00:01:46,480 --> 00:01:49,560 +elastic, perfectly inelastic, and we will deal + +19 +00:01:49,560 --> 00:01:54,180 +with the supply here is a neutral or unitary + +20 +00:01:54,180 --> 00:01:58,100 +elastic in the five cases. Okay? So the first case + +21 +00:01:58,100 --> 00:01:58,400 +here, + +22 +00:02:01,720 --> 00:02:08,570 +when demand is inelastic, price, to D or a + +23 +00:02:08,570 --> 00:02:13,770 +quantity when demand is inelastic demand curve + +24 +00:02:13,770 --> 00:02:20,970 +will be close to the vertical axis D + +25 +00:02:20,970 --> 00:02:24,470 +inelastic + +26 +00:02:24,470 --> 00:02:24,850 +demand + +27 +00:02:35,970 --> 00:02:39,130 +Like the demand for flour, demand for + +28 +00:02:39,130 --> 00:02:40,610 +telecommunication services. + +29 +00:02:46,630 --> 00:02:50,590 +Supply will be neutral here, unitary elastic. + +30 +00:02:53,650 --> 00:03:00,690 +S1, D1. This is the original here, the original + +31 +00:03:00,690 --> 00:03:07,730 +equilibrium point, E1. The price is P1, and the + +32 +00:03:07,730 --> 00:03:09,270 +quantity here is Q1. + +33 +00:03:12,990 --> 00:03:16,070 +According to the factors that affect supply, we + +34 +00:03:16,070 --> 00:03:20,970 +said that if taxes or the tax rate goes up, the + +35 +00:03:20,970 --> 00:03:26,770 +gross production goes up, profits goes down, and + +36 +00:03:26,770 --> 00:03:30,810 +supply shifts left. So when tax increases, + +37 +00:03:33,600 --> 00:03:36,620 +The cost production goes up. + +38 +00:03:45,220 --> 00:03:46,940 +Profits goes down. + +39 +00:03:51,860 --> 00:03:55,720 +Ability to produce and the willingness to produce + +40 +00:03:55,720 --> 00:04:00,860 +goes down. So supply curve, supply goes down. + +41 +00:04:03,130 --> 00:04:07,430 +Hence, supply curve shifts left. + +42 +00:04:14,090 --> 00:04:19,410 +So in this case, supply will shift left. + +43 +00:04:25,770 --> 00:04:26,330 +Demand + +44 +00:04:29,710 --> 00:04:34,610 +No. Here, the tax is imposed on the producer. In + +45 +00:04:34,610 --> 00:04:40,670 +all cases, when the tax is imposed on the + +46 +00:04:40,670 --> 00:04:46,390 +producer, supply shifts left. Because here, it's + +47 +00:04:46,390 --> 00:04:54,590 +tax of production here. But if the tax is imposed + +48 +00:04:54,590 --> 00:05:01,220 +on the consumers, demand shifts left. But here, + +49 +00:05:01,320 --> 00:05:04,320 +according to theory, the basics of our digital + +50 +00:05:04,320 --> 00:05:08,740 +fee, supply is imposed here on the producers. When + +51 +00:05:08,740 --> 00:05:13,000 +we talk about taxes here, tax incidents, we're + +52 +00:05:13,000 --> 00:05:17,540 +talking about the tax is imposed on the producers, + +53 +00:05:17,860 --> 00:05:23,700 +okay? On the sellers here. So, in general, as tax + +54 +00:05:23,700 --> 00:05:27,240 +goes up, the supply curve shifts left. + +55 +00:05:30,070 --> 00:05:35,190 +Supply shifts left here to + +56 +00:05:35,190 --> 00:05:41,790 +S2. We have a new equilibrium point, E2. + +57 +00:05:48,570 --> 00:05:53,390 +We have a new equilibrium point which is E2 and + +58 +00:05:53,390 --> 00:06:03,010 +the price goes up to From P1 to P2, the + +59 +00:06:03,010 --> 00:06:08,550 +equilibrium quantity goes down, Q2. + +60 +00:06:11,450 --> 00:06:14,350 +As you see, the magnitudes or the percentage + +61 +00:06:14,350 --> 00:06:16,290 +change in price is bigger than the percentage + +62 +00:06:16,290 --> 00:06:19,970 +change in quantity. Smooth? Because the demand is + +63 +00:06:19,970 --> 00:06:26,830 +inelastic. Okay. Now, the question is calculate + +64 +00:06:28,390 --> 00:06:31,950 +The government's revenue of tax. Number two, + +65 +00:06:32,650 --> 00:06:36,170 +determines, sorry, the government's revenue of + +66 +00:06:36,170 --> 00:06:42,030 +tax. Tax revenue. Number two, who bears the most + +67 +00:06:42,030 --> 00:06:45,630 +and who bears the least of tax burden. According + +68 +00:06:45,630 --> 00:06:48,890 +to our assumption in the last example, we said + +69 +00:06:48,890 --> 00:06:53,470 +that the original equilibrium price was three + +70 +00:06:53,470 --> 00:06:58,520 +units, three dollars here. The price was three + +71 +00:06:58,520 --> 00:07:01,860 +dollars or is three dollars. And the price per + +72 +00:07:01,860 --> 00:07:05,380 +unit, three shekels here, the price of per + +73 +00:07:05,380 --> 00:07:10,280 +kilogram of flour here. The price, price, the + +74 +00:07:10,280 --> 00:07:17,640 +original price per kilogram of flour equals three + +75 +00:07:17,640 --> 00:07:21,960 +shekels. This is the original assumption, initial + +76 +00:07:21,960 --> 00:07:27,830 +assumption, all right? And let us assume that the + +77 +00:07:27,830 --> 00:07:32,670 +quantity purchased equals 70 kilograms or 100 + +78 +00:07:32,670 --> 00:07:39,670 +kilograms. At the price equals three, the original + +79 +00:07:39,670 --> 00:07:42,810 +quantity exchange in the market, the equilibrium + +80 +00:07:42,810 --> 00:07:47,210 +quantity in the market, equals 100 kilograms. As + +81 +00:07:47,210 --> 00:07:53,250 +the government sets a tax, supply Or let us assume + +82 +00:07:53,250 --> 00:07:57,150 +that the government imposed a tax one shekel per + +83 +00:07:57,150 --> 00:07:57,590 +kilogram. + +84 +00:08:00,270 --> 00:08:05,610 +So the assumption here is if the government + +85 +00:08:05,610 --> 00:08:07,370 +imposed a tax, + +86 +00:08:09,990 --> 00:08:15,990 +if the government sits + +87 +00:08:15,990 --> 00:08:20,690 +or + +88 +00:08:20,690 --> 00:08:21,210 +imposed + +89 +00:08:24,020 --> 00:08:29,580 +one shekel per kilogram tax by + +90 +00:08:29,580 --> 00:08:35,440 +one shekel per + +91 +00:08:35,440 --> 00:08:38,620 +kilogram of the flour. + +92 +00:08:44,900 --> 00:08:52,420 +Analyze the effect on supply Explain or calculate + +93 +00:08:52,420 --> 00:08:57,620 +the total government revenue of tax. Determine who + +94 +00:08:57,620 --> 00:09:00,720 +will bear the most and who will bear the least of + +95 +00:09:00,720 --> 00:09:06,580 +tax burden. So number one, the question is, who + +96 +00:09:06,580 --> 00:09:11,080 +will bear the + +97 +00:09:11,080 --> 00:09:15,420 +most and + +98 +00:09:15,420 --> 00:09:16,040 +the least? + +99 +00:09:20,010 --> 00:09:21,010 +of tax burden. + +100 +00:09:30,830 --> 00:09:31,550 +Yeah. + +101 +00:09:34,090 --> 00:09:41,370 +The most tax burden. Yeah. The least. + +102 +00:09:42,510 --> 00:09:42,870 +Why? + +103 +00:09:47,150 --> 00:09:51,510 +Yeah, yeah, and it's not easy to give up it as the + +104 +00:09:51,510 --> 00:09:56,890 +price goes up here. Okay, so number one here, who + +105 +00:09:56,890 --> 00:09:59,390 +will bear the most and the least of tax burden? + +106 +00:10:00,310 --> 00:10:09,970 +How much Bato calculate the + +107 +00:10:09,970 --> 00:10:11,250 +government revenue tax? + +108 +00:10:20,120 --> 00:10:26,180 +That's it. Now, the government imposed a tax. This + +109 +00:10:26,180 --> 00:10:29,540 +is the original situation. The government sets a + +110 +00:10:29,540 --> 00:10:35,440 +tax by one shekel per kilogram of flour. So + +111 +00:10:35,440 --> 00:10:41,540 +supply, as we analyzed, the supply shifts left. So + +112 +00:10:41,540 --> 00:10:48,260 +we have leftward shifting in supply curve. We have + +113 +00:10:48,260 --> 00:10:49,480 +a new equilibrium point. + +114 +00:10:52,170 --> 00:10:56,970 +The vertical distance between supply two and + +115 +00:10:56,970 --> 00:11:04,350 +supply one here is the tax per unit. The vertical + +116 +00:11:04,350 --> 00:11:11,890 +distance here from A2 to the point along lies + +117 +00:11:11,890 --> 00:11:16,350 +along S1 is + +118 +00:11:16,350 --> 00:11:17,390 +the tax per unit. + +119 +00:11:23,600 --> 00:11:30,100 +So the vertical distance + +120 +00:11:30,100 --> 00:11:34,580 +here represents + +121 +00:11:34,580 --> 00:11:44,290 +the tax per unit to determine The government's + +122 +00:11:44,290 --> 00:11:49,410 +revenue of tax, you have to take a vertical line + +123 +00:11:49,410 --> 00:11:51,470 +from A2 to S1. + +124 +00:11:57,230 --> 00:12:03,610 +From A2 to S1, the shaded area, rectangular area + +125 +00:12:03,610 --> 00:12:08,310 +represents the government's revenue of tax. The + +126 +00:12:08,310 --> 00:12:11,550 +total, the whole tax burden. + +127 +00:12:16,740 --> 00:12:20,600 +I swear I know. But there's a problem. There was + +128 +00:12:20,600 --> 00:12:25,240 +confusion in the last lecture. And the most + +129 +00:12:25,240 --> 00:12:30,620 +important thing is the course. And the most + +130 +00:12:30,620 --> 00:12:34,560 +important thing is not succeeding in the course. + +131 +00:12:35,960 --> 00:12:39,720 +Right? That's the most important thing. The least + +132 +00:12:39,720 --> 00:12:40,720 +important thing is that I don't know what to do. + +133 +00:12:42,420 --> 00:12:47,390 +Right? And that's what I don't want. So to + +134 +00:12:47,390 --> 00:12:50,210 +determine the total government review tax or the + +135 +00:12:50,210 --> 00:12:54,790 +total tax burden, the whole of tax burden, the + +136 +00:12:54,790 --> 00:12:58,950 +vertical distance from A to S1, this is the whole + +137 +00:12:58,950 --> 00:12:59,630 +of tax burden. + +138 +00:13:02,450 --> 00:13:08,090 +Let us assume that the price goes up, Or this is + +139 +00:13:08,090 --> 00:13:12,570 +as a result or due to the leftward shifting of + +140 +00:13:12,570 --> 00:13:15,690 +supply curve, we have a new equilibrium point. A + +141 +00:13:15,690 --> 00:13:17,750 +new equilibrium point leads to increasing the + +142 +00:13:17,750 --> 00:13:21,710 +prices from P1 to P2, the quantity goes down from + +143 +00:13:21,710 --> 00:13:26,350 +Q1 to Q2. Let us assume that the decrease in the + +144 +00:13:26,350 --> 00:13:31,130 +quantity here equals 95. + +145 +00:13:33,370 --> 00:13:40,790 +The new equilibrium quantity equals 95 units, 95 + +146 +00:13:40,790 --> 00:13:42,930 +kilogram. Now, + +147 +00:13:46,870 --> 00:13:48,910 +this is the whole of tax burden. + +148 +00:13:54,150 --> 00:13:58,810 +The consumer share of tax burden can be determined + +149 +00:13:58,810 --> 00:14:02,410 +from + +150 +00:14:02,410 --> 00:14:03,290 +A1 here, + +151 +00:14:06,990 --> 00:14:13,270 +This part here represents the consumer share to + +152 +00:14:13,270 --> 00:14:13,930 +export it. + +153 +00:14:19,970 --> 00:14:21,090 +This share, + +154 +00:14:24,510 --> 00:14:29,690 +this is the consumer share to export it. This is + +155 +00:14:29,690 --> 00:14:32,970 +here, the producer share to export it. + +156 +00:14:40,270 --> 00:14:46,790 +The blue area shows the consumer share. This is + +157 +00:14:46,790 --> 00:14:47,790 +the consumer share. + +158 +00:14:53,830 --> 00:14:58,630 +The black rectangle here represents the producer + +159 +00:14:58,630 --> 00:15:03,030 +share of + +160 +00:15:03,030 --> 00:15:03,770 +tax burden. + +161 +00:15:13,440 --> 00:15:21,960 +The producers or the sellers tried to transfer the + +162 +00:15:21,960 --> 00:15:25,720 +whole of tax board and domain to consumers, but + +163 +00:15:25,720 --> 00:15:31,820 +they have not succeeded. They did not succeed. هو + +164 +00:15:31,820 --> 00:15:35,140 +خطر الشيلو كله يعني بمعنى أجى واحد بقى كم كان ال + +165 +00:15:35,140 --> 00:15:40,380 +per kilogram حقه three shekels حطوا taxes واحد + +166 +00:15:42,480 --> 00:15:44,240 +They're supposed to sell it for how much? For 4. + +167 +00:15:44,620 --> 00:15:48,300 +For 4. But actually, actually, when demand is + +168 +00:15:48,300 --> 00:15:50,380 +inelastic, they carry the larger part. + +169 +00:15:53,800 --> 00:15:57,040 +Okay? So this is how it is. The distance from hand + +170 +00:15:57,040 --> 00:16:01,420 +to hand. It's all one. Well, from hand to hand, + +171 +00:16:01,480 --> 00:16:05,480 +what do you expect? It could be 75%, 80%. Right? + +172 +00:16:06,080 --> 00:16:11,160 +80%. And this is 20%. Right? This is each one. + +173 +00:16:12,230 --> 00:16:16,650 +Dollar, one shekel. This is, or this part is + +174 +00:16:16,650 --> 00:16:20,590 +bigger than this part. Then how they handle it + +175 +00:16:20,590 --> 00:16:25,170 +here, 80%, 75%. So this price, the new price + +176 +00:16:25,170 --> 00:16:31,530 +becomes 3.75 shekels. From here to here, 25% + +177 +00:16:31,530 --> 00:16:37,390 +remains. This minus 25%, how much remains? 2.75. + +178 +00:16:38,090 --> 00:16:38,330 +Okay? + +179 +00:16:42,310 --> 00:16:46,870 +So, the consumer share of tax burden here equals + +180 +00:16:46,870 --> 00:16:49,550 +how much? As you see, the consumer share of tax + +181 +00:16:49,550 --> 00:16:51,990 +burden is bigger than the producer's share of tax + +182 +00:16:51,990 --> 00:16:55,150 +burden or the seller's share of tax burden. To + +183 +00:16:55,150 --> 00:17:00,990 +calculate the consumer share of tax burden, it is + +184 +00:17:00,990 --> 00:17:03,330 +the area of this rectangle. + +185 +00:17:10,570 --> 00:17:22,470 +So 3.75 minus 3, 75% or 0.75 times 95. So let's + +186 +00:17:22,470 --> 00:17:26,410 +calculate the consumer share to export it. So the + +187 +00:17:26,410 --> 00:17:27,330 +consumer share. + +188 +00:17:32,090 --> 00:17:37,310 +So as we can say that the consumer bears the most + +189 +00:17:38,260 --> 00:17:40,860 +of tax burden and the producer B is the least of + +190 +00:17:40,860 --> 00:17:43,560 +tax burden. Let's calculate the consumer share. + +191 +00:17:43,740 --> 00:17:50,440 +The consumer share of tax burden equals + +192 +00:17:50,440 --> 00:18:02,960 +3.75 minus 3 times + +193 +00:18:02,960 --> 00:18:05,820 +Q. + +194 +00:18:07,910 --> 00:18:14,370 +Two over the 95 equals how much? The consumer + +195 +00:18:14,370 --> 00:18:15,510 +share equals? + +196 +00:18:20,790 --> 00:18:23,290 +What about the producer share of tax burden? + +197 +00:18:24,410 --> 00:18:30,030 +Producer share equals + +198 +00:18:30,030 --> 00:18:43,610 +had a hick fed. Three minus 2.75 times 95. The + +199 +00:18:43,610 --> 00:18:51,270 +area of this rectangle equals three points. So the + +200 +00:18:51,270 --> 00:19:00,390 +producer share equals three minus 2.75 times 95 + +201 +00:19:00,390 --> 00:19:01,490 +equals how much? + +202 +00:19:08,530 --> 00:19:11,550 +So the consumer's share of tax burden is bigger + +203 +00:19:11,550 --> 00:19:14,430 +than or is bigger than the producer's share of tax + +204 +00:19:14,430 --> 00:19:17,910 +burden, which means that the consumer pays the + +205 +00:19:17,910 --> 00:19:22,970 +most and the producer pays the least share or the + +206 +00:19:22,970 --> 00:19:27,150 +least tax burden. The total, the whole tax burden + +207 +00:19:27,150 --> 00:19:28,030 +equals how much? + +208 +00:19:31,210 --> 00:19:33,190 +One times + +209 +00:19:34,940 --> 00:19:43,940 +95, then the whole share total tax burden equals + +210 +00:19:43,940 --> 00:19:53,360 +one times 95 equals 95. The summation, the sum of + +211 +00:19:53,360 --> 00:19:56,460 +the consumer's share of tax burden plus the + +212 +00:19:56,460 --> 00:19:58,480 +producer's share of tax burden equals, + +213 +00:20:01,600 --> 00:20:01,920 +sorry? + +214 +00:20:20,840 --> 00:20:24,660 +The consumer share plus producer share equals the + +215 +00:20:24,660 --> 00:20:28,500 +total tax burden or the home tax burden or the + +216 +00:20:28,500 --> 00:20:33,430 +government revenue tax. Let's go to the second + +217 +00:20:33,430 --> 00:20:37,610 +case, when demand is elastic. + +218 +00:20:39,830 --> 00:20:40,670 +Clear? + +219 +00:20:45,690 --> 00:20:50,130 +Let's go to the second case here. When demand is + +220 +00:20:50,130 --> 00:20:53,410 +elastic, like the demand for orange, like the + +221 +00:20:53,410 --> 00:20:57,790 +demand for apple, the products which has + +222 +00:20:57,790 --> 00:20:59,710 +substitutes. + +223 +00:21:10,820 --> 00:21:15,820 +The second case, when demand is elastic, elastic + +224 +00:21:15,820 --> 00:21:16,240 +demand. + +225 +00:21:22,240 --> 00:21:26,240 +Like the demand for apple or like the demand for + +226 +00:21:26,240 --> 00:21:26,940 +orange. + +227 +00:21:33,080 --> 00:21:37,920 +When demand is elastic, demand curve will be close + +228 +00:21:37,920 --> 00:21:38,960 +to the horizontal axis. + +229 +00:21:42,660 --> 00:21:52,020 +Demand is elastic, D1. Supply is neutral. Supply + +230 +00:21:52,020 --> 00:21:54,660 +is unitary elastic. + +231 +00:21:59,360 --> 00:22:05,280 +S1, D1. The original or initial equilibrium point + +232 +00:22:05,280 --> 00:22:07,160 +is E1. + +233 +00:22:10,560 --> 00:22:11,780 +Let us assume that + +234 +00:22:15,210 --> 00:22:19,630 +The price per kilogram of apple equals six + +235 +00:22:19,630 --> 00:22:21,810 +shekels. + +236 +00:22:24,830 --> 00:22:31,310 +The price per kilogram of price quantity, and the + +237 +00:22:31,310 --> 00:22:34,250 +price per kilogram of apple equals six shekels, + +238 +00:22:34,410 --> 00:22:37,370 +the quantity purchased per family month, let us + +239 +00:22:37,370 --> 00:22:39,210 +assume it was 10 kilogram. + +240 +00:22:44,410 --> 00:22:51,990 +The government imposed a tax, one shekel per + +241 +00:22:51,990 --> 00:22:56,070 +kilogram of apple. Who bears the most and who + +242 +00:22:56,070 --> 00:22:59,870 +bears the least? As the government imposed a tax, + +243 +00:23:00,850 --> 00:23:08,510 +one shekel per kilogram of apple. Supply goes down + +244 +00:23:08,510 --> 00:23:13,710 +and shifts left. So supply will shift left here. + +245 +00:23:15,490 --> 00:23:20,570 +parallel to the initial supply curve, S2. + +246 +00:23:27,790 --> 00:23:31,810 +We have a new equilibrium point, E2, + +247 +00:23:38,990 --> 00:23:39,710 +to determine + +248 +00:23:42,880 --> 00:23:45,980 +the tax burden or the whole tax burden, we have to + +249 +00:23:45,980 --> 00:23:51,120 +take a vertical distance from A2 to S1. This is + +250 +00:23:51,120 --> 00:23:59,400 +the + +251 +00:23:59,400 --> 00:24:00,540 +whole tax burden. + +252 +00:24:06,910 --> 00:24:11,830 +From A1 here to this point along S1, from A2 to S1 + +253 +00:24:11,830 --> 00:24:17,250 +here, this is one shekel, the tax per unit. The + +254 +00:24:17,250 --> 00:24:20,890 +tax per unit. To determine the total tax burden, + +255 +00:24:22,450 --> 00:24:25,630 +the vertical line here from A2 to the point along + +256 +00:24:25,630 --> 00:24:31,130 +S1 here, this is the whole of tax burden. The + +257 +00:24:31,130 --> 00:24:34,470 +vertical distance here is the tax per unit. + +258 +00:24:40,150 --> 00:24:45,150 +Where's the consumer share? Hey, the consumer + +259 +00:24:45,150 --> 00:24:52,310 +share of tax burden, this is the consumer share of + +260 +00:24:52,310 --> 00:24:59,410 +tax burden. And this is the producer share of tax + +261 +00:24:59,410 --> 00:24:59,710 +burden. + +262 +00:25:11,590 --> 00:25:17,750 +The above area is the consumer share and the below + +263 +00:25:17,750 --> 00:25:22,270 +here is or represents the producer share. So here + +264 +00:25:22,270 --> 00:25:29,890 +is the consumer share and + +265 +00:25:29,890 --> 00:25:31,650 +here is the producer share. + +266 +00:25:48,290 --> 00:25:53,890 +So this can be shown to represent 6.25. So this + +267 +00:25:53,890 --> 00:25:54,230 +can be shown to represent 6.25. So this can be + +268 +00:25:54,230 --> 00:25:55,550 +shown to represent 6.25. So this can be shown to + +269 +00:25:55,550 --> 00:25:55,710 +6.25. So this can be shown to represent 6.25. So + +270 +00:25:55,710 --> 00:26:01,130 +this can be shown to represent 6.25. So this can + +271 +00:26:01,130 --> 00:26:02,130 +be shown to represent 6.25. So this can be shown + +272 +00:26:02,130 --> 00:26:03,590 +to represent 6.25. So this can be shown to + +273 +00:26:03,590 --> 00:26:03,810 +represent 6.25. So this can be shown to represent + +274 +00:26:03,810 --> 00:26:03,990 +6.25. So this can be shown to represent 6.25. So + +275 +00:26:03,990 --> 00:26:04,050 +this can be shown to represent 6.25. So this can + +276 +00:26:04,050 --> 00:26:04,070 +to represent 6.25. So this can be shown to + +277 +00:26:04,070 --> 00:26:04,210 +6.25. So this can be shown to represent 6.25. So + +278 +00:26:04,210 --> 00:26:04,710 +this can be shown to represent 6.25. So this can + +279 +00:26:04,710 --> 00:26:09,530 +be shown to represent 6.25. So this can be Zero + +280 +00:26:09,530 --> 00:26:14,550 +point, so 5.25. Yes, say this is minus this is + +281 +00:26:14,550 --> 00:26:18,410 +one. You can say difference or not difference, + +282 +00:26:18,450 --> 00:26:20,170 +whatever you want. Yes? + +283 +00:26:23,430 --> 00:26:29,450 +This is 6.25 minus 5.25, this is one. That's it. + +284 +00:26:31,010 --> 00:26:35,120 +Correct? Okay. Let us assume here that the + +285 +00:26:35,120 --> 00:26:40,640 +quantity declined from 10 to seven. + +286 +00:26:42,360 --> 00:26:48,200 +To four, okay. To four. Calculate the whole of tax + +287 +00:26:48,200 --> 00:26:50,080 +burden, the consumer share of tax burden, the + +288 +00:26:50,080 --> 00:26:53,760 +producer share of tax burden. The consumer share + +289 +00:26:53,760 --> 00:26:54,660 +of tax burden here. + +290 +00:26:59,480 --> 00:27:02,940 +Consumer share of tax burden, producer share, and + +291 +00:27:02,940 --> 00:27:03,940 +the total tax burden. + +292 +00:27:08,280 --> 00:27:12,480 +The consumer + +293 +00:27:12,480 --> 00:27:13,480 +share of tax burden. + +294 +00:27:27,290 --> 00:27:28,350 +Times four, yes. + +295 +00:27:32,190 --> 00:27:32,570 +One. + +296 +00:27:37,970 --> 00:27:41,710 +Total tax burden. So the producer share. + +297 +00:27:44,990 --> 00:27:51,170 +Five point, + +298 +00:27:51,570 --> 00:27:52,570 +no six minus. + +299 +00:27:59,900 --> 00:28:07,080 +Six minus 5.25 times four, + +300 +00:28:07,220 --> 00:28:11,640 +yes, three. Yes, three. The total tax burden, + +301 +00:28:14,780 --> 00:28:20,640 +one times four. Yeah, that's it. Or the summation + +302 +00:28:20,640 --> 00:28:23,580 +of the consumer share and the producer share of + +303 +00:28:23,580 --> 00:28:26,680 +tax burden that gives us the total tax burden. + +304 +00:28:26,880 --> 00:28:29,620 +Okay, let's go to the last case, the third case. + +305 +00:28:31,020 --> 00:28:35,520 +Thank you. Let's go to the third case. + +306 +00:28:38,620 --> 00:28:43,440 +The unitary elastic demand. Or when demand is + +307 +00:28:43,440 --> 00:28:44,240 +unitary elastic. + +308 +00:28:47,290 --> 00:28:56,510 +Unitary elastic demand Unitary + +309 +00:28:56,510 --> 00:29:04,130 +Unitary + +310 +00:29:04,130 --> 00:29:13,510 +elastic demand Price + +311 +00:29:13,510 --> 00:29:14,410 +wanting + +312 +00:29:20,090 --> 00:29:24,490 +D1, S1. This is the original equilibrium point, + +313 +00:29:24,650 --> 00:29:30,790 +E1. P1 equals eight. + +314 +00:29:37,050 --> 00:29:43,010 +Q1 equals 100 units. + +315 +00:29:45,710 --> 00:29:51,070 +The government imposed a tax by two dollars or two + +316 +00:29:51,070 --> 00:29:53,630 +shekels per unit. + +317 +00:29:55,930 --> 00:30:02,190 +The tax per unit equals + +318 +00:30:02,190 --> 00:30:12,130 +two shekels, not one. Analyze the effects of the + +319 +00:30:12,130 --> 00:30:18,550 +tax per unit here. The tax period here, when the + +320 +00:30:18,550 --> 00:30:26,610 +government sets a tax, supply curve shifts left to + +321 +00:30:26,610 --> 00:30:27,130 +S2. + +322 +00:30:29,830 --> 00:30:36,910 +There's E2, P2, and the quantity goes down by Q2. + +323 +00:30:41,710 --> 00:30:45,830 +My question is, Who bears the most and who bears + +324 +00:30:45,830 --> 00:30:51,650 +the least of tax burden? 50-50, yes. Yes, 50-50. + +325 +00:30:52,970 --> 00:30:58,330 +To determine the tax burden from A2 to S1 here, + +326 +00:30:58,830 --> 00:31:00,330 +this is the whole of tax burden. + +327 +00:31:06,690 --> 00:31:09,330 +This is the consumer share of tax burden and this + +328 +00:31:09,330 --> 00:31:12,010 +is the producer share of tax burden. They are + +329 +00:31:12,010 --> 00:31:12,430 +equals. + +330 +00:31:16,540 --> 00:31:22,000 +The vertical here, how much is it? Two. The tax + +331 +00:31:22,000 --> 00:31:25,920 +per unit, two. Ten. Six. + +332 +00:31:30,240 --> 00:31:36,220 +Nine and seven. Because the whole tax or the tax + +333 +00:31:36,220 --> 00:31:36,920 +per unit is two. + +334 +00:31:40,560 --> 00:31:42,160 +Nine minus seven, two. + +335 +00:31:45,380 --> 00:31:50,860 +50-50. Had a 50 percent, had a 50 percent, had a + +336 +00:31:50,860 --> 00:31:55,300 +one dollar, one dollar. Tamam? Sah or مش صح؟ مش + +337 +00:31:55,300 --> 00:32:01,340 +ضبطة مش ضبطة؟ أحنا غيرنا الأرقام عشان هيك. أسمع + +338 +00:32:01,340 --> 00:32:05,560 +تبانيش زي الزلم هضحك. أحنا هنا في ال two examples, + +339 +00:32:05,920 --> 00:32:11,060 +one one. Yet the tax period is two, just two + +340 +00:32:11,060 --> 00:32:14,160 +years. It's not always fun. + +341 +00:32:19,800 --> 00:32:24,800 +So the tax, the whole of tax burden equals two + +342 +00:32:24,800 --> 00:32:28,700 +times... + +343 +00:32:28,700 --> 00:32:29,360 +280. + +344 +00:32:40,040 --> 00:32:45,900 +The percentage change of a price equals percentage + +345 +00:32:45,900 --> 00:32:50,200 +change in a quantity. How much is the percentage + +346 +00:32:50,200 --> 00:32:51,680 +change in a price here? + +347 +00:32:54,800 --> 00:33:02,720 +I don't know. Nine minus eight over eight. This + +348 +00:33:02,720 --> 00:33:04,660 +gives me the percentage change. + +349 +00:33:07,380 --> 00:33:10,620 +How much is the percentage change in the price? + +350 +00:33:11,900 --> 00:33:19,640 +How much? 125,000. 125,000. 125,000. 125,000. 125 + +351 +00:33:19,640 --> 00:33:19,680 +,000. 125,000. 125,000. 125,000. 125,000. 125,000. + +352 +00:33:19,680 --> 00:33:19,800 +125,000. 125,000. 125,000. 125,000. 125,000. 125 + +353 +00:33:19,800 --> 00:33:20,420 +,000. 125,000. 125,000. 125,000. 125,000. 125,000. + +354 +00:33:20,580 --> 00:33:22,760 +125,000. 125,000. 125,000. 125,000. 125,000. 125 + +355 +00:33:22,760 --> 00:33:24,260 +,000. 125,000. 125,000. 125,000. 125,000. 125,000. + +356 +00:33:24,260 --> 00:33:26,060 +125,000. 125,000. 125,000. 125,000. 125,000. 125 + +357 +00:33:26,060 --> 00:33:30,340 +,000. 125,000. 125,000. 125,000. + +358 +00:33:36,480 --> 00:33:43,070 +125,000 The price increased. How much is the + +359 +00:33:43,070 --> 00:33:46,810 +percentage change in price? Two minus one over + +360 +00:33:46,810 --> 00:33:48,530 +one. The price. How much? Of course it's + +361 +00:33:48,530 --> 00:33:51,170 +multiplied by one hundred percent. It's multiplied + +362 +00:33:51,170 --> 00:33:52,370 +by one hundred percent. How much does it have to + +363 +00:33:52,370 --> 00:33:55,070 +be? Twelve and a half percent. Twelve and a half + +364 +00:33:55,070 --> 00:33:59,270 +percent. This has to go down by twelve and a half + +365 +00:33:59,270 --> 00:34:01,730 +percent. How much did it go down? How many numbers + +366 +00:34:01,730 --> 00:34:02,390 +does it have to be? + +367 +00:34:05,490 --> 00:34:18,020 +No, sir. It was one hundred 87.5% 87.5 + +368 +00:34:18,020 --> 00:34:31,560 +% 87.5% 87.5% 87.5% 87.5% 87.5% 87.5% 87.5% 87.5% + +369 +00:34:56,440 --> 00:35:04,860 +The whole of tax burden is 2 times 87.5. One by + +370 +00:35:04,860 --> 00:35:07,020 +one, like this, they give the total tax report. + +371 +00:35:07,100 --> 00:35:08,520 +That's how much the consumer shares and how much + +372 +00:35:08,520 --> 00:35:13,340 +the producer shares. That's it. Okay? Okay. Is + +373 +00:35:13,340 --> 00:35:13,700 +there a problem? + +374 +00:35:20,220 --> 00:35:23,900 +No, there are no problems, thank God. Okay. + +375 +00:35:35,090 --> 00:35:37,130 +The person should change her price. + +376 +00:35:40,630 --> 00:35:42,230 +The person should change her price. The person + +377 +00:35:42,230 --> 00:35:46,650 +should change her price. The person should change + +378 +00:35:46,650 --> 00:35:47,110 +her price. + +379 +00:35:54,660 --> 00:35:57,380 +Without justifications, I don't know. But you have + +380 +00:35:57,380 --> 00:36:03,020 +them. For example, in Delta, I took this person + +381 +00:36:03,020 --> 00:36:07,220 +and it changed. Does this price go up? How much + +382 +00:36:07,220 --> 00:36:09,580 +did it increase? It increased from eight to nine. + +383 +00:36:09,680 --> 00:36:11,560 +How much did the person change in price? We + +384 +00:36:11,560 --> 00:36:15,700 +calculated it. Twelve and a half, right? Right? + +385 +00:36:17,040 --> 00:36:19,460 +The quantity decreased by the same percentage + +386 +00:36:19,460 --> 00:36:21,840 +because this percentage change in price equals the + +387 +00:36:21,840 --> 00:36:23,780 +percentage change in quantity. Because this is + +388 +00:36:23,780 --> 00:36:30,960 +unitary elastic. Unitary elastic in AD, change, + +389 +00:36:31,240 --> 00:36:35,480 +the percentage change in QD equals the percentage + +390 +00:36:35,480 --> 00:36:40,020 +change in price. So if this change in price is 12 + +391 +00:36:40,020 --> 00:36:45,420 +.5%, as shown here, this will decrease by 12.5%. + +392 +00:36:48,820 --> 00:36:51,640 +From eight to nine. How much does the percentage + +393 +00:36:51,640 --> 00:36:58,020 +change in price? How much does Q2 have to be? It + +394 +00:36:58,020 --> 00:37:03,060 +has to be 12 and a half, which is Q2 minus Q1 over + +395 +00:37:03,060 --> 00:37:03,700 +Q1. + +396 +00:37:06,500 --> 00:37:09,680 +In other words, how can I calculate this if I + +397 +00:37:09,680 --> 00:37:13,360 +don't have it? A change in QD percent. + +398 +00:37:15,760 --> 00:37:23,070 +The percentage change in QD Change of QD is Q2 + +399 +00:37:23,070 --> 00:37:31,570 +minus Q1 over Q1. Correct? This is supposed to be + +400 +00:37:31,570 --> 00:37:38,190 +12.5%. Equals. + +401 +00:37:38,610 --> 00:37:50,000 +Q2 is unknown here. Q2 minus Q1 is 100. over 100 + +402 +00:37:50,000 --> 00:37:53,260 +times + +403 +00:37:53,260 --> 00:38:04,420 +100 + +404 +00:38:04,420 --> 00:38:07,740 +equals + +405 +00:38:07,740 --> 00:38:15,180 +Q2 minus 100. So Q2 equals + +406 +00:38:17,380 --> 00:38:19,280 +Of course, this is declining. This is a negative + +407 +00:38:19,280 --> 00:38:23,600 +sign. The percentage change in QD is negative + +408 +00:38:23,600 --> 00:38:26,860 +because Q has declined. So, it should be a + +409 +00:38:26,860 --> 00:38:27,620 +negative sign. + +410 +00:38:34,620 --> 00:38:42,960 +Okay. Correct. Yes, correct. Perfect. Minus 12.5 + +411 +00:38:42,960 --> 00:38:50,280 +equals Q2 minus 100. Q2 equals how much? Minus 12 + +412 +00:38:50,280 --> 00:38:56,900 +.5 plus 100. 87.5. + +413 +00:39:02,020 --> 00:39:05,880 +Let's go to the fourth case. + +414 +00:39:13,090 --> 00:39:18,990 +Perfectly inelastic demand. Perfectly inelastic + +415 +00:39:18,990 --> 00:39:21,750 +demand. + +416 +00:39:24,510 --> 00:39:27,470 +Like the demand for insulin for the type of + +417 +00:39:27,470 --> 00:39:27,850 +patients. + +418 +00:39:31,930 --> 00:39:39,090 +This is important. The map will be vertical. This + +419 +00:39:39,090 --> 00:39:45,510 +is day one, and supply is in neutral, unitary + +420 +00:39:45,510 --> 00:39:51,030 +elastic. This one, this is the original E1, and + +421 +00:39:51,030 --> 00:39:57,150 +the price P1. The price per unit equals 200 + +422 +00:39:57,150 --> 00:40:01,830 +shekels, and the consumption, let us assume it was + +423 +00:40:01,830 --> 00:40:04,610 +five partels of gasoline price. + +424 +00:40:06,900 --> 00:40:16,020 +Q, the government sets a tax by 10 shekels. Let us + +425 +00:40:16,020 --> 00:40:21,620 +assume that, yes. Exactly, yes. Exactly. The + +426 +00:40:21,620 --> 00:40:27,580 +consumer pays the whole of tax burden. In this + +427 +00:40:27,580 --> 00:40:31,320 +case, the government, when we impose a tax, $10 + +428 +00:40:31,320 --> 00:40:40,220 +per unit or 10 shekels. per pot of insulin. + +429 +00:40:44,360 --> 00:40:49,300 +The government imposed a tax, $10 or 10 shekels + +430 +00:40:49,300 --> 00:40:54,120 +per pot of insulin. Who bears the tax burden? In + +431 +00:40:54,120 --> 00:41:01,920 +this case, supply shifts left to S2. We have a new + +432 +00:41:01,920 --> 00:41:07,510 +equilibrium point, E2. The price is P2. I don't + +433 +00:41:07,510 --> 00:41:13,750 +know how much is it. To determine the value of or + +434 +00:41:13,750 --> 00:41:19,210 +the total tax burden, let's take a point from A2 + +435 +00:41:19,210 --> 00:41:20,490 +to S1. + +436 +00:41:23,070 --> 00:41:25,850 +From A2 to S1. + +437 +00:41:28,770 --> 00:41:37,920 +Then another P2. From P2 here, this is. 10 shekels + +438 +00:41:37,920 --> 00:41:46,080 +here. The tax free property layer. It equals 210 + +439 +00:41:46,080 --> 00:41:49,120 +shekels. + +440 +00:41:50,080 --> 00:41:55,680 +Above E1, the consumer's share of the export is + +441 +00:41:55,680 --> 00:42:00,940 +beneficial and developed. Above E1. + +442 +00:42:04,160 --> 00:42:06,520 +This is the consumer share of tax burden. In this + +443 +00:42:06,520 --> 00:42:10,220 +case, the consumer bears the whole of tax burden. + +444 +00:42:11,120 --> 00:42:18,000 +Total tax burden equals + +445 +00:42:18,000 --> 00:42:19,620 +the consumer share, + +446 +00:42:22,980 --> 00:42:26,860 +which means that the consumer bears the whole of + +447 +00:42:26,860 --> 00:42:32,460 +tax burden, which is or equals 10 times 5 equals + +448 +00:42:32,460 --> 00:42:32,840 +50. + +449 +00:42:35,600 --> 00:42:39,400 +Let's go to the last, which means that the seller + +450 +00:42:39,400 --> 00:42:47,040 +was able to transfer the total tax to the + +451 +00:42:47,040 --> 00:42:55,500 +consumer. As he is able to sell the product by 210 + +452 +00:42:55,500 --> 00:43:00,850 +shekels. They didn't carry anything. They paid 10 + +453 +00:43:00,850 --> 00:43:03,130 +shekels of taxes and sold them for 210 shekels to + +454 +00:43:03,130 --> 00:43:06,250 +the consumer. That means he sold his sheep for 200 + +455 +00:43:06,250 --> 00:43:10,810 +shekels. They paid 10 shekels and sold them all. + +456 +00:43:12,090 --> 00:43:19,670 +That's it. Okay? Exactly. They made a transfer. + +457 +00:43:21,050 --> 00:43:26,920 +By 100%. So in this case, the consumer bears the + +458 +00:43:26,920 --> 00:43:29,540 +whole of tax burden. Let's go to the last case. + +459 +00:43:30,240 --> 00:43:36,240 +When the product is perfectly elastic. Okay. + +460 +00:43:58,460 --> 00:44:04,440 +The last case when demand is + +461 +00:44:04,440 --> 00:44:08,940 +perfectly elastic. + +462 +00:44:10,560 --> 00:44:14,220 +Like a product that is not necessary at all for + +463 +00:44:14,220 --> 00:44:19,720 +the consumer. Rings for male youth. + +464 +00:44:29,960 --> 00:44:39,160 +Like the demand for rings for male youth. + +465 +00:44:45,500 --> 00:44:52,630 +Which means the product that's necessary for Some + +466 +00:44:52,630 --> 00:44:58,730 +group or someone. It's not necessary, sometimes + +467 +00:44:58,730 --> 00:45:00,930 +not necessary for someone else. + +468 +00:45:03,810 --> 00:45:07,890 +This product might be elastic for me, but it's + +469 +00:45:07,890 --> 00:45:11,890 +inelastic for someone else. Insulin is perfectly + +470 +00:45:11,890 --> 00:45:14,870 +inelastic for me as a diabetic patient. For you, + +471 +00:45:14,990 --> 00:45:16,050 +it's perfectly elastic. + +472 +00:45:19,840 --> 00:45:25,800 +For smokers, cigarettes is inelastic because it is + +473 +00:45:25,800 --> 00:45:30,380 +important. For me, it's elastic. It's perfectly + +474 +00:45:30,380 --> 00:45:33,240 +elastic. For you as well. + +475 +00:45:37,440 --> 00:45:44,860 +Let's go ranks for male youth. The man is + +476 +00:45:44,860 --> 00:45:55,110 +perfectly elastic. P, Q, demand is horizontal, D1, + +477 +00:45:56,090 --> 00:46:02,210 +and supply, S1. This is the original equilibrium, + +478 +00:46:02,670 --> 00:46:09,350 +the price, P1, and the Q is the Q1 here, equals + +479 +00:46:09,350 --> 00:46:12,550 +five shekels, and the quantity purchased equals + +480 +00:46:12,550 --> 00:46:13,270 +three units. + +481 +00:46:18,870 --> 00:46:23,330 +Although the price is on a change here, quantity + +482 +00:46:23,330 --> 00:46:23,950 +goes down. + +483 +00:46:27,630 --> 00:46:34,770 +As the + +484 +00:46:34,770 --> 00:46:42,550 +government imposed the tax by 10% or two shekels + +485 +00:46:42,550 --> 00:46:44,390 +per unit. + +486 +00:46:48,790 --> 00:46:52,630 +Let us assume that the government impose a tax by + +487 +00:46:52,630 --> 00:46:58,390 +two shekels per unit sold. Who bears the tax here? + +488 +00:46:59,410 --> 00:47:06,470 +The producer. To determine + +489 +00:47:06,470 --> 00:47:13,390 +here, the new equilibrium point is A2. From A2 to + +490 +00:47:13,390 --> 00:47:20,130 +S1 here. At this point here. This is the whole of + +491 +00:47:20,130 --> 00:47:29,170 +tax burden. The total tax burden. And the + +492 +00:47:29,170 --> 00:47:33,270 +government imposed a tax by two shakers per unit. + +493 +00:47:35,330 --> 00:47:40,790 +Two dollars. What do you see? The price is + +494 +00:47:40,790 --> 00:47:41,170 +unchanged. + +495 +00:47:44,730 --> 00:47:48,490 +Two units here, this becomes how much? This is P2 + +496 +00:47:48,490 --> 00:47:55,030 +here, or P3. P2 equals five, and this is P3 equals + +497 +00:47:55,030 --> 00:48:01,890 +how much? This distance here, two units, so it + +498 +00:48:01,890 --> 00:48:08,650 +should be three here. Two units, two dollars, two + +499 +00:48:08,650 --> 00:48:09,830 +shekels. + +500 +00:48:12,070 --> 00:48:18,690 +In this case, this is the point or the area below + +501 +00:48:18,690 --> 00:48:23,630 +E1. This is the producer share of tax burden above + +502 +00:48:23,630 --> 00:48:27,090 +the consumer share. So the consumer share of tax + +503 +00:48:27,090 --> 00:48:31,510 +burden equals zero here. This is the total tax + +504 +00:48:31,510 --> 00:48:37,230 +burden and this is here the producer share. + +505 +00:48:40,250 --> 00:48:44,150 +The producer share equals the total share, the + +506 +00:48:44,150 --> 00:48:45,090 +total tax burden. + +507 +00:48:47,910 --> 00:48:50,490 +Let us assume that the quantity goes down or went + +508 +00:48:50,490 --> 00:48:59,930 +down to one shaker or 0.5. How much is the total + +509 +00:48:59,930 --> 00:49:03,950 +tax burden and how much is the consumer share and + +510 +00:49:03,950 --> 00:49:05,290 +producer share tax burden? + +511 +00:49:11,890 --> 00:49:16,710 +Two times half equals one. The total tax borrowed + +512 +00:49:16,710 --> 00:49:21,390 +equals one. The consumer share tax borrowed equals + +513 +00:49:21,390 --> 00:49:28,990 +zero, producer share equals one. Five times two + +514 +00:49:28,990 --> 00:49:30,110 +times half. + +515 +00:49:34,100 --> 00:49:38,720 +Then Hana, five times three times half, five minus + +516 +00:49:38,720 --> 00:49:42,320 +three, two times half equals one. This is the + +517 +00:49:42,320 --> 00:49:44,520 +total tax burden and the producer share tax + +518 +00:49:44,520 --> 00:49:49,780 +burden. That's it. How can we calculate the total + +519 +00:49:49,780 --> 00:49:53,660 +tax burden? From A2 to S1 here. This is the whole + +520 +00:49:53,660 --> 00:49:57,260 +tax burden. How can we calculate it? The length of + +521 +00:49:57,260 --> 00:50:01,160 +land. Correct? It has this length, two and a half. + +522 +00:50:01,910 --> 00:50:05,250 +One, right? She's the producer's share of tax + +523 +00:50:05,250 --> 00:50:07,950 +burden. Which means he couldn't sell her in five. + +524 +00:50:08,050 --> 00:50:10,790 +He sold her in five, took two of them and gave + +525 +00:50:10,790 --> 00:50:12,030 +them to the government. How many children does he + +526 +00:50:12,030 --> 00:50:18,190 +have? Three. That's what it means. Okay, let's go + +527 +00:50:18,190 --> 00:50:21,670 +to the price elasticity of supply and the tax + +528 +00:50:21,670 --> 00:50:25,990 +burden or tax incidence. The price elasticity of + +529 +00:50:25,990 --> 00:50:29,170 +supply and tax incidence. + +530 +00:50:35,290 --> 00:50:38,010 +As we mentioned, when we studied the price + +531 +00:50:38,010 --> 00:50:44,590 +elasticity of demand, we said that when demand is + +532 +00:50:44,590 --> 00:50:49,310 +inelastic, like demand for flour, the consumer + +533 +00:50:49,310 --> 00:50:51,670 +pays the most of the export and the producer pays + +534 +00:50:51,670 --> 00:50:56,090 +the least. When demand is elastic, like the demand + +535 +00:50:56,090 --> 00:50:59,680 +for orange for Apple, And the government imposed a + +536 +00:50:59,680 --> 00:51:02,640 +tax. The consumer pays the least of tax burden, + +537 +00:51:02,780 --> 00:51:05,540 +and the consumer pays the most. If the product is + +538 +00:51:05,540 --> 00:51:08,540 +perfectly inelastic, like the demand for insulin + +539 +00:51:08,540 --> 00:51:12,560 +for diabetic patients, the consumer pays the whole + +540 +00:51:12,560 --> 00:51:15,260 +of tax burden. If the demand is perfectly + +541 +00:51:15,260 --> 00:51:18,620 +inelastic, like the demand for eggs for male + +542 +00:51:18,620 --> 00:51:23,300 +youth, the consumer pays zero, and the producer + +543 +00:51:23,300 --> 00:51:26,800 +pays the whole of tax burden. Now, and if demand + +544 +00:51:26,800 --> 00:51:31,600 +is unitary elastic, the tax will be allocated 50 + +545 +00:51:31,600 --> 00:51:35,180 +-50 for the producers and the consumers, okay? + +546 +00:51:35,780 --> 00:51:41,840 +Now, we are gonna analyze the relationship between + +547 +00:51:41,840 --> 00:51:45,820 +the price elasticity of supply, not demand, and + +548 +00:51:45,820 --> 00:51:48,180 +the tax burden or tax incidence. + +549 +00:51:51,140 --> 00:51:57,180 +We will have five cases. When supply is elastic, + +550 +00:51:57,780 --> 00:52:01,460 +inelastic, perfectly elastic, perfectly inelastic, + +551 +00:52:01,640 --> 00:52:06,040 +and unitary. And demand in these five cases will + +552 +00:52:06,040 --> 00:52:11,580 +be neutral. Unitary, elastic. So we have five + +553 +00:52:11,580 --> 00:52:15,760 +cases with different shapes of supply curves, but + +554 +00:52:15,760 --> 00:52:20,360 +demand is always unitary here. The opposite cases. + +555 +00:52:21,670 --> 00:52:25,530 +And the government imposed a tax on the producer. + +556 +00:52:27,890 --> 00:52:32,750 +So here we have five cases. One, + +557 +00:52:35,690 --> 00:52:36,890 +inelastic supply. + +558 +00:52:42,490 --> 00:52:44,550 +This is the short run. + +559 +00:52:47,930 --> 00:52:52,910 +Perfectly inelastic supply. Very short run. + +560 +00:52:54,410 --> 00:52:58,230 +Inelastic supply, short run. Unitary elastic, + +561 +00:52:59,050 --> 00:52:59,790 +medium run. + +562 +00:53:02,990 --> 00:53:07,210 +Elastic supply, long run. Perfectly elastic, very + +563 +00:53:07,210 --> 00:53:10,610 +long. Inelastic supply, short run. + +564 +00:53:21,690 --> 00:53:26,550 +Price, quantity. Supply is inelastic, so it should + +565 +00:53:26,550 --> 00:53:31,310 +be close to vertical axis. This is inelastic + +566 +00:53:31,310 --> 00:53:37,630 +supply. This one. And demand is a neutral, is + +567 +00:53:37,630 --> 00:53:39,650 +unitary elastic in the five cases. + +568 +00:53:43,570 --> 00:53:48,590 +D1. Demand is unitary elastic in the five cases. + +569 +00:53:48,930 --> 00:53:50,790 +You're inelastic supply. + +570 +00:53:55,220 --> 00:54:00,920 +E1, P1, Q1. + +571 +00:54:10,460 --> 00:54:14,180 +When the government impose a tax on the producers, + +572 +00:54:15,160 --> 00:54:20,360 +on sellers, like let us talk about the demand for + +573 +00:54:20,360 --> 00:54:27,590 +blocks. In the short run here, supply shifts lift. + +574 +00:54:28,170 --> 00:54:32,590 +The same as the previous analysis, previous cases. + +575 +00:54:33,170 --> 00:54:36,970 +When the government imposed a tax supply or on + +576 +00:54:36,970 --> 00:54:41,410 +producers, tax increased the cost of production, + +577 +00:54:41,870 --> 00:54:46,110 +supply shifts lift. So there is a leftward + +578 +00:54:46,110 --> 00:54:51,800 +shifting in supply curve to S2. Here we have a new + +579 +00:54:51,800 --> 00:54:58,700 +equilibrium point, A2. Right? Or you see, this is + +580 +00:54:58,700 --> 00:55:05,600 +P2. P goes up, price goes up, and here's the + +581 +00:55:05,600 --> 00:55:13,780 +quantity. Q2 goes down. How can we determine the + +582 +00:55:13,780 --> 00:55:17,740 +tax burden here? From A2 to Isman. + +583 +00:55:22,370 --> 00:55:27,430 +This is the whole of tax burden. Where is the + +584 +00:55:27,430 --> 00:55:28,750 +consumer share of tax burden? + +585 +00:55:31,710 --> 00:55:35,650 +The producer + +586 +00:55:35,650 --> 00:55:43,470 +share of tax burden. So here, this is the + +587 +00:55:43,470 --> 00:55:48,010 +consumer share of tax burden and + +588 +00:55:48,010 --> 00:55:50,090 +this is the producer share of tax burden. + +589 +00:55:56,680 --> 00:56:05,200 +So, the consumer pays the least. And the producer + +590 +00:56:05,200 --> 00:56:10,240 +pays the most. Producer, most. + +591 +00:56:16,200 --> 00:56:17,760 +Inelastic demand. + +592 +00:56:25,970 --> 00:56:30,410 +Can the consumer most + +593 +00:56:30,410 --> 00:56:35,790 +or the producer least? + +594 +00:56:36,730 --> 00:56:45,990 +In an elastic supply, the + +595 +00:56:45,990 --> 00:56:48,830 +consumer least, + +596 +00:56:50,410 --> 00:56:53,670 +producer most. + +597 +00:56:57,200 --> 00:57:00,480 +In all cases, it's the opposite. Let's see. + +598 +00:57:01,700 --> 00:57:07,300 +Elastic supply. In the elastic demand, who was + +599 +00:57:07,300 --> 00:57:10,960 +moving the most? The consumer was in the elastic + +600 +00:57:10,960 --> 00:57:15,060 +demand. Like like Pepsi demand for Pepsi demand + +601 +00:57:15,060 --> 00:57:18,700 +for Apple demand for Orange. The consumer was in + +602 +00:57:18,700 --> 00:57:23,540 +the elastic demand. In the elastic demand, like + +603 +00:57:23,540 --> 00:57:27,560 +the demand for Apple, The consumer bears the + +604 +00:57:27,560 --> 00:57:35,060 +least, producer bears the most. Elastic supply, we + +605 +00:57:35,060 --> 00:57:38,300 +will see in reverse. This is most and this is + +606 +00:57:38,300 --> 00:57:38,680 +least. + +607 +00:57:41,720 --> 00:57:45,020 +Let's see. In the applications, you can see more. + +608 +00:57:45,720 --> 00:57:50,800 +Did anyone notice? Okay. So, let's go to the + +609 +00:57:50,800 --> 00:57:53,120 +elastic supply. + +610 +00:57:55,560 --> 00:58:00,500 +Long run. Elastic supply, the long run here. Long + +611 +00:58:00,500 --> 00:58:00,780 +term. + +612 +00:58:04,320 --> 00:58:09,720 +Elastic supply. So let's deal with supply as + +613 +00:58:09,720 --> 00:58:15,760 +elastic. Price, quantity. Elastic supply should be + +614 +00:58:15,760 --> 00:58:21,620 +close to the horizontal axis. This one. And demand + +615 +00:58:21,620 --> 00:58:22,780 +is unitary elastic. + +616 +00:58:26,420 --> 00:58:33,340 +D1. Here's the equilibrium, E1 versus P1, Q1. The + +617 +00:58:33,340 --> 00:58:40,120 +government impose a tax by period. + +618 +00:58:40,740 --> 00:58:43,440 +This is S2. + +619 +00:58:45,160 --> 00:58:47,000 +So here we have E2. + +620 +00:58:52,260 --> 00:58:58,960 +This is P2 to determine to determine the whole of + +621 +00:58:58,960 --> 00:59:03,480 +tax burden from A2 to S1. + +622 +00:59:06,560 --> 00:59:12,740 +What do you see? P3. Price goes up, quantity goes + +623 +00:59:12,740 --> 00:59:18,500 +down. What do you see? This is the whole of tax + +624 +00:59:18,500 --> 00:59:21,380 +burden and this is the consumer share. + +625 +00:59:23,930 --> 00:59:26,730 +which is bigger than the producer share of tax + +626 +00:59:26,730 --> 00:59:27,030 +burden. + +627 +00:59:31,170 --> 00:59:37,150 +This case + +628 +00:59:37,150 --> 00:59:40,130 +pays the most, producer pays the least of tax + +629 +00:59:40,130 --> 00:59:40,530 +burden. + +630 +00:59:44,230 --> 00:59:49,550 +Most, producer pays the least of tax burden. + +631 +00:59:53,020 --> 00:59:54,740 +Who's bigger? This one is bigger than this one, + +632 +00:59:55,640 --> 01:00:00,160 +right? In the unitary, 50-50. Try it, you'll find + +633 +01:00:00,160 --> 01:00:05,940 +it 50-50. Okay? Which is the medium term. + +634 +01:00:09,520 --> 01:00:11,360 +Let's say this is the unitary elastic. + +635 +01:00:16,060 --> 01:00:19,220 +Demand, consumers, P is 50 percent and the + +636 +01:00:19,220 --> 01:00:20,740 +producer P is 50 percent. + +637 +01:00:24,750 --> 01:00:26,550 +The unitary elastic supply, + +638 +01:00:32,610 --> 01:00:40,170 +the same 50-50, 50 percent, 50 percent. Try it. + +639 +01:00:57,100 --> 01:00:58,880 +Very short run. + +640 +01:01:11,980 --> 01:01:18,660 +Unitary elastic supply. So medium run, then + +641 +01:01:18,660 --> 01:01:23,920 +unitary elastic supply, medium run. + +642 +01:01:31,000 --> 01:01:38,240 +Price, quantity. Supply is uniter elastic, S1. + +643 +01:01:38,880 --> 01:01:44,120 +Demand is uniter elastic, D1. This is E1. Price, + +644 +01:01:44,220 --> 01:01:50,580 +P1, Q1. As the government sets the tax, supply + +645 +01:01:50,580 --> 01:01:56,880 +shifts left to S2, E2. + +646 +01:02:03,960 --> 01:02:06,280 +P2, P3, + +647 +01:02:08,300 --> 01:02:13,440 +50 percent for the consumer and 50 percent for the + +648 +01:02:13,440 --> 01:02:15,800 +producer. The same. + +649 +01:02:25,150 --> 01:02:30,290 +Ah, 50%. When supply is unitary elastic, the + +650 +01:02:30,290 --> 01:02:34,750 +consumer P is 50% and the producer P is 50% of the + +651 +01:02:34,750 --> 01:02:39,990 +tax. We still have two cases next class, + +652 +01:02:40,110 --> 01:02:40,370 +inshallah. + diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/V0ESE6iUHho_raw.json b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/V0ESE6iUHho_raw.json new file mode 100644 index 0000000000000000000000000000000000000000..e550a1a13a2fac500fa27ad88feb500fd12a1b35 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/V0ESE6iUHho_raw.json @@ -0,0 +1 @@ +{"segments": [{"id": 1, "seek": 4430, "start": 20.68, "end": 44.3, "text": " Okay. Today, inshallah, we are going to complete our talk about the price, sorry, the tax incidence or tax burden. In the last class, we had an idea about the tax burden. 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Inelastic demand, elastic, unitary elastic, perfectly elastic, perfectly inelastic, and we will deal with the supply here is a neutral or unitary elastic in the five cases. Okay? 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Supply will be neutral here, unitary elastic. S1, D1. 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According to the factors that affect supply, we said that if taxes or the tax rate goes up, the gross production goes up, profits goes down, and supply shifts left. 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Profits goes down. Ability to produce and the willingness to produce goes down. So supply curve, supply goes down.", "tokens": [440, 2063, 4265, 1709, 493, 13, 6039, 1208, 1709, 760, 13, 2847, 1140, 281, 5258, 293, 264, 25069, 281, 5258, 1709, 760, 13, 407, 5847, 7605, 11, 5847, 1709, 760, 13], "avg_logprob": -0.17504882719367743, "compression_ratio": 1.411764705882353, "no_speech_prob": 0.0, "words": [{"start": 213.6, "end": 213.88, "word": " The", "probability": 0.60009765625}, {"start": 213.88, "end": 214.12, "word": " cost", "probability": 0.76904296875}, {"start": 214.12, "end": 214.68, "word": " production", "probability": 0.72119140625}, {"start": 214.68, "end": 215.24, "word": " goes", "probability": 0.939453125}, {"start": 215.24, "end": 216.62, "word": " up.", "probability": 0.97314453125}, {"start": 225.22, "end": 226.18, "word": " Profits", "probability": 0.938720703125}, {"start": 226.18, "end": 226.58, "word": " goes", "probability": 0.9072265625}, {"start": 226.58, "end": 226.94, "word": " down.", "probability": 0.84130859375}, {"start": 231.86, "end": 232.82, "word": " Ability", "probability": 0.94384765625}, {"start": 232.82, "end": 233.12, "word": " to", "probability": 0.96484375}, {"start": 233.12, "end": 233.52, "word": " produce", "probability": 0.875}, {"start": 233.52, "end": 234.04, "word": " and", "probability": 0.92626953125}, {"start": 234.04, "end": 234.56, "word": " the", "probability": 0.8828125}, {"start": 234.56, "end": 234.9, "word": " willingness", "probability": 0.93701171875}, {"start": 234.9, "end": 235.22, "word": " to", "probability": 0.96923828125}, {"start": 235.22, "end": 235.72, "word": " produce", "probability": 0.8759765625}, {"start": 235.72, "end": 236.54, "word": " goes", "probability": 0.91259765625}, {"start": 236.54, "end": 236.98, "word": " down.", "probability": 0.84765625}, {"start": 238.04, "end": 238.26, "word": " So", "probability": 0.8994140625}, {"start": 238.26, "end": 238.9, "word": " supply", "probability": 0.76318359375}, {"start": 238.9, "end": 239.38, "word": " curve,", "probability": 0.7666015625}, {"start": 239.58, "end": 239.88, "word": " supply", "probability": 0.41064453125}, {"start": 239.88, "end": 240.52, "word": " goes", "probability": 0.919921875}, {"start": 240.52, "end": 240.86, "word": " down.", "probability": 0.8427734375}], "temperature": 1.0}, {"id": 9, "seek": 26633, "start": 243.13, "end": 266.33, "text": " Hence, supply curve shifts left. So in this case, supply will shift left. 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In all cases, when the tax is imposed on the producer, supply shifts left. Because here, it's tax of production here. But if the tax is imposed on the consumers, demand shifts left.", "tokens": [883, 13, 1692, 11, 264, 3366, 307, 26491, 322, 264, 12314, 13, 682, 439, 3331, 11, 562, 264, 3366, 307, 26491, 322, 264, 12314, 11, 5847, 19201, 1411, 13, 1436, 510, 11, 309, 311, 3366, 295, 4265, 510, 13, 583, 498, 264, 3366, 307, 26491, 322, 264, 11883, 11, 4733, 19201, 1411, 13], "avg_logprob": -0.16218171572243725, "compression_ratio": 1.78125, "no_speech_prob": 0.0, "words": [{"start": 269.71, "end": 270.03, "word": " No.", "probability": 0.708984375}, {"start": 270.21, "end": 270.37, "word": " Here,", "probability": 0.69482421875}, {"start": 270.47, "end": 270.61, "word": " the", "probability": 0.912109375}, {"start": 270.61, "end": 270.97, "word": " tax", "probability": 0.92724609375}, {"start": 270.97, "end": 271.37, "word": " is", "probability": 0.94189453125}, {"start": 271.37, "end": 271.91, "word": " imposed", "probability": 0.93115234375}, {"start": 271.91, "end": 272.25, "word": " on", "probability": 0.9501953125}, {"start": 272.25, "end": 272.39, "word": " the", "probability": 0.91748046875}, {"start": 272.39, "end": 272.89, "word": " producer.", "probability": 0.92529296875}, {"start": 273.63, "end": 274.61, "word": " In", "probability": 0.5625}, {"start": 274.61, "end": 274.99, "word": " all", "probability": 0.94775390625}, {"start": 274.99, "end": 275.57, "word": " cases,", "probability": 0.92626953125}, {"start": 276.27, "end": 276.51, "word": " when", "probability": 0.9375}, {"start": 276.51, "end": 276.89, "word": " the", "probability": 0.90185546875}, {"start": 276.89, "end": 277.77, "word": " tax", "probability": 0.9541015625}, {"start": 277.77, "end": 278.11, "word": " is", "probability": 0.94287109375}, {"start": 278.11, "end": 278.79, "word": " imposed", "probability": 0.93359375}, {"start": 278.79, "end": 280.19, "word": " on", "probability": 0.9482421875}, {"start": 280.19, "end": 280.67, "word": " the", "probability": 0.8779296875}, {"start": 280.67, "end": 281.43, "word": " producer,", "probability": 0.919921875}, {"start": 282.59, "end": 282.97, "word": " supply", "probability": 0.95068359375}, {"start": 282.97, "end": 283.31, "word": " shifts", "probability": 0.92431640625}, {"start": 283.31, "end": 283.63, "word": " left.", "probability": 0.8251953125}, {"start": 284.59, "end": 285.19, "word": " Because", "probability": 0.93994140625}, {"start": 285.19, "end": 285.79, "word": " here,", "probability": 0.81640625}, {"start": 286.03, "end": 286.39, "word": " it's", "probability": 0.972412109375}, {"start": 286.39, "end": 286.95, "word": " tax", "probability": 0.86376953125}, {"start": 286.95, "end": 287.57, "word": " of", "probability": 0.2998046875}, {"start": 287.57, "end": 288.93, "word": " production", "probability": 0.96533203125}, {"start": 288.93, "end": 289.23, "word": " here.", "probability": 0.78173828125}, {"start": 290.61, "end": 291.21, "word": " But", "probability": 0.7587890625}, {"start": 291.21, "end": 293.45, "word": " if", "probability": 0.9033203125}, {"start": 293.45, "end": 293.61, "word": " the", "probability": 0.916015625}, {"start": 293.61, "end": 293.87, "word": " tax", "probability": 0.93115234375}, {"start": 293.87, "end": 294.07, "word": " is", "probability": 0.9365234375}, {"start": 294.07, "end": 294.59, "word": " imposed", "probability": 0.93408203125}, {"start": 294.59, "end": 295.19, "word": " on", "probability": 0.94921875}, {"start": 295.19, "end": 295.77, "word": " the", "probability": 0.9189453125}, {"start": 295.77, "end": 296.59, "word": " consumers,", "probability": 0.94580078125}, {"start": 297.61, "end": 298.07, "word": " demand", "probability": 0.92041015625}, {"start": 298.07, "end": 298.77, "word": " shifts", "probability": 0.9208984375}, {"start": 298.77, "end": 299.09, "word": " left.", "probability": 0.95361328125}], "temperature": 1.0}, {"id": 11, "seek": 32724, "start": 300.64, "end": 327.24, "text": " But here, according to theory, the basics of our digital fee, supply is imposed here on the producers. When we talk about taxes here, tax incidents, we're talking about the tax is imposed on the producers, okay? On the sellers here. 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We have a new equilibrium point, E2. We have a new equilibrium point which is E2 and the price goes up to", "tokens": [9391, 356, 19201, 1411, 510, 281, 318, 17, 13, 492, 362, 257, 777, 15625, 935, 11, 462, 17, 13, 492, 362, 257, 777, 15625, 935, 597, 307, 462, 17, 293, 264, 3218, 1709, 493, 281], "avg_logprob": -0.1447482593357563, "compression_ratio": 1.3979591836734695, "no_speech_prob": 0.0, "words": [{"start": 330.07, "end": 330.79, "word": " Supply", "probability": 0.701171875}, {"start": 330.79, "end": 331.15, "word": " shifts", "probability": 0.90966796875}, {"start": 331.15, "end": 331.49, "word": " left", "probability": 0.775390625}, {"start": 331.49, "end": 331.79, "word": " here", "probability": 0.66748046875}, {"start": 331.79, "end": 335.19, "word": " to", "probability": 0.55859375}, {"start": 335.19, "end": 335.63, "word": " S2.", "probability": 0.938232421875}, {"start": 337.77, "end": 338.65, "word": " We", "probability": 0.9501953125}, {"start": 338.65, "end": 339.03, "word": " have", "probability": 0.94970703125}, {"start": 339.03, "end": 339.27, "word": " a", "probability": 0.9921875}, {"start": 339.27, "end": 339.43, "word": " new", "probability": 0.8974609375}, {"start": 339.43, "end": 339.85, "word": " equilibrium", "probability": 0.9814453125}, {"start": 339.85, "end": 340.31, "word": " point,", "probability": 0.97021484375}, {"start": 341.39, "end": 341.79, "word": " E2.", "probability": 0.97900390625}, {"start": 348.57, "end": 349.45, "word": " We", "probability": 0.94873046875}, {"start": 349.45, "end": 349.79, "word": " have", "probability": 0.947265625}, {"start": 349.79, "end": 350.03, "word": " a", "probability": 0.9951171875}, {"start": 350.03, "end": 350.21, "word": " new", "probability": 0.88671875}, {"start": 350.21, "end": 350.67, "word": " equilibrium", "probability": 0.97265625}, {"start": 350.67, "end": 351.13, "word": " point", "probability": 0.96826171875}, {"start": 351.13, "end": 351.37, "word": " which", "probability": 0.63232421875}, {"start": 351.37, "end": 351.81, "word": " is", "probability": 0.95263671875}, {"start": 351.81, "end": 352.57, "word": " E2", "probability": 0.99267578125}, {"start": 352.57, "end": 353.39, "word": " and", "probability": 0.61376953125}, {"start": 353.39, "end": 353.53, "word": " the", "probability": 0.90966796875}, {"start": 353.53, "end": 353.97, "word": " price", "probability": 0.91943359375}, {"start": 353.97, "end": 355.87, "word": " goes", "probability": 0.9140625}, {"start": 355.87, "end": 356.27, "word": " up", "probability": 0.97021484375}, {"start": 356.27, "end": 356.67, "word": " to", "probability": 0.97119140625}], "temperature": 1.0}, {"id": 13, "seek": 38683, "start": 359.03, "end": 386.83, "text": " From P1 to P2, the equilibrium quantity goes down, Q2. As you see, the magnitudes or the percentage change in price is bigger than the percentage change in quantity. Smooth? Because the demand is inelastic. Okay. 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Number two, determines, sorry, the government's revenue of tax. Tax revenue. Number two, who bears the most and who bears the least of tax burden. According to our assumption in the last example, we said that the original equilibrium price was three units, three dollars here.", "tokens": [440, 2463, 311, 9324, 295, 3366, 13, 5118, 732, 11, 24799, 11, 2597, 11, 264, 2463, 311, 9324, 295, 3366, 13, 23263, 9324, 13, 5118, 732, 11, 567, 17276, 264, 881, 293, 567, 17276, 264, 1935, 295, 3366, 12578, 13, 7328, 281, 527, 15302, 294, 264, 1036, 1365, 11, 321, 848, 300, 264, 3380, 15625, 3218, 390, 1045, 6815, 11, 1045, 3808, 510, 13], "avg_logprob": -0.1920673076923077, "compression_ratio": 1.712707182320442, "no_speech_prob": 0.0, "words": [{"start": 388.39, "end": 388.65, "word": " The", "probability": 0.40576171875}, {"start": 388.65, "end": 389.27, "word": " government's", "probability": 0.720703125}, {"start": 389.27, "end": 389.51, "word": " revenue", "probability": 0.87646484375}, {"start": 389.51, "end": 389.69, "word": " of", "probability": 0.58935546875}, {"start": 389.69, "end": 389.99, "word": " tax.", "probability": 0.9443359375}, {"start": 391.41, "end": 391.57, "word": " Number", "probability": 0.82861328125}, {"start": 391.57, "end": 391.95, "word": " two,", "probability": 0.91064453125}, {"start": 392.65, "end": 392.95, "word": " determines,", "probability": 0.45166015625}, {"start": 393.43, "end": 393.73, "word": " sorry,", "probability": 0.85400390625}, {"start": 394.19, "end": 395.23, "word": " the", "probability": 0.8935546875}, {"start": 395.23, "end": 395.75, "word": " government's", "probability": 0.911376953125}, {"start": 395.75, "end": 395.99, "word": " revenue", "probability": 0.88623046875}, {"start": 395.99, "end": 396.17, "word": " of", "probability": 0.9404296875}, {"start": 396.17, "end": 396.47, "word": " tax.", "probability": 0.94140625}, {"start": 397.15, "end": 397.73, "word": " Tax", "probability": 0.9365234375}, {"start": 397.73, "end": 398.15, "word": " revenue.", "probability": 0.92333984375}, {"start": 399.31, "end": 399.53, "word": " Number", "probability": 0.890625}, {"start": 399.53, "end": 399.91, "word": " two,", "probability": 0.9384765625}, {"start": 400.55, "end": 400.93, "word": " who", "probability": 0.89697265625}, {"start": 400.93, "end": 401.31, "word": " bears", "probability": 0.861328125}, {"start": 401.31, "end": 401.55, "word": " the", "probability": 0.9150390625}, {"start": 401.55, "end": 402.03, "word": " most", "probability": 0.91015625}, {"start": 402.03, "end": 402.53, "word": " and", "probability": 0.83154296875}, {"start": 402.53, "end": 402.75, "word": " who", "probability": 0.87646484375}, {"start": 402.75, "end": 403.03, "word": " bears", "probability": 0.92529296875}, {"start": 403.03, "end": 403.27, "word": " the", "probability": 0.91259765625}, {"start": 403.27, "end": 403.61, "word": " least", "probability": 0.97119140625}, {"start": 403.61, "end": 403.77, "word": " of", "probability": 0.91259765625}, {"start": 403.77, "end": 404.03, "word": " tax", "probability": 0.904296875}, {"start": 404.03, "end": 404.39, "word": " burden.", "probability": 0.96728515625}, {"start": 405.21, "end": 405.63, "word": " According", "probability": 0.96533203125}, {"start": 405.63, "end": 405.89, "word": " to", "probability": 0.96142578125}, {"start": 405.89, "end": 406.11, "word": " our", "probability": 0.8896484375}, {"start": 406.11, "end": 406.61, "word": " assumption", "probability": 0.9736328125}, {"start": 406.61, "end": 407.11, "word": " in", "probability": 0.420654296875}, {"start": 407.11, "end": 407.19, "word": " the", "probability": 0.91015625}, {"start": 407.19, "end": 407.43, "word": " last", "probability": 0.86767578125}, {"start": 407.43, "end": 407.95, "word": " example,", "probability": 0.97607421875}, {"start": 408.35, "end": 408.61, "word": " we", "probability": 0.95654296875}, {"start": 408.61, "end": 408.89, "word": " said", "probability": 0.93603515625}, {"start": 408.89, "end": 409.21, "word": " that", "probability": 0.93017578125}, {"start": 409.21, "end": 409.61, "word": " the", "probability": 0.8994140625}, {"start": 409.61, "end": 410.29, "word": " original", "probability": 0.9443359375}, {"start": 410.29, "end": 411.87, "word": " equilibrium", "probability": 0.80322265625}, {"start": 411.87, "end": 412.45, "word": " price", "probability": 0.9091796875}, {"start": 412.45, "end": 412.99, "word": " was", "probability": 0.94775390625}, {"start": 412.99, "end": 413.47, "word": " three", "probability": 0.82470703125}, {"start": 413.47, "end": 413.93, "word": " units,", "probability": 0.90478515625}, {"start": 414.13, "end": 414.31, "word": " three", "probability": 0.71826171875}, {"start": 414.31, "end": 414.73, "word": " dollars", "probability": 0.95361328125}, {"start": 414.73, "end": 415.07, "word": " here.", "probability": 0.75634765625}], "temperature": 1.0}, {"id": 15, "seek": 44374, "start": 416.56, "end": 443.74, "text": " The price was three dollars or is three dollars. And the price per unit, three shekels here, the price of per kilogram of flour here. The price, price, the original price per kilogram of flour equals three shekels. This is the original assumption, initial assumption, all right?", "tokens": [440, 3218, 390, 1045, 3808, 420, 307, 1045, 3808, 13, 400, 264, 3218, 680, 4985, 11, 1045, 750, 7124, 82, 510, 11, 264, 3218, 295, 680, 21741, 295, 7693, 510, 13, 440, 3218, 11, 3218, 11, 264, 3380, 3218, 680, 21741, 295, 7693, 6915, 1045, 750, 7124, 82, 13, 639, 307, 264, 3380, 15302, 11, 5883, 15302, 11, 439, 558, 30], "avg_logprob": -0.18611391850056186, "compression_ratio": 1.951048951048951, "no_speech_prob": 0.0, "words": [{"start": 416.56, "end": 416.82, "word": " The", "probability": 0.77099609375}, {"start": 416.82, "end": 417.16, "word": " price", "probability": 0.91162109375}, {"start": 417.16, "end": 418.18, "word": " was", "probability": 0.94384765625}, {"start": 418.18, "end": 418.52, "word": " three", "probability": 0.453125}, {"start": 418.52, "end": 418.94, "word": " dollars", "probability": 0.9541015625}, {"start": 418.94, "end": 419.18, "word": " or", "probability": 0.646484375}, {"start": 419.18, "end": 419.4, "word": " is", "probability": 0.89501953125}, {"start": 419.4, "end": 419.84, "word": " three", "probability": 0.833984375}, {"start": 419.84, "end": 420.4, "word": " dollars.", "probability": 0.958984375}, {"start": 421.02, "end": 421.18, "word": " And", "probability": 0.76806640625}, {"start": 421.18, "end": 421.34, "word": " the", "probability": 0.88720703125}, {"start": 421.34, "end": 421.6, "word": " price", "probability": 0.89306640625}, {"start": 421.6, "end": 421.86, "word": " per", "probability": 0.876953125}, {"start": 421.86, "end": 422.2, "word": " unit,", "probability": 0.96142578125}, {"start": 422.72, "end": 422.94, "word": " three", "probability": 0.9140625}, {"start": 422.94, "end": 423.46, "word": " shekels", "probability": 0.7456868489583334}, {"start": 423.46, "end": 423.64, "word": " here,", "probability": 0.8076171875}, {"start": 423.96, "end": 424.06, "word": " the", "probability": 0.86181640625}, {"start": 424.06, "end": 424.32, "word": " price", "probability": 0.8759765625}, {"start": 424.32, "end": 424.8, "word": " of", "probability": 0.6181640625}, {"start": 424.8, "end": 425.38, "word": " per", "probability": 0.818359375}, {"start": 425.38, "end": 425.9, "word": " kilogram", "probability": 0.92919921875}, {"start": 425.9, "end": 426.2, "word": " of", "probability": 0.92724609375}, {"start": 426.2, "end": 426.52, "word": " flour", "probability": 0.92578125}, {"start": 426.52, "end": 426.92, "word": " here.", "probability": 0.736328125}, {"start": 427.7, "end": 427.92, "word": " The", "probability": 0.88720703125}, {"start": 427.92, "end": 428.28, "word": " price,", "probability": 0.8359375}, {"start": 428.78, "end": 429.3, "word": " price,", "probability": 0.80419921875}, {"start": 429.94, "end": 430.28, "word": " the", "probability": 0.9208984375}, {"start": 430.28, "end": 430.7, "word": " original", "probability": 0.94287109375}, {"start": 430.7, "end": 431.16, "word": " price", "probability": 0.9208984375}, {"start": 431.16, "end": 431.54, "word": " per", "probability": 0.779296875}, {"start": 431.54, "end": 431.96, "word": " kilogram", "probability": 0.94140625}, {"start": 431.96, "end": 434.14, "word": " of", "probability": 0.89794921875}, {"start": 434.14, "end": 434.66, "word": " flour", "probability": 0.7548828125}, {"start": 434.66, "end": 437.2, "word": " equals", "probability": 0.70166015625}, {"start": 437.2, "end": 437.64, "word": " three", "probability": 0.8935546875}, {"start": 437.64, "end": 438.36, "word": " shekels.", "probability": 0.9705403645833334}, {"start": 439.62, "end": 440.1, "word": " This", "probability": 0.90087890625}, {"start": 440.1, "end": 440.2, "word": " is", "probability": 0.93994140625}, {"start": 440.2, "end": 440.34, "word": " the", "probability": 0.89990234375}, {"start": 440.34, "end": 440.68, "word": " original", "probability": 0.94677734375}, {"start": 440.68, "end": 441.22, "word": " assumption,", "probability": 0.974609375}, {"start": 441.58, "end": 441.96, "word": " initial", "probability": 0.830078125}, {"start": 441.96, "end": 442.54, "word": " assumption,", "probability": 0.970703125}, {"start": 443.44, "end": 443.58, "word": " all", "probability": 0.6552734375}, {"start": 443.58, "end": 443.74, "word": " right?", "probability": 0.91552734375}], "temperature": 1.0}, {"id": 16, "seek": 47081, "start": 445.95, "end": 470.81, "text": " And let us assume that the quantity purchased equals 70 kilograms or 100 kilograms. At the price equals three, the original quantity exchange in the market, the equilibrium quantity in the market, equals 100 kilograms. 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So the assumption here is if the government imposed a tax, if the government sits or imposed", "tokens": [1610, 718, 505, 6552, 300, 264, 2463, 26491, 257, 3366, 472, 750, 7124, 680, 21741, 13, 407, 264, 15302, 510, 307, 498, 264, 2463, 26491, 257, 3366, 11, 498, 264, 2463, 12696, 420, 26491], "avg_logprob": -0.23258928315980093, "compression_ratio": 1.625, "no_speech_prob": 0.0, "words": [{"start": 472.33, "end": 472.61, "word": " Or", "probability": 0.482666015625}, {"start": 472.61, "end": 472.81, "word": " let", "probability": 0.91943359375}, {"start": 472.81, "end": 472.95, "word": " us", "probability": 0.75048828125}, {"start": 472.95, "end": 473.25, "word": " assume", "probability": 0.888671875}, {"start": 473.25, "end": 473.41, "word": " that", "probability": 0.9296875}, {"start": 473.41, "end": 473.53, "word": " the", "probability": 0.89404296875}, {"start": 473.53, "end": 473.79, "word": " government", "probability": 0.9091796875}, {"start": 473.79, "end": 474.35, "word": " imposed", "probability": 0.85693359375}, {"start": 474.35, "end": 474.87, "word": " a", "probability": 0.9228515625}, {"start": 474.87, "end": 475.23, "word": " tax", "probability": 0.9521484375}, {"start": 475.23, "end": 476.31, "word": " one", "probability": 0.630859375}, {"start": 476.31, "end": 476.85, "word": " shekel", "probability": 0.896484375}, {"start": 476.85, "end": 477.15, "word": " per", "probability": 0.96240234375}, {"start": 477.15, "end": 477.59, "word": " kilogram.", "probability": 0.943359375}, {"start": 480.27, "end": 481.11, "word": " So", "probability": 0.380859375}, {"start": 481.11, "end": 482.23, "word": " the", "probability": 0.751953125}, {"start": 482.23, "end": 482.67, "word": " assumption", "probability": 0.9775390625}, {"start": 482.67, "end": 483.05, "word": " here", "probability": 0.85400390625}, {"start": 483.05, "end": 483.47, "word": " is", "probability": 0.9462890625}, {"start": 483.47, "end": 484.99, "word": " if", "probability": 0.6552734375}, {"start": 484.99, "end": 485.19, "word": " the", "probability": 0.92138671875}, {"start": 485.19, "end": 485.61, "word": " government", "probability": 0.92431640625}, {"start": 485.61, "end": 486.77, "word": " imposed", "probability": 0.84814453125}, {"start": 486.77, "end": 486.97, "word": " a", "probability": 0.63134765625}, {"start": 486.97, "end": 487.37, "word": " tax,", "probability": 0.94482421875}, {"start": 489.99, "end": 490.75, "word": " if", "probability": 0.724609375}, {"start": 490.75, "end": 490.87, "word": " the", "probability": 0.9208984375}, {"start": 490.87, "end": 491.25, "word": " government", "probability": 0.92041015625}, {"start": 491.25, "end": 495.99, "word": " sits", "probability": 0.40185546875}, {"start": 495.99, "end": 500.69, "word": " or", "probability": 0.86376953125}, {"start": 500.69, "end": 501.21, "word": " imposed", "probability": 0.88916015625}], "temperature": 1.0}, {"id": 18, "seek": 52946, "start": 504.02, "end": 529.46, "text": " one shekel per kilogram tax by one shekel per kilogram of the flour. Analyze the effect on supply", "tokens": [472, 750, 7124, 680, 21741, 3366, 538, 472, 750, 7124, 680, 21741, 295, 264, 7693, 13, 1107, 5222, 1381, 264, 1802, 322, 5847], "avg_logprob": -0.3437500037252903, "compression_ratio": 1.2727272727272727, "no_speech_prob": 0.0, "words": [{"start": 504.02, "end": 504.38, "word": " one", "probability": 0.294921875}, {"start": 504.38, "end": 504.78, "word": " shekel", "probability": 0.63623046875}, {"start": 504.78, "end": 505.06, "word": " per", "probability": 0.95166015625}, {"start": 505.06, "end": 505.5, "word": " kilogram", "probability": 0.91943359375}, {"start": 505.5, "end": 506.42, "word": " tax", "probability": 0.11724853515625}, {"start": 506.42, "end": 509.58, "word": " by", "probability": 0.734375}, {"start": 509.58, "end": 511.02, "word": " one", "probability": 0.8935546875}, {"start": 511.02, "end": 511.92, "word": " shekel", "probability": 0.920166015625}, {"start": 511.92, "end": 515.44, "word": " per", "probability": 0.8984375}, {"start": 515.44, "end": 516.86, "word": " kilogram", "probability": 0.90087890625}, {"start": 516.86, "end": 518.02, "word": " of", "probability": 0.970703125}, {"start": 518.02, "end": 518.2, "word": " the", "probability": 0.458740234375}, {"start": 518.2, "end": 518.62, "word": " flour.", "probability": 0.92236328125}, {"start": 524.9, "end": 526.3, "word": " Analyze", "probability": 0.7513020833333334}, {"start": 526.3, "end": 527.3, "word": " the", "probability": 0.9169921875}, {"start": 527.3, "end": 527.72, "word": " effect", "probability": 0.84033203125}, {"start": 527.72, "end": 529.04, "word": " on", "probability": 0.908203125}, {"start": 529.04, "end": 529.46, "word": " supply", "probability": 0.90234375}], "temperature": 1.0}, {"id": 19, "seek": 55604, "start": 530.82, "end": 556.04, "text": " Explain or calculate the total government revenue of tax. Determine who will bear the most and who will bear the least of tax burden. So number one, the question is, who will bear the most and the least?", "tokens": [39574, 420, 8873, 264, 3217, 2463, 9324, 295, 3366, 13, 4237, 966, 533, 567, 486, 6155, 264, 881, 293, 567, 486, 6155, 264, 1935, 295, 3366, 12578, 13, 407, 1230, 472, 11, 264, 1168, 307, 11, 567, 486, 6155, 264, 881, 293, 264, 1935, 30], "avg_logprob": -0.19157609375922577, "compression_ratio": 1.6062992125984252, "no_speech_prob": 0.0, "words": [{"start": 530.82, "end": 531.36, "word": " Explain", "probability": 0.61376953125}, {"start": 531.36, "end": 531.88, "word": " or", "probability": 0.90576171875}, {"start": 531.88, "end": 532.42, "word": " calculate", "probability": 0.91845703125}, {"start": 532.42, "end": 533.14, "word": " the", "probability": 0.87939453125}, {"start": 533.14, "end": 533.52, "word": " total", "probability": 0.89208984375}, {"start": 533.52, "end": 534.0, "word": " government", "probability": 0.9267578125}, {"start": 534.0, "end": 534.44, "word": " revenue", "probability": 0.82861328125}, {"start": 534.44, "end": 534.62, "word": " of", "probability": 0.56689453125}, {"start": 534.62, "end": 534.92, "word": " tax.", "probability": 0.95263671875}, {"start": 536.4, "end": 537.12, "word": " Determine", "probability": 0.921875}, {"start": 537.12, "end": 537.62, "word": " who", "probability": 0.89892578125}, {"start": 537.62, "end": 537.86, "word": " will", "probability": 0.8642578125}, {"start": 537.86, "end": 538.28, "word": " bear", "probability": 0.9267578125}, {"start": 538.28, "end": 538.64, "word": " the", "probability": 0.91357421875}, {"start": 538.64, "end": 539.08, "word": " most", "probability": 0.9130859375}, {"start": 539.08, "end": 539.3, "word": " and", "probability": 0.83251953125}, {"start": 539.3, "end": 539.5, "word": " who", "probability": 0.88232421875}, {"start": 539.5, "end": 539.74, "word": " will", "probability": 0.8310546875}, {"start": 539.74, "end": 540.06, "word": " bear", "probability": 0.94482421875}, {"start": 540.06, "end": 540.3, "word": " the", "probability": 0.912109375}, {"start": 540.3, "end": 540.58, "word": " least", "probability": 0.9677734375}, {"start": 540.58, "end": 540.72, "word": " of", "probability": 0.8896484375}, {"start": 540.72, "end": 540.98, "word": " tax", "probability": 0.81494140625}, {"start": 540.98, "end": 541.34, "word": " burden.", "probability": 0.951171875}, {"start": 542.24, "end": 542.48, "word": " So", "probability": 0.80419921875}, {"start": 542.48, "end": 542.96, "word": " number", "probability": 0.313720703125}, {"start": 542.96, "end": 543.22, "word": " one,", "probability": 0.9169921875}, {"start": 544.64, "end": 544.82, "word": " the", "probability": 0.436279296875}, {"start": 544.82, "end": 545.7, "word": " question", "probability": 0.912109375}, {"start": 545.7, "end": 545.98, "word": " is,", "probability": 0.94921875}, {"start": 546.44, "end": 546.58, "word": " who", "probability": 0.8125}, {"start": 546.58, "end": 546.84, "word": " will", "probability": 0.8701171875}, {"start": 546.84, "end": 547.16, "word": " bear", "probability": 0.9482421875}, {"start": 547.16, "end": 551.08, "word": " the", "probability": 0.77783203125}, {"start": 551.08, "end": 551.54, "word": " most", "probability": 0.900390625}, {"start": 551.54, "end": 555.42, "word": " and", "probability": 0.87939453125}, {"start": 555.42, "end": 555.6, "word": " the", "probability": 0.90478515625}, {"start": 555.6, "end": 556.04, "word": " least?", "probability": 0.966796875}], "temperature": 1.0}, {"id": 20, "seek": 58287, "start": 560.01, "end": 582.87, "text": " of tax burden. Yeah. The most tax burden. Yeah. The least. Why?", "tokens": [295, 3366, 12578, 13, 865, 13, 440, 881, 3366, 12578, 13, 865, 13, 440, 1935, 13, 1545, 30], "avg_logprob": -0.3955591979779695, "compression_ratio": 1.2549019607843137, "no_speech_prob": 0.0, "words": [{"start": 560.01, "end": 560.31, "word": " of", "probability": 0.334228515625}, {"start": 560.31, "end": 560.65, "word": " tax", "probability": 0.6875}, {"start": 560.65, "end": 561.01, "word": " burden.", "probability": 0.83349609375}, {"start": 570.83, "end": 571.55, "word": " Yeah.", "probability": 0.249267578125}, {"start": 574.09, "end": 574.81, "word": " The", "probability": 0.8076171875}, {"start": 574.81, "end": 575.11, "word": " most", "probability": 0.91455078125}, {"start": 575.11, "end": 575.49, "word": " tax", "probability": 0.50341796875}, {"start": 575.49, "end": 575.83, "word": " burden.", "probability": 0.94482421875}, {"start": 576.01, "end": 576.11, "word": " Yeah.", "probability": 0.6826171875}, {"start": 577.43, "end": 577.63, "word": " The", "probability": 0.53955078125}, {"start": 577.63, "end": 581.37, "word": " least.", "probability": 0.7734375}, {"start": 582.51, "end": 582.87, "word": " Why?", "probability": 0.85302734375}], "temperature": 1.0}, {"id": 21, "seek": 61125, "start": 587.15, "end": 611.25, "text": " Yeah, yeah, and it's not easy to give up it as the price goes up here. Okay, so number one here, who will bear the most and the least of tax burden? 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Now, the government imposed a tax. This is the original situation. The government sets a tax by one shekel per kilogram of flour. So supply, as we analyzed, the supply shifts left. So we have leftward shifting in supply curve. We have a new equilibrium point.", "tokens": [663, 311, 309, 13, 823, 11, 264, 2463, 26491, 257, 3366, 13, 639, 307, 264, 3380, 2590, 13, 440, 2463, 6352, 257, 3366, 538, 472, 750, 7124, 680, 21741, 295, 7693, 13, 407, 5847, 11, 382, 321, 28181, 11, 264, 5847, 19201, 1411, 13, 407, 321, 362, 1411, 1007, 17573, 294, 5847, 7605, 13, 492, 362, 257, 777, 15625, 935, 13], "avg_logprob": -0.1369707622835713, "compression_ratio": 1.5224719101123596, "no_speech_prob": 0.0, "words": [{"start": 620.12, "end": 620.48, "word": " That's", "probability": 0.91455078125}, {"start": 620.48, "end": 620.62, "word": " it.", "probability": 0.95263671875}, {"start": 622.32, "end": 623.1, "word": " Now,", "probability": 0.9453125}, {"start": 623.76, "end": 624.0, "word": " the", "probability": 0.91845703125}, {"start": 624.0, "end": 624.46, "word": " government", "probability": 0.90478515625}, {"start": 624.46, "end": 625.42, "word": " imposed", "probability": 0.83544921875}, {"start": 625.42, "end": 625.6, "word": " a", "probability": 0.465087890625}, {"start": 625.6, "end": 625.86, "word": " tax.", "probability": 0.93505859375}, {"start": 626.02, "end": 626.18, "word": " This", "probability": 0.8994140625}, {"start": 626.18, "end": 626.3, "word": " is", "probability": 0.935546875}, {"start": 626.3, "end": 626.46, "word": " the", "probability": 0.91357421875}, {"start": 626.46, "end": 626.82, "word": " original", "probability": 0.85107421875}, {"start": 626.82, "end": 627.62, "word": " situation.", "probability": 0.93994140625}, {"start": 628.58, "end": 628.7, "word": " The", "probability": 0.89208984375}, {"start": 628.7, "end": 629.02, "word": " government", "probability": 0.91748046875}, {"start": 629.02, "end": 629.34, "word": " sets", "probability": 0.8447265625}, {"start": 629.34, "end": 629.54, "word": " a", "probability": 0.93017578125}, {"start": 629.54, "end": 629.84, "word": " tax", "probability": 0.94287109375}, {"start": 629.84, "end": 630.28, "word": " by", "probability": 0.970703125}, {"start": 630.28, "end": 631.12, "word": " one", "probability": 0.7978515625}, {"start": 631.12, "end": 632.16, "word": " shekel", "probability": 0.89990234375}, {"start": 632.16, "end": 632.46, "word": " per", "probability": 0.951171875}, {"start": 632.46, "end": 632.88, "word": " kilogram", "probability": 0.939453125}, {"start": 632.88, "end": 633.98, "word": " of", "probability": 0.9775390625}, {"start": 633.98, "end": 634.56, "word": " flour.", "probability": 0.9365234375}, {"start": 635.24, "end": 635.44, "word": " So", "probability": 0.93017578125}, {"start": 635.44, "end": 637.74, "word": " supply,", "probability": 0.53466796875}, {"start": 637.86, "end": 637.98, "word": " as", "probability": 0.96484375}, {"start": 637.98, "end": 638.1, "word": " we", "probability": 0.89306640625}, {"start": 638.1, "end": 638.5, "word": " analyzed,", "probability": 0.759765625}, {"start": 639.1, "end": 639.22, "word": " the", "probability": 0.6396484375}, {"start": 639.22, "end": 639.74, "word": " supply", "probability": 0.9326171875}, {"start": 639.74, "end": 640.2, "word": " shifts", "probability": 0.93798828125}, {"start": 640.2, "end": 640.62, "word": " left.", "probability": 0.869140625}, {"start": 641.34, "end": 641.54, "word": " So", "probability": 0.73876953125}, {"start": 641.54, "end": 641.98, "word": " we", "probability": 0.63427734375}, {"start": 641.98, "end": 642.46, "word": " have", "probability": 0.931640625}, {"start": 642.46, "end": 643.28, "word": " leftward", "probability": 0.90087890625}, {"start": 643.28, "end": 643.74, "word": " shifting", "probability": 0.91943359375}, {"start": 643.74, "end": 644.12, "word": " in", "probability": 0.9033203125}, {"start": 644.12, "end": 644.44, "word": " supply", "probability": 0.92333984375}, {"start": 644.44, "end": 644.74, "word": " curve.", "probability": 0.68701171875}, {"start": 647.18, "end": 647.96, "word": " We", "probability": 0.9638671875}, {"start": 647.96, "end": 648.26, "word": " have", "probability": 0.9462890625}, {"start": 648.26, "end": 648.48, "word": " a", "probability": 0.998046875}, {"start": 648.48, "end": 648.64, "word": " new", "probability": 0.90478515625}, {"start": 648.64, "end": 649.06, "word": " equilibrium", "probability": 0.9794921875}, {"start": 649.06, "end": 649.48, "word": " point.", "probability": 0.96923828125}], "temperature": 1.0}, {"id": 23, "seek": 67739, "start": 652.17, "end": 677.39, "text": " The vertical distance between supply two and supply one here is the tax per unit. The vertical distance here from A2 to the point along lies along S1 is the tax per unit.", "tokens": [440, 9429, 4560, 1296, 5847, 732, 293, 5847, 472, 510, 307, 264, 3366, 680, 4985, 13, 440, 9429, 4560, 510, 490, 316, 17, 281, 264, 935, 2051, 9134, 2051, 318, 16, 307, 264, 3366, 680, 4985, 13], "avg_logprob": -0.19829358748699488, "compression_ratio": 1.5833333333333333, "no_speech_prob": 0.0, "words": [{"start": 652.17, "end": 652.39, "word": " The", "probability": 0.82861328125}, {"start": 652.39, "end": 652.93, "word": " vertical", "probability": 0.91748046875}, {"start": 652.93, "end": 654.21, "word": " distance", "probability": 0.94287109375}, {"start": 654.21, "end": 654.87, "word": " between", "probability": 0.8701171875}, {"start": 654.87, "end": 656.15, "word": " supply", "probability": 0.75732421875}, {"start": 656.15, "end": 656.63, "word": " two", "probability": 0.552734375}, {"start": 656.63, "end": 656.97, "word": " and", "probability": 0.90771484375}, {"start": 656.97, "end": 657.41, "word": " supply", "probability": 0.90673828125}, {"start": 657.41, "end": 657.67, "word": " one", "probability": 0.8798828125}, {"start": 657.67, "end": 658.05, "word": " here", "probability": 0.81884765625}, {"start": 658.05, "end": 659.19, "word": " is", "probability": 0.85302734375}, {"start": 659.19, "end": 660.45, "word": " the", "probability": 0.90478515625}, {"start": 660.45, "end": 660.99, "word": " tax", "probability": 0.57470703125}, {"start": 660.99, "end": 661.35, "word": " per", "probability": 0.356201171875}, {"start": 661.35, "end": 661.61, "word": " unit.", "probability": 0.9814453125}, {"start": 663.09, "end": 663.91, "word": " The", "probability": 0.869140625}, {"start": 663.91, "end": 664.35, "word": " vertical", "probability": 0.92529296875}, {"start": 664.35, "end": 664.99, "word": " distance", "probability": 0.931640625}, {"start": 664.99, "end": 665.27, "word": " here", "probability": 0.68603515625}, {"start": 665.27, "end": 666.31, "word": " from", "probability": 0.787109375}, {"start": 666.31, "end": 666.95, "word": " A2", "probability": 0.758056640625}, {"start": 666.95, "end": 669.79, "word": " to", "probability": 0.90478515625}, {"start": 669.79, "end": 669.95, "word": " the", "probability": 0.91259765625}, {"start": 669.95, "end": 670.29, "word": " point", "probability": 0.955078125}, {"start": 670.29, "end": 670.93, "word": " along", "probability": 0.7724609375}, {"start": 670.93, "end": 671.89, "word": " lies", "probability": 0.47119140625}, {"start": 671.89, "end": 672.31, "word": " along", "probability": 0.90478515625}, {"start": 672.31, "end": 673.11, "word": " S1", "probability": 0.902587890625}, {"start": 673.11, "end": 676.35, "word": " is", "probability": 0.7646484375}, {"start": 676.35, "end": 676.57, "word": " the", "probability": 0.9228515625}, {"start": 676.57, "end": 676.85, "word": " tax", "probability": 0.88720703125}, {"start": 676.85, "end": 677.13, "word": " per", "probability": 0.92919921875}, {"start": 677.13, "end": 677.39, "word": " unit.", "probability": 0.9658203125}], "temperature": 1.0}, {"id": 24, "seek": 70116, "start": 683.6, "end": 701.16, "text": " So the vertical distance here represents the tax per unit to determine", "tokens": [407, 264, 9429, 4560, 510, 8855, 264, 3366, 680, 4985, 281, 6997], "avg_logprob": -0.5291466346153846, "compression_ratio": 1.0757575757575757, "no_speech_prob": 0.0, "words": [{"start": 683.6, "end": 685.0, "word": " So", "probability": 0.231689453125}, {"start": 685.0, "end": 685.04, "word": " the", "probability": 0.167236328125}, {"start": 685.04, "end": 685.22, "word": " vertical", "probability": 0.76123046875}, {"start": 685.22, "end": 690.1, "word": " distance", "probability": 0.93896484375}, {"start": 690.1, "end": 690.5, "word": " here", "probability": 0.83154296875}, {"start": 690.5, "end": 694.58, "word": " represents", "probability": 0.640625}, {"start": 694.58, "end": 696.04, "word": " the", "probability": 0.90576171875}, {"start": 696.04, "end": 696.56, "word": " tax", "probability": 0.5078125}, {"start": 696.56, "end": 696.92, "word": " per", "probability": 0.300048828125}, {"start": 696.92, "end": 698.56, "word": " unit", "probability": 0.97412109375}, {"start": 698.56, "end": 700.56, "word": " to", "probability": 0.58203125}, {"start": 700.56, "end": 701.16, "word": " determine", "probability": 0.90966796875}], "temperature": 1.0}, {"id": 25, "seek": 73155, "start": 703.47, "end": 731.55, "text": " The government's revenue of tax, you have to take a vertical line from A2 to S1. From A2 to S1, the shaded area, rectangular area represents the government's revenue of tax. The total, the whole tax burden.", "tokens": [440, 2463, 311, 9324, 295, 3366, 11, 291, 362, 281, 747, 257, 9429, 1622, 490, 316, 17, 281, 318, 16, 13, 3358, 316, 17, 281, 318, 16, 11, 264, 48067, 1859, 11, 31167, 1859, 8855, 264, 2463, 311, 9324, 295, 3366, 13, 440, 3217, 11, 264, 1379, 3366, 12578, 13], "avg_logprob": -0.2385110247368906, "compression_ratio": 1.4892086330935252, "no_speech_prob": 0.0, "words": [{"start": 703.47, "end": 703.75, "word": " The", "probability": 0.77001953125}, {"start": 703.75, "end": 704.29, "word": " government's", "probability": 0.6416015625}, {"start": 704.29, "end": 704.55, "word": " revenue", "probability": 0.890625}, {"start": 704.55, "end": 704.75, "word": " of", "probability": 0.90087890625}, {"start": 704.75, "end": 705.13, "word": " tax,", "probability": 0.94189453125}, {"start": 705.55, "end": 705.69, "word": " you", "probability": 0.9521484375}, {"start": 705.69, "end": 706.17, "word": " have", "probability": 0.939453125}, {"start": 706.17, "end": 707.07, "word": " to", "probability": 0.875}, {"start": 707.07, "end": 707.49, "word": " take", "probability": 0.88134765625}, {"start": 707.49, "end": 707.95, "word": " a", "probability": 0.59130859375}, {"start": 707.95, "end": 709.01, "word": " vertical", "probability": 0.92626953125}, {"start": 709.01, "end": 709.41, "word": " line", "probability": 0.92822265625}, {"start": 709.41, "end": 709.73, "word": " from", "probability": 0.890625}, {"start": 709.73, "end": 710.37, "word": " A2", "probability": 0.971923828125}, {"start": 710.37, "end": 711.03, "word": " to", "probability": 0.97216796875}, {"start": 711.03, "end": 711.47, "word": " S1.", "probability": 0.981689453125}, {"start": 717.23, "end": 717.23, "word": " From", "probability": 0.03399658203125}, {"start": 717.23, "end": 717.93, "word": " A2", "probability": 0.99169921875}, {"start": 717.93, "end": 718.45, "word": " to", "probability": 0.96484375}, {"start": 718.45, "end": 718.85, "word": " S1,", "probability": 0.995361328125}, {"start": 719.29, "end": 720.65, "word": " the", "probability": 0.6826171875}, {"start": 720.65, "end": 721.05, "word": " shaded", "probability": 0.8515625}, {"start": 721.05, "end": 721.65, "word": " area,", "probability": 0.75244140625}, {"start": 722.07, "end": 723.29, "word": " rectangular", "probability": 0.76171875}, {"start": 723.29, "end": 723.61, "word": " area", "probability": 0.45654296875}, {"start": 723.61, "end": 724.19, "word": " represents", "probability": 0.537109375}, {"start": 724.19, "end": 724.89, "word": " the", "probability": 0.90673828125}, {"start": 724.89, "end": 725.49, "word": " government's", "probability": 0.899169921875}, {"start": 725.49, "end": 725.73, "word": " revenue", "probability": 0.91796875}, {"start": 725.73, "end": 725.91, "word": " of", "probability": 0.95556640625}, {"start": 725.91, "end": 726.21, "word": " tax.", "probability": 0.9501953125}, {"start": 727.85, "end": 728.31, "word": " The", "probability": 0.8525390625}, {"start": 728.31, "end": 728.77, "word": " total,", "probability": 0.81591796875}, {"start": 729.65, "end": 729.97, "word": " the", "probability": 0.92431640625}, {"start": 729.97, "end": 730.73, "word": " whole", "probability": 0.8564453125}, {"start": 730.73, "end": 731.13, "word": " tax", "probability": 0.95361328125}, {"start": 731.13, "end": 731.55, "word": " burden.", "probability": 0.328125}], "temperature": 1.0}, {"id": 26, "seek": 76450, "start": 736.74, "end": 764.5, "text": " I swear I know. But there's a problem. There was confusion in the last lecture. And the most important thing is the course. And the most important thing is not succeeding in the course. Right? That's the most important thing. The least important thing is that I don't know what to do. Right? 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Let us assume that the price goes up,", "tokens": [407, 281, 6997, 264, 3217, 2463, 3131, 3366, 420, 264, 3217, 3366, 12578, 11, 264, 1379, 295, 3366, 12578, 11, 264, 9429, 4560, 490, 316, 281, 318, 16, 11, 341, 307, 264, 1379, 295, 3366, 12578, 13, 961, 505, 6552, 300, 264, 3218, 1709, 493, 11], "avg_logprob": -0.14502992528550168, "compression_ratio": 1.5648854961832062, "no_speech_prob": 0.0, "words": [{"start": 766.0500000000001, "end": 766.73, "word": " So", "probability": 0.8828125}, {"start": 766.73, "end": 767.39, "word": " to", "probability": 0.7998046875}, {"start": 767.39, "end": 767.83, "word": " determine", "probability": 0.92138671875}, {"start": 767.83, "end": 768.05, "word": " the", "probability": 0.88232421875}, {"start": 768.05, "end": 768.39, "word": " total", "probability": 0.87548828125}, {"start": 768.39, "end": 768.87, "word": " government", "probability": 0.88623046875}, {"start": 768.87, "end": 769.21, "word": " review", "probability": 0.268798828125}, {"start": 769.21, "end": 769.77, "word": " tax", "probability": 0.90087890625}, {"start": 769.77, "end": 770.03, "word": " or", "probability": 0.78759765625}, {"start": 770.03, "end": 770.21, "word": " the", "probability": 0.92333984375}, {"start": 770.21, "end": 770.51, "word": " total", "probability": 0.859375}, {"start": 770.51, "end": 770.97, "word": " tax", "probability": 0.92919921875}, {"start": 770.97, "end": 771.43, "word": " burden,", "probability": 0.8935546875}, {"start": 772.31, "end": 772.43, "word": " the", "probability": 0.9267578125}, {"start": 772.43, "end": 772.61, "word": " whole", "probability": 0.828125}, {"start": 772.61, "end": 772.75, "word": " of", "probability": 0.83447265625}, {"start": 772.75, "end": 772.99, "word": " tax", "probability": 0.90673828125}, {"start": 772.99, "end": 773.31, "word": " burden,", "probability": 0.92626953125}, {"start": 774.67, "end": 774.79, "word": " the", "probability": 0.90380859375}, {"start": 774.79, "end": 775.41, "word": " vertical", "probability": 0.9052734375}, {"start": 775.41, "end": 775.85, "word": " distance", "probability": 0.919921875}, {"start": 775.85, "end": 776.55, "word": " from", "probability": 0.83349609375}, {"start": 776.55, "end": 777.07, "word": " A", "probability": 0.7861328125}, {"start": 777.07, "end": 777.29, "word": " to", "probability": 0.9521484375}, {"start": 777.29, "end": 778.01, "word": " S1,", "probability": 0.926025390625}, {"start": 778.41, "end": 778.53, "word": " this", "probability": 0.927734375}, {"start": 778.53, "end": 778.67, "word": " is", "probability": 0.9462890625}, {"start": 778.67, "end": 778.79, "word": " the", "probability": 0.91748046875}, {"start": 778.79, "end": 778.95, "word": " whole", "probability": 0.86328125}, {"start": 778.95, "end": 779.09, "word": " of", "probability": 0.95263671875}, {"start": 779.09, "end": 779.35, "word": " tax", "probability": 0.91259765625}, {"start": 779.35, "end": 779.63, "word": " burden.", "probability": 0.92724609375}, {"start": 782.45, "end": 783.13, "word": " Let", "probability": 0.82373046875}, {"start": 783.13, "end": 783.31, "word": " us", "probability": 0.80126953125}, {"start": 783.31, "end": 783.69, "word": " assume", "probability": 0.9111328125}, {"start": 783.69, "end": 783.97, "word": " that", "probability": 0.93603515625}, {"start": 783.97, "end": 784.23, "word": " the", "probability": 0.9013671875}, {"start": 784.23, "end": 784.99, "word": " price", "probability": 0.91748046875}, {"start": 784.99, "end": 785.53, "word": " goes", "probability": 0.9365234375}, {"start": 785.53, "end": 785.89, "word": " up,", "probability": 0.97509765625}], "temperature": 1.0}, {"id": 28, "seek": 81635, "start": 787.05, "end": 816.35, "text": " Or this is as a result or due to the leftward shifting of supply curve, we have a new equilibrium point. A new equilibrium point leads to increasing the prices from P1 to P2, the quantity goes down from Q1 to Q2. Let us assume that the decrease in the quantity here equals 95. The new equilibrium quantity equals", "tokens": [1610, 341, 307, 382, 257, 1874, 420, 3462, 281, 264, 1411, 1007, 17573, 295, 5847, 7605, 11, 321, 362, 257, 777, 15625, 935, 13, 316, 777, 15625, 935, 6689, 281, 5662, 264, 7901, 490, 430, 16, 281, 430, 17, 11, 264, 11275, 1709, 760, 490, 1249, 16, 281, 1249, 17, 13, 961, 505, 6552, 300, 264, 11514, 294, 264, 11275, 510, 6915, 13420, 13, 440, 777, 15625, 11275, 6915], "avg_logprob": -0.15446429295199257, "compression_ratio": 1.6302083333333333, "no_speech_prob": 0.0, "words": [{"start": 787.05, "end": 787.41, "word": " Or", "probability": 0.447265625}, {"start": 787.41, "end": 787.75, "word": " this", "probability": 0.91259765625}, {"start": 787.75, "end": 788.09, "word": " is", "probability": 0.9462890625}, {"start": 788.09, "end": 788.63, "word": " as", "probability": 0.91064453125}, {"start": 788.63, "end": 788.77, "word": " a", "probability": 0.99560546875}, {"start": 788.77, "end": 789.13, "word": " result", "probability": 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Now, this is the whole of tax burden. The consumer share of tax burden can be determined from A1 here,", "tokens": [13420, 6815, 11, 13420, 21741, 13, 823, 11, 341, 307, 264, 1379, 295, 3366, 12578, 13, 440, 9711, 2073, 295, 3366, 12578, 393, 312, 9540, 490, 316, 16, 510, 11], "avg_logprob": -0.210685484832333, "compression_ratio": 1.1886792452830188, "no_speech_prob": 0.0, "words": [{"start": 817.51, "end": 818.27, "word": " 95", "probability": 0.697265625}, {"start": 818.27, "end": 819.17, "word": " units,", "probability": 0.96728515625}, {"start": 820.29, "end": 820.79, "word": " 95", "probability": 0.986328125}, {"start": 820.79, "end": 821.23, "word": " kilogram.", "probability": 0.27294921875}, {"start": 822.35, "end": 822.93, "word": " Now,", "probability": 0.94091796875}, {"start": 826.87, "end": 827.75, "word": " this", "probability": 0.93603515625}, {"start": 827.75, "end": 827.91, "word": " is", "probability": 0.94775390625}, {"start": 827.91, "end": 828.05, "word": " the", "probability": 0.8818359375}, {"start": 828.05, "end": 828.19, "word": " whole", "probability": 0.8076171875}, {"start": 828.19, "end": 828.37, "word": " of", "probability": 0.92529296875}, {"start": 828.37, "end": 828.59, "word": " tax", "probability": 0.6318359375}, {"start": 828.59, "end": 828.91, "word": " burden.", "probability": 0.7890625}, {"start": 834.15, "end": 835.15, "word": " The", "probability": 0.8974609375}, {"start": 835.15, "end": 835.69, "word": " consumer", "probability": 0.81884765625}, {"start": 835.69, "end": 836.11, "word": " share", "probability": 0.75732421875}, {"start": 836.11, "end": 836.29, "word": " of", "probability": 0.6494140625}, {"start": 836.29, "end": 836.51, "word": " tax", "probability": 0.8408203125}, {"start": 836.51, "end": 836.85, "word": " burden", "probability": 0.93798828125}, {"start": 836.85, "end": 837.49, "word": " can", "probability": 0.935546875}, {"start": 837.49, "end": 837.99, "word": " be", "probability": 0.95751953125}, {"start": 837.99, "end": 838.81, "word": " determined", "probability": 0.90966796875}, {"start": 838.81, "end": 842.41, "word": " from", "probability": 0.88525390625}, {"start": 842.41, "end": 843.01, "word": " A1", "probability": 0.682373046875}, {"start": 843.01, "end": 843.29, "word": " here,", "probability": 0.81005859375}], "temperature": 1.0}, {"id": 30, "seek": 87297, "start": 846.99, "end": 872.97, "text": " This part here represents the consumer share to export it. This share, this is the consumer share to export it. This is here, the producer share to export it.", "tokens": [639, 644, 510, 8855, 264, 9711, 2073, 281, 10725, 309, 13, 639, 2073, 11, 341, 307, 264, 9711, 2073, 281, 10725, 309, 13, 639, 307, 510, 11, 264, 12314, 2073, 281, 10725, 309, 13], "avg_logprob": -0.23258928315980093, "compression_ratio": 1.8068181818181819, "no_speech_prob": 0.0, "words": [{"start": 846.99, "end": 847.37, "word": " This", "probability": 0.79248046875}, {"start": 847.37, "end": 847.79, "word": " part", "probability": 0.77978515625}, {"start": 847.79, "end": 848.13, "word": " here", "probability": 0.87353515625}, {"start": 848.13, "end": 850.19, "word": " represents", "probability": 0.8486328125}, {"start": 850.19, "end": 851.99, "word": " the", "probability": 0.896484375}, {"start": 851.99, "end": 852.61, "word": " consumer", "probability": 0.8173828125}, {"start": 852.61, "end": 853.07, "word": " share", "probability": 0.68310546875}, {"start": 853.07, "end": 853.27, "word": " to", "probability": 0.177001953125}, {"start": 853.27, "end": 853.63, "word": " export", "probability": 0.71240234375}, {"start": 853.63, "end": 853.93, "word": " it.", "probability": 0.84521484375}, {"start": 859.97, "end": 860.71, "word": " This", "probability": 0.89599609375}, {"start": 860.71, "end": 861.09, "word": " share,", "probability": 0.73193359375}, {"start": 864.51, "end": 864.85, "word": " this", "probability": 0.94775390625}, {"start": 864.85, "end": 865.07, "word": " is", "probability": 0.9453125}, {"start": 865.07, "end": 865.35, "word": " the", "probability": 0.88671875}, {"start": 865.35, "end": 866.05, "word": " consumer", "probability": 0.8291015625}, {"start": 866.05, "end": 866.51, "word": " share", "probability": 0.74755859375}, {"start": 866.51, "end": 866.71, "word": " to", "probability": 0.63818359375}, {"start": 866.71, "end": 867.07, "word": " export", "probability": 0.9638671875}, {"start": 867.07, "end": 867.41, "word": " it.", "probability": 0.86376953125}, {"start": 868.63, "end": 869.37, "word": " This", "probability": 0.73779296875}, {"start": 869.37, "end": 869.69, "word": " is", "probability": 0.92578125}, {"start": 869.69, "end": 869.97, "word": " here,", "probability": 0.7265625}, {"start": 870.93, "end": 871.17, "word": " the", "probability": 0.91845703125}, {"start": 871.17, "end": 871.69, "word": " producer", "probability": 0.923828125}, {"start": 871.69, "end": 872.11, "word": " share", "probability": 0.755859375}, {"start": 872.11, "end": 872.33, "word": " to", "probability": 0.92138671875}, {"start": 872.33, "end": 872.65, "word": " export", "probability": 0.96533203125}, {"start": 872.65, "end": 872.97, "word": " it.", "probability": 0.9443359375}], "temperature": 1.0}, {"id": 31, "seek": 90377, "start": 880.27, "end": 903.77, "text": " The blue area shows the consumer share. This is the consumer share. The black rectangle here represents the producer share of tax burden.", "tokens": [440, 3344, 1859, 3110, 264, 9711, 2073, 13, 639, 307, 264, 9711, 2073, 13, 440, 2211, 21930, 510, 8855, 264, 12314, 2073, 295, 3366, 12578, 13], "avg_logprob": -0.21122685405943128, "compression_ratio": 1.4526315789473685, "no_speech_prob": 0.0, "words": [{"start": 880.27, "end": 880.51, "word": " The", "probability": 0.8388671875}, {"start": 880.51, "end": 880.77, "word": " blue", "probability": 0.94873046875}, {"start": 880.77, "end": 881.31, "word": " area", "probability": 0.87353515625}, {"start": 881.31, "end": 882.43, "word": " shows", "probability": 0.9140625}, {"start": 882.43, "end": 883.37, "word": " the", "probability": 0.9150390625}, {"start": 883.37, "end": 883.99, "word": " consumer", "probability": 0.86083984375}, {"start": 883.99, "end": 884.47, "word": " share.", "probability": 0.50146484375}, {"start": 885.69, "end": 886.67, "word": " This", "probability": 0.88037109375}, {"start": 886.67, "end": 886.79, "word": " is", "probability": 0.9453125}, {"start": 886.79, "end": 886.93, "word": " the", "probability": 0.90185546875}, {"start": 886.93, "end": 887.35, "word": " consumer", "probability": 0.865234375}, {"start": 887.35, "end": 887.79, "word": " share.", "probability": 0.853515625}, {"start": 893.83, "end": 893.97, "word": " The", "probability": 0.74365234375}, {"start": 893.97, "end": 895.87, "word": " black", "probability": 0.833984375}, {"start": 895.87, "end": 897.17, "word": " rectangle", "probability": 0.6220703125}, {"start": 897.17, "end": 897.53, "word": " here", "probability": 0.8046875}, {"start": 897.53, "end": 898.03, "word": " represents", "probability": 0.78076171875}, {"start": 898.03, "end": 898.25, "word": " the", "probability": 0.9189453125}, {"start": 898.25, "end": 898.63, "word": " producer", "probability": 0.826171875}, {"start": 898.63, "end": 899.15, "word": " share", "probability": 0.76416015625}, {"start": 899.15, "end": 903.03, "word": " of", "probability": 0.9208984375}, {"start": 903.03, "end": 903.37, "word": " tax", "probability": 0.78271484375}, {"start": 903.37, "end": 903.77, "word": " burden.", "probability": 0.93994140625}], "temperature": 1.0}, {"id": 32, "seek": 94038, "start": 913.44, "end": 940.38, "text": " The producers or the sellers tried to transfer the whole of tax board and domain to consumers, but they have not succeeded. They did not succeed. هو خطر الشيلو كله يعني بمعنى أجى واحد بقى كم كان ال per kilogram حقه three shekels حطوا taxes واحد", "tokens": [440, 16080, 420, 264, 31276, 3031, 281, 5003, 264, 1379, 295, 3366, 3150, 293, 9274, 281, 11883, 11, 457, 436, 362, 406, 20263, 13, 814, 630, 406, 7754, 13, 31439, 16490, 9566, 2288, 25124, 26895, 2407, 28242, 3224, 37495, 22653, 4724, 2304, 3615, 1863, 7578, 5551, 7435, 7578, 36764, 24401, 4724, 4587, 7578, 9122, 2304, 25961, 2423, 680, 21741, 11331, 4587, 3224, 1045, 750, 7124, 82, 11331, 9566, 14407, 10041, 36764, 24401], "avg_logprob": -0.2930222668059885, "compression_ratio": 1.3515981735159817, "no_speech_prob": 0.0, "words": [{"start": 913.44, "end": 913.66, "word": " The", "probability": 0.5576171875}, {"start": 913.66, "end": 914.64, "word": " producers", "probability": 0.90673828125}, {"start": 914.64, "end": 915.02, "word": " or", "probability": 0.8671875}, {"start": 915.02, "end": 915.2, "word": " the", "probability": 0.91552734375}, {"start": 915.2, "end": 915.5, "word": " sellers", "probability": 0.94921875}, {"start": 915.5, "end": 917.06, "word": " tried", "probability": 0.81640625}, {"start": 917.06, "end": 918.0, "word": " to", "probability": 0.97412109375}, {"start": 918.0, "end": 919.68, "word": " transfer", "probability": 0.93408203125}, {"start": 919.68, "end": 921.96, "word": " the", "probability": 0.85009765625}, {"start": 921.96, "end": 922.3, "word": " whole", "probability": 0.84423828125}, {"start": 922.3, "end": 922.5, "word": " of", "probability": 0.8779296875}, {"start": 922.5, "end": 922.82, "word": " tax", "probability": 0.7998046875}, {"start": 922.82, "end": 923.14, "word": " board", "probability": 0.2232666015625}, {"start": 923.14, "end": 923.34, "word": " and", "probability": 0.6142578125}, {"start": 923.34, "end": 923.68, "word": " domain", "probability": 0.95751953125}, {"start": 923.68, "end": 923.96, "word": " to", "probability": 0.96923828125}, {"start": 923.96, "end": 924.74, "word": " consumers,", "probability": 0.93505859375}, {"start": 925.18, "end": 925.72, "word": " but", "probability": 0.92724609375}, {"start": 925.72, "end": 926.66, "word": " they", "probability": 0.89794921875}, {"start": 926.66, "end": 928.0, "word": " have", "probability": 0.390625}, {"start": 928.0, "end": 928.24, "word": " not", "probability": 0.91357421875}, {"start": 928.24, "end": 928.86, "word": " succeeded.", "probability": 0.88818359375}, {"start": 929.0, "end": 929.08, "word": " They", "probability": 0.8125}, {"start": 929.08, "end": 929.22, "word": " did", "probability": 0.94970703125}, {"start": 929.22, "end": 929.44, "word": " not", "probability": 0.94580078125}, {"start": 929.44, "end": 930.02, "word": " succeed.", "probability": 0.92822265625}, {"start": 931.66, "end": 931.82, "word": " هو", "probability": 0.04522705078125}, {"start": 931.82, "end": 932.24, "word": " خطر", "probability": 0.7576497395833334}, {"start": 932.24, "end": 932.72, "word": " الشيلو", "probability": 0.5205078125}, {"start": 932.72, "end": 933.04, "word": " كله", "probability": 0.943115234375}, {"start": 933.04, "end": 933.2, "word": " يعني", "probability": 0.71923828125}, {"start": 933.2, "end": 933.68, "word": " بمعنى", "probability": 0.94912109375}, {"start": 933.68, "end": 934.22, "word": " أجى", "probability": 0.6497395833333334}, {"start": 934.22, "end": 934.5, "word": " واحد", "probability": 0.991943359375}, {"start": 934.5, "end": 934.76, "word": " بقى", "probability": 0.7229817708333334}, {"start": 934.76, "end": 934.84, "word": " كم", "probability": 0.715087890625}, {"start": 934.84, "end": 935.04, "word": " كان", "probability": 0.97998046875}, {"start": 935.04, "end": 935.14, "word": " ال", "probability": 0.89404296875}, {"start": 935.14, "end": 935.3, "word": " per", "probability": 0.394287109375}, {"start": 935.3, "end": 935.74, "word": " kilogram", "probability": 0.8876953125}, {"start": 935.74, "end": 936.2, "word": " حقه", "probability": 0.8346354166666666}, {"start": 936.2, "end": 936.96, "word": " three", "probability": 0.1912841796875}, {"start": 936.96, "end": 938.54, "word": " shekels", "probability": 0.85498046875}, {"start": 938.54, "end": 939.34, "word": " حطوا", "probability": 0.7822265625}, {"start": 939.34, "end": 939.82, "word": " taxes", "probability": 0.81787109375}, {"start": 939.82, "end": 940.38, "word": " واحد", "probability": 0.986572265625}], "temperature": 1.0}, {"id": 33, "seek": 97116, "start": 942.48, "end": 971.16, "text": " They're supposed to sell it for how much? For 4. For 4. But actually, actually, when demand is inelastic, they carry the larger part. Okay? So this is how it is. The distance from hand to hand. It's all one. Well, from hand to hand, what do you expect? It could be 75%, 80%. Right? 80%. And this is 20%. Right? 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This is, or this part is bigger than this part. Then how they handle it here, 80%, 75%. So this price, the new price becomes 3.75 shekels. From here to here, 25% remains. This minus 25%, how much remains? 2.75. Okay?", "tokens": [32370, 11, 472, 750, 7124, 13, 639, 307, 11, 420, 341, 644, 307, 3801, 813, 341, 644, 13, 1396, 577, 436, 4813, 309, 510, 11, 4688, 8923, 9562, 6856, 407, 341, 3218, 11, 264, 777, 3218, 3643, 805, 13, 11901, 750, 7124, 82, 13, 3358, 510, 281, 510, 11, 3552, 4, 7023, 13, 639, 3175, 3552, 8923, 577, 709, 7023, 30, 568, 13, 11901, 13, 1033, 30], "avg_logprob": -0.329733443172539, "compression_ratio": 1.4539877300613497, "no_speech_prob": 0.0, "words": [{"start": 972.23, "end": 972.67, "word": " Dollar,", "probability": 0.5078125}, {"start": 972.99, "end": 973.25, "word": " one", "probability": 0.87841796875}, {"start": 973.25, "end": 973.75, "word": " shekel.", "probability": 0.8740234375}, {"start": 974.79, "end": 975.03, "word": " This", "probability": 0.7900390625}, {"start": 975.03, "end": 975.27, "word": " is,", "probability": 0.853515625}, {"start": 975.69, "end": 975.79, "word": " or", "probability": 0.92041015625}, {"start": 975.79, "end": 976.03, "word": " this", "probability": 0.94384765625}, {"start": 976.03, "end": 976.41, "word": " part", "probability": 0.90869140625}, {"start": 976.41, "end": 976.65, "word": " is", "probability": 0.8603515625}, {"start": 976.65, "end": 976.89, "word": " bigger", "probability": 0.93994140625}, {"start": 976.89, "end": 977.11, "word": " than", "probability": 0.94140625}, {"start": 977.11, "end": 977.35, "word": " this", "probability": 0.947265625}, {"start": 977.35, "end": 977.91, "word": " part.", "probability": 0.89599609375}, {"start": 979.61, "end": 979.75, "word": " Then", "probability": 0.50537109375}, {"start": 979.75, "end": 979.95, "word": " how", "probability": 0.07476806640625}, {"start": 979.95, "end": 980.05, "word": " they", "probability": 0.59912109375}, {"start": 980.05, "end": 980.43, "word": " handle", "probability": 0.603515625}, {"start": 980.43, "end": 980.59, "word": " it", "probability": 0.5302734375}, {"start": 980.59, "end": 980.77, "word": " here,", "probability": 0.341796875}, {"start": 980.87, "end": 982.41, "word": " 80%,", "probability": 0.525390625}, {"start": 982.41, "end": 983.43, "word": " 75%.", "probability": 0.861572265625}, {"start": 983.43, "end": 983.79, "word": " So", "probability": 0.9609375}, {"start": 983.79, "end": 984.09, "word": " this", "probability": 0.81787109375}, {"start": 984.09, "end": 984.45, "word": " price,", "probability": 0.93310546875}, {"start": 984.55, "end": 984.63, "word": " the", "probability": 0.90185546875}, {"start": 984.63, "end": 984.81, "word": " new", "probability": 0.91064453125}, {"start": 984.81, "end": 985.17, "word": " price", "probability": 0.91650390625}, {"start": 985.17, "end": 985.67, "word": " becomes", "probability": 0.71484375}, {"start": 985.67, "end": 986.27, "word": " 3", "probability": 0.95947265625}, {"start": 986.27, "end": 987.27, "word": ".75", "probability": 0.994384765625}, {"start": 987.27, "end": 988.59, "word": " shekels.", "probability": 0.9352213541666666}, {"start": 988.87, "end": 989.15, "word": " From", "probability": 0.1004638671875}, {"start": 989.15, "end": 989.35, "word": " here", "probability": 0.61328125}, {"start": 989.35, "end": 989.47, "word": " to", "probability": 0.91748046875}, {"start": 989.47, "end": 989.71, "word": " here,", "probability": 0.7578125}, {"start": 990.13, "end": 990.97, "word": " 25", "probability": 0.72607421875}, {"start": 990.97, "end": 991.53, "word": "%", "probability": 0.95458984375}, {"start": 991.53, "end": 991.97, "word": " remains.", "probability": 0.11334228515625}, {"start": 992.81, "end": 993.53, "word": " This", "probability": 0.578125}, {"start": 993.53, "end": 993.91, "word": " minus", "probability": 0.55029296875}, {"start": 993.91, "end": 994.83, "word": " 25%,", "probability": 0.826416015625}, {"start": 994.83, "end": 995.05, "word": " how", "probability": 0.5888671875}, {"start": 995.05, "end": 995.13, "word": " much", "probability": 0.865234375}, {"start": 995.13, "end": 995.33, "word": " remains?", "probability": 0.62841796875}, {"start": 996.15, "end": 996.63, "word": " 2", "probability": 0.92578125}, {"start": 996.63, "end": 997.39, "word": ".75.", "probability": 0.9853515625}, {"start": 998.09, "end": 998.33, "word": " Okay?", "probability": 0.367919921875}], "temperature": 1.0}, {"id": 35, "seek": 102333, "start": 1002.31, "end": 1023.33, "text": " So, the consumer share of tax burden here equals how much? As you see, the consumer share of tax burden is bigger than the producer's share of tax burden or the seller's share of tax burden. To calculate the consumer share of tax burden, it is the area of this rectangle.", "tokens": [407, 11, 264, 9711, 2073, 295, 3366, 12578, 510, 6915, 577, 709, 30, 1018, 291, 536, 11, 264, 9711, 2073, 295, 3366, 12578, 307, 3801, 813, 264, 12314, 311, 2073, 295, 3366, 12578, 420, 264, 23600, 311, 2073, 295, 3366, 12578, 13, 1407, 8873, 264, 9711, 2073, 295, 3366, 12578, 11, 309, 307, 264, 1859, 295, 341, 21930, 13], "avg_logprob": -0.1696614556014538, "compression_ratio": 2.0, "no_speech_prob": 0.0, "words": [{"start": 1002.31, "end": 1002.87, "word": " So,", "probability": 0.87353515625}, {"start": 1004.23, "end": 1004.59, "word": " the", "probability": 0.87548828125}, {"start": 1004.59, "end": 1005.13, "word": " consumer", "probability": 0.83349609375}, {"start": 1005.13, "end": 1005.45, "word": " share", "probability": 0.712890625}, {"start": 1005.45, "end": 1005.61, "word": " of", "probability": 0.921875}, {"start": 1005.61, "end": 1005.85, "word": " tax", "probability": 0.8671875}, {"start": 1005.85, "end": 1006.17, "word": " burden", "probability": 0.91259765625}, {"start": 1006.17, "end": 1006.45, "word": " here", "probability": 0.822265625}, {"start": 1006.45, "end": 1006.87, "word": " equals", "probability": 0.9169921875}, {"start": 1006.87, "end": 1007.07, "word": " how", "probability": 0.92529296875}, {"start": 1007.07, "end": 1007.55, "word": " much?", "probability": 0.91650390625}, {"start": 1007.79, "end": 1008.13, "word": " As", "probability": 0.97265625}, {"start": 1008.13, "end": 1008.27, "word": " you", "probability": 0.9638671875}, {"start": 1008.27, "end": 1008.47, "word": " see,", "probability": 0.8818359375}, {"start": 1008.61, "end": 1008.65, "word": " the", "probability": 0.90966796875}, {"start": 1008.65, "end": 1009.01, "word": " consumer", "probability": 0.8525390625}, {"start": 1009.01, "end": 1009.25, "word": " share", "probability": 0.79443359375}, {"start": 1009.25, "end": 1009.37, "word": " of", "probability": 0.9453125}, {"start": 1009.37, "end": 1009.55, "word": " tax", "probability": 0.93017578125}, {"start": 1009.55, "end": 1009.85, "word": " burden", "probability": 0.94775390625}, {"start": 1009.85, "end": 1010.39, "word": " is", "probability": 0.935546875}, {"start": 1010.39, "end": 1010.65, "word": " bigger", "probability": 0.95361328125}, {"start": 1010.65, "end": 1010.89, "word": " than", "probability": 0.9462890625}, {"start": 1010.89, "end": 1011.03, "word": " the", "probability": 0.91943359375}, {"start": 1011.03, "end": 1011.57, "word": " producer's", "probability": 0.643310546875}, {"start": 1011.57, "end": 1011.67, "word": " share", "probability": 0.87744140625}, {"start": 1011.67, "end": 1011.81, "word": " of", "probability": 0.9248046875}, {"start": 1011.81, "end": 1011.99, "word": " tax", "probability": 0.88916015625}, {"start": 1011.99, "end": 1012.25, "word": " burden", "probability": 0.93994140625}, {"start": 1012.25, "end": 1012.41, "word": " or", "probability": 0.826171875}, {"start": 1012.41, "end": 1012.55, "word": " the", "probability": 0.89697265625}, {"start": 1012.55, "end": 1012.87, "word": " seller's", "probability": 0.847412109375}, {"start": 1012.87, "end": 1013.05, "word": " share", "probability": 0.87548828125}, {"start": 1013.05, "end": 1013.17, "word": " of", "probability": 0.95068359375}, {"start": 1013.17, "end": 1013.37, "word": " tax", "probability": 0.94921875}, {"start": 1013.37, "end": 1013.71, "word": " burden.", "probability": 0.9599609375}, {"start": 1014.59, "end": 1015.15, "word": " To", "probability": 0.96435546875}, {"start": 1015.15, "end": 1015.57, "word": " calculate", "probability": 0.91455078125}, {"start": 1015.57, "end": 1015.83, "word": " the", "probability": 0.90283203125}, {"start": 1015.83, "end": 1016.39, "word": " consumer", "probability": 0.86328125}, {"start": 1016.39, "end": 1016.91, "word": " share", "probability": 0.62353515625}, {"start": 1016.91, "end": 1017.09, "word": " of", "probability": 0.96875}, {"start": 1017.09, "end": 1017.37, "word": " tax", "probability": 0.94775390625}, {"start": 1017.37, "end": 1017.77, "word": " burden,", "probability": 0.9580078125}, {"start": 1019.95, "end": 1020.23, "word": " it", "probability": 0.5322265625}, {"start": 1020.23, "end": 1020.99, "word": " is", "probability": 0.8662109375}, {"start": 1020.99, "end": 1021.45, "word": " the", "probability": 0.89990234375}, {"start": 1021.45, "end": 1022.01, "word": " area", "probability": 0.9013671875}, {"start": 1022.01, "end": 1022.41, "word": " of", "probability": 0.9697265625}, {"start": 1022.41, "end": 1022.69, "word": " this", "probability": 0.951171875}, {"start": 1022.69, "end": 1023.33, "word": " rectangle.", "probability": 0.89599609375}], "temperature": 1.0}, {"id": 36, "seek": 105731, "start": 1030.57, "end": 1057.31, "text": " So 3.75 minus 3, 75% or 0.75 times 95. So let's calculate the consumer share to export it. So the consumer share. So as we can say that the consumer bears the most", "tokens": [407, 805, 13, 11901, 3175, 805, 11, 9562, 4, 420, 1958, 13, 11901, 1413, 13420, 13, 407, 718, 311, 8873, 264, 9711, 2073, 281, 10725, 309, 13, 407, 264, 9711, 2073, 13, 407, 382, 321, 393, 584, 300, 264, 9711, 17276, 264, 881], "avg_logprob": -0.28391335295005277, "compression_ratio": 1.4260869565217391, "no_speech_prob": 0.0, "words": [{"start": 1030.57, "end": 1030.87, "word": " So", "probability": 0.384033203125}, {"start": 1030.87, "end": 1031.81, "word": " 3", "probability": 0.61181640625}, {"start": 1031.81, "end": 1032.57, "word": ".75", "probability": 0.976318359375}, {"start": 1032.57, "end": 1033.03, "word": " minus", "probability": 0.958984375}, {"start": 1033.03, "end": 1033.47, "word": " 3,", "probability": 0.4658203125}, {"start": 1034.75, "end": 1036.11, "word": " 75", "probability": 0.84130859375}, {"start": 1036.11, "end": 1037.01, "word": "%", "probability": 0.38427734375}, {"start": 1037.01, "end": 1037.37, "word": " or", "probability": 0.546875}, {"start": 1037.37, "end": 1037.59, "word": " 0", "probability": 0.994140625}, {"start": 1037.59, "end": 1038.31, "word": ".75", "probability": 0.992919921875}, {"start": 1038.31, "end": 1039.27, "word": " times", "probability": 0.85986328125}, {"start": 1039.27, "end": 1040.89, "word": " 95.", "probability": 0.96240234375}, {"start": 1041.81, "end": 1042.11, "word": " So", "probability": 0.95751953125}, {"start": 1042.11, "end": 1042.47, "word": " let's", "probability": 0.93408203125}, {"start": 1042.47, "end": 1042.95, "word": " calculate", "probability": 0.923828125}, {"start": 1042.95, "end": 1043.59, "word": " the", "probability": 0.9072265625}, {"start": 1043.59, "end": 1044.05, "word": " consumer", "probability": 0.85546875}, {"start": 1044.05, "end": 1044.33, "word": " share", "probability": 0.73876953125}, {"start": 1044.33, "end": 1044.51, "word": " to", "probability": 0.335693359375}, {"start": 1044.51, "end": 1044.85, "word": " export", "probability": 0.92236328125}, {"start": 1044.85, "end": 1045.11, "word": " it.", "probability": 0.66357421875}, {"start": 1045.53, "end": 1045.53, "word": " So", "probability": 0.93896484375}, {"start": 1045.53, "end": 1046.41, "word": " the", "probability": 0.74072265625}, {"start": 1046.41, "end": 1046.87, "word": " consumer", "probability": 0.8330078125}, {"start": 1046.87, "end": 1047.33, "word": " share.", "probability": 0.84521484375}, {"start": 1052.09, "end": 1053.01, "word": " So", "probability": 0.8955078125}, {"start": 1053.01, "end": 1053.33, "word": " as", "probability": 0.8310546875}, {"start": 1053.33, "end": 1053.49, "word": " we", "probability": 0.8642578125}, {"start": 1053.49, "end": 1054.21, "word": " can", "probability": 0.419921875}, {"start": 1054.21, "end": 1054.63, "word": " say", "probability": 0.56005859375}, {"start": 1054.63, "end": 1054.93, "word": " that", "probability": 0.90966796875}, {"start": 1054.93, "end": 1055.31, "word": " the", "probability": 0.841796875}, {"start": 1055.31, "end": 1055.83, "word": " consumer", "probability": 0.85107421875}, {"start": 1055.83, "end": 1056.31, "word": " bears", "probability": 0.49951171875}, {"start": 1056.31, "end": 1056.81, "word": " the", "probability": 0.92236328125}, {"start": 1056.81, "end": 1057.31, "word": " most", "probability": 0.908203125}], "temperature": 1.0}, {"id": 37, "seek": 108582, "start": 1058.26, "end": 1085.82, "text": " of tax burden and the producer B is the least of tax burden. Let's calculate the consumer share. The consumer share of tax burden equals 3.75 minus 3 times Q.", "tokens": [295, 3366, 12578, 293, 264, 12314, 363, 307, 264, 1935, 295, 3366, 12578, 13, 961, 311, 8873, 264, 9711, 2073, 13, 440, 9711, 2073, 295, 3366, 12578, 6915, 805, 13, 11901, 3175, 805, 1413, 1249, 13], "avg_logprob": -0.2358530469842859, "compression_ratio": 1.4324324324324325, "no_speech_prob": 0.0, "words": [{"start": 1058.26, "end": 1058.54, "word": " of", "probability": 0.51806640625}, {"start": 1058.54, "end": 1058.8, "word": " tax", "probability": 0.8994140625}, {"start": 1058.8, "end": 1059.1, "word": " burden", "probability": 0.9345703125}, {"start": 1059.1, "end": 1059.3, "word": " and", "probability": 0.5}, {"start": 1059.3, "end": 1059.42, "word": " the", "probability": 0.67333984375}, {"start": 1059.42, "end": 1059.76, "word": " producer", "probability": 0.92822265625}, {"start": 1059.76, "end": 1060.04, "word": " B", "probability": 0.740234375}, {"start": 1060.04, "end": 1060.24, "word": " is", "probability": 0.90576171875}, {"start": 1060.24, "end": 1060.46, "word": " the", "probability": 0.91064453125}, {"start": 1060.46, "end": 1060.72, "word": " least", "probability": 0.72509765625}, {"start": 1060.72, "end": 1060.86, "word": " of", "probability": 0.6103515625}, {"start": 1060.86, "end": 1061.1, "word": " tax", "probability": 0.9052734375}, {"start": 1061.1, "end": 1061.36, "word": " burden.", "probability": 0.92626953125}, {"start": 1061.78, "end": 1062.18, "word": " Let's", "probability": 0.968017578125}, {"start": 1062.18, "end": 1062.58, "word": " calculate", "probability": 0.91845703125}, {"start": 1062.58, "end": 1062.78, "word": " the", "probability": 0.91064453125}, {"start": 1062.78, "end": 1063.14, "word": " consumer", "probability": 0.841796875}, {"start": 1063.14, "end": 1063.56, "word": " share.", "probability": 0.8046875}, {"start": 1063.74, "end": 1063.88, "word": " The", "probability": 0.7294921875}, {"start": 1063.88, "end": 1064.22, "word": " consumer", "probability": 0.8427734375}, {"start": 1064.22, "end": 1064.54, "word": " share", "probability": 0.82373046875}, {"start": 1064.54, "end": 1064.68, "word": " of", "probability": 0.96240234375}, {"start": 1064.68, "end": 1064.94, "word": " tax", "probability": 0.92919921875}, {"start": 1064.94, "end": 1065.28, "word": " burden", "probability": 0.931640625}, {"start": 1065.28, "end": 1070.44, "word": " equals", "probability": 0.857421875}, {"start": 1070.44, "end": 1072.28, "word": " 3", "probability": 0.92041015625}, {"start": 1072.28, "end": 1073.6, "word": ".75", "probability": 0.9833984375}, {"start": 1073.6, "end": 1074.74, "word": " minus", "probability": 0.978515625}, {"start": 1074.74, "end": 1076.58, "word": " 3", "probability": 0.57275390625}, {"start": 1076.58, "end": 1082.96, "word": " times", "probability": 0.57080078125}, {"start": 1082.96, "end": 1085.82, "word": " Q.", "probability": 0.55029296875}], "temperature": 1.0}, {"id": 38, "seek": 111367, "start": 1087.91, "end": 1113.67, "text": " Two over the 95 equals how much? The consumer share equals? What about the producer share of tax burden? Producer share equals had a hick fed.", "tokens": [4453, 670, 264, 13420, 6915, 577, 709, 30, 440, 9711, 2073, 6915, 30, 708, 466, 264, 12314, 2073, 295, 3366, 12578, 30, 33034, 2073, 6915, 632, 257, 276, 618, 4636, 13], "avg_logprob": -0.46801758650690317, "compression_ratio": 1.311926605504587, "no_speech_prob": 0.0, "words": [{"start": 1087.91, "end": 1088.27, "word": " Two", "probability": 0.57763671875}, {"start": 1088.27, "end": 1088.71, "word": " over", "probability": 0.08148193359375}, {"start": 1088.71, "end": 1088.97, "word": " the", "probability": 0.473388671875}, {"start": 1088.97, "end": 1089.61, "word": " 95", "probability": 0.6298828125}, {"start": 1089.61, "end": 1092.45, "word": " equals", "probability": 0.6884765625}, {"start": 1092.45, "end": 1092.63, "word": " how", "probability": 0.9375}, {"start": 1092.63, "end": 1092.95, "word": " much?", "probability": 0.9189453125}, {"start": 1093.21, "end": 1093.99, "word": " The", "probability": 0.591796875}, {"start": 1093.99, "end": 1094.37, "word": " consumer", "probability": 0.8525390625}, {"start": 1094.37, "end": 1094.77, "word": " share", "probability": 0.79052734375}, {"start": 1094.77, "end": 1095.51, "word": " equals?", "probability": 0.919921875}, {"start": 1100.79, "end": 1101.57, "word": " What", "probability": 0.626953125}, {"start": 1101.57, "end": 1101.77, "word": " about", "probability": 0.9072265625}, {"start": 1101.77, "end": 1101.93, "word": " the", "probability": 0.9130859375}, {"start": 1101.93, "end": 1102.27, "word": " producer", "probability": 0.91796875}, {"start": 1102.27, "end": 1102.65, "word": " share", "probability": 0.82470703125}, {"start": 1102.65, "end": 1102.81, "word": " of", "probability": 0.42431640625}, {"start": 1102.81, "end": 1102.97, "word": " tax", "probability": 0.59033203125}, {"start": 1102.97, "end": 1103.29, "word": " burden?", "probability": 0.857421875}, {"start": 1104.41, "end": 1104.85, "word": " Producer", "probability": 0.47802734375}, {"start": 1104.85, "end": 1105.43, "word": " share", "probability": 0.83349609375}, {"start": 1105.43, "end": 1110.03, "word": " equals", "probability": 0.900390625}, {"start": 1110.03, "end": 1112.39, "word": " had", "probability": 0.472900390625}, {"start": 1112.39, "end": 1112.55, "word": " a", "probability": 0.7744140625}, {"start": 1112.55, "end": 1112.95, "word": " hick", "probability": 0.445159912109375}, {"start": 1112.95, "end": 1113.67, "word": " fed.", "probability": 0.29638671875}], "temperature": 1.0}, {"id": 39, "seek": 114149, "start": 1114.85, "end": 1141.49, "text": " Three minus 2.75 times 95. The area of this rectangle equals three points. So the producer share equals three minus 2.75 times 95 equals how much?", "tokens": [6244, 3175, 568, 13, 11901, 1413, 13420, 13, 440, 1859, 295, 341, 21930, 6915, 1045, 2793, 13, 407, 264, 12314, 2073, 6915, 1045, 3175, 568, 13, 11901, 1413, 13420, 6915, 577, 709, 30], "avg_logprob": -0.23943015012670965, "compression_ratio": 1.3611111111111112, "no_speech_prob": 0.0, "words": [{"start": 1114.85, "end": 1115.31, "word": " Three", "probability": 0.57958984375}, {"start": 1115.31, "end": 1116.79, "word": " minus", "probability": 0.96728515625}, {"start": 1116.79, "end": 1117.19, "word": " 2", "probability": 0.89990234375}, {"start": 1117.19, "end": 1118.01, "word": ".75", "probability": 0.9873046875}, {"start": 1118.01, "end": 1120.25, "word": " times", "probability": 0.437255859375}, {"start": 1120.25, "end": 1121.69, "word": " 95.", "probability": 0.791015625}, {"start": 1123.21, "end": 1123.61, "word": " The", "probability": 0.78515625}, {"start": 1123.61, "end": 1124.05, "word": " area", "probability": 0.8447265625}, {"start": 1124.05, "end": 1124.27, "word": " of", "probability": 0.96044921875}, {"start": 1124.27, "end": 1124.47, "word": " this", "probability": 0.90478515625}, {"start": 1124.47, "end": 1125.61, "word": " rectangle", "probability": 0.72802734375}, {"start": 1125.61, "end": 1126.43, "word": " equals", "probability": 0.8974609375}, {"start": 1126.43, "end": 1129.25, "word": " three", "probability": 0.43701171875}, {"start": 1129.25, "end": 1130.89, "word": " points.", "probability": 0.418701171875}, {"start": 1131.01, "end": 1131.13, "word": " So", "probability": 0.8984375}, {"start": 1131.13, "end": 1131.27, "word": " the", "probability": 0.63232421875}, {"start": 1131.27, "end": 1131.59, "word": " producer", "probability": 0.9150390625}, {"start": 1131.59, "end": 1131.97, "word": " share", "probability": 0.611328125}, {"start": 1131.97, "end": 1132.59, "word": " equals", "probability": 0.92578125}, {"start": 1132.59, "end": 1134.01, "word": " three", "probability": 0.81005859375}, {"start": 1134.01, "end": 1135.71, "word": " minus", "probability": 0.97509765625}, {"start": 1135.71, "end": 1136.03, "word": " 2", "probability": 0.994140625}, {"start": 1136.03, "end": 1137.03, "word": ".75", "probability": 0.99560546875}, {"start": 1137.03, "end": 1139.07, "word": " times", "probability": 0.72216796875}, {"start": 1139.07, "end": 1140.39, "word": " 95", "probability": 0.95458984375}, {"start": 1140.39, "end": 1140.81, "word": " equals", "probability": 0.60546875}, {"start": 1140.81, "end": 1141.11, "word": " how", "probability": 0.8935546875}, {"start": 1141.11, "end": 1141.49, "word": " much?", "probability": 0.916015625}], "temperature": 1.0}, {"id": 40, "seek": 117319, "start": 1148.53, "end": 1173.19, "text": " So the consumer's share of tax burden is bigger than or is bigger than the producer's share of tax burden, which means that the consumer pays the most and the producer pays the least share or the least tax burden. The total, the whole tax burden equals how much? One times", "tokens": [407, 264, 9711, 311, 2073, 295, 3366, 12578, 307, 3801, 813, 420, 307, 3801, 813, 264, 12314, 311, 2073, 295, 3366, 12578, 11, 597, 1355, 300, 264, 9711, 10604, 264, 881, 293, 264, 12314, 10604, 264, 1935, 2073, 420, 264, 1935, 3366, 12578, 13, 440, 3217, 11, 264, 1379, 3366, 12578, 6915, 577, 709, 30, 1485, 1413], "avg_logprob": -0.21821120920880088, "compression_ratio": 1.8445945945945945, "no_speech_prob": 0.0, "words": [{"start": 1148.53, "end": 1148.89, "word": " So", "probability": 0.91845703125}, {"start": 1148.89, "end": 1149.39, "word": " the", "probability": 0.5830078125}, {"start": 1149.39, "end": 1150.03, "word": " consumer's", "probability": 0.55078125}, {"start": 1150.03, "end": 1150.11, "word": " share", "probability": 0.8837890625}, {"start": 1150.11, "end": 1150.23, "word": " of", "probability": 0.9189453125}, {"start": 1150.23, "end": 1150.43, "word": " tax", "probability": 0.88720703125}, {"start": 1150.43, "end": 1150.77, "word": " burden", "probability": 0.9404296875}, {"start": 1150.77, "end": 1151.25, "word": " is", "probability": 0.92724609375}, {"start": 1151.25, "end": 1151.55, "word": " bigger", "probability": 0.94921875}, {"start": 1151.55, "end": 1151.87, "word": " than", "probability": 0.9453125}, {"start": 1151.87, "end": 1152.21, "word": " or", "probability": 0.393310546875}, {"start": 1152.21, "end": 1152.91, "word": " is", "probability": 0.728515625}, {"start": 1152.91, "end": 1153.17, "word": " bigger", "probability": 0.93896484375}, {"start": 1153.17, "end": 1153.41, "word": " than", "probability": 0.93896484375}, {"start": 1153.41, "end": 1153.55, "word": " the", "probability": 0.89892578125}, {"start": 1153.55, "end": 1154.01, "word": " producer's", "probability": 0.833740234375}, {"start": 1154.01, "end": 1154.15, "word": " share", "probability": 0.89013671875}, {"start": 1154.15, "end": 1154.25, "word": " of", "probability": 0.95654296875}, {"start": 1154.25, "end": 1154.43, "word": " tax", "probability": 0.888671875}, {"start": 1154.43, "end": 1154.73, "word": " burden,", "probability": 0.9453125}, {"start": 1154.87, "end": 1155.29, "word": " which", "probability": 0.9453125}, {"start": 1155.29, "end": 1155.71, "word": " means", "probability": 0.93212890625}, {"start": 1155.71, "end": 1156.05, "word": " that", "probability": 0.9287109375}, {"start": 1156.05, "end": 1156.45, "word": " the", "probability": 0.89697265625}, {"start": 1156.45, "end": 1157.07, "word": " consumer", "probability": 0.8359375}, {"start": 1157.07, "end": 1157.63, "word": " pays", "probability": 0.64794921875}, {"start": 1157.63, "end": 1157.91, "word": " the", "probability": 0.91357421875}, {"start": 1157.91, "end": 1158.45, "word": " most", "probability": 0.92529296875}, {"start": 1158.45, "end": 1159.01, "word": " and", "probability": 0.73193359375}, {"start": 1159.01, "end": 1159.11, "word": " the", "probability": 0.90673828125}, {"start": 1159.11, "end": 1159.49, "word": " producer", "probability": 0.89990234375}, {"start": 1159.49, "end": 1159.95, "word": " pays", "probability": 0.927734375}, {"start": 1159.95, "end": 1160.77, "word": " the", "probability": 0.88037109375}, {"start": 1160.77, "end": 1161.93, "word": " least", "probability": 0.6435546875}, {"start": 1161.93, "end": 1162.25, "word": " share", "probability": 0.87158203125}, {"start": 1162.25, "end": 1162.79, "word": " or", "probability": 0.7607421875}, {"start": 1162.79, "end": 1162.97, "word": " the", "probability": 0.90380859375}, {"start": 1162.97, "end": 1163.19, "word": " least", "probability": 0.962890625}, {"start": 1163.19, "end": 1163.51, "word": " tax", "probability": 0.394775390625}, {"start": 1163.51, "end": 1163.87, "word": " burden.", "probability": 0.94921875}, {"start": 1165.35, "end": 1165.69, "word": " The", "probability": 0.88525390625}, {"start": 1165.69, "end": 1166.07, "word": " total,", "probability": 0.83203125}, {"start": 1166.27, "end": 1166.31, "word": " the", "probability": 0.91259765625}, {"start": 1166.31, "end": 1166.57, "word": " whole", "probability": 0.8134765625}, {"start": 1166.57, "end": 1166.87, "word": " tax", "probability": 0.90234375}, {"start": 1166.87, "end": 1167.15, "word": " burden", "probability": 0.9560546875}, {"start": 1167.15, "end": 1167.49, "word": " equals", "probability": 0.83984375}, {"start": 1167.49, "end": 1167.69, "word": " how", "probability": 0.927734375}, {"start": 1167.69, "end": 1168.03, "word": " much?", "probability": 0.91650390625}, {"start": 1171.21, "end": 1171.53, "word": " One", "probability": 0.491943359375}, {"start": 1171.53, "end": 1173.19, "word": " times", "probability": 0.72265625}], "temperature": 1.0}, {"id": 41, "seek": 120192, "start": 1174.94, "end": 1201.92, "text": " 95, then the whole share total tax burden equals one times 95 equals 95. The summation, the sum of the consumer's share of tax burden plus the producer's share of tax burden equals, sorry?", "tokens": [13420, 11, 550, 264, 1379, 2073, 3217, 3366, 12578, 6915, 472, 1413, 13420, 6915, 13420, 13, 440, 28811, 11, 264, 2408, 295, 264, 9711, 311, 2073, 295, 3366, 12578, 1804, 264, 12314, 311, 2073, 295, 3366, 12578, 6915, 11, 2597, 30], "avg_logprob": -0.2810639746132351, "compression_ratio": 1.5241935483870968, "no_speech_prob": 0.0, "words": [{"start": 1174.94, "end": 1175.74, "word": " 95,", "probability": 0.67431640625}, {"start": 1176.52, "end": 1176.92, "word": " then", "probability": 0.7978515625}, {"start": 1176.92, "end": 1177.12, "word": " the", "probability": 0.6337890625}, {"start": 1177.12, "end": 1177.46, "word": " whole", "probability": 0.84716796875}, {"start": 1177.46, "end": 1177.84, "word": " share", "probability": 0.9169921875}, {"start": 1177.84, "end": 1178.58, "word": " total", "probability": 0.71826171875}, {"start": 1178.58, "end": 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"probability": 0.93603515625}, {"start": 1197.48, "end": 1197.78, "word": " burden", "probability": 0.955078125}, {"start": 1197.78, "end": 1198.48, "word": " equals,", "probability": 0.919921875}, {"start": 1201.6, "end": 1201.92, "word": " sorry?", "probability": 0.826171875}], "temperature": 1.0}, {"id": 42, "seek": 122968, "start": 1220.84, "end": 1229.68, "text": " The consumer share plus producer share equals the total tax burden or the home tax burden or the government revenue tax.", "tokens": [440, 9711, 2073, 1804, 12314, 2073, 6915, 264, 3217, 3366, 12578, 420, 264, 1280, 3366, 12578, 420, 264, 2463, 9324, 3366, 13], "avg_logprob": -0.24745244306066763, "compression_ratio": 1.4069767441860466, "no_speech_prob": 0.0, "words": [{"start": 1220.84, "end": 1221.54, "word": " The", "probability": 0.060394287109375}, {"start": 1221.54, "end": 1222.24, "word": " consumer", "probability": 0.78857421875}, {"start": 1222.24, "end": 1222.56, "word": " share", "probability": 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Clear? Let's go to the second case here. When demand is elastic, like the demand for orange, like the demand for apple, the products which has substitutes.", "tokens": [961, 311, 352, 281, 264, 1150, 1389, 11, 562, 4733, 307, 17115, 13, 14993, 30, 961, 311, 352, 281, 264, 1150, 1389, 510, 13, 1133, 4733, 307, 17115, 11, 411, 264, 4733, 337, 7671, 11, 411, 264, 4733, 337, 10606, 11, 264, 3383, 597, 575, 26441, 1819, 13], "avg_logprob": -0.1524234645220698, "compression_ratio": 1.7131147540983607, "no_speech_prob": 0.0, "words": [{"start": 1231.8300000000002, "end": 1232.67, "word": " Let's", "probability": 0.7169189453125}, {"start": 1232.67, "end": 1232.81, "word": " go", "probability": 0.96630859375}, {"start": 1232.81, "end": 1232.97, "word": " to", "probability": 0.931640625}, {"start": 1232.97, "end": 1233.17, "word": " the", "probability": 0.9228515625}, {"start": 1233.17, "end": 1233.43, "word": " second", "probability": 0.912109375}, {"start": 1233.43, "end": 1233.97, "word": " case,", "probability": 0.90185546875}, {"start": 1234.39, "end": 1234.85, "word": " when", "probability": 0.919921875}, {"start": 1234.85, "end": 1235.49, "word": " demand", "probability": 0.87939453125}, {"start": 1235.49, "end": 1236.15, "word": " is", "probability": 0.94921875}, {"start": 1236.15, "end": 1237.61, "word": " elastic.", "probability": 0.96826171875}, {"start": 1239.83, "end": 1240.67, "word": " Clear?", "probability": 0.7724609375}, {"start": 1245.69, "end": 1246.53, "word": " Let's", "probability": 0.7127685546875}, {"start": 1246.53, "end": 1246.67, "word": " go", "probability": 0.96337890625}, {"start": 1246.67, "end": 1246.81, "word": " to", "probability": 0.912109375}, {"start": 1246.81, "end": 1246.97, "word": " the", "probability": 0.919921875}, {"start": 1246.97, "end": 1247.25, "word": " second", "probability": 0.90771484375}, {"start": 1247.25, "end": 1247.67, "word": " case", "probability": 0.904296875}, {"start": 1247.67, "end": 1247.95, "word": " here.", "probability": 0.76708984375}, {"start": 1248.91, "end": 1249.21, "word": " When", "probability": 0.89697265625}, {"start": 1249.21, "end": 1249.63, "word": " demand", "probability": 0.888671875}, {"start": 1249.63, "end": 1250.13, "word": " is", "probability": 0.94921875}, {"start": 1250.13, "end": 1250.89, "word": " elastic,", "probability": 0.958984375}, {"start": 1251.67, "end": 1251.89, "word": " like", "probability": 0.875}, {"start": 1251.89, "end": 1252.05, "word": " the", "probability": 0.88134765625}, {"start": 1252.05, "end": 1252.37, "word": " demand", "probability": 0.90478515625}, {"start": 1252.37, "end": 1252.57, "word": " for", "probability": 0.93994140625}, {"start": 1252.57, "end": 1252.99, "word": " orange,", "probability": 0.59228515625}, {"start": 1253.11, "end": 1253.27, "word": " like", "probability": 0.93701171875}, {"start": 1253.27, "end": 1253.41, "word": " the", "probability": 0.9189453125}, {"start": 1253.41, "end": 1253.69, "word": " demand", "probability": 0.91162109375}, {"start": 1253.69, "end": 1254.37, "word": " for", "probability": 0.95751953125}, {"start": 1254.37, "end": 1254.95, "word": " apple,", "probability": 0.8642578125}, {"start": 1256.29, "end": 1256.49, "word": " the", "probability": 0.91796875}, {"start": 1256.49, "end": 1256.87, "word": " products", "probability": 0.775390625}, {"start": 1256.87, "end": 1257.23, "word": " which", "probability": 0.94580078125}, {"start": 1257.23, "end": 1257.79, "word": " has", "probability": 0.9140625}, {"start": 1257.79, "end": 1259.71, "word": " substitutes.", "probability": 0.933349609375}], "temperature": 1.0}, {"id": 44, "seek": 129896, "start": 1270.82, "end": 1298.96, "text": " The second case, when demand is elastic, elastic demand. Like the demand for apple or like the demand for orange. When demand is elastic, demand curve will be close to the horizontal axis.", "tokens": [440, 1150, 1389, 11, 562, 4733, 307, 17115, 11, 17115, 4733, 13, 1743, 264, 4733, 337, 10606, 420, 411, 264, 4733, 337, 7671, 13, 1133, 4733, 307, 17115, 11, 4733, 7605, 486, 312, 1998, 281, 264, 12750, 10298, 13], "avg_logprob": -0.16093749403953553, "compression_ratio": 1.6293103448275863, "no_speech_prob": 0.0, "words": [{"start": 1270.82, "end": 1271.06, "word": " The", "probability": 0.87890625}, {"start": 1271.06, "end": 1271.34, "word": " second", "probability": 0.90966796875}, {"start": 1271.34, "end": 1271.86, "word": " case,", "probability": 0.9033203125}, {"start": 1273.32, "end": 1273.52, "word": " when", "probability": 0.83544921875}, {"start": 1273.52, "end": 1274.0, "word": " demand", "probability": 0.8447265625}, {"start": 1274.0, "end": 1274.46, "word": " is", "probability": 0.95068359375}, {"start": 1274.46, "end": 1275.08, "word": " elastic,", "probability": 0.96826171875}, {"start": 1275.36, "end": 1275.82, "word": " elastic", "probability": 0.94775390625}, {"start": 1275.82, "end": 1276.24, "word": " demand.", "probability": 0.9130859375}, {"start": 1282.24, "end": 1283.0, "word": " Like", "probability": 0.82177734375}, {"start": 1283.0, "end": 1283.14, "word": " the", "probability": 0.88427734375}, {"start": 1283.14, "end": 1283.42, "word": " demand", "probability": 0.90771484375}, {"start": 1283.42, "end": 1283.62, "word": " for", "probability": 0.94970703125}, {"start": 1283.62, "end": 1283.98, "word": " apple", "probability": 0.8515625}, {"start": 1283.98, "end": 1285.22, "word": " or", "probability": 0.479736328125}, {"start": 1285.22, "end": 1285.44, "word": " like", "probability": 0.92919921875}, {"start": 1285.44, "end": 1285.58, "word": " the", "probability": 0.91748046875}, {"start": 1285.58, "end": 1285.92, "word": " demand", "probability": 0.892578125}, {"start": 1285.92, "end": 1286.24, "word": " for", "probability": 0.94921875}, {"start": 1286.24, "end": 1286.94, "word": " orange.", "probability": 0.85302734375}, {"start": 1293.08, "end": 1293.84, "word": " When", "probability": 0.86962890625}, {"start": 1293.84, "end": 1294.22, "word": " demand", "probability": 0.8681640625}, {"start": 1294.22, "end": 1294.56, "word": " is", "probability": 0.9501953125}, {"start": 1294.56, "end": 1295.26, "word": " elastic,", "probability": 0.96142578125}, {"start": 1296.16, "end": 1296.48, "word": " demand", "probability": 0.8212890625}, {"start": 1296.48, "end": 1296.98, "word": " curve", "probability": 0.95458984375}, {"start": 1296.98, "end": 1297.4, "word": " will", "probability": 0.865234375}, {"start": 1297.4, "end": 1297.58, "word": " be", "probability": 0.943359375}, {"start": 1297.58, "end": 1297.92, "word": " close", "probability": 0.59912109375}, {"start": 1297.92, "end": 1298.06, "word": " to", "probability": 0.7685546875}, {"start": 1298.06, "end": 1298.16, "word": " the", "probability": 0.76708984375}, {"start": 1298.16, "end": 1298.56, "word": " horizontal", "probability": 0.8544921875}, {"start": 1298.56, "end": 1298.96, "word": " axis.", "probability": 0.96044921875}], "temperature": 1.0}, {"id": 45, "seek": 133178, "start": 1302.66, "end": 1331.78, "text": " Demand is elastic, D1. Supply is neutral. Supply is unitary elastic. S1, D1. The original or initial equilibrium point is E1. Let us assume that", "tokens": [4686, 474, 307, 17115, 11, 413, 16, 13, 9391, 356, 307, 10598, 13, 9391, 356, 307, 517, 4109, 17115, 13, 318, 16, 11, 413, 16, 13, 440, 3380, 420, 5883, 15625, 935, 307, 462, 16, 13, 961, 505, 6552, 300], "avg_logprob": -0.22351372532728242, "compression_ratio": 1.2946428571428572, "no_speech_prob": 0.0, "words": [{"start": 1302.66, "end": 1303.42, "word": " Demand", "probability": 0.6343994140625}, {"start": 1303.42, "end": 1303.82, "word": " is", "probability": 0.94580078125}, {"start": 1303.82, "end": 1304.4, "word": " elastic,", "probability": 0.9375}, {"start": 1305.54, "end": 1305.9, "word": " D1.", "probability": 0.859619140625}, {"start": 1307.94, "end": 1308.92, "word": " Supply", "probability": 0.757568359375}, {"start": 1308.92, "end": 1309.74, "word": " is", "probability": 0.93701171875}, {"start": 1309.74, "end": 1310.28, "word": " neutral.", "probability": 0.469970703125}, {"start": 1311.02, "end": 1312.02, "word": " Supply", "probability": 0.89013671875}, {"start": 1312.02, "end": 1312.62, "word": " is", "probability": 0.94775390625}, {"start": 1312.62, "end": 1314.16, "word": " unitary", "probability": 0.840087890625}, {"start": 1314.16, "end": 1314.66, "word": " elastic.", "probability": 0.94189453125}, {"start": 1319.36, "end": 1320.1, "word": " S1,", "probability": 0.6939697265625}, {"start": 1320.58, "end": 1321.02, "word": " D1.", "probability": 0.97412109375}, {"start": 1321.48, "end": 1321.78, "word": " The", "probability": 0.90087890625}, {"start": 1321.78, "end": 1322.32, "word": " original", "probability": 0.9345703125}, {"start": 1322.32, "end": 1322.64, "word": " or", "probability": 0.78662109375}, {"start": 1322.64, "end": 1323.08, "word": " initial", "probability": 0.89111328125}, {"start": 1323.08, "end": 1323.64, "word": " equilibrium", "probability": 0.95849609375}, {"start": 1323.64, "end": 1325.28, "word": " point", "probability": 0.94482421875}, {"start": 1325.28, "end": 1326.32, "word": " is", "probability": 0.94873046875}, {"start": 1326.32, "end": 1327.16, "word": " E1.", "probability": 0.813720703125}, {"start": 1330.56, "end": 1330.84, "word": " Let", "probability": 0.9169921875}, {"start": 1330.84, "end": 1331.02, "word": " us", "probability": 0.80517578125}, {"start": 1331.02, "end": 1331.38, "word": " assume", "probability": 0.90576171875}, {"start": 1331.38, "end": 1331.78, "word": " that", "probability": 0.9375}], "temperature": 1.0}, {"id": 46, "seek": 135921, "start": 1335.21, "end": 1359.21, "text": " The price per kilogram of apple equals six shekels. The price per kilogram of price quantity, and the price per kilogram of apple equals six shekels, the quantity purchased per family month, let us assume it was 10 kilogram.", "tokens": [440, 3218, 680, 21741, 295, 10606, 6915, 2309, 750, 7124, 82, 13, 440, 3218, 680, 21741, 295, 3218, 11275, 11, 293, 264, 3218, 680, 21741, 295, 10606, 6915, 2309, 750, 7124, 82, 11, 264, 11275, 14734, 680, 1605, 1618, 11, 718, 505, 6552, 309, 390, 1266, 21741, 13], "avg_logprob": -0.2179528012567637, "compression_ratio": 1.859504132231405, "no_speech_prob": 0.0, "words": [{"start": 1335.21, "end": 1335.93, "word": " The", "probability": 0.66455078125}, {"start": 1335.93, "end": 1336.65, "word": " price", "probability": 0.90087890625}, {"start": 1336.65, "end": 1336.85, "word": " per", "probability": 0.95556640625}, {"start": 1336.85, "end": 1337.25, "word": " kilogram", "probability": 0.9189453125}, {"start": 1337.25, "end": 1337.61, "word": " of", "probability": 0.9365234375}, {"start": 1337.61, "end": 1337.93, "word": " apple", "probability": 0.7373046875}, {"start": 1337.93, "end": 1338.61, "word": " equals", "probability": 0.92822265625}, {"start": 1338.61, "end": 1339.63, "word": " six", "probability": 0.89501953125}, {"start": 1339.63, "end": 1341.81, "word": " shekels.", "probability": 0.7755533854166666}, {"start": 1344.83, "end": 1345.55, "word": " The", "probability": 0.84765625}, {"start": 1345.55, "end": 1345.85, "word": " price", "probability": 0.91455078125}, {"start": 1345.85, "end": 1346.03, "word": " per", "probability": 0.947265625}, {"start": 1346.03, "end": 1346.43, "word": " kilogram", "probability": 0.9248046875}, {"start": 1346.43, "end": 1346.85, "word": " of", "probability": 0.97119140625}, {"start": 1346.85, "end": 1348.53, "word": " price", "probability": 0.71923828125}, {"start": 1348.53, "end": 1349.63, "word": " quantity,", "probability": 0.71484375}, {"start": 1351.03, "end": 1351.19, "word": " and", "probability": 0.8291015625}, {"start": 1351.19, "end": 1351.31, "word": " the", "probability": 0.9189453125}, {"start": 1351.31, "end": 1351.53, "word": " price", "probability": 0.9072265625}, {"start": 1351.53, "end": 1351.75, "word": " per", "probability": 0.95947265625}, {"start": 1351.75, "end": 1352.09, "word": " kilogram", "probability": 0.91259765625}, {"start": 1352.09, "end": 1352.45, "word": " of", "probability": 0.97021484375}, {"start": 1352.45, "end": 1352.83, "word": " apple", "probability": 0.9189453125}, {"start": 1352.83, "end": 1353.23, "word": " equals", "probability": 0.92333984375}, {"start": 1353.23, "end": 1353.51, "word": " six", "probability": 0.94775390625}, {"start": 1353.51, "end": 1354.25, "word": " shekels,", "probability": 0.96630859375}, {"start": 1354.41, "end": 1354.51, "word": " the", "probability": 0.57470703125}, {"start": 1354.51, "end": 1354.75, "word": " quantity", "probability": 0.51318359375}, {"start": 1354.75, "end": 1355.49, "word": " purchased", "probability": 0.88330078125}, {"start": 1355.49, "end": 1355.71, "word": " per", "probability": 0.85107421875}, {"start": 1355.71, "end": 1356.03, "word": " family", "probability": 0.7392578125}, {"start": 1356.03, "end": 1356.59, "word": " month,", "probability": 0.363037109375}, {"start": 1357.05, "end": 1357.21, "word": " let", "probability": 0.91943359375}, {"start": 1357.21, "end": 1357.37, "word": " us", "probability": 0.488525390625}, {"start": 1357.37, "end": 1357.69, "word": " assume", "probability": 0.90234375}, {"start": 1357.69, "end": 1357.85, "word": " it", "probability": 0.9228515625}, {"start": 1357.85, "end": 1358.17, "word": " was", "probability": 0.94970703125}, {"start": 1358.17, "end": 1358.73, "word": " 10", "probability": 0.69482421875}, {"start": 1358.73, "end": 1359.21, "word": " kilogram.", "probability": 0.6875}], "temperature": 1.0}, {"id": 47, "seek": 139371, "start": 1364.41, "end": 1393.71, "text": " The government imposed a tax, one shekel per kilogram of apple. Who bears the most and who bears the least? As the government imposed a tax, one shekel per kilogram of apple. Supply goes down and shifts left. So supply will shift left here.", "tokens": [440, 2463, 26491, 257, 3366, 11, 472, 750, 7124, 680, 21741, 295, 10606, 13, 2102, 17276, 264, 881, 293, 567, 17276, 264, 1935, 30, 1018, 264, 2463, 26491, 257, 3366, 11, 472, 750, 7124, 680, 21741, 295, 10606, 13, 9391, 356, 1709, 760, 293, 19201, 1411, 13, 407, 5847, 486, 5513, 1411, 510, 13], "avg_logprob": -0.16036932089112022, "compression_ratio": 1.8120300751879699, "no_speech_prob": 0.0, "words": [{"start": 1364.41, "end": 1364.67, "word": " The", "probability": 0.734375}, {"start": 1364.67, "end": 1365.09, "word": " government", "probability": 0.90771484375}, {"start": 1365.09, "end": 1366.45, "word": " imposed", "probability": 0.90869140625}, {"start": 1366.45, "end": 1367.97, "word": " a", "probability": 0.9853515625}, {"start": 1367.97, "end": 1368.35, "word": " tax,", "probability": 0.9501953125}, {"start": 1370.15, "end": 1370.51, "word": " one", "probability": 0.77978515625}, {"start": 1370.51, "end": 1371.03, "word": " shekel", "probability": 0.916015625}, {"start": 1371.03, "end": 1371.99, "word": " per", "probability": 0.9501953125}, {"start": 1371.99, "end": 1372.41, "word": " kilogram", "probability": 0.9228515625}, {"start": 1372.41, "end": 1373.57, "word": " of", "probability": 0.94482421875}, {"start": 1373.57, "end": 1373.95, "word": " apple.", "probability": 0.87744140625}, {"start": 1374.27, "end": 1374.79, "word": " Who", "probability": 0.86572265625}, {"start": 1374.79, "end": 1375.05, "word": " bears", "probability": 0.87841796875}, {"start": 1375.05, "end": 1375.25, "word": " the", "probability": 0.9091796875}, {"start": 1375.25, "end": 1375.61, "word": " most", "probability": 0.916015625}, {"start": 1375.61, "end": 1375.87, "word": " and", "probability": 0.81494140625}, {"start": 1375.87, "end": 1376.07, "word": " who", "probability": 0.8828125}, {"start": 1376.07, "end": 1376.37, "word": " bears", "probability": 0.9345703125}, {"start": 1376.37, "end": 1376.57, "word": " the", "probability": 0.91259765625}, {"start": 1376.57, "end": 1376.93, "word": " least?", "probability": 0.96923828125}, {"start": 1378.15, "end": 1378.41, "word": " As", "probability": 0.958984375}, {"start": 1378.41, "end": 1378.53, "word": " the", "probability": 0.91015625}, {"start": 1378.53, "end": 1378.87, "word": " government", "probability": 0.9111328125}, {"start": 1378.87, "end": 1379.41, "word": " imposed", "probability": 0.86962890625}, {"start": 1379.41, "end": 1379.59, "word": " a", "probability": 0.880859375}, {"start": 1379.59, "end": 1379.87, "word": " tax,", "probability": 0.9404296875}, {"start": 1380.85, "end": 1381.49, "word": " one", "probability": 0.8310546875}, {"start": 1381.49, "end": 1382.03, "word": " shekel", "probability": 0.9375}, {"start": 1382.03, "end": 1382.33, "word": " per", "probability": 0.97021484375}, {"start": 1382.33, "end": 1382.73, "word": " kilogram", "probability": 0.92041015625}, {"start": 1382.73, "end": 1383.85, "word": " of", "probability": 0.97412109375}, {"start": 1383.85, "end": 1384.29, "word": " apple.", "probability": 0.921875}, {"start": 1385.73, "end": 1386.29, "word": " Supply", "probability": 0.85693359375}, {"start": 1386.29, "end": 1388.15, "word": " goes", "probability": 0.92822265625}, {"start": 1388.15, "end": 1388.51, "word": " down", "probability": 0.85107421875}, {"start": 1388.51, "end": 1389.25, "word": " and", "probability": 0.8876953125}, {"start": 1389.25, "end": 1389.53, "word": " shifts", "probability": 0.91015625}, {"start": 1389.53, "end": 1389.89, "word": " left.", "probability": 0.94287109375}, {"start": 1390.79, "end": 1390.79, "word": " So", "probability": 0.21630859375}, {"start": 1390.79, "end": 1392.67, "word": " supply", "probability": 0.6943359375}, {"start": 1392.67, "end": 1392.97, "word": " will", "probability": 0.734375}, {"start": 1392.97, "end": 1393.23, "word": " shift", "probability": 0.98193359375}, {"start": 1393.23, "end": 1393.47, "word": " left", "probability": 0.95361328125}, {"start": 1393.47, "end": 1393.71, "word": " here.", "probability": 0.83984375}], "temperature": 1.0}, {"id": 48, "seek": 141971, "start": 1395.49, "end": 1419.71, "text": " parallel to the initial supply curve, S2. We have a new equilibrium point, E2, to determine", "tokens": [8952, 281, 264, 5883, 5847, 7605, 11, 318, 17, 13, 492, 362, 257, 777, 15625, 935, 11, 462, 17, 11, 281, 6997], "avg_logprob": -0.13561481496562128, "compression_ratio": 1.0454545454545454, "no_speech_prob": 0.0, "words": [{"start": 1395.49, "end": 1395.95, "word": " parallel", "probability": 0.77587890625}, {"start": 1395.95, "end": 1396.21, "word": " to", "probability": 0.97021484375}, {"start": 1396.21, "end": 1396.39, "word": " the", "probability": 0.8486328125}, {"start": 1396.39, "end": 1396.81, "word": " initial", "probability": 0.96142578125}, {"start": 1396.81, "end": 1397.35, "word": " supply", "probability": 0.96044921875}, {"start": 1397.35, "end": 1397.91, "word": " curve,", "probability": 0.888671875}, {"start": 1400.11, "end": 1400.57, "word": " S2.", "probability": 0.906494140625}, {"start": 1407.79, "end": 1408.73, "word": " We", "probability": 0.96923828125}, {"start": 1408.73, "end": 1409.15, "word": " have", "probability": 0.95068359375}, {"start": 1409.15, "end": 1409.43, "word": " a", "probability": 0.9052734375}, {"start": 1409.43, "end": 1409.59, "word": " new", "probability": 0.88330078125}, {"start": 1409.59, "end": 1410.01, "word": " equilibrium", "probability": 0.93359375}, {"start": 1410.01, "end": 1410.55, "word": " point,", "probability": 0.97607421875}, {"start": 1411.29, "end": 1411.81, "word": " E2,", "probability": 0.986572265625}, {"start": 1418.99, "end": 1419.23, "word": " to", "probability": 0.9658203125}, {"start": 1419.23, "end": 1419.71, "word": " determine", "probability": 0.91259765625}], "temperature": 1.0}, {"id": 49, "seek": 144054, "start": 1422.88, "end": 1440.54, "text": " the tax burden or the whole tax burden, we have to take a vertical distance from A2 to S1. This is the whole tax burden.", "tokens": [264, 3366, 12578, 420, 264, 1379, 3366, 12578, 11, 321, 362, 281, 747, 257, 9429, 4560, 490, 316, 17, 281, 318, 16, 13, 639, 307, 264, 1379, 3366, 12578, 13], "avg_logprob": -0.1824596764579896, "compression_ratio": 1.315217391304348, "no_speech_prob": 0.0, "words": [{"start": 1422.88, "end": 1423.22, "word": " the", "probability": 0.44482421875}, {"start": 1423.22, "end": 1423.6, "word": " tax", "probability": 0.8916015625}, {"start": 1423.6, "end": 1424.04, "word": " burden", "probability": 0.9541015625}, {"start": 1424.04, "end": 1424.28, "word": " or", "probability": 0.7666015625}, {"start": 1424.28, "end": 1424.4, "word": " the", "probability": 0.91796875}, {"start": 1424.4, "end": 1424.58, "word": " whole", "probability": 0.8515625}, {"start": 1424.58, "end": 1424.92, "word": " tax", "probability": 0.9345703125}, {"start": 1424.92, "end": 1425.26, "word": " burden,", "probability": 0.93896484375}, {"start": 1425.38, "end": 1425.48, "word": " we", "probability": 0.89013671875}, {"start": 1425.48, "end": 1425.82, "word": " have", "probability": 0.94287109375}, {"start": 1425.82, "end": 1425.98, "word": " to", "probability": 0.96875}, {"start": 1425.98, "end": 1426.38, "word": " take", "probability": 0.8857421875}, {"start": 1426.38, "end": 1426.54, "word": " a", "probability": 0.58203125}, {"start": 1426.54, "end": 1426.86, "word": " vertical", "probability": 0.89013671875}, {"start": 1426.86, "end": 1427.38, "word": " distance", "probability": 0.9296875}, {"start": 1427.38, "end": 1427.78, "word": " from", "probability": 0.89111328125}, {"start": 1427.78, "end": 1428.58, "word": " A2", "probability": 0.91650390625}, {"start": 1428.58, "end": 1428.86, "word": " to", "probability": 0.95556640625}, {"start": 1428.86, "end": 1429.24, "word": " S1.", "probability": 0.970703125}, {"start": 1430.2, "end": 1430.66, "word": " This", "probability": 0.5556640625}, {"start": 1430.66, "end": 1431.12, "word": " is", "probability": 0.90576171875}, {"start": 1431.12, "end": 1439.4, "word": " the", "probability": 0.9052734375}, {"start": 1439.4, "end": 1439.68, "word": " whole", "probability": 0.8466796875}, {"start": 1439.68, "end": 1440.06, "word": " tax", "probability": 0.8916015625}, {"start": 1440.06, "end": 1440.54, "word": " burden.", "probability": 0.94580078125}], "temperature": 1.0}, {"id": 50, "seek": 147447, "start": 1446.91, "end": 1474.47, "text": " From A1 here to this point along S1, from A2 to S1 here, this is one shekel, the tax per unit. The tax per unit. To determine the total tax burden, the vertical line here from A2 to the point along S1 here, this is the whole of tax burden. The vertical distance here is the tax per unit.", "tokens": [3358, 316, 16, 510, 281, 341, 935, 2051, 318, 16, 11, 490, 316, 17, 281, 318, 16, 510, 11, 341, 307, 472, 750, 7124, 11, 264, 3366, 680, 4985, 13, 440, 3366, 680, 4985, 13, 1407, 6997, 264, 3217, 3366, 12578, 11, 264, 9429, 1622, 510, 490, 316, 17, 281, 264, 935, 2051, 318, 16, 510, 11, 341, 307, 264, 1379, 295, 3366, 12578, 13, 440, 9429, 4560, 510, 307, 264, 3366, 680, 4985, 13], "avg_logprob": -0.15028783267265872, "compression_ratio": 1.9072847682119205, "no_speech_prob": 0.0, "words": [{"start": 1446.91, "end": 1447.25, "word": " From", "probability": 0.61767578125}, {"start": 1447.25, "end": 1447.77, "word": " A1", "probability": 0.928466796875}, {"start": 1447.77, "end": 1447.99, "word": " here", "probability": 0.77294921875}, {"start": 1447.99, "end": 1448.19, "word": " to", "probability": 0.94091796875}, {"start": 1448.19, "end": 1448.49, "word": " this", "probability": 0.94775390625}, {"start": 1448.49, "end": 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"probability": 0.85595703125}, {"start": 1472.21, "end": 1472.51, "word": " is", "probability": 0.9443359375}, {"start": 1472.51, "end": 1473.67, "word": " the", "probability": 0.92431640625}, {"start": 1473.67, "end": 1473.95, "word": " tax", "probability": 0.947265625}, {"start": 1473.95, "end": 1474.21, "word": " per", "probability": 0.9560546875}, {"start": 1474.21, "end": 1474.47, "word": " unit.", "probability": 0.9521484375}], "temperature": 1.0}, {"id": 51, "seek": 149971, "start": 1480.15, "end": 1499.71, "text": " Where's the consumer share? Hey, the consumer share of tax burden, this is the consumer share of tax burden. And this is the producer share of tax burden.", "tokens": [2305, 311, 264, 9711, 2073, 30, 1911, 11, 264, 9711, 2073, 295, 3366, 12578, 11, 341, 307, 264, 9711, 2073, 295, 3366, 12578, 13, 400, 341, 307, 264, 12314, 2073, 295, 3366, 12578, 13], "avg_logprob": -0.26160714626312254, "compression_ratio": 1.8674698795180722, "no_speech_prob": 0.0, "words": [{"start": 1480.1499999999999, "end": 1480.83, "word": " Where's", "probability": 0.33233642578125}, {"start": 1480.83, "end": 1480.93, "word": " the", "probability": 0.916015625}, {"start": 1480.93, "end": 1481.35, "word": " consumer", "probability": 0.8671875}, {"start": 1481.35, "end": 1481.71, "word": " share?", "probability": 0.8681640625}, {"start": 1482.73, "end": 1482.91, "word": " Hey,", "probability": 0.422607421875}, {"start": 1484.53, "end": 1484.69, "word": " the", "probability": 0.865234375}, {"start": 1484.69, "end": 1485.15, "word": " consumer", "probability": 0.849609375}, {"start": 1485.15, "end": 1485.45, "word": " share", "probability": 0.873046875}, {"start": 1485.45, "end": 1485.57, "word": " of", "probability": 0.6865234375}, {"start": 1485.57, "end": 1485.77, "word": " tax", "probability": 0.74853515625}, {"start": 1485.77, "end": 1486.11, "word": " burden,", "probability": 0.29638671875}, {"start": 1488.39, "end": 1491.07, "word": " this", "probability": 0.85888671875}, {"start": 1491.07, "end": 1491.29, "word": " is", "probability": 0.94970703125}, {"start": 1491.29, "end": 1491.45, "word": " the", "probability": 0.91748046875}, {"start": 1491.45, "end": 1491.85, "word": " consumer", "probability": 0.86474609375}, {"start": 1491.85, "end": 1492.15, "word": " share", "probability": 0.84423828125}, {"start": 1492.15, "end": 1492.31, "word": " of", "probability": 0.9033203125}, {"start": 1492.31, "end": 1492.45, "word": " tax", "probability": 0.91748046875}, {"start": 1492.45, "end": 1492.75, "word": " burden.", "probability": 0.97705078125}, {"start": 1494.17, "end": 1494.53, "word": " And", "probability": 0.91748046875}, {"start": 1494.53, "end": 1496.23, "word": " this", "probability": 0.8203125}, {"start": 1496.23, "end": 1496.45, "word": " is", "probability": 0.9453125}, {"start": 1496.45, "end": 1496.97, "word": " the", "probability": 0.912109375}, {"start": 1496.97, "end": 1498.57, "word": " producer", "probability": 0.91552734375}, {"start": 1498.57, "end": 1499.01, "word": " share", "probability": 0.740234375}, {"start": 1499.01, "end": 1499.19, "word": " of", "probability": 0.908203125}, {"start": 1499.19, "end": 1499.41, "word": " tax", "probability": 0.91845703125}, {"start": 1499.41, "end": 1499.71, "word": " burden.", "probability": 0.9716796875}], "temperature": 1.0}, {"id": 52, "seek": 153165, "start": 1511.59, "end": 1531.65, "text": " The above area is the consumer share and the below here is or represents the producer share. So here is the consumer share and here is the producer share.", "tokens": [440, 3673, 1859, 307, 264, 9711, 2073, 293, 264, 2507, 510, 307, 420, 8855, 264, 12314, 2073, 13, 407, 510, 307, 264, 9711, 2073, 293, 510, 307, 264, 12314, 2073, 13], "avg_logprob": -0.20349120814353228, "compression_ratio": 1.7222222222222223, "no_speech_prob": 0.0, "words": [{"start": 1511.59, "end": 1511.85, "word": " The", "probability": 0.80126953125}, {"start": 1511.85, "end": 1512.19, "word": " above", "probability": 0.95654296875}, {"start": 1512.19, "end": 1512.61, "word": " area", "probability": 0.89990234375}, {"start": 1512.61, "end": 1513.23, "word": " is", "probability": 0.951171875}, {"start": 1513.23, "end": 1514.07, "word": " the", "probability": 0.9208984375}, {"start": 1514.07, "end": 1514.55, "word": " consumer", "probability": 0.83642578125}, {"start": 1514.55, "end": 1514.95, "word": " share", "probability": 0.8212890625}, {"start": 1514.95, "end": 1515.49, "word": " and", "probability": 0.61767578125}, {"start": 1515.49, "end": 1517.41, "word": " the", "probability": 0.78173828125}, {"start": 1517.41, "end": 1517.75, "word": " below", "probability": 0.8251953125}, {"start": 1517.75, "end": 1518.21, "word": " here", "probability": 0.7470703125}, {"start": 1518.21, "end": 1518.79, "word": " is", "probability": 0.65380859375}, {"start": 1518.79, "end": 1519.37, "word": " or", "probability": 0.419189453125}, {"start": 1519.37, "end": 1519.93, "word": " represents", "probability": 0.85302734375}, {"start": 1519.93, "end": 1520.47, "word": " the", "probability": 0.8974609375}, {"start": 1520.47, "end": 1520.85, "word": " producer", "probability": 0.912109375}, {"start": 1520.85, "end": 1521.21, "word": " share.", "probability": 0.79833984375}, {"start": 1521.77, "end": 1521.95, "word": " So", "probability": 0.94775390625}, {"start": 1521.95, "end": 1522.27, "word": " here", "probability": 0.75830078125}, {"start": 1522.27, "end": 1523.49, "word": " is", "probability": 0.86572265625}, {"start": 1523.49, "end": 1523.65, "word": " the", "probability": 0.9189453125}, {"start": 1523.65, "end": 1524.11, "word": " consumer", "probability": 0.8671875}, {"start": 1524.11, "end": 1524.53, "word": " share", "probability": 0.85107421875}, {"start": 1524.53, "end": 1529.89, "word": " and", "probability": 0.60107421875}, {"start": 1529.89, "end": 1530.13, "word": " here", "probability": 0.74755859375}, {"start": 1530.13, "end": 1530.41, "word": " is", "probability": 0.630859375}, {"start": 1530.41, "end": 1530.89, "word": " the", "probability": 0.89794921875}, {"start": 1530.89, "end": 1531.27, "word": " producer", "probability": 0.89990234375}, {"start": 1531.27, "end": 1531.65, "word": " share.", "probability": 0.85693359375}], "temperature": 1.0}, {"id": 53, "seek": 156789, "start": 1548.29, "end": 1567.89, "text": " So this can be shown to represent 6.25. So this can be shown to represent 6.25. So this can be shown to represent 6.25. So this can be shown to represent 6.25. So this can be shown to represent 6.25. So this can be shown to represent 6.25. So this can be shown to represent 6.25. So this can be shown to represent 6.25. So this can be shown to represent 6.25. So this can be shown to represent 6.25. So this can be shown to represent 6.25. So this can be shown to represent 6.25. So this can be shown to represent 6.25. So this can be shown to represent 6.25. So this can be shown to represent 6.25. So this can be shown to represent 6.25. So this can be shown to represent 6.25. So this can be shown to represent 6.25. So this can be shown to represent 6.25. So this can be shown to represent 6.25. 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Yes, say this is minus this is one. You can say difference or not difference, whatever you want. Yes? This is 6.25 minus 5.25, this is one. That's it. Correct? Okay.", "tokens": [17182, 935, 11, 370, 1025, 13, 6074, 13, 1079, 11, 584, 341, 307, 3175, 341, 307, 472, 13, 509, 393, 584, 2649, 420, 406, 2649, 11, 2035, 291, 528, 13, 1079, 30, 639, 307, 1386, 13, 6074, 3175, 1025, 13, 6074, 11, 341, 307, 472, 13, 663, 311, 309, 13, 12753, 30, 1033, 13], "avg_logprob": -0.4352272803133184, "compression_ratio": 1.4166666666666667, "no_speech_prob": 0.0, "words": [{"start": 1569.17, "end": 1569.53, "word": " Zero", "probability": 0.54296875}, {"start": 1569.53, "end": 1569.87, "word": " point,", "probability": 0.9287109375}, {"start": 1570.49, "end": 1571.19, "word": " so", "probability": 0.59521484375}, {"start": 1571.19, "end": 1571.69, "word": " 5", "probability": 0.64892578125}, {"start": 1571.69, "end": 1572.67, "word": ".25.", "probability": 0.964599609375}, {"start": 1573.23, "end": 1573.47, "word": " Yes,", "probability": 0.174560546875}, {"start": 1573.59, "end": 1573.69, "word": " say", "probability": 0.53369140625}, {"start": 1573.69, "end": 1573.97, "word": " this", "probability": 0.484130859375}, {"start": 1573.97, "end": 1573.97, "word": " is", "probability": 0.55712890625}, {"start": 1573.97, "end": 1574.19, "word": " minus", "probability": 0.5126953125}, {"start": 1574.19, "end": 1574.47, "word": " this", "probability": 0.462890625}, {"start": 1574.47, "end": 1574.55, "word": " is", "probability": 0.67529296875}, {"start": 1574.55, "end": 1574.77, "word": " one.", "probability": 0.66650390625}, {"start": 1576.81, "end": 1577.07, "word": " You", "probability": 0.34228515625}, {"start": 1577.07, "end": 1577.17, "word": " can", "probability": 0.6337890625}, {"start": 1577.17, "end": 1577.33, "word": " say", "probability": 0.78955078125}, {"start": 1577.33, "end": 1577.77, "word": " difference", "probability": 0.1805419921875}, {"start": 1577.77, "end": 1577.93, "word": " or", "probability": 0.8203125}, {"start": 1577.93, "end": 1578.11, "word": " not", "probability": 0.736328125}, {"start": 1578.11, "end": 1578.41, "word": " difference,", "probability": 0.56591796875}, {"start": 1578.45, "end": 1578.61, "word": " whatever", "probability": 0.268310546875}, {"start": 1578.61, "end": 1578.73, "word": " you", "probability": 0.53271484375}, {"start": 1578.73, "end": 1578.85, "word": " want.", "probability": 0.6005859375}, {"start": 1579.95, "end": 1580.17, "word": " Yes?", "probability": 0.43603515625}, {"start": 1583.43, "end": 1583.97, "word": " This", "probability": 0.266357421875}, {"start": 1583.97, "end": 1584.17, "word": " is", "probability": 0.77587890625}, {"start": 1584.17, "end": 1584.91, "word": " 6", "probability": 0.58837890625}, {"start": 1584.91, "end": 1585.91, "word": ".25", "probability": 0.995361328125}, {"start": 1585.91, "end": 1586.41, "word": " minus", "probability": 0.978515625}, {"start": 1586.41, "end": 1586.81, "word": " 5", "probability": 0.98876953125}, {"start": 1586.81, "end": 1587.47, "word": ".25,", "probability": 0.997802734375}, {"start": 1587.69, "end": 1587.77, "word": " this", "probability": 0.728515625}, {"start": 1587.77, "end": 1587.85, "word": " is", "probability": 0.91943359375}, {"start": 1587.85, "end": 1588.03, "word": " one.", "probability": 0.86083984375}, {"start": 1588.93, "end": 1589.19, "word": " That's", "probability": 0.860107421875}, {"start": 1589.19, "end": 1589.45, "word": " it.", "probability": 0.94970703125}, {"start": 1591.01, "end": 1591.55, "word": " Correct?", "probability": 0.525390625}, {"start": 1592.01, "end": 1592.19, "word": " Okay.", "probability": 0.343994140625}], "temperature": 1.0}, {"id": 55, "seek": 161466, "start": 1593.62, "end": 1614.66, "text": " Let us assume here that the quantity declined from 10 to seven. To four, okay. To four. Calculate the whole of tax burden, the consumer share of tax burden, the producer share of tax burden. The consumer share of tax burden here.", "tokens": [961, 505, 6552, 510, 300, 264, 11275, 29213, 490, 1266, 281, 3407, 13, 1407, 1451, 11, 1392, 13, 1407, 1451, 13, 3511, 2444, 473, 264, 1379, 295, 3366, 12578, 11, 264, 9711, 2073, 295, 3366, 12578, 11, 264, 12314, 2073, 295, 3366, 12578, 13, 440, 9711, 2073, 295, 3366, 12578, 510, 13], "avg_logprob": -0.21727593889776267, "compression_ratio": 1.7424242424242424, "no_speech_prob": 0.0, "words": [{"start": 1593.62, "end": 1593.88, "word": " Let", "probability": 0.89794921875}, {"start": 1593.88, "end": 1594.04, "word": " us", "probability": 0.6982421875}, {"start": 1594.04, "end": 1594.4, "word": " assume", "probability": 0.87158203125}, {"start": 1594.4, "end": 1594.6, "word": " here", "probability": 0.796875}, {"start": 1594.6, "end": 1594.92, "word": " that", "probability": 0.92041015625}, {"start": 1594.92, "end": 1595.12, "word": " the", "probability": 0.90283203125}, {"start": 1595.12, "end": 1595.66, "word": " quantity", "probability": 0.97216796875}, {"start": 1595.66, "end": 1596.46, "word": " declined", "probability": 0.84521484375}, {"start": 1596.46, "end": 1596.88, "word": " from", "probability": 0.8876953125}, {"start": 1596.88, "end": 1597.44, "word": " 10", "probability": 0.8193359375}, {"start": 1597.44, "end": 1597.88, "word": " to", "probability": 0.97119140625}, {"start": 1597.88, "end": 1600.64, "word": " seven.", "probability": 0.3916015625}, {"start": 1602.36, "end": 1602.88, "word": " To", "probability": 0.62158203125}, {"start": 1602.88, "end": 1603.22, "word": " four,", "probability": 0.93994140625}, {"start": 1603.34, "end": 1603.52, "word": " okay.", "probability": 0.890625}, {"start": 1604.7, "end": 1604.88, "word": " To", "probability": 0.861328125}, {"start": 1604.88, "end": 1605.14, "word": " four.", "probability": 0.94580078125}, {"start": 1606.96, "end": 1607.48, "word": " Calculate", "probability": 0.9822591145833334}, {"start": 1607.48, "end": 1607.66, "word": " the", "probability": 0.9189453125}, {"start": 1607.66, "end": 1607.86, "word": " whole", "probability": 0.640625}, {"start": 1607.86, "end": 1607.98, "word": " of", "probability": 0.62353515625}, {"start": 1607.98, "end": 1608.2, "word": " tax", "probability": 0.69580078125}, {"start": 1608.2, "end": 1608.52, "word": " burden,", "probability": 0.890625}, {"start": 1608.66, "end": 1608.78, "word": " the", "probability": 0.884765625}, {"start": 1608.78, "end": 1609.16, "word": " consumer", "probability": 0.86181640625}, {"start": 1609.16, "end": 1609.38, "word": " share", "probability": 0.62255859375}, {"start": 1609.38, "end": 1609.48, "word": " of", "probability": 0.947265625}, {"start": 1609.48, "end": 1609.66, "word": " tax", "probability": 0.8154296875}, {"start": 1609.66, "end": 1609.88, "word": " burden,", "probability": 0.94873046875}, {"start": 1609.98, "end": 1610.08, "word": " the", "probability": 0.73193359375}, {"start": 1610.08, "end": 1610.36, "word": " producer", "probability": 0.89453125}, {"start": 1610.36, "end": 1610.62, "word": " share", "probability": 0.58154296875}, {"start": 1610.62, "end": 1610.72, "word": " of", "probability": 0.95263671875}, {"start": 1610.72, "end": 1610.9, "word": " tax", "probability": 0.939453125}, {"start": 1610.9, "end": 1611.22, "word": " burden.", "probability": 0.96240234375}, {"start": 1612.62, "end": 1613.14, "word": " The", "probability": 0.85107421875}, {"start": 1613.14, "end": 1613.52, "word": " consumer", "probability": 0.85595703125}, {"start": 1613.52, "end": 1613.76, "word": " share", "probability": 0.849609375}, {"start": 1613.76, "end": 1613.88, "word": " of", "probability": 0.95654296875}, {"start": 1613.88, "end": 1614.06, "word": " tax", "probability": 0.91064453125}, {"start": 1614.06, "end": 1614.32, "word": " burden", "probability": 0.9501953125}, {"start": 1614.32, "end": 1614.66, "word": " here.", "probability": 0.818359375}], "temperature": 1.0}, {"id": 56, "seek": 163348, "start": 1619.48, "end": 1633.48, "text": " Consumer share of tax burden, producer share, and the total tax burden. The consumer share of tax burden.", "tokens": [39494, 2073, 295, 3366, 12578, 11, 12314, 2073, 11, 293, 264, 3217, 3366, 12578, 13, 440, 9711, 2073, 295, 3366, 12578, 13], "avg_logprob": -0.282269026922143, "compression_ratio": 1.452054794520548, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 1619.48, "end": 1620.2, "word": " Consumer", "probability": 0.51318359375}, {"start": 1620.2, "end": 1620.64, "word": " share", "probability": 0.63232421875}, {"start": 1620.64, "end": 1620.74, "word": " of", "probability": 0.7470703125}, {"start": 1620.74, "end": 1620.9, "word": " tax", "probability": 0.9072265625}, {"start": 1620.9, "end": 1621.2, "word": " burden,", "probability": 0.92041015625}, {"start": 1621.6, "end": 1621.98, "word": " producer", "probability": 0.9111328125}, {"start": 1621.98, "end": 1622.4, "word": " share,", "probability": 0.78857421875}, {"start": 1622.76, "end": 1622.94, "word": " and", "probability": 0.923828125}, {"start": 1622.94, "end": 1623.06, "word": " the", "probability": 0.8876953125}, {"start": 1623.06, "end": 1623.32, "word": " total", "probability": 0.88330078125}, {"start": 1623.32, "end": 1623.6, "word": " tax", "probability": 0.94677734375}, {"start": 1623.6, "end": 1623.94, "word": " burden.", "probability": 0.9462890625}, {"start": 1628.28, "end": 1629.0, "word": " The", "probability": 0.11688232421875}, {"start": 1629.0, "end": 1632.48, "word": " consumer", "probability": 0.75439453125}, {"start": 1632.48, "end": 1632.86, "word": " share", "probability": 0.7900390625}, {"start": 1632.86, "end": 1632.96, "word": " of", "probability": 0.85986328125}, {"start": 1632.96, "end": 1633.12, "word": " tax", "probability": 0.931640625}, {"start": 1633.12, "end": 1633.48, "word": " burden.", "probability": 0.94677734375}], "temperature": 1.0}, {"id": 57, "seek": 167257, "start": 1647.29, "end": 1672.57, "text": " Times four, yes. One. Total tax burden. So the producer share. Five point, no six minus.", "tokens": [11366, 1451, 11, 2086, 13, 1485, 13, 23170, 3366, 12578, 13, 407, 264, 12314, 2073, 13, 9436, 935, 11, 572, 2309, 3175, 13], "avg_logprob": -0.4085286358992259, "compression_ratio": 1.0470588235294118, "no_speech_prob": 0.0, "words": [{"start": 1647.29, "end": 1647.67, "word": " Times", "probability": 0.7216796875}, {"start": 1647.67, "end": 1647.97, "word": " four,", "probability": 0.78125}, {"start": 1648.09, "end": 1648.35, "word": " yes.", "probability": 0.95166015625}, {"start": 1652.19, "end": 1652.57, "word": " One.", "probability": 0.65234375}, {"start": 1657.97, "end": 1658.73, "word": " Total", "probability": 0.1646728515625}, {"start": 1658.73, "end": 1659.25, "word": " tax", "probability": 0.55810546875}, {"start": 1659.25, "end": 1659.51, "word": " burden.", "probability": 0.389404296875}, {"start": 1660.01, "end": 1660.77, "word": " So", "probability": 0.9189453125}, {"start": 1660.77, "end": 1660.91, "word": " the", "probability": 0.61962890625}, {"start": 1660.91, "end": 1661.25, "word": " producer", "probability": 0.900390625}, {"start": 1661.25, "end": 1661.71, "word": " share.", "probability": 0.44482421875}, {"start": 1664.99, "end": 1665.39, "word": " Five", "probability": 0.70654296875}, {"start": 1665.39, "end": 1671.17, "word": " point,", "probability": 0.8271484375}, {"start": 1671.57, "end": 1671.83, "word": " no", "probability": 0.71728515625}, {"start": 1671.83, "end": 1672.19, "word": " six", "probability": 0.5693359375}, {"start": 1672.19, "end": 1672.57, "word": " minus.", "probability": 0.9814453125}], "temperature": 1.0}, {"id": 58, "seek": 169772, "start": 1679.9, "end": 1697.72, "text": " Six minus 5.25 times four, yes, three. Yes, three. The total tax burden, one times four. Yeah, that's it.", "tokens": [11678, 3175, 1025, 13, 6074, 1413, 1451, 11, 2086, 11, 1045, 13, 1079, 11, 1045, 13, 440, 3217, 3366, 12578, 11, 472, 1413, 1451, 13, 865, 11, 300, 311, 309, 13], "avg_logprob": -0.19848633371293545, "compression_ratio": 1.2183908045977012, "no_speech_prob": 0.0, "words": [{"start": 1679.8999999999999, "end": 1680.54, "word": " Six", "probability": 0.5341796875}, {"start": 1680.54, "end": 1681.06, "word": " minus", "probability": 0.98046875}, {"start": 1681.06, "end": 1681.92, "word": " 5", "probability": 0.763671875}, {"start": 1681.92, "end": 1682.8, "word": ".25", "probability": 0.978515625}, {"start": 1682.8, "end": 1684.14, "word": " times", "probability": 0.884765625}, {"start": 1684.14, "end": 1687.08, "word": " four,", "probability": 0.53369140625}, {"start": 1687.22, "end": 1687.4, "word": " yes,", "probability": 0.85693359375}, {"start": 1688.08, "end": 1688.4, "word": " three.", "probability": 0.93359375}, {"start": 1689.72, "end": 1689.94, "word": " Yes,", "probability": 0.697265625}, {"start": 1690.0, "end": 1690.22, "word": " three.", "probability": 0.78369140625}, {"start": 1690.56, "end": 1690.68, "word": " The", "probability": 0.87939453125}, {"start": 1690.68, "end": 1690.98, "word": " total", "probability": 0.85205078125}, {"start": 1690.98, "end": 1691.28, "word": " tax", "probability": 0.83740234375}, {"start": 1691.28, "end": 1691.64, "word": " burden,", "probability": 0.99267578125}, {"start": 1694.78, "end": 1695.64, "word": " one", "probability": 0.89306640625}, {"start": 1695.64, "end": 1696.48, "word": " times", "probability": 0.91015625}, {"start": 1696.48, "end": 1696.84, "word": " four.", "probability": 0.9404296875}, {"start": 1697.08, "end": 1697.28, "word": " Yeah,", "probability": 0.7490234375}, {"start": 1697.34, "end": 1697.56, "word": " that's", "probability": 0.969482421875}, {"start": 1697.56, "end": 1697.72, "word": " it.", "probability": 0.9541015625}], "temperature": 1.0}, {"id": 59, "seek": 172424, "start": 1699.14, "end": 1724.24, "text": " Or the summation of the consumer share and the producer share of tax burden that gives us the total tax burden. Okay, let's go to the last case, the third case. Thank you. Let's go to the third case. The unitary elastic demand. 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This is the original equilibrium point, E1. P1 equals eight. 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The tax per unit equals two shekels, not one. Analyze the effects of the tax per unit here.", "tokens": [440, 2463, 26491, 257, 3366, 538, 732, 3808, 420, 732, 750, 7124, 82, 680, 4985, 13, 440, 3366, 680, 4985, 6915, 732, 750, 7124, 82, 11, 406, 472, 13, 1107, 5222, 1381, 264, 5065, 295, 264, 3366, 680, 4985, 510, 13], "avg_logprob": -0.12137276484143167, "compression_ratio": 1.412280701754386, "no_speech_prob": 0.0, "words": [{"start": 1785.71, "end": 1785.91, "word": " The", "probability": 0.77490234375}, {"start": 1785.91, "end": 1786.27, "word": " government", "probability": 0.91552734375}, {"start": 1786.27, "end": 1786.95, "word": " imposed", "probability": 0.90673828125}, {"start": 1786.95, "end": 1787.53, "word": " a", "probability": 0.92431640625}, {"start": 1787.53, "end": 1787.93, "word": " tax", "probability": 0.953125}, {"start": 1787.93, "end": 1788.85, "word": " by", "probability": 0.96337890625}, {"start": 1788.85, "end": 1789.71, "word": " two", "probability": 0.62353515625}, {"start": 1789.71, "end": 1790.51, "word": " dollars", "probability": 0.93994140625}, {"start": 1790.51, "end": 1790.75, "word": " or", "probability": 0.74853515625}, {"start": 1790.75, "end": 1791.07, "word": " two", "probability": 0.9189453125}, {"start": 1791.07, "end": 1792.13, "word": " shekels", "probability": 0.9230143229166666}, {"start": 1792.13, "end": 1792.45, "word": " per", "probability": 0.94189453125}, {"start": 1792.45, "end": 1793.63, "word": " unit.", "probability": 0.96923828125}, {"start": 1795.93, "end": 1796.15, "word": " The", "probability": 0.87939453125}, {"start": 1796.15, "end": 1796.53, "word": " tax", "probability": 0.93408203125}, {"start": 1796.53, "end": 1797.43, "word": " per", "probability": 0.7880859375}, {"start": 1797.43, "end": 1797.73, "word": " unit", "probability": 0.94873046875}, {"start": 1797.73, "end": 1802.19, "word": " equals", "probability": 0.6494140625}, {"start": 1802.19, "end": 1802.59, "word": " two", "probability": 0.9228515625}, {"start": 1802.59, "end": 1804.15, "word": " shekels,", "probability": 0.9697265625}, {"start": 1804.85, "end": 1805.29, "word": " not", "probability": 0.9443359375}, {"start": 1805.29, "end": 1805.55, "word": " one.", "probability": 0.931640625}, {"start": 1808.15, "end": 1808.93, "word": " Analyze", "probability": 0.8917643229166666}, {"start": 1808.93, "end": 1809.99, "word": " the", "probability": 0.48095703125}, {"start": 1809.99, "end": 1810.79, "word": " effects", "probability": 0.875}, {"start": 1810.79, "end": 1811.27, "word": " of", "probability": 0.96728515625}, {"start": 1811.27, "end": 1812.13, "word": " the", "probability": 0.92333984375}, {"start": 1812.13, "end": 1812.89, "word": " tax", "probability": 0.94921875}, {"start": 1812.89, "end": 1813.89, "word": " per", "probability": 0.9306640625}, {"start": 1813.89, "end": 1814.15, "word": " unit", "probability": 0.9609375}, {"start": 1814.15, "end": 1814.41, "word": " here.", "probability": 0.837890625}], "temperature": 1.0}, {"id": 63, "seek": 184321, "start": 1816.25, "end": 1843.21, "text": " The tax period here, when the government sets a tax, supply curve shifts left to S2. There's E2, P2, and the quantity goes down by Q2. 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Had a 50 percent, had a 50 percent, had a one dollar, one dollar. Tamam? 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That's how much the consumer shares and how much the producer shares. That's it. Okay? Okay. Is there a problem? No, there are no problems, thank God. Okay.", "tokens": [1485, 538, 472, 11, 411, 341, 11, 436, 976, 264, 3217, 3366, 2275, 13, 663, 311, 577, 709, 264, 9711, 12182, 293, 577, 709, 264, 12314, 12182, 13, 663, 311, 309, 13, 1033, 30, 1033, 13, 1119, 456, 257, 1154, 30, 883, 11, 456, 366, 572, 2740, 11, 1309, 1265, 13, 1033, 13], "avg_logprob": -0.524016202599914, "compression_ratio": 1.4825174825174825, "no_speech_prob": 0.0, "words": [{"start": 2104.18, "end": 2104.46, "word": " One", "probability": 0.11859130859375}, {"start": 2104.46, "end": 2104.86, "word": " by", "probability": 0.352783203125}, {"start": 2104.86, "end": 2105.08, "word": " one,", "probability": 0.92431640625}, {"start": 2105.28, "end": 2105.46, "word": " like", "probability": 0.191650390625}, {"start": 2105.46, "end": 2105.48, "word": " this,", "probability": 0.640625}, {"start": 2105.78, "end": 2105.94, "word": " they", "probability": 0.44189453125}, {"start": 2105.94, "end": 2106.1, "word": " give", "probability": 0.51171875}, {"start": 2106.1, "end": 2106.3, "word": " the", "probability": 0.398681640625}, {"start": 2106.3, "end": 2106.52, "word": " total", "probability": 0.84375}, {"start": 2106.52, "end": 2106.78, "word": " tax", "probability": 0.74951171875}, {"start": 2106.78, "end": 2107.02, "word": " report.", "probability": 0.1978759765625}, {"start": 2107.1, "end": 2107.36, "word": " That's", "probability": 0.44677734375}, {"start": 2107.36, "end": 2107.36, "word": " how", "probability": 0.81591796875}, {"start": 2107.36, "end": 2107.42, "word": " much", "probability": 0.83154296875}, {"start": 2107.42, "end": 2107.48, "word": " the", "probability": 0.57568359375}, {"start": 2107.48, "end": 2107.86, "word": " consumer", "probability": 0.72607421875}, {"start": 2107.86, "end": 2108.14, "word": " shares", "probability": 0.50732421875}, {"start": 2108.14, "end": 2108.46, "word": " and", "probability": 0.6201171875}, {"start": 2108.46, "end": 2108.52, "word": " how", "probability": 0.271240234375}, {"start": 2108.52, "end": 2108.52, "word": " much", "probability": 0.89599609375}, {"start": 2108.52, "end": 2108.56, "word": " the", "probability": 0.8759765625}, {"start": 2108.56, "end": 2108.88, "word": " producer", "probability": 0.8876953125}, {"start": 2108.88, "end": 2109.16, "word": " shares.", "probability": 0.8544921875}, {"start": 2109.72, "end": 2110.0, "word": " That's", "probability": 0.92041015625}, {"start": 2110.0, "end": 2110.2, "word": " it.", "probability": 0.94140625}, {"start": 2111.04, "end": 2111.32, "word": " Okay?", "probability": 0.431884765625}, {"start": 2111.7, "end": 2111.98, "word": " Okay.", "probability": 0.444091796875}, {"start": 2112.9, "end": 2113.34, "word": " Is", "probability": 0.337158203125}, {"start": 2113.34, "end": 2113.42, "word": " there", "probability": 0.923828125}, {"start": 2113.42, "end": 2113.48, "word": " a", "probability": 0.75439453125}, {"start": 2113.48, "end": 2113.7, "word": " problem?", "probability": 0.86669921875}, {"start": 2120.22, "end": 2120.66, "word": " No,", "probability": 0.56494140625}, {"start": 2120.74, "end": 2120.88, "word": " there", "probability": 0.52734375}, {"start": 2120.88, "end": 2121.0, "word": " are", "probability": 0.474365234375}, {"start": 2121.0, "end": 2121.2, "word": " no", "probability": 0.93212890625}, {"start": 2121.2, "end": 2121.64, "word": " problems,", "probability": 0.7607421875}, {"start": 2121.76, "end": 2121.86, "word": " thank", "probability": 0.50244140625}, {"start": 2121.86, "end": 2122.0, "word": " God.", "probability": 0.837890625}, {"start": 2123.46, "end": 2123.9, "word": " Okay.", "probability": 0.62646484375}], "temperature": 1.0}, {"id": 74, "seek": 214711, "start": 2135.09, "end": 2147.11, "text": " The person should change her price. The person should change her price. The person should change her price. The person should change her price.", "tokens": [440, 954, 820, 1319, 720, 3218, 13, 440, 954, 820, 1319, 720, 3218, 13, 440, 954, 820, 1319, 720, 3218, 13, 440, 954, 820, 1319, 720, 3218, 13], "avg_logprob": -0.46093750411066514, "compression_ratio": 3.0638297872340425, "no_speech_prob": 0.0, "words": [{"start": 2135.09, "end": 2135.55, "word": " The", "probability": 0.1378173828125}, {"start": 2135.55, "end": 2136.01, "word": " person", "probability": 0.7802734375}, {"start": 2136.01, "end": 2136.25, "word": " should", "probability": 0.56982421875}, {"start": 2136.25, "end": 2136.55, "word": " change", "probability": 0.90380859375}, {"start": 2136.55, "end": 2136.71, "word": " her", "probability": 0.44140625}, {"start": 2136.71, "end": 2137.13, "word": " price.", "probability": 0.484619140625}, {"start": 2140.63, "end": 2140.77, "word": " The", "probability": 0.318359375}, {"start": 2140.77, "end": 2140.95, "word": " person", "probability": 0.30859375}, {"start": 2140.95, "end": 2141.17, "word": " should", "probability": 0.2568359375}, {"start": 2141.17, "end": 2141.33, "word": " change", "probability": 0.84619140625}, {"start": 2141.33, "end": 2141.41, "word": " her", "probability": 0.744140625}, {"start": 2141.41, "end": 2141.61, "word": " price.", "probability": 0.91650390625}, {"start": 2141.97, "end": 2141.99, "word": " The", "probability": 0.307861328125}, {"start": 2141.99, "end": 2142.23, "word": " person", "probability": 0.767578125}, {"start": 2142.23, "end": 2144.55, "word": " should", "probability": 0.95263671875}, {"start": 2144.55, "end": 2144.57, "word": " change", "probability": 0.89208984375}, {"start": 2144.57, "end": 2144.57, "word": " her", "probability": 0.90478515625}, {"start": 2144.57, "end": 2145.85, "word": " price.", "probability": 0.91162109375}, {"start": 2145.99, "end": 2146.17, "word": " The", "probability": 0.42626953125}, {"start": 2146.17, "end": 2146.23, "word": " person", "probability": 0.84765625}, {"start": 2146.23, "end": 2146.65, "word": " should", "probability": 0.97998046875}, {"start": 2146.65, "end": 2146.65, "word": " change", "probability": 0.89453125}, {"start": 2146.65, "end": 2146.81, "word": " her", "probability": 0.9423828125}, {"start": 2146.81, "end": 2147.11, "word": " price.", "probability": 0.90576171875}], "temperature": 1.0}, {"id": 75, "seek": 217569, "start": 2154.66, "end": 2175.7, "text": " Without justifications, I don't know. But you have them. For example, in Delta, I took this person and it changed. Does this price go up? How much did it increase? It increased from eight to nine. How much did the person change in price? We calculated it. Twelve and a half, right? Right?", "tokens": [9129, 445, 7833, 11, 286, 500, 380, 458, 13, 583, 291, 362, 552, 13, 1171, 1365, 11, 294, 18183, 11, 286, 1890, 341, 954, 293, 309, 3105, 13, 4402, 341, 3218, 352, 493, 30, 1012, 709, 630, 309, 3488, 30, 467, 6505, 490, 3180, 281, 4949, 13, 1012, 709, 630, 264, 954, 1319, 294, 3218, 30, 492, 15598, 309, 13, 48063, 293, 257, 1922, 11, 558, 30, 1779, 30], "avg_logprob": -0.40736608079501563, "compression_ratio": 1.4896907216494846, "no_speech_prob": 0.0, "words": [{"start": 2154.66, "end": 2155.14, "word": " Without", "probability": 0.450927734375}, {"start": 2155.14, "end": 2155.62, "word": " justifications,", "probability": 0.791259765625}, {"start": 2155.82, "end": 2155.9, "word": " I", "probability": 0.970703125}, {"start": 2155.9, "end": 2156.14, "word": " don't", "probability": 0.97216796875}, {"start": 2156.14, "end": 2156.42, "word": " know.", "probability": 0.88916015625}, {"start": 2156.68, "end": 2156.82, "word": " But", "probability": 0.4833984375}, 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percentage change in price equals the percentage change in quantity. Because this is unitary elastic. Unitary elastic in AD, change, the percentage change in QD equals the percentage change in price. So if this change in price is 12.5%, as shown here, this will decrease by 12.5%.", "tokens": [440, 11275, 24436, 538, 264, 912, 9668, 570, 341, 9668, 1319, 294, 3218, 6915, 264, 9668, 1319, 294, 11275, 13, 1436, 341, 307, 517, 4109, 17115, 13, 1156, 4109, 17115, 294, 9135, 11, 1319, 11, 264, 9668, 1319, 294, 1249, 35, 6915, 264, 9668, 1319, 294, 3218, 13, 407, 498, 341, 1319, 294, 3218, 307, 2272, 13, 20, 8923, 382, 4898, 510, 11, 341, 486, 11514, 538, 2272, 13, 20, 6856], "avg_logprob": -0.4398871473968029, "compression_ratio": 2.0118343195266273, "no_speech_prob": 0.0, "words": [{"start": 2177.04, "end": 2177.22, "word": " The", "probability": 0.467529296875}, {"start": 2177.22, "end": 2177.72, "word": " quantity", "probability": 0.904296875}, {"start": 2177.72, "end": 2178.82, "word": " decreased", "probability": 0.07952880859375}, {"start": 2178.82, "end": 2178.94, "word": " by", "probability": 0.79736328125}, {"start": 2178.94, "end": 2179.02, "word": " the", "probability": 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How much does the percentage change in price? How much does Q2 have to be? It has to be 12 and a half, which is Q2 minus Q1 over Q1. In other words, how can I calculate this if I don't have it? A change in QD percent. The percentage change in QD", "tokens": [3358, 3180, 281, 4949, 13, 1012, 709, 775, 264, 9668, 1319, 294, 3218, 30, 1012, 709, 775, 1249, 17, 362, 281, 312, 30, 467, 575, 281, 312, 2272, 293, 257, 1922, 11, 597, 307, 1249, 17, 3175, 1249, 16, 670, 1249, 16, 13, 682, 661, 2283, 11, 577, 393, 286, 8873, 341, 498, 286, 500, 380, 362, 309, 30, 316, 1319, 294, 1249, 35, 3043, 13, 440, 9668, 1319, 294, 1249, 35], "avg_logprob": -0.43878423351131074, "compression_ratio": 1.5647058823529412, "no_speech_prob": 0.0, "words": [{"start": 2208.82, "end": 2209.08, "word": " From", "probability": 0.3681640625}, {"start": 2209.08, "end": 2209.32, "word": " eight", "probability": 0.5595703125}, {"start": 2209.32, "end": 2209.46, "word": " to", "probability": 0.95947265625}, {"start": 2209.46, "end": 2209.84, "word": " nine.", "probability": 0.94970703125}, {"start": 2210.54, "end": 2210.82, "word": " How", "probability": 0.390380859375}, {"start": 2210.82, "end": 2210.94, "word": " much", 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"word": " change", "probability": 0.857421875}, {"start": 2237.32, "end": 2237.46, "word": " in", "probability": 0.89404296875}, {"start": 2237.46, "end": 2237.94, "word": " QD", "probability": 0.985107421875}], "temperature": 1.0}, {"id": 78, "seek": 226709, "start": 2239.73, "end": 2267.09, "text": " Change of QD is Q2 minus Q1 over Q1. Correct? This is supposed to be 12.5%. Equals. Q2 is unknown here. Q2 minus Q1 is 100.", "tokens": [15060, 295, 1249, 35, 307, 1249, 17, 3175, 1249, 16, 670, 1249, 16, 13, 12753, 30, 639, 307, 3442, 281, 312, 2272, 13, 20, 6856, 15624, 1124, 13, 1249, 17, 307, 9841, 510, 13, 1249, 17, 3175, 1249, 16, 307, 2319, 13], "avg_logprob": -0.32467296373012455, "compression_ratio": 1.1376146788990826, "no_speech_prob": 0.0, "words": [{"start": 2239.73, "end": 2240.17, "word": " Change", "probability": 0.56201171875}, {"start": 2240.17, "end": 2240.33, "word": " of", "probability": 0.2685546875}, {"start": 2240.33, "end": 2240.75, "word": " QD", "probability": 0.6982421875}, {"start": 2240.75, "end": 2241.51, "word": " is", "probability": 0.0650634765625}, {"start": 2241.51, "end": 2243.07, "word": " Q2", "probability": 0.814453125}, {"start": 2243.07, "end": 2243.43, "word": " minus", "probability": 0.8564453125}, {"start": 2243.43, "end": 2244.17, "word": " Q1", "probability": 0.984130859375}, {"start": 2244.17, "end": 2245.83, "word": " over", "probability": 0.85205078125}, {"start": 2245.83, "end": 2246.45, "word": " Q1.", "probability": 0.99365234375}, {"start": 2246.93, "end": 2248.03, "word": " Correct?", "probability": 0.36279296875}, {"start": 2248.57, "end": 2249.49, "word": " This", "probability": 0.494140625}, {"start": 2249.49, "end": 2250.93, "word": " is", "probability": 0.34130859375}, {"start": 2250.93, "end": 2251.15, "word": " supposed", "probability": 0.8203125}, {"start": 2251.15, "end": 2251.35, "word": " to", "probability": 0.953125}, {"start": 2251.35, "end": 2251.57, "word": " be", "probability": 0.85205078125}, {"start": 2251.57, "end": 2252.73, "word": " 12", "probability": 0.88818359375}, {"start": 2252.73, "end": 2254.59, "word": ".5%.", "probability": 0.8561197916666666}, {"start": 2254.59, "end": 2258.19, "word": " Equals.", "probability": 0.852294921875}, {"start": 2258.61, "end": 2259.71, "word": " Q2", "probability": 0.989013671875}, {"start": 2259.71, "end": 2260.03, "word": " is", "probability": 0.81982421875}, {"start": 2260.03, "end": 2260.65, "word": " unknown", "probability": 0.900390625}, {"start": 2260.65, "end": 2261.19, "word": " here.", "probability": 0.81591796875}, {"start": 2262.11, "end": 2262.69, "word": " Q2", "probability": 0.994873046875}, {"start": 2262.69, "end": 2265.29, "word": " minus", "probability": 0.943359375}, {"start": 2265.29, "end": 2266.13, "word": " Q1", "probability": 0.974609375}, {"start": 2266.13, "end": 2266.85, "word": " is", "probability": 0.4423828125}, {"start": 2266.85, "end": 2267.09, "word": " 100.", "probability": 0.82373046875}], "temperature": 1.0}, {"id": 79, "seek": 229517, "start": 2269.08, "end": 2295.18, "text": " over 100 times 100 equals Q2 minus 100. So Q2 equals", "tokens": [670, 2319, 1413, 2319, 6915, 1249, 17, 3175, 2319, 13, 407, 1249, 17, 6915], "avg_logprob": -0.3713541547457377, "compression_ratio": 1.1041666666666667, "no_speech_prob": 0.0, "words": [{"start": 2269.08, "end": 2269.42, "word": " over", "probability": 0.451171875}, {"start": 2269.42, "end": 2270.0, "word": " 100", "probability": 0.74365234375}, {"start": 2270.0, "end": 2273.26, "word": " times", "probability": 0.261962890625}, {"start": 2273.26, "end": 2284.42, "word": " 100", "probability": 0.8212890625}, {"start": 2284.42, "end": 2287.74, "word": " equals", "probability": 0.4814453125}, {"start": 2287.74, "end": 2290.68, "word": " Q2", "probability": 0.7060546875}, {"start": 2290.68, "end": 2291.62, "word": " minus", "probability": 0.9306640625}, {"start": 2291.62, "end": 2292.12, "word": " 100.", "probability": 0.86962890625}, {"start": 2292.42, "end": 2292.68, "word": " So", "probability": 0.90771484375}, {"start": 2292.68, "end": 2294.0, "word": " Q2", "probability": 0.79736328125}, {"start": 2294.0, "end": 2295.18, "word": " equals", "probability": 0.94189453125}], "temperature": 1.0}, {"id": 80, "seek": 231812, "start": 2297.38, "end": 2318.12, "text": " Of course, this is declining. This is a negative sign. The percentage change in QD is negative because Q has declined. So, it should be a negative sign. Okay. Correct. Yes, correct. Perfect.", "tokens": [2720, 1164, 11, 341, 307, 34298, 13, 639, 307, 257, 3671, 1465, 13, 440, 9668, 1319, 294, 1249, 35, 307, 3671, 570, 1249, 575, 29213, 13, 407, 11, 309, 820, 312, 257, 3671, 1465, 13, 1033, 13, 12753, 13, 1079, 11, 3006, 13, 10246, 13], "avg_logprob": -0.3644701061041459, "compression_ratio": 1.4360902255639099, "no_speech_prob": 0.0, "words": [{"start": 2297.38, "end": 2297.7, "word": " Of", "probability": 0.08673095703125}, {"start": 2297.7, "end": 2297.7, "word": " course,", "probability": 0.95458984375}, {"start": 2297.78, "end": 2297.92, "word": " this", "probability": 0.469482421875}, {"start": 2297.92, "end": 2297.92, "word": " is", "probability": 0.81982421875}, {"start": 2297.92, "end": 2298.44, "word": " declining.", "probability": 0.640625}, {"start": 2298.72, "end": 2298.9, "word": " This", "probability": 0.75439453125}, {"start": 2298.9, "end": 2298.96, "word": " is", "probability": 0.939453125}, {"start": 2298.96, "end": 2299.02, "word": " a", "probability": 0.83251953125}, {"start": 2299.02, "end": 2299.28, "word": " negative", "probability": 0.9228515625}, {"start": 2299.28, "end": 2299.66, "word": " sign.", "probability": 0.916015625}, {"start": 2301.02, "end": 2301.26, "word": " The", "probability": 0.6494140625}, {"start": 2301.26, "end": 2301.6, "word": " percentage", "probability": 0.80419921875}, {"start": 2301.6, "end": 2302.0, "word": " change", "probability": 0.87353515625}, {"start": 2302.0, "end": 2302.14, "word": " in", "probability": 0.90234375}, {"start": 2302.14, "end": 2302.52, "word": " QD", "probability": 0.4925537109375}, {"start": 2302.52, "end": 2303.2, "word": " is", "probability": 0.93408203125}, {"start": 2303.2, "end": 2303.6, "word": " negative", "probability": 0.939453125}, {"start": 2303.6, "end": 2304.14, "word": " because", "probability": 0.802734375}, {"start": 2304.14, "end": 2304.8, "word": " Q", "probability": 0.451171875}, {"start": 2304.8, "end": 2305.16, "word": " has", "probability": 0.87548828125}, {"start": 2305.16, "end": 2305.72, "word": " declined.", "probability": 0.84130859375}, {"start": 2306.14, "end": 2306.42, "word": " So,", "probability": 0.9462890625}, {"start": 2306.44, "end": 2306.5, "word": " it", "probability": 0.93505859375}, {"start": 2306.5, "end": 2306.62, "word": " should", "probability": 0.94921875}, {"start": 2306.62, "end": 2306.76, "word": " be", "probability": 0.94482421875}, {"start": 2306.76, "end": 2306.86, "word": " a", "probability": 0.82861328125}, {"start": 2306.86, "end": 2307.14, "word": " negative", "probability": 0.9462890625}, {"start": 2307.14, "end": 2307.62, "word": " sign.", "probability": 0.9140625}, {"start": 2314.62, "end": 2315.18, "word": " Okay.", "probability": 0.67138671875}, {"start": 2316.88, "end": 2317.16, "word": " Correct.", "probability": 0.427734375}, {"start": 2317.24, "end": 2317.38, "word": " Yes,", "probability": 0.4755859375}, {"start": 2317.44, "end": 2317.66, "word": " correct.", "probability": 0.67724609375}, {"start": 2317.78, "end": 2318.12, "word": " Perfect.", "probability": 0.1199951171875}], "temperature": 1.0}, {"id": 81, "seek": 234588, "start": 2320.22, "end": 2345.88, "text": " Minus 12.5 equals Q2 minus 100. Q2 equals how much? Minus 12.5 plus 100. 87.5. Let's go to the fourth case.", "tokens": [2829, 301, 2272, 13, 20, 6915, 1249, 17, 3175, 2319, 13, 1249, 17, 6915, 577, 709, 30, 2829, 301, 2272, 13, 20, 1804, 2319, 13, 27990, 13, 20, 13, 961, 311, 352, 281, 264, 6409, 1389, 13], "avg_logprob": -0.20600329182649912, "compression_ratio": 1.2272727272727273, "no_speech_prob": 0.0, "words": [{"start": 2320.2200000000003, "end": 2321.3, "word": " Minus", "probability": 0.61688232421875}, {"start": 2321.3, "end": 2322.24, "word": " 12", "probability": 0.95654296875}, {"start": 2322.24, "end": 2322.96, "word": ".5", "probability": 0.9873046875}, {"start": 2322.96, "end": 2323.76, "word": " equals", "probability": 0.89404296875}, {"start": 2323.76, "end": 2324.16, "word": " Q2", "probability": 0.83984375}, {"start": 2324.16, "end": 2324.44, "word": " minus", "probability": 0.9755859375}, {"start": 2324.44, "end": 2324.98, "word": " 100.", "probability": 0.90087890625}, {"start": 2326.96, "end": 2328.04, "word": " Q2", "probability": 0.6279296875}, {"start": 2328.04, "end": 2328.56, "word": " equals", "probability": 0.82421875}, {"start": 2328.56, "end": 2328.68, "word": " how", "probability": 0.603515625}, {"start": 2328.68, "end": 2329.08, "word": " much?", "probability": 0.92236328125}, {"start": 2329.32, "end": 2330.0, "word": " Minus", "probability": 0.97998046875}, {"start": 2330.0, "end": 2330.28, "word": " 12", "probability": 0.794921875}, {"start": 2330.28, "end": 2330.78, "word": ".5", "probability": 0.771484375}, {"start": 2330.78, "end": 2332.58, "word": " plus", "probability": 0.8701171875}, {"start": 2332.58, "end": 2333.12, "word": " 100.", "probability": 0.904296875}, {"start": 2334.76, "end": 2335.84, "word": " 87", "probability": 0.58349609375}, {"start": 2335.84, "end": 2336.9, "word": ".5.", "probability": 0.995849609375}, {"start": 2342.02, "end": 2343.1, "word": " Let's", "probability": 0.86279296875}, {"start": 2343.1, "end": 2343.28, "word": " go", "probability": 0.96240234375}, {"start": 2343.28, "end": 2343.8, "word": " to", "probability": 0.94091796875}, {"start": 2343.8, "end": 2344.78, "word": " the", "probability": 0.92578125}, {"start": 2344.78, "end": 2345.48, "word": " fourth", "probability": 0.89013671875}, {"start": 2345.48, "end": 2345.88, "word": " case.", "probability": 0.9072265625}], "temperature": 1.0}, {"id": 82, "seek": 237342, "start": 2353.09, "end": 2373.43, "text": " Perfectly inelastic demand. Perfectly inelastic demand. Like the demand for insulin for the type of patients. This is important.", "tokens": [10246, 356, 294, 338, 2750, 4733, 13, 10246, 356, 294, 338, 2750, 4733, 13, 1743, 264, 4733, 337, 21587, 337, 264, 2010, 295, 4209, 13, 639, 307, 1021, 13], "avg_logprob": -0.24804686109224955, "compression_ratio": 1.4175824175824177, "no_speech_prob": 0.0, "words": [{"start": 2353.09, "end": 2354.01, "word": " Perfectly", "probability": 0.59002685546875}, {"start": 2354.01, "end": 2354.49, "word": " inelastic", "probability": 0.9197591145833334}, {"start": 2354.49, "end": 2354.95, "word": " demand.", "probability": 0.9033203125}, {"start": 2356.81, "end": 2357.73, "word": " Perfectly", "probability": 0.7178955078125}, {"start": 2357.73, "end": 2358.99, "word": " inelastic", "probability": 0.9212239583333334}, {"start": 2358.99, "end": 2361.75, "word": " demand.", "probability": 0.90087890625}, {"start": 2364.51, "end": 2365.43, "word": " Like", "probability": 0.73583984375}, {"start": 2365.43, "end": 2365.55, "word": " the", "probability": 0.8759765625}, {"start": 2365.55, "end": 2365.81, "word": " demand", "probability": 0.93310546875}, {"start": 2365.81, "end": 2366.05, "word": " for", "probability": 0.93798828125}, {"start": 2366.05, "end": 2366.45, "word": " insulin", "probability": 0.94384765625}, {"start": 2366.45, "end": 2366.87, "word": " for", "probability": 0.53662109375}, {"start": 2366.87, "end": 2367.07, "word": " the", "probability": 0.775390625}, {"start": 2367.07, "end": 2367.29, "word": " type", "probability": 0.56640625}, {"start": 2367.29, "end": 2367.47, "word": " of", "probability": 0.9501953125}, {"start": 2367.47, "end": 2367.85, "word": " patients.", "probability": 0.85888671875}, {"start": 2371.93, "end": 2372.85, "word": " This", "probability": 0.501953125}, {"start": 2372.85, "end": 2372.97, "word": " is", "probability": 0.64501953125}, {"start": 2372.97, "end": 2373.43, "word": " important.", "probability": 0.8671875}], "temperature": 1.0}, {"id": 83, "seek": 240461, "start": 2375.91, "end": 2404.61, "text": " The map will be vertical. This is day one, and supply is in neutral, unitary elastic. This one, this is the original E1, and the price P1. The price per unit equals 200 shekels, and the consumption, let us assume it was five partels of gasoline price.", "tokens": [440, 4471, 486, 312, 9429, 13, 639, 307, 786, 472, 11, 293, 5847, 307, 294, 10598, 11, 517, 4109, 17115, 13, 639, 472, 11, 341, 307, 264, 3380, 462, 16, 11, 293, 264, 3218, 430, 16, 13, 440, 3218, 680, 4985, 6915, 2331, 750, 7124, 82, 11, 293, 264, 12126, 11, 718, 505, 6552, 309, 390, 1732, 644, 1625, 295, 28914, 3218, 13], "avg_logprob": -0.33593750931322575, "compression_ratio": 1.5272727272727273, "no_speech_prob": 0.0, "words": [{"start": 2375.91, "end": 2376.15, "word": " The", "probability": 0.60302734375}, {"start": 2376.15, "end": 2376.39, "word": " map", "probability": 0.32275390625}, {"start": 2376.39, "end": 2376.55, "word": " will", "probability": 0.77197265625}, {"start": 2376.55, "end": 2376.73, "word": " be", "probability": 0.94775390625}, {"start": 2376.73, "end": 2377.21, "word": " vertical.", "probability": 0.744140625}, {"start": 2378.87, "end": 2379.09, "word": " This", "probability": 0.89501953125}, {"start": 2379.09, "end": 2379.27, "word": " is", "probability": 0.9501953125}, {"start": 2379.27, "end": 2379.43, "word": " day", "probability": 0.630859375}, {"start": 2379.43, "end": 2379.73, "word": " one,", "probability": 0.7626953125}, {"start": 2382.05, "end": 2382.85, "word": " and", "probability": 0.6748046875}, {"start": 2382.85, "end": 2383.25, "word": " supply", "probability": 0.379150390625}, {"start": 2383.25, "end": 2383.47, "word": " is", "probability": 0.849609375}, {"start": 2383.47, "end": 2383.59, "word": " in", "probability": 0.6279296875}, {"start": 2383.59, "end": 2383.89, "word": " neutral,", "probability": 0.71826171875}, {"start": 2385.09, "end": 2385.51, "word": " unitary", "probability": 0.785400390625}, {"start": 2385.51, "end": 2385.93, "word": " elastic.", "probability": 0.96923828125}, {"start": 2386.73, "end": 2387.33, "word": " This", "probability": 0.83544921875}, {"start": 2387.33, "end": 2387.53, "word": " one,", "probability": 0.8359375}, {"start": 2387.61, "end": 2387.77, "word": " this", "probability": 0.7998046875}, {"start": 2387.77, "end": 2387.87, "word": " is", "probability": 0.931640625}, {"start": 2387.87, "end": 2387.97, "word": " the", "probability": 0.9150390625}, {"start": 2387.97, "end": 2388.39, "word": " original", "probability": 0.94970703125}, {"start": 2388.39, "end": 2389.79, "word": " E1,", "probability": 0.82568359375}, {"start": 2390.63, "end": 2391.03, "word": " and", "probability": 0.91259765625}, {"start": 2391.03, "end": 2391.17, "word": " the", "probability": 0.90771484375}, {"start": 2391.17, "end": 2391.43, "word": " price", "probability": 0.9052734375}, {"start": 2391.43, "end": 2391.83, "word": " P1.", "probability": 0.846923828125}, {"start": 2393.81, "end": 2394.41, "word": " The", "probability": 0.884765625}, {"start": 2394.41, "end": 2394.65, "word": " price", "probability": 0.8974609375}, {"start": 2394.65, "end": 2394.87, "word": " per", "probability": 0.407958984375}, {"start": 2394.87, "end": 2395.11, "word": " unit", "probability": 0.9619140625}, {"start": 2395.11, "end": 2395.79, "word": " equals", "probability": 0.9287109375}, {"start": 2395.79, "end": 2397.15, "word": " 200", "probability": 0.8955078125}, {"start": 2397.15, "end": 2398.47, "word": " shekels,", "probability": 0.8855794270833334}, {"start": 2398.53, "end": 2399.01, "word": " and", "probability": 0.93701171875}, {"start": 2399.01, "end": 2399.31, "word": " the", "probability": 0.88623046875}, {"start": 2399.31, "end": 2400.75, "word": " consumption,", "probability": 0.955078125}, {"start": 2400.97, "end": 2401.01, "word": " let", "probability": 0.90380859375}, {"start": 2401.01, "end": 2401.15, "word": " us", "probability": 0.705078125}, {"start": 2401.15, "end": 2401.45, "word": " assume", "probability": 0.72509765625}, {"start": 2401.45, "end": 2401.59, "word": " it", "probability": 0.87841796875}, {"start": 2401.59, "end": 2401.83, "word": " was", "probability": 0.9462890625}, {"start": 2401.83, "end": 2402.39, "word": " five", "probability": 0.572265625}, {"start": 2402.39, "end": 2403.27, "word": " partels", "probability": 0.4625244140625}, {"start": 2403.27, "end": 2403.47, "word": " of", "probability": 0.51123046875}, {"start": 2403.47, "end": 2403.85, "word": " gasoline", "probability": 0.156494140625}, {"start": 2403.85, "end": 2404.61, "word": " price.", "probability": 0.7373046875}], "temperature": 1.0}, {"id": 84, "seek": 243373, "start": 2406.9, "end": 2433.74, "text": " Q, the government sets a tax by 10 shekels. Let us assume that, yes. Exactly, yes. Exactly. The consumer pays the whole of tax burden. In this case, the government, when we impose a tax, $10 per unit or 10 shekels.", "tokens": [1249, 11, 264, 2463, 6352, 257, 3366, 538, 1266, 750, 7124, 82, 13, 961, 505, 6552, 300, 11, 2086, 13, 7587, 11, 2086, 13, 7587, 13, 440, 9711, 10604, 264, 1379, 295, 3366, 12578, 13, 682, 341, 1389, 11, 264, 2463, 11, 562, 321, 26952, 257, 3366, 11, 1848, 3279, 680, 4985, 420, 1266, 750, 7124, 82, 13], "avg_logprob": -0.18750000353586876, "compression_ratio": 1.4930555555555556, "no_speech_prob": 0.0, "words": [{"start": 2406.9000000000005, "end": 2407.6200000000003, "word": " Q,", "probability": 0.419677734375}, {"start": 2407.6200000000003, "end": 2408.34, "word": " the", "probability": 0.87646484375}, {"start": 2408.34, "end": 2408.68, "word": " government", "probability": 0.90087890625}, {"start": 2408.68, "end": 2409.1, "word": " sets", "probability": 0.9228515625}, {"start": 2409.1, "end": 2409.28, "word": " a", "probability": 0.81005859375}, {"start": 2409.28, "end": 2409.7, "word": " tax", "probability": 0.95556640625}, {"start": 2409.7, "end": 2411.84, "word": " by", "probability": 0.97265625}, {"start": 2411.84, "end": 2413.78, "word": " 10", "probability": 0.73388671875}, {"start": 2413.78, "end": 2414.58, "word": " shekels.", "probability": 0.9417317708333334}, {"start": 2415.22, "end": 2415.86, "word": " Let", "probability": 0.90673828125}, {"start": 2415.86, "end": 2416.02, "word": " us", "probability": 0.9013671875}, {"start": 2416.02, "end": 2416.34, "word": " assume", "probability": 0.91064453125}, {"start": 2416.34, "end": 2416.48, "word": " that,", "probability": 0.89013671875}, {"start": 2416.54, "end": 2416.74, "word": " yes.", "probability": 0.9580078125}, {"start": 2418.82, "end": 2419.54, "word": " Exactly,", "probability": 0.57373046875}, {"start": 2419.68, "end": 2419.98, "word": " yes.", "probability": 0.955078125}, {"start": 2420.62, "end": 2421.34, "word": " Exactly.", "probability": 0.69580078125}, {"start": 2421.5, "end": 2421.62, "word": " The", "probability": 0.8935546875}, {"start": 2421.62, "end": 2422.1, "word": " consumer", "probability": 0.8779296875}, {"start": 2422.1, "end": 2422.46, "word": " pays", "probability": 0.9443359375}, {"start": 2422.46, "end": 2423.16, "word": " the", "probability": 0.9111328125}, {"start": 2423.16, "end": 2423.76, "word": " whole", "probability": 0.86279296875}, {"start": 2423.76, "end": 2424.0, "word": " of", "probability": 0.8935546875}, {"start": 2424.0, "end": 2424.32, "word": " tax", "probability": 0.87548828125}, {"start": 2424.32, "end": 2424.68, "word": " burden.", "probability": 0.76416015625}, {"start": 2426.98, "end": 2427.36, "word": " In", "probability": 0.95849609375}, {"start": 2427.36, "end": 2427.58, "word": " this", "probability": 0.94482421875}, {"start": 2427.58, "end": 2427.88, "word": " case,", "probability": 0.904296875}, {"start": 2428.02, "end": 2428.08, "word": " the", "probability": 0.61083984375}, {"start": 2428.08, "end": 2428.34, "word": " government,", "probability": 0.91748046875}, {"start": 2428.66, "end": 2428.72, "word": " when", "probability": 0.896484375}, {"start": 2428.72, "end": 2429.5, "word": " we", "probability": 0.80615234375}, {"start": 2429.5, "end": 2429.94, "word": " impose", "probability": 0.931640625}, {"start": 2429.94, "end": 2430.1, "word": " a", "probability": 0.95068359375}, {"start": 2430.1, "end": 2430.46, "word": " tax,", "probability": 0.953125}, {"start": 2430.78, "end": 2431.32, "word": " $10", "probability": 0.938720703125}, {"start": 2431.32, "end": 2431.92, "word": " per", "probability": 0.396728515625}, {"start": 2431.92, "end": 2432.16, "word": " unit", "probability": 0.91162109375}, {"start": 2432.16, "end": 2432.88, "word": " or", "probability": 0.53564453125}, {"start": 2432.88, "end": 2433.12, "word": " 10", "probability": 0.919921875}, {"start": 2433.12, "end": 2433.74, "word": " shekels.", "probability": 0.9710286458333334}], "temperature": 1.0}, {"id": 85, "seek": 246360, "start": 2435.48, "end": 2463.6, "text": " per pot of insulin. The government imposed a tax, $10 or 10 shekels per pot of insulin. Who bears the tax burden? In this case, supply shifts left to S2. We have a new equilibrium point, E2.", "tokens": [680, 1847, 295, 21587, 13, 440, 2463, 26491, 257, 3366, 11, 1848, 3279, 420, 1266, 750, 7124, 82, 680, 1847, 295, 21587, 13, 2102, 17276, 264, 3366, 12578, 30, 682, 341, 1389, 11, 5847, 19201, 1411, 281, 318, 17, 13, 492, 362, 257, 777, 15625, 935, 11, 462, 17, 13], "avg_logprob": -0.24096200279161042, "compression_ratio": 1.3263888888888888, "no_speech_prob": 0.0, "words": [{"start": 2435.48, "end": 2435.96, "word": " per", "probability": 0.13720703125}, {"start": 2435.96, "end": 2437.0, "word": " pot", "probability": 0.14501953125}, {"start": 2437.0, "end": 2438.4, "word": " of", "probability": 0.64306640625}, {"start": 2438.4, "end": 2440.22, "word": " insulin.", "probability": 0.6845703125}, {"start": 2444.36, "end": 2445.2, "word": " The", "probability": 0.876953125}, {"start": 2445.2, "end": 2445.56, "word": " government", "probability": 0.900390625}, {"start": 2445.56, "end": 2446.18, "word": " imposed", "probability": 0.6298828125}, {"start": 2446.18, "end": 2446.36, "word": " a", "probability": 0.962890625}, {"start": 2446.36, "end": 2446.66, "word": " tax,", "probability": 0.9306640625}, {"start": 2447.08, "end": 2447.38, "word": " $10", "probability": 0.825439453125}, {"start": 2447.38, "end": 2448.16, "word": " or", "probability": 0.619140625}, {"start": 2448.16, "end": 2448.38, "word": " 10", "probability": 0.732421875}, {"start": 2448.38, "end": 2449.3, "word": " shekels", "probability": 0.9073893229166666}, {"start": 2449.3, "end": 2449.52, "word": " per", "probability": 0.85302734375}, {"start": 2449.52, "end": 2449.84, "word": " pot", "probability": 0.81640625}, {"start": 2449.84, "end": 2450.1, "word": " of", "probability": 0.97119140625}, {"start": 2450.1, "end": 2450.68, "word": " insulin.", "probability": 0.9482421875}, {"start": 2451.1, "end": 2451.5, "word": " Who", "probability": 0.8544921875}, {"start": 2451.5, "end": 2451.92, "word": " bears", "probability": 0.8994140625}, {"start": 2451.92, "end": 2452.66, "word": " the", "probability": 0.91796875}, {"start": 2452.66, "end": 2453.0, "word": " tax", "probability": 0.931640625}, {"start": 2453.0, "end": 2453.44, "word": " burden?", "probability": 0.94873046875}, {"start": 2453.94, "end": 2454.12, "word": " In", "probability": 0.962890625}, {"start": 2454.12, "end": 2454.36, "word": " this", "probability": 0.94580078125}, {"start": 2454.36, "end": 2454.74, "word": " case,", "probability": 0.90625}, {"start": 2455.08, "end": 2455.4, "word": " supply", "probability": 0.88671875}, {"start": 2455.4, "end": 2455.8, "word": " shifts", "probability": 0.7978515625}, {"start": 2455.8, "end": 2456.16, "word": " left", "probability": 0.7548828125}, {"start": 2456.16, "end": 2459.02, "word": " to", "probability": 0.86865234375}, {"start": 2459.02, "end": 2459.58, "word": " S2.", "probability": 0.867431640625}, {"start": 2460.88, "end": 2461.24, "word": " We", "probability": 0.9560546875}, {"start": 2461.24, "end": 2461.54, "word": " have", "probability": 0.9462890625}, {"start": 2461.54, "end": 2461.76, "word": " a", "probability": 0.982421875}, {"start": 2461.76, "end": 2461.92, "word": " new", "probability": 0.8916015625}, {"start": 2461.92, "end": 2462.36, "word": " equilibrium", "probability": 0.9951171875}, {"start": 2462.36, "end": 2462.9, "word": " point,", "probability": 0.9697265625}, {"start": 2463.08, "end": 2463.6, "word": " E2.", "probability": 0.867431640625}], "temperature": 1.0}, {"id": 86, "seek": 249479, "start": 2465.59, "end": 2494.79, "text": " The price is P2. I don't know how much is it. To determine the value of or the total tax burden, let's take a point from A2 to S1. From A2 to S1. Then another P2. From P2 here, this is.", "tokens": [440, 3218, 307, 430, 17, 13, 286, 500, 380, 458, 577, 709, 307, 309, 13, 1407, 6997, 264, 2158, 295, 420, 264, 3217, 3366, 12578, 11, 718, 311, 747, 257, 935, 490, 316, 17, 281, 318, 16, 13, 3358, 316, 17, 281, 318, 16, 13, 1396, 1071, 430, 17, 13, 3358, 430, 17, 510, 11, 341, 307, 13], "avg_logprob": -0.18829448495881032, "compression_ratio": 1.3285714285714285, "no_speech_prob": 0.0, "words": [{"start": 2465.59, "end": 2465.89, "word": " The", "probability": 0.7080078125}, {"start": 2465.89, "end": 2466.27, "word": " price", "probability": 0.86767578125}, {"start": 2466.27, "end": 2466.49, "word": " is", "probability": 0.947265625}, {"start": 2466.49, "end": 2466.93, "word": " P2.", "probability": 0.931396484375}, {"start": 2467.25, "end": 2467.37, "word": " I", "probability": 0.98974609375}, {"start": 2467.37, "end": 2467.51, "word": " don't", "probability": 0.97314453125}, {"start": 2467.51, "end": 2467.69, "word": " know", "probability": 0.88720703125}, {"start": 2467.69, "end": 2467.89, "word": " how", "probability": 0.92236328125}, {"start": 2467.89, "end": 2468.13, "word": " much", "probability": 0.9140625}, {"start": 2468.13, "end": 2468.31, "word": " is", "probability": 0.916015625}, {"start": 2468.31, "end": 2468.53, "word": " it.", "probability": 0.460693359375}, {"start": 2470.41, "end": 2471.13, "word": " To", "probability": 0.9208984375}, {"start": 2471.13, "end": 2471.69, "word": " determine", "probability": 0.92333984375}, {"start": 2471.69, "end": 2472.31, "word": " the", "probability": 0.9228515625}, {"start": 2472.31, "end": 2472.75, "word": " value", "probability": 0.947265625}, {"start": 2472.75, "end": 2473.23, "word": " of", "probability": 0.8310546875}, {"start": 2473.23, "end": 2473.75, "word": " or", "probability": 0.315185546875}, {"start": 2473.75, "end": 2473.97, "word": " the", "probability": 0.92138671875}, {"start": 2473.97, "end": 2474.41, "word": " total", "probability": 0.8818359375}, {"start": 2474.41, "end": 2474.89, "word": " tax", "probability": 0.916015625}, {"start": 2474.89, "end": 2475.33, "word": " burden,", "probability": 0.86767578125}, {"start": 2476.11, "end": 2476.45, "word": " let's", "probability": 0.944580078125}, {"start": 2476.45, "end": 2477.03, "word": " take", "probability": 0.87060546875}, {"start": 2477.03, "end": 2477.49, "word": " a", "probability": 0.99169921875}, {"start": 2477.49, "end": 2477.75, "word": " point", "probability": 0.97216796875}, {"start": 2477.75, "end": 2478.05, "word": " from", "probability": 0.890625}, {"start": 2478.05, "end": 2479.21, "word": " A2", "probability": 0.979736328125}, {"start": 2479.21, "end": 2479.95, "word": " to", "probability": 0.96923828125}, {"start": 2479.95, "end": 2480.49, "word": " S1.", "probability": 0.98876953125}, {"start": 2483.07, "end": 2483.95, "word": " From", "probability": 0.498779296875}, {"start": 2483.95, "end": 2484.99, "word": " A2", "probability": 0.995849609375}, {"start": 2484.99, "end": 2485.19, "word": " to", "probability": 0.96923828125}, {"start": 2485.19, "end": 2485.85, "word": " S1.", "probability": 0.99853515625}, {"start": 2488.77, "end": 2489.65, "word": " Then", "probability": 0.3017578125}, {"start": 2489.65, "end": 2490.99, "word": " another", "probability": 0.420654296875}, {"start": 2490.99, "end": 2491.49, "word": " P2.", "probability": 0.991455078125}, {"start": 2492.15, "end": 2492.47, "word": " From", "probability": 0.7333984375}, {"start": 2492.47, "end": 2493.55, "word": " P2", "probability": 0.9873046875}, {"start": 2493.55, "end": 2493.93, "word": " here,", "probability": 0.66650390625}, {"start": 2494.31, "end": 2494.51, "word": " this", "probability": 0.94580078125}, {"start": 2494.51, "end": 2494.79, "word": " is.", "probability": 0.89013671875}], "temperature": 1.0}, {"id": 87, "seek": 252094, "start": 2497.04, "end": 2520.94, "text": " 10 shekels here. The tax free property layer. It equals 210 shekels. Above E1, the consumer's share of the export is beneficial and developed. Above E1.", "tokens": [1266, 750, 7124, 82, 510, 13, 440, 3366, 1737, 4707, 4583, 13, 467, 6915, 42692, 750, 7124, 82, 13, 32691, 462, 16, 11, 264, 9711, 311, 2073, 295, 264, 10725, 307, 14072, 293, 4743, 13, 32691, 462, 16, 13], "avg_logprob": -0.4738281212747097, "compression_ratio": 1.2644628099173554, "no_speech_prob": 0.0, "words": [{"start": 2497.04, "end": 2497.36, "word": " 10", "probability": 0.57568359375}, {"start": 2497.36, "end": 2497.92, "word": " shekels", "probability": 0.8955078125}, {"start": 2497.92, "end": 2498.1, "word": " here.", "probability": 0.166748046875}, {"start": 2499.68, "end": 2499.82, "word": " The", "probability": 0.83642578125}, {"start": 2499.82, "end": 2500.1, "word": " tax", "probability": 0.884765625}, {"start": 2500.1, "end": 2500.34, "word": " free", "probability": 0.356201171875}, {"start": 2500.34, "end": 2500.68, "word": " property", "probability": 0.1632080078125}, {"start": 2500.68, "end": 2501.1, "word": " layer.", "probability": 0.732421875}, {"start": 2502.1, "end": 2502.52, "word": " It", "probability": 0.07373046875}, {"start": 2502.52, "end": 2503.62, "word": " equals", "probability": 0.5537109375}, {"start": 2503.62, "end": 2506.08, "word": " 210", "probability": 0.82568359375}, {"start": 2506.08, "end": 2509.12, "word": " shekels.", "probability": 0.9344075520833334}, {"start": 2510.08, "end": 2510.92, "word": " Above", "probability": 0.85009765625}, {"start": 2510.92, "end": 2511.94, "word": " E1,", "probability": 0.75732421875}, {"start": 2513.08, "end": 2513.76, "word": " the", "probability": 0.59375}, {"start": 2513.76, "end": 2514.46, "word": " consumer's", "probability": 0.6121826171875}, {"start": 2514.46, "end": 2514.62, "word": " share", "probability": 0.88525390625}, {"start": 2514.62, "end": 2514.76, "word": " of", "probability": 0.958984375}, {"start": 2514.76, "end": 2514.86, "word": " the", "probability": 0.71728515625}, {"start": 2514.86, "end": 2515.2, "word": " export", "probability": 0.69384765625}, {"start": 2515.2, "end": 2515.68, "word": " is", "probability": 0.10980224609375}, {"start": 2515.68, "end": 2516.02, "word": " beneficial", "probability": 0.34765625}, {"start": 2516.02, "end": 2516.34, "word": " and", "probability": 0.72607421875}, {"start": 2516.34, "end": 2516.62, "word": " developed.", "probability": 0.5419921875}, {"start": 2518.6, "end": 2519.44, "word": " Above", "probability": 0.454833984375}, {"start": 2519.44, "end": 2520.94, "word": " E1.", "probability": 0.992919921875}], "temperature": 1.0}, {"id": 88, "seek": 255284, "start": 2524.16, "end": 2552.84, "text": " This is the consumer share of tax burden. In this case, the consumer bears the whole of tax burden. Total tax burden equals the consumer share, which means that the consumer bears the whole of tax burden, which is or equals 10 times 5 equals 50.", "tokens": [639, 307, 264, 9711, 2073, 295, 3366, 12578, 13, 682, 341, 1389, 11, 264, 9711, 17276, 264, 1379, 295, 3366, 12578, 13, 23170, 3366, 12578, 6915, 264, 9711, 2073, 11, 597, 1355, 300, 264, 9711, 17276, 264, 1379, 295, 3366, 12578, 11, 597, 307, 420, 6915, 1266, 1413, 1025, 6915, 2625, 13], "avg_logprob": -0.17349645889030313, "compression_ratio": 1.9838709677419355, "no_speech_prob": 0.0, "words": [{"start": 2524.16, "end": 2524.44, "word": " This", "probability": 0.310302734375}, {"start": 2524.44, "end": 2524.52, "word": " is", "probability": 0.91015625}, {"start": 2524.52, "end": 2524.66, "word": " the", "probability": 0.81689453125}, {"start": 2524.66, "end": 2525.16, "word": " consumer", "probability": 0.83203125}, {"start": 2525.16, "end": 2525.5, "word": " share", "probability": 0.71630859375}, {"start": 2525.5, "end": 2525.64, "word": " of", "probability": 0.9482421875}, {"start": 2525.64, "end": 2525.84, "word": " tax", "probability": 0.9169921875}, {"start": 2525.84, "end": 2526.06, "word": " burden.", "probability": 0.8623046875}, {"start": 2526.2, "end": 2526.3, "word": " In", "probability": 0.9599609375}, {"start": 2526.3, "end": 2526.52, "word": " this", "probability": 0.9462890625}, {"start": 2526.52, "end": 2526.82, "word": " case,", "probability": 0.90576171875}, {"start": 2527.22, "end": 2527.34, "word": " the", "probability": 0.91748046875}, {"start": 2527.34, "end": 2527.78, "word": " consumer", "probability": 0.82275390625}, {"start": 2527.78, "end": 2528.18, "word": " bears", "probability": 0.66357421875}, {"start": 2528.18, "end": 2528.76, "word": " the", "probability": 0.904296875}, {"start": 2528.76, "end": 2529.24, "word": " whole", "probability": 0.86328125}, {"start": 2529.24, "end": 2529.54, "word": " of", "probability": 0.9169921875}, {"start": 2529.54, "end": 2529.84, "word": " tax", "probability": 0.9228515625}, {"start": 2529.84, "end": 2530.22, "word": " burden.", "probability": 0.96435546875}, {"start": 2531.12, "end": 2531.82, "word": " Total", "probability": 0.91162109375}, {"start": 2531.82, "end": 2534.0, "word": " tax", "probability": 0.943359375}, {"start": 2534.0, "end": 2534.5, "word": " burden", "probability": 0.9609375}, {"start": 2534.5, "end": 2538.0, "word": " equals", "probability": 0.7587890625}, {"start": 2538.0, "end": 2538.64, "word": " the", "probability": 0.90087890625}, {"start": 2538.64, "end": 2539.2, "word": " consumer", "probability": 0.84228515625}, {"start": 2539.2, "end": 2539.62, "word": " share,", "probability": 0.763671875}, {"start": 2542.98, "end": 2543.26, "word": " which", "probability": 0.9521484375}, {"start": 2543.26, "end": 2543.58, "word": " means", "probability": 0.93017578125}, {"start": 2543.58, "end": 2543.82, "word": " that", "probability": 0.93212890625}, {"start": 2543.82, "end": 2544.22, "word": " the", "probability": 0.900390625}, {"start": 2544.22, "end": 2544.84, "word": " consumer", "probability": 0.83544921875}, {"start": 2544.84, "end": 2545.4, "word": " bears", "probability": 0.90673828125}, {"start": 2545.4, "end": 2546.08, "word": " the", "probability": 0.87353515625}, {"start": 2546.08, "end": 2546.58, "word": " whole", "probability": 0.8701171875}, {"start": 2546.58, "end": 2546.86, "word": " of", "probability": 0.96337890625}, {"start": 2546.86, "end": 2547.26, "word": " tax", "probability": 0.94873046875}, {"start": 2547.26, "end": 2547.62, "word": " burden,", "probability": 0.96142578125}, {"start": 2547.98, "end": 2548.02, "word": " which", "probability": 0.947265625}, {"start": 2548.02, "end": 2548.4, "word": " is", "probability": 0.740234375}, {"start": 2548.4, "end": 2548.66, "word": " or", "probability": 0.89990234375}, {"start": 2548.66, "end": 2549.24, "word": " equals", "probability": 0.94482421875}, {"start": 2549.24, "end": 2550.8, "word": " 10", "probability": 0.86865234375}, {"start": 2550.8, "end": 2551.3, "word": " times", "probability": 0.89111328125}, {"start": 2551.3, "end": 2551.8, "word": " 5", "probability": 0.67333984375}, {"start": 2551.8, "end": 2552.46, "word": " equals", "probability": 0.87890625}, {"start": 2552.46, "end": 2552.84, "word": " 50.", "probability": 0.77978515625}], "temperature": 1.0}, {"id": 89, "seek": 257660, "start": 2555.6, "end": 2576.6, "text": " Let's go to the last, which means that the seller was able to transfer the total tax to the consumer. As he is able to sell the product by 210 shekels.", "tokens": [961, 311, 352, 281, 264, 1036, 11, 597, 1355, 300, 264, 23600, 390, 1075, 281, 5003, 264, 3217, 3366, 281, 264, 9711, 13, 1018, 415, 307, 1075, 281, 3607, 264, 1674, 538, 42692, 750, 7124, 82, 13], "avg_logprob": -0.16498766996358571, "compression_ratio": 1.3103448275862069, "no_speech_prob": 0.0, "words": [{"start": 2555.6, "end": 2556.54, "word": " Let's", "probability": 0.5699462890625}, {"start": 2556.54, "end": 2556.68, "word": " go", "probability": 0.96044921875}, {"start": 2556.68, "end": 2556.82, "word": " to", "probability": 0.9267578125}, {"start": 2556.82, "end": 2556.98, "word": " the", "probability": 0.91796875}, {"start": 2556.98, "end": 2557.14, "word": " last,", "probability": 0.87109375}, {"start": 2557.3, "end": 2557.54, "word": " which", "probability": 0.95166015625}, {"start": 2557.54, "end": 2557.94, "word": " means", "probability": 0.93017578125}, {"start": 2557.94, "end": 2558.4, "word": " that", "probability": 0.93212890625}, {"start": 2558.4, "end": 2559.06, "word": " the", "probability": 0.8701171875}, {"start": 2559.06, "end": 2559.4, "word": " seller", "probability": 0.94091796875}, {"start": 2559.4, "end": 2560.6, "word": " was", "probability": 0.95068359375}, {"start": 2560.6, "end": 2561.56, "word": " able", "probability": 0.94873046875}, {"start": 2561.56, "end": 2562.34, "word": " to", "probability": 0.97216796875}, {"start": 2562.34, "end": 2563.3, "word": " transfer", "probability": 0.9306640625}, {"start": 2563.3, "end": 2564.86, "word": " the", "probability": 0.90283203125}, {"start": 2564.86, "end": 2565.32, "word": " total", "probability": 0.8671875}, {"start": 2565.32, "end": 2565.96, "word": " tax", "probability": 0.94677734375}, {"start": 2565.96, "end": 2566.9, "word": " to", "probability": 0.962890625}, {"start": 2566.9, "end": 2567.04, "word": " the", "probability": 0.91064453125}, {"start": 2567.04, "end": 2567.56, "word": " consumer.", "probability": 0.84521484375}, {"start": 2569.46, "end": 2570.4, "word": " As", "probability": 0.80322265625}, {"start": 2570.4, "end": 2570.68, "word": " he", "probability": 0.96630859375}, {"start": 2570.68, "end": 2570.98, "word": " is", "probability": 0.93505859375}, {"start": 2570.98, "end": 2571.74, "word": " able", "probability": 0.95458984375}, {"start": 2571.74, "end": 2572.42, "word": " to", "probability": 0.966796875}, {"start": 2572.42, "end": 2572.7, "word": " sell", "probability": 0.8720703125}, {"start": 2572.7, "end": 2572.84, "word": " the", "probability": 0.90185546875}, {"start": 2572.84, "end": 2573.2, "word": " product", "probability": 0.91552734375}, {"start": 2573.2, "end": 2573.7, "word": " by", "probability": 0.96923828125}, {"start": 2573.7, "end": 2575.5, "word": " 210", "probability": 0.75537109375}, {"start": 2575.5, "end": 2576.6, "word": " shekels.", "probability": 0.92529296875}], "temperature": 1.0}, {"id": 90, "seek": 260271, "start": 2577.55, "end": 2602.71, "text": " They didn't carry anything. They paid 10 shekels of taxes and sold them for 210 shekels to the consumer. That means he sold his sheep for 200 shekels. They paid 10 shekels and sold them all. That's it. Okay? Exactly. They made a transfer. By 100%.", "tokens": [814, 994, 380, 3985, 1340, 13, 814, 4835, 1266, 750, 7124, 82, 295, 10041, 293, 3718, 552, 337, 42692, 750, 7124, 82, 281, 264, 9711, 13, 663, 1355, 415, 3718, 702, 14213, 337, 2331, 750, 7124, 82, 13, 814, 4835, 1266, 750, 7124, 82, 293, 3718, 552, 439, 13, 663, 311, 309, 13, 1033, 30, 7587, 13, 814, 1027, 257, 5003, 13, 3146, 2319, 6856], "avg_logprob": -0.5487689195257245, "compression_ratio": 1.6, "no_speech_prob": 0.0, "words": [{"start": 2577.55, "end": 2577.77, "word": " They", "probability": 0.099365234375}, {"start": 2577.77, "end": 2577.95, "word": " didn't", "probability": 0.778564453125}, {"start": 2577.95, "end": 2578.17, "word": " carry", "probability": 0.384033203125}, {"start": 2578.17, "end": 2578.49, "word": " anything.", "probability": 0.76806640625}, {"start": 2579.01, "end": 2579.43, "word": " They", "probability": 0.373046875}, {"start": 2579.43, "end": 2579.79, "word": " paid", "probability": 0.255126953125}, {"start": 2579.79, "end": 2580.85, "word": " 10", "probability": 0.35546875}, {"start": 2580.85, "end": 2581.41, "word": " shekels", "probability": 0.884765625}, {"start": 2581.41, "end": 2581.41, "word": " of", "probability": 0.284912109375}, {"start": 2581.41, "end": 2581.41, "word": " taxes", "probability": 0.67529296875}, {"start": 2581.41, "end": 2581.95, "word": " and", "probability": 0.4970703125}, {"start": 2581.95, "end": 2582.09, "word": " sold", "probability": 0.88818359375}, {"start": 2582.09, "end": 2582.19, "word": " them", "probability": 0.46337890625}, {"start": 2582.19, "end": 2582.31, "word": " for", "probability": 0.468017578125}, {"start": 2582.31, "end": 2582.65, "word": " 210", "probability": 0.95556640625}, {"start": 2582.65, "end": 2583.03, "word": " shekels", "probability": 0.7145182291666666}, {"start": 2583.03, "end": 2583.13, "word": " to", "probability": 0.5341796875}, {"start": 2583.13, "end": 2583.19, "word": " the", "probability": 0.76708984375}, {"start": 2583.19, "end": 2583.67, "word": " consumer.", "probability": 0.7119140625}, {"start": 2584.69, "end": 2584.93, "word": " That", "probability": 0.0684814453125}, {"start": 2584.93, "end": 2585.15, "word": " means", "probability": 0.63671875}, {"start": 2585.15, "end": 2585.17, "word": " he", "probability": 0.228515625}, {"start": 2585.17, "end": 2585.35, "word": " sold", "probability": 0.39990234375}, {"start": 2585.35, "end": 2585.65, "word": " his", "probability": 0.279541015625}, {"start": 2585.65, "end": 2585.65, "word": " sheep", "probability": 0.399658203125}, {"start": 2585.65, "end": 2585.95, "word": " for", "probability": 0.8828125}, {"start": 2585.95, "end": 2586.25, "word": " 200", "probability": 0.92431640625}, {"start": 2586.25, "end": 2587.31, "word": " shekels.", "probability": 0.958984375}, {"start": 2587.71, "end": 2588.27, "word": " They", "probability": 0.5283203125}, {"start": 2588.27, "end": 2588.27, "word": " paid", "probability": 0.75}, {"start": 2588.27, "end": 2588.59, "word": " 10", "probability": 0.461669921875}, {"start": 2588.59, "end": 2589.29, "word": " shekels", "probability": 0.96435546875}, {"start": 2589.29, "end": 2589.95, "word": " and", "probability": 0.55126953125}, {"start": 2589.95, "end": 2590.27, "word": " sold", "probability": 0.708984375}, {"start": 2590.27, "end": 2590.53, "word": " them", "probability": 0.361328125}, {"start": 2590.53, "end": 2590.81, "word": " all.", "probability": 0.54736328125}, {"start": 2592.09, "end": 2592.73, "word": " That's", "probability": 0.923095703125}, {"start": 2592.73, "end": 2592.99, "word": " it.", "probability": 0.9521484375}, {"start": 2594.57, "end": 2594.79, "word": " Okay?", "probability": 0.11883544921875}, {"start": 2596.75, "end": 2597.39, "word": " Exactly.", "probability": 0.65869140625}, {"start": 2597.61, "end": 2597.67, "word": " They", "probability": 0.61669921875}, {"start": 2597.67, "end": 2597.67, "word": " made", "probability": 0.09326171875}, {"start": 2597.67, "end": 2597.71, "word": " a", "probability": 0.71044921875}, {"start": 2597.71, "end": 2599.67, "word": " transfer.", "probability": 0.86865234375}, {"start": 2601.05, "end": 2601.69, "word": " By", "probability": 0.751953125}, {"start": 2601.69, "end": 2602.71, "word": " 100%.", "probability": 0.711669921875}], "temperature": 1.0}, {"id": 91, "seek": 261623, "start": 2604.2, "end": 2616.24, "text": " So in this case, the consumer bears the whole of tax burden. Let's go to the last case. When the product is perfectly elastic. Okay.", "tokens": [407, 294, 341, 1389, 11, 264, 9711, 17276, 264, 1379, 295, 3366, 12578, 13, 961, 311, 352, 281, 264, 1036, 1389, 13, 1133, 264, 1674, 307, 6239, 17115, 13, 1033, 13], "avg_logprob": -0.22619628626853228, "compression_ratio": 1.209090909090909, "no_speech_prob": 0.0, "words": [{"start": 2604.2000000000003, "end": 2604.82, "word": " So", "probability": 0.401123046875}, {"start": 2604.82, "end": 2605.06, "word": " in", "probability": 0.75830078125}, {"start": 2605.06, "end": 2605.26, "word": " this", "probability": 0.94580078125}, {"start": 2605.26, "end": 2605.5, "word": " case,", "probability": 0.92041015625}, {"start": 2605.6, "end": 2605.64, "word": " the", "probability": 0.900390625}, {"start": 2605.64, "end": 2606.04, "word": " consumer", "probability": 0.85009765625}, {"start": 2606.04, "end": 2606.38, "word": " bears", "probability": 0.344482421875}, {"start": 2606.38, "end": 2606.92, "word": " the", "probability": 0.90625}, {"start": 2606.92, "end": 2607.22, "word": " whole", "probability": 0.88330078125}, {"start": 2607.22, "end": 2607.4, "word": " of", "probability": 0.93310546875}, {"start": 2607.4, "end": 2607.64, "word": " tax", "probability": 0.8271484375}, {"start": 2607.64, "end": 2608.04, "word": " burden.", "probability": 0.94873046875}, {"start": 2608.3, "end": 2608.56, "word": " Let's", "probability": 0.955078125}, {"start": 2608.56, "end": 2608.66, "word": " go", "probability": 0.896484375}, {"start": 2608.66, "end": 2608.78, "word": " to", "probability": 0.88916015625}, {"start": 2608.78, "end": 2608.9, "word": " the", "probability": 0.9208984375}, {"start": 2608.9, "end": 2609.12, "word": " last", "probability": 0.87255859375}, {"start": 2609.12, "end": 2609.54, "word": " case.", "probability": 0.912109375}, {"start": 2610.24, "end": 2610.46, "word": " When", "probability": 0.82275390625}, {"start": 2610.46, "end": 2610.78, "word": " the", "probability": 0.90673828125}, {"start": 2610.78, "end": 2611.42, "word": " product", "probability": 0.90966796875}, {"start": 2611.42, "end": 2611.98, "word": " is", "probability": 0.95263671875}, {"start": 2611.98, "end": 2613.18, "word": " perfectly", "probability": 0.94580078125}, {"start": 2613.18, "end": 2613.74, "word": " elastic.", "probability": 0.96044921875}, {"start": 2615.78, "end": 2616.24, "word": " Okay.", "probability": 0.183837890625}], "temperature": 1.0}, {"id": 92, "seek": 265972, "start": 2638.46, "end": 2659.72, "text": " The last case when demand is perfectly elastic. Like a product that is not necessary at all for the consumer. Rings for male youth.", "tokens": [440, 1036, 1389, 562, 4733, 307, 6239, 17115, 13, 1743, 257, 1674, 300, 307, 406, 4818, 412, 439, 337, 264, 9711, 13, 38543, 337, 7133, 7503, 13], "avg_logprob": -0.20772879251411983, "compression_ratio": 1.2452830188679245, "no_speech_prob": 0.0, "words": [{"start": 2638.46, "end": 2638.68, "word": " The", "probability": 0.8427734375}, {"start": 2638.68, "end": 2638.98, "word": " last", "probability": 0.873046875}, {"start": 2638.98, "end": 2639.4, "word": " case", "probability": 0.904296875}, {"start": 2639.4, "end": 2639.82, "word": " when", "probability": 0.474853515625}, {"start": 2639.82, "end": 2640.82, "word": " demand", "probability": 0.70654296875}, {"start": 2640.82, "end": 2644.44, "word": " is", "probability": 0.90673828125}, {"start": 2644.44, "end": 2645.22, "word": " perfectly", "probability": 0.8525390625}, {"start": 2645.22, "end": 2648.94, "word": " elastic.", "probability": 0.93017578125}, {"start": 2650.56, "end": 2651.18, "word": " Like", "probability": 0.79052734375}, {"start": 2651.18, "end": 2651.34, "word": " a", "probability": 0.9697265625}, {"start": 2651.34, "end": 2651.66, "word": " product", "probability": 0.9111328125}, {"start": 2651.66, "end": 2652.02, "word": " that", "probability": 0.9228515625}, {"start": 2652.02, "end": 2652.22, "word": " is", "probability": 0.89892578125}, {"start": 2652.22, "end": 2652.46, "word": " not", "probability": 0.9462890625}, {"start": 2652.46, "end": 2653.06, "word": " necessary", "probability": 0.9423828125}, {"start": 2653.06, "end": 2653.72, "word": " at", "probability": 0.94580078125}, {"start": 2653.72, "end": 2654.02, "word": " all", "probability": 0.94873046875}, {"start": 2654.02, "end": 2654.22, "word": " for", "probability": 0.94140625}, {"start": 2654.22, "end": 2654.42, "word": " the", "probability": 0.90966796875}, {"start": 2654.42, "end": 2655.04, "word": " consumer.", "probability": 0.83984375}, {"start": 2656.3, "end": 2656.72, "word": " Rings", "probability": 0.315673828125}, {"start": 2656.72, "end": 2657.78, "word": " for", "probability": 0.92919921875}, {"start": 2657.78, "end": 2659.3, "word": " male", "probability": 0.84375}, {"start": 2659.3, "end": 2659.72, "word": " youth.", "probability": 0.904296875}], "temperature": 1.0}, {"id": 93, "seek": 269152, "start": 2669.96, "end": 2691.52, "text": " Like the demand for rings for male youth. Which means the product that's necessary for", "tokens": [1743, 264, 4733, 337, 11136, 337, 7133, 7503, 13, 3013, 1355, 264, 1674, 300, 311, 4818, 337], "avg_logprob": -0.4197048743565877, "compression_ratio": 1.1012658227848102, "no_speech_prob": 0.0, "words": [{"start": 2669.96, "end": 2671.36, "word": " Like", "probability": 0.0869140625}, {"start": 2671.36, "end": 2672.76, "word": " the", "probability": 0.57763671875}, {"start": 2672.76, "end": 2672.98, "word": " demand", "probability": 0.445068359375}, {"start": 2672.98, "end": 2673.26, "word": " for", "probability": 0.94873046875}, {"start": 2673.26, "end": 2673.78, "word": " rings", "probability": 0.9560546875}, {"start": 2673.78, "end": 2676.42, "word": " for", "probability": 0.61962890625}, {"start": 2676.42, "end": 2677.88, "word": " male", "probability": 0.84814453125}, {"start": 2677.88, "end": 2679.16, "word": " youth.", "probability": 0.88525390625}, {"start": 2685.5, "end": 2686.5, "word": " Which", "probability": 0.60791015625}, {"start": 2686.5, "end": 2687.98, "word": " means", "probability": 0.94580078125}, {"start": 2687.98, "end": 2688.94, "word": " the", "probability": 0.673828125}, {"start": 2688.94, "end": 2689.36, "word": " product", "probability": 0.89404296875}, {"start": 2689.36, "end": 2690.58, "word": " that's", "probability": 0.6031494140625}, {"start": 2690.58, "end": 2691.04, "word": " necessary", "probability": 0.90869140625}, {"start": 2691.04, "end": 2691.52, "word": " for", "probability": 0.93798828125}], "temperature": 1.0}, {"id": 94, "seek": 271605, "start": 2692.25, "end": 2716.05, "text": " Some group or someone. It's not necessary, sometimes not necessary for someone else. This product might be elastic for me, but it's inelastic for someone else. Insulin is perfectly inelastic for me as a diabetic patient. 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For me, it's elastic. It's perfectly elastic. For you as well. Let's go ranks for male youth. The man is perfectly elastic.", "tokens": [1171, 32073, 433, 11, 29244, 307, 294, 338, 2750, 570, 309, 307, 1021, 13, 1171, 385, 11, 309, 311, 17115, 13, 467, 311, 6239, 17115, 13, 1171, 291, 382, 731, 13, 961, 311, 352, 21406, 337, 7133, 7503, 13, 440, 587, 307, 6239, 17115, 13], "avg_logprob": -0.14308762939079947, "compression_ratio": 1.453125, "no_speech_prob": 0.0, "words": [{"start": 2719.84, "end": 2720.12, "word": " For", "probability": 0.95361328125}, {"start": 2720.12, "end": 2720.82, "word": " smokers,", "probability": 0.9677734375}, {"start": 2721.72, "end": 2722.3, "word": " cigarettes", "probability": 0.79833984375}, {"start": 2722.3, "end": 2723.54, "word": " is", "probability": 0.8818359375}, {"start": 2723.54, "end": 2724.4, "word": " inelastic", "probability": 0.9423828125}, {"start": 2724.4, "end": 2725.18, "word": " because", "probability": 0.66357421875}, {"start": 2725.18, "end": 2725.66, "word": " it", "probability": 0.9560546875}, {"start": 2725.66, "end": 2725.8, "word": " is", "probability": 0.9033203125}, {"start": 2725.8, "end": 2726.36, "word": " important.", "probability": 0.88330078125}, {"start": 2726.88, "end": 2727.24, "word": " For", "probability": 0.96484375}, {"start": 2727.24, "end": 2727.52, "word": " me,", "probability": 0.9697265625}, {"start": 2727.76, "end": 2728.9, "word": " it's", "probability": 0.9697265625}, {"start": 2728.9, "end": 2729.42, "word": " elastic.", "probability": 0.896484375}, {"start": 2729.66, "end": 2729.9, "word": " It's", "probability": 0.94140625}, {"start": 2729.9, "end": 2730.38, "word": " perfectly", "probability": 0.93701171875}, {"start": 2730.38, "end": 2730.88, "word": " elastic.", "probability": 0.966796875}, {"start": 2732.36, "end": 2732.66, "word": " For", "probability": 0.6455078125}, {"start": 2732.66, "end": 2732.86, "word": " you", "probability": 0.9658203125}, {"start": 2732.86, "end": 2733.02, "word": " as", "probability": 0.9189453125}, {"start": 2733.02, "end": 2733.24, "word": " well.", "probability": 0.943359375}, {"start": 2737.44, "end": 2738.44, "word": " Let's", "probability": 0.772216796875}, {"start": 2738.44, "end": 2738.62, "word": " go", "probability": 0.9169921875}, {"start": 2738.62, "end": 2739.1, "word": " ranks", "probability": 0.5556640625}, {"start": 2739.1, "end": 2739.76, "word": " for", "probability": 0.9443359375}, {"start": 2739.76, "end": 2741.44, "word": " male", "probability": 0.7958984375}, {"start": 2741.44, "end": 2741.82, "word": " youth.", "probability": 0.82861328125}, {"start": 2743.76, "end": 2744.06, "word": " The", "probability": 0.71728515625}, {"start": 2744.06, "end": 2744.36, "word": " man", "probability": 0.89111328125}, {"start": 2744.36, "end": 2744.86, "word": " is", "probability": 0.95166015625}, {"start": 2744.86, "end": 2746.98, "word": " perfectly", "probability": 0.92431640625}, {"start": 2746.98, "end": 2747.5, "word": " elastic.", "probability": 0.96435546875}], "temperature": 1.0}, {"id": 96, "seek": 277327, "start": 2748.67, "end": 2773.27, "text": " P, Q, demand is horizontal, D1, and supply, S1. This is the original equilibrium, the price, P1, and the Q is the Q1 here, equals five shekels, and the quantity purchased equals three units.", "tokens": [430, 11, 1249, 11, 4733, 307, 12750, 11, 413, 16, 11, 293, 5847, 11, 318, 16, 13, 639, 307, 264, 3380, 15625, 11, 264, 3218, 11, 430, 16, 11, 293, 264, 1249, 307, 264, 1249, 16, 510, 11, 6915, 1732, 750, 7124, 82, 11, 293, 264, 11275, 14734, 6915, 1045, 6815, 13], "avg_logprob": -0.2647405525423446, "compression_ratio": 1.3941605839416058, "no_speech_prob": 0.0, "words": [{"start": 2748.67, "end": 2749.11, "word": " P,", "probability": 0.771484375}, {"start": 2749.57, "end": 2749.87, "word": " Q,", "probability": 0.79541015625}, {"start": 2751.01, "end": 2751.61, "word": " demand", "probability": 0.732421875}, {"start": 2751.61, "end": 2751.95, "word": " is", "probability": 0.94873046875}, {"start": 2751.95, "end": 2752.55, "word": " horizontal,", "probability": 0.82666015625}, {"start": 2754.75, "end": 2755.11, "word": " D1,", "probability": 0.736572265625}, {"start": 2756.09, "end": 2756.77, "word": " and", "probability": 0.93505859375}, {"start": 2756.77, "end": 2757.49, "word": " supply,", "probability": 0.93505859375}, {"start": 2758.29, "end": 2759.11, "word": " S1.", "probability": 0.8759765625}, {"start": 2760.09, "end": 2760.29, "word": " This", "probability": 0.8974609375}, {"start": 2760.29, "end": 2760.41, "word": " is", "probability": 0.94921875}, {"start": 2760.41, "end": 2760.53, "word": " the", "probability": 0.92431640625}, {"start": 2760.53, "end": 2761.01, "word": " original", "probability": 0.9501953125}, {"start": 2761.01, "end": 2762.21, "word": " equilibrium,", "probability": 0.91943359375}, {"start": 2762.67, "end": 2762.77, "word": " the", "probability": 0.90869140625}, {"start": 2762.77, "end": 2763.17, "word": " price,", "probability": 0.9189453125}, {"start": 2764.33, "end": 2764.87, "word": " P1,", "probability": 0.96923828125}, {"start": 2765.33, "end": 2765.59, "word": " and", "probability": 0.93408203125}, {"start": 2765.59, "end": 2765.69, "word": " the", "probability": 0.3623046875}, {"start": 2765.69, "end": 2765.85, "word": " Q", "probability": 0.9521484375}, {"start": 2765.85, "end": 2766.05, "word": " is", "probability": 0.8642578125}, {"start": 2766.05, "end": 2766.17, "word": " the", "probability": 0.393798828125}, {"start": 2766.17, "end": 2766.49, "word": " Q1", "probability": 0.925537109375}, {"start": 2766.49, "end": 2766.75, "word": " here,", "probability": 0.83251953125}, {"start": 2768.93, "end": 2769.35, "word": " equals", "probability": 0.92041015625}, {"start": 2769.35, "end": 2770.53, "word": " five", "probability": 0.88330078125}, {"start": 2770.53, "end": 2771.07, "word": " shekels,", "probability": 0.7333170572916666}, {"start": 2771.09, "end": 2771.27, "word": " and", "probability": 0.93994140625}, {"start": 2771.27, "end": 2771.39, "word": " the", "probability": 0.9150390625}, {"start": 2771.39, "end": 2771.65, "word": " quantity", "probability": 0.347412109375}, {"start": 2771.65, "end": 2772.13, "word": " purchased", "probability": 0.76171875}, {"start": 2772.13, "end": 2772.55, "word": " equals", "probability": 0.94580078125}, {"start": 2772.55, "end": 2772.91, "word": " three", "probability": 0.9375}, {"start": 2772.91, "end": 2773.27, "word": " units.", "probability": 0.9599609375}], "temperature": 1.0}, {"id": 97, "seek": 280439, "start": 2778.87, "end": 2804.39, "text": " Although the price is on a change here, quantity goes down. As the government imposed the tax by 10% or two shekels per unit.", "tokens": [5780, 264, 3218, 307, 322, 257, 1319, 510, 11, 11275, 1709, 760, 13, 1018, 264, 2463, 26491, 264, 3366, 538, 1266, 4, 420, 732, 750, 7124, 82, 680, 4985, 13], "avg_logprob": -0.32988912636233914, "compression_ratio": 1.1886792452830188, "no_speech_prob": 0.0, "words": [{"start": 2778.87, "end": 2779.43, "word": " Although", "probability": 0.7412109375}, {"start": 2779.43, "end": 2780.19, "word": " the", "probability": 0.7236328125}, {"start": 2780.19, "end": 2780.59, "word": " price", "probability": 0.8671875}, {"start": 2780.59, "end": 2781.35, "word": " is", "probability": 0.88818359375}, {"start": 2781.35, "end": 2781.63, "word": " on", "probability": 0.27685546875}, {"start": 2781.63, "end": 2781.79, "word": " a", "probability": 0.8349609375}, {"start": 2781.79, "end": 2782.17, "word": " change", "probability": 0.87451171875}, {"start": 2782.17, "end": 2782.61, "word": " here,", "probability": 0.66943359375}, {"start": 2782.91, "end": 2783.33, "word": " quantity", "probability": 0.77587890625}, {"start": 2783.33, "end": 2783.63, "word": " goes", "probability": 0.9404296875}, {"start": 2783.63, "end": 2783.95, "word": " down.", "probability": 0.85595703125}, {"start": 2787.63, "end": 2788.73, "word": " As", "probability": 0.087890625}, {"start": 2788.73, "end": 2794.77, "word": " the", "probability": 0.5185546875}, {"start": 2794.77, "end": 2795.09, "word": " government", "probability": 0.77734375}, {"start": 2795.09, "end": 2795.69, "word": " imposed", "probability": 0.76708984375}, {"start": 2795.69, "end": 2795.85, "word": " the", "probability": 0.5009765625}, {"start": 2795.85, "end": 2796.25, "word": " tax", "probability": 0.78662109375}, {"start": 2796.25, "end": 2797.73, "word": " by", "probability": 0.70654296875}, {"start": 2797.73, "end": 2798.41, "word": " 10", "probability": 0.80419921875}, {"start": 2798.41, "end": 2799.53, "word": "%", "probability": 0.619140625}, {"start": 2799.53, "end": 2800.23, "word": " or", "probability": 0.9326171875}, {"start": 2800.23, "end": 2801.11, "word": " two", "probability": 0.5908203125}, {"start": 2801.11, "end": 2802.55, "word": " shekels", "probability": 0.876953125}, {"start": 2802.55, "end": 2802.93, "word": " per", "probability": 0.9287109375}, {"start": 2802.93, "end": 2804.39, "word": " unit.", "probability": 0.9619140625}], "temperature": 1.0}, {"id": 98, "seek": 283785, "start": 2808.79, "end": 2837.85, "text": " Let us assume that the government impose a tax by two shekels per unit sold. Who bears the tax here? The producer. To determine here, the new equilibrium point is A2. From A2 to S1 here. At this point here.", "tokens": [961, 505, 6552, 300, 264, 2463, 26952, 257, 3366, 538, 732, 750, 7124, 82, 680, 4985, 3718, 13, 2102, 17276, 264, 3366, 510, 30, 440, 12314, 13, 1407, 6997, 510, 11, 264, 777, 15625, 935, 307, 316, 17, 13, 3358, 316, 17, 281, 318, 16, 510, 13, 1711, 341, 935, 510, 13], "avg_logprob": -0.19000589735103104, "compression_ratio": 1.361842105263158, "no_speech_prob": 0.0, "words": [{"start": 2808.79, "end": 2809.09, "word": " Let", "probability": 0.82275390625}, {"start": 2809.09, "end": 2809.27, "word": " us", "probability": 0.81787109375}, {"start": 2809.27, "end": 2809.65, "word": " assume", "probability": 0.9091796875}, {"start": 2809.65, "end": 2809.87, "word": " that", "probability": 0.931640625}, {"start": 2809.87, "end": 2810.09, "word": " the", "probability": 0.9169921875}, {"start": 2810.09, "end": 2810.51, "word": " government", "probability": 0.90625}, {"start": 2810.51, "end": 2811.39, "word": " impose", "probability": 0.55029296875}, {"start": 2811.39, "end": 2811.57, "word": " a", "probability": 0.83251953125}, {"start": 2811.57, "end": 2811.99, "word": " tax", "probability": 0.9443359375}, {"start": 2811.99, "end": 2812.63, "word": " by", "probability": 0.95703125}, {"start": 2812.63, "end": 2813.47, "word": " two", "probability": 0.7060546875}, {"start": 2813.47, "end": 2814.47, "word": " shekels", "probability": 0.90283203125}, {"start": 2814.47, "end": 2814.71, "word": " per", "probability": 0.87353515625}, {"start": 2814.71, "end": 2815.07, "word": " unit", "probability": 0.87548828125}, {"start": 2815.07, "end": 2815.39, "word": " sold.", "probability": 0.6259765625}, {"start": 2816.65, "end": 2817.41, "word": " Who", "probability": 0.83837890625}, {"start": 2817.41, "end": 2817.67, "word": " bears", "probability": 0.662109375}, {"start": 2817.67, "end": 2817.87, "word": " the", "probability": 0.91650390625}, {"start": 2817.87, "end": 2818.17, "word": " tax", "probability": 0.87646484375}, {"start": 2818.17, "end": 2818.39, "word": " here?", "probability": 0.7919921875}, {"start": 2819.41, "end": 2820.17, "word": " The", "probability": 0.849609375}, {"start": 2820.17, "end": 2820.65, "word": " producer.", "probability": 0.89111328125}, {"start": 2821.65, "end": 2821.95, "word": " To", "probability": 0.2208251953125}, {"start": 2821.95, "end": 2826.47, "word": " determine", "probability": 0.92919921875}, {"start": 2826.47, "end": 2826.93, "word": " here,", "probability": 0.8447265625}, {"start": 2827.29, "end": 2827.41, "word": " the", "probability": 0.7763671875}, {"start": 2827.41, "end": 2827.83, "word": " new", "probability": 0.90771484375}, {"start": 2827.83, "end": 2829.99, "word": " equilibrium", "probability": 0.92041015625}, {"start": 2829.99, "end": 2830.47, "word": " point", "probability": 0.96435546875}, {"start": 2830.47, "end": 2830.71, "word": " is", "probability": 0.93408203125}, {"start": 2830.71, "end": 2831.19, "word": " A2.", "probability": 0.863037109375}, {"start": 2832.13, "end": 2832.81, "word": " From", "probability": 0.75341796875}, {"start": 2832.81, "end": 2833.19, "word": " A2", "probability": 0.996826171875}, {"start": 2833.19, "end": 2833.39, "word": " to", "probability": 0.9658203125}, {"start": 2833.39, "end": 2833.81, "word": " S1", "probability": 0.977294921875}, {"start": 2833.81, "end": 2834.11, "word": " here.", "probability": 0.7958984375}, {"start": 2836.47, "end": 2837.23, "word": " At", "probability": 0.97119140625}, {"start": 2837.23, "end": 2837.41, "word": " this", "probability": 0.94970703125}, {"start": 2837.41, "end": 2837.65, "word": " point", "probability": 0.96630859375}, {"start": 2837.65, "end": 2837.85, "word": " here.", "probability": 0.84765625}], "temperature": 1.0}, {"id": 99, "seek": 286117, "start": 2838.83, "end": 2861.17, "text": " This is the whole of tax burden. The total tax burden. And the government imposed a tax by two shakers per unit. Two dollars. What do you see? The price is unchanged.", "tokens": [639, 307, 264, 1379, 295, 3366, 12578, 13, 440, 3217, 3366, 12578, 13, 400, 264, 2463, 26491, 257, 3366, 538, 732, 402, 19552, 680, 4985, 13, 4453, 3808, 13, 708, 360, 291, 536, 30, 440, 3218, 307, 44553, 13], "avg_logprob": -0.2417968723922968, "compression_ratio": 1.336, "no_speech_prob": 0.0, "words": [{"start": 2838.83, "end": 2839.11, "word": " This", "probability": 0.82470703125}, {"start": 2839.11, "end": 2839.35, "word": " is", "probability": 0.9501953125}, {"start": 2839.35, "end": 2839.57, "word": " the", "probability": 0.91796875}, {"start": 2839.57, "end": 2839.95, "word": " whole", "probability": 0.8720703125}, {"start": 2839.95, "end": 2840.13, "word": " of", "probability": 0.84228515625}, {"start": 2840.13, "end": 2840.43, "word": " tax", "probability": 0.9013671875}, {"start": 2840.43, "end": 2840.77, "word": " burden.", "probability": 0.93212890625}, {"start": 2842.73, "end": 2843.47, "word": " The", "probability": 0.207275390625}, {"start": 2843.47, "end": 2846.17, "word": " total", "probability": 0.8779296875}, {"start": 2846.17, "end": 2846.65, "word": " tax", "probability": 0.95361328125}, {"start": 2846.65, "end": 2847.05, "word": " burden.", "probability": 0.9765625}, {"start": 2848.53, "end": 2849.01, "word": " And", "probability": 0.8583984375}, {"start": 2849.01, "end": 2849.17, "word": " the", "probability": 0.9052734375}, {"start": 2849.17, "end": 2849.57, "word": " government", "probability": 0.90673828125}, {"start": 2849.57, "end": 2850.19, "word": " imposed", "probability": 0.6337890625}, {"start": 2850.19, "end": 2850.35, "word": " a", "probability": 0.63037109375}, {"start": 2850.35, "end": 2850.59, "word": " tax", "probability": 0.94482421875}, {"start": 2850.59, "end": 2850.85, "word": " by", "probability": 0.92431640625}, {"start": 2850.85, "end": 2851.51, "word": " two", "probability": 0.82861328125}, {"start": 2851.51, "end": 2852.37, "word": " shakers", "probability": 0.731689453125}, {"start": 2852.37, "end": 2852.89, "word": " per", "probability": 0.8662109375}, {"start": 2852.89, "end": 2853.27, "word": " unit.", "probability": 0.9599609375}, {"start": 2855.33, "end": 2856.01, "word": " Two", "probability": 0.343505859375}, {"start": 2856.01, "end": 2856.45, "word": " dollars.", "probability": 0.92919921875}, {"start": 2858.55, "end": 2858.83, "word": " What", "probability": 0.75927734375}, {"start": 2858.83, "end": 2858.93, "word": " do", "probability": 0.9189453125}, {"start": 2858.93, "end": 2858.99, "word": " you", "probability": 0.7421875}, {"start": 2858.99, "end": 2859.25, "word": " see?", "probability": 0.8857421875}, {"start": 2860.11, "end": 2860.33, "word": " The", "probability": 0.89013671875}, {"start": 2860.33, "end": 2860.61, "word": " price", "probability": 0.459716796875}, {"start": 2860.61, "end": 2860.79, "word": " is", "probability": 0.7744140625}, {"start": 2860.79, "end": 2861.17, "word": " unchanged.", "probability": 0.62841796875}], "temperature": 1.0}, {"id": 100, "seek": 288983, "start": 2864.73, "end": 2889.83, "text": " Two units here, this becomes how much? This is P2 here, or P3. P2 equals five, and this is P3 equals how much? This distance here, two units, so it should be three here. Two units, two dollars, two shekels.", "tokens": [4453, 6815, 510, 11, 341, 3643, 577, 709, 30, 639, 307, 430, 17, 510, 11, 420, 430, 18, 13, 430, 17, 6915, 1732, 11, 293, 341, 307, 430, 18, 6915, 577, 709, 30, 639, 4560, 510, 11, 732, 6815, 11, 370, 309, 820, 312, 1045, 510, 13, 4453, 6815, 11, 732, 3808, 11, 732, 750, 7124, 82, 13], "avg_logprob": -0.22444385845782394, "compression_ratio": 1.556390977443609, "no_speech_prob": 0.0, "words": [{"start": 2864.73, "end": 2865.01, "word": " Two", "probability": 0.480712890625}, {"start": 2865.01, "end": 2865.43, "word": " units", "probability": 0.95068359375}, {"start": 2865.43, "end": 2865.75, "word": " here,", "probability": 0.85400390625}, {"start": 2866.29, "end": 2866.87, "word": " this", "probability": 0.93798828125}, {"start": 2866.87, "end": 2867.29, "word": " becomes", "probability": 0.88720703125}, {"start": 2867.29, "end": 2867.49, "word": " how", "probability": 0.93115234375}, {"start": 2867.49, "end": 2867.77, "word": " much?", "probability": 0.9208984375}, {"start": 2867.83, "end": 2868.01, "word": " This", "probability": 0.82568359375}, {"start": 2868.01, "end": 2868.15, "word": " is", "probability": 0.93701171875}, {"start": 2868.15, "end": 2868.49, "word": " P2", "probability": 0.901123046875}, {"start": 2868.49, "end": 2868.79, "word": " here,", "probability": 0.81298828125}, {"start": 2868.97, "end": 2869.11, "word": " or", "probability": 0.9560546875}, {"start": 2869.11, "end": 2869.65, "word": " P3.", "probability": 0.993408203125}, {"start": 2870.23, "end": 2870.71, "word": " P2", "probability": 0.994873046875}, {"start": 2870.71, "end": 2872.73, "word": " equals", "probability": 0.66943359375}, {"start": 2872.73, "end": 2873.23, "word": " five,", "probability": 0.689453125}, {"start": 2873.45, "end": 2873.55, "word": " and", "probability": 0.8681640625}, {"start": 2873.55, "end": 2873.67, "word": " this", "probability": 0.84033203125}, {"start": 2873.67, "end": 2873.79, "word": " is", "probability": 0.81884765625}, {"start": 2873.79, "end": 2874.35, "word": " P3", "probability": 0.9833984375}, {"start": 2874.35, "end": 2875.03, "word": " equals", "probability": 0.794921875}, {"start": 2875.03, "end": 2875.43, "word": " how", "probability": 0.71875}, {"start": 2875.43, "end": 2875.73, "word": " much?", "probability": 0.90234375}, {"start": 2877.57, "end": 2878.21, "word": " This", "probability": 0.8369140625}, {"start": 2878.21, "end": 2878.83, "word": " distance", "probability": 0.9267578125}, {"start": 2878.83, "end": 2879.13, "word": " here,", "probability": 0.8515625}, {"start": 2880.21, "end": 2880.51, "word": " two", "probability": 0.91845703125}, {"start": 2880.51, "end": 2881.03, "word": " units,", "probability": 0.94384765625}, {"start": 2881.51, "end": 2881.71, "word": " so", "probability": 0.94091796875}, {"start": 2881.71, "end": 2881.89, "word": " it", "probability": 0.9375}, {"start": 2881.89, "end": 2881.99, "word": " should", "probability": 0.9658203125}, {"start": 2881.99, "end": 2882.17, "word": " be", "probability": 0.94921875}, {"start": 2882.17, "end": 2882.41, "word": " three", "probability": 0.9384765625}, {"start": 2882.41, "end": 2882.85, "word": " here.", "probability": 0.8359375}, {"start": 2884.75, "end": 2885.39, "word": " Two", "probability": 0.054046630859375}, {"start": 2885.39, "end": 2887.17, "word": " units,", "probability": 0.951171875}, {"start": 2887.87, "end": 2888.07, "word": " two", "probability": 0.90234375}, {"start": 2888.07, "end": 2888.37, "word": " dollars,", "probability": 0.88037109375}, {"start": 2888.51, "end": 2888.65, "word": " two", "probability": 0.92919921875}, {"start": 2888.65, "end": 2889.83, "word": " shekels.", "probability": 0.9210611979166666}], "temperature": 1.0}, {"id": 101, "seek": 291723, "start": 2892.07, "end": 2917.23, "text": " In this case, this is the point or the area below E1. This is the producer share of tax burden above the consumer share. So the consumer share of tax burden equals zero here. This is the total tax burden and this is here the producer share.", "tokens": [682, 341, 1389, 11, 341, 307, 264, 935, 420, 264, 1859, 2507, 462, 16, 13, 639, 307, 264, 12314, 2073, 295, 3366, 12578, 3673, 264, 9711, 2073, 13, 407, 264, 9711, 2073, 295, 3366, 12578, 6915, 4018, 510, 13, 639, 307, 264, 3217, 3366, 12578, 293, 341, 307, 510, 264, 12314, 2073, 13], "avg_logprob": -0.2193287001163871, "compression_ratio": 1.8396946564885497, "no_speech_prob": 0.0, "words": [{"start": 2892.0699999999997, "end": 2892.83, "word": " In", "probability": 0.281494140625}, {"start": 2892.83, "end": 2893.59, "word": " this", "probability": 0.95068359375}, {"start": 2893.59, "end": 2893.97, "word": " case,", "probability": 0.9228515625}, {"start": 2894.65, "end": 2895.05, "word": " this", "probability": 0.810546875}, {"start": 2895.05, "end": 2895.39, "word": " is", "probability": 0.92236328125}, {"start": 2895.39, "end": 2896.25, "word": " the", "probability": 0.46337890625}, {"start": 2896.25, "end": 2896.71, "word": " point", "probability": 0.59814453125}, {"start": 2896.71, "end": 2897.35, "word": " or", "probability": 0.85888671875}, {"start": 2897.35, "end": 2897.51, "word": " the", "probability": 0.89990234375}, {"start": 2897.51, "end": 2897.95, "word": " area", "probability": 0.890625}, {"start": 2897.95, "end": 2898.69, "word": " below", "probability": 0.81982421875}, {"start": 2898.69, "end": 2899.45, "word": " E1.", "probability": 0.845703125}, {"start": 2901.03, "end": 2901.03, "word": " This", "probability": 0.446533203125}, {"start": 2901.03, "end": 2901.33, "word": " is", "probability": 0.8740234375}, {"start": 2901.33, "end": 2901.49, "word": " the", "probability": 0.82373046875}, {"start": 2901.49, "end": 2901.85, "word": " producer", "probability": 0.88330078125}, {"start": 2901.85, "end": 2902.17, "word": " share", "probability": 0.744140625}, {"start": 2902.17, "end": 2902.33, "word": " of", "probability": 0.904296875}, {"start": 2902.33, "end": 2902.51, "word": " tax", "probability": 0.796875}, {"start": 2902.51, "end": 2902.79, "word": " burden", "probability": 0.93798828125}, {"start": 2902.79, "end": 2903.63, "word": " above", "probability": 0.8916015625}, {"start": 2903.63, "end": 2904.07, "word": " the", "probability": 0.9150390625}, {"start": 2904.07, "end": 2904.49, "word": " consumer", "probability": 0.85400390625}, {"start": 2904.49, "end": 2904.83, "word": " share.", "probability": 0.81591796875}, {"start": 2905.65, "end": 2905.99, "word": " So", "probability": 0.94287109375}, {"start": 2905.99, "end": 2906.15, "word": " the", "probability": 0.6025390625}, {"start": 2906.15, "end": 2906.55, "word": " consumer", "probability": 0.8359375}, {"start": 2906.55, "end": 2906.77, "word": " share", "probability": 0.8544921875}, {"start": 2906.77, "end": 2906.89, "word": " of", "probability": 0.8984375}, {"start": 2906.89, "end": 2907.09, "word": " tax", "probability": 0.89697265625}, {"start": 2907.09, "end": 2907.35, "word": " burden", "probability": 0.93310546875}, {"start": 2907.35, "end": 2907.87, "word": " equals", "probability": 0.91552734375}, {"start": 2907.87, "end": 2908.21, "word": " zero", "probability": 0.84326171875}, {"start": 2908.21, "end": 2908.49, "word": " here.", "probability": 0.8447265625}, {"start": 2909.59, "end": 2910.27, "word": " This", "probability": 0.8818359375}, {"start": 2910.27, "end": 2910.75, "word": " is", "probability": 0.9482421875}, {"start": 2910.75, "end": 2910.89, "word": " the", "probability": 0.91357421875}, {"start": 2910.89, "end": 2911.13, "word": " total", "probability": 0.88134765625}, {"start": 2911.13, "end": 2911.51, "word": " tax", "probability": 0.9443359375}, {"start": 2911.51, "end": 2911.89, "word": " burden", "probability": 0.95654296875}, {"start": 2911.89, "end": 2912.57, "word": " and", "probability": 0.51171875}, {"start": 2912.57, "end": 2912.81, "word": " this", "probability": 0.93212890625}, {"start": 2912.81, "end": 2913.07, "word": " is", "probability": 0.9375}, {"start": 2913.07, "end": 2913.41, "word": " here", "probability": 0.7509765625}, {"start": 2913.41, "end": 2913.81, "word": " the", "probability": 0.74169921875}, {"start": 2913.81, "end": 2916.63, "word": " producer", "probability": 0.307373046875}, {"start": 2916.63, "end": 2917.23, "word": " share.", "probability": 0.77783203125}], "temperature": 1.0}, {"id": 102, "seek": 294529, "start": 2920.25, "end": 2945.29, "text": " The producer share equals the total share, the total tax burden. Let us assume that the quantity goes down or went down to one shaker or 0.5. How much is the total tax burden and how much is the consumer share and producer share tax burden?", "tokens": [440, 12314, 2073, 6915, 264, 3217, 2073, 11, 264, 3217, 3366, 12578, 13, 961, 505, 6552, 300, 264, 11275, 1709, 760, 420, 1437, 760, 281, 472, 402, 4003, 420, 1958, 13, 20, 13, 1012, 709, 307, 264, 3217, 3366, 12578, 293, 577, 709, 307, 264, 9711, 2073, 293, 12314, 2073, 3366, 12578, 30], "avg_logprob": -0.21412036899063322, "compression_ratio": 1.6971830985915493, "no_speech_prob": 0.0, "words": [{"start": 2920.25, "end": 2920.39, "word": " The", "probability": 0.8095703125}, {"start": 2920.39, "end": 2920.69, "word": " producer", "probability": 0.83837890625}, {"start": 2920.69, "end": 2921.03, "word": " share", "probability": 0.50341796875}, {"start": 2921.03, "end": 2921.61, "word": " equals", "probability": 0.91259765625}, {"start": 2921.61, "end": 2922.15, "word": " the", "probability": 0.90625}, {"start": 2922.15, "end": 2922.57, "word": " total", "probability": 0.87744140625}, {"start": 2922.57, "end": 2922.95, "word": " share,", "probability": 0.8837890625}, {"start": 2923.97, "end": 2924.15, "word": " the", "probability": 0.91552734375}, {"start": 2924.15, "end": 2924.43, "word": " total", "probability": 0.8720703125}, {"start": 2924.43, "end": 2924.77, "word": " tax", "probability": 0.9326171875}, {"start": 2924.77, "end": 2925.09, "word": " burden.", "probability": 0.88232421875}, {"start": 2927.91, "end": 2928.15, "word": " Let", "probability": 0.8994140625}, {"start": 2928.15, "end": 2928.29, "word": " us", "probability": 0.75146484375}, {"start": 2928.29, "end": 2928.59, "word": " assume", "probability": 0.91064453125}, {"start": 2928.59, "end": 2928.79, "word": " that", "probability": 0.9267578125}, {"start": 2928.79, "end": 2928.97, "word": " the", "probability": 0.91357421875}, {"start": 2928.97, "end": 2929.31, "word": " quantity", "probability": 0.818359375}, {"start": 2929.31, "end": 2929.77, "word": " goes", "probability": 0.921875}, {"start": 2929.77, "end": 2930.07, "word": " down", "probability": 0.83203125}, {"start": 2930.07, "end": 2930.23, "word": " or", "probability": 0.849609375}, {"start": 2930.23, "end": 2930.49, "word": " went", "probability": 0.8662109375}, {"start": 2930.49, "end": 2930.89, "word": " down", "probability": 0.85986328125}, {"start": 2930.89, "end": 2931.29, "word": " to", "probability": 0.892578125}, {"start": 2931.29, "end": 2931.49, "word": " one", "probability": 0.640625}, {"start": 2931.49, "end": 2931.87, "word": " shaker", "probability": 0.423828125}, {"start": 2931.87, "end": 2932.35, "word": " or", "probability": 0.61474609375}, {"start": 2932.35, "end": 2934.49, "word": " 0", "probability": 0.86474609375}, {"start": 2934.49, "end": 2935.37, "word": ".5.", "probability": 0.994384765625}, {"start": 2936.49, "end": 2936.89, "word": " How", "probability": 0.96484375}, {"start": 2936.89, "end": 2937.25, "word": " much", "probability": 0.91552734375}, {"start": 2937.25, "end": 2937.87, "word": " is", "probability": 0.9482421875}, {"start": 2937.87, "end": 2939.53, "word": " the", "probability": 0.90576171875}, {"start": 2939.53, "end": 2939.93, "word": " total", "probability": 0.86669921875}, {"start": 2939.93, "end": 2940.43, "word": " tax", "probability": 0.94775390625}, {"start": 2940.43, "end": 2940.85, "word": " burden", "probability": 0.9326171875}, {"start": 2940.85, "end": 2941.63, "word": " and", "probability": 0.468017578125}, {"start": 2941.63, "end": 2941.87, "word": " how", "probability": 0.9345703125}, {"start": 2941.87, "end": 2942.15, "word": " much", "probability": 0.91357421875}, {"start": 2942.15, "end": 2942.47, "word": " is", "probability": 0.94580078125}, {"start": 2942.47, "end": 2942.85, "word": " the", "probability": 0.90576171875}, {"start": 2942.85, "end": 2943.33, "word": " consumer", "probability": 0.82666015625}, {"start": 2943.33, "end": 2943.77, "word": " share", "probability": 0.78857421875}, {"start": 2943.77, "end": 2943.95, "word": " and", "probability": 0.78271484375}, {"start": 2943.95, "end": 2944.31, "word": " producer", "probability": 0.86474609375}, {"start": 2944.31, "end": 2944.63, "word": " share", "probability": 0.8076171875}, {"start": 2944.63, "end": 2944.97, "word": " tax", "probability": 0.8642578125}, {"start": 2944.97, "end": 2945.29, "word": " burden?", "probability": 0.8623046875}], "temperature": 1.0}, {"id": 103, "seek": 297011, "start": 2951.89, "end": 2970.11, "text": " Two times half equals one. The total tax borrowed equals one. The consumer share tax borrowed equals zero, producer share equals one. Five times two times half.", "tokens": [4453, 1413, 1922, 6915, 472, 13, 440, 3217, 3366, 26805, 6915, 472, 13, 440, 9711, 2073, 3366, 26805, 6915, 4018, 11, 12314, 2073, 6915, 472, 13, 9436, 1413, 732, 1413, 1922, 13], "avg_logprob": -0.3338068181818182, "compression_ratio": 1.6770833333333333, "no_speech_prob": 0.0, "words": [{"start": 2951.89, "end": 2952.73, "word": " Two", "probability": 0.1864013671875}, {"start": 2952.73, "end": 2953.57, "word": " times", "probability": 0.92724609375}, {"start": 2953.57, "end": 2953.99, "word": " half", "probability": 0.88037109375}, {"start": 2953.99, "end": 2954.45, "word": " equals", "probability": 0.93701171875}, {"start": 2954.45, "end": 2954.75, "word": " one.", "probability": 0.89794921875}, {"start": 2955.67, "end": 2955.79, "word": " The", "probability": 0.904296875}, {"start": 2955.79, "end": 2956.07, "word": " total", "probability": 0.869140625}, {"start": 2956.07, "end": 2956.37, "word": " tax", "probability": 0.931640625}, {"start": 2956.37, "end": 2956.71, "word": " borrowed", "probability": 0.169189453125}, {"start": 2956.71, "end": 2957.17, "word": " equals", "probability": 0.94677734375}, {"start": 2957.17, "end": 2957.45, "word": " one.", "probability": 0.93408203125}, {"start": 2958.61, "end": 2958.87, "word": " The", "probability": 0.564453125}, {"start": 2958.87, "end": 2960.31, "word": " consumer", "probability": 0.81591796875}, {"start": 2960.31, "end": 2960.59, "word": " share", "probability": 0.49951171875}, {"start": 2960.59, "end": 2960.81, "word": " tax", "probability": 0.66845703125}, {"start": 2960.81, "end": 2961.03, "word": " borrowed", "probability": 0.802734375}, {"start": 2961.03, "end": 2961.39, "word": " equals", "probability": 0.89599609375}, {"start": 2961.39, "end": 2961.73, "word": " zero,", "probability": 0.8740234375}, {"start": 2962.11, "end": 2962.41, "word": " producer", "probability": 0.8623046875}, {"start": 2962.41, "end": 2962.87, "word": " share", "probability": 0.52099609375}, {"start": 2962.87, "end": 2963.29, "word": " equals", "probability": 0.94580078125}, {"start": 2963.29, "end": 2963.73, "word": " one.", "probability": 0.9248046875}, {"start": 2965.11, "end": 2965.95, "word": " Five", "probability": 0.2398681640625}, {"start": 2965.95, "end": 2968.61, "word": " times", "probability": 0.94384765625}, {"start": 2968.61, "end": 2968.99, "word": " two", "probability": 0.93212890625}, {"start": 2968.99, "end": 2969.69, "word": " times", "probability": 0.87158203125}, {"start": 2969.69, "end": 2970.11, "word": " half.", "probability": 0.86181640625}], "temperature": 1.0}, {"id": 104, "seek": 300116, "start": 2974.1, "end": 3001.16, "text": " Then Hana, five times three times half, five minus three, two times half equals one. This is the total tax burden and the producer share tax burden. That's it. How can we calculate the total tax burden? From A2 to S1 here. This is the whole tax burden. How can we calculate it? The length of land. Correct? It has this length, two and a half.", "tokens": [1396, 47946, 11, 1732, 1413, 1045, 1413, 1922, 11, 1732, 3175, 1045, 11, 732, 1413, 1922, 6915, 472, 13, 639, 307, 264, 3217, 3366, 12578, 293, 264, 12314, 2073, 3366, 12578, 13, 663, 311, 309, 13, 1012, 393, 321, 8873, 264, 3217, 3366, 12578, 30, 3358, 316, 17, 281, 318, 16, 510, 13, 639, 307, 264, 1379, 3366, 12578, 13, 1012, 393, 321, 8873, 309, 30, 314, 675, 4641, 295, 2117, 13, 12753, 30, 467, 575, 341, 4641, 11, 732, 293, 257, 1922, 13], "avg_logprob": -0.2768382395015043, "compression_ratio": 1.805263157894737, "no_speech_prob": 0.0, "words": [{"start": 2974.1, "end": 2974.36, "word": " Then", "probability": 0.35693359375}, {"start": 2974.36, "end": 2974.62, "word": " Hana,", "probability": 0.239501953125}, {"start": 2975.02, "end": 2975.24, "word": " five", "probability": 0.7314453125}, {"start": 2975.24, "end": 2975.54, "word": " times", "probability": 0.798828125}, {"start": 2975.54, "end": 2976.0, "word": " three", 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"probability": 0.86669921875}], "temperature": 1.0}, {"id": 105, "seek": 302917, "start": 3001.91, "end": 3029.17, "text": " One, right? She's the producer's share of tax burden. Which means he couldn't sell her in five. He sold her in five, took two of them and gave them to the government. How many children does he have? Three. That's what it means. Okay, let's go to the price elasticity of supply and the tax burden or tax incidence. 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When demand is elastic, like the demand for orange for Apple,", "tokens": [1018, 321, 2835, 11, 562, 321, 9454, 264, 3218, 46260, 295, 4733, 11, 321, 848, 300, 562, 4733, 307, 294, 338, 2750, 11, 411, 4733, 337, 7693, 11, 264, 9711, 10604, 264, 881, 295, 264, 10725, 293, 264, 12314, 10604, 264, 1935, 13, 1133, 4733, 307, 17115, 11, 411, 264, 4733, 337, 7671, 337, 6373, 11], "avg_logprob": -0.16269188387352124, "compression_ratio": 1.7533333333333334, "no_speech_prob": 0.0, "words": [{"start": 3035.29, "end": 3035.63, "word": " As", "probability": 0.841796875}, {"start": 3035.63, "end": 3035.79, "word": " we", "probability": 0.9267578125}, {"start": 3035.79, "end": 3036.05, "word": " mentioned,", "probability": 0.80029296875}, {"start": 3036.59, "end": 3036.91, "word": " when", "probability": 0.9384765625}, {"start": 3036.91, "end": 3037.09, "word": " we", "probability": 0.966796875}, {"start": 3037.09, "end": 3037.45, "word": " studied", "probability": 0.8193359375}, {"start": 3037.45, "end": 3037.73, "word": " the", "probability": 0.88818359375}, {"start": 3037.73, "end": 3038.01, "word": " price", "probability": 0.9306640625}, {"start": 3038.01, "end": 3038.39, "word": " elasticity", "probability": 0.94873046875}, {"start": 3038.39, "end": 3038.67, "word": " of", "probability": 0.962890625}, {"start": 3038.67, "end": 3038.99, "word": " demand,", "probability": 0.90966796875}, {"start": 3040.41, "end": 3040.71, "word": " we", "probability": 0.94677734375}, {"start": 3040.71, "end": 3041.09, "word": " said", "probability": 0.94189453125}, {"start": 3041.09, "end": 3041.53, "word": " that", "probability": 0.93798828125}, {"start": 3041.53, "end": 3043.67, "word": " when", "probability": 0.69140625}, {"start": 3043.67, "end": 3044.11, "word": " demand", "probability": 0.857421875}, {"start": 3044.11, "end": 3044.59, "word": " is", "probability": 0.94970703125}, {"start": 3044.59, "end": 3045.59, "word": " inelastic,", "probability": 0.9225260416666666}, {"start": 3046.67, "end": 3047.23, "word": " like", "probability": 0.9296875}, {"start": 3047.23, "end": 3047.55, "word": " demand", "probability": 0.71875}, {"start": 3047.55, "end": 3047.75, "word": " for", "probability": 0.9541015625}, {"start": 3047.75, "end": 3048.15, "word": " flour,", "probability": 0.685546875}, {"start": 3048.71, "end": 3048.87, "word": " the", "probability": 0.91064453125}, {"start": 3048.87, "end": 3049.31, "word": " consumer", "probability": 0.853515625}, {"start": 3049.31, "end": 3049.59, "word": " pays", "probability": 0.42822265625}, {"start": 3049.59, "end": 3049.79, "word": " the", "probability": 0.8681640625}, {"start": 3049.79, "end": 3050.03, "word": " most", "probability": 0.90771484375}, {"start": 3050.03, "end": 3050.17, "word": " of", "probability": 0.93701171875}, {"start": 3050.17, "end": 3050.25, "word": " the", "probability": 0.8564453125}, {"start": 3050.25, "end": 3050.51, "word": " export", "probability": 0.888671875}, {"start": 3050.51, "end": 3050.83, "word": " and", "probability": 0.5625}, {"start": 3050.83, "end": 3051.03, "word": " the", "probability": 0.861328125}, {"start": 3051.03, "end": 3051.35, "word": " producer", "probability": 0.90234375}, {"start": 3051.35, "end": 3051.67, "word": " pays", "probability": 0.908203125}, {"start": 3051.67, "end": 3051.87, "word": " the", "probability": 0.908203125}, {"start": 3051.87, "end": 3052.31, "word": " least.", "probability": 0.958984375}, {"start": 3052.99, "end": 3053.23, "word": " When", "probability": 0.8701171875}, {"start": 3053.23, "end": 3053.57, "word": " demand", "probability": 0.8408203125}, {"start": 3053.57, "end": 3054.05, "word": " is", "probability": 0.947265625}, {"start": 3054.05, "end": 3055.29, "word": " elastic,", "probability": 0.9609375}, {"start": 3055.49, "end": 3055.67, "word": " like", "probability": 0.93798828125}, {"start": 3055.67, "end": 3055.83, "word": " the", "probability": 0.8662109375}, {"start": 3055.83, "end": 3056.09, "word": " demand", "probability": 0.9130859375}, {"start": 3056.09, "end": 3056.33, "word": " for", "probability": 0.94384765625}, {"start": 3056.33, "end": 3056.77, "word": " orange", "probability": 0.748046875}, {"start": 3056.77, "end": 3057.07, "word": " for", "probability": 0.70654296875}, {"start": 3057.07, "end": 3057.47, "word": " Apple,", "probability": 0.56201171875}], "temperature": 1.0}, {"id": 107, "seek": 308510, "start": 3058.52, "end": 3085.1, "text": " And the government imposed a tax. The consumer pays the least of tax burden, and the consumer pays the most. If the product is perfectly inelastic, like the demand for insulin for diabetic patients, the consumer pays the whole of tax burden. If the demand is perfectly inelastic, like the demand for eggs for male youth, the consumer pays zero, and the producer pays the whole of tax burden.", "tokens": [400, 264, 2463, 26491, 257, 3366, 13, 440, 9711, 10604, 264, 1935, 295, 3366, 12578, 11, 293, 264, 9711, 10604, 264, 881, 13, 759, 264, 1674, 307, 6239, 294, 338, 2750, 11, 411, 264, 4733, 337, 21587, 337, 50238, 4209, 11, 264, 9711, 10604, 264, 1379, 295, 3366, 12578, 13, 759, 264, 4733, 307, 6239, 294, 338, 2750, 11, 411, 264, 4733, 337, 6466, 337, 7133, 7503, 11, 264, 9711, 10604, 4018, 11, 293, 264, 12314, 10604, 264, 1379, 295, 3366, 12578, 13], "avg_logprob": -0.14397321375352995, "compression_ratio": 2.202247191011236, "no_speech_prob": 0.0, "words": [{"start": 3058.52, "end": 3058.82, "word": " And", "probability": 0.80029296875}, {"start": 3058.82, "end": 3058.92, "word": " the", "probability": 0.86865234375}, {"start": 3058.92, "end": 3059.16, "word": " government", "probability": 0.93408203125}, {"start": 3059.16, 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Now, we are gonna analyze the relationship between the price elasticity of supply, not demand, and the tax burden or tax incidence.", "tokens": [823, 11, 293, 498, 4733, 307, 517, 4109, 17115, 11, 264, 3366, 486, 312, 29772, 2625, 12, 2803, 337, 264, 16080, 293, 264, 11883, 11, 1392, 30, 823, 11, 321, 366, 799, 12477, 264, 2480, 1296, 264, 3218, 46260, 295, 5847, 11, 406, 4733, 11, 293, 264, 3366, 12578, 420, 3366, 41726, 13], "avg_logprob": -0.1457609937146858, "compression_ratio": 1.473053892215569, "no_speech_prob": 0.0, "words": [{"start": 3085.22, "end": 3085.62, "word": " Now,", "probability": 0.94970703125}, {"start": 3086.0, "end": 3086.24, "word": " and", "probability": 0.66015625}, {"start": 3086.24, "end": 3086.42, "word": " if", "probability": 0.95068359375}, {"start": 3086.42, "end": 3086.8, "word": " demand", "probability": 0.740234375}, {"start": 3086.8, "end": 3087.14, "word": " is", "probability": 0.94580078125}, {"start": 3087.14, "end": 3087.5, "word": " unitary", "probability": 0.703857421875}, {"start": 3087.5, "end": 3087.92, "word": " elastic,", "probability": 0.91064453125}, {"start": 3088.56, "end": 3088.72, "word": " the", "probability": 0.8828125}, {"start": 3088.72, "end": 3089.12, "word": " tax", "probability": 0.9267578125}, {"start": 3089.12, "end": 3089.32, "word": " will", "probability": 0.85302734375}, {"start": 3089.32, "end": 3089.82, "word": " be", "probability": 0.9560546875}, {"start": 3089.82, "end": 3091.02, "word": " allocated", "probability": 0.94580078125}, {"start": 3091.02, "end": 3091.6, "word": " 50", "probability": 0.880859375}, {"start": 3091.6, "end": 3091.94, "word": "-50", "probability": 0.621826171875}, {"start": 3091.94, "end": 3092.96, "word": " for", "probability": 0.9033203125}, {"start": 3092.96, "end": 3093.32, "word": " the", "probability": 0.91845703125}, {"start": 3093.32, "end": 3093.76, "word": " producers", "probability": 0.88232421875}, {"start": 3093.76, "end": 3094.24, "word": " and", "probability": 0.93701171875}, {"start": 3094.24, "end": 3094.44, "word": " the", "probability": 0.46923828125}, {"start": 3094.44, "end": 3094.8, "word": " consumers,", "probability": 0.9453125}, {"start": 3095.0, "end": 3095.18, "word": " okay?", "probability": 0.91650390625}, {"start": 3095.78, "end": 3096.18, "word": " Now,", "probability": 0.9619140625}, {"start": 3096.88, "end": 3097.48, "word": " we", "probability": 0.9658203125}, {"start": 3097.48, "end": 3097.7, "word": " are", "probability": 0.94384765625}, {"start": 3097.7, "end": 3098.04, "word": " gonna", "probability": 0.828125}, {"start": 3098.04, "end": 3099.44, "word": " analyze", "probability": 0.86767578125}, {"start": 3099.44, "end": 3100.82, "word": " the", "probability": 0.9130859375}, {"start": 3100.82, "end": 3101.36, "word": " relationship", "probability": 0.9228515625}, {"start": 3101.36, "end": 3101.84, "word": " between", "probability": 0.86865234375}, {"start": 3101.84, "end": 3102.1, "word": " the", "probability": 0.91796875}, {"start": 3102.1, "end": 3102.4, "word": " price", "probability": 0.92919921875}, {"start": 3102.4, "end": 3102.92, "word": " elasticity", "probability": 0.9677734375}, {"start": 3102.92, "end": 3103.38, "word": " of", "probability": 0.97119140625}, {"start": 3103.38, "end": 3103.98, "word": " supply,", "probability": 0.9326171875}, {"start": 3104.28, "end": 3104.44, "word": " not", "probability": 0.94287109375}, {"start": 3104.44, "end": 3104.9, "word": " demand,", "probability": 0.904296875}, {"start": 3105.4, "end": 3105.82, "word": " and", "probability": 0.93603515625}, {"start": 3105.82, "end": 3106.54, "word": " the", "probability": 0.9267578125}, {"start": 3106.54, "end": 3106.86, "word": " tax", "probability": 0.9326171875}, {"start": 3106.86, "end": 3107.22, "word": " burden", "probability": 0.89697265625}, {"start": 3107.22, "end": 3107.5, "word": " or", "probability": 0.8310546875}, {"start": 3107.5, "end": 3107.8, "word": " tax", "probability": 0.94921875}, {"start": 3107.8, "end": 3108.18, "word": " incidence.", "probability": 0.919921875}], "temperature": 1.0}, {"id": 109, "seek": 314036, "start": 3111.14, "end": 3140.36, "text": " We will have five cases. When supply is elastic, inelastic, perfectly elastic, perfectly inelastic, and unitary. And demand in these five cases will be neutral. Unitary, elastic. So we have five cases with different shapes of supply curves, but demand is always unitary here. The opposite cases.", "tokens": [492, 486, 362, 1732, 3331, 13, 1133, 5847, 307, 17115, 11, 294, 338, 2750, 11, 6239, 17115, 11, 6239, 294, 338, 2750, 11, 293, 517, 4109, 13, 400, 4733, 294, 613, 1732, 3331, 486, 312, 10598, 13, 1156, 4109, 11, 17115, 13, 407, 321, 362, 1732, 3331, 365, 819, 10854, 295, 5847, 19490, 11, 457, 4733, 307, 1009, 517, 4109, 510, 13, 440, 6182, 3331, 13], "avg_logprob": -0.15496735341513335, "compression_ratio": 1.793939393939394, "no_speech_prob": 0.0, "words": [{"start": 3111.14, "end": 3111.44, "word": " We", "probability": 0.86572265625}, {"start": 3111.44, "end": 3111.64, "word": " will", "probability": 0.83154296875}, {"start": 3111.64, "end": 3113.38, "word": " have", "probability": 0.875}, {"start": 3113.38, "end": 3113.82, "word": " five", "probability": 0.8330078125}, {"start": 3113.82, "end": 3114.34, "word": " cases.", "probability": 0.9326171875}, {"start": 3114.94, "end": 3115.3, "word": " When", "probability": 0.86279296875}, {"start": 3115.3, "end": 3115.92, "word": " supply", "probability": 0.9013671875}, {"start": 3115.92, "end": 3116.46, "word": " is", "probability": 0.95458984375}, {"start": 3116.46, "end": 3117.18, "word": " elastic,", "probability": 0.92724609375}, {"start": 3117.78, "end": 3118.44, "word": " inelastic,", "probability": 0.9417317708333334}, {"start": 3118.98, "end": 3119.32, "word": " perfectly", "probability": 0.9326171875}, {"start": 3119.32, "end": 3119.82, "word": " elastic,", "probability": 0.88720703125}, {"start": 3120.02, "end": 3120.86, "word": " perfectly", "probability": 0.88525390625}, {"start": 3120.86, "end": 3121.46, "word": " inelastic,", "probability": 0.90087890625}, {"start": 3121.64, "end": 3121.78, "word": " and", "probability": 0.939453125}, {"start": 3121.78, "end": 3122.14, "word": " unitary.", "probability": 0.912353515625}, {"start": 3123.14, "end": 3123.5, "word": " And", "probability": 0.82470703125}, {"start": 3123.5, "end": 3123.96, "word": " demand", "probability": 0.78759765625}, {"start": 3123.96, "end": 3124.26, "word": " in", "probability": 0.89892578125}, {"start": 3124.26, "end": 3124.9, "word": " these", "probability": 0.84912109375}, {"start": 3124.9, "end": 3125.24, "word": " five", "probability": 0.8828125}, {"start": 3125.24, "end": 3125.72, "word": " cases", "probability": 0.92236328125}, {"start": 3125.72, "end": 3126.04, "word": " will", "probability": 0.8603515625}, {"start": 3126.04, "end": 3126.36, "word": " be", "probability": 0.95703125}, {"start": 3126.36, "end": 3127.06, "word": " neutral.", "probability": 0.89306640625}, {"start": 3128.44, "end": 3128.76, "word": " Unitary,", "probability": 0.892333984375}, {"start": 3128.92, "end": 3129.2, "word": " elastic.", "probability": 0.970703125}, {"start": 3129.5, "end": 3129.8, "word": " So", "probability": 0.921875}, {"start": 3129.8, "end": 3130.9, "word": " we", "probability": 0.5556640625}, {"start": 3130.9, "end": 3131.24, "word": " have", "probability": 0.916015625}, {"start": 3131.24, "end": 3131.58, "word": " five", "probability": 0.9140625}, {"start": 3131.58, "end": 3132.08, "word": " cases", "probability": 0.9287109375}, {"start": 3132.08, "end": 3132.88, "word": " with", "probability": 0.7509765625}, {"start": 3132.88, "end": 3133.38, "word": " different", "probability": 0.88671875}, {"start": 3133.38, "end": 3133.82, "word": " shapes", "probability": 0.90869140625}, {"start": 3133.82, "end": 3134.1, "word": " of", "probability": 0.97265625}, {"start": 3134.1, "end": 3134.48, "word": " supply", "probability": 0.93994140625}, {"start": 3134.48, "end": 3134.98, "word": " curves,", "probability": 0.904296875}, {"start": 3135.36, "end": 3135.76, "word": " but", "probability": 0.9287109375}, {"start": 3135.76, "end": 3136.36, "word": " demand", "probability": 0.8818359375}, {"start": 3136.36, "end": 3136.78, "word": " is", "probability": 0.94384765625}, {"start": 3136.78, "end": 3137.58, "word": " always", "probability": 0.9111328125}, {"start": 3137.58, "end": 3138.04, "word": " unitary", "probability": 0.93798828125}, {"start": 3138.04, "end": 3138.44, "word": " here.", "probability": 0.7060546875}, {"start": 3139.44, "end": 3139.6, "word": " The", "probability": 0.82275390625}, {"start": 3139.6, "end": 3139.86, "word": " opposite", "probability": 0.95751953125}, {"start": 3139.86, "end": 3140.36, "word": " cases.", "probability": 0.861328125}], "temperature": 1.0}, {"id": 110, "seek": 317075, "start": 3141.67, "end": 3170.75, "text": " And the government imposed a tax on the producer. So here we have five cases. One, inelastic supply. This is the short run. Perfectly inelastic supply.", "tokens": [400, 264, 2463, 26491, 257, 3366, 322, 264, 12314, 13, 407, 510, 321, 362, 1732, 3331, 13, 1485, 11, 294, 338, 2750, 5847, 13, 639, 307, 264, 2099, 1190, 13, 10246, 356, 294, 338, 2750, 5847, 13], "avg_logprob": -0.1811266392469406, "compression_ratio": 1.2991452991452992, "no_speech_prob": 0.0, "words": [{"start": 3141.67, "end": 3142.05, "word": " And", "probability": 0.355224609375}, {"start": 3142.05, "end": 3142.23, "word": " the", "probability": 0.904296875}, {"start": 3142.23, "end": 3142.77, "word": " government", "probability": 0.89892578125}, {"start": 3142.77, "end": 3143.37, "word": " imposed", "probability": 0.7255859375}, {"start": 3143.37, "end": 3143.57, "word": " a", "probability": 0.6884765625}, {"start": 3143.57, "end": 3143.95, "word": " tax", "probability": 0.947265625}, {"start": 3143.95, "end": 3144.63, "word": " on", "probability": 0.9501953125}, {"start": 3144.63, "end": 3144.87, "word": " the", "probability": 0.90625}, {"start": 3144.87, "end": 3145.53, "word": " producer.", "probability": 0.91943359375}, {"start": 3147.89, "end": 3148.99, "word": " So", "probability": 0.94482421875}, {"start": 3148.99, "end": 3149.55, "word": " here", "probability": 0.716796875}, {"start": 3149.55, "end": 3149.67, "word": " we", "probability": 0.83203125}, {"start": 3149.67, "end": 3149.91, "word": " have", "probability": 0.94873046875}, {"start": 3149.91, "end": 3150.17, "word": " five", "probability": 0.84521484375}, {"start": 3150.17, "end": 3150.65, "word": " cases.", "probability": 0.92822265625}, {"start": 3152.27, "end": 3152.75, "word": " One,", "probability": 0.82421875}, {"start": 3155.69, "end": 3156.35, "word": " inelastic", "probability": 0.9189453125}, {"start": 3156.35, "end": 3156.89, "word": " supply.", "probability": 0.947265625}, {"start": 3162.49, "end": 3163.59, "word": " This", "probability": 0.86767578125}, {"start": 3163.59, "end": 3163.73, "word": " is", "probability": 0.9482421875}, {"start": 3163.73, "end": 3163.85, "word": " the", "probability": 0.65673828125}, {"start": 3163.85, "end": 3164.23, "word": " short", "probability": 0.97119140625}, {"start": 3164.23, "end": 3164.55, "word": " run.", "probability": 0.74072265625}, {"start": 3167.93, "end": 3169.03, "word": " Perfectly", "probability": 0.64453125}, {"start": 3169.03, "end": 3169.81, "word": " inelastic", "probability": 0.94873046875}, {"start": 3169.81, "end": 3170.75, "word": " supply.", "probability": 0.92578125}], "temperature": 1.0}, {"id": 111, "seek": 319061, "start": 3171.87, "end": 3190.61, "text": " Very short run. Inelastic supply, short run. Unitary elastic, medium run. Elastic supply, long run. Perfectly elastic, very long. Inelastic supply, short run.", "tokens": [4372, 2099, 1190, 13, 682, 338, 2750, 5847, 11, 2099, 1190, 13, 1156, 4109, 17115, 11, 6399, 1190, 13, 2699, 2750, 5847, 11, 938, 1190, 13, 10246, 356, 17115, 11, 588, 938, 13, 682, 338, 2750, 5847, 11, 2099, 1190, 13], "avg_logprob": -0.1491815508121536, "compression_ratio": 1.7865168539325842, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 3171.87, "end": 3172.29, "word": " Very", "probability": 0.398193359375}, {"start": 3172.29, "end": 3172.69, "word": " short", "probability": 0.94677734375}, {"start": 3172.69, "end": 3172.91, "word": " run.", "probability": 0.84326171875}, {"start": 3174.41, "end": 3175.07, "word": " Inelastic", "probability": 0.8875325520833334}, {"start": 3175.07, "end": 3175.61, "word": " supply,", "probability": 0.935546875}, {"start": 3175.85, "end": 3176.33, "word": " short", "probability": 0.9296875}, {"start": 3176.33, "end": 3176.59, "word": " run.", "probability": 0.92333984375}, {"start": 3177.35, "end": 3177.75, "word": " Unitary", "probability": 0.859130859375}, {"start": 3177.75, "end": 3178.23, "word": " elastic,", "probability": 0.94677734375}, {"start": 3179.05, "end": 3179.53, "word": " medium", "probability": 0.78515625}, {"start": 3179.53, "end": 3179.79, "word": " run.", "probability": 0.79833984375}, {"start": 3182.99, "end": 3183.79, "word": " Elastic", "probability": 0.8095703125}, {"start": 3183.79, "end": 3184.37, "word": " supply,", "probability": 0.9501953125}, {"start": 3184.61, "end": 3184.91, "word": " long", "probability": 0.8359375}, {"start": 3184.91, "end": 3185.57, "word": " run.", "probability": 0.53564453125}, {"start": 3185.77, "end": 3186.31, "word": " Perfectly", "probability": 0.931884765625}, {"start": 3186.31, "end": 3186.67, "word": " elastic,", "probability": 0.95947265625}, {"start": 3186.97, "end": 3187.21, "word": " very", "probability": 0.81298828125}, {"start": 3187.21, "end": 3187.47, "word": " long.", "probability": 0.9306640625}, {"start": 3188.45, "end": 3189.25, "word": " Inelastic", "probability": 0.9542643229166666}, {"start": 3189.25, "end": 3189.71, "word": " supply,", "probability": 0.94873046875}, {"start": 3190.03, "end": 3190.35, "word": " short", "probability": 0.95361328125}, {"start": 3190.35, "end": 3190.61, "word": " run.", "probability": 0.92431640625}], "temperature": 1.0}, {"id": 112, "seek": 323079, "start": 3201.69, "end": 3230.79, "text": " Price, quantity. Supply is inelastic, so it should be close to vertical axis. This is inelastic supply. This one. And demand is a neutral, is unitary elastic in the five cases. D1. Demand is unitary elastic in the five cases. You're inelastic supply.", "tokens": [25803, 11, 11275, 13, 9391, 356, 307, 294, 338, 2750, 11, 370, 309, 820, 312, 1998, 281, 9429, 10298, 13, 639, 307, 294, 338, 2750, 5847, 13, 639, 472, 13, 400, 4733, 307, 257, 10598, 11, 307, 517, 4109, 17115, 294, 264, 1732, 3331, 13, 413, 16, 13, 4686, 474, 307, 517, 4109, 17115, 294, 264, 1732, 3331, 13, 509, 434, 294, 338, 2750, 5847, 13], "avg_logprob": -0.2037080152710872, "compression_ratio": 1.6733333333333333, "no_speech_prob": 0.0, "words": [{"start": 3201.69, "end": 3202.17, "word": " Price,", "probability": 0.69873046875}, {"start": 3202.63, "end": 3203.29, "word": " quantity.", "probability": 0.90087890625}, {"start": 3204.39, "end": 3204.83, "word": " Supply", "probability": 0.8798828125}, {"start": 3204.83, "end": 3205.25, "word": " is", "probability": 0.9482421875}, {"start": 3205.25, "end": 3206.03, "word": " inelastic,", "probability": 0.93896484375}, {"start": 3206.19, "end": 3206.31, "word": " so", "probability": 0.943359375}, {"start": 3206.31, "end": 3206.43, "word": " it", "probability": 0.94287109375}, {"start": 3206.43, "end": 3206.55, "word": " should", "probability": 0.951171875}, {"start": 3206.55, "end": 3206.75, "word": " be", "probability": 0.94384765625}, {"start": 3206.75, "end": 3207.13, "word": " close", "probability": 0.74609375}, {"start": 3207.13, "end": 3207.31, "word": " to", "probability": 0.84619140625}, {"start": 3207.31, "end": 3207.67, "word": " vertical", "probability": 0.496337890625}, {"start": 3207.67, "end": 3208.53, "word": " axis.", "probability": 0.89453125}, {"start": 3209.57, "end": 3209.89, "word": " This", "probability": 0.89501953125}, {"start": 3209.89, "end": 3210.19, "word": " is", "probability": 0.9482421875}, {"start": 3210.19, "end": 3211.31, "word": " inelastic", "probability": 0.8977864583333334}, {"start": 3211.31, "end": 3211.77, "word": " supply.", "probability": 0.95166015625}, {"start": 3213.35, "end": 3213.63, "word": " This", "probability": 0.7490234375}, {"start": 3213.63, "end": 3213.87, "word": " one.", "probability": 0.9228515625}, {"start": 3214.73, "end": 3215.03, "word": " And", "probability": 0.71142578125}, {"start": 3215.03, "end": 3215.91, "word": " demand", "probability": 0.8095703125}, {"start": 3215.91, "end": 3216.39, "word": " is", "probability": 0.9453125}, {"start": 3216.39, "end": 3216.57, "word": " a", "probability": 0.377685546875}, {"start": 3216.57, "end": 3216.99, "word": " neutral,", "probability": 0.9443359375}, {"start": 3217.49, "end": 3217.63, "word": " is", "probability": 0.84326171875}, {"start": 3217.63, "end": 3218.11, "word": " unitary", "probability": 0.869140625}, {"start": 3218.11, "end": 3218.61, "word": " elastic", "probability": 0.489990234375}, {"start": 3218.61, "end": 3218.85, "word": " in", "probability": 0.9208984375}, {"start": 3218.85, "end": 3218.97, "word": " the", "probability": 0.9130859375}, {"start": 3218.97, "end": 3219.19, "word": " five", "probability": 0.86376953125}, {"start": 3219.19, "end": 3219.65, "word": " cases.", "probability": 0.92431640625}, {"start": 3223.57, "end": 3224.41, "word": " D1.", "probability": 0.715087890625}, {"start": 3225.39, "end": 3226.21, "word": " Demand", "probability": 0.953125}, {"start": 3226.21, "end": 3226.65, "word": " is", "probability": 0.94482421875}, {"start": 3226.65, "end": 3227.05, "word": " unitary", "probability": 0.880126953125}, {"start": 3227.05, "end": 3227.55, "word": " elastic", "probability": 0.95751953125}, {"start": 3227.55, "end": 3227.85, "word": " in", "probability": 0.91845703125}, {"start": 3227.85, "end": 3227.97, "word": " the", "probability": 0.91357421875}, {"start": 3227.97, "end": 3228.17, "word": " five", "probability": 0.890625}, {"start": 3228.17, "end": 3228.59, "word": " cases.", "probability": 0.9248046875}, {"start": 3228.93, "end": 3229.13, "word": " You're", "probability": 0.602294921875}, {"start": 3229.13, "end": 3230.27, "word": " inelastic", "probability": 0.92431640625}, {"start": 3230.27, "end": 3230.79, "word": " supply.", "probability": 0.9345703125}], "temperature": 1.0}, {"id": 113, "seek": 326078, "start": 3235.22, "end": 3260.78, "text": " E1, P1, Q1. When the government impose a tax on the producers, on sellers, like let us talk about the demand for blocks.", "tokens": [462, 16, 11, 430, 16, 11, 1249, 16, 13, 1133, 264, 2463, 26952, 257, 3366, 322, 264, 16080, 11, 322, 31276, 11, 411, 718, 505, 751, 466, 264, 4733, 337, 8474, 13], "avg_logprob": -0.19886363636363635, "compression_ratio": 1.1523809523809523, "no_speech_prob": 0.0, "words": [{"start": 3235.22, "end": 3236.1, "word": " E1,", "probability": 0.775146484375}, {"start": 3236.1, "end": 3236.98, "word": " P1,", "probability": 0.97607421875}, {"start": 3239.02, "end": 3240.92, "word": " Q1.", "probability": 0.976318359375}, {"start": 3250.46, "end": 3250.9, "word": " When", "probability": 0.86083984375}, {"start": 3250.9, "end": 3251.06, "word": " the", "probability": 0.90234375}, {"start": 3251.06, "end": 3251.38, "word": " government", "probability": 0.93017578125}, {"start": 3251.38, "end": 3251.82, "word": " impose", "probability": 0.428955078125}, {"start": 3251.82, "end": 3251.98, "word": " a", "probability": 0.51025390625}, {"start": 3251.98, "end": 3252.32, "word": " tax", "probability": 0.94873046875}, {"start": 3252.32, "end": 3253.06, "word": " on", "probability": 0.93994140625}, {"start": 3253.06, "end": 3253.5, "word": " the", "probability": 0.87890625}, {"start": 3253.5, "end": 3254.18, "word": " producers,", "probability": 0.87255859375}, {"start": 3255.16, "end": 3255.38, "word": " on", "probability": 0.947265625}, {"start": 3255.38, "end": 3255.84, "word": " sellers,", "probability": 0.86474609375}, {"start": 3256.76, "end": 3257.0, "word": " like", "probability": 0.681640625}, {"start": 3257.0, "end": 3257.88, "word": " let", "probability": 0.54248046875}, {"start": 3257.88, "end": 3258.32, "word": " us", "probability": 0.775390625}, {"start": 3258.32, "end": 3258.96, "word": " talk", "probability": 0.8515625}, {"start": 3258.96, "end": 3259.36, "word": " about", "probability": 0.90185546875}, {"start": 3259.36, "end": 3259.78, "word": " the", "probability": 0.91357421875}, {"start": 3259.78, "end": 3260.1, "word": " demand", "probability": 0.916015625}, {"start": 3260.1, "end": 3260.36, "word": " for", "probability": 0.95166015625}, {"start": 3260.36, "end": 3260.78, "word": " blocks.", "probability": 0.884765625}], "temperature": 1.0}, {"id": 114, "seek": 328935, "start": 3262.81, "end": 3289.35, "text": " In the short run here, supply shifts lift. The same as the previous analysis, previous cases. When the government imposed a tax supply or on producers, tax increased the cost of production, supply shifts lift. So there is a leftward shifting in supply curve to S2.", "tokens": [682, 264, 2099, 1190, 510, 11, 5847, 19201, 5533, 13, 440, 912, 382, 264, 3894, 5215, 11, 3894, 3331, 13, 1133, 264, 2463, 26491, 257, 3366, 5847, 420, 322, 16080, 11, 3366, 6505, 264, 2063, 295, 4265, 11, 5847, 19201, 5533, 13, 407, 456, 307, 257, 1411, 1007, 17573, 294, 5847, 7605, 281, 318, 17, 13], "avg_logprob": -0.24300987469522575, "compression_ratio": 1.6158536585365855, "no_speech_prob": 0.0, "words": [{"start": 3262.81, "end": 3263.05, "word": " In", "probability": 0.477294921875}, {"start": 3263.05, "end": 3263.39, "word": " the", "probability": 0.91162109375}, {"start": 3263.39, "end": 3264.21, "word": " short", "probability": 0.96484375}, {"start": 3264.21, "end": 3264.43, "word": " run", "probability": 0.8173828125}, {"start": 3264.43, "end": 3264.71, "word": " here,", "probability": 0.83837890625}, {"start": 3265.13, "end": 3265.67, "word": " supply", "probability": 0.93017578125}, {"start": 3265.67, "end": 3267.23, "word": " shifts", "probability": 0.92626953125}, {"start": 3267.23, "end": 3267.59, "word": " lift.", "probability": 0.619140625}, {"start": 3268.17, "end": 3268.45, "word": " The", "probability": 0.8955078125}, {"start": 3268.45, "end": 3268.83, "word": " same", "probability": 0.90576171875}, {"start": 3268.83, "end": 3269.27, "word": " as", "probability": 0.9697265625}, {"start": 3269.27, "end": 3269.41, "word": " the", "probability": 0.417236328125}, {"start": 3269.41, "end": 3269.71, "word": " previous", "probability": 0.865234375}, {"start": 3269.71, "end": 3270.21, "word": " analysis,", "probability": 0.81787109375}, {"start": 3271.49, "end": 3272.09, "word": " previous", "probability": 0.55859375}, {"start": 3272.09, "end": 3272.59, "word": " cases.", "probability": 0.931640625}, {"start": 3273.17, "end": 3273.31, "word": " When", "probability": 0.87353515625}, {"start": 3273.31, "end": 3273.41, "word": " the", "probability": 0.84912109375}, {"start": 3273.41, "end": 3273.63, "word": " government", "probability": 0.9296875}, {"start": 3273.63, "end": 3274.03, "word": " imposed", "probability": 0.6396484375}, {"start": 3274.03, "end": 3274.19, "word": " a", "probability": 0.71923828125}, {"start": 3274.19, "end": 3274.57, "word": " tax", "probability": 0.94873046875}, {"start": 3274.57, "end": 3276.03, "word": " supply", "probability": 0.689453125}, {"start": 3276.03, "end": 3276.65, "word": " or", "probability": 0.62841796875}, {"start": 3276.65, "end": 3276.97, "word": " on", "probability": 0.919921875}, {"start": 3276.97, "end": 3277.61, "word": " producers,", "probability": 0.85498046875}, {"start": 3278.49, "end": 3278.95, "word": " tax", "probability": 0.89306640625}, {"start": 3278.95, "end": 3280.11, "word": " increased", "probability": 0.4423828125}, {"start": 3280.11, "end": 3280.35, "word": " the", "probability": 0.8994140625}, {"start": 3280.35, "end": 3280.67, "word": " cost", "probability": 0.900390625}, {"start": 3280.67, "end": 3280.87, "word": " of", "probability": 0.96044921875}, {"start": 3280.87, "end": 3281.41, "word": " production,", "probability": 0.94482421875}, {"start": 3281.87, "end": 3282.33, "word": " supply", "probability": 0.95166015625}, {"start": 3282.33, "end": 3282.89, "word": " shifts", "probability": 0.92041015625}, {"start": 3282.89, "end": 3283.31, "word": " lift.", "probability": 0.8173828125}, {"start": 3283.95, "end": 3284.21, "word": " So", "probability": 0.93798828125}, {"start": 3284.21, "end": 3284.63, "word": " there", "probability": 0.74853515625}, {"start": 3284.63, "end": 3285.37, "word": " is", "probability": 0.88037109375}, {"start": 3285.37, "end": 3285.81, "word": " a", "probability": 0.9521484375}, {"start": 3285.81, "end": 3286.11, "word": " leftward", "probability": 0.6002197265625}, {"start": 3286.11, "end": 3286.49, "word": " shifting", "probability": 0.794921875}, {"start": 3286.49, "end": 3286.67, "word": " in", "probability": 0.81689453125}, {"start": 3286.67, "end": 3286.95, "word": " supply", "probability": 0.91357421875}, {"start": 3286.95, "end": 3287.27, "word": " curve", "probability": 0.81689453125}, {"start": 3287.27, "end": 3288.73, "word": " to", "probability": 0.63427734375}, {"start": 3288.73, "end": 3289.35, "word": " S2.", "probability": 0.934814453125}], "temperature": 1.0}, {"id": 115, "seek": 331774, "start": 3290.66, "end": 3317.74, "text": " Here we have a new equilibrium point, A2. Right? Or you see, this is P2. P goes up, price goes up, and here's the quantity. Q2 goes down. How can we determine the tax burden here? From A2 to Isman.", "tokens": [1692, 321, 362, 257, 777, 15625, 935, 11, 316, 17, 13, 1779, 30, 1610, 291, 536, 11, 341, 307, 430, 17, 13, 430, 1709, 493, 11, 3218, 1709, 493, 11, 293, 510, 311, 264, 11275, 13, 1249, 17, 1709, 760, 13, 1012, 393, 321, 6997, 264, 3366, 12578, 510, 30, 3358, 316, 17, 281, 1119, 1601, 13], "avg_logprob": -0.20043103139975976, "compression_ratio": 1.3112582781456954, "no_speech_prob": 0.0, "words": [{"start": 3290.66, "end": 3290.94, "word": " Here", "probability": 0.73876953125}, {"start": 3290.94, "end": 3291.12, "word": " we", "probability": 0.80615234375}, {"start": 3291.12, "end": 3291.44, "word": " have", "probability": 0.943359375}, {"start": 3291.44, "end": 3291.66, "word": " a", "probability": 0.75048828125}, {"start": 3291.66, "end": 3291.8, "word": " new", "probability": 0.79296875}, {"start": 3291.8, "end": 3292.28, "word": " equilibrium", "probability": 0.9423828125}, {"start": 3292.28, "end": 3292.8, "word": " point,", "probability": 0.97265625}, {"start": 3293.0, "end": 3293.38, "word": " A2.", "probability": 0.92333984375}, {"start": 3294.7, "end": 3295.18, "word": " Right?", "probability": 0.53369140625}, {"start": 3296.2, "end": 3296.54, "word": " Or", "probability": 0.2900390625}, {"start": 3296.54, "end": 3296.7, "word": " you", "probability": 0.771484375}, {"start": 3296.7, "end": 3296.96, "word": " see,", "probability": 0.7763671875}, {"start": 3298.1, "end": 3298.4, "word": " this", "probability": 0.59716796875}, {"start": 3298.4, "end": 3298.7, "word": " is", "probability": 0.95166015625}, {"start": 3298.7, "end": 3299.26, "word": " P2.", "probability": 0.972412109375}, {"start": 3301.28, "end": 3302.0, "word": " P", "probability": 0.98486328125}, {"start": 3302.0, "end": 3302.52, "word": " goes", "probability": 0.923828125}, {"start": 3302.52, "end": 3302.84, "word": " up,", "probability": 0.96826171875}, {"start": 3303.8, "end": 3304.08, "word": " price", "probability": 0.873046875}, {"start": 3304.08, "end": 3304.36, "word": " goes", "probability": 0.93701171875}, {"start": 3304.36, "end": 3304.64, "word": " up,", "probability": 0.96630859375}, {"start": 3304.9, "end": 3305.14, "word": " and", "probability": 0.93505859375}, {"start": 3305.14, "end": 3305.46, "word": " here's", "probability": 0.8388671875}, {"start": 3305.46, "end": 3305.6, "word": " the", "probability": 0.9208984375}, {"start": 3305.6, "end": 3306.0, "word": " quantity.", "probability": 0.962890625}, {"start": 3307.32, "end": 3307.84, "word": " Q2", "probability": 0.991455078125}, {"start": 3307.84, "end": 3308.38, "word": " goes", "probability": 0.8349609375}, {"start": 3308.38, "end": 3308.62, "word": " down.", "probability": 0.8369140625}, {"start": 3311.04, "end": 3311.64, "word": " How", "probability": 0.962890625}, {"start": 3311.64, "end": 3311.9, "word": " can", "probability": 0.9404296875}, {"start": 3311.9, "end": 3312.06, "word": " we", "probability": 0.96240234375}, {"start": 3312.06, "end": 3312.58, "word": " determine", "probability": 0.908203125}, {"start": 3312.58, "end": 3313.78, "word": " the", "probability": 0.92041015625}, {"start": 3313.78, "end": 3314.18, "word": " tax", "probability": 0.9423828125}, {"start": 3314.18, "end": 3314.66, "word": " burden", "probability": 0.8974609375}, {"start": 3314.66, "end": 3315.02, "word": " here?", "probability": 0.7109375}, {"start": 3316.18, "end": 3316.56, "word": " From", "probability": 0.783203125}, {"start": 3316.56, "end": 3317.1, "word": " A2", "probability": 0.9970703125}, {"start": 3317.1, "end": 3317.38, "word": " to", "probability": 0.9697265625}, {"start": 3317.38, "end": 3317.74, "word": " Isman.", "probability": 0.5111083984375}], "temperature": 1.0}, {"id": 116, "seek": 335009, "start": 3322.37, "end": 3350.09, "text": " This is the whole of tax burden. Where is the consumer share of tax burden? The producer share of tax burden. So here, this is the consumer share of tax burden and this is the producer share of tax burden.", "tokens": [639, 307, 264, 1379, 295, 3366, 12578, 13, 2305, 307, 264, 9711, 2073, 295, 3366, 12578, 30, 440, 12314, 2073, 295, 3366, 12578, 13, 407, 510, 11, 341, 307, 264, 9711, 2073, 295, 3366, 12578, 293, 341, 307, 264, 12314, 2073, 295, 3366, 12578, 13], "avg_logprob": -0.22894021285616833, "compression_ratio": 2.1237113402061856, "no_speech_prob": 0.0, "words": [{"start": 3322.37, "end": 3322.65, "word": " This", "probability": 0.7158203125}, {"start": 3322.65, "end": 3322.85, "word": " is", "probability": 0.9482421875}, {"start": 3322.85, "end": 3322.99, "word": " the", "probability": 0.90576171875}, {"start": 3322.99, "end": 3323.15, "word": " whole", "probability": 0.8310546875}, {"start": 3323.15, "end": 3323.33, "word": " of", "probability": 0.81982421875}, {"start": 3323.33, "end": 3323.65, "word": " tax", "probability": 0.75439453125}, {"start": 3323.65, "end": 3323.89, "word": " burden.", "probability": 0.94140625}, {"start": 3324.65, "end": 3324.89, "word": " Where", "probability": 0.4541015625}, {"start": 3324.89, "end": 3327.29, "word": " is", "probability": 0.6787109375}, {"start": 3327.29, "end": 3327.43, "word": " the", "probability": 0.91015625}, {"start": 3327.43, "end": 3327.83, "word": " consumer", "probability": 0.79638671875}, {"start": 3327.83, "end": 3328.15, "word": " share", "probability": 0.79345703125}, {"start": 3328.15, "end": 3328.27, "word": " of", "probability": 0.95166015625}, {"start": 3328.27, "end": 3328.47, "word": " tax", "probability": 0.9140625}, {"start": 3328.47, "end": 3328.75, "word": " burden?", "probability": 0.95703125}, {"start": 3331.71, "end": 3332.35, "word": " The", "probability": 0.2435302734375}, {"start": 3332.35, "end": 3335.65, "word": " producer", "probability": 0.73193359375}, {"start": 3335.65, "end": 3336.03, "word": " share", "probability": 0.66845703125}, {"start": 3336.03, "end": 3336.17, "word": " of", "probability": 0.93798828125}, {"start": 3336.17, "end": 3336.43, "word": " tax", "probability": 0.91357421875}, {"start": 3336.43, "end": 3336.71, "word": " burden.", "probability": 0.9521484375}, {"start": 3337.03, "end": 3337.35, "word": " So", "probability": 0.7060546875}, {"start": 3337.35, "end": 3338.47, "word": " here,", "probability": 0.5732421875}, {"start": 3338.83, "end": 3339.19, "word": " this", "probability": 0.92333984375}, {"start": 3339.19, "end": 3339.63, "word": " is", "probability": 0.94677734375}, {"start": 3339.63, "end": 3343.47, "word": " the", "probability": 0.84619140625}, {"start": 3343.47, "end": 3343.95, "word": " consumer", "probability": 0.8447265625}, {"start": 3343.95, "end": 3344.29, "word": " share", "probability": 0.83154296875}, {"start": 3344.29, "end": 3344.43, "word": " of", "probability": 0.94873046875}, {"start": 3344.43, "end": 3344.67, "word": " tax", "probability": 0.93408203125}, {"start": 3344.67, "end": 3344.99, "word": " burden", "probability": 0.947265625}, {"start": 3344.99, "end": 3348.01, "word": " and", "probability": 0.462158203125}, {"start": 3348.01, "end": 3348.51, "word": " this", "probability": 0.8857421875}, {"start": 3348.51, "end": 3348.67, "word": " is", "probability": 0.94384765625}, {"start": 3348.67, "end": 3348.81, "word": " the", "probability": 0.890625}, {"start": 3348.81, "end": 3349.17, "word": " producer", "probability": 0.9150390625}, {"start": 3349.17, "end": 3349.55, "word": " share", "probability": 0.76953125}, {"start": 3349.55, "end": 3349.71, "word": " of", "probability": 0.869140625}, {"start": 3349.71, "end": 3349.91, "word": " tax", "probability": 0.9296875}, {"start": 3349.91, "end": 3350.09, "word": " burden.", "probability": 0.94140625}], "temperature": 1.0}, {"id": 117, "seek": 337776, "start": 3356.68, "end": 3377.76, "text": " So, the consumer pays the least. And the producer pays the most. Producer, most. Inelastic demand.", "tokens": [407, 11, 264, 9711, 10604, 264, 1935, 13, 400, 264, 12314, 10604, 264, 881, 13, 33034, 11, 881, 13, 682, 338, 2750, 4733, 13], "avg_logprob": -0.29328125953674317, "compression_ratio": 1.2857142857142858, "no_speech_prob": 0.0, "words": [{"start": 3356.68, "end": 3357.72, "word": " So,", "probability": 0.85888671875}, {"start": 3358.62, "end": 3358.74, "word": " the", "probability": 0.90283203125}, {"start": 3358.74, "end": 3359.24, "word": " consumer", "probability": 0.87158203125}, {"start": 3359.24, "end": 3359.56, "word": " pays", "probability": 0.8515625}, {"start": 3359.56, "end": 3359.86, "word": " the", "probability": 0.91650390625}, {"start": 3359.86, "end": 3360.38, "word": " least.", "probability": 0.96728515625}, {"start": 3361.46, "end": 3361.72, "word": " And", "probability": 0.1832275390625}, {"start": 3361.72, "end": 3361.82, "word": " the", "probability": 0.7314453125}, {"start": 3361.82, "end": 3365.2, "word": " producer", "probability": 0.80029296875}, {"start": 3365.2, "end": 3365.74, "word": " pays", "probability": 0.9169921875}, {"start": 3365.74, "end": 3366.16, "word": " the", "probability": 0.89501953125}, {"start": 3366.16, "end": 3366.52, "word": " most.", "probability": 0.9267578125}, {"start": 3366.66, "end": 3367.08, "word": " Producer,", "probability": 0.533203125}, {"start": 3369.1, "end": 3370.24, "word": " most.", "probability": 0.91455078125}, {"start": 3376.2, "end": 3377.24, "word": " Inelastic", "probability": 0.716064453125}, {"start": 3377.24, "end": 3377.76, "word": " demand.", "probability": 0.8779296875}], "temperature": 1.0}, {"id": 118, "seek": 341367, "start": 3385.97, "end": 3413.67, "text": " Can the consumer most or the producer least? In an elastic supply, the consumer least, producer most.", "tokens": [1664, 264, 9711, 881, 420, 264, 12314, 1935, 30, 682, 364, 17115, 5847, 11, 264, 9711, 1935, 11, 12314, 881, 13], "avg_logprob": -0.3796164799820293, "compression_ratio": 1.3076923076923077, "no_speech_prob": 0.0, "words": [{"start": 3385.97, "end": 3386.25, "word": " Can", "probability": 0.5185546875}, {"start": 3386.25, "end": 3386.39, "word": " the", "probability": 0.435302734375}, {"start": 3386.39, "end": 3387.01, "word": " consumer", "probability": 0.84423828125}, {"start": 3387.01, "end": 3390.41, "word": " most", "probability": 0.86767578125}, {"start": 3390.41, "end": 3391.83, "word": " or", "probability": 0.22802734375}, {"start": 3391.83, "end": 3391.95, "word": " the", "probability": 0.84521484375}, {"start": 3391.95, "end": 3392.43, "word": " producer", "probability": 0.9091796875}, {"start": 3392.43, "end": 3395.79, "word": " least?", "probability": 0.92041015625}, {"start": 3396.73, "end": 3397.71, "word": " In", "probability": 0.2734375}, {"start": 3397.71, "end": 3398.87, "word": " an", "probability": 0.40771484375}, {"start": 3398.87, "end": 3399.21, "word": " elastic", "probability": 0.68017578125}, {"start": 3399.21, "end": 3399.79, "word": " supply,", "probability": 0.94091796875}, {"start": 3402.11, "end": 3405.99, "word": " the", "probability": 0.845703125}, {"start": 3405.99, "end": 3406.63, "word": " consumer", "probability": 0.84423828125}, {"start": 3406.63, "end": 3408.83, "word": " least,", "probability": 0.90673828125}, {"start": 3410.41, "end": 3411.03, "word": " producer", "probability": 0.86279296875}, {"start": 3411.03, "end": 3413.67, "word": " most.", "probability": 0.92041015625}], "temperature": 1.0}, {"id": 119, "seek": 344448, "start": 3417.2, "end": 3444.48, "text": " In all cases, it's the opposite. Let's see. Elastic supply. In the elastic demand, who was moving the most? The consumer was in the elastic demand. Like like Pepsi demand for Pepsi demand for Apple demand for Orange. The consumer was in the elastic demand. In the elastic demand, like the demand for Apple,", "tokens": [682, 439, 3331, 11, 309, 311, 264, 6182, 13, 961, 311, 536, 13, 2699, 2750, 5847, 13, 682, 264, 17115, 4733, 11, 567, 390, 2684, 264, 881, 30, 440, 9711, 390, 294, 264, 17115, 4733, 13, 1743, 411, 42311, 4733, 337, 42311, 4733, 337, 6373, 4733, 337, 17106, 13, 440, 9711, 390, 294, 264, 17115, 4733, 13, 682, 264, 17115, 4733, 11, 411, 264, 4733, 337, 6373, 11], "avg_logprob": -0.40421195652173914, "compression_ratio": 1.9806451612903226, "no_speech_prob": 0.0, "words": [{"start": 3417.2, "end": 3417.42, "word": " In", "probability": 0.490234375}, {"start": 3417.42, "end": 3417.6, "word": " all", "probability": 0.6533203125}, {"start": 3417.6, "end": 3417.94, "word": " cases,", "probability": 0.8173828125}, {"start": 3418.06, "end": 3418.14, "word": " it's", "probability": 0.776123046875}, {"start": 3418.14, "end": 3418.2, "word": " the", "probability": 0.74462890625}, {"start": 3418.2, "end": 3418.4, "word": " opposite.", "probability": 0.7724609375}, {"start": 3419.84, "end": 3420.14, "word": " Let's", "probability": 0.60882568359375}, {"start": 3420.14, "end": 3420.48, "word": " see.", "probability": 0.58203125}, {"start": 3421.7, "end": 3422.34, "word": " Elastic", "probability": 0.970703125}, {"start": 3422.34, "end": 3422.96, "word": " supply.", "probability": 0.88916015625}, {"start": 3424.58, "end": 3425.04, "word": " In", "probability": 0.377197265625}, {"start": 3425.04, "end": 3425.12, "word": " the", "probability": 0.251220703125}, {"start": 3425.12, "end": 3425.44, "word": " elastic", "probability": 0.90478515625}, {"start": 3425.44, "end": 3425.92, "word": " demand,", "probability": 0.91552734375}, {"start": 3426.96, "end": 3427.1, "word": " who", "probability": 0.67724609375}, {"start": 3427.1, "end": 3427.3, "word": " was", "probability": 0.3408203125}, {"start": 3427.3, "end": 3427.56, "word": " moving", "probability": 0.1676025390625}, {"start": 3427.56, "end": 3427.7, "word": " the", "probability": 0.34326171875}, {"start": 3427.7, "end": 3427.78, "word": " most?", "probability": 0.91650390625}, {"start": 3428.62, "end": 3429.26, "word": " The", "probability": 0.344482421875}, {"start": 3429.26, "end": 3429.64, "word": " consumer", "probability": 0.86669921875}, {"start": 3429.64, "end": 3429.92, "word": " was", "probability": 0.50830078125}, {"start": 3429.92, "end": 3430.1, "word": " in", "probability": 0.705078125}, {"start": 3430.1, "end": 3430.5, "word": " the", "probability": 0.79150390625}, {"start": 3430.5, "end": 3430.96, "word": " elastic", "probability": 0.958984375}, {"start": 3430.96, "end": 3431.44, "word": " demand.", "probability": 0.89990234375}, {"start": 3432.86, "end": 3433.14, "word": " Like", "probability": 0.51611328125}, {"start": 3433.14, "end": 3433.6, "word": " like", "probability": 0.2529296875}, {"start": 3433.6, "end": 3433.96, "word": " Pepsi", "probability": 0.291259765625}, {"start": 3433.96, "end": 3434.24, "word": " demand", "probability": 0.87353515625}, {"start": 3434.24, "end": 3434.44, "word": " for", "probability": 0.82861328125}, {"start": 3434.44, "end": 3434.74, "word": " Pepsi", "probability": 0.720703125}, {"start": 3434.74, "end": 3435.06, "word": " demand", "probability": 0.6005859375}, {"start": 3435.06, "end": 3435.3, "word": " for", "probability": 0.876953125}, {"start": 3435.3, "end": 3435.66, "word": " Apple", "probability": 0.76708984375}, {"start": 3435.66, "end": 3435.96, "word": " demand", "probability": 0.8935546875}, {"start": 3435.96, "end": 3436.28, "word": " for", "probability": 0.9423828125}, {"start": 3436.28, "end": 3436.86, "word": " Orange.", "probability": 0.66845703125}, {"start": 3437.5, "end": 3437.62, "word": " The", "probability": 0.61279296875}, {"start": 3437.62, "end": 3438.22, "word": " consumer", "probability": 0.85107421875}, {"start": 3438.22, "end": 3438.52, "word": " was", "probability": 0.537109375}, {"start": 3438.52, "end": 3438.7, "word": " in", 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"probability": 0.90234375}], "temperature": 1.0}, {"id": 120, "seek": 347312, "start": 3446.38, "end": 3473.12, "text": " The consumer bears the least, producer bears the most. Elastic supply, we will see in reverse. This is most and this is least. Let's see. In the applications, you can see more. Did anyone notice? Okay. So, let's go to the elastic supply.", "tokens": [440, 9711, 17276, 264, 1935, 11, 12314, 17276, 264, 881, 13, 2699, 2750, 5847, 11, 321, 486, 536, 294, 9943, 13, 639, 307, 881, 293, 341, 307, 1935, 13, 961, 311, 536, 13, 682, 264, 5821, 11, 291, 393, 536, 544, 13, 2589, 2878, 3449, 30, 1033, 13, 407, 11, 718, 311, 352, 281, 264, 17115, 5847, 13], "avg_logprob": -0.3863877108541586, "compression_ratio": 1.4691358024691359, "no_speech_prob": 0.0, "words": [{"start": 3446.38, "end": 3446.52, "word": " The", "probability": 0.317138671875}, {"start": 3446.52, "end": 3446.94, "word": " consumer", "probability": 0.83447265625}, {"start": 3446.94, "end": 3447.32, "word": " bears", "probability": 0.483154296875}, {"start": 3447.32, "end": 3447.56, "word": " the", "probability": 0.919921875}, {"start": 3447.56, "end": 3448.02, "word": " least,", "probability": 0.96728515625}, {"start": 3449.7, "end": 3450.44, "word": " producer", "probability": 0.87451171875}, {"start": 3450.44, "end": 3451.04, "word": " bears", "probability": 0.77294921875}, {"start": 3451.04, "end": 3451.3, "word": " the", "probability": 0.9189453125}, {"start": 3451.3, "end": 3451.66, "word": " most.", "probability": 0.92431640625}, {"start": 3453.24, "end": 3453.76, "word": " Elastic", "probability": 0.974365234375}, {"start": 3453.76, "end": 3454.4, "word": " supply,", "probability": 0.91162109375}, {"start": 3454.82, "end": 3455.06, "word": " we", "probability": 0.62451171875}, {"start": 3455.06, "end": 3455.16, "word": " will", "probability": 0.382568359375}, {"start": 3455.16, "end": 3455.34, "word": " see", "probability": 0.71728515625}, {"start": 3455.34, "end": 3455.46, "word": " in", "probability": 0.208251953125}, {"start": 3455.46, "end": 3455.7, "word": " reverse.", "probability": 0.5478515625}, {"start": 3456.38, "end": 3456.6, "word": " This", "probability": 0.78173828125}, {"start": 3456.6, "end": 3456.64, "word": " is", "probability": 0.71826171875}, {"start": 3456.64, "end": 3457.02, "word": " most", "probability": 0.7626953125}, {"start": 3457.02, "end": 3458.12, "word": " and", "probability": 0.64599609375}, {"start": 3458.12, "end": 3458.28, "word": " this", "probability": 0.90771484375}, {"start": 3458.28, "end": 3458.3, "word": " is", "probability": 0.94287109375}, {"start": 3458.3, "end": 3458.68, "word": " least.", "probability": 0.9501953125}, {"start": 3461.72, "end": 3462.14, "word": " Let's", "probability": 0.86865234375}, {"start": 3462.14, "end": 3462.36, "word": " see.", "probability": 0.85205078125}, {"start": 3462.82, "end": 3463.04, "word": " In", "probability": 0.447509765625}, {"start": 3463.04, "end": 3463.08, "word": " the", "probability": 0.474609375}, {"start": 3463.08, "end": 3463.72, "word": " applications,", "probability": 0.80810546875}, {"start": 3464.42, "end": 3464.42, "word": " you", "probability": 0.302734375}, {"start": 3464.42, "end": 3464.54, "word": " can", "probability": 0.720703125}, {"start": 3464.54, "end": 3464.56, "word": " see", "probability": 0.8876953125}, {"start": 3464.56, "end": 3465.02, "word": " more.", "probability": 0.348876953125}, {"start": 3465.72, "end": 3466.42, "word": " Did", "probability": 0.3955078125}, {"start": 3466.42, "end": 3466.48, "word": " anyone", "probability": 0.62939453125}, {"start": 3466.48, "end": 3466.66, "word": " notice?", "probability": 0.1663818359375}, {"start": 3467.6, "end": 3468.32, "word": " Okay.", "probability": 0.53125}, {"start": 3469.64, "end": 3469.9, "word": " So,", "probability": 0.927734375}, {"start": 3470.02, "end": 3470.18, "word": " let's", "probability": 0.9755859375}, {"start": 3470.18, "end": 3470.36, "word": " go", "probability": 0.958984375}, {"start": 3470.36, "end": 3470.58, "word": " to", "probability": 0.951171875}, {"start": 3470.58, "end": 3470.8, "word": " the", "probability": 0.79638671875}, {"start": 3470.8, "end": 3472.5, "word": " elastic", "probability": 0.9384765625}, {"start": 3472.5, "end": 3473.12, "word": " supply.", "probability": 0.93896484375}], "temperature": 1.0}, {"id": 121, "seek": 350278, "start": 3475.56, "end": 3502.78, "text": " Long run. Elastic supply, the long run here. Long term. Elastic supply. So let's deal with supply as elastic. Price, quantity. Elastic supply should be close to the horizontal axis. This one. And demand is unitary elastic.", "tokens": [8282, 1190, 13, 2699, 2750, 5847, 11, 264, 938, 1190, 510, 13, 8282, 1433, 13, 2699, 2750, 5847, 13, 407, 718, 311, 2028, 365, 5847, 382, 17115, 13, 25803, 11, 11275, 13, 2699, 2750, 5847, 820, 312, 1998, 281, 264, 12750, 10298, 13, 639, 472, 13, 400, 4733, 307, 517, 4109, 17115, 13], "avg_logprob": -0.19372106233128794, "compression_ratio": 1.5170068027210883, "no_speech_prob": 0.0, "words": [{"start": 3475.56, "end": 3475.96, "word": " Long", "probability": 0.84130859375}, {"start": 3475.96, "end": 3476.22, "word": " run.", "probability": 0.56982421875}, {"start": 3477.02, "end": 3477.46, "word": " Elastic", "probability": 0.959716796875}, {"start": 3477.46, "end": 3478.08, "word": " supply,", "probability": 0.927734375}, {"start": 3478.72, "end": 3478.84, "word": " the", "probability": 0.845703125}, {"start": 3478.84, "end": 3479.06, "word": " long", "probability": 0.919921875}, {"start": 3479.06, "end": 3479.32, "word": " run", "probability": 0.8779296875}, {"start": 3479.32, "end": 3479.6, "word": " here.", "probability": 0.7841796875}, {"start": 3480.32, "end": 3480.5, "word": " Long", "probability": 0.80029296875}, {"start": 3480.5, "end": 3480.78, "word": " term.", "probability": 0.80322265625}, {"start": 3484.32, "end": 3485.04, "word": " Elastic", "probability": 0.96728515625}, {"start": 3485.04, "end": 3485.58, "word": " supply.", "probability": 0.9345703125}, {"start": 3487.02, "end": 3487.42, "word": " So", "probability": 0.93115234375}, {"start": 3487.42, "end": 3487.68, "word": " let's", "probability": 0.88671875}, {"start": 3487.68, "end": 3487.98, "word": " deal", "probability": 0.9697265625}, {"start": 3487.98, "end": 3488.34, "word": " with", "probability": 0.90185546875}, {"start": 3488.34, "end": 3489.12, "word": " supply", "probability": 0.94140625}, {"start": 3489.12, "end": 3489.72, "word": " as", "probability": 0.96728515625}, {"start": 3489.72, "end": 3490.32, "word": " elastic.", "probability": 0.97216796875}, {"start": 3490.66, "end": 3491.04, "word": " Price,", "probability": 0.89697265625}, {"start": 3492.26, "end": 3493.18, "word": " quantity.", "probability": 0.92138671875}, {"start": 3494.16, "end": 3494.48, "word": " Elastic", "probability": 0.972412109375}, {"start": 3494.48, "end": 3495.02, "word": " supply", "probability": 0.95361328125}, {"start": 3495.02, "end": 3495.56, "word": " should", "probability": 0.9462890625}, {"start": 3495.56, "end": 3495.76, "word": " be", "probability": 0.95654296875}, {"start": 3495.76, "end": 3496.1, "word": " close", "probability": 0.81982421875}, {"start": 3496.1, "end": 3496.26, "word": " to", "probability": 0.92041015625}, {"start": 3496.26, "end": 3496.32, "word": " the", "probability": 0.498046875}, {"start": 3496.32, "end": 3496.64, "word": " horizontal", "probability": 0.86083984375}, {"start": 3496.64, "end": 3497.16, "word": " axis.", "probability": 0.95703125}, {"start": 3498.6, "end": 3499.1, "word": " This", "probability": 0.61572265625}, {"start": 3499.1, "end": 3499.42, "word": " one.", "probability": 0.92236328125}, {"start": 3500.74, "end": 3501.26, "word": " And", "probability": 0.921875}, {"start": 3501.26, "end": 3501.62, "word": " demand", "probability": 0.85400390625}, {"start": 3501.62, "end": 3501.92, "word": " is", "probability": 0.94580078125}, {"start": 3501.92, "end": 3502.36, "word": " unitary", "probability": 0.829345703125}, {"start": 3502.36, "end": 3502.78, "word": " elastic.", "probability": 0.970703125}], "temperature": 1.0}, {"id": 122, "seek": 353548, "start": 3506.42, "end": 3535.48, "text": " D1. Here's the equilibrium, E1 versus P1, Q1. The government impose a tax by period. This is S2. So here we have E2. This is P2 to determine", "tokens": [413, 16, 13, 1692, 311, 264, 15625, 11, 462, 16, 5717, 430, 16, 11, 1249, 16, 13, 440, 2463, 26952, 257, 3366, 538, 2896, 13, 639, 307, 318, 17, 13, 407, 510, 321, 362, 462, 17, 13, 639, 307, 430, 17, 281, 6997], "avg_logprob": -0.2622514326464046, "compression_ratio": 1.184873949579832, "no_speech_prob": 0.0, "words": [{"start": 3506.42, "end": 3506.86, "word": " D1.", "probability": 0.771728515625}, {"start": 3507.24, "end": 3507.68, "word": " Here's", "probability": 0.823974609375}, {"start": 3507.68, "end": 3507.86, "word": " the", "probability": 0.92529296875}, {"start": 3507.86, "end": 3508.26, "word": " equilibrium,", "probability": 0.9140625}, {"start": 3508.54, "end": 3508.92, "word": " E1", "probability": 0.740966796875}, {"start": 3508.92, "end": 3510.44, "word": " versus", "probability": 0.367919921875}, {"start": 3510.44, "end": 3511.0, "word": " P1,", "probability": 0.94970703125}, {"start": 3512.44, "end": 3512.96, "word": " Q1.", "probability": 0.665771484375}, {"start": 3513.16, "end": 3513.34, "word": " The", "probability": 0.86376953125}, {"start": 3513.34, "end": 3513.68, "word": " government", "probability": 0.90966796875}, {"start": 3513.68, "end": 3514.2, "word": " impose", "probability": 0.63818359375}, {"start": 3514.2, "end": 3514.38, "word": " a", "probability": 0.6044921875}, {"start": 3514.38, "end": 3514.68, "word": " tax", "probability": 0.9296875}, {"start": 3514.68, "end": 3515.82, "word": " by", "probability": 0.94091796875}, {"start": 3515.82, "end": 3520.12, "word": " period.", "probability": 0.4599609375}, {"start": 3520.74, "end": 3521.62, "word": " This", "probability": 0.89990234375}, {"start": 3521.62, "end": 3522.1, "word": " is", "probability": 0.9521484375}, {"start": 3522.1, "end": 3523.44, "word": " S2.", "probability": 0.989013671875}, {"start": 3525.16, "end": 3525.34, "word": " So", "probability": 0.93359375}, {"start": 3525.34, "end": 3525.6, "word": " here", "probability": 0.58154296875}, {"start": 3525.6, "end": 3525.9, "word": " we", "probability": 0.49755859375}, {"start": 3525.9, "end": 3526.24, "word": " have", "probability": 0.9501953125}, {"start": 3526.24, "end": 3527.0, "word": " E2.", "probability": 0.979736328125}, {"start": 3532.26, "end": 3533.14, "word": " This", "probability": 0.87646484375}, {"start": 3533.14, "end": 3533.3, "word": " is", "probability": 0.95068359375}, {"start": 3533.3, "end": 3533.82, "word": " P2", "probability": 0.998046875}, {"start": 3533.82, "end": 3534.98, "word": " to", "probability": 0.5537109375}, {"start": 3534.98, "end": 3535.48, "word": " determine", "probability": 0.916015625}], "temperature": 1.0}, {"id": 123, "seek": 356138, "start": 3536.46, "end": 3561.38, "text": " to determine the whole of tax burden from A2 to S1. What do you see? P3. Price goes up, quantity goes down. What do you see? This is the whole of tax burden and this is the consumer share.", "tokens": [281, 6997, 264, 1379, 295, 3366, 12578, 490, 316, 17, 281, 318, 16, 13, 708, 360, 291, 536, 30, 430, 18, 13, 25803, 1709, 493, 11, 11275, 1709, 760, 13, 708, 360, 291, 536, 30, 639, 307, 264, 1379, 295, 3366, 12578, 293, 341, 307, 264, 9711, 2073, 13], "avg_logprob": -0.20187500596046448, "compression_ratio": 1.4881889763779528, "no_speech_prob": 0.0, "words": [{"start": 3536.46, "end": 3536.7, "word": " to", "probability": 0.8173828125}, {"start": 3536.7, "end": 3537.24, "word": " determine", "probability": 0.91845703125}, {"start": 3537.24, "end": 3538.6, "word": " the", "probability": 0.92041015625}, {"start": 3538.6, "end": 3538.8, "word": " whole", "probability": 0.84765625}, {"start": 3538.8, "end": 3538.96, "word": " of", "probability": 0.8759765625}, {"start": 3538.96, "end": 3539.22, "word": " tax", "probability": 0.5947265625}, {"start": 3539.22, "end": 3539.64, "word": " burden", "probability": 0.94384765625}, {"start": 3539.64, "end": 3540.26, "word": " from", "probability": 0.40625}, {"start": 3540.26, "end": 3542.82, "word": " A2", "probability": 0.739501953125}, {"start": 3542.82, "end": 3543.02, "word": " to", "probability": 0.9609375}, {"start": 3543.02, "end": 3543.48, "word": " S1.", "probability": 0.9814453125}, {"start": 3546.56, "end": 3547.06, "word": " What", "probability": 0.84130859375}, {"start": 3547.06, "end": 3547.16, "word": " do", "probability": 0.81640625}, {"start": 3547.16, "end": 3547.22, "word": " you", "probability": 0.9287109375}, {"start": 3547.22, "end": 3547.42, "word": " see?", "probability": 0.90185546875}, {"start": 3547.92, "end": 3548.48, "word": " P3.", "probability": 0.958251953125}, {"start": 3549.54, "end": 3550.14, "word": " Price", "probability": 0.83642578125}, {"start": 3550.14, "end": 3550.52, "word": " goes", "probability": 0.2802734375}, {"start": 3550.52, "end": 3550.98, "word": " up,", "probability": 0.96630859375}, {"start": 3552.04, "end": 3552.4, "word": " quantity", "probability": 0.92578125}, {"start": 3552.4, "end": 3552.74, "word": " goes", "probability": 0.93798828125}, {"start": 3552.74, "end": 3553.0, "word": " down.", "probability": 0.84814453125}, {"start": 3554.8, "end": 3554.92, "word": " What", "probability": 0.74609375}, {"start": 3554.92, "end": 3555.04, "word": " do", "probability": 0.9248046875}, {"start": 3555.04, "end": 3555.06, "word": " you", "probability": 0.95361328125}, {"start": 3555.06, "end": 3555.24, "word": " see?", "probability": 0.93115234375}, {"start": 3556.02, "end": 3556.42, "word": " This", "probability": 0.876953125}, {"start": 3556.42, "end": 3556.56, "word": " is", "probability": 0.92236328125}, {"start": 3556.56, "end": 3556.66, "word": " the", "probability": 0.8984375}, {"start": 3556.66, "end": 3558.0, "word": " whole", "probability": 0.43408203125}, {"start": 3558.0, "end": 3558.24, "word": " of", "probability": 0.95458984375}, {"start": 3558.24, "end": 3558.5, "word": " tax", "probability": 0.90966796875}, {"start": 3558.5, "end": 3558.82, "word": " burden", "probability": 0.96533203125}, {"start": 3558.82, "end": 3559.66, "word": " and", "probability": 0.55859375}, {"start": 3559.66, "end": 3559.92, "word": " this", "probability": 0.9453125}, {"start": 3559.92, "end": 3560.12, "word": " is", "probability": 0.94775390625}, {"start": 3560.12, "end": 3560.36, "word": " the", "probability": 0.91748046875}, {"start": 3560.36, "end": 3560.92, "word": " consumer", "probability": 0.85205078125}, {"start": 3560.92, "end": 3561.38, "word": " share.", "probability": 0.81494140625}], "temperature": 1.0}, {"id": 124, "seek": 358955, "start": 3563.93, "end": 3589.55, "text": " which is bigger than the producer share of tax burden. This case pays the most, producer pays the least of tax burden. Most, producer pays the least of tax burden.", "tokens": [597, 307, 3801, 813, 264, 12314, 2073, 295, 3366, 12578, 13, 639, 1389, 10604, 264, 881, 11, 12314, 10604, 264, 1935, 295, 3366, 12578, 13, 4534, 11, 12314, 10604, 264, 1935, 295, 3366, 12578, 13], "avg_logprob": -0.284939238594638, "compression_ratio": 1.7446808510638299, "no_speech_prob": 0.0, "words": [{"start": 3563.93, "end": 3564.13, "word": " which", "probability": 0.4375}, {"start": 3564.13, "end": 3564.31, "word": " is", "probability": 0.95556640625}, {"start": 3564.31, "end": 3564.61, "word": " bigger", "probability": 0.94873046875}, {"start": 3564.61, "end": 3565.03, "word": " than", "probability": 0.94580078125}, {"start": 3565.03, "end": 3565.53, "word": " the", "probability": 0.9130859375}, {"start": 3565.53, "end": 3566.01, "word": " producer", "probability": 0.83984375}, {"start": 3566.01, "end": 3566.41, "word": " share", "probability": 0.59912109375}, {"start": 3566.41, "end": 3566.57, "word": " of", "probability": 0.69677734375}, {"start": 3566.57, "end": 3566.73, "word": " tax", "probability": 0.85400390625}, {"start": 3566.73, "end": 3567.03, "word": " burden.", "probability": 0.90966796875}, {"start": 3571.17, "end": 3571.17, "word": " This", "probability": 0.04443359375}, {"start": 3571.17, "end": 3577.15, "word": " case", "probability": 0.79638671875}, {"start": 3577.15, "end": 3577.51, "word": " pays", "probability": 0.3154296875}, {"start": 3577.51, "end": 3577.69, "word": " the", "probability": 0.884765625}, {"start": 3577.69, "end": 3578.07, "word": " most,", "probability": 0.9384765625}, {"start": 3578.49, "end": 3578.85, "word": " producer", "probability": 0.8779296875}, {"start": 3578.85, "end": 3579.21, "word": " pays", "probability": 0.89501953125}, {"start": 3579.21, "end": 3579.45, "word": " the", "probability": 0.90771484375}, {"start": 3579.45, "end": 3579.75, "word": " least", "probability": 0.96337890625}, {"start": 3579.75, "end": 3579.95, "word": " of", "probability": 0.70068359375}, {"start": 3579.95, "end": 3580.13, "word": " tax", "probability": 0.8916015625}, {"start": 3580.13, "end": 3580.53, "word": " burden.", "probability": 0.955078125}, {"start": 3584.23, "end": 3584.95, "word": " Most,", "probability": 0.52734375}, {"start": 3586.45, "end": 3587.09, "word": " producer", "probability": 0.8154296875}, {"start": 3587.09, "end": 3588.03, "word": " pays", "probability": 0.7685546875}, {"start": 3588.03, "end": 3588.43, "word": " the", "probability": 0.8984375}, {"start": 3588.43, "end": 3588.79, "word": " least", "probability": 0.96044921875}, {"start": 3588.79, "end": 3588.95, "word": " of", "probability": 0.93505859375}, {"start": 3588.95, "end": 3589.21, "word": " tax", "probability": 0.90283203125}, {"start": 3589.21, "end": 3589.55, "word": " burden.", "probability": 0.95947265625}], "temperature": 1.0}, {"id": 125, "seek": 362074, "start": 3593.02, "end": 3620.74, "text": " Who's bigger? This one is bigger than this one, right? In the unitary, 50-50. Try it, you'll find it 50-50. Okay? Which is the medium term. Let's say this is the unitary elastic. Demand, consumers, P is 50 percent and the producer P is 50 percent.", "tokens": [2102, 311, 3801, 30, 639, 472, 307, 3801, 813, 341, 472, 11, 558, 30, 682, 264, 517, 4109, 11, 2625, 12, 2803, 13, 6526, 309, 11, 291, 603, 915, 309, 2625, 12, 2803, 13, 1033, 30, 3013, 307, 264, 6399, 1433, 13, 961, 311, 584, 341, 307, 264, 517, 4109, 17115, 13, 4686, 474, 11, 11883, 11, 430, 307, 2625, 3043, 293, 264, 12314, 430, 307, 2625, 3043, 13], "avg_logprob": -0.3654017903975078, "compression_ratio": 1.4502923976608186, "no_speech_prob": 0.0, "words": [{"start": 3593.02, "end": 3593.4, "word": " Who's", "probability": 0.325927734375}, {"start": 3593.4, "end": 3593.56, "word": " bigger?", "probability": 0.6494140625}, {"start": 3593.8, "end": 3594.04, "word": " This", "probability": 0.68115234375}, {"start": 3594.04, "end": 3594.08, "word": " one", "probability": 0.454345703125}, {"start": 3594.08, "end": 3594.12, "word": " is", "probability": 0.5361328125}, {"start": 3594.12, "end": 3594.28, "word": " bigger", "probability": 0.923828125}, {"start": 3594.28, "end": 3594.46, "word": " than", "probability": 0.8994140625}, {"start": 3594.46, "end": 3594.64, "word": " this", "probability": 0.642578125}, {"start": 3594.64, "end": 3594.74, "word": " one,", "probability": 0.8818359375}, {"start": 3595.64, "end": 3596.06, "word": " right?", "probability": 0.8525390625}, {"start": 3596.74, "end": 3597.1, "word": " In", "probability": 0.4580078125}, {"start": 3597.1, "end": 3597.16, "word": " the", "probability": 0.3544921875}, {"start": 3597.16, "end": 3597.52, "word": " unitary,", "probability": 0.7529296875}, {"start": 3597.68, "end": 3597.94, "word": " 50", "probability": 0.39599609375}, {"start": 3597.94, "end": 3598.32, "word": "-50.", "probability": 0.7509765625}, {"start": 3599.2, "end": 3599.52, "word": " Try", "probability": 0.796875}, {"start": 3599.52, "end": 3599.84, "word": " it,", "probability": 0.94775390625}, {"start": 3599.9, "end": 3600.04, "word": " you'll", "probability": 0.704345703125}, {"start": 3600.04, "end": 3600.16, "word": " find", "probability": 0.8564453125}, {"start": 3600.16, "end": 3600.26, "word": " it", "probability": 0.63525390625}, {"start": 3600.26, "end": 3600.56, "word": " 50", "probability": 0.76416015625}, {"start": 3600.56, "end": 3600.94, "word": "-50.", "probability": 0.9873046875}, {"start": 3602.16, "end": 3602.38, "word": " Okay?", "probability": 0.19189453125}, {"start": 3604.38, "end": 3604.98, "word": " Which", "probability": 0.365234375}, {"start": 3604.98, "end": 3605.12, "word": " is", "probability": 0.92431640625}, {"start": 3605.12, "end": 3605.22, "word": " the", "probability": 0.837890625}, {"start": 3605.22, "end": 3605.56, "word": " medium", "probability": 0.7548828125}, {"start": 3605.56, "end": 3605.94, "word": " term.", "probability": 0.9150390625}, {"start": 3609.52, "end": 3610.12, "word": " Let's", "probability": 0.6517333984375}, {"start": 3610.12, "end": 3610.56, "word": " say", "probability": 0.75634765625}, {"start": 3610.56, "end": 3610.66, "word": " this", "probability": 0.50341796875}, {"start": 3610.66, "end": 3610.66, "word": " is", "probability": 0.8525390625}, {"start": 3610.66, "end": 3610.68, "word": " the", "probability": 0.4287109375}, {"start": 3610.68, "end": 3610.92, "word": " unitary", "probability": 0.81787109375}, {"start": 3610.92, "end": 3611.36, "word": " elastic.", "probability": 0.96484375}, {"start": 3616.06, "end": 3616.66, "word": " Demand,", "probability": 0.921142578125}, {"start": 3616.76, "end": 3617.42, "word": " consumers,", "probability": 0.837890625}, {"start": 3617.58, "end": 3617.72, "word": " P", "probability": 0.5224609375}, {"start": 3617.72, "end": 3617.9, "word": " is", "probability": 0.9296875}, {"start": 3617.9, "end": 3618.26, "word": " 50", "probability": 0.92333984375}, {"start": 3618.26, "end": 3618.62, "word": " percent", "probability": 0.438720703125}, {"start": 3618.62, "end": 3619.1, "word": " and", "probability": 0.685546875}, {"start": 3619.1, "end": 3619.22, "word": " the", "probability": 0.73388671875}, {"start": 3619.22, "end": 3619.54, "word": " producer", "probability": 0.89697265625}, {"start": 3619.54, "end": 3619.82, "word": " P", "probability": 0.56884765625}, {"start": 3619.82, "end": 3620.02, "word": " is", "probability": 0.95458984375}, {"start": 3620.02, "end": 3620.32, "word": " 50", "probability": 0.95361328125}, {"start": 3620.32, "end": 3620.74, "word": " percent.", "probability": 0.96240234375}], "temperature": 1.0}, {"id": 126, "seek": 364017, "start": 3624.75, "end": 3640.17, "text": " The unitary elastic supply, the same 50-50, 50 percent, 50 percent. Try it.", "tokens": [440, 517, 4109, 17115, 5847, 11, 264, 912, 2625, 12, 2803, 11, 2625, 3043, 11, 2625, 3043, 13, 6526, 309, 13], "avg_logprob": -0.24733665720982986, "compression_ratio": 1.0857142857142856, "no_speech_prob": 0.0, "words": [{"start": 3624.75, "end": 3625.01, "word": " The", "probability": 0.81396484375}, {"start": 3625.01, "end": 3625.37, "word": " unitary", "probability": 0.794189453125}, {"start": 3625.37, "end": 3625.85, "word": " elastic", "probability": 0.95458984375}, {"start": 3625.85, "end": 3626.55, "word": " supply,", "probability": 0.94287109375}, {"start": 3632.61, "end": 3633.97, "word": " the", "probability": 0.814453125}, {"start": 3633.97, "end": 3634.29, "word": " same", "probability": 0.904296875}, {"start": 3634.29, "end": 3634.69, "word": " 50", "probability": 0.57666015625}, {"start": 3634.69, "end": 3635.05, "word": "-50,", "probability": 0.74658203125}, {"start": 3635.21, "end": 3635.51, "word": " 50", "probability": 0.95458984375}, {"start": 3635.51, "end": 3635.95, "word": " percent,", "probability": 0.321533203125}, {"start": 3636.07, "end": 3636.23, "word": " 50", "probability": 0.96435546875}, {"start": 3636.23, "end": 3636.73, "word": " percent.", "probability": 0.97216796875}, {"start": 3638.67, "end": 3638.97, "word": " Try", "probability": 0.94921875}, {"start": 3638.97, "end": 3640.17, "word": " it.", "probability": 0.95654296875}], "temperature": 1.0}, {"id": 127, "seek": 368392, "start": 3657.1, "end": 3683.92, "text": " Very short run. Unitary elastic supply. So medium run, then unitary elastic supply, medium run.", "tokens": [4372, 2099, 1190, 13, 1156, 4109, 17115, 5847, 13, 407, 6399, 1190, 11, 550, 517, 4109, 17115, 5847, 11, 6399, 1190, 13], "avg_logprob": -0.2676630305207294, "compression_ratio": 1.3150684931506849, "no_speech_prob": 0.0, "words": [{"start": 3657.1, "end": 3658.12, "word": " Very", "probability": 0.287841796875}, {"start": 3658.12, "end": 3658.58, "word": " short", "probability": 0.96533203125}, {"start": 3658.58, "end": 3658.88, "word": " run.", "probability": 0.66259765625}, {"start": 3671.98, "end": 3673.0, "word": " Unitary", "probability": 0.901123046875}, {"start": 3673.0, "end": 3673.46, "word": " elastic", "probability": 0.92529296875}, {"start": 3673.46, "end": 3674.0, "word": " supply.", "probability": 0.95361328125}, {"start": 3675.34, "end": 3676.36, "word": " So", "probability": 0.744140625}, {"start": 3676.36, "end": 3677.7, "word": " medium", "probability": 0.40185546875}, {"start": 3677.7, "end": 3678.02, "word": " run,", "probability": 0.826171875}, {"start": 3678.5, "end": 3678.66, "word": " then", "probability": 0.76708984375}, {"start": 3678.66, "end": 3679.74, "word": " unitary", "probability": 0.85400390625}, {"start": 3679.74, "end": 3682.18, "word": " elastic", "probability": 0.916015625}, {"start": 3682.18, "end": 3682.78, "word": " supply,", "probability": 0.943359375}, {"start": 3683.16, "end": 3683.6, "word": " medium", "probability": 0.873046875}, {"start": 3683.6, "end": 3683.92, "word": " run.", "probability": 0.92041015625}], "temperature": 1.0}, {"id": 128, "seek": 371688, "start": 3691.0, "end": 3716.88, "text": " Price, quantity. Supply is uniter elastic, S1. Demand is uniter elastic, D1. This is E1. Price, P1, Q1. As the government sets the tax, supply shifts left to S2, E2.", "tokens": [25803, 11, 11275, 13, 9391, 356, 307, 517, 1681, 17115, 11, 318, 16, 13, 4686, 474, 307, 517, 1681, 17115, 11, 413, 16, 13, 639, 307, 462, 16, 13, 25803, 11, 430, 16, 11, 1249, 16, 13, 1018, 264, 2463, 6352, 264, 3366, 11, 5847, 19201, 1411, 281, 318, 17, 11, 462, 17, 13], "avg_logprob": -0.2829545487057079, "compression_ratio": 1.328, "no_speech_prob": 0.0, "words": [{"start": 3691.0, "end": 3691.88, "word": " Price,", "probability": 0.55126953125}, {"start": 3692.62, "end": 3693.3, "word": " quantity.", "probability": 0.55224609375}, {"start": 3694.86, "end": 3695.34, "word": " Supply", "probability": 0.8828125}, {"start": 3695.34, "end": 3695.58, "word": " is", "probability": 0.939453125}, {"start": 3695.58, "end": 3696.02, "word": " uniter", "probability": 0.336669921875}, {"start": 3696.02, "end": 3697.6, "word": " elastic,", "probability": 0.5703125}, {"start": 3697.88, "end": 3698.24, "word": " S1.", "probability": 0.73974609375}, {"start": 3698.88, "end": 3699.46, "word": " Demand", "probability": 0.939208984375}, {"start": 3699.46, "end": 3699.7, "word": " is", "probability": 0.9453125}, {"start": 3699.7, "end": 3700.0, "word": " uniter", "probability": 0.905029296875}, {"start": 3700.0, "end": 3700.48, "word": " elastic,", "probability": 0.96484375}, {"start": 3700.68, "end": 3701.04, "word": " D1.", "probability": 0.84765625}, {"start": 3701.6, "end": 3701.8, "word": " This", "probability": 0.89013671875}, {"start": 3701.8, "end": 3701.98, "word": " is", "probability": 0.955078125}, {"start": 3701.98, "end": 3702.36, "word": " E1.", "probability": 0.79931640625}, {"start": 3703.68, "end": 3704.12, "word": " Price,", "probability": 0.8916015625}, {"start": 3704.22, "end": 3704.58, "word": " P1,", "probability": 0.990234375}, {"start": 3706.02, "end": 3706.48, "word": " Q1.", "probability": 0.923828125}, {"start": 3707.4, "end": 3707.64, "word": " As", "probability": 0.9580078125}, {"start": 3707.64, "end": 3707.76, "word": " the", "probability": 0.86279296875}, {"start": 3707.76, "end": 3708.02, "word": " government", "probability": 0.422119140625}, {"start": 3708.02, "end": 3708.34, "word": " sets", "probability": 0.8984375}, {"start": 3708.34, "end": 3708.5, "word": " the", "probability": 0.338623046875}, {"start": 3708.5, "end": 3708.82, "word": " tax,", "probability": 0.921875}, {"start": 3710.06, "end": 3710.58, "word": " supply", "probability": 0.92529296875}, {"start": 3710.58, "end": 3710.94, "word": " shifts", "probability": 0.943359375}, {"start": 3710.94, "end": 3711.34, "word": " left", "probability": 0.828125}, {"start": 3711.34, "end": 3713.58, "word": " to", "probability": 0.92138671875}, {"start": 3713.58, "end": 3714.1, "word": " S2,", "probability": 0.987548828125}, {"start": 3716.26, "end": 3716.88, "word": " E2.", "probability": 0.904052734375}], "temperature": 1.0}, {"id": 129, "seek": 373580, "start": 3723.96, "end": 3735.8, "text": " P2, P3, 50 percent for the consumer and 50 percent for the producer. The same.", "tokens": [430, 17, 11, 430, 18, 11, 2625, 3043, 337, 264, 9711, 293, 2625, 3043, 337, 264, 12314, 13, 440, 912, 13], "avg_logprob": -0.1787997165864164, "compression_ratio": 1.161764705882353, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 3723.9600000000005, "end": 3725.1200000000003, "word": " P2,", "probability": 0.94580078125}, {"start": 3725.1200000000003, "end": 3726.28, "word": " P3,", "probability": 0.989501953125}, {"start": 3728.3, "end": 3729.1, "word": " 50", "probability": 0.8408203125}, {"start": 3729.1, "end": 3729.76, "word": " percent", "probability": 0.5947265625}, {"start": 3729.76, "end": 3730.08, "word": " for", "probability": 0.953125}, {"start": 3730.08, "end": 3730.24, "word": " the", "probability": 0.92041015625}, {"start": 3730.24, "end": 3730.72, "word": " consumer", "probability": 0.85693359375}, {"start": 3730.72, "end": 3731.9, "word": " and", "probability": 0.7314453125}, {"start": 3731.9, "end": 3732.48, "word": " 50", "probability": 0.58935546875}, {"start": 3732.48, "end": 3733.04, "word": " percent", "probability": 0.94775390625}, {"start": 3733.04, "end": 3733.3, "word": " for", "probability": 0.953125}, {"start": 3733.3, "end": 3733.44, "word": " the", "probability": 0.91259765625}, {"start": 3733.44, "end": 3733.88, "word": " producer.", "probability": 0.927734375}, {"start": 3735.34, "end": 3735.5, "word": " The", "probability": 0.701171875}, {"start": 3735.5, "end": 3735.8, "word": " same.", "probability": 0.8916015625}], "temperature": 1.0}, {"id": 130, "seek": 376037, "start": 3745.15, "end": 3760.37, "text": " Ah, 50%. When supply is unitary elastic, the consumer P is 50% and the producer P is 50% of the tax. We still have two cases next class, inshallah.", "tokens": [2438, 11, 2625, 6856, 1133, 5847, 307, 517, 4109, 17115, 11, 264, 9711, 430, 307, 2625, 4, 293, 264, 12314, 430, 307, 2625, 4, 295, 264, 3366, 13, 492, 920, 362, 732, 3331, 958, 1508, 11, 1028, 71, 13492, 13], "avg_logprob": -0.3326981823618819, "compression_ratio": 1.2542372881355932, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 3745.15, "end": 3745.43, "word": " Ah,", "probability": 0.11773681640625}, {"start": 3745.45, "end": 3746.25, "word": " 50%.", "probability": 0.67333984375}, {"start": 3746.25, "end": 3747.53, "word": " When", "probability": 0.62451171875}, {"start": 3747.53, "end": 3748.05, "word": " supply", "probability": 0.21435546875}, {"start": 3748.05, "end": 3749.27, "word": " is", "probability": 0.8759765625}, {"start": 3749.27, "end": 3749.65, "word": " unitary", "probability": 0.3876953125}, {"start": 3749.65, "end": 3750.05, "word": " elastic,", "probability": 0.9287109375}, {"start": 3750.23, "end": 3750.29, "word": " the", "probability": 0.818359375}, {"start": 3750.29, "end": 3750.77, "word": " consumer", "probability": 0.83251953125}, {"start": 3750.77, "end": 3751.05, "word": " P", "probability": 0.333740234375}, {"start": 3751.05, "end": 3751.21, "word": " is", "probability": 0.8583984375}, {"start": 3751.21, "end": 3751.51, "word": " 50", "probability": 0.94921875}, {"start": 3751.51, "end": 3751.85, "word": "%", "probability": 0.82861328125}, {"start": 3751.85, "end": 3752.37, "word": " and", "probability": 0.9267578125}, {"start": 3752.37, "end": 3752.53, "word": " the", "probability": 0.87109375}, {"start": 3752.53, "end": 3752.87, "word": " producer", "probability": 0.93017578125}, {"start": 3752.87, "end": 3753.17, "word": " P", "probability": 0.9375}, {"start": 3753.17, "end": 3753.35, "word": " is", "probability": 0.94873046875}, {"start": 3753.35, "end": 3753.99, "word": " 50", "probability": 0.96875}, {"start": 3753.99, "end": 3754.37, "word": "%", "probability": 0.98828125}, {"start": 3754.37, "end": 3754.61, "word": " of", "probability": 0.95751953125}, {"start": 3754.61, "end": 3754.75, "word": " the", "probability": 0.92529296875}, {"start": 3754.75, "end": 3755.09, "word": " tax.", "probability": 0.94384765625}, {"start": 3755.65, "end": 3755.83, "word": " We", "probability": 0.9326171875}, {"start": 3755.83, "end": 3756.09, "word": " still", "probability": 0.953125}, {"start": 3756.09, "end": 3756.47, "word": " have", "probability": 0.9501953125}, {"start": 3756.47, "end": 3757.07, "word": " two", "probability": 0.88232421875}, {"start": 3757.07, "end": 3758.27, "word": " cases", "probability": 0.91845703125}, {"start": 3758.27, "end": 3759.27, "word": " next", "probability": 0.487548828125}, {"start": 3759.27, "end": 3759.99, "word": " class,", "probability": 0.96533203125}, {"start": 3760.11, "end": 3760.37, "word": " inshallah.", "probability": 0.7151692708333334}], "temperature": 1.0}], "language": "en", "language_probability": 1.0, "duration": 3760.68075, "duration_after_vad": 3400.7843749999893} \ No newline at end of file diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/X9wYfB2RUr4.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/X9wYfB2RUr4.srt new file mode 100644 index 0000000000000000000000000000000000000000..b0a924dedf10b3fec37d0437ebfdb50b6eca8f32 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/X9wYfB2RUr4.srt @@ -0,0 +1,1927 @@ + +1 +00:00:20,940 --> 00:00:23,400 +Okay, bismillahirrahmanirrahim. Today, inshallah, + +2 +00:00:23,520 --> 00:00:26,000 +we are going to start in chapter seven, which is + +3 +00:00:26,000 --> 00:00:29,940 +industrial organizations in different markets. + +4 +00:00:30,720 --> 00:00:31,440 +Industry. + +5 +00:00:38,700 --> 00:00:39,420 +Organizations. + +6 +00:00:44,180 --> 00:00:45,740 +In different markets. + +7 +00:00:57,150 --> 00:01:00,710 +In this chapter, we will study the behavior of + +8 +00:01:00,710 --> 00:01:05,390 +industrial organizations under the different types + +9 +00:01:05,390 --> 00:01:09,950 +of the markets or different markets. Here, we will + +10 +00:01:09,950 --> 00:01:15,710 +focus on the perfect competition market, the + +11 +00:01:15,710 --> 00:01:19,130 +monopoly market, monopolistic competition, + +12 +00:01:19,850 --> 00:01:25,500 +oligopoly, oligopsony, monopsony, Yeah. And the + +13 +00:01:25,500 --> 00:01:29,000 +monopolies, yeah. So here we have about six + +14 +00:01:29,000 --> 00:01:34,480 +markets in economy. Perfect competition market, + +15 +00:01:35,500 --> 00:01:42,680 +monopoly market, oligopoly, oligopsony, monopsony, + +16 +00:01:42,820 --> 00:01:49,780 +yeah. Yeah. Yeah, yeah. So let's begin with the + +17 +00:01:49,780 --> 00:01:52,540 +perfect competition market. Perfect. + +18 +00:02:01,180 --> 00:02:03,580 +Competition market. + +19 +00:02:08,760 --> 00:02:18,740 +In this market, we have a large number of + +20 +00:02:18,740 --> 00:02:25,160 +producers and consumers. And the producers in this + +21 +00:02:25,160 --> 00:02:31,440 +market produce identical products. Identical and + +22 +00:02:31,440 --> 00:02:34,400 +homogeneous products, which means that the product + +23 +00:02:34,400 --> 00:02:40,520 +which are produced by or is produced by X, the + +24 +00:02:40,520 --> 00:02:44,480 +seller X or producer X, is quite similar to the + +25 +00:02:44,480 --> 00:02:49,640 +products that are produced by seller Y or producer + +26 +00:02:49,640 --> 00:02:53,660 +Y, right? Which means that the products here are + +27 +00:02:53,660 --> 00:02:59,170 +perfectly substitutes. We cannot distinguish or + +28 +00:02:59,170 --> 00:03:02,130 +make a difference between the product made by or + +29 +00:03:02,130 --> 00:03:06,150 +produced by consumer producer X and Y. All right? + +30 +00:03:06,870 --> 00:03:13,670 +So in this market, the prices are identical. Here + +31 +00:03:13,670 --> 00:03:18,990 +we have the same prices. It's easy to enter the + +32 +00:03:18,990 --> 00:03:22,470 +market without any barriers. There are no barriers + +33 +00:03:22,470 --> 00:03:25,750 +to enter and exit from the market. So the perfect + +34 +00:03:25,750 --> 00:03:29,230 +competition market has the following + +35 +00:03:29,230 --> 00:03:39,150 +characteristics, which are atomicity. + +36 +00:03:39,370 --> 00:03:42,510 +Number one is atomicity. + +37 +00:03:51,530 --> 00:03:56,270 +Atomicity means in this market there are large + +38 +00:03:56,270 --> 00:04:03,430 +number of producers and consumers. Here we have + +39 +00:04:03,430 --> 00:04:06,430 +large producers and consumers. + +40 +00:04:11,710 --> 00:04:16,410 +Producers and consumers. + +41 +00:04:20,300 --> 00:04:25,340 +with a small size, which means each one of them + +42 +00:04:25,340 --> 00:04:31,380 +has no ability to affect the market prices or + +43 +00:04:31,380 --> 00:04:34,860 +quantities. Right? + +44 +00:04:37,720 --> 00:04:38,260 +Number two. + +45 +00:04:42,280 --> 00:04:45,560 +There are no barriers to enter or exit from the + +46 +00:04:45,560 --> 00:04:48,800 +market. Free. + +47 +00:04:51,490 --> 00:05:02,570 +entry and exit from the market, which + +48 +00:05:02,570 --> 00:05:07,150 +means there are no barriers to enter or exit from + +49 +00:05:07,150 --> 00:05:14,370 +the market. If the producer gains profits, + +50 +00:05:15,570 --> 00:05:18,950 +they will, or this will encourage new producers to + +51 +00:05:18,950 --> 00:05:22,320 +enter the market. So they will stay in the market + +52 +00:05:22,320 --> 00:05:25,900 +here. If there is a loss, they will leave the + +53 +00:05:25,900 --> 00:05:31,360 +market without any barriers here. Right? Number + +54 +00:05:31,360 --> 00:05:38,320 +three. The products are produced by producer X or + +55 +00:05:38,320 --> 00:05:42,820 +the seller X. is identical to the products or + +56 +00:05:42,820 --> 00:05:48,800 +identical to the products sold by producer Y. + +57 +00:05:49,440 --> 00:05:53,840 +Which means here we have an identical or quite + +58 +00:05:53,840 --> 00:05:59,180 +similar or similar products and homogeneous. The + +59 +00:05:59,180 --> 00:06:03,580 +products in + +60 +00:06:03,580 --> 00:06:08,140 +the market are + +61 +00:06:09,850 --> 00:06:16,230 +identical and homogeneous. Homogeneous means + +62 +00:06:16,230 --> 00:06:23,890 +mutajanisa. Identical and homogeneous. + +63 +00:06:26,930 --> 00:06:32,810 +This means that the products are perfectly + +64 +00:06:32,810 --> 00:06:36,410 +substitutes. The products are perfectly + +65 +00:06:36,410 --> 00:06:37,590 +substitutes. + +66 +00:06:48,040 --> 00:06:54,280 +tells the prices or the industry here, the perfect + +67 +00:06:54,280 --> 00:06:59,580 +competition industry or business is a price taker, + +68 +00:06:59,640 --> 00:07:00,720 +not a price maker. + +69 +00:07:04,660 --> 00:07:06,260 +Number four, + +70 +00:07:10,260 --> 00:07:15,500 +the + +71 +00:07:15,500 --> 00:07:16,080 +business + +72 +00:07:19,240 --> 00:07:23,120 +that works under the perfect competition market is + +73 +00:07:23,120 --> 00:07:26,560 +a price taker, not a price maker. + +74 +00:07:30,100 --> 00:07:37,400 +Right? So, the business that + +75 +00:07:37,400 --> 00:07:43,340 +works under the perfect competition market + +76 +00:07:58,490 --> 00:08:02,770 +is classified as a price taker, not a price maker. + +77 +00:08:04,890 --> 00:08:10,330 +Is a price taker. + +78 +00:08:14,670 --> 00:08:22,090 +The price + +79 +00:08:22,090 --> 00:08:24,550 +in the market is determined + +80 +00:08:28,090 --> 00:08:30,710 +or the intersection between or the cross between + +81 +00:08:30,710 --> 00:08:35,490 +demand and supply. Yes, the price. + +82 +00:08:39,130 --> 00:08:44,130 +And the perfect competition market or the + +83 +00:08:44,130 --> 00:08:49,730 +equilibrium price is determined with demand or due + +84 +00:08:49,730 --> 00:08:53,950 +to or by the demand and supply. Okay? + +85 +00:08:59,730 --> 00:09:04,750 +The main determinants of the price here is demand + +86 +00:09:04,750 --> 00:09:06,910 +and supply. The cross between demand and supply. + +87 +00:09:07,950 --> 00:09:08,090 +Right? + +88 +00:09:11,230 --> 00:09:12,090 +Number six. + +89 +00:09:16,670 --> 00:09:21,950 +Equal access to the market for the producers and + +90 +00:09:21,950 --> 00:09:22,590 +the consumers. + +91 +00:09:25,140 --> 00:09:29,900 +كل واحد منه، the same opportunity, they have equal + +92 +00:09:29,900 --> 00:09:37,260 +access to + +93 +00:09:37,260 --> 00:09:43,200 +the market. The price in the perfect competition + +94 +00:09:43,200 --> 00:09:48,280 +market is determined by the cross between demand + +95 +00:09:48,280 --> 00:09:49,520 +and supply in the market. + +96 +00:10:02,360 --> 00:10:06,420 +Here we have an equal access to the market. + +97 +00:10:10,240 --> 00:10:16,840 +All producers and consumers have an equal + +98 +00:10:16,840 --> 00:10:20,340 +opportunity to access the market by entering, + +99 +00:10:20,600 --> 00:10:25,710 +exiting and you know, right? What else? The + +100 +00:10:25,710 --> 00:10:30,230 +information about the market are available to all + +101 +00:10:30,230 --> 00:10:34,390 +producers, to all community. Right? The + +102 +00:10:34,390 --> 00:10:38,550 +information about technology, about everything in + +103 +00:10:38,550 --> 00:10:43,710 +the market are available for all producers and all + +104 +00:10:43,710 --> 00:10:49,050 +consumers. So number seven here, information. + +105 +00:10:57,280 --> 00:10:58,300 +about the market. + +106 +00:11:04,780 --> 00:11:08,840 +All information related to the prices, to + +107 +00:11:08,840 --> 00:11:14,400 +competition, to the technology, to the quality, to + +108 +00:11:14,400 --> 00:11:23,640 +everything are available to + +109 +00:11:23,640 --> 00:11:28,130 +everyone in the community and the market. are + +110 +00:11:28,130 --> 00:11:35,630 +available for all producers and + +111 +00:11:35,630 --> 00:11:39,950 +consumers and + +112 +00:11:39,950 --> 00:11:53,770 +it's easy to get it number eight transaction + +113 +00:11:53,770 --> 00:11:56,710 +cost there is no fees it's zero + +114 +00:12:02,240 --> 00:12:05,380 +The transaction cost is free. + +115 +00:12:11,580 --> 00:12:19,980 +It's zero in this market. That's it. There are no + +116 +00:12:19,980 --> 00:12:20,340 +fees. + +117 +00:12:26,280 --> 00:12:30,920 +Sometimes it's good, sometimes it's bad. We will + +118 +00:12:30,920 --> 00:12:36,180 +check it now. Right? So here we are talking about + +119 +00:12:36,180 --> 00:12:41,620 +a market with no barriers, with large number of + +120 +00:12:41,620 --> 00:12:45,040 +producers and consumers. The information are + +121 +00:12:45,040 --> 00:12:49,580 +available. The industrial business is a price + +122 +00:12:49,580 --> 00:12:54,410 +taker, not a price maker. It's easy to get or to + +123 +00:12:54,410 --> 00:12:57,330 +enter or exit from the market without any + +124 +00:12:57,330 --> 00:13:00,250 +barriers, without any determinants, without any + +125 +00:13:00,250 --> 00:13:06,950 +restrictions, right? Now, we have another types of + +126 +00:13:06,950 --> 00:13:11,550 +the market. And let's do a comparison or a quick + +127 +00:13:11,550 --> 00:13:16,810 +comparison between the six types of markets. And + +128 +00:13:16,810 --> 00:13:21,170 +then we will focus on this market and the monopoly + +129 +00:13:21,170 --> 00:13:28,650 +market. Another type is the + +130 +00:13:28,650 --> 00:13:31,710 +monopoly market. In the monopoly market, we have + +131 +00:13:31,710 --> 00:13:40,170 +one producer only. We have + +132 +00:13:40,170 --> 00:13:43,750 +one producer and so many consumers. + +133 +00:13:47,240 --> 00:13:51,080 +There are some barriers to enter and exit from the + +134 +00:13:51,080 --> 00:13:54,240 +market for the producers and for consumers not. + +135 +00:14:36,130 --> 00:14:38,330 +We have the following markets in economy. + +136 +00:14:50,810 --> 00:14:51,610 +Perfect. + +137 +00:14:55,190 --> 00:15:04,190 +Competition market. + +138 +00:15:17,460 --> 00:15:29,060 +monopolistic competition market + +139 +00:15:29,060 --> 00:15:33,740 +all + +140 +00:15:33,740 --> 00:15:41,000 +globally market + +141 +00:15:56,950 --> 00:15:59,750 +Monopoly market. + +142 +00:16:06,570 --> 00:16:08,610 +Monopoly market. + +143 +00:16:47,270 --> 00:16:48,170 +Number of sellers. + +144 +00:16:53,310 --> 00:16:58,170 +Number of consumers or buyers. + +145 +00:17:04,770 --> 00:17:09,310 +Sellers enter barriers + +146 +00:17:24,840 --> 00:17:26,680 +Buyers. Entry. + +147 +00:17:28,820 --> 00:17:29,720 +Barriers. + +148 +00:17:33,560 --> 00:17:38,320 +Access all producers and consumer has the same + +149 +00:17:38,320 --> 00:17:44,260 +opportunity to exchange products or to go out, + +150 +00:17:44,380 --> 00:17:48,580 +enter from the market. Just summarize for the + +151 +00:17:48,580 --> 00:17:49,220 +previous point. + +152 +00:17:57,950 --> 00:18:02,350 +Okay, as you see here, we have six types of the + +153 +00:18:02,350 --> 00:18:05,290 +markets. Perfect competition market. + +154 +00:18:08,490 --> 00:18:10,030 +Monopolistic competition. + +155 +00:18:15,190 --> 00:18:22,210 +Few number of sellers. Controls the market. + +156 +00:18:24,530 --> 00:18:28,010 +Monopoly market, we have one producer and so many + +157 +00:18:28,010 --> 00:18:28,850 +consumers. + +158 +00:18:32,730 --> 00:18:33,570 +Oligopoly, + +159 +00:18:37,010 --> 00:18:44,230 +we have three producers only in the market. Two, + +160 +00:18:44,530 --> 00:18:44,950 +three. + +161 +00:18:48,570 --> 00:18:52,510 +Oligopsony means we have a few number of consumers + +162 +00:18:52,510 --> 00:18:55,670 +in the market and so many sellers. + +163 +00:19:01,190 --> 00:19:04,590 +Monopsony market. Your monopoly means we have one + +164 +00:19:04,590 --> 00:19:09,210 +seller only in the market and so many consumers. + +165 +00:19:09,870 --> 00:19:15,200 +Here, the opposite case. Monopsony, we have one + +166 +00:19:15,200 --> 00:19:19,100 +buyer only in the market and so many sellers. + +167 +00:19:24,100 --> 00:19:30,240 +In the perfect competition market, We have many + +168 +00:19:30,240 --> 00:19:34,900 +sellers, many buyers, and no entry barriers, no + +169 +00:19:34,900 --> 00:19:38,740 +sellers + +170 +00:19:38,740 --> 00:19:44,980 +entry barriers, and no buyers entry barriers. We + +171 +00:19:44,980 --> 00:19:51,960 +have many sellers + +172 +00:19:51,960 --> 00:19:53,100 +and many buyers. + +173 +00:19:56,280 --> 00:20:01,860 +No barriers to the producers, and no barriers on + +174 +00:20:01,860 --> 00:20:05,000 +the buyers to enter or to exit from the market. + +175 +00:20:05,860 --> 00:20:09,620 +This is the first market that we raised or + +176 +00:20:09,620 --> 00:20:14,820 +discussed one minute before, one minute ago. Here, + +177 +00:20:15,540 --> 00:20:23,160 +the monopolistic competition. We have many + +178 +00:20:23,160 --> 00:20:28,760 +sellers. But the number of sellers in the + +179 +00:20:28,760 --> 00:20:33,180 +monopolistic competition is less than the number + +180 +00:20:33,180 --> 00:20:36,080 +of sellers in the previous market here. + +181 +00:20:42,280 --> 00:20:48,100 +And we have many buyers. + +182 +00:20:51,440 --> 00:20:56,030 +But the number of buyers here It's less than our + +183 +00:20:56,030 --> 00:20:56,930 +buyers here. + +184 +00:21:00,010 --> 00:21:03,530 +No barriers, no barriers. + +185 +00:21:11,270 --> 00:21:15,910 +The products + +186 +00:21:15,910 --> 00:21:18,910 +in this market, in the monopolistic competition, + +187 +00:21:19,190 --> 00:21:22,130 +are homogeneous but not identical. + +188 +00:21:41,810 --> 00:21:46,630 +All Goblin Market, we have a few number of + +189 +00:21:46,630 --> 00:21:52,430 +sellers, few number of sellers and many buyers. + +190 +00:21:57,450 --> 00:22:03,730 +There are some barriers on the sellers here. The + +191 +00:22:03,730 --> 00:22:09,510 +inner barriers, yes. And no barriers on buyers + +192 +00:22:09,510 --> 00:22:14,670 +here. There are no buyers entering barriers here. + +193 +00:22:16,950 --> 00:22:19,250 +The buyer goes to the market, but the seller, when + +194 +00:22:19,250 --> 00:22:21,310 +he comes, they are in the oligopoly. In the + +195 +00:22:21,310 --> 00:22:24,550 +oligopoly, three or four people come and make an + +196 +00:22:24,550 --> 00:22:27,670 +agreement between them, like petrol producers. The + +197 +00:22:27,670 --> 00:22:30,030 +petrol stations present here come and say, we want + +198 +00:22:30,030 --> 00:22:32,730 +to make an agreement. This is called the cartel. + +199 +00:22:33,570 --> 00:22:35,270 +They agree with each other. We want to unify the + +200 +00:22:35,270 --> 00:22:40,210 +price. The OPEC, if you know, in their last + +201 +00:22:40,210 --> 00:22:43,590 +meeting, this is a model of an oligopoly market. + +202 +00:22:44,600 --> 00:22:47,420 +Because they are the ones who need oil in the + +203 +00:22:47,420 --> 00:22:51,880 +world. They have an agreement on pricing. + +204 +00:22:55,340 --> 00:22:57,940 +Okay? Anyone who wants to enter the market again, + +205 +00:22:58,020 --> 00:22:59,940 +there are many restrictions on him passing. + +206 +00:23:00,940 --> 00:23:05,760 +Because there is an agreement with OPEC. No one + +207 +00:23:05,760 --> 00:23:11,600 +can break the agreement. Except Trump. Trump hit + +208 +00:23:11,600 --> 0 + +223 +00:24:06,370 --> 00:24:09,760 +It's called the Ali Goblin Market. We have a few + +224 +00:24:09,760 --> 00:24:14,080 +number of producers. A number of buyers, many. كل + +225 +00:24:14,080 --> 00:24:18,100 +الدنيا بتشتري. تمام؟ في barriers, في barriers to + +226 +00:24:18,100 --> 00:24:22,400 +enter the market. Right? On the buyers, no. + +227 +00:24:25,100 --> 00:24:29,440 +Monopoly market. We have one producer in the + +228 +00:24:29,440 --> 00:24:38,240 +market and many consumers. Here, one. Many. And + +229 +00:24:38,240 --> 00:24:44,800 +the sellers and the buyers, yes. No. Oligopsiny. + +230 +00:24:47,680 --> 00:24:50,040 +See monopsiny? In monopoly there is monopsiny. + +231 +00:24:51,200 --> 00:25:00,460 +Here we have one buyer and many sellers. + +232 +00:25:03,240 --> 00:25:03,940 +How is this? + +233 +00:25:06,920 --> 00:25:14,220 +One hospital. One number of doctors. We have so + +234 +00:25:14,220 --> 00:25:14,700 +many doctors. + +235 +00:25:18,320 --> 00:25:24,640 +This is an example of the monopsony market. + +236 +00:25:33,240 --> 00:25:37,620 +Exactly, then the producers, here I have sellers, + +237 +00:25:37,900 --> 00:25:41,180 +there are no barriers, sorry, here there are no + +238 +00:25:41,180 --> 00:25:44,520 +barriers to the buyer, there are no barriers, + +239 +00:25:45,500 --> 00:25:50,540 +okay? Sorry, sorry, yes, yes, yes, yes, because + +240 +00:25:50,540 --> 00:25:53,700 +entering new hospitals in the region has barriers, + +241 +00:25:54,140 --> 00:26:01,510 +so here yes and here no. Okay, oligopsy, A few + +242 +00:26:01,510 --> 00:26:09,150 +number of consumers. Yes, few. Not many. This is + +243 +00:26:09,150 --> 00:26:14,790 +oligopathy, contrary to oligopathy. No, yes. + +244 +00:26:15,930 --> 00:26:20,640 +That's it. We have two hospitals, three hospitals. + +245 +00:26:20,780 --> 00:26:22,560 +We have two hospitals, three hospitals. We have + +246 +00:26:22,560 --> 00:26:26,780 +two + +247 +00:26:26,780 --> 00:26:30,460 +hospitals, three hospitals. We have two hospitals, + +248 +00:26:30,580 --> 00:26:30,840 +three hospitals. We have two hospitals, three + +249 +00:26:30,840 --> 00:26:30,900 +hospitals. We have two hospitals, three hospitals. + +250 +00:26:30,900 --> 00:26:31,680 +two hospitals, three hospitals. We have two + +251 +00:26:31,680 --> 00:26:37,780 +hospitals, three hospitals. We have two + +252 +00:26:37,780 --> 00:26:43,980 +hospitals, + +253 +00:26:44,000 --> 00:26:45,240 +three hospitals. + +254 +00:26:48,570 --> 00:26:54,990 +How can the business that works under the perfect + +255 +00:26:54,990 --> 00:27:01,150 +competition market maximizes its profits? How can + +256 +00:27:01,150 --> 00:27:06,050 +the business or the company that works under the + +257 +00:27:06,050 --> 00:27:10,130 +perfect competition market maximizes its profits, + +258 +00:27:10,230 --> 00:27:15,420 +which is the main goal for such business? This is + +259 +00:27:15,420 --> 00:27:19,620 +what we are going to study now. The profit + +260 +00:27:19,620 --> 00:27:23,180 +maximization for the company or the business that + +261 +00:27:23,180 --> 00:27:25,040 +works under the perfect competition market. + +262 +00:28:03,770 --> 00:28:07,750 +To understand the idea of the producer equilibrium + +263 +00:28:07,750 --> 00:28:12,790 +in the perfect competition market, let's have the + +264 +00:28:12,790 --> 00:28:13,650 +following example. + +265 +00:28:17,030 --> 00:28:22,990 +But before that, let's study an important point, + +266 +00:28:23,170 --> 00:28:30,570 +which is the break-even point, shutdown point, and + +267 +00:28:30,570 --> 00:28:32,090 +equilibrium point. + +268 +00:28:36,960 --> 00:28:43,400 +Or as we mentioned that the total cost equals + +269 +00:28:43,400 --> 00:28:48,380 +total fixed cost plus total variable cost, right? + +270 +00:28:49,160 --> 00:28:55,960 +Total fixed cost plus TVC. + +271 +00:28:58,100 --> 00:29:00,620 +And total revenue equals + +272 +00:29:04,940 --> 00:29:16,620 +Price times quantity. Right? Suppose that I have a + +273 +00:29:16,620 --> 00:29:20,060 +car and + +274 +00:29:20,060 --> 00:29:24,980 +I want to work on + +275 +00:29:24,980 --> 00:29:31,100 +it. This is the car. Okay? Because I have a car. + +276 +00:29:36,190 --> 00:29:39,030 +I don't know how to draw. All right. + +277 +00:29:41,890 --> 00:29:42,290 +OK. + +278 +00:29:47,530 --> 00:29:51,290 +I went to fill up my tank. Let's put it this way. + +279 +00:29:52,770 --> 00:29:55,710 +I filled up my tank with a meat shake. I didn't go + +280 +00:29:55,710 --> 00:30:00,610 +out on the street. I went out. All right? Now, if + +281 +00:30:00,610 --> 00:30:04,410 +I ... What do I have to say all day? I just have + +282 +00:30:04,410 --> 00:30:07,880 +to fill up my tank, right? Right? Well, there's + +283 +00:30:07,880 --> 00:30:09,920 +something else. This is what we call the total + +284 +00:30:09,920 --> 00:30:13,680 +variable cost. This is the fuel. The total + +285 +00:30:13,680 --> 00:30:16,540 +variable cost. So the TVC, + +286 +00:30:19,400 --> 00:30:25,260 +100 shekels, these are just for fuel. This is all + +287 +00:30:25,260 --> 00:30:28,160 +the variable cost. I tell you I don't want to + +288 +00:30:28,160 --> 00:30:31,660 +work. I want to hire someone. I want to give him a + +289 +00:30:31,660 --> 00:30:36,420 +wage. I want to give him 50 shekels. This are + +290 +00:30:36,420 --> 00:30:44,160 +under total variable cost, 150. The wage? + +291 +00:30:48,140 --> 00:30:54,100 +I'm talking + +292 +00:30:54,100 --> 00:30:54,480 +today. + +293 +00:31:00,590 --> 00:31:03,210 +Are we going to pay registration and insurance? + +294 +00:31:04,710 --> 00:31:05,470 +Right? + +295 +00:31:08,870 --> 00:31:13,350 +So let's assume that the total fixed cost daily + +296 +00:31:13,350 --> 00:31:15,490 +that comes out with me, on average, how much + +297 +00:31:15,490 --> 00:31:20,190 +insurance and registration do I pay them? I pay 2 + +298 +00:31:20,190 --> 00:31:25,190 +,200 shekels a year. Then I say that I get 20 + +299 +00:31:25,190 --> 00:31:35,230 +shekels a day as a total fixed cost. Total fixed + +300 +00:31:35,230 --> 00:31:38,050 +cost. + +301 +00:31:40,970 --> 00:31:47,810 +Let's say 20 shekels for registration and + +302 +00:31:47,810 --> 00:31:53,130 +insurance should be paid either I work or stay at + +303 +00:31:53,130 --> 00:31:53,430 +home. + +304 +00:31:56,530 --> 00:32:00,890 +Okay. So total cost equals how much? Total cost, + +305 +00:32:01,030 --> 00:32:06,370 +TC equals + +306 +00:32:06,370 --> 00:32:09,850 +total fixed cost plus total variable cost, TFC + +307 +00:32:09,850 --> 00:32:20,070 +plus TVC. TC equals 20 plus 150 equals 170. + +308 +00:32:20,510 --> 00:32:24,530 +Alright? Fine. I want to say that it will work. + +309 +00:32:31,200 --> 00:32:40,500 +Is it good or bad? Total revenue generated + +310 +00:32:40,500 --> 00:32:44,700 +equals 150 + +311 +00:32:44,700 --> 00:32:49,020 +shekels. + +312 +00:32:50,080 --> 00:32:54,220 +Is it good or bad? Why? + +313 +00:33:03,090 --> 00:33:10,170 +Is it good or bad? Why bad? Why bad? + +314 +00:33:12,290 --> 00:33:22,210 +Total profit equals total + +315 +00:33:22,210 --> 00:33:29,010 +revenue minus total cost. Total revenue minus + +316 +00:33:29,010 --> 00:33:29,870 +total cost. + +317 +00:33:35,170 --> 00:33:38,430 +Total profit + +318 +00:33:38,430 --> 00:33:45,730 +equals total revenue 200 shekels minus total cost + +319 +00:33:45,730 --> 00:33:55,110 +170 equals 30 shekels. There's a profit.As there + +320 +00:33:55,110 --> 00:33:59,110 +is a prophet, I advise him to work. + +321 +00:34:40,570 --> 00:34:41,410 +The assumption, + +322 +00:34:44,190 --> 00:34:52,560 +what does it say? If total revenue equals TVC, + +323 +00:35:11,230 --> 00:35:15,610 +What is your advice here? To work or to stay or to + +324 +00:35:15,610 --> 00:35:16,730 +stop working? + +325 +00:35:18,950 --> 00:35:29,710 +Shut down point. Which means + +326 +00:35:29,710 --> 00:35:36,930 +staying at home or shut down equals work. + +327 +00:35:38,950 --> 00:35:39,870 +Decision. + +328 +00:35:48,210 --> 00:36:04,670 +If total revenue, Hana in this example, If total + +329 +00:36:04,670 --> 00:36:09,250 +revenue equals 160. What is your advice here? + +330 +00:36:27,130 --> 00:36:35,770 +If total revenue or win total revenue equals 160. + +331 +00:36:39,980 --> 00:36:44,940 +Here, we have a loss. But my advice to him is to + +332 +00:36:44,940 --> 00:36:53,500 +work. Why? He didn't work. He worked and earned + +333 +00:36:53,500 --> 00:36:57,560 +160 shekels. He filled up his gas tanks and sold + +334 +00:36:57,560 --> 00:37:01,020 +150 shekels. He took 10 of them and filled up part + +335 +00:37:01,020 --> 00:37:01,820 +of the TFC. + +336 +00:37:06,640 --> 00:37:08,540 +Yes. If he fell, how much would he lose? + +337 +00:37:25,730 --> 00:37:30,670 +So even if, although we have a loss here, my + +338 +00:37:30,670 --> 00:37:37,460 +advice to him is to work. Keep working. Right? So + +339 +00:37:37,460 --> 00:37:41,420 +here, when TR equals 160, + +340 +00:37:44,060 --> 00:37:52,360 +what do you see? Total revenue is bigger than TVC. + +341 +00:37:53,360 --> 00:38:00,260 +TR is bigger than TVC. What is your advice here? + +342 +00:38:00,460 --> 00:38:05,340 +To work because part of TFC will be covered here. + +343 +00:38:06,320 --> 00:38:08,740 +Then my advice is to work. + +344 +00:38:11,820 --> 00:38:16,480 +Although, we have a loss. We have profits or loss + +345 +00:38:16,480 --> 00:38:21,140 +here? Loss because total revenue is less than + +346 +00:38:21,140 --> 00:38:25,480 +total cost. How much is total revenue? Here we + +347 +00:38:25,480 --> 00:38:34,460 +have loss. Loss and we have to work. TR equals + +348 +00:38:34,460 --> 00:38:42,280 +how much? 160. What about total cost? Sorry? Yeah, + +349 +00:38:42,380 --> 00:38:46,840 +total cost, how much is it? 170. Total profit + +350 +00:38:46,840 --> 00:38:51,920 +equals how much? Total revenue minus total cost + +351 +00:38:51,920 --> 00:38:59,700 +equals minus 10. If we work, we will lose just 10 + +352 +00:38:59,700 --> 00:39:06,200 +shekels. But if we stay at home, We will lose 20 + +353 +00:39:06,200 --> 00:39:11,740 +shares here. So although we have a loss, although + +354 +00:39:11,740 --> 00:39:19,020 +we have a loss, we have to work. So sometimes we + +355 +00:39:19,020 --> 00:39:26,980 +accept to work under the loss. This will be met at + +356 +00:39:26,980 --> 00:39:32,200 +the condition of when total revenue is bigger than + +357 +00:39:32,200 --> 00:39:38,090 +TVC. If total revenue is less than TVC, we have to + +358 +00:39:38,090 --> 00:39:42,550 +close down. Right? What does it mean? You go to + +359 +00:39:42,550 --> 00:39:45,370 +work. And I'm sitting at home. How much did I + +360 +00:39:45,370 --> 00:39:48,550 +lose? Twenty. Well, this makes me 130. + +361 +00:39:52,770 --> 00:39:58,530 +Well, if we work, if we work, we get 130, we don't + +362 +00:39:58,530 --> 00:39:59,350 +cover the gasoline. + +363 +00:40:03,900 --> 00:40:09,660 +If total revenue is less than TVC, we have to + +364 +00:40:09,660 --> 00:40:16,320 +close down. Right? So if + +365 +00:40:16,320 --> 00:40:26,060 +total revenue is + +366 +00:40:26,060 --> 00:40:31,810 +less than TVC, We have to close down. Here we have + +367 +00:40:31,810 --> 00:40:33,730 +loss and we have to close down. + +368 +00:40:39,210 --> 00:40:44,650 +Closing is better than keeping or working, right? + +369 +00:40:45,740 --> 00:40:50,140 +Then we have three cases related to the shutdown + +370 +00:40:50,140 --> 00:40:53,780 +point. The shutdown point is the point at which + +371 +00:40:53,780 --> 00:40:57,920 +total revenue equals total variable cost, which + +372 +00:40:57,920 --> 00:41:05,600 +means working equals closing down. If total + +373 +00:41:05,600 --> 00:41:09,240 +revenue is bigger than TBC, we have to keep work + +374 +00:41:09,240 --> 00:41:14,520 +even or although we have a loss here, right? If + +375 +00:41:14,520 --> 00:41:17,680 +the total revenue is less than TBC, closing down + +376 +00:41:17,680 --> 00:41:22,100 +is better, right? What about the break even point + +377 +00:41:22,100 --> 00:41:28,240 +and or profits, economic profits? If total revenue + +378 +00:41:28,240 --> 00:41:32,580 +is bigger than total cost, here we have profits, + +379 +00:41:33,280 --> 00:41:38,560 +economic profits. Because so here total profit + +380 +00:41:38,560 --> 00:41:42,560 +will be positive. We have an economic profits. + +381 +00:41:48,380 --> 00:41:52,360 +This is number one. Number two, if total revenue + +382 +00:41:52,360 --> 00:41:58,060 +equals total cost. I see. How much is total + +383 +00:41:58,060 --> 00:42:03,000 +profits? Zero. Then how the economic profits + +384 +00:42:03,000 --> 00:42:07,980 +equals zero. Total profits equals zero. + +385 +00:42:11,900 --> 00:42:21,360 +If total + +386 +00:42:21,360 --> 00:42:30,160 +revenue is less than total cost. What about total + +387 +00:42:30,160 --> 00:42:37,350 +profits here? Will be negative. We have a loss. + +388 +00:42:39,090 --> 00:42:45,110 +This depends on the relationship between total + +389 +00:42:45,110 --> 00:42:49,650 +revenue and total variable cost. The point at + +390 +00:42:49,650 --> 00:42:52,890 +which total revenue equals total cost is called + +391 +00:42:52,890 --> 00:42:54,550 +the break-even point. + +392 +00:42:57,510 --> 00:42:59,330 +Economic profits equals zero. + +393 +00:43:04,570 --> 00:43:07,990 +Here we are talking about determination of the + +394 +00:43:07,990 --> 00:43:12,170 +breakeven point. Breakeven point. + +395 +00:43:14,890 --> 00:43:20,290 +Which can be achieved here when total revenue + +396 +00:43:20,290 --> 00:43:25,470 +equals total cost. It's a breakeven point. If + +397 +00:43:25,470 --> 00:43:28,150 +total revenue is bigger than total cost, we have + +398 +00:43:28,150 --> 00:43:34,710 +economic profits. Positive economic profits. If + +399 +00:43:34,710 --> 00:43:37,850 +total revenue is less than total cost, total + +400 +00:43:37,850 --> 00:43:41,310 +profits will be negative. Or we have a loss, + +401 +00:43:41,450 --> 00:43:46,210 +economic loss. The break-even point is the point + +402 +00:43:46,210 --> 00:43:49,350 +at which total revenue equals total cost. + +403 +00:44:13,320 --> 00:44:19,060 +When total revenue equals 170, total revenue + +404 +00:44:19,060 --> 00:44:27,660 +equals total cost. Shut down point. If total + +405 +00:44:27,660 --> 00:44:30,560 +revenue equals total variable cost. + +406 +00:44:35,840 --> 00:44:40,540 +If total + +407 +00:44:40,540 --> 00:44:46,540 +revenue is bigger than TVC. Sometimes + +408 +00:44:48,780 --> 00:44:53,640 +There will be a loss. And sometimes it will be we + +409 +00:44:53,640 --> 00:44:58,220 +have profits. But if total revenue is bigger than + +410 +00:44:58,220 --> 00:45:02,800 +TPC, we have to work, even if there is a loss. + +411 +00:45:03,640 --> 00:45:08,960 +There could be profits, because if the total + +412 +00:45:08,960 --> 00:45:13,340 +variable costs 150, and this costs 160. + +413 +00:45:17,720 --> 00:45:24,920 +180, 100, 200. What is + +414 +00:45:24,920 --> 00:45:30,220 +your advice here? To work, to keep working, or to + +415 +00:45:30,220 --> 00:45:34,300 +close down? To keep working. Why? + +445 +00:48:31,670 --> 00:48:36,530 +here. Total cost equals average total cost times + +446 +00:48:38,610 --> 00:48:43,910 +times the quantity. Quant to the quantity. If the + +447 +00:48:43,910 --> 00:48:46,710 +price is bigger than average total cost, here we + +448 +00:48:46,710 --> 00:48:51,010 +have positive economic profits. If P is bigger + +449 +00:48:51,010 --> 00:48:55,850 +than ATC, here we have positive economic profits. + +450 +00:48:59,050 --> 00:49:09,910 +Right? If the second case, the break-even point, F + +451 +00:49:09,910 --> 00:49:16,110 +total revenue equals the total cost. Here, we have + +452 +00:49:16,110 --> 00:49:24,450 +a break-even, break-even point, which + +453 +00:49:24,450 --> 00:49:32,830 +means zero economic profits. AP economic profits + +454 +00:49:32,830 --> 00:49:35,530 +is zero here, right? + +455 +00:49:38,870 --> 00:49:41,830 +Total revenue substitution price times the + +456 +00:49:41,830 --> 00:49:47,490 +quantity equals ATC times Q, Q with a Q. If the + +457 +00:49:47,490 --> 00:49:52,370 +price equals ATC here, the economic profit will be + +458 +00:49:52,370 --> 00:49:58,920 +zero here. Here we have a break even, right? So if + +459 +00:49:58,920 --> 00:50:02,640 +the price equals the average total cost, if total + +460 +00:50:02,640 --> 00:50:05,900 +revenue equals total cost, economic profits equals + +461 +00:50:05,900 --> 00:50:10,940 +zero. The same as with the price equals ATC, + +462 +00:50:11,160 --> 00:50:14,660 +economic profits equals zero as well. So the third + +463 +00:50:14,660 --> 00:50:19,620 +case, which is the breaking point here. The third + +464 +00:50:19,620 --> 00:50:25,180 +case, this number two here, number three, F3, yes. + +465 +00:50:27,540 --> 00:50:33,180 +In all cases here. Ah, yes. Because here, the + +466 +00:50:33,180 --> 00:50:36,820 +working decision is related to the relationship + +467 +00:50:36,820 --> 00:50:40,060 +between total revenue and total variable cost. + +468 +00:50:54,020 --> 00:50:57,200 +At the breakeven point here, total revenue equals + +469 +00:50:57,200 --> 00:51:00,480 +total cost, which means total revenue equals TVC + +470 +00:51:00,480 --> 00:51:04,900 +plus TFC. So my advice to them is to work. Working + +471 +00:51:04,900 --> 00:51:09,860 +is better than staying at home. So here, if total + +472 +00:51:09,860 --> 00:51:14,540 +revenue is less than total cost, here the economic + +473 +00:51:14,540 --> 00:51:23,260 +profits is negative, less than zero. So which + +474 +00:51:23,260 --> 00:51:26,660 +means total revenue price times the Q is less than + +475 +00:51:26,660 --> 00:51:31,000 +ATC times the Q, Q with a Q. If the price is less + +476 +00:51:31,000 --> 00:51:35,160 +than ATC, here we have the economic profit is + +477 +00:51:35,160 --> 00:51:39,640 +negative. What is your advice? I don't know. We + +478 +00:51:39,640 --> 00:51:45,260 +have to compare price and AVC or total revenue and + +479 +00:51:45,260 --> 00:51:51,120 +TVC. Shutting down or closing down and working + +480 +00:51:52,660 --> 00:51:56,700 +depends on or relies on the relationship between + +481 +00:51:56,700 --> 00:52:04,080 +total revenue and TVC, right? So here, let's study + +482 +00:52:04,080 --> 00:52:08,500 +the relationship between total revenue and TVC to + +483 +00:52:08,500 --> 00:52:12,980 +determine the shutdown point or the close or + +484 +00:52:12,980 --> 00:52:15,900 +shutdown point here. To determine the shutdown + +485 +00:52:15,900 --> 00:52:19,640 +point, we have to do a comparison between total + +486 +00:52:19,640 --> 00:52:23,800 +revenue and TVC. As we said before, if total + +487 +00:52:23,800 --> 00:52:30,700 +revenue, F, total revenue is bigger than TVC, what + +488 +00:52:30,700 --> 00:52:34,880 +is your advice here? We advise him to keep + +489 +00:52:34,880 --> 00:52:38,040 +working. Hannah, keep working. + +490 +00:52:43,960 --> 00:52:50,560 +Might be there is a loss. Maybe loss plus working + +491 +00:52:50,560 --> 00:52:55,800 +or profits with working. Right? طبعا يعني هنا قد + +492 +00:52:55,800 --> 00:52:59,760 +يكون في loss بس بقى if you keep working then هذا + +493 +00:52:59,760 --> 00:53:04,880 +هي keep working plus قد يكون في loss or profits. + +494 +00:53:07,620 --> 00:53:11,620 +But in all cases, either we have a loss, we have + +495 +00:53:11,620 --> 00:53:14,800 +to keep working. If we have profits, we have to + +496 +00:53:14,800 --> 00:53:18,320 +keep working, right? Because total revenue is + +497 +00:53:18,320 --> 00:53:20,960 +bigger than TBC. What about the average approach? + +498 +00:53:21,340 --> 00:53:25,400 +Total revenue equals price times quantity. It's + +499 +00:53:25,400 --> 00:53:32,860 +bigger than TBC equals AVC times Q. Sah? The + +500 +00:53:32,860 --> 00:53:38,980 +average approach. TVC equals AVC times Q. The same + +501 +00:53:38,980 --> 00:53:45,900 +as ATC. AVC times Q. Q with a Q. If the price is + +502 +00:53:45,900 --> 00:53:53,540 +bigger than AVC, keep working. It's better than + +503 +00:53:53,540 --> 00:53:54,360 +staying at home. + +504 +00:53:57,320 --> 00:54:03,430 +Although we have a loss. even if we have a loss. + +505 +00:54:03,770 --> 00:54:11,830 +Number two, the shutdown point. Shutdown point. If + +506 +00:54:11,830 --> 00:54:17,230 +the total revenue equals total variable cost, if + +507 +00:54:17,230 --> 00:54:22,450 +total revenue equals TVC, we have a confusion. + +508 +00:54:31,540 --> 00:54:34,220 +We said it worked at 150 and covered it with + +509 +00:54:34,220 --> 00:54:37,500 +gasoline. But it's not like that. This is called + +510 +00:54:37,500 --> 00:54:43,920 +the shutdown point. This is the shutdown point. + +511 +00:54:47,600 --> 00:54:51,740 +What about the price and the AVC? If the price P + +512 +00:54:51,740 --> 00:54:56,820 +times Q equals AVC times Q, Q with a Q. If the + +513 +00:54:56,820 --> 00:55:00,480 +price equals AVC, here we have a shutdown point. + +514 +00:55:08,140 --> 00:55:17,860 +Advice. Keep working. The last + +515 +00:55:17,860 --> 00:55:20,720 +case. + +516 +00:55:23,400 --> 00:55:28,100 +When total revenue is less than TVC. + +517 +00:55:31,140 --> 00:55:32,540 +Number three. + +518 +00:55:36,420 --> 00:55:40,440 +If total revenue is less than TVC. + +519 +00:55:46,480 --> 00:55:53,560 +So here + +520 +00:55:53,560 --> 00:55:55,820 +we have to close down. + +521 +00:56:00,810 --> 00:56:05,430 +Closing down is better than working. Right? Okay. + +522 +00:56:05,690 --> 00:56:08,950 +So here it is like this. Total revenue price times + +523 +00:56:08,950 --> 00:56:14,130 +Q is less than AVC times Q. Q with a Q. If the + +524 +00:56:14,130 --> 00:56:18,270 +price is less than AVC, my advice is to close + +525 +00:56:18,270 --> 00:56:21,130 +down. Right? Okay? diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/X9wYfB2RUr4_postprocess.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/X9wYfB2RUr4_postprocess.srt new file mode 100644 index 0000000000000000000000000000000000000000..4d62dc1c3985a1fb66b5498c23adeae70fca14a9 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/X9wYfB2RUr4_postprocess.srt @@ -0,0 +1,2100 @@ +1 +00:00:20,940 --> 00:00:23,400 +Okay, bismillahirrahmanirrahim. Today, inshallah, + +2 +00:00:23,520 --> 00:00:26,000 +we are going to start in chapter seven, which is + +3 +00:00:26,000 --> 00:00:29,940 +industrial organizations in different markets. + +4 +00:00:30,720 --> 00:00:31,440 +Industry. + +5 +00:00:38,700 --> 00:00:39,420 +Organizations. + +6 +00:00:44,180 --> 00:00:45,740 +In different markets. + +7 +00:00:57,150 --> 00:01:00,710 +In this chapter, we will study the behavior of + +8 +00:01:00,710 --> 00:01:05,390 +industrial organizations under the different types + +9 +00:01:05,390 --> 00:01:09,950 +of the markets or different markets. Here, we will + +10 +00:01:09,950 --> 00:01:15,710 +focus on the perfect competition market, the + +11 +00:01:15,710 --> 00:01:19,130 +monopoly market, monopolistic competition, + +12 +00:01:19,850 --> 00:01:25,500 +oligopoly, oligopsy, monopsy, Yeah. And the + +13 +00:01:25,500 --> 00:01:29,000 +monopolies, yeah. So here we have about six + +14 +00:01:29,000 --> 00:01:34,480 +markets in economy. Perfect competition market, + +15 +00:01:35,500 --> 00:01:42,680 +monopoly market, oligopoly, oligopsony, monopsony, + +16 +00:01:42,820 --> 00:01:49,780 +yeah. Yeah. Yeah, yeah. So let's begin with the + +17 +00:01:49,780 --> 00:01:52,540 +perfect competition market. Perfect. + +18 +00:02:01,180 --> 00:02:03,580 +Competition market. + +19 +00:02:08,760 --> 00:02:18,740 +In this market, we have a large number of + +20 +00:02:18,740 --> 00:02:25,160 +producers and consumers. And the producers in this + +21 +00:02:25,160 --> 00:02:31,440 +market produce Identical products. Identical and + +22 +00:02:31,440 --> 00:02:34,400 +homogeneous products, which means that the product + +23 +00:02:34,400 --> 00:02:40,520 +which are produced by or is produced by X, the + +24 +00:02:40,520 --> 00:02:44,480 +seller X or producer X, is quite similar to the + +25 +00:02:44,480 --> 00:02:49,640 +products that are produced by seller Y or producer + +26 +00:02:49,640 --> 00:02:53,660 +Y, right? Which means that the products here are + +27 +00:02:53,660 --> 00:02:59,170 +perfectly substitutes. We cannot distinguish or + +28 +00:02:59,170 --> 00:03:02,130 +make a difference between the product made by or + +29 +00:03:02,130 --> 00:03:06,150 +produced by consumer producer X and Y. All right? + +30 +00:03:06,870 --> 00:03:13,670 +So in this market, the prices are identical. Here + +31 +00:03:13,670 --> 00:03:18,990 +we have the same prices. It's easy to enter the + +32 +00:03:18,990 --> 00:03:22,470 +market without any barriers. There are no barriers + +33 +00:03:22,470 --> 00:03:25,750 +to enter and exit from the market. So the perfect + +34 +00:03:25,750 --> 00:03:29,230 +competition market has the following + +35 +00:03:29,230 --> 00:03:39,150 +characteristics, which are atomicity. + +36 +00:03:39,370 --> 00:03:42,510 +Number one is atomicity. + +37 +00:03:51,530 --> 00:03:56,270 +Atomicity means in this market there are large + +38 +00:03:56,270 --> 00:04:03,430 +number of producers and consumers. Here we have + +39 +00:04:03,430 --> 00:04:06,430 +large producers and consumers. + +40 +00:04:11,710 --> 00:04:16,410 +Producers and consumers. + +41 +00:04:20,300 --> 00:04:25,340 +with a small size, which means each one of them + +42 +00:04:25,340 --> 00:04:31,380 +has no ability to affect the market prices or + +43 +00:04:31,380 --> 00:04:34,860 +quantities. Right? + +44 +00:04:37,720 --> 00:04:38,260 +Number two. + +45 +00:04:42,280 --> 00:04:45,560 +There are no barriers to enter or exit from the + +46 +00:04:45,560 --> 00:04:48,800 +market. Free. + +47 +00:04:51,490 --> 00:05:02,570 +entry and exit from the market, which + +48 +00:05:02,570 --> 00:05:07,150 +means there are no barriers to enter or exit from + +49 +00:05:07,150 --> 00:05:14,370 +the market. If the producer gains profits, + +50 +00:05:15,570 --> 00:05:18,950 +they will, or this will encourage new producers to + +51 +00:05:18,950 --> 00:05:22,320 +enter the market. So they will stay in the market + +52 +00:05:22,320 --> 00:05:25,900 +here. If there is a loss, they will leave the + +53 +00:05:25,900 --> 00:05:31,360 +market without any barriers here. Right? Number + +54 +00:05:31,360 --> 00:05:38,320 +three. The products are produced by producer X or + +55 +00:05:38,320 --> 00:05:42,820 +the seller X. is identical to the products or + +56 +00:05:42,820 --> 00:05:48,800 +identical to the products sold by producer Y. + +57 +00:05:49,440 --> 00:05:53,840 +Which means here we have an identical or quite + +58 +00:05:53,840 --> 00:05:59,180 +similar or similar products and homogeneous. The + +59 +00:05:59,180 --> 00:06:03,580 +products in + +60 +00:06:03,580 --> 00:06:08,140 +the market are + +61 +00:06:09,850 --> 00:06:16,230 +Identical and homogeneous. Homogeneous means + +62 +00:06:16,230 --> 00:06:23,890 +mutajanisa. Identical and homogeneous. + +63 +00:06:26,930 --> 00:06:32,810 +This means that the products are perfectly + +64 +00:06:32,810 --> 00:06:36,410 +substitutes. The products are perfectly + +65 +00:06:36,410 --> 00:06:37,590 +substitutes. + +66 +00:06:48,040 --> 00:06:54,280 +tells the prices or the industry here, the perfect + +67 +00:06:54,280 --> 00:06:59,580 +competition industry or business is a price taker, + +68 +00:06:59,640 --> 00:07:00,720 +not a price maker. + +69 +00:07:04,660 --> 00:07:06,260 +Number four, + +70 +00:07:10,260 --> 00:07:15,500 +the + +71 +00:07:15,500 --> 00:07:16,080 +business + +72 +00:07:19,240 --> 00:07:23,120 +that works under the perfect competition market is + +73 +00:07:23,120 --> 00:07:26,560 +a price taker, not a price maker. + +74 +00:07:30,100 --> 00:07:37,400 +Right? So, the business that + +75 +00:07:37,400 --> 00:07:43,340 +works under the perfect competition market + +76 +00:07:58,490 --> 00:08:02,770 +is classified as a price taker, not a price maker. + +77 +00:08:04,890 --> 00:08:10,330 +Is a price taker. + +78 +00:08:14,670 --> 00:08:22,090 +The price + +79 +00:08:22,090 --> 00:08:24,550 +in the market is determined + +80 +00:08:28,090 --> 00:08:30,710 +or the intersection between or the cross between + +81 +00:08:30,710 --> 00:08:35,490 +demand and supply. Yes, the price. + +82 +00:08:39,130 --> 00:08:44,130 +And the perfect competition market or the + +83 +00:08:44,130 --> 00:08:49,730 +equilibrium price is determined with demand or due + +84 +00:08:49,730 --> 00:08:53,950 +to or by the demand and supply. Okay? + +85 +00:08:59,730 --> 00:09:04,750 +The main determinants of the price here is demand + +86 +00:09:04,750 --> 00:09:06,910 +and supply. The cross between demand and supply. + +87 +00:09:07,950 --> 00:09:08,090 +Right? + +88 +00:09:11,230 --> 00:09:12,090 +Number six. + +89 +00:09:16,670 --> 00:09:21,950 +Equal access to the market for the producers and + +90 +00:09:21,950 --> 00:09:22,590 +the consumers. + +91 +00:09:25,140 --> 00:09:29,900 +كل واحد منه، the same opportunity, they have equal + +92 +00:09:29,900 --> 00:09:37,260 +access to + +93 +00:09:37,260 --> 00:09:43,200 +the market. The price in the perfect competition + +94 +00:09:43,200 --> 00:09:48,280 +market is determined by the cross between demand + +95 +00:09:48,280 --> 00:09:49,520 +and supply in the market. + +96 +00:10:02,360 --> 00:10:06,420 +Here we have an equal access to the market. + +97 +00:10:10,240 --> 00:10:16,840 +All producers and consumers have an equal + +98 +00:10:16,840 --> 00:10:20,340 +opportunity to access the market by entering, + +99 +00:10:20,600 --> 00:10:25,710 +exiting and you know, right? What else? The + +100 +00:10:25,710 --> 00:10:30,230 +information about the market are available to all + +101 +00:10:30,230 --> 00:10:34,390 +producers, to all community. Right? The + +102 +00:10:34,390 --> 00:10:38,550 +information about technology, about everything in + +103 +00:10:38,550 --> 00:10:43,710 +the market are available for all producers and all + +104 +00:10:43,710 --> 00:10:49,050 +consumers. So number seven here, information. + +105 +00:10:57,280 --> 00:10:58,300 +about the market. + +106 +00:11:04,780 --> 00:11:08,840 +All information related to the prices, to + +107 +00:11:08,840 --> 00:11:14,400 +competition, to the technology, to the quality, to + +108 +00:11:14,400 --> 00:11:23,640 +everything are available to + +109 +00:11:23,640 --> 00:11:28,130 +everyone in the community and the market. are + +110 +00:11:28,130 --> 00:11:35,630 +available for all producers and + +111 +00:11:35,630 --> 00:11:39,950 +consumers and + +112 +00:11:39,950 --> 00:11:53,770 +it's easy to get it number eight transaction + +113 +00:11:53,770 --> 00:11:56,710 +cost there is no fees it's zero + +114 +00:12:02,240 --> 00:12:05,380 +The transaction cost is free. + +115 +00:12:11,580 --> 00:12:19,980 +It's zero in this market. That's it. There are no + +116 +00:12:19,980 --> 00:12:20,340 +fees. + +117 +00:12:26,280 --> 00:12:30,920 +Sometimes it's good, sometimes it's bad. We will + +118 +00:12:30,920 --> 00:12:36,180 +check it now. Right? So here we are talking about + +119 +00:12:36,180 --> 00:12:41,620 +a market with no barriers, with large number of + +120 +00:12:41,620 --> 00:12:45,040 +producers and consumers. The information are + +121 +00:12:45,040 --> 00:12:49,580 +available. The industrial business is a price + +122 +00:12:49,580 --> 00:12:54,410 +taker, not a price maker. It's easy to get or to + +123 +00:12:54,410 --> 00:12:57,330 +enter or exit from the market without any + +124 +00:12:57,330 --> 00:13:00,250 +barriers, without any determinants, without any + +125 +00:13:00,250 --> 00:13:06,950 +restrictions, right? Now, we have another types of + +126 +00:13:06,950 --> 00:13:11,550 +the market. And let's do a comparison or a quick + +127 +00:13:11,550 --> 00:13:16,810 +comparison between the six types of markets. And + +128 +00:13:16,810 --> 00:13:21,170 +then we will focus on this market and the monopoly + +129 +00:13:21,170 --> 00:13:28,650 +market. Another type is the + +130 +00:13:28,650 --> 00:13:31,710 +monopoly market. In the monopoly market, we have + +131 +00:13:31,710 --> 00:13:40,170 +one producer only. We have + +132 +00:13:40,170 --> 00:13:43,750 +one producer and so many consumers. + +133 +00:13:47,240 --> 00:13:51,080 +There are some barriers to enter and exit from the + +134 +00:13:51,080 --> 00:13:54,240 +market for the producers and for consumers not. + +135 +00:14:36,130 --> 00:14:38,330 +We have the following markets in economy. + +136 +00:14:50,810 --> 00:14:51,610 +Perfect. + +137 +00:14:55,190 --> 00:15:04,190 +Competition market. + +138 +00:15:17,460 --> 00:15:29,060 +monopolistic competition market + +139 +00:15:29,060 --> 00:15:33,740 +all + +140 +00:15:33,740 --> 00:15:41,000 +globally market + +141 +00:15:56,950 --> 00:15:59,750 +Monopoly market. + +142 +00:16:06,570 --> 00:16:08,610 +Monopoly market. + +143 +00:16:47,270 --> 00:16:48,170 +Number of sellers. + +144 +00:16:53,310 --> 00:16:58,170 +Number of consumers or buyers. + +145 +00:17:04,770 --> 00:17:09,310 +Sellers enter barriers + +146 +00:17:24,840 --> 00:17:26,680 +Buyers. Entry. + +147 +00:17:28,820 --> 00:17:29,720 +Barriers. + +148 +00:17:33,560 --> 00:17:38,320 +Access all producers and consumer has the same + +149 +00:17:38,320 --> 00:17:44,260 +opportunity to exchange products or to go out, + +150 +00:17:44,380 --> 00:17:48,580 +enter from the market. Just summarize for the + +151 +00:17:48,580 --> 00:17:49,220 +previous point. + +152 +00:17:57,950 --> 00:18:02,350 +Okay, as you see here, we have six types of the + +153 +00:18:02,350 --> 00:18:05,290 +markets. Perfect competition market. + +154 +00:18:08,490 --> 00:18:10,030 +Monopolistic competition. + +155 +00:18:15,190 --> 00:18:22,210 +Few number of sellers. Controls the market. + +156 +00:18:24,530 --> 00:18:28,010 +Monopoly market, we have one producer and so many + +157 +00:18:28,010 --> 00:18:28,850 +consumers. + +158 +00:18:32,730 --> 00:18:33,570 +Oligopoly, + +159 +00:18:37,010 --> 00:18:44,230 +we have three producers only in the market. Two, + +160 +00:18:44,530 --> 00:18:44,950 +three. + +161 +00:18:48,570 --> 00:18:52,510 +Oligopsony means we have a few number of consumers + +162 +00:18:52,510 --> 00:18:55,670 +in the market and so many sellers. + +163 +00:19:01,190 --> 00:19:04,590 +Monopsony market. Your monopoly means we have one + +164 +00:19:04,590 --> 00:19:09,210 +seller only in the market and so many consumers. + +165 +00:19:09,870 --> 00:19:15,200 +Here, the opposite case. Monopsony, we have one + +166 +00:19:15,200 --> 00:19:19,100 +buyer only in the market and so many sellers. + +167 +00:19:24,100 --> 00:19:30,240 +In the perfect competition market, We have many + +168 +00:19:30,240 --> 00:19:34,900 +sellers, many buyers, and no entry barriers, no + +169 +00:19:34,900 --> 00:19:38,740 +sellers + +170 +00:19:38,740 --> 00:19:44,980 +entry barriers, and no buyers entry barriers. We + +171 +00:19:44,980 --> 00:19:51,960 +have many sellers + +172 +00:19:51,960 --> 00:19:53,100 +and many buyers. + +173 +00:19:56,280 --> 00:20:01,860 +No barriers to the producers, and no barriers on + +174 +00:20:01,860 --> 00:20:05,000 +the buyers to enter or to exit from the market. + +175 +00:20:05,860 --> 00:20:09,620 +This is the first market that we raised or + +176 +00:20:09,620 --> 00:20:14,820 +discussed one minute before, one minute ago. Here, + +177 +00:20:15,540 --> 00:20:23,160 +the monopolistic competition. We have many + +178 +00:20:23,160 --> 00:20:28,760 +sellers. But the number of sellers in the + +179 +00:20:28,760 --> 00:20:33,180 +monopolistic competition is less than the number + +180 +00:20:33,180 --> 00:20:36,080 +of sellers in the previous market here. + +181 +00:20:42,280 --> 00:20:48,100 +And we have many buyers. + +182 +00:20:51,440 --> 00:20:56,030 +But the number of buyers here It's less than our + +183 +00:20:56,030 --> 00:20:56,930 +buyers here. + +184 +00:21:00,010 --> 00:21:03,530 +No barriers, no barriers. + +185 +00:21:11,270 --> 00:21:15,910 +The products + +186 +00:21:15,910 --> 00:21:18,910 +in this market, in the monopolistic competition, + +187 +00:21:19,190 --> 00:21:22,130 +are homogeneous but not identical. + +188 +00:21:41,810 --> 00:21:46,630 +All Goblin Market, we have a few number of + +189 +00:21:46,630 --> 00:21:52,430 +sellers, few number of sellers and many buyers. + +190 +00:21:57,450 --> 00:22:03,730 +There are some barriers on the sellers here. The + +191 +00:22:03,730 --> 00:22:09,510 +inner barriers, yes. And no barriers on buyers + +192 +00:22:09,510 --> 00:22:14,670 +here. There are no buyers entering barriers here. + +193 +00:22:16,950 --> 00:22:19,250 +The buyer goes to the market, but the seller, when + +194 +00:22:19,250 --> 00:22:21,310 +he comes, they are in the oligopoly. In the + +195 +00:22:21,310 --> 00:22:24,550 +oligopoly, three or four people come and make an + +196 +00:22:24,550 --> 00:22:27,670 +agreement between them, like petrol producers. The + +197 +00:22:27,670 --> 00:22:30,030 +petrol stations present here come and say, we want + +198 +00:22:30,030 --> 00:22:32,730 +to make an agreement. This is called the cartel. + +199 +00:22:33,570 --> 00:22:35,270 +They agree with each other. We want to unify the + +200 +00:22:35,270 --> 00:22:40,210 +price. The OPEC, if you know, in their last + +201 +00:22:40,210 --> 00:22:43,590 +meeting, this is a model of an oligopoly market. + +202 +00:22:44,600 --> 00:22:47,420 +Because they are the ones who need oil in the + +203 +00:22:47,420 --> 00:22:51,880 +world. They have an agreement on pricing. + +204 +00:22:55,340 --> 00:22:57,940 +Okay? Anyone who wants to enter the market again, + +205 +00:22:58,020 --> 00:22:59,940 +there are many restrictions on him passing. + +206 +00:23:00,940 --> 00:23:05,760 +Because there is an agreement with OPEC. No one + +207 +00:23:05,760 --> 00:23:11,600 +can break the agreement. Except Trump. Trump hit + +208 +00:23:11,600 --> 00:23:17,330 +the whole world. All right? Now, if you remember, + +209 +00:23:17,450 --> 00:23:19,290 +in the last meeting, there was an agreement on the + +210 +00:23:19,290 --> 00:23:22,790 +basis that we want to reduce the size of oil + +211 +00:23:22,790 --> 00:23:26,010 +production, its supply. If there was a Saudi + +212 +00:23:26,010 --> 00:23:28,190 +currency, what currency was it? It increased the + +213 +00:23:28,190 --> 00:23:30,350 +price of oil. This was an American demand, to + +214 +00:23:30,350 --> 00:23:33,650 +increase the oil supply. To increase production, + +215 +00:23:33,790 --> 00:23:38,770 +to lower prices in international markets, to lower + +216 +00:23:38,770 --> 00:23:42,730 +oil prices. Who was harmed? Not only Saudi Arabia, + +217 +00:23:43,350 --> 00:23:44,810 +but all oil producing countries. + +218 +00:23:47,550 --> 00:23:51,250 +Because they rely on their sources, their + +219 +00:23:51,250 --> 00:23:55,110 +revenues, their income, to export oil. + +220 +00:23:55,550 --> 00:23:58,490 +International prices went down. They made a + +221 +00:23:58,490 --> 00:24:02,710 +meeting to raise prices, to lower production, to + +222 +00:24:02,710 --> 00:24:06,190 +lower supply. They decided by a joint decision. + +223 +00:24:06,370 --> 00:24:09,760 +It's called the Ali Goblin Market. We have a few + +224 +00:24:09,760 --> 00:24:14,080 +number of producers. A number of buyers, many. كل + +225 +00:24:14,080 --> 00:24:18,100 +الدنيا بتشتري. تمام؟ في barriers, في barriers to + +226 +00:24:18,100 --> 00:24:22,400 +enter the market. Right? On the buyers, no. + +227 +00:24:25,100 --> 00:24:29,440 +Monopoly market. We have one producer in the + +228 +00:24:29,440 --> 00:24:38,240 +market and many consumers. Here, one. Many. And + +229 +00:24:38,240 --> 00:24:44,800 +the sellers and the buyers, yes. No. Oligopsiny. + +230 +00:24:47,680 --> 00:24:50,040 +See monopsiny? In monopoly there is monopsiny. + +231 +00:24:51,200 --> 00:25:00,460 +Here we have one buyer and many sellers. + +232 +00:25:03,240 --> 00:25:03,940 +How is this? + +233 +00:25:06,920 --> 00:25:14,220 +One hospital. One number of doctors. We have so + +234 +00:25:14,220 --> 00:25:14,700 +many doctors. + +235 +00:25:18,320 --> 00:25:24,640 +This is an example of the monopsony market. + +236 +00:25:33,240 --> 00:25:37,620 +Exactly, then the producers, here I have sellers, + +237 +00:25:37,900 --> 00:25:41,180 +there are no barriers, sorry, here there are no + +238 +00:25:41,180 --> 00:25:44,520 +barriers to the buyer, there are no barriers, + +239 +00:25:45,500 --> 00:25:50,540 +okay? Sorry, sorry, yes, yes, yes, yes, because + +240 +00:25:50,540 --> 00:25:53,700 +entering new hospitals in the region has barriers, + +241 +00:25:54,140 --> 00:26:01,510 +so here yes and here no. Okay, oligopsy, A few + +242 +00:26:01,510 --> 00:26:09,150 +number of consumers. Yes, few. Not many. This is + +243 +00:26:09,150 --> 00:26:14,790 +oligopathy, contrary to oligopathy. No, yes. + +244 +00:26:15,930 --> 00:26:20,640 +That's it. We have two hospitals, three hospitals. + +245 +00:26:20,780 --> 00:26:22,560 +We have two hospitals, three hospitals. We have + +246 +00:26:22,560 --> 00:26:26,780 +two + +247 +00:26:26,780 --> 00:26:30,460 +hospitals, three hospitals. We have two hospitals, + +248 +00:26:30,580 --> 00:26:30,840 +three hospitals. We have two hospitals, three + +249 +00:26:30,840 --> 00:26:30,900 +hospitals. We have two hospitals, three hospitals. + +250 +00:26:30,900 --> 00:26:31,680 +two hospitals, three hospitals. We have two + +251 +00:26:31,680 --> 00:26:37,780 +hospitals, three hospitals. We have two + +252 +00:26:37,780 --> 00:26:43,980 +hospitals, + +253 +00:26:44,000 --> 00:26:45,240 +three hospitals. + +254 +00:26:48,570 --> 00:26:54,990 +How can the business that works under the perfect + +255 +00:26:54,990 --> 00:27:01,150 +competition market maximizes its profits? How can + +256 +00:27:01,150 --> 00:27:06,050 +the business or the company that works under the + +257 +00:27:06,050 --> 00:27:10,130 +perfect competition market maximizes its profits, + +258 +00:27:10,230 --> 00:27:15,420 +which is the main goal for such business? This is + +259 +00:27:15,420 --> 00:27:19,620 +what we are going to study now. The profit + +260 +00:27:19,620 --> 00:27:23,180 +maximization for the company or the business that + +261 +00:27:23,180 --> 00:27:25,040 +works under the perfect competition market. + +262 +00:28:03,770 --> 00:28:07,750 +To understand the idea of the producer equilibrium + +263 +00:28:07,750 --> 00:28:12,790 +in the perfect competition market, let's have the + +264 +00:28:12,790 --> 00:28:13,650 +following example. + +265 +00:28:17,030 --> 00:28:22,990 +But before that, let's study an important point, + +266 +00:28:23,170 --> 00:28:30,570 +which is the break-even point, shutdown point, and + +267 +00:28:30,570 --> 00:28:32,090 +equilibrium point. + +268 +00:28:36,960 --> 00:28:43,400 +Or as we mentioned that the total cost equals + +269 +00:28:43,400 --> 00:28:48,380 +total fixed cost plus total variable cost, right? + +270 +00:28:49,160 --> 00:28:55,960 +Total fixed cost plus TVC. + +271 +00:28:58,100 --> 00:29:00,620 +And total revenue equals + +272 +00:29:04,940 --> 00:29:16,620 +Price times quantity. Right? Suppose that I have a + +273 +00:29:16,620 --> 00:29:20,060 +car and + +274 +00:29:20,060 --> 00:29:24,980 +I want to work on + +275 +00:29:24,980 --> 00:29:31,100 +it. This is the car. Okay? Because I have a car. + +276 +00:29:36,190 --> 00:29:39,030 +I don't know how to draw. All right. + +277 +00:29:41,890 --> 00:29:42,290 +OK. + +278 +00:29:47,530 --> 00:29:51,290 +I went to fill up my tank. Let's put it this way. + +279 +00:29:52,770 --> 00:29:55,710 +I filled up my tank with a meat shake. I didn't go + +280 +00:29:55,710 --> 00:30:00,610 +out on the street. I went out. All right? Now, if + +281 +00:30:00,610 --> 00:30:04,410 +I ... What do I have to say all day? I just have + +282 +00:30:04,410 --> 00:30:07,880 +to fill up my tank, right? Right? Well, there's + +283 +00:30:07,880 --> 00:30:09,920 +something else. This is what we call the total + +284 +00:30:09,920 --> 00:30:13,680 +variable cost. This is the fuel. The total + +285 +00:30:13,680 --> 00:30:16,540 +variable cost. So the TVC, + +286 +00:30:19,400 --> 00:30:25,260 +100 shekels, these are just for fuel. This is all + +287 +00:30:25,260 --> 00:30:28,160 +the variable cost. I tell you I don't want to + +288 +00:30:28,160 --> 00:30:31,660 +work. I want to hire someone. I want to give him a + +289 +00:30:31,660 --> 00:30:36,420 +wage. I want to give him 50 shekels. This are + +290 +00:30:36,420 --> 00:30:44,160 +under total variable cost, 150. The wage? + +291 +00:30:48,140 --> 00:30:54,100 +I'm talking + +292 +00:30:54,100 --> 00:30:54,480 +today. + +293 +00:31:00,590 --> 00:31:03,210 +Are we going to pay registration and insurance? + +294 +00:31:04,710 --> 00:31:05,470 +Right? + +295 +00:31:08,870 --> 00:31:13,350 +So let's assume that the total fixed cost daily + +296 +00:31:13,350 --> 00:31:15,490 +that comes out with me, on average, how much + +297 +00:31:15,490 --> 00:31:20,190 +insurance and registration do I pay them? I pay 2 + +298 +00:31:20,190 --> 00:31:25,190 +,200 shekels a year. Then I say that I get 20 + +299 +00:31:25,190 --> 00:31:35,230 +shekels a day as a total fixed cost. Total fixed + +300 +00:31:35,230 --> 00:31:38,050 +cost. + +301 +00:31:40,970 --> 00:31:47,810 +Let's say 20 shekels for registration and + +302 +00:31:47,810 --> 00:31:53,130 +insurance should be paid either I work or stay at + +303 +00:31:53,130 --> 00:31:53,430 +home. + +304 +00:31:56,530 --> 00:32:00,890 +Okay. So total cost equals how much? Total cost, + +305 +00:32:01,030 --> 00:32:06,370 +TC equals + +306 +00:32:06,370 --> 00:32:09,850 +total fixed cost plus total variable cost, TFC + +307 +00:32:09,850 --> 00:32:20,070 +plus TVC. TC equals 20 plus 150 equals 170. + +308 +00:32:20,510 --> 00:32:24,530 +Alright? Fine. I want to say that it will work. + +309 +00:32:31,200 --> 00:32:40,500 +Is it good or bad? Total revenue generated + +310 +00:32:40,500 --> 00:32:44,700 +equals 150 + +311 +00:32:44,700 --> 00:32:49,020 +shekels. + +312 +00:32:50,080 --> 00:32:54,220 +Is it good or bad? Why? + +313 +00:33:03,090 --> 00:33:10,170 +Is it good or bad? Why bad? Why bad? + +314 +00:33:12,290 --> 00:33:22,210 +Total profit equals total + +315 +00:33:22,210 --> 00:33:29,010 +revenue minus total cost. Total revenue minus + +316 +00:33:29,010 --> 00:33:29,870 +total cost. + +317 +00:33:35,170 --> 00:33:38,430 +Total profit + +318 +00:33:38,430 --> 00:33:45,730 +equals total revenue 200 shekels minus total cost + +319 +00:33:45,730 --> 00:33:55,110 +170 equals 30 shekels. There's a profit.As there + +320 +00:33:55,110 --> 00:33:59,110 +is a prophet, I advise him to work. + +321 +00:34:40,570 --> 00:34:41,410 +The assumption, + +322 +00:34:44,190 --> 00:34:52,560 +what does it say? If total revenue equals TVC, + +323 +00:35:11,230 --> 00:35:15,610 +What is your advice here? To work or to stay or to + +324 +00:35:15,610 --> 00:35:16,730 +stop working? + +325 +00:35:18,950 --> 00:35:29,710 +Shut down point. Which means + +326 +00:35:29,710 --> 00:35:36,930 +staying at home or shut down equals work. + +327 +00:35:38,950 --> 00:35:39,870 +Decision. + +328 +00:35:48,210 --> 00:36:04,670 +If total revenue, Hana in this example, If total + +329 +00:36:04,670 --> 00:36:09,250 +revenue equals 160. What is your advice here? + +330 +00:36:27,130 --> 00:36:35,770 +If total revenue or win total revenue equals 160. + +331 +00:36:39,980 --> 00:36:44,940 +Here, we have a loss. But my advice to him is to + +332 +00:36:44,940 --> 00:36:53,500 +work. Why? He didn't work. He worked and earned + +333 +00:36:53,500 --> 00:36:57,560 +160 shekels. He filled up his gas tanks and sold + +334 +00:36:57,560 --> 00:37:01,020 +150 shekels. He took 10 of them and filled up part + +335 +00:37:01,020 --> 00:37:01,820 +of the TFC. + +336 +00:37:06,640 --> 00:37:08,540 +Yes. If he fell, how much would he lose? + +337 +00:37:25,730 --> 00:37:30,670 +So even if, although we have a loss here, my + +338 +00:37:30,670 --> 00:37:37,460 +advice to him is to work. Keep working. Right? So + +339 +00:37:37,460 --> 00:37:41,420 +here, when TR equals 160, + +340 +00:37:44,060 --> 00:37:52,360 +what do you see? Total revenue is bigger than TVC. + +341 +00:37:53,360 --> 00:38:00,260 +TR is bigger than TVC. What is your advice here? + +342 +00:38:00,460 --> 00:38:05,340 +To work because part of TFC will be covered here. + +343 +00:38:06,320 --> 00:38:08,740 +Then my advice is to work. + +344 +00:38:11,820 --> 00:38:16,480 +Although, we have a loss. We have profits or loss + +345 +00:38:16,480 --> 00:38:21,140 +here? Loss because total revenue is less than + +346 +00:38:21,140 --> 00:38:25,480 +total cost. How much is total revenue? Here we + +347 +00:38:25,480 --> 00:38:34,460 +have loss. Loss and we have to work. TR equals + +348 +00:38:34,460 --> 00:38:42,280 +how much? 160. What about total cost? Sorry? Yeah, + +349 +00:38:42,380 --> 00:38:46,840 +total cost, how much is it? 170. Total profit + +350 +00:38:46,840 --> 00:38:51,920 +equals how much? Total revenue minus total cost + +351 +00:38:51,920 --> 00:38:59,700 +equals minus 10. If we work, we will lose just 10 + +352 +00:38:59,700 --> 00:39:06,200 +shekels. But if we stay at home, We will lose 20 + +353 +00:39:06,200 --> 00:39:11,740 +shares here. So although we have a loss, although + +354 +00:39:11,740 --> 00:39:19,020 +we have a loss, we have to work. So sometimes we + +355 +00:39:19,020 --> 00:39:26,980 +accept to work under the loss. This will be met at + +356 +00:39:26,980 --> 00:39:32,200 +the condition of when total revenue is bigger than + +357 +00:39:32,200 --> 00:39:38,090 +TVC. If total revenue is less than TVC, we have to + +358 +00:39:38,090 --> 00:39:42,550 +close down. Right? What does it mean? You go to + +359 +00:39:42,550 --> 00:39:45,370 +work. And I'm sitting at home. How much did I + +360 +00:39:45,370 --> 00:39:48,550 +lose? Twenty. Well, this makes me 130. + +361 +00:39:52,770 --> 00:39:58,530 +Well, if we work, if we work, we get 130, we don't + +362 +00:39:58,530 --> 00:39:59,350 +cover the gasoline. + +363 +00:40:03,900 --> 00:40:09,660 +If total revenue is less than TVC, we have to + +364 +00:40:09,660 --> 00:40:16,320 +close down. Right? So if + +365 +00:40:16,320 --> 00:40:26,060 +total revenue is + +366 +00:40:26,060 --> 00:40:31,810 +less than TVC, We have to close down. Here we have + +367 +00:40:31,810 --> 00:40:33,730 +loss and we have to close down. + +368 +00:40:39,210 --> 00:40:44,650 +Closing is better than keeping or working, right? + +369 +00:40:45,740 --> 00:40:50,140 +Then we have three cases related to the shutdown + +370 +00:40:50,140 --> 00:40:53,780 +point. The shutdown point is the point at which + +371 +00:40:53,780 --> 00:40:57,920 +total revenue equals total variable cost, which + +372 +00:40:57,920 --> 00:41:05,600 +means working equals closing down. If total + +373 +00:41:05,600 --> 00:41:09,240 +revenue is bigger than TBC, we have to keep work + +374 +00:41:09,240 --> 00:41:14,520 +even or although we have a loss here, right? If + +375 +00:41:14,520 --> 00:41:17,680 +the total revenue is less than TBC, closing down + +376 +00:41:17,680 --> 00:41:22,100 +is better, right? What about the break even point + +377 +00:41:22,100 --> 00:41:28,240 +and or profits, economic profits? If total revenue + +378 +00:41:28,240 --> 00:41:32,580 +is bigger than total cost, here we have profits, + +379 +00:41:33,280 --> 00:41:38,560 +economic profits. Because so here total profit + +380 +00:41:38,560 --> 00:41:42,560 +will be positive. We have an economic profits. + +381 +00:41:48,380 --> 00:41:52,360 +This is number one. Number two, if total revenue + +382 +00:41:52,360 --> 00:41:58,060 +equals total cost. I see. How much is total + +383 +00:41:58,060 --> 00:42:03,000 +profits? Zero. Then how the economic profits + +384 +00:42:03,000 --> 00:42:07,980 +equals zero. Total profits equals zero. + +385 +00:42:11,900 --> 00:42:21,360 +If total + +386 +00:42:21,360 --> 00:42:30,160 +revenue is less than total cost. What about total + +387 +00:42:30,160 --> 00:42:37,350 +profits here? Will be negative. We have a loss. + +388 +00:42:39,090 --> 00:42:45,110 +This depends on the relationship between total + +389 +00:42:45,110 --> 00:42:49,650 +revenue and total variable cost. The point at + +390 +00:42:49,650 --> 00:42:52,890 +which total revenue equals total cost is called + +391 +00:42:52,890 --> 00:42:54,550 +the break-even point. + +392 +00:42:57,510 --> 00:42:59,330 +Economic profits equals zero. + +393 +00:43:04,570 --> 00:43:07,990 +Here we are talking about determination of the + +394 +00:43:07,990 --> 00:43:12,170 +breakeven point. Breakeven point. + +395 +00:43:14,890 --> 00:43:20,290 +Which can be achieved here when total revenue + +396 +00:43:20,290 --> 00:43:25,470 +equals total cost. It's a breakeven point. If + +397 +00:43:25,470 --> 00:43:28,150 +total revenue is bigger than total cost, we have + +398 +00:43:28,150 --> 00:43:34,710 +economic profits. Positive economic profits. If + +399 +00:43:34,710 --> 00:43:37,850 +total revenue is less than total cost, total + +400 +00:43:37,850 --> 00:43:41,310 +profits will be negative. Or we have a loss, + +401 +00:43:41,450 --> 00:43:46,210 +economic loss. The break-even point is the point + +402 +00:43:46,210 --> 00:43:49,350 +at which total revenue equals total cost. + +403 +00:44:13,320 --> 00:44:19,060 +When total revenue equals 170, total revenue + +404 +00:44:19,060 --> 00:44:27,660 +equals total cost. Shut down point. If total + +405 +00:44:27,660 --> 00:44:30,560 +revenue equals total variable cost. + +406 +00:44:35,840 --> 00:44:40,540 +If total + +407 +00:44:40,540 --> 00:44:46,540 +revenue is bigger than TVC. Sometimes + +408 +00:44:48,780 --> 00:44:53,640 +There will be a loss. And sometimes it will be we + +409 +00:44:53,640 --> 00:44:58,220 +have profits. But if total revenue is bigger than + +410 +00:44:58,220 --> 00:45:02,800 +TPC, we have to work, even if there is a loss. + +411 +00:45:03,640 --> 00:45:08,960 +There could be profits, because if the total + +412 +00:45:08,960 --> 00:45:13,340 +variable costs 150, and this costs 160. + +413 +00:45:17,720 --> 00:45:24,920 +180, 100, 200. What is + +414 +00:45:24,920 --> 00:45:30,220 +your advice here? To work, to keep working, or to + +415 +00:45:30,220 --> 00:45:34,300 +close down? To keep working. Why? Because the + +416 +00:45:34,300 --> 00:45:37,840 +total revenue is bigger than TVC. Here we have + +417 +00:45:37,840 --> 00:45:42,780 +profits. In all cases, if we have a profit, our + +418 +00:45:42,780 --> 00:45:48,780 +advice should be they have to work. All right? If + +419 +00:45:48,780 --> 00:45:56,180 +total revenue is less than TDC, close down. Had + +420 +00:45:56,180 --> 00:46:00,020 +the totals approach. What about the marginal + +421 +00:46:00,020 --> 00:46:04,140 +approach or the average approach? + +422 +00:46:07,320 --> 00:46:13,280 +Total revenue + +423 +00:46:13,280 --> 00:46:15,440 +equals the price times the quantity, right? + +424 +00:46:35,330 --> 00:46:41,650 +Let's determine the break-even point using the + +425 +00:46:41,650 --> 00:46:43,730 +average approach. + +426 +00:46:46,920 --> 00:46:50,280 +Total revenue equals how much? Price times + +427 +00:46:50,280 --> 00:46:54,840 +quantity. Price times quantity. + +428 +00:46:58,800 --> 00:47:02,760 +If total revenue is bigger than TC, we have + +429 +00:47:02,760 --> 00:47:06,540 +profits. And economic profits equals or positive. + +430 +00:47:09,560 --> 00:47:15,120 +TC, using the ATC approach, average total cost. + +431 +00:47:16,030 --> 00:47:22,770 +What does it equal? ATC times Q. Right? What does + +432 +00:47:22,770 --> 00:47:25,470 +TC equal? ATC times Q. Because what does the + +433 +00:47:25,470 --> 00:47:31,190 +average total cost equal? TC over Q. Right? + +434 +00:47:32,450 --> 00:47:34,730 +Correct? What does the average total cost equal? + +435 +00:47:35,150 --> 00:47:39,190 +Total cost over Q. So using the average approach, + +436 +00:47:39,270 --> 00:47:43,150 +what does TC equal? ATC times Q. + +437 +00:47:57,980 --> 00:48:05,200 +If the price is bigger than ATC, here we have + +438 +00:48:05,200 --> 00:48:09,950 +profits or break even or loss. Profits because + +439 +00:48:09,950 --> 00:48:13,230 +when total revenue is bigger than total cost, we + +440 +00:48:13,230 --> 00:48:16,290 +have total profit positive. We have economic + +441 +00:48:16,290 --> 00:48:18,970 +profits. If total revenue is bigger than total + +442 +00:48:18,970 --> 00:48:22,010 +cost, we have only positive economic profits. + +443 +00:48:22,530 --> 00:48:26,150 +Let's use the average approach here. Total revenue + +444 +00:48:26,150 --> 00:48:31,670 +equals price times quantity. Because the same + +445 +00:48:31,670 --> 00:48:36,530 +here. Total cost equals average total cost times + +446 +00:48:38,610 --> 00:48:43,910 +times the quantity. Quant to the quantity. If the + +447 +00:48:43,910 --> 00:48:46,710 +price is bigger than average total cost, here we + +448 +00:48:46,710 --> 00:48:51,010 +have positive economic profits. If P is bigger + +449 +00:48:51,010 --> 00:48:55,850 +than ATC, here we have positive economic profits. + +450 +00:48:59,050 --> 00:49:09,910 +Right? If the second case, the break-even point, F + +451 +00:49:09,910 --> 00:49:16,110 +total revenue equals the total cost. Here, we have + +452 +00:49:16,110 --> 00:49:24,450 +a break-even, break-even point, which + +453 +00:49:24,450 --> 00:49:32,830 +means zero economic profits. AP economic profits + +454 +00:49:32,830 --> 00:49:35,530 +is zero here, right? + +455 +00:49:38,870 --> 00:49:41,830 +Total revenue substitution price times the + +456 +00:49:41,830 --> 00:49:47,490 +quantity equals ATC times Q, Q with a Q. If the + +457 +00:49:47,490 --> 00:49:52,370 +price equals ATC here, the economic profit will be + +458 +00:49:52,370 --> 00:49:58,920 +zero here. Here we have a break even, right? So if + +459 +00:49:58,920 --> 00:50:02,640 +the price equals the average total cost, if total + +460 +00:50:02,640 --> 00:50:05,900 +revenue equals total cost, economic profits equals + +461 +00:50:05,900 --> 00:50:10,940 +zero. The same as with the price equals ATC, + +462 +00:50:11,160 --> 00:50:14,660 +economic profits equals zero as well. So the third + +463 +00:50:14,660 --> 00:50:19,620 +case, which is the breaking point here. The third + +464 +00:50:19,620 --> 00:50:25,180 +case, this number two here, number three, F3, yes. + +465 +00:50:27,540 --> 00:50:33,180 +In all cases here. Ah, yes. Because here, the + +466 +00:50:33,180 --> 00:50:36,820 +working decision is related to the relationship + +467 +00:50:36,820 --> 00:50:40,060 +between total revenue and total variable cost. + +468 +00:50:54,020 --> 00:50:57,200 +At the breakeven point here, total revenue equals + +469 +00:50:57,200 --> 00:51:00,480 +total cost, which means total revenue equals TVC + +470 +00:51:00,480 --> 00:51:04,900 +plus TFC. So my advice to them is to work. Working + +471 +00:51:04,900 --> 00:51:09,860 +is better than staying at home. So here, if total + +472 +00:51:09,860 --> 00:51:14,540 +revenue is less than total cost, here the economic + +473 +00:51:14,540 --> 00:51:23,260 +profits is negative, less than zero. So which + +474 +00:51:23,260 --> 00:51:26,660 +means total revenue price times the Q is less than + +475 +00:51:26,660 --> 00:51:31,000 +ATC times the Q, Q with a Q. If the price is less + +476 +00:51:31,000 --> 00:51:35,160 +than ATC, here we have the economic profit is + +477 +00:51:35,160 --> 00:51:39,640 +negative. What is your advice? I don't know. We + +478 +00:51:39,640 --> 00:51:45,260 +have to compare price and AVC or total revenue and + +479 +00:51:45,260 --> 00:51:51,120 +TVC. Shutting down or closing down and working + +480 +00:51:52,660 --> 00:51:56,700 +depends on or relies on the relationship between + +481 +00:51:56,700 --> 00:52:04,080 +total revenue and TVC, right? So here, let's study + +482 +00:52:04,080 --> 00:52:08,500 +the relationship between total revenue and TVC to + +483 +00:52:08,500 --> 00:52:12,980 +determine the shutdown point or the close or + +484 +00:52:12,980 --> 00:52:15,900 +shutdown point here. To determine the shutdown + +485 +00:52:15,900 --> 00:52:19,640 +point, we have to do a comparison between total + +486 +00:52:19,640 --> 00:52:23,800 +revenue and TVC. As we said before, if total + +487 +00:52:23,800 --> 00:52:30,700 +revenue, F, total revenue is bigger than TVC, what + +488 +00:52:30,700 --> 00:52:34,880 +is your advice here? We advise him to keep + +489 +00:52:34,880 --> 00:52:38,040 +working. Hannah, keep working. + +490 +00:52:43,960 --> 00:52:50,560 +Might be there is a loss. Maybe loss plus working + +491 +00:52:50,560 --> 00:52:55,800 +or profits with working. Right? طبعا يعني هنا قد + +492 +00:52:55,800 --> 00:52:59,760 +يكون في loss بس بقى if you keep working then هذا + +493 +00:52:59,760 --> 00:53:04,880 +هي keep working plus قد يكون في loss or profits. + +494 +00:53:07,620 --> 00:53:11,620 +But in all cases, either we have a loss, we have + +495 +00:53:11,620 --> 00:53:14,800 +to keep working. If we have profits, we have to + +496 +00:53:14,800 --> 00:53:18,320 +keep working, right? Because total revenue is + +497 +00:53:18,320 --> 00:53:20,960 +bigger than TBC. What about the average approach? + +498 +00:53:21,340 --> 00:53:25,400 +Total revenue equals price times quantity. It's + +499 +00:53:25,400 --> 00:53:32,860 +bigger than TBC equals AVC times Q. Sah? The + +500 +00:53:32,860 --> 00:53:38,980 +average approach. TVC equals AVC times Q. The same + +501 +00:53:38,980 --> 00:53:45,900 +as ATC. AVC times Q. Q with a Q. If the price is + +502 +00:53:45,900 --> 00:53:53,540 +bigger than AVC, keep working. It's better than + +503 +00:53:53,540 --> 00:53:54,360 +staying at home. + +504 +00:53:57,320 --> 00:54:03,430 +Although we have a loss. even if we have a loss. + +505 +00:54:03,770 --> 00:54:11,830 +Number two, the shutdown point. Shutdown point. If + +506 +00:54:11,830 --> 00:54:17,230 +the total revenue equals total variable cost, if + +507 +00:54:17,230 --> 00:54:22,450 +total revenue equals TVC, we have a confusion. + +508 +00:54:31,540 --> 00:54:34,220 +We said it worked at 150 and covered it with + +509 +00:54:34,220 --> 00:54:37,500 +gasoline. But it's not like that. This is called + +510 +00:54:37,500 --> 00:54:43,920 +the shutdown point. This is the shutdown point. + +511 +00:54:47,600 --> 00:54:51,740 +What about the price and the AVC? If the price P + +512 +00:54:51,740 --> 00:54:56,820 +times Q equals AVC times Q, Q with a Q. If the + +513 +00:54:56,820 --> 00:55:00,480 +price equals AVC, here we have a shutdown point. + +514 +00:55:08,140 --> 00:55:17,860 +Advice. Keep working. The last + +515 +00:55:17,860 --> 00:55:20,720 +case. + +516 +00:55:23,400 --> 00:55:28,100 +When total revenue is less than TVC. + +517 +00:55:31,140 --> 00:55:32,540 +Number three. + +518 +00:55:36,420 --> 00:55:40,440 +If total revenue is less than TVC. + +519 +00:55:46,480 --> 00:55:53,560 +So here + +520 +00:55:53,560 --> 00:55:55,820 +we have to close down. + +521 +00:56:00,810 --> 00:56:05,430 +Closing down is better than working. Right? Okay. + +522 +00:56:05,690 --> 00:56:08,950 +So here it is like this. Total revenue price times + +523 +00:56:08,950 --> 00:56:14,130 +Q is less than AVC times Q. Q with a Q. If the + +524 +00:56:14,130 --> 00:56:18,270 +price is less than AVC, my advice is to close + +525 +00:56:18,270 --> 00:56:21,130 +down. Right? Okay? + diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/X9wYfB2RUr4_raw.json b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/X9wYfB2RUr4_raw.json new file mode 100644 index 0000000000000000000000000000000000000000..b9d3c97e3ccb48ef8c26c480f0975d6c0968d9d6 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/X9wYfB2RUr4_raw.json @@ -0,0 +1 @@ +{"segments": [{"id": 1, "seek": 4574, "start": 20.94, "end": 45.74, "text": " Okay, bismillahirrahmanirrahim. Today, inshallah, we are going to start in chapter seven, which is industrial organizations in different markets. Industry. Organizations. 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In this market, we have a large number of producers and consumers. And the producers in this market produce", "tokens": [43634, 2142, 13, 682, 341, 2142, 11, 321, 362, 257, 2416, 1230, 295, 16080, 293, 11883, 13, 400, 264, 16080, 294, 341, 2142, 5258], "avg_logprob": -0.17921875476837157, "compression_ratio": 1.3617021276595744, "no_speech_prob": 0.0, "words": [{"start": 121.17999999999999, "end": 122.38, "word": " Competition", "probability": 0.86474609375}, {"start": 122.38, "end": 123.58, "word": " market.", "probability": 0.56396484375}, {"start": 128.76, "end": 128.76, "word": " In", "probability": 0.29638671875}, {"start": 128.76, "end": 131.44, "word": " this", "probability": 0.9560546875}, {"start": 131.44, "end": 131.9, "word": " market,", "probability": 0.8935546875}, {"start": 132.54, "end": 134.74, "word": " we", "probability": 0.96240234375}, {"start": 134.74, "end": 135.2, "word": " have", "probability": 0.95361328125}, {"start": 135.2, "end": 137.56, "word": " a", "probability": 0.5205078125}, {"start": 137.56, "end": 137.9, "word": " large", "probability": 0.9580078125}, {"start": 137.9, "end": 138.34, "word": " number", "probability": 0.9404296875}, {"start": 138.34, "end": 138.74, "word": " of", "probability": 0.97314453125}, {"start": 138.74, "end": 139.42, "word": " producers", "probability": 0.6298828125}, {"start": 139.42, "end": 139.96, "word": " and", "probability": 0.94384765625}, {"start": 139.96, "end": 140.56, "word": " consumers.", "probability": 0.94921875}, {"start": 142.66, "end": 143.86, "word": " And", "probability": 0.92724609375}, {"start": 143.86, "end": 144.14, "word": " the", "probability": 0.8994140625}, {"start": 144.14, "end": 144.6, "word": " producers", "probability": 0.8857421875}, {"start": 144.6, "end": 144.94, "word": " in", "probability": 0.93701171875}, {"start": 144.94, "end": 145.16, "word": " this", "probability": 0.9462890625}, {"start": 145.16, "end": 145.62, "word": " market", "probability": 0.89306640625}, {"start": 145.62, "end": 146.8, "word": " produce", "probability": 0.85205078125}], "temperature": 1.0}, {"id": 5, "seek": 17544, "start": 148.16, "end": 175.44, "text": " Identical products. Identical and homogeneous products, which means that the product which are produced by or is produced by X, the seller X or producer X, is quite similar to the products that are produced by seller Y or producer Y, right? Which means that the products here are perfectly substitutes.", "tokens": [25905, 804, 3383, 13, 25905, 804, 293, 42632, 3383, 11, 597, 1355, 300, 264, 1674, 597, 366, 7126, 538, 420, 307, 7126, 538, 1783, 11, 264, 23600, 1783, 420, 12314, 1783, 11, 307, 1596, 2531, 281, 264, 3383, 300, 366, 7126, 538, 23600, 398, 420, 12314, 398, 11, 558, 30, 3013, 1355, 300, 264, 3383, 510, 366, 6239, 26441, 1819, 13], "avg_logprob": -0.17439515864656818, "compression_ratio": 1.9423076923076923, "no_speech_prob": 0.0, "words": [{"start": 148.16, "end": 149.02, "word": " Identical", "probability": 0.82177734375}, {"start": 149.02, "end": 149.58, "word": " products.", "probability": 0.85693359375}, {"start": 150.3, "end": 151.06, "word": " Identical", "probability": 0.92431640625}, {"start": 151.06, "end": 151.44, "word": " and", "probability": 0.93701171875}, {"start": 151.44, "end": 152.1, "word": " homogeneous", "probability": 0.9287109375}, {"start": 152.1, "end": 152.6, "word": " products,", "probability": 0.90478515625}, {"start": 152.74, "end": 152.92, "word": " which", "probability": 0.951171875}, {"start": 152.92, "end": 153.26, "word": " means", "probability": 0.93701171875}, {"start": 153.26, "end": 153.6, "word": " that", "probability": 0.92822265625}, {"start": 153.6, "end": 153.98, "word": " the", "probability": 0.89794921875}, {"start": 153.98, "end": 154.4, "word": " product", "probability": 0.88330078125}, {"start": 154.4, "end": 155.8, "word": " which", "probability": 0.7978515625}, {"start": 155.8, "end": 156.08, "word": " are", "probability": 0.798828125}, {"start": 156.08, "end": 156.72, "word": " produced", "probability": 0.90869140625}, {"start": 156.72, "end": 157.26, "word": " by", "probability": 0.958984375}, {"start": 157.26, "end": 157.76, "word": " or", "probability": 0.6494140625}, {"start": 157.76, "end": 157.94, "word": " is", "probability": 0.9306640625}, {"start": 157.94, "end": 158.38, "word": " produced", "probability": 0.91064453125}, {"start": 158.38, "end": 158.82, "word": " by", "probability": 0.966796875}, {"start": 158.82, "end": 159.28, "word": " X,", "probability": 0.5966796875}, {"start": 160.24, "end": 160.52, "word": " the", "probability": 0.869140625}, {"start": 160.52, "end": 160.74, "word": " seller", "probability": 0.89794921875}, {"start": 160.74, "end": 161.1, "word": " X", "probability": 0.96044921875}, {"start": 161.1, "end": 161.24, "word": " or", "probability": 0.447021484375}, {"start": 161.24, "end": 161.52, "word": " producer", "probability": 0.80859375}, {"start": 161.52, "end": 161.96, "word": " X,", "probability": 0.9912109375}, {"start": 162.28, "end": 162.62, "word": " is", "probability": 0.94287109375}, {"start": 162.62, "end": 163.2, "word": " quite", "probability": 0.60791015625}, {"start": 163.2, "end": 163.78, "word": " similar", "probability": 0.9638671875}, {"start": 163.78, "end": 164.28, "word": " to", "probability": 0.96826171875}, {"start": 164.28, "end": 164.48, "word": " the", "probability": 0.9169921875}, {"start": 164.48, "end": 164.86, "word": " products", "probability": 0.88525390625}, {"start": 164.86, "end": 165.36, "word": " that", "probability": 0.93359375}, {"start": 165.36, "end": 166.26, "word": " are", "probability": 0.94287109375}, {"start": 166.26, "end": 167.02, "word": " produced", "probability": 0.91748046875}, {"start": 167.02, "end": 167.6, "word": " by", "probability": 0.97412109375}, {"start": 167.6, "end": 168.46, "word": " seller", "probability": 0.884765625}, {"start": 168.46, "end": 169.02, "word": " Y", "probability": 0.99365234375}, {"start": 169.02, "end": 169.26, "word": " or", "probability": 0.9296875}, {"start": 169.26, "end": 169.64, "word": " producer", "probability": 0.89794921875}, {"start": 169.64, "end": 170.14, "word": " Y,", "probability": 0.9951171875}, {"start": 170.5, "end": 170.78, "word": " right?", "probability": 0.4541015625}, {"start": 170.94, "end": 171.38, "word": " Which", "probability": 0.87255859375}, {"start": 171.38, "end": 171.74, "word": " means", "probability": 0.93701171875}, {"start": 171.74, "end": 172.08, "word": " that", "probability": 0.9326171875}, {"start": 172.08, "end": 172.5, "word": " the", "probability": 0.90185546875}, {"start": 172.5, "end": 172.86, "word": " products", "probability": 0.8623046875}, {"start": 172.86, "end": 173.16, "word": " here", "probability": 0.86376953125}, {"start": 173.16, "end": 173.66, "word": " are", "probability": 0.92626953125}, {"start": 173.66, "end": 174.64, "word": " perfectly", "probability": 0.93017578125}, {"start": 174.64, "end": 175.44, "word": " substitutes.", "probability": 0.91943359375}], "temperature": 1.0}, {"id": 6, "seek": 19541, "start": 177.39, "end": 195.41, "text": " We cannot distinguish or make a difference between the product made by or produced by consumer producer X and Y. All right? So in this market, the prices are identical. Here we have the same prices.", "tokens": [492, 2644, 20206, 420, 652, 257, 2649, 1296, 264, 1674, 1027, 538, 420, 7126, 538, 9711, 12314, 1783, 293, 398, 13, 1057, 558, 30, 407, 294, 341, 2142, 11, 264, 7901, 366, 14800, 13, 1692, 321, 362, 264, 912, 7901, 13], "avg_logprob": -0.1443452313542366, "compression_ratio": 1.4014084507042253, "no_speech_prob": 0.0, "words": [{"start": 177.39, "end": 177.63, "word": " We", "probability": 0.66064453125}, {"start": 177.63, "end": 178.03, "word": " cannot", "probability": 0.88623046875}, {"start": 178.03, "end": 178.63, "word": " distinguish", "probability": 0.88818359375}, {"start": 178.63, "end": 179.17, "word": " or", "probability": 0.94921875}, {"start": 179.17, "end": 179.71, "word": " make", "probability": 0.9404296875}, {"start": 179.71, "end": 179.83, "word": " a", "probability": 0.98876953125}, {"start": 179.83, "end": 180.19, "word": " difference", "probability": 0.859375}, {"start": 180.19, "end": 180.53, "word": " between", "probability": 0.88330078125}, {"start": 180.53, "end": 180.77, "word": " the", "probability": 0.900390625}, {"start": 180.77, "end": 181.07, "word": " product", "probability": 0.90673828125}, {"start": 181.07, "end": 181.45, "word": " made", "probability": 0.8623046875}, {"start": 181.45, "end": 181.83, "word": " by", "probability": 0.9375}, {"start": 181.83, "end": 182.13, "word": " or", "probability": 0.85302734375}, {"start": 182.13, "end": 182.69, "word": " produced", "probability": 0.91552734375}, {"start": 182.69, "end": 183.07, "word": " by", "probability": 0.9736328125}, {"start": 183.07, "end": 183.89, "word": " consumer", "probability": 0.77587890625}, {"start": 183.89, "end": 184.37, "word": " producer", "probability": 0.54248046875}, {"start": 184.37, "end": 184.83, "word": " X", "probability": 0.5771484375}, {"start": 184.83, "end": 185.25, "word": " and", "probability": 0.94384765625}, {"start": 185.25, "end": 185.57, "word": " Y.", "probability": 0.99365234375}, {"start": 185.91, "end": 185.91, "word": " All", "probability": 0.58251953125}, {"start": 185.91, "end": 186.15, "word": " right?", "probability": 0.912109375}, {"start": 186.87, "end": 187.21, "word": " So", "probability": 0.966796875}, {"start": 187.21, "end": 188.11, "word": " in", "probability": 0.84765625}, {"start": 188.11, "end": 188.41, "word": " this", "probability": 0.9462890625}, {"start": 188.41, "end": 188.85, "word": " market,", "probability": 0.90283203125}, {"start": 189.39, "end": 190.35, "word": " the", "probability": 0.91943359375}, {"start": 190.35, "end": 190.87, "word": " prices", "probability": 0.88330078125}, {"start": 190.87, "end": 191.71, "word": " are", "probability": 0.9404296875}, {"start": 191.71, "end": 192.51, "word": " identical.", "probability": 0.908203125}, {"start": 193.45, "end": 193.67, "word": " Here", "probability": 0.87646484375}, {"start": 193.67, "end": 193.85, "word": " we", "probability": 0.59326171875}, {"start": 193.85, "end": 194.19, "word": " have", "probability": 0.94775390625}, {"start": 194.19, "end": 194.61, "word": " the", "probability": 0.91748046875}, {"start": 194.61, "end": 194.87, "word": " same", "probability": 0.91015625}, {"start": 194.87, "end": 195.41, "word": " prices.", "probability": 0.90478515625}], "temperature": 1.0}, {"id": 7, "seek": 22251, "start": 196.71, "end": 222.51, "text": " It's easy to enter the market without any barriers. There are no barriers to enter and exit from the market. So the perfect competition market has the following characteristics, which are atomicity. Number one is atomicity.", "tokens": [467, 311, 1858, 281, 3242, 264, 2142, 1553, 604, 13565, 13, 821, 366, 572, 13565, 281, 3242, 293, 11043, 490, 264, 2142, 13, 407, 264, 2176, 6211, 2142, 575, 264, 3480, 10891, 11, 597, 366, 22275, 507, 13, 5118, 472, 307, 22275, 507, 13], "avg_logprob": -0.12196180489328172, "compression_ratio": 1.5342465753424657, "no_speech_prob": 0.0, "words": [{"start": 196.71, "end": 197.07, "word": " It's", "probability": 0.8564453125}, {"start": 197.07, "end": 197.65, "word": " easy", "probability": 0.9169921875}, {"start": 197.65, "end": 198.39, "word": " to", "probability": 0.9716796875}, {"start": 198.39, "end": 198.75, "word": " enter", "probability": 0.89990234375}, {"start": 198.75, "end": 198.99, "word": " the", "probability": 0.91357421875}, {"start": 198.99, "end": 199.29, "word": " market", "probability": 0.8935546875}, {"start": 199.29, "end": 200.31, "word": " without", "probability": 0.8916015625}, {"start": 200.31, "end": 200.83, "word": " any", "probability": 0.91162109375}, {"start": 200.83, "end": 201.33, "word": " barriers.", "probability": 0.9814453125}, {"start": 201.61, "end": 201.75, "word": " There", "probability": 0.76953125}, {"start": 201.75, "end": 201.93, "word": " are", "probability": 0.93603515625}, {"start": 201.93, "end": 202.07, "word": " no", "probability": 0.95166015625}, {"start": 202.07, "end": 202.47, "word": " barriers", "probability": 0.98046875}, {"start": 202.47, "end": 202.69, "word": " to", "probability": 0.96923828125}, {"start": 202.69, "end": 202.99, "word": " enter", "probability": 0.876953125}, {"start": 202.99, "end": 203.27, "word": " and", "probability": 0.93408203125}, {"start": 203.27, "end": 203.71, "word": " exit", "probability": 0.92822265625}, {"start": 203.71, "end": 204.01, "word": " from", "probability": 0.896484375}, {"start": 204.01, "end": 204.19, "word": " the", "probability": 0.9169921875}, {"start": 204.19, "end": 204.55, "word": " market.", "probability": 0.8896484375}, {"start": 204.99, "end": 205.27, "word": " So", "probability": 0.86962890625}, {"start": 205.27, "end": 205.51, "word": " the", "probability": 0.75244140625}, {"start": 205.51, "end": 205.75, "word": " perfect", "probability": 0.87255859375}, {"start": 205.75, "end": 206.17, "word": " competition", "probability": 0.98095703125}, {"start": 206.17, "end": 206.63, "word": " market", "probability": 0.88916015625}, {"start": 206.63, "end": 207.89, "word": " has", "probability": 0.94677734375}, {"start": 207.89, "end": 208.91, "word": " the", "probability": 0.92236328125}, {"start": 208.91, "end": 209.23, "word": " following", "probability": 0.8603515625}, {"start": 209.23, "end": 210.07, "word": " characteristics,", "probability": 0.9052734375}, {"start": 210.95, "end": 211.15, "word": " which", "probability": 0.94970703125}, {"start": 211.15, "end": 212.47, "word": " are", "probability": 0.94287109375}, {"start": 212.47, "end": 219.15, "word": " atomicity.", "probability": 0.7939453125}, {"start": 219.37, "end": 219.49, "word": " Number", "probability": 0.85986328125}, {"start": 219.49, "end": 220.37, "word": " one", "probability": 0.8837890625}, {"start": 220.37, "end": 220.81, "word": " is", "probability": 0.916015625}, {"start": 220.81, "end": 222.51, "word": " atomicity.", "probability": 0.943115234375}], "temperature": 1.0}, {"id": 8, "seek": 25641, "start": 231.53, "end": 256.41, "text": " Atomicity means in this market there are large number of producers and consumers. Here we have large producers and consumers. Producers and consumers.", "tokens": [1711, 21401, 507, 1355, 294, 341, 2142, 456, 366, 2416, 1230, 295, 16080, 293, 11883, 13, 1692, 321, 362, 2416, 16080, 293, 11883, 13, 1705, 8117, 433, 293, 11883, 13], "avg_logprob": -0.2029989948195796, "compression_ratio": 1.5729166666666667, "no_speech_prob": 0.0, "words": [{"start": 231.53, "end": 232.81, "word": " Atomicity", "probability": 0.9524739583333334}, {"start": 232.81, "end": 234.09, "word": " means", "probability": 0.80322265625}, {"start": 234.09, "end": 234.57, "word": " in", "probability": 0.44677734375}, {"start": 234.57, "end": 234.81, "word": " this", "probability": 0.9453125}, {"start": 234.81, "end": 235.21, "word": " market", "probability": 0.8828125}, {"start": 235.21, "end": 235.53, "word": " there", "probability": 0.62109375}, {"start": 235.53, "end": 235.77, "word": " are", "probability": 0.91748046875}, {"start": 235.77, "end": 236.27, "word": " large", "probability": 0.77734375}, {"start": 236.27, "end": 237.55, "word": " number", "probability": 0.8974609375}, {"start": 237.55, "end": 238.13, "word": " of", "probability": 0.97412109375}, {"start": 238.13, "end": 240.09, "word": " producers", "probability": 0.85693359375}, {"start": 240.09, "end": 240.71, "word": " and", "probability": 0.94384765625}, {"start": 240.71, "end": 241.39, "word": " consumers.", "probability": 0.94482421875}, {"start": 242.59, "end": 242.83, "word": " Here", "probability": 0.8525390625}, {"start": 242.83, "end": 242.99, "word": " we", "probability": 0.9267578125}, {"start": 242.99, "end": 243.43, "word": " have", "probability": 0.95166015625}, {"start": 243.43, "end": 244.09, "word": " large", "probability": 0.865234375}, {"start": 244.09, "end": 245.25, "word": " producers", "probability": 0.2130126953125}, {"start": 245.25, "end": 245.71, "word": " and", "probability": 0.9384765625}, {"start": 245.71, "end": 246.43, "word": " consumers.", "probability": 0.955078125}, {"start": 251.71, "end": 252.99, "word": " Producers", "probability": 0.85302734375}, {"start": 252.99, "end": 255.73, "word": " and", "probability": 0.89599609375}, {"start": 255.73, "end": 256.41, "word": " consumers.", "probability": 0.91650390625}], "temperature": 1.0}, {"id": 9, "seek": 28880, "start": 260.3, "end": 288.8, "text": " with a small size, which means each one of them has no ability to affect the market prices or quantities. Right? Number two. There are no barriers to enter or exit from the market. Free.", "tokens": [365, 257, 1359, 2744, 11, 597, 1355, 1184, 472, 295, 552, 575, 572, 3485, 281, 3345, 264, 2142, 7901, 420, 22927, 13, 1779, 30, 5118, 732, 13, 821, 366, 572, 13565, 281, 3242, 420, 11043, 490, 264, 2142, 13, 11551, 13], "avg_logprob": -0.16015625, "compression_ratio": 1.3357142857142856, "no_speech_prob": 0.0, "words": [{"start": 260.3, "end": 260.58, "word": " with", "probability": 0.74609375}, {"start": 260.58, "end": 260.74, "word": " a", "probability": 0.9794921875}, {"start": 260.74, "end": 261.04, "word": " small", "probability": 0.92236328125}, {"start": 261.04, "end": 261.48, "word": " size,", "probability": 0.865234375}, {"start": 262.06, "end": 262.64, "word": " which", "probability": 0.94775390625}, {"start": 262.64, "end": 263.1, "word": " means", "probability": 0.927734375}, {"start": 263.1, "end": 264.64, "word": " each", "probability": 0.94384765625}, {"start": 264.64, "end": 264.94, "word": " one", "probability": 0.9326171875}, {"start": 264.94, "end": 265.1, "word": " of", "probability": 0.96875}, {"start": 265.1, "end": 265.34, "word": " them", "probability": 0.89697265625}, {"start": 265.34, "end": 266.12, "word": " has", "probability": 0.9482421875}, {"start": 266.12, "end": 266.94, "word": " no", "probability": 0.95068359375}, {"start": 266.94, "end": 268.38, "word": " ability", "probability": 0.95361328125}, {"start": 268.38, "end": 269.16, "word": " to", "probability": 0.970703125}, {"start": 269.16, "end": 269.7, "word": " affect", "probability": 0.9365234375}, {"start": 269.7, "end": 269.98, "word": " the", "probability": 0.91162109375}, {"start": 269.98, "end": 270.34, "word": " market", "probability": 0.8837890625}, {"start": 270.34, "end": 271.06, "word": " prices", "probability": 0.89306640625}, {"start": 271.06, "end": 271.38, "word": " or", "probability": 0.953125}, {"start": 271.38, "end": 272.08, "word": " quantities.", "probability": 0.97216796875}, {"start": 274.32, "end": 274.86, "word": " Right?", "probability": 0.248291015625}, {"start": 277.72, "end": 277.94, "word": " Number", "probability": 0.8779296875}, {"start": 277.94, "end": 278.26, "word": " two.", "probability": 0.81103515625}, {"start": 282.28, "end": 283.08, "word": " There", "probability": 0.7548828125}, {"start": 283.08, "end": 283.28, "word": " are", "probability": 0.93896484375}, {"start": 283.28, "end": 283.42, "word": " no", "probability": 0.94921875}, {"start": 283.42, "end": 283.94, "word": " barriers", "probability": 0.97900390625}, {"start": 283.94, "end": 284.16, "word": " to", "probability": 0.97265625}, {"start": 284.16, "end": 284.5, "word": " enter", "probability": 0.88818359375}, {"start": 284.5, "end": 284.72, "word": " or", "probability": 0.9638671875}, {"start": 284.72, "end": 285.08, "word": " exit", "probability": 0.9375}, {"start": 285.08, "end": 285.38, "word": " from", "probability": 0.89208984375}, {"start": 285.38, "end": 285.56, "word": " the", "probability": 0.91552734375}, {"start": 285.56, "end": 285.96, "word": " market.", "probability": 0.88232421875}, {"start": 288.32, "end": 288.8, "word": " Free.", "probability": 0.59033203125}], "temperature": 1.0}, {"id": 10, "seek": 31969, "start": 291.49, "end": 319.69, "text": " entry and exit from the market, which means there are no barriers to enter or exit from the market. If the producer gains profits, they will, or this will encourage new producers to enter the market.", "tokens": [8729, 293, 11043, 490, 264, 2142, 11, 597, 1355, 456, 366, 572, 13565, 281, 3242, 420, 11043, 490, 264, 2142, 13, 759, 264, 12314, 16823, 17982, 11, 436, 486, 11, 420, 341, 486, 5373, 777, 16080, 281, 3242, 264, 2142, 13], "avg_logprob": -0.19419643247411364, "compression_ratio": 1.6, "no_speech_prob": 0.0, "words": [{"start": 291.49, "end": 292.25, "word": " entry", "probability": 0.356689453125}, {"start": 292.25, "end": 293.01, "word": " and", "probability": 0.83447265625}, {"start": 293.01, "end": 293.63, "word": " exit", "probability": 0.92919921875}, {"start": 293.63, "end": 296.11, "word": " from", "probability": 0.88818359375}, {"start": 296.11, "end": 296.31, "word": " the", "probability": 0.91796875}, {"start": 296.31, "end": 296.69, "word": " market,", "probability": 0.896484375}, {"start": 297.21, "end": 302.57, "word": " which", "probability": 0.94873046875}, {"start": 302.57, "end": 302.99, "word": " means", "probability": 0.93505859375}, {"start": 302.99, "end": 304.65, "word": " there", "probability": 0.8212890625}, {"start": 304.65, "end": 304.87, "word": " are", "probability": 0.939453125}, {"start": 304.87, "end": 305.07, "word": " no", "probability": 0.9501953125}, {"start": 305.07, "end": 305.61, "word": " barriers", "probability": 0.98291015625}, {"start": 305.61, "end": 305.87, "word": " to", "probability": 0.97216796875}, {"start": 305.87, "end": 306.19, "word": " enter", "probability": 0.8681640625}, {"start": 306.19, "end": 306.43, "word": " or", "probability": 0.9423828125}, {"start": 306.43, "end": 306.87, "word": " exit", "probability": 0.90283203125}, {"start": 306.87, "end": 307.15, "word": " from", "probability": 0.89013671875}, {"start": 307.15, "end": 307.33, "word": " the", "probability": 0.91259765625}, {"start": 307.33, "end": 307.65, "word": " market.", "probability": 0.88623046875}, {"start": 309.29, "end": 310.05, "word": " If", "probability": 0.96337890625}, {"start": 310.05, "end": 310.45, "word": " the", "probability": 0.91015625}, {"start": 310.45, "end": 310.99, "word": " producer", "probability": 0.90185546875}, {"start": 310.99, "end": 312.55, "word": " gains", "probability": 0.8935546875}, {"start": 312.55, "end": 314.37, "word": " profits,", "probability": 0.896484375}, {"start": 315.57, "end": 315.85, "word": " they", "probability": 0.5712890625}, {"start": 315.85, "end": 316.17, "word": " will,", "probability": 0.89013671875}, {"start": 316.71, "end": 316.99, "word": " or", "probability": 0.94384765625}, {"start": 316.99, "end": 317.27, "word": " this", "probability": 0.9423828125}, {"start": 317.27, "end": 317.45, "word": " will", "probability": 0.8466796875}, {"start": 317.45, "end": 317.91, "word": " encourage", "probability": 0.75244140625}, {"start": 317.91, "end": 318.19, "word": " new", "probability": 0.5263671875}, {"start": 318.19, "end": 318.63, "word": " producers", "probability": 0.86767578125}, {"start": 318.63, "end": 318.95, "word": " to", "probability": 0.96533203125}, {"start": 318.95, "end": 319.17, "word": " enter", "probability": 0.90869140625}, {"start": 319.17, "end": 319.37, "word": " the", "probability": 0.91357421875}, {"start": 319.37, "end": 319.69, "word": " market.", "probability": 0.88525390625}], "temperature": 1.0}, {"id": 11, "seek": 33914, "start": 320.78, "end": 339.14, "text": " So they will stay in the market here. If there is a loss, they will leave the market without any barriers here. Right? Number three. 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Which means here we have an identical or quite similar or similar products and homogeneous. 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Homogeneous means mutajanisa. Identical and homogeneous. This means that the products are perfectly substitutes. 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Number four, the business", "tokens": [5112, 264, 7901, 420, 264, 3518, 510, 11, 264, 2176, 6211, 3518, 420, 1606, 307, 257, 3218, 991, 260, 11, 406, 257, 3218, 17127, 13, 5118, 1451, 11, 264, 1606], "avg_logprob": -0.2576864823218315, "compression_ratio": 1.4554455445544554, "no_speech_prob": 0.0, "words": [{"start": 408.04, "end": 408.5, "word": " tells", "probability": 0.287109375}, {"start": 408.5, "end": 409.62, "word": " the", "probability": 0.56689453125}, {"start": 409.62, "end": 410.32, "word": " prices", "probability": 0.8359375}, {"start": 410.32, "end": 411.88, "word": " or", "probability": 0.6474609375}, {"start": 411.88, "end": 412.6, "word": " the", "probability": 0.9091796875}, {"start": 412.6, "end": 413.24, "word": " industry", "probability": 0.87548828125}, {"start": 413.24, "end": 413.66, "word": " here,", "probability": 0.81689453125}, {"start": 413.94, "end": 414.04, "word": " the", "probability": 0.90478515625}, {"start": 414.04, "end": 414.28, "word": " perfect", "probability": 0.69287109375}, {"start": 414.28, "end": 414.88, "word": " competition", "probability": 0.97412109375}, {"start": 414.88, "end": 415.74, "word": " industry", "probability": 0.7109375}, {"start": 415.74, "end": 416.08, "word": " or", "probability": 0.8994140625}, {"start": 416.08, "end": 416.62, "word": " business", "probability": 0.9453125}, {"start": 416.62, "end": 417.78, "word": " is", "probability": 0.6689453125}, {"start": 417.78, "end": 418.0, "word": " a", "probability": 0.98388671875}, {"start": 418.0, "end": 418.58, "word": " price", "probability": 0.88671875}, {"start": 418.58, "end": 419.58, "word": " taker,", "probability": 0.818359375}, {"start": 419.64, "end": 419.84, "word": " not", "probability": 0.9365234375}, {"start": 419.84, "end": 419.98, "word": " a", "probability": 0.90625}, {"start": 419.98, "end": 420.24, "word": " price", "probability": 0.908203125}, {"start": 420.24, "end": 420.72, "word": " maker.", "probability": 0.828125}, {"start": 424.66, "end": 425.82, "word": " Number", "probability": 0.86767578125}, {"start": 425.82, "end": 426.26, "word": " four,", "probability": 0.85595703125}, {"start": 430.26, "end": 435.5, "word": " the", "probability": 0.830078125}, {"start": 435.5, "end": 436.08, "word": " business", "probability": 0.94287109375}], "temperature": 1.0}, {"id": 15, "seek": 46334, "start": 439.24, "end": 463.34, "text": " that works under the perfect competition market is a price taker, not a price maker. Right? So, the business that works under the perfect competition market", "tokens": [300, 1985, 833, 264, 2176, 6211, 2142, 307, 257, 3218, 991, 260, 11, 406, 257, 3218, 17127, 13, 1779, 30, 407, 11, 264, 1606, 300, 1985, 833, 264, 2176, 6211, 2142], "avg_logprob": -0.20520019810646772, "compression_ratio": 1.6185567010309279, "no_speech_prob": 0.0, "words": [{"start": 439.24, "end": 439.58, "word": " that", "probability": 0.442138671875}, {"start": 439.58, "end": 440.04, "word": " works", "probability": 0.865234375}, {"start": 440.04, "end": 440.62, "word": " under", "probability": 0.8876953125}, {"start": 440.62, "end": 440.9, "word": " the", "probability": 0.912109375}, {"start": 440.9, "end": 441.16, "word": " perfect", "probability": 0.84423828125}, {"start": 441.16, "end": 441.64, "word": " competition", "probability": 0.97412109375}, {"start": 441.64, "end": 442.14, "word": " market", "probability": 0.8671875}, {"start": 442.14, "end": 443.12, "word": " is", "probability": 0.62744140625}, {"start": 443.12, "end": 443.34, "word": " a", "probability": 0.984375}, {"start": 443.34, "end": 443.88, "word": " price", "probability": 0.91064453125}, {"start": 443.88, "end": 445.34, "word": " taker,", "probability": 0.787841796875}, {"start": 445.54, "end": 445.64, "word": " not", "probability": 0.93212890625}, {"start": 445.64, "end": 445.8, "word": " a", "probability": 0.9609375}, {"start": 445.8, "end": 446.08, "word": " price", "probability": 0.94189453125}, {"start": 446.08, "end": 446.56, "word": " maker.", "probability": 0.8046875}, {"start": 450.1, "end": 450.1, "word": " Right?", "probability": 0.53173828125}, {"start": 452.24, "end": 452.5, "word": " So,", "probability": 0.94384765625}, {"start": 453.18, "end": 453.3, "word": " the", "probability": 0.8984375}, {"start": 453.3, "end": 453.8, "word": " business", "probability": 0.93896484375}, {"start": 453.8, "end": 457.4, "word": " that", "probability": 0.890625}, {"start": 457.4, "end": 457.92, "word": " works", "probability": 0.87939453125}, {"start": 457.92, "end": 460.82, "word": " under", "probability": 0.89453125}, {"start": 460.82, "end": 462.28, "word": " the", "probability": 0.9169921875}, {"start": 462.28, "end": 462.58, "word": " perfect", "probability": 0.90869140625}, {"start": 462.58, "end": 462.96, "word": " competition", "probability": 0.96875}, {"start": 462.96, "end": 463.34, "word": " market", "probability": 0.8779296875}], "temperature": 1.0}, {"id": 16, "seek": 50455, "start": 478.49, "end": 504.55, "text": " is classified as a price taker, not a price maker. Is a price taker. The price in the market is determined", "tokens": [307, 20627, 382, 257, 3218, 991, 260, 11, 406, 257, 3218, 17127, 13, 1119, 257, 3218, 991, 260, 13, 440, 3218, 294, 264, 2142, 307, 9540], "avg_logprob": -0.23133680555555555, "compression_ratio": 1.3209876543209877, "no_speech_prob": 0.0, "words": [{"start": 478.49, "end": 478.87, "word": " is", "probability": 0.65673828125}, {"start": 478.87, "end": 479.47, "word": " classified", "probability": 0.93408203125}, {"start": 479.47, "end": 479.99, "word": " as", "probability": 0.97265625}, {"start": 479.99, "end": 480.23, "word": " a", "probability": 0.9140625}, {"start": 480.23, "end": 480.95, "word": " price", "probability": 0.92236328125}, {"start": 480.95, "end": 481.69, "word": " taker,", "probability": 0.827392578125}, {"start": 481.79, "end": 481.93, "word": " not", "probability": 0.9501953125}, {"start": 481.93, "end": 482.09, "word": " a", "probability": 0.7197265625}, {"start": 482.09, "end": 482.33, "word": " price", "probability": 0.9453125}, {"start": 482.33, "end": 482.77, "word": " maker.", "probability": 0.77392578125}, {"start": 484.89, "end": 485.07, "word": " Is", "probability": 0.72900390625}, {"start": 485.07, "end": 485.21, "word": " a", "probability": 0.98095703125}, {"start": 485.21, "end": 485.69, "word": " price", "probability": 0.919921875}, {"start": 485.69, "end": 490.33, "word": " taker.", "probability": 0.793701171875}, {"start": 494.67, "end": 495.01, "word": " The", "probability": 0.0435791015625}, {"start": 495.01, "end": 502.09, "word": " price", "probability": 0.943359375}, {"start": 502.09, "end": 502.57, "word": " in", "probability": 0.87109375}, {"start": 502.57, "end": 502.73, "word": " the", "probability": 0.9091796875}, {"start": 502.73, "end": 503.09, "word": " market", "probability": 0.87451171875}, {"start": 503.09, "end": 503.97, "word": " is", "probability": 0.93896484375}, {"start": 503.97, "end": 504.55, "word": " determined", "probability": 0.92626953125}], "temperature": 1.0}, {"id": 17, "seek": 53395, "start": 508.09, "end": 533.95, "text": "or the intersection between or the cross between demand and supply. Yes, the price. And the perfect competition market or the equilibrium price is determined with demand or due to or by the demand and supply. Okay?", "tokens": [284, 264, 15236, 1296, 420, 264, 3278, 1296, 4733, 293, 5847, 13, 1079, 11, 264, 3218, 13, 400, 264, 2176, 6211, 2142, 420, 264, 15625, 3218, 307, 9540, 365, 4733, 420, 3462, 281, 420, 538, 264, 4733, 293, 5847, 13, 1033, 30], "avg_logprob": -0.2736191902049752, "compression_ratio": 1.5507246376811594, "no_speech_prob": 0.0, "words": [{"start": 508.09, "end": 508.33, "word": "or", "probability": 0.2939453125}, {"start": 508.33, "end": 508.49, "word": " the", "probability": 0.84814453125}, {"start": 508.49, "end": 509.17, "word": " intersection", "probability": 0.7861328125}, {"start": 509.17, "end": 509.71, "word": " between", "probability": 0.763671875}, {"start": 509.71, "end": 509.95, "word": " or", "probability": 0.693359375}, {"start": 509.95, "end": 510.11, "word": " the", "probability": 0.822265625}, {"start": 510.11, "end": 510.35, "word": " cross", "probability": 0.89697265625}, {"start": 510.35, "end": 510.71, "word": " between", "probability": 0.8447265625}, {"start": 510.71, "end": 511.07, "word": " demand", "probability": 0.92724609375}, {"start": 511.07, "end": 511.27, "word": " and", "probability": 0.94873046875}, {"start": 511.27, "end": 511.73, "word": " supply.", "probability": 0.94482421875}, {"start": 513.47, "end": 514.05, "word": " Yes,", "probability": 0.3115234375}, {"start": 514.27, "end": 515.13, "word": " the", "probability": 0.85009765625}, {"start": 515.13, "end": 515.49, "word": " price.", "probability": 0.9111328125}, {"start": 519.13, "end": 519.89, "word": " And", "probability": 0.83203125}, {"start": 519.89, "end": 520.01, "word": " the", "probability": 0.7724609375}, {"start": 520.01, "end": 520.25, "word": " perfect", "probability": 0.77880859375}, {"start": 520.25, "end": 520.69, "word": " competition", "probability": 0.98046875}, {"start": 520.69, "end": 521.17, "word": " market", "probability": 0.8798828125}, {"start": 521.17, "end": 523.89, "word": " or", "probability": 0.7333984375}, {"start": 523.89, "end": 524.13, "word": " the", "probability": 0.845703125}, {"start": 524.13, "end": 524.55, "word": " equilibrium", "probability": 0.66943359375}, {"start": 524.55, "end": 525.13, "word": " price", "probability": 0.8583984375}, {"start": 525.13, "end": 525.37, "word": " is", "probability": 0.9462890625}, {"start": 525.37, "end": 525.89, "word": " determined", "probability": 0.9189453125}, {"start": 525.89, "end": 527.87, "word": " with", "probability": 0.41650390625}, {"start": 527.87, "end": 528.35, "word": " demand", "probability": 0.87890625}, {"start": 528.35, "end": 529.47, "word": " or", "probability": 0.88232421875}, {"start": 529.47, "end": 529.73, "word": " due", "probability": 0.91552734375}, {"start": 529.73, "end": 529.95, "word": " to", "probability": 0.96240234375}, {"start": 529.95, "end": 530.19, "word": " or", "probability": 0.9130859375}, {"start": 530.19, "end": 530.43, "word": " by", "probability": 0.96630859375}, {"start": 530.43, "end": 530.57, "word": " the", "probability": 0.71826171875}, {"start": 530.57, "end": 530.95, "word": " demand", "probability": 0.9345703125}, {"start": 530.95, "end": 531.15, "word": " and", "probability": 0.91162109375}, {"start": 531.15, "end": 531.55, "word": " supply.", "probability": 0.94140625}, {"start": 533.95, "end": 533.95, "word": " Okay?", "probability": 0.2352294921875}], "temperature": 1.0}, {"id": 18, "seek": 56259, "start": 539.73, "end": 562.59, "text": " The main determinants of the price here is demand and supply. The cross between demand and supply. Right? Number six. Equal access to the market for the producers and the consumers.", "tokens": [440, 2135, 15957, 1719, 295, 264, 3218, 510, 307, 4733, 293, 5847, 13, 440, 3278, 1296, 4733, 293, 5847, 13, 1779, 30, 5118, 2309, 13, 15624, 304, 2105, 281, 264, 2142, 337, 264, 16080, 293, 264, 11883, 13], "avg_logprob": -0.24278846459511, "compression_ratio": 1.4, "no_speech_prob": 0.0, "words": [{"start": 539.73, "end": 540.51, "word": " The", "probability": 0.1239013671875}, {"start": 540.51, "end": 541.29, "word": " main", "probability": 0.82177734375}, {"start": 541.29, "end": 541.59, "word": " determinants", "probability": 0.796875}, {"start": 541.59, "end": 543.01, "word": " of", "probability": 0.3955078125}, {"start": 543.01, "end": 543.17, "word": " the", "probability": 0.87548828125}, {"start": 543.17, "end": 543.59, "word": " price", "probability": 0.9345703125}, {"start": 543.59, "end": 543.89, "word": " here", "probability": 0.79345703125}, {"start": 543.89, "end": 544.27, "word": " is", "probability": 0.76220703125}, {"start": 544.27, "end": 544.75, "word": " demand", "probability": 0.888671875}, {"start": 544.75, "end": 544.95, "word": " and", "probability": 0.9130859375}, {"start": 544.95, "end": 545.21, "word": " supply.", "probability": 0.9541015625}, {"start": 545.33, "end": 545.39, "word": " The", "probability": 0.78955078125}, {"start": 545.39, "end": 545.59, "word": " cross", "probability": 0.671875}, {"start": 545.59, "end": 545.91, "word": " between", "probability": 0.83935546875}, {"start": 545.91, "end": 546.31, "word": " demand", "probability": 0.93115234375}, {"start": 546.31, "end": 546.49, "word": " and", "probability": 0.94482421875}, {"start": 546.49, "end": 546.91, "word": " supply.", "probability": 0.9521484375}, {"start": 547.95, "end": 548.09, "word": " Right?", "probability": 0.5908203125}, {"start": 551.23, "end": 551.71, "word": " Number", "probability": 0.81396484375}, {"start": 551.71, "end": 552.09, "word": " six.", "probability": 0.8115234375}, {"start": 556.67, "end": 557.21, "word": " Equal", "probability": 0.900390625}, {"start": 557.21, "end": 557.71, "word": " access", "probability": 0.9208984375}, {"start": 557.71, "end": 558.03, "word": " to", "probability": 0.96826171875}, {"start": 558.03, "end": 558.17, "word": " the", "probability": 0.91259765625}, {"start": 558.17, "end": 558.59, "word": " market", "probability": 0.88525390625}, {"start": 558.59, "end": 560.81, "word": " for", "probability": 0.61474609375}, {"start": 560.81, "end": 560.99, "word": " the", "probability": 0.9052734375}, {"start": 560.99, "end": 561.47, "word": " producers", "probability": 0.86083984375}, {"start": 561.47, "end": 561.95, "word": " and", "probability": 0.9384765625}, {"start": 561.95, "end": 562.09, "word": " the", "probability": 0.64453125}, {"start": 562.09, "end": 562.59, "word": " consumers.", "probability": 0.94287109375}], "temperature": 1.0}, {"id": 19, "seek": 58952, "start": 565.14, "end": 589.52, "text": "كل واحد منه، the same opportunity, they have equal access to the market. The price in the perfect competition market is determined by the cross between demand and supply in the market.", "tokens": [28820, 36764, 24401, 9154, 3224, 12399, 264, 912, 2650, 11, 436, 362, 2681, 2105, 281, 264, 2142, 13, 440, 3218, 294, 264, 2176, 6211, 2142, 307, 9540, 538, 264, 3278, 1296, 4733, 293, 5847, 294, 264, 2142, 13], "avg_logprob": -0.26562500305664843, "compression_ratio": 1.3020134228187918, "no_speech_prob": 0.0, "words": [{"start": 565.14, "end": 565.38, "word": "كل", "probability": 0.4521484375}, {"start": 565.38, "end": 565.66, "word": " واحد", "probability": 0.9912109375}, {"start": 565.66, "end": 566.34, "word": " منه،", "probability": 0.6595458984375}, {"start": 566.34, "end": 566.56, "word": " the", "probability": 0.51220703125}, {"start": 566.56, "end": 566.76, "word": " same", "probability": 0.87353515625}, {"start": 566.76, "end": 567.38, "word": " opportunity,", "probability": 0.91162109375}, {"start": 567.7, "end": 567.84, "word": " they", "probability": 0.52099609375}, {"start": 567.84, "end": 569.34, "word": " have", "probability": 0.94091796875}, {"start": 569.34, "end": 569.9, "word": " equal", "probability": 0.91162109375}, {"start": 569.9, "end": 570.44, "word": " access", "probability": 0.9248046875}, {"start": 570.44, "end": 577.26, "word": " to", "probability": 0.89013671875}, {"start": 577.26, "end": 577.42, "word": " the", "probability": 0.9248046875}, {"start": 577.42, "end": 577.76, "word": " market.", "probability": 0.8857421875}, {"start": 579.4, "end": 579.74, "word": " The", "probability": 0.64697265625}, {"start": 579.74, "end": 582.26, "word": " price", "probability": 0.91845703125}, {"start": 582.26, "end": 582.44, "word": " in", "probability": 0.4365234375}, {"start": 582.44, "end": 582.62, "word": " the", "probability": 0.8720703125}, {"start": 582.62, "end": 582.86, "word": " perfect", "probability": 0.65869140625}, {"start": 582.86, "end": 583.2, "word": " competition", "probability": 0.791015625}, {"start": 583.2, "end": 583.6, "word": " market", "probability": 0.8837890625}, {"start": 583.6, "end": 584.2, "word": " is", "probability": 0.9404296875}, {"start": 584.2, "end": 584.72, "word": " determined", "probability": 0.9384765625}, {"start": 584.72, "end": 585.64, "word": " by", "probability": 0.367919921875}, {"start": 585.64, "end": 586.76, "word": " the", "probability": 0.8603515625}, {"start": 586.76, "end": 587.2, "word": " cross", "probability": 0.8193359375}, {"start": 587.2, "end": 587.74, "word": " between", "probability": 0.85498046875}, {"start": 587.74, "end": 588.28, "word": " demand", "probability": 0.8662109375}, {"start": 588.28, "end": 588.56, "word": " and", "probability": 0.94384765625}, {"start": 588.56, "end": 588.94, "word": " supply", "probability": 0.95703125}, {"start": 588.94, "end": 589.08, "word": " in", "probability": 0.8701171875}, {"start": 589.08, "end": 589.22, "word": " the", "probability": 0.9208984375}, {"start": 589.22, "end": 589.52, "word": " market.", "probability": 0.8798828125}], "temperature": 1.0}, {"id": 20, "seek": 62266, "start": 602.36, "end": 622.66, "text": " Here we have an equal access to the market. All producers and consumers have an equal opportunity to access the market by entering, exiting and you know, right?", "tokens": [1692, 321, 362, 364, 2681, 2105, 281, 264, 2142, 13, 1057, 16080, 293, 11883, 362, 364, 2681, 2650, 281, 2105, 264, 2142, 538, 11104, 11, 48868, 293, 291, 458, 11, 558, 30], "avg_logprob": -0.2949810606060606, "compression_ratio": 1.3644067796610169, "no_speech_prob": 0.0, "words": [{"start": 602.36, "end": 603.24, "word": " Here", "probability": 0.1016845703125}, {"start": 603.24, "end": 604.12, "word": " we", "probability": 0.771484375}, {"start": 604.12, "end": 604.4, "word": " have", "probability": 0.94189453125}, {"start": 604.4, "end": 604.64, "word": " an", "probability": 0.56201171875}, {"start": 604.64, "end": 604.98, "word": " equal", "probability": 0.90625}, {"start": 604.98, "end": 605.46, "word": " access", "probability": 0.91845703125}, {"start": 605.46, "end": 605.8, "word": " to", "probability": 0.97216796875}, {"start": 605.8, "end": 605.96, "word": " the", "probability": 0.91552734375}, {"start": 605.96, "end": 606.42, "word": " market.", "probability": 0.8896484375}, {"start": 610.24, "end": 610.84, "word": " All", "probability": 0.8408203125}, {"start": 610.84, "end": 611.5, "word": " producers", "probability": 0.86181640625}, {"start": 611.5, "end": 612.54, "word": " and", "probability": 0.92578125}, {"start": 612.54, "end": 613.52, "word": " consumers", "probability": 0.923828125}, {"start": 613.52, "end": 615.14, "word": " have", "probability": 0.90234375}, {"start": 615.14, "end": 616.32, "word": " an", "probability": 0.90576171875}, {"start": 616.32, "end": 616.84, "word": " equal", "probability": 0.9072265625}, {"start": 616.84, "end": 617.54, "word": " opportunity", "probability": 0.88427734375}, {"start": 617.54, "end": 618.3, "word": " to", "probability": 0.95751953125}, {"start": 618.3, "end": 618.74, "word": " access", "probability": 0.9326171875}, {"start": 618.74, "end": 618.98, "word": " the", "probability": 0.9072265625}, {"start": 618.98, "end": 619.4, "word": " market", "probability": 0.8818359375}, {"start": 619.4, "end": 619.9, "word": " by", "probability": 0.93505859375}, {"start": 619.9, "end": 620.34, "word": " entering,", "probability": 0.87939453125}, {"start": 620.6, "end": 620.94, "word": " exiting", "probability": 0.75}, {"start": 620.94, "end": 621.34, "word": " and", "probability": 0.57080078125}, {"start": 621.34, "end": 621.56, "word": " you", "probability": 0.1590576171875}, {"start": 621.56, "end": 621.7, "word": " know,", "probability": 0.86376953125}, {"start": 622.0, "end": 622.66, "word": " right?", "probability": 0.673828125}], "temperature": 1.0}, {"id": 21, "seek": 64904, "start": 624.59, "end": 649.05, "text": " What else? The information about the market are available to all producers, to all community. Right? The information about technology, about everything in the market are available for all producers and all consumers. So number seven here, information.", "tokens": [708, 1646, 30, 440, 1589, 466, 264, 2142, 366, 2435, 281, 439, 16080, 11, 281, 439, 1768, 13, 1779, 30, 440, 1589, 466, 2899, 11, 466, 1203, 294, 264, 2142, 366, 2435, 337, 439, 16080, 293, 439, 11883, 13, 407, 1230, 3407, 510, 11, 1589, 13], "avg_logprob": -0.17220745314943028, "compression_ratio": 1.7622377622377623, "no_speech_prob": 0.0, "words": [{"start": 624.59, "end": 624.81, "word": " What", "probability": 0.83056640625}, {"start": 624.81, "end": 625.11, "word": " else?", "probability": 0.92041015625}, {"start": 625.55, "end": 625.71, "word": " The", "probability": 0.8955078125}, {"start": 625.71, "end": 626.47, "word": " information", "probability": 0.8505859375}, {"start": 626.47, "end": 626.91, "word": " about", "probability": 0.9033203125}, {"start": 626.91, "end": 627.15, "word": " the", "probability": 0.91552734375}, {"start": 627.15, "end": 627.63, "word": " market", "probability": 0.8818359375}, {"start": 627.63, "end": 628.57, "word": " are", "probability": 0.83642578125}, {"start": 628.57, "end": 629.19, "word": " available", "probability": 0.85205078125}, {"start": 629.19, "end": 629.61, "word": " to", "probability": 0.947265625}, {"start": 629.61, "end": 630.23, "word": " all", "probability": 0.93994140625}, {"start": 630.23, "end": 630.81, "word": " producers,", "probability": 0.85888671875}, {"start": 631.19, "end": 631.31, "word": " to", "probability": 0.962890625}, {"start": 631.31, "end": 631.55, "word": " all", "probability": 0.9462890625}, {"start": 631.55, "end": 632.13, "word": " community.", "probability": 0.8330078125}, {"start": 633.39, "end": 633.67, "word": " Right?", "probability": 0.50146484375}, {"start": 634.11, "end": 634.39, "word": " The", "probability": 0.89697265625}, {"start": 634.39, "end": 635.03, "word": " information", "probability": 0.83984375}, {"start": 635.03, "end": 635.35, "word": " about", "probability": 0.890625}, {"start": 635.35, "end": 636.11, "word": " technology,", "probability": 0.95361328125}, {"start": 636.37, "end": 636.71, "word": " about", "probability": 0.890625}, {"start": 636.71, "end": 638.17, "word": " everything", "probability": 0.5380859375}, {"start": 638.17, "end": 638.55, "word": " in", "probability": 0.93408203125}, {"start": 638.55, "end": 638.67, "word": " the", "probability": 0.91552734375}, {"start": 638.67, "end": 639.11, "word": " market", "probability": 0.875}, {"start": 639.11, "end": 639.65, "word": " are", "probability": 0.64453125}, {"start": 639.65, "end": 640.31, "word": " available", "probability": 0.85791015625}, {"start": 640.31, "end": 641.57, "word": " for", "probability": 0.908203125}, {"start": 641.57, "end": 642.37, "word": " all", "probability": 0.876953125}, {"start": 642.37, "end": 642.95, "word": " producers", "probability": 0.85107421875}, {"start": 642.95, "end": 643.45, "word": " and", "probability": 0.91357421875}, {"start": 643.45, "end": 643.71, "word": " all", "probability": 0.935546875}, {"start": 643.71, "end": 644.27, "word": " consumers.", "probability": 0.93896484375}, {"start": 645.43, "end": 645.71, "word": " So", "probability": 0.92236328125}, {"start": 645.71, "end": 646.89, "word": " number", "probability": 0.583984375}, {"start": 646.89, "end": 647.55, "word": " seven", "probability": 0.8505859375}, {"start": 647.55, "end": 647.89, "word": " here,", "probability": 0.826171875}, {"start": 648.47, "end": 649.05, "word": " information.", "probability": 0.53564453125}], "temperature": 1.0}, {"id": 22, "seek": 68642, "start": 657.28, "end": 686.42, "text": " about the market. All information related to the prices, to competition, to the technology, to the quality, to everything are available to everyone in the community and the market.", "tokens": [466, 264, 2142, 13, 1057, 1589, 4077, 281, 264, 7901, 11, 281, 6211, 11, 281, 264, 2899, 11, 281, 264, 3125, 11, 281, 1203, 366, 2435, 281, 1518, 294, 264, 1768, 293, 264, 2142, 13], "avg_logprob": -0.18261718046334055, "compression_ratio": 1.5338983050847457, "no_speech_prob": 0.0, "words": [{"start": 657.28, "end": 657.62, "word": " about", "probability": 0.46533203125}, {"start": 657.62, "end": 657.9, "word": " the", "probability": 0.91943359375}, {"start": 657.9, "end": 658.3, "word": " market.", "probability": 0.896484375}, {"start": 664.78, "end": 665.66, "word": " All", "probability": 0.95654296875}, {"start": 665.66, "end": 666.3, "word": " information", "probability": 0.8154296875}, {"start": 666.3, "end": 667.2, "word": " related", "probability": 0.9443359375}, {"start": 667.2, "end": 667.54, "word": " 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It's zero in this market. That's it. There are no fees.", "tokens": [440, 14425, 2063, 307, 1737, 13, 467, 311, 4018, 294, 341, 2142, 13, 663, 311, 309, 13, 821, 366, 572, 13370, 13], "avg_logprob": -0.17629076734833096, "compression_ratio": 1.1025641025641026, "no_speech_prob": 0.0, "words": [{"start": 722.24, "end": 723.02, "word": " The", "probability": 0.23486328125}, {"start": 723.02, "end": 723.8, "word": " transaction", "probability": 0.79736328125}, {"start": 723.8, "end": 724.58, "word": " cost", "probability": 0.8583984375}, {"start": 724.58, "end": 724.96, "word": " is", "probability": 0.90380859375}, {"start": 724.96, "end": 725.38, "word": " free.", "probability": 0.85546875}, {"start": 731.58, "end": 732.36, "word": " It's", "probability": 0.753662109375}, {"start": 732.36, "end": 732.7, "word": " zero", "probability": 0.873046875}, {"start": 732.7, "end": 732.84, "word": " in", "probability": 0.86181640625}, {"start": 732.84, "end": 733.02, "word": " this", "probability": 0.95166015625}, {"start": 733.02, "end": 733.4, "word": " market.", "probability": 0.90673828125}, {"start": 735.94, "end": 736.34, "word": " That's", "probability": 0.9267578125}, {"start": 736.34, "end": 736.46, "word": " it.", "probability": 0.95458984375}, {"start": 739.3, "end": 739.66, "word": " There", "probability": 0.67822265625}, {"start": 739.66, "end": 739.82, "word": " are", "probability": 0.92626953125}, {"start": 739.82, "end": 739.98, "word": " no", "probability": 0.94921875}, {"start": 739.98, "end": 740.34, "word": " fees.", "probability": 0.93505859375}], "temperature": 1.0}, {"id": 25, "seek": 77124, "start": 746.28, "end": 771.24, "text": " Sometimes it's good, sometimes it's bad. We will check it now. Right? So here we are talking about a market with no barriers, with large number of producers and consumers. The information are available. The industrial business is a price taker, not a price maker.", "tokens": [4803, 309, 311, 665, 11, 2171, 309, 311, 1578, 13, 492, 486, 1520, 309, 586, 13, 1779, 30, 407, 510, 321, 366, 1417, 466, 257, 2142, 365, 572, 13565, 11, 365, 2416, 1230, 295, 16080, 293, 11883, 13, 440, 1589, 366, 2435, 13, 440, 9987, 1606, 307, 257, 3218, 991, 260, 11, 406, 257, 3218, 17127, 13], "avg_logprob": -0.16769935807277417, "compression_ratio": 1.4831460674157304, "no_speech_prob": 0.0, "words": [{"start": 746.28, "end": 746.86, "word": " Sometimes", "probability": 0.8310546875}, {"start": 746.86, "end": 747.18, "word": " it's", "probability": 0.923583984375}, {"start": 747.18, "end": 747.42, "word": " good,", "probability": 0.9287109375}, {"start": 747.62, "end": 747.92, "word": " sometimes", "probability": 0.947265625}, {"start": 747.92, "end": 748.32, "word": " it's", "probability": 0.976806640625}, {"start": 748.32, "end": 748.64, "word": " bad.", "probability": 0.94140625}, {"start": 750.36, "end": 750.8, "word": " We", "probability": 0.9541015625}, {"start": 750.8, "end": 750.92, "word": " will", "probability": 0.6728515625}, {"start": 750.92, "end": 751.26, "word": " check", "probability": 0.93359375}, {"start": 751.26, "end": 751.44, "word": " it", "probability": 0.94775390625}, {"start": 751.44, "end": 751.72, "word": " now.", "probability": 0.92724609375}, {"start": 753.1, "end": 753.32, "word": " Right?", "probability": 0.434326171875}, {"start": 753.94, "end": 754.2, "word": " So", "probability": 0.9638671875}, {"start": 754.2, "end": 755.0, "word": " here", "probability": 0.80078125}, {"start": 755.0, "end": 755.16, "word": " we", "probability": 0.7080078125}, {"start": 755.16, "end": 755.28, "word": " are", "probability": 0.88037109375}, {"start": 755.28, "end": 755.6, "word": " talking", "probability": 0.8408203125}, {"start": 755.6, "end": 756.18, "word": " about", "probability": 0.90283203125}, {"start": 756.18, "end": 757.34, "word": " a", "probability": 0.970703125}, {"start": 757.34, "end": 757.72, "word": " market", "probability": 0.9111328125}, {"start": 757.72, "end": 758.88, "word": " with", "probability": 0.88671875}, {"start": 758.88, "end": 759.1, "word": " no", "probability": 0.94970703125}, {"start": 759.1, "end": 759.68, "word": " barriers,", "probability": 0.9833984375}, {"start": 760.2, "end": 760.7, "word": " with", "probability": 0.89599609375}, {"start": 760.7, "end": 761.14, "word": " large", "probability": 0.595703125}, {"start": 761.14, "end": 761.48, "word": " number", "probability": 0.92822265625}, {"start": 761.48, "end": 761.62, "word": " of", "probability": 0.87890625}, {"start": 761.62, "end": 762.0, "word": " producers", "probability": 0.869140625}, {"start": 762.0, "end": 762.32, "word": " and", "probability": 0.9375}, {"start": 762.32, "end": 762.9, "word": " consumers.", "probability": 0.9384765625}, {"start": 763.94, "end": 764.2, "word": " The", "probability": 0.89453125}, {"start": 764.2, "end": 764.78, "word": " information", "probability": 0.86328125}, {"start": 764.78, "end": 765.04, "word": " are", "probability": 0.71630859375}, {"start": 765.04, "end": 765.5, "word": " available.", "probability": 0.8359375}, {"start": 766.16, "end": 766.36, "word": " The", "probability": 0.87548828125}, {"start": 766.36, "end": 767.0, "word": " industrial", "probability": 0.435546875}, {"start": 767.0, "end": 767.58, "word": " business", "probability": 0.460205078125}, {"start": 767.58, "end": 768.46, "word": " is", "probability": 0.95068359375}, {"start": 768.46, "end": 769.18, "word": " a", "probability": 0.9833984375}, {"start": 769.18, "end": 769.58, "word": " price", "probability": 0.89892578125}, {"start": 769.58, "end": 770.18, "word": " taker,", "probability": 0.833984375}, {"start": 770.24, "end": 770.42, "word": " not", "probability": 0.943359375}, {"start": 770.42, "end": 770.56, "word": " a", "probability": 0.98583984375}, {"start": 770.56, "end": 770.86, "word": " price", "probability": 0.9033203125}, {"start": 770.86, "end": 771.24, "word": " maker.", "probability": 0.7353515625}], "temperature": 1.0}, {"id": 26, "seek": 80163, "start": 772.59, "end": 801.63, "text": " It's easy to get or to enter or exit from the market without any barriers, without any determinants, without any restrictions, right? Now, we have another types of the market. And let's do a comparison or a quick comparison between the six types of markets. And then we will focus on this market and the monopoly market.", "tokens": [467, 311, 1858, 281, 483, 420, 281, 3242, 420, 11043, 490, 264, 2142, 1553, 604, 13565, 11, 1553, 604, 15957, 1719, 11, 1553, 604, 14191, 11, 558, 30, 823, 11, 321, 362, 1071, 3467, 295, 264, 2142, 13, 400, 718, 311, 360, 257, 9660, 420, 257, 1702, 9660, 1296, 264, 2309, 3467, 295, 8383, 13, 400, 550, 321, 486, 1879, 322, 341, 2142, 293, 264, 37061, 2142, 13], "avg_logprob": -0.14209692547286767, "compression_ratio": 1.7074468085106382, "no_speech_prob": 0.0, "words": [{"start": 772.59, "end": 772.91, "word": " It's", "probability": 0.77001953125}, {"start": 772.91, "end": 773.27, "word": " easy", "probability": 0.896484375}, {"start": 773.27, "end": 773.47, "word": " to", "probability": 0.97265625}, {"start": 773.47, "end": 773.91, "word": " get", "probability": 0.8759765625}, {"start": 773.91, "end": 774.25, "word": " or", "probability": 0.7880859375}, {"start": 774.25, "end": 774.41, "word": " to", 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800.85, "end": 801.17, "word": " monopoly", "probability": 0.8994140625}, {"start": 801.17, "end": 801.63, "word": " market.", "probability": 0.9111328125}], "temperature": 1.0}, {"id": 27, "seek": 82375, "start": 803.75, "end": 823.75, "text": " Another type is the monopoly market. In the monopoly market, we have one producer only. We have one producer and so many consumers.", "tokens": [3996, 2010, 307, 264, 37061, 2142, 13, 682, 264, 37061, 2142, 11, 321, 362, 472, 12314, 787, 13, 492, 362, 472, 12314, 293, 370, 867, 11883, 13], "avg_logprob": -0.20591518336108752, "compression_ratio": 1.4505494505494505, "no_speech_prob": 0.0, "words": [{"start": 803.75, "end": 804.17, "word": " Another", "probability": 0.447265625}, {"start": 804.17, "end": 804.81, "word": " type", "probability": 0.97705078125}, {"start": 804.81, "end": 805.33, "word": " is", "probability": 0.94482421875}, {"start": 805.33, "end": 808.65, "word": " the", "probability": 0.8330078125}, {"start": 808.65, "end": 808.97, "word": " monopoly", "probability": 0.87158203125}, {"start": 808.97, "end": 809.45, "word": " market.", "probability": 0.89453125}, {"start": 810.07, "end": 810.31, "word": " In", "probability": 0.9638671875}, {"start": 810.31, "end": 810.45, "word": " the", "probability": 0.91650390625}, {"start": 810.45, "end": 810.71, "word": " monopoly", "probability": 0.88525390625}, {"start": 810.71, "end": 811.15, "word": " market,", "probability": 0.88818359375}, {"start": 811.29, "end": 811.41, "word": " we", "probability": 0.962890625}, {"start": 811.41, "end": 811.71, "word": " have", "probability": 0.94775390625}, {"start": 811.71, "end": 812.25, "word": " one", "probability": 0.91748046875}, {"start": 812.25, "end": 812.89, "word": " producer", "probability": 0.92529296875}, {"start": 812.89, "end": 813.41, "word": " only.", "probability": 0.93115234375}, {"start": 815.25, "end": 815.37, "word": " We", "probability": 0.053985595703125}, {"start": 815.37, "end": 820.17, "word": " have", "probability": 0.7236328125}, {"start": 820.17, "end": 820.45, "word": " one", "probability": 0.931640625}, {"start": 820.45, "end": 821.01, "word": " producer", "probability": 0.91162109375}, {"start": 821.01, "end": 821.89, "word": " and", "probability": 0.7177734375}, {"start": 821.89, "end": 822.31, "word": " so", "probability": 0.955078125}, {"start": 822.31, "end": 822.85, "word": " many", "probability": 0.904296875}, {"start": 822.85, "end": 823.75, "word": " consumers.", "probability": 0.94970703125}], "temperature": 1.0}, {"id": 28, "seek": 83424, "start": 827.24, "end": 834.24, "text": " There are some barriers to enter and exit from the market for the producers and for consumers not.", "tokens": [821, 366, 512, 13565, 281, 3242, 293, 11043, 490, 264, 2142, 337, 264, 16080, 293, 337, 11883, 406, 13], "avg_logprob": -0.22558594048023223, "compression_ratio": 1.2073170731707317, "no_speech_prob": 0.0, "words": [{"start": 827.24, "end": 827.58, "word": " There", "probability": 0.7041015625}, {"start": 827.58, "end": 827.98, "word": " are", "probability": 0.93798828125}, {"start": 827.98, "end": 828.9, "word": " some", "probability": 0.89306640625}, {"start": 828.9, "end": 829.38, "word": " barriers", "probability": 0.9765625}, {"start": 829.38, "end": 829.68, "word": " to", "probability": 0.96484375}, {"start": 829.68, "end": 830.1, "word": " enter", "probability": 0.90087890625}, {"start": 830.1, "end": 830.4, "word": " and", "probability": 0.93701171875}, {"start": 830.4, "end": 830.68, "word": " exit", "probability": 0.92724609375}, {"start": 830.68, "end": 830.94, "word": " from", "probability": 0.89501953125}, {"start": 830.94, "end": 831.08, "word": " the", "probability": 0.9169921875}, {"start": 831.08, "end": 831.42, "word": " market", "probability": 0.90087890625}, {"start": 831.42, "end": 831.8, "word": " for", "probability": 0.92822265625}, {"start": 831.8, "end": 831.94, "word": " the", "probability": 0.91259765625}, {"start": 831.94, "end": 832.34, "word": " producers", "probability": 0.88232421875}, {"start": 832.34, "end": 832.94, "word": " and", "probability": 0.501953125}, {"start": 832.94, "end": 833.2, "word": " for", "probability": 0.9443359375}, {"start": 833.2, "end": 833.62, "word": " consumers", "probability": 0.52099609375}, {"start": 833.62, "end": 834.24, "word": " not.", "probability": 0.9111328125}], "temperature": 1.0}, {"id": 29, "seek": 90419, "start": 876.13, "end": 904.19, "text": " We have the following markets in economy. Perfect. Competition market.", "tokens": [492, 362, 264, 3480, 8383, 294, 5010, 13, 10246, 13, 43634, 2142, 13], "avg_logprob": -0.26799664327076506, "compression_ratio": 0.9861111111111112, "no_speech_prob": 0.0, "words": [{"start": 876.13, "end": 876.35, "word": " We", "probability": 0.81787109375}, {"start": 876.35, "end": 876.59, "word": " have", "probability": 0.9482421875}, {"start": 876.59, "end": 876.73, "word": " the", "probability": 0.91064453125}, {"start": 876.73, "end": 877.07, "word": " following", "probability": 0.89990234375}, {"start": 877.07, "end": 877.67, "word": " markets", "probability": 0.90185546875}, {"start": 877.67, "end": 877.93, "word": " in", "probability": 0.92333984375}, {"start": 877.93, "end": 878.33, "word": " economy.", "probability": 0.6064453125}, {"start": 890.81, "end": 891.61, "word": " Perfect.", "probability": 0.921875}, {"start": 895.19, "end": 895.99, "word": " Competition", "probability": 0.931640625}, {"start": 895.99, "end": 904.19, "word": " market.", "probability": 0.293701171875}], "temperature": 1.0}, {"id": 30, "seek": 94100, "start": 917.46, "end": 941.0, "text": " monopolistic competition market all globally market", "tokens": [47721, 3142, 6211, 2142, 439, 18958, 2142], "avg_logprob": -0.5815429538488388, "compression_ratio": 0.9811320754716981, "no_speech_prob": 0.0, "words": [{"start": 917.46, "end": 918.26, "word": " monopolistic", "probability": 0.747314453125}, {"start": 918.26, "end": 919.0, "word": " competition", "probability": 0.95703125}, {"start": 919.0, "end": 929.06, "word": " market", "probability": 0.64794921875}, {"start": 929.06, "end": 933.74, "word": " all", "probability": 0.06597900390625}, {"start": 933.74, "end": 934.26, "word": " globally", "probability": 0.5673828125}, {"start": 934.26, "end": 941.0, "word": " market", "probability": 0.8447265625}], "temperature": 1.0}, {"id": 31, "seek": 96861, "start": 956.95, "end": 968.61, "text": " Monopoly market. Monopoly market.", "tokens": [4713, 27891, 2142, 13, 4713, 27891, 2142, 13], "avg_logprob": -0.4253472222222222, "compression_ratio": 1.2142857142857142, "no_speech_prob": 0.0, "words": [{"start": 956.95, "end": 958.35, "word": " Monopoly", "probability": 0.76708984375}, {"start": 958.35, "end": 959.75, "word": " market.", "probability": 0.59033203125}, {"start": 966.57, "end": 967.49, "word": " Monopoly", "probability": 0.4957275390625}, {"start": 967.49, "end": 968.61, "word": " market.", "probability": 0.7412109375}], "temperature": 1.0}, {"id": 32, "seek": 102931, "start": 1007.27, "end": 1029.31, "text": " Number of sellers. Number of consumers or buyers. Sellers enter barriers", "tokens": [5118, 295, 31276, 13, 5118, 295, 11883, 420, 23465, 13, 44296, 433, 3242, 13565], "avg_logprob": -0.20768229564030966, "compression_ratio": 1.1774193548387097, "no_speech_prob": 0.0, "words": [{"start": 1007.27, "end": 1007.65, "word": " Number", "probability": 0.56103515625}, {"start": 1007.65, "end": 1007.85, "word": " of", "probability": 0.9736328125}, {"start": 1007.85, "end": 1008.17, "word": " sellers.", "probability": 0.89208984375}, {"start": 1013.31, "end": 1014.63, "word": " Number", "probability": 0.88916015625}, {"start": 1014.63, "end": 1016.29, "word": " of", "probability": 0.9677734375}, {"start": 1016.29, "end": 1016.91, "word": " consumers", "probability": 0.935546875}, {"start": 1016.91, "end": 1017.51, "word": " or", "probability": 0.90771484375}, {"start": 1017.51, "end": 1018.17, "word": " buyers.", "probability": 0.9384765625}, {"start": 1024.77, "end": 1025.81, "word": " Sellers", "probability": 0.939697265625}, {"start": 1025.81, "end": 1028.73, "word": " enter", "probability": 0.57421875}, {"start": 1028.73, "end": 1029.31, "word": " barriers", "probability": 0.96533203125}], "temperature": 1.0}, {"id": 33, "seek": 106922, "start": 1044.84, "end": 1069.22, "text": " Buyers. Entry. Barriers. Access all producers and consumer has the same opportunity to exchange products or to go out, enter from the market. Just summarize for the previous point.", "tokens": [4078, 13917, 13, 3951, 627, 13, 4156, 10525, 13, 17166, 439, 16080, 293, 9711, 575, 264, 912, 2650, 281, 7742, 3383, 420, 281, 352, 484, 11, 3242, 490, 264, 2142, 13, 1449, 20858, 337, 264, 3894, 935, 13], "avg_logprob": -0.2860577045342861, "compression_ratio": 1.3407407407407408, "no_speech_prob": 0.0, "words": [{"start": 1044.84, "end": 1045.76, "word": " Buyers.", "probability": 0.6617431640625}, {"start": 1045.76, "end": 1046.68, "word": " Entry.", "probability": 0.89599609375}, {"start": 1048.82, "end": 1049.72, "word": " Barriers.", "probability": 0.961181640625}, {"start": 1053.56, "end": 1054.02, "word": " Access", "probability": 0.393798828125}, {"start": 1054.02, "end": 1055.5, "word": " all", "probability": 0.66552734375}, {"start": 1055.5, "end": 1056.12, "word": " producers", "probability": 0.822265625}, {"start": 1056.12, "end": 1056.44, "word": " and", "probability": 0.908203125}, {"start": 1056.44, "end": 1056.98, "word": " consumer", "probability": 0.60009765625}, {"start": 1056.98, "end": 1057.38, "word": " has", "probability": 0.9228515625}, {"start": 1057.38, "end": 1057.82, "word": " the", "probability": 0.91845703125}, {"start": 1057.82, "end": 1058.32, "word": " same", "probability": 0.90087890625}, {"start": 1058.32, "end": 1059.3, "word": " opportunity", "probability": 0.9111328125}, {"start": 1059.3, "end": 1059.84, "word": " to", "probability": 0.908203125}, {"start": 1059.84, "end": 1061.56, "word": " exchange", "probability": 0.75830078125}, {"start": 1061.56, "end": 1062.28, "word": " products", "probability": 0.6181640625}, {"start": 1062.28, "end": 1063.4, "word": " or", "probability": 0.51806640625}, {"start": 1063.4, "end": 1063.64, "word": " to", "probability": 0.96630859375}, {"start": 1063.64, "end": 1063.86, "word": " go", "probability": 0.96435546875}, {"start": 1063.86, "end": 1064.26, "word": " out,", "probability": 0.8955078125}, {"start": 1064.38, "end": 1064.74, "word": " enter", "probability": 0.8701171875}, {"start": 1064.74, "end": 1065.02, "word": " from", "probability": 0.83203125}, {"start": 1065.02, "end": 1065.14, "word": " the", "probability": 0.912109375}, {"start": 1065.14, "end": 1065.46, "word": " market.", "probability": 0.61181640625}, {"start": 1065.86, "end": 1066.04, "word": " Just", "probability": 0.5078125}, {"start": 1066.04, "end": 1067.64, "word": " summarize", "probability": 0.4306640625}, {"start": 1067.64, "end": 1068.14, "word": " for", "probability": 0.63232421875}, {"start": 1068.14, "end": 1068.58, "word": " the", "probability": 0.9228515625}, {"start": 1068.58, "end": 1068.92, "word": " previous", "probability": 0.85888671875}, {"start": 1068.92, "end": 1069.22, "word": " point.", "probability": 0.96240234375}], "temperature": 1.0}, {"id": 34, "seek": 110221, "start": 1078.21, "end": 1102.21, "text": " Okay, as you see here, we have six types of the markets. Perfect competition market. Monopolistic competition. Few number of sellers. Controls the market.", "tokens": [1033, 11, 382, 291, 536, 510, 11, 321, 362, 2309, 3467, 295, 264, 8383, 13, 10246, 6211, 2142, 13, 4713, 19946, 3142, 6211, 13, 33468, 1230, 295, 31276, 13, 12912, 82, 264, 2142, 13], "avg_logprob": -0.2071428520338876, "compression_ratio": 1.3247863247863247, "no_speech_prob": 0.0, "words": [{"start": 1077.9499999999998, "end": 1078.37, "word": " Okay,", "probability": 0.75537109375}, {"start": 1079.33, "end": 1079.89, "word": " as", "probability": 0.9619140625}, {"start": 1079.89, "end": 1080.05, "word": " you", "probability": 0.96728515625}, {"start": 1080.05, "end": 1080.23, "word": " see", "probability": 0.931640625}, {"start": 1080.23, "end": 1080.41, "word": " here,", "probability": 0.84326171875}, {"start": 1080.47, "end": 1080.57, "word": " we", "probability": 0.9677734375}, {"start": 1080.57, "end": 1080.99, "word": " have", "probability": 0.94970703125}, {"start": 1080.99, "end": 1081.69, "word": " six", "probability": 0.939453125}, {"start": 1081.69, "end": 1082.05, "word": " types", "probability": 0.84423828125}, {"start": 1082.05, "end": 1082.23, "word": " of", "probability": 0.97216796875}, {"start": 1082.23, "end": 1082.35, "word": " the", "probability": 0.8447265625}, {"start": 1082.35, "end": 1082.79, "word": " markets.", "probability": 0.92138671875}, {"start": 1084.15, "end": 1084.37, "word": " Perfect", "probability": 0.8740234375}, {"start": 1084.37, "end": 1084.81, "word": " competition", "probability": 0.9541015625}, {"start": 1084.81, "end": 1085.29, "word": " market.", "probability": 0.88232421875}, {"start": 1088.49, "end": 1089.33, "word": " Monopolistic", "probability": 0.6617838541666666}, {"start": 1089.33, "end": 1090.03, "word": " competition.", "probability": 0.9453125}, {"start": 1095.19, "end": 1096.03, "word": " Few", "probability": 0.24560546875}, {"start": 1096.03, "end": 1098.55, "word": " number", "probability": 0.88037109375}, {"start": 1098.55, "end": 1098.73, "word": " of", "probability": 0.97802734375}, {"start": 1098.73, "end": 1099.09, "word": " sellers.", "probability": 0.93359375}, {"start": 1100.93, "end": 1101.77, "word": " Controls", "probability": 0.8388671875}, {"start": 1101.77, "end": 1101.91, "word": " the", "probability": 0.7978515625}, {"start": 1101.91, "end": 1102.21, "word": " market.", "probability": 0.869140625}], "temperature": 1.0}, {"id": 35, "seek": 112495, "start": 1104.53, "end": 1124.95, "text": " Monopoly market, we have one producer and so many consumers. Oligopoly, we have three producers only in the market. Two, three.", "tokens": [4713, 27891, 2142, 11, 321, 362, 472, 12314, 293, 370, 867, 11883, 13, 422, 5073, 27891, 11, 321, 362, 1045, 16080, 787, 294, 264, 2142, 13, 4453, 11, 1045, 13], "avg_logprob": -0.2264364977036753, "compression_ratio": 1.3195876288659794, "no_speech_prob": 0.0, "words": [{"start": 1104.53, "end": 1105.11, "word": " Monopoly", "probability": 0.876220703125}, {"start": 1105.11, "end": 1105.53, "word": " market,", "probability": 0.84423828125}, {"start": 1105.69, "end": 1105.81, "word": " we", "probability": 0.91650390625}, {"start": 1105.81, "end": 1106.11, "word": " have", "probability": 0.95068359375}, {"start": 1106.11, "end": 1106.49, "word": " one", "probability": 0.89892578125}, {"start": 1106.49, "end": 1107.15, "word": " producer", "probability": 0.8974609375}, {"start": 1107.15, "end": 1107.49, "word": " and", "probability": 0.9033203125}, {"start": 1107.49, "end": 1107.75, "word": " so", "probability": 0.94384765625}, {"start": 1107.75, "end": 1108.01, "word": " many", "probability": 0.91552734375}, {"start": 1108.01, "end": 1108.85, "word": " consumers.", "probability": 0.947265625}, {"start": 1112.73, "end": 1113.57, "word": " Oligopoly,", "probability": 0.650146484375}, {"start": 1117.01, "end": 1117.15, "word": " we", "probability": 0.84912109375}, {"start": 1117.15, "end": 1119.53, "word": " have", "probability": 0.951171875}, {"start": 1119.53, "end": 1120.07, "word": " three", "probability": 0.83349609375}, {"start": 1120.07, "end": 1121.03, "word": " producers", "probability": 0.86328125}, {"start": 1121.03, "end": 1121.71, "word": " only", "probability": 0.8671875}, {"start": 1121.71, "end": 1121.97, "word": " in", "probability": 0.94189453125}, {"start": 1121.97, "end": 1122.09, "word": " the", "probability": 0.91845703125}, {"start": 1122.09, "end": 1122.43, "word": " market.", "probability": 0.88818359375}, {"start": 1123.85, "end": 1124.23, "word": " Two,", "probability": 0.8486328125}, {"start": 1124.53, "end": 1124.95, "word": " three.", "probability": 0.87060546875}], "temperature": 1.0}, {"id": 36, "seek": 115165, "start": 1128.57, "end": 1151.65, "text": " Oligopsony means we have a few number of consumers in the market and so many sellers. Monopsony market. Your monopoly means we have one seller only in the market and so many consumers. Here, the opposite case.", "tokens": [422, 5073, 404, 82, 2526, 1355, 321, 362, 257, 1326, 1230, 295, 11883, 294, 264, 2142, 293, 370, 867, 31276, 13, 4713, 404, 3015, 88, 2142, 13, 2260, 37061, 1355, 321, 362, 472, 23600, 787, 294, 264, 2142, 293, 370, 867, 11883, 13, 1692, 11, 264, 6182, 1389, 13], "avg_logprob": -0.24734374523162841, "compression_ratio": 1.627906976744186, "no_speech_prob": 0.0, "words": [{"start": 1128.57, "end": 1129.35, "word": " Oligopsony", "probability": 0.45703125}, {"start": 1129.35, "end": 1129.81, "word": " means", "probability": 0.95068359375}, {"start": 1129.81, "end": 1130.13, "word": " we", "probability": 0.888671875}, {"start": 1130.13, "end": 1130.39, "word": " have", "probability": 0.95263671875}, {"start": 1130.39, "end": 1130.61, "word": " a", "probability": 0.84765625}, {"start": 1130.61, "end": 1131.03, "word": " few", "probability": 0.90966796875}, {"start": 1131.03, "end": 1131.65, "word": " number", "probability": 0.7802734375}, {"start": 1131.65, "end": 1131.87, "word": " of", "probability": 0.97216796875}, {"start": 1131.87, "end": 1132.51, "word": " consumers", "probability": 0.947265625}, {"start": 1132.51, "end": 1132.81, "word": " in", "probability": 0.939453125}, {"start": 1132.81, "end": 1132.95, "word": " the", "probability": 0.91748046875}, {"start": 1132.95, "end": 1133.23, "word": " market", "probability": 0.88671875}, {"start": 1133.23, "end": 1133.81, "word": " and", "probability": 0.77587890625}, {"start": 1133.81, "end": 1134.11, "word": " so", "probability": 0.951171875}, {"start": 1134.11, "end": 1134.55, "word": " many", "probability": 0.90771484375}, {"start": 1134.55, "end": 1135.67, "word": " sellers.", "probability": 0.93359375}, {"start": 1141.19, "end": 1141.97, "word": " Monopsony", "probability": 0.61639404296875}, {"start": 1141.97, "end": 1142.37, "word": " market.", "probability": 0.7587890625}, {"start": 1142.61, "end": 1142.79, "word": " Your", "probability": 0.321533203125}, {"start": 1142.79, "end": 1143.29, "word": " monopoly", "probability": 0.9169921875}, {"start": 1143.29, "end": 1143.75, "word": " means", "probability": 0.95166015625}, {"start": 1143.75, "end": 1143.97, "word": " we", "probability": 0.92333984375}, {"start": 1143.97, "end": 1144.23, "word": " have", "probability": 0.947265625}, {"start": 1144.23, "end": 1144.59, "word": " one", "probability": 0.900390625}, {"start": 1144.59, "end": 1144.99, "word": " seller", "probability": 0.89208984375}, {"start": 1144.99, "end": 1145.41, "word": " only", "probability": 0.90966796875}, {"start": 1145.41, "end": 1145.57, "word": " in", "probability": 0.943359375}, {"start": 1145.57, "end": 1145.69, "word": " the", "probability": 0.91552734375}, {"start": 1145.69, "end": 1145.97, "word": " market", "probability": 0.8818359375}, {"start": 1145.97, "end": 1146.53, "word": " and", "probability": 0.861328125}, {"start": 1146.53, "end": 1146.89, "word": " so", "probability": 0.95458984375}, {"start": 1146.89, "end": 1147.47, "word": " many", "probability": 0.90869140625}, {"start": 1147.47, "end": 1149.21, "word": " consumers.", "probability": 0.9482421875}, {"start": 1149.87, "end": 1150.37, "word": " Here,", "probability": 0.85009765625}, {"start": 1150.69, "end": 1150.83, "word": " the", "probability": 0.9091796875}, {"start": 1150.83, "end": 1151.17, "word": " opposite", "probability": 0.94384765625}, {"start": 1151.17, "end": 1151.65, "word": " case.", "probability": 0.9052734375}], "temperature": 1.0}, {"id": 37, "seek": 116724, "start": 1153.18, "end": 1167.24, "text": " Monopsony, we have one buyer only in the market and so many sellers. In the perfect competition market,", "tokens": [4713, 404, 3015, 88, 11, 321, 362, 472, 24645, 787, 294, 264, 2142, 293, 370, 867, 31276, 13, 682, 264, 2176, 6211, 2142, 11], "avg_logprob": -0.2631249904632568, "compression_ratio": 1.1685393258426966, "no_speech_prob": 0.0, "words": [{"start": 1153.18, "end": 1154.02, "word": " Monopsony,", "probability": 0.53814697265625}, {"start": 1154.22, "end": 1154.34, "word": " we", "probability": 0.84130859375}, {"start": 1154.34, "end": 1154.8, "word": " have", "probability": 0.92431640625}, {"start": 1154.8, "end": 1155.2, "word": " one", "probability": 0.87109375}, {"start": 1155.2, "end": 1156.6, "word": " buyer", "probability": 0.900390625}, {"start": 1156.6, "end": 1157.08, "word": " only", "probability": 0.740234375}, {"start": 1157.08, "end": 1157.28, "word": " in", "probability": 0.9130859375}, {"start": 1157.28, "end": 1157.4, "word": " the", "probability": 0.90771484375}, {"start": 1157.4, "end": 1157.72, "word": " market", "probability": 0.8955078125}, {"start": 1157.72, "end": 1158.18, "word": " and", "probability": 0.72998046875}, {"start": 1158.18, "end": 1158.42, "word": " so", "probability": 0.90478515625}, {"start": 1158.42, "end": 1158.66, "word": " many", "probability": 0.89990234375}, {"start": 1158.66, "end": 1159.1, "word": " sellers.", "probability": 0.94091796875}, {"start": 1164.1, "end": 1164.74, "word": " In", "probability": 0.61328125}, {"start": 1164.74, "end": 1166.1, "word": " the", "probability": 0.86669921875}, {"start": 1166.1, "end": 1166.38, "word": " perfect", "probability": 0.85546875}, {"start": 1166.38, "end": 1166.82, "word": " competition", "probability": 0.98291015625}, {"start": 1166.82, "end": 1167.24, "word": " market,", "probability": 0.8759765625}], "temperature": 1.0}, {"id": 38, "seek": 119309, "start": 1168.46, "end": 1193.1, "text": " We have many sellers, many buyers, and no entry barriers, no sellers entry barriers, and no buyers entry barriers. We have many sellers and many buyers.", "tokens": [492, 362, 867, 31276, 11, 867, 23465, 11, 293, 572, 8729, 13565, 11, 572, 31276, 8729, 13565, 11, 293, 572, 23465, 8729, 13565, 13, 492, 362, 867, 31276, 293, 867, 23465, 13], "avg_logprob": -0.16062973484848486, "compression_ratio": 1.9870129870129871, "no_speech_prob": 0.0, "words": [{"start": 1168.46, "end": 1168.7, "word": " We", "probability": 0.93603515625}, {"start": 1168.7, "end": 1169.18, "word": " have", "probability": 0.94921875}, {"start": 1169.18, "end": 1170.24, "word": " many", "probability": 0.90673828125}, {"start": 1170.24, "end": 1170.62, "word": " sellers,", "probability": 0.92919921875}, {"start": 1170.88, "end": 1171.22, "word": " many", "probability": 0.91015625}, {"start": 1171.22, "end": 1171.62, "word": " buyers,", "probability": 0.95654296875}, {"start": 1171.98, "end": 1172.36, "word": " and", "probability": 0.93994140625}, {"start": 1172.36, "end": 1172.9, "word": " no", "probability": 0.95458984375}, {"start": 1172.9, "end": 1173.36, "word": " entry", "probability": 0.83740234375}, {"start": 1173.36, "end": 1173.9, "word": " barriers,", "probability": 0.9794921875}, {"start": 1174.46, "end": 1174.9, "word": " no", "probability": 0.919921875}, {"start": 1174.9, "end": 1178.74, "word": " sellers", "probability": 0.24853515625}, {"start": 1178.74, "end": 1179.26, "word": " entry", "probability": 0.76904296875}, {"start": 1179.26, "end": 1179.82, "word": " barriers,", "probability": 0.9765625}, {"start": 1179.94, "end": 1180.18, "word": " and", "probability": 0.9384765625}, {"start": 1180.18, "end": 1180.6, "word": " no", "probability": 0.9482421875}, {"start": 1180.6, "end": 1181.34, "word": " buyers", "probability": 0.9384765625}, {"start": 1181.34, "end": 1181.9, "word": " entry", "probability": 0.9306640625}, {"start": 1181.9, "end": 1182.64, "word": " barriers.", "probability": 0.9755859375}, {"start": 1184.06, "end": 1184.98, "word": " We", "probability": 0.1260986328125}, {"start": 1184.98, "end": 1187.64, "word": " have", "probability": 0.9501953125}, {"start": 1187.64, "end": 1188.1, "word": " many", "probability": 0.880859375}, {"start": 1188.1, "end": 1191.96, "word": " sellers", "probability": 0.69677734375}, {"start": 1191.96, "end": 1192.38, "word": " and", "probability": 0.89697265625}, {"start": 1192.38, "end": 1192.72, "word": " many", "probability": 0.8896484375}, {"start": 1192.72, "end": 1193.1, "word": " buyers.", "probability": 0.95068359375}], "temperature": 1.0}, {"id": 39, "seek": 122354, "start": 1196.28, "end": 1223.54, "text": " No barriers to the producers, and no barriers on the buyers to enter or to exit from the market. This is the first market that we raised or discussed one minute before, one minute ago. Here, the monopolistic competition. 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And we have many buyers. But the number of buyers here", "tokens": [583, 264, 1230, 295, 31276, 294, 264, 47721, 3142, 6211, 307, 1570, 813, 264, 1230, 295, 31276, 294, 264, 3894, 2142, 510, 13, 400, 321, 362, 867, 23465, 13, 583, 264, 1230, 295, 23465, 510], "avg_logprob": -0.1240234366721577, "compression_ratio": 1.6090909090909091, "no_speech_prob": 0.0, "words": [{"start": 1225.92, "end": 1226.3, "word": " But", "probability": 0.83203125}, {"start": 1226.3, "end": 1226.8, "word": " the", "probability": 0.89306640625}, {"start": 1226.8, "end": 1227.12, "word": " number", "probability": 0.9326171875}, {"start": 1227.12, "end": 1227.34, "word": " of", "probability": 0.974609375}, {"start": 1227.34, "end": 1227.7, "word": " sellers", "probability": 0.93359375}, {"start": 1227.7, "end": 1228.52, "word": " in", "probability": 0.89892578125}, {"start": 1228.52, "end": 1228.76, "word": " the", "probability": 0.9072265625}, {"start": 1228.76, "end": 1229.46, "word": " monopolistic", "probability": 0.97265625}, {"start": 1229.46, "end": 1230.1, "word": " competition", "probability": 0.96240234375}, {"start": 1230.1, "end": 1231.08, "word": " is", "probability": 0.9453125}, {"start": 1231.08, "end": 1232.16, "word": " less", "probability": 0.9462890625}, {"start": 1232.16, "end": 1232.66, "word": " than", "probability": 0.94189453125}, {"start": 1232.66, "end": 1232.88, "word": " the", "probability": 0.9189453125}, {"start": 1232.88, "end": 1233.18, "word": " number", "probability": 0.9326171875}, {"start": 1233.18, "end": 1233.32, "word": " of", "probability": 0.95361328125}, {"start": 1233.32, "end": 1234.44, "word": " sellers", "probability": 0.740234375}, {"start": 1234.44, "end": 1234.9, "word": " in", "probability": 0.9384765625}, {"start": 1234.9, "end": 1235.04, "word": " the", "probability": 0.92041015625}, {"start": 1235.04, "end": 1235.38, "word": " previous", "probability": 0.8466796875}, {"start": 1235.38, "end": 1235.78, "word": " market", "probability": 0.9013671875}, {"start": 1235.78, "end": 1236.08, "word": " here.", "probability": 0.481689453125}, {"start": 1242.28, "end": 1243.06, "word": " And", "probability": 0.2332763671875}, {"start": 1243.06, "end": 1244.6, "word": " we", "probability": 0.8388671875}, {"start": 1244.6, "end": 1244.94, "word": " have", "probability": 0.9482421875}, {"start": 1244.94, "end": 1245.7, "word": " many", "probability": 0.92333984375}, {"start": 1245.7, "end": 1248.1, "word": " buyers.", "probability": 0.951171875}, {"start": 1251.44, "end": 1252.22, "word": " But", "probability": 0.91845703125}, {"start": 1252.22, "end": 1252.44, "word": " the", "probability": 0.916015625}, {"start": 1252.44, "end": 1252.74, "word": " number", "probability": 0.92724609375}, {"start": 1252.74, "end": 1252.92, "word": " of", "probability": 0.97021484375}, {"start": 1252.92, "end": 1253.3, "word": " buyers", "probability": 0.9453125}, {"start": 1253.3, "end": 1253.64, "word": " here", "probability": 0.8583984375}], "temperature": 1.0}, {"id": 41, "seek": 128213, "start": 1254.69, "end": 1282.13, "text": " It's less than our buyers here. No barriers, no barriers. The products in this market, in the monopolistic competition, are homogeneous but not identical.", "tokens": [467, 311, 1570, 813, 527, 23465, 510, 13, 883, 13565, 11, 572, 13565, 13, 440, 3383, 294, 341, 2142, 11, 294, 264, 47721, 3142, 6211, 11, 366, 42632, 457, 406, 14800, 13], "avg_logprob": -0.30705492424242425, "compression_ratio": 1.2916666666666667, "no_speech_prob": 0.0, "words": [{"start": 1254.69, "end": 1255.09, "word": " It's", "probability": 0.615478515625}, {"start": 1255.09, "end": 1255.33, "word": " less", "probability": 0.93115234375}, {"start": 1255.33, "end": 1255.59, "word": " than", "probability": 0.9365234375}, {"start": 1255.59, "end": 1256.03, "word": " our", "probability": 0.7900390625}, {"start": 1256.03, "end": 1256.55, "word": " buyers", "probability": 0.496826171875}, {"start": 1256.55, "end": 1256.93, "word": " here.", "probability": 0.78759765625}, {"start": 1260.01, "end": 1260.79, "word": " No", "probability": 0.1749267578125}, {"start": 1260.79, "end": 1262.81, "word": " barriers,", "probability": 0.97119140625}, {"start": 1262.91, "end": 1263.05, "word": " no", "probability": 0.9287109375}, {"start": 1263.05, "end": 1263.53, "word": " barriers.", "probability": 0.9892578125}, {"start": 1271.27, "end": 1272.15, "word": " The", "probability": 0.630859375}, {"start": 1272.15, "end": 1275.91, "word": " products", "probability": 0.896484375}, {"start": 1275.91, "end": 1276.21, "word": " in", "probability": 0.93505859375}, {"start": 1276.21, "end": 1276.53, "word": " this", "probability": 0.92041015625}, {"start": 1276.53, "end": 1277.15, "word": " market,", "probability": 0.9052734375}, {"start": 1277.59, "end": 1277.69, "word": " in", "probability": 0.8486328125}, {"start": 1277.69, "end": 1277.79, "word": " the", "probability": 0.82470703125}, {"start": 1277.79, "end": 1278.29, "word": " monopolistic", "probability": 0.538543701171875}, {"start": 1278.29, "end": 1278.91, "word": " competition,", "probability": 0.9580078125}, {"start": 1279.19, "end": 1279.61, "word": " are", "probability": 0.9296875}, {"start": 1279.61, "end": 1280.67, "word": " homogeneous", "probability": 0.9140625}, {"start": 1280.67, "end": 1281.15, "word": " but", "probability": 0.67138671875}, {"start": 1281.15, "end": 1281.47, "word": " not", "probability": 0.939453125}, {"start": 1281.47, "end": 1282.13, "word": " identical.", "probability": 0.90185546875}], "temperature": 1.0}, {"id": 42, "seek": 131243, "start": 1301.81, "end": 1312.43, "text": " All Goblin Market, we have a few number of sellers, few number of sellers and many buyers.", "tokens": [1057, 24287, 5045, 15596, 11, 321, 362, 257, 1326, 1230, 295, 31276, 11, 1326, 1230, 295, 31276, 293, 867, 23465, 13], "avg_logprob": -0.3696733076464046, "compression_ratio": 1.1973684210526316, "no_speech_prob": 0.0, "words": [{"start": 1301.8100000000002, "end": 1302.67, "word": " All", "probability": 0.2452392578125}, {"start": 1302.67, "end": 1303.53, "word": " Goblin", "probability": 0.4603271484375}, {"start": 1303.53, "end": 1303.91, "word": " Market,", "probability": 0.360107421875}, {"start": 1304.59, "end": 1304.75, "word": " we", "probability": 0.9189453125}, {"start": 1304.75, "end": 1305.27, "word": " have", "probability": 0.95263671875}, {"start": 1305.27, "end": 1305.67, "word": " a", "probability": 0.8720703125}, {"start": 1305.67, "end": 1305.97, "word": " few", "probability": 0.87890625}, {"start": 1305.97, "end": 1306.41, "word": " number", "probability": 0.72265625}, {"start": 1306.41, "end": 1306.63, "word": " of", "probability": 0.95947265625}, {"start": 1306.63, "end": 1306.99, "word": " sellers,", "probability": 0.9326171875}, {"start": 1307.29, "end": 1307.71, "word": " few", "probability": 0.456298828125}, {"start": 1307.71, "end": 1310.25, "word": " number", "probability": 0.79833984375}, {"start": 1310.25, "end": 1310.43, "word": " of", "probability": 0.9638671875}, {"start": 1310.43, "end": 1310.73, "word": " sellers", "probability": 0.9326171875}, {"start": 1310.73, "end": 1311.41, "word": " and", "probability": 0.6875}, {"start": 1311.41, "end": 1311.95, "word": " many", "probability": 0.927734375}, {"start": 1311.95, "end": 1312.43, "word": " buyers.", "probability": 0.9599609375}], "temperature": 1.0}, {"id": 43, "seek": 133467, "start": 1317.45, "end": 1334.67, "text": " There are some barriers on the sellers here. The inner barriers, yes. And no barriers on buyers here. There are no buyers entering barriers here.", "tokens": [821, 366, 512, 13565, 322, 264, 31276, 510, 13, 440, 7284, 13565, 11, 2086, 13, 400, 572, 13565, 322, 23465, 510, 13, 821, 366, 572, 23465, 11104, 13565, 510, 13], "avg_logprob": -0.17830141609714878, "compression_ratio": 1.5698924731182795, "no_speech_prob": 0.0, "words": [{"start": 1317.45, "end": 1317.83, "word": " There", "probability": 0.60986328125}, {"start": 1317.83, "end": 1318.27, "word": " are", "probability": 0.9375}, {"start": 1318.27, "end": 1319.39, "word": " some", "probability": 0.884765625}, {"start": 1319.39, "end": 1319.99, "word": " barriers", "probability": 0.97900390625}, {"start": 1319.99, "end": 1320.61, "word": " on", "probability": 0.87353515625}, {"start": 1320.61, "end": 1320.81, "word": " the", "probability": 0.9072265625}, {"start": 1320.81, "end": 1321.13, "word": " sellers", "probability": 0.97314453125}, {"start": 1321.13, "end": 1321.73, "word": " here.", "probability": 0.6533203125}, {"start": 1323.63, "end": 1323.73, "word": " The", "probability": 0.2239990234375}, {"start": 1323.73, "end": 1323.95, "word": " inner", "probability": 0.92431640625}, {"start": 1323.95, "end": 1324.41, "word": " barriers,", "probability": 0.9755859375}, {"start": 1325.49, "end": 1325.83, "word": " yes.", "probability": 0.9560546875}, {"start": 1327.19, "end": 1327.75, "word": " And", "probability": 0.95654296875}, {"start": 1327.75, "end": 1328.11, "word": " no", "probability": 0.931640625}, {"start": 1328.11, "end": 1328.67, "word": " barriers", "probability": 0.98388671875}, {"start": 1328.67, "end": 1329.07, "word": " on", "probability": 0.939453125}, {"start": 1329.07, "end": 1329.51, "word": " buyers", "probability": 0.94970703125}, {"start": 1329.51, "end": 1329.79, "word": " here.", "probability": 0.85400390625}, {"start": 1331.43, "end": 1331.65, "word": " There", "probability": 0.7998046875}, {"start": 1331.65, "end": 1331.95, "word": " are", "probability": 0.939453125}, {"start": 1331.95, "end": 1332.49, "word": " no", "probability": 0.95849609375}, {"start": 1332.49, "end": 1333.17, "word": " buyers", "probability": 0.8623046875}, {"start": 1333.17, "end": 1333.75, "word": " entering", "probability": 0.74560546875}, {"start": 1333.75, "end": 1334.35, "word": " barriers", "probability": 0.9775390625}, {"start": 1334.35, "end": 1334.67, "word": " here.", "probability": 0.861328125}], "temperature": 1.0}, {"id": 44, "seek": 136359, "start": 1336.95, "end": 1363.59, "text": " The buyer goes to the market, but the seller, when he comes, they are in the oligopoly. In the oligopoly, three or four people come and make an agreement between them, like petrol producers. The petrol stations present here come and say, we want to make an agreement. This is called the cartel. They agree with each other. We want to unify the price. 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They have an agreement on pricing. Okay? Anyone who wants to enter the market again, there are many restrictions on him passing. Because there is an agreement with OPEC. No one can break the agreement. Except Trump. 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Now, if you remember, in the last meeting, there was an agreement on the basis that we want to reduce the size of oil production, its supply. If there was a Saudi currency, what currency was it? It increased the price of oil. This was an American demand, to increase the oil supply. To increase production, to lower prices in international markets, to lower oil prices. 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Because they rely on their sources, their revenues, their income, to export oil. International prices went down. They made a meeting to raise prices, to lower production, to lower supply. They decided by a joint decision. It's called the Ali Goblin Market.", "tokens": [1726, 787, 18121, 21610, 11, 457, 439, 3184, 10501, 3517, 13, 1436, 436, 10687, 322, 641, 7139, 11, 641, 27299, 11, 641, 5742, 11, 281, 10725, 3184, 13, 9157, 7901, 1437, 760, 13, 814, 1027, 257, 3440, 281, 5300, 7901, 11, 281, 3126, 4265, 11, 281, 3126, 5847, 13, 814, 3047, 538, 257, 7225, 3537, 13, 467, 311, 1219, 264, 12020, 24287, 5045, 15596, 13], "avg_logprob": -0.606060628638123, "compression_ratio": 1.541871921182266, "no_speech_prob": 0.0, "words": [{"start": 1421.73, "end": 1421.95, "word": " Not", "probability": 0.64013671875}, {"start": 1421.95, "end": 1422.17, "word": " only", "probability": 0.55322265625}, {"start": 1422.17, "end": 1422.47, "word": " Saudi", "probability": 0.6337890625}, {"start": 1422.47, "end": 1422.73, "word": " Arabia,", "probability": 0.87353515625}, {"start": 1423.35, "end": 1423.55, "word": " but", "probability": 0.5185546875}, {"start": 1423.55, "end": 1423.63, "word": " all", "probability": 0.439697265625}, {"start": 1423.63, "end": 1423.99, "word": " oil", "probability": 0.339599609375}, {"start": 1423.99, "end": 1424.49, "word": " producing", "probability": 0.2392578125}, {"start": 1424.49, "end": 1424.81, "word": " countries.", "probability": 0.75830078125}, {"start": 1427.55, "end": 1427.79, "word": " Because", "probability": 0.169189453125}, {"start": 1427.79, "end": 1429.71, "word": " they", "probability": 0.8115234375}, {"start": 1429.71, "end": 1430.05, "word": " rely", "probability": 0.373291015625}, {"start": 1430.05, "end": 1430.27, "word": " on", "probability": 0.9326171875}, {"start": 1430.27, "end": 1430.39, "word": " their", "probability": 0.50634765625}, {"start": 1430.39, "end": 1430.69, "word": " sources,", "probability": 0.431640625}, {"start": 1431.11, "end": 1431.25, "word": " their", "probability": 0.572265625}, {"start": 1431.25, "end": 1431.61, "word": " revenues,", "probability": 0.52734375}, {"start": 1431.81, "end": 1432.09, "word": " their", "probability": 0.8125}, {"start": 1432.09, "end": 1432.49, "word": " income,", "probability": 0.74365234375}, {"start": 1433.05, "end": 1433.49, "word": " to", "probability": 0.39599609375}, {"start": 1433.49, "end": 1434.69, "word": " export", "probability": 0.669921875}, {"start": 1434.69, "end": 1435.11, "word": " oil.", "probability": 0.89306640625}, {"start": 1435.55, "end": 1436.15, "word": " International", "probability": 0.41015625}, {"start": 1436.15, "end": 1436.57, "word": " prices", "probability": 0.8369140625}, {"start": 1436.57, "end": 1436.83, "word": " went", "probability": 0.2398681640625}, {"start": 1436.83, "end": 1437.07, "word": " down.", "probability": 0.8720703125}, {"start": 1437.89, "end": 1437.99, "word": " They", "probability": 0.6640625}, {"start": 1437.99, "end": 1438.25, "word": " made", "probability": 0.1400146484375}, {"start": 1438.25, "end": 1438.49, "word": " a", "probability": 0.703125}, {"start": 1438.49, "end": 1438.81, "word": " meeting", "probability": 0.404541015625}, {"start": 1438.81, "end": 1439.03, "word": " to", "probability": 0.44140625}, {"start": 1439.03, "end": 1441.03, "word": " raise", "probability": 0.425048828125}, {"start": 1441.03, "end": 1441.45, "word": " prices,", "probability": 0.54150390625}, {"start": 1441.65, "end": 1441.85, "word": " to", "probability": 0.439697265625}, {"start": 1441.85, "end": 1442.13, "word": " lower", "probability": 0.488525390625}, {"start": 1442.13, "end": 1442.55, "word": " production,", "probability": 0.8017578125}, {"start": 1442.61, "end": 1442.71, "word": " to", "probability": 0.72021484375}, {"start": 1442.71, "end": 1442.91, "word": " lower", "probability": 0.8505859375}, {"start": 1442.91, "end": 1443.35, "word": " supply.", "probability": 0.892578125}, {"start": 1444.13, "end": 1444.37, "word": " They", "probability": 0.43896484375}, {"start": 1444.37, "end": 1444.75, "word": " decided", "probability": 0.7705078125}, {"start": 1444.75, "end": 1445.27, "word": " by", "probability": 0.1846923828125}, {"start": 1445.27, "end": 1445.73, "word": " a", "probability": 0.70947265625}, {"start": 1445.73, "end": 1445.99, "word": " joint", "probability": 0.724609375}, {"start": 1445.99, "end": 1446.19, "word": " decision.", "probability": 0.8125}, {"start": 1446.37, "end": 1446.71, "word": " It's", "probability": 0.4754638671875}, {"start": 1446.71, "end": 1447.01, "word": " called", "probability": 0.8701171875}, {"start": 1447.01, "end": 1447.17, "word": " the", "probability": 0.58544921875}, {"start": 1447.17, "end": 1447.39, "word": " Ali", "probability": 0.2919921875}, {"start": 1447.39, "end": 1447.81, "word": " Goblin", "probability": 0.67626953125}, {"start": 1447.81, "end": 1448.21, "word": " Market.", "probability": 0.72265625}], "temperature": 1.0}, {"id": 48, "seek": 147558, "start": 1449.0, "end": 1475.58, "text": " We have a few number of producers. A number of buyers, many. كل الدنيا بتشتري. تمام؟ في barriers, في barriers to enter the market. Right? On the buyers, no. Monopoly market. We have one producer in the market and many consumers. Here, one. Many.", "tokens": [492, 362, 257, 1326, 1230, 295, 16080, 13, 316, 1230, 295, 23465, 11, 867, 13, 28242, 32748, 22653, 995, 39894, 8592, 2655, 16572, 13, 46811, 10943, 22807, 8978, 13565, 11, 8978, 13565, 281, 3242, 264, 2142, 13, 1779, 30, 1282, 264, 23465, 11, 572, 13, 4713, 27891, 2142, 13, 492, 362, 472, 12314, 294, 264, 2142, 293, 867, 11883, 13, 1692, 11, 472, 13, 5126, 13], "avg_logprob": -0.2644589525550159, "compression_ratio": 1.4385026737967914, "no_speech_prob": 0.0, "words": [{"start": 1449.0, "end": 1449.22, "word": " We", "probability": 0.88916015625}, {"start": 1449.22, "end": 1449.44, "word": " have", "probability": 0.95166015625}, {"start": 1449.44, "end": 1449.58, "word": " a", "probability": 0.8076171875}, {"start": 1449.58, "end": 1449.76, "word": " few", "probability": 0.85009765625}, {"start": 1449.76, "end": 1450.06, "word": " number", "probability": 0.81005859375}, {"start": 1450.06, "end": 1450.26, "word": " of", "probability": 0.95654296875}, {"start": 1450.26, "end": 1450.76, "word": " producers.", "probability": 0.85791015625}, {"start": 1452.14, "end": 1452.36, "word": " A", "probability": 0.255126953125}, {"start": 1452.36, "end": 1452.52, "word": " number", "probability": 0.88623046875}, {"start": 1452.52, "end": 1452.68, "word": " of", "probability": 0.96826171875}, {"start": 1452.68, "end": 1452.98, "word": " buyers,", "probability": 0.93701171875}, {"start": 1453.24, "end": 1453.56, "word": " many.", "probability": 0.8759765625}, {"start": 1453.98, "end": 1454.08, "word": " كل", "probability": 0.1314697265625}, {"start": 1454.08, "end": 1454.36, "word": " الدنيا", "probability": 0.9739583333333334}, {"start": 1454.36, "end": 1454.76, "word": " بتشتري.", "probability": 0.941162109375}, {"start": 1455.44, "end": 1456.04, "word": " تمام؟", "probability": 0.6943359375}, {"start": 1456.04, "end": 1456.28, "word": " في", "probability": 0.5654296875}, {"start": 1456.28, "end": 1456.76, "word": " barriers,", "probability": 0.94775390625}, {"start": 1456.92, "end": 1457.08, "word": " في", "probability": 0.8720703125}, {"start": 1457.08, "end": 1457.76, "word": " barriers", "probability": 0.9833984375}, {"start": 1457.76, "end": 1458.1, "word": " to", "probability": 0.962890625}, {"start": 1458.1, "end": 1458.36, "word": " enter", "probability": 0.912109375}, {"start": 1458.36, "end": 1458.54, "word": " the", "probability": 0.91650390625}, {"start": 1458.54, "end": 1458.9, "word": " market.", "probability": 0.896484375}, {"start": 1459.26, "end": 1459.44, "word": " Right?", "probability": 0.76513671875}, {"start": 1460.66, "end": 1460.82, "word": " On", "probability": 0.368408203125}, {"start": 1460.82, "end": 1460.92, "word": " the", "probability": 0.88818359375}, {"start": 1460.92, "end": 1462.06, "word": " buyers,", "probability": 0.57373046875}, {"start": 1462.28, "end": 1462.4, "word": " no.", "probability": 0.91845703125}, {"start": 1465.1, "end": 1465.7, "word": " Monopoly", "probability": 0.6463623046875}, {"start": 1465.7, "end": 1466.16, "word": " market.", "probability": 0.8720703125}, {"start": 1466.5, "end": 1466.64, "word": " We", "probability": 0.97412109375}, {"start": 1466.64, "end": 1467.04, "word": " have", "probability": 0.9541015625}, {"start": 1467.04, "end": 1467.48, "word": " one", "probability": 0.92333984375}, {"start": 1467.48, "end": 1468.16, "word": " producer", "probability": 0.9052734375}, {"start": 1468.16, "end": 1469.28, "word": " in", "probability": 0.900390625}, {"start": 1469.28, "end": 1469.44, "word": " the", "probability": 0.916015625}, {"start": 1469.44, "end": 1469.72, "word": " market", "probability": 0.884765625}, {"start": 1469.72, "end": 1470.1, "word": " and", "probability": 0.75830078125}, {"start": 1470.1, "end": 1470.7, "word": " many", "probability": 0.91845703125}, {"start": 1470.7, "end": 1471.44, "word": " consumers.", "probability": 0.95263671875}, {"start": 1472.08, "end": 1472.22, "word": " Here,", "probability": 0.51416015625}, {"start": 1472.32, "end": 1472.54, "word": " one.", "probability": 0.939453125}, {"start": 1474.98, "end": 1475.58, "word": " Many.", "probability": 0.90673828125}], "temperature": 1.0}, {"id": 49, "seek": 150394, "start": 1477.86, "end": 1503.94, "text": " And the sellers and the buyers, yes. No. Oligopsiny. See monopsiny? In monopoly there is monopsiny. Here we have one buyer and many sellers. How is this?", "tokens": [400, 264, 31276, 293, 264, 23465, 11, 2086, 13, 883, 13, 422, 5073, 404, 82, 3519, 13, 3008, 1108, 3370, 3519, 30, 682, 37061, 456, 307, 1108, 3370, 3519, 13, 1692, 321, 362, 472, 24645, 293, 867, 31276, 13, 1012, 307, 341, 30], "avg_logprob": -0.3987926217642697, "compression_ratio": 1.3873873873873874, "no_speech_prob": 0.0, "words": [{"start": 1477.86, "end": 1478.24, "word": " And", "probability": 0.72802734375}, {"start": 1478.24, "end": 1478.62, "word": " the", "probability": 0.8896484375}, {"start": 1478.62, "end": 1478.9, "word": " sellers", "probability": 0.9013671875}, {"start": 1478.9, "end": 1479.16, "word": " and", "probability": 0.80517578125}, {"start": 1479.16, "end": 1479.24, "word": " the", "probability": 0.341796875}, {"start": 1479.24, "end": 1479.52, "word": " buyers,", "probability": 0.8134765625}, {"start": 1479.82, "end": 1480.14, "word": " yes.", "probability": 0.95947265625}, {"start": 1481.38, "end": 1481.76, "word": " No.", "probability": 0.93603515625}, {"start": 1484.04, "end": 1484.8, "word": " Oligopsiny.", "probability": 0.508056640625}, {"start": 1487.68, "end": 1488.0, "word": " See", "probability": 0.1107177734375}, {"start": 1488.0, "end": 1488.56, "word": " monopsiny?", "probability": 0.6648763020833334}, {"start": 1488.82, "end": 1488.92, "word": " In", "probability": 0.483642578125}, {"start": 1488.92, "end": 1489.3, "word": " monopoly", "probability": 0.810546875}, {"start": 1489.3, "end": 1489.48, "word": " there", "probability": 0.4990234375}, {"start": 1489.48, "end": 1489.48, "word": " is", "probability": 0.76171875}, {"start": 1489.48, "end": 1490.04, "word": " monopsiny.", "probability": 0.8859049479166666}, {"start": 1491.2, "end": 1491.4, "word": " Here", "probability": 0.21728515625}, {"start": 1491.4, "end": 1493.22, "word": " we", "probability": 0.83935546875}, {"start": 1493.22, "end": 1493.52, "word": " have", "probability": 0.94873046875}, {"start": 1493.52, "end": 1494.04, "word": " one", "probability": 0.92333984375}, {"start": 1494.04, "end": 1495.34, "word": " buyer", "probability": 0.93603515625}, {"start": 1495.34, "end": 1498.28, "word": " and", "probability": 0.58544921875}, {"start": 1498.28, "end": 1498.82, "word": " many", "probability": 0.91259765625}, {"start": 1498.82, "end": 1500.46, "word": " sellers.", "probability": 0.912109375}, {"start": 1503.24, "end": 1503.58, "word": " How", "probability": 0.8310546875}, {"start": 1503.58, "end": 1503.64, "word": " is", "probability": 0.57421875}, {"start": 1503.64, "end": 1503.94, "word": " this?", "probability": 0.599609375}], "temperature": 1.0}, {"id": 50, "seek": 152464, "start": 1506.92, "end": 1524.64, "text": " One hospital. One number of doctors. We have so many doctors. This is an example of the monopsony market.", "tokens": [1485, 4530, 13, 1485, 1230, 295, 8778, 13, 492, 362, 370, 867, 8778, 13, 639, 307, 364, 1365, 295, 264, 1108, 3370, 2526, 2142, 13], "avg_logprob": -0.2701322046610025, "compression_ratio": 1.1777777777777778, "no_speech_prob": 0.0, "words": [{"start": 1506.9200000000003, "end": 1508.0400000000002, "word": " One", "probability": 0.1806640625}, {"start": 1508.0400000000002, "end": 1509.16, "word": " hospital.", "probability": 0.91259765625}, {"start": 1510.24, "end": 1510.96, "word": " One", "probability": 0.324462890625}, {"start": 1510.96, "end": 1511.26, "word": " number", "probability": 0.71923828125}, {"start": 1511.26, "end": 1511.7, "word": " of", "probability": 0.59033203125}, {"start": 1511.7, "end": 1512.28, "word": " doctors.", "probability": 0.919921875}, {"start": 1513.24, "end": 1513.34, "word": " We", "probability": 0.7353515625}, {"start": 1513.34, "end": 1514.0, "word": " have", "probability": 0.9501953125}, {"start": 1514.0, "end": 1514.22, "word": " so", "probability": 0.9541015625}, {"start": 1514.22, "end": 1514.42, "word": " many", "probability": 0.90087890625}, {"start": 1514.42, "end": 1514.7, "word": " doctors.", "probability": 0.8857421875}, {"start": 1518.32, "end": 1519.44, "word": " This", "probability": 0.340087890625}, {"start": 1519.44, "end": 1521.5, "word": " is", "probability": 0.94189453125}, {"start": 1521.5, "end": 1521.88, "word": " an", "probability": 0.93212890625}, {"start": 1521.88, "end": 1522.44, "word": " example", "probability": 0.98046875}, {"start": 1522.44, "end": 1522.94, "word": " of", "probability": 0.966796875}, {"start": 1522.94, "end": 1523.46, "word": " the", "probability": 0.82861328125}, {"start": 1523.46, "end": 1524.14, "word": " monopsony", "probability": 0.8447265625}, {"start": 1524.14, "end": 1524.64, "word": " market.", "probability": 0.89990234375}], "temperature": 1.0}, {"id": 51, "seek": 155940, "start": 1533.24, "end": 1559.4, "text": " Exactly, then the producers, here I have sellers, there are no barriers, sorry, here there are no barriers to the buyer, there are no barriers, okay? Sorry, sorry, yes, yes, yes, yes, because entering new hospitals in the region has barriers, so here yes and here no. Okay, oligopsy,", "tokens": [7587, 11, 550, 264, 16080, 11, 510, 286, 362, 31276, 11, 456, 366, 572, 13565, 11, 2597, 11, 510, 456, 366, 572, 13565, 281, 264, 24645, 11, 456, 366, 572, 13565, 11, 1392, 30, 4919, 11, 2597, 11, 2086, 11, 2086, 11, 2086, 11, 2086, 11, 570, 11104, 777, 13014, 294, 264, 4458, 575, 13565, 11, 370, 510, 2086, 293, 510, 572, 13, 1033, 11, 2545, 328, 404, 3187, 11], "avg_logprob": -0.45554577045037714, "compression_ratio": 1.8205128205128205, "no_speech_prob": 0.0, "words": [{"start": 1533.24, "end": 1533.86, "word": " Exactly,", "probability": 0.603515625}, {"start": 1534.04, "end": 1534.22, "word": " then", "probability": 0.429443359375}, {"start": 1534.22, "end": 1534.7, "word": " the", "probability": 0.68505859375}, {"start": 1534.7, "end": 1535.32, "word": " producers,", "probability": 0.86669921875}, {"start": 1535.76, "end": 1535.86, "word": " here", "probability": 0.385498046875}, {"start": 1535.86, "end": 1535.94, "word": " I", "probability": 0.54296875}, {"start": 1535.94, "end": 1536.3, "word": " have", "probability": 0.82470703125}, {"start": 1536.3, "end": 1537.62, "word": " sellers,", "probability": 0.70654296875}, {"start": 1537.9, "end": 1538.0, "word": " there", "probability": 0.68505859375}, {"start": 1538.0, "end": 1538.16, "word": " are", "probability": 0.68115234375}, {"start": 1538.16, "end": 1538.22, "word": " no", "probability": 0.923828125}, {"start": 1538.22, "end": 1538.66, "word": " barriers,", "probability": 0.9462890625}, {"start": 1539.06, "end": 1539.4, "word": " sorry,", "probability": 0.81787109375}, {"start": 1539.7, "end": 1540.82, "word": " here", "probability": 0.58349609375}, {"start": 1540.82, "end": 1540.98, "word": " there", "probability": 0.231689453125}, {"start": 1540.98, "end": 1540.98, "word": " are", "probability": 0.89453125}, {"start": 1540.98, "end": 1541.18, "word": " no", "probability": 0.9443359375}, {"start": 1541.18, "end": 1541.66, "word": " barriers", "probability": 0.97802734375}, {"start": 1541.66, "end": 1541.86, "word": " to", "probability": 0.219970703125}, {"start": 1541.86, "end": 1542.02, "word": " the", "probability": 0.78759765625}, {"start": 1542.02, "end": 1542.5, "word": " buyer,", "probability": 0.8408203125}, {"start": 1543.2, "end": 1543.3, "word": " there", "probability": 0.658203125}, {"start": 1543.3, "end": 1543.46, "word": " are", "probability": 0.8701171875}, {"start": 1543.46, "end": 1544.16, "word": " no", "probability": 0.9404296875}, {"start": 1544.16, "end": 1544.52, "word": " barriers,", "probability": 0.5224609375}, {"start": 1545.5, "end": 1545.76, "word": " okay?", "probability": 0.428955078125}, {"start": 1546.62, "end": 1547.34, "word": " Sorry,", "probability": 0.65625}, {"start": 1547.52, "end": 1547.72, "word": " sorry,", "probability": 0.77587890625}, {"start": 1547.8, "end": 1548.06, "word": " yes,", "probability": 0.91552734375}, {"start": 1548.32, "end": 1548.74, "word": " yes,", "probability": 0.6767578125}, {"start": 1548.74, "end": 1549.16, "word": " yes,", "probability": 0.92919921875}, {"start": 1549.6, "end": 1550.04, "word": " yes,", "probability": 0.83935546875}, {"start": 1550.14, "end": 1550.54, "word": " because", "probability": 0.7958984375}, {"start": 1550.54, "end": 1551.0, "word": " entering", "probability": 0.365966796875}, {"start": 1551.0, "end": 1551.14, "word": " new", "probability": 0.64453125}, {"start": 1551.14, "end": 1551.72, "word": " hospitals", "probability": 0.90380859375}, {"start": 1551.72, "end": 1552.16, "word": " in", "probability": 0.78515625}, {"start": 1552.16, "end": 1552.32, "word": " the", "probability": 0.85986328125}, {"start": 1552.32, "end": 1552.64, "word": " region", "probability": 0.458740234375}, {"start": 1552.64, "end": 1553.08, "word": " has", "probability": 0.5693359375}, {"start": 1553.08, "end": 1553.7, "word": " barriers,", "probability": 0.962890625}, {"start": 1554.14, "end": 1554.28, "word": " so", "probability": 0.7509765625}, {"start": 1554.28, "end": 1554.46, "word": " here", "probability": 0.7900390625}, {"start": 1554.46, "end": 1554.88, "word": " yes", "probability": 0.6455078125}, {"start": 1554.88, "end": 1556.1, "word": " and", "probability": 0.625}, {"start": 1556.1, "end": 1556.28, "word": " here", "probability": 0.77978515625}, {"start": 1556.28, "end": 1556.48, "word": " no.", "probability": 0.93408203125}, {"start": 1557.92, "end": 1558.14, "word": " Okay,", "probability": 0.42724609375}, {"start": 1558.66, "end": 1559.4, "word": " oligopsy,", "probability": 0.460205078125}], "temperature": 1.0}, {"id": 52, "seek": 157677, "start": 1560.99, "end": 1576.77, "text": " A few number of consumers. Yes, few. Not many. This is oligopathy, contrary to oligopathy. No, yes. That's it.", "tokens": [316, 1326, 1230, 295, 11883, 13, 1079, 11, 1326, 13, 1726, 867, 13, 639, 307, 2545, 328, 404, 9527, 11, 19506, 281, 2545, 328, 404, 9527, 13, 883, 11, 2086, 13, 663, 311, 309, 13], "avg_logprob": -0.413411445915699, "compression_ratio": 1.168421052631579, "no_speech_prob": 0.0, "words": [{"start": 1560.99, "end": 1561.27, "word": " A", "probability": 0.74853515625}, {"start": 1561.27, "end": 1561.51, "word": " few", "probability": 0.9140625}, {"start": 1561.51, "end": 1561.95, "word": " number", "probability": 0.8291015625}, {"start": 1561.95, "end": 1562.61, "word": " of", "probability": 0.9755859375}, {"start": 1562.61, "end": 1563.57, "word": " consumers.", "probability": 0.9404296875}, {"start": 1563.83, "end": 1563.95, "word": " Yes,", "probability": 0.94482421875}, {"start": 1564.13, "end": 1564.41, "word": " few.", "probability": 0.765625}, {"start": 1565.81, "end": 1566.05, "word": " Not", "probability": 0.0743408203125}, {"start": 1566.05, "end": 1566.43, "word": " many.", "probability": 0.8671875}, {"start": 1568.67, "end": 1569.07, "word": " This", "probability": 0.461181640625}, {"start": 1569.07, "end": 1569.15, "word": " is", "probability": 0.59814453125}, {"start": 1569.15, "end": 1569.93, "word": " oligopathy,", "probability": 0.492950439453125}, {"start": 1570.19, "end": 1570.45, "word": " contrary", "probability": 0.296630859375}, {"start": 1570.45, "end": 1570.59, "word": " to", "probability": 0.96435546875}, {"start": 1570.59, "end": 1571.21, "word": " oligopathy.", "probability": 0.9332275390625}, {"start": 1573.31, "end": 1574.01, "word": " No,", "probability": 0.62646484375}, {"start": 1574.33, "end": 1574.79, "word": " yes.", "probability": 0.82177734375}, {"start": 1575.93, "end": 1576.63, "word": " That's", "probability": 0.927978515625}, {"start": 1576.63, "end": 1576.77, "word": " it.", "probability": 0.94873046875}], "temperature": 1.0}, {"id": 53, "seek": 160524, "start": 1577.76, "end": 1605.24, "text": " We have two hospitals, three hospitals. We have two hospitals, three hospitals. We have two hospitals, three hospitals. We have two hospitals, three hospitals. We have two hospitals, three hospitals. We have two hospitals, three hospitals. We have two hospitals, three hospitals. We have two hospitals, three hospitals. We have two hospitals, three hospitals. We have two hospitals, three hospitals. We have two hospitals, three hospitals. We have two hospitals, three hospitals. We have two hospitals, three hospitals. We have two hospitals, three hospitals. We have two hospitals, three hospitals. We have two hospitals, three hospitals. We have two hospitals, three hospitals. We have two hospitals, three hospitals. We have two hospitals, three hospitals. We have two hospitals, three hospitals. We have two hospitals, three hospitals. We have two hospitals, three hospitals. We have two hospitals, three hospitals. We have two hospitals, three hospitals. We have two hospitals, three hospitals. We have two hospitals, three hospitals. We have two hospitals, three hospitals. 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How can the business or the company that works under the perfect competition market maximizes its profits, which is the main goal for such business?", "tokens": [1012, 393, 264, 1606, 300, 1985, 833, 264, 2176, 6211, 2142, 5138, 5660, 1080, 17982, 30, 1012, 393, 264, 1606, 420, 264, 2237, 300, 1985, 833, 264, 2176, 6211, 2142, 5138, 5660, 1080, 17982, 11, 597, 307, 264, 2135, 3387, 337, 1270, 1606, 30], "avg_logprob": -0.10529513955116272, "compression_ratio": 1.9754098360655739, "no_speech_prob": 0.0, "words": [{"start": 1608.57, "end": 1608.87, "word": " How", "probability": 0.72998046875}, {"start": 1608.87, "end": 1609.37, "word": " can", "probability": 0.95361328125}, {"start": 1609.37, "end": 1610.79, "word": " the", "probability": 0.9013671875}, {"start": 1610.79, "end": 1613.31, "word": " business", "probability": 0.9267578125}, {"start": 1613.31, "end": 1613.65, "word": " that", "probability": 0.8408203125}, {"start": 1613.65, "end": 1613.99, "word": " works", "probability": 0.8193359375}, {"start": 1613.99, "end": 1614.37, "word": " under", "probability": 0.84912109375}, {"start": 1614.37, "end": 1614.71, "word": " the", "probability": 0.9169921875}, {"start": 1614.71, "end": 1614.99, "word": " perfect", "probability": 0.80712890625}, {"start": 1614.99, "end": 1615.35, "word": " competition", "probability": 0.919921875}, {"start": 1615.35, "end": 1615.89, "word": " market", "probability": 0.8974609375}, {"start": 1615.89, "end": 1617.63, "word": " maximizes", "probability": 0.9453125}, {"start": 1617.63, "end": 1618.07, "word": " its", "probability": 0.85009765625}, {"start": 1618.07, "end": 1618.53, "word": " profits?", "probability": 0.92724609375}, {"start": 1620.19, "end": 1620.71, "word": " How", "probability": 0.96484375}, {"start": 1620.71, "end": 1621.15, "word": " can", "probability": 0.94873046875}, {"start": 1621.15, "end": 1621.97, "word": " the", "probability": 0.9208984375}, {"start": 1621.97, "end": 1623.33, "word": " business", "probability": 0.94873046875}, {"start": 1623.33, "end": 1623.67, "word": " or", "probability": 0.91845703125}, {"start": 1623.67, "end": 1623.87, "word": " the", "probability": 0.91748046875}, {"start": 1623.87, "end": 1624.45, "word": " company", "probability": 0.91162109375}, {"start": 1624.45, "end": 1625.25, "word": " that", "probability": 0.93115234375}, {"start": 1625.25, "end": 1625.57, "word": " works", "probability": 0.8515625}, {"start": 1625.57, "end": 1625.83, "word": " under", "probability": 0.91064453125}, {"start": 1625.83, "end": 1626.05, "word": " the", "probability": 0.90625}, {"start": 1626.05, "end": 1626.31, "word": " perfect", "probability": 0.91357421875}, {"start": 1626.31, "end": 1626.77, "word": " competition", "probability": 0.96240234375}, {"start": 1626.77, "end": 1627.35, "word": " market", "probability": 0.9072265625}, {"start": 1627.35, "end": 1629.39, "word": " maximizes", "probability": 0.963623046875}, {"start": 1629.39, "end": 1629.75, "word": " its", "probability": 0.8916015625}, {"start": 1629.75, "end": 1630.13, "word": " profits,", "probability": 0.921875}, {"start": 1630.23, "end": 1630.41, "word": " which", "probability": 0.95166015625}, {"start": 1630.41, "end": 1630.77, "word": " is", "probability": 0.947265625}, {"start": 1630.77, "end": 1631.89, "word": " the", "probability": 0.92236328125}, {"start": 1631.89, "end": 1632.39, "word": " main", "probability": 0.92529296875}, {"start": 1632.39, "end": 1632.95, "word": " goal", "probability": 0.9619140625}, {"start": 1632.95, "end": 1633.25, "word": " for", "probability": 0.94580078125}, {"start": 1633.25, "end": 1633.61, "word": " such", "probability": 0.9541015625}, {"start": 1633.61, "end": 1634.15, "word": " business?", "probability": 0.92529296875}], "temperature": 1.0}, {"id": 55, "seek": 164504, "start": 1634.8, "end": 1645.04, "text": " This is what we are going to study now. The profit maximization for the company or the business that works under the perfect competition market.", "tokens": [639, 307, 437, 321, 366, 516, 281, 2979, 586, 13, 440, 7475, 5138, 2144, 337, 264, 2237, 420, 264, 1606, 300, 1985, 833, 264, 2176, 6211, 2142, 13], "avg_logprob": -0.1577316872004805, "compression_ratio": 1.3063063063063063, "no_speech_prob": 0.0, "words": [{"start": 1634.8, "end": 1635.12, "word": " This", "probability": 0.59033203125}, {"start": 1635.12, "end": 1635.42, "word": " is", "probability": 0.95458984375}, {"start": 1635.42, "end": 1636.12, "word": " what", "probability": 0.94482421875}, {"start": 1636.12, "end": 1636.4, "word": " we", "probability": 0.962890625}, {"start": 1636.4, "end": 1636.62, "word": " are", "probability": 0.92431640625}, {"start": 1636.62, "end": 1636.96, "word": " going", "probability": 0.95263671875}, {"start": 1636.96, "end": 1637.38, "word": " to", "probability": 0.96923828125}, {"start": 1637.38, "end": 1637.96, "word": " study", "probability": 0.91259765625}, {"start": 1637.96, "end": 1638.32, "word": " now.", "probability": 0.94189453125}, {"start": 1639.2, "end": 1639.34, "word": " The", "probability": 0.85595703125}, {"start": 1639.34, "end": 1639.62, "word": " profit", "probability": 0.84326171875}, {"start": 1639.62, "end": 1640.66, "word": " maximization", "probability": 0.951171875}, {"start": 1640.66, "end": 1641.12, "word": " for", "probability": 0.93701171875}, {"start": 1641.12, "end": 1641.68, "word": " the", "probability": 0.91259765625}, {"start": 1641.68, "end": 1642.22, "word": " company", "probability": 0.9140625}, {"start": 1642.22, "end": 1642.44, "word": " or", "probability": 0.93408203125}, {"start": 1642.44, "end": 1642.58, "word": " the", "probability": 0.81298828125}, {"start": 1642.58, "end": 1642.9, "word": " business", "probability": 0.93359375}, {"start": 1642.9, "end": 1643.18, "word": " that", "probability": 0.888671875}, {"start": 1643.18, "end": 1643.48, "word": " works", "probability": 0.86865234375}, {"start": 1643.48, "end": 1643.82, "word": " under", "probability": 0.8447265625}, {"start": 1643.82, "end": 1644.0, "word": " the", "probability": 0.888671875}, {"start": 1644.0, "end": 1644.22, "word": " perfect", "probability": 0.7958984375}, {"start": 1644.22, "end": 1644.58, "word": " competition", "probability": 0.8896484375}, {"start": 1644.58, "end": 1645.04, "word": " market.", "probability": 0.880859375}], "temperature": 1.0}, {"id": 56, "seek": 171209, "start": 1683.77, "end": 1712.09, "text": " To understand the idea of the producer equilibrium in the perfect competition market, let's have the following example. But before that, let's study an important point, which is the break-even point, shutdown point, and equilibrium point.", "tokens": [1407, 1223, 264, 1558, 295, 264, 12314, 15625, 294, 264, 2176, 6211, 2142, 11, 718, 311, 362, 264, 3480, 1365, 13, 583, 949, 300, 11, 718, 311, 2979, 364, 1021, 935, 11, 597, 307, 264, 1821, 12, 27170, 935, 11, 34927, 935, 11, 293, 15625, 935, 13], "avg_logprob": -0.13639322202652693, "compression_ratio": 1.5126582278481013, "no_speech_prob": 0.0, "words": [{"start": 1683.77, "end": 1683.95, "word": " To", "probability": 0.5810546875}, {"start": 1683.95, "end": 1684.41, "word": " understand", "probability": 0.80615234375}, {"start": 1684.41, "end": 1684.67, "word": " the", "probability": 0.92333984375}, {"start": 1684.67, "end": 1685.07, "word": " idea", "probability": 0.9384765625}, {"start": 1685.07, "end": 1685.55, "word": " of", "probability": 0.96435546875}, {"start": 1685.55, "end": 1686.51, "word": " the", "probability": 0.80029296875}, {"start": 1686.51, "end": 1687.09, "word": " producer", "probability": 0.86767578125}, {"start": 1687.09, "end": 1687.75, "word": " equilibrium", "probability": 0.9384765625}, {"start": 1687.75, "end": 1690.47, "word": " in", "probability": 0.291748046875}, {"start": 1690.47, "end": 1690.59, "word": " the", "probability": 0.8935546875}, {"start": 1690.59, "end": 1690.85, "word": " perfect", "probability": 0.86181640625}, {"start": 1690.85, "end": 1691.21, "word": " competition", "probability": 0.9716796875}, {"start": 1691.21, "end": 1691.69, "word": " market,", "probability": 0.8408203125}, {"start": 1691.97, "end": 1692.35, "word": " let's", "probability": 0.9677734375}, {"start": 1692.35, "end": 1692.61, "word": " have", "probability": 0.943359375}, {"start": 1692.61, "end": 1692.79, "word": " the", "probability": 0.91650390625}, {"start": 1692.79, "end": 1693.11, "word": " following", "probability": 0.90966796875}, {"start": 1693.11, "end": 1693.65, "word": " example.", "probability": 0.97802734375}, {"start": 1697.03, "end": 1697.53, "word": " But", "probability": 0.89892578125}, {"start": 1697.53, "end": 1697.87, "word": " before", "probability": 0.83740234375}, {"start": 1697.87, "end": 1698.29, "word": " that,", "probability": 0.935546875}, {"start": 1699.93, "end": 1700.49, "word": " let's", "probability": 0.974609375}, {"start": 1700.49, "end": 1701.65, "word": " study", "probability": 0.9296875}, {"start": 1701.65, "end": 1702.15, "word": " an", "probability": 0.95361328125}, {"start": 1702.15, "end": 1702.59, "word": " important", "probability": 0.87939453125}, {"start": 1702.59, "end": 1702.99, "word": " point,", "probability": 0.97021484375}, {"start": 1703.17, "end": 1703.21, "word": " which", "probability": 0.94677734375}, {"start": 1703.21, "end": 1703.77, "word": " is", "probability": 0.9501953125}, {"start": 1703.77, "end": 1706.51, "word": " the", "probability": 0.88671875}, {"start": 1706.51, "end": 1706.83, "word": " break", "probability": 0.82177734375}, {"start": 1706.83, "end": 1707.15, "word": "-even", "probability": 0.83056640625}, {"start": 1707.15, "end": 1707.61, "word": " point,", "probability": 0.96484375}, {"start": 1708.83, "end": 1709.19, "word": " shutdown", "probability": 0.80126953125}, {"start": 1709.19, "end": 1709.97, "word": " point,", "probability": 0.966796875}, {"start": 1710.19, "end": 1710.57, "word": " and", "probability": 0.94482421875}, {"start": 1710.57, "end": 1711.63, "word": " equilibrium", "probability": 0.97509765625}, {"start": 1711.63, "end": 1712.09, "word": " point.", "probability": 0.95458984375}], "temperature": 1.0}, {"id": 57, "seek": 174062, "start": 1716.96, "end": 1740.62, "text": " Or as we mentioned that the total cost equals total fixed cost plus total variable cost, right? Total fixed cost plus TVC. 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Right? Suppose that I have a car and I want to work on it. This is the car. Okay? 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The wage? I'm talking today.", "tokens": [639, 366, 833, 3217, 7006, 2063, 11, 8451, 13, 440, 15444, 30, 286, 478, 1417, 965, 13], "avg_logprob": -0.4218750082784229, "compression_ratio": 0.9210526315789473, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 1835.9, "end": 1836.22, "word": " This", "probability": 0.367919921875}, {"start": 1836.22, "end": 1836.42, "word": " are", "probability": 0.63232421875}, {"start": 1836.42, "end": 1836.58, "word": " under", "probability": 0.43603515625}, {"start": 1836.58, "end": 1836.88, "word": " total", "probability": 0.708984375}, {"start": 1836.88, "end": 1837.22, "word": " variable", "probability": 0.8544921875}, {"start": 1837.22, "end": 1837.64, "word": " cost,", "probability": 0.86669921875}, {"start": 1838.06, "end": 1838.76, "word": " 150.", "probability": 0.736328125}, {"start": 1840.36, "end": 1840.62, "word": " The", "probability": 0.26953125}, {"start": 1840.62, "end": 1844.16, "word": " wage?", "probability": 0.8896484375}, {"start": 1848.14, "end": 1848.96, "word": " I'm", "probability": 0.6326904296875}, {"start": 1848.96, "end": 1854.1, "word": " talking", "probability": 0.85205078125}, {"start": 1854.1, "end": 1854.48, "word": " today.", "probability": 0.77978515625}], "temperature": 1.0}, {"id": 62, "seek": 188883, "start": 1860.59, "end": 1888.83, "text": " Are we going to pay registration and insurance? Right? So let's assume that the total fixed cost daily that comes out with me, on average, how much insurance and registration do I pay them? I pay 2,200 shekels a year. Then I say that I get 20 shekels a day as a total fixed cost.", "tokens": [2014, 321, 516, 281, 1689, 16847, 293, 7214, 30, 1779, 30, 407, 718, 311, 6552, 300, 264, 3217, 6806, 2063, 5212, 300, 1487, 484, 365, 385, 11, 322, 4274, 11, 577, 709, 7214, 293, 16847, 360, 286, 1689, 552, 30, 286, 1689, 568, 11, 7629, 750, 7124, 82, 257, 1064, 13, 1396, 286, 584, 300, 286, 483, 945, 750, 7124, 82, 257, 786, 382, 257, 3217, 6806, 2063, 13], "avg_logprob": -0.5388392967837198, "compression_ratio": 1.5909090909090908, "no_speech_prob": 0.0, "words": [{"start": 1860.59, "end": 1860.95, "word": " Are", "probability": 0.0987548828125}, {"start": 1860.95, "end": 1861.21, "word": " we", "probability": 0.9140625}, {"start": 1861.21, "end": 1861.21, "word": " going", "probability": 0.83935546875}, {"start": 1861.21, "end": 1861.31, "word": " to", "probability": 0.96435546875}, {"start": 1861.31, "end": 1861.61, "word": " pay", "probability": 0.884765625}, {"start": 1861.61, "end": 1862.35, "word": " 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"word": " Then", "probability": 0.1580810546875}, {"start": 1882.27, "end": 1882.69, "word": " I", "probability": 0.54541015625}, {"start": 1882.69, "end": 1882.77, "word": " say", "probability": 0.376953125}, {"start": 1882.77, "end": 1882.91, "word": " that", "probability": 0.4853515625}, {"start": 1882.91, "end": 1882.91, "word": " I", "probability": 0.57373046875}, {"start": 1882.91, "end": 1883.15, "word": " get", "probability": 0.2293701171875}, {"start": 1883.15, "end": 1885.19, "word": " 20", "probability": 0.1986083984375}, {"start": 1885.19, "end": 1886.75, "word": " shekels", "probability": 0.9202473958333334}, {"start": 1886.75, "end": 1886.99, "word": " a", "probability": 0.364501953125}, {"start": 1886.99, "end": 1886.99, "word": " day", "probability": 0.9765625}, {"start": 1886.99, "end": 1887.31, "word": " as", "probability": 0.304443359375}, {"start": 1887.31, "end": 1887.91, "word": " a", "probability": 0.55029296875}, {"start": 1887.91, "end": 1887.91, "word": " total", "probability": 0.57568359375}, {"start": 1887.91, "end": 1888.39, "word": " fixed", "probability": 0.95556640625}, {"start": 1888.39, "end": 1888.83, "word": " cost.", "probability": 0.92626953125}], "temperature": 1.0}, {"id": 63, "seek": 191343, "start": 1889.39, "end": 1913.43, "text": " Total fixed cost. Let's say 20 shekels for registration and insurance should be paid either I work or stay at home.", "tokens": [23170, 6806, 2063, 13, 961, 311, 584, 945, 750, 7124, 82, 337, 16847, 293, 7214, 820, 312, 4835, 2139, 286, 589, 420, 1754, 412, 1280, 13], "avg_logprob": -0.35011572749526415, "compression_ratio": 1.1262135922330097, "no_speech_prob": 0.0, "words": [{"start": 1889.39, "end": 1890.99, "word": " Total", "probability": 0.047454833984375}, {"start": 1890.99, "end": 1895.23, "word": " fixed", "probability": 0.92578125}, {"start": 1895.23, "end": 1898.05, "word": " cost.", "probability": 0.60205078125}, {"start": 1900.97, "end": 1902.33, "word": " Let's", "probability": 0.48785400390625}, {"start": 1902.33, "end": 1902.57, "word": " say", "probability": 0.85546875}, {"start": 1902.57, "end": 1902.95, "word": " 20", "probability": 0.53173828125}, {"start": 1902.95, "end": 1905.03, "word": " shekels", "probability": 0.9251302083333334}, {"start": 1905.03, "end": 1905.53, "word": " for", "probability": 0.80908203125}, {"start": 1905.53, "end": 1907.11, "word": " registration", "probability": 0.9716796875}, {"start": 1907.11, "end": 1907.81, "word": " and", "probability": 0.90673828125}, {"start": 1907.81, "end": 1908.69, "word": " insurance", "probability": 0.955078125}, {"start": 1908.69, "end": 1909.67, "word": " should", "probability": 0.642578125}, {"start": 1909.67, "end": 1909.91, "word": " be", "probability": 0.94384765625}, {"start": 1909.91, "end": 1910.45, "word": " paid", "probability": 0.90087890625}, {"start": 1910.45, "end": 1911.13, "word": " either", "probability": 0.76416015625}, {"start": 1911.13, "end": 1911.47, "word": " I", "probability": 0.748046875}, {"start": 1911.47, "end": 1911.89, "word": " work", "probability": 0.93212890625}, {"start": 1911.89, "end": 1912.37, "word": " or", "probability": 0.95703125}, {"start": 1912.37, "end": 1912.83, "word": " stay", "probability": 0.94775390625}, {"start": 1912.83, "end": 1913.13, "word": " at", "probability": 0.9609375}, {"start": 1913.13, "end": 1913.43, "word": " home.", "probability": 0.8974609375}], "temperature": 1.0}, {"id": 64, "seek": 194453, "start": 1916.53, "end": 1944.53, "text": "Okay. So total cost equals how much? Total cost, TC equals total fixed cost plus total variable cost, TFC plus TVC. TC equals 20 plus 150 equals 170. Alright? Fine. I want to say that it will work.", "tokens": [8297, 13, 407, 3217, 2063, 6915, 577, 709, 30, 23170, 2063, 11, 34150, 6915, 3217, 6806, 2063, 1804, 3217, 7006, 2063, 11, 314, 18671, 1804, 314, 53, 34, 13, 34150, 6915, 945, 1804, 8451, 6915, 27228, 13, 2798, 30, 12024, 13, 286, 528, 281, 584, 300, 309, 486, 589, 13], "avg_logprob": -0.3544730298659381, "compression_ratio": 1.4485294117647058, "no_speech_prob": 0.0, "words": [{"start": 1916.53, "end": 1916.91, "word": "Okay.", "probability": 0.178955078125}, {"start": 1917.73, "end": 1917.99, "word": " So", "probability": 0.51220703125}, {"start": 1917.99, "end": 1918.47, "word": " total", "probability": 0.48974609375}, {"start": 1918.47, "end": 1918.89, "word": " cost", "probability": 0.87451171875}, {"start": 1918.89, "end": 1919.39, "word": " equals", "probability": 0.8720703125}, {"start": 1919.39, "end": 1919.63, "word": " how", "probability": 0.8623046875}, {"start": 1919.63, "end": 1920.07, "word": " much?", "probability": 0.91357421875}, {"start": 1920.25, "end": 1920.49, "word": " Total", "probability": 0.74072265625}, {"start": 1920.49, "end": 1920.89, "word": " cost,", "probability": 0.85595703125}, {"start": 1921.03, "end": 1921.27, "word": " TC", "probability": 0.449951171875}, {"start": 1921.27, "end": 1926.37, "word": " equals", "probability": 0.61279296875}, {"start": 1926.37, "end": 1927.21, "word": " total", "probability": 0.759765625}, {"start": 1927.21, "end": 1927.69, "word": " fixed", "probability": 0.93017578125}, {"start": 1927.69, "end": 1928.03, "word": " cost", "probability": 0.88427734375}, {"start": 1928.03, "end": 1928.31, "word": " plus", "probability": 0.92822265625}, {"start": 1928.31, "end": 1928.61, "word": " total", "probability": 0.8701171875}, {"start": 1928.61, "end": 1928.95, "word": " variable", "probability": 0.89404296875}, {"start": 1928.95, "end": 1929.31, "word": " cost,", "probability": 0.90283203125}, {"start": 1929.41, "end": 1929.85, "word": " TFC", "probability": 0.781005859375}, {"start": 1929.85, "end": 1931.49, "word": " plus", "probability": 0.876953125}, {"start": 1931.49, "end": 1932.79, "word": " TVC.", "probability": 0.8439127604166666}, {"start": 1933.69, "end": 1934.13, "word": " TC", "probability": 0.90185546875}, {"start": 1934.13, "end": 1934.97, "word": " equals", "probability": 0.9208984375}, {"start": 1934.97, "end": 1936.63, "word": " 20", "probability": 0.67138671875}, {"start": 1936.63, "end": 1937.65, "word": " plus", "probability": 0.90869140625}, {"start": 1937.65, "end": 1938.61, "word": " 150", "probability": 0.9013671875}, {"start": 1938.61, "end": 1939.39, "word": " equals", "probability": 0.9091796875}, {"start": 1939.39, "end": 1940.07, "word": " 170.", "probability": 0.88671875}, {"start": 1940.51, "end": 1940.69, "word": " Alright?", "probability": 0.450927734375}, {"start": 1941.79, "end": 1942.01, "word": " Fine.", "probability": 0.11077880859375}, {"start": 1943.09, "end": 1943.69, "word": " I", "probability": 0.85986328125}, {"start": 1943.69, "end": 1943.75, "word": " want", "probability": 0.67822265625}, {"start": 1943.75, "end": 1943.81, "word": " to", "probability": 0.9677734375}, {"start": 1943.81, "end": 1943.93, "word": " say", "probability": 0.88330078125}, {"start": 1943.93, "end": 1944.05, "word": " that", "probability": 0.748046875}, {"start": 1944.05, "end": 1944.11, "word": " it", "probability": 0.68310546875}, {"start": 1944.11, "end": 1944.23, "word": " will", "probability": 0.57666015625}, {"start": 1944.23, "end": 1944.53, "word": " work.", "probability": 0.8896484375}], "temperature": 1.0}, {"id": 65, "seek": 197422, "start": 1951.2, "end": 1974.22, "text": " Is it good or bad? Total revenue generated equals 150 shekels. Is it good or bad? Why?", "tokens": [1119, 309, 665, 420, 1578, 30, 23170, 9324, 10833, 6915, 8451, 750, 7124, 82, 13, 1119, 309, 665, 420, 1578, 30, 1545, 30], "avg_logprob": -0.254231758415699, "compression_ratio": 1.1153846153846154, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 1951.1999999999998, "end": 1952.6, "word": " Is", "probability": 0.30615234375}, {"start": 1952.6, "end": 1954.0, "word": " it", "probability": 0.9013671875}, {"start": 1954.0, "end": 1954.26, "word": " good", "probability": 0.93701171875}, {"start": 1954.26, "end": 1954.5, "word": " or", "probability": 0.97265625}, {"start": 1954.5, "end": 1954.84, "word": " bad?", "probability": 0.953125}, {"start": 1955.12, "end": 1956.52, "word": " Total", "probability": 0.145751953125}, {"start": 1956.52, "end": 1957.24, "word": " revenue", "probability": 0.83984375}, {"start": 1957.24, "end": 1960.5, "word": " generated", "probability": 0.791015625}, {"start": 1960.5, "end": 1961.34, "word": " equals", "probability": 0.84716796875}, {"start": 1961.34, "end": 1964.7, "word": " 150", "probability": 0.80224609375}, {"start": 1964.7, "end": 1969.02, "word": " shekels.", "probability": 0.92529296875}, {"start": 1970.08, "end": 1971.48, "word": " Is", "probability": 0.859375}, {"start": 1971.48, "end": 1971.66, "word": " it", "probability": 0.94140625}, {"start": 1971.66, "end": 1971.86, "word": " good", "probability": 0.9326171875}, {"start": 1971.86, "end": 1972.1, "word": " or", "probability": 0.9697265625}, {"start": 1972.1, "end": 1973.0, "word": " bad?", "probability": 0.9521484375}, {"start": 1973.24, "end": 1974.22, "word": " Why?", "probability": 0.46044921875}], "temperature": 1.0}, {"id": 66, "seek": 200695, "start": 1983.09, "end": 2006.95, "text": " Is it good or bad? Why bad? Why bad? Total profit equals total revenue minus total cost. Total revenue", "tokens": [1119, 309, 665, 420, 1578, 30, 1545, 1578, 30, 1545, 1578, 30, 23170, 7475, 6915, 3217, 9324, 3175, 3217, 2063, 13, 23170, 9324], "avg_logprob": -0.3190104191501935, "compression_ratio": 1.3376623376623376, "no_speech_prob": 0.0, "words": [{"start": 1983.09, "end": 1983.85, "word": " Is", "probability": 0.131591796875}, {"start": 1983.85, "end": 1984.61, "word": " it", "probability": 0.845703125}, {"start": 1984.61, "end": 1984.91, "word": " good", "probability": 0.91552734375}, {"start": 1984.91, "end": 1985.19, "word": " or", "probability": 0.96826171875}, {"start": 1985.19, "end": 1985.57, "word": " bad?", "probability": 0.95556640625}, {"start": 1987.23, "end": 1987.99, "word": " Why", "probability": 0.4287109375}, {"start": 1987.99, "end": 1988.35, "word": " bad?", "probability": 0.9365234375}, {"start": 1988.49, "end": 1988.51, "word": " Why", "probability": 0.5498046875}, {"start": 1988.51, "end": 1990.17, "word": " bad?", "probability": 0.9541015625}, {"start": 1992.29, "end": 1992.69, "word": " Total", "probability": 0.826171875}, {"start": 1992.69, "end": 1993.07, "word": " profit", "probability": 0.71435546875}, {"start": 1993.07, "end": 1995.93, "word": " equals", "probability": 0.7685546875}, {"start": 1995.93, "end": 2002.21, "word": " total", "probability": 0.65771484375}, {"start": 2002.21, "end": 2004.39, "word": " revenue", "probability": 0.9130859375}, {"start": 2004.39, "end": 2004.69, "word": " minus", "probability": 0.962890625}, {"start": 2004.69, "end": 2005.01, "word": " total", "probability": 0.82958984375}, {"start": 2005.01, "end": 2005.37, "word": " cost.", "probability": 0.80859375}, {"start": 2005.67, "end": 2006.43, "word": " Total", "probability": 0.8125}, {"start": 2006.43, "end": 2006.95, "word": " revenue", "probability": 0.88525390625}], "temperature": 1.0}, {"id": 67, "seek": 203053, "start": 2008.53, "end": 2030.53, "text": " minus total cost. Total profit equals total revenue 200 shekels minus total cost 170 equals 30 shekels. There's a profit.", "tokens": [3175, 3217, 2063, 13, 23170, 7475, 6915, 3217, 9324, 2331, 750, 7124, 82, 3175, 3217, 2063, 27228, 6915, 2217, 750, 7124, 82, 13, 821, 311, 257, 7475, 13], "avg_logprob": -0.18803879515878086, "compression_ratio": 1.4022988505747127, "no_speech_prob": 0.0, "words": [{"start": 2008.53, "end": 2009.01, "word": " minus", "probability": 0.63037109375}, {"start": 2009.01, "end": 2009.39, "word": " total", "probability": 0.81884765625}, {"start": 2009.39, "end": 2009.87, "word": " cost.", "probability": 0.87060546875}, {"start": 2015.17, "end": 2015.29, "word": " Total", "probability": 0.71142578125}, {"start": 2015.29, "end": 2018.43, "word": " profit", "probability": 0.8515625}, {"start": 2018.43, "end": 2020.37, "word": " equals", "probability": 0.91650390625}, {"start": 2020.37, "end": 2020.93, "word": " total", "probability": 0.79736328125}, {"start": 2020.93, "end": 2021.43, "word": " revenue", "probability": 0.9150390625}, {"start": 2021.43, "end": 2022.49, "word": " 200", "probability": 0.52001953125}, {"start": 2022.49, "end": 2023.61, "word": " shekels", "probability": 0.9168294270833334}, {"start": 2023.61, "end": 2024.75, "word": " minus", "probability": 0.912109375}, {"start": 2024.75, "end": 2025.33, "word": " total", "probability": 0.84765625}, {"start": 2025.33, "end": 2025.73, "word": " cost", "probability": 0.89892578125}, {"start": 2025.73, "end": 2026.63, "word": " 170", "probability": 0.85400390625}, {"start": 2026.63, "end": 2028.13, "word": " equals", "probability": 0.94970703125}, {"start": 2028.13, "end": 2028.65, "word": " 30", "probability": 0.9423828125}, {"start": 2028.65, "end": 2029.75, "word": " shekels.", "probability": 0.95361328125}, {"start": 2029.83, "end": 2030.17, "word": " There's", "probability": 0.616943359375}, {"start": 2030.17, "end": 2030.27, "word": " a", "probability": 0.82373046875}, {"start": 2030.27, "end": 2030.53, "word": " profit.", "probability": 0.90087890625}], "temperature": 1.0}, {"id": 68, "seek": 203911, "start": 2033.19, "end": 2039.11, "text": "As there is a prophet, I advise him to work.", "tokens": [10884, 456, 307, 257, 18566, 11, 286, 18312, 796, 281, 589, 13], "avg_logprob": -0.31099759615384615, "compression_ratio": 0.8461538461538461, "no_speech_prob": 0.0, "words": [{"start": 2033.1899999999998, "end": 2034.1499999999999, "word": "As", "probability": 0.173828125}, {"start": 2034.1499999999999, "end": 2035.11, "word": " there", "probability": 0.904296875}, {"start": 2035.11, "end": 2035.43, "word": " is", "probability": 0.93017578125}, {"start": 2035.43, "end": 2035.55, "word": " a", "probability": 0.8837890625}, {"start": 2035.55, "end": 2035.83, "word": " prophet,", "probability": 0.83056640625}, {"start": 2036.33, "end": 2036.67, "word": " I", "probability": 0.978515625}, {"start": 2036.67, "end": 2037.53, "word": " advise", "probability": 0.765625}, {"start": 2037.53, "end": 2038.29, "word": " him", "probability": 0.93701171875}, {"start": 2038.29, "end": 2038.65, "word": " to", "probability": 0.96826171875}, {"start": 2038.65, "end": 2039.11, "word": " work.", "probability": 0.94140625}], "temperature": 1.0}, {"id": 69, "seek": 208465, "start": 2080.57, "end": 2084.65, "text": " The assumption, what does it say?", "tokens": [440, 15302, 11, 437, 775, 309, 584, 30], "avg_logprob": -0.46875, "compression_ratio": 0.8095238095238095, "no_speech_prob": 0.0, "words": [{"start": 2080.5699999999997, "end": 2080.99, "word": " The", "probability": 0.142822265625}, {"start": 2080.99, "end": 2081.41, "word": " assumption,", "probability": 0.953125}, {"start": 2084.19, "end": 2084.31, "word": " what", "probability": 0.85400390625}, {"start": 2084.31, "end": 2084.39, "word": " does", "probability": 0.8095703125}, {"start": 2084.39, "end": 2084.49, "word": " it", "probability": 0.9208984375}, {"start": 2084.49, "end": 2084.65, "word": " say?", "probability": 0.73876953125}], "temperature": 1.0}, {"id": 70, "seek": 209256, "start": 2085.46, "end": 2092.56, "text": " If total revenue equals TVC,", "tokens": [759, 3217, 9324, 6915, 314, 53, 34, 11], "avg_logprob": -0.5347222222222222, "compression_ratio": 0.7837837837837838, "no_speech_prob": 0.0, "words": [{"start": 2085.46, "end": 2086.46, "word": " If", "probability": 0.81005859375}, {"start": 2086.46, "end": 2087.24, "word": " total", "probability": 0.701171875}, {"start": 2087.24, "end": 2087.8, "word": " revenue", "probability": 0.8974609375}, {"start": 2087.8, "end": 2090.8, "word": " equals", "probability": 0.80908203125}, {"start": 2090.8, "end": 2092.56, "word": " TVC,", "probability": 0.6107584635416666}], "temperature": 1.0}, {"id": 71, "seek": 213987, "start": 2111.23, "end": 2139.87, "text": " What is your advice here? To work or to stay or to stop working? Shut down point. Which means staying at home or shut down equals work. Decision.", "tokens": [708, 307, 428, 5192, 510, 30, 1407, 589, 420, 281, 1754, 420, 281, 1590, 1364, 30, 13870, 760, 935, 13, 3013, 1355, 7939, 412, 1280, 420, 5309, 760, 6915, 589, 13, 12427, 1991, 13], "avg_logprob": -0.30624998807907106, "compression_ratio": 1.2920353982300885, "no_speech_prob": 0.0, "words": [{"start": 2111.23, "end": 2111.51, "word": " What", "probability": 0.6669921875}, {"start": 2111.51, "end": 2111.75, "word": " is", "probability": 0.92626953125}, {"start": 2111.75, "end": 2111.97, "word": " your", "probability": 0.8935546875}, {"start": 2111.97, "end": 2112.49, "word": " advice", "probability": 0.935546875}, {"start": 2112.49, "end": 2112.83, "word": " here?", "probability": 0.80322265625}, {"start": 2112.99, "end": 2113.13, "word": " To", "probability": 0.84228515625}, {"start": 2113.13, "end": 2113.53, "word": " work", "probability": 0.91796875}, {"start": 2113.53, "end": 2113.95, "word": " or", "probability": 0.8564453125}, {"start": 2113.95, "end": 2114.31, "word": " to", "probability": 0.9501953125}, {"start": 2114.31, "end": 2115.23, "word": " stay", "probability": 0.95556640625}, {"start": 2115.23, "end": 2115.47, "word": " or", "probability": 0.79443359375}, {"start": 2115.47, "end": 2115.61, "word": " to", "probability": 0.64990234375}, {"start": 2115.61, "end": 2115.93, "word": " stop", "probability": 0.9541015625}, {"start": 2115.93, "end": 2116.73, "word": " working?", "probability": 0.91064453125}, {"start": 2118.95, "end": 2119.87, "word": " Shut", "probability": 0.11578369140625}, {"start": 2119.87, "end": 2120.51, "word": " down", "probability": 0.779296875}, {"start": 2120.51, "end": 2120.97, "word": " point.", "probability": 0.91015625}, {"start": 2121.33, "end": 2121.63, "word": " Which", "probability": 0.564453125}, {"start": 2121.63, "end": 2129.71, "word": " means", "probability": 0.947265625}, {"start": 2129.71, "end": 2130.73, "word": " staying", "probability": 0.6279296875}, {"start": 2130.73, "end": 2131.19, "word": " at", "probability": 0.97265625}, {"start": 2131.19, "end": 2131.55, "word": " home", "probability": 0.8896484375}, {"start": 2131.55, "end": 2131.91, "word": " or", "probability": 0.90771484375}, {"start": 2131.91, "end": 2132.43, "word": " shut", "probability": 0.6591796875}, {"start": 2132.43, "end": 2133.05, "word": " down", "probability": 0.88525390625}, {"start": 2133.05, "end": 2135.61, "word": " equals", "probability": 0.8486328125}, {"start": 2135.61, "end": 2136.93, "word": " work.", "probability": 0.7880859375}, {"start": 2138.95, "end": 2139.87, "word": " Decision.", "probability": 0.7156982421875}], "temperature": 1.0}, {"id": 72, "seek": 216925, "start": 2148.21, "end": 2169.25, "text": " If total revenue, Hana in this example, If total revenue equals 160. What is your advice here?", "tokens": [759, 3217, 9324, 11, 47946, 294, 341, 1365, 11, 759, 3217, 9324, 6915, 21243, 13, 708, 307, 428, 5192, 510, 30], "avg_logprob": -0.3902698768810792, "compression_ratio": 1.130952380952381, "no_speech_prob": 0.0, "words": [{"start": 2148.2099999999996, "end": 2149.49, "word": " If", "probability": 0.56396484375}, {"start": 2149.49, "end": 2150.13, "word": " total", "probability": 0.78173828125}, {"start": 2150.13, "end": 2150.61, "word": " revenue,", "probability": 0.9111328125}, {"start": 2151.35, "end": 2152.07, "word": " Hana", "probability": 0.287353515625}, {"start": 2152.07, "end": 2152.31, "word": " in", "probability": 0.53466796875}, {"start": 2152.31, "end": 2152.57, "word": " this", "probability": 0.95458984375}, {"start": 2152.57, "end": 2153.19, "word": " example,", "probability": 0.97119140625}, {"start": 2154.85, "end": 2157.73, "word": " If", "probability": 0.1143798828125}, {"start": 2157.73, "end": 2164.67, "word": " total", "probability": 0.83642578125}, {"start": 2164.67, "end": 2165.19, "word": " revenue", "probability": 0.921875}, {"start": 2165.19, "end": 2165.95, "word": " equals", "probability": 0.89794921875}, {"start": 2165.95, "end": 2166.71, "word": " 160.", "probability": 0.84814453125}, {"start": 2167.51, "end": 2168.21, "word": " What", "probability": 0.86767578125}, {"start": 2168.21, "end": 2168.39, "word": " is", "probability": 0.93896484375}, {"start": 2168.39, "end": 2168.57, "word": " your", "probability": 0.88818359375}, {"start": 2168.57, "end": 2168.97, "word": " advice", "probability": 0.93603515625}, {"start": 2168.97, "end": 2169.25, "word": " here?", "probability": 0.78173828125}], "temperature": 1.0}, {"id": 73, "seek": 219577, "start": 2187.13, "end": 2195.77, "text": " If total revenue or win total revenue equals 160.", "tokens": [759, 3217, 9324, 420, 1942, 3217, 9324, 6915, 21243, 13], "avg_logprob": -0.5660511146892201, "compression_ratio": 1.1111111111111112, "no_speech_prob": 0.0, "words": [{"start": 2187.1299999999997, "end": 2188.5299999999997, "word": " If", "probability": 0.1192626953125}, {"start": 2188.5299999999997, "end": 2189.93, "word": " total", "probability": 0.77978515625}, {"start": 2189.93, "end": 2190.39, "word": " revenue", "probability": 0.9013671875}, {"start": 2190.39, "end": 2190.73, "word": " or", "probability": 0.379150390625}, {"start": 2190.73, "end": 2190.99, "word": " win", "probability": 0.8447265625}, {"start": 2190.99, "end": 2193.01, "word": " total", "probability": 0.177734375}, {"start": 2193.01, "end": 2193.51, "word": " revenue", "probability": 0.89990234375}, {"start": 2193.51, "end": 2194.31, "word": " equals", "probability": 0.923828125}, {"start": 2194.31, "end": 2195.77, "word": " 160.", "probability": 0.826171875}], "temperature": 1.0}, {"id": 74, "seek": 222854, "start": 2199.98, "end": 2228.54, "text": " Here, we have a loss. But my advice to him is to work. Why? He didn't work. He worked and earned 160 shekels. He filled up his gas tanks and sold 150 shekels. He took 10 of them and filled up part of the TFC. Yes. If he fell, how much would he lose?", "tokens": [1692, 11, 321, 362, 257, 4470, 13, 583, 452, 5192, 281, 796, 307, 281, 589, 13, 1545, 30, 634, 994, 380, 589, 13, 634, 2732, 293, 12283, 21243, 750, 7124, 82, 13, 634, 6412, 493, 702, 4211, 14022, 293, 3718, 8451, 750, 7124, 82, 13, 634, 1890, 1266, 295, 552, 293, 6412, 493, 644, 295, 264, 314, 18671, 13, 1079, 13, 759, 415, 5696, 11, 577, 709, 576, 415, 3624, 30], "avg_logprob": -0.4153645837472545, "compression_ratio": 1.4450867052023122, "no_speech_prob": 0.0, "words": [{"start": 2199.98, "end": 2200.26, "word": " Here,", "probability": 0.83642578125}, {"start": 2200.36, "end": 2200.44, "word": " we", "probability": 0.96484375}, {"start": 2200.44, "end": 2200.66, "word": " have", "probability": 0.94775390625}, {"start": 2200.66, "end": 2200.76, "word": " a", "probability": 0.87353515625}, {"start": 2200.76, "end": 2201.1, "word": " loss.", "probability": 0.87548828125}, {"start": 2202.46, "end": 2202.98, "word": " But", "probability": 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"end": 2254.53, "text": " So even if, although we have a loss here, my advice to him is to work. Keep working.", "tokens": [407, 754, 498, 11, 4878, 321, 362, 257, 4470, 510, 11, 452, 5192, 281, 796, 307, 281, 589, 13, 5527, 1364, 13], "avg_logprob": -0.13476561852123425, "compression_ratio": 1.0759493670886076, "no_speech_prob": 1.7881393432617188e-07, "words": [{"start": 2245.7300000000005, "end": 2246.4300000000003, "word": " So", "probability": 0.3994140625}, {"start": 2246.4300000000003, "end": 2247.13, "word": " even", "probability": 0.81201171875}, {"start": 2247.13, "end": 2247.67, "word": " if,", "probability": 0.95751953125}, {"start": 2247.81, "end": 2248.19, "word": " although", "probability": 0.85986328125}, {"start": 2248.19, "end": 2248.51, "word": " we", "probability": 0.94580078125}, {"start": 2248.51, "end": 2248.77, "word": " have", "probability": 0.9443359375}, {"start": 2248.77, "end": 2248.95, "word": " a", "probability": 0.98046875}, {"start": 2248.95, "end": 2249.25, "word": " loss", "probability": 0.87255859375}, {"start": 2249.25, "end": 2249.59, "word": " here,", "probability": 0.85546875}, {"start": 2250.39, "end": 2250.67, "word": " my", "probability": 0.96337890625}, {"start": 2250.67, "end": 2251.27, "word": " advice", "probability": 0.93408203125}, {"start": 2251.27, "end": 2251.49, "word": " to", "probability": 0.9208984375}, {"start": 2251.49, "end": 2251.63, "word": " him", "probability": 0.833984375}, {"start": 2251.63, "end": 2251.83, "word": " is", "probability": 0.94140625}, {"start": 2251.83, "end": 2252.03, "word": " to", "probability": 0.96533203125}, {"start": 2252.03, "end": 2252.39, "word": " work.", "probability": 0.8330078125}, {"start": 2253.31, "end": 2254.01, "word": " Keep", "probability": 0.8798828125}, {"start": 2254.01, "end": 2254.53, "word": " working.", "probability": 0.904296875}], "temperature": 1.0}, {"id": 76, "seek": 228534, "start": 2256.08, "end": 2285.34, "text": " Right? So here, when TR equals 160, what do you see? Total revenue is bigger than TVC. TR is bigger than TVC. What is your advice here? To work because part of TFC will be covered here.", "tokens": [1779, 30, 407, 510, 11, 562, 15176, 6915, 21243, 11, 437, 360, 291, 536, 30, 314, 38180, 9324, 307, 3801, 813, 3558, 34, 13, 15176, 307, 3801, 813, 3558, 34, 13, 708, 307, 428, 5192, 510, 30, 1407, 589, 570, 644, 295, 314, 18671, 486, 312, 5343, 510, 13], "avg_logprob": -0.23609375059604645, "compression_ratio": 1.3576642335766422, "no_speech_prob": 0.0, "words": [{"start": 2256.08, "end": 2256.48, "word": " Right?", "probability": 0.72412109375}, {"start": 2256.72, "end": 2257.46, "word": " So", "probability": 0.94091796875}, {"start": 2257.46, "end": 2258.46, "word": " here,", "probability": 0.748046875}, {"start": 2258.62, "end": 2258.86, "word": " when", "probability": 0.923828125}, {"start": 2258.86, "end": 2259.4, "word": " TR", "probability": 0.76806640625}, {"start": 2259.4, "end": 2260.56, "word": " equals", "probability": 0.9326171875}, {"start": 2260.56, "end": 2261.42, "word": " 160,", "probability": 0.9287109375}, {"start": 2264.06, "end": 2264.5, "word": " what", "probability": 0.251953125}, {"start": 2264.5, "end": 2266.66, "word": " do", "probability": 0.953125}, {"start": 2266.66, "end": 2266.76, "word": " you", "probability": 0.96044921875}, {"start": 2266.76, "end": 2266.98, "word": " see?", "probability": 0.9296875}, {"start": 2269.24, "end": 2270.12, "word": " Total", "probability": 0.477294921875}, {"start": 2270.12, "end": 2270.54, "word": " revenue", "probability": 0.833984375}, {"start": 2270.54, "end": 2270.84, "word": " is", "probability": 0.943359375}, {"start": 2270.84, "end": 2271.08, "word": " bigger", "probability": 0.9501953125}, {"start": 2271.08, "end": 2271.48, "word": " than", "probability": 0.951171875}, {"start": 2271.48, "end": 2272.36, "word": " TVC.", "probability": 0.793701171875}, {"start": 2273.36, "end": 2274.24, "word": " TR", "probability": 0.69873046875}, {"start": 2274.24, "end": 2275.2, "word": " is", "probability": 0.94384765625}, {"start": 2275.2, "end": 2275.46, "word": " bigger", "probability": 0.95068359375}, {"start": 2275.46, "end": 2275.84, "word": " than", "probability": 0.9521484375}, {"start": 2275.84, "end": 2276.58, "word": " TVC.", "probability": 0.93994140625}, {"start": 2277.62, "end": 2278.36, "word": " What", "probability": 0.85400390625}, {"start": 2278.36, "end": 2279.32, "word": " is", "probability": 0.9384765625}, {"start": 2279.32, "end": 2279.5, "word": " your", "probability": 0.8818359375}, {"start": 2279.5, "end": 2279.92, "word": " advice", "probability": 0.92822265625}, {"start": 2279.92, "end": 2280.26, "word": " here?", "probability": 0.806640625}, {"start": 2280.46, "end": 2281.34, "word": " To", "probability": 0.31689453125}, {"start": 2281.34, "end": 2281.56, "word": " work", "probability": 0.8818359375}, {"start": 2281.56, "end": 2282.04, "word": " because", "probability": 0.5146484375}, {"start": 2282.04, "end": 2283.22, "word": " part", "probability": 0.861328125}, {"start": 2283.22, "end": 2283.46, "word": " of", "probability": 0.96875}, {"start": 2283.46, "end": 2283.98, "word": " TFC", "probability": 0.722900390625}, {"start": 2283.98, "end": 2284.26, "word": " will", "probability": 0.79541015625}, {"start": 2284.26, "end": 2284.48, "word": " be", "probability": 0.9521484375}, {"start": 2284.48, "end": 2284.98, "word": " covered", "probability": 0.86669921875}, {"start": 2284.98, "end": 2285.34, "word": " here.", "probability": 0.8388671875}], "temperature": 1.0}, {"id": 77, "seek": 231554, "start": 2286.32, "end": 2315.54, "text": " Then my advice is to work. Although, we have a loss. We have profits or loss here? Loss because total revenue is less than total cost. How much is total revenue? Here we have loss. Loss and we have to work. TR equals how much? 160.", "tokens": [1396, 452, 5192, 307, 281, 589, 13, 5780, 11, 321, 362, 257, 4470, 13, 492, 362, 17982, 420, 4470, 510, 30, 441, 772, 570, 3217, 9324, 307, 1570, 813, 3217, 2063, 13, 1012, 709, 307, 3217, 9324, 30, 1692, 321, 362, 4470, 13, 441, 772, 293, 321, 362, 281, 589, 13, 15176, 6915, 577, 709, 30, 21243, 13], "avg_logprob": -0.18802966758356257, "compression_ratio": 1.5263157894736843, "no_speech_prob": 0.0, "words": [{"start": 2286.32, "end": 2286.56, "word": " Then", "probability": 0.1529541015625}, {"start": 2286.56, "end": 2287.6, "word": " my", "probability": 0.75244140625}, {"start": 2287.6, "end": 2288.08, "word": " advice", "probability": 0.93359375}, {"start": 2288.08, "end": 2288.3, "word": " is", "probability": 0.9453125}, {"start": 2288.3, "end": 2288.48, "word": " to", "probability": 0.9658203125}, {"start": 2288.48, "end": 2288.74, "word": " work.", "probability": 0.92822265625}, {"start": 2291.82, "end": 2292.4, "word": " Although,", "probability": 0.90966796875}, {"start": 2292.84, "end": 2293.26, "word": " we", "probability": 0.31689453125}, {"start": 2293.26, "end": 2293.66, "word": " have", "probability": 0.94580078125}, {"start": 2293.66, "end": 2293.8, "word": " a", "probability": 0.62841796875}, {"start": 2293.8, "end": 2294.18, "word": " loss.", "probability": 0.8994140625}, {"start": 2294.82, "end": 2295.36, "word": " We", "probability": 0.94384765625}, {"start": 2295.36, "end": 2295.52, "word": " have", "probability": 0.9453125}, {"start": 2295.52, "end": 2295.86, "word": " profits", "probability": 0.8310546875}, {"start": 2295.86, "end": 2296.12, "word": " or", "probability": 0.94970703125}, {"start": 2296.12, "end": 2296.48, "word": " loss", "probability": 0.8291015625}, {"start": 2296.48, "end": 2296.74, "word": " here?", "probability": 0.822265625}, {"start": 2297.2, "end": 2297.94, "word": " Loss", "probability": 0.9326171875}, {"start": 2297.94, "end": 2298.2, "word": " because", "probability": 0.3916015625}, {"start": 2298.2, "end": 2299.1, "word": " total", "probability": 0.79833984375}, {"start": 2299.1, "end": 2299.62, "word": " revenue", "probability": 0.8916015625}, {"start": 2299.62, "end": 2300.5, "word": " is", "probability": 0.94580078125}, {"start": 2300.5, "end": 2300.84, "word": " less", "probability": 0.9443359375}, {"start": 2300.84, "end": 2301.14, "word": " than", "probability": 0.94482421875}, {"start": 2301.14, "end": 2301.48, "word": " total", "probability": 0.84716796875}, {"start": 2301.48, "end": 2301.92, "word": " cost.", "probability": 0.9033203125}, {"start": 2302.0, "end": 2302.4, "word": " How", "probability": 0.90771484375}, {"start": 2302.4, "end": 2302.64, "word": " much", "probability": 0.91357421875}, {"start": 2302.64, "end": 2302.8, "word": " is", "probability": 0.94189453125}, {"start": 2302.8, "end": 2303.04, "word": " total", "probability": 0.85009765625}, {"start": 2303.04, "end": 2303.34, "word": " revenue?", "probability": 0.89892578125}, {"start": 2304.56, "end": 2305.3, "word": " Here", "probability": 0.82568359375}, {"start": 2305.3, "end": 2305.48, "word": " we", "probability": 0.736328125}, {"start": 2305.48, "end": 2305.88, "word": " have", "probability": 0.9462890625}, {"start": 2305.88, "end": 2306.62, "word": " loss.", "probability": 0.8525390625}, {"start": 2307.48, "end": 2308.22, "word": " Loss", "probability": 0.95166015625}, {"start": 2308.22, "end": 2308.6, "word": " and", "probability": 0.818359375}, {"start": 2308.6, "end": 2308.8, "word": " we", "probability": 0.94677734375}, {"start": 2308.8, "end": 2309.0, "word": " have", "probability": 0.951171875}, {"start": 2309.0, "end": 2309.16, "word": " to", "probability": 0.96875}, {"start": 2309.16, "end": 2309.54, "word": " work.", "probability": 0.92919921875}, {"start": 2311.04, "end": 2311.18, "word": " TR", "probability": 0.52490234375}, {"start": 2311.18, "end": 2314.46, "word": " equals", "probability": 0.892578125}, {"start": 2314.46, "end": 2314.66, "word": " how", "probability": 0.84423828125}, {"start": 2314.66, "end": 2314.96, "word": " much?", "probability": 0.91748046875}, {"start": 2315.02, "end": 2315.54, "word": " 160.", "probability": 0.8837890625}], "temperature": 1.0}, {"id": 78, "seek": 234380, "start": 2316.82, "end": 2343.8, "text": " What about total cost? Sorry? Yeah, total cost, how much is it? 170. Total profit equals how much? Total revenue minus total cost equals minus 10. If we work, we will lose just 10 shekels. But if we stay at home,", "tokens": [708, 466, 3217, 2063, 30, 4919, 30, 865, 11, 3217, 2063, 11, 577, 709, 307, 309, 30, 27228, 13, 23170, 7475, 6915, 577, 709, 30, 23170, 9324, 3175, 3217, 2063, 6915, 3175, 1266, 13, 759, 321, 589, 11, 321, 486, 3624, 445, 1266, 750, 7124, 82, 13, 583, 498, 321, 1754, 412, 1280, 11], "avg_logprob": -0.14815341450951316, "compression_ratio": 1.4391891891891893, "no_speech_prob": 0.0, "words": [{"start": 2316.82, "end": 2317.06, "word": " What", "probability": 0.86962890625}, {"start": 2317.06, "end": 2317.32, "word": " about", "probability": 0.908203125}, {"start": 2317.32, "end": 2317.62, "word": " total", "probability": 0.837890625}, {"start": 2317.62, "end": 2318.08, "word": " cost?", "probability": 0.88134765625}, {"start": 2320.02, "end": 2320.82, "word": " Sorry?", "probability": 0.1544189453125}, {"start": 2321.48, "end": 2322.28, "word": " Yeah,", "probability": 0.63525390625}, {"start": 2322.38, "end": 2322.64, "word": " total", "probability": 0.88134765625}, {"start": 2322.64, "end": 2322.9, "word": " cost,", "probability": 0.9052734375}, {"start": 2322.98, "end": 2323.06, "word": " how", "probability": 0.9326171875}, {"start": 2323.06, "end": 2323.26, "word": " much", "probability": 0.91943359375}, {"start": 2323.26, "end": 2323.4, "word": " is", "probability": 0.94580078125}, {"start": 2323.4, "end": 2323.6, "word": " it?", "probability": 0.94921875}, {"start": 2323.8, "end": 2324.38, "word": " 170.", "probability": 0.77099609375}, {"start": 2325.62, "end": 2326.42, "word": " Total", "probability": 0.8994140625}, {"start": 2326.42, "end": 2326.84, "word": " profit", "probability": 0.86767578125}, {"start": 2326.84, "end": 2328.02, "word": " equals", "probability": 0.91650390625}, {"start": 2328.02, "end": 2328.26, "word": " how", "probability": 0.92919921875}, {"start": 2328.26, "end": 2328.66, "word": " much?", "probability": 0.91455078125}, {"start": 2329.48, "end": 2329.96, "word": " Total", "probability": 0.8798828125}, {"start": 2329.96, "end": 2330.44, "word": " revenue", "probability": 0.90673828125}, {"start": 2330.44, "end": 2331.14, "word": " minus", "probability": 0.97998046875}, {"start": 2331.14, "end": 2331.52, "word": " total", "probability": 0.89111328125}, {"start": 2331.52, "end": 2331.92, "word": " cost", "probability": 0.91455078125}, {"start": 2331.92, "end": 2332.52, "word": " equals", "probability": 0.9111328125}, {"start": 2332.52, "end": 2333.28, "word": " minus", "probability": 0.94580078125}, {"start": 2333.28, "end": 2333.6, "word": " 10.", "probability": 0.93212890625}, {"start": 2334.72, "end": 2335.48, "word": " If", "probability": 0.966796875}, {"start": 2335.48, "end": 2335.7, "word": " we", "probability": 0.96240234375}, {"start": 2335.7, "end": 2336.08, "word": " work,", "probability": 0.90673828125}, {"start": 2336.88, "end": 2337.26, "word": " we", "probability": 0.96142578125}, {"start": 2337.26, "end": 2337.56, "word": " will", "probability": 0.888671875}, {"start": 2337.56, "end": 2338.22, "word": " lose", "probability": 0.8544921875}, {"start": 2338.22, "end": 2339.4, "word": " just", "probability": 0.8818359375}, {"start": 2339.4, "end": 2339.7, "word": " 10", "probability": 0.7890625}, {"start": 2339.7, "end": 2340.54, "word": " shekels.", "probability": 0.8434244791666666}, {"start": 2341.4, "end": 2341.72, "word": " But", "probability": 0.748046875}, {"start": 2341.72, "end": 2341.9, "word": " if", "probability": 0.9345703125}, {"start": 2341.9, "end": 2342.32, "word": " we", "probability": 0.96044921875}, {"start": 2342.32, "end": 2343.16, "word": " stay", "probability": 0.95556640625}, {"start": 2343.16, "end": 2343.4, "word": " at", "probability": 0.970703125}, {"start": 2343.4, "end": 2343.8, "word": " home,", "probability": 0.88330078125}], "temperature": 1.0}, {"id": 79, "seek": 237282, "start": 2344.7, "end": 2372.82, "text": " We will lose 20 shares here. So although we have a loss, although we have a loss, we have to work. So sometimes we accept to work under the loss. This will be met at the condition of when total revenue is bigger than TVC.", "tokens": [492, 486, 3624, 945, 12182, 510, 13, 407, 4878, 321, 362, 257, 4470, 11, 4878, 321, 362, 257, 4470, 11, 321, 362, 281, 589, 13, 407, 2171, 321, 3241, 281, 589, 833, 264, 4470, 13, 639, 486, 312, 1131, 412, 264, 4188, 295, 562, 3217, 9324, 307, 3801, 813, 3558, 34, 13], "avg_logprob": -0.1329599011619136, "compression_ratio": 1.574468085106383, "no_speech_prob": 0.0, "words": [{"start": 2344.7, "end": 2344.94, "word": " We", "probability": 0.5244140625}, {"start": 2344.94, "end": 2345.18, "word": " will", "probability": 0.8408203125}, {"start": 2345.18, "end": 2345.52, "word": " lose", "probability": 0.86474609375}, {"start": 2345.52, "end": 2346.2, "word": " 20", "probability": 0.87841796875}, {"start": 2346.2, "end": 2346.54, "word": " shares", "probability": 0.421630859375}, {"start": 2346.54, "end": 2346.98, "word": " here.", "probability": 0.77490234375}, {"start": 2348.24, "end": 2348.52, "word": " So", "probability": 0.8828125}, {"start": 2348.52, "end": 2349.18, "word": " although", "probability": 0.900390625}, {"start": 2349.18, "end": 2349.46, "word": " we", "probability": 0.95263671875}, {"start": 2349.46, "end": 2349.72, "word": " have", "probability": 0.94873046875}, {"start": 2349.72, "end": 2349.86, "word": " a", "probability": 0.990234375}, {"start": 2349.86, "end": 2350.26, "word": " loss,", "probability": 0.884765625}, {"start": 2351.2, "end": 2351.74, "word": " although", "probability": 0.90771484375}, {"start": 2351.74, "end": 2352.26, "word": " we", "probability": 0.96044921875}, {"start": 2352.26, "end": 2352.5, "word": " have", "probability": 0.94775390625}, {"start": 2352.5, "end": 2352.66, "word": " a", "probability": 0.99755859375}, {"start": 2352.66, "end": 2353.02, "word": " loss,", "probability": 0.87841796875}, {"start": 2353.4, "end": 2353.78, "word": " we", "probability": 0.962890625}, {"start": 2353.78, "end": 2354.16, "word": " have", "probability": 0.9501953125}, {"start": 2354.16, "end": 2354.38, "word": " to", "probability": 0.97021484375}, {"start": 2354.38, "end": 2354.7, "word": " work.", "probability": 0.8046875}, {"start": 2357.0, "end": 2357.88, "word": " So", "probability": 0.96337890625}, {"start": 2357.88, "end": 2358.46, "word": " sometimes", "probability": 0.93408203125}, {"start": 2358.46, "end": 2359.02, "word": " we", "probability": 0.6416015625}, {"start": 2359.02, "end": 2359.78, "word": " accept", "probability": 0.89990234375}, {"start": 2359.78, "end": 2360.62, "word": " to", "probability": 0.9677734375}, {"start": 2360.62, "end": 2360.98, "word": " work", "probability": 0.9306640625}, {"start": 2360.98, "end": 2361.4, "word": " under", "probability": 0.88330078125}, {"start": 2361.4, "end": 2361.68, "word": " the", "probability": 0.921875}, {"start": 2361.68, "end": 2362.04, "word": " loss.", "probability": 0.83984375}, {"start": 2364.38, "end": 2365.1, "word": " This", "probability": 0.8984375}, {"start": 2365.1, "end": 2365.32, "word": " will", "probability": 0.76025390625}, {"start": 2365.32, "end": 2365.68, "word": " be", "probability": 0.9541015625}, {"start": 2365.68, "end": 2366.4, "word": " met", "probability": 0.88916015625}, {"start": 2366.4, "end": 2366.98, "word": " at", "probability": 0.9609375}, {"start": 2366.98, "end": 2367.64, "word": " the", "probability": 0.919921875}, {"start": 2367.64, "end": 2368.28, "word": " condition", "probability": 0.9658203125}, {"start": 2368.28, "end": 2368.76, "word": " of", "probability": 0.93994140625}, {"start": 2368.76, "end": 2369.64, "word": " when", "probability": 0.79345703125}, {"start": 2369.64, "end": 2370.08, "word": " total", "probability": 0.78271484375}, {"start": 2370.08, "end": 2370.56, "word": " revenue", "probability": 0.85009765625}, {"start": 2370.56, "end": 2371.02, "word": " is", "probability": 0.6181640625}, {"start": 2371.02, "end": 2371.86, "word": " bigger", "probability": 0.9638671875}, {"start": 2371.86, "end": 2372.2, "word": " than", "probability": 0.95068359375}, {"start": 2372.2, "end": 2372.82, "word": " TVC.", "probability": 0.8359375}], "temperature": 1.0}, {"id": 80, "seek": 239935, "start": 2373.99, "end": 2399.35, "text": " If total revenue is less than TVC, we have to close down. Right? What does it mean? You go to work. And I'm sitting at home. How much did I lose? Twenty. Well, this makes me 130. Well, if we work, if we work, we get 130, we don't cover the gasoline.", "tokens": [759, 3217, 9324, 307, 1570, 813, 3558, 34, 11, 321, 362, 281, 1998, 760, 13, 1779, 30, 708, 775, 309, 914, 30, 509, 352, 281, 589, 13, 400, 286, 478, 3798, 412, 1280, 13, 1012, 709, 630, 286, 3624, 30, 28789, 13, 1042, 11, 341, 1669, 385, 19966, 13, 1042, 11, 498, 321, 589, 11, 498, 321, 589, 11, 321, 483, 19966, 11, 321, 500, 380, 2060, 264, 28914, 13], "avg_logprob": -0.4542253470756638, "compression_ratio": 1.3966480446927374, "no_speech_prob": 0.0, "words": [{"start": 2373.9900000000002, "end": 2374.55, "word": " If", "probability": 0.8544921875}, {"start": 2374.55, "end": 2374.93, "word": " total", "probability": 0.72900390625}, {"start": 2374.93, "end": 2375.27, "word": " revenue", "probability": 0.8681640625}, {"start": 2375.27, "end": 2375.53, "word": " is", "probability": 0.94775390625}, {"start": 2375.53, "end": 2375.89, "word": " less", "probability": 0.9560546875}, {"start": 2375.89, "end": 2376.19, "word": " than", "probability": 0.94970703125}, {"start": 2376.19, "end": 2376.87, "word": " TVC,", "probability": 0.723388671875}, {"start": 2377.31, "end": 2377.75, "word": " we", "probability": 0.93310546875}, {"start": 2377.75, "end": 2377.97, "word": " have", "probability": 0.9384765625}, {"start": 2377.97, "end": 2378.09, "word": " to", "probability": 0.96826171875}, {"start": 2378.09, "end": 2378.45, "word": " close", "probability": 0.87548828125}, {"start": 2378.45, "end": 2379.03, "word": " down.", "probability": 0.6416015625}, {"start": 2380.91, "end": 2381.19, "word": " Right?", "probability": 0.82470703125}, {"start": 2381.59, "end": 2381.71, "word": " What", "probability": 0.1265869140625}, {"start": 2381.71, "end": 2381.87, "word": " does", "probability": 0.66845703125}, {"start": 2381.87, "end": 2381.95, "word": " it", "probability": 0.4150390625}, {"start": 2381.95, "end": 2381.95, "word": " mean?", "probability": 0.9697265625}, {"start": 2382.13, "end": 2382.49, "word": " You", "probability": 0.1551513671875}, {"start": 2382.49, "end": 2382.49, "word": " go", "probability": 0.5849609375}, {"start": 2382.49, "end": 2382.55, "word": " to", "probability": 0.560546875}, {"start": 2382.55, "end": 2382.83, "word": " work.", "probability": 0.927734375}, {"start": 2383.17, "end": 2383.33, "word": " And", "probability": 0.28076171875}, {"start": 2383.33, "end": 2383.51, "word": " I'm", "probability": 0.669921875}, {"start": 2383.51, "end": 2383.79, "word": " sitting", "probability": 0.54541015625}, {"start": 2383.79, "end": 2384.01, "word": " at", "probability": 0.845703125}, {"start": 2384.01, "end": 2384.41, "word": " home.", "probability": 0.8955078125}, {"start": 2384.91, "end": 2385.23, "word": " How", "probability": 0.8525390625}, {"start": 2385.23, "end": 2385.35, "word": " much", "probability": 0.8984375}, {"start": 2385.35, "end": 2385.35, "word": " did", "probability": 0.79931640625}, {"start": 2385.35, "end": 2385.37, "word": " I", "probability": 0.62109375}, {"start": 2385.37, "end": 2385.65, "word": " lose?", "probability": 0.8310546875}, {"start": 2386.37, "end": 2386.93, "word": " Twenty.", "probability": 0.442626953125}, {"start": 2387.19, "end": 2387.35, "word": " Well,", "probability": 0.154052734375}, {"start": 2387.49, "end": 2387.57, "word": " this", "probability": 0.28466796875}, {"start": 2387.57, "end": 2387.75, "word": " makes", "probability": 0.33740234375}, {"start": 2387.75, "end": 2387.99, "word": " me", "probability": 0.41650390625}, {"start": 2387.99, "end": 2388.55, "word": " 130.", "probability": 0.80859375}, {"start": 2392.77, "end": 2393.33, "word": " Well,", "probability": 0.350830078125}, {"start": 2393.41, "end": 2393.51, "word": " if", "probability": 0.94189453125}, {"start": 2393.51, "end": 2393.63, "word": " we", "probability": 0.94140625}, {"start": 2393.63, "end": 2394.01, "word": " work,", "probability": 0.8486328125}, {"start": 2394.57, "end": 2394.73, "word": " if", "probability": 0.462890625}, {"start": 2394.73, "end": 2394.85, "word": " we", "probability": 0.939453125}, {"start": 2394.85, "end": 2395.21, "word": " work,", "probability": 0.697265625}, {"start": 2395.85, "end": 2396.77, "word": " we", "probability": 0.404296875}, {"start": 2396.77, "end": 2396.97, "word": " get", "probability": 0.26708984375}, {"start": 2396.97, "end": 2397.75, "word": " 130,", "probability": 0.90625}, {"start": 2398.11, "end": 2398.43, "word": " we", "probability": 0.2607421875}, {"start": 2398.43, "end": 2398.53, "word": " don't", "probability": 0.832275390625}, {"start": 2398.53, "end": 2398.77, "word": " cover", "probability": 0.599609375}, {"start": 2398.77, "end": 2399.01, "word": " the", "probability": 0.6533203125}, {"start": 2399.01, "end": 2399.35, "word": " gasoline.", "probability": 0.53564453125}], "temperature": 1.0}, {"id": 81, "seek": 242778, "start": 2403.9, "end": 2427.78, "text": " If total revenue is less than TVC, we have to close down. Right? So if total revenue is less than TVC,", "tokens": [759, 3217, 9324, 307, 1570, 813, 3558, 34, 11, 321, 362, 281, 1998, 760, 13, 1779, 30, 407, 498, 3217, 9324, 307, 1570, 813, 3558, 34, 11], "avg_logprob": -0.17661830516798155, "compression_ratio": 1.3037974683544304, "no_speech_prob": 0.0, "words": [{"start": 2403.8999999999996, "end": 2404.7799999999997, "word": " If", "probability": 0.07391357421875}, {"start": 2404.7799999999997, "end": 2405.66, "word": " total", "probability": 0.8486328125}, {"start": 2405.66, "end": 2406.1, "word": " revenue", "probability": 0.8857421875}, {"start": 2406.1, "end": 2406.4, "word": " is", "probability": 0.9365234375}, {"start": 2406.4, "end": 2406.9, "word": " less", "probability": 0.94873046875}, {"start": 2406.9, "end": 2407.34, "word": " than", "probability": 0.953125}, {"start": 2407.34, "end": 2408.26, "word": " TVC,", "probability": 0.795166015625}, {"start": 2408.82, "end": 2409.14, "word": " we", "probability": 0.91748046875}, {"start": 2409.14, "end": 2409.5, "word": " have", "probability": 0.93701171875}, {"start": 2409.5, "end": 2409.66, "word": " to", "probability": 0.9677734375}, {"start": 2409.66, "end": 2410.0, "word": " close", "probability": 0.8798828125}, {"start": 2410.0, "end": 2410.34, "word": " down.", "probability": 0.86669921875}, {"start": 2411.88, "end": 2412.2, "word": " Right?", "probability": 0.67236328125}, {"start": 2412.68, "end": 2412.9, "word": " So", "probability": 0.90380859375}, {"start": 2412.9, "end": 2416.32, "word": " if", "probability": 0.84375}, {"start": 2416.32, "end": 2418.06, "word": " total", "probability": 0.88330078125}, {"start": 2418.06, "end": 2418.68, "word": " revenue", "probability": 0.9052734375}, {"start": 2418.68, "end": 2426.06, "word": " is", "probability": 0.3662109375}, {"start": 2426.06, "end": 2426.48, "word": " less", "probability": 0.94970703125}, {"start": 2426.48, "end": 2426.9, "word": " than", "probability": 0.95458984375}, {"start": 2426.9, "end": 2427.78, "word": " TVC,", "probability": 0.929931640625}], "temperature": 1.0}, {"id": 82, "seek": 244465, "start": 2429.63, "end": 2444.65, "text": " We have to close down. Here we have loss and we have to close down. Closing is better than keeping or working, right?", "tokens": [492, 362, 281, 1998, 760, 13, 1692, 321, 362, 4470, 293, 321, 362, 281, 1998, 760, 13, 2033, 6110, 307, 1101, 813, 5145, 420, 1364, 11, 558, 30], "avg_logprob": -0.17874461001363293, "compression_ratio": 1.2967032967032968, "no_speech_prob": 0.0, "words": [{"start": 2429.63, "end": 2429.89, "word": " We", "probability": 0.6533203125}, {"start": 2429.89, "end": 2430.23, "word": " have", "probability": 0.9375}, {"start": 2430.23, "end": 2430.43, "word": " to", "probability": 0.9697265625}, {"start": 2430.43, "end": 2430.77, "word": " close", "probability": 0.84814453125}, {"start": 2430.77, "end": 2431.11, "word": " down.", "probability": 0.82470703125}, {"start": 2431.19, "end": 2431.37, "word": " Here", "probability": 0.828125}, {"start": 2431.37, "end": 2431.55, "word": " we", "probability": 0.7822265625}, {"start": 2431.55, "end": 2431.81, "word": " have", "probability": 0.9375}, {"start": 2431.81, "end": 2432.25, "word": " loss", "probability": 0.6591796875}, {"start": 2432.25, "end": 2432.55, "word": " and", "probability": 0.7548828125}, {"start": 2432.55, "end": 2432.67, "word": " we", "probability": 0.95947265625}, {"start": 2432.67, "end": 2432.87, "word": " have", "probability": 0.9462890625}, {"start": 2432.87, "end": 2433.01, "word": " to", "probability": 0.96923828125}, {"start": 2433.01, "end": 2433.35, "word": " close", "probability": 0.8857421875}, {"start": 2433.35, "end": 2433.73, "word": " down.", "probability": 0.84033203125}, {"start": 2439.21, "end": 2439.89, "word": " Closing", "probability": 0.963623046875}, {"start": 2439.89, "end": 2440.69, "word": " is", "probability": 0.93603515625}, {"start": 2440.69, "end": 2441.13, "word": " better", "probability": 0.86962890625}, {"start": 2441.13, "end": 2441.75, "word": " than", "probability": 0.95654296875}, {"start": 2441.75, "end": 2442.59, "word": " keeping", "probability": 0.7333984375}, {"start": 2442.59, "end": 2443.19, "word": " or", "probability": 0.447509765625}, {"start": 2443.19, "end": 2444.19, "word": " working,", "probability": 0.9169921875}, {"start": 2444.45, "end": 2444.65, "word": " right?", "probability": 0.8583984375}], "temperature": 1.0}, {"id": 83, "seek": 246260, "start": 2445.74, "end": 2462.6, "text": " Then we have three cases related to the shutdown point. The shutdown point is the point at which total revenue equals total variable cost, which means working equals closing down.", "tokens": [1396, 321, 362, 1045, 3331, 4077, 281, 264, 34927, 935, 13, 440, 34927, 935, 307, 264, 935, 412, 597, 3217, 9324, 6915, 3217, 7006, 2063, 11, 597, 1355, 1364, 6915, 10377, 760, 13], "avg_logprob": -0.14108455444083495, "compression_ratio": 1.5254237288135593, "no_speech_prob": 0.0, "words": [{"start": 2445.74, "end": 2445.98, "word": " Then", "probability": 0.2315673828125}, {"start": 2445.98, "end": 2446.66, "word": " we", "probability": 0.81884765625}, {"start": 2446.66, "end": 2446.92, "word": " have", "probability": 0.93505859375}, {"start": 2446.92, "end": 2447.24, "word": " three", "probability": 0.87841796875}, {"start": 2447.24, "end": 2448.14, "word": " cases", "probability": 0.92919921875}, {"start": 2448.14, "end": 2448.72, "word": " related", "probability": 0.93994140625}, {"start": 2448.72, "end": 2449.14, "word": " to", "probability": 0.97021484375}, {"start": 2449.14, "end": 2449.66, "word": " the", "probability": 0.83203125}, {"start": 2449.66, "end": 2450.14, "word": " shutdown", "probability": 0.8349609375}, {"start": 2450.14, "end": 2450.86, "word": " point.", "probability": 0.9716796875}, {"start": 2451.06, "end": 2451.44, "word": " The", "probability": 0.90625}, {"start": 2451.44, "end": 2451.72, "word": " shutdown", "probability": 0.8173828125}, {"start": 2451.72, "end": 2452.12, "word": " point", "probability": 0.95751953125}, {"start": 2452.12, "end": 2452.56, "word": " is", "probability": 0.939453125}, {"start": 2452.56, "end": 2452.74, "word": " the", "probability": 0.90673828125}, {"start": 2452.74, "end": 2453.08, "word": " point", "probability": 0.9638671875}, {"start": 2453.08, "end": 2453.42, "word": " at", "probability": 0.95458984375}, {"start": 2453.42, "end": 2453.78, "word": " which", "probability": 0.953125}, {"start": 2453.78, "end": 2454.46, "word": " total", "probability": 0.859375}, {"start": 2454.46, "end": 2455.04, "word": " revenue", "probability": 0.89306640625}, {"start": 2455.04, "end": 2456.18, "word": " equals", "probability": 0.9189453125}, {"start": 2456.18, "end": 2456.64, "word": " total", "probability": 0.8779296875}, {"start": 2456.64, "end": 2457.14, "word": " variable", "probability": 0.8642578125}, {"start": 2457.14, "end": 2457.64, "word": " cost,", "probability": 0.90087890625}, {"start": 2457.8, "end": 2457.92, "word": " which", "probability": 0.95361328125}, {"start": 2457.92, "end": 2458.52, "word": " means", "probability": 0.93798828125}, {"start": 2458.52, "end": 2460.28, "word": " working", "probability": 0.86962890625}, {"start": 2460.28, "end": 2461.46, "word": " equals", "probability": 0.94287109375}, {"start": 2461.46, "end": 2462.16, "word": " closing", "probability": 0.8759765625}, {"start": 2462.16, "end": 2462.6, "word": " down.", "probability": 0.8759765625}], "temperature": 1.0}, {"id": 84, "seek": 249412, "start": 2465.0, "end": 2494.12, "text": " If total revenue is bigger than TBC, we have to keep work even or although we have a loss here, right? If the total revenue is less than TBC, closing down is better, right? What about the break even point and or profits, economic profits? If total revenue is bigger than total cost, here we have profits, economic profits.", "tokens": [759, 3217, 9324, 307, 3801, 813, 314, 7869, 11, 321, 362, 281, 1066, 589, 754, 420, 4878, 321, 362, 257, 4470, 510, 11, 558, 30, 759, 264, 3217, 9324, 307, 1570, 813, 314, 7869, 11, 10377, 760, 307, 1101, 11, 558, 30, 708, 466, 264, 1821, 754, 935, 293, 420, 17982, 11, 4836, 17982, 30, 759, 3217, 9324, 307, 3801, 813, 3217, 2063, 11, 510, 321, 362, 17982, 11, 4836, 17982, 13], "avg_logprob": -0.14479879647085112, "compression_ratio": 1.9112426035502958, "no_speech_prob": 0.0, "words": [{"start": 2465.0, "end": 2465.3, "word": " If", "probability": 0.94775390625}, {"start": 2465.3, "end": 2465.6, "word": " total", "probability": 0.8447265625}, {"start": 2465.6, "end": 2465.96, "word": " revenue", "probability": 0.87744140625}, {"start": 2465.96, "end": 2466.2, "word": " is", "probability": 0.927734375}, {"start": 2466.2, "end": 2466.44, "word": " bigger", "probability": 0.95654296875}, 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"probability": 0.0953369140625}, {"start": 2482.9, "end": 2484.04, "word": " profits,", "probability": 0.72607421875}, {"start": 2484.52, "end": 2485.32, "word": " economic", "probability": 0.8095703125}, {"start": 2485.32, "end": 2485.78, "word": " profits?", "probability": 0.92236328125}, {"start": 2486.82, "end": 2487.54, "word": " If", "probability": 0.96630859375}, {"start": 2487.54, "end": 2487.88, "word": " total", "probability": 0.8603515625}, {"start": 2487.88, "end": 2488.24, "word": " revenue", "probability": 0.9130859375}, {"start": 2488.24, "end": 2489.14, "word": " is", "probability": 0.9482421875}, {"start": 2489.14, "end": 2489.42, "word": " bigger", "probability": 0.9560546875}, {"start": 2489.42, "end": 2489.7, "word": " than", "probability": 0.94482421875}, {"start": 2489.7, "end": 2490.1, "word": " total", "probability": 0.87158203125}, {"start": 2490.1, "end": 2490.6, "word": " cost,", "probability": 0.9189453125}, {"start": 2491.54, "end": 2491.72, "word": " here", "probability": 0.85400390625}, {"start": 2491.72, "end": 2491.9, "word": " we", "probability": 0.80859375}, {"start": 2491.9, "end": 2492.1, "word": " have", "probability": 0.94873046875}, {"start": 2492.1, "end": 2492.58, "word": " profits,", "probability": 0.67333984375}, {"start": 2493.28, "end": 2493.72, "word": " economic", "probability": 0.81884765625}, {"start": 2493.72, "end": 2494.12, "word": " profits.", "probability": 0.92138671875}], "temperature": 1.0}, {"id": 85, "seek": 252382, "start": 2495.74, "end": 2523.82, "text": " Because so here total profit will be positive. We have an economic profits. This is number one. Number two, if total revenue equals total cost. I see. How much is total profits? Zero. Then how the economic profits equals zero.", "tokens": [1436, 370, 510, 3217, 7475, 486, 312, 3353, 13, 492, 362, 364, 4836, 17982, 13, 639, 307, 1230, 472, 13, 5118, 732, 11, 498, 3217, 9324, 6915, 3217, 2063, 13, 286, 536, 13, 1012, 709, 307, 3217, 17982, 30, 17182, 13, 1396, 577, 264, 4836, 17982, 6915, 4018, 13], "avg_logprob": -0.26999998807907105, "compression_ratio": 1.5133333333333334, "no_speech_prob": 0.0, "words": [{"start": 2495.74, "end": 2496.5, "word": " Because", "probability": 0.247314453125}, {"start": 2496.5, "end": 2497.26, "word": " so", "probability": 0.182861328125}, {"start": 2497.26, "end": 2497.64, "word": " here", "probability": 0.70556640625}, {"start": 2497.64, "end": 2498.22, "word": " total", "probability": 0.52001953125}, {"start": 2498.22, "end": 2498.56, "word": " profit", "probability": 0.84228515625}, {"start": 2498.56, "end": 2499.52, "word": " will", "probability": 0.8544921875}, {"start": 2499.52, "end": 2499.78, "word": " be", "probability": 0.951171875}, {"start": 2499.78, "end": 2500.42, "word": " positive.", "probability": 0.92041015625}, {"start": 2500.78, "end": 2500.9, "word": " We", "probability": 0.9609375}, {"start": 2500.9, "end": 2501.26, "word": " have", "probability": 0.9462890625}, {"start": 2501.26, "end": 2501.56, "word": " an", "probability": 0.87451171875}, {"start": 2501.56, "end": 2502.1, "word": " economic", "probability": 0.7822265625}, {"start": 2502.1, "end": 2502.56, "word": " profits.", "probability": 0.76904296875}, {"start": 2508.38, "end": 2509.14, "word": " This", "probability": 0.84375}, {"start": 2509.14, "end": 2509.26, "word": " is", "probability": 0.9248046875}, {"start": 2509.26, "end": 2509.48, "word": " number", "probability": 0.9208984375}, {"start": 2509.48, "end": 2510.12, "word": " one.", "probability": 0.79736328125}, {"start": 2510.26, "end": 2510.42, "word": " Number", "probability": 0.85546875}, {"start": 2510.42, "end": 2510.72, "word": " two,", "probability": 0.87255859375}, {"start": 2511.32, "end": 2511.52, "word": " if", "probability": 0.93505859375}, {"start": 2511.52, "end": 2511.92, "word": " total", "probability": 0.83349609375}, {"start": 2511.92, "end": 2512.36, "word": " revenue", "probability": 0.91064453125}, {"start": 2512.36, "end": 2513.4, "word": " equals", "probability": 0.93798828125}, {"start": 2513.4, "end": 2514.0, "word": " total", "probability": 0.8603515625}, {"start": 2514.0, "end": 2514.54, "word": " cost.", "probability": 0.92578125}, {"start": 2516.38, "end": 2516.54, "word": " I", "probability": 0.56494140625}, {"start": 2516.54, "end": 2516.82, "word": " see.", "probability": 0.861328125}, {"start": 2517.28, "end": 2517.36, "word": " How", "probability": 0.96728515625}, {"start": 2517.36, "end": 2517.56, "word": " much", "probability": 0.9140625}, {"start": 2517.56, "end": 2517.74, "word": " is", "probability": 0.935546875}, {"start": 2517.74, "end": 2518.06, "word": " total", "probability": 0.82470703125}, {"start": 2518.06, "end": 2518.5, "word": " profits?", "probability": 0.90283203125}, {"start": 2518.96, "end": 2519.72, "word": " Zero.", "probability": 0.89453125}, {"start": 2521.04, "end": 2521.8, "word": " Then", "probability": 0.337646484375}, {"start": 2521.8, "end": 2522.06, "word": " how", "probability": 0.291748046875}, {"start": 2522.06, "end": 2522.18, "word": " the", "probability": 0.46240234375}, {"start": 2522.18, "end": 2522.62, "word": " economic", "probability": 0.8388671875}, {"start": 2522.62, "end": 2523.0, "word": " profits", "probability": 0.7890625}, {"start": 2523.0, "end": 2523.48, "word": " equals", "probability": 0.79736328125}, {"start": 2523.48, "end": 2523.82, "word": " zero.", "probability": 0.87890625}], "temperature": 1.0}, {"id": 86, "seek": 255356, "start": 2524.8, "end": 2553.56, "text": " Total profits equals zero. If total revenue is less than total cost. What about total profits here? Will be negative.", "tokens": [23170, 17982, 6915, 4018, 13, 759, 3217, 9324, 307, 1570, 813, 3217, 2063, 13, 708, 466, 3217, 17982, 510, 30, 3099, 312, 3671, 13], "avg_logprob": -0.25203125953674316, "compression_ratio": 1.2553191489361701, "no_speech_prob": 0.0, "words": [{"start": 2524.8, "end": 2525.14, "word": " Total", "probability": 0.7958984375}, {"start": 2525.14, "end": 2525.56, "word": " profits", "probability": 0.884765625}, {"start": 2525.56, "end": 2527.58, "word": " equals", "probability": 0.60791015625}, {"start": 2527.58, "end": 2527.98, "word": " zero.", "probability": 0.80419921875}, {"start": 2531.9, "end": 2532.26, "word": " If", "probability": 0.191162109375}, {"start": 2532.26, "end": 2541.36, "word": " total", "probability": 0.85498046875}, {"start": 2541.36, "end": 2541.82, "word": " revenue", "probability": 0.89501953125}, {"start": 2541.82, "end": 2544.46, "word": " is", "probability": 0.93408203125}, {"start": 2544.46, "end": 2544.82, "word": " less", "probability": 0.9580078125}, {"start": 2544.82, "end": 2545.22, "word": " than", "probability": 0.9501953125}, {"start": 2545.22, "end": 2545.66, "word": " total", "probability": 0.81982421875}, {"start": 2545.66, "end": 2546.16, "word": " cost.", "probability": 0.919921875}, {"start": 2548.4, "end": 2548.62, "word": " What", "probability": 0.81005859375}, {"start": 2548.62, "end": 2549.78, "word": " about", "probability": 0.865234375}, {"start": 2549.78, "end": 2550.16, "word": " total", "probability": 0.81103515625}, {"start": 2550.16, "end": 2550.5, "word": " profits", "probability": 0.92431640625}, {"start": 2550.5, "end": 2550.84, "word": " here?", "probability": 0.8173828125}, {"start": 2552.28, "end": 2553.1, "word": " Will", "probability": 0.2437744140625}, {"start": 2553.1, "end": 2553.2, "word": " be", "probability": 0.9423828125}, {"start": 2553.2, "end": 2553.56, "word": " negative.", "probability": 0.79541015625}], "temperature": 1.0}, {"id": 87, "seek": 257933, "start": 2555.21, "end": 2579.33, "text": " We have a loss. This depends on the relationship between total revenue and total variable cost. The point at which total revenue equals total cost is called the break-even point. Economic profits equals zero.", "tokens": [492, 362, 257, 4470, 13, 639, 5946, 322, 264, 2480, 1296, 3217, 9324, 293, 3217, 7006, 2063, 13, 440, 935, 412, 597, 3217, 9324, 6915, 3217, 2063, 307, 1219, 264, 1821, 12, 27170, 935, 13, 25776, 17982, 6915, 4018, 13], "avg_logprob": -0.22217987514123683, "compression_ratio": 1.4928571428571429, "no_speech_prob": 0.0, "words": [{"start": 2555.21, "end": 2555.81, "word": " We", "probability": 0.08837890625}, {"start": 2555.81, "end": 2556.85, "word": " have", "probability": 0.923828125}, {"start": 2556.85, "end": 2557.01, "word": " a", "probability": 0.8837890625}, {"start": 2557.01, "end": 2557.35, "word": " loss.", "probability": 0.88037109375}, {"start": 2559.09, "end": 2560.01, "word": " This", "probability": 0.49560546875}, {"start": 2560.01, "end": 2562.77, "word": " depends", "probability": 0.92431640625}, {"start": 2562.77, "end": 2563.25, "word": " on", "probability": 0.95068359375}, {"start": 2563.25, "end": 2563.71, "word": " the", "probability": 0.89697265625}, {"start": 2563.71, "end": 2564.23, "word": " relationship", "probability": 0.9091796875}, {"start": 2564.23, "end": 2564.83, "word": " between", "probability": 0.89697265625}, {"start": 2564.83, "end": 2565.11, "word": " total", "probability": 0.751953125}, {"start": 2565.11, "end": 2565.41, "word": " revenue", "probability": 0.9013671875}, {"start": 2565.41, "end": 2565.69, "word": " and", "probability": 0.93603515625}, {"start": 2565.69, "end": 2565.95, "word": " total", "probability": 0.861328125}, {"start": 2565.95, "end": 2566.29, "word": " variable", "probability": 0.83935546875}, {"start": 2566.29, "end": 2566.79, "word": " cost.", "probability": 0.8740234375}, {"start": 2568.09, "end": 2569.01, "word": " The", "probability": 0.828125}, {"start": 2569.01, "end": 2569.41, "word": " point", "probability": 0.9716796875}, {"start": 2569.41, "end": 2569.65, "word": " at", "probability": 0.9345703125}, {"start": 2569.65, "end": 2569.93, "word": " which", "probability": 0.953125}, {"start": 2569.93, "end": 2570.31, "word": " total", "probability": 0.80810546875}, {"start": 2570.31, "end": 2570.69, "word": " revenue", "probability": 0.9189453125}, {"start": 2570.69, "end": 2571.21, "word": " equals", "probability": 0.91015625}, {"start": 2571.21, "end": 2571.65, "word": " total", "probability": 0.87109375}, {"start": 2571.65, "end": 2572.17, "word": " cost", "probability": 0.93115234375}, {"start": 2572.17, "end": 2572.49, "word": " is", "probability": 0.931640625}, {"start": 2572.49, "end": 2572.89, "word": " called", "probability": 0.87939453125}, {"start": 2572.89, "end": 2573.13, "word": " the", "probability": 0.5107421875}, {"start": 2573.13, "end": 2573.51, "word": " break", "probability": 0.77197265625}, {"start": 2573.51, "end": 2574.03, "word": "-even", "probability": 0.68310546875}, {"start": 2574.03, "end": 2574.55, "word": " point.", "probability": 0.97265625}, {"start": 2577.51, "end": 2577.97, "word": " Economic", "probability": 0.84912109375}, {"start": 2577.97, "end": 2578.51, "word": " profits", "probability": 0.884765625}, {"start": 2578.51, "end": 2578.97, "word": " equals", "probability": 0.68603515625}, {"start": 2578.97, "end": 2579.33, "word": " zero.", "probability": 0.78271484375}], "temperature": 1.0}, {"id": 88, "seek": 260911, "start": 2584.57, "end": 2609.11, "text": " Here we are talking about determination of the breakeven point. Breakeven point. Which can be achieved here when total revenue equals total cost. It's a breakeven point. If total revenue is bigger than total cost, we have economic profits.", "tokens": [1692, 321, 366, 1417, 466, 18432, 295, 264, 1403, 619, 553, 935, 13, 7090, 619, 553, 935, 13, 3013, 393, 312, 11042, 510, 562, 3217, 9324, 6915, 3217, 2063, 13, 467, 311, 257, 1403, 619, 553, 935, 13, 759, 3217, 9324, 307, 3801, 813, 3217, 2063, 11, 321, 362, 4836, 17982, 13], "avg_logprob": -0.18322524034752036, "compression_ratio": 1.610738255033557, "no_speech_prob": 0.0, "words": [{"start": 2584.57, "end": 2584.87, "word": " Here", "probability": 0.77880859375}, {"start": 2584.87, "end": 2585.03, "word": " we", "probability": 0.626953125}, {"start": 2585.03, "end": 2585.19, "word": " are", "probability": 0.9326171875}, {"start": 2585.19, "end": 2585.45, "word": " talking", "probability": 0.85693359375}, {"start": 2585.45, "end": 2585.95, "word": " about", "probability": 0.90478515625}, {"start": 2585.95, "end": 2587.33, "word": " determination", "probability": 0.853515625}, {"start": 2587.33, "end": 2587.79, "word": " of", "probability": 0.95654296875}, {"start": 2587.79, "end": 2587.99, "word": " the", "probability": 0.814453125}, {"start": 2587.99, "end": 2588.53, "word": " breakeven", "probability": 0.7086588541666666}, {"start": 2588.53, "end": 2588.95, "word": " point.", "probability": 0.970703125}, {"start": 2590.03, "end": 2590.87, "word": " Breakeven", "probability": 0.8328450520833334}, {"start": 2590.87, "end": 2592.17, "word": " point.", "probability": 0.88818359375}, {"start": 2594.89, "end": 2595.55, "word": " Which", "probability": 0.390380859375}, {"start": 2595.55, "end": 2597.47, "word": " can", "probability": 0.94384765625}, {"start": 2597.47, "end": 2597.95, "word": " be", "probability": 0.9541015625}, {"start": 2597.95, "end": 2599.03, "word": " achieved", "probability": 0.84423828125}, {"start": 2599.03, "end": 2599.41, "word": " here", "probability": 0.86376953125}, {"start": 2599.41, "end": 2599.65, "word": " when", "probability": 0.578125}, {"start": 2599.65, "end": 2599.95, "word": " total", "probability": 0.7763671875}, {"start": 2599.95, "end": 2600.29, "word": " revenue", "probability": 0.890625}, {"start": 2600.29, "end": 2600.77, "word": " equals", "probability": 0.92626953125}, {"start": 2600.77, "end": 2601.15, "word": " total", "probability": 0.849609375}, {"start": 2601.15, "end": 2601.59, "word": " cost.", "probability": 0.8876953125}, {"start": 2602.13, "end": 2602.53, "word": " It's", "probability": 0.8974609375}, {"start": 2602.53, "end": 2602.67, "word": " a", "probability": 0.99462890625}, {"start": 2602.67, "end": 2603.25, "word": " breakeven", "probability": 0.8649088541666666}, {"start": 2603.25, "end": 2603.69, "word": " point.", "probability": 0.97314453125}, {"start": 2604.79, "end": 2605.47, "word": " If", "probability": 0.96484375}, {"start": 2605.47, "end": 2605.83, "word": " total", "probability": 0.845703125}, {"start": 2605.83, "end": 2606.19, "word": " revenue", "probability": 0.85888671875}, {"start": 2606.19, "end": 2606.37, "word": " is", "probability": 0.8994140625}, {"start": 2606.37, "end": 2606.57, "word": " bigger", "probability": 0.95703125}, {"start": 2606.57, "end": 2606.83, "word": " than", "probability": 0.9453125}, {"start": 2606.83, "end": 2607.21, "word": " total", "probability": 0.8623046875}, {"start": 2607.21, "end": 2607.65, "word": " cost,", "probability": 0.91015625}, {"start": 2607.73, "end": 2607.85, "word": " we", "probability": 0.95458984375}, {"start": 2607.85, "end": 2608.15, "word": " have", "probability": 0.94091796875}, {"start": 2608.15, "end": 2608.65, "word": " economic", "probability": 0.80712890625}, {"start": 2608.65, "end": 2609.11, "word": " profits.", "probability": 0.91943359375}], "temperature": 1.0}, {"id": 89, "seek": 262935, "start": 2610.63, "end": 2629.35, "text": " Positive economic profits. If total revenue is less than total cost, total profits will be negative. Or we have a loss, economic loss. The break-even point is the point at which total revenue equals total cost.", "tokens": [46326, 4836, 17982, 13, 759, 3217, 9324, 307, 1570, 813, 3217, 2063, 11, 3217, 17982, 486, 312, 3671, 13, 1610, 321, 362, 257, 4470, 11, 4836, 4470, 13, 440, 1821, 12, 27170, 935, 307, 264, 935, 412, 597, 3217, 9324, 6915, 3217, 2063, 13], "avg_logprob": -0.17144097354676988, "compression_ratio": 1.5629629629629629, "no_speech_prob": 0.0, "words": [{"start": 2610.63, "end": 2611.25, "word": " Positive", "probability": 0.8037109375}, {"start": 2611.25, "end": 2611.85, "word": " economic", "probability": 0.79638671875}, {"start": 2611.85, "end": 2612.35, "word": " profits.", "probability": 0.94775390625}, {"start": 2613.91, "end": 2614.71, "word": " If", "probability": 0.44580078125}, {"start": 2614.71, "end": 2615.07, "word": " total", "probability": 0.83544921875}, {"start": 2615.07, "end": 2615.49, "word": " revenue", "probability": 0.89501953125}, {"start": 2615.49, "end": 2615.89, "word": " is", "probability": 0.951171875}, {"start": 2615.89, "end": 2616.23, "word": " less", "probability": 0.9521484375}, {"start": 2616.23, "end": 2616.57, "word": " than", "probability": 0.95556640625}, {"start": 2616.57, "end": 2616.95, "word": " total", "probability": 0.86181640625}, {"start": 2616.95, "end": 2617.35, "word": " cost,", "probability": 0.87353515625}, {"start": 2617.59, "end": 2617.85, "word": " total", "probability": 0.86474609375}, {"start": 2617.85, "end": 2618.23, "word": " profits", "probability": 0.927734375}, {"start": 2618.23, "end": 2618.47, "word": " will", "probability": 0.77587890625}, {"start": 2618.47, "end": 2618.71, "word": " be", "probability": 0.95849609375}, {"start": 2618.71, "end": 2619.41, "word": " negative.", "probability": 0.9462890625}, {"start": 2619.53, "end": 2619.85, "word": " Or", "probability": 0.97705078125}, {"start": 2619.85, "end": 2620.35, "word": " we", "probability": 0.88623046875}, {"start": 2620.35, "end": 2620.77, "word": " have", "probability": 0.94873046875}, {"start": 2620.77, "end": 2620.95, "word": " a", "probability": 0.91552734375}, {"start": 2620.95, "end": 2621.31, "word": " loss,", "probability": 0.869140625}, {"start": 2621.45, "end": 2621.89, "word": " economic", "probability": 0.80517578125}, {"start": 2621.89, "end": 2622.77, "word": " loss.", "probability": 0.86474609375}, {"start": 2623.97, "end": 2624.47, "word": " The", "probability": 0.8408203125}, {"start": 2624.47, "end": 2624.77, "word": " break", "probability": 0.82275390625}, {"start": 2624.77, "end": 2624.99, "word": "-even", "probability": 0.732421875}, {"start": 2624.99, "end": 2625.47, "word": " point", "probability": 0.97314453125}, {"start": 2625.47, "end": 2625.79, "word": " is", "probability": 0.94091796875}, {"start": 2625.79, "end": 2625.93, "word": " the", "probability": 0.91845703125}, {"start": 2625.93, "end": 2626.21, "word": " point", "probability": 0.966796875}, {"start": 2626.21, "end": 2626.45, "word": " at", "probability": 0.9697265625}, {"start": 2626.45, "end": 2626.83, "word": " which", "probability": 0.95361328125}, {"start": 2626.83, "end": 2627.45, "word": " total", "probability": 0.8408203125}, {"start": 2627.45, "end": 2627.85, "word": " revenue", "probability": 0.89794921875}, {"start": 2627.85, "end": 2628.47, "word": " equals", "probability": 0.9345703125}, {"start": 2628.47, "end": 2628.91, "word": " total", "probability": 0.876953125}, {"start": 2628.91, "end": 2629.35, "word": " cost.", "probability": 0.921875}], "temperature": 1.0}, {"id": 90, "seek": 266032, "start": 2653.32, "end": 2660.32, "text": " When total revenue equals 170, total revenue equals total cost.", "tokens": [1133, 3217, 9324, 6915, 27228, 11, 3217, 9324, 6915, 3217, 2063, 13], "avg_logprob": -0.2615685004454393, "compression_ratio": 1.3333333333333333, "no_speech_prob": 0.0, "words": [{"start": 2653.32, "end": 2654.3, "word": " When", "probability": 0.1107177734375}, {"start": 2654.3, "end": 2655.28, "word": " total", "probability": 0.7978515625}, {"start": 2655.28, "end": 2655.58, "word": " revenue", "probability": 0.92333984375}, {"start": 2655.58, "end": 2656.04, "word": " equals", "probability": 0.91455078125}, {"start": 2656.04, "end": 2656.94, "word": " 170,", "probability": 0.841796875}, {"start": 2657.86, "end": 2658.68, "word": " total", "probability": 0.8134765625}, {"start": 2658.68, "end": 2659.06, "word": " revenue", "probability": 0.92919921875}, {"start": 2659.06, "end": 2659.58, "word": " equals", "probability": 0.9462890625}, {"start": 2659.58, "end": 2659.98, "word": " total", "probability": 0.85693359375}, {"start": 2659.98, "end": 2660.32, "word": " cost.", "probability": 0.93310546875}], "temperature": 1.0}, {"id": 91, "seek": 268654, "start": 2662.6, "end": 2686.54, "text": " Shut down point. If total revenue equals total variable cost. If total revenue is bigger than TVC. Sometimes", "tokens": [13870, 760, 935, 13, 759, 3217, 9324, 6915, 3217, 7006, 2063, 13, 759, 3217, 9324, 307, 3801, 813, 3558, 34, 13, 4803], "avg_logprob": -0.3950407582780589, "compression_ratio": 1.2528735632183907, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 2662.6, "end": 2664.0, "word": " Shut", "probability": 0.25634765625}, {"start": 2664.0, "end": 2664.46, "word": " down", "probability": 0.63818359375}, {"start": 2664.46, "end": 2664.94, "word": " point.", "probability": 0.912109375}, {"start": 2667.12, "end": 2667.32, "word": " If", "probability": 0.48486328125}, {"start": 2667.32, "end": 2667.66, "word": " total", "probability": 0.8017578125}, {"start": 2667.66, "end": 2668.04, "word": " revenue", "probability": 0.88330078125}, {"start": 2668.04, "end": 2668.78, "word": " equals", "probability": 0.7880859375}, {"start": 2668.78, "end": 2669.54, "word": " total", "probability": 0.7802734375}, {"start": 2669.54, "end": 2670.1, "word": " variable", "probability": 0.88818359375}, {"start": 2670.1, "end": 2670.56, "word": " cost.", "probability": 0.70849609375}, {"start": 2675.84, "end": 2677.24, "word": " If", "probability": 0.42626953125}, {"start": 2677.24, "end": 2680.54, "word": " total", "probability": 0.888671875}, {"start": 2680.54, "end": 2681.08, "word": " revenue", "probability": 0.9052734375}, {"start": 2681.08, "end": 2682.1, "word": " is", "probability": 0.8759765625}, {"start": 2682.1, "end": 2682.38, "word": " bigger", "probability": 0.919921875}, {"start": 2682.38, "end": 2682.82, "word": " than", "probability": 0.93505859375}, {"start": 2682.82, "end": 2683.88, "word": " TVC.", "probability": 0.8076171875}, {"start": 2685.4, "end": 2686.54, "word": " Sometimes", "probability": 0.84521484375}], "temperature": 1.0}, {"id": 92, "seek": 271334, "start": 2688.78, "end": 2713.34, "text": " There will be a loss. And sometimes it will be we have profits. But if total revenue is bigger than TPC, we have to work, even if there is a loss. There could be profits, because if the total variable costs 150, and this costs 160.", "tokens": [821, 486, 312, 257, 4470, 13, 400, 2171, 309, 486, 312, 321, 362, 17982, 13, 583, 498, 3217, 9324, 307, 3801, 813, 314, 12986, 11, 321, 362, 281, 589, 11, 754, 498, 456, 307, 257, 4470, 13, 821, 727, 312, 17982, 11, 570, 498, 264, 3217, 7006, 5497, 8451, 11, 293, 341, 5497, 21243, 13], "avg_logprob": -0.35658483260444235, "compression_ratio": 1.5163398692810457, "no_speech_prob": 0.0, "words": [{"start": 2688.78, "end": 2689.04, "word": " There", "probability": 0.58056640625}, {"start": 2689.04, "end": 2689.18, "word": " will", "probability": 0.6640625}, {"start": 2689.18, "end": 2689.34, "word": " be", "probability": 0.95703125}, {"start": 2689.34, "end": 2689.52, "word": " a", "probability": 0.97705078125}, {"start": 2689.52, "end": 2689.78, "word": " loss.", "probability": 0.87109375}, {"start": 2690.54, "end": 2690.9, "word": " And", "probability": 0.9443359375}, {"start": 2690.9, "end": 2691.5, "word": " sometimes", "probability": 0.93212890625}, {"start": 2691.5, "end": 2691.78, "word": " it", "probability": 0.45263671875}, {"start": 2691.78, "end": 2691.86, "word": " will", "probability": 0.84521484375}, {"start": 2691.86, "end": 2692.28, "word": " be", "probability": 0.95751953125}, {"start": 2692.28, "end": 2693.64, "word": " we", "probability": 0.46484375}, {"start": 2693.64, "end": 2693.86, "word": " have", "probability": 0.9345703125}, {"start": 2693.86, "end": 2694.3, "word": " profits.", "probability": 0.67529296875}, {"start": 2696.2, "end": 2696.32, "word": " But", "probability": 0.92529296875}, {"start": 2696.32, "end": 2697.12, "word": " if", "probability": 0.9169921875}, {"start": 2697.12, "end": 2697.38, "word": " total", "probability": 0.759765625}, {"start": 2697.38, "end": 2697.64, "word": " revenue", "probability": 0.84716796875}, {"start": 2697.64, "end": 2697.8, "word": " is", "probability": 0.9306640625}, {"start": 2697.8, "end": 2698.0, "word": " bigger", "probability": 0.93896484375}, {"start": 2698.0, "end": 2698.22, "word": " than", "probability": 0.9482421875}, {"start": 2698.22, "end": 2698.6, "word": " TPC,", "probability": 0.77685546875}, {"start": 2698.86, "end": 2699.1, "word": " we", "probability": 0.962890625}, {"start": 2699.1, "end": 2699.36, "word": " have", "probability": 0.95068359375}, {"start": 2699.36, "end": 2699.5, "word": " to", "probability": 0.97119140625}, {"start": 2699.5, "end": 2699.8, "word": " work,", "probability": 0.9404296875}, {"start": 2701.14, "end": 2701.6, "word": " even", "probability": 0.8828125}, {"start": 2701.6, "end": 2701.96, "word": " if", "probability": 0.95556640625}, {"start": 2701.96, "end": 2702.22, "word": " there", "probability": 0.262451171875}, {"start": 2702.22, "end": 2702.32, "word": " is", "probability": 0.64111328125}, {"start": 2702.32, "end": 2702.46, "word": " a", "probability": 0.86474609375}, {"start": 2702.46, "end": 2702.8, "word": " loss.", "probability": 0.884765625}, {"start": 2703.64, "end": 2704.06, "word": " There", "probability": 0.41943359375}, {"start": 2704.06, "end": 2704.22, "word": " could", "probability": 0.390380859375}, {"start": 2704.22, "end": 2704.48, "word": " be", "probability": 0.85400390625}, {"start": 2704.48, "end": 2705.0, "word": " profits,", "probability": 0.68212890625}, {"start": 2705.1, "end": 2705.42, "word": " because", "probability": 0.25927734375}, {"start": 2705.42, "end": 2706.32, "word": " if", "probability": 0.564453125}, {"start": 2706.32, "end": 2706.82, "word": " the", "probability": 0.459228515625}, {"start": 2706.82, "end": 2708.96, "word": " total", "probability": 0.86767578125}, {"start": 2708.96, "end": 2709.26, "word": " variable", "probability": 0.385009765625}, {"start": 2709.26, "end": 2709.66, "word": " costs", "probability": 0.65478515625}, {"start": 2709.66, "end": 2710.36, "word": " 150,", "probability": 0.80419921875}, {"start": 2711.56, "end": 2711.7, "word": " and", "probability": 0.327880859375}, {"start": 2711.7, "end": 2712.3, "word": " this", "probability": 0.4921875}, {"start": 2712.3, "end": 2712.48, "word": " costs", "probability": 0.420166015625}, {"start": 2712.48, "end": 2713.34, "word": " 160.", "probability": 0.896484375}], "temperature": 1.0}, {"id": 93, "seek": 274728, "start": 2717.72, "end": 2747.28, "text": " 180, 100, 200. What is your advice here? To work, to keep working, or to close down? To keep working. Why? Because the total revenue is bigger than TVC. Here we have profits. In all cases, if we have a profit, our advice should be they have to work. All right?", "tokens": [11971, 11, 2319, 11, 2331, 13, 708, 307, 428, 5192, 510, 30, 1407, 589, 11, 281, 1066, 1364, 11, 420, 281, 1998, 760, 30, 1407, 1066, 1364, 13, 1545, 30, 1436, 264, 3217, 9324, 307, 3801, 813, 3558, 34, 13, 1692, 321, 362, 17982, 13, 682, 439, 3331, 11, 498, 321, 362, 257, 7475, 11, 527, 5192, 820, 312, 436, 362, 281, 589, 13, 1057, 558, 30], "avg_logprob": -0.21829044621656923, "compression_ratio": 1.4662921348314606, "no_speech_prob": 0.0, "words": [{"start": 2717.7200000000003, "end": 2718.36, "word": " 180,", "probability": 0.31787109375}, {"start": 2718.52, "end": 2718.8, "word": " 100,", "probability": 0.85009765625}, {"start": 2719.1, "end": 2719.68, "word": " 200.", "probability": 0.89599609375}, {"start": 2720.56, "end": 2721.2, "word": " What", "probability": 0.262451171875}, {"start": 2721.2, "end": 2724.92, "word": " is", "probability": 0.89404296875}, {"start": 2724.92, "end": 2726.56, "word": " your", "probability": 0.88720703125}, {"start": 2726.56, "end": 2727.0, "word": " advice", "probability": 0.92333984375}, {"start": 2727.0, "end": 2727.34, "word": " here?", "probability": 0.83349609375}, {"start": 2727.82, "end": 2728.46, "word": " To", "probability": 0.9296875}, {"start": 2728.46, "end": 2728.84, "word": " work,", "probability": 0.71630859375}, {"start": 2728.98, "end": 2729.14, "word": " to", "probability": 0.96044921875}, {"start": 2729.14, "end": 2729.38, "word": " keep", "probability": 0.923828125}, {"start": 2729.38, "end": 2729.82, "word": " working,", "probability": 0.908203125}, {"start": 2729.94, "end": 2730.1, "word": " or", "probability": 0.9658203125}, {"start": 2730.1, "end": 2730.22, "word": " to", "probability": 0.95166015625}, {"start": 2730.22, "end": 2730.88, "word": " close", "probability": 0.876953125}, {"start": 2730.88, "end": 2731.2, "word": " down?", "probability": 0.8642578125}, {"start": 2732.02, "end": 2732.36, "word": " To", "probability": 0.7333984375}, {"start": 2732.36, "end": 2732.62, "word": " keep", "probability": 0.919921875}, {"start": 2732.62, "end": 2732.92, "word": " working.", "probability": 0.91455078125}, {"start": 2733.02, "end": 2733.28, "word": " Why?", "probability": 0.7392578125}, {"start": 2733.42, "end": 2733.84, "word": " Because", "probability": 0.93994140625}, {"start": 2733.84, "end": 2734.3, "word": " the", "probability": 0.90478515625}, {"start": 2734.3, "end": 2734.62, "word": " total", "probability": 0.8876953125}, {"start": 2734.62, "end": 2735.18, "word": " revenue", "probability": 0.89208984375}, {"start": 2735.18, "end": 2735.48, "word": " is", "probability": 0.8974609375}, {"start": 2735.48, "end": 2735.74, "word": " bigger", "probability": 0.9658203125}, {"start": 2735.74, "end": 2735.92, "word": " than", "probability": 0.9345703125}, {"start": 2735.92, "end": 2736.54, "word": " TVC.", "probability": 0.663330078125}, {"start": 2737.24, "end": 2737.44, "word": " Here", "probability": 0.79443359375}, {"start": 2737.44, "end": 2737.64, "word": " we", "probability": 0.66748046875}, {"start": 2737.64, "end": 2737.84, "word": " have", "probability": 0.94970703125}, {"start": 2737.84, "end": 2738.28, "word": " profits.", "probability": 0.6787109375}, {"start": 2739.1, "end": 2739.74, "word": " In", "probability": 0.3642578125}, {"start": 2739.74, "end": 2740.08, "word": " all", "probability": 0.95263671875}, {"start": 2740.08, "end": 2740.5, "word": " cases,", "probability": 0.9306640625}, {"start": 2740.5, "end": 2740.76, "word": " if", "probability": 0.94921875}, {"start": 2740.76, "end": 2740.9, "word": " we", "probability": 0.95068359375}, {"start": 2740.9, "end": 2741.12, "word": " have", "probability": 0.951171875}, {"start": 2741.12, "end": 2741.26, "word": " a", "probability": 0.60009765625}, {"start": 2741.26, "end": 2741.54, "word": " profit,", "probability": 0.931640625}, {"start": 2742.12, "end": 2742.78, "word": " our", "probability": 0.86767578125}, {"start": 2742.78, "end": 2743.38, "word": " advice", "probability": 0.93505859375}, {"start": 2743.38, "end": 2743.7, "word": " should", "probability": 0.95703125}, {"start": 2743.7, "end": 2744.08, "word": " be", "probability": 0.955078125}, {"start": 2744.08, "end": 2744.34, "word": " they", "probability": 0.55224609375}, {"start": 2744.34, "end": 2744.68, "word": " have", "probability": 0.9462890625}, {"start": 2744.68, "end": 2744.84, "word": " to", "probability": 0.96875}, {"start": 2744.84, "end": 2745.14, "word": " work.", "probability": 0.93017578125}, {"start": 2746.62, "end": 2747.1, "word": " All", "probability": 0.5615234375}, {"start": 2747.1, "end": 2747.28, "word": " right?", "probability": 0.916015625}], "temperature": 1.0}, {"id": 94, "seek": 277544, "start": 2748.5, "end": 2775.44, "text": " If total revenue is less than TDC, close down. Had the totals approach. What about the marginal approach or the average approach? Total revenue equals the price times the quantity, right?", "tokens": [759, 3217, 9324, 307, 1570, 813, 314, 25619, 11, 1998, 760, 13, 12298, 264, 1993, 1124, 3109, 13, 708, 466, 264, 16885, 3109, 420, 264, 4274, 3109, 30, 23170, 9324, 6915, 264, 3218, 1413, 264, 11275, 11, 558, 30], "avg_logprob": -0.2501953080296516, "compression_ratio": 1.413533834586466, "no_speech_prob": 0.0, "words": [{"start": 2748.5, "end": 2748.78, "word": " If", "probability": 0.9072265625}, {"start": 2748.78, "end": 2749.04, "word": " total", "probability": 0.80712890625}, {"start": 2749.04, "end": 2749.36, "word": " revenue", "probability": 0.880859375}, {"start": 2749.36, "end": 2749.66, "word": " is", "probability": 0.93896484375}, {"start": 2749.66, "end": 2750.06, "word": " less", "probability": 0.9501953125}, {"start": 2750.06, "end": 2750.5, "word": " than", "probability": 0.9521484375}, {"start": 2750.5, "end": 2751.16, "word": " TDC,", "probability": 0.676513671875}, {"start": 2752.44, "end": 2753.34, "word": " close", "probability": 0.81201171875}, {"start": 2753.34, "end": 2753.8, "word": " down.", "probability": 0.7724609375}, {"start": 2755.68, "end": 2756.18, "word": " Had", "probability": 0.24853515625}, {"start": 2756.18, "end": 2757.82, "word": " the", "probability": 0.59619140625}, {"start": 2757.82, "end": 2758.36, "word": " totals", "probability": 0.788818359375}, {"start": 2758.36, "end": 2758.92, "word": " approach.", "probability": 0.88330078125}, {"start": 2759.18, "end": 2759.28, "word": " What", "probability": 0.88818359375}, {"start": 2759.28, "end": 2759.5, "word": " about", "probability": 0.90966796875}, {"start": 2759.5, "end": 2759.7, "word": " the", "probability": 0.9140625}, {"start": 2759.7, "end": 2760.02, "word": " marginal", "probability": 0.60498046875}, {"start": 2760.02, "end": 2760.64, "word": " approach", "probability": 0.93798828125}, {"start": 2760.64, "end": 2763.1, "word": " or", "probability": 0.497802734375}, {"start": 2763.1, "end": 2763.26, "word": " the", "probability": 0.919921875}, {"start": 2763.26, "end": 2763.58, "word": " average", "probability": 0.796875}, {"start": 2763.58, "end": 2764.14, "word": " approach?", "probability": 0.91796875}, {"start": 2767.32, "end": 2768.12, "word": " Total", "probability": 0.487060546875}, {"start": 2768.12, "end": 2773.28, "word": " revenue", "probability": 0.88818359375}, {"start": 2773.28, "end": 2773.78, "word": " equals", "probability": 0.91455078125}, {"start": 2773.78, "end": 2773.96, "word": " the", "probability": 0.72265625}, {"start": 2773.96, "end": 2774.24, "word": " price", "probability": 0.9296875}, {"start": 2774.24, "end": 2774.5, "word": " times", "probability": 0.92724609375}, {"start": 2774.5, "end": 2774.68, "word": " the", "probability": 0.7666015625}, {"start": 2774.68, "end": 2775.08, "word": " quantity,", "probability": 0.978515625}, {"start": 2775.28, "end": 2775.44, "word": " right?", "probability": 0.58984375}], "temperature": 1.0}, {"id": 95, "seek": 280373, "start": 2795.33, "end": 2803.73, "text": " Let's determine the break-even point using the average approach.", "tokens": [961, 311, 6997, 264, 1821, 12, 27170, 935, 1228, 264, 4274, 3109, 13], "avg_logprob": -0.19015066857848847, "compression_ratio": 0.9558823529411765, "no_speech_prob": 0.0, "words": [{"start": 2795.33, "end": 2796.41, "word": " Let's", "probability": 0.6103515625}, {"start": 2796.41, "end": 2797.49, "word": " determine", "probability": 0.9189453125}, {"start": 2797.49, "end": 2797.71, "word": " the", "probability": 0.8984375}, {"start": 2797.71, "end": 2797.99, "word": " break", "probability": 0.8359375}, {"start": 2797.99, "end": 2798.23, "word": "-even", "probability": 0.82666015625}, {"start": 2798.23, "end": 2798.73, "word": " point", "probability": 0.96923828125}, {"start": 2798.73, "end": 2801.11, "word": " using", "probability": 0.90673828125}, {"start": 2801.11, "end": 2801.65, "word": " the", "probability": 0.9248046875}, {"start": 2801.65, "end": 2803.03, "word": " average", "probability": 0.78564453125}, {"start": 2803.03, "end": 2803.73, "word": " approach.", "probability": 0.9287109375}], "temperature": 1.0}, {"id": 96, "seek": 283512, "start": 2806.92, "end": 2835.12, "text": " Total revenue equals how much? Price times quantity. Price times quantity. If total revenue is bigger than TC, we have profits. And economic profits equals or positive. TC, using the ATC approach, average total cost.", "tokens": [23170, 9324, 6915, 577, 709, 30, 25803, 1413, 11275, 13, 25803, 1413, 11275, 13, 759, 3217, 9324, 307, 3801, 813, 34150, 11, 321, 362, 17982, 13, 400, 4836, 17982, 6915, 420, 3353, 13, 34150, 11, 1228, 264, 8872, 34, 3109, 11, 4274, 3217, 2063, 13], "avg_logprob": -0.23556385513233102, "compression_ratio": 1.5069444444444444, "no_speech_prob": 0.0, "words": [{"start": 2806.92, "end": 2807.28, "word": " Total", "probability": 0.81982421875}, {"start": 2807.28, "end": 2807.66, "word": " revenue", "probability": 0.8173828125}, {"start": 2807.66, "end": 2808.12, "word": " equals", "probability": 0.923828125}, {"start": 2808.12, "end": 2808.4, "word": " how", "probability": 0.90771484375}, {"start": 2808.4, "end": 2808.8, "word": " much?", "probability": 0.91650390625}, {"start": 2809.2, "end": 2809.96, "word": " Price", "probability": 0.9169921875}, {"start": 2809.96, "end": 2810.28, "word": " times", "probability": 0.91259765625}, {"start": 2810.28, "end": 2810.94, "word": " quantity.", "probability": 0.9267578125}, {"start": 2812.12, "end": 2812.64, "word": " Price", "probability": 0.92431640625}, {"start": 2812.64, "end": 2814.18, "word": " times", "probability": 0.9189453125}, {"start": 2814.18, "end": 2814.84, "word": " quantity.", "probability": 0.97802734375}, {"start": 2818.8, "end": 2819.7, "word": " If", "probability": 0.1494140625}, {"start": 2819.7, "end": 2820.26, "word": " total", "probability": 0.78662109375}, {"start": 2820.26, "end": 2820.56, "word": " revenue", "probability": 0.82568359375}, {"start": 2820.56, "end": 2820.74, "word": " is", "probability": 0.90283203125}, {"start": 2820.74, "end": 2820.96, "word": " bigger", "probability": 0.95263671875}, {"start": 2820.96, "end": 2821.26, "word": " than", "probability": 0.9482421875}, {"start": 2821.26, "end": 2821.72, "word": " TC,", "probability": 0.80078125}, {"start": 2822.3, "end": 2822.52, "word": " we", "probability": 0.93310546875}, {"start": 2822.52, "end": 2822.76, "word": " have", "probability": 0.9453125}, {"start": 2822.76, "end": 2823.66, "word": " profits.", "probability": 0.7529296875}, {"start": 2824.12, "end": 2824.28, "word": " And", "probability": 0.9052734375}, {"start": 2824.28, "end": 2824.72, "word": " economic", "probability": 0.346435546875}, {"start": 2824.72, "end": 2825.16, "word": " profits", "probability": 0.91162109375}, {"start": 2825.16, "end": 2825.66, "word": " equals", "probability": 0.66748046875}, {"start": 2825.66, "end": 2826.12, "word": " or", "probability": 0.41162109375}, {"start": 2826.12, "end": 2826.54, "word": " positive.", "probability": 0.904296875}, {"start": 2829.56, "end": 2830.46, "word": " TC,", "probability": 0.4658203125}, {"start": 2831.46, "end": 2832.08, "word": " using", "probability": 0.9169921875}, {"start": 2832.08, "end": 2832.38, "word": " the", "probability": 0.92919921875}, {"start": 2832.38, "end": 2833.14, "word": " ATC", "probability": 0.9150390625}, {"start": 2833.14, "end": 2833.74, "word": " approach,", "probability": 0.908203125}, {"start": 2834.0, "end": 2834.32, "word": " average", "probability": 0.64794921875}, {"start": 2834.32, "end": 2834.7, "word": " total", "probability": 0.87939453125}, {"start": 2834.7, "end": 2835.12, "word": " cost.", "probability": 0.890625}], "temperature": 1.0}, {"id": 97, "seek": 286315, "start": 2836.03, "end": 2863.15, "text": "What does it equal? ATC times Q. Right? What does TC equal? ATC times Q. Because what does the average total cost equal? TC over Q. Right? Correct? What does the average total cost equal? Total cost over Q. So using the average approach, what does TC equal? ATC times Q.", "tokens": [3748, 775, 309, 2681, 30, 8872, 34, 1413, 1249, 13, 1779, 30, 708, 775, 34150, 2681, 30, 8872, 34, 1413, 1249, 13, 1436, 437, 775, 264, 4274, 3217, 2063, 2681, 30, 34150, 670, 1249, 13, 1779, 30, 12753, 30, 708, 775, 264, 4274, 3217, 2063, 2681, 30, 23170, 2063, 670, 1249, 13, 407, 1228, 264, 4274, 3109, 11, 437, 775, 34150, 2681, 30, 8872, 34, 1413, 1249, 13], "avg_logprob": -0.28419385094573535, "compression_ratio": 2.142857142857143, "no_speech_prob": 1.7881393432617188e-07, "words": [{"start": 2836.03, "end": 2836.27, "word": "What", "probability": 0.240478515625}, {"start": 2836.27, "end": 2836.39, "word": " does", "probability": 0.61328125}, {"start": 2836.39, "end": 2836.39, "word": " it", "probability": 0.6005859375}, {"start": 2836.39, "end": 2836.63, "word": " equal?", "probability": 0.6591796875}, {"start": 2837.79, "end": 2838.47, "word": " ATC", "probability": 0.6317138671875}, {"start": 2838.47, "end": 2838.75, "word": " times", "probability": 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13], "avg_logprob": -0.411328113079071, "compression_ratio": 1.0, "no_speech_prob": 0.0, "words": [{"start": 2877.9799999999996, "end": 2878.8199999999997, "word": " If", "probability": 0.03607177734375}, {"start": 2878.8199999999997, "end": 2879.66, "word": " the", "probability": 0.63720703125}, {"start": 2879.66, "end": 2880.18, "word": " price", "probability": 0.93359375}, {"start": 2880.18, "end": 2880.4, "word": " is", "probability": 0.92236328125}, {"start": 2880.4, "end": 2880.66, "word": " bigger", "probability": 0.8857421875}, {"start": 2880.66, "end": 2881.02, "word": " than", "probability": 0.9091796875}, {"start": 2881.02, "end": 2881.82, "word": " ATC,", "probability": 0.78759765625}, {"start": 2883.2, "end": 2884.84, "word": " here", "probability": 0.583984375}, {"start": 2884.84, "end": 2885.0, "word": " we", "probability": 0.9228515625}, {"start": 2885.0, "end": 2885.2, "word": " have", "probability": 0.93212890625}, {"start": 2885.2, "end": 2885.74, "word": " profits", 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We have economic profits. If total revenue is bigger than total cost, we have only positive economic profits. Let's use the average approach here. Total revenue equals price times quantity. Because the same here. Total cost equals average total cost times", "tokens": [6039, 1208, 570, 562, 3217, 9324, 307, 3801, 813, 3217, 2063, 11, 321, 362, 3217, 7475, 3353, 13, 492, 362, 4836, 17982, 13, 759, 3217, 9324, 307, 3801, 813, 3217, 2063, 11, 321, 362, 787, 3353, 4836, 17982, 13, 961, 311, 764, 264, 4274, 3109, 510, 13, 23170, 9324, 6915, 3218, 1413, 11275, 13, 1436, 264, 912, 510, 13, 23170, 2063, 6915, 4274, 3217, 2063, 1413], "avg_logprob": -0.18633396100642077, "compression_ratio": 2.0057471264367814, "no_speech_prob": 0.0, "words": [{"start": 2889.05, "end": 2889.53, "word": " Profits", "probability": 0.876708984375}, {"start": 2889.53, "end": 2889.95, "word": " because", "probability": 0.7822265625}, {"start": 2889.95, "end": 2890.79, "word": " when", "probability": 0.2646484375}, {"start": 2890.79, "end": 2891.15, "word": " total", "probability": 0.740234375}, {"start": 2891.15, "end": 2891.45, "word": " revenue", "probability": 0.78515625}, {"start": 2891.45, "end": 2891.63, "word": " is", 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Quant to the quantity. If the price is bigger than average total cost, here we have positive economic profits. If P is bigger than ATC, here we have positive economic profits. Right? If the second case, the break-even point,", "tokens": [1413, 264, 11275, 13, 26968, 281, 264, 11275, 13, 759, 264, 3218, 307, 3801, 813, 4274, 3217, 2063, 11, 510, 321, 362, 3353, 4836, 17982, 13, 759, 430, 307, 3801, 813, 8872, 34, 11, 510, 321, 362, 3353, 4836, 17982, 13, 1779, 30, 759, 264, 1150, 1389, 11, 264, 1821, 12, 27170, 935, 11], "avg_logprob": -0.2012784020467238, "compression_ratio": 1.7253521126760563, "no_speech_prob": 0.0, "words": [{"start": 2918.61, "end": 2918.97, "word": " times", "probability": 0.51806640625}, {"start": 2918.97, "end": 2919.13, "word": " the", "probability": 0.58642578125}, {"start": 2919.13, "end": 2919.51, "word": " quantity.", "probability": 0.92138671875}, {"start": 2920.23, "end": 2920.77, "word": " Quant", "probability": 0.44482421875}, {"start": 2920.77, "end": 2920.97, "word": " to", "probability": 0.87353515625}, {"start": 2920.97, "end": 2921.15, "word": " the", "probability": 0.9306640625}, {"start": 2921.15, "end": 2921.47, "word": " quantity.", "probability": 0.93505859375}, {"start": 2923.03, "end": 2923.75, "word": " If", "probability": 0.89697265625}, {"start": 2923.75, "end": 2923.91, "word": " the", "probability": 0.91455078125}, {"start": 2923.91, "end": 2924.23, "word": " price", "probability": 0.9033203125}, {"start": 2924.23, "end": 2924.39, "word": " is", "probability": 0.95263671875}, {"start": 2924.39, "end": 2924.65, "word": " bigger", "probability": 0.9404296875}, {"start": 2924.65, "end": 2924.87, "word": " than", "probability": 0.9423828125}, {"start": 2924.87, "end": 2925.39, "word": " average", "probability": 0.69580078125}, {"start": 2925.39, "end": 2925.77, "word": " total", "probability": 0.869140625}, {"start": 2925.77, "end": 2926.23, "word": " cost,", "probability": 0.7822265625}, {"start": 2926.33, "end": 2926.53, "word": " here", "probability": 0.7666015625}, {"start": 2926.53, "end": 2926.71, "word": " we", "probability": 0.88330078125}, {"start": 2926.71, "end": 2926.97, "word": " have", "probability": 0.94677734375}, {"start": 2926.97, "end": 2927.45, "word": " positive", "probability": 0.92529296875}, {"start": 2927.45, "end": 2927.93, "word": " economic", "probability": 0.796875}, {"start": 2927.93, "end": 2928.27, "word": " profits.", "probability": 0.90966796875}, {"start": 2928.69, "end": 2928.93, "word": " If", "probability": 0.951171875}, {"start": 2928.93, "end": 2929.33, "word": " P", "probability": 0.7685546875}, {"start": 2929.33, "end": 2930.75, "word": " is", "probability": 0.93505859375}, {"start": 2930.75, "end": 2931.01, "word": " bigger", "probability": 0.94091796875}, {"start": 2931.01, "end": 2931.39, "word": " than", "probability": 0.9443359375}, {"start": 2931.39, "end": 2932.17, "word": " ATC,", "probability": 0.766357421875}, {"start": 2933.21, "end": 2933.51, "word": " here", "probability": 0.861328125}, {"start": 2933.51, "end": 2933.69, "word": " we", "probability": 0.947265625}, {"start": 2933.69, "end": 2933.99, "word": " have", "probability": 0.94873046875}, {"start": 2933.99, "end": 2934.71, "word": " positive", "probability": 0.93994140625}, {"start": 2934.71, "end": 2935.33, "word": " economic", "probability": 0.63232421875}, {"start": 2935.33, "end": 2935.85, "word": " profits.", "probability": 0.9140625}, {"start": 2939.05, "end": 2939.65, "word": " Right?", "probability": 0.59814453125}, {"start": 2941.33, "end": 2942.05, "word": " If", "probability": 0.82470703125}, {"start": 2942.05, "end": 2944.31, "word": " the", "probability": 0.7373046875}, {"start": 2944.31, "end": 2944.61, "word": " second", "probability": 0.91015625}, {"start": 2944.61, "end": 2945.07, "word": " case,", "probability": 0.90283203125}, {"start": 2945.35, "end": 2945.47, "word": " the", "probability": 0.92138671875}, {"start": 2945.47, "end": 2945.75, "word": " break", "probability": 0.8203125}, {"start": 2945.75, "end": 2945.97, "word": "-even", "probability": 0.774658203125}, {"start": 2945.97, "end": 2946.33, "word": " point,", "probability": 0.97314453125}], "temperature": 1.0}, {"id": 101, "seek": 297553, "start": 2948.95, "end": 2975.53, "text": " F total revenue equals the total cost. Here, we have a break-even, break-even point, which means zero economic profits. AP economic profits is zero here, right?", "tokens": [479, 3217, 9324, 6915, 264, 3217, 2063, 13, 1692, 11, 321, 362, 257, 1821, 12, 27170, 11, 1821, 12, 27170, 935, 11, 597, 1355, 4018, 4836, 17982, 13, 5372, 4836, 17982, 307, 4018, 510, 11, 558, 30], "avg_logprob": -0.25411185386933777, "compression_ratio": 1.3879310344827587, "no_speech_prob": 0.0, "words": [{"start": 2948.95, "end": 2949.91, "word": " F", "probability": 0.56640625}, {"start": 2949.91, "end": 2950.87, "word": " total", "probability": 0.5009765625}, {"start": 2950.87, "end": 2951.41, "word": " revenue", "probability": 0.9052734375}, {"start": 2951.41, "end": 2952.15, "word": " equals", "probability": 0.91552734375}, {"start": 2952.15, "end": 2952.41, "word": " the", "probability": 0.892578125}, {"start": 2952.41, "end": 2952.73, "word": " total", "probability": 0.88427734375}, {"start": 2952.73, "end": 2953.21, "word": " cost.", "probability": 0.93115234375}, {"start": 2955.11, "end": 2955.59, "word": " Here,", "probability": 0.83837890625}, {"start": 2955.69, "end": 2955.81, "word": " we", "probability": 0.9638671875}, {"start": 2955.81, "end": 2956.11, "word": " have", "probability": 0.943359375}, {"start": 2956.11, "end": 2956.29, "word": " a", "probability": 0.99365234375}, {"start": 2956.29, "end": 2956.61, "word": " break", "probability": 0.80810546875}, {"start": 2956.61, "end": 2956.99, "word": "-even,", "probability": 0.71923828125}, {"start": 2957.27, "end": 2957.67, "word": " break", "probability": 0.9541015625}, {"start": 2957.67, "end": 2957.91, "word": "-even", "probability": 0.934326171875}, {"start": 2957.91, "end": 2958.23, "word": " point,", "probability": 0.95556640625}, {"start": 2958.73, "end": 2964.45, "word": " which", "probability": 0.9482421875}, {"start": 2964.45, "end": 2964.89, "word": " means", "probability": 0.94091796875}, {"start": 2964.89, "end": 2966.23, "word": " zero", "probability": 0.7451171875}, {"start": 2966.23, "end": 2967.17, "word": " economic", "probability": 0.82080078125}, {"start": 2967.17, "end": 2967.73, "word": " profits.", "probability": 0.94873046875}, {"start": 2970.11, "end": 2971.07, "word": " AP", "probability": 0.221923828125}, {"start": 2971.07, "end": 2972.31, "word": " economic", "probability": 0.469970703125}, {"start": 2972.31, "end": 2972.83, "word": " profits", "probability": 0.8447265625}, {"start": 2972.83, "end": 2973.35, "word": " is", "probability": 0.9365234375}, {"start": 2973.35, "end": 2973.75, "word": " zero", "probability": 0.8349609375}, {"start": 2973.75, "end": 2974.11, "word": " here,", "probability": 0.849609375}, {"start": 2975.03, "end": 2975.53, "word": " right?", "probability": 0.91015625}], "temperature": 1.0}, {"id": 102, "seek": 299725, "start": 2978.87, "end": 2997.25, "text": " Total revenue substitution price times the quantity equals ATC times Q, Q with a Q. If the price equals ATC here, the economic profit will be zero here. Here we have a break even, right?", "tokens": [23170, 9324, 35827, 3218, 1413, 264, 11275, 6915, 8872, 34, 1413, 1249, 11, 1249, 365, 257, 1249, 13, 759, 264, 3218, 6915, 8872, 34, 510, 11, 264, 4836, 7475, 486, 312, 4018, 510, 13, 1692, 321, 362, 257, 1821, 754, 11, 558, 30], "avg_logprob": -0.2860440212217244, "compression_ratio": 1.3453237410071943, "no_speech_prob": 0.0, "words": [{"start": 2978.87, "end": 2979.21, "word": " Total", "probability": 0.52783203125}, {"start": 2979.21, "end": 2979.69, "word": " revenue", "probability": 0.6337890625}, {"start": 2979.69, "end": 2980.43, "word": " substitution", "probability": 0.391845703125}, {"start": 2980.43, "end": 2981.33, "word": " price", "probability": 0.7412109375}, {"start": 2981.33, "end": 2981.63, "word": " times", "probability": 0.81005859375}, {"start": 2981.63, "end": 2981.83, "word": " the", "probability": 0.474609375}, {"start": 2981.83, "end": 2982.27, "word": " quantity", "probability": 0.97900390625}, {"start": 2982.27, "end": 2983.67, "word": " equals", "probability": 0.875}, {"start": 2983.67, "end": 2984.79, "word": " ATC", "probability": 0.75341796875}, {"start": 2984.79, "end": 2985.27, "word": " times", "probability": 0.8857421875}, {"start": 2985.27, "end": 2985.69, "word": " Q,", "probability": 0.77978515625}, {"start": 2985.95, "end": 2986.15, "word": " Q", "probability": 0.96337890625}, {"start": 2986.15, "end": 2986.31, "word": " with", "probability": 0.71630859375}, {"start": 2986.31, "end": 2986.41, "word": " a", "probability": 0.61181640625}, {"start": 2986.41, "end": 2986.71, "word": " Q.", "probability": 0.9814453125}, {"start": 2987.07, "end": 2987.31, "word": " If", "probability": 0.9462890625}, {"start": 2987.31, "end": 2987.49, "word": " the", "probability": 0.91650390625}, {"start": 2987.49, "end": 2987.89, "word": " price", "probability": 0.90869140625}, {"start": 2987.89, "end": 2988.65, "word": " equals", "probability": 0.9296875}, {"start": 2988.65, "end": 2989.59, "word": " ATC", "probability": 0.92724609375}, {"start": 2989.59, "end": 2990.29, "word": " here,", "probability": 0.396240234375}, {"start": 2990.75, "end": 2990.87, "word": " the", "probability": 0.90625}, {"start": 2990.87, "end": 2991.37, "word": " economic", "probability": 0.44775390625}, {"start": 2991.37, "end": 2991.83, "word": " profit", "probability": 0.87060546875}, {"start": 2991.83, "end": 2992.11, "word": " will", "probability": 0.78857421875}, {"start": 2992.11, "end": 2992.37, "word": " be", "probability": 0.958984375}, {"start": 2992.37, "end": 2992.75, "word": " zero", "probability": 0.7900390625}, {"start": 2992.75, "end": 2993.05, "word": " here.", "probability": 0.833984375}, {"start": 2994.69, "end": 2994.97, "word": " Here", "probability": 0.84814453125}, {"start": 2994.97, "end": 2995.11, "word": " we", "probability": 0.77099609375}, {"start": 2995.11, "end": 2995.27, "word": " have", "probability": 0.9482421875}, {"start": 2995.27, "end": 2995.39, "word": " a", "probability": 0.99609375}, {"start": 2995.39, "end": 2995.63, "word": " break", "probability": 0.88232421875}, {"start": 2995.63, "end": 2995.97, "word": " even,", "probability": 0.5224609375}, {"start": 2996.27, "end": 2997.25, "word": " right?", "probability": 0.90380859375}], "temperature": 1.0}, {"id": 103, "seek": 302518, "start": 2998.18, "end": 3025.18, "text": " So if the price equals the average total cost, if total revenue equals total cost, economic profits equals zero. The same as with the price equals ATC, economic profits equals zero as well. So the third case, which is the breaking point here. The third case, this number two here, number three, F3, yes.", "tokens": [407, 498, 264, 3218, 6915, 264, 4274, 3217, 2063, 11, 498, 3217, 9324, 6915, 3217, 2063, 11, 4836, 17982, 6915, 4018, 13, 440, 912, 382, 365, 264, 3218, 6915, 8872, 34, 11, 4836, 17982, 6915, 4018, 382, 731, 13, 407, 264, 2636, 1389, 11, 597, 307, 264, 7697, 935, 510, 13, 440, 2636, 1389, 11, 341, 1230, 732, 510, 11, 1230, 1045, 11, 479, 18, 11, 2086, 13], "avg_logprob": -0.2241847834725311, "compression_ratio": 1.7674418604651163, "no_speech_prob": 0.0, "words": [{"start": 2998.18, "end": 2998.56, "word": " So", "probability": 0.7216796875}, {"start": 2998.56, "end": 2998.92, "word": " if", "probability": 0.70458984375}, {"start": 2998.92, "end": 2999.1, "word": " the", "probability": 0.8896484375}, {"start": 2999.1, "end": 2999.5, "word": " price", "probability": 0.9267578125}, {"start": 2999.5, "end": 3000.3, "word": " equals", "probability": 0.92138671875}, {"start": 3000.3, "end": 3000.8, "word": " the", 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"temperature": 1.0}, {"id": 104, "seek": 304006, "start": 3027.54, "end": 3040.06, "text": " In all cases here. Ah, yes. Because here, the working decision is related to the relationship between total revenue and total variable cost.", "tokens": [682, 439, 3331, 510, 13, 2438, 11, 2086, 13, 1436, 510, 11, 264, 1364, 3537, 307, 4077, 281, 264, 2480, 1296, 3217, 9324, 293, 3217, 7006, 2063, 13], "avg_logprob": -0.23437499794466743, "compression_ratio": 1.2935779816513762, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 3027.54, "end": 3027.8, "word": " In", "probability": 0.42431640625}, {"start": 3027.8, "end": 3028.06, "word": " all", "probability": 0.94775390625}, {"start": 3028.06, "end": 3028.56, "word": " cases", "probability": 0.93310546875}, {"start": 3028.56, "end": 3029.1, "word": " here.", "probability": 0.78857421875}, {"start": 3029.4, "end": 3029.52, "word": " Ah,", "probability": 0.38134765625}, {"start": 3029.6, "end": 3029.88, "word": " yes.", "probability": 0.94677734375}, {"start": 3030.5, "end": 3030.82, "word": " Because", "probability": 0.90771484375}, {"start": 3030.82, "end": 3031.24, "word": " here,", "probability": 0.859375}, {"start": 3032.5, "end": 3033.18, "word": " the", "probability": 0.43212890625}, {"start": 3033.18, "end": 3033.88, "word": " working", "probability": 0.86865234375}, {"start": 3033.88, "end": 3034.44, "word": " decision", "probability": 0.93896484375}, {"start": 3034.44, "end": 3035.32, "word": " is", "probability": 0.93798828125}, {"start": 3035.32, "end": 3035.76, "word": " related", "probability": 0.96337890625}, {"start": 3035.76, "end": 3035.98, "word": " to", "probability": 0.96826171875}, {"start": 3035.98, "end": 3036.16, "word": " the", "probability": 0.9140625}, {"start": 3036.16, "end": 3036.82, "word": " relationship", "probability": 0.9248046875}, {"start": 3036.82, "end": 3037.4, "word": " between", "probability": 0.869140625}, {"start": 3037.4, "end": 3037.92, "word": " total", "probability": 0.8828125}, {"start": 3037.92, "end": 3038.36, "word": " revenue", "probability": 0.888671875}, {"start": 3038.36, "end": 3038.74, "word": " and", "probability": 0.93798828125}, {"start": 3038.74, "end": 3039.12, "word": " total", "probability": 0.8994140625}, {"start": 3039.12, "end": 3039.56, "word": " variable", "probability": 0.84130859375}, {"start": 3039.56, "end": 3040.06, "word": " cost.", "probability": 0.69677734375}], "temperature": 1.0}, {"id": 105, "seek": 308078, "start": 3054.02, "end": 3080.78, "text": " At the breakeven point here, total revenue equals total cost, which means total revenue equals TVC plus TFC. So my advice to them is to work. Working is better than staying at home. So here, if total revenue is less than total cost, here the economic profits is negative, less than zero.", "tokens": [1711, 264, 1403, 619, 553, 935, 510, 11, 3217, 9324, 6915, 3217, 2063, 11, 597, 1355, 3217, 9324, 6915, 3558, 34, 1804, 314, 18671, 13, 407, 452, 5192, 281, 552, 307, 281, 589, 13, 18337, 307, 1101, 813, 7939, 412, 1280, 13, 407, 510, 11, 498, 3217, 9324, 307, 1570, 813, 3217, 2063, 11, 510, 264, 4836, 17982, 307, 3671, 11, 1570, 813, 4018, 13], "avg_logprob": -0.15613162269194922, "compression_ratio": 1.6363636363636365, "no_speech_prob": 0.0, "words": [{"start": 3054.02, "end": 3054.3, "word": " At", "probability": 0.91552734375}, {"start": 3054.3, "end": 3054.4, "word": " the", "probability": 0.91162109375}, {"start": 3054.4, "end": 3054.78, "word": " breakeven", "probability": 0.7080891927083334}, {"start": 3054.78, "end": 3055.14, "word": " point", "probability": 0.96875}, {"start": 3055.14, "end": 3055.48, "word": " here,", "probability": 0.8486328125}, {"start": 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ATC times the Q, Q with a Q. If the price is less than ATC, here we have the economic profit is negative. What is your advice? I don't know. We have to compare price and AVC or total revenue and TVC. Shutting down or closing down and working", "tokens": [407, 597, 1355, 3217, 9324, 3218, 1413, 264, 1249, 307, 1570, 813, 8872, 34, 1413, 264, 1249, 11, 1249, 365, 257, 1249, 13, 759, 264, 3218, 307, 1570, 813, 8872, 34, 11, 510, 321, 362, 264, 4836, 7475, 307, 3671, 13, 708, 307, 428, 5192, 30, 286, 500, 380, 458, 13, 492, 362, 281, 6794, 3218, 293, 30198, 34, 420, 3217, 9324, 293, 3558, 34, 13, 13870, 783, 760, 420, 10377, 760, 293, 1364], "avg_logprob": -0.15531250437100727, "compression_ratio": 1.650273224043716, "no_speech_prob": 0.0, "words": [{"start": 3081.74, "end": 3082.16, "word": " So", "probability": 0.92138671875}, {"start": 3082.16, "end": 3083.26, "word": " which", "probability": 0.55908203125}, {"start": 3083.26, "end": 3083.7, "word": " means", "probability": 0.93017578125}, {"start": 3083.7, "end": 3084.06, "word": " total", "probability": 0.76123046875}, {"start": 3084.06, "end": 3084.32, "word": " revenue", "probability": 0.8466796875}, {"start": 3084.32, "end": 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"end": 3107.98, "word": " Shutting", "probability": 0.9501953125}, {"start": 3107.98, "end": 3108.46, "word": " down", "probability": 0.8603515625}, {"start": 3108.46, "end": 3109.02, "word": " or", "probability": 0.91650390625}, {"start": 3109.02, "end": 3109.6, "word": " closing", "probability": 0.814453125}, {"start": 3109.6, "end": 3110.24, "word": " down", "probability": 0.8642578125}, {"start": 3110.24, "end": 3110.64, "word": " and", "probability": 0.9365234375}, {"start": 3110.64, "end": 3111.12, "word": " working", "probability": 0.87890625}], "temperature": 1.0}, {"id": 107, "seek": 313406, "start": 3112.66, "end": 3134.06, "text": " depends on or relies on the relationship between total revenue and TVC, right? So here, let's study the relationship between total revenue and TVC to determine the shutdown point or the close or shutdown point here.", "tokens": [5946, 322, 420, 30910, 322, 264, 2480, 1296, 3217, 9324, 293, 3558, 34, 11, 558, 30, 407, 510, 11, 718, 311, 2979, 264, 2480, 1296, 3217, 9324, 293, 3558, 34, 281, 6997, 264, 34927, 935, 420, 264, 1998, 420, 34927, 935, 510, 13], "avg_logprob": -0.1649502790109678, "compression_ratio": 1.7142857142857142, "no_speech_prob": 0.0, "words": [{"start": 3112.66, "end": 3113.34, "word": " depends", "probability": 0.79248046875}, {"start": 3113.34, "end": 3113.78, "word": " on", "probability": 0.912109375}, {"start": 3113.78, "end": 3114.02, "word": " or", "probability": 0.489013671875}, {"start": 3114.02, "end": 3114.6, "word": " relies", "probability": 0.9638671875}, {"start": 3114.6, "end": 3115.1, "word": " on", "probability": 0.95263671875}, {"start": 3115.1, "end": 3115.62, "word": " the", "probability": 0.91064453125}, {"start": 3115.62, "end": 3116.22, "word": " relationship", "probability": 0.89892578125}, {"start": 3116.22, "end": 3116.7, "word": " between", "probability": 0.88037109375}, {"start": 3116.7, "end": 3117.22, "word": " total", "probability": 0.7998046875}, {"start": 3117.22, "end": 3117.6, "word": " revenue", "probability": 0.87646484375}, {"start": 3117.6, "end": 3118.0, "word": " and", "probability": 0.93896484375}, {"start": 3118.0, "end": 3118.72, "word": " TVC,", "probability": 0.871826171875}, {"start": 3119.28, "end": 3120.0, "word": " right?", "probability": 0.85595703125}, {"start": 3120.22, "end": 3120.62, "word": " So", "probability": 0.96240234375}, {"start": 3120.62, "end": 3121.28, "word": " here,", "probability": 0.712890625}, {"start": 3122.34, "end": 3123.56, "word": " let's", "probability": 0.972900390625}, {"start": 3123.56, "end": 3124.08, "word": " study", "probability": 0.927734375}, {"start": 3124.08, "end": 3124.34, "word": " the", "probability": 0.91552734375}, {"start": 3124.34, "end": 3124.88, "word": " relationship", "probability": 0.90771484375}, {"start": 3124.88, "end": 3125.56, "word": " between", "probability": 0.8681640625}, {"start": 3125.56, "end": 3126.84, "word": " total", "probability": 0.86669921875}, {"start": 3126.84, "end": 3127.3, "word": " revenue", "probability": 0.89453125}, {"start": 3127.3, "end": 3127.6, "word": " and", "probability": 0.93701171875}, {"start": 3127.6, "end": 3128.2, "word": " TVC", "probability": 0.936767578125}, {"start": 3128.2, "end": 3128.5, "word": " to", "probability": 0.94580078125}, {"start": 3128.5, "end": 3129.22, "word": " determine", "probability": 0.8974609375}, {"start": 3129.22, "end": 3130.34, "word": " the", "probability": 0.67041015625}, {"start": 3130.34, "end": 3130.86, "word": " shutdown", "probability": 0.8359375}, {"start": 3130.86, "end": 3131.6, "word": " point", "probability": 0.96728515625}, {"start": 3131.6, "end": 3131.88, "word": " or", "probability": 0.76806640625}, {"start": 3131.88, "end": 3132.06, "word": " the", "probability": 0.8818359375}, {"start": 3132.06, "end": 3132.64, "word": " close", "probability": 0.60693359375}, {"start": 3132.64, "end": 3132.98, "word": " or", "probability": 0.89501953125}, {"start": 3132.98, "end": 3133.34, "word": " shutdown", "probability": 0.90625}, {"start": 3133.34, "end": 3133.82, "word": " point", "probability": 0.96533203125}, {"start": 3133.82, "end": 3134.06, "word": " here.", "probability": 0.8251953125}], "temperature": 1.0}, {"id": 108, "seek": 315804, "start": 3134.7, "end": 3158.04, "text": " To determine the shutdown point, we have to do a comparison between total revenue and TVC. As we said before, if total revenue, F, total revenue is bigger than TVC, what is your advice here? We advise him to keep working. Hannah, keep working.", "tokens": [1407, 6997, 264, 34927, 935, 11, 321, 362, 281, 360, 257, 9660, 1296, 3217, 9324, 293, 3558, 34, 13, 1018, 321, 848, 949, 11, 498, 3217, 9324, 11, 479, 11, 3217, 9324, 307, 3801, 813, 3558, 34, 11, 437, 307, 428, 5192, 510, 30, 492, 18312, 796, 281, 1066, 1364, 13, 21754, 11, 1066, 1364, 13], "avg_logprob": -0.15364582915055125, "compression_ratio": 1.525, "no_speech_prob": 0.0, "words": [{"start": 3134.7, "end": 3134.96, "word": " To", "probability": 0.80908203125}, {"start": 3134.96, "end": 3135.36, "word": " determine", "probability": 0.91259765625}, {"start": 3135.36, "end": 3135.62, "word": " the", "probability": 0.89404296875}, {"start": 3135.62, "end": 3135.9, "word": " shutdown", "probability": 0.9375}, {"start": 3135.9, "end": 3136.56, "word": " point,", "probability": 0.96875}, {"start": 3136.66, "end": 3136.84, "word": " we", "probability": 0.94970703125}, {"start": 3136.84, "end": 3137.52, "word": " have", "probability": 0.87841796875}, {"start": 3137.52, "end": 3137.68, "word": " to", "probability": 0.97509765625}, {"start": 3137.68, "end": 3137.84, "word": " do", "probability": 0.94970703125}, {"start": 3137.84, "end": 3138.0, "word": " a", "probability": 0.99072265625}, {"start": 3138.0, "end": 3138.5, "word": " comparison", "probability": 0.8876953125}, {"start": 3138.5, "end": 3139.0, "word": " between", "probability": 0.87548828125}, {"start": 3139.0, "end": 3139.64, "word": " total", "probability": 0.82470703125}, {"start": 3139.64, "end": 3140.0, "word": " revenue", "probability": 0.88818359375}, {"start": 3140.0, "end": 3140.32, "word": " and", "probability": 0.93994140625}, {"start": 3140.32, "end": 3140.88, "word": " TVC.", "probability": 0.85400390625}, {"start": 3141.42, "end": 3141.84, "word": " As", "probability": 0.97216796875}, {"start": 3141.84, "end": 3142.24, "word": " we", "probability": 0.89013671875}, {"start": 3142.24, "end": 3142.44, "word": " said", "probability": 0.9443359375}, {"start": 3142.44, "end": 3142.88, "word": " before,", "probability": 0.8564453125}, {"start": 3143.36, "end": 3143.54, "word": " if", "probability": 0.93896484375}, {"start": 3143.54, "end": 3143.8, "word": " total", "probability": 0.861328125}, {"start": 3143.8, "end": 3144.22, "word": " revenue,", "probability": 0.90673828125}, {"start": 3144.44, "end": 3144.72, "word": " F,", "probability": 0.7255859375}, {"start": 3146.2, "end": 3146.64, "word": " total", "probability": 0.81689453125}, {"start": 3146.64, "end": 3147.0, "word": " revenue", "probability": 0.89990234375}, {"start": 3147.0, "end": 3147.26, "word": " is", "probability": 0.9091796875}, {"start": 3147.26, "end": 3147.5, "word": " bigger", "probability": 0.95263671875}, {"start": 3147.5, "end": 3147.82, "word": " than", "probability": 0.9482421875}, {"start": 3147.82, "end": 3148.58, "word": " TVC,", "probability": 0.95166015625}, {"start": 3149.66, "end": 3150.7, "word": " what", "probability": 0.94091796875}, {"start": 3150.7, "end": 3150.88, "word": " is", "probability": 0.94189453125}, {"start": 3150.88, "end": 3151.04, "word": " your", "probability": 0.88671875}, {"start": 3151.04, "end": 3151.5, "word": " advice", "probability": 0.90771484375}, {"start": 3151.5, "end": 3151.74, "word": " here?", "probability": 0.8271484375}, {"start": 3153.2, "end": 3153.52, "word": " We", "probability": 0.95068359375}, {"start": 3153.52, "end": 3154.08, "word": " advise", "probability": 0.7451171875}, {"start": 3154.08, "end": 3154.38, "word": " him", "probability": 0.9287109375}, {"start": 3154.38, "end": 3154.58, "word": " to", "probability": 0.9697265625}, {"start": 3154.58, "end": 3154.88, "word": " keep", "probability": 0.9140625}, {"start": 3154.88, "end": 3155.42, "word": " working.", "probability": 0.89990234375}, {"start": 3156.0, "end": 3156.34, "word": " Hannah,", "probability": 0.188232421875}, {"start": 3157.42, "end": 3157.66, "word": " keep", "probability": 0.908203125}, {"start": 3157.66, "end": 3158.04, "word": " working.", "probability": 0.90380859375}], "temperature": 1.0}, {"id": 109, "seek": 318488, "start": 3163.96, "end": 3184.88, "text": "Might be there is a loss. Maybe loss plus working or profits with working. Right? طبعا يعني هنا قد يكون في loss بس بقى if you keep working then هذا هي keep working plus قد يكون في loss or profits.", "tokens": [44, 397, 312, 456, 307, 257, 4470, 13, 2704, 4470, 1804, 1364, 420, 17982, 365, 1364, 13, 1779, 30, 23032, 3555, 3615, 995, 37495, 22653, 34105, 12174, 3215, 7251, 30544, 8978, 4470, 4724, 3794, 4724, 4587, 7578, 498, 291, 1066, 1364, 550, 23758, 39896, 1066, 1364, 1804, 12174, 3215, 7251, 30544, 8978, 4470, 420, 17982, 13], "avg_logprob": -0.35608552213300737, "compression_ratio": 1.4382716049382716, "no_speech_prob": 0.0, "words": [{"start": 3163.96, "end": 3164.3, "word": "Might", "probability": 0.51458740234375}, {"start": 3164.3, "end": 3164.46, "word": " be", "probability": 0.953125}, {"start": 3164.46, "end": 3164.7, "word": " there", "probability": 0.8759765625}, {"start": 3164.7, "end": 3164.88, "word": " is", "probability": 0.8388671875}, {"start": 3164.88, "end": 3165.04, "word": " a", "probability": 0.95458984375}, {"start": 3165.04, "end": 3165.28, "word": " loss.", "probability": 0.8779296875}, {"start": 3168.02, "end": 3168.66, "word": " Maybe", "probability": 0.423828125}, {"start": 3168.66, "end": 3169.5, "word": " loss", "probability": 0.71142578125}, {"start": 3169.5, "end": 3169.98, "word": " plus", "probability": 0.85791015625}, {"start": 3169.98, "end": 3170.56, "word": " working", "probability": 0.9052734375}, {"start": 3170.56, "end": 3170.92, "word": " or", "probability": 0.853515625}, {"start": 3170.92, "end": 3171.36, "word": " profits", "probability": 0.92041015625}, {"start": 3171.36, "end": 3171.6, "word": " with", "probability": 0.7783203125}, {"start": 3171.6, "end": 3172.1, "word": " working.", "probability": 0.91552734375}, {"start": 3173.26, "end": 3173.48, "word": " Right?", "probability": 0.7744140625}, {"start": 3174.84, "end": 3175.12, "word": " طبعا", "probability": 0.5691680908203125}, {"start": 3175.12, "end": 3175.32, "word": " يعني", "probability": 0.796630859375}, {"start": 3175.32, "end": 3175.56, "word": " هنا", "probability": 0.59765625}, {"start": 3175.56, "end": 3175.8, "word": " قد", "probability": 0.958740234375}, {"start": 3175.8, "end": 3176.06, "word": " يكون", "probability": 0.987060546875}, {"start": 3176.06, "end": 3176.22, "word": " في", "probability": 0.87158203125}, {"start": 3176.22, "end": 3176.64, "word": " loss", "probability": 0.7099609375}, {"start": 3176.64, "end": 3177.24, "word": " بس", "probability": 0.693359375}, {"start": 3177.24, "end": 3177.46, "word": " بقى", "probability": 0.6350911458333334}, {"start": 3177.46, "end": 3177.5, "word": " if", "probability": 0.364990234375}, {"start": 3177.5, "end": 3177.56, "word": " you", "probability": 0.43017578125}, {"start": 3177.56, "end": 3177.76, "word": " keep", "probability": 0.9384765625}, {"start": 3177.76, "end": 3178.18, "word": " working", "probability": 0.92138671875}, {"start": 3178.18, "end": 3179.44, "word": " then", "probability": 0.55126953125}, {"start": 3179.44, "end": 3179.76, "word": " هذا", "probability": 0.61669921875}, {"start": 3179.76, "end": 3180.06, "word": " هي", "probability": 0.8515625}, {"start": 3180.06, "end": 3181.68, "word": " keep", "probability": 0.364013671875}, {"start": 3181.68, "end": 3182.14, "word": " working", "probability": 0.93359375}, {"start": 3182.14, "end": 3182.64, "word": " plus", "probability": 0.9697265625}, {"start": 3182.64, "end": 3182.92, "word": " قد", "probability": 0.94287109375}, {"start": 3182.92, "end": 3183.18, "word": " يكون", "probability": 0.98779296875}, {"start": 3183.18, "end": 3183.38, "word": " في", "probability": 0.953125}, {"start": 3183.38, "end": 3183.94, "word": " loss", "probability": 0.93017578125}, {"start": 3183.94, "end": 3184.52, "word": " or", "probability": 0.94873046875}, {"start": 3184.52, "end": 3184.88, "word": " profits.", "probability": 0.818359375}], "temperature": 1.0}, {"id": 110, "seek": 321376, "start": 3187.62, "end": 3213.76, "text": " But in all cases, either we have a loss, we have to keep working. If we have profits, we have to keep working, right? Because total revenue is bigger than TBC. What about the average approach? Total revenue equals price times quantity. It's bigger than TBC equals AVC times Q. Sah? The average approach.", "tokens": [583, 294, 439, 3331, 11, 2139, 321, 362, 257, 4470, 11, 321, 362, 281, 1066, 1364, 13, 759, 321, 362, 17982, 11, 321, 362, 281, 1066, 1364, 11, 558, 30, 1436, 3217, 9324, 307, 3801, 813, 314, 7869, 13, 708, 466, 264, 4274, 3109, 30, 23170, 9324, 6915, 3218, 1413, 11275, 13, 467, 311, 3801, 813, 314, 7869, 6915, 30198, 34, 1413, 1249, 13, 18280, 30, 440, 4274, 3109, 13], "avg_logprob": -0.1694542253521127, "compression_ratio": 1.7272727272727273, "no_speech_prob": 0.0, "words": [{"start": 3187.62, "end": 3187.88, "word": " But", "probability": 0.89013671875}, {"start": 3187.88, "end": 3188.06, "word": " in", "probability": 0.92919921875}, {"start": 3188.06, "end": 3188.32, "word": " all", "probability": 0.9453125}, {"start": 3188.32, "end": 3188.8, "word": " cases,", "probability": 0.9296875}, {"start": 3189.36, "end": 3189.66, "word": " either", "probability": 0.83251953125}, {"start": 3189.66, "end": 3189.88, "word": " we", "probability": 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"temperature": 1.0}, {"id": 111, "seek": 324042, "start": 3214.86, "end": 3240.42, "text": " TVC equals AVC times Q. The same as ATC. AVC times Q. Q with a Q. If the price is bigger than AVC, keep working. It's better than staying at home. Although we have a loss.", "tokens": [3558, 34, 6915, 30198, 34, 1413, 1249, 13, 440, 912, 382, 8872, 34, 13, 30198, 34, 1413, 1249, 13, 1249, 365, 257, 1249, 13, 759, 264, 3218, 307, 3801, 813, 30198, 34, 11, 1066, 1364, 13, 467, 311, 1101, 813, 7939, 412, 1280, 13, 5780, 321, 362, 257, 4470, 13], "avg_logprob": -0.21277574055335102, "compression_ratio": 1.323076923076923, "no_speech_prob": 0.0, "words": [{"start": 3214.8600000000006, "end": 3215.5800000000004, "word": " TVC", "probability": 0.6729736328125}, {"start": 3215.5800000000004, "end": 3216.3, "word": " equals", "probability": 0.55810546875}, {"start": 3216.3, "end": 3217.14, "word": " AVC", "probability": 0.868408203125}, {"start": 3217.14, "end": 3217.48, "word": " times", "probability": 0.7919921875}, {"start": 3217.48, "end": 3217.82, "word": " Q.", "probability": 0.95263671875}, {"start": 3218.34, "end": 3218.7, "word": " The", "probability": 0.78515625}, {"start": 3218.7, "end": 3218.98, "word": " same", "probability": 0.9130859375}, {"start": 3218.98, "end": 3219.34, "word": " as", "probability": 0.96484375}, {"start": 3219.34, "end": 3220.02, "word": " ATC.", "probability": 0.877197265625}, {"start": 3221.2, "end": 3221.92, "word": " AVC", "probability": 0.924560546875}, {"start": 3221.92, "end": 3223.16, "word": " times", "probability": 0.83154296875}, {"start": 3223.16, "end": 3223.52, "word": " Q.", "probability": 0.97265625}, {"start": 3223.74, "end": 3223.94, "word": " Q", "probability": 0.94873046875}, {"start": 3223.94, "end": 3224.1, "word": " with", "probability": 0.7109375}, {"start": 3224.1, "end": 3224.18, "word": " a", "probability": 0.59423828125}, {"start": 3224.18, "end": 3224.44, "word": " Q.", "probability": 0.98095703125}, {"start": 3224.94, "end": 3225.18, "word": " If", "probability": 0.953125}, {"start": 3225.18, "end": 3225.38, "word": " the", "probability": 0.91650390625}, {"start": 3225.38, "end": 3225.72, "word": " price", "probability": 0.908203125}, {"start": 3225.72, "end": 3225.9, "word": " is", "probability": 0.95166015625}, {"start": 3225.9, "end": 3226.12, "word": " bigger", "probability": 0.9326171875}, {"start": 3226.12, "end": 3226.38, "word": " than", "probability": 0.93603515625}, {"start": 3226.38, "end": 3227.38, "word": " AVC,", "probability": 0.968017578125}, {"start": 3228.76, "end": 3229.14, "word": " keep", "probability": 0.82080078125}, {"start": 3229.14, "end": 3229.7, "word": " working.", "probability": 0.9130859375}, {"start": 3232.14, "end": 3232.86, "word": " It's", "probability": 0.77978515625}, {"start": 3232.86, "end": 3233.22, "word": " better", "probability": 0.9130859375}, {"start": 3233.22, "end": 3233.54, "word": " than", "probability": 0.94677734375}, {"start": 3233.54, "end": 3233.9, "word": " staying", "probability": 0.92919921875}, {"start": 3233.9, "end": 3234.08, "word": " at", "probability": 0.9599609375}, {"start": 3234.08, "end": 3234.36, "word": " home.", "probability": 0.89501953125}, {"start": 3237.32, "end": 3238.04, "word": " Although", "probability": 0.302978515625}, {"start": 3238.04, "end": 3239.84, "word": " we", "probability": 0.85693359375}, {"start": 3239.84, "end": 3240.02, "word": " have", "probability": 0.9365234375}, {"start": 3240.02, "end": 3240.12, "word": " a", "probability": 0.9775390625}, {"start": 3240.12, "end": 3240.42, "word": " loss.", "probability": 0.86181640625}], "temperature": 1.0}, {"id": 112, "seek": 326245, "start": 3241.97, "end": 3262.45, "text": " even if we have a loss. Number two, the shutdown point. Shutdown point. If the total revenue equals total variable cost, if total revenue equals TVC, we have a confusion.", "tokens": [754, 498, 321, 362, 257, 4470, 13, 5118, 732, 11, 264, 34927, 935, 13, 13870, 5093, 935, 13, 759, 264, 3217, 9324, 6915, 3217, 7006, 2063, 11, 498, 3217, 9324, 6915, 3558, 34, 11, 321, 362, 257, 15075, 13], "avg_logprob": -0.2082031298428774, "compression_ratio": 1.4741379310344827, "no_speech_prob": 0.0, "words": [{"start": 3241.97, "end": 3242.39, "word": " even", "probability": 0.5595703125}, {"start": 3242.39, "end": 3242.73, "word": " if", "probability": 0.955078125}, {"start": 3242.73, "end": 3242.93, "word": " we", "probability": 0.95263671875}, {"start": 3242.93, "end": 3243.09, "word": " have", "probability": 0.9453125}, {"start": 3243.09, "end": 3243.23, "word": " a", "probability": 0.98046875}, {"start": 3243.23, "end": 3243.43, "word": " loss.", "probability": 0.85205078125}, {"start": 3243.77, "end": 3243.97, "word": " Number", "probability": 0.8779296875}, {"start": 3243.97, "end": 3244.33, "word": " two,", "probability": 0.796875}, {"start": 3245.77, "end": 3246.05, "word": " the", "probability": 0.884765625}, {"start": 3246.05, "end": 3246.57, "word": " shutdown", "probability": 0.80029296875}, {"start": 3246.57, "end": 3247.75, "word": " point.", "probability": 0.97509765625}, {"start": 3249.07, "end": 3249.95, "word": " Shutdown", "probability": 0.69091796875}, {"start": 3249.95, "end": 3250.39, "word": " point.", "probability": 0.966796875}, {"start": 3250.95, "end": 3251.83, "word": " If", "probability": 0.66845703125}, {"start": 3251.83, "end": 3252.07, "word": " the", "probability": 0.90185546875}, {"start": 3252.07, "end": 3252.35, "word": " total", "probability": 0.8974609375}, {"start": 3252.35, "end": 3252.75, "word": " revenue", "probability": 0.869140625}, {"start": 3252.75, "end": 3254.05, "word": " equals", "probability": 0.94189453125}, {"start": 3254.05, "end": 3254.91, "word": " total", "probability": 0.87841796875}, {"start": 3254.91, "end": 3255.43, "word": " variable", "probability": 0.93212890625}, {"start": 3255.43, "end": 3255.95, "word": " cost,", "probability": 0.92236328125}, {"start": 3256.95, "end": 3257.23, "word": " if", "probability": 0.94873046875}, {"start": 3257.23, "end": 3257.83, "word": " total", "probability": 0.70556640625}, {"start": 3257.83, "end": 3258.15, "word": " revenue", "probability": 0.86376953125}, {"start": 3258.15, "end": 3258.55, "word": " equals", "probability": 0.94580078125}, {"start": 3258.55, "end": 3259.15, "word": " TVC,", "probability": 0.6947021484375}, {"start": 3260.27, "end": 3261.63, "word": " we", "probability": 0.95751953125}, {"start": 3261.63, "end": 3261.83, "word": " have", "probability": 0.95068359375}, {"start": 3261.83, "end": 3261.95, "word": " a", "probability": 0.92041015625}, {"start": 3261.95, "end": 3262.45, "word": " confusion.", "probability": 0.97705078125}], "temperature": 1.0}, {"id": 113, "seek": 330048, "start": 3271.54, "end": 3300.48, "text": " We said it worked at 150 and covered it with gasoline. But it's not like that. This is called the shutdown point. This is the shutdown point. What about the price and the AVC? If the price P times Q equals AVC times Q, Q with a Q. If the price equals AVC, here we have a shutdown point.", "tokens": [492, 848, 309, 2732, 412, 8451, 293, 5343, 309, 365, 28914, 13, 583, 309, 311, 406, 411, 300, 13, 639, 307, 1219, 264, 34927, 935, 13, 639, 307, 264, 34927, 935, 13, 708, 466, 264, 3218, 293, 264, 30198, 34, 30, 759, 264, 3218, 430, 1413, 1249, 6915, 30198, 34, 1413, 1249, 11, 1249, 365, 257, 1249, 13, 759, 264, 3218, 6915, 30198, 34, 11, 510, 321, 362, 257, 34927, 935, 13], "avg_logprob": -0.32213186237910024, "compression_ratio": 1.698224852071006, "no_speech_prob": 0.0, "words": [{"start": 3271.54, "end": 3271.72, "word": " We", "probability": 0.44580078125}, {"start": 3271.72, "end": 3271.86, "word": " said", "probability": 0.57373046875}, {"start": 3271.86, "end": 3272.1, "word": " it", "probability": 0.1956787109375}, {"start": 3272.1, "end": 3272.26, "word": " worked", "probability": 0.304443359375}, {"start": 3272.26, "end": 3272.46, "word": " at", "probability": 0.5859375}, {"start": 3272.46, "end": 3273.02, 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Keep working. The last case. When total revenue is less than TVC. Number three.", "tokens": [13634, 573, 13, 5527, 1364, 13, 440, 1036, 1389, 13, 1133, 3217, 9324, 307, 1570, 813, 3558, 34, 13, 5118, 1045, 13], "avg_logprob": -0.34646738871284155, "compression_ratio": 1.035294117647059, "no_speech_prob": 0.0, "words": [{"start": 3308.13971875, "end": 3308.98, "word": " Advice.", "probability": 0.6741943359375}, {"start": 3310.7, "end": 3311.46, "word": " Keep", "probability": 0.365478515625}, {"start": 3311.46, "end": 3311.96, "word": " working.", "probability": 0.90771484375}, {"start": 3312.94, "end": 3314.34, "word": " The", "probability": 0.4873046875}, {"start": 3314.34, "end": 3317.86, "word": " last", "probability": 0.85888671875}, {"start": 3317.86, "end": 3320.72, "word": " case.", "probability": 0.91552734375}, {"start": 3323.4, "end": 3323.88, "word": " When", "probability": 0.88623046875}, {"start": 3323.88, "end": 3324.64, "word": " total", "probability": 0.82958984375}, {"start": 3324.64, "end": 3325.16, "word": " revenue", "probability": 0.8955078125}, {"start": 3325.16, "end": 3325.86, "word": " is", "probability": 0.9501953125}, {"start": 3325.86, "end": 3326.6, "word": " less", "probability": 0.95556640625}, {"start": 3326.6, "end": 3327.16, "word": " than", "probability": 0.94970703125}, {"start": 3327.16, "end": 3328.1, "word": " TVC.", "probability": 0.7359619140625}, {"start": 3331.14, "end": 3332.54, "word": " Number", "probability": 0.347412109375}, {"start": 3332.54, "end": 3332.54, "word": " three.", "probability": 0.8017578125}], "temperature": 1.0}, {"id": 115, "seek": 335582, "start": 3336.42, "end": 3355.82, "text": " If total revenue is less than TVC. So here we have to close down.", "tokens": [759, 3217, 9324, 307, 1570, 813, 3558, 34, 13, 407, 510, 321, 362, 281, 1998, 760, 13], "avg_logprob": -0.2649739682674408, "compression_ratio": 0.9428571428571428, "no_speech_prob": 1.7881393432617188e-07, "words": [{"start": 3336.42, "end": 3336.82, "word": " If", "probability": 0.489013671875}, {"start": 3336.82, "end": 3337.76, "word": " total", "probability": 0.77783203125}, {"start": 3337.76, "end": 3338.2, "word": " revenue", "probability": 0.88623046875}, {"start": 3338.2, "end": 3338.78, "word": " is", "probability": 0.953125}, {"start": 3338.78, "end": 3339.08, "word": " less", "probability": 0.94921875}, {"start": 3339.08, "end": 3339.46, "word": " than", "probability": 0.95068359375}, {"start": 3339.46, "end": 3340.44, "word": " TVC.", "probability": 0.738037109375}, {"start": 3346.48, "end": 3346.5, "word": " So", "probability": 0.251953125}, {"start": 3346.5, "end": 3353.56, "word": " here", "probability": 0.58740234375}, {"start": 3353.56, "end": 3354.72, "word": " we", "probability": 0.8447265625}, {"start": 3354.72, "end": 3355.0, "word": " have", "probability": 0.93212890625}, {"start": 3355.0, "end": 3355.16, "word": " to", "probability": 0.9599609375}, {"start": 3355.16, "end": 3355.46, "word": " close", "probability": 0.8310546875}, {"start": 3355.46, "end": 3355.82, "word": " down.", "probability": 0.85205078125}], "temperature": 1.0}, {"id": 116, "seek": 338113, "start": 3360.81, "end": 3381.13, "text": "Closing down is better than working. Right? Okay. So here it is like this. Total revenue price times Q is less than AVC times Q. Q with a Q. If the price is less than AVC, my advice is to close down. Right? 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Today, inshallah, we are going to complete + +2 +00:00:23,660 --> 00:00:27,320 +our talk about the production theory. In the last + +3 +00:00:27,320 --> 00:00:30,300 +class, we said that, or we studied the total + +4 +00:00:30,300 --> 00:00:32,780 +production of labor, average production of labor, + +5 +00:00:32,940 --> 00:00:35,460 +and the marginal production of labor. And we had + +6 +00:00:35,460 --> 00:00:38,860 +an example. And we said that the marginal + +7 +00:00:38,860 --> 00:00:42,700 +production of labor, MPL, equals the change in + +8 +00:00:42,700 --> 00:00:45,820 +total production over the change of number of + +9 +00:00:45,820 --> 00:00:49,260 +workers, or the change in quantity produced over + +10 +00:00:49,260 --> 00:00:54,800 +the change in number of workers. And the average + +11 +00:00:54,800 --> 00:01:00,660 +production labor, APL, equals total production + +12 +00:01:00,660 --> 00:01:06,860 +labor in our workers, or the quantity produced + +13 +00:01:06,860 --> 00:01:08,820 +over L. + +14 +00:01:11,300 --> 00:01:17,340 +All right? And we have the following graph, which + +15 +00:01:17,340 --> 00:01:23,620 +has been derived from the data. the previous data, + +16 +00:01:23,980 --> 00:01:25,440 +the lost schedule. + +17 +00:01:28,560 --> 00:01:34,460 +Here is the total production of labor, and here is + +18 +00:01:34,460 --> 00:01:36,660 +the marginal production of labor. + +19 +00:01:42,460 --> 00:01:49,100 +MPL, here is the zero, the horizontal axis. In the + +20 +00:01:49,100 --> 00:01:51,520 +horizontal axis, we have the number of workers + +21 +00:01:51,520 --> 00:01:51,800 +here, + +22 +00:01:54,650 --> 00:01:59,490 +And here on the vertical axis, we have the total + +23 +00:01:59,490 --> 00:02:09,170 +production labor, APL, and MPL. All right. Also, + +24 +00:02:09,290 --> 00:02:17,730 +we have the average production labor, which has or + +25 +00:02:17,730 --> 00:02:21,010 +increases and then goes down. + +26 +00:02:39,820 --> 00:02:41,720 +Average production of labor. + +27 +00:02:48,860 --> 00:02:54,580 +We had three stages as well. It's quite similar to + +28 +00:02:54,580 --> 00:02:57,300 +the marginal utility theory when we studied the + +29 +00:02:57,300 --> 00:02:59,780 +relationship between the total utility and + +30 +00:02:59,780 --> 00:03:03,300 +marginal utility. Here we have the first stage. + +31 +00:03:09,390 --> 00:03:13,090 +The first stage, the second, and the third stage + +32 +00:03:13,090 --> 00:03:19,110 +here. Do you remember the data? Data that we took + +33 +00:03:19,110 --> 00:03:26,270 +from the table, the last table. Is there + +34 +00:03:26,270 --> 00:03:30,970 +a need to write the last table? Okay. So, in the + +35 +00:03:30,970 --> 00:03:34,870 +first stage here, let's study the relationship + +36 +00:03:34,870 --> 00:03:39,400 +between three total production labor and the + +37 +00:03:39,400 --> 00:03:42,560 +marginal production labor. So let's analyze the + +38 +00:03:42,560 --> 00:03:47,840 +graph here. Number one, we are going to study the + +39 +00:03:47,840 --> 00:03:50,120 +relationship between the total production labor + +40 +00:03:50,120 --> 00:03:55,520 +and the marginal production labor. And the first + +41 +00:03:55,520 --> 00:03:56,340 +stage here, + +42 +00:03:59,640 --> 00:04:05,740 +as the total production labor is increasing at an + +43 +00:04:05,740 --> 00:04:10,030 +increasing rate, The total production labor is + +44 +00:04:10,030 --> 00:04:15,430 +increasing at an increasing rate. What do I see? + +45 +00:04:15,790 --> 00:04:19,710 +The marginal production labor is increasing. MPL + +46 +00:04:19,710 --> 00:04:26,810 +is increasing and positive. So here, number one, + +47 +00:04:27,310 --> 00:04:31,850 +when the total production labor is increasing at + +48 +00:04:31,850 --> 00:04:35,990 +an increasing rate, + +49 +00:04:38,860 --> 00:04:42,180 +The marginal production of labor is increasing in + +50 +00:04:42,180 --> 00:04:46,100 +positive in the second stage. + +51 +00:04:49,420 --> 00:04:59,220 +Here from A to B, to C, and then to D. From B to + +52 +00:04:59,220 --> 00:04:59,620 +C, + +53 +00:05:03,220 --> 00:05:09,270 +the total production of labor is increasing but by + +54 +00:05:09,270 --> 00:05:11,730 +or in a decreasing rate. + +55 +00:05:16,130 --> 00:05:21,350 +So in the second stage, here in the first stage, + +56 +00:05:21,810 --> 00:05:29,090 +the first stage from A to B, when the total + +57 +00:05:29,090 --> 00:05:31,390 +production labor is increasing at an increasing + +58 +00:05:31,390 --> 00:05:34,010 +rate, the marginal production labor is increasing + +59 +00:05:34,010 --> 00:05:37,850 +at positive. In the second stage, + +60 +00:05:42,510 --> 00:05:44,710 +from B to C. + +61 +00:05:48,790 --> 00:05:52,390 +What do we see? The total production labor is + +62 +00:05:52,390 --> 00:05:56,390 +increasing at a decreasing rate. What do we see? + +63 +00:05:56,830 --> 00:05:59,290 +The marginal production labor is decreasing, but + +64 +00:05:59,290 --> 00:06:05,890 +still positive. Right? So, The second stage, from + +65 +00:06:05,890 --> 00:06:10,230 +B to C, the total production of labor is + +66 +00:06:10,230 --> 00:06:14,850 +increasing at a decreasing rate. This is total + +67 +00:06:14,850 --> 00:06:17,430 +production of labor. What do you see? The marginal + +68 +00:06:17,430 --> 00:06:19,410 +production of labor is decreasing, but still + +69 +00:06:19,410 --> 00:06:24,050 +positive. So the total production of labor is + +70 +00:06:24,050 --> 00:06:29,470 +increasing at a decreasing rate. Hence, the + +71 +00:06:29,470 --> 00:06:34,110 +marginal production of labor is decreasing. MPL is + +72 +00:06:34,110 --> 00:06:36,010 +decreasing, but still positive. + +73 +00:06:41,970 --> 00:06:48,350 +Sorry? MPL increasing at a decreasing rate. + +74 +00:06:52,090 --> 00:06:55,910 +Okay? It's quite similar to the marginal utility + +75 +00:06:55,910 --> 00:06:58,580 +and total utility. All right? + +76 +00:07:01,480 --> 00:07:04,800 +Here, when the total production labor reached the + +77 +00:07:04,800 --> 00:07:09,380 +peak, at the peak of total production labor, the + +78 +00:07:09,380 --> 00:07:13,760 +marginal production labor reached zero here. At + +79 +00:07:13,760 --> 00:07:18,220 +the worker number, how much? Marginal production + +80 +00:07:18,220 --> 00:07:22,260 +labor or total production labor reached the peak, + +81 +00:07:22,400 --> 00:07:27,220 +where? And MPL equals zero. Where is it? At the + +82 +00:07:27,220 --> 00:07:34,240 +worker number eight. Number three, + +83 +00:07:34,720 --> 00:07:44,500 +when TPL reached the peak or + +84 +00:07:44,500 --> 00:07:51,180 +is maximized, MPL equals zero. + +85 +00:07:53,920 --> 00:08:00,200 +When? The last stage here. from C to D. When the + +86 +00:08:00,200 --> 00:08:06,620 +total production is decreasing, MPL decreasing and + +87 +00:08:06,620 --> 00:08:15,080 +negative. So number four, when TPL is decreasing, + +88 +00:08:16,460 --> 00:08:24,130 +MPL is decreasing and negative. Now, We have, + +89 +00:08:24,850 --> 00:08:27,450 +yeah, it's quite similar to the relationship + +90 +00:08:27,450 --> 00:08:30,870 +between the marginal utility and total utility. So + +91 +00:08:30,870 --> 00:08:34,290 +the students who understood the last chapter or + +92 +00:08:34,290 --> 00:08:37,350 +the chapter before, chapter four, will understand + +93 +00:08:37,350 --> 00:08:40,510 +the chapter five easily, without any problems, + +94 +00:08:41,350 --> 00:08:45,030 +right? Now, let's study the relationship between + +95 +00:08:45,030 --> 00:08:50,130 +average production labor and MPL. What do you see? + +96 +00:08:50,310 --> 00:08:56,250 +Oh, sorry, ABL and MPL. Here is, this is the + +97 +00:08:56,250 --> 00:09:02,210 +average production labor, APL, and MPL. Where is + +98 +00:09:02,210 --> 00:09:10,970 +the cross between APL and MPL? At the highest + +99 +00:09:10,970 --> 00:09:18,610 +value of APL, at the peak of APL. So APL, + +100 +00:09:20,770 --> 00:09:24,870 +crosses the marginal production labor at the peak + +101 +00:09:24,870 --> 00:09:35,910 +or the highest value of APL. So APL equals + +102 +00:09:35,910 --> 00:09:42,250 +MPL + +103 +00:09:42,250 --> 00:09:47,130 +at the highest value of APL. + +104 +00:09:52,410 --> 00:09:58,010 +When MPL equals APL? At 60. At 60. In the table + +105 +00:09:58,010 --> 00:10:03,890 +that we took before. Correct? APL equals MPL at Q + +106 +00:10:03,890 --> 00:10:07,110 +equals at number labor number how many? Three. + +107 +00:10:07,470 --> 00:10:14,810 +Three. Okay. So, APL crosses MPL or equals MPL at + +108 +00:10:14,810 --> 00:10:17,630 +the highest value + +109 +00:10:22,400 --> 00:10:25,060 +Of which? APL. + +110 +00:10:27,340 --> 00:10:34,500 +What else? + +111 +00:10:36,420 --> 00:10:44,640 +APL is decreasing, but it's still positive and + +112 +00:10:44,640 --> 00:10:48,700 +never reach to negative. + +113 +00:10:53,740 --> 00:10:57,380 +It never reaches zero. + +114 +00:11:00,180 --> 00:11:07,400 +Because APL never + +115 +00:11:07,400 --> 00:11:14,140 +reaches negative. + +116 +00:11:18,260 --> 00:11:25,130 +Never becomes less than. Yes, it's possible. When + +117 +00:11:25,130 --> 00:11:28,390 +the total production of labor becomes zero, + +118 +00:11:31,910 --> 00:11:37,930 +APL will be zero. Right? The factory is closed. + +119 +00:11:38,070 --> 00:11:44,010 +Correct. So here, APL never reaches the negative + +120 +00:11:44,010 --> 00:11:52,030 +or never becomes less than zero. + +121 +00:11:53,740 --> 00:11:58,620 +In some books, it says never reach to zero. All + +122 +00:11:58,620 --> 00:12:04,660 +right? Now, APL. Hi, you. It keeps going down. APL + +123 +00:12:04,660 --> 00:12:09,900 +equals what? How much? APL equals total production + +124 +00:12:09,900 --> 00:12:15,040 +labor over N. When does this become zero? If we + +125 +00:12:15,040 --> 00:12:18,200 +produced all the workers and employed them and did + +126 +00:12:18,200 --> 00:12:18,700 +not produce anything. + +127 +00:12:24,150 --> 00:12:30,990 +If the total output equals zero, in this case, + +128 +00:12:31,210 --> 00:12:35,190 +average production of labor will be zero. Then + +129 +00:12:35,190 --> 00:12:46,370 +here, APL will be equal to zero if TPL + +130 +00:12:46,370 --> 00:12:47,330 +equals zero. + +131 +00:12:52,410 --> 00:12:54,450 +Let's go to something else. + +132 +00:12:57,270 --> 00:13:01,550 +So sometimes we can ask you, + +133 +00:13:04,250 --> 00:13:07,490 +study or explain the relationship between total + +134 +00:13:07,490 --> 00:13:12,570 +production labor, APL and MPL using graph. + +135 +00:13:17,530 --> 00:13:19,610 +Let's go to something else. + +136 +00:13:29,950 --> 00:13:31,330 +We have the following data. + +137 +00:13:43,290 --> 00:13:47,150 +L, TPL, + +138 +00:13:52,690 --> 00:13:53,390 +APL, + +139 +00:13:55,730 --> 00:13:56,810 +and MPL. + +140 +00:14:00,020 --> 00:14:22,000 +From 0 to 6, 0, 1, 2, 3, 4, 5, and 6, TPL, 0, 75 + +141 +00:14:22,000 --> 00:14:25,160 +to + +142 +00:14:25,160 --> 00:14:28,420 +380. + +143 +00:14:34,500 --> 00:14:42,040 +APL 100, 75, + +144 +00:14:44,680 --> 00:14:54,560 +NPL 100, 100, 50. + +145 +00:14:56,100 --> 00:14:58,140 +That's it. Complete the table. + +146 +00:15:01,140 --> 00:15:01,760 +Oh my God. + +147 +00:15:12,900 --> 00:15:17,860 +Let's complete the table here. Average production + +148 +00:15:17,860 --> 00:15:23,300 +labor or APL equals total production labor over L. + +149 +00:15:27,450 --> 00:15:30,550 +APL, zero. Because when total production labor + +150 +00:15:30,550 --> 00:15:32,950 +equals zero, APL equals zero. + +151 +00:15:38,670 --> 00:15:46,270 +Seventy-five over one, seventy-five. Here, seventy + +152 +00:15:46,270 --> 00:15:50,570 +-five minus zero over one minus zero, seventy + +153 +00:15:50,570 --> 00:15:51,030 +-five. + +154 +00:15:54,670 --> 00:15:59,370 +Here, APL is given. And there is given or given + +155 +00:15:59,370 --> 00:16:05,750 +data. We have to use the given data to complete + +156 +00:16:05,750 --> 00:16:10,430 +the table. Here, average production labor equals + +157 +00:16:10,430 --> 00:16:13,410 +100. 100 over 250. + +158 +00:16:15,490 --> 00:16:19,950 +Sorry, multiplied. Yes, but because here APL times + +159 +00:16:19,950 --> 00:16:23,150 +L equals total production labor. So here should be + +160 +00:16:23,150 --> 00:16:23,750 +200. + +161 +00:16:48,610 --> 00:16:52,790 +What else? Here, total production labor over L, + +162 +00:16:53,010 --> 00:16:57,750 +how much is it? 380 over 4. How much is it? How + +163 +00:16:57,750 --> 00:17:01,870 +much is the average production labor here? Sorry? + +164 +00:17:04,190 --> 00:17:10,490 +95. Okay. What else? We can benefit from this + +165 +00:17:10,490 --> 00:17:18,470 +point here. Multiplied by? 75 times 6. How much is + +166 +00:17:18,470 --> 00:17:18,550 +it? + +167 +00:17:21,770 --> 00:17:30,190 +What else? What else here? 200 minus 75 over 2 + +168 +00:17:30,190 --> 00:17:33,430 +minus 1 will give us the marginal production of + +169 +00:17:33,430 --> 00:17:33,850 +labor here. + +170 +00:17:38,350 --> 00:17:45,850 +200 minus + +171 +00:17:45,850 --> 00:17:49,450 +75 over 2 minus 1 will give us the marginal + +172 +00:17:49,450 --> 00:17:50,530 +production of labor here. + +173 +00:17:53,410 --> 00:17:54,040 +25. + +174 +00:17:59,100 --> 00:18:00,360 +Sorry. + +175 +00:18:07,720 --> 00:18:16,440 +300 over + +176 +00:18:16,440 --> 00:18:25,050 +L, 100. What else here? This is given like this. I + +177 +00:18:25,050 --> 00:18:31,330 +get 380 minus 300 over 4 is 380. + +178 +00:18:33,550 --> 00:18:37,230 +Right? Correct? What is the minus of this? It + +179 +00:18:37,230 --> 00:18:39,670 +gives me 5. Where did we go? Ah, 50. + +180 +00:18:42,910 --> 00:18:49,570 +430. Right? Minus 380 over 5 minus 4 will give us + +181 +00:18:49,570 --> 00:18:59,660 +50. 430 minus will give us 50. Here, TPL over 5. + +182 +00:19:01,100 --> 00:19:11,020 +How much? 86. What else here? 450 minus 430 over, + +183 +00:19:11,220 --> 00:19:17,920 +add minus 7, 20. Draw the graph and explain the + +184 +00:19:17,920 --> 00:19:19,840 +relationship between total production labor + +185 +00:19:19,840 --> 00:19:26,320 +marginal and you know here. Taman? Hai suwan. + +186 +00:19:27,180 --> 00:19:29,900 +Taib, let's go to something else. In chapter four, + +187 +00:19:30,680 --> 00:19:36,800 +we studied the indifference curve theory. And we + +188 +00:19:36,800 --> 00:19:42,300 +said that the consumer equilibrium occurs when the + +189 +00:19:43,460 --> 00:19:50,120 +Indifference curve changes the budget line. Here + +190 +00:19:50,120 --> 00:19:53,900 +we were talking about the consumer, the rational + +191 +00:19:53,900 --> 00:19:59,960 +consumer should consume at the point at which the + +192 +00:19:59,960 --> 00:20:03,820 +indifference curve changes the budget line, right? + +193 +00:20:05,060 --> 00:20:12,710 +For the consumer, The producer has an indifference + +194 +00:20:12,710 --> 00:20:19,130 +curve and a budget line. But we'll call it here + +195 +00:20:19,130 --> 00:20:27,410 +the ISO coastline, ISO means equal coastline and + +196 +00:20:27,410 --> 00:20:31,680 +ISO quant curve. But before that, let's go to + +197 +00:20:31,680 --> 00:20:37,220 +understand the analysis of rational producer + +198 +00:20:37,220 --> 00:20:42,500 +behavior. Right? So let's go to the producer + +199 +00:20:42,500 --> 00:20:47,300 +behavior. How can the producer maximizes his + +200 +00:20:47,300 --> 00:20:53,940 +production under the limited cost or the limited + +201 +00 + +223 +00:23:40,610 --> 00:23:44,990 +production will give the producer the same + +224 +00:23:44,990 --> 00:23:51,150 +outputs. All right? Which means it's quite similar + +225 +00:23:51,150 --> 00:23:54,230 +to the consumer behavior when he consumed + +226 +00:23:54,230 --> 00:23:58,790 +different bundles of goods, which gave him the + +227 +00:23:58,790 --> 00:24:02,370 +same total utility. Here, we're talking about a + +228 +00:24:02,370 --> 00:24:05,910 +producer that can use different bundles, different + +229 +00:24:05,910 --> 00:24:09,270 +groups of factories, production, labor, and + +230 +00:24:09,270 --> 00:24:11,870 +machines to produce the same output, the same + +231 +00:24:11,870 --> 00:24:16,450 +quantities. All right? So what do you see here? + +232 +00:24:17,210 --> 00:24:20,850 +When he uses one worker and 16 machines, he can + +233 +00:24:20,850 --> 00:24:25,250 +produce 1,000, adding more two units, two workers. + +234 +00:24:26,190 --> 00:24:30,510 +The giving up is how much? Eight machines. Eight + +235 +00:24:30,510 --> 00:24:37,110 +machines. All right? Adding more two workers, the + +236 +00:24:37,110 --> 00:24:41,590 +giving up is four. Adding more two, giving up is + +237 +00:24:41,590 --> 00:24:47,830 +two. Two, what? Here we have the marginal rate of + +238 +00:24:47,830 --> 00:24:51,950 +substitution. It's called the marginal rate of + +239 +00:24:51,950 --> 00:24:53,170 +technical substitution. + +240 +00:24:55,660 --> 00:24:58,140 +which is quite similar to the marginal rate of + +241 +00:24:58,140 --> 00:25:00,800 +substitution. The marginal rate of substitution + +242 +00:25:00,800 --> 00:25:04,100 +for the consumer was change in the quantity of Y + +243 +00:25:04,100 --> 00:25:08,540 +over change in the quantity of X, right? Here, for + +244 +00:25:08,540 --> 00:25:12,780 +the producer, we have the same term, which is the + +245 +00:25:12,780 --> 00:25:17,780 +marginal rate of technical substitution. For the + +246 +00:25:17,780 --> 00:25:22,690 +consumer, Or equals a change in the quantity of + +247 +00:25:22,690 --> 00:25:25,130 +machines over change in the quantity of the + +248 +00:25:25,130 --> 00:25:34,570 +workers, L. Which means for the consumer, Y is the + +249 +00:25:34,570 --> 00:25:38,370 +machinery here for the producer, and X is the + +250 +00:25:38,370 --> 00:25:43,570 +number of workers here. All right? So to calculate + +251 +00:25:43,570 --> 00:25:46,990 +the marginal rate of technical substitution, MRTS. + +252 +00:25:48,570 --> 00:25:53,210 +For the first case, which equals eight minus 16 + +253 +00:25:53,210 --> 00:25:58,870 +over three minus one. For the first case, the + +254 +00:25:58,870 --> 00:26:02,170 +marginal rate of technical substitution, MRTS, + +255 +00:26:03,570 --> 00:26:09,170 +equals the first case is here. We're talking about + +256 +00:26:09,170 --> 00:26:10,410 +the absolute value. + +257 +00:26:13,290 --> 00:26:17,230 +QM2 minus or eight minus 16. + +258 +00:26:20,210 --> 00:26:26,730 +over three minus one in the absolute value equals + +259 +00:26:26,730 --> 00:26:32,170 +how much? Minus eight over two equals minus four, + +260 +00:26:32,310 --> 00:26:40,190 +the absolute value equals four. Then four + +261 +00:26:40,190 --> 00:26:45,990 +minus eight over five minus three, two. Two minus + +262 +00:26:45,990 --> 00:26:51,830 +one, 0.5. Obviously, the marginal rate of + +263 +00:26:51,830 --> 00:26:56,850 +technical substitution is decreasing. Yeah. I + +264 +00:26:56,850 --> 00:27:02,650 +don't know. This depends. But it is decreasing. + +265 +00:27:02,910 --> 00:27:05,270 +The normal situation, the marginal rate of + +266 +00:27:05,270 --> 00:27:08,690 +technical substitution is decreasing as much as + +267 +00:27:08,690 --> 00:27:13,370 +the labor, the number of workers increases. Right? + +268 +00:27:13,710 --> 00:27:18,700 +So let's draw the graph that shows the + +269 +00:27:18,700 --> 00:27:24,160 +indifference curve, which is the isoquant curve + +270 +00:27:24,160 --> 00:27:30,480 +for the producer. So let's go to the indifference + +271 +00:27:30,480 --> 00:27:31,600 +curve for the producer. + +272 +00:27:39,520 --> 00:27:43,160 +QM and QL. + +273 +00:27:47,820 --> 00:27:51,100 +M is Y. L is X. + +274 +00:27:54,240 --> 00:27:58,340 +The same. + +275 +00:28:09,120 --> 00:28:18,350 +Equative labor, 1, 3. 1, 2, 3, 4. 1, 2, 3. Four, + +276 +00:28:18,730 --> 00:28:29,130 +five, six, seven, eight, nine. Okay, doesn't + +277 +00:28:29,130 --> 00:28:29,470 +matter. + +278 +00:28:33,450 --> 00:28:37,210 +Two, two, four. + +279 +00:28:41,350 --> 00:28:49,680 +Two, four, six, eight, ten, twelve, Quantum + +280 +00:28:49,680 --> 00:29:02,760 +machines 2, 4, 6, 8, 10, 12, 14, 16, 18. The first + +281 +00:29:02,760 --> 00:29:06,220 +point. No. + +282 +00:29:08,560 --> 00:29:14,000 +That's right. That's right. That's right. That's + +283 +00:29:14,000 --> 00:29:14,840 +right. That's right. That's right. That's right. + +284 +00:29:27,920 --> 00:29:37,500 +Okay. At a QL equals one, how much is a QM 16? + +285 +00:29:40,180 --> 00:29:48,440 +This is point A. At three units, Three workers + +286 +00:29:48,440 --> 00:30:01,320 +machinery equals eight. Three and eight point B at + +287 +00:30:01,320 --> 00:30:02,260 +five, four. + +288 +00:30:05,800 --> 00:30:09,100 +C at seven, two. + +289 +00:30:12,840 --> 00:30:16,580 +At nine. How much? One. + +290 +00:30:19,410 --> 00:30:23,650 +D, E. If we connect these points together, we will + +291 +00:30:23,650 --> 00:30:26,710 +reach to the indifference curve for the producer, + +292 +00:30:26,950 --> 00:30:34,050 +which is the isoquant curve. I see, or the + +293 +00:30:34,050 --> 00:30:39,650 +isoquant curve. How much is the quant to produce + +294 +00:30:39,650 --> 00:30:42,810 +along this curve? Equals 1000 units. + +295 +00:30:45,300 --> 00:30:50,540 +Which means any combination, any group, any bundle + +296 +00:30:50,540 --> 00:30:55,540 +of these factors production labor machines lies + +297 +00:30:55,540 --> 00:30:59,160 +along this curve will give the producer the same + +298 +00:30:59,160 --> 00:31:05,380 +outputs. So the + +299 +00:31:05,380 --> 00:31:10,680 +isoquant curve is a graph or a line shows what? + +300 +00:31:11,100 --> 00:31:16,570 +The different combinations. of labor and machines + +301 +00:31:16,570 --> 00:31:23,670 +that give the producer the same output, right? And + +302 +00:31:23,670 --> 00:31:26,370 +they have the same characteristics of the + +303 +00:31:26,370 --> 00:31:29,350 +indifference curve, which means the rightward + +304 +00:31:29,350 --> 00:31:33,630 +shifting in the isoquant curve means that the + +305 +00:31:33,630 --> 00:31:38,720 +producer will get the larger output. The same + +306 +00:31:38,720 --> 00:31:43,480 +characteristics of indifference curve. A rightward + +307 +00:31:43,480 --> 00:31:47,300 +shifting in the indifference curve will give the + +308 +00:31:47,300 --> 00:31:54,000 +producer the larger output. A movement or full + +309 +00:31:54,000 --> 00:31:58,820 +shifting to right, a leftward shifting in the + +310 +00:31:58,820 --> 00:32:02,200 +isoquant curve means that the producer will get + +311 +00:32:02,200 --> 00:32:10,170 +less quantities, less outputs. And the second + +312 +00:32:10,170 --> 00:32:18,170 +characteristic is that the isoquant curve has a + +313 +00:32:18,170 --> 00:32:22,730 +negative slope. The same as in the France curve, + +314 +00:32:23,550 --> 00:32:27,330 +has a downward sloping. It is a downward sloping. + +315 +00:32:28,590 --> 00:32:32,310 +And the marginal rate of substitution + +316 +00:32:35,000 --> 00:32:43,980 +is the slope of IC, or isoquant curve. What change + +317 +00:32:43,980 --> 00:32:45,760 +in the quantity of Y over change in the quantity + +318 +00:32:45,760 --> 00:32:50,880 +of X. This was the slope of IC in the first curve. + +319 +00:32:51,140 --> 00:32:54,380 +And the marginal rate of technical substitution is + +320 +00:32:54,380 --> 00:33:01,460 +the slope of the isoquant curve. And the slope is + +321 +00:33:01,460 --> 00:33:03,360 +decreasing + +322 +00:33:04,500 --> 00:33:11,760 +when we move from left to right side. And we + +323 +00:33:11,760 --> 00:33:16,340 +studied also that the indifference curve never + +324 +00:33:16,340 --> 00:33:21,260 +touch or never cross because the cross will create + +325 +00:33:21,260 --> 00:33:28,440 +illogical results. So the indifference curves or + +326 +00:33:28,440 --> 00:33:33,620 +the isoquant curves will not or never touch, never + +327 +00:33:33,620 --> 00:33:39,080 +cross. Right? Yes. Since it applies to the + +328 +00:33:39,080 --> 00:33:41,980 +indifference curve, it's quite similar to the + +329 +00:33:41,980 --> 00:33:48,920 +isoquant curve. Okay? Because this is an isoquant + +330 +00:33:48,920 --> 00:33:51,840 +curve. + +331 +00:33:54,020 --> 00:33:59,120 +Iso in Latin is not an English word. Equals. Iso + +332 +00:33:59,120 --> 00:33:59,920 +means + +333 +00:34:12,520 --> 00:34:22,720 +So the main + +334 +00:34:22,720 --> 00:34:26,520 +characteristics of the isoquant curve is number + +335 +00:34:26,520 --> 00:34:32,650 +one, A movement rightward shifting in the isoquant + +336 +00:34:32,650 --> 00:34:35,310 +curve means that because the producer will get + +337 +00:34:35,310 --> 00:34:40,910 +larger output, a moving or leftward shifting. + +338 +00:34:51,250 --> 00:34:54,170 +Leftward shifting in the isoquant curve means that + +339 +00:34:54,170 --> 00:34:58,170 +the producer will get smaller or less quantities + +340 +00:34:58,170 --> 00:35:03,090 +and they never cross and downward sloping. What + +341 +00:35:03,090 --> 00:35:04,130 +else? What else? + +342 +00:35:07,770 --> 00:35:14,170 +Exactly, convex to midpoint or to the original + +343 +00:35:14,170 --> 00:35:14,770 +point here. + +344 +00:35:25,410 --> 00:35:29,610 +Convex to the original, concave outside. + +345 +00:35:32,490 --> 00:35:37,790 +Let's go to other shapes of the isoquant curve. + +346 +00:35:47,290 --> 00:35:54,850 +What's wrong with you? What? By God, look. + +347 +00:35:58,310 --> 00:36:02,510 +I'm in the end, I mean, I'm here for fun, by the + +348 +00:36:02,510 --> 00:36:05,030 +way, but I'm also not ready to give a six-hour + +349 +00:36:05,030 --> 00:36:07,530 +lecture to finish a course, or five hours, or ten + +350 +00:36:07,530 --> 00:36:12,000 +hours. Distribution is good. I mean, I know, I + +351 +00:36:12,000 --> 00:36:13,740 +appreciate that the timing is not appropriate. + +352 +00:36:14,360 --> 00:36:18,160 +Some people are lazy. I'm lazy too. But you can go + +353 +00:36:18,160 --> 00:36:21,580 +back to the video. I mean, it's easy for you to + +354 +00:36:21,580 --> 00:36:23,220 +understand. Even if you don't understand the part + +355 +00:36:23,220 --> 00:36:25,620 +here. But the nice thing is that this chapter is + +356 +00:36:25,620 --> 00:36:28,240 +like a repetition. The chapter before it. Okay? + +357 +00:36:28,580 --> 00:36:32,820 +This means this is the food in this part. Yes? + +358 +00:36:36,240 --> 00:36:40,530 +Let's take this. All right, but let me just take + +359 +00:36:40,530 --> 00:36:42,470 +these shapes that we took from where there is a + +360 +00:36:42,470 --> 00:36:44,370 +perfect substitution and where there is no + +361 +00:36:44,370 --> 00:36:47,630 +substitution between these. Right? All right. + +362 +00:37:07,010 --> 00:37:09,590 +The general shape of the indifference curve or the + +363 +00:37:09,590 --> 00:37:14,130 +isoquant curve is like this here. + +364 +00:37:17,090 --> 00:37:23,190 +Convex to the original point. Q equals, + +365 +00:37:23,950 --> 00:37:31,210 +let us assume 500 units. Quantity of L and the + +366 +00:37:31,210 --> 00:37:33,450 +quantity of M. Keep silent please. + +367 +00:37:36,240 --> 00:37:38,720 +We have different shapes for the indifference + +368 +00:37:38,720 --> 00:37:45,300 +curve, or the isoquant curve. It might be a + +369 +00:37:45,300 --> 00:37:50,300 +straight line, which means there is a perfect + +370 +00:37:50,300 --> 00:37:52,580 +substitution between labor and machines. + +371 +00:37:56,980 --> 00:37:57,180 +Maybe, + +372 +00:38:00,380 --> 00:38:05,120 +yes. We have an example, coffee vending machine + +373 +00:38:05,120 --> 00:38:05,540 +here. + +374 +00:38:08,650 --> 00:38:11,330 +The coffee vending machine. Harvesting machine. + +375 +00:38:13,790 --> 00:38:14,330 +Right. + +376 +00:38:18,150 --> 00:38:20,270 +The coffee vending machine downstairs where you + +377 +00:38:20,270 --> 00:38:23,910 +drink tea and coffee every day. If I told you to + +378 +00:38:23,910 --> 00:38:25,990 +go make tea and coffee, the machine will solve + +379 +00:38:25,990 --> 00:38:29,470 +your problem, right? Okay. So this is how in this + +380 +00:38:29,470 --> 00:38:33,210 +example, quantum labor and quantum machines. + +381 +00:38:37,070 --> 00:38:48,690 +four, one four, two, three, three and one. Here we + +382 +00:38:48,690 --> 00:38:51,670 +have a perfect substitution between labor and + +383 +00:38:51,670 --> 00:38:52,130 +machine. + +384 +00:38:55,500 --> 00:39:00,480 +If the ISO, a quant curve here, it's not a budget + +385 +00:39:00,480 --> 00:39:03,820 +line. You're talking about ISO quant curve, which + +386 +00:39:03,820 --> 00:39:05,860 +is a straight line. There's a perfect + +387 +00:39:05,860 --> 00:39:13,320 +substitution, perfect substitution between + +388 +00:39:13,320 --> 00:39:16,340 +labor + +389 +00:39:16,340 --> 00:39:20,960 +and machines. Like the coffee vending machine. + +390 +00:39:33,770 --> 00:39:35,390 +or wheat harvesting machine. + +391 +00:39:40,150 --> 00:39:46,010 +Sometimes we can say or we can see that the + +392 +00:39:46,010 --> 00:39:52,270 +isoquant curve is like L. + +393 +00:40:00,030 --> 00:40:04,780 +The same, identical here. Quantum L and Quantum M. + +394 +00:40:10,300 --> 00:40:11,940 +One, one. + +395 +00:40:17,080 --> 00:40:21,280 +Here, labor and machines are complements, which + +396 +00:40:21,280 --> 00:40:32,020 +means one car needs one driver and + +397 +00:40:35,300 --> 00:40:51,360 +two cars needs two drivers, two breakers. Two or + +398 +00:40:51,360 --> 00:40:58,380 +one car doesn't need two drivers. No substitution + +399 +00:40:58,380 --> 00:41:00,360 +here. They are complements. + +400 +00:41:05,620 --> 00:41:09,380 +Let's go to something else. + +401 +00:41:12,280 --> 00:41:17,200 +Okay. In this case, the marginal rate of technical + +402 +00:41:17,200 --> 00:41:22,020 +substitution between labor for machines equals + +403 +00:41:22,020 --> 00:41:22,400 +zero. + +404 +00:41:28,960 --> 00:41:33,460 +Equals one. One hundred percent. + +405 +00:41:37,300 --> 00:41:43,380 +Or fixed. Sometimes it can be two or three, but + +406 +00:41:43,380 --> 00:41:49,380 +it's fixed. It depends on the slope because the + +407 +00:41:49,380 --> 00:41:53,220 +margin rate of technical substitution is the slope + +408 +00:41:53,220 --> 00:41:59,320 +here of isoquant curve. It means that if the + +409 +00:41:59,320 --> 00:42:06,330 +isoquant curve is like this, 20 and 10. How much + +410 +00:42:06,330 --> 00:42:08,070 +is the marginal rate of technical substitution? + +411 +00:42:09,130 --> 00:42:12,830 +QL, QM. How much is the marginal rate of technical + +412 +00:42:12,830 --> 00:42:16,310 +substitution? Equals 2. Minus 2. The absolute + +413 +00:42:16,310 --> 00:42:23,010 +value equals 2. Right? Okay? Assuming the perfect + +414 +00:42:23,010 --> 00:42:27,430 +substitution, a straight line with an angle of 45 + +415 +00:42:27,430 --> 00:42:35,690 +degrees. Okay. Let's go to the budget line. but + +416 +00:42:35,690 --> 00:42:36,470 +for the producer. + +417 +00:42:42,450 --> 00:42:44,930 +Or before that, we have something else. + +418 +00:42:50,010 --> 00:42:53,630 +Break? Break for five minutes. + +419 +00: + +445 +00:44:59,840 --> 00:45:03,760 +change in quantity of L times change in quantity + +446 +00:45:03,760 --> 00:45:07,240 +of machines over change in total production. + +447 +00:45:11,080 --> 00:45:13,580 +Change in total production with a change in total + +448 +00:45:13,580 --> 00:45:17,820 +production, so marginal production of labor, over + +449 +00:45:17,820 --> 00:45:22,280 +NPM equals change in the quantity of machines over + +450 +00:45:22,280 --> 00:45:27,380 +the change in quantity of labor, which is the + +451 +00:45:27,380 --> 00:45:29,780 +marginal rate of technical substitution. + +452 +00:45:32,220 --> 00:45:35,740 +Once again, the marginal production of labor + +453 +00:45:35,740 --> 00:45:38,240 +equals change in total production over the change + +454 +00:45:38,240 --> 00:45:42,350 +of quantity of labor, or L. Right? Margin + +455 +00:45:42,350 --> 00:45:45,830 +production of machines equals change in total + +456 +00:45:45,830 --> 00:45:48,510 +production over change in machines, number of + +457 +00:45:48,510 --> 00:45:52,190 +machines. I'm going to take sigma here. See here, + +458 +00:45:52,230 --> 00:45:55,830 +had I had a, I'm going to change and multiply it + +459 +00:45:55,830 --> 00:45:59,250 +by, this here and had a marginal rate of technical + +460 +00:45:59,250 --> 00:46:01,590 +substitution, labor for machines. + +461 +00:46:06,050 --> 00:46:13,200 +Okay? Fine. Okay, let's go to something else. + +462 +00:46:22,920 --> 00:46:27,460 +Let's go to the producer budget line. The + +463 +00:46:27,460 --> 00:46:32,360 +producer, isocost line. + +464 +00:46:56,390 --> 00:47:03,810 +The producer budget line. The producer ISO cost + +465 +00:47:03,810 --> 00:47:07,030 +line. Cost. + +466 +00:47:20,450 --> 00:47:21,750 +The isocost line. + +467 +00:47:29,790 --> 00:47:34,990 +Which equals the budget line for the consumer. Had + +468 +00:47:34,990 --> 00:47:39,790 +equals the budget line for the consumer. + +469 +00:47:43,390 --> 00:47:45,690 +But it is for the producer. + +470 +00:47:48,550 --> 00:47:49,990 +Producer has + +471 +00:47:52,820 --> 00:47:56,340 +To understand the idea here, let's have the + +472 +00:47:56,340 --> 00:47:57,300 +following example. + +473 +00:47:59,800 --> 00:48:06,260 +Had equals, I'm talking about the isocost line + +474 +00:48:06,260 --> 00:48:10,340 +for the producer. It's quite similar to the budget + +475 +00:48:10,340 --> 00:48:20,020 +line for the consumer. Just matching. Okay. If a + +476 +00:48:20,020 --> 00:48:20,800 +company has + +477 +00:48:30,240 --> 00:48:41,240 +$1000 is available or available to + +478 +00:48:41,240 --> 00:48:48,560 +pay spend on + +479 +00:48:48,560 --> 00:48:54,640 +two factors of production, labor and machines. Two + +480 +00:48:54,640 --> 00:48:56,180 +factors + +481 +00:48:58,370 --> 00:48:59,330 +of production, + +482 +00:49:03,470 --> 00:49:08,550 +labor, and machines. + +483 +00:49:11,790 --> 00:49:17,270 +If a company has $1000 available to pay spent on + +484 +00:49:17,270 --> 00:49:19,350 +two factors of production, labor and machines, + +485 +00:49:23,010 --> 00:49:38,160 +if the price per unit of labor PL + +486 +00:49:38,160 --> 00:49:45,940 +equals twenty dollars and + +487 +00:49:45,940 --> 00:49:49,700 +price + +488 +00:49:49,700 --> 00:49:57,840 +per unit of machines equals + +489 +00:50:00,920 --> 00:50:01,680 +$40. + +490 +00:50:04,940 --> 00:50:13,640 +Here, L is X, M is Y. Price of X, price of Y. + +491 +00:50:16,600 --> 00:50:22,400 +The total cost is quite similar to the consumer + +492 +00:50:22,400 --> 00:50:26,520 +income, which is spent to buy different bundles of + +493 +00:50:26,520 --> 00:50:31,110 +goods. Right? Now we have the producer and this + +494 +00:50:31,110 --> 00:50:35,530 +producer tends to allocate his total cost to buy + +495 +00:50:35,530 --> 00:50:42,750 +labor and machines. If the price of L equals how + +496 +00:50:42,750 --> 00:50:47,650 +much? $20 and the price per machine equals 40. + +497 +00:50:48,990 --> 00:50:52,430 +Derive the budget line for the producer or the isocost + +498 +00:50:52,430 --> 00:50:55,870 +line here. and the budget line formula, + +499 +00:50:56,690 --> 00:51:02,350 +isocost line formula, and the draw. Okay. So + +500 +00:51:02,350 --> 00:51:12,850 +number one, derive and draw the budget line here + +501 +00:51:12,850 --> 00:51:14,690 +or the isocost line, + +502 +00:51:19,530 --> 00:51:23,570 +and the isocost line formula. + +503 +00:51:31,480 --> 00:51:34,900 +Then we will assume that the consumer, the + +504 +00:51:34,900 --> 00:51:37,580 +producer equilibrium occurs when the budget line + +505 +00:51:37,580 --> 00:51:40,500 +tangents the indifference curve or the isoquant + +506 +00:51:40,500 --> 00:51:47,700 +curve tangents the isocost line. The same as the + +507 +00:51:47,700 --> 00:51:48,220 +consumer. + +508 +00:51:51,280 --> 00:51:56,660 +To draw? Yes. Price of labor. + +509 +00:52:22,570 --> 00:52:27,730 +But you're talking about the cost of labor. It + +510 +00:52:27,730 --> 00:52:46,630 +might be the working hours a day, right? What is + +511 +00:52:46,630 --> 00:52:50,190 +the optimal combination of labor and machine + +512 +00:52:50,190 --> 00:52:53,010 +should the producer select? + +513 +00:52:55,270 --> 00:53:00,650 +So here. derive and draw the isocost line. + +514 +00:53:05,250 --> 00:53:10,170 +Where's the problem? Sometimes cost of machinery + +515 +00:53:10,170 --> 00:53:13,090 +is higher than the cost of workers. It's an + +516 +00:53:13,090 --> 00:53:19,370 +assumption here. To derive the budget line formula + +517 +00:53:19,370 --> 00:53:24,300 +or the budget line or the isocost line, The + +518 +00:53:24,300 --> 00:53:28,460 +quantity + +519 +00:53:28,460 --> 00:53:36,500 +of X equals income over the price of X. Here, we + +520 +00:53:36,500 --> 00:53:42,300 +can say that the quantity of labor equals the + +521 +00:53:42,300 --> 00:53:49,360 +total cost, which is here $1,000. which will be + +522 +00:53:49,360 --> 00:53:52,260 +spent or should be spent to buy labor and + +523 +00:53:52,260 --> 00:53:56,260 +machines. Equals total cost over the price of L. + +524 +00:53:59,260 --> 00:54:10,000 +Equals $1000 over price of L, 20, equals 50. 50 + +525 +00:54:10,000 --> 00:54:11,020 +workers. + +526 +00:54:13,450 --> 00:54:17,170 +and zero machines. Which means if the producer + +527 +00:54:17,170 --> 00:54:23,550 +tends to allocate his cost, his money, to buy only + +528 +00:54:23,550 --> 00:54:29,430 +workers, he can buy 50 workers or recruit. Recruit + +529 +00:54:29,430 --> 00:54:30,290 +means you ayin. + +530 +00:54:33,990 --> 00:54:39,770 +QM equals total cost over the price of M equals + +531 +00:54:39,770 --> 00:54:51,040 +1000. over 40 equals 25 machines. So, and zero + +532 +00:54:51,040 --> 00:54:56,940 +from workers. Let's draw the budget line or the + +533 +00:54:56,940 --> 00:55:01,280 +isocost line here. Quant of L and quant of M. + +534 +00:55:04,400 --> 00:55:16,630 +Quant of M, 25 and 50. 25. and 50. Do you remember + +535 +00:55:16,630 --> 00:55:24,970 +the budget line formula? Yeah. Qm equals or Qy + +536 +00:55:24,970 --> 00:55:31,170 +equals allocation of income here to derive the + +537 +00:55:31,170 --> 00:55:33,570 +budget line formula or the ISO cost line formula. + +538 +00:55:34,090 --> 00:55:41,410 +Total cost equals Price of L times QL plus price + +539 +00:55:41,410 --> 00:55:47,190 +of M times QM, the same as income equals the price + +540 +00:55:47,190 --> 00:55:52,490 +of X times QS plus price of Y times QY. We have to + +541 +00:55:52,490 --> 00:55:53,750 +derive QM. + +542 +00:55:57,930 --> 00:56:05,350 +So price of M QM equals total cost minus PL QL. + +543 +00:56:07,350 --> 00:56:16,010 +over pm over pm over pm so quantum machines equals + +544 +00:56:16,010 --> 00:56:22,310 +total cost over price of m equals or minus price + +545 +00:56:22,310 --> 00:56:27,310 +of l over price of m times ql the same as + +546 +00:56:29,410 --> 00:56:33,370 +The budget line formula. The QY equals income over + +547 +00:56:33,370 --> 00:56:37,650 +price of Y minus price of X over price of Y. And + +548 +00:56:37,650 --> 00:56:43,950 +this is the slope of the budget line, low ISO cost + +549 +00:56:43,950 --> 00:56:49,210 +line. And this is the intercept. This part + +550 +00:56:49,210 --> 00:56:56,370 +represents the intercept, total cost at 25. So the + +551 +00:56:56,370 --> 00:56:59,410 +budget line here or formula or the ISO cost line + +552 +00:56:59,410 --> 00:57:08,090 +formula equals QM equals total + +553 +00:57:08,090 --> 00:57:12,010 +cost over price of M, total cost how much? 1,000 + +554 +00:57:12,010 --> 00:57:20,590 +over price of M, price of machines, 40 minus price + +555 +00:57:20,590 --> 00:57:29,510 +of L over price of M. 20 over 40, QL. So QM + +556 +00:57:29,510 --> 00:57:33,330 +equals, how much is it here? Twenty-five. Twenty + +557 +00:57:33,330 --> 00:57:34,410 +-five. Twenty-five. Twenty-five. Twenty-five. + +558 +00:57:34,410 --> 00:57:36,010 +Twenty-five. Twenty-five. Twenty-five. Twenty + +559 +00:57:36,010 --> 00:57:39,150 +-five. Twenty-five. Twenty-five. Twenty-five. + +560 +00:57:39,150 --> 00:57:41,550 +Twenty-five. Twenty-five. Twenty-five. Twenty + +561 +00:57:41,550 --> 00:57:42,770 +-five. Twenty-five. Twenty-five. Twenty-five. + +562 +00:57:42,770 --> 00:57:43,490 +Twenty-five. Twenty-five. Twenty-five. Twenty + +563 +00:57:43,490 --> 00:57:43,510 +-five. Twenty-five. Twenty-five. Twenty-five. + +564 +00:57:43,510 --> 00:57:43,530 +-five. Twenty-five. Twenty-five. Twenty-five. + +565 +00:57:43,530 --> 00:57:43,550 +Twenty-five. Twenty-five. Twenty-five. Twenty + +566 +00:57:43,550 --> 00:57:45,850 +Twenty-five. Twenty-five. Twenty-five. Twenty + +567 +00:57:45,850 --> 00:57:51,030 +-five. Twenty- + +568 +00:57:53,410 --> 00:57:59,430 +This is the isocost line formula, right? Can we + +569 +00:57:59,430 --> 00:58:04,990 +derive or determine how + +570 +00:58:04,990 --> 00:58:09,150 +many machines should we have if we know the number + +571 +00:58:09,150 --> 00:58:12,250 +of workers? Let us assume that the number of + +572 +00:58:12,250 --> 00:58:17,870 +workers equals 30 workers. How many machines + +573 +00:58:17,870 --> 00:58:22,610 +should we have? This depends on or it should be + +574 +00:58:22,610 --> 00:58:29,230 +calculated by using this formula. So at a QL at if + +575 +00:58:29,230 --> 00:58:36,570 +the producer equilibrium occurs when QL equals 30. + +576 +00:58:37,010 --> 00:58:41,760 +How much is a QM? The next question, if the + +577 +00:58:41,760 --> 00:58:44,380 +producer equilibrium, where does the producer + +578 +00:58:44,380 --> 00:58:48,780 +equilibrium occur? Let's assume that there is a + +579 +00:58:48,780 --> 00:58:55,680 +tangency between the isocost line and the isoquant + +580 +00:58:55,680 --> 00:59:00,120 +curve. This is the producer equilibrium. Let us + +581 +00:59:00,120 --> 00:59:03,340 +assume that Q equals the quantity produced equals + +582 +00:59:03,340 --> 00:59:07,740 +5000 + +583 +00:59:07,740 --> 00:59:17,000 +units. If we use + +584 +00:59:17,000 --> 00:59:24,140 +50 or if we use workers only, how many workers + +585 +00:59:24,140 --> 00:59:26,120 +should we recruit? + +586 +00:59:34,900 --> 00:59:40,100 +It's an assumption. If the producer equilibrium, + +587 +00:59:40,560 --> 00:59:46,700 +the best point achieved when we use 30 workers. + +588 +00:59:46,840 --> 00:59:53,680 +It's an assumption. If the producer equilibrium + +589 +00:59:53,680 --> 00:59:57,700 +occurs when the number of workers equals 30 + +590 +00:59:57,700 --> 01:00:01,500 +workers, how many machines do we have or should we + +591 +01:00:01,500 --> 01:00:01,980 +have? + +592 +01:00:05,870 --> 01:00:18,010 +equals 25 minus half times QL, 30. So QM equals 25 + +593 +01:00:18,010 --> 01:00:27,990 +minus 15 equals 10. So in this case, we should buy + +594 +01:00:27,990 --> 01:00:35,800 +10 machines. That's it. What about the slope? If + +595 +01:00:35,800 --> 01:00:39,300 +the total cost increased, which means if we have + +596 +01:00:39,300 --> 01:00:45,120 +more money. If the total cost increased from 1000 + +597 +01:00:45,120 --> 01:00:52,380 +to 2000 and the price of M remains constant, the + +598 +01:00:52,380 --> 01:00:55,360 +budget line shifts right parallel to the previous + +599 +01:00:55,360 --> 01:01:01,180 +one, right? The question says, what will happen if + +600 +01:01:01,590 --> 01:01:06,510 +the total cost increases or we have more money to + +601 +01:01:06,510 --> 01:01:10,310 +buy different bundles or more workers and more + +602 +01:01:10,310 --> 01:01:17,170 +machines. Which means if the company has more + +603 +01:01:17,170 --> 01:01:22,110 +money, Or the total cost, the money available for + +604 +01:01:22,110 --> 01:01:28,710 +the company increased from $1,000 to $2,000. And + +605 +01:01:28,710 --> 01:01:31,370 +cetera is purpose, which means the price of M + +606 +01:01:31,370 --> 01:01:35,450 +remains constant. What will happen to the budget + +607 +01:01:35,450 --> 01:01:40,270 +line or the isocost line? Will shift right. + +608 +01:01:40,410 --> 01:01:43,510 +Exactly. So here, according to our assumption, + +609 +01:01:51,280 --> 01:01:57,780 +The company has + +610 +01:01:57,780 --> 01:01:58,620 +more money. + +611 +01:02:03,520 --> 01:02:12,860 +Exactly. The assumption. The budget line. Consumer + +612 +01:02:12,860 --> 01:02:17,980 +equilibrium. More money. + +613 +01:02:20,610 --> 01:02:24,710 +Which means that the total cost increased to $2 + +614 +01:02:24,710 --> 01:02:29,970 +,000. And the price of L remains constant at $20. + +615 +01:02:30,490 --> 01:02:33,830 +And the price of M remains constant at $40. + +616 +01:02:36,570 --> 01:02:40,550 +It drew the budget line formula or the isocost + +617 +01:02:40,550 --> 01:02:44,650 +line formula. Sorry, the isocost line. It drew + +618 +01:02:44,650 --> 01:02:48,090 +the budget line or the isocost line. Then U. + +619 +01:02:48,890 --> 01:02:52,430 +Here, we are talking about a new isocost line. + +620 +01:02:53,130 --> 01:03:08,790 +The new total + +621 +01:03:08,790 --> 01:03:11,490 +cost or a new QL + +622 +01:03:18,290 --> 01:03:27,230 +QL Nu or Nu QL. QL equals Nu total cost over Nu + +623 +01:03:27,230 --> 01:03:37,690 +price of L. QL Nu equals 2,000 over the price of + +624 +01:03:37,690 --> 01:03:44,690 +L. How much is it? $20. Equals how much? 100. And + +625 +01:03:44,690 --> 01:03:52,190 +Nu QM Nu. equals price total cost in U over the + +626 +01:03:52,190 --> 01:03:57,070 +new price of M which equals 2000 over price of M + +627 +01:03:57,070 --> 01:04:02,630 +at 40 equals how much? 50. So here the budget line + +628 +01:04:02,630 --> 01:04:06,510 +or the isocost line will shift right parallel to + +629 +01:04:06,510 --> 01:04:10,990 +the previous one. So here should be 50 and here + +630 +01:04:10,990 --> 01:04:15,310 +100. + +631 +01:04:19,230 --> 01:04:25,310 +How much is the slope, the new slope, or the new + +632 +01:04:25,310 --> 01:04:30,210 +isocost line formula? The new formula that we just + +633 +01:04:30,210 --> 01:04:35,730 +talked about, we're going to say Qm equals the + +634 +01:04:35,730 --> 01:04:42,410 +intercept, this 50, over 50 or minus 50 over 100. + +635 +01:04:43,590 --> 01:04:55,970 +Right? So 50. minus half QL. This is the new isocost + +636 +01:04:55,970 --> 01:05:00,190 +line formula. + +637 +01:05:02,430 --> 01:05:07,350 +So the change in total cost shifts + +638 +01:05:08,720 --> 01:05:11,720 +The budget line or the + +667 +01:08:02,360 --> 01:08:08,520 +This is + +668 +01:08:08,520 --> 01:08:16,760 +an expansion. Expansion path. If we connect these + +669 +01:08:16,760 --> 01:08:21,640 +points from A1 to A2 to A3 to A4, this is the + +670 +01:08:21,640 --> 01:08:38,120 +expansion path. The price + +671 +01:08:38,120 --> 01:08:47,640 +of L. Price paying it. of labor equals + +672 +01:08:47,640 --> 01:08:53,440 +$10. And the price per unit of machines or price + +673 +01:08:53,440 --> 01:09:00,800 +per machine equals + +674 +01:09:00,800 --> 01:09:06,980 +$15. And we have the following data. + +675 +01:09:25,220 --> 01:09:26,840 +Group ABCD. + +676 +01:09:55,650 --> 01:09:58,550 +Factors of production. + +677 +01:10:05,370 --> 01:10:05,990 +Two, + +678 +01:10:14,130 --> 01:10:15,750 +four, six, eight. + +679 +01:10:20,590 --> 01:10:26,530 +Well, nine. Seven, six. + +680 +01:10:43,210 --> 01:10:45,010 +Will it dry? + +681 +01:10:48,490 --> 01:10:51,070 +The isocostline + +682 +01:10:57,390 --> 01:10:58,410 +Derived and drew. + +683 +01:11:07,350 --> 01:11:08,870 +Derived and drew. + +684 +01:11:12,990 --> 01:11:24,890 +What is + +685 +01:11:24,890 --> 01:11:30,890 +the optimal group Or how many workers and + +686 +01:11:30,890 --> 01:11:42,170 +machines. How many workers and + +687 +01:11:42,170 --> 01:11:47,370 +machines should + +688 +01:11:47,370 --> 01:11:55,110 +the company buy + +689 +01:11:56,270 --> 01:12:00,290 +to minimize the cost. + +690 +01:12:05,170 --> 01:12:06,990 +Its cost. + +691 +01:12:14,830 --> 01:12:21,190 +Determine the + +692 +01:12:21,190 --> 01:12:24,010 +equilibrium, the producer equilibrium, + +693 +01:12:30,240 --> 01:12:31,100 +using graph. + +694 +01:12:58,550 --> 01:13:00,970 +Its the quantum L, quantum M. + +695 +01:13:05,490 --> 01:13:12,170 +We have three columns, right? Which one? Producer + +696 +01:13:12,170 --> 01:13:12,690 +equilibrium. + +697 +01:13:15,650 --> 01:13:19,130 +Using graph. Here we have three columns. + +698 +01:13:29,270 --> 01:13:30,330 +In this example, + +699 +01:13:33,670 --> 01:13:37,890 +the company tends + +700 +01:13:37,890 --> 01:13:40,590 +to buy workers and machines. + +701 +01:13:44,720 --> 01:13:48,280 +Under the following data here, the price period of + +702 +01:13:48,280 --> 01:13:51,880 +labor and price period of machines are given and + +703 +01:13:51,880 --> 01:13:56,540 +we have to select the optimal group that leads to + +704 +01:13:56,540 --> 01:14:01,000 +a cost minimization. What is the most minimum cost + +705 +01:14:01,000 --> 01:14:04,700 +or the best group that achieves the cost + +706 +01:14:04,700 --> 01:14:10,720 +minimization, right? This is the question here. So + +707 +01:14:10,720 --> 01:14:14,660 +we have to calculate the total cost for each group + +708 +01:14:14,660 --> 01:14:21,680 +and select the minimum. So the total cost, as we + +709 +01:14:21,680 --> 01:14:24,560 +know that the total cost equals the price of labor + +710 +01:14:24,560 --> 01:14:27,960 +times the quantity of labor plus price of machines + +711 +01:14:27,960 --> 01:14:32,400 +times the quantity of machines. So here we have + +712 +01:14:32,400 --> 01:14:35,020 +three columns, price of machines times the + +713 +01:14:35,020 --> 01:14:37,080 +quantity of machines, sorry, price of labor. + +714 +01:14:38,100 --> 01:14:42,900 +adequate labor times Q labor, price of M times QM, + +715 +01:14:43,100 --> 01:14:45,480 +and here we have to calculate the total cost here. + +716 +01:14:50,260 --> 01:14:56,980 +The price of L is given, which is $10, period. + +717 +01:15:00,020 --> 01:15:04,600 +Here at the QL equals 2, how much is the price of + +718 +01:15:04,600 --> 01:15:08,020 +L times QL? Price of L equals 10 dollars, correct? + +719 +01:15:08,520 --> 01:15:17,760 +Times the QM, sorry QL, 2. 2 times 10, 20. 4 times + +720 +01:15:17,760 --> 01:15:26,420 +10, 40. 6 times 10, 60. 8 times 10, 80. Alright? + +721 +01:15:27,180 --> 01:15:35,440 +Good. Four machines here. The price period of + +722 +01:15:35,440 --> 01:15:40,780 +machines equal 15, 15 times 12, + +723 +01:15:44,420 --> 01:15:52,920 +9, 6 times + +724 +01:15:52,920 --> 01:15:53,780 +15. + +725 +01:16:01,780 --> 01:16:07,500 +Five, the total cost for the first group. 20 plus + +726 +01:16:07,500 --> 01:16:19,040 +180, 200. 40 plus 135, 175, 165, + +727 +01:16:20,320 --> 01:16:28,260 +170. What is the group that gives us the minimum + +728 +01:16:28,260 --> 01:16:30,600 +cost? Years. + +729 +01:16:33,150 --> 01:16:40,010 +C is the best group because it already can produce + +730 +01:16:40,010 --> 01:16:43,910 +the output with a minimum cost. + +731 +01:16:47,530 --> 01:16:51,430 +So I + +732 +01:16:51,430 --> 01:16:55,090 +advise the producer to use how many workers and + +733 +01:16:55,090 --> 01:16:59,920 +how many machines. Six workers and seven machines. + +734 +01:17:00,860 --> 01:17:06,480 +This is the best combination. All right? Derive + +735 +01:17:06,480 --> 01:17:08,640 +and draw the isocost line. + +736 +01:17:12,220 --> 01:17:19,800 +QL and the QM. To calculate the amount of labor, + +737 +01:17:20,180 --> 01:17:25,020 +QL. equals total cost over the price of labor. + +738 +01:17:25,320 --> 01:17:34,120 +Total cost is 165. They had an optimal over the + +739 +01:17:34,120 --> 01:17:39,940 +price of L10 equals 16.5. + +740 +01:17:42,560 --> 01:17:50,330 +When we use labor only, To produce, to use workers + +741 +01:17:50,330 --> 01:17:57,130 +only, but we have to use 16.5 units. But if you + +742 +01:17:57,130 --> 01:18:00,990 +want to use all the machines, QM equals total cost + +743 +01:18:00,990 --> 01:18:06,670 +over the price of M equals 165 over price of M, + +744 +01:18:07,110 --> 01:18:10,630 +15. How much is it? Eleven? + +745 +01:18:17,060 --> 01:18:19,020 +Eleven, okay. + +746 +01:18:23,460 --> 01:18:23,980 +So, + +747 +01:18:29,680 --> 01:18:32,840 +eleven and 16.5. + +748 +01:18:37,120 --> 01:18:42,860 +The consumer equilibrium occurs when we recruit + +749 +01:18:44,640 --> 01:18:51,080 +Six laborers and seven machines. So six workers, + +750 +01:18:52,420 --> 01:18:58,040 +maybe here, and seven machines. So this is the + +751 +01:18:58,040 --> 01:19:03,300 +equilibrium quantity produced. Let us assume it's + +752 +01:19:03,300 --> 01:19:08,540 +an assumption, 500 units. This is the equilibrium + +753 +01:19:08,540 --> 01:19:09,240 +point here. + +754 +01:19:13,500 --> 01:19:14,220 +God bless you. + diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/XGL0npr6UhQ_postprocess.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/XGL0npr6UhQ_postprocess.srt new file mode 100644 index 0000000000000000000000000000000000000000..a7096b1cb5653a5cd1ca3ebbd1c2bcea5cebf6db --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/XGL0npr6UhQ_postprocess.srt @@ -0,0 +1,3016 @@ +1 +00:00:20,400 --> 00:00:23,660 +Okay. Today, inshallah, we are going to complete + +2 +00:00:23,660 --> 00:00:27,320 +our talk about the production theory. In the last + +3 +00:00:27,320 --> 00:00:30,300 +class, we said that, or we studied the total + +4 +00:00:30,300 --> 00:00:32,780 +production of labor, average production of labor, + +5 +00:00:32,940 --> 00:00:35,460 +and the marginal production of labor. And we had + +6 +00:00:35,460 --> 00:00:38,860 +an example. And we said that the marginal + +7 +00:00:38,860 --> 00:00:42,700 +production of labor, MPL, equals the change in + +8 +00:00:42,700 --> 00:00:45,820 +total production over the change of number of + +9 +00:00:45,820 --> 00:00:49,260 +workers, or the change in quantity produced over + +10 +00:00:49,260 --> 00:00:54,800 +the change in number of workers. And the average + +11 +00:00:54,800 --> 00:01:00,660 +production labor, APL, equals total production + +12 +00:01:00,660 --> 00:01:06,860 +labor in our workers, or the quantity produced + +13 +00:01:06,860 --> 00:01:08,820 +over L. + +14 +00:01:11,300 --> 00:01:17,340 +All right? And we have the following graph, which + +15 +00:01:17,340 --> 00:01:23,620 +has been derived from the data. the previous data, + +16 +00:01:23,980 --> 00:01:25,440 +the lost schedule. + +17 +00:01:28,560 --> 00:01:34,460 +Here is the total production of labor, and here is + +18 +00:01:34,460 --> 00:01:36,660 +the marginal production of labor. + +19 +00:01:42,460 --> 00:01:49,100 +MPL, here is the zero, the horizontal axis. In the + +20 +00:01:49,100 --> 00:01:51,520 +horizontal axis, we have the number of workers + +21 +00:01:51,520 --> 00:01:51,800 +here, + +22 +00:01:54,650 --> 00:01:59,490 +And here on the vertical axis, we have the total + +23 +00:01:59,490 --> 00:02:09,170 +production labor, APL, and MPL. All right. Also, + +24 +00:02:09,290 --> 00:02:17,730 +we have the average production labor, which has or + +25 +00:02:17,730 --> 00:02:21,010 +increases and then goes down. + +26 +00:02:39,820 --> 00:02:41,720 +Average production of labor. + +27 +00:02:48,860 --> 00:02:54,580 +We had three stages as well. It's quite similar to + +28 +00:02:54,580 --> 00:02:57,300 +the marginal utility theory when we studied the + +29 +00:02:57,300 --> 00:02:59,780 +relationship between the total utility and + +30 +00:02:59,780 --> 00:03:03,300 +marginal utility. Here we have the first stage. + +31 +00:03:09,390 --> 00:03:13,090 +The first stage, the second, and the third stage + +32 +00:03:13,090 --> 00:03:19,110 +here. Do you remember the data? Data that we took + +33 +00:03:19,110 --> 00:03:26,270 +from the table, the last table. Is there + +34 +00:03:26,270 --> 00:03:30,970 +a need to write the last table? Okay. So, in the + +35 +00:03:30,970 --> 00:03:34,870 +first stage here, let's study the relationship + +36 +00:03:34,870 --> 00:03:39,400 +between three total production labor and the + +37 +00:03:39,400 --> 00:03:42,560 +marginal production labor. So let's analyze the + +38 +00:03:42,560 --> 00:03:47,840 +graph here. Number one, we are going to study the + +39 +00:03:47,840 --> 00:03:50,120 +relationship between the total production labor + +40 +00:03:50,120 --> 00:03:55,520 +and the marginal production labor. And the first + +41 +00:03:55,520 --> 00:03:56,340 +stage here, + +42 +00:03:59,640 --> 00:04:05,740 +as the total production labor is increasing at an + +43 +00:04:05,740 --> 00:04:10,030 +increasing rate, The total production labor is + +44 +00:04:10,030 --> 00:04:15,430 +increasing at an increasing rate. What do I see? + +45 +00:04:15,790 --> 00:04:19,710 +The marginal production labor is increasing. MPL + +46 +00:04:19,710 --> 00:04:26,810 +is increasing and positive. So here, number one, + +47 +00:04:27,310 --> 00:04:31,850 +when the total production labor is increasing at + +48 +00:04:31,850 --> 00:04:35,990 +an increasing rate, + +49 +00:04:38,860 --> 00:04:42,180 +The marginal production of labor is increasing in + +50 +00:04:42,180 --> 00:04:46,100 +positive in the second stage. + +51 +00:04:49,420 --> 00:04:59,220 +Here from A to B, to C, and then to D. From B to + +52 +00:04:59,220 --> 00:04:59,620 +C, + +53 +00:05:03,220 --> 00:05:09,270 +the total production of labor is increasing but by + +54 +00:05:09,270 --> 00:05:11,730 +or in a decreasing rate. + +55 +00:05:16,130 --> 00:05:21,350 +So in the second stage, here in the first stage, + +56 +00:05:21,810 --> 00:05:29,090 +the first stage from A to B, when the total + +57 +00:05:29,090 --> 00:05:31,390 +production labor is increasing at an increasing + +58 +00:05:31,390 --> 00:05:34,010 +rate, the marginal production labor is increasing + +59 +00:05:34,010 --> 00:05:37,850 +at positive. In the second stage, + +60 +00:05:42,510 --> 00:05:44,710 +from B to C. + +61 +00:05:48,790 --> 00:05:52,390 +What do we see? The total production labor is + +62 +00:05:52,390 --> 00:05:56,390 +increasing at a decreasing rate. What do we see? + +63 +00:05:56,830 --> 00:05:59,290 +The marginal production labor is decreasing, but + +64 +00:05:59,290 --> 00:06:05,890 +still positive. Right? So, The second stage, from + +65 +00:06:05,890 --> 00:06:10,230 +B to C, the total production of labor is + +66 +00:06:10,230 --> 00:06:14,850 +increasing at a decreasing rate. This is total + +67 +00:06:14,850 --> 00:06:17,430 +production of labor. What do you see? The marginal + +68 +00:06:17,430 --> 00:06:19,410 +production of labor is decreasing, but still + +69 +00:06:19,410 --> 00:06:24,050 +positive. So the total production of labor is + +70 +00:06:24,050 --> 00:06:29,470 +increasing at a decreasing rate. Hence, the + +71 +00:06:29,470 --> 00:06:34,110 +marginal production of labor is decreasing. MPL is + +72 +00:06:34,110 --> 00:06:36,010 +decreasing, but still positive. + +73 +00:06:41,970 --> 00:06:48,350 +Sorry? MPL increasing at a decreasing rate. + +74 +00:06:52,090 --> 00:06:55,910 +Okay? It's quite similar to the marginal utility + +75 +00:06:55,910 --> 00:06:58,580 +and total utility. All right? + +76 +00:07:01,480 --> 00:07:04,800 +Here, when the total production labor reached the + +77 +00:07:04,800 --> 00:07:09,380 +peak, at the peak of total production labor, the + +78 +00:07:09,380 --> 00:07:13,760 +marginal production labor reached zero here. At + +79 +00:07:13,760 --> 00:07:18,220 +the worker number, how much? Marginal production + +80 +00:07:18,220 --> 00:07:22,260 +labor or total production labor reached the peak, + +81 +00:07:22,400 --> 00:07:27,220 +where? And MPL equals zero. Where is it? At the + +82 +00:07:27,220 --> 00:07:34,240 +worker number eight. Number three, + +83 +00:07:34,720 --> 00:07:44,500 +when TPL reached the peak or + +84 +00:07:44,500 --> 00:07:51,180 +is maximized, MPL equals zero. + +85 +00:07:53,920 --> 00:08:00,200 +When? The last stage here. from C to D. When the + +86 +00:08:00,200 --> 00:08:06,620 +total production is decreasing, MPL decreasing and + +87 +00:08:06,620 --> 00:08:15,080 +negative. So number four, when TPL is decreasing, + +88 +00:08:16,460 --> 00:08:24,130 +MPL is decreasing and negative. Now, We have, + +89 +00:08:24,850 --> 00:08:27,450 +yeah, it's quite similar to the relationship + +90 +00:08:27,450 --> 00:08:30,870 +between the marginal utility and total utility. So + +91 +00:08:30,870 --> 00:08:34,290 +the students who understood the last chapter or + +92 +00:08:34,290 --> 00:08:37,350 +the chapter before, chapter four, will understand + +93 +00:08:37,350 --> 00:08:40,510 +the chapter five easily, without any problems, + +94 +00:08:41,350 --> 00:08:45,030 +right? Now, let's study the relationship between + +95 +00:08:45,030 --> 00:08:50,130 +average production labor and MPL. What do you see? + +96 +00:08:50,310 --> 00:08:56,250 +Oh, sorry, ABL and MPL. Here is, this is the + +97 +00:08:56,250 --> 00:09:02,210 +average production labor, APL, and MPL. Where is + +98 +00:09:02,210 --> 00:09:10,970 +the cross between APL and MPL? At the highest + +99 +00:09:10,970 --> 00:09:18,610 +value of APL, at the peak of APL. So APL, + +100 +00:09:20,770 --> 00:09:24,870 +crosses the marginal production labor at the peak + +101 +00:09:24,870 --> 00:09:35,910 +or the highest value of APL. So APL equals + +102 +00:09:35,910 --> 00:09:42,250 +MPL + +103 +00:09:42,250 --> 00:09:47,130 +at the highest value of APL. + +104 +00:09:52,410 --> 00:09:58,010 +When MPL equals APL? At 60. At 60. In the table + +105 +00:09:58,010 --> 00:10:03,890 +that we took before. Correct? APL equals MPL at Q + +106 +00:10:03,890 --> 00:10:07,110 +equals at number labor number how many? Three. + +107 +00:10:07,470 --> 00:10:14,810 +Three. Okay. So, APL crosses MPL or equals MPL at + +108 +00:10:14,810 --> 00:10:17,630 +the highest value + +109 +00:10:22,400 --> 00:10:25,060 +Of which? APL. + +110 +00:10:27,340 --> 00:10:34,500 +What else? + +111 +00:10:36,420 --> 00:10:44,640 +APL is decreasing, but it's still positive and + +112 +00:10:44,640 --> 00:10:48,700 +never reach to negative. + +113 +00:10:53,740 --> 00:10:57,380 +It never reaches zero. + +114 +00:11:00,180 --> 00:11:07,400 +Because APL never + +115 +00:11:07,400 --> 00:11:14,140 +reaches negative. + +116 +00:11:18,260 --> 00:11:25,130 +Never becomes less than. Yes, it's possible. When + +117 +00:11:25,130 --> 00:11:28,390 +the total production of labor becomes zero, + +118 +00:11:31,910 --> 00:11:37,930 +APL will be zero. Right? The factory is closed. + +119 +00:11:38,070 --> 00:11:44,010 +Correct. So here, APL never reaches the negative + +120 +00:11:44,010 --> 00:11:52,030 +or never becomes less than zero. + +121 +00:11:53,740 --> 00:11:58,620 +In some books, it says never reach to zero. All + +122 +00:11:58,620 --> 00:12:04,660 +right? Now, APL. Hi, you. It keeps going down. APL + +123 +00:12:04,660 --> 00:12:09,900 +equals what? How much? APL equals total production + +124 +00:12:09,900 --> 00:12:15,040 +labor over N. When does this become zero? If we + +125 +00:12:15,040 --> 00:12:18,200 +produced all the workers and employed them and did + +126 +00:12:18,200 --> 00:12:18,700 +not produce anything. + +127 +00:12:24,150 --> 00:12:30,990 +If the total output equals zero, in this case, + +128 +00:12:31,210 --> 00:12:35,190 +average production of labor will be zero. Then + +129 +00:12:35,190 --> 00:12:46,370 +here, APL will be equal to zero if TPL + +130 +00:12:46,370 --> 00:12:47,330 +equals zero. + +131 +00:12:52,410 --> 00:12:54,450 +Let's go to something else. + +132 +00:12:57,270 --> 00:13:01,550 +So sometimes we can ask you, + +133 +00:13:04,250 --> 00:13:07,490 +study or explain the relationship between total + +134 +00:13:07,490 --> 00:13:12,570 +production labor, APL and MPL using graph. + +135 +00:13:17,530 --> 00:13:19,610 +Let's go to something else. + +136 +00:13:29,950 --> 00:13:31,330 +We have the following data. + +137 +00:13:43,290 --> 00:13:47,150 +L, TPL, + +138 +00:13:52,690 --> 00:13:53,390 +APL, + +139 +00:13:55,730 --> 00:13:56,810 +and MPL. + +140 +00:14:00,020 --> 00:14:22,000 +From 0 to 6, 0, 1, 2, 3, 4, 5, and 6, TPL, 0, 75 + +141 +00:14:22,000 --> 00:14:25,160 +to + +142 +00:14:25,160 --> 00:14:28,420 +380. + +143 +00:14:34,500 --> 00:14:42,040 +APL 100, 75, + +144 +00:14:44,680 --> 00:14:54,560 +NPL 100, 100, 50. + +145 +00:14:56,100 --> 00:14:58,140 +That's it. Complete the table. + +146 +00:15:01,140 --> 00:15:01,760 +Oh my God. + +147 +00:15:12,900 --> 00:15:17,860 +Let's complete the table here. Average production + +148 +00:15:17,860 --> 00:15:23,300 +labor or APL equals total production labor over L. + +149 +00:15:27,450 --> 00:15:30,550 +APL, zero. Because when total production labor + +150 +00:15:30,550 --> 00:15:32,950 +equals zero, APL equals zero. + +151 +00:15:38,670 --> 00:15:46,270 +Seventy-five over one, seventy-five. Here, seventy + +152 +00:15:46,270 --> 00:15:50,570 +-five minus zero over one minus zero, seventy + +153 +00:15:50,570 --> 00:15:51,030 +-five. + +154 +00:15:54,670 --> 00:15:59,370 +Here, APL is given. And there is given or given + +155 +00:15:59,370 --> 00:16:05,750 +data. We have to use the given data to complete + +156 +00:16:05,750 --> 00:16:10,430 +the table. Here, average production labor equals + +157 +00:16:10,430 --> 00:16:13,410 +100. 100 over 250. + +158 +00:16:15,490 --> 00:16:19,950 +Sorry, multiplied. Yes, but because here APL times + +159 +00:16:19,950 --> 00:16:23,150 +L equals total production labor. So here should be + +160 +00:16:23,150 --> 00:16:23,750 +200. + +161 +00:16:48,610 --> 00:16:52,790 +What else? Here, total production labor over L, + +162 +00:16:53,010 --> 00:16:57,750 +how much is it? 380 over 4. How much is it? How + +163 +00:16:57,750 --> 00:17:01,870 +much is the average production labor here? Sorry? + +164 +00:17:04,190 --> 00:17:10,490 +95. Okay. What else? We can benefit from this + +165 +00:17:10,490 --> 00:17:18,470 +point here. Multiplied by? 75 times 6. How much is + +166 +00:17:18,470 --> 00:17:18,550 +it? + +167 +00:17:21,770 --> 00:17:30,190 +What else? What else here? 200 minus 75 over 2 + +168 +00:17:30,190 --> 00:17:33,430 +minus 1 will give us the marginal production of + +169 +00:17:33,430 --> 00:17:33,850 +labor here. + +170 +00:17:38,350 --> 00:17:45,850 +200 minus + +171 +00:17:45,850 --> 00:17:49,450 +75 over 2 minus 1 will give us the marginal + +172 +00:17:49,450 --> 00:17:50,530 +production of labor here. + +173 +00:17:53,410 --> 00:17:54,040 +25. + +174 +00:17:59,100 --> 00:18:00,360 +Sorry. + +175 +00:18:07,720 --> 00:18:16,440 +300 over + +176 +00:18:16,440 --> 00:18:25,050 +L, 100. What else here? This is given like this. I + +177 +00:18:25,050 --> 00:18:31,330 +get 380 minus 300 over 4 is 380. + +178 +00:18:33,550 --> 00:18:37,230 +Right? Correct? What is the minus of this? It + +179 +00:18:37,230 --> 00:18:39,670 +gives me 5. Where did we go? Ah, 50. + +180 +00:18:42,910 --> 00:18:49,570 +430. Right? Minus 380 over 5 minus 4 will give us + +181 +00:18:49,570 --> 00:18:59,660 +50. 430 minus will give us 50. Here, TPL over 5. + +182 +00:19:01,100 --> 00:19:11,020 +How much? 86. What else here? 450 minus 430 over, + +183 +00:19:11,220 --> 00:19:17,920 +add minus 7, 20. Draw the graph and explain the + +184 +00:19:17,920 --> 00:19:19,840 +relationship between total production labor + +185 +00:19:19,840 --> 00:19:26,320 +marginal and you know here. Taman? Hai suwan. + +186 +00:19:27,180 --> 00:19:29,900 +Taib, let's go to something else. In chapter four, + +187 +00:19:30,680 --> 00:19:36,800 +we studied the indifference curve theory. And we + +188 +00:19:36,800 --> 00:19:42,300 +said that the consumer equilibrium occurs when the + +189 +00:19:43,460 --> 00:19:50,120 +Indifference curve changes the budget line. Here + +190 +00:19:50,120 --> 00:19:53,900 +we were talking about the consumer, the rational + +191 +00:19:53,900 --> 00:19:59,960 +consumer should consume at the point at which the + +192 +00:19:59,960 --> 00:20:03,820 +indifference curve changes the budget line, right? + +193 +00:20:05,060 --> 00:20:12,710 +For the consumer, The producer has an indifference + +194 +00:20:12,710 --> 00:20:19,130 +curve and a budget line. But we'll call it here + +195 +00:20:19,130 --> 00:20:27,410 +the ISO coastline, ISO means equal coastline and + +196 +00:20:27,410 --> 00:20:31,680 +ISO quant curve. But before that, let's go to + +197 +00:20:31,680 --> 00:20:37,220 +understand the analysis of rational producer + +198 +00:20:37,220 --> 00:20:42,500 +behavior. Right? So let's go to the producer + +199 +00:20:42,500 --> 00:20:47,300 +behavior. How can the producer maximizes his + +200 +00:20:47,300 --> 00:20:53,940 +production under the limited cost or the limited + +201 +00:20:53,940 --> 00:20:58,670 +budget? All right? So let's go to the producer + +202 +00:20:58,670 --> 00:21:02,670 +behavior. But before that, let's go to the + +203 +00:21:02,670 --> 00:21:06,930 +producer indifference curve or isoquant curve. + +204 +00:21:07,610 --> 00:21:11,330 +Right? So let us assume that we have or we are + +205 +00:21:11,330 --> 00:21:18,990 +talking about a producer. And this producer has + +206 +00:21:18,990 --> 00:21:25,480 +different options to produce. Different bundles or + +207 +00:21:25,480 --> 00:21:25,700 +groups? + +208 +00:21:33,060 --> 00:21:37,980 +The bundle or + +209 +00:21:37,980 --> 00:21:47,960 +a group ABCDE ABCDE + +210 +00:22:02,140 --> 00:22:06,200 +What produced equals + +211 +00:22:06,200 --> 00:22:08,660 +1000 units? + +212 +00:22:12,100 --> 00:22:15,840 +Labor and machine. + +213 +00:22:25,660 --> 00:22:27,700 +One, three, five. + +214 +00:22:32,370 --> 00:22:43,790 +seven, nine, 16, eight, four, two, one. + +215 +00:22:48,770 --> 00:22:52,950 +In this example, we are talking about a producer. + +216 +00:22:54,070 --> 00:23:00,150 +This producer can use different factors of + +217 +00:23:00,150 --> 00:23:05,490 +production labor and machines. And he tends to + +218 +00:23:05,490 --> 00:23:16,910 +produce 1,000 units. To produce 1,000 chairs, he + +219 +00:23:16,910 --> 00:23:27,830 +can use one worker and 60 machines. Or, three + +220 +00:23:27,830 --> 00:23:31,970 +workers and eight machines, or five and four, + +221 +00:23:32,250 --> 00:23:38,170 +seven and two, nine and one. So these different + +222 +00:23:38,170 --> 00:23:40,610 +bundles, these different groups of factors + +223 +00:23:40,610 --> 00:23:44,990 +production will give the producer the same + +224 +00:23:44,990 --> 00:23:51,150 +outputs. All right? Which means it's quite similar + +225 +00:23:51,150 --> 00:23:54,230 +to the consumer behavior when he consumed + +226 +00:23:54,230 --> 00:23:58,790 +different bundles of goods, which gave him the + +227 +00:23:58,790 --> 00:24:02,370 +same total utility. Here, we're talking about a + +228 +00:24:02,370 --> 00:24:05,910 +producer that can use different bundles, different + +229 +00:24:05,910 --> 00:24:09,270 +groups of factories, production, labor, and + +230 +00:24:09,270 --> 00:24:11,870 +machines to produce the same output, the same + +231 +00:24:11,870 --> 00:24:16,450 +quantities. All right? So what do you see here? + +232 +00:24:17,210 --> 00:24:20,850 +When he use one worker and 16 machines, he can + +233 +00:24:20,850 --> 00:24:25,250 +produce 1,000, adding more two units, two workers. + +234 +00:24:26,190 --> 00:24:30,510 +The giving up is how much? Eight machines. Eight + +235 +00:24:30,510 --> 00:24:37,110 +machines. All right? Adding more two workers, the + +236 +00:24:37,110 --> 00:24:41,590 +giving up is four. Adding more two, giving up is + +237 +00:24:41,590 --> 00:24:47,830 +two. Two, what? Here we have the marginal rate of + +238 +00:24:47,830 --> 00:24:51,950 +substitution. It's called the marginal rate of + +239 +00:24:51,950 --> 00:24:53,170 +technical substitution. + +240 +00:24:55,660 --> 00:24:58,140 +which is quite similar to the marginal rate of + +241 +00:24:58,140 --> 00:25:00,800 +substitution. The marginal rate of substitution + +242 +00:25:00,800 --> 00:25:04,100 +for the consumer was change in the quantity of Y + +243 +00:25:04,100 --> 00:25:08,540 +over change in the quantity of X, right? Here, for + +244 +00:25:08,540 --> 00:25:12,780 +the producer, we have the same term, which is the + +245 +00:25:12,780 --> 00:25:17,780 +marginal rate of technical substitution. For the + +246 +00:25:17,780 --> 00:25:22,690 +consumer, Or equals a change in the quantity of + +247 +00:25:22,690 --> 00:25:25,130 +machines over change in the quantity of the + +248 +00:25:25,130 --> 00:25:34,570 +workers, L. Which means for the consumer, Y is the + +249 +00:25:34,570 --> 00:25:38,370 +machinery here for the producer, and X is the + +250 +00:25:38,370 --> 00:25:43,570 +number of workers here. All right? So to calculate + +251 +00:25:43,570 --> 00:25:46,990 +the marginal rate of technical substitution, MRTS. + +252 +00:25:48,570 --> 00:25:53,210 +For the first case, which equals eight minus 16 + +253 +00:25:53,210 --> 00:25:58,870 +over three minus one. For the first case, the + +254 +00:25:58,870 --> 00:26:02,170 +marginal rate of technical substitution, MRTS, + +255 +00:26:03,570 --> 00:26:09,170 +equals the first case is here. We're talking about + +256 +00:26:09,170 --> 00:26:10,410 +the absolute value. + +257 +00:26:13,290 --> 00:26:17,230 +QM2 minus or eight minus 16. + +258 +00:26:20,210 --> 00:26:26,730 +over three minus one in the absolute value equals + +259 +00:26:26,730 --> 00:26:32,170 +how much? Minus eight over two equals minus four, + +260 +00:26:32,310 --> 00:26:40,190 +the absolute value equals four. Then four + +261 +00:26:40,190 --> 00:26:45,990 +minus eight over five minus three, two. Two minus + +262 +00:26:45,990 --> 00:26:51,830 +one, 0.5. Obviously, the marginal rate of + +263 +00:26:51,830 --> 00:26:56,850 +technical substitution is decreasing. Yeah. I + +264 +00:26:56,850 --> 00:27:02,650 +don't know. This depends. But it is decreasing. + +265 +00:27:02,910 --> 00:27:05,270 +The normal situation, the marginal rate of + +266 +00:27:05,270 --> 00:27:08,690 +technical substitution is decreasing as much as + +267 +00:27:08,690 --> 00:27:13,370 +the labor, the number of workers increases. Right? + +268 +00:27:13,710 --> 00:27:18,700 +So let's draw the graph that shows the + +269 +00:27:18,700 --> 00:27:24,160 +indifference curve, which is the isoquant curve + +270 +00:27:24,160 --> 00:27:30,480 +for the producer. So let's go to the indifference + +271 +00:27:30,480 --> 00:27:31,600 +curve for the producer. + +272 +00:27:39,520 --> 00:27:43,160 +Qm and Ql. + +273 +00:27:47,820 --> 00:27:51,100 +M is Y. L is X. + +274 +00:27:54,240 --> 00:27:58,340 +The same. + +275 +00:28:09,120 --> 00:28:18,350 +Equative labor, 1, 3. 1, 2, 3, 4. 1, 2, 3. Four, + +276 +00:28:18,730 --> 00:28:29,130 +five, six, seven, eight, nine. Okay, doesn't + +277 +00:28:29,130 --> 00:28:29,470 +matter. + +278 +00:28:33,450 --> 00:28:37,210 +Two, two, four. + +279 +00:28:41,350 --> 00:28:49,680 +Two, four, six, eight, ten, twelve, Quantum + +280 +00:28:49,680 --> 00:29:02,760 +machines 2, 4, 6, 8, 10, 12, 14, 16, 18. The first + +281 +00:29:02,760 --> 00:29:06,220 +point. No. + +282 +00:29:08,560 --> 00:29:14,000 +That's right. That's right. That's right. That's + +283 +00:29:14,000 --> 00:29:14,840 +right. That's right. That's right. That's right. + +284 +00:29:27,920 --> 00:29:37,500 +Okay. At a QL equals one, how much is a QM 16? + +285 +00:29:40,180 --> 00:29:48,440 +This is point A. At three units, Three workers + +286 +00:29:48,440 --> 00:30:01,320 +machinery equals eight. Three and eight point B at + +287 +00:30:01,320 --> 00:30:02,260 +five, four. + +288 +00:30:05,800 --> 00:30:09,100 +C at seven, two. + +289 +00:30:12,840 --> 00:30:16,580 +At nine. How much? One. + +290 +00:30:19,410 --> 00:30:23,650 +D, E. If we connect these points together, we will + +291 +00:30:23,650 --> 00:30:26,710 +reach to the indifference curve for the producer, + +292 +00:30:26,950 --> 00:30:34,050 +which is the isoquant curve. I see, or the + +293 +00:30:34,050 --> 00:30:39,650 +isoquant curve. How much is the quant to produce + +294 +00:30:39,650 --> 00:30:42,810 +along this curve? Equals 1000 units. + +295 +00:30:45,300 --> 00:30:50,540 +Which means any combination, any group, any bundle + +296 +00:30:50,540 --> 00:30:55,540 +of these factors production labor machines lies + +297 +00:30:55,540 --> 00:30:59,160 +along this curve will give the producer the same + +298 +00:30:59,160 --> 00:31:05,380 +outputs. So the + +299 +00:31:05,380 --> 00:31:10,680 +isoquant curve is a graph or a line shows what? + +300 +00:31:11,100 --> 00:31:16,570 +The different combinations. of labor and machines + +301 +00:31:16,570 --> 00:31:23,670 +that give the producer the same output, right? And + +302 +00:31:23,670 --> 00:31:26,370 +they have the same characteristics of the + +303 +00:31:26,370 --> 00:31:29,350 +indifference curve, which means the rightward + +304 +00:31:29,350 --> 00:31:33,630 +shifting in the isoquant curve means that the + +305 +00:31:33,630 --> 00:31:38,720 +producer will get the larger output. The same + +306 +00:31:38,720 --> 00:31:43,480 +characteristics of indifference curve. A rightward + +307 +00:31:43,480 --> 00:31:47,300 +shifting in the indifference curve will give the + +308 +00:31:47,300 --> 00:31:54,000 +producer the larger output. A movement or full + +309 +00:31:54,000 --> 00:31:58,820 +shifting to right, a leftward shifting in the + +310 +00:31:58,820 --> 00:32:02,200 +isoquant curve means that the producer will get + +311 +00:32:02,200 --> 00:32:10,170 +less quantities, less outputs. And the second + +312 +00:32:10,170 --> 00:32:18,170 +characteristic is that the isoquant curve has a + +313 +00:32:18,170 --> 00:32:22,730 +negative slope. The same as in the France curve, + +314 +00:32:23,550 --> 00:32:27,330 +has a downward sloping. It is a downward sloping. + +315 +00:32:28,590 --> 00:32:32,310 +And the marginal rate of substitution + +316 +00:32:35,000 --> 00:32:43,980 +is the slope of IC, or isoquant curve. What change + +317 +00:32:43,980 --> 00:32:45,760 +in the quantity of Y over change in the quantity + +318 +00:32:45,760 --> 00:32:50,880 +of X. This was the slope of IC in the first curve. + +319 +00:32:51,140 --> 00:32:54,380 +And the marginal rate of technical substitution is + +320 +00:32:54,380 --> 00:33:01,460 +the slope of the isoquant curve. And the slope is + +321 +00:33:01,460 --> 00:33:03,360 +decreasing + +322 +00:33:04,500 --> 00:33:11,760 +when we move from left to right side. And we + +323 +00:33:11,760 --> 00:33:16,340 +studied also that the indifference curve never + +324 +00:33:16,340 --> 00:33:21,260 +touch or never cross because the cross will create + +325 +00:33:21,260 --> 00:33:28,440 +illogical results. So the indifference curves or + +326 +00:33:28,440 --> 00:33:33,620 +the isoquant curveswill not or never touch, never + +327 +00:33:33,620 --> 00:33:39,080 +cross. Right? Yes. Since it applies to the + +328 +00:33:39,080 --> 00:33:41,980 +indifference curve, it's quite similar to the + +329 +00:33:41,980 --> 00:33:48,920 +isoquant curve. Okay? Because this is an isoquant + +330 +00:33:48,920 --> 00:33:51,840 +curve. + +331 +00:33:54,020 --> 00:33:59,120 +Iso in Latin is not an English word. Equals. Iso + +332 +00:33:59,120 --> 00:33:59,920 +means + +333 +00:34:12,520 --> 00:34:22,720 +So the main + +334 +00:34:22,720 --> 00:34:26,520 +characteristics of the isoquant curve is number + +335 +00:34:26,520 --> 00:34:32,650 +one, A movement rightward shifting in the isoquant + +336 +00:34:32,650 --> 00:34:35,310 +curve means that because the producer will get + +337 +00:34:35,310 --> 00:34:40,910 +larger output, a moving or leftward shifting. + +338 +00:34:51,250 --> 00:34:54,170 +Leftward shifting in the isoquant curve means that + +339 +00:34:54,170 --> 00:34:58,170 +the producer will get smaller or less quantities + +340 +00:34:58,170 --> 00:35:03,090 +and they never cross and downward sloping. What + +341 +00:35:03,090 --> 00:35:04,130 +else? What else? + +342 +00:35:07,770 --> 00:35:14,170 +Exactly, convex to midpoint or to the original + +343 +00:35:14,170 --> 00:35:14,770 +point here. + +344 +00:35:25,410 --> 00:35:29,610 +Convex to the original, concave outside. + +345 +00:35:32,490 --> 00:35:37,790 +Let's go to other shapes of the isoquant curve. + +346 +00:35:47,290 --> 00:35:54,850 +What's wrong with you? What? By God, look. + +347 +00:35:58,310 --> 00:36:02,510 +I'm in the end, I mean, I'm here for fun, by the + +348 +00:36:02,510 --> 00:36:05,030 +way, but I'm also not ready to give a six-hour + +349 +00:36:05,030 --> 00:36:07,530 +lecture to finish a course, or five hours, or ten + +350 +00:36:07,530 --> 00:36:12,000 +hours. Distribution is good. I mean, I know, I + +351 +00:36:12,000 --> 00:36:13,740 +appreciate that the timing is not appropriate. + +352 +00:36:14,360 --> 00:36:18,160 +Some people are lazy. I'm lazy too. But you can go + +353 +00:36:18,160 --> 00:36:21,580 +back to the video. I mean, it's easy for you to + +354 +00:36:21,580 --> 00:36:23,220 +understand. Even if you don't understand the part + +355 +00:36:23,220 --> 00:36:25,620 +here. But the nice thing is that this chapter is + +356 +00:36:25,620 --> 00:36:28,240 +like a repetition. The chapter before it. Okay? + +357 +00:36:28,580 --> 00:36:32,820 +This means this is the food in this part. Yes? + +358 +00:36:36,240 --> 00:36:40,530 +Let's take this. All right, but let me just take + +359 +00:36:40,530 --> 00:36:42,470 +these shapes that we took from where there is a + +360 +00:36:42,470 --> 00:36:44,370 +perfect substitution and where there is no + +361 +00:36:44,370 --> 00:36:47,630 +substitution between these. Right? All right. + +362 +00:37:07,010 --> 00:37:09,590 +The general shape of the indifference curve or the + +363 +00:37:09,590 --> 00:37:14,130 +isoquant curve is like this here. + +364 +00:37:17,090 --> 00:37:23,190 +Convex to the original point. Q equals, + +365 +00:37:23,950 --> 00:37:31,210 +let us assume 500 units. Quantity of L and the + +366 +00:37:31,210 --> 00:37:33,450 +quantity of M. Keep silent please. + +367 +00:37:36,240 --> 00:37:38,720 +We have different shapes for the indifference + +368 +00:37:38,720 --> 00:37:45,300 +curve, or the isoquant curve. It might be a + +369 +00:37:45,300 --> 00:37:50,300 +straight line, which means there is a perfect + +370 +00:37:50,300 --> 00:37:52,580 +substitution between labor and machines. + +371 +00:37:56,980 --> 00:37:57,180 +Maybe, + +372 +00:38:00,380 --> 00:38:05,120 +yes. We have an example, coffee vending machine + +373 +00:38:05,120 --> 00:38:05,540 +here. + +374 +00:38:08,650 --> 00:38:11,330 +The coffee vending machine. Harvesting machine. + +375 +00:38:13,790 --> 00:38:14,330 +Right. + +376 +00:38:18,150 --> 00:38:20,270 +The coffee vending machine downstairs where you + +377 +00:38:20,270 --> 00:38:23,910 +drink tea and coffee every day. If I told you to + +378 +00:38:23,910 --> 00:38:25,990 +go make tea and coffee, the machine will solve + +379 +00:38:25,990 --> 00:38:29,470 +your problem, right? Okay. So this is how in this + +380 +00:38:29,470 --> 00:38:33,210 +example, quantum labor and quantum machines. + +381 +00:38:37,070 --> 00:38:48,690 +four, one four, two, three, three and one. Here we + +382 +00:38:48,690 --> 00:38:51,670 +have a perfect substitution between labor and + +383 +00:38:51,670 --> 00:38:52,130 +machine. + +384 +00:38:55,500 --> 00:39:00,480 +If the ISO, a quant curve here, it's not a budget + +385 +00:39:00,480 --> 00:39:03,820 +line. You're talking about ISO quant curve, which + +386 +00:39:03,820 --> 00:39:05,860 +is a straight line. There's a perfect + +387 +00:39:05,860 --> 00:39:13,320 +substitution, perfect substitution between + +388 +00:39:13,320 --> 00:39:16,340 +labor + +389 +00:39:16,340 --> 00:39:20,960 +and machines. Like the coffee vending machine. + +390 +00:39:33,770 --> 00:39:35,390 +or wheat harvesting machine. + +391 +00:39:40,150 --> 00:39:46,010 +Sometimes we can say or we can see that the + +392 +00:39:46,010 --> 00:39:52,270 +isoquant curve is like L. + +393 +00:40:00,030 --> 00:40:04,780 +The same, identical here. Quantum L and Quantum M. + +394 +00:40:10,300 --> 00:40:11,940 +One, one. + +395 +00:40:17,080 --> 00:40:21,280 +Here, labor and machines are complements, which + +396 +00:40:21,280 --> 00:40:32,020 +means one car needs one driver and + +397 +00:40:35,300 --> 00:40:51,360 +Two cars needs two drivers, two breakers. Two or + +398 +00:40:51,360 --> 00:40:58,380 +one car doesn't need two drivers. No substitution + +399 +00:40:58,380 --> 00:41:00,360 +here. They are complements. + +400 +00:41:05,620 --> 00:41:09,380 +Let's go to something else. + +401 +00:41:12,280 --> 00:41:17,200 +Okay. In this case, the marginal rate of technical + +402 +00:41:17,200 --> 00:41:22,020 +substitution between labor for machines equals + +403 +00:41:22,020 --> 00:41:22,400 +zero. + +404 +00:41:28,960 --> 00:41:33,460 +Equals one. One hundred percent. + +405 +00:41:37,300 --> 00:41:43,380 +Or fixed. Sometimes it can be two or three, but + +406 +00:41:43,380 --> 00:41:49,380 +it's fixed. It depends on the slope because the + +407 +00:41:49,380 --> 00:41:53,220 +margin rate of technical substitution is the slope + +408 +00:41:53,220 --> 00:41:59,320 +here of isoquant curve. It means that if the + +409 +00:41:59,320 --> 00:42:06,330 +isoquant curve is like this, 20 and 10. How much + +410 +00:42:06,330 --> 00:42:08,070 +is the marginal rate of technical substitution? + +411 +00:42:09,130 --> 00:42:12,830 +QL, QM. How much is the marginal rate of technical + +412 +00:42:12,830 --> 00:42:16,310 +substitution? Equals 2. Minus 2. The absolute + +413 +00:42:16,310 --> 00:42:23,010 +value equals 2. Right? Okay? Assuming the perfect + +414 +00:42:23,010 --> 00:42:27,430 +substitution, a straight line with an angle of 45 + +415 +00:42:27,430 --> 00:42:35,690 +degrees. Okay. Let's go to the budget line. but + +416 +00:42:35,690 --> 00:42:36,470 +for the producer. + +417 +00:42:42,450 --> 00:42:44,930 +Or before that, we have something else. + +418 +00:42:50,010 --> 00:42:53,630 +Break? Break for five minutes. + +419 +00:42:56,630 --> 00:43:02,190 +Let's go to or come back to the margin rate of + +420 +00:43:02,190 --> 00:43:05,090 +technical substitution. As we said that the + +421 +00:43:05,090 --> 00:43:09,550 +marginal rate of technical substitution equals the + +422 +00:43:09,550 --> 00:43:12,170 +change in the quality of machines over the change + +423 +00:43:12,170 --> 00:43:16,210 +of quality of labor for a number of workers. We + +424 +00:43:16,210 --> 00:43:19,290 +have another formula for the marginal rate of + +425 +00:43:19,290 --> 00:43:22,130 +technical substitution, which can be derived from + +426 +00:43:22,130 --> 00:43:25,870 +the marginal production of labor and marginal + +427 +00:43:25,870 --> 00:43:28,770 +production of machines. As you know that the + +428 +00:43:28,770 --> 00:43:31,730 +marginal production of labor equals the change in + +429 +00:43:31,730 --> 00:43:38,490 +total production. over the change in L, or equal + +430 +00:43:38,490 --> 00:43:45,390 +to labor, number of workers. And the marginal + +431 +00:43:45,390 --> 00:43:51,690 +production of machines, which means here, how much + +432 +00:43:51,690 --> 00:43:54,770 +is the change in total production when the number + +433 +00:43:54,770 --> 00:43:55,990 +of workers increases? + +434 +00:43:58,950 --> 00:44:03,890 +MPM equals the change in total production over a + +435 +00:44:03,890 --> 00:44:08,750 +change in the number of machines. Here, a quantum + +436 +00:44:08,750 --> 00:44:10,310 +labor, quantum machines. + +437 +00:44:13,150 --> 00:44:23,350 +So, MPL over MPM equals how much here? We can say + +438 +00:44:23,350 --> 00:44:27,330 +that a change in total production over a change in + +439 +00:44:27,330 --> 00:44:35,170 +the quantum lever, who MPL, over MPM, who had a + +440 +00:44:35,170 --> 00:44:38,530 +change in total production over a change in + +441 +00:44:38,530 --> 00:44:39,430 +quantum machines. + +442 +00:44:41,970 --> 00:44:46,230 +So MPL + +443 +00:44:46,230 --> 00:44:52,260 +over MPM. equals change in total production of + +444 +00:44:52,260 --> 00:44:59,840 +labor, sorry, change in total production over + +445 +00:44:59,840 --> 00:45:03,760 +change in quantity of L times change in quantity + +446 +00:45:03,760 --> 00:45:07,240 +of machines over change in total production. + +447 +00:45:11,080 --> 00:45:13,580 +Change in total production with a change in total + +448 +00:45:13,580 --> 00:45:17,820 +production, so marginal production of labor, over + +449 +00:45:17,820 --> 00:45:22,280 +NPM equals change in the quantity of machines over + +450 +00:45:22,280 --> 00:45:27,380 +the change in quantity of labor, which is the + +451 +00:45:27,380 --> 00:45:29,780 +marginal rate of technical substitution. + +452 +00:45:32,220 --> 00:45:35,740 +Once again, the marginal production of labor + +453 +00:45:35,740 --> 00:45:38,240 +equals change in total production over the change + +454 +00:45:38,240 --> 00:45:42,350 +of quantity of labor, or L. Right? Margin + +455 +00:45:42,350 --> 00:45:45,830 +production of machines equals change in total + +456 +00:45:45,830 --> 00:45:48,510 +production over change in machines, number of + +457 +00:45:48,510 --> 00:45:52,190 +machines. I'm going to take sigma here. See here, + +458 +00:45:52,230 --> 00:45:55,830 +had I had a, I'm going to change and multiply it + +459 +00:45:55,830 --> 00:45:59,250 +by, this here and had a marginal rate of technical + +460 +00:45:59,250 --> 00:46:01,590 +substitution, labor for machines. + +461 +00:46:06,050 --> 00:46:13,200 +Okay? Fine. Okay, let's go to something else. + +462 +00:46:22,920 --> 00:46:27,460 +Let's go to the producer budget line. The + +463 +00:46:27,460 --> 00:46:32,360 +producer, iso coastline. + +464 +00:46:56,390 --> 00:47:03,810 +The producer budget line. The producer ISO cost + +465 +00:47:03,810 --> 00:47:07,030 +line. Cost. + +466 +00:47:20,450 --> 00:47:21,750 +The ISO cost line. + +467 +00:47:29,790 --> 00:47:34,990 +Which equals the budget line for the consumer. Had + +468 +00:47:34,990 --> 00:47:39,790 +equals the budget line for the consumer. + +469 +00:47:43,390 --> 00:47:45,690 +But it is for the producer. + +470 +00:47:48,550 --> 00:47:49,990 +Producer has + +471 +00:47:52,820 --> 00:47:56,340 +To understand the idea here, let's have the + +472 +00:47:56,340 --> 00:47:57,300 +following example. + +473 +00:47:59,800 --> 00:48:06,260 +Had equals, I'm talking about the ISO cost line + +474 +00:48:06,260 --> 00:48:10,340 +for the producer. It's quite similar to the budget + +475 +00:48:10,340 --> 00:48:20,020 +line for the consumer. Just matching. Okay. If a + +476 +00:48:20,020 --> 00:48:20,800 +company has + +477 +00:48:30,240 --> 00:48:41,240 +$1000 is available or available to + +478 +00:48:41,240 --> 00:48:48,560 +pay spend on + +479 +00:48:48,560 --> 00:48:54,640 +two factors of production, labor and machines. Two + +480 +00:48:54,640 --> 00:48:56,180 +factors + +481 +00:48:58,370 --> 00:48:59,330 +of production, + +482 +00:49:03,470 --> 00:49:08,550 +labor, and machines. + +483 +00:49:11,790 --> 00:49:17,270 +If a company has $1000 available to pay spent on + +484 +00:49:17,270 --> 00:49:19,350 +two factors of production, labor and machines, + +485 +00:49:23,010 --> 00:49:38,160 +if the price per unit of labor PL + +486 +00:49:38,160 --> 00:49:45,940 +equals twenty dollars and + +487 +00:49:45,940 --> 00:49:49,700 +price + +488 +00:49:49,700 --> 00:49:57,840 +per unit of machines equals + +489 +00:50:00,920 --> 00:50:01,680 +$40. + +490 +00:50:04,940 --> 00:50:13,640 +Here, L is X, M is Y. Price of X, price of Y. + +491 +00:50:16,600 --> 00:50:22,400 +The total cost is quite similar to the consumer + +492 +00:50:22,400 --> 00:50:26,520 +income, which is spent to buy different bundles of + +493 +00:50:26,520 --> 00:50:31,110 +goods. Right? Now we have the producer and this + +494 +00:50:31,110 --> 00:50:35,530 +producer tends to allocate his total cost to buy + +495 +00:50:35,530 --> 00:50:42,750 +labor and machines. If the price of L equals how + +496 +00:50:42,750 --> 00:50:47,650 +much? $20 and the price per machine equals 40. + +497 +00:50:48,990 --> 00:50:52,430 +Derive the budget line for the producer or the ISO + +498 +00:50:52,430 --> 00:50:55,870 +cost line here. and the budget line formula, + +499 +00:50:56,690 --> 00:51:02,350 +isocost line formula, and the draw. Okay. So + +500 +00:51:02,350 --> 00:51:12,850 +number one, derive and draw the budget line here + +501 +00:51:12,850 --> 00:51:14,690 +or the isocost line, + +502 +00:51:19,530 --> 00:51:23,570 +and the isocost line formula. + +503 +00:51:31,480 --> 00:51:34,900 +Then we will assume that the consumer, the + +504 +00:51:34,900 --> 00:51:37,580 +producer equilibrium occurs when the budget line + +505 +00:51:37,580 --> 00:51:40,500 +tangents the indifference curve or the isoquant + +506 +00:51:40,500 --> 00:51:47,700 +curve tangents the isocost line. The same as the + +507 +00:51:47,700 --> 00:51:48,220 +consumer. + +508 +00:51:51,280 --> 00:51:56,660 +To draw? Yes. Price of labor. + +509 +00:52:22,570 --> 00:52:27,730 +But you're talking about the cost of labor. It + +510 +00:52:27,730 --> 00:52:46,630 +might be the working hours a day, right? What is + +511 +00:52:46,630 --> 00:52:50,190 +the optimal combination of labor and machine + +512 +00:52:50,190 --> 00:52:53,010 +should the producer select? + +513 +00:52:55,270 --> 00:53:00,650 +So here. derive and draw the isocost line. + +514 +00:53:05,250 --> 00:53:10,170 +Where's the problem? Sometimes cost of machinery + +515 +00:53:10,170 --> 00:53:13,090 +is higher than the cost of workers. It's an + +516 +00:53:13,090 --> 00:53:19,370 +assumption here. To derive the budget line formula + +517 +00:53:19,370 --> 00:53:24,300 +or the budget line or the isocost line, The + +518 +00:53:24,300 --> 00:53:28,460 +quantity + +519 +00:53:28,460 --> 00:53:36,500 +of X equals income over the price of X. Here, we + +520 +00:53:36,500 --> 00:53:42,300 +can say that the quantity of labor equals the + +521 +00:53:42,300 --> 00:53:49,360 +total cost, which is here $1,000. which will be + +522 +00:53:49,360 --> 00:53:52,260 +spent or should be spent to buy labor and + +523 +00:53:52,260 --> 00:53:56,260 +machines. Equals total cost over the price of L. + +524 +00:53:59,260 --> 00:54:10,000 +Equals $1000 over price of L, 20, equals 50. 50 + +525 +00:54:10,000 --> 00:54:11,020 +workers. + +526 +00:54:13,450 --> 00:54:17,170 +and zero machines. Which means if the producer + +527 +00:54:17,170 --> 00:54:23,550 +tends to allocate his cost, his money, to buy only + +528 +00:54:23,550 --> 00:54:29,430 +workers, he can buy 50 workers or recruit. Recruit + +529 +00:54:29,430 --> 00:54:30,290 +means you ayin. + +530 +00:54:33,990 --> 00:54:39,770 +QM equals total cost over the price of M equals + +531 +00:54:39,770 --> 00:54:51,040 +1000. over 40 equals 25 machines. So, and zero + +532 +00:54:51,040 --> 00:54:56,940 +from workers. Let's draw the budget line or the + +533 +00:54:56,940 --> 00:55:01,280 +isocost line here. Quant of L and quant of M. + +534 +00:55:04,400 --> 00:55:16,630 +Quant of M, 25 and 50. 25. and 50. Do you remember + +535 +00:55:16,630 --> 00:55:24,970 +the budget line formula? Yeah. Qm equals or Qy + +536 +00:55:24,970 --> 00:55:31,170 +equals allocation of income here to derive the + +537 +00:55:31,170 --> 00:55:33,570 +budget line formula or the ISO cost line formula. + +538 +00:55:34,090 --> 00:55:41,410 +Total cost equals Price of L times QL plus price + +539 +00:55:41,410 --> 00:55:47,190 +of M times QM, the same as income equals the price + +540 +00:55:47,190 --> 00:55:52,490 +of X times QS plus price of Y times QY. We have to + +541 +00:55:52,490 --> 00:55:53,750 +derive QM. + +542 +00:55:57,930 --> 00:56:05,350 +So price of M QM equals total cost minus PL QL. + +543 +00:56:07,350 --> 00:56:16,010 +over pm over pm over pm so quantum machines equals + +544 +00:56:16,010 --> 00:56:22,310 +total cost over price of m equals or minus price + +545 +00:56:22,310 --> 00:56:27,310 +of l over price of m times ql the same as + +546 +00:56:29,410 --> 00:56:33,370 +The budget line formula. The QY equals income over + +547 +00:56:33,370 --> 00:56:37,650 +price of Y minus price of X over price of Y. And + +548 +00:56:37,650 --> 00:56:43,950 +this is the slope of the budget line, low ISO cost + +549 +00:56:43,950 --> 00:56:49,210 +line. And this is the intercept. This part + +550 +00:56:49,210 --> 00:56:56,370 +represents the intercept, total cost at 25. So the + +551 +00:56:56,370 --> 00:56:59,410 +budget line here or formula or the ISO cost line + +552 +00:56:59,410 --> 00:57:08,090 +formula equals QM equals total + +553 +00:57:08,090 --> 00:57:12,010 +cost over price of M, total cost how much? 1,000 + +554 +00:57:12,010 --> 00:57:20,590 +over price of M, price of machines, 40 minus price + +555 +00:57:20,590 --> 00:57:29,510 +of L over price of M. 20 over 40, QL. So QM + +556 +00:57:29,510 --> 00:57:33,330 +equals, how much is it here? Twenty-five. Twenty + +557 +00:57:33,330 --> 00:57:34,410 +-five. Twenty-five. Twenty-five. Twenty-five. + +558 +00:57:34,410 --> 00:57:36,010 +Twenty-five. Twenty-five. Twenty-five. Twenty + +559 +00:57:36,010 --> 00:57:39,150 +-five. Twenty-five. Twenty-five. Twenty-five. + +560 +00:57:39,150 --> 00:57:41,550 +Twenty-five. Twenty-five. Twenty-five. Twenty + +561 +00:57:41,550 --> 00:57:42,770 +-five. Twenty-five. Twenty-five. Twenty-five. + +562 +00:57:42,770 --> 00:57:43,490 +Twenty-five. Twenty-five. Twenty-five. Twenty + +563 +00:57:43,490 --> 00:57:43,510 +-five. Twenty-five. Twenty-five. Twenty-five. + +564 +00:57:43,510 --> 00:57:43,530 +-five. Twenty-five. Twenty-five. Twenty-five. + +565 +00:57:43,530 --> 00:57:43,550 +Twenty-five. Twenty-five. Twenty-five. Twenty + +566 +00:57:43,550 --> 00:57:45,850 +Twenty-five. Twenty-five. Twenty-five. Twenty + +567 +00:57:45,850 --> 00:57:51,030 +-five. Twenty- + +568 +00:57:53,410 --> 00:57:59,430 +This is the isocost line formula, right? Can we + +569 +00:57:59,430 --> 00:58:04,990 +derive or determine how + +570 +00:58:04,990 --> 00:58:09,150 +many machines should we have if we know the number + +571 +00:58:09,150 --> 00:58:12,250 +of workers? Let us assume that the number of + +572 +00:58:12,250 --> 00:58:17,870 +workers equals 30 workers. How many machines + +573 +00:58:17,870 --> 00:58:22,610 +should we have? This depends on or it should be + +574 +00:58:22,610 --> 00:58:29,230 +calculated by using this formula. So at a QL at if + +575 +00:58:29,230 --> 00:58:36,570 +the producer equilibrium occurs when QL equals 30. + +576 +00:58:37,010 --> 00:58:41,760 +How much is a QM? The next question, if the + +577 +00:58:41,760 --> 00:58:44,380 +producer equilibrium, where does the producer + +578 +00:58:44,380 --> 00:58:48,780 +equilibrium occur? Let's assume that there is a + +579 +00:58:48,780 --> 00:58:55,680 +tangency between the isocoastline and the isoquant + +580 +00:58:55,680 --> 00:59:00,120 +curve. This is the producer equilibrium. Let us + +581 +00:59:00,120 --> 00:59:03,340 +assume that Q equals the quantity produced equals + +582 +00:59:03,340 --> 00:59:07,740 +5000 + +583 +00:59:07,740 --> 00:59:17,000 +units. If we use + +584 +00:59:17,000 --> 00:59:24,140 +50 or if we use workers only, how many workers + +585 +00:59:24,140 --> 00:59:26,120 +should we recruit? + +586 +00:59:34,900 --> 00:59:40,100 +It's an assumption. If the producer equilibrium, + +587 +00:59:40,560 --> 00:59:46,700 +the best point achieved when we use 30 workers. + +588 +00:59:46,840 --> 00:59:53,680 +It's an assumption. If the producer equilibrium + +589 +00:59:53,680 --> 00:59:57,700 +occurs when the number of workers equals 30 + +590 +00:59:57,700 --> 01:00:01,500 +workers, how many machines do we have or should we + +591 +01:00:01,500 --> 01:00:01,980 +have? + +592 +01:00:05,870 --> 01:00:18,010 +equals 25 minus half times QL, 30. So QM equals 25 + +593 +01:00:18,010 --> 01:00:27,990 +minus 15 equals 10. So in this case, we should buy + +594 +01:00:27,990 --> 01:00:35,800 +10 machines. That's it. What about the slope? If + +595 +01:00:35,800 --> 01:00:39,300 +the total cost increased, which means if we have + +596 +01:00:39,300 --> 01:00:45,120 +more money. If the total cost increased from 1000 + +597 +01:00:45,120 --> 01:00:52,380 +to 2000 and the price of M remains constant, the + +598 +01:00:52,380 --> 01:00:55,360 +budget line shifts right parallel to the previous + +599 +01:00:55,360 --> 01:01:01,180 +one, right? The question says, what will happen if + +600 +01:01:01,590 --> 01:01:06,510 +the total cost increases or we have more money to + +601 +01:01:06,510 --> 01:01:10,310 +buy different bundles or more workers and more + +602 +01:01:10,310 --> 01:01:17,170 +machines. Which means if the company has more + +603 +01:01:17,170 --> 01:01:22,110 +money, Or the total cost, the money available for + +604 +01:01:22,110 --> 01:01:28,710 +the company increased from $1,000 to $2,000. And + +605 +01:01:28,710 --> 01:01:31,370 +cetera is purpose, which means the price of M + +606 +01:01:31,370 --> 01:01:35,450 +remains constant. What will happen to the budget + +607 +01:01:35,450 --> 01:01:40,270 +line or the ISO cost line? Will shift right. + +608 +01:01:40,410 --> 01:01:43,510 +Exactly. So here, according to our assumption, + +609 +01:01:51,280 --> 01:01:57,780 +The company has + +610 +01:01:57,780 --> 01:01:58,620 +more money. + +611 +01:02:03,520 --> 01:02:12,860 +Exactly. The assumption. The budget line. Consumer + +612 +01:02:12,860 --> 01:02:17,980 +equilibrium. More money. + +613 +01:02:20,610 --> 01:02:24,710 +Which means that the total cost increased to $2 + +614 +01:02:24,710 --> 01:02:29,970 +,000. And the price of L remains constant at $20. + +615 +01:02:30,490 --> 01:02:33,830 +And the price of M remains constant at $40. + +616 +01:02:36,570 --> 01:02:40,550 +It drew the budget line formula or the ISO cost + +617 +01:02:40,550 --> 01:02:44,650 +line formula. Sorry, the ISO cost line. It drew + +618 +01:02:44,650 --> 01:02:48,090 +the budget line or the ISO cost line. Then U. + +619 +01:02:48,890 --> 01:02:52,430 +Here, we are talking about a new Iso-coastline. + +620 +01:02:53,130 --> 01:03:08,790 +The new total + +621 +01:03:08,790 --> 01:03:11,490 +coast or a new QL + +622 +01:03:18,290 --> 01:03:27,230 +QL Nu or Nu QL. QL equals Nu total cost over Nu + +623 +01:03:27,230 --> 01:03:37,690 +price of L. QL Nu equals 2,000 over the price of + +624 +01:03:37,690 --> 01:03:44,690 +L. How much is it? $20. Equals how much? 100. And + +625 +01:03:44,690 --> 01:03:52,190 +Nu QM Nu. equals price total cost in U over the + +626 +01:03:52,190 --> 01:03:57,070 +new price of M which equals 2000 over price of M + +627 +01:03:57,070 --> 01:04:02,630 +at 40 equals how much? 50. So here the budget line + +628 +01:04:02,630 --> 01:04:06,510 +or the ISO cost line will shift right parallel to + +629 +01:04:06,510 --> 01:04:10,990 +the previous one. So here should be 50 and here + +630 +01:04:10,990 --> 01:04:15,310 +100. + +631 +01:04:19,230 --> 01:04:25,310 +How much is the slope, the new slope, or the new + +632 +01:04:25,310 --> 01:04:30,210 +isocost line formula? The new formula that we just + +633 +01:04:30,210 --> 01:04:35,730 +talked about, we're going to say Qm equals the + +634 +01:04:35,730 --> 01:04:42,410 +intercept, this 50, over 50 or minus 50 over 100. + +635 +01:04:43,590 --> 01:04:55,970 +Right? So 50. minus half QL. This is the new ISO + +636 +01:04:55,970 --> 01:05:00,190 +cost line formula. + +637 +01:05:02,430 --> 01:05:07,350 +So the change in total cost shifts + +638 +01:05:08,720 --> 01:05:11,720 +The budget line or the isocost line parallel to + +639 +01:05:11,720 --> 01:05:15,140 +the previous one with no change in the slope of + +640 +01:05:15,140 --> 01:05:19,160 +the isocost line. But the change here, where did + +641 +01:05:19,160 --> 01:05:22,880 +it happen? The location. Where did the change + +642 +01:05:22,880 --> 01:05:29,070 +happen? Just in the location. The intercept. We + +643 +01:05:29,070 --> 01:05:31,750 +have the same slope, but the change in the price + +644 +01:05:31,750 --> 01:05:36,330 +of L or change in the price of M will shift or + +645 +01:05:36,330 --> 01:05:40,750 +will affect the slope and sometimes the slope and + +646 +01:05:40,750 --> 01:05:45,370 +location. Right? The same as the price of X and + +647 +01:05:45,370 --> 01:05:50,170 +the price of Y. Okay, let's go to something else. + +648 +01:05:52,630 --> 01:05:59,410 +Understood? If the producer equilibrium or the new + +649 +01:05:59,410 --> 01:06:06,110 +equilibrium occurs when the number of workers + +650 +01:06:06,110 --> 01:06:11,350 +equal 40, + +651 +01:06:13,010 --> 01:06:18,830 +how many units of Y or machines do we have? + +652 +01:06:24,740 --> 01:06:30,300 +equals 50 minus 0.5 times 40. + +653 +01:06:32,320 --> 01:06:37,920 +The new equilibrium after expansion, because here + +654 +01:06:37,920 --> 01:06:42,520 +the company will have an expansion, modernization. + +655 +01:06:44,600 --> 01:06:49,000 +We have a new equilibrium point. This is the + +656 +01:06:49,000 --> 01:06:53,860 +expansion line here. a movement from point A1 to + +657 +01:06:53,860 --> 01:07:01,020 +point A2. This is the expansion path, right? So + +658 +01:07:01,020 --> 01:07:04,360 +according to our assumption here is that the + +659 +01:07:04,360 --> 01:07:07,620 +producer or the equilibrium, the new equilibrium + +660 +01:07:07,620 --> 01:07:13,180 +occurs when the number of workers is 40. + +661 +01:07:14,820 --> 01:07:20,280 +How many machines should we buy? 30, it's above, + +662 +01:07:20,540 --> 01:07:28,120 +yeah. So Qm equals 50 minus 20 equals 30 machines. + +663 +01:07:28,900 --> 01:07:36,340 +So here, we should have 30 machines. If we connect + +664 +01:07:36,340 --> 01:07:40,320 +these points, A1 to A2, this is the expansion + +665 +01:07:40,320 --> 01:07:40,920 +path. + +666 +01:07:50,500 --> 01:07:52,560 +Let's have the following example. + +667 +01:08:02,360 --> 01:08:08,520 +This is + +668 +01:08:08,520 --> 01:08:16,760 +an expansion. Expansion path. If we connect these + +669 +01:08:16,760 --> 01:08:21,640 +points from A1 to A2 to A3 to A4, this is the + +670 +01:08:21,640 --> 01:08:38,120 +expansion path. The price + +671 +01:08:38,120 --> 01:08:47,640 +of L. Price paying it. of labor equals + +672 +01:08:47,640 --> 01:08:53,440 +$10. And the price per unit of machines or price + +673 +01:08:53,440 --> 01:09:00,800 +per machine equals + +674 +01:09:00,800 --> 01:09:06,980 +$15. And we have the following data. + +675 +01:09:25,220 --> 01:09:26,840 +Group ABCD. + +676 +01:09:55,650 --> 01:09:58,550 +Factors of a production. + +677 +01:10:05,370 --> 01:10:05,990 +Two, + +678 +01:10:14,130 --> 01:10:15,750 +four, six, eight. + +679 +01:10:20,590 --> 01:10:26,530 +Well, nine. Seven, six. + +680 +01:10:43,210 --> 01:10:45,010 +Will it dry? + +681 +01:10:48,490 --> 01:10:51,070 +The isocoastline + +682 +01:10:57,390 --> 01:10:58,410 +Derived and drew. + +683 +01:11:07,350 --> 01:11:08,870 +Derived and drew. + +684 +01:11:12,990 --> 01:11:24,890 +What is + +685 +01:11:24,890 --> 01:11:30,890 +the optimal group Or how many workers and + +686 +01:11:30,890 --> 01:11:42,170 +machines. How many workers and + +687 +01:11:42,170 --> 01:11:47,370 +machines should + +688 +01:11:47,370 --> 01:11:55,110 +the company buy + +689 +01:11:56,270 --> 01:12:00,290 +to minimize the cost. + +690 +01:12:05,170 --> 01:12:06,990 +It's cost. + +691 +01:12:14,830 --> 01:12:21,190 +Determine the + +692 +01:12:21,190 --> 01:12:24,010 +equilibrium, the producer equilibrium, + +693 +01:12:30,240 --> 01:12:31,100 +using graph. + +694 +01:12:58,550 --> 01:13:00,970 +It's the quantum L, quantum M. + +695 +01:13:05,490 --> 01:13:12,170 +We have three columns, right? Which one? Producer + +696 +01:13:12,170 --> 01:13:12,690 +equilibrium. + +697 +01:13:15,650 --> 01:13:19,130 +Using graph. Here we have three columns. + +698 +01:13:29,270 --> 01:13:30,330 +In this example, + +699 +01:13:33,670 --> 01:13:37,890 +the company tends + +700 +01:13:37,890 --> 01:13:40,590 +to buy workers and machines. + +701 +01:13:44,720 --> 01:13:48,280 +Under the following data here, the price period of + +702 +01:13:48,280 --> 01:13:51,880 +labor and price period of machines are given and + +703 +01:13:51,880 --> 01:13:56,540 +we have to select the optimal group that leads to + +704 +01:13:56,540 --> 01:14:01,000 +a cost minimization. What is the most minimum cost + +705 +01:14:01,000 --> 01:14:04,700 +or the best group that achieves the cost + +706 +01:14:04,700 --> 01:14:10,720 +minimization, right? This is the question here. So + +707 +01:14:10,720 --> 01:14:14,660 +we have to calculate the total cost for each group + +708 +01:14:14,660 --> 01:14:21,680 +and select the minimum. So the total cost, as we + +709 +01:14:21,680 --> 01:14:24,560 +know that the total cost equals the price of labor + +710 +01:14:24,560 --> 01:14:27,960 +times the quantity of labor plus price of machines + +711 +01:14:27,960 --> 01:14:32,400 +times the quantity of machines. So here we have + +712 +01:14:32,400 --> 01:14:35,020 +three columns, price of machines times the + +713 +01:14:35,020 --> 01:14:37,080 +quantity of machines, sorry, price of labor. + +714 +01:14:38,100 --> 01:14:42,900 +adequate labor times Q labor, price of M times QM, + +715 +01:14:43,100 --> 01:14:45,480 +and here we have to calculate the total cost here. + +716 +01:14:50,260 --> 01:14:56,980 +The price of L is given, which is $10, period. + +717 +01:15:00,020 --> 01:15:04,600 +Here at the QL equals 2, how much is the price of + +718 +01:15:04,600 --> 01:15:08,020 +L times QL? Price of L equals 10 dollars, correct? + +719 +01:15:08,520 --> 01:15:17,760 +Times the QM, sorry QL, 2. 2 times 10, 20. 4 times + +720 +01:15:17,760 --> 01:15:26,420 +10, 40. 6 times 10, 60. 8 times 10, 80. Alright? + +721 +01:15:27,180 --> 01:15:35,440 +Good. Four machines here. The price period of + +722 +01:15:35,440 --> 01:15:40,780 +machines equal 15, 15 times 12, + +723 +01:15:44,420 --> 01:15:52,920 +9, 6 times + +724 +01:15:52,920 --> 01:15:53,780 +15. + +725 +01:16:01,780 --> 01:16:07,500 +Five, the total cost for the first group. 20 plus + +726 +01:16:07,500 --> 01:16:19,040 +180, 200. 40 plus 135, 175, 165, + +727 +01:16:20,320 --> 01:16:28,260 +170. What is the group that gives us the minimum + +728 +01:16:28,260 --> 01:16:30,600 +cost? Years. + +729 +01:16:33,150 --> 01:16:40,010 +C is the best group because it already can produce + +730 +01:16:40,010 --> 01:16:43,910 +the output with a minimum cost. + +731 +01:16:47,530 --> 01:16:51,430 +So I + +732 +01:16:51,430 --> 01:16:55,090 +advise the producer to use how many workers and + +733 +01:16:55,090 --> 01:16:59,920 +how many machines. Six workers and seven machines. + +734 +01:17:00,860 --> 01:17:06,480 +This is the best combination. All right? Derive + +735 +01:17:06,480 --> 01:17:08,640 +and draw the isocost line. + +736 +01:17:12,220 --> 01:17:19,800 +QL and the QM. To calculate the amount of labor, + +737 +01:17:20,180 --> 01:17:25,020 +QL. equals total cost over the price of labor. + +738 +01:17:25,320 --> 01:17:34,120 +Total cost is 165. They had an optimal over the + +739 +01:17:34,120 --> 01:17:39,940 +price of L10 equals 16.5. + +740 +01:17:42,560 --> 01:17:50,330 +When we use labor only, To produce, to use workers + +741 +01:17:50,330 --> 01:17:57,130 +only, but we have to use 16.5 units. But if you + +742 +01:17:57,130 --> 01:18:00,990 +want to use all the machines, QM equals total cost + +743 +01:18:00,990 --> 01:18:06,670 +over the price of M equals 165 over price of M, + +744 +01:18:07,110 --> 01:18:10,630 +15. How much is it? Eleven? + +745 +01:18:17,060 --> 01:18:19,020 +Eleven, okay. + +746 +01:18:23,460 --> 01:18:23,980 +So, + +747 +01:18:29,680 --> 01:18:32,840 +eleven and 16.5. + +748 +01:18:37,120 --> 01:18:42,860 +The consumer equilibrium occurs when we recruit + +749 +01:18:44,640 --> 01:18:51,080 +Six laborers and seven machines. So six workers, + +750 +01:18:52,420 --> 01:18:58,040 +maybe here, and seven machines. So this is the + +751 +01:18:58,040 --> 01:19:03,300 +equilibrium quantity produced. Let us assume it's + +752 +01:19:03,300 --> 01:19:08,540 +an assumption, 500 units. This is the equilibrium + +753 +01:19:08,540 --> 01:19:09,240 +point here. + +754 +01:19:13,500 --> 01:19:14,220 +God bless you. + diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/XGL0npr6UhQ_raw.json b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/XGL0npr6UhQ_raw.json new file mode 100644 index 0000000000000000000000000000000000000000..9ec917b1ba5c7ff58acc5000070fb3e7a1d2fd68 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/XGL0npr6UhQ_raw.json @@ -0,0 +1 @@ +{"segments": [{"id": 1, "seek": 2540, "start": 20.4, "end": 25.4, "text": " Okay. Today, inshallah, we are going to complete our talk about the production theory.", "tokens": [1033, 13, 2692, 11, 1028, 71, 13492, 11, 321, 366, 516, 281, 3566, 527, 751, 466, 264, 4265, 5261, 13], "avg_logprob": -0.25595239230564665, "compression_ratio": 1.0609756097560976, "no_speech_prob": 0.0, "words": [{"start": 20.4, "end": 20.78, "word": " Okay.", "probability": 0.57763671875}, {"start": 21.94, "end": 22.32, "word": " Today,", "probability": 0.35595703125}, {"start": 22.52, "end": 22.7, "word": " inshallah,", "probability": 0.7005208333333334}, {"start": 22.8, "end": 22.88, "word": " we", "probability": 0.96533203125}, {"start": 22.88, "end": 23.02, "word": " are", "probability": 0.900390625}, {"start": 23.02, "end": 23.2, "word": " going", "probability": 0.95556640625}, {"start": 23.2, "end": 23.36, "word": " to", "probability": 0.9755859375}, {"start": 23.36, "end": 23.66, "word": " complete", "probability": 0.8173828125}, {"start": 23.66, "end": 23.84, "word": " our", "probability": 0.88916015625}, {"start": 23.84, "end": 24.08, "word": " talk", "probability": 0.92822265625}, {"start": 24.08, "end": 24.38, "word": " about", "probability": 0.904296875}, {"start": 24.38, "end": 24.54, "word": " the", "probability": 0.70703125}, {"start": 24.54, "end": 24.9, "word": " production", "probability": 0.828125}, {"start": 24.9, "end": 25.4, "word": " theory.", "probability": 0.88232421875}], "temperature": 1.0}, {"id": 2, "seek": 5208, "start": 26.36, "end": 52.08, "text": " In the last class, we said that, or we studied the total production of labor, average production of labor, and the marginal production of labor. And we had an example. And we said that the marginal production of labor, MPL, equals the change in total production over the change of number of workers, or the change in quantity produced over the change in number of workers.", "tokens": [682, 264, 1036, 1508, 11, 321, 848, 300, 11, 420, 321, 9454, 264, 3217, 4265, 295, 5938, 11, 4274, 4265, 295, 5938, 11, 293, 264, 16885, 4265, 295, 5938, 13, 400, 321, 632, 364, 1365, 13, 400, 321, 848, 300, 264, 16885, 4265, 295, 5938, 11, 14146, 43, 11, 6915, 264, 1319, 294, 3217, 4265, 670, 264, 1319, 295, 1230, 295, 5600, 11, 420, 264, 1319, 294, 11275, 7126, 670, 264, 1319, 294, 1230, 295, 5600, 13], "avg_logprob": -0.15925481132207772, "compression_ratio": 2.1686046511627906, "no_speech_prob": 1.1920928955078125e-07, "words": [{"start": 26.36, "end": 27.0, "word": " In", "probability": 0.83447265625}, {"start": 27.0, "end": 27.14, "word": " the", "probability": 0.92529296875}, {"start": 27.14, "end": 27.32, "word": " last", "probability": 0.8857421875}, {"start": 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53.22, "end": 81.24, "text": " And the average production labor, APL, equals total production labor in our workers, or the quantity produced over L. All right? And we have the following graph, which has been derived from the data.", "tokens": [400, 264, 4274, 4265, 5938, 11, 5372, 43, 11, 6915, 3217, 4265, 5938, 294, 527, 5600, 11, 420, 264, 11275, 7126, 670, 441, 13, 1057, 558, 30, 400, 321, 362, 264, 3480, 4295, 11, 597, 575, 668, 18949, 490, 264, 1412, 13], "avg_logprob": -0.24473111712655357, "compression_ratio": 1.408450704225352, "no_speech_prob": 0.0, "words": [{"start": 53.22, "end": 53.66, "word": " And", "probability": 0.609375}, {"start": 53.66, "end": 54.36, "word": " the", "probability": 0.830078125}, {"start": 54.36, "end": 54.8, "word": " average", "probability": 0.74658203125}, {"start": 54.8, "end": 55.26, "word": " production", "probability": 0.94677734375}, {"start": 55.26, "end": 55.68, "word": " labor,", "probability": 0.662109375}, {"start": 56.12, "end": 56.72, "word": " APL,", "probability": 0.9423828125}, {"start": 58.08, "end": 58.82, "word": " equals", "probability": 0.95166015625}, {"start": 58.82, "end": 60.16, "word": " total", "probability": 0.82666015625}, {"start": 60.16, "end": 60.66, "word": " production", "probability": 0.95654296875}, {"start": 60.66, "end": 61.18, "word": " labor", "probability": 0.8447265625}, {"start": 61.18, "end": 61.82, "word": " in", "probability": 0.181396484375}, {"start": 61.82, "end": 62.44, "word": " our", "probability": 0.759765625}, {"start": 62.44, "end": 63.06, "word": " workers,", "probability": 0.93896484375}, {"start": 64.08, "end": 64.7, "word": " or", "probability": 0.9599609375}, {"start": 64.7, "end": 65.84, "word": " the", "probability": 0.853515625}, {"start": 65.84, "end": 66.14, "word": " quantity", "probability": 0.468994140625}, {"start": 66.14, "end": 66.86, "word": " produced", "probability": 0.92236328125}, {"start": 66.86, "end": 68.14, "word": " over", "probability": 0.71923828125}, {"start": 68.14, "end": 68.82, "word": " L.", "probability": 0.91357421875}, {"start": 71.3, "end": 72.18, "word": " All", "probability": 0.38037109375}, {"start": 72.18, "end": 72.32, "word": " right?", "probability": 0.91162109375}, {"start": 72.58, "end": 73.72, "word": " And", "probability": 0.90380859375}, {"start": 73.72, "end": 74.2, "word": " we", "probability": 0.9375}, {"start": 74.2, "end": 74.46, "word": " have", "probability": 0.5146484375}, {"start": 74.46, "end": 74.64, "word": " the", "probability": 0.91552734375}, {"start": 74.64, "end": 75.14, "word": " following", "probability": 0.8916015625}, {"start": 75.14, "end": 75.78, "word": " graph,", "probability": 0.96923828125}, {"start": 76.9, "end": 77.34, "word": " which", "probability": 0.947265625}, {"start": 77.34, "end": 77.84, "word": " has", "probability": 0.94775390625}, {"start": 77.84, "end": 78.1, "word": " been", "probability": 0.9072265625}, {"start": 78.1, "end": 78.62, "word": " derived", "probability": 0.8779296875}, {"start": 78.62, "end": 79.48, "word": " from", "probability": 0.890625}, {"start": 79.48, "end": 80.94, "word": " the", "probability": 0.916015625}, {"start": 80.94, "end": 81.24, "word": " data.", "probability": 0.95263671875}], "temperature": 1.0}, {"id": 4, "seek": 11180, "start": 82.5, "end": 111.8, "text": " the previous data, the lost schedule. Here is the total production of labor, and here is the marginal production of labor. MPL, here is the zero, the horizontal axis. In the horizontal axis, we have the number of workers here,", "tokens": [264, 3894, 1412, 11, 264, 2731, 7567, 13, 1692, 307, 264, 3217, 4265, 295, 5938, 11, 293, 510, 307, 264, 16885, 4265, 295, 5938, 13, 14146, 43, 11, 510, 307, 264, 4018, 11, 264, 12750, 10298, 13, 682, 264, 12750, 10298, 11, 321, 362, 264, 1230, 295, 5600, 510, 11], "avg_logprob": -0.21032474788964964, "compression_ratio": 1.6691176470588236, "no_speech_prob": 0.0, "words": [{"start": 82.5, "end": 82.74, "word": " the", "probability": 0.78564453125}, {"start": 82.74, "end": 83.14, "word": " previous", "probability": 0.86767578125}, {"start": 83.14, "end": 83.62, "word": " data,", "probability": 0.951171875}, {"start": 83.98, "end": 84.16, "word": " the", "probability": 0.85888671875}, {"start": 84.16, "end": 84.92, "word": " lost", "probability": 0.34228515625}, {"start": 84.92, "end": 85.44, "word": " schedule.", "probability": 0.8583984375}, {"start": 88.56, "end": 89.32, "word": " Here", "probability": 0.83935546875}, {"start": 89.32, "end": 89.48, "word": " is", "probability": 0.7861328125}, {"start": 89.48, "end": 89.86, "word": " the", "probability": 0.91064453125}, {"start": 89.86, "end": 90.44, "word": " total", "probability": 0.85546875}, {"start": 90.44, "end": 90.9, "word": " production", "probability": 0.9580078125}, {"start": 90.9, "end": 91.12, "word": " of", "probability": 0.65380859375}, {"start": 91.12, "end": 91.34, "word": " labor,", "probability": 0.92919921875}, {"start": 92.86, "end": 93.9, "word": " and", "probability": 0.93310546875}, {"start": 93.9, "end": 94.24, "word": " here", "probability": 0.70849609375}, {"start": 94.24, "end": 94.46, "word": " is", "probability": 0.79296875}, {"start": 94.46, "end": 94.94, "word": " the", "probability": 0.91455078125}, {"start": 94.94, "end": 95.76, "word": " marginal", "probability": 0.67724609375}, {"start": 95.76, "end": 96.22, "word": " production", "probability": 0.94970703125}, {"start": 96.22, "end": 96.42, "word": " of", "probability": 0.78759765625}, {"start": 96.42, "end": 96.66, "word": " labor.", "probability": 0.923828125}, {"start": 102.46, "end": 103.22, "word": " MPL,", "probability": 0.72314453125}, {"start": 103.68, "end": 104.12, "word": " here", "probability": 0.6201171875}, {"start": 104.12, "end": 104.34, "word": " is", "probability": 0.73388671875}, {"start": 104.34, "end": 105.06, "word": " the", "probability": 0.8662109375}, {"start": 105.06, "end": 105.4, "word": " zero,", "probability": 0.849609375}, {"start": 106.5, "end": 106.72, "word": " the", "probability": 0.90185546875}, {"start": 106.72, "end": 107.12, "word": " horizontal", "probability": 0.818359375}, {"start": 107.12, "end": 107.68, "word": " axis.", "probability": 0.95068359375}, {"start": 108.8, "end": 108.98, "word": " In", "probability": 0.64794921875}, {"start": 108.98, "end": 109.1, "word": " the", "probability": 0.9189453125}, {"start": 109.1, "end": 109.56, "word": " horizontal", "probability": 0.8544921875}, {"start": 109.56, "end": 110.0, "word": " axis,", "probability": 0.96142578125}, {"start": 110.2, "end": 110.38, "word": " we", "probability": 0.83349609375}, {"start": 110.38, "end": 110.66, "word": " have", "probability": 0.9462890625}, {"start": 110.66, "end": 110.8, "word": " the", "probability": 0.9111328125}, {"start": 110.8, "end": 111.02, "word": " number", "probability": 0.94091796875}, {"start": 111.02, "end": 111.16, "word": " of", "probability": 0.97021484375}, {"start": 111.16, "end": 111.52, "word": " workers", "probability": 0.91552734375}, {"start": 111.52, "end": 111.8, "word": " here,", "probability": 0.7890625}], "temperature": 1.0}, {"id": 5, "seek": 14101, "start": 114.65, "end": 141.01, "text": " And here on the vertical axis, we have the total production labor, APL, and MPL. All right. Also, we have the average production labor, which has or increases and then goes down.", "tokens": [400, 510, 322, 264, 9429, 10298, 11, 321, 362, 264, 3217, 4265, 5938, 11, 5372, 43, 11, 293, 14146, 43, 13, 1057, 558, 13, 2743, 11, 321, 362, 264, 4274, 4265, 5938, 11, 597, 575, 420, 8637, 293, 550, 1709, 760, 13], "avg_logprob": -0.18259447882341784, "compression_ratio": 1.4435483870967742, "no_speech_prob": 0.0, "words": [{"start": 114.65, "end": 115.03, "word": " And", "probability": 0.74072265625}, {"start": 115.03, "end": 115.33, "word": " here", "probability": 0.85791015625}, {"start": 115.33, "end": 116.03, "word": " on", "probability": 0.302734375}, {"start": 116.03, "end": 116.37, "word": " the", "probability": 0.92431640625}, {"start": 116.37, "end": 118.31, "word": " vertical", "probability": 0.8798828125}, {"start": 118.31, "end": 118.73, "word": " axis,", "probability": 0.9453125}, {"start": 118.89, "end": 118.97, "word": " we", "probability": 0.94287109375}, {"start": 118.97, "end": 119.13, "word": " have", "probability": 0.888671875}, {"start": 119.13, "end": 119.25, "word": " the", "probability": 0.896484375}, {"start": 119.25, "end": 119.49, "word": " total", "probability": 0.8310546875}, {"start": 119.49, "end": 119.93, "word": " production", "probability": 0.95458984375}, {"start": 119.93, "end": 120.35, "word": " labor,", "probability": 0.89501953125}, {"start": 121.15, "end": 122.01, "word": " APL,", "probability": 0.950927734375}, {"start": 122.31, "end": 122.65, "word": " and", "probability": 0.947265625}, {"start": 122.65, "end": 124.11, "word": " MPL.", "probability": 0.930908203125}, {"start": 125.47, "end": 125.97, "word": " All", "probability": 0.77001953125}, {"start": 125.97, "end": 126.21, "word": " right.", "probability": 0.9130859375}, {"start": 128.29, "end": 129.17, "word": " Also,", "probability": 0.955078125}, {"start": 129.29, "end": 129.41, "word": " we", "probability": 0.9541015625}, {"start": 129.41, "end": 129.83, "word": " have", "probability": 0.94921875}, {"start": 129.83, "end": 130.97, "word": " the", "probability": 0.90625}, {"start": 130.97, "end": 133.87, "word": " average", "probability": 0.79150390625}, {"start": 133.87, "end": 134.35, "word": " production", "probability": 0.95849609375}, {"start": 134.35, "end": 134.79, "word": " labor,", "probability": 0.93798828125}, {"start": 135.25, "end": 135.97, "word": " which", "probability": 0.9384765625}, {"start": 135.97, "end": 136.47, "word": " has", "probability": 0.765625}, {"start": 136.47, "end": 137.73, "word": " or", "probability": 0.5830078125}, {"start": 137.73, "end": 138.27, "word": " increases", "probability": 0.931640625}, {"start": 138.27, "end": 138.73, "word": " and", "probability": 0.86669921875}, {"start": 138.73, "end": 139.07, "word": " then", "probability": 0.84814453125}, {"start": 139.07, "end": 140.59, "word": " goes", "probability": 0.92236328125}, {"start": 140.59, "end": 141.01, "word": " down.", "probability": 0.849609375}], "temperature": 1.0}, {"id": 6, "seek": 18330, "start": 159.82, "end": 183.3, "text": " Average production of labor. We had three stages as well. It's quite similar to the marginal utility theory when we studied the relationship between the total utility and marginal utility. Here we have the first stage.", "tokens": [316, 3623, 4265, 295, 5938, 13, 492, 632, 1045, 10232, 382, 731, 13, 467, 311, 1596, 2531, 281, 264, 16885, 14877, 5261, 562, 321, 9454, 264, 2480, 1296, 264, 3217, 14877, 293, 16885, 14877, 13, 1692, 321, 362, 264, 700, 3233, 13], "avg_logprob": -0.1241824120976204, "compression_ratio": 1.489795918367347, "no_speech_prob": 0.0, "words": [{"start": 159.82000000000002, "end": 160.52, "word": " Average", "probability": 0.8857421875}, {"start": 160.52, "end": 161.22, "word": " production", "probability": 0.85595703125}, {"start": 161.22, "end": 161.46, "word": " of", "probability": 0.78515625}, {"start": 161.46, "end": 161.72, "word": " labor.", "probability": 0.92431640625}, {"start": 168.86, "end": 169.56, "word": " We", "probability": 0.96484375}, {"start": 169.56, "end": 169.86, "word": " had", "probability": 0.5419921875}, {"start": 169.86, "end": 170.14, "word": " three", "probability": 0.9326171875}, {"start": 170.14, "end": 170.7, "word": " stages", "probability": 0.93115234375}, {"start": 170.7, "end": 171.06, "word": " as", "probability": 0.9306640625}, {"start": 171.06, "end": 171.28, "word": " well.", "probability": 0.94580078125}, {"start": 173.3, "end": 173.58, "word": " It's", "probability": 0.97509765625}, {"start": 173.58, "end": 173.92, "word": " quite", "probability": 0.88720703125}, {"start": 173.92, "end": 174.3, "word": " similar", "probability": 0.96044921875}, {"start": 174.3, "end": 174.58, "word": " to", "probability": 0.9697265625}, {"start": 174.58, "end": 174.76, "word": " the", "probability": 0.91259765625}, {"start": 174.76, "end": 175.16, "word": " marginal", "probability": 0.82568359375}, {"start": 175.16, "end": 175.88, "word": " utility", "probability": 0.94970703125}, {"start": 175.88, "end": 176.3, "word": " theory", "probability": 0.880859375}, {"start": 176.3, "end": 176.6, "word": " when", "probability": 0.626953125}, {"start": 176.6, "end": 176.76, "word": " we", "probability": 0.96484375}, {"start": 176.76, "end": 177.12, "word": " studied", "probability": 0.88525390625}, {"start": 177.12, "end": 177.3, "word": " the", "probability": 0.9072265625}, {"start": 177.3, "end": 177.76, "word": " relationship", "probability": 0.908203125}, {"start": 177.76, "end": 178.16, "word": " between", "probability": 0.87353515625}, {"start": 178.16, "end": 178.38, "word": " the", "probability": 0.90380859375}, {"start": 178.38, "end": 178.66, "word": " total", "probability": 0.86279296875}, {"start": 178.66, "end": 179.04, "word": " utility", "probability": 0.947265625}, {"start": 179.04, "end": 179.78, "word": " and", "probability": 0.93798828125}, {"start": 179.78, "end": 180.32, "word": " marginal", "probability": 0.92236328125}, {"start": 180.32, "end": 180.86, "word": " utility.", "probability": 0.95166015625}, {"start": 181.56, "end": 181.9, "word": " Here", "probability": 0.87109375}, {"start": 181.9, "end": 182.08, "word": " we", "probability": 0.80029296875}, {"start": 182.08, "end": 182.32, "word": " have", "probability": 0.6884765625}, {"start": 182.32, "end": 182.48, "word": " the", "probability": 0.9091796875}, {"start": 182.48, "end": 182.74, "word": " first", "probability": 0.8955078125}, {"start": 182.74, "end": 183.3, "word": " stage.", "probability": 0.89599609375}], "temperature": 1.0}, {"id": 7, "seek": 21655, "start": 189.39, "end": 216.55, "text": " The first stage, the second, and the third stage here. Do you remember the data? Data that we took from the table, the last table. Is there a need to write the last table? Okay. 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So let's analyze the graph here. Number one, we are going to study the relationship between the total production labor and the marginal production labor. And the first stage here, as the total production labor is increasing at an increasing rate,", "tokens": [3217, 4265, 5938, 293, 264, 16885, 4265, 5938, 13, 407, 718, 311, 12477, 264, 4295, 510, 13, 5118, 472, 11, 321, 366, 516, 281, 2979, 264, 2480, 1296, 264, 3217, 4265, 5938, 293, 264, 16885, 4265, 5938, 13, 400, 264, 700, 3233, 510, 11, 382, 264, 3217, 4265, 5938, 307, 5662, 412, 364, 5662, 3314, 11], "avg_logprob": -0.17351974102488735, "compression_ratio": 2.0065789473684212, "no_speech_prob": 0.0, "words": [{"start": 217.6, "end": 218.08, "word": " total", "probability": 0.455810546875}, {"start": 218.08, "end": 218.56, "word": " production", "probability": 0.93408203125}, {"start": 218.56, "end": 218.94, "word": " labor", "probability": 0.48876953125}, {"start": 218.94, "end": 219.24, "word": " and", "probability": 0.85791015625}, {"start": 219.24, "end": 219.4, "word": " the", "probability": 0.56591796875}, {"start": 219.4, "end": 219.7, "word": " marginal", "probability": 0.8916015625}, {"start": 219.7, "end": 220.14, "word": " production", "probability": 0.95361328125}, {"start": 220.14, "end": 220.56, "word": " labor.", "probability": 0.8193359375}, {"start": 221.18, "end": 221.34, "word": " So", "probability": 0.955078125}, {"start": 221.34, "end": 221.94, "word": " let's", "probability": 0.897216796875}, {"start": 221.94, "end": 222.36, "word": " analyze", "probability": 0.869140625}, {"start": 222.36, "end": 222.56, "word": " the", "probability": 0.921875}, {"start": 222.56, "end": 222.82, "word": " graph", "probability": 0.931640625}, {"start": 222.82, "end": 223.16, "word": " here.", "probability": 0.85205078125}, {"start": 224.2, "end": 224.54, "word": " Number", "probability": 0.8525390625}, {"start": 224.54, "end": 224.84, "word": " one,", "probability": 0.734375}, {"start": 226.22, "end": 226.52, "word": " we", "probability": 0.9296875}, {"start": 226.52, "end": 226.94, "word": " are", "probability": 0.60107421875}, {"start": 226.94, "end": 227.22, "word": " going", "probability": 0.6435546875}, {"start": 227.22, "end": 227.38, "word": " to", "probability": 0.953125}, {"start": 227.38, "end": 227.66, "word": " study", "probability": 0.9208984375}, {"start": 227.66, "end": 227.84, "word": " the", "probability": 0.89013671875}, {"start": 227.84, "end": 228.28, "word": " relationship", "probability": 0.91455078125}, {"start": 228.28, "end": 228.66, "word": " between", "probability": 0.87060546875}, {"start": 228.66, "end": 228.9, "word": " the", "probability": 0.91064453125}, {"start": 228.9, "end": 229.22, "word": " total", "probability": 0.86376953125}, {"start": 229.22, "end": 229.7, "word": " production", "probability": 0.95263671875}, {"start": 229.7, "end": 230.12, "word": " labor", "probability": 0.83056640625}, {"start": 230.12, "end": 230.78, "word": " and", "probability": 0.93359375}, {"start": 230.78, "end": 231.4, "word": " the", "probability": 0.90185546875}, {"start": 231.4, "end": 231.76, "word": " marginal", "probability": 0.951171875}, {"start": 231.76, "end": 232.26, "word": " production", "probability": 0.95751953125}, {"start": 232.26, "end": 232.7, "word": " labor.", "probability": 0.91796875}, {"start": 234.36, "end": 235.16, "word": " And", "probability": 0.390625}, {"start": 235.16, "end": 235.26, "word": " the", "probability": 0.9052734375}, {"start": 235.26, "end": 235.52, "word": " first", "probability": 0.89111328125}, {"start": 235.52, "end": 235.94, "word": " stage", "probability": 0.900390625}, {"start": 235.94, "end": 236.34, "word": " here,", "probability": 0.84912109375}, {"start": 239.64, "end": 240.22, "word": " as", "probability": 0.89990234375}, {"start": 240.22, "end": 242.56, "word": " the", "probability": 0.904296875}, {"start": 242.56, "end": 242.92, "word": " total", "probability": 0.86669921875}, {"start": 242.92, "end": 243.38, "word": " production", "probability": 0.94970703125}, {"start": 243.38, "end": 243.78, "word": " labor", "probability": 0.93603515625}, {"start": 243.78, "end": 244.3, "word": " is", "probability": 0.93994140625}, {"start": 244.3, "end": 245.04, "word": " increasing", "probability": 0.95849609375}, {"start": 245.04, "end": 245.42, "word": " at", "probability": 0.955078125}, {"start": 245.42, "end": 245.74, "word": " an", "probability": 0.94287109375}, {"start": 245.74, "end": 246.2, "word": " increasing", "probability": 0.94287109375}, {"start": 246.2, "end": 246.82, "word": " rate,", "probability": 0.94775390625}], "temperature": 1.0}, {"id": 9, "seek": 27599, "start": 247.79, "end": 275.99, "text": " The total production labor is increasing at an increasing rate. What do I see? The marginal production labor is increasing. MPL is increasing and positive. So here, number one, when the total production labor is increasing at an increasing rate,", "tokens": [440, 3217, 4265, 5938, 307, 5662, 412, 364, 5662, 3314, 13, 708, 360, 286, 536, 30, 440, 16885, 4265, 5938, 307, 5662, 13, 14146, 43, 307, 5662, 293, 3353, 13, 407, 510, 11, 1230, 472, 11, 562, 264, 3217, 4265, 5938, 307, 5662, 412, 364, 5662, 3314, 11], "avg_logprob": -0.20440051506976692, "compression_ratio": 2.0, "no_speech_prob": 0.0, "words": [{"start": 247.79, "end": 248.05, "word": " The", "probability": 0.50634765625}, {"start": 248.05, "end": 248.41, "word": " total", "probability": 0.84375}, {"start": 248.41, "end": 248.89, "word": " production", "probability": 0.94873046875}, {"start": 248.89, "end": 249.39, "word": " labor", "probability": 0.7900390625}, {"start": 249.39, "end": 250.03, "word": " is", "probability": 0.93017578125}, {"start": 250.03, "end": 250.63, "word": " increasing", "probability": 0.95654296875}, {"start": 250.63, "end": 251.33, "word": " at", "probability": 0.9501953125}, {"start": 251.33, "end": 252.27, "word": " an", "probability": 0.87646484375}, {"start": 252.27, "end": 252.77, "word": " increasing", "probability": 0.939453125}, {"start": 252.77, "end": 253.39, "word": " rate.", "probability": 0.93994140625}, {"start": 254.73, "end": 255.07, "word": " What", "probability": 0.18115234375}, {"start": 255.07, "end": 255.15, "word": " do", "probability": 0.63330078125}, {"start": 255.15, "end": 255.17, "word": " I", "probability": 0.640625}, {"start": 255.17, "end": 255.43, "word": " see?", "probability": 0.91259765625}, {"start": 255.79, "end": 255.91, "word": " The", "probability": 0.896484375}, {"start": 255.91, "end": 256.23, "word": " marginal", "probability": 0.8720703125}, {"start": 256.23, "end": 256.69, "word": " production", "probability": 0.95263671875}, {"start": 256.69, "end": 257.03, "word": " labor", "probability": 0.91015625}, {"start": 257.03, "end": 257.29, "word": " is", "probability": 0.939453125}, {"start": 257.29, "end": 257.91, "word": " increasing.", "probability": 0.9521484375}, {"start": 259.03, "end": 259.71, "word": " MPL", "probability": 0.7421875}, {"start": 259.71, "end": 261.21, "word": " is", "probability": 0.8984375}, {"start": 261.21, "end": 262.11, "word": " increasing", "probability": 0.9541015625}, {"start": 262.11, "end": 263.65, "word": " and", "probability": 0.67822265625}, {"start": 263.65, "end": 264.17, "word": " positive.", "probability": 0.9169921875}, {"start": 264.81, "end": 265.05, "word": " So", "probability": 0.94677734375}, {"start": 265.05, "end": 265.89, "word": " here,", "probability": 0.75244140625}, {"start": 266.33, "end": 266.51, "word": " number", "probability": 0.93310546875}, {"start": 266.51, "end": 266.81, "word": " one,", "probability": 0.75634765625}, {"start": 267.31, "end": 267.55, "word": " when", "probability": 0.85888671875}, {"start": 267.55, "end": 269.11, "word": " the", "probability": 0.87841796875}, {"start": 269.11, "end": 269.41, "word": " total", "probability": 0.88134765625}, {"start": 269.41, "end": 269.89, "word": " production", "probability": 0.947265625}, {"start": 269.89, "end": 270.31, "word": " labor", "probability": 0.916015625}, {"start": 270.31, "end": 270.65, "word": " is", "probability": 0.94287109375}, {"start": 270.65, "end": 271.25, "word": " increasing", "probability": 0.95654296875}, {"start": 271.25, "end": 271.85, "word": " at", "probability": 0.96142578125}, {"start": 271.85, "end": 273.09, "word": " an", "probability": 0.8916015625}, {"start": 273.09, "end": 275.35, "word": " increasing", "probability": 0.94091796875}, {"start": 275.35, "end": 275.99, "word": " rate,", "probability": 0.9169921875}], "temperature": 1.0}, {"id": 10, "seek": 30672, "start": 278.86, "end": 306.72, "text": " The marginal production of labor is increasing in positive in the second stage. Here from A to B, to C, and then to D. 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So in the second stage, here in the first stage, the first stage from A to B, when the total production labor is increasing at an increasing rate, the marginal production labor is increasing at positive. In the second stage,", "tokens": [457, 538, 420, 294, 257, 23223, 3314, 13, 407, 294, 264, 1150, 3233, 11, 510, 294, 264, 700, 3233, 11, 264, 700, 3233, 490, 316, 281, 363, 11, 562, 264, 3217, 4265, 5938, 307, 5662, 412, 364, 5662, 3314, 11, 264, 16885, 4265, 5938, 307, 5662, 412, 3353, 13, 682, 264, 1150, 3233, 11], "avg_logprob": -0.21178976947611028, "compression_ratio": 1.8759124087591241, "no_speech_prob": 0.0, "words": [{"start": 308.09, "end": 308.53, "word": " but", "probability": 0.70751953125}, {"start": 308.53, "end": 309.27, "word": " by", "probability": 0.90478515625}, {"start": 309.27, "end": 309.63, "word": " or", "probability": 0.66259765625}, {"start": 309.63, "end": 309.91, "word": " in", "probability": 0.884765625}, {"start": 309.91, "end": 310.53, "word": " a", "probability": 0.83447265625}, {"start": 310.53, "end": 311.11, "word": " decreasing", "probability": 0.951171875}, {"start": 311.11, "end": 311.73, "word": " rate.", "probability": 0.939453125}, {"start": 316.13, "end": 316.25, "word": " So", "probability": 0.1761474609375}, {"start": 316.25, "end": 319.13, "word": " in", "probability": 0.36083984375}, {"start": 319.13, "end": 319.29, "word": " the", "probability": 0.9208984375}, {"start": 319.29, "end": 319.63, "word": " second", "probability": 0.89990234375}, {"start": 319.63, "end": 320.19, "word": " stage,", "probability": 0.89404296875}, {"start": 320.27, "end": 320.41, "word": " here", "probability": 0.7568359375}, {"start": 320.41, "end": 320.51, "word": " in", "probability": 0.736328125}, {"start": 320.51, "end": 320.63, "word": " the", "probability": 0.91845703125}, {"start": 320.63, "end": 320.89, "word": " first", "probability": 0.89453125}, {"start": 320.89, "end": 321.35, "word": " stage,", "probability": 0.890625}, {"start": 321.81, "end": 322.21, "word": " the", "probability": 0.70556640625}, {"start": 322.21, "end": 322.53, "word": " first", "probability": 0.89208984375}, {"start": 322.53, "end": 323.07, "word": " stage", "probability": 0.8828125}, {"start": 323.07, "end": 325.97, "word": " from", "probability": 0.68212890625}, {"start": 325.97, "end": 326.35, "word": " A", "probability": 0.89794921875}, {"start": 326.35, "end": 326.53, "word": " to", "probability": 0.98291015625}, {"start": 326.53, "end": 326.87, "word": " B,", "probability": 0.99853515625}, {"start": 328.45, "end": 328.69, "word": " when", "probability": 0.91796875}, {"start": 328.69, "end": 328.87, "word": " the", "probability": 0.896484375}, {"start": 328.87, "end": 329.09, "word": " total", "probability": 0.87451171875}, {"start": 329.09, "end": 329.45, "word": " production", "probability": 0.93359375}, {"start": 329.45, "end": 329.81, "word": " labor", "probability": 0.64794921875}, {"start": 329.81, "end": 330.07, "word": " is", "probability": 0.93359375}, {"start": 330.07, "end": 330.49, "word": " increasing", "probability": 0.95849609375}, {"start": 330.49, "end": 330.79, "word": " at", "probability": 0.96240234375}, {"start": 330.79, "end": 331.01, "word": " an", "probability": 0.9609375}, {"start": 331.01, "end": 331.39, "word": " increasing", "probability": 0.95361328125}, {"start": 331.39, "end": 331.75, "word": " rate,", "probability": 0.951171875}, {"start": 331.89, "end": 331.93, "word": " the", "probability": 0.77734375}, {"start": 331.93, "end": 332.15, "word": " marginal", "probability": 0.56494140625}, {"start": 332.15, "end": 332.57, "word": " production", "probability": 0.9404296875}, {"start": 332.57, "end": 332.95, "word": " labor", "probability": 0.8876953125}, {"start": 332.95, "end": 333.33, "word": " is", "probability": 0.94091796875}, {"start": 333.33, "end": 334.01, "word": " increasing", "probability": 0.95654296875}, {"start": 334.01, "end": 334.67, "word": " at", "probability": 0.8623046875}, {"start": 334.67, "end": 335.19, "word": " positive.", "probability": 0.93994140625}, {"start": 336.49, "end": 336.87, "word": " In", "probability": 0.460205078125}, {"start": 336.87, "end": 337.01, "word": " the", "probability": 0.916015625}, {"start": 337.01, "end": 337.33, "word": " second", "probability": 0.90625}, {"start": 337.33, "end": 337.85, "word": " stage,", "probability": 0.888671875}], "temperature": 1.0}, {"id": 12, "seek": 36299, "start": 342.51, "end": 362.99, "text": " from B to C. What do we see? The total production labor is increasing at a decreasing rate. What do we see? The marginal production labor is decreasing, but still positive. Right? So,", "tokens": [490, 363, 281, 383, 13, 708, 360, 321, 536, 30, 440, 3217, 4265, 5938, 307, 5662, 412, 257, 23223, 3314, 13, 708, 360, 321, 536, 30, 440, 16885, 4265, 5938, 307, 23223, 11, 457, 920, 3353, 13, 1779, 30, 407, 11], "avg_logprob": -0.1866629393327804, "compression_ratio": 1.5593220338983051, "no_speech_prob": 0.0, "words": [{"start": 342.51, "end": 342.91, "word": " from", "probability": 0.51416015625}, {"start": 342.91, "end": 343.95, "word": " B", "probability": 0.81494140625}, {"start": 343.95, "end": 344.21, "word": " to", "probability": 0.978515625}, {"start": 344.21, "end": 344.71, "word": " C.", "probability": 0.98779296875}, {"start": 348.79, "end": 349.03, "word": " What", "probability": 0.456298828125}, {"start": 349.03, "end": 349.09, "word": " do", "probability": 0.8896484375}, {"start": 349.09, "end": 349.17, "word": " we", "probability": 0.51708984375}, {"start": 349.17, "end": 349.43, "word": " see?", "probability": 0.93359375}, {"start": 350.23, "end": 350.95, "word": " The", "probability": 0.74951171875}, {"start": 350.95, "end": 351.27, "word": " total", "probability": 0.8662109375}, {"start": 351.27, "end": 351.69, "word": " production", "probability": 0.94775390625}, {"start": 351.69, "end": 352.05, "word": " labor", "probability": 0.5595703125}, {"start": 352.05, "end": 352.39, "word": " is", "probability": 0.9443359375}, {"start": 352.39, "end": 353.05, "word": " increasing", "probability": 0.9521484375}, {"start": 353.05, "end": 353.47, "word": " at", "probability": 0.9619140625}, {"start": 353.47, "end": 353.79, "word": " a", "probability": 0.99365234375}, {"start": 353.79, "end": 354.31, "word": " decreasing", "probability": 0.95068359375}, {"start": 354.31, "end": 354.83, "word": " rate.", "probability": 0.94921875}, {"start": 355.71, "end": 355.95, "word": " What", "probability": 0.79052734375}, {"start": 355.95, "end": 356.03, "word": " do", "probability": 0.93115234375}, {"start": 356.03, "end": 356.09, "word": " we", "probability": 0.7802734375}, {"start": 356.09, "end": 356.39, "word": " see?", "probability": 0.927734375}, {"start": 356.83, "end": 356.97, "word": " The", "probability": 0.896484375}, {"start": 356.97, "end": 357.29, "word": " marginal", "probability": 0.8662109375}, {"start": 357.29, "end": 357.71, "word": " production", "probability": 0.95361328125}, {"start": 357.71, "end": 358.01, "word": " labor", "probability": 0.87939453125}, {"start": 358.01, "end": 358.27, "word": " is", "probability": 0.94482421875}, {"start": 358.27, "end": 358.81, "word": " decreasing,", "probability": 0.94970703125}, {"start": 359.13, "end": 359.29, "word": " but", "probability": 0.904296875}, {"start": 359.29, "end": 359.51, "word": " still", "probability": 0.94921875}, {"start": 359.51, "end": 359.99, "word": " positive.", "probability": 0.92724609375}, {"start": 361.69, "end": 362.41, "word": " Right?", "probability": 0.712890625}, {"start": 362.61, "end": 362.99, "word": " So,", "probability": 0.9638671875}], "temperature": 1.0}, {"id": 13, "seek": 38645, "start": 363.81, "end": 386.45, "text": " The second stage, from B to C, the total production of labor is increasing at a decreasing rate. This is total production of labor. What do you see? The marginal production of labor is decreasing, but still positive. So the total production of labor is increasing at a decreasing rate.", "tokens": [440, 1150, 3233, 11, 490, 363, 281, 383, 11, 264, 3217, 4265, 295, 5938, 307, 5662, 412, 257, 23223, 3314, 13, 639, 307, 3217, 4265, 295, 5938, 13, 708, 360, 291, 536, 30, 440, 16885, 4265, 295, 5938, 307, 23223, 11, 457, 920, 3353, 13, 407, 264, 3217, 4265, 295, 5938, 307, 5662, 412, 257, 23223, 3314, 13], "avg_logprob": -0.18008475081395295, "compression_ratio": 2.0875912408759123, "no_speech_prob": 0.0, "words": [{"start": 363.81, "end": 364.09, "word": " The", "probability": 0.85205078125}, {"start": 364.09, "end": 364.41, "word": " second", "probability": 0.88671875}, {"start": 364.41, "end": 364.97, "word": " stage,", "probability": 0.90380859375}, {"start": 365.75, "end": 365.89, "word": " from", "probability": 0.8798828125}, {"start": 365.89, "end": 366.29, "word": " B", "probability": 0.828125}, {"start": 366.29, "end": 366.59, "word": " to", "probability": 0.97900390625}, {"start": 366.59, "end": 367.09, "word": " C,", "probability": 0.9931640625}, {"start": 367.85, "end": 368.13, "word": " the", "probability": 0.9091796875}, {"start": 368.13, "end": 368.57, "word": " total", "probability": 0.859375}, {"start": 368.57, "end": 369.05, "word": " production", "probability": 0.9541015625}, {"start": 369.05, "end": 369.33, "word": " of", "probability": 0.646484375}, {"start": 369.33, "end": 369.65, "word": " labor", "probability": 0.9130859375}, {"start": 369.65, "end": 370.23, "word": " is", "probability": 0.94140625}, {"start": 370.23, "end": 370.73, "word": " increasing", "probability": 0.95458984375}, {"start": 370.73, "end": 371.25, "word": " at", "probability": 0.96484375}, {"start": 371.25, "end": 371.79, "word": " a", "probability": 0.98681640625}, {"start": 371.79, "end": 372.27, "word": " decreasing", "probability": 0.94873046875}, {"start": 372.27, "end": 372.77, "word": " rate.", "probability": 0.939453125}, {"start": 373.69, "end": 374.37, "word": " This", "probability": 0.8974609375}, {"start": 374.37, "end": 374.55, "word": " is", "probability": 0.947265625}, {"start": 374.55, "end": 374.85, "word": " total", "probability": 0.86474609375}, {"start": 374.85, "end": 375.27, "word": " production", "probability": 0.95068359375}, {"start": 375.27, "end": 375.45, "word": " of", "probability": 0.6435546875}, {"start": 375.45, "end": 375.71, "word": " labor.", "probability": 0.92236328125}, {"start": 376.13, "end": 376.27, "word": " What", "probability": 0.1270751953125}, {"start": 376.27, "end": 376.35, "word": " do", "probability": 0.7021484375}, {"start": 376.35, "end": 376.37, "word": " you", "probability": 0.564453125}, {"start": 376.37, "end": 376.63, "word": " see?", "probability": 0.92724609375}, {"start": 376.97, "end": 377.13, "word": " The", "probability": 0.90380859375}, {"start": 377.13, "end": 377.43, "word": " marginal", "probability": 0.5576171875}, {"start": 377.43, "end": 377.85, "word": " production", "probability": 0.9501953125}, {"start": 377.85, "end": 378.01, "word": " of", "probability": 0.90087890625}, {"start": 378.01, "end": 378.15, "word": " labor", "probability": 0.91650390625}, {"start": 378.15, "end": 378.39, "word": " is", "probability": 0.93798828125}, {"start": 378.39, "end": 378.91, "word": " decreasing,", "probability": 0.9453125}, {"start": 379.03, "end": 379.17, "word": " but", "probability": 0.91748046875}, {"start": 379.17, "end": 379.41, "word": " still", "probability": 0.95263671875}, {"start": 379.41, "end": 379.85, "word": " positive.", "probability": 0.93115234375}, {"start": 380.41, "end": 380.75, "word": " So", "probability": 0.94580078125}, {"start": 380.75, "end": 382.49, "word": " the", "probability": 0.55615234375}, {"start": 382.49, "end": 382.81, "word": " total", "probability": 0.8525390625}, {"start": 382.81, "end": 383.29, "word": " production", "probability": 0.94091796875}, {"start": 383.29, "end": 383.51, "word": " of", "probability": 0.9677734375}, {"start": 383.51, "end": 383.75, "word": " labor", "probability": 0.92236328125}, {"start": 383.75, "end": 384.05, "word": " is", "probability": 0.9423828125}, {"start": 384.05, "end": 384.53, "word": " increasing", "probability": 0.94775390625}, {"start": 384.53, "end": 385.07, "word": " at", "probability": 0.96630859375}, {"start": 385.07, "end": 385.49, "word": " a", "probability": 0.99658203125}, {"start": 385.49, "end": 385.91, "word": " decreasing", "probability": 0.9580078125}, {"start": 385.91, "end": 386.45, "word": " rate.", "probability": 0.9501953125}], "temperature": 1.0}, {"id": 14, "seek": 41729, "start": 387.97, "end": 417.29, "text": " Hence, the marginal production of labor is decreasing. MPL is decreasing, but still positive. Sorry? MPL increasing at a decreasing rate. Okay? It's quite similar to the marginal utility and total utility.", "tokens": [22229, 11, 264, 16885, 4265, 295, 5938, 307, 23223, 13, 14146, 43, 307, 23223, 11, 457, 920, 3353, 13, 4919, 30, 14146, 43, 5662, 412, 257, 23223, 3314, 13, 1033, 30, 467, 311, 1596, 2531, 281, 264, 16885, 14877, 293, 3217, 14877, 13], "avg_logprob": -0.17711292139508508, "compression_ratio": 1.5147058823529411, "no_speech_prob": 0.0, "words": [{"start": 387.97, "end": 388.49, "word": " Hence,", "probability": 0.84619140625}, {"start": 389.29, "end": 389.47, "word": " the", "probability": 0.89501953125}, {"start": 389.47, "end": 389.83, "word": " marginal", "probability": 0.73583984375}, {"start": 389.83, "end": 390.29, "word": " production", "probability": 0.96826171875}, {"start": 390.29, "end": 390.51, "word": " of", "probability": 0.8837890625}, {"start": 390.51, "end": 390.85, "word": " labor", "probability": 0.9072265625}, {"start": 390.85, "end": 392.13, "word": " is", "probability": 0.791015625}, {"start": 392.13, "end": 392.71, "word": " decreasing.", "probability": 0.953125}, {"start": 392.93, "end": 393.75, "word": " MPL", "probability": 0.835693359375}, {"start": 393.75, "end": 394.11, "word": " is", "probability": 0.92578125}, {"start": 394.11, "end": 394.65, "word": " decreasing,", "probability": 0.947265625}, {"start": 394.81, "end": 394.99, "word": " but", "probability": 0.9130859375}, {"start": 394.99, "end": 395.41, "word": " still", "probability": 0.95751953125}, {"start": 395.41, "end": 396.01, "word": " positive.", "probability": 0.91845703125}, {"start": 401.97, "end": 402.81, "word": " Sorry?", "probability": 0.37841796875}, {"start": 403.95, "end": 404.79, "word": " MPL", "probability": 0.930419921875}, {"start": 404.79, "end": 406.49, "word": " increasing", "probability": 0.47900390625}, {"start": 406.49, "end": 406.91, "word": " at", "probability": 0.96337890625}, {"start": 406.91, "end": 407.29, "word": " a", "probability": 0.984375}, {"start": 407.29, "end": 407.79, "word": " decreasing", "probability": 0.9423828125}, {"start": 407.79, "end": 408.35, "word": " rate.", "probability": 0.93896484375}, {"start": 412.09, "end": 412.09, "word": " Okay?", "probability": 0.2044677734375}, {"start": 414.21, "end": 414.37, "word": " It's", "probability": 0.91357421875}, {"start": 414.37, "end": 414.59, "word": " quite", "probability": 0.87451171875}, {"start": 414.59, "end": 414.87, "word": " similar", "probability": 0.9599609375}, {"start": 414.87, "end": 415.03, "word": " to", "probability": 0.97021484375}, {"start": 415.03, "end": 415.19, "word": " the", "probability": 0.87109375}, {"start": 415.19, "end": 415.53, "word": " marginal", "probability": 0.8955078125}, {"start": 415.53, "end": 415.91, "word": " utility", "probability": 0.93359375}, {"start": 415.91, "end": 416.23, "word": " and", "probability": 0.93115234375}, {"start": 416.23, "end": 416.91, "word": " total", "probability": 0.83935546875}, {"start": 416.91, "end": 417.29, "word": " utility.", "probability": 0.94384765625}], "temperature": 1.0}, {"id": 15, "seek": 44618, "start": 418.08, "end": 446.18, "text": " All right? Here, when the total production labor reached the peak, at the peak of total production labor, the marginal production labor reached zero here. At the worker number, how much? Marginal production labor or total production labor reached the peak, where? And MPL equals zero. Where is it?", "tokens": [1057, 558, 30, 1692, 11, 562, 264, 3217, 4265, 5938, 6488, 264, 10651, 11, 412, 264, 10651, 295, 3217, 4265, 5938, 11, 264, 16885, 4265, 5938, 6488, 4018, 510, 13, 1711, 264, 11346, 1230, 11, 577, 709, 30, 2039, 1494, 304, 4265, 5938, 420, 3217, 4265, 5938, 6488, 264, 10651, 11, 689, 30, 400, 14146, 43, 6915, 4018, 13, 2305, 307, 309, 30], "avg_logprob": -0.25634764647111297, "compression_ratio": 1.9735099337748345, "no_speech_prob": 0.0, "words": [{"start": 418.08, "end": 418.34, "word": " All", "probability": 0.8603515625}, {"start": 418.34, "end": 418.58, "word": " right?", "probability": 0.9150390625}, {"start": 421.48, "end": 422.16, "word": " Here,", "probability": 0.2108154296875}, {"start": 422.44, "end": 422.86, "word": " when", "probability": 0.9326171875}, {"start": 422.86, "end": 423.16, "word": " the", "probability": 0.923828125}, {"start": 423.16, "end": 423.42, "word": " total", "probability": 0.859375}, {"start": 423.42, "end": 423.8, "word": " production", "probability": 0.96337890625}, {"start": 423.8, "end": 424.12, "word": " labor", "probability": 0.90576171875}, {"start": 424.12, "end": 424.58, "word": " reached", "probability": 0.6845703125}, {"start": 424.58, "end": 424.8, "word": " the", "probability": 0.91845703125}, {"start": 424.8, "end": 425.16, "word": " peak,", "probability": 0.96826171875}, {"start": 426.34, "end": 426.58, "word": " at", "probability": 0.92041015625}, {"start": 426.58, "end": 426.74, "word": " the", "probability": 0.92236328125}, {"start": 426.74, "end": 427.1, "word": " peak", "probability": 0.96826171875}, {"start": 427.1, "end": 427.56, "word": " of", "probability": 0.96875}, {"start": 427.56, "end": 428.1, "word": " total", "probability": 0.8671875}, {"start": 428.1, "end": 428.52, "word": " production", "probability": 0.953125}, {"start": 428.52, "end": 428.96, "word": " labor,", "probability": 0.93505859375}, {"start": 429.28, "end": 429.38, "word": " the", "probability": 0.90625}, {"start": 429.38, "end": 429.68, "word": " marginal", "probability": 0.7890625}, {"start": 429.68, "end": 430.08, "word": " production", "probability": 0.95458984375}, {"start": 430.08, "end": 430.5, "word": " labor", "probability": 0.919921875}, {"start": 430.5, "end": 431.02, "word": " reached", "probability": 0.75048828125}, {"start": 431.02, "end": 431.62, "word": " zero", "probability": 0.448486328125}, {"start": 431.62, "end": 431.96, "word": " here.", "probability": 0.8310546875}, {"start": 433.48, "end": 433.76, "word": " At", "probability": 0.8828125}, {"start": 433.76, "end": 433.98, "word": " the", "probability": 0.9091796875}, {"start": 433.98, "end": 434.22, "word": " worker", "probability": 0.693359375}, {"start": 434.22, "end": 434.56, "word": " number,", "probability": 0.91552734375}, {"start": 434.76, "end": 434.76, "word": " how", "probability": 0.135986328125}, {"start": 434.76, "end": 435.02, "word": " much?", "probability": 0.66455078125}, {"start": 437.22, "end": 437.9, "word": " Marginal", "probability": 0.6442464192708334}, {"start": 437.9, "end": 438.22, "word": " production", "probability": 0.95654296875}, {"start": 438.22, "end": 438.66, "word": " labor", "probability": 0.9365234375}, {"start": 438.66, "end": 439.94, "word": " or", "probability": 0.5478515625}, {"start": 439.94, "end": 440.2, "word": " total", "probability": 0.85498046875}, {"start": 440.2, "end": 440.58, "word": " production", "probability": 0.94970703125}, {"start": 440.58, "end": 441.0, "word": " labor", "probability": 0.92822265625}, {"start": 441.0, "end": 441.74, "word": " reached", "probability": 0.787109375}, {"start": 441.74, "end": 441.94, "word": " the", "probability": 0.91552734375}, {"start": 441.94, "end": 442.26, "word": " peak,", "probability": 0.9404296875}, {"start": 442.4, "end": 442.5, "word": " where?", "probability": 0.54345703125}, {"start": 443.14, "end": 443.64, "word": " And", "probability": 0.669921875}, {"start": 443.64, "end": 444.28, "word": " MPL", "probability": 0.698486328125}, {"start": 444.28, "end": 444.84, "word": " equals", "probability": 0.91015625}, {"start": 444.84, "end": 445.18, "word": " zero.", "probability": 0.8349609375}, {"start": 445.78, "end": 445.92, "word": " Where", "probability": 0.8427734375}, {"start": 445.92, "end": 446.04, "word": " is", "probability": 0.78759765625}, {"start": 446.04, "end": 446.18, "word": " it?", "probability": 0.923828125}], "temperature": 1.0}, {"id": 16, "seek": 47608, "start": 446.9, "end": 476.08, "text": " At the worker number eight. Number three, when TPL reached the peak or is maximized, MPL equals zero. When? The last stage here.", "tokens": [1711, 264, 11346, 1230, 3180, 13, 5118, 1045, 11, 562, 314, 21593, 6488, 264, 10651, 420, 307, 5138, 1602, 11, 14146, 43, 6915, 4018, 13, 1133, 30, 440, 1036, 3233, 510, 13], "avg_logprob": -0.3536931818181818, "compression_ratio": 1.1517857142857142, "no_speech_prob": 0.0, "words": [{"start": 446.9, "end": 447.14, "word": " At", "probability": 0.208984375}, {"start": 447.14, "end": 447.22, "word": " the", "probability": 0.76123046875}, {"start": 447.22, "end": 447.58, "word": " worker", "probability": 0.91259765625}, {"start": 447.58, "end": 448.18, "word": " number", "probability": 0.63427734375}, {"start": 448.18, "end": 448.64, "word": " eight.", "probability": 0.61865234375}, {"start": 449.94, "end": 450.42, "word": " Number", "probability": 0.2034912109375}, {"start": 450.42, "end": 454.24, "word": " three,", "probability": 0.5302734375}, {"start": 454.72, "end": 454.92, "word": " when", "probability": 0.83984375}, {"start": 454.92, "end": 456.92, "word": " TPL", "probability": 0.89013671875}, {"start": 456.92, "end": 457.52, "word": " reached", "probability": 0.266357421875}, {"start": 457.52, "end": 457.74, "word": " the", "probability": 0.88037109375}, {"start": 457.74, "end": 458.12, "word": " peak", "probability": 0.9521484375}, {"start": 458.12, "end": 464.5, "word": " or", "probability": 0.5751953125}, {"start": 464.5, "end": 464.86, "word": " is", "probability": 0.841796875}, {"start": 464.86, "end": 465.88, "word": " maximized,", "probability": 0.94189453125}, {"start": 467.8, "end": 468.64, "word": " MPL", "probability": 0.861328125}, {"start": 468.64, "end": 470.72, "word": " equals", "probability": 0.88037109375}, {"start": 470.72, "end": 471.18, "word": " zero.", "probability": 0.810546875}, {"start": 473.92, "end": 474.6, "word": " When?", "probability": 0.5380859375}, {"start": 474.8, "end": 475.06, "word": " The", "probability": 0.82861328125}, {"start": 475.06, "end": 475.34, "word": " last", "probability": 0.890625}, {"start": 475.34, "end": 475.82, "word": " stage", "probability": 0.90087890625}, {"start": 475.82, "end": 476.08, "word": " here.", "probability": 0.775390625}], "temperature": 1.0}, {"id": 17, "seek": 50218, "start": 477.24, "end": 502.18, "text": " from C to D. When the total production is decreasing, MPL decreasing and negative. So number four, when TPL is decreasing, MPL is decreasing and negative. Now,", "tokens": [490, 383, 281, 413, 13, 1133, 264, 3217, 4265, 307, 23223, 11, 14146, 43, 23223, 293, 3671, 13, 407, 1230, 1451, 11, 562, 314, 21593, 307, 23223, 11, 14146, 43, 307, 23223, 293, 3671, 13, 823, 11], "avg_logprob": -0.17855674263678098, "compression_ratio": 1.4678899082568808, "no_speech_prob": 0.0, "words": [{"start": 477.24, "end": 477.6, "word": " from", "probability": 0.67529296875}, {"start": 477.6, "end": 478.0, "word": " C", "probability": 0.689453125}, {"start": 478.0, "end": 478.26, "word": " to", "probability": 0.94677734375}, {"start": 478.26, "end": 478.56, "word": " D.", "probability": 0.966796875}, {"start": 479.18, "end": 480.06, "word": " When", "probability": 0.8564453125}, {"start": 480.06, "end": 480.2, "word": " the", "probability": 0.912109375}, {"start": 480.2, "end": 480.46, "word": " total", "probability": 0.8623046875}, {"start": 480.46, "end": 480.96, "word": " production", "probability": 0.953125}, {"start": 480.96, "end": 481.22, "word": " is", "probability": 0.9453125}, {"start": 481.22, "end": 483.12, "word": " decreasing,", "probability": 0.94580078125}, {"start": 483.72, "end": 484.58, "word": " MPL", "probability": 0.79736328125}, {"start": 484.58, "end": 486.12, "word": " decreasing", "probability": 0.7060546875}, {"start": 486.12, "end": 486.62, "word": " and", "probability": 0.908203125}, {"start": 486.62, "end": 487.2, "word": " negative.", "probability": 0.9453125}, {"start": 488.22, "end": 488.5, "word": " So", "probability": 0.9658203125}, {"start": 488.5, "end": 489.34, "word": " number", "probability": 0.255859375}, {"start": 489.34, "end": 489.7, "word": " four,", "probability": 0.7294921875}, {"start": 491.74, "end": 492.04, "word": " when", "probability": 0.9208984375}, {"start": 492.04, "end": 493.06, "word": " TPL", "probability": 0.892822265625}, {"start": 493.06, "end": 494.28, "word": " is", "probability": 0.9365234375}, {"start": 494.28, "end": 495.08, "word": " decreasing,", "probability": 0.94287109375}, {"start": 496.46, "end": 497.32, "word": " MPL", "probability": 0.959228515625}, {"start": 497.32, "end": 498.28, "word": " is", "probability": 0.9287109375}, {"start": 498.28, "end": 498.86, "word": " decreasing", "probability": 0.94775390625}, {"start": 498.86, "end": 499.26, "word": " and", "probability": 0.8701171875}, {"start": 499.26, "end": 499.56, "word": " negative.", "probability": 0.94384765625}, {"start": 501.26, "end": 502.18, "word": " Now,", "probability": 0.9501953125}], "temperature": 1.0}, {"id": 18, "seek": 53221, "start": 503.45, "end": 532.21, "text": " We have, yeah, it's quite similar to the relationship between the marginal utility and total utility. So the students who understood the last chapter or the chapter before, chapter four, will understand the chapter five easily, without any problems, right? Now, let's study the relationship between average production labor and MPL. What do you see? Oh, sorry, ABL and MPL.", "tokens": [492, 362, 11, 1338, 11, 309, 311, 1596, 2531, 281, 264, 2480, 1296, 264, 16885, 14877, 293, 3217, 14877, 13, 407, 264, 1731, 567, 7320, 264, 1036, 7187, 420, 264, 7187, 949, 11, 7187, 1451, 11, 486, 1223, 264, 7187, 1732, 3612, 11, 1553, 604, 2740, 11, 558, 30, 823, 11, 718, 311, 2979, 264, 2480, 1296, 4274, 4265, 5938, 293, 14146, 43, 13, 708, 360, 291, 536, 30, 876, 11, 2597, 11, 13838, 43, 293, 14146, 43, 13], "avg_logprob": -0.19238280933350324, "compression_ratio": 1.6622222222222223, "no_speech_prob": 0.0, "words": [{"start": 503.45, "end": 503.67, "word": " We", "probability": 0.580078125}, {"start": 503.67, "end": 504.13, "word": " have,", "probability": 0.94970703125}, {"start": 504.85, "end": 505.05, "word": " yeah,", "probability": 0.85888671875}, {"start": 505.19, "end": 505.37, "word": " it's", "probability": 0.973876953125}, {"start": 505.37, "end": 505.69, "word": " quite", "probability": 0.7841796875}, {"start": 505.69, "end": 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Where is the cross between APL and MPL? At the highest value of APL, at the peak of APL. So APL,", "tokens": [1692, 307, 11, 341, 307, 264, 4274, 4265, 5938, 11, 5372, 43, 11, 293, 14146, 43, 13, 2305, 307, 264, 3278, 1296, 5372, 43, 293, 14146, 43, 30, 1711, 264, 6343, 2158, 295, 5372, 43, 11, 412, 264, 10651, 295, 5372, 43, 13, 407, 5372, 43, 11], "avg_logprob": -0.18440754742672047, "compression_ratio": 1.3389830508474576, "no_speech_prob": 0.0, "words": [{"start": 533.47, "end": 533.79, "word": " Here", "probability": 0.681640625}, {"start": 533.79, "end": 533.99, "word": " is,", "probability": 0.72998046875}, {"start": 535.31, "end": 535.81, "word": " this", "probability": 0.94091796875}, {"start": 535.81, "end": 536.03, "word": " is", "probability": 0.94970703125}, {"start": 536.03, "end": 536.25, "word": " the", "probability": 0.923828125}, {"start": 536.25, "end": 536.61, "word": " average", "probability": 0.77099609375}, {"start": 536.61, "end": 537.03, "word": " production", "probability": 0.958984375}, {"start": 537.03, "end": 537.45, "word": " labor,", "probability": 0.68505859375}, {"start": 537.87, "end": 538.33, "word": " APL,", "probability": 0.938720703125}, {"start": 538.69, "end": 539.91, "word": " and", "probability": 0.9462890625}, {"start": 539.91, "end": 540.81, "word": " MPL.", "probability": 0.910400390625}, {"start": 541.49, "end": 541.97, "word": " Where", "probability": 0.8583984375}, {"start": 541.97, "end": 542.21, "word": " is", "probability": 0.9443359375}, {"start": 542.21, "end": 542.43, "word": " the", "probability": 0.9248046875}, {"start": 542.43, "end": 542.85, "word": " cross", "probability": 0.9150390625}, {"start": 542.85, "end": 544.15, "word": " between", "probability": 0.82421875}, {"start": 544.15, "end": 546.31, "word": " APL", "probability": 0.964599609375}, {"start": 546.31, "end": 546.95, "word": " and", "probability": 0.94189453125}, {"start": 546.95, "end": 547.77, "word": " MPL?", "probability": 0.94482421875}, {"start": 549.15, "end": 549.99, "word": " At", "probability": 0.947265625}, {"start": 549.99, "end": 550.41, "word": " the", "probability": 0.921875}, {"start": 550.41, "end": 550.97, "word": " highest", "probability": 0.951171875}, {"start": 550.97, "end": 552.31, "word": " value", "probability": 0.96923828125}, {"start": 552.31, "end": 552.63, "word": " of", "probability": 0.97412109375}, {"start": 552.63, "end": 553.37, "word": " APL,", "probability": 0.970458984375}, {"start": 553.75, "end": 553.91, "word": " at", "probability": 0.962890625}, {"start": 553.91, "end": 554.07, "word": " the", "probability": 0.92724609375}, {"start": 554.07, "end": 554.31, "word": " peak", "probability": 0.9677734375}, {"start": 554.31, "end": 554.53, "word": " of", "probability": 0.970703125}, {"start": 554.53, "end": 555.11, "word": " APL.", "probability": 0.973388671875}, {"start": 556.31, "end": 557.11, "word": " So", "probability": 0.37451171875}, {"start": 557.11, "end": 558.61, "word": " APL,", "probability": 0.784912109375}], "temperature": 1.0}, {"id": 20, "seek": 58713, "start": 560.77, "end": 587.13, "text": " crosses the marginal production labor at the peak or the highest value of APL. So APL equals MPL at the highest value of APL.", "tokens": [28467, 264, 16885, 4265, 5938, 412, 264, 10651, 420, 264, 6343, 2158, 295, 5372, 43, 13, 407, 5372, 43, 6915, 14146, 43, 412, 264, 6343, 2158, 295, 5372, 43, 13], "avg_logprob": -0.16078628839985018, "compression_ratio": 1.3404255319148937, "no_speech_prob": 0.0, "words": [{"start": 560.77, "end": 561.43, "word": " crosses", "probability": 0.79150390625}, {"start": 561.43, "end": 562.53, "word": " the", "probability": 0.916015625}, {"start": 562.53, "end": 562.89, "word": " marginal", "probability": 0.90087890625}, {"start": 562.89, "end": 563.29, "word": " production", "probability": 0.94287109375}, {"start": 563.29, "end": 563.73, "word": " labor", "probability": 0.61181640625}, {"start": 563.73, "end": 564.23, "word": " at", "probability": 0.8466796875}, {"start": 564.23, "end": 564.43, "word": " the", "probability": 0.927734375}, {"start": 564.43, "end": 564.87, "word": " peak", "probability": 0.9697265625}, {"start": 564.87, "end": 565.25, "word": " or", "probability": 0.69140625}, {"start": 565.25, "end": 565.49, "word": " the", "probability": 0.91259765625}, {"start": 565.49, "end": 565.91, "word": " highest", "probability": 0.94287109375}, {"start": 565.91, "end": 566.47, "word": " value", "probability": 0.9736328125}, {"start": 566.47, "end": 566.75, "word": " of", "probability": 0.97265625}, {"start": 566.75, "end": 567.35, "word": " APL.", "probability": 0.956298828125}, {"start": 568.39, "end": 568.89, "word": " So", "probability": 0.474609375}, {"start": 568.89, "end": 570.91, "word": " APL", "probability": 0.90771484375}, {"start": 570.91, "end": 575.91, "word": " equals", "probability": 0.31005859375}, {"start": 575.91, "end": 582.25, "word": " MPL", "probability": 0.769775390625}, {"start": 582.25, "end": 582.65, "word": " at", "probability": 0.7255859375}, {"start": 582.65, "end": 584.95, "word": " the", "probability": 0.92138671875}, {"start": 584.95, "end": 585.49, "word": " highest", "probability": 0.9189453125}, {"start": 585.49, "end": 586.05, "word": " value", "probability": 0.9775390625}, {"start": 586.05, "end": 586.37, "word": " of", "probability": 0.96826171875}, {"start": 586.37, "end": 587.13, "word": " APL.", "probability": 0.964599609375}], "temperature": 1.0}, {"id": 21, "seek": 61763, "start": 592.41, "end": 617.63, "text": " When MPL equals APL? At 60. At 60. In the table that we took before. Correct? APL equals MPL at Q equals at number labor number how many? Three. Three. Okay. 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APL. What else? APL is decreasing, but it's still positive and never reach to negative.", "tokens": [2720, 597, 30, 5372, 43, 13, 708, 1646, 30, 5372, 43, 307, 23223, 11, 457, 309, 311, 920, 3353, 293, 1128, 2524, 281, 3671, 13], "avg_logprob": -0.28725962799329025, "compression_ratio": 1.0769230769230769, "no_speech_prob": 0.0, "words": [{"start": 622.4, "end": 622.78, "word": " Of", "probability": 0.5625}, {"start": 622.78, "end": 623.56, "word": " which?", "probability": 0.947265625}, {"start": 624.28, "end": 625.06, "word": " APL.", "probability": 0.883056640625}, {"start": 627.34, "end": 627.42, "word": " What", "probability": 0.1982421875}, {"start": 627.42, "end": 634.5, "word": " else?", "probability": 0.8818359375}, {"start": 636.42, "end": 637.4, "word": " APL", "probability": 0.976806640625}, {"start": 637.4, "end": 637.72, "word": " is", "probability": 0.94091796875}, {"start": 637.72, "end": 638.38, "word": " decreasing,", "probability": 0.95166015625}, {"start": 639.26, "end": 639.58, "word": " but", "probability": 0.916015625}, {"start": 639.58, "end": 641.82, "word": " it's", "probability": 0.813720703125}, {"start": 641.82, "end": 643.1, "word": " still", "probability": 0.9296875}, {"start": 643.1, "end": 643.9, "word": " positive", "probability": 0.931640625}, {"start": 643.9, "end": 644.64, "word": " and", "probability": 0.6279296875}, {"start": 644.64, "end": 645.26, "word": " never", "probability": 0.865234375}, {"start": 645.26, "end": 646.26, "word": " reach", "probability": 0.3583984375}, {"start": 646.26, "end": 648.34, "word": " to", "probability": 0.61669921875}, {"start": 648.34, "end": 648.7, "word": " negative.", "probability": 0.81787109375}], "temperature": 1.0}, {"id": 23, "seek": 68200, "start": 653.74, "end": 682.0, "text": " It never reaches zero. Because APL never reaches negative. Never becomes less than.", "tokens": [467, 1128, 14235, 4018, 13, 1436, 5372, 43, 1128, 14235, 3671, 13, 7344, 3643, 1570, 813, 13], "avg_logprob": -0.5043402943346236, "compression_ratio": 1.135135135135135, "no_speech_prob": 0.0, "words": [{"start": 653.74, "end": 655.14, "word": " It", "probability": 0.302490234375}, {"start": 655.14, "end": 656.54, "word": " never", "probability": 0.86328125}, {"start": 656.54, "end": 656.9, "word": " reaches", "probability": 0.52880859375}, {"start": 656.9, "end": 657.38, "word": " zero.", "probability": 0.7578125}, {"start": 660.18, "end": 661.58, "word": " Because", "probability": 0.315185546875}, {"start": 661.58, "end": 662.88, "word": " APL", "probability": 0.926025390625}, {"start": 662.88, "end": 667.4, "word": " never", "probability": 0.75634765625}, {"start": 667.4, "end": 669.54, "word": " reaches", "probability": 0.424560546875}, {"start": 669.54, "end": 674.14, "word": " negative.", "probability": 0.453369140625}, {"start": 678.26, "end": 679.5, "word": " Never", "probability": 0.41796875}, {"start": 679.5, "end": 681.3, "word": " becomes", "probability": 0.84228515625}, {"start": 681.3, "end": 681.58, "word": " less", "probability": 0.73828125}, {"start": 681.58, "end": 682.0, "word": " than.", "probability": 0.93359375}], "temperature": 1.0}, {"id": 24, "seek": 71203, "start": 683.57, "end": 712.03, "text": " Yes, it's possible. When the total production of labor becomes zero, APL will be zero. Right? The factory is closed. Correct. So here, APL never reaches the negative or never becomes less than zero.", "tokens": [1079, 11, 309, 311, 1944, 13, 1133, 264, 3217, 4265, 295, 5938, 3643, 4018, 11, 5372, 43, 486, 312, 4018, 13, 1779, 30, 440, 9265, 307, 5395, 13, 12753, 13, 407, 510, 11, 5372, 43, 1128, 14235, 264, 3671, 420, 1128, 3643, 1570, 813, 4018, 13], "avg_logprob": -0.33643617021276595, "compression_ratio": 1.3537414965986394, "no_speech_prob": 0.0, "words": [{"start": 683.57, "end": 683.87, "word": " Yes,", "probability": 0.11737060546875}, {"start": 684.03, "end": 684.07, "word": " it's", "probability": 0.532958984375}, {"start": 684.07, "end": 684.11, "word": " possible.", "probability": 0.9306640625}, {"start": 684.45, "end": 685.13, "word": " When", "probability": 0.775390625}, {"start": 685.13, "end": 685.33, "word": " the", "probability": 0.90869140625}, {"start": 685.33, "end": 685.61, "word": " total", "probability": 0.85107421875}, {"start": 685.61, "end": 686.07, "word": " production", "probability": 0.9541015625}, {"start": 686.07, "end": 686.31, "word": " of", "probability": 0.97119140625}, {"start": 686.31, "end": 686.61, "word": " labor", "probability": 0.80517578125}, {"start": 686.61, "end": 687.89, "word": " becomes", "probability": 0.87744140625}, {"start": 687.89, "end": 688.39, "word": " zero,", "probability": 0.8212890625}, {"start": 691.91, "end": 693.23, "word": " APL", "probability": 0.91748046875}, {"start": 693.23, "end": 693.37, "word": " will", "probability": 0.81201171875}, {"start": 693.37, "end": 693.55, "word": " be", "probability": 0.95556640625}, {"start": 693.55, "end": 693.91, "word": " zero.", "probability": 0.86474609375}, {"start": 695.21, "end": 695.33, "word": " Right?", "probability": 0.4375}, {"start": 696.91, "end": 697.37, "word": " The", "probability": 0.779296875}, {"start": 697.37, "end": 697.59, "word": " factory", "probability": 0.7412109375}, {"start": 697.59, "end": 697.67, "word": " is", "probability": 0.4580078125}, {"start": 697.67, "end": 697.93, "word": " closed.", "probability": 0.8642578125}, {"start": 698.07, "end": 698.21, "word": " Correct.", "probability": 0.42626953125}, {"start": 699.93, "end": 700.25, "word": " So", "probability": 0.2056884765625}, {"start": 700.25, "end": 701.45, "word": " here,", "probability": 0.430419921875}, {"start": 701.69, "end": 702.41, "word": " APL", "probability": 0.943359375}, {"start": 702.41, "end": 702.81, "word": " never", "probability": 0.88623046875}, {"start": 702.81, "end": 703.51, "word": " reaches", "probability": 0.5263671875}, {"start": 703.51, "end": 703.67, "word": " the", "probability": 0.49560546875}, {"start": 703.67, "end": 704.01, "word": " negative", "probability": 0.94091796875}, {"start": 704.01, "end": 704.37, "word": " or", "probability": 0.52685546875}, {"start": 704.37, "end": 704.89, "word": " never", "probability": 0.8037109375}, {"start": 704.89, "end": 705.43, "word": " becomes", "probability": 0.86669921875}, {"start": 705.43, "end": 708.43, "word": " less", "probability": 0.93408203125}, {"start": 708.43, "end": 709.07, "word": " than", "probability": 0.9453125}, {"start": 709.07, "end": 712.03, "word": " zero.", "probability": 0.87451171875}], "temperature": 1.0}, {"id": 25, "seek": 73870, "start": 713.74, "end": 738.7, "text": " In some books, it says never reach to zero. All right? Now, APL. Hi, you. It keeps going down. APL equals what? How much? APL equals total production labor over N. When does this become zero? If we produced all the workers and employed them and did not produce anything.", "tokens": [682, 512, 3642, 11, 309, 1619, 1128, 2524, 281, 4018, 13, 1057, 558, 30, 823, 11, 5372, 43, 13, 2421, 11, 291, 13, 467, 5965, 516, 760, 13, 5372, 43, 6915, 437, 30, 1012, 709, 30, 5372, 43, 6915, 3217, 4265, 5938, 670, 426, 13, 1133, 775, 341, 1813, 4018, 30, 759, 321, 7126, 439, 264, 5600, 293, 20115, 552, 293, 630, 406, 5258, 1340, 13], "avg_logprob": -0.4864738717007993, "compression_ratio": 1.4263157894736842, "no_speech_prob": 0.0, "words": [{"start": 713.74, "end": 713.9, "word": " In", "probability": 0.0706787109375}, {"start": 713.9, "end": 714.18, "word": " some", "probability": 0.83984375}, {"start": 714.18, "end": 714.62, "word": " books,", "probability": 0.869140625}, {"start": 714.84, "end": 714.96, "word": " it", "probability": 0.5869140625}, {"start": 714.96, "end": 715.16, "word": " says", "probability": 0.654296875}, {"start": 715.16, "end": 715.64, "word": " never", "probability": 0.377197265625}, {"start": 715.64, "end": 716.1, "word": " reach", "probability": 0.87939453125}, {"start": 716.1, "end": 716.34, "word": " to", "probability": 0.6826171875}, {"start": 716.34, "end": 716.7, "word": " zero.", "probability": 0.8779296875}, {"start": 718.56, "end": 718.62, "word": " All", "probability": 0.1119384765625}, {"start": 718.62, "end": 718.76, "word": " right?", "probability": 0.87548828125}, {"start": 720.0, "end": 720.0, "word": " Now,", "probability": 0.6904296875}, {"start": 720.28, "end": 720.96, "word": " APL.", "probability": 0.78076171875}, {"start": 721.1, "end": 721.24, "word": " Hi,", "probability": 0.2388916015625}, {"start": 721.32, "end": 721.4, "word": " you.", "probability": 0.73046875}, {"start": 723.12, "end": 723.12, "word": " It", "probability": 0.31591796875}, {"start": 723.12, "end": 723.28, "word": " keeps", "probability": 0.51513671875}, {"start": 723.28, "end": 723.44, "word": " going", "probability": 0.483642578125}, {"start": 723.44, "end": 723.74, "word": " down.", "probability": 0.826171875}, {"start": 724.06, "end": 724.66, "word": " APL", "probability": 0.90380859375}, {"start": 724.66, "end": 725.58, "word": " equals", "probability": 0.46630859375}, {"start": 725.58, "end": 726.5, "word": " what?", "probability": 0.90185546875}, {"start": 726.56, "end": 726.72, "word": " How", "probability": 0.94091796875}, {"start": 726.72, "end": 727.12, "word": " much?", "probability": 0.9150390625}, {"start": 727.72, "end": 728.32, "word": " APL", "probability": 0.978271484375}, {"start": 728.32, "end": 729.06, "word": " equals", "probability": 0.93310546875}, {"start": 729.06, "end": 729.44, "word": " total", "probability": 0.6748046875}, {"start": 729.44, "end": 729.9, "word": " production", "probability": 0.95947265625}, {"start": 729.9, "end": 730.3, "word": " labor", "probability": 0.91259765625}, {"start": 730.3, "end": 730.64, "word": " over", "probability": 0.9033203125}, {"start": 730.64, "end": 730.92, "word": " N.", "probability": 0.60009765625}, {"start": 731.84, "end": 732.04, "word": " When", "probability": 0.468994140625}, {"start": 732.04, "end": 732.24, "word": " does", "probability": 0.35546875}, {"start": 732.24, "end": 732.38, "word": " this", "probability": 0.69482421875}, {"start": 732.38, "end": 732.6, "word": " become", "probability": 0.7587890625}, {"start": 732.6, "end": 732.88, "word": " zero?", "probability": 0.83203125}, {"start": 733.44, "end": 734.04, "word": " If", "probability": 0.828125}, {"start": 734.04, "end": 735.04, "word": " we", "probability": 0.265625}, {"start": 735.04, "end": 735.4, "word": " produced", "probability": 0.1724853515625}, {"start": 735.4, "end": 735.84, "word": " all", "probability": 0.8974609375}, {"start": 735.84, "end": 735.94, "word": " the", "probability": 0.72265625}, {"start": 735.94, "end": 736.3, "word": " workers", "probability": 0.86572265625}, {"start": 736.3, "end": 737.34, "word": " and", "probability": 0.490966796875}, {"start": 737.34, "end": 737.7, "word": " employed", "probability": 0.409912109375}, {"start": 737.7, "end": 738.0, "word": " them", "probability": 0.89453125}, {"start": 738.0, "end": 738.1, "word": " and", "probability": 0.33349609375}, {"start": 738.1, "end": 738.2, "word": " did", "probability": 0.23291015625}, {"start": 738.2, "end": 738.2, "word": " not", "probability": 0.693359375}, {"start": 738.2, "end": 738.4, "word": " produce", "probability": 0.4697265625}, {"start": 738.4, "end": 738.7, "word": " anything.", "probability": 0.84619140625}], "temperature": 1.0}, {"id": 26, "seek": 76733, "start": 744.15, "end": 767.33, "text": " If the total output equals zero, in this case, average production of labor will be zero. Then here, APL will be equal to zero if TPL equals zero.", "tokens": [759, 264, 3217, 5598, 6915, 4018, 11, 294, 341, 1389, 11, 4274, 4265, 295, 5938, 486, 312, 4018, 13, 1396, 510, 11, 5372, 43, 486, 312, 2681, 281, 4018, 498, 314, 21593, 6915, 4018, 13], "avg_logprob": -0.3960503430830108, "compression_ratio": 1.280701754385965, "no_speech_prob": 0.0, "words": [{"start": 744.1500000000001, "end": 745.07, "word": " If", "probability": 0.143310546875}, {"start": 745.07, "end": 745.99, "word": " the", "probability": 0.7861328125}, {"start": 745.99, "end": 746.53, "word": " total", "probability": 0.8564453125}, {"start": 746.53, "end": 747.25, "word": " output", "probability": 0.60400390625}, {"start": 747.25, "end": 748.37, "word": " equals", "probability": 0.82275390625}, {"start": 748.37, "end": 749.03, "word": " zero,", "probability": 0.71240234375}, {"start": 749.77, "end": 750.29, "word": " in", "probability": 0.8662109375}, {"start": 750.29, "end": 750.59, "word": " this", "probability": 0.94921875}, {"start": 750.59, "end": 750.99, "word": " case,", "probability": 0.91845703125}, {"start": 751.21, "end": 751.43, "word": " average", "probability": 0.599609375}, {"start": 751.43, "end": 751.89, "word": " production", "probability": 0.93701171875}, {"start": 751.89, "end": 752.01, "word": " of", "probability": 0.257568359375}, {"start": 752.01, "end": 752.17, "word": " labor", "probability": 0.705078125}, {"start": 752.17, "end": 752.53, "word": " will", "probability": 0.8212890625}, {"start": 752.53, "end": 752.71, "word": " be", "probability": 0.95654296875}, {"start": 752.71, "end": 753.17, "word": " zero.", "probability": 0.87548828125}, {"start": 754.27, "end": 755.19, "word": " Then", "probability": 0.35595703125}, {"start": 755.19, "end": 757.13, "word": " here,", "probability": 0.4560546875}, {"start": 757.29, "end": 758.59, "word": " APL", "probability": 0.838623046875}, {"start": 758.59, "end": 760.11, "word": " will", "probability": 0.6357421875}, {"start": 760.11, "end": 760.35, "word": " be", "probability": 0.75}, {"start": 760.35, "end": 760.69, "word": " equal", "probability": 0.6416015625}, {"start": 760.69, "end": 760.89, "word": " to", "probability": 0.650390625}, {"start": 760.89, "end": 761.29, "word": " zero", "probability": 0.8701171875}, {"start": 761.29, "end": 762.57, "word": " if", "probability": 0.399169921875}, {"start": 762.57, "end": 766.37, "word": " TPL", "probability": 0.797607421875}, {"start": 766.37, "end": 767.01, "word": " equals", "probability": 0.87890625}, {"start": 767.01, "end": 767.33, "word": " zero.", "probability": 0.85400390625}], "temperature": 1.0}, {"id": 27, "seek": 79961, "start": 772.41, "end": 799.61, "text": " Let's go to something else. So sometimes we can ask you, study or explain the relationship between total production labor, APL and MPL using graph. Let's go to something else.", "tokens": [961, 311, 352, 281, 746, 1646, 13, 407, 2171, 321, 393, 1029, 291, 11, 2979, 420, 2903, 264, 2480, 1296, 3217, 4265, 5938, 11, 5372, 43, 293, 14146, 43, 1228, 4295, 13, 961, 311, 352, 281, 746, 1646, 13], "avg_logprob": -0.18945313096046448, "compression_ratio": 1.3968253968253967, "no_speech_prob": 0.0, "words": [{"start": 772.41, "end": 773.29, "word": " Let's", "probability": 0.5902099609375}, {"start": 773.29, "end": 773.47, "word": " go", "probability": 0.9638671875}, {"start": 773.47, "end": 773.65, "word": " to", "probability": 0.96044921875}, {"start": 773.65, "end": 773.99, "word": " something", "probability": 0.8759765625}, {"start": 773.99, "end": 774.45, "word": " else.", "probability": 0.9208984375}, {"start": 777.27, "end": 777.89, "word": " So", "probability": 0.329833984375}, {"start": 777.89, "end": 780.21, "word": " sometimes", "probability": 0.7685546875}, {"start": 780.21, "end": 780.57, "word": " we", "probability": 0.86328125}, {"start": 780.57, "end": 780.85, "word": " can", "probability": 0.943359375}, {"start": 780.85, "end": 781.23, "word": " ask", "probability": 0.93505859375}, {"start": 781.23, "end": 781.55, "word": " you,", "probability": 0.9677734375}, {"start": 784.25, "end": 784.65, "word": " study", "probability": 0.83203125}, {"start": 784.65, "end": 784.91, "word": " or", "probability": 0.9521484375}, {"start": 784.91, "end": 785.49, "word": " explain", "probability": 0.919921875}, {"start": 785.49, "end": 785.75, "word": " the", "probability": 0.9189453125}, {"start": 785.75, "end": 786.33, "word": " relationship", "probability": 0.92578125}, {"start": 786.33, "end": 786.85, "word": " between", "probability": 0.87890625}, {"start": 786.85, "end": 787.49, "word": " total", "probability": 0.6630859375}, {"start": 787.49, "end": 787.97, "word": " production", "probability": 0.95654296875}, {"start": 787.97, "end": 788.39, "word": " labor,", "probability": 0.87255859375}, {"start": 788.67, "end": 789.45, "word": " APL", "probability": 0.9580078125}, {"start": 789.45, "end": 789.89, "word": " and", "probability": 0.6728515625}, {"start": 789.89, "end": 790.67, "word": " MPL", "probability": 0.928466796875}, {"start": 790.67, "end": 792.01, "word": " using", "probability": 0.5517578125}, {"start": 792.01, "end": 792.57, "word": " graph.", "probability": 0.7265625}, {"start": 797.53, "end": 798.41, "word": " Let's", "probability": 0.713134765625}, {"start": 798.41, "end": 798.59, "word": " go", "probability": 0.962890625}, {"start": 798.59, "end": 798.77, "word": " to", "probability": 0.9560546875}, {"start": 798.77, "end": 799.17, "word": " something", "probability": 0.8720703125}, {"start": 799.17, "end": 799.61, "word": " else.", "probability": 0.91455078125}], "temperature": 1.0}, {"id": 28, "seek": 83681, "start": 809.95, "end": 836.81, "text": " We have the following data. L, TPL, APL, and MPL.", "tokens": [492, 362, 264, 3480, 1412, 13, 441, 11, 314, 21593, 11, 5372, 43, 11, 293, 14146, 43, 13], "avg_logprob": -0.1701274639681766, "compression_ratio": 0.9259259259259259, "no_speech_prob": 0.0, "words": [{"start": 809.95, "end": 810.21, "word": " We", "probability": 0.79150390625}, {"start": 810.21, "end": 810.49, "word": " have", "probability": 0.92919921875}, {"start": 810.49, "end": 810.63, "word": " the", "probability": 0.92041015625}, {"start": 810.63, "end": 810.91, "word": " following", "probability": 0.87890625}, {"start": 810.91, "end": 811.33, "word": " data.", "probability": 0.9501953125}, {"start": 823.29, "end": 824.65, "word": " L,", "probability": 0.70703125}, {"start": 826.29, "end": 827.15, "word": " TPL,", "probability": 0.912841796875}, {"start": 832.69, "end": 833.39, "word": " APL,", "probability": 0.969970703125}, {"start": 835.73, "end": 836.13, "word": " and", "probability": 0.94091796875}, {"start": 836.13, "end": 836.81, "word": " MPL.", "probability": 0.75341796875}], "temperature": 1.0}, {"id": 29, "seek": 86842, "start": 840.02, "end": 868.42, "text": " From 0 to 6, 0, 1, 2, 3, 4, 5, and 6, TPL, 0, 75 to 380.", "tokens": [3358, 1958, 281, 1386, 11, 1958, 11, 502, 11, 568, 11, 805, 11, 1017, 11, 1025, 11, 293, 1386, 11, 314, 21593, 11, 1958, 11, 9562, 281, 805, 4702, 13], "avg_logprob": -0.18233367031620396, "compression_ratio": 1.0, "no_speech_prob": 0.0, "words": [{"start": 840.02, "end": 840.34, "word": " From", "probability": 0.5888671875}, {"start": 840.34, "end": 840.66, "word": " 0", "probability": 0.473876953125}, {"start": 840.66, "end": 840.84, "word": " to", "probability": 0.98095703125}, {"start": 840.84, "end": 841.22, "word": " 6,", "probability": 0.99169921875}, {"start": 841.94, "end": 844.18, "word": " 0,", "probability": 0.892578125}, {"start": 844.46, "end": 845.14, "word": " 1,", "probability": 0.96630859375}, {"start": 845.7, "end": 846.48, "word": " 2,", "probability": 0.99658203125}, {"start": 847.36, "end": 848.2, "word": " 3,", "probability": 0.99853515625}, {"start": 849.02, "end": 850.08, "word": " 4,", "probability": 0.99853515625}, {"start": 850.82, "end": 852.9, "word": " 5,", "probability": 0.998046875}, {"start": 853.44, "end": 854.98, "word": " and", "probability": 0.9326171875}, {"start": 854.98, "end": 855.34, "word": " 6,", "probability": 0.9951171875}, {"start": 857.58, "end": 858.14, "word": " TPL,", "probability": 0.907470703125}, {"start": 858.5, "end": 858.84, "word": " 0,", "probability": 0.96484375}, {"start": 861.26, "end": 862.0, "word": " 75", "probability": 0.96533203125}, {"start": 862.0, "end": 865.16, "word": " to", "probability": 0.73193359375}, {"start": 865.16, "end": 868.42, "word": " 380.", "probability": 0.69189453125}], "temperature": 1.0}, {"id": 30, "seek": 89814, "start": 874.5, "end": 898.14, "text": " APL 100, 75, NPL 100, 100, 50. That's it. Complete the table.", "tokens": [5372, 43, 2319, 11, 9562, 11, 426, 21593, 2319, 11, 2319, 11, 2625, 13, 663, 311, 309, 13, 34687, 264, 3199, 13], "avg_logprob": -0.27139944356420764, "compression_ratio": 1.0508474576271187, "no_speech_prob": 0.0, "words": [{"start": 874.5, "end": 875.9, "word": " APL", "probability": 0.867919921875}, {"start": 875.9, "end": 877.3, "word": " 100,", "probability": 0.365966796875}, {"start": 878.12, "end": 882.04, "word": " 75,", "probability": 0.93359375}, {"start": 884.68, "end": 885.78, "word": " NPL", "probability": 0.7218017578125}, {"start": 885.78, "end": 887.68, "word": " 100,", "probability": 0.900390625}, {"start": 887.9, "end": 888.44, "word": " 100,", "probability": 0.8154296875}, {"start": 890.62, "end": 894.56, "word": " 50.", "probability": 0.9365234375}, {"start": 896.1, "end": 896.52, "word": " That's", "probability": 0.944091796875}, {"start": 896.52, "end": 896.74, "word": " it.", "probability": 0.8603515625}, {"start": 897.34, "end": 897.68, "word": " Complete", "probability": 0.499755859375}, {"start": 897.68, "end": 897.92, "word": " the", "probability": 0.90771484375}, {"start": 897.92, "end": 898.14, "word": " table.", "probability": 0.91357421875}], "temperature": 1.0}, {"id": 31, "seek": 92330, "start": 901.14, "end": 923.3, "text": " Oh my God. Let's complete the table here. Average production labor or APL equals total production labor over L.", "tokens": [876, 452, 1265, 13, 961, 311, 3566, 264, 3199, 510, 13, 316, 3623, 4265, 5938, 420, 5372, 43, 6915, 3217, 4265, 5938, 670, 441, 13], "avg_logprob": -0.1819411006111365, "compression_ratio": 1.2173913043478262, "no_speech_prob": 0.0, "words": [{"start": 901.14, "end": 901.38, "word": " Oh", "probability": 0.7255859375}, {"start": 901.38, "end": 901.5, "word": " my", "probability": 0.6650390625}, {"start": 901.5, "end": 901.76, "word": " God.", "probability": 0.52099609375}, {"start": 912.9, "end": 913.64, "word": " Let's", "probability": 0.906982421875}, {"start": 913.64, "end": 913.96, "word": " complete", "probability": 0.80517578125}, {"start": 913.96, "end": 914.12, "word": " the", "probability": 0.86572265625}, {"start": 914.12, "end": 914.36, "word": " table", "probability": 0.89599609375}, {"start": 914.36, "end": 914.74, "word": " here.", "probability": 0.86376953125}, {"start": 916.68, "end": 917.42, "word": " Average", "probability": 0.878173828125}, {"start": 917.42, "end": 917.86, "word": " production", "probability": 0.74169921875}, {"start": 917.86, "end": 918.24, "word": " labor", "probability": 0.89697265625}, {"start": 918.24, "end": 919.76, "word": " or", "probability": 0.58251953125}, {"start": 919.76, "end": 920.74, "word": " APL", "probability": 0.925048828125}, {"start": 920.74, "end": 921.6, "word": " equals", "probability": 0.8662109375}, {"start": 921.6, "end": 921.96, "word": " total", "probability": 0.7890625}, {"start": 921.96, "end": 922.38, "word": " production", "probability": 0.9541015625}, {"start": 922.38, "end": 922.72, "word": " labor", "probability": 0.95068359375}, {"start": 922.72, "end": 923.02, "word": " over", "probability": 0.90673828125}, {"start": 923.02, "end": 923.3, "word": " L.", "probability": 0.744140625}], "temperature": 1.0}, {"id": 32, "seek": 95103, "start": 927.45, "end": 951.03, "text": " APL, zero. Because when total production labor equals zero, APL equals zero. Seventy-five over one, seventy-five. Here, seventy-five minus zero over one minus zero, seventy-five.", "tokens": [5372, 43, 11, 4018, 13, 1436, 562, 3217, 4265, 5938, 6915, 4018, 11, 5372, 43, 6915, 4018, 13, 1100, 2475, 88, 12, 18621, 670, 472, 11, 25662, 12, 18621, 13, 1692, 11, 25662, 12, 18621, 3175, 4018, 670, 472, 3175, 4018, 11, 25662, 12, 18621, 13], "avg_logprob": -0.23520612019173642, "compression_ratio": 1.5982142857142858, "no_speech_prob": 0.0, "words": [{"start": 927.45, "end": 928.07, "word": " APL,", "probability": 0.903076171875}, {"start": 928.23, "end": 928.51, "word": " zero.", "probability": 0.6845703125}, {"start": 928.81, "end": 929.27, "word": " Because", "probability": 0.9130859375}, {"start": 929.27, "end": 929.57, "word": " when", "probability": 0.8994140625}, {"start": 929.57, "end": 929.91, "word": " total", "probability": 0.6171875}, {"start": 929.91, "end": 930.27, "word": " production", "probability": 0.96875}, {"start": 930.27, "end": 930.55, "word": " labor", "probability": 0.479248046875}, {"start": 930.55, "end": 930.93, "word": " equals", "probability": 0.86865234375}, {"start": 930.93, "end": 931.39, "word": " zero,", "probability": 0.87451171875}, {"start": 931.95, "end": 932.37, "word": " APL", "probability": 0.9794921875}, {"start": 932.37, "end": 932.67, "word": " equals", "probability": 0.9140625}, {"start": 932.67, "end": 932.95, "word": " zero.", "probability": 0.888671875}, {"start": 938.67, "end": 939.49, "word": " Seventy", "probability": 0.6889444986979166}, {"start": 939.49, "end": 939.79, "word": "-five", "probability": 0.873291015625}, {"start": 939.79, "end": 940.13, "word": " over", "probability": 0.9287109375}, {"start": 940.13, "end": 940.47, "word": " one,", "probability": 0.91064453125}, {"start": 941.33, "end": 941.89, "word": " seventy", "probability": 0.80322265625}, {"start": 941.89, "end": 942.39, "word": "-five.", "probability": 0.941162109375}, {"start": 944.73, "end": 945.09, "word": " Here,", "probability": 0.79345703125}, {"start": 945.87, "end": 946.27, "word": " seventy", "probability": 0.72412109375}, {"start": 946.27, "end": 946.79, "word": "-five", "probability": 0.95458984375}, {"start": 946.79, "end": 947.53, "word": " minus", "probability": 0.97900390625}, {"start": 947.53, "end": 947.97, "word": " zero", "probability": 0.8984375}, {"start": 947.97, "end": 948.23, "word": " over", "probability": 0.90673828125}, {"start": 948.23, "end": 948.57, "word": " one", "probability": 0.9375}, {"start": 948.57, "end": 948.91, "word": " minus", "probability": 0.986328125}, {"start": 948.91, "end": 949.27, "word": " zero,", "probability": 0.8798828125}, {"start": 949.83, "end": 950.57, "word": " seventy", "probability": 0.87841796875}, {"start": 950.57, "end": 951.03, "word": "-five.", "probability": 0.951904296875}], "temperature": 1.0}, {"id": 33, "seek": 98375, "start": 954.67, "end": 983.75, "text": " Here, APL is given. And there is given or given data. We have to use the given data to complete the table. Here, average production labor equals 100. 100 over 250. Sorry, multiplied. Yes, but because here APL times L equals total production labor. So here should be 200.", "tokens": [1692, 11, 5372, 43, 307, 2212, 13, 400, 456, 307, 2212, 420, 2212, 1412, 13, 492, 362, 281, 764, 264, 2212, 1412, 281, 3566, 264, 3199, 13, 1692, 11, 4274, 4265, 5938, 6915, 2319, 13, 2319, 670, 11650, 13, 4919, 11, 17207, 13, 1079, 11, 457, 570, 510, 5372, 43, 1413, 441, 6915, 3217, 4265, 5938, 13, 407, 510, 820, 312, 2331, 13], "avg_logprob": -0.22277832124382257, "compression_ratio": 1.5397727272727273, "no_speech_prob": 0.0, "words": [{"start": 954.67, "end": 955.01, "word": " Here,", "probability": 0.78125}, {"start": 955.51, "end": 956.15, "word": " APL", "probability": 0.8310546875}, {"start": 956.15, "end": 956.41, "word": " is", "probability": 0.943359375}, {"start": 956.41, "end": 956.77, "word": " given.", "probability": 0.8330078125}, {"start": 957.49, "end": 957.63, "word": " And", "probability": 0.52587890625}, {"start": 957.63, "end": 957.85, "word": " there", "probability": 0.6689453125}, {"start": 957.85, "end": 958.09, "word": " is", "probability": 0.69189453125}, {"start": 958.09, "end": 958.57, "word": " given", "probability": 0.794921875}, {"start": 958.57, "end": 959.03, "word": " or", "probability": 0.33056640625}, {"start": 959.03, "end": 959.37, "word": " given", "probability": 0.70849609375}, {"start": 959.37, "end": 960.31, "word": " data.", "probability": 0.923828125}, {"start": 961.63, "end": 962.39, "word": " We", "probability": 0.95703125}, {"start": 962.39, "end": 962.77, "word": " have", "probability": 0.9462890625}, {"start": 962.77, "end": 962.95, "word": " to", "probability": 0.9697265625}, {"start": 962.95, "end": 963.33, "word": " use", "probability": 0.8818359375}, {"start": 963.33, "end": 963.99, "word": " the", "probability": 0.9189453125}, {"start": 963.99, "end": 964.35, "word": " given", "probability": 0.90234375}, {"start": 964.35, "end": 964.79, "word": " data", "probability": 0.9287109375}, {"start": 964.79, "end": 965.29, "word": " to", "probability": 0.96630859375}, {"start": 965.29, "end": 965.75, "word": " complete", "probability": 0.74951171875}, {"start": 965.75, "end": 965.93, "word": " the", "probability": 0.84716796875}, {"start": 965.93, "end": 966.23, "word": " table.", "probability": 0.83544921875}, {"start": 966.69, "end": 967.45, "word": " Here,", "probability": 0.60302734375}, {"start": 968.45, "end": 968.75, "word": " average", "probability": 0.74462890625}, {"start": 968.75, "end": 969.19, "word": " production", "probability": 0.95947265625}, {"start": 969.19, "end": 969.57, "word": " labor", "probability": 0.94970703125}, {"start": 969.57, "end": 970.43, "word": " equals", "probability": 0.93115234375}, {"start": 970.43, "end": 971.09, "word": " 100.", "probability": 0.9140625}, {"start": 971.33, "end": 971.77, "word": " 100", "probability": 0.88671875}, {"start": 971.77, "end": 972.25, "word": " over", "probability": 0.7919921875}, {"start": 972.25, "end": 973.41, "word": " 250.", "probability": 0.92578125}, {"start": 975.49, "end": 976.25, "word": " Sorry,", "probability": 0.271240234375}, {"start": 976.39, "end": 976.71, "word": " multiplied.", "probability": 0.76318359375}, {"start": 976.91, "end": 977.07, "word": " Yes,", "probability": 0.96533203125}, {"start": 977.19, "end": 977.29, "word": " but", "probability": 0.52294921875}, {"start": 977.29, "end": 977.67, "word": " because", "probability": 0.75244140625}, {"start": 977.67, "end": 977.93, "word": " here", "probability": 0.7705078125}, {"start": 977.93, "end": 978.57, "word": " APL", "probability": 0.819091796875}, {"start": 978.57, "end": 979.95, "word": " times", "probability": 0.89453125}, {"start": 979.95, "end": 980.33, "word": " L", "probability": 0.91064453125}, {"start": 980.33, "end": 980.79, "word": " equals", "probability": 0.92919921875}, {"start": 980.79, "end": 981.03, "word": " total", "probability": 0.83251953125}, {"start": 981.03, "end": 981.45, "word": " production", "probability": 0.951171875}, {"start": 981.45, "end": 981.73, "word": " labor.", "probability": 0.9521484375}, {"start": 981.87, "end": 982.03, "word": " So", "probability": 0.96240234375}, {"start": 982.03, "end": 982.33, "word": " here", "probability": 0.80517578125}, {"start": 982.33, "end": 982.77, "word": " should", "probability": 0.5654296875}, {"start": 982.77, "end": 983.15, "word": " be", "probability": 0.95849609375}, {"start": 983.15, "end": 983.75, "word": " 200.", "probability": 0.92578125}], "temperature": 1.0}, {"id": 34, "seek": 101397, "start": 1008.61, "end": 1013.97, "text": " What else? Here, total production labor over L, how much is it?", "tokens": [708, 1646, 30, 1692, 11, 3217, 4265, 5938, 670, 441, 11, 577, 709, 307, 309, 30], "avg_logprob": -0.3584558823529412, "compression_ratio": 0.927536231884058, "no_speech_prob": 0.0, "words": [{"start": 1008.6100000000001, "end": 1009.1500000000001, "word": " What", "probability": 0.064208984375}, {"start": 1009.1500000000001, "end": 1009.69, "word": " else?", "probability": 0.6455078125}, {"start": 1010.25, "end": 1010.39, "word": " Here,", "probability": 0.4462890625}, {"start": 1010.65, "end": 1010.91, "word": " total", "probability": 0.77197265625}, {"start": 1010.91, "end": 1011.31, "word": " production", "probability": 0.94970703125}, {"start": 1011.31, "end": 1011.71, "word": " labor", "probability": 0.7490234375}, {"start": 1011.71, "end": 1012.47, "word": " over", "probability": 0.919921875}, {"start": 1012.47, "end": 1012.79, "word": " L,", "probability": 0.87548828125}, {"start": 1013.01, "end": 1013.45, "word": " how", "probability": 0.939453125}, {"start": 1013.45, "end": 1013.63, "word": " much", "probability": 0.92041015625}, {"start": 1013.63, "end": 1013.77, "word": " is", "probability": 0.947265625}, {"start": 1013.77, "end": 1013.97, "word": " it?", "probability": 0.9228515625}], "temperature": 1.0}, {"id": 35, "seek": 104279, "start": 1015.03, "end": 1042.79, "text": " 380 over 4. How much is it? How much is the average production labor here? Sorry? 95. Okay. What else? We can benefit from this point here. Multiplied by? 75 times 6. How much is it? What else?", "tokens": [805, 4702, 670, 1017, 13, 1012, 709, 307, 309, 30, 1012, 709, 307, 264, 4274, 4265, 5938, 510, 30, 4919, 30, 13420, 13, 1033, 13, 708, 1646, 30, 492, 393, 5121, 490, 341, 935, 510, 13, 29238, 564, 1091, 538, 30, 9562, 1413, 1386, 13, 1012, 709, 307, 309, 30, 708, 1646, 30], "avg_logprob": -0.2026909691868005, "compression_ratio": 1.3661971830985915, "no_speech_prob": 0.0, "words": [{"start": 1015.0300000000001, "end": 1015.71, "word": " 380", "probability": 0.685791015625}, {"start": 1015.71, "end": 1016.09, "word": " over", "probability": 0.755859375}, {"start": 1016.09, "end": 1016.49, "word": " 4.", "probability": 0.61083984375}, {"start": 1016.69, "end": 1016.83, "word": " How", "probability": 0.9501953125}, {"start": 1016.83, "end": 1017.07, "word": " much", "probability": 0.91943359375}, {"start": 1017.07, "end": 1017.23, "word": " is", "probability": 0.9521484375}, {"start": 1017.23, "end": 1017.41, "word": " it?", "probability": 0.9404296875}, {"start": 1017.59, "end": 1017.75, "word": " How", "probability": 0.95654296875}, {"start": 1017.75, "end": 1017.95, "word": " much", "probability": 0.9208984375}, {"start": 1017.95, "end": 1018.17, "word": " is", "probability": 0.94580078125}, {"start": 1018.17, "end": 1018.39, "word": " the", "probability": 0.888671875}, {"start": 1018.39, "end": 1018.65, "word": " average", "probability": 0.75146484375}, {"start": 1018.65, "end": 1019.01, "word": " production", "probability": 0.94189453125}, {"start": 1019.01, "end": 1019.31, "word": " labor", "probability": 0.71728515625}, {"start": 1019.31, "end": 1019.65, "word": " here?", "probability": 0.83447265625}, {"start": 1021.19, "end": 1021.87, "word": " Sorry?", "probability": 0.386474609375}, {"start": 1024.19, "end": 1024.19, "word": " 95.", "probability": 0.7724609375}, {"start": 1026.63, "end": 1026.83, "word": " Okay.", "probability": 0.5576171875}, {"start": 1027.91, "end": 1028.17, "word": " What", "probability": 0.890625}, {"start": 1028.17, "end": 1028.51, "word": " else?", "probability": 0.919921875}, {"start": 1028.85, "end": 1029.05, "word": " We", "probability": 0.8984375}, {"start": 1029.05, "end": 1029.21, "word": " can", "probability": 0.9375}, {"start": 1029.21, "end": 1029.57, "word": " benefit", "probability": 0.82177734375}, {"start": 1029.57, "end": 1030.23, "word": " from", "probability": 0.88525390625}, {"start": 1030.23, "end": 1030.49, "word": " this", "probability": 0.94921875}, {"start": 1030.49, "end": 1030.79, "word": " point", "probability": 0.97509765625}, {"start": 1030.79, "end": 1031.19, "word": " here.", "probability": 0.85498046875}, {"start": 1033.23, "end": 1033.91, "word": " Multiplied", "probability": 0.8426106770833334}, {"start": 1033.91, "end": 1034.15, "word": " by?", "probability": 0.970703125}, {"start": 1035.89, "end": 1036.57, "word": " 75", "probability": 0.87646484375}, {"start": 1036.57, "end": 1037.31, "word": " times", "probability": 0.88134765625}, {"start": 1037.31, "end": 1037.67, "word": " 6.", "probability": 0.9384765625}, {"start": 1038.07, "end": 1038.17, "word": " How", "probability": 0.9365234375}, {"start": 1038.17, "end": 1038.33, "word": " much", "probability": 0.91015625}, {"start": 1038.33, "end": 1038.47, "word": " is", "probability": 0.94384765625}, {"start": 1038.47, "end": 1038.55, "word": " it?", "probability": 0.94482421875}, {"start": 1041.77, "end": 1042.45, "word": " What", "probability": 0.81640625}, {"start": 1042.45, "end": 1042.79, "word": " else?", "probability": 0.92919921875}], "temperature": 1.0}, {"id": 36, "seek": 107053, "start": 1044.53, "end": 1070.53, "text": " What else here? 200 minus 75 over 2 minus 1 will give us the marginal production of labor here. 200 minus 75 over 2 minus 1 will give us the marginal production of labor here.", "tokens": [708, 1646, 510, 30, 2331, 3175, 9562, 670, 568, 3175, 502, 486, 976, 505, 264, 16885, 4265, 295, 5938, 510, 13, 2331, 3175, 9562, 670, 568, 3175, 502, 486, 976, 505, 264, 16885, 4265, 295, 5938, 510, 13], "avg_logprob": -0.18209134844633248, "compression_ratio": 1.934065934065934, "no_speech_prob": 0.0, "words": [{"start": 1044.53, "end": 1044.73, "word": " What", "probability": 0.82373046875}, {"start": 1044.73, "end": 1044.99, "word": " else", "probability": 0.89453125}, {"start": 1044.99, "end": 1045.31, "word": " here?", "probability": 0.68798828125}, {"start": 1046.69, "end": 1047.23, "word": " 200", "probability": 0.78857421875}, {"start": 1047.23, "end": 1048.37, "word": " minus", "probability": 0.91943359375}, {"start": 1048.37, "end": 1049.11, "word": " 75", "probability": 0.9423828125}, {"start": 1049.11, "end": 1049.83, "word": " over", "probability": 0.923828125}, {"start": 1049.83, "end": 1050.19, "word": " 2", "probability": 0.85595703125}, {"start": 1050.19, "end": 1050.51, "word": " minus", "probability": 0.98583984375}, {"start": 1050.51, "end": 1050.85, "word": " 1", "probability": 0.97216796875}, {"start": 1050.85, "end": 1051.23, "word": " will", "probability": 0.8447265625}, {"start": 1051.23, "end": 1051.55, "word": " give", "probability": 0.88623046875}, {"start": 1051.55, "end": 1051.95, "word": " us", "probability": 0.94287109375}, {"start": 1051.95, "end": 1052.55, "word": " the", "probability": 0.9111328125}, {"start": 1052.55, "end": 1052.81, "word": " marginal", "probability": 0.66162109375}, {"start": 1052.81, "end": 1053.23, "word": " production", "probability": 0.92724609375}, {"start": 1053.23, "end": 1053.43, "word": " of", "probability": 0.47900390625}, {"start": 1053.43, "end": 1053.61, "word": " labor", "probability": 0.90380859375}, {"start": 1053.61, "end": 1053.85, "word": " here.", "probability": 0.7890625}, {"start": 1058.35, "end": 1058.99, "word": " 200", "probability": 0.122314453125}, {"start": 1058.99, "end": 1065.85, "word": " minus", "probability": 0.97216796875}, {"start": 1065.85, "end": 1066.49, "word": " 75", "probability": 0.94384765625}, {"start": 1066.49, "end": 1066.85, "word": " over", "probability": 0.916015625}, {"start": 1066.85, "end": 1067.11, "word": " 2", "probability": 0.98486328125}, {"start": 1067.11, "end": 1067.39, "word": " minus", "probability": 0.98828125}, {"start": 1067.39, "end": 1067.71, "word": " 1", "probability": 0.98388671875}, {"start": 1067.71, "end": 1068.05, "word": " will", "probability": 0.87109375}, {"start": 1068.05, "end": 1068.35, "word": " give", "probability": 0.88720703125}, {"start": 1068.35, "end": 1068.65, "word": " us", "probability": 0.93359375}, {"start": 1068.65, "end": 1069.17, "word": " the", "probability": 0.84765625}, {"start": 1069.17, "end": 1069.45, "word": " marginal", "probability": 0.939453125}, {"start": 1069.45, "end": 1069.87, "word": " production", "probability": 0.96044921875}, {"start": 1069.87, "end": 1070.07, "word": " of", "probability": 0.90478515625}, {"start": 1070.07, "end": 1070.27, "word": " labor", "probability": 0.935546875}, {"start": 1070.27, "end": 1070.53, "word": " here.", "probability": 0.783203125}], "temperature": 1.0}, {"id": 37, "seek": 110246, "start": 1073.62, "end": 1102.46, "text": " 25. Sorry. 300 over L, 100. What else here?", "tokens": [3552, 13, 4919, 13, 6641, 670, 441, 11, 2319, 13, 708, 1646, 510, 30], "avg_logprob": -0.38124999205271404, "compression_ratio": 0.8461538461538461, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 1073.4099999999999, "end": 1074.04, "word": " 25.", "probability": 0.8037109375}, {"start": 1079.1, "end": 1080.36, "word": " Sorry.", "probability": 0.0386962890625}, {"start": 1087.72, "end": 1087.94, "word": " 300", "probability": 0.8076171875}, {"start": 1087.94, "end": 1096.44, "word": " over", "probability": 0.7392578125}, {"start": 1096.44, "end": 1096.94, "word": " L,", "probability": 0.7998046875}, {"start": 1097.34, "end": 1097.98, "word": " 100.", "probability": 0.904296875}, {"start": 1099.88, "end": 1100.5, "word": " What", "probability": 0.79638671875}, {"start": 1100.5, "end": 1102.16, "word": " else", "probability": 0.92529296875}, {"start": 1102.16, "end": 1102.46, "word": " here?", "probability": 0.8359375}], "temperature": 1.0}, {"id": 38, "seek": 113010, "start": 1103.35, "end": 1130.11, "text": " This is given like this. I get 380 minus 300 over 4 is 380. Right? Correct? What is the minus of this? It gives me 5. Where did we go? Ah, 50. 430. Right? Minus 380 over 5 minus 4 will give us 50.", "tokens": [639, 307, 2212, 411, 341, 13, 286, 483, 805, 4702, 3175, 6641, 670, 1017, 307, 805, 4702, 13, 1779, 30, 12753, 30, 708, 307, 264, 3175, 295, 341, 30, 467, 2709, 385, 1025, 13, 2305, 630, 321, 352, 30, 2438, 11, 2625, 13, 1017, 3446, 13, 1779, 30, 2829, 301, 805, 4702, 670, 1025, 3175, 1017, 486, 976, 505, 2625, 13], "avg_logprob": -0.42111894440266395, "compression_ratio": 1.3776223776223777, "no_speech_prob": 0.0, "words": [{"start": 1103.35, "end": 1103.73, "word": " This", "probability": 0.14453125}, {"start": 1103.73, "end": 1103.85, "word": " is", "probability": 0.603515625}, {"start": 1103.85, "end": 1104.33, "word": " given", "probability": 0.5966796875}, {"start": 1104.33, "end": 1104.67, "word": " like", "probability": 0.57763671875}, {"start": 1104.67, "end": 1104.73, "word": " this.", "probability": 0.83935546875}, {"start": 1104.99, "end": 1105.05, "word": " I", "probability": 0.416748046875}, {"start": 1105.05, "end": 1105.27, "word": " get", "probability": 0.56103515625}, {"start": 1105.27, "end": 1107.55, "word": " 380", "probability": 0.786865234375}, {"start": 1107.55, "end": 1108.03, "word": " minus", "probability": 0.94580078125}, {"start": 1108.03, "end": 1109.31, "word": " 300", "probability": 0.63818359375}, {"start": 1109.31, "end": 1109.77, "word": " over", "probability": 0.7470703125}, {"start": 1109.77, "end": 1110.13, "word": " 4", "probability": 0.79443359375}, {"start": 1110.13, "end": 1110.35, "word": " is", "probability": 0.30029296875}, {"start": 1110.35, "end": 1111.33, "word": " 380.", "probability": 0.9345703125}, {"start": 1113.55, "end": 1114.09, "word": " Right?", "probability": 0.499755859375}, {"start": 1114.93, "end": 1115.47, "word": " Correct?", "probability": 0.51123046875}, {"start": 1115.83, "end": 1116.33, "word": " What", "probability": 0.1956787109375}, {"start": 1116.33, "end": 1116.47, "word": " is", "probability": 0.465087890625}, {"start": 1116.47, "end": 1116.67, "word": " the", "probability": 0.50732421875}, {"start": 1116.67, "end": 1116.81, "word": " minus", "probability": 0.6787109375}, {"start": 1116.81, "end": 1117.01, "word": " of", "probability": 0.52880859375}, {"start": 1117.01, "end": 1117.17, "word": " this?", "probability": 0.791015625}, {"start": 1117.23, "end": 1117.23, "word": " It", "probability": 0.1942138671875}, {"start": 1117.23, "end": 1117.49, "word": " gives", "probability": 0.73388671875}, {"start": 1117.49, "end": 1117.71, "word": " me", "probability": 0.56982421875}, {"start": 1117.71, "end": 1118.23, "word": " 5.", "probability": 0.31494140625}, {"start": 1118.51, "end": 1118.63, "word": " Where", "probability": 0.62841796875}, {"start": 1118.63, "end": 1118.83, "word": " did", "probability": 0.67431640625}, {"start": 1118.83, "end": 1118.89, "word": " we", "probability": 0.416748046875}, {"start": 1118.89, "end": 1118.89, "word": " go?", "probability": 0.88427734375}, {"start": 1118.99, "end": 1119.13, "word": " Ah,", "probability": 0.36376953125}, {"start": 1119.39, "end": 1119.67, "word": " 50.", "probability": 0.8916015625}, {"start": 1122.91, "end": 1123.45, "word": " 430.", "probability": 0.84130859375}, {"start": 1124.75, "end": 1125.01, "word": " Right?", "probability": 0.7802734375}, {"start": 1125.57, "end": 1126.11, "word": " Minus", "probability": 0.924560546875}, {"start": 1126.11, "end": 1127.31, "word": " 380", "probability": 0.9365234375}, {"start": 1127.31, "end": 1127.85, "word": " over", "probability": 0.89404296875}, {"start": 1127.85, "end": 1128.21, "word": " 5", "probability": 0.93896484375}, {"start": 1128.21, "end": 1128.41, "word": " minus", "probability": 0.9775390625}, {"start": 1128.41, "end": 1128.73, "word": " 4", "probability": 0.9892578125}, {"start": 1128.73, "end": 1129.11, "word": " will", "probability": 0.6611328125}, {"start": 1129.11, "end": 1129.33, "word": " give", "probability": 0.8798828125}, {"start": 1129.33, "end": 1129.57, "word": " us", "probability": 0.9365234375}, {"start": 1129.57, "end": 1130.11, "word": " 50.", "probability": 0.96630859375}], "temperature": 1.0}, {"id": 39, "seek": 115252, "start": 1132.04, "end": 1152.52, "text": " 430 minus will give us 50. Here, TPL over 5. How much? 86. 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Taman? Hai suwan. Taib, let's go to something else. In chapter four, we studied the indifference curve theory. 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Here we were talking about the consumer, the rational consumer should consume at the point at which the indifference curve changes the budget line, right? 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But we'll call it here the ISO coastline, ISO means equal coastline and ISO quant curve.", "tokens": [440, 12314, 575, 364, 1016, 351, 5158, 7605, 293, 257, 4706, 1622, 13, 583, 321, 603, 818, 309, 510, 264, 25042, 8684, 1889, 11, 25042, 1355, 2681, 8684, 1889, 293, 25042, 4426, 7605, 13], "avg_logprob": -0.25468749318804057, "compression_ratio": 1.3008849557522124, "no_speech_prob": 0.0, "words": [{"start": 1208.01, "end": 1208.25, "word": " The", "probability": 0.48388671875}, {"start": 1208.25, "end": 1209.33, "word": " producer", "probability": 0.9423828125}, {"start": 1209.33, "end": 1210.91, "word": " has", "probability": 0.69921875}, {"start": 1210.91, "end": 1211.83, "word": " an", "probability": 0.9345703125}, {"start": 1211.83, "end": 1212.71, "word": " indifference", "probability": 0.92724609375}, {"start": 1212.71, "end": 1213.29, "word": " curve", "probability": 0.94482421875}, {"start": 1213.29, "end": 1214.43, "word": " and", "probability": 0.78271484375}, {"start": 1214.43, "end": 1215.11, "word": " a", "probability": 0.9599609375}, {"start": 1215.11, "end": 1215.33, "word": " budget", "probability": 0.90087890625}, {"start": 1215.33, "end": 1215.79, "word": " line.", "probability": 0.95458984375}, {"start": 1216.95, "end": 1217.39, "word": " But", "probability": 0.93017578125}, {"start": 1217.39, "end": 1218.31, "word": " we'll", "probability": 0.62451171875}, {"start": 1218.31, "end": 1218.63, "word": " call", "probability": 0.90625}, {"start": 1218.63, "end": 1218.83, "word": " it", "probability": 0.94970703125}, {"start": 1218.83, "end": 1219.13, "word": " here", "probability": 0.869140625}, {"start": 1219.13, "end": 1220.97, "word": " the", "probability": 0.57763671875}, {"start": 1220.97, "end": 1221.57, "word": " ISO", "probability": 0.445556640625}, {"start": 1221.57, "end": 1223.15, "word": " coastline,", "probability": 0.799560546875}, {"start": 1223.53, "end": 1223.79, "word": " ISO", "probability": 0.94970703125}, {"start": 1223.79, "end": 1224.21, "word": " means", "probability": 0.91943359375}, {"start": 1224.21, "end": 1224.77, "word": " equal", "probability": 0.85546875}, {"start": 1224.77, "end": 1226.67, "word": " coastline", "probability": 0.7266845703125}, {"start": 1226.67, "end": 1227.41, "word": " and", "probability": 0.72216796875}, {"start": 1227.41, "end": 1228.19, "word": " ISO", "probability": 0.814453125}, {"start": 1228.19, "end": 1228.71, "word": " quant", "probability": 0.42919921875}, {"start": 1228.71, "end": 1229.27, "word": " curve.", "probability": 0.962890625}], "temperature": 1.0}, {"id": 43, "seek": 125526, "start": 1229.88, "end": 1255.26, "text": " But before that, let's go to understand the analysis of rational producer behavior. Right? So let's go to the producer behavior. How can the producer maximizes his production under the limited cost or the limited budget?", "tokens": [583, 949, 300, 11, 718, 311, 352, 281, 1223, 264, 5215, 295, 15090, 12314, 5223, 13, 1779, 30, 407, 718, 311, 352, 281, 264, 12314, 5223, 13, 1012, 393, 264, 12314, 5138, 5660, 702, 4265, 833, 264, 5567, 2063, 420, 264, 5567, 4706, 30], "avg_logprob": -0.16588542328940498, "compression_ratio": 1.6014492753623188, "no_speech_prob": 0.0, "words": [{"start": 1229.88, "end": 1230.1, "word": " But", "probability": 0.81396484375}, {"start": 1230.1, "end": 1230.44, "word": " before", "probability": 0.83740234375}, {"start": 1230.44, "end": 1230.82, "word": " that,", "probability": 0.935546875}, {"start": 1231.08, "end": 1231.34, "word": " let's", "probability": 0.975341796875}, {"start": 1231.34, "end": 1231.52, "word": " go", "probability": 0.97265625}, {"start": 1231.52, "end": 1231.68, "word": " to", "probability": 0.9462890625}, {"start": 1231.68, "end": 1232.66, "word": " understand", "probability": 0.8134765625}, {"start": 1232.66, "end": 1233.12, "word": " the", "probability": 0.90380859375}, {"start": 1233.12, "end": 1234.42, "word": " analysis", "probability": 0.90087890625}, {"start": 1234.42, "end": 1234.9, "word": " of", "probability": 0.95654296875}, {"start": 1234.9, "end": 1235.54, "word": " rational", "probability": 0.77734375}, {"start": 1235.54, "end": 1237.22, "word": " producer", "probability": 0.72412109375}, {"start": 1237.22, "end": 1238.02, "word": " behavior.", "probability": 0.93310546875}, {"start": 1239.06, "end": 1239.36, "word": " Right?", "probability": 0.326904296875}, {"start": 1239.98, "end": 1240.22, "word": " So", "probability": 0.95556640625}, {"start": 1240.22, "end": 1241.16, "word": " let's", "probability": 0.850341796875}, {"start": 1241.16, "end": 1241.4, "word": " go", "probability": 0.96484375}, {"start": 1241.4, "end": 1241.66, "word": " to", "probability": 0.77783203125}, {"start": 1241.66, "end": 1242.0, "word": " the", "probability": 0.90234375}, {"start": 1242.0, "end": 1242.5, "word": " producer", "probability": 0.92919921875}, {"start": 1242.5, "end": 1243.02, "word": " behavior.", "probability": 0.93115234375}, {"start": 1243.58, "end": 1243.78, "word": " How", "probability": 0.962890625}, {"start": 1243.78, "end": 1244.12, "word": " can", "probability": 0.94091796875}, {"start": 1244.12, "end": 1244.32, "word": " the", "probability": 0.908203125}, {"start": 1244.32, "end": 1244.82, "word": " producer", "probability": 0.9189453125}, {"start": 1244.82, "end": 1246.46, "word": " maximizes", "probability": 0.6932373046875}, {"start": 1246.46, "end": 1247.3, "word": " his", "probability": 0.96533203125}, {"start": 1247.3, "end": 1249.32, "word": " production", "probability": 0.95263671875}, {"start": 1249.32, "end": 1250.94, "word": " under", "probability": 0.81005859375}, {"start": 1250.94, "end": 1251.2, "word": " the", "probability": 0.9189453125}, {"start": 1251.2, "end": 1251.5, "word": " limited", "probability": 0.9296875}, {"start": 1251.5, "end": 1252.04, "word": " cost", "probability": 0.8095703125}, {"start": 1252.04, "end": 1253.16, "word": " or", "probability": 0.6748046875}, {"start": 1253.16, "end": 1253.62, "word": " the", "probability": 0.55859375}, {"start": 1253.62, "end": 1253.94, "word": " limited", "probability": 0.9443359375}, {"start": 1253.94, "end": 1255.26, "word": " budget?", "probability": 0.89111328125}], "temperature": 1.0}, {"id": 44, "seek": 128245, "start": 1255.97, "end": 1282.45, "text": " All right? So let's go to the producer behavior. But before that, let's go to the producer indifference curve or isoquant curve. Right? So let us assume that we have or we are talking about a producer. And this producer has different options to produce.", "tokens": [1057, 558, 30, 407, 718, 311, 352, 281, 264, 12314, 5223, 13, 583, 949, 300, 11, 718, 311, 352, 281, 264, 12314, 1016, 351, 5158, 7605, 420, 307, 29826, 394, 7605, 13, 1779, 30, 407, 718, 505, 6552, 300, 321, 362, 420, 321, 366, 1417, 466, 257, 12314, 13, 400, 341, 12314, 575, 819, 3956, 281, 5258, 13], "avg_logprob": -0.18564617936894046, "compression_ratio": 1.6493506493506493, "no_speech_prob": 0.0, "words": [{"start": 1255.97, "end": 1256.21, "word": " All", "probability": 0.587890625}, {"start": 1256.21, "end": 1256.43, "word": " right?", "probability": 0.9140625}, {"start": 1256.87, "end": 1257.21, "word": " So", "probability": 0.9580078125}, {"start": 1257.21, "end": 1257.83, "word": " let's", "probability": 0.797607421875}, {"start": 1257.83, "end": 1258.01, "word": " go", "probability": 0.96533203125}, {"start": 1258.01, "end": 1258.17, "word": " to", "probability": 0.85546875}, {"start": 1258.17, "end": 1258.29, "word": " the", "probability": 0.8134765625}, {"start": 1258.29, "end": 1258.67, "word": " producer", "probability": 0.916015625}, {"start": 1258.67, "end": 1259.25, "word": " behavior.", "probability": 0.91845703125}, {"start": 1259.75, "end": 1259.85, "word": " But", "probability": 0.91259765625}, {"start": 1259.85, "end": 1260.15, "word": " before", "probability": 0.861328125}, {"start": 1260.15, "end": 1260.59, "word": " that,", "probability": 0.9384765625}, {"start": 1260.97, "end": 1261.25, "word": " let's", "probability": 0.9736328125}, {"start": 1261.25, "end": 1261.53, "word": " go", "probability": 0.96533203125}, {"start": 1261.53, "end": 1261.99, "word": " to", "probability": 0.9501953125}, {"start": 1261.99, "end": 1262.67, "word": " the", "probability": 0.90771484375}, {"start": 1262.67, "end": 1263.29, "word": " producer", "probability": 0.8994140625}, {"start": 1263.29, "end": 1264.27, "word": " indifference", "probability": 0.9137369791666666}, {"start": 1264.27, "end": 1264.81, "word": " curve", "probability": 0.955078125}, {"start": 1264.81, "end": 1265.33, "word": " or", "probability": 0.6337890625}, {"start": 1265.33, "end": 1266.45, "word": " isoquant", "probability": 0.8400065104166666}, {"start": 1266.45, "end": 1266.93, "word": " curve.", "probability": 0.9677734375}, {"start": 1267.61, "end": 1268.13, "word": " Right?", "probability": 0.463623046875}, {"start": 1268.49, "end": 1268.69, "word": " So", "probability": 0.9609375}, {"start": 1268.69, "end": 1269.35, "word": " let", "probability": 0.8232421875}, {"start": 1269.35, "end": 1269.53, "word": " us", "probability": 0.70654296875}, {"start": 1269.53, "end": 1269.87, "word": " assume", "probability": 0.91455078125}, {"start": 1269.87, "end": 1270.07, "word": " that", "probability": 0.93408203125}, {"start": 1270.07, "end": 1270.25, "word": " we", "probability": 0.9658203125}, {"start": 1270.25, "end": 1270.55, "word": " have", "probability": 0.8212890625}, {"start": 1270.55, "end": 1270.81, "word": " or", "probability": 0.51806640625}, {"start": 1270.81, "end": 1271.19, "word": " we", "probability": 0.77197265625}, {"start": 1271.19, "end": 1271.33, "word": " are", "probability": 0.86279296875}, {"start": 1271.33, "end": 1271.55, "word": " talking", "probability": 0.85009765625}, {"start": 1271.55, "end": 1271.97, "word": " about", "probability": 0.908203125}, {"start": 1271.97, "end": 1272.15, "word": " a", "probability": 0.90625}, {"start": 1272.15, "end": 1272.97, "word": " producer.", "probability": 0.91015625}, {"start": 1273.59, "end": 1273.77, "word": " And", "probability": 0.5947265625}, {"start": 1273.77, "end": 1273.93, "word": " this", "probability": 0.93798828125}, {"start": 1273.93, "end": 1274.45, "word": " producer", "probability": 0.919921875}, {"start": 1274.45, "end": 1278.99, "word": " has", "probability": 0.8984375}, {"start": 1278.99, "end": 1279.35, "word": " different", "probability": 0.8935546875}, {"start": 1279.35, "end": 1280.03, "word": " options", "probability": 0.89990234375}, {"start": 1280.03, "end": 1281.83, "word": " to", "probability": 0.96337890625}, {"start": 1281.83, "end": 1282.45, "word": " produce.", "probability": 0.83642578125}], "temperature": 1.0}, {"id": 45, "seek": 130796, "start": 1284.32, "end": 1307.96, "text": " Different bundles or groups? The bundle or a group ABCDE ABCDE", "tokens": [20825, 13882, 904, 420, 3935, 30, 440, 24438, 420, 257, 1594, 22342, 22296, 22342, 22296], "avg_logprob": -0.4108886606991291, "compression_ratio": 1.1454545454545455, "no_speech_prob": 0.0, "words": [{"start": 1284.32, "end": 1284.72, "word": " Different", "probability": 0.4052734375}, {"start": 1284.72, "end": 1285.28, "word": " bundles", "probability": 0.68408203125}, {"start": 1285.28, "end": 1285.48, "word": " or", "probability": 0.2315673828125}, {"start": 1285.48, "end": 1285.7, "word": " groups?", "probability": 0.888671875}, {"start": 1293.06, "end": 1293.48, "word": " The", "probability": 0.59619140625}, {"start": 1293.48, "end": 1293.84, "word": " bundle", "probability": 0.78515625}, {"start": 1293.84, "end": 1297.98, "word": " or", "probability": 0.7734375}, {"start": 1297.98, "end": 1298.12, "word": " a", "probability": 0.59814453125}, {"start": 1298.12, "end": 1298.42, "word": " group", "probability": 0.97119140625}, {"start": 1298.42, "end": 1300.5, "word": " ABCDE", "probability": 0.75244140625}, {"start": 1300.5, "end": 1307.96, "word": " ABCDE", "probability": 0.831298828125}], "temperature": 1.0}, {"id": 46, "seek": 134770, "start": 1322.14, "end": 1347.7, "text": " What produced equals 1000 units? Labor and machine. One, three, five.", "tokens": [708, 7126, 6915, 9714, 6815, 30, 17250, 293, 3479, 13, 1485, 11, 1045, 11, 1732, 13], "avg_logprob": -0.33478860294117646, "compression_ratio": 0.9210526315789473, "no_speech_prob": 0.0, "words": [{"start": 1322.14, "end": 1322.5, "word": " What", "probability": 0.6123046875}, {"start": 1322.5, "end": 1323.02, "word": " produced", "probability": 0.6220703125}, {"start": 1323.02, "end": 1326.2, "word": " equals", "probability": 0.5947265625}, {"start": 1326.2, "end": 1327.84, "word": " 1000", "probability": 0.5205078125}, {"start": 1327.84, "end": 1328.66, "word": " units?", "probability": 0.93603515625}, {"start": 1332.1, "end": 1332.78, "word": " Labor", "probability": 0.89892578125}, {"start": 1332.78, "end": 1335.38, "word": " and", "probability": 0.84814453125}, {"start": 1335.38, "end": 1335.84, "word": " machine.", "probability": 0.8134765625}, {"start": 1345.66, "end": 1346.86, "word": " One,", "probability": 0.4541015625}, {"start": 1347.0, "end": 1347.16, "word": " three,", "probability": 0.93896484375}, {"start": 1347.32, "end": 1347.7, "word": " five.", "probability": 0.91357421875}], "temperature": 1.0}, {"id": 47, "seek": 138055, "start": 1352.37, "end": 1380.55, "text": " seven, nine, 16, eight, four, two, one. In this example, we are talking about a producer. This producer can use different factors of production", "tokens": [3407, 11, 4949, 11, 3165, 11, 3180, 11, 1451, 11, 732, 11, 472, 13, 682, 341, 1365, 11, 321, 366, 1417, 466, 257, 12314, 13, 639, 12314, 393, 764, 819, 6771, 295, 4265], "avg_logprob": -0.11730238992501707, "compression_ratio": 1.2743362831858407, "no_speech_prob": 0.0, "words": [{"start": 1352.3700000000001, "end": 1353.65, "word": " seven,", "probability": 0.4541015625}, {"start": 1353.65, "end": 1354.93, "word": " nine,", "probability": 0.9375}, {"start": 1356.17, "end": 1357.03, "word": " 16,", "probability": 0.58837890625}, {"start": 1357.83, "end": 1359.45, "word": " eight,", "probability": 0.8974609375}, {"start": 1360.59, "end": 1361.23, "word": " four,", "probability": 0.9453125}, {"start": 1362.27, "end": 1362.99, "word": " two,", "probability": 0.94677734375}, {"start": 1363.53, "end": 1363.79, "word": " one.", "probability": 0.9306640625}, {"start": 1368.77, "end": 1370.05, "word": " In", "probability": 0.9130859375}, {"start": 1370.05, "end": 1370.29, "word": " this", "probability": 0.94677734375}, {"start": 1370.29, "end": 1370.73, "word": " example,", "probability": 0.982421875}, {"start": 1371.05, "end": 1371.35, "word": " we", "probability": 0.96484375}, {"start": 1371.35, "end": 1371.59, "word": " are", "probability": 0.9375}, {"start": 1371.59, "end": 1371.97, "word": " talking", "probability": 0.8486328125}, {"start": 1371.97, "end": 1372.37, "word": " about", "probability": 0.904296875}, {"start": 1372.37, "end": 1372.59, "word": " a", "probability": 0.95361328125}, {"start": 1372.59, "end": 1372.95, "word": " producer.", "probability": 0.93212890625}, {"start": 1374.07, "end": 1375.35, "word": " This", "probability": 0.9072265625}, {"start": 1375.35, "end": 1375.91, "word": " producer", "probability": 0.919921875}, {"start": 1375.91, "end": 1376.89, "word": " can", "probability": 0.93798828125}, {"start": 1376.89, "end": 1377.27, "word": " use", "probability": 0.89111328125}, {"start": 1377.27, "end": 1378.03, "word": " different", "probability": 0.84765625}, {"start": 1378.03, "end": 1378.73, "word": " factors", "probability": 0.68359375}, {"start": 1378.73, "end": 1380.15, "word": " of", "probability": 0.9580078125}, {"start": 1380.15, "end": 1380.55, "word": " production", "probability": 0.95703125}], "temperature": 1.0}, {"id": 48, "seek": 140599, "start": 1381.69, "end": 1405.99, "text": " labor and machines. And he tends to produce 1,000 units. To produce 1,000 chairs, he can use one worker and 60 machines. Or,", "tokens": [5938, 293, 8379, 13, 400, 415, 12258, 281, 5258, 502, 11, 1360, 6815, 13, 1407, 5258, 502, 11, 1360, 18299, 11, 415, 393, 764, 472, 11346, 293, 4060, 8379, 13, 1610, 11], "avg_logprob": -0.2616003787878788, "compression_ratio": 1.2755102040816326, "no_speech_prob": 0.0, "words": [{"start": 1381.69, "end": 1382.19, "word": " labor", "probability": 0.39306640625}, {"start": 1382.19, "end": 1382.63, "word": " and", "probability": 0.75390625}, {"start": 1382.63, "end": 1383.17, "word": " machines.", "probability": 0.94921875}, {"start": 1383.99, "end": 1384.75, "word": " And", "probability": 0.91650390625}, {"start": 1384.75, "end": 1384.95, "word": " he", "probability": 0.94140625}, {"start": 1384.95, "end": 1385.25, "word": " tends", "probability": 0.765625}, {"start": 1385.25, "end": 1385.49, "word": " to", "probability": 0.970703125}, {"start": 1385.49, "end": 1386.25, "word": " produce", "probability": 0.87890625}, {"start": 1386.25, "end": 1387.81, "word": " 1", "probability": 0.30908203125}, {"start": 1387.81, "end": 1388.43, "word": ",000", "probability": 0.98583984375}, {"start": 1388.43, "end": 1388.93, "word": " units.", "probability": 0.94140625}, {"start": 1391.23, "end": 1392.01, "word": " To", "probability": 0.95703125}, {"start": 1392.01, "end": 1392.57, "word": " produce", "probability": 0.861328125}, {"start": 1392.57, "end": 1394.03, "word": " 1", "probability": 0.97412109375}, {"start": 1394.03, "end": 1394.47, "word": ",000", "probability": 0.999267578125}, {"start": 1394.47, "end": 1395.01, "word": " chairs,", "probability": 0.83935546875}, {"start": 1396.75, "end": 1396.91, "word": " he", "probability": 0.96240234375}, {"start": 1396.91, "end": 1397.23, "word": " can", "probability": 0.94775390625}, {"start": 1397.23, "end": 1397.67, "word": " use", "probability": 0.896484375}, {"start": 1397.67, "end": 1399.39, "word": " one", "probability": 0.8916015625}, {"start": 1399.39, "end": 1399.93, "word": " worker", "probability": 0.93310546875}, {"start": 1399.93, "end": 1401.53, "word": " and", "probability": 0.8876953125}, {"start": 1401.53, "end": 1402.17, "word": " 60", "probability": 0.578125}, {"start": 1402.17, "end": 1402.97, "word": " machines.", "probability": 0.96337890625}, {"start": 1404.89, "end": 1405.99, "word": " Or,", "probability": 0.48193359375}], "temperature": 1.0}, {"id": 49, "seek": 142587, "start": 1407.41, "end": 1425.87, "text": " three workers and eight machines, or five and four, seven and two, nine and one. So these different bundles, these different groups of factors production will give the producer the same outputs.", "tokens": [1045, 5600, 293, 3180, 8379, 11, 420, 1732, 293, 1451, 11, 3407, 293, 732, 11, 4949, 293, 472, 13, 407, 613, 819, 13882, 904, 11, 613, 819, 3935, 295, 6771, 4265, 486, 976, 264, 12314, 264, 912, 23930, 13], "avg_logprob": -0.16640624552965164, "compression_ratio": 1.5, "no_speech_prob": 0.0, "words": [{"start": 1407.41, "end": 1407.83, "word": " three", "probability": 0.4775390625}, {"start": 1407.83, "end": 1408.51, "word": " workers", "probability": 0.89453125}, {"start": 1408.51, "end": 1409.01, "word": " and", "probability": 0.88671875}, {"start": 1409.01, "end": 1409.43, "word": " eight", "probability": 0.8984375}, {"start": 1409.43, "end": 1409.97, "word": " machines,", "probability": 0.95361328125}, {"start": 1410.43, "end": 1410.81, "word": " or", "probability": 0.97119140625}, {"start": 1410.81, "end": 1411.49, "word": " five", "probability": 0.8544921875}, {"start": 1411.49, "end": 1411.63, "word": " and", "probability": 0.92822265625}, {"start": 1411.63, "end": 1411.97, "word": " four,", "probability": 0.9560546875}, {"start": 1412.25, "end": 1412.45, "word": " seven", "probability": 0.91943359375}, {"start": 1412.45, "end": 1412.67, "word": " and", "probability": 0.802734375}, {"start": 1412.67, "end": 1412.89, "word": " two,", "probability": 0.9453125}, {"start": 1413.19, "end": 1413.33, "word": " nine", "probability": 0.89453125}, {"start": 1413.33, "end": 1413.49, "word": " and", "probability": 0.93017578125}, {"start": 1413.49, "end": 1413.73, "word": " one.", "probability": 0.9365234375}, {"start": 1415.33, "end": 1415.69, "word": " So", "probability": 0.875}, {"start": 1415.69, "end": 1417.69, "word": " these", "probability": 0.62451171875}, {"start": 1417.69, "end": 1418.17, "word": " different", "probability": 0.8955078125}, {"start": 1418.17, "end": 1418.77, "word": " bundles,", "probability": 0.801025390625}, {"start": 1418.99, "end": 1419.19, "word": " these", "probability": 0.861328125}, {"start": 1419.19, "end": 1419.55, "word": " different", "probability": 0.8876953125}, {"start": 1419.55, "end": 1420.03, "word": " groups", "probability": 0.95166015625}, {"start": 1420.03, "end": 1420.29, "word": " of", "probability": 0.88623046875}, {"start": 1420.29, "end": 1420.61, "word": " factors", "probability": 0.458251953125}, {"start": 1420.61, "end": 1421.23, "word": " production", "probability": 0.630859375}, {"start": 1421.23, "end": 1421.93, "word": " will", "probability": 0.7333984375}, {"start": 1421.93, "end": 1422.43, "word": " give", "probability": 0.88525390625}, {"start": 1422.43, "end": 1423.03, "word": " the", "probability": 0.9150390625}, {"start": 1423.03, "end": 1423.71, "word": " producer", "probability": 0.91796875}, {"start": 1423.71, "end": 1424.51, "word": " the", "probability": 0.919921875}, {"start": 1424.51, "end": 1424.99, "word": " same", "probability": 0.90380859375}, {"start": 1424.99, "end": 1425.87, "word": " outputs.", "probability": 0.8759765625}], "temperature": 1.0}, {"id": 50, "seek": 145645, "start": 1427.37, "end": 1456.45, "text": " All right? Which means it's quite similar to the consumer behavior when he consumed different bundles of goods, which gave him the same total utility. Here, we're talking about a producer that can use different bundles, different groups of factories, production, labor, and machines to produce the same output, the same quantities. All right? So what do you see here?", "tokens": [1057, 558, 30, 3013, 1355, 309, 311, 1596, 2531, 281, 264, 9711, 5223, 562, 415, 21226, 819, 13882, 904, 295, 10179, 11, 597, 2729, 796, 264, 912, 3217, 14877, 13, 1692, 11, 321, 434, 1417, 466, 257, 12314, 300, 393, 764, 819, 13882, 904, 11, 819, 3935, 295, 24813, 11, 4265, 11, 5938, 11, 293, 8379, 281, 5258, 264, 912, 5598, 11, 264, 912, 22927, 13, 1057, 558, 30, 407, 437, 360, 291, 536, 510, 30], "avg_logprob": -0.15381493661310766, "compression_ratio": 1.6576576576576576, "no_speech_prob": 0.0, "words": [{"start": 1427.37, "end": 1427.61, "word": " All", "probability": 0.69921875}, {"start": 1427.61, "end": 1427.81, "word": " right?", "probability": 0.9140625}, {"start": 1428.13, "end": 1428.85, "word": " Which", "probability": 0.87841796875}, {"start": 1428.85, "end": 1429.31, "word": " means", "probability": 0.9365234375}, {"start": 1429.31, "end": 1430.25, "word": " it's", "probability": 0.91552734375}, {"start": 1430.25, "end": 1430.65, 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The giving up is how much? Eight machines. Eight machines. All right? Adding more two workers, the giving up is four. Adding more two, giving up is two. Two, what?", "tokens": [1133, 415, 764, 472, 11346, 293, 3165, 8379, 11, 415, 393, 5258, 502, 11, 1360, 11, 5127, 544, 732, 6815, 11, 732, 5600, 13, 440, 2902, 493, 307, 577, 709, 30, 17708, 8379, 13, 17708, 8379, 13, 1057, 558, 30, 31204, 544, 732, 5600, 11, 264, 2902, 493, 307, 1451, 13, 31204, 544, 732, 11, 2902, 493, 307, 732, 13, 4453, 11, 437, 30], "avg_logprob": -0.1796875, "compression_ratio": 1.7350993377483444, "no_speech_prob": 0.0, "words": [{"start": 1457.21, "end": 1457.49, "word": " When", "probability": 0.8564453125}, {"start": 1457.49, "end": 1457.73, "word": " he", "probability": 0.9541015625}, {"start": 1457.73, "end": 1458.07, "word": " use", "probability": 0.421630859375}, {"start": 1458.07, "end": 1458.43, "word": " one", "probability": 0.81640625}, {"start": 1458.43, "end": 1458.85, "word": " worker", "probability": 0.9091796875}, {"start": 1458.85, "end": 1459.37, "word": " and", "probability": 0.93115234375}, {"start": 1459.37, "end": 1459.91, "word": " 16", "probability": 0.8271484375}, {"start": 1459.91, "end": 1460.43, "word": " machines,", "probability": 0.94970703125}, {"start": 1460.55, "end": 1460.65, "word": " he", "probability": 0.9599609375}, {"start": 1460.65, "end": 1460.85, "word": " can", "probability": 0.9423828125}, {"start": 1460.85, "end": 1461.21, "word": " produce", "probability": 0.8701171875}, {"start": 1461.21, "end": 1461.49, "word": " 1", "probability": 0.4990234375}, {"start": 1461.49, "end": 1461.91, "word": ",000,", "probability": 0.99072265625}, {"start": 1462.25, "end": 1462.81, "word": " adding", "probability": 0.8623046875}, {"start": 1462.81, "end": 1463.51, "word": " more", "probability": 0.88037109375}, {"start": 1463.51, "end": 1463.93, "word": " two", "probability": 0.685546875}, {"start": 1463.93, "end": 1464.49, "word": " units,", "probability": 0.92822265625}, {"start": 1464.67, "end": 1464.77, "word": " two", "probability": 0.9365234375}, {"start": 1464.77, "end": 1465.25, "word": " workers.", "probability": 0.90625}, {"start": 1466.19, "end": 1466.59, "word": " The", "probability": 0.8525390625}, {"start": 1466.59, "end": 1466.95, "word": " giving", "probability": 0.90576171875}, {"start": 1466.95, "end": 1467.35, "word": " up", "probability": 0.96533203125}, {"start": 1467.35, "end": 1467.73, "word": " is", "probability": 0.94873046875}, {"start": 1467.73, "end": 1468.13, "word": " how", "probability": 0.9248046875}, {"start": 1468.13, "end": 1468.67, "word": " much?", "probability": 0.9130859375}, {"start": 1469.11, "end": 1469.47, "word": " Eight", "probability": 0.8046875}, {"start": 1469.47, "end": 1470.17, "word": " machines.", "probability": 0.9287109375}, {"start": 1470.27, "end": 1470.51, "word": " Eight", "probability": 0.44287109375}, {"start": 1470.51, "end": 1471.21, "word": " machines.", "probability": 0.94091796875}, {"start": 1471.45, "end": 1471.77, "word": " All", "probability": 0.515625}, {"start": 1471.77, "end": 1472.77, "word": " right?", "probability": 0.91455078125}, {"start": 1474.01, "end": 1474.39, "word": " Adding", "probability": 0.771484375}, {"start": 1474.39, "end": 1475.09, "word": " more", "probability": 0.8623046875}, {"start": 1475.09, "end": 1475.59, "word": " two", "probability": 0.91552734375}, {"start": 1475.59, "end": 1476.35, "word": " workers,", "probability": 0.9169921875}, {"start": 1476.93, "end": 1477.11, "word": " the", "probability": 0.9169921875}, {"start": 1477.11, "end": 1477.39, "word": " giving", "probability": 0.90771484375}, {"start": 1477.39, "end": 1477.65, "word": " up", "probability": 0.96337890625}, {"start": 1477.65, "end": 1477.81, "word": " is", "probability": 0.94775390625}, {"start": 1477.81, "end": 1478.17, "word": " four.", "probability": 0.90625}, {"start": 1479.27, "end": 1479.61, "word": " Adding", "probability": 0.9111328125}, {"start": 1479.61, "end": 1479.91, "word": " more", "probability": 0.9365234375}, {"start": 1479.91, "end": 1480.29, "word": " two,", "probability": 0.93798828125}, {"start": 1480.85, "end": 1481.23, "word": " giving", "probability": 0.8759765625}, {"start": 1481.23, "end": 1481.45, "word": " up", "probability": 0.97607421875}, {"start": 1481.45, "end": 1481.59, "word": " is", "probability": 0.94189453125}, {"start": 1481.59, "end": 1481.85, "word": " two.", "probability": 0.935546875}, {"start": 1482.65, "end": 1483.39, "word": " Two,", "probability": 0.8955078125}, {"start": 1483.85, "end": 1484.05, "word": " what?", "probability": 0.466552734375}], "temperature": 1.0}, {"id": 52, "seek": 149317, "start": 1485.27, "end": 1493.17, "text": " Here we have the marginal rate of substitution. It's called the marginal rate of technical substitution.", "tokens": [1692, 321, 362, 264, 16885, 3314, 295, 35827, 13, 467, 311, 1219, 264, 16885, 3314, 295, 6191, 35827, 13], "avg_logprob": -0.08466797135770321, "compression_ratio": 1.381578947368421, "no_speech_prob": 0.0, "words": [{"start": 1485.27, "end": 1485.55, "word": " Here", "probability": 0.7841796875}, {"start": 1485.55, "end": 1485.75, "word": " we", "probability": 0.7314453125}, {"start": 1485.75, "end": 1486.17, "word": " have", "probability": 0.94873046875}, {"start": 1486.17, "end": 1486.89, "word": " the", "probability": 0.89111328125}, {"start": 1486.89, "end": 1487.35, "word": " marginal", "probability": 0.87548828125}, {"start": 1487.35, "end": 1487.71, "word": " rate", "probability": 0.962890625}, {"start": 1487.71, "end": 1487.83, "word": " of", "probability": 0.9560546875}, {"start": 1487.83, "end": 1488.41, "word": " substitution.", "probability": 0.9443359375}, {"start": 1489.17, "end": 1490.07, "word": " It's", "probability": 0.9501953125}, {"start": 1490.07, "end": 1490.39, "word": " called", "probability": 0.89404296875}, {"start": 1490.39, "end": 1490.81, "word": " the", "probability": 0.880859375}, {"start": 1490.81, "end": 1491.33, "word": " marginal", "probability": 0.8974609375}, {"start": 1491.33, "end": 1491.77, "word": " rate", "probability": 0.953125}, {"start": 1491.77, "end": 1491.95, "word": " of", "probability": 0.9697265625}, {"start": 1491.95, "end": 1492.57, "word": " technical", "probability": 0.92431640625}, {"start": 1492.57, "end": 1493.17, "word": " substitution.", "probability": 0.93115234375}], "temperature": 1.0}, {"id": 53, "seek": 151830, "start": 1495.66, "end": 1518.3, "text": " which is quite similar to the marginal rate of substitution. The marginal rate of substitution for the consumer was change in the quantity of Y over change in the quantity of X, right? Here, for the producer, we have the same term, which is the marginal rate of technical substitution. For the consumer,", "tokens": [597, 307, 1596, 2531, 281, 264, 16885, 3314, 295, 35827, 13, 440, 16885, 3314, 295, 35827, 337, 264, 9711, 390, 1319, 294, 264, 11275, 295, 398, 670, 1319, 294, 264, 11275, 295, 1783, 11, 558, 30, 1692, 11, 337, 264, 12314, 11, 321, 362, 264, 912, 1433, 11, 597, 307, 264, 16885, 3314, 295, 6191, 35827, 13, 1171, 264, 9711, 11], "avg_logprob": -0.19506047858345893, "compression_ratio": 1.9119496855345912, "no_speech_prob": 0.0, "words": [{"start": 1495.66, "end": 1495.96, "word": " which", "probability": 0.72119140625}, {"start": 1495.96, "end": 1496.22, "word": " is", "probability": 0.947265625}, {"start": 1496.22, "end": 1496.56, "word": " quite", "probability": 0.5400390625}, {"start": 1496.56, "end": 1496.94, "word": " similar", "probability": 0.955078125}, {"start": 1496.94, "end": 1497.22, "word": " to", "probability": 0.966796875}, {"start": 1497.22, "end": 1497.46, "word": " the", "probability": 0.8876953125}, {"start": 1497.46, "end": 1497.74, 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over change in the quantity of the workers, L. Which means for the consumer, Y is the machinery here for the producer, and X is the number of workers here. All right? So to calculate the marginal rate of technical substitution, MRTS.", "tokens": [1610, 6915, 257, 1319, 294, 264, 11275, 295, 8379, 670, 1319, 294, 264, 11275, 295, 264, 5600, 11, 441, 13, 3013, 1355, 337, 264, 9711, 11, 398, 307, 264, 27302, 510, 337, 264, 12314, 11, 293, 1783, 307, 264, 1230, 295, 5600, 510, 13, 1057, 558, 30, 407, 281, 8873, 264, 16885, 3314, 295, 6191, 35827, 11, 9808, 7327, 13], "avg_logprob": -0.20350922326572607, "compression_ratio": 1.5786516853932584, "no_speech_prob": 0.0, "words": [{"start": 1519.59, "end": 1519.85, "word": " Or", "probability": 0.58837890625}, {"start": 1519.85, "end": 1520.35, "word": " equals", "probability": 0.88232421875}, {"start": 1520.35, "end": 1521.27, "word": " a", "probability": 0.7587890625}, {"start": 1521.27, "end": 1521.71, "word": " change", "probability": 0.89794921875}, {"start": 1521.71, "end": 1521.85, "word": " in", "probability": 0.93359375}, {"start": 1521.85, "end": 1521.97, "word": " the", "probability": 0.52099609375}, {"start": 1521.97, "end": 1522.41, "word": " quantity", "probability": 0.9619140625}, {"start": 1522.41, "end": 1522.69, "word": " of", "probability": 0.9580078125}, {"start": 1522.69, "end": 1523.31, "word": " machines", "probability": 0.93701171875}, {"start": 1523.31, "end": 1523.77, "word": " over", "probability": 0.8583984375}, {"start": 1523.77, "end": 1524.29, "word": " change", "probability": 0.498291015625}, {"start": 1524.29, "end": 1524.43, "word": " in", "probability": 0.89306640625}, {"start": 1524.43, "end": 1524.53, "word": " the", "probability": 0.83349609375}, {"start": 1524.53, "end": 1524.79, "word": " quantity", "probability": 0.767578125}, {"start": 1524.79, "end": 1525.03, "word": " of", "probability": 0.94189453125}, {"start": 1525.03, "end": 1525.13, "word": " the", "probability": 0.48828125}, {"start": 1525.13, "end": 1525.55, "word": " workers,", "probability": 0.9267578125}, {"start": 1525.77, "end": 1525.91, "word": " L.", "probability": 0.78173828125}, {"start": 1528.49, "end": 1529.29, "word": " Which", "probability": 0.8828125}, {"start": 1529.29, "end": 1529.69, "word": " means", "probability": 0.927734375}, {"start": 1529.69, "end": 1530.39, "word": " for", "probability": 0.66357421875}, {"start": 1530.39, "end": 1530.53, "word": " the", "probability": 0.9072265625}, {"start": 1530.53, "end": 1530.97, "word": " consumer,", "probability": 0.84619140625}, {"start": 1531.21, "end": 1531.53, "word": " Y", "probability": 0.8359375}, {"start": 1531.53, "end": 1533.95, "word": " is", "probability": 0.8447265625}, {"start": 1533.95, "end": 1534.57, "word": " the", "probability": 0.74658203125}, {"start": 1534.57, "end": 1535.01, "word": " machinery", "probability": 0.97705078125}, {"start": 1535.01, "end": 1535.51, "word": " here", "probability": 0.84375}, {"start": 1535.51, "end": 1535.83, "word": " for", "probability": 0.8486328125}, {"start": 1535.83, "end": 1535.95, "word": " the", "probability": 0.91650390625}, {"start": 1535.95, "end": 1536.37, "word": " producer,", "probability": 0.91796875}, {"start": 1536.81, "end": 1536.93, "word": " and", "probability": 0.93896484375}, {"start": 1536.93, "end": 1537.31, "word": " X", "probability": 0.94189453125}, {"start": 1537.31, "end": 1537.89, "word": " is", "probability": 0.947265625}, {"start": 1537.89, "end": 1538.37, "word": " the", "probability": 0.91455078125}, {"start": 1538.37, "end": 1538.85, "word": " number", "probability": 0.93994140625}, {"start": 1538.85, "end": 1539.01, "word": " of", "probability": 0.943359375}, {"start": 1539.01, "end": 1539.37, "word": " workers", "probability": 0.9052734375}, {"start": 1539.37, "end": 1539.73, "word": " here.", "probability": 0.85009765625}, {"start": 1540.53, "end": 1540.65, "word": " All", "probability": 0.63916015625}, {"start": 1540.65, "end": 1540.87, "word": " right?", "probability": 0.91162109375}, {"start": 1542.07, "end": 1542.85, "word": " So", "probability": 0.3935546875}, {"start": 1542.85, "end": 1543.15, "word": " to", "probability": 0.86767578125}, {"start": 1543.15, "end": 1543.57, "word": " calculate", "probability": 0.90087890625}, {"start": 1543.57, "end": 1543.81, "word": " the", "probability": 0.9140625}, {"start": 1543.81, "end": 1544.15, "word": " marginal", "probability": 0.8623046875}, {"start": 1544.15, "end": 1544.51, "word": " rate", "probability": 0.94482421875}, {"start": 1544.51, "end": 1544.63, "word": " of", "probability": 0.95947265625}, {"start": 1544.63, "end": 1544.95, "word": " technical", "probability": 0.94287109375}, {"start": 1544.95, "end": 1545.61, "word": " substitution,", "probability": 0.89990234375}, {"start": 1546.21, "end": 1546.99, "word": " MRTS.", "probability": 0.901611328125}], "temperature": 1.0}, {"id": 55, "seek": 157723, "start": 1548.57, "end": 1577.23, "text": " For the first case, which equals eight minus 16 over three minus one. For the first case, the marginal rate of technical substitution, MRTS, equals the first case is here. We're talking about the absolute value. QM2 minus or eight minus 16.", "tokens": [1171, 264, 700, 1389, 11, 597, 6915, 3180, 3175, 3165, 670, 1045, 3175, 472, 13, 1171, 264, 700, 1389, 11, 264, 16885, 3314, 295, 6191, 35827, 11, 9808, 7327, 11, 6915, 264, 700, 1389, 307, 510, 13, 492, 434, 1417, 466, 264, 8236, 2158, 13, 1249, 44, 17, 3175, 420, 3180, 3175, 3165, 13], "avg_logprob": -0.24900568290190264, "compression_ratio": 1.5649350649350648, "no_speech_prob": 0.0, "words": [{"start": 1548.57, "end": 1548.83, "word": " For", "probability": 0.568359375}, {"start": 1548.83, "end": 1548.99, "word": " the", "probability": 0.921875}, {"start": 1548.99, "end": 1549.25, "word": " first", "probability": 0.8837890625}, {"start": 1549.25, "end": 1549.67, "word": " case,", "probability": 0.88720703125}, {"start": 1550.17, "end": 1550.35, "word": " which", "probability": 0.666015625}, {"start": 1550.35, "end": 1550.87, "word": " equals", "probability": 0.93408203125}, {"start": 1550.87, "end": 1551.97, "word": " eight", "probability": 0.67333984375}, {"start": 1551.97, "end": 1552.59, "word": " minus", "probability": 0.97998046875}, {"start": 1552.59, "end": 1553.21, "word": " 16", "probability": 0.68017578125}, {"start": 1553.21, "end": 1554.19, "word": " over", "probability": 0.8603515625}, {"start": 1554.19, "end": 1554.83, "word": " three", "probability": 0.75732421875}, {"start": 1554.83, "end": 1555.29, "word": " minus", "probability": 0.98095703125}, {"start": 1555.29, "end": 1555.69, "word": " one.", "probability": 0.86181640625}, {"start": 1557.15, "end": 1557.47, "word": " For", "probability": 0.8984375}, {"start": 1557.47, "end": 1557.61, "word": " the", "probability": 0.92041015625}, {"start": 1557.61, "end": 1557.89, "word": " first", "probability": 0.88623046875}, {"start": 1557.89, "end": 1558.29, "word": " case,", "probability": 0.9033203125}, {"start": 1558.79, "end": 1558.87, "word": " the", "probability": 0.91455078125}, {"start": 1558.87, "end": 1559.19, "word": " marginal", "probability": 0.71826171875}, {"start": 1559.19, "end": 1559.49, "word": " rate", "probability": 0.91015625}, {"start": 1559.49, "end": 1559.63, "word": " of", "probability": 0.91162109375}, {"start": 1559.63, "end": 1560.27, "word": " technical", "probability": 0.69287109375}, {"start": 1560.27, "end": 1561.03, "word": " substitution,", "probability": 0.923828125}, {"start": 1561.53, "end": 1562.17, "word": " MRTS,", "probability": 0.88671875}, {"start": 1563.57, "end": 1564.79, "word": " equals", "probability": 0.95703125}, {"start": 1564.79, "end": 1566.49, "word": " the", "probability": 0.5009765625}, {"start": 1566.49, "end": 1566.77, "word": " first", "probability": 0.87744140625}, {"start": 1566.77, "end": 1567.15, "word": " case", "probability": 0.54736328125}, {"start": 1567.15, "end": 1567.31, "word": " is", "probability": 0.53125}, {"start": 1567.31, "end": 1567.57, "word": " here.", "probability": 0.82763671875}, {"start": 1568.33, "end": 1568.67, "word": " We're", "probability": 0.578369140625}, {"start": 1568.67, "end": 1568.89, "word": " talking", "probability": 0.8515625}, {"start": 1568.89, "end": 1569.17, "word": " about", "probability": 0.890625}, {"start": 1569.17, "end": 1569.39, "word": " the", "probability": 0.890625}, {"start": 1569.39, "end": 1569.79, "word": " absolute", "probability": 0.9013671875}, {"start": 1569.79, "end": 1570.41, "word": " value.", "probability": 0.97314453125}, {"start": 1573.29, "end": 1574.19, "word": " QM2", "probability": 0.62109375}, {"start": 1574.19, "end": 1574.89, "word": " minus", "probability": 0.94384765625}, {"start": 1574.89, "end": 1575.73, "word": " or", "probability": 0.497314453125}, {"start": 1575.73, "end": 1576.17, "word": " eight", "probability": 0.8642578125}, {"start": 1576.17, "end": 1576.63, "word": " minus", "probability": 0.9833984375}, {"start": 1576.63, "end": 1577.23, "word": " 16.", "probability": 0.91259765625}], "temperature": 1.0}, {"id": 56, "seek": 160675, "start": 1580.21, "end": 1606.75, "text": " over three minus one in the absolute value equals how much? Minus eight over two equals minus four, the absolute value equals four. Then four minus eight over five minus three, two. 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Obviously, the marginal rate of technical substitution is decreasing. Yeah. I don't know. This depends. But it is decreasing. The normal situation, the marginal rate of technical substitution is decreasing as much as the labor, the number of workers increases. Right? So let's draw the graph that shows", "tokens": [1958, 13, 20, 13, 7580, 11, 264, 16885, 3314, 295, 6191, 35827, 307, 23223, 13, 865, 13, 286, 500, 380, 458, 13, 639, 5946, 13, 583, 309, 307, 23223, 13, 440, 2710, 2590, 11, 264, 16885, 3314, 295, 6191, 35827, 307, 23223, 382, 709, 382, 264, 5938, 11, 264, 1230, 295, 5600, 8637, 13, 1779, 30, 407, 718, 311, 2642, 264, 4295, 300, 3110], "avg_logprob": -0.15649038461538461, "compression_ratio": 1.701657458563536, "no_speech_prob": 0.0, "words": [{"start": 1607.75, "end": 1608.09, "word": " 0", "probability": 0.67041015625}, {"start": 1608.09, "end": 1608.81, "word": ".5.", "probability": 0.984375}, {"start": 1609.43, "end": 1609.87, "word": " Obviously,", "probability": 0.37646484375}, {"start": 1610.91, "end": 1611.01, "word": " the", "probability": 0.9150390625}, {"start": 1611.01, "end": 1611.37, "word": " marginal", "probability": 0.85107421875}, {"start": 1611.37, "end": 1611.71, "word": " rate", "probability": 0.9599609375}, {"start": 1611.71, "end": 1611.83, "word": " of", "probability": 0.96435546875}, {"start": 1611.83, "end": 1612.13, "word": " technical", "probability": 0.9609375}, {"start": 1612.13, "end": 1612.63, "word": " substitution", "probability": 0.931640625}, {"start": 1612.63, "end": 1613.01, "word": " is", "probability": 0.94775390625}, {"start": 1613.01, "end": 1613.55, "word": " decreasing.", "probability": 0.95361328125}, {"start": 1615.17, "end": 1615.89, "word": " Yeah.", "probability": 0.751953125}, {"start": 1616.31, "end": 1616.85, "word": " I", "probability": 0.92724609375}, {"start": 1616.85, "end": 1616.99, "word": " don't", "probability": 0.97119140625}, {"start": 1616.99, "end": 1617.15, "word": " know.", "probability": 0.90869140625}, {"start": 1618.35, "end": 1619.07, "word": " This", "probability": 0.763671875}, {"start": 1619.07, "end": 1619.53, "word": " depends.", "probability": 0.919921875}, {"start": 1620.57, "end": 1620.83, "word": " But", "probability": 0.5498046875}, {"start": 1620.83, "end": 1621.25, "word": " it", "probability": 0.8759765625}, {"start": 1621.25, "end": 1621.53, "word": " is", "probability": 0.919921875}, {"start": 1621.53, "end": 1622.65, "word": " decreasing.", "probability": 0.9443359375}, {"start": 1622.91, "end": 1622.99, "word": " The", "probability": 0.83935546875}, {"start": 1622.99, "end": 1623.23, "word": " normal", "probability": 0.90234375}, {"start": 1623.23, "end": 1623.91, "word": " situation,", "probability": 0.919921875}, {"start": 1624.35, "end": 1624.47, "word": " the", "probability": 0.9130859375}, {"start": 1624.47, "end": 1624.79, "word": " marginal", "probability": 0.90771484375}, {"start": 1624.79, "end": 1625.13, "word": " rate", "probability": 0.947265625}, {"start": 1625.13, "end": 1625.27, "word": " of", "probability": 0.96435546875}, {"start": 1625.27, "end": 1625.57, "word": " technical", "probability": 0.939453125}, {"start": 1625.57, "end": 1626.13, "word": " substitution", "probability": 0.93310546875}, {"start": 1626.13, "end": 1626.49, "word": " is", "probability": 0.9345703125}, {"start": 1626.49, "end": 1627.01, "word": " decreasing", "probability": 0.9404296875}, {"start": 1627.01, "end": 1627.75, "word": " as", "probability": 0.8330078125}, {"start": 1627.75, "end": 1628.07, "word": " much", "probability": 0.90673828125}, {"start": 1628.07, "end": 1628.69, "word": " as", "probability": 0.9677734375}, {"start": 1628.69, "end": 1629.03, "word": " the", "probability": 0.88134765625}, {"start": 1629.03, "end": 1629.99, "word": " labor,", "probability": 0.7841796875}, {"start": 1630.43, "end": 1630.57, "word": " the", "probability": 0.91748046875}, {"start": 1630.57, "end": 1630.77, "word": " number", "probability": 0.9482421875}, {"start": 1630.77, "end": 1630.93, "word": " of", "probability": 0.94677734375}, {"start": 1630.93, "end": 1631.23, "word": " workers", "probability": 0.89111328125}, {"start": 1631.23, "end": 1631.97, "word": " increases.", "probability": 0.89208984375}, {"start": 1632.97, "end": 1633.37, "word": " Right?", "probability": 0.76318359375}, {"start": 1633.71, "end": 1634.03, "word": " So", "probability": 0.95849609375}, {"start": 1634.03, "end": 1634.89, "word": " let's", "probability": 0.84326171875}, {"start": 1634.89, "end": 1635.23, "word": " draw", "probability": 0.83837890625}, {"start": 1635.23, "end": 1635.47, "word": " the", "probability": 0.91455078125}, {"start": 1635.47, "end": 1635.73, "word": " graph", "probability": 0.970703125}, {"start": 1635.73, "end": 1635.97, "word": " that", "probability": 0.9375}, {"start": 1635.97, "end": 1636.45, "word": " shows", "probability": 0.90283203125}], "temperature": 1.0}, {"id": 58, "seek": 166316, "start": 1638.22, "end": 1663.16, "text": " the indifference curve, which is the isoquant curve for the producer. So let's go to the indifference curve for the producer. Qm and Ql.", "tokens": [264, 1016, 351, 5158, 7605, 11, 597, 307, 264, 307, 29826, 394, 7605, 337, 264, 12314, 13, 407, 718, 311, 352, 281, 264, 1016, 351, 5158, 7605, 337, 264, 12314, 13, 1249, 76, 293, 1249, 75, 13], "avg_logprob": -0.23149670856563667, "compression_ratio": 1.5222222222222221, "no_speech_prob": 0.0, "words": [{"start": 1638.22, "end": 1638.7, "word": " the", "probability": 0.58447265625}, {"start": 1638.7, "end": 1640.06, "word": " indifference", "probability": 0.89404296875}, {"start": 1640.06, "end": 1640.42, "word": " curve,", "probability": 0.71337890625}, {"start": 1641.14, "end": 1641.64, "word": " which", "probability": 0.95068359375}, {"start": 1641.64, "end": 1642.08, "word": " is", "probability": 0.9521484375}, {"start": 1642.08, "end": 1642.7, "word": " the", "probability": 0.9140625}, {"start": 1642.7, "end": 1643.7, "word": " isoquant", "probability": 0.7906901041666666}, {"start": 1643.7, "end": 1644.16, "word": " curve", "probability": 0.93701171875}, {"start": 1644.16, "end": 1644.62, "word": " for", "probability": 0.87158203125}, {"start": 1644.62, "end": 1644.8, "word": " the", "probability": 0.90576171875}, {"start": 1644.8, "end": 1645.18, "word": " producer.", "probability": 0.91943359375}, {"start": 1645.74, "end": 1646.7, "word": " So", "probability": 0.9619140625}, {"start": 1646.7, "end": 1647.62, "word": " let's", "probability": 0.915283203125}, {"start": 1647.62, "end": 1647.8, "word": " go", "probability": 0.96630859375}, {"start": 1647.8, "end": 1648.02, "word": " to", "probability": 0.88623046875}, {"start": 1648.02, "end": 1648.34, "word": " the", "probability": 0.87548828125}, {"start": 1648.34, "end": 1650.48, "word": " indifference", "probability": 0.904296875}, {"start": 1650.48, "end": 1650.8, "word": " curve", "probability": 0.775390625}, {"start": 1650.8, "end": 1651.0, "word": " for", "probability": 0.8408203125}, {"start": 1651.0, "end": 1651.12, "word": " the", "probability": 0.9140625}, {"start": 1651.12, "end": 1651.6, "word": " producer.", "probability": 0.89453125}, {"start": 1659.52, "end": 1660.48, "word": " Qm", "probability": 0.7412109375}, {"start": 1660.48, "end": 1661.82, "word": " and", "probability": 0.87646484375}, {"start": 1661.82, "end": 1663.16, "word": " Ql.", "probability": 0.4710693359375}], "temperature": 1.0}, {"id": 59, "seek": 169734, "start": 1667.82, "end": 1697.34, "text": " M is Y. L is X. The same. Equative labor, 1, 3. 1, 2, 3, 4. 1, 2, 3.", "tokens": [376, 307, 398, 13, 441, 307, 1783, 13, 440, 912, 13, 15624, 1166, 5938, 11, 502, 11, 805, 13, 502, 11, 568, 11, 805, 11, 1017, 13, 502, 11, 568, 11, 805, 13], "avg_logprob": -0.22840073441757874, "compression_ratio": 1.0952380952380953, "no_speech_prob": 0.0, "words": [{"start": 1667.82, "end": 1668.24, "word": " M", "probability": 0.880859375}, {"start": 1668.24, "end": 1668.62, "word": " is", "probability": 0.953125}, {"start": 1668.62, "end": 1669.02, "word": " Y.", "probability": 0.75390625}, {"start": 1670.08, "end": 1670.4, "word": " L", "probability": 0.9892578125}, {"start": 1670.4, "end": 1670.7, "word": " is", "probability": 0.95703125}, {"start": 1670.7, "end": 1671.1, "word": " X.", "probability": 0.98388671875}, {"start": 1674.24, "end": 1674.5, "word": " The", "probability": 0.32080078125}, {"start": 1674.5, "end": 1678.34, "word": " same.", "probability": 0.8662109375}, {"start": 1689.12, "end": 1689.9, "word": " Equative", "probability": 0.29083251953125}, {"start": 1689.9, "end": 1690.34, "word": " labor,", "probability": 0.8583984375}, {"start": 1690.9, "end": 1691.16, "word": " 1,", "probability": 0.517578125}, {"start": 1691.22, "end": 1691.48, "word": " 3.", "probability": 0.9140625}, {"start": 1693.36, "end": 1693.86, "word": " 1,", "probability": 0.9482421875}, {"start": 1693.88, "end": 1694.02, "word": " 2,", "probability": 0.98095703125}, {"start": 1694.08, "end": 1694.32, "word": " 3,", "probability": 0.99609375}, {"start": 1694.44, "end": 1694.68, "word": " 4.", "probability": 0.994140625}, {"start": 1695.68, "end": 1696.16, "word": " 1,", "probability": 0.974609375}, {"start": 1696.22, "end": 1696.62, "word": " 2,", "probability": 0.98974609375}, {"start": 1696.78, "end": 1697.34, "word": " 3.", "probability": 0.99609375}], "temperature": 1.0}, {"id": 60, "seek": 172733, "start": 1697.91, "end": 1727.33, "text": " Four, five, six, seven, eight, nine. Okay, doesn't matter. Two, two, four. Two, four, six, eight, ten, twelve,", "tokens": [7451, 11, 1732, 11, 2309, 11, 3407, 11, 3180, 11, 4949, 13, 1033, 11, 1177, 380, 1871, 13, 4453, 11, 732, 11, 1451, 13, 4453, 11, 1451, 11, 2309, 11, 3180, 11, 2064, 11, 14390, 11], "avg_logprob": -0.24472127089629303, "compression_ratio": 1.2065217391304348, "no_speech_prob": 0.0, "words": [{"start": 1697.91, "end": 1698.35, "word": " Four,", "probability": 0.30908203125}, {"start": 1698.73, "end": 1699.39, "word": " five,", "probability": 0.89599609375}, {"start": 1700.07, "end": 1700.61, "word": " six,", "probability": 0.9521484375}, {"start": 1701.55, "end": 1703.87, "word": " seven,", "probability": 0.888671875}, {"start": 1704.25, "end": 1704.69, "word": " eight,", "probability": 0.8994140625}, {"start": 1706.03, "end": 1707.85, "word": " nine.", "probability": 0.92822265625}, {"start": 1708.07, "end": 1708.37, "word": " Okay,", "probability": 0.765625}, {"start": 1708.79, "end": 1709.13, "word": " doesn't", "probability": 0.7646484375}, {"start": 1709.13, "end": 1709.47, "word": " matter.", "probability": 0.8662109375}, {"start": 1713.45, "end": 1714.03, "word": " Two,", "probability": 0.127685546875}, {"start": 1716.41, "end": 1716.89, "word": " two,", "probability": 0.5517578125}, {"start": 1717.07, "end": 1717.21, "word": " four.", "probability": 0.71826171875}, {"start": 1721.35, "end": 1722.09, "word": " Two,", "probability": 0.77587890625}, {"start": 1722.45, "end": 1723.35, "word": " four,", "probability": 0.94384765625}, {"start": 1723.71, "end": 1724.05, "word": " six,", "probability": 0.9541015625}, {"start": 1724.21, "end": 1724.65, "word": " eight,", "probability": 0.9033203125}, {"start": 1725.61, "end": 1726.31, "word": " ten,", "probability": 0.6728515625}, {"start": 1726.89, "end": 1727.33, "word": " twelve,", "probability": 0.951171875}], "temperature": 1.0}, {"id": 61, "seek": 175484, "start": 1729.3, "end": 1754.84, "text": " Quantum machines 2, 4, 6, 8, 10, 12, 14, 16, 18. The first point. No. That's right. That's right. That's right. That's right. That's right. That's right. That's right.", "tokens": [44964, 8379, 568, 11, 1017, 11, 1386, 11, 1649, 11, 1266, 11, 2272, 11, 3499, 11, 3165, 11, 2443, 13, 440, 700, 935, 13, 883, 13, 663, 311, 558, 13, 663, 311, 558, 13, 663, 311, 558, 13, 663, 311, 558, 13, 663, 311, 558, 13, 663, 311, 558, 13, 663, 311, 558, 13], "avg_logprob": -0.30340910391374065, "compression_ratio": 1.9534883720930232, "no_speech_prob": 0.0, "words": [{"start": 1729.3, "end": 1729.68, "word": " Quantum", "probability": 0.2371826171875}, {"start": 1729.68, "end": 1730.44, "word": " machines", "probability": 0.7822265625}, {"start": 1730.44, "end": 1731.28, "word": " 2,", "probability": 0.339599609375}, {"start": 1732.72, "end": 1733.86, "word": " 4,", "probability": 0.93212890625}, {"start": 1734.34, "end": 1734.84, "word": " 6,", "probability": 0.982421875}, {"start": 1734.98, "end": 1735.44, "word": " 8,", "probability": 0.99462890625}, {"start": 1736.04, "end": 1736.64, "word": " 10,", "probability": 0.9599609375}, {"start": 1737.04, "end": 1737.62, "word": " 12,", "probability": 0.955078125}, {"start": 1738.14, "end": 1738.78, "word": " 14,", "probability": 0.966796875}, {"start": 1739.22, "end": 1739.82, "word": " 16,", "probability": 0.95947265625}, {"start": 1740.04, "end": 1740.44, "word": " 18.", "probability": 0.96630859375}, {"start": 1741.48, "end": 1742.52, "word": " The", "probability": 0.875}, {"start": 1742.52, "end": 1742.76, "word": " first", "probability": 0.8916015625}, {"start": 1742.76, "end": 1743.1, "word": " point.", "probability": 0.78271484375}, {"start": 1745.36, "end": 1746.22, "word": " No.", "probability": 0.1676025390625}, {"start": 1748.56, "end": 1749.6, "word": " That's", "probability": 0.476531982421875}, {"start": 1749.6, "end": 1751.06, "word": " right.", "probability": 0.591796875}, {"start": 1751.34, "end": 1751.78, "word": " That's", "probability": 0.60223388671875}, {"start": 1751.78, "end": 1751.98, "word": " right.", "probability": 0.6171875}, {"start": 1752.74, "end": 1753.12, "word": " That's", "probability": 0.739990234375}, {"start": 1753.12, "end": 1753.12, "word": " right.", "probability": 0.65771484375}, {"start": 1753.52, "end": 1754.0, "word": " That's", "probability": 0.834716796875}, {"start": 1754.0, "end": 1754.68, "word": " right.", "probability": 0.51513671875}, {"start": 1754.68, "end": 1754.68, "word": " That's", "probability": 0.83740234375}, {"start": 1754.68, "end": 1754.84, "word": " right.", "probability": 0.65625}, {"start": 1754.84, "end": 1754.84, "word": " That's", "probability": 0.826904296875}, {"start": 1754.84, "end": 1754.84, "word": " right.", "probability": 0.81103515625}, {"start": 1754.84, "end": 1754.84, "word": " That's", "probability": 0.827392578125}, {"start": 1754.84, "end": 1754.84, "word": " right.", "probability": 0.8623046875}], "temperature": 1.0}, {"id": 62, "seek": 178628, "start": 1767.92, "end": 1786.28, "text": " Okay. At a QL equals one, how much is a QM 16? This is point A. At three units,", "tokens": [1033, 13, 1711, 257, 1249, 43, 6915, 472, 11, 577, 709, 307, 257, 1249, 44, 3165, 30, 639, 307, 935, 316, 13, 1711, 1045, 6815, 11], "avg_logprob": -0.3486689770663226, "compression_ratio": 1.0, "no_speech_prob": 0.0, "words": [{"start": 1767.9199999999998, "end": 1769.12, "word": " Okay.", "probability": 0.121337890625}, {"start": 1769.12, "end": 1770.32, "word": " At", "probability": 0.408447265625}, {"start": 1770.32, "end": 1771.96, "word": " a", "probability": 0.52001953125}, {"start": 1771.96, "end": 1772.54, "word": " QL", "probability": 0.802734375}, {"start": 1772.54, "end": 1773.14, "word": " equals", "probability": 0.76953125}, {"start": 1773.14, "end": 1773.46, "word": " one,", "probability": 0.44287109375}, {"start": 1774.84, "end": 1775.1, "word": " how", "probability": 0.927734375}, {"start": 1775.1, "end": 1775.46, "word": " much", "probability": 0.9208984375}, {"start": 1775.46, "end": 1775.74, "word": " is", "probability": 0.94189453125}, {"start": 1775.74, "end": 1775.92, "word": " a", "probability": 0.5732421875}, {"start": 1775.92, "end": 1776.6, "word": " QM", "probability": 0.946044921875}, {"start": 1776.6, "end": 1777.5, "word": " 16?", "probability": 0.467041015625}, {"start": 1780.18, "end": 1781.38, "word": " This", "probability": 0.88671875}, {"start": 1781.38, "end": 1781.52, "word": " is", "probability": 0.9443359375}, {"start": 1781.52, "end": 1781.82, "word": " point", "probability": 0.9384765625}, {"start": 1781.82, "end": 1782.16, "word": " A.", "probability": 0.9560546875}, {"start": 1784.26, "end": 1785.46, "word": " At", "probability": 0.95263671875}, {"start": 1785.46, "end": 1785.76, "word": " three", "probability": 0.50830078125}, {"start": 1785.76, "end": 1786.28, "word": " units,", "probability": 0.94189453125}], "temperature": 1.0}, {"id": 63, "seek": 181658, "start": 1787.42, "end": 1816.58, "text": " Three workers machinery equals eight. Three and eight point B at five, four. C at seven, two. At nine. How much? 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If we connect these points together, we will reach to the indifference curve for the producer, which is the isoquant curve. I see, or the isoquant curve. How much is the quant to produce along this curve? 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So the isoquant curve is a graph or a line shows what? 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A rightward shifting in the indifference curve will give the producer the larger output. A movement or full shifting to right, a leftward shifting in the isoquant curve means that the producer will get less quantities, less outputs.", "tokens": [440, 912, 10891, 295, 1016, 351, 5158, 7605, 13, 316, 558, 1007, 17573, 294, 264, 1016, 351, 5158, 7605, 486, 976, 264, 12314, 264, 4833, 5598, 13, 316, 3963, 420, 1577, 17573, 281, 558, 11, 257, 1411, 1007, 17573, 294, 264, 307, 29826, 394, 7605, 1355, 300, 264, 12314, 486, 483, 1570, 22927, 11, 1570, 23930, 13], "avg_logprob": -0.20379849009472747, "compression_ratio": 1.8012820512820513, "no_speech_prob": 0.0, "words": [{"start": 1898.22, "end": 1898.44, "word": " The", "probability": 0.78564453125}, {"start": 1898.44, "end": 1898.72, "word": " same", "probability": 0.8837890625}, {"start": 1898.72, "end": 1899.58, "word": " characteristics", "probability": 0.8916015625}, {"start": 1899.58, "end": 1900.5, "word": " of", "probability": 0.958984375}, {"start": 1900.5, "end": 1901.02, "word": " indifference", "probability": 0.9021809895833334}, {"start": 1901.02, "end": 1901.38, "word": " curve.", "probability": 0.90966796875}, {"start": 1901.52, "end": 1902.36, "word": " A", "probability": 0.2193603515625}, {"start": 1902.36, "end": 1903.48, "word": " rightward", "probability": 0.943359375}, {"start": 1903.48, "end": 1903.86, "word": " shifting", "probability": 0.8896484375}, {"start": 1903.86, "end": 1904.54, "word": " in", "probability": 0.7490234375}, {"start": 1904.54, "end": 1904.86, "word": " the", "probability": 0.91796875}, {"start": 1904.86, "end": 1905.7, "word": " indifference", "probability": 0.9200846354166666}, {"start": 1905.7, "end": 1906.22, "word": " curve", "probability": 0.9580078125}, {"start": 1906.22, "end": 1906.82, "word": " will", "probability": 0.869140625}, {"start": 1906.82, "end": 1907.14, "word": " give", "probability": 0.89501953125}, {"start": 1907.14, "end": 1907.3, "word": " the", "probability": 0.91455078125}, {"start": 1907.3, "end": 1907.76, "word": " producer", "probability": 0.89404296875}, {"start": 1907.76, "end": 1908.1, "word": " the", "probability": 0.787109375}, {"start": 1908.1, "end": 1910.76, "word": " larger", "probability": 0.266357421875}, {"start": 1910.76, "end": 1911.58, "word": " output.", "probability": 0.95361328125}, {"start": 1912.34, "end": 1912.5, "word": " A", "probability": 0.97314453125}, {"start": 1912.5, "end": 1913.0, "word": " movement", "probability": 0.921875}, {"start": 1913.0, "end": 1913.58, "word": " or", "probability": 0.794921875}, {"start": 1913.58, "end": 1914.0, "word": " full", "probability": 0.5986328125}, {"start": 1914.0, "end": 1914.46, "word": " shifting", "probability": 0.9150390625}, {"start": 1914.46, "end": 1914.9, "word": " to", "probability": 0.93310546875}, {"start": 1914.9, "end": 1915.22, "word": " right,", "probability": 0.79931640625}, {"start": 1915.6, "end": 1916.26, "word": " a", "probability": 0.3701171875}, {"start": 1916.26, "end": 1917.5, "word": " leftward", "probability": 0.940185546875}, {"start": 1917.5, "end": 1918.04, "word": " shifting", "probability": 0.90185546875}, {"start": 1918.04, "end": 1918.56, "word": " in", "probability": 0.45556640625}, {"start": 1918.56, "end": 1918.82, "word": " the", "probability": 0.90185546875}, {"start": 1918.82, "end": 1919.58, "word": " isoquant", "probability": 0.9322916666666666}, {"start": 1919.58, "end": 1919.88, "word": " curve", "probability": 0.9443359375}, {"start": 1919.88, "end": 1920.22, "word": " means", "probability": 0.8515625}, {"start": 1920.22, "end": 1920.5, "word": " that", "probability": 0.82275390625}, {"start": 1920.5, "end": 1920.66, "word": " the", "probability": 0.89599609375}, {"start": 1920.66, "end": 1921.58, "word": " producer", "probability": 0.9072265625}, {"start": 1921.58, "end": 1921.84, "word": " will", "probability": 0.86572265625}, {"start": 1921.84, "end": 1922.2, "word": " get", "probability": 0.9365234375}, {"start": 1922.2, "end": 1924.52, "word": " less", "probability": 0.69970703125}, {"start": 1924.52, "end": 1926.12, "word": " quantities,", "probability": 0.9267578125}, {"start": 1926.4, "end": 1926.58, "word": " less", "probability": 0.9140625}, {"start": 1926.58, "end": 1927.18, "word": " outputs.", "probability": 0.8798828125}], "temperature": 1.0}, {"id": 68, "seek": 195231, "start": 1927.95, "end": 1952.31, "text": " And the second characteristic is that the isoquant curve has a negative slope. The same as in the France curve, has a downward sloping. It is a downward sloping. And the marginal rate of substitution", "tokens": [400, 264, 1150, 16282, 307, 300, 264, 307, 29826, 394, 7605, 575, 257, 3671, 13525, 13, 440, 912, 382, 294, 264, 6190, 7605, 11, 575, 257, 24805, 21254, 278, 13, 467, 307, 257, 24805, 21254, 278, 13, 400, 264, 16885, 3314, 295, 35827], "avg_logprob": -0.2745028334585103, "compression_ratio": 1.5037593984962405, "no_speech_prob": 0.0, "words": [{"start": 1927.95, "end": 1928.67, "word": " And", "probability": 0.383056640625}, {"start": 1928.67, "end": 1929.85, "word": " the", "probability": 0.88720703125}, {"start": 1929.85, "end": 1930.17, "word": " second", "probability": 0.90869140625}, {"start": 1930.17, "end": 1930.69, "word": " characteristic", "probability": 0.64306640625}, {"start": 1930.69, "end": 1932.83, "word": " is", "probability": 0.55712890625}, {"start": 1932.83, "end": 1933.37, "word": " that", "probability": 0.93017578125}, {"start": 1933.37, "end": 1935.21, "word": " the", "probability": 0.806640625}, {"start": 1935.21, "end": 1936.17, "word": " isoquant", "probability": 0.6764933268229166}, {"start": 1936.17, "end": 1936.65, "word": " curve", "probability": 0.95703125}, {"start": 1936.65, "end": 1938.03, "word": " has", "probability": 0.94775390625}, {"start": 1938.03, "end": 1938.17, "word": " a", "probability": 0.990234375}, {"start": 1938.17, "end": 1938.45, "word": " negative", "probability": 0.96533203125}, {"start": 1938.45, "end": 1939.05, "word": " slope.", "probability": 0.90283203125}, {"start": 1940.59, "end": 1941.03, "word": " The", "probability": 0.86083984375}, {"start": 1941.03, "end": 1941.37, "word": " same", "probability": 0.91064453125}, {"start": 1941.37, "end": 1941.75, "word": " as", "probability": 0.92724609375}, {"start": 1941.75, "end": 1942.03, "word": " in", "probability": 0.4375}, {"start": 1942.03, "end": 1942.17, "word": " the", "probability": 0.8134765625}, {"start": 1942.17, "end": 1942.39, "word": " France", "probability": 0.388427734375}, {"start": 1942.39, "end": 1942.73, "word": " curve,", "probability": 0.94140625}, {"start": 1943.55, "end": 1943.75, "word": " has", "probability": 0.7734375}, {"start": 1943.75, "end": 1943.95, "word": " a", "probability": 0.93017578125}, {"start": 1943.95, "end": 1944.29, "word": " downward", "probability": 0.916015625}, {"start": 1944.29, "end": 1944.93, "word": " sloping.", "probability": 0.86279296875}, {"start": 1945.79, "end": 1945.95, "word": " It", "probability": 0.5546875}, {"start": 1945.95, "end": 1946.05, "word": " is", "probability": 0.59326171875}, {"start": 1946.05, "end": 1946.17, "word": " a", "probability": 0.94873046875}, {"start": 1946.17, "end": 1946.59, "word": " downward", "probability": 0.91064453125}, {"start": 1946.59, "end": 1947.33, "word": " sloping.", "probability": 0.939453125}, {"start": 1948.59, "end": 1949.55, "word": " And", "probability": 0.83251953125}, {"start": 1949.55, "end": 1950.15, "word": " the", "probability": 0.90673828125}, {"start": 1950.15, "end": 1950.63, "word": " marginal", "probability": 0.91357421875}, {"start": 1950.63, "end": 1951.29, "word": " rate", "probability": 0.94873046875}, {"start": 1951.29, "end": 1951.59, "word": " of", "probability": 0.9716796875}, {"start": 1951.59, "end": 1952.31, "word": " substitution", "probability": 0.91357421875}], "temperature": 1.0}, {"id": 69, "seek": 198336, "start": 1955.0, "end": 1983.36, "text": " is the slope of IC, or isoquant curve. What change in the quantity of Y over change in the quantity of X. This was the slope of IC in the first curve. And the marginal rate of technical substitution is the slope of the isoquant curve. And the slope is decreasing", "tokens": [307, 264, 13525, 295, 14360, 11, 420, 307, 29826, 394, 7605, 13, 708, 1319, 294, 264, 11275, 295, 398, 670, 1319, 294, 264, 11275, 295, 1783, 13, 639, 390, 264, 13525, 295, 14360, 294, 264, 700, 7605, 13, 400, 264, 16885, 3314, 295, 6191, 35827, 307, 264, 13525, 295, 264, 307, 29826, 394, 7605, 13, 400, 264, 13525, 307, 23223], "avg_logprob": -0.2945696623598943, "compression_ratio": 1.813793103448276, "no_speech_prob": 0.0, "words": [{"start": 1955.0, "end": 1955.36, "word": " is", "probability": 0.75341796875}, {"start": 1955.36, "end": 1955.74, "word": " the", "probability": 0.84375}, {"start": 1955.74, "end": 1956.36, "word": " slope", "probability": 0.92041015625}, {"start": 1956.36, "end": 1956.9, "word": " of", "probability": 0.97216796875}, {"start": 1956.9, "end": 1957.74, "word": " IC,", "probability": 0.52490234375}, {"start": 1958.2, "end": 1958.32, "word": " or", "probability": 0.95166015625}, {"start": 1958.32, "end": 1959.0, "word": " isoquant", "probability": 0.8958333333333334}, {"start": 1959.0, "end": 1959.34, "word": " curve.", "probability": 0.96044921875}, {"start": 1961.02, "end": 1961.02, "word": " What", "probability": 0.0187225341796875}, {"start": 1961.02, "end": 1963.98, "word": " change", "probability": 0.349365234375}, {"start": 1963.98, "end": 1964.16, "word": " in", "probability": 0.86328125}, {"start": 1964.16, "end": 1964.24, "word": " the", "probability": 0.60205078125}, {"start": 1964.24, "end": 1964.5, "word": " quantity", "probability": 0.345703125}, {"start": 1964.5, "end": 1964.66, "word": " of", "probability": 0.580078125}, {"start": 1964.66, "end": 1964.84, "word": " Y", "probability": 0.7197265625}, {"start": 1964.84, "end": 1965.06, "word": " over", "probability": 0.8505859375}, {"start": 1965.06, "end": 1965.42, "word": " change", "probability": 0.68359375}, {"start": 1965.42, "end": 1965.56, "word": " in", "probability": 0.806640625}, {"start": 1965.56, "end": 1965.62, "word": " the", "probability": 0.5263671875}, {"start": 1965.62, "end": 1965.76, "word": " quantity", "probability": 0.97900390625}, {"start": 1965.76, "end": 1965.92, "word": " of", "probability": 0.9521484375}, {"start": 1965.92, "end": 1966.18, "word": " X.", "probability": 0.984375}, {"start": 1966.88, "end": 1967.5, "word": " This", "probability": 0.90283203125}, {"start": 1967.5, "end": 1968.04, "word": " was", "probability": 0.94970703125}, {"start": 1968.04, "end": 1968.6, "word": " the", "probability": 0.88330078125}, {"start": 1968.6, "end": 1969.1, "word": " slope", "probability": 0.91162109375}, {"start": 1969.1, "end": 1969.3, "word": " of", "probability": 0.96923828125}, {"start": 1969.3, "end": 1969.9, "word": " IC", "probability": 0.96435546875}, {"start": 1969.9, "end": 1970.26, "word": " in", "probability": 0.273681640625}, {"start": 1970.26, "end": 1970.36, "word": " the", "probability": 0.50146484375}, {"start": 1970.36, "end": 1970.6, "word": " first", "probability": 0.69970703125}, {"start": 1970.6, "end": 1970.88, "word": " curve.", "probability": 0.85791015625}, {"start": 1971.14, "end": 1971.5, "word": " And", "probability": 0.8330078125}, {"start": 1971.5, "end": 1971.62, "word": " the", "probability": 0.87548828125}, {"start": 1971.62, "end": 1971.92, "word": " marginal", "probability": 0.833984375}, {"start": 1971.92, "end": 1972.3, "word": " rate", "probability": 0.96337890625}, {"start": 1972.3, "end": 1972.44, "word": " of", "probability": 0.9638671875}, {"start": 1972.44, "end": 1972.82, "word": " technical", "probability": 0.93212890625}, {"start": 1972.82, "end": 1973.38, "word": " substitution", "probability": 0.8916015625}, {"start": 1973.38, "end": 1974.38, "word": " is", "probability": 0.9248046875}, {"start": 1974.38, "end": 1974.98, "word": " the", "probability": 0.86865234375}, {"start": 1974.98, "end": 1975.56, "word": " slope", "probability": 0.89892578125}, {"start": 1975.56, "end": 1976.02, "word": " of", "probability": 0.91650390625}, {"start": 1976.02, "end": 1976.24, "word": " the", "probability": 0.63623046875}, {"start": 1976.24, "end": 1977.38, "word": " isoquant", "probability": 0.9109700520833334}, {"start": 1977.38, "end": 1977.86, "word": " curve.", "probability": 0.962890625}, {"start": 1979.54, "end": 1980.04, "word": " And", "probability": 0.89794921875}, {"start": 1980.04, "end": 1980.28, "word": " the", "probability": 0.66357421875}, {"start": 1980.28, "end": 1980.88, "word": " slope", "probability": 0.91650390625}, {"start": 1980.88, "end": 1981.46, "word": " is", "probability": 0.93896484375}, {"start": 1981.46, "end": 1983.36, "word": " decreasing", "probability": 0.9638671875}], "temperature": 1.0}, {"id": 70, "seek": 201056, "start": 1984.5, "end": 2010.56, "text": " when we move from left to right side. And we studied also that the indifference curve never touch or never cross because the cross will create illogical results. So the indifference curves or the isoquant curves", "tokens": [562, 321, 1286, 490, 1411, 281, 558, 1252, 13, 400, 321, 9454, 611, 300, 264, 1016, 351, 5158, 7605, 1128, 2557, 420, 1128, 3278, 570, 264, 3278, 486, 1884, 3171, 664, 804, 3542, 13, 407, 264, 1016, 351, 5158, 19490, 420, 264, 307, 29826, 394, 19490], "avg_logprob": -0.16148604294087024, "compression_ratio": 1.5703703703703704, "no_speech_prob": 0.0, "words": [{"start": 1984.5, "end": 1984.78, "word": " when", "probability": 0.74462890625}, {"start": 1984.78, "end": 1985.02, "word": " we", "probability": 0.96484375}, {"start": 1985.02, "end": 1985.6, "word": " move", "probability": 0.931640625}, {"start": 1985.6, "end": 1986.16, "word": " from", "probability": 0.8857421875}, {"start": 1986.16, "end": 1986.78, "word": " left", "probability": 0.94482421875}, {"start": 1986.78, "end": 1987.14, "word": " to", "probability": 0.96337890625}, {"start": 1987.14, "end": 1987.46, "word": " right", "probability": 0.916015625}, {"start": 1987.46, "end": 1988.04, "word": " side.", "probability": 0.82177734375}, {"start": 1989.38, "end": 1990.04, "word": " And", "probability": 0.363037109375}, {"start": 1990.04, "end": 1991.76, "word": " we", "probability": 0.9560546875}, {"start": 1991.76, "end": 1992.12, "word": " studied", "probability": 0.76513671875}, {"start": 1992.12, "end": 1992.62, "word": " also", "probability": 0.84130859375}, {"start": 1992.62, "end": 1993.2, "word": " that", "probability": 0.9306640625}, {"start": 1993.2, "end": 1994.24, "word": " the", "probability": 0.83349609375}, {"start": 1994.24, "end": 1995.14, "word": " indifference", "probability": 0.8876953125}, {"start": 1995.14, "end": 1995.5, "word": " curve", "probability": 0.77783203125}, {"start": 1995.5, "end": 1996.34, "word": " never", "probability": 0.912109375}, {"start": 1996.34, "end": 1996.94, "word": " touch", "probability": 0.73779296875}, {"start": 1996.94, "end": 1997.36, "word": " or", "probability": 0.8525390625}, {"start": 1997.36, "end": 1997.68, "word": " never", "probability": 0.91552734375}, {"start": 1997.68, "end": 1998.18, "word": " cross", "probability": 0.8349609375}, {"start": 1998.18, "end": 1999.6, "word": " because", "probability": 0.364501953125}, {"start": 1999.6, "end": 2000.08, "word": " the", "probability": 0.876953125}, {"start": 2000.08, "end": 2000.38, "word": " cross", "probability": 0.8740234375}, {"start": 2000.38, "end": 2000.56, "word": " will", "probability": 0.78125}, {"start": 2000.56, "end": 2001.26, "word": " create", "probability": 0.90966796875}, {"start": 2001.26, "end": 2003.24, "word": " illogical", "probability": 0.96630859375}, {"start": 2003.24, "end": 2004.14, "word": " results.", "probability": 0.89990234375}, {"start": 2005.34, "end": 2006.08, "word": " So", "probability": 0.75927734375}, {"start": 2006.08, "end": 2006.82, "word": " the", "probability": 0.76416015625}, {"start": 2006.82, "end": 2007.56, "word": " indifference", "probability": 0.9186197916666666}, {"start": 2007.56, "end": 2007.94, "word": " curves", "probability": 0.880859375}, {"start": 2007.94, "end": 2008.44, "word": " or", "probability": 0.83544921875}, {"start": 2008.44, "end": 2009.26, "word": " the", "probability": 0.91748046875}, {"start": 2009.26, "end": 2010.12, "word": " isoquant", "probability": 0.8932291666666666}, {"start": 2010.12, "end": 2010.56, "word": " curves", "probability": 0.9150390625}], "temperature": 1.0}, {"id": 71, "seek": 203992, "start": 2011.6, "end": 2039.92, "text": "will not or never touch, never cross. Right? Yes. Since it applies to the indifference curve, it's quite similar to the isoquant curve. Okay? Because this is an isoquant curve. Iso in Latin is not an English word. Equals. 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What else? What else? 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Let's go to other shapes of the isoquant curve.", "tokens": [2656, 303, 87, 281, 264, 3380, 11, 416, 50126, 2380, 13, 961, 311, 352, 281, 661, 10854, 295, 264, 307, 29826, 394, 7605, 13], "avg_logprob": -0.22859374523162843, "compression_ratio": 1.0595238095238095, "no_speech_prob": 0.0, "words": [{"start": 2125.4100000000003, "end": 2126.55, "word": " Convex", "probability": 0.63165283203125}, {"start": 2126.55, "end": 2126.69, "word": " to", "probability": 0.92041015625}, {"start": 2126.69, "end": 2126.81, "word": " the", "probability": 0.818359375}, {"start": 2126.81, "end": 2127.27, "word": " original,", "probability": 0.87451171875}, {"start": 2128.15, "end": 2128.87, "word": " concave", "probability": 0.880615234375}, {"start": 2128.87, "end": 2129.61, "word": " outside.", "probability": 0.74365234375}, {"start": 2132.49, "end": 2133.63, "word": " Let's", "probability": 0.885498046875}, {"start": 2133.63, "end": 2133.85, "word": " go", "probability": 0.9423828125}, {"start": 2133.85, "end": 2134.13, "word": " to", "probability": 0.94482421875}, {"start": 2134.13, "end": 2135.03, "word": " other", "probability": 0.8291015625}, {"start": 2135.03, "end": 2135.61, "word": " shapes", "probability": 0.8056640625}, {"start": 2135.61, "end": 2136.03, "word": " of", "probability": 0.94775390625}, {"start": 2136.03, "end": 2136.59, "word": " the", "probability": 0.8935546875}, {"start": 2136.59, "end": 2137.35, "word": " isoquant", "probability": 0.9013671875}, {"start": 2137.35, "end": 2137.79, "word": " curve.", "probability": 0.9443359375}], "temperature": 1.0}, {"id": 76, "seek": 216783, "start": 2147.29, "end": 2167.83, "text": " What's wrong with you? What? By God, look. I'm in the end, I mean, I'm here for fun, by the way, but I'm also not ready to give a six-hour lecture to finish a course, or five hours, or ten hours.", "tokens": [708, 311, 2085, 365, 291, 30, 708, 30, 3146, 1265, 11, 574, 13, 286, 478, 294, 264, 917, 11, 286, 914, 11, 286, 478, 510, 337, 1019, 11, 538, 264, 636, 11, 457, 286, 478, 611, 406, 1919, 281, 976, 257, 2309, 12, 18048, 7991, 281, 2413, 257, 1164, 11, 420, 1732, 2496, 11, 420, 2064, 2496, 13], "avg_logprob": -0.5050317837020099, "compression_ratio": 1.380281690140845, "no_speech_prob": 5.960464477539062e-07, "words": [{"start": 2147.29, "end": 2147.57, "word": " What's", "probability": 0.45196533203125}, {"start": 2147.57, "end": 2147.79, "word": " wrong", "probability": 0.4931640625}, {"start": 2147.79, "end": 2147.87, "word": " with", "probability": 0.8193359375}, {"start": 2147.87, "end": 2148.01, "word": " you?", "probability": 0.94384765625}, {"start": 2149.19, "end": 2149.63, "word": " What?", "probability": 0.267333984375}, {"start": 2151.21, "end": 2151.65, "word": " By", "probability": 0.1910400390625}, {"start": 2151.65, "end": 2154.51, "word": " God,", "probability": 0.59619140625}, {"start": 2154.61, "end": 2154.85, "word": " look.", "probability": 0.64453125}, {"start": 2158.31, "end": 2158.75, "word": " I'm", "probability": 0.445556640625}, {"start": 2158.75, "end": 2158.81, "word": " in", "probability": 0.128662109375}, {"start": 2158.81, "end": 2158.95, "word": " the", "probability": 0.81787109375}, {"start": 2158.95, "end": 2159.17, "word": " end,", "probability": 0.7275390625}, {"start": 2159.39, "end": 2159.47, "word": " I", "probability": 0.80322265625}, {"start": 2159.47, "end": 2159.47, "word": " mean,", "probability": 0.27685546875}, {"start": 2159.69, "end": 2161.13, "word": " I'm", "probability": 0.740234375}, {"start": 2161.13, "end": 2161.27, "word": " here", "probability": 0.220458984375}, {"start": 2161.27, "end": 2161.43, "word": " for", "probability": 0.160400390625}, {"start": 2161.43, "end": 2161.91, "word": " fun,", "probability": 0.2093505859375}, {"start": 2162.09, "end": 2162.17, "word": " by", "probability": 0.81787109375}, {"start": 2162.17, "end": 2162.51, "word": " the", "probability": 0.9384765625}, {"start": 2162.51, "end": 2162.63, "word": " way,", "probability": 0.96240234375}, {"start": 2162.93, "end": 2163.11, "word": " but", "probability": 0.90673828125}, {"start": 2163.11, "end": 2163.39, "word": " I'm", "probability": 0.838134765625}, {"start": 2163.39, "end": 2163.59, "word": " also", "probability": 0.6279296875}, {"start": 2163.59, "end": 2163.79, "word": " not", "probability": 0.89111328125}, {"start": 2163.79, "end": 2164.19, "word": " ready", "probability": 0.62255859375}, {"start": 2164.19, "end": 2164.35, "word": " to", "probability": 0.9609375}, {"start": 2164.35, "end": 2164.51, "word": " give", "probability": 0.8408203125}, {"start": 2164.51, "end": 2164.75, "word": " a", "probability": 0.58447265625}, {"start": 2164.75, "end": 2164.75, "word": " six", "probability": 0.36083984375}, {"start": 2164.75, "end": 2165.03, "word": "-hour", "probability": 0.767333984375}, {"start": 2165.03, "end": 2165.41, "word": " lecture", "probability": 0.93994140625}, {"start": 2165.41, "end": 2165.69, "word": " to", "probability": 0.78173828125}, {"start": 2165.69, "end": 2166.11, "word": " finish", "probability": 0.6904296875}, {"start": 2166.11, "end": 2166.29, "word": " a", "probability": 0.455322265625}, {"start": 2166.29, "end": 2166.47, "word": " course,", "probability": 0.728515625}, {"start": 2166.63, "end": 2166.75, "word": " or", "probability": 0.87744140625}, {"start": 2166.75, "end": 2166.91, "word": " five", "probability": 0.8984375}, {"start": 2166.91, "end": 2167.23, "word": " hours,", "probability": 0.84326171875}, {"start": 2167.31, "end": 2167.35, "word": " or", "probability": 0.95458984375}, {"start": 2167.35, "end": 2167.53, "word": " ten", "probability": 0.90576171875}, {"start": 2167.53, "end": 2167.83, "word": " hours.", "probability": 0.908203125}], "temperature": 1.0}, {"id": 77, "seek": 219710, "start": 2168.88, "end": 2197.1, "text": " Distribution is good. I mean, I know, I appreciate that the timing is not appropriate. Some people are lazy. I'm lazy too. But you can go back to the video. I mean, it's easy for you to understand. Even if you don't understand the part here. But the nice thing is that this chapter is like a repetition. The chapter before it. Okay? This means this is the food in this part. Yes? 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"end": 2207.63, "text": " All right, but let me just take these shapes that we took from where there is a perfect substitution and where there is no substitution between these. Right? 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Convex to the original point. Q equals, let us assume 500 units. Quantity of L and the quantity of M. Keep silent please.", "tokens": [440, 2674, 3909, 295, 264, 1016, 351, 5158, 7605, 420, 264, 307, 29826, 394, 7605, 307, 411, 341, 510, 13, 2656, 303, 87, 281, 264, 3380, 935, 13, 1249, 6915, 11, 718, 505, 6552, 5923, 6815, 13, 26968, 507, 295, 441, 293, 264, 11275, 295, 376, 13, 5527, 12784, 1767, 13], "avg_logprob": -0.1915564903846154, "compression_ratio": 1.38, "no_speech_prob": 0.0, "words": [{"start": 2227.01, "end": 2227.25, "word": " The", "probability": 0.7900390625}, {"start": 2227.25, "end": 2227.61, "word": " general", "probability": 0.8994140625}, {"start": 2227.61, "end": 2228.11, "word": " shape", "probability": 0.91455078125}, {"start": 2228.11, "end": 2228.31, "word": " of", "probability": 0.94775390625}, {"start": 2228.31, "end": 2228.43, "word": " the", "probability": 0.6044921875}, {"start": 2228.43, "end": 2228.85, "word": " indifference", "probability": 0.7928059895833334}, {"start": 2228.85, "end": 2229.21, "word": " curve", "probability": 0.94091796875}, {"start": 2229.21, "end": 2229.43, "word": " or", "probability": 0.73876953125}, {"start": 2229.43, "end": 2229.59, "word": " the", "probability": 0.8955078125}, {"start": 2229.59, "end": 2230.21, "word": " isoquant", "probability": 0.8875325520833334}, {"start": 2230.21, "end": 2230.65, "word": " curve", "probability": 0.951171875}, {"start": 2230.65, "end": 2231.41, "word": " is", "probability": 0.912109375}, {"start": 2231.41, "end": 2233.49, "word": " like", "probability": 0.8759765625}, {"start": 2233.49, "end": 2233.81, "word": " this", "probability": 0.94677734375}, {"start": 2233.81, "end": 2234.13, "word": " here.", "probability": 0.849609375}, {"start": 2237.09, "end": 2237.85, "word": " Convex", "probability": 0.9288736979166666}, {"start": 2237.85, "end": 2237.99, "word": " to", "probability": 0.87646484375}, {"start": 2237.99, "end": 2238.15, "word": " the", "probability": 0.8564453125}, {"start": 2238.15, "end": 2238.51, "word": " original", "probability": 0.6748046875}, {"start": 2238.51, "end": 2239.01, "word": " point.", "probability": 0.96923828125}, {"start": 2240.45, "end": 2240.89, "word": " Q", "probability": 0.9482421875}, {"start": 2240.89, "end": 2243.19, "word": " equals,", "probability": 0.87744140625}, {"start": 2243.95, "end": 2244.23, "word": " let", "probability": 0.9375}, {"start": 2244.23, "end": 2244.41, "word": " us", "probability": 0.884765625}, {"start": 2244.41, "end": 2244.81, "word": " assume", "probability": 0.91455078125}, {"start": 2244.81, "end": 2245.51, "word": " 500", "probability": 0.681640625}, {"start": 2245.51, "end": 2246.41, "word": " units.", "probability": 0.94775390625}, {"start": 2247.97, "end": 2248.73, "word": " Quantity", "probability": 0.734375}, {"start": 2248.73, "end": 2249.23, "word": " of", "probability": 0.96875}, {"start": 2249.23, "end": 2250.91, "word": " L", "probability": 0.5927734375}, {"start": 2250.91, "end": 2251.13, "word": " and", "probability": 0.900390625}, {"start": 2251.13, "end": 2251.21, "word": " the", "probability": 0.67578125}, {"start": 2251.21, "end": 2251.45, "word": " quantity", "probability": 0.92431640625}, {"start": 2251.45, "end": 2251.63, "word": " of", "probability": 0.89990234375}, {"start": 2251.63, "end": 2251.83, "word": " M.", "probability": 0.974609375}, {"start": 2252.47, "end": 2252.71, "word": " Keep", "probability": 0.8955078125}, {"start": 2252.71, "end": 2253.01, "word": " silent", "probability": 0.94091796875}, {"start": 2253.01, "end": 2253.45, "word": " please.", "probability": 0.66943359375}], "temperature": 1.0}, {"id": 80, "seek": 228554, "start": 2256.24, "end": 2285.54, "text": " We have different shapes for the indifference curve, or the isoquant curve. It might be a straight line, which means there is a perfect substitution between labor and machines. Maybe, yes. We have an example, coffee vending machine here.", "tokens": [492, 362, 819, 10854, 337, 264, 1016, 351, 5158, 7605, 11, 420, 264, 307, 29826, 394, 7605, 13, 467, 1062, 312, 257, 2997, 1622, 11, 597, 1355, 456, 307, 257, 2176, 35827, 1296, 5938, 293, 8379, 13, 2704, 11, 2086, 13, 492, 362, 364, 1365, 11, 4982, 371, 2029, 3479, 510, 13], "avg_logprob": -0.18912146001491906, "compression_ratio": 1.515923566878981, "no_speech_prob": 0.0, "words": [{"start": 2256.24, "end": 2256.44, "word": " We", "probability": 0.7255859375}, {"start": 2256.44, "end": 2256.7, "word": " have", "probability": 0.93310546875}, {"start": 2256.7, "end": 2257.12, "word": " different", "probability": 0.892578125}, {"start": 2257.12, "end": 2257.56, "word": " shapes", "probability": 0.931640625}, {"start": 2257.56, "end": 2258.1, "word": " for", "probability": 0.89990234375}, {"start": 2258.1, "end": 2258.28, "word": " the", "probability": 0.91796875}, {"start": 2258.28, "end": 2258.72, "word": " indifference", "probability": 0.89697265625}, {"start": 2258.72, "end": 2259.02, "word": " curve,", "probability": 0.9423828125}, {"start": 2259.18, "end": 2259.3, "word": " or", "probability": 0.9453125}, {"start": 2259.3, "end": 2259.46, "word": " the", "probability": 0.91064453125}, {"start": 2259.46, "end": 2260.04, "word": " isoquant", "probability": 0.94580078125}, {"start": 2260.04, "end": 2260.3, "word": " curve.", "probability": 0.953125}, {"start": 2261.9, "end": 2262.16, "word": " It", "probability": 0.95361328125}, {"start": 2262.16, "end": 2262.38, "word": " might", "probability": 0.89306640625}, {"start": 2262.38, "end": 2262.86, "word": " be", "probability": 0.9541015625}, {"start": 2262.86, "end": 2265.3, "word": " a", "probability": 0.91064453125}, {"start": 2265.3, "end": 2265.68, "word": " straight", "probability": 0.92626953125}, {"start": 2265.68, "end": 2266.04, "word": " line,", "probability": 0.947265625}, {"start": 2267.74, "end": 2268.6, "word": " which", "probability": 0.94873046875}, {"start": 2268.6, "end": 2269.08, "word": " means", "probability": 0.93505859375}, {"start": 2269.08, "end": 2269.54, "word": " there", "probability": 0.89404296875}, {"start": 2269.54, "end": 2269.84, "word": " is", "probability": 0.9443359375}, {"start": 2269.84, "end": 2270.0, "word": " a", "probability": 0.9970703125}, {"start": 2270.0, "end": 2270.3, "word": " perfect", "probability": 0.9248046875}, {"start": 2270.3, "end": 2270.92, "word": " substitution", "probability": 0.93896484375}, {"start": 2270.92, "end": 2271.64, "word": " between", "probability": 0.8681640625}, {"start": 2271.64, "end": 2271.96, "word": " labor", "probability": 0.86181640625}, {"start": 2271.96, "end": 2272.18, "word": " and", "probability": 0.93505859375}, {"start": 2272.18, "end": 2272.58, "word": " machines.", "probability": 0.94482421875}, {"start": 2276.98, "end": 2277.18, "word": " Maybe,", "probability": 0.039398193359375}, {"start": 2280.38, "end": 2280.8, "word": " yes.", "probability": 0.95263671875}, {"start": 2281.98, "end": 2282.62, "word": " We", "probability": 0.77099609375}, {"start": 2282.62, "end": 2282.88, "word": " have", "probability": 0.94970703125}, {"start": 2282.88, "end": 2283.0, "word": " an", "probability": 0.9541015625}, {"start": 2283.0, "end": 2283.52, "word": " example,", "probability": 0.97802734375}, {"start": 2283.74, "end": 2284.38, "word": " coffee", "probability": 0.73486328125}, {"start": 2284.38, "end": 2284.7, "word": " vending", "probability": 0.60186767578125}, {"start": 2284.7, "end": 2285.12, "word": " machine", "probability": 0.88330078125}, {"start": 2285.12, "end": 2285.54, "word": " here.", "probability": 0.83203125}], "temperature": 1.0}, {"id": 81, "seek": 231321, "start": 2288.65, "end": 2313.21, "text": " The coffee vending machine. Harvesting machine. Right. The coffee vending machine downstairs where you drink tea and coffee every day. If I told you to go make tea and coffee, the machine will solve your problem, right? Okay. So this is how in this example, quantum labor and quantum machines.", "tokens": [440, 4982, 371, 2029, 3479, 13, 3653, 5571, 278, 3479, 13, 1779, 13, 440, 4982, 371, 2029, 3479, 20148, 689, 291, 2822, 5817, 293, 4982, 633, 786, 13, 759, 286, 1907, 291, 281, 352, 652, 5817, 293, 4982, 11, 264, 3479, 486, 5039, 428, 1154, 11, 558, 30, 1033, 13, 407, 341, 307, 577, 294, 341, 1365, 11, 13018, 5938, 293, 13018, 8379, 13], "avg_logprob": -0.41610576923076925, "compression_ratio": 1.68, "no_speech_prob": 0.0, "words": [{"start": 2288.65, "end": 2288.87, "word": " The", "probability": 0.72998046875}, {"start": 2288.87, "end": 2289.11, "word": " coffee", "probability": 0.7841796875}, {"start": 2289.11, "end": 2289.39, "word": " vending", "probability": 0.7587890625}, {"start": 2289.39, "end": 2289.73, "word": " machine.", "probability": 0.830078125}, {"start": 2290.21, "end": 2290.75, "word": " Harvesting", "probability": 0.9197591145833334}, {"start": 2290.75, "end": 2291.33, "word": " machine.", "probability": 0.87255859375}, {"start": 2293.79, "end": 2294.33, "word": " Right.", "probability": 0.0634765625}, {"start": 2298.15, "end": 2298.69, "word": " The", "probability": 0.69384765625}, {"start": 2298.69, "end": 2298.93, "word": " coffee", "probability": 0.9052734375}, {"start": 2298.93, "end": 2299.19, "word": " vending", "probability": 0.757568359375}, {"start": 2299.19, "end": 2299.65, "word": " machine", "probability": 0.86865234375}, {"start": 2299.65, "end": 2299.97, "word": " downstairs", "probability": 0.1959228515625}, {"start": 2299.97, "end": 2300.15, "word": " where", "probability": 0.28466796875}, {"start": 2300.15, "end": 2300.27, "word": " you", "probability": 0.8720703125}, {"start": 2300.27, "end": 2300.85, "word": " drink", "probability": 0.64306640625}, {"start": 2300.85, "end": 2301.75, "word": " tea", "probability": 0.6923828125}, {"start": 2301.75, "end": 2301.83, "word": " and", "probability": 0.7958984375}, {"start": 2301.83, "end": 2302.13, "word": " coffee", "probability": 0.9091796875}, {"start": 2302.13, "end": 2302.13, "word": " every", "probability": 0.493408203125}, {"start": 2302.13, "end": 2302.13, "word": " day.", "probability": 0.9111328125}, {"start": 2302.63, "end": 2303.17, "word": " If", "probability": 0.81396484375}, {"start": 2303.17, "end": 2303.33, "word": " I", "probability": 0.96044921875}, {"start": 2303.33, "end": 2303.49, "word": " told", "probability": 0.5576171875}, {"start": 2303.49, "end": 2303.73, "word": " you", "probability": 0.96142578125}, {"start": 2303.73, "end": 2303.91, "word": " to", "probability": 0.71337890625}, {"start": 2303.91, "end": 2303.97, "word": " go", "probability": 0.673828125}, {"start": 2303.97, "end": 2304.21, "word": " make", "probability": 0.72802734375}, {"start": 2304.21, "end": 2304.57, "word": " tea", "probability": 0.83544921875}, {"start": 2304.57, "end": 2304.69, "word": " and", "probability": 0.81884765625}, {"start": 2304.69, "end": 2304.97, "word": " coffee,", "probability": 0.9248046875}, {"start": 2305.07, "end": 2305.49, "word": " the", "probability": 0.357421875}, {"start": 2305.49, "end": 2305.69, "word": " machine", "probability": 0.7734375}, {"start": 2305.69, "end": 2305.85, "word": " will", "probability": 0.45703125}, {"start": 2305.85, "end": 2305.99, "word": " solve", "probability": 0.404296875}, {"start": 2305.99, "end": 2306.13, "word": " your", "probability": 0.71875}, {"start": 2306.13, "end": 2306.33, "word": " problem,", "probability": 0.779296875}, {"start": 2306.49, "end": 2306.69, "word": " right?", "probability": 0.82666015625}, {"start": 2307.53, "end": 2307.85, "word": " Okay.", "probability": 0.19287109375}, {"start": 2308.21, "end": 2308.35, "word": " So", "probability": 0.6015625}, {"start": 2308.35, "end": 2308.67, "word": " this", "probability": 0.441162109375}, {"start": 2308.67, "end": 2308.83, "word": " is", "probability": 0.845703125}, {"start": 2308.83, "end": 2309.13, "word": " how", "probability": 0.314697265625}, {"start": 2309.13, "end": 2309.25, "word": " in", "probability": 0.48193359375}, {"start": 2309.25, "end": 2309.47, "word": " this", "probability": 0.94189453125}, {"start": 2309.47, "end": 2309.99, "word": " example,", "probability": 0.970703125}, {"start": 2311.07, "end": 2311.37, "word": " quantum", "probability": 0.203857421875}, {"start": 2311.37, "end": 2311.81, "word": " labor", "probability": 0.7607421875}, {"start": 2311.81, "end": 2312.27, "word": " and", "probability": 0.92578125}, {"start": 2312.27, "end": 2312.65, "word": " quantum", "probability": 0.5986328125}, {"start": 2312.65, "end": 2313.21, "word": " machines.", "probability": 0.91357421875}], "temperature": 1.0}, {"id": 82, "seek": 233213, "start": 2317.07, "end": 2332.13, "text": " four, one four, two, three, three and one. Here we have a perfect substitution between labor and machine.", "tokens": [1451, 11, 472, 1451, 11, 732, 11, 1045, 11, 1045, 293, 472, 13, 1692, 321, 362, 257, 2176, 35827, 1296, 5938, 293, 3479, 13], "avg_logprob": -0.29187500953674317, "compression_ratio": 1.2325581395348837, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 2317.07, "end": 2317.97, "word": " four,", "probability": 0.1041259765625}, {"start": 2318.31, "end": 2318.59, "word": " one", "probability": 0.83837890625}, {"start": 2318.59, "end": 2318.95, "word": " four,", "probability": 0.5361328125}, {"start": 2319.89, "end": 2320.59, "word": " two,", "probability": 0.94287109375}, {"start": 2321.19, "end": 2321.83, "word": " three,", "probability": 0.9453125}, {"start": 2322.93, "end": 2324.47, "word": " three", "probability": 0.92041015625}, {"start": 2324.47, "end": 2324.71, "word": " and", "probability": 0.81396484375}, {"start": 2324.71, "end": 2324.97, "word": " one.", "probability": 0.90380859375}, {"start": 2327.35, "end": 2328.55, "word": " Here", "probability": 0.60986328125}, {"start": 2328.55, "end": 2328.69, "word": " we", "probability": 0.8447265625}, {"start": 2328.69, "end": 2328.85, "word": " have", "probability": 0.94677734375}, {"start": 2328.85, "end": 2328.99, "word": " a", "probability": 0.96435546875}, {"start": 2328.99, "end": 2329.31, "word": " perfect", "probability": 0.912109375}, {"start": 2329.31, "end": 2329.91, "word": " substitution", "probability": 0.93212890625}, {"start": 2329.91, "end": 2330.55, "word": " between", "probability": 0.8896484375}, {"start": 2330.55, "end": 2331.25, "word": " labor", "probability": 0.5947265625}, {"start": 2331.25, "end": 2331.67, "word": " and", "probability": 0.93994140625}, {"start": 2331.67, "end": 2332.13, "word": " machine.", "probability": 0.89453125}], "temperature": 1.0}, {"id": 83, "seek": 236096, "start": 2335.5, "end": 2360.96, "text": " If the ISO, a quant curve here, it's not a budget line. You're talking about ISO quant curve, which is a straight line. There's a perfect substitution, perfect substitution between labor and machines. Like the coffee vending machine.", "tokens": [759, 264, 25042, 11, 257, 4426, 7605, 510, 11, 309, 311, 406, 257, 4706, 1622, 13, 509, 434, 1417, 466, 25042, 4426, 7605, 11, 597, 307, 257, 2997, 1622, 13, 821, 311, 257, 2176, 35827, 11, 2176, 35827, 1296, 5938, 293, 8379, 13, 1743, 264, 4982, 371, 2029, 3479, 13], "avg_logprob": -0.24540441877701702, "compression_ratio": 1.4904458598726114, "no_speech_prob": 0.0, "words": [{"start": 2335.5, "end": 2335.9, "word": " If", "probability": 0.77880859375}, {"start": 2335.9, "end": 2336.88, "word": " the", "probability": 0.9150390625}, {"start": 2336.88, "end": 2337.46, "word": " ISO,", "probability": 0.64697265625}, {"start": 2337.66, "end": 2338.02, "word": " a", "probability": 0.63623046875}, {"start": 2338.02, "end": 2338.36, "word": " quant", "probability": 0.5908203125}, {"start": 2338.36, "end": 2338.78, "word": " curve", "probability": 0.9169921875}, {"start": 2338.78, "end": 2339.3, "word": " here,", "probability": 0.274658203125}, {"start": 2339.6, "end": 2339.9, "word": " it's", "probability": 0.958984375}, {"start": 2339.9, "end": 2340.1, "word": " not", "probability": 0.94384765625}, {"start": 2340.1, "end": 2340.22, "word": " a", "probability": 0.927734375}, {"start": 2340.22, "end": 2340.48, "word": " budget", "probability": 0.921875}, {"start": 2340.48, "end": 2340.84, "word": " line.", "probability": 0.943359375}, {"start": 2340.9, "end": 2341.08, "word": " You're", "probability": 0.827880859375}, {"start": 2341.08, "end": 2341.34, "word": " talking", "probability": 0.810546875}, {"start": 2341.34, "end": 2341.86, "word": " about", "probability": 0.92041015625}, {"start": 2341.86, "end": 2342.5, "word": " ISO", "probability": 0.85009765625}, {"start": 2342.5, "end": 2342.94, "word": " quant", "probability": 0.7822265625}, {"start": 2342.94, "end": 2343.38, "word": " curve,", "probability": 0.9462890625}, {"start": 2343.66, "end": 2343.82, "word": " which", "probability": 0.94580078125}, {"start": 2343.82, "end": 2344.02, "word": " is", "probability": 0.9453125}, {"start": 2344.02, "end": 2344.2, "word": " a", "probability": 0.9970703125}, {"start": 2344.2, "end": 2344.52, "word": " straight", "probability": 0.927734375}, {"start": 2344.52, "end": 2344.92, "word": " line.", "probability": 0.94091796875}, {"start": 2345.18, "end": 2345.46, "word": " There's", "probability": 0.78125}, {"start": 2345.46, "end": 2345.58, "word": " a", "probability": 0.99853515625}, {"start": 2345.58, "end": 2345.86, "word": " perfect", "probability": 0.9111328125}, {"start": 2345.86, "end": 2346.54, "word": " substitution,", "probability": 0.9306640625}, {"start": 2347.06, "end": 2347.46, "word": " perfect", "probability": 0.5009765625}, {"start": 2347.46, "end": 2350.08, "word": " substitution", "probability": 0.91162109375}, {"start": 2350.08, "end": 2353.32, "word": " between", "probability": 0.76318359375}, {"start": 2353.32, "end": 2356.34, "word": " labor", "probability": 0.8505859375}, {"start": 2356.34, "end": 2356.72, "word": " and", "probability": 0.94189453125}, {"start": 2356.72, "end": 2357.32, "word": " machines.", "probability": 0.9560546875}, {"start": 2358.9, "end": 2359.4, "word": " Like", "probability": 0.76416015625}, {"start": 2359.4, "end": 2359.64, "word": " the", "probability": 0.75048828125}, {"start": 2359.64, "end": 2359.84, "word": " coffee", "probability": 0.73974609375}, {"start": 2359.84, "end": 2360.5, "word": " vending", "probability": 0.794677734375}, {"start": 2360.5, "end": 2360.96, "word": " machine.", "probability": 0.87158203125}], "temperature": 1.0}, {"id": 84, "seek": 240239, "start": 2373.77, "end": 2402.39, "text": " or wheat harvesting machine. Sometimes we can say or we can see that the isoquant curve is like L. The same, identical here.", "tokens": [420, 16691, 35679, 3479, 13, 4803, 321, 393, 584, 420, 321, 393, 536, 300, 264, 307, 29826, 394, 7605, 307, 411, 441, 13, 440, 912, 11, 14800, 510, 13], "avg_logprob": -0.23242187251647314, "compression_ratio": 1.2254901960784315, "no_speech_prob": 0.0, "words": [{"start": 2373.77, "end": 2374.11, "word": " or", "probability": 0.58837890625}, {"start": 2374.11, "end": 2374.35, "word": " wheat", "probability": 0.88720703125}, {"start": 2374.35, "end": 2374.83, "word": " harvesting", "probability": 0.9345703125}, {"start": 2374.83, "end": 2375.39, "word": " machine.", "probability": 0.84912109375}, {"start": 2380.15, "end": 2380.17, "word": " Sometimes", "probability": 0.1072998046875}, {"start": 2380.17, "end": 2383.13, "word": " we", "probability": 0.83056640625}, {"start": 2383.13, "end": 2383.57, "word": " can", "probability": 0.9521484375}, {"start": 2383.57, "end": 2384.09, "word": " say", "probability": 0.4853515625}, {"start": 2384.09, "end": 2384.39, "word": " or", "probability": 0.58203125}, {"start": 2384.39, "end": 2384.61, "word": " we", "probability": 0.9521484375}, {"start": 2384.61, "end": 2384.83, "word": " can", "probability": 0.94970703125}, {"start": 2384.83, "end": 2385.19, "word": " see", "probability": 0.79296875}, {"start": 2385.19, "end": 2385.61, "word": " that", "probability": 0.9140625}, {"start": 2385.61, "end": 2386.01, "word": " the", "probability": 0.83056640625}, {"start": 2386.01, "end": 2386.71, "word": " isoquant", "probability": 0.81396484375}, {"start": 2386.71, "end": 2387.29, "word": " curve", "probability": 0.9443359375}, {"start": 2387.29, "end": 2388.93, "word": " is", "probability": 0.92724609375}, {"start": 2388.93, "end": 2391.81, "word": " like", "probability": 0.9228515625}, {"start": 2391.81, "end": 2392.27, "word": " L.", "probability": 0.7802734375}, {"start": 2400.03, "end": 2400.19, "word": " The", "probability": 0.60693359375}, {"start": 2400.19, "end": 2400.57, "word": " same,", "probability": 0.91162109375}, {"start": 2401.41, "end": 2402.01, "word": " identical", "probability": 0.9423828125}, {"start": 2402.01, "end": 2402.39, "word": " here.", "probability": 0.767578125}], "temperature": 1.0}, {"id": 85, "seek": 243202, "start": 2402.9, "end": 2432.02, "text": " Quantum L and Quantum M. One, one. Here, labor and machines are complements, which means one car needs one driver and", "tokens": [44964, 441, 293, 44964, 376, 13, 1485, 11, 472, 13, 1692, 11, 5938, 293, 8379, 366, 715, 17988, 11, 597, 1355, 472, 1032, 2203, 472, 6787, 293], "avg_logprob": -0.3189174011349678, "compression_ratio": 1.2421052631578948, "no_speech_prob": 0.0, "words": [{"start": 2402.9, "end": 2403.3, "word": " Quantum", "probability": 0.3408203125}, {"start": 2403.3, "end": 2403.62, "word": " L", "probability": 0.81787109375}, {"start": 2403.62, "end": 2403.96, "word": " and", "probability": 0.87060546875}, {"start": 2403.96, "end": 2404.36, "word": " Quantum", "probability": 0.33740234375}, {"start": 2404.36, "end": 2404.78, "word": " M.", "probability": 0.86328125}, {"start": 2410.3, "end": 2411.22, "word": " One,", "probability": 0.6826171875}, {"start": 2411.54, "end": 2411.94, "word": " one.", "probability": 0.8974609375}, {"start": 2417.08, "end": 2418.06, "word": " Here,", "probability": 0.77099609375}, {"start": 2418.64, "end": 2418.9, "word": " labor", "probability": 0.724609375}, {"start": 2418.9, "end": 2419.26, "word": " and", "probability": 0.912109375}, {"start": 2419.26, "end": 2419.82, "word": " machines", "probability": 0.9560546875}, {"start": 2419.82, "end": 2420.24, "word": " are", "probability": 0.93701171875}, {"start": 2420.24, "end": 2420.94, "word": " complements,", "probability": 0.7056884765625}, {"start": 2421.16, "end": 2421.28, "word": " which", "probability": 0.951171875}, {"start": 2421.28, "end": 2421.72, "word": " means", "probability": 0.93310546875}, {"start": 2421.72, "end": 2424.32, "word": " one", "probability": 0.8076171875}, {"start": 2424.32, "end": 2424.86, "word": " car", "probability": 0.93212890625}, {"start": 2424.86, "end": 2426.56, "word": " needs", "probability": 0.8544921875}, {"start": 2426.56, "end": 2428.02, "word": " one", "probability": 0.9326171875}, {"start": 2428.02, "end": 2428.98, "word": " driver", "probability": 0.921875}, {"start": 2428.98, "end": 2432.02, "word": " and", "probability": 0.373046875}], "temperature": 1.0}, {"id": 86, "seek": 246036, "start": 2435.3, "end": 2460.36, "text": " Two cars needs two drivers, two breakers. Two or one car doesn't need two drivers. No substitution here. They are complements.", "tokens": [4453, 5163, 2203, 732, 11590, 11, 732, 1821, 433, 13, 4453, 420, 472, 1032, 1177, 380, 643, 732, 11590, 13, 883, 35827, 510, 13, 814, 366, 715, 17988, 13], "avg_logprob": -0.2927083373069763, "compression_ratio": 1.2828282828282829, "no_speech_prob": 0.0, "words": [{"start": 2435.3, "end": 2435.62, "word": " Two", "probability": 0.424072265625}, {"start": 2435.62, "end": 2436.26, "word": " cars", "probability": 0.92333984375}, {"start": 2436.26, "end": 2436.94, "word": " needs", "probability": 0.54541015625}, {"start": 2436.94, "end": 2438.1, "word": " two", "probability": 0.89013671875}, {"start": 2438.1, "end": 2438.76, "word": " drivers,", "probability": 0.86376953125}, {"start": 2438.98, "end": 2439.04, "word": " two", "probability": 0.94091796875}, {"start": 2439.04, "end": 2439.64, "word": " breakers.", "probability": 0.725830078125}, {"start": 2441.02, "end": 2442.2, "word": " Two", "probability": 0.1490478515625}, {"start": 2442.2, "end": 2451.36, "word": " or", "probability": 0.86669921875}, {"start": 2451.36, "end": 2451.72, "word": " one", "probability": 0.9287109375}, {"start": 2451.72, "end": 2452.18, "word": " car", "probability": 0.908203125}, {"start": 2452.18, "end": 2453.86, "word": " doesn't", "probability": 0.908935546875}, {"start": 2453.86, "end": 2454.28, "word": " need", "probability": 0.9345703125}, {"start": 2454.28, "end": 2455.06, "word": " two", "probability": 0.9267578125}, {"start": 2455.06, "end": 2455.82, "word": " drivers.", "probability": 0.908203125}, {"start": 2456.62, "end": 2457.92, "word": " No", "probability": 0.85498046875}, {"start": 2457.92, "end": 2458.38, "word": " substitution", "probability": 0.90478515625}, {"start": 2458.38, "end": 2459.0, "word": " here.", "probability": 0.8193359375}, {"start": 2459.36, "end": 2459.46, "word": " They", "probability": 0.7255859375}, {"start": 2459.46, "end": 2459.66, "word": " are", "probability": 0.93896484375}, {"start": 2459.66, "end": 2460.36, "word": " complements.", "probability": 0.65625}], "temperature": 1.0}, {"id": 87, "seek": 249346, "start": 2465.62, "end": 2493.46, "text": " Let's go to something else. Okay. In this case, the marginal rate of technical substitution between labor for machines equals zero. Equals one. One hundred percent.", "tokens": [961, 311, 352, 281, 746, 1646, 13, 1033, 13, 682, 341, 1389, 11, 264, 16885, 3314, 295, 6191, 35827, 1296, 5938, 337, 8379, 6915, 4018, 13, 15624, 1124, 472, 13, 1485, 3262, 3043, 13], "avg_logprob": -0.2412946377481733, "compression_ratio": 1.2595419847328244, "no_speech_prob": 0.0, "words": [{"start": 2465.62, "end": 2466.04, "word": " Let's", "probability": 0.799072265625}, {"start": 2466.04, "end": 2466.38, "word": " go", "probability": 0.96484375}, {"start": 2466.38, "end": 2467.18, "word": " to", "probability": 0.9697265625}, {"start": 2467.18, "end": 2468.94, "word": " something", "probability": 0.8720703125}, {"start": 2468.94, "end": 2469.38, "word": " else.", "probability": 0.89208984375}, {"start": 2472.28, "end": 2472.58, "word": " Okay.", "probability": 0.47607421875}, {"start": 2473.06, "end": 2473.4, "word": " In", "probability": 0.9677734375}, {"start": 2473.4, "end": 2473.68, "word": " this", "probability": 0.95068359375}, {"start": 2473.68, "end": 2474.04, "word": " case,", "probability": 0.9091796875}, {"start": 2474.46, "end": 2474.58, "word": " the", "probability": 0.91845703125}, {"start": 2474.58, "end": 2475.06, "word": " marginal", "probability": 0.88427734375}, {"start": 2475.06, "end": 2475.66, "word": " rate", "probability": 0.9443359375}, {"start": 2475.66, "end": 2476.76, "word": " of", "probability": 0.96826171875}, {"start": 2476.76, "end": 2477.2, "word": " technical", "probability": 0.92041015625}, {"start": 2477.2, "end": 2477.94, "word": " substitution", "probability": 0.91943359375}, {"start": 2477.94, "end": 2478.64, "word": " between", "probability": 0.88134765625}, {"start": 2478.64, "end": 2479.38, "word": " labor", "probability": 0.880859375}, {"start": 2479.38, "end": 2479.66, "word": " for", "probability": 0.53076171875}, {"start": 2479.66, "end": 2480.3, "word": " machines", "probability": 0.9423828125}, {"start": 2480.3, "end": 2482.02, "word": " equals", "probability": 0.83740234375}, {"start": 2482.02, "end": 2482.4, "word": " zero.", "probability": 0.81201171875}, {"start": 2488.96, "end": 2489.84, "word": " Equals", "probability": 0.5194854736328125}, {"start": 2489.84, "end": 2490.04, "word": " one.", "probability": 0.8486328125}, {"start": 2492.66, "end": 2492.88, "word": " One", "probability": 0.50244140625}, {"start": 2492.88, "end": 2493.12, "word": " hundred", "probability": 0.74560546875}, {"start": 2493.12, "end": 2493.46, "word": " percent.", "probability": 0.966796875}], "temperature": 1.0}, {"id": 88, "seek": 252442, "start": 2497.3, "end": 2524.42, "text": " Or fixed. Sometimes it can be two or three, but it's fixed. It depends on the slope because the margin rate of technical substitution is the slope here of isoquant curve. It means that if the isoquant curve is like this, 20 and 10.", "tokens": [1610, 6806, 13, 4803, 309, 393, 312, 732, 420, 1045, 11, 457, 309, 311, 6806, 13, 467, 5946, 322, 264, 13525, 570, 264, 10270, 3314, 295, 6191, 35827, 307, 264, 13525, 510, 295, 307, 29826, 394, 7605, 13, 467, 1355, 300, 498, 264, 307, 29826, 394, 7605, 307, 411, 341, 11, 945, 293, 1266, 13], "avg_logprob": -0.34430802932807375, "compression_ratio": 1.4967741935483871, "no_speech_prob": 0.0, "words": [{"start": 2497.2999999999997, "end": 2498.08, "word": " Or", "probability": 0.365478515625}, {"start": 2498.08, "end": 2498.86, "word": " fixed.", "probability": 0.86181640625}, {"start": 2499.42, "end": 2500.14, "word": " Sometimes", "probability": 0.28515625}, {"start": 2500.14, "end": 2500.62, "word": " it", "probability": 0.77734375}, {"start": 2500.62, "end": 2500.92, "word": " can", "probability": 0.493896484375}, {"start": 2500.92, "end": 2501.14, "word": " be", "probability": 0.88671875}, {"start": 2501.14, "end": 2501.44, "word": " two", "probability": 0.75}, {"start": 2501.44, "end": 2502.34, "word": " or", "probability": 0.75390625}, {"start": 2502.34, "end": 2502.72, "word": " three,", "probability": 0.92919921875}, {"start": 2503.16, "end": 2503.38, "word": " but", "probability": 0.7958984375}, {"start": 2503.38, "end": 2503.76, "word": " it's", "probability": 0.906982421875}, {"start": 2503.76, "end": 2504.28, "word": " fixed.", "probability": 0.92578125}, {"start": 2505.2, "end": 2505.98, "word": " It", "probability": 0.252197265625}, {"start": 2505.98, "end": 2508.08, "word": " depends", "probability": 0.89453125}, {"start": 2508.08, "end": 2508.28, "word": " on", "probability": 0.94873046875}, {"start": 2508.28, "end": 2508.46, "word": " the", "probability": 0.87548828125}, {"start": 2508.46, "end": 2508.82, "word": " slope", "probability": 0.93017578125}, {"start": 2508.82, "end": 2509.16, "word": " because", "probability": 0.67431640625}, {"start": 2509.16, "end": 2509.38, "word": " the", "probability": 0.8994140625}, {"start": 2509.38, "end": 2509.6, "word": " margin", "probability": 0.6044921875}, {"start": 2509.6, "end": 2509.88, "word": " rate", "probability": 0.93798828125}, {"start": 2509.88, "end": 2510.02, "word": " of", "probability": 0.91064453125}, {"start": 2510.02, "end": 2510.3, "word": " technical", "probability": 0.8916015625}, {"start": 2510.3, "end": 2510.88, "word": " substitution", "probability": 0.93798828125}, {"start": 2510.88, "end": 2511.54, "word": " is", "probability": 0.94384765625}, {"start": 2511.54, "end": 2512.46, "word": " the", "probability": 0.74560546875}, {"start": 2512.46, "end": 2513.22, "word": " slope", "probability": 0.91845703125}, {"start": 2513.22, "end": 2513.66, "word": " here", "probability": 0.74072265625}, {"start": 2513.66, "end": 2515.74, "word": " of", "probability": 0.83935546875}, {"start": 2515.74, "end": 2516.88, "word": " isoquant", "probability": 0.755615234375}, {"start": 2516.88, "end": 2517.34, "word": " curve.", "probability": 0.939453125}, {"start": 2517.78, "end": 2518.56, "word": " It", "probability": 0.2315673828125}, {"start": 2518.56, "end": 2518.78, "word": " means", "probability": 0.85986328125}, {"start": 2518.78, "end": 2518.94, "word": " that", "probability": 0.3330078125}, {"start": 2518.94, "end": 2519.0, "word": " if", "probability": 0.9013671875}, {"start": 2519.0, "end": 2519.32, "word": " the", "probability": 0.607421875}, {"start": 2519.32, "end": 2519.88, "word": " isoquant", "probability": 0.9737955729166666}, {"start": 2519.88, "end": 2520.26, "word": " curve", "probability": 0.94189453125}, {"start": 2520.26, "end": 2520.64, "word": " is", "probability": 0.3046875}, {"start": 2520.64, "end": 2520.7, "word": " like", "probability": 0.266357421875}, {"start": 2520.7, "end": 2521.1, "word": " this,", "probability": 0.88134765625}, {"start": 2521.76, "end": 2523.08, "word": " 20", "probability": 0.646484375}, {"start": 2523.08, "end": 2524.16, "word": " and", "probability": 0.76220703125}, {"start": 2524.16, "end": 2524.42, "word": " 10.", "probability": 0.908203125}], "temperature": 1.0}, {"id": 89, "seek": 255429, "start": 2525.93, "end": 2554.29, "text": " How much is the marginal rate of technical substitution? QL, QM. How much is the marginal rate of technical substitution? Equals 2. Minus 2. The absolute value equals 2. Right? Okay? Assuming the perfect substitution, a straight line with an angle of 45 degrees. Okay. Let's go to the budget line.", "tokens": [1012, 709, 307, 264, 16885, 3314, 295, 6191, 35827, 30, 1249, 43, 11, 1249, 44, 13, 1012, 709, 307, 264, 16885, 3314, 295, 6191, 35827, 30, 15624, 1124, 568, 13, 2829, 301, 568, 13, 440, 8236, 2158, 6915, 568, 13, 1779, 30, 1033, 30, 6281, 24919, 264, 2176, 35827, 11, 257, 2997, 1622, 365, 364, 5802, 295, 6905, 5310, 13, 1033, 13, 961, 311, 352, 281, 264, 4706, 1622, 13], "avg_logprob": -0.28697181755388285, "compression_ratio": 1.6555555555555554, "no_speech_prob": 0.0, "words": [{"start": 2525.93, "end": 2526.25, "word": " How", "probability": 0.35693359375}, {"start": 2526.25, "end": 2526.33, "word": " much", "probability": 0.81591796875}, {"start": 2526.33, "end": 2526.39, "word": " is", "probability": 0.9169921875}, {"start": 2526.39, "end": 2526.47, "word": " the", "probability": 0.87060546875}, {"start": 2526.47, "end": 2526.75, "word": " marginal", "probability": 0.67626953125}, {"start": 2526.75, "end": 2527.01, "word": " rate", "probability": 0.9541015625}, {"start": 2527.01, "end": 2527.13, "word": " of", "probability": 0.9453125}, {"start": 2527.13, "end": 2527.41, "word": " technical", "probability": 0.880859375}, {"start": 2527.41, "end": 2528.07, "word": " substitution?", "probability": 0.9248046875}, {"start": 2529.13, "end": 2529.73, "word": " QL,", "probability": 0.668701171875}, {"start": 2529.99, "end": 2530.53, "word": " QM.", "probability": 0.9560546875}, {"start": 2531.33, "end": 2531.61, "word": " How", "probability": 0.7861328125}, {"start": 2531.61, "end": 2531.69, "word": " much", "probability": 0.9072265625}, {"start": 2531.69, "end": 2531.75, "word": " is", "probability": 0.9453125}, {"start": 2531.75, "end": 2531.83, "word": " the", "probability": 0.90771484375}, {"start": 2531.83, "end": 2532.07, "word": " marginal", "probability": 0.8974609375}, {"start": 2532.07, "end": 2532.39, "word": " rate", "probability": 0.95751953125}, {"start": 2532.39, "end": 2532.53, "word": " of", "probability": 0.96875}, {"start": 2532.53, "end": 2532.83, "word": " technical", "probability": 0.9130859375}, {"start": 2532.83, "end": 2533.43, "word": " substitution?", "probability": 0.92578125}, {"start": 2533.55, "end": 2533.93, "word": " Equals", "probability": 0.929443359375}, {"start": 2533.93, "end": 2534.23, "word": " 2.", "probability": 0.51416015625}, {"start": 2534.87, "end": 2535.43, "word": " Minus", "probability": 0.971923828125}, {"start": 2535.43, "end": 2535.67, "word": " 2.", "probability": 0.966796875}, {"start": 2535.93, "end": 2536.01, "word": " The", "probability": 0.73388671875}, {"start": 2536.01, "end": 2536.31, "word": " absolute", "probability": 0.88916015625}, {"start": 2536.31, "end": 2536.59, "word": " value", "probability": 0.9541015625}, {"start": 2536.59, "end": 2536.95, "word": " equals", "probability": 0.9111328125}, {"start": 2536.95, "end": 2537.23, "word": " 2.", "probability": 0.94970703125}, {"start": 2537.91, "end": 2538.07, "word": " Right?", "probability": 0.44140625}, {"start": 2539.45, "end": 2539.77, "word": " Okay?", "probability": 0.171142578125}, {"start": 2542.03, "end": 2542.49, "word": " Assuming", "probability": 0.523681640625}, {"start": 2542.49, "end": 2542.77, "word": " the", "probability": 0.372314453125}, {"start": 2542.77, "end": 2543.01, "word": " perfect", "probability": 0.8408203125}, {"start": 2543.01, "end": 2543.69, "word": " substitution,", "probability": 0.93310546875}, {"start": 2545.19, "end": 2545.79, "word": " a", "probability": 0.8251953125}, {"start": 2545.79, "end": 2546.13, "word": " straight", "probability": 0.91650390625}, {"start": 2546.13, "end": 2546.55, "word": " line", "probability": 0.9345703125}, {"start": 2546.55, "end": 2546.77, "word": " with", "probability": 0.274658203125}, {"start": 2546.77, "end": 2546.99, "word": " an", "probability": 0.315185546875}, {"start": 2546.99, "end": 2546.99, "word": " angle", "probability": 0.8486328125}, {"start": 2546.99, "end": 2547.05, "word": " of", "probability": 0.791015625}, {"start": 2547.05, "end": 2547.43, "word": " 45", "probability": 0.97802734375}, {"start": 2547.43, "end": 2547.71, "word": " degrees.", "probability": 0.90283203125}, {"start": 2549.15, "end": 2549.43, "word": " Okay.", "probability": 0.630859375}, {"start": 2550.05, "end": 2550.65, "word": " Let's", "probability": 0.966064453125}, {"start": 2550.65, "end": 2550.89, "word": " go", "probability": 0.9638671875}, {"start": 2550.89, "end": 2551.45, "word": " to", "probability": 0.96630859375}, {"start": 2551.45, "end": 2553.65, "word": " the", "probability": 0.90185546875}, {"start": 2553.65, "end": 2553.91, "word": " budget", "probability": 0.884765625}, {"start": 2553.91, "end": 2554.29, "word": " line.", "probability": 0.95263671875}], "temperature": 1.0}, {"id": 90, "seek": 258303, "start": 2555.41, "end": 2583.03, "text": " but for the producer. Or before that, we have something else. Break? Break for five minutes. Let's go to or come back to the margin rate of technical substitution.", "tokens": [457, 337, 264, 12314, 13, 1610, 949, 300, 11, 321, 362, 746, 1646, 13, 16925, 30, 16925, 337, 1732, 2077, 13, 961, 311, 352, 281, 420, 808, 646, 281, 264, 10270, 3314, 295, 6191, 35827, 13], "avg_logprob": -0.14885980213010633, "compression_ratio": 1.312, "no_speech_prob": 0.0, "words": [{"start": 2555.41, "end": 2555.69, "word": " but", "probability": 0.430419921875}, {"start": 2555.69, "end": 2555.87, "word": " for", "probability": 0.9208984375}, {"start": 2555.87, "end": 2556.05, "word": " the", "probability": 0.91943359375}, {"start": 2556.05, "end": 2556.47, "word": " producer.", "probability": 0.923828125}, {"start": 2562.45, "end": 2563.13, "word": " Or", "probability": 0.826171875}, {"start": 2563.13, "end": 2563.45, "word": " before", "probability": 0.86083984375}, {"start": 2563.45, "end": 2563.83, "word": " that,", "probability": 0.9384765625}, {"start": 2563.91, "end": 2563.99, "word": " we", "probability": 0.96630859375}, {"start": 2563.99, "end": 2564.23, "word": " have", "probability": 0.94921875}, {"start": 2564.23, "end": 2564.57, "word": " something", "probability": 0.8671875}, {"start": 2564.57, "end": 2564.93, "word": " else.", "probability": 0.91943359375}, {"start": 2570.01, "end": 2570.69, "word": " Break?", "probability": 0.974609375}, {"start": 2571.81, "end": 2572.49, "word": " Break", "probability": 0.7841796875}, {"start": 2572.49, "end": 2572.81, "word": " for", "probability": 0.9091796875}, {"start": 2572.81, "end": 2573.23, "word": " five", "probability": 0.89013671875}, {"start": 2573.23, "end": 2573.63, "word": " minutes.", "probability": 0.92431640625}, {"start": 2576.63, "end": 2577.19, "word": " Let's", "probability": 0.93115234375}, {"start": 2577.19, "end": 2577.43, "word": " go", "probability": 0.91064453125}, {"start": 2577.43, "end": 2577.95, "word": " to", "probability": 0.91455078125}, {"start": 2577.95, "end": 2579.61, "word": " or", "probability": 0.60791015625}, {"start": 2579.61, "end": 2579.87, "word": " come", "probability": 0.826171875}, {"start": 2579.87, "end": 2580.15, "word": " back", "probability": 0.8798828125}, {"start": 2580.15, "end": 2580.27, "word": " to", "probability": 0.95849609375}, {"start": 2580.27, "end": 2580.39, "word": " the", "probability": 0.91650390625}, {"start": 2580.39, "end": 2580.65, "word": " margin", "probability": 0.8134765625}, {"start": 2580.65, "end": 2582.05, "word": " rate", "probability": 0.6455078125}, {"start": 2582.05, "end": 2582.19, "word": " of", "probability": 0.81298828125}, {"start": 2582.19, "end": 2582.51, "word": " technical", "probability": 0.9326171875}, {"start": 2582.51, "end": 2583.03, "word": " substitution.", "probability": 0.93017578125}], "temperature": 1.0}, {"id": 91, "seek": 261257, "start": 2583.97, "end": 2612.57, "text": " As we said that the marginal rate of technical substitution equals the change in the quality of machines over the change of quality of labor for a number of workers. We have another formula for the marginal rate of technical substitution, which can be derived from the marginal production of labor and marginal production of machines. As you know that the marginal production of labor equals the change in total production.", "tokens": [1018, 321, 848, 300, 264, 16885, 3314, 295, 6191, 35827, 6915, 264, 1319, 294, 264, 3125, 295, 8379, 670, 264, 1319, 295, 3125, 295, 5938, 337, 257, 1230, 295, 5600, 13, 492, 362, 1071, 8513, 337, 264, 16885, 3314, 295, 6191, 35827, 11, 597, 393, 312, 18949, 490, 264, 16885, 4265, 295, 5938, 293, 16885, 4265, 295, 8379, 13, 1018, 291, 458, 300, 264, 16885, 4265, 295, 5938, 6915, 264, 1319, 294, 3217, 4265, 13], "avg_logprob": -0.1608758233487606, "compression_ratio": 2.2083333333333335, "no_speech_prob": 0.0, "words": [{"start": 2583.97, "end": 2584.33, "word": " As", "probability": 0.92578125}, {"start": 2584.33, "end": 2584.47, "word": " we", "probability": 0.939453125}, {"start": 2584.47, "end": 2584.71, "word": " said", "probability": 0.93115234375}, {"start": 2584.71, "end": 2584.93, "word": " that", "probability": 0.74609375}, {"start": 2584.93, "end": 2585.09, "word": " the", 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And the marginal production of machines, which means here, how much is the change in total production when the number of workers increases?", "tokens": [670, 264, 1319, 294, 441, 11, 420, 2681, 281, 5938, 11, 1230, 295, 5600, 13, 400, 264, 16885, 4265, 295, 8379, 11, 597, 1355, 510, 11, 577, 709, 307, 264, 1319, 294, 3217, 4265, 562, 264, 1230, 295, 5600, 8637, 30], "avg_logprob": -0.22879464285714285, "compression_ratio": 1.550387596899225, "no_speech_prob": 0.0, "words": [{"start": 2613.99, "end": 2614.49, "word": " over", "probability": 0.345947265625}, {"start": 2614.49, "end": 2615.31, "word": " the", "probability": 0.8583984375}, {"start": 2615.31, "end": 2615.87, "word": " change", "probability": 0.89453125}, {"start": 2615.87, "end": 2616.49, "word": " in", "probability": 0.9404296875}, {"start": 2616.49, "end": 2617.35, "word": " L,", "probability": 0.8115234375}, {"start": 2617.83, "end": 2618.25, "word": " or", "probability": 0.88818359375}, {"start": 2618.25, "end": 2618.49, "word": " equal", "probability": 0.32861328125}, {"start": 2618.49, "end": 2618.77, "word": " to", "probability": 0.72900390625}, {"start": 2618.77, "end": 2619.19, "word": " labor,", "probability": 0.77685546875}, {"start": 2619.45, "end": 2619.73, "word": " number", "probability": 0.94140625}, {"start": 2619.73, "end": 2619.89, "word": " of", "probability": 0.91943359375}, {"start": 2619.89, "end": 2620.37, "word": " workers.", "probability": 0.9169921875}, {"start": 2622.61, "end": 2623.45, "word": " And", "probability": 0.481689453125}, {"start": 2623.45, "end": 2624.97, "word": " the", "probability": 0.841796875}, {"start": 2624.97, "end": 2625.39, "word": " marginal", "probability": 0.86083984375}, {"start": 2625.39, "end": 2625.91, "word": " production", "probability": 0.966796875}, {"start": 2625.91, "end": 2626.15, "word": " of", "probability": 0.75146484375}, {"start": 2626.15, "end": 2626.57, "word": " machines,", "probability": 0.94482421875}, {"start": 2627.87, "end": 2629.65, "word": " which", "probability": 0.94775390625}, {"start": 2629.65, "end": 2629.95, "word": " means", "probability": 0.931640625}, {"start": 2629.95, "end": 2630.25, "word": " here,", "probability": 0.85791015625}, {"start": 2631.25, "end": 2631.41, "word": " how", "probability": 0.92724609375}, {"start": 2631.41, "end": 2631.69, "word": " much", "probability": 0.9130859375}, {"start": 2631.69, "end": 2631.97, "word": " is", "probability": 0.92236328125}, {"start": 2631.97, "end": 2632.15, "word": " the", "probability": 0.68798828125}, {"start": 2632.15, "end": 2632.59, "word": " change", "probability": 0.90771484375}, {"start": 2632.59, "end": 2632.81, "word": " in", "probability": 0.947265625}, {"start": 2632.81, "end": 2633.07, "word": " total", "probability": 0.88818359375}, {"start": 2633.07, "end": 2633.55, "word": " production", "probability": 0.94482421875}, {"start": 2633.55, "end": 2634.33, "word": " when", "probability": 0.8623046875}, {"start": 2634.33, "end": 2634.53, "word": " the", "probability": 0.91845703125}, {"start": 2634.53, "end": 2634.77, "word": " number", "probability": 0.9384765625}, {"start": 2634.77, "end": 2634.95, "word": " of", "probability": 0.9697265625}, {"start": 2634.95, "end": 2635.33, "word": " workers", "probability": 0.91455078125}, {"start": 2635.33, "end": 2635.99, "word": " increases?", "probability": 0.93701171875}], "temperature": 1.0}, {"id": 93, "seek": 266179, "start": 2638.95, "end": 2661.79, "text": " MPM equals the change in total production over a change in the number of machines. Here, a quantum labor, quantum machines. So, MPL over MPM equals how much here?", "tokens": [14146, 44, 6915, 264, 1319, 294, 3217, 4265, 670, 257, 1319, 294, 264, 1230, 295, 8379, 13, 1692, 11, 257, 13018, 5938, 11, 13018, 8379, 13, 407, 11, 14146, 43, 670, 14146, 44, 6915, 577, 709, 510, 30], "avg_logprob": -0.22255608286613074, "compression_ratio": 1.393162393162393, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 2638.95, "end": 2639.83, "word": " MPM", "probability": 0.62451171875}, {"start": 2639.83, "end": 2640.71, "word": " equals", "probability": 0.90478515625}, {"start": 2640.71, "end": 2641.15, "word": " the", "probability": 0.79443359375}, {"start": 2641.15, "end": 2641.65, "word": " change", "probability": 0.89501953125}, {"start": 2641.65, "end": 2641.81, "word": " in", "probability": 0.9443359375}, {"start": 2641.81, "end": 2642.19, "word": " total", "probability": 0.86474609375}, {"start": 2642.19, "end": 2642.79, "word": " production", "probability": 0.9541015625}, {"start": 2642.79, "end": 2643.37, "word": " over", "probability": 0.89306640625}, {"start": 2643.37, "end": 2643.89, "word": " a", "probability": 0.8408203125}, {"start": 2643.89, "end": 2644.27, "word": " change", "probability": 0.904296875}, {"start": 2644.27, "end": 2644.43, "word": " in", "probability": 0.900390625}, {"start": 2644.43, "end": 2644.57, "word": " the", "probability": 0.90869140625}, {"start": 2644.57, "end": 2644.83, "word": " number", "probability": 0.95263671875}, {"start": 2644.83, "end": 2644.99, "word": " of", "probability": 0.96435546875}, {"start": 2644.99, "end": 2645.49, "word": " machines.", "probability": 0.93896484375}, {"start": 2647.25, "end": 2648.13, "word": " Here,", "probability": 0.7646484375}, {"start": 2648.33, "end": 2648.45, "word": " a", "probability": 0.62939453125}, {"start": 2648.45, "end": 2648.75, "word": " quantum", "probability": 0.47119140625}, {"start": 2648.75, "end": 2649.19, "word": " labor,", "probability": 0.67333984375}, {"start": 2649.45, "end": 2649.77, "word": " quantum", "probability": 0.9345703125}, {"start": 2649.77, "end": 2650.31, "word": " machines.", "probability": 0.94091796875}, {"start": 2653.15, "end": 2654.03, "word": " So,", "probability": 0.378662109375}, {"start": 2655.09, "end": 2655.67, "word": " MPL", "probability": 0.88330078125}, {"start": 2655.67, "end": 2658.59, "word": " over", "probability": 0.89404296875}, {"start": 2658.59, "end": 2659.81, "word": " MPM", "probability": 0.830810546875}, {"start": 2659.81, "end": 2660.83, "word": " equals", "probability": 0.89501953125}, {"start": 2660.83, "end": 2661.05, "word": " how", "probability": 0.8291015625}, {"start": 2661.05, "end": 2661.43, "word": " much", "probability": 0.92333984375}, {"start": 2661.43, "end": 2661.79, "word": " here?", "probability": 0.78271484375}], "temperature": 1.0}, {"id": 94, "seek": 268795, "start": 2662.59, "end": 2687.95, "text": " We can say that a change in total production over a change in the quantum lever, who MPL, over MPM, who had a change in total production over a change in quantum machines. So MPL over MPM.", "tokens": [492, 393, 584, 300, 257, 1319, 294, 3217, 4265, 670, 257, 1319, 294, 264, 13018, 12451, 11, 567, 14146, 43, 11, 670, 14146, 44, 11, 567, 632, 257, 1319, 294, 3217, 4265, 670, 257, 1319, 294, 13018, 8379, 13, 407, 14146, 43, 670, 14146, 44, 13], "avg_logprob": -0.324800525573974, "compression_ratio": 1.75, "no_speech_prob": 0.0, "words": [{"start": 2662.59, "end": 2662.81, "word": " We", "probability": 0.457275390625}, {"start": 2662.81, "end": 2663.03, "word": " can", "probability": 0.94482421875}, {"start": 2663.03, "end": 2663.35, "word": " say", "probability": 0.79931640625}, {"start": 2663.35, "end": 2663.75, "word": " that", "probability": 0.92578125}, {"start": 2663.75, "end": 2664.09, "word": " a", "probability": 0.82763671875}, {"start": 2664.09, "end": 2664.45, "word": " change", "probability": 0.90576171875}, {"start": 2664.45, "end": 2664.63, "word": " in", "probability": 0.93896484375}, {"start": 2664.63, "end": 2664.95, "word": " total", "probability": 0.84912109375}, {"start": 2664.95, "end": 2665.53, "word": " production", "probability": 0.95703125}, {"start": 2665.53, "end": 2666.09, "word": " over", "probability": 0.88916015625}, {"start": 2666.09, "end": 2666.79, "word": " a", "probability": 0.96630859375}, {"start": 2666.79, "end": 2667.19, "word": " change", "probability": 0.896484375}, {"start": 2667.19, "end": 2667.33, "word": " in", "probability": 0.92529296875}, {"start": 2667.33, "end": 2667.41, "word": " the", "probability": 0.42041015625}, {"start": 2667.41, "end": 2667.73, "word": " quantum", "probability": 0.55712890625}, {"start": 2667.73, "end": 2668.15, "word": " lever,", "probability": 0.287109375}, {"start": 2669.73, "end": 2669.89, "word": " who", "probability": 0.1593017578125}, {"start": 2669.89, "end": 2670.67, "word": " MPL,", "probability": 0.646484375}, {"start": 2671.19, "end": 2672.35, "word": " over", "probability": 0.91650390625}, {"start": 2672.35, "end": 2673.85, "word": " MPM,", "probability": 0.812255859375}, {"start": 2674.41, "end": 2674.51, "word": " who", "probability": 0.5712890625}, {"start": 2674.51, "end": 2674.83, "word": " had", "probability": 0.82275390625}, {"start": 2674.83, "end": 2675.17, "word": " a", "probability": 0.693359375}, {"start": 2675.17, "end": 2676.23, "word": " change", "probability": 0.87548828125}, {"start": 2676.23, "end": 2676.39, "word": " in", "probability": 0.93115234375}, {"start": 2676.39, "end": 2676.65, "word": " total", "probability": 0.84033203125}, {"start": 2676.65, "end": 2677.21, "word": " production", "probability": 0.9541015625}, {"start": 2677.21, "end": 2677.83, "word": " over", "probability": 0.89306640625}, {"start": 2677.83, "end": 2678.09, "word": " a", "probability": 0.385498046875}, {"start": 2678.09, "end": 2678.37, "word": " change", "probability": 0.90625}, {"start": 2678.37, "end": 2678.53, "word": " in", "probability": 0.904296875}, {"start": 2678.53, "end": 2678.79, "word": " quantum", "probability": 0.92529296875}, {"start": 2678.79, "end": 2679.43, "word": " machines.", "probability": 0.93359375}, {"start": 2681.97, "end": 2682.73, "word": " So", "probability": 0.25732421875}, {"start": 2682.73, "end": 2686.23, "word": " MPL", "probability": 0.81689453125}, {"start": 2686.23, "end": 2686.87, "word": " over", "probability": 0.9072265625}, {"start": 2686.87, "end": 2687.95, "word": " MPM.", "probability": 0.908203125}], "temperature": 1.0}, {"id": 95, "seek": 271614, "start": 2689.32, "end": 2716.14, "text": " equals change in total production of labor, sorry, change in total production over change in quantity of L times change in quantity of machines over change in total production. Change in total production with a change in total production, so marginal production of labor,", "tokens": [6915, 1319, 294, 3217, 4265, 295, 5938, 11, 2597, 11, 1319, 294, 3217, 4265, 670, 1319, 294, 11275, 295, 441, 1413, 1319, 294, 11275, 295, 8379, 670, 1319, 294, 3217, 4265, 13, 15060, 294, 3217, 4265, 365, 257, 1319, 294, 3217, 4265, 11, 370, 16885, 4265, 295, 5938, 11], "avg_logprob": -0.3249999910593033, "compression_ratio": 2.4285714285714284, "no_speech_prob": 0.0, "words": [{"start": 2689.32, "end": 2690.0, "word": " equals", "probability": 0.67041015625}, {"start": 2690.0, "end": 2690.68, "word": " change", "probability": 0.802734375}, {"start": 2690.68, "end": 2690.86, "word": " in", "probability": 0.798828125}, {"start": 2690.86, "end": 2691.58, "word": " total", "probability": 0.55322265625}, {"start": 2691.58, "end": 2692.06, "word": " production", "probability": 0.955078125}, {"start": 2692.06, "end": 2692.26, "word": " of", "probability": 0.395263671875}, {"start": 2692.26, "end": 2692.5, "word": " labor,", "probability": 0.84375}, {"start": 2693.04, "end": 2693.12, "word": " sorry,", "probability": 0.226318359375}, {"start": 2693.46, "end": 2693.86, "word": " change", "probability": 0.81787109375}, {"start": 2693.86, "end": 2694.04, "word": " in", "probability": 0.94580078125}, {"start": 2694.04, "end": 2694.32, "word": " total", "probability": 0.87060546875}, {"start": 2694.32, "end": 2694.84, "word": " production", "probability": 0.94677734375}, {"start": 2694.84, "end": 2699.84, "word": " over", "probability": 0.55322265625}, {"start": 2699.84, "end": 2700.3, "word": " change", "probability": 0.73095703125}, {"start": 2700.3, "end": 2700.44, "word": " in", "probability": 0.904296875}, {"start": 2700.44, "end": 2700.74, "word": " quantity", "probability": 0.1932373046875}, {"start": 2700.74, "end": 2700.96, "word": " of", "probability": 0.53662109375}, {"start": 2700.96, "end": 2701.18, "word": " L", "probability": 0.86572265625}, {"start": 2701.18, "end": 2702.04, "word": " times", "probability": 0.7373046875}, {"start": 2702.04, "end": 2703.3, "word": " change", "probability": 0.63818359375}, {"start": 2703.3, "end": 2703.48, "word": " in", "probability": 0.89501953125}, {"start": 2703.48, "end": 2703.76, "word": " quantity", "probability": 0.78466796875}, {"start": 2703.76, "end": 2703.92, "word": " of", "probability": 0.93505859375}, {"start": 2703.92, "end": 2704.44, "word": " machines", "probability": 0.95849609375}, {"start": 2704.44, "end": 2704.86, "word": " over", "probability": 0.90869140625}, {"start": 2704.86, "end": 2705.8, "word": " change", "probability": 0.8857421875}, {"start": 2705.8, "end": 2706.38, "word": " in", "probability": 0.94921875}, {"start": 2706.38, "end": 2706.72, "word": " total", "probability": 0.8701171875}, {"start": 2706.72, "end": 2707.24, "word": " production.", "probability": 0.94091796875}, {"start": 2711.08, "end": 2711.76, "word": " Change", "probability": 0.57763671875}, {"start": 2711.76, "end": 2711.92, "word": " in", "probability": 0.8798828125}, {"start": 2711.92, "end": 2712.12, "word": " total", "probability": 0.84912109375}, {"start": 2712.12, "end": 2712.5, "word": " production", "probability": 0.94873046875}, {"start": 2712.5, "end": 2712.74, "word": " with", "probability": 0.39208984375}, {"start": 2712.74, "end": 2712.9, "word": " a", "probability": 0.59326171875}, {"start": 2712.9, "end": 2713.16, "word": " change", "probability": 0.90869140625}, {"start": 2713.16, "end": 2713.36, "word": " in", "probability": 0.89892578125}, {"start": 2713.36, "end": 2713.58, "word": " total", "probability": 0.84033203125}, {"start": 2713.58, "end": 2713.98, "word": " production,", "probability": 0.95068359375}, {"start": 2714.36, "end": 2714.42, "word": " so", "probability": 0.93017578125}, {"start": 2714.42, "end": 2715.22, "word": " marginal", "probability": 0.73779296875}, {"start": 2715.22, "end": 2715.7, "word": " production", "probability": 0.95751953125}, {"start": 2715.7, "end": 2715.9, "word": " of", "probability": 0.8837890625}, {"start": 2715.9, "end": 2716.14, "word": " labor,", "probability": 0.9169921875}], "temperature": 1.0}, {"id": 96, "seek": 274022, "start": 2717.38, "end": 2740.22, "text": " over NPM equals change in the quantity of machines over the change in quantity of labor, which is the marginal rate of technical substitution. Once again, the marginal production of labor equals change in total production over the change of quantity of labor, or L.", "tokens": [670, 426, 18819, 6915, 1319, 294, 264, 11275, 295, 8379, 670, 264, 1319, 294, 11275, 295, 5938, 11, 597, 307, 264, 16885, 3314, 295, 6191, 35827, 13, 3443, 797, 11, 264, 16885, 4265, 295, 5938, 6915, 1319, 294, 3217, 4265, 670, 264, 1319, 295, 11275, 295, 5938, 11, 420, 441, 13], "avg_logprob": -0.21694712254863519, "compression_ratio": 1.9136690647482015, "no_speech_prob": 0.0, "words": [{"start": 2717.38, "end": 2717.82, "word": " over", "probability": 0.2919921875}, {"start": 2717.82, "end": 2718.54, "word": " NPM", "probability": 0.6766357421875}, {"start": 2718.54, "end": 2720.3, "word": " equals", "probability": 0.8798828125}, {"start": 2720.3, "end": 2720.86, "word": " change", "probability": 0.67529296875}, {"start": 2720.86, "end": 2721.0, "word": " in", "probability": 0.88525390625}, {"start": 2721.0, "end": 2721.08, "word": " the", "probability": 0.52880859375}, {"start": 2721.08, "end": 2721.28, "word": " quantity", "probability": 0.3681640625}, {"start": 2721.28, "end": 2721.46, "word": " of", "probability": 0.9072265625}, {"start": 2721.46, "end": 2721.86, "word": " machines", "probability": 0.939453125}, {"start": 2721.86, "end": 2722.28, "word": " over", "probability": 0.916015625}, {"start": 2722.28, "end": 2722.54, "word": " the", "probability": 0.54931640625}, {"start": 2722.54, "end": 2722.88, "word": " change", "probability": 0.8916015625}, {"start": 2722.88, "end": 2723.04, "word": " in", "probability": 0.90625}, {"start": 2723.04, "end": 2723.34, "word": " quantity", "probability": 0.66357421875}, {"start": 2723.34, "end": 2723.52, "word": " of", "probability": 0.9345703125}, {"start": 2723.52, "end": 2723.74, "word": " labor,", "probability": 0.9033203125}, {"start": 2724.58, "end": 2725.76, "word": " which", "probability": 0.95361328125}, {"start": 2725.76, "end": 2726.32, "word": " is", "probability": 0.94873046875}, {"start": 2726.32, "end": 2727.38, "word": " the", "probability": 0.91357421875}, {"start": 2727.38, "end": 2727.84, "word": " marginal", "probability": 0.85888671875}, {"start": 2727.84, "end": 2728.4, "word": " rate", "probability": 0.9599609375}, {"start": 2728.4, "end": 2728.64, "word": " of", "probability": 0.97021484375}, {"start": 2728.64, "end": 2729.08, "word": " technical", "probability": 0.94384765625}, {"start": 2729.08, "end": 2729.78, "word": " substitution.", "probability": 0.92822265625}, {"start": 2732.22, "end": 2732.78, "word": " Once", "probability": 0.9228515625}, {"start": 2732.78, "end": 2733.08, "word": " again,", "probability": 0.95654296875}, {"start": 2734.44, "end": 2734.64, "word": " the", "probability": 0.91162109375}, {"start": 2734.64, "end": 2734.9, "word": " marginal", "probability": 0.89013671875}, {"start": 2734.9, "end": 2735.32, "word": " production", "probability": 0.93603515625}, {"start": 2735.32, "end": 2735.52, "word": " of", "probability": 0.74169921875}, {"start": 2735.52, "end": 2735.74, "word": " labor", "probability": 0.94287109375}, {"start": 2735.74, "end": 2736.3, "word": " equals", "probability": 0.9306640625}, {"start": 2736.3, "end": 2736.84, "word": " change", "probability": 0.859375}, {"start": 2736.84, "end": 2736.98, "word": " in", "probability": 0.873046875}, {"start": 2736.98, "end": 2737.16, "word": " total", "probability": 0.83203125}, {"start": 2737.16, "end": 2737.56, "word": " production", "probability": 0.94677734375}, {"start": 2737.56, "end": 2737.8, "word": " over", "probability": 0.912109375}, {"start": 2737.8, "end": 2737.98, "word": " the", "probability": 0.89453125}, {"start": 2737.98, "end": 2738.24, "word": " change", "probability": 0.9072265625}, {"start": 2738.24, "end": 2738.54, "word": " of", "probability": 0.58935546875}, {"start": 2738.54, "end": 2739.1, "word": " quantity", "probability": 0.6767578125}, {"start": 2739.1, "end": 2739.28, "word": " of", "probability": 0.955078125}, {"start": 2739.28, "end": 2739.56, "word": " labor,", "probability": 0.92626953125}, {"start": 2739.84, "end": 2739.94, "word": " or", "probability": 0.7529296875}, {"start": 2739.94, "end": 2740.22, "word": " L.", "probability": 0.8798828125}], "temperature": 1.0}, {"id": 97, "seek": 276887, "start": 2740.81, "end": 2768.87, "text": " Right? Margin production of machines equals change in total production over change in machines, number of machines. I'm going to take sigma here. See here, had I had a, I'm going to change and multiply it by, this here and had a marginal rate of technical substitution, labor for machines. Okay? Fine.", "tokens": [1779, 30, 2039, 1494, 4265, 295, 8379, 6915, 1319, 294, 3217, 4265, 670, 1319, 294, 8379, 11, 1230, 295, 8379, 13, 286, 478, 516, 281, 747, 12771, 510, 13, 3008, 510, 11, 632, 286, 632, 257, 11, 286, 478, 516, 281, 1319, 293, 12972, 309, 538, 11, 341, 510, 293, 632, 257, 16885, 3314, 295, 6191, 35827, 11, 5938, 337, 8379, 13, 1033, 30, 12024, 13], "avg_logprob": -0.5153917839278036, "compression_ratio": 1.6149732620320856, "no_speech_prob": 1.1920928955078125e-07, "words": [{"start": 2740.81, "end": 2741.37, "word": " Right?", "probability": 0.276611328125}, {"start": 2741.79, "end": 2742.35, "word": " Margin", "probability": 0.958251953125}, {"start": 2742.35, "end": 2742.75, "word": " production", "probability": 0.46923828125}, {"start": 2742.75, "end": 2742.99, "word": " of", "probability": 0.71142578125}, {"start": 2742.99, "end": 2743.49, "word": " machines", "probability": 0.95263671875}, {"start": 2743.49, "end": 2744.65, "word": " equals", "probability": 0.86279296875}, {"start": 2744.65, "end": 2745.51, "word": " change", "probability": 0.64990234375}, {"start": 2745.51, "end": 2745.65, "word": " in", "probability": 0.9248046875}, {"start": 2745.65, "end": 2745.83, "word": " total", "probability": 0.859375}, {"start": 2745.83, "end": 2746.35, "word": " production", "probability": 0.955078125}, {"start": 2746.35, "end": 2746.77, "word": " over", "probability": 0.91015625}, {"start": 2746.77, "end": 2747.17, "word": " change", "probability": 0.796875}, {"start": 2747.17, "end": 2747.33, "word": " in", "probability": 0.90771484375}, {"start": 2747.33, "end": 2747.79, "word": " machines,", "probability": 0.93017578125}, {"start": 2748.11, "end": 2748.37, "word": " number", "probability": 0.469970703125}, {"start": 2748.37, "end": 2748.51, "word": " of", "probability": 0.90576171875}, {"start": 2748.51, "end": 2748.91, "word": " machines.", "probability": 0.9482421875}, {"start": 2750.55, "end": 2750.87, "word": " I'm", "probability": 0.413330078125}, {"start": 2750.87, "end": 2750.95, "word": " going", "probability": 0.64501953125}, {"start": 2750.95, "end": 2750.99, "word": " to", "probability": 0.96435546875}, {"start": 2750.99, "end": 2751.17, "word": " take", "probability": 0.59619140625}, {"start": 2751.17, "end": 2751.45, "word": " sigma", "probability": 0.455322265625}, {"start": 2751.45, "end": 2751.79, "word": " here.", "probability": 0.1502685546875}, {"start": 2751.91, "end": 2752.05, "word": " See", "probability": 0.240234375}, {"start": 2752.05, "end": 2752.19, "word": " here,", "probability": 0.283935546875}, {"start": 2752.23, "end": 2752.45, "word": " had", "probability": 0.505859375}, {"start": 2752.45, "end": 2752.59, "word": " I", "probability": 0.29736328125}, {"start": 2752.59, "end": 2752.81, "word": " had", "probability": 0.6650390625}, {"start": 2752.81, "end": 2753.63, "word": " a,", "probability": 0.476806640625}, {"start": 2753.69, "end": 2754.63, "word": " I'm", "probability": 0.80517578125}, {"start": 2754.63, "end": 2754.73, "word": " going", "probability": 0.86572265625}, {"start": 2754.73, "end": 2754.77, "word": " to", "probability": 0.95947265625}, {"start": 2754.77, "end": 2755.11, "word": " change", "probability": 0.89111328125}, {"start": 2755.11, "end": 2755.23, "word": " and", "probability": 0.2265625}, {"start": 2755.23, "end": 2755.61, "word": " multiply", "probability": 0.79443359375}, {"start": 2755.61, "end": 2755.83, "word": " it", "probability": 0.93994140625}, {"start": 2755.83, "end": 2756.11, "word": " by,", "probability": 0.97119140625}, {"start": 2756.21, "end": 2756.37, "word": " this", "probability": 0.15234375}, {"start": 2756.37, "end": 2756.59, "word": " here", "probability": 0.8359375}, {"start": 2756.59, "end": 2756.79, "word": " and", "probability": 0.39013671875}, {"start": 2756.79, "end": 2757.71, "word": " had", "probability": 0.450927734375}, {"start": 2757.71, "end": 2757.85, "word": " a", "probability": 0.77685546875}, {"start": 2757.85, "end": 2758.13, "word": " marginal", "probability": 0.23095703125}, {"start": 2758.13, "end": 2758.77, "word": " rate", "probability": 0.97314453125}, {"start": 2758.77, "end": 2758.93, "word": " of", "probability": 0.90576171875}, {"start": 2758.93, "end": 2759.25, "word": " technical", "probability": 0.94482421875}, {"start": 2759.25, "end": 2759.93, "word": " substitution,", "probability": 0.865234375}, {"start": 2760.45, "end": 2760.69, "word": " labor", "probability": 0.78955078125}, {"start": 2760.69, "end": 2761.03, "word": " for", "probability": 0.91455078125}, {"start": 2761.03, "end": 2761.59, "word": " machines.", "probability": 0.9384765625}, {"start": 2766.05, "end": 2766.61, "word": " Okay?", "probability": 0.324951171875}, {"start": 2768.41, "end": 2768.87, "word": " Fine.", "probability": 0.362060546875}], "temperature": 1.0}, {"id": 98, "seek": 279236, "start": 2770.7, "end": 2792.36, "text": " Okay, let's go to something else. Let's go to the producer budget line. The producer, iso coastline.", "tokens": [1033, 11, 718, 311, 352, 281, 746, 1646, 13, 961, 311, 352, 281, 264, 12314, 4706, 1622, 13, 440, 12314, 11, 307, 78, 8684, 1889, 13], "avg_logprob": -0.26548031082859747, "compression_ratio": 1.216867469879518, "no_speech_prob": 0.0, "words": [{"start": 2770.7, "end": 2771.5, "word": " Okay,", "probability": 0.1505126953125}, {"start": 2772.06, "end": 2772.26, "word": " let's", "probability": 0.947998046875}, {"start": 2772.26, "end": 2772.38, "word": " go", "probability": 0.96533203125}, {"start": 2772.38, "end": 2772.5, "word": " to", "probability": 0.9482421875}, {"start": 2772.5, "end": 2772.78, "word": " something", "probability": 0.8740234375}, {"start": 2772.78, "end": 2773.2, "word": " else.", "probability": 0.92138671875}, {"start": 2782.92, "end": 2783.72, "word": " Let's", "probability": 0.835205078125}, {"start": 2783.72, "end": 2783.9, "word": " go", "probability": 0.96728515625}, {"start": 2783.9, "end": 2784.06, "word": " to", "probability": 0.96142578125}, {"start": 2784.06, "end": 2784.18, "word": " the", "probability": 0.91259765625}, {"start": 2784.18, "end": 2784.56, "word": " producer", "probability": 0.91943359375}, {"start": 2784.56, "end": 2784.92, "word": " budget", "probability": 0.83935546875}, {"start": 2784.92, "end": 2785.36, "word": " line.", "probability": 0.94921875}, {"start": 2787.34, "end": 2787.46, "word": " The", "probability": 0.85498046875}, {"start": 2787.46, "end": 2787.96, "word": " producer,", "probability": 0.9208984375}, {"start": 2789.78, "end": 2791.18, "word": " iso", "probability": 0.398681640625}, {"start": 2791.18, "end": 2792.36, "word": " coastline.", "probability": 0.636474609375}], "temperature": 1.0}, {"id": 99, "seek": 282703, "start": 2816.39, "end": 2827.03, "text": " The producer budget line. The producer ISO cost line. Cost.", "tokens": [440, 12314, 4706, 1622, 13, 440, 12314, 25042, 2063, 1622, 13, 20863, 13], "avg_logprob": -0.5128348129136222, "compression_ratio": 1.2244897959183674, "no_speech_prob": 0.0, "words": [{"start": 2816.39, "end": 2817.79, "word": " The", "probability": 0.11370849609375}, {"start": 2817.79, "end": 2819.19, "word": " producer", "probability": 0.875}, {"start": 2819.19, "end": 2819.57, "word": " budget", "probability": 0.7626953125}, {"start": 2819.57, "end": 2820.07, "word": " line.", "probability": 0.94580078125}, {"start": 2821.23, "end": 2821.25, "word": " The", "probability": 0.1412353515625}, {"start": 2821.25, "end": 2822.35, "word": " producer", "probability": 0.73046875}, {"start": 2822.35, "end": 2823.11, "word": " ISO", "probability": 0.46533203125}, {"start": 2823.11, "end": 2823.81, "word": " cost", "probability": 0.433349609375}, {"start": 2823.81, "end": 2824.27, "word": " line.", "probability": 0.93896484375}, {"start": 2826.09, "end": 2827.03, "word": " Cost.", "probability": 0.83642578125}], "temperature": 1.0}, {"id": 100, "seek": 286999, "start": 2840.45, "end": 2869.99, "text": " The ISO cost line. Which equals the budget line for the consumer. Had equals the budget line for the consumer. But it is for the producer. Producer has", "tokens": [440, 25042, 2063, 1622, 13, 3013, 6915, 264, 4706, 1622, 337, 264, 9711, 13, 12298, 6915, 264, 4706, 1622, 337, 264, 9711, 13, 583, 309, 307, 337, 264, 12314, 13, 33034, 575], "avg_logprob": -0.25828598484848486, "compression_ratio": 1.6, "no_speech_prob": 0.0, "words": [{"start": 2840.45, "end": 2840.61, "word": " The", "probability": 0.388916015625}, {"start": 2840.61, "end": 2840.95, "word": " ISO", "probability": 0.57666015625}, {"start": 2840.95, "end": 2841.39, "word": " cost", "probability": 0.3681640625}, {"start": 2841.39, "end": 2841.75, "word": " line.", "probability": 0.93017578125}, {"start": 2849.79, "end": 2850.67, "word": " Which", "probability": 0.78125}, {"start": 2850.67, "end": 2851.39, "word": " equals", "probability": 0.90087890625}, {"start": 2851.39, "end": 2852.19, "word": " the", "probability": 0.8681640625}, {"start": 2852.19, "end": 2852.51, "word": " budget", "probability": 0.88330078125}, {"start": 2852.51, "end": 2852.87, "word": " line", "probability": 0.837890625}, {"start": 2852.87, "end": 2853.11, "word": " for", "probability": 0.951171875}, {"start": 2853.11, "end": 2853.27, "word": " the", "probability": 0.916015625}, {"start": 2853.27, "end": 2853.85, "word": " consumer.", "probability": 0.833984375}, {"start": 2854.93, "end": 2854.99, "word": " Had", "probability": 0.48193359375}, {"start": 2854.99, "end": 2855.49, "word": " equals", "probability": 0.400390625}, {"start": 2855.49, "end": 2857.83, "word": " the", "probability": 0.74658203125}, {"start": 2857.83, "end": 2858.25, "word": " budget", "probability": 0.8857421875}, {"start": 2858.25, "end": 2858.69, "word": " line", "probability": 0.935546875}, {"start": 2858.69, "end": 2859.13, "word": " for", "probability": 0.9013671875}, {"start": 2859.13, "end": 2859.29, "word": " the", "probability": 0.9150390625}, {"start": 2859.29, "end": 2859.79, "word": " consumer.", "probability": 0.8310546875}, {"start": 2863.39, "end": 2864.27, "word": " But", "probability": 0.818359375}, {"start": 2864.27, "end": 2864.41, "word": " it", "probability": 0.87646484375}, {"start": 2864.41, "end": 2864.57, "word": " is", "probability": 0.92138671875}, {"start": 2864.57, "end": 2864.93, "word": " for", "probability": 0.9052734375}, {"start": 2864.93, "end": 2865.27, "word": " the", "probability": 0.91796875}, {"start": 2865.27, "end": 2865.69, "word": " producer.", "probability": 0.916015625}, {"start": 2868.55, "end": 2869.43, "word": " Producer", "probability": 0.76025390625}, {"start": 2869.43, "end": 2869.99, "word": " has", "probability": 0.9501953125}], "temperature": 1.0}, {"id": 101, "seek": 290080, "start": 2872.82, "end": 2900.8, "text": " To understand the idea here, let's have the following example. Had equals, I'm talking about the ISO cost line for the producer. It's quite similar to the budget line for the consumer. Just matching. Okay. If a company has", "tokens": [1407, 1223, 264, 1558, 510, 11, 718, 311, 362, 264, 3480, 1365, 13, 12298, 6915, 11, 286, 478, 1417, 466, 264, 25042, 2063, 1622, 337, 264, 12314, 13, 467, 311, 1596, 2531, 281, 264, 4706, 1622, 337, 264, 9711, 13, 1449, 14324, 13, 1033, 13, 759, 257, 2237, 575], "avg_logprob": -0.24359374701976777, "compression_ratio": 1.4025157232704402, "no_speech_prob": 0.0, "words": [{"start": 2872.82, "end": 2873.0, "word": " To", "probability": 0.68505859375}, {"start": 2873.0, "end": 2873.5, "word": " understand", "probability": 0.8095703125}, {"start": 2873.5, "end": 2873.7, "word": " the", "probability": 0.90869140625}, {"start": 2873.7, "end": 2874.1, "word": " idea", "probability": 0.93994140625}, {"start": 2874.1, "end": 2874.6, "word": " here,", "probability": 0.56640625}, {"start": 2875.52, "end": 2875.92, "word": " let's", "probability": 0.96533203125}, {"start": 2875.92, "end": 2876.2, "word": " have", "probability": 0.94970703125}, {"start": 2876.2, "end": 2876.34, "word": " the", "probability": 0.57763671875}, {"start": 2876.34, "end": 2876.64, "word": " following", "probability": 0.9130859375}, {"start": 2876.64, "end": 2877.3, "word": " example.", "probability": 0.97509765625}, {"start": 2879.8, "end": 2880.04, "word": " Had", "probability": 0.1556396484375}, {"start": 2880.04, "end": 2882.56, "word": " equals,", "probability": 0.30224609375}, {"start": 2882.72, "end": 2883.44, "word": " I'm", "probability": 0.819091796875}, {"start": 2883.44, "end": 2883.7, "word": " talking", "probability": 0.8466796875}, {"start": 2883.7, "end": 2884.44, "word": " about", "probability": 0.81005859375}, {"start": 2884.44, "end": 2884.72, "word": " the", "probability": 0.82275390625}, {"start": 2884.72, "end": 2885.22, "word": " ISO", "probability": 0.8701171875}, {"start": 2885.22, "end": 2885.92, "word": " cost", "probability": 0.755859375}, {"start": 2885.92, "end": 2886.26, "word": " line", "probability": 0.86669921875}, {"start": 2886.26, "end": 2886.56, "word": " for", "probability": 0.94775390625}, {"start": 2886.56, "end": 2886.74, "word": " the", "probability": 0.9130859375}, {"start": 2886.74, "end": 2887.2, "word": " producer.", "probability": 0.92578125}, {"start": 2887.72, "end": 2888.26, "word": " It's", "probability": 0.702392578125}, {"start": 2888.26, "end": 2888.68, "word": " quite", "probability": 0.74462890625}, {"start": 2888.68, "end": 2889.16, "word": " similar", "probability": 0.9658203125}, {"start": 2889.16, "end": 2889.5, "word": " to", "probability": 0.97021484375}, {"start": 2889.5, "end": 2889.96, "word": " the", "probability": 0.921875}, {"start": 2889.96, "end": 2890.34, "word": " budget", "probability": 0.89013671875}, {"start": 2890.34, "end": 2890.7, "word": " line", "probability": 0.947265625}, {"start": 2890.7, "end": 2890.94, "word": " for", "probability": 0.947265625}, {"start": 2890.94, "end": 2891.1, "word": " the", "probability": 0.91259765625}, {"start": 2891.1, "end": 2891.62, "word": " consumer.", "probability": 0.83349609375}, {"start": 2894.02, "end": 2894.88, "word": " Just", "probability": 0.890625}, {"start": 2894.88, "end": 2895.5, "word": " matching.", "probability": 0.84326171875}, {"start": 2897.84, "end": 2898.08, "word": " Okay.", "probability": 0.56298828125}, {"start": 2899.12, "end": 2899.66, "word": " If", "probability": 0.97607421875}, {"start": 2899.66, "end": 2900.02, "word": " a", "probability": 0.99755859375}, {"start": 2900.02, "end": 2900.36, "word": " company", "probability": 0.923828125}, {"start": 2900.36, "end": 2900.8, "word": " has", "probability": 0.94970703125}], "temperature": 1.0}, {"id": 102, "seek": 293618, "start": 2910.24, "end": 2936.18, "text": " $1000 is available or available to pay spend on two factors of production, labor and machines. Two factors", "tokens": [1848, 21199, 307, 2435, 420, 2435, 281, 1689, 3496, 322, 732, 6771, 295, 4265, 11, 5938, 293, 8379, 13, 4453, 6771], "avg_logprob": -0.3238636241717772, "compression_ratio": 1.202247191011236, "no_speech_prob": 0.0, "words": [{"start": 2910.2400000000002, "end": 2911.38, "word": " $1000", "probability": 0.5560302734375}, {"start": 2911.38, "end": 2912.52, "word": " is", "probability": 0.59521484375}, {"start": 2912.52, "end": 2913.08, "word": " available", "probability": 0.853515625}, {"start": 2913.08, "end": 2915.86, "word": " or", "probability": 0.372802734375}, {"start": 2915.86, "end": 2916.4, "word": " available", "probability": 0.86181640625}, {"start": 2916.4, "end": 2921.24, "word": " to", "probability": 0.9091796875}, {"start": 2921.24, "end": 2921.56, "word": " pay", "probability": 0.374755859375}, {"start": 2921.56, "end": 2921.94, "word": " spend", "probability": 0.495361328125}, {"start": 2921.94, "end": 2928.56, "word": " on", "probability": 0.90234375}, {"start": 2928.56, "end": 2930.3, "word": " two", "probability": 0.93798828125}, {"start": 2930.3, "end": 2930.88, "word": " factors", "probability": 0.9306640625}, {"start": 2930.88, "end": 2931.1, "word": " of", "probability": 0.74609375}, {"start": 2931.1, "end": 2931.52, "word": " production,", "probability": 0.970703125}, {"start": 2931.68, "end": 2931.88, "word": " labor", "probability": 0.908203125}, {"start": 2931.88, "end": 2932.08, "word": " and", "probability": 0.84912109375}, {"start": 2932.08, "end": 2932.64, "word": " machines.", "probability": 0.9541015625}, {"start": 2934.0, "end": 2934.64, "word": " Two", "probability": 0.88525390625}, {"start": 2934.64, "end": 2936.18, "word": " factors", "probability": 0.95263671875}], "temperature": 1.0}, {"id": 103, "seek": 296701, "start": 2938.37, "end": 2967.01, "text": " of production, labor, and machines. If a company has $1000 available to pay spent on two factors of production, labor and machines, if the price per unit", "tokens": [295, 4265, 11, 5938, 11, 293, 8379, 13, 759, 257, 2237, 575, 1848, 21199, 2435, 281, 1689, 4418, 322, 732, 6771, 295, 4265, 11, 5938, 293, 8379, 11, 498, 264, 3218, 680, 4985], "avg_logprob": -0.2545955768402885, "compression_ratio": 1.4, "no_speech_prob": 0.0, "words": [{"start": 2938.37, "end": 2938.65, "word": " of", "probability": 0.52880859375}, {"start": 2938.65, "end": 2939.33, "word": " production,", "probability": 0.6845703125}, {"start": 2943.47, "end": 2943.91, "word": " labor,", "probability": 0.56982421875}, {"start": 2944.55, "end": 2947.13, "word": " and", "probability": 0.9384765625}, {"start": 2947.13, "end": 2948.55, "word": " machines.", "probability": 0.9150390625}, {"start": 2951.79, "end": 2952.69, "word": " If", "probability": 0.95654296875}, {"start": 2952.69, "end": 2952.83, "word": " a", "probability": 0.98583984375}, {"start": 2952.83, "end": 2953.11, "word": " company", "probability": 0.90234375}, {"start": 2953.11, "end": 2953.59, "word": " has", "probability": 0.95458984375}, {"start": 2953.59, "end": 2954.07, "word": " $1000", "probability": 0.5791015625}, {"start": 2954.07, "end": 2955.15, "word": " available", "probability": 0.79541015625}, {"start": 2955.15, "end": 2956.17, "word": " to", "probability": 0.92919921875}, {"start": 2956.17, "end": 2956.51, "word": " pay", "probability": 0.92236328125}, {"start": 2956.51, "end": 2956.97, "word": " spent", "probability": 0.685546875}, {"start": 2956.97, "end": 2957.27, "word": " on", "probability": 0.943359375}, {"start": 2957.27, "end": 2957.47, "word": " two", "probability": 0.8779296875}, {"start": 2957.47, "end": 2957.83, "word": " factors", "probability": 0.6904296875}, {"start": 2957.83, "end": 2957.97, "word": " of", "probability": 0.63330078125}, {"start": 2957.97, "end": 2958.37, "word": " production,", "probability": 0.96728515625}, {"start": 2958.49, "end": 2958.65, "word": " labor", "probability": 0.88818359375}, {"start": 2958.65, "end": 2958.81, "word": " and", "probability": 0.63623046875}, {"start": 2958.81, "end": 2959.35, "word": " machines,", "probability": 0.9365234375}, {"start": 2963.01, "end": 2963.61, "word": " if", "probability": 0.92236328125}, {"start": 2963.61, "end": 2964.53, "word": " the", "probability": 0.9208984375}, {"start": 2964.53, "end": 2964.95, "word": " price", "probability": 0.92138671875}, {"start": 2964.95, "end": 2966.67, "word": " per", "probability": 0.8994140625}, {"start": 2966.67, "end": 2967.01, "word": " unit", "probability": 0.9560546875}], "temperature": 1.0}, {"id": 104, "seek": 299784, "start": 2969.56, "end": 2997.84, "text": " of labor PL equals twenty dollars and price per unit of machines equals", "tokens": [295, 5938, 6999, 6915, 7699, 3808, 293, 3218, 680, 4985, 295, 8379, 6915], "avg_logprob": -0.45340401785714285, "compression_ratio": 1.0285714285714285, "no_speech_prob": 0.0, "words": [{"start": 2969.56, "end": 2970.02, "word": " of", "probability": 0.64013671875}, {"start": 2970.02, "end": 2972.2, "word": " labor", "probability": 0.5859375}, {"start": 2972.2, "end": 2978.16, "word": " PL", "probability": 0.1397705078125}, {"start": 2978.16, "end": 2979.92, "word": " equals", "probability": 0.67041015625}, {"start": 2979.92, "end": 2980.84, "word": " twenty", "probability": 0.358642578125}, {"start": 2980.84, "end": 2981.36, "word": " dollars", "probability": 0.92822265625}, {"start": 2981.36, "end": 2985.94, "word": " and", "probability": 0.79541015625}, {"start": 2985.94, "end": 2989.7, "word": " price", "probability": 0.77099609375}, {"start": 2989.7, "end": 2991.22, "word": " per", "probability": 0.366943359375}, {"start": 2991.22, "end": 2991.56, "word": " unit", "probability": 0.91650390625}, {"start": 2991.56, "end": 2994.2, "word": " of", "probability": 0.9443359375}, {"start": 2994.2, "end": 2994.96, "word": " machines", "probability": 0.888671875}, {"start": 2994.96, "end": 2997.84, "word": " equals", "probability": 0.69189453125}], "temperature": 1.0}, {"id": 105, "seek": 302670, "start": 3000.92, "end": 3026.7, "text": " $40. Here, L is X, M is Y. Price of X, price of Y. The total cost is quite similar to the consumer income, which is spent to buy different bundles of goods.", "tokens": [1848, 5254, 13, 1692, 11, 441, 307, 1783, 11, 376, 307, 398, 13, 25803, 295, 1783, 11, 3218, 295, 398, 13, 440, 3217, 2063, 307, 1596, 2531, 281, 264, 9711, 5742, 11, 597, 307, 4418, 281, 2256, 819, 13882, 904, 295, 10179, 13], "avg_logprob": -0.2134233025664633, "compression_ratio": 1.2265625, "no_speech_prob": 0.0, "words": [{"start": 3000.9199999999996, "end": 3001.68, "word": " $40.", "probability": 0.6400146484375}, {"start": 3004.94, "end": 3005.7, "word": " Here,", "probability": 0.8271484375}, {"start": 3006.08, "end": 3006.46, "word": " L", "probability": 0.84033203125}, {"start": 3006.46, "end": 3006.8, "word": " is", "probability": 0.9453125}, {"start": 3006.8, "end": 3007.3, "word": " X,", "probability": 0.794921875}, {"start": 3008.86, "end": 3010.18, "word": " M", "probability": 0.94970703125}, {"start": 3010.18, "end": 3010.46, "word": " is", "probability": 0.958984375}, {"start": 3010.46, "end": 3010.8, "word": " Y.", "probability": 0.98876953125}, {"start": 3011.58, "end": 3012.0, "word": " Price", "probability": 0.88720703125}, {"start": 3012.0, "end": 3012.16, "word": " of", "probability": 0.96484375}, {"start": 3012.16, "end": 3012.4, "word": " X,", "probability": 0.9892578125}, {"start": 3012.56, "end": 3012.76, "word": " price", "probability": 0.919921875}, {"start": 3012.76, "end": 3013.06, "word": " of", "probability": 0.96533203125}, {"start": 3013.06, "end": 3013.64, "word": " Y.", "probability": 0.99853515625}, {"start": 3016.6, "end": 3017.36, "word": " The", "probability": 0.712890625}, {"start": 3017.36, "end": 3018.48, "word": " total", "probability": 0.8759765625}, {"start": 3018.48, "end": 3019.14, "word": " cost", "probability": 0.92919921875}, {"start": 3019.14, "end": 3020.5, "word": " is", "probability": 0.93017578125}, {"start": 3020.5, "end": 3020.88, "word": " quite", "probability": 0.78857421875}, {"start": 3020.88, "end": 3021.4, "word": " similar", "probability": 0.966796875}, {"start": 3021.4, "end": 3021.72, "word": " to", "probability": 0.369384765625}, {"start": 3021.72, "end": 3022.0, "word": " the", "probability": 0.8408203125}, {"start": 3022.0, "end": 3022.4, "word": " consumer", "probability": 0.84619140625}, {"start": 3022.4, "end": 3022.76, "word": " income,", "probability": 0.9189453125}, {"start": 3023.02, "end": 3023.12, "word": " which", "probability": 0.9482421875}, {"start": 3023.12, "end": 3023.38, "word": " is", "probability": 0.92138671875}, {"start": 3023.38, "end": 3024.42, "word": " spent", "probability": 0.83447265625}, {"start": 3024.42, "end": 3025.34, "word": " to", "probability": 0.9560546875}, {"start": 3025.34, "end": 3025.56, "word": " buy", "probability": 0.91552734375}, {"start": 3025.56, "end": 3025.9, "word": " different", "probability": 0.8359375}, {"start": 3025.9, "end": 3026.32, "word": " bundles", "probability": 0.60272216796875}, {"start": 3026.32, "end": 3026.52, "word": " of", "probability": 0.9677734375}, {"start": 3026.52, "end": 3026.7, "word": " goods.", "probability": 0.9189453125}], "temperature": 1.0}, {"id": 106, "seek": 305355, "start": 3027.73, "end": 3053.55, "text": " Right? Now we have the producer and this producer tends to allocate his total cost to buy labor and machines. If the price of L equals how much? $20 and the price per machine equals 40. Derive the budget line for the producer or the ISO cost line here.", "tokens": [1779, 30, 823, 321, 362, 264, 12314, 293, 341, 12314, 12258, 281, 35713, 702, 3217, 2063, 281, 2256, 5938, 293, 8379, 13, 759, 264, 3218, 295, 441, 6915, 577, 709, 30, 1848, 2009, 293, 264, 3218, 680, 3479, 6915, 3356, 13, 5618, 488, 264, 4706, 1622, 337, 264, 12314, 420, 264, 25042, 2063, 1622, 510, 13], "avg_logprob": -0.17955043441370913, "compression_ratio": 1.5714285714285714, "no_speech_prob": 0.0, "words": [{"start": 3027.73, "end": 3028.07, "word": " Right?", "probability": 0.62451171875}, {"start": 3028.85, "end": 3029.09, "word": " Now", "probability": 0.94287109375}, {"start": 3029.09, "end": 3029.29, "word": " we", "probability": 0.83544921875}, {"start": 3029.29, "end": 3029.53, "word": " have", "probability": 0.95068359375}, {"start": 3029.53, "end": 3029.67, "word": " the", "probability": 0.6533203125}, {"start": 3029.67, "end": 3030.35, "word": " producer", "probability": 0.9267578125}, {"start": 3030.35, "end": 3030.91, "word": " and", "probability": 0.4462890625}, {"start": 3030.91, "end": 3031.11, "word": " this", "probability": 0.935546875}, {"start": 3031.11, "end": 3031.59, "word": " producer", "probability": 0.92529296875}, {"start": 3031.59, "end": 3032.23, "word": " tends", "probability": 0.71240234375}, {"start": 3032.23, "end": 3032.47, "word": " to", "probability": 0.96826171875}, {"start": 3032.47, "end": 3033.19, "word": " allocate", "probability": 0.94140625}, {"start": 3033.19, "end": 3033.51, "word": " his", "probability": 0.96240234375}, {"start": 3033.51, "end": 3033.95, "word": " total", "probability": 0.8876953125}, {"start": 3033.95, "end": 3034.51, "word": " cost", "probability": 0.73974609375}, {"start": 3034.51, "end": 3035.19, "word": " to", "probability": 0.9072265625}, {"start": 3035.19, "end": 3035.53, "word": " buy", "probability": 0.91259765625}, {"start": 3035.53, "end": 3036.07, "word": " labor", "probability": 0.794921875}, {"start": 3036.07, "end": 3036.73, "word": " and", "probability": 0.931640625}, {"start": 3036.73, "end": 3037.43, "word": " machines.", "probability": 0.953125}, {"start": 3038.55, "end": 3038.85, "word": " If", "probability": 0.96435546875}, {"start": 3038.85, "end": 3039.03, "word": " the", "probability": 0.904296875}, {"start": 3039.03, "end": 3039.35, "word": " price", "probability": 0.91943359375}, {"start": 3039.35, "end": 3039.55, "word": " of", "probability": 0.9384765625}, {"start": 3039.55, "end": 3039.89, "word": " L", "probability": 0.46728515625}, {"start": 3039.89, "end": 3040.79, "word": " equals", "probability": 0.93896484375}, {"start": 3040.79, "end": 3042.75, "word": " how", "probability": 0.6943359375}, {"start": 3042.75, "end": 3043.29, "word": " much?", "probability": 0.91796875}, {"start": 3043.85, "end": 3044.27, "word": " $20", "probability": 0.798828125}, {"start": 3044.27, "end": 3045.11, "word": " and", "probability": 0.484130859375}, {"start": 3045.11, "end": 3045.31, "word": " the", "probability": 0.82666015625}, {"start": 3045.31, "end": 3045.57, "word": " price", "probability": 0.90576171875}, {"start": 3045.57, "end": 3045.79, "word": " per", "probability": 0.92578125}, {"start": 3045.79, "end": 3046.25, "word": " machine", "probability": 0.88720703125}, {"start": 3046.25, "end": 3047.01, "word": " equals", "probability": 0.9072265625}, {"start": 3047.01, "end": 3047.65, "word": " 40.", "probability": 0.591796875}, {"start": 3048.99, "end": 3049.51, "word": " Derive", "probability": 0.897705078125}, {"start": 3049.51, "end": 3050.07, "word": " the", "probability": 0.91357421875}, {"start": 3050.07, "end": 3050.47, "word": " budget", "probability": 0.9072265625}, {"start": 3050.47, "end": 3050.93, "word": " line", "probability": 0.94775390625}, {"start": 3050.93, "end": 3051.19, "word": " for", "probability": 0.93505859375}, {"start": 3051.19, "end": 3051.31, "word": " the", "probability": 0.91796875}, {"start": 3051.31, "end": 3051.69, "word": " producer", "probability": 0.91650390625}, {"start": 3051.69, "end": 3051.93, "word": " or", "probability": 0.884765625}, {"start": 3051.93, "end": 3052.15, "word": " the", "probability": 0.8994140625}, {"start": 3052.15, "end": 3052.43, "word": " ISO", "probability": 0.65966796875}, {"start": 3052.43, "end": 3052.91, "word": " cost", "probability": 0.85009765625}, {"start": 3052.91, "end": 3053.25, "word": " line", "probability": 0.92822265625}, {"start": 3053.25, "end": 3053.55, "word": " here.", "probability": 0.77734375}], "temperature": 1.0}, {"id": 107, "seek": 308357, "start": 3054.27, "end": 3083.57, "text": " and the budget line formula, isocost line formula, and the draw. Okay. So number one, derive and draw the budget line here or the isocost line, and the isocost line formula.", "tokens": [293, 264, 4706, 1622, 8513, 11, 307, 905, 555, 1622, 8513, 11, 293, 264, 2642, 13, 1033, 13, 407, 1230, 472, 11, 28446, 293, 2642, 264, 4706, 1622, 510, 420, 264, 307, 905, 555, 1622, 11, 293, 264, 307, 905, 555, 1622, 8513, 13], "avg_logprob": -0.23750000662273832, "compression_ratio": 1.7938144329896908, "no_speech_prob": 0.0, "words": [{"start": 3054.27, "end": 3054.53, "word": " and", "probability": 0.55908203125}, {"start": 3054.53, "end": 3054.69, "word": " the", "probability": 0.8779296875}, {"start": 3054.69, "end": 3055.01, "word": " budget", "probability": 0.814453125}, {"start": 3055.01, "end": 3055.33, "word": " line", "probability": 0.9345703125}, {"start": 3055.33, "end": 3055.87, "word": " formula,", "probability": 0.91943359375}, {"start": 3056.69, "end": 3057.31, "word": " isocost", "probability": 0.6294759114583334}, {"start": 3057.31, "end": 3057.57, "word": " line", "probability": 0.92041015625}, {"start": 3057.57, "end": 3058.11, "word": " formula,", "probability": 0.9013671875}, {"start": 3058.87, "end": 3059.15, "word": " and", "probability": 0.94091796875}, {"start": 3059.15, "end": 3059.29, "word": " the", "probability": 0.67333984375}, {"start": 3059.29, "end": 3059.51, "word": " draw.", "probability": 0.7099609375}, {"start": 3060.03, "end": 3060.95, "word": " Okay.", "probability": 0.52392578125}, {"start": 3062.09, "end": 3062.35, "word": " So", "probability": 0.88037109375}, {"start": 3062.35, "end": 3062.81, "word": " number", "probability": 0.72900390625}, {"start": 3062.81, "end": 3063.15, "word": " one,", "probability": 0.63232421875}, {"start": 3065.53, "end": 3066.07, "word": " derive", "probability": 0.82177734375}, {"start": 3066.07, "end": 3068.57, "word": " and", "probability": 0.921875}, {"start": 3068.57, "end": 3069.05, "word": " draw", "probability": 0.78955078125}, {"start": 3069.05, "end": 3071.81, "word": " the", "probability": 0.86279296875}, {"start": 3071.81, "end": 3072.13, "word": " budget", "probability": 0.900390625}, {"start": 3072.13, "end": 3072.59, "word": " line", "probability": 0.9375}, {"start": 3072.59, "end": 3072.85, "word": " here", "probability": 0.82666015625}, {"start": 3072.85, "end": 3073.11, "word": " or", "probability": 0.783203125}, {"start": 3073.11, "end": 3073.35, "word": " the", "probability": 0.92041015625}, {"start": 3073.35, "end": 3074.19, "word": " isocost", "probability": 0.9611002604166666}, {"start": 3074.19, "end": 3074.69, "word": " line,", "probability": 0.9423828125}, {"start": 3079.53, "end": 3082.03, "word": " and", "probability": 0.931640625}, {"start": 3082.03, "end": 3082.23, "word": " the", "probability": 0.890625}, {"start": 3082.23, "end": 3082.85, "word": " isocost", "probability": 0.9772135416666666}, {"start": 3082.85, "end": 3083.15, "word": " line", "probability": 0.92724609375}, {"start": 3083.15, "end": 3083.57, "word": " formula.", "probability": 0.88330078125}], "temperature": 1.0}, {"id": 108, "seek": 311666, "start": 3091.48, "end": 3116.66, "text": " Then we will assume that the consumer, the producer equilibrium occurs when the budget line tangents the indifference curve or the isoquant curve tangents the isocost line. The same as the consumer. To draw? Yes. Price of labor.", "tokens": [1396, 321, 486, 6552, 300, 264, 9711, 11, 264, 12314, 15625, 11843, 562, 264, 4706, 1622, 10266, 791, 264, 1016, 351, 5158, 7605, 420, 264, 307, 29826, 394, 7605, 10266, 791, 264, 307, 905, 555, 1622, 13, 440, 912, 382, 264, 9711, 13, 1407, 2642, 30, 1079, 13, 25803, 295, 5938, 13], "avg_logprob": -0.25073704179727807, "compression_ratio": 1.5165562913907285, "no_speech_prob": 0.0, "words": [{"start": 3091.48, "end": 3091.78, "word": " Then", "probability": 0.1943359375}, {"start": 3091.78, "end": 3092.82, "word": " we", "probability": 0.7900390625}, {"start": 3092.82, "end": 3093.08, "word": " will", "probability": 0.84326171875}, {"start": 3093.08, "end": 3093.5, "word": " assume", "probability": 0.90673828125}, {"start": 3093.5, "end": 3093.84, "word": " that", "probability": 0.9150390625}, {"start": 3093.84, "end": 3093.98, "word": " the", "probability": 0.89013671875}, {"start": 3093.98, "end": 3094.48, "word": " consumer,", "probability": 0.6875}, {"start": 3094.84, "end": 3094.9, "word": " the", "probability": 0.89892578125}, {"start": 3094.9, "end": 3095.26, "word": " producer", "probability": 0.93212890625}, {"start": 3095.26, "end": 3095.72, "word": " equilibrium", "probability": 0.7724609375}, {"start": 3095.72, "end": 3096.26, "word": " occurs", "probability": 0.92919921875}, {"start": 3096.26, "end": 3096.58, "word": " when", "probability": 0.92041015625}, {"start": 3096.58, "end": 3096.96, "word": " the", "probability": 0.91748046875}, {"start": 3096.96, "end": 3097.22, "word": " budget", "probability": 0.87255859375}, {"start": 3097.22, "end": 3097.58, "word": " line", "probability": 0.943359375}, {"start": 3097.58, "end": 3098.18, "word": " tangents", "probability": 0.914794921875}, {"start": 3098.18, "end": 3098.44, "word": " the", "probability": 0.74169921875}, {"start": 3098.44, "end": 3098.76, "word": " indifference", "probability": 0.6797281901041666}, {"start": 3098.76, "end": 3098.98, "word": " curve", "probability": 0.84228515625}, {"start": 3098.98, "end": 3099.34, "word": " or", "probability": 0.65966796875}, {"start": 3099.34, "end": 3099.94, "word": " the", "probability": 0.75439453125}, {"start": 3099.94, "end": 3100.5, "word": " isoquant", "probability": 0.7665201822916666}, {"start": 3100.5, "end": 3100.78, "word": " curve", "probability": 0.88427734375}, {"start": 3100.78, "end": 3101.72, "word": " tangents", "probability": 0.967041015625}, {"start": 3101.72, "end": 3102.28, "word": " the", "probability": 0.88232421875}, {"start": 3102.28, "end": 3103.08, "word": " isocost", "probability": 0.77978515625}, {"start": 3103.08, "end": 3103.48, "word": " line.", "probability": 0.94677734375}, {"start": 3104.56, "end": 3105.04, "word": " The", "probability": 0.52490234375}, {"start": 3105.04, "end": 3107.14, "word": " same", "probability": 0.9169921875}, {"start": 3107.14, "end": 3107.56, "word": " as", "probability": 0.9697265625}, {"start": 3107.56, "end": 3107.7, "word": " the", "probability": 0.86767578125}, {"start": 3107.7, "end": 3108.22, "word": " consumer.", "probability": 0.84375}, {"start": 3111.28, "end": 3112.08, "word": " To", "probability": 0.61376953125}, {"start": 3112.08, "end": 3112.62, "word": " draw?", "probability": 0.74462890625}, {"start": 3112.82, "end": 3113.0, "word": " Yes.", "probability": 0.92578125}, {"start": 3113.34, "end": 3113.86, "word": " Price", "probability": 0.677734375}, {"start": 3113.86, "end": 3114.1, "word": " of", "probability": 0.904296875}, {"start": 3114.1, "end": 3116.66, "word": " labor.", "probability": 0.84716796875}], "temperature": 1.0}, {"id": 109, "seek": 314587, "start": 3142.57, "end": 3145.87, "text": " But you're talking about the cost of labor.", "tokens": [583, 291, 434, 1417, 466, 264, 2063, 295, 5938, 13], "avg_logprob": -0.3512073917822404, "compression_ratio": 0.8979591836734694, "no_speech_prob": 0.0, "words": [{"start": 3142.5700000000006, "end": 3143.2900000000004, "word": " But", "probability": 0.030853271484375}, {"start": 3143.2900000000004, "end": 3144.01, "word": " you're", "probability": 0.696533203125}, {"start": 3144.01, "end": 3144.25, "word": " talking", "probability": 0.86279296875}, {"start": 3144.25, "end": 3144.59, "word": " about", "probability": 0.91455078125}, {"start": 3144.59, "end": 3145.05, "word": " the", "probability": 0.89794921875}, {"start": 3145.05, "end": 3145.41, "word": " cost", "probability": 0.90576171875}, {"start": 3145.41, "end": 3145.57, "word": " of", "probability": 0.97119140625}, {"start": 3145.57, "end": 3145.87, "word": " labor.", "probability": 0.93310546875}], "temperature": 1.0}, {"id": 110, "seek": 317679, "start": 3147.51, "end": 3176.79, "text": " It might be the working hours a day, right? What is the optimal combination of labor and machine should the producer select? So here.", "tokens": [467, 1062, 312, 264, 1364, 2496, 257, 786, 11, 558, 30, 708, 307, 264, 16252, 6562, 295, 5938, 293, 3479, 820, 264, 12314, 3048, 30, 407, 510, 13], "avg_logprob": -0.2342403037794705, "compression_ratio": 1.2072072072072073, "no_speech_prob": 5.960464477539062e-07, "words": [{"start": 3147.51, "end": 3147.73, "word": " It", "probability": 0.7939453125}, {"start": 3147.73, "end": 3148.95, "word": " might", "probability": 0.8876953125}, {"start": 3148.95, "end": 3149.31, "word": " be", "probability": 0.9560546875}, {"start": 3149.31, "end": 3149.71, "word": " the", "probability": 0.8408203125}, {"start": 3149.71, "end": 3150.01, "word": " working", "probability": 0.91650390625}, {"start": 3150.01, "end": 3150.51, "word": " hours", "probability": 0.92333984375}, {"start": 3150.51, "end": 3150.79, "word": " a", "probability": 0.765625}, {"start": 3150.79, "end": 3151.05, "word": " day,", "probability": 0.96044921875}, {"start": 3151.93, "end": 3152.19, "word": " right?", "probability": 0.88525390625}, {"start": 3154.63, "end": 3155.55, "word": " What", "probability": 0.1712646484375}, {"start": 3155.55, "end": 3166.63, "word": " is", "probability": 0.91845703125}, {"start": 3166.63, "end": 3166.85, "word": " the", "probability": 0.91162109375}, {"start": 3166.85, "end": 3167.27, "word": " optimal", "probability": 0.8798828125}, {"start": 3167.27, "end": 3169.05, "word": " combination", "probability": 0.896484375}, {"start": 3169.05, "end": 3169.41, "word": " of", "probability": 0.96044921875}, {"start": 3169.41, "end": 3169.69, "word": " labor", "probability": 0.8857421875}, {"start": 3169.69, "end": 3169.87, "word": " and", "probability": 0.69873046875}, {"start": 3169.87, "end": 3170.19, "word": " machine", "probability": 0.467041015625}, {"start": 3170.19, "end": 3170.77, "word": " should", "probability": 0.91015625}, {"start": 3170.77, "end": 3171.29, "word": " the", "probability": 0.8720703125}, {"start": 3171.29, "end": 3171.89, "word": " producer", "probability": 0.91552734375}, {"start": 3171.89, "end": 3173.01, "word": " select?", "probability": 0.8349609375}, {"start": 3175.27, "end": 3176.19, "word": " So", "probability": 0.662109375}, {"start": 3176.19, "end": 3176.79, "word": " here.", "probability": 0.689453125}], "temperature": 1.0}, {"id": 111, "seek": 320221, "start": 3177.49, "end": 3202.21, "text": " derive and draw the isocost line. Where's the problem? Sometimes cost of machinery is higher than the cost of workers. It's an assumption here. To derive the budget line formula or the budget line or the isocost line,", "tokens": [28446, 293, 2642, 264, 307, 905, 555, 1622, 13, 2305, 311, 264, 1154, 30, 4803, 2063, 295, 27302, 307, 2946, 813, 264, 2063, 295, 5600, 13, 467, 311, 364, 15302, 510, 13, 1407, 28446, 264, 4706, 1622, 8513, 420, 264, 4706, 1622, 420, 264, 307, 905, 555, 1622, 11], "avg_logprob": -0.2245312488079071, "compression_ratio": 1.5352112676056338, "no_speech_prob": 0.0, "words": [{"start": 3177.49, "end": 3178.13, "word": " derive", "probability": 0.427490234375}, {"start": 3178.13, "end": 3178.73, "word": " and", "probability": 0.9130859375}, {"start": 3178.73, "end": 3179.11, "word": " draw", "probability": 0.7412109375}, {"start": 3179.11, "end": 3179.41, "word": " the", "probability": 0.916015625}, {"start": 3179.41, "end": 3180.21, "word": " isocost", "probability": 0.5642903645833334}, {"start": 3180.21, "end": 3180.65, "word": " line.", "probability": 0.91357421875}, {"start": 3185.25, "end": 3186.01, "word": " Where's", "probability": 0.404876708984375}, {"start": 3186.01, "end": 3186.11, "word": " the", "probability": 0.91357421875}, {"start": 3186.11, "end": 3186.37, "word": " problem?", "probability": 0.841796875}, {"start": 3188.03, "end": 3188.63, "word": " Sometimes", "probability": 0.91259765625}, {"start": 3188.63, "end": 3189.63, "word": " cost", "probability": 0.370849609375}, {"start": 3189.63, "end": 3189.77, "word": " of", "probability": 0.93994140625}, {"start": 3189.77, "end": 3190.17, "word": " machinery", "probability": 0.9501953125}, {"start": 3190.17, "end": 3190.81, "word": " is", "probability": 0.94970703125}, {"start": 3190.81, "end": 3191.13, "word": " higher", "probability": 0.919921875}, {"start": 3191.13, "end": 3191.41, "word": " than", "probability": 0.93994140625}, {"start": 3191.41, "end": 3191.59, "word": " the", "probability": 0.89453125}, {"start": 3191.59, "end": 3192.19, "word": " cost", "probability": 0.72265625}, {"start": 3192.19, "end": 3192.35, "word": " of", "probability": 0.95068359375}, {"start": 3192.35, "end": 3192.65, "word": " workers.", "probability": 0.87744140625}, {"start": 3192.85, "end": 3192.97, "word": " It's", "probability": 0.95703125}, {"start": 3192.97, "end": 3193.09, "word": " an", "probability": 0.94384765625}, {"start": 3193.09, "end": 3193.49, "word": " assumption", "probability": 0.97265625}, {"start": 3193.49, "end": 3193.97, "word": " here.", "probability": 0.85302734375}, {"start": 3196.39, "end": 3197.15, "word": " To", "probability": 0.479248046875}, {"start": 3197.15, "end": 3198.17, "word": " derive", "probability": 0.4423828125}, {"start": 3198.17, "end": 3198.37, "word": " the", "probability": 0.90966796875}, {"start": 3198.37, "end": 3198.71, "word": " budget", "probability": 0.88818359375}, {"start": 3198.71, "end": 3198.99, "word": " line", "probability": 0.9052734375}, {"start": 3198.99, "end": 3199.37, "word": " formula", "probability": 0.89599609375}, {"start": 3199.37, "end": 3199.97, "word": " or", "probability": 0.62841796875}, {"start": 3199.97, "end": 3200.15, "word": " the", "probability": 0.9248046875}, {"start": 3200.15, "end": 3200.43, "word": " budget", "probability": 0.8525390625}, {"start": 3200.43, "end": 3200.77, "word": " line", "probability": 0.9462890625}, {"start": 3200.77, "end": 3200.95, "word": " or", "probability": 0.92578125}, {"start": 3200.95, "end": 3201.15, "word": " the", "probability": 0.91552734375}, {"start": 3201.15, "end": 3201.77, "word": " isocost", "probability": 0.94921875}, {"start": 3201.77, "end": 3202.21, "word": " line,", "probability": 0.95458984375}], "temperature": 1.0}, {"id": 112, "seek": 322668, "start": 3203.3, "end": 3226.68, "text": " The quantity of X equals income over the price of X. Here, we can say that the quantity of labor equals the total cost, which is here $1,000.", "tokens": [440, 11275, 295, 1783, 6915, 5742, 670, 264, 3218, 295, 1783, 13, 1692, 11, 321, 393, 584, 300, 264, 11275, 295, 5938, 6915, 264, 3217, 2063, 11, 597, 307, 510, 1848, 16, 11, 1360, 13], "avg_logprob": -0.2073567650384373, "compression_ratio": 1.2678571428571428, "no_speech_prob": 0.0, "words": [{"start": 3203.3, "end": 3204.3, "word": " The", "probability": 0.0241546630859375}, {"start": 3204.3, "end": 3208.46, "word": " quantity", "probability": 0.8779296875}, {"start": 3208.46, "end": 3208.68, "word": " of", "probability": 0.95556640625}, {"start": 3208.68, "end": 3209.06, "word": " X", "probability": 0.63916015625}, {"start": 3209.06, "end": 3210.42, "word": " equals", "probability": 0.91162109375}, {"start": 3210.42, "end": 3211.94, "word": " income", "probability": 0.861328125}, {"start": 3211.94, "end": 3212.58, "word": " over", "probability": 0.90478515625}, {"start": 3212.58, "end": 3212.8, "word": " the", "probability": 0.90966796875}, {"start": 3212.8, "end": 3213.04, "word": " price", "probability": 0.92724609375}, {"start": 3213.04, "end": 3213.2, "word": " of", "probability": 0.96240234375}, {"start": 3213.2, "end": 3213.5, "word": " X.", "probability": 0.98681640625}, {"start": 3214.18, "end": 3214.76, "word": " Here,", "probability": 0.806640625}, {"start": 3215.82, "end": 3216.5, "word": " we", "probability": 0.96240234375}, {"start": 3216.5, "end": 3216.88, "word": " can", "probability": 0.94482421875}, {"start": 3216.88, "end": 3217.4, "word": " say", "probability": 0.88232421875}, {"start": 3217.4, "end": 3218.18, "word": " that", "probability": 0.91796875}, {"start": 3218.18, "end": 3218.72, "word": " the", "probability": 0.91455078125}, {"start": 3218.72, "end": 3219.42, "word": " quantity", "probability": 0.97998046875}, {"start": 3219.42, "end": 3220.66, "word": " of", "probability": 0.97265625}, {"start": 3220.66, "end": 3221.06, "word": " labor", "probability": 0.9296875}, {"start": 3221.06, "end": 3221.8, "word": " equals", "probability": 0.92822265625}, {"start": 3221.8, "end": 3222.3, "word": " the", "probability": 0.85986328125}, {"start": 3222.3, "end": 3222.76, "word": " total", "probability": 0.87890625}, {"start": 3222.76, "end": 3223.34, "word": " cost,", "probability": 0.92138671875}, {"start": 3223.48, "end": 3223.62, "word": " which", "probability": 0.951171875}, {"start": 3223.62, "end": 3224.24, "word": " is", "probability": 0.94677734375}, {"start": 3224.24, "end": 3224.96, "word": " here", "probability": 0.82666015625}, {"start": 3224.96, "end": 3226.22, "word": " $1", "probability": 0.572021484375}, {"start": 3226.22, "end": 3226.68, "word": ",000.", "probability": 0.99658203125}], "temperature": 1.0}, {"id": 113, "seek": 325102, "start": 3228.22, "end": 3251.02, "text": " which will be spent or should be spent to buy labor and machines. Equals total cost over the price of L. Equals $1000 over price of L, 20, equals 50. 50 workers.", "tokens": [597, 486, 312, 4418, 420, 820, 312, 4418, 281, 2256, 5938, 293, 8379, 13, 15624, 1124, 3217, 2063, 670, 264, 3218, 295, 441, 13, 15624, 1124, 1848, 21199, 670, 3218, 295, 441, 11, 945, 11, 6915, 2625, 13, 2625, 5600, 13], "avg_logprob": -0.20405506129775727, "compression_ratio": 1.3388429752066116, "no_speech_prob": 0.0, "words": [{"start": 3228.22, "end": 3228.6, "word": " which", "probability": 0.7490234375}, {"start": 3228.6, "end": 3229.12, "word": " will", "probability": 0.65869140625}, {"start": 3229.12, "end": 3229.36, "word": " be", "probability": 0.94677734375}, {"start": 3229.36, "end": 3229.78, "word": " spent", "probability": 0.87109375}, {"start": 3229.78, "end": 3229.98, "word": " or", "probability": 0.79345703125}, {"start": 3229.98, "end": 3230.14, "word": " should", "probability": 0.95947265625}, {"start": 3230.14, "end": 3230.32, "word": " be", "probability": 0.953125}, {"start": 3230.32, "end": 3230.76, "word": " spent", "probability": 0.87548828125}, {"start": 3230.76, "end": 3231.2, "word": " to", "probability": 0.92041015625}, {"start": 3231.2, "end": 3231.56, "word": " buy", "probability": 0.93408203125}, {"start": 3231.56, "end": 3232.08, "word": " labor", "probability": 0.87744140625}, {"start": 3232.08, "end": 3232.26, "word": " and", "probability": 0.7861328125}, {"start": 3232.26, "end": 3232.84, "word": " machines.", "probability": 0.95361328125}, {"start": 3233.54, "end": 3234.08, "word": " Equals", "probability": 0.96337890625}, {"start": 3234.08, "end": 3234.5, "word": " total", "probability": 0.81982421875}, {"start": 3234.5, "end": 3234.9, "word": " cost", "probability": 0.83154296875}, {"start": 3234.9, "end": 3235.22, "word": " over", "probability": 0.927734375}, {"start": 3235.22, "end": 3235.46, "word": " the", "probability": 0.921875}, {"start": 3235.46, "end": 3235.76, "word": " price", "probability": 0.92626953125}, {"start": 3235.76, "end": 3236.0, "word": " of", "probability": 0.96630859375}, {"start": 3236.0, "end": 3236.26, "word": " L.", "probability": 0.8759765625}, {"start": 3239.26, "end": 3240.12, "word": " Equals", "probability": 0.9755859375}, {"start": 3240.12, "end": 3241.66, "word": " $1000", "probability": 0.665283203125}, {"start": 3241.66, "end": 3243.54, "word": " over", "probability": 0.84814453125}, {"start": 3243.54, "end": 3244.64, "word": " price", "probability": 0.77392578125}, {"start": 3244.64, "end": 3244.86, "word": " of", "probability": 0.96484375}, {"start": 3244.86, "end": 3245.18, "word": " L,", "probability": 0.99462890625}, {"start": 3245.54, "end": 3245.94, "word": " 20,", "probability": 0.8369140625}, {"start": 3246.98, "end": 3247.66, "word": " equals", "probability": 0.9384765625}, {"start": 3247.66, "end": 3248.42, "word": " 50.", "probability": 0.9609375}, {"start": 3249.36, "end": 3250.0, "word": " 50", "probability": 0.564453125}, {"start": 3250.0, "end": 3251.02, "word": " workers.", "probability": 0.9228515625}], "temperature": 1.0}, {"id": 114, "seek": 328129, "start": 3253.45, "end": 3281.29, "text": " and zero machines. Which means if the producer tends to allocate his cost, his money, to buy only workers, he can buy 50 workers or recruit. Recruit means you ayin. QM equals total cost over the price of M equals 1000.", "tokens": [293, 4018, 8379, 13, 3013, 1355, 498, 264, 12314, 12258, 281, 35713, 702, 2063, 11, 702, 1460, 11, 281, 2256, 787, 5600, 11, 415, 393, 2256, 2625, 5600, 420, 15119, 13, 9647, 18891, 1355, 291, 7494, 259, 13, 1249, 44, 6915, 3217, 2063, 670, 264, 3218, 295, 376, 6915, 9714, 13], "avg_logprob": -0.2800480711918611, "compression_ratio": 1.4407894736842106, "no_speech_prob": 0.0, "words": [{"start": 3253.45, "end": 3253.81, "word": " and", "probability": 0.71630859375}, {"start": 3253.81, "end": 3254.11, "word": " zero", "probability": 0.7578125}, {"start": 3254.11, "end": 3254.65, "word": " machines.", "probability": 0.9736328125}, {"start": 3255.31, "end": 3255.53, "word": " Which", "probability": 0.8388671875}, {"start": 3255.53, "end": 3255.89, "word": " means", "probability": 0.935546875}, {"start": 3255.89, "end": 3256.43, "word": " if", "probability": 0.666015625}, {"start": 3256.43, "end": 3256.63, "word": " the", "probability": 0.9052734375}, {"start": 3256.63, "end": 3257.17, "word": " producer", "probability": 0.9013671875}, {"start": 3257.17, "end": 3257.87, "word": " tends", "probability": 0.587890625}, {"start": 3257.87, "end": 3258.11, "word": " to", "probability": 0.96630859375}, {"start": 3258.11, "end": 3258.69, "word": " allocate", "probability": 0.92236328125}, {"start": 3258.69, "end": 3259.21, "word": " his", "probability": 0.958984375}, {"start": 3259.21, "end": 3259.79, "word": " cost,", "probability": 0.673828125}, {"start": 3260.13, "end": 3260.27, "word": " his", "probability": 0.96533203125}, {"start": 3260.27, "end": 3260.67, "word": " money,", "probability": 0.9228515625}, {"start": 3261.21, "end": 3261.31, "word": " to", "probability": 0.96337890625}, {"start": 3261.31, "end": 3261.77, "word": " buy", "probability": 0.90380859375}, {"start": 3261.77, "end": 3263.55, "word": " only", "probability": 0.751953125}, {"start": 3263.55, "end": 3264.31, "word": " workers,", "probability": 0.90087890625}, {"start": 3264.61, "end": 3264.87, "word": " he", "probability": 0.95703125}, {"start": 3264.87, "end": 3265.29, "word": " can", "probability": 0.94482421875}, {"start": 3265.29, "end": 3265.83, "word": " buy", "probability": 0.90576171875}, {"start": 3265.83, "end": 3266.49, "word": " 50", "probability": 0.68994140625}, {"start": 3266.49, "end": 3267.09, "word": " workers", "probability": 0.91943359375}, {"start": 3267.09, "end": 3267.49, "word": " or", "probability": 0.63623046875}, {"start": 3267.49, "end": 3268.11, "word": " recruit.", "probability": 0.845703125}, {"start": 3269.03, "end": 3269.43, "word": " Recruit", "probability": 0.9541015625}, {"start": 3269.43, "end": 3269.79, "word": " means", "probability": 0.9462890625}, {"start": 3269.79, "end": 3269.91, "word": " you", "probability": 0.58154296875}, {"start": 3269.91, "end": 3270.29, "word": " ayin.", "probability": 0.42132568359375}, {"start": 3273.99, "end": 3274.95, "word": " QM", "probability": 0.356201171875}, {"start": 3274.95, "end": 3276.31, "word": " equals", "probability": 0.87548828125}, {"start": 3276.31, "end": 3276.91, "word": " total", "probability": 0.7880859375}, {"start": 3276.91, "end": 3277.57, "word": " cost", "probability": 0.8544921875}, {"start": 3277.57, "end": 3277.89, "word": " over", "probability": 0.92578125}, {"start": 3277.89, "end": 3278.11, "word": " the", "probability": 0.919921875}, {"start": 3278.11, "end": 3278.43, "word": " price", "probability": 0.927734375}, {"start": 3278.43, "end": 3278.63, "word": " of", "probability": 0.955078125}, {"start": 3278.63, "end": 3278.95, "word": " M", "probability": 0.96630859375}, {"start": 3278.95, "end": 3279.77, "word": " equals", "probability": 0.4560546875}, {"start": 3279.77, "end": 3281.29, "word": " 1000.", "probability": 0.462158203125}], "temperature": 1.0}, {"id": 115, "seek": 331152, "start": 3282.56, "end": 3311.52, "text": " over 40 equals 25 machines. So, and zero from workers. Let's draw the budget line or the isocost line here. Quant of L and quant of M. Quant of M, 25 and 50. 25.", "tokens": [670, 3356, 6915, 3552, 8379, 13, 407, 11, 293, 4018, 490, 5600, 13, 961, 311, 2642, 264, 4706, 1622, 420, 264, 307, 905, 555, 1622, 510, 13, 26968, 295, 441, 293, 4426, 295, 376, 13, 26968, 295, 376, 11, 3552, 293, 2625, 13, 3552, 13], "avg_logprob": -0.31912363093832263, "compression_ratio": 1.2857142857142858, "no_speech_prob": 0.0, "words": [{"start": 3282.56, "end": 3283.1, "word": " over", "probability": 0.6083984375}, {"start": 3283.1, "end": 3283.86, "word": " 40", "probability": 0.79638671875}, {"start": 3283.86, "end": 3284.94, "word": " equals", "probability": 0.73046875}, {"start": 3284.94, "end": 3285.6, "word": " 25", "probability": 0.91943359375}, {"start": 3285.6, "end": 3287.24, "word": " machines.", "probability": 0.71826171875}, {"start": 3288.36, "end": 3289.3, "word": " So,", "probability": 0.8427734375}, {"start": 3290.32, "end": 3290.56, "word": " and", "probability": 0.86962890625}, {"start": 3290.56, "end": 3291.04, "word": " zero", "probability": 0.72021484375}, {"start": 3291.04, "end": 3291.46, "word": " from", "probability": 0.8701171875}, {"start": 3291.46, "end": 3292.12, "word": " workers.", "probability": 0.8935546875}, {"start": 3294.04, "end": 3294.98, "word": " Let's", "probability": 0.6339111328125}, {"start": 3294.98, "end": 3295.32, "word": " draw", "probability": 0.83642578125}, {"start": 3295.32, "end": 3295.78, "word": " the", "probability": 0.888671875}, {"start": 3295.78, "end": 3296.12, "word": " budget", "probability": 0.85888671875}, {"start": 3296.12, "end": 3296.46, "word": " line", "probability": 0.94091796875}, {"start": 3296.46, "end": 3296.68, "word": " or", "probability": 0.89697265625}, {"start": 3296.68, "end": 3296.94, "word": " the", "probability": 0.8623046875}, {"start": 3296.94, "end": 3297.68, "word": " isocost", "probability": 0.601318359375}, {"start": 3297.68, "end": 3298.04, "word": " line", "probability": 0.9501953125}, {"start": 3298.04, "end": 3298.46, "word": " here.", "probability": 0.85302734375}, {"start": 3299.1, "end": 3299.4, "word": " Quant", "probability": 0.59375}, {"start": 3299.4, "end": 3299.6, "word": " of", "probability": 0.8251953125}, {"start": 3299.6, "end": 3300.0, "word": " L", "probability": 0.888671875}, {"start": 3300.0, "end": 3300.56, "word": " and", "probability": 0.8681640625}, {"start": 3300.56, "end": 3300.82, "word": " quant", "probability": 0.271484375}, {"start": 3300.82, "end": 3301.06, "word": " of", "probability": 0.96484375}, {"start": 3301.06, "end": 3301.28, "word": " M.", "probability": 0.82763671875}, {"start": 3304.4, "end": 3305.06, "word": " Quant", "probability": 0.79052734375}, {"start": 3305.06, "end": 3305.24, "word": " of", "probability": 0.96240234375}, {"start": 3305.24, "end": 3305.58, "word": " M,", "probability": 0.99072265625}, {"start": 3306.48, "end": 3307.18, "word": " 25", "probability": 0.91552734375}, {"start": 3307.18, "end": 3307.76, "word": " and", "probability": 0.9013671875}, {"start": 3307.76, "end": 3308.12, "word": " 50.", "probability": 0.845703125}, {"start": 3310.58, "end": 3311.52, "word": " 25.", "probability": 0.5869140625}], "temperature": 1.0}, {"id": 116, "seek": 333553, "start": 3312.05, "end": 3335.53, "text": " and 50. Do you remember the budget line formula? Yeah. Qm equals or Qy equals allocation of income here to derive the budget line formula or the ISO cost line formula. Total cost equals", "tokens": [293, 2625, 13, 1144, 291, 1604, 264, 4706, 1622, 8513, 30, 865, 13, 1249, 76, 6915, 420, 1249, 88, 6915, 27599, 295, 5742, 510, 281, 28446, 264, 4706, 1622, 8513, 420, 264, 25042, 2063, 1622, 8513, 13, 23170, 2063, 6915], "avg_logprob": -0.2705792682926829, "compression_ratio": 1.4761904761904763, "no_speech_prob": 0.0, "words": [{"start": 3312.05, "end": 3312.55, "word": " and", "probability": 0.475830078125}, {"start": 3312.55, "end": 3313.07, "word": " 50.", "probability": 0.46923828125}, {"start": 3315.47, "end": 3316.05, "word": " Do", "probability": 0.9052734375}, {"start": 3316.05, "end": 3316.13, "word": " you", "probability": 0.96337890625}, {"start": 3316.13, "end": 3316.63, "word": " remember", "probability": 0.88330078125}, {"start": 3316.63, "end": 3317.91, "word": " the", "probability": 0.8681640625}, {"start": 3317.91, "end": 3318.23, "word": " budget", "probability": 0.8203125}, {"start": 3318.23, "end": 3318.45, "word": " line", "probability": 0.8837890625}, {"start": 3318.45, "end": 3318.91, "word": " formula?", "probability": 0.91162109375}, {"start": 3319.87, "end": 3320.41, "word": " Yeah.", "probability": 0.84619140625}, {"start": 3322.09, "end": 3323.03, "word": " Qm", "probability": 0.75634765625}, {"start": 3323.03, "end": 3324.13, "word": " equals", "probability": 0.92041015625}, {"start": 3324.13, "end": 3324.41, "word": " or", "probability": 0.85302734375}, {"start": 3324.41, "end": 3324.97, "word": " Qy", "probability": 0.83154296875}, {"start": 3324.97, "end": 3325.71, "word": " equals", "probability": 0.94140625}, {"start": 3325.71, "end": 3328.45, "word": " allocation", "probability": 0.2127685546875}, {"start": 3328.45, "end": 3328.83, "word": " of", "probability": 0.72021484375}, {"start": 3328.83, "end": 3329.23, "word": " income", "probability": 0.95556640625}, {"start": 3329.23, "end": 3329.81, "word": " here", "probability": 0.5322265625}, {"start": 3329.81, "end": 3330.57, "word": " to", "probability": 0.82763671875}, {"start": 3330.57, "end": 3330.97, "word": " derive", "probability": 0.71435546875}, {"start": 3330.97, "end": 3331.17, "word": " the", "probability": 0.466064453125}, {"start": 3331.17, "end": 3331.47, "word": " budget", "probability": 0.88916015625}, {"start": 3331.47, "end": 3331.69, "word": " line", "probability": 0.9033203125}, {"start": 3331.69, "end": 3332.05, "word": " formula", "probability": 0.8916015625}, {"start": 3332.05, "end": 3332.27, "word": " or", "probability": 0.90771484375}, {"start": 3332.27, "end": 3332.39, "word": " the", "probability": 0.86279296875}, {"start": 3332.39, "end": 3332.63, "word": " ISO", "probability": 0.3779296875}, {"start": 3332.63, "end": 3332.93, "word": " cost", "probability": 0.6865234375}, {"start": 3332.93, "end": 3333.13, "word": " line", "probability": 0.888671875}, {"start": 3333.13, "end": 3333.57, "word": " formula.", "probability": 0.89111328125}, {"start": 3334.09, "end": 3334.39, "word": " Total", "probability": 0.89453125}, {"start": 3334.39, "end": 3334.87, "word": " cost", "probability": 0.888671875}, {"start": 3334.87, "end": 3335.53, "word": " equals", "probability": 0.9384765625}], "temperature": 1.0}, {"id": 117, "seek": 336535, "start": 3337.57, "end": 3365.35, "text": " Price of L times QL plus price of M times QM, the same as income equals the price of X times QS plus price of Y times QY. We have to derive QM. So price of M QM equals total cost minus PL QL.", "tokens": [25803, 295, 441, 1413, 1249, 43, 1804, 3218, 295, 376, 1413, 1249, 44, 11, 264, 912, 382, 5742, 6915, 264, 3218, 295, 1783, 1413, 1249, 50, 1804, 3218, 295, 398, 1413, 1249, 56, 13, 492, 362, 281, 28446, 1249, 44, 13, 407, 3218, 295, 376, 1249, 44, 6915, 3217, 2063, 3175, 6999, 1249, 43, 13], "avg_logprob": -0.17898995296231338, "compression_ratio": 1.6, "no_speech_prob": 0.0, "words": [{"start": 3337.57, "end": 3337.99, "word": " Price", "probability": 0.8310546875}, {"start": 3337.99, "end": 3338.23, "word": " of", "probability": 0.96142578125}, {"start": 3338.23, "end": 3338.53, "word": " L", "probability": 0.81884765625}, {"start": 3338.53, "end": 3338.93, "word": " times", "probability": 0.89599609375}, {"start": 3338.93, "end": 3339.55, "word": " QL", "probability": 0.784423828125}, {"start": 3339.55, "end": 3340.13, "word": " plus", "probability": 0.857421875}, {"start": 3340.13, "end": 3341.41, "word": " price", "probability": 0.37255859375}, {"start": 3341.41, "end": 3341.69, "word": " of", "probability": 0.931640625}, {"start": 3341.69, "end": 3341.89, "word": " M", "probability": 0.9814453125}, {"start": 3341.89, "end": 3342.23, "word": " times", "probability": 0.9306640625}, {"start": 3342.23, "end": 3342.73, "word": " QM,", "probability": 0.974609375}, {"start": 3343.13, "end": 3343.37, "word": " the", "probability": 0.92041015625}, {"start": 3343.37, "end": 3343.65, "word": " same", "probability": 0.9091796875}, {"start": 3343.65, "end": 3344.23, "word": " as", "probability": 0.96533203125}, {"start": 3344.23, "end": 3345.39, "word": " income", "probability": 0.9267578125}, {"start": 3345.39, "end": 3346.63, "word": " equals", "probability": 0.93017578125}, {"start": 3346.63, "end": 3346.87, "word": " the", "probability": 0.775390625}, {"start": 3346.87, "end": 3347.19, "word": " price", "probability": 0.91455078125}, {"start": 3347.19, "end": 3347.49, "word": " of", "probability": 0.9609375}, {"start": 3347.49, "end": 3347.81, "word": " X", "probability": 0.92333984375}, {"start": 3347.81, "end": 3348.19, "word": " times", "probability": 0.9287109375}, {"start": 3348.19, "end": 3348.77, "word": " QS", "probability": 0.814697265625}, {"start": 3348.77, "end": 3349.11, "word": " plus", "probability": 0.93017578125}, {"start": 3349.11, "end": 3349.81, "word": " price", "probability": 0.83935546875}, {"start": 3349.81, "end": 3350.11, "word": " of", "probability": 0.9599609375}, {"start": 3350.11, "end": 3350.77, "word": " Y", "probability": 0.99267578125}, {"start": 3350.77, "end": 3351.13, "word": " times", "probability": 0.92529296875}, {"start": 3351.13, "end": 3351.65, "word": " QY.", "probability": 0.9697265625}, {"start": 3351.81, "end": 3352.11, "word": " We", "probability": 0.96044921875}, {"start": 3352.11, "end": 3352.35, "word": " have", "probability": 0.94384765625}, {"start": 3352.35, "end": 3352.49, "word": " to", "probability": 0.9697265625}, {"start": 3352.49, "end": 3352.83, "word": " derive", "probability": 0.919921875}, {"start": 3352.83, "end": 3353.75, "word": " QM.", "probability": 0.9814453125}, {"start": 3357.93, "end": 3357.93, "word": " So", "probability": 0.0948486328125}, {"start": 3357.93, "end": 3360.59, "word": " price", "probability": 0.3857421875}, {"start": 3360.59, "end": 3360.87, "word": " of", "probability": 0.9404296875}, {"start": 3360.87, "end": 3361.11, "word": " M", "probability": 0.98291015625}, {"start": 3361.11, "end": 3361.77, "word": " QM", "probability": 0.6766357421875}, {"start": 3361.77, "end": 3362.41, "word": " equals", "probability": 0.95751953125}, {"start": 3362.41, "end": 3362.79, "word": " total", "probability": 0.83349609375}, {"start": 3362.79, "end": 3363.23, "word": " cost", "probability": 0.92041015625}, {"start": 3363.23, "end": 3363.79, "word": " minus", "probability": 0.9775390625}, {"start": 3363.79, "end": 3364.35, "word": " PL", "probability": 0.45703125}, {"start": 3364.35, "end": 3365.35, "word": " QL.", "probability": 0.893310546875}], "temperature": 1.0}, {"id": 118, "seek": 338731, "start": 3367.35, "end": 3387.31, "text": " over pm over pm over pm so quantum machines equals total cost over price of m equals or minus price of l over price of m times ql the same as", "tokens": [670, 23023, 670, 23023, 670, 23023, 370, 13018, 8379, 6915, 3217, 2063, 670, 3218, 295, 275, 6915, 420, 3175, 3218, 295, 287, 670, 3218, 295, 275, 1413, 9505, 75, 264, 912, 382], "avg_logprob": -0.20430871212121213, "compression_ratio": 1.6705882352941177, "no_speech_prob": 0.0, "words": [{"start": 3367.35, "end": 3367.81, "word": " over", "probability": 0.6376953125}, {"start": 3367.81, "end": 3368.23, "word": " pm", "probability": 0.1156005859375}, {"start": 3368.23, "end": 3369.61, "word": " over", "probability": 0.60693359375}, {"start": 3369.61, "end": 3370.17, "word": " pm", "probability": 0.89794921875}, {"start": 3370.17, "end": 3371.33, "word": " over", "probability": 0.87158203125}, {"start": 3371.33, "end": 3371.77, "word": " pm", "probability": 0.9619140625}, {"start": 3371.77, "end": 3373.19, "word": " so", "probability": 0.5546875}, {"start": 3373.19, "end": 3374.59, "word": " quantum", "probability": 0.75732421875}, {"start": 3374.59, "end": 3375.23, "word": " machines", "probability": 0.94873046875}, {"start": 3375.23, "end": 3376.01, "word": " equals", "probability": 0.9501953125}, {"start": 3376.01, "end": 3376.65, "word": " total", "probability": 0.8544921875}, {"start": 3376.65, "end": 3377.19, "word": " cost", "probability": 0.88916015625}, {"start": 3377.19, "end": 3377.53, "word": " over", "probability": 0.93603515625}, {"start": 3377.53, "end": 3377.91, "word": " price", "probability": 0.8916015625}, {"start": 3377.91, "end": 3378.09, "word": " of", "probability": 0.96435546875}, {"start": 3378.09, "end": 3378.37, "word": " m", "probability": 0.83544921875}, {"start": 3378.37, "end": 3379.59, "word": " equals", "probability": 0.892578125}, {"start": 3379.59, "end": 3380.05, "word": " or", "probability": 0.88720703125}, {"start": 3380.05, "end": 3380.81, "word": " minus", "probability": 0.97998046875}, {"start": 3380.81, "end": 3382.31, "word": " price", "probability": 0.86376953125}, {"start": 3382.31, "end": 3382.51, "word": " of", "probability": 0.97607421875}, {"start": 3382.51, "end": 3382.83, "word": " l", "probability": 0.8486328125}, {"start": 3382.83, "end": 3383.15, "word": " over", "probability": 0.9169921875}, {"start": 3383.15, "end": 3383.55, "word": " price", "probability": 0.89404296875}, {"start": 3383.55, "end": 3383.75, "word": " of", "probability": 0.9609375}, {"start": 3383.75, "end": 3384.01, "word": " m", "probability": 0.98828125}, {"start": 3384.01, "end": 3384.47, "word": " times", "probability": 0.9384765625}, {"start": 3384.47, "end": 3385.03, "word": " ql", "probability": 0.75634765625}, {"start": 3385.03, "end": 3385.73, "word": " the", "probability": 0.85400390625}, {"start": 3385.73, "end": 3386.21, "word": " same", "probability": 0.91162109375}, {"start": 3386.21, "end": 3387.31, "word": " as", "probability": 0.97265625}], "temperature": 1.0}, {"id": 119, "seek": 341329, "start": 3389.41, "end": 3413.29, "text": " The budget line formula. The QY equals income over price of Y minus price of X over price of Y. And this is the slope of the budget line, low ISO cost line. And this is the intercept. This part represents the intercept, total cost at 25.", "tokens": [440, 4706, 1622, 8513, 13, 440, 1249, 56, 6915, 5742, 670, 3218, 295, 398, 3175, 3218, 295, 1783, 670, 3218, 295, 398, 13, 400, 341, 307, 264, 13525, 295, 264, 4706, 1622, 11, 2295, 25042, 2063, 1622, 13, 400, 341, 307, 264, 24700, 13, 639, 644, 8855, 264, 24700, 11, 3217, 2063, 412, 3552, 13], "avg_logprob": -0.25446427719933645, "compression_ratio": 1.63013698630137, "no_speech_prob": 0.0, "words": [{"start": 3389.41, "end": 3389.69, "word": " The", "probability": 0.429443359375}, {"start": 3389.69, "end": 3390.05, "word": " budget", "probability": 0.88818359375}, {"start": 3390.05, "end": 3390.29, "word": " line", "probability": 0.861328125}, {"start": 3390.29, "end": 3390.69, "word": " formula.", "probability": 0.68505859375}, {"start": 3391.03, "end": 3391.63, "word": " The", "probability": 0.1895751953125}, {"start": 3391.63, "end": 3392.23, "word": " QY", "probability": 0.529052734375}, {"start": 3392.23, "end": 3392.69, "word": " equals", "probability": 0.9091796875}, {"start": 3392.69, "end": 3393.13, "word": " income", "probability": 0.9423828125}, {"start": 3393.13, "end": 3393.37, "word": " over", "probability": 0.93017578125}, {"start": 3393.37, "end": 3393.73, "word": " price", "probability": 0.86474609375}, {"start": 3393.73, "end": 3393.93, "word": " of", "probability": 0.90869140625}, {"start": 3393.93, "end": 3394.61, "word": " Y", "probability": 0.98876953125}, {"start": 3394.61, "end": 3395.45, "word": " minus", "probability": 0.96044921875}, {"start": 3395.45, "end": 3396.03, "word": " price", "probability": 0.6552734375}, {"start": 3396.03, "end": 3396.21, "word": " of", "probability": 0.859375}, {"start": 3396.21, "end": 3396.39, "word": " X", "probability": 0.9755859375}, {"start": 3396.39, "end": 3396.61, "word": " over", "probability": 0.92333984375}, {"start": 3396.61, "end": 3396.89, "word": " price", "probability": 0.8955078125}, {"start": 3396.89, "end": 3397.05, "word": " of", "probability": 0.9296875}, {"start": 3397.05, "end": 3397.23, "word": " Y.", "probability": 0.9951171875}, {"start": 3397.45, "end": 3397.65, "word": " And", "probability": 0.50390625}, {"start": 3397.65, "end": 3397.85, "word": " this", "probability": 0.943359375}, {"start": 3397.85, "end": 3398.03, "word": " is", "probability": 0.9423828125}, {"start": 3398.03, "end": 3398.29, "word": " the", "probability": 0.787109375}, {"start": 3398.29, "end": 3399.21, "word": " slope", "probability": 0.91552734375}, {"start": 3399.21, "end": 3401.41, "word": " of", "probability": 0.962890625}, {"start": 3401.41, "end": 3402.35, "word": " the", "probability": 0.91650390625}, {"start": 3402.35, "end": 3402.73, "word": " budget", "probability": 0.87744140625}, {"start": 3402.73, "end": 3403.09, "word": " line,", "probability": 0.9375}, {"start": 3403.25, "end": 3403.37, "word": " low", "probability": 0.7900390625}, {"start": 3403.37, "end": 3403.63, "word": " ISO", "probability": 0.390625}, {"start": 3403.63, "end": 3403.95, "word": " cost", "probability": 0.83251953125}, {"start": 3403.95, "end": 3404.23, "word": " line.", "probability": 0.93115234375}, {"start": 3405.25, "end": 3405.81, "word": " And", "probability": 0.68017578125}, {"start": 3405.81, "end": 3406.09, "word": " this", "probability": 0.943359375}, {"start": 3406.09, "end": 3406.31, "word": " is", "probability": 0.94873046875}, {"start": 3406.31, "end": 3406.71, "word": " the", "probability": 0.9306640625}, {"start": 3406.71, "end": 3407.19, "word": " intercept.", "probability": 0.83251953125}, {"start": 3408.29, "end": 3408.77, "word": " This", "probability": 0.91259765625}, {"start": 3408.77, "end": 3409.21, "word": " part", "probability": 0.8828125}, {"start": 3409.21, "end": 3409.85, "word": " represents", "probability": 0.89404296875}, {"start": 3409.85, "end": 3410.53, "word": " the", "probability": 0.9248046875}, {"start": 3410.53, "end": 3411.05, "word": " intercept,", "probability": 0.92626953125}, {"start": 3412.07, "end": 3412.35, "word": " total", "probability": 0.8525390625}, {"start": 3412.35, "end": 3412.75, "word": " cost", "probability": 0.89697265625}, {"start": 3412.75, "end": 3412.93, "word": " at", "probability": 0.34375}, {"start": 3412.93, "end": 3413.29, "word": " 25.", "probability": 0.9169921875}], "temperature": 1.0}, {"id": 120, "seek": 344261, "start": 3414.93, "end": 3442.61, "text": " So the budget line here or formula or the ISO cost line formula equals QM equals total cost over price of M, total cost how much? 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So QM equals, how much is it here? Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. Twenty-five. 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"probability": 0.87890625}, {"start": 3466.57, "end": 3471.03, "word": "-", "probability": 0.99365234375}], "temperature": 1.0}, {"id": 122, "seek": 349869, "start": 3473.41, "end": 3498.69, "text": " This is the isocost line formula, right? Can we derive or determine how many machines should we have if we know the number of workers? Let us assume that the number of workers equals 30 workers. How many machines should we have?", "tokens": [639, 307, 264, 307, 905, 555, 1622, 8513, 11, 558, 30, 1664, 321, 28446, 420, 6997, 577, 867, 8379, 820, 321, 362, 498, 321, 458, 264, 1230, 295, 5600, 30, 961, 505, 6552, 300, 264, 1230, 295, 5600, 6915, 2217, 5600, 13, 1012, 867, 8379, 820, 321, 362, 30], "avg_logprob": -0.1411718788743019, "compression_ratio": 1.6126760563380282, "no_speech_prob": 0.0, "words": [{"start": 3473.41, "end": 3473.73, "word": " This", "probability": 0.77490234375}, {"start": 3473.73, "end": 3474.05, "word": " is", "probability": 0.953125}, {"start": 3474.05, "end": 3474.89, "word": " the", "probability": 0.92578125}, {"start": 3474.89, "end": 3475.63, "word": " isocost", "probability": 0.5194498697916666}, {"start": 3475.63, "end": 3475.91, "word": " line", "probability": 0.58984375}, {"start": 3475.91, "end": 3476.35, "word": " formula,", "probability": 0.92138671875}, {"start": 3477.21, "end": 3477.57, "word": " right?", "probability": 0.89404296875}, {"start": 3478.65, "end": 3479.17, "word": " Can", "probability": 0.87646484375}, {"start": 3479.17, "end": 3479.43, "word": " we", "probability": 0.91259765625}, {"start": 3479.43, "end": 3480.01, "word": " derive", "probability": 0.93017578125}, {"start": 3480.01, "end": 3480.87, "word": " or", "probability": 0.91259765625}, {"start": 3480.87, "end": 3481.49, "word": " determine", "probability": 0.9228515625}, {"start": 3481.49, "end": 3484.99, "word": " how", "probability": 0.75341796875}, {"start": 3484.99, "end": 3485.23, "word": " many", "probability": 0.88720703125}, {"start": 3485.23, "end": 3485.69, "word": " machines", "probability": 0.9443359375}, {"start": 3485.69, "end": 3485.97, "word": " should", "probability": 0.95166015625}, {"start": 3485.97, "end": 3486.17, "word": " we", "probability": 0.96240234375}, {"start": 3486.17, "end": 3486.63, "word": " have", "probability": 0.9501953125}, {"start": 3486.63, "end": 3486.97, "word": " if", "probability": 0.75341796875}, {"start": 3486.97, "end": 3487.33, "word": " we", "probability": 0.95849609375}, {"start": 3487.33, "end": 3488.01, "word": " know", "probability": 0.89013671875}, {"start": 3488.01, "end": 3488.63, "word": " the", "probability": 0.9169921875}, {"start": 3488.63, "end": 3489.15, "word": " number", "probability": 0.9365234375}, {"start": 3489.15, "end": 3489.41, "word": " of", "probability": 0.97119140625}, {"start": 3489.41, "end": 3489.77, "word": " workers?", "probability": 0.92138671875}, {"start": 3490.39, "end": 3491.09, "word": " Let", "probability": 0.8408203125}, {"start": 3491.09, "end": 3491.27, "word": " us", "probability": 0.81982421875}, {"start": 3491.27, "end": 3491.59, "word": " assume", "probability": 0.90966796875}, {"start": 3491.59, "end": 3491.79, "word": " that", "probability": 0.92041015625}, {"start": 3491.79, "end": 3491.91, "word": " the", "probability": 0.90771484375}, {"start": 3491.91, "end": 3492.11, "word": " number", "probability": 0.94482421875}, {"start": 3492.11, "end": 3492.25, "word": " of", "probability": 0.9599609375}, {"start": 3492.25, "end": 3492.67, "word": " workers", "probability": 0.927734375}, {"start": 3492.67, "end": 3493.57, "word": " equals", "probability": 0.93115234375}, {"start": 3493.57, "end": 3494.65, "word": " 30", "probability": 0.89501953125}, {"start": 3494.65, "end": 3495.87, "word": " workers.", "probability": 0.91943359375}, {"start": 3496.51, "end": 3497.05, "word": " How", "probability": 0.9638671875}, {"start": 3497.05, "end": 3497.29, "word": " many", "probability": 0.89208984375}, {"start": 3497.29, "end": 3497.87, "word": " machines", "probability": 0.943359375}, {"start": 3497.87, "end": 3498.19, "word": " should", "probability": 0.96728515625}, {"start": 3498.19, "end": 3498.35, "word": " we", "probability": 0.962890625}, {"start": 3498.35, "end": 3498.69, "word": " have?", "probability": 0.94580078125}], "temperature": 1.0}, {"id": 123, "seek": 351847, "start": 3500.03, "end": 3518.47, "text": " This depends on or it should be calculated by using this formula. So at a QL at if the producer equilibrium occurs when QL equals 30. How much is a QM?", "tokens": [639, 5946, 322, 420, 309, 820, 312, 15598, 538, 1228, 341, 8513, 13, 407, 412, 257, 1249, 43, 412, 498, 264, 12314, 15625, 11843, 562, 1249, 43, 6915, 2217, 13, 1012, 709, 307, 257, 1249, 44, 30], "avg_logprob": -0.2641858474204415, "compression_ratio": 1.2063492063492063, "no_speech_prob": 0.0, "words": [{"start": 3500.03, "end": 3500.29, "word": " This", "probability": 0.61865234375}, {"start": 3500.29, "end": 3500.73, "word": " depends", "probability": 0.91943359375}, {"start": 3500.73, "end": 3501.13, "word": " on", "probability": 0.9423828125}, {"start": 3501.13, "end": 3501.33, "word": " or", "probability": 0.30029296875}, {"start": 3501.33, "end": 3501.51, "word": " it", "probability": 0.58935546875}, {"start": 3501.51, "end": 3502.43, "word": " should", "probability": 0.20361328125}, {"start": 3502.43, "end": 3502.61, "word": " be", "probability": 0.93359375}, {"start": 3502.61, "end": 3503.17, "word": " calculated", "probability": 0.94384765625}, {"start": 3503.17, "end": 3503.71, "word": " by", "probability": 0.9423828125}, {"start": 3503.71, "end": 3504.07, "word": " using", "probability": 0.9228515625}, {"start": 3504.07, "end": 3504.35, "word": " this", "probability": 0.9453125}, {"start": 3504.35, "end": 3504.77, "word": " formula.", "probability": 0.91015625}, {"start": 3505.65, "end": 3505.79, "word": " So", "probability": 0.89111328125}, {"start": 3505.79, "end": 3506.17, "word": " at", "probability": 0.73193359375}, {"start": 3506.17, "end": 3506.43, "word": " a", "probability": 0.387939453125}, {"start": 3506.43, "end": 3506.99, "word": " QL", "probability": 0.8076171875}, {"start": 3506.99, "end": 3507.67, "word": " at", "probability": 0.6630859375}, {"start": 3507.67, "end": 3509.23, "word": " if", "probability": 0.375}, {"start": 3509.23, "end": 3510.37, "word": " the", "probability": 0.7900390625}, {"start": 3510.37, "end": 3510.87, "word": " producer", "probability": 0.93896484375}, {"start": 3510.87, "end": 3511.71, "word": " equilibrium", "probability": 0.919921875}, {"start": 3511.71, "end": 3512.35, "word": " occurs", "probability": 0.9560546875}, {"start": 3512.35, "end": 3512.83, "word": " when", "probability": 0.859375}, {"start": 3512.83, "end": 3514.19, "word": " QL", "probability": 0.948974609375}, {"start": 3514.19, "end": 3515.19, "word": " equals", "probability": 0.91357421875}, {"start": 3515.19, "end": 3516.57, "word": " 30.", "probability": 0.90234375}, {"start": 3517.01, "end": 3517.31, "word": " How", "probability": 0.96484375}, {"start": 3517.31, "end": 3517.67, "word": " much", "probability": 0.9140625}, {"start": 3517.67, "end": 3517.91, "word": " is", "probability": 0.9375}, {"start": 3517.91, "end": 3518.03, "word": " a", "probability": 0.52197265625}, {"start": 3518.03, "end": 3518.47, "word": " QM?", "probability": 0.93115234375}], "temperature": 1.0}, {"id": 124, "seek": 354858, "start": 3519.48, "end": 3548.58, "text": " The next question, if the producer equilibrium, where does the producer equilibrium occur? Let's assume that there is a tangency between the isocoastline and the isoquant curve. This is the producer equilibrium. Let us assume that Q equals the quantity produced equals 5000 units.", "tokens": [440, 958, 1168, 11, 498, 264, 12314, 15625, 11, 689, 775, 264, 12314, 15625, 5160, 30, 961, 311, 6552, 300, 456, 307, 257, 10266, 3020, 1296, 264, 307, 11198, 525, 1889, 293, 264, 307, 29826, 394, 7605, 13, 639, 307, 264, 12314, 15625, 13, 961, 505, 6552, 300, 1249, 6915, 264, 11275, 7126, 6915, 23777, 6815, 13], "avg_logprob": -0.3647629454218108, "compression_ratio": 1.7453416149068324, "no_speech_prob": 0.0, "words": [{"start": 3519.48, "end": 3519.7, "word": " The", "probability": 0.149658203125}, {"start": 3519.7, "end": 3520.2, "word": " next", "probability": 0.70556640625}, {"start": 3520.2, "end": 3520.22, "word": " question,", "probability": 0.91162109375}, {"start": 3521.1, "end": 3521.46, "word": " if", "probability": 0.8271484375}, {"start": 3521.46, "end": 3521.76, "word": " the", "probability": 0.8984375}, {"start": 3521.76, "end": 3522.3, "word": " producer", "probability": 0.87841796875}, {"start": 3522.3, "end": 3523.28, "word": " equilibrium,", "probability": 0.9482421875}, {"start": 3523.58, "end": 3523.68, "word": " where", "probability": 0.4140625}, {"start": 3523.68, "end": 3523.86, "word": " does", "probability": 0.6875}, {"start": 3523.86, "end": 3524.06, "word": " the", "probability": 0.7099609375}, {"start": 3524.06, "end": 3524.38, "word": " producer", "probability": 0.84130859375}, {"start": 3524.38, "end": 3524.8, "word": " equilibrium", "probability": 0.94287109375}, {"start": 3524.8, "end": 3524.8, "word": " occur?", "probability": 0.387939453125}, {"start": 3525.68, "end": 3526.4, "word": " Let's", "probability": 0.57196044921875}, {"start": 3526.4, "end": 3526.64, "word": " assume", "probability": 0.4619140625}, {"start": 3526.64, "end": 3526.8, "word": " that", "probability": 0.587890625}, {"start": 3526.8, "end": 3526.96, "word": " there", "probability": 0.3388671875}, {"start": 3526.96, "end": 3528.64, "word": " is", "probability": 0.685546875}, {"start": 3528.64, "end": 3528.78, "word": " a", "probability": 0.90673828125}, {"start": 3528.78, "end": 3529.34, "word": " tangency", "probability": 0.919677734375}, {"start": 3529.34, "end": 3529.98, "word": " between", "probability": 0.62646484375}, {"start": 3529.98, "end": 3531.26, "word": " the", "probability": 0.91015625}, {"start": 3531.26, "end": 3533.32, "word": " isocoastline", "probability": 0.7286376953125}, {"start": 3533.32, "end": 3534.3, "word": " and", "probability": 0.90771484375}, {"start": 3534.3, "end": 3534.68, "word": " the", "probability": 0.85546875}, {"start": 3534.68, "end": 3535.68, "word": " isoquant", "probability": 0.9576822916666666}, {"start": 3535.68, "end": 3536.36, "word": " curve.", "probability": 0.94970703125}, {"start": 3537.6, "end": 3537.64, "word": " This", "probability": 0.40625}, {"start": 3537.64, "end": 3537.72, "word": " is", "probability": 0.93017578125}, {"start": 3537.72, "end": 3537.78, "word": " the", "probability": 0.66162109375}, {"start": 3537.78, "end": 3538.18, "word": " producer", "probability": 0.9365234375}, {"start": 3538.18, "end": 3538.64, "word": " equilibrium.", "probability": 0.958984375}, {"start": 3539.36, "end": 3539.92, "word": " Let", "probability": 0.95849609375}, {"start": 3539.92, "end": 3540.12, "word": " us", "probability": 0.57763671875}, {"start": 3540.12, "end": 3540.54, "word": " assume", "probability": 0.91259765625}, {"start": 3540.54, "end": 3540.72, "word": " that", "probability": 0.9375}, {"start": 3540.72, "end": 3541.06, "word": " Q", "probability": 0.529296875}, {"start": 3541.06, "end": 3541.58, "word": " equals", "probability": 0.84033203125}, {"start": 3541.58, "end": 3541.9, "word": " the", "probability": 0.525390625}, {"start": 3541.9, "end": 3542.1, "word": " quantity", "probability": 0.35546875}, {"start": 3542.1, "end": 3542.6, "word": " produced", "probability": 0.8232421875}, {"start": 3542.6, "end": 3543.34, "word": " equals", "probability": 0.6591796875}, {"start": 3543.34, "end": 3547.74, "word": " 5000", "probability": 0.494140625}, {"start": 3547.74, "end": 3548.58, "word": " units.", "probability": 0.93798828125}], "temperature": 1.0}, {"id": 125, "seek": 356612, "start": 3549.96, "end": 3566.12, "text": " If we use 50 or if we use workers only, how many workers should we recruit?", "tokens": [759, 321, 764, 2625, 420, 498, 321, 764, 5600, 787, 11, 577, 867, 5600, 820, 321, 15119, 30], "avg_logprob": -0.29646382833782, "compression_ratio": 1.1343283582089552, "no_speech_prob": 0.0, "words": [{"start": 3549.96, "end": 3550.24, "word": " If", "probability": 0.625}, {"start": 3550.24, "end": 3551.48, "word": " we", "probability": 0.174072265625}, {"start": 3551.48, "end": 3557.0, "word": " use", "probability": 0.84375}, {"start": 3557.0, "end": 3558.52, "word": " 50", "probability": 0.39404296875}, {"start": 3558.52, "end": 3559.16, "word": " or", "probability": 0.560546875}, {"start": 3559.16, "end": 3559.8, "word": " if", "probability": 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If the producer equilibrium, the best point achieved when we use 30 workers. It's an assumption. If the producer equilibrium occurs when the number of workers equals 30 workers, how many machines do we have or should we have?", "tokens": [467, 311, 364, 15302, 13, 759, 264, 12314, 15625, 11, 264, 1151, 935, 11042, 562, 321, 764, 2217, 5600, 13, 467, 311, 364, 15302, 13, 759, 264, 12314, 15625, 11843, 562, 264, 1230, 295, 5600, 6915, 2217, 5600, 11, 577, 867, 8379, 360, 321, 362, 420, 820, 321, 362, 30], "avg_logprob": -0.1622242670433194, "compression_ratio": 1.6734693877551021, "no_speech_prob": 0.0, "words": [{"start": 3574.9, "end": 3575.18, "word": " It's", "probability": 0.525848388671875}, {"start": 3575.18, "end": 3576.06, "word": " an", "probability": 0.798828125}, {"start": 3576.06, "end": 3577.3, "word": " assumption.", "probability": 0.97900390625}, {"start": 3577.86, "end": 3578.26, "word": " If", "probability": 0.80810546875}, {"start": 3578.26, "end": 3578.78, "word": " the", "probability": 0.90380859375}, {"start": 3578.78, "end": 3579.32, "word": " producer", "probability": 0.9365234375}, {"start": 3579.32, "end": 3580.1, "word": " equilibrium,", "probability": 0.935546875}, {"start": 3580.56, "end": 3580.76, "word": " the", "probability": 0.9130859375}, {"start": 3580.76, "end": 3581.06, "word": " best", "probability": 0.9208984375}, {"start": 3581.06, "end": 3581.48, "word": " point", "probability": 0.9580078125}, {"start": 3581.48, "end": 3583.3, "word": " achieved", "probability": 0.353271484375}, {"start": 3583.3, "end": 3583.94, "word": " when", "probability": 0.9267578125}, {"start": 3583.94, "end": 3585.06, "word": " we", "probability": 0.95947265625}, {"start": 3585.06, "end": 3585.52, "word": " use", "probability": 0.85107421875}, {"start": 3585.52, "end": 3586.2, "word": " 30", "probability": 0.890625}, {"start": 3586.2, "end": 3586.7, "word": " workers.", "probability": 0.91943359375}, {"start": 3586.84, "end": 3586.98, "word": " It's", "probability": 0.9619140625}, {"start": 3586.98, "end": 3587.12, "word": " an", "probability": 0.962890625}, {"start": 3587.12, "end": 3587.6, "word": " assumption.", "probability": 0.97802734375}, {"start": 3589.3, "end": 3590.24, "word": " If", "probability": 0.264404296875}, {"start": 3590.24, "end": 3592.32, "word": " the", "probability": 0.91162109375}, {"start": 3592.32, "end": 3593.08, "word": " producer", "probability": 0.927734375}, {"start": 3593.08, "end": 3593.68, "word": " equilibrium", "probability": 0.95751953125}, {"start": 3593.68, "end": 3594.4, "word": " occurs", "probability": 0.95654296875}, {"start": 3594.4, "end": 3594.76, "word": " when", "probability": 0.93017578125}, {"start": 3594.76, "end": 3595.42, "word": " the", "probability": 0.9130859375}, {"start": 3595.42, "end": 3595.68, "word": " number", "probability": 0.95361328125}, {"start": 3595.68, "end": 3595.84, "word": " of", "probability": 0.95703125}, {"start": 3595.84, "end": 3596.18, "word": " workers", "probability": 0.921875}, {"start": 3596.18, "end": 3596.74, "word": " equals", "probability": 0.93359375}, {"start": 3596.74, "end": 3597.7, "word": " 30", "probability": 0.96240234375}, {"start": 3597.7, "end": 3598.52, "word": " workers,", "probability": 0.916015625}, {"start": 3598.78, "end": 3599.0, "word": " how", "probability": 0.93359375}, {"start": 3599.0, "end": 3599.3, "word": " many", "probability": 0.89306640625}, {"start": 3599.3, "end": 3599.88, "word": " machines", "probability": 0.93408203125}, {"start": 3599.88, "end": 3600.48, "word": " do", "probability": 0.890625}, {"start": 3600.48, "end": 3600.66, "word": " we", "probability": 0.96484375}, {"start": 3600.66, "end": 3601.02, "word": " have", "probability": 0.94580078125}, {"start": 3601.02, "end": 3601.16, "word": " or", "probability": 0.58154296875}, {"start": 3601.16, "end": 3601.32, "word": " should", "probability": 0.9658203125}, {"start": 3601.32, "end": 3601.5, "word": " we", "probability": 0.951171875}, {"start": 3601.5, "end": 3601.98, "word": " have?", "probability": 0.9443359375}], "temperature": 1.0}, {"id": 127, "seek": 363401, "start": 3605.87, "end": 3634.01, "text": " equals 25 minus half times QL, 30. So QM equals 25 minus 15 equals 10. So in this case, we should buy 10 machines. That's it. What about the slope?", "tokens": [6915, 3552, 3175, 1922, 1413, 1249, 43, 11, 2217, 13, 407, 1249, 44, 6915, 3552, 3175, 2119, 6915, 1266, 13, 407, 294, 341, 1389, 11, 321, 820, 2256, 1266, 8379, 13, 663, 311, 309, 13, 708, 466, 264, 13525, 30], "avg_logprob": -0.14939024680998267, "compression_ratio": 1.2542372881355932, "no_speech_prob": 0.0, "words": [{"start": 3605.87, "end": 3606.55, "word": " equals", "probability": 0.7763671875}, {"start": 3606.55, "end": 3608.25, "word": " 25", "probability": 0.76806640625}, {"start": 3608.25, "end": 3609.45, "word": " minus", "probability": 0.9658203125}, {"start": 3609.45, "end": 3610.25, "word": " half", "probability": 0.794921875}, {"start": 3610.25, "end": 3611.01, "word": " times", "probability": 0.86865234375}, {"start": 3611.01, "end": 3612.21, "word": " QL,", "probability": 0.52734375}, {"start": 3612.89, "end": 3613.41, "word": " 30.", "probability": 0.7421875}, {"start": 3615.03, "end": 3615.47, "word": " So", "probability": 0.94873046875}, {"start": 3615.47, "end": 3616.13, "word": " QM", "probability": 0.866455078125}, {"start": 3616.13, "end": 3617.33, "word": " equals", "probability": 0.939453125}, {"start": 3617.33, "end": 3618.01, "word": " 25", "probability": 0.96826171875}, {"start": 3618.01, "end": 3618.63, "word": " minus", "probability": 0.982421875}, {"start": 3618.63, "end": 3619.41, "word": " 15", "probability": 0.970703125}, {"start": 3619.41, "end": 3620.21, "word": " equals", "probability": 0.896484375}, {"start": 3620.21, "end": 3620.57, "word": " 10.", "probability": 0.9169921875}, {"start": 3622.69, "end": 3623.43, "word": " So", "probability": 0.93017578125}, {"start": 3623.43, "end": 3624.53, "word": " in", "probability": 0.8466796875}, {"start": 3624.53, "end": 3624.83, "word": " this", "probability": 0.9482421875}, {"start": 3624.83, "end": 3625.23, "word": " case,", "probability": 0.90087890625}, {"start": 3625.31, "end": 3625.53, "word": " we", "probability": 0.9619140625}, {"start": 3625.53, "end": 3625.97, "word": " should", "probability": 0.9677734375}, {"start": 3625.97, "end": 3627.99, "word": " buy", "probability": 0.900390625}, {"start": 3627.99, "end": 3629.17, "word": " 10", "probability": 0.7353515625}, {"start": 3629.17, "end": 3629.89, "word": " machines.", "probability": 0.94189453125}, {"start": 3630.45, "end": 3631.59, "word": " That's", "probability": 0.947509765625}, {"start": 3631.59, "end": 3631.77, "word": " it.", "probability": 0.953125}, {"start": 3632.81, "end": 3633.11, "word": " What", "probability": 0.8974609375}, {"start": 3633.11, "end": 3633.35, "word": " about", "probability": 0.90185546875}, {"start": 3633.35, "end": 3633.57, "word": " the", "probability": 0.818359375}, {"start": 3633.57, "end": 3634.01, "word": " slope?", "probability": 0.95263671875}], "temperature": 1.0}, {"id": 128, "seek": 366118, "start": 3635.4, "end": 3661.18, "text": " If the total cost increased, which means if we have more money. If the total cost increased from 1000 to 2000 and the price of M remains constant, the budget line shifts right parallel to the previous one, right? The question says, what will happen if", "tokens": [759, 264, 3217, 2063, 6505, 11, 597, 1355, 498, 321, 362, 544, 1460, 13, 759, 264, 3217, 2063, 6505, 490, 9714, 281, 8132, 293, 264, 3218, 295, 376, 7023, 5754, 11, 264, 4706, 1622, 19201, 558, 8952, 281, 264, 3894, 472, 11, 558, 30, 440, 1168, 1619, 11, 437, 486, 1051, 498], "avg_logprob": -0.22376179807590987, "compression_ratio": 1.5089820359281436, "no_speech_prob": 0.0, "words": [{"start": 3635.4, "end": 3635.8, "word": " If", "probability": 0.5634765625}, {"start": 3635.8, "end": 3636.02, "word": " the", "probability": 0.9189453125}, {"start": 3636.02, "end": 3636.4, "word": " total", "probability": 0.8837890625}, {"start": 3636.4, "end": 3637.02, "word": " cost", "probability": 0.84228515625}, {"start": 3637.02, "end": 3637.84, "word": " increased,", "probability": 0.67041015625}, {"start": 3637.94, "end": 3638.14, "word": " which", "probability": 0.94287109375}, {"start": 3638.14, "end": 3638.48, "word": " means", "probability": 0.93359375}, {"start": 3638.48, "end": 3638.88, "word": " if", "probability": 0.88818359375}, {"start": 3638.88, "end": 3639.04, "word": " we", "probability": 0.95947265625}, {"start": 3639.04, "end": 3639.3, "word": " have", "probability": 0.94873046875}, {"start": 3639.3, "end": 3639.72, "word": " more", "probability": 0.93798828125}, {"start": 3639.72, "end": 3640.24, "word": " money.", "probability": 0.92578125}, {"start": 3642.18, "end": 3642.52, "word": " If", "probability": 0.94921875}, {"start": 3642.52, "end": 3642.76, "word": " the", "probability": 0.91748046875}, {"start": 3642.76, "end": 3643.08, "word": " total", "probability": 0.8857421875}, {"start": 3643.08, "end": 3643.52, "word": " cost", "probability": 0.8857421875}, {"start": 3643.52, "end": 3644.18, "word": " increased", "probability": 0.8759765625}, {"start": 3644.18, "end": 3644.66, "word": " from", "probability": 0.89013671875}, {"start": 3644.66, "end": 3645.12, "word": " 1000", "probability": 0.494873046875}, {"start": 3645.12, "end": 3645.64, "word": " to", "probability": 0.97216796875}, {"start": 3645.64, "end": 3646.3, "word": " 2000", "probability": 0.875}, {"start": 3646.3, "end": 3648.22, "word": " and", "probability": 0.501953125}, {"start": 3648.22, "end": 3648.38, "word": " the", "probability": 0.8642578125}, {"start": 3648.38, "end": 3649.36, "word": " price", "probability": 0.927734375}, {"start": 3649.36, "end": 3649.54, "word": " of", "probability": 0.87744140625}, {"start": 3649.54, "end": 3649.76, "word": " M", "probability": 0.86181640625}, {"start": 3649.76, "end": 3650.34, "word": " remains", "probability": 0.36767578125}, {"start": 3650.34, "end": 3650.84, "word": " constant,", "probability": 0.89990234375}, {"start": 3652.16, "end": 3652.38, "word": " the", "probability": 0.900390625}, {"start": 3652.38, "end": 3652.68, "word": " budget", "probability": 0.880859375}, {"start": 3652.68, "end": 3653.12, "word": " line", "probability": 0.95556640625}, {"start": 3653.12, "end": 3653.86, "word": " shifts", "probability": 0.9228515625}, {"start": 3653.86, "end": 3654.28, "word": " right", "probability": 0.771484375}, {"start": 3654.28, "end": 3654.7, "word": " parallel", "probability": 0.58544921875}, {"start": 3654.7, "end": 3654.92, "word": " to", "probability": 0.96240234375}, {"start": 3654.92, "end": 3655.06, "word": " the", "probability": 0.91650390625}, {"start": 3655.06, "end": 3655.36, "word": " previous", "probability": 0.8388671875}, {"start": 3655.36, "end": 3655.64, "word": " one,", "probability": 0.87939453125}, {"start": 3655.72, "end": 3655.9, "word": " right?", "probability": 0.6826171875}, {"start": 3657.84, "end": 3658.32, "word": " The", "probability": 0.609375}, {"start": 3658.32, "end": 3658.58, "word": " question", "probability": 0.92041015625}, {"start": 3658.58, "end": 3658.88, "word": " says,", "probability": 0.564453125}, {"start": 3659.62, "end": 3659.88, "word": " what", "probability": 0.5087890625}, {"start": 3659.88, "end": 3660.1, "word": " will", "probability": 0.82666015625}, {"start": 3660.1, "end": 3660.66, "word": " happen", "probability": 0.916015625}, {"start": 3660.66, "end": 3661.18, "word": " if", "probability": 0.9482421875}], "temperature": 1.0}, {"id": 129, "seek": 367765, "start": 3661.59, "end": 3677.65, "text": " the total cost increases or we have more money to buy different bundles or more workers and more machines. Which means if the company has more money,", "tokens": [264, 3217, 2063, 8637, 420, 321, 362, 544, 1460, 281, 2256, 819, 13882, 904, 420, 544, 5600, 293, 544, 8379, 13, 3013, 1355, 498, 264, 2237, 575, 544, 1460, 11], "avg_logprob": -0.16948084196736735, "compression_ratio": 1.3513513513513513, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 3661.59, "end": 3661.91, "word": " the", "probability": 0.546875}, {"start": 3661.91, "end": 3662.45, "word": " total", "probability": 0.90185546875}, {"start": 3662.45, "end": 3663.03, "word": " cost", "probability": 0.83251953125}, {"start": 3663.03, "end": 3663.81, "word": " increases", "probability": 0.9365234375}, {"start": 3663.81, "end": 3664.33, "word": " or", "probability": 0.47412109375}, {"start": 3664.33, "end": 3664.73, "word": " we", "probability": 0.95458984375}, {"start": 3664.73, "end": 3665.19, "word": " have", "probability": 0.94775390625}, {"start": 3665.19, "end": 3665.81, "word": " more", "probability": 0.9345703125}, {"start": 3665.81, "end": 3666.23, "word": " money", "probability": 0.923828125}, {"start": 3666.23, "end": 3666.51, "word": " to", "probability": 0.9697265625}, {"start": 3666.51, "end": 3666.99, "word": " buy", "probability": 0.919921875}, {"start": 3666.99, "end": 3667.85, "word": " different", "probability": 0.84521484375}, {"start": 3667.85, "end": 3668.51, "word": " bundles", "probability": 0.73828125}, {"start": 3668.51, "end": 3668.79, "word": " or", "probability": 0.8515625}, {"start": 3668.79, "end": 3669.39, "word": " more", "probability": 0.93359375}, {"start": 3669.39, "end": 3669.93, "word": " workers", "probability": 0.8935546875}, {"start": 3669.93, "end": 3670.15, "word": " and", "probability": 0.91259765625}, {"start": 3670.15, "end": 3670.31, "word": " more", "probability": 0.9482421875}, {"start": 3670.31, "end": 3670.75, "word": " machines.", "probability": 0.939453125}, {"start": 3671.07, "end": 3671.55, "word": " Which", "probability": 0.875}, {"start": 3671.55, "end": 3671.99, "word": " means", "probability": 0.9326171875}, {"start": 3671.99, "end": 3673.13, "word": " if", "probability": 0.71142578125}, {"start": 3673.13, "end": 3673.39, "word": " the", "probability": 0.92138671875}, {"start": 3673.39, "end": 3673.83, "word": " company", "probability": 0.91650390625}, {"start": 3673.83, "end": 3674.71, "word": " has", "probability": 0.9521484375}, {"start": 3674.71, "end": 3677.17, "word": " more", "probability": 0.93115234375}, {"start": 3677.17, "end": 3677.65, "word": " money,", "probability": 0.9306640625}], "temperature": 1.0}, {"id": 130, "seek": 370351, "start": 3679.07, "end": 3703.51, "text": " Or the total cost, the money available for the company increased from $1,000 to $2,000. And cetera is purpose, which means the price of M remains constant. What will happen to the budget line or the ISO cost line? Will shift right. Exactly. So here, according to our assumption,", "tokens": [1610, 264, 3217, 2063, 11, 264, 1460, 2435, 337, 264, 2237, 6505, 490, 1848, 16, 11, 1360, 281, 1848, 17, 11, 1360, 13, 400, 11458, 307, 4334, 11, 597, 1355, 264, 3218, 295, 376, 7023, 5754, 13, 708, 486, 1051, 281, 264, 4706, 1622, 420, 264, 25042, 2063, 1622, 30, 3099, 5513, 558, 13, 7587, 13, 407, 510, 11, 4650, 281, 527, 15302, 11], "avg_logprob": -0.23076923076923078, "compression_ratio": 1.3880597014925373, "no_speech_prob": 0.0, "words": [{"start": 3679.07, "end": 3679.47, "word": " Or", "probability": 0.6357421875}, {"start": 3679.47, "end": 3679.67, "word": " the", "probability": 0.80029296875}, {"start": 3679.67, "end": 3680.01, "word": " total", "probability": 0.8310546875}, {"start": 3680.01, "end": 3680.41, "word": " cost,", "probability": 0.85498046875}, {"start": 3680.57, "end": 3680.81, "word": " the", "probability": 0.9033203125}, {"start": 3680.81, "end": 3681.15, "word": " money", "probability": 0.904296875}, {"start": 3681.15, "end": 3681.73, "word": " available", "probability": 0.85400390625}, {"start": 3681.73, "end": 3682.11, "word": " for", "probability": 0.91748046875}, {"start": 3682.11, "end": 3682.27, "word": " the", "probability": 0.89208984375}, {"start": 3682.27, "end": 3682.65, "word": " company", "probability": 0.91015625}, {"start": 3682.65, "end": 3683.55, "word": " increased", "probability": 0.62158203125}, {"start": 3683.55, "end": 3683.97, "word": " from", "probability": 0.88623046875}, {"start": 3683.97, "end": 3684.61, "word": " $1", "probability": 0.695068359375}, {"start": 3684.61, "end": 3685.15, "word": ",000", "probability": 0.9951171875}, {"start": 3685.15, "end": 3686.07, "word": " to", "probability": 0.96044921875}, {"start": 3686.07, "end": 3686.57, "word": " $2", "probability": 0.981201171875}, {"start": 3686.57, "end": 3687.21, "word": ",000.", "probability": 0.9990234375}, {"start": 3687.97, "end": 3688.71, "word": " And", "probability": 0.90869140625}, {"start": 3688.71, "end": 3689.27, "word": " cetera", "probability": 0.2344970703125}, {"start": 3689.27, "end": 3689.45, "word": " is", "probability": 0.496826171875}, {"start": 3689.45, "end": 3689.85, "word": " purpose,", "probability": 0.576171875}, {"start": 3690.17, "end": 3690.33, "word": " which", "probability": 0.94677734375}, {"start": 3690.33, "end": 3690.65, "word": " means", "probability": 0.9345703125}, {"start": 3690.65, "end": 3690.81, "word": " the", "probability": 0.82275390625}, {"start": 3690.81, "end": 3691.07, "word": " price", "probability": 0.93505859375}, {"start": 3691.07, "end": 3691.19, "word": " of", "probability": 0.54833984375}, {"start": 3691.19, "end": 3691.37, "word": " M", "probability": 0.67431640625}, {"start": 3691.37, "end": 3692.41, "word": " remains", "probability": 0.459228515625}, {"start": 3692.41, "end": 3692.93, "word": " constant.", "probability": 0.92529296875}, {"start": 3693.71, "end": 3694.05, "word": " What", "probability": 0.89111328125}, {"start": 3694.05, "end": 3694.25, "word": " will", "probability": 0.83544921875}, {"start": 3694.25, "end": 3694.75, "word": " happen", "probability": 0.9130859375}, {"start": 3694.75, "end": 3695.01, "word": " to", "probability": 0.96728515625}, {"start": 3695.01, "end": 3695.15, "word": " the", "probability": 0.9189453125}, {"start": 3695.15, "end": 3695.45, "word": " budget", "probability": 0.8994140625}, {"start": 3695.45, "end": 3695.89, "word": " line", "probability": 0.94091796875}, {"start": 3695.89, "end": 3696.29, "word": " or", "probability": 0.89453125}, {"start": 3696.29, "end": 3696.51, "word": " the", "probability": 0.91455078125}, {"start": 3696.51, "end": 3696.91, "word": " ISO", "probability": 0.75537109375}, {"start": 3696.91, "end": 3697.75, "word": " cost", "probability": 0.55517578125}, {"start": 3697.75, "end": 3698.19, "word": " line?", "probability": 0.93212890625}, {"start": 3698.43, "end": 3698.67, "word": " Will", "probability": 0.469970703125}, {"start": 3698.67, "end": 3698.93, "word": " shift", "probability": 0.990234375}, {"start": 3698.93, "end": 3700.27, "word": " right.", "probability": 0.814453125}, {"start": 3700.41, "end": 3700.57, "word": " Exactly.", "probability": 0.65869140625}, {"start": 3701.01, "end": 3701.37, "word": " So", "probability": 0.95166015625}, {"start": 3701.37, "end": 3701.83, "word": " here,", "probability": 0.84326171875}, {"start": 3702.37, "end": 3702.67, "word": " according", "probability": 0.923828125}, {"start": 3702.67, "end": 3702.87, "word": " to", "probability": 0.962890625}, {"start": 3702.87, "end": 3703.03, "word": " our", "probability": 0.88818359375}, {"start": 3703.03, "end": 3703.51, "word": " assumption,", "probability": 0.9716796875}], "temperature": 1.0}, {"id": 131, "seek": 373798, "start": 3711.28, "end": 3737.98, "text": " The company has more money. Exactly. The assumption. The budget line. Consumer equilibrium. More money.", "tokens": [440, 2237, 575, 544, 1460, 13, 7587, 13, 440, 15302, 13, 440, 4706, 1622, 13, 39494, 15625, 13, 5048, 1460, 13], "avg_logprob": -0.42329546131870965, "compression_ratio": 1.1304347826086956, "no_speech_prob": 0.0, "words": [{"start": 3711.28, "end": 3711.44, "word": " The", "probability": 0.7900390625}, {"start": 3711.44, "end": 3711.92, "word": " company", "probability": 0.9052734375}, {"start": 3711.92, "end": 3717.78, "word": " has", "probability": 0.8359375}, {"start": 3717.78, "end": 3718.14, "word": " more", "probability": 0.935546875}, {"start": 3718.14, "end": 3718.62, "word": " money.", "probability": 0.92919921875}, {"start": 3723.52, "end": 3724.92, "word": " Exactly.", "probability": 0.424560546875}, {"start": 3726.04, "end": 3726.16, "word": " The", "probability": 0.356689453125}, {"start": 3726.16, "end": 3726.48, "word": " assumption.", "probability": 0.2724609375}, {"start": 3728.18, "end": 3728.96, "word": " The", "probability": 0.10589599609375}, {"start": 3728.96, "end": 3730.88, "word": " budget", "probability": 0.6181640625}, {"start": 3730.88, "end": 3731.36, "word": " line.", "probability": 0.9375}, {"start": 3731.98, "end": 3732.86, "word": " Consumer", "probability": 0.59765625}, {"start": 3732.86, "end": 3733.56, "word": " equilibrium.", "probability": 0.94775390625}, {"start": 3734.52, "end": 3735.7, "word": " More", "probability": 0.2052001953125}, {"start": 3735.7, "end": 3737.98, "word": " money.", "probability": 0.92578125}], "temperature": 1.0}, {"id": 132, "seek": 376809, "start": 3740.61, "end": 3768.09, "text": " Which means that the total cost increased to $2,000. And the price of L remains constant at $20. And the price of M remains constant at $40. It drew the budget line formula or the ISO cost line formula. Sorry, the ISO cost line. It drew the budget line or the ISO cost line. 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QL equals Nu total cost over Nu price of L. QL Nu equals 2,000 over the price of L. How much is it? $20. Equals how much? 100. And Nu QM Nu.", "tokens": [1249, 43, 13612, 420, 13612, 1249, 43, 13, 1249, 43, 6915, 13612, 3217, 2063, 670, 13612, 3218, 295, 441, 13, 1249, 43, 13612, 6915, 568, 11, 1360, 670, 264, 3218, 295, 441, 13, 1012, 709, 307, 309, 30, 1848, 2009, 13, 15624, 1124, 577, 709, 30, 2319, 13, 400, 13612, 1249, 44, 13612, 13], "avg_logprob": -0.25326705954291606, "compression_ratio": 1.353448275862069, "no_speech_prob": 0.0, "words": [{"start": 3798.29, "end": 3798.79, "word": " QL", "probability": 0.858154296875}, {"start": 3798.79, "end": 3799.07, "word": " Nu", "probability": 0.111083984375}, {"start": 3799.07, "end": 3799.69, "word": " or", "probability": 0.525390625}, {"start": 3799.69, "end": 3800.11, "word": " Nu", "probability": 0.6591796875}, {"start": 3800.11, "end": 3801.77, "word": " QL.", "probability": 0.816162109375}, {"start": 3802.07, "end": 3802.63, "word": " QL", "probability": 0.96142578125}, {"start": 3802.63, "end": 3803.89, "word": " equals", "probability": 0.8828125}, {"start": 3803.89, "end": 3804.21, "word": " Nu", "probability": 0.486328125}, {"start": 3804.21, "end": 3804.53, "word": " total", "probability": 0.60986328125}, {"start": 3804.53, "end": 3804.99, "word": " cost", "probability": 0.91748046875}, {"start": 3804.99, "end": 3806.73, "word": " over", "probability": 0.888671875}, {"start": 3806.73, "end": 3807.23, "word": " Nu", "probability": 0.93798828125}, {"start": 3807.23, "end": 3808.27, "word": " price", "probability": 0.82666015625}, {"start": 3808.27, "end": 3808.49, "word": " of", "probability": 0.958984375}, {"start": 3808.49, "end": 3808.73, "word": " L.", "probability": 0.953125}, {"start": 3810.93, "end": 3811.83, "word": " QL", "probability": 0.97705078125}, {"start": 3811.83, "end": 3812.25, "word": " Nu", "probability": 0.95458984375}, {"start": 3812.25, "end": 3814.97, "word": " equals", "probability": 0.85302734375}, {"start": 3814.97, "end": 3815.57, "word": " 2", "probability": 0.37353515625}, {"start": 3815.57, "end": 3816.09, "word": ",000", "probability": 0.969970703125}, {"start": 3816.09, "end": 3816.99, "word": " over", "probability": 0.89697265625}, {"start": 3816.99, "end": 3817.23, "word": " the", "probability": 0.900390625}, {"start": 3817.23, "end": 3817.49, "word": " price", "probability": 0.900390625}, {"start": 3817.49, "end": 3817.69, "word": " of", "probability": 0.95263671875}, {"start": 3817.69, "end": 3817.91, "word": " L.", "probability": 0.9853515625}, {"start": 3817.99, "end": 3818.09, "word": " How", "probability": 0.951171875}, {"start": 3818.09, "end": 3818.25, "word": " much", "probability": 0.91748046875}, {"start": 3818.25, "end": 3818.41, "word": " is", "probability": 0.94873046875}, {"start": 3818.41, "end": 3818.67, "word": " it?", "probability": 0.94091796875}, {"start": 3818.99, "end": 3819.55, "word": " $20.", "probability": 0.749755859375}, {"start": 3820.93, "end": 3821.83, "word": " Equals", "probability": 0.897216796875}, {"start": 3821.83, "end": 3821.99, "word": " how", "probability": 0.912109375}, {"start": 3821.99, "end": 3822.43, "word": " much?", "probability": 0.919921875}, {"start": 3822.75, "end": 3823.65, "word": " 100.", "probability": 0.60986328125}, {"start": 3824.45, "end": 3824.69, "word": " And", "probability": 0.67822265625}, {"start": 3824.69, "end": 3825.47, "word": " Nu", "probability": 0.85205078125}, {"start": 3825.47, "end": 3826.27, "word": " QM", "probability": 0.90185546875}, {"start": 3826.27, "end": 3827.15, "word": " Nu.", "probability": 0.6552734375}], "temperature": 1.0}, {"id": 135, "seek": 385531, "start": 3828.61, "end": 3855.31, "text": " equals price total cost in U over the new price of M which equals 2000 over price of M at 40 equals how much? 50. So here the budget line or the ISO cost line will shift right parallel to the previous one. So here should be 50 and here 100.", "tokens": [6915, 3218, 3217, 2063, 294, 624, 670, 264, 777, 3218, 295, 376, 597, 6915, 8132, 670, 3218, 295, 376, 412, 3356, 6915, 577, 709, 30, 2625, 13, 407, 510, 264, 4706, 1622, 420, 264, 25042, 2063, 1622, 486, 5513, 558, 8952, 281, 264, 3894, 472, 13, 407, 510, 820, 312, 2625, 293, 510, 2319, 13], "avg_logprob": -0.22154017218521663, "compression_ratio": 1.5253164556962024, "no_speech_prob": 0.0, "words": [{"start": 3828.6100000000006, "end": 3829.3300000000004, "word": " equals", "probability": 0.6572265625}, {"start": 3829.3300000000004, "end": 3830.05, "word": " price", "probability": 0.724609375}, {"start": 3830.05, "end": 3830.75, "word": " total", "probability": 0.5869140625}, {"start": 3830.75, "end": 3831.17, "word": " cost", "probability": 0.83642578125}, {"start": 3831.17, "end": 3831.37, "word": " in", "probability": 0.4130859375}, {"start": 3831.37, "end": 3831.57, "word": " U", "probability": 0.455322265625}, {"start": 3831.57, "end": 3831.99, "word": " over", "probability": 0.88134765625}, {"start": 3831.99, "end": 3832.19, "word": " the", "probability": 0.86865234375}, {"start": 3832.19, "end": 3832.33, "word": " new", "probability": 0.84716796875}, {"start": 3832.33, "end": 3832.73, "word": " price", "probability": 0.89501953125}, {"start": 3832.73, "end": 3832.91, "word": " of", "probability": 0.9140625}, {"start": 3832.91, "end": 3833.15, "word": " M", "probability": 0.9765625}, {"start": 3833.15, "end": 3833.95, "word": " which", "probability": 0.417236328125}, {"start": 3833.95, "end": 3834.47, "word": " equals", "probability": 0.93701171875}, {"start": 3834.47, "end": 3835.05, "word": " 2000", "probability": 0.5205078125}, {"start": 3835.05, "end": 3836.11, "word": " over", "probability": 0.90380859375}, {"start": 3836.11, "end": 3836.69, "word": " price", "probability": 0.8154296875}, {"start": 3836.69, "end": 3836.87, "word": " of", "probability": 0.92822265625}, {"start": 3836.87, "end": 3837.07, "word": " M", "probability": 0.9775390625}, {"start": 3837.07, "end": 3837.23, "word": " at", "probability": 0.5654296875}, {"start": 3837.23, "end": 3837.61, "word": " 40", "probability": 0.95458984375}, {"start": 3837.61, "end": 3838.47, "word": " equals", "probability": 0.88818359375}, {"start": 3838.47, "end": 3838.69, "word": " how", "probability": 0.88818359375}, {"start": 3838.69, "end": 3839.03, "word": " much?", "probability": 0.92138671875}, {"start": 3839.29, "end": 3840.01, "word": " 50.", "probability": 0.73974609375}, {"start": 3840.35, "end": 3840.75, "word": " So", "probability": 0.8837890625}, {"start": 3840.75, "end": 3841.39, "word": " here", "probability": 0.63525390625}, {"start": 3841.39, "end": 3841.91, "word": " the", "probability": 0.6455078125}, {"start": 3841.91, "end": 3842.23, "word": " budget", "probability": 0.88330078125}, {"start": 3842.23, "end": 3842.63, "word": " line", "probability": 0.94091796875}, {"start": 3842.63, "end": 3842.83, "word": " or", "probability": 0.92236328125}, {"start": 3842.83, "end": 3843.07, "word": " the", "probability": 0.9140625}, {"start": 3843.07, "end": 3843.31, "word": " ISO", "probability": 0.5634765625}, {"start": 3843.31, "end": 3843.71, "word": " cost", "probability": 0.8271484375}, {"start": 3843.71, "end": 3844.05, "word": " line", "probability": 0.9248046875}, {"start": 3844.05, "end": 3844.27, "word": " will", "probability": 0.80908203125}, {"start": 3844.27, "end": 3844.55, "word": " shift", "probability": 0.982421875}, {"start": 3844.55, "end": 3845.01, "word": " right", "probability": 0.89599609375}, {"start": 3845.01, "end": 3846.19, "word": " parallel", "probability": 0.52099609375}, {"start": 3846.19, "end": 3846.51, "word": " to", "probability": 0.96533203125}, {"start": 3846.51, "end": 3846.65, "word": " the", "probability": 0.91943359375}, {"start": 3846.65, "end": 3847.01, "word": " previous", "probability": 0.8486328125}, {"start": 3847.01, "end": 3847.29, "word": " one.", "probability": 0.9306640625}, {"start": 3847.85, "end": 3847.97, "word": " So", "probability": 0.95654296875}, {"start": 3847.97, "end": 3848.29, "word": " here", "probability": 0.83984375}, {"start": 3848.29, "end": 3848.87, "word": " should", "probability": 0.77197265625}, {"start": 3848.87, "end": 3849.05, "word": " be", "probability": 0.95556640625}, {"start": 3849.05, "end": 3849.51, "word": " 50", "probability": 0.92236328125}, {"start": 3849.51, "end": 3850.65, "word": " and", "probability": 0.7802734375}, {"start": 3850.65, "end": 3850.99, "word": " here", "probability": 0.86572265625}, {"start": 3850.99, "end": 3855.31, "word": " 100.", "probability": 0.78173828125}], "temperature": 1.0}, {"id": 136, "seek": 388609, "start": 3859.23, "end": 3886.09, "text": " How much is the slope, the new slope, or the new isocost line formula? The new formula that we just talked about, we're going to say Qm equals the intercept, this 50, over 50 or minus 50 over 100. Right? So 50.", "tokens": [1012, 709, 307, 264, 13525, 11, 264, 777, 13525, 11, 420, 264, 777, 307, 905, 555, 1622, 8513, 30, 440, 777, 8513, 300, 321, 445, 2825, 466, 11, 321, 434, 516, 281, 584, 1249, 76, 6915, 264, 24700, 11, 341, 2625, 11, 670, 2625, 420, 3175, 2625, 670, 2319, 13, 1779, 30, 407, 2625, 13], "avg_logprob": -0.377790169524295, "compression_ratio": 1.4161073825503356, "no_speech_prob": 0.0, "words": [{"start": 3859.23, "end": 3859.57, "word": " How", "probability": 0.435791015625}, {"start": 3859.57, "end": 3860.07, "word": " much", "probability": 0.919921875}, {"start": 3860.07, "end": 3860.59, "word": " is", "probability": 0.94287109375}, {"start": 3860.59, "end": 3862.31, "word": " the", "probability": 0.81005859375}, {"start": 3862.31, "end": 3862.95, "word": " slope,", "probability": 0.60107421875}, {"start": 3863.15, "end": 3863.25, "word": " the", "probability": 0.90234375}, {"start": 3863.25, "end": 3863.49, "word": " new", "probability": 0.93115234375}, {"start": 3863.49, "end": 3863.99, "word": " slope,", "probability": 0.91552734375}, {"start": 3864.19, "end": 3864.27, "word": " or", "probability": 0.9599609375}, {"start": 3864.27, "end": 3864.43, "word": " the", "probability": 0.91943359375}, {"start": 3864.43, "end": 3865.31, "word": " new", "probability": 0.9150390625}, {"start": 3865.31, "end": 3866.59, "word": " isocost", "probability": 0.6085611979166666}, {"start": 3866.59, "end": 3866.89, "word": " line", "probability": 0.857421875}, {"start": 3866.89, "end": 3867.47, "word": " formula?", "probability": 0.91796875}, {"start": 3868.67, "end": 3868.83, "word": " The", "probability": 0.59375}, {"start": 3868.83, "end": 3869.57, "word": " new", "probability": 0.85009765625}, {"start": 3869.57, "end": 3869.57, "word": " formula", "probability": 0.8095703125}, {"start": 3869.57, "end": 3869.79, "word": " that", "probability": 0.30322265625}, {"start": 3869.79, "end": 3870.21, "word": " we", "probability": 0.60986328125}, {"start": 3870.21, "end": 3870.21, "word": " just", "probability": 0.2120361328125}, {"start": 3870.21, "end": 3870.21, "word": " talked", "probability": 0.395751953125}, {"start": 3870.21, "end": 3870.75, "word": " about,", "probability": 0.90576171875}, {"start": 3871.17, "end": 3871.49, "word": " we're", "probability": 0.43548583984375}, {"start": 3871.49, "end": 3871.49, "word": " going", "probability": 0.869140625}, {"start": 3871.49, "end": 3871.53, "word": " to", "probability": 0.97314453125}, {"start": 3871.53, "end": 3871.69, "word": " say", "probability": 0.8349609375}, {"start": 3871.69, "end": 3873.09, "word": " Qm", "probability": 0.4171142578125}, {"start": 3873.09, "end": 3875.13, "word": " equals", "probability": 0.85546875}, {"start": 3875.13, "end": 3875.73, "word": " the", "probability": 0.77490234375}, {"start": 3875.73, "end": 3876.45, "word": " intercept,", "probability": 0.9814453125}, {"start": 3876.71, "end": 3876.79, "word": " this", "probability": 0.64111328125}, {"start": 3876.79, "end": 3877.21, "word": " 50,", "probability": 0.86328125}, {"start": 3877.99, "end": 3879.27, "word": " over", "probability": 0.86083984375}, {"start": 3879.27, "end": 3879.99, "word": " 50", "probability": 0.95947265625}, {"start": 3879.99, "end": 3880.51, "word": " or", "probability": 0.556640625}, {"start": 3880.51, "end": 3880.89, "word": " minus", "probability": 0.9384765625}, {"start": 3880.89, "end": 3881.57, "word": " 50", "probability": 0.9560546875}, {"start": 3881.57, "end": 3881.81, "word": " over", "probability": 0.80615234375}, {"start": 3881.81, "end": 3882.41, "word": " 100.", "probability": 0.89306640625}, {"start": 3883.59, "end": 3883.83, "word": " Right?", "probability": 0.64501953125}, {"start": 3884.59, "end": 3885.59, "word": " So", "probability": 0.95654296875}, {"start": 3885.59, "end": 3886.09, "word": " 50.", "probability": 0.572265625}], "temperature": 1.0}, {"id": 137, "seek": 390735, "start": 3887.85, "end": 3907.35, "text": " minus half QL. This is the new ISO cost line formula. So the change in total cost shifts", "tokens": [3175, 1922, 1249, 43, 13, 639, 307, 264, 777, 25042, 2063, 1622, 8513, 13, 407, 264, 1319, 294, 3217, 2063, 19201], "avg_logprob": -0.26917613365433435, "compression_ratio": 1.0853658536585367, "no_speech_prob": 0.0, "words": [{"start": 3887.85, "end": 3888.37, "word": " minus", "probability": 0.52099609375}, {"start": 3888.37, "end": 3889.11, "word": " half", "probability": 0.7041015625}, {"start": 3889.11, "end": 3890.29, "word": " QL.", "probability": 0.679931640625}, {"start": 3892.09, "end": 3892.49, "word": " This", "probability": 0.85107421875}, {"start": 3892.49, "end": 3892.67, "word": " is", "probability": 0.9501953125}, {"start": 3892.67, "end": 3892.85, "word": " the", "probability": 0.865234375}, {"start": 3892.85, "end": 3893.41, "word": " new", "probability": 0.90966796875}, {"start": 3893.41, "end": 3895.97, "word": " ISO", "probability": 0.473876953125}, {"start": 3895.97, "end": 3897.29, "word": " cost", "probability": 0.3544921875}, {"start": 3897.29, "end": 3898.65, "word": " line", "probability": 0.82470703125}, {"start": 3898.65, "end": 3900.19, "word": " formula.", "probability": 0.91259765625}, {"start": 3902.43, "end": 3902.89, "word": " So", "probability": 0.92431640625}, {"start": 3902.89, "end": 3903.51, "word": " the", "probability": 0.52490234375}, {"start": 3903.51, "end": 3904.07, "word": " change", "probability": 0.916015625}, {"start": 3904.07, "end": 3904.43, "word": " in", "probability": 0.9423828125}, {"start": 3904.43, "end": 3904.81, "word": " total", "probability": 0.8330078125}, {"start": 3904.81, "end": 3905.49, "word": " cost", "probability": 0.89501953125}, {"start": 3905.49, "end": 3907.35, "word": " shifts", "probability": 0.90380859375}], "temperature": 1.0}, {"id": 138, "seek": 392768, "start": 3908.72, "end": 3927.68, "text": " The budget line or the isocost line parallel to the previous one with no change in the slope of the isocost line. But the change here, where did it happen? The location. Where did the change happen? Just in the location. The intercept.", "tokens": [440, 4706, 1622, 420, 264, 307, 905, 555, 1622, 8952, 281, 264, 3894, 472, 365, 572, 1319, 294, 264, 13525, 295, 264, 307, 905, 555, 1622, 13, 583, 264, 1319, 510, 11, 689, 630, 309, 1051, 30, 440, 4914, 13, 2305, 630, 264, 1319, 1051, 30, 1449, 294, 264, 4914, 13, 440, 24700, 13], "avg_logprob": -0.27500000433488325, "compression_ratio": 1.673758865248227, "no_speech_prob": 0.0, "words": [{"start": 3908.72, "end": 3908.94, "word": " The", "probability": 0.60791015625}, {"start": 3908.94, "end": 3909.22, "word": " budget", "probability": 0.8603515625}, {"start": 3909.22, "end": 3909.58, "word": " line", "probability": 0.94970703125}, {"start": 3909.58, "end": 3909.76, "word": " or", "probability": 0.72119140625}, {"start": 3909.76, "end": 3909.92, "word": " the", "probability": 0.91748046875}, {"start": 3909.92, "end": 3910.44, "word": " isocost", "probability": 0.5791422526041666}, {"start": 3910.44, "end": 3910.8, "word": " line", "probability": 0.94580078125}, {"start": 3910.8, "end": 3911.46, "word": " parallel", "probability": 0.78662109375}, {"start": 3911.46, "end": 3911.72, "word": " to", "probability": 0.96533203125}, {"start": 3911.72, "end": 3911.86, "word": " the", "probability": 0.923828125}, {"start": 3911.86, "end": 3912.24, "word": " previous", "probability": 0.8515625}, {"start": 3912.24, "end": 3912.58, "word": " one", "probability": 0.92041015625}, {"start": 3912.58, "end": 3913.1, "word": " with", "probability": 0.806640625}, {"start": 3913.1, "end": 3913.46, "word": " no", "probability": 0.9521484375}, {"start": 3913.46, "end": 3914.0, "word": " change", "probability": 0.89404296875}, {"start": 3914.0, "end": 3914.18, "word": " in", "probability": 0.943359375}, {"start": 3914.18, "end": 3914.38, "word": " the", "probability": 0.91845703125}, {"start": 3914.38, "end": 3914.88, "word": " slope", "probability": 0.91455078125}, {"start": 3914.88, "end": 3915.14, "word": " of", "probability": 0.95458984375}, {"start": 3915.14, "end": 3915.34, "word": " the", "probability": 0.9287109375}, {"start": 3915.34, "end": 3915.96, "word": " isocost", "probability": 0.9586588541666666}, {"start": 3915.96, "end": 3916.32, "word": " line.", "probability": 0.9365234375}, {"start": 3916.8, "end": 3916.96, "word": " But", "probability": 0.9072265625}, {"start": 3916.96, "end": 3917.16, "word": " the", "probability": 0.88671875}, {"start": 3917.16, "end": 3917.54, "word": " change", "probability": 0.91259765625}, {"start": 3917.54, "end": 3917.8, "word": " here,", "probability": 0.8544921875}, {"start": 3918.66, "end": 3918.82, "word": " where", "probability": 0.240234375}, {"start": 3918.82, "end": 3919.16, "word": " did", "probability": 0.66748046875}, {"start": 3919.16, "end": 3919.26, "word": " it", "probability": 0.890625}, {"start": 3919.26, "end": 3919.32, "word": " happen?", "probability": 0.7509765625}, {"start": 3919.7, "end": 3920.42, "word": " The", "probability": 0.8330078125}, {"start": 3920.42, "end": 3921.18, "word": " location.", "probability": 0.935546875}, {"start": 3922.26, "end": 3922.44, "word": " Where", "probability": 0.2069091796875}, {"start": 3922.44, "end": 3922.44, "word": " did", "probability": 0.873046875}, {"start": 3922.44, "end": 3922.52, "word": " the", "probability": 0.70703125}, {"start": 3922.52, "end": 3922.88, "word": " change", "probability": 0.9033203125}, {"start": 3922.88, "end": 3923.24, "word": " happen?", "probability": 0.54736328125}, {"start": 3923.98, "end": 3924.7, "word": " Just", "probability": 0.83544921875}, {"start": 3924.7, "end": 3924.86, "word": " in", "probability": 0.8671875}, {"start": 3924.86, "end": 3924.96, "word": " the", "probability": 0.9130859375}, {"start": 3924.96, "end": 3925.6, "word": " location.", "probability": 0.9287109375}, {"start": 3927.06, "end": 3927.14, "word": " The", "probability": 0.262451171875}, {"start": 3927.14, "end": 3927.68, "word": " intercept.", "probability": 0.82958984375}], "temperature": 1.0}, {"id": 139, "seek": 395319, "start": 3928.85, "end": 3953.19, "text": " We have the same slope, but the change in the price of L or change in the price of M will shift or will affect the slope and sometimes the slope and location. Right? The same as the price of X and the price of Y. Okay, let's go to something else. Understood?", "tokens": [492, 362, 264, 912, 13525, 11, 457, 264, 1319, 294, 264, 3218, 295, 441, 420, 1319, 294, 264, 3218, 295, 376, 486, 5513, 420, 486, 3345, 264, 13525, 293, 2171, 264, 13525, 293, 4914, 13, 1779, 30, 440, 912, 382, 264, 3218, 295, 1783, 293, 264, 3218, 295, 398, 13, 1033, 11, 718, 311, 352, 281, 746, 1646, 13, 42832, 30], "avg_logprob": -0.184097777210897, "compression_ratio": 1.6818181818181819, "no_speech_prob": 0.0, "words": [{"start": 3928.85, "end": 3929.07, "word": " We", "probability": 0.6455078125}, {"start": 3929.07, "end": 3929.31, "word": " have", "probability": 0.89501953125}, {"start": 3929.31, "end": 3929.53, "word": " the", "probability": 0.9169921875}, {"start": 3929.53, "end": 3929.79, "word": " same", "probability": 0.8994140625}, {"start": 3929.79, "end": 3930.25, "word": " slope,", "probability": 0.91845703125}, {"start": 3930.57, "end": 3930.67, "word": " but", "probability": 0.91748046875}, {"start": 3930.67, "end": 3930.87, "word": " the", 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many units of Y or machines do we have?", "tokens": [759, 264, 12314, 15625, 420, 264, 777, 15625, 11843, 562, 264, 1230, 295, 5600, 2681, 3356, 11, 577, 867, 6815, 295, 398, 420, 8379, 360, 321, 362, 30], "avg_logprob": -0.2495959133937441, "compression_ratio": 1.275229357798165, "no_speech_prob": 0.0, "words": [{"start": 3955.45, "end": 3955.87, "word": " If", "probability": 0.33251953125}, {"start": 3955.87, "end": 3956.83, "word": " the", "probability": 0.88037109375}, {"start": 3956.83, "end": 3957.25, "word": " producer", "probability": 0.8935546875}, {"start": 3957.25, "end": 3957.87, "word": " equilibrium", "probability": 0.93505859375}, {"start": 3957.87, "end": 3958.85, "word": " or", "probability": 0.70703125}, {"start": 3958.85, "end": 3959.07, "word": " the", "probability": 0.89208984375}, {"start": 3959.07, "end": 3959.41, "word": " new", "probability": 0.86962890625}, {"start": 3959.41, "end": 3960.21, "word": " equilibrium", "probability": 0.974609375}, {"start": 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The new equilibrium after expansion, because here the company will have an expansion, modernization. We have a new equilibrium point. This is the expansion line here.", "tokens": [6915, 2625, 3175, 1958, 13, 20, 1413, 3356, 13, 440, 777, 15625, 934, 11260, 11, 570, 510, 264, 2237, 486, 362, 364, 11260, 11, 4363, 2144, 13, 492, 362, 257, 777, 15625, 935, 13, 639, 307, 264, 11260, 1622, 510, 13], "avg_logprob": -0.18071056405703226, "compression_ratio": 1.4924242424242424, "no_speech_prob": 0.0, "words": [{"start": 3984.74, "end": 3985.32, "word": " equals", "probability": 0.5400390625}, {"start": 3985.32, "end": 3985.9, "word": " 50", "probability": 0.9228515625}, {"start": 3985.9, "end": 3986.7, "word": " minus", "probability": 0.9736328125}, {"start": 3986.7, "end": 3987.04, "word": " 0", "probability": 0.9404296875}, {"start": 3987.04, "end": 3987.72, "word": ".5", "probability": 0.982177734375}, {"start": 3987.72, "end": 3988.48, "word": " times", "probability": 0.8525390625}, {"start": 3988.48, "end": 3990.3, "word": " 40.", "probability": 0.935546875}, {"start": 3992.32, "end": 3993.2, "word": " The", "probability": 0.3017578125}, {"start": 3993.2, "end": 3993.74, "word": " new", "probability": 0.892578125}, {"start": 3993.74, "end": 3994.34, "word": " equilibrium", "probability": 0.89892578125}, {"start": 3994.34, "end": 3995.68, "word": " after", "probability": 0.74951171875}, {"start": 3995.68, "end": 3996.48, "word": " expansion,", "probability": 0.94189453125}, {"start": 3997.12, "end": 3997.58, "word": " because", "probability": 0.89697265625}, {"start": 3997.58, "end": 3997.92, "word": " here", "probability": 0.86376953125}, {"start": 3997.92, "end": 3998.44, "word": " the", "probability": 0.56396484375}, {"start": 3998.44, "end": 3998.92, "word": " company", "probability": 0.91845703125}, {"start": 3998.92, "end": 3999.56, "word": " will", "probability": 0.87744140625}, {"start": 3999.56, "end": 3999.94, "word": " have", "probability": 0.94677734375}, {"start": 3999.94, "end": 4000.24, "word": " an", "probability": 0.95849609375}, {"start": 4000.24, "end": 4001.06, "word": " expansion,", "probability": 0.94580078125}, {"start": 4001.52, "end": 4002.52, "word": " modernization.", "probability": 0.974609375}, {"start": 4004.6, "end": 4005.64, "word": " We", "probability": 0.8935546875}, {"start": 4005.64, "end": 4006.34, "word": " have", "probability": 0.849609375}, {"start": 4006.34, "end": 4006.6, "word": " a", "probability": 0.99072265625}, {"start": 4006.6, "end": 4006.84, "word": " new", "probability": 0.89794921875}, {"start": 4006.84, "end": 4007.32, "word": " equilibrium", "probability": 0.966796875}, {"start": 4007.32, "end": 4007.84, "word": " point.", "probability": 0.9619140625}, {"start": 4008.32, "end": 4008.74, "word": " This", "probability": 0.80419921875}, {"start": 4008.74, "end": 4008.88, "word": " is", "probability": 0.9482421875}, {"start": 4008.88, "end": 4009.0, "word": " the", "probability": 0.91162109375}, {"start": 4009.0, "end": 4009.5, "word": " expansion", "probability": 0.9521484375}, {"start": 4009.5, "end": 4009.92, "word": " line", "probability": 0.93310546875}, {"start": 4009.92, "end": 4010.22, "word": " here.", "probability": 0.86572265625}], "temperature": 1.0}, {"id": 142, "seek": 403838, "start": 4011.76, "end": 4038.38, "text": " a movement from point A1 to point A2. This is the expansion path, right? So according to our assumption here is that the producer or the equilibrium, the new equilibrium occurs when the number of workers is 40. How many machines should we buy?", "tokens": [257, 3963, 490, 935, 316, 16, 281, 935, 316, 17, 13, 639, 307, 264, 11260, 3100, 11, 558, 30, 407, 4650, 281, 527, 15302, 510, 307, 300, 264, 12314, 420, 264, 15625, 11, 264, 777, 15625, 11843, 562, 264, 1230, 295, 5600, 307, 3356, 13, 1012, 867, 8379, 820, 321, 2256, 30], "avg_logprob": -0.13797169811320756, "compression_ratio": 1.4437869822485208, "no_speech_prob": 0.0, "words": [{"start": 4011.76, "end": 4011.98, "word": " a", "probability": 0.36572265625}, {"start": 4011.98, "end": 4012.26, "word": " movement", "probability": 0.93359375}, {"start": 4012.26, "end": 4012.64, "word": " from", "probability": 0.8837890625}, {"start": 4012.64, "end": 4013.02, "word": " point", "probability": 0.9453125}, {"start": 4013.02, "end": 4013.64, "word": " A1", "probability": 0.9267578125}, {"start": 4013.64, "end": 4013.86, "word": " to", "probability": 0.96630859375}, {"start": 4013.86, "end": 4014.12, "word": " point", "probability": 0.96044921875}, {"start": 4014.12, "end": 4014.68, "word": " A2.", "probability": 0.998291015625}, {"start": 4015.36, "end": 4015.66, "word": " This", "probability": 0.89013671875}, {"start": 4015.66, "end": 4015.82, "word": " is", "probability": 0.94384765625}, {"start": 4015.82, "end": 4016.06, "word": " the", "probability": 0.6201171875}, {"start": 4016.06, "end": 4016.64, "word": " expansion", "probability": 0.95654296875}, {"start": 4016.64, "end": 4017.36, "word": " path,", "probability": 0.92041015625}, {"start": 4018.56, "end": 4018.86, "word": " right?", "probability": 0.7197265625}, {"start": 4020.22, "end": 4021.02, "word": " So", "probability": 0.92822265625}, {"start": 4021.02, "end": 4022.26, "word": " according", "probability": 0.61328125}, {"start": 4022.26, "end": 4022.48, "word": " to", "probability": 0.96142578125}, {"start": 4022.48, "end": 4022.68, "word": " our", "probability": 0.892578125}, {"start": 4022.68, "end": 4023.14, "word": " assumption", "probability": 0.97314453125}, {"start": 4023.14, "end": 4023.5, "word": " here", "probability": 0.8505859375}, {"start": 4023.5, "end": 4023.84, "word": " is", "probability": 0.5400390625}, {"start": 4023.84, "end": 4024.18, "word": " that", "probability": 0.9296875}, {"start": 4024.18, "end": 4024.36, "word": " the", "probability": 0.8994140625}, {"start": 4024.36, "end": 4024.92, "word": " producer", "probability": 0.93603515625}, {"start": 4024.92, "end": 4025.32, "word": " or", "probability": 0.8544921875}, {"start": 4025.32, "end": 4025.94, "word": " the", "probability": 0.91064453125}, {"start": 4025.94, "end": 4026.72, "word": " equilibrium,", "probability": 0.9072265625}, {"start": 4026.96, "end": 4027.04, "word": " the", "probability": 0.91552734375}, {"start": 4027.04, "end": 4027.24, "word": " new", "probability": 0.83984375}, {"start": 4027.24, "end": 4027.62, "word": " equilibrium", "probability": 0.9560546875}, {"start": 4027.62, "end": 4028.28, "word": " occurs", "probability": 0.736328125}, {"start": 4028.28, "end": 4028.84, "word": " when", "probability": 0.9384765625}, {"start": 4028.84, "end": 4029.68, "word": " the", "probability": 0.90673828125}, {"start": 4029.68, "end": 4029.9, "word": " number", "probability": 0.947265625}, {"start": 4029.9, "end": 4030.06, "word": " of", "probability": 0.9638671875}, {"start": 4030.06, "end": 4030.48, "word": " workers", "probability": 0.8662109375}, {"start": 4030.48, "end": 4031.68, "word": " is", "probability": 0.951171875}, {"start": 4031.68, "end": 4033.18, "word": " 40.", "probability": 0.95703125}, {"start": 4034.82, "end": 4035.32, "word": " How", "probability": 0.95849609375}, {"start": 4035.32, "end": 4035.78, "word": " many", "probability": 0.892578125}, {"start": 4035.78, "end": 4036.54, "word": " machines", "probability": 0.9462890625}, {"start": 4036.54, "end": 4037.34, "word": " should", "probability": 0.9658203125}, {"start": 4037.34, "end": 4037.74, "word": " we", "probability": 0.9638671875}, {"start": 4037.74, "end": 4038.38, "word": " buy?", "probability": 0.91650390625}], "temperature": 1.0}, {"id": 143, "seek": 406092, "start": 4039.2, "end": 4060.92, "text": " 30, it's above, yeah. So Qm equals 50 minus 20 equals 30 machines. So here, we should have 30 machines. If we connect these points, A1 to A2, this is the expansion path.", "tokens": [2217, 11, 309, 311, 3673, 11, 1338, 13, 407, 1249, 76, 6915, 2625, 3175, 945, 6915, 2217, 8379, 13, 407, 510, 11, 321, 820, 362, 2217, 8379, 13, 759, 321, 1745, 613, 2793, 11, 316, 16, 281, 316, 17, 11, 341, 307, 264, 11260, 3100, 13], "avg_logprob": -0.21891621769742764, "compression_ratio": 1.297709923664122, "no_speech_prob": 0.0, "words": [{"start": 4039.2, "end": 4039.62, "word": " 30,", "probability": 0.51318359375}, {"start": 4039.84, "end": 4039.92, "word": " it's", "probability": 0.929931640625}, {"start": 4039.92, "end": 4040.28, "word": " above,", "probability": 0.97607421875}, {"start": 4040.54, "end": 4040.68, "word": " yeah.", "probability": 0.86865234375}, {"start": 4041.08, "end": 4041.22, "word": " So", "probability": 0.96435546875}, {"start": 4041.22, "end": 4041.78, "word": " Qm", "probability": 0.4810791015625}, {"start": 4041.78, "end": 4043.92, "word": " equals", "probability": 0.91259765625}, {"start": 4043.92, "end": 4044.54, "word": " 50", "probability": 0.96337890625}, {"start": 4044.54, "end": 4045.22, "word": " minus", "probability": 0.97607421875}, {"start": 4045.22, "end": 4045.78, "word": " 20", "probability": 0.96826171875}, {"start": 4045.78, "end": 4046.46, "word": " equals", "probability": 0.85546875}, {"start": 4046.46, "end": 4047.06, "word": " 30", "probability": 0.96630859375}, {"start": 4047.06, "end": 4048.12, "word": " machines.", "probability": 0.94189453125}, {"start": 4048.9, "end": 4049.82, "word": " So", "probability": 0.96142578125}, {"start": 4049.82, "end": 4050.1, "word": " here,", "probability": 0.47900390625}, {"start": 4050.3, "end": 4050.58, "word": " we", "probability": 0.88134765625}, {"start": 4050.58, "end": 4051.18, "word": " should", "probability": 0.96484375}, {"start": 4051.18, "end": 4051.5, "word": " have", "probability": 0.91357421875}, {"start": 4051.5, "end": 4052.18, "word": " 30", "probability": 0.95654296875}, {"start": 4052.18, "end": 4052.7, "word": " machines.", "probability": 0.9404296875}, {"start": 4054.22, "end": 4055.14, "word": " If", "probability": 0.796875}, {"start": 4055.14, "end": 4056.08, "word": " we", "probability": 0.951171875}, {"start": 4056.08, "end": 4056.34, "word": " connect", "probability": 0.83447265625}, {"start": 4056.34, "end": 4056.6, "word": " these", "probability": 0.83740234375}, {"start": 4056.6, "end": 4057.06, "word": " points,", "probability": 0.92431640625}, {"start": 4057.62, "end": 4058.02, "word": " A1", "probability": 0.78369140625}, {"start": 4058.02, "end": 4058.24, "word": " to", "probability": 0.96630859375}, {"start": 4058.24, "end": 4058.7, "word": " A2,", "probability": 0.996826171875}, {"start": 4059.02, "end": 4059.32, "word": " this", "probability": 0.94677734375}, {"start": 4059.32, "end": 4059.52, "word": " is", "probability": 0.94775390625}, {"start": 4059.52, "end": 4059.74, "word": " the", "probability": 0.92626953125}, {"start": 4059.74, "end": 4060.32, "word": " expansion", "probability": 0.951171875}, {"start": 4060.32, "end": 4060.92, "word": " path.", "probability": 0.91845703125}], "temperature": 1.0}, {"id": 144, "seek": 409230, "start": 4070.5, "end": 4092.3, "text": " Let's have the following example. This is an expansion. Expansion path.", "tokens": [961, 311, 362, 264, 3480, 1365, 13, 639, 307, 364, 11260, 13, 21391, 599, 313, 3100, 13], "avg_logprob": -0.15635851356718275, "compression_ratio": 1.0140845070422535, "no_speech_prob": 0.0, "words": [{"start": 4070.5, "end": 4070.88, "word": " Let's", "probability": 0.96630859375}, {"start": 4070.88, "end": 4071.16, "word": " have", "probability": 0.94189453125}, {"start": 4071.16, "end": 4071.3, "word": " the", "probability": 0.75341796875}, {"start": 4071.3, "end": 4071.62, "word": " following", "probability": 0.90380859375}, {"start": 4071.62, "end": 4072.56, "word": " example.", "probability": 0.98193359375}, {"start": 4082.36, "end": 4083.28, "word": " This", "probability": 0.435791015625}, {"start": 4083.28, "end": 4088.52, "word": " is", "probability": 0.9345703125}, {"start": 4088.52, "end": 4088.66, "word": " an", "probability": 0.62646484375}, {"start": 4088.66, "end": 4089.16, "word": " expansion.", "probability": 0.94189453125}, {"start": 4090.9, "end": 4091.82, "word": " Expansion", "probability": 0.8837890625}, {"start": 4091.82, "end": 4092.3, "word": " path.", "probability": 0.8798828125}], "temperature": 1.0}, {"id": 145, "seek": 412135, "start": 4094.8, "end": 4121.36, "text": " If we connect these points from A1 to A2 to A3 to A4, this is the expansion path. The price of L. Price paying it.", "tokens": [759, 321, 1745, 613, 2793, 490, 316, 16, 281, 316, 17, 281, 316, 18, 281, 316, 19, 11, 341, 307, 264, 11260, 3100, 13, 440, 3218, 295, 441, 13, 25803, 6229, 309, 13], "avg_logprob": -0.28446691527086143, "compression_ratio": 1.15, "no_speech_prob": 0.0, "words": [{"start": 4094.8, "end": 4095.52, "word": " If", "probability": 0.32568359375}, {"start": 4095.52, "end": 4096.24, "word": " we", "probability": 0.94091796875}, {"start": 4096.24, "end": 4096.52, "word": " connect", "probability": 0.89306640625}, {"start": 4096.52, "end": 4096.76, "word": " these", "probability": 0.84912109375}, {"start": 4096.76, "end": 4097.14, "word": " points", "probability": 0.9296875}, {"start": 4097.14, "end": 4097.5, "word": " from", "probability": 0.85107421875}, {"start": 4097.5, "end": 4098.06, "word": " A1", "probability": 0.779296875}, {"start": 4098.06, "end": 4098.26, "word": " to", "probability": 0.9091796875}, {"start": 4098.26, "end": 4098.72, "word": " A2", "probability": 0.99365234375}, {"start": 4098.72, "end": 4098.92, "word": " to", "probability": 0.87109375}, {"start": 4098.92, "end": 4099.4, "word": " A3", "probability": 0.97509765625}, {"start": 4099.4, "end": 4099.64, "word": " to", "probability": 0.9677734375}, {"start": 4099.64, "end": 4100.22, "word": " A4,", "probability": 0.99609375}, {"start": 4100.48, "end": 4101.0, "word": " this", "probability": 0.94921875}, {"start": 4101.0, "end": 4101.28, "word": " is", "probability": 0.94873046875}, {"start": 4101.28, "end": 4101.64, "word": " the", "probability": 0.92822265625}, {"start": 4101.64, "end": 4102.22, "word": " expansion", "probability": 0.9453125}, {"start": 4102.22, "end": 4102.7, "word": " path.", "probability": 0.9404296875}, {"start": 4104.34, "end": 4104.86, "word": " The", "probability": 0.022491455078125}, {"start": 4104.86, "end": 4118.12, "word": " price", "probability": 0.278076171875}, {"start": 4118.12, "end": 4118.38, "word": " of", "probability": 0.9248046875}, {"start": 4118.38, "end": 4118.7, "word": " L.", "probability": 0.71728515625}, {"start": 4120.0, "end": 4120.72, "word": " Price", "probability": 0.8388671875}, {"start": 4120.72, "end": 4121.08, "word": " paying", "probability": 0.13037109375}, {"start": 4121.08, "end": 4121.36, "word": " it.", "probability": 0.90576171875}], "temperature": 1.0}, {"id": 146, "seek": 414697, "start": 4123.54, "end": 4146.98, "text": " of labor equals $10. And the price per unit of machines or price per machine equals $15. And we have the following data.", "tokens": [295, 5938, 6915, 1848, 3279, 13, 400, 264, 3218, 680, 4985, 295, 8379, 420, 3218, 680, 3479, 6915, 1848, 5211, 13, 400, 321, 362, 264, 3480, 1412, 13], "avg_logprob": -0.20568426313071414, "compression_ratio": 1.2872340425531914, "no_speech_prob": 0.0, "words": [{"start": 4123.54, "end": 4123.86, "word": " of", "probability": 0.6318359375}, {"start": 4123.86, "end": 4124.26, "word": " labor", "probability": 0.814453125}, {"start": 4124.26, "end": 4127.64, "word": " equals", "probability": 0.8876953125}, {"start": 4127.64, "end": 4128.28, "word": " $10.", "probability": 0.77880859375}, {"start": 4130.08, "end": 4130.88, "word": " And", "probability": 0.7275390625}, {"start": 4130.88, "end": 4131.02, "word": " the", "probability": 0.81494140625}, {"start": 4131.02, "end": 4131.26, "word": " price", "probability": 0.8486328125}, {"start": 4131.26, "end": 4132.0, "word": " per", "probability": 0.408203125}, {"start": 4132.0, "end": 4132.2, "word": " unit", "probability": 0.93505859375}, {"start": 4132.2, "end": 4132.34, "word": " of", "probability": 0.91064453125}, {"start": 4132.34, "end": 4132.74, "word": " machines", "probability": 0.91064453125}, {"start": 4132.74, "end": 4133.08, "word": " or", "probability": 0.480712890625}, {"start": 4133.08, "end": 4133.44, "word": " price", "probability": 0.8271484375}, {"start": 4133.44, "end": 4133.6, "word": " per", "probability": 0.93798828125}, {"start": 4133.6, "end": 4134.1, "word": " machine", "probability": 0.8828125}, {"start": 4134.1, "end": 4140.8, "word": " equals", "probability": 0.806640625}, {"start": 4140.8, "end": 4141.32, "word": " $15.", "probability": 0.9736328125}, {"start": 4143.8, "end": 4144.6, "word": " And", "probability": 0.94091796875}, {"start": 4144.6, "end": 4144.82, "word": " we", "probability": 0.95166015625}, {"start": 4144.82, "end": 4145.18, "word": " have", "probability": 0.8037109375}, {"start": 4145.18, "end": 4145.4, "word": " the", "probability": 0.9189453125}, {"start": 4145.4, "end": 4145.94, "word": " following", "probability": 0.89111328125}, {"start": 4145.94, "end": 4146.98, "word": " data.", "probability": 0.92041015625}], "temperature": 1.0}, {"id": 147, "seek": 416684, "start": 4165.22, "end": 4166.84, "text": " Group ABCD.", "tokens": [10500, 22342, 35, 13], "avg_logprob": -0.33515625, "compression_ratio": 0.6, "no_speech_prob": 0.0, "words": [{"start": 4165.22, "end": 4165.72, "word": " Group", "probability": 0.497314453125}, {"start": 4165.72, "end": 4166.84, "word": " ABCD.", "probability": 0.857666015625}], "temperature": 1.0}, {"id": 148, "seek": 422399, "start": 4195.65, "end": 4223.99, "text": " Factors of a production. Two, four, six, eight. Well, nine.", "tokens": [33375, 830, 295, 257, 4265, 13, 4453, 11, 1451, 11, 2309, 11, 3180, 13, 1042, 11, 4949, 13], "avg_logprob": -0.34560031639902217, "compression_ratio": 0.8955223880597015, "no_speech_prob": 0.0, "words": [{"start": 4195.650000000001, "end": 4196.77, "word": " Factors", "probability": 0.896240234375}, {"start": 4196.77, "end": 4197.89, "word": " of", "probability": 0.9130859375}, {"start": 4197.89, "end": 4198.03, "word": " a", "probability": 0.400390625}, {"start": 4198.03, "end": 4198.55, "word": " production.", "probability": 0.9443359375}, {"start": 4205.37, "end": 4205.99, "word": " Two,", "probability": 0.047637939453125}, {"start": 4214.13, "end": 4214.37, "word": " four,", "probability": 0.9443359375}, {"start": 4214.81, "end": 4215.21, "word": " six,", "probability": 0.95849609375}, {"start": 4215.35, "end": 4215.75, "word": " eight.", "probability": 0.89990234375}, {"start": 4220.59, "end": 4220.59, "word": " Well,", "probability": 0.311767578125}, {"start": 4223.39, "end": 4223.99, "word": " nine.", "probability": 0.88330078125}], "temperature": 1.0}, {"id": 149, "seek": 425107, "start": 4225.45, "end": 4251.07, "text": " Seven, six. Will it dry? The isocoastline", "tokens": [14868, 11, 2309, 13, 3099, 309, 4016, 30, 440, 307, 11198, 525, 1889], "avg_logprob": -0.4665178656578064, "compression_ratio": 0.84, "no_speech_prob": 0.0, "words": [{"start": 4225.45, "end": 4226.03, "word": " Seven,", "probability": 0.3583984375}, {"start": 4226.19, "end": 4226.53, "word": " six.", "probability": 0.9365234375}, {"start": 4243.21, "end": 4244.61, "word": " Will", "probability": 0.65576171875}, {"start": 4244.61, "end": 4244.77, "word": " it", "probability": 0.943359375}, {"start": 4244.77, "end": 4245.01, "word": " dry?", "probability": 0.385498046875}, {"start": 4248.49, "end": 4249.89, "word": " The", "probability": 0.87744140625}, {"start": 4249.89, "end": 4251.07, "word": " isocoastline", "probability": 0.50408935546875}], "temperature": 1.0}, {"id": 150, "seek": 428667, "start": 4257.39, "end": 4286.67, "text": " Derived and drew. Derived and drew. What is the optimal group", "tokens": [5618, 3194, 293, 12804, 13, 5618, 3194, 293, 12804, 13, 708, 307, 264, 16252, 1594], "avg_logprob": -0.31762694008648396, "compression_ratio": 1.1481481481481481, "no_speech_prob": 0.0, "words": [{"start": 4257.39, "end": 4257.89, "word": " Derived", "probability": 0.5638427734375}, {"start": 4257.89, "end": 4258.13, "word": " and", "probability": 0.7197265625}, {"start": 4258.13, "end": 4258.41, "word": " drew.", "probability": 0.268310546875}, {"start": 4267.35, "end": 4268.35, "word": " Derived", "probability": 0.81640625}, {"start": 4268.35, "end": 4268.51, "word": " and", "probability": 0.94677734375}, {"start": 4268.51, "end": 4268.87, "word": " drew.", "probability": 0.9140625}, {"start": 4272.99, "end": 4273.99, "word": " What", "probability": 0.4833984375}, {"start": 4273.99, "end": 4284.89, "word": " is", "probability": 0.9404296875}, {"start": 4284.89, "end": 4285.15, "word": " the", "probability": 0.91943359375}, {"start": 4285.15, "end": 4285.59, "word": " optimal", "probability": 0.81787109375}, {"start": 4285.59, "end": 4286.67, "word": " group", "probability": 0.95263671875}], "temperature": 1.0}, {"id": 151, "seek": 431510, "start": 4287.65, "end": 4315.11, "text": " Or how many workers and machines. How many workers and machines should the company buy", "tokens": [1610, 577, 867, 5600, 293, 8379, 13, 1012, 867, 5600, 293, 8379, 820, 264, 2237, 2256], "avg_logprob": -0.22150735294117646, "compression_ratio": 1.3181818181818181, "no_speech_prob": 0.0, "words": [{"start": 4287.65, "end": 4287.95, "word": " Or", "probability": 0.47705078125}, {"start": 4287.95, "end": 4288.59, "word": " how", "probability": 0.72802734375}, {"start": 4288.59, "end": 4289.03, "word": " many", "probability": 0.91015625}, {"start": 4289.03, "end": 4290.05, "word": " workers", "probability": 0.931640625}, {"start": 4290.05, "end": 4290.89, "word": " and", "probability": 0.9267578125}, {"start": 4290.89, "end": 4291.45, "word": " machines.", "probability": 0.9501953125}, {"start": 4293.69, "end": 4295.09, "word": " How", "probability": 0.896484375}, {"start": 4295.09, "end": 4296.53, "word": " many", "probability": 0.9052734375}, {"start": 4296.53, "end": 4298.91, "word": " workers", "probability": 0.92041015625}, {"start": 4298.91, "end": 4302.17, "word": " and", "probability": 0.91259765625}, {"start": 4302.17, "end": 4302.75, "word": " machines", "probability": 0.9501953125}, {"start": 4302.75, "end": 4307.37, "word": " should", "probability": 0.84375}, {"start": 4307.37, "end": 4308.95, "word": " the", "probability": 0.86474609375}, {"start": 4308.95, "end": 4309.41, "word": " company", "probability": 0.9189453125}, {"start": 4309.41, "end": 4315.11, "word": " buy", "probability": 0.9150390625}], "temperature": 1.0}, {"id": 152, "seek": 434401, "start": 4316.27, "end": 4344.01, "text": " to minimize the cost. It's cost. Determine the equilibrium, the producer equilibrium,", "tokens": [281, 17522, 264, 2063, 13, 467, 311, 2063, 13, 4237, 966, 533, 264, 15625, 11, 264, 12314, 15625, 11], "avg_logprob": -0.21171874925494194, "compression_ratio": 1.2463768115942029, "no_speech_prob": 0.0, "words": [{"start": 4316.27, "end": 4316.73, "word": " to", "probability": 0.55517578125}, {"start": 4316.73, "end": 4318.79, "word": " minimize", "probability": 0.8759765625}, {"start": 4318.79, "end": 4319.83, "word": " the", "probability": 0.86962890625}, {"start": 4319.83, "end": 4320.29, "word": " cost.", "probability": 0.84326171875}, {"start": 4325.17, "end": 4326.57, "word": " It's", "probability": 0.6865234375}, {"start": 4326.57, "end": 4326.99, "word": " cost.", "probability": 0.92041015625}, {"start": 4334.83, "end": 4336.23, "word": " Determine", "probability": 0.8968098958333334}, {"start": 4336.23, "end": 4341.19, "word": " the", "probability": 0.9111328125}, {"start": 4341.19, "end": 4342.51, "word": " equilibrium,", "probability": 0.80126953125}, {"start": 4342.87, "end": 4342.97, "word": " the", "probability": 0.91455078125}, {"start": 4342.97, "end": 4343.43, "word": " producer", "probability": 0.93798828125}, {"start": 4343.43, "end": 4344.01, "word": " equilibrium,", "probability": 0.94140625}], "temperature": 1.0}, {"id": 153, "seek": 435110, "start": 4350.24, "end": 4351.1, "text": " using graph.", "tokens": [1228, 4295, 13], "avg_logprob": -0.478271484375, "compression_ratio": 0.6190476190476191, "no_speech_prob": 0.0, "words": [{"start": 4350.24, "end": 4350.76, "word": " using", "probability": 0.595703125}, {"start": 4350.76, "end": 4351.1, "word": " graph.", "probability": 0.681640625}], "temperature": 1.0}, {"id": 154, "seek": 439913, "start": 4378.55, "end": 4399.13, "text": " It's the quantum L, quantum M. We have three columns, right? Which one? Producer equilibrium. Using graph. Here we have three columns.", "tokens": [467, 311, 264, 13018, 441, 11, 13018, 376, 13, 492, 362, 1045, 13766, 11, 558, 30, 3013, 472, 30, 33034, 15625, 13, 11142, 4295, 13, 1692, 321, 362, 1045, 13766, 13], "avg_logprob": -0.2546386672183871, "compression_ratio": 1.238532110091743, "no_speech_prob": 0.0, "words": [{"start": 4378.55, "end": 4378.77, "word": " It's", "probability": 0.6702880859375}, {"start": 4378.77, "end": 4378.91, "word": " the", "probability": 0.876953125}, {"start": 4378.91, "end": 4379.27, "word": " quantum", "probability": 0.88037109375}, {"start": 4379.27, "end": 4379.65, "word": " L,", "probability": 0.7548828125}, {"start": 4380.25, "end": 4380.59, "word": " quantum", "probability": 0.89892578125}, {"start": 4380.59, "end": 4380.97, "word": " M.", "probability": 0.80859375}, {"start": 4385.49, "end": 4385.87, "word": " We", "probability": 0.368896484375}, {"start": 4385.87, "end": 4387.05, "word": " have", "probability": 0.475341796875}, {"start": 4387.05, "end": 4387.29, "word": " three", "probability": 0.9150390625}, {"start": 4387.29, "end": 4387.69, "word": " columns,", "probability": 0.95458984375}, {"start": 4387.85, "end": 4388.09, "word": " right?", "probability": 0.63525390625}, {"start": 4389.73, "end": 4389.95, "word": " Which", "probability": 0.8662109375}, {"start": 4389.95, "end": 4390.17, "word": " one?", "probability": 0.92431640625}, {"start": 4391.41, "end": 4392.17, "word": " Producer", "probability": 0.58740234375}, {"start": 4392.17, "end": 4392.69, "word": " equilibrium.", "probability": 0.93896484375}, {"start": 4395.65, "end": 4396.07, "word": " Using", "probability": 0.8095703125}, {"start": 4396.07, "end": 4396.59, "word": " graph.", "probability": 0.853515625}, {"start": 4397.61, "end": 4398.15, "word": " Here", "probability": 0.87109375}, {"start": 4398.15, "end": 4398.29, "word": " we", "probability": 0.67822265625}, {"start": 4398.29, "end": 4398.45, "word": " have", "probability": 0.92578125}, {"start": 4398.45, "end": 4398.69, "word": " three", "probability": 0.939453125}, {"start": 4398.69, "end": 4399.13, "word": " columns.", "probability": 0.966796875}], "temperature": 1.0}, {"id": 155, "seek": 442059, "start": 4409.27, "end": 4420.59, "text": " In this example, the company tends to buy workers and machines.", "tokens": [682, 341, 1365, 11, 264, 2237, 12258, 281, 2256, 5600, 293, 8379, 13], "avg_logprob": -0.0759626142680645, "compression_ratio": 0.9411764705882353, "no_speech_prob": 0.0, "words": [{"start": 4409.27, "end": 4409.55, "word": " In", "probability": 0.9111328125}, {"start": 4409.55, "end": 4409.81, "word": " this", "probability": 0.951171875}, {"start": 4409.81, "end": 4410.33, "word": " example,", "probability": 0.9775390625}, {"start": 4413.67, "end": 4413.89, "word": " the", "probability": 0.91064453125}, {"start": 4413.89, "end": 4414.43, "word": " company", "probability": 0.8779296875}, {"start": 4414.43, "end": 4417.89, "word": " tends", "probability": 0.8466796875}, {"start": 4417.89, "end": 4418.47, "word": " to", "probability": 0.9765625}, {"start": 4418.47, "end": 4418.95, "word": " buy", "probability": 0.91552734375}, {"start": 4418.95, "end": 4419.71, "word": " workers", "probability": 0.9228515625}, {"start": 4419.71, "end": 4420.13, "word": " and", "probability": 0.93017578125}, {"start": 4420.13, "end": 4420.59, "word": " machines.", "probability": 0.9560546875}], "temperature": 1.0}, {"id": 156, "seek": 444852, "start": 4424.72, "end": 4448.52, "text": " Under the following data here, the price period of labor and price period of machines are given and we have to select the optimal group that leads to a cost minimization. What is the most minimum cost or the best group that achieves the cost minimization, right? This is the question here.", "tokens": [6974, 264, 3480, 1412, 510, 11, 264, 3218, 2896, 295, 5938, 293, 3218, 2896, 295, 8379, 366, 2212, 293, 321, 362, 281, 3048, 264, 16252, 1594, 300, 6689, 281, 257, 2063, 4464, 2144, 13, 708, 307, 264, 881, 7285, 2063, 420, 264, 1151, 1594, 300, 3538, 977, 264, 2063, 4464, 2144, 11, 558, 30, 639, 307, 264, 1168, 510, 13], "avg_logprob": -0.14139343969157483, "compression_ratio": 1.695906432748538, "no_speech_prob": 0.0, "words": [{"start": 4424.72, "end": 4425.14, "word": " Under", "probability": 0.767578125}, {"start": 4425.14, "end": 4425.44, "word": " the", "probability": 0.9189453125}, {"start": 4425.44, "end": 4425.98, "word": " following", "probability": 0.88330078125}, {"start": 4425.98, "end": 4426.4, "word": " data", "probability": 0.9404296875}, {"start": 4426.4, "end": 4426.78, "word": " here,", "probability": 0.82861328125}, {"start": 4427.22, "end": 4427.34, "word": " the", "probability": 0.83349609375}, {"start": 4427.34, "end": 4427.68, "word": " price", "probability": 0.8828125}, {"start": 4427.68, "end": 4428.02, "word": " period", "probability": 0.7333984375}, {"start": 4428.02, "end": 4428.28, "word": " of", "probability": 0.93505859375}, {"start": 4428.28, "end": 4428.54, "word": " labor", "probability": 0.837890625}, {"start": 4428.54, "end": 4428.86, "word": " and", "probability": 0.86767578125}, {"start": 4428.86, "end": 4429.22, "word": " price", "probability": 0.82763671875}, {"start": 4429.22, "end": 4429.56, "word": " period", "probability": 0.916015625}, {"start": 4429.56, "end": 4429.8, "word": " of", "probability": 0.95751953125}, {"start": 4429.8, "end": 4430.24, "word": " machines", "probability": 0.9453125}, {"start": 4430.24, "end": 4430.76, "word": " are", "probability": 0.9384765625}, {"start": 4430.76, "end": 4431.08, "word": " given", "probability": 0.88330078125}, {"start": 4431.08, "end": 4431.88, "word": " and", "probability": 0.3134765625}, {"start": 4431.88, "end": 4432.08, "word": " we", "probability": 0.95947265625}, {"start": 4432.08, "end": 4432.38, "word": " have", "probability": 0.94970703125}, {"start": 4432.38, "end": 4432.6, "word": " to", "probability": 0.96728515625}, {"start": 4432.6, "end": 4433.08, "word": " select", "probability": 0.84765625}, {"start": 4433.08, "end": 4434.06, "word": " the", "probability": 0.9111328125}, {"start": 4434.06, "end": 4434.48, "word": " optimal", "probability": 0.84375}, {"start": 4434.48, "end": 4434.88, "word": " group", "probability": 0.96044921875}, {"start": 4434.88, "end": 4435.52, "word": " that", "probability": 0.92724609375}, {"start": 4435.52, "end": 4436.3, "word": " leads", "probability": 0.90234375}, {"start": 4436.3, "end": 4436.54, "word": " to", "probability": 0.96337890625}, {"start": 4436.54, "end": 4436.8, "word": " a", "probability": 0.95654296875}, {"start": 4436.8, "end": 4437.1, "word": " cost", "probability": 0.9326171875}, {"start": 4437.1, "end": 4437.96, "word": " minimization.", "probability": 0.96875}, {"start": 4438.14, "end": 4438.3, "word": " What", "probability": 0.8857421875}, {"start": 4438.3, "end": 4438.58, "word": " is", "probability": 0.94677734375}, {"start": 4438.58, "end": 4439.14, "word": " the", "probability": 0.91796875}, {"start": 4439.14, "end": 4439.46, "word": " most", "probability": 0.8955078125}, {"start": 4439.46, "end": 4440.36, "word": " minimum", "probability": 0.97119140625}, {"start": 4440.36, "end": 4441.0, "word": " cost", "probability": 0.87939453125}, {"start": 4441.0, "end": 4441.32, "word": " or", "probability": 0.6474609375}, {"start": 4441.32, "end": 4441.82, "word": " the", "probability": 0.77685546875}, {"start": 4441.82, "end": 4442.36, "word": " best", "probability": 0.79638671875}, {"start": 4442.36, "end": 4442.66, "word": " group", "probability": 0.96240234375}, {"start": 4442.66, "end": 4443.02, "word": " that", "probability": 0.93798828125}, {"start": 4443.02, "end": 4443.96, "word": " achieves", "probability": 0.925537109375}, {"start": 4443.96, "end": 4444.38, "word": " the", "probability": 0.90185546875}, {"start": 4444.38, "end": 4444.7, "word": " cost", "probability": 0.88671875}, {"start": 4444.7, "end": 4445.66, "word": " minimization,", "probability": 0.976318359375}, {"start": 4446.28, "end": 4446.58, "word": " right?", "probability": 0.85400390625}, {"start": 4447.4, "end": 4447.68, "word": " This", "probability": 0.87353515625}, {"start": 4447.68, "end": 4447.76, "word": " is", "probability": 0.9453125}, {"start": 4447.76, "end": 4447.88, "word": " the", "probability": 0.7080078125}, {"start": 4447.88, "end": 4448.18, "word": " question", "probability": 0.923828125}, {"start": 4448.18, "end": 4448.52, "word": " here.", "probability": 0.85888671875}], "temperature": 1.0}, {"id": 157, "seek": 447708, "start": 4450.32, "end": 4477.08, "text": " So we have to calculate the total cost for each group and select the minimum. So the total cost, as we know that the total cost equals the price of labor times the quantity of labor plus price of machines times the quantity of machines. So here we have three columns, price of machines times the quantity of machines, sorry, price of labor.", "tokens": [407, 321, 362, 281, 8873, 264, 3217, 2063, 337, 1184, 1594, 293, 3048, 264, 7285, 13, 407, 264, 3217, 2063, 11, 382, 321, 458, 300, 264, 3217, 2063, 6915, 264, 3218, 295, 5938, 1413, 264, 11275, 295, 5938, 1804, 3218, 295, 8379, 1413, 264, 11275, 295, 8379, 13, 407, 510, 321, 362, 1045, 13766, 11, 3218, 295, 8379, 1413, 264, 11275, 295, 8379, 11, 2597, 11, 3218, 295, 5938, 13], "avg_logprob": -0.19278169517785732, "compression_ratio": 2.171974522292994, "no_speech_prob": 0.0, "words": [{"start": 4450.32, "end": 4450.72, "word": " So", "probability": 0.90576171875}, {"start": 4450.72, "end": 4451.0, "word": " we", "probability": 0.751953125}, {"start": 4451.0, "end": 4451.3, "word": " have", "probability": 0.93701171875}, {"start": 4451.3, "end": 4451.5, "word": " to", "probability": 0.97119140625}, {"start": 4451.5, "end": 4451.98, "word": " calculate", "probability": 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The price of L is given, which is $10, period.", "tokens": [20927, 5938, 1413, 1249, 5938, 11, 3218, 295, 376, 1413, 1249, 44, 11, 293, 510, 321, 362, 281, 8873, 264, 3217, 2063, 510, 13, 440, 3218, 295, 441, 307, 2212, 11, 597, 307, 1848, 3279, 11, 2896, 13], "avg_logprob": -0.24839744659570548, "compression_ratio": 1.2956521739130435, "no_speech_prob": 0.0, "words": [{"start": 4478.1, "end": 4478.58, "word": " adequate", "probability": 0.2376708984375}, {"start": 4478.58, "end": 4479.1, "word": " labor", "probability": 0.8486328125}, {"start": 4479.1, "end": 4479.62, "word": " times", "probability": 0.8310546875}, {"start": 4479.62, "end": 4479.92, "word": " Q", "probability": 0.5478515625}, {"start": 4479.92, "end": 4480.48, "word": " labor,", "probability": 0.9208984375}, {"start": 4481.0, "end": 4481.22, "word": " price", "probability": 0.88037109375}, {"start": 4481.22, "end": 4481.46, "word": " of", "probability": 0.947265625}, {"start": 4481.46, "end": 4481.76, "word": " M", "probability": 0.9521484375}, {"start": 4481.76, "end": 4482.28, "word": " times", "probability": 0.88330078125}, {"start": 4482.28, "end": 4482.9, "word": " QM,", "probability": 0.6761474609375}, {"start": 4483.1, "end": 4483.36, "word": " and", "probability": 0.93798828125}, {"start": 4483.36, "end": 4483.54, "word": " here", "probability": 0.8642578125}, {"start": 4483.54, "end": 4483.68, "word": " we", "probability": 0.8623046875}, {"start": 4483.68, "end": 4483.86, "word": " have", "probability": 0.9443359375}, {"start": 4483.86, "end": 4484.0, "word": " to", "probability": 0.9697265625}, {"start": 4484.0, "end": 4484.34, "word": " calculate", "probability": 0.91796875}, {"start": 4484.34, "end": 4484.54, "word": " the", "probability": 0.91748046875}, {"start": 4484.54, "end": 4484.8, "word": " total", "probability": 0.87939453125}, {"start": 4484.8, "end": 4485.18, "word": " cost", "probability": 0.9248046875}, {"start": 4485.18, "end": 4485.48, "word": " here.", "probability": 0.7255859375}, {"start": 4490.26, "end": 4491.0, "word": " The", "probability": 0.90283203125}, {"start": 4491.0, "end": 4491.36, "word": " price", "probability": 0.9189453125}, {"start": 4491.36, "end": 4491.6, "word": " of", "probability": 0.96630859375}, {"start": 4491.6, "end": 4491.98, "word": " L", "probability": 0.9560546875}, {"start": 4491.98, "end": 4492.34, "word": " is", "probability": 0.95166015625}, {"start": 4492.34, "end": 4492.76, "word": " given,", "probability": 0.90966796875}, {"start": 4493.42, "end": 4493.56, "word": " which", "probability": 0.94970703125}, {"start": 4493.56, "end": 4494.18, "word": " is", "probability": 0.953125}, {"start": 4494.18, "end": 4495.68, "word": " $10,", "probability": 0.865478515625}, {"start": 4496.56, "end": 4496.98, "word": " period.", "probability": 0.91259765625}], "temperature": 1.0}, {"id": 159, "seek": 452720, "start": 4500.02, "end": 4527.2, "text": " Here at the QL equals 2, how much is the price of L times QL? Price of L equals 10 dollars, correct? Times the QM, sorry QL, 2. 2 times 10, 20. 4 times 10, 40. 6 times 10, 60. 8 times 10, 80. Alright? Good.", "tokens": [1692, 412, 264, 1249, 43, 6915, 568, 11, 577, 709, 307, 264, 3218, 295, 441, 1413, 1249, 43, 30, 25803, 295, 441, 6915, 1266, 3808, 11, 3006, 30, 11366, 264, 1249, 44, 11, 2597, 1249, 43, 11, 568, 13, 568, 1413, 1266, 11, 945, 13, 1017, 1413, 1266, 11, 3356, 13, 1386, 1413, 1266, 11, 4060, 13, 1649, 1413, 1266, 11, 4688, 13, 2798, 30, 2205, 13], "avg_logprob": -0.27918199274469824, "compression_ratio": 1.4785714285714286, "no_speech_prob": 0.0, "words": [{"start": 4500.02, "end": 4500.38, "word": " Here", "probability": 0.49951171875}, {"start": 4500.38, "end": 4501.06, "word": " at", "probability": 0.6484375}, {"start": 4501.06, "end": 4501.2, "word": " the", "probability": 0.353759765625}, {"start": 4501.2, "end": 4501.66, "word": " QL", "probability": 0.859375}, {"start": 4501.66, "end": 4502.22, "word": " equals", "probability": 0.759765625}, {"start": 4502.22, "end": 4502.56, "word": " 2,", "probability": 0.376953125}, {"start": 4502.78, "end": 4503.12, "word": " how", "probability": 0.8984375}, {"start": 4503.12, "end": 4503.44, "word": " much", "probability": 0.91943359375}, {"start": 4503.44, "end": 4503.8, "word": " is", "probability": 0.94921875}, {"start": 4503.8, "end": 4504.16, "word": " the", "probability": 0.900390625}, {"start": 4504.16, "end": 4504.46, "word": " price", "probability": 0.90380859375}, {"start": 4504.46, "end": 4504.6, "word": " of", "probability": 0.94970703125}, {"start": 4504.6, "end": 4504.8, "word": " L", "probability": 0.75048828125}, {"start": 4504.8, "end": 4505.08, "word": " times", "probability": 0.81103515625}, {"start": 4505.08, "end": 4505.52, "word": " QL?", "probability": 0.746337890625}, {"start": 4505.62, "end": 4505.88, "word": " Price", "probability": 0.7080078125}, {"start": 4505.88, "end": 4506.08, "word": " of", "probability": 0.962890625}, {"start": 4506.08, "end": 4506.28, "word": " L", "probability": 0.9853515625}, {"start": 4506.28, "end": 4506.7, "word": " equals", "probability": 0.92236328125}, {"start": 4506.7, "end": 4507.06, "word": " 10", "probability": 0.560546875}, {"start": 4507.06, "end": 4507.7, "word": " dollars,", "probability": 0.78857421875}, {"start": 4507.78, "end": 4508.02, "word": " correct?", "probability": 0.09515380859375}, {"start": 4508.52, "end": 4509.28, "word": " Times", "probability": 0.80859375}, {"start": 4509.28, "end": 4509.48, "word": " the", "probability": 0.416748046875}, {"start": 4509.48, "end": 4509.86, "word": " QM,", "probability": 0.7265625}, {"start": 4510.46, "end": 4510.64, "word": " sorry", "probability": 0.8916015625}, {"start": 4510.64, "end": 4511.12, "word": " QL,", "probability": 0.8623046875}, {"start": 4511.72, "end": 4511.9, "word": " 2.", "probability": 0.84228515625}, {"start": 4512.94, "end": 4513.7, "word": " 2", "probability": 0.8447265625}, {"start": 4513.7, "end": 4514.18, "word": " times", "probability": 0.8388671875}, {"start": 4514.18, "end": 4514.64, "word": " 10,", "probability": 0.96875}, {"start": 4514.84, "end": 4515.14, "word": " 20.", "probability": 0.9521484375}, {"start": 4516.38, "end": 4517.14, "word": " 4", "probability": 0.97021484375}, {"start": 4517.14, "end": 4517.76, "word": " times", "probability": 0.8984375}, {"start": 4517.76, "end": 4518.2, "word": " 10,", "probability": 0.966796875}, {"start": 4518.58, "end": 4518.92, "word": " 40.", "probability": 0.97021484375}, {"start": 4520.0, "end": 4520.76, "word": " 6", "probability": 0.98291015625}, {"start": 4520.76, "end": 4521.18, "word": " times", "probability": 0.92822265625}, {"start": 4521.18, "end": 4521.54, "word": " 10,", "probability": 0.97412109375}, {"start": 4521.68, "end": 4522.06, "word": " 60.", "probability": 0.9755859375}, {"start": 4522.84, "end": 4523.58, "word": " 8", "probability": 0.98486328125}, {"start": 4523.58, "end": 4524.06, "word": " times", "probability": 0.92333984375}, {"start": 4524.06, "end": 4524.46, "word": " 10,", "probability": 0.97412109375}, {"start": 4524.62, "end": 4525.04, "word": " 80.", "probability": 0.9814453125}, {"start": 4526.1, "end": 4526.42, "word": " Alright?", "probability": 0.6171875}, {"start": 4527.18, "end": 4527.2, "word": " Good.", "probability": 0.273681640625}], "temperature": 1.0}, {"id": 160, "seek": 455378, "start": 4529.6, "end": 4553.78, "text": " Four machines here. The price period of machines equal 15, 15 times 12, 9, 6 times 15.", "tokens": [7451, 8379, 510, 13, 440, 3218, 2896, 295, 8379, 2681, 2119, 11, 2119, 1413, 2272, 11, 1722, 11, 1386, 1413, 2119, 13], "avg_logprob": -0.39741849121840106, "compression_ratio": 1.144736842105263, "no_speech_prob": 0.0, "words": [{"start": 4529.6, "end": 4530.06, "word": " Four", "probability": 0.346923828125}, {"start": 4530.06, "end": 4531.1, "word": " machines", "probability": 0.943359375}, {"start": 4531.1, "end": 4531.92, "word": " here.", "probability": 0.82568359375}, {"start": 4533.24, "end": 4534.54, "word": " The", "probability": 0.86328125}, {"start": 4534.54, "end": 4534.86, "word": " price", "probability": 0.88818359375}, {"start": 4534.86, "end": 4535.26, "word": " period", "probability": 0.87890625}, {"start": 4535.26, "end": 4535.44, "word": " of", "probability": 0.8720703125}, {"start": 4535.44, "end": 4535.96, "word": " machines", "probability": 0.9423828125}, {"start": 4535.96, "end": 4537.02, "word": " equal", "probability": 0.5751953125}, {"start": 4537.02, "end": 4538.24, "word": " 15,", "probability": 0.8154296875}, {"start": 4538.38, "end": 4539.08, "word": " 15", "probability": 0.916015625}, {"start": 4539.08, "end": 4539.7, "word": " times", "probability": 0.7939453125}, {"start": 4539.7, "end": 4540.78, "word": " 12,", "probability": 0.95751953125}, {"start": 4544.42, "end": 4544.62, "word": " 9,", "probability": 0.318115234375}, {"start": 4546.1, "end": 4548.36, "word": " 6", "probability": 0.3291015625}, {"start": 4548.36, "end": 4552.92, "word": " times", "probability": 0.85205078125}, {"start": 4552.92, "end": 4553.78, "word": " 15.", "probability": 0.96435546875}], "temperature": 1.0}, {"id": 161, "seek": 459060, "start": 4561.78, "end": 4590.6, "text": " Five, the total cost for the first group. 20 plus 180, 200. 40 plus 135, 175, 165, 170. What is the group that gives us the minimum cost? Years.", "tokens": [9436, 11, 264, 3217, 2063, 337, 264, 700, 1594, 13, 945, 1804, 11971, 11, 2331, 13, 3356, 1804, 42652, 11, 41165, 11, 3165, 20, 11, 27228, 13, 708, 307, 264, 1594, 300, 2709, 505, 264, 7285, 2063, 30, 24569, 13], "avg_logprob": -0.1601562558150873, "compression_ratio": 1.2608695652173914, "no_speech_prob": 0.0, "words": [{"start": 4561.78, "end": 4562.06, "word": " Five,", "probability": 0.73828125}, {"start": 4562.72, "end": 4562.96, "word": " the", "probability": 0.91650390625}, {"start": 4562.96, "end": 4563.28, "word": " total", "probability": 0.8740234375}, {"start": 4563.28, "end": 4563.72, "word": " cost", "probability": 0.86962890625}, {"start": 4563.72, "end": 4564.36, "word": " for", "probability": 0.9169921875}, {"start": 4564.36, "end": 4564.52, "word": " the", "probability": 0.92138671875}, {"start": 4564.52, "end": 4564.78, "word": " first", "probability": 0.90234375}, {"start": 4564.78, "end": 4565.12, "word": " group.", "probability": 0.96142578125}, {"start": 4565.62, "end": 4566.68, "word": " 20", "probability": 0.75634765625}, {"start": 4566.68, "end": 4567.5, "word": " plus", "probability": 0.849609375}, {"start": 4567.5, "end": 4568.86, "word": " 180,", "probability": 0.8896484375}, {"start": 4569.3, "end": 4569.68, "word": " 200.", "probability": 0.9140625}, {"start": 4571.34, "end": 4572.34, "word": " 40", "probability": 0.93359375}, {"start": 4572.34, "end": 4573.06, "word": " plus", "probability": 0.923828125}, {"start": 4573.06, "end": 4574.04, "word": " 135,", "probability": 0.9541015625}, {"start": 4574.86, "end": 4575.66, "word": " 175,", "probability": 0.94775390625}, {"start": 4576.9, "end": 4579.04, "word": " 165,", "probability": 0.9599609375}, {"start": 4580.32, "end": 4581.02, "word": " 170.", "probability": 0.88037109375}, {"start": 4581.76, "end": 4582.5, "word": " What", "probability": 0.90087890625}, {"start": 4582.5, "end": 4583.18, "word": " is", "probability": 0.947265625}, {"start": 4583.18, "end": 4585.24, "word": " the", "probability": 0.9169921875}, {"start": 4585.24, "end": 4585.76, "word": " group", "probability": 0.97705078125}, {"start": 4585.76, "end": 4586.58, "word": " that", "probability": 0.935546875}, {"start": 4586.58, "end": 4587.08, "word": " gives", "probability": 0.91943359375}, {"start": 4587.08, "end": 4587.48, "word": " us", "probability": 0.9375}, {"start": 4587.48, "end": 4587.94, "word": " the", "probability": 0.92138671875}, {"start": 4587.94, "end": 4588.26, "word": " minimum", "probability": 0.96630859375}, {"start": 4588.26, "end": 4588.92, "word": " cost?", "probability": 0.91796875}, {"start": 4589.42, "end": 4590.6, "word": " Years.", "probability": 0.31591796875}], "temperature": 1.0}, {"id": 162, "seek": 461589, "start": 4593.15, "end": 4615.89, "text": " C is the best group because it already can produce the output with a minimum cost. So I advise the producer to use how many workers and how many machines.", "tokens": [383, 307, 264, 1151, 1594, 570, 309, 1217, 393, 5258, 264, 5598, 365, 257, 7285, 2063, 13, 407, 286, 18312, 264, 12314, 281, 764, 577, 867, 5600, 293, 577, 867, 8379, 13], "avg_logprob": -0.19306344696969696, "compression_ratio": 1.3362068965517242, "no_speech_prob": 0.0, "words": [{"start": 4593.15, "end": 4593.65, "word": " C", "probability": 0.79248046875}, {"start": 4593.65, "end": 4594.41, "word": " is", "probability": 0.890625}, {"start": 4594.41, "end": 4594.63, "word": " the", "probability": 0.92333984375}, {"start": 4594.63, "end": 4594.85, "word": " best", "probability": 0.919921875}, {"start": 4594.85, "end": 4595.27, "word": " group", "probability": 0.96533203125}, {"start": 4595.27, "end": 4596.61, "word": " because", "probability": 0.497802734375}, {"start": 4596.61, "end": 4597.87, "word": " it", "probability": 0.9013671875}, {"start": 4597.87, "end": 4598.77, "word": " already", "probability": 0.7265625}, {"start": 4598.77, "end": 4599.23, "word": " can", "probability": 0.93017578125}, {"start": 4599.23, "end": 4600.01, "word": " produce", "probability": 0.86083984375}, {"start": 4600.01, "end": 4601.21, "word": " the", "probability": 0.8837890625}, {"start": 4601.21, "end": 4601.85, "word": " output", "probability": 0.9423828125}, {"start": 4601.85, "end": 4602.81, "word": " with", "probability": 0.9052734375}, {"start": 4602.81, "end": 4602.97, "word": " a", "probability": 0.49951171875}, {"start": 4602.97, "end": 4603.31, "word": " minimum", "probability": 0.9697265625}, {"start": 4603.31, "end": 4603.91, "word": " cost.", "probability": 0.9404296875}, {"start": 4607.53, "end": 4607.53, "word": " So", "probability": 0.166748046875}, {"start": 4607.53, "end": 4611.43, "word": " I", "probability": 0.78466796875}, {"start": 4611.43, "end": 4612.13, "word": " advise", "probability": 0.763671875}, {"start": 4612.13, "end": 4612.35, "word": " the", "probability": 0.8408203125}, {"start": 4612.35, "end": 4612.89, "word": " producer", "probability": 0.88671875}, {"start": 4612.89, "end": 4613.47, "word": " to", "probability": 0.96044921875}, {"start": 4613.47, "end": 4613.89, "word": " use", "probability": 0.873046875}, {"start": 4613.89, "end": 4614.29, "word": " how", "probability": 0.89501953125}, {"start": 4614.29, "end": 4614.51, "word": " many", "probability": 0.9072265625}, {"start": 4614.51, "end": 4614.83, "word": " workers", "probability": 0.8720703125}, {"start": 4614.83, "end": 4615.09, "word": " and", "probability": 0.91162109375}, {"start": 4615.09, "end": 4615.27, "word": " how", "probability": 0.93408203125}, {"start": 4615.27, "end": 4615.45, "word": " many", "probability": 0.87255859375}, {"start": 4615.45, "end": 4615.89, "word": " machines.", "probability": 0.9375}], "temperature": 1.0}, {"id": 163, "seek": 464062, "start": 4617.18, "end": 4640.62, "text": " Six workers and seven machines. This is the best combination. All right? Derive and draw the isocost line. QL and the QM. To calculate the amount of labor, QL.", "tokens": [11678, 5600, 293, 3407, 8379, 13, 639, 307, 264, 1151, 6562, 13, 1057, 558, 30, 5618, 488, 293, 2642, 264, 307, 905, 555, 1622, 13, 1249, 43, 293, 264, 1249, 44, 13, 1407, 8873, 264, 2372, 295, 5938, 11, 1249, 43, 13], "avg_logprob": -0.32757992938507435, "compression_ratio": 1.2598425196850394, "no_speech_prob": 0.0, "words": [{"start": 4617.18, "end": 4617.62, "word": " Six", "probability": 0.291015625}, {"start": 4617.62, "end": 4618.26, "word": " workers", "probability": 0.9228515625}, {"start": 4618.26, "end": 4618.94, "word": " and", "probability": 0.8935546875}, {"start": 4618.94, "end": 4619.3, "word": " seven", "probability": 0.87890625}, {"start": 4619.3, "end": 4619.92, "word": " machines.", "probability": 0.9501953125}, {"start": 4620.86, "end": 4621.1, "word": " This", "probability": 0.84814453125}, {"start": 4621.1, "end": 4621.26, "word": " is", "probability": 0.9482421875}, {"start": 4621.26, "end": 4621.44, "word": " the", "probability": 0.66943359375}, {"start": 4621.44, "end": 4621.62, "word": " best", "probability": 0.80322265625}, {"start": 4621.62, "end": 4622.32, "word": " combination.", "probability": 0.464599609375}, {"start": 4623.14, "end": 4623.16, "word": " All", "probability": 0.436279296875}, {"start": 4623.16, "end": 4623.36, "word": " right?", "probability": 0.9150390625}, {"start": 4625.72, "end": 4626.48, "word": " Derive", "probability": 0.6280517578125}, {"start": 4626.48, "end": 4626.68, "word": " and", "probability": 0.92333984375}, {"start": 4626.68, "end": 4626.94, "word": " draw", "probability": 0.890625}, {"start": 4626.94, "end": 4627.18, "word": " the", "probability": 0.86572265625}, {"start": 4627.18, "end": 4628.22, "word": " isocost", "probability": 0.6163736979166666}, {"start": 4628.22, "end": 4628.64, "word": " line.", "probability": 0.87109375}, {"start": 4632.22, "end": 4633.1, "word": " QL", "probability": 0.5684814453125}, {"start": 4633.1, "end": 4633.76, "word": " and", "probability": 0.92236328125}, {"start": 4633.76, "end": 4633.88, "word": " the", "probability": 0.488525390625}, {"start": 4633.88, "end": 4634.2, "word": " QM.", "probability": 0.880126953125}, {"start": 4635.9, "end": 4636.78, "word": " To", "probability": 0.94970703125}, {"start": 4636.78, "end": 4637.4, "word": " calculate", "probability": 0.91748046875}, {"start": 4637.4, "end": 4638.3, "word": " the", "probability": 0.896484375}, {"start": 4638.3, "end": 4639.22, "word": " amount", "probability": 0.2413330078125}, {"start": 4639.22, "end": 4639.46, "word": " of", "probability": 0.9658203125}, {"start": 4639.46, "end": 4639.8, "word": " labor,", "probability": 0.76904296875}, {"start": 4640.18, "end": 4640.62, "word": " QL.", "probability": 0.94873046875}], "temperature": 1.0}, {"id": 164, "seek": 466574, "start": 4642.46, "end": 4665.74, "text": " equals total cost over the price of labor. Total cost is 165. They had an optimal over the price of L10 equals 16.5. When we use labor only,", "tokens": [6915, 3217, 2063, 670, 264, 3218, 295, 5938, 13, 23170, 2063, 307, 3165, 20, 13, 814, 632, 364, 16252, 670, 264, 3218, 295, 441, 3279, 6915, 3165, 13, 20, 13, 1133, 321, 764, 5938, 787, 11], "avg_logprob": -0.21917230213010633, "compression_ratio": 1.3177570093457944, "no_speech_prob": 0.0, "words": [{"start": 4642.46, "end": 4643.0, "word": " equals", "probability": 0.75537109375}, {"start": 4643.0, "end": 4643.62, "word": " total", "probability": 0.78173828125}, {"start": 4643.62, "end": 4644.0, "word": " cost", "probability": 0.86279296875}, {"start": 4644.0, "end": 4644.18, "word": " over", "probability": 0.7412109375}, {"start": 4644.18, "end": 4644.32, "word": " the", "probability": 0.91455078125}, {"start": 4644.32, "end": 4644.58, "word": " price", "probability": 0.923828125}, {"start": 4644.58, "end": 4644.72, "word": " of", "probability": 0.95703125}, {"start": 4644.72, "end": 4645.02, "word": " labor.", "probability": 0.83935546875}, {"start": 4645.32, "end": 4645.88, "word": " Total", "probability": 0.86181640625}, {"start": 4645.88, "end": 4646.38, "word": " cost", "probability": 0.91162109375}, {"start": 4646.38, "end": 4647.3, "word": " is", "probability": 0.9501953125}, {"start": 4647.3, "end": 4648.72, "word": " 165.", "probability": 0.89013671875}, {"start": 4649.62, "end": 4650.62, "word": " They", "probability": 0.2880859375}, {"start": 4650.62, "end": 4650.84, "word": " had", "probability": 0.8076171875}, {"start": 4650.84, "end": 4650.98, "word": " an", "probability": 0.89697265625}, {"start": 4650.98, "end": 4651.48, "word": " optimal", "probability": 0.63525390625}, {"start": 4651.48, "end": 4653.9, "word": " over", "probability": 0.74658203125}, {"start": 4653.9, "end": 4654.12, "word": " the", "probability": 0.8974609375}, {"start": 4654.12, "end": 4654.44, "word": " price", "probability": 0.90478515625}, {"start": 4654.44, "end": 4654.62, "word": " of", "probability": 0.958984375}, {"start": 4654.62, "end": 4656.04, "word": " L10", "probability": 0.55712890625}, {"start": 4656.04, "end": 4658.1, "word": " equals", "probability": 0.54443359375}, {"start": 4658.1, "end": 4658.98, "word": " 16", "probability": 0.96435546875}, {"start": 4658.98, "end": 4659.94, "word": ".5.", "probability": 0.992919921875}, {"start": 4662.56, "end": 4663.24, "word": " When", "probability": 0.8994140625}, {"start": 4663.24, "end": 4663.44, "word": " we", "probability": 0.9658203125}, {"start": 4663.44, "end": 4663.94, "word": " use", "probability": 0.88916015625}, {"start": 4663.94, "end": 4665.12, "word": " labor", "probability": 0.9287109375}, {"start": 4665.12, "end": 4665.74, "word": " only,", "probability": 0.9140625}], "temperature": 1.0}, {"id": 165, "seek": 469063, "start": 4667.29, "end": 4690.63, "text": " To produce, to use workers only, but we have to use 16.5 units. But if you want to use all the machines, QM equals total cost over the price of M equals 165 over price of M, 15. How much is it? Eleven?", "tokens": [1407, 5258, 11, 281, 764, 5600, 787, 11, 457, 321, 362, 281, 764, 3165, 13, 20, 6815, 13, 583, 498, 291, 528, 281, 764, 439, 264, 8379, 11, 1249, 44, 6915, 3217, 2063, 670, 264, 3218, 295, 376, 6915, 3165, 20, 670, 3218, 295, 376, 11, 2119, 13, 1012, 709, 307, 309, 30, 48548, 30], "avg_logprob": -0.22307477625352995, "compression_ratio": 1.393103448275862, "no_speech_prob": 0.0, "words": [{"start": 4667.29, "end": 4667.99, "word": " To", "probability": 0.1075439453125}, {"start": 4667.99, "end": 4668.69, "word": " produce,", "probability": 0.5244140625}, {"start": 4668.89, "end": 4669.31, "word": " to", "probability": 0.77001953125}, {"start": 4669.31, "end": 4669.63, "word": " use", "probability": 0.86767578125}, {"start": 4669.63, "end": 4670.33, "word": " workers", "probability": 0.90087890625}, {"start": 4670.33, "end": 4670.75, "word": " only,", "probability": 0.91552734375}, {"start": 4670.87, "end": 4670.93, "word": " but", "probability": 0.5927734375}, {"start": 4670.93, "end": 4671.11, "word": " we", "probability": 0.93408203125}, {"start": 4671.11, "end": 4671.39, "word": " have", "probability": 0.94580078125}, {"start": 4671.39, "end": 4671.57, "word": " to", "probability": 0.96826171875}, {"start": 4671.57, "end": 4671.85, "word": " use", "probability": 0.89013671875}, {"start": 4671.85, "end": 4672.69, "word": " 16", "probability": 0.9306640625}, {"start": 4672.69, "end": 4673.81, "word": ".5", "probability": 0.990478515625}, {"start": 4673.81, "end": 4674.47, "word": " units.", "probability": 0.9462890625}, {"start": 4675.15, "end": 4675.39, "word": " But", "probability": 0.87841796875}, {"start": 4675.39, "end": 4676.11, "word": " if", "probability": 0.235107421875}, {"start": 4676.11, "end": 4677.13, "word": " you", "probability": 0.82373046875}, {"start": 4677.13, "end": 4677.61, "word": " want", "probability": 0.88916015625}, {"start": 4677.61, "end": 4677.77, "word": " to", "probability": 0.97021484375}, {"start": 4677.77, "end": 4678.07, "word": " use", "probability": 0.8857421875}, {"start": 4678.07, "end": 4678.37, "word": " all", "probability": 0.9296875}, {"start": 4678.37, "end": 4678.49, "word": " the", "probability": 0.8916015625}, {"start": 4678.49, "end": 4678.95, "word": " machines,", "probability": 0.94580078125}, {"start": 4679.19, "end": 4679.51, "word": " QM", "probability": 0.661376953125}, {"start": 4679.51, "end": 4679.99, "word": " equals", "probability": 0.92578125}, {"start": 4679.99, "end": 4680.61, "word": " total", "probability": 0.81298828125}, {"start": 4680.61, "end": 4680.99, "word": " cost", "probability": 0.818359375}, {"start": 4680.99, "end": 4681.21, "word": " over", "probability": 0.919921875}, {"start": 4681.21, "end": 4681.37, "word": " the", "probability": 0.91650390625}, {"start": 4681.37, "end": 4681.63, "word": " price", "probability": 0.904296875}, {"start": 4681.63, "end": 4681.79, "word": " of", "probability": 0.92333984375}, {"start": 4681.79, "end": 4681.99, "word": " M", "probability": 0.98291015625}, {"start": 4681.99, "end": 4682.83, "word": " equals", "probability": 0.83203125}, {"start": 4682.83, "end": 4684.63, "word": " 165", "probability": 0.943115234375}, {"start": 4684.63, "end": 4685.15, "word": " over", "probability": 0.900390625}, {"start": 4685.15, "end": 4686.23, "word": " price", "probability": 0.77783203125}, {"start": 4686.23, "end": 4686.41, "word": " of", "probability": 0.9580078125}, {"start": 4686.41, "end": 4686.67, "word": " M,", "probability": 0.9814453125}, {"start": 4687.11, "end": 4687.69, "word": " 15.", "probability": 0.94775390625}, {"start": 4687.95, "end": 4688.33, "word": " How", "probability": 0.96240234375}, {"start": 4688.33, "end": 4688.59, "word": " much", "probability": 0.91796875}, {"start": 4688.59, "end": 4688.75, "word": " is", "probability": 0.9462890625}, {"start": 4688.75, "end": 4688.99, "word": " it?", "probability": 0.93115234375}, {"start": 4690.17, "end": 4690.63, "word": " Eleven?", "probability": 0.615234375}], "temperature": 1.0}, {"id": 166, "seek": 472285, "start": 4697.06, "end": 4722.86, "text": " Eleven, okay. So, eleven and 16.5. The consumer equilibrium occurs when we recruit", "tokens": [48548, 11, 1392, 13, 407, 11, 21090, 293, 3165, 13, 20, 13, 440, 9711, 15625, 11843, 562, 321, 15119], "avg_logprob": -0.3214843660593033, "compression_ratio": 0.9880952380952381, "no_speech_prob": 0.0, "words": [{"start": 4697.06, "end": 4698.46, "word": " Eleven,", "probability": 0.1827392578125}, {"start": 4699.02, "end": 4699.02, "word": " okay.", "probability": 0.81787109375}, {"start": 4703.46, "end": 4703.98, "word": " So,", "probability": 0.60498046875}, {"start": 4709.68, "end": 4709.68, "word": " eleven", "probability": 0.24267578125}, {"start": 4709.68, "end": 4711.4, "word": " and", "probability": 0.83056640625}, {"start": 4711.4, "end": 4712.02, "word": " 16", "probability": 0.7392578125}, {"start": 4712.02, "end": 4712.84, "word": ".5.", "probability": 0.987060546875}, {"start": 4717.12, "end": 4717.54, "word": " The", "probability": 0.8720703125}, {"start": 4717.54, "end": 4718.02, "word": " consumer", "probability": 0.79541015625}, {"start": 4718.02, "end": 4718.72, "word": " equilibrium", "probability": 0.94970703125}, {"start": 4718.72, "end": 4719.42, "word": " occurs", "probability": 0.95361328125}, {"start": 4719.42, "end": 4720.14, "word": " when", "probability": 0.94189453125}, {"start": 4720.14, "end": 4722.0, "word": " we", "probability": 0.912109375}, {"start": 4722.0, "end": 4722.86, "word": " recruit", "probability": 0.86865234375}], "temperature": 1.0}, {"id": 167, "seek": 474924, "start": 4724.64, "end": 4749.24, "text": " Six laborers and seven machines. So six workers, maybe here, and seven machines. So this is the equilibrium quantity produced. Let us assume it's an assumption, 500 units. This is the equilibrium point here.", "tokens": [11678, 5938, 433, 293, 3407, 8379, 13, 407, 2309, 5600, 11, 1310, 510, 11, 293, 3407, 8379, 13, 407, 341, 307, 264, 15625, 11275, 7126, 13, 961, 505, 6552, 309, 311, 364, 15302, 11, 5923, 6815, 13, 639, 307, 264, 15625, 935, 510, 13], "avg_logprob": -0.20364582671059503, "compression_ratio": 1.5182481751824817, "no_speech_prob": 0.0, "words": [{"start": 4724.64, "end": 4725.12, "word": " Six", "probability": 0.469482421875}, {"start": 4725.12, "end": 4726.22, "word": " laborers", "probability": 0.6439208984375}, {"start": 4726.22, "end": 4726.84, "word": " and", "probability": 0.86669921875}, {"start": 4726.84, "end": 4727.2, "word": " seven", "probability": 0.8857421875}, {"start": 4727.2, "end": 4727.78, "word": " machines.", "probability": 0.9482421875}, {"start": 4728.88, "end": 4729.84, "word": " So", "probability": 0.94384765625}, {"start": 4729.84, "end": 4730.52, "word": " six", "probability": 0.677734375}, {"start": 4730.52, "end": 4731.08, "word": " workers,", "probability": 0.9267578125}, {"start": 4732.42, "end": 4733.52, "word": " maybe", "probability": 0.81982421875}, {"start": 4733.52, "end": 4734.0, "word": " here,", "probability": 0.8486328125}, {"start": 4734.64, "end": 4735.04, "word": " and", "probability": 0.9345703125}, {"start": 4735.04, "end": 4735.34, "word": " seven", "probability": 0.89794921875}, {"start": 4735.34, "end": 4735.8, "word": " machines.", "probability": 0.93896484375}, {"start": 4736.96, "end": 4737.24, "word": " So", "probability": 0.9501953125}, {"start": 4737.24, "end": 4737.6, "word": " this", "probability": 0.89599609375}, {"start": 4737.6, "end": 4737.8, "word": " is", "probability": 0.943359375}, {"start": 4737.8, "end": 4738.04, "word": " the", "probability": 0.9228515625}, {"start": 4738.04, "end": 4738.62, "word": " equilibrium", "probability": 0.93896484375}, {"start": 4738.62, "end": 4740.9, "word": " quantity", "probability": 0.7666015625}, {"start": 4740.9, "end": 4741.86, "word": " produced.", "probability": 0.93115234375}, {"start": 4742.14, "end": 4742.26, "word": " Let", "probability": 0.92529296875}, {"start": 4742.26, "end": 4742.46, "word": " us", "probability": 0.7978515625}, {"start": 4742.46, "end": 4742.94, "word": " assume", "probability": 0.9072265625}, {"start": 4742.94, "end": 4743.3, "word": " it's", "probability": 0.881591796875}, {"start": 4743.3, "end": 4743.5, "word": " an", "probability": 0.96142578125}, {"start": 4743.5, "end": 4744.02, "word": " assumption,", "probability": 0.97607421875}, {"start": 4745.22, "end": 4745.82, "word": " 500", "probability": 0.951171875}, {"start": 4745.82, "end": 4746.46, "word": " units.", "probability": 0.9453125}, {"start": 4747.36, "end": 4747.62, "word": " This", "probability": 0.90380859375}, {"start": 4747.62, "end": 4747.8, "word": " is", "probability": 0.947265625}, {"start": 4747.8, "end": 4748.18, "word": " the", "probability": 0.91015625}, {"start": 4748.18, "end": 4748.54, "word": " equilibrium", "probability": 0.96630859375}, {"start": 4748.54, "end": 4748.98, "word": " point", "probability": 0.9609375}, {"start": 4748.98, "end": 4749.24, "word": " here.", "probability": 0.78125}], "temperature": 1.0}, {"id": 168, "seek": 475422, "start": 4753.5, "end": 4754.22, "text": " God bless you.", "tokens": [1265, 5227, 291, 13], "avg_logprob": -0.89140625, "compression_ratio": 0.6521739130434783, "no_speech_prob": 0.0, "words": [{"start": 4753.5, "end": 4753.96, "word": " God", "probability": 0.0684814453125}, {"start": 4753.96, "end": 4754.14, "word": " bless", "probability": 0.791015625}, {"start": 4754.14, "end": 4754.22, "word": " you.", "probability": 0.96337890625}], "temperature": 1.0}], "language": "en", "language_probability": 1.0, "duration": 4754.936, "duration_after_vad": 4324.513750000001} \ No newline at end of file diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/XGL0npr6UhQ_raw.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/XGL0npr6UhQ_raw.srt new file mode 100644 index 0000000000000000000000000000000000000000..f81f67249e4fe22ee5584a193a884a454ccf4f3c --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/XGL0npr6UhQ_raw.srt @@ -0,0 +1,3032 @@ +1 +00:00:20,400 --> 00:00:23,660 +Okay. Today, inshallah, we are going to complete + +2 +00:00:23,660 --> 00:00:27,320 +our talk about the production theory. In the last + +3 +00:00:27,320 --> 00:00:30,300 +class, we said that, or we studied the total + +4 +00:00:30,300 --> 00:00:32,780 +production of labor, average production of labor, + +5 +00:00:32,940 --> 00:00:35,460 +and the marginal production of labor. And we had + +6 +00:00:35,460 --> 00:00:38,860 +an example. And we said that the marginal + +7 +00:00:38,860 --> 00:00:42,700 +production of labor, MPL, equals the change in + +8 +00:00:42,700 --> 00:00:45,820 +total production over the change of number of + +9 +00:00:45,820 --> 00:00:49,260 +workers, or the change in quantity produced over + +10 +00:00:49,260 --> 00:00:54,800 +the change in number of workers. And the average + +11 +00:00:54,800 --> 00:01:00,660 +production labor, APL, equals total production + +12 +00:01:00,660 --> 00:01:06,860 +labor in our workers, or the quantity produced + +13 +00:01:06,860 --> 00:01:08,820 +over L. + +14 +00:01:11,300 --> 00:01:17,340 +All right? And we have the following graph, which + +15 +00:01:17,340 --> 00:01:23,620 +has been derived from the data. the previous data, + +16 +00:01:23,980 --> 00:01:25,440 +the lost schedule. + +17 +00:01:28,560 --> 00:01:34,460 +Here is the total production of labor, and here is + +18 +00:01:34,460 --> 00:01:36,660 +the marginal production of labor. + +19 +00:01:42,460 --> 00:01:49,100 +MPL, here is the zero, the horizontal axis. In the + +20 +00:01:49,100 --> 00:01:51,520 +horizontal axis, we have the number of workers + +21 +00:01:51,520 --> 00:01:51,800 +here, + +22 +00:01:54,650 --> 00:01:59,490 +And here on the vertical axis, we have the total + +23 +00:01:59,490 --> 00:02:09,170 +production labor, APL, and MPL. All right. Also, + +24 +00:02:09,290 --> 00:02:17,730 +we have the average production labor, which has or + +25 +00:02:17,730 --> 00:02:21,010 +increases and then goes down. + +26 +00:02:39,820 --> 00:02:41,720 +Average production of labor. + +27 +00:02:48,860 --> 00:02:54,580 +We had three stages as well. It's quite similar to + +28 +00:02:54,580 --> 00:02:57,300 +the marginal utility theory when we studied the + +29 +00:02:57,300 --> 00:02:59,780 +relationship between the total utility and + +30 +00:02:59,780 --> 00:03:03,300 +marginal utility. Here we have the first stage. + +31 +00:03:09,390 --> 00:03:13,090 +The first stage, the second, and the third stage + +32 +00:03:13,090 --> 00:03:19,110 +here. Do you remember the data? Data that we took + +33 +00:03:19,110 --> 00:03:26,270 +from the table, the last table. Is there + +34 +00:03:26,270 --> 00:03:30,970 +a need to write the last table? Okay. So, in the + +35 +00:03:30,970 --> 00:03:34,870 +first stage here, let's study the relationship + +36 +00:03:34,870 --> 00:03:39,400 +between three total production labor and the + +37 +00:03:39,400 --> 00:03:42,560 +marginal production labor. So let's analyze the + +38 +00:03:42,560 --> 00:03:47,840 +graph here. Number one, we are going to study the + +39 +00:03:47,840 --> 00:03:50,120 +relationship between the total production labor + +40 +00:03:50,120 --> 00:03:55,520 +and the marginal production labor. And the first + +41 +00:03:55,520 --> 00:03:56,340 +stage here, + +42 +00:03:59,640 --> 00:04:05,740 +as the total production labor is increasing at an + +43 +00:04:05,740 --> 00:04:10,030 +increasing rate, The total production labor is + +44 +00:04:10,030 --> 00:04:15,430 +increasing at an increasing rate. What do I see? + +45 +00:04:15,790 --> 00:04:19,710 +The marginal production labor is increasing. MPL + +46 +00:04:19,710 --> 00:04:26,810 +is increasing and positive. So here, number one, + +47 +00:04:27,310 --> 00:04:31,850 +when the total production labor is increasing at + +48 +00:04:31,850 --> 00:04:35,990 +an increasing rate, + +49 +00:04:38,860 --> 00:04:42,180 +The marginal production of labor is increasing in + +50 +00:04:42,180 --> 00:04:46,100 +positive in the second stage. + +51 +00:04:49,420 --> 00:04:59,220 +Here from A to B, to C, and then to D. From B to + +52 +00:04:59,220 --> 00:04:59,620 +C, + +53 +00:05:03,220 --> 00:05:09,270 +the total production of labor is increasing but by + +54 +00:05:09,270 --> 00:05:11,730 +or in a decreasing rate. + +55 +00:05:16,130 --> 00:05:21,350 +So in the second stage, here in the first stage, + +56 +00:05:21,810 --> 00:05:29,090 +the first stage from A to B, when the total + +57 +00:05:29,090 --> 00:05:31,390 +production labor is increasing at an increasing + +58 +00:05:31,390 --> 00:05:34,010 +rate, the marginal production labor is increasing + +59 +00:05:34,010 --> 00:05:37,850 +at positive. In the second stage, + +60 +00:05:42,510 --> 00:05:44,710 +from B to C. + +61 +00:05:48,790 --> 00:05:52,390 +What do we see? The total production labor is + +62 +00:05:52,390 --> 00:05:56,390 +increasing at a decreasing rate. What do we see? + +63 +00:05:56,830 --> 00:05:59,290 +The marginal production labor is decreasing, but + +64 +00:05:59,290 --> 00:06:05,890 +still positive. Right? So, The second stage, from + +65 +00:06:05,890 --> 00:06:10,230 +B to C, the total production of labor is + +66 +00:06:10,230 --> 00:06:14,850 +increasing at a decreasing rate. This is total + +67 +00:06:14,850 --> 00:06:17,430 +production of labor. What do you see? The marginal + +68 +00:06:17,430 --> 00:06:19,410 +production of labor is decreasing, but still + +69 +00:06:19,410 --> 00:06:24,050 +positive. So the total production of labor is + +70 +00:06:24,050 --> 00:06:29,470 +increasing at a decreasing rate. Hence, the + +71 +00:06:29,470 --> 00:06:34,110 +marginal production of labor is decreasing. MPL is + +72 +00:06:34,110 --> 00:06:36,010 +decreasing, but still positive. + +73 +00:06:41,970 --> 00:06:48,350 +Sorry? MPL increasing at a decreasing rate. + +74 +00:06:52,090 --> 00:06:55,910 +Okay? It's quite similar to the marginal utility + +75 +00:06:55,910 --> 00:06:58,580 +and total utility. All right? + +76 +00:07:01,480 --> 00:07:04,800 +Here, when the total production labor reached the + +77 +00:07:04,800 --> 00:07:09,380 +peak, at the peak of total production labor, the + +78 +00:07:09,380 --> 00:07:13,760 +marginal production labor reached zero here. At + +79 +00:07:13,760 --> 00:07:18,220 +the worker number, how much? Marginal production + +80 +00:07:18,220 --> 00:07:22,260 +labor or total production labor reached the peak, + +81 +00:07:22,400 --> 00:07:27,220 +where? And MPL equals zero. Where is it? At the + +82 +00:07:27,220 --> 00:07:34,240 +worker number eight. Number three, + +83 +00:07:34,720 --> 00:07:44,500 +when TPL reached the peak or + +84 +00:07:44,500 --> 00:07:51,180 +is maximized, MPL equals zero. + +85 +00:07:53,920 --> 00:08:00,200 +When? The last stage here. from C to D. When the + +86 +00:08:00,200 --> 00:08:06,620 +total production is decreasing, MPL decreasing and + +87 +00:08:06,620 --> 00:08:15,080 +negative. So number four, when TPL is decreasing, + +88 +00:08:16,460 --> 00:08:24,130 +MPL is decreasing and negative. Now, We have, + +89 +00:08:24,850 --> 00:08:27,450 +yeah, it's quite similar to the relationship + +90 +00:08:27,450 --> 00:08:30,870 +between the marginal utility and total utility. So + +91 +00:08:30,870 --> 00:08:34,290 +the students who understood the last chapter or + +92 +00:08:34,290 --> 00:08:37,350 +the chapter before, chapter four, will understand + +93 +00:08:37,350 --> 00:08:40,510 +the chapter five easily, without any problems, + +94 +00:08:41,350 --> 00:08:45,030 +right? Now, let's study the relationship between + +95 +00:08:45,030 --> 00:08:50,130 +average production labor and MPL. What do you see? + +96 +00:08:50,310 --> 00:08:56,250 +Oh, sorry, ABL and MPL. Here is, this is the + +97 +00:08:56,250 --> 00:09:02,210 +average production labor, APL, and MPL. Where is + +98 +00:09:02,210 --> 00:09:10,970 +the cross between APL and MPL? At the highest + +99 +00:09:10,970 --> 00:09:18,610 +value of APL, at the peak of APL. So APL, + +100 +00:09:20,770 --> 00:09:24,870 +crosses the marginal production labor at the peak + +101 +00:09:24,870 --> 00:09:35,910 +or the highest value of APL. So APL equals + +102 +00:09:35,910 --> 00:09:42,250 +MPL + +103 +00:09:42,250 --> 00:09:47,130 +at the highest value of APL. + +104 +00:09:52,410 --> 00:09:58,010 +When MPL equals APL? At 60. At 60. In the table + +105 +00:09:58,010 --> 00:10:03,890 +that we took before. Correct? APL equals MPL at Q + +106 +00:10:03,890 --> 00:10:07,110 +equals at number labor number how many? Three. + +107 +00:10:07,470 --> 00:10:14,810 +Three. Okay. So, APL crosses MPL or equals MPL at + +108 +00:10:14,810 --> 00:10:17,630 +the highest value + +109 +00:10:22,400 --> 00:10:25,060 +Of which? APL. + +110 +00:10:27,340 --> 00:10:34,500 +What else? + +111 +00:10:36,420 --> 00:10:44,640 +APL is decreasing, but it's still positive and + +112 +00:10:44,640 --> 00:10:48,700 +never reach to negative. + +113 +00:10:53,740 --> 00:10:57,380 +It never reaches zero. + +114 +00:11:00,180 --> 00:11:07,400 +Because APL never + +115 +00:11:07,400 --> 00:11:14,140 +reaches negative. + +116 +00:11:18,260 --> 00:11:25,130 +Never becomes less than. Yes, it's possible. When + +117 +00:11:25,130 --> 00:11:28,390 +the total production of labor becomes zero, + +118 +00:11:31,910 --> 00:11:37,930 +APL will be zero. Right? The factory is closed. + +119 +00:11:38,070 --> 00:11:44,010 +Correct. So here, APL never reaches the negative + +120 +00:11:44,010 --> 00:11:52,030 +or never becomes less than zero. + +121 +00:11:53,740 --> 00:11:58,620 +In some books, it says never reach to zero. All + +122 +00:11:58,620 --> 00:12:04,660 +right? Now, APL. Hi, you. It keeps going down. APL + +123 +00:12:04,660 --> 00:12:09,900 +equals what? How much? APL equals total production + +124 +00:12:09,900 --> 00:12:15,040 +labor over N. When does this become zero? If we + +125 +00:12:15,040 --> 00:12:18,200 +produced all the workers and employed them and did + +126 +00:12:18,200 --> 00:12:18,700 +not produce anything. + +127 +00:12:24,150 --> 00:12:30,990 +If the total output equals zero, in this case, + +128 +00:12:31,210 --> 00:12:35,190 +average production of labor will be zero. Then + +129 +00:12:35,190 --> 00:12:46,370 +here, APL will be equal to zero if TPL + +130 +00:12:46,370 --> 00:12:47,330 +equals zero. + +131 +00:12:52,410 --> 00:12:54,450 +Let's go to something else. + +132 +00:12:57,270 --> 00:13:01,550 +So sometimes we can ask you, + +133 +00:13:04,250 --> 00:13:07,490 +study or explain the relationship between total + +134 +00:13:07,490 --> 00:13:12,570 +production labor, APL and MPL using graph. + +135 +00:13:17,530 --> 00:13:19,610 +Let's go to something else. + +136 +00:13:29,950 --> 00:13:31,330 +We have the following data. + +137 +00:13:43,290 --> 00:13:47,150 +L, TPL, + +138 +00:13:52,690 --> 00:13:53,390 +APL, + +139 +00:13:55,730 --> 00:13:56,810 +and MPL. + +140 +00:14:00,020 --> 00:14:22,000 +From 0 to 6, 0, 1, 2, 3, 4, 5, and 6, TPL, 0, 75 + +141 +00:14:22,000 --> 00:14:25,160 +to + +142 +00:14:25,160 --> 00:14:28,420 +380. + +143 +00:14:34,500 --> 00:14:42,040 +APL 100, 75, + +144 +00:14:44,680 --> 00:14:54,560 +NPL 100, 100, 50. + +145 +00:14:56,100 --> 00:14:58,140 +That's it. Complete the table. + +146 +00:15:01,140 --> 00:15:01,760 +Oh my God. + +147 +00:15:12,900 --> 00:15:17,860 +Let's complete the table here. Average production + +148 +00:15:17,860 --> 00:15:23,300 +labor or APL equals total production labor over L. + +149 +00:15:27,450 --> 00:15:30,550 +APL, zero. Because when total production labor + +150 +00:15:30,550 --> 00:15:32,950 +equals zero, APL equals zero. + +151 +00:15:38,670 --> 00:15:46,270 +Seventy-five over one, seventy-five. Here, seventy + +152 +00:15:46,270 --> 00:15:50,570 +-five minus zero over one minus zero, seventy + +153 +00:15:50,570 --> 00:15:51,030 +-five. + +154 +00:15:54,670 --> 00:15:59,370 +Here, APL is given. And there is given or given + +155 +00:15:59,370 --> 00:16:05,750 +data. We have to use the given data to complete + +156 +00:16:05,750 --> 00:16:10,430 +the table. Here, average production labor equals + +157 +00:16:10,430 --> 00:16:13,410 +100. 100 over 250. + +158 +00:16:15,490 --> 00:16:19,950 +Sorry, multiplied. Yes, but because here APL times + +159 +00:16:19,950 --> 00:16:23,150 +L equals total production labor. So here should be + +160 +00:16:23,150 --> 00:16:23,750 +200. + +161 +00:16:48,610 --> 00:16:52,790 +What else? Here, total production labor over L, + +162 +00:16:53,010 --> 00:16:57,750 +how much is it? 380 over 4. How much is it? How + +163 +00:16:57,750 --> 00:17:01,870 +much is the average production labor here? Sorry? + +164 +00:17:04,190 --> 00:17:10,490 +95. Okay. What else? We can benefit from this + +165 +00:17:10,490 --> 00:17:18,470 +point here. Multiplied by? 75 times 6. How much is + +166 +00:17:18,470 --> 00:17:18,550 +it? + +167 +00:17:21,770 --> 00:17:30,190 +What else? What else here? 200 minus 75 over 2 + +168 +00:17:30,190 --> 00:17:33,430 +minus 1 will give us the marginal production of + +169 +00:17:33,430 --> 00:17:33,850 +labor here. + +170 +00:17:38,350 --> 00:17:45,850 +200 minus + +171 +00:17:45,850 --> 00:17:49,450 +75 over 2 minus 1 will give us the marginal + +172 +00:17:49,450 --> 00:17:50,530 +production of labor here. + +173 +00:17:53,410 --> 00:17:54,040 +25. + +174 +00:17:59,100 --> 00:18:00,360 +Sorry. + +175 +00:18:07,720 --> 00:18:16,440 +300 over + +176 +00:18:16,440 --> 00:18:25,050 +L, 100. What else here? This is given like this. I + +177 +00:18:25,050 --> 00:18:31,330 +get 380 minus 300 over 4 is 380. + +178 +00:18:33,550 --> 00:18:37,230 +Right? Correct? What is the minus of this? It + +179 +00:18:37,230 --> 00:18:39,670 +gives me 5. Where did we go? Ah, 50. + +180 +00:18:42,910 --> 00:18:49,570 +430. Right? Minus 380 over 5 minus 4 will give us + +181 +00:18:49,570 --> 00:18:59,660 +50. 430 minus will give us 50. Here, TPL over 5. + +182 +00:19:01,100 --> 00:19:11,020 +How much? 86. What else here? 450 minus 430 over, + +183 +00:19:11,220 --> 00:19:17,920 +add minus 7, 20. Draw the graph and explain the + +184 +00:19:17,920 --> 00:19:19,840 +relationship between total production labor + +185 +00:19:19,840 --> 00:19:26,320 +marginal and you know here. Taman? Hai suwan. + +186 +00:19:27,180 --> 00:19:29,900 +Taib, let's go to something else. In chapter four, + +187 +00:19:30,680 --> 00:19:36,800 +we studied the indifference curve theory. And we + +188 +00:19:36,800 --> 00:19:42,300 +said that the consumer equilibrium occurs when the + +189 +00:19:43,460 --> 00:19:50,120 +Indifference curve changes the budget line. Here + +190 +00:19:50,120 --> 00:19:53,900 +we were talking about the consumer, the rational + +191 +00:19:53,900 --> 00:19:59,960 +consumer should consume at the point at which the + +192 +00:19:59,960 --> 00:20:03,820 +indifference curve changes the budget line, right? + +193 +00:20:05,060 --> 00:20:12,710 +For the consumer, The producer has an indifference + +194 +00:20:12,710 --> 00:20:19,130 +curve and a budget line. But we'll call it here + +195 +00:20:19,130 --> 00:20:27,410 +the ISO coastline, ISO means equal coastline and + +196 +00:20:27,410 --> 00:20:31,680 +ISO quant curve. But before that, let's go to + +197 +00:20:31,680 --> 00:20:37,220 +understand the analysis of rational producer + +198 +00:20:37,220 --> 00:20:42,500 +behavior. Right? So let's go to the producer + +199 +00:20:42,500 --> 00:20:47,300 +behavior. How can the producer maximizes his + +200 +00:20:47,300 --> 00:20:53,940 +production under the limited cost or the limited + +201 +00:20:53,940 --> 00:20:58,670 +budget? All right? So let's go to the producer + +202 +00:20:58,670 --> 00:21:02,670 +behavior. But before that, let's go to the + +203 +00:21:02,670 --> 00:21:06,930 +producer indifference curve or isoquant curve. + +204 +00:21:07,610 --> 00:21:11,330 +Right? So let us assume that we have or we are + +205 +00:21:11,330 --> 00:21:18,990 +talking about a producer. And this producer has + +206 +00:21:18,990 --> 00:21:25,480 +different options to produce. Different bundles or + +207 +00:21:25,480 --> 00:21:25,700 +groups? + +208 +00:21:33,060 --> 00:21:37,980 +The bundle or + +209 +00:21:37,980 --> 00:21:47,960 +a group ABCDE ABCDE + +210 +00:22:02,140 --> 00:22:06,200 +What produced equals + +211 +00:22:06,200 --> 00:22:08,660 +1000 units? + +212 +00:22:12,100 --> 00:22:15,840 +Labor and machine. + +213 +00:22:25,660 --> 00:22:27,700 +One, three, five. + +214 +00:22:32,370 --> 00:22:43,790 +seven, nine, 16, eight, four, two, one. + +215 +00:22:48,770 --> 00:22:52,950 +In this example, we are talking about a producer. + +216 +00:22:54,070 --> 00:23:00,150 +This producer can use different factors of + +217 +00:23:00,150 --> 00:23:05,490 +production labor and machines. And he tends to + +218 +00:23:05,490 --> 00:23:16,910 +produce 1,000 units. To produce 1,000 chairs, he + +219 +00:23:16,910 --> 00:23:27,830 +can use one worker and 60 machines. Or, three + +220 +00:23:27,830 --> 00:23:31,970 +workers and eight machines, or five and four, + +221 +00:23:32,250 --> 00:23:38,170 +seven and two, nine and one. So these different + +222 +00:23:38,170 --> 00:23:40,610 +bundles, these different groups of factors + +223 +00:23:40,610 --> 00:23:44,990 +production will give the producer the same + +224 +00:23:44,990 --> 00:23:51,150 +outputs. All right? Which means it's quite similar + +225 +00:23:51,150 --> 00:23:54,230 +to the consumer behavior when he consumed + +226 +00:23:54,230 --> 00:23:58,790 +different bundles of goods, which gave him the + +227 +00:23:58,790 --> 00:24:02,370 +same total utility. Here, we're talking about a + +228 +00:24:02,370 --> 00:24:05,910 +producer that can use different bundles, different + +229 +00:24:05,910 --> 00:24:09,270 +groups of factories, production, labor, and + +230 +00:24:09,270 --> 00:24:11,870 +machines to produce the same output, the same + +231 +00:24:11,870 --> 00:24:16,450 +quantities. All right? So what do you see here? + +232 +00:24:17,210 --> 00:24:20,850 +When he use one worker and 16 machines, he can + +233 +00:24:20,850 --> 00:24:25,250 +produce 1,000, adding more two units, two workers. + +234 +00:24:26,190 --> 00:24:30,510 +The giving up is how much? Eight machines. Eight + +235 +00:24:30,510 --> 00:24:37,110 +machines. All right? Adding more two workers, the + +236 +00:24:37,110 --> 00:24:41,590 +giving up is four. Adding more two, giving up is + +237 +00:24:41,590 --> 00:24:47,830 +two. Two, what? Here we have the marginal rate of + +238 +00:24:47,830 --> 00:24:51,950 +substitution. It's called the marginal rate of + +239 +00:24:51,950 --> 00:24:53,170 +technical substitution. + +240 +00:24:55,660 --> 00:24:58,140 +which is quite similar to the marginal rate of + +241 +00:24:58,140 --> 00:25:00,800 +substitution. The marginal rate of substitution + +242 +00:25:00,800 --> 00:25:04,100 +for the consumer was change in the quantity of Y + +243 +00:25:04,100 --> 00:25:08,540 +over change in the quantity of X, right? Here, for + +244 +00:25:08,540 --> 00:25:12,780 +the producer, we have the same term, which is the + +245 +00:25:12,780 --> 00:25:17,780 +marginal rate of technical substitution. For the + +246 +00:25:17,780 --> 00:25:22,690 +consumer, Or equals a change in the quantity of + +247 +00:25:22,690 --> 00:25:25,130 +machines over change in the quantity of the + +248 +00:25:25,130 --> 00:25:34,570 +workers, L. Which means for the consumer, Y is the + +249 +00:25:34,570 --> 00:25:38,370 +machinery here for the producer, and X is the + +250 +00:25:38,370 --> 00:25:43,570 +number of workers here. All right? So to calculate + +251 +00:25:43,570 --> 00:25:46,990 +the marginal rate of technical substitution, MRTS. + +252 +00:25:48,570 --> 00:25:53,210 +For the first case, which equals eight minus 16 + +253 +00:25:53,210 --> 00:25:58,870 +over three minus one. For the first case, the + +254 +00:25:58,870 --> 00:26:02,170 +marginal rate of technical substitution, MRTS, + +255 +00:26:03,570 --> 00:26:09,170 +equals the first case is here. We're talking about + +256 +00:26:09,170 --> 00:26:10,410 +the absolute value. + +257 +00:26:13,290 --> 00:26:17,230 +QM2 minus or eight minus 16. + +258 +00:26:20,210 --> 00:26:26,730 +over three minus one in the absolute value equals + +259 +00:26:26,730 --> 00:26:32,170 +how much? Minus eight over two equals minus four, + +260 +00:26:32,310 --> 00:26:40,190 +the absolute value equals four. Then four + +261 +00:26:40,190 --> 00:26:45,990 +minus eight over five minus three, two. Two minus + +262 +00:26:45,990 --> 00:26:51,830 +one, 0.5. Obviously, the marginal rate of + +263 +00:26:51,830 --> 00:26:56,850 +technical substitution is decreasing. Yeah. I + +264 +00:26:56,850 --> 00:27:02,650 +don't know. This depends. But it is decreasing. + +265 +00:27:02,910 --> 00:27:05,270 +The normal situation, the marginal rate of + +266 +00:27:05,270 --> 00:27:08,690 +technical substitution is decreasing as much as + +267 +00:27:08,690 --> 00:27:13,370 +the labor, the number of workers increases. Right? + +268 +00:27:13,710 --> 00:27:18,700 +So let's draw the graph that shows the + +269 +00:27:18,700 --> 00:27:24,160 +indifference curve, which is the isoquant curve + +270 +00:27:24,160 --> 00:27:30,480 +for the producer. So let's go to the indifference + +271 +00:27:30,480 --> 00:27:31,600 +curve for the producer. + +272 +00:27:39,520 --> 00:27:43,160 +Qm and Ql. + +273 +00:27:47,820 --> 00:27:51,100 +M is Y. L is X. + +274 +00:27:54,240 --> 00:27:58,340 +The same. + +275 +00:28:09,120 --> 00:28:18,350 +Equative labor, 1, 3. 1, 2, 3, 4. 1, 2, 3. Four, + +276 +00:28:18,730 --> 00:28:29,130 +five, six, seven, eight, nine. Okay, doesn't + +277 +00:28:29,130 --> 00:28:29,470 +matter. + +278 +00:28:33,450 --> 00:28:37,210 +Two, two, four. + +279 +00:28:41,350 --> 00:28:49,680 +Two, four, six, eight, ten, twelve, Quantum + +280 +00:28:49,680 --> 00:29:02,760 +machines 2, 4, 6, 8, 10, 12, 14, 16, 18. The first + +281 +00:29:02,760 --> 00:29:06,220 +point. No. + +282 +00:29:08,560 --> 00:29:14,000 +That's right. That's right. That's right. That's + +283 +00:29:14,000 --> 00:29:14,840 +right. That's right. That's right. That's right. + +284 +00:29:27,920 --> 00:29:37,500 +Okay. At a QL equals one, how much is a QM 16? + +285 +00:29:40,180 --> 00:29:48,440 +This is point A. At three units, Three workers + +286 +00:29:48,440 --> 00:30:01,320 +machinery equals eight. Three and eight point B at + +287 +00:30:01,320 --> 00:30:02,260 +five, four. + +288 +00:30:05,800 --> 00:30:09,100 +C at seven, two. + +289 +00:30:12,840 --> 00:30:16,580 +At nine. How much? One. + +290 +00:30:19,410 --> 00:30:23,650 +D, E. If we connect these points together, we will + +291 +00:30:23,650 --> 00:30:26,710 +reach to the indifference curve for the producer, + +292 +00:30:26,950 --> 00:30:34,050 +which is the isoquant curve. I see, or the + +293 +00:30:34,050 --> 00:30:39,650 +isoquant curve. How much is the quant to produce + +294 +00:30:39,650 --> 00:30:42,810 +along this curve? Equals 1000 units. + +295 +00:30:45,300 --> 00:30:50,540 +Which means any combination, any group, any bundle + +296 +00:30:50,540 --> 00:30:55,540 +of these factors production labor machines lies + +297 +00:30:55,540 --> 00:30:59,160 +along this curve will give the producer the same + +298 +00:30:59,160 --> 00:31:05,380 +outputs. So the + +299 +00:31:05,380 --> 00:31:10,680 +isoquant curve is a graph or a line shows what? + +300 +00:31:11,100 --> 00:31:16,570 +The different combinations. of labor and machines + +301 +00:31:16,570 --> 00:31:23,670 +that give the producer the same output, right? And + +302 +00:31:23,670 --> 00:31:26,370 +they have the same characteristics of the + +303 +00:31:26,370 --> 00:31:29,350 +indifference curve, which means the rightward + +304 +00:31:29,350 --> 00:31:33,630 +shifting in the isoquant curve means that the + +305 +00:31:33,630 --> 00:31:38,720 +producer will get the larger output. The same + +306 +00:31:38,720 --> 00:31:43,480 +characteristics of indifference curve. A rightward + +307 +00:31:43,480 --> 00:31:47,300 +shifting in the indifference curve will give the + +308 +00:31:47,300 --> 00:31:54,000 +producer the larger output. A movement or full + +309 +00:31:54,000 --> 00:31:58,820 +shifting to right, a leftward shifting in the + +310 +00:31:58,820 --> 00:32:02,200 +isoquant curve means that the producer will get + +311 +00:32:02,200 --> 00:32:10,170 +less quantities, less outputs. And the second + +312 +00:32:10,170 --> 00:32:18,170 +characteristic is that the isoquant curve has a + +313 +00:32:18,170 --> 00:32:22,730 +negative slope. The same as in the France curve, + +314 +00:32:23,550 --> 00:32:27,330 +has a downward sloping. It is a downward sloping. + +315 +00:32:28,590 --> 00:32:32,310 +And the marginal rate of substitution + +316 +00:32:35,000 --> 00:32:43,980 +is the slope of IC, or isoquant curve. What change + +317 +00:32:43,980 --> 00:32:45,760 +in the quantity of Y over change in the quantity + +318 +00:32:45,760 --> 00:32:50,880 +of X. This was the slope of IC in the first curve. + +319 +00:32:51,140 --> 00:32:54,380 +And the marginal rate of technical substitution is + +320 +00:32:54,380 --> 00:33:01,460 +the slope of the isoquant curve. And the slope is + +321 +00:33:01,460 --> 00:33:03,360 +decreasing + +322 +00:33:04,500 --> 00:33:11,760 +when we move from left to right side. And we + +323 +00:33:11,760 --> 00:33:16,340 +studied also that the indifference curve never + +324 +00:33:16,340 --> 00:33:21,260 +touch or never cross because the cross will create + +325 +00:33:21,260 --> 00:33:28,440 +illogical results. So the indifference curves or + +326 +00:33:28,440 --> 00:33:33,620 +the isoquant curveswill not or never touch, never + +327 +00:33:33,620 --> 00:33:39,080 +cross. Right? Yes. Since it applies to the + +328 +00:33:39,080 --> 00:33:41,980 +indifference curve, it's quite similar to the + +329 +00:33:41,980 --> 00:33:48,920 +isoquant curve. Okay? Because this is an isoquant + +330 +00:33:48,920 --> 00:33:51,840 +curve. + +331 +00:33:54,020 --> 00:33:59,120 +Iso in Latin is not an English word. Equals. Iso + +332 +00:33:59,120 --> 00:33:59,920 +means + +333 +00:34:12,520 --> 00:34:22,720 +So the main + +334 +00:34:22,720 --> 00:34:26,520 +characteristics of the isoquant curve is number + +335 +00:34:26,520 --> 00:34:32,650 +one, A movement rightward shifting in the isoquant + +336 +00:34:32,650 --> 00:34:35,310 +curve means that because the producer will get + +337 +00:34:35,310 --> 00:34:40,910 +larger output, a moving or leftward shifting. + +338 +00:34:51,250 --> 00:34:54,170 +Leftward shifting in the isoquant curve means that + +339 +00:34:54,170 --> 00:34:58,170 +the producer will get smaller or less quantities + +340 +00:34:58,170 --> 00:35:03,090 +and they never cross and downward sloping. What + +341 +00:35:03,090 --> 00:35:04,130 +else? What else? + +342 +00:35:07,770 --> 00:35:14,170 +Exactly, convex to midpoint or to the original + +343 +00:35:14,170 --> 00:35:14,770 +point here. + +344 +00:35:25,410 --> 00:35:29,610 +Convex to the original, concave outside. + +345 +00:35:32,490 --> 00:35:37,790 +Let's go to other shapes of the isoquant curve. + +346 +00:35:47,290 --> 00:35:54,850 +What's wrong with you? What? By God, look. + +347 +00:35:58,310 --> 00:36:02,510 +I'm in the end, I mean, I'm here for fun, by the + +348 +00:36:02,510 --> 00:36:05,030 +way, but I'm also not ready to give a six-hour + +349 +00:36:05,030 --> 00:36:07,530 +lecture to finish a course, or five hours, or ten + +350 +00:36:07,530 --> 00:36:12,000 +hours. Distribution is good. I mean, I know, I + +351 +00:36:12,000 --> 00:36:13,740 +appreciate that the timing is not appropriate. + +352 +00:36:14,360 --> 00:36:18,160 +Some people are lazy. I'm lazy too. But you can go + +353 +00:36:18,160 --> 00:36:21,580 +back to the video. I mean, it's easy for you to + +354 +00:36:21,580 --> 00:36:23,220 +understand. Even if you don't understand the part + +355 +00:36:23,220 --> 00:36:25,620 +here. But the nice thing is that this chapter is + +356 +00:36:25,620 --> 00:36:28,240 +like a repetition. The chapter before it. Okay? + +357 +00:36:28,580 --> 00:36:32,820 +This means this is the food in this part. Yes? + +358 +00:36:36,240 --> 00:36:40,530 +Let's take this. All right, but let me just take + +359 +00:36:40,530 --> 00:36:42,470 +these shapes that we took from where there is a + +360 +00:36:42,470 --> 00:36:44,370 +perfect substitution and where there is no + +361 +00:36:44,370 --> 00:36:47,630 +substitution between these. Right? All right. + +362 +00:37:07,010 --> 00:37:09,590 +The general shape of the indifference curve or the + +363 +00:37:09,590 --> 00:37:14,130 +isoquant curve is like this here. + +364 +00:37:17,090 --> 00:37:23,190 +Convex to the original point. Q equals, + +365 +00:37:23,950 --> 00:37:31,210 +let us assume 500 units. Quantity of L and the + +366 +00:37:31,210 --> 00:37:33,450 +quantity of M. Keep silent please. + +367 +00:37:36,240 --> 00:37:38,720 +We have different shapes for the indifference + +368 +00:37:38,720 --> 00:37:45,300 +curve, or the isoquant curve. It might be a + +369 +00:37:45,300 --> 00:37:50,300 +straight line, which means there is a perfect + +370 +00:37:50,300 --> 00:37:52,580 +substitution between labor and machines. + +371 +00:37:56,980 --> 00:37:57,180 +Maybe, + +372 +00:38:00,380 --> 00:38:05,120 +yes. We have an example, coffee vending machine + +373 +00:38:05,120 --> 00:38:05,540 +here. + +374 +00:38:08,650 --> 00:38:11,330 +The coffee vending machine. Harvesting machine. + +375 +00:38:13,790 --> 00:38:14,330 +Right. + +376 +00:38:18,150 --> 00:38:20,270 +The coffee vending machine downstairs where you + +377 +00:38:20,270 --> 00:38:23,910 +drink tea and coffee every day. If I told you to + +378 +00:38:23,910 --> 00:38:25,990 +go make tea and coffee, the machine will solve + +379 +00:38:25,990 --> 00:38:29,470 +your problem, right? Okay. So this is how in this + +380 +00:38:29,470 --> 00:38:33,210 +example, quantum labor and quantum machines. + +381 +00:38:37,070 --> 00:38:48,690 +four, one four, two, three, three and one. Here we + +382 +00:38:48,690 --> 00:38:51,670 +have a perfect substitution between labor and + +383 +00:38:51,670 --> 00:38:52,130 +machine. + +384 +00:38:55,500 --> 00:39:00,480 +If the ISO, a quant curve here, it's not a budget + +385 +00:39:00,480 --> 00:39:03,820 +line. You're talking about ISO quant curve, which + +386 +00:39:03,820 --> 00:39:05,860 +is a straight line. There's a perfect + +387 +00:39:05,860 --> 00:39:13,320 +substitution, perfect substitution between + +388 +00:39:13,320 --> 00:39:16,340 +labor + +389 +00:39:16,340 --> 00:39:20,960 +and machines. Like the coffee vending machine. + +390 +00:39:33,770 --> 00:39:35,390 +or wheat harvesting machine. + +391 +00:39:40,150 --> 00:39:46,010 +Sometimes we can say or we can see that the + +392 +00:39:46,010 --> 00:39:52,270 +isoquant curve is like L. + +393 +00:40:00,030 --> 00:40:04,780 +The same, identical here. Quantum L and Quantum M. + +394 +00:40:10,300 --> 00:40:11,940 +One, one. + +395 +00:40:17,080 --> 00:40:21,280 +Here, labor and machines are complements, which + +396 +00:40:21,280 --> 00:40:32,020 +means one car needs one driver and + +397 +00:40:35,300 --> 00:40:51,360 +Two cars needs two drivers, two breakers. Two or + +398 +00:40:51,360 --> 00:40:58,380 +one car doesn't need two drivers. No substitution + +399 +00:40:58,380 --> 00:41:00,360 +here. They are complements. + +400 +00:41:05,620 --> 00:41:09,380 +Let's go to something else. + +401 +00:41:12,280 --> 00:41:17,200 +Okay. In this case, the marginal rate of technical + +402 +00:41:17,200 --> 00:41:22,020 +substitution between labor for machines equals + +403 +00:41:22,020 --> 00:41:22,400 +zero. + +404 +00:41:28,960 --> 00:41:33,460 +Equals one. One hundred percent. + +405 +00:41:37,300 --> 00:41:43,380 +Or fixed. Sometimes it can be two or three, but + +406 +00:41:43,380 --> 00:41:49,380 +it's fixed. It depends on the slope because the + +407 +00:41:49,380 --> 00:41:53,220 +margin rate of technical substitution is the slope + +408 +00:41:53,220 --> 00:41:59,320 +here of isoquant curve. It means that if the + +409 +00:41:59,320 --> 00:42:06,330 +isoquant curve is like this, 20 and 10. How much + +410 +00:42:06,330 --> 00:42:08,070 +is the marginal rate of technical substitution? + +411 +00:42:09,130 --> 00:42:12,830 +QL, QM. How much is the marginal rate of technical + +412 +00:42:12,830 --> 00:42:16,310 +substitution? Equals 2. Minus 2. The absolute + +413 +00:42:16,310 --> 00:42:23,010 +value equals 2. Right? Okay? Assuming the perfect + +414 +00:42:23,010 --> 00:42:27,430 +substitution, a straight line with an angle of 45 + +415 +00:42:27,430 --> 00:42:35,690 +degrees. Okay. Let's go to the budget line. but + +416 +00:42:35,690 --> 00:42:36,470 +for the producer. + +417 +00:42:42,450 --> 00:42:44,930 +Or before that, we have something else. + +418 +00:42:50,010 --> 00:42:53,630 +Break? Break for five minutes. + +419 +00:42:56,630 --> 00:43:02,190 +Let's go to or come back to the margin rate of + +420 +00:43:02,190 --> 00:43:05,090 +technical substitution. As we said that the + +421 +00:43:05,090 --> 00:43:09,550 +marginal rate of technical substitution equals the + +422 +00:43:09,550 --> 00:43:12,170 +change in the quality of machines over the change + +423 +00:43:12,170 --> 00:43:16,210 +of quality of labor for a number of workers. We + +424 +00:43:16,210 --> 00:43:19,290 +have another formula for the marginal rate of + +425 +00:43:19,290 --> 00:43:22,130 +technical substitution, which can be derived from + +426 +00:43:22,130 --> 00:43:25,870 +the marginal production of labor and marginal + +427 +00:43:25,870 --> 00:43:28,770 +production of machines. As you know that the + +428 +00:43:28,770 --> 00:43:31,730 +marginal production of labor equals the change in + +429 +00:43:31,730 --> 00:43:38,490 +total production. over the change in L, or equal + +430 +00:43:38,490 --> 00:43:45,390 +to labor, number of workers. And the marginal + +431 +00:43:45,390 --> 00:43:51,690 +production of machines, which means here, how much + +432 +00:43:51,690 --> 00:43:54,770 +is the change in total production when the number + +433 +00:43:54,770 --> 00:43:55,990 +of workers increases? + +434 +00:43:58,950 --> 00:44:03,890 +MPM equals the change in total production over a + +435 +00:44:03,890 --> 00:44:08,750 +change in the number of machines. Here, a quantum + +436 +00:44:08,750 --> 00:44:10,310 +labor, quantum machines. + +437 +00:44:13,150 --> 00:44:23,350 +So, MPL over MPM equals how much here? We can say + +438 +00:44:23,350 --> 00:44:27,330 +that a change in total production over a change in + +439 +00:44:27,330 --> 00:44:35,170 +the quantum lever, who MPL, over MPM, who had a + +440 +00:44:35,170 --> 00:44:38,530 +change in total production over a change in + +441 +00:44:38,530 --> 00:44:39,430 +quantum machines. + +442 +00:44:41,970 --> 00:44:46,230 +So MPL + +443 +00:44:46,230 --> 00:44:52,260 +over MPM. equals change in total production of + +444 +00:44:52,260 --> 00:44:59,840 +labor, sorry, change in total production over + +445 +00:44:59,840 --> 00:45:03,760 +change in quantity of L times change in quantity + +446 +00:45:03,760 --> 00:45:07,240 +of machines over change in total production. + +447 +00:45:11,080 --> 00:45:13,580 +Change in total production with a change in total + +448 +00:45:13,580 --> 00:45:17,820 +production, so marginal production of labor, over + +449 +00:45:17,820 --> 00:45:22,280 +NPM equals change in the quantity of machines over + +450 +00:45:22,280 --> 00:45:27,380 +the change in quantity of labor, which is the + +451 +00:45:27,380 --> 00:45:29,780 +marginal rate of technical substitution. + +452 +00:45:32,220 --> 00:45:35,740 +Once again, the marginal production of labor + +453 +00:45:35,740 --> 00:45:38,240 +equals change in total production over the change + +454 +00:45:38,240 --> 00:45:42,350 +of quantity of labor, or L. Right? Margin + +455 +00:45:42,350 --> 00:45:45,830 +production of machines equals change in total + +456 +00:45:45,830 --> 00:45:48,510 +production over change in machines, number of + +457 +00:45:48,510 --> 00:45:52,190 +machines. I'm going to take sigma here. See here, + +458 +00:45:52,230 --> 00:45:55,830 +had I had a, I'm going to change and multiply it + +459 +00:45:55,830 --> 00:45:59,250 +by, this here and had a marginal rate of technical + +460 +00:45:59,250 --> 00:46:01,590 +substitution, labor for machines. + +461 +00:46:06,050 --> 00:46:13,200 +Okay? Fine. Okay, let's go to something else. + +462 +00:46:22,920 --> 00:46:27,460 +Let's go to the producer budget line. The + +463 +00:46:27,460 --> 00:46:32,360 +producer, iso coastline. + +464 +00:46:56,390 --> 00:47:03,810 +The producer budget line. The producer ISO cost + +465 +00:47:03,810 --> 00:47:07,030 +line. Cost. + +466 +00:47:20,450 --> 00:47:21,750 +The ISO cost line. + +467 +00:47:29,790 --> 00:47:34,990 +Which equals the budget line for the consumer. Had + +468 +00:47:34,990 --> 00:47:39,790 +equals the budget line for the consumer. + +469 +00:47:43,390 --> 00:47:45,690 +But it is for the producer. + +470 +00:47:48,550 --> 00:47:49,990 +Producer has + +471 +00:47:52,820 --> 00:47:56,340 +To understand the idea here, let's have the + +472 +00:47:56,340 --> 00:47:57,300 +following example. + +473 +00:47:59,800 --> 00:48:06,260 +Had equals, I'm talking about the ISO cost line + +474 +00:48:06,260 --> 00:48:10,340 +for the producer. It's quite similar to the budget + +475 +00:48:10,340 --> 00:48:20,020 +line for the consumer. Just matching. Okay. If a + +476 +00:48:20,020 --> 00:48:20,800 +company has + +477 +00:48:30,240 --> 00:48:41,240 +$1000 is available or available to + +478 +00:48:41,240 --> 00:48:48,560 +pay spend on + +479 +00:48:48,560 --> 00:48:54,640 +two factors of production, labor and machines. Two + +480 +00:48:54,640 --> 00:48:56,180 +factors + +481 +00:48:58,370 --> 00:48:59,330 +of production, + +482 +00:49:03,470 --> 00:49:08,550 +labor, and machines. + +483 +00:49:11,790 --> 00:49:17,270 +If a company has $1000 available to pay spent on + +484 +00:49:17,270 --> 00:49:19,350 +two factors of production, labor and machines, + +485 +00:49:23,010 --> 00:49:38,160 +if the price per unit of labor PL + +486 +00:49:38,160 --> 00:49:45,940 +equals twenty dollars and + +487 +00:49:45,940 --> 00:49:49,700 +price + +488 +00:49:49,700 --> 00:49:57,840 +per unit of machines equals + +489 +00:50:00,920 --> 00:50:01,680 +$40. + +490 +00:50:04,940 --> 00:50:13,640 +Here, L is X, M is Y. Price of X, price of Y. + +491 +00:50:16,600 --> 00:50:22,400 +The total cost is quite similar to the consumer + +492 +00:50:22,400 --> 00:50:26,520 +income, which is spent to buy different bundles of + +493 +00:50:26,520 --> 00:50:31,110 +goods. Right? Now we have the producer and this + +494 +00:50:31,110 --> 00:50:35,530 +producer tends to allocate his total cost to buy + +495 +00:50:35,530 --> 00:50:42,750 +labor and machines. If the price of L equals how + +496 +00:50:42,750 --> 00:50:47,650 +much? $20 and the price per machine equals 40. + +497 +00:50:48,990 --> 00:50:52,430 +Derive the budget line for the producer or the ISO + +498 +00:50:52,430 --> 00:50:55,870 +cost line here. and the budget line formula, + +499 +00:50:56,690 --> 00:51:02,350 +isocost line formula, and the draw. Okay. So + +500 +00:51:02,350 --> 00:51:12,850 +number one, derive and draw the budget line here + +501 +00:51:12,850 --> 00:51:14,690 +or the isocost line, + +502 +00:51:19,530 --> 00:51:23,570 +and the isocost line formula. + +503 +00:51:31,480 --> 00:51:34,900 +Then we will assume that the consumer, the + +504 +00:51:34,900 --> 00:51:37,580 +producer equilibrium occurs when the budget line + +505 +00:51:37,580 --> 00:51:40,500 +tangents the indifference curve or the isoquant + +506 +00:51:40,500 --> 00:51:47,700 +curve tangents the isocost line. The same as the + +507 +00:51:47,700 --> 00:51:48,220 +consumer. + +508 +00:51:51,280 --> 00:51:56,660 +To draw? Yes. Price of labor. + +509 +00:52:22,570 --> 00:52:27,730 +But you're talking about the cost of labor. It + +510 +00:52:27,730 --> 00:52:46,630 +might be the working hours a day, right? What is + +511 +00:52:46,630 --> 00:52:50,190 +the optimal combination of labor and machine + +512 +00:52:50,190 --> 00:52:53,010 +should the producer select? + +513 +00:52:55,270 --> 00:53:00,650 +So here. derive and draw the isocost line. + +514 +00:53:05,250 --> 00:53:10,170 +Where's the problem? Sometimes cost of machinery + +515 +00:53:10,170 --> 00:53:13,090 +is higher than the cost of workers. It's an + +516 +00:53:13,090 --> 00:53:19,370 +assumption here. To derive the budget line formula + +517 +00:53:19,370 --> 00:53:24,300 +or the budget line or the isocost line, The + +518 +00:53:24,300 --> 00:53:28,460 +quantity + +519 +00:53:28,460 --> 00:53:36,500 +of X equals income over the price of X. Here, we + +520 +00:53:36,500 --> 00:53:42,300 +can say that the quantity of labor equals the + +521 +00:53:42,300 --> 00:53:49,360 +total cost, which is here $1,000. which will be + +522 +00:53:49,360 --> 00:53:52,260 +spent or should be spent to buy labor and + +523 +00:53:52,260 --> 00:53:56,260 +machines. Equals total cost over the price of L. + +524 +00:53:59,260 --> 00:54:10,000 +Equals $1000 over price of L, 20, equals 50. 50 + +525 +00:54:10,000 --> 00:54:11,020 +workers. + +526 +00:54:13,450 --> 00:54:17,170 +and zero machines. Which means if the producer + +527 +00:54:17,170 --> 00:54:23,550 +tends to allocate his cost, his money, to buy only + +528 +00:54:23,550 --> 00:54:29,430 +workers, he can buy 50 workers or recruit. Recruit + +529 +00:54:29,430 --> 00:54:30,290 +means you ayin. + +530 +00:54:33,990 --> 00:54:39,770 +QM equals total cost over the price of M equals + +531 +00:54:39,770 --> 00:54:51,040 +1000. over 40 equals 25 machines. So, and zero + +532 +00:54:51,040 --> 00:54:56,940 +from workers. Let's draw the budget line or the + +533 +00:54:56,940 --> 00:55:01,280 +isocost line here. Quant of L and quant of M. + +534 +00:55:04,400 --> 00:55:16,630 +Quant of M, 25 and 50. 25. and 50. Do you remember + +535 +00:55:16,630 --> 00:55:24,970 +the budget line formula? Yeah. Qm equals or Qy + +536 +00:55:24,970 --> 00:55:31,170 +equals allocation of income here to derive the + +537 +00:55:31,170 --> 00:55:33,570 +budget line formula or the ISO cost line formula. + +538 +00:55:34,090 --> 00:55:41,410 +Total cost equals Price of L times QL plus price + +539 +00:55:41,410 --> 00:55:47,190 +of M times QM, the same as income equals the price + +540 +00:55:47,190 --> 00:55:52,490 +of X times QS plus price of Y times QY. We have to + +541 +00:55:52,490 --> 00:55:53,750 +derive QM. + +542 +00:55:57,930 --> 00:56:05,350 +So price of M QM equals total cost minus PL QL. + +543 +00:56:07,350 --> 00:56:16,010 +over pm over pm over pm so quantum machines equals + +544 +00:56:16,010 --> 00:56:22,310 +total cost over price of m equals or minus price + +545 +00:56:22,310 --> 00:56:27,310 +of l over price of m times ql the same as + +546 +00:56:29,410 --> 00:56:33,370 +The budget line formula. The QY equals income over + +547 +00:56:33,370 --> 00:56:37,650 +price of Y minus price of X over price of Y. And + +548 +00:56:37,650 --> 00:56:43,950 +this is the slope of the budget line, low ISO cost + +549 +00:56:43,950 --> 00:56:49,210 +line. And this is the intercept. This part + +550 +00:56:49,210 --> 00:56:56,370 +represents the intercept, total cost at 25. So the + +551 +00:56:56,370 --> 00:56:59,410 +budget line here or formula or the ISO cost line + +552 +00:56:59,410 --> 00:57:08,090 +formula equals QM equals total + +553 +00:57:08,090 --> 00:57:12,010 +cost over price of M, total cost how much? 1,000 + +554 +00:57:12,010 --> 00:57:20,590 +over price of M, price of machines, 40 minus price + +555 +00:57:20,590 --> 00:57:29,510 +of L over price of M. 20 over 40, QL. So QM + +556 +00:57:29,510 --> 00:57:33,330 +equals, how much is it here? Twenty-five. Twenty + +557 +00:57:33,330 --> 00:57:34,410 +-five. Twenty-five. Twenty-five. Twenty-five. + +558 +00:57:34,410 --> 00:57:36,010 +Twenty-five. Twenty-five. Twenty-five. Twenty + +559 +00:57:36,010 --> 00:57:39,150 +-five. Twenty-five. Twenty-five. Twenty-five. + +560 +00:57:39,150 --> 00:57:41,550 +Twenty-five. Twenty-five. Twenty-five. Twenty + +561 +00:57:41,550 --> 00:57:42,770 +-five. Twenty-five. Twenty-five. Twenty-five. + +562 +00:57:42,770 --> 00:57:43,490 +Twenty-five. Twenty-five. Twenty-five. Twenty + +563 +00:57:43,490 --> 00:57:43,490 +-five. Twenty-five. Twenty-five. Twenty-five. + +564 +00:57:43,490 --> 00:57:43,490 +Twenty-five. Twenty-five. Twenty-five. Twenty + +565 +00:57:43,490 --> 00:57:43,510 +-five. Twenty-five. Twenty-five. Twenty-five. + +566 +00:57:43,510 --> 00:57:43,510 +Twenty-five. Twenty-five. Twenty-five. Twenty + +567 +00:57:43,510 --> 00:57:43,530 +-five. Twenty-five. Twenty-five. Twenty-five. + +568 +00:57:43,530 --> 00:57:43,550 +Twenty-five. Twenty-five. Twenty-five. Twenty + +569 +00:57:43,550 --> 00:57:43,550 +-five. Twenty-five. Twenty-five. Twenty-five. + +570 +00:57:43,550 --> 00:57:45,850 +Twenty-five. Twenty-five. Twenty-five. Twenty + +571 +00:57:45,850 --> 00:57:51,030 +-five. Twenty- + +572 +00:57:53,410 --> 00:57:59,430 +This is the isocost line formula, right? Can we + +573 +00:57:59,430 --> 00:58:04,990 +derive or determine how + +574 +00:58:04,990 --> 00:58:09,150 +many machines should we have if we know the number + +575 +00:58:09,150 --> 00:58:12,250 +of workers? Let us assume that the number of + +576 +00:58:12,250 --> 00:58:17,870 +workers equals 30 workers. How many machines + +577 +00:58:17,870 --> 00:58:22,610 +should we have? This depends on or it should be + +578 +00:58:22,610 --> 00:58:29,230 +calculated by using this formula. So at a QL at if + +579 +00:58:29,230 --> 00:58:36,570 +the producer equilibrium occurs when QL equals 30. + +580 +00:58:37,010 --> 00:58:41,760 +How much is a QM? The next question, if the + +581 +00:58:41,760 --> 00:58:44,380 +producer equilibrium, where does the producer + +582 +00:58:44,380 --> 00:58:48,780 +equilibrium occur? Let's assume that there is a + +583 +00:58:48,780 --> 00:58:55,680 +tangency between the isocoastline and the isoquant + +584 +00:58:55,680 --> 00:59:00,120 +curve. This is the producer equilibrium. Let us + +585 +00:59:00,120 --> 00:59:03,340 +assume that Q equals the quantity produced equals + +586 +00:59:03,340 --> 00:59:07,740 +5000 + +587 +00:59:07,740 --> 00:59:17,000 +units. If we use + +588 +00:59:17,000 --> 00:59:24,140 +50 or if we use workers only, how many workers + +589 +00:59:24,140 --> 00:59:26,120 +should we recruit? + +590 +00:59:34,900 --> 00:59:40,100 +It's an assumption. If the producer equilibrium, + +591 +00:59:40,560 --> 00:59:46,700 +the best point achieved when we use 30 workers. + +592 +00:59:46,840 --> 00:59:53,680 +It's an assumption. If the producer equilibrium + +593 +00:59:53,680 --> 00:59:57,700 +occurs when the number of workers equals 30 + +594 +00:59:57,700 --> 01:00:01,500 +workers, how many machines do we have or should we + +595 +01:00:01,500 --> 01:00:01,980 +have? + +596 +01:00:05,870 --> 01:00:18,010 +equals 25 minus half times QL, 30. So QM equals 25 + +597 +01:00:18,010 --> 01:00:27,990 +minus 15 equals 10. So in this case, we should buy + +598 +01:00:27,990 --> 01:00:35,800 +10 machines. That's it. What about the slope? If + +599 +01:00:35,800 --> 01:00:39,300 +the total cost increased, which means if we have + +600 +01:00:39,300 --> 01:00:45,120 +more money. If the total cost increased from 1000 + +601 +01:00:45,120 --> 01:00:52,380 +to 2000 and the price of M remains constant, the + +602 +01:00:52,380 --> 01:00:55,360 +budget line shifts right parallel to the previous + +603 +01:00:55,360 --> 01:01:01,180 +one, right? The question says, what will happen if + +604 +01:01:01,590 --> 01:01:06,510 +the total cost increases or we have more money to + +605 +01:01:06,510 --> 01:01:10,310 +buy different bundles or more workers and more + +606 +01:01:10,310 --> 01:01:17,170 +machines. Which means if the company has more + +607 +01:01:17,170 --> 01:01:22,110 +money, Or the total cost, the money available for + +608 +01:01:22,110 --> 01:01:28,710 +the company increased from $1,000 to $2,000. And + +609 +01:01:28,710 --> 01:01:31,370 +cetera is purpose, which means the price of M + +610 +01:01:31,370 --> 01:01:35,450 +remains constant. What will happen to the budget + +611 +01:01:35,450 --> 01:01:40,270 +line or the ISO cost line? Will shift right. + +612 +01:01:40,410 --> 01:01:43,510 +Exactly. So here, according to our assumption, + +613 +01:01:51,280 --> 01:01:57,780 +The company has + +614 +01:01:57,780 --> 01:01:58,620 +more money. + +615 +01:02:03,520 --> 01:02:12,860 +Exactly. The assumption. The budget line. Consumer + +616 +01:02:12,860 --> 01:02:17,980 +equilibrium. More money. + +617 +01:02:20,610 --> 01:02:24,710 +Which means that the total cost increased to $2 + +618 +01:02:24,710 --> 01:02:29,970 +,000. And the price of L remains constant at $20. + +619 +01:02:30,490 --> 01:02:33,830 +And the price of M remains constant at $40. + +620 +01:02:36,570 --> 01:02:40,550 +It drew the budget line formula or the ISO cost + +621 +01:02:40,550 --> 01:02:44,650 +line formula. Sorry, the ISO cost line. It drew + +622 +01:02:44,650 --> 01:02:48,090 +the budget line or the ISO cost line. Then U. + +623 +01:02:48,890 --> 01:02:52,430 +Here, we are talking about a new Iso-coastline. + +624 +01:02:53,130 --> 01:03:08,790 +The new total + +625 +01:03:08,790 --> 01:03:11,490 +coast or a new QL + +626 +01:03:18,290 --> 01:03:27,230 +QL Nu or Nu QL. QL equals Nu total cost over Nu + +627 +01:03:27,230 --> 01:03:37,690 +price of L. QL Nu equals 2,000 over the price of + +628 +01:03:37,690 --> 01:03:44,690 +L. How much is it? $20. Equals how much? 100. And + +629 +01:03:44,690 --> 01:03:52,190 +Nu QM Nu. equals price total cost in U over the + +630 +01:03:52,190 --> 01:03:57,070 +new price of M which equals 2000 over price of M + +631 +01:03:57,070 --> 01:04:02,630 +at 40 equals how much? 50. So here the budget line + +632 +01:04:02,630 --> 01:04:06,510 +or the ISO cost line will shift right parallel to + +633 +01:04:06,510 --> 01:04:10,990 +the previous one. So here should be 50 and here + +634 +01:04:10,990 --> 01:04:15,310 +100. + +635 +01:04:19,230 --> 01:04:25,310 +How much is the slope, the new slope, or the new + +636 +01:04:25,310 --> 01:04:30,210 +isocost line formula? The new formula that we just + +637 +01:04:30,210 --> 01:04:35,730 +talked about, we're going to say Qm equals the + +638 +01:04:35,730 --> 01:04:42,410 +intercept, this 50, over 50 or minus 50 over 100. + +639 +01:04:43,590 --> 01:04:55,970 +Right? So 50. minus half QL. This is the new ISO + +640 +01:04:55,970 --> 01:05:00,190 +cost line formula. + +641 +01:05:02,430 --> 01:05:07,350 +So the change in total cost shifts + +642 +01:05:08,720 --> 01:05:11,720 +The budget line or the isocost line parallel to + +643 +01:05:11,720 --> 01:05:15,140 +the previous one with no change in the slope of + +644 +01:05:15,140 --> 01:05:19,160 +the isocost line. But the change here, where did + +645 +01:05:19,160 --> 01:05:22,880 +it happen? The location. Where did the change + +646 +01:05:22,880 --> 01:05:29,070 +happen? Just in the location. The intercept. We + +647 +01:05:29,070 --> 01:05:31,750 +have the same slope, but the change in the price + +648 +01:05:31,750 --> 01:05:36,330 +of L or change in the price of M will shift or + +649 +01:05:36,330 --> 01:05:40,750 +will affect the slope and sometimes the slope and + +650 +01:05:40,750 --> 01:05:45,370 +location. Right? The same as the price of X and + +651 +01:05:45,370 --> 01:05:50,170 +the price of Y. Okay, let's go to something else. + +652 +01:05:52,630 --> 01:05:59,410 +Understood? If the producer equilibrium or the new + +653 +01:05:59,410 --> 01:06:06,110 +equilibrium occurs when the number of workers + +654 +01:06:06,110 --> 01:06:11,350 +equal 40, + +655 +01:06:13,010 --> 01:06:18,830 +how many units of Y or machines do we have? + +656 +01:06:24,740 --> 01:06:30,300 +equals 50 minus 0.5 times 40. + +657 +01:06:32,320 --> 01:06:37,920 +The new equilibrium after expansion, because here + +658 +01:06:37,920 --> 01:06:42,520 +the company will have an expansion, modernization. + +659 +01:06:44,600 --> 01:06:49,000 +We have a new equilibrium point. This is the + +660 +01:06:49,000 --> 01:06:53,860 +expansion line here. a movement from point A1 to + +661 +01:06:53,860 --> 01:07:01,020 +point A2. This is the expansion path, right? So + +662 +01:07:01,020 --> 01:07:04,360 +according to our assumption here is that the + +663 +01:07:04,360 --> 01:07:07,620 +producer or the equilibrium, the new equilibrium + +664 +01:07:07,620 --> 01:07:13,180 +occurs when the number of workers is 40. + +665 +01:07:14,820 --> 01:07:20,280 +How many machines should we buy? 30, it's above, + +666 +01:07:20,540 --> 01:07:28,120 +yeah. So Qm equals 50 minus 20 equals 30 machines. + +667 +01:07:28,900 --> 01:07:36,340 +So here, we should have 30 machines. If we connect + +668 +01:07:36,340 --> 01:07:40,320 +these points, A1 to A2, this is the expansion + +669 +01:07:40,320 --> 01:07:40,920 +path. + +670 +01:07:50,500 --> 01:07:52,560 +Let's have the following example. + +671 +01:08:02,360 --> 01:08:08,520 +This is + +672 +01:08:08,520 --> 01:08:16,760 +an expansion. Expansion path. If we connect these + +673 +01:08:16,760 --> 01:08:21,640 +points from A1 to A2 to A3 to A4, this is the + +674 +01:08:21,640 --> 01:08:38,120 +expansion path. The price + +675 +01:08:38,120 --> 01:08:47,640 +of L. Price paying it. of labor equals + +676 +01:08:47,640 --> 01:08:53,440 +$10. And the price per unit of machines or price + +677 +01:08:53,440 --> 01:09:00,800 +per machine equals + +678 +01:09:00,800 --> 01:09:06,980 +$15. And we have the following data. + +679 +01:09:25,220 --> 01:09:26,840 +Group ABCD. + +680 +01:09:55,650 --> 01:09:58,550 +Factors of a production. + +681 +01:10:05,370 --> 01:10:05,990 +Two, + +682 +01:10:14,130 --> 01:10:15,750 +four, six, eight. + +683 +01:10:20,590 --> 01:10:26,530 +Well, nine. Seven, six. + +684 +01:10:43,210 --> 01:10:45,010 +Will it dry? + +685 +01:10:48,490 --> 01:10:51,070 +The isocoastline + +686 +01:10:57,390 --> 01:10:58,410 +Derived and drew. + +687 +01:11:07,350 --> 01:11:08,870 +Derived and drew. + +688 +01:11:12,990 --> 01:11:24,890 +What is + +689 +01:11:24,890 --> 01:11:30,890 +the optimal group Or how many workers and + +690 +01:11:30,890 --> 01:11:42,170 +machines. How many workers and + +691 +01:11:42,170 --> 01:11:47,370 +machines should + +692 +01:11:47,370 --> 01:11:55,110 +the company buy + +693 +01:11:56,270 --> 01:12:00,290 +to minimize the cost. + +694 +01:12:05,170 --> 01:12:06,990 +It's cost. + +695 +01:12:14,830 --> 01:12:21,190 +Determine the + +696 +01:12:21,190 --> 01:12:24,010 +equilibrium, the producer equilibrium, + +697 +01:12:30,240 --> 01:12:31,100 +using graph. + +698 +01:12:58,550 --> 01:13:00,970 +It's the quantum L, quantum M. + +699 +01:13:05,490 --> 01:13:12,170 +We have three columns, right? Which one? Producer + +700 +01:13:12,170 --> 01:13:12,690 +equilibrium. + +701 +01:13:15,650 --> 01:13:19,130 +Using graph. Here we have three columns. + +702 +01:13:29,270 --> 01:13:30,330 +In this example, + +703 +01:13:33,670 --> 01:13:37,890 +the company tends + +704 +01:13:37,890 --> 01:13:40,590 +to buy workers and machines. + +705 +01:13:44,720 --> 01:13:48,280 +Under the following data here, the price period of + +706 +01:13:48,280 --> 01:13:51,880 +labor and price period of machines are given and + +707 +01:13:51,880 --> 01:13:56,540 +we have to select the optimal group that leads to + +708 +01:13:56,540 --> 01:14:01,000 +a cost minimization. What is the most minimum cost + +709 +01:14:01,000 --> 01:14:04,700 +or the best group that achieves the cost + +710 +01:14:04,700 --> 01:14:10,720 +minimization, right? This is the question here. So + +711 +01:14:10,720 --> 01:14:14,660 +we have to calculate the total cost for each group + +712 +01:14:14,660 --> 01:14:21,680 +and select the minimum. So the total cost, as we + +713 +01:14:21,680 --> 01:14:24,560 +know that the total cost equals the price of labor + +714 +01:14:24,560 --> 01:14:27,960 +times the quantity of labor plus price of machines + +715 +01:14:27,960 --> 01:14:32,400 +times the quantity of machines. So here we have + +716 +01:14:32,400 --> 01:14:35,020 +three columns, price of machines times the + +717 +01:14:35,020 --> 01:14:37,080 +quantity of machines, sorry, price of labor. + +718 +01:14:38,100 --> 01:14:42,900 +adequate labor times Q labor, price of M times QM, + +719 +01:14:43,100 --> 01:14:45,480 +and here we have to calculate the total cost here. + +720 +01:14:50,260 --> 01:14:56,980 +The price of L is given, which is $10, period. + +721 +01:15:00,020 --> 01:15:04,600 +Here at the QL equals 2, how much is the price of + +722 +01:15:04,600 --> 01:15:08,020 +L times QL? Price of L equals 10 dollars, correct? + +723 +01:15:08,520 --> 01:15:17,760 +Times the QM, sorry QL, 2. 2 times 10, 20. 4 times + +724 +01:15:17,760 --> 01:15:26,420 +10, 40. 6 times 10, 60. 8 times 10, 80. Alright? + +725 +01:15:27,180 --> 01:15:35,440 +Good. Four machines here. The price period of + +726 +01:15:35,440 --> 01:15:40,780 +machines equal 15, 15 times 12, + +727 +01:15:44,420 --> 01:15:52,920 +9, 6 times + +728 +01:15:52,920 --> 01:15:53,780 +15. + +729 +01:16:01,780 --> 01:16:07,500 +Five, the total cost for the first group. 20 plus + +730 +01:16:07,500 --> 01:16:19,040 +180, 200. 40 plus 135, 175, 165, + +731 +01:16:20,320 --> 01:16:28,260 +170. What is the group that gives us the minimum + +732 +01:16:28,260 --> 01:16:30,600 +cost? Years. + +733 +01:16:33,150 --> 01:16:40,010 +C is the best group because it already can produce + +734 +01:16:40,010 --> 01:16:43,910 +the output with a minimum cost. + +735 +01:16:47,530 --> 01:16:51,430 +So I + +736 +01:16:51,430 --> 01:16:55,090 +advise the producer to use how many workers and + +737 +01:16:55,090 --> 01:16:59,920 +how many machines. Six workers and seven machines. + +738 +01:17:00,860 --> 01:17:06,480 +This is the best combination. All right? Derive + +739 +01:17:06,480 --> 01:17:08,640 +and draw the isocost line. + +740 +01:17:12,220 --> 01:17:19,800 +QL and the QM. To calculate the amount of labor, + +741 +01:17:20,180 --> 01:17:25,020 +QL. equals total cost over the price of labor. + +742 +01:17:25,320 --> 01:17:34,120 +Total cost is 165. They had an optimal over the + +743 +01:17:34,120 --> 01:17:39,940 +price of L10 equals 16.5. + +744 +01:17:42,560 --> 01:17:50,330 +When we use labor only, To produce, to use workers + +745 +01:17:50,330 --> 01:17:57,130 +only, but we have to use 16.5 units. But if you + +746 +01:17:57,130 --> 01:18:00,990 +want to use all the machines, QM equals total cost + +747 +01:18:00,990 --> 01:18:06,670 +over the price of M equals 165 over price of M, + +748 +01:18:07,110 --> 01:18:10,630 +15. How much is it? Eleven? + +749 +01:18:17,060 --> 01:18:19,020 +Eleven, okay. + +750 +01:18:23,460 --> 01:18:23,980 +So, + +751 +01:18:29,680 --> 01:18:32,840 +eleven and 16.5. + +752 +01:18:37,120 --> 01:18:42,860 +The consumer equilibrium occurs when we recruit + +753 +01:18:44,640 --> 01:18:51,080 +Six laborers and seven machines. So six workers, + +754 +01:18:52,420 --> 01:18:58,040 +maybe here, and seven machines. So this is the + +755 +01:18:58,040 --> 01:19:03,300 +equilibrium quantity produced. Let us assume it's + +756 +01:19:03,300 --> 01:19:08,540 +an assumption, 500 units. This is the equilibrium + +757 +01:19:08,540 --> 01:19:09,240 +point here. + +758 +01:19:13,500 --> 01:19:14,220 +God bless you. + diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/XbDzOuwvzG4.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/XbDzOuwvzG4.srt new file mode 100644 index 0000000000000000000000000000000000000000..1e8ac3ec44a4a96ae6b5111a69d52cc4c8d96cb1 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/XbDzOuwvzG4.srt @@ -0,0 +1,1980 @@ + +1 +00:00:21,350 --> 00:00:23,630 +Today, inshallah, we are going to complete our + +2 +00:00:23,630 --> 00:00:26,010 +talk about the consumer equilibrium using the + +3 +00:00:26,010 --> 00:00:29,730 +indifference curve and the budget line theory. + +4 +00:00:30,610 --> 00:00:33,790 +In the last class, we said that the consumer + +5 +00:00:33,790 --> 00:00:39,450 +equilibrium occurs when the budget line tangents + +6 +00:00:39,450 --> 00:00:46,350 +the indifference curve. So the consumer + +7 +00:00:46,350 --> 00:00:53,410 +equilibrium occurs when Qx here, Qy. When there is + +8 +00:00:53,410 --> 00:00:57,770 +a tangency between the budget line and + +9 +00:00:57,770 --> 00:01:03,210 +indifference curve, at this point here, I see and + +10 +00:01:03,210 --> 00:01:08,210 +there's the budget line. The optimal point for the + +11 +00:01:08,210 --> 00:01:13,470 +consumer is point E, which is the equilibrium + +12 +00:01:13,470 --> 00:01:13,990 +point. + +13 +00:01:16,930 --> 00:01:22,590 +which maximizes the consumer total utility. All + +14 +00:01:22,590 --> 00:01:32,250 +right? Now, let's have a fun question about an + +15 +00:01:32,250 --> 00:01:38,970 +exercise related to this point. Assume or suppose + +16 +00:01:38,970 --> 00:01:45,830 +that we have a consumer, and this consumer, + +17 +00:01:47,020 --> 00:01:53,440 +receives an income of 1,000 shekels. + +18 +00:01:55,680 --> 00:02:01,540 +And he or she wants to allocate his income or her + +19 +00:02:01,540 --> 00:02:08,420 +income to buy two products only, X and Y, flour + +20 +00:02:08,420 --> 00:02:14,880 +and sugar. And let us assume that the price per + +21 +00:02:14,880 --> 00:02:28,630 +sack of flour price per sack of flour equals + +22 +00:02:28,630 --> 00:02:33,310 +100 + +23 +00:02:33,310 --> 00:02:35,690 +shekels, + +24 +00:02:37,670 --> 00:02:40,390 +the price per sack of sugar + +25 +00:02:50,670 --> 00:02:57,870 +equals 50 shekels. + +26 +00:02:57,870 --> 00:02:59,430 +Number one, + +27 +00:03:02,730 --> 00:03:06,330 +derive and + +28 +00:03:06,330 --> 00:03:11,210 +draw the + +29 +00:03:11,210 --> 00:03:11,850 +budget line. + +30 +00:03:15,330 --> 00:03:17,050 +Number two, + +31 +00:03:25,030 --> 00:03:28,150 +derive the budget line formula. + +32 +00:03:36,390 --> 00:03:37,670 +Number three, + +33 +00:03:43,150 --> 00:03:44,610 +if the consumer equilibrium, + +34 +00:03:58,300 --> 00:03:59,820 +occurs at, + +35 +00:04:05,540 --> 00:04:08,820 +let's assume this is or the flour is a product X + +36 +00:04:08,820 --> 00:04:17,020 +and sugar is a product Y, right? Assumptions, the + +37 +00:04:17,020 --> 00:04:21,420 +flour is a product X and the sugar is a product Y. + +38 +00:04:23,140 --> 00:04:26,440 +Let's assure if the consumer equilibrium occurs at + +39 +00:04:28,800 --> 00:04:32,300 +Quant of X equals, + +40 +00:04:32,840 --> 00:04:36,060 +or the quant of per shades of a flower equals + +41 +00:04:36,060 --> 00:04:43,340 +seven units, seven sacs of a flower. How many + +42 +00:04:43,340 --> 00:04:46,520 +units? How many units? + +43 +00:04:51,580 --> 00:04:57,200 +How many sacs of a flower of + +44 +00:04:57,200 --> 00:05:07,910 +Y Sugar. No point of why. Should the consumer buy? + +45 +00:05:08,410 --> 00:05:12,970 +Should the + +46 +00:05:12,970 --> 00:05:17,790 +consumer buy? + +47 +00:05:22,630 --> 00:05:24,270 +Number four. + +48 +00:05:32,270 --> 00:05:38,210 +If the price per + +49 +00:05:38,210 --> 00:05:47,770 +sack of flour declined + +50 +00:05:47,770 --> 00:05:57,130 +to 70 + +51 +00:05:57,130 --> 00:05:57,450 +% + +52 +00:06:03,980 --> 00:06:04,600 +Shake it. + +53 +00:06:22,860 --> 00:06:26,380 +Derive and draw the new budget line. + +54 +00:06:29,660 --> 00:06:31,940 +Number one, derive and draw + +55 +00:06:41,080 --> 00:06:52,560 +drew the new budget line and + +56 +00:06:52,560 --> 00:06:56,900 +the budget line formula and the budget line + +57 +00:06:56,900 --> 00:07:03,860 +formula number + +58 +00:07:03,860 --> 00:07:04,200 +five + +59 +00:07:12,910 --> 00:07:18,930 +Five. Number five. + +60 +00:07:23,630 --> 00:07:29,610 +Using graph, derive and draw. Derive and draw. + +61 +00:07:29,870 --> 00:07:37,410 +Yes. If the consumer equilibrium. So the price F. + +62 +00:07:39,100 --> 00:07:51,520 +the new consumer equilibrium occurs + +63 +00:07:51,520 --> 00:07:58,940 +when QX equals + +64 +00:08:09,260 --> 00:08:12,680 +X equals Y. + +65 +00:08:16,340 --> 00:08:23,020 +Determine or calculate QY. + +66 +00:08:27,080 --> 00:08:30,480 +X plane using graph, on the graph. + +67 +00:08:39,830 --> 00:08:40,750 +Using graph. + +68 +00:08:46,310 --> 00:08:47,690 +Number six. + +69 +00:08:53,490 --> 00:09:03,290 +Draw the + +70 +00:09:03,290 --> 00:09:08,270 +demand curve for product X. Draw. + +71 +00:09:11,220 --> 00:09:14,820 +The demand curve for product X. + +72 +00:09:19,060 --> 00:09:20,940 +The flower. + +73 +00:09:26,060 --> 00:09:29,160 +Is it elastic and ed? Yes, sorry. + +74 +00:09:34,780 --> 00:09:39,220 +And the new prices. Old and the new. + +75 +00:09:44,010 --> 00:09:48,550 +new one. Here, the original price was 100, right? + +76 +00:09:49,990 --> 00:09:56,030 +How much was the quantity Y? The equilibrium + +77 +00:09:56,030 --> 00:10:01,070 +quantity was seven, right? How much is the new + +78 +00:10:01,070 --> 00:10:05,110 +price X and + +79 +00:10:05,110 --> 00:10:10,010 +the new quantity? Yes. Is it elastic or inelastic? + +80 +00:10:11,930 --> 00:10:13,210 +And calculate + +81 +00:10:23,550 --> 00:10:25,630 +The price elasticity of demand. + +82 +00:10:28,990 --> 00:10:34,210 +Let's go to a solution for this exercise. + +83 +00:10:59,100 --> 00:11:04,900 +In this example, we have a consumer. This consumer + +84 +00:11:04,900 --> 00:11:09,840 +is granted a salary or a wage or income of 1,000 + +85 +00:11:09,840 --> 00:11:13,940 +shekels, and he tends to allocate this income to + +86 +00:11:13,940 --> 00:11:19,240 +buy two products, X and Y. X is the flour and Y is + +87 +00:11:19,240 --> 00:11:20,600 +sugar. + +88 +00:11:22,660 --> 00:11:26,940 +Let's derive number one. derive and draw the + +89 +00:11:26,940 --> 00:11:30,740 +budget line for this consumer. To derive the + +90 +00:11:30,740 --> 00:11:34,560 +budget line, we have to calculate the quant of X + +91 +00:11:34,560 --> 00:11:38,760 +and the quant of Y that can the consumer buy under + +92 +00:11:38,760 --> 00:11:42,780 +the limited budget or the limited income. So quant + +93 +00:11:42,780 --> 00:11:47,170 +of X, equals income over the price of eggs. You're + +94 +00:11:47,170 --> 00:11:50,710 +talking about the quantity consumed of or the + +95 +00:11:50,710 --> 00:11:55,210 +quantity of flour that the consumer can buy if he + +96 +00:11:55,210 --> 00:12:00,370 +wants to buy only flour. If the consumer tends to + +97 +00:12:00,370 --> 00:12:05,790 +buy only flour, he can buy what? X equals 1,000 + +98 +00:12:05,790 --> 00:12:12,370 +over 100 equals 10, 10 sacks of flour. If the + +99 +00:12:12,370 --> 00:12:17,550 +consumer wants to buy only flour, he can buy 10 + +100 +00:12:17,550 --> 00:12:23,710 +sacks of flour, right? What about QY? If he wants + +101 +00:12:23,710 --> 00:12:29,990 +to allocate his income to buy only sugar, what Y + +102 +00:12:29,990 --> 00:12:37,310 +equals? Income over the price of Y, 1000 over 50 + +103 +00:12:37,310 --> 00:12:46,860 +equals 20, right? Let's draw the budget line here. + +104 +00:12:48,120 --> 00:12:53,320 +Quantum X and + +105 +00:12:53,320 --> 00:12:54,280 +Quantum Y. + +106 +00:12:57,120 --> 00:13:04,260 +4, 8, 12, + +107 +00:13:05,380 --> 00:13:11,840 +16, 20, 24, + +108 +00:13:13,730 --> 00:13:18,750 +You are free. You are free. 1, 2, 3, 4, 2, 4, 6, + +109 +00:13:20,170 --> 00:13:22,710 +28. + +110 +00:13:24,730 --> 00:13:29,150 +For Y, we can write this the same here. 1 to Y, + +111 +00:13:33,050 --> 00:13:35,410 +4, + +112 +00:13:37,470 --> 00:13:42,150 +8, 12, + +113 +00:13:45,290 --> 00:13:55,770 +sixteen, twenty, twenty-four, that's it. Now, quad + +114 +00:13:55,770 --> 00:14:00,610 +of X equals ten units, ten sacs of flour, ten, + +115 +00:14:02,210 --> 00:14:04,990 +quad of X is ten, maybe here. + +116 +00:14:08,610 --> 00:14:13,230 +What about quad of Y? Twenty, connection here, + +117 +00:14:16,780 --> 00:14:21,780 +This is the budget line here. Here's the budget + +118 +00:14:21,780 --> 00:14:22,220 +line. + +119 +00:14:29,420 --> 00:14:33,160 +Number two. So here, derive and draw the budget + +120 +00:14:33,160 --> 00:14:36,900 +line. Here's the budget line. To derive the budget + +121 +00:14:36,900 --> 00:14:41,120 +line formula, budget line formula Qy equals + +122 +00:14:44,640 --> 00:14:49,480 +income over price of Y in the formula income over + +123 +00:14:49,480 --> 00:14:54,120 +the price of Y minus price of X over price of Y + +124 +00:14:54,120 --> 00:14:59,900 +times the QX this is the formula here right so QY + +125 +00:14:59,900 --> 00:15:02,940 +equals + +126 +00:15:02,940 --> 00:15:08,100 +income over the price of Y 1000 + +127 +00:15:08,100 --> 00:15:20,810 +over 50 minus price of X, what is it? 100 over 50 + +128 +00:15:20,810 --> 00:15:29,310 +times QX or QY equals, how much is it? 20 minus + +129 +00:15:29,310 --> 00:15:34,170 +2QX. This is the budget line formula here. + +130 +00:15:36,770 --> 00:15:42,610 +Or we can say, The intercept Qy equals the + +131 +00:15:42,610 --> 00:15:48,490 +intercept 20 minus the slope of the budget line, + +132 +00:15:48,870 --> 00:15:50,090 +20 over 10. + +133 +00:15:55,170 --> 00:15:56,070 +Now, + +134 +00:15:59,990 --> 00:16:07,270 +number three. If the consumer equilibrium occurs + +135 +00:16:07,270 --> 00:16:14,170 +at QX equals how much? Number three. + +136 +00:16:14,630 --> 00:16:20,930 +If the consumer equilibrium occurs when QX equals + +137 +00:16:20,930 --> 00:16:22,710 +seven, how much is QY? + +138 +00:16:25,390 --> 00:16:33,440 +At seven here. How much is QY? I don't know. We + +139 +00:16:33,440 --> 00:16:44,760 +have to apply the formula. So, at QX equals seven, + +140 +00:16:45,240 --> 00:16:52,200 +QY should equal here, minus two times seven. So, + +141 +00:16:52,560 --> 00:17:02,750 +QY equals 20 minus 14 equals six. So it should be + +142 +00:17:02,750 --> 00:17:05,730 +here. + +143 +00:17:09,790 --> 00:17:13,110 +In between, four, six. + +144 +00:17:20,550 --> 00:17:25,730 +So at + +145 +00:17:25,730 --> 00:17:31,000 +seven, quad Y equals six. All right. + +146 +00:17:34,080 --> 00:17:40,580 +Number four. If the consumer equilibrium occurs at + +147 +00:17:40,580 --> 00:17:45,680 +a QX equals how much? 70. + +148 +00:17:47,960 --> 00:17:48,240 +Sorry? + +149 +00:17:54,670 --> 00:17:58,590 +I'm asking the question that I gave you. How much + +150 +00:17:58,590 --> 00:18:01,270 +did we tell you that the equilibrium occurs at QX + +151 +00:18:01,270 --> 00:18:10,350 +is equal to how much? Ah, okay. The next question + +152 +00:18:10,350 --> 00:18:11,230 +is number four months. + +153 +00:18:16,190 --> 00:18:18,790 +Okay. Okay. + +154 +00:18:31,060 --> 00:18:36,940 +If the consumer equilibrium occurs when... + +155 +00:18:44,160 --> 00:18:49,960 +If the consumer equilibrium occurs when Qx equals + +156 +00:18:49,960 --> 00:18:56,760 +nine, how much is Qy? Or if the consumer + +157 +00:18:56,760 --> 00:19:00,260 +equilibrium occurs at Qx equals nine. + +158 +00:19:09,300 --> 00:19:11,120 +At nine here, + +159 +00:19:16,560 --> 00:19:19,540 +I don't know. We have to calculate it. It should + +160 +00:19:19,540 --> 00:19:27,020 +be calculated here, less than four. Here is + +161 +00:19:27,020 --> 00:19:28,200 +the consumer equilibrium. + +162 +00:19:35,980 --> 00:19:39,540 +Consumer equilibrium, we have to draw and + +163 +00:19:39,540 --> 00:19:42,180 +determine the consumer equilibrium on the graph. + +164 +00:19:45,060 --> 00:19:48,520 +Okay. The question is, if the consumer equilibrium + +165 +00:19:48,520 --> 00:19:58,480 +occurs when QX equals nine and nine, had a + +166 +00:19:58,480 --> 00:20:02,900 +consumer equilibrium, the budget line tangents the + +167 +00:20:02,900 --> 00:20:07,220 +indifference curve, tangency. On the graph here, + +168 +00:20:07,960 --> 00:20:13,150 +this is the E1 or the consumer equilibrium. How + +169 +00:20:13,150 --> 00:20:18,110 +much is the Qi? We have to calculate it. So Qi + +170 +00:20:18,110 --> 00:20:32,310 +equals 20 minus 2 times 9. Qi equals 20 minus 18 + +171 +00:20:32,310 --> 00:20:33,630 +equals 2. + +172 +00:20:36,510 --> 00:20:40,110 +Okay. Now, + +173 +00:20:42,530 --> 00:20:49,050 +four times five. If the price of X, if the + +174 +00:20:49,050 --> 00:20:54,570 +consumer equilibrium occurs when Q of X equals + +175 +00:20:54,570 --> 00:21:02,150 +four, how much is QY? I don't know. We have to + +176 +00:21:02,150 --> 00:21:07,310 +calculate it. Another assumption. + +177 +00:21:09,840 --> 00:21:13,880 +If the consumer equilibrium occurs at the Qx + +178 +00:21:13,880 --> 00:21:19,520 +equals 4. How much is Qy? Let's say Qy equals 20 + +179 +00:21:19,520 --> 00:21:27,160 +minus 2 times 4 equals 12. Qy equals 12. The + +180 +00:21:27,160 --> 00:21:32,580 +drawing should be more precise. + +181 +00:21:36,320 --> 00:21:40,840 +Okay? And we have to draw the indifference curve. + +182 +00:21:41,220 --> 00:21:45,440 +Where does the indifference curve come from? IC, + +183 +00:21:46,060 --> 00:21:51,940 +right? And this happens to be the equilibrium. Is + +184 +00:21:51,940 --> 00:21:52,240 +there a problem? + +185 +00:21:58,270 --> 00:22:02,690 +If the consumer equilibrium occurs and the QX + +186 +00:22:02,690 --> 00:22:07,090 +equals, you have to draw and determine the + +187 +00:22:07,090 --> 00:22:12,070 +equilibrium on the graph. Okay? Yes, I'll ask you + +188 +00:22:12,070 --> 00:22:12,370 +like that. + +189 +00:22:17,170 --> 00:22:23,250 +Where? Here? In line, yes. No, this is another + +190 +00:22:23,250 --> 00:22:26,830 +issue. For example, + +191 +00:22:31,160 --> 00:22:35,020 +If the question asks you to determine the + +192 +00:22:35,020 --> 00:22:39,820 +equilibrium at 9, you have to determine and draw + +193 +00:22:39,820 --> 00:22:43,320 +the indifference curve, right? If it asks you to + +194 +00:22:43,320 --> 00:22:47,360 +draw it at 4, you have to draw it here. If it asks + +195 +00:22:47,360 --> 00:22:50,400 +you to draw it at 7, 5, or 8, you have to + +196 +00:22:50,400 --> 00:22:54,240 +determine and draw the indifference curve along or + +197 +00:22:54,240 --> 00:23:00,400 +show it along the graph, right? Okay. Now, + +198 +00:23:03,370 --> 00:23:11,330 +Number five, if the price of eggs. So here let's. + +199 +00:23:19,090 --> 00:23:22,050 +Is there a problem? + +200 +00:23:31,420 --> 00:23:34,420 +Tamam. Yani easy going, الامر ماشي مافيش فيها + +201 +00:23:34,420 --> 00:23:43,460 +مشاكل. Tamam. 100% because the equilibrium, the + +202 +00:23:43,460 --> 00:23:48,820 +best + +223 +00:25:47,080 --> 00:25:47,820 +equilibrium point. + +224 +00:25:51,540 --> 00:25:57,180 +Let's go to the changes in the price of X. If the + +225 +00:25:57,180 --> 00:26:02,040 +price of eggs, if the consumer at the price of + +226 +00:26:02,040 --> 00:26:06,720 +eggs went down or decreased to seven, from ten to + +227 +00:26:06,720 --> 00:26:11,620 +seven. One hundred to seventy. All right, yeah. + +228 +00:26:12,860 --> 00:26:19,340 +So, the price of eggs went down to seventy. + +229 +00:26:21,520 --> 00:26:28,060 +Derive and draw the new budget line. Derived and + +230 +00:26:28,060 --> 00:26:34,440 +drew the + +231 +00:26:34,440 --> 00:26:37,040 +new budget line. + +232 +00:26:40,980 --> 00:26:45,080 +Determination on the graph or explanation on using + +233 +00:26:45,080 --> 00:26:45,560 +graph. + +234 +00:26:48,400 --> 00:26:54,740 +So, As the price of X goes down, so the new QX + +235 +00:26:54,740 --> 00:26:58,280 +equals, you're talking about the new quantum X and + +236 +00:26:58,280 --> 00:27:02,840 +the new quantum Y, new quantum X equals the new + +237 +00:27:02,840 --> 00:27:05,080 +income over the new price of X. You're talking + +238 +00:27:05,080 --> 00:27:12,120 +about new. 1000 over 70 equals how much? How much? + +239 +00:27:12,160 --> 00:27:19,740 +How many units? Four? Fourteen point two. Okay. + +240 +00:27:20,750 --> 00:27:21,830 +What about QY? + +241 +00:27:24,950 --> 00:27:28,410 +Remains constant, yes. The consumer income over + +242 +00:27:28,410 --> 00:27:37,790 +the price of Y equals 1000 over 50 equals 20. Now, + +243 +00:27:38,030 --> 00:27:46,590 +as the price of X went down, the ability to buy it + +244 +00:27:46,590 --> 00:27:52,870 +will increase. the consumer now has larger ability + +245 +00:27:52,870 --> 00:27:56,510 +to buy the product. So he can buy more quantities + +246 +00:27:56,510 --> 00:28:07,250 +of X. So QX equals here, 14.2 sex flower, and the + +247 +00:28:07,250 --> 00:28:11,490 +quantity of Y remains constant. So we have to draw + +248 +00:28:11,490 --> 00:28:16,050 +the new budget line. Here's the new budget line, + +249 +00:28:16,510 --> 00:28:20,560 +quantity of X here, 14.2. + +250 +00:28:24,140 --> 00:28:30,020 +So, we have a movement, the budget line to right + +251 +00:28:30,020 --> 00:28:31,840 +toward QX. + +252 +00:28:34,280 --> 00:28:42,760 +How much is the new budget line formula? The new + +253 +00:28:42,760 --> 00:28:47,100 +budget line formula, the budget line formula, + +254 +00:28:49,700 --> 00:28:53,820 +For the new or the formula for the new budget line + +255 +00:28:53,820 --> 00:29:02,300 +will be QY equals 20 + +256 +00:29:02,300 --> 00:29:08,740 +minus the + +257 +00:29:08,740 --> 00:29:15,040 +slope of the new budget line, 20 over 14.2. + +258 +00:29:17,770 --> 00:29:25,390 +over 14.2, or the new price of X over the price of + +259 +00:29:25,390 --> 00:29:32,790 +Y. The same result. Either or. + +260 +00:29:34,810 --> 00:29:41,210 +In all cases, one slope. Either it will be 20 over + +261 +00:29:41,210 --> 00:29:49,790 +14.2 or the price of X to the new 70 or over price + +262 +00:29:49,790 --> 00:29:51,550 +of Y, 50. + +263 +00:29:59,410 --> 00:30:04,210 +QX. So, the new budget line formula + +264 +00:30:07,380 --> 00:30:14,220 +QY equals minus 1.4QX. This is the new budget line + +265 +00:30:14,220 --> 00:30:21,220 +formula. What about another question? + +266 +00:30:25,880 --> 00:30:32,460 +As the + +267 +00:30:32,460 --> 00:30:33,880 +price of eggs goes down, + +268 +00:30:37,500 --> 00:30:39,840 +What will happen to the quota purchase of X? + +269 +00:30:41,060 --> 00:30:44,980 +Increases. We will derive and draw the new budget + +270 +00:30:44,980 --> 00:30:51,260 +line. The new budget line with the new data, under + +271 +00:30:51,260 --> 00:30:57,770 +the new data. To derive the new budget line, We + +272 +00:30:57,770 --> 00:31:01,770 +have to calculate the new quantity of X and the + +273 +00:31:01,770 --> 00:31:05,150 +new quantity of Y. The new quantity of X equals + +274 +00:31:05,150 --> 00:31:11,050 +income over the price of X. 1000 over 70 equals 14 + +275 +00:31:11,050 --> 00:31:16,040 +over 14.2. the quantity consumed of Y will be 20. + +276 +00:31:16,360 --> 00:31:20,400 +If he allocates his income to buy only Y, he can + +277 +00:31:20,400 --> 00:31:27,980 +buy 20 of Y or 14.2 under the fixed prices of Y + +278 +00:31:27,980 --> 00:31:32,580 +and the changes or decreasing in the prices of X. + +279 +00:31:33,460 --> 00:31:38,360 +Okay? Now, to derive the new budget line, Qy + +280 +00:31:38,360 --> 00:31:47,420 +equals, Qy + +281 +00:31:47,420 --> 00:31:52,200 +equals the intercept minus + +282 +00:31:52,200 --> 00:31:55,280 +20 + +283 +00:31:55,280 --> 00:32:00,860 +over 14.2 in Qx. + +284 +00:32:04,080 --> 00:32:05,160 +Now, + +285 +00:32:07,160 --> 00:32:12,620 +as the price of eggs declined, + +286 +00:32:16,680 --> 00:32:19,020 +when the price was 100, + +287 +00:32:32,330 --> 00:32:35,630 +When the price of X was 100, + +288 +00:32:38,370 --> 00:32:42,550 +the optimal point or the best point for the + +289 +00:32:42,550 --> 00:32:48,950 +consumer here to buy four units of X. Now, as the + +290 +00:32:48,950 --> 00:32:55,270 +price went down, definitely he will buy larger + +291 +00:32:55,270 --> 00:32:56,390 +quantity of X. + +292 +00:32:59,500 --> 00:33:04,040 +If the consumer equilibrium, the new equilibrium + +293 +00:33:04,040 --> 00:33:08,980 +occurs at QX equals 12. + +294 +00:33:40,840 --> 00:33:49,960 +If the consumer equilibrium occurs when QX equals + +295 +00:33:49,960 --> 00:33:54,840 +11 here, how much is QY? + +296 +00:33:56,590 --> 00:33:59,990 +under the given or the current situation. + +297 +00:34:02,550 --> 00:34:08,350 +In the current situation, do I apply to the old + +298 +00:34:08,350 --> 00:34:11,330 +budget line or to the new one? To the new one. So + +299 +00:34:11,330 --> 00:34:15,850 +this is the consumer equilibrium for you. The new + +300 +00:34:15,850 --> 00:34:21,070 +one. So here we have a new equilibrium. + +301 +00:34:24,170 --> 00:34:28,190 +At Qx equals 11 here. + +302 +00:34:34,530 --> 00:34:37,030 +The consumer equilibrium, the new equilibrium + +303 +00:34:37,030 --> 00:34:41,950 +occurs when Qx equals 11. How much is the Qy? I + +304 +00:34:41,950 --> 00:34:45,950 +see two. I see one. A1, A2. + +305 +00:34:48,610 --> 00:34:58,550 +So, the new, sorry, the Qy, equals 20 minus 14, 1 + +306 +00:34:58,550 --> 00:35:02,590 +.4 times QX11. + +307 +00:35:03,470 --> 00:35:09,650 +So QY equals + +308 +00:35:09,650 --> 00:35:11,150 +20, + +309 +00:35:13,230 --> 00:35:15,310 +4.6. + +310 +00:35:26,530 --> 00:35:31,930 +Derive and draw the demand curve for product X. + +311 +00:35:33,570 --> 00:35:43,610 +The last. The last? Derive and draw the demand + +312 +00:35:43,610 --> 00:35:47,730 +curve for product X. So we have to + +313 +00:35:51,660 --> 00:35:55,420 +determine all the prices and the quantity demanded + +314 +00:35:55,420 --> 00:35:59,060 +of X before and after the change in the price of + +315 +00:35:59,060 --> 00:36:05,380 +X. All right. So here price of X and the quantity + +316 +00:36:05,380 --> 00:36:10,040 +consumed of X and the optimum. Here we're talking + +317 +00:36:10,040 --> 00:36:14,660 +about the equilibrium quantities of X. Had an + +318 +00:36:14,660 --> 00:36:21,200 +equilibrium quantities of X. Equilibrium quantity + +319 +00:36:21,200 --> 00:36:28,080 +X. Before the changes, how much was the price of + +320 +00:36:28,080 --> 00:36:33,240 +X? The price of X was 100, and the equilibrium + +321 +00:36:33,240 --> 00:36:38,200 +quantity was 4. Then have 4, + +322 +00:36:41,200 --> 00:36:48,360 +and the price went down to 50, to 70. and the + +323 +00:36:48,360 --> 00:36:53,340 +quantity purchased was or becomes relevant. So, we + +324 +00:36:53,340 --> 00:36:58,120 +have to derive or to draw the demand curve. + +325 +00:37:06,540 --> 00:37:14,740 +So, the demand curve price + +326 +00:37:14,740 --> 00:37:27,190 +of X, and the quantum x. Price is 10, or 20, 40, + +327 +00:37:28,310 --> 00:37:37,630 +60, 80, 100, and the quant purchased 1, 2, 3, 4. + +328 +00:37:39,330 --> 00:37:50,110 +1, 2, 3, 4, 5, 6, 7, 8, nine, ten, eleven. + +329 +00:37:55,690 --> 00:38:00,130 +The first point, when the price was one hundred, + +330 +00:38:00,550 --> 00:38:05,970 +how much was the quantity purchased of X? Four. At + +331 +00:38:05,970 --> 00:38:07,350 +one hundred? Four. + +332 +00:38:15,030 --> 00:38:17,810 +At 70? Eleven. Eleven, yes. + +333 +00:38:27,730 --> 00:38:29,670 +This is the demand curve. Yes. + +334 +00:38:35,630 --> 00:38:38,750 +Is it elastic or inelastic? Inelastic. How can we + +335 +00:38:38,750 --> 00:38:45,490 +determine is it elastic or inelastic? We have two + +336 +00:38:45,490 --> 00:38:47,610 +ways. Either we, sorry. + +337 +00:38:52,070 --> 00:39:01,910 +Elastic. I don't know. Elastic. I don't know. We + +338 +00:39:01,910 --> 00:39:05,870 +have to calculate the elasticity and draw it's + +339 +00:39:05,870 --> 00:39:10,630 +correct. Because on our assumptions, one, two, + +340 +00:39:10,690 --> 00:39:12,370 +three, one, two, three, accurate. + +341 +00:39:18,070 --> 00:39:21,770 +Is it elastic or inelastic? How can we determine + +342 +00:39:21,770 --> 00:39:23,190 +if it's elastic or inelastic? + +343 +00:39:26,390 --> 00:39:30,250 +We bring total revenue before and after and see if + +344 +00:39:30,250 --> 00:39:33,450 +it's decreasing in prices or decreasing in total + +345 +00:39:33,450 --> 00:39:39,410 +revenue. Or we make calculations using the + +346 +00:39:39,410 --> 00:39:42,570 +midpoint formula. Right? Yes. And the total + +347 +00:39:42,570 --> 00:39:46,130 +revenue is easier. You see, we went back to the + +348 +00:39:46,130 --> 00:39:51,090 +first lectures. Correct? Let's calculate the total + +349 +00:39:51,090 --> 00:39:57,330 +revenue. 400, 770. + +350 +00:39:59,250 --> 00:40:02,990 +Decreasing the prices leads to a decreasing in + +351 +00:40:02,990 --> 00:40:05,050 +total revenue, sorry, increasing in total revenue, + +352 +00:40:05,430 --> 00:40:09,350 +which means the demand is elastic. + +353 +00:40:11,580 --> 00:40:19,700 +The demand is + +354 +00:40:19,700 --> 00:40:20,300 +elastic. + +355 +00:40:28,840 --> 00:40:32,700 +Let's take a break for two minutes and go to a new + +356 +00:40:32,700 --> 00:40:39,120 +chapter. Let's go to a new chapter, which is the + +357 +00:40:39,120 --> 00:40:39,920 +production theory. + +358 +00:40:44,120 --> 00:40:49,320 +Let's go to production theory. In this chapter, we + +359 +00:40:49,320 --> 00:40:54,020 +will study the producer equilibrium and the + +360 +00:40:54,020 --> 00:40:59,180 +producer behavior. In chapter four, or chapter + +361 +00:40:59,180 --> 00:41:03,160 +five. Four or five? This is five, right? Okay. + +362 +00:41:04,340 --> 00:41:04,660 +Really? + +363 +00:41:11,870 --> 00:41:13,750 +No, there's compensation. It's going to be like + +364 +00:41:13,750 --> 00:41:19,510 +that. Thursday. Thursday. Thursday. No, because of + +365 +00:41:19,510 --> 00:41:26,270 +photography too. Wednesday. Wednesday. Wednesday. + +366 +00:41:27,990 --> 00:41:28,870 +Tomorrow. + +367 +00:41:34,730 --> 00:41:38,030 +Tomorrow. Tomorrow. Listen, I want to say + +368 +00:41:38,030 --> 00:41:42,490 +something. If we have holidays and such, we should + +369 +00:41:42,490 --> 00:41:48,070 +have compensation for the lectures. It should be + +370 +00:41:48,070 --> 00:41:54,150 +that on the fourth day, we will bring you, we will + +371 +00:41:54,150 --> 00:41:56,310 +decide together, but let's say by the end of this + +372 +00:41:56,310 --> 00:41:59,890 +class, we will see what happens. Tomorrow is good. + +373 +00:42:01,690 --> 00:42:03,830 +Tomorrow, when is good? Tomorrow, for my brother + +374 +00:42:03,830 --> 00:42:04,110 +to study. + +375 +00:42:27,520 --> 00:42:30,500 +So let's go to chapter five, which is the + +376 +00:42:30,500 --> 00:42:31,320 +production theory. + +377 +00:42:36,490 --> 00:42:39,010 +And this chapter will focus on the producer + +378 +00:42:39,010 --> 00:42:45,450 +behavior. And the main goals for the rational + +379 +00:42:45,450 --> 00:42:50,450 +producer is profit maximization, + +380 +00:42:53,030 --> 00:42:58,750 +production maximization under the limited cost, or + +381 +00:42:58,750 --> 00:43:03,950 +cost minimization. The main goals for the + +382 +00:43:03,950 --> 00:43:10,460 +producers are Either to maximize profit, or + +383 +00:43:10,460 --> 00:43:16,520 +maximize the production under the limited cost, or + +384 +00:43:16,520 --> 00:43:23,760 +a fixed cost, or to minimize the cost under, under + +385 +00:43:23,760 --> 00:43:30,720 +what hedge? Yeah, to minimize the cost. So, to + +386 +00:43:30,720 --> 00:43:33,940 +understand the behavior of the producer, or the + +387 +00:43:33,940 --> 00:43:38,800 +producer behavior, Let's go to the production + +388 +00:43:38,800 --> 00:43:39,340 +theory. + +389 +00:43:49,220 --> 00:43:55,220 +To produce or in the production process, we have + +390 +00:43:55,220 --> 00:43:59,060 +inputs and outputs. Inputs, + +391 +00:44:04,550 --> 00:44:06,570 +production process and outputs. + +392 +00:44:10,010 --> 00:44:17,870 +Inputs are human + +393 +00:44:17,870 --> 00:44:24,270 +resources, manpower, raw material, + +394 +00:44:27,130 --> 00:44:29,830 +technology, + +395 +00:44:34,220 --> 00:44:35,460 +Capital, + +396 +00:44:37,880 --> 00:44:46,040 +land, all these factors are, human resources are + +397 +00:44:46,040 --> 00:44:46,720 +labor here. + +398 +00:44:51,900 --> 00:44:59,200 +All these factors are inputs in the production + +399 +00:44:59,200 --> 00:44:59,680 +process. + +400 +00:45:03,200 --> 00:45:06,940 +Using these or the combinations of these factors + +401 +00:45:06,940 --> 00:45:11,000 +or variables or factors production will give us + +402 +00:45:11,000 --> 00:45:19,180 +outputs, production, products, right? Now, in the + +403 +00:45:19,180 --> 00:45:25,120 +short run, in the short run, the producer can + +404 +00:45:25,120 --> 00:45:28,380 +change labor, + +405 +00:45:29,380 --> 00:45:33,540 +raw material, But what about the capital? + +406 +00:45:37,820 --> 00:45:44,020 +Machinery will be fixed in the short run, right? + +407 +00:45:44,920 --> 00:45:51,980 +But he can add more material, more workers to + +408 +00:45:51,980 --> 00:45:57,240 +produce in the short run, but he cannot add more + +409 +00:45:57,240 --> 00:46:02,310 +machinery in the short run. In the long run, he + +410 +00:46:02,310 --> 00:46:07,710 +can change all the factors of production, all + +411 +00:46:07,710 --> 00:46:11,010 +inputs. So the difference between the short run + +412 +00:46:11,010 --> 00:46:17,330 +and long run is the change or the ability to + +413 +00:46:17,330 --> 00:46:21,450 +change the factors of production. In the short + +414 +00:46:21,450 --> 00:46:26,810 +run, if one of these factors of production is + +415 +00:46:26,810 --> 00:46:30,200 +fixed, Here we're talking about a short run + +445 +00:51:02,670 --> 00:51:10,990 +producer used zero labor and six machines, the + +446 +00:51:10,990 --> 00:51:15,440 +total production equals zero, which means the + +447 +00:51:15,440 --> 00:51:20,620 +labor here is complement to the machine, not + +448 +00:51:20,620 --> 00:51:29,680 +substitute. Adding one worker and six machines + +449 +00:51:29,680 --> 00:51:34,020 +will give us 50 units. + +450 +00:51:36,020 --> 00:51:42,400 +Adding more machines and more workers will give us + +451 +00:51:42,400 --> 00:51:48,750 +more products. More production. One or two workers + +452 +00:51:48,750 --> 00:51:52,910 +with six machines will give us 120. Three + +453 +00:51:52,910 --> 00:51:55,730 +workers, three workers with six machines, 180. + +454 +00:51:56,310 --> 00:51:57,050 +And what do you see here? + +455 +00:52:00,590 --> 00:52:08,930 +The first worker increased the production by 50 + +456 +00:52:08,930 --> 00:52:15,320 +units. The second adding more worker will give us + +457 +00:52:15,320 --> 00:52:21,520 +or increase the production by 70, then by 60, by + +458 +00:52:21,520 --> 00:52:27,240 +40, by 30. Here we have an increasing in the + +459 +00:52:27,240 --> 00:52:32,120 +output here. The output is increased or the total + +460 +00:52:32,120 --> 00:52:34,480 +production labor is increasing. + +461 +00:52:42,660 --> 00:52:51,720 +This worker, the worker number eight. Adding the + +462 +00:52:51,720 --> 00:52:52,980 +worker number nine. + +463 +00:52:58,020 --> 00:53:03,320 +Decrease the production from 280 to 270. + +464 +00:53:12,060 --> 00:53:15,480 +I was working in a sewing factory. Okay? We put + +465 +00:53:15,480 --> 00:53:19,460 +one machine and it gave me 50. The second one, we + +466 +00:53:19,460 --> 00:53:21,820 +put it and it became this much. The third one, + +467 +00:53:22,100 --> 00:53:26,460 +okay? A little bit, a little bit. This one that we + +468 +00:53:26,460 --> 00:53:28,420 +put didn't do anything. Do you know why? Because + +469 +00:53:28,420 --> 00:53:32,020 +it's a look look. It's a talk. That's what + +470 +00:53:32,020 --> 00:53:35,830 +happened. Because, look. Six workers need six + +471 +00:53:35,830 --> 00:53:37,890 +places. Yes. And there is someone who works for + +472 +00:53:37,890 --> 00:53:41,810 +them. He brings cloth pieces for them and so on. + +473 +00:53:42,130 --> 00:53:44,730 +Okay? Someone works for them. But as soon as they + +474 +00:53:44,730 --> 00:53:48,570 +start working for them, things stop being + +475 +00:53:48,570 --> 00:53:52,730 +feasible. Right? Because he wants to talk to that + +476 +00:53:52,730 --> 00:53:54,750 +person. He brings them twenty pieces. He stops + +477 +00:53:54,750 --> 00:53:57,710 +bringing them eighteen pieces. Okay? He starts + +478 +00:53:57,710 --> 00:53:58,750 +decreasing. + +479 +00:54:01,030 --> 00:54:06,190 +Okay? Okay. So let's go to the average production + +480 +00:54:06,190 --> 00:54:09,390 +labor. So average APL, + +481 +00:54:11,850 --> 00:54:18,190 +average production of labor. + +482 +00:54:22,130 --> 00:54:29,190 +APL equals total production labor over L or + +483 +00:54:29,190 --> 00:54:35,810 +equality over L. the quota produced over the + +484 +00:54:35,810 --> 00:54:36,690 +number of workers. + +485 +00:54:39,450 --> 00:54:45,010 +50 over + +486 +00:54:45,010 --> 00:54:55,430 +1. The first case, 50 over 1, 50. 120 over 2, 60. + +487 +00:54:57,250 --> 00:55:07,440 +180 over 3 equals 60. 220 over 4. How much is + +488 +00:55:07,440 --> 00:55:14,520 +this? I'll take the data. Sorry? 55. What do they + +489 +00:55:14,520 --> 00:55:14,600 +count? + +490 +00:55:19,140 --> 00:55:20,180 +50. + +491 +00:55:22,820 --> 00:55:31,700 +44, 45, 40. 35, 30. + +492 +00:55:32,860 --> 00:55:40,100 +25. I think the results are correct. Okay. What + +493 +00:55:40,100 --> 00:55:43,540 +about the marginal production labor? Do you + +494 +00:55:43,540 --> 00:55:45,940 +remember total utility and marginal utility? The + +495 +00:55:45,940 --> 00:55:51,780 +same. The marginal production of labor. Marginal + +496 +00:55:51,780 --> 00:55:57,700 +production of labor. + +497 +00:56:00,320 --> 00:56:01,140 +MPL. + +498 +00:56:03,640 --> 00:56:07,060 +equals the change in total production of labor, + +499 +00:56:07,400 --> 00:56:10,900 +change in total production of labor over the + +500 +00:56:10,900 --> 00:56:15,160 +change of labor, number of workers. Which means + +501 +00:56:15,160 --> 00:56:18,580 +what will happen to the total production of labor + +502 +00:56:18,580 --> 00:56:22,740 +when the number of workers increase or goes up? + +503 +00:56:24,300 --> 00:56:30,240 +What do you see? It's quite similar to the total + +504 +00:56:30,240 --> 00:56:33,210 +utility and marginal utility. This is what you + +505 +00:56:33,210 --> 00:56:37,090 +remember. We had Mu, marginal utility, change in + +506 +00:56:37,090 --> 00:56:39,930 +total utility over change in quantity. If we add + +507 +00:56:39,930 --> 00:56:42,590 +this, what happens? This increases or declines or + +508 +00:56:42,590 --> 00:56:50,610 +sometimes fixes. Okay? So here, MPL equals change + +509 +00:56:50,610 --> 00:56:55,910 +in total production labor, 50 minus zero over one + +510 +00:56:55,910 --> 00:57:04,880 +minus zero. Fifty. 120 minus 50 over 2 minus 1. + +511 +00:57:05,560 --> 00:57:21,480 +70, 60, 40, 30, 20, 10, 0, minus 10, minus 20. + +512 +00:57:23,440 --> 00:57:28,780 +Right? Correct? Perfect. Let's draw the graph that + +513 +00:57:28,780 --> 00:57:32,800 +shows the relationship between total production of + +514 +00:57:32,800 --> 00:57:35,640 +labor marginal and average. + +515 +00:57:42,100 --> 00:57:51,580 +So the + +516 +00:57:51,580 --> 00:57:52,040 +graph + +517 +00:58:09,290 --> 00:58:14,330 +number of workers and what produced or total + +518 +00:58:14,330 --> 00:58:15,270 +production of labor. + +519 +00:58:18,910 --> 00:58:23,750 +Honestly, let's study the relationship between the + +520 +00:58:23,750 --> 00:58:26,590 +number of workers and the total production of + +521 +00:58:26,590 --> 00:58:32,910 +labor. The number of workers is increasing and the + +522 +00:58:32,910 --> 00:58:35,570 +total production of labor here is increasing. + +523 +00:58:38,130 --> 00:58:46,350 +fixed, reached the peak, and then went down. This + +524 +00:58:46,350 --> 00:58:50,670 +is + +525 +00:58:50,670 --> 00:58:54,570 +the total production labor. The total production + +526 +00:58:54,570 --> 00:59:00,510 +labor reached the peak at the point at the worker + +527 +00:59:00,510 --> 00:59:05,390 +numbers eight or seven years. + +528 +00:59:10,150 --> 00:59:16,710 +And then start to go down. Because after this + +529 +00:59:16,710 --> 00:59:21,050 +point, the total production labor started to + +530 +00:59:21,050 --> 00:59:26,130 +decline. What about the marginal production labor? + +531 +00:59:41,060 --> 00:59:46,560 +You're in PL. The same. + +532 +00:59:48,780 --> 00:59:54,720 +Increasing at + +533 +00:59:54,720 --> 00:59:58,560 +the worker number one. One. + +534 +01:00:05,490 --> 01:00:10,130 +كان خمسين، بعدين هيو increasing and then start to + +535 +01:00:10,130 --> 01:00:17,650 +decline. Zero and negative. It becomes zero at the + +536 +01:00:17,650 --> 01:00:22,130 +number worker or the worker number eight. صح؟ هيو + +537 +01:00:22,130 --> 01:00:26,530 +عند العامل رقم تمانية. The marginal production + +538 +01:00:26,530 --> 01:00:30,510 +labor equals zero and it start to be negative. + +539 +01:00:32,000 --> 01:00:38,840 +What about the average production labor, APL? APL. + +540 +01:00:47,280 --> 01:00:49,620 +This is the average production labor. + +541 +01:01:08,770 --> 01:01:13,990 +Here we are talking about three stages. The + +542 +01:01:13,990 --> 01:01:21,970 +average production labor increasing reach + +543 +01:01:21,970 --> 01:01:25,830 +the peak at the worker number three. + +544 +01:01:29,380 --> 01:01:32,340 +60 at worker number 3 diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/XbDzOuwvzG4_postprocess.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/XbDzOuwvzG4_postprocess.srt new file mode 100644 index 0000000000000000000000000000000000000000..a8e4417eb45810cf79b5d31a2c5e23f4fee70546 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/XbDzOuwvzG4_postprocess.srt @@ -0,0 +1,2176 @@ +1 +00:00:21,350 --> 00:00:23,630 +Today, inshallah, we are going to complete our + +2 +00:00:23,630 --> 00:00:26,010 +talk about the consumer equilibrium using the + +3 +00:00:26,010 --> 00:00:29,730 +indifference curve and the budget line theory. + +4 +00:00:30,610 --> 00:00:33,790 +In the last class, we said that the consumer + +5 +00:00:33,790 --> 00:00:39,450 +equilibrium occurs when the budget line tangents + +6 +00:00:39,450 --> 00:00:46,350 +the indifference curve. So the consumer + +7 +00:00:46,350 --> 00:00:53,410 +equilibrium occurs when Qx here, Qy. When there is + +8 +00:00:53,410 --> 00:00:57,770 +a tangency between the budget line and + +9 +00:00:57,770 --> 00:01:03,210 +indifference curve, at this point here, I see and + +10 +00:01:03,210 --> 00:01:08,210 +there's the budget line. The optimal point for the + +11 +00:01:08,210 --> 00:01:13,470 +consumer is point E, which is the equilibrium + +12 +00:01:13,470 --> 00:01:13,990 +point. + +13 +00:01:16,930 --> 00:01:22,590 +which maximizes the consumer total utility. All + +14 +00:01:22,590 --> 00:01:32,250 +right? Now, let's have a fun question about an + +15 +00:01:32,250 --> 00:01:38,970 +exercise related to this point. Assume or suppose + +16 +00:01:38,970 --> 00:01:45,830 +that we have a consumer, and this consumer, + +17 +00:01:47,020 --> 00:01:53,440 +receives an income of 1,000 shekels. + +18 +00:01:55,680 --> 00:02:01,540 +And he or she wants to allocate his income or her + +19 +00:02:01,540 --> 00:02:08,420 +income to buy two products only, X and Y, flour + +20 +00:02:08,420 --> 00:02:14,880 +and sugar. And let us assume that the price per + +21 +00:02:14,880 --> 00:02:28,630 +sack of flour price per sack of flour equals + +22 +00:02:28,630 --> 00:02:33,310 +100 + +23 +00:02:33,310 --> 00:02:35,690 +shekels, + +24 +00:02:37,670 --> 00:02:40,390 +the price per sack of sugar. + +25 +00:02:50,670 --> 00:02:57,870 +equals 50 shekels. + +26 +00:02:57,870 --> 00:02:59,430 +Number one, + +27 +00:03:02,730 --> 00:03:06,330 +derive and + +28 +00:03:06,330 --> 00:03:11,210 +draw the + +29 +00:03:11,210 --> 00:03:11,850 +budget line. + +30 +00:03:15,330 --> 00:03:17,050 +Number two, + +31 +00:03:25,030 --> 00:03:28,150 +derive the budget line formula. + +32 +00:03:36,390 --> 00:03:37,670 +Number three, + +33 +00:03:43,150 --> 00:03:44,610 +if the consumer equilibrium, + +34 +00:03:58,300 --> 00:03:59,820 +occurs at, + +35 +00:04:05,540 --> 00:04:08,820 +let's assume this is or the flour is a product X + +36 +00:04:08,820 --> 00:04:17,020 +and sugar is a product Y, right? Assumptions, the + +37 +00:04:17,020 --> 00:04:21,420 +flour is a product X and the sugar is a product Y. + +38 +00:04:23,140 --> 00:04:26,440 +Let's assure if the consumer equilibrium occurs at + +39 +00:04:28,800 --> 00:04:32,300 +Quant of X equals, + +40 +00:04:32,840 --> 00:04:36,060 +or the quant of per shades of a flower equals + +41 +00:04:36,060 --> 00:04:43,340 +seven units, seven sacs of a flower. How many + +42 +00:04:43,340 --> 00:04:46,520 +units? How many units? + +43 +00:04:51,580 --> 00:04:57,200 +How many sacs of a flower of + +44 +00:04:57,200 --> 00:05:07,910 +Y Sugar. No point of why. Should the consumer buy? + +45 +00:05:08,410 --> 00:05:12,970 +Should the + +46 +00:05:12,970 --> 00:05:17,790 +consumer buy? + +47 +00:05:22,630 --> 00:05:24,270 +Number four. + +48 +00:05:32,270 --> 00:05:38,210 +If the price per + +49 +00:05:38,210 --> 00:05:47,770 +sack of flour declined + +50 +00:05:47,770 --> 00:05:57,130 +to 70 + +51 +00:05:57,130 --> 00:05:57,450 +% + +52 +00:06:03,980 --> 00:06:04,600 +Shake it. + +53 +00:06:22,860 --> 00:06:26,380 +Derive and draw the new budget line. + +54 +00:06:29,660 --> 00:06:31,940 +Number one, derive and draw + +55 +00:06:41,080 --> 00:06:52,560 +drew the new budget line and + +56 +00:06:52,560 --> 00:06:56,900 +the budget line formula and the budget line + +57 +00:06:56,900 --> 00:07:03,860 +formula number + +58 +00:07:03,860 --> 00:07:04,200 +five + +59 +00:07:12,910 --> 00:07:18,930 +Five. Number five. + +60 +00:07:23,630 --> 00:07:29,610 +Using graph, derive and draw. Derive and draw. + +61 +00:07:29,870 --> 00:07:37,410 +Yes. If the consumer equilibrium. So the price F. + +62 +00:07:39,100 --> 00:07:51,520 +the new consumer equilibrium occurs + +63 +00:07:51,520 --> 00:07:58,940 +when QX equals + +64 +00:08:09,260 --> 00:08:12,680 +X equals Y. + +65 +00:08:16,340 --> 00:08:23,020 +Determine or calculate QY. + +66 +00:08:27,080 --> 00:08:30,480 +X plane using graph, on the graph. + +67 +00:08:39,830 --> 00:08:40,750 +Using graph. + +68 +00:08:46,310 --> 00:08:47,690 +Number six. + +69 +00:08:53,490 --> 00:09:03,290 +Draw the + +70 +00:09:03,290 --> 00:09:08,270 +demand curve for product X. Draw. + +71 +00:09:11,220 --> 00:09:14,820 +The demand curve for product X. + +72 +00:09:19,060 --> 00:09:20,940 +The flower. + +73 +00:09:26,060 --> 00:09:29,160 +Is it elastic and ed? Yes, sorry. + +74 +00:09:34,780 --> 00:09:39,220 +And the new prices. Old and the new. + +75 +00:09:44,010 --> 00:09:48,550 +new one. Here, the original price was 100, right? + +76 +00:09:49,990 --> 00:09:56,030 +How much was the quantity Y? The equilibrium + +77 +00:09:56,030 --> 00:10:01,070 +quantity was seven, right? How much is the new + +78 +00:10:01,070 --> 00:10:05,110 +price X and + +79 +00:10:05,110 --> 00:10:10,010 +the new quantity? Yes. Is it elastic or inelastic? + +80 +00:10:11,930 --> 00:10:13,210 +And calculate + +81 +00:10:23,550 --> 00:10:25,630 +The price elasticity of demand. + +82 +00:10:28,990 --> 00:10:34,210 +Let's go to a solution for this exercise. + +83 +00:10:59,100 --> 00:11:04,900 +In this example, we have a consumer. This consumer + +84 +00:11:04,900 --> 00:11:09,840 +is granted a salary or a wage or income of 1,000 + +85 +00:11:09,840 --> 00:11:13,940 +shekels, and he tends to allocate this income to + +86 +00:11:13,940 --> 00:11:19,240 +buy two products, X and Y. X is the flour and Y is + +87 +00:11:19,240 --> 00:11:20,600 +sugar. + +88 +00:11:22,660 --> 00:11:26,940 +Let's derive number one. derive and draw the + +89 +00:11:26,940 --> 00:11:30,740 +budget line for this consumer. To derive the + +90 +00:11:30,740 --> 00:11:34,560 +budget line, we have to calculate the quant of X + +91 +00:11:34,560 --> 00:11:38,760 +and the quant of Y that can the consumer buy under + +92 +00:11:38,760 --> 00:11:42,780 +the limited budget or the limited income. So quant + +93 +00:11:42,780 --> 00:11:47,170 +of X, equals income over the price of eggs. You're + +94 +00:11:47,170 --> 00:11:50,710 +talking about the quantity consumed of or the + +95 +00:11:50,710 --> 00:11:55,210 +quantity of flour that the consumer can buy if he + +96 +00:11:55,210 --> 00:12:00,370 +wants to buy only flour. If the consumer tends to + +97 +00:12:00,370 --> 00:12:05,790 +buy only flour, he can buy what? X equals 1,000 + +98 +00:12:05,790 --> 00:12:12,370 +over 100 equals 10, 10 sacks of flour. If the + +99 +00:12:12,370 --> 00:12:17,550 +consumer wants to buy only flour, he can buy 10 + +100 +00:12:17,550 --> 00:12:23,710 +sacks of flour, right? What about QY? If he wants + +101 +00:12:23,710 --> 00:12:29,990 +to allocate his income to buy only sugar, what Y + +102 +00:12:29,990 --> 00:12:37,310 +equals? Income over the price of Y, 1000 over 50 + +103 +00:12:37,310 --> 00:12:46,860 +equals 20, right? Let's draw the budget line here. + +104 +00:12:48,120 --> 00:12:53,320 +Quantum X and + +105 +00:12:53,320 --> 00:12:54,280 +Quantum Y. + +106 +00:12:57,120 --> 00:13:04,260 +4, 8, 12, + +107 +00:13:05,380 --> 00:13:11,840 +16, 20, 24, + +108 +00:13:13,730 --> 00:13:18,750 +You are free. You are free. 1, 2, 3, 4, 2, 4, 6, + +109 +00:13:20,170 --> 00:13:22,710 +28. + +110 +00:13:24,730 --> 00:13:29,150 +For Y, we can write this the same here. 1 to Y, + +111 +00:13:33,050 --> 00:13:35,410 +4, + +112 +00:13:37,470 --> 00:13:42,150 +8, 12, + +113 +00:13:45,290 --> 00:13:55,770 +sixteen, twenty, twenty-four, that's it. Now, quad + +114 +00:13:55,770 --> 00:14:00,610 +of X equals ten units, ten sacs of flour, ten, + +115 +00:14:02,210 --> 00:14:04,990 +quad of X is ten, maybe here. + +116 +00:14:08,610 --> 00:14:13,230 +What about quad of Y? Twenty, connection here, + +117 +00:14:16,780 --> 00:14:21,780 +This is the budget line here. Here's the budget + +118 +00:14:21,780 --> 00:14:22,220 +line. + +119 +00:14:29,420 --> 00:14:33,160 +Number two. So here, derive and draw the budget + +120 +00:14:33,160 --> 00:14:36,900 +line. Here's the budget line. To derive the budget + +121 +00:14:36,900 --> 00:14:41,120 +line formula, budget line formula Qy equals + +122 +00:14:44,640 --> 00:14:49,480 +income over price of Y in the formula income over + +123 +00:14:49,480 --> 00:14:54,120 +the price of Y minus price of X over price of Y + +124 +00:14:54,120 --> 00:14:59,900 +times the QX this is the formula here right so QY + +125 +00:14:59,900 --> 00:15:02,940 +equals + +126 +00:15:02,940 --> 00:15:08,100 +income over the price of Y 1000 + +127 +00:15:08,100 --> 00:15:20,810 +over 50 minus price of X, what is it? 100 over 50 + +128 +00:15:20,810 --> 00:15:29,310 +times QX or QY equals, how much is it? 20 minus + +129 +00:15:29,310 --> 00:15:34,170 +2QX. This is the budget line formula here. + +130 +00:15:36,770 --> 00:15:42,610 +Or we can say, The intercept Qy equals the + +131 +00:15:42,610 --> 00:15:48,490 +intercept 20 minus the slope of the budget line, + +132 +00:15:48,870 --> 00:15:50,090 +20 over 10. + +133 +00:15:55,170 --> 00:15:56,070 +Now, + +134 +00:15:59,990 --> 00:16:07,270 +number three. If the consumer equilibrium occurs + +135 +00:16:07,270 --> 00:16:14,170 +at QX equals how much? Number three. + +136 +00:16:14,630 --> 00:16:20,930 +If the consumer equilibrium occurs when QX equals + +137 +00:16:20,930 --> 00:16:22,710 +seven, how much is QY? + +138 +00:16:25,390 --> 00:16:33,440 +At seven here. How much is QY? I don't know. We + +139 +00:16:33,440 --> 00:16:44,760 +have to apply the formula. So, at QX equals seven, + +140 +00:16:45,240 --> 00:16:52,200 +QY should equal here, minus two times seven. So, + +141 +00:16:52,560 --> 00:17:02,750 +QY equals 20 minus 14 equals six. So it should be + +142 +00:17:02,750 --> 00:17:05,730 +here. + +143 +00:17:09,790 --> 00:17:13,110 +In between, four, six. + +144 +00:17:20,550 --> 00:17:25,730 +So at + +145 +00:17:25,730 --> 00:17:31,000 +seven, quad Y equals six. All right. + +146 +00:17:34,080 --> 00:17:40,580 +Number four. If the consumer equilibrium occurs at + +147 +00:17:40,580 --> 00:17:45,680 +a QX equals how much? 70. + +148 +00:17:47,960 --> 00:17:48,240 +Sorry? + +149 +00:17:54,670 --> 00:17:58,590 +I'm asking the question that I gave you. How much + +150 +00:17:58,590 --> 00:18:01,270 +did we tell you that the equilibrium occurs at QX + +151 +00:18:01,270 --> 00:18:10,350 +is equal to how much? Ah, okay. The next question + +152 +00:18:10,350 --> 00:18:11,230 +is number four months. + +153 +00:18:16,190 --> 00:18:18,790 +Okay. Okay. + +154 +00:18:31,060 --> 00:18:36,940 +If the consumer equilibrium occurs when... + +155 +00:18:44,160 --> 00:18:49,960 +If the consumer equilibrium occurs when Qx equals + +156 +00:18:49,960 --> 00:18:56,760 +nine, how much is Qy? Or if the consumer + +157 +00:18:56,760 --> 00:19:00,260 +equilibrium occurs at Qx equals nine. + +158 +00:19:09,300 --> 00:19:11,120 +At nine here, + +159 +00:19:16,560 --> 00:19:19,540 +I don't know. We have to calculate it. It should + +160 +00:19:19,540 --> 00:19:27,020 +be calculated here, less than four. Here is + +161 +00:19:27,020 --> 00:19:28,200 +the consumer equilibrium. + +162 +00:19:35,980 --> 00:19:39,540 +Consumer equilibrium, we have to draw and + +163 +00:19:39,540 --> 00:19:42,180 +determine the consumer equilibrium on the graph. + +164 +00:19:45,060 --> 00:19:48,520 +Okay. The question is, if the consumer equilibrium + +165 +00:19:48,520 --> 00:19:58,480 +occurs when QX equals nine and nine, had a + +166 +00:19:58,480 --> 00:20:02,900 +consumer equilibrium, the budget line tangents the + +167 +00:20:02,900 --> 00:20:07,220 +indifference curve, tangency. On the graph here, + +168 +00:20:07,960 --> 00:20:13,150 +this is the E1 or the consumer equilibrium. How + +169 +00:20:13,150 --> 00:20:18,110 +much is the Qi? We have to calculate it. So Qi + +170 +00:20:18,110 --> 00:20:32,310 +equals 20 minus 2 times 9. Qi equals 20 minus 18 + +171 +00:20:32,310 --> 00:20:33,630 +equals 2. + +172 +00:20:36,510 --> 00:20:40,110 +Okay. Now, + +173 +00:20:42,530 --> 00:20:49,050 +four times five. If the price of X, if the + +174 +00:20:49,050 --> 00:20:54,570 +consumer equilibrium occurs when Q of X equals + +175 +00:20:54,570 --> 00:21:02,150 +four, how much is QY? I don't know. We have to + +176 +00:21:02,150 --> 00:21:07,310 +calculate it. Another assumption. + +177 +00:21:09,840 --> 00:21:13,880 +If the consumer equilibrium occurs at the Qx + +178 +00:21:13,880 --> 00:21:19,520 +equals 4. How much is Qy? Let's say Qy equals 20 + +179 +00:21:19,520 --> 00:21:27,160 +minus 2 times 4 equals 12. Qy equals 12. The + +180 +00:21:27,160 --> 00:21:32,580 +drawing should be more precise. + +181 +00:21:36,320 --> 00:21:40,840 +Okay? And we have to draw the indifference curve. + +182 +00:21:41,220 --> 00:21:45,440 +Where does the indifference curve come from? IC, + +183 +00:21:46,060 --> 00:21:51,940 +right? And this happens to be the equilibrium. Is + +184 +00:21:51,940 --> 00:21:52,240 +there a problem? + +185 +00:21:58,270 --> 00:22:02,690 +If the consumer equilibrium occurs and the QX + +186 +00:22:02,690 --> 00:22:07,090 +equals, you have to draw and determine the + +187 +00:22:07,090 --> 00:22:12,070 +equilibrium on the graph. Okay? Yes, I'll ask you + +188 +00:22:12,070 --> 00:22:12,370 +like that. + +189 +00:22:17,170 --> 00:22:23,250 +Where? Here? In line, yes. No, this is another + +190 +00:22:23,250 --> 00:22:26,830 +issue. For example, + +191 +00:22:31,160 --> 00:22:35,020 +If the question asks you to determine the + +192 +00:22:35,020 --> 00:22:39,820 +equilibrium at 9, you have to determine and draw + +193 +00:22:39,820 --> 00:22:43,320 +the indifference curve, right? If it asks you to + +194 +00:22:43,320 --> 00:22:47,360 +draw it at 4, you have to draw it here. If it asks + +195 +00:22:47,360 --> 00:22:50,400 +you to draw it at 7, 5, or 8, you have to + +196 +00:22:50,400 --> 00:22:54,240 +determine and draw the indifference curve along or + +197 +00:22:54,240 --> 00:23:00,400 +show it along the graph, right? Okay. Now, + +198 +00:23:03,370 --> 00:23:11,330 +Number five, if the price of eggs. So here let's. + +199 +00:23:19,090 --> 00:23:22,050 +Is there a problem? + +200 +00:23:31,420 --> 00:23:34,420 +Tamam. Yani easy going, الامر ماشي مافيش فيها + +201 +00:23:34,420 --> 00:23:43,460 +مشاكل. Tamam. 100% because the equilibrium, the + +202 +00:23:43,460 --> 00:23:48,820 +best point, the equilibrium point occurs when the + +203 +00:23:48,820 --> 00:23:52,280 +indifference curve tangents the budget line. + +204 +00:23:53,300 --> 00:23:56,840 +Tamam? Okay. Now, + +205 +00:24:01,820 --> 00:24:02,700 +Number five. + +206 +00:24:05,440 --> 00:24:12,360 +If the consumer equilibrium occurs when Q, X + +207 +00:24:12,360 --> 00:24:15,200 +equals how much? Nine. Nine. Nine. Nine. Nine. + +208 +00:24:15,220 --> 00:24:16,540 +Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. + +209 +00:24:16,540 --> 00:24:21,280 +Nine. Nine. Nine. Nine. + +210 +00:24:24,060 --> 00:24:25,320 +Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. + +211 +00:24:25,320 --> 00:24:25,600 +Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. + +212 +00:24:25,600 --> 00:24:28,990 +Nine. Nine. Nine. Nine. Nine. Nine. Nine. Now, if + +213 +00:24:28,990 --> 00:24:31,690 +the consumer equilibrium, listen, before we go to + +214 +00:24:31,690 --> 00:24:34,570 +the prices, the change in the prices. Let's say, + +215 +00:24:34,890 --> 00:24:36,270 +if the consumer equilibrium. + +216 +00:24:39,810 --> 00:24:40,630 +Okay, okay. + +217 +00:24:48,510 --> 00:24:54,150 +One X, one Y, 20, + +218 +00:25:01,480 --> 00:25:10,880 +The consumer equilibrium occurred when QX + +219 +00:25:10,880 --> 00:25:19,260 +equals four. The consumer equilibrium occurs + +220 +00:25:19,260 --> 00:25:24,820 +when QX equals four. + +221 +00:25:32,480 --> 00:25:40,480 +How much was Q12? Right. Now, here's the original + +222 +00:25:40,480 --> 00:25:47,080 +equilibrium, indifference curve, and here is the + +223 +00:25:47,080 --> 00:25:47,820 +equilibrium point. + +224 +00:25:51,540 --> 00:25:57,180 +Let's go to the changes in the price of X. If the + +225 +00:25:57,180 --> 00:26:02,040 +price of eggs, if the consumer at the price of + +226 +00:26:02,040 --> 00:26:06,720 +eggs went down or decreased to seven, from ten to + +227 +00:26:06,720 --> 00:26:11,620 +seven. One hundred to seventy. All right, yeah. + +228 +00:26:12,860 --> 00:26:19,340 +So, the price of eggs went down to seventy. + +229 +00:26:21,520 --> 00:26:28,060 +Derive and draw the new budget line. derived and + +230 +00:26:28,060 --> 00:26:34,440 +drew the + +231 +00:26:34,440 --> 00:26:37,040 +new budget line. + +232 +00:26:40,980 --> 00:26:45,080 +Determination on the graph or explanation on using + +233 +00:26:45,080 --> 00:26:45,560 +graph. + +234 +00:26:48,400 --> 00:26:54,740 +So, As the price of X goes down, so the new QX + +235 +00:26:54,740 --> 00:26:58,280 +equals, you're talking about the new quantum X and + +236 +00:26:58,280 --> 00:27:02,840 +the new quantum Y, new quantum X equals the new + +237 +00:27:02,840 --> 00:27:05,080 +income over the new price of X. You're talking + +238 +00:27:05,080 --> 00:27:12,120 +about new. 1000 over 70 equals how much? How much? + +239 +00:27:12,160 --> 00:27:19,740 +How many units? Four? Fourteen point two. Okay. + +240 +00:27:20,750 --> 00:27:21,830 +What about QY? + +241 +00:27:24,950 --> 00:27:28,410 +Remains constant, yes. The consumer income over + +242 +00:27:28,410 --> 00:27:37,790 +the price of Y equals 1000 over 50 equals 20. Now, + +243 +00:27:38,030 --> 00:27:46,590 +as the price of X went down, the ability to buy it + +244 +00:27:46,590 --> 00:27:52,870 +will increase. the consumer now has larger ability + +245 +00:27:52,870 --> 00:27:56,510 +to buy the product. So he can buy more quantities + +246 +00:27:56,510 --> 00:28:07,250 +of X. So QX equals here, 14.2 sex flower, and the + +247 +00:28:07,250 --> 00:28:11,490 +quantity of Y remains constant. So we have to draw + +248 +00:28:11,490 --> 00:28:16,050 +the new budget line. Here's the new budget line, + +249 +00:28:16,510 --> 00:28:20,560 +quantity of X here, 14.2. + +250 +00:28:24,140 --> 00:28:30,020 +So, we have a movement, the budget line to right + +251 +00:28:30,020 --> 00:28:31,840 +toward QX. + +252 +00:28:34,280 --> 00:28:42,760 +How much is the new budget line formula? The new + +253 +00:28:42,760 --> 00:28:47,100 +budget line formula, the budget line formula, + +254 +00:28:49,700 --> 00:28:53,820 +For the new or the formula for the new budget line + +255 +00:28:53,820 --> 00:29:02,300 +will be QY equals 20 + +256 +00:29:02,300 --> 00:29:08,740 +minus the + +257 +00:29:08,740 --> 00:29:15,040 +slope of the new budget line, 20 over 14.2. + +258 +00:29:17,770 --> 00:29:25,390 +over 14.2, or the new price of X over the price of + +259 +00:29:25,390 --> 00:29:32,790 +Y. The same result. Either or. + +260 +00:29:34,810 --> 00:29:41,210 +In all cases, one slope. Either it will be 20 over + +261 +00:29:41,210 --> 00:29:49,790 +14.2 or the price of X to the new 70 or over price + +262 +00:29:49,790 --> 00:29:51,550 +of Y, 50. + +263 +00:29:59,410 --> 00:30:04,210 +QX. So, the new budget line formula + +264 +00:30:07,380 --> 00:30:14,220 +QY equals minus 1.4QX. This is the new budget line + +265 +00:30:14,220 --> 00:30:21,220 +formula. What about another question? + +266 +00:30:25,880 --> 00:30:32,460 +As the + +267 +00:30:32,460 --> 00:30:33,880 +price of eggs goes down, + +268 +00:30:37,500 --> 00:30:39,840 +What will happen to the quota purchase of X? + +269 +00:30:41,060 --> 00:30:44,980 +Increases. We will derive and draw the new budget + +270 +00:30:44,980 --> 00:30:51,260 +line. The new budget line with the new data, under + +271 +00:30:51,260 --> 00:30:57,770 +the new data. To derive the new budget line, We + +272 +00:30:57,770 --> 00:31:01,770 +have to calculate the new quantity of X and the + +273 +00:31:01,770 --> 00:31:05,150 +new quantity of Y. The new quantity of X equals + +274 +00:31:05,150 --> 00:31:11,050 +income over the price of X. 1000 over 70 equals 14 + +275 +00:31:11,050 --> 00:31:16,040 +over 14.2. the quantity consumed of Y will be 20. + +276 +00:31:16,360 --> 00:31:20,400 +If he allocates his income to buy only Y, he can + +277 +00:31:20,400 --> 00:31:27,980 +buy 20 of Y or 14.2 under the fixed prices of Y + +278 +00:31:27,980 --> 00:31:32,580 +and the changes or decreasing in the prices of X. + +279 +00:31:33,460 --> 00:31:38,360 +Okay? Now, to derive the new budget line, Qy + +280 +00:31:38,360 --> 00:31:47,420 +equals, Qy + +281 +00:31:47,420 --> 00:31:52,200 +equals the intercept minus + +282 +00:31:52,200 --> 00:31:55,280 +20 + +283 +00:31:55,280 --> 00:32:00,860 +over 14.2 in Qx. + +284 +00:32:04,080 --> 00:32:05,160 +Now, + +285 +00:32:07,160 --> 00:32:12,620 +as the price of eggs declined, + +286 +00:32:16,680 --> 00:32:19,020 +when the price was 100, + +287 +00:32:32,330 --> 00:32:35,630 +When the price of X was 100, + +288 +00:32:38,370 --> 00:32:42,550 +the optimal point or the best point for the + +289 +00:32:42,550 --> 00:32:48,950 +consumer here to buy four units of X. Now, as the + +290 +00:32:48,950 --> 00:32:55,270 +price went down, definitely he will buy larger + +291 +00:32:55,270 --> 00:32:56,390 +quantity of X. + +292 +00:32:59,500 --> 00:33:04,040 +If the consumer equilibrium, the new equilibrium + +293 +00:33:04,040 --> 00:33:08,980 +occurs at QX equals 12. + +294 +00:33:40,840 --> 00:33:49,960 +If the consumer equilibrium occurs when QX equals + +295 +00:33:49,960 --> 00:33:54,840 +11 here, how much is QY? + +296 +00:33:56,590 --> 00:33:59,990 +under the given or the current situation. + +297 +00:34:02,550 --> 00:34:08,350 +In the current situation, do I apply to the old + +298 +00:34:08,350 --> 00:34:11,330 +budget line or to the new one? To the new one. So + +299 +00:34:11,330 --> 00:34:15,850 +this is the consumer equilibrium for you. The new + +300 +00:34:15,850 --> 00:34:21,070 +one. So here we have a new equilibrium. + +301 +00:34:24,170 --> 00:34:28,190 +At Qx equals 11 here. + +302 +00:34:34,530 --> 00:34:37,030 +The consumer equilibrium, the new equilibrium + +303 +00:34:37,030 --> 00:34:41,950 +occurs when Qx equals 11. How much is the Qy? I + +304 +00:34:41,950 --> 00:34:45,950 +see two. I see one. A1, A2. + +305 +00:34:48,610 --> 00:34:58,550 +So, the new, sorry, the Qy, equals 20 minus 14, 1 + +306 +00:34:58,550 --> 00:35:02,590 +.4 times QX11. + +307 +00:35:03,470 --> 00:35:09,650 +So QY equals + +308 +00:35:09,650 --> 00:35:11,150 +20, + +309 +00:35:13,230 --> 00:35:15,310 +4.6. + +310 +00:35:26,530 --> 00:35:31,930 +Derive and draw the demand curve for product X. + +311 +00:35:33,570 --> 00:35:43,610 +The last. The last? Derive and draw the demand + +312 +00:35:43,610 --> 00:35:47,730 +curve for product X. So we have to + +313 +00:35:51,660 --> 00:35:55,420 +determine all the prices and the quantity demanded + +314 +00:35:55,420 --> 00:35:59,060 +of X before and after the change in the price of + +315 +00:35:59,060 --> 00:36:05,380 +X. All right. So here price of X and the quantity + +316 +00:36:05,380 --> 00:36:10,040 +consumed of X and the optimum. Here we're talking + +317 +00:36:10,040 --> 00:36:14,660 +about the equilibrium quantities of X. Had an + +318 +00:36:14,660 --> 00:36:21,200 +equilibrium quantities of X. Equilibrium quantity + +319 +00:36:21,200 --> 00:36:28,080 +X. Before the changes, how much was the price of + +320 +00:36:28,080 --> 00:36:33,240 +X? The price of X was 100, and the equilibrium + +321 +00:36:33,240 --> 00:36:38,200 +quantity was 4. Then have 4, + +322 +00:36:41,200 --> 00:36:48,360 +and the price went down to 50, to 70. and the + +323 +00:36:48,360 --> 00:36:53,340 +quantity purchased was or becomes relevant. So, we + +324 +00:36:53,340 --> 00:36:58,120 +have to derive or to draw the demand curve. + +325 +00:37:06,540 --> 00:37:14,740 +So, the demand curve price + +326 +00:37:14,740 --> 00:37:27,190 +of X, and the quantum x. Price is 10, or 20, 40, + +327 +00:37:28,310 --> 00:37:37,630 +60, 80, 100, and the quant purchased 1, 2, 3, 4. + +328 +00:37:39,330 --> 00:37:50,110 +1, 2, 3, 4, 5, 6, 7, 8, nine, ten, eleven. + +329 +00:37:55,690 --> 00:38:00,130 +The first point, when the price was one hundred, + +330 +00:38:00,550 --> 00:38:05,970 +how much was the quantity purchased of X? Four. At + +331 +00:38:05,970 --> 00:38:07,350 +one hundred? Four. + +332 +00:38:15,030 --> 00:38:17,810 +At 70? Eleven. Eleven, yes. + +333 +00:38:27,730 --> 00:38:29,670 +This is the demand curve. Yes. + +334 +00:38:35,630 --> 00:38:38,750 +Is it elastic or inelastic? Inelastic. How can we + +335 +00:38:38,750 --> 00:38:45,490 +determine is it elastic or inelastic? We have two + +336 +00:38:45,490 --> 00:38:47,610 +ways. Either we, sorry. + +337 +00:38:52,070 --> 00:39:01,910 +Elastic. I don't know. Elastic. I don't know. We + +338 +00:39:01,910 --> 00:39:05,870 +have to calculate the elasticity and draw it's + +339 +00:39:05,870 --> 00:39:10,630 +correct. Because on our assumptions, one, two, + +340 +00:39:10,690 --> 00:39:12,370 +three, one, two, three, accurate. + +341 +00:39:18,070 --> 00:39:21,770 +Is it elastic or inelastic? How can we determine + +342 +00:39:21,770 --> 00:39:23,190 +if it's elastic or inelastic? + +343 +00:39:26,390 --> 00:39:30,250 +We bring total revenue before and after and see if + +344 +00:39:30,250 --> 00:39:33,450 +it's decreasing in prices or decreasing in total + +345 +00:39:33,450 --> 00:39:39,410 +revenue. Or we make calculations using the + +346 +00:39:39,410 --> 00:39:42,570 +midpoint formula. Right? Yes. And the total + +347 +00:39:42,570 --> 00:39:46,130 +revenue is easier. You see, we went back to the + +348 +00:39:46,130 --> 00:39:51,090 +first lectures. Correct? Let's calculate the total + +349 +00:39:51,090 --> 00:39:57,330 +revenue. 400, 770. + +350 +00:39:59,250 --> 00:40:02,990 +Decreasing the prices leads to a decreasing in + +351 +00:40:02,990 --> 00:40:05,050 +total revenue, sorry, increasing in total revenue, + +352 +00:40:05,430 --> 00:40:09,350 +which means the demand is elastic. + +353 +00:40:11,580 --> 00:40:19,700 +The demand is + +354 +00:40:19,700 --> 00:40:20,300 +elastic. + +355 +00:40:28,840 --> 00:40:32,700 +Let's take a break for two minutes and go to a new + +356 +00:40:32,700 --> 00:40:39,120 +chapter. Let's go to a new chapter, which is the + +357 +00:40:39,120 --> 00:40:39,920 +production theory. + +358 +00:40:44,120 --> 00:40:49,320 +Let's go to production theory. In this chapter, we + +359 +00:40:49,320 --> 00:40:54,020 +will study the producer equilibrium and the + +360 +00:40:54,020 --> 00:40:59,180 +producer behavior. In chapter four, or chapter + +361 +00:40:59,180 --> 00:41:03,160 +five. Four or five? This is five, right? Okay. + +362 +00:41:04,340 --> 00:41:04,660 +Really? + +363 +00:41:11,870 --> 00:41:13,750 +No, there's compensation. It's going to be like + +364 +00:41:13,750 --> 00:41:19,510 +that. Thursday. Thursday. Thursday. No, because of + +365 +00:41:19,510 --> 00:41:26,270 +photography too. Wednesday. Wednesday. Wednesday. + +366 +00:41:27,990 --> 00:41:28,870 +Tomorrow. + +367 +00:41:34,730 --> 00:41:38,030 +Tomorrow. Tomorrow. Listen, I want to say + +368 +00:41:38,030 --> 00:41:42,490 +something. If we have holidays and such, we should + +369 +00:41:42,490 --> 00:41:48,070 +have compensation for the lectures. It should be + +370 +00:41:48,070 --> 00:41:54,150 +that on the fourth day, we will bring you, we will + +371 +00:41:54,150 --> 00:41:56,310 +decide together, but let's say by the end of this + +372 +00:41:56,310 --> 00:41:59,890 +class, we will see what happens. Tomorrow is good. + +373 +00:42:01,690 --> 00:42:03,830 +Tomorrow, when is good? Tomorrow, for my brother + +374 +00:42:03,830 --> 00:42:04,110 +to study. + +375 +00:42:27,520 --> 00:42:30,500 +So let's go to chapter five, which is the + +376 +00:42:30,500 --> 00:42:31,320 +production theory. + +377 +00:42:36,490 --> 00:42:39,010 +And this chapter will focus on the producer + +378 +00:42:39,010 --> 00:42:45,450 +behavior. And the main goals for the rational + +379 +00:42:45,450 --> 00:42:50,450 +producer is profit maximization, + +380 +00:42:53,030 --> 00:42:58,750 +production maximization under the limited cost, or + +381 +00:42:58,750 --> 00:43:03,950 +cost minimization. The main goals for the + +382 +00:43:03,950 --> 00:43:10,460 +producers are Either to maximize profit, or + +383 +00:43:10,460 --> 00:43:16,520 +maximize the production under the limited cost, or + +384 +00:43:16,520 --> 00:43:23,760 +a fixed cost, or to minimize the cost under, under + +385 +00:43:23,760 --> 00:43:30,720 +what hedge? Yeah, to minimize the cost. So, to + +386 +00:43:30,720 --> 00:43:33,940 +understand the behavior of the producer, or the + +387 +00:43:33,940 --> 00:43:38,800 +producer behavior, Let's go to the production + +388 +00:43:38,800 --> 00:43:39,340 +theory. + +389 +00:43:49,220 --> 00:43:55,220 +To produce or in the production process, we have + +390 +00:43:55,220 --> 00:43:59,060 +inputs and outputs. Inputs, + +391 +00:44:04,550 --> 00:44:06,570 +production process and outputs. + +392 +00:44:10,010 --> 00:44:17,870 +Inputs are human + +393 +00:44:17,870 --> 00:44:24,270 +resources, manpower, raw material, + +394 +00:44:27,130 --> 00:44:29,830 +technology, + +395 +00:44:34,220 --> 00:44:35,460 +Capital, + +396 +00:44:37,880 --> 00:44:46,040 +land, all these factors are, human resources are + +397 +00:44:46,040 --> 00:44:46,720 +labor here. + +398 +00:44:51,900 --> 00:44:59,200 +All these factors are inputs in the production + +399 +00:44:59,200 --> 00:44:59,680 +process. + +400 +00:45:03,200 --> 00:45:06,940 +Using these or the combinations of these factors + +401 +00:45:06,940 --> 00:45:11,000 +or variables or factors production will give us + +402 +00:45:11,000 --> 00:45:19,180 +outputs, production, products, right? Now, in the + +403 +00:45:19,180 --> 00:45:25,120 +short run, in the short run, the producer can + +404 +00:45:25,120 --> 00:45:28,380 +change labor, + +405 +00:45:29,380 --> 00:45:33,540 +raw material, But what about the capital? + +406 +00:45:37,820 --> 00:45:44,020 +Machinery will be fixed in the short run, right? + +407 +00:45:44,920 --> 00:45:51,980 +But he can add more material, more workers to + +408 +00:45:51,980 --> 00:45:57,240 +produce in the short run, but he cannot add more + +409 +00:45:57,240 --> 00:46:02,310 +machinery in the short run. In the long run, he + +410 +00:46:02,310 --> 00:46:07,710 +can change all the factors of production, all + +411 +00:46:07,710 --> 00:46:11,010 +inputs. So the difference between the short run + +412 +00:46:11,010 --> 00:46:17,330 +and long run is the change or the ability to + +413 +00:46:17,330 --> 00:46:21,450 +change the factors of production. In the short + +414 +00:46:21,450 --> 00:46:26,810 +run, if one of these factors of production is + +415 +00:46:26,810 --> 00:46:30,200 +fixed, Here we're talking about a short run, + +416 +00:46:30,700 --> 00:46:35,880 +regardless the period, regardless the period of + +417 +00:46:35,880 --> 00:46:40,720 +time. But if the producer can change all these + +418 +00:46:40,720 --> 00:46:43,640 +factors, production, here we're talking about long + +419 +00:46:43,640 --> 00:46:49,600 +run. Now, let's go to study the relationship + +420 +00:46:49,600 --> 00:46:53,500 +between labor, machinery, and production. + +421 +00:47:00,200 --> 00:47:04,260 +So let's go to this example to understand the idea + +422 +00:47:04,260 --> 00:47:07,940 +of production theory. That we have the following + +423 +00:47:07,940 --> 00:47:11,060 +information, the following data about the + +424 +00:47:11,060 --> 00:47:11,500 +producer. + +425 +00:47:43,240 --> 00:47:45,400 +labor, machinery, + +426 +00:47:48,860 --> 00:47:54,880 +total + +427 +00:47:54,880 --> 00:47:55,940 +production of labor, + +428 +00:48:07,970 --> 00:48:13,530 +Total production labor, TPL. Average production + +429 +00:48:13,530 --> 00:48:18,750 +labor, APL, + +430 +00:48:19,130 --> 00:48:22,410 +average production labor, and the marginal + +431 +00:48:22,410 --> 00:48:32,030 +production labor. Labor, zero, one, two, + +432 +00:48:39,090 --> 00:48:51,110 +3, 4, 5, 6, 7, 8, 9, 10. + +433 +00:48:54,190 --> 00:48:59,270 +4, 5, 6, 7, 8, 9, 10. + +434 +00:49:05,390 --> 00:49:07,290 +Producers machinery. + +435 +00:49:18,150 --> 00:49:19,670 +Six. Zero, + +436 +00:49:34,890 --> 00:49:39,170 +fifty, one hundred twenty, one hundred eight. + +437 +00:49:42,050 --> 00:49:52,830 +220, 250, 270, 280, 280, + +438 +00:49:53,770 --> 00:49:58,130 +270, 250. + +439 +00:50:19,430 --> 00:50:22,610 +Shall we start? Okay. + +440 +00:50:34,290 --> 00:50:39,730 +In this example, we have two factors of + +441 +00:50:39,730 --> 00:50:43,210 +production, labor and machines. Labor and capital. + +442 +00:50:45,410 --> 00:50:48,670 +And here we are talking about a short term, + +443 +00:50:49,090 --> 00:50:53,370 +because the number of machinery, the number of + +444 +00:50:53,370 --> 00:51:02,670 +machines is fixed. Right? If the government or the + +445 +00:51:02,670 --> 00:51:10,990 +producer used zero labor and six machines, the + +446 +00:51:10,990 --> 00:51:15,440 +total production equals zero, which means The + +447 +00:51:15,440 --> 00:51:20,620 +labor here is complement to the machine, not + +448 +00:51:20,620 --> 00:51:29,680 +substitute. Adding one worker and six machines + +449 +00:51:29,680 --> 00:51:34,020 +will give us 50 units. + +450 +00:51:36,020 --> 00:51:42,400 +Adding more machines and more workers will give us + +451 +00:51:42,400 --> 00:51:48,750 +more products. More production. One or two workers + +452 +00:51:48,750 --> 00:51:52,910 +with six machines will give us 120. Three + +453 +00:51:52,910 --> 00:51:55,730 +machines, three workers with six machines, 180. + +454 +00:51:56,310 --> 00:51:57,050 +And what do you see here? + +455 +00:52:00,590 --> 00:52:08,930 +The first worker increased the production by 50 + +456 +00:52:08,930 --> 00:52:15,320 +units. The second adding more worker will give us + +457 +00:52:15,320 --> 00:52:21,520 +or increase the production by 70, then by 60, by + +458 +00:52:21,520 --> 00:52:27,240 +40, by 30. Here we have an increasing in the + +459 +00:52:27,240 --> 00:52:32,120 +output here. The output is increased or the total + +460 +00:52:32,120 --> 00:52:34,480 +production labor is increasing. + +461 +00:52:42,660 --> 00:52:51,720 +This worker, the worker number eight. Adding the + +462 +00:52:51,720 --> 00:52:52,980 +worker number nine. + +463 +00:52:58,020 --> 00:53:03,320 +Decrease the production from 280 to 270. + +464 +00:53:12,060 --> 00:53:15,480 +I was working in a sewing factory. Okay? We put + +465 +00:53:15,480 --> 00:53:19,460 +one machine and it gave me 50. The second one, we + +466 +00:53:19,460 --> 00:53:21,820 +put it and it became this much. The third one, + +467 +00:53:22,100 --> 00:53:26,460 +okay? A little bit, a little bit. This one that we + +468 +00:53:26,460 --> 00:53:28,420 +put didn't do anything. Do you know why? Because + +469 +00:53:28,420 --> 00:53:32,020 +it's a look look. It's a talk. That's what + +470 +00:53:32,020 --> 00:53:35,830 +happened. Because, look. Six workers need six + +471 +00:53:35,830 --> 00:53:37,890 +places. Yes. And there is someone who works for + +472 +00:53:37,890 --> 00:53:41,810 +them. He brings cloth pieces for them and so on. + +473 +00:53:42,130 --> 00:53:44,730 +Okay? Someone works for them. But as soon as they + +474 +00:53:44,730 --> 00:53:48,570 +start working for them, things stop being + +475 +00:53:48,570 --> 00:53:52,730 +feasible. Right? Because he wants to talk to that + +476 +00:53:52,730 --> 00:53:54,750 +person. He brings them twenty pieces. He stops + +477 +00:53:54,750 --> 00:53:57,710 +bringing them eighteen pieces. Okay? He starts + +478 +00:53:57,710 --> 00:53:58,750 +decreasing. + +479 +00:54:01,030 --> 00:54:06,190 +Okay? Okay. So let's go to the average production + +480 +00:54:06,190 --> 00:54:09,390 +labor. So average APL, + +481 +00:54:11,850 --> 00:54:18,190 +average production of labor. + +482 +00:54:22,130 --> 00:54:29,190 +APL equals total production labor over L or + +483 +00:54:29,190 --> 00:54:35,810 +equality over L. the quota produced over the + +484 +00:54:35,810 --> 00:54:36,690 +number of workers. + +485 +00:54:39,450 --> 00:54:45,010 +50 over + +486 +00:54:45,010 --> 00:54:55,430 +1. The first case, 50 over 1, 50. 120 over 2, 60. + +487 +00:54:57,250 --> 00:55:07,440 +180 over 3 equals 60. 220 over 4. How much is + +488 +00:55:07,440 --> 00:55:14,520 +this? I'll take the data. Sorry? 55. What do they + +489 +00:55:14,520 --> 00:55:14,600 +count? + +490 +00:55:19,140 --> 00:55:20,180 +50. + +491 +00:55:22,820 --> 00:55:31,700 +44, 45, 40. 35, 30. + +492 +00:55:32,860 --> 00:55:40,100 +25. I think the results are correct. Okay. What + +493 +00:55:40,100 --> 00:55:43,540 +about the marginal production labor? Do you + +494 +00:55:43,540 --> 00:55:45,940 +remember total utility and marginal utility? The + +495 +00:55:45,940 --> 00:55:51,780 +same. The marginal production of labor. Marginal + +496 +00:55:51,780 --> 00:55:57,700 +production of labor. + +497 +00:56:00,320 --> 00:56:01,140 +MPL. + +498 +00:56:03,640 --> 00:56:07,060 +equals the change in total production of labor, + +499 +00:56:07,400 --> 00:56:10,900 +change in total production of labor over the + +500 +00:56:10,900 --> 00:56:15,160 +change of labor, number of workers. Which means + +501 +00:56:15,160 --> 00:56:18,580 +what will happen to the total production of labor + +502 +00:56:18,580 --> 00:56:22,740 +when the number of workers increase or goes up? + +503 +00:56:24,300 --> 00:56:30,240 +What do you see? It's quite similar to the total + +504 +00:56:30,240 --> 00:56:33,210 +utility and marginal utility. This is what you + +505 +00:56:33,210 --> 00:56:37,090 +remember. We had Mu, marginal utility, change in + +506 +00:56:37,090 --> 00:56:39,930 +total utility over change in quantity. If we add + +507 +00:56:39,930 --> 00:56:42,590 +this, what happens? This increases or declines or + +508 +00:56:42,590 --> 00:56:50,610 +sometimes fixes. Okay? So here, MPL equals change + +509 +00:56:50,610 --> 00:56:55,910 +in total production labor, 50 minus zero over one + +510 +00:56:55,910 --> 00:57:04,880 +minus zero. Fifty. 120 minus 50 over 2 minus 1. + +511 +00:57:05,560 --> 00:57:21,480 +70, 60, 40, 30, 20, 10, 0, minus 10, minus 20. + +512 +00:57:23,440 --> 00:57:28,780 +Right? Correct? Perfect. Let's draw the graph that + +513 +00:57:28,780 --> 00:57:32,800 +shows the relationship between total production of + +514 +00:57:32,800 --> 00:57:35,640 +labor marginal and average. + +515 +00:57:42,100 --> 00:57:51,580 +So the + +516 +00:57:51,580 --> 00:57:52,040 +graph + +517 +00:58:09,290 --> 00:58:14,330 +number of workers and what produced or total + +518 +00:58:14,330 --> 00:58:15,270 +production of labor. + +519 +00:58:18,910 --> 00:58:23,750 +Honestly, let's study the relationship between the + +520 +00:58:23,750 --> 00:58:26,590 +number of workers and the total production of + +521 +00:58:26,590 --> 00:58:32,910 +labor. The number of workers is increasing and the + +522 +00:58:32,910 --> 00:58:35,570 +total production of labor here is increasing. + +523 +00:58:38,130 --> 00:58:46,350 +fixed, reached the peak, and then went down. This + +524 +00:58:46,350 --> 00:58:50,670 +is + +525 +00:58:50,670 --> 00:58:54,570 +the total production labor. The total production + +526 +00:58:54,570 --> 00:59:00,510 +labor reached the peak at the point at the worker + +527 +00:59:00,510 --> 00:59:05,390 +numbers eight or seven years. + +528 +00:59:10,150 --> 00:59:16,710 +And then start to go down. Because after this + +529 +00:59:16,710 --> 00:59:21,050 +point, the total production labor started to + +530 +00:59:21,050 --> 00:59:26,130 +decline. What about the marginal production labor? + +531 +00:59:41,060 --> 00:59:46,560 +You're in PL. The same. + +532 +00:59:48,780 --> 00:59:54,720 +Increasing at + +533 +00:59:54,720 --> 00:59:58,560 +the worker number one. One. + +534 +01:00:05,490 --> 01:00:10,130 +كان خمسين، بعدين هيو increasing and then start to + +535 +01:00:10,130 --> 01:00:17,650 +decline. Zero and negative. It becomes zero at the + +536 +01:00:17,650 --> 01:00:22,130 +number worker or the worker number eight. صح؟ هيو + +537 +01:00:22,130 --> 01:00:26,530 +عند العامل رقم تمانية. The marginal production + +538 +01:00:26,530 --> 01:00:30,510 +labor equals zero and it start to be negative. + +539 +01:00:32,000 --> 01:00:38,840 +What about the average production labor, APL? APL. + +540 +01:00:47,280 --> 01:00:49,620 +This is the average production labor. + +541 +01:01:08,770 --> 01:01:13,990 +Here we are talking about three stages. The + +542 +01:01:13,990 --> 01:01:21,970 +average production labor increasing reach + +543 +01:01:21,970 --> 01:01:25,830 +the peak at the worker number three. + +544 +01:01:29,380 --> 01:01:32,340 +60 at worker number 3 + diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/XbDzOuwvzG4_raw.json b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/XbDzOuwvzG4_raw.json new file mode 100644 index 0000000000000000000000000000000000000000..b9bb2e4f0898fdf368c8fda55c326fce24972260 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/XbDzOuwvzG4_raw.json @@ -0,0 +1 @@ +{"segments": [{"id": 1, "seek": 4797, "start": 21.35, "end": 47.97, "text": " Today, inshallah, we are going to complete our talk about the consumer equilibrium using the indifference curve and the budget line theory. In the last class, we said that the consumer equilibrium occurs when the budget line tangents the indifference curve. 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All right? Now, let's have a fun question about an exercise related to this point. 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And he or she wants to allocate his income or her income to buy two products only, X and Y, flour and sugar. 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Number one, derive and draw the budget line. 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Assumptions, the flour is a product X and the sugar is a product Y. 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How many units? How many units? 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No point of why. Should the consumer buy? Should the consumer buy? Number four.", "tokens": [24576, 13, 883, 935, 295, 983, 13, 6454, 264, 9711, 2256, 30, 6454, 264, 9711, 2256, 30, 5118, 1451, 13], "avg_logprob": -0.38541666099003385, "compression_ratio": 1.2428571428571429, "no_speech_prob": 0.0, "words": [{"start": 298.57, "end": 299.15, "word": " Sugar.", "probability": 0.556640625}, {"start": 301.31, "end": 302.21, "word": " No", "probability": 0.82421875}, {"start": 302.21, "end": 302.57, "word": " point", "probability": 0.1563720703125}, {"start": 302.57, "end": 302.73, "word": " of", "probability": 0.77099609375}, {"start": 302.73, "end": 303.05, "word": " why.", "probability": 0.7626953125}, {"start": 305.45, "end": 305.93, "word": " Should", "probability": 0.90185546875}, {"start": 305.93, "end": 306.71, "word": " the", "probability": 0.8837890625}, {"start": 306.71, "end": 307.41, "word": " consumer", "probability": 0.82861328125}, {"start": 307.41, "end": 307.91, "word": " buy?", "probability": 0.91064453125}, {"start": 308.41, "end": 308.73, "word": " Should", "probability": 0.89697265625}, {"start": 308.73, "end": 312.97, "word": " the", "probability": 0.68115234375}, {"start": 312.97, "end": 313.67, "word": " consumer", "probability": 0.86279296875}, {"start": 313.67, "end": 317.79, "word": " buy?", "probability": 0.90673828125}, {"start": 322.63, "end": 323.91, "word": " Number", "probability": 0.8349609375}, {"start": 323.91, "end": 324.27, "word": " four.", "probability": 0.84814453125}], "temperature": 1.0}, {"id": 11, "seek": 35745, "start": 332.27, "end": 357.45, "text": " If the price per sack of flour declined to 70%", "tokens": [759, 264, 3218, 680, 33209, 295, 7693, 29213, 281, 5285, 4], "avg_logprob": -0.2910156274835269, "compression_ratio": 0.8867924528301887, "no_speech_prob": 0.0, "words": [{"start": 332.27, "end": 332.59, "word": " If", "probability": 0.64990234375}, {"start": 332.59, "end": 332.73, "word": " the", "probability": 0.89990234375}, {"start": 332.73, "end": 333.31, "word": " price", "probability": 0.92626953125}, {"start": 333.31, "end": 338.21, "word": " per", "probability": 0.371337890625}, {"start": 338.21, "end": 338.57, "word": " sack", "probability": 0.94970703125}, {"start": 338.57, "end": 338.75, "word": " of", "probability": 0.9736328125}, {"start": 338.75, "end": 339.17, "word": " flour", "probability": 0.95068359375}, {"start": 339.17, "end": 347.77, "word": " declined", "probability": 0.61376953125}, {"start": 347.77, "end": 350.45, "word": " to", "probability": 0.9638671875}, {"start": 350.45, "end": 357.13, "word": " 70", "probability": 0.755859375}, {"start": 357.13, "end": 357.45, "word": "%", "probability": 0.55078125}], "temperature": 1.0}, {"id": 12, "seek": 39194, "start": 363.98, "end": 391.94, "text": " Shake it. Derive and draw the new budget line. Number one, derive and draw", "tokens": [27809, 309, 13, 5618, 488, 293, 2642, 264, 777, 4706, 1622, 13, 5118, 472, 11, 28446, 293, 2642], "avg_logprob": -0.2506167731787029, "compression_ratio": 1.0714285714285714, "no_speech_prob": 0.0, "words": [{"start": 363.98, "end": 364.38, "word": " Shake", "probability": 0.421630859375}, {"start": 364.38, "end": 364.6, "word": " it.", "probability": 0.7724609375}, {"start": 382.86, "end": 383.66, "word": " Derive", "probability": 0.77587890625}, {"start": 383.66, "end": 384.1, "word": " and", "probability": 0.94677734375}, {"start": 384.1, "end": 384.6, "word": " draw", "probability": 0.74951171875}, {"start": 384.6, "end": 385.36, "word": " the", "probability": 0.89697265625}, {"start": 385.36, "end": 385.64, "word": " new", "probability": 0.91162109375}, {"start": 385.64, "end": 386.0, "word": " budget", "probability": 0.88916015625}, {"start": 386.0, "end": 386.38, "word": " line.", "probability": 0.9453125}, {"start": 389.66, "end": 389.88, "word": " Number", "probability": 0.312744140625}, {"start": 389.88, "end": 390.24, "word": " one,", "probability": 0.9169921875}, {"start": 390.56, "end": 391.08, "word": " derive", "probability": 0.89111328125}, {"start": 391.08, "end": 391.54, "word": " and", "probability": 0.9443359375}, {"start": 391.54, "end": 391.94, "word": " draw", "probability": 0.85009765625}], "temperature": 1.0}, {"id": 13, "seek": 42420, "start": 401.08, "end": 424.2, "text": " drew the new budget line and the budget line formula and the budget line formula number five", "tokens": [12804, 264, 777, 4706, 1622, 293, 264, 4706, 1622, 8513, 293, 264, 4706, 1622, 8513, 1230, 1732], "avg_logprob": -0.3721788260671828, "compression_ratio": 1.576271186440678, "no_speech_prob": 0.0, "words": [{"start": 401.08, "end": 402.0, "word": " drew", "probability": 0.1292724609375}, {"start": 402.0, "end": 402.92, "word": " the", "probability": 0.783203125}, {"start": 402.92, "end": 403.34, "word": " new", "probability": 0.85205078125}, {"start": 403.34, "end": 406.08, "word": " budget", "probability": 0.78759765625}, {"start": 406.08, "end": 406.5, "word": " line", "probability": 0.91796875}, {"start": 406.5, "end": 412.56, "word": " and", "probability": 0.68505859375}, {"start": 412.56, "end": 412.7, "word": " the", "probability": 0.6240234375}, {"start": 412.7, "end": 412.96, "word": " budget", "probability": 0.8603515625}, {"start": 412.96, "end": 413.28, "word": " line", "probability": 0.92236328125}, {"start": 413.28, "end": 413.74, "word": " formula", "probability": 0.91015625}, {"start": 413.74, "end": 416.08, "word": " and", "probability": 0.480224609375}, {"start": 416.08, "end": 416.18, "word": " the", "probability": 0.8583984375}, {"start": 416.18, "end": 416.42, "word": " budget", "probability": 0.89013671875}, {"start": 416.42, "end": 416.9, "word": " line", "probability": 0.921875}, {"start": 416.9, "end": 418.64, "word": " formula", "probability": 0.87841796875}, {"start": 418.64, "end": 423.86, "word": " number", "probability": 0.331298828125}, {"start": 423.86, "end": 424.2, "word": " five", "probability": 0.69921875}], "temperature": 1.0}, {"id": 14, "seek": 45741, "start": 432.91, "end": 457.41, "text": " Five. Number five. Using graph, derive and draw. Derive and draw. Yes. If the consumer equilibrium. So the price F.", "tokens": [9436, 13, 5118, 1732, 13, 11142, 4295, 11, 28446, 293, 2642, 13, 5618, 488, 293, 2642, 13, 1079, 13, 759, 264, 9711, 15625, 13, 407, 264, 3218, 479, 13], "avg_logprob": -0.3880208353201548, "compression_ratio": 1.1958762886597938, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 432.9100000000001, "end": 434.19000000000005, "word": " Five.", "probability": 0.6611328125}, {"start": 434.19000000000005, "end": 435.47, "word": " Number", "probability": 0.5654296875}, {"start": 435.47, "end": 438.93, "word": " five.", "probability": 0.8232421875}, {"start": 443.63, "end": 444.23, "word": " Using", "probability": 0.187744140625}, {"start": 444.23, "end": 444.95, "word": " graph,", "probability": 0.78662109375}, {"start": 446.09, "end": 446.49, "word": " derive", "probability": 0.53173828125}, {"start": 446.49, "end": 446.73, "word": " and", "probability": 0.845703125}, {"start": 446.73, "end": 447.09, "word": " draw.", "probability": 0.46484375}, {"start": 448.29, "end": 449.17, "word": " Derive", "probability": 0.724853515625}, {"start": 449.17, "end": 449.37, "word": " and", "probability": 0.94384765625}, {"start": 449.37, "end": 449.61, "word": " draw.", "probability": 0.87353515625}, {"start": 449.87, "end": 450.01, "word": " Yes.", "probability": 0.92626953125}, {"start": 451.37, "end": 451.73, "word": " If", "probability": 0.814453125}, {"start": 451.73, "end": 451.93, "word": " the", "probability": 0.9140625}, {"start": 451.93, "end": 452.37, "word": " consumer", "probability": 0.84033203125}, {"start": 452.37, "end": 453.05, "word": " equilibrium.", "probability": 0.92138671875}, {"start": 454.55, "end": 455.83, "word": " So", "probability": 0.4814453125}, {"start": 455.83, "end": 456.01, "word": " the", "probability": 0.650390625}, {"start": 456.01, "end": 456.61, "word": " price", "probability": 0.9208984375}, {"start": 456.61, "end": 457.41, "word": " F.", "probability": 0.66796875}], "temperature": 1.0}, {"id": 15, "seek": 47894, "start": 459.1, "end": 478.94, "text": " the new consumer equilibrium occurs when QX equals", "tokens": [264, 777, 9711, 15625, 11843, 562, 1249, 55, 6915], "avg_logprob": -0.530468738079071, "compression_ratio": 0.8947368421052632, "no_speech_prob": 0.0, "words": [{"start": 459.1, "end": 459.38, "word": " the", "probability": 0.49365234375}, {"start": 459.38, "end": 459.78, "word": " new", "probability": 0.89599609375}, {"start": 459.78, "end": 461.74, "word": " consumer", "probability": 0.791015625}, {"start": 461.74, "end": 462.44, "word": " equilibrium", "probability": 0.88232421875}, {"start": 462.44, "end": 471.52, "word": " occurs", "probability": 0.73974609375}, {"start": 471.52, "end": 473.6, "word": " when", "probability": 0.923828125}, {"start": 473.6, "end": 475.92, "word": " QX", "probability": 0.23797607421875}, {"start": 475.92, "end": 478.94, "word": " equals", "probability": 0.572265625}], "temperature": 1.0}, {"id": 16, "seek": 51048, "start": 489.26, "end": 510.48, "text": " X equals Y. Determine or calculate QY. X plane using graph, on the graph.", "tokens": [1783, 6915, 398, 13, 4237, 966, 533, 420, 8873, 1249, 56, 13, 1783, 5720, 1228, 4295, 11, 322, 264, 4295, 13], "avg_logprob": -0.5422585308551788, "compression_ratio": 1.0, "no_speech_prob": 0.0, "words": [{"start": 489.26, "end": 489.52, "word": " X", "probability": 0.1866455078125}, {"start": 489.52, "end": 490.98, "word": " equals", "probability": 0.826171875}, {"start": 490.98, "end": 492.68, "word": " Y.", "probability": 0.312744140625}, {"start": 496.34, "end": 497.58, "word": " Determine", "probability": 0.9060872395833334}, {"start": 497.58, "end": 498.24, "word": " or", "probability": 0.9296875}, {"start": 498.24, "end": 499.04, "word": " calculate", "probability": 0.90576171875}, {"start": 499.04, "end": 503.02, "word": " QY.", "probability": 0.686279296875}, {"start": 507.08, "end": 507.96, "word": " X", "probability": 0.405517578125}, {"start": 507.96, "end": 508.28, "word": " plane", "probability": 0.12646484375}, {"start": 508.28, "end": 508.66, "word": " using", "probability": 0.7685546875}, {"start": 508.66, "end": 509.24, "word": " graph,", "probability": 0.9326171875}, {"start": 509.54, "end": 509.96, "word": " on", "probability": 0.68798828125}, {"start": 509.96, "end": 510.1, "word": " the", "probability": 0.87255859375}, {"start": 510.1, "end": 510.48, "word": " graph.", "probability": 0.955078125}], "temperature": 1.0}, {"id": 17, "seek": 54827, "start": 519.83, "end": 548.27, "text": " Using graph. Number six. Draw the demand curve for product X. Draw.", "tokens": [11142, 4295, 13, 5118, 2309, 13, 20386, 264, 4733, 7605, 337, 1674, 1783, 13, 20386, 13], "avg_logprob": -0.2835477941176471, "compression_ratio": 0.9444444444444444, "no_speech_prob": 0.0, "words": [{"start": 519.83, "end": 520.25, "word": " Using", "probability": 0.4189453125}, {"start": 520.25, "end": 520.75, "word": " graph.", "probability": 0.77001953125}, {"start": 526.31, "end": 527.27, "word": " Number", "probability": 0.8203125}, {"start": 527.27, "end": 527.69, "word": " six.", "probability": 0.72412109375}, {"start": 533.49, "end": 534.45, "word": " Draw", "probability": 0.145263671875}, {"start": 534.45, "end": 543.29, "word": " the", "probability": 0.8916015625}, {"start": 543.29, "end": 543.75, "word": " demand", "probability": 0.91943359375}, {"start": 543.75, "end": 544.03, "word": " curve", "probability": 0.94970703125}, {"start": 544.03, "end": 544.29, "word": " for", "probability": 0.939453125}, {"start": 544.29, "end": 544.65, "word": " product", "probability": 0.8662109375}, {"start": 544.65, "end": 545.05, "word": " X.", "probability": 0.66259765625}, {"start": 547.31, "end": 548.27, "word": " Draw.", "probability": 0.84326171875}], "temperature": 1.0}, {"id": 18, "seek": 57922, "start": 551.22, "end": 579.22, "text": " The demand curve for product X. The flower. Is it elastic and ed? Yes, sorry. And the new prices. Old and the new.", "tokens": [440, 4733, 7605, 337, 1674, 1783, 13, 440, 8617, 13, 1119, 309, 17115, 293, 1257, 30, 1079, 11, 2597, 13, 400, 264, 777, 7901, 13, 8633, 293, 264, 777, 13], "avg_logprob": -0.29460685868417064, "compression_ratio": 1.1386138613861385, "no_speech_prob": 0.0, "words": [{"start": 551.22, "end": 551.46, "word": " The", "probability": 0.65234375}, {"start": 551.46, "end": 551.86, "word": " demand", "probability": 0.91552734375}, {"start": 551.86, "end": 552.24, "word": " curve", "probability": 0.91552734375}, {"start": 552.24, "end": 553.98, "word": " for", "probability": 0.90673828125}, {"start": 553.98, "end": 554.42, "word": " product", "probability": 0.798828125}, {"start": 554.42, "end": 554.82, "word": " X.", "probability": 0.6826171875}, {"start": 559.06, "end": 559.84, "word": " The", "probability": 0.27880859375}, {"start": 559.84, "end": 560.94, "word": " flower.", "probability": 0.65478515625}, {"start": 566.06, "end": 566.84, "word": " Is", "probability": 0.91015625}, {"start": 566.84, "end": 567.06, "word": " it", "probability": 0.94091796875}, {"start": 567.06, "end": 567.6, "word": " elastic", "probability": 0.95654296875}, {"start": 567.6, "end": 568.1, "word": " and", "probability": 0.9228515625}, {"start": 568.1, "end": 568.44, "word": " ed?", "probability": 0.39990234375}, {"start": 568.62, "end": 568.84, "word": " Yes,", "probability": 0.95068359375}, {"start": 568.96, "end": 569.16, "word": " sorry.", "probability": 0.84765625}, {"start": 574.78, "end": 575.56, "word": " And", "probability": 0.405517578125}, {"start": 575.56, "end": 575.68, "word": " the", "probability": 0.8017578125}, {"start": 575.68, "end": 575.84, "word": " new", "probability": 0.92822265625}, {"start": 575.84, "end": 576.42, "word": " prices.", "probability": 0.8818359375}, {"start": 578.3, "end": 578.68, "word": " Old", "probability": 0.9384765625}, {"start": 578.68, "end": 578.88, "word": " and", "probability": 0.93798828125}, {"start": 578.88, "end": 579.04, "word": " the", "probability": 0.43505859375}, {"start": 579.04, "end": 579.22, "word": " new.", "probability": 0.90966796875}], "temperature": 1.0}, {"id": 19, "seek": 61321, "start": 584.01, "end": 613.21, "text": " new one. Here, the original price was 100, right? How much was the quantity Y? The equilibrium quantity was seven, right? How much is the new price X and the new quantity? Yes. Is it elastic or inelastic? And calculate", "tokens": [777, 472, 13, 1692, 11, 264, 3380, 3218, 390, 2319, 11, 558, 30, 1012, 709, 390, 264, 11275, 398, 30, 440, 15625, 11275, 390, 3407, 11, 558, 30, 1012, 709, 307, 264, 777, 3218, 1783, 293, 264, 777, 11275, 30, 1079, 13, 1119, 309, 17115, 420, 294, 338, 2750, 30, 400, 8873], "avg_logprob": -0.2392393856678369, "compression_ratio": 1.5208333333333333, "no_speech_prob": 0.0, "words": [{"start": 584.01, "end": 584.15, "word": " new", "probability": 0.261474609375}, {"start": 584.15, "end": 584.43, "word": " one.", "probability": 0.8837890625}, {"start": 584.93, "end": 585.33, "word": " Here,", "probability": 0.7958984375}, {"start": 585.55, "end": 585.73, "word": " the", "probability": 0.91552734375}, {"start": 585.73, "end": 586.11, "word": " original", "probability": 0.93603515625}, {"start": 586.11, "end": 586.57, "word": " price", "probability": 0.9111328125}, {"start": 586.57, "end": 586.97, "word": " was", "probability": 0.95458984375}, {"start": 586.97, "end": 587.45, "word": " 100,", "probability": 0.6796875}, {"start": 588.15, "end": 588.55, "word": " right?", "probability": 0.88134765625}, {"start": 589.99, "end": 590.87, "word": " How", "probability": 0.93701171875}, {"start": 590.87, "end": 591.23, "word": " much", "probability": 0.912109375}, {"start": 591.23, "end": 591.91, "word": " was", "probability": 0.95703125}, {"start": 591.91, "end": 592.51, "word": " the", "probability": 0.92041015625}, {"start": 592.51, "end": 593.85, "word": " quantity", "probability": 0.931640625}, {"start": 593.85, "end": 594.65, "word": " Y?", "probability": 0.36083984375}, {"start": 595.45, "end": 595.65, "word": " The", "probability": 0.84521484375}, {"start": 595.65, "end": 596.03, "word": " equilibrium", "probability": 0.91259765625}, {"start": 596.03, "end": 596.51, "word": " quantity", "probability": 0.79296875}, {"start": 596.51, "end": 596.83, "word": " was", "probability": 0.9189453125}, {"start": 596.83, "end": 597.21, "word": " seven,", "probability": 0.5107421875}, {"start": 597.67, "end": 598.07, "word": " right?", "probability": 0.88720703125}, {"start": 598.55, "end": 599.29, "word": " How", "probability": 0.9638671875}, {"start": 599.29, "end": 599.77, "word": " much", "probability": 0.91162109375}, {"start": 599.77, "end": 600.61, "word": " is", "probability": 0.947265625}, {"start": 600.61, "end": 600.81, "word": " the", "probability": 0.9169921875}, {"start": 600.81, "end": 601.07, "word": " new", "probability": 0.90576171875}, {"start": 601.07, "end": 601.49, "word": " price", "probability": 0.9189453125}, {"start": 601.49, "end": 601.97, "word": " X", "probability": 0.859375}, {"start": 601.97, "end": 605.11, "word": " and", "probability": 0.388916015625}, {"start": 605.11, "end": 605.25, "word": " the", "probability": 0.822265625}, {"start": 605.25, "end": 605.45, "word": " new", "probability": 0.8994140625}, {"start": 605.45, "end": 605.77, "word": " quantity?", "probability": 0.83154296875}, {"start": 606.21, "end": 606.21, "word": " Yes.", "probability": 0.5146484375}, {"start": 607.39, "end": 608.27, "word": " Is", "probability": 0.9306640625}, {"start": 608.27, "end": 608.55, "word": " it", "probability": 0.9462890625}, {"start": 608.55, "end": 609.17, "word": " elastic", "probability": 0.9521484375}, {"start": 609.17, "end": 609.43, "word": " or", "probability": 0.94384765625}, {"start": 609.43, "end": 610.01, "word": " inelastic?", "probability": 0.94189453125}, {"start": 611.93, "end": 612.81, "word": " And", "probability": 0.6357421875}, {"start": 612.81, "end": 613.21, "word": " calculate", "probability": 0.8603515625}], "temperature": 1.0}, {"id": 20, "seek": 63421, "start": 623.55, "end": 634.21, "text": " The price elasticity of demand. Let's go to a solution for this exercise.", "tokens": [440, 3218, 46260, 295, 4733, 13, 961, 311, 352, 281, 257, 3827, 337, 341, 5380, 13], "avg_logprob": -0.16245404411764705, "compression_ratio": 1.0136986301369864, "no_speech_prob": 0.0, "words": [{"start": 623.55, "end": 623.79, "word": " The", "probability": 0.386962890625}, {"start": 623.79, "end": 624.11, "word": " price", "probability": 0.85546875}, {"start": 624.11, "end": 624.65, "word": " elasticity", "probability": 0.95458984375}, {"start": 624.65, "end": 625.23, "word": " of", "probability": 0.9716796875}, {"start": 625.23, "end": 625.63, "word": " demand.", "probability": 0.9248046875}, {"start": 628.99, "end": 629.91, "word": " Let's", "probability": 0.953125}, {"start": 629.91, "end": 630.11, "word": " go", "probability": 0.96826171875}, {"start": 630.11, "end": 630.57, "word": " to", "probability": 0.958984375}, {"start": 630.57, "end": 631.99, "word": " a", "probability": 0.6982421875}, {"start": 631.99, "end": 632.39, "word": " solution", "probability": 0.958984375}, {"start": 632.39, "end": 632.77, "word": " for", "probability": 0.94921875}, {"start": 632.77, "end": 633.29, "word": " this", "probability": 0.9443359375}, {"start": 633.29, "end": 634.21, "word": " exercise.", "probability": 0.88134765625}], "temperature": 1.0}, {"id": 21, "seek": 68478, "start": 659.1, "end": 684.78, "text": " In this example, we have a consumer. This consumer is granted a salary or a wage or income of 1,000 shekels, and he tends to allocate this income to buy two products, X and Y. X is the flour and Y is sugar. Let's derive number one.", "tokens": [682, 341, 1365, 11, 321, 362, 257, 9711, 13, 639, 9711, 307, 12344, 257, 15360, 420, 257, 15444, 420, 5742, 295, 502, 11, 1360, 750, 7124, 82, 11, 293, 415, 12258, 281, 35713, 341, 5742, 281, 2256, 732, 3383, 11, 1783, 293, 398, 13, 1783, 307, 264, 7693, 293, 398, 307, 5076, 13, 961, 311, 28446, 1230, 472, 13], "avg_logprob": -0.1513020873069763, "compression_ratio": 1.406060606060606, "no_speech_prob": 0.0, "words": [{"start": 659.1, "end": 659.34, "word": " In", "probability": 0.87255859375}, {"start": 659.34, "end": 659.56, "word": " this", "probability": 0.9462890625}, {"start": 659.56, "end": 660.04, "word": " example,", "probability": 0.97802734375}, {"start": 660.92, "end": 661.94, "word": " we", "probability": 0.95654296875}, {"start": 661.94, "end": 662.2, "word": " have", "probability": 0.94921875}, {"start": 662.2, "end": 662.36, "word": " a", "probability": 0.93115234375}, {"start": 662.36, "end": 662.78, "word": " consumer.", "probability": 0.8525390625}, {"start": 663.7, "end": 664.36, "word": " This", "probability": 0.89501953125}, {"start": 664.36, "end": 664.9, "word": " consumer", "probability": 0.7783203125}, {"start": 664.9, "end": 665.14, "word": " is", "probability": 0.8955078125}, {"start": 665.14, "end": 665.5, "word": " granted", "probability": 0.87841796875}, {"start": 665.5, "end": 665.76, "word": " a", "probability": 0.70556640625}, {"start": 665.76, "end": 666.0, "word": " salary", "probability": 0.94189453125}, {"start": 666.0, "end": 666.3, "word": " or", "probability": 0.85009765625}, {"start": 666.3, "end": 666.46, "word": " a", "probability": 0.82958984375}, {"start": 666.46, "end": 666.9, "word": " wage", "probability": 0.93408203125}, {"start": 666.9, "end": 667.14, "word": " or", "probability": 0.90478515625}, {"start": 667.14, "end": 667.7, "word": " income", "probability": 0.9091796875}, {"start": 667.7, "end": 668.72, "word": " of", "probability": 0.9609375}, {"start": 668.72, "end": 669.02, "word": " 1", "probability": 0.33056640625}, {"start": 669.02, "end": 669.84, "word": ",000", "probability": 0.98486328125}, {"start": 669.84, "end": 670.86, "word": " shekels,", "probability": 0.9376627604166666}, {"start": 671.28, "end": 671.92, "word": " and", "probability": 0.9345703125}, {"start": 671.92, "end": 672.12, "word": " he", "probability": 0.9560546875}, {"start": 672.12, "end": 672.4, "word": " tends", "probability": 0.712890625}, {"start": 672.4, "end": 672.6, "word": " to", "probability": 0.96728515625}, {"start": 672.6, "end": 672.98, "word": " allocate", "probability": 0.92333984375}, {"start": 672.98, "end": 673.34, "word": " this", "probability": 0.89794921875}, {"start": 673.34, "end": 673.68, "word": " income", "probability": 0.94384765625}, {"start": 673.68, "end": 673.94, "word": " to", "probability": 0.9658203125}, {"start": 673.94, "end": 674.2, "word": " buy", "probability": 0.9287109375}, {"start": 674.2, "end": 674.4, "word": " two", "probability": 0.93017578125}, {"start": 674.4, "end": 674.82, "word": " products,", "probability": 0.86669921875}, {"start": 675.0, "end": 675.14, "word": " X", "probability": 0.8349609375}, {"start": 675.14, "end": 675.36, "word": " and", "probability": 0.9462890625}, {"start": 675.36, "end": 675.72, "word": " Y.", "probability": 0.99658203125}, {"start": 676.06, "end": 676.38, "word": " X", "probability": 0.99072265625}, {"start": 676.38, "end": 676.7, "word": " is", "probability": 0.955078125}, {"start": 676.7, "end": 677.0, "word": " the", "probability": 0.9208984375}, {"start": 677.0, "end": 677.38, "word": " flour", "probability": 0.82275390625}, {"start": 677.38, "end": 678.04, "word": " and", "probability": 0.7216796875}, {"start": 678.04, "end": 678.78, "word": " Y", "probability": 0.99169921875}, {"start": 678.78, "end": 679.24, "word": " is", "probability": 0.9541015625}, {"start": 679.24, "end": 680.6, "word": " sugar.", "probability": 0.74609375}, {"start": 682.66, "end": 683.38, "word": " Let's", "probability": 0.89794921875}, {"start": 683.38, "end": 683.88, "word": " derive", "probability": 0.82958984375}, {"start": 683.88, "end": 684.48, "word": " number", "probability": 0.7978515625}, {"start": 684.48, "end": 684.78, "word": " one.", "probability": 0.84423828125}], "temperature": 1.0}, {"id": 22, "seek": 70326, "start": 685.7, "end": 703.26, "text": " derive and draw the budget line for this consumer. To derive the budget line, we have to calculate the quant of X and the quant of Y that can the consumer buy under the limited budget or the limited income. So quant of X,", "tokens": [28446, 293, 2642, 264, 4706, 1622, 337, 341, 9711, 13, 1407, 28446, 264, 4706, 1622, 11, 321, 362, 281, 8873, 264, 4426, 295, 1783, 293, 264, 4426, 295, 398, 300, 393, 264, 9711, 2256, 833, 264, 5567, 4706, 420, 264, 5567, 5742, 13, 407, 4426, 295, 1783, 11], "avg_logprob": -0.18207907676696777, "compression_ratio": 1.7209302325581395, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 685.7, "end": 686.22, "word": " derive", "probability": 0.4169921875}, {"start": 686.22, "end": 686.46, "word": " and", "probability": 0.9013671875}, {"start": 686.46, "end": 686.74, "word": " draw", "probability": 0.74658203125}, {"start": 686.74, "end": 686.94, "word": " the", "probability": 0.884765625}, {"start": 686.94, "end": 687.24, "word": " budget", "probability": 0.8642578125}, {"start": 687.24, "end": 687.64, "word": " line", "probability": 0.93017578125}, {"start": 687.64, "end": 688.04, "word": " for", "probability": 0.92724609375}, {"start": 688.04, "end": 688.5, "word": " this", "probability": 0.927734375}, {"start": 688.5, "end": 689.04, "word": " consumer.", "probability": 0.85498046875}, {"start": 689.82, "end": 690.3, "word": " To", "probability": 0.955078125}, {"start": 690.3, "end": 690.56, "word": " derive", "probability": 0.85546875}, {"start": 690.56, "end": 690.74, "word": " the", "probability": 0.90234375}, {"start": 690.74, "end": 691.0, "word": " budget", "probability": 0.89208984375}, {"start": 691.0, "end": 691.42, "word": " line,", "probability": 0.9404296875}, {"start": 691.96, "end": 692.16, "word": " we", "probability": 0.95751953125}, {"start": 692.16, "end": 692.38, "word": " have", "probability": 0.9462890625}, {"start": 692.38, "end": 692.54, "word": " to", "probability": 0.97314453125}, {"start": 692.54, "end": 693.18, "word": " calculate", "probability": 0.92041015625}, {"start": 693.18, "end": 693.78, "word": " the", "probability": 0.92919921875}, {"start": 693.78, "end": 694.06, "word": " quant", "probability": 0.219970703125}, {"start": 694.06, "end": 694.26, "word": " of", "probability": 0.8017578125}, {"start": 694.26, "end": 694.56, "word": " X", "probability": 0.681640625}, {"start": 694.56, "end": 694.84, "word": " and", "probability": 0.9453125}, {"start": 694.84, "end": 694.98, "word": " the", "probability": 0.80712890625}, {"start": 694.98, "end": 695.24, "word": " quant", "probability": 0.9814453125}, {"start": 695.24, "end": 695.44, "word": " of", "probability": 0.95849609375}, {"start": 695.44, "end": 695.76, "word": " Y", "probability": 0.99609375}, {"start": 695.76, "end": 696.32, "word": " that", "probability": 0.8759765625}, {"start": 696.32, "end": 696.68, "word": " can", "probability": 0.9169921875}, {"start": 696.68, "end": 696.86, "word": " the", "probability": 0.650390625}, {"start": 696.86, "end": 697.44, "word": " consumer", "probability": 0.83349609375}, {"start": 697.44, "end": 697.98, "word": " buy", "probability": 0.884765625}, {"start": 697.98, "end": 698.76, "word": " under", "probability": 0.578125}, {"start": 698.76, "end": 699.02, "word": " the", "probability": 0.9072265625}, {"start": 699.02, "end": 699.34, "word": " limited", "probability": 0.9365234375}, {"start": 699.34, "end": 699.8, "word": " budget", "probability": 0.90234375}, {"start": 699.8, "end": 700.1, "word": " or", "probability": 0.92236328125}, {"start": 700.1, "end": 700.26, "word": " the", "probability": 0.890625}, {"start": 700.26, "end": 700.58, "word": " limited", "probability": 0.93994140625}, {"start": 700.58, "end": 701.06, "word": " income.", "probability": 0.962890625}, {"start": 701.42, "end": 701.68, "word": " So", "probability": 0.94921875}, {"start": 701.68, "end": 702.78, "word": " quant", "probability": 0.56591796875}, {"start": 702.78, "end": 702.94, "word": " of", "probability": 0.96240234375}, {"start": 702.94, "end": 703.26, "word": " X,", "probability": 0.9755859375}], "temperature": 1.0}, {"id": 23, "seek": 73037, "start": 704.61, "end": 730.37, "text": " equals income over the price of eggs. You're talking about the quantity consumed of or the quantity of flour that the consumer can buy if he wants to buy only flour. If the consumer tends to buy only flour, he can buy what? X equals 1,000 over 100 equals 10, 10 sacks of flour.", "tokens": [6915, 5742, 670, 264, 3218, 295, 6466, 13, 509, 434, 1417, 466, 264, 11275, 21226, 295, 420, 264, 11275, 295, 7693, 300, 264, 9711, 393, 2256, 498, 415, 2738, 281, 2256, 787, 7693, 13, 759, 264, 9711, 12258, 281, 2256, 787, 7693, 11, 415, 393, 2256, 437, 30, 1783, 6915, 502, 11, 1360, 670, 2319, 6915, 1266, 11, 1266, 262, 7424, 295, 7693, 13], "avg_logprob": -0.18786057692307692, "compression_ratio": 1.6951219512195121, "no_speech_prob": 0.0, "words": [{"start": 704.61, "end": 705.23, "word": " equals", "probability": 0.58349609375}, {"start": 705.23, "end": 705.77, "word": " income", "probability": 0.93115234375}, {"start": 705.77, "end": 706.13, "word": " over", "probability": 0.91748046875}, {"start": 706.13, "end": 706.31, "word": " the", "probability": 0.921875}, {"start": 706.31, "end": 706.57, "word": " price", "probability": 0.91650390625}, {"start": 706.57, "end": 706.75, "word": " of", "probability": 0.9638671875}, {"start": 706.75, "end": 706.95, "word": " eggs.", "probability": 0.91064453125}, {"start": 707.03, "end": 707.17, "word": " You're", "probability": 0.592041015625}, {"start": 707.17, "end": 707.45, "word": " talking", "probability": 0.828125}, {"start": 707.45, "end": 707.99, "word": " about", "probability": 0.90234375}, {"start": 707.99, "end": 708.45, "word": " the", "probability": 0.81103515625}, {"start": 708.45, "end": 708.69, "word": " quantity", "probability": 0.77490234375}, {"start": 708.69, "end": 709.29, "word": " consumed", "probability": 0.8740234375}, {"start": 709.29, "end": 709.85, "word": " of", "probability": 0.87353515625}, {"start": 709.85, "end": 710.49, "word": " or", "probability": 0.701171875}, {"start": 710.49, "end": 710.71, "word": " the", "probability": 0.9267578125}, {"start": 710.71, "end": 711.43, "word": " quantity", "probability": 0.97802734375}, {"start": 711.43, "end": 712.27, "word": " of", "probability": 0.95361328125}, {"start": 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flour.", "probability": 0.9794921875}, {"start": 719.13, "end": 719.33, "word": " If", "probability": 0.8515625}, {"start": 719.33, "end": 719.47, "word": " the", "probability": 0.90625}, {"start": 719.47, "end": 719.79, "word": " consumer", "probability": 0.841796875}, {"start": 719.79, "end": 720.15, "word": " tends", "probability": 0.80712890625}, {"start": 720.15, "end": 720.37, "word": " to", "probability": 0.9658203125}, {"start": 720.37, "end": 720.57, "word": " buy", "probability": 0.916015625}, {"start": 720.57, "end": 720.87, "word": " only", "probability": 0.845703125}, {"start": 720.87, "end": 721.23, "word": " flour,", "probability": 0.978515625}, {"start": 721.61, "end": 721.67, "word": " he", "probability": 0.95751953125}, {"start": 721.67, "end": 721.99, "word": " can", "probability": 0.94580078125}, {"start": 721.99, "end": 722.47, "word": " buy", "probability": 0.9052734375}, {"start": 722.47, "end": 723.21, "word": " what?", "probability": 0.284423828125}, {"start": 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"end": 760.49, "text": " If the consumer wants to buy only flour, he can buy 10 sacks of flour, right? What about QY? If he wants to allocate his income to buy only sugar, what Y equals? Income over the price of Y, 1000 over 50 equals 20, right?", "tokens": [759, 264, 9711, 2738, 281, 2256, 787, 7693, 11, 415, 393, 2256, 1266, 262, 7424, 295, 7693, 11, 558, 30, 708, 466, 1249, 56, 30, 759, 415, 2738, 281, 35713, 702, 5742, 281, 2256, 787, 5076, 11, 437, 398, 6915, 30, 682, 1102, 670, 264, 3218, 295, 398, 11, 9714, 670, 2625, 6915, 945, 11, 558, 30], "avg_logprob": -0.20258621023646717, "compression_ratio": 1.4733333333333334, "no_speech_prob": 0.0, "words": [{"start": 731.97, "end": 732.23, "word": " If", "probability": 0.83251953125}, {"start": 732.23, "end": 732.37, "word": " the", "probability": 0.9072265625}, {"start": 732.37, "end": 732.81, "word": " consumer", "probability": 0.8359375}, {"start": 732.81, "end": 733.95, "word": " wants", "probability": 0.82275390625}, {"start": 733.95, "end": 734.21, "word": " to", "probability": 0.97119140625}, {"start": 734.21, "end": 734.47, "word": " buy", "probability": 0.91845703125}, {"start": 734.47, "end": 734.83, "word": " only", "probability": 0.72314453125}, {"start": 734.83, "end": 735.19, "word": " flour,", "probability": 0.88037109375}, {"start": 735.37, "end": 735.55, "word": " he", "probability": 0.96337890625}, {"start": 735.55, "end": 735.97, "word": " can", "probability": 0.94580078125}, {"start": 735.97, "end": 736.59, "word": " buy", "probability": 0.91552734375}, {"start": 736.59, "end": 737.55, "word": " 10", "probability": 0.7490234375}, {"start": 737.55, "end": 738.01, "word": " sacks", "probability": 0.724853515625}, {"start": 738.01, "end": 738.23, "word": " of", "probability": 0.9716796875}, {"start": 738.23, "end": 738.59, "word": " flour,", "probability": 0.95068359375}, {"start": 739.39, "end": 739.65, "word": " right?", "probability": 0.85791015625}, {"start": 740.77, "end": 741.41, "word": " What", "probability": 0.85546875}, {"start": 741.41, "end": 741.97, "word": " about", "probability": 0.9111328125}, {"start": 741.97, "end": 742.81, "word": " QY?", "probability": 0.669677734375}, {"start": 742.91, "end": 743.13, "word": " If", "probability": 0.96923828125}, {"start": 743.13, "end": 743.33, "word": " he", "probability": 0.962890625}, {"start": 743.33, "end": 743.71, "word": " wants", "probability": 0.82568359375}, {"start": 743.71, "end": 743.95, "word": " to", "probability": 0.97021484375}, {"start": 743.95, "end": 744.43, "word": " allocate", "probability": 0.90673828125}, {"start": 744.43, "end": 744.77, "word": " his", "probability": 0.958984375}, {"start": 744.77, "end": 745.09, "word": " income", "probability": 0.958984375}, {"start": 745.09, "end": 745.37, "word": " to", "probability": 0.96337890625}, {"start": 745.37, "end": 745.67, "word": " buy", "probability": 0.91796875}, {"start": 745.67, "end": 746.57, "word": " only", "probability": 0.91357421875}, {"start": 746.57, "end": 748.53, "word": " sugar,", "probability": 0.8017578125}, {"start": 749.37, "end": 749.65, "word": " what", "probability": 0.8251953125}, {"start": 749.65, "end": 749.99, "word": " Y", "probability": 0.466796875}, {"start": 749.99, "end": 750.59, "word": " equals?", "probability": 0.89892578125}, {"start": 751.69, "end": 752.41, "word": " Income", "probability": 0.907958984375}, {"start": 752.41, "end": 752.69, "word": " over", "probability": 0.9296875}, {"start": 752.69, "end": 752.87, "word": " the", "probability": 0.92236328125}, {"start": 752.87, "end": 753.15, "word": " price", "probability": 0.90771484375}, {"start": 753.15, "end": 753.31, "word": " of", "probability": 0.91796875}, {"start": 753.31, "end": 753.59, "word": " Y,", "probability": 0.89013671875}, {"start": 754.11, "end": 754.71, "word": " 1000", "probability": 0.357421875}, {"start": 754.71, "end": 756.23, "word": " over", "probability": 0.81884765625}, {"start": 756.23, "end": 757.31, "word": " 50", "probability": 0.95458984375}, {"start": 757.31, "end": 758.81, "word": " equals", "probability": 0.8603515625}, {"start": 758.81, "end": 759.21, "word": " 20,", "probability": 0.8125}, {"start": 760.21, "end": 760.49, "word": " right?", "probability": 0.76318359375}], "temperature": 1.0}, {"id": 25, "seek": 79184, "start": 762.36, "end": 791.84, "text": " Let's draw the budget line here. Quantum X and Quantum Y. 4, 8, 12, 16, 20, 24,", "tokens": [961, 311, 2642, 264, 4706, 1622, 510, 13, 44964, 1783, 293, 44964, 398, 13, 1017, 11, 1649, 11, 2272, 11, 3165, 11, 945, 11, 4022, 11], "avg_logprob": -0.31336805997071443, "compression_ratio": 1.0389610389610389, "no_speech_prob": 0.0, "words": [{"start": 762.36, "end": 762.76, "word": " Let's", "probability": 0.742431640625}, {"start": 762.76, "end": 763.16, "word": " draw", "probability": 0.8251953125}, {"start": 763.16, "end": 764.12, "word": " the", "probability": 0.7646484375}, {"start": 764.12, "end": 765.02, "word": " budget", "probability": 0.86083984375}, {"start": 765.02, "end": 765.36, "word": " line", "probability": 0.95361328125}, {"start": 765.36, "end": 766.86, "word": " here.", "probability": 0.84716796875}, {"start": 768.12, "end": 769.52, "word": " Quantum", "probability": 0.253173828125}, {"start": 769.52, "end": 770.0, "word": " X", "probability": 0.67626953125}, {"start": 770.0, "end": 773.32, "word": " and", "probability": 0.72021484375}, {"start": 773.32, "end": 773.74, "word": " Quantum", "probability": 0.767578125}, {"start": 773.74, "end": 774.28, "word": " Y.", "probability": 0.9658203125}, {"start": 777.12, "end": 777.88, "word": " 4,", "probability": 0.40673828125}, {"start": 779.14, "end": 779.64, "word": " 8,", "probability": 0.9072265625}, {"start": 781.42, "end": 784.26, "word": " 12,", "probability": 0.79541015625}, {"start": 785.38, "end": 787.26, "word": " 16,", "probability": 0.6533203125}, {"start": 787.68, "end": 789.28, "word": " 20,", "probability": 0.947265625}, {"start": 789.82, "end": 791.84, "word": " 24,", "probability": 0.9599609375}], "temperature": 1.0}, {"id": 26, "seek": 82215, "start": 793.73, "end": 822.15, "text": " You are free. You are free. 1, 2, 3, 4, 2, 4, 6, 28. For Y, we can write this the same here. 1 to Y, 4, 8, 12,", "tokens": [509, 366, 1737, 13, 509, 366, 1737, 13, 502, 11, 568, 11, 805, 11, 1017, 11, 568, 11, 1017, 11, 1386, 11, 7562, 13, 1171, 398, 11, 321, 393, 2464, 341, 264, 912, 510, 13, 502, 281, 398, 11, 1017, 11, 1649, 11, 2272, 11], "avg_logprob": -0.20414402141519214, "compression_ratio": 1.2333333333333334, "no_speech_prob": 0.0, "words": [{"start": 793.73, "end": 793.95, "word": " You", "probability": 0.56787109375}, {"start": 793.95, "end": 794.07, "word": " are", "probability": 0.75048828125}, {"start": 794.07, "end": 794.45, "word": " free.", "probability": 0.90576171875}, {"start": 794.95, "end": 795.43, "word": " You", "probability": 0.79150390625}, {"start": 795.43, "end": 795.53, "word": " are", "probability": 0.84716796875}, {"start": 795.53, "end": 795.83, "word": " free.", "probability": 0.91259765625}, {"start": 795.99, "end": 796.17, "word": " 1,", "probability": 0.380859375}, {"start": 796.25, "end": 796.29, "word": " 2,", "probability": 0.89306640625}, {"start": 796.35, "end": 796.55, "word": " 3,", "probability": 0.99462890625}, {"start": 796.65, "end": 796.95, "word": " 4,", "probability": 0.99462890625}, {"start": 797.17, "end": 797.37, "word": " 2,", "probability": 0.9873046875}, {"start": 797.59, "end": 798.03, "word": " 4,", "probability": 0.98974609375}, {"start": 798.35, "end": 798.75, "word": " 6,", "probability": 0.99365234375}, {"start": 800.17, "end": 802.71, "word": " 28.", "probability": 0.83642578125}, {"start": 804.73, "end": 805.33, "word": " For", "probability": 0.912109375}, {"start": 805.33, "end": 805.67, "word": " Y,", "probability": 0.6513671875}, {"start": 805.81, "end": 805.97, "word": " we", "probability": 0.9521484375}, {"start": 805.97, "end": 806.33, "word": " can", "probability": 0.94970703125}, {"start": 806.33, "end": 807.13, "word": " write", "probability": 0.9111328125}, {"start": 807.13, "end": 807.39, "word": " this", "probability": 0.921875}, {"start": 807.39, "end": 807.69, "word": " the", "probability": 0.8955078125}, {"start": 807.69, "end": 808.01, "word": " same", "probability": 0.8896484375}, {"start": 808.01, "end": 808.29, "word": " here.", "probability": 0.70166015625}, {"start": 808.59, "end": 808.71, "word": " 1", "probability": 0.295166015625}, {"start": 808.71, "end": 808.81, "word": " to", "probability": 0.59521484375}, {"start": 808.81, "end": 809.15, "word": " Y,", "probability": 0.95849609375}, {"start": 813.05, "end": 815.41, "word": " 4,", "probability": 0.9287109375}, {"start": 817.47, "end": 819.65, "word": " 8,", "probability": 0.994140625}, {"start": 820.23, "end": 822.15, "word": " 12,", "probability": 0.97509765625}], "temperature": 1.0}, {"id": 27, "seek": 85323, "start": 825.29, "end": 853.23, "text": " sixteen, twenty, twenty-four, that's it. Now, quad of X equals ten units, ten sacs of flour, ten, quad of X is ten, maybe here. What about quad of Y? Twenty, connection here,", "tokens": [27847, 11, 7699, 11, 7699, 12, 23251, 11, 300, 311, 309, 13, 823, 11, 10787, 295, 1783, 6915, 2064, 6815, 11, 2064, 4899, 82, 295, 7693, 11, 2064, 11, 10787, 295, 1783, 307, 2064, 11, 1310, 510, 13, 708, 466, 10787, 295, 398, 30, 28789, 11, 4984, 510, 11], "avg_logprob": -0.32312500655651094, "compression_ratio": 1.4112903225806452, "no_speech_prob": 0.0, "words": [{"start": 825.2900000000001, "end": 826.07, "word": " sixteen,", "probability": 0.382080078125}, {"start": 826.63, "end": 827.27, "word": " twenty,", "probability": 0.82373046875}, {"start": 828.97, "end": 829.47, "word": " twenty", "probability": 0.81884765625}, {"start": 829.47, "end": 829.77, "word": "-four,", "probability": 0.850830078125}, {"start": 830.63, "end": 831.09, "word": " that's", "probability": 0.898193359375}, {"start": 831.09, "end": 831.27, "word": " it.", "probability": 0.89453125}, {"start": 832.53, "end": 832.89, "word": " Now,", "probability": 0.94580078125}, {"start": 834.21, "end": 835.77, "word": " quad", "probability": 0.159423828125}, {"start": 835.77, "end": 835.95, "word": " of", "probability": 0.69384765625}, {"start": 835.95, "end": 836.23, "word": " X", "probability": 0.55615234375}, {"start": 836.23, "end": 836.85, "word": " equals", "probability": 0.92724609375}, {"start": 836.85, "end": 837.29, "word": " ten", "probability": 0.71923828125}, {"start": 837.29, "end": 838.01, "word": " units,", "probability": 0.92919921875}, {"start": 838.39, "end": 838.55, "word": " ten", "probability": 0.8056640625}, {"start": 838.55, "end": 839.01, "word": " sacs", "probability": 0.50946044921875}, {"start": 839.01, "end": 839.15, "word": " of", "probability": 0.96923828125}, {"start": 839.15, "end": 839.45, "word": " flour,", "probability": 0.93896484375}, {"start": 840.25, "end": 840.61, "word": " ten,", "probability": 0.8515625}, {"start": 842.21, "end": 842.57, "word": " quad", "probability": 0.7646484375}, {"start": 842.57, "end": 842.75, "word": " of", "probability": 0.90966796875}, {"start": 842.75, "end": 843.01, "word": " X", "probability": 0.98095703125}, {"start": 843.01, "end": 843.23, "word": " is", "probability": 0.9306640625}, {"start": 843.23, "end": 843.59, "word": " ten,", "probability": 0.90185546875}, {"start": 844.31, "end": 844.59, "word": " maybe", "probability": 0.6884765625}, {"start": 844.59, "end": 844.99, "word": " here.", "probability": 0.845703125}, {"start": 848.61, "end": 848.81, "word": " What", "probability": 0.229736328125}, {"start": 848.81, "end": 848.93, "word": " about", "probability": 0.892578125}, {"start": 848.93, "end": 849.19, "word": " quad", "probability": 0.75830078125}, {"start": 849.19, "end": 849.33, "word": " of", "probability": 0.82470703125}, {"start": 849.33, "end": 849.59, "word": " Y?", "probability": 0.98876953125}, {"start": 849.99, "end": 850.65, "word": " Twenty,", "probability": 0.8935546875}, {"start": 852.25, "end": 852.93, "word": " connection", "probability": 0.6611328125}, {"start": 852.93, "end": 853.23, "word": " here,", "probability": 0.8544921875}], "temperature": 1.0}, {"id": 28, "seek": 88112, "start": 856.78, "end": 881.12, "text": " This is the budget line here. Here's the budget line. Number two. So here, derive and draw the budget line. Here's the budget line. To derive the budget line formula, budget line formula Qy equals", "tokens": [639, 307, 264, 4706, 1622, 510, 13, 1692, 311, 264, 4706, 1622, 13, 5118, 732, 13, 407, 510, 11, 28446, 293, 2642, 264, 4706, 1622, 13, 1692, 311, 264, 4706, 1622, 13, 1407, 28446, 264, 4706, 1622, 8513, 11, 4706, 1622, 8513, 1249, 88, 6915], "avg_logprob": -0.19819972145816553, "compression_ratio": 1.8942307692307692, "no_speech_prob": 0.0, "words": [{"start": 856.78, "end": 857.14, "word": " This", "probability": 0.68603515625}, {"start": 857.14, "end": 857.4, "word": " is", "probability": 0.95068359375}, {"start": 857.4, "end": 857.54, "word": " the", "probability": 0.91943359375}, {"start": 857.54, "end": 857.82, "word": " budget", "probability": 0.8720703125}, {"start": 857.82, "end": 858.16, "word": " line", "probability": 0.9521484375}, {"start": 858.16, "end": 858.6, "word": " here.", "probability": 0.72314453125}, {"start": 860.24, "end": 860.96, "word": " Here's", "probability": 0.63427734375}, 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This is the budget line formula here. Or we can say,", "tokens": [3175, 3218, 295, 1783, 11, 437, 307, 309, 30, 2319, 670, 2625, 1413, 1249, 55, 420, 1249, 56, 6915, 11, 577, 709, 307, 309, 30, 945, 3175, 568, 48, 55, 13, 639, 307, 264, 4706, 1622, 8513, 510, 13, 1610, 321, 393, 584, 11], "avg_logprob": -0.22725694444444444, "compression_ratio": 1.2032520325203253, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 912.99, "end": 913.61, "word": " minus", "probability": 0.9091796875}, {"start": 913.61, "end": 914.09, "word": " price", "probability": 0.85791015625}, {"start": 914.09, "end": 914.27, "word": " of", "probability": 0.693359375}, {"start": 914.27, "end": 914.67, "word": " X,", "probability": 0.650390625}, {"start": 915.11, "end": 915.45, "word": " what", "probability": 0.339599609375}, {"start": 915.45, "end": 915.65, "word": " is", "probability": 0.912109375}, {"start": 915.65, "end": 915.89, "word": " it?", "probability": 0.94140625}, {"start": 916.65, "end": 917.35, "word": " 100", "probability": 0.391357421875}, {"start": 917.35, "end": 919.09, "word": " over", "probability": 0.81689453125}, {"start": 919.09, "end": 920.81, "word": " 50", "probability": 0.9189453125}, {"start": 920.81, "end": 922.33, "word": " times", "probability": 0.84716796875}, {"start": 922.33, "end": 922.99, "word": " QX", "probability": 0.719482421875}, {"start": 922.99, "end": 923.61, "word": " or", "probability": 0.62939453125}, {"start": 923.61, "end": 924.65, "word": " QY", "probability": 0.89794921875}, {"start": 924.65, "end": 925.67, "word": " equals,", "probability": 0.9541015625}, {"start": 926.13, "end": 926.21, "word": " how", "probability": 0.9296875}, {"start": 926.21, "end": 926.45, "word": " much", "probability": 0.91748046875}, {"start": 926.45, "end": 926.63, "word": " is", "probability": 0.94775390625}, {"start": 926.63, "end": 926.85, "word": " it?", "probability": 0.94970703125}, {"start": 927.11, "end": 927.31, "word": " 20", "probability": 0.5185546875}, {"start": 927.31, "end": 929.31, "word": " minus", "probability": 0.9345703125}, {"start": 929.31, "end": 931.09, "word": " 2QX.", "probability": 0.9733072916666666}, {"start": 931.31, "end": 931.55, "word": " This", "probability": 0.9140625}, {"start": 931.55, "end": 932.05, "word": " is", "probability": 0.94970703125}, {"start": 932.05, "end": 932.71, "word": " the", "probability": 0.9228515625}, {"start": 932.71, "end": 933.03, "word": " budget", "probability": 0.896484375}, {"start": 933.03, "end": 933.31, "word": " line", "probability": 0.88671875}, {"start": 933.31, "end": 933.63, "word": " formula", "probability": 0.81982421875}, {"start": 933.63, "end": 934.17, "word": " here.", "probability": 0.7109375}, {"start": 936.77, "end": 937.23, "word": " Or", "probability": 0.59912109375}, {"start": 937.23, "end": 938.35, "word": " we", "probability": 0.8935546875}, {"start": 938.35, "end": 938.57, "word": " can", "probability": 0.94775390625}, {"start": 938.57, "end": 938.93, "word": " say,", "probability": 0.9462890625}], "temperature": 1.0}, {"id": 31, "seek": 96107, "start": 940.27, "end": 961.07, "text": " The intercept Qy equals the intercept 20 minus the slope of the budget line, 20 over 10. Now, number three.", "tokens": [440, 24700, 1249, 88, 6915, 264, 24700, 945, 3175, 264, 13525, 295, 264, 4706, 1622, 11, 945, 670, 1266, 13, 823, 11, 1230, 1045, 13], "avg_logprob": -0.2653245169382829, "compression_ratio": 1.1868131868131868, "no_speech_prob": 0.0, "words": [{"start": 940.27, "end": 940.51, "word": " The", "probability": 0.513671875}, {"start": 940.51, "end": 941.21, "word": " intercept", "probability": 0.90625}, {"start": 941.21, "end": 941.89, "word": " Qy", "probability": 0.4888916015625}, {"start": 941.89, "end": 942.35, "word": " equals", "probability": 0.90576171875}, {"start": 942.35, "end": 942.61, "word": " the", "probability": 0.8349609375}, {"start": 942.61, "end": 943.05, "word": " intercept", "probability": 0.95703125}, {"start": 943.05, "end": 944.27, "word": " 20", "probability": 0.6953125}, {"start": 944.27, "end": 945.63, "word": " minus", "probability": 0.96337890625}, {"start": 945.63, "end": 946.61, "word": " the", "probability": 0.86474609375}, {"start": 946.61, "end": 947.43, "word": " slope", "probability": 0.91015625}, {"start": 947.43, "end": 947.73, "word": " of", "probability": 0.96630859375}, {"start": 947.73, "end": 947.85, "word": " the", "probability": 0.91845703125}, {"start": 947.85, "end": 948.11, "word": " budget", "probability": 0.91357421875}, {"start": 948.11, "end": 948.49, "word": " line,", "probability": 0.94677734375}, {"start": 948.87, "end": 949.29, "word": " 20", "probability": 0.953125}, {"start": 949.29, "end": 949.61, "word": " over", "probability": 0.8212890625}, {"start": 949.61, "end": 950.09, "word": " 10.", "probability": 0.9248046875}, {"start": 955.17, "end": 956.07, "word": " Now,", "probability": 0.224365234375}, {"start": 959.99, "end": 960.73, "word": " number", "probability": 0.93408203125}, {"start": 960.73, "end": 961.07, "word": " three.", "probability": 0.806640625}], "temperature": 1.0}, {"id": 32, "seek": 98713, "start": 963.43, "end": 987.13, "text": " If the consumer equilibrium occurs at QX equals how much? Number three. If the consumer equilibrium occurs when QX equals seven, how much is QY? At seven here.", "tokens": [759, 264, 9711, 15625, 11843, 412, 1249, 55, 6915, 577, 709, 30, 5118, 1045, 13, 759, 264, 9711, 15625, 11843, 562, 1249, 55, 6915, 3407, 11, 577, 709, 307, 1249, 56, 30, 1711, 3407, 510, 13], "avg_logprob": -0.2599239735989957, "compression_ratio": 1.509433962264151, "no_speech_prob": 0.0, "words": [{"start": 963.43, "end": 963.95, "word": " If", "probability": 0.2626953125}, {"start": 963.95, "end": 964.99, "word": " the", "probability": 0.86572265625}, {"start": 964.99, "end": 965.59, "word": " consumer", "probability": 0.78564453125}, {"start": 965.59, "end": 966.37, "word": " equilibrium", "probability": 0.921875}, {"start": 966.37, "end": 967.27, "word": " occurs", "probability": 0.837890625}, {"start": 967.27, "end": 968.43, "word": " at", "probability": 0.89306640625}, {"start": 968.43, "end": 969.25, "word": " QX", "probability": 0.611328125}, {"start": 969.25, "end": 969.67, "word": " equals", "probability": 0.7509765625}, {"start": 969.67, "end": 969.89, "word": " how", "probability": 0.72900390625}, {"start": 969.89, "end": 970.19, "word": " much?", "probability": 0.90869140625}, {"start": 970.79, "end": 971.51, "word": " Number", "probability": 0.443115234375}, {"start": 971.51, "end": 974.17, "word": " three.", "probability": 0.62060546875}, {"start": 974.63, "end": 975.67, "word": " If", "probability": 0.76025390625}, {"start": 975.67, "end": 975.89, "word": " the", "probability": 0.8740234375}, {"start": 975.89, "end": 976.31, "word": " consumer", "probability": 0.828125}, {"start": 976.31, "end": 976.97, "word": " equilibrium", "probability": 0.91943359375}, {"start": 976.97, "end": 977.61, "word": " occurs", "probability": 0.91015625}, {"start": 977.61, "end": 978.09, "word": " when", "probability": 0.8564453125}, {"start": 978.09, "end": 980.53, "word": " QX", "probability": 0.8583984375}, {"start": 980.53, "end": 980.93, "word": " equals", "probability": 0.849609375}, {"start": 980.93, "end": 981.29, "word": " seven,", "probability": 0.74365234375}, {"start": 981.49, "end": 981.73, "word": " how", "probability": 0.92041015625}, {"start": 981.73, "end": 982.03, "word": " much", "probability": 0.9140625}, {"start": 982.03, "end": 982.19, "word": " is", "probability": 0.9267578125}, {"start": 982.19, "end": 982.71, "word": " QY?", "probability": 0.706787109375}, {"start": 985.39, "end": 986.43, "word": " At", "probability": 0.8447265625}, {"start": 986.43, "end": 986.83, "word": " seven", "probability": 0.900390625}, {"start": 986.83, "end": 987.13, "word": " here.", "probability": 0.76513671875}], "temperature": 1.0}, {"id": 33, "seek": 101810, "start": 989.68, "end": 1018.1, "text": " How much is QY? I don't know. We have to apply the formula. So, at QX equals seven, QY should equal here, minus two times seven. So, QY equals 20 minus 14 equals six.", "tokens": [1012, 709, 307, 1249, 56, 30, 286, 500, 380, 458, 13, 492, 362, 281, 3079, 264, 8513, 13, 407, 11, 412, 1249, 55, 6915, 3407, 11, 1249, 56, 820, 2681, 510, 11, 3175, 732, 1413, 3407, 13, 407, 11, 1249, 56, 6915, 945, 3175, 3499, 6915, 2309, 13], "avg_logprob": -0.20758928571428573, "compression_ratio": 1.3046875, "no_speech_prob": 0.0, "words": [{"start": 989.68, "end": 990.0, "word": " How", "probability": 0.6943359375}, {"start": 990.0, "end": 990.44, "word": " much", "probability": 0.9189453125}, {"start": 990.44, "end": 990.96, "word": " is", "probability": 0.94677734375}, {"start": 990.96, "end": 991.8, "word": " QY?", "probability": 0.33123779296875}, {"start": 992.06, "end": 992.82, "word": " I", "probability": 0.775390625}, {"start": 992.82, "end": 992.98, "word": " don't", "probability": 0.965087890625}, {"start": 992.98, "end": 993.18, "word": " know.", "probability": 0.89697265625}, {"start": 993.38, "end": 993.44, "word": " We", "probability": 0.93896484375}, {"start": 993.44, "end": 993.66, "word": " have", "probability": 0.9384765625}, {"start": 993.66, "end": 993.8, "word": " to", "probability": 0.97314453125}, {"start": 993.8, "end": 994.14, "word": " apply", "probability": 0.93798828125}, {"start": 994.14, "end": 994.34, "word": " the", "probability": 0.9140625}, {"start": 994.34, "end": 994.66, "word": " formula.", "probability": 0.90576171875}, {"start": 996.68, "end": 997.66, "word": " So,", "probability": 0.76904296875}, {"start": 999.0, "end": 999.26, "word": " at", "probability": 0.9072265625}, {"start": 999.26, "end": 999.94, "word": " QX", "probability": 0.7587890625}, {"start": 999.94, "end": 1000.7, "word": " equals", "probability": 0.90478515625}, {"start": 1000.7, "end": 1004.76, "word": " seven,", "probability": 0.44384765625}, {"start": 1005.24, "end": 1005.94, "word": " QY", "probability": 0.97412109375}, {"start": 1005.94, "end": 1006.2, "word": " should", "probability": 0.9580078125}, {"start": 1006.2, "end": 1006.74, "word": " equal", "probability": 0.84423828125}, {"start": 1006.74, "end": 1007.2, "word": " here,", "probability": 0.79638671875}, {"start": 1007.3, "end": 1007.88, "word": " minus", "probability": 0.66748046875}, {"start": 1007.88, "end": 1009.38, "word": " two", "probability": 0.82421875}, {"start": 1009.38, "end": 1010.52, "word": " times", "probability": 0.83154296875}, {"start": 1010.52, "end": 1011.26, "word": " seven.", "probability": 0.912109375}, {"start": 1011.82, "end": 1012.2, "word": " So,", "probability": 0.9638671875}, {"start": 1012.56, "end": 1013.2, "word": " QY", "probability": 0.989501953125}, {"start": 1013.2, "end": 1014.08, "word": " equals", "probability": 0.93505859375}, {"start": 1014.08, "end": 1014.86, "word": " 20", "probability": 0.529296875}, {"start": 1014.86, "end": 1015.84, "word": " minus", "probability": 0.96875}, {"start": 1015.84, "end": 1017.18, "word": " 14", "probability": 0.9453125}, {"start": 1017.18, "end": 1017.7, "word": " equals", "probability": 0.87939453125}, {"start": 1017.7, "end": 1018.1, "word": " six.", "probability": 0.8212890625}], "temperature": 1.0}, {"id": 34, "seek": 104855, "start": 1019.55, "end": 1048.55, "text": " So it should be here. In between, four, six. So at seven, quad Y equals six.", "tokens": [407, 309, 820, 312, 510, 13, 682, 1296, 11, 1451, 11, 2309, 13, 407, 412, 3407, 11, 10787, 398, 6915, 2309, 13], "avg_logprob": -0.38519022775732953, "compression_ratio": 1.0266666666666666, "no_speech_prob": 0.0, "words": [{"start": 1019.55, "end": 1020.05, "word": " So", "probability": 0.8203125}, {"start": 1020.05, "end": 1022.41, "word": " it", "probability": 0.28271484375}, {"start": 1022.41, "end": 1022.57, "word": " should", "probability": 0.96337890625}, {"start": 1022.57, "end": 1022.75, "word": " be", "probability": 0.96044921875}, {"start": 1022.75, "end": 1025.73, "word": " here.", "probability": 0.85400390625}, {"start": 1029.79, "end": 1030.77, "word": " In", "probability": 0.309326171875}, {"start": 1030.77, "end": 1031.15, "word": " between,", "probability": 0.8056640625}, {"start": 1031.49, "end": 1031.73, "word": " four,", "probability": 0.40185546875}, {"start": 1032.21, "end": 1033.11, "word": " six.", "probability": 0.9365234375}, {"start": 1040.55, "end": 1041.39, "word": " So", "probability": 0.497314453125}, {"start": 1041.39, "end": 1045.73, "word": " at", "probability": 0.9169921875}, {"start": 1045.73, "end": 1046.25, "word": " seven,", "probability": 0.88525390625}, {"start": 1046.77, "end": 1047.43, "word": " quad", "probability": 0.58935546875}, {"start": 1047.43, "end": 1047.71, "word": " Y", "probability": 0.59912109375}, {"start": 1047.71, "end": 1048.11, "word": " equals", "probability": 0.896484375}, {"start": 1048.11, "end": 1048.55, "word": " six.", "probability": 0.94189453125}], "temperature": 1.0}, {"id": 35, "seek": 106824, "start": 1050.5, "end": 1068.24, "text": " All right. Number four. If the consumer equilibrium occurs at a QX equals how much? 70. Sorry?", "tokens": [1057, 558, 13, 5118, 1451, 13, 759, 264, 9711, 15625, 11843, 412, 257, 1249, 55, 6915, 577, 709, 30, 5285, 13, 4919, 30], "avg_logprob": -0.3050130320092042, "compression_ratio": 1.0326086956521738, "no_speech_prob": 0.0, "words": [{"start": 1050.5, "end": 1050.78, "word": " All", "probability": 0.5498046875}, {"start": 1050.78, "end": 1051.0, "word": " right.", "probability": 0.91259765625}, {"start": 1054.08, "end": 1054.62, "word": " Number", "probability": 0.8603515625}, {"start": 1054.62, "end": 1055.04, "word": " four.", "probability": 0.90478515625}, {"start": 1056.86, "end": 1057.16, "word": " If", "probability": 0.958984375}, {"start": 1057.16, "end": 1057.38, "word": " the", "probability": 0.91650390625}, {"start": 1057.38, "end": 1057.88, "word": " consumer", "probability": 0.82373046875}, {"start": 1057.88, "end": 1058.66, "word": " equilibrium", "probability": 0.9619140625}, {"start": 1058.66, "end": 1059.6, "word": " occurs", "probability": 0.94921875}, {"start": 1059.6, "end": 1060.58, "word": " at", "probability": 0.95947265625}, {"start": 1060.58, "end": 1060.78, "word": " a", "probability": 0.470458984375}, {"start": 1060.78, "end": 1061.56, "word": " QX", "probability": 0.845947265625}, {"start": 1061.56, "end": 1062.1, "word": " equals", "probability": 0.9189453125}, {"start": 1062.1, "end": 1062.34, "word": " how", "probability": 0.90625}, {"start": 1062.34, "end": 1062.76, "word": " much?", "probability": 0.91943359375}, {"start": 1064.64, "end": 1065.68, "word": " 70.", "probability": 0.07232666015625}, {"start": 1067.96, "end": 1068.24, "word": " Sorry?", "probability": 0.50732421875}], "temperature": 1.0}, {"id": 36, "seek": 109879, "start": 1074.67, "end": 1098.79, "text": " I'm asking the question that I gave you. How much did we tell you that the equilibrium occurs at QX is equal to how much? Ah, okay. The next question is number four months. Okay. Okay.", "tokens": [286, 478, 3365, 264, 1168, 300, 286, 2729, 291, 13, 1012, 709, 630, 321, 980, 291, 300, 264, 15625, 11843, 412, 1249, 55, 307, 2681, 281, 577, 709, 30, 2438, 11, 1392, 13, 440, 958, 1168, 307, 1230, 1451, 2493, 13, 1033, 13, 1033, 13], "avg_logprob": -0.599864151166833, "compression_ratio": 1.3214285714285714, "no_speech_prob": 1.1920928955078125e-07, "words": [{"start": 1074.67, "end": 1075.21, "word": " I'm", "probability": 0.89599609375}, {"start": 1075.21, "end": 1075.59, "word": " asking", "probability": 0.56396484375}, {"start": 1075.59, "end": 1076.19, "word": " the", "probability": 0.5205078125}, {"start": 1076.19, "end": 1076.53, "word": " question", "probability": 0.92919921875}, {"start": 1076.53, "end": 1076.69, "word": " that", "probability": 0.2442626953125}, {"start": 1076.69, "end": 1076.69, "word": " I", "probability": 0.66748046875}, {"start": 1076.69, "end": 1076.93, "word": " gave", "probability": 0.302490234375}, {"start": 1076.93, "end": 1077.13, "word": " you.", "probability": 0.78857421875}, {"start": 1077.89, "end": 1078.45, "word": " How", "probability": 0.67236328125}, {"start": 1078.45, "end": 1078.59, "word": " much", "probability": 0.708984375}, {"start": 1078.59, "end": 1078.65, "word": " did", "probability": 0.322265625}, {"start": 1078.65, "end": 1078.65, "word": " we", "probability": 0.6845703125}, {"start": 1078.65, "end": 1078.85, "word": " tell", "probability": 0.34228515625}, {"start": 1078.85, "end": 1079.11, "word": " you", "probability": 0.9599609375}, {"start": 1079.11, "end": 1079.17, "word": " that", "probability": 0.470458984375}, {"start": 1079.17, "end": 1079.25, "word": " the", "probability": 0.6845703125}, {"start": 1079.25, "end": 1079.65, "word": " equilibrium", "probability": 0.93359375}, {"start": 1079.65, "end": 1080.47, "word": " occurs", "probability": 0.7958984375}, {"start": 1080.47, "end": 1080.83, "word": " at", "probability": 0.460205078125}, {"start": 1080.83, "end": 1081.27, "word": " QX", "probability": 0.53759765625}, {"start": 1081.27, "end": 1081.43, "word": " is", "probability": 0.23193359375}, {"start": 1081.43, "end": 1081.57, "word": " equal", "probability": 0.60205078125}, {"start": 1081.57, "end": 1081.63, "word": " to", "probability": 0.9619140625}, {"start": 1081.63, "end": 1081.83, "word": " how", "probability": 0.5146484375}, {"start": 1081.83, "end": 1081.95, "word": " much?", "probability": 0.8671875}, {"start": 1084.81, "end": 1085.37, "word": " Ah,", "probability": 0.1761474609375}, {"start": 1085.41, "end": 1085.63, "word": " okay.", "probability": 0.6142578125}, {"start": 1086.95, "end": 1087.51, "word": " The", "probability": 0.39111328125}, {"start": 1087.51, "end": 1087.51, "word": " next", "probability": 0.330810546875}, {"start": 1087.51, "end": 1090.35, "word": " question", "probability": 0.9033203125}, {"start": 1090.35, "end": 1090.53, "word": " is", "probability": 0.60107421875}, {"start": 1090.53, "end": 1090.67, "word": " number", "probability": 0.315185546875}, {"start": 1090.67, "end": 1090.95, "word": " four", "probability": 0.58837890625}, {"start": 1090.95, "end": 1091.23, "word": " months.", "probability": 0.28271484375}, {"start": 1096.19, "end": 1096.61, "word": " Okay.", "probability": 0.258056640625}, {"start": 1098.57, "end": 1098.79, "word": " Okay.", "probability": 0.65185546875}], "temperature": 1.0}, {"id": 37, "seek": 111694, "start": 1111.06, "end": 1116.94, "text": " If the consumer equilibrium occurs when...", "tokens": [759, 264, 9711, 15625, 11843, 562, 485], "avg_logprob": -0.5239258036017418, "compression_ratio": 0.8431372549019608, "no_speech_prob": 1.1920928955078125e-07, "words": [{"start": 1111.0599999999997, "end": 1112.4599999999998, "word": " If", "probability": 0.1507568359375}, {"start": 1112.4599999999998, "end": 1113.86, "word": " the", "probability": 0.7666015625}, {"start": 1113.86, "end": 1114.38, "word": " consumer", "probability": 0.82421875}, {"start": 1114.38, "end": 1114.96, "word": " equilibrium", "probability": 0.83056640625}, {"start": 1114.96, "end": 1115.6, "word": " occurs", "probability": 0.9365234375}, {"start": 1115.6, "end": 1116.94, "word": " when...", "probability": 0.468994140625}], "temperature": 1.0}, {"id": 38, "seek": 115111, "start": 1124.16, "end": 1151.12, "text": " If the consumer equilibrium occurs when Qx equals nine, how much is Qy? Or if the consumer equilibrium occurs at Qx equals nine. At nine here,", "tokens": [759, 264, 9711, 15625, 11843, 562, 1249, 87, 6915, 4949, 11, 577, 709, 307, 1249, 88, 30, 1610, 498, 264, 9711, 15625, 11843, 412, 1249, 87, 6915, 4949, 13, 1711, 4949, 510, 11], "avg_logprob": -0.20323988751453512, "compression_ratio": 1.4895833333333333, "no_speech_prob": 0.0, "words": [{"start": 1124.16, "end": 1124.44, "word": " If", "probability": 0.58935546875}, {"start": 1124.44, "end": 1124.58, "word": " the", "probability": 0.90625}, {"start": 1124.58, "end": 1125.02, "word": " consumer", "probability": 0.81884765625}, {"start": 1125.02, "end": 1125.62, "word": " equilibrium", "probability": 0.943359375}, {"start": 1125.62, "end": 1126.42, "word": " occurs", "probability": 0.93603515625}, {"start": 1126.42, "end": 1127.6, "word": " when", "probability": 0.87841796875}, {"start": 1127.6, "end": 1129.0, "word": " Qx", "probability": 0.55810546875}, {"start": 1129.0, "end": 1129.96, "word": " equals", "probability": 0.8818359375}, {"start": 1129.96, "end": 1130.6, "word": " nine,", "probability": 0.8271484375}, {"start": 1131.28, "end": 1132.02, "word": " how", "probability": 0.9306640625}, {"start": 1132.02, "end": 1132.38, "word": " much", "probability": 0.9189453125}, {"start": 1132.38, "end": 1132.76, "word": " is", "probability": 0.94921875}, {"start": 1132.76, "end": 1133.68, "word": " Qy?", "probability": 0.75390625}, {"start": 1134.7, "end": 1134.7, "word": " Or", "probability": 0.65478515625}, {"start": 1134.7, "end": 1135.1, "word": " if", "probability": 0.496337890625}, {"start": 1135.1, "end": 1136.3, "word": " the", "probability": 0.89306640625}, {"start": 1136.3, "end": 1136.76, "word": " consumer", "probability": 0.84033203125}, {"start": 1136.76, "end": 1137.42, "word": " equilibrium", "probability": 0.9384765625}, {"start": 1137.42, "end": 1138.32, "word": " occurs", "probability": 0.95068359375}, {"start": 1138.32, "end": 1138.64, "word": " at", "probability": 0.96533203125}, {"start": 1138.64, "end": 1139.3, "word": " Qx", "probability": 0.966796875}, {"start": 1139.3, "end": 1139.82, "word": " equals", "probability": 0.943359375}, {"start": 1139.82, "end": 1140.26, "word": " nine.", "probability": 0.93798828125}, {"start": 1149.3, "end": 1150.58, "word": " At", "probability": 0.87890625}, {"start": 1150.58, "end": 1150.84, "word": " nine", "probability": 0.9384765625}, {"start": 1150.84, "end": 1151.12, "word": " here,", "probability": 0.82666015625}], "temperature": 1.0}, {"id": 39, "seek": 118218, "start": 1156.56, "end": 1182.18, "text": " I don't know. We have to calculate it. It should be calculated here, less than four. Here is the consumer equilibrium. Consumer equilibrium, we have to draw and determine the consumer equilibrium on the graph.", "tokens": [286, 500, 380, 458, 13, 492, 362, 281, 8873, 309, 13, 467, 820, 312, 15598, 510, 11, 1570, 813, 1451, 13, 1692, 307, 264, 9711, 15625, 13, 39494, 15625, 11, 321, 362, 281, 2642, 293, 6997, 264, 9711, 15625, 322, 264, 4295, 13], "avg_logprob": -0.21732954714785924, "compression_ratio": 1.627906976744186, "no_speech_prob": 0.0, "words": [{"start": 1156.56, "end": 1156.78, "word": " I", "probability": 0.92626953125}, {"start": 1156.78, "end": 1156.9, "word": " don't", "probability": 0.969970703125}, {"start": 1156.9, "end": 1157.08, "word": " know.", "probability": 0.90283203125}, {"start": 1157.18, "end": 1157.28, "word": " We", "probability": 0.95556640625}, {"start": 1157.28, "end": 1157.48, "word": " have", "probability": 0.94482421875}, {"start": 1157.48, "end": 1157.62, "word": " to", "probability": 0.97216796875}, {"start": 1157.62, "end": 1158.0, "word": " calculate", "probability": 0.91357421875}, {"start": 1158.0, "end": 1158.44, "word": " it.", "probability": 0.9453125}, {"start": 1158.7, "end": 1159.46, "word": " It", "probability": 0.37890625}, {"start": 1159.46, "end": 1159.54, "word": " should", "probability": 0.916015625}, {"start": 1159.54, "end": 1159.68, "word": " be", "probability": 0.95361328125}, {"start": 1159.68, "end": 1160.2, "word": " calculated", "probability": 0.9482421875}, {"start": 1160.2, "end": 1160.66, "word": " here,", "probability": 0.55517578125}, {"start": 1161.08, "end": 1161.28, "word": " less", "probability": 0.86767578125}, {"start": 1161.28, "end": 1161.54, "word": " than", "probability": 0.94580078125}, {"start": 1161.54, "end": 1161.84, "word": " four.", "probability": 0.73974609375}, {"start": 1163.62, "end": 1163.62, "word": " Here", "probability": 0.10009765625}, {"start": 1163.62, "end": 1167.02, "word": " is", "probability": 0.5927734375}, {"start": 1167.02, "end": 1167.16, "word": " the", "probability": 0.88671875}, {"start": 1167.16, "end": 1167.62, "word": " consumer", "probability": 0.82373046875}, {"start": 1167.62, "end": 1168.2, "word": " equilibrium.", "probability": 0.96044921875}, {"start": 1175.98, "end": 1176.78, "word": " Consumer", "probability": 0.89697265625}, {"start": 1176.78, "end": 1177.26, "word": " equilibrium,", "probability": 0.95751953125}, {"start": 1177.76, "end": 1178.36, "word": " we", "probability": 0.96044921875}, {"start": 1178.36, "end": 1178.64, "word": " have", "probability": 0.94970703125}, {"start": 1178.64, "end": 1178.8, "word": " to", "probability": 0.97265625}, {"start": 1178.8, "end": 1179.14, "word": " draw", "probability": 0.89599609375}, {"start": 1179.14, "end": 1179.54, "word": " and", "probability": 0.9375}, {"start": 1179.54, "end": 1180.04, "word": " determine", "probability": 0.92822265625}, {"start": 1180.04, "end": 1180.26, "word": " the", "probability": 0.9169921875}, {"start": 1180.26, "end": 1180.66, "word": " consumer", "probability": 0.85302734375}, {"start": 1180.66, "end": 1181.16, "word": " equilibrium", "probability": 0.9658203125}, {"start": 1181.16, "end": 1181.64, "word": " on", "probability": 0.92138671875}, {"start": 1181.64, "end": 1181.78, "word": " the", "probability": 0.9296875}, {"start": 1181.78, "end": 1182.18, "word": " graph.", "probability": 0.9462890625}], "temperature": 1.0}, {"id": 40, "seek": 121106, "start": 1185.06, "end": 1211.06, "text": " Okay. The question is, if the consumer equilibrium occurs when QX equals nine and nine, had a consumer equilibrium, the budget line tangents the indifference curve, tangency. On the graph here, this is the E1 or the consumer equilibrium.", "tokens": [1033, 13, 440, 1168, 307, 11, 498, 264, 9711, 15625, 11843, 562, 1249, 55, 6915, 4949, 293, 4949, 11, 632, 257, 9711, 15625, 11, 264, 4706, 1622, 10266, 791, 264, 1016, 351, 5158, 7605, 11, 10266, 3020, 13, 1282, 264, 4295, 510, 11, 341, 307, 264, 462, 16, 420, 264, 9711, 15625, 13], "avg_logprob": -0.2572337880178734, "compression_ratio": 1.5866666666666667, "no_speech_prob": 0.0, "words": [{"start": 1185.06, "end": 1185.38, "word": " Okay.", "probability": 0.73828125}, {"start": 1185.7, "end": 1185.9, "word": " The", "probability": 0.89794921875}, {"start": 1185.9, "end": 1186.2, "word": " question", "probability": 0.92236328125}, {"start": 1186.2, "end": 1186.6, "word": " is,", "probability": 0.9541015625}, {"start": 1187.08, "end": 1187.18, "word": " if", "probability": 0.87158203125}, {"start": 1187.18, "end": 1187.38, "word": " the", "probability": 0.9169921875}, {"start": 1187.38, "end": 1187.82, "word": " consumer", "probability": 0.82275390625}, {"start": 1187.82, "end": 1188.52, "word": " equilibrium", "probability": 0.97314453125}, {"start": 1188.52, "end": 1189.42, "word": " occurs", "probability": 0.95361328125}, {"start": 1189.42, "end": 1190.06, "word": " when", "probability": 0.935546875}, {"start": 1190.06, "end": 1191.02, "word": " QX", "probability": 0.6962890625}, {"start": 1191.02, "end": 1192.2, "word": " equals", "probability": 0.89697265625}, {"start": 1192.2, "end": 1194.04, "word": " nine", "probability": 0.69580078125}, {"start": 1194.04, "end": 1195.16, "word": " and", "probability": 0.1375732421875}, {"start": 1195.16, "end": 1197.16, "word": " nine,", "probability": 0.93798828125}, {"start": 1197.94, "end": 1198.32, "word": " had", "probability": 0.609375}, {"start": 1198.32, "end": 1198.48, "word": " a", "probability": 0.85791015625}, {"start": 1198.48, "end": 1198.9, "word": " consumer", "probability": 0.818359375}, {"start": 1198.9, "end": 1199.48, "word": " equilibrium,", "probability": 0.9560546875}, {"start": 1200.88, "end": 1200.94, "word": " the", "probability": 0.58544921875}, {"start": 1200.94, "end": 1201.3, "word": " budget", "probability": 0.87353515625}, {"start": 1201.3, "end": 1201.62, "word": " line", "probability": 0.92333984375}, {"start": 1201.62, "end": 1202.36, "word": " tangents", "probability": 0.935546875}, {"start": 1202.36, "end": 1202.9, "word": " the", "probability": 0.75439453125}, {"start": 1202.9, "end": 1203.76, "word": " indifference", "probability": 0.8092447916666666}, {"start": 1203.76, "end": 1204.2, "word": " curve,", "probability": 0.943359375}, {"start": 1205.5, "end": 1206.18, "word": " tangency.", "probability": 0.937255859375}, {"start": 1206.4, "end": 1206.6, "word": " On", "probability": 0.85986328125}, {"start": 1206.6, "end": 1206.74, "word": " the", "probability": 0.9287109375}, {"start": 1206.74, "end": 1207.02, "word": " graph", "probability": 0.94384765625}, {"start": 1207.02, "end": 1207.22, "word": " here,", "probability": 0.52099609375}, {"start": 1207.96, "end": 1208.2, "word": " this", "probability": 0.94873046875}, {"start": 1208.2, "end": 1208.34, "word": " is", "probability": 0.93896484375}, {"start": 1208.34, "end": 1208.48, "word": " the", "probability": 0.60302734375}, {"start": 1208.48, "end": 1209.16, "word": " E1", "probability": 0.914306640625}, {"start": 1209.16, "end": 1209.54, "word": " or", "probability": 0.75390625}, {"start": 1209.54, "end": 1210.1, "word": " the", "probability": 0.91455078125}, {"start": 1210.1, "end": 1210.5, "word": " consumer", "probability": 0.8486328125}, {"start": 1210.5, "end": 1211.06, "word": " equilibrium.", "probability": 0.9541015625}], "temperature": 1.0}, {"id": 41, "seek": 124010, "start": 1212.89, "end": 1240.11, "text": " How much is the Qi? We have to calculate it. So Qi equals 20 minus 2 times 9. Qi equals 20 minus 18 equals 2. Okay. Now,", "tokens": [1012, 709, 307, 264, 21430, 30, 492, 362, 281, 8873, 309, 13, 407, 21430, 6915, 945, 3175, 568, 1413, 1722, 13, 21430, 6915, 945, 3175, 2443, 6915, 568, 13, 1033, 13, 823, 11], "avg_logprob": -0.2135799584143302, "compression_ratio": 1.2222222222222223, "no_speech_prob": 0.0, "words": [{"start": 1212.89, "end": 1213.15, "word": " How", "probability": 0.7958984375}, {"start": 1213.15, "end": 1213.43, "word": " much", "probability": 0.91650390625}, {"start": 1213.43, "end": 1213.59, "word": " is", "probability": 0.947265625}, {"start": 1213.59, "end": 1213.75, "word": " the", "probability": 0.37646484375}, {"start": 1213.75, "end": 1213.95, "word": " Qi?", "probability": 0.2255859375}, {"start": 1215.83, "end": 1216.35, "word": " We", "probability": 0.705078125}, {"start": 1216.35, "end": 1216.55, "word": " have", "probability": 0.9453125}, {"start": 1216.55, "end": 1216.71, "word": " to", "probability": 0.9716796875}, {"start": 1216.71, "end": 1217.05, "word": " calculate", "probability": 0.92578125}, {"start": 1217.05, "end": 1217.35, "word": " it.", "probability": 0.94677734375}, {"start": 1217.63, "end": 1217.75, "word": " So", "probability": 0.94091796875}, {"start": 1217.75, "end": 1218.11, "word": " Qi", "probability": 0.82373046875}, {"start": 1218.11, "end": 1220.49, "word": " equals", "probability": 0.75830078125}, {"start": 1220.49, "end": 1221.17, "word": " 20", "probability": 0.7392578125}, {"start": 1221.17, "end": 1222.25, "word": " minus", "probability": 0.958984375}, {"start": 1222.25, "end": 1223.33, "word": " 2", "probability": 0.84912109375}, {"start": 1223.33, "end": 1226.21, "word": " times", "probability": 0.85302734375}, {"start": 1226.21, "end": 1226.89, "word": " 9.", "probability": 0.9619140625}, {"start": 1227.79, "end": 1228.81, "word": " Qi", "probability": 0.9755859375}, {"start": 1228.81, "end": 1229.91, "word": " equals", "probability": 0.9423828125}, {"start": 1229.91, "end": 1230.87, "word": " 20", "probability": 0.96142578125}, {"start": 1230.87, "end": 1231.41, "word": " minus", "probability": 0.98486328125}, {"start": 1231.41, "end": 1232.31, "word": " 18", "probability": 0.9677734375}, {"start": 1232.31, "end": 1233.19, "word": " equals", "probability": 0.8876953125}, {"start": 1233.19, "end": 1233.63, "word": " 2.", "probability": 0.958984375}, {"start": 1236.51, "end": 1237.21, "word": " Okay.", "probability": 0.2958984375}, {"start": 1239.13, "end": 1240.11, "word": " Now,", "probability": 0.9560546875}], "temperature": 1.0}, {"id": 42, "seek": 126731, "start": 1242.53, "end": 1267.31, "text": " four times five. If the price of X, if the consumer equilibrium occurs when Q of X equals four, how much is QY? I don't know. We have to calculate it. 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How much is Qy? Let's say Qy equals 20 minus 2 times 4 equals 12. Qy equals 12. The drawing should be more precise.", "tokens": [759, 264, 9711, 15625, 11843, 412, 264, 1249, 87, 6915, 1017, 13, 1012, 709, 307, 1249, 88, 30, 961, 311, 584, 1249, 88, 6915, 945, 3175, 568, 1413, 1017, 6915, 2272, 13, 1249, 88, 6915, 2272, 13, 440, 6316, 820, 312, 544, 13600, 13], "avg_logprob": -0.3999999973509047, "compression_ratio": 1.3053435114503817, "no_speech_prob": 0.0, "words": [{"start": 1269.84, "end": 1270.22, "word": " If", "probability": 0.490478515625}, {"start": 1270.22, "end": 1270.4, "word": " the", "probability": 0.86376953125}, {"start": 1270.4, "end": 1270.82, "word": " consumer", "probability": 0.7666015625}, {"start": 1270.82, "end": 1271.26, "word": " equilibrium", "probability": 0.92529296875}, {"start": 1271.26, "end": 1271.88, "word": " occurs", "probability": 0.90966796875}, {"start": 1271.88, "end": 1272.2, "word": " at", "probability": 0.96044921875}, {"start": 1272.2, "end": 1272.34, "word": " the", "probability": 0.3427734375}, {"start": 1272.34, "end": 1273.88, "word": " Qx", "probability": 0.5753173828125}, {"start": 1273.88, "end": 1274.28, "word": " equals", "probability": 0.1414794921875}, {"start": 1274.28, "end": 1274.68, "word": " 4.", "probability": 0.54443359375}, {"start": 1274.78, "end": 1275.14, "word": " How", "probability": 0.36572265625}, {"start": 1275.14, "end": 1275.28, "word": " much", "probability": 0.625}, {"start": 1275.28, "end": 1275.34, "word": " is", "probability": 0.82373046875}, {"start": 1275.34, "end": 1276.28, "word": " Qy?", "probability": 0.818115234375}, {"start": 1276.62, "end": 1277.02, "word": " Let's", "probability": 0.6229248046875}, {"start": 1277.02, "end": 1277.16, "word": " say", "probability": 0.86962890625}, {"start": 1277.16, "end": 1277.88, "word": " Qy", "probability": 0.841552734375}, {"start": 1277.88, "end": 1279.14, "word": " equals", "probability": 0.8798828125}, {"start": 1279.14, "end": 1279.52, "word": " 20", "probability": 0.75146484375}, {"start": 1279.52, "end": 1280.04, "word": " minus", "probability": 0.92431640625}, {"start": 1280.04, "end": 1280.7, "word": " 2", "probability": 0.86669921875}, {"start": 1280.7, "end": 1281.48, "word": " times", "probability": 0.85107421875}, {"start": 1281.48, "end": 1282.04, "word": " 4", "probability": 0.96484375}, {"start": 1282.04, "end": 1283.44, "word": " equals", "probability": 0.1463623046875}, {"start": 1283.44, "end": 1283.96, "word": " 12.", "probability": 0.93115234375}, {"start": 1284.08, "end": 1284.66, "word": " Qy", "probability": 0.83203125}, {"start": 1284.66, "end": 1285.32, "word": " equals", "probability": 0.93603515625}, {"start": 1285.32, "end": 1285.78, "word": " 12.", "probability": 0.91650390625}, {"start": 1286.24, "end": 1287.16, "word": " The", "probability": 0.1171875}, {"start": 1287.16, "end": 1288.56, "word": " drawing", "probability": 0.58349609375}, {"start": 1288.56, "end": 1289.16, "word": " should", "probability": 0.796875}, {"start": 1289.16, "end": 1289.76, "word": " be", "probability": 0.90380859375}, {"start": 1289.76, "end": 1292.34, "word": " more", "probability": 0.499267578125}, {"start": 1292.34, "end": 1292.58, "word": " precise.", "probability": 0.52587890625}], "temperature": 1.0}, {"id": 44, "seek": 131224, "start": 1296.32, "end": 1312.24, "text": "Okay? And we have to draw the indifference curve. Where does the indifference curve come from? IC, right? And this happens to be the equilibrium. 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Okay? Yes, I'll ask you like that. Where? Here? In line, yes. No, this is another issue. 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If it asks you to draw it at 4, you have to draw it here. If it asks you to draw it at 7, 5, or 8, you have to determine and draw the indifference curve along or show it along the graph, right? Okay. 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So here let's. 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Yani easy going, الامر ماشي مافيش فيها مشاكل. Tamam. 100% because the equilibrium, the best point, the equilibrium point occurs when the indifference curve tangents the budget line. Tamam? Okay. 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If the consumer equilibrium occurs when Q, X equals how much? Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. Nine. 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Right. Now, here's the original equilibrium, indifference curve, and here is the equilibrium point. 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One hundred to seventy. All right, yeah. So, the price of eggs went down to seventy. 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Determination on the graph or explanation on using graph. 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You're talking about new. 1000 over 70 equals how much? How much? How many units? Four? Fourteen point two. 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Remains constant, yes. The consumer income over the price of Y equals 1000 over 50 equals 20. 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So he can buy more quantities of X. So QX equals here, 14.2 sex flower, and the quantity of Y remains constant. So we have to draw the new budget line. Here's the new budget line, quantity of X here,", "tokens": [264, 9711, 586, 575, 4833, 3485, 281, 2256, 264, 1674, 13, 407, 415, 393, 2256, 544, 22927, 295, 1783, 13, 407, 1249, 55, 6915, 510, 11, 3499, 13, 17, 3260, 8617, 11, 293, 264, 11275, 295, 398, 7023, 5754, 13, 407, 321, 362, 281, 2642, 264, 777, 4706, 1622, 13, 1692, 311, 264, 777, 4706, 1622, 11, 11275, 295, 1783, 510, 11], "avg_logprob": -0.23499503920948694, "compression_ratio": 1.5421686746987953, "no_speech_prob": 0.0, "words": [{"start": 1668.77, "end": 1668.99, "word": " the", "probability": 0.66650390625}, {"start": 1668.99, "end": 1669.53, "word": " consumer", "probability": 0.83935546875}, {"start": 1669.53, "end": 1670.43, "word": " now", "probability": 0.9462890625}, {"start": 1670.43, "end": 1671.47, "word": " has", "probability": 0.94482421875}, {"start": 1671.47, "end": 1672.33, "word": " larger", "probability": 0.90869140625}, {"start": 1672.33, "end": 1672.87, "word": " ability", "probability": 0.94189453125}, {"start": 1672.87, "end": 1673.49, "word": " to", "probability": 0.96826171875}, {"start": 1673.49, "end": 1673.73, "word": " buy", "probability": 0.9208984375}, {"start": 1673.73, "end": 1673.89, "word": " the", "probability": 0.91455078125}, {"start": 1673.89, "end": 1674.21, "word": " product.", "probability": 0.62353515625}, {"start": 1674.39, "end": 1674.51, "word": " So", "probability": 0.96728515625}, {"start": 1674.51, "end": 1674.71, "word": " he", "probability": 0.77099609375}, {"start": 1674.71, "end": 1674.99, "word": " can", "probability": 0.94921875}, {"start": 1674.99, "end": 1675.35, "word": " buy", "probability": 0.919921875}, {"start": 1675.35, "end": 1675.93, "word": " more", "probability": 0.91357421875}, {"start": 1675.93, "end": 1676.51, "word": " quantities", "probability": 0.921875}, {"start": 1676.51, "end": 1676.77, "word": " of", "probability": 0.97119140625}, {"start": 1676.77, "end": 1677.05, "word": " X.", "probability": 0.74755859375}, {"start": 1677.69, "end": 1677.87, "word": " So", "probability": 0.97119140625}, {"start": 1677.87, "end": 1678.43, "word": " QX", "probability": 0.848388671875}, {"start": 1678.43, "end": 1678.99, "word": " equals", "probability": 0.93408203125}, {"start": 1678.99, "end": 1680.43, "word": " here,", "probability": 0.73876953125}, {"start": 1681.09, "end": 1681.81, "word": " 14", "probability": 0.85107421875}, {"start": 1681.81, "end": 1684.15, "word": ".2", "probability": 0.97119140625}, {"start": 1684.15, "end": 1685.33, "word": " sex", "probability": 0.05828857421875}, {"start": 1685.33, "end": 1685.73, "word": " flower,", "probability": 0.65869140625}, {"start": 1686.45, "end": 1686.95, "word": " and", "probability": 0.94677734375}, {"start": 1686.95, "end": 1687.25, "word": " the", "probability": 0.36083984375}, {"start": 1687.25, "end": 1687.49, "word": " quantity", "probability": 0.5205078125}, {"start": 1687.49, "end": 1687.69, "word": " of", "probability": 0.397705078125}, {"start": 1687.69, "end": 1687.87, "word": " Y", "probability": 0.94091796875}, {"start": 1687.87, "end": 1688.29, "word": " remains", "probability": 0.7958984375}, {"start": 1688.29, "end": 1688.81, "word": " constant.", "probability": 0.8740234375}, {"start": 1689.79, "end": 1690.49, "word": " So", "probability": 0.7734375}, {"start": 1690.49, "end": 1690.97, "word": " we", "probability": 0.880859375}, {"start": 1690.97, "end": 1691.21, "word": " have", "probability": 0.94921875}, {"start": 1691.21, "end": 1691.31, "word": " to", "probability": 0.9697265625}, {"start": 1691.31, "end": 1691.49, "word": " draw", "probability": 0.82763671875}, {"start": 1691.49, "end": 1691.69, "word": " the", "probability": 0.90771484375}, {"start": 1691.69, "end": 1691.87, "word": " new", "probability": 0.91650390625}, {"start": 1691.87, "end": 1692.15, "word": " budget", "probability": 0.90771484375}, {"start": 1692.15, "end": 1692.43, "word": " line.", "probability": 0.93603515625}, {"start": 1694.31, "end": 1695.03, "word": " Here's", "probability": 0.67724609375}, {"start": 1695.03, "end": 1695.21, "word": " the", "probability": 0.916015625}, {"start": 1695.21, "end": 1695.43, "word": " new", "probability": 0.9208984375}, {"start": 1695.43, "end": 1695.71, "word": " budget", "probability": 0.90673828125}, {"start": 1695.71, "end": 1696.05, "word": " line,", "probability": 0.93505859375}, {"start": 1696.51, "end": 1696.75, "word": " quantity", "probability": 0.8720703125}, {"start": 1696.75, "end": 1696.97, "word": " of", "probability": 0.869140625}, {"start": 1696.97, "end": 1697.29, "word": " X", "probability": 0.99365234375}, {"start": 1697.29, "end": 1697.73, "word": " here,", "probability": 0.85009765625}], "temperature": 1.0}, {"id": 58, "seek": 172710, "start": 1698.64, "end": 1727.1, "text": " 14.2. So, we have a movement, the budget line to right toward QX. How much is the new budget line formula? The new budget line formula, the budget line formula,", "tokens": [3499, 13, 17, 13, 407, 11, 321, 362, 257, 3963, 11, 264, 4706, 1622, 281, 558, 7361, 1249, 55, 13, 1012, 709, 307, 264, 777, 4706, 1622, 8513, 30, 440, 777, 4706, 1622, 8513, 11, 264, 4706, 1622, 8513, 11], "avg_logprob": -0.22732470093703852, "compression_ratio": 1.5480769230769231, "no_speech_prob": 0.0, "words": [{"start": 1698.64, "end": 1699.36, "word": " 14", "probability": 0.50927734375}, {"start": 1699.36, "end": 1700.56, "word": ".2.", "probability": 0.991943359375}, {"start": 1704.14, "end": 1705.1, "word": " So,", "probability": 0.568359375}, {"start": 1705.58, "end": 1705.86, "word": " we", "probability": 0.96533203125}, {"start": 1705.86, "end": 1706.22, "word": " have", "probability": 0.9521484375}, {"start": 1706.22, "end": 1706.82, "word": " a", "probability": 0.9443359375}, {"start": 1706.82, "end": 1707.2, "word": " movement,", "probability": 0.94921875}, {"start": 1707.94, "end": 1708.04, "word": " 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1729.7, "end": 1755.04, "text": " For the new or the formula for the new budget line will be QY equals 20 minus the slope of the new budget line, 20 over 14.2.", "tokens": [1171, 264, 777, 420, 264, 8513, 337, 264, 777, 4706, 1622, 486, 312, 1249, 56, 6915, 945, 3175, 264, 13525, 295, 264, 777, 4706, 1622, 11, 945, 670, 3499, 13, 17, 13], "avg_logprob": -0.23863636363636365, "compression_ratio": 1.3263157894736841, "no_speech_prob": 0.0, "words": [{"start": 1729.7, "end": 1729.96, "word": " For", "probability": 0.6787109375}, {"start": 1729.96, "end": 1730.2, "word": " the", "probability": 0.9267578125}, {"start": 1730.2, "end": 1730.52, "word": " new", "probability": 0.9267578125}, {"start": 1730.52, "end": 1731.14, "word": " or", "probability": 0.4453125}, {"start": 1731.14, "end": 1731.54, "word": " the", "probability": 0.9111328125}, {"start": 1731.54, "end": 1732.44, "word": " formula", "probability": 0.6982421875}, {"start": 1732.44, "end": 1732.72, "word": " for", "probability": 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The same result. Either or. In all cases, one slope.", "tokens": [670, 3499, 13, 17, 11, 420, 264, 777, 3218, 295, 1783, 670, 264, 3218, 295, 398, 13, 440, 912, 1874, 13, 13746, 420, 13, 682, 439, 3331, 11, 472, 13525, 13], "avg_logprob": -0.31274415273219347, "compression_ratio": 1.1505376344086022, "no_speech_prob": 0.0, "words": [{"start": 1757.77, "end": 1758.19, "word": " over", "probability": 0.51318359375}, {"start": 1758.19, "end": 1759.15, "word": " 14", "probability": 0.8544921875}, {"start": 1759.15, "end": 1759.83, "word": ".2,", "probability": 0.977783203125}, {"start": 1761.21, "end": 1762.21, "word": " or", "probability": 0.9658203125}, {"start": 1762.21, "end": 1763.21, "word": " the", "probability": 0.900390625}, {"start": 1763.21, "end": 1763.45, "word": " new", "probability": 0.89794921875}, {"start": 1763.45, "end": 1763.85, "word": " price", "probability": 0.90771484375}, {"start": 1763.85, "end": 1764.07, "word": " of", "probability": 0.95947265625}, {"start": 1764.07, "end": 1764.39, "word": " X", "probability": 0.6865234375}, {"start": 1764.39, "end": 1764.71, "word": " over", "probability": 0.9248046875}, {"start": 1764.71, "end": 1764.89, "word": " the", "probability": 0.84130859375}, {"start": 1764.89, "end": 1765.23, "word": " price", "probability": 0.59326171875}, {"start": 1765.23, "end": 1765.39, "word": " of", "probability": 0.96435546875}, {"start": 1765.39, "end": 1765.65, "word": " Y.", "probability": 0.9951171875}, {"start": 1766.95, "end": 1767.53, "word": " The", "probability": 0.445068359375}, {"start": 1767.53, "end": 1767.83, "word": " same", "probability": 0.88916015625}, {"start": 1767.83, "end": 1768.27, "word": " result.", "probability": 0.943359375}, {"start": 1769.73, "end": 1769.99, "word": " Either", "probability": 0.45849609375}, {"start": 1769.99, "end": 1772.79, "word": " or.", "probability": 0.77685546875}, {"start": 1774.81, "end": 1775.65, "word": " In", "probability": 0.84130859375}, {"start": 1775.65, "end": 1776.47, "word": " all", "probability": 0.92626953125}, {"start": 1776.47, "end": 1776.83, "word": " cases,", "probability": 0.92138671875}, {"start": 1776.95, "end": 1777.05, "word": " one", "probability": 0.1151123046875}, {"start": 1777.05, "end": 1777.47, "word": " slope.", "probability": 0.7666015625}], "temperature": 1.0}, {"id": 61, "seek": 180421, "start": 1778.27, "end": 1804.21, "text": " Either it will be 20 over 14.2 or the price of X to the new 70 or over price of Y, 50. QX. So, the new budget line formula", "tokens": [13746, 309, 486, 312, 945, 670, 3499, 13, 17, 420, 264, 3218, 295, 1783, 281, 264, 777, 5285, 420, 670, 3218, 295, 398, 11, 2625, 13, 1249, 55, 13, 407, 11, 264, 777, 4706, 1622, 8513], "avg_logprob": -0.3412162194380889, "compression_ratio": 1.2058823529411764, "no_speech_prob": 0.0, "words": [{"start": 1778.27, "end": 1779.23, "word": " Either", "probability": 0.5263671875}, {"start": 1779.23, "end": 1779.97, "word": " it", "probability": 0.66455078125}, {"start": 1779.97, "end": 1780.07, "word": " will", "probability": 0.2049560546875}, {"start": 1780.07, "end": 1780.31, "word": " be", "probability": 0.93212890625}, {"start": 1780.31, "end": 1780.75, "word": " 20", "probability": 0.83056640625}, {"start": 1780.75, "end": 1781.21, "word": " over", "probability": 0.78662109375}, {"start": 1781.21, "end": 1782.85, "word": " 14", "probability": 0.966796875}, {"start": 1782.85, "end": 1783.47, "word": ".2", "probability": 0.980712890625}, {"start": 1783.47, "end": 1784.05, "word": " or", "probability": 0.646484375}, {"start": 1784.05, "end": 1784.85, "word": " the", "probability": 0.78564453125}, {"start": 1784.85, "end": 1785.25, "word": " price", "probability": 0.91455078125}, {"start": 1785.25, "end": 1785.47, "word": " of", "probability": 0.951171875}, {"start": 1785.47, "end": 1785.83, "word": " X", "probability": 0.6591796875}, {"start": 1785.83, "end": 1786.05, "word": " to", "probability": 0.215087890625}, {"start": 1786.05, "end": 1786.15, "word": " the", "probability": 0.80224609375}, {"start": 1786.15, "end": 1786.25, "word": " new", "probability": 0.841796875}, {"start": 1786.25, "end": 1786.93, "word": " 70", "probability": 0.9169921875}, {"start": 1786.93, "end": 1787.69, "word": " or", "probability": 0.53076171875}, {"start": 1787.69, "end": 1788.25, "word": " over", "probability": 0.89990234375}, {"start": 1788.25, "end": 1789.79, "word": " price", "probability": 0.662109375}, {"start": 1789.79, "end": 1789.97, "word": " of", "probability": 0.94873046875}, {"start": 1789.97, "end": 1790.31, "word": " Y,", "probability": 0.98291015625}, {"start": 1791.17, "end": 1791.55, "word": " 50.", "probability": 0.92138671875}, {"start": 1799.41, "end": 1800.31, "word": " QX.", "probability": 0.4486083984375}, {"start": 1801.19, "end": 1801.73, "word": " So,", "probability": 0.91748046875}, {"start": 1802.15, "end": 1802.31, "word": " the", "probability": 0.904296875}, {"start": 1802.31, "end": 1802.69, "word": " new", "probability": 0.90087890625}, {"start": 1802.69, "end": 1803.57, "word": " budget", "probability": 0.8427734375}, {"start": 1803.57, "end": 1803.83, "word": " line", "probability": 0.89013671875}, {"start": 1803.83, "end": 1804.21, "word": " formula", "probability": 0.8896484375}], "temperature": 1.0}, {"id": 62, "seek": 183388, "start": 1807.38, "end": 1833.88, "text": " QY equals minus 1.4QX. This is the new budget line formula. What about another question? As the price of eggs goes down,", "tokens": [1249, 56, 6915, 3175, 502, 13, 19, 48, 55, 13, 639, 307, 264, 777, 4706, 1622, 8513, 13, 708, 466, 1071, 1168, 30, 1018, 264, 3218, 295, 6466, 1709, 760, 11], "avg_logprob": -0.22705078125, "compression_ratio": 1.110091743119266, "no_speech_prob": 0.0, "words": [{"start": 1807.38, "end": 1807.96, "word": " QY", "probability": 0.45263671875}, {"start": 1807.96, "end": 1808.74, "word": " equals", "probability": 0.73046875}, {"start": 1808.74, "end": 1809.6, "word": " minus", "probability": 0.471435546875}, {"start": 1809.6, "end": 1809.98, "word": " 1", "probability": 0.74853515625}, {"start": 1809.98, "end": 1811.56, "word": ".4QX.", "probability": 0.873046875}, {"start": 1812.24, "end": 1813.08, "word": " This", "probability": 0.90283203125}, {"start": 1813.08, "end": 1813.24, "word": " is", "probability": 0.947265625}, {"start": 1813.24, "end": 1813.38, "word": " the", "probability": 0.8349609375}, {"start": 1813.38, "end": 1813.6, "word": " new", "probability": 0.9150390625}, {"start": 1813.6, "end": 1813.98, "word": " budget", "probability": 0.85009765625}, {"start": 1813.98, "end": 1814.22, "word": " line", "probability": 0.89013671875}, {"start": 1814.22, "end": 1814.58, "word": " formula.", "probability": 0.921875}, {"start": 1815.86, "end": 1816.1, "word": " What", "probability": 0.89404296875}, {"start": 1816.1, "end": 1816.52, "word": " about", "probability": 0.90625}, {"start": 1816.52, "end": 1817.8, "word": " another", "probability": 0.5263671875}, {"start": 1817.8, "end": 1821.22, "word": " question?", "probability": 0.92626953125}, {"start": 1825.88, "end": 1826.72, "word": " As", "probability": 0.295654296875}, {"start": 1826.72, "end": 1832.46, "word": " the", "probability": 0.90087890625}, {"start": 1832.46, "end": 1832.72, "word": " price", "probability": 0.9140625}, {"start": 1832.72, "end": 1832.88, "word": " of", "probability": 0.9599609375}, {"start": 1832.88, "end": 1833.14, "word": " eggs", "probability": 0.6611328125}, {"start": 1833.14, "end": 1833.58, "word": " goes", "probability": 0.93505859375}, {"start": 1833.58, "end": 1833.88, "word": " down,", "probability": 0.84716796875}], "temperature": 1.0}, {"id": 63, "seek": 185662, "start": 1837.5, "end": 1856.62, "text": " What will happen to the quota purchase of X? Increases. We will derive and draw the new budget line. The new budget line with the new data, under the new data. To derive the new budget line,", "tokens": [708, 486, 1051, 281, 264, 45171, 8110, 295, 1783, 30, 30367, 1957, 13, 492, 486, 28446, 293, 2642, 264, 777, 4706, 1622, 13, 440, 777, 4706, 1622, 365, 264, 777, 1412, 11, 833, 264, 777, 1412, 13, 1407, 28446, 264, 777, 4706, 1622, 11], "avg_logprob": -0.2529513862397936, "compression_ratio": 1.61864406779661, "no_speech_prob": 0.0, "words": [{"start": 1837.5, "end": 1837.74, "word": " What", "probability": 0.744140625}, {"start": 1837.74, "end": 1837.92, "word": " will", "probability": 0.857421875}, {"start": 1837.92, "end": 1838.24, "word": " happen", "probability": 0.92138671875}, {"start": 1838.24, "end": 1838.44, "word": " to", "probability": 0.962890625}, {"start": 1838.44, "end": 1838.56, "word": " the", "probability": 0.8994140625}, {"start": 1838.56, "end": 1838.82, "word": " quota", "probability": 0.10302734375}, {"start": 1838.82, "end": 1839.2, "word": " purchase", "probability": 0.6572265625}, {"start": 1839.2, "end": 1839.62, "word": " of", "probability": 0.78564453125}, {"start": 1839.62, "end": 1839.84, "word": " X?", "probability": 0.603515625}, {"start": 1841.06, "end": 1841.78, "word": " Increases.", "probability": 0.883544921875}, {"start": 1842.62, "end": 1842.8, "word": " We", "probability": 0.219482421875}, {"start": 1842.8, "end": 1842.9, "word": " will", "probability": 0.42236328125}, {"start": 1842.9, "end": 1843.38, "word": " derive", "probability": 0.8388671875}, {"start": 1843.38, "end": 1843.76, "word": " and", "probability": 0.86181640625}, {"start": 1843.76, "end": 1844.12, "word": " draw", "probability": 0.75}, {"start": 1844.12, "end": 1844.38, "word": " the", "probability": 0.8662109375}, {"start": 1844.38, "end": 1844.66, "word": " new", "probability": 0.91796875}, {"start": 1844.66, "end": 1844.98, "word": " budget", "probability": 0.892578125}, {"start": 1844.98, "end": 1845.3, "word": " line.", "probability": 0.93994140625}, {"start": 1846.1, "end": 1846.8, "word": " The", "probability": 0.88232421875}, {"start": 1846.8, "end": 1847.0, "word": " new", "probability": 0.9189453125}, {"start": 1847.0, "end": 1847.3, "word": " budget", "probability": 0.8837890625}, {"start": 1847.3, "end": 1847.66, "word": " line", "probability": 0.9365234375}, {"start": 1847.66, "end": 1848.16, "word": " with", "probability": 0.7666015625}, {"start": 1848.16, "end": 1848.48, "word": " the", "probability": 0.88916015625}, {"start": 1848.48, "end": 1848.9, "word": " new", "probability": 0.92333984375}, {"start": 1848.9, "end": 1849.48, "word": " data,", "probability": 0.94580078125}, {"start": 1850.82, "end": 1851.26, "word": " under", "probability": 0.859375}, {"start": 1851.26, "end": 1851.98, "word": " the", "probability": 0.9169921875}, {"start": 1851.98, "end": 1852.44, "word": " new", "probability": 0.91796875}, {"start": 1852.44, "end": 1853.1, "word": " data.", "probability": 0.9306640625}, {"start": 1854.5, "end": 1855.22, "word": " To", "probability": 0.95263671875}, {"start": 1855.22, "end": 1855.54, "word": " derive", "probability": 0.82861328125}, {"start": 1855.54, "end": 1855.72, "word": " the", "probability": 0.85595703125}, {"start": 1855.72, "end": 1855.9, "word": " new", "probability": 0.9208984375}, {"start": 1855.9, "end": 1856.22, "word": " budget", "probability": 0.89794921875}, {"start": 1856.22, "end": 1856.62, "word": " line,", "probability": 0.93896484375}], "temperature": 1.0}, {"id": 64, "seek": 187299, "start": 1857.53, "end": 1872.99, "text": " We have to calculate the new quantity of X and the new quantity of Y. 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"text": " If the consumer equilibrium occurs when QX equals 11 here, how much is QY?", "tokens": [759, 264, 9711, 15625, 11843, 562, 1249, 55, 6915, 2975, 510, 11, 577, 709, 307, 1249, 56, 30], "avg_logprob": -0.29194077692533793, "compression_ratio": 0.974025974025974, "no_speech_prob": 0.0, "words": [{"start": 2020.84, "end": 2022.24, "word": " If", "probability": 0.17529296875}, {"start": 2022.24, "end": 2023.64, "word": " the", "probability": 0.81591796875}, {"start": 2023.64, "end": 2024.2, "word": " consumer", "probability": 0.84130859375}, {"start": 2024.2, "end": 2025.02, "word": " equilibrium", "probability": 0.92431640625}, {"start": 2025.02, "end": 2026.84, "word": " occurs", "probability": 0.85693359375}, {"start": 2026.84, "end": 2027.82, "word": " when", "probability": 0.8515625}, {"start": 2027.82, "end": 2028.84, "word": " QX", "probability": 0.65283203125}, {"start": 2028.84, "end": 2029.96, "word": " equals", "probability": 0.6669921875}, {"start": 2029.96, "end": 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In the current situation, do I apply to the old budget line or to the new one? To the new one. So this is the consumer equilibrium for you. The new one. So here we have a new equilibrium.", "tokens": [833, 264, 2212, 420, 264, 2190, 2590, 13, 682, 264, 2190, 2590, 11, 360, 286, 3079, 281, 264, 1331, 4706, 1622, 420, 281, 264, 777, 472, 30, 1407, 264, 777, 472, 13, 407, 341, 307, 264, 9711, 15625, 337, 291, 13, 440, 777, 472, 13, 407, 510, 321, 362, 257, 777, 15625, 13], "avg_logprob": -0.33391202875861414, "compression_ratio": 1.6788321167883211, "no_speech_prob": 0.0, "words": [{"start": 2036.59, "end": 2037.05, "word": " under", "probability": 0.7490234375}, {"start": 2037.05, "end": 2037.65, "word": " the", "probability": 0.92578125}, {"start": 2037.65, "end": 2038.03, "word": " given", "probability": 0.91796875}, {"start": 2038.03, "end": 2038.47, "word": " or", "probability": 0.91015625}, {"start": 2038.47, "end": 2038.95, "word": " the", "probability": 0.9033203125}, {"start": 2038.95, "end": 2039.19, "word": " current", "probability": 0.8515625}, {"start": 2039.19, "end": 2039.99, "word": " situation.", "probability": 0.93603515625}, {"start": 2042.55, "end": 2042.69, "word": " In", "probability": 0.278564453125}, {"start": 2042.69, "end": 2042.75, "word": " the", "probability": 0.8291015625}, {"start": 2042.75, "end": 2042.97, "word": " current", "probability": 0.8447265625}, {"start": 2042.97, "end": 2043.69, "word": " situation,", "probability": 0.9306640625}, {"start": 2045.85, "end": 2046.25, "word": " do", "probability": 0.2001953125}, {"start": 2046.25, "end": 2046.47, "word": " I", "probability": 0.89794921875}, {"start": 2046.47, "end": 2046.99, "word": " apply", "probability": 0.833984375}, {"start": 2046.99, "end": 2047.79, "word": " to", "probability": 0.38671875}, {"start": 2047.79, "end": 2047.97, "word": " the", "probability": 0.84814453125}, {"start": 2047.97, "end": 2048.35, "word": " old", "probability": 0.880859375}, {"start": 2048.35, "end": 2048.79, "word": " budget", "probability": 0.78125}, {"start": 2048.79, "end": 2049.07, "word": " line", "probability": 0.90625}, {"start": 2049.07, "end": 2049.23, "word": " or", "probability": 0.84375}, {"start": 2049.23, "end": 2049.39, "word": " to", "probability": 0.51708984375}, {"start": 2049.39, "end": 2049.55, "word": " the", "probability": 0.81103515625}, {"start": 2049.55, "end": 2049.69, "word": " new", "probability": 0.91015625}, {"start": 2049.69, "end": 2049.85, "word": " one?", "probability": 0.32373046875}, {"start": 2050.23, "end": 2050.37, "word": " To", "probability": 0.62255859375}, {"start": 2050.37, "end": 2050.45, "word": " the", "probability": 0.8740234375}, {"start": 2050.45, "end": 2050.65, "word": " new", "probability": 0.90478515625}, {"start": 2050.65, "end": 2050.75, "word": " one.", "probability": 0.80810546875}, {"start": 2051.17, "end": 2051.33, "word": " So", "probability": 0.66162109375}, {"start": 2051.33, "end": 2051.95, "word": " this", "probability": 0.380126953125}, {"start": 2051.95, "end": 2052.15, "word": " is", "probability": 0.65576171875}, {"start": 2052.15, "end": 2052.15, "word": " the", "probability": 0.62646484375}, {"start": 2052.15, "end": 2052.53, "word": " consumer", "probability": 0.7333984375}, {"start": 2052.53, "end": 2053.09, "word": " equilibrium", "probability": 0.94921875}, {"start": 2053.09, "end": 2053.29, "word": " for", "probability": 0.451171875}, {"start": 2053.29, "end": 2053.45, "word": " you.", "probability": 0.8740234375}, {"start": 2055.41, "end": 2055.59, "word": " The", "probability": 0.52734375}, {"start": 2055.59, "end": 2055.85, "word": " new", "probability": 0.91064453125}, {"start": 2055.85, "end": 2056.17, "word": " one.", "probability": 0.357177734375}, {"start": 2056.57, "end": 2056.69, "word": " So", "probability": 0.91162109375}, {"start": 2056.69, "end": 2057.71, "word": " here", "probability": 0.65625}, {"start": 2057.71, "end": 2058.21, "word": " we", "probability": 0.71533203125}, {"start": 2058.21, "end": 2058.47, "word": " have", "probability": 0.94775390625}, {"start": 2058.47, "end": 2058.63, "word": " a", "probability": 0.92529296875}, {"start": 2058.63, "end": 2058.97, "word": " new", "probability": 0.9052734375}, {"start": 2058.97, "end": 2061.07, "word": " equilibrium.", "probability": 0.96923828125}], "temperature": 1.0}, {"id": 72, "seek": 209346, "start": 2064.17, "end": 2093.47, "text": " At Qx equals 11 here. The consumer equilibrium, the new equilibrium occurs when Qx equals 11. How much is the Qy? I see two. I see one. A1, A2. So, the new, sorry, the Qy,", "tokens": [1711, 1249, 87, 6915, 2975, 510, 13, 440, 9711, 15625, 11, 264, 777, 15625, 11843, 562, 1249, 87, 6915, 2975, 13, 1012, 709, 307, 264, 1249, 88, 30, 286, 536, 732, 13, 286, 536, 472, 13, 316, 16, 11, 316, 17, 13, 407, 11, 264, 777, 11, 2597, 11, 264, 1249, 88, 11], "avg_logprob": -0.2855902639804063, "compression_ratio": 1.3983739837398375, "no_speech_prob": 0.0, "words": [{"start": 2064.17, "end": 2064.51, "word": " At", "probability": 0.497802734375}, {"start": 2064.51, "end": 2065.67, "word": " Qx", "probability": 0.5625}, {"start": 2065.67, "end": 2066.45, "word": " equals", "probability": 0.873046875}, {"start": 2066.45, "end": 2067.03, "word": " 11", "probability": 0.89208984375}, {"start": 2067.03, "end": 2068.19, "word": " here.", "probability": 0.72900390625}, {"start": 2074.53, "end": 2074.91, "word": " The", "probability": 0.447265625}, {"start": 2074.91, "end": 2075.43, "word": " consumer", "probability": 0.71337890625}, {"start": 2075.43, "end": 2076.05, "word": " equilibrium,", "probability": 0.9111328125}, {"start": 2076.23, "end": 2076.35, "word": " the", "probability": 0.9091796875}, {"start": 2076.35, "end": 2076.59, "word": " new", "probability": 0.90625}, {"start": 2076.59, "end": 2077.03, "word": " equilibrium", "probability": 0.96044921875}, {"start": 2077.03, "end": 2077.61, "word": " occurs", "probability": 0.74462890625}, {"start": 2077.61, "end": 2077.85, "word": " when", "probability": 0.89794921875}, {"start": 2077.85, "end": 2078.37, "word": " Qx", "probability": 0.942138671875}, {"start": 2078.37, "end": 2078.91, "word": " equals", "probability": 0.93408203125}, {"start": 2078.91, "end": 2079.31, "word": " 11.", "probability": 0.95166015625}, {"start": 2079.69, "end": 2079.83, "word": " How", "probability": 0.97021484375}, {"start": 2079.83, "end": 2080.17, "word": " much", "probability": 0.91357421875}, {"start": 2080.17, "end": 2080.37, "word": " is", "probability": 0.9453125}, {"start": 2080.37, "end": 2080.51, "word": " the", "probability": 0.327392578125}, {"start": 2080.51, "end": 2080.93, "word": " Qy?", "probability": 0.8291015625}, {"start": 2081.15, "end": 2081.95, "word": " I", "probability": 0.55859375}, {"start": 2081.95, "end": 2082.21, "word": " see", "probability": 0.38720703125}, {"start": 2082.21, "end": 2082.53, "word": " two.", "probability": 0.873046875}, {"start": 2083.09, "end": 2083.43, "word": " I", "probability": 0.845703125}, {"start": 2083.43, "end": 2083.65, "word": " see", "probability": 0.92529296875}, {"start": 2083.65, "end": 2083.93, "word": " one.", "probability": 0.912109375}, {"start": 2084.63, "end": 2085.09, "word": " A1,", "probability": 0.72998046875}, {"start": 2085.55, "end": 2085.95, "word": " A2.", "probability": 0.98828125}, {"start": 2088.61, "end": 2089.41, "word": " So,", "probability": 0.56787109375}, {"start": 2090.29, "end": 2090.53, "word": " the", "probability": 0.76708984375}, {"start": 2090.53, "end": 2090.91, "word": " new,", "probability": 0.71240234375}, {"start": 2091.37, "end": 2091.75, "word": " sorry,", "probability": 0.4365234375}, {"start": 2092.35, "end": 2092.45, "word": " the", "probability": 0.68017578125}, {"start": 2092.45, "end": 2093.47, "word": " Qy,", "probability": 0.96044921875}], "temperature": 1.0}, {"id": 73, "seek": 211531, "start": 2094.81, "end": 2115.31, "text": " equals 20 minus 14, 1.4 times QX11. So QY equals 20, 4.6.", "tokens": [6915, 945, 3175, 3499, 11, 502, 13, 19, 1413, 1249, 55, 5348, 13, 407, 1249, 56, 6915, 945, 11, 1017, 13, 21, 13], "avg_logprob": -0.2832031324505806, "compression_ratio": 0.9830508474576272, "no_speech_prob": 0.0, "words": [{"start": 2094.81, "end": 2095.35, "word": " equals", "probability": 0.52783203125}, {"start": 2095.35, "end": 2095.79, "word": " 20", "probability": 0.82275390625}, {"start": 2095.79, "end": 2096.45, "word": " minus", "probability": 0.94482421875}, {"start": 2096.45, "end": 2097.33, "word": " 14,", "probability": 0.79443359375}, {"start": 2097.73, "end": 2098.55, "word": " 1", "probability": 0.88623046875}, {"start": 2098.55, "end": 2099.19, "word": ".4", "probability": 0.9892578125}, {"start": 2099.19, "end": 2100.17, "word": " times", "probability": 0.7109375}, {"start": 2100.17, "end": 2102.59, "word": " QX11.", "probability": 0.59423828125}, {"start": 2103.47, "end": 2104.87, "word": " So", "probability": 0.96630859375}, {"start": 2104.87, "end": 2105.51, "word": " QY", "probability": 0.747802734375}, {"start": 2105.51, "end": 2109.65, "word": " equals", "probability": 0.923828125}, {"start": 2109.65, "end": 2111.15, "word": " 20,", "probability": 0.951171875}, {"start": 2113.23, "end": 2113.23, "word": " 4", "probability": 0.5791015625}, {"start": 2113.23, "end": 2115.31, "word": ".6.", "probability": 0.9921875}], "temperature": 1.0}, {"id": 74, "seek": 214773, "start": 2126.53, "end": 2147.73, "text": " Derive and draw the demand curve for product X. The last. The last? Derive and draw the demand curve for product X. So we have to", "tokens": [5618, 488, 293, 2642, 264, 4733, 7605, 337, 1674, 1783, 13, 440, 1036, 13, 440, 1036, 30, 5618, 488, 293, 2642, 264, 4733, 7605, 337, 1674, 1783, 13, 407, 321, 362, 281], "avg_logprob": -0.3250473484848485, "compression_ratio": 1.6666666666666667, "no_speech_prob": 0.0, "words": [{"start": 2126.5299999999997, "end": 2127.31, "word": " Derive", "probability": 0.49310302734375}, {"start": 2127.31, "end": 2128.09, "word": " and", "probability": 0.92041015625}, {"start": 2128.09, "end": 2128.61, "word": " draw", "probability": 0.61279296875}, {"start": 2128.61, "end": 2129.91, "word": " the", "probability": 0.81005859375}, {"start": 2129.91, "end": 2130.55, "word": " demand", "probability": 0.89501953125}, {"start": 2130.55, "end": 2130.91, "word": " curve", "probability": 0.8857421875}, {"start": 2130.91, "end": 2131.21, "word": " for", "probability": 0.94482421875}, {"start": 2131.21, "end": 2131.59, "word": " product", "probability": 0.830078125}, {"start": 2131.59, "end": 2131.93, "word": " X.", "probability": 0.66796875}, {"start": 2133.57, "end": 2134.35, "word": " The", "probability": 0.880859375}, {"start": 2134.35, "end": 2134.73, "word": " last.", "probability": 0.869140625}, {"start": 2136.33, "end": 2136.69, "word": " The", "probability": 0.7421875}, {"start": 2136.69, "end": 2137.01, "word": " last?", "probability": 0.849609375}, {"start": 2138.69, "end": 2139.09, "word": " Derive", "probability": 0.5908203125}, {"start": 2139.09, "end": 2141.11, "word": " and", "probability": 0.4736328125}, {"start": 2141.11, "end": 2141.59, "word": " draw", "probability": 0.75634765625}, {"start": 2141.59, "end": 2141.83, "word": " the", "probability": 0.888671875}, {"start": 2141.83, "end": 2143.61, "word": " demand", "probability": 0.395263671875}, {"start": 2143.61, "end": 2144.83, "word": " curve", "probability": 0.92333984375}, {"start": 2144.83, "end": 2145.07, "word": " for", "probability": 0.943359375}, {"start": 2145.07, "end": 2145.39, "word": " product", "probability": 0.90966796875}, {"start": 2145.39, "end": 2145.77, "word": " X.", "probability": 0.9892578125}, {"start": 2146.09, "end": 2146.87, "word": " So", "probability": 0.9638671875}, {"start": 2146.87, "end": 2147.15, "word": " we", "probability": 0.4326171875}, {"start": 2147.15, "end": 2147.45, "word": " have", "probability": 0.9482421875}, {"start": 2147.45, "end": 2147.73, "word": " to", "probability": 0.75}], "temperature": 1.0}, {"id": 75, "seek": 217826, "start": 2151.66, "end": 2178.26, "text": " determine all the prices and the quantity demanded of X before and after the change in the price of X. All right. So here price of X and the quantity consumed of X and the optimum. Here we're talking about the equilibrium quantities of X. 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Before the changes, how much was the price of X? The price of X was 100, and the equilibrium quantity was 4. Then have 4, and the price went down to 50, to 70.", "tokens": [15624, 12722, 13015, 11275, 1783, 13, 4546, 264, 2962, 11, 577, 709, 390, 264, 3218, 295, 1783, 30, 440, 3218, 295, 1783, 390, 2319, 11, 293, 264, 15625, 11275, 390, 1017, 13, 1396, 362, 1017, 11, 293, 264, 3218, 1437, 760, 281, 2625, 11, 281, 5285, 13], "avg_logprob": -0.27099610430498916, "compression_ratio": 1.4153846153846155, "no_speech_prob": 0.0, "words": [{"start": 2180.18, "end": 2180.8, "word": " Equilibrium", "probability": 0.819091796875}, {"start": 2180.8, "end": 2181.2, "word": " quantity", "probability": 0.62890625}, {"start": 2181.2, "end": 2181.6, "word": " X.", "probability": 0.391357421875}, {"start": 2184.04, "end": 2184.86, "word": " Before", "probability": 0.9072265625}, {"start": 2184.86, "end": 2185.1, "word": " the", "probability": 0.892578125}, {"start": 2185.1, "end": 2185.7, "word": " changes,", "probability": 0.90869140625}, {"start": 2186.26, "end": 2186.4, "word": " how", "probability": 0.92041015625}, {"start": 2186.4, "end": 2186.68, "word": " much", "probability": 0.9111328125}, {"start": 2186.68, "end": 2187.2, "word": " was", "probability": 0.9560546875}, {"start": 2187.2, "end": 2187.62, "word": " the", "probability": 0.9189453125}, {"start": 2187.62, "end": 2187.9, "word": " price", "probability": 0.9228515625}, {"start": 2187.9, "end": 2188.08, "word": " of", "probability": 0.9619140625}, {"start": 2188.08, "end": 2188.32, "word": " X?", "probability": 0.982421875}, {"start": 2188.4, "end": 2188.52, "word": " The", "probability": 0.87939453125}, {"start": 2188.52, "end": 2188.78, "word": " price", "probability": 0.908203125}, {"start": 2188.78, "end": 2188.96, "word": " of", "probability": 0.94677734375}, {"start": 2188.96, "end": 2189.48, "word": " X", "probability": 0.98974609375}, {"start": 2189.48, "end": 2189.82, "word": " was", "probability": 0.95166015625}, {"start": 2189.82, "end": 2190.24, "word": " 100,", "probability": 0.84130859375}, {"start": 2192.06, "end": 2192.42, "word": " and", "probability": 0.94091796875}, {"start": 2192.42, "end": 2192.72, "word": " the", "probability": 0.90966796875}, {"start": 2192.72, "end": 2193.24, "word": " equilibrium", "probability": 0.9580078125}, {"start": 2193.24, "end": 2193.88, "word": " quantity", "probability": 0.97607421875}, {"start": 2193.88, "end": 2194.3, "word": " was", "probability": 0.95166015625}, {"start": 2194.3, "end": 2194.98, "word": " 4.", "probability": 0.51904296875}, {"start": 2196.76, "end": 2197.58, "word": " Then", "probability": 0.49609375}, {"start": 2197.58, "end": 2197.8, "word": " have", "probability": 0.2337646484375}, {"start": 2197.8, "end": 2198.2, "word": " 4,", "probability": 0.48193359375}, {"start": 2201.2, "end": 2201.2, "word": " and", "probability": 0.437255859375}, {"start": 2201.2, "end": 2201.94, "word": " the", "probability": 0.91357421875}, {"start": 2201.94, "end": 2202.34, "word": " price", "probability": 0.9140625}, {"start": 2202.34, "end": 2203.0, "word": " went", "probability": 0.78271484375}, {"start": 2203.0, "end": 2203.42, "word": " down", "probability": 0.8388671875}, {"start": 2203.42, "end": 2203.64, "word": " to", "probability": 0.95654296875}, {"start": 2203.64, "end": 2204.02, "word": " 50,", "probability": 0.72607421875}, {"start": 2204.48, "end": 2204.72, "word": " to", "probability": 0.7060546875}, {"start": 2204.72, "end": 2205.22, "word": " 70.", "probability": 0.9453125}], "temperature": 1.0}, {"id": 77, "seek": 223521, "start": 2207.52, "end": 2235.22, "text": " and the quantity purchased was or becomes relevant. So, we have to derive or to draw the demand curve. So, the demand curve price of X,", "tokens": [293, 264, 11275, 14734, 390, 420, 3643, 7340, 13, 407, 11, 321, 362, 281, 28446, 420, 281, 2642, 264, 4733, 7605, 13, 407, 11, 264, 4733, 7605, 3218, 295, 1783, 11], "avg_logprob": -0.2578125139698386, "compression_ratio": 1.3465346534653466, "no_speech_prob": 0.0, "words": [{"start": 2207.52, "end": 2207.94, "word": " and", "probability": 0.56005859375}, {"start": 2207.94, "end": 2208.36, "word": " the", "probability": 0.884765625}, {"start": 2208.36, "end": 2209.14, "word": " quantity", "probability": 0.615234375}, {"start": 2209.14, "end": 2210.34, "word": " purchased", "probability": 0.9423828125}, {"start": 2210.34, "end": 2210.9, "word": " was", "probability": 0.9091796875}, {"start": 2210.9, "end": 2211.14, "word": " or", "probability": 0.9013671875}, {"start": 2211.14, "end": 2211.62, "word": " becomes", "probability": 0.90625}, {"start": 2211.62, "end": 2212.74, "word": " relevant.", "probability": 0.1944580078125}, {"start": 2213.06, "end": 2213.14, "word": " So,", "probability": 0.966796875}, {"start": 2213.24, "end": 2213.34, "word": " we", "probability": 0.9560546875}, {"start": 2213.34, "end": 2213.6, "word": " have", "probability": 0.94921875}, {"start": 2213.6, "end": 2213.74, "word": " to", "probability": 0.97265625}, {"start": 2213.74, "end": 2214.16, "word": " derive", "probability": 0.7255859375}, {"start": 2214.16, "end": 2214.96, "word": " or", "probability": 0.6259765625}, {"start": 2214.96, "end": 2215.2, "word": " to", "probability": 0.8515625}, {"start": 2215.2, "end": 2215.48, "word": " draw", "probability": 0.876953125}, {"start": 2215.48, "end": 2215.74, "word": " the", "probability": 0.90087890625}, {"start": 2215.74, "end": 2217.74, "word": " demand", "probability": 0.8662109375}, {"start": 2217.74, "end": 2218.12, "word": " curve.", "probability": 0.8681640625}, {"start": 2226.54, "end": 2227.34, "word": " So,", "probability": 0.9609375}, {"start": 2228.2, "end": 2228.4, "word": " the", "probability": 0.923828125}, {"start": 2228.4, "end": 2228.8, "word": " demand", "probability": 0.91650390625}, {"start": 2228.8, "end": 2229.34, "word": " curve", "probability": 0.94677734375}, {"start": 2229.34, "end": 2234.74, "word": " price", "probability": 0.373046875}, {"start": 2234.74, "end": 2234.94, "word": " of", "probability": 0.9619140625}, {"start": 2234.94, "end": 2235.22, "word": " X,", "probability": 0.74658203125}], "temperature": 1.0}, {"id": 78, "seek": 226671, "start": 2237.13, "end": 2266.71, "text": " and the quantum x. Price is 10, or 20, 40, 60, 80, 100, and the quant purchased 1, 2, 3, 4. 1, 2, 3, 4, 5, 6, 7, 8,", "tokens": [293, 264, 13018, 2031, 13, 25803, 307, 1266, 11, 420, 945, 11, 3356, 11, 4060, 11, 4688, 11, 2319, 11, 293, 264, 4426, 14734, 502, 11, 568, 11, 805, 11, 1017, 13, 502, 11, 568, 11, 805, 11, 1017, 11, 1025, 11, 1386, 11, 1614, 11, 1649, 11], "avg_logprob": -0.24744896986046616, "compression_ratio": 1.303370786516854, "no_speech_prob": 0.0, "words": [{"start": 2237.13, "end": 2237.47, "word": " and", "probability": 0.634765625}, {"start": 2237.47, "end": 2237.59, "word": " the", "probability": 0.86962890625}, {"start": 2237.59, "end": 2237.89, "word": " quantum", "probability": 0.485595703125}, {"start": 2237.89, "end": 2238.29, "word": " x.", "probability": 0.6181640625}, {"start": 2240.61, "end": 2241.65, "word": " Price", "probability": 0.2548828125}, {"start": 2241.65, "end": 2242.31, "word": " is", "probability": 0.93701171875}, {"start": 2242.31, "end": 2243.61, "word": " 10,", "probability": 0.755859375}, {"start": 2244.09, "end": 2245.51, "word": " or", "probability": 0.572265625}, {"start": 2245.51, "end": 2245.93, "word": " 20,", "probability": 0.95556640625}, {"start": 2246.59, "end": 2247.19, "word": " 40,", "probability": 0.95458984375}, {"start": 2248.31, "end": 2248.83, "word": " 60,", "probability": 0.96533203125}, {"start": 2250.11, "end": 2250.85, "word": " 80,", "probability": 0.9755859375}, {"start": 2251.89, "end": 2252.41, "word": " 100,", "probability": 0.89794921875}, {"start": 2253.01, "end": 2254.81, "word": " and", "probability": 0.89892578125}, {"start": 2254.81, "end": 2255.31, "word": " the", "probability": 0.87353515625}, {"start": 2255.31, "end": 2255.55, "word": " quant", "probability": 0.2122802734375}, {"start": 2255.55, "end": 2255.95, "word": " purchased", "probability": 0.357666015625}, {"start": 2255.95, "end": 2256.87, "word": " 1,", "probability": 0.427490234375}, {"start": 2256.93, "end": 2257.03, "word": " 2,", "probability": 0.77587890625}, {"start": 2257.11, "end": 2257.27, "word": " 3,", "probability": 0.98583984375}, {"start": 2257.35, "end": 2257.63, "word": " 4.", "probability": 0.98876953125}, {"start": 2259.33, "end": 2260.37, "word": " 1,", "probability": 0.8095703125}, {"start": 2260.91, "end": 2261.51, "word": " 2,", "probability": 0.97216796875}, {"start": 2261.75, "end": 2262.29, "word": " 3,", "probability": 0.99658203125}, {"start": 2262.57, "end": 2262.95, "word": " 4,", "probability": 0.99755859375}, {"start": 2263.31, "end": 2263.87, "word": " 5,", "probability": 0.99560546875}, {"start": 2264.17, "end": 2264.71, "word": " 6,", "probability": 0.99755859375}, {"start": 2265.13, "end": 2265.73, "word": " 7,", "probability": 0.99658203125}, {"start": 2266.33, "end": 2266.71, "word": " 8,", "probability": 0.99755859375}], "temperature": 1.0}, {"id": 79, "seek": 228735, "start": 2267.09, "end": 2287.35, "text": " nine, ten, eleven. The first point, when the price was one hundred, how much was the quantity purchased of X? Four. At one hundred? Four.", "tokens": [4949, 11, 2064, 11, 21090, 13, 440, 700, 935, 11, 562, 264, 3218, 390, 472, 3262, 11, 577, 709, 390, 264, 11275, 14734, 295, 1783, 30, 7451, 13, 1711, 472, 3262, 30, 7451, 13], "avg_logprob": -0.2877232245036534, "compression_ratio": 1.2777777777777777, "no_speech_prob": 0.0, "words": [{"start": 2267.09, "end": 2267.65, "word": " nine,", "probability": 0.37646484375}, {"start": 2268.09, "end": 2268.49, "word": " ten,", "probability": 0.818359375}, {"start": 2269.71, "end": 2270.11, "word": " eleven.", "probability": 0.8583984375}, {"start": 2275.69, "end": 2276.51, "word": " The", "probability": 0.888671875}, {"start": 2276.51, "end": 2276.77, "word": " first", "probability": 0.88720703125}, {"start": 2276.77, "end": 2277.13, "word": " point,", "probability": 0.96337890625}, {"start": 2277.83, "end": 2278.07, "word": " when", "probability": 0.91357421875}, {"start": 2278.07, "end": 2278.23, "word": " the", "probability": 0.9248046875}, {"start": 2278.23, "end": 2278.61, "word": " price", "probability": 0.91455078125}, {"start": 2278.61, "end": 2279.27, "word": " was", "probability": 0.95556640625}, {"start": 2279.27, "end": 2279.71, "word": " one", "probability": 0.27685546875}, {"start": 2279.71, "end": 2280.13, "word": " hundred,", "probability": 0.8779296875}, {"start": 2280.55, "end": 2280.75, "word": " how", "probability": 0.9326171875}, {"start": 2280.75, "end": 2281.31, "word": " much", "probability": 0.91943359375}, {"start": 2281.31, "end": 2282.57, "word": " was", "probability": 0.9560546875}, {"start": 2282.57, "end": 2282.99, "word": " the", "probability": 0.9228515625}, {"start": 2282.99, "end": 2283.39, "word": " quantity", "probability": 0.67333984375}, {"start": 2283.39, "end": 2283.91, "word": " purchased", "probability": 0.62353515625}, {"start": 2283.91, "end": 2284.37, "word": " of", "probability": 0.382080078125}, {"start": 2284.37, "end": 2284.61, "word": " X?", "probability": 0.6396484375}, {"start": 2284.87, "end": 2285.67, "word": " Four.", "probability": 0.79736328125}, {"start": 2285.79, "end": 2285.97, "word": " At", "probability": 0.541015625}, {"start": 2285.97, "end": 2286.21, "word": " one", "probability": 0.86865234375}, {"start": 2286.21, "end": 2286.53, "word": " hundred?", "probability": 0.93701171875}, {"start": 2286.79, "end": 2287.35, "word": " Four.", "probability": 0.9150390625}], "temperature": 1.0}, {"id": 80, "seek": 232398, "start": 2295.03, "end": 2323.99, "text": " At 70? Eleven. Eleven, yes. This is the demand curve. Yes. Is it elastic or inelastic? Inelastic. How can we determine is it elastic or inelastic?", "tokens": [1711, 5285, 30, 48548, 13, 48548, 11, 2086, 13, 639, 307, 264, 4733, 7605, 13, 1079, 13, 1119, 309, 17115, 420, 294, 338, 2750, 30, 682, 338, 2750, 13, 1012, 393, 321, 6997, 307, 309, 17115, 420, 294, 338, 2750, 30], "avg_logprob": -0.13402158412195386, "compression_ratio": 1.4134615384615385, "no_speech_prob": 0.0, "words": [{"start": 2295.03, "end": 2295.33, "word": " At", "probability": 0.76025390625}, {"start": 2295.33, "end": 2295.91, "word": " 70?", "probability": 0.87646484375}, {"start": 2296.25, "end": 2296.59, "word": " Eleven.", "probability": 0.2529296875}, {"start": 2296.93, "end": 2297.27, "word": " Eleven,", "probability": 0.85498046875}, {"start": 2297.49, "end": 2297.81, "word": " yes.", "probability": 0.95556640625}, {"start": 2307.73, "end": 2308.37, "word": " This", "probability": 0.7421875}, {"start": 2308.37, "end": 2308.51, "word": " is", "probability": 0.94970703125}, {"start": 2308.51, "end": 2308.61, "word": " the", "probability": 0.875}, {"start": 2308.61, "end": 2308.89, "word": " demand", "probability": 0.94140625}, {"start": 2308.89, "end": 2309.15, "word": " curve.", "probability": 0.92919921875}, {"start": 2309.35, "end": 2309.67, "word": " Yes.", "probability": 0.79833984375}, {"start": 2315.63, "end": 2316.27, "word": " Is", "probability": 0.953125}, {"start": 2316.27, "end": 2316.43, "word": " it", "probability": 0.94775390625}, {"start": 2316.43, "end": 2316.79, "word": " elastic", "probability": 0.95556640625}, {"start": 2316.79, "end": 2317.05, "word": " or", "probability": 0.96337890625}, {"start": 2317.05, "end": 2317.47, "word": " inelastic?", "probability": 0.94921875}, {"start": 2317.71, "end": 2317.93, "word": " Inelastic.", "probability": 0.9498697916666666}, {"start": 2318.07, "end": 2318.29, "word": " How", "probability": 0.9521484375}, {"start": 2318.29, "end": 2318.57, "word": " can", "probability": 0.9443359375}, {"start": 2318.57, "end": 2318.75, "word": " we", "probability": 0.96630859375}, {"start": 2318.75, "end": 2319.29, "word": " determine", "probability": 0.92333984375}, {"start": 2319.29, "end": 2321.65, "word": " is", "probability": 0.63232421875}, {"start": 2321.65, "end": 2322.07, "word": " it", "probability": 0.94970703125}, {"start": 2322.07, "end": 2322.69, "word": " elastic", "probability": 0.9638671875}, {"start": 2322.69, "end": 2323.21, "word": " or", "probability": 0.96533203125}, {"start": 2323.21, "end": 2323.99, "word": " inelastic?", "probability": 0.9117838541666666}], "temperature": 1.0}, {"id": 81, "seek": 235237, "start": 2324.83, "end": 2352.37, "text": " We have two ways. Either we, sorry. Elastic. I don't know. Elastic. I don't know. We have to calculate the elasticity and draw it's correct. Because on our assumptions, one, two, three, one, two, three, accurate.", "tokens": [492, 362, 732, 2098, 13, 13746, 321, 11, 2597, 13, 2699, 2750, 13, 286, 500, 380, 458, 13, 2699, 2750, 13, 286, 500, 380, 458, 13, 492, 362, 281, 8873, 264, 46260, 293, 2642, 309, 311, 3006, 13, 1436, 322, 527, 17695, 11, 472, 11, 732, 11, 1045, 11, 472, 11, 732, 11, 1045, 11, 8559, 13], "avg_logprob": -0.3572198414597018, "compression_ratio": 1.5661764705882353, "no_speech_prob": 0.0, "words": [{"start": 2324.83, "end": 2325.07, "word": " We", "probability": 0.82421875}, {"start": 2325.07, "end": 2325.31, "word": " have", "probability": 0.9482421875}, {"start": 2325.31, "end": 2325.49, "word": " two", "probability": 0.9228515625}, {"start": 2325.49, "end": 2325.85, "word": " ways.", "probability": 0.92919921875}, {"start": 2326.55, "end": 2326.77, "word": " Either", "probability": 0.57666015625}, {"start": 2326.77, "end": 2327.07, "word": " we,", "probability": 0.681640625}, {"start": 2327.39, "end": 2327.61, "word": " sorry.", "probability": 0.865234375}, {"start": 2332.07, "end": 2332.77, "word": " Elastic.", "probability": 0.6717529296875}, {"start": 2333.57, "end": 2334.27, "word": " I", "probability": 0.70361328125}, {"start": 2334.27, "end": 2335.37, "word": " don't", "probability": 0.979248046875}, {"start": 2335.37, "end": 2335.61, "word": " know.", "probability": 0.896484375}, {"start": 2336.09, "end": 2336.75, "word": " Elastic.", "probability": 0.60809326171875}, {"start": 2338.71, "end": 2339.13, "word": " I", "probability": 0.64990234375}, {"start": 2339.13, "end": 2341.45, "word": " don't", "probability": 0.982177734375}, {"start": 2341.45, "end": 2341.65, "word": " know.", "probability": 0.90283203125}, {"start": 2341.79, "end": 2341.91, "word": " We", "probability": 0.94140625}, {"start": 2341.91, "end": 2342.25, "word": " have", "probability": 0.94482421875}, {"start": 2342.25, "end": 2342.41, "word": " to", "probability": 0.9716796875}, {"start": 2342.41, "end": 2342.79, "word": " calculate", "probability": 0.91455078125}, {"start": 2342.79, "end": 2343.07, "word": " the", "probability": 0.89501953125}, {"start": 2343.07, "end": 2343.57, "word": " elasticity", "probability": 0.931640625}, {"start": 2343.57, "end": 2345.09, "word": " and", "probability": 0.7490234375}, {"start": 2345.09, "end": 2345.49, "word": " draw", "probability": 0.454345703125}, {"start": 2345.49, "end": 2345.87, "word": " it's", "probability": 0.470947265625}, {"start": 2345.87, "end": 2346.21, "word": " correct.", "probability": 0.8935546875}, {"start": 2346.57, "end": 2346.95, "word": " Because", "probability": 0.8955078125}, {"start": 2346.95, "end": 2347.37, "word": " on", "probability": 0.1845703125}, {"start": 2347.37, "end": 2347.47, "word": " our", "probability": 0.298828125}, {"start": 2347.47, "end": 2347.99, "word": " assumptions,", "probability": 0.91015625}, {"start": 2348.15, "end": 2349.01, "word": " one,", "probability": 0.0863037109375}, {"start": 2350.27, "end": 2350.63, "word": " two,", "probability": 0.935546875}, {"start": 2350.69, "end": 2350.87, "word": " three,", "probability": 0.9404296875}, {"start": 2350.93, "end": 2351.13, "word": " one,", "probability": 0.9052734375}, {"start": 2351.23, "end": 2351.27, "word": " two,", "probability": 0.92626953125}, {"start": 2351.33, "end": 2351.61, "word": " three,", "probability": 0.935546875}, {"start": 2352.03, "end": 2352.37, "word": " accurate.", "probability": 0.28076171875}], "temperature": 1.0}, {"id": 82, "seek": 238323, "start": 2358.07, "end": 2383.23, "text": " Is it elastic or inelastic? How can we determine if it's elastic or inelastic? We bring total revenue before and after and see if it's decreasing in prices or decreasing in total revenue. Or we make calculations using the midpoint formula. Right? Yes. And the total revenue is easier.", "tokens": [1119, 309, 17115, 420, 294, 338, 2750, 30, 1012, 393, 321, 6997, 498, 309, 311, 17115, 420, 294, 338, 2750, 30, 492, 1565, 3217, 9324, 949, 293, 934, 293, 536, 498, 309, 311, 23223, 294, 7901, 420, 23223, 294, 3217, 9324, 13, 1610, 321, 652, 20448, 1228, 264, 2062, 6053, 8513, 13, 1779, 30, 1079, 13, 400, 264, 3217, 9324, 307, 3571, 13], "avg_logprob": -0.4433593852445483, "compression_ratio": 1.716867469879518, "no_speech_prob": 0.0, "words": [{"start": 2358.0700000000006, "end": 2358.7900000000004, "word": " Is", "probability": 0.1650390625}, {"start": 2358.7900000000004, "end": 2359.51, "word": " it", "probability": 0.9482421875}, {"start": 2359.51, "end": 2359.95, "word": " elastic", "probability": 0.93359375}, {"start": 2359.95, "end": 2360.21, "word": " or", "probability": 0.95166015625}, {"start": 2360.21, "end": 2360.63, "word": " inelastic?", "probability": 0.9427083333333334}, {"start": 2360.83, "end": 2360.99, "word": " How", "probability": 0.90185546875}, {"start": 2360.99, "end": 2361.21, "word": " can", "probability": 0.92431640625}, {"start": 2361.21, "end": 2361.37, "word": " we", "probability": 0.95263671875}, {"start": 2361.37, "end": 2361.77, "word": " determine", "probability": 0.9033203125}, {"start": 2361.77, "end": 2361.99, "word": " if", "probability": 0.53271484375}, {"start": 2361.99, "end": 2362.05, "word": " it's", "probability": 0.726318359375}, {"start": 2362.05, "end": 2362.41, "word": " elastic", "probability": 0.9521484375}, {"start": 2362.41, "end": 2362.63, "word": " or", "probability": 0.947265625}, {"start": 2362.63, "end": 2363.19, "word": " inelastic?", "probability": 0.9161783854166666}, {"start": 2366.39, "end": 2366.87, "word": " We", "probability": 0.418701171875}, {"start": 2366.87, "end": 2367.13, "word": " bring", "probability": 0.14599609375}, {"start": 2367.13, "end": 2367.87, "word": " total", "probability": 0.47998046875}, {"start": 2367.87, "end": 2368.29, "word": " revenue", "probability": 0.83740234375}, {"start": 2368.29, "end": 2368.65, "word": " before", "probability": 0.80078125}, {"start": 2368.65, "end": 2369.03, "word": " and", "probability": 0.90625}, {"start": 2369.03, "end": 2369.31, "word": " after", "probability": 0.84814453125}, {"start": 2369.31, "end": 2369.51, "word": " and", "probability": 0.2998046875}, {"start": 2369.51, "end": 2369.79, "word": " see", "probability": 0.335693359375}, {"start": 2369.79, "end": 2370.25, "word": " if", "probability": 0.431884765625}, {"start": 2370.25, "end": 2371.11, "word": " it's", "probability": 0.510498046875}, {"start": 2371.11, "end": 2371.11, "word": " decreasing", "probability": 0.6015625}, {"start": 2371.11, "end": 2371.29, "word": " in", "probability": 0.42236328125}, {"start": 2371.29, "end": 2371.75, "word": " prices", "probability": 0.58544921875}, {"start": 2371.75, "end": 2372.67, "word": " or", "probability": 0.353515625}, {"start": 2372.67, "end": 2373.09, "word": " decreasing", "probability": 0.6923828125}, {"start": 2373.09, "end": 2373.27, "word": " in", "probability": 0.64013671875}, {"start": 2373.27, "end": 2373.45, "word": " total", "probability": 0.830078125}, {"start": 2373.45, "end": 2373.87, "word": " revenue.", "probability": 0.8642578125}, {"start": 2375.35, "end": 2375.83, "word": " Or", "probability": 0.55615234375}, {"start": 2375.83, "end": 2377.27, "word": " we", "probability": 0.72705078125}, {"start": 2377.27, "end": 2377.43, "word": " make", "probability": 0.25537109375}, {"start": 2377.43, "end": 2378.15, "word": " calculations", "probability": 0.78369140625}, {"start": 2378.15, "end": 2378.43, "word": " using", "probability": 0.1810302734375}, {"start": 2378.43, "end": 2379.41, "word": " the", "probability": 0.65478515625}, {"start": 2379.41, "end": 2379.79, "word": " midpoint", "probability": 0.80859375}, {"start": 2379.79, "end": 2380.35, "word": " formula.", "probability": 0.912109375}, {"start": 2380.63, "end": 2381.35, "word": " Right?", "probability": 0.268798828125}, {"start": 2381.65, "end": 2381.87, "word": " Yes.", "probability": 0.449951171875}, {"start": 2382.27, "end": 2382.27, "word": " And", "probability": 0.54736328125}, {"start": 2382.27, "end": 2382.39, "word": " the", "probability": 0.2086181640625}, {"start": 2382.39, "end": 2382.57, "word": " total", "probability": 0.86083984375}, {"start": 2382.57, "end": 2382.89, "word": " revenue", "probability": 0.85205078125}, {"start": 2382.89, "end": 2382.97, "word": " is", "probability": 0.8486328125}, {"start": 2382.97, "end": 2383.23, "word": " easier.", "probability": 0.8583984375}], "temperature": 1.0}, {"id": 83, "seek": 240935, "start": 2384.23, "end": 2409.35, "text": " You see, we went back to the first lectures. Correct? Let's calculate the total revenue. 400, 770. Decreasing the prices leads to a decreasing in total revenue, sorry, increasing in total revenue, which means the demand is elastic.", "tokens": [509, 536, 11, 321, 1437, 646, 281, 264, 700, 16564, 13, 12753, 30, 961, 311, 8873, 264, 3217, 9324, 13, 8423, 11, 1614, 5867, 13, 12427, 265, 3349, 264, 7901, 6689, 281, 257, 23223, 294, 3217, 9324, 11, 2597, 11, 5662, 294, 3217, 9324, 11, 597, 1355, 264, 4733, 307, 17115, 13], "avg_logprob": -0.33372640159894834, "compression_ratio": 1.5364238410596027, "no_speech_prob": 0.0, "words": [{"start": 2384.23, "end": 2384.53, "word": " You", "probability": 0.046112060546875}, {"start": 2384.53, "end": 2385.27, "word": " see,", "probability": 0.689453125}, {"start": 2385.37, "end": 2385.77, "word": " we", "probability": 0.7412109375}, {"start": 2385.77, "end": 2385.77, "word": " went", "probability": 0.2366943359375}, {"start": 2385.77, "end": 2385.77, "word": " back", "probability": 0.86181640625}, {"start": 2385.77, "end": 2385.89, "word": " to", "probability": 0.95556640625}, {"start": 2385.89, "end": 2386.13, "word": " the", "probability": 0.65185546875}, {"start": 2386.13, "end": 2386.13, "word": " first", "probability": 0.66845703125}, {"start": 2386.13, "end": 2386.57, "word": " lectures.", "probability": 0.69921875}, {"start": 2387.63, "end": 2387.87, "word": " Correct?", "probability": 0.341552734375}, {"start": 2389.49, "end": 2390.29, "word": " Let's", "probability": 0.6146240234375}, {"start": 2390.29, "end": 2390.61, "word": " calculate", "probability": 0.8837890625}, {"start": 2390.61, "end": 2390.89, "word": " the", "probability": 0.88720703125}, {"start": 2390.89, "end": 2391.09, "word": " total", "probability": 0.88232421875}, {"start": 2391.09, "end": 2391.47, "word": " revenue.", "probability": 0.89306640625}, {"start": 2393.25, "end": 2394.05, "word": " 400,", "probability": 0.53857421875}, {"start": 2395.83, "end": 2397.33, "word": " 770.", "probability": 0.819580078125}, {"start": 2399.25, "end": 2400.05, "word": " Decreasing", "probability": 0.9358723958333334}, {"start": 2400.05, "end": 2400.25, "word": " the", "probability": 0.740234375}, {"start": 2400.25, "end": 2400.81, "word": " prices", "probability": 0.8935546875}, {"start": 2400.81, "end": 2401.79, "word": " leads", "probability": 0.7177734375}, {"start": 2401.79, "end": 2401.99, "word": " to", "probability": 0.9677734375}, {"start": 2401.99, "end": 2402.19, "word": " a", "probability": 0.55712890625}, {"start": 2402.19, "end": 2402.73, "word": " decreasing", "probability": 0.78076171875}, {"start": 2402.73, "end": 2402.99, "word": " in", "probability": 0.814453125}, {"start": 2402.99, "end": 2403.17, "word": " total", "probability": 0.6884765625}, {"start": 2403.17, "end": 2403.51, "word": " revenue,", "probability": 0.501953125}, {"start": 2403.61, "end": 2403.79, "word": " sorry,", "probability": 0.802734375}, {"start": 2403.91, "end": 2404.31, "word": " increasing", "probability": 0.9248046875}, {"start": 2404.31, "end": 2404.49, "word": " in", "probability": 0.83154296875}, {"start": 2404.49, "end": 2404.63, "word": " total", "probability": 0.8837890625}, {"start": 2404.63, "end": 2405.05, "word": " revenue,", "probability": 0.91162109375}, {"start": 2405.43, "end": 2405.83, "word": " which", "probability": 0.9482421875}, {"start": 2405.83, "end": 2406.43, "word": " means", "probability": 0.93359375}, {"start": 2406.43, "end": 2407.23, "word": " the", "probability": 0.477294921875}, {"start": 2407.23, "end": 2407.75, "word": " demand", "probability": 0.91259765625}, {"start": 2407.75, "end": 2408.41, "word": " is", "probability": 0.9501953125}, {"start": 2408.41, "end": 2409.35, "word": " elastic.", "probability": 0.9619140625}], "temperature": 1.0}, {"id": 84, "seek": 243992, "start": 2411.58, "end": 2439.92, "text": " The demand is elastic. Let's take a break for two minutes and go to a new chapter. Let's go to a new chapter, which is the production theory.", "tokens": [440, 4733, 307, 17115, 13, 961, 311, 747, 257, 1821, 337, 732, 2077, 293, 352, 281, 257, 777, 7187, 13, 961, 311, 352, 281, 257, 777, 7187, 11, 597, 307, 264, 4265, 5261, 13], "avg_logprob": -0.21919642771993364, "compression_ratio": 1.3271028037383177, "no_speech_prob": 0.0, "words": [{"start": 2411.5800000000004, "end": 2412.32, "word": " The", "probability": 0.0640869140625}, {"start": 2412.32, "end": 2413.0, "word": " demand", "probability": 0.59228515625}, {"start": 2413.0, "end": 2419.7, "word": " is", "probability": 0.921875}, {"start": 2419.7, "end": 2420.3, "word": " elastic.", "probability": 0.95947265625}, {"start": 2428.84, "end": 2429.58, "word": " Let's", "probability": 0.61260986328125}, {"start": 2429.58, "end": 2429.82, "word": " take", "probability": 0.8642578125}, {"start": 2429.82, "end": 2429.92, "word": " a", "probability": 0.9931640625}, {"start": 2429.92, "end": 2430.16, "word": " break", "probability": 0.9736328125}, {"start": 2430.16, "end": 2430.6, "word": " for", "probability": 0.94580078125}, {"start": 2430.6, "end": 2430.94, "word": " two", "probability": 0.88525390625}, {"start": 2430.94, "end": 2431.24, "word": " minutes", "probability": 0.92431640625}, {"start": 2431.24, "end": 2431.56, "word": " and", "probability": 0.8974609375}, {"start": 2431.56, "end": 2431.78, "word": " go", "probability": 0.955078125}, {"start": 2431.78, "end": 2432.16, "word": " to", "probability": 0.94873046875}, {"start": 2432.16, "end": 2432.54, "word": " a", "probability": 0.73095703125}, {"start": 2432.54, "end": 2432.7, "word": " new", "probability": 0.90966796875}, {"start": 2432.7, "end": 2433.06, "word": " chapter.", "probability": 0.88720703125}, {"start": 2434.76, "end": 2435.5, "word": " Let's", "probability": 0.97216796875}, {"start": 2435.5, "end": 2435.7, "word": " go", "probability": 0.96728515625}, {"start": 2435.7, "end": 2436.26, "word": " to", "probability": 0.9677734375}, {"start": 2436.26, "end": 2437.48, "word": " a", "probability": 0.994140625}, {"start": 2437.48, "end": 2437.7, "word": " new", "probability": 0.908203125}, {"start": 2437.7, "end": 2438.1, "word": " chapter,", "probability": 0.880859375}, {"start": 2438.3, "end": 2438.7, "word": " which", "probability": 0.94873046875}, {"start": 2438.7, "end": 2439.0, "word": " is", "probability": 0.94775390625}, {"start": 2439.0, "end": 2439.12, "word": " the", "probability": 0.88623046875}, {"start": 2439.12, "end": 2439.44, "word": " production", "probability": 0.80517578125}, {"start": 2439.44, "end": 2439.92, "word": " theory.", "probability": 0.8720703125}], "temperature": 1.0}, {"id": 85, "seek": 246466, "start": 2444.12, "end": 2464.66, "text": " Let's go to production theory. In this chapter, we will study the producer equilibrium and the producer behavior. In chapter four, or chapter five. Four or five? This is five, right? Okay. Really?", "tokens": [961, 311, 352, 281, 4265, 5261, 13, 682, 341, 7187, 11, 321, 486, 2979, 264, 12314, 15625, 293, 264, 12314, 5223, 13, 682, 7187, 1451, 11, 420, 7187, 1732, 13, 7451, 420, 1732, 30, 639, 307, 1732, 11, 558, 30, 1033, 13, 4083, 30], "avg_logprob": -0.2810763994852702, "compression_ratio": 1.3873239436619718, "no_speech_prob": 0.0, "words": [{"start": 2444.12, "end": 2444.52, "word": " Let's", "probability": 0.856201171875}, {"start": 2444.52, "end": 2444.66, "word": " go", "probability": 0.9638671875}, {"start": 2444.66, "end": 2444.8, "word": " to", "probability": 0.7802734375}, {"start": 2444.8, "end": 2445.24, "word": " production", "probability": 0.5791015625}, {"start": 2445.24, "end": 2445.8, "word": " theory.", "probability": 0.8876953125}, {"start": 2447.24, "end": 2447.4, "word": " In", "probability": 0.84130859375}, {"start": 2447.4, "end": 2447.98, "word": " this", "probability": 0.9462890625}, {"start": 2447.98, "end": 2448.42, "word": " chapter,", "probability": 0.8544921875}, {"start": 2448.7, "end": 2449.32, "word": " we", "probability": 0.962890625}, {"start": 2449.32, "end": 2449.52, "word": " will", "probability": 0.8896484375}, {"start": 2449.52, "end": 2449.96, "word": " study", "probability": 0.919921875}, {"start": 2449.96, "end": 2450.58, "word": " the", "probability": 0.9150390625}, {"start": 2450.58, "end": 2451.32, "word": " producer", "probability": 0.92822265625}, {"start": 2451.32, "end": 2452.44, "word": " equilibrium", "probability": 0.9228515625}, {"start": 2452.44, "end": 2453.22, "word": " and", "probability": 0.83447265625}, {"start": 2453.22, "end": 2454.02, "word": " the", "probability": 0.88720703125}, {"start": 2454.02, "end": 2454.64, "word": " producer", "probability": 0.9326171875}, {"start": 2454.64, "end": 2455.32, "word": " behavior.", "probability": 0.9345703125}, {"start": 2457.4, "end": 2457.56, "word": " In", "probability": 0.8984375}, {"start": 2457.56, "end": 2458.0, "word": " chapter", "probability": 0.52783203125}, {"start": 2458.0, "end": 2458.44, "word": " four,", "probability": 0.78564453125}, {"start": 2458.66, "end": 2458.88, "word": " or", "probability": 0.461669921875}, {"start": 2458.88, "end": 2459.18, "word": " chapter", "probability": 0.8623046875}, {"start": 2459.18, "end": 2459.72, "word": " five.", "probability": 0.8974609375}, {"start": 2460.42, "end": 2460.74, "word": " Four", "probability": 0.52294921875}, {"start": 2460.74, "end": 2460.92, "word": " or", "probability": 0.916015625}, {"start": 2460.92, "end": 2461.24, "word": " five?", "probability": 0.83447265625}, {"start": 2461.48, "end": 2461.66, "word": " This", "probability": 0.196533203125}, {"start": 2461.66, "end": 2462.04, "word": " is", "probability": 0.8994140625}, {"start": 2462.04, "end": 2462.38, "word": " five,", "probability": 0.78271484375}, {"start": 2462.42, "end": 2462.62, "word": " right?", "probability": 0.68408203125}, {"start": 2463.08, "end": 2463.16, "word": " Okay.", "probability": 0.19189453125}, {"start": 2464.34, "end": 2464.66, "word": " Really?", "probability": 0.296875}], "temperature": 1.0}, {"id": 86, "seek": 249655, "start": 2471.87, "end": 2496.55, "text": " No, there's compensation. It's going to be like that. Thursday. Thursday. Thursday. No, because of photography too. Wednesday. Wednesday. Wednesday. Tomorrow. Tomorrow. Tomorrow.", "tokens": [883, 11, 456, 311, 19644, 13, 467, 311, 516, 281, 312, 411, 300, 13, 10383, 13, 10383, 13, 10383, 13, 883, 11, 570, 295, 13865, 886, 13, 10579, 13, 10579, 13, 10579, 13, 17499, 13, 17499, 13, 17499, 13], "avg_logprob": -0.6437499761581421, "compression_ratio": 1.6422018348623852, "no_speech_prob": 1.7881393432617188e-07, "words": [{"start": 2471.87, "end": 2472.19, "word": " No,", "probability": 0.1795654296875}, {"start": 2472.21, "end": 2472.27, "word": " there's", "probability": 0.503662109375}, {"start": 2472.27, "end": 2472.97, "word": " compensation.", "probability": 0.80029296875}, {"start": 2473.21, "end": 2473.31, "word": " It's", "probability": 0.4527587890625}, {"start": 2473.31, "end": 2473.31, "word": " going", "probability": 0.7080078125}, {"start": 2473.31, "end": 2473.37, "word": " to", "probability": 0.97412109375}, {"start": 2473.37, "end": 2473.53, "word": " be", "probability": 0.89501953125}, {"start": 2473.53, "end": 2473.75, "word": " like", "probability": 0.3994140625}, {"start": 2473.75, "end": 2474.17, "word": " that.", "probability": 0.7275390625}, {"start": 2474.73, "end": 2475.61, "word": " Thursday.", "probability": 0.4130859375}, {"start": 2475.75, "end": 2476.25, "word": " Thursday.", "probability": 0.57080078125}, {"start": 2476.41, "end": 2476.73, "word": " Thursday.", "probability": 0.455810546875}, {"start": 2477.59, "end": 2477.97, "word": " No,", "probability": 0.322509765625}, {"start": 2478.85, "end": 2479.35, "word": " because", "probability": 0.23779296875}, {"start": 2479.35, "end": 2479.51, "word": " of", "probability": 0.8779296875}, {"start": 2479.51, "end": 2479.99, "word": " photography", "probability": 0.5869140625}, {"start": 2479.99, "end": 2480.31, "word": " too.", "probability": 0.455078125}, {"start": 2481.63, "end": 2482.51, "word": " Wednesday.", "probability": 0.291015625}, {"start": 2483.69, "end": 2484.37, "word": " Wednesday.", "probability": 0.7626953125}, {"start": 2486.27, "end": 2486.27, "word": " Wednesday.", "probability": 0.376708984375}, {"start": 2487.99, "end": 2488.87, "word": " Tomorrow.", "probability": 0.1810302734375}, {"start": 2494.73, "end": 2495.61, "word": " Tomorrow.", "probability": 0.9150390625}, {"start": 2496.07, "end": 2496.55, "word": " Tomorrow.", "probability": 0.59228515625}], "temperature": 1.0}, {"id": 87, "seek": 252411, "start": 2497.23, "end": 2524.11, "text": " Listen, I want to say something. If we have holidays and such, we should have compensation for the lectures. It should be that on the fourth day, we will bring you, we will decide together, but let's say by the end of this class, we will see what happens. Tomorrow is good. Tomorrow, when is good? Tomorrow, for my brother to study.", "tokens": [7501, 11, 286, 528, 281, 584, 746, 13, 759, 321, 362, 15734, 293, 1270, 11, 321, 820, 362, 19644, 337, 264, 16564, 13, 467, 820, 312, 300, 322, 264, 6409, 786, 11, 321, 486, 1565, 291, 11, 321, 486, 4536, 1214, 11, 457, 718, 311, 584, 538, 264, 917, 295, 341, 1508, 11, 321, 486, 536, 437, 2314, 13, 17499, 307, 665, 13, 17499, 11, 562, 307, 665, 30, 17499, 11, 337, 452, 3708, 281, 2979, 13], "avg_logprob": -0.5781249824242715, "compression_ratio": 1.6323529411764706, "no_speech_prob": 0.0, "words": [{"start": 2497.23, "end": 2497.65, "word": " Listen,", "probability": 0.18798828125}, {"start": 2497.77, "end": 2497.95, "word": " I", "probability": 0.61572265625}, {"start": 2497.95, "end": 2497.95, "word": " want", "probability": 0.54541015625}, {"start": 2497.95, "end": 2497.95, "word": " to", "probability": 0.93017578125}, {"start": 2497.95, "end": 2498.03, "word": " say", "probability": 0.3916015625}, {"start": 2498.03, "end": 2498.23, 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{"id": 89, "seek": 258563, "start": 2556.49, "end": 2585.63, "text": " And this chapter will focus on the producer behavior. And the main goals for the rational producer is profit maximization, production maximization under the limited cost, or cost minimization. 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Yeah, to minimize the cost. So, to understand the behavior of the producer, or the producer behavior,", "tokens": [13746, 281, 19874, 7475, 11, 420, 19874, 264, 4265, 833, 264, 5567, 2063, 11, 420, 257, 6806, 2063, 11, 420, 281, 17522, 264, 2063, 833, 11, 833, 437, 25304, 30, 865, 11, 281, 17522, 264, 2063, 13, 407, 11, 281, 1223, 264, 5223, 295, 264, 12314, 11, 420, 264, 12314, 5223, 11], "avg_logprob": -0.20666273472444066, "compression_ratio": 1.8222222222222222, "no_speech_prob": 0.0, "words": [{"start": 2586.6, "end": 2587.06, "word": " Either", "probability": 0.50634765625}, {"start": 2587.06, "end": 2587.3, "word": " to", "probability": 0.97021484375}, {"start": 2587.3, "end": 2587.72, "word": " maximize", "probability": 0.8017578125}, {"start": 2587.72, "end": 2588.24, "word": " profit,", "probability": 0.875}, {"start": 2590.16, "end": 2590.46, "word": " or", "probability": 0.96044921875}, {"start": 2590.46, "end": 2591.88, "word": " maximize", "probability": 0.51513671875}, {"start": 2591.88, "end": 2593.3, "word": " the", "probability": 0.71337890625}, {"start": 2593.3, "end": 2593.9, "word": " production", "probability": 0.9541015625}, {"start": 2593.9, "end": 2594.8, "word": " under", "probability": 0.69873046875}, {"start": 2594.8, "end": 2595.06, "word": " the", "probability": 0.9111328125}, {"start": 2595.06, "end": 2595.38, "word": " limited", "probability": 0.9345703125}, {"start": 2595.38, "end": 2595.84, "word": " cost,", "probability": 0.88671875}, {"start": 2596.44, "end": 2596.52, "word": " or", "probability": 0.9580078125}, {"start": 2596.52, "end": 2596.66, "word": " a", "probability": 0.94580078125}, {"start": 2596.66, "end": 2596.88, "word": " fixed", "probability": 0.93701171875}, {"start": 2596.88, "end": 2597.3, "word": " cost,", "probability": 0.9140625}, {"start": 2598.02, "end": 2598.28, "word": " or", "probability": 0.96435546875}, {"start": 2598.28, "end": 2598.76, "word": " to", "probability": 0.96044921875}, {"start": 2598.76, "end": 2599.18, "word": " minimize", "probability": 0.90673828125}, {"start": 2599.18, "end": 2599.7, "word": " the", "probability": 0.91796875}, {"start": 2599.7, "end": 2600.08, "word": " cost", "probability": 0.91455078125}, {"start": 2600.08, "end": 2601.48, "word": " under,", "probability": 0.8193359375}, {"start": 2603.0, "end": 2603.76, "word": " under", "probability": 0.39794921875}, {"start": 2603.76, "end": 2604.0, "word": " what", "probability": 0.4072265625}, {"start": 2604.0, "end": 2604.32, "word": " hedge?", "probability": 0.64111328125}, {"start": 2606.78, "end": 2607.16, "word": " Yeah,", "probability": 0.2291259765625}, {"start": 2607.34, "end": 2607.72, "word": " to", "probability": 0.96484375}, {"start": 2607.72, "end": 2608.18, "word": " minimize", "probability": 0.90673828125}, {"start": 2608.18, "end": 2608.46, "word": " the", "probability": 0.9169921875}, {"start": 2608.46, "end": 2608.74, "word": " cost.", "probability": 0.91748046875}, {"start": 2609.28, "end": 2609.5, "word": " So,", "probability": 0.9306640625}, {"start": 2610.38, "end": 2610.72, "word": " to", "probability": 0.96728515625}, {"start": 2610.72, "end": 2611.22, "word": " understand", "probability": 0.81005859375}, {"start": 2611.22, "end": 2611.46, "word": " the", "probability": 0.916015625}, {"start": 2611.46, "end": 2611.92, "word": " behavior", "probability": 0.93505859375}, {"start": 2611.92, "end": 2612.28, "word": " of", "probability": 0.9501953125}, {"start": 2612.28, "end": 2612.42, "word": " the", "probability": 0.91650390625}, {"start": 2612.42, "end": 2612.94, "word": " producer,", "probability": 0.90966796875}, {"start": 2613.6, "end": 2613.82, "word": " or", "probability": 0.93994140625}, {"start": 2613.82, "end": 2613.94, "word": " the", "probability": 0.9150390625}, {"start": 2613.94, "end": 2614.26, "word": " producer", "probability": 0.92333984375}, {"start": 2614.26, "end": 2614.84, "word": " behavior,", "probability": 0.888671875}], "temperature": 1.0}, {"id": 91, "seek": 263906, "start": 2616.94, "end": 2639.06, "text": " Let's go to the production theory. To produce or in the production process, we have inputs and outputs. Inputs,", "tokens": [961, 311, 352, 281, 264, 4265, 5261, 13, 1407, 5258, 420, 294, 264, 4265, 1399, 11, 321, 362, 15743, 293, 23930, 13, 682, 2582, 82, 11], "avg_logprob": -0.1421440905994839, "compression_ratio": 1.2727272727272727, "no_speech_prob": 0.0, "words": [{"start": 2616.94, "end": 2617.32, "word": " Let's", "probability": 0.92138671875}, {"start": 2617.32, "end": 2617.56, "word": " go", "probability": 0.962890625}, {"start": 2617.56, "end": 2617.98, "word": " to", "probability": 0.93310546875}, {"start": 2617.98, "end": 2618.36, "word": " the", "probability": 0.9033203125}, {"start": 2618.36, "end": 2618.8, "word": " production", "probability": 0.91015625}, {"start": 2618.8, "end": 2619.34, "word": " theory.", "probability": 0.8828125}, {"start": 2629.22, "end": 2630.22, "word": " To", "probability": 0.888671875}, {"start": 2630.22, "end": 2630.82, "word": " produce", "probability": 0.810546875}, {"start": 2630.82, "end": 2632.52, "word": " or", "probability": 0.57275390625}, {"start": 2632.52, "end": 2632.62, "word": " in", "probability": 0.794921875}, {"start": 2632.62, "end": 2632.7, "word": " the", "probability": 0.91845703125}, {"start": 2632.7, "end": 2633.04, "word": " production", "probability": 0.95849609375}, {"start": 2633.04, "end": 2633.54, "word": " process,", "probability": 0.9384765625}, {"start": 2634.38, "end": 2634.72, "word": " we", "probability": 0.958984375}, {"start": 2634.72, "end": 2635.22, "word": " have", "probability": 0.94775390625}, {"start": 2635.22, "end": 2635.94, "word": " inputs", "probability": 0.89794921875}, {"start": 2635.94, "end": 2636.46, "word": " and", "probability": 0.94384765625}, {"start": 2636.46, "end": 2637.1, "word": " outputs.", "probability": 0.87744140625}, {"start": 2638.14, "end": 2639.06, "word": " Inputs,", "probability": 0.9788411458333334}], "temperature": 1.0}, {"id": 92, "seek": 266983, "start": 2644.55, "end": 2669.83, "text": " production process and outputs. Inputs are human resources, manpower, raw material, technology,", "tokens": [4265, 1399, 293, 23930, 13, 682, 2582, 82, 366, 1952, 3593, 11, 587, 9513, 11, 8936, 2527, 11, 2899, 11], "avg_logprob": -0.13829984835215978, "compression_ratio": 1.1428571428571428, "no_speech_prob": 0.0, "words": [{"start": 2644.55, "end": 2645.01, "word": " production", "probability": 0.880859375}, {"start": 2645.01, "end": 2645.55, "word": " process", "probability": 0.8857421875}, {"start": 2645.55, "end": 2645.99, "word": " and", "probability": 0.67822265625}, {"start": 2645.99, "end": 2646.57, "word": " outputs.", "probability": 0.87255859375}, {"start": 2650.01, "end": 2651.41, "word": " Inputs", "probability": 0.9680989583333334}, {"start": 2651.41, "end": 2652.59, "word": " are", "probability": 0.9326171875}, {"start": 2652.59, "end": 2657.87, "word": " human", "probability": 0.7734375}, {"start": 2657.87, "end": 2658.65, "word": " resources,", "probability": 0.9365234375}, {"start": 2660.65, "end": 2661.23, "word": " manpower,", "probability": 0.944580078125}, {"start": 2663.49, "end": 2663.71, "word": " raw", "probability": 0.89697265625}, {"start": 2663.71, "end": 2664.27, "word": " material,", "probability": 0.8115234375}, {"start": 2667.13, "end": 2669.83, "word": " technology,", "probability": 0.95458984375}], "temperature": 1.0}, {"id": 93, "seek": 269968, "start": 2674.22, "end": 2699.68, "text": " Capital, land, all these factors are, human resources are labor here. All these factors are inputs in the production process.", "tokens": [21502, 11, 2117, 11, 439, 613, 6771, 366, 11, 1952, 3593, 366, 5938, 510, 13, 1057, 613, 6771, 366, 15743, 294, 264, 4265, 1399, 13], "avg_logprob": -0.2400841277379256, "compression_ratio": 1.3548387096774193, "no_speech_prob": 0.0, "words": [{"start": 2674.2200000000003, "end": 2675.46, "word": " Capital,", "probability": 0.66162109375}, {"start": 2677.88, "end": 2678.82, "word": " land,", "probability": 0.8271484375}, {"start": 2680.56, "end": 2680.76, "word": " all", "probability": 0.9384765625}, {"start": 2680.76, "end": 2681.12, "word": " these", "probability": 0.86181640625}, {"start": 2681.12, "end": 2681.7, "word": " factors", "probability": 0.962890625}, {"start": 2681.7, "end": 2682.34, "word": " are,", "probability": 0.94287109375}, {"start": 2684.2, "end": 2685.12, "word": " human", "probability": 0.07391357421875}, {"start": 2685.12, "end": 2685.74, "word": " resources", "probability": 0.92919921875}, {"start": 2685.74, "end": 2686.04, "word": " are", "probability": 0.8759765625}, {"start": 2686.04, "end": 2686.42, "word": " labor", "probability": 0.94189453125}, {"start": 2686.42, "end": 2686.72, "word": " here.", "probability": 0.80712890625}, {"start": 2691.9, "end": 2693.14, "word": " All", "probability": 0.966796875}, {"start": 2693.14, "end": 2693.54, "word": " these", "probability": 0.857421875}, {"start": 2693.54, "end": 2694.16, "word": " factors", "probability": 0.96044921875}, {"start": 2694.16, "end": 2696.92, "word": " are", "probability": 0.90869140625}, {"start": 2696.92, "end": 2698.2, "word": " inputs", "probability": 0.8544921875}, {"start": 2698.2, "end": 2698.74, "word": " in", "probability": 0.76123046875}, {"start": 2698.74, "end": 2698.86, "word": " the", "probability": 0.9111328125}, {"start": 2698.86, "end": 2699.2, "word": " production", "probability": 0.95361328125}, {"start": 2699.2, "end": 2699.68, "word": " process.", "probability": 0.935546875}], "temperature": 1.0}, {"id": 94, "seek": 273020, "start": 2703.2, "end": 2730.2, "text": " Using these or the combinations of these factors or variables or factors production will give us outputs, production, products, right? Now, in the short run, in the short run, the producer can change labor, raw material,", "tokens": [11142, 613, 420, 264, 21267, 295, 613, 6771, 420, 9102, 420, 6771, 4265, 486, 976, 505, 23930, 11, 4265, 11, 3383, 11, 558, 30, 823, 11, 294, 264, 2099, 1190, 11, 294, 264, 2099, 1190, 11, 264, 12314, 393, 1319, 5938, 11, 8936, 2527, 11], "avg_logprob": -0.19887907835452454, "compression_ratio": 1.6014492753623188, "no_speech_prob": 0.0, "words": [{"start": 2703.2, "end": 2703.7, "word": " Using", "probability": 0.6728515625}, {"start": 2703.7, "end": 2704.2, "word": " these", "probability": 0.8017578125}, {"start": 2704.2, "end": 2704.74, "word": " or", "probability": 0.537109375}, {"start": 2704.74, "end": 2704.86, "word": " the", "probability": 0.90673828125}, {"start": 2704.86, "end": 2705.36, "word": " combinations", "probability": 0.81591796875}, {"start": 2705.36, "end": 2705.94, "word": " of", "probability": 0.9619140625}, {"start": 2705.94, "end": 2706.38, "word": " these", "probability": 0.869140625}, {"start": 2706.38, "end": 2706.94, "word": " factors", "probability": 0.9736328125}, {"start": 2706.94, "end": 2707.26, "word": " or", "probability": 0.73095703125}, {"start": 2707.26, "end": 2707.8, "word": " variables", "probability": 0.9765625}, {"start": 2707.8, "end": 2708.24, "word": " or", "probability": 0.409423828125}, {"start": 2708.24, "end": 2708.58, "word": " factors", "probability": 0.93212890625}, {"start": 2708.58, "end": 2709.14, "word": " production", "probability": 0.79638671875}, {"start": 2709.14, "end": 2709.86, "word": " will", "probability": 0.8125}, {"start": 2709.86, "end": 2710.32, "word": " give", "probability": 0.88916015625}, {"start": 2710.32, "end": 2711.0, "word": " us", "probability": 0.94580078125}, {"start": 2711.0, "end": 2712.52, "word": " outputs,", "probability": 0.85693359375}, {"start": 2713.16, "end": 2713.64, "word": " production,", "probability": 0.7548828125}, {"start": 2714.1, "end": 2714.5, "word": " products,", "probability": 0.8828125}, {"start": 2715.26, "end": 2715.82, "word": " right?", "probability": 0.79833984375}, {"start": 2716.98, "end": 2717.76, "word": " Now,", "probability": 0.9580078125}, {"start": 2718.6, "end": 2718.96, "word": " in", "probability": 0.95458984375}, {"start": 2718.96, "end": 2719.18, "word": " the", "probability": 0.92236328125}, {"start": 2719.18, "end": 2719.58, "word": " short", "probability": 0.9736328125}, {"start": 2719.58, "end": 2719.94, "word": " run,", "probability": 0.78466796875}, {"start": 2720.4, "end": 2721.22, "word": " in", "probability": 0.6435546875}, {"start": 2721.22, "end": 2721.42, "word": " the", "probability": 0.9169921875}, {"start": 2721.42, "end": 2721.74, "word": " short", "probability": 0.96630859375}, {"start": 2721.74, "end": 2722.04, "word": " run,", "probability": 0.93017578125}, {"start": 2722.72, "end": 2723.0, "word": " the", "probability": 0.9189453125}, {"start": 2723.0, "end": 2723.72, "word": " producer", "probability": 0.92236328125}, {"start": 2723.72, "end": 2725.12, "word": " can", "probability": 0.89990234375}, {"start": 2725.12, "end": 2725.94, "word": " change", "probability": 0.9033203125}, {"start": 2725.94, "end": 2728.38, "word": " labor,", "probability": 0.869140625}, {"start": 2729.38, "end": 2729.64, "word": " raw", "probability": 0.87744140625}, {"start": 2729.64, "end": 2730.2, "word": " material,", "probability": 0.88232421875}], "temperature": 1.0}, {"id": 95, "seek": 275974, "start": 2732.08, "end": 2759.74, "text": " But what about the capital? Machinery will be fixed in the short run, right? But he can add more material, more workers to produce in the short run, but he cannot add more machinery in the short run.", "tokens": [583, 437, 466, 264, 4238, 30, 12089, 23194, 486, 312, 6806, 294, 264, 2099, 1190, 11, 558, 30, 583, 415, 393, 909, 544, 2527, 11, 544, 5600, 281, 5258, 294, 264, 2099, 1190, 11, 457, 415, 2644, 909, 544, 27302, 294, 264, 2099, 1190, 13], "avg_logprob": -0.10776155182848805, "compression_ratio": 1.6, "no_speech_prob": 0.0, "words": [{"start": 2732.08, "end": 2732.36, "word": " But", "probability": 0.779296875}, {"start": 2732.36, "end": 2732.6, "word": " what", "probability": 0.90478515625}, {"start": 2732.6, "end": 2732.88, "word": " about", "probability": 0.91064453125}, {"start": 2732.88, "end": 2733.1, "word": " the", "probability": 0.8974609375}, {"start": 2733.1, "end": 2733.54, "word": " capital?", "probability": 0.95263671875}, {"start": 2737.82, "end": 2738.76, "word": " Machinery", "probability": 0.960205078125}, {"start": 2738.76, "end": 2740.02, "word": " will", "probability": 0.83251953125}, {"start": 2740.02, "end": 2740.34, "word": " be", "probability": 0.95654296875}, {"start": 2740.34, "end": 2740.96, "word": " fixed", "probability": 0.931640625}, {"start": 2740.96, "end": 2741.56, "word": " in", "probability": 0.95458984375}, {"start": 2741.56, "end": 2741.76, "word": " the", "probability": 0.91943359375}, {"start": 2741.76, "end": 2742.12, "word": " short", "probability": 0.97314453125}, {"start": 2742.12, "end": 2742.42, "word": " run,", "probability": 0.70654296875}, {"start": 2743.16, "end": 2744.02, "word": " right?", "probability": 0.904296875}, {"start": 2744.92, "end": 2745.86, "word": " But", "probability": 0.9501953125}, {"start": 2745.86, "end": 2746.02, "word": " he", "probability": 0.94287109375}, {"start": 2746.02, "end": 2746.46, "word": " can", "probability": 0.94873046875}, {"start": 2746.46, "end": 2747.14, "word": " add", "probability": 0.916015625}, {"start": 2747.14, "end": 2747.8, "word": " more", "probability": 0.9365234375}, {"start": 2747.8, "end": 2749.24, "word": " material,", "probability": 0.861328125}, {"start": 2749.82, "end": 2750.64, "word": " more", "probability": 0.93603515625}, {"start": 2750.64, "end": 2751.24, "word": " workers", "probability": 0.90966796875}, {"start": 2751.24, "end": 2751.98, "word": " to", "probability": 0.90283203125}, {"start": 2751.98, "end": 2752.56, "word": " produce", "probability": 0.8447265625}, {"start": 2752.56, "end": 2752.96, "word": " in", "probability": 0.93017578125}, {"start": 2752.96, "end": 2753.1, "word": " the", "probability": 0.91748046875}, {"start": 2753.1, "end": 2753.44, "word": " short", "probability": 0.96533203125}, {"start": 2753.44, "end": 2753.72, "word": " run,", "probability": 0.87158203125}, {"start": 2754.04, "end": 2754.94, "word": " but", "probability": 0.93017578125}, {"start": 2754.94, "end": 2755.3, "word": " he", "probability": 0.9599609375}, {"start": 2755.3, "end": 2755.6, "word": " cannot", "probability": 0.8828125}, {"start": 2755.6, "end": 2756.8, "word": " add", "probability": 0.89990234375}, {"start": 2756.8, "end": 2757.24, "word": " more", "probability": 0.939453125}, {"start": 2757.24, "end": 2757.78, "word": " machinery", "probability": 0.94970703125}, {"start": 2757.78, "end": 2759.02, "word": " in", "probability": 0.94140625}, {"start": 2759.02, "end": 2759.2, "word": " the", "probability": 0.9140625}, {"start": 2759.2, "end": 2759.46, "word": " short", "probability": 0.96240234375}, {"start": 2759.46, "end": 2759.74, "word": " run.", "probability": 0.92431640625}], "temperature": 1.0}, {"id": 96, "seek": 278735, "start": 2760.85, "end": 2787.35, "text": " In the long run, he can change all the factors of production, all inputs. So the difference between the short run and long run is the change or the ability to change the factors of production. In the short run, if one of these factors of production is fixed,", "tokens": [682, 264, 938, 1190, 11, 415, 393, 1319, 439, 264, 6771, 295, 4265, 11, 439, 15743, 13, 407, 264, 2649, 1296, 264, 2099, 1190, 293, 938, 1190, 307, 264, 1319, 420, 264, 3485, 281, 1319, 264, 6771, 295, 4265, 13, 682, 264, 2099, 1190, 11, 498, 472, 295, 613, 6771, 295, 4265, 307, 6806, 11], "avg_logprob": -0.12499999787126269, "compression_ratio": 1.85, "no_speech_prob": 0.0, "words": [{"start": 2760.85, "end": 2761.11, "word": " In", "probability": 0.443603515625}, {"start": 2761.11, "end": 2761.27, "word": " the", "probability": 0.91943359375}, {"start": 2761.27, "end": 2761.47, "word": " long", "probability": 0.92529296875}, {"start": 2761.47, "end": 2761.71, "word": " run,", "probability": 0.86083984375}, {"start": 2762.19, "end": 2762.31, "word": " he", "probability": 0.94287109375}, {"start": 2762.31, "end": 2762.67, "word": " can", "probability": 0.8681640625}, {"start": 2762.67, "end": 2763.43, "word": " change", "probability": 0.87939453125}, {"start": 2763.43, "end": 2765.27, "word": " all", "probability": 0.93408203125}, {"start": 2765.27, "end": 2765.59, "word": " the", "probability": 0.8974609375}, {"start": 2765.59, "end": 2766.01, "word": " factors", "probability": 0.953125}, {"start": 2766.01, "end": 2766.21, "word": " of", "probability": 0.900390625}, {"start": 2766.21, "end": 2766.61, "word": " production,", "probability": 0.9677734375}, {"start": 2767.43, "end": 2767.71, "word": " all", "probability": 0.93701171875}, {"start": 2767.71, "end": 2768.11, "word": " inputs.", "probability": 0.95654296875}, {"start": 2768.95, "end": 2769.19, "word": " So", "probability": 0.947265625}, {"start": 2769.19, "end": 2769.41, "word": " the", "probability": 0.75390625}, {"start": 2769.41, "end": 2769.77, "word": " difference", "probability": 0.84228515625}, {"start": 2769.77, "end": 2770.17, "word": " between", "probability": 0.87939453125}, {"start": 2770.17, "end": 2770.41, "word": " the", "probability": 0.90185546875}, {"start": 2770.41, "end": 2770.77, "word": " short", "probability": 0.9638671875}, {"start": 2770.77, "end": 2771.01, "word": " run", "probability": 0.55322265625}, {"start": 2771.01, "end": 2771.23, "word": " and", "probability": 0.93994140625}, {"start": 2771.23, "end": 2771.45, "word": " long", "probability": 0.87939453125}, {"start": 2771.45, "end": 2771.77, "word": " run", "probability": 0.904296875}, {"start": 2771.77, "end": 2772.79, "word": " is", "probability": 0.8740234375}, {"start": 2772.79, "end": 2774.93, "word": " the", "probability": 0.7109375}, {"start": 2774.93, "end": 2775.53, "word": " change", "probability": 0.849609375}, {"start": 2775.53, "end": 2776.07, "word": " or", "probability": 0.8671875}, {"start": 2776.07, "end": 2776.21, "word": " the", "probability": 0.923828125}, {"start": 2776.21, "end": 2776.73, "word": " ability", "probability": 0.9501953125}, {"start": 2776.73, "end": 2777.33, "word": " to", "probability": 0.96728515625}, {"start": 2777.33, "end": 2778.05, "word": " change", "probability": 0.8994140625}, {"start": 2778.05, "end": 2778.99, "word": " the", "probability": 0.91552734375}, {"start": 2778.99, "end": 2779.57, "word": " factors", "probability": 0.9599609375}, {"start": 2779.57, "end": 2779.77, "word": " of", "probability": 0.96533203125}, {"start": 2779.77, "end": 2780.23, "word": " production.", "probability": 0.9560546875}, {"start": 2780.73, "end": 2780.97, "word": " In", "probability": 0.92724609375}, {"start": 2780.97, "end": 2781.13, "word": " the", "probability": 0.9130859375}, {"start": 2781.13, "end": 2781.45, "word": " short", "probability": 0.96728515625}, {"start": 2781.45, "end": 2781.75, "word": " run,", "probability": 0.90966796875}, {"start": 2782.63, "end": 2782.93, "word": " if", "probability": 0.94140625}, {"start": 2782.93, "end": 2783.33, "word": " one", "probability": 0.876953125}, {"start": 2783.33, "end": 2783.95, "word": " of", "probability": 0.96826171875}, {"start": 2783.95, "end": 2784.77, "word": " these", "probability": 0.81787109375}, {"start": 2784.77, "end": 2785.21, "word": " factors", "probability": 0.95361328125}, {"start": 2785.21, "end": 2785.41, "word": " of", "probability": 0.89599609375}, {"start": 2785.41, "end": 2785.85, "word": " production", "probability": 0.9521484375}, {"start": 2785.85, "end": 2786.81, "word": " is", "probability": 0.94482421875}, {"start": 2786.81, "end": 2787.35, "word": " fixed,", "probability": 0.93603515625}], "temperature": 1.0}, {"id": 97, "seek": 281350, "start": 2788.22, "end": 2813.5, "text": " Here we're talking about a short run, regardless the period, regardless the period of time. But if the producer can change all these factors, production, here we're talking about long run. Now, let's go to study the relationship between labor, machinery, and production.", "tokens": [1692, 321, 434, 1417, 466, 257, 2099, 1190, 11, 10060, 264, 2896, 11, 10060, 264, 2896, 295, 565, 13, 583, 498, 264, 12314, 393, 1319, 439, 613, 6771, 11, 4265, 11, 510, 321, 434, 1417, 466, 938, 1190, 13, 823, 11, 718, 311, 352, 281, 2979, 264, 2480, 1296, 5938, 11, 27302, 11, 293, 4265, 13], "avg_logprob": -0.19037829156507524, "compression_ratio": 1.6524390243902438, "no_speech_prob": 0.0, "words": [{"start": 2788.22, "end": 2788.48, "word": " Here", "probability": 0.64501953125}, {"start": 2788.48, "end": 2788.66, "word": " we're", "probability": 0.76611328125}, {"start": 2788.66, "end": 2788.96, "word": " talking", "probability": 0.84619140625}, {"start": 2788.96, "end": 2789.4, "word": " about", "probability": 0.90771484375}, {"start": 2789.4, "end": 2789.64, "word": " a", "probability": 0.8310546875}, {"start": 2789.64, "end": 2789.92, "word": " short", "probability": 0.95458984375}, {"start": 2789.92, "end": 2790.2, "word": " run,", "probability": 0.6962890625}, {"start": 2790.7, "end": 2791.22, "word": " regardless", "probability": 0.90673828125}, {"start": 2791.22, "end": 2791.52, "word": " the", "probability": 0.708984375}, {"start": 2791.52, "end": 2791.92, "word": " period,", "probability": 0.9833984375}, {"start": 2794.08, "end": 2795.1, "word": " regardless", "probability": 0.92626953125}, {"start": 2795.1, "end": 2795.44, "word": " the", "probability": 0.8115234375}, {"start": 2795.44, "end": 2795.72, "word": " period", "probability": 0.98388671875}, {"start": 2795.72, "end": 2795.88, "word": " of", "probability": 0.96923828125}, {"start": 2795.88, "end": 2796.26, "word": " time.", "probability": 0.888671875}, {"start": 2797.32, "end": 2797.44, "word": " But", "probability": 0.6611328125}, {"start": 2797.44, "end": 2797.82, "word": " if", "probability": 0.93359375}, {"start": 2797.82, "end": 2798.1, "word": " the", "probability": 0.9130859375}, {"start": 2798.1, "end": 2798.64, "word": " producer", "probability": 0.93017578125}, {"start": 2798.64, "end": 2799.1, "word": " can", "probability": 0.8232421875}, {"start": 2799.1, "end": 2799.7, "word": " change", "probability": 0.74072265625}, {"start": 2799.7, "end": 2800.32, "word": " all", "probability": 0.9345703125}, {"start": 2800.32, "end": 2800.72, "word": " these", "probability": 0.82373046875}, {"start": 2800.72, "end": 2801.06, "word": " factors,", "probability": 0.59765625}, {"start": 2801.2, "end": 2801.66, "word": " production,", "probability": 0.9697265625}, {"start": 2801.94, "end": 2802.06, "word": " here", "probability": 0.7763671875}, {"start": 2802.06, "end": 2802.18, "word": " we're", "probability": 0.927734375}, {"start": 2802.18, "end": 2802.46, "word": " talking", "probability": 0.85888671875}, {"start": 2802.46, "end": 2802.94, "word": " about", "probability": 0.90185546875}, {"start": 2802.94, "end": 2803.64, "word": " long", "probability": 0.8955078125}, {"start": 2803.64, "end": 2803.94, "word": " run.", "probability": 0.86669921875}, {"start": 2804.62, "end": 2804.96, "word": " Now,", "probability": 0.4794921875}, {"start": 2806.3, "end": 2806.64, "word": " let's", "probability": 0.974365234375}, {"start": 2806.64, "end": 2806.84, "word": " go", "probability": 0.9560546875}, {"start": 2806.84, "end": 2807.26, "word": " to", "probability": 0.9375}, {"start": 2807.26, "end": 2808.86, "word": " study", "probability": 0.92333984375}, {"start": 2808.86, "end": 2809.08, "word": " the", "probability": 0.919921875}, {"start": 2809.08, "end": 2809.6, "word": " relationship", "probability": 0.9150390625}, {"start": 2809.6, "end": 2810.28, "word": " between", "probability": 0.87109375}, {"start": 2810.28, "end": 2811.1, "word": " labor,", "probability": 0.9267578125}, {"start": 2811.58, "end": 2812.08, "word": " machinery,", "probability": 0.97509765625}, {"start": 2812.42, "end": 2812.86, "word": " and", "probability": 0.94140625}, {"start": 2812.86, "end": 2813.5, "word": " production.", "probability": 0.95556640625}], "temperature": 1.0}, {"id": 98, "seek": 283150, "start": 2820.2, "end": 2831.5, "text": " So let's go to this example to understand the idea of production theory. That we have the following information, the following data about the producer.", "tokens": [407, 718, 311, 352, 281, 341, 1365, 281, 1223, 264, 1558, 295, 4265, 5261, 13, 663, 321, 362, 264, 3480, 1589, 11, 264, 3480, 1412, 466, 264, 12314, 13], "avg_logprob": -0.16080729713042577, "compression_ratio": 1.345132743362832, "no_speech_prob": 0.0, "words": [{"start": 2820.2, "end": 2820.62, "word": " So", "probability": 0.88232421875}, {"start": 2820.62, "end": 2821.24, "word": " let's", "probability": 0.829345703125}, {"start": 2821.24, "end": 2821.52, "word": " go", "probability": 0.96484375}, {"start": 2821.52, "end": 2822.1, "word": " to", "probability": 0.8876953125}, {"start": 2822.1, "end": 2822.38, "word": " this", "probability": 0.94775390625}, {"start": 2822.38, "end": 2822.92, "word": " example", "probability": 0.98046875}, {"start": 2822.92, "end": 2823.18, "word": " to", "probability": 0.9033203125}, {"start": 2823.18, "end": 2823.74, "word": " understand", "probability": 0.80712890625}, {"start": 2823.74, "end": 2823.96, "word": " the", "probability": 0.85791015625}, {"start": 2823.96, "end": 2824.26, "word": " idea", "probability": 0.87939453125}, {"start": 2824.26, "end": 2824.44, "word": " of", "probability": 0.9384765625}, {"start": 2824.44, "end": 2824.8, "word": " production", "probability": 0.9375}, {"start": 2824.8, "end": 2825.28, "word": " theory.", "probability": 0.8837890625}, {"start": 2825.68, "end": 2825.8, "word": " That", "probability": 0.270263671875}, {"start": 2825.8, "end": 2827.16, "word": " we", "probability": 0.8701171875}, {"start": 2827.16, "end": 2827.42, "word": " have", "probability": 0.93994140625}, {"start": 2827.42, "end": 2827.6, "word": " the", "probability": 0.916015625}, {"start": 2827.6, "end": 2827.94, "word": " following", "probability": 0.89599609375}, {"start": 2827.94, "end": 2828.98, "word": " information,", "probability": 0.88232421875}, {"start": 2829.14, "end": 2829.28, "word": " the", "probability": 0.8896484375}, {"start": 2829.28, "end": 2829.6, "word": " following", "probability": 0.8837890625}, {"start": 2829.6, "end": 2830.02, "word": " data", "probability": 0.93603515625}, {"start": 2830.02, "end": 2830.84, "word": " about", "probability": 0.70751953125}, {"start": 2830.84, "end": 2831.06, "word": " the", "probability": 0.8623046875}, {"start": 2831.06, "end": 2831.5, "word": " producer.", "probability": 0.92333984375}], "temperature": 1.0}, {"id": 99, "seek": 287594, "start": 2863.24, "end": 2875.94, "text": " labor, machinery, total production of labor,", "tokens": [5938, 11, 27302, 11, 3217, 4265, 295, 5938, 11], "avg_logprob": -0.30546873807907104, "compression_ratio": 0.9183673469387755, "no_speech_prob": 0.0, "words": [{"start": 2863.2400000000002, "end": 2864.32, "word": " labor,", "probability": 0.1683349609375}, {"start": 2864.32, "end": 2865.4, "word": " machinery,", "probability": 0.94287109375}, {"start": 2868.86, "end": 2874.88, "word": " total", "probability": 0.84619140625}, {"start": 2874.88, "end": 2875.38, "word": " production", "probability": 0.9619140625}, {"start": 2875.38, "end": 2875.64, "word": " of", "probability": 0.97509765625}, {"start": 2875.64, "end": 2875.94, "word": " labor,", "probability": 0.89208984375}], "temperature": 1.0}, {"id": 100, "seek": 291203, "start": 2887.97, "end": 2912.03, "text": " Total production labor, TPL. Average production labor, APL, average production labor, and the marginal production labor. Labor, zero, one, two,", "tokens": [23170, 4265, 5938, 11, 314, 21593, 13, 316, 3623, 4265, 5938, 11, 316, 21593, 11, 4274, 4265, 5938, 11, 293, 264, 16885, 4265, 5938, 13, 17250, 11, 4018, 11, 472, 11, 732, 11], "avg_logprob": -0.2959558893652523, "compression_ratio": 1.6, "no_speech_prob": 0.0, "words": [{"start": 2887.97, "end": 2888.39, "word": " Total", "probability": 0.77685546875}, {"start": 2888.39, "end": 2888.83, "word": " production", "probability": 0.68310546875}, {"start": 2888.83, "end": 2889.25, "word": " labor,", "probability": 0.83642578125}, {"start": 2889.51, "end": 2890.01, "word": " TPL.", "probability": 0.94775390625}, {"start": 2891.99, "end": 2893.01, "word": " Average", "probability": 0.899658203125}, {"start": 2893.01, "end": 2893.53, "word": " production", "probability": 0.95166015625}, {"start": 2893.53, "end": 2894.01, "word": " labor,", "probability": 0.9384765625}, {"start": 2895.17, "end": 2898.75, "word": " APL,", "probability": 0.5306396484375}, {"start": 2899.13, "end": 2899.51, "word": " average", "probability": 0.55859375}, {"start": 2899.51, "end": 2900.03, "word": " production", "probability": 0.9501953125}, {"start": 2900.03, "end": 2900.43, "word": " labor,", "probability": 0.92138671875}, {"start": 2901.07, "end": 2901.13, "word": " and", "probability": 0.92626953125}, {"start": 2901.13, "end": 2901.91, "word": " the", "probability": 0.80322265625}, {"start": 2901.91, "end": 2902.41, "word": " marginal", "probability": 0.904296875}, {"start": 2902.41, "end": 2902.97, "word": " production", "probability": 0.9609375}, {"start": 2902.97, "end": 2903.41, "word": " labor.", "probability": 0.92822265625}, {"start": 2904.65, "end": 2905.61, "word": " Labor,", "probability": 0.783203125}, {"start": 2906.07, "end": 2906.41, "word": " zero,", "probability": 0.6513671875}, {"start": 2907.61, "end": 2909.39, "word": " one,", "probability": 0.90478515625}, {"start": 2910.25, "end": 2912.03, "word": " two,", "probability": 0.94189453125}], "temperature": 1.0}, {"id": 101, "seek": 294729, "start": 2919.09, "end": 2947.29, "text": " 3, 4, 5, 6, 7, 8, 9, 10. 4, 5, 6, 7, 8, 9, 10. Producers machinery.", "tokens": [805, 11, 1017, 11, 1025, 11, 1386, 11, 1614, 11, 1649, 11, 1722, 11, 1266, 13, 1017, 11, 1025, 11, 1386, 11, 1614, 11, 1649, 11, 1722, 11, 1266, 13, 1705, 8117, 433, 27302, 13], "avg_logprob": -0.1707899280720287, "compression_ratio": 1.2363636363636363, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 2919.09, "end": 2920.05, "word": " 3,", "probability": 0.344970703125}, {"start": 2920.05, "end": 2921.01, "word": " 4,", "probability": 0.74853515625}, {"start": 2921.69, "end": 2922.43, "word": " 5,", "probability": 0.978515625}, {"start": 2922.67, "end": 2924.11, "word": " 6,", "probability": 0.98779296875}, {"start": 2924.37, "end": 2926.21, "word": " 7,", "probability": 0.984375}, {"start": 2926.81, "end": 2928.33, "word": " 8,", "probability": 0.99365234375}, {"start": 2929.41, "end": 2930.53, "word": " 9,", "probability": 0.9931640625}, {"start": 2930.75, "end": 2931.11, "word": " 10.", "probability": 0.9443359375}, {"start": 2934.19, "end": 2935.15, "word": " 4,", "probability": 0.8466796875}, {"start": 2935.43, "end": 2936.03, "word": " 5,", "probability": 0.98974609375}, {"start": 2936.13, "end": 2936.41, "word": " 6,", "probability": 0.99853515625}, {"start": 2936.67, "end": 2937.03, "word": " 7,", "probability": 0.99853515625}, {"start": 2937.25, "end": 2937.67, "word": " 8,", "probability": 0.9990234375}, {"start": 2938.15, "end": 2938.73, "word": " 9,", "probability": 0.99853515625}, {"start": 2938.91, "end": 2939.27, "word": " 10.", "probability": 0.97119140625}, {"start": 2945.39, "end": 2946.35, "word": " Producers", "probability": 0.5960286458333334}, {"start": 2946.35, "end": 2947.29, "word": " machinery.", "probability": 0.84033203125}], "temperature": 1.0}, {"id": 102, "seek": 297917, "start": 2958.15, "end": 2979.17, "text": " Six. Zero, fifty, one hundred twenty, one hundred eight.", "tokens": [11678, 13, 17182, 11, 13442, 11, 472, 3262, 7699, 11, 472, 3262, 3180, 13], "avg_logprob": -0.5526041587193807, "compression_ratio": 1.1176470588235294, "no_speech_prob": 0.0, "words": [{"start": 2958.1499999999996, "end": 2958.91, "word": " Six.", "probability": 0.111083984375}, {"start": 2958.91, "end": 2959.67, "word": " Zero,", "probability": 0.1864013671875}, {"start": 2974.89, "end": 2975.39, "word": " fifty,", "probability": 0.462890625}, {"start": 2976.93, "end": 2977.17, "word": " one", "probability": 0.486328125}, {"start": 2977.17, "end": 2977.41, "word": " hundred", "probability": 0.87109375}, {"start": 2977.41, "end": 2977.81, "word": " twenty,", "probability": 0.5791015625}, {"start": 2978.17, "end": 2978.37, "word": " one", "probability": 0.9365234375}, {"start": 2978.37, "end": 2978.65, "word": " hundred", "probability": 0.93603515625}, {"start": 2978.65, "end": 2979.17, "word": " eight.", "probability": 0.56494140625}], "temperature": 1.0}, {"id": 103, "seek": 299813, "start": 2982.05, "end": 2998.13, "text": " 220, 250, 270, 280, 280, 270, 250.", "tokens": [29387, 11, 11650, 11, 40774, 11, 41229, 11, 41229, 11, 40774, 11, 11650, 13], "avg_logprob": -0.20052083333333334, "compression_ratio": 1.3461538461538463, "no_speech_prob": 0.0, "words": [{"start": 2982.0499999999997, "end": 2983.45, "word": " 220,", "probability": 0.69140625}, {"start": 2983.45, "end": 2984.85, "word": " 250,", "probability": 0.9169921875}, {"start": 2986.13, "end": 2987.99, "word": " 270,", "probability": 0.97265625}, {"start": 2988.43, "end": 2989.51, "word": " 280,", "probability": 0.94384765625}, {"start": 2989.95, "end": 2992.83, "word": " 280,", "probability": 0.92138671875}, {"start": 2993.77, "end": 2996.01, "word": " 270,", "probability": 0.96875}, {"start": 2996.63, "end": 2998.13, "word": " 250.", "probability": 0.9501953125}], "temperature": 1.0}, {"id": 104, "seek": 304321, "start": 3019.43, "end": 3043.21, "text": " Shall we start? Okay. In this example, we have two factors of production, labor and machines. Labor and capital.", "tokens": [12128, 321, 722, 30, 1033, 13, 682, 341, 1365, 11, 321, 362, 732, 6771, 295, 4265, 11, 5938, 293, 8379, 13, 17250, 293, 4238, 13], "avg_logprob": -0.14640925308832756, "compression_ratio": 1.107843137254902, "no_speech_prob": 0.0, "words": [{"start": 3019.43, "end": 3019.73, "word": " Shall", "probability": 0.7158203125}, {"start": 3019.73, "end": 3019.91, "word": " we", "probability": 0.970703125}, {"start": 3019.91, "end": 3020.19, "word": " start?", "probability": 0.93310546875}, {"start": 3022.61, "end": 3022.61, "word": " Okay.", "probability": 0.73046875}, {"start": 3034.29, "end": 3034.97, "word": " In", "probability": 0.468017578125}, {"start": 3034.97, "end": 3037.21, "word": " this", "probability": 0.9541015625}, {"start": 3037.21, "end": 3037.65, "word": " example,", "probability": 0.98388671875}, {"start": 3038.33, "end": 3038.53, "word": " we", "probability": 0.96533203125}, {"start": 3038.53, "end": 3038.91, "word": " have", "probability": 0.947265625}, {"start": 3038.91, "end": 3039.13, "word": " two", "probability": 0.9208984375}, {"start": 3039.13, "end": 3039.51, "word": " factors", "probability": 0.8154296875}, {"start": 3039.51, "end": 3039.73, "word": " of", "probability": 0.75439453125}, {"start": 3039.73, "end": 3040.03, "word": " production,", "probability": 0.97265625}, {"start": 3040.23, "end": 3040.39, "word": " labor", "probability": 0.896484375}, {"start": 3040.39, "end": 3040.55, "word": " and", "probability": 0.87841796875}, {"start": 3040.55, "end": 3041.05, "word": " machines.", "probability": 0.95654296875}, {"start": 3042.27, "end": 3042.53, "word": " Labor", "probability": 0.91259765625}, {"start": 3042.53, "end": 3042.77, "word": " and", "probability": 0.951171875}, {"start": 3042.77, "end": 3043.21, "word": " capital.", "probability": 0.92333984375}], "temperature": 1.0}, {"id": 105, "seek": 307371, "start": 3045.41, "end": 3073.71, "text": " And here we are talking about a short term, because the number of machinery, the number of machines is fixed. Right? If the government or the producer used zero labor and six machines, the total production equals zero, which means", "tokens": [400, 510, 321, 366, 1417, 466, 257, 2099, 1433, 11, 570, 264, 1230, 295, 27302, 11, 264, 1230, 295, 8379, 307, 6806, 13, 1779, 30, 759, 264, 2463, 420, 264, 12314, 1143, 4018, 5938, 293, 2309, 8379, 11, 264, 3217, 4265, 6915, 4018, 11, 597, 1355], "avg_logprob": -0.15666555534017848, "compression_ratio": 1.5, "no_speech_prob": 0.0, "words": [{"start": 3045.41, "end": 3045.87, "word": " And", "probability": 0.63134765625}, {"start": 3045.87, "end": 3046.29, "word": " here", "probability": 0.8447265625}, {"start": 3046.29, "end": 3046.51, "word": " we", "probability": 0.828125}, {"start": 3046.51, "end": 3046.69, "word": " are", "probability": 0.93603515625}, {"start": 3046.69, "end": 3047.07, "word": " talking", "probability": 0.84619140625}, {"start": 3047.07, "end": 3047.65, "word": " about", "probability": 0.90380859375}, {"start": 3047.65, "end": 3047.97, "word": " a", "probability": 0.92822265625}, {"start": 3047.97, "end": 3048.35, "word": " short", "probability": 0.9287109375}, {"start": 3048.35, "end": 3048.67, "word": " term,", "probability": 0.8271484375}, {"start": 3049.09, "end": 3049.47, "word": " because", "probability": 0.8916015625}, {"start": 3049.47, "end": 3051.05, "word": " the", "probability": 0.8837890625}, {"start": 3051.05, "end": 3051.37, "word": " number", "probability": 0.95068359375}, {"start": 3051.37, "end": 3051.53, "word": " of", "probability": 0.9638671875}, {"start": 3051.53, "end": 3052.05, "word": " machinery,", "probability": 0.92138671875}, {"start": 3052.69, "end": 3052.99, "word": " the", "probability": 0.86767578125}, {"start": 3052.99, "end": 3053.19, "word": " number", "probability": 0.95556640625}, {"start": 3053.19, "end": 3053.37, "word": " of", "probability": 0.9365234375}, {"start": 3053.37, "end": 3053.87, "word": " machines", "probability": 0.9462890625}, {"start": 3053.87, "end": 3055.23, "word": " is", "probability": 0.7021484375}, {"start": 3055.23, "end": 3055.73, "word": " fixed.", "probability": 0.93408203125}, {"start": 3057.59, "end": 3058.57, "word": " Right?", "probability": 0.79345703125}, {"start": 3060.17, "end": 3061.15, "word": " If", "probability": 0.916015625}, {"start": 3061.15, "end": 3061.71, "word": " the", "probability": 0.91650390625}, {"start": 3061.71, "end": 3062.19, "word": " government", "probability": 0.833984375}, {"start": 3062.19, "end": 3062.49, "word": " or", "probability": 0.8857421875}, {"start": 3062.49, "end": 3062.67, "word": " the", "probability": 0.91357421875}, {"start": 3062.67, "end": 3063.31, "word": " producer", "probability": 0.90087890625}, {"start": 3063.31, "end": 3064.19, "word": " used", "probability": 0.72998046875}, {"start": 3064.19, "end": 3065.37, "word": " zero", "probability": 0.88671875}, {"start": 3065.37, "end": 3066.17, "word": " labor", "probability": 0.86376953125}, {"start": 3066.17, "end": 3067.77, "word": " and", "probability": 0.82861328125}, {"start": 3067.77, "end": 3068.29, "word": " six", "probability": 0.95947265625}, {"start": 3068.29, "end": 3069.01, "word": " machines,", "probability": 0.943359375}, {"start": 3070.49, "end": 3070.99, "word": " the", "probability": 0.8779296875}, {"start": 3070.99, "end": 3071.31, "word": " total", "probability": 0.8818359375}, {"start": 3071.31, "end": 3071.99, "word": " production", "probability": 0.93359375}, {"start": 3071.99, "end": 3072.61, "word": " equals", "probability": 0.92822265625}, {"start": 3072.61, "end": 3073.03, "word": " zero,", "probability": 0.8896484375}, {"start": 3073.17, "end": 3073.29, "word": " which", "probability": 0.951171875}, {"start": 3073.29, "end": 3073.71, "word": " means", "probability": 0.92822265625}], "temperature": 1.0}, {"id": 106, "seek": 310354, "start": 3075.2, "end": 3103.54, "text": " The labor here is complement to the machine, not substitute. Adding one worker and six machines will give us 50 units. Adding more machines and more workers will give us more products.", "tokens": [440, 5938, 510, 307, 17103, 281, 264, 3479, 11, 406, 15802, 13, 31204, 472, 11346, 293, 2309, 8379, 486, 976, 505, 2625, 6815, 13, 31204, 544, 8379, 293, 544, 5600, 486, 976, 505, 544, 3383, 13], "avg_logprob": -0.2124155421514769, "compression_ratio": 1.4919354838709677, "no_speech_prob": 0.0, "words": [{"start": 3075.2, "end": 3075.44, "word": " The", "probability": 0.6630859375}, {"start": 3075.44, "end": 3075.74, "word": " labor", "probability": 0.89599609375}, {"start": 3075.74, "end": 3076.02, "word": " here", "probability": 0.66845703125}, {"start": 3076.02, "end": 3076.32, "word": " is", "probability": 0.9345703125}, {"start": 3076.32, "end": 3076.9, "word": " complement", "probability": 0.5595703125}, {"start": 3076.9, "end": 3077.18, "word": " to", "probability": 0.435302734375}, {"start": 3077.18, "end": 3077.26, "word": " the", "probability": 0.8271484375}, {"start": 3077.26, "end": 3077.66, "word": " machine,", "probability": 0.89306640625}, {"start": 3080.16, "end": 3080.62, "word": " not", "probability": 0.91943359375}, {"start": 3080.62, "end": 3081.2, "word": " substitute.", "probability": 0.900390625}, {"start": 3082.94, "end": 3084.08, "word": " Adding", "probability": 0.46240234375}, {"start": 3084.08, "end": 3085.02, "word": " one", "probability": 0.91650390625}, {"start": 3085.02, "end": 3086.08, "word": " worker", "probability": 0.92626953125}, {"start": 3086.08, "end": 3088.74, "word": " and", "probability": 0.88525390625}, {"start": 3088.74, "end": 3089.08, "word": " six", "probability": 0.93603515625}, {"start": 3089.08, "end": 3089.68, "word": " machines", "probability": 0.9521484375}, {"start": 3089.68, "end": 3090.26, "word": " will", "probability": 0.84423828125}, {"start": 3090.26, "end": 3090.6, "word": " give", "probability": 0.8876953125}, {"start": 3090.6, "end": 3091.38, "word": " us", "probability": 0.9443359375}, {"start": 3091.38, "end": 3092.08, "word": " 50", "probability": 0.958984375}, {"start": 3092.08, "end": 3094.02, "word": " units.", "probability": 0.81689453125}, {"start": 3096.02, "end": 3096.44, "word": " Adding", "probability": 0.90087890625}, {"start": 3096.44, "end": 3096.72, "word": " more", "probability": 0.91943359375}, {"start": 3096.72, "end": 3097.28, "word": " machines", "probability": 0.91552734375}, {"start": 3097.28, "end": 3098.38, "word": " and", "probability": 0.736328125}, {"start": 3098.38, "end": 3100.4, "word": " more", "probability": 0.3017578125}, {"start": 3100.4, "end": 3101.62, "word": " workers", "probability": 0.95263671875}, {"start": 3101.62, "end": 3101.88, "word": " will", "probability": 0.85498046875}, {"start": 3101.88, "end": 3102.12, "word": " give", "probability": 0.876953125}, {"start": 3102.12, "end": 3102.4, "word": " us", "probability": 0.93408203125}, {"start": 3102.4, "end": 3102.98, "word": " more", "probability": 0.93701171875}, {"start": 3102.98, "end": 3103.54, "word": " products.", "probability": 0.845703125}], "temperature": 1.0}, {"id": 107, "seek": 312943, "start": 3104.37, "end": 3129.43, "text": " More production. One or two workers with six machines will give us 120. Three machines, three workers with six machines, 180. And what do you see here? 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Here we have an increasing in the output here. 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Adding the worker number nine. 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Okay? We put one machine and it gave me 50. The second one, we put it and it became this much. The third one, okay? A little bit, a little bit. This one that we put didn't do anything. Do you know why? Because it's a look look. It's a talk. That's what happened. 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Yes. And there is someone who works for them. He brings cloth pieces for them and so on. Okay? Someone works for them. But as soon as they start working for them, things stop being feasible. Right? Because he wants to talk to that person. He brings them twenty pieces. He stops bringing them eighteen pieces. Okay? He starts decreasing. Okay? 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So average APL, average production of labor. APL equals total production labor over L or equality over L.", "tokens": [407, 718, 311, 352, 281, 264, 4274, 4265, 5938, 13, 407, 4274, 5372, 43, 11, 4274, 4265, 295, 5938, 13, 5372, 43, 6915, 3217, 4265, 5938, 670, 441, 420, 14949, 670, 441, 13], "avg_logprob": -0.16383271620554082, "compression_ratio": 1.5252525252525253, "no_speech_prob": 0.0, "words": [{"start": 3243.93, "end": 3244.35, "word": " So", "probability": 0.837890625}, {"start": 3244.35, "end": 3244.95, "word": " let's", "probability": 0.850341796875}, {"start": 3244.95, "end": 3245.09, "word": " go", "probability": 0.95703125}, {"start": 3245.09, "end": 3245.25, "word": " to", "probability": 0.94775390625}, {"start": 3245.25, "end": 3245.41, "word": " the", "probability": 0.90576171875}, {"start": 3245.41, "end": 3245.75, "word": " average", "probability": 0.69775390625}, {"start": 3245.75, "end": 3246.19, "word": " production", "probability": 0.9052734375}, {"start": 3246.19, "end": 3246.63, "word": " labor.", "probability": 0.7705078125}, {"start": 3247.85, "end": 3247.97, "word": " So", "probability": 0.93017578125}, {"start": 3247.97, "end": 3248.53, "word": " average", "probability": 0.61767578125}, {"start": 3248.53, "end": 3249.39, "word": " APL,", "probability": 0.911376953125}, {"start": 3251.85, "end": 3252.53, "word": " average", "probability": 0.65673828125}, {"start": 3252.53, "end": 3254.87, "word": " production", "probability": 0.94677734375}, {"start": 3254.87, "end": 3257.79, "word": " of", "probability": 0.9541015625}, {"start": 3257.79, "end": 3258.19, "word": " labor.", "probability": 0.91748046875}, {"start": 3262.13, "end": 3263.11, "word": " APL", "probability": 0.978515625}, {"start": 3263.11, "end": 3264.89, "word": " equals", "probability": 0.90966796875}, {"start": 3264.89, "end": 3265.77, "word": " total", "probability": 0.78662109375}, {"start": 3265.77, "end": 3266.23, "word": " production", "probability": 0.9521484375}, {"start": 3266.23, "end": 3266.63, "word": " labor", "probability": 0.8486328125}, {"start": 3266.63, "end": 3267.13, "word": " over", "probability": 0.91748046875}, {"start": 3267.13, "end": 3267.57, "word": " L", "probability": 0.8876953125}, {"start": 3267.57, "end": 3269.19, "word": " or", "probability": 0.5712890625}, {"start": 3269.19, "end": 3269.75, "word": " equality", "probability": 0.87060546875}, {"start": 3269.75, "end": 3270.23, "word": " over", "probability": 0.91943359375}, {"start": 3270.23, "end": 3270.59, "word": " L.", "probability": 0.9912109375}], "temperature": 1.0}, {"id": 113, "seek": 330073, "start": 3272.85, "end": 3300.73, "text": " the quota produced over the number of workers. 50 over 1. The first case, 50 over 1, 50. 120 over 2, 60. 180 over 3 equals 60.", "tokens": [264, 45171, 7126, 670, 264, 1230, 295, 5600, 13, 2625, 670, 502, 13, 440, 700, 1389, 11, 2625, 670, 502, 11, 2625, 13, 10411, 670, 568, 11, 4060, 13, 11971, 670, 805, 6915, 4060, 13], "avg_logprob": -0.2549913318620788, "compression_ratio": 1.309278350515464, "no_speech_prob": 0.0, "words": [{"start": 3272.85, "end": 3273.09, "word": " the", "probability": 0.4931640625}, {"start": 3273.09, "end": 3273.39, "word": " quota", "probability": 0.417236328125}, {"start": 3273.39, "end": 3274.05, "word": " produced", "probability": 0.91259765625}, {"start": 3274.05, "end": 3275.07, "word": " over", "probability": 0.91748046875}, {"start": 3275.07, "end": 3275.81, "word": " the", "probability": 0.91552734375}, {"start": 3275.81, "end": 3276.09, "word": " number", "probability": 0.9365234375}, {"start": 3276.09, "end": 3276.25, "word": " of", "probability": 0.9423828125}, {"start": 3276.25, "end": 3276.69, "word": " workers.", "probability": 0.88134765625}, {"start": 3279.45, "end": 3279.45, "word": " 50", "probability": 0.18359375}, {"start": 3279.45, "end": 3285.01, "word": " over", "probability": 0.611328125}, {"start": 3285.01, "end": 3285.45, "word": " 1.", "probability": 0.662109375}, {"start": 3286.19, "end": 3287.23, "word": " The", "probability": 0.87353515625}, {"start": 3287.23, "end": 3287.51, "word": " first", "probability": 0.8935546875}, {"start": 3287.51, "end": 3287.83, "word": " case,", "probability": 0.890625}, {"start": 3288.29, "end": 3288.69, "word": " 50", "probability": 0.94482421875}, {"start": 3288.69, "end": 3289.25, "word": " over", "probability": 0.8994140625}, {"start": 3289.25, "end": 3289.59, "word": " 1,", "probability": 0.72900390625}, {"start": 3289.83, "end": 3290.13, "word": " 50.", "probability": 0.6484375}, {"start": 3291.77, "end": 3292.79, "word": " 120", "probability": 0.8447265625}, {"start": 3292.79, "end": 3293.91, "word": " over", "probability": 0.90234375}, {"start": 3293.91, "end": 3294.41, "word": " 2,", "probability": 0.9521484375}, {"start": 3294.81, "end": 3295.43, "word": " 60.", "probability": 0.9765625}, {"start": 3297.25, "end": 3298.29, "word": " 180", "probability": 0.91064453125}, {"start": 3298.29, "end": 3298.81, "word": " over", "probability": 0.90576171875}, {"start": 3298.81, "end": 3299.45, "word": " 3", "probability": 0.98388671875}, {"start": 3299.45, "end": 3300.21, "word": " equals", "probability": 0.689453125}, {"start": 3300.21, "end": 3300.73, "word": " 60.", "probability": 0.9716796875}], "temperature": 1.0}, {"id": 114, "seek": 333170, "start": 3302.84, "end": 3331.7, "text": " 220 over 4. How much is this? I'll take the data. Sorry? 55. What do they count? 50. 44, 45, 40. 35, 30.", "tokens": [29387, 670, 1017, 13, 1012, 709, 307, 341, 30, 286, 603, 747, 264, 1412, 13, 4919, 30, 12330, 13, 708, 360, 436, 1207, 30, 2625, 13, 16408, 11, 6905, 11, 3356, 13, 6976, 11, 2217, 13], "avg_logprob": -0.5067567374255206, "compression_ratio": 1.0396039603960396, "no_speech_prob": 0.0, "words": [{"start": 3302.84, "end": 3303.56, "word": " 220", "probability": 0.3466796875}, {"start": 3303.56, "end": 3304.82, "word": " over", "probability": 0.70361328125}, {"start": 3304.82, "end": 3305.66, "word": " 4.", "probability": 0.72509765625}, {"start": 3306.86, "end": 3307.22, "word": " How", "probability": 0.17626953125}, {"start": 3307.22, "end": 3307.36, "word": " much", "probability": 0.560546875}, {"start": 3307.36, "end": 3307.44, "word": " is", "probability": 0.79638671875}, {"start": 3307.44, "end": 3307.64, "word": " this?", "probability": 0.447998046875}, {"start": 3310.14, "end": 3311.18, "word": " I'll", "probability": 0.27056884765625}, {"start": 3311.18, "end": 3311.32, "word": " take", "probability": 0.421875}, {"start": 3311.32, "end": 3311.48, "word": " the", "probability": 0.8017578125}, {"start": 3311.48, "end": 3311.76, "word": " data.", "probability": 0.8662109375}, {"start": 3312.16, "end": 3312.7, "word": " Sorry?", "probability": 0.677734375}, {"start": 3313.36, "end": 3313.72, "word": " 55.", "probability": 0.8642578125}, {"start": 3314.16, "end": 3314.4, "word": " What", "probability": 0.5634765625}, {"start": 3314.4, "end": 3314.52, "word": " do", "probability": 0.21435546875}, {"start": 3314.52, "end": 3314.52, "word": " they", "probability": 0.329833984375}, {"start": 3314.52, "end": 3314.6, "word": " count?", "probability": 0.7353515625}, {"start": 3319.14, "end": 3320.18, "word": " 50.", "probability": 0.79052734375}, {"start": 3322.82, "end": 3323.86, "word": " 44,", "probability": 0.62890625}, {"start": 3324.2, "end": 3325.16, "word": " 45,", "probability": 0.96533203125}, {"start": 3325.42, "end": 3325.92, "word": " 40.", "probability": 0.96435546875}, {"start": 3327.86, "end": 3328.9, "word": " 35,", "probability": 0.96435546875}, {"start": 3329.84, "end": 3331.7, "word": " 30.", "probability": 0.9638671875}], "temperature": 1.0}, {"id": 115, "seek": 336114, "start": 3332.86, "end": 3361.14, "text": " 25. I think the results are correct. Okay. What about the marginal production labor? Do you remember total utility and marginal utility? The same. The marginal production of labor. Marginal production of labor. 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Which means what will happen to the total production of labor when the number of workers increase or goes up? What do you see? It's quite similar to the total utility and marginal utility.", "tokens": [6915, 264, 1319, 294, 3217, 4265, 295, 5938, 11, 1319, 294, 3217, 4265, 295, 5938, 670, 264, 1319, 295, 5938, 11, 1230, 295, 5600, 13, 3013, 1355, 437, 486, 1051, 281, 264, 3217, 4265, 295, 5938, 562, 264, 1230, 295, 5600, 3488, 420, 1709, 493, 30, 708, 360, 291, 536, 30, 467, 311, 1596, 2531, 281, 264, 3217, 14877, 293, 16885, 14877, 13], "avg_logprob": -0.1503906233701855, "compression_ratio": 1.9156626506024097, "no_speech_prob": 0.0, "words": [{"start": 3363.6400000000003, "end": 3364.36, "word": " equals", "probability": 0.68115234375}, {"start": 3364.36, "end": 3365.08, "word": " the", "probability": 0.88525390625}, {"start": 3365.08, "end": 3365.62, "word": " change", "probability": 0.90771484375}, {"start": 3365.62, "end": 3365.84, "word": " in", "probability": 0.9462890625}, {"start": 3365.84, "end": 3366.16, "word": " total", "probability": 0.8662109375}, {"start": 3366.16, "end": 3366.62, "word": " 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We had Mu, marginal utility, change in total utility over change in quantity. If we add this, what happens? This increases or declines or sometimes fixes. Okay? So here, MPL equals change in total production labor, 50 minus zero over one minus zero. Fifty.", "tokens": [639, 307, 437, 291, 1604, 13, 492, 632, 15601, 11, 16885, 14877, 11, 1319, 294, 3217, 14877, 670, 1319, 294, 11275, 13, 759, 321, 909, 341, 11, 437, 2314, 30, 639, 8637, 420, 7488, 1652, 420, 2171, 32539, 13, 1033, 30, 407, 510, 11, 14146, 43, 6915, 1319, 294, 3217, 4265, 5938, 11, 2625, 3175, 4018, 670, 472, 3175, 4018, 13, 21501, 874, 13], "avg_logprob": -0.35168269230769234, "compression_ratio": 1.5026455026455026, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 3392.65, "end": 3392.93, "word": " This", "probability": 0.08160400390625}, {"start": 3392.93, "end": 3392.93, "word": " is", "probability": 0.53369140625}, {"start": 3392.93, "end": 3393.09, "word": " what", "probability": 0.5595703125}, {"start": 3393.09, "end": 3393.21, "word": " you", "probability": 0.435302734375}, {"start": 3393.21, "end": 3393.21, "word": " remember.", "probability": 0.58544921875}, {"start": 3393.57, "end": 3393.71, "word": " We", "probability": 0.4775390625}, {"start": 3393.71, "end": 3393.95, "word": " had", "probability": 0.372314453125}, {"start": 3393.95, "end": 3394.53, "word": " Mu,", "probability": 0.2474365234375}, {"start": 3394.91, "end": 3395.33, "word": " marginal", "probability": 0.43896484375}, {"start": 3395.33, "end": 3395.79, "word": " utility,", "probability": 0.95458984375}, {"start": 3396.31, "end": 3396.93, "word": " change", "probability": 0.80419921875}, {"start": 3396.93, "end": 3397.09, "word": " in", "probability": 0.90771484375}, {"start": 3397.09, "end": 3397.41, "word": " total", "probability": 0.8505859375}, {"start": 3397.41, "end": 3397.77, "word": " utility", "probability": 0.94189453125}, {"start": 3397.77, "end": 3398.11, "word": " over", "probability": 0.880859375}, {"start": 3398.11, "end": 3398.57, "word": " change", "probability": 0.72802734375}, {"start": 3398.57, "end": 3398.71, "word": " in", "probability": 0.92041015625}, {"start": 3398.71, "end": 3399.15, "word": " quantity.", "probability": 0.9755859375}, {"start": 3399.37, "end": 3399.77, "word": " If", "probability": 0.79736328125}, {"start": 3399.77, "end": 3399.93, "word": " we", "probability": 0.861328125}, {"start": 3399.93, "end": 3399.93, "word": " add", "probability": 0.447509765625}, {"start": 3399.93, "end": 3400.23, "word": " this,", "probability": 0.79296875}, {"start": 3400.35, "end": 3400.41, "word": " what", "probability": 0.896484375}, {"start": 3400.41, "end": 3400.61, "word": " happens?", "probability": 0.86669921875}, {"start": 3400.81, "end": 3400.99, "word": " This", "probability": 0.544921875}, {"start": 3400.99, "end": 3401.23, "word": " increases", "probability": 0.62158203125}, {"start": 3401.23, "end": 3401.55, "word": " or", "probability": 0.86962890625}, {"start": 3401.55, "end": 3402.33, "word": " declines", "probability": 0.816162109375}, {"start": 3402.33, "end": 3402.59, "word": " or", "probability": 0.689453125}, {"start": 3402.59, "end": 3403.21, "word": " sometimes", "probability": 0.76611328125}, {"start": 3403.21, "end": 3403.47, "word": " fixes.", "probability": 0.333984375}, {"start": 3404.39, "end": 3404.61, "word": " Okay?", "probability": 0.434814453125}, {"start": 3404.87, "end": 3405.21, "word": " So", "probability": 0.9716796875}, {"start": 3405.21, "end": 3405.91, "word": " here,", "probability": 0.59228515625}, {"start": 3407.75, "end": 3408.91, "word": " MPL", "probability": 0.760009765625}, {"start": 3408.91, "end": 3409.57, "word": " equals", "probability": 0.935546875}, {"start": 3409.57, "end": 3410.61, "word": " change", "probability": 0.84130859375}, {"start": 3410.61, "end": 3410.81, "word": " in", "probability": 0.93701171875}, {"start": 3410.81, "end": 3411.07, "word": " total", "probability": 0.86376953125}, {"start": 3411.07, "end": 3411.51, "word": " production", "probability": 0.96435546875}, {"start": 3411.51, "end": 3411.99, "word": " labor,", "probability": 0.81689453125}, {"start": 3412.91, "end": 3413.41, "word": " 50", "probability": 0.76708984375}, {"start": 3413.41, "end": 3414.13, "word": " minus", "probability": 0.96044921875}, {"start": 3414.13, "end": 3414.71, "word": " zero", "probability": 0.56884765625}, {"start": 3414.71, "end": 3415.33, "word": " over", "probability": 0.87841796875}, {"start": 3415.33, "end": 3415.91, "word": " one", "probability": 0.80908203125}, {"start": 3415.91, "end": 3416.57, "word": " minus", "probability": 0.9873046875}, {"start": 3416.57, "end": 3417.09, "word": " zero.", "probability": 0.8916015625}, {"start": 3418.33, "end": 3419.07, "word": " Fifty.", "probability": 0.848876953125}], "temperature": 1.0}, {"id": 118, "seek": 344632, "start": 3420.86, "end": 3446.32, "text": " 120 minus 50 over 2 minus 1. 70, 60, 40, 30, 20, 10, 0, minus 10, minus 20. Right? Correct? Perfect.", "tokens": [10411, 3175, 2625, 670, 568, 3175, 502, 13, 5285, 11, 4060, 11, 3356, 11, 2217, 11, 945, 11, 1266, 11, 1958, 11, 3175, 1266, 11, 3175, 945, 13, 1779, 30, 12753, 30, 10246, 13], "avg_logprob": -0.27767856121063234, "compression_ratio": 1.2625, "no_speech_prob": 0.0, "words": [{"start": 3420.86, "end": 3421.66, "word": " 120", "probability": 0.39306640625}, {"start": 3421.66, "end": 3422.88, "word": " minus", "probability": 0.74169921875}, {"start": 3422.88, "end": 3423.4, "word": " 50", "probability": 0.923828125}, {"start": 3423.4, "end": 3423.78, "word": " over", "probability": 0.884765625}, {"start": 3423.78, "end": 3424.16, "word": " 2", "probability": 0.84814453125}, {"start": 3424.16, "end": 3424.44, "word": " minus", "probability": 0.98046875}, {"start": 3424.44, "end": 3424.88, "word": " 1.", "probability": 0.9580078125}, {"start": 3425.56, "end": 3426.26, "word": " 70,", "probability": 0.814453125}, {"start": 3428.14, "end": 3429.1, "word": " 60,", "probability": 0.9208984375}, {"start": 3430.18, "end": 3430.62, "word": " 40,", "probability": 0.97900390625}, {"start": 3432.0, "end": 3432.4, "word": " 30,", "probability": 0.96533203125}, {"start": 3433.08, "end": 3434.3, "word": " 20,", "probability": 0.9658203125}, {"start": 3435.06, "end": 3435.4, "word": " 10,", "probability": 0.9638671875}, {"start": 3436.54, "end": 3437.02, "word": " 0,", "probability": 0.89892578125}, {"start": 3437.74, "end": 3439.1, "word": " minus", "probability": 0.90087890625}, {"start": 3439.1, "end": 3439.58, "word": " 10,", "probability": 0.96533203125}, {"start": 3440.54, "end": 3440.94, "word": " minus", "probability": 0.9853515625}, {"start": 3440.94, "end": 3441.48, "word": " 20.", "probability": 0.96533203125}, {"start": 3443.44, "end": 3443.78, "word": " Right?", "probability": 0.2254638671875}, {"start": 3444.5, "end": 3445.44, "word": " Correct?", "probability": 0.50732421875}, {"start": 3445.92, "end": 3446.32, "word": " Perfect.", "probability": 0.276611328125}], "temperature": 1.0}, {"id": 119, "seek": 347204, "start": 3447.34, "end": 3472.04, "text": " Let's draw the graph that shows the relationship between total production of labor marginal and average. So the graph", "tokens": [961, 311, 2642, 264, 4295, 300, 3110, 264, 2480, 1296, 3217, 4265, 295, 5938, 16885, 293, 4274, 13, 407, 264, 4295], "avg_logprob": -0.15838067504492673, "compression_ratio": 1.2164948453608246, "no_speech_prob": 0.0, "words": [{"start": 3447.34, "end": 3447.78, "word": " Let's", "probability": 0.8818359375}, {"start": 3447.78, "end": 3448.06, "word": " draw", "probability": 0.83740234375}, {"start": 3448.06, "end": 3448.28, "word": " the", "probability": 0.9033203125}, {"start": 3448.28, "end": 3448.54, "word": " graph", "probability": 0.95166015625}, {"start": 3448.54, "end": 3448.78, "word": " that", "probability": 0.93017578125}, {"start": 3448.78, "end": 3449.22, "word": " shows", "probability": 0.9130859375}, {"start": 3449.22, "end": 3449.66, "word": " the", "probability": 0.88720703125}, {"start": 3449.66, "end": 3450.24, "word": " relationship", "probability": 0.91552734375}, {"start": 3450.24, "end": 3450.76, "word": " between", "probability": 0.892578125}, {"start": 3450.76, "end": 3451.48, "word": " total", "probability": 0.90185546875}, {"start": 3451.48, "end": 3452.06, "word": " production", "probability": 0.95458984375}, {"start": 3452.06, "end": 3452.8, "word": " of", "probability": 0.9716796875}, {"start": 3452.8, "end": 3453.14, "word": " labor", "probability": 0.88525390625}, {"start": 3453.14, "end": 3454.34, "word": " marginal", "probability": 0.53466796875}, {"start": 3454.34, "end": 3454.92, "word": " and", "probability": 0.9296875}, {"start": 3454.92, "end": 3455.64, "word": " average.", "probability": 0.79931640625}, {"start": 3462.1, "end": 3462.98, "word": " So", "probability": 0.92578125}, {"start": 3462.98, "end": 3471.58, "word": " the", "probability": 0.65869140625}, {"start": 3471.58, "end": 3472.04, "word": " graph", "probability": 0.95263671875}], "temperature": 1.0}, {"id": 120, "seek": 351557, "start": 3489.29, "end": 3515.57, "text": " number of workers and what produced or total production of labor. Honestly, let's study the relationship between the number of workers and the total production of labor. The number of workers is increasing and the total production of labor here is increasing.", "tokens": [1230, 295, 5600, 293, 437, 7126, 420, 3217, 4265, 295, 5938, 13, 12348, 11, 718, 311, 2979, 264, 2480, 1296, 264, 1230, 295, 5600, 293, 264, 3217, 4265, 295, 5938, 13, 440, 1230, 295, 5600, 307, 5662, 293, 264, 3217, 4265, 295, 5938, 510, 307, 5662, 13], "avg_logprob": -0.20084635758151612, "compression_ratio": 2.047244094488189, "no_speech_prob": 0.0, "words": [{"start": 3489.29, "end": 3489.65, "word": " number", "probability": 0.359375}, {"start": 3489.65, "end": 3489.89, "word": " of", "probability": 0.96728515625}, {"start": 3489.89, "end": 3490.53, "word": " workers", "probability": 0.9189453125}, {"start": 3490.53, "end": 3491.05, "word": " and", "probability": 0.87451171875}, {"start": 3491.05, "end": 3491.39, "word": " what", "probability": 0.44287109375}, {"start": 3491.39, "end": 3491.95, "word": " produced", "probability": 0.43896484375}, {"start": 3491.95, "end": 3493.77, "word": " or", "probability": 0.409912109375}, {"start": 3493.77, "end": 3494.33, "word": " total", "probability": 0.86572265625}, {"start": 3494.33, "end": 3494.85, "word": " production", "probability": 0.95361328125}, {"start": 3494.85, "end": 3495.05, "word": " of", "probability": 0.54541015625}, {"start": 3495.05, "end": 3495.27, "word": " labor.", "probability": 0.91455078125}, {"start": 3498.91, "end": 3499.75, "word": " Honestly,", "probability": 0.572265625}, {"start": 3500.77, "end": 3501.25, "word": " let's", "probability": 0.95654296875}, {"start": 3501.25, "end": 3501.57, "word": " study", "probability": 0.7177734375}, {"start": 3501.57, "end": 3501.79, "word": " the", "probability": 0.91455078125}, {"start": 3501.79, "end": 3502.25, "word": " relationship", "probability": 0.91650390625}, {"start": 3502.25, "end": 3502.77, "word": " between", "probability": 0.86669921875}, {"start": 3502.77, "end": 3503.75, "word": " the", "probability": 0.91796875}, {"start": 3503.75, "end": 3503.99, "word": " number", "probability": 0.9384765625}, {"start": 3503.99, "end": 3504.19, "word": " of", "probability": 0.970703125}, {"start": 3504.19, "end": 3504.71, "word": " workers", "probability": 0.90478515625}, {"start": 3504.71, "end": 3505.27, "word": " and", "probability": 0.9228515625}, {"start": 3505.27, "end": 3505.49, "word": " the", "probability": 0.8857421875}, {"start": 3505.49, "end": 3505.81, "word": " total", "probability": 0.86572265625}, {"start": 3505.81, "end": 3506.37, "word": " production", "probability": 0.951171875}, {"start": 3506.37, "end": 3506.59, "word": " of", "probability": 0.822265625}, {"start": 3506.59, "end": 3506.81, "word": " labor.", "probability": 0.91552734375}, {"start": 3508.33, "end": 3509.17, "word": " The", "probability": 0.904296875}, {"start": 3509.17, "end": 3509.37, "word": " number", "probability": 0.93798828125}, {"start": 3509.37, "end": 3509.51, "word": " of", "probability": 0.96875}, {"start": 3509.51, "end": 3509.85, "word": " workers", "probability": 0.916015625}, {"start": 3509.85, "end": 3510.17, "word": " is", "probability": 0.9384765625}, {"start": 3510.17, "end": 3510.75, "word": " increasing", "probability": 0.9560546875}, {"start": 3510.75, "end": 3512.53, "word": " and", "probability": 0.58203125}, {"start": 3512.53, "end": 3512.91, "word": " the", "probability": 0.9169921875}, {"start": 3512.91, "end": 3513.21, "word": " total", "probability": 0.86962890625}, {"start": 3513.21, "end": 3513.67, "word": " production", "probability": 0.94384765625}, {"start": 3513.67, "end": 3513.85, "word": " of", "probability": 0.81982421875}, {"start": 3513.85, "end": 3513.99, "word": " labor", "probability": 0.94140625}, {"start": 3513.99, "end": 3514.31, "word": " here", "probability": 0.86328125}, {"start": 3514.31, "end": 3514.79, "word": " is", "probability": 0.9345703125}, {"start": 3514.79, "end": 3515.57, "word": " increasing.", "probability": 0.9560546875}], "temperature": 1.0}, {"id": 121, "seek": 354539, "start": 3518.13, "end": 3545.39, "text": " fixed, reached the peak, and then went down. This is the total production labor. The total production labor reached the peak at the point at the worker numbers eight or seven years.", "tokens": [6806, 11, 6488, 264, 10651, 11, 293, 550, 1437, 760, 13, 639, 307, 264, 3217, 4265, 5938, 13, 440, 3217, 4265, 5938, 6488, 264, 10651, 412, 264, 935, 412, 264, 11346, 3547, 3180, 420, 3407, 924, 13], "avg_logprob": -0.2312911156761019, "compression_ratio": 1.5689655172413792, "no_speech_prob": 0.0, "words": [{"start": 3518.13, "end": 3519.01, "word": " fixed,", "probability": 0.481689453125}, {"start": 3520.67, "end": 3521.15, "word": " reached", "probability": 0.609375}, {"start": 3521.15, "end": 3521.41, "word": " the", "probability": 0.91357421875}, {"start": 3521.41, "end": 3521.79, "word": " peak,", "probability": 0.95703125}, {"start": 3522.13, "end": 3522.55, "word": " and", "probability": 0.939453125}, {"start": 3522.55, "end": 3522.95, "word": " then", "probability": 0.85107421875}, {"start": 3522.95, "end": 3523.75, "word": " went", "probability": 0.86865234375}, {"start": 3523.75, "end": 3524.23, "word": " down.", "probability": 0.8623046875}, {"start": 3526.35, "end": 3526.35, "word": " This", "probability": 0.1654052734375}, {"start": 3526.35, "end": 3530.67, "word": " is", "probability": 0.94775390625}, {"start": 3530.67, "end": 3530.83, "word": " the", "probability": 0.85693359375}, {"start": 3530.83, "end": 3531.13, "word": " total", "probability": 0.876953125}, {"start": 3531.13, "end": 3531.61, "word": " production", "probability": 0.9609375}, {"start": 3531.61, "end": 3532.09, "word": " labor.", "probability": 0.91162109375}, {"start": 3533.59, "end": 3533.91, "word": " The", "probability": 0.888671875}, {"start": 3533.91, "end": 3534.15, "word": " total", "probability": 0.876953125}, {"start": 3534.15, "end": 3534.57, "word": " production", "probability": 0.94970703125}, {"start": 3534.57, "end": 3535.03, "word": " labor", "probability": 0.931640625}, {"start": 3535.03, "end": 3535.47, "word": " reached", "probability": 0.8623046875}, {"start": 3535.47, "end": 3535.69, "word": " the", "probability": 0.91845703125}, {"start": 3535.69, "end": 3536.13, "word": " peak", "probability": 0.9619140625}, {"start": 3536.13, "end": 3538.57, "word": " at", "probability": 0.85498046875}, {"start": 3538.57, "end": 3538.69, "word": " the", "probability": 0.90283203125}, {"start": 3538.69, "end": 3539.05, "word": " point", "probability": 0.94482421875}, {"start": 3539.05, "end": 3539.89, "word": " at", "probability": 0.388671875}, {"start": 3539.89, "end": 3540.07, "word": " the", "probability": 0.74853515625}, {"start": 3540.07, "end": 3540.51, "word": " worker", "probability": 0.82421875}, {"start": 3540.51, "end": 3541.03, "word": " numbers", "probability": 0.673828125}, {"start": 3541.03, "end": 3543.17, "word": " eight", "probability": 0.732421875}, {"start": 3543.17, "end": 3544.75, "word": " or", "probability": 0.66162109375}, {"start": 3544.75, "end": 3545.11, "word": " seven", "probability": 0.89208984375}, {"start": 3545.11, "end": 3545.39, "word": " years.", "probability": 0.52099609375}], "temperature": 1.0}, {"id": 122, "seek": 356613, "start": 3550.15, "end": 3566.13, "text": " And then start to go down. Because after this point, the total production labor started to decline. What about the marginal production labor?", "tokens": [400, 550, 722, 281, 352, 760, 13, 1436, 934, 341, 935, 11, 264, 3217, 4265, 5938, 1409, 281, 15635, 13, 708, 466, 264, 16885, 4265, 5938, 30], "avg_logprob": -0.36495534437043325, "compression_ratio": 1.3653846153846154, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 3550.1499999999996, "end": 3551.0299999999997, "word": " And", "probability": 0.07745361328125}, {"start": 3551.0299999999997, "end": 3551.91, "word": " then", "probability": 0.8330078125}, {"start": 3551.91, "end": 3552.65, "word": " start", "probability": 0.5576171875}, {"start": 3552.65, "end": 3552.95, "word": " to", "probability": 0.95654296875}, {"start": 3552.95, "end": 3553.17, "word": " go", "probability": 0.412841796875}, {"start": 3553.17, "end": 3553.51, "word": " down.", "probability": 0.8779296875}, {"start": 3554.95, "end": 3555.13, "word": " Because", "probability": 0.5166015625}, {"start": 3555.13, "end": 3556.35, "word": " after", "probability": 0.822265625}, {"start": 3556.35, "end": 3556.71, "word": " this", "probability": 0.94677734375}, {"start": 3556.71, "end": 3557.11, "word": " point,", "probability": 0.9658203125}, {"start": 3557.89, "end": 3558.07, "word": " the", "probability": 0.76025390625}, {"start": 3558.07, "end": 3558.33, "word": " total", "probability": 0.83056640625}, {"start": 3558.33, "end": 3558.69, "word": " production", "probability": 0.9580078125}, {"start": 3558.69, "end": 3559.13, "word": " labor", "probability": 0.77783203125}, {"start": 3559.13, "end": 3560.35, "word": " started", "probability": 0.90869140625}, {"start": 3560.35, "end": 3561.05, "word": " to", "probability": 0.96826171875}, {"start": 3561.05, "end": 3561.85, "word": " decline.", "probability": 0.91943359375}, {"start": 3563.37, "end": 3563.85, "word": " What", "probability": 0.499755859375}, {"start": 3563.85, "end": 3564.79, "word": " about", "probability": 0.8974609375}, {"start": 3564.79, "end": 3564.99, "word": " the", "probability": 0.8701171875}, {"start": 3564.99, "end": 3565.25, "word": " marginal", "probability": 0.92236328125}, {"start": 3565.25, "end": 3565.69, "word": " production", "probability": 0.96533203125}, {"start": 3565.69, "end": 3566.13, "word": " labor?", "probability": 0.9306640625}], "temperature": 1.0}, {"id": 123, "seek": 359856, "start": 3581.06, "end": 3598.56, "text": " You're in PL. The same. Increasing at the worker number one. One.", "tokens": [509, 434, 294, 6999, 13, 440, 912, 13, 30367, 3349, 412, 264, 11346, 1230, 472, 13, 1485, 13], "avg_logprob": -0.4831414536425942, "compression_ratio": 0.9565217391304348, "no_speech_prob": 0.0, "words": [{"start": 3581.06, "end": 3581.38, "word": " You're", "probability": 0.50750732421875}, {"start": 3581.38, "end": 3581.52, "word": " in", "probability": 0.58056640625}, {"start": 3581.52, "end": 3581.94, "word": " PL.", "probability": 0.77001953125}, {"start": 3582.94, "end": 3583.42, "word": " The", "probability": 0.1280517578125}, {"start": 3583.42, "end": 3586.56, "word": " same.", "probability": 0.64501953125}, {"start": 3588.78, "end": 3590.18, "word": " Increasing", "probability": 0.775146484375}, {"start": 3590.18, "end": 3594.72, "word": " at", "probability": 0.66162109375}, {"start": 3594.72, "end": 3594.94, "word": " the", "probability": 0.5478515625}, {"start": 3594.94, "end": 3595.26, "word": " worker", "probability": 0.9072265625}, {"start": 3595.26, "end": 3595.94, "word": " number", "probability": 0.92333984375}, {"start": 3595.94, "end": 3597.16, "word": " one.", "probability": 0.62109375}, {"start": 3597.76, "end": 3598.56, "word": " One.", "probability": 0.52197265625}], "temperature": 1.0}, {"id": 124, "seek": 363051, "start": 3605.49, "end": 3630.51, "text": " كان خمسين، بعدين هيو increasing and then start to decline. Zero and negative. It becomes zero at the number worker or the worker number eight. صح؟ هيو عند العامل رقم تمانية. The marginal production labor equals zero and it start to be negative.", "tokens": [25961, 16490, 2304, 3794, 9957, 12399, 39182, 9957, 8032, 1829, 2407, 5662, 293, 550, 722, 281, 15635, 13, 17182, 293, 3671, 13, 467, 3643, 4018, 412, 264, 1230, 11346, 420, 264, 11346, 1230, 3180, 13, 20328, 5016, 22807, 8032, 1829, 2407, 43242, 18863, 10943, 1211, 12602, 4587, 2304, 46811, 7649, 10632, 13, 440, 16885, 4265, 5938, 6915, 4018, 293, 309, 722, 281, 312, 3671, 13], "avg_logprob": -0.25331439168164227, "compression_ratio": 1.361904761904762, "no_speech_prob": 0.0, "words": [{"start": 3605.49, "end": 3605.89, "word": " كان", "probability": 0.024871826171875}, {"start": 3605.89, "end": 3606.51, "word": " خمسين،", "probability": 0.841552734375}, {"start": 3606.51, "end": 3607.01, "word": " بعدين", "probability": 0.887451171875}, {"start": 3607.01, "end": 3607.81, "word": " هيو", "probability": 0.447021484375}, {"start": 3607.81, "end": 3608.57, "word": " increasing", "probability": 0.52001953125}, {"start": 3608.57, "end": 3609.37, "word": " and", "probability": 0.7763671875}, {"start": 3609.37, "end": 3609.61, "word": " then", "probability": 0.869140625}, {"start": 3609.61, "end": 3609.99, "word": " start", "probability": 0.36669921875}, {"start": 3609.99, "end": 3610.13, "word": " to", "probability": 0.96826171875}, {"start": 3610.13, "end": 3610.63, "word": " decline.", "probability": 0.9208984375}, {"start": 3611.59, "end": 3612.49, "word": " Zero", "probability": 0.93408203125}, {"start": 3612.49, "end": 3614.35, "word": " and", "probability": 0.869140625}, {"start": 3614.35, "end": 3614.81, "word": " negative.", "probability": 0.92919921875}, {"start": 3615.25, "end": 3615.69, "word": " It", "probability": 0.96435546875}, {"start": 3615.69, "end": 3616.13, "word": " becomes", "probability": 0.8720703125}, {"start": 3616.13, "end": 3616.65, "word": " zero", "probability": 0.8837890625}, {"start": 3616.65, "end": 3617.43, "word": " at", "probability": 0.95654296875}, {"start": 3617.43, "end": 3617.65, "word": " the", "probability": 0.92138671875}, {"start": 3617.65, "end": 3617.89, "word": " number", "probability": 0.95849609375}, {"start": 3617.89, "end": 3618.33, "word": " worker", "probability": 0.66455078125}, {"start": 3618.33, "end": 3618.69, "word": " or", "probability": 0.9453125}, {"start": 3618.69, "end": 3618.83, "word": " the", "probability": 0.89697265625}, {"start": 3618.83, "end": 3619.11, "word": " worker", "probability": 0.859375}, {"start": 3619.11, "end": 3619.43, "word": " number", "probability": 0.9501953125}, {"start": 3619.43, "end": 3619.93, "word": " eight.", "probability": 0.8505859375}, {"start": 3620.91, "end": 3621.39, "word": " صح؟", "probability": 0.8836263020833334}, {"start": 3621.39, "end": 3622.13, "word": " هيو", "probability": 0.7705078125}, {"start": 3622.13, "end": 3622.29, "word": " عند", "probability": 0.96044921875}, {"start": 3622.29, "end": 3622.67, "word": " العامل", "probability": 0.9571940104166666}, {"start": 3622.67, "end": 3622.99, "word": " رقم", "probability": 0.9591471354166666}, {"start": 3622.99, "end": 3623.51, "word": " تمانية.", "probability": 0.9606119791666666}, {"start": 3624.85, "end": 3625.75, "word": " The", "probability": 0.87451171875}, {"start": 3625.75, "end": 3626.05, "word": " marginal", "probability": 0.8251953125}, {"start": 3626.05, "end": 3626.53, "word": " production", "probability": 0.96630859375}, {"start": 3626.53, "end": 3626.91, "word": " labor", "probability": 0.5859375}, {"start": 3626.91, "end": 3627.39, "word": " equals", "probability": 0.9150390625}, {"start": 3627.39, "end": 3627.83, "word": " zero", "probability": 0.87890625}, {"start": 3627.83, "end": 3628.93, "word": " and", "probability": 0.6455078125}, {"start": 3628.93, "end": 3629.11, "word": " it", "probability": 0.5205078125}, {"start": 3629.11, "end": 3629.45, "word": " start", "probability": 0.50244140625}, {"start": 3629.45, "end": 3629.69, "word": " to", "probability": 0.98095703125}, {"start": 3629.69, "end": 3629.93, "word": " be", "probability": 0.958984375}, {"start": 3629.93, "end": 3630.51, "word": " negative.", "probability": 0.95849609375}], "temperature": 1.0}, {"id": 125, "seek": 364962, "start": 3632.0, "end": 3649.62, "text": " What about the average production labor, APL? APL. This is the average production labor.", "tokens": [708, 466, 264, 4274, 4265, 5938, 11, 5372, 43, 30, 5372, 43, 13, 639, 307, 264, 4274, 4265, 5938, 13], "avg_logprob": -0.2697172619047619, "compression_ratio": 1.3484848484848484, "no_speech_prob": 0.0, "words": [{"start": 3632.0, "end": 3632.24, "word": " What", "probability": 0.324951171875}, {"start": 3632.24, "end": 3633.46, "word": " about", "probability": 0.90087890625}, {"start": 3633.46, "end": 3633.7, "word": " the", "probability": 0.88720703125}, {"start": 3633.7, "end": 3634.08, "word": " average", "probability": 0.71337890625}, {"start": 3634.08, "end": 3634.58, "word": " production", "probability": 0.935546875}, {"start": 3634.58, "end": 3635.04, "word": " labor,", "probability": 0.67822265625}, {"start": 3635.56, "end": 3636.08, "word": " APL?", "probability": 0.941162109375}, {"start": 3638.14, "end": 3638.84, "word": " APL.", "probability": 0.807373046875}, {"start": 3647.28, "end": 3648.24, "word": " This", "probability": 0.8486328125}, {"start": 3648.24, "end": 3648.36, "word": " is", "probability": 0.953125}, {"start": 3648.36, "end": 3648.5, "word": " the", "probability": 0.92041015625}, {"start": 3648.5, "end": 3648.8, "word": " average", "probability": 0.79248046875}, {"start": 3648.8, "end": 3649.26, "word": " production", "probability": 0.955078125}, {"start": 3649.26, "end": 3649.62, "word": " labor.", "probability": 0.93994140625}], "temperature": 1.0}, {"id": 126, "seek": 368583, "start": 3668.77, "end": 3685.83, "text": " Here we are talking about three stages. 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Today, inshallah, + +2 +00:00:22,920 --> 00:00:24,700 +we are going to complete our talk about the + +3 +00:00:24,700 --> 00:00:27,920 +consumer equilibrium under the indifference curve + +4 +00:00:27,920 --> 00:00:34,040 +theory. As there were a large number of students + +5 +00:00:34,040 --> 00:00:36,920 +absent in the last class, I will come back quickly + +6 +00:00:36,920 --> 00:00:39,380 +to the indifference curve and the idea of the + +7 +00:00:39,380 --> 00:00:43,920 +indifference curve. So let's go to the + +8 +00:00:43,920 --> 00:00:47,560 +indifference curve theory. Indifference. + +9 +00:00:57,680 --> 00:00:58,900 +And difference curve means. + +10 +00:01:01,900 --> 00:01:10,980 +This theory is used to explain the idea of the + +11 +00:01:10,980 --> 00:01:14,500 +consumer equilibrium or utility maximization, + +12 +00:01:15,320 --> 00:01:18,710 +right? To understand the idea of indifference + +13 +00:01:18,710 --> 00:01:21,450 +curve, let us assume that we have the following + +14 +00:01:21,450 --> 00:01:27,130 +example, the following data about a consumer and + +15 +00:01:27,130 --> 00:01:33,810 +this consumer has or consumes different bonded + +16 +00:01:33,810 --> 00:01:34,110 +circuits. + +17 +00:01:48,350 --> 00:01:52,570 +Bundle. Bundle means group. + +18 +00:01:57,130 --> 00:02:03,950 +A, B, C, D. And let us assume that we have two + +19 +00:02:03,950 --> 00:02:07,430 +groups, sorry, two products. + +20 +00:02:10,730 --> 00:02:12,630 +I know Nkhatu. + +21 +00:02:15,120 --> 00:02:19,940 +The last part of the class. + +22 +00:02:22,100 --> 00:02:30,220 +So we have two products, bread and milk. This is + +23 +00:02:30,220 --> 00:02:35,460 +the quantity consumed of eggs and milk, Y, product + +24 +00:02:35,460 --> 00:02:35,880 +Y. + +25 +00:02:39,900 --> 00:02:48,240 +One, two, three, four. Melt 10, 6, 4, 3. + +26 +00:02:51,640 --> 00:02:54,940 +Let's add one more column here. + +27 +00:02:58,840 --> 00:03:03,980 +The total utility obtained or gained here, let's + +28 +00:03:03,980 --> 00:03:13,320 +assume 100 units, 100, 100, 100. In this example, + +29 +00:03:14,430 --> 00:03:17,690 +we are talking about a consumer. This consumer has + +30 +00:03:17,690 --> 00:03:24,010 +different options, different chances, choices. If + +31 +00:03:24,010 --> 00:03:35,070 +he consumes at group A, one piece of bread plus 10 + +32 +00:03:35,070 --> 00:03:40,930 +cups of milk, he will gain + +33 +00:03:43,660 --> 00:03:47,160 +utils, the total utility obtained here when he + +34 +00:03:47,160 --> 00:03:52,840 +consumes one piece of bread and 10 mugs of milk + +35 +00:03:52,840 --> 00:04:00,880 +will give him 100 utils as a benefit, right? Here, + +36 +00:04:02,400 --> 00:04:06,980 +adding or consuming different bundle, two pieces + +37 +00:04:06,980 --> 00:04:16,320 +of bread and or plus six or six cups of milk will + +38 +00:04:16,320 --> 00:04:22,360 +give him the same total utility. The third bundle + +39 +00:04:22,360 --> 00:04:26,480 +here. Consuming three pieces of bread and four + +40 +00:04:26,480 --> 00:04:32,620 +cups of milk will give him 100 units. Group four, + +41 +00:04:33,660 --> 00:04:37,380 +four and three will give him the same total + +42 +00:04:37,380 --> 00:04:41,610 +utility. What do you see? Adding one more unit + +43 +00:04:41,610 --> 00:04:50,450 +here. One more piece of bread here. He gives up + +44 +00:04:50,450 --> 00:04:55,010 +here four units, four cups of milk. The giving up + +45 +00:04:55,010 --> 00:05:00,830 +here. And then the giving up or he gives up how + +46 +00:05:00,830 --> 00:05:03,710 +many two units? Giving up one unit. What do you + +47 +00:05:03,710 --> 00:05:06,890 +see? Adding one more unit here from X. + +48 +00:05:10,060 --> 00:05:16,940 +The giving up is decreasing to keep the same total + +49 +00:05:16,940 --> 00:05:17,420 +utility. + +50 +00:05:27,580 --> 00:05:31,240 +Now, let's study the relationship between the + +51 +00:05:31,240 --> 00:05:34,600 +quantity consumed of X and the quantity consumed + +52 +00:05:34,600 --> 00:05:38,780 +of Y and the total utility obtained under the + +53 +00:05:38,780 --> 00:05:42,680 +different bond circuits. Quantity consumed of X + +54 +00:05:42,680 --> 00:05:48,980 +and quantity consumed of Y. Here, Y is the bulk + +55 +00:05:48,980 --> 00:05:52,060 +and + +56 +00:05:52,060 --> 00:05:55,540 +X is + +57 +00:05:57,850 --> 00:05:59,130 +The breadth here. + +58 +00:06:03,610 --> 00:06:06,130 +Quant X is the breadth. + +59 +00:06:10,130 --> 00:06:13,350 +Here we have another point which is the marginal + +60 +00:06:13,350 --> 00:06:18,510 +rate of substitution. MRS is the marginal rate of + +61 +00:06:18,510 --> 00:06:24,650 +substitution, which is what is the giving up? How + +62 +00:06:24,650 --> 00:06:27,010 +much is the giving up? MRS? + +63 +00:06:29,460 --> 00:06:34,000 +is the marginal rate + +64 +00:06:34,000 --> 00:06:37,340 +of substitution. + +65 +00:06:42,220 --> 00:06:47,740 +The marginal + +66 +00:06:47,740 --> 00:06:56,860 +rate + +67 +00:06:56,860 --> 00:07:02,410 +of substitution is the marginal rate equals a + +68 +00:07:02,410 --> 00:07:04,790 +change in the quantity consumed of Y over the + +69 +00:07:04,790 --> 00:07:07,610 +change in the quantity consumed of X, which means + +70 +00:07:07,610 --> 00:07:15,450 +a QY2 minus a QY1 over QX2 minus a QX1 in the + +71 +00:07:15,450 --> 00:07:16,990 +absolute value. + +72 +00:07:21,610 --> 00:07:26,110 +This is + +73 +00:07:26,110 --> 00:07:34,980 +the QX1, QX2. QY1, QY2. Let's calculate the + +74 +00:07:34,980 --> 00:07:37,560 +marginal rate of substitution for the first case. + +75 +00:07:38,820 --> 00:07:45,360 +QY2 minus QY1 over QX2 minus QX1. So 6 minus 10 + +76 +00:07:45,360 --> 00:07:46,680 +over 2 minus 1. + +77 +00:07:52,060 --> 00:07:55,460 +The marginal rate of substitution MRS for the + +78 +00:07:55,460 --> 00:08:01,460 +first case equals QY2 minus QY1 over QX2 minus + +79 +00:08:01,460 --> 00:08:07,100 +QX1. So equals six minus 10 over two minus one + +80 +00:08:07,100 --> 00:08:11,820 +equals minus four over one equals minus four and + +81 +00:08:11,820 --> 00:08:17,360 +the absolute value should be four. The second case + +82 +00:08:17,360 --> 00:08:23,140 +or the second point here, 4 minus 6 over 3 minus + +83 +00:08:23,140 --> 00:08:29,920 +2. 2, the absolute value of 2. And then 3 minus 4 + +84 +00:08:29,920 --> 00:08:34,800 +over 4 minus 3, the absolute value of 1. What do + +85 +00:08:34,800 --> 00:08:39,440 +you see? The marginal rate of substitution is + +86 +00:08:39,440 --> 00:08:40,160 +decreasing. + +87 +00:08:42,500 --> 00:08:47,080 +The absolute value is decreasing. Why? Adding one + +88 +00:08:47,080 --> 00:08:49,340 +more unit, the giving up of the consumer + +89 +00:08:49,340 --> 00:08:49,780 +decreases. + +90 +00:09:00,400 --> 00:09:04,540 +So now let's draw the graph that shows the + +91 +00:09:04,540 --> 00:09:07,580 +relationship between the quantity consumed of X + +92 +00:09:07,580 --> 00:09:12,560 +and Y and the marginal rate of substitution. + +93 +00:09:19,100 --> 00:09:22,900 +So here, let's show or represent or discuss the + +94 +00:09:22,900 --> 00:09:26,560 +relationship between the quantity of x and y and + +95 +00:09:26,560 --> 00:09:29,300 +the horizontal axis you're talking about or there + +96 +00:09:29,300 --> 00:09:36,800 +is a Qx and the vertical axis Qy. Qx, one, two, + +97 +00:09:37,820 --> 00:09:45,940 +three, four, five, six. Quant of x, sorry, quant + +98 +00:09:45,940 --> 00:09:48,540 +of y, one, two, three, + +99 +00:09:51,870 --> 00:10:02,910 +4, 5, 6, 7, 8, 9, and 10 here. The first point, + +100 +00:10:03,050 --> 00:10:09,810 +point A here. How much is the QX? 1. Q1 to Y, 10. + +101 +00:10:10,190 --> 00:10:20,070 +1 and 10. Can be shown here. Point A. Point B, 2 + +102 +00:10:20,070 --> 00:10:20,790 +and 6. + +103 +00:10:26,300 --> 00:10:31,760 +can be shown here, B, C, 3 and 4, + +104 +00:10:39,580 --> 00:10:47,340 +C, and D, 4 and 3, 4 and 3 here. + +105 +00:10:51,040 --> 00:10:54,980 +If we connect these points together, we will reach + +106 +00:10:54,980 --> 00:11:03,740 +to A curve, which is the indifference curve. The + +107 +00:11:03,740 --> 00:11:09,360 +indifference curve, IC. IC is appropriation of + +108 +00:11:09,360 --> 00:11:13,580 +indifference curve. At this point, the total + +109 +00:11:13,580 --> 00:11:18,820 +utility, at this point, total utility equals 100, + +110 +00:11:19,540 --> 00:11:20,860 +as we mentioned here. + +111 +00:11:24,680 --> 00:11:34,220 +On AC. Each point lies along the indifference + +112 +00:11:34,220 --> 00:11:39,200 +curve means that the consumer will gain the same + +113 +00:11:39,200 --> 00:11:40,220 +total utility. + +114 +00:11:46,280 --> 00:11:49,900 +Indifference. Indifference. Indifference. + +115 +00:11:50,060 --> 00:11:51,680 +Indifference. Indifference. Indifference. + +116 +00:11:52,080 --> 00:11:53,680 +Indifference. Indifference. Indifference. + +117 +00:11:54,760 --> 00:11:57,560 +Indifference. Indifference. Indifference. + +118 +00:11:57,560 --> 00:11:57,660 +Indifference. Indifference. Indifference. + +119 +00:11:57,780 --> 00:12:01,520 +Indifference. Indifference. Indifference. + +120 +00:12:01,800 --> 00:12:03,280 +Indifference. Indifference. Indifference. + +121 +00:12:03,740 --> 00:12:03,740 +Indifference. Indifference. Indifference. + +122 +00:12:03,740 --> 00:12:04,080 +Indifference. Indifference. Indifference. + +123 +00:12:04,080 --> 00:12:04,100 +Indifference. Indifference. Indifference. + +124 +00:12:04,100 --> 00:12:06,100 +Indifference. Indifference. Indifference. + +125 +00:12:06,400 --> 00:12:14,160 +Indifference. Indifference. either at A or B or C + +126 +00:12:14,160 --> 00:12:22,900 +or D or M or N or K, all these points will give + +127 +00:12:22,900 --> 00:12:28,140 +the consumer the same total utility, right? What + +128 +00:12:28,140 --> 00:12:34,540 +about the marginal rate of substitution? MRS is + +129 +00:12:34,540 --> 00:12:38,340 +delta equal to y over the change in the quantity + +130 +00:12:38,340 --> 00:12:42,080 +of x, which is the slope of the indifference + +131 +00:12:42,080 --> 00:12:48,080 +curve. Marginal rate of substitution, MRS, change + +132 +00:12:48,080 --> 00:12:50,020 +in the quantity of y over change in the quantity + +133 +00:12:50,020 --> 00:12:55,120 +of x. The slope of + +134 +00:12:55,120 --> 00:12:57,620 +IC. + +135 +00:13:06,170 --> 00:13:20,610 +And this is the tangent point here. What will + +136 +00:13:20,610 --> 00:13:25,310 +happen to the slope of indifference curve as we + +137 +00:13:25,310 --> 00:13:30,910 +move from left to right? The slope is decreasing. + +138 +00:13:35,060 --> 00:13:38,780 +which represents the marginal rate of + +139 +00:13:38,780 --> 00:13:44,880 +substitution, which is decreasing as well. So the + +140 +00:13:44,880 --> 00:13:50,440 +marginal rate of substitution is the slope of + +141 +00:13:50,440 --> 00:13:51,680 +interference curve. + +142 +00:13:54,340 --> 00:13:59,740 +Let's go to the properties of the interference + +143 +00:13:59,740 --> 00:14:01,620 +curve or the characteristics of the interference + +144 +00:14:01,620 --> 00:14:01,940 +curve. + +145 +00:14:16,680 --> 00:14:30,560 +Now, let's go to + +146 +00:14:30,560 --> 00:14:32,980 +the characteristics of indifference curve. + +147 +00:14:36,200 --> 00:14:38,560 +are the properties of indifference curve. + +148 +00:15:07,770 --> 00:15:10,290 +Indifference curve properties. + +149 +00:15:22,450 --> 00:15:26,050 +What are the characteristics of indifference + +150 +00:15:26,050 --> 00:15:30,130 +curve? Here, as we mentioned, that the + +151 +00:15:30,130 --> 00:15:35,330 +indifference curve is a downward sloping. It looks + +152 +00:15:35,330 --> 00:15:40,840 +like the demand curve. So number one, this is the + +153 +00:15:40,840 --> 00:15:46,660 +indifference curve, quantum X, quantum Y. Number + +154 +00:15:46,660 --> 00:15:54,220 +one, the IC is a downward sloping. + +155 +00:16:07,950 --> 00:16:09,350 +Or as a negative slope. + +156 +00:16:20,090 --> 00:16:26,450 +It's impossible to find this + +157 +00:16:26,450 --> 00:16:28,550 +shape of indifference curve. + +158 +00:16:42,400 --> 00:16:44,800 +What else? + +159 +00:16:52,260 --> 00:17:01,560 +I see. Convex to the original point. Convex. I + +160 +00:17:01,560 --> 00:17:10,580 +see. Convex. to the original point. + +161 +00:17:22,240 --> 00:17:31,760 +Convex, yes? Convex means... Convex + +162 +00:17:31,760 --> 00:17:32,880 +to the original point. + +163 +00:17:37,880 --> 00:17:38,600 +Number three. + +164 +00:17:43,500 --> 00:17:54,800 +A movement from point A to B to C to D to E from + +165 +00:17:54,800 --> 00:17:58,880 +left to right along the indifference curve means + +166 +00:17:58,880 --> 00:18:04,320 +the marginal rate of substitution will go down or + +167 +00:18:04,320 --> 00:18:13,460 +will decline. A movement from left to right along + +168 +00:18:13,460 --> 00:18:19,180 +the same indifference curve means or represents + +169 +00:18:19,180 --> 00:18:22,540 +the decreasing of the marginal rate of + +170 +00:18:22,540 --> 00:18:32,640 +substitution. A movement from + +171 +00:18:32,640 --> 00:18:35,380 +point + +172 +00:18:36,470 --> 00:18:43,790 +from left to right to + +173 +00:18:43,790 --> 00:18:56,590 +right along the same IC + +174 +00:18:56,590 --> 00:19:11,960 +means or represents or shows represents the + +175 +00:19:11,960 --> 00:19:15,100 +low decreasing the marginal rate of substitution. + +176 +00:19:19,840 --> 00:19:22,140 +About four. + +177 +00:19:30,520 --> 00:19:31,840 +And difference curves + +178 +00:19:35,650 --> 00:19:45,210 +never touch or never cross. Okay. Or before that, + +179 +00:19:45,950 --> 00:19:49,590 +a movement or + +180 +00:19:49,590 --> 00:19:53,310 +a false shifting of indifference curve means that + +181 +00:19:53,310 --> 00:19:58,870 +the consumer will gain or obtain larger total + +182 +00:19:58,870 --> 00:19:59,370 +utility. + +183 +00:20:04,770 --> 00:20:11,830 +it gives him 100 utils. If it goes rightward, it + +184 +00:20:11,830 --> 00:20:17,310 +takes utilities higher. A movement or a forward + +185 +00:20:17,310 --> 00:20:24,730 +shifting, rightward shifting of IC from IC1 to IC2 + +186 +00:20:26,780 --> 00:20:31,340 +means that the consumer gains larger total + +187 +00:20:31,340 --> 00:20:40,020 +utility. So your IC2, let us assume 150. IC3, 200, + +188 +00:20:41,180 --> 00:20:48,890 +and so on. So, A movement or a full shifting or + +189 +00:20:48,890 --> 00:20:51,930 +rightward shifting and vice versa. Rightward + +190 +00:20:51,930 --> 00:20:54,290 +shifting of indifference curve means that the + +191 +00:20:54,290 --> 00:20:57,370 +consumer will gain larger total utility. Number + +192 +00:20:57,370 --> 00:21:08,710 +three or four here. The rightward shifting of + +193 +00:21:08,710 --> 00:21:09,190 +IC. + +194 +00:21:13,390 --> 00:21:22,730 +Means that the consumer will gain, means that the + +195 +00:21:22,730 --> 00:21:29,190 +consumer gains + +196 +00:21:29,190 --> 00:21:32,210 +larger + +197 +00:21:32,210 --> 00:21:35,650 +total utility. + +198 +00:21:43,440 --> 00:21:44,820 +and vice versa. + +199 +00:21:52,520 --> 00:21:56,280 +The leftward shifting of indifference curve means + +200 +00:21:56,280 --> 00:22:00,840 +that the consumer will gain less total utility. + +201 +00:22:01,900 --> 00: + +223 +00:24:43,380 --> 00:24:54,450 +Point A, B, C, D, and E. So we're going to prove + +224 +00:24:54,450 --> 00:24:59,930 +that there is no intersection, no cross between + +225 +00:24:59,930 --> 00:25:01,830 +two indifference curves. + +226 +00:25:11,350 --> 00:25:18,730 +In this graph, what do you see? Point C lies along + +227 +00:25:18,730 --> 00:25:30,350 +indifference curve 1. So C and A and D lie along + +228 +00:25:30,350 --> 00:25:37,710 +the same indifference curve. So C equals A equals + +229 +00:25:37,710 --> 00:25:43,390 +D because they give the same total utility for the + +230 +00:25:43,390 --> 00:25:43,830 +consumer. + +231 +00:25:46,890 --> 00:25:55,270 +Along the indifference curve 2, B equals A equals + +232 +00:25:55,270 --> 00:25:59,270 +E because they give the consumer the same total + +233 +00:25:59,270 --> 00:26:07,110 +utility. Along indifference curve 1, C equals A + +234 +00:26:07,110 --> 00:26:11,650 +equals D. Along indifference curve 2, B equals A + +235 +00:26:11,650 --> 00:26:12,330 +equals E. + +236 +00:26:20,100 --> 00:26:30,520 +In economics, in economics. Along IC1, at IC1. + +237 +00:26:30,740 --> 00:26:38,280 +What do you see? At IC1. Point C equals A equals D + +238 +00:26:38,280 --> 00:26:43,180 +because these combinations, these groups will give + +239 +00:26:43,180 --> 00:26:48,340 +the consumer the same total utility. So point A, C + +240 +00:26:48,340 --> 00:26:56,940 +equals A equals D, right? Because these groups + +241 +00:26:56,940 --> 00:27:00,780 +give the consumer the same total utility at + +242 +00:27:00,780 --> 00:27:08,930 +indifference curve two. How do you see? B gives + +243 +00:27:08,930 --> 00:27:13,870 +the same as A, the same as E, the total utility. + +244 +00:27:14,490 --> 00:27:26,570 +So B equals A equals E. So in economics or in + +245 +00:27:26,570 --> 00:27:32,490 +mathematics, in mathematics, in math, + +246 +00:27:34,150 --> 00:27:41,270 +In mathematics, as C equals A equals D and B + +247 +00:27:41,270 --> 00:27:48,390 +equals A equals E, so C equals A equals D equals B + +248 +00:27:48,390 --> 00:27:53,670 +equals E. In economics here, + +249 +00:27:56,790 --> 00:28:00,010 +B is bigger than C. + +250 +00:28:03,900 --> 00:28:10,620 +B is bigger than C. D is bigger than E. In + +251 +00:28:10,620 --> 00:28:11,300 +Economics. + +252 +00:28:19,320 --> 00:28:21,900 +B is bigger than C. + +253 +00:28:25,260 --> 00:28:28,760 +And D is bigger than E. + +254 +00:28:34,990 --> 00:28:38,850 +All our life in economics, we follow mathematics. + +255 +00:28:39,550 --> 00:28:44,510 +It means that we follow them parallel. If there is + +256 +00:28:44,510 --> 00:28:48,110 +a contradiction between us and them, there is a + +257 +00:28:48,110 --> 00:28:52,410 +problem. You can't say that economics is better + +258 +00:28:52,410 --> 00:28:57,310 +than mathematics. B, C equals A equals Z equals B + +259 +00:28:57,310 --> 00:29:00,990 +equals E. And in economics, let's say B is bigger + +260 +00:29:00,990 --> 00:29:04,910 +than C and D is bigger than E. So, had a few in + +261 +00:29:04,910 --> 00:29:05,670 +the contradiction. + +262 +00:29:08,250 --> 00:29:15,750 +And so, we say that the indifference curve never + +263 +00:29:15,750 --> 00:29:16,470 +cross. + +264 +00:29:21,890 --> 00:29:22,110 +Okay? + +265 +00:29:28,190 --> 00:29:31,970 +Let's go to the other shapes of indifference for + +266 +00:29:31,970 --> 00:29:36,590 +the indifference curves. We have two other shapes + +267 +00:29:36,590 --> 00:29:37,810 +for indifference curves. + +268 +00:29:40,570 --> 00:29:41,570 +The other shapes. + +269 +00:30:16,830 --> 00:30:22,270 +So let's go to the indifference curve shapes or + +270 +00:30:22,270 --> 00:30:25,250 +different shapes for indifference curves. + +271 +00:30:33,070 --> 00:30:36,950 +We have two other shapes for indifference curve. + +272 +00:30:38,510 --> 00:30:39,190 +Number one, + +273 +00:30:43,190 --> 00:30:47,730 +when the two products X and Y are perfectly + +274 +00:30:47,730 --> 00:30:49,250 +substitutes. + +275 +00:31:08,630 --> 00:31:15,630 +Perfectly substitute fish and meat. We want to get + +276 +00:31:15,630 --> 00:31:21,070 +two products, X and Y, that have perfectly + +277 +00:31:21,070 --> 00:31:21,970 +substitutes. + +278 +00:31:25,070 --> 00:31:27,730 +Number one. + +279 +00:31:28,800 --> 00:31:40,900 +I could IQYQX one + +280 +00:31:40,900 --> 00:31:50,060 +two three four five two + +281 +00:31:50,060 --> 00:31:51,460 +three + +282 +00:32:15,290 --> 00:32:17,010 +This is the IC. + +283 +00:32:21,210 --> 00:32:21,770 +One, + +284 +00:32:25,770 --> 00:32:31,570 +two, three, four. One, two, three, four. That's + +285 +00:32:31,570 --> 00:32:33,290 +it. What do you see? + +286 +00:32:36,640 --> 00:32:44,460 +When we add one unit of X, we give up how many + +287 +00:32:44,460 --> 00:32:47,740 +units? One unit of Y. Adding one more unit, + +288 +00:32:48,560 --> 00:32:48,960 +decreasing. + +289 +00:32:52,700 --> 00:32:56,780 +Which means the marginal rate of substitution in + +290 +00:32:56,780 --> 00:33:01,740 +this case equals how much? Marginal rate of + +291 +00:33:01,740 --> 00:33:05,940 +substitution in all cases will be how much? No. + +292 +00:33:17,190 --> 00:33:21,090 +In this example here, we are talking about a + +293 +00:33:21,090 --> 00:33:28,350 +perfect substitution + +294 +00:33:28,350 --> 00:33:32,130 +between + +295 +00:33:32,130 --> 00:33:35,330 +product + +296 +00:33:35,330 --> 00:33:38,950 +X and Y. + +297 +00:33:44,370 --> 00:33:52,110 +So here, Group A, B, C, and D. + +298 +00:33:54,970 --> 00:34:02,870 +Quantum X, quantum Y, quantum X 1, 2, 3, 4, 4, 3, + +299 +00:34:03,090 --> 00:34:07,370 +2, 1. The marginal rate of substitution here is + +300 +00:34:07,370 --> 00:34:07,890 +fixed. + +301 +00:34:12,210 --> 00:34:13,870 +Who was straight line? + +302 +00:34:17,930 --> 00:34:21,850 +One of the indifference curve shapes or the shapes + +303 +00:34:21,850 --> 00:34:29,830 +of indifference curve might be a straight line. If + +304 +00:34:29,830 --> 00:34:36,150 +the indifference curve was a straight line and + +305 +00:34:36,150 --> 00:34:37,330 +unilateral elastic. + +306 +00:34:43,570 --> 00:34:51,130 +The giving up is fixed and equals one. Okay? So + +307 +00:34:51,130 --> 00:34:56,090 +MRS here, how much is it? Three minus four over + +308 +00:34:56,090 --> 00:34:59,690 +two minus one. Minus one with the absolute value + +309 +00:34:59,690 --> 00:35:03,190 +one. Correct? We are talking about the absolute + +310 +00:35:03,190 --> 00:35:10,130 +values. One, one, one, one. Okay? What about B2? + +311 +00:35:12,040 --> 00:35:18,520 +Depends. Adding one + +312 +00:35:18,520 --> 00:35:19,820 +more unit, giving up. + +313 +00:35:23,360 --> 00:35:30,360 +So, if the two products are perfectly substitutes + +314 +00:35:30,360 --> 00:35:33,140 +in this case, then the difference curve will be a + +315 +00:35:33,140 --> 00:35:36,180 +straight line and the marginal rate of + +316 +00:35:36,180 --> 00:35:41,570 +substitution will be fixed. It's not decreasing + +317 +00:35:41,570 --> 00:35:48,170 +here. Because the + +318 +00:35:48,170 --> 00:35:51,770 +marginal rate of substitution is the slope of this + +319 +00:35:51,770 --> 00:35:56,570 +line, which is fixed at different points. + +320 +00:36:18,650 --> 00:36:22,290 +But in this case, the marginal rate of + +321 +00:36:22,290 --> 00:36:25,070 +substitution will be fixed at different points. + +322 +00:36:42,610 --> 00:36:43,270 +Yes, here. + +323 +00:36:47,450 --> 00:36:50,910 +Keep it like this. But straight line. + +324 +00:36:55,190 --> 00:36:56,210 +This is IC. + +325 +00:36:58,910 --> 00:37:06,030 +This is IC. Keep this 6 and this 2. IC. But larger + +326 +00:37:06,030 --> 00:37:10,630 +slope than the previous one. How much is the slope + +327 +00:37:10,630 --> 00:37:11,070 +here? + +328 +00:37:14,070 --> 00:37:25,270 +And at this + +329 +00:37:25,270 --> 00:37:28,950 +point? Linear. + +330 +00:37:34,120 --> 00:37:35,800 +Perfectly substitution. + +331 +00:37:48,860 --> 00:37:54,280 +Margin rate of substitution equals one. Fixed + +332 +00:37:54,280 --> 00:37:55,000 +constant. + +333 +00:38:03,030 --> 00:38:06,350 +Okay. Let's go to another shape for the + +334 +00:38:06,350 --> 00:38:07,170 +indifference curve. + +335 +00:38:11,350 --> 00:38:17,630 +Indifference curve might be like this. + +336 +00:38:18,070 --> 00:38:20,450 +Quad X, Quad Y. + +337 +00:38:28,030 --> 00:38:29,590 +Indifference curve. I see. + +338 +00:38:35,370 --> 00:38:52,230 +And difference curve, I see. The difference + +339 +00:38:52,230 --> 00:38:53,930 +curve might be like this here. + +340 +00:38:56,930 --> 00:39:01,530 +Let us assume that we are talking about two + +341 +00:39:01,530 --> 00:39:09,150 +products, X and Y. Here we consume two units of X + +342 +00:39:09,150 --> 00:39:17,650 +and three units of Y. Adding one more unit of X. + +343 +00:39:19,710 --> 00:39:27,570 +How much is the giving up of Y? Zero. Adding one + +344 +00:39:27,570 --> 00:39:31,830 +more unit. How much is the giving up? + +345 +00:39:34,750 --> 00:39:38,590 +So the marginal rate of substitution here equals + +346 +00:39:38,590 --> 00:39:46,130 +zero in all cases. Two products are complements. + +347 +00:39:47,610 --> 00:39:51,650 +There is + +348 +00:39:51,650 --> 00:39:56,730 +no substitution. So in this case, the product X + +349 +00:39:56,730 --> 00:40:00,970 +and Y are complements. + +350 +00:40:02,640 --> 00:40:05,220 +Or substitution equals zero. + +351 +00:40:08,320 --> 00:40:14,280 +There is a zero substitution between X and Y if + +352 +00:40:14,280 --> 00:40:20,080 +the indifference curve was L, or like L. + +353 +00:40:21,900 --> 00:40:27,140 +Compliments, yeah. Compliments means... + +354 +00:40:31,500 --> 00:40:35,920 +Zero substitution. There is no substitution. + +355 +00:40:36,160 --> 00:40:40,920 +Substitution equals zero. So the marginal rate of + +356 +00:40:40,920 --> 00:40:47,140 +substitution in this case at one here, at two, in + +357 +00:40:47,140 --> 00:40:52,300 +this example, at two units of X, two units of X, + +358 +00:40:52,600 --> 00:40:55,520 +how many units of Y? Three. + +359 +00:41:04,400 --> 00:41:05,800 +Radio. + +360 +00:41:12,780 --> 00:41:17,140 +Solar panels and battery. + +361 +00:41:32,370 --> 00:41:33,330 +Cars and fuel. + +362 +00:41:36,610 --> 00:41:43,590 +No substitution. That's it. So in this case, two + +363 +00:41:43,590 --> 00:41:49,070 +units of X, three units of Y. Three units of X, + +364 +00:41:49,830 --> 00:41:55,410 +three units of Y. Four units of X and three units + +365 +00:41:55,410 --> 00:42:00,780 +of Y. Five and three. Let's calculate the marginal + +366 +00:42:00,780 --> 00:42:03,500 +rate of substitution or the slope of this line. + +367 +00:42:05,320 --> 00:42:09,700 +How much is it here? Three minus three over three + +368 +00:42:09,700 --> 00:42:13,560 +minus two, zero. Three minus three over zero, + +369 +00:42:13,880 --> 00:42:16,160 +zero. The marginal rate of substitution equals + +370 +00:42:16,160 --> 00:42:17,740 +zero. That's it. + +371 +00:42:21,200 --> 00:42:26,660 +Let's go to the budget line. Okay, let's go to the + +372 +00:42:26,660 --> 00:42:27,260 +budget line. + +373 +00:42:31,460 --> 00:42:33,360 +Let's go to the budget line. + +374 +00:42:41,760 --> 00:42:48,260 +The indifference curve shows the + +375 +00:42:48,260 --> 00:42:53,530 +willingness to buy something. Or the total utility + +376 +00:42:53,530 --> 00:42:57,850 +obtained when we consume or the consumer consumes + +377 +00:42:57,850 --> 00:43:03,030 +different bundles of goods. But to buy, we have to + +378 +00:43:03,030 --> 00:43:08,750 +have the ability to buy, which is the second part + +379 +00:43:08,750 --> 00:43:14,450 +of demand. Because demand represents or talks or + +380 +00:43:14,450 --> 00:43:18,350 +has two parts. A willingness or desire to buy + +381 +00:43:18,350 --> 00:43:23,340 +something, plus the ability to buy. The + +382 +00:43:23,340 --> 00:43:26,980 +willingness to buy can be represented by the + +383 +00:43:26,980 --> 00:43:30,340 +indifference curve, which talks about the total + +384 +00:43:30,340 --> 00:43:32,680 +utility obtained. Here we're talking about the + +385 +00:43:32,680 --> 00:43:35,640 +willingness to buy, the willingness to consume. + +386 +00:43:37,240 --> 00:43:42,160 +Another part can be represented, or the ability to + +387 +00:43:42,160 --> 00:43:46,580 +consume can be represented or discussed out of the + +388 +00:43:46,580 --> 00:43:52,790 +budget line. The budget line means budget. Asari. + +389 +00:43:53,570 --> 00:44:02,550 +Income. Okay? The budget line means خط الميزانية + +390 +00:44:02,550 --> 00:44:06,470 +which represents the ability for the consumer to + +391 +00:44:06,470 --> 00:44:14,710 +buy something. Right? How can we study or learn or + +392 +00:44:14,710 --> 00:44:19,790 +know or derive the budget line? Let us assume that + +393 +00:44:19,790 --> 00:44:23,350 +we are talking about the consumer. And this + +394 +00:44:23,350 --> 00:44:29,350 +consumer is granted a salary or an income of $2 + +395 +00:44:29,350 --> 00:44:34,490 +,000 a month. And so let's just assume that the + +396 +00:44:34,490 --> 00:44:43,730 +consumer's income equals $2,000. And he allocates + +397 +00:44:43,730 --> 00:44:48,590 +his income to buy two products only, X and Y. + +398 +00:44:52,030 --> 00:44:56,230 +Let us assume also that the price per unit of X + +399 +00:44:56,230 --> 00:45:08,230 +price per unit of X equals $40 and the price per + +400 +00:45:08,230 --> 00:45:15,970 +unit of Y equals + +401 +00:45:15,970 --> 00:45:17,970 +$20. + +402 +00:45:25,040 --> 00:45:31,600 +If the consumer wants to buy only X, how many + +403 +00:45:31,600 --> 00:45:38,720 +units of X can he buy? If he tends to buy only X + +404 +00:45:38,720 --> 00:45:42,600 +and zero from Y, how many units of X can he buy? + +405 +00:45:46,760 --> 00:45:50,540 +Which means that the consumer tends to allocate + +406 +00:45:50,540 --> 00:45:58,740 +his income to buy only X. In this case, QX equals + +407 +00:45:58,740 --> 00:46:08,360 +income over price of X. Which equals 2,000 over 40 + +408 +00:46:08,360 --> 00:46:18,010 +dollars equals 50 units. of x and zero from y and + +409 +00:46:18,010 --> 00:46:26,190 +zero of y the zero quant of y if the consumer + +410 +00:46:26,190 --> 00:46:33,310 +wants to buy only y if the consumer wants to buy + +411 +00:46:33,310 --> 00:46:40,790 +only y so income sorry the quant of y equals + +412 +00:46:40,790 --> 00:46:47,600 +income over price of y 2000 over the price of Y, + +413 +00:46:47,760 --> 00:46:56,140 +20, equals 100. 100 units of Y and zero from X. + +414 +00:47:02,020 --> 00:47:11,080 +Here's the quant of X and the quant of Y. Quant of + +415 +00:47:11,080 --> 00:47:13,100 +X, zero, + +416 +00:47:17,900 --> 00:47:27,180 +And 0 from here and 0 from quantum x. Because in + +417 +00:47:27,180 --> 00:47:33,060 +this case, in the first case, he will spend all of + +418 +00:47:33,060 --> 00:47:38,100 +his income to buy only x. How much can he buy? The + +419 +00:47:38,100 --> 00:47:43,540 +ability to buy. Here is the ability to buy y. Or + +420 +00:47:43,540 --> 00:47:51,190 +he can allocate his income to buy X and Y under + +421 +00:47:51,190 --> 00:47:56 + +445 +00:50:53,750 --> 00:50:57,870 +He needs more money, more income. If the prices go + +446 +00:50:57,870 --> 00:51:03,350 +down or went down, he can buy more. Now let us + +447 +00:51:03,350 --> 00:51:10,230 +assume that the consumer income increased from $2 + +448 +00:51:10,230 --> 00:51:15,310 +,000 to $3,000. And the price of X price of Y + +449 +00:51:15,310 --> 00:51:17,970 +remains constant. What will happen to his + +450 +00:51:17,970 --> 00:51:22,500 +capacity, his ability to buy products. Increase. + +451 +00:51:23,740 --> 00:51:27,280 +In economics, increase, yes. But what will happen + +452 +00:51:27,280 --> 00:51:30,640 +to the budget line? Chips rise. Chips rise, we'll + +453 +00:51:30,640 --> 00:51:36,460 +see. So let us assume that the consumer's income + +454 +00:51:36,460 --> 00:51:46,040 +goes up. Income too. Went up to 3,000. And the + +455 +00:51:46,040 --> 00:51:50,520 +price of X and price of Y remains constant. Or + +456 +00:51:50,520 --> 00:51:51,280 +remain constant. + +457 +00:51:55,760 --> 00:52:05,900 +But in + +458 +00:52:05,900 --> 00:52:09,020 +general here, + +459 +00:52:22,130 --> 00:52:28,330 +Now, the consumer income increased from $2,000 to + +460 +00:52:28,330 --> 00:52:33,690 +$3,000. I equals + +461 +00:52:33,690 --> 00:52:37,970 +$3,000. And the price of X remains constant at + +462 +00:52:37,970 --> 00:52:44,500 +$40. Price of Y remains constant at $20. Derive + +463 +00:52:44,500 --> 00:52:46,920 +and draw the new budget line. + +464 +00:52:51,040 --> 00:52:59,820 +The new + +465 +00:52:59,820 --> 00:53:05,140 +budget line, the new budget line, derive and draw + +466 +00:53:05,140 --> 00:53:12,920 +the new budget line. The same idea here. We say + +467 +00:53:12,920 --> 00:53:17,360 +quantity of X equals income over the price of X. + +468 +00:53:17,780 --> 00:53:24,420 +The new income, how much is it? 3000 over 40. How + +469 +00:53:24,420 --> 00:53:25,040 +much is this? + +470 +00:53:29,520 --> 00:53:33,000 +New quantity of X. This is Nu. We are talking about + +471 +00:53:33,000 --> 00:53:38,080 +Nu. This is Nu and this is Nu. But there are no + +472 +00:53:38,080 --> 00:53:41,710 +changes in this, because there are changes in the + +473 +00:53:41,710 --> 00:53:46,290 +income, it made changes in the quantity of X. A + +474 +00:53:46,290 --> 00:53:56,490 +new quantity of Y equals a new income over the + +475 +00:53:56,490 --> 00:53:57,990 +price of Y to new. + +476 +00:54:01,270 --> 00:54:05,790 +Work on new. It is new without changes. It is like + +477 +00:54:05,790 --> 00:54:06,610 +working on a new question. + +478 +00:54:09,530 --> 00:54:12,470 +The new كلها على new. Without it changes okay. + +479 +00:54:13,010 --> 00:54:18,730 +Without it changes. الآن هيك. The new quarter of Y + +480 +00:54:18,730 --> 00:54:25,930 +equals a new income تلت تلاف over twenty. كده؟ إيش + +481 +00:54:25,930 --> 00:54:30,430 +هذا؟ One hundred fifty. إذا هذا هيك equals three + +482 +00:54:30,430 --> 00:54:33,830 +thousand over two hundred twenty equals one + +483 +00:54:33,830 --> 00:54:34,270 +hundred fifty. + +484 +00:54:37,650 --> 00:54:44,410 +No, the same. It goes up to 150. And this goes up + +485 +00:54:44,410 --> 00:54:52,650 +to 75. And it connects the two together. Parallel + +486 +00:54:52,650 --> 00:54:53,590 +to the previous one. + +487 +00:55:00,310 --> 00:55:02,170 +So, who doesn't understand? + +488 +00:55:11,560 --> 00:55:20,300 +If the consumer's income went down from $2,000 and + +489 +00:55:20,300 --> 00:55:21,940 +the prices remained consistent. + +490 +00:55:26,140 --> 00:55:30,000 +The question + +491 +00:55:30,000 --> 00:55:37,220 +is if the consumer's income went down from $2,000 + +492 +00:55:37,220 --> 00:55:47,260 +to $1,500. From the consumer's income went down + +493 +00:55:47,260 --> 00:55:51,780 +from $2,000 to $1,500. + +494 +00:55:53,580 --> 00:55:59,280 +Derive and draw the new budget line. So in a + +495 +00:55:59,280 --> 00:56:03,440 +quantum X and U. I'm talking about a new quantum + +496 +00:56:03,440 --> 00:56:03,840 +X. + +497 +00:56:14,930 --> 00:56:20,350 +How can the consumer reach the equilibrium? Which + +498 +00:56:20,350 --> 00:56:24,730 +is what is the optimal combination that maximizes + +499 +00:56:24,730 --> 00:56:28,750 +his total utility using the indifference curve + +500 +00:56:28,750 --> 00:56:30,030 +theory and the budget line? + +501 +00:56:35,370 --> 00:56:42,890 +Here, in this case, a new QX equals 1,500 over the + +502 +00:56:42,890 --> 00:56:47,910 +price is good. It's 10, 10, 40? 37 and a half. + +503 +00:56:48,030 --> 00:56:56,730 +Okay. Quant of Y in U, 1,500 over price of Y, 20, + +504 +00:56:57,090 --> 00:56:59,190 +equals how much? 75. + +505 +00:57:16,510 --> 00:57:24,170 +The budget line shifts left parallel to the + +506 +00:57:24,170 --> 00:57:27,610 +previous one inside, + +507 +00:57:29,150 --> 00:57:33,460 +not outside, as the income goes down. + diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/cj0yzVxtWTk_postprocess.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/cj0yzVxtWTk_postprocess.srt new file mode 100644 index 0000000000000000000000000000000000000000..fdf536009683dff16effa91f63f89f949937c2bb --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/cj0yzVxtWTk_postprocess.srt @@ -0,0 +1,2028 @@ +1 +00:00:20,200 --> 00:00:22,800 +Okay, bismillahirrahmanirrahim. Today, inshallah, + +2 +00:00:22,920 --> 00:00:24,700 +we are going to complete our talk about the + +3 +00:00:24,700 --> 00:00:27,920 +consumer equilibrium under the indifference curve + +4 +00:00:27,920 --> 00:00:34,040 +theory. As there were a large number of students + +5 +00:00:34,040 --> 00:00:36,920 +absent in the last class, I will come back quickly + +6 +00:00:36,920 --> 00:00:39,380 +to the indifference curve and the idea of the + +7 +00:00:39,380 --> 00:00:43,920 +indifference curve. So let's go to the + +8 +00:00:43,920 --> 00:00:47,560 +indifference curve theory. Indifference. + +9 +00:00:57,680 --> 00:00:58,900 +And difference curve means. + +10 +00:01:01,900 --> 00:01:10,980 +This theory is used to explain the idea of the + +11 +00:01:10,980 --> 00:01:14,500 +consumer equilibrium or utility maximization, + +12 +00:01:15,320 --> 00:01:18,710 +right? To understand the idea of indifference + +13 +00:01:18,710 --> 00:01:21,450 +curve, let us assume that we have the following + +14 +00:01:21,450 --> 00:01:27,130 +example, the following data about a consumer and + +15 +00:01:27,130 --> 00:01:33,810 +this consumer has or consumes different bonded + +16 +00:01:33,810 --> 00:01:34,110 +circuits. + +17 +00:01:48,350 --> 00:01:52,570 +Bundle. Bundle means group. + +18 +00:01:57,130 --> 00:02:03,950 +A, B, C, D. And let us assume that we have two + +19 +00:02:03,950 --> 00:02:07,430 +groups, sorry, two products. + +20 +00:02:10,730 --> 00:02:12,630 +I know Nkhatu. + +21 +00:02:15,120 --> 00:02:19,940 +The last part of the class. + +22 +00:02:22,100 --> 00:02:30,220 +So we have two products, bread and milk. This is + +23 +00:02:30,220 --> 00:02:35,460 +the quantity consumed of eggs and milk, Y, product + +24 +00:02:35,460 --> 00:02:35,880 +Y. + +25 +00:02:39,900 --> 00:02:48,240 +One, two, three, four. Melt 10, 6, 4, 3. + +26 +00:02:51,640 --> 00:02:54,940 +Let's add one more column here. + +27 +00:02:58,840 --> 00:03:03,980 +The total utility obtained or gained here, let's + +28 +00:03:03,980 --> 00:03:13,320 +assume 100 units, 100, 100, 100. In this example, + +29 +00:03:14,430 --> 00:03:17,690 +We are talking about a consumer. This consumer has + +30 +00:03:17,690 --> 00:03:24,010 +different options, different chances, choices. If + +31 +00:03:24,010 --> 00:03:35,070 +he consumes at group A, one piece of bread plus 10 + +32 +00:03:35,070 --> 00:03:40,930 +cups of milk, he will gain + +33 +00:03:43,660 --> 00:03:47,160 +Utils, the total utility obtained here when he + +34 +00:03:47,160 --> 00:03:52,840 +consumes one piece of bread and 10 mugs of milk + +35 +00:03:52,840 --> 00:04:00,880 +will give him 100 utils as a benefit, right? Here, + +36 +00:04:02,400 --> 00:04:06,980 +adding or consuming different bundle, two pieces + +37 +00:04:06,980 --> 00:04:16,320 +of bread and or plus six or six cups of milk will + +38 +00:04:16,320 --> 00:04:22,360 +give him the same total utility. The third bundle + +39 +00:04:22,360 --> 00:04:26,480 +here. Consuming three pieces of bread and four + +40 +00:04:26,480 --> 00:04:32,620 +cups of milk will give him 100 units. Group four, + +41 +00:04:33,660 --> 00:04:37,380 +four and three will give him the same total + +42 +00:04:37,380 --> 00:04:41,610 +utility. What do you see? Adding one more unit + +43 +00:04:41,610 --> 00:04:50,450 +here. One more piece of bread here. He gives up + +44 +00:04:50,450 --> 00:04:55,010 +here four units, four cups of milk. The giving up + +45 +00:04:55,010 --> 00:05:00,830 +here. And then the giving up or he gives up how + +46 +00:05:00,830 --> 00:05:03,710 +many two units? Giving up one unit. What do you + +47 +00:05:03,710 --> 00:05:06,890 +see? Adding one more unit here from X. + +48 +00:05:10,060 --> 00:05:16,940 +The giving up is decreasing to keep the same total + +49 +00:05:16,940 --> 00:05:17,420 +utility. + +50 +00:05:27,580 --> 00:05:31,240 +Now, let's study the relationship between the + +51 +00:05:31,240 --> 00:05:34,600 +quantity consumed of X and the quantity consumed + +52 +00:05:34,600 --> 00:05:38,780 +of Y and the total utility obtained under the + +53 +00:05:38,780 --> 00:05:42,680 +different bond circuits. Quantity consumed of X + +54 +00:05:42,680 --> 00:05:48,980 +and quantity consumed of Y. Here, Y is the bulk + +55 +00:05:48,980 --> 00:05:52,060 +and + +56 +00:05:52,060 --> 00:05:55,540 +X is + +57 +00:05:57,850 --> 00:05:59,130 +The breadth here. + +58 +00:06:03,610 --> 00:06:06,130 +Quant X is the breadth. + +59 +00:06:10,130 --> 00:06:13,350 +Here we have another point which is the marginal + +60 +00:06:13,350 --> 00:06:18,510 +rate of substitution. MRS is the marginal rate of + +61 +00:06:18,510 --> 00:06:24,650 +substitution, which is what is the giving up? How + +62 +00:06:24,650 --> 00:06:27,010 +much is the giving up? MRS? + +63 +00:06:29,460 --> 00:06:34,000 +is the marginal rate + +64 +00:06:34,000 --> 00:06:37,340 +of substitution. + +65 +00:06:42,220 --> 00:06:47,740 +The marginal + +66 +00:06:47,740 --> 00:06:56,860 +rate + +67 +00:06:56,860 --> 00:07:02,410 +of substitution is the marginal rate equals a + +68 +00:07:02,410 --> 00:07:04,790 +change in the quantity consumed of Y over the + +69 +00:07:04,790 --> 00:07:07,610 +change in the quantity consumed of X, which means + +70 +00:07:07,610 --> 00:07:15,450 +a QY2 minus a QY1 over QX2 minus a QX1 in the + +71 +00:07:15,450 --> 00:07:16,990 +absolute value. + +72 +00:07:21,610 --> 00:07:26,110 +This is + +73 +00:07:26,110 --> 00:07:34,980 +the QX1, QX2. QY1, QY2. Let's calculate the + +74 +00:07:34,980 --> 00:07:37,560 +marginal rate of substitution for the first case. + +75 +00:07:38,820 --> 00:07:45,360 +QY2 minus QY1 over QX2 minus QX1. So 6 minus 10 + +76 +00:07:45,360 --> 00:07:46,680 +over 2 minus 1. + +77 +00:07:52,060 --> 00:07:55,460 +The marginal rate of substitution MRS for the + +78 +00:07:55,460 --> 00:08:01,460 +first case equals QY2 minus QY1 over QX2 minus + +79 +00:08:01,460 --> 00:08:07,100 +QX1. So equals six minus 10 over two minus one + +80 +00:08:07,100 --> 00:08:11,820 +equals minus four over one equals minus four and + +81 +00:08:11,820 --> 00:08:17,360 +the absolute value should be four. The second case + +82 +00:08:17,360 --> 00:08:23,140 +or the second point here, 4 minus 6 over 3 minus + +83 +00:08:23,140 --> 00:08:29,920 +2. 2, the absolute value of 2. And then 3 minus 4 + +84 +00:08:29,920 --> 00:08:34,800 +over 4 minus 3, the absolute value of 1. What do + +85 +00:08:34,800 --> 00:08:39,440 +you see? The marginal rate of substitution is + +86 +00:08:39,440 --> 00:08:40,160 +decreasing. + +87 +00:08:42,500 --> 00:08:47,080 +The absolute value is decreasing. Why? Adding one + +88 +00:08:47,080 --> 00:08:49,340 +more unit, the giving up of the consumer + +89 +00:08:49,340 --> 00:08:49,780 +decreases. + +90 +00:09:00,400 --> 00:09:04,540 +So now let's draw the graph that shows the + +91 +00:09:04,540 --> 00:09:07,580 +relationship between the quantity consumed of X + +92 +00:09:07,580 --> 00:09:12,560 +and Y and the marginal rate of substitution. + +93 +00:09:19,100 --> 00:09:22,900 +So here, let's show or represent or discuss the + +94 +00:09:22,900 --> 00:09:26,560 +relationship between the quantity of x and y and + +95 +00:09:26,560 --> 00:09:29,300 +the horizontal axis you're talking about or there + +96 +00:09:29,300 --> 00:09:36,800 +is a Qx and the vertical axis Qy. Qx, one, two, + +97 +00:09:37,820 --> 00:09:45,940 +three, four, five, six. Quant of x, sorry, quant + +98 +00:09:45,940 --> 00:09:48,540 +of y, one, two, three, + +99 +00:09:51,870 --> 00:10:02,910 +4, 5, 6, 7, 8, 9, and 10 here. The first point, + +100 +00:10:03,050 --> 00:10:09,810 +point A here. How much is the QX? 1. Q1 to Y, 10. + +101 +00:10:10,190 --> 00:10:20,070 +1 and 10. Can be shown here. Point A. Point B, 2 + +102 +00:10:20,070 --> 00:10:20,790 +and 6. + +103 +00:10:26,300 --> 00:10:31,760 +can be shown here, B, C, 3 and 4, + +104 +00:10:39,580 --> 00:10:47,340 +C, and D, 4 and 3, 4 and 3 here. + +105 +00:10:51,040 --> 00:10:54,980 +If we connect these points together, we will reach + +106 +00:10:54,980 --> 00:11:03,740 +to A curve, which is the indifference curve. The + +107 +00:11:03,740 --> 00:11:09,360 +indifference curve, IC. IC is appropriation of + +108 +00:11:09,360 --> 00:11:13,580 +indifference curve. At this point, the total + +109 +00:11:13,580 --> 00:11:18,820 +utility, at this point, total utility equals 100, + +110 +00:11:19,540 --> 00:11:20,860 +as we mentioned here. + +111 +00:11:24,680 --> 00:11:34,220 +On AC. Each point lies along the indifference + +112 +00:11:34,220 --> 00:11:39,200 +curve means that the consumer will gain the same + +113 +00:11:39,200 --> 00:11:40,220 +total utility. + +114 +00:11:46,280 --> 00:11:49,900 +Indifference. Indifference. Indifference. + +115 +00:11:50,060 --> 00:11:51,680 +Indifference. Indifference. Indifference. + +116 +00:11:52,080 --> 00:11:53,680 +Indifference. Indifference. Indifference. + +117 +00:11:54,760 --> 00:11:57,560 +Indifference. Indifference. Indifference. + +118 +00:11:57,560 --> 00:11:57,660 +Indifference. Indifference. Indifference. + +119 +00:11:57,780 --> 00:12:01,520 +Indifference. Indifference. Indifference. + +120 +00:12:01,800 --> 00:12:03,280 +Indifference. Indifference. Indifference. + +121 +00:12:03,740 --> 00:12:03,740 +Indifference. Indifference. Indifference. + +122 +00:12:03,740 --> 00:12:04,080 +Indifference. Indifference. Indifference. + +123 +00:12:04,080 --> 00:12:04,100 +Indifference. Indifference. Indifference. + +124 +00:12:04,100 --> 00:12:06,100 +Indifference. Indifference. Indifference. + +125 +00:12:06,400 --> 00:12:14,160 +Indifference. Indifference. either at A or B or C + +126 +00:12:14,160 --> 00:12:22,900 +or D or M or N or K, all these points will give + +127 +00:12:22,900 --> 00:12:28,140 +the consumer the same total utility, right? What + +128 +00:12:28,140 --> 00:12:34,540 +about the marginal rate of substitution? MRS is + +129 +00:12:34,540 --> 00:12:38,340 +delta equal to y over the change in the quantity + +130 +00:12:38,340 --> 00:12:42,080 +of x, which is the slope of the indifference + +131 +00:12:42,080 --> 00:12:48,080 +curve. Marginal rate of substitution, MRS, change + +132 +00:12:48,080 --> 00:12:50,020 +in the quantity of y over change in the quantity + +133 +00:12:50,020 --> 00:12:55,120 +of x. The slope of + +134 +00:12:55,120 --> 00:12:57,620 +IC. + +135 +00:13:06,170 --> 00:13:20,610 +And this is the tangent point here. What will + +136 +00:13:20,610 --> 00:13:25,310 +happen to the slope of indifference curve as we + +137 +00:13:25,310 --> 00:13:30,910 +move from left to right? The slope is decreasing. + +138 +00:13:35,060 --> 00:13:38,780 +which represents the marginal rate of + +139 +00:13:38,780 --> 00:13:44,880 +substitution, which is decreasing as well. So the + +140 +00:13:44,880 --> 00:13:50,440 +marginal rate of substitution is the slope of + +141 +00:13:50,440 --> 00:13:51,680 +interference curve. + +142 +00:13:54,340 --> 00:13:59,740 +Let's go to the properties of the interference + +143 +00:13:59,740 --> 00:14:01,620 +curve or the characteristics of the interference + +144 +00:14:01,620 --> 00:14:01,940 +curve. + +145 +00:14:16,680 --> 00:14:30,560 +Now, let's go to + +146 +00:14:30,560 --> 00:14:32,980 +the characteristics of indifference curve. + +147 +00:14:36,200 --> 00:14:38,560 +are the properties of indifference curve. + +148 +00:15:07,770 --> 00:15:10,290 +Indifference curve properties. + +149 +00:15:22,450 --> 00:15:26,050 +What are the characteristics of indifference + +150 +00:15:26,050 --> 00:15:30,130 +curve? Here, as we mentioned, that the + +151 +00:15:30,130 --> 00:15:35,330 +indifference curve is a downward sloping. It looks + +152 +00:15:35,330 --> 00:15:40,840 +like the demand curve. So number one, this is the + +153 +00:15:40,840 --> 00:15:46,660 +indifference curve, quantum X, quantum Y. Number + +154 +00:15:46,660 --> 00:15:54,220 +one, the IC is a downward sloping. + +155 +00:16:07,950 --> 00:16:09,350 +Or as a negative slope. + +156 +00:16:20,090 --> 00:16:26,450 +It's impossible to find this + +157 +00:16:26,450 --> 00:16:28,550 +shape of indifference curve. + +158 +00:16:42,400 --> 00:16:44,800 +What else? + +159 +00:16:52,260 --> 00:17:01,560 +I see. Convex to the original point. Convex. I + +160 +00:17:01,560 --> 00:17:10,580 +see. Convex. to the original point. + +161 +00:17:22,240 --> 00:17:31,760 +Convex, yes? Convex means... Convex + +162 +00:17:31,760 --> 00:17:32,880 +to the original point. + +163 +00:17:37,880 --> 00:17:38,600 +Number three. + +164 +00:17:43,500 --> 00:17:54,800 +A movement from point A to B to C to D to E from + +165 +00:17:54,800 --> 00:17:58,880 +left to right along the indifference curve means + +166 +00:17:58,880 --> 00:18:04,320 +the marginal rate of substitution will go down or + +167 +00:18:04,320 --> 00:18:13,460 +will decline. A movement from left to right along + +168 +00:18:13,460 --> 00:18:19,180 +the same indifference curve means or represents + +169 +00:18:19,180 --> 00:18:22,540 +the decreasing of the marginal rate of + +170 +00:18:22,540 --> 00:18:32,640 +substitution. A movement from + +171 +00:18:32,640 --> 00:18:35,380 +point + +172 +00:18:36,470 --> 00:18:43,790 +from left to right to + +173 +00:18:43,790 --> 00:18:56,590 +right along the same IC + +174 +00:18:56,590 --> 00:19:11,960 +means or represents or shows represents the + +175 +00:19:11,960 --> 00:19:15,100 +low decreasing the marginal rate of substitution. + +176 +00:19:19,840 --> 00:19:22,140 +About four. + +177 +00:19:30,520 --> 00:19:31,840 +And difference curves + +178 +00:19:35,650 --> 00:19:45,210 +never touch or never cross. Okay. Or before that, + +179 +00:19:45,950 --> 00:19:49,590 +a movement or + +180 +00:19:49,590 --> 00:19:53,310 +a false shifting of indifference curve means that + +181 +00:19:53,310 --> 00:19:58,870 +the consumer will gain or obtain larger total + +182 +00:19:58,870 --> 00:19:59,370 +utility. + +183 +00:20:04,770 --> 00:20:11,830 +it gives him 100 utils. If it goes rightward, it + +184 +00:20:11,830 --> 00:20:17,310 +takes utilities higher. A movement or a forward + +185 +00:20:17,310 --> 00:20:24,730 +shifting, rightward shifting of IC from IC1 to IC2 + +186 +00:20:26,780 --> 00:20:31,340 +means that the consumer gains larger total + +187 +00:20:31,340 --> 00:20:40,020 +utility. So your IC2, let us assume 150. IC3, 200, + +188 +00:20:41,180 --> 00:20:48,890 +and so on. So, A movement or a full shifting or + +189 +00:20:48,890 --> 00:20:51,930 +rightward shifting and vice versa. Rightward + +190 +00:20:51,930 --> 00:20:54,290 +shifting of indifference curve means that the + +191 +00:20:54,290 --> 00:20:57,370 +consumer will gain larger total utility. Number + +192 +00:20:57,370 --> 00:21:08,710 +three or four here. The rightward shifting of + +193 +00:21:08,710 --> 00:21:09,190 +IC. + +194 +00:21:13,390 --> 00:21:22,730 +Means that the consumer will gain, means that the + +195 +00:21:22,730 --> 00:21:29,190 +consumer gains + +196 +00:21:29,190 --> 00:21:32,210 +larger + +197 +00:21:32,210 --> 00:21:35,650 +total utility. + +198 +00:21:43,440 --> 00:21:44,820 +and vice versa. + +199 +00:21:52,520 --> 00:21:56,280 +The leftward shifting of indifference curve means + +200 +00:21:56,280 --> 00:22:00,840 +that the consumer will gain less total utility. + +201 +00:22:01,900 --> 00:22:06,760 +What else? + +202 +00:22:08,460 --> 00:22:15,040 +Number five. The indifference curves Never touch + +203 +00:22:15,040 --> 00:22:20,840 +or don't cross. Number five here. + +204 +00:22:24,800 --> 00:22:26,000 +Gains. + +205 +00:22:30,460 --> 00:22:38,600 +Gets. Five, the indifference curves. The + +206 +00:22:38,600 --> 00:22:40,940 +indifference curves. + +207 +00:22:45,680 --> 00:22:57,280 +curves don't touch or cross or intersect with each + +208 +00:22:57,280 --> 00:23:05,500 +other. So it's impossible to find two indifference + +209 +00:23:05,500 --> 00:23:10,900 +curves like this. One is near IC1 and one is near + +210 +00:23:10,900 --> 00:23:11,520 +IC2. + +211 +00:23:28,760 --> 00:23:33,900 +So the assumption here is that the indifference + +212 +00:23:33,900 --> 00:23:38,060 +curves don't cross, don't intersect with each + +213 +00:23:38,060 --> 00:23:45,080 +other. How? Let us assume that we have two + +214 +00:23:45,080 --> 00:23:50,420 +indifference curves. And they, or there is an + +215 +00:23:50,420 --> 00:23:52,760 +intersection between these two curves. + +216 +00:23:55,480 --> 00:23:59,920 +And then we will prove that there is no or it's + +217 +00:23:59,920 --> 00:24:03,880 +impossible to intersect or to find an intersection + +218 +00:24:03,880 --> 00:24:05,560 +between two indifference curves. + +219 +00:24:13,260 --> 00:24:22,780 +To prove this, Assumption here. The difference + +220 +00:24:22,780 --> 00:24:27,380 +curves don't cross. Let us assume that there is a + +221 +00:24:27,380 --> 00:24:33,200 +cross between two indifference curves. Quantum Y + +222 +00:24:33,200 --> 00:24:40,460 +and quantum X. And here is IC1 and IC2. + +223 +00:24:43,380 --> 00:24:54,450 +Point A, B, C, D, and E. So we're going to prove + +224 +00:24:54,450 --> 00:24:59,930 +that there is no intersection, no cross between + +225 +00:24:59,930 --> 00:25:01,830 +two indifference curves. + +226 +00:25:11,350 --> 00:25:18,730 +In this graph, what do you see? Point C lies along + +227 +00:25:18,730 --> 00:25:30,350 +indifference curve 1. So C and A and D lie along + +228 +00:25:30,350 --> 00:25:37,710 +the same indifference curve. So C equals A equals + +229 +00:25:37,710 --> 00:25:43,390 +D because they give the same total utility for the + +230 +00:25:43,390 --> 00:25:43,830 +consumer. + +231 +00:25:46,890 --> 00:25:55,270 +Along the indifference curve 2, B equals A equals + +232 +00:25:55,270 --> 00:25:59,270 +E because they give the consumer the same total + +233 +00:25:59,270 --> 00:26:07,110 +utility. Along indifference curve 1, C equals A + +234 +00:26:07,110 --> 00:26:11,650 +equals D. Along indifference curve 2, B equals A + +235 +00:26:11,650 --> 00:26:12,330 +equals E. + +236 +00:26:20,100 --> 00:26:30,520 +In economics, in economics. Along IC1, at IC1. + +237 +00:26:30,740 --> 00:26:38,280 +What do you see? At IC1. Point C equals A equals D + +238 +00:26:38,280 --> 00:26:43,180 +because these combinations, these groups will give + +239 +00:26:43,180 --> 00:26:48,340 +the consumer the same total utility. So point A, C + +240 +00:26:48,340 --> 00:26:56,940 +equals A equals D, right? Because these groups + +241 +00:26:56,940 --> 00:27:00,780 +give the consumer the same total utility at + +242 +00:27:00,780 --> 00:27:08,930 +indifference curve two. How do you see? B gives + +243 +00:27:08,930 --> 00:27:13,870 +the same as A, the same as E, the total utility. + +244 +00:27:14,490 --> 00:27:26,570 +So B equals A equals E. So in economics or in + +245 +00:27:26,570 --> 00:27:32,490 +mathematics, in mathematics, in math, + +246 +00:27:34,150 --> 00:27:41,270 +In mathematics, as C equals A equals D and B + +247 +00:27:41,270 --> 00:27:48,390 +equals A equals E, so C equals A equals D equals B + +248 +00:27:48,390 --> 00:27:53,670 +equals E. In economics here, + +249 +00:27:56,790 --> 00:28:00,010 +B is bigger than C. + +250 +00:28:03,900 --> 00:28:10,620 +B is bigger than C. D is bigger than E. In + +251 +00:28:10,620 --> 00:28:11,300 +Eclamics. + +252 +00:28:19,320 --> 00:28:21,900 +B is bigger than C. + +253 +00:28:25,260 --> 00:28:28,760 +And D is bigger than E. + +254 +00:28:34,990 --> 00:28:38,850 +All our life in economics, we follow mathematics. + +255 +00:28:39,550 --> 00:28:44,510 +It means that we follow them parallel. If there is + +256 +00:28:44,510 --> 00:28:48,110 +a contradiction between us and them, there is a + +257 +00:28:48,110 --> 00:28:52,410 +problem. You can't say that economics is better + +258 +00:28:52,410 --> 00:28:57,310 +than mathematics. B, C equals A equals Z equals B + +259 +00:28:57,310 --> 00:29:00,990 +equals E. And in economics, let's say B is bigger + +260 +00:29:00,990 --> 00:29:04,910 +than C and D is bigger than E. So, had a few in + +261 +00:29:04,910 --> 00:29:05,670 +the contradiction. + +262 +00:29:08,250 --> 00:29:15,750 +And so, we say that the indifference curve never + +263 +00:29:15,750 --> 00:29:16,470 +cross. + +264 +00:29:21,890 --> 00:29:22,110 +Okay? + +265 +00:29:28,190 --> 00:29:31,970 +Let's go to the other shapes of indifference for + +266 +00:29:31,970 --> 00:29:36,590 +the indifference curves. We have two other shapes + +267 +00:29:36,590 --> 00:29:37,810 +for indifference curves. + +268 +00:29:40,570 --> 00:29:41,570 +The other shapes. + +269 +00:30:16,830 --> 00:30:22,270 +So let's go to the indifference curve shapes or + +270 +00:30:22,270 --> 00:30:25,250 +different shapes for indifference curves. + +271 +00:30:33,070 --> 00:30:36,950 +We have two other shapes for indifference curve. + +272 +00:30:38,510 --> 00:30:39,190 +Number one, + +273 +00:30:43,190 --> 00:30:47,730 +when the two products X and Y are perfectly + +274 +00:30:47,730 --> 00:30:49,250 +substitutes. + +275 +00:31:08,630 --> 00:31:15,630 +Perfectly substitute fish and meat. We want to get + +276 +00:31:15,630 --> 00:31:21,070 +two products, X and Y, that have perfectly + +277 +00:31:21,070 --> 00:31:21,970 +substitutes. + +278 +00:31:25,070 --> 00:31:27,730 +Number one. + +279 +00:31:28,800 --> 00:31:40,900 +I could IQYQX one + +280 +00:31:40,900 --> 00:31:50,060 +two three four five two + +281 +00:31:50,060 --> 00:31:51,460 +three + +282 +00:32:15,290 --> 00:32:17,010 +This is the IC. + +283 +00:32:21,210 --> 00:32:21,770 +One, + +284 +00:32:25,770 --> 00:32:31,570 +two, three, four. One, two, three, four. That's + +285 +00:32:31,570 --> 00:32:33,290 +it. What do you see? + +286 +00:32:36,640 --> 00:32:44,460 +When we add one unit of X, we give up how many + +287 +00:32:44,460 --> 00:32:47,740 +units? One unit of Y. Adding one more unit, + +288 +00:32:48,560 --> 00:32:48,960 +decreasing. + +289 +00:32:52,700 --> 00:32:56,780 +Which means the marginal rate of substitution in + +290 +00:32:56,780 --> 00:33:01,740 +this case equals how much? Marginal rate of + +291 +00:33:01,740 --> 00:33:05,940 +substitution in all cases will be how much? No. + +292 +00:33:17,190 --> 00:33:21,090 +In this example here, we are talking about a + +293 +00:33:21,090 --> 00:33:28,350 +perfect substitution + +294 +00:33:28,350 --> 00:33:32,130 +between + +295 +00:33:32,130 --> 00:33:35,330 +product + +296 +00:33:35,330 --> 00:33:38,950 +X and Y. + +297 +00:33:44,370 --> 00:33:52,110 +So here, Group A, B, C, and D. + +298 +00:33:54,970 --> 00:34:02,870 +Quantum X, quantum Y, quantum X 1, 2, 3, 4, 4, 3, + +299 +00:34:03,090 --> 00:34:07,370 +2, 1. The marginal rate of substitution here is + +300 +00:34:07,370 --> 00:34:07,890 +fixed. + +301 +00:34:12,210 --> 00:34:13,870 +Who was straight line? + +302 +00:34:17,930 --> 00:34:21,850 +One of the indifference curve shapes or the shapes + +303 +00:34:21,850 --> 00:34:29,830 +of indifference curve might be a straight line. If + +304 +00:34:29,830 --> 00:34:36,150 +the indifference curve was a straight line and + +305 +00:34:36,150 --> 00:34:37,330 +unilateral elastic. + +306 +00:34:43,570 --> 00:34:51,130 +The giving up is fixed and equals one. Okay? So + +307 +00:34:51,130 --> 00:34:56,090 +MRS here, how much is it? Three minus four over + +308 +00:34:56,090 --> 00:34:59,690 +two minus one. Minus one with the absolute value + +309 +00:34:59,690 --> 00:35:03,190 +one. Correct? We are talking about the absolute + +310 +00:35:03,190 --> 00:35:10,130 +values. One, one, one, one. Okay? What about B2? + +311 +00:35:12,040 --> 00:35:18,520 +Depends. Adding one + +312 +00:35:18,520 --> 00:35:19,820 +more unit, giving up. + +313 +00:35:23,360 --> 00:35:30,360 +So, if the two products are perfectly substitutes + +314 +00:35:30,360 --> 00:35:33,140 +in this case, then the difference curve will be a + +315 +00:35:33,140 --> 00:35:36,180 +straight line and the marginal rate of + +316 +00:35:36,180 --> 00:35:41,570 +substitution will be fixed. It's not decreasing + +317 +00:35:41,570 --> 00:35:48,170 +here. Because the + +318 +00:35:48,170 --> 00:35:51,770 +marginal rate of substitution is the slope of this + +319 +00:35:51,770 --> 00:35:56,570 +line, which is fixed at different points. + +320 +00:36:18,650 --> 00:36:22,290 +But in this case, the marginal rate of + +321 +00:36:22,290 --> 00:36:25,070 +substitution will be fixed at different points. + +322 +00:36:42,610 --> 00:36:43,270 +Yes, here. + +323 +00:36:47,450 --> 00:36:50,910 +Keep it like this. But straight line. + +324 +00:36:55,190 --> 00:36:56,210 +This is IC. + +325 +00:36:58,910 --> 00:37:06,030 +This is IC. Keep this 6 and this 2. IC. But larger + +326 +00:37:06,030 --> 00:37:10,630 +slope than the previous one. How much is the slope + +327 +00:37:10,630 --> 00:37:11,070 +here? + +328 +00:37:14,070 --> 00:37:25,270 +And at this + +329 +00:37:25,270 --> 00:37:28,950 +point? Linear. + +330 +00:37:34,120 --> 00:37:35,800 +Perfectly substitution. + +331 +00:37:48,860 --> 00:37:54,280 +Margin rate of substitution equals one. Fixed + +332 +00:37:54,280 --> 00:37:55,000 +constant. + +333 +00:38:03,030 --> 00:38:06,350 +Okay. Let's go to another shape for the + +334 +00:38:06,350 --> 00:38:07,170 +indifference curve. + +335 +00:38:11,350 --> 00:38:17,630 +Indifference curve might be like this. + +336 +00:38:18,070 --> 00:38:20,450 +Quad X, Quad Y. + +337 +00:38:28,030 --> 00:38:29,590 +Indifference curve. I see. + +338 +00:38:35,370 --> 00:38:52,230 +And difference curve, I see. The difference + +339 +00:38:52,230 --> 00:38:53,930 +curve might be like this here. + +340 +00:38:56,930 --> 00:39:01,530 +Let us assume that we are talking about two + +341 +00:39:01,530 --> 00:39:09,150 +products, X and Y. Here we consume two units of X + +342 +00:39:09,150 --> 00:39:17,650 +and three units of Y. Adding one more unit of X. + +343 +00:39:19,710 --> 00:39:27,570 +How much is the giving up of Y? Zero. Adding one + +344 +00:39:27,570 --> 00:39:31,830 +more unit. How much is the giving up? + +345 +00:39:34,750 --> 00:39:38,590 +So the marginal rate of substitution here equals + +346 +00:39:38,590 --> 00:39:46,130 +zero in all cases. Two products are complements. + +347 +00:39:47,610 --> 00:39:51,650 +There is + +348 +00:39:51,650 --> 00:39:56,730 +no substitution. So in this case, the product X + +349 +00:39:56,730 --> 00:40:00,970 +and Y are complements. + +350 +00:40:02,640 --> 00:40:05,220 +Or substitution equals zero. + +351 +00:40:08,320 --> 00:40:14,280 +There is a zero substitution between X and Y if + +352 +00:40:14,280 --> 00:40:20,080 +the indifference curve was L, or like L. + +353 +00:40:21,900 --> 00:40:27,140 +Compliments, yeah. Compliments means... + +354 +00:40:31,500 --> 00:40:35,920 +Zero substitution. There is no substitution. + +355 +00:40:36,160 --> 00:40:40,920 +Substitution equals zero. So the marginal rate of + +356 +00:40:40,920 --> 00:40:47,140 +substitution in this case at one here, at two, in + +357 +00:40:47,140 --> 00:40:52,300 +this example, at two units of X, two units of X, + +358 +00:40:52,600 --> 00:40:55,520 +how many units of Y? Three. + +359 +00:41:04,400 --> 00:41:05,800 +Radio. + +360 +00:41:12,780 --> 00:41:17,140 +Solar panels and battery. + +361 +00:41:32,370 --> 00:41:33,330 +Cars and fuel. + +362 +00:41:36,610 --> 00:41:43,590 +No substitution. That's it. So in this case, two + +363 +00:41:43,590 --> 00:41:49,070 +units of X, three units of Y. Three units of X, + +364 +00:41:49,830 --> 00:41:55,410 +three units of Y. Four units of X and three units + +365 +00:41:55,410 --> 00:42:00,780 +of Y. Five and three. Let's calculate the marginal + +366 +00:42:00,780 --> 00:42:03,500 +rate of substitution or the slope of this line. + +367 +00:42:05,320 --> 00:42:09,700 +How much is it here? Three minus three over three + +368 +00:42:09,700 --> 00:42:13,560 +minus two, zero. Three minus three over zero, + +369 +00:42:13,880 --> 00:42:16,160 +zero. The marginal rate of substitution equals + +370 +00:42:16,160 --> 00:42:17,740 +zero. That's it. + +371 +00:42:21,200 --> 00:42:26,660 +Let's go to the budget line. Okay, let's go to the + +372 +00:42:26,660 --> 00:42:27,260 +budget line. + +373 +00:42:31,460 --> 00:42:33,360 +Let's go to the budget line. + +374 +00:42:41,760 --> 00:42:48,260 +The indifference curve shows the + +375 +00:42:48,260 --> 00:42:53,530 +willingness to buy something. Or the total utility + +376 +00:42:53,530 --> 00:42:57,850 +obtained when we consume or the consumer consumes + +377 +00:42:57,850 --> 00:43:03,030 +different bundles of goods. But to buy, we have to + +378 +00:43:03,030 --> 00:43:08,750 +have the ability to buy, which is the second part + +379 +00:43:08,750 --> 00:43:14,450 +of demand. Because demand represents or talks or + +380 +00:43:14,450 --> 00:43:18,350 +has two parts. A willingness or desire to buy + +381 +00:43:18,350 --> 00:43:23,340 +something, plus the ability to buy. The + +382 +00:43:23,340 --> 00:43:26,980 +willingness to buy can be represented by the + +383 +00:43:26,980 --> 00:43:30,340 +indifference curve, which talks about the total + +384 +00:43:30,340 --> 00:43:32,680 +utility obtained. Here we're talking about the + +385 +00:43:32,680 --> 00:43:35,640 +willingness to buy, the willingness to consume. + +386 +00:43:37,240 --> 00:43:42,160 +Another part can be represented, or the ability to + +387 +00:43:42,160 --> 00:43:46,580 +consume can be represented or discussed out of the + +388 +00:43:46,580 --> 00:43:52,790 +budget line. The budget line means budget. Asari. + +389 +00:43:53,570 --> 00:44:02,550 +Income. Okay? The budget line means خط الميزانية + +390 +00:44:02,550 --> 00:44:06,470 +which represents the ability for the consumer to + +391 +00:44:06,470 --> 00:44:14,710 +buy something. Right? How can we study or learn or + +392 +00:44:14,710 --> 00:44:19,790 +know or derive the budget line? Let us assume that + +393 +00:44:19,790 --> 00:44:23,350 +we are talking about the consumer. And this + +394 +00:44:23,350 --> 00:44:29,350 +consumer is granted a salary or an income of $2 + +395 +00:44:29,350 --> 00:44:34,490 +,000 a month. And so let's just assume that the + +396 +00:44:34,490 --> 00:44:43,730 +consumer's income equals $2,000. And he allocates + +397 +00:44:43,730 --> 00:44:48,590 +his income to buy two products only, X and Y. + +398 +00:44:52,030 --> 00:44:56,230 +Let us assume also that the price per unit of X + +399 +00:44:56,230 --> 00:45:08,230 +price per unit of X equals $40 and the price per + +400 +00:45:08,230 --> 00:45:15,970 +unit of Y equals + +401 +00:45:15,970 --> 00:45:17,970 +$20. + +402 +00:45:25,040 --> 00:45:31,600 +If the consumer wants to buy only X, how many + +403 +00:45:31,600 --> 00:45:38,720 +units of X can he buy? If he tends to buy only X + +404 +00:45:38,720 --> 00:45:42,600 +and zero from Y, how many units of X can he buy? + +405 +00:45:46,760 --> 00:45:50,540 +Which means that the consumer tends to allocate + +406 +00:45:50,540 --> 00:45:58,740 +his income to buy only X. In this case, QX equals + +407 +00:45:58,740 --> 00:46:08,360 +income over price of X. Which equals 2,000 over 40 + +408 +00:46:08,360 --> 00:46:18,010 +dollars equals 50 units. of x and zero from y and + +409 +00:46:18,010 --> 00:46:26,190 +zero of y the zero quant of y if the consumer + +410 +00:46:26,190 --> 00:46:33,310 +wants to buy only y if the consumer wants to buy + +411 +00:46:33,310 --> 00:46:40,790 +only y so income sorry the quant of y equals + +412 +00:46:40,790 --> 00:46:47,600 +income over price of y 2000 over the price of Y, + +413 +00:46:47,760 --> 00:46:56,140 +20, equals 100. 100 units of Y and zero from X. + +414 +00:47:02,020 --> 00:47:11,080 +Here's the quant of X and the quant of Y. Quant of + +415 +00:47:11,080 --> 00:47:13,100 +X, zero, + +416 +00:47:17,900 --> 00:47:27,180 +And 0 from here and 0 from quantum x. Because in + +417 +00:47:27,180 --> 00:47:33,060 +this case, in the first case, he will spend all of + +418 +00:47:33,060 --> 00:47:38,100 +his income to buy only x. How much can he buy? The + +419 +00:47:38,100 --> 00:47:43,540 +ability to buy. Here is the ability to buy y. Or + +420 +00:47:43,540 --> 00:47:51,190 +he can allocate his income to buy X and Y under + +421 +00:47:51,190 --> 00:47:56,810 +the limited budget, the limited income, and the + +422 +00:47:56,810 --> 00:48:03,370 +particular prices here, X and Y. So here, quantum + +423 +00:48:03,370 --> 00:48:19,570 +X, 10, 20, 30, 40, 50, 60, 70, 10, 20, 30, 40, 50, + +424 +00:48:20,210 --> 00:48:26,210 +60, 70, 80, 90, 100. + +425 +00:48:29,510 --> 00:48:34,930 +If the consumer wants to buy only X, how many + +426 +00:48:34,930 --> 00:48:40,450 +units of X can he buy? Fifty. How many units of Y + +427 +00:48:40,450 --> 00:48:41,910 +in this case? Zero. + +428 +00:48:49,310 --> 00:48:55,050 +Or he can buy 100 units of Y and 0 of X. + +429 +00:48:59,470 --> 00:49:04,410 +If we connect these points here, this is the + +430 +00:49:04,410 --> 00:49:11,830 +budget line. Line represents the ability of the + +431 +00:49:11,830 --> 00:49:13,770 +consumer to buy different quantities of goods. + +432 +00:49:15,450 --> 00:49:21,640 +It's a line, it's not a graph. It's a line, line, + +433 +00:49:21,760 --> 00:49:22,840 +line, line here. + +434 +00:49:27,140 --> 00:49:28,060 +Yes, yes, yes. + +435 +00:49:34,660 --> 00:49:36,520 +This is the budget line. + +436 +00:49:51,530 --> 00:49:55,670 +which represents or shows the ability to consumer + +437 +00:49:55,670 --> 00:50:06,310 +to buy different bundles of goods. The consumer + +438 +00:50:06,310 --> 00:50:13,110 +can buy also at if he buys 60 units of Y, how many + +439 +00:50:13,110 --> 00:50:17,730 +units of X can he buy? If he wants to buy 10 units + +440 +00:50:17,730 --> 00:50:21,150 +of X, how many units of Y can he buy? This is a + +441 +00:50:21,150 --> 00:50:26,590 +question here because the consumer can buy only + +442 +00:50:26,590 --> 00:50:34,550 +along the end of the budget line. Any point lies + +443 +00:50:34,550 --> 00:50:36,710 +along the budget line, + +444 +00:50:42,550 --> 00:50:45,910 +the consumer can buy it. + +445 +00:50:53,750 --> 00:50:57,870 +He needs more money, more income. If the prices go + +446 +00:50:57,870 --> 00:51:03,350 +down or went down, he can buy more. Now let us + +447 +00:51:03,350 --> 00:51:10,230 +assume that the consumer income increased from $2 + +448 +00:51:10,230 --> 00:51:15,310 +,000 to $3,000. And the price of X price of Y + +449 +00:51:15,310 --> 00:51:17,970 +remains constant. What will happen to his + +450 +00:51:17,970 --> 00:51:22,500 +capacity, his ability to buy Products. Increase. + +451 +00:51:23,740 --> 00:51:27,280 +In economics, increase, yes. But what will happen + +452 +00:51:27,280 --> 00:51:30,640 +to the budget line? Chips rise. Chips rise, we'll + +453 +00:51:30,640 --> 00:51:36,460 +see. So let us assume that the consumer's income + +454 +00:51:36,460 --> 00:51:46,040 +goes up. Income too. Went up to 3,000. And the + +455 +00:51:46,040 --> 00:51:50,520 +price of X and price of Y remains constant. Or + +456 +00:51:50,520 --> 00:51:51,280 +remain constant. + +457 +00:51:55,760 --> 00:52:05,900 +But in + +458 +00:52:05,900 --> 00:52:09,020 +general here, + +459 +00:52:22,130 --> 00:52:28,330 +Now, the consumer income increased from $2,000 to + +460 +00:52:28,330 --> 00:52:33,690 +$3,000. I equals + +461 +00:52:33,690 --> 00:52:37,970 +$3,000. And the price of X remains constant at + +462 +00:52:37,970 --> 00:52:44,500 +$40. Price of Y remains constant at $20. derive + +463 +00:52:44,500 --> 00:52:46,920 +and draw the new budget line. + +464 +00:52:51,040 --> 00:52:59,820 +The new + +465 +00:52:59,820 --> 00:53:05,140 +budget line, the new budget line, derive and draw + +466 +00:53:05,140 --> 00:53:12,920 +the new budget line. The same idea here. We say + +467 +00:53:12,920 --> 00:53:17,360 +quantity of X equals income over the price of X. + +468 +00:53:17,780 --> 00:53:24,420 +The new income, how much is it? 3000 over 40. How + +469 +00:53:24,420 --> 00:53:25,040 +much is this? + +470 +00:53:29,520 --> 00:53:33,000 +Nu quantity of X. This is Nu. We are talking about + +471 +00:53:33,000 --> 00:53:38,080 +Nu. This is Nu and this is Nu. But there are no + +472 +00:53:38,080 --> 00:53:41,710 +changes in this.because there are changes in the + +473 +00:53:41,710 --> 00:53:46,290 +income, it made changes in the quantity of X. A + +474 +00:53:46,290 --> 00:53:56,490 +new quantity of Y equals a new income over the + +475 +00:53:56,490 --> 00:53:57,990 +price of Y to new. + +476 +00:54:01,270 --> 00:54:05,790 +Work on new. It is new without changes. It is like + +477 +00:54:05,790 --> 00:54:06,610 +working on a new question. + +478 +00:54:09,530 --> 00:54:12,470 +The new كله على new. Without it changes okay. + +479 +00:54:13,010 --> 00:54:18,730 +Without it changes. الآن هيك. The new quarter of Y + +480 +00:54:18,730 --> 00:54:25,930 +equals a new income تلت تلاف over twenty. كده؟ إيش + +481 +00:54:25,930 --> 00:54:30,430 +هذا؟ One hundred fifty. إذا هذا هيك equals three + +482 +00:54:30,430 --> 00:54:33,830 +thousand over two hundred twenty equals one + +483 +00:54:33,830 --> 00:54:34,270 +hundred fifty. + +484 +00:54:37,650 --> 00:54:44,410 +No, the same. It goes up to 150. And this goes up + +485 +00:54:44,410 --> 00:54:52,650 +to 75. And it connects the two together. Parallel + +486 +00:54:52,650 --> 00:54:53,590 +to the previous one. + +487 +00:55:00,310 --> 00:55:02,170 +So, who doesn't understand? + +488 +00:55:11,560 --> 00:55:20,300 +If the consumer's income went down from $2,000 and + +489 +00:55:20,300 --> 00:55:21,940 +the prices remained conistent. + +490 +00:55:26,140 --> 00:55:30,000 +The question + +491 +00:55:30,000 --> 00:55:37,220 +is if the consumer's income went down from $2,000 + +492 +00:55:37,220 --> 00:55:47,260 +to $1,500. From the consumer's income went down + +493 +00:55:47,260 --> 00:55:51,780 +from $2,000 to $1,500. + +494 +00:55:53,580 --> 00:55:59,280 +Derive and draw the new budget line. So in a + +495 +00:55:59,280 --> 00:56:03,440 +quantum X and U. I'm talking about a new quantum + +496 +00:56:03,440 --> 00:56:03,840 +X. + +497 +00:56:14,930 --> 00:56:20,350 +How can the consumer reach the equilibrium? Which + +498 +00:56:20,350 --> 00:56:24,730 +is what is the optimal combination that maximizes + +499 +00:56:24,730 --> 00:56:28,750 +his total utility using the indifference curve + +500 +00:56:28,750 --> 00:56:30,030 +theory and the budget line? + +501 +00:56:35,370 --> 00:56:42,890 +Here, in this case, a new QX equals 1,500 over the + +502 +00:56:42,890 --> 00:56:47,910 +price is good. It's 10, 10, 40? 37 and a half. + +503 +00:56:48,030 --> 00:56:56,730 +Okay. Quant of Y in U, 1,500 over price of Y, 20, + +504 +00:56:57,090 --> 00:56:59,190 +equals how much? 75. + +505 +00:57:16,510 --> 00:57:24,170 +The budget line shifts left parallel to the + +506 +00:57:24,170 --> 00:57:27,610 +previous one inside, + +507 +00:57:29,150 --> 00:57:33,460 +not outside. as the income goes down. + diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/cj0yzVxtWTk_raw.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/cj0yzVxtWTk_raw.srt new file mode 100644 index 0000000000000000000000000000000000000000..88c561493e795b44b4d7df81d104aee2463d7e50 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/cj0yzVxtWTk_raw.srt @@ -0,0 +1,2056 @@ +1 +00:00:20,200 --> 00:00:22,800 +Okay, bismillahirrahmanirrahim. Today, inshallah, + +2 +00:00:22,920 --> 00:00:24,700 +we are going to complete our talk about the + +3 +00:00:24,700 --> 00:00:27,920 +consumer equilibrium under the indifference curve + +4 +00:00:27,920 --> 00:00:34,040 +theory. As there were a large number of students + +5 +00:00:34,040 --> 00:00:36,920 +absent in the last class, I will come back quickly + +6 +00:00:36,920 --> 00:00:39,380 +to the indifference curve and the idea of the + +7 +00:00:39,380 --> 00:00:43,920 +indifference curve. So let's go to the + +8 +00:00:43,920 --> 00:00:47,560 +indifference curve theory. Indifference. + +9 +00:00:57,680 --> 00:00:58,900 +And difference curve means. + +10 +00:01:01,900 --> 00:01:10,980 +This theory is used to explain the idea of the + +11 +00:01:10,980 --> 00:01:14,500 +consumer equilibrium or utility maximization, + +12 +00:01:15,320 --> 00:01:18,710 +right? To understand the idea of indifference + +13 +00:01:18,710 --> 00:01:21,450 +curve, let us assume that we have the following + +14 +00:01:21,450 --> 00:01:27,130 +example, the following data about a consumer and + +15 +00:01:27,130 --> 00:01:33,810 +this consumer has or consumes different bonded + +16 +00:01:33,810 --> 00:01:34,110 +circuits. + +17 +00:01:48,350 --> 00:01:52,570 +Bundle. Bundle means group. + +18 +00:01:57,130 --> 00:02:03,950 +A, B, C, D. And let us assume that we have two + +19 +00:02:03,950 --> 00:02:07,430 +groups, sorry, two products. + +20 +00:02:10,730 --> 00:02:12,630 +I know Nkhatu. + +21 +00:02:15,120 --> 00:02:19,940 +The last part of the class. + +22 +00:02:22,100 --> 00:02:30,220 +So we have two products, bread and milk. This is + +23 +00:02:30,220 --> 00:02:35,460 +the quantity consumed of eggs and milk, Y, product + +24 +00:02:35,460 --> 00:02:35,880 +Y. + +25 +00:02:39,900 --> 00:02:48,240 +One, two, three, four. Melt 10, 6, 4, 3. + +26 +00:02:51,640 --> 00:02:54,940 +Let's add one more column here. + +27 +00:02:58,840 --> 00:03:03,980 +The total utility obtained or gained here, let's + +28 +00:03:03,980 --> 00:03:13,320 +assume 100 units, 100, 100, 100. In this example, + +29 +00:03:14,430 --> 00:03:17,690 +We are talking about a consumer. This consumer has + +30 +00:03:17,690 --> 00:03:24,010 +different options, different chances, choices. If + +31 +00:03:24,010 --> 00:03:35,070 +he consumes at group A, one piece of bread plus 10 + +32 +00:03:35,070 --> 00:03:40,930 +cups of milk, he will gain + +33 +00:03:43,660 --> 00:03:47,160 +Utils, the total utility obtained here when he + +34 +00:03:47,160 --> 00:03:52,840 +consumes one piece of bread and 10 mugs of milk + +35 +00:03:52,840 --> 00:04:00,880 +will give him 100 utils as a benefit, right? Here, + +36 +00:04:02,400 --> 00:04:06,980 +adding or consuming different bundle, two pieces + +37 +00:04:06,980 --> 00:04:16,320 +of bread and or plus six or six cups of milk will + +38 +00:04:16,320 --> 00:04:22,360 +give him the same total utility. The third bundle + +39 +00:04:22,360 --> 00:04:26,480 +here. Consuming three pieces of bread and four + +40 +00:04:26,480 --> 00:04:32,620 +cups of milk will give him 100 units. Group four, + +41 +00:04:33,660 --> 00:04:37,380 +four and three will give him the same total + +42 +00:04:37,380 --> 00:04:41,610 +utility. What do you see? Adding one more unit + +43 +00:04:41,610 --> 00:04:50,450 +here. One more piece of bread here. He gives up + +44 +00:04:50,450 --> 00:04:55,010 +here four units, four cups of milk. The giving up + +45 +00:04:55,010 --> 00:05:00,830 +here. And then the giving up or he gives up how + +46 +00:05:00,830 --> 00:05:03,710 +many two units? Giving up one unit. What do you + +47 +00:05:03,710 --> 00:05:06,890 +see? Adding one more unit here from X. + +48 +00:05:10,060 --> 00:05:16,940 +The giving up is decreasing to keep the same total + +49 +00:05:16,940 --> 00:05:17,420 +utility. + +50 +00:05:27,580 --> 00:05:31,240 +Now, let's study the relationship between the + +51 +00:05:31,240 --> 00:05:34,600 +quantity consumed of X and the quantity consumed + +52 +00:05:34,600 --> 00:05:38,780 +of Y and the total utility obtained under the + +53 +00:05:38,780 --> 00:05:42,680 +different bond circuits. Quantity consumed of X + +54 +00:05:42,680 --> 00:05:48,980 +and quantity consumed of Y. Here, Y is the bulk + +55 +00:05:48,980 --> 00:05:52,060 +and + +56 +00:05:52,060 --> 00:05:55,540 +X is + +57 +00:05:57,850 --> 00:05:59,130 +The breadth here. + +58 +00:06:03,610 --> 00:06:06,130 +Quant X is the breadth. + +59 +00:06:10,130 --> 00:06:13,350 +Here we have another point which is the marginal + +60 +00:06:13,350 --> 00:06:18,510 +rate of substitution. MRS is the marginal rate of + +61 +00:06:18,510 --> 00:06:24,650 +substitution, which is what is the giving up? How + +62 +00:06:24,650 --> 00:06:27,010 +much is the giving up? MRS? + +63 +00:06:29,460 --> 00:06:34,000 +is the marginal rate + +64 +00:06:34,000 --> 00:06:37,340 +of substitution. + +65 +00:06:42,220 --> 00:06:47,740 +The marginal + +66 +00:06:47,740 --> 00:06:56,860 +rate + +67 +00:06:56,860 --> 00:07:02,410 +of substitution is the marginal rate equals a + +68 +00:07:02,410 --> 00:07:04,790 +change in the quantity consumed of Y over the + +69 +00:07:04,790 --> 00:07:07,610 +change in the quantity consumed of X, which means + +70 +00:07:07,610 --> 00:07:15,450 +a QY2 minus a QY1 over QX2 minus a QX1 in the + +71 +00:07:15,450 --> 00:07:16,990 +absolute value. + +72 +00:07:21,610 --> 00:07:26,110 +This is + +73 +00:07:26,110 --> 00:07:34,980 +the QX1, QX2. QY1, QY2. Let's calculate the + +74 +00:07:34,980 --> 00:07:37,560 +marginal rate of substitution for the first case. + +75 +00:07:38,820 --> 00:07:45,360 +QY2 minus QY1 over QX2 minus QX1. So 6 minus 10 + +76 +00:07:45,360 --> 00:07:46,680 +over 2 minus 1. + +77 +00:07:52,060 --> 00:07:55,460 +The marginal rate of substitution MRS for the + +78 +00:07:55,460 --> 00:08:01,460 +first case equals QY2 minus QY1 over QX2 minus + +79 +00:08:01,460 --> 00:08:07,100 +QX1. So equals six minus 10 over two minus one + +80 +00:08:07,100 --> 00:08:11,820 +equals minus four over one equals minus four and + +81 +00:08:11,820 --> 00:08:17,360 +the absolute value should be four. The second case + +82 +00:08:17,360 --> 00:08:23,140 +or the second point here, 4 minus 6 over 3 minus + +83 +00:08:23,140 --> 00:08:29,920 +2. 2, the absolute value of 2. And then 3 minus 4 + +84 +00:08:29,920 --> 00:08:34,800 +over 4 minus 3, the absolute value of 1. What do + +85 +00:08:34,800 --> 00:08:39,440 +you see? The marginal rate of substitution is + +86 +00:08:39,440 --> 00:08:40,160 +decreasing. + +87 +00:08:42,500 --> 00:08:47,080 +The absolute value is decreasing. Why? Adding one + +88 +00:08:47,080 --> 00:08:49,340 +more unit, the giving up of the consumer + +89 +00:08:49,340 --> 00:08:49,780 +decreases. + +90 +00:09:00,400 --> 00:09:04,540 +So now let's draw the graph that shows the + +91 +00:09:04,540 --> 00:09:07,580 +relationship between the quantity consumed of X + +92 +00:09:07,580 --> 00:09:12,560 +and Y and the marginal rate of substitution. + +93 +00:09:19,100 --> 00:09:22,900 +So here, let's show or represent or discuss the + +94 +00:09:22,900 --> 00:09:26,560 +relationship between the quantity of x and y and + +95 +00:09:26,560 --> 00:09:29,300 +the horizontal axis you're talking about or there + +96 +00:09:29,300 --> 00:09:36,800 +is a Qx and the vertical axis Qy. Qx, one, two, + +97 +00:09:37,820 --> 00:09:45,940 +three, four, five, six. Quant of x, sorry, quant + +98 +00:09:45,940 --> 00:09:48,540 +of y, one, two, three, + +99 +00:09:51,870 --> 00:10:02,910 +4, 5, 6, 7, 8, 9, and 10 here. The first point, + +100 +00:10:03,050 --> 00:10:09,810 +point A here. How much is the QX? 1. Q1 to Y, 10. + +101 +00:10:10,190 --> 00:10:20,070 +1 and 10. Can be shown here. Point A. Point B, 2 + +102 +00:10:20,070 --> 00:10:20,790 +and 6. + +103 +00:10:26,300 --> 00:10:31,760 +can be shown here, B, C, 3 and 4, + +104 +00:10:39,580 --> 00:10:47,340 +C, and D, 4 and 3, 4 and 3 here. + +105 +00:10:51,040 --> 00:10:54,980 +If we connect these points together, we will reach + +106 +00:10:54,980 --> 00:11:03,740 +to A curve, which is the indifference curve. The + +107 +00:11:03,740 --> 00:11:09,360 +indifference curve, IC. IC is appropriation of + +108 +00:11:09,360 --> 00:11:13,580 +indifference curve. At this point, the total + +109 +00:11:13,580 --> 00:11:18,820 +utility, at this point, total utility equals 100, + +110 +00:11:19,540 --> 00:11:20,860 +as we mentioned here. + +111 +00:11:24,680 --> 00:11:34,220 +On AC. Each point lies along the indifference + +112 +00:11:34,220 --> 00:11:39,200 +curve means that the consumer will gain the same + +113 +00:11:39,200 --> 00:11:40,220 +total utility. + +114 +00:11:46,280 --> 00:11:49,900 +Indifference. Indifference. Indifference. + +115 +00:11:50,060 --> 00:11:51,680 +Indifference. Indifference. Indifference. + +116 +00:11:52,080 --> 00:11:53,680 +Indifference. Indifference. Indifference. + +117 +00:11:54,760 --> 00:11:57,560 +Indifference. Indifference. Indifference. + +118 +00:11:57,560 --> 00:11:57,660 +Indifference. Indifference. Indifference. + +119 +00:11:57,780 --> 00:12:01,520 +Indifference. Indifference. Indifference. + +120 +00:12:01,800 --> 00:12:03,280 +Indifference. Indifference. Indifference. + +121 +00:12:03,740 --> 00:12:03,740 +Indifference. Indifference. Indifference. + +122 +00:12:03,740 --> 00:12:04,080 +Indifference. Indifference. Indifference. + +123 +00:12:04,080 --> 00:12:04,080 +Indifference. Indifference. Indifference. + +124 +00:12:04,080 --> 00:12:04,080 +Indifference. Indifference. Indifference. + +125 +00:12:04,080 --> 00:12:04,080 +Indifference. Indifference. Indifference. + +126 +00:12:04,080 --> 00:12:04,080 +Indifference. Indifference. Indifference. + +127 +00:12:04,080 --> 00:12:04,080 +Indifference. Indifference. Indifference. + +128 +00:12:04,080 --> 00:12:04,080 +Indifference. Indifference. Indifference. + +129 +00:12:04,080 --> 00:12:04,100 +Indifference. Indifference. Indifference. + +130 +00:12:04,100 --> 00:12:04,100 +Indifference. Indifference. Indifference. + +131 +00:12:04,100 --> 00:12:06,100 +Indifference. Indifference. Indifference. + +132 +00:12:06,400 --> 00:12:14,160 +Indifference. Indifference. either at A or B or C + +133 +00:12:14,160 --> 00:12:22,900 +or D or M or N or K, all these points will give + +134 +00:12:22,900 --> 00:12:28,140 +the consumer the same total utility, right? What + +135 +00:12:28,140 --> 00:12:34,540 +about the marginal rate of substitution? MRS is + +136 +00:12:34,540 --> 00:12:38,340 +delta equal to y over the change in the quantity + +137 +00:12:38,340 --> 00:12:42,080 +of x, which is the slope of the indifference + +138 +00:12:42,080 --> 00:12:48,080 +curve. Marginal rate of substitution, MRS, change + +139 +00:12:48,080 --> 00:12:50,020 +in the quantity of y over change in the quantity + +140 +00:12:50,020 --> 00:12:55,120 +of x. The slope of + +141 +00:12:55,120 --> 00:12:57,620 +IC. + +142 +00:13:06,170 --> 00:13:20,610 +And this is the tangent point here. What will + +143 +00:13:20,610 --> 00:13:25,310 +happen to the slope of indifference curve as we + +144 +00:13:25,310 --> 00:13:30,910 +move from left to right? The slope is decreasing. + +145 +00:13:35,060 --> 00:13:38,780 +which represents the marginal rate of + +146 +00:13:38,780 --> 00:13:44,880 +substitution, which is decreasing as well. So the + +147 +00:13:44,880 --> 00:13:50,440 +marginal rate of substitution is the slope of + +148 +00:13:50,440 --> 00:13:51,680 +interference curve. + +149 +00:13:54,340 --> 00:13:59,740 +Let's go to the properties of the interference + +150 +00:13:59,740 --> 00:14:01,620 +curve or the characteristics of the interference + +151 +00:14:01,620 --> 00:14:01,940 +curve. + +152 +00:14:16,680 --> 00:14:30,560 +Now, let's go to + +153 +00:14:30,560 --> 00:14:32,980 +the characteristics of indifference curve. + +154 +00:14:36,200 --> 00:14:38,560 +are the properties of indifference curve. + +155 +00:15:07,770 --> 00:15:10,290 +Indifference curve properties. + +156 +00:15:22,450 --> 00:15:26,050 +What are the characteristics of indifference + +157 +00:15:26,050 --> 00:15:30,130 +curve? Here, as we mentioned, that the + +158 +00:15:30,130 --> 00:15:35,330 +indifference curve is a downward sloping. It looks + +159 +00:15:35,330 --> 00:15:40,840 +like the demand curve. So number one, this is the + +160 +00:15:40,840 --> 00:15:46,660 +indifference curve, quantum X, quantum Y. Number + +161 +00:15:46,660 --> 00:15:54,220 +one, the IC is a downward sloping. + +162 +00:16:07,950 --> 00:16:09,350 +Or as a negative slope. + +163 +00:16:20,090 --> 00:16:26,450 +It's impossible to find this + +164 +00:16:26,450 --> 00:16:28,550 +shape of indifference curve. + +165 +00:16:42,400 --> 00:16:44,800 +What else? + +166 +00:16:52,260 --> 00:17:01,560 +I see. Convex to the original point. Convex. I + +167 +00:17:01,560 --> 00:17:10,580 +see. Convex. to the original point. + +168 +00:17:22,240 --> 00:17:31,760 +Convex, yes? Convex means... Convex + +169 +00:17:31,760 --> 00:17:32,880 +to the original point. + +170 +00:17:37,880 --> 00:17:38,600 +Number three. + +171 +00:17:43,500 --> 00:17:54,800 +A movement from point A to B to C to D to E from + +172 +00:17:54,800 --> 00:17:58,880 +left to right along the indifference curve means + +173 +00:17:58,880 --> 00:18:04,320 +the marginal rate of substitution will go down or + +174 +00:18:04,320 --> 00:18:13,460 +will decline. A movement from left to right along + +175 +00:18:13,460 --> 00:18:19,180 +the same indifference curve means or represents + +176 +00:18:19,180 --> 00:18:22,540 +the decreasing of the marginal rate of + +177 +00:18:22,540 --> 00:18:32,640 +substitution. A movement from + +178 +00:18:32,640 --> 00:18:35,380 +point + +179 +00:18:36,470 --> 00:18:43,790 +from left to right to + +180 +00:18:43,790 --> 00:18:56,590 +right along the same IC + +181 +00:18:56,590 --> 00:19:11,960 +means or represents or shows represents the + +182 +00:19:11,960 --> 00:19:15,100 +low decreasing the marginal rate of substitution. + +183 +00:19:19,840 --> 00:19:22,140 +About four. + +184 +00:19:30,520 --> 00:19:31,840 +And difference curves + +185 +00:19:35,650 --> 00:19:45,210 +never touch or never cross. Okay. Or before that, + +186 +00:19:45,950 --> 00:19:49,590 +a movement or + +187 +00:19:49,590 --> 00:19:53,310 +a false shifting of indifference curve means that + +188 +00:19:53,310 --> 00:19:58,870 +the consumer will gain or obtain larger total + +189 +00:19:58,870 --> 00:19:59,370 +utility. + +190 +00:20:04,770 --> 00:20:11,830 +it gives him 100 utils. If it goes rightward, it + +191 +00:20:11,830 --> 00:20:17,310 +takes utilities higher. A movement or a forward + +192 +00:20:17,310 --> 00:20:24,730 +shifting, rightward shifting of IC from IC1 to IC2 + +193 +00:20:26,780 --> 00:20:31,340 +means that the consumer gains larger total + +194 +00:20:31,340 --> 00:20:40,020 +utility. So your IC2, let us assume 150. IC3, 200, + +195 +00:20:41,180 --> 00:20:48,890 +and so on. So, A movement or a full shifting or + +196 +00:20:48,890 --> 00:20:51,930 +rightward shifting and vice versa. Rightward + +197 +00:20:51,930 --> 00:20:54,290 +shifting of indifference curve means that the + +198 +00:20:54,290 --> 00:20:57,370 +consumer will gain larger total utility. Number + +199 +00:20:57,370 --> 00:21:08,710 +three or four here. The rightward shifting of + +200 +00:21:08,710 --> 00:21:09,190 +IC. + +201 +00:21:13,390 --> 00:21:22,730 +Means that the consumer will gain, means that the + +202 +00:21:22,730 --> 00:21:29,190 +consumer gains + +203 +00:21:29,190 --> 00:21:32,210 +larger + +204 +00:21:32,210 --> 00:21:35,650 +total utility. + +205 +00:21:43,440 --> 00:21:44,820 +and vice versa. + +206 +00:21:52,520 --> 00:21:56,280 +The leftward shifting of indifference curve means + +207 +00:21:56,280 --> 00:22:00,840 +that the consumer will gain less total utility. + +208 +00:22:01,900 --> 00:22:06,760 +What else? + +209 +00:22:08,460 --> 00:22:15,040 +Number five. The indifference curves Never touch + +210 +00:22:15,040 --> 00:22:20,840 +or don't cross. Number five here. + +211 +00:22:24,800 --> 00:22:26,000 +Gains. + +212 +00:22:30,460 --> 00:22:38,600 +Gets. Five, the indifference curves. The + +213 +00:22:38,600 --> 00:22:40,940 +indifference curves. + +214 +00:22:45,680 --> 00:22:57,280 +curves don't touch or cross or intersect with each + +215 +00:22:57,280 --> 00:23:05,500 +other. So it's impossible to find two indifference + +216 +00:23:05,500 --> 00:23:10,900 +curves like this. One is near IC1 and one is near + +217 +00:23:10,900 --> 00:23:11,520 +IC2. + +218 +00:23:28,760 --> 00:23:33,900 +So the assumption here is that the indifference + +219 +00:23:33,900 --> 00:23:38,060 +curves don't cross, don't intersect with each + +220 +00:23:38,060 --> 00:23:45,080 +other. How? Let us assume that we have two + +221 +00:23:45,080 --> 00:23:50,420 +indifference curves. And they, or there is an + +222 +00:23:50,420 --> 00:23:52,760 +intersection between these two curves. + +223 +00:23:55,480 --> 00:23:59,920 +And then we will prove that there is no or it's + +224 +00:23:59,920 --> 00:24:03,880 +impossible to intersect or to find an intersection + +225 +00:24:03,880 --> 00:24:05,560 +between two indifference curves. + +226 +00:24:13,260 --> 00:24:22,780 +To prove this, Assumption here. The difference + +227 +00:24:22,780 --> 00:24:27,380 +curves don't cross. Let us assume that there is a + +228 +00:24:27,380 --> 00:24:33,200 +cross between two indifference curves. Quantum Y + +229 +00:24:33,200 --> 00:24:40,460 +and quantum X. And here is IC1 and IC2. + +230 +00:24:43,380 --> 00:24:54,450 +Point A, B, C, D, and E. So we're going to prove + +231 +00:24:54,450 --> 00:24:59,930 +that there is no intersection, no cross between + +232 +00:24:59,930 --> 00:25:01,830 +two indifference curves. + +233 +00:25:11,350 --> 00:25:18,730 +In this graph, what do you see? Point C lies along + +234 +00:25:18,730 --> 00:25:30,350 +indifference curve 1. So C and A and D lie along + +235 +00:25:30,350 --> 00:25:37,710 +the same indifference curve. So C equals A equals + +236 +00:25:37,710 --> 00:25:43,390 +D because they give the same total utility for the + +237 +00:25:43,390 --> 00:25:43,830 +consumer. + +238 +00:25:46,890 --> 00:25:55,270 +Along the indifference curve 2, B equals A equals + +239 +00:25:55,270 --> 00:25:59,270 +E because they give the consumer the same total + +240 +00:25:59,270 --> 00:26:07,110 +utility. Along indifference curve 1, C equals A + +241 +00:26:07,110 --> 00:26:11,650 +equals D. Along indifference curve 2, B equals A + +242 +00:26:11,650 --> 00:26:12,330 +equals E. + +243 +00:26:20,100 --> 00:26:30,520 +In economics, in economics. Along IC1, at IC1. + +244 +00:26:30,740 --> 00:26:38,280 +What do you see? At IC1. Point C equals A equals D + +245 +00:26:38,280 --> 00:26:43,180 +because these combinations, these groups will give + +246 +00:26:43,180 --> 00:26:48,340 +the consumer the same total utility. So point A, C + +247 +00:26:48,340 --> 00:26:56,940 +equals A equals D, right? Because these groups + +248 +00:26:56,940 --> 00:27:00,780 +give the consumer the same total utility at + +249 +00:27:00,780 --> 00:27:08,930 +indifference curve two. How do you see? B gives + +250 +00:27:08,930 --> 00:27:13,870 +the same as A, the same as E, the total utility. + +251 +00:27:14,490 --> 00:27:26,570 +So B equals A equals E. So in economics or in + +252 +00:27:26,570 --> 00:27:32,490 +mathematics, in mathematics, in math, + +253 +00:27:34,150 --> 00:27:41,270 +In mathematics, as C equals A equals D and B + +254 +00:27:41,270 --> 00:27:48,390 +equals A equals E, so C equals A equals D equals B + +255 +00:27:48,390 --> 00:27:53,670 +equals E. In economics here, + +256 +00:27:56,790 --> 00:28:00,010 +B is bigger than C. + +257 +00:28:03,900 --> 00:28:10,620 +B is bigger than C. D is bigger than E. In + +258 +00:28:10,620 --> 00:28:11,300 +Eclamics. + +259 +00:28:19,320 --> 00:28:21,900 +B is bigger than C. + +260 +00:28:25,260 --> 00:28:28,760 +And D is bigger than E. + +261 +00:28:34,990 --> 00:28:38,850 +All our life in economics, we follow mathematics. + +262 +00:28:39,550 --> 00:28:44,510 +It means that we follow them parallel. If there is + +263 +00:28:44,510 --> 00:28:48,110 +a contradiction between us and them, there is a + +264 +00:28:48,110 --> 00:28:52,410 +problem. You can't say that economics is better + +265 +00:28:52,410 --> 00:28:57,310 +than mathematics. B, C equals A equals Z equals B + +266 +00:28:57,310 --> 00:29:00,990 +equals E. And in economics, let's say B is bigger + +267 +00:29:00,990 --> 00:29:04,910 +than C and D is bigger than E. So, had a few in + +268 +00:29:04,910 --> 00:29:05,670 +the contradiction. + +269 +00:29:08,250 --> 00:29:15,750 +And so, we say that the indifference curve never + +270 +00:29:15,750 --> 00:29:16,470 +cross. + +271 +00:29:21,890 --> 00:29:22,110 +Okay? + +272 +00:29:28,190 --> 00:29:31,970 +Let's go to the other shapes of indifference for + +273 +00:29:31,970 --> 00:29:36,590 +the indifference curves. We have two other shapes + +274 +00:29:36,590 --> 00:29:37,810 +for indifference curves. + +275 +00:29:40,570 --> 00:29:41,570 +The other shapes. + +276 +00:30:16,830 --> 00:30:22,270 +So let's go to the indifference curve shapes or + +277 +00:30:22,270 --> 00:30:25,250 +different shapes for indifference curves. + +278 +00:30:33,070 --> 00:30:36,950 +We have two other shapes for indifference curve. + +279 +00:30:38,510 --> 00:30:39,190 +Number one, + +280 +00:30:43,190 --> 00:30:47,730 +when the two products X and Y are perfectly + +281 +00:30:47,730 --> 00:30:49,250 +substitutes. + +282 +00:31:08,630 --> 00:31:15,630 +Perfectly substitute fish and meat. We want to get + +283 +00:31:15,630 --> 00:31:21,070 +two products, X and Y, that have perfectly + +284 +00:31:21,070 --> 00:31:21,970 +substitutes. + +285 +00:31:25,070 --> 00:31:27,730 +Number one. + +286 +00:31:28,800 --> 00:31:40,900 +I could IQYQX one + +287 +00:31:40,900 --> 00:31:50,060 +two three four five two + +288 +00:31:50,060 --> 00:31:51,460 +three + +289 +00:32:15,290 --> 00:32:17,010 +This is the IC. + +290 +00:32:21,210 --> 00:32:21,770 +One, + +291 +00:32:25,770 --> 00:32:31,570 +two, three, four. One, two, three, four. That's + +292 +00:32:31,570 --> 00:32:33,290 +it. What do you see? + +293 +00:32:36,640 --> 00:32:44,460 +When we add one unit of X, we give up how many + +294 +00:32:44,460 --> 00:32:47,740 +units? One unit of Y. Adding one more unit, + +295 +00:32:48,560 --> 00:32:48,960 +decreasing. + +296 +00:32:52,700 --> 00:32:56,780 +Which means the marginal rate of substitution in + +297 +00:32:56,780 --> 00:33:01,740 +this case equals how much? Marginal rate of + +298 +00:33:01,740 --> 00:33:05,940 +substitution in all cases will be how much? No. + +299 +00:33:17,190 --> 00:33:21,090 +In this example here, we are talking about a + +300 +00:33:21,090 --> 00:33:28,350 +perfect substitution + +301 +00:33:28,350 --> 00:33:32,130 +between + +302 +00:33:32,130 --> 00:33:35,330 +product + +303 +00:33:35,330 --> 00:33:38,950 +X and Y. + +304 +00:33:44,370 --> 00:33:52,110 +So here, Group A, B, C, and D. + +305 +00:33:54,970 --> 00:34:02,870 +Quantum X, quantum Y, quantum X 1, 2, 3, 4, 4, 3, + +306 +00:34:03,090 --> 00:34:07,370 +2, 1. The marginal rate of substitution here is + +307 +00:34:07,370 --> 00:34:07,890 +fixed. + +308 +00:34:12,210 --> 00:34:13,870 +Who was straight line? + +309 +00:34:17,930 --> 00:34:21,850 +One of the indifference curve shapes or the shapes + +310 +00:34:21,850 --> 00:34:29,830 +of indifference curve might be a straight line. If + +311 +00:34:29,830 --> 00:34:36,150 +the indifference curve was a straight line and + +312 +00:34:36,150 --> 00:34:37,330 +unilateral elastic. + +313 +00:34:43,570 --> 00:34:51,130 +The giving up is fixed and equals one. Okay? So + +314 +00:34:51,130 --> 00:34:56,090 +MRS here, how much is it? Three minus four over + +315 +00:34:56,090 --> 00:34:59,690 +two minus one. Minus one with the absolute value + +316 +00:34:59,690 --> 00:35:03,190 +one. Correct? We are talking about the absolute + +317 +00:35:03,190 --> 00:35:10,130 +values. One, one, one, one. Okay? What about B2? + +318 +00:35:12,040 --> 00:35:18,520 +Depends. Adding one + +319 +00:35:18,520 --> 00:35:19,820 +more unit, giving up. + +320 +00:35:23,360 --> 00:35:30,360 +So, if the two products are perfectly substitutes + +321 +00:35:30,360 --> 00:35:33,140 +in this case, then the difference curve will be a + +322 +00:35:33,140 --> 00:35:36,180 +straight line and the marginal rate of + +323 +00:35:36,180 --> 00:35:41,570 +substitution will be fixed. It's not decreasing + +324 +00:35:41,570 --> 00:35:48,170 +here. Because the + +325 +00:35:48,170 --> 00:35:51,770 +marginal rate of substitution is the slope of this + +326 +00:35:51,770 --> 00:35:56,570 +line, which is fixed at different points. + +327 +00:36:18,650 --> 00:36:22,290 +But in this case, the marginal rate of + +328 +00:36:22,290 --> 00:36:25,070 +substitution will be fixed at different points. + +329 +00:36:42,610 --> 00:36:43,270 +Yes, here. + +330 +00:36:47,450 --> 00:36:50,910 +Keep it like this. But straight line. + +331 +00:36:55,190 --> 00:36:56,210 +This is IC. + +332 +00:36:58,910 --> 00:37:06,030 +This is IC. Keep this 6 and this 2. IC. But larger + +333 +00:37:06,030 --> 00:37:10,630 +slope than the previous one. How much is the slope + +334 +00:37:10,630 --> 00:37:11,070 +here? + +335 +00:37:14,070 --> 00:37:25,270 +And at this + +336 +00:37:25,270 --> 00:37:28,950 +point? Linear. + +337 +00:37:34,120 --> 00:37:35,800 +Perfectly substitution. + +338 +00:37:48,860 --> 00:37:54,280 +Margin rate of substitution equals one. Fixed + +339 +00:37:54,280 --> 00:37:55,000 +constant. + +340 +00:38:03,030 --> 00:38:06,350 +Okay. Let's go to another shape for the + +341 +00:38:06,350 --> 00:38:07,170 +indifference curve. + +342 +00:38:11,350 --> 00:38:17,630 +Indifference curve might be like this. + +343 +00:38:18,070 --> 00:38:20,450 +Quad X, Quad Y. + +344 +00:38:28,030 --> 00:38:29,590 +Indifference curve. I see. + +345 +00:38:35,370 --> 00:38:52,230 +And difference curve, I see. The difference + +346 +00:38:52,230 --> 00:38:53,930 +curve might be like this here. + +347 +00:38:56,930 --> 00:39:01,530 +Let us assume that we are talking about two + +348 +00:39:01,530 --> 00:39:09,150 +products, X and Y. Here we consume two units of X + +349 +00:39:09,150 --> 00:39:17,650 +and three units of Y. Adding one more unit of X. + +350 +00:39:19,710 --> 00:39:27,570 +How much is the giving up of Y? Zero. Adding one + +351 +00:39:27,570 --> 00:39:31,830 +more unit. How much is the giving up? + +352 +00:39:34,750 --> 00:39:38,590 +So the marginal rate of substitution here equals + +353 +00:39:38,590 --> 00:39:46,130 +zero in all cases. Two products are complements. + +354 +00:39:47,610 --> 00:39:51,650 +There is + +355 +00:39:51,650 --> 00:39:56,730 +no substitution. So in this case, the product X + +356 +00:39:56,730 --> 00:40:00,970 +and Y are complements. + +357 +00:40:02,640 --> 00:40:05,220 +Or substitution equals zero. + +358 +00:40:08,320 --> 00:40:14,280 +There is a zero substitution between X and Y if + +359 +00:40:14,280 --> 00:40:20,080 +the indifference curve was L, or like L. + +360 +00:40:21,900 --> 00:40:27,140 +Compliments, yeah. Compliments means... + +361 +00:40:31,500 --> 00:40:35,920 +Zero substitution. There is no substitution. + +362 +00:40:36,160 --> 00:40:40,920 +Substitution equals zero. So the marginal rate of + +363 +00:40:40,920 --> 00:40:47,140 +substitution in this case at one here, at two, in + +364 +00:40:47,140 --> 00:40:52,300 +this example, at two units of X, two units of X, + +365 +00:40:52,600 --> 00:40:55,520 +how many units of Y? Three. + +366 +00:41:04,400 --> 00:41:05,800 +Radio. + +367 +00:41:12,780 --> 00:41:17,140 +Solar panels and battery. + +368 +00:41:32,370 --> 00:41:33,330 +Cars and fuel. + +369 +00:41:36,610 --> 00:41:43,590 +No substitution. That's it. So in this case, two + +370 +00:41:43,590 --> 00:41:49,070 +units of X, three units of Y. Three units of X, + +371 +00:41:49,830 --> 00:41:55,410 +three units of Y. Four units of X and three units + +372 +00:41:55,410 --> 00:42:00,780 +of Y. Five and three. Let's calculate the marginal + +373 +00:42:00,780 --> 00:42:03,500 +rate of substitution or the slope of this line. + +374 +00:42:05,320 --> 00:42:09,700 +How much is it here? Three minus three over three + +375 +00:42:09,700 --> 00:42:13,560 +minus two, zero. Three minus three over zero, + +376 +00:42:13,880 --> 00:42:16,160 +zero. The marginal rate of substitution equals + +377 +00:42:16,160 --> 00:42:17,740 +zero. That's it. + +378 +00:42:21,200 --> 00:42:26,660 +Let's go to the budget line. Okay, let's go to the + +379 +00:42:26,660 --> 00:42:27,260 +budget line. + +380 +00:42:31,460 --> 00:42:33,360 +Let's go to the budget line. + +381 +00:42:41,760 --> 00:42:48,260 +The indifference curve shows the + +382 +00:42:48,260 --> 00:42:53,530 +willingness to buy something. Or the total utility + +383 +00:42:53,530 --> 00:42:57,850 +obtained when we consume or the consumer consumes + +384 +00:42:57,850 --> 00:43:03,030 +different bundles of goods. But to buy, we have to + +385 +00:43:03,030 --> 00:43:08,750 +have the ability to buy, which is the second part + +386 +00:43:08,750 --> 00:43:14,450 +of demand. Because demand represents or talks or + +387 +00:43:14,450 --> 00:43:18,350 +has two parts. A willingness or desire to buy + +388 +00:43:18,350 --> 00:43:23,340 +something, plus the ability to buy. The + +389 +00:43:23,340 --> 00:43:26,980 +willingness to buy can be represented by the + +390 +00:43:26,980 --> 00:43:30,340 +indifference curve, which talks about the total + +391 +00:43:30,340 --> 00:43:32,680 +utility obtained. Here we're talking about the + +392 +00:43:32,680 --> 00:43:35,640 +willingness to buy, the willingness to consume. + +393 +00:43:37,240 --> 00:43:42,160 +Another part can be represented, or the ability to + +394 +00:43:42,160 --> 00:43:46,580 +consume can be represented or discussed out of the + +395 +00:43:46,580 --> 00:43:52,790 +budget line. The budget line means budget. Asari. + +396 +00:43:53,570 --> 00:44:02,550 +Income. Okay? The budget line means خط الميزانية + +397 +00:44:02,550 --> 00:44:06,470 +which represents the ability for the consumer to + +398 +00:44:06,470 --> 00:44:14,710 +buy something. Right? How can we study or learn or + +399 +00:44:14,710 --> 00:44:19,790 +know or derive the budget line? Let us assume that + +400 +00:44:19,790 --> 00:44:23,350 +we are talking about the consumer. And this + +401 +00:44:23,350 --> 00:44:29,350 +consumer is granted a salary or an income of $2 + +402 +00:44:29,350 --> 00:44:34,490 +,000 a month. And so let's just assume that the + +403 +00:44:34,490 --> 00:44:43,730 +consumer's income equals $2,000. And he allocates + +404 +00:44:43,730 --> 00:44:48,590 +his income to buy two products only, X and Y. + +405 +00:44:52,030 --> 00:44:56,230 +Let us assume also that the price per unit of X + +406 +00:44:56,230 --> 00:45:08,230 +price per unit of X equals $40 and the price per + +407 +00:45:08,230 --> 00:45:15,970 +unit of Y equals + +408 +00:45:15,970 --> 00:45:17,970 +$20. + +409 +00:45:25,040 --> 00:45:31,600 +If the consumer wants to buy only X, how many + +410 +00:45:31,600 --> 00:45:38,720 +units of X can he buy? If he tends to buy only X + +411 +00:45:38,720 --> 00:45:42,600 +and zero from Y, how many units of X can he buy? + +412 +00:45:46,760 --> 00:45:50,540 +Which means that the consumer tends to allocate + +413 +00:45:50,540 --> 00:45:58,740 +his income to buy only X. In this case, QX equals + +414 +00:45:58,740 --> 00:46:08,360 +income over price of X. Which equals 2,000 over 40 + +415 +00:46:08,360 --> 00:46:18,010 +dollars equals 50 units. of x and zero from y and + +416 +00:46:18,010 --> 00:46:26,190 +zero of y the zero quant of y if the consumer + +417 +00:46:26,190 --> 00:46:33,310 +wants to buy only y if the consumer wants to buy + +418 +00:46:33,310 --> 00:46:40,790 +only y so income sorry the quant of y equals + +419 +00:46:40,790 --> 00:46:47,600 +income over price of y 2000 over the price of Y, + +420 +00:46:47,760 --> 00:46:56,140 +20, equals 100. 100 units of Y and zero from X. + +421 +00:47:02,020 --> 00:47:11,080 +Here's the quant of X and the quant of Y. Quant of + +422 +00:47:11,080 --> 00:47:13,100 +X, zero, + +423 +00:47:17,900 --> 00:47:27,180 +And 0 from here and 0 from quantum x. Because in + +424 +00:47:27,180 --> 00:47:33,060 +this case, in the first case, he will spend all of + +425 +00:47:33,060 --> 00:47:38,100 +his income to buy only x. How much can he buy? The + +426 +00:47:38,100 --> 00:47:43,540 +ability to buy. Here is the ability to buy y. Or + +427 +00:47:43,540 --> 00:47:51,190 +he can allocate his income to buy X and Y under + +428 +00:47:51,190 --> 00:47:56,810 +the limited budget, the limited income, and the + +429 +00:47:56,810 --> 00:48:03,370 +particular prices here, X and Y. So here, quantum + +430 +00:48:03,370 --> 00:48:19,570 +X, 10, 20, 30, 40, 50, 60, 70, 10, 20, 30, 40, 50, + +431 +00:48:20,210 --> 00:48:26,210 +60, 70, 80, 90, 100. + +432 +00:48:29,510 --> 00:48:34,930 +If the consumer wants to buy only X, how many + +433 +00:48:34,930 --> 00:48:40,450 +units of X can he buy? Fifty. How many units of Y + +434 +00:48:40,450 --> 00:48:41,910 +in this case? Zero. + +435 +00:48:49,310 --> 00:48:55,050 +Or he can buy 100 units of Y and 0 of X. + +436 +00:48:59,470 --> 00:49:04,410 +If we connect these points here, this is the + +437 +00:49:04,410 --> 00:49:11,830 +budget line. Line represents the ability of the + +438 +00:49:11,830 --> 00:49:13,770 +consumer to buy different quantities of goods. + +439 +00:49:15,450 --> 00:49:21,640 +It's a line, it's not a graph. It's a line, line, + +440 +00:49:21,760 --> 00:49:22,840 +line, line here. + +441 +00:49:27,140 --> 00:49:28,060 +Yes, yes, yes. + +442 +00:49:34,660 --> 00:49:36,520 +This is the budget line. + +443 +00:49:51,530 --> 00:49:55,670 +which represents or shows the ability to consumer + +444 +00:49:55,670 --> 00:50:06,310 +to buy different bundles of goods. The consumer + +445 +00:50:06,310 --> 00:50:13,110 +can buy also at if he buys 60 units of Y, how many + +446 +00:50:13,110 --> 00:50:17,730 +units of X can he buy? If he wants to buy 10 units + +447 +00:50:17,730 --> 00:50:21,150 +of X, how many units of Y can he buy? This is a + +448 +00:50:21,150 --> 00:50:26,590 +question here because the consumer can buy only + +449 +00:50:26,590 --> 00:50:34,550 +along the end of the budget line. Any point lies + +450 +00:50:34,550 --> 00:50:36,710 +along the budget line, + +451 +00:50:42,550 --> 00:50:45,910 +the consumer can buy it. + +452 +00:50:53,750 --> 00:50:57,870 +He needs more money, more income. If the prices go + +453 +00:50:57,870 --> 00:51:03,350 +down or went down, he can buy more. Now let us + +454 +00:51:03,350 --> 00:51:10,230 +assume that the consumer income increased from $2 + +455 +00:51:10,230 --> 00:51:15,310 +,000 to $3,000. And the price of X price of Y + +456 +00:51:15,310 --> 00:51:17,970 +remains constant. What will happen to his + +457 +00:51:17,970 --> 00:51:22,500 +capacity, his ability to buy Products. Increase. + +458 +00:51:23,740 --> 00:51:27,280 +In economics, increase, yes. But what will happen + +459 +00:51:27,280 --> 00:51:30,640 +to the budget line? Chips rise. Chips rise, we'll + +460 +00:51:30,640 --> 00:51:36,460 +see. So let us assume that the consumer's income + +461 +00:51:36,460 --> 00:51:46,040 +goes up. Income too. Went up to 3,000. And the + +462 +00:51:46,040 --> 00:51:50,520 +price of X and price of Y remains constant. Or + +463 +00:51:50,520 --> 00:51:51,280 +remain constant. + +464 +00:51:55,760 --> 00:52:05,900 +But in + +465 +00:52:05,900 --> 00:52:09,020 +general here, + +466 +00:52:22,130 --> 00:52:28,330 +Now, the consumer income increased from $2,000 to + +467 +00:52:28,330 --> 00:52:33,690 +$3,000. I equals + +468 +00:52:33,690 --> 00:52:37,970 +$3,000. And the price of X remains constant at + +469 +00:52:37,970 --> 00:52:44,500 +$40. Price of Y remains constant at $20. derive + +470 +00:52:44,500 --> 00:52:46,920 +and draw the new budget line. + +471 +00:52:51,040 --> 00:52:59,820 +The new + +472 +00:52:59,820 --> 00:53:05,140 +budget line, the new budget line, derive and draw + +473 +00:53:05,140 --> 00:53:12,920 +the new budget line. The same idea here. We say + +474 +00:53:12,920 --> 00:53:17,360 +quantity of X equals income over the price of X. + +475 +00:53:17,780 --> 00:53:24,420 +The new income, how much is it? 3000 over 40. How + +476 +00:53:24,420 --> 00:53:25,040 +much is this? + +477 +00:53:29,520 --> 00:53:33,000 +Nu quantity of X. This is Nu. We are talking about + +478 +00:53:33,000 --> 00:53:38,080 +Nu. This is Nu and this is Nu. But there are no + +479 +00:53:38,080 --> 00:53:41,710 +changes in this.because there are changes in the + +480 +00:53:41,710 --> 00:53:46,290 +income, it made changes in the quantity of X. A + +481 +00:53:46,290 --> 00:53:56,490 +new quantity of Y equals a new income over the + +482 +00:53:56,490 --> 00:53:57,990 +price of Y to new. + +483 +00:54:01,270 --> 00:54:05,790 +Work on new. It is new without changes. It is like + +484 +00:54:05,790 --> 00:54:06,610 +working on a new question. + +485 +00:54:09,530 --> 00:54:12,470 +The new كله على new. Without it changes okay. + +486 +00:54:13,010 --> 00:54:18,730 +Without it changes. الآن هيك. The new quarter of Y + +487 +00:54:18,730 --> 00:54:25,930 +equals a new income تلت تلاف over twenty. كده؟ إيش + +488 +00:54:25,930 --> 00:54:30,430 +هذا؟ One hundred fifty. إذا هذا هيك equals three + +489 +00:54:30,430 --> 00:54:33,830 +thousand over two hundred twenty equals one + +490 +00:54:33,830 --> 00:54:34,270 +hundred fifty. + +491 +00:54:37,650 --> 00:54:44,410 +No, the same. It goes up to 150. And this goes up + +492 +00:54:44,410 --> 00:54:52,650 +to 75. And it connects the two together. Parallel + +493 +00:54:52,650 --> 00:54:53,590 +to the previous one. + +494 +00:55:00,310 --> 00:55:02,170 +So, who doesn't understand? + +495 +00:55:11,560 --> 00:55:20,300 +If the consumer's income went down from $2,000 and + +496 +00:55:20,300 --> 00:55:21,940 +the prices remained conistent. + +497 +00:55:26,140 --> 00:55:30,000 +The question + +498 +00:55:30,000 --> 00:55:37,220 +is if the consumer's income went down from $2,000 + +499 +00:55:37,220 --> 00:55:47,260 +to $1,500. From the consumer's income went down + +500 +00:55:47,260 --> 00:55:51,780 +from $2,000 to $1,500. + +501 +00:55:53,580 --> 00:55:59,280 +Derive and draw the new budget line. So in a + +502 +00:55:59,280 --> 00:56:03,440 +quantum X and U. I'm talking about a new quantum + +503 +00:56:03,440 --> 00:56:03,840 +X. + +504 +00:56:14,930 --> 00:56:20,350 +How can the consumer reach the equilibrium? Which + +505 +00:56:20,350 --> 00:56:24,730 +is what is the optimal combination that maximizes + +506 +00:56:24,730 --> 00:56:28,750 +his total utility using the indifference curve + +507 +00:56:28,750 --> 00:56:30,030 +theory and the budget line? + +508 +00:56:35,370 --> 00:56:42,890 +Here, in this case, a new QX equals 1,500 over the + +509 +00:56:42,890 --> 00:56:47,910 +price is good. It's 10, 10, 40? 37 and a half. + +510 +00:56:48,030 --> 00:56:56,730 +Okay. Quant of Y in U, 1,500 over price of Y, 20, + +511 +00:56:57,090 --> 00:56:59,190 +equals how much? 75. + +512 +00:57:16,510 --> 00:57:24,170 +The budget line shifts left parallel to the + +513 +00:57:24,170 --> 00:57:27,610 +previous one inside, + +514 +00:57:29,150 --> 00:57:33,460 +not outside. as the income goes down. + diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/jCmomr-1zG8.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/jCmomr-1zG8.srt new file mode 100644 index 0000000000000000000000000000000000000000..8aad1e494fd7202a1d3e0cb280bc3adfe81a1db1 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/jCmomr-1zG8.srt @@ -0,0 +1,2713 @@ +1 +00:00:20,000 --> 00:00:22,660 +Okay, bismillahirrahmanirrahim. Today, inshallah, + +2 +00:00:22,780 --> 00:00:27,400 +we are going to talk about the, or we'll be + +3 +00:00:27,400 --> 00:00:32,140 +talking about the determinant of the price + +4 +00:00:32,140 --> 00:00:36,060 +elasticity of demand, the income elasticity of + +5 +00:00:36,060 --> 00:00:40,120 +demand, cross price elasticity of demand, and if + +6 +00:00:40,120 --> 00:00:42,520 +we have enough time, we will go to the price + +7 +00:00:42,520 --> 00:00:47,940 +elasticity of supply. The major question here is, + +8 +00:00:50,620 --> 00:00:54,600 +What are the main factors affecting the elasticity + +9 +00:00:54,600 --> 00:00:57,500 +of demand or the price elasticity of demand? What + +10 +00:00:57,500 --> 00:01:01,600 +are the main determinants of the price elasticity + +11 +00:01:01,600 --> 00:01:07,500 +of demand? How can we say that the price or the + +12 +00:01:07,500 --> 00:01:14,180 +demand for Pepsi is elastic? How can we or why do + +13 +00:01:14,180 --> 00:01:19,600 +we say that The price elasticity of demand for a + +14 +00:01:19,600 --> 00:01:25,000 +flower is inelastic. This is the question here. + +15 +00:01:25,460 --> 00:01:26,240 +Yes. + +16 +00:01:32,640 --> 00:01:36,680 +No. In general, in general, what are the main + +17 +00:01:36,680 --> 00:01:40,560 +factors affecting the elasticity? Why do we say + +18 +00:01:40,560 --> 00:01:44,080 +that the demand for flower is inelastic? + +19 +00:01:46,740 --> 00:01:51,820 +Exactly. Number one is the availability of + +20 +00:01:51,820 --> 00:01:55,600 +substitutes. So here, the main determinants of the + +21 +00:01:55,600 --> 00:01:57,000 +price elasticity of demand. + +22 +00:02:01,340 --> 00:02:07,080 +Number one + +23 +00:02:07,080 --> 00:02:10,700 +is the availability of substitutes. + +24 +00:02:24,720 --> 00:02:30,580 +The demand for Pepsi is elastic because it has so + +25 +00:02:30,580 --> 00:02:37,140 +many substitutes. The demand for Pepsi is + +26 +00:02:37,140 --> 00:02:38,260 +elastic. + +27 +00:02:40,780 --> 00:02:46,760 +The demand for flour is inelastic. + +28 +00:02:53,780 --> 00:02:58,700 +for medicine, for drugs, is perfectly inelastic. + +29 +00:03:06,840 --> 00:03:14,120 +Perfectly inelastic. Which means that if the + +30 +00:03:14,120 --> 00:03:19,240 +product has many substitutes. Pepsi has many + +31 +00:03:19,240 --> 00:03:23,020 +substitutes, like Coca-Cola, like 7-Up, like + +32 +00:03:23,020 --> 00:03:28,360 +Miranda. So here we have so many substitutes. + +33 +00:03:30,680 --> 00:03:37,940 +Medicine, drugs. Specific type of medicine. Like + +34 +00:03:37,940 --> 00:03:41,260 +the demand for insulin for the diabetic patients. + +35 +00:03:43,590 --> 00:03:48,810 +Pepsi has many substitutes. So here we have many + +36 +00:03:48,810 --> 00:03:51,110 +substitutes for the product, so the demand will be + +37 +00:03:51,110 --> 00:03:54,510 +elastic. Here, if demand for a flower has one + +38 +00:03:54,510 --> 00:03:58,950 +substitute, so demand will be less elastic. + +39 +00:04:00,810 --> 00:04:05,490 +medicine or one type of medicine is important, is + +40 +00:04:05,490 --> 00:04:09,990 +necessary for the, it has no substitutes. In this + +41 +00:04:09,990 --> 00:04:12,410 +case, we can see that the demand is perfectly + +42 +00:04:12,410 --> 00:04:16,530 +inelastic, which means the lower number of + +43 +00:04:16,530 --> 00:04:20,970 +substitutes or the less number of substitutes, the + +44 +00:04:20,970 --> 00:04:26,610 +less demand or the less elasticity of demand. The + +45 +00:04:26,610 --> 00:04:32,340 +more number of substitutes, the more elastic + +46 +00:04:32,340 --> 00:04:38,000 +demand. So increasing the number of substitutes + +47 +00:04:38,000 --> 00:04:46,360 +increases + +48 +00:04:46,360 --> 00:04:50,800 +or increases the price elasticity of demand. + +49 +00:04:51,980 --> 00:04:55,800 +Increase the price elasticity of demand. All + +50 +00:04:55,800 --> 00:04:57,580 +right? Okay. + +51 +00:05:01,280 --> 00:05:04,760 +Is it clear? Let's go to something else, or the + +52 +00:05:04,760 --> 00:05:08,900 +second determinant of demand, or the price + +53 +00:05:08,900 --> 00:05:11,680 +elasticity of demand. The second determinant of + +54 +00:05:11,680 --> 00:05:14,620 +the price elasticity of demand, which is what? + +55 +00:05:17,080 --> 00:05:20,920 +Yeah, who can give us the second? Yes, where? + +56 +00:05:21,800 --> 00:05:26,800 +Okay, see? Okay, sorry? + +57 +00:05:29,600 --> 00:05:32,200 +The amount of income spent on the product. + +58 +00:05:35,300 --> 00:05:40,120 +Number two, the necessity of the product for the + +59 +00:05:40,120 --> 00:05:44,320 +consumer. The necessity of the product for the + +60 +00:05:44,320 --> 00:05:48,600 +consumer. Is the product important? Is it + +61 +00:05:48,600 --> 00:05:51,700 +necessary for the consumer or not? This is the + +62 +00:05:51,700 --> 00:05:59,020 +question. So number two is the necessity + +63 +00:06:04,110 --> 00:06:08,090 +of the product for + +64 +00:06:08,090 --> 00:06:08,810 +the consumer. + +65 +00:06:15,970 --> 00:06:20,050 +Is it easy to give up it? Is it necessary for the + +66 +00:06:20,050 --> 00:06:23,850 +consumer? Like the demand for flour here. Demand + +67 +00:06:23,850 --> 00:06:27,370 +for flour, is the flour, is it necessary for the + +68 +00:06:27,370 --> 00:06:31,130 +consumer or not? The medicine, is it necessary for + +69 +00:06:31,130 --> 00:06:36,520 +the consumer? Yes. The more important of the + +70 +00:06:36,520 --> 00:06:42,260 +product here, the more important. + +71 +00:06:45,480 --> 00:06:48,240 +The more the product is important for the + +72 +00:06:48,240 --> 00:06:54,460 +consumer, the more the product is + +73 +00:06:54,460 --> 00:06:59,500 +important for + +74 +00:06:59,500 --> 00:07:00,320 +the consumers, + +75 +00:07:08,860 --> 00:07:22,560 +The less elastic demand. The less + +76 +00:07:22,560 --> 00:07:26,700 +elasticity + +77 +00:07:26,700 --> 00:07:31,300 +of demand + +78 +00:07:31,300 --> 00:07:34,520 +will be. + +79 +00:07:37,750 --> 00:07:43,710 +Because the price in assistive demand, PED, P-E-D, + +80 +00:07:45,010 --> 00:07:48,510 +price in assistive demand formula is the change in + +81 +00:07:48,510 --> 00:07:51,750 +quantity demanded percent over the change in price + +82 +00:07:51,750 --> 00:07:56,890 +percent. Let us assume that the price of a flower + +83 +00:07:56,890 --> 00:08:00,340 +increased by 10 percent. The quantity demanded + +84 +00:08:00,340 --> 00:08:06,440 +goes down by less than 10%, 3%. Let us assume 3%. + +85 +00:08:06,440 --> 00:08:12,020 +How about the absolute value? 0.3. The absolute 0 + +86 +00:08:12,020 --> 00:08:19,240 +.3. It's less than 1. Yes. The giving up, the + +87 +00:08:19,240 --> 00:08:24,260 +necessity of the product, the giving up is less. + +88 +00:08:24,880 --> 00:08:25,020 +Yes. + +89 +00:08:30,060 --> 00:08:32,020 +The more the product is important for the + +90 +00:08:32,020 --> 00:08:36,540 +consumer, he cannot get or she cannot give up it + +91 +00:08:36,540 --> 00:08:40,300 +when the price increases. So, the demand will be + +92 +00:08:40,300 --> 00:08:48,240 +less elastic, okay? For Pepsi, it's not necessary + +93 +00:08:48,240 --> 00:08:52,000 +for the consumer and it's easy to give up it when + +94 +00:08:52,000 --> 00:08:54,120 +the product, when the price goes up. + +95 +00:08:59,150 --> 00:09:03,870 +The demand declined by 40% because the consumer + +96 +00:09:03,870 --> 00:09:08,030 +will- the product is less necessary or it's not + +97 +00:09:08,030 --> 00:09:13,890 +necessary for the consumer. Minus four equals + +98 +00:09:13,890 --> 00:09:17,030 +four. + +99 +00:09:18,650 --> 00:09:21,710 +It's less than one. Sorry, bigger than one. So the + +100 +00:09:21,710 --> 00:09:25,690 +demand will be elastic. So the more necessary the + +101 +00:09:25,690 --> 00:09:28,840 +product, for the consumer, the more the product is + +102 +00:09:28,840 --> 00:09:32,000 +important for the consumer, the demand will be + +103 +00:09:32,000 --> 00:09:38,940 +less elastic. Okay? The third point or the third + +104 +00:09:38,940 --> 00:09:45,200 +determinant of demand is what your mate or + +105 +00:09:45,200 --> 00:09:51,600 +classmate said, which is the amount of + +106 +00:09:51,600 --> 00:09:57,490 +income spent on the product. The amount, so the + +107 +00:09:57,490 --> 00:10:03,390 +third determinant of the price elasticity of + +108 +00:10:03,390 --> 00:10:13,330 +demand is number three, the amount of + +109 +00:10:13,330 --> 00:10:18,930 +income spent on the product. + +110 +00:10:24,630 --> 00:10:31,450 +And let's have the following example. The demand + +111 +00:10:31,450 --> 00:10:38,550 +for salt. The price + +112 +00:10:38,550 --> 00:10:42,610 +of + +113 +00:10:42,610 --> 00:10:45,530 +salt is an example here. + +114 +00:10:53,740 --> 00:11:02,360 +The price per kilogram of salt equals one shekel, + +115 +00:11:02,840 --> 00:11:10,720 +which represents a small part of your income, a + +116 +00:11:10,720 --> 00:11:14,580 +small portion of your income, a small amount of + +117 +00:11:14,580 --> 00:11:15,180 +your income. + +118 +00:11:24,250 --> 00:11:29,410 +So salt represents or the portion of your own salt + +119 +00:11:29,410 --> 00:11:37,190 +and your income is very small here. The amount of + +120 +00:11:37,190 --> 00:11:46,270 +income spent on salt is small or very small. Let + +121 +00:11:46,270 --> 00:11:52,860 +us assume that the price of salt increased by 50%. + +122 +00:11:52,860 --> 00:12:00,520 +Let us assume that the price of salt increased by + +123 +00:12:00,520 --> 00:12:07,500 +50%. 50 + +124 +00:12:07,500 --> 00:12:10,220 +% increased. + +125 +00:12:13,520 --> 00:12:16,620 +The quantity demanded of salt. + +126 +00:12:29,010 --> 00:12:32,790 +So the price increase, the price of salt per + +127 +00:12:32,790 --> 00:12:36,510 +kilogram of salt increased by 50%. The quantity + +128 +00:12:36,510 --> 00:12:43,730 +demanded of salt might be increased by 2%, just + +129 +00:12:43,730 --> 00:12:44,770 +2%. + +130 +00:12:51,840 --> 00:12:54,960 +Change required demanded percent over change in + +131 +00:12:54,960 --> 00:12:58,140 +price percent. According to our assumption here + +132 +00:12:58,140 --> 00:13:03,140 +that the price of salt increased by 50%. Had a + +133 +00:13:03,140 --> 00:13:07,340 +nozzle by 2%. Minus positive. + +134 +00:13:10,280 --> 00:13:15,020 +Zero point + +135 +00:13:15,020 --> 00:13:21,950 +zero four. The absolute value. It's less than + +136 +00:13:21,950 --> 00:13:27,610 +equals 0.04. It's less than one. Is it elastic or + +137 +00:13:27,610 --> 00:13:33,150 +inelastic? Inelastic. Inelastic. Inelastic. + +138 +00:13:35,630 --> 00:13:36,250 +Inelastic. + +139 +00:13:38,750 --> 00:13:39,810 +Inelastic. Inelastic. Inelastic. Inelastic. + +140 +00:13:40,550 --> 00:13:41,590 +Inelastic. Inelastic. Inelastic. Inelastic. + +141 +00:13:42,330 --> 00:13:42,330 +Inelastic. Inelastic. Inelastic. Inelastic. + +142 +00:13:42,370 --> 00:13:42,590 +Inelastic. Inelastic. Inelastic. Inelastic. + +143 +00:13:42,590 --> 00:13:42,630 +Inelastic. Inelastic. Inelastic. Inelastic. + +144 +00:13:42,630 --> 00:13:42,890 +Inelastic. Inelastic. Inelastic. Inelastic. + +145 +00:13:42,890 --> 00:13:42,930 +Inelastic. Inelastic. Inelastic. Inelastic. + +146 +00:13:42,930 --> 00:13:43,150 +Inelastic. Inelastic. Inelastic. Inelastic. + +147 +00:13:43,150 --> 00:13:43,390 +Inelastic. Inelastic. Inelastic. Inelastic. + +148 +00:13:43,410 --> 00:13:44,030 +Inelastic. + +149 +00:13:47,170 --> 00:13:52,500 +Inelastic. In And less elastic. Demand is + +150 +00:13:52,500 --> 00:13:57,400 +inelastic. Let the portion of the product high in + +151 +00:13:57,400 --> 00:14:01,880 +the budget. Like the demand for what? + +152 +00:14:04,360 --> 00:14:07,640 +Clothes. Okay. How much does it make from your + +153 +00:14:07,640 --> 00:14:11,960 +income? This spending is the difference from one + +154 +00:14:11,960 --> 00:14:15,680 +consumer to another. Take the product that makes + +155 +00:14:15,680 --> 00:14:17,600 +50% of your income from your expenses. + +156 +00:14:27,720 --> 00:14:37,120 +They will try to find other substitutes. As the + +157 +00:14:37,120 --> 00:14:40,200 +amount of income spent on the product will be + +158 +00:14:40,200 --> 00:14:45,120 +small, the demand for product will be less + +159 +00:14:45,120 --> 00:14:45,720 +elastic. + +160 +00:14:51,870 --> 00:14:55,990 +The fourth determinant of the price elasticity of + +161 +00:14:55,990 --> 00:15:01,410 +demand, what is it? What is the fourth factor + +162 +00:15:01,410 --> 00:15:05,970 +affect the price elasticity of demand? The + +163 +00:15:05,970 --> 00:15:08,290 +consumer's income or wealth. + +164 +00:15:11,250 --> 00:15:16,850 +Number four is + +165 +00:15:16,850 --> 00:15:17,690 +the consumer + +166 +00:15:21,260 --> 00:15:23,180 +income or wealth? + +167 +00:15:30,540 --> 00:15:38,680 +If the price of a chicken goes up by 20%, who is + +168 +00:15:38,680 --> 00:15:41,900 +more affected, the rich or the poor? The wealthy + +169 +00:15:41,900 --> 00:15:46,380 +families or poor families? Exactly. Who has the + +170 +00:15:46,380 --> 00:15:49,440 +highest giving up? Who sacrifices more? + +171 +00:15:52,740 --> 00:15:57,400 +Let's have the following example here. The wealthy + +172 +00:15:57,400 --> 00:15:57,960 +families, + +173 +00:16:02,740 --> 00:16:09,420 +or rich families, or rich individuals, and poor + +174 +00:16:09,420 --> 00:16:10,180 +individuals, + +175 +00:16:18,550 --> 00:16:22,910 +What the families means, the rich families. And + +176 +00:16:22,910 --> 00:16:28,050 +let's have the chickens example here. If the price + +177 +00:16:28,050 --> 00:16:36,090 +of a chicken increased + +178 +00:16:36,090 --> 00:16:39,170 +by 30%, + +179 +00:16:44,420 --> 00:16:47,700 +Analysis on the quantity demanded for wealthy + +180 +00:16:47,700 --> 00:16:52,660 +families and the effects or impacts on the demand + +181 +00:16:52,660 --> 00:16:55,620 +for poor individuals or poor families. + +182 +00:16:59,340 --> 00:17:04,380 +For this + +183 +00:17:04,380 --> 00:17:08,500 +assumption here, the price of a chicken increased + +184 +00:17:08,500 --> 00:17:14,690 +by 30%. What's the price of meat? All right. For + +185 +00:17:14,690 --> 00:17:15,670 +the rich families, + +186 +00:17:20,170 --> 00:17:23,190 +or + +187 +00:17:23,190 --> 00:17:25,950 +the families with higher income, + +188 +00:17:28,690 --> 00:17:33,950 +should have seen the price increased by 30%. I + +189 +00:17:33,950 --> 00:17:38,050 +expect that the quantity demanded will go down by + +190 +00:17:38,050 --> 00:17:40,550 +maybe 5%. This is an assumption. + +191 +00:17:43,630 --> 00:17:45,850 +So let's calculate the price elasticity of demand + +192 +00:17:45,850 --> 00:17:50,850 +for checking for the rich families here. So PED + +193 +00:17:50,850 --> 00:17:54,830 +equals + +194 +00:17:54,830 --> 00:17:57,650 +change in quantity demanded percent over change in + +195 +00:17:57,650 --> 00:18:01,190 +price percent. How much is increasing the prices? + +196 +00:18:01,870 --> 00:18:07,510 +Thirty percent and the quantity demanded for rich + +197 +00:18:07,510 --> 00:18:11,810 +families declined by five percent. Negative? + +198 +00:18:12,230 --> 00:18:12,490 +Positive? + +199 +00:18:16,150 --> 00:18:24,050 +Minus one over six equals minus + +200 +00:18:24,050 --> 00:18:24,930 +zero point. + +201 +00:18:28,450 --> 00:18:32,970 +Zero point. + +202 +00:18:34,410 --> 00:18:37,390 +Six percent. The absolute value equals zero point + +203 +00:18:37,390 --> 00:18:42,970 +sixteen. It's less than one. So, the demand here + +204 +00:18:42,970 --> 00:18:44,0 + +223 +00:20:36,090 --> 00:20:43,810 +positive 30 equals minus 2.33. The absolute value + +224 +00:20:43,810 --> 00:20:48,510 +equals 2.33. It's bigger than one. The demand is + +225 +00:20:48,510 --> 00:20:58,290 +elastic. So the demand for poor families is more + +226 +00:20:58,290 --> 00:21:02,390 +elastic than the demand for the rich families, + +227 +00:21:03,490 --> 00:21:08,370 +rich individuals, which means the higher income + +228 +00:21:08,370 --> 00:21:14,150 +is, or the consumers is, the lower or the less + +229 +00:21:14,150 --> 00:21:22,110 +elasticity of demand is. The higher income will be + +230 +00:21:22,110 --> 00:21:29,490 +the consumers with higher income. With higher + +231 +00:21:29,490 --> 00:21:34,630 +wealth, the demand will be less elastic. The less + +232 +00:21:34,630 --> 00:21:42,790 +elastic demand will be. Okay? The last + +233 +00:21:42,790 --> 00:21:47,090 +determinant of demand, what is it? What is the + +234 +00:21:47,090 --> 00:21:49,510 +last determinant of the price elasticity of + +235 +00:21:49,510 --> 00:21:55,340 +demand? Time, yes. Let's go to the last + +236 +00:21:55,340 --> 00:21:57,580 +determinant of the price and assistance of demand + +237 +00:21:57,580 --> 00:22:03,280 +which is time. Number five is the time here. + +238 +00:22:10,780 --> 00:22:14,340 +Here we have to distinguish between the long run + +239 +00:22:14,340 --> 00:22:15,620 +and the short run. + +240 +00:22:21,210 --> 00:22:27,350 +short run, short term, and long term. + +241 +00:22:40,070 --> 00:22:46,590 +In the short term, the + +242 +00:22:46,590 --> 00:22:52,320 +demand will be less elastic in the long term, or + +243 +00:22:52,320 --> 00:22:57,520 +than the long term. To understand the idea, let's + +244 +00:22:57,520 --> 00:22:58,640 +have the following example. + +245 +00:23:02,160 --> 00:23:03,120 +The smokers, + +246 +00:23:06,460 --> 00:23:13,000 +in the short run, let us assume that the price per + +247 +00:23:13,000 --> 00:23:19,950 +pack of cigarettes increased by two shakers or + +248 +00:23:19,950 --> 00:23:24,670 +five shakers. In the short run, increasing the + +249 +00:23:24,670 --> 00:23:34,150 +prices per pack of cigarettes increased + +250 +00:23:34,150 --> 00:23:36,450 +by five shakers. + +251 +00:23:42,330 --> 00:23:48,270 +The quantity demanded will decline. Let us assume + +252 +00:23:48,270 --> 00:23:51,630 +that the price increased by 40 percent. + +253 +00:23:55,210 --> 00:24:02,430 +In the short run, the quantity demanded will go + +254 +00:24:02,430 --> 00:24:07,990 +down, let us assume by 20 percent. + +255 +00:24:13,090 --> 00:24:16,690 +The demand for cigarettes in general is inelastic + +256 +00:24:16,690 --> 00:24:18,850 +because it has few number of substitutes. + +257 +00:24:21,790 --> 00:24:25,610 +So the demand is inelastic in general. + +258 +00:24:30,050 --> 00:24:31,010 +In the long term, + +259 +00:24:33,870 --> 00:24:38,890 +the smokers will try to find substitutes or to + +260 +00:24:38,890 --> 00:24:40,470 +kick the habit here. + +261 +00:24:43,810 --> 00:24:49,930 +The long term. Because they cannot afford, they + +262 +00:24:49,930 --> 00:24:53,150 +will try to adapt the situation. + +263 +00:24:56,850 --> 00:25:05,470 +So they + +264 +00:25:05,470 --> 00:25:10,060 +will try to kick the habit here. So the demand + +265 +00:25:10,060 --> 00:25:14,460 +will be, the giving up will be higher. The demand + +266 +00:25:14,460 --> 00:25:18,860 +will be more elastic. Right? You don't understand? + +267 +00:25:19,360 --> 00:25:20,780 +Okay, another example. + +268 +00:25:24,000 --> 00:25:27,080 +Five or six years ago, there was a problem with + +269 +00:25:27,080 --> 00:25:32,540 +fuel in the country. Do you remember? The gallon, + +270 +00:25:32,880 --> 00:25:38,580 +which is twenty liters, was one hundred dollars. I + +271 +00:25:38,580 --> 00:25:41,040 +remember that I bought it for $100. This gallon + +272 +00:25:41,040 --> 00:25:45,860 +for the jeep. I bought it for $100. What you will + +273 +00:25:45,860 --> 00:25:51,760 +find is that the price is lower. It's 6x2, 120 + +274 +00:25:51,760 --> 00:25:53,900 +shekels. Okay? + +275 +00:25:56,860 --> 00:25:59,560 +The question is that people in the short run + +276 +00:25:59,560 --> 00:26:02,300 +understood the situation. They understood that the + +277 +00:26:02,300 --> 00:26:05,660 +price was high. So the quantity of demand declined + +278 +00:26:05,660 --> 00:26:13,700 +by A small, a smaller amount, percentage. In the + +279 +00:26:13,700 --> 00:26:17,380 +long term, they will try to find substitutes. + +280 +00:26:18,480 --> 00:26:21,520 +Because they went to where? The sewerage. Those + +281 +00:26:21,520 --> 00:26:24,900 +who have Mercedes cars. What happened to them? + +282 +00:26:25,720 --> 00:26:28,900 +They went to the cooking gas, and some people went + +283 +00:26:28,900 --> 00:26:35,260 +to the sewerage. Meaning, they tried to find new + +284 +00:26:35,260 --> 00:26:39,430 +substitutes. So in the long term, the demand + +285 +00:26:39,430 --> 00:26:47,270 +becomes or has become more elastic. In the short + +286 +00:26:47,270 --> 00:26:50,410 +run, it's difficult to find substitutes. The + +287 +00:26:50,410 --> 00:26:53,950 +demand + +288 +00:26:53,950 --> 00:26:58,090 +will be less elastic. In the long term, they try + +289 +00:26:58,090 --> 00:27:00,170 +to find new substitutes. + +290 +00:27:02,490 --> 00:27:03,010 +More elastic. + +291 +00:27:06,610 --> 00:27:13,170 +In the short run, demand is inelastic or less + +292 +00:27:13,170 --> 00:27:13,750 +elastic. + +293 +00:27:18,250 --> 00:27:22,370 +In the long term, the consumers will try to find + +294 +00:27:22,370 --> 00:27:24,970 +new substitutes for the product. They cannot + +295 +00:27:24,970 --> 00:27:25,530 +afford + +296 +00:27:34,270 --> 00:27:37,130 +They cannot adapt with the situation. They will + +297 +00:27:37,130 --> 00:27:41,070 +try to find a new substitutes for the product. So + +298 +00:27:41,070 --> 00:27:44,170 +in the long-term, the demand will be more elastic + +299 +00:27:44,170 --> 00:27:48,350 +than + +300 +00:27:48,350 --> 00:27:55,440 +the short-run. Let's go to something else. As we + +301 +00:27:55,440 --> 00:27:57,660 +mentioned before that the price elasticity of + +302 +00:27:57,660 --> 00:28:01,080 +demand represents the relationship between the + +303 +00:28:01,080 --> 00:28:03,960 +change in prices or the percentage change in + +304 +00:28:03,960 --> 00:28:07,060 +quantity demanded due to the change in the price. + +305 +00:28:07,480 --> 00:28:11,080 +The PED shows + +306 +00:28:11,080 --> 00:28:14,160 +the + +307 +00:28:14,160 --> 00:28:16,260 +percentage change in quantity demanded + +308 +00:28:18,750 --> 00:28:21,770 +Due to the change, the percentage change in price. + +309 +00:28:22,650 --> 00:28:26,790 +What will happen to the quantity demanded when the + +310 +00:28:26,790 --> 00:28:32,370 +price is changed? And we said that the price + +311 +00:28:32,370 --> 00:28:37,630 +elasticity of demand is always negative because it + +312 +00:28:37,630 --> 00:28:40,870 +shows or represents the negative relationship + +313 +00:28:40,870 --> 00:28:43,430 +between the prices and the quantity demanded. As + +314 +00:28:43,430 --> 00:28:46,430 +the price goes up, the quantity demanded goes + +315 +00:28:46,430 --> 00:28:51,760 +down, and it's always negative. Due to the theory + +316 +00:28:51,760 --> 00:28:55,300 +because here declining positive or sometimes if + +317 +00:28:55,300 --> 00:28:57,440 +the price goes down, the quantity demanded will go + +318 +00:28:57,440 --> 00:29:00,600 +up. So it's always the sign is always negative. + +319 +00:29:00,720 --> 00:29:03,580 +The negative sign here represents the negative + +320 +00:29:03,580 --> 00:29:05,760 +relationship between the prices and the quantity + +321 +00:29:05,760 --> 00:29:11,480 +demanded in all cases. The exceptions to theory in + +322 +00:29:11,480 --> 00:29:15,200 +some products are not found here. These are in + +323 +00:29:15,200 --> 00:29:19,820 +advanced courses. Let's go to the income + +324 +00:29:19,820 --> 00:29:24,280 +elasticity of demand. Income elasticity of demand, + +325 +00:29:25,880 --> 00:29:27,060 +IED. + +326 +00:29:31,580 --> 00:29:36,820 +IED is the change in the quantity demanded percent + +327 +00:29:36,820 --> 00:29:41,980 +over the change in income percent. Which means + +328 +00:29:41,980 --> 00:29:47,740 +what will happen to the quantity demanded, If + +329 +00:29:47,740 --> 00:29:49,420 +income, it changed. + +330 +00:29:54,780 --> 00:29:58,940 +This is income elasticity of demand, not the price + +331 +00:29:58,940 --> 00:30:02,600 +elasticity of demand. It's an income elasticity of + +332 +00:30:02,600 --> 00:30:06,160 +demand. What will happen to the quantity demanded + +333 +00:30:06,160 --> 00:30:12,530 +if income goes up or goes down? Let us assume that + +334 +00:30:12,530 --> 00:30:16,210 +the consumer's income increases. What will happen + +335 +00:30:16,210 --> 00:30:20,630 +to the quantity demanded? Not always, because we + +336 +00:30:20,630 --> 00:30:23,710 +have to talk about or distinguish between the + +337 +00:30:23,710 --> 00:30:27,250 +normal goods and inferior goods, which has been + +338 +00:30:27,250 --> 00:30:33,770 +studied in the last chapter. Normal goods, like + +339 +00:30:33,770 --> 00:30:38,830 +demand for fresh meat, and inferior goods, like + +340 +00:30:38,830 --> 00:30:43,470 +the demand for inferior goods. So here, + +341 +00:30:45,670 --> 00:30:46,710 +frozen meat. + +342 +00:30:50,010 --> 00:30:55,830 +As income goes up, what will happen to demand for + +343 +00:30:55,830 --> 00:30:59,750 +frozen? The demand or the quantity demanded goes + +344 +00:30:59,750 --> 00:31:06,510 +down. So the sign here will be negative. + +345 +00:31:08,850 --> 00:31:11,670 +Frozen meat is an inferior good. + +346 +00:31:16,610 --> 00:31:19,910 +Increasing the consumer's income leads to a + +347 +00:31:19,910 --> 00:31:24,250 +declining in the quantity demanded. So the sign + +348 +00:31:24,250 --> 00:31:27,910 +will be what? Negative. Because you're increasing, + +349 +00:31:28,270 --> 00:31:33,350 +declining, the positive times negative, then the + +350 +00:31:33,350 --> 00:31:37,530 +sign will be negative. Right? For fresh meat. + +351 +00:31:43,210 --> 00:31:48,690 +As the consumer's income go up or goes up, the + +352 +00:31:48,690 --> 00:31:52,910 +demand for products go up. So positive, positive, + +353 +00:31:53,170 --> 00:31:56,570 +the result will be positive here. Or negative, + +354 +00:31:56,750 --> 00:32:01,010 +negative, the result will be positive. So here + +355 +00:32:01,010 --> 00:32:02,610 +we're talking about normal goods. + +356 +00:32:08,130 --> 00:32:11,390 +The sign here has a meaning. + +357 +00:32:19,530 --> 00:32:25,210 +If the income elasticity of demand has a positive + +358 +00:32:25,210 --> 00:32:31,550 +sign, the product will be normal. If it has a + +359 +00:32:31,550 --> 00:32:35,390 +negative sign, it should be inferior. + +360 +00:32:38,390 --> 00:32:42,310 +The same formula, a midpoint formula. But instead + +361 +00:32:42,310 --> 00:32:45,950 +of the price, you have to put income. You have to + +362 +00:32:45,950 --> 00:32:53,580 +use income. The same formula. But here, the + +363 +00:32:53,580 --> 00:32:56,840 +difference is the sign has a meaning here. And the + +364 +00:32:56,840 --> 00:32:59,660 +price elasticity of demand, it's always negative. + +365 +00:33:00,160 --> 00:33:02,620 +The meaning here is just to represent their + +366 +00:33:02,620 --> 00:33:04,720 +negative relationship or to show the relationship + +367 +00:33:04,720 --> 00:33:06,800 +between, the negative relationship between the + +368 +00:33:06,800 --> 00:33:09,280 +prices and the quantum demand. Here, it has a + +369 +00:33:09,280 --> 00:33:13,440 +meaning. If the sign of the income elasticity of + +370 +00:33:13,440 --> 00:33:18,370 +demand was positive, the good is normal. Here + +371 +00:33:18,370 --> 00:33:22,090 +negative signs should be inferred and let's have + +372 +00:33:22,090 --> 00:33:23,190 +examples. + +373 +00:33:27,590 --> 00:33:31,330 +The price elasticity of demand, the midpoint + +374 +00:33:31,330 --> 00:33:36,710 +formula. The price elasticity of demand formula, + +375 +00:33:36,870 --> 00:33:41,430 +the midpoint formula, the ARC formula, The price + +376 +00:33:41,430 --> 00:33:47,390 +elasticity of demand was QD2 minus QD1 over P2 + +377 +00:33:47,390 --> 00:33:52,350 +minus P1 times the summation of sum of prices P2 + +378 +00:33:52,350 --> 00:33:58,630 +plus P1 over QD2 plus QD1. For the income + +379 +00:33:58,630 --> 00:34:03,870 +elasticity of demand, the same formula, but we + +380 +00:34:03,870 --> 00:34:09,570 +have to use income here. Q1 demanded 2 minus Q1 + +381 +00:34:09,570 --> 00:34:15,130 +demanded 1 over I2 minus I1 times summation of I's + +382 +00:34:15,130 --> 00:34:22,390 +here I2 plus I1 over QD2 plus QD1. That's it. + +383 +00:34:25,390 --> 00:34:28,330 +So here we have two formulas. The first integer + +384 +00:34:28,330 --> 00:34:33,530 +here formula and the midpoint formula. + +385 +00:34:36,590 --> 00:34:43,830 +So let us assume that if the consumer's income, if + +386 +00:34:43,830 --> 00:34:51,630 +Ahmed's income increased + +387 +00:34:51,630 --> 00:34:59,370 +by 30%, therefore, + +388 +00:35:01,150 --> 00:35:02,670 +hence, + +389 +00:35:04,970 --> 00:35:12,090 +His consumption of chicken + +390 +00:35:12,090 --> 00:35:16,630 +declined + +391 +00:35:16,630 --> 00:35:24,530 +by 20%. + +392 +00:35:31,430 --> 00:35:35,010 +Calculate his consumption, his demand, the + +393 +00:35:35,010 --> 00:35:36,230 +quantity demanded. + +394 +00:35:41,490 --> 00:35:51,210 +Calculate the income elasticity of demand and + +395 +00:35:51,210 --> 00:35:55,830 +determine state + +396 +00:35:55,830 --> 00:35:59,730 +the + +397 +00:35:59,730 --> 00:36:03,220 +type Other product here. + +398 +00:36:08,980 --> 00:36:13,160 +Frozen or + +399 +00:36:13,160 --> 00:36:15,080 +fresh? + +400 +00:36:17,080 --> 00:36:21,100 +So let's go to answer the question here. + +401 +00:36:38,590 --> 00:36:44,550 +And the state, state will determine the type of + +402 +00:36:44,550 --> 00:36:50,210 +chicken here. Is it normal or inferior? Why? + +403 +00:36:58,370 --> 00:37:02,930 +Income elasticity of demand equals change in + +404 +00:37:02,930 --> 00:37:05,350 +quantity demanded percent over change in income + +405 +00:37:05,350 --> 00:37:05,750 +percent. + +406 +00:37:09,190 --> 00:37:13,270 +So income elasticity of demand here equals change + +407 +00:37:13,270 --> 00:37:14,210 +in the quantity demanded. + +408 +00:37:17,270 --> 00:37:21,470 +His consumption of a chicken goes down or went + +409 +00:37:21,470 --> 00:37:24,970 +down by 20%. So here we have a negative sign. + +410 +00:37:25,830 --> 00:37:34,970 +Minus 20% over his income goes up by 30%, positive + +411 +00:37:34,970 --> 00:37:35,970 +30%. + +412 +00:37:38,650 --> 00:37:43,570 +Minus 0.6. Here, we are not talking about the + +413 +00:37:43,570 --> 00:37:44,430 +absolute value. + +414 +00:37:48,010 --> 00:37:53,170 +The question is, calculate the income elasticity + +415 +00:37:53,170 --> 00:37:59,190 +of demand. Is it elastic or inelastic? Inelastic. + +416 +00:37:59,630 --> 00:38:04,250 +Because the absolute value is less than 1. The + +417 +00:38:04,250 --> 00:38:09,580 +demand here is inelastic. Because the absolute + +418 +00:38:09,580 --> 00:38:16,560 +value is less than one. This is the case here. + +419 +00:38:17,320 --> 00:38:22,120 +Number two, to determine or to state the type of + +420 +00:38:22,120 --> 00:38:26,700 +the product here. We have a negative sign here, + +421 +00:38:27,020 --> 00:38:31,580 +which means as the end cup goes up, the quantity + +422 +00:38:31,580 --> 00:38:36,280 +demand goes down or went down. The chicken here is + +445 +00:41:14,490 --> 00:41:20,390 +down by 50%. + +446 +00:41:20,390 --> 00:41:23,950 +That's his requirements. + +447 +00:41:27,660 --> 00:41:33,160 +Income went down by 30%. Hence, the consumption + +448 +00:41:33,160 --> 00:41:37,020 +declined, the quantity demanded declined by 50%. + +449 +00:41:37,020 --> 00:41:41,220 +The + +450 +00:41:41,220 --> 00:41:45,880 +price + +451 +00:41:45,880 --> 00:41:50,840 +elasticity + +452 +00:41:50,840 --> 00:41:52,660 +of demand equals change in quantity demanded + +453 +00:41:52,660 --> 00:41:56,780 +percent over percent change in income. So IED. + +454 +00:41:58,630 --> 00:42:03,330 +Equals the quantity demanded goes down by 50%. + +455 +00:42:03,330 --> 00:42:11,570 +Negative 50% over the percentage as the consumer's + +456 +00:42:11,570 --> 00:42:16,570 +income declined or went down by 30% minus 30%. + +457 +00:42:16,570 --> 00:42:23,050 +Equals sine negative negative negative. equals + +458 +00:42:23,050 --> 00:42:28,150 +positive 1.6, which means that the demand here is + +459 +00:42:28,150 --> 00:42:35,150 +elastic and the product is normal here because the + +460 +00:42:35,150 --> 00:42:36,410 +positive sign here. + +461 +00:42:38,970 --> 00:42:45,310 +Demand is elastic because the absolute value of + +462 +00:42:45,310 --> 00:42:52,330 +IED is Positive or bigger than one. And the + +463 +00:42:52,330 --> 00:42:54,790 +chicken here is a normal good. + +464 +00:42:59,970 --> 00:43:04,210 +Because then the sign here is positive. And this + +465 +00:43:04,210 --> 00:43:06,510 +we say can be fresh chicken. + +466 +00:43:09,890 --> 00:43:10,690 +Okay? + +467 +00:43:14,710 --> 00:43:20,130 +Let's apply the midpoint formula. Let's apply the + +468 +00:43:20,130 --> 00:43:21,290 +midpoint formula. + +469 +00:43:47,300 --> 00:43:51,840 +As we said that, the midpoint formula for the + +470 +00:43:51,840 --> 00:43:56,000 +income elasticity of demand is as follows here. + +471 +00:43:56,960 --> 00:44:00,640 +IED equals Q2 minus Q1 over I2 minus I1 times + +472 +00:44:00,640 --> 00:44:04,400 +summation of income and sum of the quantity + +473 +00:44:04,400 --> 00:44:08,940 +demanded. Let's have the following example. + +474 +00:44:18,400 --> 00:44:19,880 +If we have the following data, + +475 +00:44:22,500 --> 00:44:29,820 +one, two, + +476 +00:44:34,040 --> 00:44:35,220 +income, + +477 +00:44:38,060 --> 00:44:43,980 +one thousand + +478 +00:44:43,980 --> 00:44:47,680 +shekels, NIS, + +479 +00:44:51,220 --> 00:44:52,280 +1,200. + +480 +00:44:55,000 --> 00:45:00,440 +Quant demanded was seven. And this is unknown. + +481 +00:45:06,040 --> 00:45:12,520 +If income elasticity of demand equals minus two. + +482 +00:45:15,820 --> 00:45:22,200 +How much is the quantity demanded of this product + +483 +00:45:22,200 --> 00:45:26,380 +when income increased from 1,000 shekels to 1,200. + +484 +00:45:28,280 --> 00:45:33,500 +Which means you have the following data. When your + +485 +00:45:33,500 --> 00:45:38,940 +income was 1,000 shekels, your consumption, your + +486 +00:45:38,940 --> 00:45:44,460 +demand was seven units. This is units by number of + +487 +00:45:44,460 --> 00:45:44,740 +units. + +488 +00:45:49,020 --> 00:45:50,760 +Your consumption was seven. + +489 +00:45:54,700 --> 00:45:57,380 +When the consumer's income, when your income + +490 +00:45:57,380 --> 00:46:03,120 +increased to 1,200 from 1,000 to 1,200 shekels, + +491 +00:46:03,420 --> 00:46:08,760 +what will happen to your consumption, your demand? + +492 +00:46:10,160 --> 00:46:15,340 +I don't know. If the income elasticity of demand + +493 +00:46:15,340 --> 00:46:17,800 +was minus two, calculated. + +494 +00:46:20,420 --> 00:46:25,920 +and determine the type of the product. How much is + +495 +00:46:25,920 --> 00:46:36,720 +it Q2? This is I1, I2, QD1, QD2. And IED is known + +496 +00:46:36,720 --> 00:46:45,980 +here. Calculate Q2. Number two. Determine or state + +497 +00:46:45,980 --> 00:46:49,080 +the type of the product. Is it normal or inferior? + +498 +00:46:49,480 --> 00:46:55,760 +Why? Is it normal or inferior? Inferior, because + +499 +00:46:55,760 --> 00:47:02,840 +you're negative sign of IED. Solution is IED using + +500 +00:47:02,840 --> 00:47:10,080 +this formula here. IED equals Q2 minus Q1 over I2 + +501 +00:47:10,080 --> 00:47:19,020 +minus I1 times I2 plus I1 over Q2 plus Q1. So IED. + +502 +00:47:21,060 --> 00:47:22,340 +Sorry? + +503 +00:47:39,030 --> 00:47:44,570 +You are free. You can use times I1 over QD1. + +504 +00:47:44,870 --> 00:47:55,130 +That's it. But this is IED + +505 +00:47:55,130 --> 00:48:05,670 +equals minus 2 equals Q2 minus Q1. minus QD17 over + +506 +00:48:05,670 --> 00:48:16,850 +I2 minus I1, 1200 minus 1000 times 1200 plus 1000 + +507 +00:48:16,850 --> 00:48:21,770 +over Q2 plus 7. + +508 +00:48:26,330 --> 00:48:30,990 +Minus two equals Q to minus seven over two hundred + +509 +00:48:30,990 --> 00:48:36,210 +times two thousand two hundred over Q to plus + +510 +00:48:36,210 --> 00:48:43,350 +seven. Minus two equals Q to minus seven over + +511 +00:48:43,350 --> 00:48:50,390 +times one eleven. + +512 +00:48:54,230 --> 00:49:02,570 +x11 over q2 plus 7 minus + +513 +00:49:02,570 --> 00:49:16,650 +2 equals 11 times q2 over q2 minus 77 over q2 + +514 +00:49:16,650 --> 00:49:18,270 +plus 7 + +515 +00:49:24,530 --> 00:49:34,570 +Minus 2 times Q2 plus 7 equals 11Q2 minus 77. So + +516 +00:49:34,570 --> 00:49:43,670 +minus 2Q2 minus 14 equals 11Q2 minus 77. + +517 +00:49:46,410 --> 00:49:56,550 +Minus 2Q2 minus 11Q2 equals minus 77 plus 14. So + +518 +00:49:56,550 --> 00:50:08,930 +minus 13Q2 equals minus 63. So Q2 equals minus 63 + +519 +00:50:08,930 --> 00:50:18,040 +over minus 13 equals how much? Positive 4.84. + +520 +00:50:19,960 --> 00:50:25,540 +Okay. So the quantity demanded two here equals how + +521 +00:50:25,540 --> 00:50:28,580 +much? 4.84. + +522 +00:50:31,760 --> 00:50:35,360 +What does this mean here? As the consumer's income + +523 +00:50:35,360 --> 00:50:41,660 +goes up from 1000 shekels to 1200, the quantity + +524 +00:50:41,660 --> 00:50:48,240 +demanded goes or went down from seven to 4.8. The + +525 +00:50:48,240 --> 00:50:51,180 +demand is or the product here is an inferior. + +526 +00:51:17,010 --> 00:51:20,790 +Okay, let's go to the crisp price elasticity of + +527 +00:51:20,790 --> 00:51:27,850 +demand. Okay, break, two minutes. Okay, let's go + +528 +00:51:27,850 --> 00:51:32,030 +to the cross price elasticity of demand. Cross + +529 +00:51:32,030 --> 00:51:35,690 +price + +530 +00:51:35,690 --> 00:51:41,470 +elasticity of demand. + +531 +00:51:44,770 --> 00:51:51,910 +But before that, let's come back to the + +532 +00:51:51,910 --> 00:51:55,370 +relationship between the products. different + +533 +00:51:55,370 --> 00:51:59,370 +products. Like the demand for or the price of fuel + +534 +00:51:59,370 --> 00:52:03,130 +and + +535 +00:52:03,130 --> 00:52:04,150 +demand for cars. + +536 +00:52:11,550 --> 00:52:17,850 +The price of meat and + +537 +00:52:17,850 --> 00:52:20,570 +demand or demand for chicken. + +538 +00:52:29,940 --> 00:52:38,520 +price of cars and demand for computers. + +539 +00:52:46,000 --> 00:52:51,580 +I think that we had an idea about this point. As + +540 +00:52:51,580 --> 00:52:58,180 +we mentioned that as the price of a fuel goes up, + +541 +00:52:59,330 --> 00:53:05,130 +The demand for cars goes down. These two products + +542 +00:53:05,130 --> 00:53:10,130 +are complement. There is a complementary relations + +543 +00:53:10,130 --> 00:53:16,630 +between the prices of one product, product X, and + +544 +00:53:16,630 --> 00:53:21,290 +the quantity demanded or demand for product Y. + +545 +00:53:21,850 --> 00:53:27,330 +Right? So if the sign here positive, negative, the + +546 +00:53:27,330 --> 00:53:30,930 +final result would be negative. Positive times + +547 +00:53:30,930 --> 00:53:34,770 +negative, negative. These two products are + +548 +00:53:34,770 --> 00:53:36,030 +complements. + +549 +00:53:42,150 --> 00:53:47,650 +This is the product X, the price of X. and the + +550 +00:53:47,650 --> 00:53:52,070 +quantity demanded of what? Or the price of A and + +551 +00:53:52,070 --> 00:53:55,810 +quantity demanded of B? Product A and the product + +552 +00:53:55,810 --> 00:54:01,510 +B. Here, the + +553 +00:54:01,510 --> 00:54:03,710 +price of meat and the quantity demanded of + +554 +00:54:03,710 --> 00:54:07,930 +chicken. As the price of meat goes up, the + +555 +00:54:07,930 --> 00:54:10,370 +quantity demanded for chicken goes up as well. + +556 +00:54:11,730 --> 00:54:15,270 +Because the consumers will try to substitute these + +557 +00:54:15,270 --> 00:54:17,450 +products. These two products are what? + +558 +00:54:18,610 --> 00:54:21,090 +Substitutes. The sign here is positive. Positive + +559 +00:54:21,090 --> 00:54:23,890 +times positive, the final result will be positive. + +560 +00:54:24,650 --> 00:54:27,630 +The price, yes, yes, yes, chapter two. + +561 +00:54:36,410 --> 00:54:40,590 +As the price of meat goes down, the demand for + +562 +00:54:40,590 --> 00:54:46,630 +chicken goes down. So it should be positive. If + +563 +00:54:46,630 --> 00:54:50,330 +the sign is positive here, these two products are + +564 +00:54:50,330 --> 00:54:51,070 +substitutes. + +565 +00:54:53,410 --> 00:55:00,120 +This is zero. There is no relation between + +566 +00:55:00,120 --> 00:55:04,280 +computers and cars. So increasing the price of + +567 +00:55:04,280 --> 00:55:09,500 +cars has no effects on the demand for computers. + +568 +00:55:09,980 --> 00:55:13,040 +So these two products are independent. + +569 +00:55:33,310 --> 00:55:41,010 +ED or Cross Price Elasticity of Demand. Cross + +570 +00:55:41,010 --> 00:55:47,470 +Price CPED, Cross Price Elasticity of Demand. For + +571 +00:55:47,470 --> 00:55:52,870 +product B converted to A. For B, product B + +572 +00:55:52,870 --> 00:56:02,310 +converted to A. equals QD for + +573 +00:56:02,310 --> 00:56:08,690 +B percent over the percentage change in price of + +574 +00:56:08,690 --> 00:56:09,790 +A. + +575 +00:56:14,000 --> 00:56:19,040 +If the price of a product A increased by 1%, what + +576 +00:56:19,040 --> 00:56:23,240 +will happen to the demand for product B? Goes up, + +577 +00:56:23,360 --> 00:56:26,960 +goes down, un-changed, and it depends on to + +578 +00:56:26,960 --> 00:56:31,760 +determine what is the relation between product A + +579 +00:56:31,760 --> 00:56:37,760 +and B. Here, the sign is important. If it is like + +580 +00:56:37,760 --> 00:56:43,090 +this, In this case, in the first case, as the + +581 +00:56:43,090 --> 00:56:52,210 +price of a product A increased by 1%, and the + +582 +00:56:52,210 --> 00:56:56,610 +quantity demanded of + +583 +00:56:56,610 --> 00:57:04,490 +a product B, cars, goes down by + +584 +00:57:04,490 --> 00:57:09,810 +5%. What does this mean? The sign will be + +585 +00:57:09,810 --> 00:57:11,230 +negative. + +586 +00:57:13,130 --> 00:57:17,950 +So the product B and A are what? Complements. + +587 +00:57:19,190 --> 00:57:23,810 +These two products are complements. If the price + +588 +00:57:23,810 --> 00:57:31,670 +of product A goes up and the demand for chicken + +589 +00:57:31,670 --> 00:57:33,670 +goes up as well. + +590 +00:57:36,510 --> 00:57:43,190 +So these two products are substitutes. If her + +591 +00:57:43,190 --> 00:57:47,030 +price of product increased and had an unchanged. + +592 +00:57:51,990 --> 00:57:57,490 +Independent. We'll take an example. You don't + +593 +00:57:57,490 --> 00:57:58,050 +understand, right? + +594 +00:58:00,950 --> 00:58:03,750 +This is understanding. + +595 +00:58:13,690 --> 00:58:15,090 +Compliments. + +596 +00:58:32,630 --> 00:58:35,170 +Let's have the following example to understand the + +597 +00:58:35,170 --> 00:58:38,630 +idea of the cross price elasticity of demand. We + +598 +00:58:38,630 --> 00:58:42,890 +have the following table. We have three products. + +599 +00:58:48,270 --> 00:58:48,930 +Price. + +600 +00:59:06,430 --> 00:59:07,250 +one dimension, + +601 +00:59:12,030 --> 00:59:18,130 +product A, product B, + +602 +00:59:21,170 --> 00:59:23,730 +and product C. + +603 +00:59:27,930 --> 00:59:31,450 +And let us assume that we have the following data, + +604 +00:59:31,950 --> 00:59:34,430 +prices 10, + +605 +00:59:41,950 --> 00:59:43,550 +Twenty-five. + +606 +01:00:10,520 --> 01:00:15,540 +If price period + +607 +01:00:15,540 --> 01:00:26,300 +of product A increased + +608 +01:00:26,300 --> 01:00:33,780 +from + +609 +01:00:33,780 --> 01:00:38,700 +10 to 15. + +610 +01:00:44,040 --> 01:00:46,960 +This has followed by the following changes. + +611 +01:00:52,380 --> 01:00:55,320 +And this leads to the following changes. + +612 +01:00:59,240 --> 01:01:07,520 +Price, QD, Product A, B, C. + +613 +01:02:21,680 --> 01:02:24,480 +Calculate price. + +614 +01:02:28,220 --> 01:02:35,920 +In this + +615 +01:02:35,920 --> 01:02:41,380 +example, We are going to study the relationship + +616 +01:02:41,380 --> 01:02:45,740 +between different bounded circuits or different + +617 +01:02:45,740 --> 01:02:49,920 +groups or different products. + +618 +01:02:50,720 --> 01:02:52,820 +And we have the following data. + +619 +01:02:57,140 --> 01:03:01,620 +Product A, here we have the prices, one demanded + +620 +01:03:01,620 --> 01:03:08,270 +product A, product B, product C. The price, Of a + +621 +01:03:08,270 --> 01:03:12,790 +product A was 10. The quantity demanded was 100. + +622 +01:03:13,670 --> 01:03:18,050 +Product B, the price was 20. Quantity demanded was + +623 +01:03:18,050 --> 01:03:26,350 +62. Product C, 5 and 90. Now, the price of a + +624 +01:03:26,350 --> 01:03:32,930 +product A goes up or went up from 10 to 15. This + +625 +01:03:32,930 --> 01:03:39,120 +has followed by the following changes. The price + +626 +01:03:39,120 --> 01:03:45,260 +of product A increased from 10 to 15. And citrus + +627 +01:03:45,260 --> 01:03:48,660 +purpose, the prices of product B and C remained + +628 +01:03:48,660 --> 01:03:52,940 +constant without changes, which means the price of + +629 +01:03:52,940 --> 01:03:56,580 +product B and C remains constant. But the change + +630 +01:03:56,580 --> 01:04:03,560 +in price A leads to the following changes. As the + +631 +01:04:03,560 --> 01:04:09,580 +price of a product A goes up from 10 to 15, the + +632 +01:04:09,580 --> 01:04:13,620 +quantity demanded goes down or went down from 100 + +633 +01:04:13,620 --> 01:04:17,380 +to 80. This is for the same product. And this is + +634 +01:04:17,380 --> 01:04:21,720 +logical. Right? The theory says that as the price + +635 +01:04:21,720 --> 01:04:25,400 +of product A goes up, the quantity demanded goes + +636 +01:04:25,400 --> 01:04:31,280 +down. Right? As the price product A goes up, the + +637 +01:04:31,280 --> 01:04:37,420 +quantity demanded of product B goes up from 62 to + +638 +01:04:37,420 --> 01:04:43,440 +70. As the price A goes up, the quantity demanded + +639 +01:04:43,440 --> 01:04:50,480 +of product C goes down from 90 to 85. Right? This + +640 +01:04:50,480 --> 01:04:55,240 +is the given data. Calculate the gross price + +641 +01:04:55,240 --> 01:04:55,940 +elasticity + +642 + + +667 +01:08:03,680 --> 01:08:09,380 +here we have to determine the points that had a price + +668 +01:08:09,380 --> 01:08:12,420 +product A and P, A, 1. + +669 +01:08:20,530 --> 01:08:24,330 +Right? These are the classifications. All of this + +670 +01:08:24,330 --> 01:08:28,050 +is 1. And here in the schedule, this is 2. Right? + +671 +01:08:28,450 --> 01:08:33,630 +This is the price of A, 1. And this is the + +672 +01:08:33,630 --> 01:08:40,450 +quantity demanded of A. This is 1. Let's say Q is + +673 +01:08:40,450 --> 01:08:46,670 +what? 1. Right? Well, this is the price of P, 1. + +674 +01:08:48,130 --> 01:08:56,000 +And this is Q of B, one. Had a price of C, one. + +675 +01:08:56,580 --> 01:09:02,540 +And this is QC, one. If it is correct, the + +676 +01:09:02,540 --> 01:09:06,600 +question is over. This is two. This is price of A, + +677 +01:09:07,300 --> 01:09:12,000 +two. This is all two. Table two. This is table + +678 +01:09:12,000 --> 01:09:20,350 +two. And this is table one, four. So, P A2. And + +679 +01:09:20,350 --> 01:09:29,210 +this is PB2. And this is PC2. Right? Correct? Then + +680 +01:09:29,210 --> 01:09:36,290 +we come here Q, Q, A2. Not one. All two. + +681 +01:09:39,310 --> 01:09:39,990 +QB2. + +682 +01:09:42,510 --> 01:09:49,420 +QC2. Right? Again. All right. Let's go straight to + +683 +01:09:49,420 --> 01:09:49,740 +the formula. + +684 +01:09:53,220 --> 01:10:05,420 +CP A D B converted to A equals QB2 minus QB1 over + +685 +01:10:05,420 --> 01:10:11,280 +PA2 minus PA1 times QB2. Where is QB2? Q is here, + +686 +01:10:11,740 --> 01:10:15,060 +70. If I got it right, the question will be + +687 +01:10:15,060 --> 01:10:27,030 +solved. This is 70. minus QP1 Q62 over + +688 +01:10:27,030 --> 01:10:30,970 +PA2 + +689 +01:10:30,970 --> 01:10:38,350 +minus PA1 PA2 15 minus + +690 +01:10:38,350 --> 01:10:41,650 +PA1 10. + +691 +01:10:44,300 --> 01:10:48,740 +Times 15 plus + +692 +01:10:48,740 --> 01:11:00,400 +10 over 70 plus 62. So CPD equals positive 8 over + +693 +01:11:00,400 --> 01:11:11,400 +positive 5 times 1525 over 132. So B compared to + +694 +01:11:11,400 --> 01:11:21,320 +A. equals, how much is it? 1, 540 over 132, + +695 +01:11:21,760 --> 01:11:28,100 +0 point how much? 300.03, + +696 +01:11:32,000 --> 01:11:38,980 +okay, positive. So here, the demand is inelastic, + +697 +01:11:39,920 --> 01:11:44,400 +Because the absolute value here is less than one. + +698 +01:11:44,920 --> 01:11:48,060 +Number two, what is the relationship between the + +699 +01:11:48,060 --> 01:11:51,900 +product A and B? Are they or is it complementary + +700 +01:11:51,900 --> 01:11:57,580 +relations or substitutes? Substitutes because + +701 +01:11:57,580 --> 01:12:01,920 +increasing the price of a product A, B, A leads to + +702 +01:12:01,920 --> 01:12:03,920 +increasing the demand for product B. + +703 +01:12:10,070 --> 01:12:17,150 +Chicken, meat, or fuel with cars? So here, I state + +704 +01:12:17,150 --> 01:12:19,730 +the relationship between product A and B. I say + +705 +01:12:19,730 --> 01:12:26,750 +that the sign here of cross-price elasticity of + +706 +01:12:26,750 --> 01:12:31,290 +demand for product B compared to A is positive. + +707 +01:12:33,550 --> 01:12:40,960 +They are substitutes. Because product A and B are + +708 +01:12:40,960 --> 01:12:42,660 +substitutes. + +709 +01:12:46,520 --> 01:12:50,980 +A and + +710 +01:12:50,980 --> 01:13:01,780 +C. C converted to A. The price of A from 10 to 15. + +711 +01:13:02,460 --> 01:13:10,890 +The quantity demanded of C was 90. Who is in for + +712 +01:13:10,890 --> 01:13:15,790 +285? Are they compliments or substitutes? + +713 +01:13:17,070 --> 01:13:18,870 +Compliments. Compliments. It's going to be a + +714 +01:13:18,870 --> 01:13:26,930 +negative sign. Right? Right? Like the price of + +715 +01:13:26,930 --> 01:13:32,030 +fuel and demand for cars. Take this assignment and + +716 +01:13:32,030 --> 01:13:36,800 +work on it. Calculate the cross price elasticity + +717 +01:13:36,800 --> 01:13:39,780 +demand for product C compared to A. + +718 +01:13:43,860 --> 01:13:49,180 +And state the relationship between product A and + +719 +01:13:49,180 --> 01:13:49,700 +C. + +720 +01:13:58,240 --> 01:13:59,120 +Number three. + +721 +01:14:01,980 --> 01:14:03,060 +Calculate + +722 +01:14:07,440 --> 01:14:10,020 +Calculate cross price elasticity of demand for + +723 +01:14:10,020 --> 01:14:19,140 +product C converted to A. C converted to A. Number + +724 +01:14:19,140 --> 01:14:27,020 +two, + +725 +01:14:27,320 --> 01:14:31,380 +understand the relationship between product A and + +726 +01:14:31,380 --> 01:14:31,740 +C. + +727 +01:14:34,400 --> 01:14:37,180 +This depends on the sign here. Number three, + +728 +01:14:38,120 --> 01:14:38,700 +calculate. + +729 +01:14:47,600 --> 01:14:54,400 +Number three, calculate the price elasticity of + +730 +01:14:54,400 --> 01:14:55,960 +demand for product A. + +731 +01:15:03,410 --> 01:15:05,130 +Is it elastic or inelastic? + +732 +01:15:14,230 --> 01:15:15,490 +Number four. + +733 +01:15:29,030 --> 01:15:37,270 +Calculate the total revenue for product A before + +734 +01:15:37,270 --> 01:15:47,970 +and after changes in the prices. Calculate total + +735 +01:15:47,970 --> 01:15:54,330 +revenue of + +736 +01:15:54,330 --> 01:15:58,390 +or + +737 +01:15:58,390 --> 01:16:06,040 +generated Total revenue generated from + +738 +01:16:06,040 --> 01:16:09,360 +selling + +739 +01:16:09,360 --> 01:16:17,960 +product A before + +740 +01:16:17,960 --> 01:16:26,500 +and after changing prices. Before and + +741 +01:16:26,500 --> 01:16:40,060 +after. The change in prices before + +742 +01:16:40,060 --> 01:16:47,380 +increasing the prices from 10 to 15. How much was + +743 +01:16:47,380 --> 01:16:49,380 +the total revenue and how much did it become? diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/jCmomr-1zG8_postprocess.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/jCmomr-1zG8_postprocess.srt new file mode 100644 index 0000000000000000000000000000000000000000..9e074e5047e64978c48222a343d5326a7994718f --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/jCmomr-1zG8_postprocess.srt @@ -0,0 +1,2972 @@ +1 +00:00:20,000 --> 00:00:22,660 +Okay, bismillahirrahmanirrahim. Today, inshallah, + +2 +00:00:22,780 --> 00:00:27,400 +we are going to talk about the, or we'll be + +3 +00:00:27,400 --> 00:00:32,140 +talking about the determinant of the price + +4 +00:00:32,140 --> 00:00:36,060 +elasticity of demand, the income elasticity of + +5 +00:00:36,060 --> 00:00:40,120 +demand, gross price elasticity of demand, and if + +6 +00:00:40,120 --> 00:00:42,520 +we have enough time, we will go to the price + +7 +00:00:42,520 --> 00:00:47,940 +elasticity of supply. The major question here is, + +8 +00:00:50,620 --> 00:00:54,600 +What are the main factors affecting the elasticity + +9 +00:00:54,600 --> 00:00:57,500 +of demand or the price elasticity of demand? What + +10 +00:00:57,500 --> 00:01:01,600 +are the main determinants of the price elasticity + +11 +00:01:01,600 --> 00:01:07,500 +of demand? How can we say that the price or the + +12 +00:01:07,500 --> 00:01:14,180 +demand for Pepsi is elastic? How can we or why do + +13 +00:01:14,180 --> 00:01:19,600 +we say that The price elasticity of demand for a + +14 +00:01:19,600 --> 00:01:25,000 +flower is inelastic. This is the question here. + +15 +00:01:25,460 --> 00:01:26,240 +Yes. + +16 +00:01:32,640 --> 00:01:36,680 +No. In general, in general, what are the main + +17 +00:01:36,680 --> 00:01:40,560 +factors affecting the elasticity? Why do we say + +18 +00:01:40,560 --> 00:01:44,080 +that the demand for flower is inelastic? + +19 +00:01:46,740 --> 00:01:51,820 +Exactly. Number one is the availability of + +20 +00:01:51,820 --> 00:01:55,600 +substitutes. So here, the main determinants of the + +21 +00:01:55,600 --> 00:01:57,000 +price elasticity of demand. + +22 +00:02:01,340 --> 00:02:07,080 +Number one + +23 +00:02:07,080 --> 00:02:10,700 +is the availability of substitutes. + +24 +00:02:24,720 --> 00:02:30,580 +The demand for Pepsi is elastic because it has so + +25 +00:02:30,580 --> 00:02:37,140 +many substitutes. The demand for Pepsi is + +26 +00:02:37,140 --> 00:02:38,260 +elastic. + +27 +00:02:40,780 --> 00:02:46,760 +The demand for flour is inelastic. + +28 +00:02:53,780 --> 00:02:58,700 +for medicine, for drugs, is perfectly inelastic. + +29 +00:03:06,840 --> 00:03:14,120 +Perfectly inelastic. Which means that if the + +30 +00:03:14,120 --> 00:03:19,240 +product has Many substitutes. Pepsi has many + +31 +00:03:19,240 --> 00:03:23,020 +substitutes, like Coca-Cola, like 7-Up, like + +32 +00:03:23,020 --> 00:03:28,360 +Miranda. So here we have so many substitutes. + +33 +00:03:30,680 --> 00:03:37,940 +Medicine, drugs. Specific type of medicine. Like + +34 +00:03:37,940 --> 00:03:41,260 +the demand for insulin for the diabetic patients. + +35 +00:03:43,590 --> 00:03:48,810 +Pepsi has many substitutes. So here we have many + +36 +00:03:48,810 --> 00:03:51,110 +substitutes for the product, so the demand will be + +37 +00:03:51,110 --> 00:03:54,510 +elastic. Here, if demand for a flower has one + +38 +00:03:54,510 --> 00:03:58,950 +substitute, so demand will be less elastic. + +39 +00:04:00,810 --> 00:04:05,490 +medicine or one type of medicine is important, is + +40 +00:04:05,490 --> 00:04:09,990 +necessary for the, it has no substitutes. In this + +41 +00:04:09,990 --> 00:04:12,410 +case, we can see that the demand is perfectly + +42 +00:04:12,410 --> 00:04:16,530 +inelastic, which means the lower number of + +43 +00:04:16,530 --> 00:04:20,970 +substitutes or the less number of substitutes, the + +44 +00:04:20,970 --> 00:04:26,610 +less demand or the less elasticity of demand. The + +45 +00:04:26,610 --> 00:04:32,340 +more number of substitutes, the more elastic + +46 +00:04:32,340 --> 00:04:38,000 +demand. So increasing the number of substitutes + +47 +00:04:38,000 --> 00:04:46,360 +increases + +48 +00:04:46,360 --> 00:04:50,800 +or increases the price elasticity of demand. + +49 +00:04:51,980 --> 00:04:55,800 +Increase the price elasticity of demand. All + +50 +00:04:55,800 --> 00:04:57,580 +right? Okay. + +51 +00:05:01,280 --> 00:05:04,760 +Is it clear? Let's go to something else, or the + +52 +00:05:04,760 --> 00:05:08,900 +second determinant of demand, or the price + +53 +00:05:08,900 --> 00:05:11,680 +elasticity of demand. The second determinant of + +54 +00:05:11,680 --> 00:05:14,620 +the price elasticity of demand, which is what? + +55 +00:05:17,080 --> 00:05:20,920 +Yeah, who can give us the second? Yes, where? + +56 +00:05:21,800 --> 00:05:26,800 +Okay, see? Okay, sorry? + +57 +00:05:29,600 --> 00:05:32,200 +The amount of income spent on the product. + +58 +00:05:35,300 --> 00:05:40,120 +Number two, the necessity of the product for the + +59 +00:05:40,120 --> 00:05:44,320 +consumer. The necessity of the product for the + +60 +00:05:44,320 --> 00:05:48,600 +consumer. Is the product important? Is it + +61 +00:05:48,600 --> 00:05:51,700 +necessary for the consumer or not? This is the + +62 +00:05:51,700 --> 00:05:59,020 +question. So number two is the necessity + +63 +00:06:04,110 --> 00:06:08,090 +of the product for + +64 +00:06:08,090 --> 00:06:08,810 +the consumer. + +65 +00:06:15,970 --> 00:06:20,050 +Is it easy to give up it? Is it necessary for the + +66 +00:06:20,050 --> 00:06:23,850 +consumer? Like the demand for flour here. Demand + +67 +00:06:23,850 --> 00:06:27,370 +for flour, is the flour, is it necessary for the + +68 +00:06:27,370 --> 00:06:31,130 +consumer or not? The medicine, is it necessary for + +69 +00:06:31,130 --> 00:06:36,520 +the consumer? Yes. The more important of the + +70 +00:06:36,520 --> 00:06:42,260 +product here, the more important. + +71 +00:06:45,480 --> 00:06:48,240 +The more the product is important for the + +72 +00:06:48,240 --> 00:06:54,460 +consumer, the more the product is + +73 +00:06:54,460 --> 00:06:59,500 +important for + +74 +00:06:59,500 --> 00:07:00,320 +the consumers, + +75 +00:07:08,860 --> 00:07:22,560 +The less elastic demand. The less + +76 +00:07:22,560 --> 00:07:26,700 +elasticity + +77 +00:07:26,700 --> 00:07:31,300 +of demand + +78 +00:07:31,300 --> 00:07:34,520 +will be. + +79 +00:07:37,750 --> 00:07:43,710 +Because the price in assistive demand, PED, P-E-D, + +80 +00:07:45,010 --> 00:07:48,510 +price in assistive demand formula is the change in + +81 +00:07:48,510 --> 00:07:51,750 +quantity demanded percent over the change in price + +82 +00:07:51,750 --> 00:07:56,890 +percent. Let us assume that the price of a flower + +83 +00:07:56,890 --> 00:08:00,340 +increased by 10 percent. The quantity demanded + +84 +00:08:00,340 --> 00:08:06,440 +goes down by less than 10%, 3%. Let us assume 3%. + +85 +00:08:06,440 --> 00:08:12,020 +How about the absolute value? 0.3. The absolute 0 + +86 +00:08:12,020 --> 00:08:19,240 +.3. It's less than 1. Yes. The giving up, the + +87 +00:08:19,240 --> 00:08:24,260 +necessity of the product, the giving up is less. + +88 +00:08:24,880 --> 00:08:25,020 +Yes. + +89 +00:08:30,060 --> 00:08:32,020 +The more the product is important for the + +90 +00:08:32,020 --> 00:08:36,540 +consumer, he cannot get or she cannot give up it + +91 +00:08:36,540 --> 00:08:40,300 +when the price increases. So, the demand will be + +92 +00:08:40,300 --> 00:08:48,240 +less elastic, okay? For Pepsi, it's not necessary + +93 +00:08:48,240 --> 00:08:52,000 +for the consumer and it's easy to give up it when + +94 +00:08:52,000 --> 00:08:54,120 +the product, when the price goes up. + +95 +00:08:59,150 --> 00:09:03,870 +The demand declined by 40% because the consumer + +96 +00:09:03,870 --> 00:09:08,030 +will- the product is less necessary or it's not + +97 +00:09:08,030 --> 00:09:13,890 +necessary for the consumer. Minus four equals + +98 +00:09:13,890 --> 00:09:17,030 +four. + +99 +00:09:18,650 --> 00:09:21,710 +It's less than one. Sorry, bigger than one. So the + +100 +00:09:21,710 --> 00:09:25,690 +demand will be elastic. So the more necessary the + +101 +00:09:25,690 --> 00:09:28,840 +product, for the consumer, the more the product is + +102 +00:09:28,840 --> 00:09:32,000 +important for the consumer, the demand will be + +103 +00:09:32,000 --> 00:09:38,940 +less elastic. Okay? The third point or the third + +104 +00:09:38,940 --> 00:09:45,200 +determinant of demand is what your mate or + +105 +00:09:45,200 --> 00:09:51,600 +classmate said, which is the amount of + +106 +00:09:51,600 --> 00:09:57,490 +income spent on the product. The amount, so the + +107 +00:09:57,490 --> 00:10:03,390 +third determinant of the price elasticity of + +108 +00:10:03,390 --> 00:10:13,330 +demand is number three, the amount of + +109 +00:10:13,330 --> 00:10:18,930 +income spent on the product. + +110 +00:10:24,630 --> 00:10:31,450 +And let's have the following example. The demand + +111 +00:10:31,450 --> 00:10:38,550 +for salt. The price + +112 +00:10:38,550 --> 00:10:42,610 +of + +113 +00:10:42,610 --> 00:10:45,530 +salt is an example here. + +114 +00:10:53,740 --> 00:11:02,360 +The price per kilogram of salt equals one shekel, + +115 +00:11:02,840 --> 00:11:10,720 +which represents a small part of your income, a + +116 +00:11:10,720 --> 00:11:14,580 +small portion of your income, a small amount of + +117 +00:11:14,580 --> 00:11:15,180 +your income. + +118 +00:11:24,250 --> 00:11:29,410 +So salt represents or the portion of your own salt + +119 +00:11:29,410 --> 00:11:37,190 +and your income is very small here. The amount of + +120 +00:11:37,190 --> 00:11:46,270 +income spent on salt is small or very small. Let + +121 +00:11:46,270 --> 00:11:52,860 +us assume that the price of salt increased by 50%. + +122 +00:11:52,860 --> 00:12:00,520 +Let us assume that the price of salt increased by + +123 +00:12:00,520 --> 00:12:07,500 +50%. 50 + +124 +00:12:07,500 --> 00:12:10,220 +% increased. + +125 +00:12:13,520 --> 00:12:16,620 +The quantity demanded of salt. + +126 +00:12:29,010 --> 00:12:32,790 +So the price increase, the price of salt per + +127 +00:12:32,790 --> 00:12:36,510 +kilogram of salt increased by 50%. The quantity + +128 +00:12:36,510 --> 00:12:43,730 +demanded of salt might be increased by 2%, just + +129 +00:12:43,730 --> 00:12:44,770 +2%. + +130 +00:12:51,840 --> 00:12:54,960 +Change required demanded percent over change in + +131 +00:12:54,960 --> 00:12:58,140 +price percent. According to our assumption here + +132 +00:12:58,140 --> 00:13:03,140 +that the price of salt increased by 50%. Had a + +133 +00:13:03,140 --> 00:13:07,340 +nozzle by 2%. Minus positive. + +134 +00:13:10,280 --> 00:13:15,020 +Zero point + +135 +00:13:15,020 --> 00:13:21,950 +zero four. The absolute value. It's less than + +136 +00:13:21,950 --> 00:13:27,610 +equals 0.04. It's less than one. Is it elastic or + +137 +00:13:27,610 --> 00:13:33,150 +inelastic? Inelastic. Inelastic. Inelastic. + +138 +00:13:35,630 --> 00:13:36,250 +Inelastic. + +139 +00:13:38,750 --> 00:13:39,810 +Inelastic. Inelastic. Inelastic. Inelastic. + +140 +00:13:40,550 --> 00:13:41,590 +Inelastic. Inelastic. Inelastic. Inelastic. + +141 +00:13:42,330 --> 00:13:42,330 +Inelastic. Inelastic. Inelastic. Inelastic. + +142 +00:13:42,370 --> 00:13:42,590 +Inelastic. Inelastic. Inelastic. Inelastic. + +143 +00:13:42,590 --> 00:13:42,630 +Inelastic. Inelastic. Inelastic. Inelastic. + +144 +00:13:42,630 --> 00:13:42,890 +Inelastic. Inelastic. Inelastic. Inelastic. + +145 +00:13:42,890 --> 00:13:42,930 +Inelastic. Inelastic. Inelastic. Inelastic. + +146 +00:13:42,930 --> 00:13:43,150 +Inelastic. Inelastic. Inelastic. Inelastic. + +147 +00:13:43,150 --> 00:13:43,390 +Inelastic. Inelastic. Inelastic. Inelastic. + +148 +00:13:43,410 --> 00:13:44,030 +Inelastic. + +149 +00:13:47,170 --> 00:13:52,500 +Inelastic. In And less elastic. Demand is + +150 +00:13:52,500 --> 00:13:57,400 +inelastic. Let the portion of the product high in + +151 +00:13:57,400 --> 00:14:01,880 +the budget. Like the demand for what? + +152 +00:14:04,360 --> 00:14:07,640 +Clothes. Okay. How much does it make from your + +153 +00:14:07,640 --> 00:14:11,960 +income? This spending is the difference from one + +154 +00:14:11,960 --> 00:14:15,680 +consumer to another. Take the product that makes + +155 +00:14:15,680 --> 00:14:17,600 +50% of your income from your expenses. + +156 +00:14:27,720 --> 00:14:37,120 +They will try to find other substitutes. As the + +157 +00:14:37,120 --> 00:14:40,200 +amount of income spent on the product will be + +158 +00:14:40,200 --> 00:14:45,120 +small, the demand for product will be less + +159 +00:14:45,120 --> 00:14:45,720 +elastic. + +160 +00:14:51,870 --> 00:14:55,990 +The fourth determinant of the price elasticity of + +161 +00:14:55,990 --> 00:15:01,410 +demand, what is it? What is the fourth factor + +162 +00:15:01,410 --> 00:15:05,970 +affect the price elasticity of demand? The + +163 +00:15:05,970 --> 00:15:08,290 +consumer's income or wealth. + +164 +00:15:11,250 --> 00:15:16,850 +Number four is + +165 +00:15:16,850 --> 00:15:17,690 +the consumer + +166 +00:15:21,260 --> 00:15:23,180 +Income or wealth? + +167 +00:15:30,540 --> 00:15:38,680 +If the price of a chicken goes up by 20%, who is + +168 +00:15:38,680 --> 00:15:41,900 +more affected, the rich or the poor? The wealthy + +169 +00:15:41,900 --> 00:15:46,380 +families or poor families? Exactly. Who has the + +170 +00:15:46,380 --> 00:15:49,440 +highest giving up? Who sacrifices more? + +171 +00:15:52,740 --> 00:15:57,400 +Let's have the following example here. The wealthy + +172 +00:15:57,400 --> 00:15:57,960 +families, + +173 +00:16:02,740 --> 00:16:09,420 +or rich families, or rich individuals, and poor + +174 +00:16:09,420 --> 00:16:10,180 +individuals, + +175 +00:16:18,550 --> 00:16:22,910 +What the families means, the rich families. And + +176 +00:16:22,910 --> 00:16:28,050 +let's have the chickens example here. If the price + +177 +00:16:28,050 --> 00:16:36,090 +of a chicken increased + +178 +00:16:36,090 --> 00:16:39,170 +by 30%, + +179 +00:16:44,420 --> 00:16:47,700 +Analysis on the quantity demanded for wealthy + +180 +00:16:47,700 --> 00:16:52,660 +families and the effects or impacts on the demand + +181 +00:16:52,660 --> 00:16:55,620 +for poor individuals or poor families. + +182 +00:16:59,340 --> 00:17:04,380 +For this + +183 +00:17:04,380 --> 00:17:08,500 +assumption here, the price of a chicken increased + +184 +00:17:08,500 --> 00:17:14,690 +by 30%. What's the price of meat? All right. For + +185 +00:17:14,690 --> 00:17:15,670 +the rich families, + +186 +00:17:20,170 --> 00:17:23,190 +or + +187 +00:17:23,190 --> 00:17:25,950 +the families with higher income, + +188 +00:17:28,690 --> 00:17:33,950 +should have seen the price increased by 30%. I + +189 +00:17:33,950 --> 00:17:38,050 +expect that the quantity demanded will go down by + +190 +00:17:38,050 --> 00:17:40,550 +maybe 5%. This is an assumption. + +191 +00:17:43,630 --> 00:17:45,850 +So let's calculate the price elasticity of demand + +192 +00:17:45,850 --> 00:17:50,850 +for checking for the rich families here. So PED + +193 +00:17:50,850 --> 00:17:54,830 +equals + +194 +00:17:54,830 --> 00:17:57,650 +change in quantity demanded percent over change in + +195 +00:17:57,650 --> 00:18:01,190 +price percent. How much is increasing the prices? + +196 +00:18:01,870 --> 00:18:07,510 +Thirty percent and the quantity demanded for rich + +197 +00:18:07,510 --> 00:18:11,810 +families declined by five percent. Negative? + +198 +00:18:12,230 --> 00:18:12,490 +Positive? + +199 +00:18:16,150 --> 00:18:24,050 +Minus one over six equals minus + +200 +00:18:24,050 --> 00:18:24,930 +zero point. + +201 +00:18:28,450 --> 00:18:32,970 +Zero point. + +202 +00:18:34,410 --> 00:18:37,390 +Six percent. The absolute value equals zero point + +203 +00:18:37,390 --> 00:18:42,970 +sixteen. It's less than one. So, the demand here + +204 +00:18:42,970 --> 00:18:44,070 +is inelastic. + +205 +00:18:50,590 --> 00:18:52,910 +Inelastic demand. + +206 +00:18:55,730 --> 00:18:57,990 +For the rich families. + +207 +00:19:02,070 --> 00:19:07,110 +The poor families. Giving up means the higher + +208 +00:19:07,110 --> 00:19:11,470 +giving up means the higher elasticity of demand. + +209 +00:19:19,500 --> 00:19:24,420 +Poor families were + +210 +00:19:24,420 --> 00:19:31,140 +the poor families here as + +211 +00:19:31,140 --> 00:19:35,980 +the price of a chicken increased by, + +212 +00:19:39,700 --> 00:19:46,740 +increased by 30%, I expect that the poor families + +213 +00:19:46,740 --> 00:19:51,860 +will give up the product by, because the quantity + +214 +00:19:51,860 --> 00:19:59,940 +demanded, by larger than 30%. So + +215 +00:19:59,940 --> 00:20:04,940 +the quantity demanded will go down by, let us + +216 +00:20:04,940 --> 00:20:06,580 +assume by 70%. + +217 +00:20:11,280 --> 00:20:15,440 +So the price elasticity of demand here for the + +218 +00:20:15,440 --> 00:20:16,200 +poor families. + +219 +00:20:20,180 --> 00:20:23,060 +Change in quantity demanded percent over change in + +220 +00:20:23,060 --> 00:20:26,080 +price percent equals change in price equals 30 + +221 +00:20:26,080 --> 00:20:30,380 +percent and declining quantity demanded by 70 + +222 +00:20:30,380 --> 00:20:36,090 +percent. minus 70 over a + +223 +00:20:36,090 --> 00:20:43,810 +positive 30 equals minus 2.33. The absolute value + +224 +00:20:43,810 --> 00:20:48,510 +equals 2.33. It's bigger than one. The demand is + +225 +00:20:48,510 --> 00:20:58,290 +elastic. So the demand for poor families is more + +226 +00:20:58,290 --> 00:21:02,390 +elastic than the demand for the rich families, + +227 +00:21:03,490 --> 00:21:08,370 +rich individuals, which means the higher income + +228 +00:21:08,370 --> 00:21:14,150 +is, or the consumers is, the lower or the less + +229 +00:21:14,150 --> 00:21:22,110 +elasticity of demand is. The higher income will be + +230 +00:21:22,110 --> 00:21:29,490 +the consumers with higher income. With higher + +231 +00:21:29,490 --> 00:21:34,630 +wealth, the demand will be less elastic. The less + +232 +00:21:34,630 --> 00:21:42,790 +elastic demand will be. Okay? The last + +233 +00:21:42,790 --> 00:21:47,090 +determinant of demand, what is it? What is the + +234 +00:21:47,090 --> 00:21:49,510 +last determinant of the price elasticity of + +235 +00:21:49,510 --> 00:21:55,340 +demand? Time, yes. Let's go to the last + +236 +00:21:55,340 --> 00:21:57,580 +determinant of the price and assistance of demand + +237 +00:21:57,580 --> 00:22:03,280 +which is time. Number five is the time here. + +238 +00:22:10,780 --> 00:22:14,340 +Here we have to distinguish between the long run + +239 +00:22:14,340 --> 00:22:15,620 +and the short run. + +240 +00:22:21,210 --> 00:22:27,350 +short run, short term, and long term. + +241 +00:22:40,070 --> 00:22:46,590 +In the short term, the + +242 +00:22:46,590 --> 00:22:52,320 +demand will be less elastic in the long term, or + +243 +00:22:52,320 --> 00:22:57,520 +than the long term. To understand the idea, let's + +244 +00:22:57,520 --> 00:22:58,640 +have the following example. + +245 +00:23:02,160 --> 00:23:03,120 +The smokers, + +246 +00:23:06,460 --> 00:23:13,000 +in the short run, let us assume that the price per + +247 +00:23:13,000 --> 00:23:19,950 +pack of cigarettes increased by two shakers or + +248 +00:23:19,950 --> 00:23:24,670 +five shakers. In the short run, increasing the + +249 +00:23:24,670 --> 00:23:34,150 +prices per pack of cigarettes increased + +250 +00:23:34,150 --> 00:23:36,450 +by five shakers. + +251 +00:23:42,330 --> 00:23:48,270 +The quantity demanded will decline. Let us assume + +252 +00:23:48,270 --> 00:23:51,630 +that the price increased by 40 percent. + +253 +00:23:55,210 --> 00:24:02,430 +In the short run, the quantity demanded will go + +254 +00:24:02,430 --> 00:24:07,990 +down, let us assume by 20 percent. + +255 +00:24:13,090 --> 00:24:16,690 +The demand for cigarettes in general is inelastic + +256 +00:24:16,690 --> 00:24:18,850 +because it has few number of substitutes. + +257 +00:24:21,790 --> 00:24:25,610 +So the demand is inelastic in general. + +258 +00:24:30,050 --> 00:24:31,010 +In the long term, + +259 +00:24:33,870 --> 00:24:38,890 +the smokers will try to find substitutes or to + +260 +00:24:38,890 --> 00:24:40,470 +kick the habit here. + +261 +00:24:43,810 --> 00:24:49,930 +The long term. Because they cannot afford, they + +262 +00:24:49,930 --> 00:24:53,150 +will try to adapt the situation. + +263 +00:24:56,850 --> 00:25:05,470 +So they + +264 +00:25:05,470 --> 00:25:10,060 +will try to kick the habit here. So the demand + +265 +00:25:10,060 --> 00:25:14,460 +will be, the giving up will be higher. The demand + +266 +00:25:14,460 --> 00:25:18,860 +will be more elastic. Right? You don't understand? + +267 +00:25:19,360 --> 00:25:20,780 +Okay, another example. + +268 +00:25:24,000 --> 00:25:27,080 +Five or six years ago, there was a problem with + +269 +00:25:27,080 --> 00:25:32,540 +fuel in the country. Do you remember? The gallon, + +270 +00:25:32,880 --> 00:25:38,580 +which is twenty liters, was one hundred dollars. I + +271 +00:25:38,580 --> 00:25:41,040 +remember that I bought it for $100. This gallon + +272 +00:25:41,040 --> 00:25:45,860 +for the jeep. I bought it for $100. What you will + +273 +00:25:45,860 --> 00:25:51,760 +find is that the price is lower. It's 6x2, 120 + +274 +00:25:51,760 --> 00:25:53,900 +shekels. Okay? + +275 +00:25:56,860 --> 00:25:59,560 +The question is that people in the short run + +276 +00:25:59,560 --> 00:26:02,300 +understood the situation. They understood that the + +277 +00:26:02,300 --> 00:26:05,660 +price was high. So the quantity of demand declined + +278 +00:26:05,660 --> 00:26:13,700 +by A small, a smaller amount, percentage. In the + +279 +00:26:13,700 --> 00:26:17,380 +long term, they will try to find substitutes. + +280 +00:26:18,480 --> 00:26:21,520 +Because they went to where? The sewerage. Those + +281 +00:26:21,520 --> 00:26:24,900 +who have Mercedes cars. What happened to them? + +282 +00:26:25,720 --> 00:26:28,900 +They went to the cooking gas, and some people went + +283 +00:26:28,900 --> 00:26:35,260 +to the sewerage. Meaning, they tried to find new + +284 +00:26:35,260 --> 00:26:39,430 +substitutes. So in the long term, the demand + +285 +00:26:39,430 --> 00:26:47,270 +becomes or has become more elastic. In the short + +286 +00:26:47,270 --> 00:26:50,410 +run, it's difficult to find substitutes. The + +287 +00:26:50,410 --> 00:26:53,950 +demand + +288 +00:26:53,950 --> 00:26:58,090 +will be less elastic. In the long term, they try + +289 +00:26:58,090 --> 00:27:00,170 +to find new substitutes. + +290 +00:27:02,490 --> 00:27:03,010 +More elastic. + +291 +00:27:06,610 --> 00:27:13,170 +In the short run, demand is inelastic or less + +292 +00:27:13,170 --> 00:27:13,750 +elastic. + +293 +00:27:18,250 --> 00:27:22,370 +In the long term, the consumers will try to find + +294 +00:27:22,370 --> 00:27:24,970 +new substitutes for the product. They cannot + +295 +00:27:24,970 --> 00:27:25,530 +afford + +296 +00:27:34,270 --> 00:27:37,130 +They cannot adapt with the situation. They will + +297 +00:27:37,130 --> 00:27:41,070 +try to find a new substitutes for the product. So + +298 +00:27:41,070 --> 00:27:44,170 +in the long-term, the demand will be more elastic + +299 +00:27:44,170 --> 00:27:48,350 +than + +300 +00:27:48,350 --> 00:27:55,440 +the short-run. Let's go to something else. As we + +301 +00:27:55,440 --> 00:27:57,660 +mentioned before that the price elasticity of + +302 +00:27:57,660 --> 00:28:01,080 +demand represents the relationship between the + +303 +00:28:01,080 --> 00:28:03,960 +change in prices or the percentage change in + +304 +00:28:03,960 --> 00:28:07,060 +quantity demanded due to the change in the price. + +305 +00:28:07,480 --> 00:28:11,080 +The PED shows + +306 +00:28:11,080 --> 00:28:14,160 +the + +307 +00:28:14,160 --> 00:28:16,260 +percentage change in quantity demanded + +308 +00:28:18,750 --> 00:28:21,770 +Due to the change, the percentage change in price. + +309 +00:28:22,650 --> 00:28:26,790 +What will happen to the quantity demanded when the + +310 +00:28:26,790 --> 00:28:32,370 +price is changed? And we said that the price + +311 +00:28:32,370 --> 00:28:37,630 +elasticity of demand is always negative because it + +312 +00:28:37,630 --> 00:28:40,870 +shows or represents the negative relationship + +313 +00:28:40,870 --> 00:28:43,430 +between the prices and the quantity demanded. As + +314 +00:28:43,430 --> 00:28:46,430 +the price goes up, the quantity demanded goes + +315 +00:28:46,430 --> 00:28:51,760 +down, and it's always negative. Due to the theory + +316 +00:28:51,760 --> 00:28:55,300 +because here declining positive or sometimes if + +317 +00:28:55,300 --> 00:28:57,440 +the price goes down, the quantity demanded will go + +318 +00:28:57,440 --> 00:29:00,600 +up. So it's always the sign is always negative. + +319 +00:29:00,720 --> 00:29:03,580 +The negative sign here represents the negative + +320 +00:29:03,580 --> 00:29:05,760 +relationship between the prices and the quantity + +321 +00:29:05,760 --> 00:29:11,480 +demanded in all cases. The exceptions to theory in + +322 +00:29:11,480 --> 00:29:15,200 +some products are not found here. These are in + +323 +00:29:15,200 --> 00:29:19,820 +advanced courses. Let's go to the income + +324 +00:29:19,820 --> 00:29:24,280 +elasticity of demand. Income elasticity of demand, + +325 +00:29:25,880 --> 00:29:27,060 +IED. + +326 +00:29:31,580 --> 00:29:36,820 +IED is the change in the quantity demanded percent + +327 +00:29:36,820 --> 00:29:41,980 +over the change in income percent. Which means + +328 +00:29:41,980 --> 00:29:47,740 +what will happen to the quantity demanded, If + +329 +00:29:47,740 --> 00:29:49,420 +income, it changed. + +330 +00:29:54,780 --> 00:29:58,940 +This is income elasticity of demand, not the price + +331 +00:29:58,940 --> 00:30:02,600 +elasticity of demand. It's an income elasticity of + +332 +00:30:02,600 --> 00:30:06,160 +demand. What will happen to the quantity demanded + +333 +00:30:06,160 --> 00:30:12,530 +if income goes up or goes down? Let us assume that + +334 +00:30:12,530 --> 00:30:16,210 +the consumer's income increases. What will happen + +335 +00:30:16,210 --> 00:30:20,630 +to the quantity demanded? Not always, because we + +336 +00:30:20,630 --> 00:30:23,710 +have to talk about or distinguish between the + +337 +00:30:23,710 --> 00:30:27,250 +normal goods and inferior goods, which has been + +338 +00:30:27,250 --> 00:30:33,770 +studied in the last chapter. Normal goods, like + +339 +00:30:33,770 --> 00:30:38,830 +demand for fresh meat, and inferior goods, like + +340 +00:30:38,830 --> 00:30:43,470 +the demand for inferior goods. So here, + +341 +00:30:45,670 --> 00:30:46,710 +frozen meat. + +342 +00:30:50,010 --> 00:30:55,830 +As income goes up, what will happen to demand for + +343 +00:30:55,830 --> 00:30:59,750 +frozen? The demand or the quantity demanded goes + +344 +00:30:59,750 --> 00:31:06,510 +down. So the sign here will be negative. + +345 +00:31:08,850 --> 00:31:11,670 +Frozen meat is an inferior good. + +346 +00:31:16,610 --> 00:31:19,910 +Increasing the consumer's income leads to a + +347 +00:31:19,910 --> 00:31:24,250 +declining in the quantity demanded. So the sign + +348 +00:31:24,250 --> 00:31:27,910 +will be what? Negative. Because you're increasing, + +349 +00:31:28,270 --> 00:31:33,350 +declining, the positive times negative, then the + +350 +00:31:33,350 --> 00:31:37,530 +sign will be negative. Right? For fresh meat. + +351 +00:31:43,210 --> 00:31:48,690 +As the consumer's income go up or goes up, the + +352 +00:31:48,690 --> 00:31:52,910 +demand for products go up. So positive, positive, + +353 +00:31:53,170 --> 00:31:56,570 +the result will be positive here. Or negative, + +354 +00:31:56,750 --> 00:32:01,010 +negative, the result will be positive. So here + +355 +00:32:01,010 --> 00:32:02,610 +we're talking about normal goods. + +356 +00:32:08,130 --> 00:32:11,390 +The sign here has a meaning. + +357 +00:32:19,530 --> 00:32:25,210 +If the income elasticity of demand has a positive + +358 +00:32:25,210 --> 00:32:31,550 +sign, the product will be normal. If it has a + +359 +00:32:31,550 --> 00:32:35,390 +negative sign, it should be inferior. + +360 +00:32:38,390 --> 00:32:42,310 +The same formula, a midpoint formula. But instead + +361 +00:32:42,310 --> 00:32:45,950 +of the price, you have to put income. You have to + +362 +00:32:45,950 --> 00:32:53,580 +use income. The same formula. But here, the + +363 +00:32:53,580 --> 00:32:56,840 +difference is the sign has a meaning here. And the + +364 +00:32:56,840 --> 00:32:59,660 +price elasticity of demand, it's always negative. + +365 +00:33:00,160 --> 00:33:02,620 +The meaning here is just to represent their + +366 +00:33:02,620 --> 00:33:04,720 +negative relationship or to show the relationship + +367 +00:33:04,720 --> 00:33:06,800 +between, the negative relationship between the + +368 +00:33:06,800 --> 00:33:09,280 +prices and the quantum demand. Here, it has a + +369 +00:33:09,280 --> 00:33:13,440 +meaning. If the sign of the income elasticity of + +370 +00:33:13,440 --> 00:33:18,370 +demand was positive, the good is normal. Here + +371 +00:33:18,370 --> 00:33:22,090 +negative signs should be inferred and let's have + +372 +00:33:22,090 --> 00:33:23,190 +examples. + +373 +00:33:27,590 --> 00:33:31,330 +The price elasticity of demand, the midpoint + +374 +00:33:31,330 --> 00:33:36,710 +formula. The price elasticity of demand formula, + +375 +00:33:36,870 --> 00:33:41,430 +the midpoint formula, the ARC formula, The price + +376 +00:33:41,430 --> 00:33:47,390 +elasticity of demand was QD2 minus QD1 over P2 + +377 +00:33:47,390 --> 00:33:52,350 +minus P1 times the summation of sum of prices P2 + +378 +00:33:52,350 --> 00:33:58,630 +plus P1 over QD2 plus QD1. For the income + +379 +00:33:58,630 --> 00:34:03,870 +elasticity of demand, the same formula, but we + +380 +00:34:03,870 --> 00:34:09,570 +have to use income here. Q1 demanded 2 minus Q1 + +381 +00:34:09,570 --> 00:34:15,130 +demanded 1 over I2 minus I1 times summation of I's + +382 +00:34:15,130 --> 00:34:22,390 +here I2 plus I1 over QD2 plus QD1. That's it. + +383 +00:34:25,390 --> 00:34:28,330 +So here we have two formulas. The first integer + +384 +00:34:28,330 --> 00:34:33,530 +here formula and the midpoint formula. + +385 +00:34:36,590 --> 00:34:43,830 +So let us assume that if the consumer's income, if + +386 +00:34:43,830 --> 00:34:51,630 +Ahmed's income increased + +387 +00:34:51,630 --> 00:34:59,370 +by 30%, therefore, + +388 +00:35:01,150 --> 00:35:02,670 +hence, + +389 +00:35:04,970 --> 00:35:12,090 +His consumption of chicken + +390 +00:35:12,090 --> 00:35:16,630 +declined + +391 +00:35:16,630 --> 00:35:24,530 +by 20%. + +392 +00:35:31,430 --> 00:35:35,010 +Calculate his consumption, his demand, the + +393 +00:35:35,010 --> 00:35:36,230 +quantity demanded. + +394 +00:35:41,490 --> 00:35:51,210 +Calculate the income elasticity of demand and + +395 +00:35:51,210 --> 00:35:55,830 +determine state + +396 +00:35:55,830 --> 00:35:59,730 +the + +397 +00:35:59,730 --> 00:36:03,220 +type Other product here. + +398 +00:36:08,980 --> 00:36:13,160 +Frozen or + +399 +00:36:13,160 --> 00:36:15,080 +fresh? + +400 +00:36:17,080 --> 00:36:21,100 +So let's go to answer the question here. + +401 +00:36:38,590 --> 00:36:44,550 +And the state, state will determine the type of + +402 +00:36:44,550 --> 00:36:50,210 +chicken here. Is it normal or inferior? Why? + +403 +00:36:58,370 --> 00:37:02,930 +Income elasticity of demand equals change in + +404 +00:37:02,930 --> 00:37:05,350 +quantity demanded percent over change in income + +405 +00:37:05,350 --> 00:37:05,750 +percent. + +406 +00:37:09,190 --> 00:37:13,270 +So income elasticity of demand here equals change + +407 +00:37:13,270 --> 00:37:14,210 +in the quantity demanded. + +408 +00:37:17,270 --> 00:37:21,470 +His consumption of a chicken goes down or went + +409 +00:37:21,470 --> 00:37:24,970 +down by 20%. So here we have a negative sign. + +410 +00:37:25,830 --> 00:37:34,970 +Minus 20% over his income goes up by 30%, positive + +411 +00:37:34,970 --> 00:37:35,970 +30%. + +412 +00:37:38,650 --> 00:37:43,570 +Minus 0.6. Here, we are not talking about the + +413 +00:37:43,570 --> 00:37:44,430 +absolute value. + +414 +00:37:48,010 --> 00:37:53,170 +The question is, calculate the income elasticity + +415 +00:37:53,170 --> 00:37:59,190 +of demand. Is it elastic or inelastic? Inelastic. + +416 +00:37:59,630 --> 00:38:04,250 +Because the absolute value is less than 1. The + +417 +00:38:04,250 --> 00:38:09,580 +demand here is inelastic. Because the absolute + +418 +00:38:09,580 --> 00:38:16,560 +value is less than one. This is the case here. + +419 +00:38:17,320 --> 00:38:22,120 +Number two, to determine or to state the type of + +420 +00:38:22,120 --> 00:38:26,700 +the product here. We have a negative sign here, + +421 +00:38:27,020 --> 00:38:31,580 +which means as the end cup goes up, the quantity + +422 +00:38:31,580 --> 00:38:36,280 +demand goes down or went down. The chicken here is + +423 +00:38:36,280 --> 00:38:42,580 +frozen. It's an inferior good. So as, so the + +424 +00:38:42,580 --> 00:38:48,780 +demand is inelastic because + +425 +00:38:48,780 --> 00:38:52,740 +the absolute value + +426 +00:38:59,950 --> 00:39:07,970 +of IED is less than one. + +427 +00:39:09,490 --> 00:39:17,590 +Absolute value is less than one. And the + +428 +00:39:17,590 --> 00:39:24,730 +chicken here is + +429 +00:39:24,730 --> 00:39:26,610 +an inferior get. + +430 +00:39:38,680 --> 00:39:40,980 +Here we're talking about frozen chicken maybe. + +431 +00:39:48,200 --> 00:39:51,440 +Frozen chicken when the product is necessary for + +432 +00:39:51,440 --> 00:39:57,760 +the consumers. The demand is inelastic. Inelastic + +433 +00:39:57,760 --> 00:40:03,580 +means it's necessary for the consumers. And they + +434 +00:40:03,580 --> 00:40:07,940 +cannot give up it. He cannot give up it. Because + +435 +00:40:07,940 --> 00:40:10,020 +the magnitudes or the percentage change in + +436 +00:40:10,020 --> 00:40:12,060 +quantity demanded is less than the magnitudes of + +437 +00:40:12,060 --> 00:40:19,380 +change in income here. If the consumer's income, + +438 +00:40:20,380 --> 00:40:30,160 +another question. Why? Why? Because the + +439 +00:40:30,160 --> 00:40:38,330 +IED sign, the sign of ED, The sign of income + +440 +00:40:38,330 --> 00:40:41,130 +elasticity of demand is negative. + +441 +00:40:45,610 --> 00:40:47,570 +If it was positive, + +442 +00:40:51,490 --> 00:41:00,950 +the product would be normal here. Another example. + +443 +00:41:02,750 --> 00:41:09,950 +The consumer's income went down by 30%. And the + +444 +00:41:09,950 --> 00:41:14,490 +conception or his conception of a chicken went + +445 +00:41:14,490 --> 00:41:20,390 +down by 50%. + +446 +00:41:20,390 --> 00:41:23,950 +That's him, requirements. + +447 +00:41:27,660 --> 00:41:33,160 +Income went down by 30%. Hence, the consumption + +448 +00:41:33,160 --> 00:41:37,020 +declined, the quantity demanded declined by 50%. + +449 +00:41:37,020 --> 00:41:41,220 +The + +450 +00:41:41,220 --> 00:41:45,880 +price + +451 +00:41:45,880 --> 00:41:50,840 +elasticity + +452 +00:41:50,840 --> 00:41:52,660 +of demand equals change in quantity demanded + +453 +00:41:52,660 --> 00:41:56,780 +percent over percent change in income. So IED. + +454 +00:41:58,630 --> 00:42:03,330 +Equals the quantity demanded goes down by 50%. + +455 +00:42:03,330 --> 00:42:11,570 +Negative 50% over the percentage as the consumer's + +456 +00:42:11,570 --> 00:42:16,570 +income declined or went down by 30% minus 30%. + +457 +00:42:16,570 --> 00:42:23,050 +Equals sine negative negative negative. equals + +458 +00:42:23,050 --> 00:42:28,150 +positive 1.6, which means that the demand here is + +459 +00:42:28,150 --> 00:42:35,150 +elastic and the product is normal here because the + +460 +00:42:35,150 --> 00:42:36,410 +positive sign here. + +461 +00:42:38,970 --> 00:42:45,310 +Demand is elastic because the absolute value of + +462 +00:42:45,310 --> 00:42:52,330 +IED is Positive or bigger than one. And the + +463 +00:42:52,330 --> 00:42:54,790 +chicken here is a normal good. + +464 +00:42:59,970 --> 00:43:04,210 +Because then the sign here is positive. And this + +465 +00:43:04,210 --> 00:43:06,510 +we say can be fresh chicken. + +466 +00:43:09,890 --> 00:43:10,690 +Okay? + +467 +00:43:14,710 --> 00:43:20,130 +Let's apply the midpoint formula. Let's apply the + +468 +00:43:20,130 --> 00:43:21,290 +midpoint formula. + +469 +00:43:47,300 --> 00:43:51,840 +As we said that, the midpoint formula for the + +470 +00:43:51,840 --> 00:43:56,000 +income elasticity of demand is as follows here. + +471 +00:43:56,960 --> 00:44:00,640 +IED equals Q2 minus Q1 over I2 minus I1 times + +472 +00:44:00,640 --> 00:44:04,400 +summation of income and sum of the quantity + +473 +00:44:04,400 --> 00:44:08,940 +demanded. Let's have the following example. + +474 +00:44:18,400 --> 00:44:19,880 +If we have the following data, + +475 +00:44:22,500 --> 00:44:29,820 +one, two, + +476 +00:44:34,040 --> 00:44:35,220 +income, + +477 +00:44:38,060 --> 00:44:43,980 +one thousand + +478 +00:44:43,980 --> 00:44:47,680 +shekels, NIS, + +479 +00:44:51,220 --> 00:44:52,280 +1,200. + +480 +00:44:55,000 --> 00:45:00,440 +Quant demanded was seven. And this is unknown. + +481 +00:45:06,040 --> 00:45:12,520 +If income elasticity of demand equals minus two. + +482 +00:45:15,820 --> 00:45:22,200 +How much is the quantity demanded of this product + +483 +00:45:22,200 --> 00:45:26,380 +when income increased from 1,000 shekels to 1,200. + +484 +00:45:28,280 --> 00:45:33,500 +Which means you have the following data. When your + +485 +00:45:33,500 --> 00:45:38,940 +income was 1,000 shekels, your consumption, your + +486 +00:45:38,940 --> 00:45:44,460 +demand was seven units. This is units by number of + +487 +00:45:44,460 --> 00:45:44,740 +units. + +488 +00:45:49,020 --> 00:45:50,760 +Your consumption was seven. + +489 +00:45:54,700 --> 00:45:57,380 +When the consumer's income, when your income + +490 +00:45:57,380 --> 00:46:03,120 +increased to 1,200 from 1,000 to 1,200 shekels, + +491 +00:46:03,420 --> 00:46:08,760 +what will happen to your consumption, your demand? + +492 +00:46:10,160 --> 00:46:15,340 +I don't know. If the income elasticity of demand + +493 +00:46:15,340 --> 00:46:17,800 +was minus two, calculated. + +494 +00:46:20,420 --> 00:46:25,920 +and determine the type of the product. How much is + +495 +00:46:25,920 --> 00:46:36,720 +it Q2? This is I1, I2, QD1, QD2. And IED is known + +496 +00:46:36,720 --> 00:46:45,980 +here. Calculate Q2. Number two. Determine or state + +497 +00:46:45,980 --> 00:46:49,080 +the type of the product. Is it normal or inferior? + +498 +00:46:49,480 --> 00:46:55,760 +Why? Is it normal or inferior? Inferior, because + +499 +00:46:55,760 --> 00:47:02,840 +you're negative sign of IED. Solution is IED using + +500 +00:47:02,840 --> 00:47:10,080 +this formula here. IED equals Q2 minus Q1 over I2 + +501 +00:47:10,080 --> 00:47:19,020 +minus I1 times I2 plus I1 over Q2 plus Q1. So IED. + +502 +00:47:21,060 --> 00:47:22,340 +Sorry? + +503 +00:47:39,030 --> 00:47:44,570 +You are free. You can use times I1 over QD1. + +504 +00:47:44,870 --> 00:47:55,130 +That's it. But this is IED + +505 +00:47:55,130 --> 00:48:05,670 +equals minus 2 equals Q2 minus Q1. minus QD17 over + +506 +00:48:05,670 --> 00:48:16,850 +I2 minus I1, 1200 minus 1000 times 1200 plus 1000 + +507 +00:48:16,850 --> 00:48:21,770 +over Q2 plus 7. + +508 +00:48:26,330 --> 00:48:30,990 +Minus two equals Q to minus seven over two hundred + +509 +00:48:30,990 --> 00:48:36,210 +times two thousand two hundred over Q to plus + +510 +00:48:36,210 --> 00:48:43,350 +seven. Minus two equals Q to minus seven over + +511 +00:48:43,350 --> 00:48:50,390 +times one eleven. + +512 +00:48:54,230 --> 00:49:02,570 +x11 over q2 plus 7 minus + +513 +00:49:02,570 --> 00:49:16,650 +2 equals 11 times q2 over q2 minus 77 over q2 + +514 +00:49:16,650 --> 00:49:18,270 +plus 7 + +515 +00:49:24,530 --> 00:49:34,570 +Minus 2 times Q2 plus 7 equals 11Q2 minus 77. So + +516 +00:49:34,570 --> 00:49:43,670 +minus 2Q2 minus 14 equals 11Q2 minus 77. + +517 +00:49:46,410 --> 00:49:56,550 +Minus 2Q2 minus 11Q2 equals minus 77 plus 14. So + +518 +00:49:56,550 --> 00:50:08,930 +minus 13Q2 equals minus 63. So Q2 equals minus 63 + +519 +00:50:08,930 --> 00:50:18,040 +over minus 13 equals how much? Positive 4.84. + +520 +00:50:19,960 --> 00:50:25,540 +Okay. So the quantity demanded two here equals how + +521 +00:50:25,540 --> 00:50:28,580 +much? 4.84. + +522 +00:50:31,760 --> 00:50:35,360 +What does this mean here? As the consumer's income + +523 +00:50:35,360 --> 00:50:41,660 +goes up from 1000 shekels to 1200, the quantity + +524 +00:50:41,660 --> 00:50:48,240 +demanded goes or went down from seven to 4.8. The + +525 +00:50:48,240 --> 00:50:51,180 +demand is or the product here is an inferior. + +526 +00:51:17,010 --> 00:51:20,790 +Okay, let's go to the crisp price elasticity of + +527 +00:51:20,790 --> 00:51:27,850 +demand. Okay, break, two minutes. Okay, let's go + +528 +00:51:27,850 --> 00:51:32,030 +to the cross price elasticity of demand. Cross + +529 +00:51:32,030 --> 00:51:35,690 +price + +530 +00:51:35,690 --> 00:51:41,470 +elasticity of demand. + +531 +00:51:44,770 --> 00:51:51,910 +But before that, let's come back to the + +532 +00:51:51,910 --> 00:51:55,370 +relationship between the products. different + +533 +00:51:55,370 --> 00:51:59,370 +products. Like the demand for or the price of fuel + +534 +00:51:59,370 --> 00:52:03,130 +and + +535 +00:52:03,130 --> 00:52:04,150 +demand for cars. + +536 +00:52:11,550 --> 00:52:17,850 +The price of meat and + +537 +00:52:17,850 --> 00:52:20,570 +demand or demand for chicken. + +538 +00:52:29,940 --> 00:52:38,520 +price of cars and demand for computers. + +539 +00:52:46,000 --> 00:52:51,580 +I think that we had an idea about this point. As + +540 +00:52:51,580 --> 00:52:58,180 +we mentioned that as the price of a fuel goes up, + +541 +00:52:59,330 --> 00:53:05,130 +The demand for cars goes down. These two products + +542 +00:53:05,130 --> 00:53:10,130 +are complement. There is a complementary relations + +543 +00:53:10,130 --> 00:53:16,630 +between the prices of one product, product X, and + +544 +00:53:16,630 --> 00:53:21,290 +the quantity demanded or demand for product Y. + +545 +00:53:21,850 --> 00:53:27,330 +Right? So if the sign here positive, negative, the + +546 +00:53:27,330 --> 00:53:30,930 +final result would be negative. Positive times + +547 +00:53:30,930 --> 00:53:34,770 +negative, negative. These two products are + +548 +00:53:34,770 --> 00:53:36,030 +complements. + +549 +00:53:42,150 --> 00:53:47,650 +This is the product X, the price of X. and the + +550 +00:53:47,650 --> 00:53:52,070 +quantity demanded of what? Or the price of A and + +551 +00:53:52,070 --> 00:53:55,810 +quantity demanded of B? Product A and the product + +552 +00:53:55,810 --> 00:54:01,510 +B. Here, the + +553 +00:54:01,510 --> 00:54:03,710 +price of meat and the quantity demanded of + +554 +00:54:03,710 --> 00:54:07,930 +chicken. As the price of meat goes up, the + +555 +00:54:07,930 --> 00:54:10,370 +quantity demanded for chicken goes up as well. + +556 +00:54:11,730 --> 00:54:15,270 +Because the consumers will try to substitute these + +557 +00:54:15,270 --> 00:54:17,450 +products. These two products are what? + +558 +00:54:18,610 --> 00:54:21,090 +Substitutes. The sign here is positive. Positive + +559 +00:54:21,090 --> 00:54:23,890 +times positive, the final result will be positive. + +560 +00:54:24,650 --> 00:54:27,630 +The price, yes, yes, yes, chapter two. + +561 +00:54:36,410 --> 00:54:40,590 +As the price of meat goes down, the demand for + +562 +00:54:40,590 --> 00:54:46,630 +chicken goes down. So it should be positive. If + +563 +00:54:46,630 --> 00:54:50,330 +the sign is positive here, these two products are + +564 +00:54:50,330 --> 00:54:51,070 +substitutes. + +565 +00:54:53,410 --> 00:55:00,120 +This is zero. There is no relation between + +566 +00:55:00,120 --> 00:55:04,280 +computers and cars. So increasing the price of + +567 +00:55:04,280 --> 00:55:09,500 +cars has no effects on the demand for computers. + +568 +00:55:09,980 --> 00:55:13,040 +So these two products are independent. + +569 +00:55:33,310 --> 00:55:41,010 +ED or Cross Price Elasticity of Demand. Cross + +570 +00:55:41,010 --> 00:55:47,470 +Price CPED, Cross Price Elasticity of Demand. For + +571 +00:55:47,470 --> 00:55:52,870 +product B converted to A. For B, product B + +572 +00:55:52,870 --> 00:56:02,310 +converted to A. equals QD for + +573 +00:56:02,310 --> 00:56:08,690 +B percent over the percentage change in price of + +574 +00:56:08,690 --> 00:56:09,790 +A. + +575 +00:56:14,000 --> 00:56:19,040 +If the price of a product A increased by 1%, what + +576 +00:56:19,040 --> 00:56:23,240 +will happen to the demand for product B? Goes up, + +577 +00:56:23,360 --> 00:56:26,960 +goes down, un-changed, and it depends on to + +578 +00:56:26,960 --> 00:56:31,760 +determine what is the relation between product A + +579 +00:56:31,760 --> 00:56:37,760 +and B. Here, the sign is important. If it is like + +580 +00:56:37,760 --> 00:56:43,090 +this, In this case, in the first case, as the + +581 +00:56:43,090 --> 00:56:52,210 +price of a product A increased by 1%, and the + +582 +00:56:52,210 --> 00:56:56,610 +quantity demanded of + +583 +00:56:56,610 --> 00:57:04,490 +a product B, cars, goes down by + +584 +00:57:04,490 --> 00:57:09,810 +5%. What does this mean? The sign will be + +585 +00:57:09,810 --> 00:57:11,230 +negative. + +586 +00:57:13,130 --> 00:57:17,950 +So the product B and A are what? Complements. + +587 +00:57:19,190 --> 00:57:23,810 +These two products are complements. If the price + +588 +00:57:23,810 --> 00:57:31,670 +of product A goes up and the demand for chicken + +589 +00:57:31,670 --> 00:57:33,670 +goes up as well. + +590 +00:57:36,510 --> 00:57:43,190 +So these two products are substitutes. If her + +591 +00:57:43,190 --> 00:57:47,030 +price of product increased and had an unchanged. + +592 +00:57:51,990 --> 00:57:57,490 +Independent. We'll take an example. You don't + +593 +00:57:57,490 --> 00:57:58,050 +understand, right? + +594 +00:58:00,950 --> 00:58:03,750 +This is understanding. + +595 +00:58:13,690 --> 00:58:15,090 +Compliments. + +596 +00:58:32,630 --> 00:58:35,170 +Let's have the following example to understand the + +597 +00:58:35,170 --> 00:58:38,630 +idea of the cross price elasticity of demand. We + +598 +00:58:38,630 --> 00:58:42,890 +have the following table. We have three products. + +599 +00:58:48,270 --> 00:58:48,930 +Price. + +600 +00:59:06,430 --> 00:59:07,250 +one dimension, + +601 +00:59:12,030 --> 00:59:18,130 +product A, product B, + +602 +00:59:21,170 --> 00:59:23,730 +and product C. + +603 +00:59:27,930 --> 00:59:31,450 +And let us assume that we have the following data, + +604 +00:59:31,950 --> 00:59:34,430 +prices 10, + +605 +00:59:41,950 --> 00:59:43,550 +Twenty-five. + +606 +01:00:10,520 --> 01:00:15,540 +If price period + +607 +01:00:15,540 --> 01:00:26,300 +of product A increased + +608 +01:00:26,300 --> 01:00:33,780 +from + +609 +01:00:33,780 --> 01:00:38,700 +10 to 15. + +610 +01:00:44,040 --> 01:00:46,960 +This has followed by the following changes. + +611 +01:00:52,380 --> 01:00:55,320 +And this leads to the following changes. + +612 +01:00:59,240 --> 01:01:07,520 +Price, QD, Product A, B, C. + +613 +01:02:21,680 --> 01:02:24,480 +Calculate price. + +614 +01:02:28,220 --> 01:02:35,920 +In this + +615 +01:02:35,920 --> 01:02:41,380 +example, We are going to study the relationship + +616 +01:02:41,380 --> 01:02:45,740 +between different bounded circuits or different + +617 +01:02:45,740 --> 01:02:49,920 +groups or different products. + +618 +01:02:50,720 --> 01:02:52,820 +And we have the following data. + +619 +01:02:57,140 --> 01:03:01,620 +Product A, here we have the prices, one demanded + +620 +01:03:01,620 --> 01:03:08,270 +product A, product B, product C. The price, Of a + +621 +01:03:08,270 --> 01:03:12,790 +product A was 10. The quantity demanded was 100. + +622 +01:03:13,670 --> 01:03:18,050 +Product B, the price was 20. Quantity demanded was + +623 +01:03:18,050 --> 01:03:26,350 +62. Product C, 5 and 90. Now, the price of a + +624 +01:03:26,350 --> 01:03:32,930 +product A goes up or went up from 10 to 15. This + +625 +01:03:32,930 --> 01:03:39,120 +has followed by the following changes. The price + +626 +01:03:39,120 --> 01:03:45,260 +of product A increased from 10 to 15. And citrus + +627 +01:03:45,260 --> 01:03:48,660 +purpose, the prices of product B and C remained + +628 +01:03:48,660 --> 01:03:52,940 +constant without changes, which means the price of + +629 +01:03:52,940 --> 01:03:56,580 +product B and C remains constant. But the change + +630 +01:03:56,580 --> 01:04:03,560 +in price A leads to the following changes. As the + +631 +01:04:03,560 --> 01:04:09,580 +price of a product A goes up from 10 to 15, the + +632 +01:04:09,580 --> 01:04:13,620 +quantity demanded goes down or went down from 100 + +633 +01:04:13,620 --> 01:04:17,380 +to 80. This is for the same product. And this is + +634 +01:04:17,380 --> 01:04:21,720 +logical. Right? The theory says that as the price + +635 +01:04:21,720 --> 01:04:25,400 +of product A goes up, the quantity demanded goes + +636 +01:04:25,400 --> 01:04:31,280 +down. Right? As the price product A goes up, the + +637 +01:04:31,280 --> 01:04:37,420 +quantity demanded of product B goes up from 62 to + +638 +01:04:37,420 --> 01:04:43,440 +70. As the price A goes up, the quantity demanded + +639 +01:04:43,440 --> 01:04:50,480 +of product C goes down from 90 to 85. Right? This + +640 +01:04:50,480 --> 01:04:55,240 +is the given data. Calculate the gross price + +641 +01:04:55,240 --> 01:04:55,940 +elasticity + +642 +01:05:00,270 --> 01:05:04,650 +of demand for + +643 +01:05:04,650 --> 01:05:10,650 +product B compared to A. + +644 +01:05:17,790 --> 01:05:23,250 +And this state, the relationship between product A + +645 +01:05:23,250 --> 01:05:28,650 +and B and state + +646 +01:05:29,810 --> 01:05:35,310 +The relationship between + +647 +01:05:35,310 --> 01:05:38,890 +product + +648 +01:05:38,890 --> 01:05:42,150 +A and B. + +649 +01:05:48,170 --> 01:05:52,910 +Is it elastic or inelastic? Now, + +650 +01:05:55,230 --> 01:05:57,210 +to start solution here, + +651 +01:06:01,040 --> 01:06:07,280 +Determine the type + +652 +01:06:07,280 --> 01:06:13,800 +of relations here or determine the points. The + +653 +01:06:13,800 --> 01:06:18,540 +requirements here is to calculate the gross price + +654 +01:06:18,540 --> 01:06:23,100 +elasticity of demand for product B compared to A. + +655 +01:06:26,720 --> 01:06:32,240 +B, B convert to A. So, the requirement here is the + +656 +01:06:32,240 --> 01:06:36,920 +gross price elasticity of demand for B convert to + +657 +01:06:36,920 --> 01:06:37,200 +A. + +658 +01:06:46,580 --> 01:06:50,620 +Equals change in quantity demanded percent over, + +659 +01:06:50,760 --> 01:06:51,080 +over + +660 +01:07:00,020 --> 01:07:04,600 +Change in price for A for me. + +661 +01:07:11,720 --> 01:07:22,520 +CPED B convert to A equals Q2 QD2 for B. QB2 minus + +662 +01:07:22,520 --> 01:07:31,320 +QB1 over PA2 minus PA1. Q2 minus Q1 over P2 minus + +663 +01:07:31,320 --> 01:07:41,720 +P1 times PA2 + +664 +01:07:41,720 --> 01:07:48,500 +plus PA1 over QB2 plus QB1. + +665 +01:07:51,480 --> 01:07:54,380 +Okay. A change in quantity depended over change in + +666 +01:07:54,380 --> 01:08:02,980 +price. The same as the words before. Okay. So, + +667 +01:08:03,680 --> 01:08:09,380 +here we have to determine the points had a price + +668 +01:08:09,380 --> 01:08:12,420 +product A and P, A, 1. + +669 +01:08:20,530 --> 01:08:24,330 +Right? These are the classifications. All of this + +670 +01:08:24,330 --> 01:08:28,050 +is 1. And here in the schedule, this is 2. Right? + +671 +01:08:28,450 --> 01:08:33,630 +This is the price of A, 1. And this is the + +672 +01:08:33,630 --> 01:08:40,450 +quantity demanded of A. This is 1. Let's say Q is + +673 +01:08:40,450 --> 01:08:46,670 +what? 1. Right? Well, this is the price of P, 1. + +674 +01:08:48,130 --> 01:08:56,000 +And this is Q. of B, one. Had a price of C, one. + +675 +01:08:56,580 --> 01:09:02,540 +And this is QC, one. If it is correct, the + +676 +01:09:02,540 --> 01:09:06,600 +question is over. This is two. This is price of A, + +677 +01:09:07,300 --> 01:09:12,000 +two. This is all two. Table two. This is table + +678 +01:09:12,000 --> 01:09:20,350 +two. And this is table one, four. So, P A2. And + +679 +01:09:20,350 --> 01:09:29,210 +this is PB2. And this is PC2. Right? Correct? Then + +680 +01:09:29,210 --> 01:09:36,290 +we come here Q, Q, A2. Not one. All two. + +681 +01:09:39,310 --> 01:09:39,990 +QB2. + +682 +01:09:42,510 --> 01:09:49,420 +QC2. Right? Again. All right. Let's go straight to + +683 +01:09:49,420 --> 01:09:49,740 +the formula. + +684 +01:09:53,220 --> 01:10:05,420 +CP A D B converted to A equals QB2 minus QB1 over + +685 +01:10:05,420 --> 01:10:11,280 +PA2 minus PA1 times QB2. Where is QB2? Q is here, + +686 +01:10:11,740 --> 01:10:15,060 +70. If I got it right, the question will be + +687 +01:10:15,060 --> 01:10:27,030 +solved. This is 70. minus QP1 Q62 over + +688 +01:10:27,030 --> 01:10:30,970 +PA2 + +689 +01:10:30,970 --> 01:10:38,350 +minus PA1 PA2 15 minus + +690 +01:10:38,350 --> 01:10:41,650 +PA1 10. + +691 +01:10:44,300 --> 01:10:48,740 +Times 15 plus + +692 +01:10:48,740 --> 01:11:00,400 +10 over 70 plus 62. So CPD equals positive 8 over + +693 +01:11:00,400 --> 01:11:11,400 +positive 5 times 1525 over 132. So B compared to + +694 +01:11:11,400 --> 01:11:21,320 +A. equals, how much is it? 1, 540 over 132, + +695 +01:11:21,760 --> 01:11:28,100 +0 point how much? 300.03, + +696 +01:11:32,000 --> 01:11:38,980 +okay, positive. So here, the demand is inelastic, + +697 +01:11:39,920 --> 01:11:44,400 +Because the absolute value here is less than one. + +698 +01:11:44,920 --> 01:11:48,060 +Number two, what is the relationship between the + +699 +01:11:48,060 --> 01:11:51,900 +product A and B? Are they or is it complementary + +700 +01:11:51,900 --> 01:11:57,580 +relations or substitutes? Substitutes because + +701 +01:11:57,580 --> 01:12:01,920 +increasing the price of a product A, B, A leads to + +702 +01:12:01,920 --> 01:12:03,920 +increasing the demand for product B. + +703 +01:12:10,070 --> 01:12:17,150 +Chicken, meat, or fuel with cars? So here, I state + +704 +01:12:17,150 --> 01:12:19,730 +the relationship between product A and B. I say + +705 +01:12:19,730 --> 01:12:26,750 +that the sign here of cross-price elasticity of + +706 +01:12:26,750 --> 01:12:31,290 +demand for product B compared to A is positive. + +707 +01:12:33,550 --> 01:12:40,960 +They are substitutes. Because product A and B are + +708 +01:12:40,960 --> 01:12:42,660 +substitutes. + +709 +01:12:46,520 --> 01:12:50,980 +A and + +710 +01:12:50,980 --> 01:13:01,780 +C. C converted to A. The price of A from 10 to 15. + +711 +01:13:02,460 --> 01:13:10,890 +The quantity demanded of C was 90. Who is in for + +712 +01:13:10,890 --> 01:13:15,790 +285? Are they compliments or substitutes? + +713 +01:13:17,070 --> 01:13:18,870 +Compliments. Compliments. It's going to be a + +714 +01:13:18,870 --> 01:13:26,930 +negative sign. Right? Right? Like the price of + +715 +01:13:26,930 --> 01:13:32,030 +fuel and demand for cars. Take this assignment and + +716 +01:13:32,030 --> 01:13:36,800 +work on it. Calculate the gross price elasticity + +717 +01:13:36,800 --> 01:13:39,780 +demand for product C compared to A. + +718 +01:13:43,860 --> 01:13:49,180 +And state the relationship between product A and + +719 +01:13:49,180 --> 01:13:49,700 +C. + +720 +01:13:58,240 --> 01:13:59,120 +Number three. + +721 +01:14:01,980 --> 01:14:03,060 +Calculate + +722 +01:14:07,440 --> 01:14:10,020 +Calculate cross price elasticity of demand for + +723 +01:14:10,020 --> 01:14:19,140 +product C converted to A. C converted to A. Number + +724 +01:14:19,140 --> 01:14:27,020 +two, + +725 +01:14:27,320 --> 01:14:31,380 +understand the relationship between product A and + +726 +01:14:31,380 --> 01:14:31,740 +C. + +727 +01:14:34,400 --> 01:14:37,180 +This depends on the sign here. Number three, + +728 +01:14:38,120 --> 01:14:38,700 +calculate. + +729 +01:14:47,600 --> 01:14:54,400 +Number three, calculate the price elasticity of + +730 +01:14:54,400 --> 01:14:55,960 +demand for product A. + +731 +01:15:03,410 --> 01:15:05,130 +Is it elastic or inelastic? + +732 +01:15:14,230 --> 01:15:15,490 +Number four. + +733 +01:15:29,030 --> 01:15:37,270 +Calculate the total revenue. for product A before + +734 +01:15:37,270 --> 01:15:47,970 +and after changes in the prices. Calculate total + +735 +01:15:47,970 --> 01:15:54,330 +revenue of + +736 +01:15:54,330 --> 01:15:58,390 +or + +737 +01:15:58,390 --> 01:16:06,040 +generated Total revenue generated from + +738 +01:16:06,040 --> 01:16:09,360 +selling + +739 +01:16:09,360 --> 01:16:17,960 +product A before + +740 +01:16:17,960 --> 01:16:26,500 +and after changing prices. Before and + +741 +01:16:26,500 --> 01:16:40,060 +after. The change in prices before + +742 +01:16:40,060 --> 01:16:47,380 +increasing the prices from 10 to 15. How much was + +743 +01:16:47,380 --> 01:16:49,380 +the total revenue and how much did it become? + diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/jCmomr-1zG8_raw.json b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/jCmomr-1zG8_raw.json new file mode 100644 index 0000000000000000000000000000000000000000..3a539087fb7d392ddeb45e617f0ca8ac77662123 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/jCmomr-1zG8_raw.json @@ -0,0 +1 @@ +{"segments": [{"id": 1, "seek": 4794, "start": 20.0, "end": 47.94, "text": " Okay, bismillahirrahmanirrahim. Today, inshallah, we are going to talk about the, or we'll be talking about the determinant of the price elasticity of demand, the income elasticity of demand, gross price elasticity of demand, and if we have enough time, we will go to the price elasticity of supply. The major question here is,", "tokens": [1033, 11, 272, 1434, 32703, 347, 15688, 1601, 347, 15688, 332, 13, 2692, 11, 1028, 71, 13492, 11, 321, 366, 516, 281, 751, 466, 264, 11, 420, 321, 603, 312, 1417, 466, 264, 41296, 295, 264, 3218, 46260, 295, 4733, 11, 264, 5742, 46260, 295, 4733, 11, 11367, 3218, 46260, 295, 4733, 11, 293, 498, 321, 362, 1547, 565, 11, 321, 486, 352, 281, 264, 3218, 46260, 295, 5847, 13, 440, 2563, 1168, 510, 307, 11], "avg_logprob": -0.1786728919326485, "compression_ratio": 1.8324022346368716, "no_speech_prob": 0.0, "words": [{"start": 20.0, "end": 20.32, "word": " Okay,", "probability": 0.51513671875}, {"start": 20.52, "end": 21.24, "word": " bismillahirrahmanirrahim.", "probability": 0.8168131510416666}, {"start": 21.88, "end": 22.2, "word": " Today,", "probability": 0.81640625}, {"start": 22.44, "end": 22.66, "word": " inshallah,", "probability": 0.751953125}, {"start": 22.78, "end": 22.96, "word": " we", "probability": 0.9619140625}, {"start": 22.96, "end": 23.18, "word": " are", "probability": 0.68017578125}, {"start": 23.18, "end": 23.9, "word": " going", "probability": 0.943359375}, {"start": 23.9, "end": 24.16, "word": " to", "probability": 0.9697265625}, {"start": 24.16, "end": 24.64, "word": " talk", "probability": 0.8857421875}, {"start": 24.64, "end": 25.06, "word": " about", "probability": 0.89599609375}, {"start": 25.06, "end": 25.46, "word": " the,", "probability": 0.849609375}, {"start": 26.52, "end": 26.8, "word": " or", "probability": 0.55322265625}, {"start": 26.8, "end": 27.24, "word": " we'll", "probability": 0.808349609375}, {"start": 27.24, "end": 27.4, "word": " be", "probability": 0.9560546875}, {"start": 27.4, "end": 27.76, "word": " talking", "probability": 0.85546875}, {"start": 27.76, "end": 28.2, "word": " about", "probability": 0.89501953125}, {"start": 28.2, "end": 28.72, "word": " the", "probability": 0.90771484375}, {"start": 28.72, "end": 30.58, "word": " determinant", "probability": 0.83203125}, {"start": 30.58, "end": 31.68, "word": " of", "probability": 0.89892578125}, {"start": 31.68, "end": 31.86, "word": " the", "probability": 0.892578125}, {"start": 31.86, "end": 32.14, "word": " price", "probability": 0.9189453125}, {"start": 32.14, "end": 32.54, "word": " elasticity", "probability": 0.919921875}, {"start": 32.54, "end": 32.82, "word": " of", "probability": 0.951171875}, {"start": 32.82, "end": 33.14, "word": " demand,", "probability": 0.91259765625}, {"start": 34.62, "end": 34.78, "word": " the", "probability": 0.92236328125}, {"start": 34.78, "end": 35.28, "word": " income", "probability": 0.94140625}, {"start": 35.28, "end": 35.78, "word": " elasticity", "probability": 0.95751953125}, {"start": 35.78, "end": 36.06, "word": " of", "probability": 0.9609375}, {"start": 36.06, "end": 36.38, "word": " demand,", "probability": 0.89794921875}, {"start": 36.8, "end": 37.02, "word": " gross", "probability": 0.2578125}, {"start": 37.02, "end": 37.4, "word": " price", "probability": 0.91943359375}, {"start": 37.4, "end": 37.8, "word": " elasticity", "probability": 0.9677734375}, {"start": 37.8, "end": 38.08, "word": " of", "probability": 0.95458984375}, {"start": 38.08, "end": 38.4, "word": " demand,", "probability": 0.90576171875}, {"start": 38.58, "end": 39.02, "word": " and", "probability": 0.935546875}, {"start": 39.02, "end": 40.12, "word": " if", "probability": 0.88623046875}, {"start": 40.12, "end": 40.32, "word": " we", "probability": 0.94677734375}, {"start": 40.32, "end": 40.6, "word": " have", "probability": 0.95166015625}, {"start": 40.6, "end": 40.86, "word": " enough", "probability": 0.8740234375}, {"start": 40.86, "end": 41.18, "word": " time,", "probability": 0.89208984375}, {"start": 41.26, "end": 41.34, "word": " we", "probability": 0.9521484375}, {"start": 41.34, "end": 41.44, "word": " will", "probability": 0.779296875}, {"start": 41.44, "end": 41.66, "word": " go", "probability": 0.96435546875}, {"start": 41.66, "end": 41.92, "word": " to", "probability": 0.65869140625}, {"start": 41.92, "end": 42.2, "word": " the", "probability": 0.90869140625}, {"start": 42.2, "end": 42.52, "word": " price", "probability": 0.94580078125}, {"start": 42.52, "end": 43.06, "word": " elasticity", "probability": 0.95947265625}, {"start": 43.06, "end": 44.42, "word": " of", "probability": 0.9501953125}, {"start": 44.42, "end": 44.76, "word": " supply.", "probability": 0.9521484375}, {"start": 46.02, "end": 46.56, "word": " The", "probability": 0.88818359375}, {"start": 46.56, "end": 46.8, "word": " major", "probability": 0.912109375}, {"start": 46.8, "end": 47.22, "word": " question", "probability": 0.92431640625}, {"start": 47.22, "end": 47.52, "word": " here", "probability": 0.86083984375}, {"start": 47.52, "end": 47.94, "word": " is,", "probability": 0.94189453125}], "temperature": 1.0}, {"id": 2, "seek": 7590, "start": 50.62, "end": 75.9, "text": " What are the main factors affecting the elasticity of demand or the price elasticity of demand? What are the main determinants of the price elasticity of demand? How can we say that the price or the demand for Pepsi is elastic? 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This is the question here. Yes. No. In general, in general, what are the main factors affecting the elasticity? 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Number one is the availability of substitutes. So here, the main determinants of the price elasticity of demand. Number one is the availability of substitutes.", "tokens": [7587, 13, 5118, 472, 307, 264, 17945, 295, 26441, 1819, 13, 407, 510, 11, 264, 2135, 15957, 1719, 295, 264, 3218, 46260, 295, 4733, 13, 5118, 472, 307, 264, 17945, 295, 26441, 1819, 13], "avg_logprob": -0.1276785773890359, "compression_ratio": 1.5943396226415094, "no_speech_prob": 0.0, "words": [{"start": 106.74000000000001, "end": 107.7, "word": " Exactly.", "probability": 0.2489013671875}, {"start": 108.78, "end": 109.18, "word": " Number", "probability": 0.7138671875}, {"start": 109.18, "end": 110.26, "word": " one", "probability": 0.67529296875}, {"start": 110.26, "end": 110.62, "word": " is", "probability": 0.9189453125}, {"start": 110.62, "end": 110.86, "word": " the", "probability": 0.923828125}, {"start": 110.86, "end": 111.42, "word": " availability", "probability": 0.97900390625}, {"start": 111.42, "end": 111.82, "word": " of", "probability": 0.96875}, {"start": 111.82, "end": 112.5, "word": " substitutes.", "probability": 0.892578125}, {"start": 112.98, "end": 113.22, "word": " So", "probability": 0.96630859375}, {"start": 113.22, "end": 113.46, "word": " here,", "probability": 0.8134765625}, {"start": 114.2, "end": 114.3, "word": " the", "probability": 0.92431640625}, {"start": 114.3, "end": 114.52, "word": " main", "probability": 0.9541015625}, {"start": 114.52, "end": 115.26, "word": " determinants", "probability": 0.94189453125}, {"start": 115.26, "end": 115.48, "word": " of", "probability": 0.87939453125}, {"start": 115.48, "end": 115.6, "word": " the", "probability": 0.9189453125}, {"start": 115.6, "end": 115.92, "word": " price", "probability": 0.93994140625}, {"start": 115.92, "end": 116.36, "word": " elasticity", "probability": 0.970703125}, {"start": 116.36, "end": 116.64, "word": " of", "probability": 0.95947265625}, {"start": 116.64, "end": 117.0, "word": " demand.", "probability": 0.91650390625}, {"start": 121.34, "end": 122.3, "word": " Number", "probability": 0.48876953125}, {"start": 122.3, "end": 127.08, "word": " one", "probability": 0.88037109375}, {"start": 127.08, "end": 127.66, "word": " is", "probability": 0.94775390625}, {"start": 127.66, "end": 128.94, "word": " the", "probability": 0.92529296875}, {"start": 128.94, "end": 129.5, "word": " availability", "probability": 0.98388671875}, {"start": 129.5, "end": 130.04, "word": " of", "probability": 0.96826171875}, {"start": 130.04, "end": 130.7, "word": " substitutes.", "probability": 0.906005859375}], "temperature": 1.0}, {"id": 5, "seek": 16676, "start": 144.72, "end": 166.76, "text": " The demand for Pepsi is elastic because it has so many substitutes. The demand for Pepsi is elastic. The demand for flour is inelastic.", "tokens": [440, 4733, 337, 42311, 307, 17115, 570, 309, 575, 370, 867, 26441, 1819, 13, 440, 4733, 337, 42311, 307, 17115, 13, 440, 4733, 337, 7693, 307, 294, 338, 2750, 13], "avg_logprob": -0.10005040514853693, "compression_ratio": 1.6, "no_speech_prob": 0.0, "words": [{"start": 144.72, "end": 144.96, "word": " The", "probability": 0.83349609375}, {"start": 144.96, "end": 145.26, "word": " demand", "probability": 0.91748046875}, {"start": 145.26, "end": 145.48, "word": " for", "probability": 0.95166015625}, {"start": 145.48, "end": 145.8, "word": " Pepsi", "probability": 0.90771484375}, {"start": 145.8, "end": 146.66, "word": " is", "probability": 0.95654296875}, {"start": 146.66, "end": 148.7, "word": " elastic", "probability": 0.96484375}, {"start": 148.7, "end": 149.32, "word": " because", "probability": 0.677734375}, {"start": 149.32, "end": 149.98, "word": " it", "probability": 0.955078125}, {"start": 149.98, "end": 150.32, "word": " has", "probability": 0.94873046875}, {"start": 150.32, "end": 150.58, "word": " so", "probability": 0.95703125}, {"start": 150.58, "end": 150.86, "word": " many", "probability": 0.89501953125}, {"start": 150.86, "end": 151.58, "word": " substitutes.", "probability": 0.897216796875}, {"start": 152.44, "end": 152.72, "word": " The", "probability": 0.8779296875}, {"start": 152.72, "end": 153.02, "word": " demand", "probability": 0.90234375}, {"start": 153.02, "end": 153.3, "word": " for", "probability": 0.95166015625}, {"start": 153.3, "end": 153.84, "word": " Pepsi", "probability": 0.92236328125}, {"start": 153.84, "end": 157.14, "word": " is", "probability": 0.927734375}, {"start": 157.14, "end": 158.26, "word": " elastic.", "probability": 0.96630859375}, {"start": 160.78, "end": 161.34, "word": " The", "probability": 0.89013671875}, {"start": 161.34, "end": 161.76, "word": " demand", "probability": 0.89794921875}, {"start": 161.76, "end": 162.34, "word": " for", "probability": 0.955078125}, {"start": 162.34, "end": 164.72, "word": " flour", "probability": 0.5244140625}, {"start": 164.72, "end": 165.78, "word": " is", "probability": 0.947265625}, {"start": 165.78, "end": 166.76, "word": " inelastic.", "probability": 0.9493815104166666}], "temperature": 1.0}, {"id": 6, "seek": 19506, "start": 173.78, "end": 195.06, "text": " for medicine, for drugs, is perfectly inelastic. Perfectly inelastic. Which means that if the product has", "tokens": [337, 7195, 11, 337, 7766, 11, 307, 6239, 294, 338, 2750, 13, 10246, 356, 294, 338, 2750, 13, 3013, 1355, 300, 498, 264, 1674, 575], "avg_logprob": -0.24759614696869484, "compression_ratio": 1.2470588235294118, "no_speech_prob": 0.0, "words": [{"start": 173.78, "end": 174.1, "word": " for", "probability": 0.16845703125}, {"start": 174.1, "end": 174.94, "word": " medicine,", "probability": 0.7451171875}, {"start": 175.4, "end": 176.02, "word": " for", "probability": 0.7353515625}, {"start": 176.02, "end": 176.46, "word": " drugs,", "probability": 0.87548828125}, {"start": 177.06, "end": 177.32, "word": " is", "probability": 0.9228515625}, {"start": 177.32, "end": 177.96, "word": " perfectly", "probability": 0.93798828125}, {"start": 177.96, "end": 178.7, "word": " inelastic.", "probability": 0.9347330729166666}, {"start": 186.84, "end": 188.06, "word": " Perfectly", "probability": 0.848388671875}, {"start": 188.06, "end": 188.96, "word": " inelastic.", "probability": 0.9147135416666666}, {"start": 190.34, "end": 191.56, "word": " Which", "probability": 0.8916015625}, {"start": 191.56, "end": 192.02, "word": " means", "probability": 0.93408203125}, {"start": 192.02, "end": 193.56, "word": " that", "probability": 0.81591796875}, {"start": 193.56, "end": 193.98, "word": " if", "probability": 0.896484375}, {"start": 193.98, "end": 194.12, "word": " the", "probability": 0.8310546875}, {"start": 194.12, "end": 194.48, "word": " product", "probability": 0.91845703125}, {"start": 194.48, "end": 195.06, "word": " has", "probability": 0.9453125}], "temperature": 1.0}, {"id": 7, "seek": 22126, "start": 195.98, "end": 221.26, "text": " Many substitutes. Pepsi has many substitutes, like Coca-Cola, like 7-Up, like Miranda. So here we have so many substitutes. Medicine, drugs. Specific type of medicine. Like the demand for insulin for the diabetic patients.", "tokens": [5126, 26441, 1819, 13, 42311, 575, 867, 26441, 1819, 11, 411, 32719, 12, 42441, 11, 411, 1614, 12, 22164, 11, 411, 37000, 13, 407, 510, 321, 362, 370, 867, 26441, 1819, 13, 20338, 11, 7766, 13, 20484, 1089, 2010, 295, 7195, 13, 1743, 264, 4733, 337, 21587, 337, 264, 50238, 4209, 13], "avg_logprob": -0.20371462489074132, "compression_ratio": 1.5170068027210883, "no_speech_prob": 0.0, "words": [{"start": 195.98, "end": 196.5, "word": " Many", "probability": 0.81689453125}, {"start": 196.5, "end": 197.34, "word": " substitutes.", "probability": 0.89892578125}, {"start": 197.98, "end": 198.26, "word": " Pepsi", "probability": 0.87451171875}, {"start": 198.26, "end": 198.74, "word": " has", "probability": 0.94384765625}, {"start": 198.74, "end": 199.24, "word": " many", "probability": 0.89794921875}, {"start": 199.24, "end": 200.24, "word": " substitutes,", "probability": 0.912353515625}, {"start": 200.36, "end": 200.66, "word": " like", "probability": 0.92578125}, {"start": 200.66, "end": 201.02, "word": " Coca", "probability": 0.9013671875}, {"start": 201.02, "end": 201.3, "word": "-Cola,", "probability": 0.781005859375}, {"start": 201.86, "end": 202.12, "word": " like", "probability": 0.943359375}, {"start": 202.12, "end": 202.44, "word": " 7", "probability": 0.9326171875}, {"start": 202.44, "end": 202.66, "word": "-Up,", "probability": 0.5657958984375}, {"start": 202.78, "end": 203.02, "word": " like", "probability": 0.93359375}, {"start": 203.02, "end": 203.54, "word": " Miranda.", "probability": 0.75732421875}, {"start": 205.66, "end": 205.92, "word": " So", "probability": 0.254638671875}, {"start": 205.92, "end": 206.56, "word": " here", "probability": 0.60888671875}, {"start": 206.56, "end": 206.76, "word": " we", "probability": 0.89306640625}, {"start": 206.76, "end": 207.04, "word": " have", "probability": 0.94970703125}, {"start": 207.04, "end": 207.28, "word": " so", "probability": 0.93896484375}, {"start": 207.28, "end": 207.56, "word": " many", "probability": 0.89501953125}, {"start": 207.56, "end": 208.36, "word": " substitutes.", "probability": 0.929443359375}, {"start": 210.68, "end": 211.5, "word": " Medicine,", "probability": 0.50146484375}, {"start": 211.66, "end": 212.0, "word": " drugs.", "probability": 0.454833984375}, {"start": 213.44, "end": 214.2, "word": " Specific", "probability": 0.876953125}, {"start": 214.2, "end": 214.68, "word": " type", "probability": 0.96826171875}, {"start": 214.68, "end": 215.18, "word": " of", "probability": 0.9716796875}, {"start": 215.18, "end": 216.96, "word": " medicine.", "probability": 0.9638671875}, {"start": 217.74, "end": 217.94, "word": " Like", "probability": 0.88525390625}, {"start": 217.94, "end": 218.1, "word": " the", "probability": 0.888671875}, {"start": 218.1, "end": 218.34, "word": " demand", "probability": 0.9365234375}, {"start": 218.34, "end": 218.58, "word": " for", "probability": 0.93310546875}, {"start": 218.58, "end": 219.02, "word": " insulin", "probability": 0.9560546875}, {"start": 219.02, "end": 219.48, "word": " for", "probability": 0.9130859375}, {"start": 219.48, "end": 220.26, "word": " the", "probability": 0.9169921875}, {"start": 220.26, "end": 220.62, "word": " diabetic", "probability": 0.82861328125}, {"start": 220.62, "end": 221.26, "word": " patients.", "probability": 0.8671875}], "temperature": 1.0}, {"id": 8, "seek": 23895, "start": 223.59, "end": 238.95, "text": " Pepsi has many substitutes. So here we have many substitutes for the product, so the demand will be elastic. Here, if demand for a flower has one substitute, so demand will be less elastic.", "tokens": [42311, 575, 867, 26441, 1819, 13, 407, 510, 321, 362, 867, 26441, 1819, 337, 264, 1674, 11, 370, 264, 4733, 486, 312, 17115, 13, 1692, 11, 498, 4733, 337, 257, 8617, 575, 472, 15802, 11, 370, 4733, 486, 312, 1570, 17115, 13], "avg_logprob": -0.22765262113061063, "compression_ratio": 1.596638655462185, "no_speech_prob": 0.0, "words": [{"start": 223.59, "end": 224.03, "word": " Pepsi", "probability": 0.8935546875}, {"start": 224.03, "end": 224.61, "word": " has", "probability": 0.95068359375}, {"start": 224.61, "end": 224.93, "word": " many", "probability": 0.8984375}, {"start": 224.93, "end": 225.61, "word": " substitutes.", "probability": 0.924072265625}, {"start": 226.51, "end": 226.75, "word": " So", "probability": 0.9482421875}, {"start": 226.75, "end": 227.13, "word": " here", "probability": 0.7109375}, {"start": 227.13, "end": 227.29, "word": " we", "probability": 0.78515625}, {"start": 227.29, "end": 227.61, "word": " have", "probability": 0.94921875}, {"start": 227.61, "end": 228.81, "word": " many", "probability": 0.890625}, {"start": 228.81, "end": 229.39, "word": " substitutes", "probability": 0.93408203125}, {"start": 229.39, "end": 229.59, "word": " for", "probability": 0.93359375}, {"start": 229.59, "end": 229.71, "word": " the", "probability": 0.9150390625}, {"start": 229.71, "end": 229.97, "word": " product,", "probability": 0.440185546875}, {"start": 230.03, "end": 230.15, "word": " so", "probability": 0.94970703125}, {"start": 230.15, "end": 230.31, "word": " the", "probability": 0.8564453125}, {"start": 230.31, "end": 230.65, "word": " demand", "probability": 0.90185546875}, {"start": 230.65, "end": 230.83, "word": " will", "probability": 0.74755859375}, {"start": 230.83, "end": 231.11, "word": " be", "probability": 0.95458984375}, {"start": 231.11, "end": 231.63, "word": " elastic.", "probability": 0.9716796875}, {"start": 232.27, "end": 232.45, "word": " Here,", "probability": 0.66943359375}, {"start": 232.59, "end": 232.67, "word": " if", "probability": 0.5537109375}, {"start": 232.67, "end": 232.97, "word": " demand", "probability": 0.6240234375}, {"start": 232.97, "end": 233.19, "word": " for", "probability": 0.9423828125}, {"start": 233.19, "end": 233.29, "word": " a", "probability": 0.394287109375}, {"start": 233.29, "end": 233.55, "word": " flower", "probability": 0.8896484375}, {"start": 233.55, "end": 234.11, "word": " has", "probability": 0.82861328125}, {"start": 234.11, "end": 234.51, "word": " one", "probability": 0.9287109375}, {"start": 234.51, "end": 235.15, "word": " substitute,", "probability": 0.8779296875}, {"start": 235.55, "end": 236.55, "word": " so", "probability": 0.54248046875}, {"start": 236.55, "end": 237.23, "word": " demand", "probability": 0.6923828125}, {"start": 237.23, "end": 237.43, "word": " will", "probability": 0.75537109375}, {"start": 237.43, "end": 237.91, "word": " be", "probability": 0.9560546875}, {"start": 237.91, "end": 238.35, "word": " less", "probability": 0.923828125}, {"start": 238.35, "end": 238.95, "word": " elastic.", "probability": 0.9599609375}], "temperature": 1.0}, {"id": 9, "seek": 26939, "start": 240.81, "end": 269.39, "text": " medicine or one type of medicine is important, is necessary for the, it has no substitutes. In this case, we can see that the demand is perfectly inelastic, which means the lower number of substitutes or the less number of substitutes, the less demand or the less elasticity of demand. 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So increasing the number of substitutes increases or increases the price elasticity of demand. Increase the price elasticity of demand. All right? Okay.", "tokens": [264, 544, 17115, 4733, 13, 407, 5662, 264, 1230, 295, 26441, 1819, 8637, 420, 8637, 264, 3218, 46260, 295, 4733, 13, 30367, 651, 264, 3218, 46260, 295, 4733, 13, 1057, 558, 30, 1033, 13], "avg_logprob": -0.2417410739830562, "compression_ratio": 1.6481481481481481, "no_speech_prob": 0.0, "words": [{"start": 270.98, "end": 271.34, "word": " the", "probability": 0.2447509765625}, {"start": 271.34, "end": 271.68, "word": " more", "probability": 0.9482421875}, {"start": 271.68, "end": 272.34, "word": " elastic", "probability": 0.9443359375}, {"start": 272.34, "end": 273.06, "word": " demand.", "probability": 0.77587890625}, {"start": 274.66, "end": 275.24, "word": " So", "probability": 0.80908203125}, {"start": 275.24, "end": 276.14, "word": " increasing", "probability": 0.64697265625}, {"start": 276.14, "end": 276.38, "word": " the", "probability": 0.89599609375}, {"start": 276.38, "end": 276.6, "word": " number", "probability": 0.953125}, {"start": 276.6, "end": 276.74, "word": " of", "probability": 0.97314453125}, {"start": 276.74, "end": 278.0, "word": " substitutes", "probability": 0.900634765625}, {"start": 278.0, "end": 286.36, "word": " increases", "probability": 0.436279296875}, {"start": 286.36, "end": 287.44, "word": " or", "probability": 0.677734375}, {"start": 287.44, "end": 288.02, "word": " increases", "probability": 0.916015625}, {"start": 288.02, "end": 289.14, "word": " the", "probability": 0.84375}, {"start": 289.14, "end": 289.56, "word": " price", "probability": 0.93408203125}, {"start": 289.56, "end": 290.12, "word": " elasticity", "probability": 0.94482421875}, {"start": 290.12, "end": 290.46, "word": " of", "probability": 0.95849609375}, {"start": 290.46, "end": 290.8, "word": " demand.", "probability": 0.8876953125}, {"start": 291.98, "end": 292.32, "word": " Increase", "probability": 0.553466796875}, {"start": 292.32, "end": 292.72, "word": " the", "probability": 0.89990234375}, {"start": 292.72, "end": 293.12, "word": " price", "probability": 0.9228515625}, {"start": 293.12, "end": 293.68, "word": " elasticity", "probability": 0.94775390625}, {"start": 293.68, "end": 294.32, "word": " of", "probability": 0.96728515625}, {"start": 294.32, "end": 294.68, "word": " demand.", "probability": 0.8818359375}, {"start": 295.76, "end": 295.8, "word": " All", "probability": 0.83544921875}, {"start": 295.8, "end": 296.08, "word": " right?", "probability": 0.9169921875}, {"start": 297.2, "end": 297.58, "word": " Okay.", "probability": 0.6259765625}], "temperature": 1.0}, {"id": 11, "seek": 32680, "start": 301.28, "end": 326.8, "text": " Is it clear? Let's go to something else, or the second determinant of demand, or the price elasticity of demand. The second determinant of the price elasticity of demand, which is what? Yeah, who can give us the second? Yes, where? Okay, see? 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Number two, the necessity of the product for the consumer. The necessity of the product for the consumer. Is the product important? Is it necessary for the consumer or not? This is the question. 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Is it easy to give up it? Is it necessary for the consumer? Like the demand for flour here. Demand for flour, is the flour, is it necessary for the consumer or not? The medicine, is it necessary for the consumer? 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The less elasticity of demand will be.", "tokens": [440, 1570, 17115, 4733, 13, 440, 1570, 46260, 295, 4733, 486, 312, 13], "avg_logprob": -0.27957588008471895, "compression_ratio": 1.2075471698113207, "no_speech_prob": 0.0, "words": [{"start": 428.86, "end": 429.28, "word": " The", "probability": 0.515625}, {"start": 429.28, "end": 429.72, "word": " less", "probability": 0.9521484375}, {"start": 429.72, "end": 432.42, "word": " elastic", "probability": 0.9052734375}, {"start": 432.42, "end": 433.72, "word": " demand.", "probability": 0.94140625}, {"start": 434.86, "end": 435.46, "word": " The", "probability": 0.0728759765625}, {"start": 435.46, "end": 442.56, "word": " less", "probability": 0.87158203125}, {"start": 442.56, "end": 446.7, "word": " elasticity", "probability": 0.92578125}, {"start": 446.7, "end": 447.2, "word": " of", "probability": 0.9052734375}, {"start": 447.2, "end": 451.3, "word": " demand", "probability": 0.9169921875}, {"start": 451.3, "end": 454.24, "word": " will", "probability": 0.80029296875}, {"start": 454.24, "end": 454.52, "word": " be.", "probability": 0.9482421875}], "temperature": 1.0}, {"id": 16, "seek": 47881, "start": 457.75, "end": 478.81, "text": " Because the price in assistive demand, PED, P-E-D, price in assistive demand formula is the change in quantity demanded percent over the change in price percent. Let us assume that the price of a flower increased by 10 percent.", "tokens": [1436, 264, 3218, 294, 4255, 488, 4733, 11, 430, 4731, 11, 430, 12, 36, 12, 35, 11, 3218, 294, 4255, 488, 4733, 8513, 307, 264, 1319, 294, 11275, 28276, 3043, 670, 264, 1319, 294, 3218, 3043, 13, 961, 505, 6552, 300, 264, 3218, 295, 257, 8617, 6505, 538, 1266, 3043, 13], "avg_logprob": -0.22701322086728537, "compression_ratio": 1.6170212765957446, "no_speech_prob": 0.0, "words": [{"start": 457.75, "end": 458.31, "word": " Because", "probability": 0.6650390625}, {"start": 458.31, "end": 459.01, "word": " the", "probability": 0.8056640625}, {"start": 459.01, "end": 459.31, "word": " price", "probability": 0.86572265625}, {"start": 459.31, "end": 459.47, "word": " in", "probability": 0.388916015625}, {"start": 459.47, "end": 459.91, "word": " assistive", "probability": 0.62646484375}, {"start": 459.91, "end": 460.27, "word": " demand,", "probability": 0.890625}, {"start": 460.47, "end": 460.87, "word": " PED,", "probability": 0.92724609375}, {"start": 461.79, "end": 462.95, "word": " P", "probability": 0.84814453125}, {"start": 462.95, "end": 463.37, "word": "-E", "probability": 0.6585693359375}, {"start": 463.37, "end": 463.71, "word": "-D,", "probability": 0.99951171875}, {"start": 465.01, "end": 465.71, "word": " price", "probability": 0.448486328125}, {"start": 465.71, "end": 465.85, "word": " in", "probability": 0.72802734375}, {"start": 465.85, "end": 466.29, "word": " assistive", "probability": 0.95263671875}, {"start": 466.29, "end": 466.59, "word": " demand", "probability": 0.85595703125}, {"start": 466.59, "end": 466.99, "word": " formula", "probability": 0.9013671875}, {"start": 466.99, "end": 467.37, "word": " is", "probability": 0.80908203125}, {"start": 467.37, "end": 467.95, "word": " the", "probability": 0.8798828125}, {"start": 467.95, "end": 468.37, "word": " change", "probability": 0.900390625}, {"start": 468.37, "end": 468.51, "word": " in", "probability": 0.9384765625}, {"start": 468.51, "end": 468.97, "word": " quantity", "probability": 0.467041015625}, {"start": 468.97, "end": 469.49, "word": " demanded", "probability": 0.93603515625}, {"start": 469.49, "end": 470.41, "word": " percent", "probability": 0.5263671875}, {"start": 470.41, "end": 470.93, "word": " over", "probability": 0.9052734375}, {"start": 470.93, "end": 471.11, "word": " the", "probability": 0.75927734375}, {"start": 471.11, "end": 471.33, "word": " change", "probability": 0.8642578125}, {"start": 471.33, "end": 471.45, "word": " in", "probability": 0.91796875}, {"start": 471.45, "end": 471.75, "word": " price", "probability": 0.90771484375}, {"start": 471.75, "end": 472.15, "word": " percent.", "probability": 0.96044921875}, {"start": 473.25, "end": 473.55, "word": " Let", "probability": 0.958984375}, {"start": 473.55, "end": 473.71, "word": " us", "probability": 0.86962890625}, {"start": 473.71, "end": 474.07, "word": " assume", "probability": 0.91357421875}, {"start": 474.07, "end": 474.33, "word": " that", "probability": 0.91455078125}, {"start": 474.33, "end": 474.51, "word": " the", "probability": 0.89404296875}, {"start": 474.51, "end": 474.91, "word": " price", "probability": 0.9228515625}, {"start": 474.91, "end": 476.29, "word": " of", "probability": 0.96875}, {"start": 476.29, "end": 476.47, "word": " a", "probability": 0.78662109375}, {"start": 476.47, "end": 476.89, "word": " flower", "probability": 0.78173828125}, {"start": 476.89, "end": 477.75, "word": " increased", "probability": 0.90380859375}, {"start": 477.75, "end": 478.07, "word": " by", "probability": 0.97412109375}, {"start": 478.07, "end": 478.37, "word": " 10", "probability": 0.87109375}, {"start": 478.37, "end": 478.81, "word": " percent.", "probability": 0.90087890625}], "temperature": 1.0}, {"id": 17, "seek": 50502, "start": 479.52, "end": 505.02, "text": " The quantity demanded goes down by less than 10%, 3%. Let us assume 3%. How about the absolute value? 0.3. The absolute 0.3. It's less than 1. Yes. The giving up, the necessity of the product, the giving up is less. Yes.", "tokens": [440, 11275, 28276, 1709, 760, 538, 1570, 813, 1266, 8923, 805, 6856, 961, 505, 6552, 805, 6856, 1012, 466, 264, 8236, 2158, 30, 1958, 13, 18, 13, 440, 8236, 1958, 13, 18, 13, 467, 311, 1570, 813, 502, 13, 1079, 13, 440, 2902, 493, 11, 264, 24217, 295, 264, 1674, 11, 264, 2902, 493, 307, 1570, 13, 1079, 13], "avg_logprob": -0.3502604121963183, "compression_ratio": 1.483221476510067, "no_speech_prob": 0.0, "words": [{"start": 479.52, "end": 479.78, "word": " The", "probability": 0.603515625}, {"start": 479.78, "end": 479.98, "word": " quantity", "probability": 0.830078125}, {"start": 479.98, "end": 480.34, "word": " demanded", "probability": 0.87451171875}, {"start": 480.34, "end": 480.68, "word": " goes", "probability": 0.93408203125}, {"start": 480.68, "end": 481.02, "word": " down", "probability": 0.865234375}, {"start": 481.02, "end": 481.38, "word": " by", "probability": 0.96826171875}, {"start": 481.38, "end": 482.16, "word": " less", "probability": 0.94921875}, {"start": 482.16, "end": 482.68, "word": " than", "probability": 0.9443359375}, {"start": 482.68, "end": 483.52, "word": " 10%,", "probability": 0.6474609375}, {"start": 483.52, "end": 484.68, "word": " 3%.", "probability": 0.87451171875}, {"start": 484.68, "end": 484.9, "word": " Let", "probability": 0.9501953125}, {"start": 484.9, "end": 485.04, "word": " us", "probability": 0.83740234375}, {"start": 485.04, "end": 485.32, "word": " assume", "probability": 0.90771484375}, {"start": 485.32, "end": 486.44, "word": " 3%.", "probability": 0.946044921875}, {"start": 486.44, "end": 486.98, "word": " How", "probability": 0.104248046875}, {"start": 486.98, "end": 487.08, "word": " about", "probability": 0.5693359375}, {"start": 487.08, "end": 487.22, "word": " the", "probability": 0.442138671875}, {"start": 487.22, "end": 487.56, "word": " absolute", "probability": 0.90283203125}, {"start": 487.56, "end": 488.06, "word": " value?", "probability": 0.9765625}, {"start": 489.4, "end": 489.8, "word": " 0", "probability": 0.8935546875}, {"start": 489.8, "end": 490.46, "word": ".3.", "probability": 0.9951171875}, {"start": 490.78, "end": 490.92, "word": " The", "probability": 0.321044921875}, {"start": 490.92, "end": 491.36, "word": " absolute", "probability": 0.9150390625}, {"start": 491.36, "end": 492.02, "word": " 0", "probability": 0.66064453125}, {"start": 492.02, "end": 493.52, "word": ".3.", "probability": 0.996826171875}, {"start": 493.74, "end": 494.08, "word": " It's", "probability": 0.9609375}, {"start": 494.08, "end": 494.34, "word": " less", "probability": 0.95166015625}, {"start": 494.34, "end": 494.62, "word": " than", "probability": 0.9453125}, {"start": 494.62, "end": 494.86, "word": " 1.", "probability": 0.6865234375}, {"start": 495.82, "end": 496.0, "word": " Yes.", "probability": 0.525390625}, {"start": 497.4, "end": 497.68, "word": " The", "probability": 0.150390625}, {"start": 497.68, "end": 498.12, "word": " giving", "probability": 0.85205078125}, {"start": 498.12, "end": 498.54, "word": " up,", "probability": 0.9501953125}, {"start": 499.06, "end": 499.24, "word": " the", "probability": 0.6337890625}, {"start": 499.24, "end": 500.4, "word": " necessity", "probability": 0.80029296875}, {"start": 500.4, "end": 500.64, "word": " of", "probability": 0.61083984375}, {"start": 500.64, "end": 500.76, "word": " the", "probability": 0.7919921875}, {"start": 500.76, "end": 501.14, "word": " product,", "probability": 0.88916015625}, {"start": 501.66, "end": 501.76, "word": " the", "probability": 0.411376953125}, {"start": 501.76, "end": 503.4, "word": " giving", "probability": 0.88427734375}, {"start": 503.4, "end": 503.84, "word": " up", "probability": 0.9619140625}, {"start": 503.84, "end": 504.06, "word": " is", "probability": 0.45751953125}, {"start": 504.06, "end": 504.26, "word": " less.", "probability": 0.63623046875}, {"start": 504.88, "end": 505.02, "word": " Yes.", "probability": 0.392822265625}], "temperature": 1.0}, {"id": 18, "seek": 53412, "start": 510.06, "end": 534.12, "text": " The more the product is important for the consumer, he cannot get or she cannot give up it when the price increases. So, the demand will be less elastic, okay? For Pepsi, it's not necessary for the consumer and it's easy to give up it when the product, when the price goes up.", "tokens": [440, 544, 264, 1674, 307, 1021, 337, 264, 9711, 11, 415, 2644, 483, 420, 750, 2644, 976, 493, 309, 562, 264, 3218, 8637, 13, 407, 11, 264, 4733, 486, 312, 1570, 17115, 11, 1392, 30, 1171, 42311, 11, 309, 311, 406, 4818, 337, 264, 9711, 293, 309, 311, 1858, 281, 976, 493, 309, 562, 264, 1674, 11, 562, 264, 3218, 1709, 493, 13], "avg_logprob": -0.15759277367033064, "compression_ratio": 1.6890243902439024, "no_speech_prob": 0.0, "words": [{"start": 510.06, "end": 510.28, "word": " The", "probability": 0.60205078125}, {"start": 510.28, "end": 510.44, "word": " more", "probability": 0.92529296875}, {"start": 510.44, "end": 510.56, "word": " the", "probability": 0.9013671875}, {"start": 510.56, "end": 510.88, "word": " product", "probability": 0.916015625}, {"start": 510.88, "end": 511.2, "word": " is", "probability": 0.9462890625}, {"start": 511.2, "end": 511.66, 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necessary for the consumer. Minus four equals four. It's less than one. Sorry, bigger than one. So the demand will be elastic. So the more necessary the product,", "tokens": [440, 4733, 29213, 538, 3356, 4, 570, 264, 9711, 486, 12, 264, 1674, 307, 1570, 4818, 420, 309, 311, 406, 4818, 337, 264, 9711, 13, 2829, 301, 1451, 6915, 1451, 13, 467, 311, 1570, 813, 472, 13, 4919, 11, 3801, 813, 472, 13, 407, 264, 4733, 486, 312, 17115, 13, 407, 264, 544, 4818, 264, 1674, 11], "avg_logprob": -0.27195580663352176, "compression_ratio": 1.6329113924050633, "no_speech_prob": 0.0, "words": [{"start": 539.15, "end": 539.35, "word": " The", "probability": 0.36328125}, {"start": 539.35, "end": 539.75, "word": " demand", "probability": 0.51123046875}, {"start": 539.75, "end": 540.77, "word": " declined", "probability": 0.71875}, {"start": 540.77, "end": 541.31, "word": " by", "probability": 0.970703125}, {"start": 541.31, "end": 541.93, "word": " 40", "probability": 0.96435546875}, {"start": 541.93, "end": 542.31, "word": "%", "probability": 0.3857421875}, {"start": 542.31, "end": 543.11, "word": " because", "probability": 0.90673828125}, {"start": 543.11, "end": 543.31, "word": " the", "probability": 0.9091796875}, {"start": 543.31, "end": 543.87, "word": " consumer", "probability": 0.68798828125}, {"start": 543.87, "end": 544.61, "word": " will", "probability": 0.4765625}, {"start": 544.61, "end": 544.95, "word": "-", "probability": 0.272216796875}, {"start": 544.95, "end": 545.15, "word": " the", "probability": 0.86767578125}, {"start": 545.15, "end": 545.47, "word": " product", "probability": 0.91162109375}, {"start": 545.47, "end": 545.71, "word": " is", "probability": 0.923828125}, {"start": 545.71, "end": 546.57, "word": " less", "probability": 0.931640625}, {"start": 546.57, "end": 547.23, "word": " necessary", "probability": 0.91796875}, {"start": 547.23, "end": 547.57, "word": " or", "probability": 0.82666015625}, {"start": 547.57, "end": 547.83, "word": " it's", "probability": 0.931884765625}, {"start": 547.83, "end": 548.03, "word": " not", "probability": 0.94873046875}, {"start": 548.03, "end": 548.41, "word": " necessary", "probability": 0.9189453125}, {"start": 548.41, "end": 548.65, "word": " for", "probability": 0.947265625}, {"start": 548.65, "end": 548.81, "word": " the", "probability": 0.91455078125}, {"start": 548.81, "end": 549.35, "word": " consumer.", "probability": 0.83740234375}, {"start": 551.07, "end": 551.65, "word": " Minus", "probability": 0.5946044921875}, {"start": 551.65, "end": 552.83, "word": " four", "probability": 0.66455078125}, {"start": 552.83, "end": 553.89, "word": " equals", "probability": 0.2347412109375}, {"start": 553.89, "end": 557.03, "word": " four.", "probability": 0.77294921875}, {"start": 558.65, "end": 558.81, "word": " It's", "probability": 0.765869140625}, {"start": 558.81, "end": 559.01, "word": " less", "probability": 0.5732421875}, {"start": 559.01, "end": 559.27, "word": " than", "probability": 0.9345703125}, {"start": 559.27, "end": 559.49, "word": " one.", "probability": 0.9267578125}, {"start": 559.69, "end": 559.95, "word": " Sorry,", "probability": 0.69384765625}, {"start": 560.07, "end": 560.33, "word": " bigger", "probability": 0.888671875}, {"start": 560.33, "end": 560.63, "word": " than", "probability": 0.943359375}, {"start": 560.63, "end": 560.81, "word": " one.", "probability": 0.9287109375}, {"start": 560.97, "end": 561.55, "word": " So", "probability": 0.9619140625}, {"start": 561.55, "end": 561.71, "word": " the", "probability": 0.62255859375}, {"start": 561.71, "end": 561.95, "word": " demand", "probability": 0.92138671875}, {"start": 561.95, "end": 562.09, "word": " will", "probability": 0.72998046875}, {"start": 562.09, "end": 562.27, "word": " be", "probability": 0.955078125}, {"start": 562.27, "end": 562.71, "word": " elastic.", "probability": 0.9765625}, {"start": 563.99, "end": 564.27, "word": " So", "probability": 0.96044921875}, {"start": 564.27, "end": 564.77, "word": " the", "probability": 0.7294921875}, {"start": 564.77, "end": 565.03, "word": " more", "probability": 0.935546875}, {"start": 565.03, "end": 565.45, "word": " necessary", "probability": 0.9208984375}, {"start": 565.45, "end": 565.69, "word": " the", "probability": 0.86181640625}, {"start": 565.69, "end": 565.97, "word": " product,", "probability": 0.9208984375}], "temperature": 1.0}, {"id": 20, "seek": 59408, "start": 566.42, "end": 594.08, "text": " for the consumer, the more the product is important for the consumer, the demand will be less elastic. Okay? The third point or the third determinant of demand is what your mate or classmate said, which is the amount of income spent on the product.", "tokens": [337, 264, 9711, 11, 264, 544, 264, 1674, 307, 1021, 337, 264, 9711, 11, 264, 4733, 486, 312, 1570, 17115, 13, 1033, 30, 440, 2636, 935, 420, 264, 2636, 41296, 295, 4733, 307, 437, 428, 11709, 420, 1508, 13963, 848, 11, 597, 307, 264, 2372, 295, 5742, 4418, 322, 264, 1674, 13], "avg_logprob": -0.1877948113207547, "compression_ratio": 1.6168831168831168, "no_speech_prob": 0.0, "words": [{"start": 566.42, "end": 566.76, "word": " for", "probability": 0.51171875}, {"start": 566.76, "end": 567.02, "word": " the", "probability": 0.91455078125}, {"start": 567.02, "end": 567.76, "word": " consumer,", "probability": 0.8837890625}, {"start": 568.0, "end": 568.08, "word": " the", "probability": 0.912109375}, {"start": 568.08, "end": 568.26, "word": " more", "probability": 0.90576171875}, {"start": 568.26, "end": 568.36, "word": " the", "probability": 0.87255859375}, {"start": 568.36, "end": 568.62, "word": " product", "probability": 0.91650390625}, {"start": 568.62, "end": 568.84, "word": " is", "probability": 0.93017578125}, {"start": 568.84, "end": 569.42, "word": " important", "probability": 0.607421875}, {"start": 569.42, "end": 569.8, "word": " for", "probability": 0.943359375}, {"start": 569.8, "end": 569.94, "word": " the", "probability": 0.91796875}, {"start": 569.94, "end": 570.44, "word": " consumer,", "probability": 0.84912109375}, {"start": 570.94, "end": 571.0, "word": " the", "probability": 0.80078125}, {"start": 571.0, "end": 571.32, "word": " demand", "probability": 0.9248046875}, {"start": 571.32, "end": 571.5, "word": " will", "probability": 0.71044921875}, {"start": 571.5, "end": 572.0, "word": " be", "probability": 0.95556640625}, {"start": 572.0, "end": 572.44, "word": " less", "probability": 0.9306640625}, {"start": 572.44, "end": 573.1, "word": " elastic.", "probability": 0.97021484375}, {"start": 573.56, "end": 573.66, "word": " Okay?", "probability": 0.59619140625}, {"start": 575.72, "end": 575.94, "word": " The", "probability": 0.69091796875}, {"start": 575.94, "end": 577.94, "word": " third", "probability": 0.90869140625}, {"start": 577.94, "end": 578.32, "word": " point", "probability": 0.95947265625}, {"start": 578.32, "end": 578.6, "word": " or", "probability": 0.75146484375}, {"start": 578.6, "end": 578.74, "word": " the", "probability": 0.92041015625}, {"start": 578.74, "end": 578.94, "word": " third", "probability": 0.92724609375}, {"start": 578.94, "end": 579.42, "word": " determinant", "probability": 0.89794921875}, {"start": 579.42, "end": 579.7, "word": " of", "probability": 0.96826171875}, {"start": 579.7, "end": 580.04, "word": " demand", "probability": 0.91162109375}, {"start": 580.04, "end": 580.64, "word": " is", "probability": 0.93994140625}, {"start": 580.64, "end": 583.06, "word": " what", "probability": 0.865234375}, {"start": 583.06, "end": 584.2, "word": " your", "probability": 0.67578125}, {"start": 584.2, "end": 584.98, "word": " mate", "probability": 0.443359375}, {"start": 584.98, "end": 585.2, "word": " or", "probability": 0.92333984375}, {"start": 585.2, "end": 585.8, "word": " classmate", "probability": 0.677978515625}, {"start": 585.8, "end": 586.14, "word": " said,", "probability": 0.93310546875}, {"start": 586.7, "end": 586.76, "word": " which", "probability": 0.92822265625}, {"start": 586.76, "end": 587.04, "word": " is", "probability": 0.94384765625}, {"start": 587.04, "end": 587.74, "word": " the", "probability": 0.86474609375}, {"start": 587.74, "end": 588.4, "word": " amount", "probability": 0.72998046875}, {"start": 588.4, "end": 591.6, "word": " of", "probability": 0.9716796875}, {"start": 591.6, "end": 592.08, "word": " income", "probability": 0.96044921875}, {"start": 592.08, "end": 592.98, "word": " spent", "probability": 0.84130859375}, {"start": 592.98, "end": 593.62, "word": " on", "probability": 0.9423828125}, {"start": 593.62, "end": 593.76, "word": " the", "probability": 0.9140625}, {"start": 593.76, "end": 594.08, "word": " product.", "probability": 0.9091796875}], "temperature": 1.0}, {"id": 21, "seek": 61892, "start": 595.91, "end": 618.93, "text": " The amount, so the third determinant of the price elasticity of demand is number three, the amount of income spent on the product.", "tokens": [440, 2372, 11, 370, 264, 2636, 41296, 295, 264, 3218, 46260, 295, 4733, 307, 1230, 1045, 11, 264, 2372, 295, 5742, 4418, 322, 264, 1674, 13], "avg_logprob": -0.14453124889621027, "compression_ratio": 1.3232323232323233, "no_speech_prob": 0.0, "words": [{"start": 595.91, "end": 596.15, "word": " The", "probability": 0.54248046875}, {"start": 596.15, "end": 596.61, "word": " amount,", "probability": 0.87353515625}, {"start": 597.09, "end": 597.25, "word": " so", "probability": 0.9296875}, {"start": 597.25, "end": 597.49, "word": " the", "probability": 0.8662109375}, {"start": 597.49, "end": 597.87, "word": " third", "probability": 0.9228515625}, {"start": 597.87, "end": 599.53, "word": " determinant", "probability": 0.9287109375}, {"start": 599.53, "end": 600.21, "word": " of", "probability": 0.97216796875}, {"start": 600.21, "end": 602.43, "word": " the", "probability": 0.90478515625}, {"start": 602.43, "end": 602.73, "word": " price", "probability": 0.90478515625}, {"start": 602.73, "end": 603.15, "word": " elasticity", "probability": 0.56591796875}, {"start": 603.15, "end": 603.39, "word": " of", "probability": 0.92138671875}, {"start": 603.39, "end": 603.75, "word": " demand", "probability": 0.896484375}, {"start": 603.75, "end": 604.27, "word": " is", "probability": 0.93017578125}, {"start": 604.27, "end": 605.93, "word": " number", "probability": 0.8916015625}, {"start": 605.93, "end": 606.37, "word": " three,", "probability": 0.89111328125}, {"start": 607.39, "end": 607.55, "word": " the", "probability": 0.91943359375}, {"start": 607.55, "end": 608.13, "word": " amount", "probability": 0.90869140625}, {"start": 608.13, "end": 613.33, "word": " of", "probability": 0.9716796875}, {"start": 613.33, "end": 613.93, "word": " income", "probability": 0.9443359375}, {"start": 613.93, "end": 616.45, "word": " spent", "probability": 0.91259765625}, {"start": 616.45, "end": 618.57, "word": " on", "probability": 0.94189453125}, {"start": 618.57, "end": 618.69, "word": " the", "probability": 0.919921875}, {"start": 618.69, "end": 618.93, "word": " product.", "probability": 0.9189453125}], "temperature": 1.0}, {"id": 22, "seek": 64553, "start": 624.63, "end": 645.53, "text": " And let's have the following example. The demand for salt. The price of salt is an example here.", "tokens": [400, 718, 311, 362, 264, 3480, 1365, 13, 440, 4733, 337, 5139, 13, 440, 3218, 295, 5139, 307, 364, 1365, 510, 13], "avg_logprob": -0.2617187551830126, "compression_ratio": 1.1547619047619047, "no_speech_prob": 0.0, "words": [{"start": 624.63, "end": 624.93, "word": " And", "probability": 0.78271484375}, {"start": 624.93, "end": 625.19, "word": " let's", "probability": 0.94970703125}, {"start": 625.19, "end": 625.71, "word": " have", "probability": 0.95361328125}, {"start": 625.71, "end": 627.43, "word": " the", "probability": 0.88232421875}, {"start": 627.43, "end": 627.81, "word": " following", "probability": 0.90380859375}, {"start": 627.81, "end": 628.53, "word": " example.", "probability": 0.970703125}, {"start": 630.81, "end": 631.13, "word": " The", "probability": 0.888671875}, {"start": 631.13, "end": 631.45, "word": " demand", "probability": 0.91064453125}, {"start": 631.45, "end": 631.79, "word": " for", "probability": 0.94921875}, {"start": 631.79, "end": 632.11, "word": " salt.", "probability": 0.92138671875}, {"start": 633.69, "end": 634.57, "word": " The", "probability": 0.0911865234375}, {"start": 634.57, "end": 638.55, "word": " price", "probability": 0.472900390625}, {"start": 638.55, "end": 642.61, "word": " of", "probability": 0.9296875}, {"start": 642.61, "end": 643.01, "word": " salt", "probability": 0.9072265625}, {"start": 643.01, "end": 644.39, "word": " is", "probability": 0.8642578125}, {"start": 644.39, "end": 644.67, "word": " an", "probability": 0.9365234375}, {"start": 644.67, "end": 645.09, "word": " example", "probability": 0.97802734375}, {"start": 645.09, "end": 645.53, "word": " here.", "probability": 0.8505859375}], "temperature": 1.0}, {"id": 23, "seek": 67518, "start": 653.74, "end": 675.18, "text": " The price per kilogram of salt equals one shekel, which represents a small part of your income, a small portion of your income, a small amount of your income.", "tokens": [440, 3218, 680, 21741, 295, 5139, 6915, 472, 750, 7124, 11, 597, 8855, 257, 1359, 644, 295, 428, 5742, 11, 257, 1359, 8044, 295, 428, 5742, 11, 257, 1359, 2372, 295, 428, 5742, 13], "avg_logprob": -0.13437500510896955, "compression_ratio": 1.5436893203883495, "no_speech_prob": 0.0, "words": [{"start": 653.74, "end": 653.98, "word": " The", "probability": 0.861328125}, {"start": 653.98, "end": 654.38, "word": " price", "probability": 0.9111328125}, {"start": 654.38, "end": 656.32, "word": " per", "probability": 0.8896484375}, {"start": 656.32, "end": 656.66, "word": " kilogram", "probability": 0.8662109375}, {"start": 656.66, "end": 658.86, "word": " of", "probability": 0.97802734375}, {"start": 658.86, "end": 659.26, "word": " salt", "probability": 0.7744140625}, {"start": 659.26, "end": 661.66, "word": " equals", "probability": 0.92919921875}, {"start": 661.66, "end": 662.06, "word": " one", "probability": 0.7880859375}, {"start": 662.06, "end": 662.36, "word": " shekel,", "probability": 0.87939453125}, {"start": 662.84, "end": 665.76, "word": " which", "probability": 0.9541015625}, {"start": 665.76, "end": 666.56, "word": " represents", "probability": 0.88330078125}, {"start": 666.56, "end": 668.52, "word": " a", "probability": 0.99365234375}, {"start": 668.52, "end": 669.2, "word": " small", "probability": 0.9375}, {"start": 669.2, "end": 669.7, "word": " part", "probability": 0.7939453125}, {"start": 669.7, "end": 670.0, "word": " of", "probability": 0.9638671875}, {"start": 670.0, "end": 670.2, "word": " your", "probability": 0.8916015625}, {"start": 670.2, "end": 670.5, "word": " income,", "probability": 0.94482421875}, {"start": 670.62, "end": 670.72, "word": " a", "probability": 0.998046875}, {"start": 670.72, "end": 670.96, "word": " small", "probability": 0.93603515625}, {"start": 670.96, "end": 671.4, "word": " portion", "probability": 0.87109375}, {"start": 671.4, "end": 671.6, "word": " of", "probability": 0.96630859375}, {"start": 671.6, "end": 671.78, "word": " your", "probability": 0.8818359375}, {"start": 671.78, "end": 672.14, "word": " income,", "probability": 0.943359375}, {"start": 673.02, "end": 673.28, "word": " a", "probability": 0.99609375}, {"start": 673.28, "end": 673.6, "word": " small", "probability": 0.93505859375}, {"start": 673.6, "end": 674.18, "word": " amount", "probability": 0.91796875}, {"start": 674.18, "end": 674.58, "word": " of", "probability": 0.96923828125}, {"start": 674.58, "end": 674.82, "word": " your", "probability": 0.88525390625}, {"start": 674.82, "end": 675.18, "word": " income.", "probability": 0.94189453125}], "temperature": 1.0}, {"id": 24, "seek": 70981, "start": 684.25, "end": 709.81, "text": " So salt represents or the portion of your own salt and your income is very small here. The amount of income spent on salt is small or very small. 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Let us assume that the price of salt increased by 50%. 50% increased. 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The quantity demanded of salt might be increased by 2%, just 2%.", "tokens": [407, 264, 3218, 3488, 11, 264, 3218, 295, 5139, 680, 21741, 295, 5139, 6505, 538, 2625, 6856, 440, 11275, 28276, 295, 5139, 1062, 312, 6505, 538, 568, 8923, 445, 568, 6856], "avg_logprob": -0.32690430991351604, "compression_ratio": 1.4215686274509804, "no_speech_prob": 0.0, "words": [{"start": 749.0100000000001, "end": 749.8100000000001, "word": " So", "probability": 0.22314453125}, {"start": 749.8100000000001, "end": 750.61, "word": " the", "probability": 0.71533203125}, {"start": 750.61, "end": 750.95, "word": " price", "probability": 0.919921875}, {"start": 750.95, "end": 751.29, "word": " increase,", "probability": 0.317626953125}, {"start": 751.47, "end": 751.59, "word": " the", "probability": 0.90087890625}, {"start": 751.59, "end": 751.91, "word": " price", "probability": 0.9228515625}, {"start": 751.91, "end": 752.11, "word": " of", "probability": 0.96142578125}, {"start": 752.11, "end": 752.41, "word": " salt", "probability": 0.927734375}, {"start": 752.41, "end": 752.79, "word": " per", "probability": 0.7880859375}, {"start": 752.79, "end": 753.17, "word": " kilogram", "probability": 0.90087890625}, {"start": 753.17, "end": 753.43, "word": " of", "probability": 0.8671875}, {"start": 753.43, "end": 753.63, "word": " salt", "probability": 0.91943359375}, {"start": 753.63, "end": 754.09, "word": " increased", "probability": 0.60791015625}, {"start": 754.09, "end": 754.33, "word": " by", "probability": 0.96630859375}, {"start": 754.33, "end": 755.19, "word": " 50%.", "probability": 0.6640625}, {"start": 755.19, "end": 755.99, "word": " The", "probability": 0.87744140625}, {"start": 755.99, "end": 756.51, "word": " quantity", "probability": 0.98583984375}, {"start": 756.51, "end": 757.15, "word": " demanded", "probability": 0.81884765625}, {"start": 757.15, "end": 757.45, "word": " of", "probability": 0.93212890625}, {"start": 757.45, "end": 757.91, "word": " salt", "probability": 0.91015625}, {"start": 757.91, "end": 758.77, "word": " might", "probability": 0.33740234375}, {"start": 758.77, "end": 761.27, "word": " be", "probability": 0.434814453125}, {"start": 761.27, "end": 761.69, "word": " increased", "probability": 0.9296875}, {"start": 761.69, "end": 761.93, "word": " by", "probability": 0.9677734375}, {"start": 761.93, "end": 762.89, "word": " 2%,", "probability": 0.6212158203125}, {"start": 762.89, "end": 763.73, "word": " just", "probability": 0.90380859375}, {"start": 763.73, "end": 764.77, "word": " 2%.", "probability": 0.93408203125}], "temperature": 1.0}, {"id": 27, "seek": 79950, "start": 771.84, "end": 799.5, "text": " Change required demanded percent over change in price percent. According to our assumption here that the price of salt increased by 50%. Had a nozzle by 2%. Minus positive. Zero point zero four. 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It's less than one. Is it elastic or inelastic? Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. Inelastic. 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Demand is inelastic. Let the portion of the product high in the budget. Like the demand for what? Clothes. Okay. How much does it make from your income? This spending is the difference from one consumer to another. 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"text": " They will try to find other substitutes. As the amount of income spent on the product will be small, the demand for product will be less elastic.", "tokens": [814, 486, 853, 281, 915, 661, 26441, 1819, 13, 1018, 264, 2372, 295, 5742, 4418, 322, 264, 1674, 486, 312, 1359, 11, 264, 4733, 337, 1674, 486, 312, 1570, 17115, 13], "avg_logprob": -0.1628417931497097, "compression_ratio": 1.3644859813084111, "no_speech_prob": 0.0, "words": [{"start": 867.72, "end": 868.6, "word": " They", "probability": 0.21240234375}, {"start": 868.6, "end": 869.48, "word": " will", "probability": 0.60546875}, {"start": 869.48, "end": 869.74, "word": " try", "probability": 0.92822265625}, {"start": 869.74, "end": 869.96, "word": " to", "probability": 0.962890625}, {"start": 869.96, "end": 870.32, "word": " find", "probability": 0.88037109375}, {"start": 870.32, "end": 870.98, "word": " other", "probability": 0.8837890625}, {"start": 870.98, "end": 871.74, "word": " substitutes.", "probability": 0.934814453125}, {"start": 873.82, "end": 873.94, "word": " As", "probability": 0.69677734375}, {"start": 873.94, "end": 877.12, "word": " the", "probability": 0.90673828125}, {"start": 877.12, "end": 877.58, "word": " amount", "probability": 0.90673828125}, {"start": 877.58, "end": 877.78, "word": " of", "probability": 0.95947265625}, {"start": 877.78, "end": 878.06, "word": " income", "probability": 0.974609375}, {"start": 878.06, "end": 878.54, "word": " spent", "probability": 0.8623046875}, {"start": 878.54, "end": 878.88, "word": " on", "probability": 0.931640625}, {"start": 878.88, "end": 879.02, "word": " the", "probability": 0.8974609375}, {"start": 879.02, "end": 879.54, "word": " product", "probability": 0.9140625}, {"start": 879.54, "end": 879.96, "word": " will", "probability": 0.8583984375}, {"start": 879.96, "end": 880.2, "word": " be", "probability": 0.955078125}, {"start": 880.2, "end": 880.82, "word": " small,", "probability": 0.892578125}, {"start": 882.06, "end": 882.26, "word": " the", "probability": 0.56591796875}, {"start": 882.26, "end": 883.22, "word": " demand", "probability": 0.904296875}, {"start": 883.22, "end": 883.72, "word": " for", "probability": 0.91650390625}, {"start": 883.72, "end": 884.24, "word": " product", "probability": 0.6982421875}, {"start": 884.24, "end": 884.46, "word": " will", "probability": 0.890625}, {"start": 884.46, "end": 884.7, "word": " be", "probability": 0.94384765625}, {"start": 884.7, "end": 885.12, "word": " less", "probability": 0.95556640625}, {"start": 885.12, "end": 885.72, "word": " elastic.", "probability": 0.9677734375}], "temperature": 1.0}, {"id": 31, "seek": 91769, "start": 891.87, "end": 917.69, "text": " The fourth determinant of the price elasticity of demand, what is it? What is the fourth factor affect the price elasticity of demand? The consumer's income or wealth. 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If the price of a chicken goes up by 20%, who is more affected, the rich or the poor? The wealthy families or poor families? Exactly. Who has the highest giving up? Who sacrifices more?", "tokens": [682, 1102, 420, 7203, 30, 759, 264, 3218, 295, 257, 4662, 1709, 493, 538, 945, 8923, 567, 307, 544, 8028, 11, 264, 4593, 420, 264, 4716, 30, 440, 17707, 4466, 420, 4716, 4466, 30, 7587, 13, 2102, 575, 264, 6343, 2902, 493, 30, 2102, 25094, 544, 30], "avg_logprob": -0.286621102442344, "compression_ratio": 1.36, "no_speech_prob": 0.0, "words": [{"start": 921.26, "end": 922.02, "word": " Income", "probability": 0.68310546875}, {"start": 922.02, "end": 922.78, "word": " or", "probability": 0.728515625}, {"start": 922.78, "end": 923.18, "word": " wealth?", "probability": 0.90869140625}, {"start": 930.54, "end": 931.3, "word": " If", "probability": 0.94677734375}, {"start": 931.3, "end": 931.48, "word": " the", "probability": 0.91845703125}, {"start": 931.48, "end": 931.72, "word": " price", "probability": 0.912109375}, {"start": 931.72, "end": 931.86, "word": " of", "probability": 0.96484375}, {"start": 931.86, "end": 931.96, "word": " a", "probability": 0.8642578125}, {"start": 931.96, "end": 932.26, "word": " chicken", "probability": 0.83251953125}, {"start": 932.26, "end": 932.7, "word": " goes", "probability": 0.9462890625}, {"start": 932.7, "end": 933.08, "word": " up", "probability": 0.97265625}, {"start": 933.08, "end": 935.66, "word": " by", "probability": 0.779296875}, {"start": 935.66, "end": 936.72, "word": " 20%,", "probability": 0.70166015625}, {"start": 936.72, "end": 938.52, "word": " who", "probability": 0.404296875}, {"start": 938.52, "end": 938.68, "word": " is", "probability": 0.389404296875}, {"start": 938.68, "end": 938.68, "word": " more", "probability": 0.433349609375}, {"start": 938.68, "end": 939.06, "word": " affected,", "probability": 0.72021484375}, {"start": 939.72, "end": 939.88, "word": " the", "probability": 0.806640625}, {"start": 939.88, "end": 940.04, "word": " rich", "probability": 0.69775390625}, {"start": 940.04, "end": 940.22, "word": " or", "probability": 0.9052734375}, {"start": 940.22, "end": 940.34, "word": " the", "probability": 0.8427734375}, {"start": 940.34, "end": 940.46, "word": " poor?", "probability": 0.953125}, {"start": 940.94, "end": 941.5, "word": " The", "probability": 0.8291015625}, {"start": 941.5, "end": 941.9, "word": " wealthy", "probability": 0.9384765625}, {"start": 941.9, "end": 942.6, "word": " families", "probability": 0.9033203125}, {"start": 942.6, "end": 942.86, "word": " or", "probability": 0.9404296875}, {"start": 942.86, "end": 943.14, "word": " poor", "probability": 0.8408203125}, {"start": 943.14, "end": 943.56, "word": " families?", "probability": 0.95166015625}, {"start": 944.8, "end": 945.56, "word": " Exactly.", "probability": 0.3955078125}, {"start": 945.92, "end": 946.06, "word": " Who", "probability": 0.740234375}, {"start": 946.06, "end": 946.24, "word": " has", "probability": 0.505859375}, {"start": 946.24, "end": 946.38, "word": " the", "probability": 0.5859375}, {"start": 946.38, "end": 946.48, "word": " highest", "probability": 0.65966796875}, {"start": 946.48, "end": 946.66, "word": " giving", "probability": 0.9091796875}, {"start": 946.66, "end": 947.42, "word": " up?", "probability": 0.89794921875}, {"start": 947.9, "end": 948.66, "word": " Who", "probability": 0.85888671875}, {"start": 948.66, "end": 949.06, "word": " sacrifices", "probability": 0.69287109375}, {"start": 949.06, "end": 949.44, "word": " more?", "probability": 0.74169921875}], "temperature": 1.0}, {"id": 33, "seek": 97018, "start": 952.74, "end": 970.18, "text": " Let's have the following example here. The wealthy families, or rich families, or rich individuals, and poor individuals,", "tokens": [961, 311, 362, 264, 3480, 1365, 510, 13, 440, 17707, 4466, 11, 420, 4593, 4466, 11, 420, 4593, 5346, 11, 293, 4716, 5346, 11], "avg_logprob": -0.23749999523162843, "compression_ratio": 1.3555555555555556, "no_speech_prob": 0.0, "words": [{"start": 952.74, "end": 953.7, "word": " Let's", "probability": 0.737060546875}, {"start": 953.7, "end": 954.04, "word": " have", "probability": 0.94921875}, {"start": 954.04, "end": 954.46, "word": " the", "probability": 0.89990234375}, {"start": 954.46, "end": 954.7, "word": " following", "probability": 0.92138671875}, {"start": 954.7, "end": 955.1, "word": " example", "probability": 0.96044921875}, {"start": 955.1, "end": 955.56, "word": " here.", "probability": 0.8466796875}, {"start": 956.9, "end": 957.06, "word": " The", "probability": 0.76904296875}, {"start": 957.06, "end": 957.4, "word": " wealthy", "probability": 0.9326171875}, {"start": 957.4, "end": 957.96, "word": " families,", "probability": 0.9384765625}, {"start": 962.74, "end": 962.74, "word": " or", "probability": 0.2266845703125}, {"start": 962.74, "end": 964.38, "word": " rich", "probability": 0.86865234375}, {"start": 964.38, "end": 964.86, "word": " families,", "probability": 0.80419921875}, {"start": 965.94, "end": 966.64, "word": " or", "probability": 0.88037109375}, {"start": 966.64, "end": 966.86, "word": " rich", "probability": 0.8779296875}, {"start": 966.86, "end": 967.62, "word": " individuals,", "probability": 0.87109375}, {"start": 968.58, "end": 969.06, "word": " and", "probability": 0.916015625}, {"start": 969.06, "end": 969.42, "word": " poor", "probability": 0.95654296875}, {"start": 969.42, "end": 970.18, "word": " individuals,", "probability": 0.875}], "temperature": 1.0}, {"id": 34, "seek": 99917, "start": 978.55, "end": 999.17, "text": " What the families means, the rich families. And let's have the chickens example here. If the price of a chicken increased by 30%,", "tokens": [708, 264, 4466, 1355, 11, 264, 4593, 4466, 13, 400, 718, 311, 362, 264, 22329, 1365, 510, 13, 759, 264, 3218, 295, 257, 4662, 6505, 538, 2217, 8923], "avg_logprob": -0.19463901067602224, "compression_ratio": 1.2264150943396226, "no_speech_prob": 0.0, "words": [{"start": 978.55, "end": 978.87, "word": " What", "probability": 0.7841796875}, {"start": 978.87, "end": 979.03, "word": " the", "probability": 0.76904296875}, {"start": 979.03, "end": 979.35, "word": " families", "probability": 0.94140625}, {"start": 979.35, "end": 979.87, "word": " means,", "probability": 0.83447265625}, {"start": 980.27, "end": 980.35, "word": " the", "probability": 0.78759765625}, {"start": 980.35, "end": 980.63, "word": " rich", "probability": 0.84814453125}, {"start": 980.63, "end": 981.05, "word": " families.", "probability": 0.9501953125}, {"start": 982.59, "end": 982.91, "word": " And", "probability": 0.72802734375}, {"start": 982.91, "end": 983.17, "word": " let's", "probability": 0.77197265625}, {"start": 983.17, "end": 983.59, "word": " have", "probability": 0.9443359375}, {"start": 983.59, "end": 984.37, "word": " the", "probability": 0.91064453125}, {"start": 984.37, "end": 985.09, "word": " chickens", "probability": 0.5966796875}, {"start": 985.09, "end": 985.63, "word": " example", "probability": 0.9736328125}, {"start": 985.63, "end": 986.03, "word": " here.", "probability": 0.6923828125}, {"start": 987.33, "end": 987.55, "word": " If", "probability": 0.939453125}, {"start": 987.55, "end": 987.69, "word": " the", "probability": 0.9189453125}, {"start": 987.69, "end": 988.05, "word": " price", "probability": 0.91162109375}, {"start": 988.05, "end": 988.19, "word": " of", "probability": 0.9599609375}, {"start": 988.19, "end": 988.29, "word": " a", "probability": 0.81005859375}, {"start": 988.29, "end": 988.69, "word": " chicken", "probability": 0.8369140625}, {"start": 988.69, "end": 996.09, "word": " increased", "probability": 0.833984375}, {"start": 996.09, "end": 997.15, "word": " by", "probability": 0.97314453125}, {"start": 997.15, "end": 999.17, "word": " 30%,", "probability": 0.6986083984375}], "temperature": 1.0}, {"id": 35, "seek": 103242, "start": 1004.42, "end": 1032.42, "text": " Analysis on the quantity demanded for wealthy families and the effects or impacts on the demand for poor individuals or poor families. For this assumption here, the price of a chicken increased by 30%. What's the price of meat? All right.", "tokens": [38172, 322, 264, 11275, 28276, 337, 17707, 4466, 293, 264, 5065, 420, 11606, 322, 264, 4733, 337, 4716, 5346, 420, 4716, 4466, 13, 1171, 341, 15302, 510, 11, 264, 3218, 295, 257, 4662, 6505, 538, 2217, 6856, 708, 311, 264, 3218, 295, 4615, 30, 1057, 558, 13], "avg_logprob": -0.2620442596574624, "compression_ratio": 1.4662576687116564, "no_speech_prob": 0.0, "words": [{"start": 1004.4200000000001, "end": 1005.22, "word": " Analysis", "probability": 0.25927734375}, {"start": 1005.22, "end": 1006.02, "word": " on", "probability": 0.84326171875}, {"start": 1006.02, "end": 1006.2, "word": " the", "probability": 0.90185546875}, {"start": 1006.2, "end": 1006.6, "word": " quantity", "probability": 0.96435546875}, {"start": 1006.6, "end": 1007.1, "word": " demanded", "probability": 0.90771484375}, {"start": 1007.1, "end": 1007.4, "word": " for", "probability": 0.87744140625}, {"start": 1007.4, "end": 1007.7, "word": " wealthy", "probability": 0.962890625}, {"start": 1007.7, "end": 1008.24, "word": " families", "probability": 0.94580078125}, {"start": 1008.24, "end": 1009.66, "word": " and", "probability": 0.5302734375}, {"start": 1009.66, "end": 1009.82, "word": " the", "probability": 0.66552734375}, {"start": 1009.82, "end": 1010.16, "word": " effects", "probability": 0.89404296875}, {"start": 1010.16, "end": 1010.46, "word": " or", "probability": 0.88671875}, {"start": 1010.46, "end": 1011.08, "word": " impacts", "probability": 0.76904296875}, {"start": 1011.08, "end": 1011.58, "word": " on", "probability": 0.9365234375}, {"start": 1011.58, "end": 1012.14, "word": " the", "probability": 0.89208984375}, {"start": 1012.14, "end": 1012.66, "word": " demand", "probability": 0.91943359375}, {"start": 1012.66, "end": 1013.06, "word": " for", "probability": 0.94091796875}, {"start": 1013.06, "end": 1013.86, "word": " poor", "probability": 0.91552734375}, {"start": 1013.86, "end": 1014.5, "word": " individuals", "probability": 0.84228515625}, {"start": 1014.5, "end": 1014.86, "word": " or", "probability": 0.89208984375}, {"start": 1014.86, "end": 1015.16, "word": " poor", "probability": 0.94921875}, {"start": 1015.16, "end": 1015.62, "word": " families.", "probability": 0.927734375}, {"start": 1019.34, "end": 1019.36, "word": " For", "probability": 0.1397705078125}, {"start": 1019.36, "end": 1024.38, "word": " this", "probability": 0.369384765625}, {"start": 1024.38, "end": 1024.96, "word": " assumption", "probability": 0.6962890625}, {"start": 1024.96, "end": 1025.34, "word": " here,", "probability": 0.826171875}, {"start": 1025.58, "end": 1025.72, "word": " the", "probability": 0.91748046875}, {"start": 1025.72, "end": 1026.14, "word": " price", "probability": 0.91064453125}, {"start": 1026.14, "end": 1026.4, "word": " of", "probability": 0.966796875}, {"start": 1026.4, "end": 1026.56, "word": " a", "probability": 0.89404296875}, {"start": 1026.56, "end": 1026.98, "word": " chicken", "probability": 0.8486328125}, {"start": 1026.98, "end": 1028.5, "word": " increased", "probability": 0.7939453125}, {"start": 1028.5, "end": 1028.78, "word": " by", "probability": 0.97412109375}, {"start": 1028.78, "end": 1029.74, "word": " 30%.", "probability": 0.6640625}, {"start": 1029.74, "end": 1030.64, "word": " What's", "probability": 0.5771484375}, {"start": 1030.64, "end": 1030.72, "word": " the", "probability": 0.9228515625}, {"start": 1030.72, "end": 1031.0, "word": " price", "probability": 0.91357421875}, {"start": 1031.0, "end": 1031.18, "word": " of", "probability": 0.96875}, {"start": 1031.18, "end": 1031.56, "word": " meat?", "probability": 0.9580078125}, {"start": 1032.12, "end": 1032.26, "word": " All", "probability": 0.89794921875}, {"start": 1032.26, "end": 1032.42, "word": " right.", "probability": 0.9169921875}], "temperature": 1.0}, {"id": 36, "seek": 106055, "start": 1034.37, "end": 1060.55, "text": " For the rich families, or the families with higher income, should have seen the price increased by 30%. I expect that the quantity demanded will go down by maybe 5%. This is an assumption.", "tokens": [1171, 264, 4593, 4466, 11, 420, 264, 4466, 365, 2946, 5742, 11, 820, 362, 1612, 264, 3218, 6505, 538, 2217, 6856, 286, 2066, 300, 264, 11275, 28276, 486, 352, 760, 538, 1310, 1025, 6856, 639, 307, 364, 15302, 13], "avg_logprob": -0.1498046826571226, "compression_ratio": 1.3309859154929577, "no_speech_prob": 0.0, "words": [{"start": 1034.37, "end": 1034.69, "word": " For", "probability": 0.79052734375}, {"start": 1034.69, "end": 1034.93, "word": " the", "probability": 0.919921875}, {"start": 1034.93, "end": 1035.17, "word": " rich", "probability": 0.84814453125}, {"start": 1035.17, "end": 1035.67, "word": " families,", "probability": 0.951171875}, {"start": 1040.17, "end": 1043.19, "word": " or", "probability": 0.92529296875}, {"start": 1043.19, "end": 1043.69, "word": " the", "probability": 0.91259765625}, {"start": 1043.69, "end": 1044.09, "word": " families", "probability": 0.9541015625}, {"start": 1044.09, "end": 1044.77, "word": " with", "probability": 0.9033203125}, {"start": 1044.77, "end": 1045.27, "word": " higher", "probability": 0.90087890625}, {"start": 1045.27, "end": 1045.95, "word": " income,", "probability": 0.92529296875}, {"start": 1048.69, "end": 1048.83, "word": " should", "probability": 0.390380859375}, {"start": 1048.83, "end": 1048.95, "word": " have", "probability": 0.515625}, {"start": 1048.95, "end": 1049.25, "word": " seen", "probability": 0.685546875}, {"start": 1049.25, "end": 1050.01, "word": " the", "probability": 0.80029296875}, {"start": 1050.01, "end": 1050.41, "word": " price", "probability": 0.9140625}, {"start": 1050.41, "end": 1051.07, "word": " increased", "probability": 0.7998046875}, {"start": 1051.07, "end": 1051.59, "word": " by", "probability": 0.97021484375}, {"start": 1051.59, "end": 1053.25, "word": " 30%.", "probability": 0.903076171875}, {"start": 1053.25, "end": 1053.95, "word": " I", "probability": 0.99658203125}, {"start": 1053.95, "end": 1054.51, "word": " expect", "probability": 0.923828125}, {"start": 1054.51, "end": 1054.81, "word": " that", "probability": 0.93310546875}, {"start": 1054.81, "end": 1055.03, "word": " the", "probability": 0.90234375}, {"start": 1055.03, "end": 1055.47, "word": " quantity", "probability": 0.98876953125}, {"start": 1055.47, "end": 1056.09, "word": " demanded", "probability": 0.9287109375}, {"start": 1056.09, "end": 1056.81, "word": " will", "probability": 0.83984375}, {"start": 1056.81, "end": 1057.21, "word": " go", "probability": 0.95947265625}, {"start": 1057.21, "end": 1057.65, "word": " down", "probability": 0.86669921875}, {"start": 1057.65, "end": 1058.05, "word": " by", "probability": 0.970703125}, {"start": 1058.05, "end": 1058.55, "word": " maybe", "probability": 0.9296875}, {"start": 1058.55, "end": 1059.29, "word": " 5%.", "probability": 0.838134765625}, {"start": 1059.29, "end": 1059.61, "word": " This", "probability": 0.90380859375}, {"start": 1059.61, "end": 1059.87, "word": " is", "probability": 0.94970703125}, {"start": 1059.87, "end": 1060.19, "word": " an", "probability": 0.96630859375}, {"start": 1060.19, "end": 1060.55, "word": " assumption.", "probability": 0.970703125}], "temperature": 1.0}, {"id": 37, "seek": 109249, "start": 1063.63, "end": 1092.49, "text": " So let's calculate the price elasticity of demand for checking for the rich families here. So PED equals change in quantity demanded percent over change in price percent. How much is increasing the prices? Thirty percent and the quantity demanded for rich families declined by five percent. Negative? Positive?", "tokens": [407, 718, 311, 8873, 264, 3218, 46260, 295, 4733, 337, 8568, 337, 264, 4593, 4466, 510, 13, 407, 430, 4731, 6915, 1319, 294, 11275, 28276, 3043, 670, 1319, 294, 3218, 3043, 13, 1012, 709, 307, 5662, 264, 7901, 30, 41490, 3043, 293, 264, 11275, 28276, 337, 4593, 4466, 29213, 538, 1732, 3043, 13, 43230, 30, 46326, 30], "avg_logprob": -0.20285560576052503, "compression_ratio": 1.681081081081081, "no_speech_prob": 0.0, "words": [{"start": 1063.63, "end": 1063.87, "word": " So", "probability": 0.9208984375}, {"start": 1063.87, "end": 1064.15, "word": " let's", "probability": 0.884765625}, {"start": 1064.15, "end": 1064.51, "word": " calculate", "probability": 0.916015625}, {"start": 1064.51, "end": 1064.71, "word": " the", "probability": 0.87451171875}, {"start": 1064.71, "end": 1064.93, "word": " price", "probability": 0.88134765625}, {"start": 1064.93, "end": 1065.35, "word": " elasticity", "probability": 0.6220703125}, {"start": 1065.35, "end": 1065.59, "word": " of", "probability": 0.90625}, {"start": 1065.59, "end": 1065.85, "word": " demand", "probability": 0.91650390625}, {"start": 1065.85, "end": 1066.19, "word": " for", "probability": 0.8818359375}, {"start": 1066.19, "end": 1067.15, "word": " checking", "probability": 0.88427734375}, {"start": 1067.15, "end": 1067.47, "word": " for", "probability": 0.93408203125}, {"start": 1067.47, "end": 1067.89, "word": " the", "probability": 0.90576171875}, {"start": 1067.89, "end": 1068.41, "word": " rich", "probability": 0.833984375}, {"start": 1068.41, "end": 1068.81, "word": " families", "probability": 0.9521484375}, {"start": 1068.81, "end": 1069.15, "word": " here.", "probability": 0.85205078125}, {"start": 1069.75, "end": 1069.95, "word": " So", "probability": 0.96240234375}, {"start": 1069.95, "end": 1070.85, "word": " PED", "probability": 0.5289306640625}, {"start": 1070.85, "end": 1074.83, "word": " equals", "probability": 0.8447265625}, {"start": 1074.83, "end": 1075.23, "word": " change", "probability": 0.434326171875}, {"start": 1075.23, "end": 1075.35, "word": " in", "probability": 0.87451171875}, {"start": 1075.35, "end": 1075.73, "word": " quantity", "probability": 0.58837890625}, {"start": 1075.73, "end": 1076.19, "word": " demanded", "probability": 0.9111328125}, {"start": 1076.19, "end": 1076.81, "word": " percent", "probability": 0.83349609375}, {"start": 1076.81, "end": 1077.13, "word": " over", "probability": 0.90185546875}, {"start": 1077.13, "end": 1077.53, "word": " change", "probability": 0.73095703125}, {"start": 1077.53, "end": 1077.65, "word": " in", "probability": 0.91162109375}, {"start": 1077.65, "end": 1077.95, "word": " price", "probability": 0.90283203125}, {"start": 1077.95, "end": 1078.47, "word": " percent.", "probability": 0.9619140625}, {"start": 1079.39, "end": 1079.69, "word": " How", "probability": 0.96826171875}, {"start": 1079.69, "end": 1079.95, "word": " much", "probability": 0.912109375}, {"start": 1079.95, "end": 1080.17, "word": " is", "probability": 0.93603515625}, {"start": 1080.17, "end": 1080.63, "word": " increasing", "probability": 0.75244140625}, {"start": 1080.63, "end": 1080.83, "word": " the", "probability": 0.5771484375}, {"start": 1080.83, "end": 1081.19, "word": " prices?", "probability": 0.8447265625}, {"start": 1081.87, "end": 1082.41, "word": " Thirty", "probability": 0.759765625}, {"start": 1082.41, "end": 1082.93, "word": " percent", "probability": 0.9609375}, {"start": 1082.93, "end": 1085.65, "word": " and", "probability": 0.342529296875}, {"start": 1085.65, "end": 1085.97, "word": " the", "probability": 0.9130859375}, {"start": 1085.97, "end": 1086.47, "word": " quantity", "probability": 0.97900390625}, {"start": 1086.47, "end": 1086.97, "word": " demanded", "probability": 0.93505859375}, {"start": 1086.97, "end": 1087.27, "word": " for", "probability": 0.947265625}, {"start": 1087.27, "end": 1087.51, "word": " rich", "probability": 0.5166015625}, {"start": 1087.51, "end": 1087.87, "word": " families", "probability": 0.9404296875}, {"start": 1087.87, "end": 1088.27, "word": " declined", "probability": 0.8388671875}, {"start": 1088.27, "end": 1088.53, "word": " by", "probability": 0.9716796875}, {"start": 1088.53, "end": 1088.79, "word": " five", "probability": 0.794921875}, {"start": 1088.79, "end": 1089.21, "word": " percent.", "probability": 0.96435546875}, {"start": 1091.05, "end": 1091.81, "word": " Negative?", "probability": 0.9560546875}, {"start": 1092.23, "end": 1092.49, "word": " Positive?", "probability": 0.8828125}], "temperature": 1.0}, {"id": 38, "seek": 112407, "start": 1096.15, "end": 1124.07, "text": " Minus one over six equals minus zero point. Zero point. Six percent. The absolute value equals zero point sixteen. It's less than one. So, the demand here is inelastic.", "tokens": [2829, 301, 472, 670, 2309, 6915, 3175, 4018, 935, 13, 17182, 935, 13, 11678, 3043, 13, 440, 8236, 2158, 6915, 4018, 935, 27847, 13, 467, 311, 1570, 813, 472, 13, 407, 11, 264, 4733, 510, 307, 294, 338, 2750, 13], "avg_logprob": -0.25933690187407704, "compression_ratio": 1.3739837398373984, "no_speech_prob": 0.0, "words": [{"start": 1096.15, "end": 1097.01, "word": " Minus", "probability": 0.5584716796875}, {"start": 1097.01, "end": 1097.19, "word": " one", "probability": 0.64306640625}, {"start": 1097.19, "end": 1097.45, "word": " over", "probability": 0.912109375}, {"start": 1097.45, "end": 1097.87, "word": " six", "probability": 0.943359375}, {"start": 1097.87, "end": 1099.65, "word": " equals", "probability": 0.7958984375}, {"start": 1099.65, "end": 1104.05, "word": " minus", "probability": 0.49609375}, {"start": 1104.05, "end": 1104.55, "word": " zero", "probability": 0.69580078125}, {"start": 1104.55, "end": 1104.93, "word": " point.", "probability": 0.9208984375}, {"start": 1108.45, "end": 1109.31, "word": " Zero", "probability": 0.68017578125}, {"start": 1109.31, "end": 1112.97, "word": " point.", "probability": 0.953125}, {"start": 1114.41, "end": 1114.79, "word": " Six", "probability": 0.446044921875}, {"start": 1114.79, "end": 1115.39, "word": " percent.", "probability": 0.82763671875}, {"start": 1115.65, "end": 1115.75, "word": " The", "probability": 0.86572265625}, {"start": 1115.75, "end": 1116.19, "word": " absolute", "probability": 0.89599609375}, {"start": 1116.19, "end": 1116.57, "word": " value", "probability": 0.97216796875}, {"start": 1116.57, "end": 1116.95, "word": " equals", "probability": 0.9052734375}, {"start": 1116.95, "end": 1117.19, "word": " zero", "probability": 0.541015625}, {"start": 1117.19, "end": 1117.39, "word": " point", "probability": 0.96337890625}, {"start": 1117.39, "end": 1117.93, "word": " sixteen.", "probability": 0.70556640625}, {"start": 1118.81, "end": 1119.67, "word": " It's", "probability": 0.919189453125}, {"start": 1119.67, "end": 1119.95, "word": " less", "probability": 0.9404296875}, {"start": 1119.95, "end": 1120.45, "word": " than", "probability": 0.93994140625}, {"start": 1120.45, "end": 1120.83, "word": " one.", "probability": 0.93408203125}, {"start": 1121.51, "end": 1121.99, "word": " So,", "probability": 0.96435546875}, {"start": 1122.07, "end": 1122.19, "word": " the", "probability": 0.88671875}, {"start": 1122.19, "end": 1122.69, "word": " demand", "probability": 0.9130859375}, {"start": 1122.69, "end": 1122.97, "word": " here", "probability": 0.861328125}, {"start": 1122.97, "end": 1123.35, "word": " is", "probability": 0.94580078125}, {"start": 1123.35, "end": 1124.07, "word": " inelastic.", "probability": 0.95556640625}], "temperature": 1.0}, {"id": 39, "seek": 115147, "start": 1130.59, "end": 1151.47, "text": " Inelastic demand. For the rich families. The poor families. Giving up means the higher giving up means the higher elasticity of demand.", "tokens": [682, 338, 2750, 4733, 13, 1171, 264, 4593, 4466, 13, 440, 4716, 4466, 13, 28983, 493, 1355, 264, 2946, 2902, 493, 1355, 264, 2946, 46260, 295, 4733, 13], "avg_logprob": -0.2917564531852459, "compression_ratio": 1.4782608695652173, "no_speech_prob": 0.0, "words": [{"start": 1130.59, "end": 1131.75, "word": " Inelastic", "probability": 0.6717122395833334}, {"start": 1131.75, "end": 1132.91, "word": " demand.", "probability": 0.7880859375}, {"start": 1135.73, "end": 1136.89, "word": " For", "probability": 0.417236328125}, {"start": 1136.89, "end": 1137.11, "word": " the", "probability": 0.88671875}, {"start": 1137.11, "end": 1137.37, "word": " rich", "probability": 0.845703125}, {"start": 1137.37, "end": 1137.99, "word": " families.", "probability": 0.95947265625}, {"start": 1142.07, "end": 1143.23, "word": " The", "probability": 0.2105712890625}, {"start": 1143.23, "end": 1143.41, "word": " poor", "probability": 0.89404296875}, {"start": 1143.41, "end": 1143.83, "word": " families.", "probability": 0.943359375}, {"start": 1144.49, "end": 1144.91, "word": " Giving", "probability": 0.76318359375}, {"start": 1144.91, "end": 1145.31, "word": " up", "probability": 0.974609375}, {"start": 1145.31, "end": 1146.05, "word": " means", "probability": 0.445068359375}, {"start": 1146.05, "end": 1146.79, "word": " the", "probability": 0.64794921875}, {"start": 1146.79, "end": 1147.11, "word": " higher", "probability": 0.9326171875}, {"start": 1147.11, "end": 1147.45, "word": " giving", "probability": 0.7802734375}, {"start": 1147.45, "end": 1148.03, "word": " up", "probability": 0.970703125}, {"start": 1148.03, "end": 1148.79, "word": " means", "probability": 0.82763671875}, {"start": 1148.79, "end": 1149.35, "word": " the", "probability": 0.8720703125}, {"start": 1149.35, "end": 1149.93, "word": " higher", "probability": 0.916015625}, {"start": 1149.93, "end": 1150.87, "word": " elasticity", "probability": 0.53857421875}, {"start": 1150.87, "end": 1151.15, "word": " of", "probability": 0.91064453125}, {"start": 1151.15, "end": 1151.47, "word": " demand.", "probability": 0.87646484375}], "temperature": 1.0}, {"id": 40, "seek": 118090, "start": 1159.5, "end": 1180.9, "text": " Poor families were the poor families here as the price of a chicken increased by, increased by", "tokens": [23591, 4466, 645, 264, 4716, 4466, 510, 382, 264, 3218, 295, 257, 4662, 6505, 538, 11, 6505, 538], "avg_logprob": -0.47121711467441757, "compression_ratio": 1.3194444444444444, "no_speech_prob": 0.0, "words": [{"start": 1159.4999999999998, "end": 1160.3999999999999, "word": " Poor", "probability": 0.04461669921875}, {"start": 1160.3999999999999, "end": 1161.3, "word": " families", "probability": 0.904296875}, {"start": 1161.3, "end": 1164.42, "word": " were", "probability": 0.1644287109375}, {"start": 1164.42, "end": 1164.56, "word": " the", "probability": 0.79736328125}, {"start": 1164.56, "end": 1164.78, "word": " poor", "probability": 0.92529296875}, {"start": 1164.78, "end": 1165.22, "word": " families", "probability": 0.95703125}, {"start": 1165.22, "end": 1165.54, "word": " here", "probability": 0.81396484375}, {"start": 1165.54, "end": 1171.14, "word": " as", "probability": 0.51416015625}, {"start": 1171.14, "end": 1171.32, "word": " the", "probability": 0.90869140625}, {"start": 1171.32, "end": 1171.72, "word": " price", "probability": 0.912109375}, {"start": 1171.72, "end": 1172.12, "word": " of", "probability": 0.96923828125}, {"start": 1172.12, "end": 1172.28, "word": " a", "probability": 0.66455078125}, {"start": 1172.28, "end": 1172.7, "word": " chicken", "probability": 0.84521484375}, {"start": 1172.7, "end": 1175.52, "word": " increased", "probability": 0.904296875}, {"start": 1175.52, "end": 1175.98, "word": " by,", "probability": 0.97265625}, {"start": 1179.7, "end": 1180.36, "word": " increased", "probability": 0.88330078125}, {"start": 1180.36, "end": 1180.9, "word": " by", "probability": 0.97216796875}], "temperature": 1.0}, {"id": 41, "seek": 120658, "start": 1181.96, "end": 1206.58, "text": " 30%, I expect that the poor families will give up the product by, because the quantity demanded, by larger than 30%. So the quantity demanded will go down by, let us assume by 70%.", "tokens": [2217, 8923, 286, 2066, 300, 264, 4716, 4466, 486, 976, 493, 264, 1674, 538, 11, 570, 264, 11275, 28276, 11, 538, 4833, 813, 2217, 6856, 407, 264, 11275, 28276, 486, 352, 760, 538, 11, 718, 505, 6552, 538, 5285, 6856], "avg_logprob": -0.2029344512195122, "compression_ratio": 1.4140625, "no_speech_prob": 0.0, "words": [{"start": 1181.96, "end": 1182.76, "word": " 30%,", "probability": 0.5823974609375}, {"start": 1182.76, "end": 1183.28, "word": " I", "probability": 0.9921875}, {"start": 1183.28, "end": 1183.82, "word": " expect", "probability": 0.93017578125}, {"start": 1183.82, "end": 1184.3, "word": " that", "probability": 0.93896484375}, {"start": 1184.3, "end": 1185.92, "word": " the", "probability": 0.822265625}, {"start": 1185.92, "end": 1186.16, "word": " poor", "probability": 0.935546875}, {"start": 1186.16, "end": 1186.74, "word": " families", "probability": 0.94970703125}, {"start": 1186.74, "end": 1187.44, "word": " will", "probability": 0.8623046875}, {"start": 1187.44, "end": 1187.84, "word": " give", "probability": 0.9013671875}, {"start": 1187.84, "end": 1188.2, "word": " up", "probability": 0.97802734375}, {"start": 1188.2, "end": 1188.72, "word": " the", "probability": 0.78466796875}, {"start": 1188.72, "end": 1189.1, "word": " product", "probability": 0.9169921875}, {"start": 1189.1, "end": 1189.74, "word": " by,", "probability": 0.8857421875}, {"start": 1191.1, "end": 1191.42, "word": " because", "probability": 0.78125}, {"start": 1191.42, "end": 1191.72, "word": " the", "probability": 0.611328125}, {"start": 1191.72, "end": 1191.86, "word": " quantity", "probability": 0.4609375}, {"start": 1191.86, "end": 1192.54, "word": " demanded,", "probability": 0.9111328125}, {"start": 1192.96, "end": 1193.24, "word": " by", "probability": 0.9658203125}, {"start": 1193.24, "end": 1194.0, "word": " larger", "probability": 0.947265625}, {"start": 1194.0, "end": 1194.64, "word": " than", "probability": 0.947265625}, {"start": 1194.64, "end": 1196.18, "word": " 30%.", "probability": 0.91943359375}, {"start": 1196.18, "end": 1199.94, "word": " So", "probability": 0.0523681640625}, {"start": 1199.94, "end": 1202.92, "word": " the", "probability": 0.689453125}, {"start": 1202.92, "end": 1203.16, "word": " quantity", "probability": 0.9873046875}, {"start": 1203.16, "end": 1203.56, "word": " demanded", "probability": 0.90869140625}, {"start": 1203.56, "end": 1203.76, "word": " will", "probability": 0.85107421875}, {"start": 1203.76, "end": 1203.98, "word": " go", "probability": 0.95947265625}, {"start": 1203.98, "end": 1204.3, "word": " down", "probability": 0.8583984375}, {"start": 1204.3, "end": 1204.56, "word": " by,", "probability": 0.916015625}, {"start": 1204.64, "end": 1204.78, "word": " let", "probability": 0.94384765625}, {"start": 1204.78, "end": 1204.94, "word": " us", "probability": 0.734375}, {"start": 1204.94, "end": 1205.3, "word": " assume", "probability": 0.91455078125}, {"start": 1205.3, "end": 1205.56, "word": " by", "probability": 0.603515625}, {"start": 1205.56, "end": 1206.58, "word": " 70%.", "probability": 0.94921875}], "temperature": 1.0}, {"id": 42, "seek": 123090, "start": 1211.28, "end": 1230.9, "text": " So the price elasticity of demand here for the poor families. Change in quantity demanded percent over change in price percent equals change in price equals 30 percent and declining quantity demanded by 70 percent.", "tokens": [407, 264, 3218, 46260, 295, 4733, 510, 337, 264, 4716, 4466, 13, 15060, 294, 11275, 28276, 3043, 670, 1319, 294, 3218, 3043, 6915, 1319, 294, 3218, 6915, 2217, 3043, 293, 34298, 11275, 28276, 538, 5285, 3043, 13], "avg_logprob": -0.3110608521260713, "compression_ratio": 1.6929133858267718, "no_speech_prob": 0.0, "words": [{"start": 1211.2800000000002, "end": 1212.0800000000002, "word": " So", "probability": 0.258056640625}, {"start": 1212.0800000000002, "end": 1212.88, "word": " the", "probability": 0.61962890625}, {"start": 1212.88, "end": 1213.18, "word": " price", "probability": 0.92578125}, {"start": 1213.18, "end": 1213.64, "word": " elasticity", "probability": 0.3955078125}, {"start": 1213.64, "end": 1213.9, "word": " of", "probability": 0.91748046875}, {"start": 1213.9, "end": 1214.28, "word": " demand", "probability": 0.890625}, {"start": 1214.28, "end": 1214.7, "word": " here", "probability": 0.6181640625}, {"start": 1214.7, "end": 1215.06, "word": " for", "probability": 0.89453125}, {"start": 1215.06, "end": 1215.44, "word": " the", "probability": 0.890625}, {"start": 1215.44, "end": 1215.68, "word": " poor", "probability": 0.94384765625}, {"start": 1215.68, "end": 1216.2, "word": " families.", "probability": 0.943359375}, {"start": 1220.18, "end": 1220.98, "word": " Change", "probability": 0.53564453125}, {"start": 1220.98, "end": 1221.1, "word": " in", "probability": 0.7685546875}, {"start": 1221.1, "end": 1221.38, "word": " quantity", "probability": 0.429443359375}, {"start": 1221.38, "end": 1221.76, "word": " demanded", "probability": 0.6181640625}, {"start": 1221.76, "end": 1222.32, "word": " percent", "probability": 0.8232421875}, {"start": 1222.32, "end": 1222.58, "word": " over", "probability": 0.87939453125}, {"start": 1222.58, "end": 1222.94, "word": " change", "probability": 0.5400390625}, {"start": 1222.94, "end": 1223.06, "word": " in", "probability": 0.86181640625}, {"start": 1223.06, "end": 1223.3, "word": " price", "probability": 0.9287109375}, {"start": 1223.3, "end": 1223.78, "word": " percent", "probability": 0.9111328125}, {"start": 1223.78, "end": 1224.3, "word": " equals", "probability": 0.8076171875}, {"start": 1224.3, "end": 1224.88, "word": " change", "probability": 0.69775390625}, {"start": 1224.88, "end": 1225.02, "word": " in", "probability": 0.86376953125}, {"start": 1225.02, "end": 1225.32, "word": " price", "probability": 0.91064453125}, {"start": 1225.32, "end": 1225.72, "word": " equals", "probability": 0.8701171875}, {"start": 1225.72, "end": 1226.08, "word": " 30", "probability": 0.92138671875}, {"start": 1226.08, "end": 1226.6, "word": " percent", "probability": 0.5703125}, {"start": 1226.6, "end": 1227.9, "word": " and", "probability": 0.5947265625}, {"start": 1227.9, "end": 1228.8, "word": " declining", "probability": 0.640625}, {"start": 1228.8, "end": 1229.18, "word": " quantity", "probability": 0.53125}, {"start": 1229.18, "end": 1229.72, "word": " demanded", "probability": 0.92041015625}, {"start": 1229.72, "end": 1229.98, "word": " by", "probability": 0.96240234375}, {"start": 1229.98, "end": 1230.38, "word": " 70", "probability": 0.94677734375}, {"start": 1230.38, "end": 1230.9, "word": " percent.", "probability": 0.95751953125}], "temperature": 1.0}, {"id": 43, "seek": 125891, "start": 1231.69, "end": 1258.91, "text": " minus 70 over a positive 30 equals minus 2.33. The absolute value equals 2.33. It's bigger than one. The demand is elastic. So the demand for poor families is more elastic", "tokens": [3175, 5285, 670, 257, 3353, 2217, 6915, 3175, 568, 13, 10191, 13, 440, 8236, 2158, 6915, 568, 13, 10191, 13, 467, 311, 3801, 813, 472, 13, 440, 4733, 307, 17115, 13, 407, 264, 4733, 337, 4716, 4466, 307, 544, 17115], "avg_logprob": -0.1589176858343729, "compression_ratio": 1.376, "no_speech_prob": 0.0, "words": [{"start": 1231.69, "end": 1232.11, "word": " minus", "probability": 0.62255859375}, {"start": 1232.11, "end": 1232.55, "word": " 70", "probability": 0.96240234375}, {"start": 1232.55, "end": 1232.93, "word": " over", "probability": 0.90185546875}, {"start": 1232.93, "end": 1236.09, "word": " a", "probability": 0.277099609375}, {"start": 1236.09, "end": 1237.33, "word": " positive", "probability": 0.9326171875}, {"start": 1237.33, "end": 1237.87, "word": " 30", "probability": 0.9716796875}, {"start": 1237.87, "end": 1238.57, "word": " equals", "probability": 0.83251953125}, {"start": 1238.57, "end": 1239.45, "word": " minus", "probability": 0.97265625}, {"start": 1239.45, "end": 1240.19, "word": " 2", "probability": 0.9765625}, {"start": 1240.19, "end": 1242.15, "word": ".33.", "probability": 0.990478515625}, {"start": 1242.77, "end": 1242.93, "word": " The", "probability": 0.7861328125}, {"start": 1242.93, "end": 1243.41, "word": " absolute", "probability": 0.87646484375}, {"start": 1243.41, "end": 1243.81, "word": " value", "probability": 0.9697265625}, {"start": 1243.81, "end": 1244.31, "word": " equals", "probability": 0.95068359375}, {"start": 1244.31, "end": 1244.59, "word": " 2", "probability": 0.9921875}, {"start": 1244.59, "end": 1245.33, "word": ".33.", "probability": 0.985107421875}, {"start": 1246.03, "end": 1246.37, "word": " It's", "probability": 0.976318359375}, {"start": 1246.37, "end": 1246.67, "word": " bigger", "probability": 0.95361328125}, {"start": 1246.67, "end": 1247.03, "word": " than", "probability": 0.9443359375}, {"start": 1247.03, "end": 1247.29, "word": " one.", "probability": 0.74462890625}, {"start": 1247.69, "end": 1247.81, "word": " The", "probability": 0.7958984375}, {"start": 1247.81, "end": 1248.17, "word": " demand", "probability": 0.92041015625}, {"start": 1248.17, "end": 1248.51, "word": " is", "probability": 0.94921875}, {"start": 1248.51, "end": 1248.99, "word": " elastic.", "probability": 0.9677734375}, {"start": 1250.41, "end": 1250.75, "word": " So", "probability": 0.939453125}, {"start": 1250.75, "end": 1251.71, "word": " the", "probability": 0.58056640625}, {"start": 1251.71, "end": 1252.09, "word": " demand", "probability": 0.90869140625}, {"start": 1252.09, "end": 1252.95, "word": " for", "probability": 0.9501953125}, {"start": 1252.95, "end": 1255.07, "word": " poor", "probability": 0.88671875}, {"start": 1255.07, "end": 1255.55, "word": " families", "probability": 0.9453125}, {"start": 1255.55, "end": 1257.79, "word": " is", "probability": 0.9423828125}, {"start": 1257.79, "end": 1258.29, "word": " more", "probability": 0.93896484375}, {"start": 1258.29, "end": 1258.91, "word": " elastic", "probability": 0.96923828125}], "temperature": 1.0}, {"id": 44, "seek": 128834, "start": 1259.95, "end": 1288.35, "text": " than the demand for the rich families, rich individuals, which means the higher income is, or the consumers is, the lower or the less elasticity of demand is. The higher income will be the consumers with higher income.", "tokens": [813, 264, 4733, 337, 264, 4593, 4466, 11, 4593, 5346, 11, 597, 1355, 264, 2946, 5742, 307, 11, 420, 264, 11883, 307, 11, 264, 3126, 420, 264, 1570, 46260, 295, 4733, 307, 13, 440, 2946, 5742, 486, 312, 264, 11883, 365, 2946, 5742, 13], "avg_logprob": -0.2604166587193807, "compression_ratio": 1.7244094488188977, "no_speech_prob": 0.0, "words": [{"start": 1259.95, "end": 1260.41, "word": " than", "probability": 0.849609375}, {"start": 1260.41, "end": 1260.63, "word": " the", "probability": 0.90966796875}, {"start": 1260.63, "end": 1261.07, "word": " demand", "probability": 0.91943359375}, {"start": 1261.07, "end": 1261.39, "word": " for", "probability": 0.9404296875}, {"start": 1261.39, "end": 1261.69, "word": " the", "probability": 0.71337890625}, {"start": 1261.69, "end": 1261.91, "word": " rich", "probability": 0.853515625}, {"start": 1261.91, "end": 1262.39, "word": " families,", "probability": 0.9375}, {"start": 1263.49, "end": 1263.75, "word": " rich", "probability": 0.88818359375}, {"start": 1263.75, "end": 1264.49, "word": " individuals,", "probability": 0.85302734375}, {"start": 1265.05, "end": 1265.23, "word": " which", "probability": 0.95068359375}, {"start": 1265.23, "end": 1265.75, "word": " means", "probability": 0.9326171875}, {"start": 1265.75, "end": 1267.33, "word": " the", "probability": 0.76416015625}, {"start": 1267.33, "end": 1267.79, "word": " higher", "probability": 0.93798828125}, {"start": 1267.79, "end": 1268.37, "word": " income", "probability": 0.9306640625}, {"start": 1268.37, "end": 1268.85, "word": " is,", "probability": 0.935546875}, {"start": 1269.15, "end": 1269.27, "word": " or", "probability": 0.80322265625}, {"start": 1269.27, "end": 1269.47, "word": " the", "probability": 0.8837890625}, {"start": 1269.47, "end": 1270.01, "word": " consumers", "probability": 0.79443359375}, {"start": 1270.01, "end": 1270.69, "word": " is,", "probability": 0.91064453125}, {"start": 1271.93, "end": 1272.83, "word": " the", "probability": 0.91845703125}, {"start": 1272.83, "end": 1273.17, "word": " lower", "probability": 0.8818359375}, {"start": 1273.17, "end": 1273.47, "word": " or", "probability": 0.802734375}, {"start": 1273.47, "end": 1273.63, "word": " the", "probability": 0.88525390625}, {"start": 1273.63, "end": 1274.15, "word": " less", "probability": 0.95703125}, {"start": 1274.15, "end": 1275.59, "word": " elasticity", "probability": 0.54833984375}, {"start": 1275.59, "end": 1275.95, "word": " of", "probability": 0.93017578125}, {"start": 1275.95, "end": 1276.25, "word": " demand", "probability": 0.8984375}, {"start": 1276.25, "end": 1276.63, "word": " is.", "probability": 0.8583984375}, {"start": 1277.77, "end": 1277.99, "word": " The", "probability": 0.0300750732421875}, {"start": 1277.99, "end": 1280.97, "word": " higher", "probability": 0.87841796875}, {"start": 1280.97, "end": 1281.49, "word": " income", "probability": 0.9619140625}, {"start": 1281.49, "end": 1281.73, "word": " will", "probability": 0.67041015625}, {"start": 1281.73, "end": 1282.11, "word": " be", "probability": 0.9541015625}, {"start": 1282.11, "end": 1284.55, "word": " the", "probability": 0.177734375}, {"start": 1284.55, "end": 1286.95, "word": " consumers", "probability": 0.9013671875}, {"start": 1286.95, "end": 1287.41, "word": " with", "probability": 0.89990234375}, {"start": 1287.41, "end": 1287.79, "word": " higher", "probability": 0.84033203125}, {"start": 1287.79, "end": 1288.35, "word": " income.", "probability": 0.93505859375}], "temperature": 1.0}, {"id": 45, "seek": 130969, "start": 1288.89, "end": 1309.69, "text": " With higher wealth, the demand will be less elastic. The less elastic demand will be. Okay? The last determinant of demand, what is it? What is the last determinant of the price elasticity of demand?", "tokens": [2022, 2946, 7203, 11, 264, 4733, 486, 312, 1570, 17115, 13, 440, 1570, 17115, 4733, 486, 312, 13, 1033, 30, 440, 1036, 41296, 295, 4733, 11, 437, 307, 309, 30, 708, 307, 264, 1036, 41296, 295, 264, 3218, 46260, 295, 4733, 30], "avg_logprob": -0.15824853958085525, "compression_ratio": 1.694915254237288, "no_speech_prob": 0.0, "words": [{"start": 1288.89, "end": 1289.15, "word": " With", "probability": 0.7080078125}, {"start": 1289.15, "end": 1289.49, "word": " higher", "probability": 0.8837890625}, {"start": 1289.49, "end": 1289.97, "word": " wealth,", "probability": 0.9345703125}, {"start": 1291.45, "end": 1291.77, "word": " the", "probability": 0.89306640625}, {"start": 1291.77, "end": 1292.09, "word": " demand", "probability": 0.91162109375}, {"start": 1292.09, "end": 1292.25, "word": " will", "probability": 0.8544921875}, {"start": 1292.25, "end": 1292.47, "word": " be", "probability": 0.9560546875}, {"start": 1292.47, "end": 1292.87, "word": " less", "probability": 0.96484375}, {"start": 1292.87, "end": 1293.43, "word": " elastic.", "probability": 0.97021484375}, {"start": 1294.19, "end": 1294.33, "word": " The", "probability": 0.87109375}, {"start": 1294.33, "end": 1294.63, "word": " less", "probability": 0.9609375}, {"start": 1294.63, "end": 1295.13, "word": " elastic", "probability": 0.96826171875}, {"start": 1295.13, "end": 1295.75, "word": " demand", "probability": 0.935546875}, {"start": 1295.75, "end": 1296.35, "word": " will", "probability": 0.84033203125}, {"start": 1296.35, "end": 1296.65, "word": " be.", "probability": 0.53125}, {"start": 1297.09, "end": 1297.27, "word": " Okay?", "probability": 0.720703125}, {"start": 1299.15, "end": 1299.73, "word": " The", "probability": 0.262939453125}, {"start": 1299.73, "end": 1302.79, "word": " last", "probability": 0.76171875}, {"start": 1302.79, "end": 1303.43, "word": " determinant", "probability": 0.8486328125}, {"start": 1303.43, "end": 1304.03, "word": " of", "probability": 0.9697265625}, {"start": 1304.03, "end": 1304.53, "word": " demand,", "probability": 0.888671875}, {"start": 1304.83, "end": 1304.97, "word": " what", "probability": 0.94580078125}, {"start": 1304.97, "end": 1305.11, "word": " is", "probability": 0.947265625}, {"start": 1305.11, "end": 1305.31, "word": " it?", "probability": 0.94921875}, {"start": 1306.35, "end": 1306.63, "word": " What", "probability": 0.8916015625}, {"start": 1306.63, "end": 1306.89, "word": " is", "probability": 0.94580078125}, {"start": 1306.89, "end": 1307.09, "word": " the", "probability": 0.92431640625}, {"start": 1307.09, "end": 1307.39, "word": " last", "probability": 0.88671875}, {"start": 1307.39, "end": 1307.97, "word": " determinant", "probability": 0.87646484375}, {"start": 1307.97, "end": 1308.27, "word": " of", "probability": 0.9521484375}, {"start": 1308.27, "end": 1308.39, "word": " the", "probability": 0.8720703125}, {"start": 1308.39, "end": 1308.67, "word": " price", "probability": 0.93994140625}, {"start": 1308.67, "end": 1309.13, "word": " elasticity", "probability": 0.9462890625}, {"start": 1309.13, "end": 1309.51, "word": " of", "probability": 0.76513671875}, {"start": 1309.51, "end": 1309.69, "word": " demand?", "probability": 0.89794921875}], "temperature": 1.0}, {"id": 46, "seek": 133562, "start": 1311.12, "end": 1335.62, "text": " Time, yes. Let's go to the last determinant of the price and assistance of demand which is time. Number five is the time here. Here we have to distinguish between the long run and the short run.", "tokens": [6161, 11, 2086, 13, 961, 311, 352, 281, 264, 1036, 41296, 295, 264, 3218, 293, 9683, 295, 4733, 597, 307, 565, 13, 5118, 1732, 307, 264, 565, 510, 13, 1692, 321, 362, 281, 20206, 1296, 264, 938, 1190, 293, 264, 2099, 1190, 13], "avg_logprob": -0.1922940347682346, "compression_ratio": 1.3928571428571428, "no_speech_prob": 0.0, "words": [{"start": 1311.12, "end": 1311.58, "word": " Time,", "probability": 0.7392578125}, {"start": 1311.82, "end": 1312.1, "word": " yes.", "probability": 0.9365234375}, {"start": 1313.36, "end": 1314.06, "word": " Let's", "probability": 0.975341796875}, {"start": 1314.06, "end": 1314.24, "word": " go", "probability": 0.96630859375}, {"start": 1314.24, "end": 1314.42, "word": " to", "probability": 0.95947265625}, {"start": 1314.42, "end": 1314.8, "word": " the", "probability": 0.923828125}, {"start": 1314.8, "end": 1315.34, "word": " last", "probability": 0.8818359375}, {"start": 1315.34, "end": 1315.86, "word": " determinant", "probability": 0.90576171875}, {"start": 1315.86, "end": 1316.24, "word": " of", "probability": 0.85595703125}, {"start": 1316.24, "end": 1316.38, "word": " the", "probability": 0.9287109375}, {"start": 1316.38, "end": 1316.64, "word": " price", "probability": 0.53369140625}, {"start": 1316.64, "end": 1316.78, "word": " and", "probability": 0.423095703125}, {"start": 1316.78, "end": 1317.08, "word": " assistance", "probability": 0.288818359375}, {"start": 1317.08, "end": 1317.32, "word": " of", "probability": 0.95458984375}, {"start": 1317.32, "end": 1317.58, "word": " demand", "probability": 0.8955078125}, {"start": 1317.58, "end": 1317.82, "word": " which", "probability": 0.5048828125}, {"start": 1317.82, "end": 1318.3, "word": " is", "probability": 0.9482421875}, {"start": 1318.3, "end": 1319.5, "word": " time.", "probability": 0.755859375}, {"start": 1320.88, "end": 1321.58, "word": " Number", "probability": 0.78125}, {"start": 1321.58, "end": 1321.98, "word": " five", "probability": 0.7822265625}, {"start": 1321.98, "end": 1322.48, "word": " is", "probability": 0.86865234375}, {"start": 1322.48, "end": 1322.66, "word": " the", "probability": 0.919921875}, {"start": 1322.66, "end": 1323.0, "word": " time", "probability": 0.8837890625}, {"start": 1323.0, "end": 1323.28, "word": " here.", "probability": 0.86328125}, {"start": 1330.78, "end": 1331.2, "word": " Here", "probability": 0.787109375}, {"start": 1331.2, "end": 1331.32, "word": " we", "probability": 0.60009765625}, {"start": 1331.32, "end": 1331.62, "word": " have", "probability": 0.94873046875}, {"start": 1331.62, "end": 1331.86, "word": " to", "probability": 0.9619140625}, {"start": 1331.86, "end": 1332.36, "word": " distinguish", "probability": 0.90234375}, {"start": 1332.36, "end": 1332.88, "word": " between", "probability": 0.869140625}, {"start": 1332.88, "end": 1333.46, "word": " the", "probability": 0.9208984375}, {"start": 1333.46, "end": 1334.02, "word": " long", "probability": 0.9267578125}, {"start": 1334.02, "end": 1334.34, "word": " run", "probability": 0.72802734375}, {"start": 1334.34, "end": 1334.82, "word": " and", "probability": 0.9384765625}, {"start": 1334.82, "end": 1334.98, "word": " the", "probability": 0.9052734375}, {"start": 1334.98, "end": 1335.34, "word": " short", "probability": 0.9716796875}, {"start": 1335.34, "end": 1335.62, "word": " run.", "probability": 0.9189453125}], "temperature": 1.0}, {"id": 47, "seek": 136759, "start": 1341.21, "end": 1367.59, "text": " short run, short term, and long term. In the short term, the demand will be", "tokens": [2099, 1190, 11, 2099, 1433, 11, 293, 938, 1433, 13, 682, 264, 2099, 1433, 11, 264, 4733, 486, 312], "avg_logprob": -0.23769532591104509, "compression_ratio": 1.2459016393442623, "no_speech_prob": 0.0, "words": [{"start": 1341.21, "end": 1341.75, "word": " short", "probability": 0.398681640625}, {"start": 1341.75, "end": 1342.03, "word": " run,", "probability": 0.2607421875}, {"start": 1343.37, "end": 1344.09, "word": " short", "probability": 0.8984375}, {"start": 1344.09, "end": 1344.45, "word": " term,", "probability": 0.84912109375}, {"start": 1346.21, "end": 1346.53, "word": " and", "probability": 0.935546875}, {"start": 1346.53, "end": 1346.81, "word": " long", "probability": 0.93310546875}, {"start": 1346.81, "end": 1347.35, "word": " term.", "probability": 0.869140625}, {"start": 1360.07, "end": 1360.91, "word": " In", "probability": 0.80908203125}, {"start": 1360.91, "end": 1361.07, "word": " the", "probability": 0.9169921875}, {"start": 1361.07, "end": 1361.37, "word": " short", "probability": 0.97119140625}, {"start": 1361.37, "end": 1361.71, "word": " term,", "probability": 0.89697265625}, {"start": 1363.31, "end": 1366.59, "word": " the", "probability": 0.892578125}, {"start": 1366.59, "end": 1367.01, "word": " demand", "probability": 0.9208984375}, {"start": 1367.01, "end": 1367.21, "word": " will", "probability": 0.88671875}, {"start": 1367.21, "end": 1367.59, "word": " be", "probability": 0.95556640625}], "temperature": 1.0}, {"id": 48, "seek": 139588, "start": 1369.1, "end": 1395.88, "text": " less elastic in the long term, or than the long term. To understand the idea, let's have the following example. The smokers, in the short run, let us assume that the price per pack of cigarettes increased", "tokens": [1570, 17115, 294, 264, 938, 1433, 11, 420, 813, 264, 938, 1433, 13, 1407, 1223, 264, 1558, 11, 718, 311, 362, 264, 3480, 1365, 13, 440, 32073, 433, 11, 294, 264, 2099, 1190, 11, 718, 505, 6552, 300, 264, 3218, 680, 2844, 295, 29244, 6505], "avg_logprob": -0.15675950471473776, "compression_ratio": 1.4855072463768115, "no_speech_prob": 0.0, "words": [{"start": 1369.1, "end": 1369.78, "word": " less", "probability": 0.7568359375}, {"start": 1369.78, "end": 1370.46, "word": " elastic", "probability": 0.97265625}, {"start": 1370.46, "end": 1370.96, "word": " in", "probability": 0.83740234375}, {"start": 1370.96, "end": 1371.12, "word": " the", "probability": 0.91943359375}, {"start": 1371.12, "end": 1371.32, "word": " long", "probability": 0.9326171875}, {"start": 1371.32, "end": 1371.66, "word": " term,", "probability": 0.69921875}, {"start": 1372.22, "end": 1372.32, "word": " or", "probability": 0.75439453125}, {"start": 1372.32, "end": 1372.56, "word": " than", "probability": 0.70703125}, {"start": 1372.56, "end": 1372.88, "word": " the", "probability": 0.89013671875}, {"start": 1372.88, "end": 1373.36, "word": " long", "probability": 0.92529296875}, {"start": 1373.36, "end": 1373.66, "word": " term.", "probability": 0.81298828125}, {"start": 1375.46, "end": 1376.14, "word": " To", "probability": 0.96484375}, {"start": 1376.14, "end": 1376.6, "word": " understand", "probability": 0.8046875}, {"start": 1376.6, "end": 1376.8, "word": " the", "probability": 0.91650390625}, {"start": 1376.8, "end": 1377.14, "word": " idea,", "probability": 0.92919921875}, {"start": 1377.3, "end": 1377.52, "word": " let's", "probability": 0.952880859375}, {"start": 1377.52, "end": 1377.72, "word": " have", "probability": 0.91845703125}, {"start": 1377.72, "end": 1377.84, "word": " the", "probability": 0.82958984375}, {"start": 1377.84, "end": 1378.12, "word": " following", "probability": 0.923828125}, {"start": 1378.12, "end": 1378.64, "word": " example.", "probability": 0.9765625}, {"start": 1382.16, "end": 1382.4, "word": " The", "probability": 0.88134765625}, {"start": 1382.4, "end": 1383.12, "word": " smokers,", "probability": 0.97314453125}, {"start": 1386.46, "end": 1386.9, "word": " in", "probability": 0.295654296875}, {"start": 1386.9, "end": 1389.14, "word": " the", "probability": 0.9208984375}, {"start": 1389.14, "end": 1389.46, "word": " short", "probability": 0.97412109375}, {"start": 1389.46, "end": 1389.8, "word": " run,", "probability": 0.87890625}, {"start": 1390.82, "end": 1390.98, "word": " let", "probability": 0.9404296875}, {"start": 1390.98, "end": 1391.18, "word": " us", "probability": 0.81201171875}, {"start": 1391.18, "end": 1391.64, "word": " assume", "probability": 0.9033203125}, {"start": 1391.64, "end": 1391.94, "word": " that", "probability": 0.92724609375}, {"start": 1391.94, "end": 1392.22, "word": " the", "probability": 0.85693359375}, {"start": 1392.22, "end": 1392.62, "word": " price", "probability": 0.8955078125}, {"start": 1392.62, "end": 1393.0, "word": " per", "probability": 0.837890625}, {"start": 1393.0, "end": 1393.62, "word": " pack", "probability": 0.9228515625}, {"start": 1393.62, "end": 1393.92, "word": " of", "probability": 0.962890625}, {"start": 1393.92, "end": 1394.38, "word": " cigarettes", "probability": 0.8427734375}, {"start": 1394.38, "end": 1395.88, "word": " increased", "probability": 0.88720703125}], "temperature": 1.0}, {"id": 49, "seek": 142491, "start": 1397.21, "end": 1424.91, "text": " by two shakers or five shakers. In the short run, increasing the prices per pack of cigarettes increased by five shakers. The quantity demanded will decline.", "tokens": [538, 732, 402, 19552, 420, 1732, 402, 19552, 13, 682, 264, 2099, 1190, 11, 5662, 264, 7901, 680, 2844, 295, 29244, 6505, 538, 1732, 402, 19552, 13, 440, 11275, 28276, 486, 15635, 13], "avg_logprob": -0.1787683854208273, "compression_ratio": 1.3859649122807018, "no_speech_prob": 0.0, "words": [{"start": 1397.21, "end": 1397.77, "word": " by", "probability": 0.77001953125}, {"start": 1397.77, "end": 1399.13, "word": " two", "probability": 0.83837890625}, {"start": 1399.13, "end": 1399.47, "word": " shakers", "probability": 0.476806640625}, {"start": 1399.47, "end": 1399.95, "word": " or", "probability": 0.771484375}, {"start": 1399.95, "end": 1400.23, "word": " five", "probability": 0.90966796875}, {"start": 1400.23, "end": 1400.57, "word": " shakers.", "probability": 0.87841796875}, {"start": 1402.47, "end": 1402.75, "word": " In", "probability": 0.875}, {"start": 1402.75, "end": 1402.89, "word": " the", "probability": 0.91650390625}, {"start": 1402.89, "end": 1403.19, "word": " short", "probability": 0.97021484375}, {"start": 1403.19, "end": 1403.49, "word": " run,", "probability": 0.8720703125}, {"start": 1404.13, "end": 1404.47, "word": " increasing", "probability": 0.9306640625}, {"start": 1404.47, "end": 1404.67, "word": " the", "probability": 0.890625}, {"start": 1404.67, "end": 1405.21, "word": " prices", "probability": 0.85888671875}, {"start": 1405.21, "end": 1407.33, "word": " per", "probability": 0.5419921875}, {"start": 1407.33, "end": 1407.81, "word": " pack", "probability": 0.8623046875}, {"start": 1407.81, "end": 1410.55, "word": " of", "probability": 0.958984375}, {"start": 1410.55, "end": 1411.09, "word": " cigarettes", "probability": 0.8525390625}, {"start": 1411.09, "end": 1414.15, "word": " increased", "probability": 0.79150390625}, {"start": 1414.15, "end": 1414.63, "word": " by", "probability": 0.970703125}, {"start": 1414.63, "end": 1416.05, "word": " five", "probability": 0.8984375}, {"start": 1416.05, "end": 1416.45, "word": " shakers.", "probability": 0.895751953125}, {"start": 1422.33, "end": 1423.29, "word": " The", "probability": 0.87109375}, {"start": 1423.29, "end": 1423.75, "word": " quantity", "probability": 0.98095703125}, {"start": 1423.75, "end": 1424.25, "word": " demanded", "probability": 0.93017578125}, {"start": 1424.25, "end": 1424.51, "word": " will", "probability": 0.8193359375}, {"start": 1424.51, "end": 1424.91, "word": " decline.", "probability": 0.896484375}], "temperature": 1.0}, {"id": 50, "seek": 144799, "start": 1427.07, "end": 1447.99, "text": " Let us assume that the price increased by 40 percent. In the short run, the quantity demanded will go down, let us assume by 20 percent.", "tokens": [961, 505, 6552, 300, 264, 3218, 6505, 538, 3356, 3043, 13, 682, 264, 2099, 1190, 11, 264, 11275, 28276, 486, 352, 760, 11, 718, 505, 6552, 538, 945, 3043, 13], "avg_logprob": -0.14528730223255773, "compression_ratio": 1.280373831775701, "no_speech_prob": 0.0, "words": [{"start": 1427.07, "end": 1427.69, "word": " Let", "probability": 0.51953125}, {"start": 1427.69, "end": 1427.91, "word": " us", "probability": 0.7373046875}, {"start": 1427.91, "end": 1428.27, "word": " assume", "probability": 0.9091796875}, {"start": 1428.27, "end": 1428.49, "word": " that", "probability": 0.93115234375}, {"start": 1428.49, "end": 1428.63, "word": " the", "probability": 0.9033203125}, {"start": 1428.63, "end": 1428.89, "word": " price", "probability": 0.91162109375}, {"start": 1428.89, "end": 1429.31, "word": " increased", "probability": 0.85546875}, {"start": 1429.31, "end": 1429.67, "word": " by", "probability": 0.970703125}, {"start": 1429.67, "end": 1431.15, "word": " 40", "probability": 0.939453125}, {"start": 1431.15, "end": 1431.63, "word": " percent.", "probability": 0.49560546875}, {"start": 1435.21, "end": 1436.05, "word": " In", "probability": 0.92919921875}, {"start": 1436.05, "end": 1436.25, "word": " the", "probability": 0.90087890625}, {"start": 1436.25, "end": 1436.67, "word": " short", "probability": 0.9736328125}, {"start": 1436.67, "end": 1436.97, "word": " run,", "probability": 0.70947265625}, {"start": 1437.79, "end": 1437.99, "word": " the", "probability": 0.92138671875}, {"start": 1437.99, "end": 1438.49, "word": " quantity", "probability": 0.91552734375}, {"start": 1438.49, "end": 1439.07, "word": " demanded", "probability": 0.94970703125}, {"start": 1439.07, "end": 1442.07, "word": " will", "probability": 0.88671875}, {"start": 1442.07, "end": 1442.43, "word": " go", "probability": 0.9677734375}, {"start": 1442.43, "end": 1442.93, "word": " down,", "probability": 0.859375}, {"start": 1443.73, "end": 1443.99, "word": " let", "probability": 0.9482421875}, {"start": 1443.99, "end": 1444.19, "word": " us", "probability": 0.90673828125}, {"start": 1444.19, "end": 1444.63, "word": " assume", "probability": 0.90966796875}, {"start": 1444.63, "end": 1445.21, "word": " by", "probability": 0.7861328125}, {"start": 1445.21, "end": 1447.57, "word": " 20", "probability": 0.9599609375}, {"start": 1447.57, "end": 1447.99, "word": " percent.", "probability": 0.97021484375}], "temperature": 1.0}, {"id": 51, "seek": 148047, "start": 1453.09, "end": 1480.47, "text": " The demand for cigarettes in general is inelastic because it has few number of substitutes. So the demand is inelastic in general. In the long term, the smokers will try to find substitutes or to kick the habit here.", "tokens": [440, 4733, 337, 29244, 294, 2674, 307, 294, 338, 2750, 570, 309, 575, 1326, 1230, 295, 26441, 1819, 13, 407, 264, 4733, 307, 294, 338, 2750, 294, 2674, 13, 682, 264, 938, 1433, 11, 264, 32073, 433, 486, 853, 281, 915, 26441, 1819, 420, 281, 4437, 264, 7164, 510, 13], "avg_logprob": -0.18412990897309547, "compression_ratio": 1.5611510791366907, "no_speech_prob": 0.0, "words": [{"start": 1453.09, "end": 1453.31, "word": " The", "probability": 0.4599609375}, {"start": 1453.31, "end": 1453.61, "word": " demand", "probability": 0.91748046875}, {"start": 1453.61, "end": 1453.87, "word": " for", "probability": 0.9501953125}, {"start": 1453.87, "end": 1454.25, "word": " cigarettes", "probability": 0.82373046875}, {"start": 1454.25, "end": 1454.57, "word": " in", "probability": 0.76123046875}, {"start": 1454.57, "end": 1454.97, "word": " general", "probability": 0.92138671875}, {"start": 1454.97, "end": 1456.09, "word": " is", "probability": 0.8359375}, {"start": 1456.09, "end": 1456.69, "word": " inelastic", "probability": 0.9344075520833334}, {"start": 1456.69, "end": 1457.11, "word": " because", "probability": 0.7177734375}, {"start": 1457.11, "end": 1457.35, "word": " it", "probability": 0.95556640625}, {"start": 1457.35, "end": 1457.65, "word": " has", "probability": 0.9482421875}, {"start": 1457.65, "end": 1457.93, "word": " few", "probability": 0.444580078125}, {"start": 1457.93, "end": 1458.17, "word": " number", "probability": 0.677734375}, {"start": 1458.17, "end": 1458.31, "word": " of", "probability": 0.69677734375}, {"start": 1458.31, "end": 1458.85, "word": " substitutes.", "probability": 0.916259765625}, {"start": 1461.79, "end": 1461.91, "word": " So", "probability": 0.1402587890625}, {"start": 1461.91, "end": 1463.73, "word": " the", "probability": 0.80322265625}, {"start": 1463.73, "end": 1464.07, "word": " demand", "probability": 0.9013671875}, {"start": 1464.07, "end": 1464.35, "word": " is", "probability": 0.93896484375}, {"start": 1464.35, "end": 1464.99, "word": " inelastic", "probability": 0.9103190104166666}, {"start": 1464.99, "end": 1465.27, "word": " in", "probability": 0.63037109375}, {"start": 1465.27, "end": 1465.61, "word": " general.", "probability": 0.91259765625}, {"start": 1470.05, "end": 1470.29, "word": " In", "probability": 0.87109375}, {"start": 1470.29, "end": 1470.43, "word": " the", "probability": 0.919921875}, {"start": 1470.43, "end": 1470.67, "word": " long", "probability": 0.92431640625}, {"start": 1470.67, "end": 1471.01, "word": " term,", "probability": 0.7158203125}, {"start": 1473.87, "end": 1474.07, "word": " the", "probability": 0.48681640625}, {"start": 1474.07, "end": 1474.73, "word": " smokers", "probability": 0.94677734375}, {"start": 1474.73, "end": 1475.03, "word": " will", "probability": 0.88037109375}, {"start": 1475.03, "end": 1475.45, "word": " try", "probability": 0.93701171875}, {"start": 1475.45, "end": 1475.69, "word": " to", "probability": 0.97021484375}, {"start": 1475.69, "end": 1476.03, "word": " find", "probability": 0.86767578125}, {"start": 1476.03, "end": 1476.81, "word": " substitutes", "probability": 0.93359375}, {"start": 1476.81, "end": 1478.27, "word": " or", "probability": 0.67041015625}, {"start": 1478.27, "end": 1478.89, "word": " to", "probability": 0.96484375}, {"start": 1478.89, "end": 1479.73, "word": " kick", "probability": 0.96923828125}, {"start": 1479.73, "end": 1479.95, "word": " the", "probability": 0.90869140625}, {"start": 1479.95, "end": 1480.21, "word": " habit", "probability": 0.94873046875}, {"start": 1480.21, "end": 1480.47, "word": " here.", "probability": 0.71337890625}], "temperature": 1.0}, {"id": 52, "seek": 150813, "start": 1483.81, "end": 1508.13, "text": " The long term. Because they cannot afford, they will try to adapt the situation. So they will try to kick the habit here.", "tokens": [440, 938, 1433, 13, 1436, 436, 2644, 6157, 11, 436, 486, 853, 281, 6231, 264, 2590, 13, 407, 436, 486, 853, 281, 4437, 264, 7164, 510, 13], "avg_logprob": -0.29520088753529955, "compression_ratio": 1.3118279569892473, "no_speech_prob": 0.0, "words": [{"start": 1483.81, "end": 1484.69, "word": " The", "probability": 0.0712890625}, {"start": 1484.69, "end": 1485.29, "word": " long", "probability": 0.9326171875}, {"start": 1485.29, "end": 1485.59, "word": " term.", "probability": 0.71044921875}, {"start": 1486.47, "end": 1486.91, "word": " Because", "probability": 0.9248046875}, {"start": 1486.91, "end": 1487.47, "word": " they", "probability": 0.86474609375}, {"start": 1487.47, "end": 1487.81, "word": " cannot", "probability": 0.8701171875}, {"start": 1487.81, "end": 1488.29, "word": " afford,", "probability": 0.98974609375}, {"start": 1489.69, "end": 1489.93, "word": " they", "probability": 0.8876953125}, {"start": 1489.93, "end": 1490.07, "word": " will", "probability": 0.79638671875}, {"start": 1490.07, "end": 1490.35, "word": " try", "probability": 0.9306640625}, {"start": 1490.35, "end": 1490.53, "word": " to", "probability": 0.9697265625}, {"start": 1490.53, "end": 1491.11, "word": " adapt", "probability": 0.9345703125}, {"start": 1491.11, "end": 1492.57, "word": " the", "probability": 0.6728515625}, {"start": 1492.57, "end": 1493.15, "word": " situation.", "probability": 0.939453125}, {"start": 1496.85, "end": 1497.73, "word": " So", "probability": 0.04864501953125}, {"start": 1497.73, "end": 1505.47, "word": " they", "probability": 0.81298828125}, {"start": 1505.47, "end": 1505.65, "word": " will", "probability": 0.8515625}, {"start": 1505.65, "end": 1505.99, "word": " try", "probability": 0.94189453125}, {"start": 1505.99, "end": 1506.27, "word": " to", "probability": 0.97119140625}, {"start": 1506.27, "end": 1506.55, "word": " kick", "probability": 0.9677734375}, {"start": 1506.55, "end": 1507.55, "word": " the", "probability": 0.92333984375}, {"start": 1507.55, "end": 1507.83, "word": " habit", "probability": 0.2607421875}, {"start": 1507.83, "end": 1508.13, "word": " here.", "probability": 0.8359375}], "temperature": 1.0}, {"id": 53, "seek": 153748, "start": 1509.26, "end": 1537.48, "text": " So the demand will be, the giving up will be higher. The demand will be more elastic. Right? You don't understand? Okay, another example. Five or six years ago, there was a problem with fuel in the country. Do you remember? The gallon, which is twenty liters, was one hundred dollars.", "tokens": [407, 264, 4733, 486, 312, 11, 264, 2902, 493, 486, 312, 2946, 13, 440, 4733, 486, 312, 544, 17115, 13, 1779, 30, 509, 500, 380, 1223, 30, 1033, 11, 1071, 1365, 13, 9436, 420, 2309, 924, 2057, 11, 456, 390, 257, 1154, 365, 6616, 294, 264, 1941, 13, 1144, 291, 1604, 30, 440, 30339, 11, 597, 307, 7699, 32323, 11, 390, 472, 3262, 3808, 13], "avg_logprob": -0.35345643758773804, "compression_ratio": 1.4615384615384615, "no_speech_prob": 0.0, "words": [{"start": 1509.26, "end": 1509.56, "word": " So", "probability": 0.900390625}, {"start": 1509.56, "end": 1509.74, "word": " the", "probability": 0.8271484375}, {"start": 1509.74, "end": 1510.06, "word": " demand", "probability": 0.89990234375}, {"start": 1510.06, "end": 1510.22, "word": " will", "probability": 0.8798828125}, {"start": 1510.22, "end": 1510.62, "word": " be,", "probability": 0.9609375}, {"start": 1511.24, "end": 1511.58, "word": " the", "probability": 0.144287109375}, {"start": 1511.58, "end": 1511.96, "word": " giving", "probability": 0.86376953125}, {"start": 1511.96, "end": 1512.32, "word": " up", "probability": 0.96435546875}, {"start": 1512.32, "end": 1512.52, "word": " will", "probability": 0.62744140625}, {"start": 1512.52, "end": 1512.66, "word": " be", "probability": 0.65283203125}, {"start": 1512.66, "end": 1512.92, "word": " higher.", "probability": 0.401611328125}, {"start": 1514.0, "end": 1514.18, "word": " The", "probability": 0.87451171875}, {"start": 1514.18, "end": 1514.46, "word": " demand", "probability": 0.90576171875}, {"start": 1514.46, "end": 1514.6, "word": " will", "probability": 0.8857421875}, {"start": 1514.6, "end": 1514.8, "word": " be", "probability": 0.95166015625}, {"start": 1514.8, "end": 1515.0, "word": " more", "probability": 0.94287109375}, {"start": 1515.0, "end": 1515.44, "word": " elastic.", "probability": 0.9501953125}, {"start": 1517.24, "end": 1517.62, "word": " Right?", "probability": 0.443359375}, {"start": 1518.1, "end": 1518.6, "word": " You", "probability": 0.491455078125}, {"start": 1518.6, "end": 1518.64, "word": " don't", "probability": 0.8623046875}, {"start": 1518.64, "end": 1518.86, "word": " understand?", "probability": 0.693359375}, {"start": 1519.36, "end": 1520.0, "word": " Okay,", "probability": 0.2493896484375}, {"start": 1520.02, "end": 1520.24, "word": " another", "probability": 0.88720703125}, {"start": 1520.24, "end": 1520.78, "word": " example.", "probability": 0.970703125}, {"start": 1524.0, "end": 1524.64, "word": " Five", "probability": 0.451416015625}, {"start": 1524.64, "end": 1524.92, "word": " or", "probability": 0.83740234375}, {"start": 1524.92, "end": 1525.08, "word": " six", "probability": 0.9423828125}, {"start": 1525.08, "end": 1525.3, "word": " years", "probability": 0.931640625}, {"start": 1525.3, "end": 1525.3, "word": " ago,", "probability": 0.9013671875}, {"start": 1525.46, "end": 1525.84, "word": " there", "probability": 0.58642578125}, {"start": 1525.84, "end": 1526.12, "word": " was", "probability": 0.91748046875}, {"start": 1526.12, "end": 1526.48, "word": " a", "probability": 0.63525390625}, {"start": 1526.48, "end": 1526.72, "word": " problem", "probability": 0.63134765625}, {"start": 1526.72, "end": 1527.08, "word": " with", "probability": 0.5576171875}, {"start": 1527.08, "end": 1528.58, "word": " fuel", "probability": 0.51220703125}, {"start": 1528.58, "end": 1528.78, "word": " in", "probability": 0.59619140625}, {"start": 1528.78, "end": 1528.9, "word": " the", "probability": 0.60986328125}, {"start": 1528.9, "end": 1529.14, "word": " country.", "probability": 0.87353515625}, {"start": 1529.62, "end": 1530.02, "word": " Do", "probability": 0.439208984375}, {"start": 1530.02, "end": 1530.52, "word": " you", "probability": 0.97265625}, {"start": 1530.52, "end": 1530.8, "word": " remember?", "probability": 0.8544921875}, {"start": 1531.58, "end": 1532.22, "word": " The", "probability": 0.5009765625}, {"start": 1532.22, "end": 1532.54, "word": " gallon,", "probability": 0.92724609375}, {"start": 1532.88, "end": 1533.74, "word": " which", "probability": 0.607421875}, {"start": 1533.74, "end": 1533.92, "word": " is", "probability": 0.68603515625}, {"start": 1533.92, "end": 1534.24, "word": " twenty", "probability": 0.305908203125}, {"start": 1534.24, "end": 1534.72, "word": " liters,", "probability": 0.8818359375}, {"start": 1534.88, "end": 1535.14, "word": " was", "probability": 0.73583984375}, {"start": 1535.14, "end": 1536.8, "word": " one", "probability": 0.60791015625}, {"start": 1536.8, "end": 1537.1, "word": " hundred", "probability": 0.90673828125}, {"start": 1537.1, "end": 1537.48, "word": " dollars.", "probability": 0.9541015625}], "temperature": 1.0}, {"id": 54, "seek": 156602, "start": 1538.36, "end": 1566.02, "text": " I remember that I bought it for $100. This gallon for the jeep. I bought it for $100. What you will find is that the price is lower. It's 6x2, 120 shekels. Okay? The question is that people in the short run understood the situation. They understood that the price was high. So the quantity of demand declined by", "tokens": [286, 1604, 300, 286, 4243, 309, 337, 1848, 6879, 13, 639, 30339, 337, 264, 1506, 595, 13, 286, 4243, 309, 337, 1848, 6879, 13, 708, 291, 486, 915, 307, 300, 264, 3218, 307, 3126, 13, 467, 311, 1386, 87, 17, 11, 10411, 750, 7124, 82, 13, 1033, 30, 440, 1168, 307, 300, 561, 294, 264, 2099, 1190, 7320, 264, 2590, 13, 814, 7320, 300, 264, 3218, 390, 1090, 13, 407, 264, 11275, 295, 4733, 29213, 538], "avg_logprob": -0.505681830567199, "compression_ratio": 1.56, "no_speech_prob": 0.0, "words": [{"start": 1538.36, "end": 1538.58, "word": " I", "probability": 0.384521484375}, {"start": 1538.58, "end": 1538.9, "word": " remember", "probability": 0.755859375}, {"start": 1538.9, "end": 1539.02, "word": " that", "probability": 0.2298583984375}, {"start": 1539.02, "end": 1539.2, "word": " I", "probability": 0.953125}, {"start": 1539.2, "end": 1539.48, "word": " bought", "probability": 0.76513671875}, {"start": 1539.48, "end": 1539.72, "word": " 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In the long term, they will try to find substitutes. Because they went to where? The sewerage. Those who have Mercedes cars. What happened to them? They went to the cooking gas, and some people went to the sewerage. Meaning, they tried to find new substitutes.", "tokens": [316, 1359, 11, 257, 4356, 2372, 11, 9668, 13, 682, 264, 938, 1433, 11, 436, 486, 853, 281, 915, 26441, 1819, 13, 1436, 436, 1437, 281, 689, 30, 440, 37079, 609, 13, 3950, 567, 362, 22899, 5163, 13, 708, 2011, 281, 552, 30, 814, 1437, 281, 264, 6361, 4211, 11, 293, 512, 561, 1437, 281, 264, 37079, 609, 13, 19948, 11, 436, 3031, 281, 915, 777, 26441, 1819, 13], "avg_logprob": -0.421428559081895, "compression_ratio": 1.6129032258064515, "no_speech_prob": 0.0, "words": [{"start": 1567.06, "end": 1567.28, "word": " A", "probability": 0.33935546875}, {"start": 1567.28, "end": 1567.6, "word": " small,", "probability": 0.68359375}, {"start": 1567.78, "end": 1567.98, "word": " a", "probability": 0.398193359375}, {"start": 1567.98, "end": 1569.58, "word": " smaller", "probability": 0.7568359375}, {"start": 1569.58, "end": 1571.58, "word": " amount,", "probability": 0.79248046875}, {"start": 1572.02, "end": 1572.5, "word": " percentage.", "probability": 0.63671875}, {"start": 1573.12, "end": 1573.54, "word": " In", "probability": 0.90576171875}, {"start": 1573.54, "end": 1573.7, "word": " the", "probability": 0.92236328125}, {"start": 1573.7, "end": 1573.92, "word": " long", "probability": 0.93017578125}, {"start": 1573.92, "end": 1574.2, "word": " term,", "probability": 0.66064453125}, {"start": 1574.48, "end": 1574.66, "word": " they", "probability": 0.900390625}, {"start": 1574.66, "end": 1574.84, "word": " will", "probability": 0.65966796875}, {"start": 1574.84, "end": 1575.26, "word": " try", "probability": 0.939453125}, {"start": 1575.26, "end": 1575.86, "word": " to", "probability": 0.9736328125}, {"start": 1575.86, "end": 1576.56, "word": " find", "probability": 0.87841796875}, {"start": 1576.56, "end": 1577.38, "word": " substitutes.", "probability": 0.927001953125}, {"start": 1578.48, "end": 1578.48, "word": " Because", "probability": 0.047149658203125}, {"start": 1578.48, "end": 1578.64, "word": " they", "probability": 0.53759765625}, {"start": 1578.64, "end": 1578.9, "word": " went", "probability": 0.49072265625}, {"start": 1578.9, "end": 1579.12, "word": " to", "probability": 0.62451171875}, {"start": 1579.12, "end": 1579.32, "word": " where?", "probability": 0.5283203125}, {"start": 1579.64, "end": 1579.9, "word": " The", "probability": 0.061614990234375}, {"start": 1579.9, "end": 1581.0, "word": " sewerage.", "probability": 0.5130615234375}, {"start": 1581.0, "end": 1581.52, "word": " Those", "probability": 0.285400390625}, {"start": 1581.52, "end": 1581.54, "word": " who", "probability": 0.80517578125}, {"start": 1581.54, "end": 1581.74, "word": " have", "probability": 0.658203125}, {"start": 1581.74, "end": 1582.52, "word": " Mercedes", "probability": 0.70458984375}, {"start": 1582.52, "end": 1582.82, "word": " cars.", "probability": 0.90625}, {"start": 1583.1, "end": 1583.62, "word": " What", "probability": 0.75048828125}, {"start": 1583.62, "end": 1584.04, "word": " happened", "probability": 0.5537109375}, {"start": 1584.04, "end": 1584.04, "word": " to", "probability": 0.388427734375}, {"start": 1584.04, "end": 1584.9, "word": " them?", "probability": 0.50732421875}, {"start": 1585.72, "end": 1586.38, "word": " They", "probability": 0.546875}, {"start": 1586.38, "end": 1586.54, "word": " went", "probability": 0.640625}, {"start": 1586.54, "end": 1586.72, "word": " to", "probability": 0.70458984375}, {"start": 1586.72, "end": 1586.82, "word": " the", "probability": 0.33935546875}, {"start": 1586.82, "end": 1587.06, "word": " cooking", "probability": 0.79052734375}, {"start": 1587.06, "end": 1587.66, "word": " gas,", "probability": 0.888671875}, {"start": 1587.92, "end": 1588.44, "word": " and", "probability": 0.8388671875}, {"start": 1588.44, "end": 1588.56, "word": " some", "probability": 0.71630859375}, {"start": 1588.56, "end": 1588.78, "word": " people", "probability": 0.64599609375}, {"start": 1588.78, "end": 1588.9, "word": " went", "probability": 0.83251953125}, {"start": 1588.9, "end": 1589.04, "word": " to", "probability": 0.92578125}, {"start": 1589.04, "end": 1589.16, "word": " the", "probability": 0.7041015625}, {"start": 1589.16, "end": 1589.58, "word": " sewerage.", "probability": 0.876220703125}, {"start": 1590.8, "end": 1591.16, "word": " Meaning,", "probability": 0.261474609375}, {"start": 1591.5, "end": 1591.88, "word": " they", "probability": 0.8896484375}, {"start": 1591.88, "end": 1592.5, "word": " tried", "probability": 0.7685546875}, {"start": 1592.5, "end": 1593.02, "word": " to", "probability": 0.97021484375}, {"start": 1593.02, "end": 1594.2, "word": " find", "probability": 0.7998046875}, {"start": 1594.2, "end": 1595.26, "word": " new", "probability": 0.7294921875}, {"start": 1595.26, "end": 1596.12, "word": " substitutes.", "probability": 0.905517578125}], "temperature": 1.0}, {"id": 56, "seek": 162301, "start": 1597.03, "end": 1623.01, "text": " So in the long term, the demand becomes or has become more elastic. In the short run, it's difficult to find substitutes. The demand will be less elastic. In the long term, they try to find new substitutes. More elastic.", "tokens": [407, 294, 264, 938, 1433, 11, 264, 4733, 3643, 420, 575, 1813, 544, 17115, 13, 682, 264, 2099, 1190, 11, 309, 311, 2252, 281, 915, 26441, 1819, 13, 440, 4733, 486, 312, 1570, 17115, 13, 682, 264, 938, 1433, 11, 436, 853, 281, 915, 777, 26441, 1819, 13, 5048, 17115, 13], "avg_logprob": -0.17427884672696775, "compression_ratio": 1.6870229007633588, "no_speech_prob": 0.0, "words": [{"start": 1597.03, "end": 1597.31, "word": " So", "probability": 0.921875}, {"start": 1597.31, "end": 1597.49, "word": " in", "probability": 0.6728515625}, {"start": 1597.49, "end": 1597.59, "word": " the", "probability": 0.919921875}, {"start": 1597.59, "end": 1597.85, "word": " long", "probability": 0.92041015625}, {"start": 1597.85, "end": 1598.21, "word": " term,", "probability": 0.68310546875}, {"start": 1598.73, "end": 1598.89, "word": " the", "probability": 0.8291015625}, {"start": 1598.89, "end": 1599.43, "word": " demand", "probability": 0.92724609375}, {"start": 1599.43, "end": 1600.83, "word": " becomes", "probability": 0.89111328125}, {"start": 1600.83, "end": 1601.65, "word": " or", "probability": 0.5859375}, {"start": 1601.65, "end": 1601.99, "word": " has", "probability": 0.951171875}, {"start": 1601.99, "end": 1602.61, "word": " become", "probability": 0.900390625}, {"start": 1602.61, "end": 1604.63, "word": " more", "probability": 0.9130859375}, {"start": 1604.63, "end": 1605.13, "word": " elastic.", "probability": 0.962890625}, {"start": 1606.21, "end": 1606.83, "word": " In", "probability": 0.88671875}, {"start": 1606.83, "end": 1606.97, "word": " the", "probability": 0.916015625}, {"start": 1606.97, "end": 1607.27, "word": " short", "probability": 0.97216796875}, {"start": 1607.27, "end": 1607.77, "word": " run,", "probability": 0.88427734375}, {"start": 1608.19, "end": 1608.43, "word": " it's", "probability": 0.966796875}, {"start": 1608.43, "end": 1608.83, "word": " difficult", "probability": 0.9296875}, {"start": 1608.83, "end": 1609.09, "word": " to", "probability": 0.9697265625}, {"start": 1609.09, "end": 1609.31, "word": " find", "probability": 0.86181640625}, {"start": 1609.31, "end": 1609.97, "word": " substitutes.", "probability": 0.933837890625}, {"start": 1610.21, "end": 1610.41, "word": " The", "probability": 0.11944580078125}, {"start": 1610.41, "end": 1613.95, "word": " demand", "probability": 0.92041015625}, {"start": 1613.95, "end": 1614.11, "word": " will", "probability": 0.64501953125}, {"start": 1614.11, "end": 1614.25, "word": " be", "probability": 0.953125}, {"start": 1614.25, "end": 1614.55, "word": " less", "probability": 0.947265625}, {"start": 1614.55, "end": 1614.99, "word": " elastic.", "probability": 0.958984375}, {"start": 1615.21, "end": 1615.35, "word": " In", "probability": 0.955078125}, {"start": 1615.35, "end": 1615.47, "word": " the", "probability": 0.91943359375}, {"start": 1615.47, "end": 1615.71, "word": " long", "probability": 0.923828125}, {"start": 1615.71, "end": 1616.05, "word": " term,", "probability": 0.82763671875}, {"start": 1617.51, "end": 1617.73, "word": " they", "probability": 0.8935546875}, {"start": 1617.73, "end": 1618.09, "word": " try", "probability": 0.67236328125}, {"start": 1618.09, "end": 1618.35, "word": " to", "probability": 0.97119140625}, {"start": 1618.35, "end": 1618.83, "word": " find", "probability": 0.8837890625}, {"start": 1618.83, "end": 1619.37, "word": " new", "probability": 0.63671875}, {"start": 1619.37, "end": 1620.17, "word": " substitutes.", "probability": 0.908203125}, {"start": 1622.49, "end": 1622.55, "word": " More", "probability": 0.64013671875}, {"start": 1622.55, "end": 1623.01, "word": " elastic.", "probability": 0.96435546875}], "temperature": 1.0}, {"id": 57, "seek": 164553, "start": 1626.61, "end": 1645.53, "text": " In the short run, demand is inelastic or less elastic. In the long term, the consumers will try to find new substitutes for the product. They cannot afford", "tokens": [682, 264, 2099, 1190, 11, 4733, 307, 294, 338, 2750, 420, 1570, 17115, 13, 682, 264, 938, 1433, 11, 264, 11883, 486, 853, 281, 915, 777, 26441, 1819, 337, 264, 1674, 13, 814, 2644, 6157], "avg_logprob": -0.15549044642183515, "compression_ratio": 1.3448275862068966, "no_speech_prob": 0.0, "words": [{"start": 1626.61, "end": 1626.85, "word": " In", "probability": 0.62158203125}, {"start": 1626.85, "end": 1627.67, "word": " the", "probability": 0.86376953125}, {"start": 1627.67, "end": 1628.01, "word": " short", "probability": 0.97119140625}, {"start": 1628.01, "end": 1628.29, "word": " run,", "probability": 0.81005859375}, {"start": 1629.77, "end": 1630.41, "word": " demand", "probability": 0.84375}, {"start": 1630.41, "end": 1630.87, "word": " is", "probability": 0.94580078125}, {"start": 1630.87, "end": 1632.07, "word": " inelastic", "probability": 0.9381510416666666}, {"start": 1632.07, "end": 1632.73, "word": " or", "probability": 0.7802734375}, {"start": 1632.73, "end": 1633.17, "word": " less", "probability": 0.96630859375}, {"start": 1633.17, "end": 1633.75, "word": " elastic.", "probability": 0.97900390625}, {"start": 1638.25, "end": 1638.63, "word": " In", "probability": 0.943359375}, {"start": 1638.63, "end": 1638.75, "word": " the", "probability": 0.9169921875}, {"start": 1638.75, "end": 1638.97, "word": " long", "probability": 0.91552734375}, {"start": 1638.97, "end": 1639.25, "word": " term,", "probability": 0.70947265625}, {"start": 1639.99, "end": 1640.13, "word": " the", "probability": 0.88720703125}, {"start": 1640.13, "end": 1640.87, "word": " consumers", "probability": 0.94189453125}, {"start": 1640.87, "end": 1641.41, "word": " will", "probability": 0.8720703125}, {"start": 1641.41, "end": 1641.77, "word": " try", "probability": 0.9326171875}, {"start": 1641.77, "end": 1642.03, "word": " to", "probability": 0.9697265625}, {"start": 1642.03, "end": 1642.37, "word": " find", "probability": 0.87353515625}, {"start": 1642.37, "end": 1642.63, "word": " new", "probability": 0.49853515625}, {"start": 1642.63, "end": 1643.33, "word": " substitutes", "probability": 0.914306640625}, {"start": 1643.33, "end": 1643.53, "word": " for", "probability": 0.94140625}, {"start": 1643.53, "end": 1643.67, "word": " the", "probability": 0.8994140625}, {"start": 1643.67, "end": 1644.01, "word": " product.", "probability": 0.88330078125}, {"start": 1644.61, "end": 1644.83, "word": " They", "probability": 0.42431640625}, {"start": 1644.83, "end": 1644.97, "word": " cannot", "probability": 0.8671875}, {"start": 1644.97, "end": 1645.53, "word": " afford", "probability": 0.98095703125}], "temperature": 1.0}, {"id": 58, "seek": 167001, "start": 1654.27, "end": 1670.01, "text": " They cannot adapt with the situation. They will try to find a new substitutes for the product. So in the long-term, the demand will be more elastic than the short-run.", "tokens": [814, 2644, 6231, 365, 264, 2590, 13, 814, 486, 853, 281, 915, 257, 777, 26441, 1819, 337, 264, 1674, 13, 407, 294, 264, 938, 12, 7039, 11, 264, 4733, 486, 312, 544, 17115, 813, 264, 2099, 12, 12997, 13], "avg_logprob": -0.19511719085276127, "compression_ratio": 1.3770491803278688, "no_speech_prob": 0.0, "words": [{"start": 1654.27, "end": 1654.49, "word": " They", "probability": 0.52587890625}, {"start": 1654.49, "end": 1654.81, "word": " cannot", "probability": 0.873046875}, {"start": 1654.81, "end": 1655.35, "word": " adapt", "probability": 0.92333984375}, {"start": 1655.35, "end": 1655.61, "word": " with", "probability": 0.8623046875}, {"start": 1655.61, "end": 1655.85, "word": " the", "probability": 0.83349609375}, {"start": 1655.85, "end": 1656.71, "word": " situation.", "probability": 0.9365234375}, {"start": 1656.89, "end": 1656.99, "word": " They", "probability": 0.82373046875}, {"start": 1656.99, "end": 1657.13, "word": " will", "probability": 0.6181640625}, {"start": 1657.13, "end": 1657.43, "word": " try", "probability": 0.93115234375}, {"start": 1657.43, "end": 1657.77, "word": " to", "probability": 0.9716796875}, {"start": 1657.77, "end": 1658.61, "word": " find", "probability": 0.82666015625}, {"start": 1658.61, "end": 1659.07, "word": " a", "probability": 0.6435546875}, {"start": 1659.07, "end": 1659.27, "word": " new", "probability": 0.92333984375}, {"start": 1659.27, "end": 1659.97, "word": " substitutes", "probability": 0.853515625}, {"start": 1659.97, "end": 1660.17, "word": " for", "probability": 0.9453125}, {"start": 1660.17, "end": 1660.29, "word": " the", "probability": 0.9130859375}, {"start": 1660.29, "end": 1660.65, "word": " product.", "probability": 0.8916015625}, {"start": 1660.93, "end": 1661.07, "word": " So", "probability": 0.95556640625}, {"start": 1661.07, "end": 1661.47, "word": " in", "probability": 0.6669921875}, {"start": 1661.47, "end": 1661.61, "word": " the", "probability": 0.9208984375}, {"start": 1661.61, "end": 1661.77, "word": " long", "probability": 0.93603515625}, {"start": 1661.77, "end": 1662.07, "word": "-term,", "probability": 0.732177734375}, {"start": 1662.37, "end": 1662.45, "word": " the", "probability": 0.85546875}, {"start": 1662.45, "end": 1662.75, "word": " demand", "probability": 0.91943359375}, {"start": 1662.75, "end": 1662.91, "word": " will", "probability": 0.869140625}, {"start": 1662.91, "end": 1663.15, "word": " be", "probability": 0.95703125}, {"start": 1663.15, "end": 1663.55, "word": " more", "probability": 0.9345703125}, {"start": 1663.55, "end": 1664.17, "word": " elastic", "probability": 0.953125}, {"start": 1664.17, "end": 1668.35, "word": " than", "probability": 0.80078125}, {"start": 1668.35, "end": 1669.25, "word": " the", "probability": 0.87841796875}, {"start": 1669.25, "end": 1669.77, "word": " short", "probability": 0.9765625}, {"start": 1669.77, "end": 1670.01, "word": "-run.", "probability": 0.66162109375}], "temperature": 1.0}, {"id": 59, "seek": 169626, "start": 1672.14, "end": 1696.26, "text": " Let's go to something else. As we mentioned before that the price elasticity of demand represents the relationship between the change in prices or the percentage change in quantity demanded due to the change in the price. The PED shows the percentage change in quantity demanded", "tokens": [961, 311, 352, 281, 746, 1646, 13, 1018, 321, 2835, 949, 300, 264, 3218, 46260, 295, 4733, 8855, 264, 2480, 1296, 264, 1319, 294, 7901, 420, 264, 9668, 1319, 294, 11275, 28276, 3462, 281, 264, 1319, 294, 264, 3218, 13, 440, 430, 4731, 3110, 264, 9668, 1319, 294, 11275, 28276], "avg_logprob": -0.2081801493962606, "compression_ratio": 1.7658227848101267, "no_speech_prob": 0.0, "words": [{"start": 1672.14, "end": 1672.48, "word": " Let's", "probability": 0.8935546875}, {"start": 1672.48, "end": 1672.66, "word": " go", "probability": 0.96240234375}, {"start": 1672.66, "end": 1672.82, "word": " to", "probability": 0.94580078125}, {"start": 1672.82, "end": 1673.18, "word": " something", "probability": 0.86865234375}, {"start": 1673.18, "end": 1673.56, "word": " else.", "probability": 0.91015625}, {"start": 1674.48, "end": 1675.28, "word": " As", "probability": 0.9736328125}, {"start": 1675.28, "end": 1675.44, "word": " we", "probability": 0.63916015625}, {"start": 1675.44, "end": 1675.74, "word": " mentioned", "probability": 0.79541015625}, {"start": 1675.74, "end": 1676.14, "word": " before", "probability": 0.859375}, {"start": 1676.14, "end": 1676.48, "word": " that", "probability": 0.6875}, {"start": 1676.48, "end": 1676.7, "word": " the", "probability": 0.51904296875}, {"start": 1676.7, "end": 1676.98, "word": " price", "probability": 0.87744140625}, {"start": 1676.98, "end": 1677.4, "word": " elasticity", "probability": 0.357421875}, {"start": 1677.4, "end": 1677.66, "word": " of", "probability": 0.92626953125}, {"start": 1677.66, "end": 1678.06, "word": " demand", "probability": 0.89697265625}, {"start": 1678.06, "end": 1678.86, "word": " represents", "probability": 0.828125}, {"start": 1678.86, "end": 1679.24, "word": " the", "probability": 0.9091796875}, {"start": 1679.24, "end": 1679.76, "word": " relationship", "probability": 0.916015625}, {"start": 1679.76, "end": 1680.32, "word": " between", "probability": 0.87451171875}, {"start": 1680.32, "end": 1681.08, "word": " the", "probability": 0.89697265625}, {"start": 1681.08, "end": 1681.5, "word": " change", "probability": 0.80126953125}, {"start": 1681.5, "end": 1681.64, "word": " in", "probability": 0.92431640625}, {"start": 1681.64, "end": 1682.06, "word": " prices", "probability": 0.6123046875}, {"start": 1682.06, "end": 1682.46, "word": " or", "probability": 0.9228515625}, {"start": 1682.46, "end": 1682.98, "word": " the", "probability": 0.91357421875}, {"start": 1682.98, "end": 1683.34, "word": " percentage", "probability": 0.73828125}, {"start": 1683.34, "end": 1683.78, "word": " change", "probability": 0.59228515625}, {"start": 1683.78, "end": 1683.96, "word": " in", "probability": 0.86328125}, {"start": 1683.96, "end": 1684.52, "word": " quantity", "probability": 0.66796875}, {"start": 1684.52, "end": 1685.02, "word": " demanded", "probability": 0.94384765625}, {"start": 1685.02, "end": 1685.38, "word": " due", "probability": 0.8505859375}, {"start": 1685.38, "end": 1685.58, "word": " to", "probability": 0.96337890625}, {"start": 1685.58, "end": 1685.74, "word": " the", "probability": 0.70849609375}, {"start": 1685.74, "end": 1686.24, "word": " change", "probability": 0.90087890625}, {"start": 1686.24, "end": 1686.54, "word": " in", "probability": 0.93212890625}, {"start": 1686.54, "end": 1686.66, "word": " the", "probability": 0.90087890625}, {"start": 1686.66, "end": 1687.06, "word": " price.", "probability": 0.91162109375}, {"start": 1687.48, "end": 1687.62, "word": " The", "probability": 0.77294921875}, {"start": 1687.62, "end": 1688.06, "word": " PED", "probability": 0.638671875}, {"start": 1688.06, "end": 1691.08, "word": " shows", "probability": 0.86865234375}, {"start": 1691.08, "end": 1694.16, "word": " the", "probability": 0.884765625}, {"start": 1694.16, "end": 1694.58, "word": " percentage", "probability": 0.8701171875}, {"start": 1694.58, "end": 1695.12, "word": " change", "probability": 0.85986328125}, {"start": 1695.12, "end": 1695.26, "word": " in", "probability": 0.91748046875}, {"start": 1695.26, "end": 1695.7, "word": " quantity", "probability": 0.7548828125}, {"start": 1695.7, "end": 1696.26, "word": " demanded", "probability": 0.94189453125}], "temperature": 1.0}, {"id": 60, "seek": 170763, "start": 1698.75, "end": 1707.63, "text": " Due to the change, the percentage change in price. What will happen to the quantity demanded when the price is changed?", "tokens": [18980, 281, 264, 1319, 11, 264, 9668, 1319, 294, 3218, 13, 708, 486, 1051, 281, 264, 11275, 28276, 562, 264, 3218, 307, 3105, 30], "avg_logprob": -0.23453125476837158, "compression_ratio": 1.2903225806451613, "no_speech_prob": 0.0, "words": [{"start": 1698.75, "end": 1699.13, "word": " Due", "probability": 0.70458984375}, {"start": 1699.13, "end": 1699.35, "word": " to", "probability": 0.96728515625}, {"start": 1699.35, "end": 1699.51, "word": " the", "probability": 0.6513671875}, {"start": 1699.51, "end": 1700.03, "word": " change,", "probability": 0.73828125}, {"start": 1700.29, "end": 1700.39, "word": " the", "probability": 0.90771484375}, {"start": 1700.39, "end": 1700.69, "word": " percentage", "probability": 0.7734375}, {"start": 1700.69, "end": 1701.27, "word": " change", "probability": 0.8369140625}, {"start": 1701.27, "end": 1701.41, "word": " in", "probability": 0.92529296875}, {"start": 1701.41, "end": 1701.77, "word": " price.", "probability": 0.505859375}, {"start": 1702.65, "end": 1702.99, "word": " What", "probability": 0.900390625}, {"start": 1702.99, "end": 1703.21, "word": " will", "probability": 0.84326171875}, {"start": 1703.21, "end": 1703.59, "word": " happen", "probability": 0.9189453125}, {"start": 1703.59, "end": 1703.91, "word": " to", "probability": 0.97314453125}, {"start": 1703.91, "end": 1704.43, "word": " the", "probability": 0.93115234375}, {"start": 1704.43, "end": 1704.87, "word": " quantity", "probability": 0.98828125}, {"start": 1704.87, "end": 1705.47, "word": " demanded", "probability": 0.94091796875}, {"start": 1705.47, "end": 1706.57, "word": " when", "probability": 0.79833984375}, {"start": 1706.57, "end": 1706.79, "word": " the", "probability": 0.91943359375}, {"start": 1706.79, "end": 1707.11, "word": " price", "probability": 0.8251953125}, {"start": 1707.11, "end": 1707.25, "word": " is", "probability": 0.310791015625}, {"start": 1707.25, "end": 1707.63, "word": " changed?", "probability": 0.81787109375}], "temperature": 1.0}, {"id": 61, "seek": 172913, "start": 1709.81, "end": 1729.13, "text": " And we said that the price elasticity of demand is always negative because it shows or represents the negative relationship between the prices and the quantity demanded. As the price goes up, the quantity demanded goes down, and it's always negative.", "tokens": [400, 321, 848, 300, 264, 3218, 46260, 295, 4733, 307, 1009, 3671, 570, 309, 3110, 420, 8855, 264, 3671, 2480, 1296, 264, 7901, 293, 264, 11275, 28276, 13, 1018, 264, 3218, 1709, 493, 11, 264, 11275, 28276, 1709, 760, 11, 293, 309, 311, 1009, 3671, 13], "avg_logprob": -0.11494348626187507, "compression_ratio": 1.7191780821917808, "no_speech_prob": 0.0, "words": [{"start": 1709.81, "end": 1710.21, "word": " And", "probability": 0.81005859375}, {"start": 1710.21, "end": 1710.47, "word": " we", "probability": 0.92333984375}, {"start": 1710.47, "end": 1710.73, "word": " said", "probability": 0.94677734375}, {"start": 1710.73, "end": 1711.25, "word": " that", "probability": 0.935546875}, {"start": 1711.25, "end": 1712.05, "word": " the", "probability": 0.794921875}, {"start": 1712.05, "end": 1712.37, "word": " price", "probability": 0.91259765625}, {"start": 1712.37, "end": 1712.85, "word": " elasticity", "probability": 0.8154296875}, {"start": 1712.85, "end": 1713.13, "word": " of", "probability": 0.9296875}, {"start": 1713.13, "end": 1713.63, "word": " demand", "probability": 0.8974609375}, {"start": 1713.63, "end": 1714.97, "word": " is", "probability": 0.9033203125}, {"start": 1714.97, "end": 1715.69, "word": " always", "probability": 0.9072265625}, {"start": 1715.69, "end": 1716.33, "word": " negative", "probability": 0.9423828125}, {"start": 1716.33, "end": 1716.77, "word": " because", "probability": 0.6865234375}, {"start": 1716.77, "end": 1717.63, "word": " it", "probability": 0.94775390625}, {"start": 1717.63, "end": 1718.45, "word": " shows", "probability": 0.900390625}, {"start": 1718.45, "end": 1718.73, "word": " or", "probability": 0.87744140625}, {"start": 1718.73, "end": 1719.35, "word": " represents", "probability": 0.89404296875}, {"start": 1719.35, "end": 1719.91, "word": " the", "probability": 0.90478515625}, {"start": 1719.91, "end": 1720.27, "word": " negative", "probability": 0.94140625}, {"start": 1720.27, "end": 1720.87, "word": " relationship", "probability": 0.90966796875}, {"start": 1720.87, "end": 1721.25, "word": " between", "probability": 0.87109375}, {"start": 1721.25, "end": 1721.51, "word": " the", "probability": 0.9140625}, {"start": 1721.51, "end": 1721.97, "word": " prices", "probability": 0.869140625}, {"start": 1721.97, "end": 1722.25, "word": " and", "probability": 0.92529296875}, {"start": 1722.25, "end": 1722.37, "word": " the", "probability": 0.87353515625}, {"start": 1722.37, "end": 1722.63, "word": " quantity", "probability": 0.7861328125}, {"start": 1722.63, "end": 1723.03, "word": " demanded.", "probability": 0.927734375}, {"start": 1723.17, "end": 1723.43, "word": " As", "probability": 0.96240234375}, {"start": 1723.43, "end": 1723.57, "word": " the", "probability": 0.87744140625}, {"start": 1723.57, "end": 1723.87, "word": " price", "probability": 0.90185546875}, {"start": 1723.87, "end": 1724.29, "word": " goes", "probability": 0.93603515625}, {"start": 1724.29, "end": 1724.59, "word": " up,", "probability": 0.97021484375}, {"start": 1724.87, "end": 1724.99, "word": " the", "probability": 0.91650390625}, {"start": 1724.99, "end": 1725.41, "word": " quantity", "probability": 0.986328125}, {"start": 1725.41, "end": 1725.97, "word": " demanded", "probability": 0.9423828125}, {"start": 1725.97, "end": 1726.43, "word": " goes", "probability": 0.8984375}, {"start": 1726.43, "end": 1726.89, "word": " down,", "probability": 0.853515625}, {"start": 1727.15, "end": 1727.47, "word": " and", "probability": 0.92236328125}, {"start": 1727.47, "end": 1727.89, "word": " it's", "probability": 0.969970703125}, {"start": 1727.89, "end": 1728.45, "word": " always", "probability": 0.904296875}, {"start": 1728.45, "end": 1729.13, "word": " negative.", "probability": 0.94482421875}], "temperature": 1.0}, {"id": 62, "seek": 175620, "start": 1730.92, "end": 1756.2, "text": " Due to the theory because here declining positive or sometimes if the price goes down, the quantity demanded will go up. So it's always the sign is always negative. The negative sign here represents the negative relationship between the prices and the quantity demanded in all cases. The exceptions to theory in some products are not found here. These are in advanced courses.", "tokens": [18980, 281, 264, 5261, 570, 510, 34298, 3353, 420, 2171, 498, 264, 3218, 1709, 760, 11, 264, 11275, 28276, 486, 352, 493, 13, 407, 309, 311, 1009, 264, 1465, 307, 1009, 3671, 13, 440, 3671, 1465, 510, 8855, 264, 3671, 2480, 1296, 264, 7901, 293, 264, 11275, 28276, 294, 439, 3331, 13, 440, 22847, 281, 5261, 294, 512, 3383, 366, 406, 1352, 510, 13, 1981, 366, 294, 7339, 7712, 13], "avg_logprob": -0.33340668174582466, "compression_ratio": 1.7453703703703705, "no_speech_prob": 0.0, "words": [{"start": 1730.92, "end": 1731.18, "word": " Due", "probability": 0.66064453125}, {"start": 1731.18, "end": 1731.34, "word": " to", "probability": 0.966796875}, {"start": 1731.34, "end": 1731.5, "word": " the", "probability": 0.66064453125}, {"start": 1731.5, "end": 1731.76, "word": " theory", "probability": 0.74072265625}, {"start": 1731.76, "end": 1732.18, "word": " because", "probability": 0.53564453125}, {"start": 1732.18, "end": 1732.42, "word": " here", 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{"start": 1740.84, "end": 1741.12, "word": " negative", "probability": 0.955078125}, {"start": 1741.12, "end": 1741.52, "word": " sign", "probability": 0.9091796875}, {"start": 1741.52, "end": 1742.0, "word": " here", "probability": 0.85986328125}, {"start": 1742.0, "end": 1742.86, "word": " represents", "probability": 0.86181640625}, {"start": 1742.86, "end": 1743.26, "word": " the", "probability": 0.9189453125}, {"start": 1743.26, "end": 1743.58, "word": " negative", "probability": 0.951171875}, {"start": 1743.58, "end": 1744.12, "word": " relationship", "probability": 0.92578125}, {"start": 1744.12, "end": 1744.42, "word": " between", "probability": 0.86328125}, {"start": 1744.42, "end": 1744.58, "word": " the", "probability": 0.91943359375}, {"start": 1744.58, "end": 1745.0, "word": " prices", "probability": 0.86474609375}, {"start": 1745.0, "end": 1745.4, "word": " and", "probability": 0.93798828125}, {"start": 1745.4, "end": 1745.52, "word": " the", "probability": 0.365966796875}, {"start": 1745.52, "end": 1745.76, "word": " quantity", "probability": 0.97900390625}, {"start": 1745.76, "end": 1746.2, "word": " demanded", "probability": 0.9423828125}, {"start": 1746.2, "end": 1746.5, "word": " in", "probability": 0.916015625}, {"start": 1746.5, "end": 1746.76, "word": " all", "probability": 0.9482421875}, {"start": 1746.76, "end": 1747.3, "word": " cases.", "probability": 0.923828125}, {"start": 1747.6, "end": 1748.02, "word": " The", "probability": 0.2132568359375}, {"start": 1748.02, "end": 1749.24, "word": " exceptions", "probability": 0.603515625}, {"start": 1749.24, "end": 1750.0, "word": " to", "probability": 0.41943359375}, {"start": 1750.0, "end": 1750.64, "word": " theory", "probability": 0.421630859375}, {"start": 1750.64, "end": 1751.48, "word": " in", "probability": 0.496337890625}, {"start": 1751.48, "end": 1751.76, "word": " some", "probability": 0.7099609375}, {"start": 1751.76, "end": 1752.14, "word": " products", "probability": 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Income elasticity of demand, IED. IED is the change in the quantity demanded percent over the change in income percent. Which means what will happen to the quantity demanded,", "tokens": [961, 311, 352, 281, 264, 5742, 46260, 295, 4733, 13, 682, 1102, 46260, 295, 4733, 11, 286, 4731, 13, 286, 4731, 307, 264, 1319, 294, 264, 11275, 28276, 3043, 670, 264, 1319, 294, 5742, 3043, 13, 3013, 1355, 437, 486, 1051, 281, 264, 11275, 28276, 11], "avg_logprob": -0.1663896308300343, "compression_ratio": 1.6923076923076923, "no_speech_prob": 0.0, "words": [{"start": 1758.14, "end": 1758.56, "word": " Let's", "probability": 0.8642578125}, {"start": 1758.56, "end": 1758.82, "word": " go", "probability": 0.95703125}, {"start": 1758.82, "end": 1759.06, "word": " to", "probability": 0.93896484375}, {"start": 1759.06, "end": 1759.3, "word": " the", "probability": 0.85302734375}, {"start": 1759.3, "end": 1759.82, "word": " income", "probability": 0.8857421875}, {"start": 1759.82, "end": 1760.34, "word": " elasticity", "probability": 0.435302734375}, {"start": 1760.34, "end": 1760.72, "word": " of", "probability": 0.9248046875}, {"start": 1760.72, "end": 1761.08, "word": " demand.", "probability": 0.91015625}, {"start": 1762.2, "end": 1763.2, "word": " Income", "probability": 0.961669921875}, {"start": 1763.2, "end": 1763.56, "word": " elasticity", "probability": 0.95361328125}, {"start": 1763.56, "end": 1763.9, "word": " of", "probability": 0.9501953125}, {"start": 1763.9, "end": 1764.28, "word": " demand,", "probability": 0.90966796875}, {"start": 1765.88, "end": 1767.06, "word": " IED.", "probability": 0.929443359375}, {"start": 1771.58, "end": 1772.58, "word": " IED", "probability": 0.981201171875}, {"start": 1772.58, "end": 1773.82, "word": " is", "probability": 0.9033203125}, {"start": 1773.82, "end": 1774.54, "word": " the", "probability": 0.8525390625}, {"start": 1774.54, "end": 1775.02, "word": " change", "probability": 0.88134765625}, {"start": 1775.02, "end": 1775.16, "word": " in", "probability": 0.93798828125}, {"start": 1775.16, "end": 1775.28, "word": " the", "probability": 0.341796875}, {"start": 1775.28, "end": 1775.7, "word": " quantity", "probability": 0.98291015625}, {"start": 1775.7, "end": 1776.26, "word": " demanded", "probability": 0.92333984375}, {"start": 1776.26, "end": 1776.82, "word": " percent", "probability": 0.5859375}, {"start": 1776.82, "end": 1777.34, "word": " over", "probability": 0.8916015625}, {"start": 1777.34, "end": 1777.58, "word": " the", "probability": 0.9111328125}, {"start": 1777.58, "end": 1777.92, "word": " change", "probability": 0.896484375}, {"start": 1777.92, "end": 1778.12, "word": " in", "probability": 0.9208984375}, {"start": 1778.12, "end": 1778.56, "word": " income", "probability": 0.93017578125}, {"start": 1778.56, "end": 1778.98, "word": " percent.", "probability": 0.96728515625}, {"start": 1780.54, "end": 1781.54, "word": " Which", "probability": 0.88037109375}, {"start": 1781.54, "end": 1781.98, "word": " means", "probability": 0.93798828125}, {"start": 1781.98, "end": 1783.08, "word": " what", "probability": 0.54345703125}, {"start": 1783.08, "end": 1783.34, "word": " will", "probability": 0.84716796875}, {"start": 1783.34, "end": 1783.9, "word": " happen", "probability": 0.91650390625}, {"start": 1783.9, "end": 1784.4, "word": " to", "probability": 0.97216796875}, {"start": 1784.4, "end": 1784.98, "word": " the", "probability": 0.93017578125}, {"start": 1784.98, "end": 1785.52, "word": " quantity", "probability": 0.98095703125}, {"start": 1785.52, "end": 1786.26, "word": " demanded,", "probability": 0.9267578125}], "temperature": 1.0}, {"id": 64, "seek": 180868, "start": 1787.3, "end": 1808.68, "text": " If income, it changed. This is income elasticity of demand, not the price elasticity of demand. It's an income elasticity of demand. What will happen to the quantity demanded if income goes up or goes down?", "tokens": [759, 5742, 11, 309, 3105, 13, 639, 307, 5742, 46260, 295, 4733, 11, 406, 264, 3218, 46260, 295, 4733, 13, 467, 311, 364, 5742, 46260, 295, 4733, 13, 708, 486, 1051, 281, 264, 11275, 28276, 498, 5742, 1709, 493, 420, 1709, 760, 30], "avg_logprob": -0.12890624593604694, "compression_ratio": 1.6428571428571428, "no_speech_prob": 0.0, "words": [{"start": 1787.3, "end": 1787.74, "word": " If", "probability": 0.71533203125}, {"start": 1787.74, "end": 1788.58, "word": " income,", "probability": 0.9296875}, {"start": 1788.72, "end": 1789.02, "word": " it", "probability": 0.9501953125}, {"start": 1789.02, "end": 1789.42, "word": " changed.", "probability": 0.6572265625}, {"start": 1794.78, "end": 1795.5, "word": " This", "probability": 0.4033203125}, {"start": 1795.5, "end": 1795.72, "word": " is", "probability": 0.93359375}, {"start": 1795.72, "end": 1796.42, "word": " income", "probability": 0.89453125}, {"start": 1796.42, "end": 1796.92, "word": " elasticity", "probability": 0.46435546875}, {"start": 1796.92, "end": 1797.46, "word": " of", "probability": 0.9609375}, {"start": 1797.46, "end": 1797.82, "word": " demand,", "probability": 0.9267578125}, {"start": 1798.04, "end": 1798.28, "word": " not", "probability": 0.9453125}, {"start": 1798.28, "end": 1798.54, "word": " the", "probability": 0.912109375}, {"start": 1798.54, "end": 1798.94, "word": " price", "probability": 0.9248046875}, {"start": 1798.94, "end": 1799.38, "word": " elasticity", "probability": 0.93701171875}, {"start": 1799.38, "end": 1799.7, "word": " of", "probability": 0.92919921875}, {"start": 1799.7, "end": 1799.96, "word": " demand.", "probability": 0.9052734375}, {"start": 1801.02, "end": 1801.16, "word": " It's", "probability": 0.944091796875}, {"start": 1801.16, "end": 1801.38, "word": " an", "probability": 0.83544921875}, {"start": 1801.38, "end": 1801.78, "word": " income", "probability": 0.9453125}, {"start": 1801.78, "end": 1802.24, "word": " elasticity", "probability": 0.92822265625}, {"start": 1802.24, "end": 1802.6, "word": " of", "probability": 0.94384765625}, {"start": 1802.6, "end": 1802.86, "word": " demand.", "probability": 0.904296875}, {"start": 1803.74, "end": 1804.46, "word": " What", "probability": 0.88720703125}, {"start": 1804.46, "end": 1804.66, "word": " will", "probability": 0.857421875}, {"start": 1804.66, "end": 1805.0, "word": " happen", "probability": 0.91796875}, {"start": 1805.0, "end": 1805.16, "word": " to", "probability": 0.96240234375}, {"start": 1805.16, "end": 1805.28, "word": " the", "probability": 0.919921875}, {"start": 1805.28, "end": 1805.68, "word": " quantity", "probability": 0.9873046875}, {"start": 1805.68, "end": 1806.16, "word": " demanded", "probability": 0.92822265625}, {"start": 1806.16, "end": 1806.68, "word": " if", "probability": 0.90576171875}, {"start": 1806.68, "end": 1807.2, "word": " income", "probability": 0.9287109375}, {"start": 1807.2, "end": 1807.62, "word": " goes", "probability": 0.9375}, {"start": 1807.62, "end": 1807.94, "word": " up", "probability": 0.97265625}, {"start": 1807.94, "end": 1808.16, "word": " or", "probability": 0.9560546875}, {"start": 1808.16, "end": 1808.38, "word": " goes", "probability": 0.935546875}, {"start": 1808.38, "end": 1808.68, "word": " down?", "probability": 0.8515625}], "temperature": 1.0}, {"id": 65, "seek": 184035, "start": 1811.19, "end": 1840.35, "text": " Let us assume that the consumer's income increases. What will happen to the quantity demanded? Not always, because we have to talk about or distinguish between the normal goods and inferior goods, which has been studied in the last chapter. Normal goods, like demand for fresh meat, and inferior goods, like the demand for inferior goods.", "tokens": [961, 505, 6552, 300, 264, 9711, 311, 5742, 8637, 13, 708, 486, 1051, 281, 264, 11275, 28276, 30, 1726, 1009, 11, 570, 321, 362, 281, 751, 466, 420, 20206, 1296, 264, 2710, 10179, 293, 24249, 10179, 11, 597, 575, 668, 9454, 294, 264, 1036, 7187, 13, 21277, 10179, 11, 411, 4733, 337, 4451, 4615, 11, 293, 24249, 10179, 11, 411, 264, 4733, 337, 24249, 10179, 13], "avg_logprob": -0.15916511060586616, "compression_ratio": 1.6782178217821782, "no_speech_prob": 0.0, "words": [{"start": 1811.19, "end": 1811.45, "word": " Let", "probability": 0.77783203125}, {"start": 1811.45, "end": 1811.67, "word": " us", "probability": 0.88330078125}, {"start": 1811.67, "end": 1812.05, "word": " assume", "probability": 0.904296875}, {"start": 1812.05, "end": 1812.53, "word": " that", "probability": 0.931640625}, {"start": 1812.53, "end": 1813.43, "word": " the", "probability": 0.85693359375}, 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{"start": 1839.29, "end": 1839.53, "word": " for", "probability": 0.94775390625}, {"start": 1839.53, "end": 1840.01, "word": " inferior", "probability": 0.978515625}, {"start": 1840.01, "end": 1840.35, "word": " goods.", "probability": 0.88671875}], "temperature": 1.0}, {"id": 66, "seek": 186651, "start": 1841.63, "end": 1866.51, "text": " So here, frozen meat. As income goes up, what will happen to demand for frozen? The demand or the quantity demanded goes down. So the sign here will be negative.", "tokens": [407, 510, 11, 12496, 4615, 13, 1018, 5742, 1709, 493, 11, 437, 486, 1051, 281, 4733, 337, 12496, 30, 440, 4733, 420, 264, 11275, 28276, 1709, 760, 13, 407, 264, 1465, 510, 486, 312, 3671, 13], "avg_logprob": -0.2036528667888126, "compression_ratio": 1.35, "no_speech_prob": 0.0, "words": [{"start": 1841.63, "end": 1842.65, "word": " So", "probability": 0.25390625}, {"start": 1842.65, "end": 1843.47, "word": " here,", "probability": 0.72705078125}, {"start": 1845.67, "end": 1846.19, "word": " frozen", "probability": 0.94677734375}, {"start": 1846.19, "end": 1846.71, "word": " meat.", "probability": 0.966796875}, {"start": 1850.01, "end": 1851.03, "word": " As", "probability": 0.96826171875}, {"start": 1851.03, "end": 1851.53, "word": " income", "probability": 0.9423828125}, {"start": 1851.53, "end": 1851.99, "word": " goes", "probability": 0.94677734375}, {"start": 1851.99, "end": 1852.37, "word": " up,", "probability": 0.974609375}, {"start": 1853.95, "end": 1854.53, "word": " what", "probability": 0.9453125}, {"start": 1854.53, "end": 1854.69, "word": " will", "probability": 0.8330078125}, {"start": 1854.69, "end": 1854.97, "word": " happen", "probability": 0.923828125}, {"start": 1854.97, "end": 1855.15, "word": " to", "probability": 0.82177734375}, {"start": 1855.15, "end": 1855.53, "word": " demand", "probability": 0.468505859375}, {"start": 1855.53, "end": 1855.83, "word": " for", "probability": 0.9091796875}, {"start": 1855.83, "end": 1856.55, "word": " frozen?", "probability": 0.958984375}, {"start": 1857.03, "end": 1857.75, "word": " The", "probability": 0.8251953125}, {"start": 1857.75, "end": 1858.25, "word": " demand", "probability": 0.931640625}, {"start": 1858.25, "end": 1858.47, "word": " or", "probability": 0.72705078125}, {"start": 1858.47, "end": 1858.59, "word": " the", "probability": 0.77685546875}, {"start": 1858.59, "end": 1858.85, "word": " quantity", "probability": 0.78271484375}, {"start": 1858.85, "end": 1859.39, "word": " demanded", "probability": 0.9287109375}, {"start": 1859.39, "end": 1859.75, "word": " goes", "probability": 0.896484375}, {"start": 1859.75, "end": 1860.65, "word": " down.", "probability": 0.85595703125}, {"start": 1862.21, "end": 1863.23, "word": " So", "probability": 0.491943359375}, {"start": 1863.23, "end": 1864.15, "word": " the", "probability": 0.638671875}, {"start": 1864.15, "end": 1864.51, "word": " sign", "probability": 0.9052734375}, {"start": 1864.51, "end": 1864.81, "word": " here", "probability": 0.853515625}, {"start": 1864.81, "end": 1865.01, "word": " will", "probability": 0.7822265625}, {"start": 1865.01, "end": 1865.39, "word": " be", "probability": 0.95361328125}, {"start": 1865.39, "end": 1866.51, "word": " negative.", "probability": 0.947265625}], "temperature": 1.0}, {"id": 67, "seek": 189753, "start": 1868.85, "end": 1897.53, "text": " Frozen meat is an inferior good. Increasing the consumer's income leads to a declining in the quantity demanded. So the sign will be what? Negative. Because you're increasing, declining, the positive times negative, then the sign will be negative. Right? For fresh meat.", "tokens": [39422, 4615, 307, 364, 24249, 665, 13, 30367, 3349, 264, 9711, 311, 5742, 6689, 281, 257, 34298, 294, 264, 11275, 28276, 13, 407, 264, 1465, 486, 312, 437, 30, 43230, 13, 1436, 291, 434, 5662, 11, 34298, 11, 264, 3353, 1413, 3671, 11, 550, 264, 1465, 486, 312, 3671, 13, 1779, 30, 1171, 4451, 4615, 13], "avg_logprob": -0.17667214494002492, "compression_ratio": 1.5224719101123596, "no_speech_prob": 0.0, "words": [{"start": 1868.85, "end": 1869.35, "word": " Frozen", "probability": 0.89306640625}, {"start": 1869.35, "end": 1869.79, "word": " meat", "probability": 0.9560546875}, {"start": 1869.79, "end": 1870.17, "word": " is", "probability": 0.94775390625}, {"start": 1870.17, "end": 1870.63, "word": " an", "probability": 0.95166015625}, {"start": 1870.63, "end": 1871.33, "word": " inferior", "probability": 0.94970703125}, {"start": 1871.33, "end": 1871.67, "word": " good.", "probability": 0.7158203125}, {"start": 1876.61, "end": 1877.41, "word": " Increasing", "probability": 0.88623046875}, {"start": 1877.41, "end": 1877.61, "word": " the", "probability": 0.69482421875}, {"start": 1877.61, "end": 1878.43, "word": " consumer's", "probability": 0.759765625}, {"start": 1878.43, "end": 1878.73, "word": " income", "probability": 0.9326171875}, {"start": 1878.73, "end": 1879.29, "word": " leads", "probability": 0.89697265625}, {"start": 1879.29, "end": 1879.67, "word": " to", "probability": 0.970703125}, {"start": 1879.67, "end": 1879.91, "word": " a", "probability": 0.892578125}, {"start": 1879.91, "end": 1881.57, "word": " declining", "probability": 0.88232421875}, {"start": 1881.57, "end": 1881.85, "word": " in", "probability": 0.80029296875}, {"start": 1881.85, "end": 1881.95, "word": " the", "probability": 0.84375}, {"start": 1881.95, "end": 1882.21, "word": " quantity", "probability": 0.6513671875}, {"start": 1882.21, "end": 1882.69, "word": " demanded.", "probability": 0.91455078125}, {"start": 1883.07, "end": 1883.37, "word": " So", "probability": 0.955078125}, {"start": 1883.37, "end": 1883.93, "word": " the", "probability": 0.63427734375}, {"start": 1883.93, "end": 1884.25, "word": " sign", "probability": 0.86962890625}, {"start": 1884.25, "end": 1884.41, "word": " will", "probability": 0.6884765625}, {"start": 1884.41, "end": 1884.61, "word": " be", "probability": 0.95703125}, {"start": 1884.61, "end": 1884.97, "word": " what?", "probability": 0.90283203125}, {"start": 1885.53, "end": 1886.17, "word": " Negative.", "probability": 0.96826171875}, {"start": 1886.59, "end": 1887.19, "word": " Because", "probability": 0.92724609375}, {"start": 1887.19, "end": 1887.39, "word": " you're", "probability": 0.766845703125}, {"start": 1887.39, "end": 1887.91, "word": " increasing,", "probability": 0.92822265625}, {"start": 1888.27, "end": 1888.83, "word": " declining,", "probability": 0.9130859375}, {"start": 1889.75, "end": 1889.75, "word": " the", "probability": 0.481201171875}, {"start": 1889.75, "end": 1890.93, "word": " positive", "probability": 0.89794921875}, {"start": 1890.93, "end": 1891.45, "word": " times", "probability": 0.92529296875}, {"start": 1891.45, "end": 1891.91, "word": " negative,", "probability": 0.93896484375}, {"start": 1892.09, "end": 1892.23, "word": " then", "probability": 0.83203125}, {"start": 1892.23, "end": 1893.35, "word": " the", "probability": 0.8310546875}, {"start": 1893.35, "end": 1893.59, "word": " sign", "probability": 0.8193359375}, {"start": 1893.59, "end": 1893.75, "word": " will", "probability": 0.63671875}, {"start": 1893.75, "end": 1893.91, "word": " be", "probability": 0.95263671875}, {"start": 1893.91, "end": 1894.39, "word": " negative.", "probability": 0.89453125}, {"start": 1895.35, "end": 1895.75, "word": " Right?", "probability": 0.78515625}, {"start": 1895.99, "end": 1896.79, "word": " For", "probability": 0.57470703125}, {"start": 1896.79, "end": 1897.19, "word": " fresh", "probability": 0.77685546875}, {"start": 1897.19, "end": 1897.53, "word": " meat.", "probability": 0.96044921875}], "temperature": 1.0}, {"id": 68, "seek": 193139, "start": 1903.21, "end": 1931.39, "text": " As the consumer's income go up or goes up, the demand for products go up. So positive, positive, the result will be positive here. Or negative, negative, the result will be positive. So here we're talking about normal goods. 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If it has a negative sign, it should be inferior.", "tokens": [759, 264, 5742, 46260, 295, 4733, 575, 257, 3353, 1465, 11, 264, 1674, 486, 312, 2710, 13, 759, 309, 575, 257, 3671, 1465, 11, 309, 820, 312, 1536, 260, 1973, 13], "avg_logprob": -0.20300292735919356, "compression_ratio": 1.276190476190476, "no_speech_prob": 0.0, "words": [{"start": 1939.5299999999997, "end": 1940.4499999999998, "word": " If", "probability": 0.204345703125}, {"start": 1940.4499999999998, "end": 1941.37, "word": " the", "probability": 0.84912109375}, {"start": 1941.37, "end": 1942.05, "word": " income", "probability": 0.9716796875}, {"start": 1942.05, "end": 1942.61, "word": " elasticity", "probability": 0.40625}, {"start": 1942.61, "end": 1942.97, "word": " of", "probability": 0.9501953125}, {"start": 1942.97, "end": 1943.51, "word": " demand", "probability": 0.89599609375}, {"start": 1943.51, "end": 1944.63, "word": " has", "probability": 0.9208984375}, {"start": 1944.63, "end": 1944.81, "word": " a", "probability": 0.9873046875}, {"start": 1944.81, "end": 1945.21, "word": " positive", "probability": 0.9365234375}, {"start": 1945.21, "end": 1945.91, "word": " sign,", "probability": 0.88818359375}, {"start": 1946.91, "end": 1947.05, "word": " the", "probability": 0.87451171875}, {"start": 1947.05, "end": 1947.39, "word": " product", "probability": 0.9150390625}, {"start": 1947.39, "end": 1947.57, "word": " will", "probability": 0.484619140625}, {"start": 1947.57, "end": 1947.71, "word": " be", "probability": 0.953125}, {"start": 1947.71, "end": 1948.13, "word": " normal.", "probability": 0.857421875}, {"start": 1949.71, "end": 1949.89, "word": " If", "probability": 0.921875}, {"start": 1949.89, "end": 1950.05, "word": " it", "probability": 0.9404296875}, {"start": 1950.05, "end": 1950.51, "word": " has", "probability": 0.94970703125}, {"start": 1950.51, "end": 1951.55, "word": " a", "probability": 0.94091796875}, {"start": 1951.55, "end": 1951.89, "word": " negative", "probability": 0.9521484375}, {"start": 1951.89, "end": 1952.55, "word": " sign,", "probability": 0.900390625}, {"start": 1953.35, "end": 1953.43, "word": " it", "probability": 0.4677734375}, {"start": 1953.43, "end": 1953.59, "word": " should", "probability": 0.94921875}, {"start": 1953.59, "end": 1954.13, "word": " be", "probability": 0.95947265625}, {"start": 1954.13, "end": 1955.39, "word": " inferior.", "probability": 0.7859700520833334}], "temperature": 1.0}, {"id": 70, "seek": 196953, "start": 1958.39, "end": 1969.53, "text": " The same formula, a midpoint formula. But instead of the price, you have to put income. You have to use income. The same formula.", "tokens": [440, 912, 8513, 11, 257, 2062, 6053, 8513, 13, 583, 2602, 295, 264, 3218, 11, 291, 362, 281, 829, 5742, 13, 509, 362, 281, 764, 5742, 13, 440, 912, 8513, 13], "avg_logprob": -0.19140625512227416, "compression_ratio": 1.3978494623655915, "no_speech_prob": 0.0, "words": [{"start": 1958.39, "end": 1958.67, "word": " The", "probability": 0.7998046875}, {"start": 1958.67, "end": 1959.11, "word": " same", "probability": 0.9013671875}, {"start": 1959.11, "end": 1959.71, "word": " formula,", "probability": 0.88818359375}, {"start": 1960.17, "end": 1960.27, "word": " a", "probability": 0.280029296875}, {"start": 1960.27, "end": 1960.67, "word": " midpoint", "probability": 0.93310546875}, {"start": 1960.67, "end": 1961.23, "word": " formula.", "probability": 0.88818359375}, {"start": 1961.39, "end": 1961.51, "word": " But", "probability": 0.361328125}, {"start": 1961.51, "end": 1962.31, "word": " instead", "probability": 0.86669921875}, {"start": 1962.31, "end": 1962.55, "word": " of", "probability": 0.9658203125}, {"start": 1962.55, "end": 1962.69, "word": " the", "probability": 0.8154296875}, {"start": 1962.69, "end": 1963.01, "word": " price,", "probability": 0.9287109375}, {"start": 1963.11, "end": 1963.17, "word": " you", "probability": 0.96044921875}, {"start": 1963.17, "end": 1963.45, "word": " have", "probability": 0.94677734375}, {"start": 1963.45, "end": 1963.59, "word": " to", "probability": 0.96875}, {"start": 1963.59, "end": 1963.89, "word": " put", "probability": 0.8896484375}, {"start": 1963.89, "end": 1964.37, "word": " income.", "probability": 0.9228515625}, {"start": 1965.09, "end": 1965.65, "word": " You", "probability": 0.9296875}, {"start": 1965.65, "end": 1965.85, "word": " have", "probability": 0.95166015625}, {"start": 1965.85, "end": 1965.95, "word": " to", "probability": 0.9716796875}, {"start": 1965.95, "end": 1966.21, "word": " use", "probability": 0.88623046875}, {"start": 1966.21, "end": 1966.75, "word": " income.", "probability": 0.9453125}, {"start": 1968.09, "end": 1968.77, "word": " The", "probability": 0.8271484375}, {"start": 1968.77, "end": 1969.13, "word": " same", "probability": 0.91162109375}, {"start": 1969.13, "end": 1969.53, "word": " formula.", "probability": 0.8720703125}], "temperature": 1.0}, {"id": 71, "seek": 199654, "start": 1972.12, "end": 1996.54, "text": " But here, the difference is the sign has a meaning here. And the price elasticity of demand, it's always negative. The meaning here is just to represent their negative relationship or to show the relationship between, the negative relationship between the prices and the quantum demand. Here, it has a meaning. 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The price elasticity of demand, the midpoint formula. The price elasticity of demand formula, the midpoint formula, the ARC formula,", "tokens": [1692, 3671, 7880, 820, 312, 13596, 986, 293, 718, 311, 362, 5110, 13, 440, 3218, 46260, 295, 4733, 11, 264, 2062, 6053, 8513, 13, 440, 3218, 46260, 295, 4733, 8513, 11, 264, 2062, 6053, 8513, 11, 264, 8943, 34, 8513, 11], "avg_logprob": -0.19791666702145622, "compression_ratio": 1.6694915254237288, "no_speech_prob": 0.0, "words": [{"start": 1998.07, "end": 1998.37, "word": " Here", "probability": 0.404541015625}, {"start": 1998.37, "end": 1999.23, "word": " negative", "probability": 0.4677734375}, {"start": 1999.23, "end": 1999.69, "word": " signs", "probability": 0.7392578125}, {"start": 1999.69, "end": 2000.01, "word": " should", "probability": 0.9638671875}, {"start": 2000.01, "end": 2000.29, "word": " be", "probability": 0.947265625}, {"start": 2000.29, "end": 2000.81, "word": " inferred", "probability": 0.962158203125}, {"start": 2000.81, "end": 2001.13, "word": " and", "probability": 0.31591796875}, {"start": 2001.13, "end": 2001.43, "word": " let's", "probability": 0.921630859375}, {"start": 2001.43, "end": 2002.09, "word": " have", "probability": 0.95361328125}, {"start": 2002.09, "end": 2003.19, "word": " examples.", "probability": 0.85400390625}, {"start": 2007.59, "end": 2008.31, "word": " The", "probability": 0.73779296875}, {"start": 2008.31, "end": 2008.65, "word": " price", "probability": 0.7294921875}, {"start": 2008.65, "end": 2008.97, "word": " elasticity", "probability": 0.71240234375}, {"start": 2008.97, "end": 2010.21, "word": " of", "probability": 0.751953125}, {"start": 2010.21, "end": 2010.65, "word": " demand,", "probability": 0.9462890625}, {"start": 2010.95, "end": 2010.99, "word": " the", "probability": 0.9208984375}, {"start": 2010.99, "end": 2011.33, "word": " midpoint", "probability": 0.918212890625}, {"start": 2011.33, "end": 2011.89, "word": " formula.", "probability": 0.88427734375}, {"start": 2013.97, "end": 2014.85, "word": " The", "probability": 0.890625}, {"start": 2014.85, "end": 2015.23, "word": " price", "probability": 0.78369140625}, {"start": 2015.23, "end": 2015.69, "word": " elasticity", "probability": 0.94287109375}, {"start": 2015.69, "end": 2015.97, "word": " of", "probability": 0.94580078125}, {"start": 2015.97, "end": 2016.19, "word": " demand", "probability": 0.8798828125}, {"start": 2016.19, "end": 2016.71, "word": " formula,", "probability": 0.89453125}, {"start": 2016.87, "end": 2016.97, "word": " the", "probability": 0.92529296875}, {"start": 2016.97, "end": 2017.45, "word": " midpoint", "probability": 0.9599609375}, {"start": 2017.45, "end": 2017.97, "word": " formula,", "probability": 0.88232421875}, {"start": 2018.15, "end": 2018.23, "word": " the", "probability": 0.9287109375}, {"start": 2018.23, "end": 2018.83, "word": " ARC", "probability": 0.939697265625}, {"start": 2018.83, "end": 2019.35, "word": " formula,", "probability": 0.8779296875}], "temperature": 1.0}, {"id": 73, "seek": 204521, "start": 2020.83, "end": 2045.21, "text": " The price elasticity of demand was QD2 minus QD1 over P2 minus P1 times the summation of sum of prices P2 plus P1 over QD2 plus QD1. For the income elasticity of demand, the same formula, but we have to use income here.", "tokens": [440, 3218, 46260, 295, 4733, 390, 1249, 35, 17, 3175, 1249, 35, 16, 670, 430, 17, 3175, 430, 16, 1413, 264, 28811, 295, 2408, 295, 7901, 430, 17, 1804, 430, 16, 670, 1249, 35, 17, 1804, 1249, 35, 16, 13, 1171, 264, 5742, 46260, 295, 4733, 11, 264, 912, 8513, 11, 457, 321, 362, 281, 764, 5742, 510, 13], "avg_logprob": -0.14934895584980648, "compression_ratio": 1.5492957746478873, "no_speech_prob": 0.0, "words": [{"start": 2020.83, "end": 2021.05, "word": " The", "probability": 0.331787109375}, {"start": 2021.05, "end": 2021.43, "word": " price", "probability": 0.916015625}, {"start": 2021.43, "end": 2021.99, "word": " elasticity", "probability": 0.94384765625}, {"start": 2021.99, "end": 2022.35, "word": " of", "probability": 0.94970703125}, {"start": 2022.35, "end": 2022.71, "word": " demand", "probability": 0.90234375}, {"start": 2022.71, "end": 2023.27, "word": " was", "probability": 0.9501953125}, {"start": 2023.27, "end": 2024.69, "word": " QD2", "probability": 0.7021484375}, {"start": 2024.69, "end": 2025.07, "word": " minus", "probability": 0.841796875}, {"start": 2025.07, "end": 2026.25, "word": " QD1", "probability": 0.9729817708333334}, {"start": 2026.25, "end": 2026.65, "word": " over", "probability": 0.8984375}, {"start": 2026.65, "end": 2027.39, "word": " P2", "probability": 0.983154296875}, {"start": 2027.39, "end": 2027.79, "word": " minus", "probability": 0.9814453125}, {"start": 2027.79, "end": 2028.41, "word": " P1", "probability": 0.99560546875}, {"start": 2028.41, "end": 2029.25, "word": " times", "probability": 0.71923828125}, {"start": 2029.25, "end": 2029.69, "word": " the", "probability": 0.884765625}, {"start": 2029.69, "end": 2030.17, "word": " summation", "probability": 0.63427734375}, {"start": 2030.17, "end": 2030.41, "word": " of", "probability": 0.55859375}, {"start": 2030.41, "end": 2030.59, "word": " sum", "probability": 0.34912109375}, {"start": 2030.59, "end": 2030.81, "word": " of", "probability": 0.72802734375}, {"start": 2030.81, "end": 2031.59, "word": " prices", "probability": 0.7373046875}, {"start": 2031.59, "end": 2032.35, "word": " P2", "probability": 0.856201171875}, {"start": 2032.35, "end": 2033.27, "word": " plus", "probability": 0.923828125}, {"start": 2033.27, "end": 2033.87, "word": " P1", "probability": 0.995361328125}, {"start": 2033.87, "end": 2034.23, "word": " over", "probability": 0.91650390625}, {"start": 2034.23, "end": 2035.67, "word": " QD2", "probability": 0.9886067708333334}, {"start": 2035.67, "end": 2036.09, "word": " plus", "probability": 0.9599609375}, {"start": 2036.09, "end": 2037.21, "word": " QD1.", "probability": 0.9910481770833334}, {"start": 2037.43, "end": 2037.81, "word": " For", "probability": 0.96630859375}, {"start": 2037.81, "end": 2038.07, "word": " the", "probability": 0.9228515625}, {"start": 2038.07, "end": 2038.63, "word": " income", "probability": 0.94677734375}, {"start": 2038.63, "end": 2039.25, "word": " elasticity", "probability": 0.9345703125}, {"start": 2039.25, "end": 2039.55, "word": " of", "probability": 0.96435546875}, {"start": 2039.55, "end": 2039.99, "word": " demand,", "probability": 0.896484375}, {"start": 2041.35, "end": 2041.65, "word": " the", "probability": 0.88525390625}, {"start": 2041.65, "end": 2042.03, "word": " same", "probability": 0.9013671875}, {"start": 2042.03, "end": 2042.57, "word": " formula,", "probability": 0.90380859375}, {"start": 2043.43, "end": 2043.71, "word": " but", "probability": 0.92431640625}, {"start": 2043.71, "end": 2043.87, "word": " we", "probability": 0.95458984375}, {"start": 2043.87, "end": 2044.07, "word": " have", "probability": 0.94873046875}, {"start": 2044.07, "end": 2044.21, "word": " to", "probability": 0.9716796875}, {"start": 2044.21, "end": 2044.49, "word": " use", "probability": 0.88720703125}, {"start": 2044.49, "end": 2044.89, "word": " income", "probability": 0.95751953125}, {"start": 2044.89, "end": 2045.21, "word": " here.", "probability": 0.841796875}], "temperature": 1.0}, {"id": 74, "seek": 207353, "start": 2047.27, "end": 2073.53, "text": " Q1 demanded 2 minus Q1 demanded 1 over I2 minus I1 times summation of I's here I2 plus I1 over QD2 plus QD1. That's it. So here we have two formulas. 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"probability": 0.9697265625}, {"start": 2067.71, "end": 2067.87, "word": " The", "probability": 0.890625}, {"start": 2067.87, "end": 2068.09, "word": " first", "probability": 0.8623046875}, {"start": 2068.09, "end": 2068.33, "word": " integer", "probability": 0.5986328125}, {"start": 2068.33, "end": 2068.63, "word": " here", "probability": 0.83154296875}, {"start": 2068.63, "end": 2069.15, "word": " formula", "probability": 0.6875}, {"start": 2069.15, "end": 2072.11, "word": " and", "probability": 0.67236328125}, {"start": 2072.11, "end": 2072.65, "word": " the", "probability": 0.90234375}, {"start": 2072.65, "end": 2073.07, "word": " midpoint", "probability": 0.959228515625}, {"start": 2073.07, "end": 2073.53, "word": " formula.", "probability": 0.57080078125}], "temperature": 1.0}, {"id": 75, "seek": 210267, "start": 2076.59, "end": 2102.67, "text": " So let us assume that if the consumer's income, if Ahmed's income increased by 30%, therefore, hence,", "tokens": [407, 718, 505, 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Calculate the income elasticity of demand and determine state the type", "tokens": [3511, 2444, 473, 702, 12126, 11, 702, 4733, 11, 264, 11275, 28276, 13, 3511, 2444, 473, 264, 5742, 46260, 295, 4733, 293, 6997, 1785, 264, 2010], "avg_logprob": -0.2229455985404827, "compression_ratio": 1.3854166666666667, "no_speech_prob": 0.0, "words": [{"start": 2131.43, "end": 2132.35, "word": " Calculate", "probability": 0.7521158854166666}, {"start": 2132.35, "end": 2133.03, "word": " his", "probability": 0.92236328125}, {"start": 2133.03, "end": 2133.65, "word": " consumption,", "probability": 0.97607421875}, {"start": 2133.85, "end": 2133.97, "word": " his", "probability": 0.951171875}, {"start": 2133.97, "end": 2134.43, "word": " demand,", "probability": 0.91796875}, {"start": 2134.87, "end": 2135.01, "word": " the", "probability": 0.9140625}, {"start": 2135.01, "end": 2135.49, "word": " quantity", "probability": 0.97900390625}, {"start": 2135.49, "end": 2136.23, "word": " demanded.", "probability": 0.93896484375}, {"start": 2141.49, "end": 2142.77, "word": " Calculate", "probability": 0.7672526041666666}, {"start": 2142.77, "end": 2145.65, "word": " the", "probability": 0.58544921875}, {"start": 2145.65, "end": 2146.17, "word": " income", "probability": 0.94482421875}, {"start": 2146.17, "end": 2146.83, "word": " elasticity", "probability": 0.94384765625}, {"start": 2146.83, "end": 2147.15, "word": " of", "probability": 0.9619140625}, {"start": 2147.15, "end": 2147.47, "word": " demand", "probability": 0.89990234375}, {"start": 2147.47, "end": 2151.21, "word": " and", "probability": 0.61328125}, {"start": 2151.21, "end": 2152.21, "word": " determine", "probability": 0.91357421875}, {"start": 2152.21, "end": 2155.83, "word": " state", "probability": 0.8251953125}, {"start": 2155.83, "end": 2159.73, "word": " the", "probability": 0.50634765625}, {"start": 2159.73, "end": 2160.29, "word": " type", "probability": 0.96533203125}], "temperature": 1.0}, {"id": 78, "seek": 218110, "start": 2161.96, "end": 2181.1, "text": " Other product here. Frozen or fresh? So let's go to answer the question here.", "tokens": [5358, 1674, 510, 13, 39422, 420, 4451, 30, 407, 718, 311, 352, 281, 1867, 264, 1168, 510, 13], "avg_logprob": -0.2596628195361087, "compression_ratio": 1.0, "no_speech_prob": 0.0, "words": [{"start": 2161.96, "end": 2162.3, "word": " Other", "probability": 0.439453125}, {"start": 2162.3, "end": 2162.64, "word": " product", "probability": 0.77490234375}, {"start": 2162.64, "end": 2163.22, "word": " here.", "probability": 0.8447265625}, {"start": 2168.98, "end": 2169.36, "word": " Frozen", "probability": 0.16455078125}, {"start": 2169.36, "end": 2173.16, "word": " or", "probability": 0.9306640625}, {"start": 2173.16, "end": 2175.08, "word": " fresh?", "probability": 0.70263671875}, {"start": 2177.08, "end": 2177.4, "word": " So", "probability": 0.87451171875}, {"start": 2177.4, "end": 2178.66, "word": " let's", "probability": 0.837158203125}, {"start": 2178.66, "end": 2178.86, "word": " go", "probability": 0.962890625}, {"start": 2178.86, "end": 2179.18, "word": " to", "probability": 0.92822265625}, {"start": 2179.18, "end": 2180.2, "word": " answer", "probability": 0.94140625}, {"start": 2180.2, "end": 2180.46, "word": " the", "probability": 0.9169921875}, {"start": 2180.46, "end": 2180.8, "word": " question", "probability": 0.91357421875}, {"start": 2180.8, "end": 2181.1, "word": " here.", "probability": 0.6884765625}], "temperature": 1.0}, {"id": 79, "seek": 222575, "start": 2198.59, "end": 2225.75, "text": " And the state, state will determine the type of chicken here. Is it normal or inferior? Why? Income elasticity of demand equals change in quantity demanded percent over change in income percent.", "tokens": [400, 264, 1785, 11, 1785, 486, 6997, 264, 2010, 295, 4662, 510, 13, 1119, 309, 2710, 420, 24249, 30, 1545, 30, 682, 1102, 46260, 295, 4733, 6915, 1319, 294, 11275, 28276, 3043, 670, 1319, 294, 5742, 3043, 13], "avg_logprob": -0.2654246687889099, "compression_ratio": 1.4338235294117647, "no_speech_prob": 0.0, "words": [{"start": 2198.59, "end": 2198.91, "word": " And", "probability": 0.55126953125}, {"start": 2198.91, "end": 2199.09, "word": " the", "probability": 0.81005859375}, {"start": 2199.09, "end": 2199.55, "word": " state,", "probability": 0.91845703125}, {"start": 2200.55, "end": 2201.29, "word": " state", "probability": 0.71337890625}, {"start": 2201.29, "end": 2201.51, "word": " will", "probability": 0.319091796875}, {"start": 2201.51, "end": 2202.05, "word": " determine", "probability": 0.92919921875}, {"start": 2202.05, "end": 2203.79, "word": " the", "probability": 0.82763671875}, {"start": 2203.79, "end": 2204.29, "word": " type", "probability": 0.986328125}, {"start": 2204.29, "end": 2204.55, "word": " of", "probability": 0.9697265625}, {"start": 2204.55, "end": 2205.03, "word": " chicken", "probability": 0.40380859375}, {"start": 2205.03, "end": 2205.49, "word": " here.", "probability": 0.80029296875}, {"start": 2206.79, "end": 2207.11, "word": " Is", "probability": 0.962890625}, {"start": 2207.11, "end": 2207.31, "word": " it", "probability": 0.95166015625}, {"start": 2207.31, "end": 2208.27, "word": " normal", "probability": 0.87060546875}, {"start": 2208.27, "end": 2208.93, "word": " or", "probability": 0.927734375}, {"start": 2208.93, "end": 2209.53, "word": " inferior?", "probability": 0.89990234375}, {"start": 2209.85, "end": 2210.21, "word": " Why?", "probability": 0.8154296875}, {"start": 2218.37, "end": 2219.29, "word": " Income", "probability": 0.7252197265625}, {"start": 2219.29, "end": 2219.77, "word": " elasticity", "probability": 0.180419921875}, {"start": 2219.77, "end": 2220.05, "word": " of", "probability": 0.95703125}, {"start": 2220.05, "end": 2220.41, "word": " demand", "probability": 0.91748046875}, {"start": 2220.41, "end": 2221.85, "word": " equals", "probability": 0.88330078125}, {"start": 2221.85, "end": 2222.79, "word": " change", "probability": 0.8408203125}, {"start": 2222.79, "end": 2222.93, "word": " in", "probability": 0.91162109375}, {"start": 2222.93, "end": 2223.25, "word": " quantity", "probability": 0.5498046875}, {"start": 2223.25, "end": 2223.71, "word": " demanded", "probability": 0.57861328125}, {"start": 2223.71, "end": 2224.23, "word": " percent", "probability": 0.703125}, {"start": 2224.23, "end": 2224.47, "word": " over", "probability": 0.89501953125}, {"start": 2224.47, "end": 2224.91, "word": " change", "probability": 0.89697265625}, {"start": 2224.91, "end": 2225.07, "word": " in", "probability": 0.90185546875}, {"start": 2225.07, "end": 2225.35, "word": " income", "probability": 0.95947265625}, {"start": 2225.35, "end": 2225.75, "word": " percent.", "probability": 0.9658203125}], "temperature": 1.0}, {"id": 80, "seek": 225596, "start": 2229.19, "end": 2255.97, "text": " So income elasticity of demand here equals change in the quantity demanded. His consumption of a chicken goes down or went down by 20%. So here we have a negative sign. Minus 20% over his income goes up by 30%, positive 30%.", "tokens": [407, 5742, 46260, 295, 4733, 510, 6915, 1319, 294, 264, 11275, 28276, 13, 2812, 12126, 295, 257, 4662, 1709, 760, 420, 1437, 760, 538, 945, 6856, 407, 510, 321, 362, 257, 3671, 1465, 13, 2829, 301, 945, 4, 670, 702, 5742, 1709, 493, 538, 2217, 8923, 3353, 2217, 6856], "avg_logprob": -0.18046874791383744, "compression_ratio": 1.4150943396226414, "no_speech_prob": 0.0, "words": [{"start": 2229.19, "end": 2229.63, "word": " So", "probability": 0.89208984375}, {"start": 2229.63, "end": 2230.75, "word": " income", "probability": 0.751953125}, {"start": 2230.75, "end": 2231.31, "word": " elasticity", "probability": 0.48193359375}, {"start": 2231.31, "end": 2231.61, "word": " of", "probability": 0.94384765625}, {"start": 2231.61, "end": 2231.91, "word": " demand", "probability": 0.89453125}, {"start": 2231.91, "end": 2232.19, "word": " here", "probability": 0.84130859375}, {"start": 2232.19, "end": 2232.81, "word": " equals", "probability": 0.90283203125}, {"start": 2232.81, "end": 2233.27, "word": " change", "probability": 0.5556640625}, {"start": 2233.27, "end": 2233.41, "word": " in", "probability": 0.8876953125}, {"start": 2233.41, "end": 2233.49, "word": " the", "probability": 0.341064453125}, {"start": 2233.49, "end": 2233.67, "word": " quantity", "probability": 0.79296875}, {"start": 2233.67, "end": 2234.21, "word": " demanded.", "probability": 0.90869140625}, {"start": 2237.27, "end": 2237.65, "word": " His", "probability": 0.82958984375}, {"start": 2237.65, "end": 2238.45, "word": " consumption", "probability": 0.970703125}, {"start": 2238.45, "end": 2238.79, "word": " of", "probability": 0.92822265625}, {"start": 2238.79, "end": 2238.95, "word": " a", "probability": 0.89501953125}, {"start": 2238.95, "end": 2239.35, "word": " chicken", "probability": 0.84375}, {"start": 2239.35, "end": 2240.39, "word": " goes", "probability": 0.92236328125}, {"start": 2240.39, "end": 2240.87, "word": " down", "probability": 0.8583984375}, {"start": 2240.87, "end": 2241.13, "word": " or", "probability": 0.83203125}, {"start": 2241.13, "end": 2241.47, "word": " went", "probability": 0.86865234375}, {"start": 2241.47, "end": 2242.05, "word": " down", "probability": 0.86328125}, {"start": 2242.05, "end": 2242.51, "word": " by", "probability": 0.9716796875}, {"start": 2242.51, "end": 2243.19, "word": " 20%.", "probability": 0.75146484375}, {"start": 2243.19, "end": 2243.55, "word": " So", "probability": 0.9599609375}, {"start": 2243.55, "end": 2243.85, "word": " here", "probability": 0.830078125}, {"start": 2243.85, "end": 2244.03, "word": " we", "probability": 0.79150390625}, {"start": 2244.03, "end": 2244.17, "word": " have", "probability": 0.94921875}, {"start": 2244.17, "end": 2244.25, "word": " a", "probability": 0.99755859375}, {"start": 2244.25, "end": 2244.51, "word": " negative", "probability": 0.9375}, {"start": 2244.51, "end": 2244.97, "word": " sign.", "probability": 0.9296875}, {"start": 2245.83, "end": 2246.75, "word": " Minus", "probability": 0.93359375}, {"start": 2246.75, "end": 2247.27, "word": " 20", "probability": 0.853515625}, {"start": 2247.27, "end": 2248.35, "word": "%", "probability": 0.9091796875}, {"start": 2248.35, "end": 2249.33, "word": " over", "probability": 0.91357421875}, {"start": 2249.33, "end": 2251.27, "word": " his", "probability": 0.434814453125}, {"start": 2251.27, "end": 2251.85, "word": " income", "probability": 0.96728515625}, {"start": 2251.85, "end": 2252.47, "word": " goes", "probability": 0.9169921875}, {"start": 2252.47, "end": 2252.91, "word": " up", "probability": 0.9697265625}, {"start": 2252.91, "end": 2253.57, "word": " by", "probability": 0.9736328125}, {"start": 2253.57, "end": 2254.45, "word": " 30%,", "probability": 0.7144775390625}, {"start": 2254.45, "end": 2254.97, "word": " positive", "probability": 0.9130859375}, {"start": 2254.97, "end": 2255.97, "word": " 30%.", "probability": 0.969482421875}], "temperature": 1.0}, {"id": 81, "seek": 228671, "start": 2258.65, "end": 2286.71, "text": " Minus 0.6. Here, we are not talking about the absolute value. The question is, calculate the income elasticity of demand. Is it elastic or inelastic? Inelastic. Because the absolute value is less than 1. The demand here is inelastic.", "tokens": [2829, 301, 1958, 13, 21, 13, 1692, 11, 321, 366, 406, 1417, 466, 264, 8236, 2158, 13, 440, 1168, 307, 11, 8873, 264, 5742, 46260, 295, 4733, 13, 1119, 309, 17115, 420, 294, 338, 2750, 30, 682, 338, 2750, 13, 1436, 264, 8236, 2158, 307, 1570, 813, 502, 13, 440, 4733, 510, 307, 294, 338, 2750, 13], "avg_logprob": -0.17241379438803114, "compression_ratio": 1.5194805194805194, "no_speech_prob": 0.0, "words": [{"start": 2258.65, "end": 2259.27, "word": " Minus", "probability": 0.6656494140625}, {"start": 2259.27, "end": 2259.57, "word": " 0", "probability": 0.9853515625}, {"start": 2259.57, "end": 2260.35, "word": ".6.", "probability": 0.995849609375}, {"start": 2261.75, "end": 2262.07, "word": " Here,", "probability": 0.6748046875}, {"start": 2262.21, "end": 2262.43, "word": " we", "probability": 0.89990234375}, {"start": 2262.43, "end": 2262.59, "word": " are", "probability": 0.8173828125}, {"start": 2262.59, "end": 2262.77, "word": " not", "probability": 0.94482421875}, {"start": 2262.77, "end": 2263.13, "word": " talking", "probability": 0.853515625}, {"start": 2263.13, "end": 2263.41, "word": " about", "probability": 0.892578125}, {"start": 2263.41, "end": 2263.57, "word": " the", "probability": 0.60595703125}, {"start": 2263.57, "end": 2263.85, "word": " absolute", "probability": 0.90771484375}, {"start": 2263.85, "end": 2264.43, "word": " value.", "probability": 0.97021484375}, {"start": 2268.01, "end": 2268.93, "word": " The", "probability": 0.63134765625}, {"start": 2268.93, "end": 2269.47, "word": " question", "probability": 0.91552734375}, {"start": 2269.47, "end": 2269.93, "word": " is,", "probability": 0.95263671875}, {"start": 2270.73, "end": 2271.19, "word": " calculate", "probability": 0.86328125}, {"start": 2271.19, "end": 2271.67, "word": " the", "probability": 0.91748046875}, {"start": 2271.67, "end": 2272.61, "word": " income", "probability": 0.434326171875}, {"start": 2272.61, "end": 2273.17, "word": " elasticity", "probability": 0.8125}, {"start": 2273.17, "end": 2273.45, "word": " of", "probability": 0.935546875}, {"start": 2273.45, "end": 2273.77, "word": " demand.", "probability": 0.90625}, {"start": 2275.53, "end": 2275.87, "word": " Is", "probability": 0.95947265625}, {"start": 2275.87, "end": 2276.15, "word": " it", "probability": 0.94384765625}, {"start": 2276.15, "end": 2276.65, "word": " elastic", "probability": 0.958984375}, {"start": 2276.65, "end": 2276.93, "word": " or", "probability": 0.95947265625}, {"start": 2276.93, "end": 2277.41, "word": " inelastic?", "probability": 0.9366861979166666}, {"start": 2278.27, "end": 2279.19, "word": " Inelastic.", "probability": 0.76025390625}, {"start": 2279.63, "end": 2279.89, "word": " Because", "probability": 0.8603515625}, {"start": 2279.89, "end": 2280.63, "word": " the", "probability": 0.900390625}, {"start": 2280.63, "end": 2281.09, "word": " absolute", "probability": 0.8740234375}, {"start": 2281.09, "end": 2281.55, "word": " value", "probability": 0.9560546875}, {"start": 2281.55, "end": 2281.71, "word": " is", "probability": 0.927734375}, {"start": 2281.71, "end": 2281.87, "word": " less", "probability": 0.94384765625}, {"start": 2281.87, "end": 2282.07, "word": " than", "probability": 0.9453125}, {"start": 2282.07, "end": 2282.27, "word": " 1.", "probability": 0.5224609375}, {"start": 2283.33, "end": 2284.25, "word": " The", "probability": 0.331298828125}, {"start": 2284.25, "end": 2284.73, "word": " demand", "probability": 0.90869140625}, {"start": 2284.73, "end": 2285.63, "word": " here", "probability": 0.748046875}, {"start": 2285.63, "end": 2285.97, "word": " is", "probability": 0.939453125}, {"start": 2285.97, "end": 2286.71, "word": " inelastic.", "probability": 0.9453125}], "temperature": 1.0}, {"id": 82, "seek": 230294, "start": 2287.64, "end": 2302.94, "text": " Because the absolute value is less than one. This is the case here. Number two, to determine or to state the type of the product here.", "tokens": [1436, 264, 8236, 2158, 307, 1570, 813, 472, 13, 639, 307, 264, 1389, 510, 13, 5118, 732, 11, 281, 6997, 420, 281, 1785, 264, 2010, 295, 264, 1674, 510, 13], "avg_logprob": -0.21786795027794376, "compression_ratio": 1.2616822429906542, "no_speech_prob": 0.0, "words": [{"start": 2287.64, "end": 2288.24, "word": " Because", "probability": 0.5947265625}, {"start": 2288.24, "end": 2288.88, "word": " the", "probability": 0.8984375}, {"start": 2288.88, "end": 2289.58, "word": " absolute", "probability": 0.912109375}, {"start": 2289.58, "end": 2290.68, "word": " value", "probability": 0.9716796875}, {"start": 2290.68, "end": 2291.78, "word": " is", "probability": 0.94384765625}, {"start": 2291.78, "end": 2294.34, "word": " less", "probability": 0.880859375}, {"start": 2294.34, "end": 2294.66, "word": " than", "probability": 0.939453125}, {"start": 2294.66, "end": 2294.9, "word": " one.", "probability": 0.62158203125}, {"start": 2295.26, "end": 2295.44, "word": " This", "probability": 0.461181640625}, {"start": 2295.44, "end": 2295.54, "word": " is", "probability": 0.86279296875}, {"start": 2295.54, "end": 2295.62, "word": " the", "probability": 0.85009765625}, {"start": 2295.62, "end": 2296.2, "word": " case", "probability": 0.54736328125}, {"start": 2296.2, "end": 2296.56, "word": " here.", "probability": 0.841796875}, {"start": 2297.32, "end": 2297.52, "word": " Number", "probability": 0.8505859375}, {"start": 2297.52, "end": 2297.88, "word": " two,", "probability": 0.8505859375}, {"start": 2300.22, "end": 2300.38, "word": " to", "probability": 0.947265625}, {"start": 2300.38, "end": 2300.84, "word": " determine", "probability": 0.87158203125}, {"start": 2300.84, "end": 2301.1, "word": " or", "probability": 0.8798828125}, {"start": 2301.1, "end": 2301.22, "word": " to", "probability": 0.7080078125}, {"start": 2301.22, "end": 2301.52, "word": " state", "probability": 0.92431640625}, {"start": 2301.52, "end": 2301.72, "word": " the", "probability": 0.90576171875}, {"start": 2301.72, "end": 2301.98, "word": " type", "probability": 0.9541015625}, {"start": 2301.98, "end": 2302.12, "word": " of", "probability": 0.96875}, {"start": 2302.12, "end": 2302.24, "word": " the", "probability": 0.70947265625}, {"start": 2302.24, "end": 2302.58, "word": " product", "probability": 0.9189453125}, {"start": 2302.58, "end": 2302.94, "word": " here.", "probability": 0.84716796875}], "temperature": 1.0}, {"id": 83, "seek": 233273, "start": 2304.82, "end": 2332.74, "text": " We have a negative sign here, which means as the end cup goes up, the quantity demand goes down or went down. The chicken here is frozen. It's an inferior good. So as, so the demand is inelastic because the absolute value", "tokens": [492, 362, 257, 3671, 1465, 510, 11, 597, 1355, 382, 264, 917, 4414, 1709, 493, 11, 264, 11275, 4733, 1709, 760, 420, 1437, 760, 13, 440, 4662, 510, 307, 12496, 13, 467, 311, 364, 24249, 665, 13, 407, 382, 11, 370, 264, 4733, 307, 294, 338, 2750, 570, 264, 8236, 2158], "avg_logprob": -0.1741286086348387, "compression_ratio": 1.4230769230769231, "no_speech_prob": 0.0, "words": [{"start": 2304.82, "end": 2305.06, "word": " We", "probability": 0.67919921875}, {"start": 2305.06, "end": 2305.34, "word": " have", "probability": 0.951171875}, {"start": 2305.34, "end": 2305.46, "word": " a", "probability": 0.99609375}, {"start": 2305.46, "end": 2305.76, "word": " negative", "probability": 0.923828125}, {"start": 2305.76, "end": 2306.3, "word": " sign", "probability": 0.91552734375}, {"start": 2306.3, "end": 2306.7, "word": " here,", "probability": 0.85693359375}, {"start": 2307.02, "end": 2307.54, "word": " which", "probability": 0.951171875}, {"start": 2307.54, "end": 2308.14, "word": " means", "probability": 0.9287109375}, {"start": 2308.14, "end": 2309.1, "word": " as", "probability": 0.828125}, {"start": 2309.1, "end": 2309.32, "word": " the", "probability": 0.92236328125}, {"start": 2309.32, "end": 2309.56, "word": " end", "probability": 0.74169921875}, {"start": 2309.56, "end": 2309.78, "word": " cup", "probability": 0.76904296875}, {"start": 2309.78, "end": 2310.32, "word": " goes", "probability": 0.93896484375}, {"start": 2310.32, "end": 2310.76, "word": " up,", "probability": 0.97021484375}, {"start": 2311.08, "end": 2311.22, "word": " the", "probability": 0.912109375}, {"start": 2311.22, "end": 2311.58, "word": " quantity", "probability": 0.8623046875}, {"start": 2311.58, "end": 2312.12, "word": " demand", "probability": 0.7412109375}, {"start": 2312.12, "end": 2312.56, "word": " goes", "probability": 0.9375}, {"start": 2312.56, "end": 2312.94, "word": " down", "probability": 0.85986328125}, {"start": 2312.94, "end": 2313.7, "word": " or", "probability": 0.67919921875}, {"start": 2313.7, "end": 2313.94, "word": " went", "probability": 0.8828125}, {"start": 2313.94, "end": 2314.32, "word": " down.", "probability": 0.861328125}, {"start": 2314.82, "end": 2315.12, "word": " The", "probability": 0.82177734375}, {"start": 2315.12, "end": 2315.42, "word": " chicken", "probability": 0.8544921875}, {"start": 2315.42, "end": 2315.72, "word": " here", "probability": 0.86572265625}, {"start": 2315.72, "end": 2316.28, "word": " is", "probability": 0.94580078125}, {"start": 2316.28, "end": 2317.1, "word": " frozen.", "probability": 0.9462890625}, {"start": 2317.78, "end": 2318.08, "word": " It's", "probability": 0.975341796875}, {"start": 2318.08, "end": 2318.42, "word": " an", "probability": 0.88427734375}, {"start": 2318.42, "end": 2319.02, "word": " inferior", "probability": 0.8271484375}, {"start": 2319.02, "end": 2319.4, "word": " good.", "probability": 0.63720703125}, {"start": 2320.22, "end": 2320.3, "word": " So", "probability": 0.94580078125}, {"start": 2320.3, "end": 2320.88, "word": " as,", "probability": 0.4931640625}, {"start": 2322.1, "end": 2322.36, "word": " so", "probability": 0.93359375}, {"start": 2322.36, "end": 2322.58, "word": " the", "probability": 0.89892578125}, {"start": 2322.58, "end": 2322.98, "word": " demand", "probability": 0.90625}, {"start": 2322.98, "end": 2323.34, "word": " is", "probability": 0.94873046875}, {"start": 2323.34, "end": 2323.96, "word": " inelastic", "probability": 0.9513346354166666}, {"start": 2323.96, "end": 2328.78, "word": " because", "probability": 0.6005859375}, {"start": 2328.78, "end": 2331.68, "word": " the", "probability": 0.8955078125}, {"start": 2331.68, "end": 2332.14, "word": " absolute", "probability": 0.88525390625}, {"start": 2332.14, "end": 2332.74, "word": " value", "probability": 0.966796875}], "temperature": 1.0}, {"id": 84, "seek": 236661, "start": 2339.95, "end": 2366.61, "text": " of IED is less than one. Absolute value is less than one. And the chicken here is an inferior get.", "tokens": [295, 286, 4731, 307, 1570, 813, 472, 13, 43965, 1169, 2158, 307, 1570, 813, 472, 13, 400, 264, 4662, 510, 307, 364, 24249, 1519, 83, 13], "avg_logprob": -0.3420139021343655, "compression_ratio": 1.2375, "no_speech_prob": 0.0, "words": [{"start": 2339.95, "end": 2340.41, "word": " of", "probability": 0.6708984375}, {"start": 2340.41, "end": 2341.95, "word": " IED", "probability": 0.78857421875}, {"start": 2341.95, "end": 2343.09, "word": " is", "probability": 0.88330078125}, {"start": 2343.09, "end": 2343.91, "word": " less", "probability": 0.9443359375}, {"start": 2343.91, "end": 2344.51, "word": " than", "probability": 0.93994140625}, {"start": 2344.51, "end": 2347.97, "word": " one.", "probability": 0.6064453125}, {"start": 2349.49, "end": 2350.69, "word": " Absolute", "probability": 0.53155517578125}, {"start": 2350.69, "end": 2351.07, "word": " value", "probability": 0.96044921875}, {"start": 2351.07, "end": 2351.55, "word": " is", "probability": 0.82666015625}, {"start": 2351.55, "end": 2351.79, "word": " less", "probability": 0.9453125}, {"start": 2351.79, "end": 2352.11, "word": " than", "probability": 0.94384765625}, {"start": 2352.11, "end": 2352.31, "word": " one.", "probability": 0.9111328125}, {"start": 2352.49, "end": 2352.85, "word": " And", "probability": 0.70068359375}, {"start": 2352.85, "end": 2357.59, "word": " the", "probability": 0.7529296875}, {"start": 2357.59, "end": 2357.93, "word": " chicken", "probability": 0.88525390625}, {"start": 2357.93, "end": 2359.07, "word": " here", "probability": 0.8642578125}, {"start": 2359.07, "end": 2364.73, "word": " is", "probability": 0.8857421875}, {"start": 2364.73, "end": 2365.65, "word": " an", "probability": 0.91259765625}, {"start": 2365.65, "end": 2366.29, "word": " inferior", "probability": 0.96044921875}, {"start": 2366.29, "end": 2366.61, "word": " get.", "probability": 0.510284423828125}], "temperature": 1.0}, {"id": 85, "seek": 240669, "start": 2378.68, "end": 2406.7, "text": " Here we're talking about frozen chicken maybe. Frozen chicken when the product is necessary for the consumers. The demand is inelastic. Inelastic means it's necessary for the consumers. And they cannot give up it. He cannot give up it.", "tokens": [1692, 321, 434, 1417, 466, 12496, 4662, 1310, 13, 39422, 4662, 562, 264, 1674, 307, 4818, 337, 264, 11883, 13, 440, 4733, 307, 294, 338, 2750, 13, 682, 338, 2750, 1355, 309, 311, 4818, 337, 264, 11883, 13, 400, 436, 2644, 976, 493, 309, 13, 634, 2644, 976, 493, 309, 13], "avg_logprob": -0.15031550566737467, "compression_ratio": 1.6388888888888888, "no_speech_prob": 0.0, "words": [{"start": 2378.68, "end": 2378.94, "word": " Here", "probability": 0.603515625}, {"start": 2378.94, "end": 2379.06, "word": " we're", "probability": 0.705078125}, {"start": 2379.06, "end": 2379.32, "word": " talking", "probability": 0.85302734375}, {"start": 2379.32, "end": 2379.68, "word": " about", "probability": 0.916015625}, {"start": 2379.68, "end": 2380.2, "word": " frozen", "probability": 0.9423828125}, {"start": 2380.2, "end": 2380.66, "word": " chicken", "probability": 0.83056640625}, {"start": 2380.66, "end": 2380.98, "word": " maybe.", "probability": 0.53564453125}, {"start": 2388.2, "end": 2389.0, "word": " Frozen", "probability": 0.489501953125}, {"start": 2389.0, "end": 2389.56, "word": " chicken", "probability": 0.83203125}, {"start": 2389.56, "end": 2390.14, "word": " when", "probability": 0.52880859375}, {"start": 2390.14, "end": 2390.26, "word": " the", "probability": 0.5009765625}, {"start": 2390.26, "end": 2390.6, "word": " product", "probability": 0.9033203125}, {"start": 2390.6, "end": 2390.82, "word": " is", "probability": 0.927734375}, {"start": 2390.82, "end": 2391.22, "word": " necessary", "probability": 0.908203125}, {"start": 2391.22, "end": 2391.44, "word": " for", "probability": 0.94970703125}, {"start": 2391.44, "end": 2391.58, "word": " the", "probability": 0.9052734375}, {"start": 2391.58, "end": 2392.1, "word": " consumers.", "probability": 0.94921875}, {"start": 2393.5, "end": 2394.3, "word": " The", "probability": 0.279052734375}, {"start": 2394.3, "end": 2395.7, "word": " demand", "probability": 0.93896484375}, {"start": 2395.7, "end": 2395.98, "word": " is", "probability": 0.94384765625}, {"start": 2395.98, "end": 2396.7, "word": " inelastic.", "probability": 0.95263671875}, {"start": 2397.28, "end": 2397.76, "word": " Inelastic", "probability": 0.96923828125}, {"start": 2397.76, "end": 2398.22, "word": " means", "probability": 0.939453125}, {"start": 2398.22, "end": 2398.82, "word": " it's", "probability": 0.9599609375}, {"start": 2398.82, "end": 2399.2, "word": " necessary", "probability": 0.9326171875}, {"start": 2399.2, "end": 2399.46, "word": " for", "probability": 0.9482421875}, {"start": 2399.46, "end": 2399.6, "word": " the", "probability": 0.89892578125}, {"start": 2399.6, "end": 2400.12, "word": " consumers.", "probability": 0.94921875}, {"start": 2402.46, "end": 2403.26, "word": " And", "probability": 0.8642578125}, {"start": 2403.26, "end": 2403.58, "word": " they", "probability": 0.89453125}, {"start": 2403.58, "end": 2404.02, "word": " cannot", "probability": 0.89208984375}, {"start": 2404.02, "end": 2404.48, "word": " give", "probability": 0.90283203125}, {"start": 2404.48, "end": 2404.7, "word": " up", "probability": 0.9697265625}, {"start": 2404.7, "end": 2404.92, "word": " it.", "probability": 0.8671875}, {"start": 2405.14, "end": 2405.34, "word": " He", "probability": 0.95068359375}, {"start": 2405.34, "end": 2405.74, "word": " cannot", "probability": 0.88818359375}, {"start": 2405.74, "end": 2406.24, "word": " give", "probability": 0.89306640625}, {"start": 2406.24, "end": 2406.44, "word": " up", "probability": 0.96484375}, {"start": 2406.44, "end": 2406.7, "word": " it.", "probability": 0.94873046875}], "temperature": 1.0}, {"id": 86, "seek": 243373, "start": 2407.42, "end": 2433.74, "text": " Because the magnitudes or the percentage change in quantity demanded is less than the magnitudes of change in income here. If the consumer's income, another question. Why? Why? Because the IED sign, the sign of ED,", "tokens": [1436, 264, 4944, 16451, 420, 264, 9668, 1319, 294, 11275, 28276, 307, 1570, 813, 264, 4944, 16451, 295, 1319, 294, 5742, 510, 13, 759, 264, 9711, 311, 5742, 11, 1071, 1168, 13, 1545, 30, 1545, 30, 1436, 264, 286, 4731, 1465, 11, 264, 1465, 295, 18050, 11], "avg_logprob": -0.2581380320092042, "compression_ratio": 1.5140845070422535, "no_speech_prob": 0.0, "words": [{"start": 2407.42, "end": 2407.94, "word": " Because", "probability": 0.501953125}, {"start": 2407.94, "end": 2408.36, "word": " the", "probability": 0.89013671875}, {"start": 2408.36, "end": 2408.82, "word": " magnitudes", "probability": 0.611572265625}, {"start": 2408.82, "end": 2409.06, "word": " or", "probability": 0.474853515625}, {"start": 2409.06, "end": 2409.16, "word": " the", "probability": 0.787109375}, {"start": 2409.16, "end": 2409.46, "word": " percentage", "probability": 0.78857421875}, {"start": 2409.46, "end": 2409.88, "word": " change", "probability": 0.7099609375}, {"start": 2409.88, "end": 2410.02, "word": " in", "probability": 0.62255859375}, {"start": 2410.02, "end": 2410.2, "word": " quantity", "probability": 0.54345703125}, {"start": 2410.2, "end": 2410.56, "word": " demanded", "probability": 0.458740234375}, {"start": 2410.56, "end": 2410.9, "word": " is", "probability": 0.90478515625}, {"start": 2410.9, "end": 2411.14, "word": " less", "probability": 0.93994140625}, {"start": 2411.14, "end": 2411.34, "word": " than", "probability": 0.92822265625}, {"start": 2411.34, "end": 2411.52, "word": " the", "probability": 0.9072265625}, {"start": 2411.52, "end": 2411.84, "word": " magnitudes", "probability": 0.833740234375}, {"start": 2411.84, "end": 2412.06, "word": " of", "probability": 0.91748046875}, {"start": 2412.06, "end": 2412.42, "word": " change", "probability": 0.75390625}, {"start": 2412.42, "end": 2413.08, "word": " in", "probability": 0.92529296875}, {"start": 2413.08, "end": 2413.52, "word": " income", "probability": 0.93603515625}, {"start": 2413.52, "end": 2413.8, "word": " here.", "probability": 0.6171875}, {"start": 2414.54, "end": 2415.28, "word": " If", "probability": 0.69873046875}, {"start": 2415.28, "end": 2418.18, "word": " the", "probability": 0.8701171875}, {"start": 2418.18, "end": 2418.92, "word": " consumer's", "probability": 0.7822265625}, {"start": 2418.92, "end": 2419.38, "word": " income,", "probability": 0.9384765625}, {"start": 2420.38, "end": 2420.7, "word": " another", "probability": 0.849609375}, {"start": 2420.7, "end": 2421.2, "word": " question.", "probability": 0.919921875}, {"start": 2423.54, "end": 2424.38, "word": " Why?", "probability": 0.78466796875}, {"start": 2424.96, "end": 2425.32, "word": " Why?", "probability": 0.583984375}, {"start": 2425.66, "end": 2426.28, "word": " Because", "probability": 0.927734375}, {"start": 2426.28, "end": 2430.16, "word": " the", "probability": 0.8154296875}, {"start": 2430.16, "end": 2431.22, "word": " IED", "probability": 0.9453125}, {"start": 2431.22, "end": 2431.9, "word": " sign,", "probability": 0.775390625}, {"start": 2432.36, "end": 2432.7, "word": " the", "probability": 0.9111328125}, {"start": 2432.7, "end": 2433.1, "word": " sign", "probability": 0.89990234375}, {"start": 2433.1, "end": 2433.4, "word": " of", "probability": 0.97412109375}, {"start": 2433.4, "end": 2433.74, "word": " ED,", "probability": 0.703125}], "temperature": 1.0}, {"id": 87, "seek": 246094, "start": 2436.17, "end": 2460.95, "text": " The sign of income elasticity of demand is negative. If it was positive, the product would be normal here. Another example.", "tokens": [440, 1465, 295, 5742, 46260, 295, 4733, 307, 3671, 13, 759, 309, 390, 3353, 11, 264, 1674, 576, 312, 2710, 510, 13, 3996, 1365, 13], "avg_logprob": -0.2219050549543821, "compression_ratio": 1.169811320754717, "no_speech_prob": 0.0, "words": [{"start": 2436.17, "end": 2436.45, "word": " The", "probability": 0.57958984375}, {"start": 2436.45, "end": 2436.95, "word": " sign", "probability": 0.89794921875}, {"start": 2436.95, "end": 2437.43, "word": " of", "probability": 0.9716796875}, {"start": 2437.43, "end": 2438.33, "word": " income", "probability": 0.8505859375}, {"start": 2438.33, "end": 2438.83, "word": " elasticity", "probability": 0.55126953125}, {"start": 2438.83, "end": 2439.11, "word": " of", "probability": 0.92333984375}, {"start": 2439.11, "end": 2439.49, "word": " demand", "probability": 0.9169921875}, {"start": 2439.49, "end": 2440.17, "word": " is", "probability": 0.93212890625}, {"start": 2440.17, "end": 2441.13, "word": " negative.", "probability": 0.93994140625}, {"start": 2445.61, "end": 2446.61, "word": " If", "probability": 0.6474609375}, {"start": 2446.61, "end": 2446.69, "word": " it", "probability": 0.9453125}, {"start": 2446.69, "end": 2446.91, "word": " was", "probability": 0.94677734375}, {"start": 2446.91, "end": 2447.57, "word": " positive,", "probability": 0.931640625}, {"start": 2451.49, "end": 2451.63, "word": " the", "probability": 0.87353515625}, {"start": 2451.63, "end": 2451.93, "word": " product", "probability": 0.90478515625}, {"start": 2451.93, "end": 2452.11, "word": " would", "probability": 0.482666015625}, {"start": 2452.11, "end": 2452.25, "word": " be", "probability": 0.94970703125}, {"start": 2452.25, "end": 2452.63, "word": " normal", "probability": 0.8681640625}, {"start": 2452.63, "end": 2452.97, "word": " here.", "probability": 0.84423828125}, {"start": 2455.51, "end": 2456.51, "word": " Another", "probability": 0.1722412109375}, {"start": 2456.51, "end": 2460.95, "word": " example.", "probability": 0.96875}], "temperature": 1.0}, {"id": 88, "seek": 248394, "start": 2462.75, "end": 2483.95, "text": " The consumer's income went down by 30%. And the conception or his conception of a chicken went down by 50%. That's him, requirements.", "tokens": [440, 9711, 311, 5742, 1437, 760, 538, 2217, 6856, 400, 264, 30698, 420, 702, 30698, 295, 257, 4662, 1437, 760, 538, 2625, 6856, 663, 311, 796, 11, 7728, 13], "avg_logprob": -0.20768229166666666, "compression_ratio": 1.3009708737864079, "no_speech_prob": 0.0, "words": [{"start": 2462.75, "end": 2463.87, "word": " The", "probability": 0.428955078125}, {"start": 2463.87, "end": 2464.63, "word": " consumer's", "probability": 0.728515625}, {"start": 2464.63, "end": 2465.01, "word": " income", "probability": 0.94140625}, {"start": 2465.01, "end": 2465.57, "word": " went", "probability": 0.87548828125}, {"start": 2465.57, "end": 2466.11, "word": " down", "probability": 0.8681640625}, {"start": 2466.11, "end": 2466.69, "word": " by", "probability": 0.9716796875}, {"start": 2466.69, "end": 2467.71, "word": " 30%.", "probability": 0.740234375}, {"start": 2467.71, "end": 2469.51, "word": " And", "probability": 0.91162109375}, {"start": 2469.51, "end": 2469.95, "word": " the", "probability": 0.798828125}, {"start": 2469.95, "end": 2471.93, "word": " conception", "probability": 0.85498046875}, {"start": 2471.93, "end": 2472.27, "word": " or", "probability": 0.48291015625}, {"start": 2472.27, "end": 2472.59, "word": " his", "probability": 0.97607421875}, {"start": 2472.59, "end": 2473.11, "word": " conception", "probability": 0.93359375}, {"start": 2473.11, "end": 2473.35, "word": " of", "probability": 0.9560546875}, {"start": 2473.35, "end": 2473.45, "word": " a", "probability": 0.82177734375}, {"start": 2473.45, "end": 2473.83, "word": " chicken", "probability": 0.83154296875}, {"start": 2473.83, "end": 2474.49, "word": " went", "probability": 0.775390625}, {"start": 2474.49, "end": 2474.99, "word": " down", "probability": 0.86669921875}, {"start": 2474.99, "end": 2475.75, "word": " by", "probability": 0.970703125}, {"start": 2475.75, "end": 2480.39, "word": " 50%.", "probability": 0.968505859375}, {"start": 2480.39, "end": 2482.07, "word": " That's", "probability": 0.5931396484375}, {"start": 2482.07, "end": 2482.25, "word": " him,", "probability": 0.806640625}, {"start": 2483.35, "end": 2483.95, "word": " requirements.", "probability": 0.943359375}], "temperature": 1.0}, {"id": 89, "seek": 251678, "start": 2487.66, "end": 2516.78, "text": " Income went down by 30%. Hence, the consumption declined, the quantity demanded declined by 50%. The price elasticity of demand equals change in quantity demanded percent over percent change in income. So IED.", "tokens": [682, 1102, 1437, 760, 538, 2217, 6856, 22229, 11, 264, 12126, 29213, 11, 264, 11275, 28276, 29213, 538, 2625, 6856, 440, 3218, 46260, 295, 4733, 6915, 1319, 294, 11275, 28276, 3043, 670, 3043, 1319, 294, 5742, 13, 407, 286, 4731, 13], "avg_logprob": -0.2896205286184947, "compression_ratio": 1.4893617021276595, "no_speech_prob": 0.0, "words": [{"start": 2487.66, "end": 2488.28, "word": " Income", "probability": 0.89892578125}, {"start": 2488.28, "end": 2488.86, "word": " went", "probability": 0.89453125}, {"start": 2488.86, "end": 2489.34, "word": " down", "probability": 0.8681640625}, {"start": 2489.34, "end": 2489.7, "word": " by", "probability": 0.97216796875}, {"start": 2489.7, "end": 2490.68, "word": " 30%.", "probability": 0.6806640625}, {"start": 2490.68, "end": 2491.32, "word": " Hence,", "probability": 0.8740234375}, {"start": 2492.24, "end": 2492.46, "word": " the", "probability": 0.85986328125}, {"start": 2492.46, "end": 2493.16, "word": " consumption", "probability": 0.9521484375}, {"start": 2493.16, "end": 2494.28, "word": " declined,", "probability": 0.57470703125}, {"start": 2494.4, "end": 2494.56, "word": " the", "probability": 0.62060546875}, {"start": 2494.56, "end": 2494.84, "word": " quantity", "probability": 0.76806640625}, {"start": 2494.84, "end": 2495.32, "word": " demanded", "probability": 0.96142578125}, {"start": 2495.32, "end": 2495.72, "word": " declined", "probability": 0.8125}, {"start": 2495.72, "end": 2496.04, "word": " by", "probability": 0.94384765625}, {"start": 2496.04, "end": 2497.02, "word": " 50%.", "probability": 0.9677734375}, {"start": 2497.02, "end": 2501.22, "word": " The", "probability": 0.072021484375}, {"start": 2501.22, "end": 2505.88, "word": " price", "probability": 0.880859375}, {"start": 2505.88, "end": 2510.84, "word": " elasticity", "probability": 0.4267578125}, {"start": 2510.84, "end": 2511.06, "word": " of", "probability": 0.814453125}, {"start": 2511.06, "end": 2511.32, "word": " demand", "probability": 0.5234375}, {"start": 2511.32, "end": 2511.66, "word": " equals", "probability": 0.89013671875}, {"start": 2511.66, "end": 2511.98, "word": " change", "probability": 0.81982421875}, {"start": 2511.98, "end": 2512.12, "word": " in", "probability": 0.8994140625}, {"start": 2512.12, "end": 2512.34, "word": " quantity", "probability": 0.97509765625}, {"start": 2512.34, "end": 2512.66, "word": " demanded", "probability": 0.7939453125}, {"start": 2512.66, "end": 2513.14, "word": " percent", "probability": 0.428466796875}, {"start": 2513.14, "end": 2513.44, "word": " over", "probability": 0.84033203125}, {"start": 2513.44, "end": 2514.04, "word": " percent", "probability": 0.65869140625}, {"start": 2514.04, "end": 2514.5, "word": " change", "probability": 0.8837890625}, {"start": 2514.5, "end": 2514.82, "word": " in", "probability": 0.9453125}, {"start": 2514.82, "end": 2515.4, "word": " income.", "probability": 0.935546875}, {"start": 2515.58, "end": 2516.0, "word": " So", "probability": 0.96533203125}, {"start": 2516.0, "end": 2516.78, "word": " IED.", "probability": 0.81494140625}], "temperature": 1.0}, {"id": 90, "seek": 254031, "start": 2518.63, "end": 2540.31, "text": " Equals the quantity demanded goes down by 50%. Negative 50% over the percentage as the consumer's income declined or went down by 30% minus 30%. Equals sine negative negative negative.", "tokens": [15624, 1124, 264, 11275, 28276, 1709, 760, 538, 2625, 6856, 43230, 2625, 4, 670, 264, 9668, 382, 264, 9711, 311, 5742, 29213, 420, 1437, 760, 538, 2217, 4, 3175, 2217, 6856, 15624, 1124, 18609, 3671, 3671, 3671, 13], "avg_logprob": -0.31109774571198684, "compression_ratio": 1.434108527131783, "no_speech_prob": 0.0, "words": [{"start": 2518.63, "end": 2519.35, "word": " Equals", "probability": 0.745849609375}, {"start": 2519.35, "end": 2520.21, "word": " the", "probability": 0.62890625}, {"start": 2520.21, "end": 2520.67, "word": " quantity", "probability": 0.9814453125}, {"start": 2520.67, "end": 2521.25, "word": " demanded", "probability": 0.9248046875}, {"start": 2521.25, "end": 2521.79, "word": " goes", "probability": 0.904296875}, {"start": 2521.79, "end": 2522.15, "word": " down", "probability": 0.86376953125}, {"start": 2522.15, "end": 2522.39, "word": " by", "probability": 0.970703125}, {"start": 2522.39, "end": 2523.33, "word": " 50%.", "probability": 0.663330078125}, {"start": 2523.33, "end": 2525.73, "word": " Negative", "probability": 0.92919921875}, {"start": 2525.73, "end": 2526.21, "word": " 50", "probability": 0.97021484375}, {"start": 2526.21, "end": 2526.79, "word": "%", "probability": 0.8642578125}, {"start": 2526.79, "end": 2527.61, "word": " over", "probability": 0.9248046875}, {"start": 2527.61, "end": 2528.45, "word": " the", "probability": 0.8955078125}, {"start": 2528.45, "end": 2529.45, "word": " percentage", "probability": 0.49267578125}, {"start": 2529.45, "end": 2530.81, "word": " as", "probability": 0.1817626953125}, {"start": 2530.81, "end": 2530.93, "word": " the", "probability": 0.720703125}, {"start": 2530.93, "end": 2531.57, "word": " consumer's", "probability": 0.7381591796875}, {"start": 2531.57, "end": 2531.87, "word": " income", "probability": 0.9384765625}, {"start": 2531.87, "end": 2532.49, "word": " declined", "probability": 0.71826171875}, {"start": 2532.49, "end": 2532.75, "word": " or", "probability": 0.86181640625}, {"start": 2532.75, "end": 2532.95, "word": " went", "probability": 0.8759765625}, {"start": 2532.95, "end": 2533.31, "word": " down", "probability": 0.859375}, {"start": 2533.31, "end": 2533.65, "word": " by", "probability": 0.97265625}, {"start": 2533.65, "end": 2534.05, "word": " 30", "probability": 0.97216796875}, {"start": 2534.05, "end": 2534.57, "word": "%", "probability": 0.71142578125}, {"start": 2534.57, "end": 2535.17, "word": " minus", "probability": 0.97607421875}, {"start": 2535.17, "end": 2536.57, "word": " 30%.", "probability": 0.7027587890625}, {"start": 2536.57, "end": 2537.33, "word": " Equals", "probability": 0.9482421875}, {"start": 2537.33, "end": 2538.97, "word": " sine", "probability": 0.2437744140625}, {"start": 2538.97, "end": 2539.77, "word": " negative", "probability": 0.73095703125}, {"start": 2539.77, "end": 2539.93, "word": " negative", "probability": 0.60498046875}, {"start": 2539.93, "end": 2540.31, "word": " negative.", "probability": 0.71240234375}], "temperature": 1.0}, {"id": 91, "seek": 256653, "start": 2542.37, "end": 2566.53, "text": " equals positive 1.6, which means that the demand here is elastic and the product is normal here because the positive sign here. Demand is elastic because the absolute value of IED is", "tokens": [6915, 3353, 502, 13, 21, 11, 597, 1355, 300, 264, 4733, 510, 307, 17115, 293, 264, 1674, 307, 2710, 510, 570, 264, 3353, 1465, 510, 13, 4686, 474, 307, 17115, 570, 264, 8236, 2158, 295, 286, 4731, 307], "avg_logprob": -0.16426281822033417, "compression_ratio": 1.4523809523809523, "no_speech_prob": 0.0, "words": [{"start": 2542.37, "end": 2543.05, "word": " equals", "probability": 0.7109375}, {"start": 2543.05, "end": 2543.85, "word": " positive", "probability": 0.83349609375}, {"start": 2543.85, "end": 2544.25, "word": " 1", "probability": 0.955078125}, {"start": 2544.25, "end": 2544.89, "word": ".6,", "probability": 0.9931640625}, {"start": 2545.09, "end": 2545.31, "word": " which", "probability": 0.95068359375}, {"start": 2545.31, "end": 2545.65, "word": " means", "probability": 0.9326171875}, {"start": 2545.65, "end": 2546.03, "word": " that", "probability": 0.93505859375}, {"start": 2546.03, "end": 2546.81, "word": " the", "probability": 0.8798828125}, {"start": 2546.81, "end": 2547.39, "word": " demand", "probability": 0.89697265625}, {"start": 2547.39, "end": 2547.79, "word": " here", "probability": 0.857421875}, {"start": 2547.79, "end": 2548.15, "word": " is", "probability": 0.9482421875}, {"start": 2548.15, "end": 2548.77, "word": " elastic", "probability": 0.96875}, {"start": 2548.77, "end": 2549.93, "word": " and", "probability": 0.47412109375}, {"start": 2549.93, "end": 2550.89, "word": " the", "probability": 0.9091796875}, {"start": 2550.89, "end": 2551.19, "word": " product", "probability": 0.9111328125}, {"start": 2551.19, "end": 2551.61, "word": " is", "probability": 0.95166015625}, {"start": 2551.61, "end": 2552.37, "word": " normal", "probability": 0.8828125}, {"start": 2552.37, "end": 2552.77, "word": " here", "probability": 0.8115234375}, {"start": 2552.77, "end": 2554.51, "word": " because", "probability": 0.337890625}, {"start": 2554.51, "end": 2555.15, "word": " the", "probability": 0.68310546875}, {"start": 2555.15, "end": 2555.55, "word": " positive", "probability": 0.93896484375}, {"start": 2555.55, "end": 2555.95, "word": " sign", "probability": 0.9111328125}, {"start": 2555.95, "end": 2556.41, "word": " here.", "probability": 0.81103515625}, {"start": 2558.97, "end": 2560.13, "word": " Demand", "probability": 0.84765625}, {"start": 2560.13, "end": 2560.57, "word": " is", "probability": 0.95068359375}, {"start": 2560.57, "end": 2561.39, "word": " elastic", "probability": 0.9658203125}, {"start": 2561.39, "end": 2563.13, "word": " because", "probability": 0.83056640625}, {"start": 2563.13, "end": 2563.87, "word": " the", "probability": 0.9228515625}, {"start": 2563.87, "end": 2564.49, "word": " absolute", "probability": 0.89404296875}, {"start": 2564.49, "end": 2565.05, "word": " value", "probability": 0.97216796875}, {"start": 2565.05, "end": 2565.31, "word": " of", "probability": 0.97119140625}, {"start": 2565.31, "end": 2565.89, "word": " IED", "probability": 0.881103515625}, {"start": 2565.89, "end": 2566.53, "word": " is", "probability": 0.93017578125}], "temperature": 1.0}, {"id": 92, "seek": 259715, "start": 2567.65, "end": 2597.15, "text": " Positive or bigger than one. And the chicken here is a normal good. Because then the sign here is positive. And this we say can be fresh chicken. Okay? Let's apply the midpoint formula.", "tokens": [46326, 420, 3801, 813, 472, 13, 400, 264, 4662, 510, 307, 257, 2710, 665, 13, 1436, 550, 264, 1465, 510, 307, 3353, 13, 400, 341, 321, 584, 393, 312, 4451, 4662, 13, 1033, 30, 961, 311, 3079, 264, 2062, 6053, 8513, 13], "avg_logprob": -0.3243095930232558, "compression_ratio": 1.3880597014925373, "no_speech_prob": 0.0, "words": [{"start": 2567.65, "end": 2568.21, "word": " Positive", "probability": 0.415283203125}, {"start": 2568.21, "end": 2568.83, "word": " or", "probability": 0.79638671875}, {"start": 2568.83, "end": 2569.93, "word": " bigger", "probability": 0.9384765625}, {"start": 2569.93, "end": 2570.25, "word": " than", "probability": 0.9423828125}, {"start": 2570.25, "end": 2570.53, "word": " one.", "probability": 0.7138671875}, {"start": 2571.35, "end": 2571.75, "word": " And", "probability": 0.91162109375}, {"start": 2571.75, "end": 2572.33, "word": " the", "probability": 0.654296875}, {"start": 2572.33, "end": 2572.61, "word": " chicken", "probability": 0.88720703125}, {"start": 2572.61, "end": 2572.91, "word": " here", "probability": 0.86572265625}, {"start": 2572.91, "end": 2573.35, "word": " is", "probability": 0.9482421875}, {"start": 2573.35, "end": 2574.11, "word": " a", "probability": 0.75}, {"start": 2574.11, "end": 2574.45, "word": " normal", "probability": 0.86962890625}, {"start": 2574.45, "end": 2574.79, "word": " good.", "probability": 0.892578125}, {"start": 2579.97, "end": 2580.77, "word": " Because", "probability": 0.8720703125}, {"start": 2580.77, "end": 2581.05, "word": " then", "probability": 0.31640625}, {"start": 2581.05, "end": 2581.33, "word": " the", "probability": 0.70947265625}, {"start": 2581.33, "end": 2581.65, "word": " sign", "probability": 0.8857421875}, {"start": 2581.65, "end": 2581.93, "word": " here", "probability": 0.8544921875}, {"start": 2581.93, "end": 2582.25, "word": " is", "probability": 0.9501953125}, {"start": 2582.25, "end": 2582.79, "word": " positive.", "probability": 0.92333984375}, {"start": 2583.95, "end": 2583.99, "word": " And", "probability": 0.11322021484375}, {"start": 2583.99, "end": 2584.21, "word": " this", "probability": 0.52880859375}, {"start": 2584.21, "end": 2584.31, "word": " we", "probability": 0.398681640625}, {"start": 2584.31, "end": 2584.53, "word": " say", "probability": 0.580078125}, {"start": 2584.53, "end": 2585.23, "word": " can", "probability": 0.21533203125}, {"start": 2585.23, "end": 2585.61, "word": " be", "probability": 0.830078125}, {"start": 2585.61, "end": 2586.03, "word": " fresh", "probability": 0.4521484375}, {"start": 2586.03, "end": 2586.51, "word": " chicken.", "probability": 0.8466796875}, {"start": 2589.89, "end": 2590.69, "word": " Okay?", "probability": 0.291748046875}, {"start": 2594.71, "end": 2595.51, "word": " Let's", "probability": 0.956787109375}, {"start": 2595.51, "end": 2595.99, "word": " apply", "probability": 0.92626953125}, {"start": 2595.99, "end": 2596.37, "word": " the", "probability": 0.92236328125}, {"start": 2596.37, "end": 2596.77, "word": " midpoint", "probability": 0.885986328125}, {"start": 2596.77, "end": 2597.15, "word": " formula.", "probability": 0.89404296875}], "temperature": 1.0}, {"id": 93, "seek": 260129, "start": 2598.51, "end": 2601.29, "text": " Let's apply the midpoint formula.", "tokens": [961, 311, 3079, 264, 2062, 6053, 8513, 13], "avg_logprob": -0.1677517361111111, "compression_ratio": 0.8095238095238095, "no_speech_prob": 0.0, "words": [{"start": 2598.51, "end": 2598.95, "word": " Let's", "probability": 0.858642578125}, {"start": 2598.95, "end": 2599.43, "word": " apply", "probability": 0.92919921875}, {"start": 2599.43, "end": 2600.13, "word": " the", "probability": 0.9296875}, {"start": 2600.13, "end": 2600.67, "word": " midpoint", "probability": 0.879638671875}, {"start": 2600.67, "end": 2601.29, "word": " formula.", "probability": 0.91015625}], "temperature": 1.0}, {"id": 94, "seek": 264894, "start": 2627.3, "end": 2648.94, "text": " As we said that, the midpoint formula for the income elasticity of demand is as follows here. IED equals Q2 minus Q1 over I2 minus I1 times summation of income and sum of the quantity demanded. Let's have the following example.", "tokens": [1018, 321, 848, 300, 11, 264, 2062, 6053, 8513, 337, 264, 5742, 46260, 295, 4733, 307, 382, 10002, 510, 13, 286, 4731, 6915, 1249, 17, 3175, 1249, 16, 670, 286, 17, 3175, 286, 16, 1413, 28811, 295, 5742, 293, 2408, 295, 264, 11275, 28276, 13, 961, 311, 362, 264, 3480, 1365, 13], "avg_logprob": -0.19295400718473038, "compression_ratio": 1.4074074074074074, "no_speech_prob": 0.0, "words": [{"start": 2627.3, "end": 2627.64, "word": " As", "probability": 0.9150390625}, {"start": 2627.64, "end": 2627.86, "word": " we", "probability": 0.9580078125}, {"start": 2627.86, "end": 2628.06, "word": " said", "probability": 0.9521484375}, {"start": 2628.06, "end": 2628.42, "word": " that,", "probability": 0.623046875}, {"start": 2629.74, "end": 2630.14, "word": " the", "probability": 0.90625}, {"start": 2630.14, "end": 2630.56, "word": " midpoint", "probability": 0.658203125}, {"start": 2630.56, "end": 2631.1, "word": " formula", "probability": 0.90478515625}, {"start": 2631.1, "end": 2631.68, "word": " for", "probability": 0.92041015625}, {"start": 2631.68, "end": 2631.84, "word": " the", "probability": 0.6748046875}, {"start": 2631.84, "end": 2632.1, "word": " income", "probability": 0.9580078125}, {"start": 2632.1, "end": 2632.5, "word": " elasticity", "probability": 0.7783203125}, {"start": 2632.5, "end": 2632.82, "word": " of", "probability": 0.9228515625}, {"start": 2632.82, "end": 2633.1, "word": " demand", "probability": 0.89013671875}, {"start": 2633.1, "end": 2635.04, "word": " is", "probability": 0.90771484375}, {"start": 2635.04, "end": 2635.36, "word": " as", "probability": 0.9638671875}, {"start": 2635.36, "end": 2635.62, "word": " follows", "probability": 0.5}, {"start": 2635.62, "end": 2636.0, "word": " here.", "probability": 0.8310546875}, {"start": 2636.96, "end": 2637.4, "word": " IED", "probability": 0.58984375}, {"start": 2637.4, "end": 2637.86, "word": " equals", "probability": 0.83984375}, {"start": 2637.86, "end": 2638.22, "word": " Q2", "probability": 0.89208984375}, {"start": 2638.22, "end": 2638.52, "word": " minus", "probability": 0.9716796875}, {"start": 2638.52, "end": 2638.9, "word": " Q1", "probability": 0.990234375}, {"start": 2638.9, "end": 2639.18, "word": " over", "probability": 0.89990234375}, {"start": 2639.18, "end": 2639.52, "word": " I2", "probability": 0.96875}, {"start": 2639.52, "end": 2639.86, "word": " minus", "probability": 0.97900390625}, {"start": 2639.86, "end": 2640.24, "word": " I1", "probability": 0.9951171875}, {"start": 2640.24, "end": 2640.64, "word": " times", "probability": 0.87890625}, {"start": 2640.64, "end": 2641.38, "word": " summation", "probability": 0.740234375}, {"start": 2641.38, "end": 2641.74, "word": " of", "probability": 0.94970703125}, {"start": 2641.74, "end": 2642.16, "word": " income", "probability": 0.953125}, {"start": 2642.16, "end": 2642.56, "word": " and", "probability": 0.91259765625}, {"start": 2642.56, "end": 2642.9, "word": " sum", "probability": 0.84228515625}, {"start": 2642.9, "end": 2643.3, "word": " of", "probability": 0.966796875}, {"start": 2643.3, "end": 2643.86, "word": " the", "probability": 0.84228515625}, {"start": 2643.86, "end": 2644.4, "word": " quantity", "probability": 0.370361328125}, {"start": 2644.4, "end": 2644.94, "word": " demanded.", "probability": 0.91748046875}, {"start": 2647.02, "end": 2647.78, "word": " Let's", "probability": 0.7183837890625}, {"start": 2647.78, "end": 2647.98, "word": " have", "probability": 0.9423828125}, {"start": 2647.98, "end": 2648.14, "word": " the", "probability": 0.86474609375}, {"start": 2648.14, "end": 2648.42, "word": " following", "probability": 0.9111328125}, {"start": 2648.42, "end": 2648.94, "word": " example.", "probability": 0.97021484375}], "temperature": 1.0}, {"id": 95, "seek": 268768, "start": 2658.4, "end": 2687.68, "text": " If we have the following data, one, two, income, one thousand shekels, NIS,", "tokens": [759, 321, 362, 264, 3480, 1412, 11, 472, 11, 732, 11, 5742, 11, 472, 4714, 750, 7124, 82, 11, 426, 2343, 11], "avg_logprob": -0.3340692831122357, "compression_ratio": 1.0133333333333334, "no_speech_prob": 0.0, "words": [{"start": 2658.4, "end": 2658.66, "word": " If", "probability": 0.8486328125}, {"start": 2658.66, "end": 2658.8, "word": " we", "probability": 0.95654296875}, {"start": 2658.8, "end": 2658.98, "word": " have", "probability": 0.90771484375}, {"start": 2658.98, "end": 2659.12, "word": " the", "probability": 0.9189453125}, {"start": 2659.12, "end": 2659.42, "word": " following", "probability": 0.8779296875}, {"start": 2659.42, "end": 2659.88, "word": " data,", "probability": 0.93994140625}, {"start": 2662.5, "end": 2662.98, "word": " one,", "probability": 0.2435302734375}, {"start": 2663.2, "end": 2669.82, "word": " two,", "probability": 0.90478515625}, {"start": 2674.04, "end": 2675.22, "word": " income,", "probability": 0.94091796875}, {"start": 2678.06, "end": 2678.44, "word": " one", "probability": 0.41748046875}, {"start": 2678.44, "end": 2683.98, "word": " thousand", "probability": 0.84228515625}, {"start": 2683.98, "end": 2686.86, "word": " shekels,", "probability": 0.8527018229166666}, {"start": 2686.86, "end": 2687.68, "word": " NIS,", "probability": 0.8759765625}], "temperature": 1.0}, {"id": 96, "seek": 271784, "start": 2691.22, "end": 2717.84, "text": " 1,200. Quant demanded was seven. And this is unknown. If income elasticity of demand equals minus two. How much is", "tokens": [502, 11, 7629, 13, 26968, 28276, 390, 3407, 13, 400, 341, 307, 9841, 13, 759, 5742, 46260, 295, 4733, 6915, 3175, 732, 13, 1012, 709, 307], "avg_logprob": -0.258969905199828, "compression_ratio": 1.1057692307692308, "no_speech_prob": 0.0, "words": [{"start": 2691.22, "end": 2691.52, "word": " 1", "probability": 0.345947265625}, {"start": 2691.52, "end": 2692.28, "word": ",200.", "probability": 0.6888427734375}, {"start": 2695.0, "end": 2696.14, "word": " Quant", "probability": 0.71484375}, {"start": 2696.14, "end": 2696.6, "word": " demanded", "probability": 0.75048828125}, {"start": 2696.6, "end": 2697.08, "word": " was", "probability": 0.94921875}, {"start": 2697.08, "end": 2697.9, "word": " seven.", "probability": 0.8515625}, {"start": 2699.44, "end": 2699.66, "word": " And", "probability": 0.8046875}, {"start": 2699.66, "end": 2699.82, "word": " this", "probability": 0.93603515625}, {"start": 2699.82, "end": 2699.98, "word": " is", "probability": 0.9443359375}, {"start": 2699.98, "end": 2700.44, "word": " unknown.", "probability": 0.8779296875}, {"start": 2706.04, "end": 2706.78, "word": " If", "probability": 0.93359375}, {"start": 2706.78, "end": 2709.54, "word": " income", "probability": 0.8671875}, {"start": 2709.54, "end": 2710.12, "word": " elasticity", "probability": 0.8330078125}, {"start": 2710.12, "end": 2710.42, "word": " of", "probability": 0.95654296875}, {"start": 2710.42, "end": 2710.76, "word": " demand", "probability": 0.91796875}, {"start": 2710.76, "end": 2711.5, "word": " equals", "probability": 0.92626953125}, {"start": 2711.5, "end": 2712.12, "word": " minus", "probability": 0.9521484375}, {"start": 2712.12, "end": 2712.52, "word": " two.", "probability": 0.91357421875}, {"start": 2715.82, "end": 2716.98, "word": " How", "probability": 0.96240234375}, {"start": 2716.98, "end": 2717.34, "word": " much", "probability": 0.92333984375}, {"start": 2717.34, "end": 2717.84, "word": " is", "probability": 0.9462890625}], "temperature": 1.0}, {"id": 97, "seek": 274474, "start": 2719.62, "end": 2744.74, "text": " the quantity demanded of this product when income increased from 1,000 shekels to 1,200. Which means you have the following data. When your income was 1,000 shekels, your consumption, your demand was seven units. This is units by number of units.", "tokens": [264, 11275, 28276, 295, 341, 1674, 562, 5742, 6505, 490, 502, 11, 1360, 750, 7124, 82, 281, 502, 11, 7629, 13, 3013, 1355, 291, 362, 264, 3480, 1412, 13, 1133, 428, 5742, 390, 502, 11, 1360, 750, 7124, 82, 11, 428, 12126, 11, 428, 4733, 390, 3407, 6815, 13, 639, 307, 6815, 538, 1230, 295, 6815, 13], "avg_logprob": -0.13207165357367745, "compression_ratio": 1.5153374233128833, "no_speech_prob": 0.0, "words": [{"start": 2719.62, "end": 2719.86, "word": " the", "probability": 0.41259765625}, {"start": 2719.86, "end": 2720.38, "word": " quantity", "probability": 0.97900390625}, {"start": 2720.38, "end": 2720.98, "word": " demanded", "probability": 0.93798828125}, {"start": 2720.98, "end": 2721.46, "word": " of", "probability": 0.9482421875}, {"start": 2721.46, "end": 2721.7, "word": " this", "probability": 0.94287109375}, {"start": 2721.7, "end": 2722.2, "word": " product", "probability": 0.89892578125}, {"start": 2722.2, "end": 2722.7, "word": " when", "probability": 0.75244140625}, {"start": 2722.7, "end": 2723.1, "word": " income", "probability": 0.91357421875}, {"start": 2723.1, "end": 2723.74, "word": " increased", "probability": 0.89892578125}, {"start": 2723.74, "end": 2724.12, "word": " from", "probability": 0.8935546875}, {"start": 2724.12, "end": 2724.54, "word": " 1", "probability": 0.263427734375}, {"start": 2724.54, "end": 2725.02, "word": ",000", "probability": 0.98388671875}, {"start": 2725.02, "end": 2725.54, "word": " shekels", "probability": 0.9381510416666666}, {"start": 2725.54, "end": 2725.64, "word": " to", "probability": 0.51904296875}, {"start": 2725.64, "end": 2725.84, "word": " 1", "probability": 0.96630859375}, {"start": 2725.84, "end": 2726.38, "word": ",200.", "probability": 0.963623046875}, {"start": 2728.28, "end": 2729.06, "word": " Which", "probability": 0.8828125}, {"start": 2729.06, "end": 2729.44, "word": " means", "probability": 0.93994140625}, {"start": 2729.44, "end": 2730.28, "word": " you", "probability": 0.80859375}, {"start": 2730.28, "end": 2730.76, "word": " have", "probability": 0.95166015625}, {"start": 2730.76, "end": 2731.3, "word": " the", "probability": 0.916015625}, {"start": 2731.3, "end": 2731.68, "word": " following", "probability": 0.89111328125}, {"start": 2731.68, "end": 2732.08, "word": " data.", "probability": 0.9208984375}, {"start": 2732.92, "end": 2733.26, "word": " When", "probability": 0.90478515625}, {"start": 2733.26, "end": 2733.5, "word": " your", "probability": 0.87060546875}, {"start": 2733.5, "end": 2734.0, "word": " income", "probability": 0.9365234375}, {"start": 2734.0, "end": 2735.12, "word": " was", "probability": 0.81494140625}, {"start": 2735.12, "end": 2735.46, "word": " 1", "probability": 0.9736328125}, {"start": 2735.46, "end": 2735.96, "word": ",000", "probability": 0.99951171875}, {"start": 2735.96, "end": 2736.8, "word": " shekels,", "probability": 0.9625651041666666}, {"start": 2737.2, "end": 2737.44, "word": " your", "probability": 0.89453125}, {"start": 2737.44, "end": 2738.24, "word": " consumption,", "probability": 0.9794921875}, {"start": 2738.76, "end": 2738.94, "word": " your", "probability": 0.8896484375}, {"start": 2738.94, "end": 2739.66, "word": " demand", "probability": 0.91162109375}, {"start": 2739.66, "end": 2740.34, "word": " was", "probability": 0.814453125}, {"start": 2740.34, "end": 2741.12, "word": " seven", "probability": 0.88623046875}, {"start": 2741.12, "end": 2741.64, "word": " units.", "probability": 0.94384765625}, {"start": 2742.32, "end": 2742.54, "word": " This", "probability": 0.89404296875}, {"start": 2742.54, "end": 2742.8, "word": " is", "probability": 0.93896484375}, {"start": 2742.8, "end": 2743.3, "word": " units", "probability": 0.87353515625}, {"start": 2743.3, "end": 2743.7, "word": " by", "probability": 0.7548828125}, {"start": 2743.7, "end": 2744.28, "word": " number", "probability": 0.90380859375}, {"start": 2744.28, "end": 2744.46, "word": " of", "probability": 0.96923828125}, {"start": 2744.46, "end": 2744.74, "word": " units.", "probability": 0.94775390625}], "temperature": 1.0}, {"id": 98, "seek": 277780, "start": 2749.02, "end": 2777.8, "text": " Your consumption was seven. When the consumer's income, when your income increased to 1,200 from 1,000 to 1,200 shekels, what will happen to your consumption, your demand? I don't know. If the income elasticity of demand was minus two, calculated.", "tokens": [2260, 12126, 390, 3407, 13, 1133, 264, 9711, 311, 5742, 11, 562, 428, 5742, 6505, 281, 502, 11, 7629, 490, 502, 11, 1360, 281, 502, 11, 7629, 750, 7124, 82, 11, 437, 486, 1051, 281, 428, 12126, 11, 428, 4733, 30, 286, 500, 380, 458, 13, 759, 264, 5742, 46260, 295, 4733, 390, 3175, 732, 11, 15598, 13], "avg_logprob": -0.1585010653835232, "compression_ratio": 1.521472392638037, "no_speech_prob": 0.0, "words": [{"start": 2749.02, "end": 2749.26, "word": " Your", "probability": 0.418701171875}, {"start": 2749.26, "end": 2749.74, "word": " consumption", "probability": 0.9658203125}, {"start": 2749.74, "end": 2750.28, "word": " was", "probability": 0.95654296875}, {"start": 2750.28, "end": 2750.76, "word": " seven.", "probability": 0.84765625}, {"start": 2754.7, "end": 2755.02, "word": " When", "probability": 0.8203125}, {"start": 2755.02, "end": 2755.16, "word": " the", "probability": 0.83056640625}, {"start": 2755.16, "end": 2755.94, "word": " consumer's", "probability": 0.7392578125}, {"start": 2755.94, "end": 2756.34, "word": " income,", "probability": 0.94140625}, {"start": 2756.5, "end": 2756.72, "word": " when", "probability": 0.93994140625}, {"start": 2756.72, "end": 2756.94, "word": " your", "probability": 0.87744140625}, {"start": 2756.94, "end": 2757.38, "word": " income", "probability": 0.92724609375}, {"start": 2757.38, "end": 2758.06, "word": " increased", "probability": 0.763671875}, {"start": 2758.06, "end": 2758.32, "word": " to", "probability": 0.80078125}, {"start": 2758.32, "end": 2758.52, "word": " 1", "probability": 0.49755859375}, {"start": 2758.52, "end": 2759.38, "word": ",200", "probability": 0.84765625}, {"start": 2759.38, "end": 2759.78, "word": " from", "probability": 0.5556640625}, {"start": 2759.78, "end": 2760.06, "word": " 1", "probability": 0.90673828125}, {"start": 2760.06, "end": 2760.42, "word": ",000", "probability": 0.985107421875}, {"start": 2760.42, "end": 2760.56, "word": " to", "probability": 0.94970703125}, {"start": 2760.56, "end": 2761.2, "word": " 1", "probability": 0.98828125}, {"start": 2761.2, "end": 2762.04, "word": ",200", "probability": 0.93994140625}, {"start": 2762.04, "end": 2763.12, "word": " shekels,", "probability": 0.9182942708333334}, {"start": 2763.42, "end": 2765.08, "word": " what", "probability": 0.94189453125}, {"start": 2765.08, "end": 2765.28, "word": " will", "probability": 0.81787109375}, {"start": 2765.28, "end": 2765.82, "word": " happen", "probability": 0.93115234375}, {"start": 2765.82, "end": 2766.68, "word": " to", "probability": 0.96728515625}, {"start": 2766.68, "end": 2766.92, "word": " your", "probability": 0.8896484375}, {"start": 2766.92, "end": 2767.6, "word": " consumption,", "probability": 0.9814453125}, {"start": 2768.04, "end": 2768.2, "word": " your", "probability": 0.890625}, {"start": 2768.2, "end": 2768.76, "word": " demand?", "probability": 0.9248046875}, {"start": 2770.16, "end": 2770.96, "word": " I", "probability": 0.28466796875}, {"start": 2770.96, "end": 2771.14, "word": " don't", "probability": 0.97998046875}, {"start": 2771.14, "end": 2771.42, "word": " know.", "probability": 0.89111328125}, {"start": 2771.8, "end": 2772.2, "word": " If", "probability": 0.966796875}, {"start": 2772.2, "end": 2773.74, "word": " the", "probability": 0.8818359375}, {"start": 2773.74, "end": 2774.2, "word": " income", "probability": 0.955078125}, {"start": 2774.2, "end": 2774.74, "word": " elasticity", "probability": 0.77685546875}, {"start": 2774.74, "end": 2775.02, "word": " of", "probability": 0.90234375}, {"start": 2775.02, "end": 2775.34, "word": " demand", "probability": 0.9150390625}, {"start": 2775.34, "end": 2776.24, "word": " was", "probability": 0.94970703125}, {"start": 2776.24, "end": 2776.66, "word": " minus", "probability": 0.93310546875}, {"start": 2776.66, "end": 2777.02, "word": " two,", "probability": 0.912109375}, {"start": 2777.3, "end": 2777.8, "word": " calculated.", "probability": 0.69384765625}], "temperature": 1.0}, {"id": 99, "seek": 280336, "start": 2780.42, "end": 2803.36, "text": " and determine the type of the product. How much is it Q2? This is I1, I2, QD1, QD2. And IED is known here. Calculate Q2. Number two.", "tokens": [293, 6997, 264, 2010, 295, 264, 1674, 13, 1012, 709, 307, 309, 1249, 17, 30, 639, 307, 286, 16, 11, 286, 17, 11, 1249, 35, 16, 11, 1249, 35, 17, 13, 400, 286, 4731, 307, 2570, 510, 13, 3511, 2444, 473, 1249, 17, 13, 5118, 732, 13], "avg_logprob": -0.19368489645421505, "compression_ratio": 1.1176470588235294, "no_speech_prob": 0.0, "words": [{"start": 2780.42, "end": 2780.76, "word": " and", "probability": 0.57373046875}, {"start": 2780.76, "end": 2781.28, "word": " determine", "probability": 0.794921875}, {"start": 2781.28, "end": 2781.64, "word": " the", "probability": 0.91259765625}, {"start": 2781.64, "end": 2782.06, "word": " type", "probability": 0.986328125}, {"start": 2782.06, "end": 2782.34, "word": " of", "probability": 0.9716796875}, {"start": 2782.34, "end": 2782.48, "word": " the", "probability": 0.89599609375}, {"start": 2782.48, "end": 2782.84, "word": " product.", "probability": 0.9228515625}, {"start": 2784.66, "end": 2785.28, "word": " How", "probability": 0.45263671875}, {"start": 2785.28, "end": 2785.68, "word": " much", "probability": 0.91796875}, {"start": 2785.68, "end": 2785.92, "word": " is", "probability": 0.94287109375}, {"start": 2785.92, "end": 2786.1, "word": " it", "probability": 0.400146484375}, {"start": 2786.1, "end": 2786.58, "word": " Q2?", "probability": 0.863037109375}, {"start": 2787.1, "end": 2787.32, "word": " This", "probability": 0.869140625}, {"start": 2787.32, "end": 2787.58, "word": " is", "probability": 0.935546875}, {"start": 2787.58, "end": 2788.14, "word": " I1,", "probability": 0.9169921875}, {"start": 2788.82, "end": 2789.5, "word": " I2,", "probability": 0.978515625}, {"start": 2790.44, "end": 2791.9, "word": " QD1,", "probability": 0.8230794270833334}, {"start": 2792.14, "end": 2793.66, "word": " QD2.", "probability": 0.9905598958333334}, {"start": 2794.62, "end": 2795.58, "word": " And", "probability": 0.83251953125}, {"start": 2795.58, "end": 2796.06, "word": " IED", "probability": 0.7060546875}, {"start": 2796.06, "end": 2796.44, "word": " is", "probability": 0.94677734375}, {"start": 2796.44, "end": 2796.72, "word": " known", "probability": 0.75244140625}, {"start": 2796.72, "end": 2797.12, "word": " here.", "probability": 0.85888671875}, {"start": 2799.26, "end": 2800.22, "word": " Calculate", "probability": 0.9168294270833334}, {"start": 2800.22, "end": 2800.82, "word": " Q2.", "probability": 0.989013671875}, {"start": 2802.84, "end": 2803.06, "word": " Number", "probability": 0.4716796875}, {"start": 2803.06, "end": 2803.36, "word": " two.", "probability": 0.66357421875}], "temperature": 1.0}, {"id": 100, "seek": 282378, "start": 2804.56, "end": 2823.78, "text": " Determine or state the type of the product. Is it normal or inferior? Why? Is it normal or inferior? Inferior, because you're negative sign of IED. Solution is IED using this formula here.", "tokens": [4237, 966, 533, 420, 1785, 264, 2010, 295, 264, 1674, 13, 1119, 309, 2710, 420, 24249, 30, 1545, 30, 1119, 309, 2710, 420, 24249, 30, 682, 612, 1973, 11, 570, 291, 434, 3671, 1465, 295, 286, 4731, 13, 318, 3386, 307, 286, 4731, 1228, 341, 8513, 510, 13], "avg_logprob": -0.2305484693877551, "compression_ratio": 1.4104477611940298, "no_speech_prob": 0.0, "words": [{"start": 2804.5600000000004, "end": 2805.28, "word": " Determine", "probability": 0.8369140625}, {"start": 2805.28, "end": 2805.56, "word": " or", "probability": 0.87158203125}, {"start": 2805.56, "end": 2805.98, "word": " state", "probability": 0.95458984375}, {"start": 2805.98, "end": 2806.26, "word": " the", "probability": 0.9130859375}, {"start": 2806.26, "end": 2806.64, "word": " type", "probability": 0.984375}, {"start": 2806.64, "end": 2806.84, "word": " of", "probability": 0.9716796875}, {"start": 2806.84, "end": 2806.96, "word": " the", "probability": 0.859375}, {"start": 2806.96, "end": 2807.28, "word": " product.", "probability": 0.91357421875}, {"start": 2807.42, "end": 2807.58, "word": " Is", "probability": 0.9619140625}, {"start": 2807.58, "end": 2807.78, "word": " it", "probability": 0.9501953125}, {"start": 2807.78, "end": 2808.22, "word": " normal", "probability": 0.85693359375}, {"start": 2808.22, "end": 2808.6, "word": " or", "probability": 0.958984375}, {"start": 2808.6, "end": 2809.08, "word": " inferior?", "probability": 0.93603515625}, {"start": 2809.48, "end": 2809.68, "word": " Why?", "probability": 0.8779296875}, {"start": 2810.88, "end": 2810.88, "word": " Is", "probability": 0.5576171875}, {"start": 2810.88, "end": 2812.54, "word": " it", "probability": 0.94921875}, {"start": 2812.54, "end": 2813.12, "word": " normal", "probability": 0.85302734375}, {"start": 2813.12, "end": 2813.42, "word": " or", "probability": 0.96044921875}, {"start": 2813.42, "end": 2813.8, "word": " inferior?", "probability": 0.91748046875}, {"start": 2814.44, "end": 2815.16, "word": " Inferior,", "probability": 0.94921875}, {"start": 2815.5, "end": 2815.76, "word": " because", "probability": 0.875}, {"start": 2815.76, "end": 2816.16, "word": " you're", "probability": 0.671142578125}, {"start": 2816.16, "end": 2816.46, "word": " negative", "probability": 0.64697265625}, {"start": 2816.46, "end": 2816.94, "word": " sign", "probability": 0.8818359375}, {"start": 2816.94, "end": 2817.2, "word": " of", "probability": 0.93701171875}, {"start": 2817.2, "end": 2817.7, "word": " IED.", "probability": 0.681884765625}, {"start": 2819.18, "end": 2819.9, "word": " Solution", "probability": 0.6754150390625}, {"start": 2819.9, "end": 2820.12, "word": " is", "probability": 0.246337890625}, {"start": 2820.12, "end": 2821.64, "word": " IED", "probability": 0.7196044921875}, {"start": 2821.64, "end": 2822.84, "word": " using", "probability": 0.44775390625}, {"start": 2822.84, "end": 2823.12, "word": " this", "probability": 0.94189453125}, {"start": 2823.12, "end": 2823.48, "word": " formula", "probability": 0.89794921875}, {"start": 2823.48, "end": 2823.78, "word": " here.", "probability": 0.79443359375}], "temperature": 1.0}, {"id": 101, "seek": 284234, "start": 2824.52, "end": 2842.34, "text": " IED equals Q2 minus Q1 over I2 minus I1 times I2 plus I1 over Q2 plus Q1. So IED. Sorry?", "tokens": [286, 4731, 6915, 1249, 17, 3175, 1249, 16, 670, 286, 17, 3175, 286, 16, 1413, 286, 17, 1804, 286, 16, 670, 1249, 17, 1804, 1249, 16, 13, 407, 286, 4731, 13, 4919, 30], "avg_logprob": -0.19508271532900193, "compression_ratio": 1.2361111111111112, "no_speech_prob": 0.0, "words": [{"start": 2824.52, "end": 2825.16, "word": " IED", "probability": 0.4842529296875}, {"start": 2825.16, "end": 2826.76, "word": " equals", "probability": 0.8955078125}, {"start": 2826.76, "end": 2827.36, "word": " Q2", "probability": 0.6741943359375}, {"start": 2827.36, "end": 2827.66, "word": " minus", "probability": 0.96728515625}, {"start": 2827.66, "end": 2828.3, "word": " Q1", "probability": 0.988525390625}, {"start": 2828.3, "end": 2828.84, "word": " over", "probability": 0.9013671875}, {"start": 2828.84, "end": 2830.08, "word": " I2", "probability": 0.98828125}, {"start": 2830.08, "end": 2830.6, "word": " minus", "probability": 0.9853515625}, {"start": 2830.6, "end": 2831.3, "word": " I1", "probability": 0.9970703125}, {"start": 2831.3, "end": 2832.42, "word": " times", "probability": 0.86181640625}, {"start": 2832.42, "end": 2833.08, "word": " I2", "probability": 0.995849609375}, {"start": 2833.08, "end": 2833.46, "word": " plus", "probability": 0.95068359375}, {"start": 2833.46, "end": 2834.1, "word": " I1", "probability": 0.998779296875}, {"start": 2834.1, "end": 2834.84, "word": " over", "probability": 0.89892578125}, {"start": 2834.84, "end": 2835.92, "word": " Q2", "probability": 0.99072265625}, {"start": 2835.92, "end": 2837.18, "word": " plus", "probability": 0.9501953125}, {"start": 2837.18, "end": 2837.6, "word": " Q1.", "probability": 0.998291015625}, {"start": 2837.7, "end": 2838.02, "word": " So", "probability": 0.95751953125}, {"start": 2838.02, "end": 2839.02, "word": " IED.", "probability": 0.829833984375}, {"start": 2841.06, "end": 2842.34, "word": " Sorry?", "probability": 0.56884765625}], "temperature": 1.0}, {"id": 102, "seek": 288011, "start": 2859.03, "end": 2880.11, "text": " You are free. You can use times I1 over QD1. That's it. But this is IED equals minus 2 equals Q2 minus Q1.", "tokens": [509, 366, 1737, 13, 509, 393, 764, 1413, 286, 16, 670, 1249, 35, 16, 13, 663, 311, 309, 13, 583, 341, 307, 286, 4731, 6915, 3175, 568, 6915, 1249, 17, 3175, 1249, 16, 13], "avg_logprob": -0.297767858845847, "compression_ratio": 1.1382978723404256, "no_speech_prob": 0.0, "words": [{"start": 2859.0299999999997, "end": 2859.95, "word": " You", "probability": 0.091796875}, {"start": 2859.95, "end": 2860.87, "word": " are", "probability": 0.71826171875}, {"start": 2860.87, "end": 2861.13, "word": " free.", "probability": 0.91845703125}, {"start": 2861.29, "end": 2861.37, "word": " You", "probability": 0.95654296875}, {"start": 2861.37, "end": 2861.63, "word": " can", "probability": 0.9541015625}, {"start": 2861.63, "end": 2862.35, "word": " use", "probability": 0.88525390625}, {"start": 2862.35, "end": 2863.29, "word": " times", "probability": 0.630859375}, {"start": 2863.29, "end": 2863.75, "word": " I1", "probability": 0.762939453125}, {"start": 2863.75, "end": 2864.05, "word": " over", "probability": 0.91796875}, {"start": 2864.05, "end": 2864.57, "word": " QD1.", "probability": 0.8274739583333334}, {"start": 2864.87, "end": 2865.07, "word": " That's", "probability": 0.905029296875}, {"start": 2865.07, "end": 2865.33, "word": " it.", "probability": 0.9599609375}, {"start": 2866.11, "end": 2866.29, "word": " But", "probability": 0.61669921875}, {"start": 2866.29, "end": 2866.71, "word": " this", "probability": 0.853515625}, {"start": 2866.71, "end": 2867.01, "word": " is", "probability": 0.94189453125}, {"start": 2867.01, "end": 2875.13, "word": " IED", "probability": 0.46630859375}, {"start": 2875.13, "end": 2876.09, "word": " equals", "probability": 0.66162109375}, {"start": 2876.09, "end": 2876.93, "word": " minus", "probability": 0.89501953125}, {"start": 2876.93, "end": 2877.43, "word": " 2", "probability": 0.47265625}, {"start": 2877.43, "end": 2878.69, "word": " equals", "probability": 0.8046875}, {"start": 2878.69, "end": 2879.23, "word": " Q2", "probability": 0.978515625}, {"start": 2879.23, "end": 2879.55, "word": " minus", "probability": 0.98681640625}, {"start": 2879.55, "end": 2880.11, "word": " Q1.", "probability": 0.968505859375}], "temperature": 1.0}, {"id": 103, "seek": 290177, "start": 2882.01, "end": 2901.77, "text": " minus QD17 over I2 minus I1, 1200 minus 1000 times 1200 plus 1000 over Q2 plus 7.", "tokens": [3175, 1249, 35, 7773, 670, 286, 17, 3175, 286, 16, 11, 29139, 3175, 9714, 1413, 29139, 1804, 9714, 670, 1249, 17, 1804, 1614, 13], "avg_logprob": -0.25078125, "compression_ratio": 1.3225806451612903, "no_speech_prob": 0.0, "words": [{"start": 2882.01, "end": 2882.63, "word": " minus", "probability": 0.68310546875}, {"start": 2882.63, "end": 2884.25, "word": " QD17", "probability": 0.5082194010416666}, {"start": 2884.25, "end": 2885.67, "word": " over", "probability": 0.8916015625}, {"start": 2885.67, "end": 2887.13, "word": " I2", "probability": 0.948486328125}, {"start": 2887.13, "end": 2887.69, "word": " minus", "probability": 0.97998046875}, {"start": 2887.69, "end": 2888.27, "word": " I1,", "probability": 0.990234375}, {"start": 2888.45, "end": 2889.15, "word": " 1200", "probability": 0.413818359375}, {"start": 2889.15, "end": 2890.17, "word": " minus", "probability": 0.92626953125}, {"start": 2890.17, "end": 2890.79, "word": " 1000", "probability": 0.740234375}, {"start": 2890.79, "end": 2892.29, "word": " times", "probability": 0.546875}, {"start": 2892.29, "end": 2894.07, "word": " 1200", "probability": 0.708984375}, {"start": 2894.07, "end": 2895.23, "word": " plus", "probability": 0.951171875}, {"start": 2895.23, "end": 2896.85, "word": " 1000", "probability": 0.7451171875}, {"start": 2896.85, "end": 2897.95, "word": " over", "probability": 0.87109375}, {"start": 2897.95, "end": 2900.03, "word": " Q2", "probability": 0.992431640625}, {"start": 2900.03, "end": 2901.21, "word": " plus", "probability": 0.96484375}, {"start": 2901.21, "end": 2901.77, "word": " 7.", "probability": 0.90234375}], "temperature": 1.0}, {"id": 104, "seek": 293039, "start": 2906.33, "end": 2930.39, "text": " Minus two equals Q to minus seven over two hundred times two thousand two hundred over Q to plus seven. Minus two equals Q to minus seven over times one eleven.", "tokens": [2829, 301, 732, 6915, 1249, 281, 3175, 3407, 670, 732, 3262, 1413, 732, 4714, 732, 3262, 670, 1249, 281, 1804, 3407, 13, 2829, 301, 732, 6915, 1249, 281, 3175, 3407, 670, 1413, 472, 21090, 13], "avg_logprob": -0.2721354158388244, "compression_ratio": 1.8089887640449438, "no_speech_prob": 0.0, "words": [{"start": 2906.33, "end": 2907.29, "word": " Minus", "probability": 0.59228515625}, {"start": 2907.29, "end": 2907.53, "word": " two", "probability": 0.5126953125}, {"start": 2907.53, "end": 2908.07, "word": " equals", "probability": 0.861328125}, {"start": 2908.07, "end": 2908.43, "word": " Q", "probability": 0.55126953125}, {"start": 2908.43, "end": 2908.65, "word": " to", "probability": 0.6787109375}, {"start": 2908.65, "end": 2908.97, "word": " minus", "probability": 0.978515625}, {"start": 2908.97, "end": 2909.37, "word": " seven", "probability": 0.88623046875}, {"start": 2909.37, "end": 2910.01, "word": " over", 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"probability": 0.9248046875}, {"start": 2917.47, "end": 2918.43, "word": " Minus", "probability": 0.96533203125}, {"start": 2918.43, "end": 2918.71, "word": " two", "probability": 0.931640625}, {"start": 2918.71, "end": 2920.79, "word": " equals", "probability": 0.90869140625}, {"start": 2920.79, "end": 2921.21, "word": " Q", "probability": 0.98193359375}, {"start": 2921.21, "end": 2921.63, "word": " to", "probability": 0.9609375}, {"start": 2921.63, "end": 2922.05, "word": " minus", "probability": 0.98486328125}, {"start": 2922.05, "end": 2922.63, "word": " seven", "probability": 0.9208984375}, {"start": 2922.63, "end": 2923.35, "word": " over", "probability": 0.81982421875}, {"start": 2923.35, "end": 2925.49, "word": " times", "probability": 0.646484375}, {"start": 2925.49, "end": 2927.93, "word": " one", "probability": 0.26611328125}, {"start": 2927.93, "end": 2930.39, "word": " eleven.", "probability": 0.640625}], "temperature": 1.0}, {"id": 105, "seek": 295827, "start": 2934.23, "end": 2958.27, "text": "x11 over q2 plus 7 minus 2 equals 11 times q2 over q2 minus 77 over q2 plus 7", "tokens": [87, 5348, 670, 9505, 17, 1804, 1614, 3175, 568, 6915, 2975, 1413, 9505, 17, 670, 9505, 17, 3175, 25546, 670, 9505, 17, 1804, 1614], "avg_logprob": -0.47124999046325683, "compression_ratio": 1.3508771929824561, "no_speech_prob": 0.0, "words": [{"start": 2934.23, "end": 2935.63, "word": "x11", "probability": 0.432525634765625}, {"start": 2935.63, "end": 2937.03, "word": " over", "probability": 0.346435546875}, {"start": 2937.03, "end": 2938.33, "word": " q2", "probability": 0.84765625}, {"start": 2938.33, "end": 2938.77, "word": " plus", "probability": 0.66943359375}, {"start": 2938.77, "end": 2939.27, "word": " 7", "probability": 0.76611328125}, {"start": 2939.27, "end": 2942.57, "word": " minus", "probability": 0.1412353515625}, {"start": 2942.57, "end": 2943.85, "word": " 2", "probability": 0.640625}, {"start": 2943.85, "end": 2946.05, "word": " equals", "probability": 0.6435546875}, {"start": 2946.05, "end": 2946.83, "word": " 11", "probability": 0.57666015625}, {"start": 2946.83, "end": 2947.23, "word": " times", "probability": 0.68701171875}, {"start": 2947.23, "end": 2947.77, "word": " q2", "probability": 0.9423828125}, {"start": 2947.77, "end": 2948.17, "word": " over", "probability": 0.308837890625}, {"start": 2948.17, "end": 2948.93, "word": " q2", "probability": 0.906982421875}, {"start": 2948.93, "end": 2949.93, "word": " minus", "probability": 0.921875}, {"start": 2949.93, "end": 2951.31, "word": " 77", "probability": 0.939453125}, {"start": 2951.31, "end": 2952.71, "word": " over", "probability": 0.875}, {"start": 2952.71, "end": 2956.65, "word": " q2", "probability": 0.6055908203125}, {"start": 2956.65, "end": 2957.83, "word": " plus", "probability": 0.935546875}, {"start": 2957.83, "end": 2958.27, "word": " 7", "probability": 0.96142578125}], "temperature": 1.0}, {"id": 106, "seek": 298367, "start": 2964.53, "end": 2983.67, "text": " Minus 2 times Q2 plus 7 equals 11Q2 minus 77. So minus 2Q2 minus 14 equals 11Q2 minus 77.", "tokens": [2829, 301, 568, 1413, 1249, 17, 1804, 1614, 6915, 2975, 48, 17, 3175, 25546, 13, 407, 3175, 568, 48, 17, 3175, 3499, 6915, 2975, 48, 17, 3175, 25546, 13], "avg_logprob": -0.19218750496705372, "compression_ratio": 1.5, "no_speech_prob": 0.0, "words": [{"start": 2964.5299999999997, "end": 2965.93, "word": " Minus", "probability": 0.624267578125}, {"start": 2965.93, "end": 2966.19, "word": " 2", "probability": 0.453369140625}, {"start": 2966.19, "end": 2966.75, "word": " times", "probability": 0.81396484375}, {"start": 2966.75, "end": 2967.51, "word": " Q2", "probability": 0.65625}, {"start": 2967.51, "end": 2967.89, "word": " plus", "probability": 0.93603515625}, {"start": 2967.89, "end": 2968.37, "word": " 7", "probability": 0.9560546875}, {"start": 2968.37, "end": 2969.41, "word": " equals", "probability": 0.9091796875}, {"start": 2969.41, "end": 2971.19, "word": " 11Q2", "probability": 0.86328125}, {"start": 2971.19, "end": 2972.19, "word": " minus", "probability": 0.98046875}, {"start": 2972.19, "end": 2972.99, "word": " 77.", "probability": 0.9814453125}, {"start": 2973.51, "end": 2974.57, "word": " So", "probability": 0.87939453125}, {"start": 2974.57, "end": 2976.39, "word": " minus", "probability": 0.8349609375}, {"start": 2976.39, "end": 2977.45, "word": " 2Q2", "probability": 0.8048502604166666}, {"start": 2977.45, "end": 2978.73, "word": " minus", "probability": 0.5009765625}, {"start": 2978.73, "end": 2980.25, "word": " 14", "probability": 0.97265625}, {"start": 2980.25, "end": 2981.35, "word": " equals", "probability": 0.9365234375}, {"start": 2981.35, "end": 2982.61, "word": " 11Q2", "probability": 0.9845377604166666}, {"start": 2982.61, "end": 2983.13, "word": " minus", "probability": 0.9814453125}, {"start": 2983.13, "end": 2983.67, "word": " 77.", "probability": 0.986328125}], "temperature": 1.0}, {"id": 107, "seek": 301221, "start": 2986.41, "end": 3012.21, "text": " Minus 2Q2 minus 11Q2 equals minus 77 plus 14. So minus 13Q2 equals minus 63. So Q2 equals minus 63 over minus 13 equals how much?", "tokens": [2829, 301, 568, 48, 17, 3175, 2975, 48, 17, 6915, 3175, 25546, 1804, 3499, 13, 407, 3175, 3705, 48, 17, 6915, 3175, 25082, 13, 407, 1249, 17, 6915, 3175, 25082, 670, 3175, 3705, 6915, 577, 709, 30], "avg_logprob": -0.15357730812148043, "compression_ratio": 1.7567567567567568, "no_speech_prob": 0.0, "words": [{"start": 2986.41, "end": 2987.81, "word": " Minus", "probability": 0.631103515625}, {"start": 2987.81, "end": 2988.93, "word": " 2Q2", "probability": 0.611328125}, {"start": 2988.93, "end": 2989.81, "word": " minus", "probability": 0.93896484375}, {"start": 2989.81, "end": 2991.17, "word": " 11Q2", "probability": 0.7721354166666666}, {"start": 2991.17, "end": 2991.83, "word": " equals", "probability": 0.93212890625}, {"start": 2991.83, "end": 2992.11, "word": " minus", "probability": 0.939453125}, {"start": 2992.11, "end": 2992.73, "word": " 77", "probability": 0.935546875}, {"start": 2992.73, "end": 2993.37, "word": " plus", "probability": 0.92626953125}, {"start": 2993.37, "end": 2994.53, "word": " 14.", "probability": 0.966796875}, {"start": 2995.15, "end": 2996.55, "word": " So", "probability": 0.91455078125}, {"start": 2996.55, "end": 2997.95, "word": " minus", "probability": 0.89208984375}, {"start": 2997.95, "end": 2999.27, "word": " 13Q2", "probability": 0.9415690104166666}, {"start": 2999.27, "end": 3000.49, "word": " equals", "probability": 0.9521484375}, {"start": 3000.49, "end": 3001.91, "word": " minus", "probability": 0.9677734375}, {"start": 3001.91, "end": 3004.01, "word": " 63.", "probability": 0.91455078125}, {"start": 3004.57, "end": 3005.31, "word": " So", "probability": 0.947265625}, {"start": 3005.31, "end": 3005.97, "word": " Q2", "probability": 0.989990234375}, {"start": 3005.97, "end": 3007.11, "word": " equals", "probability": 0.9580078125}, {"start": 3007.11, "end": 3007.95, "word": " minus", "probability": 0.9765625}, {"start": 3007.95, "end": 3008.93, "word": " 63", "probability": 0.9208984375}, {"start": 3008.93, "end": 3009.53, "word": " over", "probability": 0.9150390625}, {"start": 3009.53, "end": 3009.95, "word": " minus", "probability": 0.9853515625}, {"start": 3009.95, "end": 3010.59, "word": " 13", "probability": 0.94287109375}, {"start": 3010.59, "end": 3011.59, "word": " equals", "probability": 0.7001953125}, {"start": 3011.59, "end": 3011.83, "word": " how", "probability": 0.92626953125}, {"start": 3011.83, "end": 3012.21, "word": " much?", "probability": 0.92236328125}], "temperature": 1.0}, {"id": 108, "seek": 302858, "start": 3014.46, "end": 3028.58, "text": " Positive 4.84. Okay. So the quantity demanded two here equals how much? 4.84.", "tokens": [46326, 1017, 13, 25494, 13, 1033, 13, 407, 264, 11275, 28276, 732, 510, 6915, 577, 709, 30, 1017, 13, 25494, 13], "avg_logprob": -0.3348721618002111, "compression_ratio": 0.975, "no_speech_prob": 0.0, "words": [{"start": 3014.46, "end": 3015.04, "word": " Positive", "probability": 0.63916015625}, {"start": 3015.04, "end": 3016.26, "word": " 4", "probability": 0.311767578125}, {"start": 3016.26, "end": 3018.04, "word": ".84.", "probability": 0.699951171875}, {"start": 3019.96, "end": 3020.08, "word": " Okay.", "probability": 0.47216796875}, {"start": 3020.82, "end": 3021.42, "word": " So", "probability": 0.955078125}, {"start": 3021.42, "end": 3021.98, "word": " the", "probability": 0.7109375}, {"start": 3021.98, "end": 3022.46, "word": " quantity", "probability": 0.982421875}, {"start": 3022.46, "end": 3022.96, "word": " demanded", "probability": 0.95654296875}, {"start": 3022.96, "end": 3023.24, "word": " two", "probability": 0.334228515625}, {"start": 3023.24, "end": 3023.62, "word": " here", "probability": 0.85205078125}, {"start": 3023.62, "end": 3025.18, "word": " equals", "probability": 0.86962890625}, {"start": 3025.18, "end": 3025.54, "word": " how", "probability": 0.896484375}, {"start": 3025.54, "end": 3026.02, "word": " much?", "probability": 0.9111328125}, {"start": 3026.46, "end": 3027.42, "word": " 4", "probability": 0.86279296875}, {"start": 3027.42, "end": 3028.58, "word": ".84.", "probability": 0.98095703125}], "temperature": 1.0}, {"id": 109, "seek": 305118, "start": 3031.76, "end": 3051.18, "text": " What does this mean here? As the consumer's income goes up from 1000 shekels to 1200, the quantity demanded goes or went down from seven to 4.8. The demand is or the product here is an inferior.", "tokens": [708, 775, 341, 914, 510, 30, 1018, 264, 9711, 311, 5742, 1709, 493, 490, 9714, 750, 7124, 82, 281, 29139, 11, 264, 11275, 28276, 1709, 420, 1437, 760, 490, 3407, 281, 1017, 13, 23, 13, 440, 4733, 307, 420, 264, 1674, 510, 307, 364, 24249, 13], "avg_logprob": -0.19448137854007966, "compression_ratio": 1.3636363636363635, "no_speech_prob": 0.0, "words": [{"start": 3031.76, "end": 3031.98, "word": " What", "probability": 0.826171875}, {"start": 3031.98, "end": 3032.22, "word": " does", "probability": 0.96875}, {"start": 3032.22, "end": 3032.48, "word": " this", "probability": 0.94677734375}, {"start": 3032.48, "end": 3032.74, "word": " mean", "probability": 0.9736328125}, {"start": 3032.74, "end": 3033.06, "word": " here?", "probability": 0.83349609375}, {"start": 3033.64, "end": 3034.0, "word": " As", "probability": 0.96826171875}, {"start": 3034.0, "end": 3034.14, "word": " the", "probability": 0.8232421875}, {"start": 3034.14, "end": 3035.0, "word": " consumer's", "probability": 0.7509765625}, {"start": 3035.0, "end": 3035.36, "word": " income", "probability": 0.94140625}, {"start": 3035.36, "end": 3035.98, "word": " goes", "probability": 0.93115234375}, {"start": 3035.98, "end": 3036.42, "word": " up", "probability": 0.96630859375}, {"start": 3036.42, "end": 3037.14, "word": " from", "probability": 0.83154296875}, {"start": 3037.14, "end": 3038.06, "word": " 1000", "probability": 0.71630859375}, {"start": 3038.06, "end": 3039.06, "word": " shekels", "probability": 0.9091796875}, {"start": 3039.06, "end": 3039.18, "word": " to", "probability": 0.9658203125}, {"start": 3039.18, "end": 3039.88, "word": " 1200,", "probability": 0.7255859375}, {"start": 3040.64, "end": 3041.1, "word": " the", "probability": 0.9169921875}, {"start": 3041.1, "end": 3041.66, "word": " quantity", "probability": 0.9248046875}, {"start": 3041.66, "end": 3042.32, "word": " demanded", "probability": 0.93017578125}, {"start": 3042.32, "end": 3043.14, "word": " goes", "probability": 0.8720703125}, {"start": 3043.14, "end": 3043.44, "word": " or", "probability": 0.7021484375}, {"start": 3043.44, "end": 3043.72, "word": " went", "probability": 0.8837890625}, {"start": 3043.72, "end": 3044.16, "word": " down", "probability": 0.85400390625}, {"start": 3044.16, "end": 3044.7, "word": " from", "probability": 0.8681640625}, {"start": 3044.7, "end": 3045.34, "word": " seven", "probability": 0.619140625}, {"start": 3045.34, "end": 3045.6, "word": " to", "probability": 0.966796875}, {"start": 3045.6, "end": 3046.08, "word": " 4", "probability": 0.91162109375}, {"start": 3046.08, "end": 3046.98, "word": ".8.", "probability": 0.99609375}, {"start": 3048.0, "end": 3048.24, "word": " The", "probability": 0.88037109375}, {"start": 3048.24, "end": 3048.68, "word": " demand", "probability": 0.845703125}, {"start": 3048.68, "end": 3049.14, "word": " is", "probability": 0.88232421875}, {"start": 3049.14, "end": 3049.44, "word": " or", "probability": 0.5322265625}, {"start": 3049.44, "end": 3049.6, "word": " the", "probability": 0.9208984375}, {"start": 3049.6, "end": 3049.82, "word": " product", "probability": 0.88525390625}, {"start": 3049.82, "end": 3050.12, "word": " here", "probability": 0.8076171875}, {"start": 3050.12, "end": 3050.44, "word": " is", "probability": 0.9375}, {"start": 3050.44, "end": 3050.74, "word": " an", "probability": 0.59326171875}, {"start": 3050.74, "end": 3051.18, "word": " inferior.", "probability": 0.94677734375}], "temperature": 1.0}, {"id": 110, "seek": 308443, "start": 3077.01, "end": 3084.43, "text": " Okay, let's go to the crisp price elasticity of demand. Okay, break, two minutes.", "tokens": [1033, 11, 718, 311, 352, 281, 264, 22952, 3218, 46260, 295, 4733, 13, 1033, 11, 1821, 11, 732, 2077, 13], "avg_logprob": -0.31305804139091853, "compression_ratio": 1.0379746835443038, "no_speech_prob": 0.0, "words": [{"start": 3077.01, "end": 3077.65, "word": " Okay,", "probability": 0.2012939453125}, {"start": 3077.65, "end": 3078.29, "word": " let's", "probability": 0.739013671875}, {"start": 3078.29, "end": 3078.47, "word": " go", "probability": 0.96630859375}, {"start": 3078.47, "end": 3078.65, "word": " to", "probability": 0.92626953125}, {"start": 3078.65, "end": 3078.83, "word": " the", "probability": 0.89892578125}, {"start": 3078.83, "end": 3079.15, "word": " crisp", "probability": 0.1422119140625}, {"start": 3079.15, "end": 3079.73, "word": " price", "probability": 0.91162109375}, {"start": 3079.73, "end": 3080.29, "word": " elasticity", "probability": 0.9287109375}, {"start": 3080.29, "end": 3080.79, "word": " of", "probability": 0.64501953125}, {"start": 3080.79, "end": 3081.09, "word": " demand.", "probability": 0.91259765625}, {"start": 3082.35, "end": 3082.99, "word": " Okay,", "probability": 0.69921875}, {"start": 3083.25, "end": 3083.71, "word": " break,", "probability": 0.962890625}, {"start": 3083.81, "end": 3084.11, "word": " two", "probability": 0.93115234375}, {"start": 3084.11, "end": 3084.43, "word": " minutes.", "probability": 0.93359375}], "temperature": 1.0}, {"id": 111, "seek": 311413, "start": 3085.95, "end": 3114.13, "text": " Okay, let's go to the cross price elasticity of demand. Cross price elasticity of demand. But before that, let's come back to the relationship between the products.", "tokens": [1033, 11, 718, 311, 352, 281, 264, 3278, 3218, 46260, 295, 4733, 13, 11623, 3218, 46260, 295, 4733, 13, 583, 949, 300, 11, 718, 311, 808, 646, 281, 264, 2480, 1296, 264, 3383, 13], "avg_logprob": -0.12354910373687744, "compression_ratio": 1.4732142857142858, "no_speech_prob": 0.0, "words": [{"start": 3085.95, "end": 3086.35, "word": " Okay,", "probability": 0.736328125}, {"start": 3086.67, "end": 3087.65, "word": " let's", "probability": 0.96923828125}, {"start": 3087.65, "end": 3087.85, "word": " go", "probability": 0.96484375}, {"start": 3087.85, "end": 3088.03, "word": " to", "probability": 0.951171875}, {"start": 3088.03, "end": 3088.19, "word": " the", "probability": 0.90283203125}, {"start": 3088.19, "end": 3088.43, "word": " cross", "probability": 0.87353515625}, {"start": 3088.43, "end": 3088.83, "word": " price", "probability": 0.63525390625}, {"start": 3088.83, "end": 3089.37, "word": " elasticity", "probability": 0.95263671875}, {"start": 3089.37, "end": 3089.63, "word": " of", "probability": 0.96630859375}, {"start": 3089.63, "end": 3089.93, "word": " demand.", "probability": 0.89892578125}, {"start": 3091.29, "end": 3092.03, "word": " Cross", "probability": 0.7685546875}, {"start": 3092.03, "end": 3095.69, "word": " price", "probability": 0.77978515625}, {"start": 3095.69, "end": 3098.21, "word": " elasticity", "probability": 0.9384765625}, {"start": 3098.21, "end": 3101.07, "word": " of", "probability": 0.9619140625}, {"start": 3101.07, "end": 3101.47, "word": " demand.", "probability": 0.89697265625}, {"start": 3104.77, "end": 3105.79, "word": " But", "probability": 0.919921875}, {"start": 3105.79, "end": 3106.11, "word": " before", "probability": 0.83642578125}, {"start": 3106.11, "end": 3106.49, "word": " that,", "probability": 0.9365234375}, {"start": 3107.21, "end": 3107.51, "word": " let's", "probability": 0.973876953125}, {"start": 3107.51, "end": 3107.85, "word": " come", "probability": 0.8671875}, {"start": 3107.85, "end": 3108.63, "word": " back", "probability": 0.875}, {"start": 3108.63, "end": 3109.13, "word": " to", "probability": 0.970703125}, {"start": 3109.13, "end": 3111.91, "word": " the", "probability": 0.87109375}, {"start": 3111.91, "end": 3112.45, "word": " relationship", "probability": 0.91259765625}, {"start": 3112.45, "end": 3112.97, "word": " between", "probability": 0.88037109375}, {"start": 3112.97, "end": 3113.79, "word": " the", "probability": 0.89306640625}, {"start": 3113.79, "end": 3114.13, "word": " products.", "probability": 0.86962890625}], "temperature": 1.0}, {"id": 112, "seek": 314057, "start": 3114.97, "end": 3140.57, "text": " different products. Like the demand for or the price of fuel and demand for cars. The price of meat and demand or demand for chicken.", "tokens": [819, 3383, 13, 1743, 264, 4733, 337, 420, 264, 3218, 295, 6616, 293, 4733, 337, 5163, 13, 440, 3218, 295, 4615, 293, 4733, 420, 4733, 337, 4662, 13], "avg_logprob": -0.26495150862068967, "compression_ratio": 1.5402298850574712, "no_speech_prob": 0.0, "words": [{"start": 3114.97, "end": 3115.37, "word": " different", "probability": 0.448974609375}, {"start": 3115.37, "end": 3115.81, "word": " products.", "probability": 0.86767578125}, {"start": 3116.67, "end": 3116.95, "word": " Like", "probability": 0.8486328125}, {"start": 3116.95, "end": 3117.11, "word": " the", "probability": 0.869140625}, {"start": 3117.11, "end": 3117.55, "word": " demand", "probability": 0.767578125}, {"start": 3117.55, "end": 3118.13, "word": " for", "probability": 0.85791015625}, {"start": 3118.13, "end": 3118.49, "word": " or", "probability": 0.48583984375}, {"start": 3118.49, "end": 3118.63, "word": " the", "probability": 0.91455078125}, {"start": 3118.63, "end": 3118.93, "word": " price", "probability": 0.92529296875}, {"start": 3118.93, "end": 3119.09, "word": " of", "probability": 0.9599609375}, {"start": 3119.09, "end": 3119.37, "word": " fuel", "probability": 0.85546875}, {"start": 3119.37, "end": 3123.13, "word": " and", "probability": 0.461669921875}, {"start": 3123.13, "end": 3123.51, "word": " demand", "probability": 0.9033203125}, {"start": 3123.51, "end": 3123.75, "word": " for", "probability": 0.95068359375}, {"start": 3123.75, "end": 3124.15, "word": " cars.", "probability": 0.93115234375}, {"start": 3131.55, "end": 3132.33, "word": " The", "probability": 0.87939453125}, {"start": 3132.33, "end": 3132.69, "word": " price", "probability": 0.9150390625}, {"start": 3132.69, "end": 3132.91, "word": " of", "probability": 0.97021484375}, {"start": 3132.91, "end": 3133.31, "word": " meat", "probability": 0.95849609375}, {"start": 3133.31, "end": 3137.85, "word": " and", "probability": 0.8037109375}, {"start": 3137.85, "end": 3138.89, "word": " demand", "probability": 0.91015625}, {"start": 3138.89, "end": 3139.17, "word": " or", "probability": 0.8076171875}, {"start": 3139.17, "end": 3139.51, "word": " demand", "probability": 0.541015625}, {"start": 3139.51, "end": 3140.13, "word": " for", "probability": 0.90380859375}, {"start": 3140.13, "end": 3140.57, "word": " chicken.", "probability": 0.86328125}], "temperature": 1.0}, {"id": 113, "seek": 317818, "start": 3149.94, "end": 3178.18, "text": " price of cars and demand for computers. I think that we had an idea about this point. As we mentioned that as the price of a fuel goes up,", "tokens": [3218, 295, 5163, 293, 4733, 337, 10807, 13, 286, 519, 300, 321, 632, 364, 1558, 466, 341, 935, 13, 1018, 321, 2835, 300, 382, 264, 3218, 295, 257, 6616, 1709, 493, 11], "avg_logprob": -0.14678030303030304, "compression_ratio": 1.2990654205607477, "no_speech_prob": 0.0, "words": [{"start": 3149.94, "end": 3150.96, "word": " price", "probability": 0.496826171875}, {"start": 3150.96, "end": 3151.98, "word": " of", "probability": 0.9169921875}, {"start": 3151.98, "end": 3153.72, "word": " cars", "probability": 0.931640625}, {"start": 3153.72, "end": 3156.06, "word": " and", "probability": 0.8408203125}, {"start": 3156.06, "end": 3156.8, "word": " demand", "probability": 0.90185546875}, {"start": 3156.8, "end": 3157.84, "word": " for", "probability": 0.947265625}, {"start": 3157.84, "end": 3158.52, "word": " computers.", "probability": 0.91357421875}, {"start": 3166.0, "end": 3167.02, "word": " I", "probability": 0.9697265625}, {"start": 3167.02, "end": 3167.32, "word": " think", "probability": 0.9267578125}, {"start": 3167.32, "end": 3168.14, "word": " that", "probability": 0.728515625}, {"start": 3168.14, "end": 3168.66, "word": " we", "probability": 0.921875}, {"start": 3168.66, "end": 3168.88, "word": " had", "probability": 0.86572265625}, {"start": 3168.88, "end": 3169.1, "word": " an", "probability": 0.94970703125}, {"start": 3169.1, "end": 3169.44, "word": " idea", "probability": 0.9248046875}, {"start": 3169.44, "end": 3169.8, "word": " about", "probability": 0.8955078125}, {"start": 3169.8, "end": 3170.08, "word": " this", "probability": 0.95263671875}, {"start": 3170.08, "end": 3170.38, "word": " point.", "probability": 0.9736328125}, {"start": 3170.58, "end": 3171.58, "word": " As", "probability": 0.9697265625}, {"start": 3171.58, "end": 3171.7, "word": " we", "probability": 0.94677734375}, {"start": 3171.7, "end": 3172.12, "word": " mentioned", "probability": 0.8017578125}, {"start": 3172.12, "end": 3172.66, "word": " that", "probability": 0.83837890625}, {"start": 3172.66, "end": 3174.92, "word": " as", "probability": 0.767578125}, {"start": 3174.92, "end": 3175.12, "word": " the", "probability": 0.921875}, {"start": 3175.12, "end": 3175.62, "word": " price", "probability": 0.90673828125}, {"start": 3175.62, "end": 3176.7, "word": " of", "probability": 0.966796875}, {"start": 3176.7, "end": 3176.82, "word": " a", "probability": 0.62060546875}, {"start": 3176.82, "end": 3177.06, "word": " fuel", "probability": 0.86328125}, {"start": 3177.06, "end": 3177.7, "word": " goes", "probability": 0.92431640625}, {"start": 3177.7, "end": 3178.18, "word": " up,", "probability": 0.97119140625}], "temperature": 1.0}, {"id": 114, "seek": 320235, "start": 3179.33, "end": 3202.35, "text": " The demand for cars goes down. These two products are complement. There is a complementary relations between the prices of one product, product X, and the quantity demanded or demand for product Y. Right?", "tokens": [440, 4733, 337, 5163, 1709, 760, 13, 1981, 732, 3383, 366, 17103, 13, 821, 307, 257, 40705, 2299, 1296, 264, 7901, 295, 472, 1674, 11, 1674, 1783, 11, 293, 264, 11275, 28276, 420, 4733, 337, 1674, 398, 13, 1779, 30], "avg_logprob": -0.222370421014181, "compression_ratio": 1.5073529411764706, "no_speech_prob": 0.0, "words": [{"start": 3179.33, "end": 3179.61, "word": " The", "probability": 0.3671875}, {"start": 3179.61, "end": 3180.15, "word": " demand", "probability": 0.9052734375}, {"start": 3180.15, "end": 3180.45, "word": " for", "probability": 0.9541015625}, {"start": 3180.45, "end": 3181.15, "word": " cars", "probability": 0.92431640625}, {"start": 3181.15, "end": 3181.73, "word": " goes", "probability": 0.89599609375}, {"start": 3181.73, "end": 3183.03, "word": " down.", "probability": 0.830078125}, {"start": 3183.95, "end": 3184.37, "word": " These", "probability": 0.92041015625}, {"start": 3184.37, "end": 3184.69, "word": " two", "probability": 0.9111328125}, {"start": 3184.69, "end": 3185.13, "word": " products", "probability": 0.8876953125}, {"start": 3185.13, "end": 3185.69, "word": " are", "probability": 0.91064453125}, {"start": 3185.69, "end": 3186.45, "word": " complement.", "probability": 0.6259765625}, {"start": 3187.61, "end": 3188.51, "word": " There", "probability": 0.78662109375}, {"start": 3188.51, "end": 3188.63, "word": " is", "probability": 0.77978515625}, {"start": 3188.63, "end": 3188.73, "word": " a", "probability": 0.8798828125}, {"start": 3188.73, "end": 3189.33, "word": " complementary", "probability": 0.58251953125}, {"start": 3189.33, "end": 3190.13, "word": " relations", "probability": 0.787109375}, {"start": 3190.13, "end": 3191.07, "word": " between", "probability": 0.88037109375}, {"start": 3191.07, "end": 3192.37, "word": " the", "probability": 0.8203125}, {"start": 3192.37, "end": 3192.93, "word": " prices", "probability": 0.87548828125}, {"start": 3192.93, "end": 3194.83, "word": " of", "probability": 0.339111328125}, {"start": 3194.83, "end": 3195.05, "word": " one", "probability": 0.89306640625}, {"start": 3195.05, "end": 3195.41, "word": " product,", "probability": 0.9140625}, {"start": 3195.51, "end": 3195.77, "word": " product", "probability": 0.88916015625}, {"start": 3195.77, "end": 3196.09, "word": " X,", "probability": 0.791015625}, {"start": 3196.29, "end": 3196.63, "word": " and", "probability": 0.93212890625}, {"start": 3196.63, "end": 3197.21, "word": " the", "probability": 0.9228515625}, {"start": 3197.21, "end": 3197.63, "word": " quantity", "probability": 0.9814453125}, {"start": 3197.63, "end": 3198.15, "word": " demanded", "probability": 0.919921875}, {"start": 3198.15, "end": 3198.39, "word": " or", "probability": 0.8330078125}, {"start": 3198.39, "end": 3198.77, "word": " demand", "probability": 0.86328125}, {"start": 3198.77, "end": 3199.15, "word": " for", "probability": 0.94140625}, {"start": 3199.15, "end": 3200.89, "word": " product", "probability": 0.84716796875}, {"start": 3200.89, "end": 3201.29, "word": " Y.", "probability": 0.98095703125}, {"start": 3201.85, "end": 3202.35, "word": " Right?", "probability": 0.8759765625}], "temperature": 1.0}, {"id": 115, "seek": 322617, "start": 3203.11, "end": 3226.17, "text": " So if the sign here positive, negative, the final result would be negative. Positive times negative, negative. These two products are complements. This is the product X, the price of X.", "tokens": [407, 498, 264, 1465, 510, 3353, 11, 3671, 11, 264, 2572, 1874, 576, 312, 3671, 13, 46326, 1413, 3671, 11, 3671, 13, 1981, 732, 3383, 366, 715, 17988, 13, 639, 307, 264, 1674, 1783, 11, 264, 3218, 295, 1783, 13], "avg_logprob": -0.18473703686783954, "compression_ratio": 1.5121951219512195, "no_speech_prob": 0.0, "words": [{"start": 3203.11, "end": 3203.55, "word": " So", "probability": 0.81298828125}, {"start": 3203.55, "end": 3203.89, "word": " if", "probability": 0.73681640625}, {"start": 3203.89, "end": 3204.09, "word": " the", "probability": 0.8759765625}, {"start": 3204.09, "end": 3204.41, "word": " sign", "probability": 0.84814453125}, {"start": 3204.41, "end": 3204.73, "word": " here", "probability": 0.8623046875}, {"start": 3204.73, "end": 3205.41, "word": " positive,", "probability": 0.65673828125}, {"start": 3205.75, "end": 3206.41, "word": " negative,", "probability": 0.8212890625}, {"start": 3207.13, "end": 3207.33, "word": " the", "probability": 0.888671875}, {"start": 3207.33, "end": 3208.27, "word": " final", "probability": 0.9013671875}, {"start": 3208.27, "end": 3208.79, "word": " result", "probability": 0.95263671875}, {"start": 3208.79, "end": 3208.97, "word": " would", "probability": 0.48876953125}, {"start": 3208.97, "end": 3209.11, "word": " be", "probability": 0.951171875}, {"start": 3209.11, "end": 3209.55, "word": " negative.", "probability": 0.8642578125}, {"start": 3209.75, "end": 3210.37, "word": " Positive", "probability": 0.89404296875}, {"start": 3210.37, "end": 3210.93, "word": " times", "probability": 0.90625}, {"start": 3210.93, "end": 3211.57, "word": " negative,", "probability": 0.9453125}, {"start": 3211.99, "end": 3212.41, "word": " negative.", "probability": 0.9541015625}, {"start": 3212.91, "end": 3213.39, "word": " These", "probability": 0.93359375}, {"start": 3213.39, "end": 3213.67, "word": " two", "probability": 0.93310546875}, {"start": 3213.67, "end": 3214.13, "word": " products", "probability": 0.8876953125}, {"start": 3214.13, "end": 3214.77, "word": " are", "probability": 0.94091796875}, {"start": 3214.77, "end": 3216.03, "word": " complements.", "probability": 0.6912841796875}, {"start": 3222.15, "end": 3223.03, "word": " This", "probability": 0.8818359375}, {"start": 3223.03, "end": 3223.31, "word": " is", "probability": 0.9453125}, {"start": 3223.31, "end": 3223.45, "word": " the", "probability": 0.59423828125}, {"start": 3223.45, "end": 3223.77, "word": " product", "probability": 0.9306640625}, {"start": 3223.77, "end": 3224.25, "word": " X,", "probability": 0.6884765625}, {"start": 3224.75, "end": 3225.13, "word": " the", "probability": 0.91748046875}, {"start": 3225.13, "end": 3225.51, "word": " price", "probability": 0.92724609375}, {"start": 3225.51, "end": 3225.81, "word": " of", "probability": 0.96826171875}, {"start": 3225.81, "end": 3226.17, "word": " X.", "probability": 0.990234375}], "temperature": 1.0}, {"id": 116, "seek": 325037, "start": 3227.11, "end": 3250.37, "text": " and the quantity demanded of what? Or the price of A and quantity demanded of B? Product A and the product B. Here, the price of meat and the quantity demanded of chicken. As the price of meat goes up, the quantity demanded for chicken goes up as well.", "tokens": [293, 264, 11275, 28276, 295, 437, 30, 1610, 264, 3218, 295, 316, 293, 11275, 28276, 295, 363, 30, 22005, 316, 293, 264, 1674, 363, 13, 1692, 11, 264, 3218, 295, 4615, 293, 264, 11275, 28276, 295, 4662, 13, 1018, 264, 3218, 295, 4615, 1709, 493, 11, 264, 11275, 28276, 337, 4662, 1709, 493, 382, 731, 13], "avg_logprob": -0.16145833960750647, "compression_ratio": 2.024, "no_speech_prob": 0.0, "words": [{"start": 3227.11, "end": 3227.47, "word": " and", "probability": 0.6669921875}, {"start": 3227.47, "end": 3227.65, "word": " the", "probability": 0.79638671875}, {"start": 3227.65, "end": 3228.15, "word": " quantity", "probability": 0.98779296875}, {"start": 3228.15, "end": 3228.69, "word": " demanded", "probability": 0.9384765625}, {"start": 3228.69, "end": 3228.91, "word": " of", "probability": 0.9326171875}, {"start": 3228.91, "end": 3229.15, "word": " what?", "probability": 0.69775390625}, {"start": 3229.81, "end": 3230.11, "word": " Or", "probability": 0.89599609375}, {"start": 3230.11, "end": 3230.29, "word": " the", "probability": 0.8740234375}, {"start": 3230.29, "end": 3230.63, "word": " price", "probability": 0.92626953125}, {"start": 3230.63, "end": 3230.83, "word": " of", "probability": 0.962890625}, {"start": 3230.83, "end": 3231.25, "word": " A", "probability": 0.9150390625}, {"start": 3231.25, "end": 3232.07, "word": " and", "probability": 0.84814453125}, {"start": 3232.07, "end": 3232.43, "word": " quantity", "probability": 0.63720703125}, {"start": 3232.43, "end": 3232.89, "word": " demanded", "probability": 0.931640625}, {"start": 3232.89, "end": 3233.17, "word": " of", "probability": 0.958984375}, {"start": 3233.17, "end": 3233.51, "word": " B?", "probability": 0.986328125}, {"start": 3234.43, "end": 3234.89, "word": " Product", "probability": 0.87939453125}, {"start": 3234.89, "end": 3235.27, "word": " A", "probability": 0.9853515625}, {"start": 3235.27, "end": 3235.47, "word": " and", "probability": 0.93359375}, {"start": 3235.47, "end": 3235.59, "word": " the", "probability": 0.50390625}, {"start": 3235.59, "end": 3235.81, "word": " product", "probability": 0.884765625}, {"start": 3235.81, "end": 3236.15, "word": " B.", "probability": 0.98876953125}, {"start": 3237.91, "end": 3238.19, "word": " Here,", "probability": 0.3330078125}, {"start": 3238.25, "end": 3241.51, "word": " the", "probability": 0.8798828125}, {"start": 3241.51, "end": 3241.87, "word": " price", "probability": 0.9248046875}, {"start": 3241.87, "end": 3242.07, "word": " of", "probability": 0.9677734375}, {"start": 3242.07, "end": 3242.47, "word": " meat", "probability": 0.95849609375}, {"start": 3242.47, "end": 3242.77, "word": " and", "probability": 0.919921875}, {"start": 3242.77, "end": 3242.91, "word": " the", "probability": 0.82080078125}, {"start": 3242.91, "end": 3243.17, "word": " quantity", "probability": 0.986328125}, {"start": 3243.17, "end": 3243.53, "word": " demanded", "probability": 0.9296875}, {"start": 3243.53, "end": 3243.71, "word": " of", "probability": 0.94775390625}, {"start": 3243.71, "end": 3244.09, "word": " chicken.", "probability": 0.7978515625}, {"start": 3244.33, "end": 3244.71, "word": " As", "probability": 0.9716796875}, {"start": 3244.71, "end": 3244.87, "word": " the", "probability": 0.85595703125}, {"start": 3244.87, "end": 3245.19, "word": " price", "probability": 0.91748046875}, {"start": 3245.19, "end": 3245.41, "word": " of", "probability": 0.96875}, {"start": 3245.41, "end": 3245.65, "word": " meat", "probability": 0.9580078125}, {"start": 3245.65, "end": 3246.11, "word": " goes", "probability": 0.93701171875}, {"start": 3246.11, "end": 3246.51, "word": " up,", "probability": 0.97021484375}, {"start": 3246.87, "end": 3247.93, "word": " the", "probability": 0.9306640625}, {"start": 3247.93, "end": 3248.23, "word": " quantity", "probability": 0.99365234375}, {"start": 3248.23, "end": 3248.61, "word": " demanded", "probability": 0.93603515625}, {"start": 3248.61, "end": 3248.81, "word": " for", "probability": 0.78076171875}, {"start": 3248.81, "end": 3249.15, "word": " chicken", "probability": 0.8447265625}, {"start": 3249.15, "end": 3249.59, "word": " goes", "probability": 0.93505859375}, {"start": 3249.59, "end": 3249.89, "word": " up", "probability": 0.96923828125}, {"start": 3249.89, "end": 3250.15, "word": " as", "probability": 0.94677734375}, {"start": 3250.15, "end": 3250.37, "word": " well.", "probability": 0.93798828125}], "temperature": 1.0}, {"id": 117, "seek": 326763, "start": 3251.73, "end": 3267.63, "text": " Because the consumers will try to substitute these products. These two products are what? Substitutes. The sign here is positive. Positive times positive, the final result will be positive. 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So it should be positive. If the sign is positive here, these two products are substitutes. 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"probability": 0.9580078125}, {"start": 3403.81, "end": 3403.93, "word": " a", "probability": 0.52490234375}, {"start": 3403.93, "end": 3404.23, "word": " product", "probability": 0.845703125}, {"start": 3404.23, "end": 3404.57, "word": " A", "probability": 0.8896484375}, {"start": 3404.57, "end": 3406.71, "word": " increased", "probability": 0.451416015625}, {"start": 3406.71, "end": 3408.95, "word": " by", "probability": 0.9423828125}, {"start": 3408.95, "end": 3409.67, "word": " 1%,", "probability": 0.652099609375}, {"start": 3409.67, "end": 3412.03, "word": " and", "probability": 0.822265625}, {"start": 3412.03, "end": 3412.21, "word": " the", "probability": 0.91943359375}, {"start": 3412.21, "end": 3412.79, "word": " quantity", "probability": 0.98583984375}, {"start": 3412.79, "end": 3413.51, "word": " demanded", "probability": 0.9306640625}, {"start": 3413.51, "end": 3416.61, "word": " of", "probability": 0.9609375}, {"start": 3416.61, "end": 3416.77, "word": " a", "probability": 0.54736328125}, {"start": 3416.77, "end": 3417.07, "word": " product", "probability": 0.908203125}, {"start": 3417.07, "end": 3417.47, "word": " B,", "probability": 0.9404296875}, {"start": 3418.09, "end": 3418.09, "word": " cars,", "probability": 0.8916015625}, {"start": 3418.33, "end": 3418.67, "word": " goes", "probability": 0.93994140625}, {"start": 3418.67, "end": 3419.25, "word": " down", "probability": 0.85302734375}, {"start": 3419.25, "end": 3424.49, "word": " by", "probability": 0.289794921875}, {"start": 3424.49, "end": 3425.75, "word": " 5%.", "probability": 0.834716796875}], "temperature": 1.0}, {"id": 124, "seek": 345367, "start": 3426.67, "end": 3453.67, "text": " What does this mean? The sign will be negative. So the product B and A are what? Complements. These two products are complements. If the price of product A goes up and the demand for chicken goes up as well.", "tokens": [708, 775, 341, 914, 30, 440, 1465, 486, 312, 3671, 13, 407, 264, 1674, 363, 293, 316, 366, 437, 30, 2432, 781, 1117, 13, 1981, 732, 3383, 366, 715, 17988, 13, 759, 264, 3218, 295, 1674, 316, 1709, 493, 293, 264, 4733, 337, 4662, 1709, 493, 382, 731, 13], "avg_logprob": -0.2137500002980232, "compression_ratio": 1.4857142857142858, "no_speech_prob": 0.0, "words": [{"start": 3426.67, "end": 3426.87, "word": " What", "probability": 0.40966796875}, {"start": 3426.87, "end": 3427.35, "word": " does", "probability": 0.9541015625}, {"start": 3427.35, "end": 3427.73, "word": " this", "probability": 0.93603515625}, {"start": 3427.73, "end": 3427.99, "word": " mean?", "probability": 0.96484375}, {"start": 3428.59, "end": 3428.93, "word": " The", "probability": 0.8505859375}, {"start": 3428.93, "end": 3429.23, "word": " sign", "probability": 0.8740234375}, {"start": 3429.23, "end": 3429.41, "word": " will", "probability": 0.8466796875}, {"start": 3429.41, "end": 3429.81, "word": " be", "probability": 0.95556640625}, {"start": 3429.81, "end": 3431.23, "word": " negative.", "probability": 0.9013671875}, {"start": 3433.13, "end": 3433.63, "word": " So", "probability": 0.83447265625}, {"start": 3433.63, "end": 3434.17, "word": " the", "probability": 0.368896484375}, {"start": 3434.17, "end": 3434.89, "word": " product", "probability": 0.87451171875}, {"start": 3434.89, "end": 3435.19, "word": " B", "probability": 0.9482421875}, {"start": 3435.19, "end": 3435.55, "word": " and", "probability": 0.94970703125}, {"start": 3435.55, "end": 3435.89, "word": " A", "probability": 0.9931640625}, {"start": 3435.89, "end": 3436.23, "word": " are", "probability": 0.9365234375}, {"start": 3436.23, "end": 3436.65, "word": " what?", "probability": 0.95068359375}, {"start": 3437.17, "end": 3437.95, "word": " Complements.", "probability": 0.728515625}, {"start": 3439.19, "end": 3439.65, "word": " These", "probability": 0.86962890625}, {"start": 3439.65, "end": 3439.91, "word": " two", "probability": 0.92578125}, {"start": 3439.91, "end": 3440.27, "word": " products", "probability": 0.8896484375}, {"start": 3440.27, "end": 3440.55, "word": " are", "probability": 0.94189453125}, {"start": 3440.55, "end": 3441.13, "word": " complements.", "probability": 0.7020263671875}, {"start": 3442.57, "end": 3442.81, "word": " If", "probability": 0.60107421875}, {"start": 3442.81, "end": 3443.57, "word": " the", "probability": 0.9150390625}, {"start": 3443.57, "end": 3443.81, "word": " price", "probability": 0.93798828125}, {"start": 3443.81, "end": 3443.95, "word": " of", "probability": 0.95849609375}, {"start": 3443.95, "end": 3444.27, "word": " product", "probability": 0.87939453125}, {"start": 3444.27, "end": 3444.71, "word": " A", "probability": 0.98583984375}, {"start": 3444.71, "end": 3446.33, "word": " goes", "probability": 0.11187744140625}, {"start": 3446.33, "end": 3448.41, "word": " up", "probability": 0.9736328125}, {"start": 3448.41, "end": 3450.05, "word": " and", "probability": 0.51708984375}, {"start": 3450.05, "end": 3450.55, "word": " the", "probability": 0.90478515625}, {"start": 3450.55, "end": 3450.93, "word": " demand", "probability": 0.90283203125}, {"start": 3450.93, "end": 3451.13, "word": " for", "probability": 0.943359375}, {"start": 3451.13, "end": 3451.67, "word": " chicken", "probability": 0.80615234375}, {"start": 3451.67, "end": 3452.63, "word": " goes", "probability": 0.9287109375}, {"start": 3452.63, "end": 3453.07, "word": " up", "probability": 0.9697265625}, {"start": 3453.07, "end": 3453.41, "word": " as", "probability": 0.95947265625}, {"start": 3453.41, "end": 3453.67, "word": " well.", "probability": 0.9365234375}], "temperature": 1.0}, {"id": 125, "seek": 348375, "start": 3456.51, "end": 3483.75, "text": " So these two products are substitutes. If her price of product increased and had an unchanged. Independent. We'll take an example. You don't understand, right? This is understanding.", "tokens": [407, 613, 732, 3383, 366, 26441, 1819, 13, 759, 720, 3218, 295, 1674, 6505, 293, 632, 364, 517, 3484, 3004, 13, 40310, 13, 492, 603, 747, 364, 1365, 13, 509, 500, 380, 1223, 11, 558, 30, 639, 307, 3701, 13], "avg_logprob": -0.5194359872399307, "compression_ratio": 1.3357664233576643, "no_speech_prob": 0.0, "words": [{"start": 3456.5099999999998, "end": 3457.37, "word": " So", "probability": 0.10894775390625}, {"start": 3457.37, "end": 3458.23, "word": " these", "probability": 0.771484375}, {"start": 3458.23, "end": 3458.51, "word": " two", "probability": 0.916015625}, {"start": 3458.51, "end": 3459.01, "word": " products", "probability": 0.88720703125}, {"start": 3459.01, "end": 3459.57, "word": " are", "probability": 0.94677734375}, {"start": 3459.57, "end": 3461.95, "word": " substitutes.", "probability": 0.924560546875}, {"start": 3462.05, "end": 3462.77, "word": " If", "probability": 0.662109375}, {"start": 3462.77, "end": 3463.19, "word": " her", "probability": 0.3466796875}, {"start": 3463.19, "end": 3464.05, "word": " price", "probability": 0.90673828125}, {"start": 3464.05, "end": 3464.29, "word": " of", "probability": 0.88330078125}, {"start": 3464.29, "end": 3464.71, "word": " product", "probability": 0.853515625}, {"start": 3464.71, "end": 3465.55, "word": " increased", "probability": 0.6689453125}, {"start": 3465.55, "end": 3465.81, "word": " and", "probability": 0.837890625}, {"start": 3465.81, "end": 3466.01, "word": " had", "probability": 0.80859375}, {"start": 3466.01, "end": 3466.21, "word": " an", "probability": 0.52099609375}, {"start": 3466.21, "end": 3467.03, "word": " unchanged.", "probability": 0.4927571614583333}, {"start": 3471.99, "end": 3472.85, "word": " Independent.", "probability": 0.127685546875}, {"start": 3474.73, "end": 3475.11, "word": " We'll", "probability": 0.350830078125}, {"start": 3475.11, "end": 3475.29, "word": " take", "probability": 0.75146484375}, {"start": 3475.29, "end": 3475.41, "word": " an", "probability": 0.87841796875}, {"start": 3475.41, "end": 3475.77, "word": " example.", "probability": 0.97509765625}, {"start": 3477.31, "end": 3477.41, "word": " You", "probability": 0.5693359375}, {"start": 3477.41, "end": 3477.49, "word": " don't", "probability": 0.888671875}, {"start": 3477.49, "end": 3477.71, "word": " understand,", "probability": 0.69677734375}, {"start": 3477.89, "end": 3478.05, "word": " right?", "probability": 0.763671875}, {"start": 3480.95, "end": 3481.81, "word": " This", "probability": 0.180908203125}, {"start": 3481.81, "end": 3481.81, "word": " is", "probability": 0.367919921875}, {"start": 3481.81, "end": 3483.75, "word": " understanding.", "probability": 0.2410888671875}], "temperature": 1.0}, {"id": 126, "seek": 349509, "start": 3493.69, "end": 3495.09, "text": " Compliments.", "tokens": [33736, 8321, 13], "avg_logprob": -0.1519775390625, "compression_ratio": 0.6190476190476191, "no_speech_prob": 0.0, "words": [{"start": 3493.69, "end": 3495.09, "word": " Compliments.", "probability": 0.796630859375}], "temperature": 1.0}, {"id": 127, "seek": 352893, "start": 3512.63, "end": 3528.93, "text": " Let's have the following example to understand the idea of the cross price elasticity of demand. We have the following table. We have three products. Price.", "tokens": [961, 311, 362, 264, 3480, 1365, 281, 1223, 264, 1558, 295, 264, 3278, 3218, 46260, 295, 4733, 13, 492, 362, 264, 3480, 3199, 13, 492, 362, 1045, 3383, 13, 25803, 13], "avg_logprob": -0.16943359095603228, "compression_ratio": 1.4144144144144144, "no_speech_prob": 0.0, "words": [{"start": 3512.63, "end": 3513.03, "word": " Let's", "probability": 0.94140625}, {"start": 3513.03, "end": 3513.23, "word": " have", "probability": 0.93603515625}, {"start": 3513.23, "end": 3513.37, "word": " the", "probability": 0.8642578125}, {"start": 3513.37, "end": 3513.61, "word": " following", "probability": 0.912109375}, {"start": 3513.61, "end": 3514.11, "word": " example", "probability": 0.97021484375}, {"start": 3514.11, "end": 3514.33, "word": " to", "probability": 0.93359375}, {"start": 3514.33, "end": 3514.85, "word": " understand", "probability": 0.7939453125}, {"start": 3514.85, "end": 3515.17, "word": " the", "probability": 0.9013671875}, {"start": 3515.17, "end": 3515.55, "word": " idea", "probability": 0.91943359375}, {"start": 3515.55, "end": 3515.75, "word": " of", "probability": 0.9453125}, {"start": 3515.75, "end": 3515.87, "word": " the", "probability": 0.69189453125}, {"start": 3515.87, "end": 3516.05, "word": " cross", "probability": 0.7744140625}, {"start": 3516.05, "end": 3516.37, "word": " price", "probability": 0.767578125}, {"start": 3516.37, "end": 3516.75, "word": " elasticity", "probability": 0.2186279296875}, {"start": 3516.75, "end": 3517.09, "word": " of", "probability": 0.9423828125}, {"start": 3517.09, "end": 3517.51, "word": " demand.", "probability": 0.90380859375}, {"start": 3517.97, "end": 3518.63, "word": " We", "probability": 0.9599609375}, {"start": 3518.63, "end": 3518.89, "word": " have", "probability": 0.9443359375}, {"start": 3518.89, "end": 3519.07, "word": " the", "probability": 0.91845703125}, {"start": 3519.07, "end": 3519.39, "word": " following", "probability": 0.89111328125}, {"start": 3519.39, "end": 3519.91, "word": " table.", "probability": 0.8984375}, {"start": 3521.33, "end": 3521.99, "word": " We", "probability": 0.966796875}, {"start": 3521.99, "end": 3522.15, "word": " have", "probability": 0.80224609375}, {"start": 3522.15, "end": 3522.39, "word": " three", "probability": 0.87353515625}, {"start": 3522.39, "end": 3522.89, "word": " products.", "probability": 0.8955078125}, {"start": 3528.27, "end": 3528.93, "word": " Price.", "probability": 0.876953125}], "temperature": 1.0}, {"id": 128, "seek": 357443, "start": 3546.43, "end": 3574.43, "text": " one dimension, product A, product B, and product C. And let us assume that we have the following data, prices 10,", "tokens": [472, 10139, 11, 1674, 316, 11, 1674, 363, 11, 293, 1674, 383, 13, 400, 718, 505, 6552, 300, 321, 362, 264, 3480, 1412, 11, 7901, 1266, 11], "avg_logprob": -0.29715400508471895, "compression_ratio": 1.2391304347826086, "no_speech_prob": 0.0, "words": [{"start": 3546.43, "end": 3546.77, "word": " one", "probability": 0.453857421875}, {"start": 3546.77, "end": 3547.25, "word": " dimension,", "probability": 0.6484375}, {"start": 3552.03, "end": 3552.41, "word": " product", "probability": 0.69189453125}, {"start": 3552.41, "end": 3552.81, "word": " A,", "probability": 0.87353515625}, {"start": 3555.41, "end": 3557.67, "word": " product", "probability": 0.89990234375}, {"start": 3557.67, "end": 3558.13, "word": " B,", "probability": 0.99755859375}, {"start": 3561.17, "end": 3562.99, "word": " and", "probability": 0.9296875}, {"start": 3562.99, "end": 3563.31, "word": " product", "probability": 0.486083984375}, {"start": 3563.31, "end": 3563.73, "word": " C.", "probability": 0.99462890625}, {"start": 3567.93, "end": 3568.19, "word": " And", "probability": 0.443115234375}, {"start": 3568.19, "end": 3568.35, "word": " let", "probability": 0.9150390625}, {"start": 3568.35, "end": 3568.53, "word": " us", "probability": 0.7783203125}, {"start": 3568.53, "end": 3568.89, "word": " assume", "probability": 0.91650390625}, {"start": 3568.89, "end": 3569.33, "word": " that", "probability": 0.9375}, {"start": 3569.33, "end": 3570.33, "word": " we", "probability": 0.92822265625}, {"start": 3570.33, "end": 3570.51, "word": " have", "probability": 0.796875}, {"start": 3570.51, "end": 3570.69, "word": " the", "probability": 0.9208984375}, {"start": 3570.69, "end": 3571.03, "word": " following", "probability": 0.88525390625}, {"start": 3571.03, "end": 3571.45, "word": " data,", "probability": 0.94970703125}, {"start": 3571.95, "end": 3572.37, "word": " prices", "probability": 0.57861328125}, {"start": 3572.37, "end": 3574.43, "word": " 10,", "probability": 0.69189453125}], "temperature": 1.0}, {"id": 129, "seek": 358355, "start": 3581.95, "end": 3583.55, "text": " Twenty-five.", "tokens": [28789, 12, 18621, 13], "avg_logprob": -0.447265625, "compression_ratio": 0.6190476190476191, "no_speech_prob": 0.0, "words": [{"start": 3581.95, "end": 3582.75, "word": " Twenty", "probability": 0.615234375}, {"start": 3582.75, "end": 3583.55, "word": "-five.", "probability": 0.57244873046875}], "temperature": 1.0}, {"id": 130, "seek": 363870, "start": 3610.52, "end": 3638.7, "text": " If price period of product A increased from 10 to 15.", "tokens": [759, 3218, 2896, 295, 1674, 316, 6505, 490, 1266, 281, 2119, 13], "avg_logprob": -0.2759915773685162, "compression_ratio": 0.9152542372881356, "no_speech_prob": 0.0, "words": [{"start": 3610.52, "end": 3611.02, "word": " If", "probability": 0.71923828125}, {"start": 3611.02, "end": 3612.4, "word": " price", "probability": 0.85205078125}, {"start": 3612.4, "end": 3615.54, "word": " period", "probability": 0.54052734375}, {"start": 3615.54, "end": 3618.12, "word": " of", "probability": 0.927734375}, {"start": 3618.12, "end": 3618.68, "word": " product", "probability": 0.5478515625}, {"start": 3618.68, "end": 3619.28, "word": " A", "probability": 0.7939453125}, {"start": 3619.28, "end": 3626.3, "word": " increased", "probability": 0.61474609375}, {"start": 3626.3, "end": 3633.78, "word": " from", "probability": 0.8603515625}, {"start": 3633.78, "end": 3635.84, "word": " 10", "probability": 0.89892578125}, {"start": 3635.84, "end": 3636.24, "word": " to", "probability": 0.9384765625}, {"start": 3636.24, "end": 3638.7, "word": " 15.", "probability": 0.95556640625}], "temperature": 1.0}, {"id": 131, "seek": 366752, "start": 3644.04, "end": 3667.52, "text": " This has followed by the following changes. And this leads to the following changes. Price, QD, Product A, B, C.", "tokens": [639, 575, 6263, 538, 264, 3480, 2962, 13, 400, 341, 6689, 281, 264, 3480, 2962, 13, 25803, 11, 1249, 35, 11, 22005, 316, 11, 363, 11, 383, 13], "avg_logprob": -0.19814115968243828, "compression_ratio": 1.2696629213483146, "no_speech_prob": 0.0, "words": [{"start": 3644.04, "end": 3644.44, "word": " This", "probability": 0.82666015625}, {"start": 3644.44, "end": 3645.16, "word": " has", "probability": 0.72509765625}, {"start": 3645.16, "end": 3645.54, "word": " followed", "probability": 0.91552734375}, {"start": 3645.54, "end": 3645.84, "word": " by", "probability": 0.96923828125}, {"start": 3645.84, "end": 3646.04, "word": " the", "probability": 0.91845703125}, {"start": 3646.04, "end": 3646.32, "word": " following", "probability": 0.90478515625}, {"start": 3646.32, "end": 3646.96, "word": " changes.", "probability": 0.89990234375}, {"start": 3652.38, "end": 3653.18, "word": " And", "probability": 0.77001953125}, {"start": 3653.18, "end": 3653.44, "word": " this", "probability": 0.92626953125}, {"start": 3653.44, "end": 3653.84, "word": " leads", "probability": 0.91015625}, {"start": 3653.84, "end": 3654.1, "word": " to", "probability": 0.970703125}, {"start": 3654.1, "end": 3654.34, "word": " the", "probability": 0.919921875}, {"start": 3654.34, "end": 3654.6, "word": " following", "probability": 0.89990234375}, {"start": 3654.6, "end": 3655.32, "word": " changes.", "probability": 0.8935546875}, {"start": 3659.24, "end": 3660.04, "word": " Price,", "probability": 0.83642578125}, {"start": 3662.06, "end": 3663.74, "word": " QD,", "probability": 0.81689453125}, {"start": 3665.04, "end": 3665.84, "word": " Product", "probability": 0.583984375}, {"start": 3665.84, "end": 3666.26, "word": " A,", "probability": 0.90185546875}, {"start": 3666.92, "end": 3667.2, "word": " B,", "probability": 0.57861328125}, {"start": 3667.36, "end": 3667.52, "word": " C.", "probability": 0.9501953125}], "temperature": 1.0}, {"id": 132, "seek": 375640, "start": 3741.68, "end": 3756.4, "text": " Calculate price. In this example,", "tokens": [3511, 2444, 473, 3218, 13, 682, 341, 1365, 11], "avg_logprob": -0.27285157442092894, "compression_ratio": 0.8095238095238095, "no_speech_prob": 0.0, "words": [{"start": 3741.68, "end": 3743.08, "word": " Calculate", "probability": 0.8465169270833334}, {"start": 3743.08, "end": 3744.48, "word": " price.", "probability": 0.272705078125}, {"start": 3748.22, "end": 3748.66, "word": " In", "probability": 0.462890625}, {"start": 3748.66, "end": 3755.92, "word": " this", "probability": 0.95849609375}, {"start": 3755.92, "end": 3756.4, "word": " example,", "probability": 0.97998046875}], "temperature": 1.0}, {"id": 133, "seek": 378602, "start": 3757.88, "end": 3786.02, "text": " We are going to study the relationship between different bounded circuits or different groups or different products. And we have the following data. Product A, here we have the prices, one demanded product A, product B, product C. The price,", "tokens": [492, 366, 516, 281, 2979, 264, 2480, 1296, 819, 37498, 26354, 420, 819, 3935, 420, 819, 3383, 13, 400, 321, 362, 264, 3480, 1412, 13, 22005, 316, 11, 510, 321, 362, 264, 7901, 11, 472, 28276, 1674, 316, 11, 1674, 363, 11, 1674, 383, 13, 440, 3218, 11], "avg_logprob": -0.18829718901186573, "compression_ratio": 1.635135135135135, "no_speech_prob": 0.0, "words": [{"start": 3757.88, "end": 3758.06, "word": " We", "probability": 0.64990234375}, {"start": 3758.06, "end": 3758.18, "word": " are", "probability": 0.7314453125}, {"start": 3758.18, "end": 3758.38, "word": " going", "probability": 0.55615234375}, {"start": 3758.38, "end": 3758.52, "word": " to", "probability": 0.9638671875}, {"start": 3758.52, "end": 3758.86, "word": " study", "probability": 0.92578125}, {"start": 3758.86, "end": 3760.32, "word": " the", "probability": 0.88427734375}, {"start": 3760.32, "end": 3761.38, "word": " relationship", "probability": 0.896484375}, {"start": 3761.38, "end": 3762.08, "word": " between", "probability": 0.87890625}, {"start": 3762.08, "end": 3763.1, "word": " different", "probability": 0.8994140625}, {"start": 3763.1, "end": 3764.3, "word": " bounded", "probability": 0.5146484375}, {"start": 3764.3, "end": 3764.6, "word": " circuits", "probability": 0.966796875}, {"start": 3764.6, "end": 3765.22, "word": " or", "probability": 0.501953125}, {"start": 3765.22, "end": 3765.74, "word": " different", "probability": 0.875}, {"start": 3765.74, "end": 3766.32, "word": " groups", "probability": 0.9013671875}, {"start": 3766.32, "end": 3766.7, "word": " or", "probability": 0.8212890625}, {"start": 3766.7, "end": 3767.22, "word": " different", "probability": 0.87060546875}, {"start": 3767.22, "end": 3769.92, "word": " products.", "probability": 0.85302734375}, {"start": 3770.72, "end": 3771.5, "word": " And", "probability": 0.61572265625}, {"start": 3771.5, "end": 3771.64, "word": " we", "probability": 0.93408203125}, {"start": 3771.64, "end": 3771.96, "word": " have", "probability": 0.94482421875}, {"start": 3771.96, "end": 3772.12, "word": " the", "probability": 0.92041015625}, {"start": 3772.12, "end": 3772.42, "word": " following", "probability": 0.892578125}, {"start": 3772.42, "end": 3772.82, "word": " data.", "probability": 0.943359375}, {"start": 3777.14, "end": 3777.92, "word": " Product", "probability": 0.9267578125}, {"start": 3777.92, "end": 3778.34, "word": " A,", "probability": 0.951171875}, {"start": 3779.24, "end": 3779.68, "word": " here", "probability": 0.62841796875}, {"start": 3779.68, "end": 3779.78, "word": " we", "probability": 0.921875}, {"start": 3779.78, "end": 3779.92, "word": " have", "probability": 0.94189453125}, {"start": 3779.92, "end": 3780.06, "word": " the", "probability": 0.92138671875}, {"start": 3780.06, "end": 3780.5, "word": " prices,", "probability": 0.83642578125}, {"start": 3781.0, "end": 3781.18, "word": " one", "probability": 0.90478515625}, {"start": 3781.18, "end": 3781.62, "word": " demanded", "probability": 0.88427734375}, {"start": 3781.62, "end": 3781.98, "word": " product", "probability": 0.72265625}, {"start": 3781.98, "end": 3782.28, "word": " A,", "probability": 0.96240234375}, {"start": 3782.42, "end": 3782.6, "word": " product", "probability": 0.921875}, {"start": 3782.6, "end": 3782.96, "word": " B,", "probability": 0.998046875}, {"start": 3783.14, "end": 3783.34, "word": " product", "probability": 0.8955078125}, {"start": 3783.34, "end": 3783.72, "word": " C.", "probability": 0.998046875}, {"start": 3785.18, "end": 3785.6, "word": " The", "probability": 0.89794921875}, {"start": 3785.6, "end": 3786.02, "word": " price,", "probability": 0.908203125}], "temperature": 1.0}, {"id": 134, "seek": 381657, "start": 3787.91, "end": 3816.57, "text": " Of a product A was 10. The quantity demanded was 100. Product B, the price was 20. Quantity demanded was 62. Product C, 5 and 90. Now, the price of a product A goes up or went up from 10 to 15. This has followed by the following changes.", "tokens": [2720, 257, 1674, 316, 390, 1266, 13, 440, 11275, 28276, 390, 2319, 13, 22005, 363, 11, 264, 3218, 390, 945, 13, 26968, 507, 28276, 390, 24536, 13, 22005, 383, 11, 1025, 293, 4289, 13, 823, 11, 264, 3218, 295, 257, 1674, 316, 1709, 493, 420, 1437, 493, 490, 1266, 281, 2119, 13, 639, 575, 6263, 538, 264, 3480, 2962, 13], "avg_logprob": -0.17482069672131148, "compression_ratio": 1.576158940397351, "no_speech_prob": 0.0, "words": [{"start": 3787.91, "end": 3788.15, "word": " Of", "probability": 0.68994140625}, {"start": 3788.15, "end": 3788.27, "word": " a", "probability": 0.410888671875}, {"start": 3788.27, "end": 3788.57, "word": " product", "probability": 0.81005859375}, {"start": 3788.57, "end": 3788.99, "word": " A", "probability": 0.8623046875}, {"start": 3788.99, "end": 3789.59, "word": " was", "probability": 0.857421875}, {"start": 3789.59, "end": 3789.93, "word": " 10.", "probability": 0.78955078125}, {"start": 3791.01, "end": 3791.27, "word": " The", "probability": 0.822265625}, {"start": 3791.27, "end": 3791.47, "word": " quantity", "probability": 0.7470703125}, {"start": 3791.47, "end": 3791.89, "word": " demanded", "probability": 0.82177734375}, {"start": 3791.89, "end": 3792.33, "word": " was", "probability": 0.95556640625}, {"start": 3792.33, "end": 3792.79, "word": " 100.", "probability": 0.9130859375}, {"start": 3793.67, "end": 3794.05, "word": " Product", "probability": 0.87353515625}, {"start": 3794.05, "end": 3794.49, "word": " B,", "probability": 0.9970703125}, {"start": 3795.17, "end": 3795.45, "word": " the", "probability": 0.916015625}, {"start": 3795.45, "end": 3795.77, "word": " price", "probability": 0.91259765625}, {"start": 3795.77, "end": 3796.19, "word": " was", "probability": 0.9404296875}, {"start": 3796.19, "end": 3796.63, "word": " 20.", "probability": 0.95361328125}, {"start": 3797.07, "end": 3797.43, "word": " Quantity", "probability": 0.845703125}, {"start": 3797.43, "end": 3797.71, "word": " demanded", "probability": 0.85693359375}, {"start": 3797.71, "end": 3798.05, "word": " was", "probability": 0.9404296875}, {"start": 3798.05, "end": 3798.59, "word": " 62.", "probability": 0.982421875}, {"start": 3799.19, "end": 3799.53, "word": " Product", "probability": 0.78759765625}, {"start": 3799.53, "end": 3799.85, "word": " C,", "probability": 0.99462890625}, {"start": 3800.07, "end": 3800.37, "word": " 5", "probability": 0.66943359375}, {"start": 3800.37, "end": 3800.81, "word": " and", "probability": 0.6943359375}, {"start": 3800.81, "end": 3802.35, "word": " 90.", "probability": 0.97021484375}, {"start": 3803.61, "end": 3803.99, "word": " Now,", "probability": 0.908203125}, {"start": 3805.13, "end": 3805.63, "word": " the", "probability": 0.91748046875}, {"start": 3805.63, "end": 3806.03, "word": " price", "probability": 0.92333984375}, {"start": 3806.03, "end": 3806.23, "word": " of", "probability": 0.9658203125}, {"start": 3806.23, "end": 3806.35, "word": " a", "probability": 0.7177734375}, {"start": 3806.35, "end": 3806.65, "word": " product", "probability": 0.9052734375}, {"start": 3806.65, "end": 3807.23, "word": " A", "probability": 0.33642578125}, {"start": 3807.23, "end": 3808.47, "word": " goes", "probability": 0.85693359375}, {"start": 3808.47, "end": 3808.81, "word": " up", "probability": 0.96923828125}, {"start": 3808.81, "end": 3809.01, "word": " or", "probability": 0.84423828125}, {"start": 3809.01, "end": 3809.31, "word": " went", "probability": 0.8837890625}, {"start": 3809.31, "end": 3809.65, "word": " up", "probability": 0.96142578125}, {"start": 3809.65, "end": 3809.97, "word": " from", "probability": 0.89306640625}, {"start": 3809.97, "end": 3810.45, "word": " 10", "probability": 0.9599609375}, {"start": 3810.45, "end": 3810.97, "word": " to", "probability": 0.978515625}, {"start": 3810.97, "end": 3811.89, "word": " 15.", "probability": 0.9716796875}, {"start": 3812.45, "end": 3812.93, "word": " This", "probability": 0.896484375}, {"start": 3812.93, "end": 3813.39, "word": " has", "probability": 0.89306640625}, {"start": 3813.39, "end": 3813.77, "word": " followed", "probability": 0.92626953125}, {"start": 3813.77, "end": 3814.27, "word": " by", "probability": 0.97021484375}, {"start": 3814.27, "end": 3815.55, "word": " the", "probability": 0.91064453125}, {"start": 3815.55, "end": 3815.95, "word": " following", "probability": 0.90625}, {"start": 3815.95, "end": 3816.57, "word": " changes.", "probability": 0.85498046875}], "temperature": 1.0}, {"id": 135, "seek": 384472, "start": 3818.54, "end": 3844.72, "text": " The price of product A increased from 10 to 15. And citrus purpose, the prices of product B and C remained constant without changes, which means the price of product B and C remains constant. But the change in price A leads to the following changes. As the price of a product", "tokens": [440, 3218, 295, 1674, 316, 6505, 490, 1266, 281, 2119, 13, 400, 37217, 4334, 11, 264, 7901, 295, 1674, 363, 293, 383, 12780, 5754, 1553, 2962, 11, 597, 1355, 264, 3218, 295, 1674, 363, 293, 383, 7023, 5754, 13, 583, 264, 1319, 294, 3218, 316, 6689, 281, 264, 3480, 2962, 13, 1018, 264, 3218, 295, 257, 1674], "avg_logprob": -0.1910021587692458, "compression_ratio": 1.7468354430379747, "no_speech_prob": 0.0, "words": [{"start": 3818.54, "end": 3818.8, "word": " The", "probability": 0.438232421875}, {"start": 3818.8, "end": 3819.12, "word": " price", "probability": 0.91015625}, {"start": 3819.12, "end": 3819.3, "word": " of", "probability": 0.88037109375}, {"start": 3819.3, "end": 3819.52, "word": " product", "probability": 0.7578125}, {"start": 3819.52, "end": 3819.9, "word": " A", "probability": 0.935546875}, {"start": 3819.9, "end": 3822.0, "word": " increased", "probability": 0.77197265625}, {"start": 3822.0, "end": 3822.42, "word": " from", "probability": 0.89306640625}, {"start": 3822.42, "end": 3822.88, "word": " 10", "probability": 0.7939453125}, {"start": 3822.88, "end": 3823.1, "word": " to", "probability": 0.88623046875}, {"start": 3823.1, "end": 3823.64, "word": " 15.", "probability": 0.95166015625}, {"start": 3824.56, "end": 3824.9, "word": " And", "probability": 0.85986328125}, {"start": 3824.9, "end": 3825.26, "word": " citrus", "probability": 0.8876953125}, {"start": 3825.26, "end": 3825.82, "word": " purpose,", "probability": 0.28515625}, {"start": 3826.16, "end": 3826.34, "word": " the", "probability": 0.91796875}, {"start": 3826.34, "end": 3826.72, "word": " prices", "probability": 0.81640625}, {"start": 3826.72, "end": 3826.96, "word": " of", "probability": 0.96484375}, {"start": 3826.96, "end": 3827.22, "word": " product", "probability": 0.86572265625}, {"start": 3827.22, "end": 3827.5, "word": " B", "probability": 0.9970703125}, {"start": 3827.5, "end": 3827.82, "word": " and", "probability": 0.94287109375}, {"start": 3827.82, "end": 3828.06, "word": " C", "probability": 0.9970703125}, {"start": 3828.06, "end": 3828.66, "word": " remained", "probability": 0.41943359375}, {"start": 3828.66, "end": 3829.22, "word": " constant", "probability": 0.84521484375}, {"start": 3829.22, "end": 3830.16, "word": " without", "probability": 0.69482421875}, {"start": 3830.16, "end": 3830.8, "word": " changes,", "probability": 0.58544921875}, {"start": 3831.14, "end": 3831.4, "word": " which", "probability": 0.9345703125}, {"start": 3831.4, "end": 3831.92, "word": " means", "probability": 0.92431640625}, {"start": 3831.92, "end": 3832.48, "word": " the", "probability": 0.66748046875}, {"start": 3832.48, "end": 3832.8, "word": " price", "probability": 0.90966796875}, {"start": 3832.8, "end": 3832.94, "word": " of", "probability": 0.95458984375}, {"start": 3832.94, "end": 3833.16, "word": " product", "probability": 0.91162109375}, {"start": 3833.16, "end": 3833.42, "word": " B", "probability": 0.994140625}, {"start": 3833.42, "end": 3833.68, "word": " and", "probability": 0.939453125}, {"start": 3833.68, "end": 3833.92, "word": " C", "probability": 0.99169921875}, {"start": 3833.92, "end": 3834.58, "word": " remains", "probability": 0.80712890625}, {"start": 3834.58, "end": 3835.02, "word": " constant.", "probability": 0.93017578125}, {"start": 3835.44, "end": 3835.8, "word": " But", "probability": 0.9541015625}, {"start": 3835.8, "end": 3836.04, "word": " the", "probability": 0.9072265625}, {"start": 3836.04, "end": 3836.58, "word": " change", "probability": 0.9013671875}, {"start": 3836.58, "end": 3836.82, "word": " in", "probability": 0.94580078125}, {"start": 3836.82, "end": 3837.3, "word": " price", "probability": 0.57421875}, {"start": 3837.3, "end": 3838.02, "word": " A", "probability": 0.892578125}, {"start": 3838.02, "end": 3839.56, "word": " leads", "probability": 0.89013671875}, {"start": 3839.56, "end": 3839.76, "word": " to", "probability": 0.966796875}, {"start": 3839.76, "end": 3839.96, "word": " the", "probability": 0.91064453125}, {"start": 3839.96, "end": 3840.24, "word": " following", "probability": 0.90283203125}, {"start": 3840.24, "end": 3840.92, "word": " changes.", "probability": 0.8798828125}, {"start": 3842.7, "end": 3843.38, "word": " As", "probability": 0.935546875}, {"start": 3843.38, "end": 3843.56, "word": " the", "probability": 0.87353515625}, {"start": 3843.56, "end": 3844.0, "word": " price", "probability": 0.916015625}, {"start": 3844.0, "end": 3844.32, "word": " of", "probability": 0.9658203125}, {"start": 3844.32, "end": 3844.46, "word": " a", "probability": 0.9248046875}, {"start": 3844.46, "end": 3844.72, "word": " product", "probability": 0.91455078125}], "temperature": 1.0}, {"id": 136, "seek": 386702, "start": 3845.56, "end": 3867.02, "text": " A goes up from 10 to 15, the quantity demanded goes down or went down from 100 to 80. This is for the same product. And this is logical. Right? The theory says that as the price of product A goes up, the quantity demanded goes down. Right?", "tokens": [316, 1709, 493, 490, 1266, 281, 2119, 11, 264, 11275, 28276, 1709, 760, 420, 1437, 760, 490, 2319, 281, 4688, 13, 639, 307, 337, 264, 912, 1674, 13, 400, 341, 307, 14978, 13, 1779, 30, 440, 5261, 1619, 300, 382, 264, 3218, 295, 1674, 316, 1709, 493, 11, 264, 11275, 28276, 1709, 760, 13, 1779, 30], "avg_logprob": -0.2556195049955134, "compression_ratio": 1.6216216216216217, "no_speech_prob": 0.0, "words": [{"start": 3845.56, "end": 3846.02, "word": " A", "probability": 0.2030029296875}, {"start": 3846.02, "end": 3846.8, "word": " goes", "probability": 0.92578125}, {"start": 3846.8, "end": 3847.2, "word": " up", "probability": 0.96875}, {"start": 3847.2, "end": 3847.78, "word": " from", "probability": 0.8955078125}, {"start": 3847.78, "end": 3848.16, "word": " 10", "probability": 0.8828125}, {"start": 3848.16, "end": 3848.38, "word": " to", "probability": 0.97021484375}, {"start": 3848.38, "end": 3848.88, "word": " 15,", "probability": 0.9755859375}, {"start": 3849.36, "end": 3849.58, "word": " the", "probability": 0.91259765625}, {"start": 3849.58, "end": 3850.08, "word": " quantity", "probability": 0.98681640625}, {"start": 3850.08, "end": 3850.7, "word": " demanded", "probability": 0.91455078125}, {"start": 3850.7, "end": 3851.28, "word": " goes", "probability": 0.93408203125}, {"start": 3851.28, "end": 3851.74, "word": " down", "probability": 0.85546875}, {"start": 3851.74, "end": 3851.96, "word": " or", "probability": 0.62060546875}, {"start": 3851.96, "end": 3852.26, "word": " went", "probability": 0.884765625}, {"start": 3852.26, "end": 3852.68, "word": " down", "probability": 0.85302734375}, {"start": 3852.68, "end": 3853.08, "word": " from", "probability": 0.8818359375}, {"start": 3853.08, "end": 3853.62, "word": " 100", "probability": 0.9248046875}, {"start": 3853.62, "end": 3854.52, "word": " to", "probability": 0.97314453125}, {"start": 3854.52, "end": 3854.92, "word": " 80.", "probability": 0.97900390625}, {"start": 3855.02, "end": 3855.24, "word": " This", "probability": 0.1666259765625}, {"start": 3855.24, "end": 3855.3, "word": " is", "probability": 0.7939453125}, {"start": 3855.3, "end": 3855.42, "word": " for", "probability": 0.310302734375}, {"start": 3855.42, "end": 3856.0, "word": " the", "probability": 0.90625}, {"start": 3856.0, "end": 3856.24, "word": " same", "probability": 0.90478515625}, {"start": 3856.24, "end": 3856.72, "word": " product.", "probability": 0.90576171875}, {"start": 3856.98, "end": 3857.18, "word": " And", "probability": 0.406982421875}, {"start": 3857.18, "end": 3857.38, "word": " this", "probability": 0.8740234375}, {"start": 3857.38, "end": 3857.38, "word": " is", "probability": 0.9189453125}, {"start": 3857.38, "end": 3857.92, "word": " logical.", "probability": 0.88720703125}, {"start": 3858.84, "end": 3859.04, "word": " Right?", "probability": 0.6396484375}, {"start": 3859.46, "end": 3859.86, "word": " The", "probability": 0.45068359375}, {"start": 3859.86, "end": 3860.16, "word": " theory", "probability": 0.311279296875}, {"start": 3860.16, "end": 3860.5, "word": " says", "probability": 0.61376953125}, {"start": 3860.5, "end": 3860.72, "word": " that", "probability": 0.458251953125}, {"start": 3860.72, "end": 3861.28, "word": " as", "probability": 0.80419921875}, {"start": 3861.28, "end": 3861.46, "word": " the", "probability": 0.8984375}, {"start": 3861.46, "end": 3861.72, "word": " price", "probability": 0.90771484375}, {"start": 3861.72, "end": 3861.86, "word": " of", "probability": 0.93896484375}, {"start": 3861.86, "end": 3862.18, "word": " product", "probability": 0.75537109375}, {"start": 3862.18, "end": 3862.4, "word": " A", "probability": 0.9375}, {"start": 3862.4, "end": 3862.82, "word": " goes", "probability": 0.9248046875}, {"start": 3862.82, "end": 3863.32, "word": " up,", "probability": 0.97412109375}, {"start": 3863.7, "end": 3863.84, "word": " the", "probability": 0.916015625}, {"start": 3863.84, "end": 3864.24, "word": " quantity", "probability": 0.98583984375}, {"start": 3864.24, "end": 3864.96, "word": " demanded", "probability": 0.9111328125}, {"start": 3864.96, "end": 3865.4, "word": " goes", "probability": 0.92431640625}, {"start": 3865.4, "end": 3865.78, "word": " down.", "probability": 0.85498046875}, {"start": 3866.7, "end": 3867.02, "word": " Right?", "probability": 0.85302734375}], "temperature": 1.0}, {"id": 137, "seek": 389594, "start": 3868.46, "end": 3895.94, "text": " As the price product A goes up, the quantity demanded of product B goes up from 62 to 70. As the price A goes up, the quantity demanded of product C goes down from 90 to 85. Right? This is the given data. Calculate the gross price elasticity", "tokens": [1018, 264, 3218, 1674, 316, 1709, 493, 11, 264, 11275, 28276, 295, 1674, 363, 1709, 493, 490, 24536, 281, 5285, 13, 1018, 264, 3218, 316, 1709, 493, 11, 264, 11275, 28276, 295, 1674, 383, 1709, 760, 490, 4289, 281, 14695, 13, 1779, 30, 639, 307, 264, 2212, 1412, 13, 3511, 2444, 473, 264, 11367, 3218, 46260], "avg_logprob": -0.17817981828723037, "compression_ratio": 1.6923076923076923, "no_speech_prob": 0.0, "words": [{"start": 3868.46, "end": 3868.84, "word": " As", "probability": 0.89990234375}, {"start": 3868.84, "end": 3869.0, "word": " the", "probability": 0.8349609375}, {"start": 3869.0, "end": 3869.2, "word": " price", "probability": 0.91650390625}, {"start": 3869.2, "end": 3869.58, "word": " product", "probability": 0.6689453125}, {"start": 3869.58, "end": 3869.96, "word": " A", "probability": 0.87744140625}, {"start": 3869.96, "end": 3870.48, "word": " goes", "probability": 0.9306640625}, {"start": 3870.48, "end": 3870.84, "word": " up,", "probability": 0.9736328125}, {"start": 3871.12, "end": 3871.28, "word": " the", "probability": 0.92431640625}, {"start": 3871.28, "end": 3871.78, "word": " quantity", "probability": 0.984375}, {"start": 3871.78, "end": 3872.34, "word": " demanded", "probability": 0.9384765625}, {"start": 3872.34, "end": 3872.54, "word": " of", "probability": 0.78125}, {"start": 3872.54, "end": 3872.84, "word": " product", "probability": 0.9033203125}, {"start": 3872.84, "end": 3873.28, "word": " B", "probability": 0.9951171875}, {"start": 3873.28, "end": 3874.28, "word": " goes", "probability": 0.91259765625}, {"start": 3874.28, "end": 3874.72, "word": " up", "probability": 0.96728515625}, {"start": 3874.72, "end": 3875.72, "word": " from", "probability": 0.8359375}, {"start": 3875.72, "end": 3876.74, "word": " 62", "probability": 0.6904296875}, {"start": 3876.74, "end": 3877.42, "word": " to", "probability": 0.791015625}, {"start": 3877.42, "end": 3877.88, "word": " 70.", "probability": 0.9794921875}, {"start": 3879.62, "end": 3880.5, "word": " As", "probability": 0.9677734375}, {"start": 3880.5, "end": 3880.66, "word": " the", "probability": 0.83642578125}, {"start": 3880.66, "end": 3880.98, "word": " price", "probability": 0.9208984375}, {"start": 3880.98, "end": 3881.5, "word": " A", "probability": 0.8720703125}, {"start": 3881.5, "end": 3881.92, "word": " goes", "probability": 0.93310546875}, {"start": 3881.92, "end": 3882.26, "word": " up,", "probability": 0.96923828125}, {"start": 3882.46, "end": 3882.64, "word": " the", "probability": 0.9228515625}, {"start": 3882.64, "end": 3883.06, "word": " quantity", "probability": 0.98095703125}, {"start": 3883.06, "end": 3883.44, "word": " demanded", "probability": 0.90966796875}, {"start": 3883.44, "end": 3883.58, "word": " of", "probability": 0.7197265625}, {"start": 3883.58, "end": 3883.8, "word": " product", "probability": 0.90576171875}, {"start": 3883.8, "end": 3884.12, "word": " C", "probability": 0.96875}, {"start": 3884.12, "end": 3884.6, "word": " goes", "probability": 0.919921875}, {"start": 3884.6, "end": 3885.08, "word": " down", "probability": 0.84912109375}, {"start": 3885.08, "end": 3885.74, "word": " from", "probability": 0.86865234375}, {"start": 3885.74, "end": 3886.36, "word": " 90", "probability": 0.98681640625}, {"start": 3886.36, "end": 3886.64, "word": " to", "probability": 0.974609375}, {"start": 3886.64, "end": 3887.4, "word": " 85.", "probability": 0.9853515625}, {"start": 3888.3, "end": 3889.18, "word": " Right?", "probability": 0.059356689453125}, {"start": 3889.6, "end": 3890.48, "word": " This", "probability": 0.47802734375}, {"start": 3890.48, "end": 3890.48, "word": " is", "probability": 0.94091796875}, {"start": 3890.48, "end": 3890.76, "word": " the", "probability": 0.83349609375}, {"start": 3890.76, "end": 3891.12, "word": " given", "probability": 0.8857421875}, {"start": 3891.12, "end": 3891.6, "word": " data.", "probability": 0.9306640625}, {"start": 3892.58, "end": 3893.46, "word": " Calculate", "probability": 0.70068359375}, {"start": 3893.46, "end": 3894.52, "word": " the", "probability": 0.8984375}, {"start": 3894.52, "end": 3894.76, "word": " gross", "probability": 0.65673828125}, {"start": 3894.76, "end": 3895.24, "word": " price", "probability": 0.9150390625}, {"start": 3895.24, "end": 3895.94, "word": " elasticity", "probability": 0.94287109375}], "temperature": 1.0}, {"id": 138, "seek": 392865, "start": 3900.27, "end": 3928.65, "text": " of demand for product B compared to A. And this state, the relationship between product A and B and state", "tokens": [295, 4733, 337, 1674, 363, 5347, 281, 316, 13, 400, 341, 1785, 11, 264, 2480, 1296, 1674, 316, 293, 363, 293, 1785], "avg_logprob": -0.2211277238700701, "compression_ratio": 1.2045454545454546, "no_speech_prob": 0.0, "words": [{"start": 3900.27, "end": 3900.61, "word": " of", "probability": 0.6142578125}, {"start": 3900.61, "end": 3901.07, "word": " demand", "probability": 0.833984375}, {"start": 3901.07, "end": 3904.65, "word": " for", "probability": 0.90478515625}, {"start": 3904.65, "end": 3906.13, "word": " product", "probability": 0.85498046875}, {"start": 3906.13, "end": 3908.65, "word": " B", "probability": 0.87451171875}, {"start": 3908.65, "end": 3909.95, "word": " compared", "probability": 0.87158203125}, {"start": 3909.95, "end": 3910.19, "word": " to", "probability": 0.970703125}, {"start": 3910.19, "end": 3910.65, "word": " A.", "probability": 0.9921875}, {"start": 3917.79, "end": 3919.01, "word": " And", "probability": 0.7470703125}, {"start": 3919.01, "end": 3919.21, "word": " this", "probability": 0.57958984375}, {"start": 3919.21, "end": 3919.77, "word": " state,", "probability": 0.87744140625}, {"start": 3919.93, "end": 3920.03, "word": " the", "probability": 0.919921875}, {"start": 3920.03, "end": 3920.69, "word": " relationship", "probability": 0.90869140625}, {"start": 3920.69, "end": 3921.59, "word": " between", "probability": 0.88720703125}, {"start": 3921.59, "end": 3922.73, "word": " product", "probability": 0.8984375}, {"start": 3922.73, "end": 3923.25, "word": " A", "probability": 0.99072265625}, {"start": 3923.25, "end": 3923.59, "word": " and", "probability": 0.94970703125}, {"start": 3923.59, "end": 3923.95, "word": " B", "probability": 0.921875}, {"start": 3923.95, "end": 3924.67, "word": " and", "probability": 0.465087890625}, {"start": 3924.67, "end": 3928.65, "word": " state", "probability": 0.9033203125}], "temperature": 1.0}, {"id": 139, "seek": 395721, "start": 3929.81, "end": 3957.21, "text": " The relationship between product A and B. Is it elastic or inelastic? Now, to start solution here,", "tokens": [440, 2480, 1296, 1674, 316, 293, 363, 13, 1119, 309, 17115, 420, 294, 338, 2750, 30, 823, 11, 281, 722, 3827, 510, 11], "avg_logprob": -0.19352213479578495, "compression_ratio": 1.0879120879120878, "no_speech_prob": 0.0, "words": [{"start": 3929.81, "end": 3930.05, "word": " The", "probability": 0.65087890625}, {"start": 3930.05, "end": 3930.91, "word": " relationship", "probability": 0.89990234375}, {"start": 3930.91, "end": 3935.31, "word": " between", "probability": 0.85302734375}, {"start": 3935.31, "end": 3938.89, "word": " product", "probability": 0.8427734375}, {"start": 3938.89, "end": 3941.45, "word": " A", "probability": 0.7666015625}, {"start": 3941.45, "end": 3941.79, "word": " and", "probability": 0.9482421875}, {"start": 3941.79, "end": 3942.15, "word": " B.", "probability": 0.96240234375}, {"start": 3948.17, "end": 3948.83, "word": " Is", "probability": 0.763671875}, {"start": 3948.83, "end": 3949.11, "word": " it", "probability": 0.93896484375}, {"start": 3949.11, "end": 3949.57, "word": " elastic", "probability": 0.9482421875}, {"start": 3949.57, "end": 3949.93, "word": " or", "probability": 0.96240234375}, {"start": 3949.93, "end": 3950.57, "word": " inelastic?", "probability": 0.93896484375}, {"start": 3951.71, "end": 3952.91, "word": " Now,", "probability": 0.58203125}, {"start": 3955.23, "end": 3955.81, "word": " to", "probability": 0.95263671875}, {"start": 3955.81, "end": 3956.25, "word": " start", "probability": 0.91748046875}, {"start": 3956.25, "end": 3956.85, "word": " solution", "probability": 0.88427734375}, {"start": 3956.85, "end": 3957.21, "word": " here,", "probability": 0.86474609375}], "temperature": 1.0}, {"id": 140, "seek": 398310, "start": 3961.04, "end": 3983.1, "text": " Determine the type of relations here or determine the points. The requirements here is to calculate the gross price elasticity of demand for product B compared to A.", "tokens": [4237, 966, 533, 264, 2010, 295, 2299, 510, 420, 6997, 264, 2793, 13, 440, 7728, 510, 307, 281, 8873, 264, 11367, 3218, 46260, 295, 4733, 337, 1674, 363, 5347, 281, 316, 13], "avg_logprob": -0.1690340909090909, "compression_ratio": 1.360655737704918, "no_speech_prob": 0.0, "words": [{"start": 3961.04, "end": 3962.1, "word": " Determine", "probability": 0.7205403645833334}, {"start": 3962.1, "end": 3963.16, "word": " the", "probability": 0.74169921875}, {"start": 3963.16, "end": 3967.28, "word": " type", "probability": 0.88818359375}, {"start": 3967.28, "end": 3967.52, "word": " of", "probability": 0.974609375}, {"start": 3967.52, "end": 3968.12, "word": " relations", "probability": 0.7744140625}, {"start": 3968.12, "end": 3968.52, "word": " here", "probability": 0.787109375}, {"start": 3968.52, "end": 3968.88, "word": " or", "probability": 0.6064453125}, {"start": 3968.88, "end": 3969.46, "word": " determine", "probability": 0.89892578125}, {"start": 3969.46, "end": 3969.86, "word": " the", "probability": 0.9130859375}, {"start": 3969.86, "end": 3970.32, "word": " points.", "probability": 0.92431640625}, {"start": 3972.74, "end": 3973.8, "word": " The", "probability": 0.89453125}, {"start": 3973.8, "end": 3974.38, "word": " requirements", "probability": 0.9248046875}, {"start": 3974.38, "end": 3974.74, "word": " here", "probability": 0.8486328125}, {"start": 3974.74, "end": 3975.16, "word": " is", "probability": 0.93310546875}, {"start": 3975.16, "end": 3976.42, "word": " to", "probability": 0.93994140625}, {"start": 3976.42, "end": 3977.16, "word": " calculate", "probability": 0.91064453125}, {"start": 3977.16, "end": 3977.78, "word": " the", "probability": 0.92333984375}, {"start": 3977.78, "end": 3978.04, "word": " gross", "probability": 0.8134765625}, {"start": 3978.04, "end": 3978.54, "word": " price", "probability": 0.92578125}, {"start": 3978.54, "end": 3979.1, "word": " elasticity", "probability": 0.90966796875}, {"start": 3979.1, "end": 3979.42, "word": " of", "probability": 0.95703125}, {"start": 3979.42, "end": 3979.82, "word": " demand", "probability": 0.90771484375}, {"start": 3979.82, "end": 3980.2, "word": " for", "probability": 0.9384765625}, {"start": 3980.2, "end": 3980.68, "word": " product", "probability": 0.79443359375}, {"start": 3980.68, "end": 3981.34, "word": " B", "probability": 0.9541015625}, {"start": 3981.34, "end": 3982.46, "word": " compared", "probability": 0.8681640625}, {"start": 3982.46, "end": 3982.72, "word": " to", "probability": 0.9716796875}, {"start": 3982.72, "end": 3983.1, "word": " A.", "probability": 0.98974609375}], "temperature": 1.0}, {"id": 141, "seek": 401108, "start": 3986.72, "end": 4011.08, "text": " B, B convert to A. So, the requirement here is the gross price elasticity of demand for B convert to A. Equals change in quantity demanded percent over, over", "tokens": [363, 11, 363, 7620, 281, 316, 13, 407, 11, 264, 11695, 510, 307, 264, 11367, 3218, 46260, 295, 4733, 337, 363, 7620, 281, 316, 13, 15624, 1124, 1319, 294, 11275, 28276, 3043, 670, 11, 670], "avg_logprob": -0.3224826314383083, "compression_ratio": 1.3504273504273505, "no_speech_prob": 0.0, "words": [{"start": 3986.72, "end": 3987.06, "word": " B,", "probability": 0.9208984375}, {"start": 3987.6, "end": 3988.12, "word": " B", "probability": 0.95654296875}, {"start": 3988.12, "end": 3988.72, "word": " convert", "probability": 0.58642578125}, {"start": 3988.72, "end": 3989.08, "word": " to", "probability": 0.9677734375}, {"start": 3989.08, "end": 3989.36, "word": " A.", "probability": 0.96923828125}, {"start": 3989.6, "end": 3989.78, "word": " So,", "probability": 0.95166015625}, {"start": 3990.18, "end": 3990.4, "word": " the", "probability": 0.91552734375}, {"start": 3990.4, "end": 3990.86, "word": " requirement", "probability": 0.92919921875}, {"start": 3990.86, "end": 3991.2, "word": " here", "probability": 0.8525390625}, {"start": 3991.2, "end": 3991.48, "word": " is", "probability": 0.9462890625}, {"start": 3991.48, "end": 3992.24, "word": " the", "probability": 0.73681640625}, {"start": 3992.24, "end": 3992.78, "word": " gross", "probability": 0.50341796875}, {"start": 3992.78, "end": 3993.28, "word": " price", "probability": 0.75244140625}, {"start": 3993.28, "end": 3993.88, "word": " elasticity", "probability": 0.5126953125}, {"start": 3993.88, "end": 3994.22, "word": " of", "probability": 0.94091796875}, {"start": 3994.22, "end": 3994.66, "word": " demand", "probability": 0.90771484375}, {"start": 3994.66, "end": 3995.24, "word": " for", "probability": 0.91845703125}, {"start": 3995.24, "end": 3996.08, "word": " B", "probability": 0.98779296875}, {"start": 3996.08, "end": 3996.68, "word": " convert", "probability": 0.798828125}, {"start": 3996.68, "end": 3996.92, "word": " to", "probability": 0.9677734375}, {"start": 3996.92, "end": 3997.2, "word": " A.", "probability": 0.99365234375}, {"start": 4006.58, "end": 4007.48, "word": " Equals", "probability": 0.788330078125}, {"start": 4007.48, "end": 4008.36, "word": " change", "probability": 0.6142578125}, {"start": 4008.36, "end": 4008.52, "word": " in", "probability": 0.67041015625}, {"start": 4008.52, "end": 4008.84, "word": " quantity", "probability": 0.286376953125}, {"start": 4008.84, "end": 4009.38, "word": " demanded", "probability": 0.6640625}, {"start": 4009.38, "end": 4010.12, "word": " percent", "probability": 0.7451171875}, {"start": 4010.12, "end": 4010.62, "word": " over,", "probability": 0.87060546875}, {"start": 4010.76, "end": 4011.08, "word": " over", "probability": 0.61669921875}], "temperature": 1.0}, {"id": 142, "seek": 403984, "start": 4020.02, "end": 4039.84, "text": " Change in price for A for me. CPED B convert to A equals Q2 QD2 for B.", "tokens": [15060, 294, 3218, 337, 316, 337, 385, 13, 22431, 4731, 363, 7620, 281, 316, 6915, 1249, 17, 1249, 35, 17, 337, 363, 13], "avg_logprob": -0.5546875248352686, "compression_ratio": 1.0, "no_speech_prob": 0.0, "words": [{"start": 4020.02, "end": 4021.38, "word": " Change", "probability": 0.08258056640625}, {"start": 4021.38, "end": 4022.4, "word": " in", "probability": 0.90185546875}, {"start": 4022.4, "end": 4022.9, "word": " price", "probability": 0.84423828125}, {"start": 4022.9, "end": 4023.74, "word": " for", "probability": 0.77880859375}, {"start": 4023.74, "end": 4024.12, "word": " A", "probability": 0.8994140625}, {"start": 4024.12, "end": 4024.32, "word": " for", "probability": 0.0638427734375}, {"start": 4024.32, "end": 4024.6, "word": " me.", "probability": 0.78857421875}, {"start": 4031.72, "end": 4033.08, "word": " CPED", "probability": 0.500579833984375}, {"start": 4033.08, "end": 4034.28, "word": " B", "probability": 0.300048828125}, {"start": 4034.28, "end": 4034.72, "word": " convert", "probability": 0.31298828125}, {"start": 4034.72, "end": 4034.98, "word": " to", "probability": 0.87353515625}, {"start": 4034.98, "end": 4035.24, "word": " A", "probability": 0.97412109375}, {"start": 4035.24, "end": 4035.86, "word": " equals", "probability": 0.75}, {"start": 4035.86, "end": 4037.16, "word": " Q2", "probability": 0.76806640625}, {"start": 4037.16, "end": 4038.74, "word": " QD2", "probability": 0.689453125}, {"start": 4038.74, "end": 4039.58, "word": " for", "probability": 0.87646484375}, {"start": 4039.58, "end": 4039.84, "word": " B.", "probability": 0.9853515625}], "temperature": 1.0}, {"id": 143, "seek": 406850, "start": 4040.58, "end": 4068.5, "text": " QB2 minus QB1 over PA2 minus PA1. Q2 minus Q1 over P2 minus P1 times PA2 plus PA1 over QB2 plus QB1.", "tokens": [1249, 33, 17, 3175, 1249, 33, 16, 670, 17718, 17, 3175, 17718, 16, 13, 1249, 17, 3175, 1249, 16, 670, 430, 17, 3175, 430, 16, 1413, 17718, 17, 1804, 17718, 16, 670, 1249, 33, 17, 1804, 1249, 33, 16, 13], "avg_logprob": -0.11652058217583633, "compression_ratio": 1.5538461538461539, "no_speech_prob": 0.0, "words": [{"start": 4040.58, "end": 4041.54, "word": " QB2", "probability": 0.85986328125}, {"start": 4041.54, "end": 4042.52, "word": " minus", "probability": 0.95263671875}, {"start": 4042.52, "end": 4043.88, "word": " QB1", "probability": 0.9820963541666666}, {"start": 4043.88, "end": 4044.66, "word": " over", "probability": 0.89501953125}, {"start": 4044.66, "end": 4046.52, "word": " PA2", "probability": 0.9765625}, {"start": 4046.52, "end": 4047.16, "word": " minus", "probability": 0.98876953125}, {"start": 4047.16, "end": 4048.32, "word": " PA1.", "probability": 0.98681640625}, {"start": 4048.4, "end": 4049.24, "word": " Q2", "probability": 0.7578125}, {"start": 4049.24, "end": 4049.8, "word": " minus", "probability": 0.97802734375}, {"start": 4049.8, "end": 4050.4, "word": " Q1", "probability": 0.991455078125}, {"start": 4050.4, "end": 4050.62, "word": " over", "probability": 0.92236328125}, {"start": 4050.62, "end": 4051.04, "word": " P2", "probability": 0.969970703125}, {"start": 4051.04, "end": 4051.32, "word": " minus", "probability": 0.98681640625}, {"start": 4051.32, "end": 4051.72, "word": " P1", "probability": 0.996337890625}, {"start": 4051.72, "end": 4053.2, "word": " times", "probability": 0.27392578125}, {"start": 4053.2, "end": 4061.72, "word": " PA2", "probability": 0.84912109375}, {"start": 4061.72, "end": 4062.2, "word": " plus", "probability": 0.947265625}, {"start": 4062.2, "end": 4063.52, "word": " PA1", "probability": 0.97314453125}, {"start": 4063.52, "end": 4064.04, "word": " over", "probability": 0.91357421875}, {"start": 4064.04, "end": 4065.84, "word": " QB2", "probability": 0.90185546875}, {"start": 4065.84, "end": 4066.98, "word": " plus", "probability": 0.9111328125}, {"start": 4066.98, "end": 4068.5, "word": " QB1.", "probability": 0.9031575520833334}], "temperature": 1.0}, {"id": 144, "seek": 409242, "start": 4071.48, "end": 4092.42, "text": " Okay. A change in quantity depended over change in price. The same as the words before. Okay. So, here we have to determine the points had a price product A and P, A, 1.", "tokens": [1033, 13, 316, 1319, 294, 11275, 1367, 3502, 670, 1319, 294, 3218, 13, 440, 912, 382, 264, 2283, 949, 13, 1033, 13, 407, 11, 510, 321, 362, 281, 6997, 264, 2793, 632, 257, 3218, 1674, 316, 293, 430, 11, 316, 11, 502, 13], "avg_logprob": -0.47194602204994723, "compression_ratio": 1.3076923076923077, "no_speech_prob": 0.0, "words": [{"start": 4071.48, "end": 4071.86, "word": " Okay.", "probability": 0.2406005859375}, {"start": 4072.34, "end": 4072.5, "word": " A", "probability": 0.71435546875}, {"start": 4072.5, "end": 4072.8, "word": " change", "probability": 0.72021484375}, {"start": 4072.8, "end": 4072.94, "word": " in", "probability": 0.93359375}, {"start": 4072.94, "end": 4073.2, "word": " quantity", "probability": 0.1778564453125}, {"start": 4073.2, "end": 4073.7, "word": " depended", "probability": 0.60693359375}, {"start": 4073.7, "end": 4073.92, "word": " over", "probability": 0.82177734375}, {"start": 4073.92, "end": 4074.24, "word": " change", "probability": 0.42529296875}, {"start": 4074.24, "end": 4074.38, "word": " in", "probability": 0.9326171875}, {"start": 4074.38, "end": 4074.8, "word": " price.", "probability": 0.83544921875}, {"start": 4076.0, "end": 4076.78, "word": " The", "probability": 0.294677734375}, {"start": 4076.78, "end": 4078.44, "word": " same", "probability": 0.90966796875}, {"start": 4078.44, "end": 4079.0, "word": " as", "probability": 0.97021484375}, {"start": 4079.0, "end": 4080.72, "word": " the", "probability": 0.87255859375}, {"start": 4080.72, "end": 4080.98, "word": " words", "probability": 0.314453125}, {"start": 4080.98, "end": 4081.38, "word": " before.", "probability": 0.82763671875}, {"start": 4081.76, "end": 4082.32, "word": " Okay.", "probability": 0.72802734375}, {"start": 4082.7, "end": 4082.98, "word": " So,", "probability": 0.95361328125}, {"start": 4083.68, "end": 4083.82, "word": " here", "probability": 0.794921875}, {"start": 4083.82, "end": 4083.98, "word": " we", "probability": 0.880859375}, {"start": 4083.98, "end": 4084.28, "word": " have", "probability": 0.94384765625}, {"start": 4084.28, "end": 4084.42, "word": " to", "probability": 0.97119140625}, {"start": 4084.42, "end": 4084.98, "word": " determine", "probability": 0.916015625}, {"start": 4084.98, "end": 4086.26, "word": " the", "probability": 0.91796875}, {"start": 4086.26, "end": 4087.84, "word": " points", "probability": 0.92041015625}, {"start": 4087.84, "end": 4088.36, "word": " had", "probability": 0.333251953125}, {"start": 4088.36, "end": 4088.7, "word": " a", "probability": 0.8076171875}, {"start": 4088.7, "end": 4089.38, "word": " price", "probability": 0.9267578125}, {"start": 4089.38, "end": 4089.84, "word": " product", "probability": 0.5859375}, {"start": 4089.84, "end": 4090.26, "word": " A", "probability": 0.42138671875}, {"start": 4090.26, "end": 4090.48, "word": " and", "probability": 0.46044921875}, {"start": 4090.48, "end": 4091.0, "word": " P,", "probability": 0.48779296875}, {"start": 4091.32, "end": 4091.66, "word": " A,", "probability": 0.8291015625}, {"start": 4092.2, "end": 4092.42, "word": " 1.", "probability": 0.76904296875}], "temperature": 1.0}, {"id": 145, "seek": 412939, "start": 4100.53, "end": 4129.39, "text": " Right? These are the classifications. All of this is 1. And here in the schedule, this is 2. Right? This is the price of A, 1. And this is the quantity demanded of A. This is 1. Let's say Q is what? 1. Right? Well, this is the price of P, 1. And this is Q.", "tokens": [1779, 30, 1981, 366, 264, 1508, 7833, 13, 1057, 295, 341, 307, 502, 13, 400, 510, 294, 264, 7567, 11, 341, 307, 568, 13, 1779, 30, 639, 307, 264, 3218, 295, 316, 11, 502, 13, 400, 341, 307, 264, 11275, 28276, 295, 316, 13, 639, 307, 502, 13, 961, 311, 584, 1249, 307, 437, 30, 502, 13, 1779, 30, 1042, 11, 341, 307, 264, 3218, 295, 430, 11, 502, 13, 400, 341, 307, 1249, 13], "avg_logprob": -0.3303865068837216, "compression_ratio": 1.7019867549668874, "no_speech_prob": 0.0, "words": [{"start": 4100.53, "end": 4101.21, "word": " Right?", "probability": 0.1947021484375}, {"start": 4101.55, "end": 4102.21, "word": " These", "probability": 0.391357421875}, {"start": 4102.21, "end": 4102.23, "word": " are", "probability": 0.64404296875}, {"start": 4102.23, "end": 4102.29, "word": " the", "probability": 0.80078125}, {"start": 4102.29, "end": 4102.97, "word": " classifications.", "probability": 0.94140625}, {"start": 4103.13, "end": 4103.47, "word": " All", 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Had a price of C, one. And this is QC, one. If it is correct, the question is over. This is two. This is price of A, two. This is all two. Table two. This is table two. And this is table one, four. 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And this is PB2. And this is PC2. Right? Correct? Then we come here Q, Q, A2. Not one. All two. QB2. QC2. Right? Again.", "tokens": [316, 17, 13, 400, 341, 307, 24056, 17, 13, 400, 341, 307, 6465, 17, 13, 1779, 30, 12753, 30, 1396, 321, 808, 510, 1249, 11, 1249, 11, 316, 17, 13, 1726, 472, 13, 1057, 732, 13, 1249, 33, 17, 13, 1249, 34, 17, 13, 1779, 30, 3764, 13], "avg_logprob": -0.4231505199354522, "compression_ratio": 1.2783505154639174, "no_speech_prob": 0.0, "words": [{"start": 4158.7699999999995, "end": 4159.45, "word": " A2.", "probability": 0.637451171875}, {"start": 4159.95, "end": 4160.35, "word": " And", "probability": 0.4423828125}, {"start": 4160.35, "end": 4160.53, "word": " this", "probability": 0.81884765625}, {"start": 4160.53, "end": 4160.61, "word": " is", "probability": 0.72802734375}, {"start": 4160.61, "end": 4163.25, "word": " PB2.", "probability": 0.6982421875}, {"start": 4163.41, "end": 4163.63, "word": " And", "probability": 0.53271484375}, {"start": 4163.63, "end": 4163.75, "word": " this", "probability": 0.92529296875}, {"start": 4163.75, "end": 4163.85, "word": " is", "probability": 0.9365234375}, {"start": 4163.85, "end": 4165.19, "word": " PC2.", "probability": 0.92138671875}, {"start": 4166.57, "end": 4166.73, "word": " Right?", "probability": 0.52392578125}, {"start": 4167.91, "end": 4168.59, "word": " Correct?", "probability": 0.278076171875}, {"start": 4168.93, "end": 4169.21, "word": " Then", "probability": 0.2296142578125}, {"start": 4169.21, "end": 4169.35, "word": " we", "probability": 0.55419921875}, {"start": 4169.35, "end": 4169.37, "word": " come", "probability": 0.46240234375}, {"start": 4169.37, "end": 4169.57, "word": " here", "probability": 0.77783203125}, {"start": 4169.57, "end": 4170.01, "word": " Q,", "probability": 0.47900390625}, {"start": 4171.89, "end": 4173.07, "word": " Q,", "probability": 0.86865234375}, {"start": 4173.07, "end": 4174.55, "word": " A2.", "probability": 0.760986328125}, {"start": 4174.75, "end": 4174.95, "word": " Not", "probability": 0.8193359375}, {"start": 4174.95, "end": 4175.17, "word": " one.", "probability": 0.65673828125}, {"start": 4175.73, "end": 4176.03, "word": " All", "probability": 0.4775390625}, {"start": 4176.03, "end": 4176.29, "word": " two.", "probability": 0.47412109375}, {"start": 4179.31, "end": 4179.99, "word": " QB2.", "probability": 0.85205078125}, {"start": 4182.51, "end": 4183.19, "word": " QC2.", "probability": 0.9728190104166666}, {"start": 4184.73, "end": 4185.41, "word": " Right?", "probability": 0.81591796875}, {"start": 4186.11, "end": 4186.79, "word": " Again.", "probability": 0.7744140625}], "temperature": 1.0}, {"id": 148, "seek": 421620, "start": 4188.36, "end": 4216.2, "text": " All right. Let's go straight to the formula. CP A D B converted to A equals QB2 minus QB1 over PA2 minus PA1 times QB2. Where is QB2? Q is here, 70. If I got it right, the question will be solved. 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So CPD equals positive 8 over positive 5 times 1525 over 132. So B compared to A.", "tokens": [11366, 2119, 1804, 1266, 670, 5285, 1804, 24536, 13, 407, 383, 17349, 6915, 3353, 1649, 670, 3353, 1025, 1413, 2119, 6074, 670, 3705, 17, 13, 407, 363, 5347, 281, 316, 13], "avg_logprob": -0.22509765811264515, "compression_ratio": 1.2340425531914894, "no_speech_prob": 0.0, "words": [{"start": 4244.3, "end": 4244.76, "word": " Times", "probability": 0.62548828125}, {"start": 4244.76, "end": 4245.16, "word": " 15", "probability": 0.12103271484375}, {"start": 4245.16, "end": 4248.74, "word": " plus", "probability": 0.8671875}, {"start": 4248.74, "end": 4249.28, "word": " 10", "probability": 0.93896484375}, {"start": 4249.28, "end": 4250.0, "word": " over", "probability": 0.8271484375}, {"start": 4250.0, "end": 4251.14, "word": " 70", "probability": 0.74365234375}, {"start": 4251.14, "end": 4251.54, "word": " plus", "probability": 0.9541015625}, {"start": 4251.54, "end": 4252.18, "word": " 62.", "probability": 0.97119140625}, {"start": 4252.44, "end": 4252.76, "word": " So", "probability": 0.9169921875}, {"start": 4252.76, "end": 4255.28, "word": " CPD", "probability": 0.563232421875}, {"start": 4255.28, "end": 4256.88, "word": " equals", "probability": 0.92919921875}, {"start": 4256.88, "end": 4259.0, "word": " positive", "probability": 0.86474609375}, {"start": 4259.0, "end": 4259.62, "word": " 8", "probability": 0.7421875}, {"start": 4259.62, "end": 4260.4, "word": " over", "probability": 0.88720703125}, {"start": 4260.4, "end": 4261.22, "word": " positive", "probability": 0.9033203125}, {"start": 4261.22, "end": 4261.82, "word": " 5", "probability": 0.9833984375}, {"start": 4261.82, "end": 4262.86, "word": " times", "probability": 0.861328125}, {"start": 4262.86, "end": 4265.0, "word": " 1525", "probability": 0.62646484375}, {"start": 4265.0, "end": 4266.8, "word": " over", "probability": 0.89697265625}, {"start": 4266.8, "end": 4268.5, "word": " 132.", "probability": 0.966796875}, {"start": 4268.92, "end": 4269.2, "word": " So", "probability": 0.9306640625}, {"start": 4269.2, "end": 4270.66, "word": " B", "probability": 0.849609375}, {"start": 4270.66, "end": 4271.16, "word": " compared", "probability": 0.875}, {"start": 4271.16, "end": 4271.4, "word": " to", "probability": 0.96533203125}, {"start": 4271.4, "end": 4271.7, "word": " A.", "probability": 0.986328125}], "temperature": 1.0}, {"id": 151, "seek": 429897, "start": 4272.68, "end": 4298.98, "text": " equals, how much is it? 1, 540 over 132, 0 point how much? 300.03, okay, positive. So here, the demand is inelastic,", "tokens": [6915, 11, 577, 709, 307, 309, 30, 502, 11, 1025, 5254, 670, 3705, 17, 11, 1958, 935, 577, 709, 30, 6641, 13, 11592, 11, 1392, 11, 3353, 13, 407, 510, 11, 264, 4733, 307, 294, 338, 2750, 11], "avg_logprob": -0.32812499694335157, "compression_ratio": 1.1359223300970873, "no_speech_prob": 0.0, "words": [{"start": 4272.68, "end": 4273.36, "word": " equals,", "probability": 0.62646484375}, {"start": 4273.68, "end": 4273.86, "word": " how", "probability": 0.93603515625}, {"start": 4273.86, "end": 4274.12, "word": " much", "probability": 0.91845703125}, {"start": 4274.12, "end": 4274.28, "word": " is", "probability": 0.9443359375}, {"start": 4274.28, "end": 4274.4, "word": " it?", "probability": 0.94873046875}, {"start": 4274.86, "end": 4275.5, "word": " 1,", "probability": 0.426513671875}, {"start": 4275.56, "end": 4278.22, "word": " 540", "probability": 0.647216796875}, {"start": 4278.22, "end": 4278.68, "word": " over", "probability": 0.87548828125}, {"start": 4278.68, "end": 4281.32, "word": " 132,", "probability": 0.914306640625}, {"start": 4281.76, "end": 4282.22, "word": " 0", "probability": 0.640625}, {"start": 4282.22, "end": 4282.54, "word": " point", "probability": 0.76806640625}, {"start": 4282.54, "end": 4282.8, "word": " how", "probability": 0.67626953125}, {"start": 4282.8, "end": 4283.26, "word": " much?", "probability": 0.9208984375}, {"start": 4285.24, "end": 4286.04, "word": " 300", "probability": 0.7138671875}, {"start": 4286.04, "end": 4288.1, "word": ".03,", "probability": 0.376953125}, {"start": 4292.0, "end": 4292.18, "word": " okay,", "probability": 0.8173828125}, {"start": 4293.16, "end": 4294.08, "word": " positive.", "probability": 0.93212890625}, {"start": 4295.22, "end": 4295.8, "word": " So", "probability": 0.953125}, {"start": 4295.8, "end": 4296.22, "word": " here,", "probability": 0.5966796875}, {"start": 4296.58, "end": 4296.88, "word": " the", "probability": 0.86279296875}, {"start": 4296.88, "end": 4297.36, "word": " demand", "probability": 0.9189453125}, {"start": 4297.36, "end": 4297.78, "word": " is", "probability": 0.95068359375}, {"start": 4297.78, "end": 4298.98, "word": " inelastic,", "probability": 0.94921875}], "temperature": 1.0}, {"id": 152, "seek": 432392, "start": 4299.92, "end": 4323.92, "text": " Because the absolute value here is less than one. Number two, what is the relationship between the product A and B? Are they or is it complementary relations or substitutes? 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So here, I state the relationship between product A and B. I say that the sign here of cross-price elasticity of demand for product B compared to A is positive. They are substitutes. 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A and C. C converted to A. The price of A from 10 to 15. The quantity demanded of C was 90.", "tokens": [366, 26441, 1819, 13, 316, 293, 383, 13, 383, 16424, 281, 316, 13, 440, 3218, 295, 316, 490, 1266, 281, 2119, 13, 440, 11275, 28276, 295, 383, 390, 4289, 13], "avg_logprob": -0.3334173271732946, "compression_ratio": 1.1354166666666667, "no_speech_prob": 0.0, "words": [{"start": 4360.48, "end": 4360.96, "word": " are", "probability": 0.5185546875}, {"start": 4360.96, "end": 4362.66, "word": " substitutes.", "probability": 0.903564453125}, {"start": 4366.52, "end": 4367.44, "word": " A", "probability": 0.2215576171875}, {"start": 4367.44, "end": 4370.98, "word": " and", "probability": 0.87841796875}, {"start": 4370.98, "end": 4371.4, "word": " C.", "probability": 0.9248046875}, {"start": 4372.3, "end": 4373.46, "word": " C", "probability": 0.272705078125}, {"start": 4373.46, "end": 4374.0, "word": " converted", "probability": 0.22314453125}, {"start": 4374.0, "end": 4374.22, "word": " to", "probability": 0.92236328125}, {"start": 4374.22, "end": 4374.42, "word": " A.", "probability": 0.97607421875}, {"start": 4377.18, "end": 4378.34, "word": " The", "probability": 0.83544921875}, {"start": 4378.34, "end": 4378.72, "word": " price", "probability": 0.9248046875}, {"start": 4378.72, "end": 4378.92, "word": " of", "probability": 0.9404296875}, {"start": 4378.92, "end": 4379.14, "word": " A", "probability": 0.98291015625}, {"start": 4379.14, "end": 4379.8, "word": " from", "probability": 0.322998046875}, {"start": 4379.8, "end": 4380.48, "word": " 10", "probability": 0.8115234375}, {"start": 4380.48, "end": 4381.22, "word": " to", "probability": 0.9619140625}, {"start": 4381.22, "end": 4381.78, "word": " 15.", "probability": 0.96337890625}, {"start": 4382.46, "end": 4383.52, "word": " The", "probability": 0.83544921875}, {"start": 4383.52, "end": 4384.02, "word": " quantity", "probability": 0.94091796875}, {"start": 4384.02, "end": 4384.5, "word": " demanded", "probability": 0.79443359375}, {"start": 4384.5, "end": 4384.8, "word": " of", "probability": 0.8662109375}, {"start": 4384.8, "end": 4385.14, "word": " C", "probability": 0.98974609375}, {"start": 4385.14, "end": 4387.04, "word": " was", "probability": 0.27880859375}, {"start": 4387.04, "end": 4387.62, "word": " 90.", "probability": 0.94921875}], "temperature": 1.0}, {"id": 155, "seek": 441264, "start": 4389.83, "end": 4412.65, "text": " Who is in for 285? Are they compliments or substitutes? Compliments. Compliments. It's going to be a negative sign. Right? Right? Like the price of fuel and demand for cars. Take this assignment and work on it.", "tokens": [2102, 307, 294, 337, 7562, 20, 30, 2014, 436, 35468, 420, 26441, 1819, 30, 33736, 8321, 13, 33736, 8321, 13, 467, 311, 516, 281, 312, 257, 3671, 1465, 13, 1779, 30, 1779, 30, 1743, 264, 3218, 295, 6616, 293, 4733, 337, 5163, 13, 3664, 341, 15187, 293, 589, 322, 309, 13], "avg_logprob": -0.4209735645697667, "compression_ratio": 1.4066666666666667, "no_speech_prob": 0.0, "words": [{"start": 4389.83, "end": 4390.03, "word": " Who", "probability": 0.380859375}, {"start": 4390.03, "end": 4390.23, "word": " is", "probability": 0.320068359375}, {"start": 4390.23, "end": 4390.33, "word": " in", "probability": 0.366455078125}, {"start": 4390.33, "end": 4390.89, "word": " for", "probability": 0.1043701171875}, {"start": 4390.89, "end": 4392.45, "word": " 285?", "probability": 0.702392578125}, {"start": 4392.99, "end": 4393.59, "word": " Are", "probability": 0.947265625}, {"start": 4393.59, "end": 4393.89, "word": " they", "probability": 0.8857421875}, {"start": 4393.89, "end": 4394.39, "word": " compliments", "probability": 0.734375}, {"start": 4394.39, "end": 4394.99, "word": " or", "probability": 0.96142578125}, {"start": 4394.99, "end": 4395.79, "word": " substitutes?", "probability": 0.945556640625}, {"start": 4397.07, "end": 4397.71, "word": " Compliments.", "probability": 0.86767578125}, {"start": 4397.71, "end": 4398.01, "word": " Compliments.", "probability": 0.5928955078125}, {"start": 4398.39, "end": 4398.61, "word": " It's", "probability": 0.29046630859375}, {"start": 4398.61, "end": 4398.65, "word": " going", "probability": 0.483154296875}, {"start": 4398.65, "end": 4398.65, "word": " to", "probability": 0.97265625}, {"start": 4398.65, "end": 4398.81, "word": " be", "probability": 0.9365234375}, {"start": 4398.81, "end": 4398.87, "word": " a", "probability": 0.7373046875}, {"start": 4398.87, "end": 4399.21, "word": " negative", "probability": 0.93994140625}, {"start": 4399.21, "end": 4399.59, "word": " sign.", "probability": 0.91943359375}, {"start": 4401.05, "end": 4401.69, "word": " Right?", "probability": 0.484130859375}, {"start": 4403.13, "end": 4403.35, "word": " Right?", "probability": 0.288818359375}, {"start": 4404.33, "end": 4404.97, "word": " Like", "probability": 0.7578125}, {"start": 4404.97, "end": 4405.23, "word": " the", "probability": 0.845703125}, {"start": 4405.23, "end": 4406.71, "word": " price", "probability": 0.587890625}, {"start": 4406.71, "end": 4406.93, "word": " of", "probability": 0.9560546875}, {"start": 4406.93, "end": 4407.19, "word": " fuel", "probability": 0.833984375}, {"start": 4407.19, "end": 4407.47, "word": " and", "probability": 0.91357421875}, {"start": 4407.47, "end": 4407.73, "word": " demand", "probability": 0.853515625}, {"start": 4407.73, "end": 4407.93, "word": " for", "probability": 0.92626953125}, {"start": 4407.93, "end": 4408.37, "word": " cars.", "probability": 0.9189453125}, {"start": 4410.81, "end": 4411.03, "word": " Take", "probability": 0.201171875}, {"start": 4411.03, "end": 4411.23, "word": " this", "probability": 0.65380859375}, {"start": 4411.23, "end": 4411.67, "word": " assignment", "probability": 0.95361328125}, {"start": 4411.67, "end": 4412.03, "word": " and", "probability": 0.259033203125}, {"start": 4412.03, "end": 4412.31, "word": " work", "probability": 0.83984375}, {"start": 4412.31, "end": 4412.53, "word": " on", "probability": 0.91064453125}, {"start": 4412.53, "end": 4412.65, "word": " it.", "probability": 0.91455078125}], "temperature": 1.0}, {"id": 156, "seek": 444306, "start": 4414.4, "end": 4443.06, "text": " Calculate the gross price elasticity demand for product C compared to A. And state the relationship between product A and C. Number three. Calculate", "tokens": [3511, 2444, 473, 264, 11367, 3218, 46260, 4733, 337, 1674, 383, 5347, 281, 316, 13, 400, 1785, 264, 2480, 1296, 1674, 316, 293, 383, 13, 5118, 1045, 13, 3511, 2444, 473], "avg_logprob": -0.20336914155632257, "compression_ratio": 1.3423423423423424, "no_speech_prob": 0.0, "words": [{"start": 4414.4, "end": 4415.38, "word": " Calculate", "probability": 0.919921875}, {"start": 4415.38, "end": 4415.58, "word": " the", "probability": 0.8681640625}, {"start": 4415.58, "end": 4415.86, "word": " gross", "probability": 0.5537109375}, {"start": 4415.86, "end": 4416.26, "word": " price", "probability": 0.90283203125}, {"start": 4416.26, "end": 4416.8, "word": " elasticity", "probability": 0.92822265625}, {"start": 4416.8, "end": 4417.22, "word": " demand", "probability": 0.483154296875}, {"start": 4417.22, "end": 4417.46, "word": " for", "probability": 0.8720703125}, {"start": 4417.46, "end": 4418.0, "word": " product", "probability": 0.82080078125}, {"start": 4418.0, "end": 4418.6, "word": " C", "probability": 0.8671875}, {"start": 4418.6, "end": 4419.18, "word": " compared", "probability": 0.59228515625}, {"start": 4419.18, "end": 4419.44, "word": " to", "probability": 0.96875}, {"start": 4419.44, "end": 4419.78, "word": " A.", "probability": 0.98583984375}, {"start": 4423.86, "end": 4424.94, "word": " And", "probability": 0.8515625}, {"start": 4424.94, "end": 4425.56, "word": " state", "probability": 0.61865234375}, {"start": 4425.56, "end": 4425.82, "word": " the", "probability": 0.89501953125}, {"start": 4425.82, "end": 4426.46, "word": " relationship", "probability": 0.9072265625}, {"start": 4426.46, "end": 4427.16, "word": " between", "probability": 0.87841796875}, {"start": 4427.16, "end": 4428.0, "word": " product", "probability": 0.84619140625}, {"start": 4428.0, "end": 4428.84, "word": " A", "probability": 0.990234375}, {"start": 4428.84, "end": 4429.18, "word": " and", "probability": 0.94921875}, {"start": 4429.18, "end": 4429.7, "word": " C.", "probability": 0.98193359375}, {"start": 4438.24, "end": 4438.7, "word": " Number", "probability": 0.66357421875}, {"start": 4438.7, "end": 4439.12, "word": " three.", "probability": 0.86181640625}, {"start": 4441.98, "end": 4443.06, "word": " Calculate", "probability": 0.9884440104166666}], "temperature": 1.0}, {"id": 157, "seek": 447174, "start": 4447.44, "end": 4471.74, "text": " Calculate cross price elasticity of demand for product C converted to A. C converted to A. Number two, understand the relationship between product A and C.", "tokens": [3511, 2444, 473, 3278, 3218, 46260, 295, 4733, 337, 1674, 383, 16424, 281, 316, 13, 383, 16424, 281, 316, 13, 5118, 732, 11, 1223, 264, 2480, 1296, 1674, 316, 293, 383, 13], "avg_logprob": -0.33735795454545453, "compression_ratio": 1.368421052631579, "no_speech_prob": 0.0, "words": [{"start": 4447.4400000000005, "end": 4448.22, "word": " Calculate", "probability": 0.7371012369791666}, {"start": 4448.22, "end": 4448.6, "word": " cross", "probability": 0.56884765625}, {"start": 4448.6, "end": 4448.98, "word": " price", "probability": 0.74462890625}, {"start": 4448.98, "end": 4449.38, "word": " elasticity", "probability": 0.22314453125}, {"start": 4449.38, "end": 4449.66, "word": " of", "probability": 0.74072265625}, {"start": 4449.66, "end": 4449.86, "word": " demand", "probability": 0.85107421875}, {"start": 4449.86, "end": 4450.02, "word": " for", "probability": 0.8671875}, {"start": 4450.02, "end": 4450.42, "word": " product", "probability": 0.76708984375}, {"start": 4450.42, "end": 4450.76, "word": " C", "probability": 0.912109375}, {"start": 4450.76, "end": 4451.28, "word": " converted", "probability": 0.46240234375}, {"start": 4451.28, "end": 4451.52, "word": " to", "probability": 0.94921875}, {"start": 4451.52, "end": 4451.7, "word": " A.", "probability": 0.97216796875}, {"start": 4452.8, "end": 4453.58, "word": " C", "probability": 0.373291015625}, {"start": 4453.58, "end": 4456.3, "word": " converted", "probability": 0.437255859375}, {"start": 4456.3, "end": 4456.64, "word": " to", "probability": 0.96435546875}, {"start": 4456.64, "end": 4456.76, "word": " A.", "probability": 0.98095703125}, {"start": 4458.36, "end": 4459.14, "word": " Number", "probability": 0.46044921875}, {"start": 4459.14, "end": 4467.02, "word": " two,", "probability": 0.73974609375}, {"start": 4467.32, "end": 4468.12, "word": " understand", "probability": 0.52197265625}, {"start": 4468.12, "end": 4468.48, "word": " the", "probability": 0.89453125}, {"start": 4468.48, "end": 4469.08, "word": " relationship", "probability": 0.92529296875}, {"start": 4469.08, "end": 4469.68, "word": " between", "probability": 0.87158203125}, {"start": 4469.68, "end": 4470.5, "word": " product", "probability": 0.8935546875}, {"start": 4470.5, "end": 4470.92, "word": " A", "probability": 0.9912109375}, {"start": 4470.92, "end": 4471.38, "word": " and", "probability": 0.94873046875}, {"start": 4471.38, "end": 4471.74, "word": " C.", "probability": 0.8388671875}], "temperature": 1.0}, {"id": 158, "seek": 449596, "start": 4474.4, "end": 4495.96, "text": " This depends on the sign here. Number three, calculate. Number three, calculate the price elasticity of demand for product A.", "tokens": [639, 5946, 322, 264, 1465, 510, 13, 5118, 1045, 11, 8873, 13, 5118, 1045, 11, 8873, 264, 3218, 46260, 295, 4733, 337, 1674, 316, 13], "avg_logprob": -0.15760216002280897, "compression_ratio": 1.3404255319148937, "no_speech_prob": 0.0, "words": [{"start": 4474.4, "end": 4474.68, "word": " This", "probability": 0.595703125}, {"start": 4474.68, "end": 4474.96, "word": " depends", "probability": 0.921875}, {"start": 4474.96, "end": 4475.22, "word": " on", "probability": 0.951171875}, {"start": 4475.22, "end": 4475.38, "word": " the", "probability": 0.91943359375}, {"start": 4475.38, "end": 4475.64, "word": " sign", "probability": 0.87060546875}, {"start": 4475.64, "end": 4475.9, "word": " here.", "probability": 0.830078125}, {"start": 4476.58, "end": 4476.78, "word": " Number", "probability": 0.8564453125}, {"start": 4476.78, "end": 4477.18, "word": " three,", "probability": 0.8720703125}, {"start": 4478.12, "end": 4478.7, "word": " calculate.", "probability": 0.87353515625}, {"start": 4487.6, "end": 4488.44, "word": " Number", "probability": 0.84716796875}, {"start": 4488.44, "end": 4488.88, "word": " three,", "probability": 0.93505859375}, {"start": 4489.92, "end": 4490.52, "word": " calculate", "probability": 0.9130859375}, {"start": 4490.52, "end": 4493.08, "word": " the", "probability": 0.8388671875}, {"start": 4493.08, "end": 4493.54, "word": " price", "probability": 0.9189453125}, {"start": 4493.54, "end": 4494.12, "word": " elasticity", "probability": 0.7138671875}, {"start": 4494.12, "end": 4494.4, "word": " of", "probability": 0.85400390625}, {"start": 4494.4, "end": 4494.72, "word": " demand", "probability": 0.9189453125}, {"start": 4494.72, "end": 4495.22, "word": " for", "probability": 0.947265625}, {"start": 4495.22, "end": 4495.64, "word": " product", "probability": 0.87255859375}, {"start": 4495.64, "end": 4495.96, "word": " A.", "probability": 0.9111328125}], "temperature": 1.0}, {"id": 159, "seek": 453079, "start": 4503.41, "end": 4530.79, "text": " Is it elastic or inelastic? Number four. Calculate the total revenue.", "tokens": [1119, 309, 17115, 420, 294, 338, 2750, 30, 5118, 1451, 13, 3511, 2444, 473, 264, 3217, 9324, 13], "avg_logprob": -0.07940995301070966, "compression_ratio": 0.9859154929577465, "no_speech_prob": 0.0, "words": [{"start": 4503.41, "end": 4503.69, "word": " Is", "probability": 0.9052734375}, {"start": 4503.69, "end": 4503.95, "word": " it", "probability": 0.8994140625}, {"start": 4503.95, "end": 4504.39, "word": " elastic", "probability": 0.95947265625}, {"start": 4504.39, "end": 4504.65, "word": " or", "probability": 0.95556640625}, {"start": 4504.65, "end": 4505.13, "word": " inelastic?", "probability": 0.9479166666666666}, {"start": 4514.23, "end": 4515.07, "word": " Number", "probability": 0.8203125}, {"start": 4515.07, "end": 4515.49, "word": " four.", "probability": 0.88818359375}, {"start": 4529.03, "end": 4529.87, "word": " Calculate", "probability": 0.9689127604166666}, {"start": 4529.87, "end": 4530.07, "word": " the", "probability": 0.9130859375}, {"start": 4530.07, "end": 4530.37, "word": " total", "probability": 0.8720703125}, {"start": 4530.37, "end": 4530.79, "word": " revenue.", "probability": 0.87109375}], "temperature": 1.0}, {"id": 160, "seek": 455949, "start": 4532.99, "end": 4559.49, "text": " for product A before and after changes in the prices. Calculate total revenue of or generated", "tokens": [337, 1674, 316, 949, 293, 934, 2962, 294, 264, 7901, 13, 3511, 2444, 473, 3217, 9324, 295, 420, 10833], "avg_logprob": -0.2935546860098839, "compression_ratio": 1.146341463414634, "no_speech_prob": 0.0, "words": [{"start": 4532.99, "end": 4533.33, "word": " for", "probability": 0.309326171875}, {"start": 4533.33, "end": 4533.91, "word": " product", "probability": 0.71923828125}, {"start": 4533.91, "end": 4535.09, "word": " A", "probability": 0.76611328125}, {"start": 4535.09, "end": 4537.27, "word": " before", "probability": 0.642578125}, {"start": 4537.27, "end": 4537.63, "word": " and", "probability": 0.93798828125}, {"start": 4537.63, "end": 4538.03, "word": " after", "probability": 0.83349609375}, {"start": 4538.03, "end": 4538.61, "word": " changes", "probability": 0.8818359375}, {"start": 4538.61, "end": 4538.85, "word": " in", "probability": 0.9443359375}, {"start": 4538.85, "end": 4538.97, "word": " the", "probability": 0.560546875}, {"start": 4538.97, "end": 4539.47, "word": " prices.", "probability": 0.88720703125}, {"start": 4541.19, "end": 4542.47, "word": " Calculate", "probability": 0.9807942708333334}, {"start": 4542.47, "end": 4547.97, "word": " total", "probability": 0.4130859375}, {"start": 4547.97, "end": 4548.61, "word": " revenue", "probability": 0.90625}, {"start": 4548.61, "end": 4554.33, "word": " of", "probability": 0.80029296875}, {"start": 4554.33, "end": 4558.39, "word": " or", "probability": 0.3564453125}, {"start": 4558.39, "end": 4559.49, "word": " generated", "probability": 0.8583984375}], "temperature": 1.0}, {"id": 161, "seek": 458706, "start": 4560.82, "end": 4587.06, "text": " Total revenue generated from selling product A before and after changing prices. Before and after.", "tokens": [23170, 9324, 10833, 490, 6511, 1674, 316, 949, 293, 934, 4473, 7901, 13, 4546, 293, 934, 13], "avg_logprob": -0.2749565955665376, "compression_ratio": 1.2222222222222223, "no_speech_prob": 0.0, "words": [{"start": 4560.82, "end": 4561.22, "word": " Total", "probability": 0.5400390625}, {"start": 4561.22, "end": 4561.68, "word": " revenue", "probability": 0.88232421875}, {"start": 4561.68, "end": 4562.48, "word": " generated", "probability": 0.85595703125}, {"start": 4562.48, "end": 4566.04, "word": " from", "probability": 0.75439453125}, {"start": 4566.04, "end": 4569.36, "word": " selling", "probability": 0.83056640625}, {"start": 4569.36, "end": 4571.66, "word": " product", "probability": 0.66796875}, {"start": 4571.66, "end": 4572.12, "word": " A", "probability": 0.83447265625}, {"start": 4572.12, "end": 4577.96, "word": " before", "probability": 0.7021484375}, {"start": 4577.96, "end": 4578.42, "word": " and", "probability": 0.94189453125}, {"start": 4578.42, "end": 4578.82, "word": " after", "probability": 0.82080078125}, {"start": 4578.82, "end": 4579.36, "word": " changing", "probability": 0.58203125}, {"start": 4579.36, "end": 4579.98, "word": " prices.", "probability": 0.89306640625}, {"start": 4581.1, "end": 4582.04, "word": " Before", "probability": 0.884765625}, {"start": 4582.04, "end": 4586.5, "word": " and", "probability": 0.689453125}, {"start": 4586.5, "end": 4587.06, "word": " after.", "probability": 0.82373046875}], "temperature": 1.0}, {"id": 162, "seek": 460938, "start": 4589.48, "end": 4609.38, "text": " The change in prices before increasing the prices from 10 to 15. How much was the total revenue and how much did it become?", "tokens": [440, 1319, 294, 7901, 949, 5662, 264, 7901, 490, 1266, 281, 2119, 13, 1012, 709, 390, 264, 3217, 9324, 293, 577, 709, 630, 309, 1813, 30], "avg_logprob": -0.399305557763135, "compression_ratio": 1.1923076923076923, "no_speech_prob": 0.0, "words": [{"start": 4589.48, "end": 4589.72, "word": " The", "probability": 0.63818359375}, {"start": 4589.72, "end": 4590.22, "word": " change", "probability": 0.89013671875}, {"start": 4590.22, "end": 4590.42, "word": " in", "probability": 0.943359375}, {"start": 4590.42, "end": 4590.96, "word": " prices", "probability": 0.54345703125}, {"start": 4590.96, "end": 4600.06, "word": " before", "probability": 0.390869140625}, {"start": 4600.06, "end": 4601.14, "word": " increasing", "probability": 0.87841796875}, {"start": 4601.14, "end": 4601.34, "word": " the", "probability": 0.85595703125}, {"start": 4601.34, "end": 4601.9, "word": " prices", "probability": 0.80126953125}, {"start": 4601.9, "end": 4604.44, "word": " from", "probability": 0.68212890625}, {"start": 4604.44, "end": 4604.94, "word": " 10", "probability": 0.81298828125}, {"start": 4604.94, "end": 4605.1, "word": " to", "probability": 0.87353515625}, {"start": 4605.1, "end": 4605.56, "word": " 15.", "probability": 0.96240234375}, {"start": 4606.52, "end": 4607.1, "word": " How", "probability": 0.377685546875}, {"start": 4607.1, "end": 4607.18, "word": " much", "probability": 0.80322265625}, {"start": 4607.18, "end": 4607.38, "word": " was", "probability": 0.861328125}, {"start": 4607.38, "end": 4607.5, "word": " the", "probability": 0.8095703125}, {"start": 4607.5, "end": 4607.7, "word": " total", "probability": 0.87255859375}, {"start": 4607.7, "end": 4608.14, "word": " revenue", "probability": 0.8798828125}, {"start": 4608.14, "end": 4608.7, "word": " and", "probability": 0.43798828125}, {"start": 4608.7, "end": 4609.02, "word": " how", "probability": 0.884765625}, {"start": 4609.02, "end": 4609.04, "word": " much", "probability": 0.880859375}, {"start": 4609.04, "end": 4609.34, "word": " did", "probability": 0.30029296875}, {"start": 4609.34, "end": 4609.38, "word": " it", "probability": 0.8564453125}, {"start": 4609.38, "end": 4609.38, "word": " become?", "probability": 0.380859375}], "temperature": 1.0}], "language": "en", "language_probability": 1.0, "duration": 4613.178, "duration_after_vad": 4139.576250000003} \ No newline at end of file diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/jCmomr-1zG8_raw.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/jCmomr-1zG8_raw.srt new file mode 100644 index 0000000000000000000000000000000000000000..ab3ddf6c3bbc13e5c1ffd7d307c123ec6632dbc4 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/jCmomr-1zG8_raw.srt @@ -0,0 +1,2980 @@ +1 +00:00:20,000 --> 00:00:22,660 +Okay, bismillahirrahmanirrahim. Today, inshallah, + +2 +00:00:22,780 --> 00:00:27,400 +we are going to talk about the, or we'll be + +3 +00:00:27,400 --> 00:00:32,140 +talking about the determinant of the price + +4 +00:00:32,140 --> 00:00:36,060 +elasticity of demand, the income elasticity of + +5 +00:00:36,060 --> 00:00:40,120 +demand, gross price elasticity of demand, and if + +6 +00:00:40,120 --> 00:00:42,520 +we have enough time, we will go to the price + +7 +00:00:42,520 --> 00:00:47,940 +elasticity of supply. The major question here is, + +8 +00:00:50,620 --> 00:00:54,600 +What are the main factors affecting the elasticity + +9 +00:00:54,600 --> 00:00:57,500 +of demand or the price elasticity of demand? What + +10 +00:00:57,500 --> 00:01:01,600 +are the main determinants of the price elasticity + +11 +00:01:01,600 --> 00:01:07,500 +of demand? How can we say that the price or the + +12 +00:01:07,500 --> 00:01:14,180 +demand for Pepsi is elastic? How can we or why do + +13 +00:01:14,180 --> 00:01:19,600 +we say that The price elasticity of demand for a + +14 +00:01:19,600 --> 00:01:25,000 +flower is inelastic. This is the question here. + +15 +00:01:25,460 --> 00:01:26,240 +Yes. + +16 +00:01:32,640 --> 00:01:36,680 +No. In general, in general, what are the main + +17 +00:01:36,680 --> 00:01:40,560 +factors affecting the elasticity? Why do we say + +18 +00:01:40,560 --> 00:01:44,080 +that the demand for flower is inelastic? + +19 +00:01:46,740 --> 00:01:51,820 +Exactly. Number one is the availability of + +20 +00:01:51,820 --> 00:01:55,600 +substitutes. So here, the main determinants of the + +21 +00:01:55,600 --> 00:01:57,000 +price elasticity of demand. + +22 +00:02:01,340 --> 00:02:07,080 +Number one + +23 +00:02:07,080 --> 00:02:10,700 +is the availability of substitutes. + +24 +00:02:24,720 --> 00:02:30,580 +The demand for Pepsi is elastic because it has so + +25 +00:02:30,580 --> 00:02:37,140 +many substitutes. The demand for Pepsi is + +26 +00:02:37,140 --> 00:02:38,260 +elastic. + +27 +00:02:40,780 --> 00:02:46,760 +The demand for flour is inelastic. + +28 +00:02:53,780 --> 00:02:58,700 +for medicine, for drugs, is perfectly inelastic. + +29 +00:03:06,840 --> 00:03:14,120 +Perfectly inelastic. Which means that if the + +30 +00:03:14,120 --> 00:03:19,240 +product has Many substitutes. Pepsi has many + +31 +00:03:19,240 --> 00:03:23,020 +substitutes, like Coca-Cola, like 7-Up, like + +32 +00:03:23,020 --> 00:03:28,360 +Miranda. So here we have so many substitutes. + +33 +00:03:30,680 --> 00:03:37,940 +Medicine, drugs. Specific type of medicine. Like + +34 +00:03:37,940 --> 00:03:41,260 +the demand for insulin for the diabetic patients. + +35 +00:03:43,590 --> 00:03:48,810 +Pepsi has many substitutes. So here we have many + +36 +00:03:48,810 --> 00:03:51,110 +substitutes for the product, so the demand will be + +37 +00:03:51,110 --> 00:03:54,510 +elastic. Here, if demand for a flower has one + +38 +00:03:54,510 --> 00:03:58,950 +substitute, so demand will be less elastic. + +39 +00:04:00,810 --> 00:04:05,490 +medicine or one type of medicine is important, is + +40 +00:04:05,490 --> 00:04:09,990 +necessary for the, it has no substitutes. In this + +41 +00:04:09,990 --> 00:04:12,410 +case, we can see that the demand is perfectly + +42 +00:04:12,410 --> 00:04:16,530 +inelastic, which means the lower number of + +43 +00:04:16,530 --> 00:04:20,970 +substitutes or the less number of substitutes, the + +44 +00:04:20,970 --> 00:04:26,610 +less demand or the less elasticity of demand. The + +45 +00:04:26,610 --> 00:04:32,340 +more number of substitutes, the more elastic + +46 +00:04:32,340 --> 00:04:38,000 +demand. So increasing the number of substitutes + +47 +00:04:38,000 --> 00:04:46,360 +increases + +48 +00:04:46,360 --> 00:04:50,800 +or increases the price elasticity of demand. + +49 +00:04:51,980 --> 00:04:55,800 +Increase the price elasticity of demand. All + +50 +00:04:55,800 --> 00:04:57,580 +right? Okay. + +51 +00:05:01,280 --> 00:05:04,760 +Is it clear? Let's go to something else, or the + +52 +00:05:04,760 --> 00:05:08,900 +second determinant of demand, or the price + +53 +00:05:08,900 --> 00:05:11,680 +elasticity of demand. The second determinant of + +54 +00:05:11,680 --> 00:05:14,620 +the price elasticity of demand, which is what? + +55 +00:05:17,080 --> 00:05:20,920 +Yeah, who can give us the second? Yes, where? + +56 +00:05:21,800 --> 00:05:26,800 +Okay, see? Okay, sorry? + +57 +00:05:29,600 --> 00:05:32,200 +The amount of income spent on the product. + +58 +00:05:35,300 --> 00:05:40,120 +Number two, the necessity of the product for the + +59 +00:05:40,120 --> 00:05:44,320 +consumer. The necessity of the product for the + +60 +00:05:44,320 --> 00:05:48,600 +consumer. Is the product important? Is it + +61 +00:05:48,600 --> 00:05:51,700 +necessary for the consumer or not? This is the + +62 +00:05:51,700 --> 00:05:59,020 +question. So number two is the necessity + +63 +00:06:04,110 --> 00:06:08,090 +of the product for + +64 +00:06:08,090 --> 00:06:08,810 +the consumer. + +65 +00:06:15,970 --> 00:06:20,050 +Is it easy to give up it? Is it necessary for the + +66 +00:06:20,050 --> 00:06:23,850 +consumer? Like the demand for flour here. Demand + +67 +00:06:23,850 --> 00:06:27,370 +for flour, is the flour, is it necessary for the + +68 +00:06:27,370 --> 00:06:31,130 +consumer or not? The medicine, is it necessary for + +69 +00:06:31,130 --> 00:06:36,520 +the consumer? Yes. The more important of the + +70 +00:06:36,520 --> 00:06:42,260 +product here, the more important. + +71 +00:06:45,480 --> 00:06:48,240 +The more the product is important for the + +72 +00:06:48,240 --> 00:06:54,460 +consumer, the more the product is + +73 +00:06:54,460 --> 00:06:59,500 +important for + +74 +00:06:59,500 --> 00:07:00,320 +the consumers, + +75 +00:07:08,860 --> 00:07:22,560 +The less elastic demand. The less + +76 +00:07:22,560 --> 00:07:26,700 +elasticity + +77 +00:07:26,700 --> 00:07:31,300 +of demand + +78 +00:07:31,300 --> 00:07:34,520 +will be. + +79 +00:07:37,750 --> 00:07:43,710 +Because the price in assistive demand, PED, P-E-D, + +80 +00:07:45,010 --> 00:07:48,510 +price in assistive demand formula is the change in + +81 +00:07:48,510 --> 00:07:51,750 +quantity demanded percent over the change in price + +82 +00:07:51,750 --> 00:07:56,890 +percent. Let us assume that the price of a flower + +83 +00:07:56,890 --> 00:08:00,340 +increased by 10 percent. The quantity demanded + +84 +00:08:00,340 --> 00:08:06,440 +goes down by less than 10%, 3%. Let us assume 3%. + +85 +00:08:06,440 --> 00:08:12,020 +How about the absolute value? 0.3. The absolute 0 + +86 +00:08:12,020 --> 00:08:19,240 +.3. It's less than 1. Yes. The giving up, the + +87 +00:08:19,240 --> 00:08:24,260 +necessity of the product, the giving up is less. + +88 +00:08:24,880 --> 00:08:25,020 +Yes. + +89 +00:08:30,060 --> 00:08:32,020 +The more the product is important for the + +90 +00:08:32,020 --> 00:08:36,540 +consumer, he cannot get or she cannot give up it + +91 +00:08:36,540 --> 00:08:40,300 +when the price increases. So, the demand will be + +92 +00:08:40,300 --> 00:08:48,240 +less elastic, okay? For Pepsi, it's not necessary + +93 +00:08:48,240 --> 00:08:52,000 +for the consumer and it's easy to give up it when + +94 +00:08:52,000 --> 00:08:54,120 +the product, when the price goes up. + +95 +00:08:59,150 --> 00:09:03,870 +The demand declined by 40% because the consumer + +96 +00:09:03,870 --> 00:09:08,030 +will- the product is less necessary or it's not + +97 +00:09:08,030 --> 00:09:13,890 +necessary for the consumer. Minus four equals + +98 +00:09:13,890 --> 00:09:17,030 +four. + +99 +00:09:18,650 --> 00:09:21,710 +It's less than one. Sorry, bigger than one. So the + +100 +00:09:21,710 --> 00:09:25,690 +demand will be elastic. So the more necessary the + +101 +00:09:25,690 --> 00:09:28,840 +product, for the consumer, the more the product is + +102 +00:09:28,840 --> 00:09:32,000 +important for the consumer, the demand will be + +103 +00:09:32,000 --> 00:09:38,940 +less elastic. Okay? The third point or the third + +104 +00:09:38,940 --> 00:09:45,200 +determinant of demand is what your mate or + +105 +00:09:45,200 --> 00:09:51,600 +classmate said, which is the amount of + +106 +00:09:51,600 --> 00:09:57,490 +income spent on the product. The amount, so the + +107 +00:09:57,490 --> 00:10:03,390 +third determinant of the price elasticity of + +108 +00:10:03,390 --> 00:10:13,330 +demand is number three, the amount of + +109 +00:10:13,330 --> 00:10:18,930 +income spent on the product. + +110 +00:10:24,630 --> 00:10:31,450 +And let's have the following example. The demand + +111 +00:10:31,450 --> 00:10:38,550 +for salt. The price + +112 +00:10:38,550 --> 00:10:42,610 +of + +113 +00:10:42,610 --> 00:10:45,530 +salt is an example here. + +114 +00:10:53,740 --> 00:11:02,360 +The price per kilogram of salt equals one shekel, + +115 +00:11:02,840 --> 00:11:10,720 +which represents a small part of your income, a + +116 +00:11:10,720 --> 00:11:14,580 +small portion of your income, a small amount of + +117 +00:11:14,580 --> 00:11:15,180 +your income. + +118 +00:11:24,250 --> 00:11:29,410 +So salt represents or the portion of your own salt + +119 +00:11:29,410 --> 00:11:37,190 +and your income is very small here. The amount of + +120 +00:11:37,190 --> 00:11:46,270 +income spent on salt is small or very small. Let + +121 +00:11:46,270 --> 00:11:52,860 +us assume that the price of salt increased by 50%. + +122 +00:11:52,860 --> 00:12:00,520 +Let us assume that the price of salt increased by + +123 +00:12:00,520 --> 00:12:07,500 +50%. 50 + +124 +00:12:07,500 --> 00:12:10,220 +% increased. + +125 +00:12:13,520 --> 00:12:16,620 +The quantity demanded of salt. + +126 +00:12:29,010 --> 00:12:32,790 +So the price increase, the price of salt per + +127 +00:12:32,790 --> 00:12:36,510 +kilogram of salt increased by 50%. The quantity + +128 +00:12:36,510 --> 00:12:43,730 +demanded of salt might be increased by 2%, just + +129 +00:12:43,730 --> 00:12:44,770 +2%. + +130 +00:12:51,840 --> 00:12:54,960 +Change required demanded percent over change in + +131 +00:12:54,960 --> 00:12:58,140 +price percent. According to our assumption here + +132 +00:12:58,140 --> 00:13:03,140 +that the price of salt increased by 50%. Had a + +133 +00:13:03,140 --> 00:13:07,340 +nozzle by 2%. Minus positive. + +134 +00:13:10,280 --> 00:13:15,020 +Zero point + +135 +00:13:15,020 --> 00:13:21,950 +zero four. The absolute value. It's less than + +136 +00:13:21,950 --> 00:13:27,610 +equals 0.04. It's less than one. Is it elastic or + +137 +00:13:27,610 --> 00:13:33,150 +inelastic? Inelastic. Inelastic. Inelastic. + +138 +00:13:35,630 --> 00:13:36,250 +Inelastic. + +139 +00:13:38,750 --> 00:13:39,810 +Inelastic. Inelastic. Inelastic. Inelastic. + +140 +00:13:40,550 --> 00:13:41,590 +Inelastic. Inelastic. Inelastic. Inelastic. + +141 +00:13:42,330 --> 00:13:42,330 +Inelastic. Inelastic. Inelastic. Inelastic. + +142 +00:13:42,370 --> 00:13:42,590 +Inelastic. Inelastic. Inelastic. Inelastic. + +143 +00:13:42,590 --> 00:13:42,590 +Inelastic. Inelastic. Inelastic. Inelastic. + +144 +00:13:42,590 --> 00:13:42,630 +Inelastic. Inelastic. Inelastic. Inelastic. + +145 +00:13:42,630 --> 00:13:42,890 +Inelastic. Inelastic. Inelastic. Inelastic. + +146 +00:13:42,890 --> 00:13:42,930 +Inelastic. Inelastic. Inelastic. Inelastic. + +147 +00:13:42,930 --> 00:13:42,930 +Inelastic. Inelastic. Inelastic. Inelastic. + +148 +00:13:42,930 --> 00:13:43,150 +Inelastic. Inelastic. Inelastic. Inelastic. + +149 +00:13:43,150 --> 00:13:43,390 +Inelastic. Inelastic. Inelastic. Inelastic. + +150 +00:13:43,410 --> 00:13:44,030 +Inelastic. + +151 +00:13:47,170 --> 00:13:52,500 +Inelastic. In And less elastic. Demand is + +152 +00:13:52,500 --> 00:13:57,400 +inelastic. Let the portion of the product high in + +153 +00:13:57,400 --> 00:14:01,880 +the budget. Like the demand for what? + +154 +00:14:04,360 --> 00:14:07,640 +Clothes. Okay. How much does it make from your + +155 +00:14:07,640 --> 00:14:11,960 +income? This spending is the difference from one + +156 +00:14:11,960 --> 00:14:15,680 +consumer to another. Take the product that makes + +157 +00:14:15,680 --> 00:14:17,600 +50% of your income from your expenses. + +158 +00:14:27,720 --> 00:14:37,120 +They will try to find other substitutes. As the + +159 +00:14:37,120 --> 00:14:40,200 +amount of income spent on the product will be + +160 +00:14:40,200 --> 00:14:45,120 +small, the demand for product will be less + +161 +00:14:45,120 --> 00:14:45,720 +elastic. + +162 +00:14:51,870 --> 00:14:55,990 +The fourth determinant of the price elasticity of + +163 +00:14:55,990 --> 00:15:01,410 +demand, what is it? What is the fourth factor + +164 +00:15:01,410 --> 00:15:05,970 +affect the price elasticity of demand? The + +165 +00:15:05,970 --> 00:15:08,290 +consumer's income or wealth. + +166 +00:15:11,250 --> 00:15:16,850 +Number four is + +167 +00:15:16,850 --> 00:15:17,690 +the consumer + +168 +00:15:21,260 --> 00:15:23,180 +Income or wealth? + +169 +00:15:30,540 --> 00:15:38,680 +If the price of a chicken goes up by 20%, who is + +170 +00:15:38,680 --> 00:15:41,900 +more affected, the rich or the poor? The wealthy + +171 +00:15:41,900 --> 00:15:46,380 +families or poor families? Exactly. Who has the + +172 +00:15:46,380 --> 00:15:49,440 +highest giving up? Who sacrifices more? + +173 +00:15:52,740 --> 00:15:57,400 +Let's have the following example here. The wealthy + +174 +00:15:57,400 --> 00:15:57,960 +families, + +175 +00:16:02,740 --> 00:16:09,420 +or rich families, or rich individuals, and poor + +176 +00:16:09,420 --> 00:16:10,180 +individuals, + +177 +00:16:18,550 --> 00:16:22,910 +What the families means, the rich families. And + +178 +00:16:22,910 --> 00:16:28,050 +let's have the chickens example here. If the price + +179 +00:16:28,050 --> 00:16:36,090 +of a chicken increased + +180 +00:16:36,090 --> 00:16:39,170 +by 30%, + +181 +00:16:44,420 --> 00:16:47,700 +Analysis on the quantity demanded for wealthy + +182 +00:16:47,700 --> 00:16:52,660 +families and the effects or impacts on the demand + +183 +00:16:52,660 --> 00:16:55,620 +for poor individuals or poor families. + +184 +00:16:59,340 --> 00:17:04,380 +For this + +185 +00:17:04,380 --> 00:17:08,500 +assumption here, the price of a chicken increased + +186 +00:17:08,500 --> 00:17:14,690 +by 30%. What's the price of meat? All right. For + +187 +00:17:14,690 --> 00:17:15,670 +the rich families, + +188 +00:17:20,170 --> 00:17:23,190 +or + +189 +00:17:23,190 --> 00:17:25,950 +the families with higher income, + +190 +00:17:28,690 --> 00:17:33,950 +should have seen the price increased by 30%. I + +191 +00:17:33,950 --> 00:17:38,050 +expect that the quantity demanded will go down by + +192 +00:17:38,050 --> 00:17:40,550 +maybe 5%. This is an assumption. + +193 +00:17:43,630 --> 00:17:45,850 +So let's calculate the price elasticity of demand + +194 +00:17:45,850 --> 00:17:50,850 +for checking for the rich families here. So PED + +195 +00:17:50,850 --> 00:17:54,830 +equals + +196 +00:17:54,830 --> 00:17:57,650 +change in quantity demanded percent over change in + +197 +00:17:57,650 --> 00:18:01,190 +price percent. How much is increasing the prices? + +198 +00:18:01,870 --> 00:18:07,510 +Thirty percent and the quantity demanded for rich + +199 +00:18:07,510 --> 00:18:11,810 +families declined by five percent. Negative? + +200 +00:18:12,230 --> 00:18:12,490 +Positive? + +201 +00:18:16,150 --> 00:18:24,050 +Minus one over six equals minus + +202 +00:18:24,050 --> 00:18:24,930 +zero point. + +203 +00:18:28,450 --> 00:18:32,970 +Zero point. + +204 +00:18:34,410 --> 00:18:37,390 +Six percent. The absolute value equals zero point + +205 +00:18:37,390 --> 00:18:42,970 +sixteen. It's less than one. So, the demand here + +206 +00:18:42,970 --> 00:18:44,070 +is inelastic. + +207 +00:18:50,590 --> 00:18:52,910 +Inelastic demand. + +208 +00:18:55,730 --> 00:18:57,990 +For the rich families. + +209 +00:19:02,070 --> 00:19:07,110 +The poor families. Giving up means the higher + +210 +00:19:07,110 --> 00:19:11,470 +giving up means the higher elasticity of demand. + +211 +00:19:19,500 --> 00:19:24,420 +Poor families were + +212 +00:19:24,420 --> 00:19:31,140 +the poor families here as + +213 +00:19:31,140 --> 00:19:35,980 +the price of a chicken increased by, + +214 +00:19:39,700 --> 00:19:46,740 +increased by 30%, I expect that the poor families + +215 +00:19:46,740 --> 00:19:51,860 +will give up the product by, because the quantity + +216 +00:19:51,860 --> 00:19:59,940 +demanded, by larger than 30%. So + +217 +00:19:59,940 --> 00:20:04,940 +the quantity demanded will go down by, let us + +218 +00:20:04,940 --> 00:20:06,580 +assume by 70%. + +219 +00:20:11,280 --> 00:20:15,440 +So the price elasticity of demand here for the + +220 +00:20:15,440 --> 00:20:16,200 +poor families. + +221 +00:20:20,180 --> 00:20:23,060 +Change in quantity demanded percent over change in + +222 +00:20:23,060 --> 00:20:26,080 +price percent equals change in price equals 30 + +223 +00:20:26,080 --> 00:20:30,380 +percent and declining quantity demanded by 70 + +224 +00:20:30,380 --> 00:20:36,090 +percent. minus 70 over a + +225 +00:20:36,090 --> 00:20:43,810 +positive 30 equals minus 2.33. The absolute value + +226 +00:20:43,810 --> 00:20:48,510 +equals 2.33. It's bigger than one. The demand is + +227 +00:20:48,510 --> 00:20:58,290 +elastic. So the demand for poor families is more + +228 +00:20:58,290 --> 00:21:02,390 +elastic than the demand for the rich families, + +229 +00:21:03,490 --> 00:21:08,370 +rich individuals, which means the higher income + +230 +00:21:08,370 --> 00:21:14,150 +is, or the consumers is, the lower or the less + +231 +00:21:14,150 --> 00:21:22,110 +elasticity of demand is. The higher income will be + +232 +00:21:22,110 --> 00:21:29,490 +the consumers with higher income. With higher + +233 +00:21:29,490 --> 00:21:34,630 +wealth, the demand will be less elastic. The less + +234 +00:21:34,630 --> 00:21:42,790 +elastic demand will be. Okay? The last + +235 +00:21:42,790 --> 00:21:47,090 +determinant of demand, what is it? What is the + +236 +00:21:47,090 --> 00:21:49,510 +last determinant of the price elasticity of + +237 +00:21:49,510 --> 00:21:55,340 +demand? Time, yes. Let's go to the last + +238 +00:21:55,340 --> 00:21:57,580 +determinant of the price and assistance of demand + +239 +00:21:57,580 --> 00:22:03,280 +which is time. Number five is the time here. + +240 +00:22:10,780 --> 00:22:14,340 +Here we have to distinguish between the long run + +241 +00:22:14,340 --> 00:22:15,620 +and the short run. + +242 +00:22:21,210 --> 00:22:27,350 +short run, short term, and long term. + +243 +00:22:40,070 --> 00:22:46,590 +In the short term, the + +244 +00:22:46,590 --> 00:22:52,320 +demand will be less elastic in the long term, or + +245 +00:22:52,320 --> 00:22:57,520 +than the long term. To understand the idea, let's + +246 +00:22:57,520 --> 00:22:58,640 +have the following example. + +247 +00:23:02,160 --> 00:23:03,120 +The smokers, + +248 +00:23:06,460 --> 00:23:13,000 +in the short run, let us assume that the price per + +249 +00:23:13,000 --> 00:23:19,950 +pack of cigarettes increased by two shakers or + +250 +00:23:19,950 --> 00:23:24,670 +five shakers. In the short run, increasing the + +251 +00:23:24,670 --> 00:23:34,150 +prices per pack of cigarettes increased + +252 +00:23:34,150 --> 00:23:36,450 +by five shakers. + +253 +00:23:42,330 --> 00:23:48,270 +The quantity demanded will decline. Let us assume + +254 +00:23:48,270 --> 00:23:51,630 +that the price increased by 40 percent. + +255 +00:23:55,210 --> 00:24:02,430 +In the short run, the quantity demanded will go + +256 +00:24:02,430 --> 00:24:07,990 +down, let us assume by 20 percent. + +257 +00:24:13,090 --> 00:24:16,690 +The demand for cigarettes in general is inelastic + +258 +00:24:16,690 --> 00:24:18,850 +because it has few number of substitutes. + +259 +00:24:21,790 --> 00:24:25,610 +So the demand is inelastic in general. + +260 +00:24:30,050 --> 00:24:31,010 +In the long term, + +261 +00:24:33,870 --> 00:24:38,890 +the smokers will try to find substitutes or to + +262 +00:24:38,890 --> 00:24:40,470 +kick the habit here. + +263 +00:24:43,810 --> 00:24:49,930 +The long term. Because they cannot afford, they + +264 +00:24:49,930 --> 00:24:53,150 +will try to adapt the situation. + +265 +00:24:56,850 --> 00:25:05,470 +So they + +266 +00:25:05,470 --> 00:25:10,060 +will try to kick the habit here. So the demand + +267 +00:25:10,060 --> 00:25:14,460 +will be, the giving up will be higher. The demand + +268 +00:25:14,460 --> 00:25:18,860 +will be more elastic. Right? You don't understand? + +269 +00:25:19,360 --> 00:25:20,780 +Okay, another example. + +270 +00:25:24,000 --> 00:25:27,080 +Five or six years ago, there was a problem with + +271 +00:25:27,080 --> 00:25:32,540 +fuel in the country. Do you remember? The gallon, + +272 +00:25:32,880 --> 00:25:38,580 +which is twenty liters, was one hundred dollars. I + +273 +00:25:38,580 --> 00:25:41,040 +remember that I bought it for $100. This gallon + +274 +00:25:41,040 --> 00:25:45,860 +for the jeep. I bought it for $100. What you will + +275 +00:25:45,860 --> 00:25:51,760 +find is that the price is lower. It's 6x2, 120 + +276 +00:25:51,760 --> 00:25:53,900 +shekels. Okay? + +277 +00:25:56,860 --> 00:25:59,560 +The question is that people in the short run + +278 +00:25:59,560 --> 00:26:02,300 +understood the situation. They understood that the + +279 +00:26:02,300 --> 00:26:05,660 +price was high. So the quantity of demand declined + +280 +00:26:05,660 --> 00:26:13,700 +by A small, a smaller amount, percentage. In the + +281 +00:26:13,700 --> 00:26:17,380 +long term, they will try to find substitutes. + +282 +00:26:18,480 --> 00:26:21,520 +Because they went to where? The sewerage. Those + +283 +00:26:21,520 --> 00:26:24,900 +who have Mercedes cars. What happened to them? + +284 +00:26:25,720 --> 00:26:28,900 +They went to the cooking gas, and some people went + +285 +00:26:28,900 --> 00:26:35,260 +to the sewerage. Meaning, they tried to find new + +286 +00:26:35,260 --> 00:26:39,430 +substitutes. So in the long term, the demand + +287 +00:26:39,430 --> 00:26:47,270 +becomes or has become more elastic. In the short + +288 +00:26:47,270 --> 00:26:50,410 +run, it's difficult to find substitutes. The + +289 +00:26:50,410 --> 00:26:53,950 +demand + +290 +00:26:53,950 --> 00:26:58,090 +will be less elastic. In the long term, they try + +291 +00:26:58,090 --> 00:27:00,170 +to find new substitutes. + +292 +00:27:02,490 --> 00:27:03,010 +More elastic. + +293 +00:27:06,610 --> 00:27:13,170 +In the short run, demand is inelastic or less + +294 +00:27:13,170 --> 00:27:13,750 +elastic. + +295 +00:27:18,250 --> 00:27:22,370 +In the long term, the consumers will try to find + +296 +00:27:22,370 --> 00:27:24,970 +new substitutes for the product. They cannot + +297 +00:27:24,970 --> 00:27:25,530 +afford + +298 +00:27:34,270 --> 00:27:37,130 +They cannot adapt with the situation. They will + +299 +00:27:37,130 --> 00:27:41,070 +try to find a new substitutes for the product. So + +300 +00:27:41,070 --> 00:27:44,170 +in the long-term, the demand will be more elastic + +301 +00:27:44,170 --> 00:27:48,350 +than + +302 +00:27:48,350 --> 00:27:55,440 +the short-run. Let's go to something else. As we + +303 +00:27:55,440 --> 00:27:57,660 +mentioned before that the price elasticity of + +304 +00:27:57,660 --> 00:28:01,080 +demand represents the relationship between the + +305 +00:28:01,080 --> 00:28:03,960 +change in prices or the percentage change in + +306 +00:28:03,960 --> 00:28:07,060 +quantity demanded due to the change in the price. + +307 +00:28:07,480 --> 00:28:11,080 +The PED shows + +308 +00:28:11,080 --> 00:28:14,160 +the + +309 +00:28:14,160 --> 00:28:16,260 +percentage change in quantity demanded + +310 +00:28:18,750 --> 00:28:21,770 +Due to the change, the percentage change in price. + +311 +00:28:22,650 --> 00:28:26,790 +What will happen to the quantity demanded when the + +312 +00:28:26,790 --> 00:28:32,370 +price is changed? And we said that the price + +313 +00:28:32,370 --> 00:28:37,630 +elasticity of demand is always negative because it + +314 +00:28:37,630 --> 00:28:40,870 +shows or represents the negative relationship + +315 +00:28:40,870 --> 00:28:43,430 +between the prices and the quantity demanded. As + +316 +00:28:43,430 --> 00:28:46,430 +the price goes up, the quantity demanded goes + +317 +00:28:46,430 --> 00:28:51,760 +down, and it's always negative. Due to the theory + +318 +00:28:51,760 --> 00:28:55,300 +because here declining positive or sometimes if + +319 +00:28:55,300 --> 00:28:57,440 +the price goes down, the quantity demanded will go + +320 +00:28:57,440 --> 00:29:00,600 +up. So it's always the sign is always negative. + +321 +00:29:00,720 --> 00:29:03,580 +The negative sign here represents the negative + +322 +00:29:03,580 --> 00:29:05,760 +relationship between the prices and the quantity + +323 +00:29:05,760 --> 00:29:11,480 +demanded in all cases. The exceptions to theory in + +324 +00:29:11,480 --> 00:29:15,200 +some products are not found here. These are in + +325 +00:29:15,200 --> 00:29:19,820 +advanced courses. Let's go to the income + +326 +00:29:19,820 --> 00:29:24,280 +elasticity of demand. Income elasticity of demand, + +327 +00:29:25,880 --> 00:29:27,060 +IED. + +328 +00:29:31,580 --> 00:29:36,820 +IED is the change in the quantity demanded percent + +329 +00:29:36,820 --> 00:29:41,980 +over the change in income percent. Which means + +330 +00:29:41,980 --> 00:29:47,740 +what will happen to the quantity demanded, If + +331 +00:29:47,740 --> 00:29:49,420 +income, it changed. + +332 +00:29:54,780 --> 00:29:58,940 +This is income elasticity of demand, not the price + +333 +00:29:58,940 --> 00:30:02,600 +elasticity of demand. It's an income elasticity of + +334 +00:30:02,600 --> 00:30:06,160 +demand. What will happen to the quantity demanded + +335 +00:30:06,160 --> 00:30:12,530 +if income goes up or goes down? Let us assume that + +336 +00:30:12,530 --> 00:30:16,210 +the consumer's income increases. What will happen + +337 +00:30:16,210 --> 00:30:20,630 +to the quantity demanded? Not always, because we + +338 +00:30:20,630 --> 00:30:23,710 +have to talk about or distinguish between the + +339 +00:30:23,710 --> 00:30:27,250 +normal goods and inferior goods, which has been + +340 +00:30:27,250 --> 00:30:33,770 +studied in the last chapter. Normal goods, like + +341 +00:30:33,770 --> 00:30:38,830 +demand for fresh meat, and inferior goods, like + +342 +00:30:38,830 --> 00:30:43,470 +the demand for inferior goods. So here, + +343 +00:30:45,670 --> 00:30:46,710 +frozen meat. + +344 +00:30:50,010 --> 00:30:55,830 +As income goes up, what will happen to demand for + +345 +00:30:55,830 --> 00:30:59,750 +frozen? The demand or the quantity demanded goes + +346 +00:30:59,750 --> 00:31:06,510 +down. So the sign here will be negative. + +347 +00:31:08,850 --> 00:31:11,670 +Frozen meat is an inferior good. + +348 +00:31:16,610 --> 00:31:19,910 +Increasing the consumer's income leads to a + +349 +00:31:19,910 --> 00:31:24,250 +declining in the quantity demanded. So the sign + +350 +00:31:24,250 --> 00:31:27,910 +will be what? Negative. Because you're increasing, + +351 +00:31:28,270 --> 00:31:33,350 +declining, the positive times negative, then the + +352 +00:31:33,350 --> 00:31:37,530 +sign will be negative. Right? For fresh meat. + +353 +00:31:43,210 --> 00:31:48,690 +As the consumer's income go up or goes up, the + +354 +00:31:48,690 --> 00:31:52,910 +demand for products go up. So positive, positive, + +355 +00:31:53,170 --> 00:31:56,570 +the result will be positive here. Or negative, + +356 +00:31:56,750 --> 00:32:01,010 +negative, the result will be positive. So here + +357 +00:32:01,010 --> 00:32:02,610 +we're talking about normal goods. + +358 +00:32:08,130 --> 00:32:11,390 +The sign here has a meaning. + +359 +00:32:19,530 --> 00:32:25,210 +If the income elasticity of demand has a positive + +360 +00:32:25,210 --> 00:32:31,550 +sign, the product will be normal. If it has a + +361 +00:32:31,550 --> 00:32:35,390 +negative sign, it should be inferior. + +362 +00:32:38,390 --> 00:32:42,310 +The same formula, a midpoint formula. But instead + +363 +00:32:42,310 --> 00:32:45,950 +of the price, you have to put income. You have to + +364 +00:32:45,950 --> 00:32:53,580 +use income. The same formula. But here, the + +365 +00:32:53,580 --> 00:32:56,840 +difference is the sign has a meaning here. And the + +366 +00:32:56,840 --> 00:32:59,660 +price elasticity of demand, it's always negative. + +367 +00:33:00,160 --> 00:33:02,620 +The meaning here is just to represent their + +368 +00:33:02,620 --> 00:33:04,720 +negative relationship or to show the relationship + +369 +00:33:04,720 --> 00:33:06,800 +between, the negative relationship between the + +370 +00:33:06,800 --> 00:33:09,280 +prices and the quantum demand. Here, it has a + +371 +00:33:09,280 --> 00:33:13,440 +meaning. If the sign of the income elasticity of + +372 +00:33:13,440 --> 00:33:18,370 +demand was positive, the good is normal. Here + +373 +00:33:18,370 --> 00:33:22,090 +negative signs should be inferred and let's have + +374 +00:33:22,090 --> 00:33:23,190 +examples. + +375 +00:33:27,590 --> 00:33:31,330 +The price elasticity of demand, the midpoint + +376 +00:33:31,330 --> 00:33:36,710 +formula. The price elasticity of demand formula, + +377 +00:33:36,870 --> 00:33:41,430 +the midpoint formula, the ARC formula, The price + +378 +00:33:41,430 --> 00:33:47,390 +elasticity of demand was QD2 minus QD1 over P2 + +379 +00:33:47,390 --> 00:33:52,350 +minus P1 times the summation of sum of prices P2 + +380 +00:33:52,350 --> 00:33:58,630 +plus P1 over QD2 plus QD1. For the income + +381 +00:33:58,630 --> 00:34:03,870 +elasticity of demand, the same formula, but we + +382 +00:34:03,870 --> 00:34:09,570 +have to use income here. Q1 demanded 2 minus Q1 + +383 +00:34:09,570 --> 00:34:15,130 +demanded 1 over I2 minus I1 times summation of I's + +384 +00:34:15,130 --> 00:34:22,390 +here I2 plus I1 over QD2 plus QD1. That's it. + +385 +00:34:25,390 --> 00:34:28,330 +So here we have two formulas. The first integer + +386 +00:34:28,330 --> 00:34:33,530 +here formula and the midpoint formula. + +387 +00:34:36,590 --> 00:34:43,830 +So let us assume that if the consumer's income, if + +388 +00:34:43,830 --> 00:34:51,630 +Ahmed's income increased + +389 +00:34:51,630 --> 00:34:59,370 +by 30%, therefore, + +390 +00:35:01,150 --> 00:35:02,670 +hence, + +391 +00:35:04,970 --> 00:35:12,090 +His consumption of chicken + +392 +00:35:12,090 --> 00:35:16,630 +declined + +393 +00:35:16,630 --> 00:35:24,530 +by 20%. + +394 +00:35:31,430 --> 00:35:35,010 +Calculate his consumption, his demand, the + +395 +00:35:35,010 --> 00:35:36,230 +quantity demanded. + +396 +00:35:41,490 --> 00:35:51,210 +Calculate the income elasticity of demand and + +397 +00:35:51,210 --> 00:35:55,830 +determine state + +398 +00:35:55,830 --> 00:35:59,730 +the + +399 +00:35:59,730 --> 00:36:03,220 +type Other product here. + +400 +00:36:08,980 --> 00:36:13,160 +Frozen or + +401 +00:36:13,160 --> 00:36:15,080 +fresh? + +402 +00:36:17,080 --> 00:36:21,100 +So let's go to answer the question here. + +403 +00:36:38,590 --> 00:36:44,550 +And the state, state will determine the type of + +404 +00:36:44,550 --> 00:36:50,210 +chicken here. Is it normal or inferior? Why? + +405 +00:36:58,370 --> 00:37:02,930 +Income elasticity of demand equals change in + +406 +00:37:02,930 --> 00:37:05,350 +quantity demanded percent over change in income + +407 +00:37:05,350 --> 00:37:05,750 +percent. + +408 +00:37:09,190 --> 00:37:13,270 +So income elasticity of demand here equals change + +409 +00:37:13,270 --> 00:37:14,210 +in the quantity demanded. + +410 +00:37:17,270 --> 00:37:21,470 +His consumption of a chicken goes down or went + +411 +00:37:21,470 --> 00:37:24,970 +down by 20%. So here we have a negative sign. + +412 +00:37:25,830 --> 00:37:34,970 +Minus 20% over his income goes up by 30%, positive + +413 +00:37:34,970 --> 00:37:35,970 +30%. + +414 +00:37:38,650 --> 00:37:43,570 +Minus 0.6. Here, we are not talking about the + +415 +00:37:43,570 --> 00:37:44,430 +absolute value. + +416 +00:37:48,010 --> 00:37:53,170 +The question is, calculate the income elasticity + +417 +00:37:53,170 --> 00:37:59,190 +of demand. Is it elastic or inelastic? Inelastic. + +418 +00:37:59,630 --> 00:38:04,250 +Because the absolute value is less than 1. The + +419 +00:38:04,250 --> 00:38:09,580 +demand here is inelastic. Because the absolute + +420 +00:38:09,580 --> 00:38:16,560 +value is less than one. This is the case here. + +421 +00:38:17,320 --> 00:38:22,120 +Number two, to determine or to state the type of + +422 +00:38:22,120 --> 00:38:26,700 +the product here. We have a negative sign here, + +423 +00:38:27,020 --> 00:38:31,580 +which means as the end cup goes up, the quantity + +424 +00:38:31,580 --> 00:38:36,280 +demand goes down or went down. The chicken here is + +425 +00:38:36,280 --> 00:38:42,580 +frozen. It's an inferior good. So as, so the + +426 +00:38:42,580 --> 00:38:48,780 +demand is inelastic because + +427 +00:38:48,780 --> 00:38:52,740 +the absolute value + +428 +00:38:59,950 --> 00:39:07,970 +of IED is less than one. + +429 +00:39:09,490 --> 00:39:17,590 +Absolute value is less than one. And the + +430 +00:39:17,590 --> 00:39:24,730 +chicken here is + +431 +00:39:24,730 --> 00:39:26,610 +an inferior get. + +432 +00:39:38,680 --> 00:39:40,980 +Here we're talking about frozen chicken maybe. + +433 +00:39:48,200 --> 00:39:51,440 +Frozen chicken when the product is necessary for + +434 +00:39:51,440 --> 00:39:57,760 +the consumers. The demand is inelastic. Inelastic + +435 +00:39:57,760 --> 00:40:03,580 +means it's necessary for the consumers. And they + +436 +00:40:03,580 --> 00:40:07,940 +cannot give up it. He cannot give up it. Because + +437 +00:40:07,940 --> 00:40:10,020 +the magnitudes or the percentage change in + +438 +00:40:10,020 --> 00:40:12,060 +quantity demanded is less than the magnitudes of + +439 +00:40:12,060 --> 00:40:19,380 +change in income here. If the consumer's income, + +440 +00:40:20,380 --> 00:40:30,160 +another question. Why? Why? Because the + +441 +00:40:30,160 --> 00:40:38,330 +IED sign, the sign of ED, The sign of income + +442 +00:40:38,330 --> 00:40:41,130 +elasticity of demand is negative. + +443 +00:40:45,610 --> 00:40:47,570 +If it was positive, + +444 +00:40:51,490 --> 00:41:00,950 +the product would be normal here. Another example. + +445 +00:41:02,750 --> 00:41:09,950 +The consumer's income went down by 30%. And the + +446 +00:41:09,950 --> 00:41:14,490 +conception or his conception of a chicken went + +447 +00:41:14,490 --> 00:41:20,390 +down by 50%. + +448 +00:41:20,390 --> 00:41:23,950 +That's him, requirements. + +449 +00:41:27,660 --> 00:41:33,160 +Income went down by 30%. Hence, the consumption + +450 +00:41:33,160 --> 00:41:37,020 +declined, the quantity demanded declined by 50%. + +451 +00:41:37,020 --> 00:41:41,220 +The + +452 +00:41:41,220 --> 00:41:45,880 +price + +453 +00:41:45,880 --> 00:41:50,840 +elasticity + +454 +00:41:50,840 --> 00:41:52,660 +of demand equals change in quantity demanded + +455 +00:41:52,660 --> 00:41:56,780 +percent over percent change in income. So IED. + +456 +00:41:58,630 --> 00:42:03,330 +Equals the quantity demanded goes down by 50%. + +457 +00:42:03,330 --> 00:42:11,570 +Negative 50% over the percentage as the consumer's + +458 +00:42:11,570 --> 00:42:16,570 +income declined or went down by 30% minus 30%. + +459 +00:42:16,570 --> 00:42:23,050 +Equals sine negative negative negative. equals + +460 +00:42:23,050 --> 00:42:28,150 +positive 1.6, which means that the demand here is + +461 +00:42:28,150 --> 00:42:35,150 +elastic and the product is normal here because the + +462 +00:42:35,150 --> 00:42:36,410 +positive sign here. + +463 +00:42:38,970 --> 00:42:45,310 +Demand is elastic because the absolute value of + +464 +00:42:45,310 --> 00:42:52,330 +IED is Positive or bigger than one. And the + +465 +00:42:52,330 --> 00:42:54,790 +chicken here is a normal good. + +466 +00:42:59,970 --> 00:43:04,210 +Because then the sign here is positive. And this + +467 +00:43:04,210 --> 00:43:06,510 +we say can be fresh chicken. + +468 +00:43:09,890 --> 00:43:10,690 +Okay? + +469 +00:43:14,710 --> 00:43:20,130 +Let's apply the midpoint formula. Let's apply the + +470 +00:43:20,130 --> 00:43:21,290 +midpoint formula. + +471 +00:43:47,300 --> 00:43:51,840 +As we said that, the midpoint formula for the + +472 +00:43:51,840 --> 00:43:56,000 +income elasticity of demand is as follows here. + +473 +00:43:56,960 --> 00:44:00,640 +IED equals Q2 minus Q1 over I2 minus I1 times + +474 +00:44:00,640 --> 00:44:04,400 +summation of income and sum of the quantity + +475 +00:44:04,400 --> 00:44:08,940 +demanded. Let's have the following example. + +476 +00:44:18,400 --> 00:44:19,880 +If we have the following data, + +477 +00:44:22,500 --> 00:44:29,820 +one, two, + +478 +00:44:34,040 --> 00:44:35,220 +income, + +479 +00:44:38,060 --> 00:44:43,980 +one thousand + +480 +00:44:43,980 --> 00:44:47,680 +shekels, NIS, + +481 +00:44:51,220 --> 00:44:52,280 +1,200. + +482 +00:44:55,000 --> 00:45:00,440 +Quant demanded was seven. And this is unknown. + +483 +00:45:06,040 --> 00:45:12,520 +If income elasticity of demand equals minus two. + +484 +00:45:15,820 --> 00:45:22,200 +How much is the quantity demanded of this product + +485 +00:45:22,200 --> 00:45:26,380 +when income increased from 1,000 shekels to 1,200. + +486 +00:45:28,280 --> 00:45:33,500 +Which means you have the following data. When your + +487 +00:45:33,500 --> 00:45:38,940 +income was 1,000 shekels, your consumption, your + +488 +00:45:38,940 --> 00:45:44,460 +demand was seven units. This is units by number of + +489 +00:45:44,460 --> 00:45:44,740 +units. + +490 +00:45:49,020 --> 00:45:50,760 +Your consumption was seven. + +491 +00:45:54,700 --> 00:45:57,380 +When the consumer's income, when your income + +492 +00:45:57,380 --> 00:46:03,120 +increased to 1,200 from 1,000 to 1,200 shekels, + +493 +00:46:03,420 --> 00:46:08,760 +what will happen to your consumption, your demand? + +494 +00:46:10,160 --> 00:46:15,340 +I don't know. If the income elasticity of demand + +495 +00:46:15,340 --> 00:46:17,800 +was minus two, calculated. + +496 +00:46:20,420 --> 00:46:25,920 +and determine the type of the product. How much is + +497 +00:46:25,920 --> 00:46:36,720 +it Q2? This is I1, I2, QD1, QD2. And IED is known + +498 +00:46:36,720 --> 00:46:45,980 +here. Calculate Q2. Number two. Determine or state + +499 +00:46:45,980 --> 00:46:49,080 +the type of the product. Is it normal or inferior? + +500 +00:46:49,480 --> 00:46:55,760 +Why? Is it normal or inferior? Inferior, because + +501 +00:46:55,760 --> 00:47:02,840 +you're negative sign of IED. Solution is IED using + +502 +00:47:02,840 --> 00:47:10,080 +this formula here. IED equals Q2 minus Q1 over I2 + +503 +00:47:10,080 --> 00:47:19,020 +minus I1 times I2 plus I1 over Q2 plus Q1. So IED. + +504 +00:47:21,060 --> 00:47:22,340 +Sorry? + +505 +00:47:39,030 --> 00:47:44,570 +You are free. You can use times I1 over QD1. + +506 +00:47:44,870 --> 00:47:55,130 +That's it. But this is IED + +507 +00:47:55,130 --> 00:48:05,670 +equals minus 2 equals Q2 minus Q1. minus QD17 over + +508 +00:48:05,670 --> 00:48:16,850 +I2 minus I1, 1200 minus 1000 times 1200 plus 1000 + +509 +00:48:16,850 --> 00:48:21,770 +over Q2 plus 7. + +510 +00:48:26,330 --> 00:48:30,990 +Minus two equals Q to minus seven over two hundred + +511 +00:48:30,990 --> 00:48:36,210 +times two thousand two hundred over Q to plus + +512 +00:48:36,210 --> 00:48:43,350 +seven. Minus two equals Q to minus seven over + +513 +00:48:43,350 --> 00:48:50,390 +times one eleven. + +514 +00:48:54,230 --> 00:49:02,570 +x11 over q2 plus 7 minus + +515 +00:49:02,570 --> 00:49:16,650 +2 equals 11 times q2 over q2 minus 77 over q2 + +516 +00:49:16,650 --> 00:49:18,270 +plus 7 + +517 +00:49:24,530 --> 00:49:34,570 +Minus 2 times Q2 plus 7 equals 11Q2 minus 77. So + +518 +00:49:34,570 --> 00:49:43,670 +minus 2Q2 minus 14 equals 11Q2 minus 77. + +519 +00:49:46,410 --> 00:49:56,550 +Minus 2Q2 minus 11Q2 equals minus 77 plus 14. So + +520 +00:49:56,550 --> 00:50:08,930 +minus 13Q2 equals minus 63. So Q2 equals minus 63 + +521 +00:50:08,930 --> 00:50:18,040 +over minus 13 equals how much? Positive 4.84. + +522 +00:50:19,960 --> 00:50:25,540 +Okay. So the quantity demanded two here equals how + +523 +00:50:25,540 --> 00:50:28,580 +much? 4.84. + +524 +00:50:31,760 --> 00:50:35,360 +What does this mean here? As the consumer's income + +525 +00:50:35,360 --> 00:50:41,660 +goes up from 1000 shekels to 1200, the quantity + +526 +00:50:41,660 --> 00:50:48,240 +demanded goes or went down from seven to 4.8. The + +527 +00:50:48,240 --> 00:50:51,180 +demand is or the product here is an inferior. + +528 +00:51:17,010 --> 00:51:20,790 +Okay, let's go to the crisp price elasticity of + +529 +00:51:20,790 --> 00:51:27,850 +demand. Okay, break, two minutes. Okay, let's go + +530 +00:51:27,850 --> 00:51:32,030 +to the cross price elasticity of demand. Cross + +531 +00:51:32,030 --> 00:51:35,690 +price + +532 +00:51:35,690 --> 00:51:41,470 +elasticity of demand. + +533 +00:51:44,770 --> 00:51:51,910 +But before that, let's come back to the + +534 +00:51:51,910 --> 00:51:55,370 +relationship between the products. different + +535 +00:51:55,370 --> 00:51:59,370 +products. Like the demand for or the price of fuel + +536 +00:51:59,370 --> 00:52:03,130 +and + +537 +00:52:03,130 --> 00:52:04,150 +demand for cars. + +538 +00:52:11,550 --> 00:52:17,850 +The price of meat and + +539 +00:52:17,850 --> 00:52:20,570 +demand or demand for chicken. + +540 +00:52:29,940 --> 00:52:38,520 +price of cars and demand for computers. + +541 +00:52:46,000 --> 00:52:51,580 +I think that we had an idea about this point. As + +542 +00:52:51,580 --> 00:52:58,180 +we mentioned that as the price of a fuel goes up, + +543 +00:52:59,330 --> 00:53:05,130 +The demand for cars goes down. These two products + +544 +00:53:05,130 --> 00:53:10,130 +are complement. There is a complementary relations + +545 +00:53:10,130 --> 00:53:16,630 +between the prices of one product, product X, and + +546 +00:53:16,630 --> 00:53:21,290 +the quantity demanded or demand for product Y. + +547 +00:53:21,850 --> 00:53:27,330 +Right? So if the sign here positive, negative, the + +548 +00:53:27,330 --> 00:53:30,930 +final result would be negative. Positive times + +549 +00:53:30,930 --> 00:53:34,770 +negative, negative. These two products are + +550 +00:53:34,770 --> 00:53:36,030 +complements. + +551 +00:53:42,150 --> 00:53:47,650 +This is the product X, the price of X. and the + +552 +00:53:47,650 --> 00:53:52,070 +quantity demanded of what? Or the price of A and + +553 +00:53:52,070 --> 00:53:55,810 +quantity demanded of B? Product A and the product + +554 +00:53:55,810 --> 00:54:01,510 +B. Here, the + +555 +00:54:01,510 --> 00:54:03,710 +price of meat and the quantity demanded of + +556 +00:54:03,710 --> 00:54:07,930 +chicken. As the price of meat goes up, the + +557 +00:54:07,930 --> 00:54:10,370 +quantity demanded for chicken goes up as well. + +558 +00:54:11,730 --> 00:54:15,270 +Because the consumers will try to substitute these + +559 +00:54:15,270 --> 00:54:17,450 +products. These two products are what? + +560 +00:54:18,610 --> 00:54:21,090 +Substitutes. The sign here is positive. Positive + +561 +00:54:21,090 --> 00:54:23,890 +times positive, the final result will be positive. + +562 +00:54:24,650 --> 00:54:27,630 +The price, yes, yes, yes, chapter two. + +563 +00:54:36,410 --> 00:54:40,590 +As the price of meat goes down, the demand for + +564 +00:54:40,590 --> 00:54:46,630 +chicken goes down. So it should be positive. If + +565 +00:54:46,630 --> 00:54:50,330 +the sign is positive here, these two products are + +566 +00:54:50,330 --> 00:54:51,070 +substitutes. + +567 +00:54:53,410 --> 00:55:00,120 +This is zero. There is no relation between + +568 +00:55:00,120 --> 00:55:04,280 +computers and cars. So increasing the price of + +569 +00:55:04,280 --> 00:55:09,500 +cars has no effects on the demand for computers. + +570 +00:55:09,980 --> 00:55:13,040 +So these two products are independent. + +571 +00:55:33,310 --> 00:55:41,010 +ED or Cross Price Elasticity of Demand. Cross + +572 +00:55:41,010 --> 00:55:47,470 +Price CPED, Cross Price Elasticity of Demand. For + +573 +00:55:47,470 --> 00:55:52,870 +product B converted to A. For B, product B + +574 +00:55:52,870 --> 00:56:02,310 +converted to A. equals QD for + +575 +00:56:02,310 --> 00:56:08,690 +B percent over the percentage change in price of + +576 +00:56:08,690 --> 00:56:09,790 +A. + +577 +00:56:14,000 --> 00:56:19,040 +If the price of a product A increased by 1%, what + +578 +00:56:19,040 --> 00:56:23,240 +will happen to the demand for product B? Goes up, + +579 +00:56:23,360 --> 00:56:26,960 +goes down, un-changed, and it depends on to + +580 +00:56:26,960 --> 00:56:31,760 +determine what is the relation between product A + +581 +00:56:31,760 --> 00:56:37,760 +and B. Here, the sign is important. If it is like + +582 +00:56:37,760 --> 00:56:43,090 +this, In this case, in the first case, as the + +583 +00:56:43,090 --> 00:56:52,210 +price of a product A increased by 1%, and the + +584 +00:56:52,210 --> 00:56:56,610 +quantity demanded of + +585 +00:56:56,610 --> 00:57:04,490 +a product B, cars, goes down by + +586 +00:57:04,490 --> 00:57:09,810 +5%. What does this mean? The sign will be + +587 +00:57:09,810 --> 00:57:11,230 +negative. + +588 +00:57:13,130 --> 00:57:17,950 +So the product B and A are what? Complements. + +589 +00:57:19,190 --> 00:57:23,810 +These two products are complements. If the price + +590 +00:57:23,810 --> 00:57:31,670 +of product A goes up and the demand for chicken + +591 +00:57:31,670 --> 00:57:33,670 +goes up as well. + +592 +00:57:36,510 --> 00:57:43,190 +So these two products are substitutes. If her + +593 +00:57:43,190 --> 00:57:47,030 +price of product increased and had an unchanged. + +594 +00:57:51,990 --> 00:57:57,490 +Independent. We'll take an example. You don't + +595 +00:57:57,490 --> 00:57:58,050 +understand, right? + +596 +00:58:00,950 --> 00:58:03,750 +This is understanding. + +597 +00:58:13,690 --> 00:58:15,090 +Compliments. + +598 +00:58:32,630 --> 00:58:35,170 +Let's have the following example to understand the + +599 +00:58:35,170 --> 00:58:38,630 +idea of the cross price elasticity of demand. We + +600 +00:58:38,630 --> 00:58:42,890 +have the following table. We have three products. + +601 +00:58:48,270 --> 00:58:48,930 +Price. + +602 +00:59:06,430 --> 00:59:07,250 +one dimension, + +603 +00:59:12,030 --> 00:59:18,130 +product A, product B, + +604 +00:59:21,170 --> 00:59:23,730 +and product C. + +605 +00:59:27,930 --> 00:59:31,450 +And let us assume that we have the following data, + +606 +00:59:31,950 --> 00:59:34,430 +prices 10, + +607 +00:59:41,950 --> 00:59:43,550 +Twenty-five. + +608 +01:00:10,520 --> 01:00:15,540 +If price period + +609 +01:00:15,540 --> 01:00:26,300 +of product A increased + +610 +01:00:26,300 --> 01:00:33,780 +from + +611 +01:00:33,780 --> 01:00:38,700 +10 to 15. + +612 +01:00:44,040 --> 01:00:46,960 +This has followed by the following changes. + +613 +01:00:52,380 --> 01:00:55,320 +And this leads to the following changes. + +614 +01:00:59,240 --> 01:01:07,520 +Price, QD, Product A, B, C. + +615 +01:02:21,680 --> 01:02:24,480 +Calculate price. + +616 +01:02:28,220 --> 01:02:35,920 +In this + +617 +01:02:35,920 --> 01:02:41,380 +example, We are going to study the relationship + +618 +01:02:41,380 --> 01:02:45,740 +between different bounded circuits or different + +619 +01:02:45,740 --> 01:02:49,920 +groups or different products. + +620 +01:02:50,720 --> 01:02:52,820 +And we have the following data. + +621 +01:02:57,140 --> 01:03:01,620 +Product A, here we have the prices, one demanded + +622 +01:03:01,620 --> 01:03:08,270 +product A, product B, product C. The price, Of a + +623 +01:03:08,270 --> 01:03:12,790 +product A was 10. The quantity demanded was 100. + +624 +01:03:13,670 --> 01:03:18,050 +Product B, the price was 20. Quantity demanded was + +625 +01:03:18,050 --> 01:03:26,350 +62. Product C, 5 and 90. Now, the price of a + +626 +01:03:26,350 --> 01:03:32,930 +product A goes up or went up from 10 to 15. This + +627 +01:03:32,930 --> 01:03:39,120 +has followed by the following changes. The price + +628 +01:03:39,120 --> 01:03:45,260 +of product A increased from 10 to 15. And citrus + +629 +01:03:45,260 --> 01:03:48,660 +purpose, the prices of product B and C remained + +630 +01:03:48,660 --> 01:03:52,940 +constant without changes, which means the price of + +631 +01:03:52,940 --> 01:03:56,580 +product B and C remains constant. But the change + +632 +01:03:56,580 --> 01:04:03,560 +in price A leads to the following changes. As the + +633 +01:04:03,560 --> 01:04:09,580 +price of a product A goes up from 10 to 15, the + +634 +01:04:09,580 --> 01:04:13,620 +quantity demanded goes down or went down from 100 + +635 +01:04:13,620 --> 01:04:17,380 +to 80. This is for the same product. And this is + +636 +01:04:17,380 --> 01:04:21,720 +logical. Right? The theory says that as the price + +637 +01:04:21,720 --> 01:04:25,400 +of product A goes up, the quantity demanded goes + +638 +01:04:25,400 --> 01:04:31,280 +down. Right? As the price product A goes up, the + +639 +01:04:31,280 --> 01:04:37,420 +quantity demanded of product B goes up from 62 to + +640 +01:04:37,420 --> 01:04:43,440 +70. As the price A goes up, the quantity demanded + +641 +01:04:43,440 --> 01:04:50,480 +of product C goes down from 90 to 85. Right? This + +642 +01:04:50,480 --> 01:04:55,240 +is the given data. Calculate the gross price + +643 +01:04:55,240 --> 01:04:55,940 +elasticity + +644 +01:05:00,270 --> 01:05:04,650 +of demand for + +645 +01:05:04,650 --> 01:05:10,650 +product B compared to A. + +646 +01:05:17,790 --> 01:05:23,250 +And this state, the relationship between product A + +647 +01:05:23,250 --> 01:05:28,650 +and B and state + +648 +01:05:29,810 --> 01:05:35,310 +The relationship between + +649 +01:05:35,310 --> 01:05:38,890 +product + +650 +01:05:38,890 --> 01:05:42,150 +A and B. + +651 +01:05:48,170 --> 01:05:52,910 +Is it elastic or inelastic? Now, + +652 +01:05:55,230 --> 01:05:57,210 +to start solution here, + +653 +01:06:01,040 --> 01:06:07,280 +Determine the type + +654 +01:06:07,280 --> 01:06:13,800 +of relations here or determine the points. The + +655 +01:06:13,800 --> 01:06:18,540 +requirements here is to calculate the gross price + +656 +01:06:18,540 --> 01:06:23,100 +elasticity of demand for product B compared to A. + +657 +01:06:26,720 --> 01:06:32,240 +B, B convert to A. So, the requirement here is the + +658 +01:06:32,240 --> 01:06:36,920 +gross price elasticity of demand for B convert to + +659 +01:06:36,920 --> 01:06:37,200 +A. + +660 +01:06:46,580 --> 01:06:50,620 +Equals change in quantity demanded percent over, + +661 +01:06:50,760 --> 01:06:51,080 +over + +662 +01:07:00,020 --> 01:07:04,600 +Change in price for A for me. + +663 +01:07:11,720 --> 01:07:22,520 +CPED B convert to A equals Q2 QD2 for B. QB2 minus + +664 +01:07:22,520 --> 01:07:31,320 +QB1 over PA2 minus PA1. Q2 minus Q1 over P2 minus + +665 +01:07:31,320 --> 01:07:41,720 +P1 times PA2 + +666 +01:07:41,720 --> 01:07:48,500 +plus PA1 over QB2 plus QB1. + +667 +01:07:51,480 --> 01:07:54,380 +Okay. A change in quantity depended over change in + +668 +01:07:54,380 --> 01:08:02,980 +price. The same as the words before. Okay. So, + +669 +01:08:03,680 --> 01:08:09,380 +here we have to determine the points had a price + +670 +01:08:09,380 --> 01:08:12,420 +product A and P, A, 1. + +671 +01:08:20,530 --> 01:08:24,330 +Right? These are the classifications. All of this + +672 +01:08:24,330 --> 01:08:28,050 +is 1. And here in the schedule, this is 2. Right? + +673 +01:08:28,450 --> 01:08:33,630 +This is the price of A, 1. And this is the + +674 +01:08:33,630 --> 01:08:40,450 +quantity demanded of A. This is 1. Let's say Q is + +675 +01:08:40,450 --> 01:08:46,670 +what? 1. Right? Well, this is the price of P, 1. + +676 +01:08:48,130 --> 01:08:56,000 +And this is Q. of B, one. Had a price of C, one. + +677 +01:08:56,580 --> 01:09:02,540 +And this is QC, one. If it is correct, the + +678 +01:09:02,540 --> 01:09:06,600 +question is over. This is two. This is price of A, + +679 +01:09:07,300 --> 01:09:12,000 +two. This is all two. Table two. This is table + +680 +01:09:12,000 --> 01:09:20,350 +two. And this is table one, four. So, P A2. And + +681 +01:09:20,350 --> 01:09:29,210 +this is PB2. And this is PC2. Right? Correct? Then + +682 +01:09:29,210 --> 01:09:36,290 +we come here Q, Q, A2. Not one. All two. + +683 +01:09:39,310 --> 01:09:39,990 +QB2. + +684 +01:09:42,510 --> 01:09:49,420 +QC2. Right? Again. All right. Let's go straight to + +685 +01:09:49,420 --> 01:09:49,740 +the formula. + +686 +01:09:53,220 --> 01:10:05,420 +CP A D B converted to A equals QB2 minus QB1 over + +687 +01:10:05,420 --> 01:10:11,280 +PA2 minus PA1 times QB2. Where is QB2? Q is here, + +688 +01:10:11,740 --> 01:10:15,060 +70. If I got it right, the question will be + +689 +01:10:15,060 --> 01:10:27,030 +solved. This is 70. minus QP1 Q62 over + +690 +01:10:27,030 --> 01:10:30,970 +PA2 + +691 +01:10:30,970 --> 01:10:38,350 +minus PA1 PA2 15 minus + +692 +01:10:38,350 --> 01:10:41,650 +PA1 10. + +693 +01:10:44,300 --> 01:10:48,740 +Times 15 plus + +694 +01:10:48,740 --> 01:11:00,400 +10 over 70 plus 62. So CPD equals positive 8 over + +695 +01:11:00,400 --> 01:11:11,400 +positive 5 times 1525 over 132. So B compared to + +696 +01:11:11,400 --> 01:11:21,320 +A. equals, how much is it? 1, 540 over 132, + +697 +01:11:21,760 --> 01:11:28,100 +0 point how much? 300.03, + +698 +01:11:32,000 --> 01:11:38,980 +okay, positive. So here, the demand is inelastic, + +699 +01:11:39,920 --> 01:11:44,400 +Because the absolute value here is less than one. + +700 +01:11:44,920 --> 01:11:48,060 +Number two, what is the relationship between the + +701 +01:11:48,060 --> 01:11:51,900 +product A and B? Are they or is it complementary + +702 +01:11:51,900 --> 01:11:57,580 +relations or substitutes? Substitutes because + +703 +01:11:57,580 --> 01:12:01,920 +increasing the price of a product A, B, A leads to + +704 +01:12:01,920 --> 01:12:03,920 +increasing the demand for product B. + +705 +01:12:10,070 --> 01:12:17,150 +Chicken, meat, or fuel with cars? So here, I state + +706 +01:12:17,150 --> 01:12:19,730 +the relationship between product A and B. I say + +707 +01:12:19,730 --> 01:12:26,750 +that the sign here of cross-price elasticity of + +708 +01:12:26,750 --> 01:12:31,290 +demand for product B compared to A is positive. + +709 +01:12:33,550 --> 01:12:40,960 +They are substitutes. Because product A and B are + +710 +01:12:40,960 --> 01:12:42,660 +substitutes. + +711 +01:12:46,520 --> 01:12:50,980 +A and + +712 +01:12:50,980 --> 01:13:01,780 +C. C converted to A. The price of A from 10 to 15. + +713 +01:13:02,460 --> 01:13:10,890 +The quantity demanded of C was 90. Who is in for + +714 +01:13:10,890 --> 01:13:15,790 +285? Are they compliments or substitutes? + +715 +01:13:17,070 --> 01:13:18,870 +Compliments. Compliments. It's going to be a + +716 +01:13:18,870 --> 01:13:26,930 +negative sign. Right? Right? Like the price of + +717 +01:13:26,930 --> 01:13:32,030 +fuel and demand for cars. Take this assignment and + +718 +01:13:32,030 --> 01:13:36,800 +work on it. Calculate the gross price elasticity + +719 +01:13:36,800 --> 01:13:39,780 +demand for product C compared to A. + +720 +01:13:43,860 --> 01:13:49,180 +And state the relationship between product A and + +721 +01:13:49,180 --> 01:13:49,700 +C. + +722 +01:13:58,240 --> 01:13:59,120 +Number three. + +723 +01:14:01,980 --> 01:14:03,060 +Calculate + +724 +01:14:07,440 --> 01:14:10,020 +Calculate cross price elasticity of demand for + +725 +01:14:10,020 --> 01:14:19,140 +product C converted to A. C converted to A. Number + +726 +01:14:19,140 --> 01:14:27,020 +two, + +727 +01:14:27,320 --> 01:14:31,380 +understand the relationship between product A and + +728 +01:14:31,380 --> 01:14:31,740 +C. + +729 +01:14:34,400 --> 01:14:37,180 +This depends on the sign here. Number three, + +730 +01:14:38,120 --> 01:14:38,700 +calculate. + +731 +01:14:47,600 --> 01:14:54,400 +Number three, calculate the price elasticity of + +732 +01:14:54,400 --> 01:14:55,960 +demand for product A. + +733 +01:15:03,410 --> 01:15:05,130 +Is it elastic or inelastic? + +734 +01:15:14,230 --> 01:15:15,490 +Number four. + +735 +01:15:29,030 --> 01:15:37,270 +Calculate the total revenue. for product A before + +736 +01:15:37,270 --> 01:15:47,970 +and after changes in the prices. Calculate total + +737 +01:15:47,970 --> 01:15:54,330 +revenue of + +738 +01:15:54,330 --> 01:15:58,390 +or + +739 +01:15:58,390 --> 01:16:06,040 +generated Total revenue generated from + +740 +01:16:06,040 --> 01:16:09,360 +selling + +741 +01:16:09,360 --> 01:16:17,960 +product A before + +742 +01:16:17,960 --> 01:16:26,500 +and after changing prices. Before and + +743 +01:16:26,500 --> 01:16:40,060 +after. The change in prices before + +744 +01:16:40,060 --> 01:16:47,380 +increasing the prices from 10 to 15. How much was + +745 +01:16:47,380 --> 01:16:49,380 +the total revenue and how much did it become? + diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/jm2ukeogIMY_postprocess.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/jm2ukeogIMY_postprocess.srt new file mode 100644 index 0000000000000000000000000000000000000000..dc9c4554f7514b13325f4e35282d2cc243e0feb4 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/jm2ukeogIMY_postprocess.srt @@ -0,0 +1,1984 @@ +1 +00:00:20,210 --> 00:00:23,070 +Okay, bismillahirrahmanirrahim. Today, inshallah, + +2 +00:00:23,250 --> 00:00:26,790 +we are going to study the relationship between the + +3 +00:00:26,790 --> 00:00:30,950 +price elasticity of demand and the slope of demand + +4 +00:00:30,950 --> 00:00:35,290 +curve, as well as we will study the relationship + +5 +00:00:35,290 --> 00:00:38,630 +between the price elasticity of demand and total + +6 +00:00:38,630 --> 00:00:44,230 +revenue. If we have enough time, once we finish + +7 +00:00:44,230 --> 00:00:47,030 +these points, we will go to study the determinants + +8 +00:00:47,030 --> 00:00:50,650 +of the price elasticity of demand. The last class, + +9 +00:00:51,170 --> 00:00:55,430 +we said that we have different shapes for the + +10 +00:00:55,430 --> 00:01:04,430 +demand curve. And we said also that the lower or + +11 +00:01:04,430 --> 00:01:10,720 +the larger elasticity, the lower slope of demand + +12 +00:01:10,720 --> 00:01:17,340 +curve. The highest price elasticity of demand, the + +13 +00:01:17,340 --> 00:01:22,340 +lowest slope of the demand curve. And if you + +14 +00:01:22,340 --> 00:01:25,060 +remember that the price elasticity of demand + +15 +00:01:27,290 --> 00:01:34,870 +Formula equals QD2 minus QD1 over P2 minus P1 + +16 +00:01:34,870 --> 00:01:43,650 +times P2 plus P1 over QD2 plus QD1. This part of + +17 +00:01:43,650 --> 00:01:45,970 +the formula here, PED, + +18 +00:01:49,080 --> 00:01:52,240 +The change in quantity demanded over the change in + +19 +00:01:52,240 --> 00:01:56,500 +price times summation of the prices over the + +20 +00:01:56,500 --> 00:02:02,120 +summation of quantity demanded, right? And we + +21 +00:02:02,120 --> 00:02:05,760 +mentioned also, or we said that the slope of + +22 +00:02:05,760 --> 00:02:11,980 +demand curve, here's the demand curve, price, + +23 +00:02:13,000 --> 00:02:13,800 +quantity demanded, + +24 +00:02:18,310 --> 00:02:26,250 +The slope, root 10. Change in price over change in + +25 +00:02:26,250 --> 00:02:30,410 +quantity demanded. So the slope here, change in + +26 +00:02:30,410 --> 00:02:35,610 +price over change in quantity demanded. All right? + +27 +00:02:38,310 --> 00:02:41,410 +The general formula for the price in a system of + +28 +00:02:41,410 --> 00:02:44,870 +demand, the original formula, PED, + +29 +00:02:46,540 --> 00:02:54,740 +The driving for this part was Qd2 minus Qd1 over + +30 +00:02:54,740 --> 00:03:00,600 +P2 minus P1 times P1 over Qd1. This is the + +31 +00:03:00,600 --> 00:03:08,820 +original formula. All right? I'm going to try to + +32 +00:03:08,820 --> 00:03:13,100 +find the relationship between the price elasticity + +33 +00:03:13,100 --> 00:03:14,840 +of demand and the slope here. + +34 +00:03:17,570 --> 00:03:22,430 +So here, we can say that PED equals change in + +35 +00:03:22,430 --> 00:03:26,570 +quantity over change in price times P over QD. + +36 +00:03:28,790 --> 00:03:32,510 +Here's the general formula for the price and + +37 +00:03:32,510 --> 00:03:36,730 +assistive demand. This part is the opposite of the + +38 +00:03:36,730 --> 00:03:40,810 +slope here. So, + +39 +00:03:43,470 --> 00:03:50,000 +we can say that PED equals 1 over the slope here. + +40 +00:03:50,800 --> 00:03:55,420 +One over + +41 +00:03:55,420 --> 00:03:59,260 +the slope times P over QD. + +42 +00:04:04,460 --> 00:04:11,060 +The larger value of the slope here, the lower + +43 +00:04:11,060 --> 00:04:18,000 +value of the price-inassistive demand. Now, let us + +44 +00:04:18,000 --> 00:04:23,540 +assume that along this demand curve here, we have + +45 +00:04:23,540 --> 00:04:35,300 +2, 4, 6, 8, 2, 4, 6, 8 right here. + +46 +00:04:42,220 --> 00:04:47,300 +Point A, B, C, D, E, F. + +47 +00:04:51,060 --> 00:04:56,060 +Now, for this graph. Okay. + +48 +00:05:00,740 --> 00:05:03,760 +Let's calculate the slope of this demand curve. + +49 +00:05:05,400 --> 00:05:11,500 +The slope. So, the slope here of this demand curve + +50 +00:05:11,500 --> 00:05:13,340 +slope equals + +51 +00:05:17,190 --> 00:05:19,870 +That's it. Negative slope, negative sign, the + +52 +00:05:19,870 --> 00:05:25,610 +negative sign. The slope equals change + +53 +00:05:25,610 --> 00:05:28,670 +in price over change in quantity demanded. Equals + +54 +00:05:28,670 --> 00:05:31,750 +minus eight over eight minus one. + +55 +00:05:34,290 --> 00:05:37,590 +Fixed on all points. Let's calculate the slope + +56 +00:05:37,590 --> 00:05:42,930 +between B and C. From B to C. What is the slope? + +57 +00:05:44,970 --> 00:05:51,710 +This is going to be P1, P2, right? And this is + +58 +00:05:51,710 --> 00:05:57,870 +QD1, QD2. Do the calculations from B to C. The + +59 +00:05:57,870 --> 00:06:01,590 +slope, what comes out? The difference of two and + +60 +00:06:01,590 --> 00:06:05,210 +the difference of two. Minus one. So the slope + +61 +00:06:05,210 --> 00:06:11,710 +here is fixed along the demand curve. Take any two + +62 +00:06:11,710 --> 00:06:17,450 +points from B to D. But it's not always minus 1. + +63 +00:06:18,050 --> 00:06:22,350 +Sometimes the slope equals minus 2. Let's assume + +64 +00:06:22,350 --> 00:06:27,390 +this is 10 and 5. How much is the slope equals + +65 +00:06:27,390 --> 00:06:34,430 +minus 2? 10 over 5, minus 2. All right? Sometimes + +66 +00:06:34,430 --> 00:06:41,450 +less. Maybe the demand curve here, 10 and 5, half. + +67 +00:06:42,400 --> 00:06:45,440 +All right? Let's come back here to this example. + +68 +00:06:47,360 --> 00:06:52,840 +Now, calculate or let's calculate the price + +69 +00:06:52,840 --> 00:06:57,380 +elasticity of demand at point B. For instance, + +70 +00:06:58,800 --> 00:07:03,780 +calculate the price elasticity of demand at point + +71 +00:07:03,780 --> 00:07:11,000 +B. The price elasticity of demand at point B. + +72 +00:07:13,060 --> 00:07:21,120 +equals 1 over the slope times P over QD. So PED at + +73 +00:07:21,120 --> 00:07:27,000 +point B equals 1 over minus 1 slope of the demand + +74 +00:07:27,000 --> 00:07:35,180 +curve times the price at point B, 6, yeah, over + +75 +00:07:35,180 --> 00:07:37,440 +the quantity demanded, 2. + +76 +00:07:41,070 --> 00:07:47,610 +6 minus over minus 2 equals minus 3. So the price + +77 +00:07:47,610 --> 00:07:50,910 +elasticity of demand here equals minus 3. What + +78 +00:07:50,910 --> 00:07:55,170 +about point C here? The price elasticity of demand + +79 +00:07:55,170 --> 00:07:56,150 +at point C, + +80 +00:07:59,690 --> 00:08:04,190 +1 over minus 1 times 4 over 4. + +81 +00:08:07,310 --> 00:08:10,450 +Four over minus four equals minus one. So here, + +82 +00:08:10,850 --> 00:08:14,690 +the demand is minus one. Unitary elastic. Here's + +83 +00:08:14,690 --> 00:08:21,890 +elastic. What about point D here? P D at point D + +84 +00:08:21,890 --> 00:08:31,470 +equals minus one over one over minus one times two + +85 +00:08:31,470 --> 00:08:32,510 +over six. + +86 +00:08:35,340 --> 00:08:46,560 +2 over minus 6 equals minus 1 over 3, 0.0333. The + +87 +00:08:46,560 --> 00:08:53,160 +demand is inelastic. What about point F here? The + +88 +00:08:53,160 --> 00:09:01,160 +last point here. PED at point M equals 1 over + +89 +00:09:01,160 --> 00:09:06,060 +minus 1 times The price equals zero and the + +90 +00:09:06,060 --> 00:09:11,220 +quantity equals eight. So I'm zero over eight + +91 +00:09:11,220 --> 00:09:16,800 +equals zero. So at this point here, the demand is + +92 +00:09:16,800 --> 00:09:22,420 +perfectly inelastic. All right? What? Logical. + +93 +00:09:22,640 --> 00:09:26,580 +Why? Who will check it? Up here. + +94 +00:09:30,540 --> 00:09:33,880 +Fee-free products. Fee-free prices. You don't go + +95 +00:09:33,880 --> 00:09:37,820 +to public parks. You go to public parks when + +96 +00:09:37,820 --> 00:09:40,900 +you're old. You go and have fun as a local + +97 +00:09:40,900 --> 00:09:45,660 +product. You get services, right? You go with your + +98 +00:09:45,660 --> 00:09:47,460 +mother, your uncle, your grandmother, and your + +99 +00:09:47,460 --> 00:09:51,180 +brother, right? Right? You get services, which is + +100 +00:09:51,180 --> 00:09:53,520 +an adequate quantity. You don't get prices. You + +101 +00:09:53,520 --> 00:09:58,280 +pay zero prices. It's easy. Right? And sometimes + +102 +00:09:58,280 --> 00:10:02,150 +you pay prices and you don't get anything. who had + +103 +00:10:02,150 --> 00:10:07,170 +the case. Rare cases. Public goods, they call it, + +104 +00:10:07,330 --> 00:10:11,190 +not private goods. All right? Except if it's + +105 +00:10:11,190 --> 00:10:15,070 +someone who wants to make money. So he gives you + +106 +00:10:15,070 --> 00:10:18,790 +free products, free quantities, free quantities. + +107 +00:10:19,730 --> 00:10:26,450 +All right? At point A, ED, price elasticity of + +108 +00:10:26,450 --> 00:10:30,330 +demand, equals 1 over minus 1 times the price + +109 +00:10:30,330 --> 00:10:35,730 +equals 8. over zero minus infinity. So at this + +110 +00:10:35,730 --> 00:10:38,870 +point, the demand is perfectly inelastic. Okay? + +111 +00:10:39,930 --> 00:10:49,950 +Clear? Clear. Let's go to something else. So the + +112 +00:10:49,950 --> 00:10:56,690 +larger result or conclusion, the larger price + +113 +00:10:56,690 --> 00:11:01,210 +elasticity of demand, the lower or the less slow. + +114 +00:11:18,860 --> 00:11:23,780 +Let's go to study the relationship between the + +115 +00:11:23,780 --> 00:11:26,880 +price elasticity of demand and total revenue. + +116 +00:11:33,590 --> 00:11:33,970 +Am I right? + +117 +00:12:07,460 --> 00:12:10,320 +Now let's go to study the relationship between the + +118 +00:12:10,320 --> 00:12:15,560 +price elasticity of demand and total revenue. PED + +119 +00:12:15,560 --> 00:12:24,840 +and + +120 +00:12:24,840 --> 00:12:25,820 +total revenue. + +121 +00:12:33,060 --> 00:12:42,010 +Total revenue means Total revenue, TR, equals the + +122 +00:12:42,010 --> 00:12:46,590 +price times the quantity sold, or the quantity + +123 +00:12:46,590 --> 00:12:47,150 +purchased. + +124 +00:12:49,730 --> 00:12:57,150 +Let's assume that someone of you is a seller, and + +125 +00:12:57,150 --> 00:13:02,530 +you went to the market, you have seven boxes of + +126 +00:13:02,530 --> 00:13:03,030 +orange, + +127 +00:13:08,700 --> 00:13:14,960 +The price per box of orange equals 30 shekels. + +128 +00:13:17,440 --> 00:13:23,700 +And you sold all the quantity. How much is your + +129 +00:13:23,700 --> 00:13:28,200 +total revenue? Exactly. So the total revenue you + +130 +00:13:28,200 --> 00:13:34,340 +obtain here equals seven boxes, the price 30. + +131 +00:13:35,570 --> 00:13:40,730 +times the quantity sold here, seven, equals 210 + +132 +00:13:40,730 --> 00:13:46,390 +shekels. So the total revenue equals the price per + +133 +00:13:46,390 --> 00:13:50,130 +unit times the quantity sold, or the quantity + +134 +00:13:50,130 --> 00:13:55,310 +demanded here, okay? Now, is there a relationship + +135 +00:13:55,310 --> 00:13:58,930 +between the total revenue and the price elasticity + +136 +00:13:58,930 --> 00:14:01,610 +of the product or not? + +137 +00:14:04,790 --> 00:14:07,310 +To understand the relationship between the total + +138 +00:14:07,310 --> 00:14:11,830 +revenue and the price elasticity of demand, let us + +139 +00:14:11,830 --> 00:14:14,530 +have the following examples. But before that, + +140 +00:14:17,170 --> 00:14:23,030 +the price elasticity of demand helps the decision + +141 +00:14:23,030 --> 00:14:26,770 +makers, the sellers, to take proper decisions in + +142 +00:14:26,770 --> 00:14:30,010 +terms of the pricing policies that they have to + +143 +00:14:30,010 --> 00:14:33,930 +use or they have to apply. When someone sells + +144 +00:14:33,930 --> 00:14:34,210 +flour, + +145 +00:14:37,110 --> 00:14:40,510 +Demand on his money, inelastic. Right? Someone + +146 +00:14:40,510 --> 00:14:44,370 +sells flowers. To increase the total revenue, what + +147 +00:14:44,370 --> 00:14:48,030 +do you say? You say, raise the price. He has to + +148 +00:14:48,030 --> 00:14:53,290 +increase the price. Right? Because here, as we + +149 +00:14:53,290 --> 00:14:57,810 +mentioned, that the total revenue equals the price + +150 +00:14:57,810 --> 00:15:04,150 +times the quantity. Quantity demanded. Right? Now, + +151 +00:15:05,190 --> 00:15:08,870 +if the demand for a flower is inelastic, demand + +152 +00:15:08,870 --> 00:15:15,950 +for flower is inelastic, + +153 +00:15:18,620 --> 00:15:21,720 +The product is necessary for the consumer. He + +154 +00:15:21,720 --> 00:15:24,140 +cannot or they cannot give up it when the price + +155 +00:15:24,140 --> 00:15:29,740 +goes up. And it has no substitutes or few number + +156 +00:15:29,740 --> 00:15:33,700 +of substitutes. Mazboot? Had a demand inelastic. + +157 +00:15:35,060 --> 00:15:39,480 +Elasticity of demand. Change in one demanded + +158 +00:15:39,480 --> 00:15:45,030 +percent over a change in price percent. If the + +159 +00:15:45,030 --> 00:15:49,530 +price increased by 10%, let us assume that the + +160 +00:15:49,530 --> 00:15:53,610 +price per sack of the flour increased by 10%. + +161 +00:15:56,570 --> 00:16:03,270 +The quantity demanded is inelastic. + +162 +00:16:03,990 --> 00:16:06,330 +The product is necessary for the consumer. He + +163 +00:16:06,330 --> 00:16:10,290 +cannot give up it when the price goes up. So I + +164 +00:16:10,290 --> 00:16:14,700 +expect that the quantity demanded will fall. or + +165 +00:16:14,700 --> 00:16:19,880 +will decline by less than 10% because the product + +166 +00:16:19,880 --> 00:16:23,000 +is necessary for the consumer. It's important for + +167 +00:16:23,000 --> 00:16:27,360 +the consumer. The giving up is difficult here. So, + +168 +00:16:27,800 --> 00:16:31,000 +the quantity demanded will go down by maybe two + +169 +00:16:31,000 --> 00:16:34,900 +percent just. Just two percent, three percent, + +170 +00:16:35,300 --> 00:16:39,700 +maybe. Okay? In this case, you're declining + +171 +00:16:39,700 --> 00:16:46,110 +negative, positive, it will be minus 0.2, absolute + +172 +00:16:46,110 --> 00:16:48,490 +value is less than one, so the demand is + +173 +00:16:48,490 --> 00:16:56,090 +inelastic. Okay? Let's apply these results here by + +174 +00:16:56,090 --> 00:16:58,610 +this formula or on this formula here. + +175 +00:17:02,090 --> 00:17:07,170 +As we mentioned that here, that the total revenue, + +176 +00:17:08,830 --> 00:17:14,830 +total revenue, equals the price times the quantity + +177 +00:17:14,830 --> 00:17:19,150 +demanded, or quantity sold or quantity purchased + +178 +00:17:19,150 --> 00:17:24,070 +here. According to our assumption here, the price + +179 +00:17:24,070 --> 00:17:28,090 +goes up by 10 percent. Is it correct? Then the + +180 +00:17:28,090 --> 00:17:32,210 +price increased by 10 percent. That means Z + +181 +00:17:32,210 --> 00:17:36,750 +increased by 10 percent. And the quantity demanded + +182 +00:17:36,750 --> 00:17:45,440 +goes down by 2 percent. Negative. Which has larger + +183 +00:17:45,440 --> 00:17:50,100 +effect? The increasing in prices or the declining + +184 +00:17:50,100 --> 00:17:55,380 +in the quantity here? Increasing in prices has + +185 +00:17:55,380 --> 00:18:01,240 +larger impacts, larger effects. So here I expect + +186 +00:18:01,240 --> 00:18:01,980 +that. + +187 +00:18:05,640 --> 00:18:08,860 +Effect increasing to the revenue. + +188 +00:18:22,400 --> 00:18:27,620 +So if the demand for the product was inelastic, + +189 +00:18:27,940 --> 00:18:32,390 +like the demand for a flower here, To increase the + +190 +00:18:32,390 --> 00:18:34,490 +total revenue. What is your advice to the + +191 +00:18:34,490 --> 00:18:35,870 +producers? Exactly. + +192 +00:18:39,010 --> 00:18:45,830 +This is + +193 +00:18:45,830 --> 00:18:46,950 +the result here. + +194 +00:18:49,850 --> 00:18:54,630 +If the producer here or the seller here decided to + +195 +00:18:54,630 --> 00:18:57,610 +decrease the prices, let us assume here we're + +196 +00:18:57,610 --> 00:19:01,630 +talking about the demand for flour and the seller + +197 +00:19:01,630 --> 00:19:09,750 +decided to decrease the prices by 10%, the + +198 +00:19:09,750 --> 00:19:16,230 +quantity demanded will increase by 2%. What + +199 +00:19:16,230 --> 00:19:19,860 +will happen to the total revenue here? It goes + +200 +00:19:19,860 --> 00:19:24,880 +down. How do you mean? Total revenue. + +201 +00:19:27,980 --> 00:19:36,340 +Another example + +202 +00:19:36,340 --> 00:19:45,040 +for elastic demand. Demand for orange. Demand for + +203 +00:19:45,040 --> 00:19:53,830 +orange. So here, If the man was + +204 +00:19:53,830 --> 00:19:57,730 +inelastic, + +205 +00:19:58,270 --> 00:20:07,090 +if the man was inelastic, to increase total + +206 +00:20:07,090 --> 00:20:10,490 +revenue, the producer, + +207 +00:20:13,410 --> 00:20:15,590 +the seller should + +208 +00:20:17,190 --> 00:20:20,290 +Increase the price. This is my advice to you. + +209 +00:20:22,110 --> 00:20:27,070 +Right? Let us assume that the demand for orange + +210 +00:20:27,070 --> 00:20:31,270 +here, demand for orange is elastic, which means + +211 +00:20:31,270 --> 00:20:35,830 +it's not very necessary for the consumer. The + +212 +00:20:35,830 --> 00:20:40,530 +giving up is easy. It has many substitutes. Right? + +213 +00:20:40,890 --> 00:20:46,250 +So the demand here is elastic. Which means that + +214 +00:20:46,250 --> 00:20:50,590 +price elasticity of demand, ED, equals change in + +215 +00:20:50,590 --> 00:20:53,010 +quantity by the percent over change in price + +216 +00:20:53,010 --> 00:20:58,510 +percent. As the price goes up by 10%, the quantity + +217 +00:20:58,510 --> 00:21:02,070 +demanded will go down by 30%, or more or less. But + +218 +00:21:02,070 --> 00:21:06,510 +it should be bigger than 10. Which means here, + +219 +00:21:06,750 --> 00:21:09,510 +it's an assumption minus a triple absolute value. + +220 +00:21:09,630 --> 00:21:15,600 +It's bigger than 1. So the demand is elastic. All + +221 +00:21:15,600 --> 00:21:20,500 +right, now let us apply this formula here. The + +222 +00:21:20,500 --> 00:21:24,480 +total revenue for the producers or the sellers who + +223 +00:21:24,480 --> 00:21:27,520 +sell orange, + +224 +00:21:28,200 --> 00:21:31,360 +total revenue price times the quantity. So + +225 +00:21:31,360 --> 00:21:33,900 +according to our assumption here, increasing the + +226 +00:21:33,900 --> 00:21:36,800 +prices by 10% leads to a decline in the quantity + +227 +00:21:36,800 --> 00:21:41,200 +demanded by 30%. Positive, increasing, decreasing + +228 +00:21:41,200 --> 00:21:46,450 +by 30%, which has larger effects. The quantity of + +229 +00:21:46,450 --> 00:21:51,550 +change required demanded 30%. It's bigger than the + +230 +00:21:51,550 --> 00:21:52,450 +increasing effect. + +231 +00:21:55,150 --> 00:22:02,510 +Exactly. So total revenue will go down here. If + +232 +00:22:02,510 --> 00:22:06,310 +the producer or the seller decided to decrease the + +233 +00:22:06,310 --> 00:22:10,430 +prices, to increase the price, total revenue will + +234 +00:22:10,430 --> 00:22:10,710 +decline. + +235 +00:22:39,920 --> 00:22:44,500 +Increasing for prices by 10%. + +236 +00:22:45,880 --> 00:22:50,200 +The quantity demanded went up by 30%. What is the + +237 +00:22:50,200 --> 00:22:53,680 +effect? The B effect is higher than the downward + +238 +00:22:53,680 --> 00:22:58,920 +effect. Right? So Twitter revenue will increase. + +239 +00:22:59,000 --> 00:23:06,340 +If the product is elastic or the demand for your + +240 +00:23:06,340 --> 00:23:10,600 +product is elastic, I advise you to decrease the + +241 +00:23:10,600 --> 00:23:13,980 +price in order to maximize the Twitter revenue. + +242 +00:23:14,340 --> 00:23:19,130 +Okay? All right? All right. Let's have numerical + +243 +00:23:19,130 --> 00:23:22,170 +examples or other examples. + +244 +00:23:27,290 --> 00:23:28,450 +The unit or elastic? + +245 +00:23:36,950 --> 00:23:41,890 +If the demand is unit or elastic. If the sellers + +246 +00:23:41,890 --> 00:23:44,230 +increase the price by 10 percent. + +247 +00:23:48,430 --> 00:23:54,750 +If the demand was unitary elastic, my advice to + +248 +00:23:54,750 --> 00:24:00,010 +you is to keep the price fixed. Cannister. The + +249 +00:24:00,010 --> 00:24:03,170 +same total revenue. + +250 +00:24:33,570 --> 00:24:39,810 +If the demand is elastic. Demand is elastic means + +251 +00:24:39,810 --> 00:24:45,910 +that the product has so many substitutes. So many + +252 +00:24:45,910 --> 00:24:50,010 +alternatives, all right? And the product is not + +253 +00:24:50,010 --> 00:24:53,590 +necessary for the consumer, and it's easy to give + +254 +00:24:53,590 --> 00:24:58,110 +up it when the price goes up, okay? Like the + +255 +00:24:58,110 --> 00:25:00,790 +demand for apple, like the demand for orange, the + +256 +00:25:00,790 --> 00:25:03,510 +product is not necessary, any product that's not + +257 +00:25:03,510 --> 00:25:08,110 +necessary for the consumer, all right? The demand + +258 +00:25:08,110 --> 00:25:13,890 +is elastic. ED equals change in demand percent + +259 +00:25:13,890 --> 00:25:18,970 +over change in price percent. Demand for orange is + +260 +00:25:18,970 --> 00:25:22,170 +not necessary for the consumer or it has someone + +261 +00:25:22,170 --> 00:25:24,690 +substitute according to our assumption here that + +262 +00:25:24,690 --> 00:25:28,730 +we will assume that the price goes up by 10%. + +263 +00:25:30,430 --> 00:25:33,810 +according to our assumption or expectation that + +264 +00:25:33,810 --> 00:25:39,050 +the quantity demanded will go down by 20%, 40%, + +265 +00:25:39,050 --> 00:25:44,290 +33, it's bigger than 10%, right? Now, total + +266 +00:25:44,290 --> 00:25:50,410 +revenue equals the price times the quantity. If + +267 +00:25:50,410 --> 00:25:53,670 +the producer here, or the seller, increase the + +268 +00:25:53,670 --> 00:25:55,070 +prices by 10%, + +269 +00:26:09,870 --> 00:26:13,890 +That's it. So if the seller, if the demand for the + +270 +00:26:13,890 --> 00:26:17,530 +product is elastic, and the seller decided to + +271 +00:26:17,530 --> 00:26:21,350 +increase the price, total revenue will go down. + +272 +00:26:22,310 --> 00:26:23,590 +And vice versa. + +273 +00:26:29,510 --> 00:26:35,530 +The quantity demanded will increase by 20%. The + +274 +00:26:35,530 --> 00:26:43,770 +revenue will go up. All right? Let's go to other + +275 +00:26:43,770 --> 00:26:46,470 +examples related to this point. + +276 +00:27:05,350 --> 00:27:07,610 +Assume that we have the following example. + +277 +00:27:16,390 --> 00:27:27,830 +Price, quantity demanded, total revenue, price + +278 +00:27:27,830 --> 00:27:33,650 +period, quantity demanded, and total revenue. + +279 +00:27:52,090 --> 00:27:58,250 +When the price was five shekels, the quantity sold + +280 +00:27:58,250 --> 00:28:04,250 +or the quantity demanded was 110 units. As the + +281 +00:28:04,250 --> 00:28:09,830 +price goes up to six, the quantity demanded goes + +282 +00:28:09,830 --> 00:28:15,150 +down to 100. Number one, calculate the total + +283 +00:28:15,150 --> 00:28:18,090 +revenue before and after increasing the prices. + +284 +00:28:18,530 --> 00:28:22,650 +Number one. calculate the total revenue before and + +285 +00:28:22,650 --> 00:28:26,470 +after. Total revenue equals the price times the + +286 +00:28:26,470 --> 00:28:34,970 +quantity. Five times 110 equals 550. Six times + +287 +00:28:34,970 --> 00:28:42,330 +600. Which means that the producer or the seller + +288 +00:28:42,330 --> 00:28:46,330 +decided to increase the price, the total revenue + +289 +00:28:46,330 --> 00:28:52,090 +goes up. the demand should be inelastic. Let's + +290 +00:28:52,090 --> 00:28:54,690 +calculate the price elasticity of demand to make + +291 +00:28:54,690 --> 00:28:59,190 +sure that the theory is correct. Had a price P1, + +292 +00:28:59,390 --> 00:29:00,930 +P2, + +293 +00:29:02,430 --> 00:29:08,550 +QD 1, Q2. Let's calculate the price elasticity of + +294 +00:29:08,550 --> 00:29:08,850 +demand. + +295 +00:29:12,960 --> 00:29:20,100 +equals Q2 minus Q1 over P2 minus P1 times P2 plus + +296 +00:29:20,100 --> 00:29:25,600 +P1 over Q2 plus Q1. So the price elasticity of + +297 +00:29:25,600 --> 00:29:32,700 +demand equals Q2 100 minus 110 + +298 +00:29:34,570 --> 00:29:42,650 +over P2 6 minus 5 times 6 plus 5 over 100 plus + +299 +00:29:42,650 --> 00:29:50,130 +110. All right? So PED equals minus 10 over 1 + +300 +00:29:50,130 --> 00:29:53,970 +times 11 over 210. + +301 +00:29:55,950 --> 00:29:57,790 +How much is it? + +302 +00:30:01,420 --> 00:30:09,880 +Equals minus 110 over 210. Minus how much? + +303 +00:30:12,500 --> 00:30:23,920 +Zero point. + +304 +00:30:27,440 --> 00:30:33,810 +Which is less than one value, so the demand is + +305 +00:30:33,810 --> 00:30:38,730 +inelastic. The demand is inelastic. + +306 +00:30:44,510 --> 00:30:48,450 +Like the demand for a flower, for example. + +307 +00:30:52,710 --> 00:30:58,070 +Which means, as the price goes up from five to + +308 +00:30:58,070 --> 00:31:06,720 +six, the total revenue goes up. So when demand is + +309 +00:31:06,720 --> 00:31:13,560 +inelastic, increasing the prices leads to + +310 +00:31:13,560 --> 00:31:19,480 +increasing total revenue. If demand is inelastic, + +311 +00:31:21,150 --> 00:31:25,490 +Declining the prices from six to five leads to a + +312 +00:31:25,490 --> 00:31:30,390 +declining total revenue from 600 to 550, and vice + +313 +00:31:30,390 --> 00:31:30,770 +versa. + +314 +00:31:34,690 --> 00:31:41,870 +So my + +315 +00:31:41,870 --> 00:31:47,010 +advice to him is to increase the price to maximize + +316 +00:31:47,010 --> 00:31:49,330 +or to increase the total revenue. + +317 +00:31:53,490 --> 00:31:59,590 +Let us have different or another example. + +318 +00:32:05,450 --> 00:32:14,650 +Let us assume this number is 130 and the price is + +319 +00:32:14,650 --> 00:32:19,340 +five. Price one is five. Price two is six. The + +320 +00:32:19,340 --> 00:32:24,260 +quantity demanded was 130, and declined to 100. + +321 +00:32:24,980 --> 00:32:28,160 +All right? Calculate the total revenue before, + +322 +00:32:28,920 --> 00:32:33,000 +total revenue after, and determine, calculate the + +323 +00:32:33,000 --> 00:32:37,260 +price elasticity of demand action. OK? Total + +324 +00:32:37,260 --> 00:32:45,790 +revenues, how much here? Five times 130, 650. All + +325 +00:32:45,790 --> 00:32:54,510 +right? Now, 6 times 100, 600. What do you see? As + +326 +00:32:54,510 --> 00:32:59,230 +the price goes up from 5 to 6, the total revenue + +327 +00:32:59,230 --> 00:33:05,750 +goes down from 650 to 600. Let's calculate, which + +328 +00:33:05,750 --> 00:33:09,910 +means that his decision or her decision to + +329 +00:33:09,910 --> 00:33:13,850 +increase the price is incorrect. It's not rational + +330 +00:33:13,850 --> 00:33:14,290 +decision. + +331 +00:33:21,910 --> 00:33:27,810 +And correct decision. So let's get the price + +332 +00:33:27,810 --> 00:33:31,950 +elasticity of demand in this case is elastic. + +333 +00:33:39,720 --> 00:33:42,880 +So let's calculate the price and assistive demand, + +334 +00:33:43,240 --> 00:33:49,620 +the same formula here, instead of 110, 130. 130. + +335 +00:33:51,460 --> 00:33:59,240 +How much is it here? Minus three, okay. So PED + +336 +00:33:59,240 --> 00:34:08,710 +here equals minus 30 over one times 11 over 230. + +337 +00:34:09,530 --> 00:34:14,910 +So PED equals minus + +338 +00:34:14,910 --> 00:34:21,730 +330 over 230. How much is it? It's bigger than + +339 +00:34:21,730 --> 00:34:21,870 +one. + +340 +00:34:25,220 --> 00:34:31,640 +43 minus 1.43, an absolute value. It's bigger than + +341 +00:34:31,640 --> 00:34:36,040 +one, so the demand is elastic. So here, the demand + +342 +00:34:36,040 --> 00:34:37,200 +is elastic. + +343 +00:34:44,120 --> 00:34:45,640 +Why the demand for orange? + +344 +00:35:01,630 --> 00:35:05,210 +Change in price over change in quantity. Change in + +345 +00:35:05,210 --> 00:35:10,110 +price over change in quantity. Change in price + +346 +00:35:10,110 --> 00:35:19,270 +over change in quantity. Change in price + +347 +00:35:19,270 --> 00:35:24,050 +over change in quantity. Change in price over + +348 +00:35:24,050 --> 00:35:28,870 +change in quantity. Change in price over change in + +349 +00:35:28,870 --> 00:35:39,390 +quantity. 6 minus 5 over 100 minus 130. 1 over 30. + +350 +00:35:41,890 --> 00:35:49,090 +Minus. Minus. Minus. Minus. Minus. Minus. Minus. + +351 +00:35:49,090 --> 00:35:49,770 +Minus. Minus. Minus. Minus. Minus. Minus. Minus. + +352 +00:35:49,770 --> 00:35:49,990 +Minus. Minus. Minus. Minus. Minus. Minus. Minus. + +353 +00:35:49,990 --> 00:35:52,910 +Minus. Minus. Minus. Minus. Minus. Minus. Minus. + +354 +00:35:52,930 --> 00:35:53,270 +Minus. Minus. Minus. Minus. Minus. Minus. Minus. + +355 +00:35:53,270 --> 00:35:53,350 +Minus. Minus. Minus. Minus. Minus. Minus. Minus. + +356 +00:35:53,350 --> 00:35:53,550 +Minus. Minus. Minus. Minus. Minus. Minus. Minus. + +357 +00:35:53,550 --> 00:35:53,650 +Minus. Minus. Minus. Minus. Minus. Minus. Minus. + +358 +00:35:53,650 --> 00:35:55,850 +Minus. Minus. Minus. Minus. Minus. Minus. Minus. + +359 +00:35:59,190 --> 00:36:03,180 +Minus I'll get mention Jane to the unit. + +360 +00:36:06,780 --> 00:36:10,060 +Let's go to another thing or another point here. + +361 +00:36:10,620 --> 00:36:16,440 +Let us assume that the price changed from five to + +362 +00:36:16,440 --> 00:36:21,600 +six and the quantity demanded, it changed from 120 + +363 +00:36:21,600 --> 00:36:27,040 +to 100. Let's say, how much is the total revenue + +364 +00:36:27,040 --> 00:36:34,530 +here? Price times quantity. 5 times 120 equals + +365 +00:36:34,530 --> 00:36:35,050 +600. + +366 +00:36:37,670 --> 00:36:42,670 +As the price increased from 5 to 6, the quantity + +367 +00:36:42,670 --> 00:36:46,150 +demanded goes down from 120 to 100. How much is + +368 +00:36:46,150 --> 00:36:50,330 +it? 600. What do you see? Increasing in the price + +369 +00:36:50,330 --> 00:36:54,330 +leads to no change in total revenue. So the demand + +370 +00:36:54,330 --> 00:36:55,750 +should be unitary elastic. + +371 +00:36:59,600 --> 00:37:12,540 +So here, 120 instead of 130, 120 minus + +372 +00:37:12,540 --> 00:37:16,920 +20 + +373 +00:37:16,920 --> 00:37:23,100 +over 1 times 11 over 220. How much is it here? + +374 +00:37:24,530 --> 00:37:31,810 +minus 20 times 11 minus 220 over 1 times 220, 220 + +375 +00:37:31,810 --> 00:37:37,590 +equals minus 1. So, the demand is unitary elastic. + +376 +00:37:38,490 --> 00:37:44,610 +That's it. So, the demand is unitary elastic. So, + +377 +00:37:44,650 --> 00:37:51,410 +I have a unitary elastic like the demand for any + +378 +00:37:51,410 --> 00:37:53,250 +product. The change in the price is equal to the + +379 +00:37:53,250 --> 00:37:57,610 +change in Like one. Clear? + +380 +00:37:59,650 --> 00:38:08,750 +It's perfect. Let's go to another + +381 +00:38:08,750 --> 00:38:13,670 +point which is the marginal revenue. Marginal + +382 +00:38:13,670 --> 00:38:14,230 +revenue. + +383 +00:38:28,450 --> 00:38:34,910 +Marginal revenue means... Marginal + +384 +00:38:34,910 --> 00:38:43,350 +means... Marginal revenue... Marginal + +385 +00:38:43,350 --> 00:38:47,290 +revenue is + +386 +00:38:47,290 --> 00:38:54,530 +the change in total revenue over + +387 +00:38:54,530 --> 00:38:57,290 +the change in the quantity demanded or quantity + +388 +00:38:57,290 --> 00:39:03,130 +sold. Which means what will happen to the total + +389 +00:39:03,130 --> 00:39:06,510 +revenue if the quantity sold increases or + +390 +00:39:06,510 --> 00:39:07,470 +declines? + +391 +00:39:10,810 --> 00:39:11,530 +Again, + +392 +00:39:14,810 --> 00:39:18,210 +what will happen to the total revenue if the + +393 +00:39:18,210 --> 00:39:25,070 +quantity sold changes, increases? According to our + +394 +00:39:25,070 --> 00:39:27,690 +assumption, let us assume that Requin demanded Z. + +395 +00:39:28,150 --> 00:39:39,870 +What will happen to the total revenue? If we + +396 +00:39:39,870 --> 00:39:46,270 +came back quickly to the last examples, MR, + +397 +00:39:46,770 --> 00:39:52,010 +Marginal Revenue, equals Total Revenue, 2 minus + +398 +00:39:52,010 --> 00:39:55,570 +Total Revenue, 1 over Q2 minus Q1. + +399 +00:40:01,910 --> 00:40:06,810 +The last examples here, Price, Quantity, Total + +400 +00:40:06,810 --> 00:40:10,450 +Revenue, and let's calculate the Marginal Revenue. + +401 +00:40:13,400 --> 00:40:17,820 +Quantity, total revenue, according to the + +402 +00:40:17,820 --> 00:40:21,520 +assumption, I think, you know, five, six, 130, + +403 +00:40:21,960 --> 00:40:32,760 +110, 100, right? Total revenue, 550, 600. Now, the + +404 +00:40:32,760 --> 00:40:34,880 +declining in the quantity demanded leads to an + +405 +00:40:34,880 --> 00:40:37,800 +increasing in total revenue, and vice versa. The + +406 +00:40:37,800 --> 00:40:39,480 +quantity demanded Zed, total revenue, + +407 +00:40:52,500 --> 00:40:58,240 +Now let's calculate the marginal revenue. This is + +408 +00:40:58,240 --> 00:41:09,700 +Q1, Q2, TR1, TR2. Marginal revenue equals TR2 + +409 +00:41:09,700 --> 00:41:16,840 +minus TR1 over Q2 minus Q1. We're talking about + +410 +00:41:16,840 --> 00:41:23,480 +someone who sells ducks. Let's calculate the + +411 +00:41:23,480 --> 00:41:30,360 +marginal revenue here. MR equals TR2 minus TR1, + +412 +00:41:30,780 --> 00:41:31,220 +600. + +413 +00:41:39,120 --> 00:41:45,020 +TR2 minus TR1 over Q2 minus Q1. + +414 +00:41:47,500 --> 00:41:59,940 +MR equals TR2 600 minus 550 over Q2 100 minus 110 + +415 +00:41:59,940 --> 00:42:09,580 +equals 50 over Minus 10 equals minus 5. + +416 +00:42:13,160 --> 00:42:16,220 +Demand is elastic or inelastic? + +417 +00:42:21,500 --> 00:42:27,280 +Demand is inelastic. So when demand is inelastic, + +418 +00:42:27,820 --> 00:42:29,080 +inelastic demand, + +419 +00:42:37,170 --> 00:42:42,670 +We have two results, or three. Price increased, + +420 +00:42:42,970 --> 00:42:46,550 +total revenue increased. Price declined, total + +421 +00:42:46,550 --> 00:42:48,870 +revenue declined. Correct? This is the first + +422 +00:42:48,870 --> 00:42:52,330 +result. Number one. With the price increased, + +423 +00:42:52,770 --> 00:42:55,990 +total revenue increased. Number two. + +424 +00:42:59,390 --> 00:43:04,850 +Quantity declined, total revenue increased. Right? + +425 +00:43:06,850 --> 00:43:12,150 +Quantity goes down, leads to increasing total + +426 +00:43:12,150 --> 00:43:12,490 +revenue. + +427 +00:43:18,350 --> 00:43:20,770 +Marginal revenue is negative. + +428 +00:43:29,130 --> 00:43:35,510 +Marginal revenue is negative sign. It's less than + +429 +00:43:35,510 --> 00:43:40,610 +zero. Marginal revenue is less than zero. + +430 +00:44:01,070 --> 00:44:04,910 +If the price goes down, total revenue goes down. + +431 +00:44:05,350 --> 00:44:08,510 +Quantity sold increased, total revenue goes down. + +432 +00:44:11,590 --> 00:44:16,730 +So if the demand was inelastic, marginal revenue + +433 +00:44:16,730 --> 00:44:18,990 +is the negative side. + +434 +00:44:23,380 --> 00:44:26,800 +Let us assume here that the price was that we have + +435 +00:44:26,800 --> 00:44:30,120 +changes in prices and we wanted total revenues. + +436 +00:44:30,960 --> 00:44:31,440 +The price. + +437 +00:44:40,780 --> 00:44:45,180 +The second case, when demand is elastic, elastic + +438 +00:44:45,180 --> 00:44:45,560 +demand. + +439 +00:44:56,450 --> 00:45:02,590 +Price, monty, total revenue, and MRE. + +440 +00:45:08,610 --> 00:45:13,730 +Five, six, how much is it? Sorry? + +441 +00:45:15,770 --> 00:45:22,590 +130, 100. How much is the total revenue here? 650, + +442 +00:45:23,290 --> 00:45:28,200 +600. Let's calculate the marginal revenue. MR + +443 +00:45:28,200 --> 00:45:31,740 +equals + +444 +00:45:31,740 --> 00:45:41,540 +TR2 minus TR1 over Q2 minus Q1. 600 minus 650 over + +445 +00:45:41,540 --> 00:45:52,180 +100 minus 130. So MR equals minus 50 over minus 30 + +446 +00:45:52,180 --> 00:45:56,860 +equals positive 1.67. + +447 +00:45:58,460 --> 00:46:01,660 +What is the sign of the marginal revenue here? + +448 +00:46:01,920 --> 00:46:08,520 +Positive sign. So here we have a positive sign. So + +449 +00:46:08,520 --> 00:46:13,260 +when demand is elastic, elastic demand. + +450 +00:46:19,310 --> 00:46:22,490 +We have three results. Here, larger revenue equals + +451 +00:46:22,490 --> 00:46:25,430 +positive 1.67. + +452 +00:46:27,710 --> 00:46:30,270 +Last thing with an elastic demand, as the price + +453 +00:46:30,270 --> 00:46:31,070 +goes up, + +454 +00:46:35,350 --> 00:46:37,750 +total revenue goes down. + +455 +00:46:40,410 --> 00:46:40,670 +Right? + +456 +00:46:46,510 --> 00:46:49,590 +But if the price goes down, total revenue goes up. + +457 +00:46:50,630 --> 00:46:57,510 +Right? Number two. As the quantity sold goes down, + +458 +00:46:57,970 --> 00:47:02,890 +total revenue goes down as well. Declining in the + +459 +00:47:02,890 --> 00:47:06,270 +quantity demanded or quantity sold leads to a + +460 +00:47:06,270 --> 00:47:11,870 +declining in total revenue. Number three. And vice + +461 +00:47:11,870 --> 00:47:15,510 +versa. As the quantity goes up, total revenue goes + +462 +00:47:15,510 --> 00:47:15,810 +up. + +463 +00:47:19,290 --> 00:47:27,290 +And MR has a positive sign. Or it's bigger than + +464 +00:47:27,290 --> 00:47:32,590 +zero. It's bigger than zero. The marginal revenue + +465 +00:47:32,590 --> 00:47:35,910 +is bigger than zero. What about the unitary + +466 +00:47:35,910 --> 00:47:37,530 +elastic demand? + +467 +00:47:53,930 --> 00:47:57,570 +It's bigger than zero or less than zero. For + +468 +00:47:57,570 --> 00:48:02,450 +marginal revenue, marginal revenue equals zero, + +469 +00:48:02,730 --> 00:48:11,730 +less than zero, bigger than zero. Okay? It has + +470 +00:48:11,730 --> 00:48:15,190 +a meaning here. + +471 +00:48:18,260 --> 00:48:22,560 +In elasticity, the meaning of negative represents + +472 +00:48:22,560 --> 00:48:24,840 +the negative relationship between the prices and + +473 +00:48:24,840 --> 00:48:29,540 +the quantity. Here it has a meaning or it has a + +474 +00:48:29,540 --> 00:48:37,080 +value. Okay. What if the demand is unitary + +475 +00:48:37,080 --> 00:48:39,840 +elastic, which means here according to assumption, + +476 +00:48:40,420 --> 00:48:48,430 +the quantity is 120 and 100, 600. 600. What about + +477 +00:48:48,430 --> 00:48:51,310 +the marginal revenue here? Let's calculate MR. + +478 +00:48:53,030 --> 00:48:57,110 +Let's calculate the marginal revenue here. MR + +479 +00:48:57,110 --> 00:49:03,030 +equals CR2 minus CR1 over Q2 minus Q1. So MR + +480 +00:49:03,030 --> 00:49:12,760 +equals 600 minus 600 over 100 minus 600. minus 600 + +481 +00:49:12,760 --> 00:49:22,560 +over 100 minus 120 equals zero. Zero, yes. + +482 +00:49:25,600 --> 00:49:30,660 +So the total revenue demand is unitary elastic. + +483 +00:49:33,320 --> 00:49:35,980 +Demand is unitary elastic. + +484 +00:49:40,210 --> 00:49:44,410 +So, the results here. When demand is unitary + +485 +00:49:44,410 --> 00:49:52,570 +elastic, so MR is zero. Yes. As the price goes up, + +486 +00:49:53,870 --> 00:49:58,770 +total revenue on a change remains constant, fixed. + +487 +00:50:00,310 --> 00:50:03,990 +As the quantity goes down, total revenue + +488 +00:50:03,990 --> 00:50:08,010 +unchanged. As the quantity goes up, total revenue + +489 +00:50:08,010 --> 00:50:11,570 +unchanged. As the price goes down, total revenue + +490 +00:50:11,570 --> 00:50:18,670 +unchanged. MRs are equal to zero. So here, as the + +491 +00:50:18,670 --> 00:50:22,950 +price goes up, total revenue remains constant or + +492 +00:50:22,950 --> 00:50:30,430 +fixed. Fixed or constant. Or constant. or + +493 +00:50:30,430 --> 00:50:30,810 +unchanged. + +494 +00:50:36,410 --> 00:50:43,010 +As the quantity goes down, total revenue, fixed or + +495 +00:50:43,010 --> 00:50:46,590 +unchanged, and MR is zero. + +496 +00:50:49,330 --> 00:50:52,250 +All right? Yes. + diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/jm2ukeogIMY_raw.json b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/jm2ukeogIMY_raw.json new file mode 100644 index 0000000000000000000000000000000000000000..fd4faa4de73aed26e79f81f7ab322b4272732164 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/jm2ukeogIMY_raw.json @@ -0,0 +1 @@ +{"segments": [{"id": 1, "seek": 3909, "start": 20.21, "end": 39.09, "text": " Okay, bismillahirrahmanirrahim. Today, inshallah, we are going to study the relationship between the price elasticity of demand and the slope of demand curve, as well as we will study the relationship between the price elasticity of demand and total revenue.", "tokens": [1033, 11, 272, 1434, 32703, 347, 15688, 1601, 347, 15688, 332, 13, 2692, 11, 1028, 71, 13492, 11, 321, 366, 516, 281, 2979, 264, 2480, 1296, 264, 3218, 46260, 295, 4733, 293, 264, 13525, 295, 4733, 7605, 11, 382, 731, 382, 321, 486, 2979, 264, 2480, 1296, 264, 3218, 46260, 295, 4733, 293, 3217, 9324, 13], "avg_logprob": -0.18146929406283194, "compression_ratio": 1.8368794326241136, "no_speech_prob": 0.0, "words": [{"start": 20.21, "end": 20.53, "word": " Okay,", "probability": 0.69140625}, {"start": 20.69, "end": 21.41, "word": " bismillahirrahmanirrahim.", "probability": 0.8073187934027778}, {"start": 22.33, "end": 22.75, "word": " Today,", "probability": 0.87060546875}, {"start": 22.89, "end": 23.07, "word": " inshallah,", "probability": 0.75634765625}, {"start": 23.25, "end": 23.47, "word": " we", "probability": 0.96337890625}, {"start": 23.47, "end": 24.27, "word": " are", "probability": 0.92529296875}, {"start": 24.27, "end": 24.47, "word": " going", "probability": 0.9560546875}, {"start": 24.47, "end": 24.67, "word": " to", "probability": 0.970703125}, {"start": 24.67, "end": 25.09, "word": " study", "probability": 0.92919921875}, {"start": 25.09, "end": 25.35, "word": " the", "probability": 0.92041015625}, {"start": 25.35, "end": 25.81, "word": " relationship", "probability": 0.90966796875}, {"start": 25.81, "end": 26.27, "word": " between", "probability": 0.869140625}, {"start": 26.27, "end": 26.79, "word": " the", "probability": 0.9072265625}, {"start": 26.79, "end": 27.39, "word": " price", "probability": 0.90625}, {"start": 27.39, "end": 27.83, "word": " elasticity", "probability": 0.76953125}, {"start": 27.83, "end": 28.09, "word": " of", "probability": 0.9580078125}, {"start": 28.09, "end": 28.49, "word": " demand", "probability": 0.892578125}, {"start": 28.49, "end": 29.61, "word": " and", "probability": 0.869140625}, {"start": 29.61, "end": 29.77, "word": " the", "probability": 0.9140625}, {"start": 29.77, "end": 30.29, "word": " slope", "probability": 0.91943359375}, {"start": 30.29, "end": 30.65, "word": " of", "probability": 0.97021484375}, {"start": 30.65, "end": 30.95, "word": " demand", "probability": 0.8798828125}, {"start": 30.95, "end": 31.37, "word": " curve,", "probability": 0.95068359375}, {"start": 31.97, "end": 33.01, "word": " as", "probability": 0.96728515625}, {"start": 33.01, "end": 33.17, "word": " well", "probability": 0.93359375}, {"start": 33.17, "end": 33.57, "word": " as", "probability": 0.96337890625}, {"start": 33.57, "end": 33.81, "word": " we", "probability": 0.77001953125}, {"start": 33.81, "end": 33.95, "word": " will", "probability": 0.8671875}, {"start": 33.95, "end": 34.21, "word": " study", "probability": 0.90234375}, {"start": 34.21, "end": 34.35, "word": " the", "probability": 0.91064453125}, {"start": 34.35, "end": 35.29, "word": " relationship", "probability": 0.78955078125}, {"start": 35.29, "end": 35.81, "word": " between", "probability": 0.86181640625}, {"start": 35.81, "end": 36.23, "word": " the", "probability": 0.432861328125}, {"start": 36.23, "end": 36.51, "word": " price", "probability": 0.91650390625}, {"start": 36.51, "end": 36.89, "word": " elasticity", "probability": 0.9638671875}, {"start": 36.89, "end": 37.15, "word": " of", "probability": 0.96142578125}, {"start": 37.15, "end": 37.53, "word": " demand", "probability": 0.89599609375}, {"start": 37.53, "end": 37.95, "word": " and", "probability": 0.93603515625}, {"start": 37.95, "end": 38.63, "word": " total", "probability": 0.87109375}, {"start": 38.63, "end": 39.09, "word": " revenue.", "probability": 0.8984375}], "temperature": 1.0}, {"id": 2, "seek": 6559, "start": 41.29, "end": 65.59, "text": " If we have enough time, once we finish these points, we will go to study the determinants of the price elasticity of demand. The last class, we said that we have different shapes for the demand curve. 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The highest price elasticity of demand, the lowest slope of the demand curve. And if you remember that the price elasticity of demand", "tokens": [46260, 11, 264, 3126, 13525, 295, 4733, 7605, 13, 440, 6343, 3218, 46260, 295, 4733, 11, 264, 12437, 13525, 295, 264, 4733, 7605, 13, 400, 498, 291, 1604, 300, 264, 3218, 46260, 295, 4733], "avg_logprob": -0.14720981887408666, "compression_ratio": 1.7211538461538463, "no_speech_prob": 0.0, "words": [{"start": 67.28, "end": 68.06, "word": " elasticity,", "probability": 0.61572265625}, {"start": 68.06, "end": 68.84, "word": " the", "probability": 0.92041015625}, {"start": 68.84, "end": 69.2, "word": " lower", "probability": 0.86328125}, {"start": 69.2, "end": 70.22, "word": " slope", "probability": 0.919921875}, {"start": 70.22, "end": 70.42, "word": " of", "probability": 0.966796875}, {"start": 70.42, "end": 70.72, "word": " demand", "probability": 0.75244140625}, {"start": 70.72, "end": 71.18, "word": " curve.", "probability": 0.95703125}, {"start": 72.68, "end": 73.46, "word": " The", "probability": 0.414794921875}, {"start": 73.46, "end": 74.02, "word": " highest", "probability": 0.94580078125}, {"start": 74.02, "end": 76.08, "word": " price", "probability": 0.9130859375}, {"start": 76.08, "end": 76.5, "word": " elasticity", "probability": 0.95947265625}, {"start": 76.5, "end": 76.74, "word": " of", "probability": 0.94140625}, {"start": 76.74, "end": 77.04, "word": " demand,", "probability": 0.890625}, {"start": 77.18, "end": 77.34, "word": " the", "probability": 0.91064453125}, {"start": 77.34, "end": 77.84, "word": " lowest", "probability": 0.9765625}, {"start": 77.84, "end": 79.02, "word": " slope", "probability": 0.9052734375}, {"start": 79.02, "end": 79.42, "word": " of", "probability": 0.962890625}, {"start": 79.42, "end": 79.64, "word": " the", "probability": 0.91845703125}, {"start": 79.64, "end": 80.04, "word": " demand", "probability": 0.91455078125}, {"start": 80.04, "end": 80.4, "word": " curve.", "probability": 0.953125}, {"start": 80.78, "end": 81.16, "word": " And", "probability": 0.943359375}, {"start": 81.16, "end": 82.22, "word": " if", "probability": 0.92919921875}, {"start": 82.22, "end": 82.34, "word": " you", "probability": 0.9619140625}, {"start": 82.34, "end": 82.76, "word": " remember", "probability": 0.88427734375}, {"start": 82.76, "end": 83.08, "word": " that", "probability": 0.450439453125}, {"start": 83.08, "end": 83.8, "word": " the", "probability": 0.798828125}, {"start": 83.8, "end": 84.12, "word": " price", "probability": 0.91357421875}, {"start": 84.12, "end": 84.52, "word": " elasticity", "probability": 0.9619140625}, {"start": 84.52, "end": 84.78, "word": " of", "probability": 0.931640625}, {"start": 84.78, "end": 85.06, "word": " demand", "probability": 0.89599609375}], "temperature": 1.0}, {"id": 4, "seek": 10597, "start": 87.29, "end": 105.97, "text": " Formula equals QD2 minus QD1 over P2 minus P1 times P2 plus P1 over QD2 plus QD1. This part of the formula here, PED,", "tokens": [35872, 6915, 1249, 35, 17, 3175, 1249, 35, 16, 670, 430, 17, 3175, 430, 16, 1413, 430, 17, 1804, 430, 16, 670, 1249, 35, 17, 1804, 1249, 35, 16, 13, 639, 644, 295, 264, 8513, 510, 11, 430, 4731, 11], "avg_logprob": -0.11928353367782221, "compression_ratio": 1.2553191489361701, "no_speech_prob": 0.0, "words": [{"start": 87.29, "end": 87.75, "word": " Formula", "probability": 0.480712890625}, {"start": 87.75, "end": 88.61, "word": " equals", "probability": 0.84912109375}, {"start": 88.61, "end": 90.31, "word": " QD2", "probability": 0.6646321614583334}, {"start": 90.31, "end": 90.97, "word": " minus", "probability": 0.9169921875}, {"start": 90.97, "end": 92.19, "word": " QD1", "probability": 0.9781901041666666}, {"start": 92.19, "end": 92.85, "word": " over", "probability": 0.896484375}, {"start": 92.85, "end": 93.87, "word": " P2", "probability": 0.97998046875}, {"start": 93.87, "end": 94.25, "word": " minus", "probability": 0.98388671875}, {"start": 94.25, "end": 94.87, "word": " P1", "probability": 0.995361328125}, {"start": 94.87, "end": 95.85, "word": " times", "probability": 0.83447265625}, {"start": 95.85, "end": 96.87, "word": " P2", "probability": 0.99072265625}, {"start": 96.87, "end": 97.29, "word": " plus", "probability": 0.96142578125}, {"start": 97.29, "end": 97.97, "word": " P1", "probability": 0.997314453125}, {"start": 97.97, "end": 98.61, "word": " over", "probability": 0.90478515625}, {"start": 98.61, "end": 99.77, "word": " QD2", "probability": 0.9873046875}, {"start": 99.77, "end": 100.25, "word": " plus", "probability": 0.9619140625}, {"start": 100.25, "end": 101.39, "word": " QD1.", "probability": 0.9920247395833334}, {"start": 101.95, "end": 102.71, "word": " This", "probability": 0.8916015625}, {"start": 102.71, "end": 103.33, "word": " part", "probability": 0.89794921875}, {"start": 103.33, "end": 103.65, "word": " of", "probability": 0.9697265625}, {"start": 103.65, "end": 103.79, "word": " the", "probability": 0.9228515625}, {"start": 103.79, "end": 104.17, "word": " formula", "probability": 0.8857421875}, {"start": 104.17, "end": 104.53, "word": " here,", "probability": 0.830078125}, {"start": 105.35, "end": 105.97, "word": " PED,", "probability": 0.846923828125}], "temperature": 1.0}, {"id": 5, "seek": 13380, "start": 109.08, "end": 133.8, "text": " The change in quantity demanded over the change in price times summation of the prices over the summation of quantity demanded, right? And we mentioned also, or we said that the slope of demand curve, here's the demand curve, price, quantity demanded,", "tokens": [440, 1319, 294, 11275, 28276, 670, 264, 1319, 294, 3218, 1413, 28811, 295, 264, 7901, 670, 264, 28811, 295, 11275, 28276, 11, 558, 30, 400, 321, 2835, 611, 11, 420, 321, 848, 300, 264, 13525, 295, 4733, 7605, 11, 510, 311, 264, 4733, 7605, 11, 3218, 11, 11275, 28276, 11], "avg_logprob": -0.2372855357095307, "compression_ratio": 1.8394160583941606, "no_speech_prob": 0.0, "words": [{"start": 109.08, "end": 109.34, "word": " The", "probability": 0.3369140625}, {"start": 109.34, "end": 109.74, "word": " change", "probability": 0.8525390625}, {"start": 109.74, "end": 109.9, "word": " in", "probability": 0.88232421875}, {"start": 109.9, "end": 110.24, "word": " quantity", "probability": 0.453857421875}, {"start": 110.24, "end": 110.76, "word": " demanded", "probability": 0.90087890625}, {"start": 110.76, "end": 111.38, "word": " over", "probability": 0.85791015625}, {"start": 111.38, "end": 111.74, "word": " the", "probability": 0.89990234375}, {"start": 111.74, "end": 112.1, "word": " change", "probability": 0.84619140625}, {"start": 112.1, "end": 112.24, "word": " in", "probability": 0.92919921875}, {"start": 112.24, "end": 112.76, "word": " price", "probability": 0.91796875}, {"start": 112.76, "end": 113.4, "word": " times", "probability": 0.67333984375}, {"start": 113.4, "end": 114.38, "word": " summation", "probability": 0.81494140625}, {"start": 114.38, "end": 114.76, "word": " of", "probability": 0.92333984375}, {"start": 114.76, "end": 114.86, "word": " the", "probability": 0.9091796875}, {"start": 114.86, "end": 115.34, "word": " prices", "probability": 0.8740234375}, {"start": 115.34, "end": 115.86, "word": " over", "probability": 0.91162109375}, {"start": 115.86, "end": 116.5, "word": " the", "probability": 0.89501953125}, {"start": 116.5, "end": 116.96, "word": " summation", "probability": 0.89306640625}, {"start": 116.96, "end": 117.54, "word": " of", "probability": 0.96875}, {"start": 117.54, "end": 118.34, "word": " quantity", "probability": 0.763671875}, {"start": 118.34, "end": 118.78, "word": " demanded,", "probability": 0.95068359375}, {"start": 119.34, "end": 119.64, "word": " right?", "probability": 0.60205078125}, {"start": 121.12, "end": 121.94, "word": " And", "probability": 0.94384765625}, {"start": 121.94, "end": 122.12, "word": " we", "probability": 0.9365234375}, {"start": 122.12, "end": 122.46, "word": " mentioned", "probability": 0.8017578125}, {"start": 122.46, "end": 123.06, "word": " also,", "probability": 0.87353515625}, {"start": 123.16, "end": 123.34, "word": " or", "probability": 0.95458984375}, {"start": 123.34, "end": 123.54, "word": " we", "probability": 0.962890625}, {"start": 123.54, "end": 123.8, "word": " said", "probability": 0.94775390625}, {"start": 123.8, "end": 124.24, "word": " that", "probability": 0.92529296875}, {"start": 124.24, "end": 124.98, "word": " the", "probability": 0.68212890625}, {"start": 124.98, "end": 125.52, "word": " slope", "probability": 0.9140625}, {"start": 125.52, "end": 125.76, "word": " of", "probability": 0.96826171875}, {"start": 125.76, "end": 126.1, "word": " demand", "probability": 0.79052734375}, {"start": 126.1, "end": 126.7, "word": " curve,", "probability": 0.96240234375}, {"start": 128.72, "end": 129.62, "word": " here's", "probability": 0.65087890625}, {"start": 129.62, "end": 129.9, "word": " the", "probability": 0.91748046875}, {"start": 129.9, "end": 130.26, "word": " demand", "probability": 0.93603515625}, {"start": 130.26, "end": 130.58, "word": " curve,", "probability": 0.95458984375}, {"start": 131.32, "end": 131.98, "word": " price,", "probability": 0.9150390625}, {"start": 133.0, "end": 133.26, "word": " quantity", "probability": 0.97314453125}, {"start": 133.26, "end": 133.8, "word": " demanded,", "probability": 0.93994140625}], "temperature": 1.0}, {"id": 6, "seek": 16487, "start": 138.31, "end": 164.87, "text": " The slope, root 10. Change in price over change in quantity demanded. So the slope here, change in price over change in quantity demanded. All right? The general formula for the price in a system of demand, the original formula, PED,", "tokens": [440, 13525, 11, 5593, 1266, 13, 15060, 294, 3218, 670, 1319, 294, 11275, 28276, 13, 407, 264, 13525, 510, 11, 1319, 294, 3218, 670, 1319, 294, 11275, 28276, 13, 1057, 558, 30, 440, 2674, 8513, 337, 264, 3218, 294, 257, 1185, 295, 4733, 11, 264, 3380, 8513, 11, 430, 4731, 11], "avg_logprob": -0.3768028932122084, "compression_ratio": 1.683453237410072, "no_speech_prob": 0.0, "words": [{"start": 138.31, "end": 138.57, "word": " The", "probability": 0.79736328125}, {"start": 138.57, "end": 139.03, "word": " slope,", "probability": 0.88671875}, {"start": 140.13, "end": 141.11, "word": " root", "probability": 0.092041015625}, {"start": 141.11, "end": 141.39, "word": " 10.", "probability": 0.763671875}, {"start": 143.93, "end": 144.61, "word": " Change", "probability": 0.6162109375}, {"start": 144.61, "end": 144.95, "word": " in", "probability": 0.90380859375}, {"start": 144.95, "end": 145.37, "word": " price", "probability": 0.79248046875}, {"start": 145.37, "end": 145.65, "word": " over", "probability": 0.91748046875}, {"start": 145.65, "end": 146.11, "word": " change", "probability": 0.78857421875}, {"start": 146.11, "end": 146.25, "word": " in", "probability": 0.896484375}, {"start": 146.25, "end": 146.49, "word": " quantity", "probability": 0.701171875}, {"start": 146.49, "end": 146.97, "word": " demanded.", "probability": 0.9228515625}, {"start": 147.73, "end": 147.95, "word": " So", "probability": 0.828125}, {"start": 147.95, "end": 148.23, "word": " the", "probability": 0.7587890625}, {"start": 148.23, "end": 148.55, "word": " slope", "probability": 0.90185546875}, {"start": 148.55, "end": 148.89, "word": " here,", "probability": 0.861328125}, {"start": 149.87, "end": 150.27, "word": " change", "probability": 0.85595703125}, {"start": 150.27, "end": 150.41, "word": " in", "probability": 0.93017578125}, {"start": 150.41, "end": 150.87, "word": " price", "probability": 0.88525390625}, {"start": 150.87, "end": 151.39, "word": " over", "probability": 0.908203125}, {"start": 151.39, "end": 151.93, "word": " change", "probability": 0.9033203125}, {"start": 151.93, "end": 152.11, "word": " in", "probability": 0.90087890625}, {"start": 152.11, "end": 152.37, "word": " quantity", "probability": 0.99169921875}, {"start": 152.37, "end": 152.91, "word": " demanded.", "probability": 0.93017578125}, {"start": 154.95, "end": 155.41, "word": " All", "probability": 0.51416015625}, {"start": 155.41, "end": 155.61, "word": " right?", "probability": 0.9130859375}, {"start": 158.31, "end": 158.99, "word": " The", "probability": 0.89013671875}, {"start": 158.99, "end": 159.31, "word": " general", "probability": 0.8271484375}, {"start": 159.31, "end": 159.79, "word": " formula", "probability": 0.89892578125}, {"start": 159.79, "end": 160.31, "word": " for", "probability": 0.9482421875}, {"start": 160.31, "end": 160.51, "word": " the", "probability": 0.904296875}, {"start": 160.51, "end": 160.77, "word": " price", "probability": 0.8046875}, {"start": 160.77, "end": 160.89, "word": " in", "probability": 0.22802734375}, {"start": 160.89, "end": 161.01, "word": " a", "probability": 0.26513671875}, {"start": 161.01, "end": 161.23, "word": " system", "probability": 0.9267578125}, {"start": 161.23, "end": 161.41, "word": " of", "probability": 0.9150390625}, {"start": 161.41, "end": 161.73, "word": " demand,", "probability": 0.9013671875}, {"start": 161.87, "end": 161.95, "word": " the", "probability": 0.35400390625}, {"start": 161.95, "end": 162.59, "word": " original", "probability": 0.94677734375}, {"start": 162.59, "end": 163.17, "word": " formula,", "probability": 0.87890625}, {"start": 163.43, "end": 164.87, "word": " PED,", "probability": 0.51617431640625}], "temperature": 1.0}, {"id": 7, "seek": 19484, "start": 166.54, "end": 194.84, "text": " The driving for this part was Qd2 minus Qd1 over P2 minus P1 times P1 over Qd1. This is the original formula. All right? I'm going to try to find the relationship between the price elasticity of demand and the slope here.", "tokens": [440, 4840, 337, 341, 644, 390, 1249, 67, 17, 3175, 1249, 67, 16, 670, 430, 17, 3175, 430, 16, 1413, 430, 16, 670, 1249, 67, 16, 13, 639, 307, 264, 3380, 8513, 13, 1057, 558, 30, 286, 478, 516, 281, 853, 281, 915, 264, 2480, 1296, 264, 3218, 46260, 295, 4733, 293, 264, 13525, 510, 13], "avg_logprob": -0.26178728488453645, "compression_ratio": 1.414012738853503, "no_speech_prob": 0.0, "words": [{"start": 166.54, "end": 166.76, "word": " The", "probability": 0.11016845703125}, {"start": 166.76, "end": 167.42, "word": " driving", "probability": 0.75244140625}, {"start": 167.42, "end": 167.7, "word": " for", "probability": 0.11444091796875}, {"start": 167.7, "end": 167.98, "word": " this", "probability": 0.83935546875}, {"start": 167.98, "end": 168.36, "word": " part", "probability": 0.2998046875}, {"start": 168.36, "end": 169.68, "word": " was", "probability": 0.6162109375}, {"start": 169.68, "end": 171.38, "word": " Qd2", "probability": 0.6625162760416666}, {"start": 171.38, "end": 173.28, "word": " minus", "probability": 0.6455078125}, {"start": 173.28, "end": 174.28, "word": " Qd1", "probability": 0.9773763020833334}, {"start": 174.28, "end": 174.74, "word": " over", "probability": 0.88916015625}, {"start": 174.74, "end": 175.48, "word": " P2", "probability": 0.845458984375}, {"start": 175.48, "end": 175.82, "word": " minus", "probability": 0.96337890625}, {"start": 175.82, "end": 176.34, "word": " P1", "probability": 0.989990234375}, {"start": 176.34, "end": 177.0, "word": " times", "probability": 0.8798828125}, {"start": 177.0, "end": 177.96, "word": " P1", "probability": 0.986572265625}, {"start": 177.96, "end": 178.34, "word": " over", "probability": 0.9072265625}, {"start": 178.34, "end": 179.48, "word": " Qd1.", "probability": 0.9884440104166666}, {"start": 179.86, "end": 180.28, "word": " This", "probability": 0.70751953125}, {"start": 180.28, "end": 180.46, "word": " is", "probability": 0.9423828125}, {"start": 180.46, "end": 180.6, "word": " the", "probability": 0.91748046875}, {"start": 180.6, "end": 181.08, "word": " original", "probability": 0.94287109375}, {"start": 181.08, "end": 181.76, "word": " formula.", "probability": 0.89404296875}, {"start": 182.06, "end": 182.06, "word": " All", "probability": 0.6279296875}, {"start": 182.06, "end": 182.26, "word": " right?", "probability": 0.9130859375}, {"start": 184.44, "end": 185.28, "word": " I'm", "probability": 0.644287109375}, {"start": 185.28, "end": 185.44, "word": " going", "probability": 0.91455078125}, {"start": 185.44, "end": 187.12, "word": " to", "probability": 0.95849609375}, {"start": 187.12, "end": 188.34, "word": " try", "probability": 0.87890625}, {"start": 188.34, "end": 188.82, "word": " to", "probability": 0.96875}, {"start": 188.82, "end": 189.74, "word": " find", "probability": 0.89111328125}, {"start": 189.74, "end": 190.0, "word": " the", "probability": 0.9111328125}, {"start": 190.0, "end": 190.58, "word": " relationship", "probability": 0.91748046875}, {"start": 190.58, "end": 191.26, "word": " between", "probability": 0.86279296875}, {"start": 191.26, "end": 192.4, "word": " the", "probability": 0.88671875}, {"start": 192.4, "end": 192.68, "word": " price", "probability": 0.91552734375}, {"start": 192.68, "end": 193.1, "word": " elasticity", "probability": 0.62646484375}, {"start": 193.1, "end": 193.38, "word": " of", "probability": 0.90869140625}, {"start": 193.38, "end": 193.72, "word": " demand", "probability": 0.91259765625}, {"start": 193.72, "end": 193.94, "word": " and", "probability": 0.91845703125}, {"start": 193.94, "end": 194.08, "word": " the", "probability": 0.7216796875}, {"start": 194.08, "end": 194.5, "word": " slope", "probability": 0.94580078125}, {"start": 194.5, "end": 194.84, "word": " here.", "probability": 0.83642578125}], "temperature": 1.0}, {"id": 8, "seek": 22595, "start": 197.57, "end": 225.95, "text": " So here, we can say that PED equals change in quantity over change in price times P over QD. Here's the general formula for the price and assistive demand. This part is the opposite of the slope here. 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One over the slope times P over QD. The larger value of the slope here, the lower value of the price-inassistive demand.", "tokens": [6915, 502, 670, 264, 13525, 510, 13, 1485, 670, 264, 13525, 1413, 430, 670, 1249, 35, 13, 440, 4833, 2158, 295, 264, 13525, 510, 11, 264, 3126, 2158, 295, 264, 3218, 12, 259, 640, 468, 488, 4733, 13], "avg_logprob": -0.25020030981455094, "compression_ratio": 1.4660194174757282, "no_speech_prob": 0.0, "words": [{"start": 227.0, "end": 227.84, "word": " equals", "probability": 0.51416015625}, {"start": 227.84, "end": 228.68, "word": " 1", "probability": 0.583984375}, {"start": 228.68, "end": 229.06, "word": " over", "probability": 0.884765625}, {"start": 229.06, "end": 229.28, "word": " the", "probability": 0.708984375}, {"start": 229.28, "end": 229.6, "word": " slope", "probability": 0.9267578125}, {"start": 229.6, "end": 230.0, "word": " here.", "probability": 0.8154296875}, {"start": 230.8, "end": 231.64, "word": " One", "probability": 0.134765625}, {"start": 231.64, "end": 235.42, "word": " over", "probability": 0.85888671875}, {"start": 235.42, "end": 235.62, "word": " the", "probability": 0.857421875}, {"start": 235.62, "end": 235.98, "word": " slope", "probability": 0.896484375}, {"start": 235.98, "end": 237.74, "word": " times", "probability": 0.7744140625}, {"start": 237.74, "end": 238.34, "word": " P", "probability": 0.8681640625}, {"start": 238.34, "end": 238.76, "word": " over", "probability": 0.8974609375}, {"start": 238.76, "end": 239.26, "word": " QD.", "probability": 0.894775390625}, {"start": 244.46, "end": 245.3, "word": " The", "probability": 0.90185546875}, {"start": 245.3, "end": 245.76, "word": " larger", "probability": 0.94287109375}, {"start": 245.76, "end": 247.72, "word": " value", "probability": 0.943359375}, {"start": 247.72, "end": 248.96, "word": " of", "probability": 0.96337890625}, {"start": 248.96, "end": 249.12, "word": " the", "probability": 0.8076171875}, {"start": 249.12, "end": 249.52, "word": " slope", "probability": 0.9150390625}, {"start": 249.52, "end": 249.86, "word": " here,", "probability": 0.84765625}, {"start": 250.56, "end": 250.68, "word": " the", "probability": 0.9169921875}, {"start": 250.68, "end": 251.06, "word": " lower", "probability": 0.85888671875}, {"start": 251.06, "end": 252.3, "word": " value", "probability": 0.94873046875}, {"start": 252.3, "end": 252.5, "word": " of", "probability": 0.9404296875}, {"start": 252.5, "end": 252.6, "word": " the", "probability": 0.92041015625}, {"start": 252.6, "end": 252.9, "word": " price", "probability": 0.9384765625}, {"start": 252.9, "end": 253.56, "word": "-inassistive", "probability": 0.6175048828125}, {"start": 253.56, "end": 253.94, "word": " demand.", "probability": 0.95849609375}], "temperature": 1.0}, {"id": 10, "seek": 28580, "start": 256.52, "end": 285.8, "text": " Now, let us assume that along this demand curve here, we have 2, 4, 6, 8, 2, 4, 6, 8 right here. Point A, B, C, D,", "tokens": [823, 11, 718, 505, 6552, 300, 2051, 341, 4733, 7605, 510, 11, 321, 362, 568, 11, 1017, 11, 1386, 11, 1649, 11, 568, 11, 1017, 11, 1386, 11, 1649, 558, 510, 13, 12387, 316, 11, 363, 11, 383, 11, 413, 11], "avg_logprob": -0.16155133431866056, "compression_ratio": 1.1616161616161615, "no_speech_prob": 0.0, "words": [{"start": 256.52, "end": 256.96, "word": " Now,", "probability": 0.79150390625}, {"start": 257.62, "end": 257.8, "word": " let", "probability": 0.91552734375}, {"start": 257.8, "end": 258.0, "word": " us", "probability": 0.5966796875}, {"start": 258.0, "end": 258.42, "word": " assume", "probability": 0.90478515625}, {"start": 258.42, "end": 258.98, "word": " that", "probability": 0.9296875}, {"start": 258.98, "end": 260.32, "word": " along", "probability": 0.916015625}, {"start": 260.32, "end": 260.64, "word": " this", "probability": 0.9267578125}, {"start": 260.64, "end": 261.02, "word": " demand", "probability": 0.9130859375}, {"start": 261.02, "end": 261.36, "word": " curve", "probability": 0.93798828125}, {"start": 261.36, "end": 261.76, "word": " here,", "probability": 0.85205078125}, {"start": 262.16, "end": 263.2, "word": " we", "probability": 0.93017578125}, {"start": 263.2, "end": 263.54, "word": " have", "probability": 0.91748046875}, {"start": 263.54, "end": 264.28, "word": " 2,", "probability": 0.426025390625}, {"start": 264.86, "end": 265.66, "word": " 4,", "probability": 0.669921875}, {"start": 265.9, "end": 266.88, "word": " 6,", "probability": 0.9833984375}, {"start": 267.06, "end": 267.4, "word": " 8,", "probability": 0.99267578125}, {"start": 268.46, "end": 268.92, "word": " 2,", "probability": 0.95361328125}, {"start": 269.2, "end": 269.9, "word": " 4,", "probability": 0.9814453125}, {"start": 270.5, "end": 270.96, "word": " 6,", "probability": 0.99755859375}, {"start": 271.1, "end": 271.46, "word": " 8", "probability": 0.99755859375}, {"start": 271.46, "end": 274.34, "word": " right", "probability": 0.43115234375}, {"start": 274.34, "end": 275.3, "word": " here.", "probability": 0.78662109375}, {"start": 282.22, "end": 283.1, "word": " Point", "probability": 0.79541015625}, {"start": 283.1, "end": 283.56, "word": " A,", "probability": 0.884765625}, {"start": 283.94, "end": 284.38, "word": " B,", "probability": 0.98193359375}, {"start": 284.84, "end": 285.1, "word": " C,", "probability": 0.99365234375}, {"start": 285.62, "end": 285.8, "word": " D,", "probability": 0.998046875}], "temperature": 1.0}, {"id": 11, "seek": 31333, "start": 286.18, "end": 313.34, "text": " E, F. Now, for this graph. Okay. Let's calculate the slope of this demand curve. The slope. So, the slope here of this demand curve slope equals", "tokens": [462, 11, 479, 13, 823, 11, 337, 341, 4295, 13, 1033, 13, 961, 311, 8873, 264, 13525, 295, 341, 4733, 7605, 13, 440, 13525, 13, 407, 11, 264, 13525, 510, 295, 341, 4733, 7605, 13525, 6915], "avg_logprob": -0.2886401962589573, "compression_ratio": 1.3679245283018868, "no_speech_prob": 0.0, "words": [{"start": 286.18, "end": 286.6, "word": " E,", "probability": 0.311279296875}, {"start": 286.76, "end": 287.3, "word": " F.", "probability": 0.876953125}, {"start": 291.06, "end": 291.52, "word": " Now,", "probability": 0.93310546875}, {"start": 292.54, "end": 292.74, "word": " for", "probability": 0.93701171875}, {"start": 292.74, "end": 293.0, "word": " this", "probability": 0.95361328125}, {"start": 293.0, "end": 293.46, "word": " graph.", "probability": 0.93896484375}, {"start": 295.88, "end": 296.06, "word": " Okay.", "probability": 0.0972900390625}, {"start": 300.74, "end": 301.14, "word": " Let's", "probability": 0.961669921875}, {"start": 301.14, "end": 301.6, "word": " calculate", "probability": 0.9091796875}, {"start": 301.6, "end": 302.0, "word": " the", "probability": 0.84716796875}, {"start": 302.0, "end": 302.5, "word": " slope", "probability": 0.9296875}, {"start": 302.5, "end": 302.88, "word": " of", "probability": 0.96435546875}, {"start": 302.88, "end": 303.16, "word": " this", "probability": 0.94384765625}, {"start": 303.16, "end": 303.48, "word": " demand", "probability": 0.96875}, {"start": 303.48, "end": 303.76, "word": " curve.", "probability": 0.951171875}, {"start": 305.4, "end": 305.76, "word": " The", "probability": 0.8359375}, {"start": 305.76, "end": 306.14, "word": " slope.", "probability": 0.9189453125}, {"start": 306.52, "end": 307.32, "word": " So,", "probability": 0.93505859375}, {"start": 307.68, "end": 307.84, "word": " the", "probability": 0.75244140625}, {"start": 307.84, "end": 308.16, "word": " slope", "probability": 0.91650390625}, {"start": 308.16, "end": 308.48, "word": " here", "probability": 0.85693359375}, {"start": 308.48, "end": 310.28, "word": " of", "probability": 0.81640625}, {"start": 310.28, "end": 310.52, "word": " this", "probability": 0.9482421875}, {"start": 310.52, "end": 310.96, "word": " demand", "probability": 0.9072265625}, {"start": 310.96, "end": 311.5, "word": " curve", "probability": 0.9580078125}, {"start": 311.5, "end": 312.66, "word": " slope", "probability": 0.44921875}, {"start": 312.66, "end": 313.34, "word": " equals", "probability": 0.92578125}], "temperature": 1.0}, {"id": 12, "seek": 34293, "start": 317.19, "end": 342.93, "text": " That's it. Negative slope, negative sign, the negative sign. The slope equals change in price over change in quantity demanded. Equals minus eight over eight minus one. Fixed on all points. Let's calculate the slope between B and C. From B to C. What is the slope?", "tokens": [663, 311, 309, 13, 43230, 13525, 11, 3671, 1465, 11, 264, 3671, 1465, 13, 440, 13525, 6915, 1319, 294, 3218, 670, 1319, 294, 11275, 28276, 13, 15624, 1124, 3175, 3180, 670, 3180, 3175, 472, 13, 25538, 292, 322, 439, 2793, 13, 961, 311, 8873, 264, 13525, 1296, 363, 293, 383, 13, 3358, 363, 281, 383, 13, 708, 307, 264, 13525, 30], "avg_logprob": -0.3044354728152675, "compression_ratio": 1.5868263473053892, "no_speech_prob": 0.0, "words": [{"start": 317.19, "end": 317.83, "word": " That's", "probability": 0.732177734375}, {"start": 317.83, "end": 317.97, "word": " it.", "probability": 0.927734375}, {"start": 318.25, "end": 318.57, "word": " Negative", "probability": 0.92236328125}, {"start": 318.57, "end": 318.91, "word": " slope,", "probability": 0.83837890625}, {"start": 318.99, "end": 319.21, "word": " negative", "probability": 0.904296875}, {"start": 319.21, "end": 319.57, "word": " sign,", "probability": 0.307373046875}, {"start": 319.81, "end": 319.87, "word": " the", "probability": 0.5576171875}, {"start": 319.87, "end": 320.15, "word": " negative", "probability": 0.93408203125}, {"start": 320.15, "end": 320.47, "word": " sign.", "probability": 0.91357421875}, {"start": 320.83, "end": 321.33, "word": " The", "probability": 0.0887451171875}, {"start": 321.33, "end": 321.81, "word": " slope", "probability": 0.90234375}, {"start": 321.81, "end": 322.23, "word": " equals", "probability": 0.2310791015625}, {"start": 322.23, "end": 325.61, "word": " change", "probability": 0.81201171875}, {"start": 325.61, "end": 325.81, "word": " in", "probability": 0.90771484375}, {"start": 325.81, "end": 326.19, "word": " price", "probability": 0.9189453125}, {"start": 326.19, "end": 326.47, "word": " over", "probability": 0.91943359375}, {"start": 326.47, "end": 326.97, "word": " change", "probability": 0.8671875}, {"start": 326.97, "end": 327.11, "word": " in", "probability": 0.9228515625}, {"start": 327.11, "end": 327.39, "word": " quantity", "probability": 0.73974609375}, {"start": 327.39, "end": 327.95, "word": " demanded.", "probability": 0.90625}, {"start": 328.15, "end": 328.67, "word": " Equals", "probability": 0.925537109375}, {"start": 328.67, "end": 329.83, "word": " minus", "probability": 0.62890625}, {"start": 329.83, "end": 330.31, "word": " eight", "probability": 0.638671875}, {"start": 330.31, "end": 330.51, "word": " over", "probability": 0.9052734375}, {"start": 330.51, "end": 330.85, "word": " eight", "probability": 0.89453125}, {"start": 330.85, "end": 331.23, "word": " minus", "probability": 0.35595703125}, {"start": 331.23, "end": 331.75, "word": " one.", "probability": 0.91845703125}, {"start": 334.29, "end": 334.93, "word": " Fixed", "probability": 0.80810546875}, {"start": 334.93, "end": 335.05, "word": " on", "probability": 0.708984375}, {"start": 335.05, "end": 335.31, "word": " all", "probability": 0.79345703125}, {"start": 335.31, "end": 335.59, "word": " points.", "probability": 0.6005859375}, {"start": 336.07, "end": 336.71, "word": " Let's", "probability": 0.92919921875}, {"start": 336.71, "end": 337.09, "word": " calculate", "probability": 0.9091796875}, {"start": 337.09, "end": 337.31, "word": " the", "probability": 0.6806640625}, {"start": 337.31, "end": 337.59, "word": " slope", "probability": 0.89208984375}, {"start": 337.59, "end": 338.05, "word": " between", "probability": 0.85107421875}, {"start": 338.05, "end": 338.35, "word": " B", "probability": 0.92333984375}, {"start": 338.35, "end": 338.65, "word": " and", "probability": 0.865234375}, {"start": 338.65, "end": 338.99, "word": " C.", "probability": 0.994140625}, {"start": 340.67, "end": 341.21, "word": " From", "probability": 0.68017578125}, {"start": 341.21, "end": 341.49, "word": " B", "probability": 0.984375}, {"start": 341.49, "end": 341.65, "word": " to", "probability": 0.97509765625}, {"start": 341.65, "end": 341.89, "word": " C.", "probability": 0.998046875}, {"start": 342.17, "end": 342.37, "word": " What", "probability": 0.488525390625}, {"start": 342.37, "end": 342.39, "word": " is", "probability": 0.66064453125}, {"start": 342.39, "end": 342.57, "word": " the", "probability": 0.83154296875}, {"start": 342.57, "end": 342.93, "word": " slope?", "probability": 0.90185546875}], "temperature": 1.0}, {"id": 13, "seek": 37407, "start": 344.97, "end": 374.07, "text": " This is going to be P1, P2, right? And this is QD1, QD2. Do the calculations from B to C. The slope, what comes out? The difference of two and the difference of two. Minus one. So the slope here is fixed along the demand curve. Take any two points from B to D.", "tokens": [639, 307, 516, 281, 312, 430, 16, 11, 430, 17, 11, 558, 30, 400, 341, 307, 1249, 35, 16, 11, 1249, 35, 17, 13, 1144, 264, 20448, 490, 363, 281, 383, 13, 440, 13525, 11, 437, 1487, 484, 30, 440, 2649, 295, 732, 293, 264, 2649, 295, 732, 13, 2829, 301, 472, 13, 407, 264, 13525, 510, 307, 6806, 2051, 264, 4733, 7605, 13, 3664, 604, 732, 2793, 490, 363, 281, 413, 13], "avg_logprob": -0.2812499855015729, "compression_ratio": 1.4745762711864407, "no_speech_prob": 0.0, "words": [{"start": 344.97, "end": 345.33, "word": " This", "probability": 0.19775390625}, {"start": 345.33, "end": 345.97, "word": " is", "probability": 0.267822265625}, {"start": 345.97, "end": 345.97, "word": " going", "probability": 0.64306640625}, {"start": 345.97, "end": 346.01, "word": " to", "probability": 0.9736328125}, {"start": 346.01, "end": 346.21, "word": " be", "probability": 0.9482421875}, {"start": 346.21, "end": 347.85, "word": " P1,", "probability": 0.815673828125}, {"start": 348.53, "end": 349.19, "word": " P2,", "probability": 0.953857421875}, {"start": 349.59, "end": 349.67, "word": " right?", "probability": 0.6640625}, {"start": 350.69, "end": 351.23, "word": " And", "probability": 0.54541015625}, {"start": 351.23, "end": 351.45, "word": " this", "probability": 0.90234375}, {"start": 351.45, "end": 351.71, "word": " is", "probability": 0.91455078125}, {"start": 351.71, "end": 353.07, "word": " QD1,", "probability": 0.8623046875}, {"start": 353.49, "end": 354.47, "word": " QD2.", "probability": 0.9910481770833334}, {"start": 355.01, "end": 355.17, "word": " Do", "probability": 0.33935546875}, {"start": 355.17, "end": 355.33, "word": " the", "probability": 0.58447265625}, {"start": 355.33, "end": 355.85, "word": " calculations", "probability": 0.80908203125}, {"start": 355.85, "end": 356.35, "word": " from", "probability": 0.837890625}, {"start": 356.35, "end": 356.53, "word": " B", "probability": 0.82568359375}, {"start": 356.53, "end": 356.71, "word": " to", "probability": 0.98046875}, {"start": 356.71, "end": 357.03, "word": " C.", "probability": 0.93603515625}, {"start": 357.77, "end": 357.87, "word": " The", "probability": 0.361328125}, {"start": 357.87, "end": 358.87, "word": " slope,", "probability": 0.90283203125}, {"start": 359.39, "end": 359.51, "word": " what", "probability": 0.7431640625}, {"start": 359.51, "end": 359.75, "word": " comes", "probability": 0.239501953125}, {"start": 359.75, "end": 359.97, "word": " out?", "probability": 0.80908203125}, {"start": 360.43, "end": 361.09, "word": " The", "probability": 0.472412109375}, {"start": 361.09, "end": 361.09, "word": " difference", "probability": 0.8876953125}, {"start": 361.09, "end": 361.25, "word": " of", "probability": 0.39453125}, {"start": 361.25, "end": 361.45, "word": " two", "probability": 0.69580078125}, {"start": 361.45, "end": 361.59, "word": " and", "probability": 0.5654296875}, {"start": 361.59, "end": 361.65, "word": " the", "probability": 0.75048828125}, {"start": 361.65, "end": 361.79, "word": " difference", "probability": 0.90380859375}, {"start": 361.79, "end": 361.95, "word": " of", "probability": 0.966796875}, {"start": 361.95, "end": 362.27, "word": " two.", "probability": 0.9375}, {"start": 362.87, "end": 363.53, "word": " Minus", "probability": 0.92919921875}, {"start": 363.53, "end": 363.81, "word": " one.", "probability": 0.8828125}, {"start": 364.19, "end": 364.53, "word": " So", "probability": 0.953125}, {"start": 364.53, "end": 364.79, "word": " the", "probability": 0.64404296875}, {"start": 364.79, "end": 365.21, "word": " slope", "probability": 0.93212890625}, {"start": 365.21, "end": 365.53, "word": " here", "probability": 0.84326171875}, {"start": 365.53, "end": 365.93, "word": " is", "probability": 0.94189453125}, {"start": 365.93, "end": 366.79, "word": " fixed", "probability": 0.94384765625}, {"start": 366.79, "end": 367.87, "word": " along", "probability": 0.94775390625}, {"start": 367.87, "end": 369.27, "word": " the", "probability": 0.87109375}, {"start": 369.27, "end": 369.67, "word": " demand", "probability": 0.947265625}, {"start": 369.67, "end": 369.97, "word": " curve.", "probability": 0.97705078125}, {"start": 370.91, "end": 370.95, "word": " Take", "probability": 0.625}, {"start": 370.95, "end": 371.43, "word": " any", "probability": 0.90869140625}, {"start": 371.43, "end": 371.71, "word": " two", "probability": 0.9287109375}, {"start": 371.71, "end": 372.13, "word": " points", "probability": 0.9306640625}, {"start": 372.13, "end": 373.17, "word": " from", "probability": 0.755859375}, {"start": 373.17, "end": 373.55, "word": " B", "probability": 0.96484375}, {"start": 373.55, "end": 373.77, "word": " to", "probability": 0.97998046875}, {"start": 373.77, "end": 374.07, "word": " D.", "probability": 0.9677734375}], "temperature": 1.0}, {"id": 14, "seek": 40145, "start": 375.59, "end": 401.45, "text": " But it's not always minus 1. Sometimes the slope equals minus 2. Let's assume this is 10 and 5. How much is the slope equals minus 2? 10 over 5, minus 2. All right? Sometimes less. Maybe the demand curve here, 10 and 5, half.", "tokens": [583, 309, 311, 406, 1009, 3175, 502, 13, 4803, 264, 13525, 6915, 3175, 568, 13, 961, 311, 6552, 341, 307, 1266, 293, 1025, 13, 1012, 709, 307, 264, 13525, 6915, 3175, 568, 30, 1266, 670, 1025, 11, 3175, 568, 13, 1057, 558, 30, 4803, 1570, 13, 2704, 264, 4733, 7605, 510, 11, 1266, 293, 1025, 11, 1922, 13], "avg_logprob": -0.2854872810638557, "compression_ratio": 1.4966887417218544, "no_speech_prob": 0.0, "words": [{"start": 375.59, "end": 375.83, "word": " But", "probability": 0.228271484375}, {"start": 375.83, "end": 376.07, "word": " it's", "probability": 0.85693359375}, {"start": 376.07, "end": 376.23, "word": " not", "probability": 0.91259765625}, {"start": 376.23, "end": 376.67, "word": " always", "probability": 0.9072265625}, {"start": 376.67, "end": 377.11, "word": " minus", "probability": 0.94091796875}, {"start": 377.11, "end": 377.45, "word": " 1.", "probability": 0.2493896484375}, {"start": 378.05, "end": 378.77, "word": " Sometimes", "probability": 0.91796875}, {"start": 378.77, "end": 380.13, "word": " the", "probability": 0.44287109375}, {"start": 380.13, "end": 380.61, "word": " slope", "probability": 0.923828125}, {"start": 380.61, "end": 381.07, "word": " equals", "probability": 0.923828125}, {"start": 381.07, "end": 381.39, "word": " minus", "probability": 0.97607421875}, {"start": 381.39, "end": 381.67, "word": " 2.", "probability": 0.96044921875}, {"start": 381.81, "end": 382.03, "word": " Let's", "probability": 0.762939453125}, {"start": 382.03, "end": 382.35, "word": " assume", "probability": 0.875}, {"start": 382.35, "end": 382.59, "word": " this", "probability": 0.939453125}, {"start": 382.59, "end": 383.03, "word": " is", "probability": 0.94482421875}, {"start": 383.03, "end": 383.53, "word": " 10", "probability": 0.853515625}, {"start": 383.53, "end": 384.05, "word": " and", "probability": 0.9384765625}, {"start": 384.05, "end": 384.89, "word": " 5.", "probability": 0.94189453125}, {"start": 385.75, "end": 386.09, "word": " How", "probability": 0.96923828125}, {"start": 386.09, "end": 386.33, "word": " much", "probability": 0.90966796875}, {"start": 386.33, "end": 386.49, "word": " is", "probability": 0.84423828125}, {"start": 386.49, "end": 386.67, "word": " the", "probability": 0.78662109375}, {"start": 386.67, "end": 387.05, "word": " slope", "probability": 0.896484375}, {"start": 387.05, "end": 387.39, "word": " equals", "probability": 0.5966796875}, {"start": 387.39, "end": 387.69, "word": " minus", "probability": 0.98388671875}, {"start": 387.69, "end": 388.01, "word": " 2?", "probability": 0.97216796875}, {"start": 388.59, "end": 389.31, "word": " 10", "probability": 0.8837890625}, {"start": 389.31, "end": 389.77, "word": " over", "probability": 0.87353515625}, {"start": 389.77, "end": 390.65, "word": " 5,", "probability": 0.98486328125}, {"start": 390.77, "end": 391.41, "word": " minus", "probability": 0.984375}, {"start": 391.41, "end": 391.75, "word": " 2.", "probability": 0.9921875}, {"start": 392.49, "end": 392.65, "word": " All", "probability": 0.443359375}, {"start": 392.65, "end": 392.83, "word": " right?", "probability": 0.912109375}, {"start": 393.71, "end": 394.43, "word": " Sometimes", "probability": 0.90478515625}, {"start": 394.43, "end": 394.99, "word": " less.", "probability": 0.626953125}, {"start": 395.23, "end": 395.83, "word": " Maybe", "probability": 0.59228515625}, {"start": 395.83, "end": 397.13, "word": " the", "probability": 0.81884765625}, {"start": 397.13, "end": 397.43, "word": " demand", "probability": 0.16650390625}, {"start": 397.43, "end": 398.47, "word": " curve", "probability": 0.517578125}, {"start": 398.47, "end": 398.79, "word": " here,", "probability": 0.84033203125}, {"start": 399.31, "end": 399.65, "word": " 10", "probability": 0.951171875}, {"start": 399.65, "end": 400.07, "word": " and", "probability": 0.9345703125}, {"start": 400.07, "end": 400.79, "word": " 5,", "probability": 0.97412109375}, {"start": 400.95, "end": 401.45, "word": " half.", "probability": 0.6416015625}], "temperature": 1.0}, {"id": 15, "seek": 43100, "start": 402.4, "end": 431.0, "text": " All right? Let's come back here to this example. Now, calculate or let's calculate the price elasticity of demand at point B. For instance, calculate the price elasticity of demand at point B. The price elasticity of demand at point B.", "tokens": [1057, 558, 30, 961, 311, 808, 646, 510, 281, 341, 1365, 13, 823, 11, 8873, 420, 718, 311, 8873, 264, 3218, 46260, 295, 4733, 412, 935, 363, 13, 1171, 5197, 11, 8873, 264, 3218, 46260, 295, 4733, 412, 935, 363, 13, 440, 3218, 46260, 295, 4733, 412, 935, 363, 13], "avg_logprob": -0.11534926791985829, "compression_ratio": 1.9344262295081966, "no_speech_prob": 0.0, "words": [{"start": 402.4, "end": 402.68, "word": " All", "probability": 0.798828125}, {"start": 402.68, "end": 402.88, "word": " right?", "probability": 0.9150390625}, {"start": 403.26, "end": 403.62, "word": " Let's", "probability": 0.976318359375}, {"start": 403.62, "end": 403.8, "word": " come", "probability": 0.84326171875}, {"start": 403.8, "end": 404.02, "word": " back", "probability": 0.88134765625}, {"start": 404.02, "end": 404.24, "word": " here", "probability": 0.85009765625}, {"start": 404.24, "end": 404.5, "word": " to", "probability": 0.9609375}, {"start": 404.5, "end": 405.0, "word": " this", "probability": 0.9453125}, {"start": 405.0, "end": 405.44, "word": " example.", "probability": 0.98388671875}, {"start": 407.36, "end": 408.26, "word": " Now,", "probability": 0.9619140625}, {"start": 409.56, "end": 410.66, "word": " calculate", "probability": 0.845703125}, {"start": 410.66, "end": 411.28, "word": " or", "probability": 0.334716796875}, {"start": 411.28, "end": 411.64, "word": " let's", "probability": 0.9716796875}, {"start": 411.64, "end": 412.3, "word": " calculate", "probability": 0.92529296875}, {"start": 412.3, "end": 412.54, "word": " the", "probability": 0.9072265625}, {"start": 412.54, "end": 412.84, "word": " price", "probability": 0.92724609375}, {"start": 412.84, "end": 413.3, "word": " elasticity", "probability": 0.9580078125}, {"start": 413.3, "end": 413.6, "word": " of", "probability": 0.95458984375}, {"start": 413.6, "end": 413.98, "word": " demand", "probability": 0.90380859375}, {"start": 413.98, "end": 414.62, "word": " at", "probability": 0.9599609375}, {"start": 414.62, "end": 415.24, "word": " point", "probability": 0.90966796875}, {"start": 415.24, "end": 415.76, "word": " B.", "probability": 0.92919921875}, {"start": 416.36, "end": 416.96, "word": " For", "probability": 0.96337890625}, {"start": 416.96, "end": 417.38, "word": " instance,", "probability": 0.95263671875}, {"start": 418.8, "end": 419.26, "word": " calculate", "probability": 0.916015625}, {"start": 419.26, "end": 419.9, "word": " the", "probability": 0.92138671875}, {"start": 419.9, "end": 420.24, "word": " price", "probability": 0.931640625}, {"start": 420.24, "end": 420.74, "word": " elasticity", "probability": 0.94482421875}, {"start": 420.74, "end": 421.04, "word": " of", "probability": 0.95556640625}, {"start": 421.04, "end": 421.42, "word": " demand", "probability": 0.89208984375}, {"start": 421.42, "end": 422.74, "word": " at", "probability": 0.962890625}, {"start": 422.74, "end": 423.78, "word": " point", "probability": 0.96337890625}, {"start": 423.78, "end": 424.78, "word": " B.", "probability": 0.9951171875}, {"start": 426.52, "end": 427.42, "word": " The", "probability": 0.89794921875}, {"start": 427.42, "end": 427.84, "word": " price", "probability": 0.92333984375}, {"start": 427.84, "end": 428.92, "word": " elasticity", "probability": 0.94970703125}, {"start": 428.92, "end": 429.22, "word": " of", "probability": 0.95703125}, {"start": 429.22, "end": 429.62, "word": " demand", "probability": 0.8935546875}, {"start": 429.62, "end": 430.36, "word": " at", "probability": 0.962890625}, {"start": 430.36, "end": 430.7, "word": " point", "probability": 0.96240234375}, {"start": 430.7, "end": 431.0, "word": " B.", "probability": 0.998046875}], "temperature": 1.0}, {"id": 16, "seek": 45744, "start": 433.06, "end": 457.44, "text": " equals 1 over the slope times P over QD. So PED at point B equals 1 over minus 1 slope of the demand curve times the price at point B, 6, yeah, over the quantity demanded, 2.", "tokens": [6915, 502, 670, 264, 13525, 1413, 430, 670, 1249, 35, 13, 407, 430, 4731, 412, 935, 363, 6915, 502, 670, 3175, 502, 13525, 295, 264, 4733, 7605, 1413, 264, 3218, 412, 935, 363, 11, 1386, 11, 1338, 11, 670, 264, 11275, 28276, 11, 568, 13], "avg_logprob": -0.18733015688865082, "compression_ratio": 1.4462809917355373, "no_speech_prob": 0.0, "words": [{"start": 433.06, "end": 433.64, "word": " equals", "probability": 0.53125}, {"start": 433.64, "end": 434.4, "word": " 1", "probability": 0.5634765625}, {"start": 434.4, "end": 434.86, "word": " over", "probability": 0.89306640625}, {"start": 434.86, "end": 435.08, "word": " the", "probability": 0.79736328125}, {"start": 435.08, "end": 435.52, "word": " slope", "probability": 0.9345703125}, {"start": 435.52, "end": 437.16, "word": " times", "probability": 0.8271484375}, {"start": 437.16, "end": 437.58, "word": " P", "probability": 0.84765625}, {"start": 437.58, "end": 437.96, "word": " over", "probability": 0.85595703125}, {"start": 437.96, "end": 438.42, "word": " QD.", "probability": 0.87841796875}, {"start": 439.1, "end": 439.46, "word": " So", "probability": 0.9521484375}, {"start": 439.46, "end": 440.62, "word": " PED", "probability": 0.703369140625}, {"start": 440.62, "end": 441.12, "word": " at", "probability": 0.927734375}, {"start": 441.12, "end": 441.38, "word": " point", "probability": 0.92578125}, {"start": 441.38, "end": 441.74, "word": " B", "probability": 0.93212890625}, {"start": 441.74, "end": 442.54, "word": " equals", "probability": 0.9248046875}, {"start": 442.54, "end": 443.12, "word": " 1", "probability": 0.9443359375}, {"start": 443.12, "end": 443.52, "word": " over", "probability": 0.8828125}, {"start": 443.52, "end": 444.08, "word": " minus", "probability": 0.923828125}, {"start": 444.08, "end": 444.42, "word": " 1", "probability": 0.921875}, {"start": 444.42, "end": 446.16, "word": " slope", "probability": 0.63623046875}, {"start": 446.16, "end": 446.56, "word": " of", "probability": 0.80859375}, {"start": 446.56, "end": 446.68, "word": " the", "probability": 0.91748046875}, {"start": 446.68, "end": 447.0, "word": " demand", "probability": 0.92919921875}, {"start": 447.0, "end": 447.38, "word": " curve", "probability": 0.96484375}, {"start": 447.38, "end": 448.34, "word": " times", "probability": 0.791015625}, {"start": 448.34, "end": 449.28, "word": " the", "probability": 0.91357421875}, {"start": 449.28, "end": 449.8, "word": " price", "probability": 0.93212890625}, {"start": 449.8, "end": 450.6, "word": " at", "probability": 0.9521484375}, {"start": 450.6, "end": 450.9, "word": " point", "probability": 0.9619140625}, {"start": 450.9, "end": 451.28, "word": " B,", "probability": 0.98486328125}, {"start": 451.6, "end": 452.72, "word": " 6,", "probability": 0.79248046875}, {"start": 452.94, "end": 453.08, "word": " yeah,", "probability": 0.7265625}, {"start": 453.4, "end": 455.18, "word": " over", "probability": 0.91650390625}, {"start": 455.18, "end": 455.52, "word": " the", "probability": 0.8974609375}, {"start": 455.52, "end": 456.02, "word": " quantity", "probability": 0.9931640625}, {"start": 456.02, "end": 456.74, "word": " demanded,", "probability": 0.95263671875}, {"start": 457.08, "end": 457.44, "word": " 2.", "probability": 0.98388671875}], "temperature": 1.0}, {"id": 17, "seek": 48419, "start": 461.07, "end": 484.19, "text": " 6 minus over minus 2 equals minus 3. So the price elasticity of demand here equals minus 3. What about point C here? The price elasticity of demand at point C, 1 over minus 1 times 4 over 4.", "tokens": [1386, 3175, 670, 3175, 568, 6915, 3175, 805, 13, 407, 264, 3218, 46260, 295, 4733, 510, 6915, 3175, 805, 13, 708, 466, 935, 383, 510, 30, 440, 3218, 46260, 295, 4733, 412, 935, 383, 11, 502, 670, 3175, 502, 1413, 1017, 670, 1017, 13], "avg_logprob": -0.16848958200878567, "compression_ratio": 1.61864406779661, "no_speech_prob": 0.0, "words": [{"start": 461.07, "end": 461.57, "word": " 6", "probability": 0.4892578125}, {"start": 461.57, "end": 462.37, "word": " minus", "probability": 0.62158203125}, {"start": 462.37, "end": 463.47, "word": " over", "probability": 0.498779296875}, {"start": 463.47, "end": 464.25, "word": " minus", "probability": 0.95849609375}, {"start": 464.25, "end": 464.55, "word": " 2", "probability": 0.9013671875}, {"start": 464.55, "end": 465.01, "word": " equals", "probability": 0.869140625}, {"start": 465.01, "end": 465.29, "word": " minus", "probability": 0.970703125}, {"start": 465.29, "end": 465.63, "word": " 3.", "probability": 0.84619140625}, {"start": 466.07, "end": 466.45, "word": " So", "probability": 0.94677734375}, {"start": 466.45, "end": 467.33, "word": " the", "probability": 0.52001953125}, {"start": 467.33, "end": 467.61, "word": " price", "probability": 0.9306640625}, {"start": 467.61, "end": 468.01, "word": " elasticity", "probability": 0.9228515625}, {"start": 468.01, "end": 468.27, "word": " of", "probability": 0.8994140625}, {"start": 468.27, "end": 468.51, "word": " demand", "probability": 0.87548828125}, {"start": 468.51, "end": 468.83, "word": " here", "probability": 0.83349609375}, {"start": 468.83, "end": 469.31, "word": " equals", "probability": 0.92578125}, {"start": 469.31, "end": 469.57, "word": " minus", "probability": 0.98388671875}, {"start": 469.57, "end": 469.91, "word": " 3.", "probability": 0.9267578125}, {"start": 470.55, "end": 470.91, "word": " What", "probability": 0.89306640625}, {"start": 470.91, "end": 471.19, "word": " about", "probability": 0.896484375}, {"start": 471.19, "end": 471.57, "word": " point", "probability": 0.91796875}, {"start": 471.57, "end": 471.79, "word": " C", "probability": 0.8720703125}, {"start": 471.79, "end": 472.11, "word": " here?", "probability": 0.73388671875}, {"start": 473.49, "end": 473.97, "word": " The", "probability": 0.76171875}, {"start": 473.97, "end": 474.23, "word": " price", "probability": 0.91455078125}, {"start": 474.23, "end": 474.61, "word": " elasticity", "probability": 0.96630859375}, {"start": 474.61, "end": 474.87, "word": " of", "probability": 0.9453125}, {"start": 474.87, "end": 475.17, "word": " demand", "probability": 0.89111328125}, {"start": 475.17, "end": 475.41, "word": " at", "probability": 0.9541015625}, {"start": 475.41, "end": 475.71, "word": " point", "probability": 0.9658203125}, {"start": 475.71, "end": 476.15, "word": " C,", "probability": 0.99169921875}, {"start": 479.69, "end": 479.95, "word": " 1", "probability": 0.72314453125}, {"start": 479.95, "end": 480.25, "word": " over", "probability": 0.91259765625}, {"start": 480.25, "end": 480.63, "word": " minus", "probability": 0.9814453125}, {"start": 480.63, "end": 480.97, "word": " 1", "probability": 0.9765625}, {"start": 480.97, "end": 481.69, "word": " times", "probability": 0.88916015625}, {"start": 481.69, "end": 483.31, "word": " 4", "probability": 0.921875}, {"start": 483.31, "end": 483.71, "word": " over", "probability": 0.9013671875}, {"start": 483.71, "end": 484.19, "word": " 4.", "probability": 0.98974609375}], "temperature": 1.0}, {"id": 18, "seek": 51251, "start": 487.31, "end": 512.51, "text": " Four over minus four equals minus one. So here, the demand is minus one. Unitary elastic. Here's elastic. What about point D here? P D at point D equals minus one over one over minus one times two over six.", "tokens": [7451, 670, 3175, 1451, 6915, 3175, 472, 13, 407, 510, 11, 264, 4733, 307, 3175, 472, 13, 1156, 4109, 17115, 13, 1692, 311, 17115, 13, 708, 466, 935, 413, 510, 30, 430, 413, 412, 935, 413, 6915, 3175, 472, 670, 472, 670, 3175, 472, 1413, 732, 670, 2309, 13], "avg_logprob": -0.23375000536441803, "compression_ratio": 1.6046511627906976, "no_speech_prob": 0.0, "words": [{"start": 487.31, "end": 487.59, "word": " Four", "probability": 0.447265625}, {"start": 487.59, "end": 487.83, "word": " over", "probability": 0.89697265625}, {"start": 487.83, "end": 488.17, "word": " minus", "probability": 0.966796875}, {"start": 488.17, "end": 488.43, "word": " four", "probability": 0.92822265625}, {"start": 488.43, "end": 488.85, "word": " equals", "probability": 0.9091796875}, {"start": 488.85, "end": 489.13, "word": " minus", "probability": 0.97265625}, {"start": 489.13, "end": 489.39, "word": " one.", "probability": 0.92822265625}, {"start": 489.91, "end": 490.03, "word": " So", "probability": 0.94921875}, {"start": 490.03, "end": 490.45, "word": " here,", "probability": 0.833984375}, {"start": 490.85, "end": 491.01, "word": " the", "probability": 0.7646484375}, {"start": 491.01, "end": 491.29, "word": " demand", "probability": 0.86279296875}, {"start": 491.29, "end": 491.63, "word": " is", "probability": 0.36181640625}, {"start": 491.63, "end": 492.07, "word": " minus", "probability": 0.953125}, {"start": 492.07, "end": 492.43, "word": " one.", "probability": 0.91015625}, {"start": 492.81, "end": 493.15, "word": " Unitary", "probability": 0.6650390625}, {"start": 493.15, "end": 493.67, "word": " elastic.", "probability": 0.93359375}, {"start": 494.37, "end": 494.69, "word": " Here's", "probability": 0.63232421875}, {"start": 494.69, "end": 495.55, "word": " elastic.", "probability": 0.923828125}, {"start": 496.33, "end": 496.49, "word": " What", "probability": 0.82763671875}, {"start": 496.49, "end": 496.63, "word": " about", "probability": 0.8974609375}, {"start": 496.63, "end": 496.99, "word": " point", "probability": 0.927734375}, {"start": 496.99, "end": 497.23, "word": " D", "probability": 0.8583984375}, {"start": 497.23, "end": 497.61, "word": " here?", "probability": 0.73828125}, {"start": 499.03, "end": 499.23, "word": " P", "probability": 0.62646484375}, {"start": 499.23, "end": 499.57, "word": " D", "probability": 0.449462890625}, {"start": 499.57, "end": 501.29, "word": " at", "probability": 0.59912109375}, {"start": 501.29, "end": 501.57, "word": " point", "probability": 0.95263671875}, {"start": 501.57, "end": 501.89, "word": " D", "probability": 0.984375}, {"start": 501.89, "end": 502.71, "word": " equals", "probability": 0.89599609375}, {"start": 502.71, "end": 503.01, "word": " minus", "probability": 0.92626953125}, {"start": 503.01, "end": 503.31, "word": " one", "probability": 0.90234375}, {"start": 503.31, "end": 503.59, "word": " over", "probability": 0.8896484375}, {"start": 503.59, "end": 504.89, "word": " one", "probability": 0.50537109375}, {"start": 504.89, "end": 505.17, "word": " over", "probability": 0.8662109375}, {"start": 505.17, "end": 505.57, "word": " minus", "probability": 0.98388671875}, {"start": 505.57, "end": 505.91, "word": " one", "probability": 0.9248046875}, {"start": 505.91, "end": 507.01, "word": " times", "probability": 0.7529296875}, {"start": 507.01, "end": 511.47, "word": " two", "probability": 0.80126953125}, {"start": 511.47, "end": 512.09, "word": " over", "probability": 0.9111328125}, {"start": 512.09, "end": 512.51, "word": " six.", "probability": 0.947265625}], "temperature": 1.0}, {"id": 19, "seek": 54240, "start": 515.34, "end": 542.4, "text": " 2 over minus 6 equals minus 1 over 3, 0.0333. The demand is inelastic. What about point F here? The last point here. 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So I'm zero over eight equals zero. So at this point here, the demand is perfectly inelastic. All right? What? Logical. Why? Who will check it? 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Rare cases. Public goods, they call it, not private goods. All right? Except if it's someone who wants to make money. So he gives you free products, free quantities, free quantities. All right? 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So at this point, the demand is perfectly inelastic. Okay? Clear? Clear. Let's go to something else. So the larger result or conclusion, the larger price elasticity of demand, the lower or the less slow.", "tokens": [670, 4018, 3175, 13202, 13, 407, 412, 341, 935, 11, 264, 4733, 307, 6239, 294, 338, 2750, 13, 1033, 30, 14993, 30, 14993, 13, 961, 311, 352, 281, 746, 1646, 13, 407, 264, 4833, 1874, 420, 10063, 11, 264, 4833, 3218, 46260, 295, 4733, 11, 264, 3126, 420, 264, 1570, 2964, 13], "avg_logprob": -0.2233195720978503, "compression_ratio": 1.4838709677419355, "no_speech_prob": 0.0, "words": [{"start": 632.57, "end": 632.93, "word": " over", "probability": 0.24658203125}, {"start": 632.93, "end": 633.35, "word": " zero", "probability": 0.74267578125}, {"start": 633.35, "end": 633.87, "word": " minus", "probability": 0.927734375}, {"start": 633.87, "end": 634.35, "word": " infinity.", "probability": 0.85888671875}, {"start": 634.81, "end": 634.93, "word": " So", "probability": 0.9423828125}, {"start": 634.93, "end": 635.45, "word": " at", "probability": 0.830078125}, {"start": 635.45, "end": 635.73, "word": " this", "probability": 0.94921875}, {"start": 635.73, "end": 636.01, "word": " point,", "probability": 0.9736328125}, {"start": 636.11, "end": 636.19, "word": " the", "probability": 0.8701171875}, {"start": 636.19, "end": 636.55, "word": " demand", "probability": 0.90771484375}, {"start": 636.55, "end": 636.85, "word": " is", "probability": 0.951171875}, {"start": 636.85, "end": 637.29, "word": " perfectly", "probability": 0.9287109375}, {"start": 637.29, "end": 637.77, "word": " inelastic.", "probability": 0.9288736979166666}, {"start": 638.61, "end": 638.87, "word": " Okay?", "probability": 0.73193359375}, {"start": 639.93, "end": 640.27, "word": " Clear?", "probability": 0.92529296875}, {"start": 640.85, "end": 641.17, "word": " Clear.", "probability": 0.318115234375}, {"start": 641.43, "end": 641.69, "word": " Let's", "probability": 0.965576171875}, {"start": 641.69, "end": 641.83, "word": " go", "probability": 0.962890625}, {"start": 641.83, "end": 641.95, "word": " to", "probability": 0.9462890625}, {"start": 641.95, "end": 642.25, "word": " something", "probability": 0.865234375}, {"start": 642.25, "end": 642.61, "word": " else.", "probability": 0.92529296875}, {"start": 644.99, "end": 645.79, "word": " So", "probability": 0.943359375}, {"start": 645.79, "end": 649.95, "word": " the", "probability": 0.495849609375}, {"start": 649.95, "end": 650.41, "word": " larger", "probability": 0.92919921875}, {"start": 650.41, "end": 652.57, "word": " result", "probability": 0.93603515625}, {"start": 652.57, "end": 652.77, "word": " or", "probability": 0.703125}, {"start": 652.77, "end": 653.37, "word": " conclusion,", "probability": 0.83837890625}, {"start": 653.65, "end": 653.93, "word": " the", "probability": 0.80078125}, {"start": 653.93, "end": 655.55, "word": " larger", "probability": 0.9208984375}, {"start": 655.55, "end": 656.69, "word": " price", "probability": 0.931640625}, {"start": 656.69, "end": 657.11, "word": " elasticity", "probability": 0.76171875}, {"start": 657.11, "end": 657.37, "word": " of", "probability": 0.87109375}, {"start": 657.37, "end": 657.81, "word": " demand,", "probability": 0.89111328125}, {"start": 658.27, "end": 658.75, "word": " the", "probability": 0.9169921875}, {"start": 658.75, "end": 659.11, "word": " lower", "probability": 0.876953125}, {"start": 659.11, "end": 659.45, "word": " or", "probability": 0.93603515625}, {"start": 659.45, "end": 659.59, "word": " the", "probability": 0.8720703125}, {"start": 659.59, "end": 659.99, "word": " less", "probability": 0.93212890625}, {"start": 659.99, "end": 661.21, "word": " slow.", "probability": 0.356689453125}], "temperature": 1.0}, {"id": 24, "seek": 68688, "start": 678.86, "end": 686.88, "text": " Let's go to study the relationship between the price elasticity of demand and total revenue.", "tokens": [961, 311, 352, 281, 2979, 264, 2480, 1296, 264, 3218, 46260, 295, 4733, 293, 3217, 9324, 13], "avg_logprob": -0.2677951339218352, "compression_ratio": 1.1071428571428572, "no_speech_prob": 0.0, "words": [{"start": 678.8599999999999, "end": 679.8199999999999, "word": " Let's", "probability": 0.508697509765625}, {"start": 679.8199999999999, "end": 680.78, "word": " go", "probability": 0.8984375}, {"start": 680.78, "end": 680.94, "word": " to", "probability": 0.90283203125}, {"start": 680.94, "end": 681.32, "word": " study", "probability": 0.93896484375}, {"start": 681.32, "end": 681.78, "word": " the", "probability": 0.8916015625}, {"start": 681.78, "end": 682.36, "word": " relationship", "probability": 0.923828125}, {"start": 682.36, "end": 682.98, "word": " between", "probability": 0.8701171875}, {"start": 682.98, "end": 683.78, "word": " the", "probability": 0.865234375}, {"start": 683.78, "end": 684.12, "word": " price", "probability": 0.8955078125}, {"start": 684.12, "end": 684.54, "word": " elasticity", "probability": 0.412353515625}, {"start": 684.54, "end": 684.86, "word": " of", "probability": 0.81591796875}, {"start": 684.86, "end": 685.22, "word": " demand", "probability": 0.90380859375}, {"start": 685.22, "end": 685.72, "word": " and", "probability": 0.9169921875}, {"start": 685.72, "end": 686.32, "word": " total", "probability": 0.880859375}, {"start": 686.32, "end": 686.88, "word": " revenue.", "probability": 0.89306640625}], "temperature": 1.0}, {"id": 25, "seek": 69397, "start": 693.59, "end": 693.97, "text": " Am I right?", "tokens": [2012, 286, 558, 30], "avg_logprob": -1.01640625, "compression_ratio": 0.6, "no_speech_prob": 0.0, "words": [{"start": 693.59, "end": 693.83, "word": " Am", "probability": 0.0221099853515625}, {"start": 693.83, "end": 693.87, "word": " I", "probability": 0.681640625}, {"start": 693.87, "end": 693.97, "word": " right?", "probability": 0.59912109375}], "temperature": 1.0}, {"id": 26, "seek": 75464, "start": 727.46, "end": 754.64, "text": " Now let's go to study the relationship between the price elasticity of demand and total revenue. PED and total revenue. Total revenue means", "tokens": [823, 718, 311, 352, 281, 2979, 264, 2480, 1296, 264, 3218, 46260, 295, 4733, 293, 3217, 9324, 13, 430, 4731, 293, 3217, 9324, 13, 23170, 9324, 1355], "avg_logprob": -0.21414620748588017, "compression_ratio": 1.3461538461538463, "no_speech_prob": 0.0, "words": [{"start": 727.46, "end": 727.76, "word": " Now", "probability": 0.93505859375}, {"start": 727.76, "end": 728.06, "word": " let's", "probability": 0.83056640625}, {"start": 728.06, "end": 728.24, "word": " go", "probability": 0.93701171875}, {"start": 728.24, "end": 728.34, "word": " to", "probability": 0.82861328125}, {"start": 728.34, "end": 728.62, "word": " study", "probability": 0.935546875}, {"start": 728.62, "end": 728.84, "word": " the", "probability": 0.92041015625}, {"start": 728.84, "end": 729.34, "word": " relationship", "probability": 0.9189453125}, {"start": 729.34, "end": 729.82, "word": " between", "probability": 0.86865234375}, {"start": 729.82, "end": 730.32, "word": " the", "probability": 0.86328125}, {"start": 730.32, "end": 730.66, "word": " price", "probability": 0.880859375}, {"start": 730.66, "end": 731.1, "word": " elasticity", "probability": 0.9287109375}, {"start": 731.1, "end": 731.38, "word": " of", "probability": 0.95361328125}, {"start": 731.38, "end": 731.74, "word": " demand", "probability": 0.8984375}, {"start": 731.74, "end": 732.16, "word": " and", "probability": 0.9033203125}, {"start": 732.16, "end": 732.72, "word": " total", "probability": 0.86181640625}, {"start": 732.72, "end": 733.3, "word": " revenue.", "probability": 0.8837890625}, {"start": 734.9, "end": 735.56, "word": " PED", "probability": 0.670654296875}, {"start": 735.56, "end": 744.84, "word": " and", "probability": 0.4638671875}, {"start": 744.84, "end": 745.34, "word": " total", "probability": 0.81298828125}, {"start": 745.34, "end": 745.82, "word": " revenue.", "probability": 0.88720703125}, {"start": 753.06, "end": 753.94, "word": " Total", "probability": 0.81689453125}, {"start": 753.94, "end": 754.26, "word": " revenue", "probability": 0.89404296875}, {"start": 754.26, "end": 754.64, "word": " means", "probability": 0.93212890625}], "temperature": 1.0}, {"id": 27, "seek": 78303, "start": 756.67, "end": 783.03, "text": " Total revenue, TR, equals the price times the quantity sold, or the quantity purchased. Let's assume that someone of you is a seller, and you went to the market, you have seven boxes of orange,", "tokens": [23170, 9324, 11, 15176, 11, 6915, 264, 3218, 1413, 264, 11275, 3718, 11, 420, 264, 11275, 14734, 13, 961, 311, 6552, 300, 1580, 295, 291, 307, 257, 23600, 11, 293, 291, 1437, 281, 264, 2142, 11, 291, 362, 3407, 9002, 295, 7671, 11], "avg_logprob": -0.18252840875224632, "compression_ratio": 1.4057971014492754, "no_speech_prob": 0.0, "words": [{"start": 756.67, "end": 757.05, "word": " Total", "probability": 0.76611328125}, {"start": 757.05, "end": 757.55, "word": " revenue,", "probability": 0.81787109375}, {"start": 758.51, "end": 758.85, "word": " TR,", "probability": 0.8017578125}, {"start": 760.89, "end": 761.77, "word": " equals", "probability": 0.9501953125}, {"start": 761.77, "end": 762.01, "word": " the", "probability": 0.9111328125}, {"start": 762.01, "end": 762.43, "word": " price", "probability": 0.91357421875}, {"start": 762.43, "end": 763.47, "word": " times", "probability": 0.82958984375}, {"start": 763.47, "end": 763.91, "word": " the", "probability": 0.9208984375}, {"start": 763.91, "end": 764.45, "word": " quantity", "probability": 0.95263671875}, {"start": 764.45, "end": 765.05, "word": " sold,", "probability": 0.94384765625}, {"start": 765.59, "end": 766.19, "word": " or", "probability": 0.93994140625}, {"start": 766.19, "end": 766.33, "word": " the", "probability": 0.8935546875}, {"start": 766.33, "end": 766.59, "word": " quantity", "probability": 0.8974609375}, {"start": 766.59, "end": 767.15, "word": " purchased.", "probability": 0.94921875}, {"start": 769.73, "end": 770.63, "word": " Let's", "probability": 0.623779296875}, {"start": 770.63, "end": 770.97, "word": " assume", "probability": 0.8955078125}, {"start": 770.97, "end": 771.21, "word": " that", "probability": 0.8955078125}, {"start": 771.21, "end": 771.43, "word": " someone", "probability": 0.67919921875}, {"start": 771.43, "end": 771.61, "word": " of", "probability": 0.9140625}, {"start": 771.61, "end": 771.91, "word": " you", "probability": 0.97021484375}, {"start": 771.91, "end": 774.43, "word": " is", "probability": 0.92919921875}, {"start": 774.43, "end": 774.75, "word": " a", "probability": 0.904296875}, {"start": 774.75, "end": 774.97, "word": " seller,", "probability": 0.85498046875}, {"start": 776.07, "end": 777.15, "word": " and", "probability": 0.93212890625}, {"start": 777.15, "end": 777.71, "word": " you", "probability": 0.96337890625}, {"start": 777.71, "end": 778.21, "word": " went", "probability": 0.80126953125}, {"start": 778.21, "end": 778.31, "word": " to", "probability": 0.958984375}, {"start": 778.31, "end": 778.47, "word": " the", "probability": 0.9091796875}, {"start": 778.47, "end": 778.79, "word": " market,", "probability": 0.86865234375}, {"start": 779.01, "end": 779.15, "word": " you", "probability": 0.92431640625}, {"start": 779.15, "end": 779.61, "word": " have", "probability": 0.9482421875}, {"start": 779.61, "end": 780.57, "word": " seven", "probability": 0.88330078125}, {"start": 780.57, "end": 781.01, "word": " boxes", "probability": 0.9140625}, {"start": 781.01, "end": 782.53, "word": " of", "probability": 0.9677734375}, {"start": 782.53, "end": 783.03, "word": " orange,", "probability": 0.82421875}], "temperature": 1.0}, {"id": 28, "seek": 81434, "start": 788.7, "end": 814.34, "text": " The price per box of orange equals 30 shekels. And you sold all the quantity. How much is your total revenue? Exactly. So the total revenue you obtain here equals seven boxes, the price 30.", "tokens": [440, 3218, 680, 2424, 295, 7671, 6915, 2217, 750, 7124, 82, 13, 400, 291, 3718, 439, 264, 11275, 13, 1012, 709, 307, 428, 3217, 9324, 30, 7587, 13, 407, 264, 3217, 9324, 291, 12701, 510, 6915, 3407, 9002, 11, 264, 3218, 2217, 13], "avg_logprob": -0.18838779018683868, "compression_ratio": 1.3571428571428572, "no_speech_prob": 0.0, "words": [{"start": 788.7, "end": 788.98, "word": " The", "probability": 0.57568359375}, {"start": 788.98, "end": 789.3, "word": " price", "probability": 0.90234375}, {"start": 789.3, "end": 789.6, "word": " per", "probability": 0.6181640625}, {"start": 789.6, "end": 789.96, "word": " box", "probability": 0.4033203125}, {"start": 789.96, "end": 790.94, "word": " of", "probability": 0.9599609375}, {"start": 790.94, "end": 791.42, "word": " orange", "probability": 0.81982421875}, {"start": 791.42, "end": 793.22, "word": " equals", "probability": 0.9013671875}, {"start": 793.22, "end": 794.1, "word": " 30", "probability": 0.9033203125}, {"start": 794.1, "end": 794.96, "word": " shekels.", "probability": 0.87109375}, {"start": 797.44, "end": 798.24, "word": " And", "probability": 0.919921875}, {"start": 798.24, "end": 798.5, "word": " you", "probability": 0.9423828125}, {"start": 798.5, "end": 799.18, "word": " sold", "probability": 0.94580078125}, {"start": 799.18, "end": 800.6, "word": " all", "probability": 0.9384765625}, {"start": 800.6, "end": 800.74, "word": " the", "probability": 0.92529296875}, {"start": 800.74, "end": 801.12, "word": " quantity.", "probability": 0.9228515625}, {"start": 802.0, "end": 802.8, "word": " How", "probability": 0.962890625}, {"start": 802.8, "end": 803.1, "word": " much", "probability": 0.9140625}, {"start": 803.1, "end": 803.4, "word": " is", "probability": 0.94580078125}, {"start": 803.4, "end": 803.7, "word": " your", "probability": 0.888671875}, {"start": 803.7, "end": 804.14, "word": " total", "probability": 0.87890625}, {"start": 804.14, "end": 804.58, "word": " revenue?", "probability": 0.873046875}, {"start": 805.56, "end": 806.36, "word": " Exactly.", "probability": 0.3759765625}, {"start": 806.76, "end": 806.94, "word": " So", "probability": 0.94580078125}, {"start": 806.94, "end": 807.18, "word": " the", "probability": 0.7353515625}, {"start": 807.18, "end": 807.44, "word": " total", "probability": 0.8828125}, {"start": 807.44, "end": 807.8, "word": " revenue", "probability": 0.896484375}, {"start": 807.8, "end": 808.2, "word": " you", "probability": 0.955078125}, {"start": 808.2, "end": 809.78, "word": " obtain", "probability": 0.60009765625}, {"start": 809.78, "end": 810.2, "word": " here", "probability": 0.8623046875}, {"start": 810.2, "end": 811.04, "word": " equals", "probability": 0.888671875}, {"start": 811.04, "end": 812.48, "word": " seven", "probability": 0.771484375}, {"start": 812.48, "end": 812.92, "word": " boxes,", "probability": 0.91943359375}, {"start": 813.1, "end": 813.24, "word": " the", "probability": 0.90966796875}, {"start": 813.24, "end": 813.58, "word": " price", "probability": 0.91552734375}, {"start": 813.58, "end": 814.34, "word": " 30.", "probability": 0.77978515625}], "temperature": 1.0}, {"id": 29, "seek": 84161, "start": 815.57, "end": 841.61, "text": " times the quantity sold here, seven, equals 210 shekels. So the total revenue equals the price per unit times the quantity sold, or the quantity demanded here, okay? Now, is there a relationship between the total revenue and the price elasticity of the product or not?", "tokens": [1413, 264, 11275, 3718, 510, 11, 3407, 11, 6915, 42692, 750, 7124, 82, 13, 407, 264, 3217, 9324, 6915, 264, 3218, 680, 4985, 1413, 264, 11275, 3718, 11, 420, 264, 11275, 28276, 510, 11, 1392, 30, 823, 11, 307, 456, 257, 2480, 1296, 264, 3217, 9324, 293, 264, 3218, 46260, 295, 264, 1674, 420, 406, 30], "avg_logprob": -0.17173793859649122, "compression_ratio": 1.7243589743589745, "no_speech_prob": 0.0, "words": [{"start": 815.57, "end": 816.11, "word": " times", "probability": 0.59912109375}, {"start": 816.11, "end": 816.69, "word": " the", "probability": 0.9208984375}, {"start": 816.69, "end": 817.25, "word": " quantity", "probability": 0.97119140625}, {"start": 817.25, "end": 817.79, "word": " sold", "probability": 0.955078125}, {"start": 817.79, "end": 818.19, "word": " here,", "probability": 0.841796875}, {"start": 818.59, "end": 818.85, "word": " seven,", "probability": 0.88525390625}, {"start": 819.49, "end": 820.07, "word": " equals", "probability": 0.9560546875}, {"start": 820.07, "end": 820.73, "word": " 210", "probability": 0.9169921875}, {"start": 820.73, "end": 821.61, "word": " shekels.", "probability": 0.8860677083333334}, {"start": 822.61, "end": 823.53, "word": " So", "probability": 0.94384765625}, {"start": 823.53, "end": 823.73, "word": " the", "probability": 0.6611328125}, {"start": 823.73, "end": 823.91, "word": " total", "probability": 0.88671875}, {"start": 823.91, "end": 824.27, "word": " revenue", "probability": 0.87841796875}, {"start": 824.27, "end": 824.75, "word": " equals", "probability": 0.9443359375}, {"start": 824.75, "end": 825.05, "word": " the", "probability": 0.91357421875}, {"start": 825.05, "end": 825.51, "word": " price", "probability": 0.91064453125}, {"start": 825.51, "end": 826.39, "word": " per", "probability": 0.90771484375}, {"start": 826.39, "end": 826.73, "word": " unit", "probability": 0.9560546875}, {"start": 826.73, "end": 827.73, "word": " times", "probability": 0.7998046875}, {"start": 827.73, "end": 828.31, "word": " the", "probability": 0.92236328125}, {"start": 828.31, "end": 828.85, "word": " quantity", "probability": 0.98193359375}, {"start": 828.85, "end": 829.31, "word": " sold,", "probability": 0.94873046875}, {"start": 829.51, "end": 829.71, "word": " or", "probability": 0.96435546875}, {"start": 829.71, "end": 829.87, "word": " the", "probability": 0.92041015625}, {"start": 829.87, "end": 830.13, "word": " quantity", "probability": 0.5234375}, {"start": 830.13, "end": 830.65, "word": " demanded", "probability": 0.931640625}, {"start": 830.65, "end": 830.95, "word": " here,", "probability": 0.84228515625}, {"start": 831.53, "end": 831.77, "word": " okay?", "probability": 0.9208984375}, {"start": 833.13, "end": 833.41, "word": " Now,", "probability": 0.94140625}, {"start": 834.15, "end": 834.37, "word": " is", "probability": 0.90234375}, {"start": 834.37, "end": 834.63, "word": " there", "probability": 0.8701171875}, {"start": 834.63, "end": 834.81, "word": " a", "probability": 0.900390625}, {"start": 834.81, "end": 835.31, "word": " relationship", "probability": 0.9140625}, {"start": 835.31, "end": 835.85, "word": " between", "probability": 0.869140625}, {"start": 835.85, "end": 836.45, "word": " the", "probability": 0.91552734375}, {"start": 836.45, "end": 836.71, "word": " total", "probability": 0.8701171875}, {"start": 836.71, "end": 837.21, "word": " revenue", "probability": 0.88525390625}, {"start": 837.21, "end": 837.91, "word": " and", "probability": 0.896484375}, {"start": 837.91, "end": 838.07, "word": " the", "probability": 0.91015625}, {"start": 838.07, "end": 838.39, "word": " price", "probability": 0.90185546875}, {"start": 838.39, "end": 838.93, "word": " elasticity", "probability": 0.45654296875}, {"start": 838.93, "end": 839.87, "word": " of", "probability": 0.494384765625}, {"start": 839.87, "end": 839.99, "word": " the", "probability": 0.9091796875}, {"start": 839.99, "end": 840.33, "word": " product", "probability": 0.892578125}, {"start": 840.33, "end": 841.27, "word": " or", "probability": 0.60888671875}, {"start": 841.27, "end": 841.61, "word": " not?", "probability": 0.9453125}], "temperature": 1.0}, {"id": 30, "seek": 87421, "start": 844.79, "end": 874.21, "text": " To understand the relationship between the total revenue and the price elasticity of demand, let us have the following examples. But before that, the price elasticity of demand helps the decision makers, the sellers, to take proper decisions in terms of the pricing policies that they have to use or they have to apply. When someone sells flour,", "tokens": [1407, 1223, 264, 2480, 1296, 264, 3217, 9324, 293, 264, 3218, 46260, 295, 4733, 11, 718, 505, 362, 264, 3480, 5110, 13, 583, 949, 300, 11, 264, 3218, 46260, 295, 4733, 3665, 264, 3537, 19323, 11, 264, 31276, 11, 281, 747, 2296, 5327, 294, 2115, 295, 264, 17621, 7657, 300, 436, 362, 281, 764, 420, 436, 362, 281, 3079, 13, 1133, 1580, 20897, 7693, 11], "avg_logprob": -0.153290717439218, "compression_ratio": 1.7653061224489797, "no_speech_prob": 0.0, "words": [{"start": 844.79, "end": 845.03, "word": " To", "probability": 0.814453125}, {"start": 845.03, "end": 845.53, "word": " understand", "probability": 0.8017578125}, {"start": 845.53, "end": 845.89, "word": " the", "probability": 0.921875}, {"start": 845.89, "end": 846.41, "word": " relationship", "probability": 0.9033203125}, {"start": 846.41, "end": 846.83, "word": " between", "probability": 0.87158203125}, {"start": 846.83, "end": 847.09, "word": " the", "probability": 0.8779296875}, {"start": 847.09, "end": 847.31, "word": " total", "probability": 0.91796875}, {"start": 847.31, "end": 847.79, "word": " revenue", "probability": 0.89306640625}, {"start": 847.79, "end": 848.73, "word": " and", "probability": 0.873046875}, {"start": 848.73, "end": 848.87, "word": " the", "probability": 0.8505859375}, {"start": 848.87, "end": 849.15, "word": " price", "probability": 0.94091796875}, {"start": 849.15, "end": 849.59, "word": " elasticity", "probability": 0.97021484375}, {"start": 849.59, "end": 849.87, "word": " of", "probability": 0.966796875}, {"start": 849.87, "end": 850.27, "word": " demand,", "probability": 0.90869140625}, {"start": 851.37, "end": 851.67, "word": " let", "probability": 0.939453125}, {"start": 851.67, "end": 851.83, "word": " us", "probability": 0.912109375}, {"start": 851.83, "end": 852.09, "word": " have", "probability": 0.9453125}, {"start": 852.09, "end": 852.25, "word": " the", "probability": 0.91845703125}, {"start": 852.25, "end": 852.53, "word": " following", "probability": 0.90966796875}, {"start": 852.53, "end": 853.29, "word": " examples.", "probability": 0.7197265625}, {"start": 853.73, "end": 853.83, "word": " But", "probability": 0.89892578125}, {"start": 853.83, "end": 854.13, "word": " before", "probability": 0.85107421875}, {"start": 854.13, "end": 854.53, "word": " that,", "probability": 0.9365234375}, {"start": 857.17, "end": 857.37, "word": " the", "probability": 0.7607421875}, {"start": 857.37, "end": 857.63, "word": " price", "probability": 0.9189453125}, {"start": 857.63, "end": 858.05, "word": " elasticity", "probability": 0.96435546875}, {"start": 858.05, "end": 858.57, "word": " of", "probability": 0.96923828125}, {"start": 858.57, "end": 858.99, "word": " demand", "probability": 0.91357421875}, {"start": 858.99, "end": 861.51, "word": " helps", "probability": 0.81689453125}, {"start": 861.51, "end": 862.59, "word": " the", "probability": 0.9189453125}, {"start": 862.59, "end": 863.03, "word": " decision", "probability": 0.93701171875}, {"start": 863.03, "end": 863.57, "word": " makers,", "probability": 0.60888671875}, {"start": 864.07, "end": 864.25, "word": " the", "probability": 0.927734375}, {"start": 864.25, "end": 864.57, "word": " sellers,", "probability": 0.921875}, {"start": 864.99, "end": 865.11, "word": " to", "probability": 0.96875}, {"start": 865.11, "end": 865.37, "word": " take", "probability": 0.8505859375}, {"start": 865.37, "end": 865.75, "word": " proper", "probability": 0.896484375}, {"start": 865.75, "end": 866.31, "word": " decisions", "probability": 0.90771484375}, {"start": 866.31, "end": 866.77, "word": " in", "probability": 0.9140625}, {"start": 866.77, "end": 867.07, "word": " terms", "probability": 0.888671875}, {"start": 867.07, "end": 867.33, "word": " of", "probability": 0.96923828125}, {"start": 867.33, "end": 867.49, "word": " the", "probability": 0.923828125}, {"start": 867.49, "end": 867.99, "word": " pricing", "probability": 0.90869140625}, {"start": 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someone", "probability": 0.46240234375}, {"start": 873.67, "end": 873.93, "word": " sells", "probability": 0.798828125}, {"start": 873.93, "end": 874.21, "word": " flour,", "probability": 0.77685546875}], "temperature": 1.0}, {"id": 31, "seek": 90199, "start": 877.11, "end": 901.99, "text": " Demand on his money, inelastic. Right? Someone sells flowers. To increase the total revenue, what do you say? You say, raise the price. He has to increase the price. Right? Because here, as we mentioned, that the total revenue equals the price times the quantity. Quantity demanded.", "tokens": [4686, 474, 322, 702, 1460, 11, 294, 338, 2750, 13, 1779, 30, 8734, 20897, 8085, 13, 1407, 3488, 264, 3217, 9324, 11, 437, 360, 291, 584, 30, 509, 584, 11, 5300, 264, 3218, 13, 634, 575, 281, 3488, 264, 3218, 13, 1779, 30, 1436, 510, 11, 382, 321, 2835, 11, 300, 264, 3217, 9324, 6915, 264, 3218, 1413, 264, 11275, 13, 26968, 507, 28276, 13], "avg_logprob": -0.31107955809795496, "compression_ratio": 1.6171428571428572, "no_speech_prob": 0.0, "words": [{"start": 877.11, "end": 877.55, "word": " Demand", "probability": 0.72802734375}, {"start": 877.55, "end": 877.75, "word": " on", "probability": 0.2705078125}, {"start": 877.75, "end": 877.85, "word": " his", "probability": 0.67919921875}, {"start": 877.85, "end": 877.97, "word": " money,", "probability": 0.4208984375}, {"start": 878.19, "end": 878.85, "word": " inelastic.", "probability": 0.9488932291666666}, {"start": 879.53, "end": 879.67, "word": " Right?", "probability": 0.4287109375}, {"start": 880.03, "end": 880.51, "word": " Someone", "probability": 0.1964111328125}, {"start": 880.51, "end": 880.81, "word": " sells", "probability": 0.463134765625}, {"start": 880.81, "end": 881.47, "word": " flowers.", "probability": 0.447265625}, {"start": 882.61, "end": 882.95, "word": " To", "probability": 0.9189453125}, {"start": 882.95, "end": 883.45, "word": " increase", "probability": 0.85986328125}, {"start": 883.45, "end": 883.59, "word": " the", "probability": 0.587890625}, {"start": 883.59, "end": 883.83, "word": " total", "probability": 0.88330078125}, {"start": 883.83, "end": 884.23, "word": " revenue,", "probability": 0.86328125}, {"start": 884.31, "end": 884.37, "word": " what", "probability": 0.64892578125}, {"start": 884.37, "end": 884.47, "word": " do", "probability": 0.6669921875}, {"start": 884.47, "end": 884.55, "word": " you", "probability": 0.92724609375}, {"start": 884.55, "end": 884.67, "word": " say?", "probability": 0.73291015625}, {"start": 884.73, "end": 884.77, "word": " You", "probability": 0.6962890625}, {"start": 884.77, "end": 884.89, "word": " say,", "probability": 0.8896484375}, {"start": 884.93, "end": 885.11, "word": " raise", "probability": 0.1641845703125}, {"start": 885.11, "end": 885.31, "word": " the", "probability": 0.787109375}, {"start": 885.31, "end": 885.47, "word": " price.", "probability": 0.8876953125}, {"start": 886.71, "end": 887.31, "word": " He", "probability": 0.92138671875}, {"start": 887.31, "end": 887.73, "word": " has", "probability": 0.94873046875}, {"start": 887.73, "end": 888.03, "word": " to", "probability": 0.96826171875}, {"start": 888.03, "end": 888.59, "word": " increase", "probability": 0.86279296875}, {"start": 888.59, "end": 888.75, "word": " the", "probability": 0.9150390625}, {"start": 888.75, "end": 889.15, "word": " price.", "probability": 0.92236328125}, {"start": 890.39, "end": 890.53, "word": " Right?", "probability": 0.7197265625}, {"start": 890.95, "end": 891.55, "word": " Because", "probability": 0.53857421875}, {"start": 891.55, "end": 892.53, "word": " here,", "probability": 0.75048828125}, {"start": 892.85, "end": 893.13, "word": " as", "probability": 0.96044921875}, {"start": 893.13, "end": 893.29, "word": " we", "probability": 0.94189453125}, {"start": 893.29, "end": 893.63, "word": " mentioned,", "probability": 0.8291015625}, {"start": 893.85, "end": 894.01, "word": " that", "probability": 0.7001953125}, {"start": 894.01, "end": 894.21, "word": " the", "probability": 0.90771484375}, {"start": 894.21, "end": 894.45, "word": " total", "probability": 0.8779296875}, {"start": 894.45, "end": 894.91, "word": " revenue", "probability": 0.8935546875}, {"start": 894.91, "end": 896.87, "word": " equals", "probability": 0.80908203125}, {"start": 896.87, "end": 897.43, "word": " the", "probability": 0.91552734375}, {"start": 897.43, "end": 897.81, "word": " price", "probability": 0.916015625}, {"start": 897.81, "end": 899.07, "word": " times", "probability": 0.8447265625}, {"start": 899.07, "end": 899.35, "word": " the", "probability": 0.9111328125}, {"start": 899.35, "end": 899.79, "word": " quantity.", "probability": 0.990234375}, {"start": 901.01, "end": 901.61, "word": " Quantity", "probability": 0.9375}, {"start": 901.61, "end": 901.99, "word": " demanded.", "probability": 0.9189453125}], "temperature": 1.0}, {"id": 32, "seek": 91595, "start": 902.79, "end": 915.95, "text": " Right? Now, if the demand for a flower is inelastic, demand for flower is inelastic,", "tokens": [1779, 30, 823, 11, 498, 264, 4733, 337, 257, 8617, 307, 294, 338, 2750, 11, 4733, 337, 8617, 307, 294, 338, 2750, 11], "avg_logprob": -0.2661132936676343, "compression_ratio": 1.3076923076923077, "no_speech_prob": 0.0, "words": [{"start": 902.79, "end": 903.13, "word": " Right?", "probability": 0.3515625}, {"start": 903.81, "end": 904.15, "word": " Now,", "probability": 0.89990234375}, {"start": 905.19, "end": 905.35, "word": " if", "probability": 0.90380859375}, {"start": 905.35, "end": 905.55, "word": " the", "probability": 0.89599609375}, {"start": 905.55, "end": 906.17, "word": " demand", "probability": 0.896484375}, {"start": 906.17, "end": 906.39, "word": " for", "probability": 0.95458984375}, {"start": 906.39, "end": 906.53, "word": " a", "probability": 0.423583984375}, {"start": 906.53, "end": 906.81, "word": " flower", "probability": 0.88134765625}, {"start": 906.81, "end": 907.23, "word": " is", "probability": 0.94970703125}, {"start": 907.23, "end": 908.03, "word": " inelastic,", "probability": 0.9488932291666666}, {"start": 908.49, "end": 908.87, "word": " demand", "probability": 0.80322265625}, {"start": 908.87, "end": 911.65, "word": " for", "probability": 0.9248046875}, {"start": 911.65, "end": 912.85, "word": " flower", "probability": 0.75732421875}, {"start": 912.85, "end": 914.95, "word": " is", "probability": 0.93896484375}, {"start": 914.95, "end": 915.95, "word": " inelastic,", "probability": 0.9539388020833334}], "temperature": 1.0}, {"id": 33, "seek": 94200, "start": 918.62, "end": 942.0, "text": " The product is necessary for the consumer. He cannot or they cannot give up it when the price goes up. And it has no substitutes or few number of substitutes. Mazboot? Had a demand inelastic. Elasticity of demand. 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"probability": 0.303955078125}, {"start": 944.79, "end": 945.03, "word": " the", "probability": 0.9150390625}, {"start": 945.03, "end": 945.51, "word": " price", "probability": 0.9267578125}, {"start": 945.51, "end": 946.27, "word": " increased", "probability": 0.38427734375}, {"start": 946.27, "end": 946.75, "word": " by", "probability": 0.97509765625}, {"start": 946.75, "end": 947.57, "word": " 10%,", "probability": 0.747314453125}, {"start": 947.57, "end": 947.85, "word": " let", "probability": 0.94970703125}, {"start": 947.85, "end": 948.03, "word": " us", "probability": 0.87890625}, {"start": 948.03, "end": 948.53, "word": " assume", "probability": 0.908203125}, {"start": 948.53, "end": 949.07, "word": " that", "probability": 0.9365234375}, {"start": 949.07, "end": 949.53, "word": " the", "probability": 0.90625}, {"start": 949.53, "end": 949.95, "word": " price", "probability": 0.89208984375}, {"start": 949.95, "end": 950.71, "word": " per", "probability": 0.93408203125}, 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The product is necessary for the consumer. He cannot give up it when the price goes up. So I expect that the quantity demanded will fall.", "tokens": [440, 11275, 28276, 307, 294, 338, 2750, 13, 440, 1674, 307, 4818, 337, 264, 9711, 13, 634, 2644, 976, 493, 309, 562, 264, 3218, 1709, 493, 13, 407, 286, 2066, 300, 264, 11275, 28276, 486, 2100, 13], "avg_logprob": -0.19685443726025129, "compression_ratio": 1.392, "no_speech_prob": 0.0, "words": [{"start": 956.5699999999999, "end": 957.29, "word": " The", "probability": 0.06280517578125}, {"start": 957.29, "end": 957.73, "word": " quantity", "probability": 0.8642578125}, {"start": 957.73, "end": 958.25, "word": " demanded", "probability": 0.927734375}, {"start": 958.25, "end": 958.55, "word": " is", "probability": 0.1937255859375}, {"start": 958.55, "end": 963.27, "word": " inelastic.", "probability": 0.8411458333333334}, {"start": 963.99, "end": 964.15, "word": " The", "probability": 0.7734375}, {"start": 964.15, "end": 964.41, "word": " product", "probability": 0.8740234375}, {"start": 964.41, "end": 964.65, "word": " is", "probability": 0.93994140625}, {"start": 964.65, "end": 965.07, "word": " necessary", "probability": 0.9052734375}, {"start": 965.07, "end": 965.27, "word": " for", "probability": 0.94384765625}, {"start": 965.27, "end": 965.41, "word": " the", "probability": 0.91064453125}, {"start": 965.41, "end": 965.93, "word": " consumer.", "probability": 0.859375}, {"start": 966.27, "end": 966.33, "word": " He", "probability": 0.9248046875}, {"start": 966.33, "end": 966.69, "word": " cannot", "probability": 0.8466796875}, {"start": 966.69, "end": 966.99, "word": " give", "probability": 0.89599609375}, {"start": 966.99, "end": 967.17, "word": " up", "probability": 0.9443359375}, {"start": 967.17, "end": 967.37, "word": " it", "probability": 0.7509765625}, {"start": 967.37, "end": 967.49, "word": " when", "probability": 0.923828125}, {"start": 967.49, "end": 967.63, "word": " the", "probability": 0.900390625}, {"start": 967.63, "end": 967.89, "word": " price", "probability": 0.904296875}, {"start": 967.89, "end": 968.21, "word": " goes", "probability": 0.93212890625}, {"start": 968.21, "end": 968.59, "word": " up.", "probability": 0.96923828125}, {"start": 969.05, "end": 969.25, "word": " So", "probability": 0.9287109375}, {"start": 969.25, "end": 970.29, "word": " I", "probability": 0.73388671875}, {"start": 970.29, "end": 970.75, "word": " expect", "probability": 0.93212890625}, {"start": 970.75, "end": 971.71, "word": " that", "probability": 0.931640625}, {"start": 971.71, "end": 972.13, "word": " the", "probability": 0.904296875}, {"start": 972.13, "end": 972.61, "word": " quantity", "probability": 0.9833984375}, {"start": 972.61, "end": 973.09, "word": " demanded", "probability": 0.9248046875}, {"start": 973.09, "end": 973.31, "word": " will", "probability": 0.873046875}, {"start": 973.31, "end": 973.75, "word": " fall.", "probability": 0.85107421875}], "temperature": 1.0}, {"id": 36, "seek": 100082, "start": 974.46, "end": 1000.82, "text": " or will decline by less than 10% because the product is necessary for the consumer. It's important for the consumer. The giving up is difficult here. So, the quantity demanded will go down by maybe two percent just. Just two percent, three percent, maybe. Okay? In this case, you're declining negative, positive,", "tokens": [420, 486, 15635, 538, 1570, 813, 1266, 4, 570, 264, 1674, 307, 4818, 337, 264, 9711, 13, 467, 311, 1021, 337, 264, 9711, 13, 440, 2902, 493, 307, 2252, 510, 13, 407, 11, 264, 11275, 28276, 486, 352, 760, 538, 1310, 732, 3043, 445, 13, 1449, 732, 3043, 11, 1045, 3043, 11, 1310, 13, 1033, 30, 682, 341, 1389, 11, 291, 434, 34298, 3671, 11, 3353, 11], "avg_logprob": -0.2151884129818748, "compression_ratio": 1.5194174757281553, "no_speech_prob": 0.0, "words": [{"start": 974.46, "end": 974.7, "word": " or", "probability": 0.344970703125}, {"start": 974.7, "end": 974.86, "word": " will", "probability": 0.744140625}, {"start": 974.86, "end": 975.38, "word": " decline", "probability": 0.86669921875}, {"start": 975.38, "end": 976.2, "word": " by", "probability": 0.96142578125}, {"start": 976.2, "end": 977.18, "word": " less", "probability": 0.9423828125}, {"start": 977.18, "end": 977.92, "word": " than", "probability": 0.93359375}, {"start": 977.92, "end": 978.3, "word": " 10", "probability": 0.93896484375}, {"start": 978.3, "end": 978.62, "word": "%", "probability": 0.5478515625}, {"start": 978.62, "end": 979.36, "word": " because", "probability": 0.8955078125}, {"start": 979.36, "end": 979.62, "word": " the", "probability": 0.87890625}, {"start": 979.62, "end": 979.88, "word": " product", "probability": 0.9130859375}, {"start": 979.88, "end": 980.22, "word": " is", "probability": 0.9482421875}, {"start": 980.22, "end": 980.68, "word": " necessary", "probability": 0.89501953125}, {"start": 980.68, "end": 980.96, "word": " for", "probability": 0.94775390625}, {"start": 980.96, "end": 981.1, "word": " the", "probability": 0.912109375}, {"start": 981.1, "end": 981.6, "word": " consumer.", "probability": 0.81591796875}, {"start": 982.06, "end": 982.3, "word": " It's", "probability": 0.97607421875}, {"start": 982.3, "end": 982.76, "word": " important", "probability": 0.87939453125}, {"start": 982.76, "end": 983.0, "word": " for", "probability": 0.9453125}, {"start": 983.0, "end": 983.18, "word": " the", "probability": 0.9150390625}, {"start": 983.18, "end": 983.66, "word": " consumer.", "probability": 0.822265625}, {"start": 984.18, "end": 984.3, "word": " The", "probability": 0.8291015625}, {"start": 984.3, "end": 984.56, "word": " giving", "probability": 0.91064453125}, {"start": 984.56, "end": 984.88, "word": " up", "probability": 0.97119140625}, {"start": 984.88, "end": 985.12, "word": " is", "probability": 0.94189453125}, {"start": 985.12, "end": 985.48, "word": " difficult", "probability": 0.9208984375}, {"start": 985.48, "end": 985.84, "word": " here.", "probability": 0.8603515625}, {"start": 987.02, "end": 987.36, "word": " So,", "probability": 0.955078125}, {"start": 987.8, "end": 987.96, "word": " the", "probability": 0.8603515625}, {"start": 987.96, "end": 988.36, "word": " quantity", "probability": 0.859375}, {"start": 988.36, "end": 988.9, "word": " demanded", "probability": 0.9365234375}, {"start": 988.9, "end": 989.16, "word": " will", "probability": 0.87939453125}, {"start": 989.16, "end": 989.56, "word": " go", "probability": 0.95703125}, {"start": 989.56, "end": 989.96, "word": " down", "probability": 0.8662109375}, {"start": 989.96, "end": 990.3, "word": " by", "probability": 0.9658203125}, {"start": 990.3, "end": 990.7, "word": " maybe", "probability": 0.88037109375}, {"start": 990.7, "end": 991.0, "word": " two", "probability": 0.33447265625}, {"start": 991.0, "end": 991.86, "word": " percent", "probability": 0.8369140625}, {"start": 991.86, "end": 992.26, "word": " just.", "probability": 0.61328125}, {"start": 992.96, "end": 993.24, "word": " Just", "probability": 0.888671875}, {"start": 993.24, "end": 993.46, "word": " two", "probability": 0.82275390625}, {"start": 993.46, "end": 993.88, "word": " percent,", "probability": 0.97265625}, {"start": 994.16, "end": 994.4, "word": " three", "probability": 0.71923828125}, {"start": 994.4, "end": 994.9, "word": " percent,", "probability": 0.9736328125}, {"start": 995.3, "end": 995.48, "word": " maybe.", "probability": 0.94091796875}, {"start": 996.24, "end": 996.46, "word": " Okay?", "probability": 0.75732421875}, {"start": 996.88, "end": 997.26, "word": " In", "probability": 0.9326171875}, {"start": 997.26, "end": 997.54, "word": " this", "probability": 0.94580078125}, {"start": 997.54, "end": 997.98, "word": " case,", "probability": 0.904296875}, {"start": 998.92, "end": 999.28, "word": " you're", "probability": 0.633544921875}, {"start": 999.28, "end": 999.7, "word": " declining", "probability": 0.94970703125}, {"start": 999.7, "end": 1000.22, "word": " negative,", "probability": 0.64697265625}, {"start": 1000.44, "end": 1000.82, "word": " positive,", "probability": 0.92822265625}], "temperature": 1.0}, {"id": 37, "seek": 103131, "start": 1002.49, "end": 1031.31, "text": " it will be minus 0.2, absolute value is less than one, so the demand is inelastic. Okay? Let's apply these results here by this formula or on this formula here. 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According to our assumption here, the price goes up by 10 percent. Is it correct? Then the price increased by 10 percent. That means Z increased by 10 percent. And the quantity demanded goes down by 2 percent.", "tokens": [6915, 264, 3218, 1413, 264, 11275, 28276, 11, 420, 11275, 3718, 420, 11275, 14734, 510, 13, 7328, 281, 527, 15302, 510, 11, 264, 3218, 1709, 493, 538, 1266, 3043, 13, 1119, 309, 3006, 30, 1396, 264, 3218, 6505, 538, 1266, 3043, 13, 663, 1355, 1176, 6505, 538, 1266, 3043, 13, 400, 264, 11275, 28276, 1709, 760, 538, 568, 3043, 13], "avg_logprob": -0.33580943209226016, "compression_ratio": 1.8580246913580247, "no_speech_prob": 0.0, "words": [{"start": 1032.31, "end": 1032.97, "word": " equals", "probability": 0.72509765625}, {"start": 1032.97, "end": 1033.47, "word": " the", "probability": 0.71728515625}, {"start": 1033.47, "end": 1033.85, "word": " price", "probability": 0.92041015625}, {"start": 1033.85, "end": 1034.19, "word": " times", "probability": 0.91796875}, {"start": 1034.19, "end": 1034.41, "word": " the", "probability": 0.6240234375}, {"start": 1034.41, "end": 1034.83, "word": " quantity", "probability": 0.984375}, {"start": 1034.83, "end": 1036.91, "word": " demanded,", "probability": 0.6953125}, {"start": 1037.49, "end": 1037.57, "word": " or", "probability": 0.87255859375}, {"start": 1037.57, "end": 1038.13, "word": " quantity", "probability": 0.18603515625}, {"start": 1038.13, "end": 1038.43, "word": " sold", "probability": 0.9169921875}, {"start": 1038.43, "end": 1038.57, "word": " or", "probability": 0.7587890625}, {"start": 1038.57, "end": 1038.79, "word": " quantity", "probability": 0.96142578125}, {"start": 1038.79, "end": 1039.15, "word": " purchased", "probability": 0.962890625}, {"start": 1039.15, "end": 1039.59, "word": " here.", "probability": 0.71484375}, {"start": 1040.25, "end": 1040.73, "word": " According", "probability": 0.9677734375}, {"start": 1040.73, "end": 1040.95, "word": " to", "probability": 0.962890625}, {"start": 1040.95, "end": 1041.11, "word": " our", "probability": 0.873046875}, {"start": 1041.11, "end": 1041.47, "word": " assumption", "probability": 0.97412109375}, {"start": 1041.47, "end": 1041.83, "word": " here,", "probability": 0.85595703125}, {"start": 1043.23, "end": 1043.61, "word": " the", "probability": 0.92236328125}, {"start": 1043.61, "end": 1044.07, "word": " price", "probability": 0.91357421875}, {"start": 1044.07, "end": 1044.75, "word": " goes", "probability": 0.94677734375}, {"start": 1044.75, "end": 1045.27, "word": " up", "probability": 0.97265625}, {"start": 1045.27, "end": 1045.69, "word": " by", "probability": 0.97265625}, {"start": 1045.69, "end": 1046.01, "word": " 10", "probability": 0.87939453125}, {"start": 1046.01, "end": 1046.43, "word": " percent.", "probability": 0.404052734375}, {"start": 1047.17, "end": 1047.17, "word": " Is", "probability": 0.039794921875}, {"start": 1047.17, "end": 1047.41, "word": " it", "probability": 0.441162109375}, {"start": 1047.41, "end": 1047.41, "word": " correct?", "probability": 0.416259765625}, {"start": 1047.75, "end": 1047.97, "word": " Then", "probability": 0.33642578125}, {"start": 1047.97, "end": 1048.09, "word": " the", "probability": 0.76416015625}, {"start": 1048.09, "end": 1048.39, "word": " price", "probability": 0.9140625}, {"start": 1048.39, "end": 1048.69, "word": " increased", "probability": 0.341552734375}, {"start": 1048.69, "end": 1050.25, "word": " by", "probability": 0.96728515625}, {"start": 1050.25, "end": 1050.59, "word": " 10", "probability": 0.927734375}, {"start": 1050.59, "end": 1051.05, "word": " percent.", "probability": 0.96240234375}, {"start": 1051.75, "end": 1051.81, "word": " That", "probability": 0.3046875}, {"start": 1051.81, "end": 1051.91, "word": " means", "probability": 0.55859375}, {"start": 1051.91, "end": 1052.21, "word": " Z", "probability": 0.363525390625}, {"start": 1052.21, "end": 1053.11, "word": " increased", "probability": 0.869140625}, {"start": 1053.11, "end": 1053.33, "word": " by", "probability": 0.97021484375}, {"start": 1053.33, "end": 1053.55, "word": " 10", "probability": 0.95703125}, {"start": 1053.55, "end": 1053.91, "word": " percent.", "probability": 0.9716796875}, {"start": 1054.95, "end": 1055.15, "word": " And", "probability": 0.3974609375}, {"start": 1055.15, "end": 1055.29, "word": " the", "probability": 0.90771484375}, {"start": 1055.29, "end": 1056.17, "word": " quantity", "probability": 0.9873046875}, {"start": 1056.17, "end": 1056.75, "word": " demanded", "probability": 0.94970703125}, {"start": 1056.75, "end": 1057.91, "word": " goes", "probability": 0.87890625}, {"start": 1057.91, "end": 1058.57, "word": " down", "probability": 0.857421875}, {"start": 1058.57, "end": 1059.67, "word": " by", "probability": 0.9736328125}, {"start": 1059.67, "end": 1060.01, "word": " 2", "probability": 0.75537109375}, {"start": 1060.01, "end": 1060.63, "word": " percent.", "probability": 0.96728515625}], "temperature": 1.0}, {"id": 39, "seek": 108885, "start": 1062.297, "end": 1088.86, "text": " Negative. Which has larger effect? The increasing in prices or the declining in the quantity here? Increasing in prices has larger impacts, larger effects. So here I expect that. Effect increasing to the revenue.", "tokens": [43230, 13, 3013, 575, 4833, 1802, 30, 440, 5662, 294, 7901, 420, 264, 34298, 294, 264, 11275, 510, 30, 30367, 3349, 294, 7901, 575, 4833, 11606, 11, 4833, 5065, 13, 407, 510, 286, 2066, 300, 13, 17764, 5662, 281, 264, 9324, 13], "avg_logprob": -0.4280523228090863, "compression_ratio": 1.5661764705882353, "no_speech_prob": 0.0, "words": [{"start": 1062.22, "end": 1062.68, "word": " Negative.", "probability": 0.56591796875}, {"start": 1063.9, "end": 1064.52, "word": " Which", "probability": 0.85791015625}, {"start": 1064.52, "end": 1064.92, "word": " has", "probability": 0.95361328125}, {"start": 1064.92, "end": 1065.44, "word": " larger", "probability": 0.91064453125}, {"start": 1065.44, "end": 1065.88, "word": " effect?", "probability": 0.87060546875}, {"start": 1067.12, "end": 1067.34, "word": " The", "probability": 0.87451171875}, {"start": 1067.34, "end": 1067.86, "word": " increasing", "probability": 0.88330078125}, {"start": 1067.86, 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41, "seek": 112695, "start": 1111.59, "end": 1126.95, "text": " To increase the total revenue. What is your advice to the producers? Exactly. This is the result here.", "tokens": [1407, 3488, 264, 3217, 9324, 13, 708, 307, 428, 5192, 281, 264, 16080, 30, 7587, 13, 639, 307, 264, 1874, 510, 13], "avg_logprob": -0.22826086567795795, "compression_ratio": 1.1318681318681318, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 1111.59, "end": 1111.79, "word": " To", "probability": 0.55859375}, {"start": 1111.79, "end": 1112.23, "word": " increase", "probability": 0.84716796875}, {"start": 1112.23, "end": 1112.39, "word": " the", "probability": 0.7578125}, {"start": 1112.39, "end": 1112.59, "word": " total", "probability": 0.55859375}, {"start": 1112.59, "end": 1112.97, "word": " revenue.", "probability": 0.900390625}, {"start": 1113.09, "end": 1113.29, "word": " What", "probability": 0.87744140625}, {"start": 1113.29, "end": 1113.53, "word": " is", "probability": 0.94287109375}, {"start": 1113.53, "end": 1113.71, "word": " your", "probability": 0.884765625}, {"start": 1113.71, "end": 1114.19, "word": " advice", "probability": 0.9228515625}, {"start": 1114.19, "end": 1114.39, "word": " to", "probability": 0.958984375}, {"start": 1114.39, "end": 1114.49, "word": " the", "probability": 0.8974609375}, {"start": 1114.49, "end": 1114.91, "word": " producers?", "probability": 0.86767578125}, {"start": 1115.33, "end": 1115.87, "word": " Exactly.", "probability": 0.71630859375}, {"start": 1119.01, "end": 1119.19, "word": " This", "probability": 0.35400390625}, {"start": 1119.19, "end": 1125.83, "word": " is", "probability": 0.9462890625}, {"start": 1125.83, "end": 1126.01, "word": " the", "probability": 0.9072265625}, {"start": 1126.01, "end": 1126.65, "word": " result", "probability": 0.93408203125}, {"start": 1126.65, "end": 1126.95, "word": " here.", "probability": 0.77587890625}], "temperature": 1.0}, {"id": 42, "seek": 115783, "start": 1129.85, "end": 1157.83, "text": " If the producer here or the seller here decided to decrease the prices, let us assume here we're talking about the demand for flour and the seller decided to decrease the prices by 10%, the quantity demanded will increase by 2%. What will happen to the total revenue here?", "tokens": [759, 264, 12314, 510, 420, 264, 23600, 510, 3047, 281, 11514, 264, 7901, 11, 718, 505, 6552, 510, 321, 434, 1417, 466, 264, 4733, 337, 7693, 293, 264, 23600, 3047, 281, 11514, 264, 7901, 538, 1266, 8923, 264, 11275, 28276, 486, 3488, 538, 568, 6856, 708, 486, 1051, 281, 264, 3217, 9324, 510, 30], "avg_logprob": -0.17258522727272727, "compression_ratio": 1.6646341463414633, "no_speech_prob": 0.0, "words": [{"start": 1129.85, "end": 1130.49, "word": " If", "probability": 0.85400390625}, {"start": 1130.49, "end": 1131.13, "word": " the", "probability": 0.896484375}, {"start": 1131.13, "end": 1131.73, "word": " producer", "probability": 0.9189453125}, {"start": 1131.73, "end": 1132.15, "word": " here", "probability": 0.83154296875}, {"start": 1132.15, "end": 1132.31, "word": " or", "probability": 0.74072265625}, {"start": 1132.31, "end": 1132.51, "word": " the", "probability": 0.92578125}, {"start": 1132.51, "end": 1132.77, "word": " seller", "probability": 0.9267578125}, {"start": 1132.77, "end": 1133.09, "word": " here", "probability": 0.8349609375}, {"start": 1133.09, "end": 1134.25, "word": " decided", "probability": 0.86962890625}, {"start": 1134.25, "end": 1134.63, "word": " to", "probability": 0.96923828125}, {"start": 1134.63, "end": 1135.25, "word": " decrease", "probability": 0.88720703125}, {"start": 1135.25, "end": 1135.43, "word": " the", "probability": 0.8955078125}, {"start": 1135.43, "end": 1135.85, "word": " prices,", "probability": 0.8818359375}, {"start": 1136.11, "end": 1136.51, "word": " let", "probability": 0.748046875}, {"start": 1136.51, "end": 1136.73, "word": " us", "probability": 0.86962890625}, {"start": 1136.73, "end": 1137.05, "word": " assume", "probability": 0.9140625}, {"start": 1137.05, "end": 1137.27, "word": " here", "probability": 0.84521484375}, {"start": 1137.27, "end": 1137.61, "word": " we're", "probability": 0.79150390625}, {"start": 1137.61, "end": 1137.87, "word": " talking", "probability": 0.853515625}, {"start": 1137.87, "end": 1138.13, "word": " about", "probability": 0.9033203125}, {"start": 1138.13, "end": 1138.25, "word": " the", "probability": 0.89794921875}, {"start": 1138.25, "end": 1138.47, "word": " demand", "probability": 0.9140625}, {"start": 1138.47, "end": 1138.67, "word": " for", "probability": 0.94970703125}, {"start": 1138.67, "end": 1138.99, "word": " flour", "probability": 0.76953125}, {"start": 1138.99, "end": 1139.75, "word": " and", "probability": 0.484375}, {"start": 1139.75, "end": 1140.23, "word": " the", "probability": 0.91162109375}, {"start": 1140.23, "end": 1141.63, "word": " seller", "probability": 0.9208984375}, {"start": 1141.63, "end": 1142.17, "word": " decided", "probability": 0.9453125}, {"start": 1142.17, "end": 1142.49, "word": " to", "probability": 0.96875}, {"start": 1142.49, "end": 1143.05, "word": " decrease", "probability": 0.8916015625}, {"start": 1143.05, "end": 1143.23, "word": " the", "probability": 0.884765625}, {"start": 1143.23, "end": 1143.67, "word": " prices", "probability": 0.88916015625}, {"start": 1143.67, "end": 1144.33, "word": " by", "probability": 0.96044921875}, {"start": 1144.33, "end": 1145.17, "word": " 10%,", "probability": 0.495849609375}, {"start": 1145.17, "end": 1149.75, "word": " the", "probability": 0.904296875}, {"start": 1149.75, "end": 1150.03, "word": " quantity", "probability": 0.7841796875}, {"start": 1150.03, "end": 1150.51, "word": " demanded", "probability": 0.916015625}, {"start": 1150.51, "end": 1150.77, "word": " will", "probability": 0.81787109375}, {"start": 1150.77, "end": 1151.31, "word": " increase", "probability": 0.86279296875}, {"start": 1151.31, "end": 1151.53, "word": " by", "probability": 0.96875}, {"start": 1151.53, "end": 1152.29, "word": " 2%.", "probability": 0.85205078125}, {"start": 1152.29, "end": 1156.23, "word": " What", "probability": 0.88916015625}, {"start": 1156.23, "end": 1156.41, "word": " will", "probability": 0.833984375}, {"start": 1156.41, "end": 1156.69, "word": " happen", "probability": 0.9140625}, {"start": 1156.69, "end": 1156.89, "word": " to", "probability": 0.96142578125}, {"start": 1156.89, "end": 1157.01, "word": " the", "probability": 0.90087890625}, {"start": 1157.01, "end": 1157.19, "word": " total", "probability": 0.9296875}, {"start": 1157.19, "end": 1157.53, "word": " revenue", "probability": 0.87841796875}, {"start": 1157.53, "end": 1157.83, "word": " here?", "probability": 0.53076171875}], "temperature": 1.0}, {"id": 43, "seek": 118804, "start": 1159.4, "end": 1188.04, "text": " It goes down. How do you mean? Total revenue. Another example for elastic demand. Demand for orange. Demand for orange. So here,", "tokens": [467, 1709, 760, 13, 1012, 360, 291, 914, 30, 23170, 9324, 13, 3996, 1365, 337, 17115, 4733, 13, 4686, 474, 337, 7671, 13, 4686, 474, 337, 7671, 13, 407, 510, 11], "avg_logprob": -0.469970709644258, "compression_ratio": 1.2647058823529411, "no_speech_prob": 0.0, "words": [{"start": 1159.4, "end": 1159.58, "word": " It", "probability": 0.60498046875}, {"start": 1159.58, "end": 1159.86, "word": " goes", "probability": 0.93017578125}, {"start": 1159.86, "end": 1160.36, "word": " down.", "probability": 0.859375}, {"start": 1160.84, "end": 1160.92, "word": " How", "probability": 0.10052490234375}, {"start": 1160.92, "end": 1161.02, "word": " do", "probability": 0.57958984375}, {"start": 1161.02, "end": 1161.12, "word": " you", "probability": 0.97119140625}, {"start": 1161.12, "end": 1161.66, "word": " mean?", "probability": 0.1915283203125}, {"start": 1161.82, "end": 1161.96, "word": " Total", "probability": 0.2296142578125}, {"start": 1161.96, "end": 1164.88, "word": " revenue.", "probability": 0.77392578125}, {"start": 1167.98, "end": 1168.98, "word": " Another", "probability": 0.3447265625}, {"start": 1168.98, "end": 1176.34, "word": " example", "probability": 0.96826171875}, {"start": 1176.34, "end": 1176.68, "word": " for", "probability": 0.7705078125}, {"start": 1176.68, "end": 1177.4, "word": " elastic", "probability": 0.25048828125}, {"start": 1177.4, "end": 1178.12, "word": " demand.", "probability": 0.9130859375}, {"start": 1178.96, "end": 1179.82, "word": " Demand", "probability": 0.939697265625}, {"start": 1179.82, "end": 1180.08, "word": " for", "probability": 0.94091796875}, {"start": 1180.08, "end": 1180.58, "word": " orange.", "probability": 0.70849609375}, {"start": 1182.36, "end": 1182.8, "word": " Demand", "probability": 0.798828125}, {"start": 1182.8, "end": 1185.04, "word": " for", "probability": 0.85107421875}, {"start": 1185.04, "end": 1186.1, "word": " orange.", "probability": 0.873046875}, {"start": 1186.72, "end": 1187.72, "word": " So", "probability": 0.93505859375}, {"start": 1187.72, "end": 1188.04, "word": " here,", "probability": 0.78369140625}], "temperature": 1.0}, {"id": 44, "seek": 121558, "start": 1189.31, "end": 1215.59, "text": " If the man was inelastic, if the man was inelastic, to increase total revenue, the producer, the seller should", "tokens": [759, 264, 587, 390, 294, 338, 2750, 11, 498, 264, 587, 390, 294, 338, 2750, 11, 281, 3488, 3217, 9324, 11, 264, 12314, 11, 264, 23600, 820], "avg_logprob": -0.16308593324252538, "compression_ratio": 1.4050632911392404, "no_speech_prob": 0.0, "words": [{"start": 1189.31, "end": 1189.75, "word": " If", "probability": 0.80419921875}, {"start": 1189.75, "end": 1190.01, "word": " the", "probability": 0.79150390625}, {"start": 1190.01, "end": 1190.33, "word": " man", "probability": 0.9296875}, {"start": 1190.33, "end": 1193.83, "word": " was", "probability": 0.8876953125}, {"start": 1193.83, "end": 1197.73, "word": " inelastic,", "probability": 0.9402669270833334}, {"start": 1198.27, "end": 1200.89, "word": " if", "probability": 0.775390625}, {"start": 1200.89, "end": 1201.03, "word": " the", "probability": 0.91796875}, {"start": 1201.03, "end": 1201.27, "word": " man", "probability": 0.94140625}, {"start": 1201.27, "end": 1201.67, "word": " was", "probability": 0.94970703125}, {"start": 1201.67, "end": 1202.75, "word": " inelastic,", "probability": 0.9376627604166666}, {"start": 1203.37, "end": 1204.69, "word": " to", "probability": 0.9423828125}, {"start": 1204.69, "end": 1205.47, "word": " increase", "probability": 0.86181640625}, {"start": 1205.47, "end": 1207.09, "word": " total", "probability": 0.818359375}, {"start": 1207.09, "end": 1208.33, "word": " revenue,", "probability": 0.89599609375}, {"start": 1209.75, "end": 1209.91, "word": " the", "probability": 0.8935546875}, {"start": 1209.91, "end": 1210.49, "word": " producer,", "probability": 0.91943359375}, {"start": 1213.41, "end": 1213.71, "word": " the", "probability": 0.92529296875}, {"start": 1213.71, "end": 1213.99, "word": " seller", "probability": 0.91796875}, {"start": 1213.99, "end": 1215.59, "word": " should", "probability": 0.55126953125}], "temperature": 1.0}, {"id": 45, "seek": 124343, "start": 1217.19, "end": 1243.43, "text": " Increase the price. This is my advice to you. Right? Let us assume that the demand for orange here, demand for orange is elastic, which means it's not very necessary for the consumer. The giving up is easy. It has many substitutes. Right? So the demand here is elastic.", "tokens": [30367, 651, 264, 3218, 13, 639, 307, 452, 5192, 281, 291, 13, 1779, 30, 961, 505, 6552, 300, 264, 4733, 337, 7671, 510, 11, 4733, 337, 7671, 307, 17115, 11, 597, 1355, 309, 311, 406, 588, 4818, 337, 264, 9711, 13, 440, 2902, 493, 307, 1858, 13, 467, 575, 867, 26441, 1819, 13, 1779, 30, 407, 264, 4733, 510, 307, 17115, 13], "avg_logprob": -0.1719990088826134, "compression_ratio": 1.5789473684210527, "no_speech_prob": 0.0, "words": [{"start": 1217.19, "end": 1217.81, "word": " Increase", "probability": 0.661376953125}, {"start": 1217.81, "end": 1217.97, "word": " the", "probability": 0.86083984375}, {"start": 1217.97, "end": 1218.37, "word": " price.", "probability": 0.88720703125}, {"start": 1218.81, "end": 1218.97, "word": " This", "probability": 0.88916015625}, {"start": 1218.97, "end": 1219.11, "word": " is", "probability": 0.9482421875}, {"start": 1219.11, "end": 1219.29, "word": " my", "probability": 0.970703125}, {"start": 1219.29, "end": 1219.69, "word": " advice", "probability": 0.916015625}, {"start": 1219.69, "end": 1219.85, "word": " to", "probability": 0.90771484375}, {"start": 1219.85, "end": 1220.29, "word": " you.", "probability": 0.6923828125}, {"start": 1222.11, "end": 1222.45, "word": " Right?", "probability": 0.6865234375}, {"start": 1223.67, "end": 1224.11, "word": " Let", "probability": 0.58056640625}, {"start": 1224.11, "end": 1224.37, "word": " us", "probability": 0.8779296875}, {"start": 1224.37, "end": 1225.47, "word": " assume", "probability": 0.9091796875}, {"start": 1225.47, "end": 1225.73, "word": " that", "probability": 0.7490234375}, {"start": 1225.73, "end": 1225.93, "word": " the", "probability": 0.89697265625}, {"start": 1225.93, "end": 1226.27, "word": " demand", "probability": 0.921875}, {"start": 1226.27, "end": 1226.53, "word": " for", "probability": 0.94873046875}, {"start": 1226.53, "end": 1227.07, "word": " orange", "probability": 0.80908203125}, {"start": 1227.07, "end": 1227.35, "word": " here,", "probability": 0.8017578125}, {"start": 1227.53, "end": 1227.85, "word": " demand", "probability": 0.7197265625}, {"start": 1227.85, "end": 1228.13, "word": " for", "probability": 0.94775390625}, {"start": 1228.13, "end": 1228.53, "word": " orange", "probability": 0.86865234375}, {"start": 1228.53, "end": 1228.99, "word": " is", "probability": 0.927734375}, {"start": 1228.99, "end": 1230.47, "word": " elastic,", "probability": 0.9541015625}, {"start": 1230.77, "end": 1230.93, "word": " which", "probability": 0.94091796875}, {"start": 1230.93, "end": 1231.27, "word": " means", "probability": 0.93505859375}, {"start": 1231.27, "end": 1232.35, "word": " it's", "probability": 0.890625}, {"start": 1232.35, "end": 1232.59, "word": " not", "probability": 0.90283203125}, {"start": 1232.59, "end": 1233.91, "word": " very", "probability": 0.82568359375}, {"start": 1233.91, "end": 1234.31, "word": " necessary", "probability": 0.90673828125}, {"start": 1234.31, "end": 1234.57, "word": " for", "probability": 0.9443359375}, {"start": 1234.57, "end": 1234.75, "word": " the", "probability": 0.91552734375}, {"start": 1234.75, "end": 1235.33, "word": " consumer.", "probability": 0.814453125}, {"start": 1235.73, "end": 1235.83, "word": " The", "probability": 0.7607421875}, {"start": 1235.83, "end": 1236.13, "word": " giving", "probability": 0.904296875}, {"start": 1236.13, "end": 1236.43, "word": " up", "probability": 0.9638671875}, {"start": 1236.43, "end": 1236.71, "word": " is", "probability": 0.94482421875}, {"start": 1236.71, "end": 1237.29, "word": " easy.", "probability": 0.91650390625}, {"start": 1237.45, "end": 1237.61, "word": " It", "probability": 0.9658203125}, {"start": 1237.61, "end": 1237.99, "word": " has", "probability": 0.947265625}, {"start": 1237.99, "end": 1238.55, "word": " many", "probability": 0.8994140625}, {"start": 1238.55, "end": 1239.35, "word": " substitutes.", "probability": 0.920166015625}, {"start": 1240.29, "end": 1240.53, "word": " Right?", "probability": 0.8037109375}, {"start": 1240.89, "end": 1241.17, "word": " So", "probability": 0.9560546875}, {"start": 1241.17, "end": 1241.75, "word": " the", "probability": 0.65625}, {"start": 1241.75, "end": 1242.07, "word": " demand", "probability": 0.9326171875}, {"start": 1242.07, "end": 1242.33, "word": " here", "probability": 0.85302734375}, {"start": 1242.33, "end": 1242.77, "word": " is", "probability": 0.9453125}, {"start": 1242.77, "end": 1243.43, "word": " elastic.", "probability": 0.9599609375}], "temperature": 1.0}, {"id": 46, "seek": 127369, "start": 1245.31, "end": 1273.69, "text": " Which means that price elasticity of demand, ED, equals change in quantity by the percent over change in price percent. 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The total revenue for the producers or the sellers who sell orange, total revenue price times the quantity. So according to our assumption here, increasing the prices by 10% leads to a decline in the quantity demanded by 30%. Positive, increasing, decreasing by 30%, which has larger effects.", "tokens": [1057, 558, 11, 586, 718, 505, 3079, 341, 8513, 510, 13, 440, 3217, 9324, 337, 264, 16080, 420, 264, 31276, 567, 3607, 7671, 11, 3217, 9324, 3218, 1413, 264, 11275, 13, 407, 4650, 281, 527, 15302, 510, 11, 5662, 264, 7901, 538, 1266, 4, 6689, 281, 257, 15635, 294, 264, 11275, 28276, 538, 2217, 6856, 46326, 11, 5662, 11, 23223, 538, 2217, 8923, 597, 575, 4833, 5065, 13], "avg_logprob": -0.16304347221402155, "compression_ratio": 1.619047619047619, "no_speech_prob": 0.0, "words": [{"start": 1275.34, "end": 1275.6, "word": " All", "probability": 0.6337890625}, {"start": 1275.6, "end": 1275.78, "word": " right,", "probability": 0.91552734375}, {"start": 1276.1, "end": 1276.44, "word": " now", "probability": 0.93896484375}, {"start": 1276.44, "end": 1276.7, "word": " let", "probability": 0.783203125}, {"start": 1276.7, "end": 1276.84, "word": " us", "probability": 0.892578125}, {"start": 1276.84, "end": 1277.24, 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It's bigger than the increasing effect. Exactly. So total revenue will go down here. If the producer or the seller decided to decrease the prices, to increase the price, total revenue will decline.", "tokens": [440, 11275, 295, 1319, 4739, 28276, 2217, 6856, 467, 311, 3801, 813, 264, 5662, 1802, 13, 7587, 13, 407, 3217, 9324, 486, 352, 760, 510, 13, 759, 264, 12314, 420, 264, 23600, 3047, 281, 11514, 264, 7901, 11, 281, 3488, 264, 3218, 11, 3217, 9324, 486, 15635, 13], "avg_logprob": -0.26004465258851345, "compression_ratio": 1.4878048780487805, "no_speech_prob": 0.0, "words": [{"start": 1305.55, "end": 1305.77, "word": " The", "probability": 0.21484375}, {"start": 1305.77, "end": 1306.21, "word": " quantity", "probability": 0.880859375}, {"start": 1306.21, "end": 1306.45, "word": " of", "probability": 0.483154296875}, {"start": 1306.45, "end": 1306.81, "word": " change", "probability": 0.75}, {"start": 1306.81, "end": 1307.15, "word": " required", "probability": 0.3232421875}, {"start": 1307.15, "end": 1307.65, "word": " demanded", "probability": 0.69970703125}, {"start": 1307.65, "end": 1308.49, "word": " 30%.", "probability": 0.4215087890625}, {"start": 1308.49, "end": 1310.45, "word": " It's", "probability": 0.55804443359375}, {"start": 1310.45, "end": 1310.65, "word": " bigger", "probability": 0.9638671875}, {"start": 1310.65, "end": 1310.97, "word": " than", "probability": 0.94775390625}, {"start": 1310.97, "end": 1311.55, "word": " the", "probability": 0.86767578125}, {"start": 1311.55, "end": 1312.09, "word": " increasing", "probability": 0.9541015625}, {"start": 1312.09, "end": 1312.45, "word": " effect.", "probability": 0.88623046875}, {"start": 1315.15, "end": 1315.69, "word": " Exactly.", "probability": 0.56884765625}, {"start": 1316.93, "end": 1316.97, "word": " So", "probability": 0.29541015625}, {"start": 1316.97, "end": 1319.65, "word": " total", "probability": 0.80224609375}, {"start": 1319.65, "end": 1320.09, "word": " revenue", "probability": 0.89599609375}, {"start": 1320.09, "end": 1320.75, "word": " will", "probability": 0.86865234375}, {"start": 1320.75, "end": 1321.27, "word": " go", "probability": 0.96923828125}, {"start": 1321.27, "end": 1321.65, "word": " down", "probability": 0.86962890625}, {"start": 1321.65, "end": 1321.97, "word": " here.", "probability": 0.82421875}, {"start": 1322.21, "end": 1322.51, "word": " If", "probability": 0.96484375}, {"start": 1322.51, "end": 1322.71, "word": " the", "probability": 0.91162109375}, {"start": 1322.71, "end": 1323.17, "word": " producer", "probability": 0.8955078125}, {"start": 1323.17, "end": 1323.43, "word": " or", "probability": 0.8212890625}, {"start": 1323.43, "end": 1323.55, "word": " the", "probability": 0.89306640625}, {"start": 1323.55, "end": 1323.81, "word": " seller", "probability": 0.8955078125}, {"start": 1323.81, "end": 1325.15, "word": " decided", "probability": 0.86181640625}, {"start": 1325.15, "end": 1325.49, "word": " to", "probability": 0.9697265625}, {"start": 1325.49, "end": 1326.09, "word": " decrease", "probability": 0.88427734375}, {"start": 1326.09, "end": 1326.31, "word": " the", "probability": 0.69384765625}, {"start": 1326.31, "end": 1326.75, "word": " prices,", "probability": 0.85498046875}, {"start": 1328.33, "end": 1328.47, "word": " to", "probability": 0.95361328125}, {"start": 1328.47, "end": 1328.83, "word": " increase", "probability": 0.875}, {"start": 1328.83, "end": 1328.99, "word": " the", "probability": 0.91650390625}, {"start": 1328.99, "end": 1329.37, "word": " price,", "probability": 0.9072265625}, {"start": 1329.71, "end": 1329.97, "word": " total", "probability": 0.84033203125}, {"start": 1329.97, "end": 1330.25, "word": " revenue", "probability": 0.8681640625}, {"start": 1330.25, "end": 1330.43, "word": " will", "probability": 0.7734375}, {"start": 1330.43, "end": 1330.71, "word": " decline.", "probability": 0.91455078125}], "temperature": 1.0}, {"id": 49, "seek": 136450, "start": 1359.92, "end": 1364.5, "text": " Increasing for prices by 10%.", "tokens": [30367, 3349, 337, 7901, 538, 1266, 6856], "avg_logprob": -0.7802734598517418, "compression_ratio": 0.7894736842105263, "no_speech_prob": 0.0, "words": [{"start": 1359.9199999999998, "end": 1360.84, "word": " Increasing", "probability": 0.48308563232421875}, {"start": 1360.84, "end": 1361.0, "word": " for", "probability": 0.287109375}, {"start": 1361.0, "end": 1361.42, "word": " prices", "probability": 0.59521484375}, {"start": 1361.42, "end": 1361.88, "word": " by", "probability": 0.96875}, {"start": 1361.88, "end": 1364.5, "word": " 10%.", "probability": 0.2552490234375}], "temperature": 1.0}, {"id": 50, "seek": 139458, "start": 1365.88, "end": 1394.58, "text": " The quantity demanded went up by 30%. What is the effect? The B effect is higher than the downward effect. Right? So Twitter revenue will increase. If the product is elastic or the demand for your product is elastic, I advise you to decrease the price in order to maximize the Twitter revenue. Okay?", "tokens": [440, 11275, 28276, 1437, 493, 538, 2217, 6856, 708, 307, 264, 1802, 30, 440, 363, 1802, 307, 2946, 813, 264, 24805, 1802, 13, 1779, 30, 407, 5794, 9324, 486, 3488, 13, 759, 264, 1674, 307, 17115, 420, 264, 4733, 337, 428, 1674, 307, 17115, 11, 286, 18312, 291, 281, 11514, 264, 3218, 294, 1668, 281, 19874, 264, 5794, 9324, 13, 1033, 30], "avg_logprob": -0.41964286755001734, "compression_ratio": 1.6042780748663101, "no_speech_prob": 0.0, "words": [{"start": 1365.88, "end": 1366.34, "word": " The", "probability": 0.05072021484375}, {"start": 1366.34, "end": 1366.74, "word": " quantity", "probability": 0.77294921875}, {"start": 1366.74, "end": 1367.18, "word": " demanded", "probability": 0.8935546875}, {"start": 1367.18, "end": 1367.44, "word": " went", "probability": 0.1651611328125}, {"start": 1367.44, "end": 1367.56, "word": " up", "probability": 0.77001953125}, {"start": 1367.56, "end": 1367.68, "word": " by", "probability": 0.8017578125}, {"start": 1367.68, "end": 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1396.29, "end": 1424.23, "text": " All right? All right. Let's have numerical examples or other examples. The unit or elastic? If the demand is unit or elastic. If the sellers increase the price by 10 percent.", "tokens": [1057, 558, 30, 1057, 558, 13, 961, 311, 362, 29054, 5110, 420, 661, 5110, 13, 440, 4985, 420, 17115, 30, 759, 264, 4733, 307, 4985, 420, 17115, 13, 759, 264, 31276, 3488, 264, 3218, 538, 1266, 3043, 13], "avg_logprob": -0.352363788164579, "compression_ratio": 1.4227642276422765, "no_speech_prob": 0.0, "words": [{"start": 1396.29, "end": 1396.53, "word": " All", "probability": 0.307373046875}, {"start": 1396.53, "end": 1396.63, "word": " right?", "probability": 0.84423828125}, {"start": 1396.97, "end": 1397.27, "word": " All", "probability": 0.2376708984375}, {"start": 1397.27, "end": 1397.87, "word": " right.", "probability": 0.9140625}, {"start": 1398.15, "end": 1398.51, "word": " Let's", "probability": 0.965576171875}, {"start": 1398.51, "end": 1398.75, "word": " have", "probability": 0.95068359375}, {"start": 1398.75, "end": 1399.13, "word": " numerical", "probability": 0.8115234375}, {"start": 1399.13, "end": 1399.79, "word": " examples", "probability": 0.841796875}, {"start": 1399.79, "end": 1400.89, "word": " or", "probability": 0.72314453125}, {"start": 1400.89, "end": 1401.15, "word": " other", "probability": 0.90966796875}, {"start": 1401.15, "end": 1402.17, "word": " examples.", "probability": 0.85693359375}, {"start": 1407.29, "end": 1407.67, "word": " The", "probability": 0.1580810546875}, {"start": 1407.67, "end": 1407.89, "word": " unit", "probability": 0.7744140625}, {"start": 1407.89, "end": 1408.07, "word": " or", "probability": 0.4296875}, {"start": 1408.07, "end": 1408.45, "word": " elastic?", "probability": 0.740234375}, {"start": 1416.95, "end": 1417.59, "word": " If", "probability": 0.68115234375}, {"start": 1417.59, "end": 1417.95, "word": " the", "probability": 0.7021484375}, {"start": 1417.95, "end": 1418.27, "word": " demand", "probability": 0.52783203125}, {"start": 1418.27, "end": 1418.55, "word": " is", "probability": 0.85693359375}, {"start": 1418.55, "end": 1418.85, "word": " unit", "probability": 0.576171875}, {"start": 1418.85, "end": 1419.05, "word": " or", "probability": 0.955078125}, {"start": 1419.05, "end": 1419.45, "word": " elastic.", "probability": 0.9541015625}, {"start": 1419.57, "end": 1419.73, "word": " If", "probability": 0.2939453125}, {"start": 1419.73, "end": 1420.25, "word": " the", "probability": 0.76953125}, {"start": 1420.25, "end": 1421.89, "word": " sellers", "probability": 0.83251953125}, {"start": 1421.89, "end": 1422.97, "word": " increase", "probability": 0.8046875}, {"start": 1422.97, "end": 1423.15, "word": " the", "probability": 0.88671875}, {"start": 1423.15, "end": 1423.39, "word": " price", "probability": 0.90625}, {"start": 1423.39, "end": 1423.59, "word": " by", "probability": 0.97216796875}, {"start": 1423.59, "end": 1423.81, "word": " 10", "probability": 0.75341796875}, {"start": 1423.81, "end": 1424.23, "word": " percent.", "probability": 0.468505859375}], "temperature": 1.0}, {"id": 52, "seek": 144317, "start": 1428.43, "end": 1443.17, "text": " If the demand was unitary elastic, my advice to you is to keep the price fixed. Cannister. The same total revenue.", "tokens": [759, 264, 4733, 390, 517, 4109, 17115, 11, 452, 5192, 281, 291, 307, 281, 1066, 264, 3218, 6806, 13, 29866, 468, 260, 13, 440, 912, 3217, 9324, 13], "avg_logprob": -0.3254310303720935, "compression_ratio": 1.15, "no_speech_prob": 0.0, "words": [{"start": 1428.43, "end": 1429.51, "word": " If", "probability": 0.1160888671875}, {"start": 1429.51, "end": 1430.59, "word": " the", "probability": 0.68017578125}, {"start": 1430.59, "end": 1431.03, "word": " demand", "probability": 0.87353515625}, {"start": 1431.03, "end": 1431.49, "word": " was", "probability": 0.7275390625}, {"start": 1431.49, "end": 1432.07, "word": " unitary", "probability": 0.7431640625}, {"start": 1432.07, "end": 1432.69, "word": " elastic,", "probability": 0.94287109375}, {"start": 1433.33, "end": 1434.01, "word": " my", "probability": 0.947265625}, {"start": 1434.01, "end": 1434.55, "word": " advice", "probability": 0.9375}, {"start": 1434.55, "end": 1434.75, "word": " to", "probability": 0.8291015625}, {"start": 1434.75, "end": 1434.85, "word": " you", "probability": 0.96533203125}, {"start": 1434.85, "end": 1435.07, "word": " is", "probability": 0.93603515625}, {"start": 1435.07, "end": 1435.37, "word": " to", "probability": 0.955078125}, {"start": 1435.37, "end": 1435.83, "word": " keep", "probability": 0.908203125}, {"start": 1435.83, "end": 1436.07, "word": " the", "probability": 0.916015625}, {"start": 1436.07, "end": 1436.53, "word": " price", "probability": 0.9287109375}, {"start": 1436.53, "end": 1437.13, "word": " fixed.", "probability": 0.93701171875}, {"start": 1438.15, "end": 1439.23, "word": " Cannister.", "probability": 0.5399576822916666}, {"start": 1439.85, "end": 1440.01, "word": " The", "probability": 0.309326171875}, {"start": 1440.01, "end": 1441.81, "word": " same", "probability": 0.86962890625}, {"start": 1441.81, "end": 1442.85, "word": " total", "probability": 0.90576171875}, {"start": 1442.85, "end": 1443.17, "word": " revenue.", "probability": 0.8623046875}], "temperature": 1.0}, {"id": 53, "seek": 148441, "start": 1473.57, "end": 1484.41, "text": " If the demand is elastic. Demand is elastic means that the product has so many substitutes.", "tokens": [759, 264, 4733, 307, 17115, 13, 4686, 474, 307, 17115, 1355, 300, 264, 1674, 575, 370, 867, 26441, 1819, 13], "avg_logprob": -0.21763392857142858, "compression_ratio": 1.1948051948051948, "no_speech_prob": 0.0, "words": [{"start": 1473.5699999999997, "end": 1474.7099999999998, "word": " If", "probability": 0.1187744140625}, {"start": 1474.7099999999998, "end": 1475.85, "word": " the", "probability": 0.845703125}, {"start": 1475.85, "end": 1476.23, "word": " demand", "probability": 0.90576171875}, {"start": 1476.23, "end": 1476.63, "word": " is", "probability": 0.9521484375}, {"start": 1476.63, "end": 1477.23, "word": " elastic.", "probability": 0.9697265625}, {"start": 1477.93, "end": 1478.59, "word": " Demand", "probability": 0.9560546875}, {"start": 1478.59, "end": 1478.79, "word": " is", "probability": 0.923828125}, {"start": 1478.79, "end": 1479.25, "word": " elastic", "probability": 0.9677734375}, {"start": 1479.25, "end": 1479.81, "word": " means", "probability": 0.93310546875}, {"start": 1479.81, "end": 1481.11, "word": " that", "probability": 0.84912109375}, {"start": 1481.11, "end": 1481.31, "word": " the", "probability": 0.89404296875}, {"start": 1481.31, "end": 1481.67, "word": " product", "probability": 0.9150390625}, {"start": 1481.67, "end": 1482.25, "word": " has", "probability": 0.94189453125}, {"start": 1482.25, "end": 1482.95, "word": " so", "probability": 0.94482421875}, {"start": 1482.95, "end": 1483.41, "word": " many", "probability": 0.9013671875}, {"start": 1483.41, "end": 1484.41, "word": " substitutes.", "probability": 0.8330078125}], "temperature": 1.0}, {"id": 54, "seek": 150893, "start": 1485.25, "end": 1508.93, "text": " So many alternatives, all right? And the product is not necessary for the consumer, and it's easy to give up it when the price goes up, okay? Like the demand for apple, like the demand for orange, the product is not necessary, any product that's not necessary for the consumer, all right? The demand is elastic.", "tokens": [407, 867, 20478, 11, 439, 558, 30, 400, 264, 1674, 307, 406, 4818, 337, 264, 9711, 11, 293, 309, 311, 1858, 281, 976, 493, 309, 562, 264, 3218, 1709, 493, 11, 1392, 30, 1743, 264, 4733, 337, 10606, 11, 411, 264, 4733, 337, 7671, 11, 264, 1674, 307, 406, 4818, 11, 604, 1674, 300, 311, 406, 4818, 337, 264, 9711, 11, 439, 558, 30, 440, 4733, 307, 17115, 13], "avg_logprob": -0.15937499872275762, "compression_ratio": 1.8795180722891567, "no_speech_prob": 0.0, "words": [{"start": 1485.25, "end": 1485.57, "word": " So", "probability": 0.78271484375}, {"start": 1485.57, "end": 1485.91, "word": " many", "probability": 0.89697265625}, {"start": 1485.91, "end": 1486.93, "word": " alternatives,", "probability": 0.8896484375}, {"start": 1487.59, "end": 1487.77, "word": " all", "probability": 0.62060546875}, {"start": 1487.77, "end": 1487.95, "word": " right?", "probability": 0.91552734375}, {"start": 1488.33, "end": 1488.73, "word": " And", "probability": 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Demand for orange is not necessary for the consumer or it has someone substitute according to our assumption here that we will assume that the price goes up by 10%.", "tokens": [18050, 6915, 1319, 294, 4733, 3043, 670, 1319, 294, 3218, 3043, 13, 4686, 474, 337, 7671, 307, 406, 4818, 337, 264, 9711, 420, 309, 575, 1580, 15802, 4650, 281, 527, 15302, 510, 300, 321, 486, 6552, 300, 264, 3218, 1709, 493, 538, 1266, 6856], "avg_logprob": -0.18437500264909532, "compression_ratio": 1.5436241610738255, "no_speech_prob": 0.0, "words": [{"start": 1511.05, "end": 1511.77, "word": " ED", "probability": 0.3623046875}, {"start": 1511.77, "end": 1512.49, "word": " equals", "probability": 0.8876953125}, {"start": 1512.49, "end": 1512.81, "word": " change", "probability": 0.783203125}, {"start": 1512.81, "end": 1512.95, "word": " in", "probability": 0.904296875}, {"start": 1512.95, "end": 1513.25, "word": " demand", "probability": 0.71923828125}, {"start": 1513.25, "end": 1513.89, "word": " percent", "probability": 0.305908203125}, {"start": 1513.89, "end": 1514.31, "word": " over", "probability": 0.85009765625}, {"start": 1514.31, "end": 1514.69, "word": " change", "probability": 0.80322265625}, {"start": 1514.69, "end": 1514.81, "word": " in", "probability": 0.92333984375}, {"start": 1514.81, "end": 1515.09, "word": " price", "probability": 0.87841796875}, {"start": 1515.09, "end": 1515.57, "word": " percent.", "probability": 0.96484375}, {"start": 1517.25, "end": 1517.61, "word": " Demand", "probability": 0.927734375}, {"start": 1517.61, "end": 1517.81, "word": " for", "probability": 0.91455078125}, {"start": 1517.81, "end": 1518.17, "word": " orange", "probability": 0.67333984375}, {"start": 1518.17, "end": 1518.97, "word": " is", "probability": 0.9306640625}, {"start": 1518.97, "end": 1519.21, "word": " not", "probability": 0.9482421875}, {"start": 1519.21, "end": 1519.71, "word": " necessary", "probability": 0.896484375}, {"start": 1519.71, "end": 1520.07, "word": " for", "probability": 0.94677734375}, {"start": 1520.07, "end": 1520.29, "word": " the", "probability": 0.9052734375}, {"start": 1520.29, "end": 1520.73, "word": " consumer", "probability": 0.83837890625}, {"start": 1520.73, "end": 1520.99, "word": " or", "probability": 0.481689453125}, {"start": 1520.99, "end": 1521.27, "word": " it", "probability": 0.9296875}, {"start": 1521.27, "end": 1521.59, "word": " has", "probability": 0.93701171875}, {"start": 1521.59, "end": 1522.17, "word": " someone", "probability": 0.4970703125}, {"start": 1522.17, "end": 1522.63, "word": " substitute", "probability": 0.8056640625}, {"start": 1522.63, "end": 1523.09, "word": " according", "probability": 0.86181640625}, {"start": 1523.09, "end": 1523.27, "word": " to", "probability": 0.95556640625}, {"start": 1523.27, "end": 1523.43, "word": " our", "probability": 0.87939453125}, {"start": 1523.43, "end": 1523.81, "word": " assumption", "probability": 0.9775390625}, {"start": 1523.81, "end": 1524.13, "word": " here", "probability": 0.8564453125}, {"start": 1524.13, "end": 1524.69, "word": " that", "probability": 0.77978515625}, {"start": 1524.69, "end": 1525.25, "word": " we", "probability": 0.9462890625}, {"start": 1525.25, "end": 1525.47, "word": " will", "probability": 0.890625}, {"start": 1525.47, "end": 1526.09, "word": " assume", "probability": 0.90576171875}, {"start": 1526.09, "end": 1526.41, "word": " that", "probability": 0.93212890625}, {"start": 1526.41, "end": 1526.61, "word": " the", "probability": 0.9052734375}, {"start": 1526.61, "end": 1526.97, "word": " price", "probability": 0.8994140625}, {"start": 1526.97, "end": 1527.45, "word": " goes", "probability": 0.9365234375}, {"start": 1527.45, "end": 1527.83, "word": " up", "probability": 0.966796875}, {"start": 1527.83, "end": 1528.13, "word": " by", "probability": 0.9697265625}, {"start": 1528.13, "end": 1528.73, "word": " 10%.", "probability": 0.849609375}], "temperature": 1.0}, {"id": 56, "seek": 155507, "start": 1530.43, "end": 1555.07, "text": " according to our assumption or expectation that the quantity demanded will go down by 20%, 40%, 33, it's bigger than 10%, right? Now, total revenue equals the price times the quantity. If the producer here, or the seller, increase the prices by 10%,", "tokens": [4650, 281, 527, 15302, 420, 14334, 300, 264, 11275, 28276, 486, 352, 760, 538, 945, 8923, 3356, 8923, 11816, 11, 309, 311, 3801, 813, 1266, 8923, 558, 30, 823, 11, 3217, 9324, 6915, 264, 3218, 1413, 264, 11275, 13, 759, 264, 12314, 510, 11, 420, 264, 23600, 11, 3488, 264, 7901, 538, 1266, 8923], "avg_logprob": -0.19417614178224044, "compression_ratio": 1.4367816091954022, "no_speech_prob": 0.0, "words": [{"start": 1530.43, "end": 1530.91, "word": " according", "probability": 0.67236328125}, {"start": 1530.91, "end": 1531.09, "word": " to", "probability": 0.9599609375}, {"start": 1531.09, "end": 1531.27, "word": " our", "probability": 0.8916015625}, {"start": 1531.27, "end": 1531.83, "word": " assumption", "probability": 0.9775390625}, {"start": 1531.83, "end": 1532.31, "word": " or", "probability": 0.736328125}, {"start": 1532.31, "end": 1533.13, "word": " expectation", "probability": 0.9404296875}, {"start": 1533.13, "end": 1533.81, "word": " that", "probability": 0.765625}, {"start": 1533.81, "end": 1534.03, "word": " the", "probability": 0.9111328125}, {"start": 1534.03, "end": 1534.43, "word": " quantity", "probability": 0.98291015625}, {"start": 1534.43, "end": 1534.89, "word": " demanded", "probability": 0.92626953125}, {"start": 1534.89, "end": 1535.17, "word": " will", "probability": 0.8896484375}, {"start": 1535.17, "end": 1535.49, "word": " go", "probability": 0.958984375}, {"start": 1535.49, "end": 1535.87, "word": " down", "probability": 0.8642578125}, {"start": 1535.87, "end": 1536.19, "word": " by", "probability": 0.96533203125}, {"start": 1536.19, "end": 1537.45, "word": " 20%,", "probability": 0.836181640625}, {"start": 1537.45, "end": 1539.05, "word": " 40%,", "probability": 0.9189453125}, {"start": 1539.05, "end": 1539.55, "word": " 33,", "probability": 0.615234375}, {"start": 1539.81, "end": 1540.29, "word": " it's", "probability": 0.9580078125}, {"start": 1540.29, "end": 1541.05, "word": " bigger", "probability": 0.9521484375}, {"start": 1541.05, "end": 1541.33, "word": " than", "probability": 0.93408203125}, {"start": 1541.33, "end": 1541.95, "word": " 10%,", "probability": 0.6390380859375}, {"start": 1541.95, "end": 1542.95, "word": " right?", "probability": 0.6728515625}, {"start": 1543.27, "end": 1543.97, "word": " Now,", "probability": 0.8935546875}, {"start": 1544.09, "end": 1544.29, "word": " total", "probability": 0.8828125}, {"start": 1544.29, "end": 1544.73, "word": " revenue", "probability": 0.90234375}, {"start": 1544.73, "end": 1546.53, "word": " equals", "probability": 0.873046875}, {"start": 1546.53, "end": 1546.73, "word": " the", "probability": 0.65771484375}, {"start": 1546.73, "end": 1546.95, "word": " price", "probability": 0.92529296875}, {"start": 1546.95, "end": 1547.21, "word": " times", "probability": 0.91943359375}, {"start": 1547.21, "end": 1547.37, "word": " the", "probability": 0.78173828125}, {"start": 1547.37, "end": 1547.73, "word": " quantity.", "probability": 0.9873046875}, {"start": 1549.97, "end": 1550.41, "word": " If", "probability": 0.97216796875}, {"start": 1550.41, "end": 1550.67, "word": " the", "probability": 0.9169921875}, {"start": 1550.67, "end": 1551.15, "word": " producer", "probability": 0.916015625}, {"start": 1551.15, "end": 1551.59, "word": " here,", "probability": 0.826171875}, {"start": 1551.65, "end": 1551.85, "word": " or", "probability": 0.966796875}, {"start": 1551.85, "end": 1552.05, "word": " the", "probability": 0.92919921875}, {"start": 1552.05, "end": 1552.29, "word": " seller,", "probability": 0.9365234375}, {"start": 1552.91, "end": 1553.45, "word": " increase", "probability": 0.509765625}, {"start": 1553.45, "end": 1553.67, "word": " the", "probability": 0.74462890625}, {"start": 1553.67, "end": 1554.03, "word": " prices", "probability": 0.8681640625}, {"start": 1554.03, "end": 1554.39, "word": " by", "probability": 0.97216796875}, {"start": 1554.39, "end": 1555.07, "word": " 10%,", "probability": 0.889892578125}], "temperature": 1.0}, {"id": 57, "seek": 158359, "start": 1569.87, "end": 1583.59, "text": " That's it. So if the seller, if the demand for the product is elastic, and the seller decided to increase the price, total revenue will go down. And vice versa.", "tokens": [663, 311, 309, 13, 407, 498, 264, 23600, 11, 498, 264, 4733, 337, 264, 1674, 307, 17115, 11, 293, 264, 23600, 3047, 281, 3488, 264, 3218, 11, 3217, 9324, 486, 352, 760, 13, 400, 11964, 25650, 13], "avg_logprob": -0.20045229831808492, "compression_ratio": 1.3644067796610169, "no_speech_prob": 0.0, "words": [{"start": 1569.8700000000001, "end": 1570.45, "word": " That's", "probability": 0.488922119140625}, {"start": 1570.45, "end": 1570.53, "word": " it.", "probability": 0.89697265625}, {"start": 1571.75, "end": 1571.97, "word": " So", "probability": 0.90771484375}, {"start": 1571.97, "end": 1572.27, "word": " if", "probability": 0.87548828125}, {"start": 1572.27, "end": 1572.43, "word": " the", "probability": 0.916015625}, {"start": 1572.43, "end": 1572.67, "word": " seller,", "probability": 0.89208984375}, {"start": 1573.07, "end": 1573.21, "word": " if", "probability": 0.68603515625}, {"start": 1573.21, "end": 1573.29, "word": " the", "probability": 0.92041015625}, {"start": 1573.29, "end": 1573.57, "word": " demand", "probability": 0.89794921875}, {"start": 1573.57, "end": 1573.75, "word": " for", "probability": 0.94677734375}, {"start": 1573.75, "end": 1573.89, "word": " the", "probability": 0.9111328125}, {"start": 1573.89, "end": 1574.15, "word": " product", "probability": 0.90869140625}, {"start": 1574.15, "end": 1574.53, "word": " is", "probability": 0.88720703125}, {"start": 1574.53, "end": 1575.13, "word": " elastic,", "probability": 0.97216796875}, {"start": 1575.57, "end": 1575.83, "word": " and", "probability": 0.93408203125}, {"start": 1575.83, "end": 1576.03, "word": " the", "probability": 0.873046875}, {"start": 1576.03, "end": 1576.27, "word": " seller", "probability": 0.904296875}, {"start": 1576.27, "end": 1576.93, "word": " decided", "probability": 0.87158203125}, {"start": 1576.93, "end": 1577.53, "word": " to", "probability": 0.96923828125}, {"start": 1577.53, "end": 1578.39, "word": " increase", "probability": 0.86767578125}, {"start": 1578.39, "end": 1578.59, "word": " the", "probability": 0.9111328125}, {"start": 1578.59, "end": 1579.03, "word": " price,", "probability": 0.91162109375}, {"start": 1580.13, "end": 1580.37, "word": " total", "probability": 0.88671875}, {"start": 1580.37, "end": 1580.69, "word": " revenue", "probability": 0.86083984375}, {"start": 1580.69, "end": 1580.87, "word": " will", "probability": 0.85009765625}, {"start": 1580.87, "end": 1581.07, "word": " go", "probability": 0.97021484375}, {"start": 1581.07, "end": 1581.35, "word": " down.", "probability": 0.8466796875}, {"start": 1582.31, "end": 1582.83, "word": " And", "probability": 0.96142578125}, {"start": 1582.83, "end": 1583.15, "word": " vice", "probability": 0.875}, {"start": 1583.15, "end": 1583.59, "word": " versa.", "probability": 0.8525390625}], "temperature": 1.0}, {"id": 58, "seek": 160647, "start": 1589.51, "end": 1606.47, "text": " The quantity demanded will increase by 20%. The revenue will go up. All right? Let's go to other examples related to this point.", "tokens": [440, 11275, 28276, 486, 3488, 538, 945, 6856, 440, 9324, 486, 352, 493, 13, 1057, 558, 30, 961, 311, 352, 281, 661, 5110, 4077, 281, 341, 935, 13], "avg_logprob": -0.2914870648548521, "compression_ratio": 1.1517857142857142, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 1589.51, "end": 1589.75, "word": " The", "probability": 0.469970703125}, {"start": 1589.75, "end": 1589.99, "word": " quantity", "probability": 0.35107421875}, {"start": 1589.99, "end": 1590.39, "word": " demanded", "probability": 0.849609375}, {"start": 1590.39, "end": 1590.79, "word": " will", "probability": 0.68359375}, {"start": 1590.79, "end": 1591.23, "word": " increase", "probability": 0.875}, {"start": 1591.23, "end": 1591.51, "word": " by", "probability": 0.9677734375}, {"start": 1591.51, "end": 1593.17, "word": " 20%.", "probability": 0.841552734375}, {"start": 1593.17, "end": 1595.53, "word": " The", "probability": 0.284423828125}, {"start": 1595.53, "end": 1595.99, "word": " revenue", "probability": 0.297607421875}, {"start": 1595.99, "end": 1596.21, "word": " will", "probability": 0.873046875}, {"start": 1596.21, "end": 1596.35, "word": " go", "probability": 0.96826171875}, {"start": 1596.35, "end": 1596.65, "word": " up.", "probability": 0.97119140625}, {"start": 1597.91, "end": 1598.37, "word": " All", "probability": 0.3994140625}, {"start": 1598.37, "end": 1598.57, "word": " right?", "probability": 0.9140625}, {"start": 1600.77, "end": 1601.67, "word": " Let's", "probability": 0.742919921875}, {"start": 1601.67, "end": 1601.85, "word": " go", "probability": 0.96142578125}, {"start": 1601.85, "end": 1602.31, "word": " to", "probability": 0.9130859375}, {"start": 1602.31, "end": 1603.77, "word": " other", "probability": 0.7099609375}, {"start": 1603.77, "end": 1604.29, "word": " examples", "probability": 0.8486328125}, {"start": 1604.29, "end": 1605.01, "word": " related", "probability": 0.91845703125}, {"start": 1605.01, "end": 1605.25, "word": " to", "probability": 0.96630859375}, {"start": 1605.25, "end": 1605.49, "word": " this", "probability": 0.93212890625}, {"start": 1605.49, "end": 1606.47, "word": " point.", "probability": 0.9306640625}], "temperature": 1.0}, {"id": 59, "seek": 165365, "start": 1625.35, "end": 1653.65, "text": " Assume that we have the following example. Price, quantity demanded, total revenue, price period, quantity demanded, and total revenue.", "tokens": [6281, 2540, 300, 321, 362, 264, 3480, 1365, 13, 25803, 11, 11275, 28276, 11, 3217, 9324, 11, 3218, 2896, 11, 11275, 28276, 11, 293, 3217, 9324, 13], "avg_logprob": -0.20145088593874658, "compression_ratio": 1.402061855670103, "no_speech_prob": 0.0, "words": [{"start": 1625.35, "end": 1625.89, "word": " Assume", "probability": 0.932861328125}, {"start": 1625.89, "end": 1626.17, "word": " that", "probability": 0.92822265625}, {"start": 1626.17, "end": 1626.33, "word": " we", "probability": 0.955078125}, {"start": 1626.33, "end": 1626.55, "word": " have", "probability": 0.94970703125}, {"start": 1626.55, "end": 1626.69, "word": " the", "probability": 0.91748046875}, {"start": 1626.69, "end": 1626.97, "word": " following", "probability": 0.9013671875}, {"start": 1626.97, "end": 1627.61, "word": " example.", "probability": 0.96435546875}, {"start": 1636.39, "end": 1637.45, "word": " Price,", "probability": 0.8291015625}, {"start": 1638.51, "end": 1640.11, "word": " quantity", "probability": 0.63818359375}, {"start": 1640.11, "end": 1640.57, "word": " demanded,", "probability": 0.916015625}, {"start": 1642.13, "end": 1642.41, "word": " total", "probability": 0.81884765625}, {"start": 1642.41, "end": 1642.89, "word": " revenue,", "probability": 0.88916015625}, {"start": 1644.61, "end": 1647.83, "word": " price", "probability": 0.7578125}, {"start": 1647.83, "end": 1648.15, "word": " period,", "probability": 0.4375}, {"start": 1648.59, "end": 1649.89, "word": " quantity", "probability": 0.98193359375}, {"start": 1649.89, "end": 1650.41, "word": " demanded,", "probability": 0.923828125}, {"start": 1651.65, "end": 1652.67, "word": " and", "probability": 0.927734375}, {"start": 1652.67, "end": 1653.27, "word": " total", "probability": 0.85888671875}, {"start": 1653.27, "end": 1653.65, "word": " revenue.", "probability": 0.87060546875}], "temperature": 1.0}, {"id": 60, "seek": 169893, "start": 1672.09, "end": 1698.93, "text": " When the price was five shekels, the quantity sold or the quantity demanded was 110 units. As the price goes up to six, the quantity demanded goes down to 100. Number one, calculate the total revenue before and after increasing the prices. Number one.", "tokens": [1133, 264, 3218, 390, 1732, 750, 7124, 82, 11, 264, 11275, 3718, 420, 264, 11275, 28276, 390, 20154, 6815, 13, 1018, 264, 3218, 1709, 493, 281, 2309, 11, 264, 11275, 28276, 1709, 760, 281, 2319, 13, 5118, 472, 11, 8873, 264, 3217, 9324, 949, 293, 934, 5662, 264, 7901, 13, 5118, 472, 13], "avg_logprob": -0.10561342909932137, "compression_ratio": 1.6578947368421053, "no_speech_prob": 0.0, "words": [{"start": 1672.09, "end": 1672.35, "word": " When", "probability": 0.798828125}, {"start": 1672.35, "end": 1672.53, "word": " the", "probability": 0.91748046875}, {"start": 1672.53, "end": 1672.93, "word": " price", "probability": 0.91357421875}, {"start": 1672.93, "end": 1673.53, "word": " was", "probability": 0.9521484375}, {"start": 1673.53, "end": 1674.97, "word": " five", "probability": 0.76220703125}, {"start": 1674.97, "end": 1675.91, "word": " shekels,", "probability": 0.9267578125}, {"start": 1676.65, "end": 1677.25, "word": " the", "probability": 0.9208984375}, {"start": 1677.25, "end": 1677.75, "word": " quantity", "probability": 0.931640625}, {"start": 1677.75, "end": 1678.25, "word": " sold", "probability": 0.93408203125}, {"start": 1678.25, "end": 1678.45, "word": " or", "probability": 0.6669921875}, {"start": 1678.45, "end": 1678.59, "word": " the", "probability": 0.89404296875}, {"start": 1678.59, "end": 1678.83, "word": " quantity", "probability": 0.8212890625}, {"start": 1678.83, "end": 1679.31, "word": " demanded", "probability": 0.9296875}, {"start": 1679.31, "end": 1679.93, "word": " was", "probability": 0.9306640625}, {"start": 1679.93, "end": 1681.41, "word": " 110", "probability": 0.9140625}, {"start": 1681.41, "end": 1682.31, "word": " units.", "probability": 0.9443359375}, {"start": 1683.59, "end": 1684.07, "word": " As", "probability": 0.96630859375}, {"start": 1684.07, "end": 1684.25, "word": " the", "probability": 0.9013671875}, {"start": 1684.25, "end": 1684.57, "word": " price", "probability": 0.91015625}, {"start": 1684.57, "end": 1685.23, "word": " goes", "probability": 0.93896484375}, {"start": 1685.23, "end": 1685.71, "word": " up", "probability": 0.97021484375}, {"start": 1685.71, "end": 1686.55, "word": " to", "probability": 0.96875}, {"start": 1686.55, "end": 1686.89, "word": " six,", "probability": 0.87744140625}, {"start": 1688.21, "end": 1688.47, "word": " the", "probability": 0.9228515625}, {"start": 1688.47, "end": 1688.73, "word": " quantity", "probability": 0.98779296875}, {"start": 1688.73, "end": 1689.31, "word": " demanded", "probability": 0.92431640625}, {"start": 1689.31, "end": 1689.83, "word": " goes", "probability": 0.92822265625}, {"start": 1689.83, "end": 1690.27, "word": " down", "probability": 0.86328125}, {"start": 1690.27, "end": 1690.65, "word": " to", "probability": 0.9697265625}, {"start": 1690.65, "end": 1691.25, "word": " 100.", "probability": 0.86865234375}, {"start": 1693.01, "end": 1693.25, "word": " Number", "probability": 0.8232421875}, {"start": 1693.25, "end": 1693.53, "word": " one,", "probability": 0.90625}, {"start": 1693.99, "end": 1694.53, "word": " calculate", "probability": 0.91064453125}, {"start": 1694.53, "end": 1694.87, "word": " the", "probability": 0.908203125}, {"start": 1694.87, "end": 1695.15, "word": " total", "probability": 0.88330078125}, {"start": 1695.15, "end": 1695.59, "word": " revenue", "probability": 0.87548828125}, {"start": 1695.59, "end": 1696.35, "word": " before", "probability": 0.83642578125}, {"start": 1696.35, "end": 1696.69, "word": " and", "probability": 0.93701171875}, {"start": 1696.69, "end": 1697.05, "word": " after", "probability": 0.8359375}, {"start": 1697.05, "end": 1697.53, "word": " increasing", "probability": 0.93115234375}, {"start": 1697.53, "end": 1697.71, "word": " the", "probability": 0.89990234375}, {"start": 1697.71, "end": 1698.09, "word": " prices.", "probability": 0.87939453125}, {"start": 1698.53, "end": 1698.71, "word": " Number", "probability": 0.8662109375}, {"start": 1698.71, "end": 1698.93, "word": " one.", "probability": 0.9248046875}], "temperature": 1.0}, {"id": 61, "seek": 172713, "start": 1699.95, "end": 1727.13, "text": " calculate the total revenue before and after. Total revenue equals the price times the quantity. Five times 110 equals 550. Six times 600. Which means that the producer or the seller decided to increase the price, the total revenue goes up.", "tokens": [8873, 264, 3217, 9324, 949, 293, 934, 13, 23170, 9324, 6915, 264, 3218, 1413, 264, 11275, 13, 9436, 1413, 20154, 6915, 42514, 13, 11678, 1413, 11849, 13, 3013, 1355, 300, 264, 12314, 420, 264, 23600, 3047, 281, 3488, 264, 3218, 11, 264, 3217, 9324, 1709, 493, 13], "avg_logprob": -0.13964844091484943, "compression_ratio": 1.5751633986928104, "no_speech_prob": 0.0, "words": [{"start": 1699.95, "end": 1700.45, "word": " calculate", "probability": 0.568359375}, {"start": 1700.45, "end": 1701.27, "word": " the", "probability": 0.91748046875}, {"start": 1701.27, "end": 1701.51, "word": " total", "probability": 0.88525390625}, {"start": 1701.51, "end": 1701.87, "word": " revenue", "probability": 0.88623046875}, {"start": 1701.87, "end": 1702.33, "word": " before", "probability": 0.85498046875}, {"start": 1702.33, "end": 1702.65, "word": " and", "probability": 0.943359375}, {"start": 1702.65, "end": 1703.05, "word": " after.", "probability": 0.84033203125}, {"start": 1704.45, "end": 1704.73, "word": " Total", "probability": 0.86962890625}, {"start": 1704.73, "end": 1705.05, "word": " revenue", "probability": 0.85302734375}, {"start": 1705.05, "end": 1705.47, "word": " equals", "probability": 0.92626953125}, {"start": 1705.47, "end": 1705.75, "word": " the", "probability": 0.87548828125}, {"start": 1705.75, "end": 1705.99, "word": " price", "probability": 0.92236328125}, {"start": 1705.99, "end": 1706.27, "word": " times", "probability": 0.90771484375}, {"start": 1706.27, "end": 1706.47, "word": " the", "probability": 0.54541015625}, {"start": 1706.47, "end": 1706.83, "word": " quantity.", "probability": 0.982421875}, {"start": 1708.77, "end": 1709.17, "word": " Five", "probability": 0.6669921875}, {"start": 1709.17, "end": 1709.55, "word": " times", "probability": 0.93310546875}, {"start": 1709.55, "end": 1710.61, "word": " 110", "probability": 0.8173828125}, {"start": 1710.61, "end": 1711.31, "word": " equals", "probability": 0.9228515625}, {"start": 1711.31, "end": 1712.23, "word": " 550.", "probability": 0.955078125}, {"start": 1713.89, "end": 1714.69, "word": " Six", "probability": 0.900390625}, {"start": 1714.69, "end": 1714.97, "word": " times", "probability": 0.93408203125}, {"start": 1714.97, "end": 1715.63, "word": " 600.", "probability": 0.92236328125}, {"start": 1717.75, "end": 1718.55, "word": " Which", "probability": 0.884765625}, {"start": 1718.55, "end": 1719.03, "word": " means", "probability": 0.935546875}, {"start": 1719.03, "end": 1719.43, "word": " that", "probability": 0.83935546875}, {"start": 1719.43, "end": 1720.83, "word": " the", "probability": 0.69189453125}, {"start": 1720.83, "end": 1721.45, "word": " producer", "probability": 0.9140625}, {"start": 1721.45, "end": 1721.85, "word": " or", "probability": 0.93115234375}, {"start": 1721.85, "end": 1722.05, "word": " the", "probability": 0.921875}, {"start": 1722.05, "end": 1722.33, "word": " seller", "probability": 0.88134765625}, {"start": 1722.33, "end": 1723.19, "word": " decided", "probability": 0.88525390625}, {"start": 1723.19, "end": 1723.49, "word": " to", "probability": 0.96875}, {"start": 1723.49, "end": 1723.97, "word": " increase", "probability": 0.857421875}, {"start": 1723.97, "end": 1724.19, "word": " the", "probability": 0.9169921875}, {"start": 1724.19, "end": 1724.59, "word": " price,", "probability": 0.9111328125}, {"start": 1725.45, "end": 1725.61, "word": " the", "probability": 0.900390625}, {"start": 1725.61, "end": 1725.93, "word": " total", "probability": 0.8779296875}, {"start": 1725.93, "end": 1726.33, "word": " revenue", "probability": 0.86376953125}, {"start": 1726.33, "end": 1726.79, "word": " goes", "probability": 0.935546875}, {"start": 1726.79, "end": 1727.13, "word": " up.", "probability": 0.970703125}], "temperature": 1.0}, {"id": 62, "seek": 174885, "start": 1728.69, "end": 1748.85, "text": " the demand should be inelastic. Let's calculate the price elasticity of demand to make sure that the theory is correct. Had a price P1, P2, QD 1, Q2. Let's calculate the price elasticity of demand.", "tokens": [264, 4733, 820, 312, 294, 338, 2750, 13, 961, 311, 8873, 264, 3218, 46260, 295, 4733, 281, 652, 988, 300, 264, 5261, 307, 3006, 13, 12298, 257, 3218, 430, 16, 11, 430, 17, 11, 1249, 35, 502, 11, 1249, 17, 13, 961, 311, 8873, 264, 3218, 46260, 295, 4733, 13], "avg_logprob": -0.19393382119197472, "compression_ratio": 1.596774193548387, "no_speech_prob": 0.0, "words": [{"start": 1728.69, "end": 1728.95, "word": " the", "probability": 0.284912109375}, {"start": 1728.95, "end": 1729.27, "word": " demand", "probability": 0.919921875}, {"start": 1729.27, "end": 1729.51, "word": " should", "probability": 0.96484375}, {"start": 1729.51, "end": 1729.81, "word": " be", "probability": 0.9560546875}, {"start": 1729.81, "end": 1730.41, "word": " inelastic.", "probability": 0.9371744791666666}, {"start": 1731.37, "end": 1732.09, "word": " Let's", "probability": 0.95751953125}, {"start": 1732.09, "end": 1732.67, "word": " calculate", "probability": 0.91748046875}, {"start": 1732.67, "end": 1732.93, "word": " the", "probability": 0.92138671875}, {"start": 1732.93, "end": 1733.15, "word": " price", "probability": 0.9189453125}, {"start": 1733.15, "end": 1733.53, "word": " elasticity", "probability": 0.81787109375}, {"start": 1733.53, "end": 1733.77, "word": " of", "probability": 0.8525390625}, {"start": 1733.77, "end": 1734.05, "word": " demand", "probability": 0.90576171875}, {"start": 1734.05, "end": 1734.39, "word": " to", "probability": 0.94384765625}, {"start": 1734.39, "end": 1734.69, "word": " make", "probability": 0.94091796875}, {"start": 1734.69, "end": 1735.09, "word": " sure", "probability": 0.92138671875}, {"start": 1735.09, "end": 1735.61, "word": " that", "probability": 0.92724609375}, {"start": 1735.61, "end": 1735.79, "word": " the", "probability": 0.904296875}, {"start": 1735.79, "end": 1736.05, "word": " theory", "probability": 0.78662109375}, {"start": 1736.05, "end": 1736.33, "word": " is", "probability": 0.93505859375}, {"start": 1736.33, "end": 1736.85, "word": " correct.", "probability": 0.8701171875}, {"start": 1738.15, "end": 1738.33, "word": " Had", "probability": 0.41796875}, {"start": 1738.33, "end": 1738.45, "word": " a", "probability": 0.919921875}, {"start": 1738.45, "end": 1738.79, "word": " price", "probability": 0.88916015625}, {"start": 1738.79, "end": 1739.19, "word": " P1,", "probability": 0.854736328125}, {"start": 1739.39, "end": 1740.93, "word": " P2,", "probability": 0.796630859375}, {"start": 1742.43, "end": 1743.19, "word": " QD", "probability": 0.7320556640625}, {"start": 1743.19, "end": 1743.69, "word": " 1,", "probability": 0.374755859375}, {"start": 1744.71, "end": 1745.85, "word": " Q2.", "probability": 0.96240234375}, {"start": 1746.49, "end": 1746.99, "word": " Let's", "probability": 0.975341796875}, {"start": 1746.99, "end": 1747.37, "word": " calculate", "probability": 0.91015625}, {"start": 1747.37, "end": 1747.59, "word": " the", "probability": 0.9208984375}, {"start": 1747.59, "end": 1747.85, "word": " price", "probability": 0.92431640625}, {"start": 1747.85, "end": 1748.27, "word": " elasticity", "probability": 0.97216796875}, {"start": 1748.27, "end": 1748.55, "word": " of", "probability": 0.9482421875}, {"start": 1748.55, "end": 1748.85, "word": " demand.", "probability": 0.9130859375}], "temperature": 1.0}, {"id": 63, "seek": 177270, "start": 1752.96, "end": 1772.7, "text": " equals Q2 minus Q1 over P2 minus P1 times P2 plus P1 over Q2 plus Q1. So the price elasticity of demand equals Q2 100 minus 110", "tokens": [6915, 1249, 17, 3175, 1249, 16, 670, 430, 17, 3175, 430, 16, 1413, 430, 17, 1804, 430, 16, 670, 1249, 17, 1804, 1249, 16, 13, 407, 264, 3218, 46260, 295, 4733, 6915, 1249, 17, 2319, 3175, 20154], "avg_logprob": -0.09323601993291002, "compression_ratio": 1.3473684210526315, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 1752.96, "end": 1753.58, "word": " equals", "probability": 0.73095703125}, {"start": 1753.58, "end": 1754.8, "word": " Q2", "probability": 0.829345703125}, {"start": 1754.8, "end": 1755.16, "word": " minus", "probability": 0.955078125}, {"start": 1755.16, "end": 1755.82, "word": " Q1", "probability": 0.981201171875}, {"start": 1755.82, "end": 1756.38, "word": " over", "probability": 0.89794921875}, {"start": 1756.38, "end": 1757.22, "word": " P2", "probability": 0.97802734375}, {"start": 1757.22, "end": 1757.58, "word": " minus", "probability": 0.9853515625}, {"start": 1757.58, "end": 1758.12, "word": " P1", "probability": 0.994873046875}, {"start": 1758.12, "end": 1758.7, "word": " times", "probability": 0.87744140625}, {"start": 1758.7, "end": 1759.7, "word": " P2", "probability": 0.986572265625}, {"start": 1759.7, "end": 1760.1, "word": " plus", "probability": 0.9580078125}, {"start": 1760.1, "end": 1760.72, "word": " P1", "probability": 0.9970703125}, {"start": 1760.72, "end": 1761.16, "word": " over", "probability": 0.91650390625}, {"start": 1761.16, "end": 1762.22, "word": " Q2", "probability": 0.996337890625}, {"start": 1762.22, "end": 1762.82, "word": " plus", "probability": 0.9560546875}, {"start": 1762.82, "end": 1763.42, "word": " Q1.", "probability": 0.997802734375}, {"start": 1763.62, "end": 1763.98, "word": " So", "probability": 0.94775390625}, {"start": 1763.98, "end": 1764.26, "word": " the", "probability": 0.71337890625}, {"start": 1764.26, "end": 1764.58, "word": " price", "probability": 0.94091796875}, {"start": 1764.58, "end": 1765.18, "word": " elasticity", "probability": 0.9365234375}, {"start": 1765.18, "end": 1765.6, "word": " of", "probability": 0.966796875}, {"start": 1765.6, "end": 1766.02, "word": " demand", "probability": 0.91259765625}, {"start": 1766.02, "end": 1766.84, "word": " equals", "probability": 0.9345703125}, {"start": 1766.84, "end": 1768.88, "word": " Q2", "probability": 0.9833984375}, {"start": 1768.88, "end": 1769.86, "word": " 100", "probability": 0.423828125}, {"start": 1769.86, "end": 1771.42, "word": " minus", "probability": 0.98046875}, {"start": 1771.42, "end": 1772.7, "word": " 110", "probability": 0.87060546875}], "temperature": 1.0}, {"id": 64, "seek": 179779, "start": 1774.57, "end": 1797.79, "text": " over P2 6 minus 5 times 6 plus 5 over 100 plus 110. All right? So PED equals minus 10 over 1 times 11 over 210. How much is it?", "tokens": [670, 430, 17, 1386, 3175, 1025, 1413, 1386, 1804, 1025, 670, 2319, 1804, 20154, 13, 1057, 558, 30, 407, 430, 4731, 6915, 3175, 1266, 670, 502, 1413, 2975, 670, 42692, 13, 1012, 709, 307, 309, 30], "avg_logprob": -0.23564189189189189, "compression_ratio": 1.2673267326732673, "no_speech_prob": 0.0, "words": [{"start": 1774.57, "end": 1775.05, "word": " over", "probability": 0.385009765625}, {"start": 1775.05, "end": 1776.27, "word": " P2", "probability": 0.794677734375}, {"start": 1776.27, "end": 1777.33, "word": " 6", "probability": 0.4482421875}, {"start": 1777.33, "end": 1777.91, "word": " minus", "probability": 0.8173828125}, {"start": 1777.91, "end": 1778.41, "word": " 5", "probability": 0.9296875}, {"start": 1778.41, "end": 1779.15, "word": " times", "probability": 0.87939453125}, {"start": 1779.15, "end": 1779.83, "word": " 6", "probability": 0.95361328125}, {"start": 1779.83, "end": 1780.13, "word": " plus", "probability": 0.9521484375}, {"start": 1780.13, "end": 1780.67, "word": " 5", "probability": 0.98779296875}, {"start": 1780.67, "end": 1781.21, "word": " over", "probability": 0.8955078125}, {"start": 1781.21, "end": 1781.91, "word": " 100", "probability": 0.9033203125}, {"start": 1781.91, "end": 1782.65, "word": " plus", "probability": 0.93505859375}, {"start": 1782.65, "end": 1783.27, "word": " 110.", "probability": 0.92236328125}, {"start": 1783.81, "end": 1784.21, "word": " All", "probability": 0.529296875}, {"start": 1784.21, "end": 1784.41, "word": " right?", "probability": 0.916015625}, {"start": 1785.05, "end": 1785.23, "word": " So", "probability": 0.9638671875}, {"start": 1785.23, "end": 1785.75, "word": " PED", "probability": 0.69775390625}, {"start": 1785.75, "end": 1788.35, "word": " equals", "probability": 0.92578125}, {"start": 1788.35, "end": 1789.07, "word": " minus", "probability": 0.95751953125}, {"start": 1789.07, "end": 1789.41, "word": " 10", "probability": 0.9619140625}, {"start": 1789.41, "end": 1789.81, "word": " over", "probability": 0.9111328125}, {"start": 1789.81, "end": 1790.13, "word": " 1", "probability": 0.95068359375}, {"start": 1790.13, "end": 1790.89, "word": " times", "probability": 0.87890625}, {"start": 1790.89, "end": 1791.59, "word": " 11", "probability": 0.96484375}, {"start": 1791.59, "end": 1792.35, "word": " over", "probability": 0.9072265625}, {"start": 1792.35, "end": 1793.97, "word": " 210.", "probability": 0.2205810546875}, {"start": 1795.95, "end": 1797.15, "word": " How", "probability": 0.95947265625}, {"start": 1797.15, "end": 1797.35, "word": " much", "probability": 0.9140625}, {"start": 1797.35, "end": 1797.53, "word": " is", "probability": 0.94873046875}, {"start": 1797.53, "end": 1797.79, "word": " it?", "probability": 0.931640625}], "temperature": 1.0}, {"id": 65, "seek": 182866, "start": 1801.42, "end": 1828.66, "text": " Equals minus 110 over 210. Minus how much? Zero point. Which is", "tokens": [15624, 1124, 3175, 20154, 670, 42692, 13, 2829, 301, 577, 709, 30, 17182, 935, 13, 3013, 307], "avg_logprob": -0.3582899239328172, "compression_ratio": 0.927536231884058, "no_speech_prob": 0.0, "words": [{"start": 1801.42, "end": 1802.04, "word": " Equals", "probability": 0.650390625}, {"start": 1802.04, "end": 1802.98, "word": " minus", "probability": 0.65966796875}, {"start": 1802.98, "end": 1804.18, "word": " 110", "probability": 0.7177734375}, {"start": 1804.18, "end": 1805.4, "word": " over", "probability": 0.865234375}, {"start": 1805.4, "end": 1806.62, "word": " 210.", "probability": 0.91845703125}, {"start": 1807.86, "end": 1809.26, "word": " Minus", "probability": 0.966552734375}, {"start": 1809.26, "end": 1809.48, "word": " how", "probability": 0.93701171875}, {"start": 1809.48, "end": 1809.88, "word": " much?", "probability": 0.92041015625}, {"start": 1812.5, "end": 1813.9, "word": " Zero", "probability": 0.541015625}, {"start": 1813.9, "end": 1823.92, "word": " point.", "probability": 0.95458984375}, {"start": 1827.44, "end": 1828.06, "word": " Which", "probability": 0.54345703125}, {"start": 1828.06, "end": 1828.66, "word": " is", "probability": 0.95361328125}], "temperature": 1.0}, {"id": 66, "seek": 185843, "start": 1830.11, "end": 1858.43, "text": " less than one value, so the demand is inelastic. The demand is inelastic. Like the demand for a flower, for example. Which means, as the price goes up from five to six,", "tokens": [1570, 813, 472, 2158, 11, 370, 264, 4733, 307, 294, 338, 2750, 13, 440, 4733, 307, 294, 338, 2750, 13, 1743, 264, 4733, 337, 257, 8617, 11, 337, 1365, 13, 3013, 1355, 11, 382, 264, 3218, 1709, 493, 490, 1732, 281, 2309, 11], "avg_logprob": -0.1967329609800469, "compression_ratio": 1.4695652173913043, "no_speech_prob": 0.0, "words": [{"start": 1830.11, "end": 1830.65, "word": " less", "probability": 0.448974609375}, {"start": 1830.65, "end": 1831.01, "word": " than", "probability": 0.92578125}, {"start": 1831.01, "end": 1831.57, "word": " one", "probability": 0.443603515625}, {"start": 1831.57, "end": 1832.39, "word": " value,", "probability": 0.471923828125}, {"start": 1832.91, "end": 1832.97, "word": " so", "probability": 0.84130859375}, {"start": 1832.97, "end": 1833.19, "word": " the", "probability": 0.87060546875}, {"start": 1833.19, "end": 1833.49, "word": " demand", "probability": 0.919921875}, {"start": 1833.49, "end": 1833.81, "word": " is", "probability": 0.9462890625}, {"start": 1833.81, "end": 1834.53, "word": " inelastic.", "probability": 0.94482421875}, {"start": 1835.79, "end": 1836.57, "word": " The", "probability": 0.8486328125}, {"start": 1836.57, "end": 1837.01, "word": " demand", "probability": 0.88671875}, {"start": 1837.01, "end": 1837.61, "word": " is", "probability": 0.951171875}, {"start": 1837.61, "end": 1838.73, "word": " inelastic.", "probability": 0.9436848958333334}, {"start": 1844.51, "end": 1845.31, "word": " Like", "probability": 0.87158203125}, {"start": 1845.31, "end": 1845.45, "word": " the", "probability": 0.87109375}, {"start": 1845.45, "end": 1845.71, "word": " demand", "probability": 0.9111328125}, {"start": 1845.71, "end": 1845.89, "word": " for", "probability": 0.95068359375}, {"start": 1845.89, "end": 1846.03, "word": " a", "probability": 0.51611328125}, {"start": 1846.03, "end": 1846.25, "word": " flower,", "probability": 0.89013671875}, {"start": 1847.87, "end": 1848.07, "word": " for", "probability": 0.951171875}, {"start": 1848.07, "end": 1848.45, "word": " example.", "probability": 0.9736328125}, {"start": 1852.71, "end": 1853.51, "word": " Which", "probability": 0.86328125}, {"start": 1853.51, "end": 1853.85, "word": " means,", "probability": 0.92919921875}, {"start": 1854.63, "end": 1855.65, "word": " as", "probability": 0.96142578125}, {"start": 1855.65, "end": 1855.83, "word": " the", "probability": 0.91455078125}, {"start": 1855.83, "end": 1856.15, "word": " price", "probability": 0.91796875}, {"start": 1856.15, "end": 1856.73, "word": " goes", "probability": 0.93212890625}, {"start": 1856.73, "end": 1857.13, "word": " up", "probability": 0.96435546875}, {"start": 1857.13, "end": 1857.43, "word": " from", "probability": 0.8779296875}, {"start": 1857.43, "end": 1857.85, "word": " five", "probability": 0.73974609375}, {"start": 1857.85, "end": 1858.07, "word": " to", "probability": 0.974609375}, {"start": 1858.07, "end": 1858.43, "word": " six,", "probability": 0.94482421875}], "temperature": 1.0}, {"id": 67, "seek": 187948, "start": 1859.2, "end": 1879.48, "text": " the total revenue goes up. So when demand is inelastic, increasing the prices leads to increasing total revenue. If demand is inelastic,", "tokens": [264, 3217, 9324, 1709, 493, 13, 407, 562, 4733, 307, 294, 338, 2750, 11, 5662, 264, 7901, 6689, 281, 5662, 3217, 9324, 13, 759, 4733, 307, 294, 338, 2750, 11], "avg_logprob": -0.12966229550300107, "compression_ratio": 1.4731182795698925, "no_speech_prob": 0.0, "words": [{"start": 1859.2, "end": 1859.54, "word": " the", "probability": 0.498046875}, {"start": 1859.54, "end": 1859.8, "word": " total", "probability": 0.9228515625}, {"start": 1859.8, "end": 1860.28, "word": " revenue", "probability": 0.8876953125}, {"start": 1860.28, "end": 1861.36, "word": " goes", "probability": 0.93603515625}, {"start": 1861.36, "end": 1861.82, "word": " up.", "probability": 0.974609375}, {"start": 1863.8, "end": 1864.52, "word": " So", "probability": 0.90478515625}, {"start": 1864.52, "end": 1865.12, "word": " when", "probability": 0.6044921875}, {"start": 1865.12, "end": 1865.92, "word": " demand", "probability": 0.5283203125}, {"start": 1865.92, "end": 1866.72, "word": " is", "probability": 0.9375}, {"start": 1866.72, "end": 1867.98, "word": " inelastic,", "probability": 0.9466145833333334}, {"start": 1869.14, "end": 1870.86, "word": " increasing", "probability": 0.94775390625}, {"start": 1870.86, "end": 1871.1, "word": " the", "probability": 0.87890625}, {"start": 1871.1, "end": 1871.66, "word": " prices", "probability": 0.89306640625}, {"start": 1871.66, "end": 1873.38, "word": " leads", "probability": 0.82275390625}, {"start": 1873.38, "end": 1873.56, "word": " to", "probability": 0.96533203125}, {"start": 1873.56, "end": 1873.98, "word": " increasing", "probability": 0.9501953125}, {"start": 1873.98, "end": 1874.28, "word": " total", "probability": 0.8115234375}, {"start": 1874.28, "end": 1874.66, "word": " revenue.", "probability": 0.89306640625}, {"start": 1876.68, "end": 1877.5, "word": " If", "probability": 0.9697265625}, {"start": 1877.5, "end": 1877.94, "word": " demand", "probability": 0.88818359375}, {"start": 1877.94, "end": 1878.44, "word": " is", "probability": 0.9482421875}, {"start": 1878.44, "end": 1879.48, "word": " inelastic,", "probability": 0.9469401041666666}], "temperature": 1.0}, {"id": 68, "seek": 190933, "start": 1881.15, "end": 1909.33, "text": " Declining the prices from six to five leads to a declining total revenue from 600 to 550, and vice versa. So my advice to him is to increase the price to maximize or to increase the total revenue.", "tokens": [12427, 31079, 264, 7901, 490, 2309, 281, 1732, 6689, 281, 257, 34298, 3217, 9324, 490, 11849, 281, 42514, 11, 293, 11964, 25650, 13, 407, 452, 5192, 281, 796, 307, 281, 3488, 264, 3218, 281, 19874, 420, 281, 3488, 264, 3217, 9324, 13], "avg_logprob": -0.20585029139075167, "compression_ratio": 1.5390625, "no_speech_prob": 0.0, "words": [{"start": 1881.1499999999999, "end": 1882.03, "word": " Declining", "probability": 0.587646484375}, {"start": 1882.03, "end": 1882.29, "word": " the", "probability": 0.82177734375}, {"start": 1882.29, "end": 1882.63, "word": " prices", "probability": 0.775390625}, {"start": 1882.63, "end": 1883.03, "word": " from", "probability": 0.87646484375}, {"start": 1883.03, "end": 1883.33, "word": " six", "probability": 0.65185546875}, {"start": 1883.33, "end": 1883.49, "word": " to", "probability": 0.974609375}, {"start": 1883.49, "end": 1883.95, "word": " five", "probability": 0.90576171875}, {"start": 1883.95, "end": 1885.05, "word": " leads", "probability": 0.7412109375}, {"start": 1885.05, "end": 1885.25, "word": " to", "probability": 0.96923828125}, {"start": 1885.25, "end": 1885.49, "word": " a", "probability": 0.95263671875}, {"start": 1885.49, "end": 1886.21, "word": " declining", "probability": 0.83984375}, {"start": 1886.21, "end": 1886.59, "word": " total", "probability": 0.36279296875}, {"start": 1886.59, "end": 1886.95, "word": " revenue", "probability": 0.8896484375}, {"start": 1886.95, "end": 1887.27, "word": " from", "probability": 0.89306640625}, {"start": 1887.27, "end": 1887.77, "word": " 600", "probability": 0.9052734375}, {"start": 1887.77, "end": 1888.09, "word": " to", "probability": 0.97021484375}, {"start": 1888.09, "end": 1889.11, "word": " 550,", "probability": 0.95556640625}, {"start": 1889.59, "end": 1889.79, "word": " and", "probability": 0.69384765625}, {"start": 1889.79, "end": 1890.39, "word": " vice", "probability": 0.9140625}, {"start": 1890.39, "end": 1890.77, "word": " versa.", "probability": 0.84033203125}, {"start": 1894.69, "end": 1895.57, "word": " So", "probability": 0.3310546875}, {"start": 1895.57, "end": 1901.87, "word": " my", "probability": 0.91796875}, {"start": 1901.87, "end": 1902.55, "word": " advice", "probability": 0.92431640625}, {"start": 1902.55, "end": 1902.73, "word": " to", "probability": 0.85693359375}, {"start": 1902.73, "end": 1902.95, "word": " him", "probability": 0.9169921875}, {"start": 1902.95, "end": 1903.55, "word": " is", "probability": 0.916015625}, {"start": 1903.55, "end": 1904.25, "word": " to", "probability": 0.94873046875}, {"start": 1904.25, "end": 1904.95, "word": " increase", "probability": 0.8388671875}, {"start": 1904.95, "end": 1905.17, "word": " the", "probability": 0.91650390625}, {"start": 1905.17, "end": 1905.63, "word": " price", "probability": 0.90576171875}, {"start": 1905.63, "end": 1906.17, "word": " to", "probability": 0.92138671875}, {"start": 1906.17, "end": 1907.01, "word": " maximize", "probability": 0.77294921875}, {"start": 1907.01, "end": 1907.87, "word": " or", "probability": 0.89453125}, {"start": 1907.87, "end": 1908.09, "word": " to", "probability": 0.9580078125}, {"start": 1908.09, "end": 1908.53, "word": " increase", "probability": 0.84619140625}, {"start": 1908.53, "end": 1908.71, "word": " the", "probability": 0.8974609375}, {"start": 1908.71, "end": 1908.91, "word": " total", "probability": 0.90966796875}, {"start": 1908.91, "end": 1909.33, "word": " revenue.", "probability": 0.87451171875}], "temperature": 1.0}, {"id": 69, "seek": 193503, "start": 1913.49, "end": 1935.03, "text": " Let us have different or another example. Let us assume this number is 130 and the price is five.", "tokens": [961, 505, 362, 819, 420, 1071, 1365, 13, 961, 505, 6552, 341, 1230, 307, 19966, 293, 264, 3218, 307, 1732, 13], "avg_logprob": -0.3336292545903813, "compression_ratio": 1.1395348837209303, "no_speech_prob": 0.0, "words": [{"start": 1913.49, "end": 1914.69, "word": " Let", "probability": 0.07635498046875}, {"start": 1914.69, "end": 1915.89, "word": " us", "probability": 0.63623046875}, {"start": 1915.89, "end": 1917.63, "word": " have", "probability": 0.8173828125}, {"start": 1917.63, "end": 1918.23, "word": " different", "probability": 0.6123046875}, {"start": 1918.23, "end": 1918.63, "word": " or", "probability": 0.712890625}, {"start": 1918.63, "end": 1918.99, "word": " another", "probability": 0.92919921875}, {"start": 1918.99, "end": 1919.59, "word": " example.", "probability": 0.97119140625}, {"start": 1925.45, "end": 1926.65, "word": " Let", "probability": 0.94970703125}, {"start": 1926.65, "end": 1926.83, "word": " us", "probability": 0.859375}, {"start": 1926.83, "end": 1927.27, "word": " assume", "probability": 0.90771484375}, {"start": 1927.27, "end": 1929.31, "word": " this", "probability": 0.8935546875}, {"start": 1929.31, "end": 1930.41, "word": " number", "probability": 0.5068359375}, {"start": 1930.41, "end": 1931.19, "word": " is", "probability": 0.9501953125}, {"start": 1931.19, "end": 1932.29, "word": " 130", "probability": 0.87548828125}, {"start": 1932.29, "end": 1933.91, "word": " and", "probability": 0.47900390625}, {"start": 1933.91, "end": 1934.07, "word": " the", "probability": 0.88623046875}, {"start": 1934.07, "end": 1934.39, "word": " price", "probability": 0.9091796875}, {"start": 1934.39, "end": 1934.65, "word": " is", "probability": 0.95166015625}, {"start": 1934.65, "end": 1935.03, "word": " five.", "probability": 0.623046875}], "temperature": 1.0}, {"id": 70, "seek": 196412, "start": 1936.22, "end": 1964.12, "text": " Price one is five. Price two is six. The quantity demanded was 130, and declined to 100. All right? Calculate the total revenue before, total revenue after, and determine, calculate the price elasticity of demand action. OK? Total revenues, how much here? Five times 130, 650.", "tokens": [25803, 472, 307, 1732, 13, 25803, 732, 307, 2309, 13, 440, 11275, 28276, 390, 19966, 11, 293, 29213, 281, 2319, 13, 1057, 558, 30, 3511, 2444, 473, 264, 3217, 9324, 949, 11, 3217, 9324, 934, 11, 293, 6997, 11, 8873, 264, 3218, 46260, 295, 4733, 3069, 13, 2264, 30, 23170, 27299, 11, 577, 709, 510, 30, 9436, 1413, 19966, 11, 38566, 13], "avg_logprob": -0.2353670663303799, "compression_ratio": 1.4972972972972973, "no_speech_prob": 0.0, "words": [{"start": 1936.22, "end": 1936.64, "word": " Price", "probability": 0.8349609375}, {"start": 1936.64, "end": 1936.92, "word": " one", "probability": 0.59228515625}, {"start": 1936.92, "end": 1937.14, "word": " is", "probability": 0.939453125}, {"start": 1937.14, "end": 1937.44, "word": " five.", "probability": 0.79150390625}, {"start": 1937.58, "end": 1937.9, "word": " Price", "probability": 0.9326171875}, {"start": 1937.9, "end": 1938.14, "word": " two", "probability": 0.9345703125}, {"start": 1938.14, "end": 1938.3, "word": " is", "probability": 0.92626953125}, {"start": 1938.3, "end": 1938.62, "word": " six.", "probability": 0.94873046875}, {"start": 1939.22, "end": 1939.34, "word": " The", "probability": 0.59814453125}, {"start": 1939.34, "end": 1939.58, "word": " quantity", "probability": 0.7265625}, {"start": 1939.58, "end": 1939.96, "word": " demanded", "probability": 0.8896484375}, {"start": 1939.96, "end": 1940.42, "word": " was", "probability": 0.94970703125}, {"start": 1940.42, "end": 1941.06, "word": " 130,", "probability": 0.8779296875}, {"start": 1941.8, "end": 1942.22, "word": " and", "probability": 0.923828125}, {"start": 1942.22, "end": 1943.02, "word": " declined", "probability": 0.7548828125}, {"start": 1943.02, "end": 1943.58, "word": " to", "probability": 0.9677734375}, {"start": 1943.58, "end": 1944.26, "word": " 100.", "probability": 0.91796875}, {"start": 1944.98, "end": 1945.3, "word": " All", "probability": 0.34765625}, {"start": 1945.3, "end": 1945.38, "word": " right?", "probability": 0.91357421875}, {"start": 1946.04, "end": 1946.78, "word": " Calculate", "probability": 0.9876302083333334}, {"start": 1946.78, "end": 1947.0, "word": " the", "probability": 0.8056640625}, {"start": 1947.0, "end": 1947.32, "word": " total", "probability": 0.89697265625}, {"start": 1947.32, "end": 1947.74, "word": " revenue", "probability": 0.875}, {"start": 1947.74, "end": 1948.16, "word": " before,", "probability": 0.888671875}, {"start": 1948.92, "end": 1949.18, "word": " total", "probability": 0.88623046875}, {"start": 1949.18, "end": 1949.54, "word": " revenue", "probability": 0.87109375}, {"start": 1949.54, "end": 1949.98, "word": " after,", "probability": 0.83642578125}, {"start": 1950.2, "end": 1950.52, "word": " and", "probability": 0.93994140625}, {"start": 1950.52, "end": 1951.08, "word": " determine,", "probability": 0.8955078125}, {"start": 1951.62, "end": 1952.1, "word": " calculate", "probability": 0.89990234375}, {"start": 1952.1, "end": 1953.0, "word": " the", "probability": 0.84912109375}, {"start": 1953.0, "end": 1953.46, "word": " price", "probability": 0.92333984375}, {"start": 1953.46, "end": 1954.0, "word": " elasticity", "probability": 0.449951171875}, {"start": 1954.0, "end": 1954.32, "word": " of", "probability": 0.92333984375}, {"start": 1954.32, "end": 1954.76, "word": " demand", "probability": 0.8984375}, {"start": 1954.76, "end": 1955.18, "word": " action.", "probability": 0.16015625}, {"start": 1955.66, "end": 1955.88, "word": " OK?", "probability": 0.6767578125}, {"start": 1956.96, "end": 1957.26, "word": " Total", "probability": 0.90283203125}, {"start": 1957.26, "end": 1957.62, "word": " revenues,", "probability": 0.7021484375}, {"start": 1957.74, "end": 1957.9, "word": " how", "probability": 0.93408203125}, {"start": 1957.9, "end": 1958.24, "word": " much", "probability": 0.92333984375}, {"start": 1958.24, "end": 1958.48, "word": " here?", "probability": 0.8515625}, {"start": 1960.04, "end": 1960.88, "word": " Five", "probability": 0.4375}, {"start": 1960.88, "end": 1961.36, "word": " times", "probability": 0.9248046875}, {"start": 1961.36, "end": 1962.52, "word": " 130,", "probability": 0.94091796875}, {"start": 1963.18, "end": 1964.12, "word": " 650.", "probability": 0.890625}], "temperature": 1.0}, {"id": 71, "seek": 199429, "start": 1965.53, "end": 1994.29, "text": " All right? Now, 6 times 100, 600. What do you see? As the price goes up from 5 to 6, the total revenue goes down from 650 to 600. Let's calculate, which means that his decision or her decision to increase the price is incorrect. It's not rational decision.", "tokens": [1057, 558, 30, 823, 11, 1386, 1413, 2319, 11, 11849, 13, 708, 360, 291, 536, 30, 1018, 264, 3218, 1709, 493, 490, 1025, 281, 1386, 11, 264, 3217, 9324, 1709, 760, 490, 38566, 281, 11849, 13, 961, 311, 8873, 11, 597, 1355, 300, 702, 3537, 420, 720, 3537, 281, 3488, 264, 3218, 307, 18424, 13, 467, 311, 406, 15090, 3537, 13], "avg_logprob": -0.16494455957604992, "compression_ratio": 1.4770114942528736, "no_speech_prob": 0.0, "words": [{"start": 1965.53, "end": 1965.79, "word": " All", "probability": 0.77685546875}, {"start": 1965.79, "end": 1966.05, "word": " right?", "probability": 0.91748046875}, {"start": 1966.95, "end": 1967.35, "word": " Now,", "probability": 0.93310546875}, {"start": 1967.69, "end": 1969.33, "word": " 6", "probability": 0.7626953125}, {"start": 1969.33, "end": 1969.77, "word": " times", "probability": 0.90234375}, {"start": 1969.77, "end": 1970.45, "word": " 100,", "probability": 0.85791015625}, {"start": 1970.83, "end": 1971.53, "word": " 600.", "probability": 0.97802734375}, {"start": 1972.55, "end": 1972.81, "word": " What", "probability": 0.194091796875}, {"start": 1972.81, "end": 1972.97, "word": " do", "probability": 0.416015625}, {"start": 1972.97, "end": 1972.99, "word": " you", "probability": 0.9384765625}, {"start": 1972.99, "end": 1973.09, "word": " see?", "probability": 0.9384765625}, {"start": 1973.87, "end": 1974.51, "word": " As", "probability": 0.97412109375}, {"start": 1974.51, "end": 1974.69, "word": " the", "probability": 0.90185546875}, {"start": 1974.69, "end": 1975.03, "word": " price", "probability": 0.89794921875}, {"start": 1975.03, "end": 1975.69, "word": " goes", "probability": 0.94384765625}, {"start": 1975.69, "end": 1976.13, "word": " up", "probability": 0.9677734375}, {"start": 1976.13, "end": 1976.63, "word": " from", "probability": 0.890625}, {"start": 1976.63, "end": 1977.07, "word": " 5", "probability": 0.70947265625}, {"start": 1977.07, "end": 1977.25, "word": " to", "probability": 0.9736328125}, {"start": 1977.25, "end": 1977.67, "word": " 6,", "probability": 0.99853515625}, {"start": 1978.25, "end": 1978.57, "word": " the", "probability": 0.87841796875}, {"start": 1978.57, "end": 1978.83, "word": " total", "probability": 0.82177734375}, {"start": 1978.83, "end": 1979.23, "word": " revenue", "probability": 0.8935546875}, {"start": 1979.23, "end": 1979.81, "word": " goes", "probability": 0.9169921875}, {"start": 1979.81, "end": 1980.27, "word": " down", "probability": 0.8515625}, {"start": 1980.27, "end": 1980.83, "word": " from", "probability": 0.8896484375}, {"start": 1980.83, "end": 1981.55, "word": " 650", "probability": 0.6796875}, {"start": 1981.55, "end": 1982.01, "word": " to", "probability": 0.97119140625}, {"start": 1982.01, "end": 1982.55, "word": " 600.", "probability": 0.97998046875}, {"start": 1983.37, "end": 1983.83, "word": " Let's", "probability": 0.978515625}, {"start": 1983.83, "end": 1984.37, "word": " calculate,", "probability": 0.91796875}, {"start": 1985.41, "end": 1985.75, "word": " which", "probability": 0.94921875}, {"start": 1985.75, "end": 1986.13, "word": " means", "probability": 0.9306640625}, {"start": 1986.13, "end": 1986.47, "word": " that", "probability": 0.93212890625}, {"start": 1986.47, "end": 1987.35, "word": " his", "probability": 0.935546875}, {"start": 1987.35, "end": 1988.03, "word": " decision", "probability": 0.9326171875}, {"start": 1988.03, "end": 1988.61, "word": " or", "probability": 0.57470703125}, {"start": 1988.61, "end": 1988.87, "word": " her", "probability": 0.96484375}, {"start": 1988.87, "end": 1989.41, "word": " decision", "probability": 0.95458984375}, {"start": 1989.41, "end": 1989.91, "word": " to", "probability": 0.83056640625}, {"start": 1989.91, "end": 1990.35, "word": " increase", "probability": 0.8544921875}, {"start": 1990.35, "end": 1990.55, "word": " the", "probability": 0.80908203125}, {"start": 1990.55, "end": 1990.93, "word": " price", "probability": 0.9189453125}, {"start": 1990.93, "end": 1991.37, "word": " is", "probability": 0.9404296875}, {"start": 1991.37, "end": 1992.21, "word": " incorrect.", "probability": 0.90478515625}, {"start": 1992.63, "end": 1993.13, "word": " It's", "probability": 0.962890625}, {"start": 1993.13, "end": 1993.37, "word": " not", "probability": 0.939453125}, {"start": 1993.37, "end": 1993.85, "word": " rational", "probability": 0.61669921875}, {"start": 1993.85, "end": 1994.29, "word": " decision.", "probability": 0.9453125}], "temperature": 1.0}, {"id": 72, "seek": 201195, "start": 2001.91, "end": 2011.95, "text": " And correct decision. So let's get the price elasticity of demand in this case is elastic.", "tokens": [400, 3006, 3537, 13, 407, 718, 311, 483, 264, 3218, 46260, 295, 4733, 294, 341, 1389, 307, 17115, 13], "avg_logprob": -0.29238281548023226, "compression_ratio": 1.1097560975609757, "no_speech_prob": 0.0, "words": [{"start": 2001.91, "end": 2002.91, "word": " And", "probability": 0.0255279541015625}, {"start": 2002.91, "end": 2003.91, "word": " correct", "probability": 0.8798828125}, {"start": 2003.91, "end": 2004.47, "word": " decision.", "probability": 0.93310546875}, {"start": 2005.31, "end": 2005.57, "word": " So", "probability": 0.8935546875}, {"start": 2005.57, "end": 2006.19, "word": " let's", "probability": 0.829833984375}, {"start": 2006.19, "end": 2006.39, "word": " get", "probability": 0.67578125}, {"start": 2006.39, "end": 2007.45, "word": " the", "probability": 0.78369140625}, {"start": 2007.45, "end": 2007.81, "word": " price", "probability": 0.92919921875}, {"start": 2007.81, "end": 2008.25, "word": " elasticity", "probability": 0.82373046875}, {"start": 2008.25, "end": 2008.47, "word": " of", "probability": 0.93505859375}, {"start": 2008.47, "end": 2008.83, "word": " demand", "probability": 0.884765625}, {"start": 2008.83, "end": 2009.09, "word": " in", "probability": 0.7568359375}, {"start": 2009.09, "end": 2009.39, "word": " this", "probability": 0.95263671875}, {"start": 2009.39, "end": 2009.87, "word": " case", "probability": 0.919921875}, {"start": 2009.87, "end": 2010.39, "word": " is", "probability": 0.89990234375}, {"start": 2010.39, "end": 2011.95, "word": " elastic.", "probability": 0.57568359375}], "temperature": 1.0}, {"id": 73, "seek": 204474, "start": 2019.72, "end": 2044.74, "text": " So let's calculate the price and assistive demand, the same formula here, instead of 110, 130. 130. How much is it here? Minus three, okay. So PED here equals minus 30 over one times", "tokens": [407, 718, 311, 8873, 264, 3218, 293, 4255, 488, 4733, 11, 264, 912, 8513, 510, 11, 2602, 295, 20154, 11, 19966, 13, 19966, 13, 1012, 709, 307, 309, 510, 30, 2829, 301, 1045, 11, 1392, 13, 407, 430, 4731, 510, 6915, 3175, 2217, 670, 472, 1413], "avg_logprob": -0.32962101317466574, "compression_ratio": 1.2708333333333333, "no_speech_prob": 0.0, "words": [{"start": 2019.72, "end": 2020.46, "word": " So", "probability": 0.314208984375}, {"start": 2020.46, "end": 2021.2, "word": " let's", "probability": 0.79638671875}, {"start": 2021.2, "end": 2021.56, "word": " calculate", "probability": 0.91064453125}, {"start": 2021.56, "end": 2021.76, "word": " the", "probability": 0.88818359375}, {"start": 2021.76, "end": 2021.96, "word": " price", "probability": 0.888671875}, {"start": 2021.96, "end": 2022.08, "word": " and", "probability": 0.8076171875}, {"start": 2022.08, "end": 2022.52, "word": " assistive", "probability": 0.59130859375}, {"start": 2022.52, "end": 2022.88, "word": " demand,", "probability": 0.91162109375}, {"start": 2023.24, "end": 2023.36, "word": " the", "probability": 0.89453125}, {"start": 2023.36, "end": 2023.58, "word": " same", "probability": 0.91357421875}, {"start": 2023.58, "end": 2023.94, "word": " formula", "probability": 0.9072265625}, {"start": 2023.94, "end": 2024.26, "word": " here,", "probability": 0.83349609375}, {"start": 2024.8, "end": 2025.12, "word": " instead", "probability": 0.912109375}, {"start": 2025.12, "end": 2025.38, "word": " of", "probability": 0.97021484375}, {"start": 2025.38, "end": 2026.3, "word": " 110,", "probability": 0.6025390625}, {"start": 2026.38, "end": 2027.0, "word": " 130.", "probability": 0.880859375}, {"start": 2028.88, "end": 2029.62, "word": " 130.", "probability": 0.55908203125}, {"start": 2031.46, "end": 2032.2, "word": " How", "probability": 0.9482421875}, {"start": 2032.2, "end": 2032.46, "word": " much", "probability": 0.91748046875}, {"start": 2032.46, "end": 2032.66, "word": " is", "probability": 0.9453125}, {"start": 2032.66, "end": 2032.94, "word": " it", "probability": 0.81591796875}, {"start": 2032.94, "end": 2033.28, "word": " here?", "probability": 0.248046875}, {"start": 2033.64, "end": 2034.36, "word": " Minus", "probability": 0.917724609375}, {"start": 2034.36, "end": 2034.76, "word": " three,", "probability": 0.6083984375}, {"start": 2035.08, "end": 2035.28, "word": " okay.", "probability": 0.89208984375}, {"start": 2038.02, "end": 2038.76, "word": " So", "probability": 0.94970703125}, {"start": 2038.76, "end": 2039.24, "word": " PED", "probability": 0.604736328125}, {"start": 2039.24, "end": 2039.62, "word": " here", "probability": 0.80859375}, {"start": 2039.62, "end": 2041.02, "word": " equals", "probability": 0.82373046875}, {"start": 2041.02, "end": 2041.94, "word": " minus", "probability": 0.96826171875}, {"start": 2041.94, "end": 2042.52, "word": " 30", "probability": 0.9306640625}, {"start": 2042.52, "end": 2043.0, "word": " over", "probability": 0.89990234375}, {"start": 2043.0, "end": 2043.32, "word": " one", "probability": 0.70556640625}, {"start": 2043.32, "end": 2044.74, "word": " times", "probability": 0.7587890625}], "temperature": 1.0}, {"id": 74, "seek": 206187, "start": 2045.87, "end": 2061.87, "text": " 11 over 230. So PED equals minus 330 over 230. How much is it? It's bigger than one.", "tokens": [2975, 670, 35311, 13, 407, 430, 4731, 6915, 3175, 45374, 670, 35311, 13, 1012, 709, 307, 309, 30, 467, 311, 3801, 813, 472, 13], "avg_logprob": -0.1865625, "compression_ratio": 1.0240963855421688, "no_speech_prob": 0.0, "words": [{"start": 2045.87, "end": 2046.37, "word": " 11", "probability": 0.47216796875}, {"start": 2046.37, "end": 2047.17, "word": " over", "probability": 0.74755859375}, {"start": 2047.17, "end": 2048.71, "word": " 230.", "probability": 0.95947265625}, {"start": 2049.53, "end": 2049.85, "word": " So", "probability": 0.90087890625}, {"start": 2049.85, "end": 2051.09, "word": " PED", "probability": 0.63232421875}, {"start": 2051.09, "end": 2051.71, "word": " equals", "probability": 0.76806640625}, {"start": 2051.71, "end": 2054.91, "word": " minus", "probability": 0.85107421875}, {"start": 2054.91, "end": 2056.69, "word": " 330", "probability": 0.87109375}, {"start": 2056.69, "end": 2057.99, "word": " over", "probability": 0.91455078125}, {"start": 2057.99, "end": 2059.19, "word": " 230.", "probability": 0.96484375}, {"start": 2059.97, "end": 2060.55, "word": " How", "probability": 0.953125}, {"start": 2060.55, "end": 2060.79, "word": " much", "probability": 0.91845703125}, {"start": 2060.79, "end": 2060.95, "word": " is", "probability": 0.94873046875}, {"start": 2060.95, "end": 2061.11, "word": " it?", "probability": 0.953125}, {"start": 2061.17, "end": 2061.29, "word": " It's", "probability": 0.929931640625}, {"start": 2061.29, "end": 2061.47, "word": " bigger", "probability": 0.94873046875}, {"start": 2061.47, "end": 2061.73, "word": " than", "probability": 0.947265625}, {"start": 2061.73, "end": 2061.87, "word": " one.", "probability": 0.56103515625}], "temperature": 1.0}, {"id": 75, "seek": 208564, "start": 2065.22, "end": 2085.64, "text": " 43 minus 1.43, an absolute value. It's bigger than one, so the demand is elastic. So here, the demand is elastic. 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Change in price over change in quantity. Change in price over change in quantity. Change in price over change in quantity. Change in price over change in quantity. 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Let's go to another thing or another point here. Let us assume that the price changed from five to six and the quantity demanded, it changed from 120 to 100. Let's say, how much is the total revenue here?", "tokens": [286, 603, 483, 2152, 13048, 281, 264, 4985, 13, 961, 311, 352, 281, 1071, 551, 420, 1071, 935, 510, 13, 961, 505, 6552, 300, 264, 3218, 3105, 490, 1732, 281, 2309, 293, 264, 11275, 28276, 11, 309, 3105, 490, 10411, 281, 2319, 13, 961, 311, 584, 11, 577, 709, 307, 264, 3217, 9324, 510, 30], "avg_logprob": -0.3309151849576405, "compression_ratio": 1.4906832298136645, "no_speech_prob": 0.0, "words": [{"start": 2161.92, "end": 2162.18, "word": " I'll", "probability": 0.75537109375}, {"start": 2162.18, "end": 2162.28, "word": " get", "probability": 0.9345703125}, {"start": 2162.28, "end": 2162.52, "word": " mention", "probability": 0.0604248046875}, {"start": 2162.52, "end": 2162.78, "word": " Jane", "probability": 0.318115234375}, {"start": 2162.78, "end": 2162.9, "word": " to", "probability": 0.0528564453125}, {"start": 2162.9, "end": 2162.96, "word": " the", "probability": 0.465087890625}, {"start": 2162.96, "end": 2163.18, "word": " unit.", "probability": 0.480712890625}, {"start": 2166.78, "end": 2167.52, "word": " Let's", "probability": 0.90673828125}, {"start": 2167.52, "end": 2167.72, "word": " go", "probability": 0.9658203125}, {"start": 2167.72, "end": 2167.92, "word": " to", "probability": 0.96044921875}, {"start": 2167.92, "end": 2168.2, "word": " another", "probability": 0.92578125}, {"start": 2168.2, "end": 2168.68, "word": " thing", "probability": 0.8525390625}, {"start": 2168.68, "end": 2169.06, "word": " or", "probability": 0.8671875}, {"start": 2169.06, "end": 2169.44, "word": " another", "probability": 0.86962890625}, {"start": 2169.44, "end": 2169.8, "word": " point", "probability": 0.93505859375}, {"start": 2169.8, "end": 2170.06, "word": " here.", "probability": 0.76513671875}, {"start": 2170.62, "end": 2171.36, "word": " Let", "probability": 0.9599609375}, {"start": 2171.36, "end": 2171.56, "word": " us", "probability": 0.724609375}, {"start": 2171.56, "end": 2171.96, "word": " assume", "probability": 0.91552734375}, {"start": 2171.96, "end": 2172.36, "word": " that", "probability": 0.93603515625}, {"start": 2172.36, "end": 2172.92, "word": " the", "probability": 0.9130859375}, {"start": 2172.92, "end": 2173.3, "word": " price", "probability": 0.91455078125}, {"start": 2173.3, "end": 2174.4, "word": " changed", "probability": 0.484130859375}, {"start": 2174.4, "end": 2174.82, "word": " from", "probability": 0.89111328125}, {"start": 2174.82, "end": 2176.0, "word": " five", "probability": 0.85693359375}, {"start": 2176.0, "end": 2176.44, "word": " to", "probability": 0.96044921875}, {"start": 2176.44, "end": 2176.78, "word": " six", "probability": 0.93310546875}, {"start": 2176.78, "end": 2177.64, "word": " and", "probability": 0.60205078125}, {"start": 2177.64, "end": 2177.8, "word": " the", "probability": 0.89453125}, {"start": 2177.8, "end": 2178.34, "word": " quantity", "probability": 0.990234375}, {"start": 2178.34, "end": 2178.98, "word": " demanded,", "probability": 0.9384765625}, {"start": 2179.28, "end": 2179.78, "word": " it", "probability": 0.93505859375}, {"start": 2179.78, "end": 2180.22, "word": " changed", "probability": 0.90478515625}, {"start": 2180.22, "end": 2180.62, "word": " from", "probability": 0.8916015625}, {"start": 2180.62, "end": 2181.6, "word": " 120", "probability": 0.89404296875}, {"start": 2181.6, "end": 2182.36, "word": " to", "probability": 0.9716796875}, {"start": 2182.36, "end": 2182.88, "word": " 100.", "probability": 0.90234375}, {"start": 2184.28, "end": 2184.54, "word": " Let's", "probability": 0.582763671875}, {"start": 2184.54, "end": 2184.74, "word": " say,", "probability": 0.458740234375}, {"start": 2185.46, "end": 2185.78, "word": " how", "probability": 0.89990234375}, {"start": 2185.78, "end": 2186.06, "word": " much", "probability": 0.91552734375}, {"start": 2186.06, "end": 2186.32, "word": " is", "probability": 0.94677734375}, {"start": 2186.32, "end": 2186.46, "word": " the", "probability": 0.900390625}, {"start": 2186.46, "end": 2186.68, "word": " total", "probability": 0.8798828125}, {"start": 2186.68, "end": 2187.04, "word": " revenue", "probability": 0.88232421875}, {"start": 2187.04, "end": 2187.24, "word": " here?", "probability": 0.5908203125}], "temperature": 1.0}, {"id": 79, "seek": 221575, "start": 2189.87, "end": 2215.75, "text": " Price times quantity. 5 times 120 equals 600. As the price increased from 5 to 6, the quantity demanded goes down from 120 to 100. How much is it? 600. What do you see? Increasing in the price leads to no change in total revenue. So the demand should be unitary elastic.", "tokens": [25803, 1413, 11275, 13, 1025, 1413, 10411, 6915, 11849, 13, 1018, 264, 3218, 6505, 490, 1025, 281, 1386, 11, 264, 11275, 28276, 1709, 760, 490, 10411, 281, 2319, 13, 1012, 709, 307, 309, 30, 11849, 13, 708, 360, 291, 536, 30, 30367, 3349, 294, 264, 3218, 6689, 281, 572, 1319, 294, 3217, 9324, 13, 407, 264, 4733, 820, 312, 517, 4109, 17115, 13], "avg_logprob": -0.17712402250617743, "compression_ratio": 1.4808743169398908, "no_speech_prob": 0.0, "words": [{"start": 2189.87, "end": 2190.35, "word": " Price", "probability": 0.81884765625}, {"start": 2190.35, "end": 2190.71, "word": " times", "probability": 0.892578125}, {"start": 2190.71, "end": 2191.35, "word": " quantity.", "probability": 0.8232421875}, {"start": 2191.79, "end": 2192.49, "word": " 5", "probability": 0.591796875}, {"start": 2192.49, "end": 2192.87, "word": " times", "probability": 0.74658203125}, {"start": 2192.87, "end": 2193.61, "word": " 120", "probability": 0.92236328125}, {"start": 2193.61, "end": 2194.53, "word": " equals", "probability": 0.9052734375}, {"start": 2194.53, "end": 2195.05, "word": " 600.", "probability": 0.9765625}, {"start": 2197.67, "end": 2198.43, "word": " As", "probability": 0.96337890625}, {"start": 2198.43, "end": 2198.61, "word": " the", "probability": 0.90185546875}, {"start": 2198.61, "end": 2198.89, "word": " price", "probability": 0.91064453125}, {"start": 2198.89, "end": 2199.47, "word": " increased", "probability": 0.72509765625}, {"start": 2199.47, "end": 2200.29, "word": " from", "probability": 0.8525390625}, {"start": 2200.29, "end": 2200.69, "word": " 5", "probability": 0.78955078125}, {"start": 2200.69, "end": 2200.85, "word": " to", "probability": 0.97802734375}, {"start": 2200.85, "end": 2201.23, "word": " 6,", "probability": 0.99755859375}, {"start": 2201.77, "end": 2202.21, "word": " the", "probability": 0.916015625}, {"start": 2202.21, "end": 2202.67, "word": " quantity", "probability": 0.98583984375}, {"start": 2202.67, "end": 2203.09, "word": " demanded", "probability": 0.892578125}, {"start": 2203.09, "end": 2203.47, "word": " goes", "probability": 0.92138671875}, {"start": 2203.47, "end": 2203.79, "word": " down", "probability": 0.85205078125}, {"start": 2203.79, "end": 2204.03, "word": " from", "probability": 0.88330078125}, {"start": 2204.03, "end": 2204.55, "word": " 120", "probability": 0.916015625}, {"start": 2204.55, "end": 2204.87, "word": " to", "probability": 0.97314453125}, {"start": 2204.87, "end": 2205.25, "word": " 100.", "probability": 0.904296875}, {"start": 2205.61, "end": 2205.79, "word": " How", "probability": 0.9658203125}, {"start": 2205.79, "end": 2205.99, "word": " much", "probability": 0.912109375}, {"start": 2205.99, "end": 2206.15, "word": " is", "probability": 0.94287109375}, {"start": 2206.15, "end": 2206.33, "word": " it?", "probability": 0.9375}, {"start": 2206.35, "end": 2206.71, "word": " 600.", "probability": 0.96630859375}, {"start": 2207.71, "end": 2207.83, "word": " What", "probability": 0.29541015625}, {"start": 2207.83, "end": 2207.97, "word": " do", "probability": 0.88232421875}, {"start": 2207.97, "end": 2208.01, "word": " you", "probability": 0.94775390625}, {"start": 2208.01, "end": 2208.19, "word": " see?", "probability": 0.93505859375}, {"start": 2208.95, "end": 2209.71, "word": " Increasing", "probability": 0.926025390625}, {"start": 2209.71, "end": 2209.87, "word": " in", "probability": 0.60498046875}, {"start": 2209.87, "end": 2209.97, "word": " the", "probability": 0.75341796875}, {"start": 2209.97, "end": 2210.33, "word": " price", "probability": 0.9091796875}, {"start": 2210.33, "end": 2210.93, "word": " leads", "probability": 0.88427734375}, {"start": 2210.93, "end": 2211.25, "word": " to", "probability": 0.96826171875}, {"start": 2211.25, "end": 2211.79, "word": " no", "probability": 0.95947265625}, {"start": 2211.79, "end": 2212.25, "word": " change", "probability": 0.9033203125}, {"start": 2212.25, "end": 2212.45, "word": " in", "probability": 0.9345703125}, {"start": 2212.45, "end": 2212.65, "word": " total", "probability": 0.8994140625}, {"start": 2212.65, "end": 2213.05, "word": " revenue.", "probability": 0.87939453125}, {"start": 2213.41, "end": 2213.91, "word": " So", "probability": 0.966796875}, {"start": 2213.91, "end": 2214.05, "word": " the", "probability": 0.86083984375}, {"start": 2214.05, "end": 2214.33, "word": " demand", "probability": 0.947265625}, {"start": 2214.33, "end": 2214.61, "word": " should", "probability": 0.9677734375}, {"start": 2214.61, "end": 2214.89, "word": " be", "probability": 0.95556640625}, {"start": 2214.89, "end": 2215.29, "word": " unitary", "probability": 0.612060546875}, {"start": 2215.29, "end": 2215.75, "word": " elastic.", "probability": 0.8779296875}], "temperature": 1.0}, {"id": 80, "seek": 224310, "start": 2219.6, "end": 2243.1, "text": " So here, 120 instead of 130, 120 minus 20 over 1 times 11 over 220. How much is it here?", "tokens": [407, 510, 11, 10411, 2602, 295, 19966, 11, 10411, 3175, 945, 670, 502, 1413, 2975, 670, 29387, 13, 1012, 709, 307, 309, 510, 30], "avg_logprob": -0.23484375, "compression_ratio": 1.072289156626506, "no_speech_prob": 0.0, "words": [{"start": 2219.6, "end": 2220.68, "word": " So", "probability": 0.3681640625}, {"start": 2220.68, "end": 2221.58, "word": " here,", "probability": 0.7255859375}, {"start": 2222.5, "end": 2223.22, "word": " 120", "probability": 0.8779296875}, {"start": 2223.22, "end": 2223.88, "word": " instead", "probability": 0.86767578125}, {"start": 2223.88, "end": 2224.14, "word": " of", "probability": 0.97216796875}, {"start": 2224.14, "end": 2225.02, "word": " 130,", "probability": 0.81689453125}, {"start": 2226.1, "end": 2227.64, "word": " 120", "probability": 0.84716796875}, {"start": 2227.64, "end": 2232.54, "word": " minus", "probability": 0.23046875}, {"start": 2232.54, "end": 2236.92, "word": " 20", "probability": 0.9296875}, {"start": 2236.92, "end": 2237.94, "word": " over", "probability": 0.8310546875}, {"start": 2237.94, "end": 2238.48, "word": " 1", "probability": 0.69970703125}, {"start": 2238.48, "end": 2239.22, "word": " times", "probability": 0.89892578125}, {"start": 2239.22, "end": 2240.3, "word": " 11", "probability": 0.94384765625}, {"start": 2240.3, "end": 2240.94, "word": " over", "probability": 0.91064453125}, {"start": 2240.94, "end": 2241.62, "word": " 220.", "probability": 0.95263671875}, {"start": 2242.08, "end": 2242.28, "word": " How", "probability": 0.9697265625}, {"start": 2242.28, "end": 2242.52, "word": " much", "probability": 0.92138671875}, {"start": 2242.52, "end": 2242.68, "word": " is", "probability": 0.9423828125}, {"start": 2242.68, "end": 2242.88, "word": " it", "probability": 0.92138671875}, {"start": 2242.88, "end": 2243.1, "word": " here?", "probability": 0.84326171875}], "temperature": 1.0}, {"id": 81, "seek": 227371, "start": 2244.53, "end": 2273.71, "text": " minus 20 times 11 minus 220 over 1 times 220, 220 equals minus 1. So, the demand is unitary elastic. That's it. So, the demand is unitary elastic. So, I have a unitary elastic like the demand for any product. The change in the price is equal to the change in", "tokens": [3175, 945, 1413, 2975, 3175, 29387, 670, 502, 1413, 29387, 11, 29387, 6915, 3175, 502, 13, 407, 11, 264, 4733, 307, 517, 4109, 17115, 13, 663, 311, 309, 13, 407, 11, 264, 4733, 307, 517, 4109, 17115, 13, 407, 11, 286, 362, 257, 517, 4109, 17115, 411, 264, 4733, 337, 604, 1674, 13, 440, 1319, 294, 264, 3218, 307, 2681, 281, 264, 1319, 294], "avg_logprob": -0.3105769230769231, "compression_ratio": 1.8111888111888113, "no_speech_prob": 0.0, "words": [{"start": 2244.53, "end": 2244.91, "word": " minus", "probability": 0.310302734375}, {"start": 2244.91, "end": 2245.35, "word": " 20", "probability": 0.56005859375}, {"start": 2245.35, "end": 2245.75, "word": " times", "probability": 0.78857421875}, {"start": 2245.75, "end": 2246.25, "word": " 11", "probability": 0.87060546875}, {"start": 2246.25, "end": 2246.99, "word": " minus", "probability": 0.97265625}, {"start": 2246.99, "end": 2248.55, "word": " 220", "probability": 0.92626953125}, {"start": 2248.55, "end": 2249.57, "word": " over", "probability": 0.85546875}, {"start": 2249.57, "end": 2250.09, "word": " 1", "probability": 0.7080078125}, {"start": 2250.09, "end": 2250.47, "word": " times", "probability": 0.86279296875}, {"start": 2250.47, "end": 2251.21, "word": " 220,", "probability": 0.912109375}, {"start": 2251.33, "end": 2251.81, "word": " 220", "probability": 0.90771484375}, {"start": 2251.81, "end": 2253.23, "word": " equals", "probability": 0.7451171875}, {"start": 2253.23, "end": 2253.81, "word": " minus", "probability": 0.87939453125}, {"start": 2253.81, "end": 2254.23, "word": " 1.", "probability": 0.86328125}, {"start": 2254.47, "end": 2254.59, "word": " So,", "probability": 0.95458984375}, {"start": 2254.73, "end": 2254.81, "word": " the", "probability": 0.91455078125}, {"start": 2254.81, "end": 2255.35, "word": " demand", "probability": 0.91162109375}, {"start": 2255.35, "end": 2256.35, "word": " is", "probability": 0.943359375}, {"start": 2256.35, "end": 2257.05, "word": " unitary", "probability": 0.82373046875}, {"start": 2257.05, "end": 2257.59, "word": " elastic.", "probability": 0.89453125}, {"start": 2258.49, "end": 2259.23, "word": " That's", "probability": 0.916015625}, {"start": 2259.23, "end": 2259.57, "word": " it.", "probability": 0.951171875}, {"start": 2260.73, "end": 2261.47, "word": " So,", "probability": 0.487548828125}, {"start": 2261.63, "end": 2261.75, "word": " the", "probability": 0.88134765625}, {"start": 2261.75, "end": 2262.05, "word": " demand", "probability": 0.8984375}, {"start": 2262.05, "end": 2262.41, "word": " is", "probability": 0.94921875}, {"start": 2262.41, "end": 2262.93, "word": " unitary", "probability": 0.887451171875}, {"start": 2262.93, "end": 2263.47, "word": " elastic.", "probability": 0.96044921875}, {"start": 2264.39, "end": 2264.61, "word": " So,", "probability": 0.83447265625}, {"start": 2264.65, "end": 2264.69, "word": " I", "probability": 0.3837890625}, {"start": 2264.69, "end": 2264.83, "word": " have", "probability": 0.41845703125}, {"start": 2264.83, "end": 2264.91, "word": " a", "probability": 0.78173828125}, {"start": 2264.91, "end": 2265.65, "word": " unitary", "probability": 0.746337890625}, {"start": 2265.65, "end": 2268.29, "word": " elastic", "probability": 0.935546875}, {"start": 2268.29, "end": 2269.11, "word": " like", "probability": 0.5791015625}, {"start": 2269.11, "end": 2269.27, "word": " the", "probability": 0.86962890625}, {"start": 2269.27, "end": 2269.61, "word": " demand", "probability": 0.91357421875}, {"start": 2269.61, "end": 2269.95, "word": " for", "probability": 0.84814453125}, {"start": 2269.95, "end": 2271.41, "word": " any", "probability": 0.6865234375}, {"start": 2271.41, "end": 2271.79, "word": " product.", "probability": 0.83984375}, {"start": 2271.89, "end": 2271.97, "word": " The", "probability": 0.301025390625}, {"start": 2271.97, "end": 2272.29, "word": " change", "probability": 0.8603515625}, {"start": 2272.29, "end": 2272.41, "word": " in", "probability": 0.6318359375}, {"start": 2272.41, "end": 2272.49, "word": " the", "probability": 0.429443359375}, {"start": 2272.49, "end": 2272.73, "word": " price", "probability": 0.91259765625}, {"start": 2272.73, "end": 2272.87, "word": " is", "probability": 0.211181640625}, {"start": 2272.87, "end": 2273.07, "word": " equal", "probability": 0.65087890625}, {"start": 2273.07, "end": 2273.17, "word": " to", "probability": 0.96240234375}, {"start": 2273.17, "end": 2273.25, "word": " the", "probability": 0.509765625}, {"start": 2273.25, "end": 2273.53, "word": " change", "probability": 0.892578125}, {"start": 2273.53, "end": 2273.71, "word": " in", "probability": 0.8193359375}], "temperature": 1.0}, {"id": 82, "seek": 229423, "start": 2274.29, "end": 2294.23, "text": " Like one. Clear? It's perfect. Let's go to another point which is the marginal revenue. Marginal revenue.", "tokens": [1743, 472, 13, 14993, 30, 467, 311, 2176, 13, 961, 311, 352, 281, 1071, 935, 597, 307, 264, 16885, 9324, 13, 2039, 1494, 304, 9324, 13], "avg_logprob": -0.3472222266373811, "compression_ratio": 1.1910112359550562, "no_speech_prob": 0.0, "words": [{"start": 2274.29, "end": 2274.59, "word": " Like", "probability": 0.11712646484375}, {"start": 2274.59, "end": 2274.83, "word": " one.", "probability": 0.72705078125}, {"start": 2276.57, "end": 2277.61, "word": " Clear?", "probability": 0.3779296875}, {"start": 2279.65, "end": 2280.69, "word": " It's", "probability": 0.607177734375}, {"start": 2280.69, "end": 2281.05, "word": " perfect.", "probability": 0.9072265625}, {"start": 2283.35, "end": 2283.61, "word": " Let's", "probability": 0.84814453125}, {"start": 2283.61, "end": 2283.87, "word": " go", "probability": 0.96875}, {"start": 2283.87, "end": 2284.33, "word": " to", "probability": 0.9677734375}, {"start": 2284.33, "end": 2288.75, "word": " another", "probability": 0.79150390625}, {"start": 2288.75, "end": 2289.21, "word": " point", "probability": 0.97412109375}, {"start": 2289.21, "end": 2289.47, "word": " which", "probability": 0.564453125}, {"start": 2289.47, "end": 2289.91, "word": " is", "probability": 0.95263671875}, {"start": 2289.91, "end": 2290.71, "word": " the", "probability": 0.8896484375}, {"start": 2290.71, "end": 2291.19, "word": " marginal", "probability": 0.87451171875}, {"start": 2291.19, "end": 2291.85, "word": " revenue.", "probability": 0.916015625}, {"start": 2292.85, "end": 2293.67, "word": " Marginal", "probability": 0.9674479166666666}, {"start": 2293.67, "end": 2294.23, "word": " revenue.", "probability": 0.87744140625}], "temperature": 1.0}, {"id": 83, "seek": 233765, "start": 2308.45, "end": 2337.65, "text": " Marginal revenue means... Marginal means... Marginal revenue... Marginal revenue is the change in total revenue over the change in the quantity demanded or quantity sold.", "tokens": [2039, 1494, 304, 9324, 1355, 485, 2039, 1494, 304, 1355, 485, 2039, 1494, 304, 9324, 485, 2039, 1494, 304, 9324, 307, 264, 1319, 294, 3217, 9324, 670, 264, 1319, 294, 264, 11275, 28276, 420, 11275, 3718, 13], "avg_logprob": -0.28659538532558243, "compression_ratio": 1.9, "no_speech_prob": 0.0, "words": [{"start": 2308.45, "end": 2309.03, "word": " Marginal", "probability": 0.9794921875}, {"start": 2309.03, "end": 2309.33, "word": " revenue", "probability": 0.86376953125}, {"start": 2309.33, "end": 2310.61, "word": " means...", "probability": 0.515411376953125}, {"start": 2310.61, "end": 2314.91, "word": " Marginal", "probability": 0.53009033203125}, {"start": 2314.91, "end": 2317.39, "word": " means...", "probability": 0.70263671875}, {"start": 2317.39, "end": 2318.57, "word": " Marginal", "probability": 0.97607421875}, {"start": 2318.57, "end": 2319.27, "word": " revenue...", "probability": 0.5701904296875}, {"start": 2319.27, "end": 2323.35, "word": " Marginal", "probability": 0.966796875}, {"start": 2323.35, "end": 2323.65, "word": " revenue", "probability": 0.908203125}, {"start": 2323.65, "end": 2327.29, "word": " is", "probability": 0.72314453125}, {"start": 2327.29, "end": 2328.43, "word": " the", "probability": 0.46923828125}, {"start": 2328.43, "end": 2329.11, "word": " change", "probability": 0.90966796875}, {"start": 2329.11, "end": 2329.55, "word": " in", "probability": 0.94677734375}, {"start": 2329.55, "end": 2329.91, "word": " total", "probability": 0.859375}, {"start": 2329.91, "end": 2330.47, "word": " revenue", "probability": 0.888671875}, {"start": 2330.47, "end": 2334.53, "word": " over", "probability": 0.73779296875}, {"start": 2334.53, "end": 2335.11, "word": " the", "probability": 0.91650390625}, {"start": 2335.11, "end": 2335.49, "word": " change", "probability": 0.91064453125}, {"start": 2335.49, "end": 2335.61, "word": " in", "probability": 0.6923828125}, {"start": 2335.61, "end": 2335.71, "word": " the", "probability": 0.451904296875}, {"start": 2335.71, "end": 2335.95, "word": " quantity", "probability": 0.65478515625}, {"start": 2335.95, "end": 2336.51, "word": " demanded", "probability": 0.91162109375}, {"start": 2336.51, "end": 2336.97, "word": " or", "probability": 0.51611328125}, {"start": 2336.97, "end": 2337.29, "word": " quantity", "probability": 0.59716796875}, {"start": 2337.29, "end": 2337.65, "word": " sold.", "probability": 0.8857421875}], "temperature": 1.0}, {"id": 84, "seek": 236207, "start": 2338.99, "end": 2362.07, "text": " Which means what will happen to the total revenue if the quantity sold increases or declines? Again, what will happen to the total revenue if the quantity sold changes, increases?", "tokens": [3013, 1355, 437, 486, 1051, 281, 264, 3217, 9324, 498, 264, 11275, 3718, 8637, 420, 7488, 1652, 30, 3764, 11, 437, 486, 1051, 281, 264, 3217, 9324, 498, 264, 11275, 3718, 2962, 11, 8637, 30], "avg_logprob": -0.19661457795235845, "compression_ratio": 1.7307692307692308, "no_speech_prob": 0.0, "words": [{"start": 2338.99, "end": 2339.29, "word": " Which", "probability": 0.64453125}, {"start": 2339.29, "end": 2339.77, "word": " means", "probability": 0.935546875}, {"start": 2339.77, "end": 2341.37, "word": " what", "probability": 0.51904296875}, {"start": 2341.37, "end": 2341.61, "word": " will", "probability": 0.79443359375}, {"start": 2341.61, "end": 2342.13, "word": " happen", "probability": 0.9287109375}, {"start": 2342.13, "end": 2342.63, "word": " to", "probability": 0.966796875}, {"start": 2342.63, "end": 2342.79, "word": " the", "probability": 0.8828125}, {"start": 2342.79, "end": 2343.13, "word": " total", "probability": 0.8916015625}, {"start": 2343.13, "end": 2343.57, "word": " revenue", "probability": 0.8876953125}, {"start": 2343.57, "end": 2344.45, "word": " if", "probability": 0.89892578125}, {"start": 2344.45, "end": 2344.63, "word": " the", "probability": 0.8779296875}, {"start": 2344.63, "end": 2344.99, "word": " quantity", "probability": 0.88232421875}, {"start": 2344.99, "end": 2345.41, "word": " sold", "probability": 0.93408203125}, {"start": 2345.41, "end": 2346.13, "word": " increases", "probability": 0.323486328125}, {"start": 2346.13, "end": 2346.51, "word": " or", "probability": 0.94580078125}, {"start": 2346.51, "end": 2347.47, "word": " declines?", "probability": 0.85693359375}, {"start": 2350.81, "end": 2351.53, "word": " Again,", "probability": 0.49658203125}, {"start": 2354.81, "end": 2355.11, "word": " what", "probability": 0.904296875}, {"start": 2355.11, "end": 2355.37, "word": " will", "probability": 0.86572265625}, {"start": 2355.37, "end": 2355.85, "word": " happen", "probability": 0.9189453125}, {"start": 2355.85, "end": 2356.11, "word": " to", "probability": 0.966796875}, {"start": 2356.11, "end": 2356.27, "word": " the", "probability": 0.90625}, {"start": 2356.27, "end": 2356.57, "word": " total", "probability": 0.8876953125}, {"start": 2356.57, "end": 2357.01, "word": " revenue", "probability": 0.90087890625}, {"start": 2357.01, "end": 2358.03, "word": " if", "probability": 0.9150390625}, {"start": 2358.03, "end": 2358.21, "word": " the", "probability": 0.912109375}, {"start": 2358.21, "end": 2358.71, "word": " quantity", "probability": 0.98193359375}, {"start": 2358.71, "end": 2359.29, "word": " sold", "probability": 0.9326171875}, {"start": 2359.29, "end": 2360.55, "word": " changes,", "probability": 0.638671875}, {"start": 2361.47, "end": 2362.07, "word": " increases?", "probability": 0.85107421875}], "temperature": 1.0}, {"id": 85, "seek": 238298, "start": 2363.87, "end": 2382.99, "text": " According to our assumption, let us assume that Requin demanded Z. What will happen to the total revenue? If we came back quickly to the last examples,", "tokens": [7328, 281, 527, 15302, 11, 718, 505, 6552, 300, 1300, 29360, 28276, 1176, 13, 708, 486, 1051, 281, 264, 3217, 9324, 30, 759, 321, 1361, 646, 2661, 281, 264, 1036, 5110, 11], "avg_logprob": -0.2878787878787879, "compression_ratio": 1.2357723577235773, "no_speech_prob": 0.0, "words": [{"start": 2363.8700000000003, "end": 2364.59, "word": " According", "probability": 0.5830078125}, {"start": 2364.59, "end": 2364.87, "word": " to", "probability": 0.96240234375}, {"start": 2364.87, "end": 2365.07, "word": " our", "probability": 0.89404296875}, {"start": 2365.07, "end": 2365.41, "word": " assumption,", "probability": 0.95556640625}, {"start": 2365.53, "end": 2365.61, "word": " let", "probability": 0.9462890625}, {"start": 2365.61, "end": 2365.77, "word": " us", "probability": 0.74853515625}, {"start": 2365.77, "end": 2366.15, "word": " assume", "probability": 0.90576171875}, {"start": 2366.15, "end": 2366.43, "word": " that", "probability": 0.638671875}, {"start": 2366.43, "end": 2366.81, "word": " Requin", "probability": 0.19488525390625}, {"start": 2366.81, "end": 2367.41, "word": " demanded", "probability": 0.79248046875}, {"start": 2367.41, "end": 2367.69, "word": " Z.", "probability": 0.634765625}, {"start": 2368.15, "end": 2368.53, "word": " What", "probability": 0.88818359375}, {"start": 2368.53, "end": 2368.67, "word": " will", "probability": 0.84033203125}, {"start": 2368.67, "end": 2368.95, "word": " happen", "probability": 0.92138671875}, {"start": 2368.95, "end": 2369.13, "word": " to", "probability": 0.96728515625}, {"start": 2369.13, "end": 2369.27, "word": " the", "probability": 0.85107421875}, {"start": 2369.27, "end": 2369.47, "word": " total", "probability": 0.90234375}, {"start": 2369.47, "end": 2369.83, "word": " revenue?", "probability": 0.88232421875}, {"start": 2371.39, "end": 2372.11, "word": " If", "probability": 0.4013671875}, {"start": 2372.11, "end": 2379.87, "word": " we", "probability": 0.90966796875}, {"start": 2379.87, "end": 2380.23, "word": " came", "probability": 0.53076171875}, {"start": 2380.23, "end": 2380.57, "word": " back", "probability": 0.86474609375}, {"start": 2380.57, "end": 2380.95, "word": " quickly", "probability": 0.89306640625}, {"start": 2380.95, "end": 2381.33, "word": " to", "probability": 0.96484375}, {"start": 2381.33, "end": 2381.69, "word": " the", "probability": 0.90771484375}, {"start": 2381.69, "end": 2382.45, "word": " last", "probability": 0.8759765625}, {"start": 2382.45, "end": 2382.99, "word": " examples,", "probability": 0.814453125}], "temperature": 1.0}, {"id": 86, "seek": 241044, "start": 2385.35, "end": 2410.45, "text": " MR, Marginal Revenue, equals Total Revenue, 2 minus Total Revenue, 1 over Q2 minus Q1. The last examples here, Price, Quantity, Total Revenue, and let's calculate the Marginal Revenue.", "tokens": [9808, 11, 2039, 1494, 304, 1300, 29307, 11, 6915, 23170, 1300, 29307, 11, 568, 3175, 23170, 1300, 29307, 11, 502, 670, 1249, 17, 3175, 1249, 16, 13, 440, 1036, 5110, 510, 11, 25803, 11, 26968, 507, 11, 23170, 1300, 29307, 11, 293, 718, 311, 8873, 264, 2039, 1494, 304, 1300, 29307, 13], "avg_logprob": -0.23761792452830188, "compression_ratio": 1.5416666666666667, "no_speech_prob": 0.0, "words": [{"start": 2385.35, "end": 2386.27, "word": " MR,", "probability": 0.268310546875}, {"start": 2386.77, "end": 2387.21, "word": " Marginal", "probability": 0.7317708333333334}, {"start": 2387.21, "end": 2387.51, "word": " Revenue,", "probability": 0.93359375}, {"start": 2387.93, "end": 2388.93, "word": " equals", "probability": 0.9443359375}, {"start": 2388.93, "end": 2389.91, "word": " Total", "probability": 0.59423828125}, {"start": 2389.91, "end": 2390.31, "word": " Revenue,", "probability": 0.952392578125}, {"start": 2391.01, "end": 2391.51, "word": " 2", "probability": 0.5078125}, {"start": 2391.51, "end": 2392.01, "word": " minus", "probability": 0.8369140625}, {"start": 2392.01, "end": 2392.35, "word": " Total", "probability": 0.8173828125}, {"start": 2392.35, "end": 2392.67, "word": " Revenue,", "probability": 0.9560546875}, {"start": 2392.79, "end": 2393.07, "word": " 1", "probability": 0.93115234375}, {"start": 2393.07, "end": 2393.55, "word": " over", "probability": 0.58251953125}, {"start": 2393.55, "end": 2394.53, "word": " Q2", "probability": 0.849609375}, {"start": 2394.53, "end": 2394.97, "word": " minus", "probability": 0.97802734375}, {"start": 2394.97, "end": 2395.57, "word": " Q1.", "probability": 0.98974609375}, {"start": 2401.91, "end": 2402.83, "word": " The", "probability": 0.53369140625}, {"start": 2402.83, "end": 2403.13, "word": " last", "probability": 0.8701171875}, {"start": 2403.13, "end": 2403.63, "word": " examples", "probability": 0.388427734375}, {"start": 2403.63, "end": 2404.01, "word": " here,", "probability": 0.82861328125}, {"start": 2404.53, "end": 2404.87, "word": " Price,", "probability": 0.486572265625}, {"start": 2405.47, "end": 2406.19, "word": " Quantity,", "probability": 0.939453125}, {"start": 2406.59, "end": 2406.81, "word": " Total", "probability": 0.81005859375}, {"start": 2406.81, "end": 2407.27, "word": " Revenue,", "probability": 0.95166015625}, {"start": 2408.03, "end": 2409.01, "word": " and", "probability": 0.92138671875}, {"start": 2409.01, "end": 2409.23, "word": " let's", "probability": 0.92626953125}, {"start": 2409.23, "end": 2409.65, "word": " calculate", "probability": 0.91455078125}, {"start": 2409.65, "end": 2409.83, "word": " the", "probability": 0.8701171875}, {"start": 2409.83, "end": 2410.23, "word": " Marginal", "probability": 0.94677734375}, {"start": 2410.23, "end": 2410.45, "word": " Revenue.", "probability": 0.946533203125}], "temperature": 1.0}, {"id": 87, "seek": 243948, "start": 2413.4, "end": 2439.48, "text": " Quantity, total revenue, according to the assumption, I think, you know, five, six, 130, 110, 100, right? Total revenue, 550, 600. Now, the declining in the quantity demanded leads to an increasing in total revenue, and vice versa. The quantity demanded Zed, total revenue,", "tokens": [26968, 507, 11, 3217, 9324, 11, 4650, 281, 264, 15302, 11, 286, 519, 11, 291, 458, 11, 1732, 11, 2309, 11, 19966, 11, 20154, 11, 2319, 11, 558, 30, 23170, 9324, 11, 42514, 11, 11849, 13, 823, 11, 264, 34298, 294, 264, 11275, 28276, 6689, 281, 364, 5662, 294, 3217, 9324, 11, 293, 11964, 25650, 13, 440, 11275, 28276, 1176, 292, 11, 3217, 9324, 11], "avg_logprob": -0.27272728582223255, "compression_ratio": 1.630952380952381, "no_speech_prob": 0.0, "words": [{"start": 2413.4, "end": 2414.0, "word": " Quantity,", "probability": 0.755615234375}, {"start": 2414.76, "end": 2415.04, "word": " total", "probability": 0.8056640625}, {"start": 2415.04, "end": 2415.46, "word": " revenue,", "probability": 0.9013671875}, {"start": 2416.76, "end": 2417.56, "word": " according", "probability": 0.921875}, {"start": 2417.56, "end": 2417.74, "word": " to", "probability": 0.95654296875}, {"start": 2417.74, "end": 2417.82, "word": " the", "probability": 0.26318359375}, {"start": 2417.82, "end": 2418.12, "word": " assumption,", "probability": 0.75390625}, {"start": 2418.32, "end": 2418.36, "word": " I", "probability": 0.95751953125}, {"start": 2418.36, "end": 2418.58, "word": " think,", "probability": 0.91357421875}, {"start": 2418.72, "end": 2418.74, "word": " you", "probability": 0.494140625}, {"start": 2418.74, "end": 2418.84, "word": " know,", "probability": 0.89599609375}, {"start": 2418.86, "end": 2419.38, "word": " five,", "probability": 0.5224609375}, {"start": 2419.54, "end": 2419.76, "word": " six,", "probability": 0.94580078125}, {"start": 2420.4, "end": 2421.52, "word": " 130,", "probability": 0.75732421875}, {"start": 2421.96, "end": 2423.34, "word": " 110,", "probability": 0.88818359375}, {"start": 2424.42, "end": 2425.3, "word": " 100,", "probability": 0.9169921875}, {"start": 2426.48, "end": 2427.16, "word": " right?", "probability": 0.80859375}, {"start": 2427.46, "end": 2427.68, "word": " Total", "probability": 0.89453125}, {"start": 2427.68, "end": 2428.02, "word": " revenue,", "probability": 0.89453125}, {"start": 2428.4, "end": 2429.18, "word": " 550,", "probability": 0.96240234375}, {"start": 2429.94, "end": 2430.44, "word": " 600.", "probability": 0.96923828125}, {"start": 2431.32, "end": 2431.58, "word": " Now,", "probability": 0.95947265625}, {"start": 2432.52, "end": 2432.76, "word": " the", "probability": 0.91748046875}, {"start": 2432.76, "end": 2433.26, "word": " declining", "probability": 0.8720703125}, {"start": 2433.26, "end": 2433.48, "word": " in", "probability": 0.72021484375}, {"start": 2433.48, "end": 2433.56, "word": " the", "probability": 0.84130859375}, {"start": 2433.56, "end": 2433.76, "word": " quantity", "probability": 0.39697265625}, {"start": 2433.76, "end": 2434.16, "word": " demanded", "probability": 0.91015625}, {"start": 2434.16, "end": 2434.5, "word": " leads", "probability": 0.85986328125}, {"start": 2434.5, "end": 2434.7, "word": " to", "probability": 0.97021484375}, {"start": 2434.7, "end": 2434.88, "word": " an", "probability": 0.7119140625}, {"start": 2434.88, "end": 2435.34, "word": " increasing", "probability": 0.65234375}, {"start": 2435.34, "end": 2435.54, "word": " in", "probability": 0.484619140625}, {"start": 2435.54, "end": 2435.7, "word": " total", "probability": 0.865234375}, {"start": 2435.7, "end": 2436.04, "word": " revenue,", "probability": 0.8681640625}, {"start": 2436.52, "end": 2436.68, "word": " and", "probability": 0.9404296875}, {"start": 2436.68, "end": 2436.88, "word": " vice", "probability": 0.904296875}, {"start": 2436.88, "end": 2437.16, "word": " versa.", "probability": 0.83154296875}, {"start": 2437.68, "end": 2437.8, "word": " The", "probability": 0.82080078125}, {"start": 2437.8, "end": 2437.94, "word": " quantity", "probability": 0.9931640625}, {"start": 2437.94, "end": 2438.38, "word": " demanded", "probability": 0.9482421875}, {"start": 2438.38, "end": 2438.76, "word": " Zed,", "probability": 0.65185546875}, {"start": 2438.94, "end": 2439.14, "word": " total", "probability": 0.86962890625}, {"start": 2439.14, "end": 2439.48, "word": " revenue,", "probability": 0.9072265625}], "temperature": 1.0}, {"id": 88, "seek": 246630, "start": 2452.5, "end": 2466.3, "text": " Now let's calculate the marginal revenue. This is Q1, Q2, TR1, TR2. Marginal revenue", "tokens": [823, 718, 311, 8873, 264, 16885, 9324, 13, 639, 307, 1249, 16, 11, 1249, 17, 11, 15176, 16, 11, 15176, 17, 13, 2039, 1494, 304, 9324], "avg_logprob": -0.28472221780706336, "compression_ratio": 1.118421052631579, "no_speech_prob": 0.0, "words": [{"start": 2452.5000000000005, "end": 2453.6600000000003, "word": " Now", "probability": 0.03594970703125}, {"start": 2453.6600000000003, "end": 2454.82, "word": " let's", "probability": 0.81640625}, {"start": 2454.82, "end": 2455.22, "word": " calculate", "probability": 0.8974609375}, {"start": 2455.22, "end": 2455.46, "word": " the", "probability": 0.841796875}, {"start": 2455.46, "end": 2455.78, "word": " marginal", "probability": 0.80615234375}, {"start": 2455.78, "end": 2456.22, "word": " revenue.", "probability": 0.87890625}, {"start": 2457.26, "end": 2457.48, "word": " This", "probability": 0.8466796875}, {"start": 2457.48, "end": 2458.24, "word": " is", "probability": 0.9365234375}, {"start": 2458.24, "end": 2459.24, "word": " Q1,", "probability": 0.77294921875}, {"start": 2459.82, "end": 2460.38, "word": " Q2,", "probability": 0.955322265625}, {"start": 2461.34, "end": 2462.58, "word": " TR1,", "probability": 0.8623046875}, {"start": 2462.84, "end": 2463.96, "word": " TR2.", "probability": 0.96728515625}, {"start": 2465.56, "end": 2465.98, "word": " Marginal", "probability": 0.96728515625}, {"start": 2465.98, "end": 2466.3, "word": " revenue", "probability": 0.8525390625}], "temperature": 1.0}, {"id": 89, "seek": 249121, "start": 2468.2, "end": 2491.22, "text": " equals TR2 minus TR1 over Q2 minus Q1. We're talking about someone who sells ducks. Let's calculate the marginal revenue here. MR equals TR2 minus TR1, 600.", "tokens": [6915, 15176, 17, 3175, 15176, 16, 670, 1249, 17, 3175, 1249, 16, 13, 492, 434, 1417, 466, 1580, 567, 20897, 34468, 13, 961, 311, 8873, 264, 16885, 9324, 510, 13, 9808, 6915, 15176, 17, 3175, 15176, 16, 11, 11849, 13], "avg_logprob": -0.17482850609756098, "compression_ratio": 1.2764227642276422, "no_speech_prob": 0.0, "words": [{"start": 2468.2, "end": 2468.74, "word": " equals", "probability": 0.78564453125}, {"start": 2468.74, "end": 2469.7, "word": " TR2", "probability": 0.8291015625}, {"start": 2469.7, "end": 2470.58, "word": " minus", "probability": 0.9580078125}, {"start": 2470.58, "end": 2472.56, "word": " TR1", "probability": 0.835693359375}, {"start": 2472.56, "end": 2473.14, "word": " over", "probability": 0.8857421875}, {"start": 2473.14, "end": 2473.78, "word": " Q2", "probability": 0.972900390625}, {"start": 2473.78, "end": 2474.1, "word": " minus", "probability": 0.9833984375}, {"start": 2474.1, "end": 2474.64, "word": " Q1.", "probability": 0.99365234375}, {"start": 2475.54, "end": 2475.92, "word": " We're", "probability": 0.4769287109375}, {"start": 2475.92, "end": 2476.44, "word": " talking", "probability": 0.85595703125}, {"start": 2476.44, "end": 2476.84, "word": " about", "probability": 0.90087890625}, {"start": 2476.84, "end": 2477.2, "word": " someone", "probability": 0.93701171875}, {"start": 2477.2, "end": 2478.12, "word": " who", "probability": 0.91650390625}, {"start": 2478.12, "end": 2480.58, "word": " sells", "probability": 0.8583984375}, {"start": 2480.58, "end": 2481.3, "word": " ducks.", "probability": 0.484619140625}, {"start": 2482.42, "end": 2482.9, "word": " Let's", "probability": 0.97802734375}, {"start": 2482.9, "end": 2483.28, "word": " calculate", "probability": 0.93994140625}, {"start": 2483.28, "end": 2483.48, "word": " the", "probability": 0.91552734375}, {"start": 2483.48, "end": 2483.78, "word": " marginal", "probability": 0.65234375}, {"start": 2483.78, "end": 2484.14, "word": " revenue", "probability": 0.90771484375}, {"start": 2484.14, "end": 2484.6, "word": " here.", "probability": 0.77294921875}, {"start": 2486.56, "end": 2487.22, "word": " MR", "probability": 0.900390625}, {"start": 2487.22, "end": 2488.74, "word": " equals", "probability": 0.912109375}, {"start": 2488.74, "end": 2489.48, "word": " TR2", "probability": 0.967041015625}, {"start": 2489.48, "end": 2489.78, "word": " minus", "probability": 0.98583984375}, {"start": 2489.78, "end": 2490.36, "word": " TR1,", "probability": 0.983154296875}, {"start": 2490.78, "end": 2491.22, "word": " 600.", "probability": 0.98095703125}], "temperature": 1.0}, {"id": 90, "seek": 252450, "start": 2499.12, "end": 2524.5, "text": " TR2 minus TR1 over Q2 minus Q1. MR equals TR2 600 minus 550 over Q2 100 minus 110 equals 50 over", "tokens": [15176, 17, 3175, 15176, 16, 670, 1249, 17, 3175, 1249, 16, 13, 9808, 6915, 15176, 17, 11849, 3175, 42514, 670, 1249, 17, 2319, 3175, 20154, 6915, 2625, 670], "avg_logprob": -0.20150861452365743, "compression_ratio": 1.4696969696969697, "no_speech_prob": 0.0, "words": [{"start": 2499.12, "end": 2499.92, "word": " TR2", "probability": 0.65185546875}, {"start": 2499.92, "end": 2501.72, "word": " minus", "probability": 0.837890625}, {"start": 2501.72, "end": 2502.44, "word": " TR1", "probability": 0.97216796875}, {"start": 2502.44, "end": 2503.4, "word": " over", "probability": 0.8935546875}, {"start": 2503.4, "end": 2504.14, "word": " Q2", "probability": 0.962890625}, {"start": 2504.14, "end": 2504.48, "word": " minus", "probability": 0.97802734375}, {"start": 2504.48, "end": 2505.02, "word": " Q1.", "probability": 0.95703125}, {"start": 2507.5, "end": 2508.9, "word": " MR", "probability": 0.72412109375}, {"start": 2508.9, "end": 2511.3, "word": " equals", "probability": 0.921875}, {"start": 2511.3, "end": 2512.04, "word": " TR2", "probability": 0.95947265625}, {"start": 2512.04, "end": 2512.82, "word": " 600", "probability": 0.4423828125}, {"start": 2512.82, "end": 2513.76, "word": " minus", "probability": 0.9697265625}, {"start": 2513.76, "end": 2515.58, "word": " 550", "probability": 0.96728515625}, {"start": 2515.58, "end": 2516.32, "word": " over", "probability": 0.896484375}, {"start": 2516.32, "end": 2517.66, "word": " Q2", "probability": 0.990966796875}, {"start": 2517.66, "end": 2518.28, "word": " 100", "probability": 0.417724609375}, {"start": 2518.28, "end": 2519.2, "word": " minus", "probability": 0.97998046875}, {"start": 2519.2, "end": 2519.94, "word": " 110", "probability": 0.9287109375}, {"start": 2519.94, "end": 2521.12, "word": " equals", "probability": 0.83642578125}, {"start": 2521.12, "end": 2522.8, "word": " 50", "probability": 0.861328125}, {"start": 2522.8, "end": 2524.5, "word": " over", "probability": 0.8564453125}], "temperature": 1.0}, {"id": 91, "seek": 254908, "start": 2525.78, "end": 2549.08, "text": " Minus 10 equals minus 5. Demand is elastic or inelastic? Demand is inelastic. So when demand is inelastic, inelastic demand,", "tokens": [2829, 301, 1266, 6915, 3175, 1025, 13, 4686, 474, 307, 17115, 420, 294, 338, 2750, 30, 4686, 474, 307, 294, 338, 2750, 13, 407, 562, 4733, 307, 294, 338, 2750, 11, 294, 338, 2750, 4733, 11], "avg_logprob": -0.26266893180640966, "compression_ratio": 1.5822784810126582, "no_speech_prob": 0.0, "words": [{"start": 2525.78, "end": 2526.34, "word": " Minus", "probability": 0.690673828125}, {"start": 2526.34, "end": 2526.6, "word": " 10", "probability": 0.755859375}, {"start": 2526.6, "end": 2527.7, "word": " equals", "probability": 0.85595703125}, {"start": 2527.7, "end": 2528.88, "word": " minus", "probability": 0.95166015625}, {"start": 2528.88, "end": 2529.58, "word": " 5.", "probability": 0.72509765625}, {"start": 2533.16, "end": 2534.24, "word": " Demand", "probability": 0.61767578125}, {"start": 2534.24, "end": 2534.68, "word": " is", "probability": 0.94482421875}, {"start": 2534.68, "end": 2535.46, "word": " elastic", "probability": 0.87353515625}, {"start": 2535.46, "end": 2535.68, "word": " or", "probability": 0.583984375}, {"start": 2535.68, "end": 2536.22, "word": " inelastic?", "probability": 0.9041341145833334}, {"start": 2541.5, "end": 2542.58, "word": " Demand", "probability": 0.54925537109375}, {"start": 2542.58, "end": 2542.82, "word": " is", "probability": 0.90625}, {"start": 2542.82, "end": 2544.04, "word": " inelastic.", "probability": 0.9339192708333334}, {"start": 2544.08, "end": 2544.4, "word": " So", "probability": 0.61376953125}, {"start": 2544.4, "end": 2545.52, "word": " when", "probability": 0.673828125}, {"start": 2545.52, "end": 2546.02, "word": " demand", "probability": 0.82763671875}, {"start": 2546.02, "end": 2546.46, "word": " is", "probability": 0.9453125}, {"start": 2546.46, "end": 2547.28, "word": " inelastic,", "probability": 0.9510091145833334}, {"start": 2547.82, "end": 2548.7, "word": " inelastic", "probability": 0.9222005208333334}, {"start": 2548.7, "end": 2549.08, "word": " demand,", "probability": 0.92431640625}], "temperature": 1.0}, {"id": 92, "seek": 258485, "start": 2557.17, "end": 2584.85, "text": " We have two results, or three. Price increased, total revenue increased. Price declined, total revenue declined. Correct? This is the first result. Number one. With the price increased, total revenue increased. Number two. Quantity declined, total revenue increased. Right?", "tokens": [492, 362, 732, 3542, 11, 420, 1045, 13, 25803, 6505, 11, 3217, 9324, 6505, 13, 25803, 29213, 11, 3217, 9324, 29213, 13, 12753, 30, 639, 307, 264, 700, 1874, 13, 5118, 472, 13, 2022, 264, 3218, 6505, 11, 3217, 9324, 6505, 13, 5118, 732, 13, 26968, 507, 29213, 11, 3217, 9324, 6505, 13, 1779, 30], "avg_logprob": -0.28013392484613825, "compression_ratio": 1.9295774647887325, "no_speech_prob": 0.0, "words": [{"start": 2557.17, "end": 2557.47, "word": " We", "probability": 0.0292205810546875}, {"start": 2557.47, "end": 2557.75, "word": " have", "probability": 0.69580078125}, {"start": 2557.75, "end": 2557.99, "word": " two", "probability": 0.7802734375}, {"start": 2557.99, "end": 2558.53, "word": " results,", "probability": 0.8427734375}, {"start": 2558.91, "end": 2559.09, "word": " or", "probability": 0.7421875}, {"start": 2559.09, "end": 2559.35, "word": " three.", "probability": 0.916015625}, {"start": 2561.21, "end": 2562.05, "word": " Price", "probability": 0.86279296875}, {"start": 2562.05, "end": 2562.67, "word": " increased,", "probability": 0.83154296875}, {"start": 2562.97, "end": 2563.19, "word": " total", "probability": 0.873046875}, {"start": 2563.19, "end": 2563.55, "word": " revenue", "probability": 0.87841796875}, {"start": 2563.55, "end": 2564.23, "word": " increased.", "probability": 0.9267578125}, {"start": 2564.93, "end": 2565.37, "word": " Price", "probability": 0.89794921875}, {"start": 2565.37, "end": 2565.89, "word": " declined,", "probability": 0.837890625}, {"start": 2566.33, "end": 2566.55, "word": " total", "probability": 0.8916015625}, {"start": 2566.55, "end": 2566.81, "word": " revenue", "probability": 0.87548828125}, {"start": 2566.81, "end": 2567.23, "word": " declined.", "probability": 0.84765625}, {"start": 2567.87, "end": 2568.03, "word": " Correct?", "probability": 0.296142578125}, {"start": 2568.35, "end": 2568.65, "word": " This", "probability": 0.556640625}, {"start": 2568.65, "end": 2568.69, "word": " is", "probability": 0.8798828125}, {"start": 2568.69, "end": 2568.87, "word": " the", "probability": 0.51025390625}, {"start": 2568.87, "end": 2568.87, "word": " first", "probability": 0.87841796875}, {"start": 2568.87, "end": 2569.31, "word": " result.", "probability": 0.92822265625}, {"start": 2570.17, "end": 2570.41, "word": " Number", "probability": 0.8046875}, {"start": 2570.41, "end": 2570.67, "word": " one.", "probability": 0.8642578125}, {"start": 2571.01, "end": 2571.17, "word": " With", "probability": 0.61474609375}, {"start": 2571.17, "end": 2571.27, "word": " the", "probability": 0.5908203125}, {"start": 2571.27, "end": 2571.63, "word": " price", "probability": 0.92138671875}, {"start": 2571.63, "end": 2572.33, "word": " increased,", "probability": 0.86376953125}, {"start": 2572.77, "end": 2573.03, "word": " total", "probability": 0.84130859375}, {"start": 2573.03, "end": 2573.53, "word": " revenue", "probability": 0.89501953125}, {"start": 2573.53, "end": 2574.99, "word": " increased.", "probability": 0.93359375}, {"start": 2575.45, "end": 2575.71, "word": " Number", "probability": 0.8212890625}, {"start": 2575.71, "end": 2575.99, "word": " two.", "probability": 0.9228515625}, {"start": 2579.39, "end": 2580.23, "word": " Quantity", "probability": 0.9404296875}, {"start": 2580.23, "end": 2580.87, "word": " declined,", "probability": 0.8427734375}, {"start": 2581.33, "end": 2581.61, "word": " total", "probability": 0.8759765625}, {"start": 2581.61, "end": 2582.13, "word": " revenue", "probability": 0.89794921875}, {"start": 2582.13, "end": 2583.09, "word": " increased.", "probability": 0.9443359375}, {"start": 2584.27, "end": 2584.85, "word": " Right?", "probability": 0.472900390625}], "temperature": 1.0}, {"id": 93, "seek": 261589, "start": 2586.85, "end": 2615.89, "text": " Quantity goes down, leads to increasing total revenue. Marginal revenue is negative. Marginal revenue is negative sign. It's less than zero.", "tokens": [26968, 507, 1709, 760, 11, 6689, 281, 5662, 3217, 9324, 13, 2039, 1494, 304, 9324, 307, 3671, 13, 2039, 1494, 304, 9324, 307, 3671, 1465, 13, 467, 311, 1570, 813, 4018, 13], "avg_logprob": -0.17140151515151514, "compression_ratio": 1.4242424242424243, "no_speech_prob": 0.0, "words": [{"start": 2586.85, "end": 2587.57, "word": " Quantity", "probability": 0.88720703125}, {"start": 2587.57, "end": 2588.53, "word": " goes", "probability": 0.93359375}, {"start": 2588.53, "end": 2588.97, "word": " down,", "probability": 0.85400390625}, {"start": 2590.33, "end": 2591.03, "word": " leads", "probability": 0.86865234375}, {"start": 2591.03, "end": 2591.23, "word": " to", "probability": 0.96826171875}, {"start": 2591.23, "end": 2591.81, "word": " increasing", "probability": 0.931640625}, {"start": 2591.81, "end": 2592.15, "word": " total", "probability": 0.84716796875}, {"start": 2592.15, "end": 2592.49, "word": " revenue.", "probability": 0.8212890625}, {"start": 2598.35, "end": 2599.41, "word": " Marginal", "probability": 0.787109375}, {"start": 2599.41, "end": 2599.77, "word": " revenue", "probability": 0.8525390625}, {"start": 2599.77, "end": 2600.13, "word": " is", "probability": 0.9453125}, {"start": 2600.13, "end": 2600.77, "word": " negative.", "probability": 0.95458984375}, {"start": 2609.13, "end": 2610.19, "word": " Marginal", "probability": 0.761474609375}, {"start": 2610.19, "end": 2610.49, "word": " revenue", "probability": 0.88232421875}, {"start": 2610.49, "end": 2611.61, "word": " is", "probability": 0.798828125}, {"start": 2611.61, "end": 2612.91, "word": " negative", "probability": 0.8359375}, {"start": 2612.91, "end": 2613.31, "word": " sign.", "probability": 0.921875}, {"start": 2613.79, "end": 2614.69, "word": " It's", "probability": 0.745849609375}, {"start": 2614.69, "end": 2615.07, "word": " less", "probability": 0.9521484375}, {"start": 2615.07, "end": 2615.51, "word": " than", "probability": 0.947265625}, {"start": 2615.51, "end": 2615.89, "word": " zero.", "probability": 0.8125}], "temperature": 1.0}, {"id": 94, "seek": 262061, "start": 2618.27, "end": 2620.61, "text": " Marginal revenue is less than zero.", "tokens": [2039, 1494, 304, 9324, 307, 1570, 813, 4018, 13], "avg_logprob": -0.21640625596046448, "compression_ratio": 0.8181818181818182, "no_speech_prob": 0.0, "words": [{"start": 2618.27, "end": 2618.83, "word": " Marginal", "probability": 0.9117838541666666}, {"start": 2618.83, "end": 2619.13, "word": " revenue", "probability": 0.8388671875}, {"start": 2619.13, "end": 2619.59, "word": " is", "probability": 0.95361328125}, {"start": 2619.59, "end": 2619.87, "word": " less", "probability": 0.95263671875}, {"start": 2619.87, "end": 2620.19, "word": " than", "probability": 0.951171875}, {"start": 2620.19, "end": 2620.61, "word": " zero.", "probability": 0.80517578125}], "temperature": 1.0}, {"id": 95, "seek": 265899, "start": 2641.07, "end": 2658.99, "text": " If the price goes down, total revenue goes down. Quantity sold increased, total revenue goes down. So if the demand was inelastic, marginal revenue is the negative side.", "tokens": [759, 264, 3218, 1709, 760, 11, 3217, 9324, 1709, 760, 13, 26968, 507, 3718, 6505, 11, 3217, 9324, 1709, 760, 13, 407, 498, 264, 4733, 390, 294, 338, 2750, 11, 16885, 9324, 307, 264, 3671, 1252, 13], "avg_logprob": -0.23972039512897791, "compression_ratio": 1.5315315315315314, "no_speech_prob": 0.0, "words": [{"start": 2641.0699999999997, "end": 2641.93, "word": " If", "probability": 0.2220458984375}, {"start": 2641.93, "end": 2642.79, "word": " the", "probability": 0.83642578125}, {"start": 2642.79, "end": 2643.11, "word": " price", "probability": 0.93505859375}, {"start": 2643.11, "end": 2643.45, "word": " goes", "probability": 0.91259765625}, {"start": 2643.45, "end": 2643.75, "word": " down,", "probability": 0.8095703125}, {"start": 2643.85, "end": 2644.01, "word": " total", "probability": 0.70849609375}, {"start": 2644.01, "end": 2644.29, "word": " revenue", "probability": 0.8486328125}, {"start": 2644.29, "end": 2644.59, "word": " goes", "probability": 0.9306640625}, {"start": 2644.59, "end": 2644.91, "word": " down.", "probability": 0.85888671875}, {"start": 2645.35, "end": 2645.91, "word": " Quantity", "probability": 0.867431640625}, {"start": 2645.91, "end": 2646.61, "word": " sold", "probability": 0.55126953125}, {"start": 2646.61, "end": 2647.33, "word": " increased,", "probability": 0.73974609375}, {"start": 2647.47, "end": 2647.65, "word": " total", "probability": 0.84033203125}, {"start": 2647.65, "end": 2647.91, "word": " revenue", "probability": 0.88134765625}, {"start": 2647.91, "end": 2648.19, "word": " goes", "probability": 0.93603515625}, {"start": 2648.19, "end": 2648.51, "word": " down.", "probability": 0.86279296875}, {"start": 2651.59, "end": 2652.45, "word": " So", "probability": 0.25439453125}, {"start": 2652.45, "end": 2652.95, "word": " if", "probability": 0.80908203125}, {"start": 2652.95, "end": 2653.09, "word": " the", "probability": 0.90771484375}, {"start": 2653.09, "end": 2653.51, "word": " demand", "probability": 0.9169921875}, {"start": 2653.51, "end": 2654.01, "word": " was", "probability": 0.92138671875}, {"start": 2654.01, "end": 2654.87, "word": " inelastic,", "probability": 0.94921875}, {"start": 2655.49, "end": 2656.01, "word": " marginal", "probability": 0.88134765625}, {"start": 2656.01, "end": 2656.73, "word": " revenue", "probability": 0.87548828125}, {"start": 2656.73, "end": 2657.03, "word": " is", "probability": 0.88330078125}, {"start": 2657.03, "end": 2657.79, "word": " the", "probability": 0.24072265625}, {"start": 2657.79, "end": 2658.57, "word": " negative", "probability": 0.93896484375}, {"start": 2658.57, "end": 2658.99, "word": " side.", "probability": 0.7353515625}], "temperature": 1.0}, {"id": 96, "seek": 268556, "start": 2663.38, "end": 2685.56, "text": " Let us assume here that the price was that we have changes in prices and we wanted total revenues. The price. The second case, when demand is elastic, elastic demand.", "tokens": [961, 505, 6552, 510, 300, 264, 3218, 390, 300, 321, 362, 2962, 294, 7901, 293, 321, 1415, 3217, 27299, 13, 440, 3218, 13, 440, 1150, 1389, 11, 562, 4733, 307, 17115, 11, 17115, 4733, 13], "avg_logprob": -0.2617187425494194, "compression_ratio": 1.4778761061946903, "no_speech_prob": 0.0, "words": [{"start": 2663.38, "end": 2663.66, "word": " Let", "probability": 0.92431640625}, {"start": 2663.66, "end": 2663.86, "word": " us", "probability": 0.876953125}, {"start": 2663.86, "end": 2664.24, "word": " assume", "probability": 0.9033203125}, {"start": 2664.24, "end": 2664.54, "word": " here", "probability": 0.8544921875}, {"start": 2664.54, "end": 2665.14, "word": " that", "probability": 0.8984375}, {"start": 2665.14, "end": 2665.36, "word": " the", "probability": 0.7255859375}, {"start": 2665.36, "end": 2665.74, "word": " price", "probability": 0.9150390625}, {"start": 2665.74, "end": 2666.16, "word": " was", "probability": 0.91259765625}, {"start": 2666.16, "end": 2666.52, "word": " that", "probability": 0.2626953125}, {"start": 2666.52, "end": 2666.66, "word": " we", "probability": 0.93408203125}, {"start": 2666.66, "end": 2666.8, "word": " have", "probability": 0.93603515625}, {"start": 2666.8, "end": 2667.22, "word": " changes", "probability": 0.90380859375}, {"start": 2667.22, "end": 2667.44, "word": " in", "probability": 0.888671875}, {"start": 2667.44, "end": 2668.1, "word": " prices", "probability": 0.85888671875}, {"start": 2668.1, "end": 2668.72, "word": " and", "probability": 0.65576171875}, {"start": 2668.72, "end": 2668.82, "word": " we", "probability": 0.29052734375}, {"start": 2668.82, "end": 2669.22, "word": " wanted", "probability": 0.2451171875}, {"start": 2669.22, "end": 2669.56, "word": " total", "probability": 0.70458984375}, {"start": 2669.56, "end": 2670.12, "word": " revenues.", "probability": 0.94873046875}, {"start": 2670.96, "end": 2671.06, "word": " The", "probability": 0.8935546875}, {"start": 2671.06, "end": 2671.44, "word": " price.", "probability": 0.7939453125}, {"start": 2680.78, "end": 2681.54, "word": " The", "probability": 0.78076171875}, {"start": 2681.54, "end": 2681.88, "word": " second", "probability": 0.91552734375}, {"start": 2681.88, "end": 2682.36, "word": " case,", "probability": 0.88037109375}, {"start": 2682.74, "end": 2682.86, "word": " when", "probability": 0.88427734375}, {"start": 2682.86, "end": 2683.34, "word": " demand", "probability": 0.85205078125}, {"start": 2683.34, "end": 2683.74, "word": " is", "probability": 0.9521484375}, {"start": 2683.74, "end": 2684.42, "word": " elastic,", "probability": 0.96875}, {"start": 2684.6, "end": 2685.18, "word": " elastic", "probability": 0.96484375}, {"start": 2685.18, "end": 2685.56, "word": " demand.", "probability": 0.9150390625}], "temperature": 1.0}, {"id": 97, "seek": 272399, "start": 2696.45, "end": 2723.99, "text": " Price, monty, total revenue, and MRE. Five, six, how much is it? Sorry? 130, 100. How much is the total revenue here? 650, 600.", "tokens": [25803, 11, 8143, 88, 11, 3217, 9324, 11, 293, 9808, 36, 13, 9436, 11, 2309, 11, 577, 709, 307, 309, 30, 4919, 30, 19966, 11, 2319, 13, 1012, 709, 307, 264, 3217, 9324, 510, 30, 38566, 11, 11849, 13], "avg_logprob": -0.22324218191206455, "compression_ratio": 1.2075471698113207, "no_speech_prob": 0.0, "words": [{"start": 2696.45, "end": 2696.97, "word": " Price,", "probability": 0.7548828125}, {"start": 2697.55, "end": 2698.25, "word": " monty,", "probability": 0.397705078125}, {"start": 2699.65, "end": 2699.93, "word": " total", "probability": 0.873046875}, {"start": 2699.93, "end": 2700.33, "word": " revenue,", "probability": 0.90185546875}, {"start": 2700.85, "end": 2701.95, "word": " and", "probability": 0.94287109375}, {"start": 2701.95, "end": 2702.59, "word": " MRE.", "probability": 0.612548828125}, {"start": 2708.61, "end": 2709.65, "word": " Five,", "probability": 0.84375}, {"start": 2709.75, "end": 2709.99, "word": " six,", "probability": 0.953125}, {"start": 2710.57, "end": 2710.87, "word": " how", "probability": 0.92919921875}, {"start": 2710.87, "end": 2711.21, "word": " much", "probability": 0.91796875}, {"start": 2711.21, "end": 2711.45, "word": " is", "probability": 0.94775390625}, {"start": 2711.45, "end": 2711.79, "word": " it?", "probability": 0.95458984375}, {"start": 2712.69, "end": 2713.73, "word": " Sorry?", "probability": 0.321533203125}, {"start": 2715.77, "end": 2716.55, "word": " 130,", "probability": 0.49658203125}, {"start": 2717.09, "end": 2717.53, "word": " 100.", "probability": 0.892578125}, {"start": 2718.93, "end": 2719.35, "word": " How", "probability": 0.95654296875}, {"start": 2719.35, "end": 2719.61, "word": " much", "probability": 0.91748046875}, {"start": 2719.61, "end": 2719.79, "word": " is", "probability": 0.94091796875}, {"start": 2719.79, "end": 2719.91, "word": " the", "probability": 0.89892578125}, {"start": 2719.91, "end": 2720.13, "word": " total", "probability": 0.88623046875}, {"start": 2720.13, "end": 2720.45, "word": " revenue", "probability": 0.90625}, {"start": 2720.45, "end": 2720.69, "word": " here?", "probability": 0.8525390625}, {"start": 2721.55, "end": 2722.59, "word": " 650,", "probability": 0.84814453125}, {"start": 2723.29, "end": 2723.99, "word": " 600.", "probability": 0.97607421875}], "temperature": 1.0}, {"id": 98, "seek": 274694, "start": 2725.14, "end": 2746.94, "text": " Let's calculate the marginal revenue. MR equals TR2 minus TR1 over Q2 minus Q1. 600 minus 650 over 100 minus 130. So MR", "tokens": [961, 311, 8873, 264, 16885, 9324, 13, 9808, 6915, 15176, 17, 3175, 15176, 16, 670, 1249, 17, 3175, 1249, 16, 13, 11849, 3175, 38566, 670, 2319, 3175, 19966, 13, 407, 9808], "avg_logprob": -0.18041991582140326, "compression_ratio": 1.2121212121212122, "no_speech_prob": 0.0, "words": [{"start": 2725.14, "end": 2725.54, "word": " Let's", "probability": 0.875244140625}, {"start": 2725.54, "end": 2725.98, "word": " calculate", "probability": 0.90380859375}, {"start": 2725.98, "end": 2726.24, "word": " the", "probability": 0.85498046875}, {"start": 2726.24, "end": 2726.68, "word": " marginal", "probability": 0.8759765625}, {"start": 2726.68, "end": 2727.32, "word": " revenue.", "probability": 0.88330078125}, {"start": 2728.0, "end": 2728.2, "word": " MR", "probability": 0.77783203125}, {"start": 2728.2, "end": 2731.74, "word": " equals", "probability": 0.693359375}, {"start": 2731.74, "end": 2732.84, "word": " TR2", "probability": 0.875244140625}, {"start": 2732.84, "end": 2733.54, "word": " minus", "probability": 0.96044921875}, {"start": 2733.54, "end": 2734.32, "word": " TR1", "probability": 0.967041015625}, {"start": 2734.32, "end": 2735.14, "word": " over", "probability": 0.888671875}, {"start": 2735.14, "end": 2735.76, "word": " Q2", "probability": 0.978271484375}, {"start": 2735.76, "end": 2736.14, "word": " minus", "probability": 0.984375}, {"start": 2736.14, "end": 2736.7, "word": " Q1.", "probability": 0.99462890625}, {"start": 2737.1, "end": 2738.02, "word": " 600", "probability": 0.83544921875}, {"start": 2738.02, "end": 2739.48, "word": " minus", "probability": 0.9765625}, {"start": 2739.48, "end": 2740.3, "word": " 650", "probability": 0.892578125}, {"start": 2740.3, "end": 2741.54, "word": " over", "probability": 0.87451171875}, {"start": 2741.54, "end": 2743.46, "word": " 100", "probability": 0.89306640625}, {"start": 2743.46, "end": 2745.16, "word": " minus", "probability": 0.96728515625}, {"start": 2745.16, "end": 2745.72, "word": " 130.", "probability": 0.87548828125}, {"start": 2746.22, "end": 2746.42, "word": " So", "probability": 0.9560546875}, {"start": 2746.42, "end": 2746.94, "word": " MR", "probability": 0.65234375}], "temperature": 1.0}, {"id": 99, "seek": 277326, "start": 2747.94, "end": 2773.26, "text": " equals minus 50 over minus 30 equals positive 1.67. What is the sign of the marginal revenue here? Positive sign. So here we have a positive sign. So when demand is elastic, elastic demand.", "tokens": [6915, 3175, 2625, 670, 3175, 2217, 6915, 3353, 502, 13, 22452, 13, 708, 307, 264, 1465, 295, 264, 16885, 9324, 510, 30, 46326, 1465, 13, 407, 510, 321, 362, 257, 3353, 1465, 13, 407, 562, 4733, 307, 17115, 11, 17115, 4733, 13], "avg_logprob": -0.13690043050189352, "compression_ratio": 1.4728682170542635, "no_speech_prob": 0.0, "words": [{"start": 2747.94, "end": 2748.58, "word": " equals", "probability": 0.6162109375}, {"start": 2748.58, "end": 2749.82, "word": " minus", "probability": 0.89306640625}, {"start": 2749.82, "end": 2750.32, "word": " 50", "probability": 0.927734375}, {"start": 2750.32, "end": 2751.3, "word": " over", "probability": 0.90380859375}, {"start": 2751.3, "end": 2751.78, "word": " minus", "probability": 0.98486328125}, {"start": 2751.78, "end": 2752.18, "word": " 30", "probability": 0.962890625}, {"start": 2752.18, "end": 2753.04, "word": " equals", "probability": 0.775390625}, {"start": 2753.04, "end": 2754.14, "word": " positive", "probability": 0.8251953125}, {"start": 2754.14, "end": 2754.74, "word": " 1", "probability": 0.95068359375}, {"start": 2754.74, "end": 2756.86, "word": ".67.", "probability": 0.962158203125}, {"start": 2758.46, "end": 2759.42, "word": " What", "probability": 0.865234375}, {"start": 2759.42, "end": 2759.58, "word": " is", "probability": 0.93505859375}, {"start": 2759.58, "end": 2759.78, "word": " the", "probability": 0.88818359375}, {"start": 2759.78, "end": 2760.2, "word": " sign", "probability": 0.8896484375}, {"start": 2760.2, "end": 2760.54, "word": " of", "probability": 0.96875}, {"start": 2760.54, "end": 2760.68, "word": " the", "probability": 0.91552734375}, {"start": 2760.68, "end": 2761.0, "word": " marginal", "probability": 0.7802734375}, {"start": 2761.0, "end": 2761.36, "word": " revenue", "probability": 0.89306640625}, {"start": 2761.36, "end": 2761.66, "word": " here?", "probability": 0.7197265625}, {"start": 2761.92, "end": 2762.88, "word": " Positive", "probability": 0.90576171875}, {"start": 2762.88, "end": 2763.38, "word": " sign.", "probability": 0.91748046875}, {"start": 2764.14, "end": 2764.4, "word": " So", "probability": 0.90673828125}, {"start": 2764.4, "end": 2765.58, "word": " here", "probability": 0.68798828125}, {"start": 2765.58, "end": 2766.94, "word": " we", "probability": 0.53466796875}, {"start": 2766.94, "end": 2767.14, "word": " have", "probability": 0.94677734375}, {"start": 2767.14, "end": 2767.28, "word": " a", "probability": 0.99755859375}, {"start": 2767.28, "end": 2767.6, "word": " positive", "probability": 0.9228515625}, {"start": 2767.6, "end": 2768.04, "word": " sign.", "probability": 0.8955078125}, {"start": 2768.28, "end": 2768.52, "word": " So", "probability": 0.94921875}, {"start": 2768.52, "end": 2769.12, "word": " when", "probability": 0.73388671875}, {"start": 2769.12, "end": 2769.56, "word": " demand", "probability": 0.87890625}, {"start": 2769.56, "end": 2770.22, "word": " is", "probability": 0.9541015625}, {"start": 2770.22, "end": 2771.3, "word": " elastic,", "probability": 0.96484375}, {"start": 2772.14, "end": 2772.92, "word": " elastic", "probability": 0.9619140625}, {"start": 2772.92, "end": 2773.26, "word": " demand.", "probability": 0.91162109375}], "temperature": 1.0}, {"id": 100, "seek": 280067, "start": 2779.31, "end": 2800.67, "text": " We have three results. Here, larger revenue equals positive 1.67. Last thing with an elastic demand, as the price goes up, total revenue goes down. Right?", "tokens": [492, 362, 1045, 3542, 13, 1692, 11, 4833, 9324, 6915, 3353, 502, 13, 22452, 13, 5264, 551, 365, 364, 17115, 4733, 11, 382, 264, 3218, 1709, 493, 11, 3217, 9324, 1709, 760, 13, 1779, 30], "avg_logprob": -0.2786458366447025, "compression_ratio": 1.24, "no_speech_prob": 0.0, "words": [{"start": 2779.31, "end": 2779.49, "word": " We", "probability": 0.80908203125}, {"start": 2779.49, "end": 2779.71, "word": " have", "probability": 0.939453125}, {"start": 2779.71, "end": 2779.93, "word": " three", "probability": 0.8740234375}, {"start": 2779.93, "end": 2780.49, "word": " results.", "probability": 0.89111328125}, {"start": 2780.97, "end": 2781.21, "word": " Here,", "probability": 0.468017578125}, {"start": 2781.49, "end": 2781.77, "word": " larger", "probability": 0.65478515625}, {"start": 2781.77, "end": 2782.15, "word": " revenue", "probability": 0.87890625}, {"start": 2782.15, "end": 2782.49, "word": " equals", "probability": 0.9287109375}, {"start": 2782.49, "end": 2783.03, "word": " positive", "probability": 0.8896484375}, {"start": 2783.03, "end": 2784.15, "word": " 1", "probability": 0.87890625}, {"start": 2784.15, "end": 2785.43, "word": ".67.", "probability": 0.994384765625}, {"start": 2787.71, "end": 2788.09, "word": " Last", "probability": 0.6982421875}, {"start": 2788.09, "end": 2788.21, "word": " thing", "probability": 0.86083984375}, {"start": 2788.21, "end": 2788.37, "word": " with", "probability": 0.4111328125}, {"start": 2788.37, "end": 2788.49, "word": " an", "probability": 0.351806640625}, {"start": 2788.49, "end": 2788.83, "word": " elastic", "probability": 0.99365234375}, {"start": 2788.83, "end": 2789.25, "word": " demand,", "probability": 0.91845703125}, {"start": 2789.53, "end": 2789.77, "word": " as", "probability": 0.966796875}, {"start": 2789.77, "end": 2789.95, "word": " the", "probability": 0.91796875}, {"start": 2789.95, "end": 2790.27, "word": " price", "probability": 0.9111328125}, {"start": 2790.27, "end": 2790.65, "word": " goes", "probability": 0.943359375}, {"start": 2790.65, "end": 2791.07, "word": " up,", "probability": 0.974609375}, {"start": 2795.35, "end": 2796.61, "word": " total", "probability": 0.8798828125}, {"start": 2796.61, "end": 2796.97, "word": " revenue", "probability": 0.8818359375}, {"start": 2796.97, "end": 2797.31, "word": " goes", "probability": 0.94580078125}, {"start": 2797.31, "end": 2797.75, "word": " down.", "probability": 0.8623046875}, {"start": 2800.41, "end": 2800.67, "word": " Right?", "probability": 0.2734375}], "temperature": 1.0}, {"id": 101, "seek": 283581, "start": 2806.51, "end": 2835.81, "text": " But if the price goes down, total revenue goes up. Right? Number two. As the quantity sold goes down, total revenue goes down as well. Declining in the quantity demanded or quantity sold leads to a declining in total revenue. Number three. And vice versa. As the quantity goes up, total revenue goes up.", "tokens": [583, 498, 264, 3218, 1709, 760, 11, 3217, 9324, 1709, 493, 13, 1779, 30, 5118, 732, 13, 1018, 264, 11275, 3718, 1709, 760, 11, 3217, 9324, 1709, 760, 382, 731, 13, 1346, 3474, 1760, 294, 264, 11275, 28276, 420, 11275, 3718, 6689, 281, 257, 34298, 294, 3217, 9324, 13, 5118, 1045, 13, 400, 11964, 25650, 13, 1018, 264, 11275, 1709, 493, 11, 3217, 9324, 1709, 493, 13], "avg_logprob": -0.16555607209310813, "compression_ratio": 1.974025974025974, "no_speech_prob": 0.0, "words": [{"start": 2806.51, "end": 2806.71, "word": " But", "probability": 0.1639404296875}, {"start": 2806.71, "end": 2806.89, "word": " if", "probability": 0.7197265625}, {"start": 2806.89, "end": 2807.03, "word": " the", "probability": 0.82373046875}, {"start": 2807.03, "end": 2807.33, "word": " price", "probability": 0.916015625}, {"start": 2807.33, "end": 2807.57, "word": " goes", "probability": 0.7744140625}, {"start": 2807.57, "end": 2808.29, "word": " 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"probability": 0.970703125}], "temperature": 1.0}, {"id": 102, "seek": 285753, "start": 2839.29, "end": 2857.53, "text": " And MR has a positive sign. Or it's bigger than zero. It's bigger than zero. The marginal revenue is bigger than zero. What about the unitary elastic demand?", "tokens": [400, 9808, 575, 257, 3353, 1465, 13, 1610, 309, 311, 3801, 813, 4018, 13, 467, 311, 3801, 813, 4018, 13, 440, 16885, 9324, 307, 3801, 813, 4018, 13, 708, 466, 264, 517, 4109, 17115, 4733, 30], "avg_logprob": -0.19214527671401566, "compression_ratio": 1.4234234234234233, "no_speech_prob": 1.1920928955078125e-07, "words": [{"start": 2839.2899999999995, "end": 2840.1299999999997, "word": " And", "probability": 0.26953125}, {"start": 2840.1299999999997, "end": 2840.97, "word": " MR", "probability": 0.6005859375}, {"start": 2840.97, "end": 2842.63, "word": " has", "probability": 0.492919921875}, {"start": 2842.63, "end": 2842.77, "word": " a", "probability": 0.9931640625}, {"start": 2842.77, "end": 2843.09, "word": " positive", "probability": 0.92041015625}, {"start": 2843.09, "end": 2843.47, "word": " sign.", "probability": 0.88525390625}, {"start": 2845.19, "end": 2846.03, "word": " Or", "probability": 0.84814453125}, {"start": 2846.03, "end": 2846.55, "word": " it's", "probability": 0.881591796875}, {"start": 2846.55, "end": 2846.97, "word": " bigger", "probability": 0.9501953125}, {"start": 2846.97, "end": 2847.29, "word": " than", "probability": 0.947265625}, {"start": 2847.29, "end": 2847.69, "word": " zero.", "probability": 0.7119140625}, {"start": 2848.87, "end": 2849.71, "word": " It's", "probability": 0.921875}, {"start": 2849.71, "end": 2850.01, "word": " bigger", "probability": 0.95703125}, {"start": 2850.01, "end": 2850.49, "word": " than", "probability": 0.94482421875}, {"start": 2850.49, "end": 2850.91, "word": " zero.", "probability": 0.88525390625}, {"start": 2851.27, "end": 2851.81, "word": " The", "probability": 0.8349609375}, {"start": 2851.81, "end": 2852.13, "word": " marginal", "probability": 0.51220703125}, {"start": 2852.13, "end": 2852.59, "word": " revenue", "probability": 0.9052734375}, {"start": 2852.59, "end": 2853.13, "word": " is", "probability": 0.9462890625}, {"start": 2853.13, "end": 2853.35, "word": " bigger", "probability": 0.95361328125}, {"start": 2853.35, "end": 2853.59, "word": " than", "probability": 0.94775390625}, {"start": 2853.59, "end": 2853.87, "word": " zero.", "probability": 0.87744140625}, {"start": 2854.21, "end": 2854.37, "word": " What", "probability": 0.87158203125}, {"start": 2854.37, "end": 2854.73, "word": " about", "probability": 0.90478515625}, {"start": 2854.73, "end": 2855.11, "word": " the", "probability": 0.923828125}, {"start": 2855.11, "end": 2855.91, "word": " unitary", "probability": 0.859375}, {"start": 2855.91, "end": 2856.47, "word": " elastic", "probability": 0.94482421875}, {"start": 2856.47, "end": 2857.53, "word": " demand?", "probability": 0.9072265625}], "temperature": 1.0}, {"id": 103, "seek": 289519, "start": 2873.93, "end": 2895.19, "text": " It's bigger than zero or less than zero. For marginal revenue, marginal revenue equals zero, less than zero, bigger than zero. Okay? It has a meaning here.", "tokens": [467, 311, 3801, 813, 4018, 420, 1570, 813, 4018, 13, 1171, 16885, 9324, 11, 16885, 9324, 6915, 4018, 11, 1570, 813, 4018, 11, 3801, 813, 4018, 13, 1033, 30, 467, 575, 257, 3620, 510, 13], "avg_logprob": -0.2810329861111111, "compression_ratio": 1.5145631067961165, "no_speech_prob": 0.0, "words": [{"start": 2873.93, "end": 2874.69, "word": " It's", "probability": 0.480377197265625}, {"start": 2874.69, "end": 2874.89, "word": " bigger", "probability": 0.931640625}, {"start": 2874.89, "end": 2875.19, "word": " than", "probability": 0.94091796875}, {"start": 2875.19, "end": 2875.47, "word": " zero", "probability": 0.8740234375}, {"start": 2875.47, "end": 2875.73, "word": " or", "probability": 0.8603515625}, {"start": 2875.73, "end": 2875.97, "word": " less", "probability": 0.93798828125}, {"start": 2875.97, "end": 2876.19, "word": " than", "probability": 0.94921875}, {"start": 2876.19, "end": 2876.57, "word": " zero.", "probability": 0.90380859375}, {"start": 2877.43, "end": 2877.57, "word": " For", "probability": 0.414306640625}, {"start": 2877.57, "end": 2877.95, "word": " marginal", "probability": 0.7373046875}, {"start": 2877.95, "end": 2878.45, "word": " revenue,", "probability": 0.91015625}, {"start": 2879.31, "end": 2880.39, "word": " marginal", "probability": 0.0947265625}, {"start": 2880.39, "end": 2881.03, "word": " revenue", "probability": 0.9287109375}, {"start": 2881.03, "end": 2881.83, "word": " equals", "probability": 0.8046875}, {"start": 2881.83, "end": 2882.45, "word": " zero,", "probability": 0.83740234375}, {"start": 2882.73, "end": 2882.95, "word": " less", "probability": 0.93310546875}, {"start": 2882.95, "end": 2883.19, "word": " than", "probability": 0.94140625}, {"start": 2883.19, "end": 2883.53, "word": " zero,", "probability": 0.8974609375}, {"start": 2884.27, "end": 2884.47, "word": " bigger", "probability": 0.92138671875}, {"start": 2884.47, "end": 2884.75, "word": " than", "probability": 0.94873046875}, {"start": 2884.75, "end": 2885.43, "word": " zero.", "probability": 0.9033203125}, {"start": 2885.95, "end": 2886.01, "word": " Okay?", "probability": 0.6640625}, {"start": 2887.39, "end": 2888.09, "word": " It", "probability": 0.293701171875}, {"start": 2888.09, "end": 2891.73, "word": " has", "probability": 0.84326171875}, {"start": 2891.73, "end": 2892.03, "word": " a", "probability": 0.91015625}, {"start": 2892.03, "end": 2894.81, "word": " meaning", "probability": 0.8720703125}, {"start": 2894.81, "end": 2895.19, "word": " here.", "probability": 0.8046875}], "temperature": 1.0}, {"id": 104, "seek": 292568, "start": 2898.26, "end": 2925.68, "text": " In elasticity, the meaning of negative represents the negative relationship between the prices and the quantity. Here it has a meaning or it has a value. Okay. What if the demand is unitary elastic, which means here according to assumption, the quantity is 120 and 100, 600.", "tokens": [682, 46260, 11, 264, 3620, 295, 3671, 8855, 264, 3671, 2480, 1296, 264, 7901, 293, 264, 11275, 13, 1692, 309, 575, 257, 3620, 420, 309, 575, 257, 2158, 13, 1033, 13, 708, 498, 264, 4733, 307, 517, 4109, 17115, 11, 597, 1355, 510, 4650, 281, 15302, 11, 264, 11275, 307, 10411, 293, 2319, 11, 11849, 13], "avg_logprob": -0.34237939014769436, "compression_ratio": 1.5804597701149425, "no_speech_prob": 0.0, "words": [{"start": 2898.26, "end": 2898.76, "word": " In", "probability": 0.038116455078125}, {"start": 2898.76, "end": 2899.82, "word": " elasticity,", "probability": 0.841796875}, {"start": 2900.42, "end": 2900.92, "word": " the", "probability": 0.76318359375}, {"start": 2900.92, "end": 2901.22, "word": " meaning", "probability": 0.685546875}, {"start": 2901.22, "end": 2901.42, "word": " of", "probability": 0.444091796875}, {"start": 2901.42, "end": 2902.0, "word": " negative", "probability": 0.436767578125}, {"start": 2902.0, "end": 2902.56, "word": " represents", "probability": 0.7109375}, {"start": 2902.56, "end": 2902.8, "word": " the", "probability": 0.7666015625}, {"start": 2902.8, "end": 2903.06, "word": " negative", "probability": 0.89208984375}, {"start": 2903.06, "end": 2903.62, "word": " relationship", "probability": 0.92578125}, {"start": 2903.62, "end": 2904.12, "word": " between", "probability": 0.85205078125}, {"start": 2904.12, "end": 2904.32, "word": " the", "probability": 0.88818359375}, {"start": 2904.32, "end": 2904.66, "word": " prices", "probability": 0.7724609375}, {"start": 2904.66, "end": 2904.84, "word": " and", "probability": 0.89404296875}, {"start": 2904.84, "end": 2904.94, "word": " the", "probability": 0.64990234375}, {"start": 2904.94, "end": 2905.1, "word": " quantity.", "probability": 0.67431640625}, {"start": 2905.26, "end": 2905.74, "word": " Here", "probability": 0.61962890625}, {"start": 2905.74, "end": 2906.0, "word": " it", "probability": 0.62744140625}, {"start": 2906.0, "end": 2906.44, "word": " has", "probability": 0.9482421875}, {"start": 2906.44, "end": 2906.6, "word": " a", "probability": 0.9580078125}, {"start": 2906.6, "end": 2907.0, "word": " meaning", "probability": 0.8798828125}, {"start": 2907.0, "end": 2908.66, "word": " or", "probability": 0.5234375}, {"start": 2908.66, "end": 2908.82, "word": " it", "probability": 0.9462890625}, {"start": 2908.82, "end": 2909.44, "word": " has", "probability": 0.9013671875}, {"start": 2909.44, "end": 2909.54, "word": " a", "probability": 0.7939453125}, {"start": 2909.54, "end": 2909.9, "word": " value.", "probability": 0.97021484375}, {"start": 2910.38, "end": 2911.26, "word": " Okay.", "probability": 0.51171875}, {"start": 2912.04, "end": 2912.92, "word": " What", "probability": 0.70751953125}, {"start": 2912.92, "end": 2914.58, "word": " if", "probability": 0.947265625}, {"start": 2914.58, "end": 2914.84, "word": " the", "probability": 0.912109375}, {"start": 2914.84, "end": 2915.34, "word": " demand", "probability": 0.92333984375}, {"start": 2915.34, "end": 2916.64, "word": " is", "probability": 0.94580078125}, {"start": 2916.64, "end": 2917.08, "word": " unitary", "probability": 0.790283203125}, {"start": 2917.08, "end": 2917.6, "word": " elastic,", "probability": 0.9111328125}, {"start": 2917.9, "end": 2918.2, "word": " which", "probability": 0.947265625}, {"start": 2918.2, "end": 2918.5, "word": " means", "probability": 0.93603515625}, {"start": 2918.5, "end": 2918.8, "word": " here", "probability": 0.80810546875}, {"start": 2918.8, "end": 2919.22, "word": " according", "probability": 0.80712890625}, {"start": 2919.22, "end": 2919.38, "word": " to", "probability": 0.81103515625}, {"start": 2919.38, "end": 2919.84, "word": " assumption,", "probability": 0.407958984375}, {"start": 2920.42, "end": 2920.7, "word": " the", "probability": 0.85595703125}, {"start": 2920.7, "end": 2920.98, "word": " quantity", "probability": 0.67431640625}, {"start": 2920.98, "end": 2921.18, "word": " is", "probability": 0.91064453125}, {"start": 2921.18, "end": 2921.78, "word": " 120", "probability": 0.86376953125}, {"start": 2921.78, "end": 2922.6, "word": " and", "probability": 0.900390625}, {"start": 2922.6, "end": 2923.14, "word": " 100,", "probability": 0.7646484375}, {"start": 2924.72, "end": 2925.68, "word": " 600.", "probability": 0.95458984375}], "temperature": 1.0}, {"id": 105, "seek": 295081, "start": 2926.85, "end": 2950.81, "text": " 600. What about the marginal revenue here? Let's calculate MR. Let's calculate the marginal revenue here. MR equals CR2 minus CR1 over Q2 minus Q1. So MR equals 600 minus 600 over 100 minus 600.", "tokens": [11849, 13, 708, 466, 264, 16885, 9324, 510, 30, 961, 311, 8873, 9808, 13, 961, 311, 8873, 264, 16885, 9324, 510, 13, 9808, 6915, 14123, 17, 3175, 14123, 16, 670, 1249, 17, 3175, 1249, 16, 13, 407, 9808, 6915, 11849, 3175, 11849, 670, 2319, 3175, 11849, 13], "avg_logprob": -0.11067708473031719, "compression_ratio": 1.6115702479338843, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 2926.85, "end": 2927.39, "word": " 600.", "probability": 0.638671875}, {"start": 2927.71, "end": 2928.15, "word": " What", "probability": 0.861328125}, {"start": 2928.15, "end": 2928.43, "word": " about", "probability": 0.90771484375}, {"start": 2928.43, "end": 2928.65, "word": " the", "probability": 0.85986328125}, {"start": 2928.65, "end": 2928.93, "word": " marginal", "probability": 0.83251953125}, {"start": 2928.93, "end": 2929.23, "word": " revenue", "probability": 0.90185546875}, {"start": 2929.23, "end": 2929.55, "word": " here?", "probability": 0.826171875}, {"start": 2929.95, "end": 2930.29, "word": " Let's", "probability": 0.94873046875}, {"start": 2930.29, "end": 2930.75, "word": " calculate", "probability": 0.92236328125}, {"start": 2930.75, "end": 2931.31, "word": " MR.", "probability": 0.7255859375}, {"start": 2933.03, "end": 2933.83, "word": " Let's", "probability": 0.9697265625}, {"start": 2933.83, "end": 2934.25, "word": " calculate", "probability": 0.93408203125}, {"start": 2934.25, "end": 2934.51, "word": " the", "probability": 0.900390625}, {"start": 2934.51, "end": 2934.83, "word": " marginal", "probability": 0.92236328125}, {"start": 2934.83, "end": 2935.23, "word": " revenue", "probability": 0.89599609375}, {"start": 2935.23, "end": 2935.55, "word": " here.", "probability": 0.83544921875}, {"start": 2936.37, "end": 2937.11, "word": " MR", "probability": 0.96337890625}, {"start": 2937.11, "end": 2939.25, "word": " equals", "probability": 0.86572265625}, {"start": 2939.25, "end": 2939.79, "word": " CR2", "probability": 0.807861328125}, {"start": 2939.79, "end": 2940.07, "word": " minus", "probability": 0.97265625}, {"start": 2940.07, "end": 2940.57, "word": " CR1", "probability": 0.98193359375}, {"start": 2940.57, "end": 2940.89, "word": " over", "probability": 0.90673828125}, {"start": 2940.89, "end": 2941.51, "word": " Q2", "probability": 0.954833984375}, {"start": 2941.51, "end": 2941.83, "word": " minus", "probability": 0.9853515625}, {"start": 2941.83, "end": 2942.33, "word": " Q1.", "probability": 0.990478515625}, {"start": 2942.45, "end": 2942.55, "word": " So", "probability": 0.95068359375}, {"start": 2942.55, "end": 2943.03, "word": " MR", "probability": 0.63818359375}, {"start": 2943.03, "end": 2945.03, "word": " equals", "probability": 0.91943359375}, {"start": 2945.03, "end": 2946.37, "word": " 600", "probability": 0.9765625}, {"start": 2946.37, "end": 2946.79, "word": " minus", "probability": 0.9814453125}, {"start": 2946.79, "end": 2947.33, "word": " 600", "probability": 0.97314453125}, {"start": 2947.33, "end": 2948.05, "word": " over", "probability": 0.90283203125}, {"start": 2948.05, "end": 2948.85, "word": " 100", "probability": 0.8828125}, {"start": 2948.85, "end": 2949.81, "word": " minus", "probability": 0.9697265625}, {"start": 2949.81, "end": 2950.81, "word": " 600.", "probability": 0.96630859375}], "temperature": 1.0}, {"id": 106, "seek": 297598, "start": 2951.98, "end": 2975.98, "text": " minus 600 over 100 minus 120 equals zero. Zero, yes. So the total revenue demand is unitary elastic. Demand is unitary elastic.", "tokens": [3175, 11849, 670, 2319, 3175, 10411, 6915, 4018, 13, 17182, 11, 2086, 13, 407, 264, 3217, 9324, 4733, 307, 517, 4109, 17115, 13, 4686, 474, 307, 517, 4109, 17115, 13], "avg_logprob": -0.19002016032895735, "compression_ratio": 1.3061224489795917, "no_speech_prob": 0.0, "words": [{"start": 2951.98, "end": 2952.3, "word": " minus", "probability": 0.61376953125}, {"start": 2952.3, "end": 2952.76, "word": " 600", "probability": 0.94921875}, {"start": 2952.76, "end": 2953.72, "word": " over", "probability": 0.8359375}, {"start": 2953.72, "end": 2954.96, "word": " 100", "probability": 0.88916015625}, {"start": 2954.96, "end": 2956.02, "word": " minus", "probability": 0.97412109375}, {"start": 2956.02, "end": 2956.78, "word": " 120", "probability": 0.89794921875}, {"start": 2956.78, "end": 2957.94, "word": " equals", "probability": 0.87158203125}, {"start": 2957.94, "end": 2958.34, "word": " zero.", "probability": 0.84228515625}, {"start": 2960.64, "end": 2961.7, "word": " Zero,", "probability": 0.74560546875}, {"start": 2962.14, "end": 2962.56, "word": " yes.", "probability": 0.9462890625}, {"start": 2965.6, "end": 2965.98, "word": " So", "probability": 0.6689453125}, {"start": 2965.98, "end": 2967.44, "word": " the", "probability": 0.505859375}, {"start": 2967.44, "end": 2967.78, "word": " total", "probability": 0.84912109375}, {"start": 2967.78, "end": 2968.26, "word": " revenue", "probability": 0.69189453125}, {"start": 2968.26, "end": 2969.1, "word": " demand", "probability": 0.296875}, {"start": 2969.1, "end": 2969.6, "word": " is", "probability": 0.93798828125}, {"start": 2969.6, "end": 2970.08, "word": " unitary", "probability": 0.822265625}, {"start": 2970.08, "end": 2970.66, "word": " elastic.", "probability": 0.97216796875}, {"start": 2973.32, "end": 2974.48, "word": " Demand", "probability": 0.934326171875}, {"start": 2974.48, "end": 2974.82, "word": " is", "probability": 0.9462890625}, {"start": 2974.82, "end": 2975.38, "word": " unitary", "probability": 0.912841796875}, {"start": 2975.38, "end": 2975.98, "word": " elastic.", "probability": 0.96826171875}], "temperature": 1.0}, {"id": 107, "seek": 299877, "start": 2980.21, "end": 2998.77, "text": " So, the results here. When demand is unitary elastic, so MR is zero. Yes. As the price goes up, total revenue on a change remains constant, fixed.", "tokens": [407, 11, 264, 3542, 510, 13, 1133, 4733, 307, 517, 4109, 17115, 11, 370, 9808, 307, 4018, 13, 1079, 13, 1018, 264, 3218, 1709, 493, 11, 3217, 9324, 322, 257, 1319, 7023, 5754, 11, 6806, 13], "avg_logprob": -0.16437922297297297, "compression_ratio": 1.2049180327868851, "no_speech_prob": 0.0, "words": [{"start": 2980.21, "end": 2980.55, "word": " So,", "probability": 0.912109375}, {"start": 2981.09, "end": 2981.41, "word": " the", "probability": 0.9169921875}, {"start": 2981.41, "end": 2981.77, "word": " results", "probability": 0.87890625}, {"start": 2981.77, "end": 2982.09, "word": " here.", "probability": 0.85302734375}, {"start": 2982.65, "end": 2983.17, "word": " When", "probability": 0.8837890625}, {"start": 2983.17, "end": 2983.61, "word": " demand", "probability": 0.8359375}, {"start": 2983.61, "end": 2983.97, "word": " is", "probability": 0.94482421875}, {"start": 2983.97, "end": 2984.41, "word": " unitary", "probability": 0.6943359375}, {"start": 2984.41, "end": 2984.83, "word": " elastic,", "probability": 0.8798828125}, {"start": 2985.01, "end": 2985.11, "word": " so", "probability": 0.9228515625}, {"start": 2985.11, "end": 2985.65, "word": " MR", "probability": 0.67822265625}, {"start": 2985.65, "end": 2986.07, "word": " is", "probability": 0.94775390625}, {"start": 2986.07, "end": 2986.85, "word": " zero.", "probability": 0.8603515625}, {"start": 2988.29, "end": 2988.91, "word": " Yes.", "probability": 0.50634765625}, {"start": 2990.41, "end": 2990.75, "word": " As", "probability": 0.95703125}, {"start": 2990.75, "end": 2990.93, "word": " the", "probability": 0.9052734375}, {"start": 2990.93, "end": 2991.31, "word": " price", "probability": 0.9150390625}, {"start": 2991.31, "end": 2992.07, "word": " goes", "probability": 0.94580078125}, {"start": 2992.07, "end": 2992.57, "word": " up,", "probability": 0.97509765625}, {"start": 2993.87, "end": 2994.13, "word": " total", "probability": 0.912109375}, {"start": 2994.13, "end": 2994.69, "word": " revenue", "probability": 0.89453125}, {"start": 2994.69, "end": 2995.13, "word": " on", "probability": 0.9052734375}, {"start": 2995.13, "end": 2995.25, "word": " a", "probability": 0.6748046875}, {"start": 2995.25, "end": 2995.67, "word": " change", "probability": 0.818359375}, {"start": 2995.67, "end": 2997.59, "word": " remains", "probability": 0.79833984375}, {"start": 2997.59, "end": 2998.11, "word": " constant,", "probability": 0.896484375}, {"start": 2998.51, "end": 2998.77, "word": " fixed.", "probability": 0.91796875}], "temperature": 1.0}, {"id": 108, "seek": 302779, "start": 3000.31, "end": 3027.79, "text": " As the quantity goes down, total revenue unchanged. As the quantity goes up, total revenue unchanged. As the price goes down, total revenue unchanged. MRs are equal to zero. So here, as the price goes up, total revenue remains constant or fixed. Fixed or constant. Or constant.", "tokens": [1018, 264, 11275, 1709, 760, 11, 3217, 9324, 44553, 13, 1018, 264, 11275, 1709, 493, 11, 3217, 9324, 44553, 13, 1018, 264, 3218, 1709, 760, 11, 3217, 9324, 44553, 13, 9808, 82, 366, 2681, 281, 4018, 13, 407, 510, 11, 382, 264, 3218, 1709, 493, 11, 3217, 9324, 7023, 5754, 420, 6806, 13, 25538, 292, 420, 5754, 13, 1610, 5754, 13], "avg_logprob": -0.166204642384283, "compression_ratio": 2.0902255639097747, "no_speech_prob": 0.0, "words": [{"start": 3000.31, "end": 3000.71, "word": " As", "probability": 0.7861328125}, {"start": 3000.71, "end": 3000.87, "word": " the", "probability": 0.83203125}, {"start": 3000.87, "end": 3001.41, "word": " quantity", "probability": 0.97900390625}, {"start": 3001.41, "end": 3002.51, "word": " goes", "probability": 0.93603515625}, {"start": 3002.51, "end": 3003.01, "word": " down,", "probability": 0.86767578125}, {"start": 3003.33, "end": 3003.53, "word": " total", "probability": 0.81396484375}, {"start": 3003.53, "end": 3003.99, "word": " revenue", "probability": 0.8798828125}, {"start": 3003.99, "end": 3004.59, "word": " unchanged.", "probability": 0.8203125}, {"start": 3005.21, "end": 3005.77, "word": " As", "probability": 0.9677734375}, {"start": 3005.77, "end": 3005.95, "word": " the", "probability": 0.84228515625}, {"start": 3005.95, "end": 3006.39, "word": " quantity", "probability": 0.98291015625}, {"start": 3006.39, "end": 3007.03, "word": " goes", "probability": 0.93994140625}, {"start": 3007.03, "end": 3007.43, "word": " up,", "probability": 0.9736328125}, {"start": 3007.55, "end": 3007.69, "word": " total", "probability": 0.87158203125}, {"start": 3007.69, "end": 3008.01, "word": " revenue", "probability": 0.86767578125}, {"start": 3008.01, "end": 3008.39, "word": " unchanged.", "probability": 0.8974609375}, {"start": 3008.89, "end": 3009.27, "word": " As", "probability": 0.96826171875}, {"start": 3009.27, "end": 3009.45, "word": " the", "probability": 0.9140625}, {"start": 3009.45, "end": 3009.73, "word": " price", "probability": 0.90966796875}, {"start": 3009.73, "end": 3010.19, "word": " goes", "probability": 0.9375}, {"start": 3010.19, "end": 3010.61, "word": " down,", "probability": 0.85791015625}, {"start": 3011.11, "end": 3011.25, "word": " total", "probability": 0.87255859375}, {"start": 3011.25, "end": 3011.57, "word": " revenue", "probability": 0.88330078125}, {"start": 3011.57, "end": 3012.23, "word": " unchanged.", "probability": 0.966796875}, {"start": 3012.41, "end": 3013.17, "word": " MRs", "probability": 0.4537353515625}, {"start": 3013.17, "end": 3014.39, "word": " are", "probability": 0.37060546875}, {"start": 3014.39, "end": 3014.73, "word": " equal", "probability": 0.75244140625}, {"start": 3014.73, "end": 3014.91, "word": " to", "probability": 0.71923828125}, {"start": 3014.91, "end": 3015.17, "word": " zero.", "probability": 0.76025390625}, {"start": 3015.45, "end": 3015.69, "word": " So", "probability": 0.90625}, {"start": 3015.69, "end": 3016.09, "word": " here,", "probability": 0.63330078125}, {"start": 3018.21, "end": 3018.53, "word": " as", "probability": 0.93896484375}, {"start": 3018.53, "end": 3018.67, "word": " the", "probability": 0.89404296875}, {"start": 3018.67, "end": 3018.95, "word": " price", "probability": 0.90869140625}, {"start": 3018.95, "end": 3019.37, "word": " goes", "probability": 0.939453125}, {"start": 3019.37, "end": 3019.75, "word": " up,", "probability": 0.9736328125}, {"start": 3019.83, "end": 3020.03, "word": " total", "probability": 0.84716796875}, {"start": 3020.03, "end": 3020.53, "word": " revenue", "probability": 0.88818359375}, {"start": 3020.53, "end": 3021.89, "word": " remains", "probability": 0.82470703125}, {"start": 3021.89, "end": 3022.51, "word": " constant", "probability": 0.89501953125}, {"start": 3022.51, "end": 3022.95, "word": " or", "probability": 0.76611328125}, {"start": 3022.95, "end": 3023.31, "word": " fixed.", "probability": 0.9140625}, {"start": 3024.33, "end": 3024.83, "word": " Fixed", "probability": 0.927490234375}, {"start": 3024.83, "end": 3025.07, "word": " or", "probability": 0.8701171875}, {"start": 3025.07, "end": 3025.41, "word": " constant.", "probability": 0.92333984375}, {"start": 3026.67, "end": 3027.43, "word": " Or", "probability": 0.95068359375}, {"start": 3027.43, "end": 3027.79, "word": " constant.", "probability": 0.9130859375}], "temperature": 1.0}, {"id": 109, "seek": 305225, "start": 3030.11, "end": 3052.25, "text": " or unchanged. As the quantity goes down, total revenue, fixed or unchanged, and MR is zero. All right? Yes.", "tokens": [420, 44553, 13, 1018, 264, 11275, 1709, 760, 11, 3217, 9324, 11, 6806, 420, 44553, 11, 293, 9808, 307, 4018, 13, 1057, 558, 30, 1079, 13], "avg_logprob": -0.27777777557019834, "compression_ratio": 1.148936170212766, "no_speech_prob": 0.0, "words": [{"start": 3030.11, "end": 3030.43, "word": " or", "probability": 0.6640625}, {"start": 3030.43, "end": 3030.81, "word": " unchanged.", "probability": 0.498046875}, {"start": 3036.41, "end": 3037.49, "word": " As", "probability": 0.94580078125}, {"start": 3037.49, "end": 3037.67, "word": " the", "probability": 0.91845703125}, {"start": 3037.67, "end": 3038.13, "word": " quantity", "probability": 0.98388671875}, {"start": 3038.13, "end": 3038.63, "word": " goes", "probability": 0.94970703125}, {"start": 3038.63, "end": 3039.03, "word": " down,", "probability": 0.87060546875}, {"start": 3040.11, "end": 3040.99, "word": " total", "probability": 0.861328125}, {"start": 3040.99, "end": 3041.49, "word": " revenue,", "probability": 0.86328125}, {"start": 3042.03, "end": 3042.41, "word": " fixed", "probability": 0.92138671875}, {"start": 3042.41, "end": 3043.01, "word": " or", "probability": 0.95068359375}, {"start": 3043.01, "end": 3043.55, "word": " unchanged,", "probability": 0.76416015625}, {"start": 3044.55, "end": 3044.87, "word": " and", "probability": 0.93798828125}, {"start": 3044.87, "end": 3045.47, "word": " MR", "probability": 0.6044921875}, {"start": 3045.47, "end": 3046.01, "word": " is", "probability": 0.9140625}, {"start": 3046.01, "end": 3046.59, "word": " zero.", "probability": 0.60546875}, {"start": 3049.33, "end": 3049.69, "word": " All", "probability": 0.70654296875}, {"start": 3049.69, "end": 3049.93, "word": " right?", "probability": 0.91845703125}, {"start": 3051.17, "end": 3052.25, "word": " Yes.", "probability": 0.172119140625}], "temperature": 1.0}], "language": "en", "language_probability": 1.0, "duration": 3058.811, "duration_after_vad": 2796.21062499999} \ No newline at end of file diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/lIF7ZlND7b8.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/lIF7ZlND7b8.srt new file mode 100644 index 0000000000000000000000000000000000000000..1bd253e743e25f06178d2a63de77355775e085d3 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/lIF7ZlND7b8.srt @@ -0,0 +1,2154 @@ + +1 +00:00:20,840 --> 00:00:25,980 +How are you today? Fine. Great. Okay. Today, + +2 +00:00:26,160 --> 00:00:28,280 +inshallah, we are going to complete our talk about + +3 +00:00:28,280 --> 00:00:34,500 +demand determinants. And we will start with our + +4 +00:00:34,500 --> 00:00:39,440 +talk about the supply as well. If we have enough + +5 +00:00:39,440 --> 00:00:43,160 +time, we will go to the market equilibrium. In the + +6 +00:00:43,160 --> 00:00:48,680 +last class, we studied the main determinants of + +7 +00:00:48,680 --> 00:00:56,440 +demand. like the consumer's income, the number of + +8 +00:00:56,440 --> 00:01:01,680 +population, what else? The price of other related + +9 +00:01:01,680 --> 00:01:07,160 +goods. What else? Expectation about the future + +10 +00:01:07,160 --> 00:01:11,540 +prices and the future income. I think that we + +11 +00:01:11,540 --> 00:01:16,230 +still have The last determinant of demand which is + +12 +00:01:16,230 --> 00:01:19,870 +taste and the preferences. So the last determinant + +13 +00:01:19,870 --> 00:01:22,970 +of demand is taste and the preferences. + +14 +00:01:25,550 --> 00:01:32,030 +So the last determinant of demand is tastes and + +15 +00:01:32,030 --> 00:01:32,710 +the preferences. + +16 +00:01:39,310 --> 00:01:42,370 +This means, you know, the consumers. + +17 +00:01:44,190 --> 00:01:49,910 +If the consumers taste and the preferences go + +18 +00:01:49,910 --> 00:01:56,350 +toward one type of the products, like new types of + +19 +00:01:56,350 --> 00:02:02,430 +trousers, new types of mobiles, you know. So, in + +20 +00:02:02,430 --> 00:02:05,670 +this case, the demand for this product or service + +21 +00:02:05,670 --> 00:02:10,190 +will go up. So if the consumers taste and + +22 +00:02:10,190 --> 00:02:15,770 +preferences go toward one type of products. So if + +23 +00:02:15,770 --> 00:02:26,070 +the consumers taste and the preferences go + +24 +00:02:26,070 --> 00:02:35,170 +toward new + +25 +00:02:35,170 --> 00:02:42,140 +types, of trousers, sometimes about fashion maybe. + +26 +00:02:42,900 --> 00:02:47,720 +So your new types of + +27 +00:02:47,720 --> 00:02:59,120 +mobiles, this leads to increasing the desire or + +28 +00:02:59,120 --> 00:03:04,020 +the willingness to buy. Here we have maybe, or in + +29 +00:03:04,020 --> 00:03:06,180 +this case, you're talking about the willingness + +30 +00:03:09,660 --> 00:03:10,180 +to buy, + +31 +00:03:14,620 --> 00:03:19,600 +this means the demand for this type of the product + +32 +00:03:19,600 --> 00:03:25,420 +will go up. So here we're talking about the demand + +33 +00:03:25,420 --> 00:03:28,660 +for + +34 +00:03:28,660 --> 00:03:36,040 +this product go + +35 +00:03:36,040 --> 00:03:43,110 +up. So the demand for this type of product or the + +36 +00:03:43,110 --> 00:03:49,190 +new type of mobiles will shift right. Okay, so + +37 +00:03:49,190 --> 00:03:52,850 +here we have rightward shifting in the demand + +38 +00:03:52,850 --> 00:04:01,710 +curve. Okay, so the demand curve shifts right. + +39 +00:04:03,570 --> 00:04:05,670 +And vice versa. + +40 +00:04:08,700 --> 00:04:14,000 +Don't against this product. This means the + +41 +00:04:14,000 --> 00:04:18,720 +willingness or the desire for the consumer. But + +42 +00:04:18,720 --> 00:04:23,020 +then you see declining below and then the demand + +43 +00:04:23,020 --> 00:04:28,100 +for this product goes down and demand curve shifts + +44 +00:04:28,100 --> 00:04:33,300 +left. Okay. Is there a problem so far? Okay. Let's + +45 +00:04:33,300 --> 00:04:36,800 +go to something else or the second side of the + +46 +00:04:36,800 --> 00:04:44,060 +market. Supply, yes. Let's go to supply. So let's + +47 +00:04:44,060 --> 00:04:48,780 +go to the second side of the market, + +48 +00:04:51,380 --> 00:04:54,840 +which is supply. + +49 +00:05:00,220 --> 00:05:03,540 +As we mentioned before that in the market we have + +50 +00:05:03,540 --> 00:05:07,480 +two sides, the producers and the consumers, the + +51 +00:05:07,480 --> 00:05:12,460 +sellers and buyers, the persons who demand and the + +52 +00:05:12,460 --> 00:05:17,160 +persons who sell the products. The second side is + +53 +00:05:17,160 --> 00:05:18,580 +called supplier. + +54 +00:05:21,340 --> 00:05:22,300 +I love that. + +55 +00:05:29,120 --> 00:05:29,840 +Supply. + +56 +00:05:34,560 --> 00:05:39,940 +Supply is the willingness to produce or to sell + +57 +00:05:39,940 --> 00:05:43,960 +something and the ability to produce. + +58 +00:05:46,760 --> 00:05:52,980 +Please keep your mobile silent. Supply is the + +59 +00:05:52,980 --> 00:05:59,320 +willingness to produce, to sell or to produce, + +60 +00:06:03,790 --> 00:06:11,010 +plus the ability to produce or sell. + +61 +00:06:16,890 --> 00:06:20,870 +These are the main conditions for the effective + +62 +00:06:20,870 --> 00:06:26,550 +supply. Okay? Now, Let's have the following + +63 +00:06:26,550 --> 00:06:30,490 +example. Let's assume that we are talking about + +64 +00:06:30,490 --> 00:06:39,310 +the prices and the quantity supplied of gasoline + +65 +00:06:39,310 --> 00:06:52,910 +or fuel prices. Price here, liter of fuel. Your + +66 +00:06:52,910 --> 00:06:53,290 +point. + +67 +00:06:58,530 --> 00:07:06,390 +And we are the quantity supplied of fuel by liter, + +68 +00:07:07,470 --> 00:07:08,590 +here by shaken. + +69 +00:07:13,490 --> 00:07:26,590 +Point A, B, C, D, E, F. A, B, C, D, E, F. The + +70 +00:07:26,590 --> 00:07:30,330 +price per liter of fuel was, + +71 +00:07:32,470 --> 00:07:36,550 +let us assume it was two shekels, four shekels, + +72 +00:07:36,870 --> 00:07:45,630 +six, eight, ten, twelve, and the quantity produced + +73 +00:07:45,630 --> 00:07:51,550 +or the quantity sold for this product was five, + +74 +00:07:52,510 --> 00:07:57,990 +ten, 15, 20, 25, 30. + +75 +00:08:01,010 --> 00:08:06,430 +These are assumptions here. What do you see here + +76 +00:08:06,430 --> 00:08:10,590 +in this schedule? What do you see in this table? + +77 +00:08:11,930 --> 00:08:19,850 +As the price goes up or increases, what do you + +78 +00:08:19,850 --> 00:08:25,500 +see? Exactly. So the quant supplied goes up as + +79 +00:08:25,500 --> 00:08:32,480 +well because increasing the prices leads + +80 +00:08:32,480 --> 00:08:33,900 +to increasing the profits. + +81 +00:08:38,280 --> 00:08:41,960 +This will encourage the producers to produce more. + +82 +00:08:42,480 --> 00:08:46,220 +This means the willingness to produce goes up and + +83 +00:08:46,220 --> 00:08:50,300 +the ability to produce goes up as well. So as a + +84 +00:08:50,300 --> 00:08:56,540 +profits, yes. Okay, as a profits goes up or go up, + +85 +00:08:57,900 --> 00:08:59,280 +the willingness to produce, + +86 +00:09:02,200 --> 00:09:07,790 +to sell or to produce, goes up plus the ability, + +87 +00:09:07,970 --> 00:09:15,230 +you have more money to produce, so the ability to + +88 +00:09:15,230 --> 00:09:21,790 +sell or to produce goes up as well. Here we are + +89 +00:09:21,790 --> 00:09:26,890 +talking about supply. So supply goes up as well. + +90 +00:09:29,510 --> 00:09:33,990 +All right. Now, before going to this point, I will + +91 +00:09:33,990 --> 00:09:39,790 +derive or let's derive the relationship between or + +92 +00:09:39,790 --> 00:09:42,110 +discuss the relationship between the prices and + +93 +00:09:42,110 --> 00:09:44,290 +the quantity supplied using graph. + +94 +00:09:47,150 --> 00:09:52,010 +Here we have prices + +95 +00:09:52,010 --> 00:09:59,170 +and the quantity supplied. Prices to + +96 +00:10:00,930 --> 00:10:10,290 +four, six, eight, 10, 12, 14, that's it. And the + +97 +00:10:10,290 --> 00:10:19,070 +class supplied five, 10, 15, 20, 25, and 30, + +98 +00:10:19,530 --> 00:10:25,930 +that's it. The first point, point A represents or + +99 +00:10:25,930 --> 00:10:32,590 +illustrates or when the price was two, 2 and 5 + +100 +00:10:32,590 --> 00:10:35,870 +here, 4 and 10. + +101 +00:10:44,510 --> 00:10:53,450 +That's it here. Point A, B, C, D, E, F. If we + +102 +00:10:53,450 --> 00:10:55,950 +connect these points together here, we'll reach to + +103 +00:10:55,950 --> 00:11:00,950 +the supply curve. So supply curve, + +104 +00:11:03,930 --> 00:11:08,650 +It's a graph. It's a line. It's a curve. Shows + +105 +00:11:08,650 --> 00:11:13,970 +what? The positive relationship between the prices + +106 +00:11:13,970 --> 00:11:18,870 +and the quant supplied. As the price goes up, the + +107 +00:11:18,870 --> 00:11:22,970 +quant supplied goes up as well. So as the price + +108 +00:11:22,970 --> 00:11:31,650 +goes up, the quant supplied goes up as well. Here + +109 +00:11:31,650 --> 00:11:36,000 +we have Positive, positive. The final result will + +110 +00:11:36,000 --> 00:11:39,760 +be positive. Positive times positive, positive. As + +111 +00:11:39,760 --> 00:11:46,660 +the price goes down, the supply goes down as well. + +112 +00:11:47,000 --> 00:11:52,780 +Negative times negative, positive. So, positive. + +113 +00:11:52,940 --> 00:11:58,680 +Negative times negative, positive. Okay? Now, + +114 +00:11:59,360 --> 00:12:05,300 +let's go to the factors affect supply. The factors + +115 +00:12:05,300 --> 00:12:09,920 +affect supply which are the supply determinants. + +116 +00:12:10,600 --> 00:12:20,120 +Supply determinants. So, let's go to the supply + +117 +00:12:20,120 --> 00:12:22,960 +determinants or the factors affect supply. + +118 +00:12:33,380 --> 00:12:37,300 +Who can give us the first factor affects supply? + +119 +00:12:38,440 --> 00:12:43,160 +Yes. Technology changes. Yes, this is number one. + +120 +00:12:43,960 --> 00:12:47,800 +So let's go to the supply determinants. + +121 +00:12:58,080 --> 00:12:58,860 +Supply. + +122 +00:13:08,740 --> 00:13:12,060 +determinants or the factors affect supply. Number + +123 +00:13:12,060 --> 00:13:15,780 +one, as your classmate said that the first factor + +124 +00:13:15,780 --> 00:13:20,200 +is technology + +125 +00:13:20,200 --> 00:13:21,100 +changes. + +126 +00:13:30,320 --> 00:13:35,680 +What will happen to the business or to the + +127 +00:13:35,680 --> 00:13:40,240 +factories or the producers, or the ability to + +128 +00:13:40,240 --> 00:13:44,380 +supply when we have a new technology, modern + +129 +00:13:44,380 --> 00:13:49,220 +technology. The capacity or the ability to produce + +130 +00:13:49,220 --> 00:13:55,580 +will increase. So as we have a new technology, + +131 +00:14:00,780 --> 00:14:08,210 +having a new technology, Means that the ability to + +132 +00:14:08,210 --> 00:14:16,070 +produce will + +133 +00:14:16,070 --> 00:14:16,530 +increase. + +134 +00:14:20,090 --> 00:14:23,570 +And the willingness to produce as well will go up + +135 +00:14:23,570 --> 00:14:26,690 +as well. So, and willingness to produce + +136 +00:14:29,380 --> 00:14:33,900 +go up, so what will happen to this supplier? So + +137 +00:14:33,900 --> 00:14:37,420 +supply goes up, + +138 +00:14:38,220 --> 00:14:47,980 +shifts right. So supply curve here. Let us assume + +139 +00:14:47,980 --> 00:14:53,560 +that this is the original supply curve, PQS, + +140 +00:14:54,100 --> 00:14:57,100 +and this is the original supply curve, this one. + +141 +00:14:59,490 --> 00:15:01,790 +This is an assumption here. This is the original, + +142 +00:15:02,250 --> 00:15:06,570 +the initial supply curve. As we mentioned, as we + +143 +00:15:06,570 --> 00:15:09,670 +have a technology changes, we have a new + +144 +00:15:09,670 --> 00:15:14,430 +technology, modern technology, the ability and the + +145 +00:15:14,430 --> 00:15:19,230 +willingness to produce go up and supply increases + +146 +00:15:19,230 --> 00:15:23,870 +as supply curve shifts right. Then here, supply + +147 +00:15:23,870 --> 00:15:24,370 +curve + +148 +00:15:31,490 --> 00:15:36,990 +Shifts? Right. Where's the right? Here's the + +149 +00:15:36,990 --> 00:15:43,370 +original. The right is here. Right? So we have + +150 +00:15:43,370 --> 00:15:47,070 +rightward shifting and supply curve parallel to + +151 +00:15:47,070 --> 00:15:50,250 +the previous one. This is S2. + +152 +00:15:54,070 --> 00:15:59,380 +Here we are not talking down or up. Up. Here we're + +153 +00:15:59,380 --> 00:16:13,220 +talking right or left. Okay? This technology leads + +154 +00:16:13,220 --> 00:16:23,520 +to lower supply and supply curve shifts left. + +155 +00:16:25,730 --> 00:16:34,310 +So if we have this technology, supply declines and + +156 +00:16:34,310 --> 00:16:38,830 +supply curve shifts left. So we will find that the + +157 +00:16:38,830 --> 00:16:47,910 +supply curve shifts left. So we + +158 +00:16:47,910 --> 00:16:51,010 +will move to S3. + +159 +00:16:55,920 --> 00:16:58,000 +All right. Okay. + +160 +00:17:00,480 --> 00:17:04,660 +What is the second factor affect supply? Yes. + +161 +00:17:04,880 --> 00:17:08,680 +Price factors of production. When the price + +162 +00:17:08,680 --> 00:17:13,360 +factors of production rising, the ability to + +163 +00:17:13,360 --> 00:17:18,840 +produce that rising, then the point of supply is + +164 +00:17:18,840 --> 00:17:23,330 +rising. As the cost of production here, you're + +165 +00:17:23,330 --> 00:17:25,850 +talking about the price of the factory's + +166 +00:17:25,850 --> 00:17:28,830 +production, goes up, what will happen to the + +167 +00:17:28,830 --> 00:17:36,650 +ability here? No, no, no, no. Okay, okay, what + +168 +00:17:36,650 --> 00:17:39,310 +will happen to your ability to produce, your + +169 +00:17:39,310 --> 00:17:48,260 +capability? Goes down. So, thank you. The second + +170 +00:17:48,260 --> 00:17:52,860 +determinant of supply is the cost of inputs. + +171 +00:17:53,440 --> 00:17:58,020 +Number two here is the price of inputs or the + +172 +00:17:58,020 --> 00:17:59,640 +price of factors production. + +173 +00:18:02,680 --> 00:18:12,140 +Price number two, the price of inputs. The price + +174 +00:18:12,140 --> 00:18:18,140 +of inputs. Or sometimes called the price, the cost + +175 +00:18:18,140 --> 00:18:21,940 +of factors production. + +176 +00:18:27,620 --> 00:18:33,100 +Like, what are the factors of production? Labor, + +177 +00:18:33,480 --> 00:18:39,480 +machine, raw material, land, okay? What will + +178 +00:18:39,480 --> 00:18:47,140 +happen if the cost of production You pay as a + +179 +00:18:47,140 --> 00:18:52,820 +producer, go up, like you have to pay more + +180 +00:18:52,820 --> 00:18:56,420 +salaries, more wages for the workers. What will + +181 +00:18:56,420 --> 00:19:02,460 +happen if the price of raw material goes up? What + +182 +00:19:02,460 --> 00:19:10,200 +will happen if the price of land goes up? The cost + +183 +00:19:10,200 --> 00:19:15,940 +of production goes up. All right? And so, here, if + +184 +00:19:15,940 --> 00:19:20,760 +the cost of production, + +185 +00:19:24,180 --> 00:19:26,240 +labor, + +186 +00:19:28,280 --> 00:19:37,580 +machines, machinery, like raw material, land, + +187 +00:19:41,280 --> 00:19:49,480 +Entrepreneurship sometimes. So, some other factors + +188 +00:19:49,480 --> 00:19:52,100 +of production. Capital, okay. + +189 +00:19:55,860 --> 00:20:01,200 +If the cost of these factors of production go up, + +190 +00:20:01,640 --> 00:20:12,540 +like wages and salaries. If the wage paid for the + +191 +00:20:12,540 --> 00:20:18,360 +workers go up. Or, citrus peripers, means, for + +192 +00:20:18,360 --> 00:20:23,020 +production + +193 +00:20:23,020 --> 00:20:32,300 +process, goes up. Or, the price for the cost of + +194 +00:20:32,300 --> 00:20:35,040 +raw material, the inputs for the production + +195 +00:20:35,040 --> 00:20:41,240 +process, go up. One land, one person builds a + +196 +00:20:41,240 --> 00:20:46,200 +tower, builds a building, buys land, and the price + +197 +00:20:46,200 --> 00:20:49,800 +goes up. All of this is called cost of production. + +198 +00:20:52,060 --> 00:20:54,860 +Capital, one person buys land based on the + +199 +00:20:54,860 --> 00:20:59,860 +interest rate, and the price goes up. Now all of + +200 +00 + +223 +00:23:18,190 --> 00:23:23,510 +What else? What is the third factor affecting someone + +224 +00:23:23,510 --> 00:23:29,750 +else? Yes. Number of producers. Exactly. So the + +225 +00:23:29,750 --> 00:23:37,030 +third factor affecting supply is number of sellers or + +226 +00:23:37,030 --> 00:23:42,340 +number of producers. And demand, we said that one + +227 +00:23:42,340 --> 00:23:46,740 +of the main factors affecting demand is the number of + +228 +00:23:46,740 --> 00:23:49,920 +consumers. Here we're talking about the number of + +229 +00:23:49,920 --> 00:23:54,600 +producers or the number of sellers. So as the + +230 +00:23:54,600 --> 00:23:57,580 +number of producers or the number of sellers + +231 +00:23:57,580 --> 00:24:04,960 +increases, we are talking about the number of + +232 +00:24:04,960 --> 00:24:08,380 +sellers or producers. + +233 +00:24:12,320 --> 00:24:23,980 +Exactly. So as the number of sellers increases, + +234 +00:24:28,560 --> 00:24:32,380 +this + +235 +00:24:32,380 --> 00:24:34,420 +leads to an increase in supply. + +236 +00:24:41,120 --> 00:24:45,100 +shifts, supply curve shifts. Right. Then SC + +237 +00:24:45,100 --> 00:24:46,800 +shifts. + +238 +00:24:49,140 --> 00:24:53,320 +Right. And vice versa, a decline in the number of + +239 +00:24:53,320 --> 00:24:55,240 +sellers leads to a decrease in supply, + +240 +00:24:55,420 --> 00:24:59,860 +decreasing in supply curve shifts left. Okay? + +241 +00:25:00,240 --> 00:25:06,520 +Yeah. Why if the number of suppliers goes up? + +242 +00:25:07,080 --> 00:25:12,230 +Because the quantity supplied goes up. As the + +243 +00:25:12,230 --> 00:25:15,010 +number of producers, we have so many sellers in + +244 +00:25:15,010 --> 00:25:17,850 +the market. What will happen to the quant supplied + +245 +00:25:17,850 --> 00:25:24,290 +at the same prices here? Let us assume that we + +246 +00:25:24,290 --> 00:25:29,130 +have the original. This is the original here. This + +247 +00:25:29,130 --> 00:25:31,670 +is the price and the quant supplied, and this is + +248 +00:25:31,670 --> 00:25:36,830 +the original supply curve as well. Let us assume + +249 +00:25:36,830 --> 00:25:44,940 +that the price per unit, was five shekels + +250 +00:25:44,940 --> 00:25:51,040 +per liter of beer. The quantity per kilogram of a + +251 +00:25:51,040 --> 00:25:56,820 +chicken was five. And the quantity sold in the + +252 +00:25:56,820 --> 00:26:04,980 +market was 10 or 20 or 200 kilogram. And this is + +253 +00:26:04,980 --> 00:26:06,820 +NIS. + +254 +00:26:08,590 --> 00:26:14,930 +Okay? If the number of sellers increases, what + +255 +00:26:14,930 --> 00:26:18,790 +will happen to the quantity sold in the market? + +256 +00:26:19,210 --> 00:26:23,310 +The quantity produced in the market? Along the + +257 +00:26:23,310 --> 00:26:26,810 +same prices. Let us assume that the price was five + +258 +00:26:26,810 --> 00:26:31,200 +and remains five. Here according to our assumption + +259 +00:26:31,200 --> 00:26:35,020 +that the price per kilogram of chicken was five, + +260 +00:26:35,240 --> 00:26:39,880 +okay? At this price, if we have additional + +261 +00:26:39,880 --> 00:26:43,500 +sellers, more sellers in the market, the quantity + +262 +00:26:43,500 --> 00:26:49,440 +purchased, the quantity sold go up from 200 to + +263 +00:26:49,440 --> 00:26:54,320 +maybe 250, along with the same prices. So here we + +264 +00:26:54,320 --> 00:27:03,040 +will move to, right? So here we have what? Shifts + +265 +00:27:03,040 --> 00:27:07,480 +right, shifting to right, this to S2. Supply + +266 +00:27:07,480 --> 00:27:11,780 +shifts right. That's it. That's the idea, okay? + +267 +00:27:12,700 --> 00:27:17,400 +What else? I want to give the chance for someone + +268 +00:27:17,400 --> 00:27:22,400 +else. Someone else who can give us the fourth + +269 +00:27:22,400 --> 00:27:27,860 +factor affecting supply. Yeah, okay. Tax or + +270 +00:27:27,860 --> 00:27:32,700 +subsidies. When the tax is rising, the ability to + +271 +00:27:32,700 --> 00:27:37,540 +produce that goes down and the quantity supply + +272 +00:27:37,540 --> 00:27:40,600 +goes down. Okay. Thank you. Thank you very much + +273 +00:27:40,600 --> 00:27:43,540 +indeed. Let's go to the fourth factor affecting + +274 +00:27:43,540 --> 00:27:52,280 +supply which is taxes or subsidies. Taxes or + +275 +00:27:52,280 --> 00:27:53,020 +subsidies. + +276 +00:28:04,610 --> 00:28:05,350 +Number four, + +277 +00:28:09,150 --> 00:28:10,850 +taxes or subsidies. + +278 +00:28:19,210 --> 00:28:26,750 +Taxes means and subsidies means. Okay. Let's go to + +279 +00:28:26,750 --> 00:28:31,510 +analyze taxes, the effect of taxes on what? + +280 +00:28:31,950 --> 00:28:36,120 +Supply. So let's analyze the first part or the + +281 +00:28:36,120 --> 00:28:43,720 +first taxes. As the taxes increase, what will + +282 +00:28:43,720 --> 00:28:49,080 +happen to the subsidies means? + +283 +00:28:51,600 --> 00:29:00,620 +Taxes as the taxes go up. What will happen to the + +284 +00:29:00,620 --> 00:29:06,190 +profits? Exactly, so this leads to a decline in the + +285 +00:29:06,190 --> 00:29:06,550 +profits. + +286 +00:29:09,930 --> 00:29:16,670 +As the profits go down, the ability to produce goes + +287 +00:29:16,670 --> 00:29:20,310 +down, the willingness to produce goes down, and + +288 +00:29:20,310 --> 00:29:25,210 +supply goes down as well. That's it. So here we + +289 +00:29:25,210 --> 00:29:29,020 +have the ability to produce go down, the + +290 +00:29:29,020 --> 00:29:32,000 +willingness or the desire to produce go down. + +291 +00:29:34,680 --> 00:29:38,320 +So supply goes down. + +292 +00:29:42,120 --> 00:29:46,540 +Shifts left. So here we have a leftward shifting + +293 +00:29:46,540 --> 00:29:53,140 +in supply curve. Okay? So if there is an + +294 +00:29:53,140 --> 00:30:00,220 +increase in the taxes, Ceteris Paribus, Any + +295 +00:30:00,220 --> 00:30:06,400 +increasing taxes lead to what? A decline in the + +296 +00:30:06,400 --> 00:30:11,300 +profits and the supply shifts, or the supply curve + +297 +00:30:11,300 --> 00:30:16,160 +shifts left. So here we have the original supply + +298 +00:30:16,160 --> 00:30:22,680 +curve, this one. Prices and the quantity supplied. + +299 +00:30:23,300 --> 00:30:27,760 +Supply will shift left. So here we have a leftward + +300 +00:30:27,760 --> 00:30:30,620 +shifting. and supply curve to S2. + +301 +00:30:34,780 --> 00:30:41,000 +Okay? What about the subsidies? Sometimes the + +302 +00:30:41,000 --> 00:30:47,540 +government provides subsidies for the farmers, + +303 +00:30:48,000 --> 00:30:53,580 +sometimes for the producers. So what will happen + +304 +00:30:53,580 --> 00:30:57,280 +here? As the subsidies here, as the subsidies + +305 +00:31:01,340 --> 00:31:07,720 +Go up. Exactly. Exactly. Profits go up here. + +306 +00:31:13,660 --> 00:31:19,920 +The same. The opposite case here. Supply goes up + +307 +00:31:19,920 --> 00:31:22,340 +and supply curve shifts right. + +308 +00:31:25,120 --> 00:31:28,920 +So we will find that the supply curve shifts. + +309 +00:31:29,500 --> 00:31:32,800 +Right. Okay. So here we have rightward shifting + +310 +00:31:32,800 --> 00:31:40,280 +and supply curve to S3. That's it. All right. What + +311 +00:31:40,280 --> 00:31:47,380 +else? What is the fifth factor affecting supply? Yes. + +312 +00:31:48,420 --> 00:31:55,710 +Yes. Sellers expectation about the future. In + +313 +00:31:55,710 --> 00:31:59,730 +demand, we have an expectation about the future. + +314 +00:31:59,870 --> 00:32:02,090 +The consumer's expectation about the future, + +315 +00:32:02,330 --> 00:32:07,730 +prices and income for the producers, the same. He + +316 +00:32:07,730 --> 00:32:11,770 +expects or she expects the future and plans for + +317 +00:32:11,770 --> 00:32:18,650 +the future. They plan for the future. So the fifth + +318 +00:32:18,650 --> 00:32:22,030 +factor affects supply is what? + +319 +00:32:24,070 --> 00:32:27,470 +Expectation or the seller's expectation about the + +320 +00:32:27,470 --> 00:32:32,710 +future. The seller's expectation about the future. + +321 +00:32:35,430 --> 00:32:43,270 +So, the fifth factor here, number five. The + +322 +00:32:43,270 --> 00:32:49,950 +seller's expectation, I will try. The seller's + +323 +00:32:49,950 --> 00:32:52,410 +expectation, + +324 +00:32:56,720 --> 00:32:58,860 +about or for the future. + +325 +00:33:05,080 --> 00:33:14,280 +About the future or for the future. If the + +326 +00:33:14,280 --> 00:33:17,860 +producers + +327 +00:33:17,860 --> 00:33:24,520 +sometimes or a plan for the future. If they expect + +328 +00:33:25,510 --> 00:33:29,670 +that the prices tomorrow + +329 +00:33:29,670 --> 00:33:31,330 +will go up. + +330 +00:33:38,530 --> 00:33:40,170 +50 shekels. + +331 +00:33:50,870 --> 00:33:55,090 +And he expects that tomorrow the price will go up. + +332 +00:33:59,340 --> 00:34:06,700 +Present here. Today, they will decline production + +333 +00:34:06,700 --> 00:34:09,960 +or the selling products. + +334 +00:34:12,320 --> 00:34:20,140 +Aiming private maximization in the future. So if + +335 +00:34:20,140 --> 00:34:28,440 +the seller expects that the prices + +336 +00:34:31,220 --> 00:34:38,800 +Future prices or the price will + +337 +00:34:38,800 --> 00:34:43,580 +go + +338 +00:34:43,580 --> 00:34:49,520 +up or increase tomorrow, + +339 +00:34:50,140 --> 00:34:53,900 +next month, next week, depends on the type of + +340 +00:34:53,900 --> 00:34:54,320 +industry. + +341 +00:34:58,590 --> 00:35:01,870 +What will happen to the present at present here? + +342 +00:35:02,710 --> 00:35:07,570 +Exactly. So this will or the present or the + +343 +00:35:07,570 --> 00:35:10,770 +current supply, + +344 +00:35:12,630 --> 00:35:16,890 +the current production, the current selling will + +345 +00:35:16,890 --> 00:35:23,990 +go down. So supply curve will shift left. Then I + +346 +00:35:23,990 --> 00:35:26,330 +will have leftward shifting. + +347 +00:35:33,390 --> 00:35:33,930 +A prison. + +348 +00:35:38,230 --> 00:35:43,730 +Let me + +349 +00:35:43,730 --> 00:35:48,430 +assume that you + +350 +00:35:48,430 --> 00:35:57,430 +sell something. What is the proposed good that you + +351 +00:35:57,430 --> 00:35:58,710 +tend to sell? + +352 +00:36:02,610 --> 00:36:07,210 +As a monopolist, + +353 +00:36:08,470 --> 00:36:12,430 +your father sells flour. + +354 +00:36:15,590 --> 00:36:16,990 +Today, + +355 +00:36:18,730 --> 00:36:26,510 +the price per sack of flour is 35 + +356 +00:36:26,510 --> 00:36:27,250 +shekels. + +357 +00:36:30,150 --> 00:36:34,630 +And he expects that there will be an embargo, + +358 +00:36:35,610 --> 00:36:39,710 +there will be a closure, a shutdown for the + +359 +00:36:39,710 --> 00:36:46,030 +borders, and no products will enter the market, + +360 +00:36:47,350 --> 00:36:51,580 +and the price will go up. Now, if someone thinks + +361 +00:36:51,580 --> 00:36:55,900 +economically, as an economist, rational decision, + +362 +00:36:56,080 --> 00:36:58,900 +what does he do? He says, I want to keep the + +363 +00:36:58,900 --> 00:37:01,900 +storage I have, I don't want to sell it again. Of + +364 +00:37:01,900 --> 00:37:04,020 +course, keep it for the day after tomorrow, or the + +365 +00:37:04,020 --> 00:37:06,860 +day after tomorrow, or next week, okay? Now, this + +366 +00:37:06,860 --> 00:37:09,120 +happened in cement. Here in Palestine, there are + +367 +00:37:09,120 --> 00:37:13,180 +two things. Cement. Someone has a cement trader. + +368 +00:37:31,540 --> 00:37:36,420 +That's it. I'm talking about the present. That's + +369 +00:37:36,420 --> 00:37:42,260 +it. Supply now. Now. Supply to the market begins. + +370 +00:37:43,180 --> 00:37:55,180 +That's it. What else? Yes. Exactly. The price of + +371 +00:37:55,180 --> 00:37:58,220 +other or the prices of other related goods. In + +372 +00:37:58,220 --> 00:38:02,240 +demand, we talk about the price of other related + +373 +00:38:02,240 --> 00:38:04,840 +goods, like when we talk about the chicken and + +374 +00:38:04,840 --> 00:38:12,730 +beef, fuel and cars. Here. The same idea but the + +375 +00:38:12,730 --> 00:38:15,510 +second side. You're in the second analysis or + +376 +00:38:15,510 --> 00:38:23,450 +different analysis. So the sixth factor affecting + +377 +00:38:23,450 --> 00:38:27,830 +supply is prices + +378 +00:38:27,830 --> 00:38:36,470 +of other related goods. Prices of + +379 +00:38:36,470 --> 00:38:38,630 +other related + +380 +00:38:40,750 --> 00:38:41,830 +Here, + +381 +00:38:44,190 --> 00:38:49,470 +I will assume that we are talking about an + +382 +00:38:49,470 --> 00:38:55,470 +industry or a factory or a producer who has two + +383 +00:38:55,470 --> 00:38:56,550 +production lines. + +384 +00:39:02,530 --> 00:39:05,790 +Cars and + +385 +00:39:05,790 --> 00:39:06,550 +tractors. + +386 +00:39:18,790 --> 00:39:25,310 +And this company or this factory produces 100 + +387 +00:39:25,310 --> 00:39:33,050 +units of cars and 100 tractors a month. + +388 +00:39:40,390 --> 00:39:45,770 +The rational producer. Let us assume that The + +389 +00:39:45,770 --> 00:39:54,350 +prices of tractors go up. Prices of tractors go + +390 +00:39:54,350 --> 00:39:56,950 +up. + +391 +00:40:02,230 --> 00:40:04,070 +What about the production of cars? + +392 +00:40:10,580 --> 00:40:16,440 +So he will reduce his production of cars. + +393 +00:40:19,360 --> 00:40:25,480 +So I'm going to analyze the cars market. + +394 +00:40:28,800 --> 00:40:41,050 +Then supply for cars. Exactly. Second example, as + +395 +00:40:41,050 --> 00:40:47,110 +the price of tractors goes up, the price of + +396 +00:40:47,110 --> 00:40:51,770 +tractors increases. Who gains from this? This + +397 +00:40:51,770 --> 00:40:53,550 +gives them more profits. + +398 +00:40:56,540 --> 00:40:58,580 +Their production, the quantity produced of + +399 +00:40:58,580 --> 00:41:04,020 +tractors go up and the supply or the quantity + +400 +00:41:04,020 --> 00:41:07,480 +produced of cars or the production of cars go + +401 +00:41:07,480 --> 00:41:15,220 +down. That's it. + +402 +00:41:16,740 --> 00:41:21,240 +So supply curve of cars shifts left. + +403 +00:41:24,570 --> 00:41:30,250 +price of cars and the quantity supplied of cars. + +404 +00:41:31,890 --> 00:41:36,250 +This is the original supply curve, this one. As + +405 +00:41:36,250 --> 00:41:43,830 +the price of tractors, this is good x and this is + +406 +00:41:43,830 --> 00:41:50,750 +good y. As the price of y goes up, the quantity + +407 +00:41:50,750 --> 00:41:55,030 +produced or the supply of Y go down. Here, we have + +408 +00:41:55,030 --> 00:41:57,410 +a leftward shifting in supply curve to S2. + +409 +00:42:00,330 --> 00:42:02,670 +What about the tractors market? + +410 +00:42:08,090 --> 00:42:13,030 +The quantity supplied over tractors. This is the + +411 +00:42:13,030 --> 00:42:18,750 +tractors market. This is the price of tractors P + +412 +00:42:18,750 --> 00:42:19,650 +for tractors. + +413 +00:42:23,380 --> 00:42:29,280 +And this quantity supplied to whom? Tractors. And + +414 +00:42:29,280 --> 00:42:33,320 +this is the original supply curve, S1. And let us + +415 +00:42:33,320 --> 00:42:37,220 +assume that at point A here, the price of the + +416 +00:42:37,220 --> 00:42:40,460 +tractors is worth $20,000. + +417 +00:42:43,640 --> 00:42:50,860 +And the quantity sold will be 50 tractors. Look, + +418 +00:42:51,340 --> 00:42:56,510 +the assumption says If the price of the reactors + +419 +00:42:56,510 --> 00:43:01,110 +increases, increase the price of the reactors. + +420 +00:43:01,25 + +445 +00:46:10,430 --> 00:46:14,430 +raise? He raises chicken. Yes, his price went up. + +446 +00:46:16,540 --> 00:46:19,720 +He started to give me higher profits, right? He + +447 +00:46:19,720 --> 00:46:21,500 +started to raise chickens instead of chickens. The + +448 +00:46:21,500 --> 00:46:24,160 +profits from the feed, the chicken, the chicken + +449 +00:46:24,160 --> 00:46:26,180 +soup, etc. He started to raise chickens instead of + +450 +00:46:26,180 --> 00:46:31,380 +chickens, right? Right? Now, if I want to analyze + +451 +00:46:31,380 --> 00:46:35,700 +this, increasing the price of chicken has an + +452 +00:46:35,700 --> 00:46:39,980 +impact on the turkey market. What happened? Supply + +453 +00:46:39,980 --> 00:46:45,320 +of turkey? Goes down. Because the money he has is + +454 +00:46:45,320 --> 00:46:50,560 +limited. He has limited money. Limited money. + +455 +00:46:51,600 --> 00:46:53,660 +So instead of distributing his money like this, he + +456 +00:46:53,660 --> 00:46:55,560 +says, instead of putting this money here, I put + +457 +00:46:55,560 --> 00:47:00,460 +this money here. Right? That's what happens. These + +458 +00:47:00,460 --> 00:47:02,800 +are rational decisions that I work on. I say, + +459 +00:47:02,980 --> 00:47:05,920 +instead of putting my money in the, what is it + +460 +00:47:05,920 --> 00:47:07,600 +called? I withdraw a part and give it to the + +461 +00:47:07,600 --> 00:47:12,370 +chicken. What happened to the Turkish supply? Goes + +462 +00:47:12,370 --> 00:47:15,250 +down. Then had a Turkey market. + +463 +00:47:19,310 --> 00:47:24,290 +Price of Turkey. And the quant supplied of Turkey. + +464 +00:47:26,770 --> 00:47:33,970 +S1 at the fixed prices of Turkey. Assumption of + +465 +00:47:33,970 --> 00:47:39,660 +the prices of Turkey remains constant. A. Per + +466 +00:47:39,660 --> 00:47:45,700 +kilogram, let's say, 12 shekels, 20 shekels. And + +467 +00:47:45,700 --> 00:47:50,140 +they're going to purchase 2,000 units, kilogram. + +468 +00:47:52,820 --> 00:47:55,740 +At the fixed prices of Turkey, when the price of a + +469 +00:47:55,740 --> 00:48:00,560 +chicken goes up, it's no longer profitable. So + +470 +00:48:00,560 --> 00:48:05,190 +it's selling less. Right? With fixed prices, it + +471 +00:48:05,190 --> 00:48:10,150 +will give less quantity to 1,400. + +472 +00:48:10,890 --> 00:48:16,330 +Where did we come from? Supply curve. This is the + +473 +00:48:16,330 --> 00:48:19,750 +Turkey market. But what about the chicken market? + +474 +00:48:21,210 --> 00:48:24,190 +Fish shifts. This is a movement along the same + +475 +00:48:24,190 --> 00:48:27,190 +supply curve. Will the price of a chicken change + +476 +00:48:27,190 --> 00:48:27,530 +like this? + +477 +00:48:32,150 --> 00:48:35,950 +And the quantity supplied of a chicken. Highest + +478 +00:48:35,950 --> 00:48:39,630 +supply curve, S1. And let us assume that per + +479 +00:48:39,630 --> 00:48:43,330 +kilogram of a chicken was six shekels or seven + +480 +00:48:43,330 --> 00:48:46,630 +shekels. And we sell 1000 kilograms. + +481 +00:48:55,610 --> 00:48:56,150 +Now, + +482 +00:49:09,870 --> 00:49:13,330 +as the price of a chicken goes up, this is an + +483 +00:49:13,330 --> 00:49:16,670 +assumption. Instead of being seven, we started + +484 +00:49:16,670 --> 00:49:17,230 +selling at eight. + +485 +00:49:21,460 --> 00:49:30,280 +Meaning it goes up, not the supply. From A + +486 +00:49:30,280 --> 00:49:35,920 +to B along the same supply curve. Remains fixed. + +487 +00:49:36,340 --> 00:49:42,680 +No changes with supply curve. Supply curve remains + +488 +00:49:42,680 --> 00:49:46,640 +as it is, but there is a movement along the same + +489 +00:49:46,640 --> 00:49:50,380 +supply curve. Because it's original, it goes up. + +490 +00:49:51,630 --> 00:49:55,330 +The quantity supplied goes up, not the supply as a + +491 +00:49:55,330 --> 00:49:59,470 +whole or the supply curve. Has some movement along + +492 +00:49:59,470 --> 00:50:04,350 +the same supply curve, not shifting. The + +493 +00:50:04,350 --> 00:50:11,230 +distinction between a change in supply and a + +494 +00:50:11,230 --> 00:50:14,250 +change in quantity supplied. With change in demand + +495 +00:50:14,250 --> 00:50:17,950 +and a change in quantity demanded. But is it clear + +496 +00:50:17,950 --> 00:50:27,270 +here? Or ambiguous? Yes. Okay. Let's go to... + +497 +00:50:27,270 --> 00:50:30,730 +Did they rest for two or three minutes? They + +498 +00:50:30,730 --> 00:50:33,090 +rested and laughed at each other and laughed at + +499 +00:50:33,090 --> 00:50:36,110 +me. Take two or three minutes to... What's the + +500 +00:50:36,110 --> 00:50:37,570 +name of this? And I have a question that you ask + +501 +00:50:37,570 --> 00:50:41,810 +me. Okay, did you find it clear with you or did + +502 +00:50:41,810 --> 00:50:49,690 +you find it? Yes? In short, you raise chickens and + +503 +00:50:49,690 --> 00:50:50,490 +you raise pigs. + +504 +00:50:55,990 --> 00:50:59,510 +Change in demand and change in quantity demanded. + +505 +00:51:01,230 --> 00:51:06,590 +Let's go to study the difference between change in + +506 +00:51:06,590 --> 00:51:11,030 +demand and change in quantity demanded, change in + +507 +00:51:11,030 --> 00:51:14,630 +supply and change in quantity supplied. So change + +508 +00:51:14,630 --> 00:51:21,090 +in demand and + +509 +00:51:21,710 --> 00:51:26,230 +change in a quantity demanded. + +510 +00:51:30,070 --> 00:51:32,850 +Change in demand, as we mentioned before, the + +511 +00:51:32,850 --> 00:51:39,510 +demand curve is a downward sloping price of a + +512 +00:51:39,510 --> 00:51:43,790 +chicken and the quantity demanded of a chicken. + +513 +00:51:46,350 --> 00:51:49,750 +This is the demand curve. It's a downward sloping + +514 +00:51:49,750 --> 00:51:50,730 +D. + +515 +00:51:52,860 --> 00:51:53,780 +or D1. + +516 +00:51:56,960 --> 00:52:03,080 +If the price per kilogram of chicken was 10 + +517 +00:52:03,080 --> 00:52:08,100 +shekels, and let us assume that the quantity + +518 +00:52:08,100 --> 00:52:11,400 +demanded or the quantity purchased of chicken was + +519 +00:52:11,400 --> 00:52:16,580 +20 kilogram a week per family at point A. + +520 +00:52:20,140 --> 00:52:22,120 +A change in quantity demanded + +521 +00:52:30,260 --> 00:52:36,140 +is the decreasing in quantity demanded when the + +522 +00:52:36,140 --> 00:52:38,480 +price goes down, increases. + +523 +00:52:41,320 --> 00:52:44,440 +The change + +524 +00:52:44,440 --> 00:52:47,260 +in quantity demanded of a chicken is the + +525 +00:52:47,260 --> 00:52:51,800 +decreasing in quantity demanded of a chicken when + +526 +00:52:51,800 --> 00:52:56,590 +the price of a chicken goes up, or what is the + +527 +00:52:56,590 --> 00:53:00,550 +increasingly quantity demanded of a chicken when + +528 +00:53:00,550 --> 00:53:09,590 +the price goes down. For the product itself. Here + +529 +00:53:09,590 --> 00:53:13,490 +I'm talking about the product itself. And we will + +530 +00:53:13,490 --> 00:53:18,970 +remain along the same demand curve. This price was + +531 +00:53:18,970 --> 00:53:25,860 +10, the price went up to 15. The quantity demanded + +532 +00:53:25,860 --> 00:53:30,960 +goes down to + +533 +00:53:30,960 --> 00:53:39,320 +12 maybe. So decreasing in prices leads to a + +534 +00:53:39,320 --> 00:53:45,120 +decreasing in the quantity demanded. We still move + +535 +00:53:45,120 --> 00:53:52,380 +along the demand curve to + +536 +00:53:52,380 --> 00:53:52,920 +point B. + +537 +00:54:01,170 --> 00:54:08,810 +So the price of + +538 +00:54:08,810 --> 00:54:19,510 +the + +539 +00:54:19,510 --> 00:54:25,950 +product itself changes. What changed? So the + +540 +00:54:25,950 --> 00:54:32,110 +change in quantity demanded is a movement along + +541 +00:54:32,110 --> 00:54:39,030 +the same demand curve from + +542 +00:54:39,030 --> 00:54:46,650 +A to B, A to C, C to A, C to B, C to D due to the + +543 +00:54:46,650 --> 00:54:51,370 +change in the price of the product itself. Not + +544 +00:54:51,370 --> 00:54:56,430 +full shifting in demand, right or left. What makes + +545 +00:54:56,430 --> 00:55:02,430 +the demand move to right or to left? It's not the + +546 +00:55:02,430 --> 00:55:07,050 +price. It's the change in income. Change in price + +547 +00:55:07,050 --> 00:55:09,910 +and price of other related goods. Number of + +548 +00:55:09,910 --> 00:55:15,490 +consumers. Right? Because the number of consumers + +549 +00:55:15,490 --> 00:55:18,810 +has increased. With a constant price, it can move. + +550 +00:55:19,150 --> 00:55:24,010 +Full shifting. Right? They call it demand + +551 +00:55:24,010 --> 00:55:27,290 +determinants. Any change in demand determinants + +552 +00:55:27,290 --> 00:55:30,950 +will change the entire demand, right or left. But + +553 +00:55:30,950 --> 00:55:37,030 +a movement from A to B, B to C, C to B, this is a + +554 +00:55:37,030 --> 00:55:39,650 +change in quantity demanded, not a change in + +555 +00:55:39,650 --> 00:55:49,590 +demand. Right? A change in demand means change + +556 +00:55:49,590 --> 00:55:50,390 +in demand + +557 +00:55:58,630 --> 00:56:13,970 +Is what? The full shifting of demand curve + +558 +00:56:13,970 --> 00:56:30,470 +right or left. Right or left. Left due to, to a + +559 +00:56:30,470 --> 00:56:36,250 +change of one of the demand determinants. Change + +560 +00:56:36,250 --> 00:56:39,730 +in + +561 +00:56:39,730 --> 00:56:46,150 +one or more of + +562 +00:56:46,150 --> 00:56:48,610 +demand determinants. + +563 +00:56:54,330 --> 00:56:59,930 +like the consumer's income and the number of + +564 +00:56:59,930 --> 00:57:06,250 +consumers, taste and preferences, and so on. The + +565 +00:57:06,250 --> 00:57:09,770 +demand usually hit under the price or the fixed + +566 +00:57:09,770 --> 00:57:12,170 +prices. The price remains constant. + +567 +00:57:14,630 --> 00:57:18,890 +The assumption + +568 +00:57:18,890 --> 00:57:23,790 +that the price of the product itself, + +569 +00:57:28,910 --> 00:57:32,110 +Remains clean standard. + +570 +00:57:43,870 --> 00:57:47,650 +Change in demand is + +571 +00:57:58,270 --> 00:58:02,730 +The false shifting of demand curve, you mean right + +572 +00:58:02,730 --> 00:58:17,170 +to D2 or left to D3 due to the change in one or + +573 +00:58:17,170 --> 00:58:25,830 +more of demand determinants. The price of other + +574 +00:58:25,830 --> 00:58:29,430 +related goods. There is a chain called expectation + +575 +00:58:29,430 --> 00:58:32,310 +about the futures with instant preferences and the + +576 +00:58:32,310 --> 00:58:35,570 +number of consumers. Anyone who changes will get + +577 +00:58:35,570 --> 00:58:36,610 +gifts left and right. + +578 +00:58:40,870 --> 00:58:43,870 +One of the demand determinants is income and the + +579 +00:58:43,870 --> 00:58:46,570 +number of them. Of course, under the assumption + +580 +00:58:46,570 --> 00:58:52,250 +that the price of the product itself remains + +581 +00:58:52,250 --> 00:58:52,890 +constant. + +582 +00:58:59,660 --> 00:59:07,500 +Price. The price of the income. Income, number of + +583 +00:59:07,500 --> 00:59:10,380 +consumers, taste and preferences, the price of + +584 +00:59:10,380 --> 00:59:13,640 +other related goods, expectation about the + +585 +00:59:13,640 --> 00:59:14,140 +futures. diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/lIF7ZlND7b8_postprocess.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/lIF7ZlND7b8_postprocess.srt new file mode 100644 index 0000000000000000000000000000000000000000..e1af9c70cba9327c5bde6e9a81b593f4674af74c --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/lIF7ZlND7b8_postprocess.srt @@ -0,0 +1,2340 @@ +1 +00:00:20,840 --> 00:00:25,980 +How are you today? Fine. Great. Okay. Today, + +2 +00:00:26,160 --> 00:00:28,280 +inshallah, we are going to complete our talk about + +3 +00:00:28,280 --> 00:00:34,500 +demand determinants. And we will start with our + +4 +00:00:34,500 --> 00:00:39,440 +talk about the supply as well. If we have enough + +5 +00:00:39,440 --> 00:00:43,160 +time, we will go to the market equilibrium. In the + +6 +00:00:43,160 --> 00:00:48,680 +last class, we studied the main determinants of + +7 +00:00:48,680 --> 00:00:56,440 +demand. like the consumer's income, the number of + +8 +00:00:56,440 --> 00:01:01,680 +population, what else? The price of other related + +9 +00:01:01,680 --> 00:01:07,160 +goods. What else? Expectation about the future + +10 +00:01:07,160 --> 00:01:11,540 +prices and the future income. I think that we + +11 +00:01:11,540 --> 00:01:16,230 +still have The last determinant of demand which is + +12 +00:01:16,230 --> 00:01:19,870 +taste and the preferences. So the last determinant + +13 +00:01:19,870 --> 00:01:22,970 +of demand is taste and the preferences. + +14 +00:01:25,550 --> 00:01:32,030 +So the last determinant of demand is tastes and + +15 +00:01:32,030 --> 00:01:32,710 +the preferences. + +16 +00:01:39,310 --> 00:01:42,370 +This means, you know, the consumers. + +17 +00:01:44,190 --> 00:01:49,910 +If the consumers taste and the preferences go + +18 +00:01:49,910 --> 00:01:56,350 +toward one type of the products, like new types of + +19 +00:01:56,350 --> 00:02:02,430 +trousers, new types of mobiles, you know. So, in + +20 +00:02:02,430 --> 00:02:05,670 +this case, the demand for this product or service + +21 +00:02:05,670 --> 00:02:10,190 +will go up. So if the consumers taste and + +22 +00:02:10,190 --> 00:02:15,770 +preferences go toward one type of products. So if + +23 +00:02:15,770 --> 00:02:26,070 +the consumers taste and the preferences go + +24 +00:02:26,070 --> 00:02:35,170 +toward new + +25 +00:02:35,170 --> 00:02:42,140 +types, of trousers, sometimes about fashion maybe. + +26 +00:02:42,900 --> 00:02:47,720 +So your new types of + +27 +00:02:47,720 --> 00:02:59,120 +mobiles, this leads to increasing the desire or + +28 +00:02:59,120 --> 00:03:04,020 +the willingness to buy. Here we have maybe, or in + +29 +00:03:04,020 --> 00:03:06,180 +this case, you're talking about the willingness + +30 +00:03:09,660 --> 00:03:10,180 +to buy, + +31 +00:03:14,620 --> 00:03:19,600 +this means the demand for this type of the product + +32 +00:03:19,600 --> 00:03:25,420 +will go up. So here we're talking about the demand + +33 +00:03:25,420 --> 00:03:28,660 +for + +34 +00:03:28,660 --> 00:03:36,040 +this product go + +35 +00:03:36,040 --> 00:03:43,110 +up. So the demand for this type of product or the + +36 +00:03:43,110 --> 00:03:49,190 +new type of mobiles will shift right. Okay, so + +37 +00:03:49,190 --> 00:03:52,850 +here we have rightward shifting in the demand + +38 +00:03:52,850 --> 00:04:01,710 +curve. Okay, so the demand curve shifts right. + +39 +00:04:03,570 --> 00:04:05,670 +And vice versa. + +40 +00:04:08,700 --> 00:04:14,000 +Don't against this product. This means the + +41 +00:04:14,000 --> 00:04:18,720 +willingness or the desire for the consumer. But + +42 +00:04:18,720 --> 00:04:23,020 +then you see declining below and then the demand + +43 +00:04:23,020 --> 00:04:28,100 +for this product goes down and demand curve shifts + +44 +00:04:28,100 --> 00:04:33,300 +left. Okay. Is there a problem so far? Okay. Let's + +45 +00:04:33,300 --> 00:04:36,800 +go to something else or the second side of the + +46 +00:04:36,800 --> 00:04:44,060 +market. Supply, yes. Let's go to supply. So let's + +47 +00:04:44,060 --> 00:04:48,780 +go to the second side of the market, + +48 +00:04:51,380 --> 00:04:54,840 +which is supply. + +49 +00:05:00,220 --> 00:05:03,540 +As we mentioned before that in the market we have + +50 +00:05:03,540 --> 00:05:07,480 +two sides, the producers and the consumers, the + +51 +00:05:07,480 --> 00:05:12,460 +sellers and buyers, the persons who demand and the + +52 +00:05:12,460 --> 00:05:17,160 +persons who sell the products. The second side is + +53 +00:05:17,160 --> 00:05:18,580 +called supplier. + +54 +00:05:21,340 --> 00:05:22,300 +I love that. + +55 +00:05:29,120 --> 00:05:29,840 +Supply. + +56 +00:05:34,560 --> 00:05:39,940 +Supply is the willingness to produce or to sell + +57 +00:05:39,940 --> 00:05:43,960 +something and the ability to produce. + +58 +00:05:46,760 --> 00:05:52,980 +Please keep your mobile silent. Supply is the + +59 +00:05:52,980 --> 00:05:59,320 +willingness to produce, to sell or to produce, + +60 +00:06:03,790 --> 00:06:11,010 +plus the ability to produce or sell. + +61 +00:06:16,890 --> 00:06:20,870 +These are the main conditions for the effective + +62 +00:06:20,870 --> 00:06:26,550 +supply. Okay? Now, Let's have the following + +63 +00:06:26,550 --> 00:06:30,490 +example. Let's assume that we are talking about + +64 +00:06:30,490 --> 00:06:39,310 +the prices and the quantity supplied of gasoline + +65 +00:06:39,310 --> 00:06:52,910 +or fuel prices. Price here, liter of fuel. Your + +66 +00:06:52,910 --> 00:06:53,290 +point. + +67 +00:06:58,530 --> 00:07:06,390 +And we are the quantity supplied of fuel by liter, + +68 +00:07:07,470 --> 00:07:08,590 +here by shaken. + +69 +00:07:13,490 --> 00:07:26,590 +Point A, B, C, D, E, F. A, B, C, D, E, F. The + +70 +00:07:26,590 --> 00:07:30,330 +price per liter of fuel was, + +71 +00:07:32,470 --> 00:07:36,550 +let us assume it was two shekels, four shekels, + +72 +00:07:36,870 --> 00:07:45,630 +six, eight, ten, twelve, and the quantity produced + +73 +00:07:45,630 --> 00:07:51,550 +or the quantity sold for this product was five, + +74 +00:07:52,510 --> 00:07:57,990 +ten, 15, 20, 25, 30. + +75 +00:08:01,010 --> 00:08:06,430 +These are assumptions here. What do you see here + +76 +00:08:06,430 --> 00:08:10,590 +in this schedule? What do you see in this table? + +77 +00:08:11,930 --> 00:08:19,850 +As the price goes up or increases, what do you + +78 +00:08:19,850 --> 00:08:25,500 +see? Exactly. So the quant supplied goes up as + +79 +00:08:25,500 --> 00:08:32,480 +well because increasing the prices leads + +80 +00:08:32,480 --> 00:08:33,900 +to increasing the profits. + +81 +00:08:38,280 --> 00:08:41,960 +This will encourage the producers to produce more. + +82 +00:08:42,480 --> 00:08:46,220 +This means the willingness to produce goes up and + +83 +00:08:46,220 --> 00:08:50,300 +the ability to produce goes up as well. So as a + +84 +00:08:50,300 --> 00:08:56,540 +profits, yes. Okay, as a profits goes up or go up, + +85 +00:08:57,900 --> 00:08:59,280 +the willingness to produce, + +86 +00:09:02,200 --> 00:09:07,790 +to sell or to produce, goes up plus the ability, + +87 +00:09:07,970 --> 00:09:15,230 +you have more money to produce, so the ability to + +88 +00:09:15,230 --> 00:09:21,790 +sell or to produce goes up as well. Here we are + +89 +00:09:21,790 --> 00:09:26,890 +talking about supply. So supply goes up as well. + +90 +00:09:29,510 --> 00:09:33,990 +All right. Now, before going to this point, I will + +91 +00:09:33,990 --> 00:09:39,790 +derive or let's derive the relationship between or + +92 +00:09:39,790 --> 00:09:42,110 +discuss the relationship between the prices and + +93 +00:09:42,110 --> 00:09:44,290 +the quantity supplied using graph. + +94 +00:09:47,150 --> 00:09:52,010 +Here we have prices + +95 +00:09:52,010 --> 00:09:59,170 +and the quantity supplied. Prices to + +96 +00:10:00,930 --> 00:10:10,290 +four, six, eight, 10, 12, 14, that's it. And the + +97 +00:10:10,290 --> 00:10:19,070 +class supplied five, 10, 15, 20, 25, and 30, + +98 +00:10:19,530 --> 00:10:25,930 +that's it. The first point, point A represents or + +99 +00:10:25,930 --> 00:10:32,590 +illustrates or when the price was two, 2 and 5 + +100 +00:10:32,590 --> 00:10:35,870 +here, 4 and 10. + +101 +00:10:44,510 --> 00:10:53,450 +That's it here. Point A, B, C, D, E, F. If we + +102 +00:10:53,450 --> 00:10:55,950 +connect these points together here, we'll reach to + +103 +00:10:55,950 --> 00:11:00,950 +the supply curve. So supply curve, + +104 +00:11:03,930 --> 00:11:08,650 +It's a graph. It's a line. It's a curve. Shows + +105 +00:11:08,650 --> 00:11:13,970 +what? The positive relationship between the prices + +106 +00:11:13,970 --> 00:11:18,870 +and the quant supplied. As the price goes up, the + +107 +00:11:18,870 --> 00:11:22,970 +quant supplied goes up as well. So as the price + +108 +00:11:22,970 --> 00:11:31,650 +goes up, the quant supplied goes up as well. Here + +109 +00:11:31,650 --> 00:11:36,000 +we have Positive, positive. The final result will + +110 +00:11:36,000 --> 00:11:39,760 +be positive. Positive times positive, positive. As + +111 +00:11:39,760 --> 00:11:46,660 +the price goes down, the supply goes down as well. + +112 +00:11:47,000 --> 00:11:52,780 +Negative times negative, positive. So, positive. + +113 +00:11:52,940 --> 00:11:58,680 +Negative times negative, positive. Okay? Now, + +114 +00:11:59,360 --> 00:12:05,300 +let's go to the factors affect supply. The factors + +115 +00:12:05,300 --> 00:12:09,920 +affect supply which are the supply determinants. + +116 +00:12:10,600 --> 00:12:20,120 +Supply determinants. So, let's go to the supply + +117 +00:12:20,120 --> 00:12:22,960 +determinants or the factors affect supply. + +118 +00:12:33,380 --> 00:12:37,300 +Who can give us the first factor affects supply? + +119 +00:12:38,440 --> 00:12:43,160 +Yes. Technology changes. Yes, this is number one. + +120 +00:12:43,960 --> 00:12:47,800 +So let's go to the supply determinants. + +121 +00:12:58,080 --> 00:12:58,860 +Supply. + +122 +00:13:08,740 --> 00:13:12,060 +determinants or the factors affect supply. Number + +123 +00:13:12,060 --> 00:13:15,780 +one, as your classmate said that the first factor + +124 +00:13:15,780 --> 00:13:20,200 +is technology + +125 +00:13:20,200 --> 00:13:21,100 +changes. + +126 +00:13:30,320 --> 00:13:35,680 +What will happen to the business or to the + +127 +00:13:35,680 --> 00:13:40,240 +factories or the producers, or the ability to + +128 +00:13:40,240 --> 00:13:44,380 +supply when we have a new technology, modern + +129 +00:13:44,380 --> 00:13:49,220 +technology. The capacity or the ability to produce + +130 +00:13:49,220 --> 00:13:55,580 +will increase. So as we have a new technology, + +131 +00:14:00,780 --> 00:14:08,210 +having a new technology, Means that the ability to + +132 +00:14:08,210 --> 00:14:16,070 +produce will + +133 +00:14:16,070 --> 00:14:16,530 +increase. + +134 +00:14:20,090 --> 00:14:23,570 +And the willingness to produce as well will go up + +135 +00:14:23,570 --> 00:14:26,690 +as well. So, and willingness to produce + +136 +00:14:29,380 --> 00:14:33,900 +go up, so what will happen to this supplier? So + +137 +00:14:33,900 --> 00:14:37,420 +supply goes up, + +138 +00:14:38,220 --> 00:14:47,980 +shifts right. So supply curve here. Let us assume + +139 +00:14:47,980 --> 00:14:53,560 +that this is the original supply curve, PQS, + +140 +00:14:54,100 --> 00:14:57,100 +and this is the original supply curve, this one. + +141 +00:14:59,490 --> 00:15:01,790 +This is an assumption here. This is the original, + +142 +00:15:02,250 --> 00:15:06,570 +the initial supply curve. As we mentioned, as we + +143 +00:15:06,570 --> 00:15:09,670 +have a technology changes, we have a new + +144 +00:15:09,670 --> 00:15:14,430 +technology, modern technology, the ability and the + +145 +00:15:14,430 --> 00:15:19,230 +willingness to produce go up and supply increases + +146 +00:15:19,230 --> 00:15:23,870 +as supply curve shifts right. Then here, supply + +147 +00:15:23,870 --> 00:15:24,370 +curve + +148 +00:15:31,490 --> 00:15:36,990 +Shifts? Right. Where's the right? Here's the + +149 +00:15:36,990 --> 00:15:43,370 +original. The right is here. Right? So we have + +150 +00:15:43,370 --> 00:15:47,070 +rightward shifting and supply curve parallel to + +151 +00:15:47,070 --> 00:15:50,250 +the previous one. This is S2. + +152 +00:15:54,070 --> 00:15:59,380 +Here we are not talking down or up. Up. Here we're + +153 +00:15:59,380 --> 00:16:13,220 +talking right or left. Okay? This technology leads + +154 +00:16:13,220 --> 00:16:23,520 +to lower supply and supply curve shifts left. + +155 +00:16:25,730 --> 00:16:34,310 +So if we have this technology, supply declines and + +156 +00:16:34,310 --> 00:16:38,830 +supply curve shifts left. So we will find that the + +157 +00:16:38,830 --> 00:16:47,910 +supply curve shifts left. So we + +158 +00:16:47,910 --> 00:16:51,010 +will move to S3. + +159 +00:16:55,920 --> 00:16:58,000 +All right. Okay. + +160 +00:17:00,480 --> 00:17:04,660 +What is the second factor affect supply? Yes. + +161 +00:17:04,880 --> 00:17:08,680 +Price factors of production. When the price + +162 +00:17:08,680 --> 00:17:13,360 +factors of production rising, the ability to + +163 +00:17:13,360 --> 00:17:18,840 +produce that rising, then the point of supply is + +164 +00:17:18,840 --> 00:17:23,330 +rising. As the cost of production here, you're + +165 +00:17:23,330 --> 00:17:25,850 +talking about the price of the factory's + +166 +00:17:25,850 --> 00:17:28,830 +production, goes up, what will happen to the + +167 +00:17:28,830 --> 00:17:36,650 +ability here? No, no, no, no. Okay, okay, what + +168 +00:17:36,650 --> 00:17:39,310 +will happen to your ability to produce, your + +169 +00:17:39,310 --> 00:17:48,260 +capability? Goes down. So, thank you. The second + +170 +00:17:48,260 --> 00:17:52,860 +determinant of supply is the cost of inputs. + +171 +00:17:53,440 --> 00:17:58,020 +Number two here is the price of inputs or the + +172 +00:17:58,020 --> 00:17:59,640 +price of factors production. + +173 +00:18:02,680 --> 00:18:12,140 +Price number two, the price of inputs. The price + +174 +00:18:12,140 --> 00:18:18,140 +of inputs. Or sometimes called the price, the cost + +175 +00:18:18,140 --> 00:18:21,940 +of factors production. + +176 +00:18:27,620 --> 00:18:33,100 +Like, what are the factors of production? Labor, + +177 +00:18:33,480 --> 00:18:39,480 +machine, raw material, land, okay? What will + +178 +00:18:39,480 --> 00:18:47,140 +happen if the cost of production You pay as a + +179 +00:18:47,140 --> 00:18:52,820 +producer, go up, like you have to pay more + +180 +00:18:52,820 --> 00:18:56,420 +salaries, more wages for the workers. What will + +181 +00:18:56,420 --> 00:19:02,460 +happen if the price of raw material goes up? What + +182 +00:19:02,460 --> 00:19:10,200 +will happen if the price of land goes up? The cost + +183 +00:19:10,200 --> 00:19:15,940 +of production goes up. All right? And so, here, if + +184 +00:19:15,940 --> 00:19:20,760 +the cost of production, + +185 +00:19:24,180 --> 00:19:26,240 +labor, + +186 +00:19:28,280 --> 00:19:37,580 +machines, machinery, like raw material, land, + +187 +00:19:41,280 --> 00:19:49,480 +Entrepreneurship sometimes. So, some other factors + +188 +00:19:49,480 --> 00:19:52,100 +of production. Capital, okay. + +189 +00:19:55,860 --> 00:20:01,200 +If the cost of these factors of production go up, + +190 +00:20:01,640 --> 00:20:12,540 +like wages and salaries. If the wage paid for the + +191 +00:20:12,540 --> 00:20:18,360 +workers go up. Or, citrus peripers, means, for + +192 +00:20:18,360 --> 00:20:23,020 +production + +193 +00:20:23,020 --> 00:20:32,300 +process, goes up. Or, the price for the cost of + +194 +00:20:32,300 --> 00:20:35,040 +raw material, the inputs for the production + +195 +00:20:35,040 --> 00:20:41,240 +process, go up. One land, one person builds a + +196 +00:20:41,240 --> 00:20:46,200 +tower, builds a building, buys land, and the price + +197 +00:20:46,200 --> 00:20:49,800 +goes up. All of this is called cost of production. + +198 +00:20:52,060 --> 00:20:54,860 +Capital, one person buys land based on the + +199 +00:20:54,860 --> 00:20:59,860 +interest rate, and the price goes up. Now all of + +200 +00:20:59,860 --> 00:21:05,060 +this is called increasing in the factors of + +201 +00:21:05,060 --> 00:21:08,900 +production. Or the cost of inputs. What will + +202 +00:21:08,900 --> 00:21:14,680 +happen here? The ability, we have a loss or we + +203 +00:21:14,680 --> 00:21:18,260 +have the profits goes down. The profits go down. + +204 +00:21:19,120 --> 00:21:25,180 +So this means that this will affect the profits to + +205 +00:21:25,180 --> 00:21:28,000 +go down. Then here, the profits go down. + +206 +00:21:31,360 --> 00:21:35,520 +What will happen to the ability to produce and the + +207 +00:21:35,520 --> 00:21:40,520 +willingness to produce? Decline. So here, the + +208 +00:21:40,520 --> 00:21:48,420 +ability to produce and the willingness to produce. + +209 +00:21:50,920 --> 00:21:51,300 +Supply. + +210 +00:22:01,870 --> 00:22:07,610 +Decline. So we have a declining in supply, and + +211 +00:22:07,610 --> 00:22:12,170 +supply curve shifts left. And then supply curve + +212 +00:22:12,170 --> 00:22:17,270 +shifts left. So if we have the following supply + +213 +00:22:17,270 --> 00:22:20,270 +curve, PQS, + +214 +00:22:22,270 --> 00:22:29,970 +S1, supply curve shifts left. Okay? S2. + +215 +00:22:33,410 --> 00:22:39,190 +And vice versa, as the cost of production goes + +216 +00:22:39,190 --> 00:22:43,300 +down. The price of inputs, the price of raw + +217 +00:22:43,300 --> 00:22:46,480 +material, the price, the cost of wages, the cost + +218 +00:22:46,480 --> 00:22:51,880 +of machinery, lands, raw material, all goes down, + +219 +00:22:52,000 --> 00:22:58,180 +or one of these or two of these inputs, the price, + +220 +00:22:58,320 --> 00:23:01,980 +the cost of these inputs or one or, right? So what + +221 +00:23:01,980 --> 00:23:06,660 +will happen? The profits goes up and the supply + +222 +00:23:06,660 --> 00:23:08,340 +shifts right. Okay? + +223 +00:23:18,190 --> 00:23:23,510 +What else? What is the third factor affect someone + +224 +00:23:23,510 --> 00:23:29,750 +else? Yes. Number of producers. Exactly. So the + +225 +00:23:29,750 --> 00:23:37,030 +third factor affect supply is number of sellers or + +226 +00:23:37,030 --> 00:23:42,340 +number of producers. And demand, we said that one + +227 +00:23:42,340 --> 00:23:46,740 +of the main factors affect demand is the number of + +228 +00:23:46,740 --> 00:23:49,920 +consumers. Here we're talking about the number of + +229 +00:23:49,920 --> 00:23:54,600 +producers or the number of sellers. So as the + +230 +00:23:54,600 --> 00:23:57,580 +number of producers or the number of sellers + +231 +00:23:57,580 --> 00:24:04,960 +increases, we are talking about the number of + +232 +00:24:04,960 --> 00:24:08,380 +sellers or producers. + +233 +00:24:12,320 --> 00:24:23,980 +Exactly. So as the number of sellers increases, + +234 +00:24:28,560 --> 00:24:32,380 +this + +235 +00:24:32,380 --> 00:24:34,420 +leads to an increasing in supply. + +236 +00:24:41,120 --> 00:24:45,100 +shifts, supply curve shifts. Right. Then SC + +237 +00:24:45,100 --> 00:24:46,800 +shifts. + +238 +00:24:49,140 --> 00:24:53,320 +Right. And vice versa, declining in the number of + +239 +00:24:53,320 --> 00:24:55,240 +sellers leads to a decreasing in supply, + +240 +00:24:55,420 --> 00:24:59,860 +decreasing in supply curve shifts left. Okay? + +241 +00:25:00,240 --> 00:25:06,520 +Yeah. Why if the number of suppliers goes up? + +242 +00:25:07,080 --> 00:25:12,230 +Because the quantity supplied goes up. As the + +243 +00:25:12,230 --> 00:25:15,010 +number of producers, we have so many sellers in + +244 +00:25:15,010 --> 00:25:17,850 +the market. What will happen to the quant supplied + +245 +00:25:17,850 --> 00:25:24,290 +at the same prices here? Let us assume that we + +246 +00:25:24,290 --> 00:25:29,130 +have the original. This is the original here. This + +247 +00:25:29,130 --> 00:25:31,670 +is the price and the quant supplied, and this is + +248 +00:25:31,670 --> 00:25:36,830 +the original supply curve as well. Let us assume + +249 +00:25:36,830 --> 00:25:44,940 +that the price per unit, was five shekels + +250 +00:25:44,940 --> 00:25:51,040 +per liter of beer. The quantity per kilogram of a + +251 +00:25:51,040 --> 00:25:56,820 +chicken was five. And the quantity sold in the + +252 +00:25:56,820 --> 00:26:04,980 +market was 10 or 20 or 200 kilogram. And this is + +253 +00:26:04,980 --> 00:26:06,820 +NIS. + +254 +00:26:08,590 --> 00:26:14,930 +Okay? If the number of sellers increases, what + +255 +00:26:14,930 --> 00:26:18,790 +will happen to the quantity sold in the market? + +256 +00:26:19,210 --> 00:26:23,310 +The quantity produced in the market? Along the + +257 +00:26:23,310 --> 00:26:26,810 +same prices. Let us assume that the price was five + +258 +00:26:26,810 --> 00:26:31,200 +and remains five. here according to our assumption + +259 +00:26:31,200 --> 00:26:35,020 +that the price per kilogram of chicken was five, + +260 +00:26:35,240 --> 00:26:39,880 +okay? At this price, if we have additional + +261 +00:26:39,880 --> 00:26:43,500 +sellers, more sellers in the market, the quantity + +262 +00:26:43,500 --> 00:26:49,440 +purchased, the quantity sold go up from 200 to + +263 +00:26:49,440 --> 00:26:54,320 +maybe 250, along with the same prices. So here we + +264 +00:26:54,320 --> 00:27:03,040 +will move to, right? So here we have what? Shifts + +265 +00:27:03,040 --> 00:27:07,480 +right, shifting to right, this to S2. Supply + +266 +00:27:07,480 --> 00:27:11,780 +shifts right. That's it. That's the idea, okay? + +267 +00:27:12,700 --> 00:27:17,400 +What else? I want to give the chance for someone + +268 +00:27:17,400 --> 00:27:22,400 +else. Someone else who can give us the fourth + +269 +00:27:22,400 --> 00:27:27,860 +factor affect supply. Yeah, okay. Tax or + +270 +00:27:27,860 --> 00:27:32,700 +subsidies. When the tax is rising, the ability to + +271 +00:27:32,700 --> 00:27:37,540 +produce that goes down and the quantity supply + +272 +00:27:37,540 --> 00:27:40,600 +goes down. Okay. Thank you. Thank you very much + +273 +00:27:40,600 --> 00:27:43,540 +indeed. Let's go to the fourth factor affect + +274 +00:27:43,540 --> 00:27:52,280 +supply which is taxes or subsidies. Taxes or + +275 +00:27:52,280 --> 00:27:53,020 +subsidies. + +276 +00:28:04,610 --> 00:28:05,350 +Number four, + +277 +00:28:09,150 --> 00:28:10,850 +taxes or subsidies. + +278 +00:28:19,210 --> 00:28:26,750 +Taxes means and subsidies means. Okay. Let's go to + +279 +00:28:26,750 --> 00:28:31,510 +analyze taxes, the effect of taxes on what? + +280 +00:28:31,950 --> 00:28:36,120 +Supply. So let's analyze the first part or the + +281 +00:28:36,120 --> 00:28:43,720 +first taxes. As the taxes increases, what will + +282 +00:28:43,720 --> 00:28:49,080 +happen to the subsidies means? + +283 +00:28:51,600 --> 00:29:00,620 +Taxes as the taxes go up. What will happen to the + +284 +00:29:00,620 --> 00:29:06,190 +profits? Exactly, so this leads to declining the + +285 +00:29:06,190 --> 00:29:06,550 +profits. + +286 +00:29:09,930 --> 00:29:16,670 +As the profits go down, the ability to produce go + +287 +00:29:16,670 --> 00:29:20,310 +down, the willingness to produce go down, and + +288 +00:29:20,310 --> 00:29:25,210 +supply goes down as well. That's it. So here we + +289 +00:29:25,210 --> 00:29:29,020 +have the ability to produce go down, the + +290 +00:29:29,020 --> 00:29:32,000 +willingness or the desire to produce go down. + +291 +00:29:34,680 --> 00:29:38,320 +So supply goes down. + +292 +00:29:42,120 --> 00:29:46,540 +Shifts left. So here we have a leftward shifting + +293 +00:29:46,540 --> 00:29:53,140 +in supply curve. Okay? So if there is an + +294 +00:29:53,140 --> 00:30:00,220 +increasing in the taxes, Ceteris Paribus, Any + +295 +00:30:00,220 --> 00:30:06,400 +increasing taxes lead to what? Declining the + +296 +00:30:06,400 --> 00:30:11,300 +profits and the supply shifts, or the supply curve + +297 +00:30:11,300 --> 00:30:16,160 +shifts left. So here we have the original supply + +298 +00:30:16,160 --> 00:30:22,680 +curve, this one. Prices and the quantity supplied. + +299 +00:30:23,300 --> 00:30:27,760 +Supply will shift left. So here we have a leftward + +300 +00:30:27,760 --> 00:30:30,620 +shifting. and supply curve to S2. + +301 +00:30:34,780 --> 00:30:41,000 +Okay? What about the subsidies? Sometimes the + +302 +00:30:41,000 --> 00:30:47,540 +government provides subsidies for the farmers, + +303 +00:30:48,000 --> 00:30:53,580 +sometimes for the producers. So what will happen + +304 +00:30:53,580 --> 00:30:57,280 +here? As the subsidies here, as the subsidies + +305 +00:31:01,340 --> 00:31:07,720 +Go up. Exactly. Exactly. Profits goes up here. + +306 +00:31:13,660 --> 00:31:19,920 +The same. The opposite case here. Supply goes up + +307 +00:31:19,920 --> 00:31:22,340 +and supply curve shifts right. + +308 +00:31:25,120 --> 00:31:28,920 +So we will find that the supply curve shifts. + +309 +00:31:29,500 --> 00:31:32,800 +Right. Okay. So here we have rightward shifting + +310 +00:31:32,800 --> 00:31:40,280 +and supply curve to S3. That's it. All right. What + +311 +00:31:40,280 --> 00:31:47,380 +else? What is the fifth factor affect supply? Yes. + +312 +00:31:48,420 --> 00:31:55,710 +Yes. Sellers expectation about the future. In + +313 +00:31:55,710 --> 00:31:59,730 +demand, we have an expectation about the future. + +314 +00:31:59,870 --> 00:32:02,090 +The consumer's expectation about the future, + +315 +00:32:02,330 --> 00:32:07,730 +prices and income for the producers, the same. He + +316 +00:32:07,730 --> 00:32:11,770 +expects or she expects the future and plans for + +317 +00:32:11,770 --> 00:32:18,650 +the future. They plan for the future. So the fifth + +318 +00:32:18,650 --> 00:32:22,030 +factor affects supply is what? + +319 +00:32:24,070 --> 00:32:27,470 +Expectation or the seller's expectation about the + +320 +00:32:27,470 --> 00:32:32,710 +future. The seller's expectation about the future. + +321 +00:32:35,430 --> 00:32:43,270 +So, the fifth factor here, number five. The + +322 +00:32:43,270 --> 00:32:49,950 +seller's expectation, I will try. The seller's + +323 +00:32:49,950 --> 00:32:52,410 +expectation, + +324 +00:32:56,720 --> 00:32:58,860 +about or for future. + +325 +00:33:05,080 --> 00:33:14,280 +About future or for future. If the + +326 +00:33:14,280 --> 00:33:17,860 +producers + +327 +00:33:17,860 --> 00:33:24,520 +sometimes or a plan for the future. If they expect + +328 +00:33:25,510 --> 00:33:29,670 +that the prices tomorrow + +329 +00:33:29,670 --> 00:33:31,330 +will go up. + +330 +00:33:38,530 --> 00:33:40,170 +50 shekels. + +331 +00:33:50,870 --> 00:33:55,090 +And he expects that tomorrow the price will go up. + +332 +00:33:59,340 --> 00:34:06,700 +Present here. Today, they will decline production + +333 +00:34:06,700 --> 00:34:09,960 +or the selling products. + +334 +00:34:12,320 --> 00:34:20,140 +Aiming private maximization in the future. So if + +335 +00:34:20,140 --> 00:34:28,440 +the seller expects that the prices + +336 +00:34:31,220 --> 00:34:38,800 +Future prices or the price will + +337 +00:34:38,800 --> 00:34:43,580 +go + +338 +00:34:43,580 --> 00:34:49,520 +up or increase tomorrow, + +339 +00:34:50,140 --> 00:34:53,900 +next month, next week, depends on the type of + +340 +00:34:53,900 --> 00:34:54,320 +industry. + +341 +00:34:58,590 --> 00:35:01,870 +What will happen to the present at present here? + +342 +00:35:02,710 --> 00:35:07,570 +Exactly. So this will or the present or the + +343 +00:35:07,570 --> 00:35:10,770 +current supply, + +344 +00:35:12,630 --> 00:35:16,890 +the current production, the current selling will + +345 +00:35:16,890 --> 00:35:23,990 +go down. So supply curve will shift left. Then I + +346 +00:35:23,990 --> 00:35:26,330 +will have leftward shifting. + +347 +00:35:33,390 --> 00:35:33,930 +A prison. + +348 +00:35:38,230 --> 00:35:43,730 +Let me + +349 +00:35:43,730 --> 00:35:48,430 +assume that you + +350 +00:35:48,430 --> 00:35:57,430 +sell something. What is the proposed good that you + +351 +00:35:57,430 --> 00:35:58,710 +tend to sell? + +352 +00:36:02,610 --> 00:36:07,210 +As a monopolist, + +353 +00:36:08,470 --> 00:36:12,430 +your father sells flour. + +354 +00:36:15,590 --> 00:36:16,990 +Today, + +355 +00:36:18,730 --> 00:36:26,510 +the price per sack of flour is 35 + +356 +00:36:26,510 --> 00:36:27,250 +shekels. + +357 +00:36:30,150 --> 00:36:34,630 +And he expects that there will be an embargo, + +358 +00:36:35,610 --> 00:36:39,710 +there will be a closure, a shutdown for the + +359 +00:36:39,710 --> 00:36:46,030 +borders, and no products will enter the market, + +360 +00:36:47,350 --> 00:36:51,580 +and the price will go up. Now, if someone thinks + +361 +00:36:51,580 --> 00:36:55,900 +economically, as an economist, rational decision, + +362 +00:36:56,080 --> 00:36:58,900 +what does he do? He says, I want to keep the + +363 +00:36:58,900 --> 00:37:01,900 +storage I have, I don't want to sell it again. Of + +364 +00:37:01,900 --> 00:37:04,020 +course, keep it for the day after tomorrow, or the + +365 +00:37:04,020 --> 00:37:06,860 +day after tomorrow, or next week, okay? Now, this + +366 +00:37:06,860 --> 00:37:09,120 +happened in cement. Here in Palestine, there are + +367 +00:37:09,120 --> 00:37:13,180 +two things. Cement. Someone has a cement trader. + +368 +00:37:31,540 --> 00:37:36,420 +That's it. I'm talking about the present. That's + +369 +00:37:36,420 --> 00:37:42,260 +it. Supply now. Now. Supply to the market begins. + +370 +00:37:43,180 --> 00:37:55,180 +That's it. What else? Yes. Exactly. The price of + +371 +00:37:55,180 --> 00:37:58,220 +other or the prices of other related goods. In + +372 +00:37:58,220 --> 00:38:02,240 +demand, we talk about the price of other related + +373 +00:38:02,240 --> 00:38:04,840 +goods, like when we talk about the chicken and + +374 +00:38:04,840 --> 00:38:12,730 +beef, fuel and cars. Here. The same idea but the + +375 +00:38:12,730 --> 00:38:15,510 +second side. You're in the second analysis or + +376 +00:38:15,510 --> 00:38:23,450 +different analysis. So the sixth factor affect + +377 +00:38:23,450 --> 00:38:27,830 +supply is prices + +378 +00:38:27,830 --> 00:38:36,470 +of other related goods. Prices of + +379 +00:38:36,470 --> 00:38:38,630 +other related + +380 +00:38:40,750 --> 00:38:41,830 +Here, + +381 +00:38:44,190 --> 00:38:49,470 +I will assume that we are talking about an + +382 +00:38:49,470 --> 00:38:55,470 +industry or a factory or a producer who has two + +383 +00:38:55,470 --> 00:38:56,550 +production lines. + +384 +00:39:02,530 --> 00:39:05,790 +Cars and + +385 +00:39:05,790 --> 00:39:06,550 +tractors. + +386 +00:39:18,790 --> 00:39:25,310 +And this company or this factory produces 100 + +387 +00:39:25,310 --> 00:39:33,050 +units of cars and 100 tractors a month. + +388 +00:39:40,390 --> 00:39:45,770 +The rational producer. Let us assume that The + +389 +00:39:45,770 --> 00:39:54,350 +prices of tractors go up. Prices of tractors go + +390 +00:39:54,350 --> 00:39:56,950 +up. + +391 +00:40:02,230 --> 00:40:04,070 +What about the production of cars? + +392 +00:40:10,580 --> 00:40:16,440 +So he will reduce his production of cars. + +393 +00:40:19,360 --> 00:40:25,480 +So I'm going to analyze the cars market. + +394 +00:40:28,800 --> 00:40:41,050 +Then supply for cars. Exactly. Second example, as + +395 +00:40:41,050 --> 00:40:47,110 +the price of tractors goes up, the price of + +396 +00:40:47,110 --> 00:40:51,770 +tractors increases. Who gains from this? This + +397 +00:40:51,770 --> 00:40:53,550 +gives them more profits. + +398 +00:40:56,540 --> 00:40:58,580 +Their production, the quantity produced of + +399 +00:40:58,580 --> 00:41:04,020 +tractors go up and the supply or the quantity + +400 +00:41:04,020 --> 00:41:07,480 +produced of cars or the production of cars go + +401 +00:41:07,480 --> 00:41:15,220 +down. That's it. + +402 +00:41:16,740 --> 00:41:21,240 +So supply curve of cars shifts left. + +403 +00:41:24,570 --> 00:41:30,250 +price of cars and the quantity supplied of cars. + +404 +00:41:31,890 --> 00:41:36,250 +This is the original supply curve, this one. As + +405 +00:41:36,250 --> 00:41:43,830 +the price of tractors, this is good x and this is + +406 +00:41:43,830 --> 00:41:50,750 +good y. As the price of y goes up, the quantity + +407 +00:41:50,750 --> 00:41:55,030 +produced or the supply of Y go down. Here, we have + +408 +00:41:55,030 --> 00:41:57,410 +a leftward shifting in supply curve to S2. + +409 +00:42:00,330 --> 00:42:02,670 +What about the tractors market? + +410 +00:42:08,090 --> 00:42:13,030 +The quantity supplied over tractors. This is the + +411 +00:42:13,030 --> 00:42:18,750 +tractors market. This is the price of tractors P + +412 +00:42:18,750 --> 00:42:19,650 +for tractors. + +413 +00:42:23,380 --> 00:42:29,280 +And this quantity supplied to whom? Tractors. And + +414 +00:42:29,280 --> 00:42:33,320 +this is the original supply curve, S1. And let us + +415 +00:42:33,320 --> 00:42:37,220 +assume that at point A here, the price of the + +416 +00:42:37,220 --> 00:42:40,460 +tractors is worth $20,000. + +417 +00:42:43,640 --> 00:42:50,860 +And the quantity sold will be 50 tractors. Look, + +418 +00:42:51,340 --> 00:42:56,510 +the assumption says If the price of the reactors + +419 +00:42:56,510 --> 00:43:01,110 +increases, increase the price of the reactors. + +420 +00:43:01,250 --> 00:43:04,810 +Instead of 20,000, let's say 25,000. + +421 +00:43:07,410 --> 00:43:11,310 +The quantity supplied of the reactors increases. + +422 +00:43:11,550 --> 00:43:12,850 +I'm not talking about the student. I'm talking + +423 +00:43:12,850 --> 00:43:16,250 +about the quantity supplied. But where did it go? + +424 +00:43:16,250 --> 00:43:19,590 +At the same curve. Because it affected the price + +425 +00:43:19,590 --> 00:43:19,990 +itself. + +426 +00:43:24,170 --> 00:43:27,910 +It took me to point D. And additionally, let's say + +427 +00:43:27,910 --> 00:43:34,210 +it's 60 units of tractors. But it's parallel cars. + +428 +00:43:35,830 --> 00:43:37,810 +We need all of them to drive again. + +429 +00:43:42,410 --> 00:43:44,730 +It's not clear? It's not clear. + +430 +00:43:48,630 --> 00:43:52,170 +All right. Because if we had a price, the price of + +431 +00:43:52,170 --> 00:43:57,470 +the car would be 15,000. With the change in the + +432 +00:43:57,470 --> 00:44:00,910 +price of tractors, the price of cars would stay + +433 +00:44:00,910 --> 00:44:03,370 +the same, but the quantity would decrease. Or we + +434 +00:44:03,370 --> 00:44:07,250 +would move to another stage. It's not clear. + +435 +00:44:08,270 --> 00:44:11,410 +Doctor, what did you do in the tractors market? + +436 +00:44:12,250 --> 00:44:13,810 +Look. This is Aido. + +437 +00:44:41,230 --> 00:44:42,090 +Another example. + +438 +00:44:53,810 --> 00:44:57,350 +One has a broiler, a chicken broiler. + +439 +00:45:32,770 --> 00:45:38,270 +According to our assumption or let us assume that + +440 +00:45:38,270 --> 00:45:40,950 +the price of a chicken go up. + +441 +00:45:48,110 --> 00:45:50,730 +The price of chicken went up. Whose profit did he + +442 +00:45:50,730 --> 00:45:54,310 +get? Of course, with stability, the prices of + +443 +00:45:54,310 --> 00:46:04,070 +Turkey and the price of Turkey remains constant or + +444 +00:46:04,070 --> 00:46:10,430 +fixed. Whose profit did he get? What does he + +445 +00:46:10,430 --> 00:46:14,430 +raise? He raises chicken. Yes, his price went up. + +446 +00:46:16,540 --> 00:46:19,720 +He started to give me higher profits, right? He + +447 +00:46:19,720 --> 00:46:21,500 +started to raise chickens instead of chickens. The + +448 +00:46:21,500 --> 00:46:24,160 +profits from the feed, the chicken, the chicken + +449 +00:46:24,160 --> 00:46:26,180 +soup, etc. He started to raise chickens instead of + +450 +00:46:26,180 --> 00:46:31,380 +chickens, right? Right? Now, if I want to analyze + +451 +00:46:31,380 --> 00:46:35,700 +this, increasing the price of chicken has an + +452 +00:46:35,700 --> 00:46:39,980 +impact on the turkey market. What happened? Supply + +453 +00:46:39,980 --> 00:46:45,320 +of turkey? Goes down. Because the money he has is + +454 +00:46:45,320 --> 00:46:50,560 +limited. He has limited money. Limited money. + +455 +00:46:51,600 --> 00:46:53,660 +So instead of distributing his money like this, he + +456 +00:46:53,660 --> 00:46:55,560 +says, instead of putting this money here, I put + +457 +00:46:55,560 --> 00:47:00,460 +this money here. Right? That's what happens. These + +458 +00:47:00,460 --> 00:47:02,800 +are rational decisions that I work on. I say, + +459 +00:47:02,980 --> 00:47:05,920 +instead of putting my money in the, what is it + +460 +00:47:05,920 --> 00:47:07,600 +called? I withdraw a part and give it to the + +461 +00:47:07,600 --> 00:47:12,370 +chicken. What happened to the Turkish supply? Goes + +462 +00:47:12,370 --> 00:47:15,250 +down. Then had a Turkey market. + +463 +00:47:19,310 --> 00:47:24,290 +Price of Turkey. And the quant supplied of Turkey. + +464 +00:47:26,770 --> 00:47:33,970 +S1 at the fixed prices of Turkey. Assumption of + +465 +00:47:33,970 --> 00:47:39,660 +the prices of Turkey remains constant. A. Per + +466 +00:47:39,660 --> 00:47:45,700 +kilogram, let's say, 12 shekels, 20 shekels. And + +467 +00:47:45,700 --> 00:47:50,140 +they're going to purchase 2,000 units, kilogram. + +468 +00:47:52,820 --> 00:47:55,740 +At the fixed prices of Turkey, when the price of a + +469 +00:47:55,740 --> 00:48:00,560 +chicken goes up, it's no longer profitable. So + +470 +00:48:00,560 --> 00:48:05,190 +it's selling less. Right? With fixed prices, it + +471 +00:48:05,190 --> 00:48:10,150 +will give less quantity to 1,400. + +472 +00:48:10,890 --> 00:48:16,330 +Where did we come from? Supply curve. This is the + +473 +00:48:16,330 --> 00:48:19,750 +Turkey market. But what about the chicken market? + +474 +00:48:21,210 --> 00:48:24,190 +Fish shifts. This is a movement along the same + +475 +00:48:24,190 --> 00:48:27,190 +supply curve. Will the price of a chicken change + +476 +00:48:27,190 --> 00:48:27,530 +like this? + +477 +00:48:32,150 --> 00:48:35,950 +And the quantity supplied of a chicken. Highest + +478 +00:48:35,950 --> 00:48:39,630 +supply curve, S1. And let us assume that per + +479 +00:48:39,630 --> 00:48:43,330 +kilogram of a chicken was six shekels or seven + +480 +00:48:43,330 --> 00:48:46,630 +shekels. And we sell 1000 kilograms. + +481 +00:48:55,610 --> 00:48:56,150 +Now, + +482 +00:49:09,870 --> 00:49:13,330 +as the price of a chicken goes up, this is an + +483 +00:49:13,330 --> 00:49:16,670 +assumption. Instead of being seven, we started + +484 +00:49:16,670 --> 00:49:17,230 +selling at eight. + +485 +00:49:21,460 --> 00:49:30,280 +Meaning it goes up, not the supply. From A + +486 +00:49:30,280 --> 00:49:35,920 +to B along the same supply curve. Remains fixed. + +487 +00:49:36,340 --> 00:49:42,680 +No changes with supply curve. Supply curve remains + +488 +00:49:42,680 --> 00:49:46,640 +as it is, but there is a movement along the same + +489 +00:49:46,640 --> 00:49:50,380 +supply curve. Because it's original, it goes up. + +490 +00:49:51,630 --> 00:49:55,330 +The quantity supplied goes up, not the supply as a + +491 +00:49:55,330 --> 00:49:59,470 +whole or the supply curve. Has some movement along + +492 +00:49:59,470 --> 00:50:04,350 +the same supply curve, not shifting. The + +493 +00:50:04,350 --> 00:50:11,230 +distinction between a change in supply and a + +494 +00:50:11,230 --> 00:50:14,250 +change in quantity supplied. With change in demand + +495 +00:50:14,250 --> 00:50:17,950 +and a change in quantity demanded. But is it clear + +496 +00:50:17,950 --> 00:50:27,270 +here? Or ambiguous? Yes. Okay. Let's go to... + +497 +00:50:27,270 --> 00:50:30,730 +Did they rest for two or three minutes? They + +498 +00:50:30,730 --> 00:50:33,090 +rested and laughed at each other and laughed at + +499 +00:50:33,090 --> 00:50:36,110 +me. Take two or three minutes to... What's the + +500 +00:50:36,110 --> 00:50:37,570 +name of this? And I have a question that you ask + +501 +00:50:37,570 --> 00:50:41,810 +me. Okay, did you find it clear with you or did + +502 +00:50:41,810 --> 00:50:49,690 +you find it? Yes? In short, you raise chickens and + +503 +00:50:49,690 --> 00:50:50,490 +you raise pigs. + +504 +00:50:55,990 --> 00:50:59,510 +Change in demand and change in quantity demanded. + +505 +00:51:01,230 --> 00:51:06,590 +Let's go to study the difference between change in + +506 +00:51:06,590 --> 00:51:11,030 +demand and change in quantity demanded, change in + +507 +00:51:11,030 --> 00:51:14,630 +supply and change in quantity supplied. So change + +508 +00:51:14,630 --> 00:51:21,090 +in demand and + +509 +00:51:21,710 --> 00:51:26,230 +change in a quantity demanded. + +510 +00:51:30,070 --> 00:51:32,850 +Change in demand, as we mentioned before, the + +511 +00:51:32,850 --> 00:51:39,510 +demand curve is a downward sloping price of a + +512 +00:51:39,510 --> 00:51:43,790 +chicken and the quantity demanded of a chicken. + +513 +00:51:46,350 --> 00:51:49,750 +This is the demand curve. It's a downward sloping + +514 +00:51:49,750 --> 00:51:50,730 +D. + +515 +00:51:52,860 --> 00:51:53,780 +or D1. + +516 +00:51:56,960 --> 00:52:03,080 +If the price per kilogram of chicken was 10 + +517 +00:52:03,080 --> 00:52:08,100 +shekels, and let us assume that the quantity + +518 +00:52:08,100 --> 00:52:11,400 +demanded or the quantity purchased of chicken was + +519 +00:52:11,400 --> 00:52:16,580 +20 kilogram a week per family at point A. + +520 +00:52:20,140 --> 00:52:22,120 +A change in quantity demanded + +521 +00:52:30,260 --> 00:52:36,140 +is the decreasing in quantity demanded when the + +522 +00:52:36,140 --> 00:52:38,480 +price goes down, increases. + +523 +00:52:41,320 --> 00:52:44,440 +The change + +524 +00:52:44,440 --> 00:52:47,260 +in quantity demanded of a chicken is the + +525 +00:52:47,260 --> 00:52:51,800 +decreasing in quantity demanded of a chicken when + +526 +00:52:51,800 --> 00:52:56,590 +the price of a chicken goes up, or what is the + +527 +00:52:56,590 --> 00:53:00,550 +increasingly quantity demanded of a chicken when + +528 +00:53:00,550 --> 00:53:09,590 +the price goes down. For the product itself. Here + +529 +00:53:09,590 --> 00:53:13,490 +I'm talking about the product itself. And we will + +530 +00:53:13,490 --> 00:53:18,970 +remain along the same demand curve. This price was + +531 +00:53:18,970 --> 00:53:25,860 +10, the price went up to 15. The quantity demanded + +532 +00:53:25,860 --> 00:53:30,960 +goes down to + +533 +00:53:30,960 --> 00:53:39,320 +12 maybe. So decreasing in prices leads to a + +534 +00:53:39,320 --> 00:53:45,120 +decreasing in the quantity demanded. We still move + +535 +00:53:45,120 --> 00:53:52,380 +along the demand curve to + +536 +00:53:52,380 --> 00:53:52,920 +point B. + +537 +00:54:01,170 --> 00:54:08,810 +So the price of + +538 +00:54:08,810 --> 00:54:19,510 +the + +539 +00:54:19,510 --> 00:54:25,950 +product itself changes. What changed? So the + +540 +00:54:25,950 --> 00:54:32,110 +change in quantity demanded is a movement along + +541 +00:54:32,110 --> 00:54:39,030 +the same demand curve from + +542 +00:54:39,030 --> 00:54:46,650 +A to B, A to C, C to A, C to B, C to D due to the + +543 +00:54:46,650 --> 00:54:51,370 +change in the price of the product itself. Not + +544 +00:54:51,370 --> 00:54:56,430 +full shifting in demand, right or left. What makes + +545 +00:54:56,430 --> 00:55:02,430 +the demand move to right or to left? It's not the + +546 +00:55:02,430 --> 00:55:07,050 +price. It's the change in income. Change in price + +547 +00:55:07,050 --> 00:55:09,910 +and price of other related goods. Number of + +548 +00:55:09,910 --> 00:55:15,490 +consumers. Right? Because the number of consumers + +549 +00:55:15,490 --> 00:55:18,810 +has increased. With a constant price, it can move. + +550 +00:55:19,150 --> 00:55:24,010 +Full shifting. Right? They call it demand + +551 +00:55:24,010 --> 00:55:27,290 +determinants. Any change in demand determinants + +552 +00:55:27,290 --> 00:55:30,950 +will change the entire demand, right or left. But + +553 +00:55:30,950 --> 00:55:37,030 +a movement from A to B, B to C, C to B, this is a + +554 +00:55:37,030 --> 00:55:39,650 +change in quantity demanded, not a change in + +555 +00:55:39,650 --> 00:55:49,590 +demand. Right? A change in demand means change + +556 +00:55:49,590 --> 00:55:50,390 +in demand + +557 +00:55:58,630 --> 00:56:13,970 +Is what? The full shifting of demand curve + +558 +00:56:13,970 --> 00:56:30,470 +right or left. Right or left. Left due to, to a + +559 +00:56:30,470 --> 00:56:36,250 +change of one of the demand determinants. Change + +560 +00:56:36,250 --> 00:56:39,730 +in + +561 +00:56:39,730 --> 00:56:46,150 +one or more of + +562 +00:56:46,150 --> 00:56:48,610 +demand determinants. + +563 +00:56:54,330 --> 00:56:59,930 +like the consumer's income and the number of + +564 +00:56:59,930 --> 00:57:06,250 +consumers, taste and preferences, and so on. The + +565 +00:57:06,250 --> 00:57:09,770 +demand usually hit under the price or the fixed + +566 +00:57:09,770 --> 00:57:12,170 +prices. The price remains constant. + +567 +00:57:14,630 --> 00:57:18,890 +The assumption + +568 +00:57:18,890 --> 00:57:23,790 +that the price of the product itself, + +569 +00:57:28,910 --> 00:57:32,110 +Remains clean standard. + +570 +00:57:43,870 --> 00:57:47,650 +Change in demand is + +571 +00:57:58,270 --> 00:58:02,730 +The false shifting of demand curve, you mean right + +572 +00:58:02,730 --> 00:58:17,170 +to D2 or left to D3 due to the change in one or + +573 +00:58:17,170 --> 00:58:25,830 +more of demand determinants. The price of other + +574 +00:58:25,830 --> 00:58:29,430 +related goods. There is a chain called expectation + +575 +00:58:29,430 --> 00:58:32,310 +about the futures with instant preferences and the + +576 +00:58:32,310 --> 00:58:35,570 +number of consumers. Anyone who changes will get + +577 +00:58:35,570 --> 00:58:36,610 +gifts left and right. + +578 +00:58:40,870 --> 00:58:43,870 +One of the demand determinants is income and the + +579 +00:58:43,870 --> 00:58:46,570 +number of them. Of course, under the assumption + +580 +00:58:46,570 --> 00:58:52,250 +that the price of the product itself remains + +581 +00:58:52,250 --> 00:58:52,890 +constant. + +582 +00:58:59,660 --> 00:59:07,500 +Price. The price of the income. Income, number of + +583 +00:59:07,500 --> 00:59:10,380 +consumers, taste and preferences, the price of + +584 +00:59:10,380 --> 00:59:13,640 +other related goods, expectation about the + +585 +00:59:13,640 --> 00:59:14,140 +futures. + diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/lIF7ZlND7b8_raw.json b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/lIF7ZlND7b8_raw.json new file mode 100644 index 0000000000000000000000000000000000000000..0cf49df720d28ece8c900e4b78312702da7d9f37 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/lIF7ZlND7b8_raw.json @@ -0,0 +1 @@ +{"segments": [{"id": 1, "seek": 4904, "start": 20.84, "end": 49.04, "text": " How are you today? Fine. Great. Okay. Today, inshallah, we are going to complete our talk about demand determinants. And we will start with our talk about the supply as well. If we have enough time, we will go to the market equilibrium. In the last class, we studied the main determinants of demand.", "tokens": [1012, 366, 291, 965, 30, 12024, 13, 3769, 13, 1033, 13, 2692, 11, 1028, 71, 13492, 11, 321, 366, 516, 281, 3566, 527, 751, 466, 4733, 15957, 1719, 13, 400, 321, 486, 722, 365, 527, 751, 466, 264, 5847, 382, 731, 13, 759, 321, 362, 1547, 565, 11, 321, 486, 352, 281, 264, 2142, 15625, 13, 682, 264, 1036, 1508, 11, 321, 9454, 264, 2135, 15957, 1719, 295, 4733, 13], "avg_logprob": -0.15338908408729124, "compression_ratio": 1.5463917525773196, "no_speech_prob": 0.0, "words": [{"start": 20.84, "end": 21.08, "word": " How", "probability": 0.849609375}, {"start": 21.08, "end": 21.22, "word": " are", "probability": 0.94580078125}, {"start": 21.22, "end": 21.3, "word": " you", "probability": 0.970703125}, {"start": 21.3, "end": 21.62, "word": " today?", "probability": 0.8212890625}, {"start": 22.52, "end": 23.16, "word": " Fine.", "probability": 0.473388671875}, {"start": 23.52, "end": 23.72, "word": " Great.", "probability": 0.5322265625}, {"start": 24.02, "end": 24.14, "word": " Okay.", "probability": 0.8134765625}, {"start": 25.34, "end": 25.98, "word": " Today,", "probability": 0.1824951171875}, {"start": 26.16, "end": 26.34, "word": " inshallah,", "probability": 0.79833984375}, {"start": 26.46, "end": 26.54, "word": " we", "probability": 0.96484375}, {"start": 26.54, "end": 26.7, "word": " are", "probability": 0.9208984375}, {"start": 26.7, "end": 26.96, "word": " going", "probability": 0.9541015625}, {"start": 26.96, "end": 27.12, "word": " to", "probability": 0.97021484375}, {"start": 27.12, "end": 27.46, "word": " complete", "probability": 0.794921875}, {"start": 27.46, "end": 27.62, "word": " our", "probability": 0.86572265625}, {"start": 27.62, "end": 27.84, "word": " talk", "probability": 0.91357421875}, {"start": 27.84, "end": 28.28, "word": " about", "probability": 0.89892578125}, {"start": 28.28, "end": 29.48, "word": " demand", "probability": 0.87646484375}, {"start": 29.48, "end": 30.76, "word": " determinants.", "probability": 0.967529296875}, {"start": 31.44, "end": 31.92, "word": " And", "probability": 0.93798828125}, {"start": 31.92, "end": 32.58, "word": " we", "probability": 0.9501953125}, {"start": 32.58, "end": 32.9, "word": " will", "probability": 0.88623046875}, {"start": 32.9, "end": 33.62, "word": " start", "probability": 0.88671875}, {"start": 33.62, "end": 33.98, "word": " with", "probability": 0.80029296875}, {"start": 33.98, "end": 34.5, "word": " our", "probability": 0.7490234375}, {"start": 34.5, "end": 35.74, "word": " talk", "probability": 0.8681640625}, {"start": 35.74, "end": 36.14, "word": " about", "probability": 0.904296875}, {"start": 36.14, "end": 36.4, "word": " the", "probability": 0.79296875}, {"start": 36.4, "end": 37.06, "word": " supply", "probability": 0.93505859375}, {"start": 37.06, "end": 37.3, "word": " as", "probability": 0.7763671875}, {"start": 37.3, "end": 37.56, "word": " well.", "probability": 0.9462890625}, {"start": 38.42, "end": 38.68, "word": " If", "probability": 0.97021484375}, {"start": 38.68, "end": 38.82, "word": " we", "probability": 0.9609375}, {"start": 38.82, "end": 39.14, "word": " have", "probability": 0.94775390625}, {"start": 39.14, "end": 39.44, "word": " enough", "probability": 0.859375}, {"start": 39.44, "end": 39.92, "word": " time,", "probability": 0.888671875}, {"start": 40.06, "end": 40.24, "word": " we", "probability": 0.95947265625}, {"start": 40.24, "end": 40.4, "word": " will", "probability": 0.88818359375}, {"start": 40.4, "end": 40.62, "word": " go", "probability": 0.9658203125}, {"start": 40.62, "end": 40.8, "word": " to", "probability": 0.900390625}, {"start": 40.8, "end": 40.94, "word": " the", "probability": 0.90478515625}, {"start": 40.94, "end": 41.3, "word": " market", "probability": 0.88818359375}, {"start": 41.3, "end": 41.9, "word": " equilibrium.", "probability": 0.94189453125}, {"start": 42.88, "end": 43.06, "word": " In", "probability": 0.93603515625}, {"start": 43.06, "end": 43.16, "word": " the", "probability": 0.91845703125}, {"start": 43.16, "end": 43.36, "word": " last", "probability": 0.8740234375}, {"start": 43.36, "end": 43.8, "word": " class,", "probability": 0.96826171875}, {"start": 44.46, "end": 45.16, "word": " we", "probability": 0.96484375}, {"start": 45.16, "end": 45.58, "word": " studied", "probability": 0.9169921875}, {"start": 45.58, "end": 47.2, "word": " the", "probability": 0.92333984375}, {"start": 47.2, "end": 47.54, "word": " main", "probability": 0.9248046875}, {"start": 47.54, "end": 48.36, "word": " determinants", "probability": 0.97802734375}, {"start": 48.36, "end": 48.68, "word": " of", "probability": 0.9677734375}, {"start": 48.68, "end": 49.04, "word": " demand.", "probability": 0.92236328125}], "temperature": 1.0}, {"id": 2, "seek": 7242, "start": 50.0, "end": 72.42, "text": " like the consumer's income, the number of population, what else? The price of other related goods. What else? Expectation about the future prices and the future income. I think that we still have", "tokens": [411, 264, 9711, 311, 5742, 11, 264, 1230, 295, 4415, 11, 437, 1646, 30, 440, 3218, 295, 661, 4077, 10179, 13, 708, 1646, 30, 46318, 399, 466, 264, 2027, 7901, 293, 264, 2027, 5742, 13, 286, 519, 300, 321, 920, 362], "avg_logprob": -0.1543898791784332, "compression_ratio": 1.410071942446043, "no_speech_prob": 0.0, "words": [{"start": 50.0, "end": 50.56, "word": " like", "probability": 0.4873046875}, {"start": 50.56, "end": 51.58, "word": " the", "probability": 0.8759765625}, {"start": 51.58, "end": 52.54, "word": " consumer's", "probability": 0.6890869140625}, {"start": 52.54, "end": 53.1, "word": " income,", "probability": 0.9580078125}, {"start": 55.38, "end": 55.86, "word": " the", "probability": 0.75830078125}, {"start": 55.86, "end": 56.34, "word": " number", "probability": 0.88232421875}, {"start": 56.34, "end": 56.44, "word": " of", "probability": 0.90185546875}, {"start": 56.44, "end": 57.04, "word": " population,", "probability": 0.9296875}, {"start": 57.6, "end": 57.72, "word": " what", "probability": 0.884765625}, {"start": 57.72, "end": 58.08, "word": " else?", "probability": 0.9306640625}, {"start": 59.5, "end": 60.38, "word": " The", "probability": 0.880859375}, {"start": 60.38, "end": 60.7, "word": " price", "probability": 0.9033203125}, {"start": 60.7, "end": 60.88, "word": " of", "probability": 0.962890625}, {"start": 60.88, "end": 61.2, "word": " other", "probability": 0.8427734375}, {"start": 61.2, "end": 61.68, "word": " related", "probability": 0.95849609375}, {"start": 61.68, "end": 62.1, "word": " goods.", "probability": 0.89208984375}, {"start": 62.68, "end": 63.4, "word": " What", "probability": 0.87109375}, {"start": 63.4, "end": 63.72, "word": " else?", "probability": 0.9375}, {"start": 65.5, "end": 66.38, "word": " Expectation", "probability": 0.829833984375}, {"start": 66.38, "end": 66.58, "word": " about", "probability": 0.853515625}, {"start": 66.58, "end": 66.82, "word": " the", "probability": 0.89013671875}, {"start": 66.82, "end": 67.16, "word": " future", "probability": 0.9794921875}, {"start": 67.16, "end": 67.72, "word": " prices", "probability": 0.8916015625}, {"start": 67.72, "end": 68.04, "word": " and", "probability": 0.921875}, {"start": 68.04, "end": 68.18, "word": " the", "probability": 0.880859375}, {"start": 68.18, "end": 68.52, "word": " future", "probability": 0.98046875}, {"start": 68.52, "end": 68.96, "word": " income.", "probability": 0.93017578125}, {"start": 69.68, "end": 69.82, "word": " I", "probability": 0.982421875}, {"start": 69.82, "end": 70.08, "word": " think", "probability": 0.92138671875}, {"start": 70.08, "end": 70.38, "word": " that", "probability": 0.9072265625}, {"start": 70.38, "end": 71.54, "word": " we", "probability": 0.94873046875}, {"start": 71.54, "end": 71.88, "word": " still", "probability": 0.96142578125}, {"start": 71.88, "end": 72.42, "word": " have", "probability": 0.94580078125}], "temperature": 1.0}, {"id": 3, "seek": 9271, "start": 73.57, "end": 92.71, "text": " The last determinant of demand which is taste and the preferences. So the last determinant of demand is taste and the preferences. So the last determinant of demand is tastes and the preferences.", "tokens": [440, 1036, 41296, 295, 4733, 597, 307, 3939, 293, 264, 21910, 13, 407, 264, 1036, 41296, 295, 4733, 307, 3939, 293, 264, 21910, 13, 407, 264, 1036, 41296, 295, 4733, 307, 8666, 293, 264, 21910, 13], "avg_logprob": -0.16279560327529907, "compression_ratio": 2.419753086419753, "no_speech_prob": 0.0, "words": [{"start": 73.57, "end": 73.83, "word": " The", "probability": 0.6865234375}, {"start": 73.83, "end": 74.15, "word": " last", "probability": 0.85595703125}, {"start": 74.15, "end": 74.71, "word": " determinant", "probability": 0.88720703125}, {"start": 74.71, "end": 75.09, "word": " of", "probability": 0.97265625}, {"start": 75.09, "end": 75.45, "word": " demand", "probability": 0.869140625}, {"start": 75.45, "end": 75.75, "word": " which", "probability": 0.68212890625}, {"start": 75.75, "end": 76.23, "word": " is", "probability": 0.947265625}, {"start": 76.23, "end": 77.37, "word": " taste", "probability": 0.46337890625}, {"start": 77.37, "end": 77.79, "word": " and", "probability": 0.91162109375}, {"start": 77.79, "end": 77.95, "word": " the", "probability": 0.50048828125}, {"start": 77.95, "end": 78.43, "word": " preferences.", "probability": 0.91455078125}, {"start": 78.81, "end": 78.95, "word": " So", "probability": 0.9677734375}, {"start": 78.95, "end": 79.19, "word": " the", "probability": 0.806640625}, {"start": 79.19, "end": 79.43, "word": " last", "probability": 0.87158203125}, {"start": 79.43, "end": 79.87, "word": " determinant", "probability": 0.888671875}, {"start": 79.87, "end": 80.11, "word": " of", "probability": 0.97119140625}, {"start": 80.11, "end": 80.45, "word": " demand", "probability": 0.89892578125}, {"start": 80.45, "end": 80.91, "word": " is", "probability": 0.94775390625}, {"start": 80.91, "end": 81.93, "word": " taste", "probability": 0.64599609375}, {"start": 81.93, "end": 82.37, "word": " and", "probability": 0.92822265625}, {"start": 82.37, "end": 82.51, "word": " the", "probability": 0.8671875}, {"start": 82.51, "end": 82.97, "word": " preferences.", "probability": 0.91748046875}, {"start": 85.55, "end": 85.87, "word": " So", "probability": 0.96923828125}, {"start": 85.87, "end": 86.11, "word": " the", "probability": 0.90478515625}, {"start": 86.11, "end": 86.45, "word": " last", "probability": 0.87939453125}, {"start": 86.45, "end": 87.51, "word": " determinant", "probability": 0.873046875}, {"start": 87.51, "end": 88.09, "word": " of", "probability": 0.97119140625}, {"start": 88.09, "end": 88.45, "word": " demand", "probability": 0.89794921875}, {"start": 88.45, "end": 88.85, "word": " is", "probability": 0.94482421875}, {"start": 88.85, "end": 89.71, "word": " tastes", "probability": 0.51171875}, {"start": 89.71, "end": 92.03, "word": " and", "probability": 0.9169921875}, {"start": 92.03, "end": 92.19, "word": " the", "probability": 0.814453125}, {"start": 92.19, "end": 92.71, "word": " preferences.", "probability": 0.91845703125}], "temperature": 1.0}, {"id": 4, "seek": 12687, "start": 99.31, "end": 126.87, "text": " This means, you know, the consumers. If the consumers taste and the preferences go toward one type of the products, like new types of trousers, new types of mobiles, you know. 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Okay, so here we have rightward shifting in the demand curve. Okay, so the demand curve shifts right. And vice versa.", "tokens": [407, 264, 4733, 337, 341, 2010, 295, 1674, 420, 264, 777, 2010, 295, 4298, 4680, 486, 5513, 558, 13, 1033, 11, 370, 510, 321, 362, 558, 1007, 17573, 294, 264, 4733, 7605, 13, 1033, 11, 370, 264, 4733, 7605, 19201, 558, 13, 400, 11964, 25650, 13], "avg_logprob": -0.18101729420905419, "compression_ratio": 1.6031746031746033, "no_speech_prob": 0.0, "words": [{"start": 218.55, "end": 218.93, "word": " So", "probability": 0.91845703125}, {"start": 218.93, "end": 219.83, "word": " the", "probability": 0.493896484375}, {"start": 219.83, "end": 220.33, "word": " demand", "probability": 0.9072265625}, {"start": 220.33, "end": 220.73, "word": " for", "probability": 0.9453125}, {"start": 220.73, "end": 221.85, "word": " this", "probability": 0.94384765625}, {"start": 221.85, "end": 222.27, "word": " type", "probability": 0.9765625}, {"start": 222.27, "end": 222.45, "word": " of", "probability": 0.97119140625}, {"start": 222.45, "end": 222.79, "word": " product", "probability": 0.76123046875}, {"start": 222.79, "end": 222.97, "word": " or", "probability": 0.583984375}, {"start": 222.97, "end": 223.11, "word": " the", "probability": 0.91162109375}, {"start": 223.11, "end": 223.29, "word": " new", "probability": 0.91748046875}, {"start": 223.29, "end": 223.61, "word": " type", "probability": 0.91259765625}, {"start": 223.61, "end": 224.09, "word": " of", "probability": 0.96435546875}, {"start": 224.09, "end": 224.89, "word": " mobiles", "probability": 0.834716796875}, {"start": 224.89, "end": 225.85, "word": " will", "probability": 0.84912109375}, {"start": 225.85, "end": 226.83, "word": " shift", "probability": 0.98486328125}, {"start": 226.83, "end": 227.43, "word": " right.", "probability": 0.7890625}, {"start": 228.31, "end": 228.61, "word": " Okay,", "probability": 0.64013671875}, {"start": 228.87, "end": 229.19, "word": " so", "probability": 0.94921875}, {"start": 229.19, "end": 229.43, "word": " here", "probability": 0.80224609375}, {"start": 229.43, "end": 229.59, "word": " we", "probability": 0.9482421875}, {"start": 229.59, "end": 229.91, "word": " have", "probability": 0.9443359375}, {"start": 229.91, "end": 230.77, "word": " rightward", "probability": 0.917236328125}, {"start": 230.77, "end": 231.27, "word": " shifting", "probability": 0.90234375}, {"start": 231.27, "end": 231.79, "word": " in", "probability": 0.91259765625}, {"start": 231.79, "end": 232.47, "word": " the", "probability": 0.92236328125}, {"start": 232.47, "end": 232.85, "word": " demand", "probability": 0.90234375}, {"start": 232.85, "end": 233.27, "word": " curve.", "probability": 0.943359375}, {"start": 233.77, "end": 233.93, "word": " Okay,", "probability": 0.70556640625}, {"start": 234.55, "end": 234.79, "word": " so", "probability": 0.951171875}, {"start": 234.79, "end": 236.07, "word": " the", "probability": 0.8525390625}, {"start": 236.07, "end": 236.45, "word": " demand", "probability": 0.89404296875}, {"start": 236.45, "end": 236.91, "word": " curve", "probability": 0.953125}, {"start": 236.91, "end": 238.69, "word": " shifts", "probability": 0.9150390625}, {"start": 238.69, "end": 241.71, "word": " right.", "probability": 0.58984375}, {"start": 243.57, "end": 244.37, "word": " And", "probability": 0.9580078125}, {"start": 244.37, "end": 245.25, "word": " vice", "probability": 0.88330078125}, {"start": 245.25, "end": 245.67, "word": " versa.", "probability": 0.8115234375}], "temperature": 1.0}, {"id": 9, "seek": 27716, "start": 248.7, "end": 277.16, "text": " Don't against this product. This means the willingness or the desire for the consumer. But then you see declining below and then the demand for this product goes down and demand curve shifts left. Okay. Is there a problem so far? Okay. Let's go to something else or the second side of the market.", "tokens": [1468, 380, 1970, 341, 1674, 13, 639, 1355, 264, 25069, 420, 264, 7516, 337, 264, 9711, 13, 583, 550, 291, 536, 34298, 2507, 293, 550, 264, 4733, 337, 341, 1674, 1709, 760, 293, 4733, 7605, 19201, 1411, 13, 1033, 13, 1119, 456, 257, 1154, 370, 1400, 30, 1033, 13, 961, 311, 352, 281, 746, 1646, 420, 264, 1150, 1252, 295, 264, 2142, 13], "avg_logprob": -0.26855468982830644, "compression_ratio": 1.563157894736842, "no_speech_prob": 0.0, "words": [{"start": 248.7, "end": 249.2, "word": " Don't", "probability": 0.5665283203125}, {"start": 249.2, "end": 250.08, "word": " against", "probability": 0.7314453125}, {"start": 250.08, "end": 250.78, "word": " this", "probability": 0.92333984375}, {"start": 250.78, "end": 251.22, "word": " product.", "probability": 0.857421875}, {"start": 252.78, "end": 253.24, "word": " This", "probability": 0.8994140625}, {"start": 253.24, "end": 253.62, "word": " means", "probability": 0.9306640625}, {"start": 253.62, "end": 254.0, "word": " the", "probability": 0.830078125}, {"start": 254.0, "end": 254.34, "word": " willingness", "probability": 0.98486328125}, {"start": 254.34, "end": 255.2, "word": " or", "probability": 0.8505859375}, {"start": 255.2, "end": 255.34, "word": " the", "probability": 0.923828125}, {"start": 255.34, "end": 255.84, "word": " desire", "probability": 0.9453125}, {"start": 255.84, "end": 256.14, "word": " for", "probability": 0.9423828125}, {"start": 256.14, "end": 256.3, "word": " the", "probability": 0.91650390625}, {"start": 256.3, "end": 256.92, "word": " consumer.", "probability": 0.84375}, {"start": 257.84, "end": 258.72, "word": " But", "probability": 0.2308349609375}, {"start": 258.72, "end": 259.04, "word": " then", "probability": 0.27685546875}, {"start": 259.04, "end": 259.52, "word": " you", "probability": 0.220947265625}, {"start": 259.52, "end": 259.68, "word": " see", "probability": 0.8759765625}, {"start": 259.68, "end": 260.5, "word": " declining", "probability": 0.41015625}, {"start": 260.5, "end": 261.0, "word": " below", "probability": 0.4482421875}, {"start": 261.0, "end": 261.48, "word": " and", "probability": 0.66650390625}, {"start": 261.48, "end": 261.92, "word": " then", "probability": 0.8623046875}, {"start": 261.92, "end": 262.62, "word": " the", "probability": 0.8154296875}, {"start": 262.62, "end": 263.02, "word": " demand", "probability": 0.91357421875}, {"start": 263.02, "end": 263.34, "word": " for", "probability": 0.94921875}, {"start": 263.34, "end": 264.02, "word": " this", "probability": 0.94775390625}, {"start": 264.02, "end": 264.5, "word": " product", "probability": 0.91943359375}, {"start": 264.5, "end": 265.04, "word": " goes", "probability": 0.92529296875}, {"start": 265.04, "end": 265.56, "word": " down", "probability": 0.85693359375}, {"start": 265.56, "end": 266.52, "word": " and", "probability": 0.7548828125}, {"start": 266.52, "end": 267.2, "word": " demand", "probability": 0.91455078125}, {"start": 267.2, "end": 267.64, "word": " curve", "probability": 0.8330078125}, {"start": 267.64, "end": 268.1, "word": " shifts", "probability": 0.94580078125}, {"start": 268.1, "end": 268.6, "word": " left.", "probability": 0.78125}, {"start": 269.0, "end": 269.22, "word": " Okay.", "probability": 0.60888671875}, {"start": 270.14, "end": 270.42, "word": " Is", "probability": 0.90625}, {"start": 270.42, "end": 270.62, "word": " there", "probability": 0.91357421875}, {"start": 270.62, "end": 270.76, "word": " a", "probability": 0.8310546875}, {"start": 270.76, "end": 271.08, "word": " problem", "probability": 0.86669921875}, {"start": 271.08, "end": 271.32, "word": " so", "probability": 0.9482421875}, {"start": 271.32, "end": 271.6, "word": " far?", "probability": 0.94384765625}, {"start": 271.76, "end": 272.56, "word": " Okay.", "probability": 0.60791015625}, {"start": 273.02, "end": 273.3, "word": " Let's", "probability": 0.97802734375}, {"start": 273.3, "end": 273.44, "word": " go", "probability": 0.96728515625}, {"start": 273.44, "end": 273.58, "word": " to", "probability": 0.955078125}, {"start": 273.58, "end": 273.92, "word": " something", "probability": 0.87890625}, {"start": 273.92, "end": 274.32, "word": " else", "probability": 0.89501953125}, {"start": 274.32, "end": 274.84, "word": " or", "probability": 0.51708984375}, {"start": 274.84, "end": 275.04, "word": " the", "probability": 0.9208984375}, {"start": 275.04, "end": 275.4, "word": " second", "probability": 0.8994140625}, {"start": 275.4, "end": 275.98, "word": " side", "probability": 0.86376953125}, {"start": 275.98, "end": 276.64, "word": " of", "probability": 0.96923828125}, {"start": 276.64, "end": 276.8, "word": " the", "probability": 0.9189453125}, {"start": 276.8, "end": 277.16, "word": " market.", "probability": 0.89501953125}], "temperature": 1.0}, {"id": 10, "seek": 29483, "start": 278.82, "end": 294.84, "text": " Supply, yes. Let's go to supply. So let's go to the second side of the market, which is supply.", "tokens": [9391, 356, 11, 2086, 13, 961, 311, 352, 281, 5847, 13, 407, 718, 311, 352, 281, 264, 1150, 1252, 295, 264, 2142, 11, 597, 307, 5847, 13], "avg_logprob": -0.14467075307454383, "compression_ratio": 1.170731707317073, "no_speech_prob": 0.0, "words": [{"start": 278.82, "end": 279.4, "word": " Supply,", "probability": 0.766845703125}, {"start": 279.62, "end": 279.84, "word": " yes.", "probability": 0.9345703125}, {"start": 280.14, "end": 280.4, "word": " Let's", "probability": 0.966796875}, {"start": 280.4, "end": 280.6, "word": " go", "probability": 0.96728515625}, {"start": 280.6, "end": 280.94, "word": " to", "probability": 0.970703125}, {"start": 280.94, "end": 282.36, "word": " supply.", "probability": 0.92138671875}, {"start": 283.44, "end": 283.66, "word": " So", "probability": 0.67578125}, {"start": 283.66, "end": 284.06, "word": " let's", "probability": 0.92529296875}, {"start": 284.06, "end": 284.54, "word": " go", "probability": 0.970703125}, {"start": 284.54, "end": 286.2, "word": " to", "probability": 0.89306640625}, {"start": 286.2, "end": 286.98, "word": " the", "probability": 0.9189453125}, {"start": 286.98, "end": 287.38, "word": " second", "probability": 0.892578125}, {"start": 287.38, "end": 287.94, "word": " side", "probability": 0.86279296875}, {"start": 287.94, "end": 288.24, "word": " of", "probability": 0.9677734375}, {"start": 288.24, "end": 288.36, "word": " the", "probability": 0.91796875}, {"start": 288.36, "end": 288.78, "word": " market,", "probability": 0.8994140625}, {"start": 291.38, "end": 293.76, "word": " which", "probability": 0.951171875}, {"start": 293.76, "end": 294.18, "word": " is", "probability": 0.95068359375}, {"start": 294.18, "end": 294.84, "word": " supply.", "probability": 0.9404296875}], "temperature": 1.0}, {"id": 11, "seek": 32984, "start": 300.22, "end": 329.84, "text": " As we mentioned before that in the market we have two sides, the producers and the consumers, the sellers and buyers, the persons who demand and the persons who sell the products. The second side is called supplier. I love that. Supply.", "tokens": [1018, 321, 2835, 949, 300, 294, 264, 2142, 321, 362, 732, 4881, 11, 264, 16080, 293, 264, 11883, 11, 264, 31276, 293, 23465, 11, 264, 14453, 567, 4733, 293, 264, 14453, 567, 3607, 264, 3383, 13, 440, 1150, 1252, 307, 1219, 31909, 13, 286, 959, 300, 13, 9391, 356, 13], "avg_logprob": -0.17723651493296905, "compression_ratio": 1.6122448979591837, "no_speech_prob": 0.0, "words": [{"start": 300.22, "end": 300.5, "word": " As", "probability": 0.9462890625}, {"start": 300.5, "end": 300.66, "word": " we", "probability": 0.84619140625}, {"start": 300.66, "end": 300.9, "word": " mentioned", "probability": 0.82763671875}, {"start": 300.9, "end": 301.3, "word": " before", "probability": 0.86181640625}, {"start": 301.3, "end": 301.76, "word": " that", "probability": 0.60888671875}, {"start": 301.76, "end": 302.68, "word": " in", "probability": 0.69287109375}, {"start": 302.68, "end": 302.8, "word": " the", "probability": 0.9072265625}, {"start": 302.8, "end": 303.1, "word": " market", "probability": 0.89013671875}, {"start": 303.1, "end": 303.34, "word": " we", "probability": 0.6328125}, {"start": 303.34, "end": 303.54, "word": " have", "probability": 0.94775390625}, {"start": 303.54, "end": 303.74, "word": " two", "probability": 0.93115234375}, {"start": 303.74, "end": 304.16, "word": " sides,", "probability": 0.9208984375}, {"start": 305.06, "end": 305.24, "word": " the", "probability": 0.87939453125}, {"start": 305.24, "end": 305.76, "word": " producers", "probability": 0.87548828125}, {"start": 305.76, "end": 306.22, "word": " and", "probability": 0.93017578125}, {"start": 306.22, "end": 306.32, "word": " the", "probability": 0.81298828125}, {"start": 306.32, "end": 306.82, "word": " consumers,", "probability": 0.93603515625}, {"start": 307.34, "end": 307.48, "word": " the", "probability": 0.91455078125}, {"start": 307.48, "end": 307.76, "word": " sellers", "probability": 0.95751953125}, {"start": 307.76, "end": 308.02, "word": " and", "probability": 0.94580078125}, {"start": 308.02, "end": 308.42, "word": " buyers,", "probability": 0.859375}, {"start": 309.98, "end": 310.94, "word": " the", "probability": 0.9169921875}, {"start": 310.94, "end": 311.34, "word": " persons", "probability": 0.9140625}, {"start": 311.34, "end": 311.64, "word": " who", "probability": 0.9091796875}, {"start": 311.64, "end": 312.14, "word": " demand", "probability": 0.8876953125}, {"start": 312.14, "end": 312.32, "word": " and", "probability": 0.3984375}, {"start": 312.32, "end": 312.46, "word": " the", "probability": 0.9013671875}, {"start": 312.46, "end": 312.76, "word": " persons", "probability": 0.92138671875}, {"start": 312.76, "end": 313.1, "word": " who", "probability": 0.91259765625}, {"start": 313.1, "end": 313.46, "word": " sell", "probability": 0.88134765625}, {"start": 313.46, "end": 313.64, "word": " the", "probability": 0.90087890625}, {"start": 313.64, "end": 314.04, "word": " products.", "probability": 0.8486328125}, {"start": 314.86, "end": 315.2, "word": " The", "probability": 0.8955078125}, {"start": 315.2, "end": 315.48, "word": " second", "probability": 0.8994140625}, {"start": 315.48, "end": 315.94, "word": " side", "probability": 0.8759765625}, {"start": 315.94, "end": 317.16, "word": " is", "probability": 0.94580078125}, {"start": 317.16, "end": 318.0, "word": " called", "probability": 0.84130859375}, {"start": 318.0, "end": 318.58, "word": " supplier.", "probability": 0.76806640625}, {"start": 321.34, "end": 321.74, "word": " I", "probability": 0.349609375}, {"start": 321.74, "end": 321.94, "word": " love", "probability": 0.91552734375}, {"start": 321.94, "end": 322.3, "word": " that.", "probability": 0.93701171875}, {"start": 329.12, "end": 329.84, "word": " Supply.", "probability": 0.896728515625}], "temperature": 1.0}, {"id": 12, "seek": 35932, "start": 334.56, "end": 359.32, "text": " Supply is the willingness to produce or to sell something and the ability to produce. Please keep your mobile silent. Supply is the willingness to produce, to sell or to produce,", "tokens": [9391, 356, 307, 264, 25069, 281, 5258, 420, 281, 3607, 746, 293, 264, 3485, 281, 5258, 13, 2555, 1066, 428, 6013, 12784, 13, 9391, 356, 307, 264, 25069, 281, 5258, 11, 281, 3607, 420, 281, 5258, 11], "avg_logprob": -0.15275493656334124, "compression_ratio": 1.6574074074074074, "no_speech_prob": 0.0, "words": [{"start": 334.55999999999995, "end": 335.47999999999996, "word": " Supply", "probability": 0.85009765625}, {"start": 335.47999999999996, "end": 336.4, "word": " is", "probability": 0.935546875}, {"start": 336.4, "end": 337.34, "word": " the", "probability": 0.9169921875}, {"start": 337.34, "end": 337.8, "word": " willingness", "probability": 0.88427734375}, {"start": 337.8, "end": 338.22, "word": " to", "probability": 0.9736328125}, {"start": 338.22, "end": 338.9, "word": " produce", "probability": 0.859375}, {"start": 338.9, "end": 339.44, "word": " or", "probability": 0.912109375}, {"start": 339.44, "end": 339.64, "word": " to", "probability": 0.96484375}, {"start": 339.64, "end": 339.94, "word": " sell", "probability": 0.8818359375}, {"start": 339.94, "end": 340.8, "word": " something", "probability": 0.8701171875}, {"start": 340.8, "end": 341.86, "word": " and", "probability": 0.61572265625}, {"start": 341.86, "end": 342.08, "word": " the", "probability": 0.9150390625}, {"start": 342.08, "end": 342.52, "word": " ability", "probability": 0.95654296875}, {"start": 342.52, "end": 343.38, "word": " to", "probability": 0.9697265625}, {"start": 343.38, "end": 343.96, "word": " produce.", "probability": 0.8583984375}, {"start": 346.76, "end": 347.68, "word": " Please", "probability": 0.7744140625}, {"start": 347.68, "end": 347.94, "word": " keep", "probability": 0.86962890625}, {"start": 347.94, "end": 348.16, "word": " your", "probability": 0.88232421875}, {"start": 348.16, "end": 348.7, "word": " mobile", "probability": 0.9384765625}, {"start": 348.7, "end": 349.16, "word": " silent.", "probability": 0.92626953125}, {"start": 351.62, "end": 352.54, "word": " Supply", "probability": 0.87158203125}, {"start": 352.54, "end": 352.82, "word": " is", "probability": 0.94580078125}, {"start": 352.82, "end": 352.98, "word": " the", "probability": 0.92041015625}, {"start": 352.98, "end": 353.3, "word": " willingness", "probability": 0.91162109375}, {"start": 353.3, "end": 353.52, "word": " to", "probability": 0.97021484375}, {"start": 353.52, "end": 354.0, "word": " produce,", "probability": 0.86669921875}, {"start": 355.84, "end": 358.18, "word": " to", "probability": 0.96435546875}, {"start": 358.18, "end": 358.48, "word": " sell", "probability": 0.88427734375}, {"start": 358.48, "end": 358.74, "word": " or", "probability": 0.90869140625}, {"start": 358.74, "end": 358.86, "word": " to", "probability": 0.96337890625}, {"start": 358.86, "end": 359.32, "word": " produce,", "probability": 0.859375}], "temperature": 1.0}, {"id": 13, "seek": 38445, "start": 363.79, "end": 384.45, "text": " plus the ability to produce or sell. These are the main conditions for the effective supply. Okay? Now,", "tokens": [1804, 264, 3485, 281, 5258, 420, 3607, 13, 1981, 366, 264, 2135, 4487, 337, 264, 4942, 5847, 13, 1033, 30, 823, 11], "avg_logprob": -0.219599187374115, "compression_ratio": 1.0947368421052632, "no_speech_prob": 0.0, "words": [{"start": 363.79, "end": 364.39, "word": " plus", "probability": 0.460205078125}, {"start": 364.39, "end": 364.83, "word": " the", "probability": 0.89990234375}, {"start": 364.83, "end": 365.33, "word": " ability", "probability": 0.9501953125}, {"start": 365.33, "end": 367.69, "word": " to", "probability": 0.96728515625}, {"start": 367.69, "end": 368.39, "word": " produce", "probability": 0.853515625}, {"start": 368.39, "end": 370.71, "word": " or", "probability": 0.4296875}, {"start": 370.71, "end": 371.01, "word": " sell.", "probability": 0.72412109375}, {"start": 376.89, "end": 377.59, "word": " These", "probability": 0.93017578125}, {"start": 377.59, "end": 378.37, "word": " are", "probability": 0.94189453125}, {"start": 378.37, "end": 378.93, "word": " the", "probability": 0.92822265625}, {"start": 378.93, "end": 379.15, "word": " main", "probability": 0.93896484375}, {"start": 379.15, "end": 379.77, "word": " conditions", "probability": 0.89892578125}, {"start": 379.77, "end": 380.09, "word": " for", "probability": 0.9443359375}, {"start": 380.09, "end": 380.33, "word": " the", "probability": 0.84619140625}, {"start": 380.33, "end": 380.87, "word": " effective", "probability": 0.90478515625}, {"start": 380.87, "end": 382.45, "word": " supply.", "probability": 0.95068359375}, {"start": 383.11, "end": 383.21, "word": " Okay?", "probability": 0.51708984375}, {"start": 384.01, "end": 384.45, "word": " Now,", "probability": 0.953125}], "temperature": 1.0}, {"id": 14, "seek": 41329, "start": 385.59, "end": 413.29, "text": " Let's have the following example. Let's assume that we are talking about the prices and the quantity supplied of gasoline or fuel prices. Price here, liter of fuel. Your point.", "tokens": [961, 311, 362, 264, 3480, 1365, 13, 961, 311, 6552, 300, 321, 366, 1417, 466, 264, 7901, 293, 264, 11275, 27625, 295, 28914, 420, 6616, 7901, 13, 25803, 510, 11, 2733, 295, 6616, 13, 2260, 935, 13], "avg_logprob": -0.20415295582068593, "compression_ratio": 1.372093023255814, "no_speech_prob": 0.0, "words": [{"start": 385.59, "end": 385.95, "word": " Let's", "probability": 0.917724609375}, {"start": 385.95, "end": 386.15, "word": " have", "probability": 0.94140625}, {"start": 386.15, "end": 386.27, "word": " the", "probability": 0.8583984375}, {"start": 386.27, "end": 386.55, "word": " following", "probability": 0.90869140625}, {"start": 386.55, "end": 387.13, "word": " example.", "probability": 0.97607421875}, {"start": 387.83, "end": 388.15, "word": " Let's", "probability": 0.83837890625}, {"start": 388.15, "end": 388.49, "word": " assume", "probability": 0.9130859375}, {"start": 388.49, "end": 388.83, "word": " that", "probability": 0.93359375}, {"start": 388.83, "end": 389.49, "word": " we", "probability": 0.95166015625}, {"start": 389.49, "end": 389.65, "word": " are", "probability": 0.93798828125}, {"start": 389.65, "end": 389.99, "word": " talking", "probability": 0.8427734375}, {"start": 389.99, "end": 390.49, "word": " about", "probability": 0.904296875}, {"start": 390.49, "end": 391.43, "word": " the", "probability": 0.904296875}, {"start": 391.43, "end": 392.11, "word": " prices", "probability": 0.244384765625}, {"start": 392.11, "end": 394.89, "word": " and", "probability": 0.921875}, {"start": 394.89, "end": 395.03, "word": " the", "probability": 0.89013671875}, {"start": 395.03, "end": 395.55, "word": " quantity", "probability": 0.97314453125}, {"start": 395.55, "end": 396.57, "word": " supplied", "probability": 0.83203125}, {"start": 396.57, "end": 397.13, "word": " of", "probability": 0.9658203125}, {"start": 397.13, "end": 399.31, "word": " gasoline", "probability": 0.9541015625}, {"start": 399.31, "end": 399.99, "word": " or", "probability": 0.94091796875}, {"start": 399.99, "end": 400.85, "word": " fuel", "probability": 0.85595703125}, {"start": 400.85, "end": 402.59, "word": " prices.", "probability": 0.5830078125}, {"start": 403.25, "end": 404.41, "word": " Price", "probability": 0.8974609375}, {"start": 404.41, "end": 405.81, "word": " here,", "probability": 0.66552734375}, {"start": 406.83, "end": 407.17, "word": " liter", "probability": 0.80859375}, {"start": 407.17, "end": 409.55, "word": " of", "probability": 0.91357421875}, {"start": 409.55, "end": 410.27, "word": " fuel.", "probability": 0.857421875}, {"start": 411.75, "end": 412.91, "word": " Your", "probability": 0.78857421875}, {"start": 412.91, "end": 413.29, "word": " point.", "probability": 0.9794921875}], "temperature": 1.0}, {"id": 15, "seek": 44475, "start": 418.53, "end": 444.75, "text": " And we are the quantity supplied of fuel by liter, here by shaken. Point A, B, C, D, E, F. A, B, C, D, E, F.", "tokens": [400, 321, 366, 264, 11275, 27625, 295, 6616, 538, 2733, 11, 510, 538, 40971, 13, 12387, 316, 11, 363, 11, 383, 11, 413, 11, 462, 11, 479, 13, 316, 11, 363, 11, 383, 11, 413, 11, 462, 11, 479, 13], "avg_logprob": -0.20083841754169, "compression_ratio": 1.2247191011235956, "no_speech_prob": 0.0, "words": [{"start": 418.53, "end": 418.85, "word": " And", "probability": 0.58984375}, {"start": 418.85, "end": 418.97, "word": " we", "probability": 0.362548828125}, {"start": 418.97, "end": 419.13, "word": " are", "probability": 0.84521484375}, {"start": 419.13, "end": 419.65, "word": " the", "probability": 0.88623046875}, {"start": 419.65, "end": 420.23, "word": " quantity", "probability": 0.55517578125}, {"start": 420.23, "end": 421.25, "word": " supplied", "probability": 0.84375}, {"start": 421.25, "end": 421.89, "word": " of", "probability": 0.97021484375}, {"start": 421.89, "end": 422.83, "word": " fuel", "probability": 0.84423828125}, {"start": 422.83, 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These are assumptions here. What do you see here in this schedule? What do you see in this table? As the price goes up or increases, what do you see?", "tokens": [2119, 11, 945, 11, 3552, 11, 2217, 13, 1981, 366, 17695, 510, 13, 708, 360, 291, 536, 510, 294, 341, 7567, 30, 708, 360, 291, 536, 294, 341, 3199, 30, 1018, 264, 3218, 1709, 493, 420, 8637, 11, 437, 360, 291, 536, 30], "avg_logprob": -0.1191406272013079, "compression_ratio": 1.4067796610169492, "no_speech_prob": 0.0, "words": [{"start": 473.85, "end": 474.85, "word": " 15,", "probability": 0.458251953125}, {"start": 475.33, "end": 476.07, "word": " 20,", "probability": 0.9189453125}, {"start": 476.31, "end": 476.81, "word": " 25,", "probability": 0.97314453125}, {"start": 477.45, "end": 477.99, "word": " 30.", "probability": 0.96630859375}, {"start": 481.01, "end": 481.71, "word": " These", "probability": 0.9169921875}, {"start": 481.71, "end": 482.09, "word": " are", "probability": 0.9267578125}, {"start": 482.09, "end": 482.61, "word": " assumptions", "probability": 0.91796875}, {"start": 482.61, "end": 482.99, "word": " here.", "probability": 0.85693359375}, {"start": 485.07, "end": 485.81, "word": " What", "probability": 0.671875}, {"start": 485.81, "end": 485.93, "word": " do", "probability": 0.9326171875}, {"start": 485.93, "end": 486.03, "word": " you", "probability": 0.958984375}, {"start": 486.03, "end": 486.21, "word": " see", "probability": 0.92626953125}, {"start": 486.21, "end": 486.43, "word": " here", "probability": 0.82275390625}, {"start": 486.43, "end": 486.57, "word": " in", "probability": 0.87890625}, {"start": 486.57, "end": 486.77, "word": " this", "probability": 0.94091796875}, {"start": 486.77, "end": 487.19, "word": " schedule?", "probability": 0.89404296875}, {"start": 488.27, "end": 488.89, "word": " What", "probability": 0.89501953125}, {"start": 488.89, "end": 488.97, "word": " do", "probability": 0.94970703125}, {"start": 488.97, "end": 489.11, "word": " you", "probability": 0.96240234375}, {"start": 489.11, "end": 489.39, "word": " see", "probability": 0.92919921875}, {"start": 489.39, "end": 489.87, "word": " in", "probability": 0.8544921875}, {"start": 489.87, "end": 490.17, "word": " this", "probability": 0.94775390625}, {"start": 490.17, "end": 490.59, "word": " table?", "probability": 0.89404296875}, {"start": 491.93, "end": 492.93, "word": " As", "probability": 0.94140625}, {"start": 492.93, "end": 493.85, "word": " the", "probability": 0.728515625}, {"start": 493.85, "end": 494.45, "word": " price", "probability": 0.91455078125}, {"start": 494.45, "end": 495.35, "word": " goes", "probability": 0.93212890625}, {"start": 495.35, "end": 495.95, "word": " up", "probability": 0.97412109375}, {"start": 495.95, "end": 496.99, "word": " or", "probability": 0.9072265625}, {"start": 496.99, "end": 497.57, "word": " increases,", "probability": 0.935546875}, {"start": 499.21, "end": 499.71, "word": " what", "probability": 0.9111328125}, {"start": 499.71, "end": 499.81, "word": " do", "probability": 0.912109375}, {"start": 499.81, "end": 499.85, "word": " you", "probability": 0.9638671875}, {"start": 499.85, "end": 500.05, "word": " see?", "probability": 0.9287109375}], "temperature": 1.0}, {"id": 18, "seek": 51390, "start": 501.14, "end": 513.9, "text": " Exactly. So the quant supplied goes up as well because increasing the prices leads to increasing the profits.", "tokens": [7587, 13, 407, 264, 4426, 27625, 1709, 493, 382, 731, 570, 5662, 264, 7901, 6689, 281, 5662, 264, 17982, 13], "avg_logprob": -0.16257440760022118, "compression_ratio": 1.25, "no_speech_prob": 0.0, "words": [{"start": 501.14, "end": 501.8, "word": " Exactly.", "probability": 0.59716796875}, {"start": 502.06, "end": 502.16, "word": " So", "probability": 0.94287109375}, {"start": 502.16, "end": 502.34, "word": " the", "probability": 0.740234375}, {"start": 502.34, "end": 502.64, "word": " quant", "probability": 0.53076171875}, {"start": 502.64, "end": 503.22, "word": " supplied", "probability": 0.72119140625}, {"start": 503.22, "end": 504.64, "word": " goes", "probability": 0.91943359375}, {"start": 504.64, "end": 505.06, "word": " up", "probability": 0.97412109375}, {"start": 505.06, "end": 505.5, "word": " as", "probability": 0.9697265625}, {"start": 505.5, "end": 505.76, "word": " well", "probability": 0.94580078125}, {"start": 505.76, "end": 506.38, "word": " because", "probability": 0.64306640625}, {"start": 506.38, "end": 507.54, "word": " increasing", "probability": 0.9267578125}, {"start": 507.54, "end": 507.76, "word": " the", "probability": 0.91552734375}, {"start": 507.76, "end": 508.38, "word": " prices", "probability": 0.865234375}, {"start": 508.38, "end": 512.48, "word": " leads", "probability": 0.818359375}, {"start": 512.48, "end": 512.72, "word": " to", "probability": 0.97021484375}, {"start": 512.72, "end": 513.24, "word": " increasing", "probability": 0.9482421875}, {"start": 513.24, "end": 513.44, "word": " the", "probability": 0.9111328125}, {"start": 513.44, "end": 513.9, "word": " profits.", "probability": 0.93505859375}], "temperature": 1.0}, {"id": 19, "seek": 54382, "start": 518.28, "end": 543.82, "text": " This will encourage the producers to produce more. This means the willingness to produce goes up and the ability to produce goes up as well. So as a profits, yes. Okay, as a profits goes up or go up, the willingness to produce, to sell or to produce,", "tokens": [639, 486, 5373, 264, 16080, 281, 5258, 544, 13, 639, 1355, 264, 25069, 281, 5258, 1709, 493, 293, 264, 3485, 281, 5258, 1709, 493, 382, 731, 13, 407, 382, 257, 17982, 11, 2086, 13, 1033, 11, 382, 257, 17982, 1709, 493, 420, 352, 493, 11, 264, 25069, 281, 5258, 11, 281, 3607, 420, 281, 5258, 11], "avg_logprob": -0.19435306808404756, "compression_ratio": 1.887218045112782, "no_speech_prob": 0.0, "words": [{"start": 518.28, "end": 518.7, "word": " This", "probability": 0.7294921875}, {"start": 518.7, "end": 518.92, "word": " will", "probability": 0.7001953125}, {"start": 518.92, "end": 519.62, "word": " encourage", "probability": 0.81689453125}, {"start": 519.62, "end": 520.4, "word": " the", "probability": 0.87451171875}, {"start": 520.4, "end": 520.88, "word": " producers", "probability": 0.8623046875}, {"start": 520.88, "end": 521.2, "word": " to", "probability": 0.96875}, {"start": 521.2, "end": 521.58, "word": " produce", "probability": 0.8828125}, {"start": 521.58, "end": 521.96, "word": " more.", "probability": 0.935546875}, {"start": 522.48, "end": 522.64, "word": " This", "probability": 0.9033203125}, {"start": 522.64, "end": 523.04, "word": " means", "probability": 0.93505859375}, {"start": 523.04, "end": 523.34, "word": " the", "probability": 0.8837890625}, {"start": 523.34, "end": 523.7, "word": " willingness", "probability": 0.9150390625}, {"start": 523.7, "end": 524.06, "word": " to", "probability": 0.96826171875}, {"start": 524.06, "end": 524.52, "word": " produce", "probability": 0.8896484375}, {"start": 524.52, "end": 525.04, "word": " goes", "probability": 0.93115234375}, {"start": 525.04, "end": 525.44, "word": " up", "probability": 0.96923828125}, {"start": 525.44, "end": 526.22, "word": " and", "probability": 0.62255859375}, {"start": 526.22, "end": 526.46, "word": " the", "probability": 0.91650390625}, {"start": 526.46, "end": 526.92, "word": " ability", "probability": 0.953125}, {"start": 526.92, "end": 527.18, "word": " to", "probability": 0.96875}, {"start": 527.18, "end": 527.64, "word": " produce", "probability": 0.8701171875}, {"start": 527.64, "end": 528.12, "word": " goes", "probability": 0.93212890625}, {"start": 528.12, "end": 528.48, "word": " up", "probability": 0.96875}, {"start": 528.48, "end": 528.82, "word": " as", "probability": 0.94384765625}, {"start": 528.82, "end": 529.08, "word": " well.", "probability": 0.9404296875}, {"start": 529.44, "end": 529.58, "word": " So", "probability": 0.87109375}, {"start": 529.58, "end": 530.16, "word": " as", "probability": 0.57666015625}, {"start": 530.16, "end": 530.3, "word": " a", "probability": 0.294189453125}, {"start": 530.3, "end": 530.64, "word": " profits,", "probability": 0.64990234375}, {"start": 530.94, "end": 531.18, "word": " yes.", "probability": 0.91162109375}, {"start": 532.9, "end": 533.2, "word": " Okay,", "probability": 0.6484375}, {"start": 533.54, "end": 533.84, "word": " as", "probability": 0.95556640625}, {"start": 533.84, "end": 533.96, "word": " a", "probability": 0.56396484375}, {"start": 533.96, "end": 534.28, "word": " profits", "probability": 0.95947265625}, {"start": 534.28, "end": 534.7, "word": " goes", "probability": 0.91796875}, {"start": 534.7, "end": 535.18, "word": " up", "probability": 0.9716796875}, {"start": 535.18, "end": 535.74, "word": " or", "probability": 0.7529296875}, {"start": 535.74, "end": 535.98, "word": " go", "probability": 0.9560546875}, {"start": 535.98, "end": 536.54, "word": " up,", "probability": 0.7890625}, {"start": 537.9, "end": 538.12, "word": " the", "probability": 0.9130859375}, {"start": 538.12, "end": 538.48, "word": " willingness", "probability": 0.93310546875}, {"start": 538.48, "end": 538.76, "word": " to", "probability": 0.96484375}, {"start": 538.76, "end": 539.28, "word": " produce,", "probability": 0.861328125}, {"start": 542.2, "end": 542.62, "word": " to", "probability": 0.95361328125}, {"start": 542.62, "end": 542.9, "word": " sell", "probability": 0.884765625}, {"start": 542.9, "end": 543.14, "word": " or", "probability": 0.93212890625}, {"start": 543.14, "end": 543.28, "word": " to", "probability": 0.96240234375}, {"start": 543.28, "end": 543.82, "word": " produce,", "probability": 0.87548828125}], "temperature": 1.0}, {"id": 20, "seek": 56689, "start": 544.59, "end": 566.89, "text": " goes up plus the ability, you have more money to produce, so the ability to sell or to produce goes up as well. Here we are talking about supply. So supply goes up as well.", "tokens": [1709, 493, 1804, 264, 3485, 11, 291, 362, 544, 1460, 281, 5258, 11, 370, 264, 3485, 281, 3607, 420, 281, 5258, 1709, 493, 382, 731, 13, 1692, 321, 366, 1417, 466, 5847, 13, 407, 5847, 1709, 493, 382, 731, 13], "avg_logprob": -0.16996950638003466, "compression_ratio": 1.5309734513274336, "no_speech_prob": 0.0, "words": [{"start": 544.59, "end": 545.05, "word": " goes", "probability": 0.300048828125}, {"start": 545.05, "end": 545.41, "word": " up", "probability": 0.97021484375}, {"start": 545.41, "end": 546.21, "word": " plus", "probability": 0.58740234375}, {"start": 546.21, "end": 547.25, "word": " the", "probability": 0.88037109375}, {"start": 547.25, "end": 547.79, "word": " ability,", "probability": 0.951171875}, {"start": 547.97, "end": 548.07, "word": " you", "probability": 0.95947265625}, {"start": 548.07, "end": 548.53, "word": " have", "probability": 0.94873046875}, {"start": 548.53, "end": 549.25, "word": " more", "probability": 0.92919921875}, {"start": 549.25, "end": 549.57, "word": " money", "probability": 0.92822265625}, {"start": 549.57, "end": 549.77, "word": " to", "probability": 0.96923828125}, {"start": 549.77, "end": 550.17, "word": " produce,", "probability": 0.875}, {"start": 550.77, "end": 550.77, "word": " so", "probability": 0.92529296875}, {"start": 550.77, "end": 551.67, "word": " the", "probability": 0.81982421875}, {"start": 551.67, "end": 552.51, "word": " ability", "probability": 0.90478515625}, {"start": 552.51, "end": 555.23, "word": " to", "probability": 0.94775390625}, {"start": 555.23, "end": 555.71, "word": " sell", "probability": 0.87890625}, {"start": 555.71, "end": 556.81, "word": " or", "probability": 0.8984375}, {"start": 556.81, "end": 556.97, "word": " to", "probability": 0.96533203125}, {"start": 556.97, "end": 557.59, "word": " produce", "probability": 0.86962890625}, {"start": 557.59, "end": 560.13, "word": " goes", "probability": 0.71484375}, {"start": 560.13, "end": 560.49, "word": " up", "probability": 0.96923828125}, {"start": 560.49, "end": 560.89, "word": " as", "probability": 0.9453125}, {"start": 560.89, "end": 561.11, "word": " well.", "probability": 0.9384765625}, {"start": 561.29, "end": 561.47, "word": " Here", "probability": 0.8232421875}, {"start": 561.47, "end": 561.63, "word": " we", "probability": 0.78125}, {"start": 561.63, "end": 561.79, "word": " are", "probability": 0.93701171875}, {"start": 561.79, "end": 562.17, "word": " talking", "probability": 0.85498046875}, {"start": 562.17, "end": 562.89, "word": " about", "probability": 0.89990234375}, {"start": 562.89, "end": 563.51, "word": " supply.", "probability": 0.947265625}, {"start": 564.41, "end": 564.63, "word": " So", "probability": 0.95751953125}, {"start": 564.63, "end": 565.53, "word": " supply", "probability": 0.7998046875}, {"start": 565.53, "end": 566.07, "word": " goes", "probability": 0.94091796875}, {"start": 566.07, "end": 566.37, "word": " up", "probability": 0.970703125}, {"start": 566.37, "end": 566.69, "word": " as", "probability": 0.9658203125}, {"start": 566.69, "end": 566.89, "word": " well.", "probability": 0.9384765625}], "temperature": 1.0}, {"id": 21, "seek": 59916, "start": 569.51, "end": 599.17, "text": " All right. Now, before going to this point, I will derive or let's derive the relationship between or discuss the relationship between the prices and the quantity supplied using graph. Here we have prices and the quantity supplied. Prices to", "tokens": [1057, 558, 13, 823, 11, 949, 516, 281, 341, 935, 11, 286, 486, 28446, 420, 718, 311, 28446, 264, 2480, 1296, 420, 2248, 264, 2480, 1296, 264, 7901, 293, 264, 11275, 27625, 1228, 4295, 13, 1692, 321, 362, 7901, 293, 264, 11275, 27625, 13, 430, 24373, 281], "avg_logprob": -0.18815104477107525, "compression_ratio": 1.6923076923076923, "no_speech_prob": 0.0, "words": [{"start": 569.51, "end": 569.77, "word": " All", "probability": 0.578125}, {"start": 569.77, "end": 570.01, "word": " right.", "probability": 0.916015625}, {"start": 570.63, "end": 570.87, "word": " Now,", "probability": 0.896484375}, {"start": 571.47, "end": 571.89, "word": " before", "probability": 0.88232421875}, {"start": 571.89, "end": 572.39, "word": " going", "probability": 0.923828125}, {"start": 572.39, "end": 572.57, "word": " to", "probability": 0.9365234375}, {"start": 572.57, "end": 572.85, "word": " this", "probability": 0.953125}, {"start": 572.85, "end": 573.27, "word": " point,", "probability": 0.97119140625}, {"start": 573.59, "end": 573.71, "word": " I", "probability": 0.93310546875}, {"start": 573.71, "end": 573.99, "word": " will", "probability": 0.89111328125}, {"start": 573.99, "end": 574.63, "word": " derive", "probability": 0.9296875}, {"start": 574.63, "end": 575.45, "word": " or", "probability": 0.5625}, {"start": 575.45, "end": 575.89, "word": " let's", "probability": 0.946533203125}, {"start": 575.89, "end": 576.45, "word": " derive", "probability": 0.9287109375}, {"start": 576.45, "end": 577.21, "word": " the", "probability": 0.90380859375}, {"start": 577.21, "end": 578.51, "word": " relationship", "probability": 0.9140625}, {"start": 578.51, "end": 579.35, "word": " between", "probability": 0.86181640625}, {"start": 579.35, "end": 579.79, "word": " or", "probability": 0.72998046875}, {"start": 579.79, "end": 580.29, "word": " discuss", "probability": 0.9111328125}, {"start": 580.29, "end": 580.51, "word": " the", "probability": 0.9169921875}, {"start": 580.51, "end": 580.97, "word": " relationship", "probability": 0.9150390625}, {"start": 580.97, "end": 581.27, "word": " between", "probability": 0.8681640625}, {"start": 581.27, "end": 581.47, "word": " the", "probability": 0.91259765625}, {"start": 581.47, "end": 581.81, "word": " prices", "probability": 0.8447265625}, {"start": 581.81, "end": 582.11, "word": " and", "probability": 0.9423828125}, {"start": 582.11, "end": 582.23, "word": " the", "probability": 0.8798828125}, {"start": 582.23, "end": 582.43, "word": " quantity", "probability": 0.556640625}, {"start": 582.43, "end": 582.91, "word": " supplied", "probability": 0.7978515625}, {"start": 582.91, "end": 583.65, "word": " using", "probability": 0.9111328125}, {"start": 583.65, "end": 584.29, "word": " graph.", "probability": 0.8759765625}, {"start": 587.15, "end": 587.53, "word": " Here", "probability": 0.8603515625}, {"start": 587.53, "end": 587.73, "word": " we", "probability": 0.7578125}, {"start": 587.73, "end": 588.15, "word": " have", "probability": 0.94775390625}, {"start": 588.15, "end": 592.01, "word": " prices", "probability": 0.82421875}, {"start": 592.01, "end": 593.05, "word": " and", "probability": 0.91259765625}, {"start": 593.05, "end": 593.21, "word": " the", "probability": 0.8408203125}, {"start": 593.21, "end": 593.67, "word": " quantity", "probability": 0.98388671875}, {"start": 593.67, "end": 594.19, "word": " supplied.", "probability": 0.8505859375}, {"start": 596.09, "end": 596.97, "word": " Prices", "probability": 0.914306640625}, {"start": 596.97, "end": 599.17, "word": " to", "probability": 0.3330078125}], "temperature": 1.0}, {"id": 22, "seek": 62919, "start": 600.93, "end": 629.19, "text": " four, six, eight, 10, 12, 14, that's it. And the class supplied five, 10, 15, 20, 25, and 30, that's it. The first point, point A represents or illustrates or when the price was two,", "tokens": [1451, 11, 2309, 11, 3180, 11, 1266, 11, 2272, 11, 3499, 11, 300, 311, 309, 13, 400, 264, 1508, 27625, 1732, 11, 1266, 11, 2119, 11, 945, 11, 3552, 11, 293, 2217, 11, 300, 311, 309, 13, 440, 700, 935, 11, 935, 316, 8855, 420, 41718, 420, 562, 264, 3218, 390, 732, 11], "avg_logprob": -0.17361111552626998, "compression_ratio": 1.3656716417910448, "no_speech_prob": 0.0, "words": [{"start": 600.93, "end": 601.37, "word": " four,", "probability": 0.462890625}, {"start": 601.99, "end": 602.51, "word": " six,", "probability": 0.95556640625}, {"start": 602.81, "end": 603.27, "word": " eight,", "probability": 0.900390625}, {"start": 603.89, "end": 604.37, "word": " 10,", "probability": 0.5380859375}, {"start": 605.05, "end": 605.73, "word": " 12,", "probability": 0.96337890625}, {"start": 606.43, "end": 607.21, "word": " 14,", "probability": 0.9658203125}, {"start": 607.75, "end": 608.03, "word": " that's", "probability": 0.94580078125}, {"start": 608.03, "end": 608.17, "word": " it.", "probability": 0.95654296875}, {"start": 609.93, "end": 610.17, "word": " And", "probability": 0.408203125}, {"start": 610.17, "end": 610.29, "word": " the", "probability": 0.701171875}, {"start": 610.29, "end": 610.53, "word": " class", "probability": 0.366943359375}, {"start": 610.53, "end": 611.07, "word": " supplied", "probability": 0.57421875}, {"start": 611.07, "end": 611.71, "word": " five,", "probability": 0.81494140625}, {"start": 612.33, "end": 614.31, "word": " 10,", "probability": 0.8759765625}, {"start": 614.43, "end": 615.05, "word": " 15,", "probability": 0.96826171875}, {"start": 615.95, "end": 616.87, "word": " 20,", "probability": 0.94970703125}, {"start": 617.11, "end": 617.65, "word": " 25,", "probability": 0.97119140625}, {"start": 618.31, "end": 618.71, "word": " and", "probability": 0.9248046875}, {"start": 618.71, "end": 619.07, "word": " 30,", "probability": 0.97412109375}, {"start": 619.53, "end": 619.81, "word": " that's", "probability": 0.968994140625}, {"start": 619.81, "end": 619.93, "word": " it.", "probability": 0.953125}, {"start": 620.91, "end": 621.11, "word": " The", "probability": 0.7705078125}, {"start": 621.11, "end": 621.33, "word": " first", "probability": 0.88427734375}, {"start": 621.33, "end": 621.67, "word": " point,", "probability": 0.97119140625}, {"start": 622.79, "end": 623.29, "word": " point", "probability": 0.833984375}, {"start": 623.29, "end": 623.67, "word": " A", "probability": 0.9326171875}, {"start": 623.67, "end": 624.99, "word": " represents", "probability": 0.68798828125}, {"start": 624.99, "end": 625.93, "word": " or", "probability": 0.87548828125}, {"start": 625.93, "end": 626.71, "word": " illustrates", "probability": 0.95068359375}, {"start": 626.71, "end": 627.47, "word": " or", "probability": 0.38623046875}, {"start": 627.47, "end": 627.69, "word": " when", "probability": 0.94140625}, {"start": 627.69, "end": 628.09, "word": " the", "probability": 0.921875}, {"start": 628.09, "end": 628.41, "word": " price", "probability": 0.9208984375}, {"start": 628.41, "end": 628.75, "word": " was", "probability": 0.94873046875}, {"start": 628.75, "end": 629.19, "word": " two,", "probability": 0.83251953125}], "temperature": 1.0}, {"id": 23, "seek": 66095, "start": 631.71, "end": 660.95, "text": " 2 and 5 here, 4 and 10. That's it here. Point A, B, C, D, E, F. If we connect these points together here, we'll reach to the supply curve. So supply curve,", "tokens": [568, 293, 1025, 510, 11, 1017, 293, 1266, 13, 663, 311, 309, 510, 13, 12387, 316, 11, 363, 11, 383, 11, 413, 11, 462, 11, 479, 13, 759, 321, 1745, 613, 2793, 1214, 510, 11, 321, 603, 2524, 281, 264, 5847, 7605, 13, 407, 5847, 7605, 11], "avg_logprob": -0.1630045510828495, "compression_ratio": 1.248, "no_speech_prob": 0.0, "words": [{"start": 631.71, "end": 631.99, "word": " 2", "probability": 0.262939453125}, {"start": 631.99, "end": 632.19, "word": " and", "probability": 0.54443359375}, {"start": 632.19, "end": 632.59, "word": " 5", "probability": 0.919921875}, {"start": 632.59, "end": 633.79, "word": " here,", "probability": 0.82470703125}, {"start": 634.41, "end": 635.43, "word": " 4", "probability": 0.8837890625}, {"start": 635.43, "end": 635.63, "word": " and", "probability": 0.93798828125}, {"start": 635.63, "end": 635.87, "word": " 10.", "probability": 0.96875}, {"start": 644.51, "end": 645.19, "word": " That's", "probability": 0.866455078125}, {"start": 645.19, "end": 645.35, "word": " it", "probability": 0.94775390625}, {"start": 645.35, "end": 645.63, "word": " here.", "probability": 0.5859375}, {"start": 647.75, "end": 648.29, "word": " Point", "probability": 0.861328125}, {"start": 648.29, "end": 648.79, "word": " A,", "probability": 0.78173828125}, {"start": 649.09, "end": 649.59, "word": " B,", "probability": 0.95361328125}, {"start": 649.95, "end": 650.21, "word": " C,", "probability": 0.98291015625}, {"start": 650.55, "end": 650.73, "word": " D,", "probability": 0.99609375}, {"start": 651.07, "end": 651.35, "word": " E,", "probability": 0.99462890625}, {"start": 651.65, "end": 652.05, "word": " F.", "probability": 0.99609375}, {"start": 653.09, "end": 653.31, "word": " If", "probability": 0.9619140625}, {"start": 653.31, "end": 653.45, "word": " we", "probability": 0.93701171875}, {"start": 653.45, "end": 653.71, "word": " connect", "probability": 0.873046875}, {"start": 653.71, "end": 653.97, "word": " these", "probability": 0.8515625}, {"start": 653.97, "end": 654.33, "word": " points", "probability": 0.94091796875}, {"start": 654.33, "end": 654.69, "word": " together", "probability": 0.8095703125}, {"start": 654.69, "end": 654.95, "word": " here,", "probability": 0.71044921875}, {"start": 655.03, "end": 655.23, "word": " we'll", "probability": 0.787841796875}, {"start": 655.23, "end": 655.65, "word": " reach", "probability": 0.92626953125}, {"start": 655.65, "end": 655.95, "word": " to", "probability": 0.94189453125}, {"start": 655.95, "end": 656.49, "word": " the", "probability": 0.89697265625}, {"start": 656.49, "end": 656.93, "word": " supply", "probability": 0.93798828125}, {"start": 656.93, "end": 657.33, "word": " curve.", "probability": 0.95458984375}, {"start": 659.05, "end": 659.35, "word": " So", "probability": 0.92626953125}, {"start": 659.35, "end": 660.51, "word": " supply", "probability": 0.75048828125}, {"start": 660.51, "end": 660.95, "word": " curve,", "probability": 0.95849609375}], "temperature": 1.0}, {"id": 24, "seek": 69209, "start": 663.93, "end": 692.09, "text": " It's a graph. It's a line. It's a curve. Shows what? The positive relationship between the prices and the quant supplied. As the price goes up, the quant supplied goes up as well. So as the price goes up, the quant supplied goes up as well. Here we have", "tokens": [467, 311, 257, 4295, 13, 467, 311, 257, 1622, 13, 467, 311, 257, 7605, 13, 1160, 1509, 437, 30, 440, 3353, 2480, 1296, 264, 7901, 293, 264, 4426, 27625, 13, 1018, 264, 3218, 1709, 493, 11, 264, 4426, 27625, 1709, 493, 382, 731, 13, 407, 382, 264, 3218, 1709, 493, 11, 264, 4426, 27625, 1709, 493, 382, 731, 13, 1692, 321, 362], "avg_logprob": -0.12679811697157603, "compression_ratio": 1.8676470588235294, "no_speech_prob": 0.0, "words": [{"start": 663.93, "end": 664.23, "word": " It's", "probability": 0.6829833984375}, {"start": 664.23, "end": 664.33, "word": " a", "probability": 0.98193359375}, {"start": 664.33, "end": 664.75, "word": " graph.", "probability": 0.939453125}, {"start": 665.09, "end": 665.43, "word": " It's", "probability": 0.974365234375}, {"start": 665.43, "end": 665.57, "word": " a", "probability": 0.99755859375}, {"start": 665.57, "end": 666.01, "word": " line.", "probability": 0.93798828125}, {"start": 666.79, "end": 667.01, "word": " It's", "probability": 0.943603515625}, {"start": 667.01, "end": 667.13, "word": " a", "probability": 0.94677734375}, {"start": 667.13, "end": 667.33, "word": " curve.", "probability": 0.962890625}, {"start": 668.09, "end": 668.65, "word": " Shows", "probability": 0.7061767578125}, {"start": 668.65, "end": 669.35, "word": " what?", "probability": 0.93017578125}, {"start": 669.83, "end": 670.11, "word": " The", "probability": 0.8251953125}, {"start": 670.11, "end": 671.15, "word": " positive", "probability": 0.87646484375}, {"start": 671.15, "end": 672.61, "word": " relationship", "probability": 0.9140625}, {"start": 672.61, "end": 673.05, "word": " between", "probability": 0.8798828125}, {"start": 673.05, "end": 673.33, "word": " the", "probability": 0.90673828125}, {"start": 673.33, "end": 673.97, "word": " prices", "probability": 0.85693359375}, {"start": 673.97, "end": 674.57, "word": " and", "probability": 0.8974609375}, {"start": 674.57, "end": 674.71, "word": " the", "probability": 0.91650390625}, {"start": 674.71, "end": 674.93, "word": " quant", "probability": 0.736328125}, {"start": 674.93, "end": 675.43, "word": " supplied.", "probability": 0.7294921875}, {"start": 676.09, "end": 676.59, "word": " As", "probability": 0.96728515625}, {"start": 676.59, "end": 676.75, "word": " the", "probability": 0.90185546875}, {"start": 676.75, "end": 677.07, "word": " price", "probability": 0.8994140625}, {"start": 677.07, "end": 677.65, "word": " goes", "probability": 0.93798828125}, {"start": 677.65, "end": 678.09, "word": " up,", "probability": 0.97216796875}, {"start": 678.63, "end": 678.87, "word": " the", "probability": 0.92626953125}, {"start": 678.87, "end": 679.21, "word": " quant", "probability": 0.970703125}, {"start": 679.21, "end": 679.71, "word": " supplied", "probability": 0.83056640625}, {"start": 679.71, "end": 680.25, "word": " goes", "probability": 0.9326171875}, {"start": 680.25, "end": 680.61, "word": " up", "probability": 0.9677734375}, {"start": 680.61, "end": 681.05, "word": " as", "probability": 0.9130859375}, {"start": 681.05, "end": 681.27, "word": " well.", "probability": 0.9365234375}, {"start": 681.59, "end": 681.85, "word": " So", "probability": 0.9287109375}, {"start": 681.85, "end": 682.49, "word": " as", "probability": 0.6611328125}, {"start": 682.49, "end": 682.65, "word": " the", "probability": 0.9169921875}, {"start": 682.65, "end": 682.97, "word": " price", "probability": 0.9013671875}, {"start": 682.97, "end": 683.49, "word": " goes", "probability": 0.93115234375}, {"start": 683.49, "end": 683.93, "word": " up,", "probability": 0.9697265625}, {"start": 685.81, "end": 687.29, "word": " the", "probability": 0.92333984375}, {"start": 687.29, "end": 687.61, "word": " quant", "probability": 0.98681640625}, {"start": 687.61, "end": 688.15, "word": " supplied", "probability": 0.80615234375}, {"start": 688.15, "end": 688.91, "word": " goes", "probability": 0.9384765625}, {"start": 688.91, "end": 689.23, "word": " up", "probability": 0.96875}, {"start": 689.23, "end": 689.65, "word": " as", "probability": 0.95703125}, {"start": 689.65, "end": 689.87, "word": " well.", "probability": 0.93603515625}, {"start": 691.03, "end": 691.65, "word": " Here", "probability": 0.84912109375}, {"start": 691.65, "end": 691.81, "word": " we", "probability": 0.8427734375}, {"start": 691.81, "end": 692.09, "word": " have", "probability": 0.94189453125}], "temperature": 1.0}, {"id": 25, "seek": 71576, "start": 692.72, "end": 715.76, "text": " Positive, positive. The final result will be positive. Positive times positive, positive. As the price goes down, the supply goes down as well. Negative times negative, positive. So, positive. Negative times negative, positive. Okay?", "tokens": [46326, 11, 3353, 13, 440, 2572, 1874, 486, 312, 3353, 13, 46326, 1413, 3353, 11, 3353, 13, 1018, 264, 3218, 1709, 760, 11, 264, 5847, 1709, 760, 382, 731, 13, 43230, 1413, 3671, 11, 3353, 13, 407, 11, 3353, 13, 43230, 1413, 3671, 11, 3353, 13, 1033, 30], "avg_logprob": -0.2267219387755102, "compression_ratio": 1.9663865546218486, "no_speech_prob": 0.0, "words": [{"start": 692.72, "end": 693.28, "word": " Positive,", "probability": 0.6318359375}, {"start": 693.76, "end": 694.32, "word": " positive.", "probability": 0.91650390625}, {"start": 694.72, "end": 695.06, "word": " The", "probability": 0.880859375}, {"start": 695.06, "end": 695.34, "word": " final", "probability": 0.93994140625}, {"start": 695.34, "end": 695.76, "word": " result", "probability": 0.939453125}, {"start": 695.76, "end": 696.0, "word": " will", "probability": 0.8681640625}, {"start": 696.0, "end": 696.18, "word": " be", "probability": 0.947265625}, {"start": 696.18, "end": 696.58, "word": " positive.", "probability": 0.927734375}, {"start": 696.68, "end": 697.0, "word": " Positive", "probability": 0.83837890625}, {"start": 697.0, "end": 697.42, "word": " times", "probability": 0.83203125}, {"start": 697.42, "end": 697.9, "word": " positive,", "probability": 0.9287109375}, {"start": 698.02, "end": 698.42, "word": " positive.", "probability": 0.94384765625}, {"start": 699.12, "end": 699.76, "word": " As", "probability": 0.96240234375}, {"start": 699.76, "end": 699.9, "word": " the", "probability": 0.8798828125}, {"start": 699.9, "end": 700.22, "word": " price", "probability": 0.91552734375}, {"start": 700.22, "end": 700.74, "word": " goes", "probability": 0.93798828125}, {"start": 700.74, "end": 701.4, "word": " down,", "probability": 0.85107421875}, {"start": 702.5, "end": 702.76, "word": " the", "probability": 0.50927734375}, {"start": 702.76, "end": 702.84, "word": " supply", "probability": 0.10986328125}, {"start": 702.84, "end": 705.04, "word": " goes", "probability": 0.9072265625}, {"start": 705.04, "end": 705.8, "word": " down", "probability": 0.8623046875}, {"start": 705.8, "end": 706.3, "word": " as", "probability": 0.94921875}, {"start": 706.3, "end": 706.66, "word": " well.", "probability": 0.93798828125}, {"start": 707.0, "end": 707.54, "word": " Negative", "probability": 0.96533203125}, {"start": 707.54, "end": 708.04, "word": " times", "probability": 0.92138671875}, {"start": 708.04, "end": 708.54, "word": " negative,", "probability": 0.947265625}, {"start": 709.0, "end": 709.72, "word": " positive.", "probability": 0.94287109375}, {"start": 710.68, "end": 710.94, "word": " So,", "probability": 0.681640625}, {"start": 712.16, "end": 712.78, "word": " positive.", "probability": 0.87841796875}, {"start": 712.94, "end": 713.22, "word": " Negative", "probability": 0.96728515625}, {"start": 713.22, "end": 713.7, "word": " times", "probability": 0.935546875}, {"start": 713.7, "end": 714.14, "word": " negative,", "probability": 0.9453125}, {"start": 714.26, "end": 714.6, "word": " positive.", "probability": 0.93896484375}, {"start": 715.38, "end": 715.76, "word": " Okay?", "probability": 0.73681640625}], "temperature": 1.0}, {"id": 26, "seek": 74296, "start": 718.28, "end": 742.96, "text": " Now, let's go to the factors affect supply. The factors affect supply which are the supply determinants. Supply determinants. So, let's go to the supply determinants or the factors affect supply.", "tokens": [823, 11, 718, 311, 352, 281, 264, 6771, 3345, 5847, 13, 440, 6771, 3345, 5847, 597, 366, 264, 5847, 15957, 1719, 13, 9391, 356, 15957, 1719, 13, 407, 11, 718, 311, 352, 281, 264, 5847, 15957, 1719, 420, 264, 6771, 3345, 5847, 13], "avg_logprob": -0.11523437533866275, "compression_ratio": 2.0416666666666665, "no_speech_prob": 0.0, "words": [{"start": 718.28, "end": 718.68, "word": " Now,", "probability": 0.94970703125}, {"start": 719.36, "end": 719.86, "word": " let's", "probability": 0.9716796875}, {"start": 719.86, "end": 720.24, "word": " go", "probability": 0.96826171875}, {"start": 720.24, "end": 720.98, "word": " to", "probability": 0.96044921875}, {"start": 720.98, "end": 721.64, "word": " the", "probability": 0.90966796875}, {"start": 721.64, "end": 722.18, "word": " factors", "probability": 0.95751953125}, {"start": 722.18, "end": 723.04, "word": " affect", "probability": 0.70166015625}, {"start": 723.04, "end": 723.66, "word": " supply.", "probability": 0.94580078125}, {"start": 724.06, "end": 724.78, "word": " The", "probability": 0.90869140625}, {"start": 724.78, "end": 725.3, "word": " factors", "probability": 0.94580078125}, {"start": 725.3, "end": 726.22, "word": " affect", "probability": 0.873046875}, {"start": 726.22, "end": 726.76, "word": " supply", "probability": 0.9404296875}, {"start": 726.76, "end": 727.16, "word": " which", "probability": 0.6845703125}, {"start": 727.16, "end": 727.64, "word": " are", "probability": 0.9404296875}, {"start": 727.64, "end": 728.32, "word": " the", "probability": 0.7587890625}, {"start": 728.32, "end": 728.86, "word": " supply", "probability": 0.9521484375}, {"start": 728.86, "end": 729.92, "word": " determinants.", "probability": 0.94482421875}, {"start": 730.6, "end": 731.2, "word": " Supply", "probability": 0.780029296875}, {"start": 731.2, "end": 732.4, "word": " determinants.", "probability": 0.96142578125}, {"start": 732.82, "end": 733.0, "word": " So,", "probability": 0.94091796875}, {"start": 734.08, "end": 736.9, "word": " let's", "probability": 0.968017578125}, {"start": 736.9, "end": 737.12, "word": " go", "probability": 0.96630859375}, {"start": 737.12, "end": 737.48, "word": " to", "probability": 0.9384765625}, {"start": 737.48, "end": 739.56, "word": " the", "probability": 0.91015625}, {"start": 739.56, "end": 740.12, "word": " supply", "probability": 0.9453125}, {"start": 740.12, "end": 741.02, "word": " determinants", "probability": 0.9765625}, {"start": 741.02, "end": 741.3, "word": " or", "probability": 0.86865234375}, {"start": 741.3, "end": 741.5, "word": " the", "probability": 0.92041015625}, {"start": 741.5, "end": 741.98, "word": " factors", "probability": 0.9677734375}, {"start": 741.98, "end": 742.5, "word": " affect", "probability": 0.8720703125}, {"start": 742.5, "end": 742.96, "word": " supply.", "probability": 0.93701171875}], "temperature": 1.0}, {"id": 27, "seek": 77886, "start": 753.38, "end": 778.86, "text": " Who can give us the first factor affects supply? Yes. Technology changes. Yes, this is number one. So let's go to the supply determinants. Supply.", "tokens": [2102, 393, 976, 505, 264, 700, 5952, 11807, 5847, 30, 1079, 13, 15037, 2962, 13, 1079, 11, 341, 307, 1230, 472, 13, 407, 718, 311, 352, 281, 264, 5847, 15957, 1719, 13, 9391, 356, 13], "avg_logprob": -0.1715494795805878, "compression_ratio": 1.225, "no_speech_prob": 0.0, "words": [{"start": 753.38, "end": 753.62, "word": " Who", "probability": 0.72021484375}, {"start": 753.62, "end": 753.92, "word": " can", "probability": 0.947265625}, {"start": 753.92, "end": 754.24, "word": " give", "probability": 0.89404296875}, {"start": 754.24, "end": 754.68, "word": " us", "probability": 0.94384765625}, {"start": 754.68, "end": 755.64, "word": " the", "probability": 0.90673828125}, {"start": 755.64, "end": 756.02, "word": " first", "probability": 0.8974609375}, {"start": 756.02, "end": 756.5, "word": " factor", "probability": 0.89599609375}, {"start": 756.5, "end": 756.9, "word": " affects", "probability": 0.3056640625}, {"start": 756.9, "end": 757.3, "word": " supply?", "probability": 0.9228515625}, {"start": 758.44, "end": 758.72, "word": " Yes.", "probability": 0.93994140625}, {"start": 759.22, "end": 759.62, "word": " Technology", "probability": 0.67578125}, {"start": 759.62, "end": 761.74, "word": " changes.", "probability": 0.87548828125}, {"start": 762.18, "end": 762.3, "word": " Yes,", "probability": 0.88525390625}, {"start": 762.42, "end": 762.6, "word": " this", "probability": 0.94384765625}, {"start": 762.6, "end": 762.76, "word": " is", "probability": 0.94384765625}, {"start": 762.76, "end": 762.92, "word": " number", "probability": 0.92578125}, {"start": 762.92, "end": 763.16, "word": " one.", "probability": 0.8896484375}, {"start": 763.96, "end": 764.74, "word": " So", "probability": 0.662109375}, {"start": 764.74, "end": 765.46, "word": " let's", "probability": 0.818603515625}, {"start": 765.46, "end": 765.66, "word": " go", "probability": 0.96337890625}, {"start": 765.66, "end": 765.96, "word": " to", "probability": 0.943359375}, {"start": 765.96, "end": 766.26, "word": " the", "probability": 0.91748046875}, {"start": 766.26, "end": 766.84, "word": " supply", "probability": 0.94384765625}, {"start": 766.84, "end": 767.8, "word": " determinants.", "probability": 0.933837890625}, {"start": 778.08, "end": 778.86, "word": " Supply.", "probability": 0.9287109375}], "temperature": 1.0}, {"id": 28, "seek": 81176, "start": 788.74, "end": 811.76, "text": " determinants or the factors affect supply. Number one, as your classmate said that the first factor is technology changes. What will happen to", "tokens": [15957, 1719, 420, 264, 6771, 3345, 5847, 13, 5118, 472, 11, 382, 428, 1508, 13963, 848, 300, 264, 700, 5952, 307, 2899, 2962, 13, 708, 486, 1051, 281], "avg_logprob": -0.1790140127313548, "compression_ratio": 1.2767857142857142, "no_speech_prob": 0.0, "words": [{"start": 788.74, "end": 789.52, "word": " determinants", "probability": 0.949951171875}, {"start": 789.52, "end": 790.3, "word": " or", "probability": 0.6845703125}, {"start": 790.3, "end": 790.46, "word": " the", "probability": 0.87939453125}, {"start": 790.46, "end": 790.82, "word": " factors", "probability": 0.9560546875}, {"start": 790.82, "end": 791.14, "word": " affect", "probability": 0.5078125}, {"start": 791.14, "end": 791.52, "word": " supply.", "probability": 0.95068359375}, {"start": 791.88, "end": 792.06, "word": " Number", "probability": 0.8671875}, {"start": 792.06, "end": 792.34, "word": " one,", "probability": 0.638671875}, {"start": 792.66, "end": 792.92, "word": " as", "probability": 0.96484375}, {"start": 792.92, "end": 793.14, "word": " your", "probability": 0.87939453125}, {"start": 793.14, "end": 793.64, "word": " classmate", "probability": 0.673828125}, {"start": 793.64, "end": 793.96, "word": " said", "probability": 0.93505859375}, {"start": 793.96, "end": 794.36, "word": " that", "probability": 0.80029296875}, {"start": 794.36, "end": 794.9, "word": " the", "probability": 0.6875}, {"start": 794.9, "end": 795.22, "word": " first", "probability": 0.89453125}, {"start": 795.22, "end": 795.78, "word": " factor", "probability": 0.89013671875}, {"start": 795.78, "end": 796.42, "word": " is", "probability": 0.9482421875}, {"start": 796.42, "end": 800.2, "word": " technology", "probability": 0.9462890625}, {"start": 800.2, "end": 801.1, "word": " changes.", "probability": 0.91748046875}, {"start": 810.32, "end": 810.8, "word": " What", "probability": 0.8740234375}, {"start": 810.8, "end": 810.94, "word": " will", "probability": 0.63525390625}, {"start": 810.94, "end": 811.34, "word": " happen", "probability": 0.90380859375}, {"start": 811.34, "end": 811.76, "word": " to", "probability": 0.9677734375}], "temperature": 1.0}, {"id": 29, "seek": 84334, "start": 813.96, "end": 843.34, "text": " the business or to the factories or the producers, or the ability to supply when we have a new technology, modern technology. The capacity or the ability to produce will increase. So as we have a new technology, having a new technology,", "tokens": [264, 1606, 420, 281, 264, 24813, 420, 264, 16080, 11, 420, 264, 3485, 281, 5847, 562, 321, 362, 257, 777, 2899, 11, 4363, 2899, 13, 440, 6042, 420, 264, 3485, 281, 5258, 486, 3488, 13, 407, 382, 321, 362, 257, 777, 2899, 11, 1419, 257, 777, 2899, 11], "avg_logprob": -0.13528380588609346, "compression_ratio": 1.8091603053435115, "no_speech_prob": 0.0, "words": [{"start": 813.96, "end": 814.18, "word": " the", "probability": 0.640625}, {"start": 814.18, "end": 814.72, "word": " business", "probability": 0.94482421875}, {"start": 814.72, "end": 815.34, "word": " or", "probability": 0.7392578125}, {"start": 815.34, "end": 815.48, "word": " to", "probability": 0.9658203125}, {"start": 815.48, "end": 815.68, "word": " the", "probability": 0.92138671875}, {"start": 815.68, "end": 816.16, "word": " factories", "probability": 0.8916015625}, {"start": 816.16, "end": 816.64, "word": " or", "probability": 0.89892578125}, {"start": 816.64, "end": 816.86, "word": " the", "probability": 0.8603515625}, {"start": 816.86, "end": 817.72, "word": " producers,", "probability": 0.87939453125}, {"start": 818.6, "end": 819.44, "word": " or", "probability": 0.95849609375}, {"start": 819.44, "end": 819.58, "word": " the", "probability": 0.875}, {"start": 819.58, "end": 819.98, "word": " ability", "probability": 0.95654296875}, {"start": 819.98, "end": 820.24, "word": " to", "probability": 0.96337890625}, {"start": 820.24, "end": 820.88, "word": " supply", "probability": 0.95556640625}, {"start": 820.88, "end": 821.44, "word": " when", "probability": 0.7939453125}, {"start": 821.44, "end": 821.64, "word": " we", "probability": 0.9638671875}, {"start": 821.64, "end": 822.02, "word": " have", "probability": 0.94580078125}, {"start": 822.02, "end": 822.32, "word": " a", "probability": 0.97265625}, {"start": 822.32, "end": 822.64, "word": " new", "probability": 0.91162109375}, {"start": 822.64, "end": 823.64, "word": " technology,", "probability": 0.75390625}, {"start": 823.94, "end": 824.38, "word": " modern", "probability": 0.89453125}, {"start": 824.38, "end": 825.14, "word": " technology.", "probability": 0.96533203125}, {"start": 825.86, "end": 826.78, "word": " The", "probability": 0.7412109375}, {"start": 826.78, "end": 827.36, "word": " capacity", "probability": 0.8564453125}, {"start": 827.36, "end": 827.76, "word": " or", "probability": 0.9443359375}, {"start": 827.76, "end": 827.9, "word": " the", "probability": 0.92333984375}, {"start": 827.9, "end": 828.28, "word": " ability", "probability": 0.95556640625}, {"start": 828.28, "end": 828.52, "word": " to", "probability": 0.96875}, {"start": 828.52, "end": 829.22, "word": " produce", "probability": 0.8779296875}, {"start": 829.22, "end": 830.1, "word": " will", "probability": 0.70263671875}, {"start": 830.1, "end": 830.72, "word": " increase.", "probability": 0.84130859375}, {"start": 831.46, "end": 831.64, "word": " So", "probability": 0.91064453125}, {"start": 831.64, "end": 833.42, "word": " as", "probability": 0.6572265625}, {"start": 833.42, "end": 833.92, "word": " we", "probability": 0.96435546875}, {"start": 833.92, "end": 834.36, "word": " have", "probability": 0.9462890625}, {"start": 834.36, "end": 834.64, "word": " a", "probability": 0.955078125}, {"start": 834.64, "end": 834.88, "word": " new", "probability": 0.9150390625}, {"start": 834.88, "end": 835.58, "word": " technology,", "probability": 0.9619140625}, {"start": 840.78, "end": 842.5, "word": " having", "probability": 0.90234375}, {"start": 842.5, "end": 842.7, "word": " a", "probability": 0.98388671875}, {"start": 842.7, "end": 842.84, "word": " new", "probability": 0.91845703125}, {"start": 842.84, "end": 843.34, "word": " technology,", "probability": 0.96044921875}], "temperature": 1.0}, {"id": 30, "seek": 86669, "start": 844.85, "end": 866.69, "text": " Means that the ability to produce will increase. And the willingness to produce as well will go up as well. So, and willingness to produce", "tokens": [40290, 300, 264, 3485, 281, 5258, 486, 3488, 13, 400, 264, 25069, 281, 5258, 382, 731, 486, 352, 493, 382, 731, 13, 407, 11, 293, 25069, 281, 5258], "avg_logprob": -0.24205280994546824, "compression_ratio": 1.4329896907216495, "no_speech_prob": 0.0, "words": [{"start": 844.85, "end": 845.63, "word": " Means", "probability": 0.4814453125}, {"start": 845.63, "end": 846.41, "word": " that", "probability": 0.92041015625}, {"start": 846.41, "end": 847.57, "word": " the", "probability": 0.7998046875}, {"start": 847.57, "end": 847.99, "word": " ability", "probability": 0.94921875}, {"start": 847.99, "end": 848.21, "word": " to", "probability": 0.970703125}, {"start": 848.21, "end": 848.81, "word": " produce", "probability": 0.88232421875}, {"start": 848.81, "end": 856.07, "word": " will", "probability": 0.62451171875}, {"start": 856.07, "end": 856.53, "word": " increase.", "probability": 0.83642578125}, {"start": 860.09, "end": 860.45, "word": " And", "probability": 0.90185546875}, {"start": 860.45, "end": 861.33, "word": " the", "probability": 0.84912109375}, {"start": 861.33, "end": 861.63, "word": " willingness", "probability": 0.90283203125}, {"start": 861.63, "end": 861.91, "word": " to", "probability": 0.96728515625}, {"start": 861.91, "end": 862.33, "word": " produce", "probability": 0.75537109375}, {"start": 862.33, "end": 862.55, "word": " as", "probability": 0.54638671875}, {"start": 862.55, "end": 862.75, "word": " well", "probability": 0.9521484375}, {"start": 862.75, "end": 863.01, "word": " will", "probability": 0.80029296875}, {"start": 863.01, "end": 863.29, "word": " go", "probability": 0.96240234375}, {"start": 863.29, "end": 863.57, "word": " up", "probability": 0.97265625}, {"start": 863.57, "end": 863.75, "word": " as", "probability": 0.54248046875}, {"start": 863.75, "end": 864.07, "word": " well.", "probability": 0.92822265625}, {"start": 864.15, "end": 864.39, "word": " So,", "probability": 0.67333984375}, {"start": 864.91, "end": 865.19, "word": " and", "probability": 0.57373046875}, {"start": 865.19, "end": 865.73, "word": " willingness", "probability": 0.78369140625}, {"start": 865.73, "end": 866.15, "word": " to", "probability": 0.96923828125}, {"start": 866.15, "end": 866.69, "word": " produce", "probability": 0.8681640625}], "temperature": 1.0}, {"id": 31, "seek": 89710, "start": 869.38, "end": 897.1, "text": " go up, so what will happen to this supplier? So supply goes up, shifts right. So supply curve here. Let us assume that this is the original supply curve, PQS, and this is the original supply curve, this one.", "tokens": [352, 493, 11, 370, 437, 486, 1051, 281, 341, 31909, 30, 407, 5847, 1709, 493, 11, 19201, 558, 13, 407, 5847, 7605, 510, 13, 961, 505, 6552, 300, 341, 307, 264, 3380, 5847, 7605, 11, 430, 48, 50, 11, 293, 341, 307, 264, 3380, 5847, 7605, 11, 341, 472, 13], "avg_logprob": -0.20603553629388996, "compression_ratio": 1.6377952755905512, "no_speech_prob": 0.0, "words": [{"start": 869.38, "end": 869.66, "word": " go", "probability": 0.50146484375}, {"start": 869.66, "end": 869.96, "word": " up,", "probability": 0.96630859375}, {"start": 870.28, "end": 870.46, "word": " so", "probability": 0.892578125}, {"start": 870.46, "end": 871.12, "word": " what", "probability": 0.90576171875}, {"start": 871.12, "end": 871.26, "word": " will", "probability": 0.78515625}, {"start": 871.26, "end": 871.62, "word": " happen", "probability": 0.908203125}, {"start": 871.62, "end": 871.9, "word": " to", "probability": 0.88037109375}, {"start": 871.9, "end": 872.18, "word": " this", "probability": 0.5498046875}, {"start": 872.18, "end": 872.78, "word": " supplier?", "probability": 0.65625}, {"start": 873.66, "end": 873.9, "word": " So", "probability": 0.90771484375}, {"start": 873.9, "end": 874.66, "word": " supply", "probability": 0.744140625}, {"start": 874.66, "end": 875.18, "word": " goes", "probability": 0.9375}, {"start": 875.18, "end": 877.42, "word": " up,", "probability": 0.97216796875}, {"start": 878.22, "end": 880.76, "word": " shifts", "probability": 0.876953125}, {"start": 880.76, "end": 881.34, "word": " right.", "probability": 0.90185546875}, {"start": 882.5, "end": 882.9, "word": " So", "probability": 0.96826171875}, {"start": 882.9, "end": 884.1, "word": " supply", "probability": 0.90625}, {"start": 884.1, "end": 884.68, "word": " curve", "probability": 0.94091796875}, {"start": 884.68, "end": 885.38, "word": " here.", "probability": 0.8486328125}, {"start": 886.8, "end": 887.34, "word": " Let", "probability": 0.7802734375}, {"start": 887.34, "end": 887.54, "word": " us", "probability": 0.72119140625}, {"start": 887.54, "end": 887.98, "word": " assume", "probability": 0.90869140625}, {"start": 887.98, "end": 888.24, "word": " that", "probability": 0.9345703125}, {"start": 888.24, "end": 888.48, "word": " this", "probability": 0.94775390625}, {"start": 888.48, "end": 888.78, "word": " is", "probability": 0.94970703125}, {"start": 888.78, "end": 889.24, "word": " the", "probability": 0.92333984375}, {"start": 889.24, "end": 889.66, "word": " original", "probability": 0.8740234375}, {"start": 889.66, "end": 890.14, "word": " supply", "probability": 0.95849609375}, {"start": 890.14, "end": 890.58, "word": " curve,", "probability": 0.94189453125}, {"start": 890.98, "end": 893.56, "word": " PQS,", "probability": 0.7701009114583334}, {"start": 894.1, "end": 894.36, "word": " and", "probability": 0.93505859375}, {"start": 894.36, "end": 894.6, "word": " this", "probability": 0.9482421875}, {"start": 894.6, "end": 894.78, "word": " is", "probability": 0.94921875}, {"start": 894.78, "end": 895.26, "word": " the", "probability": 0.92333984375}, {"start": 895.26, "end": 895.68, "word": " original", "probability": 0.9443359375}, {"start": 895.68, "end": 896.12, "word": " supply", "probability": 0.95703125}, {"start": 896.12, "end": 896.56, "word": " curve,", "probability": 0.9560546875}, {"start": 896.76, "end": 896.88, "word": " this", "probability": 0.5419921875}, {"start": 896.88, "end": 897.1, "word": " one.", "probability": 0.91796875}], "temperature": 1.0}, {"id": 32, "seek": 92437, "start": 899.49, "end": 924.37, "text": " This is an assumption here. This is the original, the initial supply curve. As we mentioned, as we have a technology changes, we have a new technology, modern technology, the ability and the willingness to produce go up and supply increases as supply curve shifts right. Then here, supply curve", "tokens": [639, 307, 364, 15302, 510, 13, 639, 307, 264, 3380, 11, 264, 5883, 5847, 7605, 13, 1018, 321, 2835, 11, 382, 321, 362, 257, 2899, 2962, 11, 321, 362, 257, 777, 2899, 11, 4363, 2899, 11, 264, 3485, 293, 264, 25069, 281, 5258, 352, 493, 293, 5847, 8637, 382, 5847, 7605, 19201, 558, 13, 1396, 510, 11, 5847, 7605], "avg_logprob": -0.16249999801317852, "compression_ratio": 1.7251461988304093, "no_speech_prob": 0.0, "words": [{"start": 899.49, "end": 899.77, "word": " This", "probability": 0.84765625}, {"start": 899.77, "end": 899.97, "word": " is", "probability": 0.9501953125}, {"start": 899.97, "end": 900.19, "word": " an", "probability": 0.96142578125}, {"start": 900.19, "end": 900.55, "word": " assumption", "probability": 0.9794921875}, {"start": 900.55, "end": 900.85, "word": " here.", "probability": 0.84423828125}, {"start": 900.99, "end": 901.11, "word": " This", "probability": 0.90625}, {"start": 901.11, "end": 901.25, "word": " is", "probability": 0.9423828125}, {"start": 901.25, "end": 901.35, "word": " the", "probability": 0.9072265625}, {"start": 901.35, "end": 901.79, "word": " original,", "probability": 0.876953125}, {"start": 902.25, "end": 902.33, "word": " the", "probability": 0.90966796875}, {"start": 902.33, "end": 902.83, "word": " initial", "probability": 0.8837890625}, {"start": 902.83, "end": 903.47, "word": " supply", "probability": 0.9560546875}, {"start": 903.47, "end": 903.91, "word": " curve.", "probability": 0.95751953125}, {"start": 904.79, "end": 905.35, "word": " As", "probability": 0.9775390625}, {"start": 905.35, "end": 905.49, "word": " we", "probability": 0.90283203125}, {"start": 905.49, "end": 905.79, "word": " mentioned,", "probability": 0.798828125}, {"start": 906.03, "end": 906.33, "word": " as", "probability": 0.9677734375}, {"start": 906.33, "end": 906.57, "word": " we", "probability": 0.9306640625}, {"start": 906.57, "end": 907.11, "word": " have", "probability": 0.94482421875}, {"start": 907.11, "end": 908.01, "word": " a", "probability": 0.6435546875}, {"start": 908.01, "end": 908.45, "word": " technology", "probability": 0.96142578125}, {"start": 908.45, "end": 908.93, "word": " changes,", "probability": 0.77001953125}, {"start": 909.05, "end": 909.15, "word": " we", "probability": 0.96435546875}, {"start": 909.15, "end": 909.35, "word": " have", "probability": 0.93408203125}, {"start": 909.35, "end": 909.49, "word": " a", "probability": 0.9619140625}, {"start": 909.49, "end": 909.67, "word": " new", "probability": 0.91796875}, {"start": 909.67, "end": 910.27, "word": " technology,", "probability": 0.60595703125}, {"start": 910.45, "end": 910.63, "word": " modern", "probability": 0.900390625}, {"start": 910.63, "end": 911.35, "word": " technology,", "probability": 0.95703125}, {"start": 912.17, "end": 912.53, "word": " the", "probability": 0.912109375}, {"start": 912.53, "end": 914.03, "word": " ability", "probability": 0.962890625}, {"start": 914.03, "end": 914.33, "word": " and", "probability": 0.87939453125}, {"start": 914.33, "end": 914.43, "word": " the", "probability": 0.85400390625}, {"start": 914.43, "end": 914.65, "word": " willingness", "probability": 0.85546875}, {"start": 914.65, "end": 914.91, "word": " to", "probability": 0.94970703125}, {"start": 914.91, "end": 915.43, "word": " produce", "probability": 0.87353515625}, {"start": 915.43, "end": 915.85, "word": " go", "probability": 0.947265625}, {"start": 915.85, "end": 916.29, "word": " up", "probability": 0.96875}, {"start": 916.29, "end": 917.15, "word": " and", "probability": 0.6923828125}, {"start": 917.15, "end": 918.07, "word": " supply", "probability": 0.96337890625}, {"start": 918.07, "end": 919.23, "word": " increases", "probability": 0.8876953125}, {"start": 919.23, "end": 919.99, "word": " as", "probability": 0.52783203125}, {"start": 919.99, "end": 920.41, "word": " supply", "probability": 0.939453125}, {"start": 920.41, "end": 920.91, "word": " curve", "probability": 0.955078125}, {"start": 920.91, "end": 921.55, "word": " shifts", "probability": 0.92578125}, {"start": 921.55, "end": 922.05, "word": " right.", "probability": 0.87158203125}, {"start": 922.21, "end": 922.35, "word": " Then", "probability": 0.51025390625}, {"start": 922.35, "end": 922.73, "word": " here,", "probability": 0.8173828125}, {"start": 923.41, "end": 923.87, "word": " supply", "probability": 0.9072265625}, {"start": 923.87, "end": 924.37, "word": " curve", "probability": 0.450439453125}], "temperature": 1.0}, {"id": 33, "seek": 95775, "start": 931.49, "end": 957.75, "text": " Shifts? Right. Where's the right? Here's the original. The right is here. Right? So we have rightward shifting and supply curve parallel to the previous one. This is S2. Here we are not talking down or up.", "tokens": [1160, 8065, 30, 1779, 13, 2305, 311, 264, 558, 30, 1692, 311, 264, 3380, 13, 440, 558, 307, 510, 13, 1779, 30, 407, 321, 362, 558, 1007, 17573, 293, 5847, 7605, 8952, 281, 264, 3894, 472, 13, 639, 307, 318, 17, 13, 1692, 321, 366, 406, 1417, 760, 420, 493, 13], "avg_logprob": -0.2131911117870074, "compression_ratio": 1.4109589041095891, "no_speech_prob": 0.0, "words": [{"start": 931.4900000000001, "end": 932.2900000000001, "word": " Shifts?", "probability": 0.782470703125}, {"start": 932.2900000000001, "end": 933.09, "word": " Right.", "probability": 0.859375}, {"start": 934.93, "end": 935.73, "word": " Where's", "probability": 0.7138671875}, {"start": 935.73, "end": 935.87, "word": " the", "probability": 0.916015625}, {"start": 935.87, "end": 936.11, "word": " right?", "probability": 0.9013671875}, {"start": 936.53, "end": 936.89, "word": " Here's", "probability": 0.858642578125}, {"start": 936.89, "end": 936.99, "word": " the", "probability": 0.90185546875}, {"start": 936.99, "end": 937.39, "word": " original.", "probability": 0.66943359375}, {"start": 938.29, "end": 938.45, "word": " The", "probability": 0.87890625}, {"start": 938.45, "end": 938.65, "word": " right", "probability": 0.91845703125}, {"start": 938.65, "end": 938.85, "word": " is", "probability": 0.9453125}, {"start": 938.85, "end": 939.13, "word": " here.", "probability": 0.8466796875}, {"start": 940.27, "end": 940.97, "word": " Right?", "probability": 0.34619140625}, {"start": 941.79, "end": 942.37, "word": " So", "probability": 0.94677734375}, {"start": 942.37, "end": 942.95, "word": " we", "probability": 0.6201171875}, {"start": 942.95, "end": 943.37, "word": " have", "probability": 0.94580078125}, {"start": 943.37, "end": 944.53, "word": " rightward", "probability": 0.940185546875}, {"start": 944.53, "end": 944.99, "word": " shifting", "probability": 0.9013671875}, {"start": 944.99, "end": 945.43, "word": " and", "probability": 0.7373046875}, {"start": 945.43, "end": 945.77, "word": " supply", "probability": 0.947265625}, {"start": 945.77, "end": 946.15, "word": " curve", "probability": 0.94775390625}, {"start": 946.15, "end": 946.77, "word": " parallel", "probability": 0.720703125}, {"start": 946.77, "end": 947.07, "word": " to", "probability": 0.96875}, {"start": 947.07, "end": 947.21, "word": " the", "probability": 0.9189453125}, {"start": 947.21, "end": 947.55, "word": " previous", "probability": 0.8359375}, {"start": 947.55, "end": 947.83, "word": " one.", "probability": 0.818359375}, {"start": 948.95, "end": 949.23, "word": " This", "probability": 0.89208984375}, {"start": 949.23, "end": 949.49, "word": " is", "probability": 0.94677734375}, {"start": 949.49, "end": 950.25, "word": " S2.", "probability": 0.91259765625}, {"start": 954.07, "end": 954.25, "word": " Here", "probability": 0.591796875}, {"start": 954.25, "end": 954.37, "word": " we", "probability": 0.6767578125}, {"start": 954.37, "end": 954.51, "word": " are", "probability": 0.9169921875}, {"start": 954.51, "end": 954.73, "word": " not", "probability": 0.94677734375}, {"start": 954.73, "end": 955.05, "word": " talking", "probability": 0.77197265625}, {"start": 955.05, "end": 956.15, "word": " down", "probability": 0.6240234375}, {"start": 956.15, "end": 957.37, "word": " or", "probability": 0.916015625}, {"start": 957.37, "end": 957.75, "word": " up.", "probability": 0.25732421875}], "temperature": 1.0}, {"id": 34, "seek": 98352, "start": 958.08, "end": 983.52, "text": " Up. Here we're talking right or left. Okay? This technology leads to lower supply and supply curve shifts left.", "tokens": [5858, 13, 1692, 321, 434, 1417, 558, 420, 1411, 13, 1033, 30, 639, 2899, 6689, 281, 3126, 5847, 293, 5847, 7605, 19201, 1411, 13], "avg_logprob": -0.25749999046325683, "compression_ratio": 1.12, "no_speech_prob": 0.0, "words": [{"start": 958.08, "end": 958.44, "word": " Up.", "probability": 0.6923828125}, {"start": 959.04, "end": 959.18, "word": " Here", "probability": 0.71875}, {"start": 959.18, "end": 959.38, "word": " we're", "probability": 0.629150390625}, {"start": 959.38, "end": 959.64, "word": " talking", "probability": 0.5283203125}, {"start": 959.64, "end": 960.34, "word": " right", "probability": 0.8896484375}, {"start": 960.34, "end": 960.74, "word": " or", "probability": 0.9365234375}, {"start": 960.74, "end": 961.1, "word": " left.", "probability": 0.93994140625}, {"start": 962.44, "end": 962.7, "word": " Okay?", "probability": 0.75048828125}, {"start": 964.86, "end": 964.86, "word": " This", "probability": 0.476318359375}, {"start": 964.86, "end": 967.18, "word": " technology", "probability": 0.9697265625}, {"start": 967.18, "end": 973.22, "word": " leads", "probability": 0.7373046875}, {"start": 973.22, "end": 973.96, "word": " to", "probability": 0.96923828125}, {"start": 973.96, "end": 975.48, "word": " lower", "probability": 0.85693359375}, {"start": 975.48, "end": 976.08, "word": " supply", "probability": 0.9482421875}, {"start": 976.08, "end": 978.92, "word": " and", "probability": 0.47607421875}, {"start": 978.92, "end": 980.02, "word": " supply", "probability": 0.92822265625}, {"start": 980.02, "end": 980.6, "word": " curve", "probability": 0.947265625}, {"start": 980.6, "end": 981.3, "word": " shifts", "probability": 0.93798828125}, {"start": 981.3, "end": 983.52, "word": " left.", "probability": 0.9111328125}], "temperature": 1.0}, {"id": 35, "seek": 101101, "start": 985.73, "end": 1011.01, "text": " So if we have this technology, supply declines and supply curve shifts left. So we will find that the supply curve shifts left. So we will move to S3.", "tokens": [407, 498, 321, 362, 341, 2899, 11, 5847, 7488, 1652, 293, 5847, 7605, 19201, 1411, 13, 407, 321, 486, 915, 300, 264, 5847, 7605, 19201, 1411, 13, 407, 321, 486, 1286, 281, 318, 18, 13], "avg_logprob": -0.1508246569169892, "compression_ratio": 1.4803921568627452, "no_speech_prob": 0.0, "words": [{"start": 985.73, "end": 986.13, "word": " So", "probability": 0.9150390625}, {"start": 986.13, "end": 987.29, "word": " if", "probability": 0.71240234375}, {"start": 987.29, "end": 987.47, "word": " we", "probability": 0.96240234375}, {"start": 987.47, "end": 987.81, "word": " have", "probability": 0.94921875}, {"start": 987.81, "end": 989.69, "word": " this", "probability": 0.93115234375}, {"start": 989.69, "end": 990.45, "word": " technology,", "probability": 0.96630859375}, {"start": 991.71, "end": 992.23, "word": " supply", "probability": 0.94189453125}, {"start": 992.23, "end": 993.31, "word": " declines", "probability": 0.948486328125}, {"start": 993.31, "end": 994.31, "word": " and", "probability": 0.7255859375}, {"start": 994.31, "end": 995.01, "word": " supply", "probability": 0.9150390625}, {"start": 995.01, "end": 995.49, "word": " curve", "probability": 0.94677734375}, {"start": 995.49, "end": 995.93, "word": " shifts", "probability": 0.93212890625}, {"start": 995.93, "end": 996.21, "word": " left.", "probability": 0.78759765625}, {"start": 996.37, "end": 996.53, "word": " So", "probability": 0.95263671875}, {"start": 996.53, "end": 997.07, "word": " we", "probability": 0.904296875}, {"start": 997.07, "end": 997.39, "word": " will", "probability": 0.8876953125}, {"start": 997.39, "end": 998.43, "word": " find", "probability": 0.8876953125}, {"start": 998.43, "end": 998.65, "word": " that", "probability": 0.91748046875}, {"start": 998.65, "end": 998.83, "word": " the", "probability": 0.68994140625}, {"start": 998.83, "end": 999.19, "word": " supply", "probability": 0.95166015625}, {"start": 999.19, "end": 999.57, "word": " curve", "probability": 0.95458984375}, {"start": 999.57, "end": 999.99, "word": " shifts", "probability": 0.92626953125}, {"start": 999.99, "end": 1000.55, "word": " left.", "probability": 0.96044921875}, {"start": 1002.21, "end": 1002.79, "word": " So", "probability": 0.17529296875}, {"start": 1002.79, "end": 1007.91, "word": " we", "probability": 0.8388671875}, {"start": 1007.91, "end": 1008.09, "word": " will", "probability": 0.87548828125}, {"start": 1008.09, "end": 1008.47, "word": " move", "probability": 0.947265625}, {"start": 1008.47, "end": 1008.99, "word": " to", "probability": 0.9677734375}, {"start": 1008.99, "end": 1011.01, "word": " S3.", "probability": 0.949462890625}], "temperature": 1.0}, {"id": 36, "seek": 103920, "start": 1015.92, "end": 1039.2, "text": " All right. Okay. What is the second factor affect supply? Yes. Price factors of production. When the price factors of production rising, the ability to produce that rising, then the point of supply is rising.", "tokens": [1057, 558, 13, 1033, 13, 708, 307, 264, 1150, 5952, 3345, 5847, 30, 1079, 13, 25803, 6771, 295, 4265, 13, 1133, 264, 3218, 6771, 295, 4265, 11636, 11, 264, 3485, 281, 5258, 300, 11636, 11, 550, 264, 935, 295, 5847, 307, 11636, 13], "avg_logprob": -0.2855113541538065, "compression_ratio": 1.5833333333333333, "no_speech_prob": 0.0, "words": [{"start": 1015.92, "end": 1016.16, "word": " All", "probability": 0.6064453125}, {"start": 1016.16, "end": 1016.46, "word": " right.", "probability": 0.91552734375}, {"start": 1017.24, "end": 1018.0, "word": " Okay.", "probability": 0.74072265625}, {"start": 1020.48, "end": 1021.24, "word": " What", "probability": 0.89208984375}, {"start": 1021.24, "end": 1021.48, "word": " is", "probability": 0.9404296875}, {"start": 1021.48, "end": 1021.7, "word": " the", "probability": 0.9248046875}, {"start": 1021.7, "end": 1022.08, "word": " second", "probability": 0.90478515625}, {"start": 1022.08, "end": 1022.9, "word": " factor", "probability": 0.88818359375}, {"start": 1022.9, "end": 1023.44, "word": " affect", "probability": 0.6142578125}, {"start": 1023.44, "end": 1024.28, "word": " supply?", "probability": 0.923828125}, {"start": 1024.48, "end": 1024.66, "word": " Yes.", "probability": 0.96337890625}, {"start": 1024.88, "end": 1025.26, "word": " Price", "probability": 0.155517578125}, {"start": 1025.26, "end": 1025.86, "word": " factors", "probability": 0.6376953125}, {"start": 1025.86, "end": 1026.24, "word": " of", "probability": 0.63671875}, {"start": 1026.24, "end": 1026.68, "word": " production.", "probability": 0.81201171875}, {"start": 1027.02, "end": 1027.2, "word": " When", "probability": 0.8779296875}, {"start": 1027.2, "end": 1028.34, "word": " the", "probability": 0.85888671875}, {"start": 1028.34, "end": 1028.68, "word": " price", "probability": 0.90283203125}, {"start": 1028.68, "end": 1029.2, "word": " factors", "probability": 0.280029296875}, {"start": 1029.2, "end": 1029.48, "word": " of", "probability": 0.53759765625}, {"start": 1029.48, "end": 1029.88, "word": " production", "probability": 0.94775390625}, {"start": 1029.88, "end": 1030.4, "word": " rising,", "probability": 0.24609375}, {"start": 1031.14, "end": 1031.48, "word": " the", "probability": 0.8974609375}, {"start": 1031.48, "end": 1032.94, "word": " ability", "probability": 0.9443359375}, {"start": 1032.94, "end": 1033.36, "word": " to", "probability": 0.76953125}, {"start": 1033.36, "end": 1035.16, "word": " produce", "probability": 0.84912109375}, {"start": 1035.16, "end": 1035.44, "word": " that", "probability": 0.83203125}, {"start": 1035.44, "end": 1036.08, "word": " rising,", "probability": 0.8564453125}, {"start": 1036.68, "end": 1036.92, "word": " then", "probability": 0.8388671875}, {"start": 1036.92, "end": 1037.62, "word": " the", "probability": 0.76708984375}, {"start": 1037.62, "end": 1037.88, "word": " point", "probability": 0.364013671875}, {"start": 1037.88, "end": 1038.02, "word": " of", "probability": 0.818359375}, {"start": 1038.02, "end": 1038.56, "word": " supply", "probability": 0.93896484375}, {"start": 1038.56, "end": 1038.84, "word": " is", "probability": 0.84423828125}, {"start": 1038.84, "end": 1039.2, "word": " rising.", "probability": 0.95166015625}], "temperature": 1.0}, {"id": 37, "seek": 106534, "start": 1040.65, "end": 1065.35, "text": " As the cost of production here, you're talking about the price of the factory's production, goes up, what will happen to the ability here? No, no, no, no. Okay, okay, what will happen to your ability to produce, your capability? Goes down. So, thank you.", "tokens": [1018, 264, 2063, 295, 4265, 510, 11, 291, 434, 1417, 466, 264, 3218, 295, 264, 9265, 311, 4265, 11, 1709, 493, 11, 437, 486, 1051, 281, 264, 3485, 510, 30, 883, 11, 572, 11, 572, 11, 572, 13, 1033, 11, 1392, 11, 437, 486, 1051, 281, 428, 3485, 281, 5258, 11, 428, 13759, 30, 44471, 760, 13, 407, 11, 1309, 291, 13], "avg_logprob": -0.23573909345127286, "compression_ratio": 1.5838509316770186, "no_speech_prob": 0.0, "words": [{"start": 1040.6499999999999, "end": 1041.29, "word": " As", "probability": 0.78662109375}, {"start": 1041.29, "end": 1041.59, "word": " the", "probability": 0.89111328125}, {"start": 1041.59, "end": 1041.85, "word": " cost", "probability": 0.900390625}, {"start": 1041.85, "end": 1041.99, "word": " of", "probability": 0.60693359375}, {"start": 1041.99, "end": 1042.41, "word": " production", "probability": 0.9580078125}, {"start": 1042.41, "end": 1042.65, "word": " here,", "probability": 0.474853515625}, {"start": 1043.05, "end": 1043.33, "word": " you're", "probability": 0.6304931640625}, {"start": 1043.33, "end": 1043.59, "word": " talking", "probability": 0.828125}, {"start": 1043.59, "end": 1043.87, "word": " about", "probability": 0.890625}, {"start": 1043.87, "end": 1044.05, "word": " the", "probability": 0.9033203125}, {"start": 1044.05, "end": 1044.39, "word": " price", "probability": 0.9033203125}, {"start": 1044.39, "end": 1044.79, "word": " of", "probability": 0.95458984375}, {"start": 1044.79, "end": 1045.41, "word": " the", "probability": 0.8984375}, {"start": 1045.41, "end": 1045.85, "word": " factory's", "probability": 0.591796875}, {"start": 1045.85, "end": 1046.31, "word": " production,", "probability": 0.94873046875}, {"start": 1046.51, "end": 1047.37, "word": " goes", "probability": 0.8955078125}, {"start": 1047.37, "end": 1047.73, "word": " up,", "probability": 0.97119140625}, {"start": 1047.99, "end": 1048.17, "word": " what", "probability": 0.94287109375}, {"start": 1048.17, "end": 1048.31, "word": " will", "probability": 0.80712890625}, {"start": 1048.31, "end": 1048.57, "word": " happen", "probability": 0.9208984375}, {"start": 1048.57, "end": 1048.75, "word": " to", "probability": 0.96826171875}, {"start": 1048.75, "end": 1048.83, "word": " the", "probability": 0.91259765625}, {"start": 1048.83, "end": 1049.17, "word": " ability", "probability": 0.970703125}, {"start": 1049.17, "end": 1049.49, "word": " here?", "probability": 0.48583984375}, {"start": 1050.77, "end": 1051.41, "word": " No,", "probability": 0.8076171875}, {"start": 1051.67, "end": 1051.97, "word": " no,", "probability": 0.9296875}, {"start": 1052.07, "end": 1052.09, "word": " no,", "probability": 0.94384765625}, {"start": 1052.41, "end": 1052.41, "word": " no.", "probability": 0.8896484375}, {"start": 1053.51, "end": 1053.93, "word": " Okay,", "probability": 0.397216796875}, {"start": 1055.33, "end": 1055.87, "word": " okay,", "probability": 0.76904296875}, {"start": 1056.07, "end": 1056.65, "word": " what", "probability": 0.552734375}, {"start": 1056.65, "end": 1056.79, "word": " will", "probability": 0.8759765625}, {"start": 1056.79, "end": 1057.15, "word": " happen", "probability": 0.91650390625}, {"start": 1057.15, "end": 1057.37, "word": " to", "probability": 0.9501953125}, {"start": 1057.37, "end": 1057.81, "word": " your", "probability": 0.7119140625}, {"start": 1057.81, "end": 1058.45, "word": " ability", "probability": 0.94921875}, {"start": 1058.45, "end": 1058.67, "word": " to", "probability": 0.966796875}, {"start": 1058.67, "end": 1059.07, "word": " produce,", "probability": 0.86962890625}, {"start": 1059.19, "end": 1059.31, "word": " your", "probability": 0.88818359375}, {"start": 1059.31, "end": 1059.85, "word": " capability?", "probability": 0.97509765625}, {"start": 1061.11, "end": 1061.75, "word": " Goes", "probability": 0.79345703125}, {"start": 1061.75, "end": 1062.07, "word": " down.", "probability": 0.84619140625}, {"start": 1063.29, "end": 1063.53, "word": " So,", "probability": 0.6845703125}, {"start": 1064.53, "end": 1065.19, "word": " thank", "probability": 0.84912109375}, {"start": 1065.19, "end": 1065.35, "word": " you.", "probability": 0.962890625}], "temperature": 1.0}, {"id": 38, "seek": 109264, "start": 1067.58, "end": 1092.64, "text": " The second determinant of supply is the cost of inputs. Number two here is the price of inputs or the price of factors production. Price number two, the price of inputs. The price of inputs.", "tokens": [440, 1150, 41296, 295, 5847, 307, 264, 2063, 295, 15743, 13, 5118, 732, 510, 307, 264, 3218, 295, 15743, 420, 264, 3218, 295, 6771, 4265, 13, 25803, 1230, 732, 11, 264, 3218, 295, 15743, 13, 440, 3218, 295, 15743, 13], "avg_logprob": -0.16739710075099293, "compression_ratio": 1.7207207207207207, "no_speech_prob": 0.0, "words": [{"start": 1067.58, "end": 1067.84, "word": " The", "probability": 0.8935546875}, {"start": 1067.84, "end": 1068.26, "word": " second", "probability": 0.9169921875}, {"start": 1068.26, "end": 1069.02, "word": " determinant", "probability": 0.89697265625}, {"start": 1069.02, "end": 1069.48, "word": " of", "probability": 0.974609375}, {"start": 1069.48, "end": 1070.0, "word": " supply", "probability": 0.94970703125}, {"start": 1070.0, "end": 1070.48, "word": " is", "probability": 0.9453125}, {"start": 1070.48, "end": 1071.3, "word": " the", "probability": 0.9033203125}, {"start": 1071.3, "end": 1071.66, "word": " cost", "probability": 0.9208984375}, {"start": 1071.66, "end": 1072.4, "word": " of", "probability": 0.974609375}, {"start": 1072.4, "end": 1072.86, "word": " inputs.", "probability": 0.9267578125}, {"start": 1073.44, "end": 1073.64, "word": " Number", "probability": 0.85791015625}, {"start": 1073.64, "end": 1073.9, "word": " two", "probability": 0.8720703125}, {"start": 1073.9, "end": 1074.22, "word": " here", "probability": 0.822265625}, {"start": 1074.22, "end": 1075.88, "word": " is", "probability": 0.79345703125}, {"start": 1075.88, "end": 1076.44, "word": " the", "probability": 0.91845703125}, {"start": 1076.44, "end": 1076.74, "word": " price", "probability": 0.92919921875}, {"start": 1076.74, "end": 1076.94, "word": " of", "probability": 0.9736328125}, {"start": 1076.94, "end": 1077.4, "word": " inputs", "probability": 0.85888671875}, {"start": 1077.4, "end": 1077.86, "word": " or", "probability": 0.8798828125}, {"start": 1077.86, "end": 1078.02, "word": " the", "probability": 0.92236328125}, {"start": 1078.02, "end": 1078.34, "word": " price", "probability": 0.9208984375}, {"start": 1078.34, "end": 1078.58, "word": " of", "probability": 0.9462890625}, {"start": 1078.58, "end": 1079.02, "word": " factors", "probability": 0.5400390625}, {"start": 1079.02, "end": 1079.64, "word": " production.", "probability": 0.9052734375}, {"start": 1082.68, "end": 1083.2, "word": " Price", "probability": 0.3740234375}, {"start": 1083.2, "end": 1085.36, "word": " number", "probability": 0.63818359375}, {"start": 1085.36, "end": 1085.74, "word": " two,", "probability": 0.9033203125}, {"start": 1086.24, "end": 1086.36, "word": " the", "probability": 0.91943359375}, {"start": 1086.36, "end": 1086.78, "word": " price", "probability": 0.9189453125}, {"start": 1086.78, "end": 1089.04, "word": " of", "probability": 0.9697265625}, {"start": 1089.04, "end": 1090.52, "word": " inputs.", "probability": 0.86767578125}, {"start": 1091.02, "end": 1091.9, "word": " The", "probability": 0.88134765625}, {"start": 1091.9, "end": 1092.14, "word": " price", "probability": 0.91796875}, {"start": 1092.14, "end": 1092.34, "word": " of", "probability": 0.96533203125}, {"start": 1092.34, "end": 1092.64, "word": " inputs.", "probability": 0.8603515625}], "temperature": 1.0}, {"id": 39, "seek": 112409, "start": 1094.66, "end": 1124.1, "text": " Or sometimes called the price, the cost of factors production. Like, what are the factors of production? Labor, machine, raw material, land, okay? What will happen if the cost of production", "tokens": [1610, 2171, 1219, 264, 3218, 11, 264, 2063, 295, 6771, 4265, 13, 1743, 11, 437, 366, 264, 6771, 295, 4265, 30, 17250, 11, 3479, 11, 8936, 2527, 11, 2117, 11, 1392, 30, 708, 486, 1051, 498, 264, 2063, 295, 4265], "avg_logprob": -0.2208460394929095, "compression_ratio": 1.450381679389313, "no_speech_prob": 0.0, "words": [{"start": 1094.66, "end": 1095.08, "word": " Or", "probability": 0.6474609375}, {"start": 1095.08, "end": 1095.66, "word": " sometimes", "probability": 0.8681640625}, {"start": 1095.66, "end": 1096.08, "word": " called", "probability": 0.74658203125}, {"start": 1096.08, "end": 1096.66, "word": " the", "probability": 0.84228515625}, {"start": 1096.66, "end": 1097.14, "word": " price,", "probability": 0.880859375}, {"start": 1097.52, "end": 1097.68, "word": " the", "probability": 0.90869140625}, {"start": 1097.68, "end": 1098.14, "word": " cost", "probability": 0.90185546875}, {"start": 1098.14, "end": 1099.84, "word": " of", "probability": 0.84716796875}, {"start": 1099.84, "end": 1101.18, "word": " factors", "probability": 0.71484375}, {"start": 1101.18, "end": 1101.94, "word": " production.", "probability": 0.8798828125}, {"start": 1107.62, "end": 1108.54, "word": " Like,", "probability": 0.6083984375}, {"start": 1109.54, "end": 1110.32, "word": " what", "probability": 0.90673828125}, {"start": 1110.32, "end": 1110.46, "word": " are", "probability": 0.92333984375}, {"start": 1110.46, "end": 1110.6, "word": " the", "probability": 0.89599609375}, {"start": 1110.6, "end": 1110.82, "word": " factors", "probability": 0.95068359375}, {"start": 1110.82, "end": 1111.0, "word": " of", "probability": 0.66650390625}, {"start": 1111.0, "end": 1111.3, "word": " production?", "probability": 0.962890625}, {"start": 1112.64, "end": 1113.1, "word": " Labor,", "probability": 0.9228515625}, {"start": 1113.48, "end": 1114.14, "word": " machine,", "probability": 0.86572265625}, {"start": 1114.4, "end": 1114.6, "word": " raw", "probability": 0.8701171875}, {"start": 1114.6, "end": 1115.28, "word": " material,", "probability": 0.83544921875}, {"start": 1115.74, "end": 1116.24, "word": " land,", "probability": 0.93310546875}, {"start": 1116.68, "end": 1116.92, "word": " okay?", "probability": 0.8671875}, {"start": 1118.38, "end": 1119.3, "word": " What", "probability": 0.8876953125}, {"start": 1119.3, "end": 1119.48, "word": " will", "probability": 0.77685546875}, {"start": 1119.48, "end": 1119.94, "word": " happen", "probability": 0.916015625}, {"start": 1119.94, "end": 1120.42, "word": " if", "probability": 0.95166015625}, {"start": 1120.42, "end": 1122.56, "word": " the", "probability": 0.89306640625}, {"start": 1122.56, "end": 1123.0, "word": " cost", "probability": 0.91015625}, {"start": 1123.0, "end": 1123.42, "word": " of", "probability": 0.9169921875}, {"start": 1123.42, "end": 1124.1, "word": " production", "probability": 0.461669921875}], "temperature": 1.0}, {"id": 40, "seek": 115176, "start": 1125.56, "end": 1151.76, "text": " You pay as a producer, go up, like you have to pay more salaries, more wages for the workers. What will happen if the price of raw material goes up? What will happen if the price of land goes up? The cost of production goes up.", "tokens": [509, 1689, 382, 257, 12314, 11, 352, 493, 11, 411, 291, 362, 281, 1689, 544, 35057, 11, 544, 20097, 337, 264, 5600, 13, 708, 486, 1051, 498, 264, 3218, 295, 8936, 2527, 1709, 493, 30, 708, 486, 1051, 498, 264, 3218, 295, 2117, 1709, 493, 30, 440, 2063, 295, 4265, 1709, 493, 13], "avg_logprob": -0.12970196786854002, "compression_ratio": 1.6170212765957446, "no_speech_prob": 0.0, "words": [{"start": 1125.56, "end": 1125.82, "word": " You", "probability": 0.78369140625}, {"start": 1125.82, "end": 1126.26, "word": " pay", "probability": 0.9443359375}, {"start": 1126.26, "end": 1127.0, "word": " as", "probability": 0.65869140625}, {"start": 1127.0, "end": 1127.14, "word": " a", "probability": 0.95361328125}, {"start": 1127.14, "end": 1127.68, "word": " producer,", "probability": 0.9189453125}, {"start": 1128.18, "end": 1128.44, "word": " go", "probability": 0.8701171875}, {"start": 1128.44, "end": 1128.82, "word": " up,", "probability": 0.97705078125}, {"start": 1129.38, "end": 1129.94, "word": " like", "probability": 0.9296875}, {"start": 1129.94, "end": 1130.46, "word": " you", "probability": 0.94677734375}, {"start": 1130.46, "end": 1130.86, "word": " have", "probability": 0.94580078125}, {"start": 1130.86, "end": 1131.88, "word": " to", "probability": 0.97314453125}, {"start": 1131.88, "end": 1132.22, "word": " pay", "probability": 0.94091796875}, {"start": 1132.22, "end": 1132.82, "word": " more", "probability": 0.93701171875}, {"start": 1132.82, "end": 1133.36, "word": " salaries,", "probability": 0.919921875}, {"start": 1133.58, "end": 1133.74, "word": " more", "probability": 0.9404296875}, {"start": 1133.74, "end": 1134.14, "word": " wages", "probability": 0.83935546875}, {"start": 1134.14, "end": 1134.46, "word": " for", "probability": 0.80517578125}, {"start": 1134.46, "end": 1134.68, "word": " the", "probability": 0.9111328125}, {"start": 1134.68, "end": 1135.16, "word": " workers.", "probability": 0.9287109375}, {"start": 1135.92, "end": 1136.26, "word": " What", "probability": 0.896484375}, {"start": 1136.26, "end": 1136.42, "word": " will", "probability": 0.841796875}, {"start": 1136.42, "end": 1136.86, "word": " happen", "probability": 0.9140625}, {"start": 1136.86, "end": 1137.52, "word": " if", "probability": 0.95263671875}, {"start": 1137.52, "end": 1138.1, "word": " the", "probability": 0.9189453125}, {"start": 1138.1, "end": 1138.52, "word": " price", "probability": 0.91455078125}, {"start": 1138.52, "end": 1138.72, "word": " of", "probability": 0.966796875}, {"start": 1138.72, "end": 1138.96, "word": " raw", "probability": 0.85986328125}, {"start": 1138.96, "end": 1139.56, "word": " material", "probability": 0.853515625}, {"start": 1139.56, "end": 1140.6, "word": " goes", "probability": 0.5712890625}, {"start": 1140.6, "end": 1140.96, "word": " up?", "probability": 0.97119140625}, {"start": 1141.58, "end": 1142.46, "word": " What", "probability": 0.87939453125}, {"start": 1142.46, "end": 1142.62, "word": " will", "probability": 0.87158203125}, {"start": 1142.62, "end": 1143.02, "word": " happen", "probability": 0.9169921875}, {"start": 1143.02, "end": 1143.32, "word": " if", "probability": 0.716796875}, {"start": 1143.32, "end": 1144.62, "word": " the", "probability": 0.919921875}, {"start": 1144.62, "end": 1145.12, "word": " price", "probability": 0.89501953125}, {"start": 1145.12, "end": 1145.54, "word": " of", "probability": 0.96875}, {"start": 1145.54, "end": 1146.56, "word": " land", "probability": 0.89306640625}, {"start": 1146.56, "end": 1147.42, "word": " goes", "probability": 0.9384765625}, {"start": 1147.42, "end": 1147.86, "word": " up?", "probability": 0.97216796875}, {"start": 1148.54, "end": 1148.78, "word": " The", "probability": 0.82568359375}, {"start": 1148.78, "end": 1150.2, "word": " cost", "probability": 0.9013671875}, {"start": 1150.2, "end": 1150.4, "word": " of", "probability": 0.9658203125}, {"start": 1150.4, "end": 1151.02, "word": " production", "probability": 0.76123046875}, {"start": 1151.02, "end": 1151.46, "word": " goes", "probability": 0.83447265625}, {"start": 1151.46, "end": 1151.76, "word": " up.", "probability": 0.96923828125}], "temperature": 1.0}, {"id": 41, "seek": 117758, "start": 1153.1, "end": 1177.58, "text": " All right? And so, here, if the cost of production, labor, machines, machinery, like raw material, land,", "tokens": [1057, 558, 30, 400, 370, 11, 510, 11, 498, 264, 2063, 295, 4265, 11, 5938, 11, 8379, 11, 27302, 11, 411, 8936, 2527, 11, 2117, 11], "avg_logprob": -0.33940971118432506, "compression_ratio": 1.1797752808988764, "no_speech_prob": 0.0, "words": [{"start": 1153.1, "end": 1153.32, "word": " All", "probability": 0.64599609375}, {"start": 1153.32, "end": 1153.62, "word": " right?", "probability": 0.9140625}, {"start": 1154.32, "end": 1154.58, "word": " And", "probability": 0.876953125}, {"start": 1154.58, "end": 1154.96, "word": " so,", "probability": 0.9208984375}, {"start": 1155.12, "end": 1155.36, "word": " here,", "probability": 0.7919921875}, {"start": 1155.62, "end": 1155.94, "word": " if", "probability": 0.9033203125}, {"start": 1155.94, "end": 1158.14, "word": " the", "probability": 0.77197265625}, {"start": 1158.14, "end": 1158.58, "word": " cost", "probability": 0.9091796875}, {"start": 1158.58, "end": 1160.1, "word": " of", "probability": 0.95166015625}, {"start": 1160.1, "end": 1160.76, "word": " production,", "probability": 0.497314453125}, {"start": 1164.18, "end": 1166.24, "word": " labor,", "probability": 0.40966796875}, {"start": 1168.28, "end": 1169.16, "word": " machines,", "probability": 0.833984375}, {"start": 1170.0, "end": 1170.46, "word": " machinery,", "probability": 0.94677734375}, {"start": 1172.5, "end": 1173.0, "word": " like", "probability": 0.79296875}, {"start": 1173.0, "end": 1173.28, "word": " raw", "probability": 0.86572265625}, {"start": 1173.28, "end": 1173.84, "word": " material,", "probability": 0.8662109375}, {"start": 1175.7, "end": 1177.58, "word": " land,", "probability": 0.1878662109375}], "temperature": 1.0}, {"id": 42, "seek": 120944, "start": 1181.28, "end": 1209.44, "text": " Entrepreneurship sometimes. So, some other factors of production. Capital, okay. If the cost of these factors of production go up, like wages and salaries. If the wage", "tokens": [49049, 2156, 1210, 2171, 13, 407, 11, 512, 661, 6771, 295, 4265, 13, 21502, 11, 1392, 13, 759, 264, 2063, 295, 613, 6771, 295, 4265, 352, 493, 11, 411, 20097, 293, 35057, 13, 759, 264, 15444], "avg_logprob": -0.3737331177737262, "compression_ratio": 1.3884297520661157, "no_speech_prob": 0.0, "words": [{"start": 1181.28, "end": 1182.3, "word": " Entrepreneurship", "probability": 0.9039713541666666}, {"start": 1182.3, "end": 1182.6, "word": " sometimes.", "probability": 0.1864013671875}, {"start": 1184.2, "end": 1184.72, "word": " So,", "probability": 0.53759765625}, {"start": 1184.9, "end": 1185.52, "word": " some", "probability": 0.64453125}, {"start": 1185.52, "end": 1188.04, "word": " other", "probability": 0.830078125}, {"start": 1188.04, "end": 1189.48, "word": " factors", "probability": 0.394775390625}, {"start": 1189.48, "end": 1189.76, "word": " of", "probability": 0.69287109375}, {"start": 1189.76, "end": 1190.12, "word": " production.", "probability": 0.96484375}, {"start": 1191.06, "end": 1191.58, "word": " Capital,", "probability": 0.388427734375}, {"start": 1191.96, "end": 1192.1, "word": " okay.", "probability": 0.84521484375}, {"start": 1195.86, "end": 1196.42, "word": " If", "probability": 0.94921875}, {"start": 1196.42, "end": 1196.66, "word": " the", "probability": 0.9140625}, {"start": 1196.66, "end": 1197.02, "word": " cost", "probability": 0.8623046875}, {"start": 1197.02, "end": 1197.36, "word": " of", "probability": 0.96875}, {"start": 1197.36, "end": 1198.12, "word": " these", "probability": 0.76953125}, {"start": 1198.12, "end": 1198.82, "word": " factors", "probability": 0.8798828125}, {"start": 1198.82, "end": 1199.04, "word": " of", "probability": 0.9384765625}, {"start": 1199.04, "end": 1199.52, "word": " production", "probability": 0.9599609375}, {"start": 1199.52, "end": 1200.6, "word": " go", "probability": 0.837890625}, {"start": 1200.6, "end": 1201.2, "word": " up,", "probability": 0.97412109375}, {"start": 1201.64, "end": 1202.1, "word": " like", "probability": 0.76806640625}, {"start": 1202.1, "end": 1204.66, "word": " wages", "probability": 0.424560546875}, {"start": 1204.66, "end": 1206.96, "word": " and", "probability": 0.91650390625}, {"start": 1206.96, "end": 1207.46, "word": " salaries.", "probability": 0.94580078125}, {"start": 1207.62, "end": 1208.46, "word": " If", "probability": 0.92578125}, {"start": 1208.46, "end": 1208.94, "word": " the", "probability": 0.90087890625}, {"start": 1208.94, "end": 1209.44, "word": " wage", "probability": 0.90771484375}], "temperature": 1.0}, {"id": 43, "seek": 123735, "start": 1210.58, "end": 1237.36, "text": " paid for the workers go up. Or, citrus peripers, means, for production process, goes up. Or, the price for the cost of raw material, the inputs for the production process, go up.", "tokens": [4835, 337, 264, 5600, 352, 493, 13, 1610, 11, 37217, 680, 647, 433, 11, 1355, 11, 337, 4265, 1399, 11, 1709, 493, 13, 1610, 11, 264, 3218, 337, 264, 2063, 295, 8936, 2527, 11, 264, 15743, 337, 264, 4265, 1399, 11, 352, 493, 13], "avg_logprob": -0.3850694523917304, "compression_ratio": 1.584070796460177, "no_speech_prob": 0.0, "words": [{"start": 1210.58, "end": 1211.12, "word": " paid", "probability": 0.60791015625}, {"start": 1211.12, "end": 1212.02, "word": " for", "probability": 0.939453125}, {"start": 1212.02, "end": 1212.54, "word": " the", "probability": 0.86669921875}, {"start": 1212.54, "end": 1213.1, "word": " workers", "probability": 0.9384765625}, {"start": 1213.1, "end": 1213.38, "word": " go", "probability": 0.85205078125}, {"start": 1213.38, "end": 1213.66, "word": " up.", "probability": 0.97412109375}, {"start": 1215.16, "end": 1215.62, "word": " Or,", "probability": 0.95947265625}, {"start": 1215.78, "end": 1216.34, "word": " citrus", "probability": 0.5166015625}, {"start": 1216.34, "end": 1217.06, "word": " peripers,", "probability": 0.3588460286458333}, {"start": 1217.48, "end": 1217.8, "word": " means,", "probability": 0.9287109375}, {"start": 1218.18, "end": 1218.36, "word": " for", "probability": 0.0438232421875}, {"start": 1218.36, "end": 1223.02, "word": " production", "probability": 0.74609375}, {"start": 1223.02, "end": 1223.72, "word": " process,", "probability": 0.8125}, {"start": 1224.24, "end": 1225.1, "word": " goes", "probability": 0.85693359375}, {"start": 1225.1, "end": 1225.5, "word": " up.", "probability": 0.97265625}, {"start": 1227.9, "end": 1228.76, "word": " Or,", "probability": 0.96337890625}, {"start": 1230.28, "end": 1230.5, "word": " the", "probability": 0.89013671875}, {"start": 1230.5, "end": 1230.92, "word": " price", "probability": 0.9267578125}, {"start": 1230.92, "end": 1231.2, "word": " for", "probability": 0.4365234375}, {"start": 1231.2, "end": 1231.38, "word": " the", "probability": 0.82470703125}, {"start": 1231.38, "end": 1231.82, "word": " cost", "probability": 0.8369140625}, {"start": 1231.82, "end": 1232.3, "word": " of", "probability": 0.91845703125}, {"start": 1232.3, "end": 1232.5, "word": " raw", "probability": 0.98046875}, {"start": 1232.5, "end": 1233.08, "word": " material,", "probability": 0.6337890625}, {"start": 1233.36, "end": 1233.56, "word": " the", "probability": 0.2379150390625}, {"start": 1233.56, "end": 1234.4, "word": " inputs", "probability": 0.7490234375}, {"start": 1234.4, "end": 1234.6, "word": " for", "probability": 0.42236328125}, {"start": 1234.6, "end": 1234.72, "word": " the", "probability": 0.72021484375}, {"start": 1234.72, "end": 1235.04, "word": " production", "probability": 0.97021484375}, {"start": 1235.04, "end": 1235.62, "word": " process,", "probability": 0.9404296875}, {"start": 1236.82, "end": 1237.04, "word": " go", "probability": 0.90087890625}, {"start": 1237.04, "end": 1237.36, "word": " up.", "probability": 0.9716796875}], "temperature": 1.0}, {"id": 44, "seek": 126548, "start": 1238.78, "end": 1265.48, "text": " One land, one person builds a tower, builds a building, buys land, and the price goes up. All of this is called cost of production. Capital, one person buys land based on the interest rate, and the price goes up. 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What will happen here? The ability, we have a loss or we have the profits goes down. The profits go down. So this means that this will affect the profits to go down. Then here, the profits go down.", "tokens": [1610, 264, 2063, 295, 15743, 13, 708, 486, 1051, 510, 30, 440, 3485, 11, 321, 362, 257, 4470, 420, 321, 362, 264, 17982, 1709, 760, 13, 440, 17982, 352, 760, 13, 407, 341, 1355, 300, 341, 486, 3345, 264, 17982, 281, 352, 760, 13, 1396, 510, 11, 264, 17982, 352, 760, 13], "avg_logprob": -0.18160377920798534, "compression_ratio": 1.637037037037037, "no_speech_prob": 0.0, "words": [{"start": 1266.28, "end": 1266.66, "word": " Or", "probability": 0.546875}, {"start": 1266.66, "end": 1267.18, "word": " the", "probability": 0.72021484375}, {"start": 1267.18, "end": 1267.52, "word": " cost", "probability": 0.83203125}, {"start": 1267.52, "end": 1267.7, "word": " of", "probability": 0.96142578125}, {"start": 1267.7, "end": 1268.12, "word": " inputs.", "probability": 0.90380859375}, {"start": 1268.58, "end": 1268.74, "word": " What", "probability": 0.89404296875}, {"start": 1268.74, "end": 1268.9, "word": " will", "probability": 0.8408203125}, {"start": 1268.9, "end": 1269.26, "word": " happen", "probability": 0.92138671875}, {"start": 1269.26, "end": 1269.56, "word": " here?", "probability": 0.84814453125}, {"start": 1271.14, "end": 1271.84, "word": " The", "probability": 0.481689453125}, {"start": 1271.84, "end": 1272.46, "word": " ability,", "probability": 0.794921875}, {"start": 1273.12, "end": 1273.28, "word": " we", "probability": 0.93798828125}, {"start": 1273.28, "end": 1273.7, "word": " have", "probability": 0.88232421875}, {"start": 1273.7, "end": 1273.82, "word": " a", "probability": 0.904296875}, {"start": 1273.82, "end": 1274.14, "word": " loss", "probability": 0.9052734375}, {"start": 1274.14, "end": 1274.48, "word": " or", "probability": 0.6416015625}, {"start": 1274.48, "end": 1274.68, "word": " we", "probability": 0.62890625}, {"start": 1274.68, "end": 1274.92, "word": " have", "probability": 0.9462890625}, {"start": 1274.92, "end": 1275.32, "word": " the", "probability": 0.74072265625}, {"start": 1275.32, "end": 1275.7, "word": " profits", "probability": 0.9501953125}, {"start": 1275.7, "end": 1276.12, "word": " goes", "probability": 0.78515625}, {"start": 1276.12, "end": 1276.42, "word": " down.", "probability": 0.84521484375}, {"start": 1277.14, "end": 1277.28, "word": " The", "probability": 0.85595703125}, {"start": 1277.28, "end": 1277.64, "word": " profits", "probability": 0.94677734375}, {"start": 1277.64, "end": 1277.92, "word": " go", "probability": 0.9619140625}, {"start": 1277.92, "end": 1278.26, "word": " down.", "probability": 0.8642578125}, {"start": 1279.12, "end": 1279.32, "word": " So", "probability": 0.94873046875}, {"start": 1279.32, "end": 1280.1, "word": " this", "probability": 0.7373046875}, {"start": 1280.1, "end": 1280.56, "word": " means", "probability": 0.9228515625}, {"start": 1280.56, "end": 1281.28, "word": " that", "probability": 0.8544921875}, {"start": 1281.28, "end": 1282.44, "word": " this", "probability": 0.84326171875}, {"start": 1282.44, "end": 1282.64, "word": " will", "probability": 0.72900390625}, {"start": 1282.64, "end": 1283.94, "word": " affect", "probability": 0.81591796875}, {"start": 1283.94, "end": 1284.54, "word": " the", "probability": 0.91259765625}, {"start": 1284.54, "end": 1284.9, "word": " profits", "probability": 0.93994140625}, {"start": 1284.9, "end": 1285.18, "word": " to", "probability": 0.966796875}, {"start": 1285.18, "end": 1285.42, "word": " go", "probability": 0.96875}, {"start": 1285.42, "end": 1285.78, "word": " down.", "probability": 0.86279296875}, {"start": 1286.0, "end": 1286.16, "word": " Then", "probability": 0.5908203125}, {"start": 1286.16, "end": 1286.4, "word": " here,", "probability": 0.8291015625}, {"start": 1286.84, "end": 1286.96, "word": " the", "probability": 0.91845703125}, {"start": 1286.96, "end": 1287.32, "word": " profits", "probability": 0.93359375}, {"start": 1287.32, "end": 1287.68, "word": " go", "probability": 0.96533203125}, {"start": 1287.68, "end": 1288.0, "word": " down.", "probability": 0.8583984375}], "temperature": 1.0}, {"id": 46, "seek": 131130, "start": 1291.36, "end": 1311.3, "text": " What will happen to the ability to produce and the willingness to produce? Decline. So here, the ability to produce and the willingness to produce. Supply.", "tokens": [708, 486, 1051, 281, 264, 3485, 281, 5258, 293, 264, 25069, 281, 5258, 30, 12427, 1889, 13, 407, 510, 11, 264, 3485, 281, 5258, 293, 264, 25069, 281, 5258, 13, 9391, 356, 13], "avg_logprob": -0.2405790388584137, "compression_ratio": 1.6774193548387097, "no_speech_prob": 0.0, "words": [{"start": 1291.36, "end": 1291.6, "word": " What", "probability": 0.64404296875}, {"start": 1291.6, "end": 1291.8, "word": " will", "probability": 0.83642578125}, {"start": 1291.8, "end": 1292.26, "word": " happen", "probability": 0.923828125}, {"start": 1292.26, "end": 1293.16, "word": " to", "probability": 0.9521484375}, {"start": 1293.16, "end": 1293.54, "word": " the", "probability": 0.92041015625}, {"start": 1293.54, "end": 1294.12, "word": " ability", "probability": 0.9521484375}, {"start": 1294.12, "end": 1294.4, "word": " to", "probability": 0.97021484375}, {"start": 1294.4, "end": 1294.92, "word": " produce", "probability": 0.8828125}, {"start": 1294.92, "end": 1295.3, "word": " and", "probability": 0.8515625}, {"start": 1295.3, "end": 1295.52, "word": " the", "probability": 0.84375}, {"start": 1295.52, "end": 1295.86, "word": " willingness", "probability": 0.85693359375}, {"start": 1295.86, "end": 1296.18, "word": " to", "probability": 0.97021484375}, {"start": 1296.18, "end": 1296.6, "word": " produce?", "probability": 0.87158203125}, {"start": 1297.3, "end": 1297.64, "word": " Decline.", "probability": 0.912841796875}, {"start": 1297.84, "end": 1297.98, "word": " So", "probability": 0.52392578125}, {"start": 1297.98, "end": 1298.28, "word": " here,", "probability": 0.8115234375}, {"start": 1300.34, "end": 1300.52, "word": " the", "probability": 0.88916015625}, {"start": 1300.52, "end": 1301.14, "word": " ability", "probability": 0.9521484375}, {"start": 1301.14, "end": 1303.18, "word": " to", "probability": 0.95751953125}, {"start": 1303.18, "end": 1303.8, "word": " produce", "probability": 0.87646484375}, {"start": 1303.8, "end": 1306.58, "word": " and", "probability": 0.8212890625}, {"start": 1306.58, "end": 1307.1, "word": " the", "probability": 0.91943359375}, {"start": 1307.1, "end": 1307.5, "word": " willingness", "probability": 0.9208984375}, {"start": 1307.5, "end": 1307.84, "word": " to", "probability": 0.96875}, {"start": 1307.84, "end": 1308.42, "word": " produce.", "probability": 0.87841796875}, {"start": 1310.92, "end": 1311.3, "word": " Supply.", "probability": 0.5078277587890625}], "temperature": 1.0}, {"id": 47, "seek": 134997, "start": 1321.87, "end": 1349.97, "text": " Decline. So we have a declining in supply, and supply curve shifts left. And then supply curve shifts left. So if we have the following supply curve, PQS, S1, supply curve shifts left. Okay? 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So what will happen? The profits goes up and the supply shifts right. Okay?", "tokens": [440, 3218, 295, 15743, 11, 264, 3218, 295, 8936, 2527, 11, 264, 3218, 11, 264, 2063, 295, 20097, 11, 264, 2063, 295, 27302, 11, 5949, 11, 8936, 2527, 11, 439, 1709, 760, 11, 420, 472, 295, 613, 420, 732, 295, 613, 15743, 11, 264, 3218, 11, 264, 2063, 295, 613, 15743, 420, 472, 420, 11, 558, 30, 407, 437, 486, 1051, 30, 440, 17982, 1709, 493, 293, 264, 5847, 19201, 558, 13, 1033, 30], "avg_logprob": -0.2625000015894572, "compression_ratio": 1.883435582822086, "no_speech_prob": 0.0, "words": [{"start": 1361.0, "end": 1361.22, "word": " The", "probability": 0.52587890625}, {"start": 1361.22, "end": 1361.54, "word": " price", "probability": 0.91162109375}, {"start": 1361.54, "end": 1361.72, "word": " of", "probability": 0.96728515625}, {"start": 1361.72, "end": 1362.06, "word": " inputs,", "probability": 0.96337890625}, {"start": 1362.28, "end": 1362.42, "word": " the", "probability": 0.916015625}, {"start": 1362.42, "end": 1362.68, "word": " price", "probability": 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What is the third factor affect someone else? Yes. Number of producers. Exactly. 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Here we're talking about the number of producers or the number of sellers. 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So as the number of sellers increases, this leads to an increasing in supply.", "tokens": [7587, 13, 407, 382, 264, 1230, 295, 31276, 8637, 11, 341, 6689, 281, 364, 5662, 294, 5847, 13], "avg_logprob": -0.10454358552631579, "compression_ratio": 1.0740740740740742, "no_speech_prob": 0.0, "words": [{"start": 1452.32, "end": 1453.2, "word": " Exactly.", "probability": 0.414306640625}, {"start": 1454.3, "end": 1454.54, "word": " So", "probability": 0.91064453125}, {"start": 1454.54, "end": 1455.52, "word": " as", "probability": 0.783203125}, {"start": 1455.52, "end": 1455.7, "word": " the", "probability": 0.92333984375}, {"start": 1455.7, "end": 1455.92, "word": " number", "probability": 0.93505859375}, {"start": 1455.92, "end": 1456.1, "word": " of", "probability": 0.974609375}, {"start": 1456.1, "end": 1456.46, "word": " sellers", "probability": 0.958984375}, {"start": 1456.46, "end": 1463.98, "word": " increases,", "probability": 0.93359375}, {"start": 1468.56, "end": 1472.38, "word": " this", "probability": 0.93994140625}, {"start": 1472.38, "end": 1472.82, "word": " leads", "probability": 0.92333984375}, {"start": 1472.82, "end": 1472.98, "word": " to", "probability": 0.94921875}, {"start": 1472.98, "end": 1473.12, "word": " an", "probability": 0.830078125}, {"start": 1473.12, "end": 1473.72, "word": " increasing", "probability": 0.82080078125}, {"start": 1473.72, "end": 1473.98, "word": " in", "probability": 0.8681640625}, {"start": 1473.98, "end": 1474.42, "word": " supply.", "probability": 0.92724609375}], "temperature": 1.0}, {"id": 53, "seek": 151010, "start": 1481.12, "end": 1510.1, "text": " shifts, supply curve shifts. Right. Then SC shifts. Right. And vice versa, declining in the number of sellers leads to a decreasing in supply, decreasing in supply curve shifts left. Okay? Yeah. Why if the number of suppliers goes up? 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What will happen to the quant supplied at the same prices here? Let us assume that we have the original. This is the original here. This is the price and the quant supplied, and this is the original supply curve as well. 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The quantity per kilogram of a chicken was five. And the quantity sold in the market was 10 or 20 or 200 kilogram. And this is NIS.", "tokens": [390, 1732, 750, 7124, 82, 680, 2733, 295, 8795, 13, 440, 11275, 680, 21741, 295, 257, 4662, 390, 1732, 13, 400, 264, 11275, 3718, 294, 264, 2142, 390, 1266, 420, 945, 420, 2331, 21741, 13, 400, 341, 307, 426, 2343, 13], "avg_logprob": -0.24795387259551457, "compression_ratio": 1.4, "no_speech_prob": 0.0, "words": [{"start": 1540.04, "end": 1540.72, "word": " was", "probability": 0.446533203125}, {"start": 1540.72, "end": 1541.56, "word": " five", "probability": 0.77734375}, {"start": 1541.56, "end": 1544.94, "word": " shekels", "probability": 0.9225260416666666}, {"start": 1544.94, "end": 1545.26, "word": " per", "probability": 0.53662109375}, {"start": 1545.26, "end": 1545.6, "word": " liter", "probability": 0.890625}, {"start": 1545.6, "end": 1546.36, "word": " of", "probability": 0.7529296875}, {"start": 1546.36, "end": 1547.62, "word": " beer.", "probability": 0.319091796875}, {"start": 1547.92, "end": 1547.92, "word": " The", "probability": 0.2376708984375}, {"start": 1547.92, "end": 1548.32, "word": " quantity", "probability": 0.9130859375}, {"start": 1548.32, "end": 1548.78, "word": " per", "probability": 0.919921875}, {"start": 1548.78, "end": 1549.26, "word": " kilogram", "probability": 0.908203125}, {"start": 1549.26, "end": 1549.94, "word": " of", "probability": 0.9755859375}, {"start": 1549.94, "end": 1551.04, "word": " a", "probability": 0.400146484375}, {"start": 1551.04, "end": 1551.34, "word": " chicken", "probability": 0.822265625}, {"start": 1551.34, "end": 1551.9, "word": " was", "probability": 0.9462890625}, {"start": 1551.9, "end": 1552.44, "word": " five.", "probability": 0.85595703125}, {"start": 1553.24, "end": 1553.72, "word": " And", "probability": 0.89208984375}, {"start": 1553.72, "end": 1553.88, "word": " the", "probability": 0.90283203125}, {"start": 1553.88, "end": 1554.4, "word": " quantity", "probability": 0.9580078125}, {"start": 1554.4, "end": 1556.08, "word": " sold", "probability": 0.9248046875}, {"start": 1556.08, "end": 1556.66, "word": " in", "probability": 0.93603515625}, {"start": 1556.66, "end": 1556.82, "word": " the", "probability": 0.91748046875}, {"start": 1556.82, "end": 1557.16, "word": " market", "probability": 0.87060546875}, {"start": 1557.16, "end": 1558.0, "word": " was", "probability": 0.94482421875}, {"start": 1558.0, "end": 1559.02, "word": " 10", "probability": 0.81396484375}, {"start": 1559.02, "end": 1559.4, "word": " or", "probability": 0.7255859375}, {"start": 1559.4, "end": 1560.0, "word": " 20", "probability": 0.90673828125}, {"start": 1560.0, "end": 1560.64, "word": " or", "probability": 0.90673828125}, {"start": 1560.64, "end": 1561.18, "word": " 200", "probability": 0.91357421875}, {"start": 1561.18, "end": 1561.7, "word": " kilogram.", "probability": 0.44287109375}, {"start": 1563.68, "end": 1564.42, "word": " And", "probability": 0.88720703125}, {"start": 1564.42, "end": 1564.6, "word": " this", "probability": 0.9375}, {"start": 1564.6, "end": 1564.98, "word": " is", "probability": 0.9287109375}, {"start": 1564.98, "end": 1566.82, "word": " NIS.", "probability": 0.822265625}], "temperature": 1.0}, {"id": 56, "seek": 158823, "start": 1568.59, "end": 1588.23, "text": " Okay? If the number of sellers increases, what will happen to the quantity sold in the market? The quantity produced in the market? Along the same prices. Let us assume that the price was five and remains five.", "tokens": [1033, 30, 759, 264, 1230, 295, 31276, 8637, 11, 437, 486, 1051, 281, 264, 11275, 3718, 294, 264, 2142, 30, 440, 11275, 7126, 294, 264, 2142, 30, 17457, 264, 912, 7901, 13, 961, 505, 6552, 300, 264, 3218, 390, 1732, 293, 7023, 1732, 13], "avg_logprob": -0.1798611071374681, "compression_ratio": 1.4755244755244756, "no_speech_prob": 0.0, "words": [{"start": 1568.59, "end": 1569.27, "word": " Okay?", "probability": 0.517578125}, {"start": 1570.15, "end": 1570.65, "word": " If", "probability": 0.9609375}, {"start": 1570.65, "end": 1570.91, "word": " the", "probability": 0.91845703125}, {"start": 1570.91, "end": 1571.23, "word": " number", "probability": 0.93017578125}, {"start": 1571.23, "end": 1571.47, "word": " of", "probability": 0.97412109375}, {"start": 1571.47, "end": 1571.75, "word": " sellers", "probability": 0.94482421875}, {"start": 1571.75, "end": 1572.91, "word": " increases,", "probability": 0.919921875}, {"start": 1574.21, "end": 1574.93, "word": " what", "probability": 0.9423828125}, {"start": 1574.93, "end": 1575.13, "word": " will", "probability": 0.62060546875}, {"start": 1575.13, "end": 1575.61, "word": " happen", "probability": 0.91943359375}, {"start": 1575.61, "end": 1576.21, "word": " to", "probability": 0.96923828125}, {"start": 1576.21, "end": 1576.43, "word": " the", "probability": 0.92431640625}, {"start": 1576.43, "end": 1577.01, "word": " quantity", "probability": 0.80517578125}, {"start": 1577.01, "end": 1577.87, "word": " sold", "probability": 0.93408203125}, {"start": 1577.87, "end": 1578.29, "word": " in", "probability": 0.94482421875}, {"start": 1578.29, "end": 1578.47, "word": " the", "probability": 0.916015625}, {"start": 1578.47, "end": 1578.79, "word": " market?", "probability": 0.8798828125}, {"start": 1579.21, "end": 1579.35, "word": " The", "probability": 0.890625}, {"start": 1579.35, "end": 1579.85, "word": " quantity", "probability": 0.98046875}, {"start": 1579.85, "end": 1581.05, "word": " produced", "probability": 0.90966796875}, {"start": 1581.05, "end": 1581.39, "word": " in", "probability": 0.9462890625}, {"start": 1581.39, "end": 1581.53, "word": " the", "probability": 0.916015625}, {"start": 1581.53, "end": 1581.99, "word": " market?", "probability": 0.8828125}, {"start": 1582.49, "end": 1582.83, "word": " Along", "probability": 0.64990234375}, {"start": 1582.83, "end": 1583.31, "word": " the", "probability": 0.7431640625}, {"start": 1583.31, "end": 1583.65, "word": " same", "probability": 0.92626953125}, {"start": 1583.65, "end": 1584.29, "word": " prices.", "probability": 0.9013671875}, {"start": 1585.05, "end": 1585.23, "word": " Let", "probability": 0.9541015625}, {"start": 1585.23, "end": 1585.41, "word": " us", "probability": 0.8427734375}, {"start": 1585.41, "end": 1585.69, "word": " assume", "probability": 0.91259765625}, {"start": 1585.69, "end": 1585.87, "word": " that", "probability": 0.92138671875}, {"start": 1585.87, "end": 1586.01, "word": " the", "probability": 0.9111328125}, {"start": 1586.01, "end": 1586.25, "word": " price", "probability": 0.90771484375}, {"start": 1586.25, "end": 1586.57, "word": " was", "probability": 0.9482421875}, {"start": 1586.57, "end": 1586.81, "word": " five", "probability": 0.77587890625}, {"start": 1586.81, "end": 1587.33, "word": " and", "probability": 0.68310546875}, {"start": 1587.33, "end": 1587.85, "word": " remains", "probability": 0.826171875}, {"start": 1587.85, "end": 1588.23, "word": " five.", "probability": 0.90478515625}], "temperature": 1.0}, {"id": 57, "seek": 161798, "start": 1589.78, "end": 1617.98, "text": " here according to our assumption that the price per kilogram of chicken was five, okay? At this price, if we have additional sellers, more sellers in the market, the quantity purchased, the quantity sold go up from 200 to maybe 250, along with the same prices. So here we will move to, right?", "tokens": [510, 4650, 281, 527, 15302, 300, 264, 3218, 680, 21741, 295, 4662, 390, 1732, 11, 1392, 30, 1711, 341, 3218, 11, 498, 321, 362, 4497, 31276, 11, 544, 31276, 294, 264, 2142, 11, 264, 11275, 14734, 11, 264, 11275, 3718, 352, 493, 490, 2331, 281, 1310, 11650, 11, 2051, 365, 264, 912, 7901, 13, 407, 510, 321, 486, 1286, 281, 11, 558, 30], "avg_logprob": -0.23217772878706455, "compression_ratio": 1.47979797979798, "no_speech_prob": 0.0, "words": [{"start": 1589.78, "end": 1590.04, "word": " here", "probability": 0.3388671875}, {"start": 1590.04, "end": 1590.46, "word": " according", "probability": 0.77734375}, {"start": 1590.46, "end": 1590.64, "word": " to", "probability": 0.95849609375}, {"start": 1590.64, "end": 1590.84, "word": " our", "probability": 0.88427734375}, {"start": 1590.84, "end": 1591.2, "word": " assumption", "probability": 0.9423828125}, {"start": 1591.2, "end": 1591.46, "word": " that", "probability": 0.7109375}, {"start": 1591.46, "end": 1591.6, "word": " the", "probability": 0.91259765625}, {"start": 1591.6, "end": 1591.88, "word": " price", "probability": 0.8984375}, {"start": 1591.88, "end": 1592.36, "word": " per", "probability": 0.93994140625}, {"start": 1592.36, "end": 1592.72, "word": " kilogram", "probability": 0.91552734375}, {"start": 1592.72, "end": 1593.34, "word": " of", "probability": 0.9755859375}, {"start": 1593.34, "end": 1593.88, "word": " chicken", "probability": 0.7041015625}, {"start": 1593.88, "end": 1594.62, "word": " was", "probability": 0.9482421875}, {"start": 1594.62, "end": 1595.02, "word": " five,", "probability": 0.744140625}, {"start": 1595.24, "end": 1595.48, "word": " okay?", "probability": 0.876953125}, {"start": 1596.46, "end": 1596.7, "word": " At", "probability": 0.89013671875}, {"start": 1596.7, "end": 1596.88, "word": " this", "probability": 0.9482421875}, {"start": 1596.88, "end": 1597.28, "word": " price,", "probability": 0.9189453125}, {"start": 1597.64, "end": 1598.12, "word": " if", "probability": 0.87890625}, {"start": 1598.12, "end": 1598.34, "word": " we", "probability": 0.96044921875}, {"start": 1598.34, "end": 1598.6, "word": " have", "probability": 0.93017578125}, {"start": 1598.6, "end": 1599.88, "word": " additional", "probability": 0.91357421875}, {"start": 1599.88, "end": 1600.46, "word": " sellers,", "probability": 0.93359375}, {"start": 1600.94, "end": 1601.36, "word": " more", "probability": 0.93115234375}, {"start": 1601.36, "end": 1601.9, "word": " sellers", "probability": 0.91748046875}, {"start": 1601.9, "end": 1602.22, "word": " in", "probability": 0.82177734375}, {"start": 1602.22, "end": 1602.38, "word": " the", "probability": 0.91455078125}, {"start": 1602.38, "end": 1602.7, "word": " market,", "probability": 0.87841796875}, {"start": 1603.04, "end": 1603.16, "word": " the", "probability": 0.876953125}, {"start": 1603.16, "end": 1603.5, "word": " quantity", "probability": 0.255126953125}, {"start": 1603.5, "end": 1604.2, "word": " purchased,", "probability": 0.294921875}, {"start": 1604.52, "end": 1605.3, "word": " the", "probability": 0.890625}, {"start": 1605.3, "end": 1605.66, "word": " quantity", "probability": 0.7587890625}, {"start": 1605.66, "end": 1605.96, "word": " sold", "probability": 0.97216796875}, {"start": 1605.96, "end": 1606.6, "word": " go", "probability": 0.69482421875}, {"start": 1606.6, "end": 1606.98, "word": " up", "probability": 0.966796875}, {"start": 1606.98, "end": 1608.38, "word": " from", "probability": 0.8642578125}, {"start": 1608.38, "end": 1608.82, "word": " 200", "probability": 0.9072265625}, {"start": 1608.82, "end": 1609.44, "word": " to", "probability": 0.94775390625}, {"start": 1609.44, "end": 1609.96, "word": " maybe", "probability": 0.93017578125}, {"start": 1609.96, "end": 1611.0, "word": " 250,", "probability": 0.912109375}, {"start": 1612.3, "end": 1612.62, "word": " along", "probability": 0.826171875}, {"start": 1612.62, "end": 1612.74, "word": " with", "probability": 0.5576171875}, {"start": 1612.74, "end": 1612.84, "word": " the", "probability": 0.90869140625}, {"start": 1612.84, "end": 1612.96, "word": " same", "probability": 0.89404296875}, {"start": 1612.96, "end": 1613.34, "word": " prices.", "probability": 0.86572265625}, {"start": 1613.68, "end": 1613.8, "word": " So", "probability": 0.958984375}, {"start": 1613.8, "end": 1614.12, "word": " here", "probability": 0.6328125}, {"start": 1614.12, "end": 1614.32, "word": " we", "probability": 0.64794921875}, {"start": 1614.32, "end": 1614.58, "word": " will", "probability": 0.8935546875}, {"start": 1614.58, "end": 1615.2, "word": " move", "probability": 0.939453125}, {"start": 1615.2, "end": 1616.06, "word": " to,", "probability": 0.95166015625}, {"start": 1617.68, "end": 1617.98, "word": " right?", "probability": 0.888671875}], "temperature": 1.0}, {"id": 58, "seek": 164622, "start": 1619.8, "end": 1646.22, "text": " So here we have what? Shifts right, shifting to right, this to S2. Supply shifts right. That's it. That's the idea, okay? What else? I want to give the chance for someone else. Someone else who can give us the fourth factor affect supply. Yeah, okay.", "tokens": [407, 510, 321, 362, 437, 30, 1160, 8065, 558, 11, 17573, 281, 558, 11, 341, 281, 318, 17, 13, 9391, 356, 19201, 558, 13, 663, 311, 309, 13, 663, 311, 264, 1558, 11, 1392, 30, 708, 1646, 30, 286, 528, 281, 976, 264, 2931, 337, 1580, 1646, 13, 8734, 1646, 567, 393, 976, 505, 264, 6409, 5952, 3345, 5847, 13, 865, 11, 1392, 13], "avg_logprob": -0.26346153846153847, "compression_ratio": 1.5493827160493827, "no_speech_prob": 0.0, "words": [{"start": 1619.8, "end": 1620.04, "word": " So", "probability": 0.88232421875}, {"start": 1620.04, "end": 1620.3, "word": " here", "probability": 0.6728515625}, {"start": 1620.3, "end": 1620.56, "word": " we", "probability": 0.68310546875}, {"start": 1620.56, "end": 1620.88, "word": " have", "probability": 0.916015625}, {"start": 1620.88, "end": 1621.24, "word": " what?", "probability": 0.92626953125}, {"start": 1622.8, "end": 1623.04, "word": " Shifts", "probability": 0.595947265625}, {"start": 1623.04, "end": 1623.4, "word": " right,", "probability": 0.48876953125}, {"start": 1623.5, "end": 1623.82, "word": " shifting", "probability": 0.8759765625}, {"start": 1623.82, "end": 1624.28, "word": " to", "probability": 0.89306640625}, {"start": 1624.28, "end": 1624.68, "word": " right,", "probability": 0.89404296875}, {"start": 1625.1, "end": 1625.42, "word": " this", "probability": 0.60595703125}, {"start": 1625.42, "end": 1625.86, "word": " to", "probability": 0.54833984375}, {"start": 1625.86, "end": 1626.34, "word": " S2.", "probability": 0.6357421875}, {"start": 1626.86, "end": 1627.48, "word": " Supply", "probability": 0.77392578125}, {"start": 1627.48, "end": 1629.0, "word": " shifts", "probability": 0.86279296875}, {"start": 1629.0, "end": 1629.58, "word": " right.", "probability": 0.72314453125}, {"start": 1629.86, "end": 1630.1, "word": " That's", "probability": 0.939453125}, {"start": 1630.1, "end": 1630.22, "word": " it.", "probability": 0.93408203125}, {"start": 1630.62, "end": 1630.8, "word": " That's", "probability": 0.84228515625}, {"start": 1630.8, "end": 1630.94, "word": " the", "probability": 0.91650390625}, {"start": 1630.94, "end": 1631.28, "word": " idea,", "probability": 0.92041015625}, {"start": 1631.6, "end": 1631.78, "word": " okay?", "probability": 0.90576171875}, {"start": 1632.7, "end": 1632.92, "word": " What", "probability": 0.34814453125}, {"start": 1632.92, "end": 1634.5, "word": " else?", "probability": 0.9296875}, {"start": 1635.54, "end": 1636.22, "word": " I", "probability": 0.57861328125}, {"start": 1636.22, "end": 1636.38, "word": " want", "probability": 0.338134765625}, {"start": 1636.38, "end": 1636.44, "word": " to", "probability": 0.9658203125}, {"start": 1636.44, "end": 1636.56, "word": " give", "probability": 0.873046875}, {"start": 1636.56, "end": 1636.7, "word": " the", "probability": 0.76513671875}, {"start": 1636.7, "end": 1636.98, "word": " chance", "probability": 0.97802734375}, {"start": 1636.98, "end": 1637.18, "word": " for", "probability": 0.92919921875}, {"start": 1637.18, "end": 1637.4, "word": " someone", "probability": 0.9365234375}, {"start": 1637.4, "end": 1637.8, "word": " else.", "probability": 0.9228515625}, {"start": 1638.64, "end": 1639.04, "word": " Someone", "probability": 0.95703125}, {"start": 1639.04, "end": 1639.5, "word": " else", "probability": 0.93603515625}, {"start": 1639.5, "end": 1639.72, "word": " who", "probability": 0.84814453125}, {"start": 1639.72, "end": 1640.06, "word": " can", "probability": 0.9453125}, {"start": 1640.06, "end": 1640.36, "word": " give", "probability": 0.89306640625}, {"start": 1640.36, "end": 1640.96, "word": " us", "probability": 0.943359375}, {"start": 1640.96, "end": 1641.58, "word": " the", "probability": 0.86181640625}, {"start": 1641.58, "end": 1642.4, "word": " fourth", "probability": 0.84521484375}, {"start": 1642.4, "end": 1642.98, "word": " factor", "probability": 0.880859375}, {"start": 1642.98, "end": 1643.42, "word": " affect", "probability": 0.357421875}, {"start": 1643.42, "end": 1644.3, "word": " supply.", "probability": 0.9326171875}, {"start": 1645.3, "end": 1645.98, "word": " Yeah,", "probability": 0.7900390625}, {"start": 1646.06, "end": 1646.22, "word": " okay.", "probability": 0.91015625}], "temperature": 1.0}, {"id": 59, "seek": 167302, "start": 1646.76, "end": 1673.02, "text": " Tax or subsidies. When the tax is rising, the ability to produce that goes down and the quantity supply goes down. Okay. Thank you. Thank you very much indeed. Let's go to the fourth factor affect supply which is taxes or subsidies. Taxes or subsidies.", "tokens": [23263, 420, 38523, 13, 1133, 264, 3366, 307, 11636, 11, 264, 3485, 281, 5258, 300, 1709, 760, 293, 264, 11275, 5847, 1709, 760, 13, 1033, 13, 1044, 291, 13, 1044, 291, 588, 709, 6451, 13, 961, 311, 352, 281, 264, 6409, 5952, 3345, 5847, 597, 307, 10041, 420, 38523, 13, 23263, 279, 420, 38523, 13], "avg_logprob": -0.2109375037252903, "compression_ratio": 1.5714285714285714, "no_speech_prob": 0.0, "words": [{"start": 1646.76, "end": 1647.2, "word": " Tax", "probability": 0.56787109375}, {"start": 1647.2, "end": 1647.86, "word": " or", "probability": 0.50537109375}, {"start": 1647.86, "end": 1648.3, "word": " subsidies.", "probability": 0.78857421875}, {"start": 1648.88, "end": 1649.16, "word": " When", "probability": 0.8408203125}, {"start": 1649.16, "end": 1649.64, "word": " the", "probability": 0.90234375}, {"start": 1649.64, "end": 1649.96, "word": " tax", "probability": 0.480712890625}, {"start": 1649.96, "end": 1650.3, "word": " is", "probability": 0.91748046875}, {"start": 1650.3, "end": 1650.96, "word": " rising,", "probability": 0.92822265625}, {"start": 1651.72, "end": 1651.92, "word": " the", "probability": 0.91259765625}, {"start": 1651.92, "end": 1652.42, "word": " ability", "probability": 0.95068359375}, {"start": 1652.42, "end": 1652.7, "word": " to", "probability": 0.9658203125}, {"start": 1652.7, "end": 1653.22, "word": " produce", "probability": 0.88720703125}, {"start": 1653.22, "end": 1653.72, "word": " that", "probability": 0.79248046875}, {"start": 1653.72, "end": 1654.58, "word": " goes", "probability": 0.921875}, {"start": 1654.58, "end": 1655.02, "word": " down", "probability": 0.86083984375}, {"start": 1655.02, "end": 1656.54, "word": " and", "probability": 0.556640625}, {"start": 1656.54, "end": 1656.74, "word": " the", "probability": 0.86083984375}, {"start": 1656.74, "end": 1657.02, "word": " quantity", "probability": 0.69287109375}, {"start": 1657.02, "end": 1657.54, "word": " supply", "probability": 0.425048828125}, {"start": 1657.54, "end": 1657.84, "word": " goes", "probability": 0.92041015625}, {"start": 1657.84, "end": 1658.12, "word": " down.", "probability": 0.86083984375}, {"start": 1658.44, "end": 1658.72, "word": " Okay.", "probability": 0.5234375}, {"start": 1659.04, "end": 1659.52, "word": " Thank", "probability": 0.8740234375}, {"start": 1659.52, "end": 1659.68, "word": " you.", "probability": 0.96435546875}, {"start": 1659.82, "end": 1660.08, "word": " Thank", "probability": 0.876953125}, {"start": 1660.08, "end": 1660.24, "word": " you", "probability": 0.96435546875}, {"start": 1660.24, "end": 1660.42, "word": " very", "probability": 0.60888671875}, {"start": 1660.42, "end": 1660.6, "word": " much", "probability": 0.9130859375}, {"start": 1660.6, "end": 1660.8, "word": " indeed.", "probability": 0.59619140625}, {"start": 1661.34, "end": 1661.98, "word": " Let's", "probability": 0.97216796875}, {"start": 1661.98, "end": 1662.16, "word": " go", "probability": 0.96533203125}, {"start": 1662.16, "end": 1662.32, "word": " to", "probability": 0.95751953125}, {"start": 1662.32, "end": 1662.46, "word": " the", "probability": 0.91748046875}, {"start": 1662.46, "end": 1662.72, "word": " fourth", "probability": 0.93212890625}, {"start": 1662.72, "end": 1663.1, "word": " factor", "probability": 0.88818359375}, {"start": 1663.1, "end": 1663.54, "word": " affect", "probability": 0.5361328125}, {"start": 1663.54, "end": 1664.7, "word": " supply", "probability": 0.9375}, {"start": 1664.7, "end": 1665.02, "word": " which", "probability": 0.564453125}, {"start": 1665.02, "end": 1665.5, "word": " is", "probability": 0.9462890625}, {"start": 1665.5, "end": 1666.58, "word": " taxes", "probability": 0.89404296875}, {"start": 1666.58, "end": 1667.42, "word": " or", "probability": 0.96533203125}, {"start": 1667.42, "end": 1668.12, "word": " subsidies.", "probability": 0.841796875}, {"start": 1669.42, "end": 1670.3, "word": " Taxes", "probability": 0.9619140625}, {"start": 1670.3, "end": 1672.28, "word": " or", "probability": 0.93701171875}, {"start": 1672.28, "end": 1673.02, "word": " subsidies.", "probability": 0.814453125}], "temperature": 1.0}, {"id": 60, "seek": 171255, "start": 1684.61, "end": 1712.55, "text": " Number four, taxes or subsidies. Taxes means and subsidies means. Okay. Let's go to analyze taxes, the effect of taxes on what? Supply.", "tokens": [5118, 1451, 11, 10041, 420, 38523, 13, 23263, 279, 1355, 293, 38523, 1355, 13, 1033, 13, 961, 311, 352, 281, 12477, 10041, 11, 264, 1802, 295, 10041, 322, 437, 30, 9391, 356, 13], "avg_logprob": -0.26769302697742686, "compression_ratio": 1.2252252252252251, "no_speech_prob": 0.0, "words": [{"start": 1684.61, "end": 1684.95, "word": " Number", "probability": 0.83544921875}, {"start": 1684.95, "end": 1685.35, "word": " four,", "probability": 0.87353515625}, {"start": 1689.15, "end": 1689.65, "word": " taxes", "probability": 0.88818359375}, {"start": 1689.65, "end": 1690.35, "word": " or", "probability": 0.95751953125}, {"start": 1690.35, "end": 1690.85, "word": " subsidies.", "probability": 0.88818359375}, {"start": 1699.21, "end": 1700.33, "word": " Taxes", "probability": 0.927978515625}, {"start": 1700.33, "end": 1700.73, "word": " means", "probability": 0.91748046875}, {"start": 1700.73, "end": 1701.61, "word": " and", "probability": 0.059600830078125}, {"start": 1701.61, "end": 1702.59, "word": " subsidies", "probability": 0.84130859375}, {"start": 1702.59, "end": 1703.15, "word": " means.", "probability": 0.90380859375}, {"start": 1703.47, "end": 1704.59, "word": " Okay.", "probability": 0.430419921875}, {"start": 1705.89, "end": 1706.45, "word": " Let's", "probability": 0.967041015625}, {"start": 1706.45, "end": 1706.63, "word": " go", "probability": 0.96728515625}, {"start": 1706.63, "end": 1706.75, "word": " to", "probability": 0.923828125}, {"start": 1706.75, "end": 1707.27, "word": " analyze", "probability": 0.87548828125}, {"start": 1707.27, "end": 1707.99, "word": " taxes,", "probability": 0.71826171875}, {"start": 1708.19, "end": 1708.25, "word": " the", "probability": 0.9013671875}, {"start": 1708.25, "end": 1708.55, "word": " effect", "probability": 0.68994140625}, {"start": 1708.55, "end": 1708.73, "word": " of", "probability": 0.9248046875}, {"start": 1708.73, "end": 1709.29, "word": " taxes", "probability": 0.9248046875}, {"start": 1709.29, "end": 1710.53, "word": " on", "probability": 0.84716796875}, {"start": 1710.53, "end": 1711.51, "word": " what?", "probability": 0.7177734375}, {"start": 1711.95, "end": 1712.55, "word": " Supply.", "probability": 0.9033203125}], "temperature": 1.0}, {"id": 61, "seek": 174094, "start": 1713.38, "end": 1740.94, "text": " So let's analyze the first part or the first taxes. As the taxes increases, what will happen to the subsidies means? Taxes as the taxes go up. What will happen to the profits?", "tokens": [407, 718, 311, 12477, 264, 700, 644, 420, 264, 700, 10041, 13, 1018, 264, 10041, 8637, 11, 437, 486, 1051, 281, 264, 38523, 1355, 30, 23263, 279, 382, 264, 10041, 352, 493, 13, 708, 486, 1051, 281, 264, 17982, 30], "avg_logprob": -0.25857468930686395, "compression_ratio": 1.5042735042735043, "no_speech_prob": 0.0, "words": [{"start": 1713.38, "end": 1713.82, "word": " So", "probability": 0.92431640625}, {"start": 1713.82, "end": 1714.34, "word": " let's", "probability": 0.871826171875}, {"start": 1714.34, "end": 1714.74, "word": " analyze", "probability": 0.90576171875}, {"start": 1714.74, "end": 1714.96, "word": " the", "probability": 0.92138671875}, {"start": 1714.96, "end": 1715.18, "word": " first", "probability": 0.8994140625}, {"start": 1715.18, "end": 1715.58, "word": " part", "probability": 0.9326171875}, {"start": 1715.58, "end": 1715.92, "word": " or", "probability": 0.7099609375}, {"start": 1715.92, "end": 1716.12, "word": " the", "probability": 0.87060546875}, {"start": 1716.12, "end": 1716.4, "word": " first", "probability": 0.7802734375}, {"start": 1716.4, "end": 1717.38, "word": " taxes.", "probability": 0.2332763671875}, {"start": 1719.06, "end": 1719.9, "word": " As", "probability": 0.97119140625}, {"start": 1719.9, "end": 1720.1, "word": " the", "probability": 0.92041015625}, {"start": 1720.1, "end": 1720.48, "word": " taxes", "probability": 0.8994140625}, {"start": 1720.48, "end": 1721.48, "word": " increases,", "probability": 0.892578125}, {"start": 1723.36, "end": 1723.54, "word": " what", "probability": 0.9306640625}, {"start": 1723.54, "end": 1723.72, "word": " will", "probability": 0.853515625}, {"start": 1723.72, "end": 1724.22, "word": " happen", "probability": 0.91552734375}, {"start": 1724.22, "end": 1725.26, "word": " to", "probability": 0.9755859375}, {"start": 1725.26, "end": 1726.34, "word": " the", "probability": 0.8232421875}, {"start": 1726.34, "end": 1728.54, "word": " subsidies", "probability": 0.79931640625}, {"start": 1728.54, "end": 1729.08, "word": " means?", "probability": 0.62451171875}, {"start": 1731.6, "end": 1732.44, "word": " Taxes", "probability": 0.782958984375}, {"start": 1732.44, "end": 1732.64, "word": " as", "probability": 0.10064697265625}, {"start": 1732.64, "end": 1735.24, "word": " the", "probability": 0.86572265625}, {"start": 1735.24, "end": 1735.86, "word": " taxes", "probability": 0.91943359375}, {"start": 1735.86, "end": 1736.36, "word": " go", "probability": 0.962890625}, {"start": 1736.36, "end": 1736.72, "word": " up.", "probability": 0.974609375}, {"start": 1738.78, "end": 1739.62, "word": " What", "probability": 0.857421875}, {"start": 1739.62, "end": 1739.8, "word": " will", "probability": 0.84765625}, {"start": 1739.8, "end": 1740.16, "word": " happen", "probability": 0.91650390625}, {"start": 1740.16, "end": 1740.44, "word": " to", "probability": 0.970703125}, {"start": 1740.44, "end": 1740.62, "word": " the", "probability": 0.9267578125}, {"start": 1740.62, "end": 1740.94, "word": " profits?", "probability": 0.9580078125}], "temperature": 1.0}, {"id": 62, "seek": 176687, "start": 1742.79, "end": 1766.87, "text": " Exactly, so this leads to declining the profits. As the profits go down, the ability to produce go down, the willingness to produce go down, and supply goes down as well. That's it. So here we have the ability to produce", "tokens": [7587, 11, 370, 341, 6689, 281, 34298, 264, 17982, 13, 1018, 264, 17982, 352, 760, 11, 264, 3485, 281, 5258, 352, 760, 11, 264, 25069, 281, 5258, 352, 760, 11, 293, 5847, 1709, 760, 382, 731, 13, 663, 311, 309, 13, 407, 510, 321, 362, 264, 3485, 281, 5258], "avg_logprob": -0.18812499791383744, "compression_ratio": 1.6742424242424243, "no_speech_prob": 0.0, "words": [{"start": 1742.79, "end": 1743.51, "word": " Exactly,", "probability": 0.11724853515625}, {"start": 1744.09, "end": 1744.25, "word": " so", "probability": 0.93212890625}, {"start": 1744.25, "end": 1744.65, "word": " this", "probability": 0.9248046875}, {"start": 1744.65, "end": 1744.97, "word": " leads", "probability": 0.91357421875}, {"start": 1744.97, "end": 1745.17, "word": " to", "probability": 0.9443359375}, {"start": 1745.17, "end": 1745.79, "word": " declining", "probability": 0.646484375}, {"start": 1745.79, "end": 1746.19, "word": " the", "probability": 0.6494140625}, {"start": 1746.19, "end": 1746.55, "word": " profits.", "probability": 0.96923828125}, {"start": 1749.93, "end": 1750.65, "word": " As", "probability": 0.958984375}, {"start": 1750.65, "end": 1750.79, "word": " the", "probability": 0.74072265625}, {"start": 1750.79, "end": 1751.09, "word": " profits", "probability": 0.96142578125}, {"start": 1751.09, "end": 1752.07, "word": " go", "probability": 0.9609375}, {"start": 1752.07, "end": 1752.55, "word": " down,", "probability": 0.8662109375}, {"start": 1754.47, "end": 1755.03, "word": " the", "probability": 0.849609375}, {"start": 1755.03, "end": 1755.69, "word": " ability", "probability": 0.9365234375}, {"start": 1755.69, "end": 1755.91, "word": " to", "probability": 0.9677734375}, {"start": 1755.91, "end": 1756.35, "word": " produce", "probability": 0.87646484375}, {"start": 1756.35, "end": 1756.67, "word": " go", "probability": 0.7646484375}, {"start": 1756.67, "end": 1757.01, "word": " down,", "probability": 0.853515625}, {"start": 1757.51, "end": 1757.73, "word": " the", "probability": 0.90283203125}, {"start": 1757.73, "end": 1758.09, "word": " willingness", "probability": 0.96875}, {"start": 1758.09, "end": 1758.37, "word": " to", "probability": 0.96484375}, {"start": 1758.37, "end": 1758.75, "word": " produce", "probability": 0.87646484375}, {"start": 1758.75, "end": 1759.05, "word": " go", "probability": 0.8671875}, {"start": 1759.05, "end": 1759.41, "word": " down,", "probability": 0.86767578125}, {"start": 1759.69, "end": 1760.31, "word": " and", "probability": 0.9189453125}, {"start": 1760.31, "end": 1760.65, "word": " supply", "probability": 0.91455078125}, {"start": 1760.65, "end": 1761.01, "word": " goes", "probability": 0.93896484375}, {"start": 1761.01, "end": 1761.27, "word": " down", "probability": 0.853515625}, {"start": 1761.27, "end": 1761.45, "word": " as", "probability": 0.568359375}, {"start": 1761.45, "end": 1761.57, "word": " well.", "probability": 0.94189453125}, {"start": 1762.15, "end": 1762.87, "word": " That's", "probability": 0.9482421875}, {"start": 1762.87, "end": 1763.03, "word": " it.", "probability": 0.95361328125}, {"start": 1763.79, "end": 1764.03, "word": " So", "probability": 0.92822265625}, {"start": 1764.03, "end": 1765.01, "word": " here", "probability": 0.5205078125}, {"start": 1765.01, "end": 1765.21, "word": " we", "probability": 0.919921875}, {"start": 1765.21, "end": 1765.45, "word": " have", "probability": 0.939453125}, {"start": 1765.45, "end": 1765.81, "word": " the", "probability": 0.9072265625}, {"start": 1765.81, "end": 1766.15, "word": " ability", "probability": 0.951171875}, {"start": 1766.15, "end": 1766.39, "word": " to", "probability": 0.9697265625}, {"start": 1766.39, "end": 1766.87, "word": " produce", "probability": 0.86181640625}], "temperature": 1.0}, {"id": 63, "seek": 179742, "start": 1768.06, "end": 1797.42, "text": " go down, the willingness or the desire to produce go down. So supply goes down. Shifts left. So here we have a leftward shifting in supply curve. Okay? So if there is an increasing in the taxes, Ceteris Paribus,", "tokens": [352, 760, 11, 264, 25069, 420, 264, 7516, 281, 5258, 352, 760, 13, 407, 5847, 1709, 760, 13, 1160, 8065, 1411, 13, 407, 510, 321, 362, 257, 1411, 1007, 17573, 294, 5847, 7605, 13, 1033, 30, 407, 498, 456, 307, 364, 5662, 294, 264, 10041, 11, 383, 2398, 271, 3457, 897, 301, 11], "avg_logprob": -0.2608506911330753, "compression_ratio": 1.4620689655172414, "no_speech_prob": 0.0, "words": [{"start": 1768.06, "end": 1768.34, "word": " go", "probability": 0.348876953125}, {"start": 1768.34, "end": 1768.62, "word": " down,", "probability": 0.85009765625}, {"start": 1768.92, "end": 1769.02, "word": " the", "probability": 0.8779296875}, {"start": 1769.02, "end": 1769.36, "word": " willingness", "probability": 0.9677734375}, {"start": 1769.36, "end": 1769.7, "word": " or", "probability": 0.771484375}, {"start": 1769.7, "end": 1769.84, "word": " the", "probability": 0.8984375}, {"start": 1769.84, "end": 1770.4, "word": " desire", "probability": 0.939453125}, {"start": 1770.4, "end": 1770.68, "word": " to", "probability": 0.96875}, {"start": 1770.68, "end": 1771.28, "word": " produce", "probability": 0.8779296875}, {"start": 1771.28, "end": 1771.62, "word": " go", "probability": 0.88330078125}, {"start": 1771.62, "end": 1772.0, "word": " down.", "probability": 0.8447265625}, {"start": 1774.68, "end": 1775.56, "word": " So", "probability": 0.9501953125}, {"start": 1775.56, "end": 1776.84, "word": " supply", "probability": 0.77392578125}, {"start": 1776.84, "end": 1777.6, "word": " goes", "probability": 0.939453125}, {"start": 1777.6, "end": 1778.32, "word": " down.", "probability": 0.84375}, {"start": 1782.12, "end": 1782.78, "word": " Shifts", "probability": 0.7232666015625}, {"start": 1782.78, "end": 1783.14, "word": " left.", "probability": 0.544921875}, {"start": 1783.6, "end": 1784.2, "word": " So", "probability": 0.88720703125}, {"start": 1784.2, "end": 1784.48, "word": " here", "probability": 0.837890625}, {"start": 1784.48, "end": 1784.66, "word": " we", "probability": 0.82470703125}, {"start": 1784.66, "end": 1785.06, "word": " have", "probability": 0.94677734375}, {"start": 1785.06, "end": 1785.5, "word": " a", "probability": 0.46142578125}, {"start": 1785.5, "end": 1785.98, "word": " leftward", "probability": 0.8232421875}, {"start": 1785.98, "end": 1786.54, "word": " shifting", "probability": 0.89404296875}, {"start": 1786.54, "end": 1786.92, "word": " in", "probability": 0.81689453125}, {"start": 1786.92, "end": 1787.52, "word": " supply", "probability": 0.92578125}, {"start": 1787.52, "end": 1787.88, "word": " curve.", "probability": 0.89501953125}, {"start": 1788.66, "end": 1788.86, "word": " Okay?", "probability": 0.55712890625}, {"start": 1789.14, "end": 1789.76, "word": " So", "probability": 0.9296875}, {"start": 1789.76, "end": 1792.04, "word": " if", "probability": 0.798828125}, {"start": 1792.04, "end": 1792.52, "word": " there", "probability": 0.90966796875}, {"start": 1792.52, "end": 1792.84, "word": " is", "probability": 0.94287109375}, {"start": 1792.84, "end": 1793.14, "word": " an", "probability": 0.96240234375}, {"start": 1793.14, "end": 1793.68, "word": " increasing", "probability": 0.84375}, {"start": 1793.68, "end": 1794.16, "word": " in", "probability": 0.92626953125}, {"start": 1794.16, "end": 1794.3, "word": " the", "probability": 0.9169921875}, {"start": 1794.3, "end": 1794.74, "word": " taxes,", "probability": 0.93310546875}, {"start": 1796.5, "end": 1796.9, "word": " Ceteris", "probability": 0.5961710611979166}, {"start": 1796.9, "end": 1797.42, "word": " Paribus,", "probability": 0.84033203125}], "temperature": 1.0}, {"id": 64, "seek": 182814, "start": 1799.84, "end": 1828.14, "text": " Any increasing taxes lead to what? Declining the profits and the supply shifts, or the supply curve shifts left. So here we have the original supply curve, this one. Prices and the quantity supplied. Supply will shift left. So here we have a leftward shifting.", "tokens": [2639, 5662, 10041, 1477, 281, 437, 30, 1346, 3474, 1760, 264, 17982, 293, 264, 5847, 19201, 11, 420, 264, 5847, 7605, 19201, 1411, 13, 407, 510, 321, 362, 264, 3380, 5847, 7605, 11, 341, 472, 13, 430, 24373, 293, 264, 11275, 27625, 13, 9391, 356, 486, 5513, 1411, 13, 407, 510, 321, 362, 257, 1411, 1007, 17573, 13], "avg_logprob": -0.2448358071052422, "compression_ratio": 1.6838709677419355, "no_speech_prob": 0.0, "words": [{"start": 1799.84, "end": 1800.22, "word": " Any", "probability": 0.6708984375}, {"start": 1800.22, "end": 1800.82, "word": " increasing", "probability": 0.515625}, {"start": 1800.82, "end": 1801.4, "word": " taxes", "probability": 0.377197265625}, {"start": 1801.4, "end": 1801.92, "word": " lead", "probability": 0.814453125}, {"start": 1801.92, "end": 1803.2, "word": " to", "probability": 0.9736328125}, {"start": 1803.2, "end": 1803.56, "word": " what?", "probability": 0.302490234375}, {"start": 1805.3, "end": 1806.14, "word": " Declining", "probability": 0.8693033854166666}, {"start": 1806.14, "end": 1806.4, "word": " the", "probability": 0.73291015625}, {"start": 1806.4, "end": 1806.86, "word": " profits", "probability": 0.95654296875}, {"start": 1806.86, "end": 1807.36, "word": " and", "probability": 0.72314453125}, {"start": 1807.36, "end": 1807.74, "word": " the", "probability": 0.84033203125}, {"start": 1807.74, "end": 1808.42, "word": " supply", "probability": 0.9453125}, {"start": 1808.42, "end": 1810.06, "word": " shifts,", "probability": 0.8779296875}, {"start": 1810.42, "end": 1810.58, "word": " or", "probability": 0.82275390625}, {"start": 1810.58, "end": 1810.74, "word": " the", "probability": 0.9052734375}, {"start": 1810.74, "end": 1811.06, "word": " supply", "probability": 0.94873046875}, {"start": 1811.06, "end": 1811.3, "word": " curve", "probability": 0.93212890625}, {"start": 1811.3, "end": 1811.6, "word": " shifts", "probability": 0.9208984375}, {"start": 1811.6, "end": 1811.86, "word": " left.", "probability": 0.7666015625}, {"start": 1812.02, "end": 1812.3, "word": " So", "probability": 0.943359375}, {"start": 1812.3, "end": 1813.0, "word": " here", "probability": 0.6357421875}, {"start": 1813.0, "end": 1813.18, "word": " we", "probability": 0.87451171875}, {"start": 1813.18, "end": 1813.84, "word": " have", "probability": 0.94384765625}, {"start": 1813.84, "end": 1814.02, "word": " the", "probability": 0.5439453125}, {"start": 1814.02, "end": 1814.8, "word": " original", "probability": 0.80029296875}, {"start": 1814.8, "end": 1816.16, "word": " supply", "probability": 0.95068359375}, {"start": 1816.16, "end": 1816.68, "word": " curve,", "probability": 0.9677734375}, {"start": 1817.06, "end": 1817.3, "word": " this", "probability": 0.9111328125}, {"start": 1817.3, "end": 1817.6, "word": " one.", "probability": 0.927734375}, {"start": 1819.66, "end": 1820.5, "word": " Prices", "probability": 0.921630859375}, {"start": 1820.5, "end": 1821.72, "word": " and", "probability": 0.6513671875}, {"start": 1821.72, "end": 1821.86, "word": " the", "probability": 0.7333984375}, {"start": 1821.86, "end": 1822.06, "word": " quantity", "probability": 0.29638671875}, {"start": 1822.06, "end": 1822.68, "word": " supplied.", "probability": 0.84619140625}, {"start": 1823.3, "end": 1823.92, "word": " Supply", "probability": 0.87255859375}, {"start": 1823.92, "end": 1824.34, "word": " will", "probability": 0.8671875}, {"start": 1824.34, "end": 1824.82, "word": " shift", "probability": 0.9873046875}, {"start": 1824.82, "end": 1825.42, "word": " left.", "probability": 0.9482421875}, {"start": 1825.94, "end": 1826.3, "word": " So", "probability": 0.943359375}, {"start": 1826.3, "end": 1826.84, "word": " here", "probability": 0.796875}, {"start": 1826.84, "end": 1827.0, "word": " we", "probability": 0.93408203125}, {"start": 1827.0, "end": 1827.24, "word": " have", "probability": 0.947265625}, {"start": 1827.24, "end": 1827.36, "word": " a", "probability": 0.607421875}, {"start": 1827.36, "end": 1827.76, "word": " leftward", "probability": 0.9521484375}, {"start": 1827.76, "end": 1828.14, "word": " shifting.", "probability": 0.92431640625}], "temperature": 1.0}, {"id": 65, "seek": 185728, "start": 1829.08, "end": 1857.28, "text": " and supply curve to S2. Okay? What about the subsidies? Sometimes the government provides subsidies for the farmers, sometimes for the producers. So what will happen here? As the subsidies here, as the subsidies", "tokens": [293, 5847, 7605, 281, 318, 17, 13, 1033, 30, 708, 466, 264, 38523, 30, 4803, 264, 2463, 6417, 38523, 337, 264, 11339, 11, 2171, 337, 264, 16080, 13, 407, 437, 486, 1051, 510, 30, 1018, 264, 38523, 510, 11, 382, 264, 38523], "avg_logprob": -0.19240551701811856, "compression_ratio": 1.50354609929078, "no_speech_prob": 0.0, "words": [{"start": 1829.08, "end": 1829.36, "word": " and", "probability": 0.4990234375}, {"start": 1829.36, "end": 1829.66, "word": " supply", "probability": 0.93408203125}, {"start": 1829.66, "end": 1829.96, "word": " curve", "probability": 0.951171875}, {"start": 1829.96, "end": 1830.14, "word": " to", "probability": 0.9423828125}, {"start": 1830.14, "end": 1830.62, "word": " S2.", "probability": 0.91162109375}, {"start": 1834.78, "end": 1835.2, "word": " Okay?", "probability": 0.60791015625}, {"start": 1837.62, "end": 1838.5, "word": " What", "probability": 0.86962890625}, {"start": 1838.5, "end": 1838.66, "word": " about", "probability": 0.88623046875}, {"start": 1838.66, "end": 1838.84, "word": " the", "probability": 0.83203125}, {"start": 1838.84, "end": 1839.22, "word": " subsidies?", "probability": 0.89599609375}, {"start": 1839.86, "end": 1840.74, "word": " Sometimes", "probability": 0.91015625}, {"start": 1840.74, "end": 1841.0, "word": " the", "probability": 0.74560546875}, {"start": 1841.0, "end": 1841.5, "word": " government", "probability": 0.91455078125}, {"start": 1841.5, "end": 1844.1, "word": " provides", "probability": 0.90185546875}, {"start": 1844.1, "end": 1844.9, "word": " subsidies", "probability": 0.85498046875}, {"start": 1844.9, "end": 1845.56, "word": " for", "probability": 0.94970703125}, {"start": 1845.56, "end": 1846.98, "word": " the", "probability": 0.89794921875}, {"start": 1846.98, "end": 1847.54, "word": " farmers,", "probability": 0.833984375}, {"start": 1848.0, "end": 1849.12, "word": " sometimes", "probability": 0.56201171875}, {"start": 1849.12, "end": 1849.74, "word": " for", "probability": 0.947265625}, {"start": 1849.74, "end": 1850.24, "word": " the", "probability": 0.91650390625}, {"start": 1850.24, "end": 1850.84, "word": " producers.", "probability": 0.892578125}, {"start": 1852.02, "end": 1852.42, "word": " So", "probability": 0.8037109375}, {"start": 1852.42, "end": 1853.1, "word": " what", "probability": 0.61328125}, {"start": 1853.1, "end": 1853.24, "word": " will", "probability": 0.640625}, {"start": 1853.24, "end": 1853.58, "word": " happen", "probability": 0.91943359375}, {"start": 1853.58, "end": 1853.92, "word": " here?", "probability": 0.85986328125}, {"start": 1854.2, "end": 1854.56, "word": " As", "probability": 0.837890625}, {"start": 1854.56, "end": 1855.3, "word": " the", "probability": 0.919921875}, {"start": 1855.3, "end": 1855.74, "word": " subsidies", "probability": 0.85009765625}, {"start": 1855.74, "end": 1856.1, "word": " here,", "probability": 0.84228515625}, {"start": 1856.3, "end": 1856.62, "word": " as", "probability": 0.9658203125}, {"start": 1856.62, "end": 1856.84, "word": " the", "probability": 0.9033203125}, {"start": 1856.84, "end": 1857.28, "word": " subsidies", "probability": 0.84912109375}], "temperature": 1.0}, {"id": 66, "seek": 188234, "start": 1861.34, "end": 1882.34, "text": " Go up. Exactly. Exactly. Profits goes up here. The same. The opposite case here. Supply goes up and supply curve shifts right.", "tokens": [1037, 493, 13, 7587, 13, 7587, 13, 6039, 1208, 1709, 493, 510, 13, 440, 912, 13, 440, 6182, 1389, 510, 13, 9391, 356, 1709, 493, 293, 5847, 7605, 19201, 558, 13], "avg_logprob": -0.3032226702198386, "compression_ratio": 1.309278350515464, "no_speech_prob": 0.0, "words": [{"start": 1861.34, "end": 1861.88, "word": " Go", "probability": 0.395263671875}, {"start": 1861.88, "end": 1862.42, "word": " up.", "probability": 0.93115234375}, {"start": 1864.54, "end": 1865.0, "word": " Exactly.", "probability": 0.480712890625}, {"start": 1865.94, "end": 1865.94, "word": " Exactly.", "probability": 0.19775390625}, {"start": 1866.06, "end": 1866.38, "word": " Profits", "probability": 0.89306640625}, {"start": 1866.38, "end": 1866.72, "word": " goes", "probability": 0.9072265625}, {"start": 1866.72, "end": 1867.06, "word": " up", "probability": 0.970703125}, {"start": 1867.06, "end": 1867.72, "word": " here.", "probability": 0.84912109375}, {"start": 1873.66, "end": 1874.54, "word": " The", "probability": 0.81884765625}, {"start": 1874.54, "end": 1874.84, "word": " same.", "probability": 0.82861328125}, {"start": 1875.08, "end": 1875.4, "word": " The", "probability": 0.7900390625}, {"start": 1875.4, "end": 1876.42, "word": " opposite", "probability": 0.62841796875}, {"start": 1876.42, "end": 1876.84, "word": " case", "probability": 0.9150390625}, {"start": 1876.84, "end": 1877.14, "word": " here.", "probability": 0.83837890625}, {"start": 1877.7, "end": 1878.24, "word": " Supply", "probability": 0.901611328125}, {"start": 1878.24, "end": 1879.54, "word": " goes", "probability": 0.9306640625}, {"start": 1879.54, "end": 1879.92, "word": " up", "probability": 0.97021484375}, {"start": 1879.92, "end": 1880.42, "word": " and", "probability": 0.84375}, {"start": 1880.42, "end": 1881.22, "word": " supply", "probability": 0.9345703125}, {"start": 1881.22, "end": 1881.58, "word": " curve", "probability": 0.7412109375}, {"start": 1881.58, "end": 1881.92, "word": " shifts", "probability": 0.890625}, {"start": 1881.92, "end": 1882.34, "word": " right.", "probability": 0.479248046875}], "temperature": 1.0}, {"id": 67, "seek": 191426, "start": 1885.12, "end": 1914.26, "text": " So we will find that the supply curve shifts. Right. Okay. So here we have rightward shifting and supply curve to S3. That's it. All right. What else? What is the fifth factor affect supply? Yes. Yes. Sellers expectation about the future.", "tokens": [407, 321, 486, 915, 300, 264, 5847, 7605, 19201, 13, 1779, 13, 1033, 13, 407, 510, 321, 362, 558, 1007, 17573, 293, 5847, 7605, 281, 318, 18, 13, 663, 311, 309, 13, 1057, 558, 13, 708, 1646, 30, 708, 307, 264, 9266, 5952, 3345, 5847, 30, 1079, 13, 1079, 13, 44296, 433, 14334, 466, 264, 2027, 13], "avg_logprob": -0.2178071159227141, "compression_ratio": 1.4397590361445782, "no_speech_prob": 0.0, "words": [{"start": 1885.12, "end": 1885.46, "word": " So", "probability": 0.91357421875}, {"start": 1885.46, "end": 1886.06, "word": " we", "probability": 0.6025390625}, {"start": 1886.06, "end": 1886.22, "word": " will", "probability": 0.87744140625}, {"start": 1886.22, "end": 1886.6, "word": " find", "probability": 0.904296875}, {"start": 1886.6, "end": 1887.02, "word": " that", "probability": 0.93359375}, {"start": 1887.02, "end": 1887.28, "word": " the", "probability": 0.806640625}, {"start": 1887.28, "end": 1887.66, "word": " supply", "probability": 0.95751953125}, {"start": 1887.66, "end": 1888.16, "word": " curve", "probability": 0.9296875}, {"start": 1888.16, "end": 1888.92, "word": " shifts.", "probability": 0.9462890625}, {"start": 1889.5, "end": 1889.5, "word": " Right.", "probability": 0.3837890625}, {"start": 1889.88, "end": 1890.16, "word": " Okay.", "probability": 0.73046875}, {"start": 1890.68, "end": 1890.84, "word": " So", "probability": 0.8984375}, {"start": 1890.84, "end": 1891.02, "word": " here", "probability": 0.6953125}, {"start": 1891.02, "end": 1891.18, "word": " we", "probability": 0.76416015625}, {"start": 1891.18, "end": 1891.46, "word": " have", "probability": 0.78515625}, {"start": 1891.46, "end": 1892.32, "word": " rightward", "probability": 0.890869140625}, {"start": 1892.32, "end": 1892.8, "word": " shifting", "probability": 0.91455078125}, {"start": 1892.8, "end": 1893.2, "word": " and", "probability": 0.7431640625}, {"start": 1893.2, "end": 1893.54, "word": " supply", "probability": 0.94482421875}, {"start": 1893.54, "end": 1893.86, "word": " curve", "probability": 0.94189453125}, {"start": 1893.86, "end": 1894.04, "word": " to", "probability": 0.931640625}, {"start": 1894.04, "end": 1894.5, "word": " S3.", "probability": 0.5390625}, {"start": 1895.08, "end": 1895.86, "word": " That's", "probability": 0.943115234375}, {"start": 1895.86, "end": 1896.04, "word": " it.", "probability": 0.9453125}, {"start": 1897.48, "end": 1898.02, "word": " All", "probability": 0.875}, {"start": 1898.02, "end": 1898.26, "word": " right.", "probability": 0.91552734375}, {"start": 1899.94, "end": 1900.28, "word": " What", "probability": 0.8818359375}, {"start": 1900.28, "end": 1900.6, "word": " else?", "probability": 0.88427734375}, {"start": 1901.58, "end": 1901.92, "word": " What", "probability": 0.900390625}, {"start": 1901.92, "end": 1902.34, "word": " is", "probability": 0.94287109375}, {"start": 1902.34, "end": 1903.16, "word": " the", "probability": 0.92333984375}, {"start": 1903.16, "end": 1903.94, "word": " fifth", "probability": 0.84228515625}, {"start": 1903.94, "end": 1904.52, "word": " factor", "probability": 0.81982421875}, {"start": 1904.52, "end": 1905.02, "word": " affect", "probability": 0.52587890625}, {"start": 1905.02, "end": 1906.48, "word": " supply?", "probability": 0.8955078125}, {"start": 1907.06, "end": 1907.38, "word": " Yes.", "probability": 0.9599609375}, {"start": 1908.42, "end": 1908.7, "word": " Yes.", "probability": 0.5390625}, {"start": 1911.0, "end": 1911.58, "word": " Sellers", "probability": 0.60272216796875}, {"start": 1911.58, "end": 1912.22, "word": " expectation", "probability": 0.7939453125}, {"start": 1912.22, "end": 1912.74, "word": " about", "probability": 0.90576171875}, {"start": 1912.74, "end": 1913.74, "word": " the", "probability": 0.923828125}, {"start": 1913.74, "end": 1914.26, "word": " future.", "probability": 0.9775390625}], "temperature": 1.0}, {"id": 68, "seek": 194203, "start": 1915.41, "end": 1942.03, "text": " In demand, we have an expectation about the future. The consumer's expectation about the future, prices and income for the producers, the same. He expects or she expects the future and plans for the future. They plan for the future. So the fifth factor affects supply is what?", "tokens": [682, 4733, 11, 321, 362, 364, 14334, 466, 264, 2027, 13, 440, 9711, 311, 14334, 466, 264, 2027, 11, 7901, 293, 5742, 337, 264, 16080, 11, 264, 912, 13, 634, 33280, 420, 750, 33280, 264, 2027, 293, 5482, 337, 264, 2027, 13, 814, 1393, 337, 264, 2027, 13, 407, 264, 9266, 5952, 11807, 5847, 307, 437, 30], "avg_logprob": -0.1957165950845028, "compression_ratio": 1.7987012987012987, "no_speech_prob": 0.0, "words": [{"start": 1915.41, "end": 1915.71, "word": " In", "probability": 0.701171875}, {"start": 1915.71, "end": 1916.13, "word": " demand,", "probability": 0.90087890625}, {"start": 1916.51, "end": 1916.67, "word": " we", "probability": 0.9619140625}, {"start": 1916.67, "end": 1917.07, "word": " have", "probability": 0.94482421875}, {"start": 1917.07, "end": 1918.15, "word": " an", "probability": 0.9287109375}, {"start": 1918.15, "end": 1918.83, "word": " expectation", "probability": 0.97119140625}, {"start": 1918.83, "end": 1919.11, "word": " about", "probability": 0.81689453125}, {"start": 1919.11, "end": 1919.31, "word": " the", "probability": 0.91455078125}, {"start": 1919.31, "end": 1919.73, "word": " future.", "probability": 0.9814453125}, {"start": 1919.87, "end": 1919.97, "word": " The", "probability": 0.87158203125}, {"start": 1919.97, "end": 1920.67, "word": " consumer's", "probability": 0.8564453125}, {"start": 1920.67, "end": 1921.23, "word": " expectation", "probability": 0.9462890625}, {"start": 1921.23, "end": 1921.49, "word": " about", "probability": 0.8828125}, {"start": 1921.49, "end": 1921.63, "word": " the", "probability": 0.9169921875}, {"start": 1921.63, "end": 1922.09, "word": " future,", "probability": 0.98095703125}, {"start": 1922.33, "end": 1923.35, "word": " prices", "probability": 0.79345703125}, {"start": 1923.35, "end": 1923.65, "word": " and", "probability": 0.6025390625}, {"start": 1923.65, "end": 1924.15, "word": " income", "probability": 0.94091796875}, {"start": 1924.15, "end": 1924.91, "word": " for", "probability": 0.5498046875}, {"start": 1924.91, "end": 1925.09, "word": " the", "probability": 0.91357421875}, {"start": 1925.09, "end": 1925.79, "word": " producers,", "probability": 0.83837890625}, {"start": 1926.29, "end": 1926.41, "word": " the", "probability": 0.85205078125}, {"start": 1926.41, "end": 1926.89, "word": " same.", "probability": 0.90234375}, {"start": 1927.57, "end": 1927.73, "word": " He", "probability": 0.953125}, {"start": 1927.73, "end": 1928.45, "word": " expects", "probability": 0.9599609375}, {"start": 1928.45, "end": 1928.67, "word": " or", "probability": 0.69287109375}, {"start": 1928.67, "end": 1928.87, "word": " she", "probability": 0.9228515625}, {"start": 1928.87, "end": 1929.43, "word": " expects", "probability": 0.95947265625}, {"start": 1929.43, "end": 1930.31, "word": " the", "probability": 0.86376953125}, {"start": 1930.31, "end": 1930.87, "word": " future", "probability": 0.98095703125}, {"start": 1930.87, "end": 1931.19, "word": " and", "probability": 0.72705078125}, {"start": 1931.19, "end": 1931.55, "word": " plans", "probability": 0.363525390625}, {"start": 1931.55, "end": 1931.77, "word": " for", "probability": 0.95263671875}, {"start": 1931.77, "end": 1931.95, "word": " the", "probability": 0.91650390625}, {"start": 1931.95, "end": 1932.33, "word": " future.", "probability": 0.97998046875}, {"start": 1933.25, "end": 1933.53, "word": " They", "probability": 0.79931640625}, {"start": 1933.53, "end": 1933.93, "word": " plan", "probability": 0.95458984375}, {"start": 1933.93, "end": 1934.27, "word": " for", "probability": 0.95068359375}, {"start": 1934.27, "end": 1935.29, "word": " the", "probability": 0.91552734375}, {"start": 1935.29, "end": 1935.71, "word": " future.", "probability": 0.9794921875}, {"start": 1935.95, "end": 1936.21, "word": " So", "probability": 0.8818359375}, {"start": 1936.21, "end": 1938.19, "word": " the", "probability": 0.470703125}, {"start": 1938.19, "end": 1938.65, "word": " fifth", "probability": 0.87841796875}, {"start": 1938.65, "end": 1939.13, "word": " factor", "probability": 0.88134765625}, {"start": 1939.13, "end": 1939.53, "word": " affects", "probability": 0.330078125}, {"start": 1939.53, "end": 1940.39, "word": " supply", "probability": 0.92724609375}, {"start": 1940.39, "end": 1941.07, "word": " is", "probability": 0.654296875}, {"start": 1941.07, "end": 1942.03, "word": " what?", "probability": 0.916015625}], "temperature": 1.0}, {"id": 69, "seek": 197241, "start": 1944.07, "end": 1972.41, "text": " Expectation or the seller's expectation about the future. The seller's expectation about the future. So, the fifth factor here, number five. The seller's expectation, I will try. The seller's expectation,", "tokens": [46318, 399, 420, 264, 23600, 311, 14334, 466, 264, 2027, 13, 440, 23600, 311, 14334, 466, 264, 2027, 13, 407, 11, 264, 9266, 5952, 510, 11, 1230, 1732, 13, 440, 23600, 311, 14334, 11, 286, 486, 853, 13, 440, 23600, 311, 14334, 11], "avg_logprob": -0.23952414908192374, "compression_ratio": 2.0297029702970297, "no_speech_prob": 0.0, "words": [{"start": 1944.0700000000002, "end": 1945.19, "word": " Expectation", "probability": 0.7147216796875}, {"start": 1945.19, "end": 1945.47, "word": " or", "probability": 0.81787109375}, {"start": 1945.47, "end": 1945.71, "word": " the", "probability": 0.91064453125}, {"start": 1945.71, "end": 1946.15, "word": " seller's", "probability": 0.748779296875}, {"start": 1946.15, "end": 1946.89, "word": " expectation", "probability": 0.94091796875}, {"start": 1946.89, "end": 1947.25, "word": " about", "probability": 0.90185546875}, {"start": 1947.25, "end": 1947.47, "word": " the", "probability": 0.91748046875}, {"start": 1947.47, "end": 1947.93, "word": " future.", "probability": 0.982421875}, {"start": 1948.59, "end": 1949.45, "word": " The", "probability": 0.857421875}, {"start": 1949.45, "end": 1950.01, "word": " seller's", "probability": 0.84375}, {"start": 1950.01, "end": 1950.97, "word": " expectation", "probability": 0.95263671875}, {"start": 1950.97, "end": 1952.03, "word": " about", "probability": 0.9052734375}, {"start": 1952.03, "end": 1952.35, "word": " the", "probability": 0.9150390625}, {"start": 1952.35, "end": 1952.71, "word": " future.", "probability": 0.97998046875}, {"start": 1955.43, "end": 1956.55, "word": " So,", "probability": 0.91845703125}, {"start": 1957.11, "end": 1957.43, "word": " the", "probability": 0.91552734375}, {"start": 1957.43, "end": 1957.67, "word": " fifth", "probability": 0.8515625}, {"start": 1957.67, "end": 1958.07, "word": " factor", "probability": 0.73876953125}, {"start": 1958.07, "end": 1958.47, "word": " here,", "probability": 0.83349609375}, {"start": 1959.85, "end": 1960.23, "word": " number", "probability": 0.5771484375}, {"start": 1960.23, "end": 1960.63, "word": " five.", "probability": 0.72314453125}, {"start": 1963.01, "end": 1963.27, "word": " The", "probability": 0.88427734375}, {"start": 1963.27, "end": 1963.73, "word": " seller's", "probability": 0.927490234375}, {"start": 1963.73, "end": 1964.77, "word": " expectation,", "probability": 0.9560546875}, {"start": 1965.35, "end": 1965.35, "word": " I", "probability": 0.9150390625}, {"start": 1965.35, "end": 1965.53, "word": " will", "probability": 0.83935546875}, {"start": 1965.53, "end": 1966.19, "word": " try.", "probability": 0.6923828125}, {"start": 1967.65, "end": 1968.77, "word": " The", "probability": 0.90087890625}, {"start": 1968.77, "end": 1969.95, "word": " seller's", "probability": 0.93408203125}, {"start": 1969.95, "end": 1972.41, "word": " expectation,", "probability": 0.9638671875}], "temperature": 1.0}, {"id": 70, "seek": 200452, "start": 1976.72, "end": 2004.52, "text": " about or for future. About future or for future. If the producers sometimes or a plan for the future. 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Exactly. So this will or the present or the current supply, the current production, the current selling will go down. So supply curve will shift left. 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He says, I want to keep the storage I have, I don't want to sell it again. Of course, keep it for the day after tomorrow, or the day after tomorrow, or next week, okay? Now, this happened in cement. Here in Palestine, there are two things. Cement. 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I'm talking about the present. That's it. Supply now. Now. Supply to the market begins. That's it.", "tokens": [663, 311, 309, 13, 286, 478, 1417, 466, 264, 1974, 13, 663, 311, 309, 13, 9391, 356, 586, 13, 823, 13, 9391, 356, 281, 264, 2142, 7338, 13, 663, 311, 309, 13], "avg_logprob": -0.38423295454545453, "compression_ratio": 1.264367816091954, "no_speech_prob": 0.0, "words": [{"start": 2251.5399999999995, "end": 2252.3399999999997, "word": " That's", "probability": 0.5139312744140625}, {"start": 2252.3399999999997, "end": 2253.14, "word": " it.", "probability": 0.935546875}, {"start": 2253.34, "end": 2253.56, "word": " I'm", "probability": 0.5421142578125}, {"start": 2253.56, "end": 2253.74, "word": " talking", "probability": 0.73388671875}, {"start": 2253.74, "end": 2253.88, "word": " about", "probability": 0.89697265625}, {"start": 2253.88, "end": 2253.94, "word": " the", "probability": 0.43505859375}, {"start": 2253.94, "end": 2254.24, "word": " present.", "probability": 0.86181640625}, {"start": 2255.62, "end": 2256.42, "word": " That's", "probability": 0.7578125}, {"start": 2256.42, "end": 2256.6, "word": " it.", "probability": 0.94970703125}, {"start": 2257.84, "end": 2258.64, "word": " Supply", "probability": 0.57568359375}, {"start": 2258.64, "end": 2259.04, "word": " now.", "probability": 0.7236328125}, {"start": 2259.62, "end": 2259.62, "word": " Now.", "probability": 0.6083984375}, {"start": 2260.3, "end": 2260.82, "word": " Supply", "probability": 0.825439453125}, {"start": 2260.82, "end": 2261.0, "word": " to", "probability": 0.64453125}, {"start": 2261.0, "end": 2261.14, "word": " the", "probability": 0.68603515625}, {"start": 2261.14, "end": 2261.6, "word": " market", "probability": 0.904296875}, {"start": 2261.6, "end": 2262.26, "word": " begins.", "probability": 0.30078125}, {"start": 2263.18, "end": 2263.5, "word": " That's", "probability": 0.953125}, {"start": 2263.5, "end": 2263.64, "word": " it.", "probability": 0.95361328125}], "temperature": 1.0}, {"id": 80, "seek": 228934, "start": 2265.7, "end": 2289.34, "text": " What else? Yes. Exactly. The price of other or the prices of other related goods. In demand, we talk about the price of other related goods, like when we talk about the chicken and beef, fuel and cars. Here.", "tokens": [708, 1646, 30, 1079, 13, 7587, 13, 440, 3218, 295, 661, 420, 264, 7901, 295, 661, 4077, 10179, 13, 682, 4733, 11, 321, 751, 466, 264, 3218, 295, 661, 4077, 10179, 11, 411, 562, 321, 751, 466, 264, 4662, 293, 9256, 11, 6616, 293, 5163, 13, 1692, 13], "avg_logprob": -0.18590560737921266, "compression_ratio": 1.6, "no_speech_prob": 0.0, "words": [{"start": 2265.7000000000003, "end": 2266.44, "word": " What", "probability": 0.402587890625}, {"start": 2266.44, "end": 2267.18, "word": " else?", "probability": 0.9189453125}, {"start": 2269.34, "end": 2269.7, "word": " Yes.", "probability": 0.90576171875}, {"start": 2271.96, "end": 2272.7, "word": " Exactly.", "probability": 0.474609375}, {"start": 2273.78, "end": 2273.94, "word": " The", "probability": 0.8955078125}, {"start": 2273.94, "end": 2274.38, "word": " price", "probability": 0.85888671875}, {"start": 2274.38, "end": 2275.18, "word": " of", "probability": 0.92236328125}, {"start": 2275.18, "end": 2275.7, "word": " other", "probability": 0.84765625}, {"start": 2275.7, "end": 2275.88, "word": " or", "probability": 0.7548828125}, {"start": 2275.88, "end": 2276.02, "word": " the", "probability": 0.9169921875}, {"start": 2276.02, "end": 2276.34, "word": " prices", "probability": 0.833984375}, {"start": 2276.34, "end": 2276.56, "word": " of", "probability": 0.96630859375}, {"start": 2276.56, "end": 2276.86, "word": " other", "probability": 0.89306640625}, {"start": 2276.86, "end": 2277.36, "word": " related", "probability": 0.97314453125}, {"start": 2277.36, "end": 2277.76, "word": " goods.", "probability": 0.9052734375}, {"start": 2278.1, "end": 2278.22, "word": " In", "probability": 0.8759765625}, {"start": 2278.22, "end": 2278.62, "word": " demand,", "probability": 0.826171875}, {"start": 2279.42, "end": 2279.56, "word": " we", "probability": 0.96337890625}, {"start": 2279.56, "end": 2280.48, "word": " talk", "probability": 0.81591796875}, {"start": 2280.48, "end": 2280.92, "word": " about", "probability": 0.90673828125}, {"start": 2280.92, "end": 2281.14, "word": " the", "probability": 0.92333984375}, {"start": 2281.14, "end": 2281.4, "word": " price", "probability": 0.91259765625}, {"start": 2281.4, "end": 2281.58, "word": " of", "probability": 0.96630859375}, {"start": 2281.58, "end": 2281.88, "word": " other", "probability": 0.89599609375}, {"start": 2281.88, "end": 2282.24, "word": " related", "probability": 0.962890625}, {"start": 2282.24, "end": 2282.62, "word": " goods,", "probability": 0.90478515625}, {"start": 2282.86, "end": 2283.22, "word": " like", "probability": 0.890625}, {"start": 2283.22, "end": 2283.44, "word": " when", "probability": 0.935546875}, {"start": 2283.44, "end": 2283.58, "word": " we", "probability": 0.96240234375}, {"start": 2283.58, "end": 2283.8, "word": " talk", "probability": 0.89697265625}, {"start": 2283.8, "end": 2284.14, "word": " about", "probability": 0.904296875}, {"start": 2284.14, "end": 2284.32, "word": " the", "probability": 0.744140625}, {"start": 2284.32, "end": 2284.62, "word": " chicken", "probability": 0.85205078125}, {"start": 2284.62, "end": 2284.84, "word": " and", "probability": 0.93115234375}, {"start": 2284.84, "end": 2285.24, "word": " beef,", "probability": 0.58544921875}, {"start": 2285.88, "end": 2286.46, "word": " fuel", "probability": 0.85107421875}, {"start": 2286.46, "end": 2286.98, "word": " and", "probability": 0.7373046875}, {"start": 2286.98, "end": 2287.5, "word": " cars.", "probability": 0.9404296875}, {"start": 2288.86, "end": 2289.34, "word": " Here.", "probability": 0.6572265625}], "temperature": 1.0}, {"id": 81, "seek": 231863, "start": 2290.39, "end": 2318.63, "text": " The same idea but the second side. You're in the second analysis or different analysis. So the sixth factor affect supply is prices of other related goods. 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Cars and tractors.", "tokens": [1692, 11, 286, 486, 6552, 300, 321, 366, 1417, 466, 364, 3518, 420, 257, 9265, 420, 257, 12314, 567, 575, 732, 4265, 3876, 13, 43595, 293, 24207, 830, 13], "avg_logprob": -0.13580729812383652, "compression_ratio": 1.2641509433962264, "no_speech_prob": 0.0, "words": [{"start": 2320.75, "end": 2321.83, "word": " Here,", "probability": 0.49560546875}, {"start": 2324.19, "end": 2324.45, "word": " I", "probability": 0.99853515625}, {"start": 2324.45, "end": 2324.63, "word": " will", "probability": 0.89599609375}, {"start": 2324.63, "end": 2325.13, "word": " assume", "probability": 0.91650390625}, {"start": 2325.13, "end": 2326.85, "word": " that", "probability": 0.87841796875}, {"start": 2326.85, "end": 2327.55, "word": " we", "probability": 0.95947265625}, {"start": 2327.55, "end": 2327.75, "word": " are", "probability": 0.9423828125}, {"start": 2327.75, "end": 2328.17, "word": " talking", "probability": 0.85302734375}, {"start": 2328.17, "end": 2328.71, "word": " about", "probability": 0.91162109375}, {"start": 2328.71, "end": 2329.47, "word": " an", "probability": 0.94970703125}, {"start": 2329.47, "end": 2329.95, "word": " industry", "probability": 0.8701171875}, {"start": 2329.95, "end": 2330.39, "word": " or", "probability": 0.68896484375}, {"start": 2330.39, "end": 2330.53, "word": " a", "probability": 0.966796875}, {"start": 2330.53, "end": 2330.89, "word": " factory", "probability": 0.9130859375}, {"start": 2330.89, "end": 2332.17, "word": " or", "probability": 0.716796875}, {"start": 2332.17, "end": 2332.37, "word": " a", "probability": 0.99462890625}, {"start": 2332.37, "end": 2332.91, "word": " producer", "probability": 0.939453125}, {"start": 2332.91, "end": 2334.21, "word": " who", "probability": 0.75048828125}, {"start": 2334.21, "end": 2334.75, "word": " has", "probability": 0.9521484375}, {"start": 2334.75, "end": 2335.47, "word": " two", "probability": 0.9306640625}, {"start": 2335.47, "end": 2335.99, "word": " production", "probability": 0.958984375}, {"start": 2335.99, "end": 2336.55, "word": " lines.", "probability": 0.943359375}, {"start": 2342.53, "end": 2342.53, "word": " Cars", "probability": 0.354736328125}, {"start": 2342.53, "end": 2345.79, "word": " and", "probability": 0.921875}, {"start": 2345.79, "end": 2346.55, "word": " tractors.", "probability": 0.946533203125}], "temperature": 1.0}, {"id": 83, "seek": 238348, "start": 2358.79, "end": 2383.49, "text": " And this company or this factory produces 100 units of cars and 100 tractors a month. The rational producer. Let us assume that", "tokens": [400, 341, 2237, 420, 341, 9265, 14725, 2319, 6815, 295, 5163, 293, 2319, 24207, 830, 257, 1618, 13, 440, 15090, 12314, 13, 961, 505, 6552, 300], "avg_logprob": -0.20746527998535721, "compression_ratio": 1.2427184466019416, "no_speech_prob": 0.0, "words": [{"start": 2358.79, "end": 2359.09, "word": " And", "probability": 0.8037109375}, {"start": 2359.09, "end": 2359.51, "word": " this", "probability": 0.943359375}, {"start": 2359.51, "end": 2360.31, "word": " company", "probability": 0.93505859375}, {"start": 2360.31, "end": 2362.23, "word": " or", "probability": 0.5615234375}, {"start": 2362.23, "end": 2362.55, "word": " this", "probability": 0.9482421875}, {"start": 2362.55, "end": 2363.13, "word": " factory", "probability": 0.91162109375}, {"start": 2363.13, "end": 2364.35, "word": " produces", "probability": 0.9111328125}, {"start": 2364.35, "end": 2365.31, "word": " 100", "probability": 0.85205078125}, {"start": 2365.31, "end": 2366.29, "word": " units", "probability": 0.94677734375}, {"start": 2366.29, "end": 2366.83, "word": " of", "probability": 0.9716796875}, {"start": 2366.83, "end": 2367.27, "word": " cars", "probability": 0.94873046875}, {"start": 2367.27, "end": 2368.59, "word": " and", "probability": 0.83740234375}, {"start": 2368.59, "end": 2369.45, "word": " 100", "probability": 0.9228515625}, {"start": 2369.45, "end": 2370.23, "word": " tractors", "probability": 0.952392578125}, {"start": 2370.23, "end": 2372.67, "word": " a", "probability": 0.6875}, {"start": 2372.67, "end": 2373.05, "word": " month.", "probability": 0.9228515625}, {"start": 2380.39, "end": 2380.39, "word": " The", "probability": 0.12310791015625}, {"start": 2380.39, "end": 2380.83, "word": " rational", "probability": 0.52294921875}, {"start": 2380.83, "end": 2381.75, "word": " producer.", "probability": 0.81982421875}, {"start": 2381.91, "end": 2382.17, "word": " Let", "probability": 0.63134765625}, {"start": 2382.17, "end": 2382.75, "word": " us", "probability": 0.62841796875}, {"start": 2382.75, "end": 2383.15, "word": " assume", "probability": 0.8955078125}, {"start": 2383.15, "end": 2383.49, "word": " that", "probability": 0.9384765625}], "temperature": 1.0}, {"id": 84, "seek": 240407, "start": 2385.47, "end": 2404.07, "text": " The prices of tractors go up. Prices of tractors go up. What about the production of cars?", "tokens": [440, 7901, 295, 24207, 830, 352, 493, 13, 430, 24373, 295, 24207, 830, 352, 493, 13, 708, 466, 264, 4265, 295, 5163, 30], "avg_logprob": -0.1868489601959785, "compression_ratio": 1.2816901408450705, "no_speech_prob": 0.0, "words": [{"start": 2385.47, "end": 2385.77, "word": " The", "probability": 0.57958984375}, {"start": 2385.77, "end": 2386.27, "word": " prices", "probability": 0.85400390625}, {"start": 2386.27, "end": 2387.15, "word": " of", "probability": 0.96484375}, {"start": 2387.15, "end": 2388.01, "word": " tractors", "probability": 0.6942138671875}, {"start": 2388.01, "end": 2388.95, "word": " go", "probability": 0.94189453125}, {"start": 2388.95, "end": 2389.27, "word": " up.", "probability": 0.97607421875}, {"start": 2390.71, "end": 2391.27, "word": " Prices", "probability": 0.859130859375}, {"start": 2391.27, "end": 2393.15, "word": " of", "probability": 0.93017578125}, {"start": 2393.15, "end": 2393.91, "word": " tractors", "probability": 0.920654296875}, {"start": 2393.91, "end": 2394.35, "word": " go", "probability": 0.296875}, {"start": 2394.35, "end": 2396.95, "word": " up.", "probability": 0.95263671875}, {"start": 2402.23, "end": 2402.41, "word": " What", "probability": 0.71044921875}, {"start": 2402.41, "end": 2402.67, "word": " about", "probability": 0.826171875}, {"start": 2402.67, "end": 2402.95, "word": " the", "probability": 0.87744140625}, {"start": 2402.95, "end": 2403.47, "word": " production", "probability": 0.955078125}, {"start": 2403.47, "end": 2403.71, "word": " of", "probability": 0.97021484375}, {"start": 2403.71, "end": 2404.07, "word": " cars?", "probability": 0.93115234375}], "temperature": 1.0}, {"id": 85, "seek": 243528, "start": 2410.58, "end": 2435.28, "text": " So he will reduce his production of cars. So I'm going to analyze the cars market. Then supply for cars. Exactly.", "tokens": [407, 415, 486, 5407, 702, 4265, 295, 5163, 13, 407, 286, 478, 516, 281, 12477, 264, 5163, 2142, 13, 1396, 5847, 337, 5163, 13, 7587, 13], "avg_logprob": -0.3972801014229103, "compression_ratio": 1.1176470588235294, "no_speech_prob": 0.0, "words": [{"start": 2410.5800000000004, "end": 2411.78, "word": " So", "probability": 0.1571044921875}, {"start": 2411.78, "end": 2412.98, "word": " he", "probability": 0.548828125}, {"start": 2412.98, "end": 2413.22, "word": " will", "probability": 0.74853515625}, {"start": 2413.22, "end": 2414.08, "word": " reduce", "probability": 0.85888671875}, {"start": 2414.08, "end": 2414.88, "word": " his", "probability": 0.8623046875}, {"start": 2414.88, "end": 2415.48, "word": " production", "probability": 0.970703125}, {"start": 2415.48, "end": 2416.02, "word": " of", "probability": 0.96875}, {"start": 2416.02, "end": 2416.44, "word": " cars.", "probability": 0.93115234375}, {"start": 2419.36, "end": 2420.56, "word": " So", "probability": 0.1593017578125}, {"start": 2420.56, "end": 2423.1, "word": " I'm", "probability": 0.79345703125}, {"start": 2423.1, "end": 2423.26, "word": " going", "probability": 0.630859375}, {"start": 2423.26, "end": 2423.38, "word": " to", "probability": 0.97216796875}, {"start": 2423.38, "end": 2424.08, "word": " analyze", "probability": 0.74951171875}, {"start": 2424.08, "end": 2424.58, "word": " the", "probability": 0.91162109375}, {"start": 2424.58, "end": 2424.9, "word": " cars", "probability": 0.76220703125}, {"start": 2424.9, "end": 2425.48, "word": " market.", "probability": 0.88330078125}, {"start": 2428.8, "end": 2429.76, "word": " Then", "probability": 0.21923828125}, {"start": 2429.76, "end": 2432.32, "word": " supply", "probability": 0.91552734375}, {"start": 2432.32, "end": 2432.66, "word": " for", "probability": 0.91552734375}, {"start": 2432.66, "end": 2433.08, "word": " cars.", "probability": 0.9296875}, {"start": 2434.78, "end": 2435.28, "word": " Exactly.", "probability": 0.5634765625}], "temperature": 1.0}, {"id": 86, "seek": 245355, "start": 2437.71, "end": 2453.55, "text": " Second example, as the price of tractors goes up, the price of tractors increases. Who gains from this? This gives them more profits.", "tokens": [5736, 1365, 11, 382, 264, 3218, 295, 24207, 830, 1709, 493, 11, 264, 3218, 295, 24207, 830, 8637, 13, 2102, 16823, 490, 341, 30, 639, 2709, 552, 544, 17982, 13], "avg_logprob": -0.5388105107891944, "compression_ratio": 1.3137254901960784, "no_speech_prob": 0.0, "words": [{"start": 2437.71, "end": 2438.07, "word": " Second", "probability": 0.262451171875}, {"start": 2438.07, "end": 2438.63, "word": " example,", "probability": 0.96484375}, {"start": 2440.79, "end": 2441.05, "word": " as", "probability": 0.70458984375}, {"start": 2441.05, "end": 2441.21, "word": " the", "probability": 0.8232421875}, {"start": 2441.21, "end": 2441.41, "word": " price", "probability": 0.82177734375}, {"start": 2441.41, "end": 2441.51, "word": " of", "probability": 0.95068359375}, {"start": 2441.51, "end": 2442.07, "word": " tractors", "probability": 0.906494140625}, {"start": 2442.07, "end": 2442.39, "word": " goes", "probability": 0.59130859375}, {"start": 2442.39, "end": 2443.77, "word": " up,", "probability": 0.974609375}, {"start": 2445.11, "end": 2445.73, "word": " the", "probability": 0.176513671875}, {"start": 2445.73, "end": 2446.91, "word": " price", "probability": 0.465087890625}, {"start": 2446.91, "end": 2447.11, "word": " of", "probability": 0.7294921875}, {"start": 2447.11, "end": 2447.83, "word": " tractors", "probability": 0.830322265625}, {"start": 2447.83, "end": 2448.31, "word": " increases.", "probability": 0.315185546875}, {"start": 2449.35, "end": 2449.55, "word": " Who", "probability": 0.430908203125}, {"start": 2449.55, "end": 2449.75, "word": " gains", "probability": 0.1607666015625}, {"start": 2449.75, "end": 2450.17, "word": " from", "probability": 0.289306640625}, {"start": 2450.17, "end": 2450.25, "word": " this?", "probability": 0.6376953125}, {"start": 2450.93, "end": 2451.77, "word": " This", "probability": 0.51171875}, {"start": 2451.77, "end": 2452.53, "word": " gives", "probability": 0.48388671875}, {"start": 2452.53, "end": 2452.81, "word": " them", "probability": 0.6162109375}, {"start": 2452.81, "end": 2453.13, "word": " more", "probability": 0.876953125}, {"start": 2453.13, "end": 2453.55, "word": " profits.", "probability": 0.74560546875}], "temperature": 1.0}, {"id": 87, "seek": 248123, "start": 2456.54, "end": 2481.24, "text": " Their production, the quantity produced of tractors go up and the supply or the quantity produced of cars or the production of cars go down. That's it. So supply curve of cars shifts left.", "tokens": [6710, 4265, 11, 264, 11275, 7126, 295, 24207, 830, 352, 493, 293, 264, 5847, 420, 264, 11275, 7126, 295, 5163, 420, 264, 4265, 295, 5163, 352, 760, 13, 663, 311, 309, 13, 407, 5847, 7605, 295, 5163, 19201, 1411, 13], "avg_logprob": -0.2126524361168466, "compression_ratio": 1.6434782608695653, "no_speech_prob": 0.0, "words": [{"start": 2456.54, "end": 2456.86, "word": " Their", "probability": 0.67236328125}, {"start": 2456.86, "end": 2457.3, "word": " production,", "probability": 0.94287109375}, {"start": 2457.48, "end": 2457.54, "word": " the", "probability": 0.74267578125}, {"start": 2457.54, "end": 2457.82, "word": " quantity", "probability": 0.57177734375}, {"start": 2457.82, "end": 2458.38, "word": " produced", "probability": 0.87841796875}, {"start": 2458.38, "end": 2458.58, "word": " of", "probability": 0.66357421875}, {"start": 2458.58, "end": 2459.14, "word": " tractors", "probability": 0.898681640625}, {"start": 2459.14, "end": 2459.56, "word": " go", "probability": 0.6435546875}, {"start": 2459.56, "end": 2459.92, "word": " up", "probability": 0.97412109375}, {"start": 2459.92, "end": 2460.64, "word": " and", "probability": 0.454833984375}, {"start": 2460.64, "end": 2461.26, "word": " the", "probability": 0.91015625}, {"start": 2461.26, "end": 2461.8, "word": " supply", "probability": 0.88525390625}, {"start": 2461.8, "end": 2462.16, "word": " or", "probability": 0.6572265625}, {"start": 2462.16, "end": 2462.3, "word": " the", "probability": 0.9072265625}, {"start": 2462.3, "end": 2464.02, "word": " quantity", "probability": 0.63134765625}, {"start": 2464.02, "end": 2464.56, "word": " produced", "probability": 0.87841796875}, {"start": 2464.56, "end": 2465.06, "word": " of", "probability": 0.95458984375}, {"start": 2465.06, "end": 2465.44, "word": " cars", "probability": 0.93505859375}, {"start": 2465.44, "end": 2465.68, "word": " or", "probability": 0.72216796875}, {"start": 2465.68, "end": 2465.84, "word": " the", "probability": 0.75341796875}, {"start": 2465.84, "end": 2466.42, "word": " production", "probability": 0.95166015625}, {"start": 2466.42, "end": 2466.62, "word": " of", "probability": 0.966796875}, {"start": 2466.62, "end": 2466.92, "word": " cars", "probability": 0.927734375}, {"start": 2466.92, "end": 2467.48, "word": " go", "probability": 0.8408203125}, {"start": 2467.48, "end": 2467.82, "word": " down.", "probability": 0.857421875}, {"start": 2468.56, "end": 2469.52, "word": " That's", "probability": 0.5823974609375}, {"start": 2469.52, "end": 2475.22, "word": " it.", "probability": 0.8818359375}, {"start": 2476.74, "end": 2476.94, "word": " So", "probability": 0.927734375}, {"start": 2476.94, "end": 2477.76, "word": " supply", "probability": 0.68994140625}, {"start": 2477.76, "end": 2478.52, "word": " curve", "probability": 0.955078125}, {"start": 2478.52, "end": 2479.32, "word": " of", "probability": 0.966796875}, {"start": 2479.32, "end": 2479.98, "word": " cars", "probability": 0.92919921875}, {"start": 2479.98, "end": 2480.88, "word": " shifts", "probability": 0.91455078125}, {"start": 2480.88, "end": 2481.24, "word": " left.", "probability": 0.8642578125}], "temperature": 1.0}, {"id": 88, "seek": 250896, "start": 2484.57, "end": 2508.97, "text": " price of cars and the quantity supplied of cars. This is the original supply curve, this one. As the price of tractors, this is good x and this is good y. 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Here, we have a leftward shifting in supply curve to S2. What about the tractors market? The quantity supplied over tractors. This is the tractors market. 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Tractors. And this is the original supply curve, S1. And let us assume that at point A here, the price of the tractors is worth $20,000. And the quantity sold will be 50 tractors. 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Instead of 20,000, let's say 25,000. The quantity supplied of the reactors increases. I'm not talking about the student. I'm talking about the quantity supplied. But where did it go? At the same curve. 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And additionally, let's say it's 60 units of tractors. But it's parallel cars. We need all of them to drive again. It's not clear? It's not clear.", "tokens": [467, 1890, 385, 281, 935, 413, 13, 400, 909, 15899, 11, 718, 311, 584, 309, 311, 4060, 6815, 295, 24207, 830, 13, 583, 309, 311, 8952, 5163, 13, 492, 643, 439, 295, 552, 281, 3332, 797, 13, 467, 311, 406, 1850, 30, 467, 311, 406, 1850, 13], "avg_logprob": -0.6152343563735485, "compression_ratio": 1.328125, "no_speech_prob": 0.0, "words": [{"start": 2604.17, "end": 2604.39, "word": " It", "probability": 0.02532958984375}, {"start": 2604.39, "end": 2604.53, "word": " took", "probability": 0.461669921875}, {"start": 2604.53, "end": 2604.69, "word": " me", "probability": 0.74365234375}, {"start": 2604.69, "end": 2604.83, "word": " to", "probability": 0.94873046875}, {"start": 2604.83, "end": 2605.23, "word": " point", "probability": 0.75634765625}, {"start": 2605.23, "end": 2605.63, "word": " D.", "probability": 0.4375}, {"start": 2606.59, "end": 2606.59, "word": " And", "probability": 0.427978515625}, {"start": 2606.59, "end": 2607.51, "word": " additionally,", "probability": 0.55535888671875}, {"start": 2607.65, "end": 2607.87, "word": " let's", "probability": 0.576904296875}, {"start": 2607.87, "end": 2607.91, "word": " say", "probability": 0.83154296875}, {"start": 2607.91, "end": 2608.05, "word": " it's", "probability": 0.36737060546875}, {"start": 2608.05, "end": 2608.39, "word": " 60", "probability": 0.7568359375}, {"start": 2608.39, "end": 2608.85, "word": " units", "probability": 0.89501953125}, {"start": 2608.85, "end": 2609.91, "word": " of", "probability": 0.9169921875}, {"start": 2609.91, "end": 2611.67, "word": " tractors.", "probability": 0.955810546875}, {"start": 2612.43, "end": 2613.15, "word": " But", "probability": 0.85986328125}, {"start": 2613.15, "end": 2613.31, "word": " it's", "probability": 0.52838134765625}, {"start": 2613.31, "end": 2613.65, "word": " parallel", "probability": 0.2015380859375}, {"start": 2613.65, "end": 2614.21, "word": " cars.", "probability": 0.93017578125}, {"start": 2615.83, "end": 2616.55, "word": " We", "probability": 0.261474609375}, {"start": 2616.55, "end": 2616.93, "word": " need", "probability": 0.59326171875}, {"start": 2616.93, "end": 2616.99, "word": " all", "probability": 0.357177734375}, {"start": 2616.99, "end": 2616.99, "word": " of", "probability": 0.82666015625}, {"start": 2616.99, "end": 2616.99, "word": " them", "probability": 0.5791015625}, {"start": 2616.99, "end": 2617.23, "word": " to", "probability": 0.292724609375}, {"start": 2617.23, "end": 2617.45, "word": " drive", "probability": 0.67041015625}, {"start": 2617.45, "end": 2617.81, "word": " again.", "probability": 0.572265625}, {"start": 2622.41, "end": 2623.13, "word": " It's", "probability": 0.634033203125}, {"start": 2623.13, "end": 2623.17, "word": " not", "probability": 0.76171875}, {"start": 2623.17, "end": 2623.37, "word": " clear?", "probability": 0.8154296875}, {"start": 2623.83, "end": 2624.37, "word": " It's", "probability": 0.68310546875}, {"start": 2624.37, "end": 2624.41, "word": " not", "probability": 0.8974609375}, {"start": 2624.41, "end": 2624.73, "word": " clear.", "probability": 0.87255859375}], "temperature": 1.0}, {"id": 93, "seek": 265381, "start": 2628.63, "end": 2653.81, "text": " All right. Because if we had a price, the price of the car would be 15,000. With the change in the price of tractors, the price of cars would stay the same, but the quantity would decrease. Or we would move to another stage. It's not clear. Doctor, what did you do in the tractors market? Look. 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One has a broiler, a chicken broiler.", "tokens": [3996, 1365, 13, 1485, 575, 257, 2006, 5441, 11, 257, 4662, 2006, 5441, 13], "avg_logprob": -0.5111978928248088, "compression_ratio": 1.0, "no_speech_prob": 0.0, "words": [{"start": 2681.23, "end": 2681.55, "word": " Another", "probability": 0.80419921875}, {"start": 2681.55, "end": 2682.09, "word": " example.", "probability": 0.9736328125}, {"start": 2693.81, "end": 2694.77, "word": " One", "probability": 0.1143798828125}, {"start": 2694.77, "end": 2695.07, "word": " has", "probability": 0.4755859375}, {"start": 2695.07, "end": 2695.21, "word": " a", "probability": 0.8583984375}, {"start": 2695.21, "end": 2695.55, "word": " broiler,", "probability": 0.76953125}, {"start": 2696.19, "end": 2696.69, "word": " a", "probability": 0.282958984375}, {"start": 2696.69, "end": 2696.89, "word": " chicken", "probability": 0.85546875}, {"start": 2696.89, "end": 2697.35, "word": " broiler.", "probability": 0.892822265625}], "temperature": 1.0}, {"id": 95, "seek": 274095, "start": 2732.77, "end": 2740.95, "text": " According to our assumption or let us assume that the price of a chicken go up.", "tokens": [7328, 281, 527, 15302, 420, 718, 505, 6552, 300, 264, 3218, 295, 257, 4662, 352, 493, 13], "avg_logprob": -0.3207465310891469, "compression_ratio": 1.095890410958904, "no_speech_prob": 0.0, "words": [{"start": 2732.7700000000004, "end": 2733.4900000000002, "word": " According", "probability": 0.05633544921875}, {"start": 2733.4900000000002, "end": 2734.21, "word": " to", "probability": 0.96630859375}, {"start": 2734.21, "end": 2734.41, "word": " our", "probability": 0.89404296875}, {"start": 2734.41, "end": 2734.91, "word": " assumption", "probability": 0.970703125}, {"start": 2734.91, "end": 2737.07, "word": " or", "probability": 0.306396484375}, {"start": 2737.07, "end": 2737.27, "word": " let", "probability": 0.9404296875}, {"start": 2737.27, "end": 2737.45, "word": " us", "probability": 0.8408203125}, {"start": 2737.45, "end": 2737.91, "word": " assume", "probability": 0.91650390625}, {"start": 2737.91, "end": 2738.27, "word": " that", "probability": 0.91796875}, {"start": 2738.27, "end": 2738.87, "word": " the", "probability": 0.89892578125}, {"start": 2738.87, "end": 2739.33, "word": " price", "probability": 0.90576171875}, {"start": 2739.33, "end": 2739.63, "word": " of", "probability": 0.966796875}, {"start": 2739.63, "end": 2739.81, "word": " a", "probability": 0.83056640625}, {"start": 2739.81, "end": 2740.25, "word": " chicken", "probability": 0.84423828125}, {"start": 2740.25, "end": 2740.61, "word": " go", "probability": 0.6904296875}, {"start": 2740.61, "end": 2740.95, "word": " up.", "probability": 0.97607421875}], "temperature": 1.0}, {"id": 96, "seek": 277443, "start": 2748.11, "end": 2774.43, "text": " The price of chicken went up. Whose profit did he get? Of course, with stability, the prices of Turkey and the price of Turkey remains constant or fixed. Whose profit did he get? What does he raise? He raises chicken. Yes, his price went up.", "tokens": [440, 3218, 295, 4662, 1437, 493, 13, 28463, 7475, 630, 415, 483, 30, 2720, 1164, 11, 365, 11826, 11, 264, 7901, 295, 12647, 293, 264, 3218, 295, 12647, 7023, 5754, 420, 6806, 13, 28463, 7475, 630, 415, 483, 30, 708, 775, 415, 5300, 30, 634, 19658, 4662, 13, 1079, 11, 702, 3218, 1437, 493, 13], "avg_logprob": -0.4651227779686451, "compression_ratio": 1.635135135135135, "no_speech_prob": 0.0, "words": [{"start": 2748.11, "end": 2748.31, "word": " The", "probability": 0.3212890625}, {"start": 2748.31, "end": 2748.41, "word": " price", "probability": 0.6884765625}, {"start": 2748.41, "end": 2748.55, "word": " of", "probability": 0.9541015625}, {"start": 2748.55, "end": 2748.81, "word": " chicken", "probability": 0.69970703125}, {"start": 2748.81, "end": 2748.99, "word": " went", "probability": 0.1729736328125}, {"start": 2748.99, "end": 2749.25, "word": " up.", "probability": 0.88818359375}, {"start": 2750.01, "end": 2750.23, "word": " Whose", "probability": 0.16552734375}, {"start": 2750.23, "end": 2750.53, "word": " profit", "probability": 0.673828125}, {"start": 2750.53, "end": 2750.69, "word": " did", "probability": 0.489990234375}, {"start": 2750.69, "end": 2750.73, "word": " he", "probability": 0.52490234375}, {"start": 2750.73, "end": 2750.81, "word": " get?", "probability": 0.59765625}, {"start": 2751.11, "end": 2751.35, "word": " Of", "probability": 0.254150390625}, {"start": 2751.35, "end": 2751.51, "word": " course,", "probability": 0.93505859375}, {"start": 2751.91, "end": 2752.13, "word": " with", "probability": 0.490234375}, {"start": 2752.13, "end": 2752.49, "word": " stability,", "probability": 0.415283203125}, {"start": 2752.85, "end": 2753.57, "word": " the", "probability": 0.71240234375}, {"start": 2753.57, "end": 2753.99, "word": " prices", "probability": 0.7216796875}, {"start": 2753.99, "end": 2754.31, "word": " of", "probability": 0.943359375}, {"start": 2754.31, "end": 2754.91, "word": " Turkey", "probability": 0.53173828125}, {"start": 2754.91, "end": 2755.33, "word": " and", "probability": 0.296875}, {"start": 2755.33, "end": 2755.51, "word": " the", "probability": 0.78466796875}, {"start": 2755.51, "end": 2755.87, "word": " price", "probability": 0.9150390625}, {"start": 2755.87, "end": 2757.75, "word": " of", "probability": 0.8837890625}, {"start": 2757.75, "end": 2758.23, "word": " Turkey", "probability": 0.90966796875}, {"start": 2758.23, "end": 2761.01, "word": " remains", "probability": 0.54736328125}, {"start": 2761.01, "end": 2761.57, "word": " constant", "probability": 0.8369140625}, {"start": 2761.57, "end": 2764.07, "word": " or", "probability": 0.76220703125}, {"start": 2764.07, "end": 2764.47, "word": " fixed.", "probability": 0.93408203125}, {"start": 2766.53, "end": 2767.17, "word": " Whose", "probability": 0.5361328125}, {"start": 2767.17, "end": 2767.57, "word": " profit", "probability": 0.82958984375}, {"start": 2767.57, "end": 2767.57, "word": " did", "probability": 0.74951171875}, {"start": 2767.57, "end": 2767.57, "word": " he", "probability": 0.89599609375}, {"start": 2767.57, "end": 2767.59, "word": " get?", "probability": 0.84765625}, {"start": 2769.39, "end": 2770.03, "word": " What", "probability": 0.515625}, {"start": 2770.03, "end": 2770.11, "word": " does", "probability": 0.59033203125}, {"start": 2770.11, "end": 2770.43, "word": " he", "probability": 0.6005859375}, {"start": 2770.43, "end": 2770.43, "word": " raise?", "probability": 0.5751953125}, {"start": 2771.09, "end": 2771.35, "word": " He", "probability": 0.69140625}, {"start": 2771.35, "end": 2771.71, "word": " raises", "probability": 0.426513671875}, {"start": 2771.71, "end": 2772.15, "word": " chicken.", "probability": 0.355224609375}, {"start": 2773.05, "end": 2773.37, "word": " Yes,", "probability": 0.54736328125}, {"start": 2773.77, "end": 2774.07, "word": " his", "probability": 0.4697265625}, {"start": 2774.07, "end": 2774.07, "word": " price", "probability": 0.83447265625}, {"start": 2774.07, "end": 2774.19, "word": " went", "probability": 0.32275390625}, {"start": 2774.19, "end": 2774.43, "word": " up.", "probability": 0.97314453125}], "temperature": 1.0}, {"id": 97, "seek": 280192, "start": 2776.54, "end": 2801.92, "text": " He started to give me higher profits, right? He started to raise chickens instead of chickens. The profits from the feed, the chicken, the chicken soup, etc. He started to raise chickens instead of chickens, right? Right? Now, if I want to analyze this, increasing the price of chicken has an impact on the turkey market. What happened? 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Because the money he has is limited. He has limited money. Limited money. So instead of distributing his money like this, he says, instead of putting this money here, I put this money here. Right? That's what happens. These are rational decisions that I work on. I say, instead of putting my money in the, what is it called? I withdraw a part and give it to the chicken. 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Then had a Turkey market. Price of Turkey. And the quant supplied of Turkey. S1 at the fixed prices of Turkey. Assumption of the prices of Turkey remains constant. A.", "tokens": [44471, 760, 13, 1396, 632, 257, 12647, 2142, 13, 25803, 295, 12647, 13, 400, 264, 4426, 27625, 295, 12647, 13, 318, 16, 412, 264, 6806, 7901, 295, 12647, 13, 6281, 449, 1695, 295, 264, 7901, 295, 12647, 7023, 5754, 13, 316, 13], "avg_logprob": -0.3475654055905897, "compression_ratio": 1.459016393442623, "no_speech_prob": 0.0, "words": [{"start": 2832.01, "end": 2832.37, "word": " Goes", "probability": 0.5947265625}, {"start": 2832.37, "end": 2832.77, "word": " down.", "probability": 0.7578125}, {"start": 2833.09, "end": 2833.17, "word": " Then", "probability": 0.552734375}, {"start": 2833.17, "end": 2833.39, "word": " had", "probability": 0.55810546875}, {"start": 2833.39, "end": 2834.19, "word": " a", "probability": 0.6552734375}, {"start": 2834.19, "end": 2834.57, "word": " Turkey", "probability": 0.65673828125}, {"start": 2834.57, "end": 2835.25, "word": " market.", "probability": 0.86767578125}, {"start": 2839.31, "end": 2840.07, "word": " Price", "probability": 0.83447265625}, {"start": 2840.07, "end": 2840.41, "word": " of", "probability": 0.52490234375}, {"start": 2840.41, "end": 2840.71, "word": " Turkey.", "probability": 0.9482421875}, {"start": 2842.53, "end": 2842.87, "word": " And", "probability": 0.85546875}, {"start": 2842.87, "end": 2843.01, "word": " the", "probability": 0.9091796875}, {"start": 2843.01, "end": 2843.27, "word": " quant", "probability": 0.56396484375}, {"start": 2843.27, "end": 2843.69, "word": " supplied", "probability": 0.70263671875}, {"start": 2843.69, "end": 2843.97, "word": " of", "probability": 0.89111328125}, {"start": 2843.97, "end": 2844.29, "word": " Turkey.", "probability": 0.966796875}, {"start": 2846.77, "end": 2847.53, "word": " S1", "probability": 0.76953125}, {"start": 2847.53, "end": 2848.65, "word": " at", "probability": 0.205322265625}, {"start": 2848.65, "end": 2849.79, "word": " the", "probability": 0.91650390625}, {"start": 2849.79, "end": 2850.07, "word": " fixed", "probability": 0.919921875}, {"start": 2850.07, "end": 2850.61, "word": " prices", "probability": 0.9150390625}, {"start": 2850.61, "end": 2850.99, "word": " of", "probability": 0.962890625}, {"start": 2850.99, "end": 2851.39, "word": " Turkey.", "probability": 0.96875}, {"start": 2852.99, "end": 2853.75, "word": " Assumption", "probability": 0.7472330729166666}, {"start": 2853.75, "end": 2853.97, "word": " of", "probability": 0.314208984375}, {"start": 2853.97, "end": 2854.17, "word": " the", "probability": 0.5185546875}, {"start": 2854.17, "end": 2854.83, "word": " prices", "probability": 0.79736328125}, {"start": 2854.83, "end": 2855.07, "word": " of", "probability": 0.947265625}, {"start": 2855.07, "end": 2855.39, "word": " Turkey", "probability": 0.96875}, {"start": 2855.39, "end": 2855.77, "word": " remains", "probability": 0.7802734375}, {"start": 2855.77, "end": 2856.25, "word": " constant.", "probability": 0.9140625}, {"start": 2857.79, "end": 2858.29, "word": " A.", "probability": 0.853515625}], "temperature": 1.0}, {"id": 100, "seek": 288250, "start": 2859.38, "end": 2882.5, "text": " Per kilogram, let's say, 12 shekels, 20 shekels. And they're going to purchase 2,000 units, kilogram. At the fixed prices of Turkey, when the price of a chicken goes up, it's no longer profitable. So it's selling less. Right?", "tokens": [3026, 21741, 11, 718, 311, 584, 11, 2272, 750, 7124, 82, 11, 945, 750, 7124, 82, 13, 400, 436, 434, 516, 281, 8110, 568, 11, 1360, 6815, 11, 21741, 13, 1711, 264, 6806, 7901, 295, 12647, 11, 562, 264, 3218, 295, 257, 4662, 1709, 493, 11, 309, 311, 572, 2854, 21608, 13, 407, 309, 311, 6511, 1570, 13, 1779, 30], "avg_logprob": -0.36065574552192065, "compression_ratio": 1.3696969696969696, "no_speech_prob": 0.0, "words": [{"start": 2859.38, "end": 2859.66, "word": " Per", "probability": 0.5361328125}, {"start": 2859.66, "end": 2860.06, "word": " kilogram,", "probability": 0.91259765625}, {"start": 2860.22, "end": 2860.56, "word": " let's", "probability": 0.5697021484375}, {"start": 2860.56, "end": 2860.86, "word": " say,", "probability": 0.93896484375}, {"start": 2861.08, "end": 2861.68, "word": " 12", "probability": 0.354248046875}, {"start": 2861.68, "end": 2863.18, "word": " shekels,", "probability": 0.8230794270833334}, {"start": 2863.32, "end": 2864.22, "word": " 20", "probability": 0.86474609375}, {"start": 2864.22, "end": 2865.44, "word": " shekels.", "probability": 0.9619140625}, {"start": 2865.48, "end": 2865.7, "word": " And", "probability": 0.91650390625}, {"start": 2865.7, "end": 2865.84, "word": " they're", "probability": 0.381103515625}, {"start": 2865.84, "end": 2865.98, "word": " going", "probability": 0.91943359375}, {"start": 2865.98, "end": 2866.08, "word": " to", "probability": 0.96923828125}, {"start": 2866.08, "end": 2866.58, "word": " purchase", "probability": 0.93212890625}, {"start": 2866.58, "end": 2867.38, "word": " 2", "probability": 0.56396484375}, {"start": 2867.38, "end": 2867.92, "word": ",000", "probability": 0.992919921875}, {"start": 2867.92, "end": 2868.84, "word": " units,", "probability": 0.9501953125}, {"start": 2869.76, "end": 2870.14, "word": " kilogram.", "probability": 0.80126953125}, {"start": 2872.82, "end": 2873.06, "word": " At", "probability": 0.88818359375}, {"start": 2873.06, "end": 2873.18, "word": " the", "probability": 0.8076171875}, {"start": 2873.18, "end": 2873.36, "word": " fixed", "probability": 0.953125}, {"start": 2873.36, "end": 2873.86, "word": " prices", "probability": 0.92236328125}, {"start": 2873.86, "end": 2874.22, "word": " of", "probability": 0.9375}, {"start": 2874.22, "end": 2874.66, "word": " Turkey,", "probability": 0.96923828125}, {"start": 2874.88, "end": 2875.06, "word": " when", "probability": 0.92333984375}, {"start": 2875.06, "end": 2875.2, "word": " the", "probability": 0.9169921875}, {"start": 2875.2, "end": 2875.5, "word": " price", "probability": 0.9072265625}, {"start": 2875.5, "end": 2875.62, "word": " of", "probability": 0.96630859375}, {"start": 2875.62, "end": 2875.74, "word": " a", "probability": 0.5869140625}, {"start": 2875.74, "end": 2876.04, "word": " chicken", "probability": 0.83642578125}, {"start": 2876.04, "end": 2876.54, "word": " goes", "probability": 0.95068359375}, {"start": 2876.54, "end": 2876.9, "word": " up,", "probability": 0.9716796875}, {"start": 2877.86, "end": 2878.1, "word": " it's", "probability": 0.2679443359375}, {"start": 2878.1, "end": 2878.3, "word": " no", "probability": 0.469970703125}, {"start": 2878.3, "end": 2878.38, "word": " longer", "probability": 0.93115234375}, {"start": 2878.38, "end": 2878.78, "word": " profitable.", "probability": 0.9375}, {"start": 2880.32, "end": 2880.56, "word": " So", "probability": 0.65087890625}, {"start": 2880.56, "end": 2880.86, "word": " it's", "probability": 0.4091796875}, {"start": 2880.86, "end": 2881.04, "word": " selling", "probability": 0.0809326171875}, {"start": 2881.04, "end": 2881.28, "word": " less.", "probability": 0.8154296875}, {"start": 2882.12, "end": 2882.5, "word": " Right?", "probability": 0.82568359375}], "temperature": 1.0}, {"id": 101, "seek": 290753, "start": 2883.19, "end": 2907.53, "text": " With fixed prices, it will give less quantity to 1,400. Where did we come from? Supply curve. This is the Turkey market. But what about the chicken market? Fish shifts. This is a movement along the same supply curve. Will the price of a chicken change like this?", "tokens": [2022, 6806, 7901, 11, 309, 486, 976, 1570, 11275, 281, 502, 11, 13741, 13, 2305, 630, 321, 808, 490, 30, 9391, 356, 7605, 13, 639, 307, 264, 12647, 2142, 13, 583, 437, 466, 264, 4662, 2142, 30, 18096, 19201, 13, 639, 307, 257, 3963, 2051, 264, 912, 5847, 7605, 13, 3099, 264, 3218, 295, 257, 4662, 1319, 411, 341, 30], "avg_logprob": -0.5197233450217326, "compression_ratio": 1.4216216216216215, "no_speech_prob": 0.0, "words": [{"start": 2883.19, "end": 2883.45, "word": " With", "probability": 0.283447265625}, {"start": 2883.45, "end": 2883.83, "word": " fixed", "probability": 0.68505859375}, {"start": 2883.83, "end": 2884.33, "word": " prices,", "probability": 0.830078125}, {"start": 2884.67, "end": 2885.19, "word": " it", "probability": 0.4345703125}, {"start": 2885.19, "end": 2885.21, "word": " will", "probability": 0.541015625}, {"start": 2885.21, "end": 2885.39, "word": " give", "probability": 0.67529296875}, {"start": 2885.39, "end": 2886.13, "word": " less", "probability": 0.32470703125}, {"start": 2886.13, "end": 2886.13, "word": " quantity", "probability": 0.87060546875}, {"start": 2886.13, "end": 2887.25, "word": " to", "probability": 0.493408203125}, {"start": 2887.25, "end": 2887.73, "word": " 1", "probability": 0.307373046875}, {"start": 2887.73, "end": 2890.15, "word": ",400.", "probability": 0.742919921875}, {"start": 2890.89, "end": 2891.27, "word": " Where", "probability": 0.09283447265625}, {"start": 2891.27, "end": 2891.27, "word": " did", "probability": 0.467529296875}, {"start": 2891.27, "end": 2891.39, "word": " we", "probability": 0.82470703125}, {"start": 2891.39, "end": 2891.39, "word": " come", "probability": 0.401123046875}, {"start": 2891.39, "end": 2891.53, "word": " from?", "probability": 0.4033203125}, {"start": 2891.99, "end": 2892.57, "word": " Supply", "probability": 0.60009765625}, {"start": 2892.57, "end": 2892.81, "word": " curve.", "probability": 0.8984375}, {"start": 2895.55, "end": 2896.23, "word": " This", "probability": 0.67138671875}, {"start": 2896.23, "end": 2896.25, "word": " is", "probability": 0.92626953125}, {"start": 2896.25, "end": 2896.33, "word": " the", "probability": 0.36767578125}, {"start": 2896.33, "end": 2896.51, "word": " Turkey", "probability": 0.27294921875}, {"start": 2896.51, "end": 2896.93, "word": " market.", "probability": 0.86767578125}, {"start": 2897.75, "end": 2897.95, "word": " But", "probability": 0.8486328125}, {"start": 2897.95, "end": 2898.19, "word": " what", "probability": 0.88818359375}, {"start": 2898.19, "end": 2898.51, "word": " about", "probability": 0.919921875}, {"start": 2898.51, "end": 2898.79, "word": " the", "probability": 0.79736328125}, {"start": 2898.79, "end": 2899.07, "word": " chicken", "probability": 0.66943359375}, {"start": 2899.07, "end": 2899.75, "word": " market?", "probability": 0.76123046875}, {"start": 2901.21, "end": 2901.89, "word": " Fish", "probability": 0.6376953125}, {"start": 2901.89, "end": 2902.33, "word": " shifts.", "probability": 0.58349609375}, {"start": 2902.57, "end": 2902.65, "word": " This", "probability": 0.529296875}, {"start": 2902.65, "end": 2902.65, "word": " is", "probability": 0.9033203125}, {"start": 2902.65, "end": 2902.73, "word": " a", "probability": 0.51318359375}, {"start": 2902.73, "end": 2903.21, "word": " movement", "probability": 0.9267578125}, {"start": 2903.21, "end": 2903.67, "word": " along", "probability": 0.951171875}, {"start": 2903.67, "end": 2903.91, "word": " the", "probability": 0.91455078125}, {"start": 2903.91, "end": 2904.19, "word": " same", "probability": 0.89990234375}, {"start": 2904.19, "end": 2904.61, "word": " supply", "probability": 0.93212890625}, {"start": 2904.61, "end": 2905.03, "word": " curve.", "probability": 0.9638671875}, {"start": 2906.21, "end": 2906.43, "word": " Will", "probability": 0.288330078125}, {"start": 2906.43, "end": 2906.85, "word": " the", "probability": 0.27783203125}, {"start": 2906.85, "end": 2906.89, "word": " price", "probability": 0.2406005859375}, {"start": 2906.89, "end": 2906.89, "word": " of", "probability": 0.84716796875}, {"start": 2906.89, "end": 2906.89, "word": " a", "probability": 0.422119140625}, {"start": 2906.89, "end": 2906.89, "word": " chicken", "probability": 0.83154296875}, {"start": 2906.89, "end": 2907.19, "word": " change", "probability": 0.1444091796875}, {"start": 2907.19, "end": 2907.49, "word": " like", "probability": 0.356689453125}, {"start": 2907.49, "end": 2907.53, "word": " this?", "probability": 0.84326171875}], "temperature": 1.0}, {"id": 102, "seek": 292663, "start": 2912.15, "end": 2926.63, "text": " And the quantity supplied of a chicken. Highest supply curve, S1. And let us assume that per kilogram of a chicken was six shekels or seven shekels. And we sell 1000 kilograms.", "tokens": [400, 264, 11275, 27625, 295, 257, 4662, 13, 5229, 377, 5847, 7605, 11, 318, 16, 13, 400, 718, 505, 6552, 300, 680, 21741, 295, 257, 4662, 390, 2309, 750, 7124, 82, 420, 3407, 750, 7124, 82, 13, 400, 321, 3607, 9714, 30690, 13], "avg_logprob": -0.22869318893009966, "compression_ratio": 1.3937007874015748, "no_speech_prob": 0.0, "words": [{"start": 2912.15, "end": 2912.45, "word": " And", "probability": 0.69580078125}, {"start": 2912.45, "end": 2912.59, "word": " the", "probability": 0.91259765625}, {"start": 2912.59, "end": 2912.95, "word": " quantity", "probability": 0.720703125}, {"start": 2912.95, "end": 2913.45, "word": " supplied", "probability": 0.8720703125}, {"start": 2913.45, "end": 2913.63, "word": " of", "probability": 0.640625}, {"start": 2913.63, "end": 2913.73, "word": " a", "probability": 0.72900390625}, {"start": 2913.73, "end": 2914.05, "word": " chicken.", "probability": 0.84130859375}, {"start": 2915.69, "end": 2915.95, "word": " Highest", "probability": 0.70654296875}, {"start": 2915.95, "end": 2916.29, "word": " supply", "probability": 0.93701171875}, {"start": 2916.29, "end": 2916.57, "word": " curve,", "probability": 0.96484375}, {"start": 2916.83, "end": 2917.41, "word": " S1.", "probability": 0.930419921875}, {"start": 2918.23, "end": 2918.47, "word": " And", "probability": 0.93212890625}, {"start": 2918.47, "end": 2918.69, "word": " let", "probability": 0.9501953125}, {"start": 2918.69, "end": 2918.83, "word": " us", "probability": 0.8857421875}, {"start": 2918.83, "end": 2919.17, "word": " assume", "probability": 0.91064453125}, {"start": 2919.17, "end": 2919.37, "word": " that", "probability": 0.93310546875}, {"start": 2919.37, "end": 2919.63, "word": " per", "probability": 0.94189453125}, {"start": 2919.63, "end": 2919.99, "word": " kilogram", "probability": 0.9404296875}, {"start": 2919.99, "end": 2920.37, "word": " of", "probability": 0.97607421875}, {"start": 2920.37, "end": 2920.49, "word": " a", "probability": 0.79248046875}, {"start": 2920.49, "end": 2920.75, "word": " chicken", "probability": 0.85693359375}, {"start": 2920.75, "end": 2921.13, "word": " was", "probability": 0.94873046875}, {"start": 2921.13, "end": 2922.09, "word": " six", "probability": 0.7666015625}, {"start": 2922.09, "end": 2922.85, "word": " shekels", "probability": 0.9044596354166666}, {"start": 2922.85, "end": 2923.03, "word": " or", "probability": 0.7255859375}, {"start": 2923.03, "end": 2923.33, "word": " seven", "probability": 0.9228515625}, {"start": 2923.33, "end": 2924.43, "word": " shekels.", "probability": 0.958984375}, {"start": 2924.65, "end": 2924.75, "word": " And", "probability": 0.182373046875}, {"start": 2924.75, "end": 2924.93, "word": " we", "probability": 0.8876953125}, {"start": 2924.93, "end": 2925.27, "word": " sell", "probability": 0.69580078125}, {"start": 2925.27, "end": 2926.09, "word": " 1000", "probability": 0.37646484375}, {"start": 2926.09, "end": 2926.63, "word": " kilograms.", "probability": 0.54736328125}], "temperature": 1.0}, {"id": 103, "seek": 295723, "start": 2935.61, "end": 2957.23, "text": " Now, as the price of a chicken goes up, this is an assumption. Instead of being seven, we started selling at eight.", "tokens": [823, 11, 382, 264, 3218, 295, 257, 4662, 1709, 493, 11, 341, 307, 364, 15302, 13, 7156, 295, 885, 3407, 11, 321, 1409, 6511, 412, 3180, 13], "avg_logprob": -0.46540179210049765, "compression_ratio": 1.1958762886597938, "no_speech_prob": 0.0, "words": [{"start": 2935.61, "end": 2936.15, "word": " Now,", "probability": 0.09991455078125}, {"start": 2949.87, "end": 2950.25, "word": " as", "probability": 0.63525390625}, {"start": 2950.25, "end": 2950.43, "word": " the", "probability": 0.869140625}, {"start": 2950.43, "end": 2950.81, "word": " price", "probability": 0.9130859375}, {"start": 2950.81, "end": 2951.03, "word": " of", "probability": 0.9677734375}, {"start": 2951.03, "end": 2951.17, "word": " a", "probability": 0.67041015625}, {"start": 2951.17, "end": 2951.57, "word": " chicken", "probability": 0.828125}, {"start": 2951.57, "end": 2952.21, "word": " goes", "probability": 0.93505859375}, {"start": 2952.21, "end": 2952.73, "word": " up,", "probability": 0.97509765625}, {"start": 2953.01, "end": 2953.19, "word": " this", "probability": 0.484130859375}, {"start": 2953.19, "end": 2953.23, "word": " is", "probability": 0.849609375}, {"start": 2953.23, "end": 2953.33, "word": " an", "probability": 0.57373046875}, {"start": 2953.33, "end": 2953.75, "word": " assumption.", "probability": 0.97265625}, {"start": 2955.31, "end": 2955.59, "word": " Instead", "probability": 0.65966796875}, {"start": 2955.59, "end": 2955.69, "word": " of", "probability": 0.9677734375}, {"start": 2955.69, "end": 2955.87, "word": " being", "probability": 0.6513671875}, {"start": 2955.87, "end": 2956.13, "word": " seven,", "probability": 0.5146484375}, {"start": 2956.29, "end": 2956.67, "word": " we", "probability": 0.505859375}, {"start": 2956.67, "end": 2956.67, "word": " started", "probability": 0.13916015625}, {"start": 2956.67, "end": 2956.83, "word": " selling", "probability": 0.736328125}, {"start": 2956.83, "end": 2956.95, "word": " at", "probability": 0.306640625}, {"start": 2956.95, "end": 2957.23, "word": " eight.", "probability": 0.791015625}], "temperature": 1.0}, {"id": 104, "seek": 299038, "start": 2961.46, "end": 2990.38, "text": " Meaning it goes up, not the supply. From A to B along the same supply curve. Remains fixed. No changes with supply curve. Supply curve remains as it is, but there is a movement along the same supply curve. Because it's original, it goes up.", "tokens": [19948, 309, 1709, 493, 11, 406, 264, 5847, 13, 3358, 316, 281, 363, 2051, 264, 912, 5847, 7605, 13, 4080, 2315, 6806, 13, 883, 2962, 365, 5847, 7605, 13, 9391, 356, 7605, 7023, 382, 309, 307, 11, 457, 456, 307, 257, 3963, 2051, 264, 912, 5847, 7605, 13, 1436, 309, 311, 3380, 11, 309, 1709, 493, 13], "avg_logprob": -0.34186423801142596, "compression_ratio": 1.6394557823129252, "no_speech_prob": 0.0, "words": [{"start": 2961.46, "end": 2961.74, "word": " Meaning", "probability": 0.062286376953125}, {"start": 2961.74, "end": 2961.9, "word": " it", "probability": 0.8076171875}, {"start": 2961.9, "end": 2962.12, "word": " goes", "probability": 0.93310546875}, {"start": 2962.12, "end": 2962.34, "word": " up,", "probability": 0.974609375}, {"start": 2962.46, "end": 2962.62, "word": " not", "probability": 0.421630859375}, {"start": 2962.62, "end": 2962.76, "word": " the", "probability": 0.5234375}, {"start": 2962.76, "end": 2963.06, "word": " supply.", "probability": 0.92333984375}, {"start": 2965.24, "end": 2965.92, "word": " From", "probability": 0.1551513671875}, {"start": 2965.92, "end": 2970.28, "word": " A", "probability": 0.890625}, {"start": 2970.28, "end": 2970.46, "word": " to", "probability": 0.9775390625}, {"start": 2970.46, "end": 2970.78, "word": " B", "probability": 0.99609375}, {"start": 2970.78, "end": 2971.36, "word": " along", "probability": 0.693359375}, {"start": 2971.36, "end": 2971.64, "word": " the", "probability": 0.91357421875}, {"start": 2971.64, "end": 2972.04, "word": " same", "probability": 0.912109375}, {"start": 2972.04, "end": 2972.52, "word": " supply", "probability": 0.9521484375}, {"start": 2972.52, "end": 2972.94, "word": " curve.", "probability": 0.97119140625}, {"start": 2974.32, "end": 2974.82, "word": " Remains", "probability": 0.748046875}, {"start": 2974.82, "end": 2975.92, "word": " fixed.", "probability": 0.78369140625}, {"start": 2976.34, "end": 2977.02, "word": " No", "probability": 0.83154296875}, {"start": 2977.02, "end": 2977.94, "word": " changes", "probability": 0.90185546875}, {"start": 2977.94, "end": 2978.16, "word": " with", "probability": 0.477783203125}, {"start": 2978.16, "end": 2978.56, "word": " supply", "probability": 0.87060546875}, {"start": 2978.56, "end": 2979.12, "word": " curve.", "probability": 0.96435546875}, {"start": 2981.24, "end": 2981.76, "word": " Supply", "probability": 0.842041015625}, {"start": 2981.76, "end": 2982.2, "word": " curve", "probability": 0.96044921875}, {"start": 2982.2, "end": 2982.68, "word": " remains", "probability": 0.437744140625}, {"start": 2982.68, "end": 2982.88, "word": " as", "probability": 0.291015625}, {"start": 2982.88, "end": 2982.98, "word": " it", "probability": 0.85986328125}, {"start": 2982.98, "end": 2983.04, "word": " is,", "probability": 0.78759765625}, {"start": 2983.18, "end": 2983.34, "word": " but", "probability": 0.482666015625}, {"start": 2983.34, "end": 2983.54, "word": " there", "probability": 0.47802734375}, {"start": 2983.54, "end": 2983.54, "word": " is", "probability": 0.7900390625}, {"start": 2983.54, "end": 2984.36, "word": " a", "probability": 0.8984375}, {"start": 2984.36, "end": 2985.0, "word": " movement", "probability": 0.9384765625}, {"start": 2985.0, "end": 2985.9, "word": " along", "probability": 0.9453125}, {"start": 2985.9, "end": 2986.3, "word": " the", "probability": 0.90771484375}, {"start": 2986.3, "end": 2986.64, "word": " same", "probability": 0.88525390625}, {"start": 2986.64, "end": 2987.22, "word": " supply", "probability": 0.93408203125}, {"start": 2987.22, "end": 2987.86, "word": " curve.", "probability": 0.96630859375}, {"start": 2988.06, "end": 2988.4, "word": " Because", "probability": 0.7001953125}, {"start": 2988.4, "end": 2988.66, "word": " it's", "probability": 0.726318359375}, {"start": 2988.66, "end": 2989.16, "word": " original,", "probability": 0.33642578125}, {"start": 2989.46, "end": 2989.74, "word": " it", "probability": 0.65869140625}, {"start": 2989.74, "end": 2990.06, "word": " goes", "probability": 0.8212890625}, {"start": 2990.06, "end": 2990.38, "word": " up.", "probability": 0.96826171875}], "temperature": 1.0}, {"id": 105, "seek": 302073, "start": 2991.63, "end": 3020.73, "text": " The quantity supplied goes up, not the supply as a whole or the supply curve. Has some movement along the same supply curve, not shifting. The distinction between a change in supply and a change in quantity supplied. With change in demand and a change in quantity demanded. But is it clear here? Or ambiguous? Yes. Okay.", "tokens": [440, 11275, 27625, 1709, 493, 11, 406, 264, 5847, 382, 257, 1379, 420, 264, 5847, 7605, 13, 8646, 512, 3963, 2051, 264, 912, 5847, 7605, 11, 406, 17573, 13, 440, 16844, 1296, 257, 1319, 294, 5847, 293, 257, 1319, 294, 11275, 27625, 13, 2022, 1319, 294, 4733, 293, 257, 1319, 294, 11275, 28276, 13, 583, 307, 309, 1850, 510, 30, 1610, 39465, 30, 1079, 13, 1033, 13], "avg_logprob": -0.2895220447989071, "compression_ratio": 1.7637362637362637, "no_speech_prob": 0.0, "words": [{"start": 2991.63, "end": 2991.95, "word": " The", "probability": 0.63818359375}, {"start": 2991.95, "end": 2992.35, "word": " quantity", "probability": 0.935546875}, {"start": 2992.35, "end": 2992.85, "word": " supplied", "probability": 0.82177734375}, {"start": 2992.85, "end": 2993.45, "word": " goes", "probability": 0.91357421875}, {"start": 2993.45, "end": 2993.73, "word": " up,", "probability": 0.970703125}, {"start": 2993.97, "end": 2994.15, "word": " not", "probability": 0.9423828125}, 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Did they rest for two or three minutes? They rested and laughed at each other and laughed at me. Take two or three minutes to... What's the name of this? And I have a question that you ask me. Okay, did you find it clear with you or did you find it? Yes? 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Let's go to study the difference between change in demand and change in quantity demanded, change in supply and change in quantity supplied. 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If the price per kilogram of chicken was 10 shekels, and let us assume that the quantity demanded or the quantity purchased of chicken was 20 kilogram a week per family at point A. A change in quantity demanded", "tokens": [420, 413, 16, 13, 759, 264, 3218, 680, 21741, 295, 4662, 390, 1266, 750, 7124, 82, 11, 293, 718, 505, 6552, 300, 264, 11275, 28276, 420, 264, 11275, 14734, 295, 4662, 390, 945, 21741, 257, 1243, 680, 1605, 412, 935, 316, 13, 316, 1319, 294, 11275, 28276], "avg_logprob": -0.263671883692344, "compression_ratio": 1.5460992907801419, "no_speech_prob": 0.0, "words": [{"start": 3112.86, "end": 3113.22, "word": " or", "probability": 0.327880859375}, {"start": 3113.22, "end": 3113.78, "word": " D1.", "probability": 0.709716796875}, {"start": 3116.96, "end": 3117.48, "word": " If", "probability": 0.94775390625}, {"start": 3117.48, "end": 3117.68, "word": " the", "probability": 0.91748046875}, {"start": 3117.68, "end": 3118.08, "word": " price", "probability": 0.92578125}, {"start": 3118.08, "end": 3118.78, "word": " per", "probability": 0.87744140625}, {"start": 3118.78, "end": 3119.28, "word": " kilogram", "probability": 0.9248046875}, {"start": 3119.28, "end": 3119.56, "word": " of", "probability": 0.302490234375}, {"start": 3119.56, "end": 3119.78, "word": " chicken", "probability": 0.83203125}, {"start": 3119.78, "end": 3120.46, "word": " was", "probability": 0.94580078125}, {"start": 3120.46, "end": 3123.08, "word": " 10", "probability": 0.66796875}, {"start": 3123.08, "end": 3124.66, "word": " shekels,", "probability": 0.7643229166666666}, {"start": 3125.6, "end": 3125.92, "word": " and", "probability": 0.66455078125}, {"start": 3125.92, "end": 3126.52, "word": " let", "probability": 0.59765625}, {"start": 3126.52, "end": 3126.76, "word": " us", "probability": 0.8466796875}, {"start": 3126.76, "end": 3127.24, "word": " assume", "probability": 0.9228515625}, {"start": 3127.24, "end": 3127.48, "word": " that", "probability": 0.9326171875}, {"start": 3127.48, "end": 3127.66, "word": " the", "probability": 0.89990234375}, {"start": 3127.66, "end": 3128.1, "word": " quantity", "probability": 0.98779296875}, {"start": 3128.1, "end": 3129.1, "word": " demanded", "probability": 0.95263671875}, {"start": 3129.1, "end": 3129.44, "word": " or", "probability": 0.86279296875}, {"start": 3129.44, "end": 3129.58, "word": " the", "probability": 0.90673828125}, {"start": 3129.58, "end": 3129.82, "word": " quantity", "probability": 0.92578125}, {"start": 3129.82, "end": 3130.42, "word": " purchased", "probability": 0.91943359375}, {"start": 3130.42, "end": 3130.6, "word": " of", "probability": 0.7412109375}, {"start": 3130.6, "end": 3130.88, "word": " chicken", "probability": 0.77783203125}, {"start": 3130.88, "end": 3131.4, "word": " was", "probability": 0.94677734375}, {"start": 3131.4, "end": 3132.28, "word": " 20", "probability": 0.9609375}, {"start": 3132.28, "end": 3132.68, "word": " kilogram", "probability": 0.461181640625}, {"start": 3132.68, "end": 3133.46, "word": " a", "probability": 0.95361328125}, {"start": 3133.46, "end": 3133.86, "word": " week", "probability": 0.9541015625}, {"start": 3133.86, "end": 3134.56, "word": " per", "probability": 0.397216796875}, {"start": 3134.56, "end": 3135.0, "word": " family", "probability": 0.91259765625}, {"start": 3135.0, "end": 3136.04, "word": " at", "probability": 0.63818359375}, {"start": 3136.04, "end": 3136.3, "word": " point", "probability": 0.92236328125}, {"start": 3136.3, "end": 3136.58, "word": " A.", "probability": 0.962890625}, {"start": 3140.14, "end": 3140.36, "word": " A", "probability": 0.76123046875}, {"start": 3140.36, "end": 3140.86, "word": " change", "probability": 0.9169921875}, {"start": 3140.86, "end": 3141.12, "word": " in", "probability": 0.9365234375}, {"start": 3141.12, "end": 3141.6, "word": " quantity", "probability": 0.6015625}, {"start": 3141.6, "end": 3142.12, "word": " demanded", "probability": 0.93115234375}], "temperature": 1.0}, {"id": 110, "seek": 317320, "start": 3150.26, "end": 3173.2, "text": " is the decreasing in quantity demanded when the price goes down, increases. The change in quantity demanded of a chicken is the decreasing in quantity demanded of a chicken when the price of a chicken", "tokens": [307, 264, 23223, 294, 11275, 28276, 562, 264, 3218, 1709, 760, 11, 8637, 13, 440, 1319, 294, 11275, 28276, 295, 257, 4662, 307, 264, 23223, 294, 11275, 28276, 295, 257, 4662, 562, 264, 3218, 295, 257, 4662], "avg_logprob": -0.22450657933950424, "compression_ratio": 1.9514563106796117, "no_speech_prob": 0.0, "words": [{"start": 3150.2599999999998, "end": 3151.04, "word": " is", "probability": 0.471923828125}, {"start": 3151.04, "end": 3151.82, "word": " the", "probability": 0.7392578125}, {"start": 3151.82, "end": 3152.56, "word": " decreasing", "probability": 0.82861328125}, {"start": 3152.56, "end": 3152.82, "word": " in", "probability": 0.82275390625}, {"start": 3152.82, "end": 3153.24, "word": " quantity", "probability": 0.88525390625}, {"start": 3153.24, "end": 3153.76, "word": " demanded", "probability": 0.93994140625}, {"start": 3153.76, "end": 3154.62, "word": " when", "probability": 0.7958984375}, {"start": 3154.62, "end": 3156.14, "word": " the", "probability": 0.90380859375}, {"start": 3156.14, "end": 3156.58, "word": " price", "probability": 0.90966796875}, {"start": 3156.58, "end": 3157.38, "word": " goes", "probability": 0.7587890625}, {"start": 3157.38, "end": 3157.66, "word": " down,", "probability": 0.845703125}, {"start": 3158.02, "end": 3158.48, "word": " increases.", "probability": 0.90625}, {"start": 3161.32, "end": 3161.32, "word": " The", "probability": 0.0222320556640625}, {"start": 3161.32, "end": 3164.44, "word": " change", "probability": 0.8193359375}, {"start": 3164.44, "end": 3164.56, "word": " in", "probability": 0.89453125}, {"start": 3164.56, "end": 3164.86, "word": " quantity", "probability": 0.84765625}, {"start": 3164.86, "end": 3165.26, "word": " demanded", "probability": 0.935546875}, {"start": 3165.26, "end": 3165.56, "word": " of", "probability": 0.88232421875}, {"start": 3165.56, "end": 3165.7, "word": " a", "probability": 0.9365234375}, {"start": 3165.7, "end": 3166.02, "word": " chicken", "probability": 0.8408203125}, {"start": 3166.02, "end": 3166.52, "word": " is", "probability": 0.8896484375}, {"start": 3166.52, "end": 3167.26, "word": " the", "probability": 0.86181640625}, {"start": 3167.26, "end": 3168.06, "word": " decreasing", "probability": 0.888671875}, {"start": 3168.06, "end": 3168.28, "word": " in", "probability": 0.6416015625}, {"start": 3168.28, "end": 3168.6, "word": " quantity", "probability": 0.97802734375}, {"start": 3168.6, "end": 3168.96, "word": " demanded", "probability": 0.939453125}, {"start": 3168.96, "end": 3169.2, "word": " of", "probability": 0.96142578125}, {"start": 3169.2, "end": 3169.34, "word": " a", "probability": 0.94775390625}, {"start": 3169.34, "end": 3169.62, "word": " chicken", "probability": 0.84716796875}, {"start": 3169.62, "end": 3171.8, "word": " when", "probability": 0.70068359375}, {"start": 3171.8, "end": 3172.2, "word": " the", "probability": 0.921875}, {"start": 3172.2, "end": 3172.5, "word": " price", "probability": 0.89990234375}, {"start": 3172.5, "end": 3172.66, "word": " of", "probability": 0.9658203125}, {"start": 3172.66, "end": 3172.82, "word": " a", "probability": 0.853515625}, {"start": 3172.82, "end": 3173.2, "word": " chicken", "probability": 0.84423828125}], "temperature": 1.0}, {"id": 111, "seek": 320211, "start": 3174.59, "end": 3202.11, "text": " goes up, or what is the increasingly quantity demanded of a chicken when the price goes down. For the product itself. Here I'm talking about the product itself. And we will remain along the same demand curve. This price was 10, the price went up to 15.", "tokens": [1709, 493, 11, 420, 437, 307, 264, 12980, 11275, 28276, 295, 257, 4662, 562, 264, 3218, 1709, 760, 13, 1171, 264, 1674, 2564, 13, 1692, 286, 478, 1417, 466, 264, 1674, 2564, 13, 400, 321, 486, 6222, 2051, 264, 912, 4733, 7605, 13, 639, 3218, 390, 1266, 11, 264, 3218, 1437, 493, 281, 2119, 13], "avg_logprob": -0.34570313191839624, "compression_ratio": 1.4795321637426901, "no_speech_prob": 0.0, "words": [{"start": 3174.59, "end": 3174.99, "word": " goes", "probability": 0.51025390625}, {"start": 3174.99, "end": 3175.35, "word": " up,", "probability": 0.9736328125}, {"start": 3175.67, "end": 3175.85, "word": " or", "probability": 0.95166015625}, {"start": 3175.85, "end": 3176.23, "word": " what", "probability": 0.1741943359375}, {"start": 3176.23, "end": 3176.39, "word": " is", "probability": 0.78955078125}, {"start": 3176.39, "end": 3176.59, "word": " the", "probability": 0.357177734375}, {"start": 3176.59, "end": 3177.15, "word": " increasingly", "probability": 0.41259765625}, {"start": 3177.15, "end": 3177.67, "word": " quantity", "probability": 0.97021484375}, {"start": 3177.67, "end": 3178.21, "word": " demanded", "probability": 0.92822265625}, {"start": 3178.21, "end": 3178.75, "word": " of", "probability": 0.82177734375}, {"start": 3178.75, "end": 3178.91, "word": " a", "probability": 0.9296875}, {"start": 3178.91, "end": 3179.25, "word": " chicken", "probability": 0.82568359375}, {"start": 3179.25, "end": 3180.55, "word": " when", "probability": 0.488037109375}, {"start": 3180.55, "end": 3181.79, "word": " the", "probability": 0.9140625}, {"start": 3181.79, "end": 3182.15, "word": " price", "probability": 0.92822265625}, {"start": 3182.15, "end": 3183.21, "word": " goes", "probability": 0.919921875}, {"start": 3183.21, "end": 3183.65, "word": " down.", "probability": 0.857421875}, {"start": 3185.95, "end": 3186.15, "word": " For", "probability": 0.4912109375}, {"start": 3186.15, "end": 3187.41, "word": " the", "probability": 0.86669921875}, {"start": 3187.41, "end": 3187.81, "word": " product", "probability": 0.93017578125}, {"start": 3187.81, "end": 3188.43, "word": " itself.", "probability": 0.8251953125}, {"start": 3189.37, "end": 3189.59, "word": " Here", "probability": 0.67236328125}, {"start": 3189.59, "end": 3189.71, "word": " I'm", "probability": 0.7724609375}, {"start": 3189.71, "end": 3190.01, "word": " talking", "probability": 0.85888671875}, {"start": 3190.01, "end": 3190.25, "word": " about", "probability": 0.90478515625}, {"start": 3190.25, "end": 3190.39, "word": " the", "probability": 0.90869140625}, {"start": 3190.39, "end": 3190.65, "word": " product", "probability": 0.9248046875}, {"start": 3190.65, "end": 3191.11, "word": " itself.", "probability": 0.8359375}, {"start": 3192.63, "end": 3192.99, "word": " And", "probability": 0.86767578125}, {"start": 3192.99, "end": 3193.23, "word": " we", "probability": 0.9150390625}, {"start": 3193.23, "end": 3193.49, "word": " will", "probability": 0.8896484375}, {"start": 3193.49, "end": 3194.11, "word": " remain", "probability": 0.88818359375}, {"start": 3194.11, "end": 3194.71, "word": " along", "probability": 0.93701171875}, {"start": 3194.71, "end": 3195.09, "word": " the", "probability": 0.884765625}, {"start": 3195.09, "end": 3195.51, "word": " same", "probability": 0.90478515625}, {"start": 3195.51, "end": 3196.03, "word": " demand", "probability": 0.8984375}, {"start": 3196.03, "end": 3196.53, "word": " curve.", "probability": 0.96435546875}, {"start": 3197.59, "end": 3198.17, "word": " This", "probability": 0.14208984375}, {"start": 3198.17, "end": 3198.63, "word": " price", "probability": 0.6005859375}, {"start": 3198.63, "end": 3198.97, "word": " was", "probability": 0.6982421875}, {"start": 3198.97, "end": 3199.71, "word": " 10,", "probability": 0.626953125}, {"start": 3200.17, "end": 3200.49, "word": " the", "probability": 0.290283203125}, {"start": 3200.49, "end": 3200.79, "word": " price", "probability": 0.89501953125}, {"start": 3200.79, "end": 3201.03, "word": " went", "probability": 0.45361328125}, {"start": 3201.03, "end": 3201.15, "word": " up", "probability": 0.89111328125}, {"start": 3201.15, "end": 3201.73, "word": " to", "probability": 0.82421875}, {"start": 3201.73, "end": 3202.11, "word": " 15.", "probability": 0.974609375}], "temperature": 1.0}, {"id": 112, "seek": 323292, "start": 3204.66, "end": 3232.92, "text": " The quantity demanded goes down to 12 maybe. So decreasing in prices leads to a decreasing in the quantity demanded. We still move along the demand curve to point B.", "tokens": [440, 11275, 28276, 1709, 760, 281, 2272, 1310, 13, 407, 23223, 294, 7901, 6689, 281, 257, 23223, 294, 264, 11275, 28276, 13, 492, 920, 1286, 2051, 264, 4733, 7605, 281, 935, 363, 13], "avg_logprob": -0.1644071678028387, "compression_ratio": 1.4310344827586208, "no_speech_prob": 0.0, "words": [{"start": 3204.66, "end": 3204.92, "word": " The", "probability": 0.634765625}, {"start": 3204.92, "end": 3205.38, "word": " quantity", "probability": 0.97119140625}, {"start": 3205.38, "end": 3205.86, "word": " demanded", "probability": 0.92822265625}, {"start": 3205.86, "end": 3206.22, "word": " goes", "probability": 0.90234375}, {"start": 3206.22, "end": 3206.56, "word": " down", "probability": 0.81591796875}, {"start": 3206.56, "end": 3210.96, "word": " to", "probability": 0.79345703125}, {"start": 3210.96, "end": 3211.88, "word": " 12", "probability": 0.84228515625}, {"start": 3211.88, "end": 3212.28, "word": " maybe.", "probability": 0.72998046875}, {"start": 3213.78, "end": 3214.0, "word": " So", "probability": 0.9287109375}, {"start": 3214.0, "end": 3216.38, "word": " decreasing", "probability": 0.8017578125}, {"start": 3216.38, "end": 3216.62, "word": " in", "probability": 0.415283203125}, {"start": 3216.62, "end": 3217.12, "word": " prices", "probability": 0.8828125}, {"start": 3217.12, "end": 3219.04, "word": " leads", "probability": 0.83154296875}, {"start": 3219.04, "end": 3219.18, "word": " to", "probability": 0.96337890625}, {"start": 3219.18, "end": 3219.32, "word": " a", "probability": 0.90478515625}, {"start": 3219.32, "end": 3219.7, "word": " decreasing", "probability": 0.892578125}, {"start": 3219.7, "end": 3220.08, "word": " in", "probability": 0.943359375}, {"start": 3220.08, "end": 3220.2, "word": " the", "probability": 0.92724609375}, {"start": 3220.2, "end": 3220.64, "word": " quantity", "probability": 0.98193359375}, {"start": 3220.64, "end": 3221.18, "word": " demanded.", "probability": 0.9462890625}, {"start": 3222.28, "end": 3222.5, "word": " We", "probability": 0.7734375}, {"start": 3222.5, "end": 3223.02, "word": " still", "probability": 0.96337890625}, {"start": 3223.02, "end": 3225.12, "word": " move", "probability": 0.9482421875}, {"start": 3225.12, "end": 3226.64, "word": " along", "probability": 0.91162109375}, {"start": 3226.64, "end": 3227.54, "word": " the", "probability": 0.876953125}, {"start": 3227.54, "end": 3228.06, "word": " demand", "probability": 0.93115234375}, {"start": 3228.06, "end": 3228.6, "word": " curve", "probability": 0.96728515625}, {"start": 3228.6, "end": 3232.38, "word": " to", "probability": 0.904296875}, {"start": 3232.38, "end": 3232.68, "word": " point", "probability": 0.90478515625}, {"start": 3232.68, "end": 3232.92, "word": " B.", "probability": 0.9521484375}], "temperature": 1.0}, {"id": 113, "seek": 326337, "start": 3241.17, "end": 3263.37, "text": " So the price of the product itself changes. What changed?", "tokens": [407, 264, 3218, 295, 264, 1674, 2564, 2962, 13, 708, 3105, 30], "avg_logprob": -0.3990384523685162, "compression_ratio": 1.0545454545454545, "no_speech_prob": 0.0, "words": [{"start": 3241.1699999999996, "end": 3242.5699999999997, "word": " So", "probability": 0.18115234375}, {"start": 3242.5699999999997, "end": 3243.97, "word": " the", "probability": 0.21337890625}, {"start": 3243.97, "end": 3244.19, "word": " price", "probability": 0.7109375}, {"start": 3244.19, "end": 3248.81, "word": " of", "probability": 0.806640625}, {"start": 3248.81, "end": 3259.51, "word": " the", "probability": 0.90087890625}, {"start": 3259.51, "end": 3259.83, "word": " product", "probability": 0.91162109375}, {"start": 3259.83, "end": 3260.69, "word": " itself", "probability": 0.7861328125}, {"start": 3260.69, "end": 3261.75, "word": " changes.", "probability": 0.890625}, {"start": 3262.71, "end": 3262.95, "word": " What", "probability": 0.76611328125}, {"start": 3262.95, "end": 3263.37, "word": " changed?", "probability": 0.84228515625}], "temperature": 1.0}, {"id": 114, "seek": 328941, "start": 3264.57, "end": 3289.41, "text": " So the change in quantity demanded is a movement along the same demand curve from A to B, A to C, C to A, C to B, C to D due to the change in the price of the product itself.", "tokens": [407, 264, 1319, 294, 11275, 28276, 307, 257, 3963, 2051, 264, 912, 4733, 7605, 490, 316, 281, 363, 11, 316, 281, 383, 11, 383, 281, 316, 11, 383, 281, 363, 11, 383, 281, 413, 3462, 281, 264, 1319, 294, 264, 3218, 295, 264, 1674, 2564, 13], "avg_logprob": -0.12824136272389838, "compression_ratio": 1.4830508474576272, "no_speech_prob": 0.0, "words": [{"start": 3264.5699999999997, "end": 3265.33, "word": " So", "probability": 0.462158203125}, {"start": 3265.33, "end": 3265.95, "word": " the", "probability": 0.60986328125}, {"start": 3265.95, "end": 3266.25, "word": " change", "probability": 0.85888671875}, {"start": 3266.25, "end": 3266.39, "word": " 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"probability": 0.84716796875}, {"start": 3279.41, "end": 3279.57, "word": " to", "probability": 0.9794921875}, {"start": 3279.57, "end": 3279.95, "word": " B,", "probability": 0.953125}, {"start": 3280.61, "end": 3280.85, "word": " A", "probability": 0.98046875}, {"start": 3280.85, "end": 3281.01, "word": " to", "probability": 0.97265625}, {"start": 3281.01, "end": 3281.37, "word": " C,", "probability": 0.99755859375}, {"start": 3281.59, "end": 3281.77, "word": " C", "probability": 0.98974609375}, {"start": 3281.77, "end": 3281.99, "word": " to", "probability": 0.97412109375}, {"start": 3281.99, "end": 3282.29, "word": " A,", "probability": 0.9873046875}, {"start": 3282.45, "end": 3282.61, "word": " C", "probability": 0.98486328125}, {"start": 3282.61, "end": 3282.81, "word": " to", "probability": 0.97119140625}, {"start": 3282.81, "end": 3283.13, "word": " B,", "probability": 0.96630859375}, {"start": 3283.47, "end": 3283.65, "word": " C", "probability": 0.982421875}, {"start": 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What makes the demand move to right or to left? It's not the price. It's the change in income. Change in price and price of other related goods. Number of consumers. Right? Because the number of consumers has increased. With a constant price, it can move. Full shifting.", "tokens": [1726, 1577, 17573, 294, 4733, 11, 558, 420, 1411, 13, 708, 1669, 264, 4733, 1286, 281, 558, 420, 281, 1411, 30, 467, 311, 406, 264, 3218, 13, 467, 311, 264, 1319, 294, 5742, 13, 15060, 294, 3218, 293, 3218, 295, 661, 4077, 10179, 13, 5118, 295, 11883, 13, 1779, 30, 1436, 264, 1230, 295, 11883, 575, 6505, 13, 2022, 257, 5754, 3218, 11, 309, 393, 1286, 13, 13841, 17573, 13], "avg_logprob": -0.48195423794464326, "compression_ratio": 1.6578947368421053, "no_speech_prob": 0.0, "words": [{"start": 3290.99, "end": 3291.37, "word": " Not", "probability": 0.3359375}, {"start": 3291.37, "end": 3291.67, "word": " full", "probability": 0.1954345703125}, {"start": 3291.67, "end": 3292.09, "word": " shifting", "probability": 0.85107421875}, {"start": 3292.09, "end": 3292.29, "word": " in", "probability": 0.369873046875}, {"start": 3292.29, "end": 3292.65, "word": " demand,", "probability": 0.83544921875}, {"start": 3292.95, "end": 3293.93, "word": " right", "probability": 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They call it demand determinants. Any change in demand determinants will change the entire demand, right or left. But a movement from A to B, B to C, C to B, this is a change in quantity demanded, not a change in demand. Right? 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The full shifting of demand curve right or left. Right or left.", "tokens": [1119, 437, 30, 440, 1577, 17573, 295, 4733, 7605, 558, 420, 1411, 13, 1779, 420, 1411, 13], "avg_logprob": -0.5004340476459928, "compression_ratio": 1.042857142857143, "no_speech_prob": 0.0, "words": [{"start": 3358.63, "end": 3360.03, "word": " Is", "probability": 0.330810546875}, {"start": 3360.03, "end": 3360.69, "word": " what?", "probability": 0.91015625}, {"start": 3362.41, "end": 3362.71, "word": " The", "probability": 0.81005859375}, {"start": 3362.71, "end": 3363.11, "word": " full", "probability": 0.3642578125}, {"start": 3363.11, "end": 3363.93, "word": " shifting", "probability": 0.8828125}, {"start": 3363.93, "end": 3365.63, "word": " of", "probability": 0.73095703125}, {"start": 3365.63, "end": 3367.37, "word": " demand", "probability": 0.16259765625}, {"start": 3367.37, "end": 3373.97, "word": " curve", "probability": 0.92333984375}, {"start": 3373.97, "end": 3375.75, "word": " right", "probability": 0.443359375}, {"start": 3375.75, "end": 3376.19, "word": " or", "probability": 0.9560546875}, {"start": 3376.19, "end": 3376.65, "word": " left.", "probability": 0.94677734375}, {"start": 3377.29, "end": 3378.23, "word": " Right", "probability": 0.81201171875}, {"start": 3378.23, "end": 3381.07, "word": " or", "probability": 0.5478515625}, {"start": 3381.07, "end": 3381.27, "word": " left.", "probability": 0.630859375}], "temperature": 1.0}, {"id": 118, "seek": 340861, "start": 3382.95, "end": 3408.61, "text": " Left due to, to a change of one of the demand determinants. Change in one or more of demand determinants.", "tokens": [16405, 3462, 281, 11, 281, 257, 1319, 295, 472, 295, 264, 4733, 15957, 1719, 13, 15060, 294, 472, 420, 544, 295, 4733, 15957, 1719, 13], "avg_logprob": -0.2548076785527743, "compression_ratio": 1.358974358974359, "no_speech_prob": 0.0, "words": [{"start": 3382.95, "end": 3383.45, "word": " Left", "probability": 0.58642578125}, {"start": 3383.45, "end": 3384.95, "word": " due", "probability": 0.60546875}, {"start": 3384.95, "end": 3385.99, "word": " to,", "probability": 0.9755859375}, {"start": 3387.01, "end": 3387.01, "word": " to", "probability": 0.07391357421875}, {"start": 3387.01, "end": 3390.47, "word": " a", "probability": 0.720703125}, {"start": 3390.47, "end": 3392.33, "word": " change", "probability": 0.91015625}, {"start": 3392.33, "end": 3392.69, "word": " of", "probability": 0.94580078125}, {"start": 3392.69, "end": 3393.07, "word": " one", "probability": 0.9111328125}, {"start": 3393.07, "end": 3393.49, "word": " of", "probability": 0.95166015625}, {"start": 3393.49, "end": 3393.79, "word": " the", "probability": 0.900390625}, {"start": 3393.79, "end": 3394.37, "word": " demand", "probability": 0.890625}, {"start": 3394.37, "end": 3395.25, "word": " determinants.", "probability": 0.96484375}, {"start": 3395.85, "end": 3396.25, "word": " Change", "probability": 0.7666015625}, {"start": 3396.25, "end": 3399.73, "word": " in", "probability": 0.62060546875}, {"start": 3399.73, "end": 3400.45, "word": " one", "probability": 0.92626953125}, {"start": 3400.45, "end": 3401.61, "word": " or", "probability": 0.96435546875}, {"start": 3401.61, "end": 3402.41, "word": " more", "probability": 0.943359375}, {"start": 3402.41, "end": 3406.15, "word": " of", "probability": 0.89990234375}, {"start": 3406.15, "end": 3407.29, "word": " demand", "probability": 0.87744140625}, {"start": 3407.29, "end": 3408.61, "word": " determinants.", "probability": 0.97412109375}], "temperature": 1.0}, {"id": 119, "seek": 344379, "start": 3414.33, "end": 3443.79, "text": " like the consumer's income and the number of consumers, taste and preferences, and so on. The demand usually hit under the price or the fixed prices. The price remains constant. 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Change in demand is", "tokens": [4080, 2315, 2541, 3832, 13, 15060, 294, 4733, 307], "avg_logprob": -0.720312488079071, "compression_ratio": 0.8627450980392157, "no_speech_prob": 0.0, "words": [{"start": 3448.91, "end": 3450.31, "word": " Remains", "probability": 0.6292724609375}, {"start": 3450.31, "end": 3451.71, "word": " clean", "probability": 0.0421142578125}, {"start": 3451.71, "end": 3452.11, "word": " standard.", "probability": 0.6396484375}, {"start": 3463.87, "end": 3465.27, "word": " Change", "probability": 0.3212890625}, {"start": 3465.27, "end": 3466.69, "word": " in", "probability": 0.8759765625}, {"start": 3466.69, "end": 3467.25, "word": " demand", "probability": 0.896484375}, {"start": 3467.25, "end": 3467.65, "word": " is", "probability": 0.82421875}], "temperature": 1.0}, {"id": 121, "seek": 350653, "start": 3478.27, "end": 3506.53, "text": " The false shifting of demand curve, you mean right to D2 or left to D3 due to the change in one or more of demand determinants. 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Anyone who changes will get gifts left and right. One of the demand determinants is income and the number of them. 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The price of the income. Income, number of consumers, taste and preferences, the price of other related goods, expectation about the futures.", "tokens": [25803, 13, 440, 3218, 295, 264, 5742, 13, 682, 1102, 11, 1230, 295, 11883, 11, 3939, 293, 21910, 11, 264, 3218, 295, 661, 4077, 10179, 11, 14334, 466, 264, 26071, 13], "avg_logprob": -0.3554687574505806, "compression_ratio": 1.3545454545454545, "no_speech_prob": 0.0, "words": [{"start": 3539.66, "end": 3540.44, "word": " Price.", "probability": 0.486328125}, {"start": 3542.22, "end": 3542.3, "word": " The", "probability": 0.29345703125}, {"start": 3542.3, "end": 3542.72, "word": " price", "probability": 0.919921875}, {"start": 3542.72, "end": 3543.3, "word": " of", "probability": 0.92919921875}, {"start": 3543.3, "end": 3543.54, "word": " the", "probability": 0.58544921875}, {"start": 3543.54, "end": 3544.98, "word": " income.", "probability": 0.7216796875}, {"start": 3545.74, "end": 3546.52, "word": " Income,", "probability": 0.865478515625}, {"start": 3546.74, "end": 3547.3, "word": " number", "probability": 0.900390625}, {"start": 3547.3, "end": 3547.5, "word": " of", "probability": 0.9716796875}, {"start": 3547.5, "end": 3548.28, "word": " consumers,", "probability": 0.9443359375}, {"start": 3548.64, "end": 3548.86, "word": " taste", "probability": 0.73974609375}, {"start": 3548.86, "end": 3549.04, "word": " and", "probability": 0.66796875}, {"start": 3549.04, "end": 3549.62, "word": " preferences,", "probability": 0.62255859375}, {"start": 3549.88, "end": 3549.92, "word": " the", "probability": 0.284423828125}, {"start": 3549.92, "end": 3550.16, "word": " price", "probability": 0.837890625}, {"start": 3550.16, "end": 3550.38, "word": " of", "probability": 0.95947265625}, {"start": 3550.38, "end": 3550.6, "word": " other", "probability": 0.8701171875}, {"start": 3550.6, "end": 3550.96, "word": " related", "probability": 0.908203125}, {"start": 3550.96, "end": 3551.38, "word": " goods,", "probability": 0.88134765625}, {"start": 3552.04, "end": 3553.18, "word": " expectation", "probability": 0.7939453125}, {"start": 3553.18, "end": 3553.48, "word": " about", "probability": 0.8232421875}, {"start": 3553.48, "end": 3553.64, "word": " the", "probability": 0.89697265625}, {"start": 3553.64, "end": 3554.14, "word": " futures.", "probability": 0.66650390625}], "temperature": 1.0}], "language": "en", "language_probability": 1.0, "duration": 3556.41475, "duration_after_vad": 3246.4256249999853} \ No newline at end of file diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/n2zDypAT9ZE_postprocess.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/n2zDypAT9ZE_postprocess.srt new file mode 100644 index 0000000000000000000000000000000000000000..16f1568a05ddaa0b5cbaaf16beb2e87f6d61b778 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/n2zDypAT9ZE_postprocess.srt @@ -0,0 +1,2544 @@ +1 +00:00:20,180 --> 00:00:22,700 +Okay, bismillahirrahmanirrahim. Today, inshallah, + +2 +00:00:22,820 --> 00:00:24,580 +we are going to complete our talk about the + +3 +00:00:24,580 --> 00:00:29,220 +different types of price elasticity. In the last + +4 +00:00:29,220 --> 00:00:34,140 +class, we studied the income elasticity of demand, + +5 +00:00:34,780 --> 00:00:38,660 +crisp price elasticity of demand, and today, we + +6 +00:00:38,660 --> 00:00:41,880 +are going to study the price elasticity of supply + +7 +00:00:41,880 --> 00:00:53,190 +and the tax burden or tax incidence. So let's go + +8 +00:00:53,190 --> 00:00:56,310 +to the price elasticity of supply. Price + +9 +00:00:56,310 --> 00:01:00,110 +elasticity + +10 +00:01:00,110 --> 00:01:04,110 +of + +11 +00:01:04,110 --> 00:01:04,530 +supply. + +12 +00:01:07,350 --> 00:01:10,030 +As we mentioned before that the price elasticity + +13 +00:01:10,030 --> 00:01:11,450 +of demand, PED, + +14 +00:01:14,290 --> 00:01:18,210 +the price elasticity of demand equals the + +15 +00:01:18,210 --> 00:01:22,130 +percentage of change in the quantity demanded. or + +16 +00:01:22,130 --> 00:01:25,650 +the percentage change in a price. And we said that + +17 +00:01:25,650 --> 00:01:30,630 +as the price of the product goes up, the quantity + +18 +00:01:30,630 --> 00:01:35,930 +demanded goes down in general. And we had five + +19 +00:01:35,930 --> 00:01:39,650 +cases when demand is elastic, inelastic, unitary + +20 +00:01:39,650 --> 00:01:42,090 +elastic, perfectly elastic, perfectly inelastic. + +21 +00:01:42,410 --> 00:01:47,990 +And we had five examples, right? In general, we + +22 +00:01:47,990 --> 00:01:50,190 +said that as the price goes up, the quantity + +23 +00:01:50,190 --> 00:01:52,490 +demanded goes down, so the sign of the price + +24 +00:01:52,490 --> 00:01:56,190 +elasticity of demand is always negative. The sign + +25 +00:01:56,190 --> 00:01:59,190 +which represents here the negative relationship + +26 +00:01:59,190 --> 00:02:01,110 +between the prices and the quantity demanded. + +27 +00:02:01,530 --> 00:02:04,990 +Today, let's go to study the relationship between + +28 +00:02:04,990 --> 00:02:08,910 +the change in a price and the change in a quantity + +29 +00:02:08,910 --> 00:02:13,510 +supplied, which can be shown by or presented by + +30 +00:02:13,510 --> 00:02:17,740 +the price elasticity of supply. The price + +31 +00:02:17,740 --> 00:02:22,720 +elasticity of supply is or equals the percentage + +32 +00:02:22,720 --> 00:02:26,220 +change in the quant supplied over the percentage + +33 +00:02:26,220 --> 00:02:31,700 +change in the price. And the general supply theory + +34 +00:02:31,700 --> 00:02:36,660 +says that as the price goes up, increasing the + +35 +00:02:36,660 --> 00:02:40,940 +prices, This would encourage the producers to + +36 +00:02:40,940 --> 00:02:44,700 +produce more because they can generate more + +37 +00:02:44,700 --> 00:02:49,240 +profits, which encourage them to produce more and + +38 +00:02:49,240 --> 00:02:53,640 +more, so the quant supplied goes up. So, as the + +39 +00:02:53,640 --> 00:02:58,540 +price goes up, the profits goes up, the ability to + +40 +00:02:58,540 --> 00:03:01,560 +produce goes up, the willingness to produce goes + +41 +00:03:01,560 --> 00:03:07,750 +up as well. So, the quant supplied goes up. which + +42 +00:03:07,750 --> 00:03:09,750 +means that there is a positive relationship + +43 +00:03:09,750 --> 00:03:13,090 +between the prices and the quantity supplied, + +44 +00:03:13,690 --> 00:03:19,510 +which can be shown here by or represented by the + +45 +00:03:19,510 --> 00:03:23,010 +price elasticity of supply. Price elasticity of + +46 +00:03:23,010 --> 00:03:27,110 +supply means what will happen, how much is the + +47 +00:03:27,110 --> 00:03:30,810 +change in the quantity supplied when the price + +48 +00:03:30,810 --> 00:03:35,660 +goes up or goes down. The theory, the general + +49 +00:03:35,660 --> 00:03:38,060 +supply theory says that there is a positive + +50 +00:03:38,060 --> 00:03:39,900 +relationship between the prices and the quant + +51 +00:03:39,900 --> 00:03:44,040 +supplied. As the price goes down, the quant + +52 +00:03:44,040 --> 00:03:47,200 +supplied goes down as well. So positive times + +53 +00:03:47,200 --> 00:03:52,420 +positive, we have a positive sign. Negative, + +54 +00:03:52,760 --> 00:03:55,720 +negative, negative times negative, positive. So + +55 +00:03:55,720 --> 00:03:59,140 +the price elasticity of demand is always positive, + +56 +00:03:59,320 --> 00:04:01,880 +which represents the positive relationship between + +57 +00:04:01,880 --> 00:04:07,680 +the prices and the quant supplied. Now, let's come + +58 +00:04:07,680 --> 00:04:10,940 +back here to price versus demand. We studied when + +59 +00:04:10,940 --> 00:04:14,760 +the price increased by 10%, the demand might + +60 +00:04:14,760 --> 00:04:23,360 +decline by 10%, 20%, 30%, 0, minus 2, it depends, + +61 +00:04:23,680 --> 00:04:28,160 +okay? And we determined Due to these or the + +62 +00:04:28,160 --> 00:04:31,380 +results of the price elasticity of demand, whether + +63 +00:04:31,380 --> 00:04:36,260 +it was less than one, bigger than one, equals one, + +64 +00:04:36,560 --> 00:04:39,840 +infinity, zero, we determine the type of + +65 +00:04:39,840 --> 00:04:42,980 +elasticity. Is it elastic, inelastic, perfectly + +66 +00:04:42,980 --> 00:04:46,380 +elastic, perfectly inelastic, unitary? Here, we + +67 +00:04:46,380 --> 00:04:50,140 +should do the same here. With the price increased + +68 +00:04:50,140 --> 00:04:56,240 +by 10% or 1%. What will happen to guan supplied? + +69 +00:04:57,040 --> 00:05:04,300 +Increases in general. In general. Maybe by 10%, + +70 +00:05:04,300 --> 00:05:09,660 +maybe by 2%, maybe by 3%, maybe by 20%, maybe + +71 +00:05:09,660 --> 00:05:12,140 +100%, maybe by zero. + +72 +00:05:15,500 --> 00:05:21,660 +Right? In general. As the price goes up, the guan + +73 +00:05:21,660 --> 00:05:27,130 +supplied goes up as well. All right? If the price + +74 +00:05:27,130 --> 00:05:33,270 +elasticity of supply, so it's always positive. And + +75 +00:05:33,270 --> 00:05:36,410 +also, we have five cases for the price elasticity + +76 +00:05:36,410 --> 00:05:39,030 +of supply. It might be perfectly elastic, + +77 +00:05:39,170 --> 00:05:42,390 +perfectly inelastic, unitary elastic, elastic, + +78 +00:05:42,670 --> 00:05:46,950 +inelastic. This depends on the result, the value, + +79 +00:05:47,070 --> 00:05:50,130 +the absolute value of the price elasticity of + +80 +00:05:50,130 --> 00:05:55,610 +supply. If it was less than 1, it should be an + +81 +00:05:55,610 --> 00:06:00,830 +elastic supply. Bigger than 1? Elastic. Equals 1? + +82 +00:06:01,130 --> 00:06:04,550 +Unitary elastic. Equals 0. Perfectly inelastic. + +83 +00:06:04,890 --> 00:06:08,790 +Equals infinity. Perfectly elastic. So we have + +84 +00:06:08,790 --> 00:06:13,470 +five cases for the price elasticity of supply. All + +85 +00:06:13,470 --> 00:06:17,030 +right? So we have five cases. The price elasticity + +86 +00:06:17,030 --> 00:06:19,610 +of supply might be equals 0. + +87 +00:06:22,660 --> 00:06:26,320 +So in this case, it should be perfectly inelastic + +88 +00:06:26,320 --> 00:06:29,040 +supply. + +89 +00:06:32,020 --> 00:06:39,020 +Equals infinity. Perfectly elastic supply. + +90 +00:06:41,160 --> 00:06:45,700 +Bigger than one? Elastic supply. + +91 +00:06:49,420 --> 00:07:00,740 +Less than one? An elastic supply equals + +92 +00:07:00,740 --> 00:07:04,020 +one unitary elastic supply, right? + +93 +00:07:07,420 --> 00:07:13,060 +Let's go to the fourth or the fifth cases for the + +94 +00:07:13,060 --> 00:07:17,400 +price-elasticity supply. So far, I think it's so + +95 +00:07:17,400 --> 00:07:18,760 +good. It's clear. + +96 +00:07:21,570 --> 00:07:25,950 +If the price of + +97 +00:07:25,950 --> 00:07:34,030 +chocolate increased + +98 +00:07:34,030 --> 00:07:40,730 +by 20%, hence or therefore, the quad supplied + +99 +00:07:40,730 --> 00:07:46,010 +increased + +100 +00:07:46,010 --> 00:07:49,890 +by 5%. + +101 +00:07:50,780 --> 00:08:01,100 +Or 50%. Calculate + +102 +00:08:01,100 --> 00:08:07,140 +the price elasticity of supply. Calculate the + +103 +00:08:07,140 --> 00:08:13,300 +price elasticity of supply. P, price elasticity of + +104 +00:08:13,300 --> 00:08:15,640 +supply, equals change in the quant supplied + +105 +00:08:15,640 --> 00:08:18,620 +percent over change in the percentage change in + +106 +00:08:18,620 --> 00:08:27,350 +price. equals here a positive 50% over positive + +107 +00:08:27,350 --> 00:08:36,330 +20%, positive 2.5. Is it bigger than one, less + +108 +00:08:36,330 --> 00:08:40,730 +than one? So it's bigger here than one. So the + +109 +00:08:40,730 --> 00:08:45,600 +supply here is elastic, right? The general formula + +110 +00:08:45,600 --> 00:08:49,780 +for the price elasticity of supply is the same as + +111 +00:08:49,780 --> 00:08:53,300 +the price elasticity of demand. We can use the + +112 +00:08:53,300 --> 00:08:56,860 +midpoint formula here, right? So the price + +113 +00:08:56,860 --> 00:09:02,740 +elasticity of demand or supply equals Q2QS2 minus + +114 +00:09:02,740 --> 00:09:09,620 +QS1 over P2 minus P1 times the sum of prices P2 + +115 +00:09:09,620 --> 00:09:16,040 +plus P1 over QS2 plus QS1. That's it. This is the + +116 +00:09:16,040 --> 00:09:17,980 +multipoint formula to calculate the price + +117 +00:09:17,980 --> 00:09:20,040 +elasticity of supply. Okay? + +118 +00:09:27,620 --> 00:09:33,580 +We have five graphs shows the different shapes of + +119 +00:09:33,580 --> 00:09:34,700 +the supply curve. + +120 +00:09:39,260 --> 00:09:53,340 +We have + +121 +00:09:53,340 --> 00:09:58,650 +five cases for the Demand curve a supply curve + +122 +00:10:34,750 --> 00:10:35,810 +Keep silent, please. + +123 +00:11:25,570 --> 00:11:26,970 +Okay. + +124 +00:11:38,280 --> 00:11:40,480 +Yeah. Yeah. + +125 +00:14:04,190 --> 00:14:05,350 +Come on, get up and let's see. + +126 +00:15:17,660 --> 00:15:24,880 +When you're finished, okay. Now, okay. Continue. + +127 +00:15:51,780 --> 00:15:55,700 +Shall we start? Not yet. + +128 +00:16:21,340 --> 00:16:28,060 +Okay, as you see here, we have five graphs that + +129 +00:16:28,060 --> 00:16:33,040 +show the different shapes for the supply curve. + +130 +00:16:33,860 --> 00:16:39,000 +The first graph, here we have a supply curve which + +131 +00:16:39,000 --> 00:16:45,100 +is close to the horizontal axis as + +132 +00:16:45,100 --> 00:16:51,430 +the price goes up by 20%. We have a movement from + +133 +00:16:51,430 --> 00:16:55,090 +point A to point B here. The quant supplied goes + +134 +00:16:55,090 --> 00:17:00,370 +up by 50%. Let's calculate the price elasticity of + +135 +00:17:00,370 --> 00:17:01,670 +supply, PES. + +136 +00:17:04,790 --> 00:17:07,910 +The percentage change in quant supplied over the + +137 +00:17:07,910 --> 00:17:14,290 +percentage change in price equals positive 50% + +138 +00:17:14,290 --> 00:17:21,240 +over positive 20%. equals positive 2.5. The + +139 +00:17:21,240 --> 00:17:23,580 +absolute value or the value price in a system + +140 +00:17:23,580 --> 00:17:26,560 +supply here is bigger than 1. So it should be + +141 +00:17:26,560 --> 00:17:28,780 +elastic supply. + +142 +00:17:33,720 --> 00:17:39,420 +The price might be increased due to the increasing + +143 +00:17:39,420 --> 00:17:45,410 +in demand. The increasing here, And the price + +144 +00:17:45,410 --> 00:17:49,210 +might be increased due to the change or the + +145 +00:17:49,210 --> 00:17:52,510 +increasing in demand. Like here, let us assume + +146 +00:17:52,510 --> 00:17:55,230 +here that demand curve is here. + +147 +00:17:58,910 --> 00:18:04,590 +This is the demand curve, one. And demand + +148 +00:18:04,590 --> 00:18:11,370 +increased to D2 here, which leads to an increase + +149 +00:18:11,370 --> 00:18:16,170 +in prices and increase in quantity. demand, the + +150 +00:18:16,170 --> 00:18:20,570 +quantity, the equilibrium quantity, okay? So, if + +151 +00:18:20,570 --> 00:18:22,930 +supply is close to the horizontal axis, + +152 +00:18:26,070 --> 00:18:31,870 +the price elasticity of supply is elastic, right? + +153 +00:18:32,230 --> 00:18:37,730 +Number two here. The supply curve is close to the + +154 +00:18:37,730 --> 00:18:42,610 +vertical axis with a higher slope. Here, + +155 +00:18:51,650 --> 00:18:56,810 +the price in a system supply, PES, change in + +156 +00:18:56,810 --> 00:19:00,570 +quantity supplied over the change in price, 10% + +157 +00:19:00,570 --> 00:19:03,210 +over + +158 +00:19:05,020 --> 00:19:09,660 +Positive 20% equals positive half. It's less than + +159 +00:19:09,660 --> 00:19:12,900 +one, so the supply curve inelastic supply. + +160 +00:19:20,100 --> 00:19:23,300 +How much is that slope? A change in price over + +161 +00:19:23,300 --> 00:19:27,360 +change in equilibrium. But we have to have values + +162 +00:19:27,360 --> 00:19:30,720 +for the prices and the quantity supplied. Because + +163 +00:19:30,720 --> 00:19:36,860 +to calculate the slope, P2 minus P1 over QS2 over + +164 +00:19:36,860 --> 00:19:43,820 +QS1. It has a positive slope. Here, PES, + +165 +00:19:45,940 --> 00:19:52,460 +20 percent over 20 percent, unitary elastic, 45 + +166 +00:19:52,460 --> 00:19:54,820 +centigrade. + +167 +00:19:59,610 --> 00:20:03,070 +PES, change in equivalent supply percent over + +168 +00:20:03,070 --> 00:20:06,890 +change in price percent. The percentage of change + +169 +00:20:06,890 --> 00:20:12,810 +in EQS equals how much? Zero over change in price + +170 +00:20:12,810 --> 00:20:17,730 +positive 20 percent. Equals zero. So supply is + +171 +00:20:17,730 --> 00:20:20,010 +perfectly inelastic. + +172 +00:20:26,110 --> 00:20:33,420 +Perfectly inelastic supply. Okay, here the last + +173 +00:20:33,420 --> 00:20:36,000 +case, perfectly elastic supply. + +174 +00:21:16,020 --> 00:21:20,180 +The difference between the elastic or inelastic or + +175 +00:21:20,180 --> 00:21:23,980 +perfectly elastic, perfectly inelastic supply is + +176 +00:21:23,980 --> 00:21:29,940 +determined by time + +177 +00:21:29,940 --> 00:21:37,060 +or + +178 +00:21:37,060 --> 00:21:38,620 +the duration or terms. + +179 +00:21:41,340 --> 00:21:50,010 +Which means in the very short, Period of time. If + +180 +00:21:50,010 --> 00:21:56,850 +the price goes up by 20%, let us assume that we + +181 +00:21:56,850 --> 00:22:02,210 +have a blocks manufacturing unit. Blocks + +182 +00:22:02,210 --> 00:22:08,250 +manufacturing unit. And the capacity of the + +183 +00:22:08,250 --> 00:22:12,510 +production is the maximum capacity for production + +184 +00:22:12,510 --> 00:22:24,140 +is 5,000 blocks per day. Or a day. This is the + +185 +00:22:24,140 --> 00:22:29,000 +maximum that the factory can produce a day. 5,000 + +186 +00:22:29,000 --> 00:22:34,960 +blocks. And someone ask + +187 +00:22:34,960 --> 00:22:42,230 +the producer to increase the output. The + +188 +00:22:42,230 --> 00:22:45,870 +production, which means that demand here is this + +189 +00:22:45,870 --> 00:22:50,110 +is the first demand curve, D1. And demand goes up + +190 +00:22:50,110 --> 00:22:59,850 +to D2. And he asked him to produce 8 + +191 +00:22:59,850 --> 00:23:11,780 +or 20,000 units tomorrow or today. In the very + +192 +00:23:11,780 --> 00:23:12,560 +short run. + +193 +00:23:18,300 --> 00:23:19,580 +What will happen? + +194 +00:23:22,400 --> 00:23:25,440 +He will be unable to produce more because the + +195 +00:23:25,440 --> 00:23:31,900 +maximum capacity here is 5000 blocks a day. In the + +196 +00:23:31,900 --> 00:23:35,400 +very short run, increasing demand leads to + +197 +00:23:35,400 --> 00:23:40,320 +increasing the prices only with no changes in the + +198 +00:23:40,320 --> 00:23:46,260 +quantity produced. So we can say that if supply + +199 +00:23:46,260 --> 00:23:50,220 +curve was perfectly inelastic or vertical and + +200 +00:23:50,220 --> 00:23:53,960 +increasing in demand leads to increasing in the + +201 +00:23:53,960 --> 00:23:58,680 +prices only. Yes. Yes. + +202 +00:24:04,500 --> 00:24:10,780 +As in the very short period of time, if demand + +203 +00:24:10,780 --> 00:24:16,320 +increases, this leads to or when supply is + +204 +00:24:16,320 --> 00:24:22,000 +vertical. Here, we're talking about very short + +205 +00:24:22,000 --> 00:24:23,880 +period of time. + +206 +00:24:30,680 --> 00:24:36,300 +The producer, will be unable to produce more + +207 +00:24:36,300 --> 00:24:42,460 +although the price goes up. And the price goes up. + +208 +00:24:42,980 --> 00:24:47,000 +The quant to produce will not be changed in the + +209 +00:24:47,000 --> 00:24:49,940 +very short run due to the capacity because the + +210 +00:24:49,940 --> 00:24:54,380 +producer will be unable to change to add more + +211 +00:24:54,380 --> 00:24:59,060 +factors production, to add more machines because + +212 +00:24:59,060 --> 00:25:04,540 +it needs a long time here. The more time, the more + +213 +00:25:04,540 --> 00:25:07,780 +ability to change or to increase the production. + +214 +00:25:10,180 --> 00:25:17,920 +So in the very short run, supply curve will be + +215 +00:25:17,920 --> 00:25:23,060 +vertical. And here, we are talking about perfectly + +216 +00:25:23,060 --> 00:25:28,070 +inelastic supply. To calculate the price + +217 +00:25:28,070 --> 00:25:31,470 +elasticity of supply here, as the price increased + +218 +00:25:31,470 --> 00:25:36,510 +by 20%, the change in quantity equals zero. So in + +219 +00:25:36,510 --> 00:25:40,870 +the very short period of time, the supply curve + +220 +00:25:40,870 --> 00:25:45,750 +will be vertical and price elasticity of supply + +221 +00:25:45,750 --> 00:25:53,670 +will be zero. Let's go to an elastic supply. + +222 +00:25:55,030 --> 00:25:58,150 +Because in the ranking, how do I start? Perfectly + +223 +00:25:58,150 --> 00:26:04,530 +inelastic, inelastic, unitary elastic, elastic, + +224 +00:26:05,810 --> 00:26:08,870 +perfectly elastic. In order, this is how I start. + +225 +00:26:09,150 --> 00:26:13,730 +Perfectly inelastic, inelastic, unitary, elastic, + +226 +00:26:14,210 --> 00:26:17,330 +perfectly elastic. This is case number one. + +227 +00:26:19,150 --> 00:26:25,380 +Inelastic number two, unitary three, Four, five. + +228 +00:26:28,860 --> 00:26:34,400 +The second case, in the short run. + +229 +00:26:44,470 --> 00:26:47,010 +But they give me this quantity. What does it do? + +230 +00:26:47,230 --> 00:26:50,690 +It makes modifications, adding more machines, + +231 +00:26:50,890 --> 00:26:54,430 +adding more, you know, more raw material, more + +232 +00:26:54,430 --> 00:27:00,550 +workers, more cement, more sand, more gravels. + +233 +00:27:00,550 --> 00:27:04,310 +Right? This is what happens. So this is how + +234 +00:27:04,310 --> 00:27:09,810 +inelastic happens. As the price goes up, and we + +235 +00:27:09,810 --> 00:27:16,730 +have, and he has more time. to produce in one + +236 +00:27:16,730 --> 00:27:20,330 +week. He can't change. He can add more gravels, + +237 +00:27:20,390 --> 00:27:23,450 +more sand, more water, more cement, more workers, + +238 +00:27:24,230 --> 00:27:31,500 +right? So, in this case, he can produce or as the + +239 +00:27:31,500 --> 00:27:35,980 +price goes up when demand goes, this is day one, + +240 +00:27:36,720 --> 00:27:43,140 +day two, as demand goes up in the short run and + +241 +00:27:43,140 --> 00:27:48,760 +the price goes up by 20 percent, he can increase + +242 +00:27:48,760 --> 00:27:53,600 +his production by 10 percent here. Or the + +243 +00:27:53,600 --> 00:27:56,880 +percentage change in price will be larger than the + +244 +00:27:56,880 --> 00:27:58,080 +percentage change in supply. + +245 +00:28:04,580 --> 00:28:06,820 +Short term, + +246 +00:28:11,880 --> 00:28:18,480 +supply will be inelastic. Sorry. Once again. + +247 +00:28:22,280 --> 00:28:25,580 +Very short run, I can't change anything. I can't + +248 +00:28:25,580 --> 00:28:30,620 +get gravels, sand, water, cement. Because I want + +249 +00:28:30,620 --> 00:28:32,540 +these things, you will say. Today, I want them. + +250 +00:28:32,980 --> 00:28:35,920 +What is here? Well, take me two days and give me + +251 +00:28:35,920 --> 00:28:38,880 +this. I say okay, I'll get more cement, more + +252 +00:28:38,880 --> 00:28:42,940 +gravels, more, okay? I'll get these. Demand + +253 +00:28:42,940 --> 00:28:46,720 +increased by 20%. Production. + +254 +00:28:48,490 --> 00:28:49,270 +Quant produced. + +255 +00:28:54,170 --> 00:28:58,230 +Increasing in demand or increasing in price. He + +256 +00:28:58,230 --> 00:29:04,930 +can produce more. Yes. Had a medium term. + +257 +00:29:11,560 --> 00:29:16,280 +Increasing the prices by 20%. He can produce more + +258 +00:29:16,280 --> 00:29:18,940 +larger than the percentage change in prices. + +259 +00:29:19,320 --> 00:29:23,780 +Because this, the long run will give the new + +260 +00:29:23,780 --> 00:29:25,360 +producers to produce more. + +261 +00:29:34,300 --> 00:29:36,680 +Even if the price doesn't go up, it's like saying + +262 +00:29:36,680 --> 00:29:40,560 +that even if the price doesn't go up, the quantity + +263 +00:29:40,560 --> 00:29:41,560 +produced increases. + +264 +00:29:44,760 --> 00:29:47,260 +Let's come back to the price in the system of + +265 +00:29:47,260 --> 00:29:54,340 +supply. PES. I'll come back to this later. I'm not + +266 +00:29:54,340 --> 00:29:56,500 +going to read it. The point is that I'm going + +267 +00:29:56,500 --> 00:29:57,880 +through a point. If you don't understand this, + +268 +00:29:58,000 --> 00:30:03,300 +forget it. I'm here to simplify. That's it. + +269 +00:30:09,870 --> 00:30:12,330 +We have five terms. + +270 +00:30:15,590 --> 00:30:18,190 +One of the main determinants or the main + +271 +00:30:18,190 --> 00:30:22,290 +determinants of the elasticity of supply is time, + +272 +00:30:23,210 --> 00:30:26,550 +duration, terms, runs. + +273 +00:30:31,190 --> 00:30:32,250 +Very short run. + +274 +00:30:35,860 --> 00:30:36,600 +Medium. + +275 +00:30:39,080 --> 00:30:40,860 +Medium. Medium. Medium. Medium. Medium. Medium. + +276 +00:30:41,680 --> 00:30:42,420 +Medium. + +277 +00:30:54,900 --> 00:30:57,240 +Medium. Medium. + +278 +00:31:05,060 --> 00:31:05,420 +Medium. + +279 +00:31:08,840 --> 00:31:09,500 +Long run. + +280 +00:31:12,520 --> 00:31:16,540 +Five very long run. + +281 +00:31:29,260 --> 00:31:34,000 +We have five terms, five durations. + +282 +00:31:37,410 --> 00:31:41,490 +Very short run, short run, medium, long run, very + +283 +00:31:41,490 --> 00:31:42,150 +long run. + +284 +00:31:45,610 --> 00:31:51,470 +The price elasticity of demand equals the + +285 +00:31:51,470 --> 00:31:53,910 +percentage change in quantity supplied over the + +286 +00:31:53,910 --> 00:31:57,230 +percentage change in price. In the very short run, + +287 +00:32:00,190 --> 00:32:01,670 +PES. + +288 +00:32:18,530 --> 00:32:23,970 +In the very short term, let us assume that you are + +289 +00:32:23,970 --> 00:32:30,710 +the producer. You have a + +290 +00:32:30,710 --> 00:32:35,110 +poultry farm, a chicken farm and a chicken farm. + +291 +00:32:38,330 --> 00:32:43,830 +The maximum capacity of this farm is 3,000 chicks. + +292 +00:32:44,530 --> 00:32:50,470 +Or 3,000 chicks. This is the maximum capacity to + +293 +00:32:50,470 --> 00:32:52,970 +produce. In the maximum, how much does the farm + +294 +00:32:52,970 --> 00:32:55,770 +produce? 3,000. I have 3,000. This is the maximum + +295 +00:32:55,770 --> 00:33:06,370 +capacity. The maximum capacity is 3,000 chicks. I + +296 +00:33:06,370 --> 00:33:07,030 +have 3,000 chickens. + +297 +00:33:10,470 --> 00:33:18,590 +And tomorrow, you find that demand increased. They + +298 +00:33:18,590 --> 00:33:24,590 +need or the community, the consumers demand + +299 +00:33:24,590 --> 00:33:33,350 +increased to 4,000 chicks or 4,000 units. By + +300 +00:33:33,350 --> 00:33:35,010 +tomorrow. + +301 +00:33:38,430 --> 00:33:43,290 +made the demand here? No. It's a very short run. + +302 +00:33:45,670 --> 00:33:52,070 +Even if or although they might pay larger than the + +303 +00:33:52,070 --> 00:33:57,630 +initial price. And only price can seven shekels. + +304 +00:33:58,690 --> 00:34:03,490 +And they offered 10 shekels per kilogram. + +305 +00:34:08,440 --> 00:34:13,520 +And they want the quantity tomorrow. Can you meet + +306 +00:34:13,520 --> 00:34:17,260 +the requirements? Can you meet the demand? No. No. + +307 +00:34:17,840 --> 00:34:22,540 +So in the very short run, even if the price goes + +308 +00:34:22,540 --> 00:34:29,180 +up by 50%, + +309 +00:34:29,180 --> 00:34:36,340 +the quant supplied will be unchanged. Canister. + +310 +00:34:39,300 --> 00:34:44,640 +By the way, in very short run. So the price in + +311 +00:34:44,640 --> 00:34:49,140 +assistive demand, PES, the percentage change in + +312 +00:34:49,140 --> 00:34:53,720 +quantity supplied equals how much? Zero over the + +313 +00:34:53,720 --> 00:34:57,620 +change in the price, positive 50 percent equals + +314 +00:34:57,620 --> 00:35:05,120 +zero. So in the very short run, the + +315 +00:35:05,120 --> 00:35:09,710 +price in assistive supply will be zero. perfectly + +316 +00:35:09,710 --> 00:35:12,270 +inelastic supply, right? + +317 +00:35:15,170 --> 00:35:23,110 +They will give them more time to increase the + +318 +00:35:23,110 --> 00:35:24,190 +quantity produced. + +319 +00:35:38,890 --> 00:35:42,770 +mainly quantum produced by increasing maybe raw + +320 +00:35:42,770 --> 00:35:52,650 +material. Modifications, adding more chicks, more + +321 +00:35:52,650 --> 00:35:54,450 +forage for chicks. + +322 +00:35:57,030 --> 00:36:01,470 +As a + +323 +00:36:01,470 --> 00:36:06,530 +price increased by Fifty percent. The quant + +324 +00:36:06,530 --> 00:36:15,290 +supplied might increase by ten percent. I see. I'm + +325 +00:36:15,290 --> 00:36:18,090 +guessing the elasticity here. It will be inelastic + +326 +00:36:18,090 --> 00:36:18,510 +supply. + +327 +00:36:22,090 --> 00:36:28,390 +Okay. In the median, run. Give them 50% more in + +328 +00:36:28,390 --> 00:36:32,710 +the prices they will give you who had a unitary. + +329 +00:36:34,980 --> 00:36:43,180 +production increasing the price by 50%. The + +330 +00:36:43,180 --> 00:36:48,260 +quantity supplied increased by 50%. Had a unitary + +331 +00:36:48,260 --> 00:36:54,200 +elastic supply. In the long term, the producers + +332 +00:36:54,200 --> 00:36:57,740 +will change the fixed assets. + +333 +00:37:04,570 --> 00:37:10,390 +The long term, as there is profit, they can, or as + +334 +00:37:10,390 --> 00:37:15,570 +the price goes up, they can add more, not only raw + +335 +00:37:15,570 --> 00:37:19,430 +material, but also they can change the fixed cost. + +336 +00:37:21,210 --> 00:37:27,470 +Like they can build or establish new firms with + +337 +00:37:27,470 --> 00:37:28,710 +additional, + +338 +00:37:31,210 --> 00:37:34,830 +How many farms do you have? One farm with a + +339 +00:37:34,830 --> 00:37:38,610 +capacity of 3,000. And he told you that as long as + +340 +00:37:38,610 --> 00:37:43,850 +the prices go up, in the long term, the price goes + +341 +00:37:43,850 --> 00:37:48,410 +up. This will encourage the producers to + +342 +00:37:48,410 --> 00:37:53,730 +establish, to build new farms. As long as there is + +343 +00:37:53,730 --> 00:37:56,370 +profit and the prices go up, you will find someone + +344 +00:37:56,370 --> 00:37:58,710 +who built a farm next to you with another 3,000 + +345 +00:37:58,710 --> 00:38:03,340 +and someone next to him with 2,000. The price in + +346 +00:38:03,340 --> 00:38:07,460 +the long term, as the price goes up or profits + +347 +00:38:07,460 --> 00:38:16,460 +goes up, and as we have enough time to produce, we + +348 +00:38:16,460 --> 00:38:19,580 +have to produce or this will encourage new + +349 +00:38:19,580 --> 00:38:23,970 +producers to enter the market. So increasing the + +350 +00:38:23,970 --> 00:38:28,330 +price here by 50% will lead to increasing the + +351 +00:38:28,330 --> 00:38:31,750 +quant supplied or quant produced by larger than + +352 +00:38:31,750 --> 00:38:38,350 +50%. You could get 70%. Or you could get 100%, + +353 +00:38:38,350 --> 00:38:46,210 +200%, 1000%. So the demand here or supply here + +354 +00:38:46,210 --> 00:38:47,430 +will be elastic. + +355 +00:38:54,330 --> 00:38:57,230 +The supply curve will be like this. Closer. + +356 +00:39:00,290 --> 00:39:05,650 +Right? Very short run, the supply curve was + +357 +00:39:05,650 --> 00:39:17,370 +vertical. Short run, inelastic supply. Right? In + +358 +00:39:17,370 --> 00:39:23,680 +the median term, it will be unitary. In the long + +359 +00:39:23,680 --> 00:39:31,260 +term, elastic. In the very long run, perfectly + +360 +00:39:31,260 --> 00:39:36,980 +elastic. Vertical, close to vertical, medium, + +361 +00:39:38,480 --> 00:39:43,820 +inelastic, sorry elastic, unitary or perfectly + +362 +00:39:43,820 --> 00:39:44,380 +elastic. + +363 +00:39:50,490 --> 00:39:56,210 +Let's go to another point, which is the tax + +364 +00:39:56,210 --> 00:39:58,050 +incidence or tax burden. + +365 +00:40:14,250 --> 00:40:16,650 +Tax incidence or tax burden means + +366 +00:40:20,800 --> 00:40:21,860 +Tax incidence. + +367 +00:40:26,840 --> 00:40:31,920 +Tax incidence, tax burden. Yeah. + +368 +00:40:35,340 --> 00:40:38,340 +Let me ask you some questions related to the + +369 +00:40:38,340 --> 00:40:40,180 +taxes. First, + +370 +00:40:42,980 --> 00:40:50,180 +if the government impose a tax or says a tax, or + +371 +00:40:50,180 --> 00:40:58,100 +the producer, who will bear the tax burden? Let us + +372 +00:40:58,100 --> 00:41:06,240 +assume that a producer sells flour or cigarette, + +373 +00:41:08,120 --> 00:41:14,220 +and the government decided to impose a tax of 10 + +374 +00:41:14,220 --> 00:41:20,180 +shekels per pack of cigarette. Who bears the most + +375 +00:41:20,180 --> 00:41:25,980 +of tax burden? Or whom bears the tax burden? The + +376 +00:41:25,980 --> 00:41:27,700 +smokers or the sellers here? + +377 +00:41:30,960 --> 00:41:32,800 +Sellers. Why? + +378 +00:41:36,400 --> 00:41:37,880 +The question is? + +379 +00:41:44,000 --> 00:41:45,620 +My assumption is + +380 +00:41:48,260 --> 00:41:52,160 +I'm thinking in another example, but you know, I + +381 +00:41:52,160 --> 00:41:57,020 +will back to. The government sets a price, sorry, + +382 +00:41:57,600 --> 00:42:01,980 +the tax or attacks on + +383 +00:42:01,980 --> 00:42:08,700 +cigarettes. Cigarette is necessary products for + +384 +00:42:08,700 --> 00:42:13,300 +the smokers. And it's not easy to give up it. The + +385 +00:42:13,300 --> 00:42:19,460 +demand for cigarettes is inelastic, right? because + +386 +00:42:19,460 --> 00:42:24,460 +it's important for the smokers. Let us assume that + +387 +00:42:24,460 --> 00:42:29,920 +the government decided or sets tax + +388 +00:42:29,920 --> 00:42:36,680 +by 10 shekels on cigarettes. In a peer pack of + +389 +00:42:36,680 --> 00:42:40,840 +cigarettes, let's say 10 shekels taxes. Who bears + +390 +00:42:40,840 --> 00:42:44,080 +the tax burden? + +391 +00:42:47,600 --> 00:42:51,920 +The smokers bears the most of tax burden and the + +392 +00:42:51,920 --> 00:42:58,940 +sellers bear the least of tax burden. Because in + +393 +00:42:58,940 --> 00:43:03,360 +this case, maybe the consumer bears seven shekels + +394 +00:43:03,360 --> 00:43:07,020 +and the seller bears three. Right? Correct? + +395 +00:43:07,140 --> 00:43:11,020 +Because the smoker or the product here is + +396 +00:43:11,020 --> 00:43:17,040 +necessary for the smokers. Right? Ten shekels. + +397 +00:43:33,000 --> 00:43:38,540 +Let me assume that the initial price per pack of + +398 +00:43:38,540 --> 00:43:43,400 +cigarette was 15 shekels. This is what the initial + +399 +00:43:43,400 --> 00:43:45,520 +price per pack of cigarette. + +400 +00:43:49,220 --> 00:43:55,600 +And the government imposed a tax of 10 shekels per + +401 +00:43:55,600 --> 00:43:56,040 +pack. + +402 +00:44:01,720 --> 00:44:05,340 +Who bears the most and who bears the least of tax + +403 +00:44:05,340 --> 00:44:09,820 +burden? Who bears the most and who bears the least + +404 +00:44:09,820 --> 00:44:13,400 +of tax burden? Who bears the most and who bears + +405 +00:44:13,400 --> 00:44:17,340 +the least of tax burden? They are the consumers. + +406 +00:44:18,780 --> 00:44:22,140 +They can bear 70% of the tax, which means 7 + +407 +00:44:22,140 --> 00:44:28,080 +shekels. And this one bears 3 shekels. 30% or 3 + +408 +00:44:28,080 --> 00:44:30,520 +shekels. This one is borne by the seller. + +409 +00:44:33,620 --> 00:44:38,380 +Okay? Okay. Why? Because the product here is, the + +410 +00:44:38,380 --> 00:44:41,940 +demand for this product is inelastic. This is + +411 +00:44:41,940 --> 00:44:43,140 +inelastic demand. + +412 +00:44:50,700 --> 00:44:55,100 +So if demand is inelastic, the product is + +413 +00:44:55,100 --> 00:44:58,560 +necessary for the consumer. It's not easy to give + +414 +00:44:58,560 --> 00:45:04,620 +up it. The consumer bears the most of tax burden + +415 +00:45:04,620 --> 00:45:09,620 +and the producers or the sellers bears or bear the + +416 +00:45:09,620 --> 00:45:15,480 +least of tax burden. Another example, the demand + +417 +00:45:15,480 --> 00:45:18,880 +for Apple. Is it elastic or inelastic? + +418 +00:45:22,430 --> 00:45:26,750 +Apple, the demand for Apple is elastic because it + +419 +00:45:26,750 --> 00:45:30,690 +has many substitutes. It's not necessary for the + +420 +00:45:30,690 --> 00:45:35,150 +consumers. Let me assume that the government + +421 +00:45:35,150 --> 00:45:42,770 +imposed a tax by five shekels or four shekels per + +422 +00:45:42,770 --> 00:45:44,070 +kilogram of Apple. + +423 +00:45:52,640 --> 00:45:56,780 +six shekels per kilogram of apple and the + +424 +00:45:56,780 --> 00:46:02,160 +government sets or imposed a tax of four shekels + +425 +00:46:02,160 --> 00:46:10,180 +per kilogram of apple. What will happen? Who will + +426 +00:46:10,180 --> 00:46:15,400 +bear the most of tax burden? because the consumer + +427 +00:46:15,400 --> 00:46:18,840 +will leave the product and try to buy something + +428 +00:46:18,840 --> 00:46:23,620 +else, like orange, like banana, like, you know. So + +429 +00:46:23,620 --> 00:46:24,460 +here, + +430 +00:46:27,140 --> 00:46:31,380 +is that the demand is elastic, + +431 +00:46:35,580 --> 00:46:39,000 +which means the product has many substitutes. The + +432 +00:46:39,000 --> 00:46:45,500 +producer appears, or the consumer, Bears the + +433 +00:46:45,500 --> 00:46:45,960 +least. + +434 +00:46:49,160 --> 00:46:56,720 +The producer + +435 +00:46:56,720 --> 00:47:02,120 +or the seller bears the most. + +436 +00:47:10,490 --> 00:47:14,490 +So if demand was elastic, like the demand for + +437 +00:47:14,490 --> 00:47:18,050 +apple, like the demand for orange, the product is + +438 +00:47:18,050 --> 00:47:20,850 +not necessary for the consumer. It's easy to give + +439 +00:47:20,850 --> 00:47:24,130 +up. The percentage change in price is less than + +440 +00:47:24,130 --> 00:47:28,010 +the percentage change in quantity demanded and in + +441 +00:47:28,010 --> 00:47:32,410 +this case, so in this case, the consumer pays the + +442 +00:47:32,410 --> 00:47:35,390 +least of tax burden, producer pays the least of + +443 +00:47:35,390 --> 00:47:40,930 +tax burden. What about insulin for me and for Abu + +444 +00:47:40,930 --> 00:47:43,850 +Hamza, as diabetic patients? + +445 +00:47:46,250 --> 00:47:47,270 +Perfectly inelastic. + +446 +00:47:50,690 --> 00:47:54,930 +Me and Abu Hamza, or uncle Abu Hamza, we take a + +447 +00:47:54,930 --> 00:47:57,330 +diabetic patient. The treatment of diabetes is + +448 +00:47:57,330 --> 00:48:01,030 +this. Let the price increase by a million percent, + +449 +00:48:01,210 --> 00:48:03,390 +we will buy it. The quantity demanded decreases, + +450 +00:48:03,550 --> 00:48:05,170 +the change in quantity demanded equals zero. + +451 +00:48:06,160 --> 00:48:17,840 +Perfectly inelastic. So if + +452 +00:48:17,840 --> 00:48:21,720 +demand is perfectly inelastic, the consumer bears + +453 +00:48:21,720 --> 00:48:25,960 +the whole of tax burden. 100% of the tax. Of + +454 +00:48:25,960 --> 00:48:31,100 +course, the seller equals zero. Yes. Perfectly + +455 +00:48:31,100 --> 00:48:31,500 +elastic. + +456 +00:48:35,120 --> 00:48:37,280 +The consumer tells you what to do with it. He's + +457 +00:48:37,280 --> 00:48:39,300 +not looking for it. So the producer takes it all + +458 +00:48:39,300 --> 00:48:45,640 +away. And now look at graphs like this. Okay? So + +459 +00:48:45,640 --> 00:48:48,860 +half of the idea is clear, a quarter. Okay? + +460 +00:48:48,980 --> 00:48:51,760 +Excellent. Look at these applications. + +461 +00:49:23,650 --> 00:49:33,190 +In general, tax and subsidies are one of the + +462 +00:49:33,190 --> 00:49:36,190 +determinants of supply or the supply determinants, + +463 +00:49:36,310 --> 00:49:39,730 +right? Taxes. When the government imposes a tax, + +464 +00:49:40,090 --> 00:49:41,370 +increasing tax rate, + +465 +00:49:44,310 --> 00:49:50,770 +what will happen? The cost of production goes up + +466 +00:49:50,770 --> 00:49:55,650 +or increases, right? This leads to increasing of + +467 +00:49:55,650 --> 00:49:58,950 +the cost production. Cost production. + +468 +00:50:04,070 --> 00:50:06,810 +The willingness to produce, this leads to + +469 +00:50:06,810 --> 00:50:08,310 +decreasing the profits. + +470 +00:50:11,990 --> 00:50:14,190 +Willingness to produce goes down. + +471 +00:50:22,430 --> 00:50:25,830 +Ability to produce goes down as well. + +472 +00:50:32,170 --> 00:50:34,010 +Supply goes down. + +473 +00:50:36,890 --> 00:50:39,550 +Supply will shift left. + +474 +00:50:48,200 --> 00:50:53,800 +In all cases, + +475 +00:50:54,880 --> 00:51:00,660 +as in general, as the tax goes up, supply goes + +476 +00:51:00,660 --> 00:51:00,940 +down. + +477 +00:51:05,900 --> 00:51:08,060 +Who pays the most in the relationship to export? + +478 +00:51:08,340 --> 00:51:12,200 +This depends on the elasticity of demand and the + +479 +00:51:12,200 --> 00:51:16,040 +elasticity of supply as well. But let us separate + +480 +00:51:16,040 --> 00:51:19,640 +these cases and discuss different cases + +481 +00:51:19,640 --> 00:51:21,340 +separately. + +482 +00:51:23,000 --> 00:51:29,920 +So let's go here to analyze the cases. We have + +483 +00:51:29,920 --> 00:51:35,740 +five cases when demand is Elastic, inelastic, + +484 +00:51:35,980 --> 00:51:38,040 +perfectly elastic, perfectly inelastic, neutral + +485 +00:51:38,040 --> 00:51:42,260 +elastic. Demand curves, close to vertical, close + +486 +00:51:42,260 --> 00:51:46,560 +to horizontal, in neutral, vertical, horizontal. + +487 +00:51:48,520 --> 00:51:56,440 +The first case, when demand is, we have + +488 +00:51:56,440 --> 00:52:01,780 +five cases. Number one, when demand is inelastic. + +489 +00:52:03,310 --> 00:52:08,590 +Inelastic demand. Inelastic demand. + +490 +00:52:16,050 --> 00:52:23,030 +Demand. Inelastic demand and supply is neutral. We + +491 +00:52:23,030 --> 00:52:27,400 +have five cases.I will deal with the supply curve + +492 +00:52:27,400 --> 00:52:33,560 +as a neutral. The first + +493 +00:52:33,560 --> 00:52:39,120 +case, + +494 +00:52:39,500 --> 00:52:44,060 +when demand is inelastic, supply will be unitary + +495 +00:52:44,060 --> 00:52:44,400 +elastic. + +496 +00:52:53,190 --> 00:52:58,010 +Supply. Demand, in this case, is inelastic. Like + +497 +00:52:58,010 --> 00:53:01,030 +the demand for what? Demand for flour, okay? + +498 +00:53:05,570 --> 00:53:09,890 +When demand is inelastic, demand curve should be + +499 +00:53:09,890 --> 00:53:16,570 +close to the vertical axis, right? Yes. D, price, + +500 +00:53:17,310 --> 00:53:22,470 +quantity, and supply is in neutral. + +501 +00:53:25,340 --> 00:53:26,840 +Unitary elastic supply. + +502 +00:53:31,100 --> 00:53:35,000 +This one + +503 +00:53:35,000 --> 00:53:41,480 +and + +504 +00:53:41,480 --> 00:53:45,460 +the one as well. This is the original equilibrium + +505 +00:53:45,460 --> 00:53:50,920 +point E1. The price is P1 and the equilibrium + +506 +00:53:50,920 --> 00:53:55,570 +point is Q1. Now, let us assume that the + +507 +00:53:55,570 --> 00:54:00,310 +government imposed a tax by, and the price here + +508 +00:54:00,310 --> 00:54:03,470 +equals three shekels. + +509 +00:54:05,310 --> 00:54:10,150 +The price per kilogram of flour here equals three + +510 +00:54:10,150 --> 00:54:16,090 +shekels. The price per kilogram of flour is three + +511 +00:54:16,090 --> 00:54:19,970 +shekels. Had an assumption. Now, + +512 +00:54:23,180 --> 00:54:27,760 +Let us assume that the government imposed a tax by + +513 +00:54:27,760 --> 00:54:29,620 +one shekel per kilogram. + +514 +00:54:32,580 --> 00:54:43,620 +Now the government, if the government imposed one + +515 +00:54:43,620 --> 00:54:47,600 +shekel per + +516 +00:54:47,600 --> 00:54:51,540 +kilogram of flour + +517 +00:54:54,740 --> 00:55:04,280 +Who will bear the most and the least of tax + +518 +00:55:04,280 --> 00:55:13,760 +burden? The most and the least of tax burden. + +519 +00:55:18,460 --> 00:55:20,520 +Analyze using graph. + +520 +00:55:30,580 --> 00:55:36,880 +Now, as the government imposed the tax, one shekel + +521 +00:55:36,880 --> 00:55:40,180 +per kilogram, increasing tax rates, + +522 +00:55:43,320 --> 00:55:50,120 +tax, leads to declining in supply. Supply shifts + +523 +00:55:50,120 --> 00:55:56,800 +left. So supply curve shifts + +524 +00:55:56,800 --> 00:55:58,740 +left. + +525 +00:56:01,720 --> 00:56:13,040 +So in this case, supply shifts left from S1 to + +526 +00:56:13,040 --> 00:56:16,380 +S2 parallel to the previous one. + +527 +00:56:20,960 --> 00:56:27,420 +We have a new equilibrium point A2 with + +528 +00:56:27,420 --> 00:56:28,240 +a new price. + +529 +00:56:34,990 --> 00:56:40,370 +P2. How much is it? I don't know. We have to + +530 +00:56:40,370 --> 00:56:41,150 +determine now. + +531 +00:56:44,050 --> 00:56:48,470 +As the tax rate or tax is increased by one shekel, + +532 +00:56:48,950 --> 00:56:52,810 +supply shifts left, supply curve, supply decline + +533 +00:56:52,810 --> 00:56:56,050 +goes down, supply shifts left, we have a new + +534 +00:56:56,050 --> 00:56:59,470 +equilibrium point. Right? Now, + +535 +00:57:02,170 --> 00:57:09,340 +to determine The whole of tax burden, we have to + +536 +00:57:09,340 --> 00:57:16,360 +take line from A2 here to this + +537 +00:57:16,360 --> 00:57:16,740 +one. + +538 +00:57:20,860 --> 00:57:29,540 +The whole + +539 +00:57:29,540 --> 00:57:35,240 +of tax burden. To determine, The whole, the total + +540 +00:57:35,240 --> 00:57:36,380 +tax burden. + +541 +00:57:39,980 --> 00:57:47,280 +This rectangle + +542 +00:57:47,280 --> 00:57:49,980 +represents a T3. + +543 +00:57:54,200 --> 00:58:01,860 +Had a Q2. Quantity goes down. As tax increases, + +544 +00:58:02,240 --> 00:58:04,180 +the quantity will go down and the price will go + +545 +00:58:04,180 --> 00:58:12,500 +up, right? Correct? Okay. How the heck is the + +546 +00:58:12,500 --> 00:58:13,880 +total tax burden? + +547 +00:58:18,780 --> 00:58:23,700 +This is + +548 +00:58:23,700 --> 00:58:24,860 +the total tax burden. + +549 +00:58:28,240 --> 00:58:35,620 +From P2 to P3 here is one shaken. From here to + +550 +00:58:35,620 --> 00:58:41,240 +here, this is one shaken. You don't expect this to + +551 +00:58:41,240 --> 00:58:48,060 +be 3.75, and this is minus 25%, 2.75. + +552 +00:58:50,980 --> 00:58:54,460 +How did this happen? Look. + +553 +00:58:57,940 --> 00:59:01,320 +From P2 to P3, how much was the original + +554 +00:59:01,320 --> 00:59:05,000 +equilibrium price? It was three, right? The price + +555 +00:59:05,000 --> 00:59:08,740 +shifts, supply shifts left. We have a new + +556 +00:59:08,740 --> 00:59:12,480 +equilibrium point. The producer wanted to sell. + +557 +00:59:12,560 --> 00:59:17,740 +They put shackles on us to sell flour. The + +558 +00:59:17,740 --> 00:59:21,660 +producer, how much is what we said? Most. The + +559 +00:59:21,660 --> 00:59:25,500 +producer bears + +560 +00:59:26,710 --> 00:59:32,430 +Most. Well, consumer, sorry, the producer, + +561 +00:59:33,470 --> 00:59:37,470 +consumer pays most, consumer, exactly, exactly, + +562 +00:59:37,550 --> 00:59:43,530 +exactly. Consumer pays the most, and the producer + +563 +00:59:43,530 --> 00:59:47,150 +pays least. + +564 +01:00:04,760 --> 01:00:10,540 +If the consumer bears the whole of tax burden + +565 +01:00:10,540 --> 01:00:11,100 +period, + +566 +01:00:38,770 --> 01:00:41,350 +This is the whole of the exported. + +567 +01:00:50,800 --> 01:00:59,600 +How much is the total tax burden? One times seven. + +568 +01:00:59,700 --> 01:01:01,480 +Seven, right? + +569 +01:01:06,780 --> 01:01:11,480 +Total tax + +570 +01:01:11,480 --> 01:01:13,580 +burden. The whole tax burden. + +571 +01:01:18,010 --> 01:01:26,870 +From E2 to S1. To determine the whole of tax + +572 +01:01:26,870 --> 01:01:30,950 +burden, you have to take a line, vertical line + +573 +01:01:30,950 --> 01:01:38,090 +from E2 to S1. In five cases. The first one is + +574 +01:01:38,090 --> 01:01:43,350 +difficult because it is not clear yet. This is the + +575 +01:01:43,350 --> 01:01:46,970 +whole of tax burden. Where is the consumer share? + +576 +01:01:48,550 --> 01:01:51,550 +See, from here I'm like this. From here I'm like + +577 +01:01:51,550 --> 01:01:54,530 +this, I go up. This is the consumer share of + +578 +01:01:54,530 --> 01:01:58,210 +Taxported. And the one below it is the producer. + +579 +01:01:58,350 --> 01:02:01,070 +So this is the producer share of Taxported. And + +580 +01:02:01,070 --> 01:02:04,430 +this is the consumer share. This is the consumer + +581 +01:02:04,430 --> 01:02:05,010 +share. + +582 +01:02:09,070 --> 01:02:10,450 +And this is the producer share. + +583 +01:02:16,110 --> 01:02:18,760 +It closed with you, huh? He didn't close anything. + +584 +01:02:20,020 --> 01:02:20,560 +The second exam. + +585 +01:02:23,540 --> 01:02:25,620 +He didn't have time, he didn't have time. How many + +586 +01:02:25,620 --> 01:02:30,840 +hours did he have? Yes? How many hours did he + +587 +01:02:30,840 --> 01:02:36,140 +have? Okay, listen. Let me go back to him again. + +588 +01:02:36,280 --> 01:02:38,200 +I'm confused, but because I don't know his name. + +589 +01:02:38,380 --> 01:02:42,410 +We have five cases, but try to understand. What do + +590 +01:02:42,410 --> 01:02:45,950 +you think? I want to confirm his information. I + +591 +01:02:45,950 --> 01:02:50,170 +want to confirm his information. You want to go to + +592 +01:02:50,170 --> 01:02:54,010 +what's his name? A celebration? You want to go to + +593 +01:02:54,010 --> 01:02:55,250 +a debate? It's been more than five minutes. What's + +594 +01:02:55,250 --> 01:02:55,730 +going on in the world? + +595 +01:03:00,490 --> 01:03:05,330 +Well, let's see. The elastic will now be clear as + +596 +01:03:05,330 --> 01:03:07,930 +elastic. You won't understand this until you see + +597 +01:03:07,930 --> 01:03:09,570 +the elastic. Okay. + +598 +01:03:12,890 --> 01:03:19,090 +So here, the consumer pays 75% of the tax. + +599 +01:03:25,690 --> 01:03:29,950 +Let's go to when demand is elastic. + +600 +01:03:32,630 --> 01:03:33,990 +Elastic demand. + +601 +01:03:38,570 --> 01:03:40,970 +When demand is elastic. + +602 +01:03:45,740 --> 01:03:54,100 +Elastic demand. Like the demand for apple or + +603 +01:03:54,100 --> 01:03:54,640 +orange. + +604 +01:04:09,720 --> 01:04:14,940 +Quantity, prices. Elastic demand. Demand will be + +605 +01:04:14,940 --> 01:04:18,120 +close to the horizontal axis. Correct? Demand will + +606 +01:04:18,120 --> 01:04:26,240 +be like this. D1. And supply is neutral. Neutral + +607 +01:04:26,240 --> 01:04:33,680 +elastic. S1. And this is A1. A1. The price equals + +608 +01:04:33,680 --> 01:04:34,000 +3. + +609 +01:04:38,060 --> 01:04:41,470 +Correct? Now let us assume that the government + +610 +01:04:41,470 --> 01:04:45,170 +decided to impose a tax by one shekel per kilogram + +611 +01:04:45,170 --> 01:04:51,210 +of apple. What happens? + +612 +01:04:52,730 --> 01:04:54,170 +Supply shifts left. + +613 +01:04:57,270 --> 01:05:01,250 +Parallel to the previous one. That's true, right? + +614 +01:05:02,570 --> 01:05:04,270 +Where's the new equilibrium point? + +615 +01:05:15,060 --> 01:05:20,720 +How can we determine the government revenue tax? + +616 +01:05:24,720 --> 01:05:33,420 +From A2 to S1. From A2 to S1. From A2 to S1. Here + +617 +01:05:33,420 --> 01:05:38,770 +this is that devalue the government revenue tax. + +618 +01:05:41,030 --> 01:05:45,150 +Right? Exactly like this. The one above this, + +619 +01:05:45,190 --> 01:05:47,670 +above the A1, is called the consumer share, and + +620 +01:05:47,670 --> 01:05:50,450 +this is the producer share, tax burden. Here, this + +621 +01:05:50,450 --> 01:05:55,970 +is the A1. This triangle, rectangle, represents + +622 +01:05:55,970 --> 01:06:04,030 +the consumer share of tax burden. And this is the + +623 +01:06:04,030 --> 01:06:05,610 +producer share. The one below is the producer + +624 +01:06:05,610 --> 01:06:10,930 +share. This is the consumer share. And this is the + +625 +01:06:10,930 --> 01:06:11,630 +producer share. + +626 +01:06:15,970 --> 01:06:21,890 +This is 3.25. So he was able to sell the product + +627 +01:06:21,890 --> 01:06:29,850 +for 3.25. He carried the rest. So this is 3.25 and + +628 +01:06:29,850 --> 01:06:34,370 +this went down to 2.25. Because the total distance + +629 +01:06:34,370 --> 01:06:34,950 +is 1. + +630 +01:06:40,080 --> 01:06:45,580 +This is the + +631 +01:06:45,580 --> 01:06:52,000 +total tax burden here. The whole of tax burden. + +632 +01:06:52,340 --> 01:06:58,460 +The demand is elastic. The consumer pays least of + +633 +01:06:58,460 --> 01:07:04,580 +tax burden, and the producer pays most of tax + +634 +01:07:04,580 --> 01:07:07,500 +burden by 75%. + +635 +01:07:10,050 --> 01:07:11,790 +I'm going to take my pills and give them to + +636 +01:07:11,790 --> 01:07:12,250 +Colabia. + diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/n2zDypAT9ZE_raw.json b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/n2zDypAT9ZE_raw.json new file mode 100644 index 0000000000000000000000000000000000000000..e271e39d425147ad0bbcbbcf97aafe0acfe625aa --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/n2zDypAT9ZE_raw.json @@ -0,0 +1 @@ +{"segments": [{"id": 1, "seek": 4950, "start": 20.18, "end": 49.5, "text": " Okay, bismillahirrahmanirrahim. Today, inshallah, we are going to complete our talk about the different types of price elasticity. In the last class, we studied the income elasticity of demand, crisp price elasticity of demand, and today, we are going to study the price elasticity of supply and the tax burden or tax incidence.", "tokens": [1033, 11, 272, 1434, 32703, 347, 15688, 1601, 347, 15688, 332, 13, 2692, 11, 1028, 71, 13492, 11, 321, 366, 516, 281, 3566, 527, 751, 466, 264, 819, 3467, 295, 3218, 46260, 13, 682, 264, 1036, 1508, 11, 321, 9454, 264, 5742, 46260, 295, 4733, 11, 22952, 3218, 46260, 295, 4733, 11, 293, 965, 11, 321, 366, 516, 281, 2979, 264, 3218, 46260, 295, 5847, 293, 264, 3366, 12578, 420, 3366, 41726, 13], "avg_logprob": -0.1790540472075746, "compression_ratio": 1.7783783783783784, "no_speech_prob": 0.0, "words": [{"start": 20.18, "end": 20.5, "word": " Okay,", "probability": 0.740234375}, {"start": 20.68, "end": 21.42, "word": " bismillahirrahmanirrahim.", "probability": 0.8306749131944444}, {"start": 22.06, "end": 22.3, "word": " Today,", "probability": 0.59912109375}, {"start": 22.52, 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"text": " So let's go to the price elasticity of supply. Price elasticity of supply. As we mentioned before that the price elasticity of demand, PED, the price elasticity of demand equals the percentage of change in the quantity demanded.", "tokens": [407, 718, 311, 352, 281, 264, 3218, 46260, 295, 5847, 13, 25803, 46260, 295, 5847, 13, 1018, 321, 2835, 949, 300, 264, 3218, 46260, 295, 4733, 11, 430, 4731, 11, 264, 3218, 46260, 295, 4733, 6915, 264, 9668, 295, 1319, 294, 264, 11275, 28276, 13], "avg_logprob": -0.17212975770235062, "compression_ratio": 1.7751937984496124, "no_speech_prob": 0.0, "words": [{"start": 51.69, "end": 52.05, "word": " So", "probability": 0.9130859375}, {"start": 52.05, "end": 52.91, "word": " let's", "probability": 0.851806640625}, {"start": 52.91, "end": 53.19, "word": " go", "probability": 0.96533203125}, {"start": 53.19, "end": 53.61, "word": " to", "probability": 0.96044921875}, {"start": 53.61, "end": 53.99, "word": " the", "probability": 0.8984375}, {"start": 53.99, "end": 54.33, "word": " price", "probability": 0.86767578125}, {"start": 54.33, "end": 54.81, "word": " elasticity", "probability": 0.9521484375}, {"start": 54.81, "end": 55.15, "word": " of", "probability": 0.96337890625}, {"start": 55.15, "end": 55.51, "word": " supply.", "probability": 0.94873046875}, {"start": 55.89, "end": 56.31, "word": " Price", "probability": 0.9072265625}, {"start": 56.31, "end": 60.11, "word": " elasticity", "probability": 0.8583984375}, {"start": 60.11, "end": 64.11, "word": " of", "probability": 0.9609375}, {"start": 64.11, "end": 64.53, "word": " supply.", "probability": 0.94091796875}, {"start": 67.35, "end": 68.07, "word": " As", "probability": 0.97119140625}, {"start": 68.07, "end": 68.21, "word": " we", "probability": 0.87939453125}, {"start": 68.21, "end": 68.49, "word": " mentioned", "probability": 0.79150390625}, {"start": 68.49, "end": 68.85, "word": " before", "probability": 0.865234375}, {"start": 68.85, "end": 69.11, "word": " that", "probability": 0.67041015625}, {"start": 69.11, "end": 69.29, "word": " the", "probability": 0.84228515625}, {"start": 69.29, "end": 69.61, "word": " price", "probability": 0.91357421875}, {"start": 69.61, "end": 70.03, "word": " elasticity", "probability": 0.92138671875}, {"start": 70.03, "end": 70.31, "word": " of", "probability": 0.91845703125}, {"start": 70.31, "end": 70.69, "word": " demand,", "probability": 0.9130859375}, {"start": 70.91, "end": 71.45, "word": " PED,", "probability": 0.873046875}, {"start": 74.29, "end": 74.53, "word": " the", "probability": 0.87646484375}, {"start": 74.53, "end": 74.83, "word": " price", "probability": 0.90283203125}, {"start": 74.83, "end": 75.29, "word": " elasticity", "probability": 0.94580078125}, {"start": 75.29, "end": 75.55, "word": " of", "probability": 0.94677734375}, {"start": 75.55, "end": 75.91, "word": " demand", "probability": 0.88818359375}, {"start": 75.91, "end": 76.85, "word": " equals", "probability": 0.84130859375}, {"start": 76.85, "end": 78.21, "word": " the", "probability": 0.88232421875}, {"start": 78.21, "end": 78.63, "word": " percentage", "probability": 0.8212890625}, {"start": 78.63, "end": 78.89, "word": " of", "probability": 0.6298828125}, {"start": 78.89, "end": 79.17, "word": " change", "probability": 0.90869140625}, {"start": 79.17, "end": 79.31, "word": " in", "probability": 0.693359375}, {"start": 79.31, "end": 79.39, "word": " the", "probability": 0.734375}, {"start": 79.39, "end": 79.69, "word": " quantity", "probability": 0.76953125}, {"start": 79.69, "end": 80.33, "word": " demanded.", "probability": 0.93505859375}], "temperature": 1.0}, {"id": 3, "seek": 10493, "start": 81.83, "end": 104.93, "text": " or the percentage change in a price. And we said that as the price of the product goes up, the quantity demanded goes down in general. And we had five cases when demand is elastic, inelastic, unitary elastic, perfectly elastic, perfectly inelastic. And we had five examples, right?", "tokens": [420, 264, 9668, 1319, 294, 257, 3218, 13, 400, 321, 848, 300, 382, 264, 3218, 295, 264, 1674, 1709, 493, 11, 264, 11275, 28276, 1709, 760, 294, 2674, 13, 400, 321, 632, 1732, 3331, 562, 4733, 307, 17115, 11, 294, 338, 2750, 11, 517, 4109, 17115, 11, 6239, 17115, 11, 6239, 294, 338, 2750, 13, 400, 321, 632, 1732, 5110, 11, 558, 30], "avg_logprob": -0.15014648367650807, "compression_ratio": 1.7735849056603774, "no_speech_prob": 0.0, "words": [{"start": 81.83, "end": 82.13, "word": " or", "probability": 0.411865234375}, {"start": 82.13, "end": 82.35, "word": " the", "probability": 0.89013671875}, {"start": 82.35, "end": 82.71, "word": " percentage", "probability": 0.857421875}, {"start": 82.71, "end": 83.27, "word": " change", "probability": 0.87060546875}, {"start": 83.27, "end": 83.39, "word": " in", "probability": 0.92236328125}, {"start": 83.39, "end": 83.49, "word": " a", "probability": 0.5390625}, {"start": 83.49, "end": 83.87, "word": " price.", "probability": 0.921875}, {"start": 84.53, "end": 84.69, "word": " And", "probability": 0.8779296875}, {"start": 84.69, "end": 84.91, "word": " we", "probability": 0.9296875}, {"start": 84.91, "end": 85.29, "word": " said", "probability": 0.845703125}, {"start": 85.29, "end": 85.65, "word": " that", "probability": 0.90625}, {"start": 85.65, "end": 86.95, "word": " as", "probability": 0.449462890625}, {"start": 86.95, "end": 87.19, "word": " the", "probability": 0.91796875}, {"start": 87.19, "end": 87.51, "word": " price", "probability": 0.91015625}, {"start": 87.51, "end": 87.63, "word": " of", "probability": 0.9599609375}, {"start": 87.63, "end": 87.75, "word": " the", "probability": 0.90576171875}, {"start": 87.75, "end": 87.97, "word": " product", "probability": 0.90625}, {"start": 87.97, "end": 88.75, "word": " goes", "probability": 0.939453125}, {"start": 88.75, "end": 89.25, "word": " up,", "probability": 0.9736328125}, {"start": 89.87, "end": 90.17, "word": " the", "probability": 0.91796875}, {"start": 90.17, "end": 90.63, "word": " quantity", "probability": 0.98193359375}, {"start": 90.63, "end": 91.19, "word": " demanded", "probability": 0.927734375}, {"start": 91.19, "end": 91.67, "word": " goes", "probability": 0.916015625}, {"start": 91.67, "end": 92.13, "word": " down", "probability": 0.8701171875}, {"start": 92.13, "end": 92.67, "word": " in", "probability": 0.8896484375}, {"start": 92.67, "end": 93.03, "word": " general.", "probability": 0.90576171875}, {"start": 94.37, "end": 94.71, "word": " And", "probability": 0.9306640625}, {"start": 94.71, "end": 94.89, "word": " we", "probability": 0.95361328125}, {"start": 94.89, "end": 95.25, "word": " had", "probability": 0.88037109375}, {"start": 95.25, "end": 95.93, "word": " five", "probability": 0.8876953125}, {"start": 95.93, "end": 96.41, "word": " cases", "probability": 0.923828125}, {"start": 96.41, "end": 96.65, "word": " when", "probability": 0.66943359375}, {"start": 96.65, "end": 97.01, "word": " demand", "probability": 0.8564453125}, {"start": 97.01, "end": 97.39, "word": " is", "probability": 0.95068359375}, {"start": 97.39, "end": 98.07, "word": " elastic,", "probability": 0.95703125}, {"start": 98.39, "end": 98.91, "word": " inelastic,", "probability": 0.9295247395833334}, {"start": 99.31, "end": 99.65, "word": " unitary", "probability": 0.812255859375}, {"start": 99.65, "end": 100.11, "word": " elastic,", "probability": 0.77099609375}, {"start": 100.37, "end": 100.67, "word": " perfectly", "probability": 0.953125}, {"start": 100.67, "end": 101.01, "word": " elastic,", "probability": 0.9599609375}, {"start": 101.21, "end": 101.51, "word": " perfectly", "probability": 0.92626953125}, {"start": 101.51, "end": 102.09, "word": " inelastic.", "probability": 0.9422200520833334}, {"start": 102.41, "end": 102.53, "word": " And", "probability": 0.50439453125}, {"start": 102.53, "end": 102.67, "word": " we", "probability": 0.95703125}, {"start": 102.67, "end": 102.95, "word": " had", "probability": 0.8603515625}, {"start": 102.95, "end": 103.85, "word": " five", "probability": 0.89697265625}, {"start": 103.85, "end": 104.41, "word": " examples,", "probability": 0.85986328125}, {"start": 104.71, "end": 104.93, "word": " right?", "probability": 0.86767578125}], "temperature": 1.0}, {"id": 4, "seek": 13601, "start": 106.97, "end": 136.01, "text": " In general, we said that as the price goes up, the quantity demanded goes down, so the sign of the price elasticity of demand is always negative. The sign which represents here the negative relationship between the prices and the quantity demanded. Today, let's go to study the relationship between the change in a price and the change in a quantity supplied, which can be shown by or presented by the price elasticity of supply.", "tokens": [682, 2674, 11, 321, 848, 300, 382, 264, 3218, 1709, 493, 11, 264, 11275, 28276, 1709, 760, 11, 370, 264, 1465, 295, 264, 3218, 46260, 295, 4733, 307, 1009, 3671, 13, 440, 1465, 597, 8855, 510, 264, 3671, 2480, 1296, 264, 7901, 293, 264, 11275, 28276, 13, 2692, 11, 718, 311, 352, 281, 2979, 264, 2480, 1296, 264, 1319, 294, 257, 3218, 293, 264, 1319, 294, 257, 11275, 27625, 11, 597, 393, 312, 4898, 538, 420, 8212, 538, 264, 3218, 46260, 295, 5847, 13], "avg_logprob": -0.14126838095047894, "compression_ratio": 2.0187793427230045, "no_speech_prob": 0.0, "words": [{"start": 106.97, "end": 107.27, "word": " In", "probability": 0.86376953125}, {"start": 107.27, "end": 107.55, "word": " general,", "probability": 0.9130859375}, {"start": 107.83, "end": 107.99, "word": " we", "probability": 0.9599609375}, 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So, as the price goes up, the profits goes up, the ability to produce goes up, the willingness to produce goes up as well. 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Price elasticity of supply means what will happen, how much is the change in the quantity supplied when the price goes up or goes down.", "tokens": [597, 1355, 300, 456, 307, 257, 3353, 2480, 1296, 264, 7901, 293, 264, 11275, 27625, 11, 597, 393, 312, 4898, 510, 538, 420, 10379, 538, 264, 3218, 46260, 295, 5847, 13, 25803, 46260, 295, 5847, 1355, 437, 486, 1051, 11, 577, 709, 307, 264, 1319, 294, 264, 11275, 27625, 562, 264, 3218, 1709, 493, 420, 1709, 760, 13], "avg_logprob": -0.14605401885711541, "compression_ratio": 1.7861271676300579, "no_speech_prob": 0.0, "words": [{"start": 187.41, "end": 187.75, "word": " which", "probability": 0.5947265625}, {"start": 187.75, "end": 188.13, "word": " means", "probability": 0.93359375}, {"start": 188.13, "end": 188.37, "word": " that", "probability": 0.89794921875}, {"start": 188.37, "end": 188.55, "word": " there", "probability": 0.91162109375}, {"start": 188.55, "end": 188.71, "word": " is", "probability": 0.93505859375}, {"start": 188.71, 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As the price goes down, the quant supplied goes down as well. So positive times positive, we have a positive sign. Negative, negative, negative times negative, positive. So the price elasticity of demand is always positive, which represents the positive relationship between the prices and the quant supplied.", "tokens": [440, 5261, 11, 264, 2674, 5847, 5261, 1619, 300, 456, 307, 257, 3353, 2480, 1296, 264, 7901, 293, 264, 4426, 27625, 13, 1018, 264, 3218, 1709, 760, 11, 264, 4426, 27625, 1709, 760, 382, 731, 13, 407, 3353, 1413, 3353, 11, 321, 362, 257, 3353, 1465, 13, 43230, 11, 3671, 11, 3671, 1413, 3671, 11, 3353, 13, 407, 264, 3218, 46260, 295, 4733, 307, 1009, 3353, 11, 597, 8855, 264, 3353, 2480, 1296, 264, 7901, 293, 264, 4426, 27625, 13], "avg_logprob": -0.16917437682917089, "compression_ratio": 2.2256410256410257, "no_speech_prob": 1.817941665649414e-05, "words": [{"start": 214.36, "end": 214.58, "word": " The", "probability": 0.81884765625}, {"start": 214.58, "end": 214.98, "word": " theory,", "probability": 0.76025390625}, {"start": 215.2, "end": 215.34, "word": " the", "probability": 0.88671875}, {"start": 215.34, "end": 215.66, "word": " 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We studied when the price increased by 10%, the demand might decline by 10%, 20%, 30%, 0, minus 2, it depends, okay? And we determined", "tokens": [823, 11, 718, 311, 808, 646, 510, 281, 3218, 5717, 4733, 13, 492, 9454, 562, 264, 3218, 6505, 538, 1266, 8923, 264, 4733, 1062, 15635, 538, 1266, 8923, 945, 8923, 2217, 8923, 1958, 11, 3175, 568, 11, 309, 5946, 11, 1392, 30, 400, 321, 9540], "avg_logprob": -0.25050951734833093, "compression_ratio": 1.330935251798561, "no_speech_prob": 0.0, "words": [{"start": 245.96, "end": 246.72, "word": " Now,", "probability": 0.90576171875}, {"start": 246.72, "end": 247.48, "word": " let's", "probability": 0.9677734375}, {"start": 247.48, "end": 247.68, "word": " come", "probability": 0.8515625}, {"start": 247.68, "end": 247.88, "word": " back", "probability": 0.88330078125}, {"start": 247.88, "end": 248.02, "word": " here", "probability": 0.8203125}, {"start": 248.02, "end": 248.18, "word": " to", "probability": 0.96044921875}, {"start": 248.18, "end": 248.46, "word": " price", "probability": 0.8037109375}, {"start": 248.46, "end": 248.72, "word": " versus", "probability": 0.29443359375}, {"start": 248.72, "end": 249.1, "word": " demand.", "probability": 0.77490234375}, {"start": 249.4, "end": 249.58, "word": " We", "probability": 0.93505859375}, {"start": 249.58, "end": 250.02, "word": " studied", "probability": 0.80517578125}, {"start": 250.02, "end": 250.94, "word": " when", "probability": 0.63037109375}, {"start": 250.94, "end": 251.26, "word": " the", "probability": 0.912109375}, {"start": 251.26, "end": 251.58, "word": " price", "probability": 0.91455078125}, {"start": 251.58, "end": 252.04, "word": " increased", "probability": 0.92138671875}, {"start": 252.04, "end": 252.3, "word": " by", "probability": 0.9697265625}, {"start": 252.3, "end": 253.02, "word": " 10%,", "probability": 0.849365234375}, {"start": 253.02, "end": 253.18, "word": " the", "probability": 0.783203125}, {"start": 253.18, "end": 253.48, "word": " demand", "probability": 0.3232421875}, {"start": 253.48, "end": 254.76, "word": " might", "probability": 0.83740234375}, {"start": 254.76, "end": 255.18, "word": " decline", "probability": 0.89892578125}, {"start": 255.18, "end": 255.66, "word": " by", "probability": 0.9716796875}, {"start": 255.66, "end": 257.18, "word": " 10%,", "probability": 0.951416015625}, {"start": 257.18, "end": 258.64, "word": " 20%,", "probability": 0.960205078125}, {"start": 258.64, "end": 259.46, "word": " 30%,", "probability": 0.88720703125}, {"start": 259.46, "end": 260.06, "word": " 0,", "probability": 0.54296875}, {"start": 260.62, "end": 261.62, "word": " minus", "probability": 0.93798828125}, {"start": 261.62, "end": 262.38, "word": " 2,", "probability": 0.625}, {"start": 262.68, "end": 262.98, "word": " it", "probability": 0.5361328125}, {"start": 262.98, "end": 263.36, "word": " depends,", "probability": 0.9169921875}, {"start": 263.68, "end": 263.94, "word": " okay?", "probability": 0.6484375}, {"start": 264.16, "end": 264.56, "word": " And", "probability": 0.94677734375}, {"start": 264.56, "end": 264.8, "word": " we", "probability": 0.931640625}, {"start": 264.8, "end": 265.8, "word": " determined", "probability": 0.88916015625}], "temperature": 1.0}, {"id": 10, "seek": 29292, "start": 266.5, "end": 292.92, "text": " Due to these or the results of the price elasticity of demand, whether it was less than one, bigger than one, equals one, infinity, zero, we determine the type of elasticity. Is it elastic, inelastic, perfectly elastic, perfectly inelastic, unitary? Here, we should do the same here. With the price increased by 10% or 1%.", "tokens": [18980, 281, 613, 420, 264, 3542, 295, 264, 3218, 46260, 295, 4733, 11, 1968, 309, 390, 1570, 813, 472, 11, 3801, 813, 472, 11, 6915, 472, 11, 13202, 11, 4018, 11, 321, 6997, 264, 2010, 295, 46260, 13, 1119, 309, 17115, 11, 294, 338, 2750, 11, 6239, 17115, 11, 6239, 294, 338, 2750, 11, 517, 4109, 30, 1692, 11, 321, 820, 360, 264, 912, 510, 13, 2022, 264, 3218, 6505, 538, 1266, 4, 420, 502, 6856], "avg_logprob": -0.14782873608849265, "compression_ratio": 1.6735751295336787, "no_speech_prob": 0.0, "words": [{"start": 266.5, "end": 266.86, "word": " Due", "probability": 0.82763671875}, {"start": 266.86, "end": 267.22, "word": " to", "probability": 0.9658203125}, {"start": 267.22, "end": 267.82, "word": " these", "probability": 0.490478515625}, {"start": 267.82, "end": 268.02, "word": " or", "probability": 0.65869140625}, {"start": 268.02, "end": 268.16, "word": " the", "probability": 0.91357421875}, {"start": 268.16, "end": 268.7, "word": 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Increases in general. In general. Maybe by 10%, maybe by 2%, maybe by 3%, maybe by 20%, maybe 100%, maybe by zero. Right? In general. As the price goes up, the guan supplied goes up as well.", "tokens": [708, 486, 1051, 281, 695, 282, 27625, 30, 30367, 1957, 294, 2674, 13, 682, 2674, 13, 2704, 538, 1266, 8923, 1310, 538, 568, 8923, 1310, 538, 805, 8923, 1310, 538, 945, 8923, 1310, 2319, 8923, 1310, 538, 4018, 13, 1779, 30, 682, 2674, 13, 1018, 264, 3218, 1709, 493, 11, 264, 695, 282, 27625, 1709, 493, 382, 731, 13], "avg_logprob": -0.15208333109815916, "compression_ratio": 1.6865671641791045, "no_speech_prob": 0.0, "words": [{"start": 294.84, "end": 295.08, "word": " What", "probability": 0.7763671875}, {"start": 295.08, "end": 295.24, "word": " will", "probability": 0.845703125}, {"start": 295.24, "end": 295.5, "word": " happen", "probability": 0.92236328125}, {"start": 295.5, "end": 295.68, "word": " to", "probability": 0.8515625}, {"start": 295.68, "end": 295.86, "word": " guan", "probability": 0.62744140625}, {"start": 295.86, "end": 296.24, "word": " supplied?", "probability": 0.97119140625}, {"start": 297.04, "end": 297.84, "word": " Increases", "probability": 0.80859375}, {"start": 297.84, "end": 298.68, "word": " in", "probability": 0.457275390625}, {"start": 298.68, "end": 299.08, "word": " general.", "probability": 0.89697265625}, {"start": 300.26, "end": 300.54, "word": " In", "probability": 0.82373046875}, {"start": 300.54, "end": 300.78, "word": " general.", "probability": 0.89892578125}, {"start": 302.24, "end": 302.68, "word": " Maybe", "probability": 0.93701171875}, {"start": 302.68, "end": 303.26, "word": " by", "probability": 0.97119140625}, {"start": 303.26, "end": 304.3, "word": " 10%,", "probability": 0.6640625}, {"start": 304.3, "end": 304.66, "word": " maybe", "probability": 0.94482421875}, {"start": 304.66, "end": 304.98, "word": " by", "probability": 0.9677734375}, {"start": 304.98, "end": 305.76, "word": " 2%,", "probability": 0.919189453125}, {"start": 305.76, "end": 306.0, "word": " maybe", "probability": 0.947265625}, {"start": 306.0, "end": 306.86, "word": " by", "probability": 0.95703125}, {"start": 306.86, "end": 307.76, "word": " 3%,", "probability": 0.90625}, {"start": 307.76, "end": 308.34, "word": " maybe", "probability": 0.94677734375}, {"start": 308.34, "end": 308.6, "word": " by", "probability": 0.96630859375}, {"start": 308.6, "end": 309.44, "word": " 20%,", "probability": 0.966552734375}, {"start": 309.44, "end": 309.66, "word": " maybe", "probability": 0.939453125}, {"start": 309.66, "end": 310.84, "word": " 100%,", "probability": 0.718505859375}, {"start": 310.84, "end": 311.48, "word": " maybe", "probability": 0.939453125}, {"start": 311.48, "end": 311.74, "word": " by", "probability": 0.97216796875}, {"start": 311.74, "end": 312.14, "word": " zero.", "probability": 0.75048828125}, {"start": 315.5, "end": 315.92, "word": " Right?", "probability": 0.79931640625}, {"start": 317.84, "end": 318.2, "word": " In", "probability": 0.958984375}, {"start": 318.2, "end": 318.44, "word": " general.", "probability": 0.90771484375}, {"start": 319.4, "end": 319.76, "word": " As", "probability": 0.9697265625}, {"start": 319.76, "end": 319.9, "word": " the", "probability": 0.7041015625}, {"start": 319.9, "end": 320.18, "word": " price", "probability": 0.90478515625}, {"start": 320.18, "end": 320.64, "word": " goes", "probability": 0.9345703125}, {"start": 320.64, "end": 320.96, "word": " up,", "probability": 0.96875}, {"start": 321.28, "end": 321.42, "word": " the", "probability": 0.93212890625}, {"start": 321.42, "end": 321.66, "word": " guan", "probability": 0.95556640625}, {"start": 321.66, "end": 322.3, "word": " supplied", "probability": 0.86376953125}, {"start": 322.3, "end": 323.04, "word": " goes", "probability": 0.9287109375}, {"start": 323.04, "end": 323.54, "word": " up", "probability": 0.96826171875}, {"start": 323.54, "end": 324.0, "word": " as", "probability": 0.93359375}, {"start": 324.0, "end": 324.24, "word": " well.", "probability": 0.9404296875}], "temperature": 1.0}, {"id": 12, "seek": 35045, "start": 324.67, "end": 350.45, "text": " All right? If the price elasticity of supply, so it's always positive. And also, we have five cases for the price elasticity of supply. It might be perfectly elastic, perfectly inelastic, unitary elastic, elastic, inelastic. This depends on the result, the value, the absolute value of the price elasticity of supply.", "tokens": [1057, 558, 30, 759, 264, 3218, 806, 525, 44198, 295, 5847, 11, 370, 309, 311, 1009, 3353, 13, 400, 611, 11, 321, 362, 1732, 3331, 337, 264, 3218, 46260, 295, 5847, 13, 467, 1062, 312, 6239, 17115, 11, 6239, 294, 338, 2750, 11, 517, 4109, 17115, 11, 17115, 11, 294, 338, 2750, 13, 639, 5946, 322, 264, 1874, 11, 264, 2158, 11, 264, 8236, 2158, 295, 264, 3218, 46260, 295, 5847, 13], "avg_logprob": -0.15239726680598847, "compression_ratio": 1.9390243902439024, "no_speech_prob": 0.0, "words": [{"start": 324.67, "end": 324.93, "word": " All", "probability": 0.31005859375}, {"start": 324.93, "end": 325.21, "word": " right?", "probability": 0.912109375}, {"start": 326.13, "end": 326.45, "word": " If", "probability": 0.9375}, {"start": 326.45, "end": 326.71, "word": " the", "probability": 0.919921875}, {"start": 326.71, "end": 327.13, "word": " price", "probability": 0.90625}, {"start": 327.13, "end": 327.97, "word": " elasticity", "probability": 0.6728515625}, {"start": 327.97, "end": 328.19, "word": " of", "probability": 0.8798828125}, {"start": 328.19, "end": 328.67, "word": " supply,", "probability": 0.9365234375}, {"start": 330.15, "end": 330.39, "word": " so", "probability": 0.90185546875}, {"start": 330.39, "end": 330.79, "word": " it's", "probability": 0.966552734375}, {"start": 330.79, "end": 331.29, "word": " always", "probability": 0.87939453125}, {"start": 331.29, "end": 331.81, "word": " positive.", "probability": 0.91796875}, {"start": 332.93, "end": 333.27, "word": " And", "probability": 0.95263671875}, {"start": 333.27, "end": 333.75, "word": " also,", "probability": 0.84619140625}, {"start": 333.87, "end": 333.99, "word": " we", "probability": 0.96337890625}, {"start": 333.99, "end": 334.23, "word": " have", "probability": 0.94921875}, {"start": 334.23, "end": 334.59, "word": " five", "probability": 0.8857421875}, {"start": 334.59, "end": 334.99, "word": " cases", "probability": 0.92626953125}, {"start": 334.99, "end": 335.29, "word": " for", "probability": 0.94482421875}, {"start": 335.29, "end": 335.67, "word": " the", "probability": 0.92236328125}, {"start": 335.67, "end": 336.05, "word": " price", "probability": 0.91015625}, {"start": 336.05, "end": 336.41, "word": " elasticity", "probability": 0.68408203125}, {"start": 336.41, "end": 336.73, "word": " of", "probability": 0.935546875}, {"start": 336.73, "end": 337.09, "word": " supply.", "probability": 0.9267578125}, {"start": 337.55, "end": 337.73, "word": " It", "probability": 0.303466796875}, {"start": 337.73, "end": 337.79, "word": " might", "probability": 0.89013671875}, {"start": 337.79, "end": 338.07, "word": " be", "probability": 0.88818359375}, {"start": 338.07, "end": 338.59, "word": " perfectly", "probability": 0.92578125}, {"start": 338.59, "end": 339.03, "word": " elastic,", "probability": 0.95458984375}, {"start": 339.17, "end": 339.51, "word": " perfectly", "probability": 0.93896484375}, {"start": 339.51, "end": 340.19, "word": " inelastic,", "probability": 0.93115234375}, {"start": 340.65, "end": 340.99, "word": " unitary", "probability": 0.89892578125}, {"start": 340.99, "end": 341.47, "word": " elastic,", "probability": 0.95068359375}, {"start": 341.83, "end": 342.39, "word": " elastic,", "probability": 0.9736328125}, {"start": 342.67, "end": 343.21, "word": " inelastic.", "probability": 0.9025065104166666}, {"start": 343.59, "end": 344.05, "word": " This", "probability": 0.90576171875}, {"start": 344.05, "end": 344.87, "word": " depends", "probability": 0.89990234375}, {"start": 344.87, "end": 345.31, "word": " on", "probability": 0.94775390625}, {"start": 345.31, "end": 345.77, "word": " the", "probability": 0.88427734375}, {"start": 345.77, "end": 346.27, "word": " result,", "probability": 0.92333984375}, {"start": 346.41, "end": 346.57, "word": " the", "probability": 0.919921875}, {"start": 346.57, "end": 346.95, "word": " value,", "probability": 0.9765625}, {"start": 347.07, "end": 347.19, "word": " the", "probability": 0.91162109375}, {"start": 347.19, "end": 347.83, "word": " absolute", "probability": 0.8623046875}, {"start": 347.83, "end": 348.55, "word": " value", "probability": 0.96826171875}, {"start": 348.55, "end": 348.71, "word": " of", "probability": 0.86669921875}, {"start": 348.71, "end": 348.85, "word": " the", "probability": 0.9169921875}, {"start": 348.85, "end": 349.17, "word": " price", "probability": 0.908203125}, {"start": 349.17, "end": 349.79, "word": " elasticity", "probability": 0.810546875}, {"start": 349.79, "end": 350.13, "word": " of", "probability": 0.9384765625}, {"start": 350.13, "end": 350.45, "word": " supply.", "probability": 0.93505859375}], "temperature": 1.0}, {"id": 13, "seek": 37961, "start": 351.49, "end": 379.61, "text": " If it was less than 1, it should be an elastic supply. Bigger than 1? Elastic. Equals 1? Unitary elastic. Equals 0. Perfectly inelastic. Equals infinity. Perfectly elastic. So we have five cases for the price elasticity of supply. All right? So we have five cases. The price elasticity of supply might be equals 0.", "tokens": [759, 309, 390, 1570, 813, 502, 11, 309, 820, 312, 364, 17115, 5847, 13, 5429, 1321, 813, 502, 30, 2699, 2750, 13, 15624, 1124, 502, 30, 1156, 4109, 17115, 13, 15624, 1124, 1958, 13, 10246, 356, 294, 338, 2750, 13, 15624, 1124, 13202, 13, 10246, 356, 17115, 13, 407, 321, 362, 1732, 3331, 337, 264, 3218, 46260, 295, 5847, 13, 1057, 558, 30, 407, 321, 362, 1732, 3331, 13, 440, 3218, 46260, 295, 5847, 1062, 312, 6915, 1958, 13], "avg_logprob": -0.15185546763241292, "compression_ratio": 1.863905325443787, "no_speech_prob": 0.0, "words": [{"start": 351.49, "end": 351.77, "word": " If", "probability": 0.666015625}, {"start": 351.77, "end": 351.93, "word": " it", "probability": 0.951171875}, {"start": 351.93, "end": 352.29, "word": " was", "probability": 0.9443359375}, {"start": 352.29, "end": 352.89, "word": " less", "probability": 0.9404296875}, {"start": 352.89, "end": 353.27, "word": " than", "probability": 0.9443359375}, 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Equals infinity. Perfectly elastic supply. Bigger than one? Elastic supply. Less than one?", "tokens": [407, 294, 341, 1389, 11, 309, 820, 312, 6239, 294, 338, 2750, 5847, 13, 15624, 1124, 13202, 13, 10246, 356, 17115, 5847, 13, 5429, 1321, 813, 472, 30, 2699, 2750, 5847, 13, 18649, 813, 472, 30], "avg_logprob": -0.14970439350282824, "compression_ratio": 1.4326923076923077, "no_speech_prob": 0.0, "words": [{"start": 382.66, "end": 383.02, "word": " So", "probability": 0.9306640625}, {"start": 383.02, "end": 383.42, "word": " in", "probability": 0.72119140625}, {"start": 383.42, "end": 383.64, "word": " this", "probability": 0.94775390625}, {"start": 383.64, "end": 383.88, "word": " case,", "probability": 0.91357421875}, {"start": 383.96, "end": 384.0, "word": " it", "probability": 0.95263671875}, {"start": 384.0, "end": 384.16, "word": " should", "probability": 0.9423828125}, {"start": 384.16, "end": 384.44, "word": " be", "probability": 0.94873046875}, {"start": 384.44, "end": 385.3, "word": " perfectly", "probability": 0.93017578125}, {"start": 385.3, "end": 386.32, "word": " inelastic", "probability": 0.9309895833333334}, {"start": 386.32, "end": 389.04, "word": " supply.", "probability": 0.79150390625}, {"start": 392.02, "end": 393.1, "word": " Equals", "probability": 0.94140625}, {"start": 393.1, "end": 393.72, "word": " infinity.", "probability": 0.8623046875}, {"start": 395.5, "end": 396.58, "word": " Perfectly", "probability": 0.95458984375}, {"start": 396.58, "end": 397.78, "word": " elastic", "probability": 0.9150390625}, {"start": 397.78, "end": 399.02, "word": " supply.", "probability": 0.9423828125}, {"start": 401.16, "end": 402.24, "word": " Bigger", "probability": 0.946044921875}, {"start": 402.24, "end": 402.5, "word": " than", "probability": 0.94140625}, {"start": 402.5, "end": 402.78, "word": " one?", "probability": 0.44970703125}, {"start": 404.16, "end": 405.24, "word": " Elastic", "probability": 0.965576171875}, {"start": 405.24, "end": 405.7, "word": " supply.", "probability": 0.9423828125}, {"start": 409.42, "end": 410.5, "word": " Less", "probability": 0.90380859375}, {"start": 410.5, "end": 410.76, "word": " than", "probability": 0.94287109375}, {"start": 410.76, "end": 411.06, "word": " one?", "probability": 0.91552734375}], "temperature": 1.0}, {"id": 15, "seek": 43876, "start": 412.24, "end": 438.76, "text": " An elastic supply equals one unitary elastic supply, right? Let's go to the fourth or the fifth cases for the price-elasticity supply. So far, I think it's so good. It's clear.", "tokens": [1107, 17115, 5847, 6915, 472, 517, 4109, 17115, 5847, 11, 558, 30, 961, 311, 352, 281, 264, 6409, 420, 264, 9266, 3331, 337, 264, 3218, 12, 338, 2750, 507, 5847, 13, 407, 1400, 11, 286, 519, 309, 311, 370, 665, 13, 467, 311, 1850, 13], "avg_logprob": -0.2613790819178457, "compression_ratio": 1.3937007874015748, "no_speech_prob": 0.0, "words": [{"start": 412.24, "end": 412.6, "word": " An", "probability": 0.33203125}, {"start": 412.6, "end": 413.06, "word": " elastic", "probability": 0.95947265625}, {"start": 413.06, "end": 415.74, "word": " supply", "probability": 0.94775390625}, {"start": 415.74, "end": 420.74, "word": " equals", "probability": 0.734375}, {"start": 420.74, "end": 421.06, "word": " one", "probability": 0.82373046875}, {"start": 421.06, "end": 422.26, "word": " unitary", "probability": 0.836181640625}, {"start": 422.26, "end": 422.9, "word": " elastic", "probability": 0.95068359375}, {"start": 422.9, "end": 423.44, "word": " supply,", "probability": 0.95703125}, {"start": 423.78, "end": 424.02, "word": " right?", "probability": 0.78271484375}, {"start": 427.42, "end": 428.08, "word": " Let's", "probability": 0.60479736328125}, {"start": 428.08, "end": 428.32, "word": " go", "probability": 0.9560546875}, {"start": 428.32, "end": 428.76, "word": " to", "probability": 0.7119140625}, {"start": 428.76, "end": 429.96, "word": " the", "probability": 0.62939453125}, {"start": 429.96, "end": 430.2, "word": " fourth", "probability": 0.6181640625}, {"start": 430.2, "end": 430.46, "word": " or", "probability": 0.75}, {"start": 430.46, "end": 430.6, "word": " the", "probability": 0.8876953125}, {"start": 430.6, "end": 430.8, "word": " fifth", "probability": 0.89013671875}, {"start": 430.8, "end": 431.36, "word": " cases", "probability": 0.64111328125}, {"start": 431.36, "end": 432.78, "word": " for", "probability": 0.8984375}, {"start": 432.78, "end": 433.06, "word": " the", "probability": 0.8857421875}, {"start": 433.06, "end": 433.36, "word": " price", "probability": 0.86328125}, {"start": 433.36, "end": 433.96, "word": "-elasticity", "probability": 0.71490478515625}, {"start": 433.96, "end": 434.38, "word": " supply.", "probability": 0.869140625}, {"start": 435.82, "end": 436.48, "word": " So", "probability": 0.974609375}, {"start": 436.48, "end": 436.7, "word": " far,", "probability": 0.9482421875}, {"start": 436.8, "end": 436.84, "word": " I", "probability": 0.98388671875}, {"start": 436.84, "end": 437.02, "word": " think", "probability": 0.92333984375}, {"start": 437.02, "end": 437.28, "word": " it's", "probability": 0.679931640625}, {"start": 437.28, "end": 437.4, "word": " so", "probability": 0.65869140625}, {"start": 437.4, "end": 437.6, "word": " good.", "probability": 0.921875}, {"start": 438.34, "end": 438.52, "word": " It's", "probability": 0.96728515625}, {"start": 438.52, "end": 438.76, "word": " clear.", "probability": 0.85546875}], "temperature": 1.0}, {"id": 16, "seek": 46989, "start": 441.57, "end": 469.89, "text": " If the price of chocolate increased by 20%, hence or therefore, the quad supplied increased by 5%.", "tokens": [759, 264, 3218, 295, 6215, 6505, 538, 945, 8923, 16678, 420, 4412, 11, 264, 10787, 27625, 6505, 538, 1025, 6856], "avg_logprob": -0.2888764937718709, "compression_ratio": 1.1647058823529413, "no_speech_prob": 0.0, "words": [{"start": 441.57, "end": 441.87, "word": " If", "probability": 0.4599609375}, {"start": 441.87, "end": 442.01, "word": " the", "probability": 0.92529296875}, {"start": 442.01, "end": 442.39, "word": " price", "probability": 0.92626953125}, {"start": 442.39, "end": 445.95, "word": " of", "probability": 0.88671875}, {"start": 445.95, "end": 448.21, "word": " chocolate", "probability": 0.765625}, {"start": 448.21, "end": 454.03, "word": " increased", "probability": 0.7041015625}, {"start": 454.03, "end": 455.07, "word": " by", "probability": 0.974609375}, {"start": 455.07, "end": 456.47, "word": " 20%,", "probability": 0.726318359375}, {"start": 456.47, "end": 457.99, "word": " hence", "probability": 0.87646484375}, {"start": 457.99, "end": 458.27, "word": " or", "probability": 0.6845703125}, {"start": 458.27, "end": 458.73, "word": " therefore,", "probability": 0.8154296875}, {"start": 459.65, "end": 459.83, "word": " the", "probability": 0.92529296875}, {"start": 459.83, "end": 460.15, "word": " quad", "probability": 0.16455078125}, {"start": 460.15, "end": 460.73, "word": " supplied", "probability": 0.81884765625}, {"start": 460.73, "end": 466.01, "word": " increased", "probability": 0.91748046875}, {"start": 466.01, "end": 466.91, "word": " by", "probability": 0.974609375}, {"start": 466.91, "end": 469.89, "word": " 5%.", "probability": 0.838623046875}], "temperature": 1.0}, {"id": 17, "seek": 49904, "start": 470.78, "end": 499.04, "text": " Or 50%. Calculate the price elasticity of supply. Calculate the price elasticity of supply. P, price elasticity of supply, equals change in the quant supplied percent over change in the percentage change in price.", "tokens": [1610, 2625, 6856, 3511, 2444, 473, 264, 3218, 46260, 295, 5847, 13, 3511, 2444, 473, 264, 3218, 46260, 295, 5847, 13, 430, 11, 3218, 46260, 295, 5847, 11, 6915, 1319, 294, 264, 4426, 27625, 3043, 670, 1319, 294, 264, 9668, 1319, 294, 3218, 13], "avg_logprob": -0.26614582538604736, "compression_ratio": 1.8938053097345133, "no_speech_prob": 0.0, "words": [{"start": 470.78, "end": 471.0, "word": " Or", "probability": 0.431396484375}, {"start": 471.0, "end": 472.26, "word": " 50%.", "probability": 0.6060791015625}, {"start": 472.26, "end": 481.1, "word": " Calculate", "probability": 0.9773763020833334}, {"start": 481.1, "end": 481.28, "word": " the", "probability": 0.912109375}, {"start": 481.28, "end": 481.56, "word": " price", "probability": 0.9111328125}, {"start": 481.56, "end": 481.96, "word": " elasticity", "probability": 0.93017578125}, {"start": 481.96, "end": 482.28, "word": " of", "probability": 0.9130859375}, {"start": 482.28, "end": 482.64, "word": " supply.", "probability": 0.88671875}, {"start": 483.12, "end": 483.72, "word": " Calculate", "probability": 0.857421875}, {"start": 483.72, "end": 487.14, "word": " the", "probability": 0.80126953125}, {"start": 487.14, "end": 487.56, "word": " price", "probability": 0.91796875}, {"start": 487.56, "end": 488.12, "word": " elasticity", "probability": 0.92333984375}, {"start": 488.12, "end": 488.74, "word": " of", "probability": 0.966796875}, {"start": 488.74, "end": 489.12, "word": " supply.", "probability": 0.9443359375}, {"start": 491.34, "end": 491.64, "word": " P,", "probability": 0.8994140625}, {"start": 491.92, "end": 492.54, "word": " price", "probability": 0.84912109375}, {"start": 492.54, "end": 493.0, "word": " elasticity", "probability": 0.92724609375}, {"start": 493.0, "end": 493.3, "word": " of", "probability": 0.9404296875}, {"start": 493.3, "end": 493.62, "word": " supply,", "probability": 0.93212890625}, {"start": 493.72, "end": 494.18, "word": " equals", "probability": 0.92724609375}, {"start": 494.18, "end": 494.86, "word": " change", "probability": 0.8037109375}, {"start": 494.86, "end": 494.98, "word": " in", "probability": 0.90087890625}, {"start": 494.98, "end": 495.08, "word": " the", "probability": 0.314208984375}, {"start": 495.08, "end": 495.24, "word": " quant", "probability": 0.29541015625}, {"start": 495.24, "end": 495.64, "word": " supplied", "probability": 0.5859375}, {"start": 495.64, "end": 496.38, "word": " percent", "probability": 0.734375}, {"start": 496.38, "end": 496.64, "word": " over", "probability": 0.876953125}, {"start": 496.64, "end": 497.2, "word": " change", "probability": 0.81640625}, {"start": 497.2, "end": 497.62, "word": " in", "probability": 0.313720703125}, {"start": 497.62, "end": 497.72, "word": " the", "probability": 0.552734375}, {"start": 497.72, "end": 498.0, "word": " percentage", "probability": 0.8408203125}, {"start": 498.0, "end": 498.48, "word": " change", "probability": 0.68896484375}, {"start": 498.48, "end": 498.62, "word": " in", "probability": 0.91455078125}, {"start": 498.62, "end": 499.04, "word": " price.", "probability": 0.60498046875}], "temperature": 1.0}, {"id": 18, "seek": 52341, "start": 500.93, "end": 523.41, "text": " equals here a positive 50% over positive 20%, positive 2.5. Is it bigger than one, less than one? So it's bigger here than one. So the supply here is elastic, right?", "tokens": [6915, 510, 257, 3353, 2625, 4, 670, 3353, 945, 8923, 3353, 568, 13, 20, 13, 1119, 309, 3801, 813, 472, 11, 1570, 813, 472, 30, 407, 309, 311, 3801, 510, 813, 472, 13, 407, 264, 5847, 510, 307, 17115, 11, 558, 30], "avg_logprob": -0.21856830979502478, "compression_ratio": 1.4188034188034189, "no_speech_prob": 0.0, "words": [{"start": 500.93, "end": 501.63, "word": " equals", "probability": 0.40869140625}, {"start": 501.63, "end": 502.23, "word": " here", "probability": 0.8310546875}, {"start": 502.23, "end": 504.43, "word": " a", "probability": 0.68408203125}, {"start": 504.43, "end": 504.77, "word": " positive", "probability": 0.7568359375}, {"start": 504.77, "end": 505.27, "word": " 50", "probability": 0.8427734375}, {"start": 505.27, "end": 505.77, "word": "%", "probability": 0.681640625}, {"start": 505.77, "end": 506.25, "word": " over", "probability": 0.93017578125}, {"start": 506.25, "end": 507.35, "word": " positive", "probability": 0.90625}, {"start": 507.35, "end": 508.75, "word": " 20%,", "probability": 0.6383056640625}, {"start": 508.75, "end": 510.71, "word": " positive", "probability": 0.92919921875}, {"start": 510.71, "end": 511.17, "word": " 2", "probability": 0.9921875}, {"start": 511.17, "end": 512.03, "word": ".5.", "probability": 0.997802734375}, {"start": 513.63, "end": 514.47, "word": " Is", "probability": 0.96142578125}, {"start": 514.47, "end": 514.69, "word": " it", "probability": 0.94091796875}, {"start": 514.69, "end": 515.11, "word": " bigger", "probability": 0.9404296875}, {"start": 515.11, "end": 515.41, "word": " than", "probability": 0.9384765625}, {"start": 515.41, "end": 515.67, "word": " one,", "probability": 0.54931640625}, {"start": 516.01, "end": 516.33, "word": " less", "probability": 0.916015625}, {"start": 516.33, "end": 516.65, "word": " than", "probability": 0.9384765625}, {"start": 516.65, "end": 516.95, "word": " one?", "probability": 0.93017578125}, {"start": 517.11, "end": 517.59, "word": " So", "probability": 0.33642578125}, {"start": 517.59, "end": 518.17, "word": " it's", "probability": 0.836181640625}, {"start": 518.17, "end": 518.41, "word": " bigger", "probability": 0.927734375}, {"start": 518.41, "end": 518.67, "word": " here", "probability": 0.8017578125}, {"start": 518.67, "end": 519.07, "word": " than", "probability": 0.91796875}, {"start": 519.07, "end": 519.35, "word": " one.", "probability": 0.90087890625}, {"start": 520.11, "end": 520.53, "word": " So", "probability": 0.95947265625}, {"start": 520.53, "end": 520.73, "word": " the", "probability": 0.8359375}, {"start": 520.73, "end": 521.11, "word": " supply", "probability": 0.935546875}, {"start": 521.11, "end": 521.35, "word": " here", "probability": 0.85791015625}, {"start": 521.35, "end": 521.89, "word": " is", "probability": 0.94775390625}, {"start": 521.89, "end": 522.61, "word": " elastic,", "probability": 0.9775390625}, {"start": 523.17, "end": 523.41, "word": " right?", "probability": 0.59326171875}], "temperature": 1.0}, {"id": 19, "seek": 53852, "start": 524.56, "end": 538.52, "text": " The general formula for the price elasticity of supply is the same as the price elasticity of demand. We can use the midpoint formula here, right? So the price elasticity of demand or supply", "tokens": [440, 2674, 8513, 337, 264, 3218, 46260, 295, 5847, 307, 264, 912, 382, 264, 3218, 46260, 295, 4733, 13, 492, 393, 764, 264, 2062, 6053, 8513, 510, 11, 558, 30, 407, 264, 3218, 46260, 295, 4733, 420, 5847], "avg_logprob": -0.2013221169129396, "compression_ratio": 1.6608695652173913, "no_speech_prob": 0.0, "words": [{"start": 524.56, "end": 524.78, "word": " The", "probability": 0.82666015625}, {"start": 524.78, "end": 525.12, "word": " general", "probability": 0.90576171875}, {"start": 525.12, "end": 525.6, "word": " formula", "probability": 0.91357421875}, {"start": 525.6, "end": 526.28, "word": " for", "probability": 0.93310546875}, {"start": 526.28, "end": 526.46, "word": " the", "probability": 0.8974609375}, {"start": 526.46, "end": 526.76, "word": " price", "probability": 0.9072265625}, {"start": 526.76, "end": 527.14, "word": " elasticity", "probability": 0.285400390625}, {"start": 527.14, "end": 527.44, "word": " of", "probability": 0.8935546875}, {"start": 527.44, "end": 527.86, "word": " supply", "probability": 0.92578125}, {"start": 527.86, "end": 528.2, "word": " is", "probability": 0.9248046875}, {"start": 528.2, "end": 528.5, "word": " the", "probability": 0.91845703125}, {"start": 528.5, "end": 529.0, "word": " same", "probability": 0.9150390625}, {"start": 529.0, "end": 529.78, "word": " as", "probability": 0.96337890625}, {"start": 529.78, "end": 530.64, "word": " the", "probability": 0.8681640625}, {"start": 530.64, "end": 530.94, "word": " price", "probability": 0.9208984375}, {"start": 530.94, "end": 531.3, "word": " elasticity", "probability": 0.94189453125}, {"start": 531.3, "end": 531.58, "word": " of", "probability": 0.94384765625}, {"start": 531.58, "end": 531.9, "word": " demand.", "probability": 0.90234375}, {"start": 531.98, "end": 532.12, "word": " We", "probability": 0.931640625}, {"start": 532.12, "end": 532.38, "word": " can", "probability": 0.9482421875}, {"start": 532.38, "end": 532.86, "word": " use", "probability": 0.87939453125}, {"start": 532.86, "end": 533.3, "word": " the", "probability": 0.9228515625}, {"start": 533.3, "end": 533.72, "word": " midpoint", "probability": 0.921630859375}, {"start": 533.72, "end": 534.14, "word": " formula", "probability": 0.88330078125}, {"start": 534.14, "end": 534.54, "word": " here,", "probability": 0.85302734375}, {"start": 535.38, "end": 535.6, "word": " right?", "probability": 0.487060546875}, {"start": 535.98, "end": 536.34, "word": " So", "probability": 0.96435546875}, {"start": 536.34, "end": 536.54, "word": " the", "probability": 0.62158203125}, {"start": 536.54, "end": 536.86, "word": " price", "probability": 0.91943359375}, {"start": 536.86, "end": 537.18, "word": " elasticity", "probability": 0.908203125}, {"start": 537.18, "end": 537.48, "word": " of", "probability": 0.93310546875}, {"start": 537.48, "end": 537.82, "word": " demand", "probability": 0.6787109375}, {"start": 537.82, "end": 538.1, "word": " or", "probability": 0.572265625}, {"start": 538.1, "end": 538.52, "word": " supply", "probability": 0.92919921875}], "temperature": 1.0}, {"id": 20, "seek": 56004, "start": 540.84, "end": 560.04, "text": " equals Q2QS2 minus QS1 over P2 minus P1 times the sum of prices P2 plus P1 over QS2 plus QS1. That's it. This is the multipoint formula to calculate the price elasticity of supply. Okay?", "tokens": [6915, 1249, 17, 48, 50, 17, 3175, 1249, 50, 16, 670, 430, 17, 3175, 430, 16, 1413, 264, 2408, 295, 7901, 430, 17, 1804, 430, 16, 670, 1249, 50, 17, 1804, 1249, 50, 16, 13, 663, 311, 309, 13, 639, 307, 264, 3311, 3600, 8513, 281, 8873, 264, 3218, 46260, 295, 5847, 13, 1033, 30], "avg_logprob": -0.14341517351567745, "compression_ratio": 1.385185185185185, "no_speech_prob": 0.0, "words": [{"start": 540.8400000000001, "end": 541.6400000000001, "word": " equals", "probability": 0.59814453125}, {"start": 541.6400000000001, "end": 542.44, "word": " Q2QS2", "probability": 0.73388671875}, {"start": 542.44, "end": 542.74, "word": " minus", "probability": 0.8701171875}, {"start": 542.74, "end": 543.74, "word": " QS1", "probability": 0.9716796875}, {"start": 543.74, "end": 544.24, "word": " over", "probability": 0.90673828125}, {"start": 544.24, "end": 545.4, "word": " P2", "probability": 0.9765625}, {"start": 545.4, "end": 545.8, "word": " minus", "probability": 0.9765625}, {"start": 545.8, "end": 546.38, "word": " P1", "probability": 0.991943359375}, {"start": 546.38, "end": 546.94, "word": " times", "probability": 0.9072265625}, {"start": 546.94, "end": 547.64, "word": " the", "probability": 0.88916015625}, {"start": 547.64, "end": 547.94, "word": " sum", "probability": 0.9423828125}, {"start": 547.94, "end": 548.14, "word": " of", "probability": 0.96923828125}, {"start": 548.14, "end": 548.6, "word": " prices", "probability": 0.84619140625}, {"start": 548.6, "end": 549.62, "word": " P2", "probability": 0.956298828125}, {"start": 549.62, "end": 550.16, "word": " plus", "probability": 0.95751953125}, {"start": 550.16, "end": 550.8, "word": " P1", "probability": 0.9951171875}, {"start": 550.8, "end": 551.4, "word": " over", "probability": 0.91455078125}, {"start": 551.4, "end": 552.74, "word": " QS2", "probability": 0.9825846354166666}, {"start": 552.74, "end": 553.1, "word": " plus", "probability": 0.95849609375}, {"start": 553.1, "end": 554.46, "word": " QS1.", "probability": 0.9886067708333334}, {"start": 554.56, "end": 554.84, "word": " That's", "probability": 0.92578125}, {"start": 554.84, "end": 555.0, "word": " it.", "probability": 0.951171875}, {"start": 555.62, "end": 555.8, "word": " This", "probability": 0.66650390625}, {"start": 555.8, "end": 555.9, "word": " is", "probability": 0.890625}, {"start": 555.9, "end": 556.04, "word": " the", "probability": 0.85888671875}, {"start": 556.04, "end": 556.4, "word": " multipoint", "probability": 0.667236328125}, {"start": 556.4, "end": 556.76, "word": " formula", "probability": 0.8984375}, {"start": 556.76, "end": 557.06, "word": " to", "probability": 0.9609375}, {"start": 557.06, "end": 557.44, "word": " calculate", "probability": 0.927734375}, {"start": 557.44, "end": 557.72, "word": " the", "probability": 0.90673828125}, {"start": 557.72, "end": 557.98, "word": " price", "probability": 0.86083984375}, {"start": 557.98, "end": 558.44, "word": " elasticity", "probability": 0.6865234375}, {"start": 558.44, "end": 558.72, "word": " of", "probability": 0.94482421875}, {"start": 558.72, "end": 559.06, "word": " supply.", "probability": 0.79052734375}, {"start": 559.84, "end": 560.04, "word": " Okay?", "probability": 0.7373046875}], "temperature": 1.0}, {"id": 21, "seek": 59598, "start": 567.62, "end": 595.98, "text": " We have five graphs shows the different shapes of the supply curve. We have five cases for the", "tokens": [492, 362, 1732, 24877, 3110, 264, 819, 10854, 295, 264, 5847, 7605, 13, 492, 362, 1732, 3331, 337, 264], "avg_logprob": -0.21640624552965165, "compression_ratio": 1.2025316455696202, "no_speech_prob": 0.0, "words": [{"start": 567.62, "end": 567.84, "word": " We", "probability": 0.87548828125}, {"start": 567.84, "end": 568.16, "word": " have", "probability": 0.9521484375}, {"start": 568.16, "end": 568.64, "word": " five", "probability": 0.85595703125}, {"start": 568.64, "end": 569.24, "word": " graphs", "probability": 0.95458984375}, {"start": 569.24, "end": 570.7, "word": " shows", "probability": 0.331298828125}, {"start": 570.7, "end": 572.3, "word": " the", "probability": 0.845703125}, {"start": 572.3, "end": 572.74, "word": " different", "probability": 0.86669921875}, {"start": 572.74, "end": 573.26, "word": " shapes", "probability": 0.88671875}, {"start": 573.26, "end": 573.58, "word": " of", "probability": 0.9638671875}, {"start": 573.58, "end": 573.74, "word": " the", "probability": 0.77734375}, {"start": 573.74, "end": 574.16, "word": " supply", "probability": 0.94677734375}, {"start": 574.16, "end": 574.7, "word": " curve.", "probability": 0.95556640625}, {"start": 579.26, "end": 580.3, "word": " We", "probability": 0.410400390625}, {"start": 580.3, "end": 593.34, "word": " have", "probability": 0.94921875}, {"start": 593.34, "end": 593.94, "word": " five", "probability": 0.9091796875}, {"start": 593.94, "end": 594.44, "word": " cases", "probability": 0.923828125}, {"start": 594.44, "end": 594.86, "word": " for", "probability": 0.701171875}, {"start": 594.86, "end": 595.98, "word": " the", "probability": 0.84033203125}], "temperature": 1.0}, {"id": 22, "seek": 59865, "start": 596.75, "end": 598.65, "text": " Demand curve a supply curve", "tokens": [4686, 474, 7605, 257, 5847, 7605], "avg_logprob": -0.4589843579701015, "compression_ratio": 0.9032258064516129, "no_speech_prob": 0.0, "words": [{"start": 596.75, "end": 597.33, "word": " Demand", "probability": 0.753662109375}, {"start": 597.33, "end": 597.67, "word": " curve", "probability": 0.7587890625}, {"start": 597.67, "end": 598.01, "word": " a", "probability": 0.3330078125}, {"start": 598.01, "end": 598.37, "word": " supply", "probability": 0.6787109375}, {"start": 598.37, "end": 598.65, "word": " curve", "probability": 0.95703125}], "temperature": 1.0}, {"id": 23, "seek": 63580, "start": 634.75, "end": 635.81, "text": " Keep silent, please.", "tokens": [5527, 12784, 11, 1767, 13], "avg_logprob": -0.2472330629825592, "compression_ratio": 0.7241379310344828, "no_speech_prob": 0.0, "words": [{"start": 634.75, "end": 635.05, "word": " Keep", "probability": 0.841796875}, {"start": 635.05, "end": 635.33, "word": " silent,", "probability": 0.9541015625}, {"start": 635.49, "end": 635.81, "word": " please.", "probability": 0.82763671875}], "temperature": 1.0}, {"id": 24, "seek": 68697, "start": 685.57, "end": 686.97, "text": " Okay.", "tokens": [1033, 13], "avg_logprob": -1.0833333333333333, "compression_ratio": 0.42857142857142855, "no_speech_prob": 0.004329681396484375, "words": [{"start": 685.57, "end": 686.97, "word": " Okay.", "probability": 0.0406494140625}], "temperature": 1.0}, {"id": 25, "seek": 70048, "start": 698.28, "end": 700.48, "text": " Yeah. Yeah.", "tokens": [865, 13, 865, 13], "avg_logprob": -1.09296875, "compression_ratio": 0.75, "no_speech_prob": 0.0005908012390136719, "words": [{"start": 698.28, "end": 699.38, "word": " Yeah.", "probability": 0.06500244140625}, {"start": 699.38, "end": 700.48, "word": " Yeah.", "probability": 0.27685546875}], "temperature": 1.0}, {"id": 26, "seek": 84535, "start": 844.19, "end": 845.35, "text": " Come on, get up and let's see.", "tokens": [2492, 322, 11, 483, 493, 293, 718, 311, 536, 13], "avg_logprob": -0.7698863744735718, "compression_ratio": 0.7948717948717948, "no_speech_prob": 0.0, "words": [{"start": 844.19, "end": 844.41, "word": " Come", "probability": 0.1220703125}, {"start": 844.41, "end": 844.49, "word": " on,", "probability": 0.884765625}, {"start": 844.55, "end": 844.59, "word": " get", "probability": 0.10833740234375}, {"start": 844.59, "end": 844.73, "word": " up", "probability": 0.7587890625}, {"start": 844.73, "end": 844.87, "word": " and", "probability": 0.399169921875}, {"start": 844.87, "end": 845.19, "word": " let's", "probability": 0.6607666015625}, {"start": 845.19, "end": 845.35, "word": " see.", "probability": 0.591796875}], "temperature": 1.0}, {"id": 27, "seek": 92488, "start": 917.66, "end": 924.88, "text": " When you're finished, okay. Now, okay. Continue.", "tokens": [1133, 291, 434, 4335, 11, 1392, 13, 823, 11, 1392, 13, 24472, 13], "avg_logprob": -0.5326451148305621, "compression_ratio": 0.98, "no_speech_prob": 0.0, "words": [{"start": 917.66, "end": 917.88, "word": " When", "probability": 0.1611328125}, {"start": 917.88, "end": 918.02, "word": " you're", "probability": 0.4510498046875}, {"start": 918.02, "end": 918.38, "word": " finished,", "probability": 0.83447265625}, {"start": 919.3, "end": 919.7, "word": " okay.", "probability": 0.69140625}, {"start": 921.54, "end": 921.88, "word": " Now,", "probability": 0.54443359375}, {"start": 922.04, "end": 922.34, "word": " okay.", "probability": 0.91748046875}, {"start": 924.34, "end": 924.88, "word": " Continue.", "probability": 0.8876953125}], "temperature": 1.0}, {"id": 28, "seek": 95570, "start": 951.78, "end": 955.7, "text": " Shall we start? Not yet.", "tokens": [12128, 321, 722, 30, 1726, 1939, 13], "avg_logprob": -0.3408203162252903, "compression_ratio": 0.7575757575757576, "no_speech_prob": 0.0, "words": [{"start": 951.78, "end": 952.08, "word": " Shall", "probability": 0.69140625}, {"start": 952.08, "end": 952.3, "word": " we", "probability": 0.978515625}, {"start": 952.3, "end": 952.56, "word": " start?", "probability": 0.8359375}, {"start": 954.98, "end": 955.3, "word": " Not", "probability": 0.2174072265625}, {"start": 955.3, "end": 955.7, "word": " yet.", "probability": 0.95849609375}], "temperature": 1.0}, {"id": 29, "seek": 100858, "start": 981.34, "end": 1008.58, "text": " Okay, as you see here, we have five graphs that show the different shapes for the supply curve. The first graph, here we have a supply curve which is close to the horizontal axis as the price goes up by 20%.", "tokens": [1033, 11, 382, 291, 536, 510, 11, 321, 362, 1732, 24877, 300, 855, 264, 819, 10854, 337, 264, 5847, 7605, 13, 440, 700, 4295, 11, 510, 321, 362, 257, 5847, 7605, 597, 307, 1998, 281, 264, 12750, 10298, 382, 264, 3218, 1709, 493, 538, 945, 6856], "avg_logprob": -0.14162234676645158, "compression_ratio": 1.4344827586206896, "no_speech_prob": 0.0, "words": [{"start": 981.34, "end": 982.22, "word": " Okay,", "probability": 0.765625}, {"start": 983.04, "end": 983.72, "word": " as", "probability": 0.95361328125}, {"start": 983.72, "end": 983.98, "word": " you", "probability": 0.966796875}, {"start": 983.98, "end": 984.18, "word": " see", "probability": 0.9208984375}, {"start": 984.18, "end": 984.66, "word": " here,", "probability": 0.865234375}, {"start": 985.02, "end": 985.2, "word": " we", "probability": 0.96240234375}, {"start": 985.2, "end": 985.56, "word": " have", "probability": 0.95068359375}, {"start": 985.56, "end": 986.2, "word": " five", "probability": 0.88818359375}, {"start": 986.2, "end": 986.68, "word": " graphs", "probability": 0.94287109375}, {"start": 986.68, "end": 988.06, "word": " that", "probability": 0.84765625}, {"start": 988.06, "end": 988.4, "word": " show", "probability": 0.935546875}, {"start": 988.4, "end": 989.26, "word": " the", "probability": 0.9111328125}, {"start": 989.26, "end": 990.12, "word": " different", "probability": 0.8798828125}, {"start": 990.12, "end": 990.58, "word": " shapes", "probability": 0.90087890625}, {"start": 990.58, "end": 990.92, "word": " for", "probability": 0.939453125}, {"start": 990.92, "end": 991.3, "word": " the", "probability": 0.9130859375}, {"start": 991.3, "end": 992.5, "word": " supply", "probability": 0.94287109375}, {"start": 992.5, "end": 993.04, "word": " curve.", "probability": 0.9619140625}, {"start": 993.86, "end": 994.02, "word": " The", "probability": 0.65771484375}, {"start": 994.02, "end": 994.46, "word": " first", "probability": 0.8818359375}, {"start": 994.46, "end": 995.46, "word": " graph,", "probability": 0.9384765625}, {"start": 995.68, "end": 995.8, "word": " here", "probability": 0.85791015625}, {"start": 995.8, "end": 995.98, "word": " we", "probability": 0.8984375}, {"start": 995.98, "end": 996.42, "word": " have", "probability": 0.94580078125}, {"start": 996.42, "end": 997.8, "word": " a", "probability": 0.966796875}, {"start": 997.8, "end": 998.16, "word": " supply", "probability": 0.9541015625}, {"start": 998.16, "end": 998.56, "word": " curve", "probability": 0.958984375}, {"start": 998.56, "end": 999.0, "word": " which", "probability": 0.7568359375}, {"start": 999.0, "end": 999.76, "word": " is", "probability": 0.9453125}, {"start": 999.76, "end": 1000.28, "word": " close", "probability": 0.6865234375}, {"start": 1000.28, "end": 1000.66, "word": " to", "probability": 0.96826171875}, {"start": 1000.66, "end": 1000.92, "word": " the", "probability": 0.9169921875}, {"start": 1000.92, "end": 1001.42, "word": " horizontal", "probability": 0.85546875}, {"start": 1001.42, "end": 1001.94, "word": " axis", "probability": 0.95947265625}, {"start": 1001.94, "end": 1005.1, "word": " as", "probability": 0.4873046875}, {"start": 1005.1, "end": 1005.28, "word": " the", "probability": 0.9189453125}, {"start": 1005.28, "end": 1005.7, "word": " price", "probability": 0.908203125}, {"start": 1005.7, "end": 1006.48, "word": " goes", "probability": 0.94287109375}, {"start": 1006.48, "end": 1006.9, "word": " up", "probability": 0.96923828125}, {"start": 1006.9, "end": 1007.62, "word": " by", "probability": 0.9736328125}, {"start": 1007.62, "end": 1008.58, "word": " 20%.", "probability": 0.7919921875}], "temperature": 1.0}, {"id": 30, "seek": 103689, "start": 1009.97, "end": 1036.89, "text": " We have a movement from point A to point B here. The quant supplied goes up by 50%. Let's calculate the price elasticity of supply, PES. The percentage change in quant supplied over the percentage change in price equals positive 50% over positive 20%.", "tokens": [492, 362, 257, 3963, 490, 935, 316, 281, 935, 363, 510, 13, 440, 4426, 27625, 1709, 493, 538, 2625, 6856, 961, 311, 8873, 264, 3218, 806, 525, 44198, 295, 5847, 11, 430, 2358, 13, 440, 9668, 1319, 294, 4426, 27625, 670, 264, 9668, 1319, 294, 3218, 6915, 3353, 2625, 4, 670, 3353, 945, 6856], "avg_logprob": -0.171732957796617, "compression_ratio": 1.5460122699386503, "no_speech_prob": 0.0, "words": [{"start": 1009.97, "end": 1010.17, "word": " We", "probability": 0.5546875}, {"start": 1010.17, "end": 1010.35, "word": " have", "probability": 0.94873046875}, {"start": 1010.35, "end": 1010.51, "word": " a", "probability": 0.97412109375}, {"start": 1010.51, "end": 1010.87, "word": " movement", "probability": 0.9443359375}, {"start": 1010.87, "end": 1011.43, "word": " from", "probability": 0.8759765625}, {"start": 1011.43, "end": 1011.71, "word": " point", "probability": 0.90966796875}, {"start": 1011.71, "end": 1012.09, "word": " A", "probability": 0.84521484375}, {"start": 1012.09, "end": 1012.25, "word": " to", "probability": 0.95166015625}, {"start": 1012.25, "end": 1012.49, "word": " point", "probability": 0.96044921875}, {"start": 1012.49, "end": 1012.79, "word": " B", "probability": 0.9921875}, {"start": 1012.79, "end": 1013.17, "word": " here.", "probability": 0.80615234375}, {"start": 1013.85, "end": 1013.97, "word": " The", "probability": 0.880859375}, {"start": 1013.97, "end": 1014.15, "word": " quant", "probability": 0.320556640625}, {"start": 1014.15, "end": 1014.51, "word": " supplied", "probability": 0.76171875}, {"start": 1014.51, "end": 1015.09, "word": " goes", "probability": 0.93994140625}, {"start": 1015.09, "end": 1015.43, "word": " up", "probability": 0.970703125}, {"start": 1015.43, "end": 1015.91, "word": " by", "probability": 0.97021484375}, {"start": 1015.91, "end": 1017.31, "word": " 50%.", "probability": 0.8017578125}, {"start": 1017.31, "end": 1018.91, "word": " Let's", "probability": 0.9736328125}, {"start": 1018.91, "end": 1019.27, "word": " calculate", "probability": 0.91162109375}, {"start": 1019.27, "end": 1019.47, "word": " the", "probability": 0.9189453125}, {"start": 1019.47, "end": 1019.69, "word": " price", "probability": 0.89111328125}, {"start": 1019.69, "end": 1020.19, "word": " elasticity", "probability": 0.5950520833333334}, {"start": 1020.19, "end": 1020.37, "word": " of", "probability": 0.75634765625}, {"start": 1020.37, "end": 1020.71, "word": " supply,", "probability": 0.84228515625}, {"start": 1020.91, "end": 1021.67, "word": " PES.", "probability": 0.814697265625}, {"start": 1024.79, "end": 1025.53, "word": " The", "probability": 0.8857421875}, {"start": 1025.53, "end": 1025.93, "word": " percentage", "probability": 0.7841796875}, {"start": 1025.93, "end": 1026.39, "word": " change", "probability": 0.86328125}, {"start": 1026.39, "end": 1026.51, "word": " in", "probability": 0.8046875}, {"start": 1026.51, "end": 1026.77, "word": " quant", "probability": 0.86474609375}, {"start": 1026.77, "end": 1027.37, "word": " supplied", "probability": 0.84033203125}, {"start": 1027.37, "end": 1027.71, "word": " over", "probability": 0.888671875}, {"start": 1027.71, "end": 1027.91, "word": " the", "probability": 0.912109375}, {"start": 1027.91, "end": 1028.87, "word": " percentage", "probability": 0.81103515625}, {"start": 1028.87, "end": 1029.37, "word": " change", "probability": 0.88427734375}, {"start": 1029.37, "end": 1029.51, "word": " in", "probability": 0.92333984375}, {"start": 1029.51, "end": 1029.85, "word": " price", "probability": 0.89453125}, {"start": 1029.85, "end": 1030.85, "word": " equals", "probability": 0.9052734375}, {"start": 1030.85, "end": 1032.37, "word": " positive", "probability": 0.87646484375}, {"start": 1032.37, "end": 1033.47, "word": " 50", "probability": 0.95849609375}, {"start": 1033.47, "end": 1034.29, "word": "%", "probability": 0.97314453125}, {"start": 1034.29, "end": 1034.97, "word": " over", "probability": 0.90478515625}, {"start": 1034.97, "end": 1036.07, "word": " positive", "probability": 0.93798828125}, {"start": 1036.07, "end": 1036.89, "word": " 20%.", "probability": 0.959228515625}], "temperature": 1.0}, {"id": 31, "seek": 106356, "start": 1038.08, "end": 1063.56, "text": " equals positive 2.5. The absolute value or the value price in a system supply here is bigger than 1. So it should be elastic supply. The price might be increased due to the increasing in demand. The increasing here,", "tokens": [6915, 3353, 568, 13, 20, 13, 440, 8236, 2158, 420, 264, 2158, 3218, 294, 257, 1185, 5847, 510, 307, 3801, 813, 502, 13, 407, 309, 820, 312, 17115, 5847, 13, 440, 3218, 1062, 312, 6505, 3462, 281, 264, 5662, 294, 4733, 13, 440, 5662, 510, 11], "avg_logprob": -0.16713763551509125, "compression_ratio": 1.5, "no_speech_prob": 0.0, "words": [{"start": 1038.08, "end": 1038.56, "word": " equals", "probability": 0.496337890625}, {"start": 1038.56, "end": 1039.04, "word": " positive", "probability": 0.87548828125}, {"start": 1039.04, "end": 1039.38, "word": " 2", "probability": 0.98046875}, {"start": 1039.38, "end": 1040.08, "word": ".5.", "probability": 0.99658203125}, {"start": 1040.92, "end": 1041.24, "word": " The", "probability": 0.8955078125}, {"start": 1041.24, "end": 1041.66, "word": " absolute", "probability": 0.89208984375}, {"start": 1041.66, "end": 1042.12, "word": " value", "probability": 0.96923828125}, {"start": 1042.12, "end": 1042.36, "word": " or", "probability": 0.87255859375}, {"start": 1042.36, "end": 1042.52, "word": " the", "probability": 0.9228515625}, {"start": 1042.52, "end": 1042.8, "word": " value", "probability": 0.9658203125}, {"start": 1042.8, "end": 1043.14, "word": " price", "probability": 0.467041015625}, {"start": 1043.14, "end": 1043.28, "word": " in", "probability": 0.388916015625}, {"start": 1043.28, "end": 1043.36, "word": " a", "probability": 0.74072265625}, {"start": 1043.36, "end": 1043.58, "word": " system", "probability": 0.92431640625}, {"start": 1043.58, "end": 1044.04, "word": " supply", "probability": 0.72314453125}, {"start": 1044.04, "end": 1044.32, "word": " here", "probability": 0.84814453125}, {"start": 1044.32, "end": 1044.64, "word": " is", "probability": 0.91796875}, {"start": 1044.64, "end": 1045.0, "word": " bigger", "probability": 0.95068359375}, {"start": 1045.0, "end": 1045.3, "word": " than", "probability": 0.947265625}, {"start": 1045.3, "end": 1045.56, "word": " 1.", "probability": 0.4990234375}, {"start": 1045.72, "end": 1045.88, "word": " So", "probability": 0.9638671875}, {"start": 1045.88, "end": 1046.02, "word": " it", "probability": 0.89208984375}, {"start": 1046.02, "end": 1046.18, "word": " should", "probability": 0.96484375}, {"start": 1046.18, "end": 1046.56, "word": " be", "probability": 0.955078125}, {"start": 1046.56, "end": 1048.32, "word": " elastic", "probability": 0.822265625}, {"start": 1048.32, "end": 1048.78, "word": " supply.", "probability": 0.95849609375}, {"start": 1053.72, "end": 1054.52, "word": " The", "probability": 0.88232421875}, {"start": 1054.52, "end": 1054.98, "word": " price", "probability": 0.91064453125}, {"start": 1054.98, "end": 1055.92, "word": " might", "probability": 0.873046875}, {"start": 1055.92, "end": 1056.14, "word": " be", "probability": 0.87744140625}, {"start": 1056.14, "end": 1056.8, "word": " increased", "probability": 0.9560546875}, {"start": 1056.8, "end": 1057.28, "word": " due", "probability": 0.9462890625}, {"start": 1057.28, "end": 1058.02, "word": " to", "probability": 0.97021484375}, {"start": 1058.02, "end": 1058.86, "word": " the", "probability": 0.91259765625}, {"start": 1058.86, "end": 1059.42, "word": " increasing", "probability": 0.90380859375}, {"start": 1059.42, "end": 1059.62, "word": " in", "probability": 0.92333984375}, {"start": 1059.62, "end": 1060.02, "word": " demand.", "probability": 0.9111328125}, {"start": 1061.76, "end": 1062.1, "word": " The", "probability": 0.64208984375}, {"start": 1062.1, "end": 1063.16, "word": " increasing", "probability": 0.94189453125}, {"start": 1063.16, "end": 1063.56, "word": " here,", "probability": 0.86572265625}], "temperature": 1.0}, {"id": 32, "seek": 109367, "start": 1064.63, "end": 1093.67, "text": " And the price might be increased due to the change or the increasing in demand. Like here, let us assume here that demand curve is here. This is the demand curve, one. And demand increased to D2 here, which leads to an increase in prices and increase in quantity.", "tokens": [400, 264, 3218, 1062, 312, 6505, 3462, 281, 264, 1319, 420, 264, 5662, 294, 4733, 13, 1743, 510, 11, 718, 505, 6552, 510, 300, 4733, 7605, 307, 510, 13, 639, 307, 264, 4733, 7605, 11, 472, 13, 400, 4733, 6505, 281, 413, 17, 510, 11, 597, 6689, 281, 364, 3488, 294, 7901, 293, 3488, 294, 11275, 13], "avg_logprob": -0.230199353962109, "compression_ratio": 1.6708860759493671, "no_speech_prob": 0.0, "words": [{"start": 1064.63, "end": 1064.89, "word": " And", "probability": 0.417236328125}, {"start": 1064.89, "end": 1065.01, "word": " the", "probability": 0.7509765625}, {"start": 1065.01, "end": 1065.41, "word": " price", "probability": 0.92578125}, {"start": 1065.41, "end": 1066.21, "word": " might", "probability": 0.8876953125}, {"start": 1066.21, "end": 1066.95, "word": " be", "probability": 0.9287109375}, {"start": 1066.95, "end": 1067.63, "word": " increased", "probability": 0.9599609375}, {"start": 1067.63, "end": 1068.03, "word": " due", "probability": 0.916015625}, {"start": 1068.03, "end": 1068.23, "word": " to", "probability": 0.9677734375}, {"start": 1068.23, "end": 1068.45, "word": " the", "probability": 0.5732421875}, {"start": 1068.45, "end": 1068.91, "word": " change", "probability": 0.8984375}, {"start": 1068.91, "end": 1069.09, "word": " or", "probability": 0.8984375}, {"start": 1069.09, "end": 1069.21, "word": " the", "probability": 0.7412109375}, {"start": 1069.21, "end": 1069.73, "word": " increasing", "probability": 0.5908203125}, {"start": 1069.73, "end": 1069.91, "word": " in", "probability": 0.69482421875}, {"start": 1069.91, "end": 1070.37, "word": " demand.", "probability": 0.78271484375}, {"start": 1070.93, "end": 1071.25, "word": " Like", "probability": 0.79638671875}, {"start": 1071.25, "end": 1071.51, "word": " here,", "probability": 0.84130859375}, {"start": 1071.85, "end": 1072.01, "word": " let", "probability": 0.9345703125}, {"start": 1072.01, "end": 1072.15, "word": " us", "probability": 0.798828125}, {"start": 1072.15, "end": 1072.51, "word": " assume", "probability": 0.91259765625}, {"start": 1072.51, "end": 1072.73, "word": " here", "probability": 0.736328125}, {"start": 1072.73, "end": 1072.95, "word": " that", "probability": 0.6005859375}, {"start": 1072.95, "end": 1073.31, "word": " demand", "probability": 0.6494140625}, {"start": 1073.31, "end": 1073.67, "word": " curve", "probability": 0.92431640625}, {"start": 1073.67, "end": 1074.63, "word": " is", "probability": 0.93896484375}, {"start": 1074.63, "end": 1075.23, "word": " here.", "probability": 0.84765625}, {"start": 1078.91, "end": 1079.61, "word": " This", "probability": 0.85107421875}, {"start": 1079.61, "end": 1079.71, "word": " is", "probability": 0.9453125}, {"start": 1079.71, "end": 1079.83, "word": " the", "probability": 0.83837890625}, {"start": 1079.83, "end": 1080.15, "word": " demand", "probability": 0.91552734375}, {"start": 1080.15, "end": 1080.51, "word": " curve,", "probability": 0.9228515625}, {"start": 1080.67, "end": 1080.85, "word": " one.", "probability": 0.61669921875}, {"start": 1083.35, "end": 1083.79, "word": " And", "probability": 0.9140625}, {"start": 1083.79, "end": 1084.59, "word": " demand", "probability": 0.869140625}, {"start": 1084.59, "end": 1085.39, "word": " increased", "probability": 0.61083984375}, {"start": 1085.39, "end": 1085.85, "word": " to", "probability": 0.95361328125}, {"start": 1085.85, "end": 1086.53, "word": " D2", "probability": 0.84130859375}, {"start": 1086.53, "end": 1086.87, "word": " here,", "probability": 0.83203125}, {"start": 1087.47, "end": 1089.87, "word": " which", "probability": 0.9501953125}, {"start": 1089.87, "end": 1090.27, "word": " leads", "probability": 0.8935546875}, {"start": 1090.27, "end": 1090.63, "word": " to", "probability": 0.9697265625}, {"start": 1090.63, "end": 1090.99, "word": " an", "probability": 0.8232421875}, {"start": 1090.99, "end": 1091.37, "word": " increase", "probability": 0.421142578125}, {"start": 1091.37, "end": 1091.51, "word": " in", "probability": 0.93896484375}, {"start": 1091.51, "end": 1091.99, "word": " prices", "probability": 0.6591796875}, {"start": 1091.99, "end": 1092.51, "word": " and", "probability": 0.65869140625}, {"start": 1092.51, "end": 1092.89, "word": " increase", "probability": 0.61328125}, {"start": 1092.89, "end": 1093.05, "word": " in", "probability": 0.93896484375}, {"start": 1093.05, "end": 1093.67, "word": " quantity.", "probability": 0.97705078125}], "temperature": 1.0}, {"id": 33, "seek": 112125, "start": 1094.75, "end": 1121.25, "text": " demand, the quantity, the equilibrium quantity, okay? So, if supply is close to the horizontal axis, the price elasticity of supply is elastic, right? Number two here. The supply curve is close to the vertical axis with a higher slope.", "tokens": [4733, 11, 264, 11275, 11, 264, 15625, 11275, 11, 1392, 30, 407, 11, 498, 5847, 307, 1998, 281, 264, 12750, 10298, 11, 264, 3218, 46260, 295, 5847, 307, 17115, 11, 558, 30, 5118, 732, 510, 13, 440, 5847, 7605, 307, 1998, 281, 264, 9429, 10298, 365, 257, 2946, 13525, 13], "avg_logprob": -0.2856923961171917, "compression_ratio": 1.5733333333333333, "no_speech_prob": 0.0, "words": [{"start": 1094.75, "end": 1095.27, "word": " demand,", "probability": 0.55810546875}, {"start": 1095.53, "end": 1096.17, "word": " the", "probability": 0.525390625}, {"start": 1096.17, "end": 1096.57, "word": " quantity,", "probability": 0.72998046875}, {"start": 1096.83, "end": 1097.25, "word": " the", "probability": 0.77392578125}, {"start": 1097.25, "end": 1097.59, "word": " equilibrium", "probability": 0.75732421875}, {"start": 1097.59, "end": 1098.13, "word": " quantity,", "probability": 0.9306640625}, {"start": 1098.49, "end": 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Positive 20% equals positive half. It's less than one, so the supply curve inelastic supply. How much is that slope? A change in price over change in equilibrium. But we have to have values for the prices and the quantity supplied.", "tokens": [46326, 945, 4, 6915, 3353, 1922, 13, 467, 311, 1570, 813, 472, 11, 370, 264, 5847, 7605, 294, 338, 2750, 5847, 13, 1012, 709, 307, 300, 13525, 30, 316, 1319, 294, 3218, 670, 1319, 294, 15625, 13, 583, 321, 362, 281, 362, 4190, 337, 264, 7901, 293, 264, 11275, 27625, 13], "avg_logprob": -0.20507812328063524, "compression_ratio": 1.4320987654320987, "no_speech_prob": 0.0, "words": [{"start": 1145.02, "end": 1145.5, "word": " Positive", "probability": 0.716796875}, {"start": 1145.5, "end": 1145.9, "word": " 20", "probability": 0.88671875}, {"start": 1145.9, "end": 1146.36, "word": "%", "probability": 0.87744140625}, {"start": 1146.36, "end": 1146.98, "word": " equals", "probability": 0.9189453125}, {"start": 1146.98, "end": 1148.06, "word": " positive", "probability": 0.923828125}, {"start": 1148.06, "end": 1148.7, "word": " half.", "probability": 0.7734375}, {"start": 1148.92, "end": 1149.06, "word": " It's", "probability": 0.74365234375}, {"start": 1149.06, "end": 1149.34, "word": " less", "probability": 0.95068359375}, {"start": 1149.34, "end": 1149.66, "word": " than", "probability": 0.94091796875}, {"start": 1149.66, "end": 1149.98, "word": " one,", "probability": 0.8544921875}, {"start": 1150.1, "end": 1150.28, "word": " so", "probability": 0.9423828125}, {"start": 1150.28, "end": 1150.46, "word": " the", "probability": 0.4814453125}, {"start": 1150.46, "end": 1150.82, "word": " supply", "probability": 0.96533203125}, {"start": 1150.82, "end": 1151.14, "word": " curve", "probability": 0.85546875}, {"start": 1151.14, "end": 1152.48, "word": " inelastic", "probability": 0.721435546875}, {"start": 1152.48, "end": 1152.9, "word": " supply.", "probability": 0.94921875}, {"start": 1160.1, "end": 1160.7, "word": " How", "probability": 0.89990234375}, {"start": 1160.7, "end": 1160.8, "word": " much", "probability": 0.91064453125}, {"start": 1160.8, "end": 1160.94, "word": " is", "probability": 0.94287109375}, {"start": 1160.94, "end": 1161.12, "word": " that", "probability": 0.669921875}, {"start": 1161.12, "end": 1161.58, "word": " slope?", "probability": 0.9033203125}, {"start": 1162.22, "end": 1162.38, "word": " A", "probability": 0.7890625}, {"start": 1162.38, "end": 1162.68, "word": " change", "probability": 0.89208984375}, {"start": 1162.68, "end": 1162.8, "word": " in", "probability": 0.92919921875}, {"start": 1162.8, "end": 1163.1, "word": " price", "probability": 0.8896484375}, {"start": 1163.1, "end": 1163.3, "word": " over", "probability": 0.69140625}, {"start": 1163.3, "end": 1163.7, "word": " change", "probability": 0.78466796875}, {"start": 1163.7, "end": 1163.96, "word": " in", "probability": 0.91357421875}, {"start": 1163.96, "end": 1164.26, "word": " equilibrium.", "probability": 0.305908203125}, {"start": 1164.84, "end": 1165.0, "word": " But", "probability": 0.8642578125}, {"start": 1165.0, "end": 1165.18, "word": " we", "probability": 0.88330078125}, {"start": 1165.18, "end": 1165.44, "word": " have", "probability": 0.94775390625}, {"start": 1165.44, "end": 1165.62, "word": " to", "probability": 0.97021484375}, {"start": 1165.62, "end": 1166.02, "word": " have", "probability": 0.94921875}, {"start": 1166.02, "end": 1167.36, "word": " values", "probability": 0.94873046875}, {"start": 1167.36, "end": 1167.62, "word": " for", "probability": 0.9296875}, {"start": 1167.62, "end": 1167.78, "word": " the", "probability": 0.91455078125}, {"start": 1167.78, "end": 1168.28, "word": " prices", "probability": 0.87255859375}, {"start": 1168.28, "end": 1168.72, "word": " and", "probability": 0.84033203125}, {"start": 1168.72, "end": 1168.84, "word": " the", "probability": 0.79345703125}, {"start": 1168.84, "end": 1169.08, "word": " quantity", "probability": 0.35302734375}, {"start": 1169.08, "end": 1169.46, "word": " supplied.", "probability": 0.84765625}], "temperature": 1.0}, {"id": 36, "seek": 119482, "start": 1169.98, "end": 1194.82, "text": " Because to calculate the slope, P2 minus P1 over QS2 over QS1. It has a positive slope. Here, PES, 20 percent over 20 percent, unitary elastic, 45 centigrade.", "tokens": [1436, 281, 8873, 264, 13525, 11, 430, 17, 3175, 430, 16, 670, 1249, 50, 17, 670, 1249, 50, 16, 13, 467, 575, 257, 3353, 13525, 13, 1692, 11, 430, 2358, 11, 945, 3043, 670, 945, 3043, 11, 517, 4109, 17115, 11, 6905, 44731, 13], "avg_logprob": -0.21857638623979356, "compression_ratio": 1.282258064516129, "no_speech_prob": 0.0, "words": [{"start": 1169.98, "end": 1170.72, "word": " Because", "probability": 0.365478515625}, {"start": 1170.72, "end": 1171.4, "word": " to", "probability": 0.91650390625}, {"start": 1171.4, "end": 1171.74, "word": " calculate", "probability": 0.91015625}, {"start": 1171.74, "end": 1171.94, "word": " the", "probability": 0.65087890625}, {"start": 1171.94, "end": 1172.32, "word": " slope,", "probability": 0.94677734375}, {"start": 1173.54, "end": 1174.4, "word": " P2", "probability": 0.853515625}, {"start": 1174.4, "end": 1174.72, "word": " minus", "probability": 0.89599609375}, {"start": 1174.72, "end": 1175.24, "word": " P1", "probability": 0.990966796875}, {"start": 1175.24, "end": 1175.48, "word": " over", "probability": 0.89794921875}, {"start": 1175.48, "end": 1176.5, "word": " QS2", "probability": 0.7740071614583334}, {"start": 1176.5, "end": 1176.86, "word": " over", "probability": 0.904296875}, {"start": 1176.86, "end": 1177.64, "word": " QS1.", "probability": 0.98681640625}, {"start": 1177.98, "end": 1178.64, "word": " It", "probability": 0.6796875}, {"start": 1178.64, "end": 1178.78, "word": " has", "probability": 0.94921875}, {"start": 1178.78, "end": 1178.9, "word": " a", "probability": 0.9736328125}, {"start": 1178.9, "end": 1179.2, "word": " positive", "probability": 0.92431640625}, {"start": 1179.2, "end": 1179.68, "word": " slope.", "probability": 0.91357421875}, {"start": 1180.46, "end": 1180.7, "word": " Here,", "probability": 0.88671875}, {"start": 1182.72, "end": 1183.82, "word": " PES,", "probability": 0.8037109375}, {"start": 1185.94, "end": 1186.48, "word": " 20", "probability": 0.84033203125}, {"start": 1186.48, "end": 1187.02, "word": " percent", "probability": 0.921875}, {"start": 1187.02, "end": 1188.44, "word": " over", "probability": 0.8544921875}, {"start": 1188.44, "end": 1188.8, "word": " 20", "probability": 0.962890625}, {"start": 1188.8, "end": 1189.48, "word": " percent,", "probability": 0.97119140625}, {"start": 1190.22, "end": 1190.62, "word": " unitary", "probability": 0.904052734375}, {"start": 1190.62, "end": 1191.24, "word": " elastic,", "probability": 0.97607421875}, {"start": 1191.98, "end": 1192.46, "word": " 45", "probability": 0.48828125}, {"start": 1192.46, "end": 1194.82, "word": " centigrade.", "probability": 0.68798828125}], "temperature": 1.0}, {"id": 37, "seek": 122807, "start": 1199.61, "end": 1228.07, "text": " PES, change in equivalent supply percent over change in price percent. The percentage of change in EQS equals how much? Zero over change in price positive 20 percent. Equals zero. So supply is perfectly inelastic. Perfectly inelastic supply.", "tokens": [430, 2358, 11, 1319, 294, 10344, 5847, 3043, 670, 1319, 294, 3218, 3043, 13, 440, 9668, 295, 1319, 294, 33580, 50, 6915, 577, 709, 30, 17182, 670, 1319, 294, 3218, 3353, 945, 3043, 13, 15624, 1124, 4018, 13, 407, 5847, 307, 6239, 294, 338, 2750, 13, 10246, 356, 294, 338, 2750, 5847, 13], "avg_logprob": -0.2581018529556416, "compression_ratio": 1.7410071942446044, "no_speech_prob": 0.0, "words": [{"start": 1199.6099999999997, "end": 1200.4899999999998, "word": " PES,", "probability": 0.83935546875}, {"start": 1200.4899999999998, "end": 1201.37, "word": " change", "probability": 0.73974609375}, {"start": 1201.37, "end": 1201.47, "word": " in", "probability": 0.88525390625}, {"start": 1201.47, "end": 1201.69, "word": " equivalent", "probability": 0.1107177734375}, {"start": 1201.69, "end": 1202.21, "word": " supply", "probability": 0.9169921875}, {"start": 1202.21, "end": 1202.85, "word": " percent", "probability": 0.265869140625}, {"start": 1202.85, "end": 1203.07, "word": " over", "probability": 0.87451171875}, {"start": 1203.07, "end": 1203.43, "word": " change", "probability": 0.76220703125}, {"start": 1203.43, "end": 1203.53, "word": " in", "probability": 0.8994140625}, {"start": 1203.53, "end": 1203.79, "word": " price", "probability": 0.89599609375}, {"start": 1203.79, "end": 1204.37, "word": " percent.", "probability": 0.93408203125}, {"start": 1205.59, "end": 1205.81, "word": " The", "probability": 0.86474609375}, {"start": 1205.81, "end": 1206.27, "word": " percentage", "probability": 0.85009765625}, {"start": 1206.27, "end": 1206.45, "word": " of", "probability": 0.49755859375}, {"start": 1206.45, "end": 1206.89, "word": " change", "probability": 0.89404296875}, {"start": 1206.89, "end": 1207.03, "word": " in", "probability": 0.87841796875}, {"start": 1207.03, "end": 1207.51, "word": " EQS", "probability": 0.7056884765625}, {"start": 1207.51, "end": 1207.91, "word": " equals", "probability": 0.892578125}, {"start": 1207.91, "end": 1208.11, "word": " how", "probability": 0.93212890625}, {"start": 1208.11, "end": 1208.51, "word": " much?", "probability": 0.919921875}, {"start": 1209.17, "end": 1210.05, "word": " Zero", "probability": 0.78076171875}, {"start": 1210.05, "end": 1211.89, "word": " over", "probability": 0.5205078125}, {"start": 1211.89, "end": 1212.35, "word": " change", "probability": 0.841796875}, {"start": 1212.35, "end": 1212.47, "word": " in", "probability": 0.880859375}, {"start": 1212.47, "end": 1212.81, "word": " price", "probability": 0.89013671875}, {"start": 1212.81, "end": 1213.23, "word": " positive", "probability": 0.7666015625}, {"start": 1213.23, "end": 1213.61, "word": " 20", "probability": 0.654296875}, {"start": 1213.61, "end": 1214.11, "word": " percent.", "probability": 0.48876953125}, {"start": 1214.53, "end": 1215.27, "word": " Equals", "probability": 0.91650390625}, {"start": 1215.27, "end": 1215.59, "word": " zero.", "probability": 0.87548828125}, {"start": 1216.11, "end": 1216.43, "word": " So", "probability": 0.9580078125}, {"start": 1216.43, "end": 1216.97, "word": " supply", "probability": 0.84228515625}, {"start": 1216.97, "end": 1217.73, "word": " is", "probability": 0.95068359375}, {"start": 1217.73, "end": 1219.01, "word": " perfectly", "probability": 0.9091796875}, {"start": 1219.01, "end": 1220.01, "word": " inelastic.", "probability": 0.9474283854166666}, {"start": 1226.11, "end": 1226.99, "word": " Perfectly", "probability": 0.936279296875}, {"start": 1226.99, "end": 1227.67, "word": " inelastic", "probability": 0.9498697916666666}, {"start": 1227.67, "end": 1228.07, "word": " supply.", "probability": 0.94384765625}], "temperature": 1.0}, {"id": 38, "seek": 123600, "start": 1230.861, "end": 1236.0, "text": " Okay, here the last case, perfectly elastic supply.", "tokens": [1033, 11, 510, 264, 1036, 1389, 11, 6239, 17115, 5847, 13], "avg_logprob": -0.4527994741996129, "compression_ratio": 0.896551724137931, "no_speech_prob": 0.0, "words": [{"start": 1230.66, "end": 1231.16, "word": " Okay,", "probability": 0.460205078125}, {"start": 1232.34, "end": 1232.98, "word": " here", "probability": 0.84619140625}, {"start": 1232.98, "end": 1233.14, "word": " the", "probability": 0.456787109375}, {"start": 1233.14, "end": 1233.42, "word": " last", "probability": 0.8837890625}, {"start": 1233.42, "end": 1233.8, "word": " case,", "probability": 0.92138671875}, {"start": 1234.14, "end": 1234.64, "word": " perfectly", "probability": 0.9072265625}, {"start": 1234.64, "end": 1235.44, "word": " elastic", "probability": 0.96826171875}, {"start": 1235.44, "end": 1236.0, "word": " supply.", "probability": 0.9560546875}], "temperature": 1.0}, {"id": 39, "seek": 130546, "start": 1276.02, "end": 1305.46, "text": " The difference between the elastic or inelastic or perfectly elastic, perfectly inelastic supply is determined by time or the duration or terms. 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If the price goes up by 20%, let us assume that we have a blocks manufacturing unit. Blocks manufacturing unit. 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Or a day. This is the maximum that the factory can produce a day. 5,000 blocks. And someone ask the producer to increase the output.", "tokens": [1025, 11, 1360, 8474, 680, 786, 13, 1610, 257, 786, 13, 639, 307, 264, 6674, 300, 264, 9265, 393, 5258, 257, 786, 13, 1025, 11, 1360, 8474, 13, 400, 1580, 1029, 264, 12314, 281, 3488, 264, 5598, 13], "avg_logprob": -0.15454727411270142, "compression_ratio": 1.3362068965517242, "no_speech_prob": 0.0, "words": [{"start": 1334.98, "end": 1335.44, "word": " 5", "probability": 0.529296875}, {"start": 1335.44, "end": 1336.16, "word": ",000", "probability": 0.992431640625}, {"start": 1336.16, "end": 1337.16, "word": " blocks", "probability": 0.939453125}, {"start": 1337.16, "end": 1339.6, "word": " per", "probability": 0.849609375}, {"start": 1339.6, "end": 1339.94, "word": " day.", "probability": 0.95947265625}, {"start": 1341.42, "end": 1341.8, "word": " Or", "probability": 0.88134765625}, {"start": 1341.8, "end": 1341.9, "word": " a", "probability": 0.8955078125}, {"start": 1341.9, "end": 1342.12, "word": " day.", "probability": 0.9599609375}, {"start": 1343.54, "end": 1343.92, "word": " This", "probability": 0.8935546875}, {"start": 1343.92, "end": 1344.02, "word": " is", "probability": 0.9453125}, {"start": 1344.02, "end": 1344.14, "word": " the", "probability": 0.7734375}, {"start": 1344.14, "end": 1344.58, "word": " maximum", "probability": 0.931640625}, {"start": 1344.58, "end": 1345.5, "word": " that", "probability": 0.921875}, {"start": 1345.5, "end": 1345.76, "word": " the", "probability": 0.8984375}, {"start": 1345.76, "end": 1346.2, "word": " factory", "probability": 0.89208984375}, {"start": 1346.2, "end": 1346.48, "word": " can", "probability": 0.94287109375}, {"start": 1346.48, "end": 1346.96, "word": " produce", "probability": 0.8857421875}, {"start": 1346.96, "end": 1347.14, "word": " a", "probability": 0.9677734375}, {"start": 1347.14, "end": 1347.4, "word": " day.", "probability": 0.96044921875}, {"start": 1348.2, "end": 1348.54, "word": " 5", "probability": 0.9716796875}, {"start": 1348.54, "end": 1349.0, "word": ",000", "probability": 0.998779296875}, {"start": 1349.0, "end": 1349.38, "word": " blocks.", "probability": 0.921875}, {"start": 1350.92, "end": 1351.16, "word": " And", "probability": 0.916015625}, {"start": 1351.16, "end": 1351.58, "word": " someone", "probability": 0.93994140625}, {"start": 1351.58, "end": 1354.96, "word": " ask", "probability": 0.4140625}, {"start": 1354.96, "end": 1355.18, "word": " the", "probability": 0.9208984375}, {"start": 1355.18, "end": 1355.72, "word": " producer", "probability": 0.9248046875}, {"start": 1355.72, "end": 1358.08, "word": " to", "probability": 0.8955078125}, {"start": 1358.08, "end": 1358.88, "word": " increase", "probability": 0.85205078125}, {"start": 1358.88, "end": 1360.4, "word": " the", "probability": 0.919921875}, {"start": 1360.4, "end": 1360.86, "word": " output.", "probability": 0.92041015625}], "temperature": 1.0}, {"id": 42, "seek": 138903, "start": 1362.03, "end": 1389.03, "text": " The production, which means that demand here is this is the first demand curve, D1. 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What will happen? He will be unable to produce more because the maximum capacity here is 5000 blocks a day.", "tokens": [682, 264, 588, 2099, 1190, 13, 708, 486, 1051, 30, 634, 486, 312, 11299, 281, 5258, 544, 570, 264, 6674, 6042, 510, 307, 23777, 8474, 257, 786, 13], "avg_logprob": -0.17268318554450726, "compression_ratio": 1.1801801801801801, "no_speech_prob": 0.0, "words": [{"start": 1391.16, "end": 1391.38, "word": " In", "probability": 0.489013671875}, {"start": 1391.38, "end": 1391.52, "word": " the", "probability": 0.83984375}, {"start": 1391.52, "end": 1391.78, "word": " very", "probability": 0.8623046875}, {"start": 1391.78, "end": 1392.24, "word": " short", "probability": 0.966796875}, {"start": 1392.24, "end": 1392.56, "word": " run.", "probability": 0.81640625}, {"start": 1398.3, "end": 1399.04, "word": " What", "probability": 0.8642578125}, {"start": 1399.04, "end": 1399.18, "word": " will", "probability": 0.822265625}, {"start": 1399.18, "end": 1399.58, "word": " happen?", "probability": 0.927734375}, {"start": 1402.4, "end": 1402.64, "word": " He", "probability": 0.8505859375}, {"start": 1402.64, "end": 1402.84, "word": " will", "probability": 0.88134765625}, {"start": 1402.84, "end": 1403.08, "word": " be", "probability": 0.958984375}, {"start": 1403.08, "end": 1403.62, "word": " unable", "probability": 0.953125}, {"start": 1403.62, "end": 1403.98, "word": " to", "probability": 0.970703125}, {"start": 1403.98, "end": 1404.44, "word": " produce", "probability": 0.8779296875}, {"start": 1404.44, "end": 1404.8, "word": " more", "probability": 0.91552734375}, {"start": 1404.8, "end": 1405.2, "word": " because", "probability": 0.59130859375}, {"start": 1405.2, "end": 1405.44, "word": " the", "probability": 0.90869140625}, {"start": 1405.44, "end": 1405.8, "word": " maximum", "probability": 0.9033203125}, {"start": 1405.8, "end": 1406.46, "word": " capacity", "probability": 0.86669921875}, {"start": 1406.46, "end": 1406.86, "word": " here", "probability": 0.6708984375}, {"start": 1406.86, "end": 1407.84, "word": " is", "probability": 0.94091796875}, {"start": 1407.84, "end": 1408.54, "word": " 5000", "probability": 0.51513671875}, {"start": 1408.54, "end": 1408.94, "word": " blocks", "probability": 0.90625}, {"start": 1408.94, "end": 1409.12, "word": " a", "probability": 0.96142578125}, {"start": 1409.12, "end": 1409.38, "word": " day.", "probability": 0.95849609375}], "temperature": 1.0}, {"id": 44, "seek": 143868, "start": 1411.56, "end": 1438.68, "text": " In the very short run, increasing demand leads to increasing the prices only with no changes in the quantity produced. So we can say that if supply curve was perfectly inelastic or vertical and increasing in demand leads to increasing in the prices only. Yes. 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Here, we're talking about very short period of time. The producer,", "tokens": [1018, 294, 264, 588, 2099, 2896, 295, 565, 11, 498, 4733, 8637, 11, 341, 6689, 281, 420, 562, 5847, 307, 9429, 13, 1692, 11, 321, 434, 1417, 466, 588, 2099, 2896, 295, 565, 13, 440, 12314, 11], "avg_logprob": -0.20302220943726992, "compression_ratio": 1.3801652892561984, "no_speech_prob": 0.0, "words": [{"start": 1444.5, "end": 1445.12, "word": " As", "probability": 0.63671875}, {"start": 1445.12, "end": 1445.92, "word": " in", "probability": 0.83251953125}, {"start": 1445.92, "end": 1446.02, "word": " the", "probability": 0.80615234375}, {"start": 1446.02, "end": 1446.26, "word": " very", "probability": 0.7744140625}, {"start": 1446.26, "end": 1446.62, "word": " short", "probability": 0.93798828125}, {"start": 1446.62, "end": 1447.06, "word": " period", "probability": 0.97119140625}, {"start": 1447.06, "end": 1447.22, "word": " of", "probability": 0.96875}, {"start": 1447.22, "end": 1447.68, "word": " time,", "probability": 0.88671875}, {"start": 1449.28, "end": 1450.38, "word": " if", "probability": 0.91162109375}, {"start": 1450.38, "end": 1450.78, "word": " demand", "probability": 0.830078125}, {"start": 1450.78, "end": 1451.46, "word": " increases,", "probability": 0.92333984375}, {"start": 1452.96, "end": 1453.92, "word": " this", "probability": 0.85009765625}, {"start": 1453.92, "end": 1454.28, "word": " leads", "probability": 0.91259765625}, {"start": 1454.28, "end": 1454.7, "word": " to", "probability": 0.97021484375}, {"start": 1454.7, "end": 1455.22, "word": " or", "probability": 0.31640625}, {"start": 1455.22, "end": 1455.46, "word": " when", "probability": 0.90771484375}, {"start": 1455.46, "end": 1455.94, "word": " supply", "probability": 0.8955078125}, {"start": 1455.94, "end": 1456.32, "word": " is", "probability": 0.93896484375}, {"start": 1456.32, "end": 1457.58, "word": " vertical.", "probability": 0.689453125}, {"start": 1458.18, "end": 1458.4, "word": " Here,", "probability": 0.67822265625}, {"start": 1458.46, "end": 1458.54, "word": " we're", "probability": 0.875}, {"start": 1458.54, "end": 1458.74, "word": " talking", "probability": 0.8671875}, {"start": 1458.74, "end": 1459.26, "word": " about", "probability": 0.90283203125}, {"start": 1459.26, "end": 1460.02, "word": " very", "probability": 0.7822265625}, {"start": 1460.02, "end": 1462.0, "word": " short", "probability": 0.9423828125}, {"start": 1462.0, "end": 1463.3, "word": " period", "probability": 0.96728515625}, {"start": 1463.3, "end": 1463.5, "word": " of", "probability": 0.9658203125}, {"start": 1463.5, "end": 1463.88, "word": " time.", "probability": 0.888671875}, {"start": 1470.68, "end": 1471.68, "word": " The", "probability": 0.89404296875}, {"start": 1471.68, "end": 1472.2, "word": " producer,", "probability": 0.9130859375}], "temperature": 1.0}, {"id": 46, "seek": 150090, "start": 1473.24, "end": 1500.9, "text": " will be unable to produce more although the price goes up. And the price goes up. The quant to produce will not be changed in the very short run due to the capacity because the producer will be unable to change to add more factors production, to add more machines because it needs a long time here.", "tokens": [486, 312, 11299, 281, 5258, 544, 4878, 264, 3218, 1709, 493, 13, 400, 264, 3218, 1709, 493, 13, 440, 4426, 281, 5258, 486, 406, 312, 3105, 294, 264, 588, 2099, 1190, 3462, 281, 264, 6042, 570, 264, 12314, 486, 312, 11299, 281, 1319, 281, 909, 544, 6771, 4265, 11, 281, 909, 544, 8379, 570, 309, 2203, 257, 938, 565, 510, 13], "avg_logprob": -0.19191027889328618, "compression_ratio": 1.8012048192771084, "no_speech_prob": 0.0, "words": [{"start": 1473.24, "end": 1473.52, "word": " will", "probability": 0.75634765625}, {"start": 1473.52, "end": 1473.78, "word": " be", "probability": 0.9599609375}, {"start": 1473.78, "end": 1474.42, "word": " unable", "probability": 0.96142578125}, {"start": 1474.42, "end": 1474.92, "word": " to", "probability": 0.96826171875}, 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So in the very short run, supply curve will be vertical. And here, we are talking about perfectly inelastic supply.", "tokens": [440, 544, 565, 11, 264, 544, 3485, 281, 1319, 420, 281, 3488, 264, 4265, 13, 407, 294, 264, 588, 2099, 1190, 11, 5847, 7605, 486, 312, 9429, 13, 400, 510, 11, 321, 366, 1417, 466, 6239, 294, 338, 2750, 5847, 13], "avg_logprob": -0.15578496349709375, "compression_ratio": 1.4104477611940298, "no_speech_prob": 0.0, "words": [{"start": 1502.58, "end": 1502.8, "word": " The", "probability": 0.68994140625}, {"start": 1502.8, "end": 1503.02, "word": " more", "probability": 0.9365234375}, {"start": 1503.02, "end": 1503.48, "word": " time,", "probability": 0.8857421875}, {"start": 1504.08, "end": 1504.36, "word": " the", "probability": 0.9208984375}, {"start": 1504.36, "end": 1504.54, "word": " more", "probability": 0.92529296875}, {"start": 1504.54, "end": 1505.0, "word": " ability", "probability": 0.94091796875}, {"start": 1505.0, "end": 1505.66, "word": " to", "probability": 0.95556640625}, {"start": 1505.66, "end": 1506.24, "word": " change", "probability": 0.89208984375}, {"start": 1506.24, "end": 1506.5, "word": " or", "probability": 0.93115234375}, {"start": 1506.5, "end": 1506.64, "word": " to", "probability": 0.92919921875}, {"start": 1506.64, "end": 1507.08, "word": " increase", "probability": 0.841796875}, {"start": 1507.08, "end": 1507.24, "word": " the", "probability": 0.8681640625}, {"start": 1507.24, "end": 1507.78, "word": " production.", "probability": 0.95263671875}, {"start": 1510.18, "end": 1511.06, "word": " So", "probability": 0.322021484375}, {"start": 1511.06, "end": 1511.74, "word": " in", "probability": 0.814453125}, {"start": 1511.74, "end": 1511.84, "word": " the", "probability": 0.8828125}, {"start": 1511.84, "end": 1512.1, "word": " very", "probability": 0.79150390625}, {"start": 1512.1, "end": 1512.48, "word": " short", "probability": 0.96142578125}, {"start": 1512.48, "end": 1512.8, "word": " run,", "probability": 0.7998046875}, {"start": 1514.66, "end": 1516.08, "word": " supply", "probability": 0.93310546875}, {"start": 1516.08, "end": 1517.18, "word": " curve", "probability": 0.97021484375}, {"start": 1517.18, "end": 1517.62, "word": " will", "probability": 0.88427734375}, {"start": 1517.62, "end": 1517.92, "word": " be", "probability": 0.9609375}, {"start": 1517.92, "end": 1518.58, "word": " vertical.", "probability": 0.9111328125}, {"start": 1519.52, "end": 1519.74, "word": " And", "probability": 0.86767578125}, {"start": 1519.74, "end": 1520.04, "word": " here,", "probability": 0.86181640625}, {"start": 1520.3, "end": 1520.4, "word": " we", "probability": 0.96630859375}, {"start": 1520.4, "end": 1520.68, "word": " are", "probability": 0.82763671875}, {"start": 1520.68, "end": 1520.96, "word": " talking", "probability": 0.857421875}, {"start": 1520.96, "end": 1521.5, "word": " about", "probability": 0.90576171875}, {"start": 1521.5, "end": 1523.06, "word": " perfectly", "probability": 0.91650390625}, {"start": 1523.06, "end": 1523.96, "word": " inelastic", "probability": 0.849609375}, {"start": 1523.96, "end": 1524.42, "word": " supply.", "probability": 0.94384765625}], "temperature": 1.0}, {"id": 48, "seek": 155367, "start": 1526.61, "end": 1553.67, "text": " To calculate the price elasticity of supply here, as the price increased by 20%, the change in quantity equals zero. So in the very short period of time, the supply curve will be vertical and price elasticity of supply will be zero. Let's go to an elastic supply.", "tokens": [1407, 8873, 264, 3218, 46260, 295, 5847, 510, 11, 382, 264, 3218, 6505, 538, 945, 8923, 264, 1319, 294, 11275, 6915, 4018, 13, 407, 294, 264, 588, 2099, 2896, 295, 565, 11, 264, 5847, 7605, 486, 312, 9429, 293, 3218, 46260, 295, 5847, 486, 312, 4018, 13, 961, 311, 352, 281, 364, 17115, 5847, 13], "avg_logprob": -0.17020089152668202, "compression_ratio": 1.65, "no_speech_prob": 0.0, "words": [{"start": 1526.61, "end": 1526.81, "word": " To", "probability": 0.57275390625}, {"start": 1526.81, "end": 1527.29, "word": " calculate", "probability": 0.91748046875}, {"start": 1527.29, "end": 1527.83, "word": " the", "probability": 0.8828125}, {"start": 1527.83, "end": 1528.07, "word": " price", "probability": 0.8876953125}, {"start": 1528.07, "end": 1528.33, "word": " elasticity", "probability": 0.62548828125}, {"start": 1528.33, "end": 1528.61, "word": " of", "probability": 0.89453125}, {"start": 1528.61, "end": 1528.89, "word": " supply", "probability": 0.90087890625}, {"start": 1528.89, "end": 1529.23, "word": " here,", "probability": 0.82666015625}, {"start": 1529.93, "end": 1530.53, "word": " as", "probability": 0.921875}, {"start": 1530.53, "end": 1530.69, "word": " the", "probability": 0.861328125}, {"start": 1530.69, "end": 1530.99, "word": " price", "probability": 0.9228515625}, {"start": 1530.99, "end": 1531.47, "word": " increased", "probability": 0.64208984375}, {"start": 1531.47, "end": 1531.65, "word": " by", "probability": 0.97216796875}, {"start": 1531.65, "end": 1532.59, "word": " 20%,", "probability": 0.820068359375}, {"start": 1532.59, "end": 1533.37, "word": " the", "probability": 0.90576171875}, {"start": 1533.37, "end": 1533.83, "word": " change", "probability": 0.89013671875}, {"start": 1533.83, "end": 1533.95, "word": " in", "probability": 0.93408203125}, {"start": 1533.95, "end": 1534.45, "word": " quantity", "probability": 0.7255859375}, {"start": 1534.45, "end": 1535.19, "word": " equals", "probability": 0.90185546875}, {"start": 1535.19, "end": 1535.65, "word": " zero.", "probability": 0.72607421875}, {"start": 1535.99, "end": 1536.27, "word": " So", "probability": 0.94873046875}, {"start": 1536.27, "end": 1536.51, "word": " in", "probability": 0.7373046875}, {"start": 1536.51, "end": 1536.63, "word": " the", "probability": 0.53076171875}, {"start": 1536.63, "end": 1536.93, "word": " very", "probability": 0.783203125}, {"start": 1536.93, "end": 1537.23, "word": " short", "probability": 0.939453125}, {"start": 1537.23, "end": 1537.57, "word": " period", "probability": 0.97265625}, {"start": 1537.57, "end": 1537.73, "word": " of", "probability": 0.96826171875}, {"start": 1537.73, "end": 1538.17, "word": " time,", "probability": 0.88525390625}, {"start": 1538.71, "end": 1538.87, "word": " the", "probability": 0.80712890625}, {"start": 1538.87, "end": 1539.39, "word": " supply", "probability": 0.95458984375}, {"start": 1539.39, "end": 1540.87, "word": " curve", "probability": 0.9619140625}, {"start": 1540.87, "end": 1541.03, "word": " will", "probability": 0.45654296875}, {"start": 1541.03, "end": 1541.97, "word": " be", "probability": 0.95556640625}, {"start": 1541.97, "end": 1542.95, "word": " vertical", "probability": 0.9150390625}, {"start": 1542.95, "end": 1543.69, "word": " and", "probability": 0.6103515625}, {"start": 1543.69, "end": 1544.81, "word": " price", "probability": 0.662109375}, {"start": 1544.81, "end": 1545.17, "word": " elasticity", "probability": 0.916015625}, {"start": 1545.17, "end": 1545.49, "word": " of", "probability": 0.93115234375}, {"start": 1545.49, "end": 1545.75, "word": " supply", "probability": 0.9150390625}, {"start": 1545.75, "end": 1545.93, "word": " will", "probability": 0.8642578125}, {"start": 1545.93, "end": 1546.13, "word": " be", "probability": 0.95703125}, {"start": 1546.13, "end": 1546.49, "word": " zero.", "probability": 0.87841796875}, {"start": 1548.23, "end": 1548.65, "word": " Let's", "probability": 0.969970703125}, {"start": 1548.65, "end": 1548.89, "word": " go", "probability": 0.96435546875}, {"start": 1548.89, "end": 1549.97, "word": " to", "probability": 0.9716796875}, {"start": 1549.97, "end": 1552.67, "word": " an", "probability": 0.482177734375}, {"start": 1552.67, "end": 1553.07, "word": " elastic", "probability": 0.962890625}, {"start": 1553.07, "end": 1553.67, "word": " supply.", "probability": 0.95751953125}], "temperature": 1.0}, {"id": 49, "seek": 158225, "start": 1555.03, "end": 1582.25, "text": " Because in the ranking, how do I start? Perfectly inelastic, inelastic, unitary elastic, elastic, perfectly elastic. In order, this is how I start. Perfectly inelastic, inelastic, unitary, elastic, perfectly elastic. This is case number one. Inelastic number two, unitary three,", "tokens": [1436, 294, 264, 17833, 11, 577, 360, 286, 722, 30, 10246, 356, 294, 338, 2750, 11, 294, 338, 2750, 11, 517, 4109, 17115, 11, 17115, 11, 6239, 17115, 13, 682, 1668, 11, 341, 307, 577, 286, 722, 13, 10246, 356, 294, 338, 2750, 11, 294, 338, 2750, 11, 517, 4109, 11, 17115, 11, 6239, 17115, 13, 639, 307, 1389, 1230, 472, 13, 682, 338, 2750, 1230, 732, 11, 517, 4109, 1045, 11], "avg_logprob": -0.20258989236126207, "compression_ratio": 2.0217391304347827, "no_speech_prob": 0.0, "words": [{"start": 1555.03, "end": 1555.29, "word": " Because", "probability": 0.1572265625}, {"start": 1555.29, "end": 1555.49, "word": " in", "probability": 0.53759765625}, {"start": 1555.49, "end": 1555.55, "word": " the", "probability": 0.38232421875}, {"start": 1555.55, "end": 1555.93, "word": " ranking,", "probability": 0.90185546875}, {"start": 1556.11, "end": 1556.25, "word": " how", "probability": 0.24658203125}, {"start": 1556.25, "end": 1556.25, "word": " do", "probability": 0.5}, {"start": 1556.25, "end": 1556.25, "word": " I", "probability": 0.93994140625}, {"start": 1556.25, "end": 1556.49, "word": " start?", "probability": 0.826171875}, {"start": 1557.27, "end": 1558.15, "word": " Perfectly", "probability": 0.86865234375}, {"start": 1558.15, "end": 1558.71, "word": " inelastic,", "probability": 0.9163411458333334}, {"start": 1560.09, "end": 1560.93, "word": " inelastic,", "probability": 0.9195963541666666}, {"start": 1561.91, "end": 1562.29, "word": " unitary", "probability": 0.914794921875}, {"start": 1562.29, "end": 1562.87, "word": " elastic,", "probability": 0.86328125}, {"start": 1564.05, "end": 1564.53, "word": " elastic,", "probability": 0.96044921875}, {"start": 1565.81, "end": 1566.67, "word": " perfectly", "probability": 0.921875}, {"start": 1566.67, "end": 1567.09, "word": " elastic.", "probability": 0.94384765625}, {"start": 1567.63, "end": 1568.01, "word": " In", "probability": 0.447998046875}, {"start": 1568.01, "end": 1568.31, "word": " order,", "probability": 0.51416015625}, {"start": 1568.43, "end": 1568.59, "word": " this", "probability": 0.438232421875}, {"start": 1568.59, "end": 1568.59, "word": " is", "probability": 0.9208984375}, {"start": 1568.59, "end": 1568.59, "word": " how", "probability": 0.92578125}, {"start": 1568.59, "end": 1568.73, "word": " I", "probability": 0.9326171875}, {"start": 1568.73, "end": 1568.87, "word": " start.", "probability": 0.78125}, {"start": 1569.15, "end": 1569.65, "word": " Perfectly", "probability": 0.9423828125}, {"start": 1569.65, "end": 1570.21, "word": " inelastic,", "probability": 0.9384765625}, {"start": 1570.65, "end": 1571.25, "word": " inelastic,", "probability": 0.95068359375}, {"start": 1571.57, "end": 1572.01, "word": " unitary,", "probability": 0.93408203125}, {"start": 1573.11, "end": 1573.73, "word": " elastic,", "probability": 0.9658203125}, {"start": 1574.21, "end": 1574.53, "word": " perfectly", "probability": 0.93896484375}, {"start": 1574.53, "end": 1574.93, "word": " elastic.", "probability": 0.966796875}, {"start": 1575.81, "end": 1576.15, "word": " This", "probability": 0.8671875}, {"start": 1576.15, "end": 1576.37, "word": " is", "probability": 0.92138671875}, {"start": 1576.37, "end": 1576.85, "word": " case", "probability": 0.82958984375}, {"start": 1576.85, "end": 1577.11, "word": " number", "probability": 0.9248046875}, {"start": 1577.11, "end": 1577.33, "word": " one.", "probability": 0.7744140625}, {"start": 1579.15, "end": 1580.03, "word": " Inelastic", "probability": 0.9698893229166666}, {"start": 1580.03, "end": 1580.27, "word": " number", "probability": 0.66650390625}, {"start": 1580.27, "end": 1580.67, "word": " two,", "probability": 0.91259765625}, {"start": 1581.49, "end": 1581.81, "word": " unitary", "probability": 0.92236328125}, {"start": 1581.81, "end": 1582.25, "word": " three,", "probability": 0.92822265625}], "temperature": 1.0}, {"id": 50, "seek": 159440, "start": 1583.6, "end": 1594.4, "text": " Four, five. The second case, in the short run.", "tokens": [7451, 11, 1732, 13, 440, 1150, 1389, 11, 294, 264, 2099, 1190, 13], "avg_logprob": -0.34709821002823965, "compression_ratio": 0.8867924528301887, "no_speech_prob": 0.0, "words": [{"start": 1583.6, "end": 1584.18, "word": " Four,", "probability": 0.1260986328125}, {"start": 1584.92, "end": 1585.38, "word": " five.", "probability": 0.8935546875}, {"start": 1588.86, "end": 1588.86, "word": " The", "probability": 0.51806640625}, {"start": 1588.86, "end": 1590.32, "word": " second", "probability": 0.9052734375}, {"start": 1590.32, "end": 1590.86, "word": " case,", "probability": 0.91552734375}, {"start": 1592.62, "end": 1592.92, "word": " in", "probability": 0.9111328125}, {"start": 1592.92, "end": 1593.14, "word": " the", "probability": 0.916015625}, {"start": 1593.14, "end": 1593.84, "word": " short", "probability": 0.97509765625}, {"start": 1593.84, "end": 1594.4, "word": " run.", "probability": 0.92431640625}], "temperature": 1.0}, {"id": 51, "seek": 163253, "start": 1604.47, "end": 1632.53, "text": " But they give me this quantity. What does it do? It makes modifications, adding more machines, adding more, you know, more raw material, more workers, more cement, more sand, more gravels. Right? This is what happens. So this is how inelastic happens. As the price goes up, and we have, and he has more time.", "tokens": [583, 436, 976, 385, 341, 11275, 13, 708, 775, 309, 360, 30, 467, 1669, 26881, 11, 5127, 544, 8379, 11, 5127, 544, 11, 291, 458, 11, 544, 8936, 2527, 11, 544, 5600, 11, 544, 19729, 11, 544, 4932, 11, 544, 30001, 82, 13, 1779, 30, 639, 307, 437, 2314, 13, 407, 341, 307, 577, 294, 338, 2750, 2314, 13, 1018, 264, 3218, 1709, 493, 11, 293, 321, 362, 11, 293, 415, 575, 544, 565, 13], "avg_logprob": -0.2707647943967267, "compression_ratio": 1.592783505154639, "no_speech_prob": 0.0, "words": [{"start": 1604.47, "end": 1604.69, "word": " But", "probability": 0.2529296875}, {"start": 1604.69, "end": 1604.93, "word": " they", "probability": 0.54541015625}, {"start": 1604.93, "end": 1604.93, "word": " give", "probability": 0.62890625}, {"start": 1604.93, "end": 1605.05, "word": " me", "probability": 0.51953125}, {"start": 1605.05, "end": 1605.15, "word": " this", "probability": 0.66748046875}, {"start": 1605.15, "end": 1605.57, 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He can't change. He can add more gravels, more sand, more water, more cement, more workers, right?", "tokens": [281, 5258, 294, 472, 1243, 13, 634, 393, 380, 1319, 13, 634, 393, 909, 544, 30001, 82, 11, 544, 4932, 11, 544, 1281, 11, 544, 19729, 11, 544, 5600, 11, 558, 30], "avg_logprob": -0.19886363636363635, "compression_ratio": 1.3369565217391304, "no_speech_prob": 0.0, "words": [{"start": 1633.75, "end": 1633.99, "word": " to", "probability": 0.58056640625}, {"start": 1633.99, "end": 1634.69, "word": " produce", "probability": 0.8671875}, {"start": 1634.69, "end": 1636.51, "word": " in", "probability": 0.50341796875}, {"start": 1636.51, "end": 1636.73, "word": " one", "probability": 0.92578125}, {"start": 1636.73, "end": 1637.15, "word": " week.", "probability": 0.943359375}, {"start": 1637.23, "end": 1637.39, "word": " He", "probability": 0.93017578125}, {"start": 1637.39, "end": 1637.79, "word": " can't", "probability": 0.689697265625}, {"start": 1637.79, "end": 1638.25, "word": " change.", 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Short term, supply will be inelastic. Sorry. Once again.", "tokens": [1610, 264, 9668, 1319, 294, 3218, 486, 312, 4833, 813, 264, 9668, 1319, 294, 5847, 13, 16881, 1433, 11, 5847, 486, 312, 294, 338, 2750, 13, 4919, 13, 3443, 797, 13], "avg_logprob": -0.34667967446148396, "compression_ratio": 1.4257425742574257, "no_speech_prob": 0.0, "words": [{"start": 1672.7, "end": 1673.02, "word": " Or", "probability": 0.8466796875}, {"start": 1673.02, "end": 1673.6, "word": " the", "probability": 0.7626953125}, {"start": 1673.6, "end": 1673.98, "word": " percentage", "probability": 0.74853515625}, {"start": 1673.98, "end": 1674.56, "word": " change", "probability": 0.775390625}, {"start": 1674.56, "end": 1674.76, "word": " in", "probability": 0.84619140625}, {"start": 1674.76, "end": 1675.08, "word": " price", "probability": 0.607421875}, {"start": 1675.08, "end": 1675.34, "word": " will", "probability": 0.19140625}, {"start": 1675.34, "end": 1675.74, "word": " be", "probability": 0.9111328125}, {"start": 1675.74, "end": 1676.44, "word": " larger", "probability": 0.9375}, {"start": 1676.44, "end": 1676.72, "word": " than", "probability": 0.93408203125}, {"start": 1676.72, "end": 1676.88, "word": " the", "probability": 0.81640625}, {"start": 1676.88, "end": 1677.24, "word": " percentage", "probability": 0.8642578125}, {"start": 1677.24, "end": 1677.66, "word": " change", "probability": 0.89501953125}, {"start": 1677.66, "end": 1677.78, "word": " in", "probability": 0.91748046875}, {"start": 1677.78, "end": 1678.08, "word": " supply.", "probability": 0.2763671875}, {"start": 1684.58, "end": 1685.38, "word": " Short", "probability": 0.261962890625}, {"start": 1685.38, "end": 1686.82, "word": " term,", "probability": 0.61572265625}, {"start": 1691.88, "end": 1693.28, "word": " supply", "probability": 0.849609375}, {"start": 1693.28, "end": 1693.64, "word": " will", "probability": 0.88134765625}, {"start": 1693.64, "end": 1695.02, "word": " be", "probability": 0.9580078125}, {"start": 1695.02, "end": 1695.82, "word": " inelastic.", "probability": 0.9568684895833334}, {"start": 1696.32, "end": 1696.46, "word": " Sorry.", "probability": 0.4765625}, {"start": 1697.4, "end": 1698.2, "word": " Once", "probability": 0.90869140625}, {"start": 1698.2, "end": 1698.48, "word": " again.", "probability": 0.95703125}], "temperature": 1.0}, {"id": 55, "seek": 172672, "start": 1702.28, "end": 1726.72, "text": " Very short run, I can't change anything. I can't get gravels, sand, water, cement. Because I want these things, you will say. Today, I want them. What is here? Well, take me two days and give me this. I say okay, I'll get more cement, more gravels, more, okay? I'll get these. Demand increased by 20%. Production.", "tokens": [4372, 2099, 1190, 11, 286, 393, 380, 1319, 1340, 13, 286, 393, 380, 483, 30001, 82, 11, 4932, 11, 1281, 11, 19729, 13, 1436, 286, 528, 613, 721, 11, 291, 486, 584, 13, 2692, 11, 286, 528, 552, 13, 708, 307, 510, 30, 1042, 11, 747, 385, 732, 1708, 293, 976, 385, 341, 13, 286, 584, 1392, 11, 286, 603, 483, 544, 19729, 11, 544, 30001, 82, 11, 544, 11, 1392, 30, 286, 603, 483, 613, 13, 4686, 474, 6505, 538, 945, 6856, 30088, 13], "avg_logprob": -0.5992005696130354, "compression_ratio": 1.5317073170731708, "no_speech_prob": 0.0, "words": [{"start": 1702.28, "end": 1702.68, "word": " Very", "probability": 0.71240234375}, {"start": 1702.68, "end": 1703.1, "word": " short", "probability": 0.970703125}, {"start": 1703.1, "end": 1703.4, "word": " run,", "probability": 0.77685546875}, {"start": 1703.94, "end": 1704.08, "word": " I", "probability": 0.045135498046875}, {"start": 1704.08, "end": 1704.34, "word": " can't", "probability": 0.761962890625}, {"start": 1704.34, 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Increasing in demand or increasing in price. He can produce more. Yes. Had a medium term.", "tokens": [26968, 7126, 13, 30367, 3349, 294, 4733, 420, 5662, 294, 3218, 13, 634, 393, 5258, 544, 13, 1079, 13, 12298, 257, 6399, 1433, 13], "avg_logprob": -0.4834375190734863, "compression_ratio": 1.2619047619047619, "no_speech_prob": 0.0, "words": [{"start": 1728.49, "end": 1728.79, "word": " Quant", "probability": 0.6865234375}, {"start": 1728.79, "end": 1729.27, "word": " produced.", "probability": 0.876953125}, {"start": 1734.17, "end": 1734.89, "word": " Increasing", "probability": 0.484466552734375}, {"start": 1734.89, "end": 1734.99, "word": " in", "probability": 0.53564453125}, {"start": 1734.99, "end": 1735.33, "word": " demand", "probability": 0.6552734375}, {"start": 1735.33, "end": 1735.73, "word": " or", "probability": 0.74462890625}, {"start": 1735.73, "end": 1736.13, "word": " increasing", "probability": 0.72607421875}, {"start": 1736.13, "end": 1736.27, "word": " in", "probability": 0.41357421875}, {"start": 1736.27, "end": 1736.57, "word": " price.", "probability": 0.923828125}, {"start": 1738.15, "end": 1738.23, "word": " He", "probability": 0.451904296875}, {"start": 1738.23, "end": 1740.73, "word": " can", "probability": 0.890625}, {"start": 1740.73, "end": 1742.89, "word": " produce", "probability": 0.88134765625}, {"start": 1742.89, "end": 1743.25, "word": " more.", "probability": 0.9482421875}, {"start": 1743.49, "end": 1743.65, "word": " Yes.", "probability": 0.68896484375}, {"start": 1743.89, "end": 1744.07, "word": " Had", "probability": 0.28076171875}, {"start": 1744.07, "end": 1744.19, "word": " a", "probability": 0.97509765625}, {"start": 1744.19, "end": 1744.55, "word": " medium", "probability": 0.90869140625}, {"start": 1744.55, "end": 1744.93, "word": " term.", "probability": 0.92041015625}], "temperature": 1.0}, {"id": 57, "seek": 176536, "start": 1751.56, "end": 1765.36, "text": " Increasing the prices by 20%. He can produce more larger than the percentage change in prices. Because this, the long run will give the new producers to produce more.", "tokens": [30367, 3349, 264, 7901, 538, 945, 6856, 634, 393, 5258, 544, 4833, 813, 264, 9668, 1319, 294, 7901, 13, 1436, 341, 11, 264, 938, 1190, 486, 976, 264, 777, 16080, 281, 5258, 544, 13], "avg_logprob": -0.2843750034059797, "compression_ratio": 1.403361344537815, "no_speech_prob": 0.0, "words": [{"start": 1751.56, "end": 1752.02, "word": " Increasing", "probability": 0.844970703125}, {"start": 1752.02, "end": 1752.18, "word": " the", "probability": 0.475341796875}, {"start": 1752.18, "end": 1752.66, "word": " prices", "probability": 0.86474609375}, {"start": 1752.66, "end": 1753.54, "word": " by", "probability": 0.939453125}, {"start": 1753.54, "end": 1754.4, "word": " 20%.", "probability": 0.73583984375}, {"start": 1754.4, "end": 1754.84, "word": " He", "probability": 0.85986328125}, {"start": 1754.84, "end": 1755.06, "word": " can", "probability": 0.9306640625}, {"start": 1755.06, "end": 1755.6, "word": " produce", "probability": 0.8857421875}, {"start": 1755.6, "end": 1756.28, "word": " more", "probability": 0.77783203125}, {"start": 1756.28, "end": 1756.98, "word": " larger", "probability": 0.68212890625}, {"start": 1756.98, "end": 1757.28, "word": " than", "probability": 0.900390625}, {"start": 1757.28, "end": 1757.56, "word": " the", "probability": 0.77001953125}, {"start": 1757.56, "end": 1757.9, "word": " percentage", "probability": 0.53369140625}, {"start": 1757.9, "end": 1758.36, "word": " change", "probability": 0.80224609375}, {"start": 1758.36, "end": 1758.5, "word": " in", "probability": 0.90576171875}, {"start": 1758.5, "end": 1758.94, "word": " prices.", "probability": 0.81982421875}, {"start": 1759.32, "end": 1759.72, "word": " Because", "probability": 0.90673828125}, {"start": 1759.72, "end": 1760.36, "word": " this,", "probability": 0.5498046875}, {"start": 1761.0, "end": 1761.12, "word": " the", "probability": 0.88671875}, {"start": 1761.12, "end": 1761.46, "word": " long", "probability": 0.92236328125}, {"start": 1761.46, "end": 1761.8, "word": " run", "probability": 0.88330078125}, {"start": 1761.8, "end": 1762.28, "word": " will", "probability": 0.623046875}, {"start": 1762.28, "end": 1762.82, "word": " give", "probability": 0.896484375}, {"start": 1762.82, "end": 1763.3, "word": " the", "probability": 0.66943359375}, {"start": 1763.3, "end": 1763.78, "word": " new", "probability": 0.921875}, {"start": 1763.78, "end": 1764.4, "word": " producers", "probability": 0.802734375}, {"start": 1764.4, "end": 1764.72, "word": " to", "probability": 0.8828125}, {"start": 1764.72, "end": 1765.0, "word": " produce", "probability": 0.875}, {"start": 1765.0, "end": 1765.36, "word": " more.", "probability": 0.9384765625}], "temperature": 1.0}, {"id": 58, "seek": 180330, "start": 1774.3, "end": 1803.3, "text": " Even if the price doesn't go up, it's like saying that even if the price doesn't go up, the quantity produced increases. Let's come back to the price in the system of supply. PES. I'll come back to this later. I'm not going to read it. The point is that I'm going through a point. If you don't understand this, forget it. I'm here to simplify. 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One of the main determinants or the main determinants of the elasticity of supply is time, duration, terms, runs. Very short run.", "tokens": [492, 362, 1732, 2115, 13, 1485, 295, 264, 2135, 15957, 1719, 420, 264, 2135, 15957, 1719, 295, 264, 46260, 295, 5847, 307, 565, 11, 16365, 11, 2115, 11, 6676, 13, 4372, 2099, 1190, 13], "avg_logprob": -0.1989955391202654, "compression_ratio": 1.4423076923076923, "no_speech_prob": 0.0, "words": [{"start": 1809.87, "end": 1810.75, "word": " We", "probability": 0.10308837890625}, {"start": 1810.75, "end": 1811.63, "word": " have", "probability": 0.9345703125}, {"start": 1811.63, "end": 1811.89, "word": " five", "probability": 0.83447265625}, {"start": 1811.89, "end": 1812.33, "word": " terms.", "probability": 0.9150390625}, {"start": 1815.59, "end": 1815.99, "word": " One", "probability": 0.8662109375}, {"start": 1815.99, "end": 1816.75, "word": " of", "probability": 0.89306640625}, {"start": 1816.75, "end": 1816.91, "word": " the", "probability": 0.88623046875}, {"start": 1816.91, "end": 1817.15, "word": " main", "probability": 0.9345703125}, {"start": 1817.15, "end": 1817.77, "word": " determinants", "probability": 0.8232421875}, {"start": 1817.77, "end": 1817.93, "word": " or", "probability": 0.21826171875}, {"start": 1817.93, "end": 1818.05, "word": " the", "probability": 0.8779296875}, {"start": 1818.05, "end": 1818.19, "word": " main", "probability": 0.96484375}, {"start": 1818.19, "end": 1818.71, "word": " determinants", "probability": 0.941162109375}, {"start": 1818.71, "end": 1818.95, "word": " of", "probability": 0.9521484375}, {"start": 1818.95, "end": 1819.13, "word": " the", "probability": 0.76318359375}, {"start": 1819.13, "end": 1819.63, "word": " elasticity", "probability": 0.966796875}, {"start": 1819.63, "end": 1819.93, "word": " of", "probability": 0.94775390625}, {"start": 1819.93, "end": 1820.37, "word": " supply", "probability": 0.853515625}, {"start": 1820.37, "end": 1820.91, "word": " is", "probability": 0.92919921875}, {"start": 1820.91, "end": 1822.29, "word": " time,", "probability": 0.77734375}, {"start": 1823.21, "end": 1824.29, "word": " duration,", "probability": 0.9755859375}, {"start": 1824.91, "end": 1825.47, "word": " terms,", "probability": 0.72119140625}, {"start": 1826.11, "end": 1826.55, "word": " runs.", "probability": 0.9140625}, {"start": 1831.19, "end": 1831.57, "word": " Very", "probability": 0.818359375}, {"start": 1831.57, "end": 1832.01, "word": " short", "probability": 0.962890625}, {"start": 1832.01, "end": 1832.25, "word": " run.", "probability": 0.84521484375}], "temperature": 1.0}, {"id": 60, "seek": 186542, "start": 1835.86, "end": 1865.42, "text": " Medium. Medium. Medium. Medium. Medium. Medium. Medium. Medium. Medium. Medium. Medium.", "tokens": [38915, 13, 38915, 13, 38915, 13, 38915, 13, 38915, 13, 38915, 13, 38915, 13, 38915, 13, 38915, 13, 38915, 13, 38915, 13], "avg_logprob": -0.3913043452345807, "compression_ratio": 4.631578947368421, "no_speech_prob": 0.0, "words": [{"start": 1835.86, "end": 1836.6, "word": " Medium.", "probability": 0.191650390625}, {"start": 1839.08, "end": 1839.08, "word": " Medium.", "probability": 0.4619140625}, {"start": 1839.16, "end": 1839.5, "word": " Medium.", "probability": 0.77880859375}, {"start": 1839.7, "end": 1839.7, "word": " Medium.", "probability": 0.82470703125}, {"start": 1840.0, "end": 1840.02, "word": " Medium.", "probability": 0.86962890625}, {"start": 1840.04, "end": 1840.38, "word": " Medium.", "probability": 0.88525390625}, {"start": 1840.48, "end": 1840.86, "word": " Medium.", "probability": 0.8984375}, {"start": 1841.68, "end": 1842.42, "word": " Medium.", "probability": 0.9130859375}, {"start": 1854.9, "end": 1855.64, "word": " Medium.", "probability": 0.9267578125}, {"start": 1856.76, "end": 1857.24, "word": " Medium.", "probability": 0.93896484375}, {"start": 1865.06, "end": 1865.42, "word": " Medium.", "probability": 0.94921875}], "temperature": 1.0}, {"id": 61, "seek": 189400, "start": 1868.84, "end": 1894.0, "text": " Long run. Five very long run. We have five terms, five durations.", "tokens": [8282, 1190, 13, 9436, 588, 938, 1190, 13, 492, 362, 1732, 2115, 11, 1732, 4861, 763, 13], "avg_logprob": -0.17805989500549105, "compression_ratio": 1.11864406779661, "no_speech_prob": 0.0, "words": [{"start": 1868.84, "end": 1869.2, "word": " Long", "probability": 0.6494140625}, {"start": 1869.2, "end": 1869.5, "word": " run.", "probability": 0.73388671875}, {"start": 1872.52, "end": 1873.58, "word": " Five", "probability": 0.7587890625}, {"start": 1873.58, "end": 1874.68, "word": " very", "probability": 0.7138671875}, {"start": 1874.68, "end": 1876.28, "word": " long", "probability": 0.91455078125}, {"start": 1876.28, "end": 1876.54, "word": " run.", "probability": 0.556640625}, {"start": 1889.26, "end": 1890.52, "word": " We", "probability": 0.923828125}, {"start": 1890.52, "end": 1890.86, "word": " have", "probability": 0.953125}, {"start": 1890.86, "end": 1891.16, "word": " five", "probability": 0.91162109375}, {"start": 1891.16, "end": 1891.62, "word": " terms,", "probability": 0.873046875}, {"start": 1893.0, "end": 1893.3, "word": " five", "probability": 0.90478515625}, {"start": 1893.3, "end": 1894.0, "word": " durations.", "probability": 0.9697265625}], "temperature": 1.0}, {"id": 62, "seek": 192167, "start": 1897.41, "end": 1921.67, "text": " Very short run, short run, medium, long run, very long run. The price elasticity of demand equals the percentage change in quantity supplied over the percentage change in price. 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Or 3,000 chicks. This is the maximum capacity to produce. In the maximum, how much does the farm produce? 3,000. I have 3,000. This is the maximum capacity. The maximum capacity is 3,000 chicks. 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They need or the community, the consumers demand increased to 4,000 chicks or 4,000 units. 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Can you meet the requirements? Can you meet the demand? No. No. So in the very short run, even if the price goes up by 50%, the quant supplied will be unchanged. Canister.", "tokens": [400, 436, 528, 264, 11275, 4153, 13, 1664, 291, 1677, 264, 7728, 30, 1664, 291, 1677, 264, 4733, 30, 883, 13, 883, 13, 407, 294, 264, 588, 2099, 1190, 11, 754, 498, 264, 3218, 1709, 493, 538, 2625, 8923, 264, 4426, 27625, 486, 312, 44553, 13, 1664, 1964, 13], "avg_logprob": -0.1807812550663948, "compression_ratio": 1.4217687074829932, "no_speech_prob": 0.0, "words": [{"start": 2048.44, "end": 2048.78, "word": " And", "probability": 0.400390625}, {"start": 2048.78, "end": 2049.1, "word": " they", "probability": 0.89111328125}, {"start": 2049.1, "end": 2049.74, "word": " want", "probability": 0.89599609375}, {"start": 2049.74, "end": 2050.24, "word": " the", "probability": 0.92236328125}, {"start": 2050.24, "end": 2050.76, "word": " quantity", "probability": 0.98974609375}, {"start": 2050.76, "end": 2051.38, "word": " tomorrow.", "probability": 0.890625}, {"start": 2052.5, "end": 2053.02, "word": " Can", "probability": 0.9599609375}, {"start": 2053.02, "end": 2053.26, "word": " you", "probability": 0.96923828125}, {"start": 2053.26, "end": 2053.52, "word": " meet", "probability": 0.96240234375}, {"start": 2053.52, "end": 2053.7, "word": " the", "probability": 0.86572265625}, {"start": 2053.7, "end": 2054.16, "word": " requirements?", "probability": 0.76025390625}, {"start": 2054.4, "end": 2054.78, "word": " Can", "probability": 0.96240234375}, {"start": 2054.78, "end": 2054.94, "word": " you", "probability": 0.96533203125}, {"start": 2054.94, "end": 2055.14, "word": " meet", "probability": 0.95263671875}, {"start": 2055.14, "end": 2055.28, "word": " the", "probability": 0.8759765625}, {"start": 2055.28, "end": 2055.54, "word": " demand?", "probability": 0.9150390625}, {"start": 2055.8, "end": 2055.98, "word": " No.", "probability": 0.95703125}, {"start": 2057.04, "end": 2057.26, "word": " No.", "probability": 0.493896484375}, {"start": 2057.84, "end": 2058.16, "word": " So", "probability": 0.9541015625}, {"start": 2058.16, "end": 2058.34, "word": " in", "probability": 0.83984375}, {"start": 2058.34, "end": 2058.48, "word": " the", "probability": 0.8740234375}, {"start": 2058.48, "end": 2058.74, "word": " very", "probability": 0.76611328125}, {"start": 2058.74, "end": 2059.0, "word": " short", "probability": 0.96533203125}, {"start": 2059.0, "end": 2059.28, "word": " run,", "probability": 0.78125}, {"start": 2060.4, "end": 2061.04, "word": " even", "probability": 0.87939453125}, {"start": 2061.04, "end": 2061.48, "word": " if", "probability": 0.953125}, {"start": 2061.48, "end": 2061.68, "word": " the", "probability": 0.91650390625}, {"start": 2061.68, "end": 2062.04, "word": " price", "probability": 0.90478515625}, {"start": 2062.04, "end": 2062.54, "word": " goes", "probability": 0.9384765625}, {"start": 2062.54, "end": 2063.0, "word": " up", "probability": 0.97119140625}, {"start": 2063.0, "end": 2065.48, "word": " by", "probability": 0.908203125}, {"start": 2065.48, "end": 2069.18, "word": " 50%,", "probability": 0.857421875}, {"start": 2069.18, "end": 2071.78, "word": " the", "probability": 0.91748046875}, {"start": 2071.78, "end": 2072.1, "word": " quant", "probability": 0.54541015625}, {"start": 2072.1, "end": 2072.7, "word": " supplied", "probability": 0.77685546875}, {"start": 2072.7, "end": 2074.04, "word": " will", "probability": 0.876953125}, {"start": 2074.04, "end": 2074.4, "word": " be", "probability": 0.95166015625}, {"start": 2074.4, "end": 2074.98, "word": " unchanged.", "probability": 0.806640625}, {"start": 2075.9, "end": 2076.34, "word": " Canister.", "probability": 0.5487060546875}], "temperature": 1.0}, {"id": 68, "seek": 210748, "start": 2079.3, "end": 2107.48, "text": " By the way, in very short run. So the price in assistive demand, PES, the percentage change in quantity supplied equals how much? Zero over the change in the price, positive 50 percent equals zero. So in the very short run, the price in assistive supply will be zero.", "tokens": [3146, 264, 636, 11, 294, 588, 2099, 1190, 13, 407, 264, 3218, 294, 4255, 488, 4733, 11, 430, 2358, 11, 264, 9668, 1319, 294, 11275, 27625, 6915, 577, 709, 30, 17182, 670, 264, 1319, 294, 264, 3218, 11, 3353, 2625, 3043, 6915, 4018, 13, 407, 294, 264, 588, 2099, 1190, 11, 264, 3218, 294, 4255, 488, 5847, 486, 312, 4018, 13], "avg_logprob": -0.2741935440609532, "compression_ratio": 1.675, "no_speech_prob": 0.0, "words": [{"start": 2079.3, "end": 2079.52, "word": " By", "probability": 0.09185791015625}, {"start": 2079.52, "end": 2079.62, "word": " the", "probability": 0.9267578125}, {"start": 2079.62, "end": 2079.78, "word": " way,", "probability": 0.953125}, {"start": 2080.12, "end": 2080.26, "word": " in", "probability": 0.408447265625}, {"start": 2080.26, "end": 2080.62, "word": " very", "probability": 0.421142578125}, {"start": 2080.62, "end": 2081.06, "word": " short", "probability": 0.94970703125}, {"start": 2081.06, "end": 2081.38, "word": " run.", "probability": 0.4443359375}, {"start": 2082.52, "end": 2082.94, "word": " So", "probability": 0.791015625}, {"start": 2082.94, "end": 2084.22, "word": " the", "probability": 0.61328125}, {"start": 2084.22, "end": 2084.52, "word": " price", "probability": 0.88671875}, {"start": 2084.52, "end": 2084.64, "word": " in", "probability": 0.423828125}, {"start": 2084.64, "end": 2085.04, "word": " assistive", "probability": 0.794921875}, {"start": 2085.04, "end": 2085.46, "word": " demand,", "probability": 0.88720703125}, {"start": 2086.56, "end": 2087.28, "word": " PES,", "probability": 0.934326171875}, {"start": 2087.86, "end": 2088.16, "word": " the", "probability": 0.91748046875}, {"start": 2088.16, "end": 2088.52, "word": " percentage", "probability": 0.84228515625}, {"start": 2088.52, "end": 2089.0, "word": " change", "probability": 0.7958984375}, {"start": 2089.0, "end": 2089.14, "word": " in", "probability": 0.89990234375}, {"start": 2089.14, "end": 2089.42, "word": " quantity", "probability": 0.24462890625}, {"start": 2089.42, "end": 2089.8, "word": " supplied", "probability": 0.82568359375}, {"start": 2089.8, "end": 2090.2, "word": " equals", "probability": 0.90478515625}, {"start": 2090.2, "end": 2090.4, "word": " how", "probability": 0.92919921875}, {"start": 2090.4, "end": 2090.7, "word": " much?", "probability": 0.9189453125}, {"start": 2090.98, "end": 2091.46, "word": " Zero", "probability": 0.91357421875}, {"start": 2091.46, "end": 2093.28, "word": " over", "probability": 0.68603515625}, {"start": 2093.28, "end": 2093.72, "word": " the", "probability": 0.78076171875}, {"start": 2093.72, "end": 2093.98, "word": " change", "probability": 0.90576171875}, {"start": 2093.98, "end": 2094.08, "word": " in", "probability": 0.92578125}, {"start": 2094.08, "end": 2094.16, "word": " the", "probability": 0.371826171875}, {"start": 2094.16, "end": 2094.4, "word": " price,", "probability": 0.92919921875}, {"start": 2095.82, "end": 2095.98, "word": " positive", "probability": 0.7802734375}, {"start": 2095.98, "end": 2096.58, "word": " 50", "probability": 0.939453125}, {"start": 2096.58, "end": 2097.06, "word": " percent", "probability": 0.78564453125}, {"start": 2097.06, "end": 2097.62, "word": " equals", "probability": 0.7666015625}, {"start": 2097.62, "end": 2098.5, "word": " zero.", "probability": 0.873046875}, {"start": 2098.92, "end": 2099.48, "word": " So", "probability": 0.953125}, {"start": 2099.48, "end": 2099.84, "word": " in", "probability": 0.7998046875}, {"start": 2099.84, "end": 2100.0, "word": " the", "probability": 0.896484375}, {"start": 2100.0, "end": 2100.22, "word": " very", "probability": 0.85205078125}, {"start": 2100.22, "end": 2100.66, "word": " short", "probability": 0.96484375}, {"start": 2100.66, "end": 2101.0, "word": " run,", "probability": 0.8779296875}, {"start": 2101.9, "end": 2105.12, "word": " the", "probability": 0.91650390625}, {"start": 2105.12, "end": 2105.44, "word": " price", "probability": 0.93359375}, {"start": 2105.44, "end": 2105.62, "word": " in", "probability": 0.830078125}, {"start": 2105.62, "end": 2106.1, "word": " assistive", "probability": 0.961669921875}, {"start": 2106.1, "end": 2106.5, "word": " supply", "probability": 0.9521484375}, {"start": 2106.5, "end": 2106.78, "word": " will", "probability": 0.8720703125}, {"start": 2106.78, "end": 2107.02, "word": " be", "probability": 0.9560546875}, {"start": 2107.02, "end": 2107.48, "word": " zero.", "probability": 0.87353515625}], "temperature": 1.0}, {"id": 69, "seek": 212419, "start": 2109.05, "end": 2124.19, "text": " perfectly inelastic supply, right? They will give them more time to increase the quantity produced.", "tokens": [6239, 294, 338, 2750, 5847, 11, 558, 30, 814, 486, 976, 552, 544, 565, 281, 3488, 264, 11275, 7126, 13], "avg_logprob": -0.25483630952380953, "compression_ratio": 1.098901098901099, "no_speech_prob": 0.0, "words": [{"start": 2109.05, "end": 2109.71, "word": " perfectly", "probability": 0.5224609375}, {"start": 2109.71, "end": 2110.41, "word": " inelastic", "probability": 0.95166015625}, {"start": 2110.41, "end": 2110.87, "word": " supply,", "probability": 0.95458984375}, {"start": 2111.97, "end": 2112.27, "word": " right?", "probability": 0.8671875}, {"start": 2115.17, "end": 2115.57, "word": " They", "probability": 0.765625}, {"start": 2115.57, "end": 2115.79, "word": " will", "probability": 0.873046875}, {"start": 2115.79, "end": 2116.53, "word": " give", "probability": 0.88720703125}, {"start": 2116.53, "end": 2118.65, "word": " them", "probability": 0.87548828125}, {"start": 2118.65, "end": 2119.61, "word": " more", "probability": 0.93994140625}, {"start": 2119.61, "end": 2120.17, "word": " time", "probability": 0.89404296875}, {"start": 2120.17, "end": 2122.03, "word": " to", "probability": 0.923828125}, {"start": 2122.03, "end": 2122.91, "word": " increase", "probability": 0.880859375}, {"start": 2122.91, "end": 2123.11, "word": " the", "probability": 0.8974609375}, {"start": 2123.11, "end": 2123.39, "word": " quantity", "probability": 0.53662109375}, {"start": 2123.39, "end": 2124.19, "word": " produced.", "probability": 0.90185546875}], "temperature": 1.0}, {"id": 70, "seek": 216273, "start": 2138.89, "end": 2162.73, "text": " mainly quantum produced by increasing maybe raw material. Modifications, adding more chicks, more forage for chicks. 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The quant supplied might increase by ten percent. I see. I'm guessing the elasticity here. It will be inelastic supply. Okay. In the median, run. 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The quantity supplied increased by 50%. Had a unitary elastic supply. 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You could get 70%. Or you could get 100%, 200%, 1000%. 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Closer. Right? Very short run, the supply curve was vertical. Short run, inelastic supply. Right? In the median term, it will be unitary.", "tokens": [440, 5847, 7605, 486, 312, 411, 341, 13, 2033, 22150, 13, 1779, 30, 4372, 2099, 1190, 11, 264, 5847, 7605, 390, 9429, 13, 16881, 1190, 11, 294, 338, 2750, 5847, 13, 1779, 30, 682, 264, 26779, 1433, 11, 309, 486, 312, 517, 4109, 13], "avg_logprob": -0.41770834657880995, "compression_ratio": 1.4262295081967213, "no_speech_prob": 0.0, "words": [{"start": 2334.33, "end": 2334.51, "word": " The", "probability": 0.32275390625}, {"start": 2334.51, "end": 2335.03, "word": " supply", "probability": 0.72705078125}, {"start": 2335.03, "end": 2335.45, "word": " curve", "probability": 0.93359375}, {"start": 2335.45, "end": 2335.63, "word": " will", "probability": 0.61376953125}, {"start": 2335.63, "end": 2335.97, "word": " be", "probability": 0.86669921875}, {"start": 2335.97, "end": 2336.17, "word": " like", "probability": 0.43115234375}, {"start": 2336.17, "end": 2336.75, "word": " this.", "probability": 0.88232421875}, {"start": 2336.99, "end": 2337.23, "word": " Closer.", "probability": 0.37664794921875}, {"start": 2340.29, "end": 2340.65, "word": " Right?", "probability": 0.401123046875}, {"start": 2341.93, "end": 2342.77, "word": " Very", "probability": 0.1143798828125}, {"start": 2342.77, "end": 2343.75, "word": " short", "probability": 0.8720703125}, {"start": 2343.75, "end": 2343.97, "word": " run,", "probability": 0.5146484375}, {"start": 2344.39, "end": 2344.61, "word": " the", "probability": 0.89013671875}, {"start": 2344.61, "end": 2344.97, "word": " supply", "probability": 0.9462890625}, {"start": 2344.97, "end": 2345.29, "word": " curve", "probability": 0.96435546875}, {"start": 2345.29, "end": 2345.65, "word": " was", "probability": 0.92138671875}, {"start": 2345.65, "end": 2346.45, "word": " vertical.", "probability": 0.89208984375}, {"start": 2348.35, "end": 2349.19, "word": " Short", "probability": 0.22021484375}, {"start": 2349.19, "end": 2349.69, "word": " run,", "probability": 0.861328125}, {"start": 2350.51, "end": 2351.05, "word": " inelastic", "probability": 0.8141276041666666}, {"start": 2351.05, "end": 2351.53, "word": " supply.", "probability": 0.94921875}, {"start": 2353.97, "end": 2354.73, "word": " Right?", "probability": 0.58935546875}, {"start": 2356.53, "end": 2357.37, "word": " In", "probability": 0.282470703125}, {"start": 2357.37, "end": 2357.55, "word": " the", "probability": 0.9130859375}, {"start": 2357.55, "end": 2357.87, "word": " median", "probability": 0.64697265625}, {"start": 2357.87, "end": 2358.97, "word": " term,", "probability": 0.6708984375}, {"start": 2360.05, "end": 2360.17, "word": " it", "probability": 0.76416015625}, {"start": 2360.17, "end": 2360.27, "word": " will", "probability": 0.84375}, {"start": 2360.27, "end": 2360.57, "word": " be", "probability": 0.95361328125}, {"start": 2360.57, "end": 2360.99, "word": " unitary.", "probability": 0.897216796875}], "temperature": 1.0}, {"id": 78, "seek": 238438, "start": 2363.14, "end": 2384.38, "text": " In the long term, elastic. In the very long run, perfectly elastic. Vertical, close to vertical, medium, inelastic, sorry elastic, unitary or perfectly elastic.", "tokens": [682, 264, 938, 1433, 11, 17115, 13, 682, 264, 588, 938, 1190, 11, 6239, 17115, 13, 21044, 804, 11, 1998, 281, 9429, 11, 6399, 11, 294, 338, 2750, 11, 2597, 17115, 11, 517, 4109, 420, 6239, 17115, 13], "avg_logprob": -0.24659455433869973, "compression_ratio": 1.5480769230769231, "no_speech_prob": 0.0, "words": [{"start": 2363.14, "end": 2363.38, "word": " In", "probability": 0.309814453125}, {"start": 2363.38, "end": 2363.48, "word": " the", "probability": 0.9189453125}, {"start": 2363.48, "end": 2363.68, "word": " long", "probability": 0.9228515625}, {"start": 2363.68, "end": 2364.02, "word": " term,", "probability": 0.83544921875}, {"start": 2365.02, "end": 2365.5, "word": " elastic.", "probability": 0.8896484375}, {"start": 2367.24, "end": 2368.18, "word": " In", "probability": 0.92333984375}, {"start": 2368.18, "end": 2368.32, "word": " the", "probability": 0.9150390625}, {"start": 2368.32, "end": 2368.6, "word": " very", "probability": 0.85693359375}, {"start": 2368.6, "end": 2368.92, "word": " long", "probability": 0.92431640625}, {"start": 2368.92, "end": 2369.24, "word": " run,", "probability": 0.91748046875}, {"start": 2370.56, "end": 2371.26, "word": " perfectly", "probability": 0.9521484375}, {"start": 2371.26, "end": 2372.0, "word": " elastic.", "probability": 0.96435546875}, {"start": 2373.68, "end": 2374.62, "word": " Vertical,", "probability": 0.842529296875}, {"start": 2374.92, "end": 2375.18, "word": " close", "probability": 0.43408203125}, {"start": 2375.18, "end": 2375.34, "word": " to", "probability": 0.89599609375}, {"start": 2375.34, "end": 2375.8, "word": " vertical,", "probability": 0.826171875}, {"start": 2376.6, "end": 2376.98, "word": " medium,", "probability": 0.63671875}, {"start": 2378.48, "end": 2379.24, "word": " inelastic,", "probability": 0.7263997395833334}, {"start": 2381.08, "end": 2381.3, "word": " sorry", "probability": 0.53955078125}, {"start": 2381.3, "end": 2381.84, "word": " elastic,", "probability": 0.6396484375}, {"start": 2382.56, "end": 2383.0, "word": " unitary", "probability": 0.89404296875}, {"start": 2383.0, "end": 2383.32, "word": " or", "probability": 0.378173828125}, {"start": 2383.32, "end": 2383.82, "word": " perfectly", "probability": 0.96240234375}, {"start": 2383.82, "end": 2384.38, "word": " elastic.", "probability": 0.9560546875}], "temperature": 1.0}, {"id": 79, "seek": 241665, "start": 2390.49, "end": 2416.65, "text": " Let's go to another point, which is the tax incidence or tax burden. Tax incidence or tax burden means", "tokens": [961, 311, 352, 281, 1071, 935, 11, 597, 307, 264, 3366, 41726, 420, 3366, 12578, 13, 23263, 41726, 420, 3366, 12578, 1355], "avg_logprob": -0.14300271998281064, "compression_ratio": 1.3205128205128205, "no_speech_prob": 0.0, "words": [{"start": 2390.49, "end": 2390.87, "word": " Let's", "probability": 0.939208984375}, {"start": 2390.87, "end": 2391.07, "word": " go", "probability": 0.9658203125}, {"start": 2391.07, "end": 2391.27, "word": " to", "probability": 0.96630859375}, {"start": 2391.27, "end": 2391.63, "word": " another", "probability": 0.91650390625}, {"start": 2391.63, "end": 2392.71, "word": " point,", "probability": 0.98095703125}, {"start": 2392.89, "end": 2393.93, "word": " which", "probability": 0.9482421875}, {"start": 2393.93, "end": 2394.43, "word": " is", "probability": 0.9501953125}, {"start": 2394.43, "end": 2395.89, "word": " the", "probability": 0.8994140625}, {"start": 2395.89, "end": 2396.21, "word": " tax", "probability": 0.916015625}, {"start": 2396.21, "end": 2396.77, "word": " incidence", "probability": 0.88623046875}, {"start": 2396.77, "end": 2397.31, "word": " or", "probability": 0.89990234375}, {"start": 2397.31, "end": 2397.67, "word": " tax", "probability": 0.95703125}, {"start": 2397.67, "end": 2398.05, "word": " burden.", "probability": 0.92138671875}, {"start": 2414.25, "end": 2415.01, "word": " Tax", "probability": 0.83154296875}, {"start": 2415.01, "end": 2415.47, "word": " incidence", "probability": 0.921875}, {"start": 2415.47, "end": 2415.71, "word": " or", "probability": 0.95263671875}, {"start": 2415.71, "end": 2415.95, "word": " tax", "probability": 0.9599609375}, {"start": 2415.95, "end": 2416.23, "word": " burden", "probability": 0.9462890625}, {"start": 2416.23, "end": 2416.65, "word": " means", "probability": 0.923828125}], "temperature": 1.0}, {"id": 80, "seek": 244814, "start": 2420.8, "end": 2448.14, "text": " Tax incidence. Tax incidence, tax burden. Yeah. Let me ask you some questions related to the taxes. First, if the government impose a tax or says a tax,", "tokens": [23263, 41726, 13, 23263, 41726, 11, 3366, 12578, 13, 865, 13, 961, 385, 1029, 291, 512, 1651, 4077, 281, 264, 10041, 13, 2386, 11, 498, 264, 2463, 26952, 257, 3366, 420, 1619, 257, 3366, 11], "avg_logprob": -0.1802300309969319, "compression_ratio": 1.3304347826086957, "no_speech_prob": 0.0, "words": [{"start": 2420.8, "end": 2421.2, "word": " Tax", "probability": 0.8974609375}, {"start": 2421.2, "end": 2421.86, "word": " incidence.", "probability": 0.6240234375}, {"start": 2426.84, "end": 2427.6, "word": " Tax", "probability": 0.7900390625}, {"start": 2427.6, "end": 2428.1, "word": " incidence,", "probability": 0.8291015625}, {"start": 2428.4, "end": 2428.64, "word": " tax", "probability": 0.9248046875}, {"start": 2428.64, "end": 2429.08, "word": " burden.", "probability": 0.59375}, {"start": 2431.16, "end": 2431.92, "word": " Yeah.", "probability": 0.70068359375}, {"start": 2435.34, "end": 2436.1, "word": " Let", "probability": 0.96533203125}, {"start": 2436.1, "end": 2436.26, "word": " me", "probability": 0.96630859375}, {"start": 2436.26, "end": 2436.58, "word": " ask", "probability": 0.921875}, {"start": 2436.58, "end": 2436.7, "word": " you", "probability": 0.8310546875}, {"start": 2436.7, "end": 2437.02, "word": " some", "probability": 0.8984375}, {"start": 2437.02, "end": 2437.5, "word": " questions", "probability": 0.9560546875}, {"start": 2437.5, "end": 2437.9, "word": " related", "probability": 0.9462890625}, {"start": 2437.9, "end": 2438.14, "word": " to", "probability": 0.97021484375}, {"start": 2438.14, "end": 2438.34, "word": " the", "probability": 0.912109375}, {"start": 2438.34, "end": 2438.72, "word": " taxes.", "probability": 0.92724609375}, {"start": 2439.76, "end": 2440.18, "word": " First,", "probability": 0.74072265625}, {"start": 2442.98, "end": 2445.7, "word": " if", "probability": 0.94140625}, {"start": 2445.7, "end": 2445.84, "word": " the", "probability": 0.9140625}, {"start": 2445.84, "end": 2446.2, "word": " government", "probability": 0.91845703125}, {"start": 2446.2, "end": 2446.62, "word": " impose", "probability": 0.533203125}, {"start": 2446.62, "end": 2446.8, "word": " a", "probability": 0.94091796875}, {"start": 2446.8, "end": 2447.12, "word": " tax", "probability": 0.955078125}, {"start": 2447.12, "end": 2447.48, "word": " or", "probability": 0.810546875}, {"start": 2447.48, "end": 2447.66, "word": " says", "probability": 0.365478515625}, {"start": 2447.66, "end": 2447.8, "word": " a", "probability": 0.9287109375}, {"start": 2447.8, "end": 2448.14, "word": " tax,", "probability": 0.96630859375}], "temperature": 1.0}, {"id": 81, "seek": 247760, "start": 2449.86, "end": 2477.6, "text": " or the producer, who will bear the tax burden? Let us assume that a producer sells flour or cigarette, and the government decided to impose a tax of 10 shekels per pack of cigarette.", "tokens": [420, 264, 12314, 11, 567, 486, 6155, 264, 3366, 12578, 30, 961, 505, 6552, 300, 257, 12314, 20897, 7693, 420, 26184, 11, 293, 264, 2463, 3047, 281, 26952, 257, 3366, 295, 1266, 750, 7124, 82, 680, 2844, 295, 26184, 13], "avg_logprob": -0.1736852163221778, "compression_ratio": 1.3863636363636365, "no_speech_prob": 0.0, "words": [{"start": 2449.86, "end": 2450.18, "word": " or", "probability": 0.49951171875}, {"start": 2450.18, "end": 2450.36, "word": " the", "probability": 0.91259765625}, {"start": 2450.36, "end": 2450.88, "word": " producer,", "probability": 0.92431640625}, {"start": 2451.3, "end": 2452.54, "word": " who", "probability": 0.9052734375}, {"start": 2452.54, "end": 2452.8, "word": " will", "probability": 0.857421875}, {"start": 2452.8, "end": 2453.18, "word": " bear", "probability": 0.95458984375}, {"start": 2453.18, "end": 2455.26, "word": " the", "probability": 0.9208984375}, {"start": 2455.26, "end": 2455.6, "word": " tax", "probability": 0.94140625}, {"start": 2455.6, "end": 2456.0, "word": " burden?", "probability": 0.95556640625}, {"start": 2457.62, "end": 2457.94, "word": " Let", "probability": 0.9423828125}, {"start": 2457.94, "end": 2458.1, "word": " us", "probability": 0.84326171875}, {"start": 2458.1, "end": 2458.44, "word": " assume", "probability": 0.9052734375}, {"start": 2458.44, "end": 2458.96, "word": " that", "probability": 0.9326171875}, {"start": 2458.96, "end": 2460.8, "word": " a", "probability": 0.9560546875}, {"start": 2460.8, "end": 2461.34, "word": " producer", "probability": 0.91845703125}, {"start": 2461.34, "end": 2462.84, "word": " sells", "probability": 0.9296875}, {"start": 2462.84, "end": 2463.74, "word": " flour", "probability": 0.876953125}, {"start": 2463.74, "end": 2465.74, "word": " or", "probability": 0.72021484375}, {"start": 2465.74, "end": 2466.24, "word": " cigarette,", "probability": 0.6806640625}, {"start": 2468.12, "end": 2468.46, "word": " and", "probability": 0.9326171875}, {"start": 2468.46, "end": 2468.6, "word": " the", "probability": 0.916015625}, {"start": 2468.6, "end": 2468.9, "word": " government", "probability": 0.90283203125}, {"start": 2468.9, "end": 2469.5, "word": " decided", "probability": 0.9091796875}, {"start": 2469.5, "end": 2469.8, "word": " to", "probability": 0.97216796875}, {"start": 2469.8, "end": 2470.44, "word": " impose", "probability": 0.9384765625}, {"start": 2470.44, "end": 2471.44, "word": " a", "probability": 0.986328125}, {"start": 2471.44, "end": 2471.82, "word": " tax", "probability": 0.95068359375}, {"start": 2471.82, "end": 2472.84, "word": " of", "probability": 0.97265625}, {"start": 2472.84, "end": 2474.22, "word": " 10", "probability": 0.814453125}, {"start": 2474.22, "end": 2476.08, "word": " shekels", "probability": 0.9114583333333334}, {"start": 2476.08, "end": 2476.7, "word": " per", "probability": 0.85595703125}, {"start": 2476.7, "end": 2477.1, "word": " pack", "probability": 0.9111328125}, {"start": 2477.1, "end": 2477.28, "word": " of", "probability": 0.97119140625}, {"start": 2477.28, "end": 2477.6, "word": " cigarette.", "probability": 0.65625}], "temperature": 1.0}, {"id": 82, "seek": 250562, "start": 2479.0, "end": 2505.62, "text": " Who bears the most of tax burden? Or whom bears the tax burden? The smokers or the sellers here? Sellers. Why? The question is? My assumption is", "tokens": [2102, 17276, 264, 881, 295, 3366, 12578, 30, 1610, 7101, 17276, 264, 3366, 12578, 30, 440, 32073, 433, 420, 264, 31276, 510, 30, 44296, 433, 13, 1545, 30, 440, 1168, 307, 30, 1222, 15302, 307], "avg_logprob": -0.1843533023364014, "compression_ratio": 1.4356435643564356, "no_speech_prob": 0.0, "words": [{"start": 2479.0, "end": 2479.28, "word": " Who", "probability": 0.7724609375}, {"start": 2479.28, "end": 2479.58, "word": " bears", "probability": 0.93017578125}, {"start": 2479.58, "end": 2479.78, "word": " the", "probability": 0.8974609375}, {"start": 2479.78, "end": 2480.18, "word": " most", "probability": 0.9140625}, {"start": 2480.18, "end": 2480.96, "word": " of", "probability": 0.94921875}, {"start": 2480.96, "end": 2481.28, "word": " tax", "probability": 0.94775390625}, {"start": 2481.28, "end": 2481.68, "word": " burden?", "probability": 0.9267578125}, {"start": 2481.96, "end": 2482.06, "word": " Or", "probability": 0.9658203125}, {"start": 2482.06, "end": 2482.48, "word": " whom", "probability": 0.5341796875}, {"start": 2482.48, "end": 2482.96, "word": " bears", "probability": 0.94091796875}, {"start": 2482.96, "end": 2483.56, "word": " the", "probability": 0.91943359375}, {"start": 2483.56, "end": 2483.96, "word": " tax", "probability": 0.94189453125}, {"start": 2483.96, "end": 2484.38, "word": " burden?", "probability": 0.94775390625}, {"start": 2485.66, "end": 2485.98, "word": " The", "probability": 0.90771484375}, {"start": 2485.98, "end": 2486.66, "word": " smokers", "probability": 0.955322265625}, {"start": 2486.66, "end": 2486.92, "word": " or", "probability": 0.923828125}, {"start": 2486.92, "end": 2487.12, "word": " the", "probability": 0.93115234375}, {"start": 2487.12, "end": 2487.38, "word": " sellers", "probability": 0.91064453125}, {"start": 2487.38, "end": 2487.7, "word": " here?", "probability": 0.80810546875}, {"start": 2490.96, "end": 2491.76, "word": " Sellers.", "probability": 0.75537109375}, {"start": 2492.44, "end": 2492.8, "word": " Why?", "probability": 0.68212890625}, {"start": 2496.4, "end": 2497.18, "word": " The", "probability": 0.8564453125}, {"start": 2497.18, "end": 2497.5, "word": " question", "probability": 0.9267578125}, {"start": 2497.5, "end": 2497.88, "word": " is?", "probability": 0.9521484375}, {"start": 2504.0, "end": 2504.8, "word": " My", "probability": 0.94189453125}, {"start": 2504.8, "end": 2505.2, "word": " assumption", "probability": 0.98095703125}, {"start": 2505.2, "end": 2505.62, "word": " is", "probability": 0.94921875}], "temperature": 1.0}, {"id": 83, "seek": 253728, "start": 2508.26, "end": 2537.28, "text": " I'm thinking in another example, but you know, I will back to. The government sets a price, sorry, the tax or attacks on cigarettes. Cigarette is necessary products for the smokers. And it's not easy to give up it. The demand for cigarettes is inelastic, right?", "tokens": [286, 478, 1953, 294, 1071, 1365, 11, 457, 291, 458, 11, 286, 486, 646, 281, 13, 440, 2463, 6352, 257, 3218, 11, 2597, 11, 264, 3366, 420, 8122, 322, 29244, 13, 383, 328, 23362, 307, 4818, 3383, 337, 264, 32073, 433, 13, 400, 309, 311, 406, 1858, 281, 976, 493, 309, 13, 440, 4733, 337, 29244, 307, 294, 338, 2750, 11, 558, 30], "avg_logprob": -0.2043457010295242, "compression_ratio": 1.4395604395604396, "no_speech_prob": 0.0, "words": [{"start": 2508.26, "end": 2508.58, "word": " I'm", "probability": 0.95458984375}, {"start": 2508.58, "end": 2508.78, "word": " thinking", "probability": 0.83203125}, {"start": 2508.78, "end": 2509.98, "word": " in", "probability": 0.46826171875}, {"start": 2509.98, "end": 2510.3, "word": " another", "probability": 0.86474609375}, {"start": 2510.3, "end": 2510.9, "word": " example,", "probability": 0.97998046875}, {"start": 2511.1, "end": 2511.2, "word": " but", "probability": 0.90869140625}, {"start": 2511.2, "end": 2511.4, "word": " you", "probability": 0.414794921875}, {"start": 2511.4, "end": 2511.62, "word": " know,", "probability": 0.88671875}, {"start": 2512.02, "end": 2512.16, "word": " I", "probability": 0.93017578125}, {"start": 2512.16, "end": 2512.34, "word": " will", "probability": 0.76416015625}, {"start": 2512.34, "end": 2513.08, "word": " back", "probability": 0.68115234375}, {"start": 2513.08, "end": 2513.34, "word": " to.", "probability": 0.9404296875}, {"start": 2514.6, "end": 2515.26, "word": " The", "probability": 0.87451171875}, {"start": 2515.26, "end": 2515.72, "word": " government", "probability": 0.89111328125}, {"start": 2515.72, "end": 2516.1, "word": " sets", "probability": 0.86572265625}, {"start": 2516.1, "end": 2516.28, "word": " a", "probability": 0.80029296875}, {"start": 2516.28, "end": 2516.6, "word": " price,", "probability": 0.9140625}, {"start": 2516.86, "end": 2517.02, "word": " sorry,", "probability": 0.8935546875}, {"start": 2517.6, "end": 2517.78, "word": " the", "probability": 0.537109375}, {"start": 2517.78, "end": 2518.18, "word": " tax", "probability": 0.93359375}, {"start": 2518.18, "end": 2518.38, "word": " or", "probability": 0.59375}, {"start": 2518.38, "end": 2518.88, "word": " attacks", "probability": 0.304931640625}, {"start": 2518.88, "end": 2521.98, "word": " on", "probability": 0.798828125}, {"start": 2521.98, "end": 2523.24, "word": " cigarettes.", "probability": 0.82373046875}, {"start": 2524.48, "end": 2525.06, "word": " Cigarette", "probability": 0.9388020833333334}, {"start": 2525.06, "end": 2526.26, "word": " is", "probability": 0.94482421875}, {"start": 2526.26, "end": 2527.9, "word": " necessary", "probability": 0.8271484375}, {"start": 2527.9, "end": 2528.36, "word": " products", "probability": 0.69580078125}, {"start": 2528.36, "end": 2528.7, "word": " for", "probability": 0.951171875}, {"start": 2528.7, "end": 2528.98, "word": " the", "probability": 0.916015625}, {"start": 2528.98, "end": 2529.56, "word": " smokers.", "probability": 0.969970703125}, {"start": 2530.1, "end": 2530.76, "word": " And", "probability": 0.935546875}, {"start": 2530.76, "end": 2530.96, "word": " it's", "probability": 0.962890625}, {"start": 2530.96, "end": 2531.14, "word": " not", "probability": 0.94189453125}, {"start": 2531.14, "end": 2531.42, "word": " easy", "probability": 0.91455078125}, {"start": 2531.42, "end": 2531.64, "word": " to", "probability": 0.9697265625}, {"start": 2531.64, "end": 2531.84, "word": " give", "probability": 0.89111328125}, {"start": 2531.84, "end": 2532.02, "word": " up", "probability": 0.97021484375}, {"start": 2532.02, "end": 2532.34, "word": " it.", "probability": 0.939453125}, {"start": 2533.14, "end": 2533.3, "word": " The", "probability": 0.8583984375}, {"start": 2533.3, "end": 2533.64, "word": " demand", "probability": 0.91064453125}, {"start": 2533.64, "end": 2533.88, "word": " for", "probability": 0.9501953125}, {"start": 2533.88, "end": 2534.34, "word": " cigarettes", "probability": 0.87548828125}, {"start": 2534.34, "end": 2535.0, "word": " is", "probability": 0.94677734375}, {"start": 2535.0, "end": 2536.04, "word": " inelastic,", "probability": 0.9443359375}, {"start": 2536.98, "end": 2537.28, "word": " right?", "probability": 0.75732421875}], "temperature": 1.0}, {"id": 84, "seek": 256408, "start": 2538.98, "end": 2564.08, "text": " because it's important for the smokers. Let us assume that the government decided or sets tax by 10 shekels on cigarettes. In a peer pack of cigarettes, let's say 10 shekels taxes. Who bears the tax burden?", "tokens": [570, 309, 311, 1021, 337, 264, 32073, 433, 13, 961, 505, 6552, 300, 264, 2463, 3047, 420, 6352, 3366, 538, 1266, 750, 7124, 82, 322, 29244, 13, 682, 257, 15108, 2844, 295, 29244, 11, 718, 311, 584, 1266, 750, 7124, 82, 10041, 13, 2102, 17276, 264, 3366, 12578, 30], "avg_logprob": -0.3315624952316284, "compression_ratio": 1.4475524475524475, "no_speech_prob": 0.0, "words": [{"start": 2538.98, "end": 2539.46, "word": " because", "probability": 0.403564453125}, {"start": 2539.46, "end": 2539.96, "word": " it's", "probability": 0.970703125}, {"start": 2539.96, "end": 2540.38, "word": " important", "probability": 0.892578125}, {"start": 2540.38, "end": 2540.64, "word": " for", "probability": 0.94921875}, {"start": 2540.64, "end": 2540.8, "word": " the", "probability": 0.9208984375}, {"start": 2540.8, "end": 2541.34, "word": " smokers.", "probability": 0.96826171875}, {"start": 2543.46, "end": 2543.68, "word": " Let", "probability": 0.94580078125}, {"start": 2543.68, "end": 2543.88, "word": " us", "probability": 0.888671875}, {"start": 2543.88, "end": 2544.24, "word": " assume", "probability": 0.9072265625}, {"start": 2544.24, "end": 2544.46, "word": " that", "probability": 0.931640625}, {"start": 2544.46, "end": 2544.6, "word": " the", "probability": 0.91845703125}, {"start": 2544.6, "end": 2544.94, "word": " government", "probability": 0.90625}, {"start": 2544.94, "end": 2545.56, "word": " decided", "probability": 0.85107421875}, {"start": 2545.56, "end": 2546.18, "word": " or", "probability": 0.5390625}, {"start": 2546.18, "end": 2546.7, "word": " sets", "probability": 0.8203125}, {"start": 2546.7, "end": 2549.92, "word": " tax", "probability": 0.849609375}, {"start": 2549.92, "end": 2550.46, "word": " by", "probability": 0.96826171875}, {"start": 2550.46, "end": 2550.92, "word": " 10", "probability": 0.3017578125}, {"start": 2550.92, "end": 2552.94, "word": " shekels", "probability": 0.8662109375}, {"start": 2552.94, "end": 2553.28, "word": " on", "probability": 0.92041015625}, {"start": 2553.28, "end": 2554.5, "word": " cigarettes.", "probability": 0.82177734375}, {"start": 2555.56, "end": 2555.84, "word": " In", "probability": 0.019989013671875}, {"start": 2555.84, "end": 2555.96, "word": " a", "probability": 0.7607421875}, {"start": 2555.96, "end": 2556.14, "word": " peer", "probability": 0.392822265625}, {"start": 2556.14, "end": 2556.46, "word": " pack", "probability": 0.65966796875}, {"start": 2556.46, "end": 2556.68, "word": " of", "probability": 0.9208984375}, {"start": 2556.68, "end": 2557.12, "word": " cigarettes,", "probability": 0.8232421875}, {"start": 2557.4, "end": 2557.52, "word": " let's", "probability": 0.417266845703125}, {"start": 2557.52, "end": 2557.64, "word": " say", "probability": 0.5380859375}, {"start": 2557.64, "end": 2558.48, "word": " 10", "probability": 0.214599609375}, {"start": 2558.48, "end": 2559.16, "word": " shekels", "probability": 0.9327799479166666}, {"start": 2559.16, "end": 2559.5, "word": " taxes.", "probability": 0.7255859375}, {"start": 2559.98, "end": 2560.36, "word": " Who", "probability": 0.8037109375}, {"start": 2560.36, "end": 2560.84, "word": " bears", "probability": 0.8349609375}, {"start": 2560.84, "end": 2561.68, "word": " the", "probability": 0.7509765625}, {"start": 2561.68, "end": 2563.68, "word": " tax", "probability": 0.93310546875}, {"start": 2563.68, "end": 2564.08, "word": " burden?", "probability": 0.978515625}], "temperature": 1.0}, {"id": 85, "seek": 259704, "start": 2567.6, "end": 2597.04, "text": " The smokers bears the most of tax burden and the sellers bear the least of tax burden. Because in this case, maybe the consumer bears seven shekels and the seller bears three. Right? Correct? Because the smoker or the product here is necessary for the smokers. Right? Ten shekels.", "tokens": [440, 32073, 433, 17276, 264, 881, 295, 3366, 12578, 293, 264, 31276, 6155, 264, 1935, 295, 3366, 12578, 13, 1436, 294, 341, 1389, 11, 1310, 264, 9711, 17276, 3407, 750, 7124, 82, 293, 264, 23600, 17276, 1045, 13, 1779, 30, 12753, 30, 1436, 264, 899, 16722, 420, 264, 1674, 510, 307, 4818, 337, 264, 32073, 433, 13, 1779, 30, 9380, 750, 7124, 82, 13], "avg_logprob": -0.2668269230769231, "compression_ratio": 1.7672955974842768, "no_speech_prob": 0.0, "words": [{"start": 2567.6, "end": 2567.9, "word": " The", "probability": 0.712890625}, {"start": 2567.9, "end": 2568.52, "word": " smokers", "probability": 0.867919921875}, {"start": 2568.52, "end": 2568.84, "word": " bears", "probability": 0.38525390625}, {"start": 2568.84, "end": 2569.32, "word": " the", "probability": 0.908203125}, {"start": 2569.32, "end": 2570.0, "word": " most", "probability": 0.92578125}, {"start": 2570.0, "end": 2570.2, "word": " of", "probability": 0.8837890625}, {"start": 2570.2, "end": 2570.48, "word": " tax", "probability": 0.92236328125}, {"start": 2570.48, "end": 2570.88, "word": " burden", "probability": 0.9189453125}, {"start": 2570.88, "end": 2571.42, "word": " and", "probability": 0.66552734375}, {"start": 2571.42, "end": 2571.92, "word": " the", "probability": 0.85791015625}, {"start": 2571.92, "end": 2572.42, "word": " sellers", "probability": 0.88037109375}, {"start": 2572.42, "end": 2573.9, "word": " bear", "probability": 0.87255859375}, {"start": 2573.9, "end": 2574.92, "word": " the", "probability": 0.89453125}, {"start": 2574.92, "end": 2575.36, "word": " least", "probability": 0.94970703125}, {"start": 2575.36, "end": 2575.54, "word": " of", "probability": 0.96630859375}, {"start": 2575.54, "end": 2575.8, "word": " tax", "probability": 0.9482421875}, {"start": 2575.8, "end": 2576.18, "word": " burden.", "probability": 0.9501953125}, {"start": 2576.52, "end": 2577.04, "word": " Because", "probability": 0.86669921875}, {"start": 2577.04, "end": 2578.94, "word": " in", "probability": 0.6318359375}, {"start": 2578.94, "end": 2579.16, "word": " this", "probability": 0.95361328125}, {"start": 2579.16, "end": 2579.48, "word": " case,", "probability": 0.91943359375}, {"start": 2580.1, "end": 2580.34, "word": " maybe", "probability": 0.037384033203125}, {"start": 2580.34, "end": 2580.56, "word": " the", "probability": 0.734375}, {"start": 2580.56, "end": 2581.08, "word": " consumer", "probability": 0.79833984375}, {"start": 2581.08, "end": 2581.84, "word": " bears", "probability": 0.8896484375}, {"start": 2581.84, "end": 2582.7, "word": " seven", "probability": 0.828125}, {"start": 2582.7, "end": 2583.36, "word": " shekels", "probability": 0.8880208333333334}, {"start": 2583.36, "end": 2583.52, "word": " and", "probability": 0.494140625}, {"start": 2583.52, "end": 2583.62, "word": " the", "probability": 0.830078125}, {"start": 2583.62, "end": 2583.9, "word": " seller", "probability": 0.77587890625}, {"start": 2583.9, "end": 2584.34, "word": " bears", "probability": 0.53271484375}, {"start": 2584.34, "end": 2584.72, "word": " three.", "probability": 0.91064453125}, {"start": 2585.56, "end": 2585.86, "word": " Right?", "probability": 0.463623046875}, {"start": 2586.7, "end": 2587.02, "word": " Correct?", "probability": 0.285400390625}, {"start": 2587.14, "end": 2587.54, "word": " Because", "probability": 0.83251953125}, {"start": 2587.54, "end": 2588.52, "word": " the", "probability": 0.85009765625}, {"start": 2588.52, "end": 2588.94, "word": " smoker", "probability": 0.7103271484375}, {"start": 2588.94, "end": 2589.66, "word": " or", "probability": 0.6962890625}, {"start": 2589.66, "end": 2590.0, "word": " the", "probability": 0.7265625}, {"start": 2590.0, "end": 2590.56, "word": " product", "probability": 0.89208984375}, {"start": 2590.56, "end": 2590.82, "word": " here", "probability": 0.8115234375}, {"start": 2590.82, "end": 2591.02, "word": " is", "probability": 0.92724609375}, {"start": 2591.02, "end": 2591.4, "word": " necessary", "probability": 0.912109375}, {"start": 2591.4, "end": 2591.6, "word": " for", "probability": 0.94970703125}, {"start": 2591.6, "end": 2591.78, "word": " the", "probability": 0.91357421875}, {"start": 2591.78, "end": 2592.32, "word": " smokers.", "probability": 0.955078125}, {"start": 2592.84, "end": 2592.96, "word": " Right?", "probability": 0.74267578125}, {"start": 2595.72, "end": 2596.52, "word": " Ten", "probability": 0.76123046875}, {"start": 2596.52, "end": 2597.04, "word": " shekels.", "probability": 0.93994140625}], "temperature": 1.0}, {"id": 86, "seek": 262552, "start": 2613.0, "end": 2625.52, "text": " Let me assume that the initial price per pack of cigarette was 15 shekels. This is what the initial price per pack of cigarette.", "tokens": [961, 385, 6552, 300, 264, 5883, 3218, 680, 2844, 295, 26184, 390, 2119, 750, 7124, 82, 13, 639, 307, 437, 264, 5883, 3218, 680, 2844, 295, 26184, 13], "avg_logprob": -0.11200161535164406, "compression_ratio": 1.5176470588235293, "no_speech_prob": 0.0, "words": [{"start": 2612.9999999999995, "end": 2613.8399999999997, "word": " Let", "probability": 0.6015625}, {"start": 2613.8399999999997, "end": 2614.68, "word": " me", "probability": 0.9404296875}, {"start": 2614.68, "end": 2615.14, "word": " assume", "probability": 0.8955078125}, {"start": 2615.14, "end": 2615.46, "word": " that", "probability": 0.9365234375}, {"start": 2615.46, "end": 2615.66, "word": " the", "probability": 0.91748046875}, {"start": 2615.66, "end": 2616.26, "word": " initial", "probability": 0.89990234375}, {"start": 2616.26, "end": 2616.98, "word": " price", "probability": 0.921875}, {"start": 2616.98, "end": 2618.0, "word": " per", "probability": 0.869140625}, {"start": 2618.0, "end": 2618.34, "word": " pack", "probability": 0.8798828125}, {"start": 2618.34, "end": 2618.54, "word": " of", "probability": 0.97607421875}, {"start": 2618.54, "end": 2618.96, "word": " cigarette", "probability": 0.455322265625}, {"start": 2618.96, "end": 2619.58, "word": " was", "probability": 0.94775390625}, {"start": 2619.58, "end": 2620.38, "word": " 15", "probability": 0.91845703125}, {"start": 2620.38, "end": 2621.3, "word": " shekels.", "probability": 0.9446614583333334}, {"start": 2621.44, "end": 2621.74, "word": " This", "probability": 0.9072265625}, {"start": 2621.74, "end": 2622.04, "word": " is", "probability": 0.94287109375}, {"start": 2622.04, "end": 2622.42, "word": " what", "probability": 0.93701171875}, {"start": 2622.42, "end": 2622.84, "word": " the", "probability": 0.90771484375}, {"start": 2622.84, "end": 2623.4, "word": " initial", "probability": 0.90234375}, {"start": 2623.4, "end": 2624.36, "word": " price", "probability": 0.90380859375}, {"start": 2624.36, "end": 2624.8, "word": " per", "probability": 0.9111328125}, {"start": 2624.8, "end": 2625.04, "word": " pack", "probability": 0.9208984375}, {"start": 2625.04, "end": 2625.2, "word": " of", "probability": 0.9697265625}, {"start": 2625.2, "end": 2625.52, "word": " cigarette.", "probability": 0.76025390625}], "temperature": 1.0}, {"id": 87, "seek": 265410, "start": 2629.22, "end": 2654.1, "text": " And the government imposed a tax of 10 shekels per pack. Who bears the most and who bears the least of tax burden? Who bears the most and who bears the least of tax burden? 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They can bear 70% of the tax, which means 7 shekels. And this one bears 3 shekels. 30% or 3 shekels. This one is borne by the seller. Okay? Okay. Why? Because the product here is, the demand for this product is inelastic. This is inelastic demand.", "tokens": [814, 366, 264, 11883, 13, 814, 393, 6155, 5285, 4, 295, 264, 3366, 11, 597, 1355, 1614, 750, 7124, 82, 13, 400, 341, 472, 17276, 805, 750, 7124, 82, 13, 2217, 4, 420, 805, 750, 7124, 82, 13, 639, 472, 307, 14828, 716, 538, 264, 23600, 13, 1033, 30, 1033, 13, 1545, 30, 1436, 264, 1674, 510, 307, 11, 264, 4733, 337, 341, 1674, 307, 294, 338, 2750, 13, 639, 307, 294, 338, 2750, 4733, 13], "avg_logprob": -0.3380681864626996, "compression_ratio": 1.6287425149700598, "no_speech_prob": 0.0, "words": [{"start": 2656.06, "end": 2656.3, "word": " They", "probability": 0.1358642578125}, {"start": 2656.3, "end": 2656.42, "word": " are", "probability": 0.67724609375}, {"start": 2656.42, "end": 2656.6, "word": " the", "probability": 0.5322265625}, {"start": 2656.6, "end": 2657.34, "word": " consumers.", "probability": 0.8984375}, {"start": 2658.78, "end": 2659.42, "word": " They", "probability": 0.28271484375}, {"start": 2659.42, "end": 2659.58, "word": " can", 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demand is inelastic, the product is necessary for the consumer. It's not easy to give up it. The consumer bears the most of tax burden and the producers or the sellers bears or bear the least of tax burden. Another example, the demand for Apple. Is it elastic or inelastic?", "tokens": [407, 498, 4733, 307, 294, 338, 2750, 11, 264, 1674, 307, 4818, 337, 264, 9711, 13, 467, 311, 406, 1858, 281, 976, 493, 309, 13, 440, 9711, 17276, 264, 881, 295, 3366, 12578, 293, 264, 16080, 420, 264, 31276, 17276, 420, 6155, 264, 1935, 295, 3366, 12578, 13, 3996, 1365, 11, 264, 4733, 337, 6373, 13, 1119, 309, 17115, 420, 294, 338, 2750, 30], "avg_logprob": -0.14447115384615383, "compression_ratio": 1.6568047337278107, "no_speech_prob": 0.0, "words": [{"start": 2690.7, "end": 2691.04, "word": " So", "probability": 0.87255859375}, {"start": 2691.04, "end": 2691.54, "word": " if", "probability": 0.5966796875}, {"start": 2691.54, "end": 2691.94, "word": " demand", "probability": 0.7763671875}, {"start": 2691.94, "end": 2692.32, "word": " is", "probability": 0.94775390625}, {"start": 2692.32, "end": 2693.08, "word": " inelastic,", "probability": 0.9451497395833334}, {"start": 2693.78, "end": 2694.56, "word": " the", "probability": 0.91845703125}, {"start": 2694.56, "end": 2694.88, "word": " product", "probability": 0.91015625}, {"start": 2694.88, "end": 2695.1, "word": " is", "probability": 0.9208984375}, {"start": 2695.1, "end": 2695.54, "word": " necessary", "probability": 0.9169921875}, {"start": 2695.54, "end": 2695.82, "word": " for", "probability": 0.9482421875}, {"start": 2695.82, "end": 2695.98, "word": " the", "probability": 0.9130859375}, {"start": 2695.98, "end": 2696.46, "word": " consumer.", "probability": 0.828125}, {"start": 2697.16, "end": 2697.38, "word": " It's", "probability": 0.97412109375}, {"start": 2697.38, "end": 2697.62, "word": " not", "probability": 0.94482421875}, {"start": 2697.62, "end": 2697.98, "word": " easy", "probability": 0.9248046875}, {"start": 2697.98, "end": 2698.32, "word": " to", "probability": 0.93994140625}, {"start": 2698.32, "end": 2698.56, "word": " give", "probability": 0.880859375}, {"start": 2698.56, "end": 2698.74, "word": " up", "probability": 0.970703125}, {"start": 2698.74, "end": 2698.98, "word": " it.", "probability": 0.375}, {"start": 2699.62, "end": 2699.94, "word": " The", "probability": 0.876953125}, {"start": 2699.94, "end": 2700.82, "word": " consumer", "probability": 0.8251953125}, {"start": 2700.82, "end": 2702.26, "word": " bears", "probability": 0.91796875}, {"start": 2702.26, "end": 2703.22, "word": " the", "probability": 0.90380859375}, {"start": 2703.22, "end": 2703.68, "word": " most", "probability": 0.91259765625}, {"start": 2703.68, "end": 2703.9, "word": " of", "probability": 0.9189453125}, {"start": 2703.9, "end": 2704.18, "word": " tax", "probability": 0.92724609375}, {"start": 2704.18, "end": 2704.62, "word": " burden", "probability": 0.94287109375}, {"start": 2704.62, "end": 2705.38, "word": " and", "probability": 0.52587890625}, {"start": 2705.38, "end": 2705.94, "word": " the", "probability": 0.9140625}, {"start": 2705.94, "end": 2706.52, "word": " producers", "probability": 0.84423828125}, {"start": 2706.52, "end": 2706.94, "word": " or", "probability": 0.6943359375}, {"start": 2706.94, "end": 2707.12, "word": " the", "probability": 0.892578125}, {"start": 2707.12, "end": 2707.48, "word": " sellers", "probability": 0.97216796875}, {"start": 2707.48, "end": 2708.42, "word": " bears", "probability": 0.55029296875}, {"start": 2708.42, "end": 2708.7, "word": " or", "probability": 0.87548828125}, {"start": 2708.7, "end": 2709.06, "word": " bear", "probability": 0.90087890625}, {"start": 2709.06, "end": 2709.62, "word": " the", "probability": 0.9013671875}, {"start": 2709.62, "end": 2710.14, "word": " least", "probability": 0.96337890625}, {"start": 2710.14, "end": 2710.34, "word": " of", "probability": 0.96337890625}, {"start": 2710.34, "end": 2710.68, "word": " tax", "probability": 0.9365234375}, {"start": 2710.68, "end": 2711.16, "word": " burden.", "probability": 0.9375}, {"start": 2712.92, "end": 2713.16, "word": " Another", "probability": 0.64111328125}, {"start": 2713.16, "end": 2713.66, "word": " example,", "probability": 0.97021484375}, {"start": 2714.98, "end": 2715.12, "word": " the", "probability": 0.89453125}, {"start": 2715.12, "end": 2715.48, "word": " demand", "probability": 0.9111328125}, {"start": 2715.48, "end": 2715.72, "word": " for", "probability": 0.95361328125}, {"start": 2715.72, "end": 2716.22, "word": " Apple.", "probability": 0.74755859375}, {"start": 2717.16, "end": 2717.34, "word": " Is", "probability": 0.96142578125}, {"start": 2717.34, "end": 2717.54, "word": " it", "probability": 0.94677734375}, {"start": 2717.54, "end": 2718.0, "word": " elastic", "probability": 0.9619140625}, {"start": 2718.0, "end": 2718.32, "word": " or", "probability": 0.96875}, {"start": 2718.32, "end": 2718.88, "word": " inelastic?", "probability": 0.9342447916666666}], "temperature": 1.0}, {"id": 90, "seek": 274407, "start": 2722.43, "end": 2744.07, "text": " Apple, the demand for Apple is elastic because it has many substitutes. It's not necessary for the consumers. Let me assume that the government imposed a tax by five shekels or four shekels per kilogram of Apple.", "tokens": [6373, 11, 264, 4733, 337, 6373, 307, 17115, 570, 309, 575, 867, 26441, 1819, 13, 467, 311, 406, 4818, 337, 264, 11883, 13, 961, 385, 6552, 300, 264, 2463, 26491, 257, 3366, 538, 1732, 750, 7124, 82, 420, 1451, 750, 7124, 82, 680, 21741, 295, 6373, 13], "avg_logprob": -0.15592447699358067, "compression_ratio": 1.429530201342282, "no_speech_prob": 0.0, "words": [{"start": 2722.43, "end": 2722.89, "word": " Apple,", "probability": 0.697265625}, {"start": 2723.91, "end": 2724.15, "word": " the", "probability": 0.89599609375}, {"start": 2724.15, "end": 2724.55, "word": " demand", "probability": 0.92626953125}, {"start": 2724.55, "end": 2724.77, "word": " for", "probability": 0.95361328125}, {"start": 2724.77, "end": 2725.13, "word": " Apple", "probability": 0.66650390625}, {"start": 2725.13, "end": 2725.55, "word": " is", "probability": 0.9404296875}, {"start": 2725.55, "end": 2726.03, "word": " elastic", "probability": 0.974609375}, {"start": 2726.03, "end": 2726.51, "word": " because", "probability": 0.72216796875}, {"start": 2726.51, "end": 2726.75, "word": " it", "probability": 0.95361328125}, {"start": 2726.75, "end": 2727.25, "word": " has", "probability": 0.94140625}, {"start": 2727.25, "end": 2728.43, "word": " many", "probability": 0.83935546875}, {"start": 2728.43, "end": 2729.25, "word": " substitutes.", "probability": 0.920166015625}, {"start": 2729.41, "end": 2729.49, "word": " It's", "probability": 0.967529296875}, {"start": 2729.49, "end": 2729.67, "word": " not", "probability": 0.94580078125}, {"start": 2729.67, "end": 2730.17, "word": " necessary", "probability": 0.9404296875}, {"start": 2730.17, "end": 2730.51, "word": " for", "probability": 0.94873046875}, {"start": 2730.51, "end": 2730.69, "word": " the", "probability": 0.90478515625}, {"start": 2730.69, "end": 2731.29, "word": " consumers.", "probability": 0.93994140625}, {"start": 2732.35, "end": 2732.59, "word": " Let", "probability": 0.96240234375}, {"start": 2732.59, "end": 2732.81, "word": " me", "probability": 0.958984375}, {"start": 2732.81, "end": 2733.33, "word": " assume", "probability": 0.90576171875}, {"start": 2733.33, "end": 2733.87, "word": " that", "probability": 0.93212890625}, {"start": 2733.87, "end": 2734.67, "word": " the", "probability": 0.89697265625}, {"start": 2734.67, "end": 2735.15, "word": " government", "probability": 0.90185546875}, {"start": 2735.15, "end": 2736.11, "word": " imposed", "probability": 0.83984375}, {"start": 2736.11, "end": 2736.31, "word": " a", "probability": 0.69482421875}, {"start": 2736.31, "end": 2736.77, "word": " tax", "probability": 0.95703125}, {"start": 2736.77, "end": 2737.97, "word": " by", "probability": 0.9482421875}, {"start": 2737.97, "end": 2738.93, "word": " five", "probability": 0.814453125}, {"start": 2738.93, "end": 2739.61, "word": " shekels", "probability": 0.9319661458333334}, {"start": 2739.61, "end": 2739.79, "word": " or", "probability": 0.9052734375}, {"start": 2739.79, "end": 2740.17, "word": " four", "probability": 0.9501953125}, {"start": 2740.17, "end": 2741.67, "word": " shekels", "probability": 0.9669596354166666}, {"start": 2741.67, "end": 2742.77, "word": " per", "probability": 0.92822265625}, {"start": 2742.77, "end": 2743.21, "word": " kilogram", "probability": 0.93212890625}, {"start": 2743.21, "end": 2743.65, "word": " of", "probability": 0.97900390625}, {"start": 2743.65, "end": 2744.07, "word": " Apple.", "probability": 0.669921875}], "temperature": 1.0}, {"id": 91, "seek": 277224, "start": 2752.64, "end": 2772.24, "text": " six shekels per kilogram of apple and the government sets or imposed a tax of four shekels per kilogram of apple. What will happen? Who will bear the most of tax burden?", "tokens": [2309, 750, 7124, 82, 680, 21741, 295, 10606, 293, 264, 2463, 6352, 420, 26491, 257, 3366, 295, 1451, 750, 7124, 82, 680, 21741, 295, 10606, 13, 708, 486, 1051, 30, 2102, 486, 6155, 264, 881, 295, 3366, 12578, 30], "avg_logprob": -0.19150390550494195, "compression_ratio": 1.5178571428571428, "no_speech_prob": 0.0, "words": [{"start": 2752.64, "end": 2753.48, "word": " six", "probability": 0.05181884765625}, {"start": 2753.48, "end": 2754.32, "word": " shekels", "probability": 0.82373046875}, {"start": 2754.32, "end": 2754.56, "word": " per", "probability": 0.95654296875}, {"start": 2754.56, "end": 2755.04, "word": " kilogram", "probability": 0.91650390625}, {"start": 2755.04, "end": 2755.36, "word": " of", "probability": 0.97265625}, {"start": 2755.36, "end": 2755.76, "word": " apple", "probability": 0.76953125}, {"start": 2755.76, "end": 2756.6, "word": " and", "probability": 0.51123046875}, {"start": 2756.6, "end": 2756.78, "word": " the", "probability": 0.91162109375}, {"start": 2756.78, "end": 2757.2, "word": " government", "probability": 0.89306640625}, {"start": 2757.2, "end": 2757.66, "word": " sets", "probability": 0.58447265625}, {"start": 2757.66, "end": 2758.06, "word": " or", "probability": 0.91064453125}, {"start": 2758.06, "end": 2758.8, "word": " imposed", "probability": 0.80712890625}, {"start": 2758.8, "end": 2759.12, "word": " a", "probability": 0.9599609375}, {"start": 2759.12, "end": 2759.72, "word": " tax", "probability": 0.9453125}, {"start": 2759.72, "end": 2760.74, "word": " of", "probability": 0.93212890625}, {"start": 2760.74, "end": 2761.52, "word": " four", "probability": 0.90576171875}, {"start": 2761.52, "end": 2762.16, "word": " shekels", "probability": 0.9583333333333334}, {"start": 2762.16, "end": 2762.48, "word": " per", "probability": 0.96240234375}, {"start": 2762.48, "end": 2763.24, "word": " kilogram", "probability": 0.92236328125}, {"start": 2763.24, "end": 2765.82, "word": " of", "probability": 0.94970703125}, {"start": 2765.82, "end": 2766.1, "word": " apple.", "probability": 0.9287109375}, {"start": 2768.34, "end": 2768.84, "word": " What", "probability": 0.82421875}, {"start": 2768.84, "end": 2768.94, "word": " will", "probability": 0.8095703125}, {"start": 2768.94, "end": 2769.28, "word": " happen?", "probability": 0.923828125}, {"start": 2769.84, "end": 2769.98, "word": " Who", "probability": 0.8740234375}, {"start": 2769.98, "end": 2770.18, "word": " will", "probability": 0.85986328125}, {"start": 2770.18, "end": 2770.5, "word": " bear", "probability": 0.935546875}, {"start": 2770.5, "end": 2771.0, "word": " the", "probability": 0.91357421875}, {"start": 2771.0, "end": 2771.46, "word": " most", "probability": 0.9130859375}, {"start": 2771.46, "end": 2771.66, "word": " of", "probability": 0.84521484375}, {"start": 2771.66, "end": 2771.9, "word": " tax", "probability": 0.876953125}, {"start": 2771.9, "end": 2772.24, "word": " burden?", "probability": 0.9384765625}], "temperature": 1.0}, {"id": 92, "seek": 280144, "start": 2772.9, "end": 2801.44, "text": " because the consumer will leave the product and try to buy something else, like orange, like banana, like, you know. So here, is that the demand is elastic, which means the product has many substitutes. The producer appears, or the consumer,", "tokens": [570, 264, 9711, 486, 1856, 264, 1674, 293, 853, 281, 2256, 746, 1646, 11, 411, 7671, 11, 411, 14194, 11, 411, 11, 291, 458, 13, 407, 510, 11, 307, 300, 264, 4733, 307, 17115, 11, 597, 1355, 264, 1674, 575, 867, 26441, 1819, 13, 440, 12314, 7038, 11, 420, 264, 9711, 11], "avg_logprob": -0.25928655885300544, "compression_ratio": 1.5714285714285714, "no_speech_prob": 0.0, "words": [{"start": 2772.9, "end": 2773.72, "word": " because", "probability": 0.17041015625}, {"start": 2773.72, "end": 2774.94, "word": " the", "probability": 0.8828125}, {"start": 2774.94, "end": 2775.4, "word": " consumer", "probability": 0.8291015625}, {"start": 2775.4, "end": 2775.68, "word": " will", "probability": 0.8466796875}, {"start": 2775.68, "end": 2775.9, "word": " leave", "probability": 0.4296875}, {"start": 2775.9, "end": 2776.04, "word": " the", "probability": 0.8486328125}, {"start": 2776.04, "end": 2776.3, "word": " product", "probability": 0.912109375}, {"start": 2776.3, "end": 2776.72, "word": " and", "probability": 0.876953125}, {"start": 2776.72, "end": 2777.88, "word": " try", "probability": 0.9091796875}, {"start": 2777.88, "end": 2778.1, "word": " to", "probability": 0.96728515625}, {"start": 2778.1, "end": 2778.44, "word": " buy", "probability": 0.916015625}, {"start": 2778.44, "end": 2778.84, "word": " something", "probability": 0.87255859375}, {"start": 2778.84, "end": 2779.3, "word": " else,", "probability": 0.9326171875}, {"start": 2779.68, "end": 2780.02, "word": " like", "probability": 0.93359375}, {"start": 2780.02, "end": 2780.44, "word": " orange,", "probability": 0.77197265625}, {"start": 2780.68, "end": 2780.86, "word": " like", "probability": 0.93701171875}, {"start": 2780.86, "end": 2781.34, "word": " banana,", "probability": 0.95263671875}, {"start": 2781.54, "end": 2781.8, "word": " like,", "probability": 0.91259765625}, {"start": 2782.46, "end": 2782.58, "word": " you", "probability": 0.9521484375}, {"start": 2782.58, "end": 2782.78, "word": " know.", "probability": 0.88232421875}, {"start": 2783.34, "end": 2783.62, "word": " So", "probability": 0.95263671875}, {"start": 2783.62, "end": 2784.46, "word": " here,", "probability": 0.59228515625}, {"start": 2787.14, "end": 2787.26, "word": " is", "probability": 0.49072265625}, {"start": 2787.26, "end": 2787.38, "word": " that", "probability": 0.92578125}, {"start": 2787.38, "end": 2787.54, "word": " the", "probability": 0.8564453125}, {"start": 2787.54, "end": 2787.94, "word": " demand", "probability": 0.92529296875}, {"start": 2787.94, "end": 2788.34, "word": " is", "probability": 0.93603515625}, {"start": 2788.34, "end": 2791.38, "word": " elastic,", "probability": 0.390625}, {"start": 2795.58, "end": 2795.72, "word": " which", "probability": 0.95166015625}, {"start": 2795.72, "end": 2796.0, "word": " means", "probability": 0.93505859375}, {"start": 2796.0, "end": 2796.18, "word": " the", "probability": 0.89697265625}, {"start": 2796.18, "end": 2796.46, "word": " product", "probability": 0.90966796875}, {"start": 2796.46, "end": 2796.86, "word": " has", "probability": 0.94482421875}, {"start": 2796.86, "end": 2797.24, "word": " many", "probability": 0.90087890625}, {"start": 2797.24, "end": 2798.0, "word": " substitutes.", "probability": 0.91943359375}, {"start": 2798.86, "end": 2799.0, "word": " The", "probability": 0.8876953125}, {"start": 2799.0, "end": 2799.6, "word": " producer", "probability": 0.93359375}, {"start": 2799.6, "end": 2800.44, "word": " appears,", "probability": 0.34228515625}, {"start": 2800.64, "end": 2800.78, "word": " or", "probability": 0.966796875}, {"start": 2800.78, "end": 2800.94, "word": " the", "probability": 0.92041015625}, {"start": 2800.94, "end": 2801.44, "word": " consumer,", "probability": 0.82470703125}], "temperature": 1.0}, {"id": 93, "seek": 282212, "start": 2803.7, "end": 2822.12, "text": " Bears the least. 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It's easy to give up. 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Perfectly inelastic. Me and Abu Hamza, or uncle Abu Hamza, we take a diabetic patient. The treatment of diabetes is this. Let the price increase by a million percent, we will buy it. 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So if demand is perfectly inelastic, the consumer bears the whole of tax burden. 100% of the tax. Of course, the seller equals zero. Yes. Perfectly elastic.", "tokens": [10246, 356, 294, 338, 2750, 13, 407, 498, 4733, 307, 6239, 294, 338, 2750, 11, 264, 9711, 17276, 264, 1379, 295, 3366, 12578, 13, 2319, 4, 295, 264, 3366, 13, 2720, 1164, 11, 264, 23600, 6915, 4018, 13, 1079, 13, 10246, 356, 17115, 13], "avg_logprob": -0.28888887564341226, "compression_ratio": 1.4126984126984128, "no_speech_prob": 0.0, "words": [{"start": 2886.16, "end": 2886.76, "word": " Perfectly", "probability": 0.83349609375}, {"start": 2886.76, "end": 2887.22, "word": " inelastic.", "probability": 0.9578450520833334}, {"start": 2889.5, "end": 2889.58, "word": " So", "probability": 0.257080078125}, {"start": 2889.58, "end": 2897.84, "word": " if", "probability": 0.841796875}, {"start": 2897.84, "end": 2898.26, "word": " demand", "probability": 0.80029296875}, {"start": 2898.26, "end": 2898.54, "word": " is", "probability": 0.9501953125}, {"start": 2898.54, "end": 2899.18, "word": " perfectly", "probability": 0.935546875}, {"start": 2899.18, "end": 2900.1, "word": " inelastic,", "probability": 0.9334309895833334}, {"start": 2900.62, "end": 2900.72, "word": " the", "probability": 0.91064453125}, {"start": 2900.72, "end": 2901.28, "word": " consumer", "probability": 0.86669921875}, {"start": 2901.28, "end": 2901.72, "word": " bears", "probability": 0.170166015625}, {"start": 2901.72, "end": 2902.18, "word": " the", "probability": 0.8740234375}, {"start": 2902.18, "end": 2902.66, "word": " whole", "probability": 0.88623046875}, {"start": 2902.66, "end": 2902.84, "word": " of", "probability": 0.89306640625}, {"start": 2902.84, "end": 2903.08, "word": " tax", "probability": 0.56396484375}, {"start": 2903.08, "end": 2903.5, "word": " burden.", "probability": 0.7626953125}, {"start": 2904.3, "end": 2904.66, "word": " 100", "probability": 0.73291015625}, {"start": 2904.66, "end": 2905.14, "word": "%", "probability": 0.9228515625}, {"start": 2905.14, "end": 2905.26, "word": " of", "probability": 0.94482421875}, {"start": 2905.26, "end": 2905.36, "word": " the", "probability": 0.87451171875}, {"start": 2905.36, "end": 2905.72, "word": " tax.", "probability": 0.95654296875}, {"start": 2905.96, "end": 2905.96, "word": " Of", "probability": 0.29296875}, {"start": 2905.96, "end": 2907.08, "word": " course,", "probability": 0.966796875}, {"start": 2907.14, "end": 2907.26, "word": " the", "probability": 0.1351318359375}, {"start": 2907.26, "end": 2907.48, "word": " seller", "probability": 0.81298828125}, {"start": 2907.48, "end": 2907.86, "word": " equals", "probability": 0.81884765625}, {"start": 2907.86, "end": 2908.18, "word": " zero.", "probability": 0.76953125}, {"start": 2908.42, "end": 2908.6, "word": " Yes.", "probability": 0.8427734375}, {"start": 2910.26, "end": 2911.1, "word": " Perfectly", "probability": 0.61614990234375}, {"start": 2911.1, "end": 2911.5, "word": " elastic.", "probability": 0.86962890625}], "temperature": 1.0}, {"id": 97, "seek": 293176, "start": 2915.12, "end": 2931.76, "text": " The consumer tells you what to do with it. He's not looking for it. So the producer takes it all away. And now look at graphs like this. Okay? So half of the idea is clear, a quarter. Okay? Excellent. Look at these applications.", "tokens": [440, 9711, 5112, 291, 437, 281, 360, 365, 309, 13, 634, 311, 406, 1237, 337, 309, 13, 407, 264, 12314, 2516, 309, 439, 1314, 13, 400, 586, 574, 412, 24877, 411, 341, 13, 1033, 30, 407, 1922, 295, 264, 1558, 307, 1850, 11, 257, 6555, 13, 1033, 30, 16723, 13, 2053, 412, 613, 5821, 13], "avg_logprob": -0.5781249755195209, "compression_ratio": 1.3795180722891567, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 2915.12, "end": 2915.34, "word": " The", "probability": 0.63671875}, {"start": 2915.34, "end": 2915.84, "word": " consumer", "probability": 0.83447265625}, {"start": 2915.84, "end": 2916.32, "word": " tells", "probability": 0.1373291015625}, {"start": 2916.32, "end": 2916.48, "word": " you", "probability": 0.90673828125}, {"start": 2916.48, "end": 2916.58, "word": " what", "probability": 0.70166015625}, {"start": 2916.58, "end": 2916.66, "word": " to", "probability": 0.2303466796875}, {"start": 2916.66, "end": 2916.76, "word": " do", "probability": 0.693359375}, {"start": 2916.76, "end": 2916.82, "word": " with", "probability": 0.5927734375}, {"start": 2916.82, "end": 2916.92, "word": " it.", "probability": 0.70361328125}, {"start": 2917.06, "end": 2917.28, "word": " He's", "probability": 0.3104248046875}, {"start": 2917.28, "end": 2917.3, "word": " not", "probability": 0.89208984375}, {"start": 2917.3, "end": 2917.58, "word": " looking", "probability": 0.489990234375}, {"start": 2917.58, "end": 2917.76, "word": " for", "probability": 0.87158203125}, {"start": 2917.76, "end": 2917.98, "word": " it.", "probability": 0.7275390625}, {"start": 2918.1, "end": 2918.24, "word": " So", "probability": 0.55810546875}, {"start": 2918.24, "end": 2918.36, "word": " the", "probability": 0.67919921875}, {"start": 2918.36, "end": 2918.68, "word": " producer", "probability": 0.9130859375}, {"start": 2918.68, "end": 2918.94, "word": " takes", "probability": 0.432373046875}, {"start": 2918.94, "end": 2919.06, "word": " it", "probability": 0.5380859375}, {"start": 2919.06, "end": 2919.3, "word": " all", "probability": 0.78955078125}, {"start": 2919.3, "end": 2919.4, "word": " away.", "probability": 0.31787109375}, {"start": 2919.98, "end": 2920.12, "word": " And", "probability": 0.2861328125}, {"start": 2920.12, "end": 2920.26, "word": " now", "probability": 0.440185546875}, {"start": 2920.26, "end": 2920.52, "word": " look", "probability": 0.46240234375}, {"start": 2920.52, "end": 2920.58, "word": " at", "probability": 0.90478515625}, {"start": 2920.58, "end": 2920.96, "word": " graphs", "probability": 0.64404296875}, {"start": 2920.96, "end": 2921.14, "word": " like", "probability": 0.2122802734375}, {"start": 2921.14, "end": 2921.84, "word": " this.", "probability": 0.83203125}, {"start": 2922.44, "end": 2922.64, "word": " Okay?", "probability": 0.3134765625}, {"start": 2925.22, "end": 2925.64, "word": " So", "probability": 0.267578125}, {"start": 2925.64, "end": 2926.28, "word": " half", "probability": 0.55126953125}, {"start": 2926.28, "end": 2926.44, "word": " of", "probability": 0.5322265625}, {"start": 2926.44, "end": 2926.5, "word": " the", "probability": 0.8623046875}, {"start": 2926.5, "end": 2926.72, "word": " idea", "probability": 0.74560546875}, {"start": 2926.72, "end": 2926.84, "word": " is", "probability": 0.904296875}, {"start": 2926.84, "end": 2927.04, "word": " clear,", "probability": 0.82421875}, {"start": 2927.54, "end": 2927.7, "word": " a", "probability": 0.31884765625}, {"start": 2927.7, "end": 2927.88, "word": " quarter.", "probability": 0.86669921875}, {"start": 2928.62, "end": 2928.86, "word": " Okay?", "probability": 0.515625}, {"start": 2928.98, "end": 2929.22, "word": " Excellent.", "probability": 0.51025390625}, {"start": 2929.74, "end": 2930.16, "word": " Look", "probability": 0.47412109375}, {"start": 2930.16, "end": 2931.12, "word": " at", "probability": 0.9140625}, {"start": 2931.12, "end": 2931.2, "word": " these", "probability": 0.365234375}, {"start": 2931.2, "end": 2931.76, "word": " applications.", "probability": 0.8837890625}], "temperature": 1.0}, {"id": 98, "seek": 298653, "start": 2963.65, "end": 2986.53, "text": " In general, tax and subsidies are one of the determinants of supply or the supply determinants, right? Taxes. When the government imposes a tax, increasing tax rate, what will happen?", "tokens": [682, 2674, 11, 3366, 293, 38523, 366, 472, 295, 264, 15957, 1719, 295, 5847, 420, 264, 5847, 15957, 1719, 11, 558, 30, 23263, 279, 13, 1133, 264, 2463, 704, 4201, 257, 3366, 11, 5662, 3366, 3314, 11, 437, 486, 1051, 30], "avg_logprob": -0.17726934346414747, "compression_ratio": 1.373134328358209, "no_speech_prob": 0.0, "words": [{"start": 2963.65, "end": 2963.89, "word": " In", "probability": 0.92724609375}, {"start": 2963.89, "end": 2964.25, "word": " general,", "probability": 0.91357421875}, {"start": 2965.49, "end": 2967.67, "word": " tax", "probability": 0.86083984375}, {"start": 2967.67, "end": 2969.15, "word": " and", "probability": 0.93896484375}, {"start": 2969.15, "end": 2969.83, "word": " subsidies", "probability": 0.85888671875}, {"start": 2969.83, "end": 2971.33, "word": " are", "probability": 0.92236328125}, {"start": 2971.33, "end": 2972.85, "word": " one", "probability": 0.9248046875}, {"start": 2972.85, "end": 2973.05, "word": " of", "probability": 0.974609375}, {"start": 2973.05, "end": 2973.19, "word": " the", "probability": 0.9306640625}, {"start": 2973.19, "end": 2973.97, "word": " determinants", "probability": 0.94580078125}, {"start": 2973.97, "end": 2974.23, "word": " of", "probability": 0.9658203125}, {"start": 2974.23, "end": 2974.59, "word": " supply", "probability": 0.93505859375}, {"start": 2974.59, "end": 2974.81, "word": " or", "probability": 0.6416015625}, {"start": 2974.81, "end": 2975.05, "word": " the", "probability": 0.6611328125}, {"start": 2975.05, "end": 2975.53, "word": " supply", "probability": 0.95751953125}, {"start": 2975.53, "end": 2976.19, "word": " determinants,", "probability": 0.942138671875}, {"start": 2976.31, "end": 2976.39, "word": " right?", "probability": 0.3984375}, {"start": 2976.91, "end": 2977.67, "word": " Taxes.", "probability": 0.91748046875}, {"start": 2978.25, "end": 2978.45, "word": " When", "probability": 0.77734375}, {"start": 2978.45, "end": 2978.57, "word": " the", "probability": 0.9052734375}, {"start": 2978.57, "end": 2978.83, "word": " government", "probability": 0.91455078125}, {"start": 2978.83, "end": 2979.25, "word": " imposes", "probability": 0.68408203125}, {"start": 2979.25, "end": 2979.41, "word": " a", "probability": 0.64306640625}, {"start": 2979.41, "end": 2979.73, "word": " tax,", "probability": 0.9580078125}, {"start": 2980.09, "end": 2980.55, "word": " increasing", "probability": 0.89013671875}, {"start": 2980.55, "end": 2980.95, "word": " tax", "probability": 0.8515625}, {"start": 2980.95, "end": 2981.37, "word": " rate,", "probability": 0.95556640625}, {"start": 2984.31, "end": 2986.01, "word": " what", "probability": 0.921875}, {"start": 2986.01, "end": 2986.15, "word": " will", "probability": 0.82763671875}, {"start": 2986.15, "end": 2986.53, "word": " happen?", "probability": 0.91845703125}], "temperature": 1.0}, {"id": 99, "seek": 301419, "start": 2988.59, "end": 3014.19, "text": " The cost of production goes up or increases, right? This leads to increasing of the cost production. Cost production. The willingness to produce, this leads to decreasing the profits. Willingness to produce goes down.", "tokens": [440, 2063, 295, 4265, 1709, 493, 420, 8637, 11, 558, 30, 639, 6689, 281, 5662, 295, 264, 2063, 4265, 13, 20863, 4265, 13, 440, 25069, 281, 5258, 11, 341, 6689, 281, 23223, 264, 17982, 13, 3099, 278, 1287, 281, 5258, 1709, 760, 13], "avg_logprob": -0.2716619230129502, "compression_ratio": 1.744, "no_speech_prob": 0.0, "words": [{"start": 2988.59, "end": 2988.89, "word": " The", "probability": 0.6748046875}, {"start": 2988.89, "end": 2989.21, "word": " cost", "probability": 0.904296875}, {"start": 2989.21, "end": 2989.35, "word": " of", "probability": 0.7734375}, {"start": 2989.35, "end": 2989.83, "word": " production", "probability": 0.96240234375}, {"start": 2989.83, "end": 2990.37, "word": " goes", "probability": 0.93701171875}, {"start": 2990.37, "end": 2990.77, "word": " up", "probability": 0.97412109375}, {"start": 2990.77, "end": 2991.47, "word": " or", "probability": 0.751953125}, {"start": 2991.47, "end": 2991.99, "word": " increases,", "probability": 0.9296875}, {"start": 2992.51, "end": 2992.93, "word": " right?", "probability": 0.54833984375}, {"start": 2993.35, "end": 2994.05, "word": " This", "probability": 0.253173828125}, {"start": 2994.05, "end": 2994.57, "word": " leads", "probability": 0.7314453125}, {"start": 2994.57, "end": 2994.71, "word": " to", "probability": 0.94482421875}, {"start": 2994.71, "end": 2995.21, "word": " increasing", "probability": 0.7919921875}, {"start": 2995.21, "end": 2995.65, "word": " of", "probability": 0.3681640625}, {"start": 2995.65, "end": 2996.13, "word": " the", "probability": 0.8642578125}, {"start": 2996.13, "end": 2996.39, "word": " cost", "probability": 0.912109375}, {"start": 2996.39, "end": 2996.97, "word": " production.", "probability": 0.484619140625}, {"start": 2998.21, "end": 2998.29, "word": " Cost", "probability": 0.60302734375}, {"start": 2998.29, "end": 2998.95, "word": " production.", "probability": 0.89208984375}, {"start": 3004.07, "end": 3004.19, "word": " The", "probability": 0.1873779296875}, {"start": 3004.19, "end": 3004.63, "word": " willingness", "probability": 0.92333984375}, {"start": 3004.63, "end": 3004.87, "word": " to", "probability": 0.97021484375}, {"start": 3004.87, "end": 3005.31, "word": " produce,", "probability": 0.88330078125}, {"start": 3005.83, "end": 3006.27, "word": " this", "probability": 0.9228515625}, {"start": 3006.27, "end": 3006.61, "word": " leads", "probability": 0.89697265625}, {"start": 3006.61, "end": 3006.81, "word": " to", "probability": 0.96484375}, {"start": 3006.81, "end": 3007.63, "word": " decreasing", "probability": 0.491943359375}, {"start": 3007.63, "end": 3007.89, "word": " the", "probability": 0.60107421875}, {"start": 3007.89, "end": 3008.31, "word": " profits.", "probability": 0.96240234375}, {"start": 3011.99, "end": 3012.87, "word": " Willingness", "probability": 0.9235026041666666}, {"start": 3012.87, "end": 3013.03, "word": " to", "probability": 0.9638671875}, {"start": 3013.03, "end": 3013.35, "word": " produce", "probability": 0.87646484375}, {"start": 3013.35, "end": 3013.87, "word": " goes", "probability": 0.92236328125}, {"start": 3013.87, "end": 3014.19, "word": " down.", "probability": 0.8291015625}], "temperature": 1.0}, {"id": 100, "seek": 303955, "start": 3022.43, "end": 3039.55, "text": " Ability to produce goes down as well. Supply goes down. Supply will shift left.", "tokens": [2847, 1140, 281, 5258, 1709, 760, 382, 731, 13, 9391, 356, 1709, 760, 13, 9391, 356, 486, 5513, 1411, 13], "avg_logprob": -0.1463913633709862, "compression_ratio": 1.1111111111111112, "no_speech_prob": 0.0, "words": [{"start": 3022.43, "end": 3022.89, "word": " Ability", "probability": 0.8623046875}, {"start": 3022.89, "end": 3023.13, "word": " to", "probability": 0.96875}, {"start": 3023.13, "end": 3023.65, "word": " produce", "probability": 0.869140625}, {"start": 3023.65, "end": 3024.35, "word": " goes", "probability": 0.880859375}, {"start": 3024.35, "end": 3024.57, "word": " down", "probability": 0.86279296875}, {"start": 3024.57, "end": 3024.77, "word": " as", "probability": 0.94189453125}, {"start": 3024.77, "end": 3025.83, "word": " well.", "probability": 0.9443359375}, {"start": 3032.17, "end": 3033.21, "word": " Supply", "probability": 0.805908203125}, {"start": 3033.21, "end": 3033.59, "word": " goes", "probability": 0.9443359375}, {"start": 3033.59, "end": 3034.01, "word": " down.", "probability": 0.81884765625}, {"start": 3036.89, "end": 3037.93, "word": " Supply", "probability": 0.800537109375}, {"start": 3037.93, "end": 3038.13, "word": " will", "probability": 0.81591796875}, {"start": 3038.13, "end": 3038.53, "word": " shift", "probability": 0.984375}, {"start": 3038.53, "end": 3039.55, "word": " left.", "probability": 0.94580078125}], "temperature": 1.0}, {"id": 101, "seek": 306094, "start": 3048.2, "end": 3060.94, "text": " In all cases, as in general, as the tax goes up, supply goes down.", "tokens": [682, 439, 3331, 11, 382, 294, 2674, 11, 382, 264, 3366, 1709, 493, 11, 5847, 1709, 760, 13], "avg_logprob": -0.29851972743084554, "compression_ratio": 1.0, "no_speech_prob": 0.0, "words": [{"start": 3048.2, "end": 3049.24, "word": " In", "probability": 0.05535888671875}, {"start": 3049.24, "end": 3050.22, "word": " all", "probability": 0.70361328125}, {"start": 3050.22, "end": 3053.8, "word": " cases,", "probability": 0.9248046875}, {"start": 3054.88, "end": 3055.54, "word": " as", "probability": 0.65478515625}, {"start": 3055.54, "end": 3055.86, "word": " in", "probability": 0.8125}, {"start": 3055.86, "end": 3056.28, "word": " general,", "probability": 0.91796875}, {"start": 3057.06, "end": 3057.36, "word": " as", "probability": 0.951171875}, {"start": 3057.36, "end": 3057.6, "word": " the", "probability": 0.90673828125}, {"start": 3057.6, "end": 3057.96, "word": " tax", "probability": 0.7841796875}, {"start": 3057.96, "end": 3058.6, "word": " goes", "probability": 0.9404296875}, {"start": 3058.6, "end": 3059.06, "word": " up,", "probability": 0.9736328125}, {"start": 3059.78, "end": 3060.22, "word": " supply", "probability": 0.8720703125}, {"start": 3060.22, "end": 3060.66, "word": " goes", "probability": 0.94189453125}, {"start": 3060.66, "end": 3060.94, "word": " down.", "probability": 0.83984375}], "temperature": 1.0}, {"id": 102, "seek": 309248, "start": 3065.9, "end": 3092.48, "text": " Who pays the most in the relationship to export? This depends on the elasticity of demand and the elasticity of supply as well. But let us separate these cases and discuss different cases separately. So let's go here to analyze the cases. We have five cases when demand is", "tokens": [2102, 10604, 264, 881, 294, 264, 2480, 281, 10725, 30, 639, 5946, 322, 264, 46260, 295, 4733, 293, 264, 46260, 295, 5847, 382, 731, 13, 583, 718, 505, 4994, 613, 3331, 293, 2248, 819, 3331, 14759, 13, 407, 718, 311, 352, 510, 281, 12477, 264, 3331, 13, 492, 362, 1732, 3331, 562, 4733, 307], "avg_logprob": -0.2007102223959836, "compression_ratio": 1.6058823529411765, "no_speech_prob": 0.0, "words": [{"start": 3065.9, "end": 3066.22, "word": " Who", "probability": 0.7587890625}, {"start": 3066.22, "end": 3066.5, "word": " pays", "probability": 0.67041015625}, {"start": 3066.5, "end": 3066.68, "word": " the", "probability": 0.9052734375}, {"start": 3066.68, "end": 3067.06, "word": " most", "probability": 0.9228515625}, {"start": 3067.06, "end": 3067.24, "word": " in", "probability": 0.27099609375}, {"start": 3067.24, "end": 3067.34, "word": " the", "probability": 0.53662109375}, {"start": 3067.34, "end": 3067.62, "word": " relationship", "probability": 0.205810546875}, {"start": 3067.62, "end": 3067.8, "word": " to", "probability": 0.72705078125}, {"start": 3067.8, "end": 3068.06, "word": " export?", "probability": 0.61572265625}, {"start": 3068.34, "end": 3068.58, "word": " This", "probability": 0.828125}, {"start": 3068.58, "end": 3069.0, "word": " depends", "probability": 0.9189453125}, {"start": 3069.0, "end": 3069.58, "word": " on", "probability": 0.94873046875}, {"start": 3069.58, "end": 3070.14, "word": " the", "probability": 0.9033203125}, {"start": 3070.14, "end": 3070.56, "word": " elasticity", "probability": 0.96337890625}, {"start": 3070.56, "end": 3070.84, "word": " of", "probability": 0.95556640625}, {"start": 3070.84, "end": 3071.16, "word": " demand", "probability": 0.9052734375}, {"start": 3071.16, "end": 3072.06, "word": " and", "probability": 0.5234375}, {"start": 3072.06, "end": 3072.2, "word": " the", "probability": 0.7763671875}, {"start": 3072.2, "end": 3072.54, "word": " elasticity", "probability": 0.96484375}, {"start": 3072.54, "end": 3072.84, "word": " of", "probability": 0.90625}, {"start": 3072.84, "end": 3073.14, "word": " supply", "probability": 0.91845703125}, {"start": 3073.14, "end": 3073.34, "word": " as", "probability": 0.89501953125}, {"start": 3073.34, "end": 3073.5, "word": " well.", "probability": 0.94189453125}, {"start": 3074.24, "end": 3074.5, "word": " But", "probability": 0.9169921875}, {"start": 3074.5, "end": 3074.72, "word": " let", "probability": 0.90380859375}, {"start": 3074.72, "end": 3074.94, "word": " us", "probability": 0.8984375}, {"start": 3074.94, "end": 3076.04, "word": " separate", "probability": 0.97314453125}, {"start": 3076.04, "end": 3076.6, "word": " these", "probability": 0.8544921875}, {"start": 3076.6, "end": 3076.98, "word": " cases", "probability": 0.90869140625}, {"start": 3076.98, "end": 3077.36, "word": " and", "probability": 0.90869140625}, {"start": 3077.36, "end": 3078.12, "word": " discuss", "probability": 0.86962890625}, {"start": 3078.12, "end": 3079.1, "word": " different", "probability": 0.8671875}, {"start": 3079.1, "end": 3079.64, "word": " cases", "probability": 0.90234375}, {"start": 3079.64, "end": 3081.34, "word": " separately.", "probability": 0.80615234375}, {"start": 3083.0, "end": 3083.68, "word": " So", "probability": 0.63330078125}, {"start": 3083.68, "end": 3084.08, "word": " let's", "probability": 0.89111328125}, {"start": 3084.08, "end": 3084.24, "word": " go", "probability": 0.9677734375}, {"start": 3084.24, "end": 3084.56, "word": " here", "probability": 0.8564453125}, {"start": 3084.56, "end": 3085.4, "word": " to", "probability": 0.93603515625}, {"start": 3085.4, "end": 3087.4, "word": " analyze", "probability": 0.939453125}, {"start": 3087.4, "end": 3087.6, "word": " the", "probability": 0.9140625}, {"start": 3087.6, "end": 3087.9, "word": " cases.", "probability": 0.9228515625}, {"start": 3089.26, "end": 3089.62, "word": " We", "probability": 0.96923828125}, {"start": 3089.62, "end": 3089.92, "word": " have", "probability": 0.951171875}, {"start": 3089.92, "end": 3090.22, "word": " five", "probability": 0.90576171875}, {"start": 3090.22, "end": 3090.76, "word": " cases", "probability": 0.9287109375}, {"start": 3090.76, "end": 3091.4, "word": " when", "probability": 0.81201171875}, {"start": 3091.4, "end": 3091.94, "word": " demand", "probability": 0.89990234375}, {"start": 3091.94, "end": 3092.48, "word": " is", "probability": 0.93701171875}], "temperature": 1.0}, {"id": 103, "seek": 312178, "start": 3094.1, "end": 3121.78, "text": " Elastic, inelastic, perfectly elastic, perfectly inelastic, neutral elastic. Demand curves, close to vertical, close to horizontal, in neutral, vertical, horizontal. The first case, when demand is, we have five cases. Number one, when demand is inelastic.", "tokens": [2699, 2750, 11, 294, 338, 2750, 11, 6239, 17115, 11, 6239, 294, 338, 2750, 11, 10598, 17115, 13, 4686, 474, 19490, 11, 1998, 281, 9429, 11, 1998, 281, 12750, 11, 294, 10598, 11, 9429, 11, 12750, 13, 440, 700, 1389, 11, 562, 4733, 307, 11, 321, 362, 1732, 3331, 13, 5118, 472, 11, 562, 4733, 307, 294, 338, 2750, 13], "avg_logprob": -0.24961578064277523, "compression_ratio": 1.8285714285714285, "no_speech_prob": 0.0, "words": [{"start": 3094.1000000000004, "end": 3094.84, "word": " Elastic,", "probability": 0.967041015625}, {"start": 3095.14, "end": 3095.74, "word": " inelastic,", "probability": 0.8658854166666666}, {"start": 3095.98, "end": 3096.34, "word": " perfectly", "probability": 0.94921875}, {"start": 3096.34, "end": 3096.74, "word": " elastic,", "probability": 0.9443359375}, {"start": 3096.88, "end": 3097.14, "word": " perfectly", "probability": 0.9482421875}, {"start": 3097.14, "end": 3097.64, "word": " inelastic,", "probability": 0.9300130208333334}, {"start": 3097.8, "end": 3098.04, "word": " neutral", "probability": 0.3896484375}, {"start": 3098.04, "end": 3098.44, "word": " elastic.", "probability": 0.95068359375}, {"start": 3099.06, "end": 3099.7, "word": " Demand", "probability": 0.534912109375}, {"start": 3099.7, "end": 3100.1, "word": " curves,", "probability": 0.798828125}, {"start": 3100.22, "end": 3101.24, "word": " close", "probability": 0.37060546875}, {"start": 3101.24, "end": 3101.46, "word": " to", "probability": 0.90478515625}, {"start": 3101.46, "end": 3101.88, "word": " vertical,", "probability": 0.75634765625}, {"start": 3102.06, "end": 3102.26, "word": " close", "probability": 0.91162109375}, {"start": 3102.26, "end": 3102.4, "word": " to", "probability": 0.96875}, {"start": 3102.4, "end": 3102.96, "word": " horizontal,", "probability": 0.8662109375}, {"start": 3103.36, "end": 3103.5, "word": " in", "probability": 0.32470703125}, {"start": 3103.5, "end": 3103.88, "word": " neutral,", "probability": 0.9130859375}, {"start": 3105.14, "end": 3105.76, "word": " vertical,", "probability": 0.70654296875}, {"start": 3106.08, "end": 3106.56, "word": " horizontal.", "probability": 0.85302734375}, {"start": 3108.52, "end": 3108.74, "word": " The", "probability": 0.82421875}, {"start": 3108.74, "end": 3109.04, "word": " first", "probability": 0.888671875}, {"start": 3109.04, "end": 3109.44, "word": " case,", "probability": 0.89892578125}, {"start": 3109.7, "end": 3109.84, "word": " when", "probability": 0.81640625}, {"start": 3109.84, "end": 3110.34, "word": " demand", "probability": 0.81884765625}, {"start": 3110.34, "end": 3110.66, "word": " is,", "probability": 0.94384765625}, {"start": 3112.08, "end": 3112.14, "word": " we", "probability": 0.292236328125}, {"start": 3112.14, "end": 3116.44, "word": " have", "probability": 0.85791015625}, {"start": 3116.44, "end": 3116.72, "word": " five", "probability": 0.89599609375}, {"start": 3116.72, "end": 3117.22, "word": " cases.", "probability": 0.9189453125}, {"start": 3117.9, "end": 3118.24, "word": " Number", "probability": 0.865234375}, {"start": 3118.24, "end": 3118.54, "word": " one,", "probability": 0.83984375}, {"start": 3118.62, "end": 3118.8, "word": " when", "probability": 0.9296875}, {"start": 3118.8, "end": 3119.3, "word": " demand", "probability": 0.86328125}, {"start": 3119.3, "end": 3120.08, "word": " is", "probability": 0.95458984375}, {"start": 3120.08, "end": 3121.78, "word": " inelastic.", "probability": 0.94482421875}], "temperature": 1.0}, {"id": 104, "seek": 314401, "start": 3123.31, "end": 3144.01, "text": " Inelastic demand. Inelastic demand. Demand. Inelastic demand and supply is neutral. We have five cases.", "tokens": [682, 338, 2750, 4733, 13, 682, 338, 2750, 4733, 13, 4686, 474, 13, 682, 338, 2750, 4733, 293, 5847, 307, 10598, 13, 492, 362, 1732, 3331, 13], "avg_logprob": -0.15359933355024882, "compression_ratio": 1.4647887323943662, "no_speech_prob": 0.0, "words": [{"start": 3123.31, "end": 3124.01, "word": " Inelastic", "probability": 0.87744140625}, {"start": 3124.01, "end": 3124.47, "word": " demand.", "probability": 0.8876953125}, {"start": 3125.79, "end": 3126.89, "word": " Inelastic", "probability": 0.8525390625}, {"start": 3126.89, "end": 3128.59, "word": " demand.", "probability": 0.9111328125}, {"start": 3136.05, "end": 3137.15, "word": " Demand.", "probability": 0.923095703125}, {"start": 3137.31, "end": 3137.85, "word": " Inelastic", "probability": 0.9622395833333334}, {"start": 3137.85, "end": 3138.41, "word": " demand", "probability": 0.908203125}, {"start": 3138.41, "end": 3139.31, "word": " and", "probability": 0.57373046875}, {"start": 3139.31, "end": 3139.79, "word": " supply", "probability": 0.751953125}, {"start": 3139.79, "end": 3139.99, "word": " is", "probability": 0.8935546875}, {"start": 3139.99, "end": 3140.41, "word": " neutral.", "probability": 0.693359375}, {"start": 3141.93, "end": 3143.03, "word": " We", "probability": 0.962890625}, {"start": 3143.03, "end": 3143.29, "word": " have", "probability": 0.95263671875}, {"start": 3143.29, "end": 3143.57, "word": " five", "probability": 0.81591796875}, {"start": 3143.57, "end": 3144.01, "word": " cases.", "probability": 0.9296875}], "temperature": 1.0}, {"id": 105, "seek": 316440, "start": 3145.3, "end": 3164.4, "text": "I will deal with the supply curve as a neutral. The first case, when demand is inelastic, supply will be unitary elastic.", "tokens": [40, 486, 2028, 365, 264, 5847, 7605, 382, 257, 10598, 13, 440, 700, 1389, 11, 562, 4733, 307, 294, 338, 2750, 11, 5847, 486, 312, 517, 4109, 17115, 13], "avg_logprob": -0.3442708442608515, "compression_ratio": 1.2604166666666667, "no_speech_prob": 0.0, "words": [{"start": 3145.3, "end": 3145.6, "word": "I", "probability": 0.6611328125}, {"start": 3145.6, "end": 3145.86, "word": " will", "probability": 0.89208984375}, {"start": 3145.86, "end": 3146.3, "word": " deal", "probability": 0.96923828125}, {"start": 3146.3, "end": 3146.58, "word": " with", "probability": 0.91748046875}, {"start": 3146.58, "end": 3146.76, "word": " the", "probability": 0.837890625}, {"start": 3146.76, "end": 3147.08, "word": " supply", "probability": 0.94921875}, {"start": 3147.08, "end": 3147.4, "word": " curve", "probability": 0.9404296875}, {"start": 3147.4, "end": 3147.64, "word": " as", "probability": 0.9404296875}, {"start": 3147.64, "end": 3147.74, "word": " a", "probability": 0.3427734375}, {"start": 3147.74, "end": 3148.04, "word": " neutral.", "probability": 0.92333984375}, {"start": 3149.5, "end": 3150.06, "word": " The", "probability": 0.0975341796875}, {"start": 3150.06, "end": 3153.56, "word": " first", "probability": 0.6630859375}, {"start": 3153.56, "end": 3159.12, "word": " case,", "probability": 0.93115234375}, {"start": 3159.5, "end": 3159.72, "word": " when", "probability": 0.857421875}, {"start": 3159.72, "end": 3160.16, "word": " demand", "probability": 0.7470703125}, {"start": 3160.16, "end": 3160.56, "word": " is", "probability": 0.94384765625}, {"start": 3160.56, "end": 3161.4, "word": " inelastic,", "probability": 0.9501953125}, {"start": 3161.96, "end": 3162.2, "word": " supply", "probability": 0.85791015625}, {"start": 3162.2, "end": 3162.42, "word": " will", "probability": 0.31787109375}, {"start": 3162.42, "end": 3163.64, "word": " be", "probability": 0.85498046875}, {"start": 3163.64, "end": 3164.06, "word": " unitary", "probability": 0.741455078125}, {"start": 3164.06, "end": 3164.4, "word": " elastic.", "probability": 0.88525390625}], "temperature": 1.0}, {"id": 106, "seek": 320247, "start": 3173.19, "end": 3202.47, "text": " Supply. Demand, in this case, is inelastic. Like the demand for what? Demand for flour, okay? When demand is inelastic, demand curve should be close to the vertical axis, right? Yes. D, price, quantity, and supply is in neutral.", "tokens": [9391, 356, 13, 4686, 474, 11, 294, 341, 1389, 11, 307, 294, 338, 2750, 13, 1743, 264, 4733, 337, 437, 30, 4686, 474, 337, 7693, 11, 1392, 30, 1133, 4733, 307, 294, 338, 2750, 11, 4733, 7605, 820, 312, 1998, 281, 264, 9429, 10298, 11, 558, 30, 1079, 13, 413, 11, 3218, 11, 11275, 11, 293, 5847, 307, 294, 10598, 13], "avg_logprob": -0.2741935440609532, "compression_ratio": 1.4585987261146496, "no_speech_prob": 0.0, "words": [{"start": 3173.19, "end": 3173.89, "word": " Supply.", "probability": 0.6502685546875}, {"start": 3174.67, "end": 3175.13, "word": " Demand,", "probability": 0.935791015625}, {"start": 3175.35, "end": 3175.69, "word": " in", "probability": 0.9267578125}, {"start": 3175.69, "end": 3175.91, "word": " this", "probability": 0.94921875}, {"start": 3175.91, "end": 3176.25, "word": " case,", "probability": 0.91552734375}, {"start": 3176.41, "end": 3176.69, "word": " is", "probability": 0.9453125}, {"start": 3176.69, "end": 3177.49, "word": " inelastic.", "probability": 0.9474283854166666}, {"start": 3177.85, "end": 3178.01, "word": " Like", "probability": 0.52978515625}, {"start": 3178.01, "end": 3178.15, "word": " the", "probability": 0.83154296875}, {"start": 3178.15, "end": 3178.39, "word": " demand", "probability": 0.91943359375}, {"start": 3178.39, "end": 3178.59, "word": " for", "probability": 0.9453125}, {"start": 3178.59, "end": 3178.91, "word": " what?", "probability": 0.93701171875}, {"start": 3180.01, "end": 3180.23, "word": " Demand", "probability": 0.6314697265625}, {"start": 3180.23, "end": 3180.33, "word": " for", "probability": 0.935546875}, {"start": 3180.33, "end": 3180.75, "word": " flour,", "probability": 0.419189453125}, {"start": 3180.85, "end": 3181.03, "word": " okay?", "probability": 0.6357421875}, {"start": 3185.57, "end": 3186.27, "word": " When", "probability": 0.85986328125}, {"start": 3186.27, "end": 3186.63, "word": " demand", "probability": 0.8740234375}, {"start": 3186.63, "end": 3187.03, "word": " is", "probability": 0.9482421875}, {"start": 3187.03, "end": 3188.35, "word": " inelastic,", "probability": 0.9345703125}, {"start": 3188.65, "end": 3189.21, "word": " demand", "probability": 0.8271484375}, {"start": 3189.21, "end": 3189.47, "word": " curve", "probability": 0.88818359375}, {"start": 3189.47, "end": 3189.69, "word": " should", "probability": 0.95947265625}, {"start": 3189.69, "end": 3189.89, "word": " be", "probability": 0.9365234375}, {"start": 3189.89, "end": 3190.21, "word": " close", "probability": 0.83740234375}, {"start": 3190.21, "end": 3190.35, "word": " to", "probability": 0.89501953125}, {"start": 3190.35, "end": 3190.47, "word": " the", "probability": 0.853515625}, {"start": 3190.47, "end": 3190.79, "word": " vertical", "probability": 0.892578125}, {"start": 3190.79, "end": 3191.59, "word": " axis,", "probability": 0.9736328125}, {"start": 3191.97, "end": 3192.25, "word": " right?", "probability": 0.5419921875}, {"start": 3193.05, "end": 3193.29, "word": " Yes.", "probability": 0.22900390625}, {"start": 3194.77, "end": 3195.07, "word": " D,", "probability": 0.253662109375}, {"start": 3195.65, "end": 3196.57, "word": " price,", "probability": 0.71240234375}, {"start": 3197.31, "end": 3198.01, "word": " quantity,", "probability": 0.9384765625}, {"start": 3198.49, "end": 3201.05, "word": " and", "probability": 0.9189453125}, {"start": 3201.05, "end": 3201.51, "word": " supply", "probability": 0.93359375}, {"start": 3201.51, "end": 3201.87, "word": " is", "probability": 0.9169921875}, {"start": 3201.87, "end": 3202.03, "word": " in", "probability": 0.43310546875}, {"start": 3202.03, "end": 3202.47, "word": " neutral.", "probability": 0.95068359375}], "temperature": 1.0}, {"id": 107, "seek": 323224, "start": 3205.34, "end": 3232.24, "text": " Unitary elastic supply. This one and the one as well. This is the original equilibrium point E1. The price is P1 and the equilibrium point is Q1.", "tokens": [1156, 4109, 17115, 5847, 13, 639, 472, 293, 264, 472, 382, 731, 13, 639, 307, 264, 3380, 15625, 935, 462, 16, 13, 440, 3218, 307, 430, 16, 293, 264, 15625, 935, 307, 1249, 16, 13], "avg_logprob": -0.2528211722771327, "compression_ratio": 1.3644859813084111, "no_speech_prob": 0.0, "words": [{"start": 3205.34, "end": 3205.84, "word": " Unitary", "probability": 0.904541015625}, {"start": 3205.84, "end": 3206.28, "word": " elastic", "probability": 0.81494140625}, {"start": 3206.28, "end": 3206.84, "word": " supply.", "probability": 0.94677734375}, {"start": 3211.1, "end": 3211.1, "word": " This", "probability": 0.1572265625}, {"start": 3211.1, "end": 3215.0, "word": " one", "probability": 0.591796875}, {"start": 3215.0, "end": 3221.48, "word": " and", "probability": 0.35595703125}, {"start": 3221.48, "end": 3221.62, "word": " the", "probability": 0.41064453125}, {"start": 3221.62, "end": 3221.8, "word": " one", "probability": 0.85693359375}, {"start": 3221.8, "end": 3221.98, "word": " as", "probability": 0.6982421875}, {"start": 3221.98, "end": 3222.14, "word": " well.", "probability": 0.93115234375}, {"start": 3223.1, "end": 3223.4, "word": " This", "probability": 0.8935546875}, {"start": 3223.4, "end": 3223.68, "word": " is", "probability": 0.9521484375}, {"start": 3223.68, "end": 3224.16, "word": " the", "probability": 0.90966796875}, {"start": 3224.16, "end": 3224.68, "word": " original", "probability": 0.88818359375}, {"start": 3224.68, "end": 3225.46, "word": " equilibrium", "probability": 0.95849609375}, {"start": 3225.46, "end": 3225.92, "word": " point", "probability": 0.9658203125}, {"start": 3225.92, "end": 3226.4, "word": " E1.", "probability": 0.786865234375}, {"start": 3227.66, "end": 3228.22, "word": " The", "probability": 0.8955078125}, {"start": 3228.22, "end": 3228.52, "word": " price", "probability": 0.89404296875}, {"start": 3228.52, "end": 3228.68, "word": " is", "probability": 0.95068359375}, {"start": 3228.68, "end": 3229.1, "word": " P1", "probability": 0.968994140625}, {"start": 3229.1, "end": 3230.08, "word": " and", "probability": 0.80615234375}, {"start": 3230.08, "end": 3230.2, "word": " the", "probability": 0.82568359375}, {"start": 3230.2, "end": 3230.92, "word": " equilibrium", "probability": 0.5439453125}, {"start": 3230.92, "end": 3231.28, "word": " point", "probability": 0.480712890625}, {"start": 3231.28, "end": 3231.5, "word": " is", "probability": 0.91552734375}, {"start": 3231.5, "end": 3232.24, "word": " Q1.", "probability": 0.9736328125}], "temperature": 1.0}, {"id": 108, "seek": 325997, "start": 3234.09, "end": 3259.97, "text": " Now, let us assume that the government imposed a tax by, and the price here equals three shekels. The price per kilogram of flour here equals three shekels. The price per kilogram of flour is three shekels. Had an assumption. Now,", "tokens": [823, 11, 718, 505, 6552, 300, 264, 2463, 26491, 257, 3366, 538, 11, 293, 264, 3218, 510, 6915, 1045, 750, 7124, 82, 13, 440, 3218, 680, 21741, 295, 7693, 510, 6915, 1045, 750, 7124, 82, 13, 440, 3218, 680, 21741, 295, 7693, 307, 1045, 750, 7124, 82, 13, 12298, 364, 15302, 13, 823, 11], "avg_logprob": -0.2205965979532762, "compression_ratio": 1.7906976744186047, "no_speech_prob": 0.0, "words": [{"start": 3234.09, "end": 3234.43, "word": " Now,", "probability": 0.89111328125}, {"start": 3234.53, "end": 3234.71, "word": " let", "probability": 0.943359375}, {"start": 3234.71, "end": 3234.87, "word": " us", "probability": 0.76220703125}, {"start": 3234.87, "end": 3235.19, "word": " assume", "probability": 0.90234375}, {"start": 3235.19, "end": 3235.39, "word": " that", "probability": 0.9208984375}, {"start": 3235.39, "end": 3235.57, "word": " the", "probability": 0.91015625}, {"start": 3235.57, "end": 3235.93, "word": " government", "probability": 0.8994140625}, {"start": 3235.93, "end": 3236.85, "word": " imposed", "probability": 0.646484375}, {"start": 3236.85, "end": 3237.03, "word": " a", "probability": 0.62158203125}, {"start": 3237.03, "end": 3237.47, "word": " tax", "probability": 0.951171875}, {"start": 3237.47, "end": 3238.63, "word": " by,", "probability": 0.79638671875}, {"start": 3239.55, "end": 3239.67, "word": " and", "probability": 0.787109375}, {"start": 3239.67, "end": 3239.81, "word": " the", "probability": 0.9130859375}, {"start": 3239.81, "end": 3240.09, "word": " price", "probability": 0.91796875}, {"start": 3240.09, "end": 3240.31, "word": " here", "probability": 0.85107421875}, {"start": 3240.31, "end": 3240.91, "word": " equals", "probability": 0.904296875}, {"start": 3240.91, "end": 3242.11, "word": " three", "probability": 0.7958984375}, {"start": 3242.11, "end": 3243.47, "word": " shekels.", "probability": 0.9466145833333334}, {"start": 3245.31, "end": 3245.75, "word": " The", "probability": 0.85009765625}, {"start": 3245.75, "end": 3246.07, "word": " price", "probability": 0.90966796875}, {"start": 3246.07, "end": 3246.91, "word": " per", "probability": 0.66015625}, {"start": 3246.91, "end": 3247.37, "word": " kilogram", "probability": 0.9169921875}, {"start": 3247.37, "end": 3247.73, "word": " of", "probability": 0.97265625}, {"start": 3247.73, "end": 3248.79, "word": " flour", "probability": 0.37109375}, {"start": 3248.79, "end": 3249.15, "word": " here", "probability": 0.82666015625}, {"start": 3249.15, "end": 3249.83, "word": " equals", "probability": 0.822265625}, {"start": 3249.83, "end": 3250.15, "word": " three", "probability": 0.802734375}, {"start": 3250.15, "end": 3251.01, "word": " shekels.", "probability": 0.9705403645833334}, {"start": 3251.97, "end": 3252.53, "word": " The", "probability": 0.87939453125}, {"start": 3252.53, "end": 3252.87, "word": " price", "probability": 0.91845703125}, {"start": 3252.87, "end": 3253.37, "word": " per", "probability": 0.958984375}, {"start": 3253.37, "end": 3253.77, "word": " kilogram", "probability": 0.92919921875}, {"start": 3253.77, "end": 3254.05, "word": " of", "probability": 0.84619140625}, {"start": 3254.05, "end": 3254.35, "word": " flour", "probability": 0.97021484375}, {"start": 3254.35, "end": 3255.07, "word": " is", "probability": 0.91552734375}, {"start": 3255.07, "end": 3256.09, "word": " three", "probability": 0.92919921875}, {"start": 3256.09, "end": 3257.67, "word": " shekels.", "probability": 0.9713541666666666}, {"start": 3257.69, "end": 3257.95, "word": " Had", "probability": 0.2230224609375}, {"start": 3257.95, "end": 3258.01, "word": " an", "probability": 0.5849609375}, {"start": 3258.01, "end": 3258.41, "word": " assumption.", "probability": 0.966796875}, {"start": 3259.71, "end": 3259.97, "word": " Now,", "probability": 0.277587890625}], "temperature": 1.0}, {"id": 109, "seek": 329154, "start": 3263.18, "end": 3291.54, "text": " Let us assume that the government imposed a tax by one shekel per kilogram. Now the government, if the government imposed one shekel per kilogram of flour", "tokens": [961, 505, 6552, 300, 264, 2463, 26491, 257, 3366, 538, 472, 750, 7124, 680, 21741, 13, 823, 264, 2463, 11, 498, 264, 2463, 26491, 472, 750, 7124, 680, 21741, 295, 7693], "avg_logprob": -0.19396972563117743, "compression_ratio": 1.648936170212766, "no_speech_prob": 0.0, "words": [{"start": 3263.18, "end": 3263.46, "word": " Let", "probability": 0.85986328125}, {"start": 3263.46, "end": 3263.64, "word": " us", "probability": 0.84375}, {"start": 3263.64, "end": 3263.92, "word": " assume", "probability": 0.8984375}, {"start": 3263.92, "end": 3264.1, "word": " that", "probability": 0.92431640625}, {"start": 3264.1, "end": 3264.28, "word": " the", "probability": 0.916015625}, {"start": 3264.28, "end": 3264.6, "word": " government", "probability": 0.904296875}, {"start": 3264.6, "end": 3265.9, "word": " imposed", "probability": 0.94091796875}, {"start": 3265.9, "end": 3267.0, "word": " a", "probability": 0.83935546875}, {"start": 3267.0, "end": 3267.38, "word": " tax", "probability": 0.9541015625}, {"start": 3267.38, "end": 3267.76, "word": " by", "probability": 0.935546875}, {"start": 3267.76, "end": 3268.28, "word": " one", "probability": 0.830078125}, {"start": 3268.28, "end": 3268.8, "word": " shekel", "probability": 0.87646484375}, {"start": 3268.8, "end": 3269.1, "word": " per", "probability": 0.9765625}, {"start": 3269.1, "end": 3269.62, "word": " kilogram.", "probability": 0.93505859375}, {"start": 3272.58, "end": 3273.62, "word": " Now", "probability": 0.314208984375}, {"start": 3273.62, "end": 3276.06, "word": " the", "probability": 0.5908203125}, {"start": 3276.06, "end": 3276.42, "word": " government,", "probability": 0.923828125}, {"start": 3276.76, "end": 3277.04, "word": " if", "probability": 0.80078125}, {"start": 3277.04, "end": 3278.12, "word": " the", "probability": 0.84228515625}, {"start": 3278.12, "end": 3278.5, "word": " government", "probability": 0.91796875}, {"start": 3278.5, "end": 3280.04, "word": " imposed", "probability": 0.92626953125}, {"start": 3280.04, "end": 3283.62, "word": " one", "probability": 0.86181640625}, {"start": 3283.62, "end": 3284.16, "word": " shekel", "probability": 0.93017578125}, {"start": 3284.16, "end": 3287.6, "word": " per", "probability": 0.96484375}, {"start": 3287.6, "end": 3288.9, "word": " kilogram", "probability": 0.92626953125}, {"start": 3288.9, "end": 3290.26, "word": " of", "probability": 0.970703125}, {"start": 3290.26, "end": 3291.54, "word": " flour", "probability": 0.95849609375}], "temperature": 1.0}, {"id": 110, "seek": 332052, "start": 3294.74, "end": 3320.52, "text": " Who will bear the most and the least of tax burden? The most and the least of tax burden. Analyze using graph.", "tokens": [2102, 486, 6155, 264, 881, 293, 264, 1935, 295, 3366, 12578, 30, 440, 881, 293, 264, 1935, 295, 3366, 12578, 13, 1107, 5222, 1381, 1228, 4295, 13], "avg_logprob": -0.13964843643563135, "compression_ratio": 1.353658536585366, "no_speech_prob": 0.0, "words": [{"start": 3294.7400000000002, "end": 3295.82, "word": " Who", "probability": 0.65576171875}, {"start": 3295.82, "end": 3296.9, "word": " will", "probability": 0.861328125}, {"start": 3296.9, "end": 3299.3, "word": " bear", "probability": 0.8505859375}, {"start": 3299.3, "end": 3302.08, "word": " the", "probability": 0.90283203125}, {"start": 3302.08, "end": 3302.6, "word": " most", "probability": 0.91845703125}, {"start": 3302.6, "end": 3303.3, "word": " and", "probability": 0.92919921875}, {"start": 3303.3, "end": 3303.56, "word": " the", "probability": 0.9013671875}, {"start": 3303.56, "end": 3303.86, "word": " least", "probability": 0.97412109375}, {"start": 3303.86, "end": 3304.04, "word": " of", "probability": 0.91650390625}, {"start": 3304.04, "end": 3304.28, "word": " tax", "probability": 0.9404296875}, {"start": 3304.28, "end": 3304.62, "word": " burden?", "probability": 0.9638671875}, {"start": 3305.96, "end": 3306.5, "word": " The", "probability": 0.853515625}, {"start": 3306.5, "end": 3306.9, "word": " most", "probability": 0.91015625}, {"start": 3306.9, "end": 3309.72, "word": " and", "probability": 0.86279296875}, {"start": 3309.72, "end": 3310.82, "word": " the", "probability": 0.91162109375}, {"start": 3310.82, "end": 3311.24, "word": " least", "probability": 0.9638671875}, {"start": 3311.24, "end": 3313.0, "word": " of", "probability": 0.970703125}, {"start": 3313.0, "end": 3313.36, "word": " tax", "probability": 0.95263671875}, {"start": 3313.36, "end": 3313.76, "word": " burden.", "probability": 0.96435546875}, {"start": 3318.46, "end": 3319.54, "word": " Analyze", "probability": 0.88671875}, {"start": 3319.54, "end": 3320.08, "word": " using", "probability": 0.90771484375}, {"start": 3320.08, "end": 3320.52, "word": " graph.", "probability": 0.8291015625}], "temperature": 1.0}, {"id": 111, "seek": 335874, "start": 3330.58, "end": 3358.74, "text": " Now, as the government imposed the tax, one shekel per kilogram, increasing tax rates, tax, leads to declining in supply. Supply shifts left. So supply curve shifts left.", "tokens": [823, 11, 382, 264, 2463, 26491, 264, 3366, 11, 472, 750, 7124, 680, 21741, 11, 5662, 3366, 6846, 11, 3366, 11, 6689, 281, 34298, 294, 5847, 13, 9391, 356, 19201, 1411, 13, 407, 5847, 7605, 19201, 1411, 13], "avg_logprob": -0.21354166513834244, "compression_ratio": 1.3902439024390243, "no_speech_prob": 0.0, "words": [{"start": 3330.5800000000004, "end": 3331.6800000000003, "word": " Now,", "probability": 0.89892578125}, {"start": 3331.6800000000003, "end": 3332.78, "word": " as", "probability": 0.9609375}, {"start": 3332.78, "end": 3333.16, "word": " the", "probability": 0.921875}, {"start": 3333.16, "end": 3333.54, "word": " government", "probability": 0.900390625}, {"start": 3333.54, "end": 3334.24, "word": " imposed", "probability": 0.56982421875}, {"start": 3334.24, "end": 3334.42, "word": " the", "probability": 0.724609375}, {"start": 3334.42, "end": 3334.78, "word": " tax,", "probability": 0.923828125}, {"start": 3335.62, "end": 3335.8, "word": " one", "probability": 0.76904296875}, {"start": 3335.8, "end": 3336.88, "word": " shekel", "probability": 0.8251953125}, {"start": 3336.88, "end": 3337.1, "word": " per", "probability": 0.8662109375}, {"start": 3337.1, "end": 3337.52, "word": " kilogram,", "probability": 0.94140625}, {"start": 3338.54, "end": 3339.14, "word": " increasing", "probability": 0.9384765625}, {"start": 3339.14, "end": 3339.6, "word": " tax", "probability": 0.9375}, {"start": 3339.6, "end": 3340.18, "word": " rates,", "probability": 0.935546875}, {"start": 3343.32, "end": 3343.84, "word": " tax,", "probability": 0.8134765625}, {"start": 3344.16, "end": 3344.66, "word": " leads", "probability": 0.8779296875}, {"start": 3344.66, "end": 3345.04, "word": " to", "probability": 0.97119140625}, {"start": 3345.04, "end": 3346.48, "word": " declining", "probability": 0.80029296875}, {"start": 3346.48, "end": 3346.74, "word": " in", "probability": 0.77880859375}, {"start": 3346.74, "end": 3347.08, "word": " supply.", "probability": 0.91650390625}, {"start": 3348.72, "end": 3349.52, "word": " Supply", "probability": 0.857421875}, {"start": 3349.52, "end": 3350.12, "word": " shifts", "probability": 0.93603515625}, {"start": 3350.12, "end": 3350.88, "word": " left.", "probability": 0.8349609375}, {"start": 3351.72, "end": 3352.68, "word": " So", "probability": 0.290771484375}, {"start": 3352.68, "end": 3353.16, "word": " supply", "probability": 0.37646484375}, {"start": 3353.16, "end": 3353.66, "word": " curve", "probability": 0.962890625}, {"start": 3353.66, "end": 3356.8, "word": " shifts", "probability": 0.91357421875}, {"start": 3356.8, "end": 3358.74, "word": " left.", "probability": 0.94482421875}], "temperature": 1.0}, {"id": 112, "seek": 338824, "start": 3361.72, "end": 3388.24, "text": " So in this case, supply shifts left from S1 to S2 parallel to the previous one. We have a new equilibrium point A2 with a new price.", "tokens": [407, 294, 341, 1389, 11, 5847, 19201, 1411, 490, 318, 16, 281, 318, 17, 8952, 281, 264, 3894, 472, 13, 492, 362, 257, 777, 15625, 935, 316, 17, 365, 257, 777, 3218, 13], "avg_logprob": -0.15487132046152563, "compression_ratio": 1.1981981981981982, "no_speech_prob": 0.0, "words": [{"start": 3361.72, "end": 3362.02, "word": " So", "probability": 0.396728515625}, {"start": 3362.02, "end": 3363.34, "word": " in", "probability": 0.62255859375}, {"start": 3363.34, "end": 3363.58, "word": " this", "probability": 0.9501953125}, {"start": 3363.58, "end": 3363.94, "word": " case,", "probability": 0.92138671875}, {"start": 3364.46, "end": 3365.02, "word": " supply", "probability": 0.9248046875}, {"start": 3365.02, "end": 3366.06, "word": " shifts", "probability": 0.931640625}, {"start": 3366.06, "end": 3366.58, "word": " left", "probability": 0.8876953125}, {"start": 3366.58, "end": 3368.66, "word": " from", "probability": 0.77392578125}, {"start": 3368.66, "end": 3369.2, "word": " S1", "probability": 0.973388671875}, {"start": 3369.2, "end": 3373.04, "word": " to", "probability": 0.939453125}, {"start": 3373.04, "end": 3373.66, "word": " S2", "probability": 0.997802734375}, {"start": 3373.66, "end": 3375.26, "word": " parallel", "probability": 0.69775390625}, {"start": 3375.26, "end": 3375.54, "word": " to", "probability": 0.96875}, {"start": 3375.54, "end": 3375.7, "word": " the", "probability": 0.91650390625}, {"start": 3375.7, "end": 3376.0, "word": " previous", "probability": 0.861328125}, {"start": 3376.0, "end": 3376.38, "word": " one.", "probability": 0.92822265625}, {"start": 3380.96, "end": 3382.0, "word": " We", "probability": 0.96923828125}, {"start": 3382.0, "end": 3382.32, "word": " have", "probability": 0.9482421875}, {"start": 3382.32, "end": 3382.54, "word": " a", "probability": 0.97900390625}, {"start": 3382.54, "end": 3382.72, "word": " new", "probability": 0.8916015625}, {"start": 3382.72, "end": 3383.16, "word": " equilibrium", "probability": 0.978515625}, {"start": 3383.16, "end": 3383.68, "word": " point", "probability": 0.9658203125}, {"start": 3383.68, "end": 3384.28, "word": " A2", "probability": 0.7283935546875}, {"start": 3384.28, "end": 3387.42, "word": " with", "probability": 0.85302734375}, {"start": 3387.42, "end": 3387.56, "word": " a", "probability": 0.93408203125}, {"start": 3387.56, "end": 3387.72, "word": " new", "probability": 0.9072265625}, {"start": 3387.72, "end": 3388.24, "word": " price.", "probability": 0.94775390625}], "temperature": 1.0}, {"id": 113, "seek": 342395, "start": 3394.99, "end": 3423.95, "text": " P2. How much is it? I don't know. We have to determine now. As the tax rate or tax is increased by one shekel, supply shifts left, supply curve, supply decline goes down, supply shifts left, we have a new equilibrium point. Right? Now, to determine", "tokens": [430, 17, 13, 1012, 709, 307, 309, 30, 286, 500, 380, 458, 13, 492, 362, 281, 6997, 586, 13, 1018, 264, 3366, 3314, 420, 3366, 307, 6505, 538, 472, 750, 7124, 11, 5847, 19201, 1411, 11, 5847, 7605, 11, 5847, 15635, 1709, 760, 11, 5847, 19201, 1411, 11, 321, 362, 257, 777, 15625, 935, 13, 1779, 30, 823, 11, 281, 6997], "avg_logprob": -0.22316028562284285, "compression_ratio": 1.509090909090909, "no_speech_prob": 0.0, "words": [{"start": 3394.9900000000002, "end": 3395.67, "word": " P2.", "probability": 0.90234375}, {"start": 3396.87, "end": 3397.27, "word": " How", "probability": 0.90283203125}, {"start": 3397.27, "end": 3397.57, "word": " much", "probability": 0.921875}, {"start": 3397.57, "end": 3397.73, "word": " is", "probability": 0.94970703125}, {"start": 3397.73, "end": 3397.91, "word": " it?", "probability": 0.95654296875}, {"start": 3398.21, "end": 3398.53, "word": " I", "probability": 0.99609375}, {"start": 3398.53, "end": 3398.67, "word": " don't", "probability": 0.96142578125}, {"start": 3398.67, "end": 3398.93, "word": " know.", "probability": 0.90234375}, {"start": 3399.97, "end": 3400.09, "word": " We", "probability": 0.5234375}, {"start": 3400.09, "end": 3400.25, "word": " have", "probability": 0.94580078125}, {"start": 3400.25, "end": 3400.37, "word": " to", "probability": 0.96435546875}, {"start": 3400.37, "end": 3400.83, "word": " determine", "probability": 0.9296875}, {"start": 3400.83, "end": 3401.15, "word": " now.", "probability": 0.279296875}, {"start": 3404.05, "end": 3404.73, "word": " As", "probability": 0.96533203125}, {"start": 3404.73, "end": 3405.49, "word": " the", "probability": 0.91455078125}, {"start": 3405.49, "end": 3405.85, "word": " tax", "probability": 0.95068359375}, {"start": 3405.85, "end": 3406.31, "word": " rate", "probability": 0.96923828125}, {"start": 3406.31, "end": 3406.53, "word": " or", "probability": 0.87255859375}, {"start": 3406.53, "end": 3406.87, "word": " tax", "probability": 0.5712890625}, {"start": 3406.87, "end": 3407.05, "word": " is", "probability": 0.93115234375}, {"start": 3407.05, "end": 3407.45, "word": " increased", "probability": 0.95654296875}, {"start": 3407.45, "end": 3407.71, "word": " by", "probability": 0.9638671875}, {"start": 3407.71, "end": 3407.99, "word": " one", "probability": 0.86474609375}, {"start": 3407.99, "end": 3408.47, "word": " shekel,", "probability": 0.6287841796875}, {"start": 3408.95, "end": 3409.41, "word": " supply", "probability": 0.93310546875}, {"start": 3409.41, "end": 3409.97, "word": " shifts", "probability": 0.95361328125}, {"start": 3409.97, "end": 3410.29, "word": " left,", "probability": 0.513671875}, {"start": 3410.45, "end": 3410.63, "word": " supply", "probability": 0.93310546875}, {"start": 3410.63, "end": 3411.03, "word": " curve,", "probability": 0.92333984375}, {"start": 3411.79, "end": 3412.35, "word": " supply", "probability": 0.92724609375}, {"start": 3412.35, "end": 3412.81, "word": " decline", "probability": 0.55322265625}, {"start": 3412.81, "end": 3413.13, "word": " goes", "probability": 0.9208984375}, {"start": 3413.13, "end": 3413.59, "word": " down,", "probability": 0.85009765625}, {"start": 3413.93, "end": 3414.33, "word": " supply", "probability": 0.8603515625}, {"start": 3414.33, "end": 3414.85, "word": " shifts", "probability": 0.923828125}, {"start": 3414.85, "end": 3415.19, "word": " left,", "probability": 0.9482421875}, {"start": 3415.27, "end": 3415.39, "word": " we", "probability": 0.95263671875}, {"start": 3415.39, "end": 3415.71, "word": " have", "probability": 0.94482421875}, {"start": 3415.71, "end": 3415.91, "word": " a", "probability": 0.974609375}, {"start": 3415.91, "end": 3416.05, "word": " new", "probability": 0.900390625}, {"start": 3416.05, "end": 3416.45, "word": " equilibrium", "probability": 0.96044921875}, {"start": 3416.45, "end": 3416.79, "word": " point.", "probability": 0.9541015625}, {"start": 3417.11, "end": 3417.25, "word": " Right?", "probability": 0.533203125}, {"start": 3418.79, "end": 3419.47, "word": " Now,", "probability": 0.1158447265625}, {"start": 3422.17, "end": 3423.39, "word": " to", "probability": 0.96728515625}, {"start": 3423.39, "end": 3423.95, "word": " determine", "probability": 0.9169921875}], "temperature": 1.0}, {"id": 114, "seek": 345266, "start": 3425.62, "end": 3452.66, "text": " The whole of tax burden, we have to take line from A2 here to this one. The whole of tax burden. To determine,", "tokens": [440, 1379, 295, 3366, 12578, 11, 321, 362, 281, 747, 1622, 490, 316, 17, 510, 281, 341, 472, 13, 440, 1379, 295, 3366, 12578, 13, 1407, 6997, 11], "avg_logprob": -0.2941810344827586, "compression_ratio": 1.3058823529411765, "no_speech_prob": 0.0, "words": [{"start": 3425.62, "end": 3425.98, "word": " The", "probability": 0.734375}, {"start": 3425.98, "end": 3426.34, "word": " whole", "probability": 0.89697265625}, {"start": 3426.34, "end": 3426.58, "word": " of", "probability": 0.92431640625}, {"start": 3426.58, "end": 3426.92, "word": " tax", "probability": 0.87548828125}, {"start": 3426.92, "end": 3427.34, "word": " burden,", "probability": 0.9541015625}, {"start": 3428.28, "end": 3428.86, "word": " we", "probability": 0.9462890625}, {"start": 3428.86, "end": 3429.18, "word": " have", "probability": 0.9443359375}, {"start": 3429.18, "end": 3429.34, "word": " to", "probability": 0.97119140625}, {"start": 3429.34, "end": 3429.86, "word": " take", "probability": 0.87548828125}, {"start": 3429.86, "end": 3430.72, "word": " line", "probability": 0.1956787109375}, {"start": 3430.72, "end": 3431.38, "word": " from", "probability": 0.87939453125}, {"start": 3431.38, "end": 3431.96, "word": " A2", "probability": 0.9189453125}, {"start": 3431.96, "end": 3432.34, "word": " here", "probability": 0.8251953125}, {"start": 3432.34, "end": 3433.18, "word": " to", "probability": 0.91748046875}, {"start": 3433.18, "end": 3436.36, "word": " this", "probability": 0.82373046875}, {"start": 3436.36, "end": 3436.74, "word": " one.", "probability": 0.92578125}, {"start": 3440.86, "end": 3441.9, "word": " The", "probability": 0.10919189453125}, {"start": 3441.9, "end": 3449.54, "word": " whole", "probability": 0.90771484375}, {"start": 3449.54, "end": 3449.7, "word": " of", "probability": 0.85693359375}, {"start": 3449.7, "end": 3449.96, "word": " tax", "probability": 0.90234375}, {"start": 3449.96, "end": 3450.32, "word": " burden.", "probability": 0.96630859375}, {"start": 3451.24, "end": 3452.16, "word": " To", "probability": 0.94677734375}, {"start": 3452.16, "end": 3452.66, "word": " determine,", "probability": 0.9169921875}], "temperature": 1.0}, {"id": 115, "seek": 347880, "start": 3453.62, "end": 3478.8, "text": " The whole, the total tax burden. This rectangle represents a T3. Had a Q2. Quantity goes down.", "tokens": [440, 1379, 11, 264, 3217, 3366, 12578, 13, 639, 21930, 8855, 257, 314, 18, 13, 12298, 257, 1249, 17, 13, 26968, 507, 1709, 760, 13], "avg_logprob": -0.2848557554758512, "compression_ratio": 1.0674157303370786, "no_speech_prob": 0.0, "words": [{"start": 3453.62, "end": 3453.96, "word": " The", "probability": 0.60791015625}, {"start": 3453.96, "end": 3454.34, "word": " whole,", "probability": 0.495849609375}, {"start": 3454.46, "end": 3454.62, "word": " the", "probability": 0.90576171875}, {"start": 3454.62, "end": 3455.24, "word": " total", "probability": 0.87841796875}, {"start": 3455.24, "end": 3455.86, "word": " tax", "probability": 0.9228515625}, {"start": 3455.86, "end": 3456.38, "word": " burden.", "probability": 0.96875}, {"start": 3459.98, "end": 3461.16, "word": " This", "probability": 0.1702880859375}, {"start": 3461.16, "end": 3467.28, "word": " rectangle", "probability": 0.84423828125}, {"start": 3467.28, "end": 3468.72, "word": " represents", "probability": 0.82275390625}, {"start": 3468.72, "end": 3469.42, "word": " a", "probability": 0.87353515625}, {"start": 3469.42, "end": 3469.98, "word": " T3.", "probability": 0.821533203125}, {"start": 3474.2, "end": 3474.42, "word": " Had", "probability": 0.2802734375}, {"start": 3474.42, "end": 3474.62, "word": " a", "probability": 0.9755859375}, {"start": 3474.62, "end": 3475.16, "word": " Q2.", "probability": 0.97900390625}, {"start": 3476.84, "end": 3478.02, "word": " Quantity", "probability": 0.939208984375}, {"start": 3478.02, "end": 3478.5, "word": " goes", "probability": 0.92822265625}, {"start": 3478.5, "end": 3478.8, "word": " down.", "probability": 0.775390625}], "temperature": 1.0}, {"id": 116, "seek": 350486, "start": 3480.3, "end": 3504.86, "text": " As tax increases, the quantity will go down and the price will go up, right? Correct? Okay. How the heck is the total tax burden? 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From here to here, this is one shaken. You don't expect this to be 3.75, and this is minus 25%, 2.75. How did this happen? Look.", "tokens": [3358, 430, 17, 281, 430, 18, 510, 307, 472, 40971, 13, 3358, 510, 281, 510, 11, 341, 307, 472, 40971, 13, 509, 500, 380, 2066, 341, 281, 312, 805, 13, 11901, 11, 293, 341, 307, 3175, 3552, 8923, 568, 13, 11901, 13, 1012, 630, 341, 1051, 30, 2053, 13], "avg_logprob": -0.38749999046325684, "compression_ratio": 1.3252032520325203, "no_speech_prob": 0.0, "words": [{"start": 3508.24, "end": 3508.54, "word": " From", "probability": 0.5517578125}, {"start": 3508.54, "end": 3509.26, "word": " P2", "probability": 0.891845703125}, {"start": 3509.26, "end": 3509.48, "word": " to", "probability": 0.970703125}, {"start": 3509.48, "end": 3509.96, "word": " P3", "probability": 0.99609375}, {"start": 3509.96, "end": 3510.38, "word": " here", "probability": 0.822265625}, {"start": 3510.38, "end": 3511.44, "word": " is", "probability": 0.73291015625}, {"start": 3511.44, "end": 3511.86, "word": " one", "probability": 0.74365234375}, {"start": 3511.86, "end": 3512.28, "word": " shaken.", "probability": 0.439208984375}, {"start": 3514.3, "end": 3514.74, "word": " From", "probability": 0.27880859375}, {"start": 3514.74, "end": 3514.96, "word": " here", "probability": 0.6064453125}, {"start": 3514.96, "end": 3515.62, "word": " to", "probability": 0.89453125}, {"start": 3515.62, "end": 3515.86, "word": " here,", "probability": 0.77392578125}, {"start": 3516.24, "end": 3516.92, "word": " this", "probability": 0.432861328125}, {"start": 3516.92, "end": 3517.04, "word": " is", "probability": 0.85693359375}, {"start": 3517.04, "end": 3517.28, "word": " one", "probability": 0.8984375}, {"start": 3517.28, "end": 3517.7, "word": " shaken.", "probability": 0.84765625}, {"start": 3520.0, "end": 3520.34, "word": " You", "probability": 0.491455078125}, {"start": 3520.34, "end": 3520.4, "word": " don't", "probability": 0.697265625}, {"start": 3520.4, "end": 3520.74, "word": " expect", "probability": 0.83740234375}, {"start": 3520.74, "end": 3521.24, "word": " this", "probability": 0.66015625}, {"start": 3521.24, "end": 3521.24, "word": " to", "probability": 0.61376953125}, {"start": 3521.24, "end": 3521.24, "word": " be", "probability": 0.80078125}, {"start": 3521.24, "end": 3521.94, "word": " 3", "probability": 0.420166015625}, {"start": 3521.94, "end": 3523.14, "word": ".75,", "probability": 0.9794921875}, {"start": 3523.3, "end": 3523.58, "word": " and", "probability": 0.671875}, {"start": 3523.58, "end": 3523.78, "word": " this", "probability": 0.79052734375}, {"start": 3523.78, "end": 3523.84, "word": " is", "probability": 0.60791015625}, {"start": 3523.84, "end": 3524.12, "word": " minus", "probability": 0.3427734375}, {"start": 3524.12, "end": 3525.24, "word": " 25%,", "probability": 0.7177734375}, {"start": 3525.24, "end": 3525.82, "word": " 2", "probability": 0.71826171875}, {"start": 3525.82, "end": 3528.06, "word": ".75.", "probability": 0.995361328125}, {"start": 3530.98, "end": 3531.82, "word": " How", "probability": 0.57373046875}, {"start": 3531.82, "end": 3531.94, "word": " did", "probability": 0.7109375}, {"start": 3531.94, "end": 3532.34, "word": " this", "probability": 0.2861328125}, {"start": 3532.34, "end": 3532.34, "word": " happen?", "probability": 0.69677734375}, {"start": 3533.62, "end": 3534.46, "word": " Look.", "probability": 0.47802734375}], "temperature": 1.0}, {"id": 118, "seek": 356550, "start": 3537.94, "end": 3565.5, "text": " From P2 to P3, how much was the original equilibrium price? It was three, right? The price shifts, supply shifts left. We have a new equilibrium point. The producer wanted to sell. They put shackles on us to sell flour. The producer, how much is what we said? Most. 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Well, consumer, sorry, the producer, consumer pays most, consumer, exactly, exactly, exactly. 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One times seven. Seven, right? Total tax burden. The whole tax burden.", "tokens": [1012, 709, 307, 264, 3217, 3366, 12578, 30, 1485, 1413, 3407, 13, 14868, 11, 558, 30, 23170, 3366, 12578, 13, 440, 1379, 3366, 12578, 13], "avg_logprob": -0.47566105539982134, "compression_ratio": 1.2352941176470589, "no_speech_prob": 0.0, "words": [{"start": 3650.8, "end": 3651.1, "word": " How", "probability": 0.121826171875}, {"start": 3651.1, "end": 3651.28, "word": " much", "probability": 0.7197265625}, {"start": 3651.28, "end": 3651.38, "word": " is", "probability": 0.875}, {"start": 3651.38, "end": 3651.46, "word": " the", "probability": 0.7578125}, {"start": 3651.46, "end": 3651.68, "word": " total", "probability": 0.84130859375}, {"start": 3651.68, "end": 3652.04, "word": " tax", "probability": 0.93505859375}, {"start": 3652.04, "end": 3652.38, "word": " burden?", "probability": 0.986328125}, {"start": 3654.38, "end": 3655.1, "word": " One", "probability": 0.364013671875}, {"start": 3655.1, "end": 3657.84, "word": " times", "probability": 0.2139892578125}, {"start": 3657.84, "end": 3659.6, "word": " seven.", "probability": 0.814453125}, {"start": 3659.7, "end": 3659.96, "word": " Seven,", "probability": 0.43798828125}, {"start": 3660.32, "end": 3661.48, "word": " right?", "probability": 0.6611328125}, {"start": 3666.78, "end": 3667.5, "word": " Total", "probability": 0.44580078125}, {"start": 3667.5, "end": 3671.48, "word": " tax", "probability": 0.90771484375}, {"start": 3671.48, "end": 3671.88, "word": " burden.", "probability": 0.9658203125}, {"start": 3672.18, "end": 3672.46, "word": " The", "probability": 0.7626953125}, {"start": 3672.46, "end": 3672.76, "word": " whole", "probability": 0.826171875}, {"start": 3672.76, "end": 3673.2, "word": " tax", "probability": 0.70166015625}, {"start": 3673.2, "end": 3673.58, "word": " burden.", "probability": 0.96826171875}], "temperature": 1.0}, {"id": 123, "seek": 370697, "start": 3678.01, "end": 3706.97, "text": " From E2 to S1. To determine the whole of tax burden, you have to take a line, vertical line from E2 to S1. In five cases. The first one is difficult because it is not clear yet. This is the whole of tax burden. Where is the consumer share?", "tokens": [3358, 462, 17, 281, 318, 16, 13, 1407, 6997, 264, 1379, 295, 3366, 12578, 11, 291, 362, 281, 747, 257, 1622, 11, 9429, 1622, 490, 462, 17, 281, 318, 16, 13, 682, 1732, 3331, 13, 440, 700, 472, 307, 2252, 570, 309, 307, 406, 1850, 1939, 13, 639, 307, 264, 1379, 295, 3366, 12578, 13, 2305, 307, 264, 9711, 2073, 30], "avg_logprob": -0.35861896026519036, "compression_ratio": 1.518987341772152, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 3678.01, "end": 3678.69, "word": " From", "probability": 0.26708984375}, {"start": 3678.69, "end": 3679.37, "word": " E2", "probability": 0.75146484375}, {"start": 3679.37, "end": 3679.87, "word": " to", "probability": 0.95703125}, {"start": 3679.87, "end": 3680.45, "word": " S1.", "probability": 0.979248046875}, {"start": 3682.13, "end": 3682.81, "word": " To", "probability": 0.2132568359375}, {"start": 3682.81, "end": 3685.47, "word": " determine", "probability": 0.9189453125}, {"start": 3685.47, "end": 3686.09, "word": " the", "probability": 0.8798828125}, {"start": 3686.09, "end": 3686.35, "word": " whole", "probability": 0.796875}, {"start": 3686.35, "end": 3686.57, "word": " of", "probability": 0.8583984375}, {"start": 3686.57, "end": 3686.87, "word": " tax", "probability": 0.83935546875}, {"start": 3686.87, "end": 3687.31, "word": " burden,", "probability": 0.9716796875}, {"start": 3687.61, "end": 3687.77, "word": " you", "probability": 0.9375}, {"start": 3687.77, "end": 3688.09, "word": " have", "probability": 0.93310546875}, {"start": 3688.09, "end": 3688.21, "word": " to", "probability": 0.962890625}, {"start": 3688.21, "end": 3688.45, "word": " take", "probability": 0.86083984375}, {"start": 3688.45, "end": 3688.57, "word": " a", "probability": 0.9609375}, {"start": 3688.57, "end": 3688.95, "word": " line,", "probability": 0.88525390625}, {"start": 3690.05, "end": 3690.53, "word": " vertical", "probability": 0.6845703125}, {"start": 3690.53, "end": 3690.95, "word": " line", "probability": 0.92724609375}, {"start": 3690.95, "end": 3691.39, "word": " from", "probability": 0.68505859375}, {"start": 3691.39, "end": 3692.11, "word": " E2", "probability": 0.91552734375}, {"start": 3692.11, "end": 3692.49, "word": " to", "probability": 0.63818359375}, {"start": 3692.49, "end": 3693.49, "word": " S1.", "probability": 0.80615234375}, {"start": 3694.07, "end": 3694.33, "word": " In", "probability": 0.2305908203125}, {"start": 3694.33, "end": 3694.67, "word": " five", "probability": 0.50830078125}, {"start": 3694.67, "end": 3695.99, "word": " cases.", "probability": 0.9072265625}, {"start": 3697.27, "end": 3697.71, "word": " The", "probability": 0.37060546875}, {"start": 3697.71, "end": 3697.93, "word": " first", "probability": 0.85205078125}, {"start": 3697.93, "end": 3698.01, "word": " one", "probability": 0.5107421875}, {"start": 3698.01, "end": 3698.09, "word": " is", "probability": 0.875}, {"start": 3698.09, "end": 3698.37, "word": " difficult", "probability": 0.50048828125}, {"start": 3698.37, "end": 3698.71, "word": " because", "probability": 0.73486328125}, {"start": 3698.71, "end": 3698.87, "word": " it", "probability": 0.6865234375}, {"start": 3698.87, "end": 3698.93, "word": " is", "probability": 0.53662109375}, {"start": 3698.93, "end": 3699.13, "word": " not", "probability": 0.67529296875}, {"start": 3699.13, "end": 3699.37, "word": " clear", "probability": 0.64794921875}, {"start": 3699.37, "end": 3699.45, "word": " yet.", "probability": 0.42138671875}, {"start": 3701.97, "end": 3702.65, "word": " This", "probability": 0.1593017578125}, {"start": 3702.65, "end": 3702.93, "word": " is", "probability": 0.876953125}, {"start": 3702.93, "end": 3703.35, "word": " the", "probability": 0.6396484375}, {"start": 3703.35, "end": 3703.55, "word": " whole", "probability": 0.896484375}, {"start": 3703.55, "end": 3703.71, "word": " of", "probability": 0.87353515625}, {"start": 3703.71, "end": 3703.91, "word": " tax", "probability": 0.88232421875}, {"start": 3703.91, "end": 3704.21, "word": " burden.", "probability": 0.97216796875}, {"start": 3705.01, "end": 3705.61, "word": " Where", "probability": 0.44384765625}, {"start": 3705.61, "end": 3705.79, "word": " is", "probability": 0.69384765625}, {"start": 3705.79, "end": 3705.89, "word": " the", "probability": 0.7373046875}, {"start": 3705.89, "end": 3706.47, "word": " consumer", "probability": 0.7890625}, {"start": 3706.47, "end": 3706.97, "word": " share?", "probability": 0.80712890625}], "temperature": 1.0}, {"id": 124, "seek": 373739, "start": 3708.55, "end": 3737.39, "text": " See, from here I'm like this. From here I'm like this, I go up. This is the consumer share of Taxported. And the one below it is the producer. So this is the producer share of Taxported. And this is the consumer share. This is the consumer share. And this is the producer share. It closed with you, huh?", "tokens": [3008, 11, 490, 510, 286, 478, 411, 341, 13, 3358, 510, 286, 478, 411, 341, 11, 286, 352, 493, 13, 639, 307, 264, 9711, 2073, 295, 23263, 2707, 292, 13, 400, 264, 472, 2507, 309, 307, 264, 12314, 13, 407, 341, 307, 264, 12314, 2073, 295, 23263, 2707, 292, 13, 400, 341, 307, 264, 9711, 2073, 13, 639, 307, 264, 9711, 2073, 13, 400, 341, 307, 264, 12314, 2073, 13, 467, 5395, 365, 291, 11, 7020, 30], "avg_logprob": -0.3960336649265045, "compression_ratio": 2.0965517241379312, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 3708.55, "end": 3708.89, "word": " See,", "probability": 0.2447509765625}, {"start": 3709.11, "end": 3709.11, "word": " from", "probability": 0.58984375}, {"start": 3709.11, "end": 3710.11, "word": " here", "probability": 0.552734375}, {"start": 3710.11, "end": 3710.29, "word": " I'm", "probability": 0.3076171875}, {"start": 3710.29, "end": 3710.39, "word": " like", "probability": 0.69775390625}, {"start": 3710.39, "end": 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The second exam. He didn't have time, he didn't have time. How many hours did he have? Yes? How many hours did he have? Okay, listen. Let me go back to him again. I'm confused, but because I don't know his name. We have five cases, but try to understand.", "tokens": [634, 994, 380, 1998, 1340, 13, 440, 1150, 1139, 13, 634, 994, 380, 362, 565, 11, 415, 994, 380, 362, 565, 13, 1012, 867, 2496, 630, 415, 362, 30, 1079, 30, 1012, 867, 2496, 630, 415, 362, 30, 1033, 11, 2140, 13, 961, 385, 352, 646, 281, 796, 797, 13, 286, 478, 9019, 11, 457, 570, 286, 500, 380, 458, 702, 1315, 13, 492, 362, 1732, 3331, 11, 457, 853, 281, 1223, 13], "avg_logprob": -0.6984797112039618, "compression_ratio": 1.5965909090909092, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 3737.68, "end": 3737.88, "word": " He", "probability": 0.044189453125}, {"start": 3737.88, "end": 3738.04, "word": " didn't", "probability": 0.70263671875}, {"start": 3738.04, "end": 3738.26, "word": " close", "probability": 0.170166015625}, {"start": 3738.26, "end": 3738.76, "word": " anything.", "probability": 0.53955078125}, {"start": 3740.02, "end": 3740.26, "word": " The", "probability": 0.599609375}, {"start": 3740.26, "end": 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I want to confirm his information. I want to confirm his information. You want to go to what's his name? A celebration? You want to go to a debate? It's been more than five minutes. What's going on in the world? Well, let's see. The elastic will now be clear as elastic. You won't understand this until you see the elastic. Okay.", "tokens": [708, 360, 291, 519, 30, 286, 528, 281, 9064, 702, 1589, 13, 286, 528, 281, 9064, 702, 1589, 13, 509, 528, 281, 352, 281, 437, 311, 702, 1315, 30, 316, 14184, 30, 509, 528, 281, 352, 281, 257, 7958, 30, 467, 311, 668, 544, 813, 1732, 2077, 13, 708, 311, 516, 322, 294, 264, 1002, 30, 1042, 11, 718, 311, 536, 13, 440, 17115, 486, 586, 312, 1850, 382, 17115, 13, 509, 1582, 380, 1223, 341, 1826, 291, 536, 264, 17115, 13, 1033, 13], "avg_logprob": -0.5834558655233945, "compression_ratio": 1.7107843137254901, "no_speech_prob": 0.0, "words": [{"start": 3762.11, "end": 3762.35, "word": " What", "probability": 0.5478515625}, {"start": 3762.35, "end": 3762.41, "word": " do", "probability": 0.84375}, {"start": 3762.41, "end": 3762.61, "word": " you", "probability": 0.97216796875}, {"start": 3762.61, "end": 3762.61, "word": " think?", "probability": 0.8193359375}, {"start": 3764.21, "end": 3764.57, "word": " I", "probability": 0.58984375}, {"start": 3764.57, "end": 3764.65, 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Let's go to when demand is elastic. Elastic demand. When demand is elastic.", "tokens": [407, 510, 11, 264, 9711, 10604, 9562, 4, 295, 264, 3366, 13, 961, 311, 352, 281, 562, 4733, 307, 17115, 13, 2699, 2750, 4733, 13, 1133, 4733, 307, 17115, 13], "avg_logprob": -0.17439516801987925, "compression_ratio": 1.2795698924731183, "no_speech_prob": 0.0, "words": [{"start": 3792.89, "end": 3793.17, "word": " So", "probability": 0.888671875}, {"start": 3793.17, "end": 3793.55, "word": " here,", "probability": 0.662109375}, {"start": 3793.79, "end": 3793.89, "word": " the", "probability": 0.9169921875}, {"start": 3793.89, "end": 3794.31, "word": " consumer", "probability": 0.86376953125}, {"start": 3794.31, "end": 3794.79, "word": " pays", "probability": 0.94775390625}, {"start": 3794.79, "end": 3796.51, "word": " 75", "probability": 0.962890625}, {"start": 3796.51, "end": 3798.03, "word": "%", "probability": 0.9365234375}, {"start": 3798.03, "end": 3798.61, "word": " of", "probability": 0.94970703125}, {"start": 3798.61, "end": 3798.75, "word": " the", "probability": 0.9248046875}, {"start": 3798.75, "end": 3799.09, "word": " tax.", "probability": 0.9326171875}, {"start": 3805.69, "end": 3806.63, "word": " Let's", "probability": 0.5634765625}, {"start": 3806.63, "end": 3806.89, "word": " go", "probability": 0.96240234375}, {"start": 3806.89, "end": 3807.37, "word": " to", "probability": 0.95556640625}, {"start": 3807.37, "end": 3808.39, "word": " when", "probability": 0.464111328125}, {"start": 3808.39, "end": 3808.83, "word": " demand", "probability": 0.87060546875}, {"start": 3808.83, "end": 3809.25, "word": " is", "probability": 0.951171875}, {"start": 3809.25, "end": 3809.95, "word": " elastic.", "probability": 0.96923828125}, {"start": 3812.63, "end": 3813.51, "word": " Elastic", "probability": 0.906005859375}, {"start": 3813.51, "end": 3813.99, "word": " demand.", "probability": 0.90087890625}, {"start": 3818.57, "end": 3819.51, "word": " When", "probability": 0.861328125}, {"start": 3819.51, "end": 3819.93, "word": " demand", "probability": 0.89501953125}, {"start": 3819.93, "end": 3820.39, "word": " is", "probability": 0.9501953125}, {"start": 3820.39, "end": 3820.97, "word": " elastic.", "probability": 0.96240234375}], "temperature": 1.0}, {"id": 128, "seek": 385146, "start": 3825.74, "end": 3851.46, "text": " Elastic demand. Like the demand for apple or orange. Quantity, prices.", "tokens": [2699, 2750, 4733, 13, 1743, 264, 4733, 337, 10606, 420, 7671, 13, 26968, 507, 11, 7901, 13], "avg_logprob": -0.2947048677338494, "compression_ratio": 0.9861111111111112, "no_speech_prob": 0.0, "words": [{"start": 3825.7400000000002, "end": 3826.82, "word": " Elastic", "probability": 0.900146484375}, {"start": 3826.82, "end": 3827.9, "word": " demand.", "probability": 0.82763671875}, {"start": 3829.56, "end": 3830.64, "word": " Like", "probability": 0.85546875}, {"start": 3830.64, "end": 3830.8, "word": " the", "probability": 0.89453125}, {"start": 3830.8, "end": 3831.08, "word": " demand", "probability": 0.91748046875}, {"start": 3831.08, "end": 3831.3, "word": " for", "probability": 0.9501953125}, {"start": 3831.3, "end": 3831.62, "word": " apple", "probability": 0.6767578125}, {"start": 3831.62, "end": 3834.1, "word": " or", "probability": 0.61376953125}, {"start": 3834.1, "end": 3834.64, "word": " orange.", "probability": 0.86279296875}, {"start": 3849.72, "end": 3850.8, "word": " Quantity,", "probability": 0.647216796875}, {"start": 3851.02, "end": 3851.46, "word": " prices.", "probability": 0.86767578125}], "temperature": 1.0}, {"id": 129, "seek": 387892, "start": 3852.98, "end": 3878.92, "text": " Elastic demand. Demand will be close to the horizontal axis. Correct? Demand will be like this. D1. And supply is neutral. Neutral elastic. S1. And this is A1. A1. The price equals 3. Correct?", "tokens": [2699, 2750, 4733, 13, 4686, 474, 486, 312, 1998, 281, 264, 12750, 10298, 13, 12753, 30, 4686, 474, 486, 312, 411, 341, 13, 413, 16, 13, 400, 5847, 307, 10598, 13, 1734, 43574, 17115, 13, 318, 16, 13, 400, 341, 307, 316, 16, 13, 316, 16, 13, 440, 3218, 6915, 805, 13, 12753, 30], "avg_logprob": -0.27372158549048686, "compression_ratio": 1.4191176470588236, "no_speech_prob": 0.0, "words": [{"start": 3852.98, "end": 3853.52, "word": " Elastic", "probability": 0.960205078125}, {"start": 3853.52, "end": 3853.98, "word": " demand.", "probability": 0.84375}, {"start": 3854.24, "end": 3854.62, "word": " Demand", "probability": 0.93994140625}, {"start": 3854.62, "end": 3854.76, "word": " will", "probability": 0.59716796875}, {"start": 3854.76, "end": 3854.94, "word": " be", "probability": 0.9404296875}, {"start": 3854.94, "end": 3855.34, "word": " close", "probability": 0.78173828125}, {"start": 3855.34, "end": 3855.48, "word": " to", "probability": 0.9638671875}, {"start": 3855.48, "end": 3855.62, "word": " the", "probability": 0.8896484375}, {"start": 3855.62, "end": 3856.02, "word": " horizontal", "probability": 0.8515625}, {"start": 3856.02, "end": 3856.44, "word": " axis.", "probability": 0.94580078125}, {"start": 3856.78, "end": 3856.78, "word": " Correct?", "probability": 0.1483154296875}, {"start": 3857.22, "end": 3858.08, "word": " Demand", "probability": 0.6756591796875}, {"start": 3858.08, "end": 3858.12, "word": " will", "probability": 0.67041015625}, {"start": 3858.12, "end": 3858.12, "word": " be", "probability": 0.9267578125}, {"start": 3858.12, "end": 3858.34, "word": " like", "probability": 0.8515625}, {"start": 3858.34, "end": 3858.9, "word": " this.", "probability": 0.7490234375}, {"start": 3860.74, "end": 3861.24, "word": " D1.", "probability": 0.80322265625}, {"start": 3862.24, "end": 3862.94, "word": " And", "probability": 0.9013671875}, {"start": 3862.94, "end": 3863.26, "word": " supply", "probability": 0.8642578125}, {"start": 3863.26, "end": 3864.16, "word": " is", "probability": 0.83740234375}, {"start": 3864.16, "end": 3864.62, "word": " neutral.", "probability": 0.55078125}, {"start": 3865.38, "end": 3866.24, "word": " Neutral", "probability": 0.654541015625}, {"start": 3866.24, "end": 3866.72, "word": " elastic.", "probability": 0.94189453125}, {"start": 3867.22, "end": 3868.08, "word": " S1.", "probability": 0.833251953125}, {"start": 3868.92, "end": 3869.14, "word": " And", "probability": 0.92724609375}, {"start": 3869.14, "end": 3869.4, "word": " this", "probability": 0.94384765625}, {"start": 3869.4, "end": 3869.66, "word": " is", "probability": 0.9482421875}, {"start": 3869.66, "end": 3870.06, "word": " A1.", "probability": 0.76171875}, {"start": 3871.76, "end": 3872.42, "word": " A1.", "probability": 0.913818359375}, {"start": 3872.86, "end": 3873.0, "word": " The", "probability": 0.853515625}, {"start": 3873.0, "end": 3873.26, "word": " price", "probability": 0.9375}, {"start": 3873.26, "end": 3873.68, "word": " equals", "probability": 0.88671875}, {"start": 3873.68, "end": 3874.0, "word": " 3.", "probability": 0.363525390625}, {"start": 3878.06, "end": 3878.92, "word": " Correct?", "probability": 0.48046875}], "temperature": 1.0}, {"id": 130, "seek": 390427, "start": 3879.75, "end": 3904.27, "text": " Now let us assume that the government decided to impose a tax by one shekel per kilogram of apple. What happens? Supply shifts left. Parallel to the previous one. That's true, right? Where's the new equilibrium point?", "tokens": [823, 718, 505, 6552, 300, 264, 2463, 3047, 281, 26952, 257, 3366, 538, 472, 750, 7124, 680, 21741, 295, 10606, 13, 708, 2314, 30, 9391, 356, 19201, 1411, 13, 3457, 336, 338, 281, 264, 3894, 472, 13, 663, 311, 2074, 11, 558, 30, 2305, 311, 264, 777, 15625, 935, 30], "avg_logprob": -0.3003982936634737, "compression_ratio": 1.3212121212121213, "no_speech_prob": 0.0, "words": [{"start": 3879.75, "end": 3880.09, "word": " Now", "probability": 0.923828125}, {"start": 3880.09, "end": 3880.31, "word": " let", "probability": 0.619140625}, {"start": 3880.31, "end": 3880.49, "word": " us", "probability": 0.7587890625}, {"start": 3880.49, "end": 3880.81, "word": " assume", "probability": 0.8984375}, {"start": 3880.81, "end": 3881.01, "word": " that", "probability": 0.91455078125}, {"start": 3881.01, "end": 3881.17, "word": " the", "probability": 0.912109375}, {"start": 3881.17, "end": 3881.47, "word": " government", "probability": 0.9111328125}, {"start": 3881.47, "end": 3881.95, "word": " decided", "probability": 0.939453125}, {"start": 3881.95, "end": 3882.17, "word": " to", "probability": 0.97021484375}, {"start": 3882.17, "end": 3882.53, "word": " impose", "probability": 0.93896484375}, {"start": 3882.53, "end": 3882.69, "word": " a", "probability": 0.8916015625}, {"start": 3882.69, "end": 3883.07, "word": " tax", "probability": 0.95068359375}, {"start": 3883.07, "end": 3883.83, "word": " by", "probability": 0.9072265625}, {"start": 3883.83, "end": 3884.21, "word": " one", "probability": 0.8603515625}, {"start": 3884.21, "end": 3884.59, "word": " shekel", "probability": 0.766357421875}, {"start": 3884.59, "end": 3884.81, "word": " per", "probability": 0.96484375}, {"start": 3884.81, "end": 3885.17, "word": " kilogram", "probability": 0.92822265625}, {"start": 3885.17, "end": 3886.07, "word": " of", "probability": 0.97607421875}, {"start": 3886.07, "end": 3887.21, "word": " apple.", "probability": 0.796875}, {"start": 3888.41, "end": 3889.13, "word": " What", "probability": 0.10205078125}, {"start": 3889.13, "end": 3891.21, "word": " happens?", "probability": 0.48095703125}, {"start": 3892.73, "end": 3893.45, "word": " Supply", "probability": 0.77685546875}, {"start": 3893.45, "end": 3893.83, "word": " shifts", "probability": 0.935546875}, {"start": 3893.83, "end": 3894.17, "word": " left.", "probability": 0.52978515625}, {"start": 3897.27, "end": 3897.99, "word": " Parallel", "probability": 0.9558919270833334}, {"start": 3897.99, "end": 3898.15, "word": " to", "probability": 0.966796875}, {"start": 3898.15, "end": 3898.27, "word": " the", "probability": 0.9208984375}, {"start": 3898.27, "end": 3898.61, "word": " previous", "probability": 0.85107421875}, {"start": 3898.61, "end": 3899.51, "word": " one.", "probability": 0.92529296875}, {"start": 3900.51, "end": 3900.77, "word": " That's", "probability": 0.660888671875}, {"start": 3900.77, "end": 3900.95, "word": " true,", "probability": 0.939453125}, {"start": 3901.05, "end": 3901.25, "word": " right?", "probability": 0.67333984375}, {"start": 3902.57, "end": 3903.29, "word": " Where's", "probability": 0.4044189453125}, {"start": 3903.29, "end": 3903.39, "word": " the", "probability": 0.8955078125}, {"start": 3903.39, "end": 3903.57, "word": " new", "probability": 0.87353515625}, {"start": 3903.57, "end": 3903.93, "word": " equilibrium", "probability": 0.93408203125}, {"start": 3903.93, "end": 3904.27, "word": " point?", "probability": 0.95556640625}], "temperature": 1.0}, {"id": 131, "seek": 393424, "start": 3915.06, "end": 3934.24, "text": " How can we determine the government revenue tax? From A2 to S1. From A2 to S1. From A2 to S1. Here this is", "tokens": [1012, 393, 321, 6997, 264, 2463, 9324, 3366, 30, 3358, 316, 17, 281, 318, 16, 13, 3358, 316, 17, 281, 318, 16, 13, 3358, 316, 17, 281, 318, 16, 13, 1692, 341, 307], "avg_logprob": -0.2695312605184667, "compression_ratio": 1.2891566265060241, "no_speech_prob": 0.0, "words": [{"start": 3915.0600000000004, "end": 3916.1600000000003, "word": " How", "probability": 0.318603515625}, {"start": 3916.1600000000003, "end": 3917.26, "word": " can", "probability": 0.92578125}, {"start": 3917.26, "end": 3917.46, "word": " we", "probability": 0.95068359375}, {"start": 3917.46, "end": 3918.02, "word": " determine", "probability": 0.923828125}, {"start": 3918.02, "end": 3919.08, "word": " the", "probability": 0.806640625}, {"start": 3919.08, "end": 3919.64, "word": " government", "probability": 0.8349609375}, {"start": 3919.64, "end": 3920.2, "word": " revenue", "probability": 0.80322265625}, {"start": 3920.2, "end": 3920.72, "word": " tax?", "probability": 0.58203125}, {"start": 3924.72, "end": 3925.82, "word": " From", "probability": 0.51318359375}, {"start": 3925.82, "end": 3926.44, "word": " A2", "probability": 0.970458984375}, {"start": 3926.44, "end": 3927.1, "word": " to", "probability": 0.96533203125}, {"start": 3927.1, "end": 3927.66, "word": " S1.", "probability": 0.988037109375}, {"start": 3928.08, "end": 3928.5, "word": " From", "probability": 0.5703125}, {"start": 3928.5, "end": 3929.04, "word": " A2", "probability": 0.9921875}, {"start": 3929.04, "end": 3929.28, "word": " to", "probability": 0.9716796875}, {"start": 3929.28, "end": 3930.22, "word": " S1.", "probability": 0.996826171875}, {"start": 3930.42, "end": 3931.52, "word": " From", "probability": 0.31103515625}, {"start": 3931.52, "end": 3931.94, "word": " A2", "probability": 0.993896484375}, {"start": 3931.94, "end": 3932.12, "word": " to", "probability": 0.97119140625}, {"start": 3932.12, "end": 3932.6, "word": " S1.", "probability": 0.996826171875}, {"start": 3933.04, "end": 3933.42, "word": " Here", "probability": 0.6767578125}, {"start": 3933.42, "end": 3933.82, "word": " this", "probability": 0.6640625}, {"start": 3933.82, "end": 3934.24, "word": " is", "probability": 0.94921875}], "temperature": 1.0}, {"id": 132, "seek": 396599, "start": 3936.49, "end": 3965.99, "text": " that devalue the government revenue tax. Right? Exactly like this. The one above this, above the A1, is called the consumer share, and this is the producer share, tax burden. Here, this is the A1. This triangle, rectangle, represents the consumer share of tax burden. And this is the producer share. The one below is the producer share.", "tokens": [300, 1905, 304, 622, 264, 2463, 9324, 3366, 13, 1779, 30, 7587, 411, 341, 13, 440, 472, 3673, 341, 11, 3673, 264, 316, 16, 11, 307, 1219, 264, 9711, 2073, 11, 293, 341, 307, 264, 12314, 2073, 11, 3366, 12578, 13, 1692, 11, 341, 307, 264, 316, 16, 13, 639, 13369, 11, 21930, 11, 8855, 264, 9711, 2073, 295, 3366, 12578, 13, 400, 341, 307, 264, 12314, 2073, 13, 440, 472, 2507, 307, 264, 12314, 2073, 13], "avg_logprob": -0.4034455063251349, "compression_ratio": 1.9257142857142857, "no_speech_prob": 0.0, "words": [{"start": 3936.4900000000002, "end": 3937.01, "word": " that", "probability": 0.28125}, {"start": 3937.01, "end": 3937.53, "word": " devalue", "probability": 0.663818359375}, {"start": 3937.53, "end": 3937.71, "word": " the", "probability": 0.87548828125}, {"start": 3937.71, "end": 3938.01, "word": " government", "probability": 0.9169921875}, {"start": 3938.01, "end": 3938.39, "word": " revenue", "probability": 0.75048828125}, 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And this is the producer share. This is 3.25. So he was able to sell the product for 3.25. He carried the rest. So this is 3.25 and this went down to 2.25. Because the total distance is 1.", "tokens": [639, 307, 264, 9711, 2073, 13, 400, 341, 307, 264, 12314, 2073, 13, 639, 307, 805, 13, 6074, 13, 407, 415, 390, 1075, 281, 3607, 264, 1674, 337, 805, 13, 6074, 13, 634, 9094, 264, 1472, 13, 407, 341, 307, 805, 13, 6074, 293, 341, 1437, 760, 281, 568, 13, 6074, 13, 1436, 264, 3217, 4560, 307, 502, 13], "avg_logprob": -0.44166665375232694, "compression_ratio": 1.6074074074074074, "no_speech_prob": 0.0, "words": [{"start": 3967.09, "end": 3967.57, "word": " This", "probability": 0.77734375}, {"start": 3967.57, "end": 3967.75, "word": " is", "probability": 0.93701171875}, {"start": 3967.75, "end": 3967.89, "word": " the", "probability": 0.79443359375}, {"start": 3967.89, "end": 3968.29, "word": " consumer", "probability": 0.84765625}, {"start": 3968.29, "end": 3968.69, "word": " share.", "probability": 0.8125}, {"start": 3970.35, "end": 3970.73, "word": " And", "probability": 0.383544921875}, {"start": 3970.73, "end": 3970.85, "word": " this", "probability": 0.8125}, {"start": 3970.85, "end": 3970.85, "word": " is", "probability": 0.89697265625}, {"start": 3970.85, "end": 3970.93, "word": " the", "probability": 0.74755859375}, {"start": 3970.93, "end": 3971.23, "word": " producer", "probability": 0.939453125}, {"start": 3971.23, "end": 3971.63, "word": " share.", "probability": 0.7255859375}, {"start": 3975.97, "end": 3976.61, "word": " This", "probability": 0.458984375}, {"start": 3976.61, "end": 3976.67, "word": " is", "probability": 0.82763671875}, {"start": 3976.67, "end": 3977.01, "word": " 3", "probability": 0.453125}, {"start": 3977.01, "end": 3979.11, "word": ".25.", "probability": 0.5673828125}, {"start": 3979.67, "end": 3979.67, "word": " So", "probability": 0.2032470703125}, {"start": 3979.67, "end": 3980.73, "word": " he", "probability": 0.5302734375}, {"start": 3980.73, "end": 3981.01, "word": " was", "probability": 0.31396484375}, {"start": 3981.01, "end": 3981.01, "word": " able", "probability": 0.93701171875}, {"start": 3981.01, "end": 3981.17, "word": " to", "probability": 0.9697265625}, {"start": 3981.17, "end": 3981.35, "word": " sell", "probability": 0.8232421875}, {"start": 3981.35, "end": 3981.63, "word": " the", "probability": 0.35595703125}, {"start": 3981.63, "end": 3981.89, "word": " product", "probability": 0.296142578125}, {"start": 3981.89, "end": 3982.53, "word": " for", "probability": 0.37060546875}, {"start": 3982.53, "end": 3982.83, "word": " 3", "probability": 0.9345703125}, {"start": 3982.83, "end": 3983.79, "word": ".25.", "probability": 0.9951171875}, {"start": 3984.57, "end": 3985.21, "word": " He", "probability": 0.5830078125}, {"start": 3985.21, "end": 3985.63, "word": " carried", "probability": 0.72216796875}, {"start": 3985.63, "end": 3985.77, "word": " the", "probability": 0.73828125}, {"start": 3985.77, "end": 3986.03, "word": " rest.", "probability": 0.75927734375}, {"start": 3987.53, "end": 3987.71, "word": " So", "probability": 0.35400390625}, {"start": 3987.71, "end": 3987.89, "word": " this", "probability": 0.759765625}, {"start": 3987.89, "end": 3987.97, "word": " is", "probability": 0.8017578125}, {"start": 3987.97, "end": 3988.31, "word": " 3", "probability": 0.96533203125}, {"start": 3988.31, "end": 3989.29, "word": ".25", "probability": 0.996337890625}, {"start": 3989.29, "end": 3989.85, "word": " and", "probability": 0.437255859375}, {"start": 3989.85, "end": 3990.11, "word": " this", "probability": 0.7314453125}, {"start": 3990.11, "end": 3990.25, "word": " went", "probability": 0.142822265625}, {"start": 3990.25, "end": 3990.43, "word": " down", "probability": 0.8310546875}, {"start": 3990.43, "end": 3990.97, "word": " to", "probability": 0.466796875}, {"start": 3990.97, "end": 3992.13, "word": " 2", "probability": 0.89990234375}, {"start": 3992.13, "end": 3993.11, "word": ".25.", "probability": 0.998291015625}, {"start": 3993.35, "end": 3993.99, "word": " Because", "probability": 0.541015625}, {"start": 3993.99, "end": 3994.11, "word": " the", "probability": 0.72802734375}, {"start": 3994.11, "end": 3994.27, "word": " total", "probability": 0.225341796875}, {"start": 3994.27, "end": 3994.37, "word": " distance", "probability": 0.71875}, {"start": 3994.37, "end": 3994.71, "word": " is", "probability": 0.8662109375}, {"start": 3994.71, "end": 3994.95, "word": " 1.", "probability": 0.481201171875}], "temperature": 1.0}, {"id": 134, "seek": 402750, "start": 4000.08, "end": 4027.5, "text": " This is the total tax burden here. The whole of tax burden. The demand is elastic. The consumer pays least of tax burden, and the producer pays most of tax burden by 75%.", "tokens": [639, 307, 264, 3217, 3366, 12578, 510, 13, 440, 1379, 295, 3366, 12578, 13, 440, 4733, 307, 17115, 13, 440, 9711, 10604, 1935, 295, 3366, 12578, 11, 293, 264, 12314, 10604, 881, 295, 3366, 12578, 538, 9562, 6856], "avg_logprob": -0.19170672542009598, "compression_ratio": 1.5132743362831858, "no_speech_prob": 0.0, "words": [{"start": 4000.08, "end": 4000.96, "word": " This", "probability": 0.41357421875}, {"start": 4000.96, "end": 4001.84, "word": " is", "probability": 0.72802734375}, {"start": 4001.84, "end": 4005.58, "word": " the", "probability": 0.82470703125}, {"start": 4005.58, "end": 4006.0, "word": " total", "probability": 0.86376953125}, {"start": 4006.0, "end": 4007.1, "word": " tax", "probability": 0.92724609375}, {"start": 4007.1, "end": 4007.46, "word": " burden", "probability": 0.95654296875}, {"start": 4007.46, "end": 4007.76, "word": " here.", "probability": 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--> 00:00:27,820 +producer equilibrium and the expansion path for + +3 +00:00:27,820 --> 00:00:29,260 +the business, right? + +4 +00:00:31,740 --> 00:00:34,860 +As we mentioned before that the producer + +5 +00:00:34,860 --> 00:00:41,780 +equilibrium occurs when the isoquant contains the + +6 +00:00:41,780 --> 00:00:46,780 +isocoastline. Here is the isocoastline. Here, the + +7 +00:00:46,780 --> 00:00:48,800 +title is the expansion path. + +8 +00:00:59,470 --> 00:01:02,830 +Here we have the quantity number of workers, + +9 +00:01:03,110 --> 00:01:05,230 +quantity of labor, and the quantity of machines. + +10 +00:01:08,090 --> 00:01:15,550 +Let us assume that the company has or spends the + +11 +00:01:15,550 --> 00:01:18,610 +total cost of $200. + +12 +00:01:21,180 --> 00:01:25,000 +available to be spent on two factors of + +13 +00:01:25,000 --> 00:01:28,140 +production, labor, and machines, right? And the + +14 +00:01:28,140 --> 00:01:34,140 +price period of L, the price of workers equals 10, + +15 +00:01:34,260 --> 00:01:41,760 +and the price of machines equals 50 dollars. + +16 +00:01:44,340 --> 00:01:48,980 +Derive the ISO coastline. Number one, derive the + +17 +00:01:48,980 --> 00:01:56,180 +ISO coastline. To the red isocost line, we have to + +18 +00:01:56,180 --> 00:02:00,020 +calculate the quantity of labor, the number of + +19 +00:02:00,020 --> 00:02:05,240 +workers, which equals total cost over the price of + +20 +00:02:05,240 --> 00:02:13,060 +L equals 200 over 10 equals 200 over 10 equals 20 + +21 +00:02:13,060 --> 00:02:17,560 +workers. The quantity of machines here, number of + +22 +00:02:17,560 --> 00:02:21,710 +machines, QM, equals total cost over the price of + +23 +00:02:21,710 --> 00:02:28,850 +machines equals two hundred over fifty equals four + +24 +00:02:28,850 --> 00:02:29,390 +machines. + +25 +00:02:31,870 --> 00:02:36,010 +Draw the ISO coastline formula sorry the ISO + +26 +00:02:36,010 --> 00:02:44,190 +coastline curve, yeah QL + +27 +00:02:44,190 --> 00:02:45,310 +and QM. + +28 +00:02:51,750 --> 00:02:56,070 +Here are the quantities of labor. We can write it + +29 +00:02:56,070 --> 00:03:13,690 +as following. 4, 8, 12, 16, 20, 24, and here 2, + +30 +00:03:14,290 --> 00:03:25,530 +4, 6, 8, and so on here. Here is the Iso + +31 +00:03:25,530 --> 00:03:26,930 +-coastline, all right? + +32 +00:03:30,590 --> 00:03:35,190 +Derive the Iso-coastline formula. Let's derive the + +33 +00:03:35,190 --> 00:03:38,850 +Iso-coastline formula. To derive the Iso-coastline + +34 +00:03:38,850 --> 00:03:43,390 +formula, we can write it or we can say that QL, QM + +35 +00:03:43,390 --> 00:03:53,090 +equals four minus four over 20. Right? 4 over 20 + +36 +00:03:53,090 --> 00:04:04,010 +times the QL. So QM here equals 4 minus 0.20 QL. + +37 +00:04:04,550 --> 00:04:10,770 +This is the isocosline formula. Now, suppose that + +38 +00:04:10,770 --> 00:04:16,890 +the producer equilibrium occurs when QL equals + +39 +00:04:16,890 --> 00:04:22,460 +eight units. How many machines do we have or + +40 +00:04:22,460 --> 00:04:27,140 +should we buy? If the producer equilibrium occurs + +41 +00:04:27,140 --> 00:04:30,880 +at the QL equals eight, how much is the quantum + +42 +00:04:30,880 --> 00:04:36,100 +machine? So, we have to use the formula here, QM + +43 +00:04:36,100 --> 00:04:39,840 +equals + +44 +00:04:39,840 --> 00:04:51,780 +four minus 0.20 QL. So, QM equals four minus zero + +45 +00:04:51,780 --> 00:05:01,560 +point two here sorry to + +46 +00:05:01,560 --> 00:05:08,420 +one point six times eight + +47 +00:05:08,420 --> 00:05:21,920 +times 0.20, 1.6. So, Qm equals 2.4. Yeah, should + +48 +00:05:21,920 --> 00:05:23,300 +be 2.4. + +49 +00:05:41,950 --> 00:05:48,830 +Here is the equilibrium, E, E1. + +50 +00:05:50,230 --> 00:05:52,670 +At equilibrium, + +51 +00:05:54,530 --> 00:06:01,130 +this company or this business produces 500, + +52 +00:06:01,710 --> 00:06:07,390 +what produced equals 500 units, 500 chairs. + +53 +00:06:13,180 --> 00:06:19,120 +Now, the business. This here is an assumption. At + +54 +00:06:19,120 --> 00:06:24,600 +this point, at equilibrium, we produce 500 chairs. + +55 +00:06:25,380 --> 00:06:33,420 +All right? The assumption is assume or suppose + +56 +00:06:33,420 --> 00:06:38,100 +that the business or the company decided to + +57 +00:06:38,100 --> 00:06:44,790 +expand. Expand means tawassu. by adding capital + +58 +00:06:44,790 --> 00:06:50,670 +investment, a new capital investment to produce + +59 +00:06:50,670 --> 00:07:00,530 +more chairs. And it added additional 200 shekels, + +60 +00:07:00,550 --> 00:07:08,490 +or dollars here. So the new total cost equals + +61 +00:07:08,490 --> 00:07:14,470 +$400. This is the new total cost. The total + +62 +00:07:14,470 --> 00:07:22,530 +investment, the inputs becomes that. From 200 to + +63 +00:07:22,530 --> 00:07:30,170 +400. And the prices remain constant here. The + +64 +00:07:30,170 --> 00:07:36,690 +price of L equals 10, price of M equals 50. Derive + +65 +00:07:36,690 --> 00:07:42,340 +the new, budget line or isocost line and determine + +66 +00:07:42,340 --> 00:07:48,400 +the new equilibrium point. So here, a QL equals + +67 +00:07:48,400 --> 00:07:55,540 +how much? 400 over 10 equals 40. And a QL M equals + +68 +00:07:55,540 --> 00:08:03,080 +400 over 50 equals 8. Right? Now, we have a new + +69 +00:08:03,080 --> 00:08:12,190 +isocost line here. Where is it? Here. 8 and 40. + +70 +00:08:13,290 --> 00:08:21,610 +Sorry? Yes, 40 and 8. Here should be, we have to + +71 +00:08:21,610 --> 00:08:24,590 +expand here, QL. + +72 +00:08:46,750 --> 00:08:50,670 +here for 28, + +73 +00:08:51,490 --> 00:08:59,410 +32, 36, and 40. I'll use eight, so we have to + +74 +00:08:59,410 --> 00:09:00,570 +connect these points here. + +75 +00:09:03,710 --> 00:09:12,050 +This is the new iso-coastline, right? If the new + +76 +00:09:12,050 --> 00:09:14,590 +equilibrium occurs + +77 +00:09:19,280 --> 00:09:21,740 +at QL equals 24. + +78 +00:09:25,160 --> 00:09:32,000 +How many machines do we have or should we buy? We + +79 +00:09:32,000 --> 00:09:34,760 +have to derive the new budget line formula or the + +80 +00:09:34,760 --> 00:09:39,520 +new ISO cost line formula. The new equilibrium + +81 +00:09:39,520 --> 00:09:49,990 +occurs here, A2, at a cube L equals 24. How much + +82 +00:09:49,990 --> 00:09:55,930 +is a cube M? And the assumption at this point, we + +83 +00:09:55,930 --> 00:10:08,590 +can reduce the outputs increased to 1 + +84 +00:10:08,590 --> 00:10:12,410 +,200 units. + +85 +00:10:15,280 --> 00:10:20,480 +And this is an assumption, right? So here, we have + +86 +00:10:20,480 --> 00:10:24,200 +to derive the new Isocost line formula, right? The + +87 +00:10:24,200 --> 00:10:29,080 +new Isocost + +88 +00:10:29,080 --> 00:10:30,800 +line formula, + +89 +00:10:33,680 --> 00:10:45,540 +QM equals eight minus eight over forty, right? 8 + +90 +00:10:45,540 --> 00:10:55,360 +over 40 QL. So, QL equals 8 minus 0.20 QL. At + +91 +00:10:55,360 --> 00:11:00,020 +equilibrium, at the new equilibrium, QL equals 24. + +92 +00:11:00,560 --> 00:11:06,220 +So, the quantum equals or should equal QM equals 8 + +93 +00:11:06,220 --> 00:11:10,860 +minus 0.20 times QL, which is 24, + +94 +00:11:13,380 --> 00:11:22,580 +which is QM equals 8 minus 4.8. So, Qm equals how + +95 +00:11:22,580 --> 00:11:30,600 +much? 3.2. So here, should be below this point + +96 +00:11:30,600 --> 00:11:31,140 +here. + +97 +00:11:33,920 --> 00:11:38,080 +Is the + +98 +00:11:38,080 --> 00:11:43,080 +expansion, so here we move from E1 to E2. Is the + +99 +00:11:43,080 --> 00:11:50,180 +expansion here good or bad for the company? Good, + +100 +00:11:50,320 --> 00:11:50,560 +why? + +101 +00:11:53,960 --> 00:12:02,480 +We increased the inputs from $200 to $400, which + +102 +00:12:02,480 --> 00:12:08,900 +means the inputs increased by how much? By 100%. + +103 +00:12:09,980 --> 00:12:15,900 +So and then the outputs increased from 500 to 1 + +104 +00:12:15,900 --> 00:12:23,360 +,200, which is bigger than 100%. It's + +105 +00:12:23,360 --> 00:12:28,280 +bigger than 100%. So the expansion here is good. + +106 +00:12:30,300 --> 00:12:30,480 +Here. + +107 +00:12:38,550 --> 00:12:40,870 +So the expansion here is good. + +108 +00:12:43,690 --> 00:12:50,070 +In this case, we can call it increasing + +109 +00:12:50,070 --> 00:12:55,230 +returns to scale. The expansion path line, + +110 +00:12:57,610 --> 00:13:02,910 +expansion path here will be like this here, + +111 +00:13:04,170 --> 00:13:09,940 +increasing. If the increasing in inputs is less + +112 +00:13:09,940 --> 00:13:12,560 +than increasing outputs. Here, we are talking + +113 +00:13:12,560 --> 00:13:18,760 +about good situation. Good expression. The + +114 +00:13:18,760 --> 00:13:22,140 +expression here is good, which means inputs + +115 +00:13:22,140 --> 00:13:34,060 +increased by 100% and outputs increased by more + +116 +00:13:34,060 --> 00:13:35,620 +than 100%. + +117 +00:13:37,560 --> 00:13:39,060 +So it's good. + +118 +00:13:51,460 --> 00:13:54,960 +In this case, we can call it an increasing returns + +119 +00:13:54,960 --> 00:14:01,340 +to scale, IRS. I-R-S. Increasing returns to scale. + +120 +00:14:01,880 --> 00:14:07,320 +Which means the expansion here is good, right? + +121 +00:14:10,200 --> 00:14:11,340 +Expansion increased + +122 +00:14:14,990 --> 00:14:20,390 +by 100% and the outputs increased, quantity two + +123 +00:14:20,390 --> 00:14:27,030 +here, increased to 800. Is it good or bad? Bad, + +124 +00:14:27,090 --> 00:14:31,490 +why? Because the inputs increased by 100%, outputs + +125 +00:14:31,490 --> 00:14:37,810 +increased by, from 500 to 800 by how much? No, not + +126 +00:14:37,810 --> 00:14:39,650 +50, more than 50. + +127 +00:14:47,600 --> 00:14:51,240 +800 minus 500 over 500. + +128 +00:14:56,900 --> 00:15:02,620 +It's just 60 + +129 +00:15:02,620 --> 00:15:12,120 +% here. So the expansion here is bad. So here we + +130 +00:15:12,120 --> 00:15:16,780 +are talking about a decreasing returns to scale. + +131 +00:15:19,030 --> 00:15:23,330 +And the expansion path line will be like this + +132 +00:15:23,330 --> 00:15:29,610 +here. Will be drawn like this here. The expansion + +133 +00:15:29,610 --> 00:15:32,470 +path will be like this here. Here is decreasing + +134 +00:15:32,470 --> 00:15:33,770 +returns to scale. + +135 +00:15:36,410 --> 00:15:36,770 +AP. + +136 +00:15:47,450 --> 00:15:50,250 +decreasing returns to scale. Increasing returns to + +137 +00:15:50,250 --> 00:15:53,530 +scale should be like this. + +138 +00:15:57,230 --> 00:16:02,510 +If the inputs increased by 100 percent and the + +139 +00:16:02,510 --> 00:16:05,490 +outputs increased by the same amount, 100 percent, + +140 +00:16:06,410 --> 00:16:10,770 +constant returns to scale. If, which means here, + +141 +00:16:12,000 --> 00:16:17,840 +If the inputs increased by 100% and the Q + +142 +00:16:17,840 --> 00:16:24,420 +increased from 500 to 1,000, which means outputs + +143 +00:16:24,420 --> 00:16:29,580 +increased by 100% as well. So, of course, this + +144 +00:16:29,580 --> 00:16:30,520 +will be like this. + +145 +00:16:34,020 --> 00:16:37,140 +This is the previous case, increasing returns to + +146 +00:16:37,140 --> 00:16:40,760 +scale. Here, the equilibrium will be like this. + +147 +00:16:41,860 --> 00:16:45,820 +Fixed here will be fixed returns to scale or + +148 +00:16:45,820 --> 00:16:55,720 +constant returns to scale. If and the ISO or the + +149 +00:16:55,720 --> 00:17:00,980 +expansion path will be like this here, a straight + +150 +00:17:00,980 --> 00:17:01,460 +line, + +151 +00:17:04,260 --> 00:17:10,040 +an expansion path. Here constant tends to scale. + +152 +00:17:10,840 --> 00:17:13,820 +The equilibrium will be like this here. This is + +153 +00:17:13,820 --> 00:17:16,720 +E1, E2, + +154 +00:17:23,760 --> 00:17:31,080 +Q1 equals 500, Q2 equals 1000, and the third here, + +155 +00:17:36,000 --> 00:17:38,460 +The percentage of change in inputs equals the + +156 +00:17:38,460 --> 00:17:40,520 +percentage of change in outputs, right? + +157 +00:17:43,520 --> 00:17:48,820 +Two scientists + +158 +00:17:48,820 --> 00:17:52,480 +or economists, Cobb and Douglas. + +159 +00:17:55,360 --> 00:17:56,180 +Cobb and Douglas. + +160 +00:18:09,980 --> 00:18:15,680 +And they reached the following results. + +161 +00:18:16,980 --> 00:18:21,780 +They designed the following formulas and reached + +162 +00:18:21,780 --> 00:18:24,380 +to the following results. + +163 +00:18:30,580 --> 00:18:33,460 +They have studied the relationship between the + +164 +00:18:33,460 --> 00:18:36,960 +increasing in inputs and outputs and reached to + +165 +00:18:36,960 --> 00:18:40,620 +the following formula. All right? Let's see what + +166 +00:18:40,620 --> 00:18:41,120 +they came up with. + +167 +00:18:46,380 --> 00:18:53,600 +Cobb-Douglas function. Here, the Cobb-Douglas + +168 +00:18:53,600 --> 00:18:54,220 +function. + +169 +00:18:56,900 --> 00:18:57,740 +Cobb, + +170 +00:19:04,100 --> 00:19:06,020 +Douglas function. + +171 +00:19:08,180 --> 00:19:10,320 +They call it Douglas function. + +172 +00:19:12,980 --> 00:19:20,460 +Q, the outputs equals A, A is constant here, times + +173 +00:19:20,460 --> 00:19:27,660 +L raised to power alpha times K is capital raised + +174 +00:19:27,660 --> 00:19:28,620 +to power P there. + +175 +00:19:32,300 --> 00:19:33,600 +Q is the output. + +176 +00:19:38,920 --> 00:19:41,160 +A is constant. + +177 +00:19:45,180 --> 00:19:51,400 +L is + +178 +00:19:51,400 --> 00:19:51,840 +labor. + +179 +00:19:57,680 --> 00:19:59,080 +Alpha + +180 +00:20:01,620 --> 00:20:03,320 +is the elasticity of labor, + +181 +00:20:06,140 --> 00:20:10,000 +which + +182 +00:20:10,000 --> 00:20:17,700 +equals alpha equals the percentage + +183 +00:20:17,700 --> 00:20:21,800 +change in outputs over the percentage change in + +184 +00:20:21,800 --> 00:20:26,680 +labor. Which means what will happen to the output? + +185 +00:20:27,160 --> 00:20:31,220 +What is the percentage change in outputs if the + +186 +00:20:31,220 --> 00:20:42,140 +workers increased by any percent? Beta or K is + +187 +00:20:42,140 --> 00:20:43,140 +capital machines. + +188 +00:20:51,670 --> 00:20:57,930 +And beta here is the elasticity of capital. Beta + +189 +00:20:57,930 --> 00:21:04,510 +is the elasticity of + +190 +00:21:04,510 --> 00:21:08,690 +capital, which + +191 +00:21:08,690 --> 00:21:16,270 +is the percentage change in outputs or the + +192 +00:21:16,270 --> 00:21:20,530 +percentage change of machines, capital. Which + +193 +00:21:20,530 --> 00:21:24,430 +means what will happen to the output if the + +194 +00:21:24,430 --> 00:21:28,410 +capital increased? Will we add more capital? Yes. + +195 +00:21:31,190 --> 00:21:35,190 +This function is homogeneous. + +196 +00:21:39,890 --> 00:21:44,270 +To understand the idea, and they said that if + +197 +00:21:44,270 --> 00:21:54,360 +Alpha plus Beta, They assume that alpha if + +198 +00:21:54,360 --> 00:22:00,800 +or they said that if alpha plus beta is bigger + +199 +00:22:00 + +223 +00:24:17,970 --> 00:24:21,570 +the percentage increasing in inputs. + +224 +00:24:24,930 --> 00:24:27,030 +To understand the idea here, let's have the + +225 +00:24:27,030 --> 00:24:33,150 +following example. Let us assume that the business + +226 +00:24:33,150 --> 00:24:38,950 +has one worker and one machine. Yeah. + +227 +00:24:41,370 --> 00:24:45,270 +One worker and one capital, one machine. + +228 +00:24:49,010 --> 00:24:54,410 +And the quantity outputs equals 500 units. Which + +229 +00:24:54,410 --> 00:24:58,330 +means if we recruit, if we have one worker with + +230 +00:24:58,330 --> 00:25:07,090 +one machine, they can produce 500 units. Let us + +231 +00:25:07,090 --> 00:25:10,210 +assume that the business decided to expand. + +232 +00:25:14,490 --> 00:25:19,130 +They added one more worker and one more machine. + +233 +00:25:22,650 --> 00:25:25,670 +They added one more worker. Because the number of + +234 +00:25:25,670 --> 00:25:30,070 +workers multiplied by 100% became two. And this is + +235 +00:25:30,070 --> 00:25:41,190 +two. Right? Sorry? If it was one thousand, it + +236 +00:25:41,190 --> 00:25:43,690 +should be constant returns to scale. But this is + +237 +00:25:43,690 --> 00:25:47,670 +more than that. Increasing returns to scale. If + +238 +00:25:47,670 --> 00:25:51,130 +less. Decreasing Returns to Scale. + +239 +00:25:55,470 --> 00:26:01,970 +Let's see. The formula is Q equals A times L + +240 +00:26:01,970 --> 00:26:04,870 +raised to the power Alpha times K raised to the + +241 +00:26:04,870 --> 00:26:12,110 +power Beta. Right? Let us assume that A equals 4. + +242 +00:26:13,510 --> 00:26:14,350 +Assumption. + +243 +00:26:16,590 --> 00:26:23,430 +And alpha, alpha + +244 +00:26:23,430 --> 00:26:27,190 +and beta is bigger than one. The summation is + +245 +00:26:27,190 --> 00:26:28,590 +bigger than one. + +246 +00:26:33,770 --> 00:26:41,230 +So alpha plus + +247 +00:26:41,230 --> 00:26:52,410 +beta are bigger than one. So the + +248 +00:26:52,410 --> 00:26:55,490 +output will be bigger than 1000. It should be + +249 +00:26:55,490 --> 00:26:55,750 +here. + +250 +00:26:58,750 --> 00:27:04,790 +Let's calculate the first Q1 at 1 and Q2 at 2. Q1 + +251 +00:27:04,790 --> 00:27:11,690 +equals the formula 4 times L. How many workers + +252 +00:27:11,690 --> 00:27:19,920 +here? One.raised to the power of alpha one times k + +253 +00:27:19,920 --> 00:27:25,280 +one raised to the power of one. Right? So here Q + +254 +00:27:25,280 --> 00:27:34,020 +equals sorry this is unknown. We have to calculate + +255 +00:27:34,020 --> 00:27:39,320 +this and then calculate the other one. Okay. So + +256 +00:27:39,320 --> 00:27:45,520 +here four times one times one, four. So Q1 equals + +257 +00:27:45,520 --> 00:27:53,640 +four. It should be bigger than eight because alpha + +258 +00:27:53,640 --> 00:27:58,620 +plus beta is bigger than one. I don't know. We + +259 +00:27:58,620 --> 00:28:04,620 +have to calculate it. Q2 equals A4 times + +260 +00:28:06,730 --> 00:28:12,590 +2L raised to the power alpha 1 times 2 raised to + +261 +00:28:12,590 --> 00:28:23,710 +the power 1 equals Q2 equals 16. So this is an + +262 +00:28:23,710 --> 00:28:25,170 +increasing returns to scale. + +263 +00:28:29,280 --> 00:28:33,900 +If alpha plus beta equals 1, the summation if + +264 +00:28:33,900 --> 00:28:51,680 +alpha plus beta equals 1. The first + +265 +00:28:51,680 --> 00:29:01,400 +case at q equals q1 here, 4.Four is constant here. + +266 +00:29:01,620 --> 00:29:05,660 +Times one raised to the power alpha zero. Right? + +267 +00:29:06,520 --> 00:29:11,600 +And one here. How much is it here? Four. Then this + +268 +00:29:11,600 --> 00:29:16,040 +is four here. Ok. The second one. At Q2 here. Four + +269 +00:29:16,040 --> 00:29:19,200 +times two raised to the power zero. Which number + +270 +00:29:19,200 --> 00:29:23,240 +divided by zero by one? Correct? Four times one + +271 +00:29:23,240 --> 00:29:30,740 +divided by two. Yes. Then this is correct. If + +272 +00:29:30,740 --> 00:29:36,340 +alpha plus beta, summation, if alpha plus beta + +273 +00:29:36,340 --> 00:29:41,180 +equals one, surely the constant returns to scale, + +274 +00:29:41,320 --> 00:29:44,800 +which means inputs increased by 100 percent, + +275 +00:29:45,280 --> 00:29:49,280 +outputs increased by 100 percent as well. All + +276 +00:29:49,280 --> 00:29:52,140 +right? If you add 50 percent by 50 percent, + +277 +00:29:52,540 --> 00:29:55,680 +outputs should be increased by 50 percent. All + +278 +00:29:55,680 --> 00:29:57,020 +right? All right? + +279 +00:30:00,340 --> 00:30:03,080 +Here, alpha zero, beta one. + +280 +00:30:07,160 --> 00:30:12,480 +If alpha + +281 +00:30:12,480 --> 00:30:16,560 +plus beta equals one, here we have a constant + +282 +00:30:16,560 --> 00:30:24,360 +which tends to scale. What else? The second case, + +283 +00:30:24,440 --> 00:30:27,680 +if alpha plus beta is less than one, + +284 +00:30:46,380 --> 00:30:51,500 +So let's assume that α equals 0 and β equals 0 as + +285 +00:30:51,500 --> 00:30:51,740 +well. + +286 +00:30:54,890 --> 00:30:58,510 +If alpha equals zero and beta equals zero, alpha + +287 +00:30:58,510 --> 00:31:01,950 +plus beta is less than one. How much is this going + +288 +00:31:01,950 --> 00:31:05,850 +to be? 4 raised to the power of zero. What about + +289 +00:31:05,850 --> 00:31:09,130 +the second one? Zero. Four. + +290 +00:31:12,430 --> 00:31:16,770 +There is no increase. Right? Let's say it's half. + +291 +00:31:17,990 --> 00:31:26,000 +0.5 to get the roots.How much is this? This is the + +292 +00:31:26,000 --> 00:31:34,000 +root of one, right? Four times + +293 +00:31:34,000 --> 00:31:41,480 +two + +294 +00:31:41,480 --> 00:31:43,200 +is the root of two, how much? + +295 +00:31:52,810 --> 00:31:58,210 +5.6. So 5.6 here. + +296 +00:32:01,550 --> 00:32:08,790 +The increasing, that's by how much? That's it. The + +297 +00:32:08,790 --> 00:32:13,730 +constant that tends to scale should be 8. The + +298 +00:32:13,730 --> 00:32:15,910 +increasing that tends to scale should be larger + +299 +00:32:15,910 --> 00:32:21,130 +than 8. Here should be less than 8. That's it. + +300 +00:32:23,420 --> 00:32:24,020 +God bless you all + diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/ojdzm50j-Fo_postprocess.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/ojdzm50j-Fo_postprocess.srt new file mode 100644 index 0000000000000000000000000000000000000000..e22c85a5aa5fd52067d9fd44a0becbb1182884fd --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/ojdzm50j-Fo_postprocess.srt @@ -0,0 +1,1200 @@ +1 +00:00:21,020 --> 00:00:24,580 +Today, inshallah, we are going to talk about the + +2 +00:00:24,580 --> 00:00:27,820 +producer equilibrium and the expansion path for + +3 +00:00:27,820 --> 00:00:29,260 +the business, right? + +4 +00:00:31,740 --> 00:00:34,860 +As we mentioned before that the producer + +5 +00:00:34,860 --> 00:00:41,780 +equilibrium occurs when the isoquant contains the + +6 +00:00:41,780 --> 00:00:46,780 +isocoastline. Here is the isocoastline. Here, the + +7 +00:00:46,780 --> 00:00:48,800 +title is the expansion path. + +8 +00:00:59,470 --> 00:01:02,830 +Here we have the quantity number of workers, + +9 +00:01:03,110 --> 00:01:05,230 +quantity of labor, and the quantity of machines. + +10 +00:01:08,090 --> 00:01:15,550 +Let us assume that the company has or spends the + +11 +00:01:15,550 --> 00:01:18,610 +total cost of $200. + +12 +00:01:21,180 --> 00:01:25,000 +available to be spent on two factors of + +13 +00:01:25,000 --> 00:01:28,140 +production, labor, and machines, right? And the + +14 +00:01:28,140 --> 00:01:34,140 +price period of L, the price of workers equals 10, + +15 +00:01:34,260 --> 00:01:41,760 +and the price of machines equals 50 dollars. + +16 +00:01:44,340 --> 00:01:48,980 +Derive the ISO coastline. Number one, derive the + +17 +00:01:48,980 --> 00:01:56,180 +ISO coastline. to the red isocost line, we have to + +18 +00:01:56,180 --> 00:02:00,020 +calculate the quantity of labor, the number of + +19 +00:02:00,020 --> 00:02:05,240 +workers, which equals total cost over the price of + +20 +00:02:05,240 --> 00:02:13,060 +L equals 20 over 10 equals 200 over 10 equals 20 + +21 +00:02:13,060 --> 00:02:17,560 +workers. The quantity of machines here, number of + +22 +00:02:17,560 --> 00:02:21,710 +machines, QM, equals total cost over the price of + +23 +00:02:21,710 --> 00:02:28,850 +machines equals two hundred over fifty equals four + +24 +00:02:28,850 --> 00:02:29,390 +machines. + +25 +00:02:31,870 --> 00:02:36,010 +Draw the ISO coastline formula sorry the ISO + +26 +00:02:36,010 --> 00:02:44,190 +coastline curve yeah QL + +27 +00:02:44,190 --> 00:02:45,310 +and QM + +28 +00:02:51,750 --> 00:02:56,070 +Here are the quantities of labor. We can write it + +29 +00:02:56,070 --> 00:03:13,690 +as following. 4, 8, 12, 16, 20, 24, and here 2, + +30 +00:03:14,290 --> 00:03:25,530 +4, 6, 8, and so on here. Here is the Iso + +31 +00:03:25,530 --> 00:03:26,930 +-coastline, all right? + +32 +00:03:30,590 --> 00:03:35,190 +Derive the Iso-coastline formula. Let's derive the + +33 +00:03:35,190 --> 00:03:38,850 +Iso-coastline formula. To derive the Iso-coastline + +34 +00:03:38,850 --> 00:03:43,390 +formula, we can write it or we can say that QL, QM + +35 +00:03:43,390 --> 00:03:53,090 +equals four minus four over 20. Right? 4 over 20 + +36 +00:03:53,090 --> 00:04:04,010 +times the QL. So QM here equals 4 minus 0.20 QL. + +37 +00:04:04,550 --> 00:04:10,770 +This is the isocosline formula. Now, suppose that + +38 +00:04:10,770 --> 00:04:16,890 +the producer equilibrium occurs when QL equals + +39 +00:04:16,890 --> 00:04:22,460 +eight units. How many machines? do we have or + +40 +00:04:22,460 --> 00:04:27,140 +should we buy? If the producer equilibrium occurs + +41 +00:04:27,140 --> 00:04:30,880 +at the QL equals eight, how much is the quantum + +42 +00:04:30,880 --> 00:04:36,100 +machine? So, we have to use the formula here, QM + +43 +00:04:36,100 --> 00:04:39,840 +equals + +44 +00:04:39,840 --> 00:04:51,780 +four minus 0.20 QL. So, QM equals four minus zero + +45 +00:04:51,780 --> 00:05:01,560 +point two here sorry to + +46 +00:05:01,560 --> 00:05:08,420 +one point six eight + +47 +00:05:08,420 --> 00:05:21,920 +times 0.20, 1.6. So, Qm equals 2.4. Yeah, should + +48 +00:05:21,920 --> 00:05:23,300 +be 2.4. + +49 +00:05:41,950 --> 00:05:48,830 +Here is the equilibrium, E, E1. + +50 +00:05:50,230 --> 00:05:52,670 +At equilibrium, + +51 +00:05:54,530 --> 00:06:01,130 +this company or this business produces 500, + +52 +00:06:01,710 --> 00:06:07,390 +what produced equals 500 units, 500 chairs. + +53 +00:06:13,180 --> 00:06:19,120 +Now, the business. This here is an assumption. At + +54 +00:06:19,120 --> 00:06:24,600 +this point, at equilibrium, we produce 500 chairs. + +55 +00:06:25,380 --> 00:06:33,420 +All right? The assumption is assume or suppose + +56 +00:06:33,420 --> 00:06:38,100 +that the business or the company decided to + +57 +00:06:38,100 --> 00:06:44,790 +expand. Expand means tawassu. by adding capital + +58 +00:06:44,790 --> 00:06:50,670 +investment, a new capital investment to produce + +59 +00:06:50,670 --> 00:07:00,530 +more chairs. And it added additional 200 shekels, + +60 +00:07:00,550 --> 00:07:08,490 +or dollars here. So the new total cost equals + +61 +00:07:08,490 --> 00:07:14,470 +$400. This is the new total cost. The total + +62 +00:07:14,470 --> 00:07:22,530 +investment, the inputs becomes that. From 200 to + +63 +00:07:22,530 --> 00:07:30,170 +400. And the prices remain constant here. The + +64 +00:07:30,170 --> 00:07:36,690 +price of L equals 10, price of M equals 50. Derive + +65 +00:07:36,690 --> 00:07:42,340 +the new, budget line or isocost line and determine + +66 +00:07:42,340 --> 00:07:48,400 +the new equilibrium point. So here, a QL equals + +67 +00:07:48,400 --> 00:07:55,540 +how much? 400 over 10 equals 40. And a QL M equals + +68 +00:07:55,540 --> 00:08:03,080 +400 over 50 equals 8. Right? Now, we have a new + +69 +00:08:03,080 --> 00:08:12,190 +isocost line here. Where is it? Here. 8 and 40. + +70 +00:08:13,290 --> 00:08:21,610 +Sorry? Yes, 40 and 8. Here should be, we have to + +71 +00:08:21,610 --> 00:08:24,590 +expand here, QL. + +72 +00:08:46,750 --> 00:08:50,670 +here for 28, + +73 +00:08:51,490 --> 00:08:59,410 +32, 36, and 40. I'll use eight, so we have to + +74 +00:08:59,410 --> 00:09:00,570 +connect these points here. + +75 +00:09:03,710 --> 00:09:12,050 +This is the new iso-coastline, right? If the new + +76 +00:09:12,050 --> 00:09:14,590 +equilibrium occurs + +77 +00:09:19,280 --> 00:09:21,740 +at QL equals 24. + +78 +00:09:25,160 --> 00:09:32,000 +How many machines do we have or should we buy? We + +79 +00:09:32,000 --> 00:09:34,760 +have to derive the new budget line formula or the + +80 +00:09:34,760 --> 00:09:39,520 +new ISO cost line formula. The new equilibrium + +81 +00:09:39,520 --> 00:09:49,990 +occurs here, A2, at a cube L equals 24. How much + +82 +00:09:49,990 --> 00:09:55,930 +is a cube M? And the assumption at this point, we + +83 +00:09:55,930 --> 00:10:08,590 +can reduce the outputs increased to 1 + +84 +00:10:08,590 --> 00:10:12,410 +,200 units. + +85 +00:10:15,280 --> 00:10:20,480 +And this is an assumption, right? So here, we have + +86 +00:10:20,480 --> 00:10:24,200 +to derive the new Isocost line formula, right? The + +87 +00:10:24,200 --> 00:10:29,080 +new Isocost + +88 +00:10:29,080 --> 00:10:30,800 +line formula, + +89 +00:10:33,680 --> 00:10:45,540 +QM equals eight minus eight over forty, right? 8 + +90 +00:10:45,540 --> 00:10:55,360 +over 40 QL. So, QL equals 8 minus 0.20 QL. At + +91 +00:10:55,360 --> 00:11:00,020 +equilibrium, at the new equilibrium, QL equals 24. + +92 +00:11:00,560 --> 00:11:06,220 +So, the quantum equals or should equal QM equals 8 + +93 +00:11:06,220 --> 00:11:10,860 +minus 0.20 times QL, which is 24, + +94 +00:11:13,380 --> 00:11:22,580 +which is QM. equals 8 minus 4.8. So, Qm equals how + +95 +00:11:22,580 --> 00:11:30,600 +much? 3.2. So here, should be below this point + +96 +00:11:30,600 --> 00:11:31,140 +here. + +97 +00:11:33,920 --> 00:11:38,080 +Is the + +98 +00:11:38,080 --> 00:11:43,080 +expansion, so here we move from E1 to E2. Is the + +99 +00:11:43,080 --> 00:11:50,180 +expansion here? Good or bad for the company? Good, + +100 +00:11:50,320 --> 00:11:50,560 +why? + +101 +00:11:53,960 --> 00:12:02,480 +We increased the inputs from $200 to $400, which + +102 +00:12:02,480 --> 00:12:08,900 +means the inputs increased by how much? By 100%. + +103 +00:12:09,980 --> 00:12:15,900 +So and then the outputs increased from 500 to 1 + +104 +00:12:15,900 --> 00:12:23,360 +,200, which is bigger than 100%. It's + +105 +00:12:23,360 --> 00:12:28,280 +bigger than 100%. So the expansion here is good. + +106 +00:12:30,300 --> 00:12:30,480 +Here. + +107 +00:12:38,550 --> 00:12:40,870 +So the expansion here is good. + +108 +00:12:43,690 --> 00:12:50,070 +In this case, we can call it increasing + +109 +00:12:50,070 --> 00:12:55,230 +retains to scale. The expansion path line, + +110 +00:12:57,610 --> 00:13:02,910 +expansion path here will be like this here, + +111 +00:13:04,170 --> 00:13:09,940 +increasing. If the increasing in inputs, is less + +112 +00:13:09,940 --> 00:13:12,560 +than increasing outputs. Here, we are talking + +113 +00:13:12,560 --> 00:13:18,760 +about good situation. Good expression. The + +114 +00:13:18,760 --> 00:13:22,140 +expression here is good, which means inputs + +115 +00:13:22,140 --> 00:13:34,060 +increased by 100% and outputs increased by more + +116 +00:13:34,060 --> 00:13:35,620 +than 100%. + +117 +00:13:37,560 --> 00:13:39,060 +So it's good. + +118 +00:13:51,460 --> 00:13:54,960 +In this case, we can call it an increasing returns + +119 +00:13:54,960 --> 00:14:01,340 +to scale, IRS. I-R-S. Increasing returns to scale. + +120 +00:14:01,880 --> 00:14:07,320 +Which means the expansion here is good, right? + +121 +00:14:10,200 --> 00:14:11,340 +Expansion increased. + +122 +00:14:14,990 --> 00:14:20,390 +by 100% and the outputs increased, quantity two + +123 +00:14:20,390 --> 00:14:27,030 +here, increased to 800. Is it good or bad? Bad, + +124 +00:14:27,090 --> 00:14:31,490 +why? Because the inputs increased by 100%, outputs + +125 +00:14:31,490 --> 00:14:37,810 +increased by, from 500 to 800 by how much? No, not + +126 +00:14:37,810 --> 00:14:39,650 +50, more than 50. + +127 +00:14:47,600 --> 00:14:51,240 +800 minus 500 over 500. + +128 +00:14:56,900 --> 00:15:02,620 +It's just 60 + +129 +00:15:02,620 --> 00:15:12,120 +% here. So the expansion here is bad. So here we + +130 +00:15:12,120 --> 00:15:16,780 +are talking about a decreasing retains to scale. + +131 +00:15:19,030 --> 00:15:23,330 +And the expansion path line will be like this + +132 +00:15:23,330 --> 00:15:29,610 +here. Will be drawn like this here. The expansion + +133 +00:15:29,610 --> 00:15:32,470 +path will be like this here. Here is decreasing + +134 +00:15:32,470 --> 00:15:33,770 +returns to scale. + +135 +00:15:36,410 --> 00:15:36,770 +AP. + +136 +00:15:47,450 --> 00:15:50,250 +decreasing returns to scale. Increasing returns to + +137 +00:15:50,250 --> 00:15:53,530 +scale should be like this. + +138 +00:15:57,230 --> 00:16:02,510 +If the inputs increased by 100 percent and the + +139 +00:16:02,510 --> 00:16:05,490 +outputs increased by the same amount, 100 percent, + +140 +00:16:06,410 --> 00:16:10,770 +constant returns to scale. If, which means here, + +141 +00:16:12,000 --> 00:16:17,840 +If the inputs increased by 100% and the Q + +142 +00:16:17,840 --> 00:16:24,420 +increased from 500 to 1,000, which means outputs + +143 +00:16:24,420 --> 00:16:29,580 +increased by 100% as well. So, of course, this + +144 +00:16:29,580 --> 00:16:30,520 +will be like this. + +145 +00:16:34,020 --> 00:16:37,140 +This is the previous case, increasing returns to + +146 +00:16:37,140 --> 00:16:40,760 +scale. Here, the equilibrium will be like this. + +147 +00:16:41,860 --> 00:16:45,820 +Fixed here will be fixed returns to scale or + +148 +00:16:45,820 --> 00:16:55,720 +constant returns to scale. If and the ISO or the + +149 +00:16:55,720 --> 00:17:00,980 +expansion path will be like this here, a straight + +150 +00:17:00,980 --> 00:17:01,460 +line, + +151 +00:17:04,260 --> 00:17:10,040 +an expansion path. Here constant tends to scale. + +152 +00:17:10,840 --> 00:17:13,820 +The equilibrium will be like this here. This is + +153 +00:17:13,820 --> 00:17:16,720 +E1, E2, + +154 +00:17:23,760 --> 00:17:31,080 +Q1 equals 500, Q2 equals 1000, and the third here, + +155 +00:17:36,000 --> 00:17:38,460 +The percentage of change in inputs equals the + +156 +00:17:38,460 --> 00:17:40,520 +percentage of change in outputs, right? + +157 +00:17:43,520 --> 00:17:48,820 +Two scientists + +158 +00:17:48,820 --> 00:17:52,480 +or economists, Cobb and Douglas. + +159 +00:17:55,360 --> 00:17:56,180 +Cobb and Douglas. + +160 +00:18:09,980 --> 00:18:15,680 +And they reached the following results. + +161 +00:18:16,980 --> 00:18:21,780 +They designed the following formulas and reached + +162 +00:18:21,780 --> 00:18:24,380 +to the following results. + +163 +00:18:30,580 --> 00:18:33,460 +They have studied the relationship between the + +164 +00:18:33,460 --> 00:18:36,960 +increasing in inputs and outputs and reached to + +165 +00:18:36,960 --> 00:18:40,620 +the following formula. All right? Let's see what + +166 +00:18:40,620 --> 00:18:41,120 +they came up with. + +167 +00:18:46,380 --> 00:18:53,600 +Cobb-Douglas function. Here, the Cobb-Douglas + +168 +00:18:53,600 --> 00:18:54,220 +function. + +169 +00:18:56,900 --> 00:18:57,740 +Cobb, + +170 +00:19:04,100 --> 00:19:06,020 +Douglas function. + +171 +00:19:08,180 --> 00:19:10,320 +They call it Douglas function. + +172 +00:19:12,980 --> 00:19:20,460 +Q, the outputs equals A, A is constant here, times + +173 +00:19:20,460 --> 00:19:27,660 +L raised to power alpha times K is capital raised + +174 +00:19:27,660 --> 00:19:28,620 +to power P there. + +175 +00:19:32,300 --> 00:19:33,600 +Q is the output. + +176 +00:19:38,920 --> 00:19:41,160 +A is constant. + +177 +00:19:45,180 --> 00:19:51,400 +L is + +178 +00:19:51,400 --> 00:19:51,840 +labor. + +179 +00:19:57,680 --> 00:19:59,080 +Alpha + +180 +00:20:01,620 --> 00:20:03,320 +is the elasticity of labor, + +181 +00:20:06,140 --> 00:20:10,000 +which + +182 +00:20:10,000 --> 00:20:17,700 +equals alpha equals the percentage + +183 +00:20:17,700 --> 00:20:21,800 +change in outputs over the percentage change in + +184 +00:20:21,800 --> 00:20:26,680 +labor. Which means what will happen to the output? + +185 +00:20:27,160 --> 00:20:31,220 +What is the percentage change in outputs if the + +186 +00:20:31,220 --> 00:20:42,140 +workers increased by any percent? Beta or K is + +187 +00:20:42,140 --> 00:20:43,140 +capital machines. + +188 +00:20:51,670 --> 00:20:57,930 +And beta here is the elasticity of capital. Beta + +189 +00:20:57,930 --> 00:21:04,510 +is the elasticity of + +190 +00:21:04,510 --> 00:21:08,690 +capital, which + +191 +00:21:08,690 --> 00:21:16,270 +is the percentage change in outputs or the + +192 +00:21:16,270 --> 00:21:20,530 +percentage change of machines, capital. Which + +193 +00:21:20,530 --> 00:21:24,430 +means what will happen to the output if the + +194 +00:21:24,430 --> 00:21:28,410 +capital increased? Will we add more capital? Yes. + +195 +00:21:31,190 --> 00:21:35,190 +This function is homogeneous. + +196 +00:21:39,890 --> 00:21:44,270 +To understand the idea, and they said that if + +197 +00:21:44,270 --> 00:21:54,360 +Alpha plus Beta, They assume that alpha if + +198 +00:21:54,360 --> 00:22:00,800 +or they said that if alpha plus beta is bigger + +199 +00:22:00,800 --> 00:22:07,600 +than one, the expansion is good and we have an + +200 +00:22:07,600 --> 00:22:12,120 +increasing returns to scale. The percentage change + +201 +00:22:12,120 --> 00:22:14,560 +in outputs is bigger than the percentage change in + +202 +00:22:14,560 --> 00:22:14,980 +inputs. + +203 +00:22:18,710 --> 00:22:22,730 +So if alpha plus beta is bigger than one, here we + +204 +00:22:22,730 --> 00:22:25,570 +are talking about increasing returns to scale, + +205 +00:22:25,970 --> 00:22:28,170 +which means expression is good. + +206 +00:22:34,310 --> 00:22:42,650 +Or the percentage change in outputs is + +207 +00:22:42,650 --> 00:22:47,830 +bigger than the percentage change in outputs. + +208 +00:22:52,370 --> 00:22:53,750 +So the expansion is good. + +209 +00:22:57,230 --> 00:23:02,010 +Number two, + +210 +00:23:02,630 --> 00:23:08,470 +if alpha plus beta, submission is less than one, + +211 +00:23:12,010 --> 00:23:14,650 +we have a decreasing returns to scale and the + +212 +00:23:14,650 --> 00:23:20,010 +expansion is bad. Decreasing returns to scale and + +213 +00:23:20,010 --> 00:23:20,670 +the expansion + +214 +00:23:24,590 --> 00:23:30,430 +is bad or has negative impacts on the company or + +215 +00:23:30,430 --> 00:23:38,110 +the business, right? So increasing outputs here is + +216 +00:23:38,110 --> 00:23:40,530 +less than the percentage change in inputs. + +217 +00:23:44,350 --> 00:23:47,290 +The third case or the last case, + +218 +00:23:50,170 --> 00:23:53,530 +if alpha plus beta, + +219 +00:23:57,310 --> 00:24:00,910 +Equals one, here we have constant returns to + +220 +00:24:00,910 --> 00:24:07,710 +scale, CRS. C, constant returns to scale and the + +221 +00:24:07,710 --> 00:24:09,010 +expansion is normal. + +222 +00:24:12,050 --> 00:24:17,970 +The increasing in outputs equals + +223 +00:24:17,970 --> 00:24:21,570 +the percentage increasing in inputs. + +224 +00:24:24,930 --> 00:24:27,030 +To understand the idea here, let's have the + +225 +00:24:27,030 --> 00:24:33,150 +following example. Let us assume that the business + +226 +00:24:33,150 --> 00:24:38,950 +has one worker and one machine. Yeah. + +227 +00:24:41,370 --> 00:24:45,270 +One worker and one capital, one machine. + +228 +00:24:49,010 --> 00:24:54,410 +And the quantity outputs equals 500 units. Which + +229 +00:24:54,410 --> 00:24:58,330 +means if we recruit, if we have one worker with + +230 +00:24:58,330 --> 00:25:07,090 +one machine, they can produce 500 units. Let us + +231 +00:25:07,090 --> 00:25:10,210 +assume that the business decided to expand. + +232 +00:25:14,490 --> 00:25:19,130 +They added one more worker and one more machine. + +233 +00:25:22,650 --> 00:25:25,670 +They added one more worker. Because the number of + +234 +00:25:25,670 --> 00:25:30,070 +workers multiplied by 100% became two. And this is + +235 +00:25:30,070 --> 00:25:41,190 +two. Right? Sorry? If it was one thousand, it + +236 +00:25:41,190 --> 00:25:43,690 +should be constant returns to scale. But this is + +237 +00:25:43,690 --> 00:25:47,670 +more than that. Increasing returns to scale. If + +238 +00:25:47,670 --> 00:25:51,130 +less. Decreasing Autistics to Scale. + +239 +00:25:55,470 --> 00:26:01,970 +Let's see. The formula is Q equals A times L + +240 +00:26:01,970 --> 00:26:04,870 +raised to the power Alpha times K raised to the + +241 +00:26:04,870 --> 00:26:12,110 +power Beta. Right? Let us assume that A equals 4. + +242 +00:26:13,510 --> 00:26:14,350 +Assumption. + +243 +00:26:16,590 --> 00:26:23,430 +And alpha, alpha + +244 +00:26:23,430 --> 00:26:27,190 +and beta is bigger than one. The summation is + +245 +00:26:27,190 --> 00:26:28,590 +bigger than one. + +246 +00:26:33,770 --> 00:26:41,230 +So alpha plus + +247 +00:26:41,230 --> 00:26:52,410 +beta are bigger than one. So the + +248 +00:26:52,410 --> 00:26:55,490 +output will be bigger than 1000. It should be + +249 +00:26:55,490 --> 00:26:55,750 +here. + +250 +00:26:58,750 --> 00:27:04,790 +Let's calculate the first Q1 at 1 and Q2 at 2. Q1 + +251 +00:27:04,790 --> 00:27:11,690 +equals the formula 4 times L. How many workers + +252 +00:27:11,690 --> 00:27:19,920 +here? One.raised to the power of alpha one times k + +253 +00:27:19,920 --> 00:27:25,280 +one raised to the power of one. Right? So here Q + +254 +00:27:25,280 --> 00:27:34,020 +equals sorry this is unknown. We have to calculate + +255 +00:27:34,020 --> 00:27:39,320 +this and then calculate the other one. Okay. So + +256 +00:27:39,320 --> 00:27:45,520 +here four times one times one, four. So Q1 equals + +257 +00:27:45,520 --> 00:27:53,640 +four. It should be bigger than eight because alpha + +258 +00:27:53,640 --> 00:27:58,620 +plus beta is bigger than one. I don't know. We + +259 +00:27:58,620 --> 00:28:04,620 +have to calculate it. Q2 equals A4 times + +260 +00:28:06,730 --> 00:28:12,590 +2L raised to the power alpha 1 times 2 raised to + +261 +00:28:12,590 --> 00:28:23,710 +the power 1 equals Q2 equals 16. So this is an + +262 +00:28:23,710 --> 00:28:25,170 +increasing returns to scale. + +263 +00:28:29,280 --> 00:28:33,900 +If alpha plus beta equals 1, the summation if + +264 +00:28:33,900 --> 00:28:51,680 +alpha plus beta equals 1. The first + +265 +00:28:51,680 --> 00:29:01,400 +case at q equals q1 here, 4.Four is constant here. + +266 +00:29:01,620 --> 00:29:05,660 +Times one raised to the power alpha zero. Right? + +267 +00:29:06,520 --> 00:29:11,600 +And one here. How much is it here? Four. Then this + +268 +00:29:11,600 --> 00:29:16,040 +is four here. Ok. The second one. At Q2 here. Four + +269 +00:29:16,040 --> 00:29:19,200 +times two raised to the power zero. Which number + +270 +00:29:19,200 --> 00:29:23,240 +divided by zero by one? Correct? Four times one + +271 +00:29:23,240 --> 00:29:30,740 +divided by two. Yes. Then this is correct. If + +272 +00:29:30,740 --> 00:29:36,340 +alpha plus beta, summation, if alpha plus beta + +273 +00:29:36,340 --> 00:29:41,180 +equals one, surely the constant returns to scale, + +274 +00:29:41,320 --> 00:29:44,800 +which means inputs increased by 100 percent, + +275 +00:29:45,280 --> 00:29:49,280 +outputs increased by 100 percent as well. All + +276 +00:29:49,280 --> 00:29:52,140 +right? If you add 50 percent by 50 percent, + +277 +00:29:52,540 --> 00:29:55,680 +outputs should be increased by 50 percent. All + +278 +00:29:55,680 --> 00:29:57,020 +right? All right? + +279 +00:30:00,340 --> 00:30:03,080 +Here, alpha zero, beta one. + +280 +00:30:07,160 --> 00:30:12,480 +If alpha + +281 +00:30:12,480 --> 00:30:16,560 +plus beta equals one, here we have a constant + +282 +00:30:16,560 --> 00:30:24,360 +which tends to scale. What else? The second case, + +283 +00:30:24,440 --> 00:30:27,680 +if alpha plus beta is less than one, + +284 +00:30:46,380 --> 00:30:51,500 +So let's assume that α equals 0 and β equals 0 as + +285 +00:30:51,500 --> 00:30:51,740 +well. + +286 +00:30:54,890 --> 00:30:58,510 +If alpha equals zero and beta equals zero, alpha + +287 +00:30:58,510 --> 00:31:01,950 +plus beta is less than one. How much is this going + +288 +00:31:01,950 --> 00:31:05,850 +to be? 4 raised to the power of zero. What about + +289 +00:31:05,850 --> 00:31:09,130 +the second one? Zero. Four. + +290 +00:31:12,430 --> 00:31:16,770 +There is no increase. Right? Let's say it's half. + +291 +00:31:17,990 --> 00:31:26,000 +0.5 to get the roots.How much is this? This is the + +292 +00:31:26,000 --> 00:31:34,000 +root of one, right? Four times + +293 +00:31:34,000 --> 00:31:41,480 +two + +294 +00:31:41,480 --> 00:31:43,200 +is the root of two, how much? + +295 +00:31:52,810 --> 00:31:58,210 +5.6. So 5.6 here. + +296 +00:32:01,550 --> 00:32:08,790 +The increasing, that's by how much? That's it. The + +297 +00:32:08,790 --> 00:32:13,730 +constant that tends to scale should be 8. The + +298 +00:32:13,730 --> 00:32:15,910 +increasing that tends to scale should be larger + +299 +00:32:15,910 --> 00:32:21,130 +than 8. Here should be less than 8. That's it. + +300 +00:32:23,420 --> 00:32:24,020 +God bless you all + diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/swcUj0l7AaQ_raw.json b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/swcUj0l7AaQ_raw.json new file mode 100644 index 0000000000000000000000000000000000000000..6dc84c8532d03ee68c4b14861fd5794cd19a872f --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/swcUj0l7AaQ_raw.json @@ -0,0 +1 @@ +{"segments": [{"id": 1, "seek": 4845, "start": 21.19, "end": 48.45, "text": " Okay, bismillahirrahmanirrahim. Today, inshallah, we are going to start in chapter four, which is the consumer behavior theories. 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So sometimes services like telecommunications services, like he has to pay the bill for Jowar, for Watania, for telecommunications services. So other services. 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So, all these things are the bondage of kids. 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He buys, let us assume, two kilogram of flour and five kilogram of sugar, three kilogram of salt. He pays for 300 shekels for health services. That's it.", "tokens": [11569, 1321, 14877, 13, 634, 28153, 11, 718, 505, 6552, 11, 732, 21741, 295, 7693, 293, 1732, 21741, 295, 5076, 11, 1045, 21741, 295, 5139, 13, 634, 10604, 337, 6641, 750, 7124, 82, 337, 1585, 3328, 13, 663, 311, 309, 13], "avg_logprob": -0.18182663442123503, "compression_ratio": 1.3709677419354838, "no_speech_prob": 0.0, "words": [{"start": 308.59, "end": 309.07, "word": " Larger", "probability": 0.790283203125}, {"start": 309.07, "end": 309.57, "word": " utility.", "probability": 0.916015625}, {"start": 312.19, "end": 313.15, "word": " He", "probability": 0.5400390625}, {"start": 313.15, "end": 314.45, "word": " buys,", "probability": 0.9833984375}, {"start": 314.79, "end": 315.07, "word": " let", "probability": 0.9052734375}, {"start": 315.07, "end": 315.25, "word": " us", "probability": 0.818359375}, {"start": 315.25, "end": 315.73, "word": " assume,", "probability": 0.90869140625}, {"start": 315.95, "end": 316.13, "word": " two", "probability": 0.80419921875}, {"start": 316.13, "end": 316.61, "word": " kilogram", "probability": 0.67138671875}, {"start": 316.61, "end": 317.15, "word": " of", "probability": 0.9345703125}, {"start": 317.15, "end": 317.47, "word": " flour", "probability": 0.95751953125}, {"start": 317.47, "end": 317.97, "word": " and", "probability": 0.76953125}, {"start": 317.97, "end": 318.35, "word": " five", "probability": 0.900390625}, {"start": 318.35, "end": 318.73, "word": " kilogram", "probability": 0.8291015625}, {"start": 318.73, "end": 319.41, "word": " of", "probability": 0.97607421875}, {"start": 319.41, "end": 319.81, "word": " sugar,", "probability": 0.8203125}, {"start": 320.59, "end": 320.59, "word": " three", "probability": 0.93603515625}, {"start": 320.59, "end": 323.11, "word": " kilogram", "probability": 0.339111328125}, {"start": 323.11, "end": 323.59, "word": " of", "probability": 0.9501953125}, {"start": 323.59, "end": 324.05, "word": " salt.", "probability": 0.90087890625}, {"start": 325.25, "end": 325.45, "word": " He", "probability": 0.9619140625}, {"start": 325.45, "end": 327.21, "word": " pays", "probability": 0.93115234375}, {"start": 327.21, "end": 328.49, "word": " for", "probability": 0.6572265625}, {"start": 328.49, "end": 330.13, "word": " 300", "probability": 0.8701171875}, {"start": 330.13, "end": 331.75, "word": " shekels", "probability": 0.8977864583333334}, {"start": 331.75, "end": 332.05, "word": " for", "probability": 0.94677734375}, {"start": 332.05, "end": 332.61, "word": " health", "probability": 0.9208984375}, {"start": 332.61, "end": 333.31, "word": " services.", "probability": 0.94677734375}, {"start": 333.51, "end": 333.75, "word": " That's", "probability": 0.9521484375}, {"start": 333.75, "end": 333.91, "word": " it.", "probability": 0.955078125}], "temperature": 1.0}, {"id": 13, "seek": 36346, "start": 335.88, "end": 363.46, "text": " The main goal here for rational decision, the rational consumer is to pay the same amount, this is the spending, to get larger benefits, to maximize the utilities, sometimes to get three kilogram of flour, and the same amount here. 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He pays 1000, but he has to pay 2, 3, 5, 3, 3, or 300. And he gets the same health services. 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He spends or she spends all of this income to buy different bundles, which means saving equals zero. This is an assumption.", "tokens": [20717, 364, 5742, 293, 420, 257, 5567, 5742, 13, 634, 25620, 420, 750, 25620, 439, 295, 341, 5742, 281, 2256, 819, 13882, 904, 11, 597, 1355, 6816, 6915, 4018, 13, 639, 307, 364, 15302, 13], "avg_logprob": -0.2929687624176343, "compression_ratio": 1.3658536585365855, "no_speech_prob": 0.0, "words": [{"start": 515.2400000000001, "end": 516.1600000000001, "word": " receives", "probability": 0.55810546875}, {"start": 516.1600000000001, "end": 517.08, "word": " an", "probability": 0.93408203125}, {"start": 517.08, "end": 517.48, "word": " income", "probability": 0.9423828125}, {"start": 517.48, "end": 518.6, "word": " and", "probability": 0.6279296875}, {"start": 518.6, "end": 519.7, "word": " or", "probability": 0.58056640625}, {"start": 519.7, "end": 519.96, "word": " a", "probability": 0.81201171875}, {"start": 519.96, "end": 520.34, "word": " limited", "probability": 0.94873046875}, {"start": 520.34, "end": 521.12, "word": " income.", "probability": 0.96240234375}, {"start": 522.78, "end": 523.68, "word": " He", "probability": 0.1029052734375}, {"start": 523.68, "end": 527.24, "word": " spends", "probability": 0.343505859375}, {"start": 527.24, "end": 528.42, "word": " or", "probability": 0.424072265625}, {"start": 528.42, "end": 528.62, "word": " she", "probability": 0.9072265625}, {"start": 528.62, "end": 529.12, "word": " spends", "probability": 0.884765625}, {"start": 529.12, "end": 529.94, "word": " all", "probability": 0.91943359375}, {"start": 529.94, "end": 530.16, "word": " of", "probability": 0.95751953125}, {"start": 530.16, "end": 530.44, "word": " this", "probability": 0.91845703125}, {"start": 530.44, "end": 531.04, "word": " income", "probability": 0.96142578125}, {"start": 531.04, "end": 532.0, "word": " to", "probability": 0.9365234375}, {"start": 532.0, "end": 532.28, "word": " buy", "probability": 0.9013671875}, {"start": 532.28, "end": 532.6, "word": " different", "probability": 0.85693359375}, {"start": 532.6, "end": 533.06, "word": " bundles,", "probability": 0.757080078125}, {"start": 533.4, "end": 533.56, "word": " which", "probability": 0.9453125}, {"start": 533.56, "end": 533.98, "word": " means", "probability": 0.94189453125}, {"start": 533.98, "end": 535.32, "word": " saving", "probability": 0.86083984375}, {"start": 535.32, "end": 535.78, "word": " equals", "probability": 0.88330078125}, {"start": 535.78, "end": 536.18, "word": " zero.", "probability": 0.85009765625}, {"start": 537.98, "end": 538.28, "word": " This", "probability": 0.49072265625}, {"start": 538.28, "end": 538.5, "word": " is", "probability": 0.78173828125}, {"start": 538.5, "end": 538.56, "word": " an", "probability": 0.65185546875}, {"start": 538.56, "end": 538.62, "word": " assumption.", "probability": 0.9716796875}], "temperature": 1.0}, {"id": 21, "seek": 55963, "start": 547.09, "end": 559.63, "text": " Spending equals 100% of income. 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The modern way. 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Okay. Let's go to start or to begin with the marginal utility theory.", "tokens": [400, 264, 1016, 351, 5158, 1127, 5261, 13, 1033, 13, 961, 311, 352, 281, 722, 420, 281, 1841, 365, 264, 16885, 14877, 5261, 13], "avg_logprob": -0.31609374046325683, "compression_ratio": 1.1428571428571428, "no_speech_prob": 5.960464477539063e-08, "words": [{"start": 808.23, "end": 809.55, "word": " And", "probability": 0.200927734375}, {"start": 809.55, "end": 810.87, "word": " the", "probability": 0.794921875}, {"start": 810.87, "end": 811.39, "word": " indifference", "probability": 0.7848307291666666}, {"start": 811.39, "end": 811.73, "word": " care", "probability": 0.1923828125}, {"start": 811.73, "end": 812.35, "word": " theory.", "probability": 0.89599609375}, {"start": 817.65, "end": 818.97, "word": " Okay.", "probability": 0.2117919921875}, {"start": 821.47, "end": 822.67, "word": " Let's", "probability": 0.901123046875}, {"start": 822.67, "end": 822.91, "word": " go", "probability": 0.96728515625}, {"start": 822.91, "end": 823.63, "word": " to", "probability": 0.96337890625}, {"start": 823.63, "end": 825.63, "word": " start", "probability": 0.80859375}, {"start": 825.63, "end": 827.43, "word": " or", "probability": 0.58056640625}, {"start": 827.43, "end": 827.55, "word": " to", "probability": 0.58984375}, {"start": 827.55, "end": 827.79, "word": " begin", "probability": 0.82861328125}, {"start": 827.79, "end": 828.09, "word": " with", "probability": 0.89599609375}, {"start": 828.09, "end": 828.57, "word": " the", "probability": 0.87109375}, {"start": 828.57, "end": 829.23, "word": " marginal", "probability": 0.75927734375}, {"start": 829.23, "end": 829.89, "word": " utility", "probability": 0.95361328125}, {"start": 829.89, "end": 830.49, "word": " theory.", "probability": 0.8798828125}], "temperature": 1.0}, {"id": 32, "seek": 84727, "start": 831.77, "end": 847.27, "text": " the traditional school that analyze the consumer behavior. Okay.", "tokens": [264, 5164, 1395, 300, 12477, 264, 9711, 5223, 13, 1033, 13], "avg_logprob": -0.3248697891831398, "compression_ratio": 0.9420289855072463, "no_speech_prob": 0.0, "words": [{"start": 831.77, "end": 831.99, "word": " the", "probability": 0.6669921875}, {"start": 831.99, "end": 832.55, "word": " traditional", "probability": 0.84423828125}, {"start": 832.55, "end": 833.35, "word": " school", "probability": 0.95849609375}, {"start": 833.35, "end": 835.71, "word": " that", "probability": 0.84228515625}, {"start": 835.71, "end": 838.55, "word": " analyze", "probability": 0.47509765625}, {"start": 838.55, "end": 838.79, "word": " the", "probability": 0.90380859375}, {"start": 838.79, "end": 839.31, "word": " consumer", "probability": 0.8818359375}, {"start": 839.31, "end": 839.97, "word": " behavior.", "probability": 0.9423828125}, {"start": 845.87, "end": 847.27, "word": " Okay.", "probability": 0.265869140625}], "temperature": 1.0}, {"id": 33, "seek": 89476, "start": 866.68, "end": 894.76, "text": " I'm done. Yes. The third is operational consumer.", "tokens": [286, 478, 1096, 13, 1079, 13, 440, 2636, 307, 16607, 9711, 13], "avg_logprob": -0.7157451923076923, "compression_ratio": 0.8620689655172413, "no_speech_prob": 0.0, "words": [{"start": 866.68, "end": 866.96, "word": " I'm", "probability": 0.39923095703125}, {"start": 866.96, "end": 867.24, "word": " done.", "probability": 0.69091796875}, {"start": 883.48, "end": 884.84, "word": " Yes.", "probability": 0.2042236328125}, {"start": 890.02, "end": 890.86, "word": " The", "probability": 0.5751953125}, {"start": 890.86, "end": 891.08, "word": " third", "probability": 0.912109375}, {"start": 891.08, "end": 891.62, "word": " is", "probability": 0.1470947265625}, {"start": 891.62, "end": 894.08, "word": " operational", "probability": 0.6513671875}, {"start": 894.08, "end": 894.76, "word": " consumer.", "probability": 0.791015625}], "temperature": 1.0}, {"id": 34, "seek": 92129, "start": 895.91, "end": 921.29, "text": " One consumer. Number three, limited income and the consumer allocates or distributes his income or her income to buy different goods. Or all of his income. So let's go to the marginal utility theory. The marginal utility theory.", "tokens": [1485, 9711, 13, 5118, 1045, 11, 5567, 5742, 293, 264, 9711, 12660, 1024, 420, 4400, 1819, 702, 5742, 420, 720, 5742, 281, 2256, 819, 10179, 13, 1610, 439, 295, 702, 5742, 13, 407, 718, 311, 352, 281, 264, 16885, 14877, 5261, 13, 440, 16885, 14877, 5261, 13], "avg_logprob": -0.18570963790019354, "compression_ratio": 1.6357142857142857, "no_speech_prob": 0.0, "words": [{"start": 895.91, "end": 896.27, "word": " One", "probability": 0.662109375}, {"start": 896.27, "end": 896.95, "word": " consumer.", "probability": 0.84716796875}, {"start": 898.45, "end": 898.89, "word": " Number", "probability": 0.85888671875}, {"start": 898.89, "end": 899.35, "word": " three,", "probability": 0.86767578125}, {"start": 900.27, "end": 900.71, "word": " limited", "probability": 0.91943359375}, {"start": 900.71, "end": 901.47, "word": " income", "probability": 0.943359375}, {"start": 901.47, "end": 902.03, "word": " and", "probability": 0.6123046875}, {"start": 902.03, "end": 902.81, "word": " the", "probability": 0.8837890625}, {"start": 902.81, "end": 903.27, "word": " consumer", "probability": 0.8564453125}, {"start": 903.27, "end": 904.23, "word": " allocates", "probability": 0.971435546875}, {"start": 904.23, "end": 904.51, "word": " or", "probability": 0.93212890625}, {"start": 904.51, "end": 905.23, "word": " distributes", "probability": 0.955078125}, {"start": 905.23, "end": 905.53, "word": " his", "probability": 0.96533203125}, {"start": 905.53, "end": 905.95, "word": " income", "probability": 0.9384765625}, {"start": 905.95, "end": 906.15, "word": " or", "probability": 0.93603515625}, {"start": 906.15, "end": 906.31, "word": " her", "probability": 0.9609375}, {"start": 906.31, "end": 906.75, "word": " income", "probability": 0.9404296875}, {"start": 906.75, "end": 907.47, "word": " to", "probability": 0.94580078125}, {"start": 907.47, "end": 907.71, "word": " buy", "probability": 0.9140625}, {"start": 907.71, "end": 908.25, "word": " different", "probability": 0.880859375}, {"start": 908.25, "end": 908.61, "word": " goods.", "probability": 0.42578125}, {"start": 911.09, "end": 911.99, "word": " Or", "probability": 0.85009765625}, {"start": 911.99, "end": 912.33, "word": " all", "probability": 0.92138671875}, {"start": 912.33, "end": 912.49, "word": " of", "probability": 0.96484375}, {"start": 912.49, "end": 912.69, "word": " his", "probability": 0.9365234375}, {"start": 912.69, "end": 913.07, "word": " income.", "probability": 0.9462890625}, {"start": 915.11, "end": 915.67, "word": " So", "probability": 0.95703125}, {"start": 915.67, "end": 915.97, "word": " let's", "probability": 0.850830078125}, {"start": 915.97, "end": 916.13, "word": " go", "probability": 0.962890625}, {"start": 916.13, "end": 916.27, "word": " to", "probability": 0.9482421875}, {"start": 916.27, "end": 916.39, "word": " the", "probability": 0.916015625}, {"start": 916.39, "end": 916.73, "word": " marginal", "probability": 0.53466796875}, {"start": 916.73, "end": 917.11, "word": " utility", "probability": 0.8935546875}, {"start": 917.11, "end": 917.57, "word": " theory.", "probability": 0.86865234375}, {"start": 918.71, "end": 919.61, "word": " The", "probability": 0.87890625}, {"start": 919.61, "end": 920.05, "word": " marginal", "probability": 0.84619140625}, {"start": 920.05, "end": 920.73, "word": " utility", "probability": 0.9169921875}, {"start": 920.73, "end": 921.29, "word": " theory.", "probability": 0.86181640625}], "temperature": 1.0}, {"id": 35, "seek": 95298, "start": 925.14, "end": 952.98, "text": " Or the additional benefit. Marginal utility theory. To understand the marginal utility theory, let us assume that we have the following example.", "tokens": [1610, 264, 4497, 5121, 13, 2039, 1494, 304, 14877, 5261, 13, 1407, 1223, 264, 16885, 14877, 5261, 11, 718, 505, 6552, 300, 321, 362, 264, 3480, 1365, 13], "avg_logprob": -0.24771013753167515, "compression_ratio": 1.355140186915888, "no_speech_prob": 0.0, "words": [{"start": 925.14, "end": 925.38, "word": " Or", "probability": 0.1861572265625}, {"start": 925.38, "end": 925.52, "word": " the", "probability": 0.467529296875}, {"start": 925.52, "end": 926.16, "word": " additional", "probability": 0.325927734375}, {"start": 926.16, "end": 926.2, "word": " benefit.", "probability": 0.64453125}, {"start": 933.16, "end": 934.02, "word": " Marginal", "probability": 0.9744466145833334}, {"start": 934.02, "end": 937.04, "word": " utility", "probability": 0.57275390625}, {"start": 937.04, "end": 940.42, "word": " theory.", "probability": 0.791015625}, {"start": 946.86, "end": 947.72, "word": " To", "probability": 0.94873046875}, {"start": 947.72, "end": 948.3, "word": " understand", "probability": 0.81396484375}, {"start": 948.3, "end": 948.64, "word": " the", "probability": 0.9052734375}, {"start": 948.64, "end": 949.12, "word": " marginal", "probability": 0.74658203125}, {"start": 949.12, "end": 949.56, "word": " utility", "probability": 0.96435546875}, {"start": 949.56, "end": 950.08, "word": " theory,", "probability": 0.86572265625}, {"start": 950.54, "end": 950.72, "word": " let", "probability": 0.88720703125}, {"start": 950.72, "end": 950.9, "word": " us", "probability": 0.7470703125}, {"start": 950.9, "end": 951.32, "word": " assume", "probability": 0.91259765625}, {"start": 951.32, "end": 951.56, "word": " that", "probability": 0.9345703125}, {"start": 951.56, "end": 951.72, "word": " we", "probability": 0.95654296875}, {"start": 951.72, "end": 951.9, "word": " have", "probability": 0.9453125}, {"start": 951.9, "end": 952.06, "word": " the", "probability": 0.92333984375}, {"start": 952.06, "end": 952.36, "word": " following", "probability": 0.90625}, {"start": 952.36, "end": 952.98, "word": " example.", "probability": 0.97265625}], "temperature": 1.0}, {"id": 36, "seek": 99722, "start": 976.96, "end": 997.22, "text": " Seven. Three. Only one word. Five. Six. Seven.", "tokens": [14868, 13, 6244, 13, 5686, 472, 1349, 13, 9436, 13, 11678, 13, 14868, 13], "avg_logprob": -0.45390625, "compression_ratio": 0.9591836734693877, "no_speech_prob": 1.1920928955078125e-07, "words": [{"start": 976.74, "end": 977.44, "word": " Seven.", "probability": 0.1341552734375}, {"start": 978.58, "end": 979.98, "word": " Three.", "probability": 0.87255859375}, {"start": 984.7, "end": 985.72, "word": " Only", "probability": 0.67529296875}, {"start": 985.72, "end": 989.52, "word": " one", "probability": 0.28125}, {"start": 989.52, "end": 990.6, "word": " word.", "probability": 0.55322265625}, {"start": 992.42, "end": 992.76, "word": " Five.", "probability": 0.33251953125}, {"start": 994.26, "end": 994.88, "word": " Six.", "probability": 0.9560546875}, {"start": 996.1, "end": 997.22, "word": " Seven.", "probability": 0.88427734375}], "temperature": 1.0}, {"id": 37, "seek": 101916, "start": 1002.2, "end": 1019.16, "text": " Zero, one, two, three, four, five, six, seven, eight, nine. Okay. Zero, one, two, three, four, five, six, seven, eight, nine. Okay.", "tokens": [17182, 11, 472, 11, 732, 11, 1045, 11, 1451, 11, 1732, 11, 2309, 11, 3407, 11, 3180, 11, 4949, 13, 1033, 13, 17182, 11, 472, 11, 732, 11, 1045, 11, 1451, 11, 1732, 11, 2309, 11, 3407, 11, 3180, 11, 4949, 13, 1033, 13], "avg_logprob": -0.15946180555555556, "compression_ratio": 1.8591549295774648, "no_speech_prob": 1.1920928955078125e-07, "words": [{"start": 1002.1999999999999, "end": 1002.8, "word": " Zero,", "probability": 0.275390625}, {"start": 1003.16, "end": 1003.44, "word": " one,", "probability": 0.91015625}, {"start": 1003.58, "end": 1003.74, "word": " two,", "probability": 0.955078125}, {"start": 1003.82, "end": 1004.2, "word": " three,", "probability": 0.9482421875}, {"start": 1004.4, "end": 1004.64, "word": " four,", "probability": 0.953125}, {"start": 1004.82, "end": 1005.08, "word": " five,", "probability": 0.916015625}, {"start": 1005.2, "end": 1005.5, "word": " six,", "probability": 0.9638671875}, {"start": 1005.6, "end": 1005.94, "word": " seven,", "probability": 0.90380859375}, {"start": 1006.08, "end": 1006.42, "word": " eight,", "probability": 0.9013671875}, {"start": 1006.6, "end": 1006.9, "word": " nine.", "probability": 0.927734375}, {"start": 1007.14, "end": 1007.32, "word": " Okay.", "probability": 0.7666015625}, {"start": 1008.8, "end": 1009.4, "word": " Zero,", "probability": 0.94140625}, {"start": 1009.7, "end": 1009.98, "word": " one,", "probability": 0.9365234375}, {"start": 1010.1, "end": 1010.5, "word": " two,", "probability": 0.9443359375}, {"start": 1011.12, "end": 1011.5, "word": " three,", "probability": 0.94677734375}, {"start": 1011.68, "end": 1011.88, "word": " four,", "probability": 0.9482421875}, {"start": 1012.16, "end": 1012.48, "word": " five,", "probability": 0.916015625}, {"start": 1012.66, "end": 1012.96, "word": " six,", "probability": 0.9580078125}, {"start": 1013.18, "end": 1013.64, "word": " seven,", "probability": 0.9111328125}, {"start": 1014.06, "end": 1014.48, "word": " eight,", "probability": 0.888671875}, {"start": 1014.88, "end": 1015.24, "word": " nine.", "probability": 0.9423828125}, {"start": 1019.16, "end": 1019.16, "word": " Okay.", "probability": 0.07220458984375}], "temperature": 1.0}, {"id": 38, "seek": 106303, "start": 1036.39, "end": 1063.03, "text": " Hotel Utility Zero Twelve Twelve Fourteen Twenty-eight Thirty Thirty", "tokens": [20354, 12555, 1140, 17182, 48063, 48063, 7451, 9791, 28789, 12, 36309, 41490, 41490], "avg_logprob": -0.6422990943704333, "compression_ratio": 1.0952380952380953, "no_speech_prob": 1.7881393432617188e-07, "words": [{"start": 1036.39, "end": 1036.81, "word": " Hotel", "probability": 0.165283203125}, {"start": 1036.81, "end": 1038.93, "word": " Utility", "probability": 0.844970703125}, {"start": 1038.93, "end": 1046.39, "word": " Zero", "probability": 0.630859375}, {"start": 1046.39, "end": 1050.63, "word": " Twelve", "probability": 0.248779296875}, {"start": 1050.63, "end": 1054.71, "word": " Twelve", "probability": 0.302734375}, {"start": 1054.71, "end": 1058.07, "word": " Fourteen", "probability": 0.687255859375}, {"start": 1058.07, "end": 1058.67, "word": " Twenty", "probability": 0.5908203125}, {"start": 1058.67, "end": 1059.59, "word": "-eight", "probability": 0.4521484375}, {"start": 1059.59, "end": 1061.81, "word": " Thirty", "probability": 0.8125}, {"start": 1061.81, "end": 1063.03, "word": " Thirty", "probability": 0.80126953125}], "temperature": 1.0}, {"id": 39, "seek": 109153, "start": 1068.81, "end": 1091.53, "text": " Okay. In this example, we are talking about the consumer and this consumers or this consumer buys different quantities of a product X, which is medicine.", "tokens": [1033, 13, 682, 341, 1365, 11, 321, 366, 1417, 466, 264, 9711, 293, 341, 11883, 420, 341, 9711, 28153, 819, 22927, 295, 257, 1674, 1783, 11, 597, 307, 7195, 13], "avg_logprob": -0.20854335158101975, "compression_ratio": 1.3275862068965518, "no_speech_prob": 0.0, "words": [{"start": 1068.81, "end": 1069.99, "word": " Okay.", "probability": 0.3896484375}, {"start": 1069.99, "end": 1071.17, "word": " In", "probability": 0.74560546875}, {"start": 1071.17, "end": 1071.43, "word": " this", "probability": 0.9501953125}, {"start": 1071.43, "end": 1071.87, "word": " example,", "probability": 0.9853515625}, {"start": 1072.37, "end": 1072.95, "word": " we", "probability": 0.96484375}, {"start": 1072.95, "end": 1073.21, "word": " are", "probability": 0.9140625}, {"start": 1073.21, "end": 1073.73, "word": " talking", "probability": 0.85302734375}, {"start": 1073.73, "end": 1074.35, "word": " about", "probability": 0.90771484375}, {"start": 1074.35, "end": 1076.13, "word": " the", "probability": 0.89404296875}, {"start": 1076.13, "end": 1076.67, "word": " consumer", "probability": 0.8642578125}, {"start": 1076.67, "end": 1078.81, "word": " and", "probability": 0.405517578125}, {"start": 1078.81, "end": 1079.05, "word": " this", "probability": 0.77294921875}, {"start": 1079.05, "end": 1079.69, "word": " consumers", "probability": 0.662109375}, {"start": 1079.69, "end": 1080.57, "word": " or", "probability": 0.82470703125}, {"start": 1080.57, "end": 1080.81, "word": " this", "probability": 0.9423828125}, {"start": 1080.81, "end": 1081.41, "word": " consumer", "probability": 0.83251953125}, {"start": 1081.41, "end": 1082.35, "word": " buys", "probability": 0.9541015625}, {"start": 1082.35, "end": 1085.19, "word": " different", "probability": 0.767578125}, {"start": 1085.19, "end": 1085.91, "word": " quantities", "probability": 0.94970703125}, {"start": 1085.91, "end": 1086.45, "word": " of", "probability": 0.90380859375}, {"start": 1086.45, "end": 1086.59, "word": " a", "probability": 0.7490234375}, {"start": 1086.59, "end": 1086.89, "word": " product", "probability": 0.91015625}, {"start": 1086.89, "end": 1087.25, "word": " X,", "probability": 0.66455078125}, {"start": 1087.95, "end": 1088.03, "word": " which", "probability": 0.9521484375}, {"start": 1088.03, "end": 1089.11, "word": " is", "probability": 0.94873046875}, {"start": 1089.11, "end": 1091.53, "word": " medicine.", "probability": 0.91015625}], "temperature": 1.0}, {"id": 40, "seek": 111988, "start": 1092.86, "end": 1119.88, "text": " Let's assume it's a type of medicine. All right? This medicine. A drug for something. For me, insulin. When I", "tokens": [961, 311, 6552, 309, 311, 257, 2010, 295, 7195, 13, 1057, 558, 30, 639, 7195, 13, 316, 4110, 337, 746, 13, 1171, 385, 11, 21587, 13, 1133, 286], "avg_logprob": -0.35075431034482757, "compression_ratio": 1.1458333333333333, "no_speech_prob": 0.0, "words": [{"start": 1092.86, "end": 1093.38, "word": " Let's", "probability": 0.5142822265625}, {"start": 1093.38, "end": 1093.64, "word": " assume", "probability": 0.8583984375}, {"start": 1093.64, "end": 1093.88, "word": " it's", "probability": 0.913330078125}, {"start": 1093.88, "end": 1094.1, "word": " a", "probability": 0.96240234375}, {"start": 1094.1, "end": 1094.38, "word": " type", "probability": 0.97119140625}, {"start": 1094.38, "end": 1094.56, "word": " of", "probability": 0.974609375}, {"start": 1094.56, "end": 1095.02, "word": " medicine.", "probability": 0.9619140625}, {"start": 1097.22, "end": 1097.32, "word": " All", "probability": 0.1231689453125}, {"start": 1097.32, "end": 1097.44, "word": " right?", "probability": 0.8271484375}, {"start": 1099.28, "end": 1099.76, "word": " This", "probability": 0.31201171875}, {"start": 1099.76, "end": 1100.22, "word": " medicine.", "probability": 0.324951171875}, {"start": 1105.02, "end": 1105.92, "word": " A", "probability": 0.580078125}, {"start": 1105.92, "end": 1106.16, "word": " drug", "probability": 0.96728515625}, {"start": 1106.16, "end": 1106.54, "word": " for", "probability": 0.935546875}, {"start": 1106.54, "end": 1107.52, "word": " something.", "probability": 0.85205078125}, {"start": 1111.56, "end": 1112.46, "word": " For", "probability": 0.72216796875}, {"start": 1112.46, "end": 1112.74, "word": " me,", "probability": 0.87646484375}, {"start": 1113.18, "end": 1113.5, "word": " insulin.", "probability": 0.94873046875}, {"start": 1118.6, "end": 1119.5, "word": " When", "probability": 0.78466796875}, {"start": 1119.5, "end": 1119.88, "word": " I", "probability": 0.96240234375}], "temperature": 1.0}, {"id": 41, "seek": 115072, "start": 1121.24, "end": 1150.72, "text": " Consumer. This is here the quantity consumed. Q is the quantity consumed. Or the quantity bought. Or quantity demanded. 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Let me take one unit. Let me buy one unit. The total utility obtained or gained here equals five units of utility. 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What do you see? The first unit added how many units? Five units.", "tokens": [20, 11, 7562, 11, 1386, 11, 2217, 11, 1614, 11, 2217, 13, 708, 360, 291, 536, 30, 440, 700, 4985, 3869, 577, 867, 6815, 30, 9436, 6815, 13], "avg_logprob": -0.27518858169687205, "compression_ratio": 1.0238095238095237, "no_speech_prob": 0.0, "words": [{"start": 1331.87, "end": 1332.37, "word": "5,", "probability": 0.185546875}, {"start": 1332.51, "end": 1333.63, "word": " 28,", "probability": 0.81396484375}, {"start": 1334.03, "end": 1334.55, "word": " 6,", "probability": 0.9404296875}, {"start": 1334.67, "end": 1335.11, "word": " 30,", "probability": 0.94921875}, {"start": 1336.11, "end": 1336.55, "word": " 7,", "probability": 0.9716796875}, {"start": 1336.89, "end": 1337.79, "word": " 30.", "probability": 0.958984375}, {"start": 1341.65, "end": 1341.65, "word": " What", "probability": 0.12744140625}, {"start": 1341.65, "end": 1351.73, "word": " do", "probability": 0.849609375}, {"start": 1351.73, "end": 1353.87, "word": " you", "probability": 0.96044921875}, {"start": 1353.87, "end": 1354.11, "word": " see?", "probability": 0.91357421875}, {"start": 1355.25, "end": 1355.55, "word": " The", "probability": 0.89013671875}, {"start": 1355.55, "end": 1355.99, "word": " first", "probability": 0.88232421875}, {"start": 1355.99, "end": 1356.55, "word": " unit", "probability": 0.970703125}, {"start": 1356.55, "end": 1357.83, "word": " added", "probability": 0.8935546875}, {"start": 1357.83, "end": 1358.59, "word": " how", "probability": 0.74853515625}, {"start": 1358.59, "end": 1358.79, "word": " many", "probability": 0.89990234375}, {"start": 1358.79, "end": 1359.15, "word": " units?", "probability": 0.94580078125}, {"start": 1359.69, "end": 1360.69, "word": " Five", "probability": 0.5126953125}, {"start": 1360.69, "end": 1360.99, "word": " units.", "probability": 0.83984375}], "temperature": 1.0}, {"id": 49, "seek": 138312, "start": 1364.44, "end": 1383.12, "text": "One more unit gives him six utils. Adding one more unit gives him seven. Adding one more unit gives him six. More unit, four. More, two. More, zero.", "tokens": [15426, 544, 4985, 2709, 796, 2309, 2839, 4174, 13, 31204, 472, 544, 4985, 2709, 796, 3407, 13, 31204, 472, 544, 4985, 2709, 796, 2309, 13, 5048, 4985, 11, 1451, 13, 5048, 11, 732, 13, 5048, 11, 4018, 13], "avg_logprob": -0.3028846214979123, "compression_ratio": 1.7619047619047619, "no_speech_prob": 0.0, "words": [{"start": 1364.44, "end": 1364.76, "word": "One", "probability": 0.280517578125}, {"start": 1364.76, "end": 1365.02, "word": " more", "probability": 0.8955078125}, {"start": 1365.02, "end": 1365.36, "word": " unit", "probability": 0.95263671875}, {"start": 1365.36, "end": 1366.2, "word": " gives", "probability": 0.78662109375}, {"start": 1366.2, "end": 1366.58, "word": " him", "probability": 0.7421875}, {"start": 1366.58, "end": 1368.0, "word": " six", "probability": 0.64794921875}, {"start": 1368.0, "end": 1368.54, "word": " utils.", "probability": 0.6256103515625}, {"start": 1370.74, "end": 1370.96, "word": " Adding", "probability": 0.58154296875}, {"start": 1370.96, "end": 1371.24, "word": " one", "probability": 0.9130859375}, {"start": 1371.24, "end": 1371.42, "word": " more", "probability": 0.8505859375}, {"start": 1371.42, "end": 1371.76, "word": " unit", "probability": 0.96533203125}, {"start": 1371.76, "end": 1372.42, "word": " gives", "probability": 0.80322265625}, {"start": 1372.42, "end": 1372.58, "word": " him", "probability": 0.89111328125}, {"start": 1372.58, "end": 1372.98, "word": " seven.", "probability": 0.87109375}, {"start": 1373.56, "end": 1374.12, "word": " Adding", "probability": 0.87646484375}, {"start": 1374.12, "end": 1374.38, "word": " one", "probability": 0.91748046875}, {"start": 1374.38, "end": 1374.66, "word": " more", "probability": 0.94091796875}, {"start": 1374.66, "end": 1375.08, "word": " unit", "probability": 0.650390625}, {"start": 1375.08, "end": 1375.28, "word": " gives", "probability": 0.8701171875}, {"start": 1375.28, "end": 1375.46, "word": " him", "probability": 0.91748046875}, {"start": 1375.46, "end": 1375.78, "word": " six.", "probability": 0.9404296875}, {"start": 1376.6, "end": 1377.16, "word": " More", "probability": 0.69677734375}, {"start": 1377.16, "end": 1377.52, "word": " unit,", "probability": 0.8203125}, {"start": 1378.06, "end": 1378.46, "word": " four.", "probability": 0.89208984375}, {"start": 1378.92, "end": 1379.68, "word": " More,", "probability": 0.8271484375}, {"start": 1380.16, "end": 1380.64, "word": " two.", "probability": 0.9326171875}, {"start": 1381.72, "end": 1382.08, "word": " More,", "probability": 0.85888671875}, {"start": 1382.62, "end": 1383.12, "word": " zero.", "probability": 0.88916015625}], "temperature": 1.0}, {"id": 50, "seek": 140762, "start": 1394.08, "end": 1407.62, "text": " Okay? Okay. What's next? This is an example of drugs. What I gave you is GATE. After a while, the benefit becomes harm.", "tokens": [1033, 30, 1033, 13, 708, 311, 958, 30, 639, 307, 364, 1365, 295, 7766, 13, 708, 286, 2729, 291, 307, 460, 20047, 13, 2381, 257, 1339, 11, 264, 5121, 3643, 6491, 13], "avg_logprob": -0.6017992424242424, "compression_ratio": 1.0909090909090908, "no_speech_prob": 2.980232238769531e-07, "words": [{"start": 1394.08, "end": 1394.6, "word": " Okay?", "probability": 0.1710205078125}, {"start": 1395.14, "end": 1395.4, "word": " Okay.", "probability": 0.317626953125}, {"start": 1397.92, "end": 1398.3, "word": " What's", "probability": 0.54638671875}, {"start": 1398.3, "end": 1398.5, "word": " next?", "probability": 0.83642578125}, {"start": 1401.48, "end": 1402.0, "word": " This", "probability": 0.541015625}, {"start": 1402.0, "end": 1402.08, "word": " is", "probability": 0.8037109375}, {"start": 1402.08, "end": 1402.42, "word": " an", "probability": 0.375732421875}, {"start": 1402.42, "end": 1402.42, "word": " example", "probability": 0.96923828125}, {"start": 1402.42, "end": 1402.74, "word": " of", "probability": 0.875}, {"start": 1402.74, "end": 1403.2, "word": " drugs.", "probability": 0.8173828125}, {"start": 1403.48, "end": 1403.6, "word": " What", "probability": 0.24951171875}, {"start": 1403.6, "end": 1403.66, "word": " I", "probability": 0.3603515625}, {"start": 1403.66, "end": 1403.82, "word": " gave", "probability": 0.63623046875}, {"start": 1403.82, "end": 1403.98, "word": " you", "probability": 0.9228515625}, {"start": 1403.98, "end": 1404.1, "word": " is", "probability": 0.39404296875}, {"start": 1404.1, "end": 1404.52, "word": " GATE.", "probability": 0.4337158203125}, {"start": 1406.04, "end": 1406.46, "word": " After", "probability": 0.418212890625}, {"start": 1406.46, "end": 1406.7, "word": " a", "probability": 0.76416015625}, {"start": 1406.7, "end": 1406.78, "word": " while,", "probability": 0.91162109375}, {"start": 1406.9, "end": 1406.96, "word": " the", "probability": 0.35205078125}, {"start": 1406.96, "end": 1407.04, "word": " benefit", "probability": 0.48828125}, {"start": 1407.04, "end": 1407.38, "word": " becomes", "probability": 0.66064453125}, {"start": 1407.38, "end": 1407.62, "word": " harm.", "probability": 0.332275390625}], "temperature": 1.0}, {"id": 51, "seek": 143632, "start": 1410.14, "end": 1436.32, "text": " In this medicine, he prescribed 30 tablets of some drugs. He said, you have to drink 30 pills. After 30 pills, he knew that after 30 pills, he had to stop. If you don't give him anything after 31 pills, the tablet number 31 will give him zero. After 32 pills, you will give him zero. This is what happened to me.", "tokens": [682, 341, 7195, 11, 415, 29099, 2217, 27622, 295, 512, 7766, 13, 634, 848, 11, 291, 362, 281, 2822, 2217, 23871, 13, 2381, 2217, 23871, 11, 415, 2586, 300, 934, 2217, 23871, 11, 415, 632, 281, 1590, 13, 759, 291, 500, 380, 976, 796, 1340, 934, 10353, 23871, 11, 264, 14136, 1230, 10353, 486, 976, 796, 4018, 13, 2381, 8858, 23871, 11, 291, 486, 976, 796, 4018, 13, 639, 307, 437, 2011, 281, 385, 13], "avg_logprob": -0.5316611771520815, "compression_ratio": 1.701086956521739, "no_speech_prob": 4.172325134277344e-07, "words": [{"start": 1410.14, "end": 1410.74, "word": " In", "probability": 0.11224365234375}, {"start": 1410.74, "end": 1411.34, "word": " this", "probability": 0.61279296875}, {"start": 1411.34, "end": 1411.58, "word": " medicine,", "probability": 0.359130859375}, {"start": 1411.94, "end": 1412.3, "word": " he", "probability": 0.24169921875}, {"start": 1412.3, "end": 1412.62, "word": " prescribed", "probability": 0.6044921875}, 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Okay? So this number 7 that we added has a minus. It has a negative effect on the total utility. More minus 5. This is called marginal utility. Marginal utility equals", "tokens": [345, 3584, 544, 6815, 3643, 1152, 11, 406, 3271, 5666, 1208, 11, 406, 4976, 1088, 13, 1033, 30, 407, 341, 1230, 1614, 300, 321, 3869, 575, 257, 3175, 13, 467, 575, 257, 3671, 1802, 322, 264, 3217, 14877, 13, 5048, 3175, 1025, 13, 639, 307, 1219, 16885, 14877, 13, 2039, 1494, 304, 14877, 6915], "avg_logprob": -0.6079545671289618, "compression_ratio": 1.4805194805194806, "no_speech_prob": 0.0, "words": [{"start": 1440.8500000000001, "end": 1441.65, "word": "adding", "probability": 0.539215087890625}, {"start": 1441.65, "end": 1441.89, "word": " more", "probability": 0.8818359375}, {"start": 1441.89, "end": 1442.33, "word": " units", "probability": 0.93896484375}, {"start": 1442.33, "end": 1443.43, "word": " becomes", "probability": 0.134521484375}, {"start": 1443.43, "end": 1444.03, "word": " hard,", "probability": 0.484375}, {"start": 1444.17, "end": 1444.27, "word": " not", "probability": 0.6455078125}, {"start": 1444.27, "end": 1444.77, "word": " benefits,", "probability": 0.59600830078125}, {"start": 1445.39, "end": 1446.25, "word": " not", "probability": 0.81494140625}, {"start": 1446.25, "end": 1446.85, "word": " utilities.", "probability": 0.5533447265625}, {"start": 1447.65, "end": 1447.71, "word": " Okay?", "probability": 0.0718994140625}, {"start": 1448.09, "end": 1448.25, "word": " So", "probability": 0.430419921875}, {"start": 1448.25, "end": 1448.43, "word": " this", "probability": 0.21630859375}, {"start": 1448.43, "end": 1448.51, "word": " number", "probability": 0.32763671875}, {"start": 1448.51, "end": 1449.07, "word": " 7", "probability": 0.50244140625}, {"start": 1449.07, "end": 1449.43, "word": " that", "probability": 0.461669921875}, {"start": 1449.43, "end": 1449.47, "word": " we", "probability": 0.88037109375}, {"start": 1449.47, "end": 1449.81, "word": " added", "probability": 0.76025390625}, {"start": 1449.81, "end": 1451.17, "word": " has", "probability": 0.5126953125}, {"start": 1451.17, "end": 1452.23, "word": " a", "probability": 0.304443359375}, {"start": 1452.23, "end": 1452.71, "word": " minus.", "probability": 0.85205078125}, {"start": 1452.83, "end": 1453.29, "word": " It", "probability": 0.65185546875}, {"start": 1453.29, "end": 1453.41, "word": " has", "probability": 0.377197265625}, {"start": 1453.41, "end": 1453.63, "word": " a", "probability": 0.7431640625}, {"start": 1453.63, "end": 1454.01, "word": " negative", "probability": 0.92626953125}, {"start": 1454.01, "end": 1454.01, "word": " effect", "probability": 0.63037109375}, {"start": 1454.01, "end": 1454.71, "word": " on", "probability": 0.92724609375}, {"start": 1454.71, "end": 1454.89, "word": " the", "probability": 0.472412109375}, {"start": 1454.89, "end": 1455.17, "word": " total", "probability": 0.7998046875}, {"start": 1455.17, "end": 1455.59, "word": " utility.", "probability": 0.95458984375}, {"start": 1455.99, "end": 1456.25, "word": " More", "probability": 0.62451171875}, {"start": 1456.25, "end": 1457.37, "word": " minus", "probability": 0.5205078125}, {"start": 1457.37, "end": 1457.73, "word": " 5.", "probability": 0.65966796875}, {"start": 1458.13, "end": 1458.57, "word": " This", "probability": 0.8203125}, {"start": 1458.57, "end": 1458.65, "word": " is", "probability": 0.9248046875}, {"start": 1458.65, "end": 1458.99, "word": " called", "probability": 0.79736328125}, {"start": 1458.99, "end": 1459.51, "word": " marginal", "probability": 0.67626953125}, {"start": 1459.51, "end": 1459.91, "word": " utility.", "probability": 0.9638671875}, {"start": 1460.07, "end": 1460.61, "word": " Marginal", "probability": 0.7724609375}, {"start": 1460.61, "end": 1460.89, "word": " utility", "probability": 0.95361328125}, {"start": 1460.89, "end": 1465.47, "word": " equals", "probability": 0.73681640625}], "temperature": 1.0}, {"id": 53, "seek": 149486, "start": 1469.36, "end": 1494.86, "text": " A change in total utility over the change in quantity consumed. Which means that the MU equals total utility 2 minus total utility 1 over a quantity 2 minus a quantity 1. This is the formulary. So let's calculate the marginal utility.", "tokens": [316, 1319, 294, 3217, 14877, 670, 264, 1319, 294, 11275, 21226, 13, 3013, 1355, 300, 264, 17935, 6915, 3217, 14877, 568, 3175, 3217, 14877, 502, 670, 257, 11275, 568, 3175, 257, 11275, 502, 13, 639, 307, 264, 49990, 822, 13, 407, 718, 311, 8873, 264, 16885, 14877, 13], "avg_logprob": -0.24298469387755103, "compression_ratio": 1.7028985507246377, "no_speech_prob": 0.0, "words": [{"start": 1469.36, "end": 1469.6, "word": " A", "probability": 0.281005859375}, {"start": 1469.6, "end": 1470.08, "word": " change", "probability": 0.89892578125}, {"start": 1470.08, "end": 1470.24, "word": " in", "probability": 0.919921875}, {"start": 1470.24, "end": 1470.54, "word": " total", "probability": 0.80908203125}, {"start": 1470.54, "end": 1470.96, "word": " utility", "probability": 0.96826171875}, {"start": 1470.96, "end": 1473.92, "word": " over", "probability": 0.78564453125}, {"start": 1473.92, "end": 1474.22, "word": " the", "probability": 0.354248046875}, {"start": 1474.22, "end": 1474.5, "word": " change", "probability": 0.90869140625}, {"start": 1474.5, "end": 1474.62, "word": " in", "probability": 0.916015625}, {"start": 1474.62, "end": 1475.04, "word": " quantity", "probability": 0.73095703125}, {"start": 1475.04, "end": 1475.78, "word": " consumed.", "probability": 0.82666015625}, {"start": 1476.7, "end": 1477.46, "word": " Which", "probability": 0.86181640625}, {"start": 1477.46, "end": 1477.86, "word": " means", "probability": 0.93408203125}, {"start": 1477.86, "end": 1478.06, "word": " that", "probability": 0.361572265625}, {"start": 1478.06, "end": 1478.18, "word": " the", "probability": 0.27685546875}, {"start": 1478.18, "end": 1478.54, "word": " MU", "probability": 0.74560546875}, {"start": 1478.54, "end": 1481.12, "word": " equals", "probability": 0.853515625}, {"start": 1481.12, "end": 1482.16, "word": " total", "probability": 0.7216796875}, {"start": 1482.16, "end": 1482.54, "word": " utility", "probability": 0.96630859375}, {"start": 1482.54, "end": 1482.86, "word": " 2", "probability": 0.4404296875}, {"start": 1482.86, "end": 1483.28, "word": " minus", "probability": 0.9697265625}, {"start": 1483.28, "end": 1483.68, "word": " total", "probability": 0.85302734375}, {"start": 1483.68, "end": 1484.04, "word": " utility", "probability": 0.9560546875}, {"start": 1484.04, "end": 1484.44, "word": " 1", "probability": 0.951171875}, {"start": 1484.44, "end": 1485.2, "word": " over", "probability": 0.86767578125}, {"start": 1485.2, "end": 1486.26, "word": " a", "probability": 0.71044921875}, {"start": 1486.26, "end": 1486.74, "word": " quantity", "probability": 0.990234375}, {"start": 1486.74, "end": 1487.12, "word": " 2", "probability": 0.94921875}, {"start": 1487.12, "end": 1487.5, "word": " minus", "probability": 0.984375}, {"start": 1487.5, "end": 1487.74, "word": " a", "probability": 0.88623046875}, {"start": 1487.74, "end": 1488.04, "word": " quantity", "probability": 0.9873046875}, {"start": 1488.04, "end": 1488.4, "word": " 1.", "probability": 0.96630859375}, {"start": 1488.78, "end": 1488.98, "word": " This", "probability": 0.7822265625}, {"start": 1488.98, "end": 1489.08, "word": " is", "probability": 0.9365234375}, {"start": 1489.08, "end": 1489.22, "word": " the", "probability": 0.90234375}, {"start": 1489.22, "end": 1489.88, "word": " formulary.", "probability": 0.61865234375}, {"start": 1492.32, "end": 1493.06, "word": " So", "probability": 0.9521484375}, {"start": 1493.06, "end": 1493.38, "word": " let's", "probability": 0.837158203125}, {"start": 1493.38, "end": 1493.82, "word": " calculate", "probability": 0.935546875}, {"start": 1493.82, "end": 1494.06, "word": " the", "probability": 0.91455078125}, {"start": 1494.06, "end": 1494.42, "word": " marginal", "probability": 0.92529296875}, {"start": 1494.42, "end": 1494.86, "word": " utility.", "probability": 0.97509765625}], "temperature": 1.0}, {"id": 54, "seek": 153137, "start": 1502.53, "end": 1531.37, "text": " The marginal utility here. Total utility two, total utility one, two, three, four, and this is the quantity one, two, three, four. Let's calculate the marginal utility. The first, no changes. Number two, the marginal utility, five minus zero, five over one minus zero. Then to calculate MU one, MU for the first case,", "tokens": [440, 16885, 14877, 510, 13, 23170, 14877, 732, 11, 3217, 14877, 472, 11, 732, 11, 1045, 11, 1451, 11, 293, 341, 307, 264, 11275, 472, 11, 732, 11, 1045, 11, 1451, 13, 961, 311, 8873, 264, 16885, 14877, 13, 440, 700, 11, 572, 2962, 13, 5118, 732, 11, 264, 16885, 14877, 11, 1732, 3175, 4018, 11, 1732, 670, 472, 3175, 4018, 13, 1396, 281, 8873, 17935, 472, 11, 17935, 337, 264, 700, 1389, 11], "avg_logprob": -0.2229166642824809, "compression_ratio": 1.9156626506024097, "no_speech_prob": 0.0, "words": [{"start": 1502.53, "end": 1502.75, "word": " The", "probability": 0.67822265625}, {"start": 1502.75, "end": 1503.09, "word": " marginal", "probability": 0.64453125}, {"start": 1503.09, "end": 1503.43, "word": " utility", "probability": 0.974609375}, {"start": 1503.43, "end": 1503.87, "word": " here.", "probability": 0.82861328125}, {"start": 1505.35, "end": 1505.85, "word": " Total", "probability": 0.8095703125}, {"start": 1505.85, 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Five over one equals five. This is the first one. The second. Eleven minus five over two minus one. The marginal utility. So, eleven mu two.", "tokens": [9436, 3175, 4018, 670, 472, 3175, 4018, 6915, 1732, 13, 9436, 670, 472, 6915, 1732, 13, 639, 307, 264, 700, 472, 13, 440, 1150, 13, 48548, 3175, 1732, 670, 732, 3175, 472, 13, 440, 16885, 14877, 13, 407, 11, 21090, 2992, 732, 13], "avg_logprob": -0.23668323863636365, "compression_ratio": 1.6379310344827587, "no_speech_prob": 0.0, "words": [{"start": 1533.63, "end": 1534.17, "word": " Five", "probability": 0.358642578125}, {"start": 1534.17, "end": 1535.25, "word": " minus", "probability": 0.9609375}, {"start": 1535.25, "end": 1535.73, "word": " zero", "probability": 0.84130859375}, {"start": 1535.73, "end": 1536.35, "word": " over", "probability": 0.89697265625}, {"start": 1536.35, "end": 1538.59, "word": " one", "probability": 0.68798828125}, {"start": 1538.59, "end": 1538.91, "word": " minus", "probability": 0.9541015625}, {"start": 1538.91, "end": 1539.39, "word": " zero", "probability": 0.89697265625}, {"start": 1539.39, "end": 1539.95, "word": " equals", "probability": 0.81005859375}, {"start": 1539.95, "end": 1540.31, "word": " five.", "probability": 0.79833984375}, {"start": 1540.51, "end": 1540.89, "word": " Five", "probability": 0.82177734375}, {"start": 1540.89, "end": 1541.15, "word": " over", "probability": 0.9189453125}, {"start": 1541.15, "end": 1541.43, "word": " one", "probability": 0.927734375}, {"start": 1541.43, "end": 1541.87, "word": " equals", "probability": 0.94091796875}, {"start": 1541.87, "end": 1542.25, "word": " five.", "probability": 0.896484375}, {"start": 1542.45, "end": 1542.57, "word": " This", "probability": 0.7353515625}, {"start": 1542.57, "end": 1542.69, "word": " is", "probability": 0.927734375}, {"start": 1542.69, "end": 1542.79, "word": " the", "probability": 0.84716796875}, {"start": 1542.79, "end": 1543.05, "word": " first", "probability": 0.8935546875}, {"start": 1543.05, "end": 1543.37, "word": " one.", "probability": 0.88232421875}, {"start": 1544.49, "end": 1544.67, "word": " The", "probability": 0.82275390625}, {"start": 1544.67, "end": 1545.09, "word": " second.", "probability": 0.8974609375}, {"start": 1547.93, "end": 1548.27, "word": " Eleven", "probability": 0.72265625}, {"start": 1548.27, "end": 1549.09, "word": " minus", "probability": 0.98193359375}, {"start": 1549.09, "end": 1549.71, "word": " five", "probability": 0.90576171875}, {"start": 1549.71, "end": 1551.01, "word": " over", "probability": 0.90869140625}, {"start": 1551.01, "end": 1552.29, "word": " two", "probability": 0.939453125}, {"start": 1552.29, "end": 1552.83, "word": " minus", "probability": 0.98193359375}, {"start": 1552.83, "end": 1553.29, "word": " one.", "probability": 0.93310546875}, {"start": 1555.05, "end": 1555.17, "word": " The", "probability": 0.6279296875}, {"start": 1555.17, "end": 1555.47, "word": " marginal", "probability": 0.701171875}, {"start": 1555.47, "end": 1555.91, "word": " utility.", "probability": 0.87353515625}, {"start": 1556.47, "end": 1556.71, "word": " So,", "probability": 0.9560546875}, {"start": 1557.25, "end": 1557.51, "word": " eleven", "probability": 0.701171875}, {"start": 1557.51, "end": 1558.19, "word": " mu", "probability": 0.40478515625}, {"start": 1558.19, "end": 1558.61, "word": " two.", "probability": 0.82861328125}], "temperature": 1.0}, {"id": 56, "seek": 158839, "start": 1560.21, "end": 1588.39, "text": "11 minus 5 over 2 minus 1 equals 6. 11 minus 5 over 2 minus 1 equals 6.", "tokens": [5348, 3175, 1025, 670, 568, 3175, 502, 6915, 1386, 13, 2975, 3175, 1025, 670, 568, 3175, 502, 6915, 1386, 13], "avg_logprob": -0.2978050708770752, "compression_ratio": 1.6904761904761905, "no_speech_prob": 1.7881393432617188e-07, "words": [{"start": 1560.21, "end": 1560.69, "word": "11", "probability": 0.556640625}, {"start": 1560.69, "end": 1561.65, "word": " minus", "probability": 0.406982421875}, {"start": 1561.65, "end": 1562.11, "word": " 5", "probability": 0.85595703125}, {"start": 1562.11, "end": 1562.59, "word": " over", "probability": 0.87060546875}, {"start": 1562.59, "end": 1563.65, "word": " 2", "probability": 0.91796875}, {"start": 1563.65, "end": 1563.97, "word": " minus", "probability": 0.97900390625}, {"start": 1563.97, "end": 1564.31, "word": " 1", "probability": 0.9619140625}, {"start": 1564.31, "end": 1564.87, "word": " equals", "probability": 0.87939453125}, {"start": 1564.87, "end": 1565.37, "word": " 6.", "probability": 0.93701171875}, {"start": 1569.13, "end": 1570.13, "word": " 11", "probability": 0.135498046875}, {"start": 1570.13, "end": 1584.55, "word": " minus", "probability": 0.9541015625}, {"start": 1584.55, "end": 1585.09, "word": " 5", "probability": 0.95556640625}, {"start": 1585.09, "end": 1585.81, "word": " over", "probability": 0.767578125}, {"start": 1585.81, "end": 1587.41, "word": " 2", "probability": 0.9208984375}, {"start": 1587.41, "end": 1587.41, "word": " minus", "probability": 0.98583984375}, {"start": 1587.41, "end": 1587.41, "word": " 1", "probability": 0.98388671875}, {"start": 1587.41, "end": 1587.41, "word": " equals", "probability": 0.96484375}, {"start": 1587.41, "end": 1588.39, "word": " 6.", "probability": 0.9794921875}], "temperature": 1.0}, {"id": 57, "seek": 161555, "start": 1590.37, "end": 1615.55, "text": " How many? Six, four, two, zero, minus three, minus five. Five minus zero over one minus zero, eleven minus five over two minus one.", "tokens": [1012, 867, 30, 11678, 11, 1451, 11, 732, 11, 4018, 11, 3175, 1045, 11, 3175, 1732, 13, 9436, 3175, 4018, 670, 472, 3175, 4018, 11, 21090, 3175, 1732, 670, 732, 3175, 472, 13], "avg_logprob": -0.19014246630318024, "compression_ratio": 1.4042553191489362, "no_speech_prob": 0.0, "words": [{"start": 1590.37, "end": 1590.67, "word": " How", "probability": 0.7099609375}, {"start": 1590.67, "end": 1590.89, "word": " many?", "probability": 0.9130859375}, {"start": 1591.91, "end": 1592.61, "word": " Six,", "probability": 0.578125}, {"start": 1593.67, "end": 1594.29, "word": " four,", "probability": 0.89990234375}, {"start": 1595.77, "end": 1596.25, "word": " two,", "probability": 0.935546875}, {"start": 1597.47, "end": 1597.97, "word": " zero,", "probability": 0.89892578125}, {"start": 1598.69, "end": 1599.03, "word": " minus", "probability": 0.96728515625}, {"start": 1599.03, "end": 1599.51, "word": " three,", "probability": 0.8974609375}, {"start": 1599.79, "end": 1600.11, "word": " minus", "probability": 0.9892578125}, {"start": 1600.11, "end": 1600.57, "word": " five.", "probability": 0.90966796875}, {"start": 1608.07, "end": 1608.73, "word": " Five", "probability": 0.703125}, {"start": 1608.73, "end": 1610.29, "word": " minus", "probability": 0.51123046875}, {"start": 1610.29, "end": 1610.73, "word": " zero", "probability": 0.89892578125}, {"start": 1610.73, "end": 1611.03, "word": " over", "probability": 0.89794921875}, {"start": 1611.03, "end": 1611.31, "word": " one", "probability": 0.93701171875}, {"start": 1611.31, "end": 1611.59, "word": " minus", "probability": 0.990234375}, {"start": 1611.59, "end": 1611.99, "word": " zero,", "probability": 0.89013671875}, {"start": 1612.85, "end": 1613.17, "word": " eleven", "probability": 0.64697265625}, {"start": 1613.17, "end": 1613.57, "word": " minus", "probability": 0.98876953125}, {"start": 1613.57, "end": 1613.99, "word": " five", "probability": 0.9189453125}, {"start": 1613.99, "end": 1614.23, "word": " over", "probability": 0.8935546875}, {"start": 1614.23, "end": 1614.73, "word": " two", "probability": 0.943359375}, {"start": 1614.73, "end": 1615.15, "word": " minus", "probability": 0.98828125}, {"start": 1615.15, "end": 1615.55, "word": " one.", "probability": 0.94091796875}], "temperature": 1.0}, {"id": 58, "seek": 164181, "start": 1621.33, "end": 1641.81, "text": "18 minus 11 over 3 minus 2. 24 minus 18 over 4 minus 3. It's not always fixed. It's not always fixed. To be clear.", "tokens": [6494, 3175, 2975, 670, 805, 3175, 568, 13, 4022, 3175, 2443, 670, 1017, 3175, 805, 13, 467, 311, 406, 1009, 6806, 13, 467, 311, 406, 1009, 6806, 13, 1407, 312, 1850, 13], "avg_logprob": -0.29261363636363635, "compression_ratio": 1.4805194805194806, "no_speech_prob": 0.0, "words": [{"start": 1621.33, "end": 1621.91, "word": "18", "probability": 0.626953125}, {"start": 1621.91, "end": 1622.51, "word": " minus", "probability": 0.399658203125}, {"start": 1622.51, "end": 1623.09, "word": " 11", "probability": 0.8857421875}, {"start": 1623.09, "end": 1623.43, "word": " over", "probability": 0.85107421875}, {"start": 1623.43, "end": 1623.85, "word": " 3", "probability": 0.8955078125}, {"start": 1623.85, "end": 1624.17, "word": " minus", "probability": 0.96875}, {"start": 1624.17, "end": 1624.57, "word": " 2.", "probability": 0.966796875}, {"start": 1626.71, "end": 1627.17, "word": " 24", "probability": 0.8330078125}, {"start": 1627.17, "end": 1627.83, "word": " minus", "probability": 0.978515625}, {"start": 1627.83, "end": 1629.13, "word": " 18", "probability": 0.892578125}, {"start": 1629.13, "end": 1629.61, "word": " over", "probability": 0.9248046875}, {"start": 1629.61, "end": 1630.33, "word": " 4", "probability": 0.931640625}, {"start": 1630.33, "end": 1630.61, "word": " minus", "probability": 0.9853515625}, {"start": 1630.61, "end": 1631.03, "word": " 3.", "probability": 0.99072265625}, {"start": 1632.63, "end": 1633.05, "word": " It's", "probability": 0.827392578125}, {"start": 1633.05, "end": 1633.23, "word": " not", "probability": 0.9462890625}, {"start": 1633.23, "end": 1633.61, "word": " always", "probability": 0.90625}, {"start": 1633.61, "end": 1633.97, "word": " fixed.", "probability": 0.93359375}, {"start": 1634.27, "end": 1634.75, "word": " It's", "probability": 0.624267578125}, {"start": 1634.75, "end": 1634.75, "word": " not", "probability": 0.90771484375}, {"start": 1634.75, "end": 1635.09, "word": " always", "probability": 0.7431640625}, {"start": 1635.09, "end": 1635.37, "word": " fixed.", "probability": 0.76904296875}, {"start": 1635.97, "end": 1636.47, "word": " To", "probability": 0.15966796875}, {"start": 1636.47, "end": 1641.43, "word": " be", "probability": 0.9091796875}, {"start": 1641.43, "end": 1641.81, "word": " clear.", "probability": 0.93212890625}], "temperature": 1.0}, {"id": 59, "seek": 166568, "start": 1643.32, "end": 1665.68, "text": "I mean, sometimes we ask them a question, for example, if there is zero, two, five, and so on, do they do the calculation according to the marginal derivative? If it was like this, zero minus five over two minus zero, how much is the marginal derivative going to be? 2.5, right? So, I'm going to calculate five minus zero over two minus zero.", "tokens": [40, 914, 11, 2171, 321, 1029, 552, 257, 1168, 11, 337, 1365, 11, 498, 456, 307, 4018, 11, 732, 11, 1732, 11, 293, 370, 322, 11, 360, 436, 360, 264, 17108, 4650, 281, 264, 16885, 13760, 30, 759, 309, 390, 411, 341, 11, 4018, 3175, 1732, 670, 732, 3175, 4018, 11, 577, 709, 307, 264, 16885, 13760, 516, 281, 312, 30, 568, 13, 20, 11, 558, 30, 407, 11, 286, 478, 516, 281, 8873, 1732, 3175, 4018, 670, 732, 3175, 4018, 13], "avg_logprob": -0.5256024383636843, "compression_ratio": 1.736040609137056, "no_speech_prob": 2.4437904357910156e-06, "words": [{"start": 1643.32, "end": 1643.54, "word": "I", "probability": 0.07666015625}, {"start": 1643.54, "end": 1643.72, "word": " mean,", "probability": 0.46337890625}, {"start": 1643.86, "end": 1644.22, "word": " sometimes", "probability": 0.77734375}, {"start": 1644.22, "end": 1644.42, "word": " we", "probability": 0.61376953125}, {"start": 1644.42, "end": 1644.62, "word": " 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0.880859375}], "temperature": 1.0}, {"id": 60, "seek": 168531, "start": 1666.35, "end": 1685.31, "text": " How much? Eleven minus five over five minus three. Two, not three. So here, this is the marginal utility.", "tokens": [1012, 709, 30, 48548, 3175, 1732, 670, 1732, 3175, 1045, 13, 4453, 11, 406, 1045, 13, 407, 510, 11, 341, 307, 264, 16885, 14877, 13], "avg_logprob": -0.3021334226314838, "compression_ratio": 1.164835164835165, "no_speech_prob": 0.0, "words": [{"start": 1666.35, "end": 1666.55, "word": " How", "probability": 0.302734375}, {"start": 1666.55, "end": 1667.43, "word": " much?", "probability": 0.8603515625}, {"start": 1669.57, "end": 1670.33, "word": " Eleven", "probability": 0.6669921875}, {"start": 1670.33, "end": 1671.01, "word": " minus", "probability": 0.9755859375}, {"start": 1671.01, "end": 1672.45, "word": " five", "probability": 0.82763671875}, {"start": 1672.45, "end": 1672.83, "word": " over", "probability": 0.8564453125}, {"start": 1672.83, "end": 1673.41, "word": " five", "probability": 0.8974609375}, {"start": 1673.41, "end": 1673.71, "word": " minus", "probability": 0.97412109375}, {"start": 1673.71, "end": 1674.21, "word": " three.", "probability": 0.73291015625}, {"start": 1674.55, "end": 1674.83, "word": " Two,", "probability": 0.58056640625}, {"start": 1675.03, "end": 1675.09, "word": " not", "probability": 0.73681640625}, {"start": 1675.09, "end": 1675.35, "word": " three.", "probability": 0.93798828125}, {"start": 1676.91, "end": 1677.03, "word": " So", "probability": 0.470458984375}, {"start": 1677.03, "end": 1683.57, "word": " here,", "probability": 0.72509765625}, {"start": 1683.79, "end": 1683.99, "word": " this", "probability": 0.95068359375}, {"start": 1683.99, "end": 1684.27, "word": " is", "probability": 0.9521484375}, {"start": 1684.27, "end": 1684.43, "word": " the", "probability": 0.884765625}, {"start": 1684.43, "end": 1684.81, "word": " marginal", "probability": 0.8603515625}, {"start": 1684.81, "end": 1685.31, "word": " utility.", "probability": 0.98828125}], "temperature": 1.0}], "language": "en", "language_probability": 1.0, "duration": 1691.922, "duration_after_vad": 1548.8606249999973} \ No newline at end of file diff --git a/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/swcUj0l7AaQ_raw.srt b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/swcUj0l7AaQ_raw.srt new file mode 100644 index 0000000000000000000000000000000000000000..a654bd152c63b36f3f66adb678cc657359b2faa7 --- /dev/null +++ b/PL9fwy3NUQKwZTYA7QJrkBL-zZPvHxgSTD/swcUj0l7AaQ_raw.srt @@ -0,0 +1,1184 @@ +1 +00:00:21,190 --> 00:00:24,130 +Okay, bismillahirrahmanirrahim. Today, inshallah, + +2 +00:00:24,270 --> 00:00:26,750 +we are going to start in chapter four, which is + +3 +00:00:26,750 --> 00:00:33,410 +the consumer behavior theories. In general, the + +4 +00:00:33,410 --> 00:00:42,990 +consumers try to maximize their benefits when + +5 +00:00:42,990 --> 00:00:46,130 +they, or utilities, when they consumes or they + +6 +00:00:46,130 --> 00:00:50,100 +consume different bundles of goods. Since you know + +7 +00:00:50,100 --> 00:00:58,460 +that the consumer has a limited income and they or + +8 +00:00:58,460 --> 00:01:03,940 +the consumer allocates or distribute his income to + +9 +00:01:03,940 --> 00:01:08,360 +buy different goods and services. So the rational + +10 +00:01:08,360 --> 00:01:15,500 +consumer will try to maximize the benefits or the + +11 +00:01:15,500 --> 00:01:19,900 +utilities when he buy or he buys the different + +12 +00:01:19,900 --> 00:01:24,260 +bundles of goods. So let us assume, so chapter + +13 +00:01:24,260 --> 00:01:31,060 +four is the consumer behavior + +14 +00:01:31,060 --> 00:01:34,520 +theories. + +15 +00:01:41,600 --> 00:01:45,380 +Let us assume that the consumer receives an income + +16 +00:01:45,380 --> 00:01:49,180 +of + +17 +00:01:49,180 --> 00:01:51,080 +1,000 shekel a month. + +18 +00:01:56,840 --> 00:02:04,260 +When he receives this income, he allocates this + +19 +00:02:04,260 --> 00:02:08,500 +income to buy different goods, like flour, + +20 +00:02:11,130 --> 00:02:11,640 +Sugar. + +21 +00:02:15,240 --> 00:02:20,060 +So sometimes services like telecommunications + +22 +00:02:20,060 --> 00:02:24,780 +services, like he has to pay the bill for Jowar, + +23 +00:02:24,980 --> 00:02:29,380 +for Watania, for telecommunications services. So + +24 +00:02:29,380 --> 00:02:34,120 +other services. Sometimes health services. + +25 +00:02:36,430 --> 00:02:40,130 +Education services, he has to pay sometimes fees, + +26 +00:02:40,250 --> 00:02:43,270 +tuition fees, fee studies at university, you know? + +27 +00:02:44,190 --> 00:02:44,490 +So, + +28 +00:02:47,350 --> 00:02:57,510 +all these things are the bondage of kids. And to + +29 +00:02:57,510 --> 00:03:00,010 +study here, the consumer behavior, + +30 +00:03:04,050 --> 00:03:11,810 +We have four assumptions. Number one, the consumer + +31 +00:03:11,810 --> 00:03:15,110 +is + +32 +00:03:15,110 --> 00:03:15,630 +rational. + +33 +00:03:18,170 --> 00:03:23,410 +So here we have four assumptions. + +34 +00:03:28,230 --> 00:03:37,040 +The consumer is rational or the consumer.has a + +35 +00:03:37,040 --> 00:03:41,260 +rational + +36 +00:03:41,260 --> 00:03:46,260 +behavior. + +37 +00:03:50,340 --> 00:04:00,040 +Number two, he has a limited budget income and + +38 +00:04:00,040 --> 00:04:08,460 +he or she tries to maximize the benefits or + +39 +00:04:08,460 --> 00:04:14,120 +utilities when he buys or she buys these products + +40 +00:04:14,120 --> 00:04:20,350 +or services, goods and services. Let us assume + +41 +00:04:20,350 --> 00:04:24,590 +that he receives + +42 +00:04:24,590 --> 00:04:30,390 +1,000 shekels a month, and he will try to buy + +43 +00:04:30,390 --> 00:04:36,250 +flour, to buy two sacks of flour, three sacks of + +44 +00:04:36,250 --> 00:04:43,060 +sugar or kilogram of sugar. three kilogram of + +45 +00:04:43,060 --> 00:04:47,560 +salt, you know, he has to pay for health services, + +46 +00:04:47,720 --> 00:04:51,440 +for educational services. The rational consumer, + +47 +00:04:51,940 --> 00:04:55,420 +or the main goals, the main goals, objectives for, + +48 +00:04:55,600 --> 00:04:59,900 +or the main aims for the rational consumer is to + +49 +00:04:59,900 --> 00:05:07,240 +pay the same amount and gets larger benefits. + +50 +00:05:08,590 --> 00:05:09,570 +Larger utility. + +51 +00:05:12,190 --> 00:05:17,970 +He buys, let us assume, two kilogram of flour and + +52 +00:05:17,970 --> 00:05:25,450 +five kilogram of sugar, three kilogram of salt. He + +53 +00:05:25,450 --> 00:05:33,750 +pays for 300 shekels for health services. That's + +54 +00:05:33,750 --> 00:05:39,020 +it. The main goal here for rational decision, the + +55 +00:05:39,020 --> 00:05:43,120 +rational consumer is to pay the same amount, this + +56 +00:05:43,120 --> 00:05:50,340 +is the spending, to get larger benefits, to + +57 +00:05:50,340 --> 00:05:55,240 +maximize the utilities, sometimes to get three + +58 +00:05:55,240 --> 00:05:58,980 +kilogram of flour, and the same amount here. Which + +59 +00:05:58,980 --> 00:06:02,000 +means that the benefits obtained here, or the + +60 +00:06:02,000 --> 00:06:06,570 +utilities obtained here, becomes larger. + +61 +00:06:14,090 --> 00:06:14,110 +Now, + +62 +00:06:17,530 --> 00:06:21,910 +the rational consumer will try to maximize the + +63 +00:06:21,910 --> 00:06:22,870 +utilities here. + +64 +00:06:25,850 --> 00:06:30,630 +and pays the same amount, or spends the same + +65 +00:06:30,630 --> 00:06:34,450 +amount. He pays 1000, but he has to pay 2, 3, 5, + +66 +00:06:34,570 --> 00:06:39,770 +3, 3, or 300. And he gets the same health + +67 +00:06:39,770 --> 00:06:48,730 +services. Or 3, 6, 3, 300, the same benefits from + +68 +00:06:48,730 --> 00:06:53,990 +the health services.But he pays or he spends the + +69 +00:06:53,990 --> 00:07:03,450 +same amount or he can decrease spending to pay 900 + +70 +00:07:03,450 --> 00:07:08,470 +shekels instead of 1000 and gets the same + +71 +00:07:08,470 --> 00:07:09,410 +utilities. + +72 +00:07:13,030 --> 00:07:18,350 +Another option or another goal for the consumer is + +73 +00:07:18,350 --> 00:07:24,830 +to pay less or to spend less to get the same + +74 +00:07:24,830 --> 00:07:27,630 +benefits, the same utilities. He takes two and + +75 +00:07:27,630 --> 00:07:30,690 +five, the same. He takes three and pays three + +76 +00:07:30,690 --> 00:07:34,830 +hundred and takes health services. What happened + +77 +00:07:34,830 --> 00:07:40,110 +here? He paid less and got the same utilities. In + +78 +00:07:40,110 --> 00:07:43,090 +general, it means rational consumer. + +79 +00:07:46,010 --> 00:07:52,790 +So the first assumption is we have rational + +80 +00:07:52,790 --> 00:08:00,430 +consumer. That's number one. Number two, we have + +81 +00:08:00,430 --> 00:08:07,000 +one consumer Which means he doesn't affect the + +82 +00:08:07,000 --> 00:08:09,720 +prices or quantity demanded or supplied to the + +83 +00:08:09,720 --> 00:08:15,000 +market. But we have one consumer. + +84 +00:08:21,960 --> 00:08:25,460 +Ignorance of his effect or her effect on the + +85 +00:08:25,460 --> 00:08:28,220 +market price and the market quantity. Number + +86 +00:08:28,220 --> 00:08:32,280 +three. The consumer. + +87 +00:08:35,240 --> 00:08:43,680 +receives an income and or a limited income. He + +88 +00:08:43,680 --> 00:08:47,240 +spends + +89 +00:08:47,240 --> 00:08:52,600 +or she spends all of this income to buy different + +90 +00:08:52,600 --> 00:08:58,500 +bundles, which means saving equals zero. This is + +91 +00:08:58,500 --> 00:08:58,620 +an assumption. + +92 +00:09:07,090 --> 00:09:13,610 +Spending equals 100 + +93 +00:09:13,610 --> 00:09:19,630 +% of income. Income equals consumption. + +94 +00:09:25,460 --> 00:09:29,240 +The consumer has a limited income, and he spends + +95 +00:09:29,240 --> 00:09:32,340 +all of this income to buy different goods and + +96 +00:09:32,340 --> 00:09:34,380 +services, different quantities of goods. + +97 +00:09:39,200 --> 00:09:44,380 +One, two, three. Narrational consumer. + +98 +00:09:46,780 --> 00:09:48,700 +One consumer from market. + +99 +00:09:53,030 --> 00:09:58,490 +The consumer has a limited income and spends all + +100 +00:09:58,490 --> 00:10:02,870 +this income to buy different goods. And the last + +101 +00:10:02,870 --> 00:10:08,630 +assumption is his or her taste and preferences is + +102 +00:10:08,630 --> 00:10:13,750 +fixed while studying his behavior or her behavior. + +103 +00:10:16,640 --> 00:10:28,480 +in the taste and the preferences. The consumer + +104 +00:10:28,480 --> 00:10:29,500 +behavior theories. + +105 +00:10:33,440 --> 00:10:38,920 +We have two schools. The last assumption or the + +106 +00:10:38,920 --> 00:10:43,420 +fourth assumption of the consumer behavior is + +107 +00:10:45,280 --> 00:10:51,280 +His or her taste and preferences is a fixed habit + +108 +00:10:51,280 --> 00:10:56,100 +while studying his behavior or her behavior. + +109 +00:10:59,260 --> 00:11:09,880 +Number four, taste. The consumer's taste and + +110 +00:11:09,880 --> 00:11:10,540 +preferences + +111 +00:11:15,690 --> 00:11:24,870 +are fixed or fixed while studying his + +112 +00:11:24,870 --> 00:11:27,650 +or her behavior. + +113 +00:11:37,360 --> 00:11:42,300 +His behavior, consumer behavior, his behavior, his + +114 +00:11:42,300 --> 00:11:45,600 +behavior, + +115 +00:11:45,720 --> 00:11:52,380 +his behavior, his behavior, his behavior, his + +116 +00:11:52,380 --> 00:11:52,920 +behavior, his behavior, his behavior, his + +117 +00:11:52,920 --> 00:11:52,960 +behavior, his behavior, his behavior, his + +118 +00:11:52,960 --> 00:11:52,960 +behavior, his behavior, his behavior, his + +119 +00:11:52,960 --> 00:11:57,760 +behavior, his behavior, his behavior, his + +120 +00:11:57,760 --> 00:11:58,720 +behavior, his behavior, his behavior, his + +121 +00:11:58,720 --> 00:11:58,720 +behavior, his behavior, his behavior, his + +122 +00:11:58,720 --> 00:11:58,720 +behavior, his behavior, his behavior, his + +123 +00:11:58,720 --> 00:11:58,720 +behavior, his behavior, his behavior, his + +124 +00:11:58,720 --> 00:11:58,800 +behavior, his behavior, his behavior, his + +125 +00:11:58,800 --> 00:11:58,800 +behavior, his behavior, his behavior, his + +126 +00:11:58,800 --> 00:11:58,800 +behavior, his behavior, his behavior, his + +127 +00:11:58,800 --> 00:11:58,800 +behavior, his behavior, his behavior, his + +128 +00:11:58,800 --> 00:11:58,800 +behavior, his behavior, his behavior, his + +129 +00:11:58,800 --> 00:11:58,800 +behavior, his behavior, his behavior, his + +130 +00:11:58,800 --> 00:11:58,800 +behavior, his behavior, his behavior, his + +131 +00:11:58,800 --> 00:11:58,800 +behavior, his behavior, his behavior, his + +132 +00:11:58,800 --> 00:11:58,800 +behavior, his behavior, his behavior, his + +133 +00:11:58,800 --> 00:11:58,800 +behavior, his behavior, his behavior, his + +134 +00:11:58,800 --> 00:11:58,800 +behavior, his behavior, his behavior, his + +135 +00:11:58,800 --> 00:11:58,800 +behavior, his behavior, his behavior, his + +136 +00:11:58,800 --> 00:11:58,800 +behavior, his behavior, his behavior, his + +137 +00:11:58,800 --> 00:11:58,920 +behavior, his behavior, his behavior, his + +138 +00:11:58,920 --> 00:12:01,660 +behavior, his behavior In general, in general, we + +139 +00:12:01,660 --> 00:12:07,060 +have two schools analyze + +140 +00:12:07,060 --> 00:12:11,360 +the consumer behavior. School number one, + +141 +00:12:14,520 --> 00:12:19,220 +the economists who studied the consumer behavior + +142 +00:12:19,220 --> 00:12:22,320 +using + +143 +00:12:22,320 --> 00:12:24,180 +the marginal utility theory. + +144 +00:12:27,200 --> 00:12:34,980 +Traditional School or Traditional Way The + +145 +00:12:34,980 --> 00:12:47,440 +Marginal Utility Theory Traditional + +146 +00:12:47,440 --> 00:12:52,720 +School Traditional + +147 +00:12:52,720 --> 00:12:53,280 +Way + +148 +00:12:56,750 --> 00:13:03,770 +And the modern way, the indifference curve theory. + +149 +00:13:13,450 --> 00:13:15,470 +The modern way. + +150 +00:13:20,570 --> 00:13:23,230 +The Margin Utility Theory means + +151 +00:13:28,230 --> 00:13:32,350 +And the indifference care theory. + +152 +00:13:37,650 --> 00:13:38,970 +Okay. + +153 +00:13:41,470 --> 00:13:49,230 +Let's go to start or to begin with the marginal + +154 +00:13:49,230 --> 00:13:55,710 +utility theory. the traditional school that + +155 +00:13:55,710 --> 00:13:59,970 +analyze the consumer behavior. + +156 +00:14:05,870 --> 00:14:07,270 +Okay. + +157 +00:14:26,680 --> 00:14:27,240 +I'm done. + +158 +00:14:43,480 --> 00:14:44,840 +Yes. + +159 +00:14:50,020 --> 00:14:56,950 +The third is operational consumer. One consumer. + +160 +00:14:58,450 --> 00:15:03,270 +Number three, limited income and the consumer + +161 +00:15:03,270 --> 00:15:06,750 +allocates or distributes his income or her income + +162 +00:15:06,750 --> 00:15:15,670 +to buy different goods. Or all of his income. So + +163 +00:15:15,670 --> 00:15:19,610 +let's go to the marginal utility theory. The + +164 +00:15:19,610 --> 00:15:21,290 +marginal utility theory. + +165 +00:15:25,140 --> 00:15:26,200 +Or the additional benefit. + +166 +00:15:33,160 --> 00:15:37,040 +Marginal utility + +167 +00:15:37,040 --> 00:15:40,420 +theory. + +168 +00:15:46,860 --> 00:15:50,900 +To understand the marginal utility theory, let us + +169 +00:15:50,900 --> 00:15:52,980 +assume that we have the following example. + +170 +00:16:16,740 --> 00:16:19,980 +Seven. Three. + +171 +00:16:24,700 --> 00:16:29,520 +Only one + +172 +00:16:29,520 --> 00:16:37,220 +word. Five. Six. Seven. + +173 +00:16:42,200 --> 00:16:45,940 +Zero, one, two, three, four, five, six, seven, + +174 +00:16:46,080 --> 00:16:51,880 +eight, nine. Okay. Zero, one, two, three, four, + +175 +00:16:52,160 --> 00:16:55,240 +five, six, seven, eight, nine. + +176 +00:16:59,160 --> 00:16:59,160 +Okay. + +177 +00:17:16,390 --> 00:17:26,390 +Hotel Utility Zero + +178 +00:17:26,390 --> 00:17:30,630 +Twelve + +179 +00:17:30,630 --> 00:17:34,710 +Twelve + +180 +00:17:34,710 --> 00:17:38,070 +Fourteen + +181 +00:17:38,070 --> 00:17:43,030 +Twenty-eight Thirty Thirty + +182 +00:17:48,810 --> 00:17:56,130 +Okay. In this example, we are talking about the + +183 +00:17:56,130 --> 00:18:02,350 +consumer and this consumers or this consumer buys + +184 +00:18:02,350 --> 00:18:09,110 +different quantities of a product X, which is + +185 +00:18:09,110 --> 00:18:11,530 +medicine. + +186 +00:18:12,860 --> 00:18:17,440 +Let's assume it's a type of medicine. All right? + +187 +00:18:19,280 --> 00:18:20,220 +This medicine. + +188 +00:18:25,020 --> 00:18:27,520 +A drug for something. + +189 +00:18:31,560 --> 00:18:33,500 +For me, insulin. + +190 +00:18:38,600 --> 00:18:43,520 +When I Consumer. This is here the quantity + +191 +00:18:43,520 --> 00:18:46,960 +consumed. Q is the quantity consumed. + +192 +00:18:52,000 --> 00:19:01,360 +Or the quantity bought. Or quantity + +193 +00:19:01,360 --> 00:19:01,960 +demanded. + +194 +00:19:05,100 --> 00:19:12,990 +When I buy or use or consume zero units, The total + +195 +00:19:12,990 --> 00:19:18,390 +utility, total utility means... equals zero. + +196 +00:19:22,550 --> 00:19:31,230 +Let me take one unit. Let me buy one unit. The + +197 +00:19:31,230 --> 00:19:36,730 +total utility obtained or gained here equals five + +198 +00:19:36,730 --> 00:19:43,690 +units of utility. In general, The economists + +199 +00:19:43,690 --> 00:19:46,670 +disagreed on whether it was profitable or not. For + +200 +00:19:46,670 --> 00:19:54,830 +example, if you took insulin or ate an apple, was + +201 +00:19:54,830 --> 00:19:57,130 +it profitable? I benefited from it. But was it + +202 +00:19:57,130 --> 00:20:01,010 +profitable to take advantage of it or not? The + +203 +00:20:01,010 --> 00:20:03,310 +difference is that there are two schools. Some + +204 +00:20:03,310 --> 00:20:05,470 +people say you can take advantage of it and others + +205 +00:20:05,470 --> 00:20:11,360 +say it's unmeasurable. These people said They made + +206 +00:20:11,360 --> 00:20:15,940 +what's called a measurement unit. Yes, it's a + +207 +00:20:15,940 --> 00:20:18,720 +measurement indicator. They put it. They call it + +208 +00:20:18,720 --> 00:20:20,920 +the utility. This is by measuring the total + +209 +00:20:20,920 --> 00:20:24,040 +utility. It means that you took ... I used the + +210 +00:20:24,040 --> 00:20:26,120 +phone and benefited. It means that I talked to + +211 +00:20:26,120 --> 00:20:29,060 +someone. Or I bought a phone. There are benefits, + +212 +00:20:29,260 --> 00:20:31,260 +there are utilities that I took. I benefited from + +213 +00:20:31,260 --> 00:20:34,700 +it. Okay? But I don't know how much. This is an + +214 +00:20:34,700 --> 00:20:39,160 +apple. Someone walking in the desert saw + +215 +00:20:41,580 --> 00:20:44,280 +gallon of water. Okay? I came to drink the first + +216 +00:20:44,280 --> 00:20:46,420 +glass, then the second, then the third. The first + +217 +00:20:46,420 --> 00:20:50,820 +gave me benefit, the second, the third, the + +218 +00:20:50,820 --> 00:20:52,920 +fourth. If I don't drink after a while, I find + +219 +00:20:52,920 --> 00:20:55,980 +myself not getting better. Someone with him takes + +220 +00:20:55,980 --> 00:20:59,860 +medicine. The doctor told him to take three pills + +221 +00:20:59,860 --> 00:21:02,220 +a day. He took the first one, gave him benefit, + +222 +00:21:02,340 --> 00:21:04,700 +the second gave him benefit, less, maybe more, + +223 +00:21:04,880 --> 00:21:07,260 +third. If he took the fourth, he would have a + +224 +00:21:07,260 --> 00:21:15,450 +stroke. Okay? Now, Economists told us that we can + +225 +00:21:15,450 --> 00:21:18,290 +measure it. We want to put units for measurement + +226 +00:21:18,290 --> 00:21:22,270 +called utils. And those who measure them are the + +227 +00:21:22,270 --> 00:21:24,570 +total utility and the marginal utility. Okay? + +228 +00:21:25,810 --> 00:21:31,970 +Okay. Now, when the consumer consumes zero, the + +229 +00:21:31,970 --> 00:21:34,210 +total benefits or the total utility obtained + +230 +00:21:34,210 --> 00:21:40,870 +equals zero. One, five. Adding one more unit. + +231 +00:21:42,550 --> 00:21:46,730 +total utility + +232 +00:21:46,730 --> 00:21:49,270 +by 11 units total utility by 11 units total + +233 +00:21:49,270 --> 00:21:49,730 +utility by 11 units total utility by 11 units + +234 +00:21:49,730 --> 00:21:53,110 +total utility by 11 units total utility by 11 + +235 +00:21:53,110 --> 00:22:04,990 +units total utility by 11 units total + +236 +00:22:04,990 --> 00:22:12,370 +utility by 11 units total utility by 11 units5, + +237 +00:22:12,510 --> 00:22:17,790 +28, 6, 30, 7, 30. + +238 +00:22:21,650 --> 00:22:31,730 +What do + +239 +00:22:31,730 --> 00:22:40,690 +you see? The first unit added how many units? Five + +240 +00:22:40,690 --> 00:22:40,990 +units. + +241 +00:22:44,440 --> 00:22:51,420 +One more unit gives him six utils. Adding one more + +242 +00:22:51,420 --> 00:22:55,280 +unit gives him seven. Adding one more unit gives + +243 +00:22:55,280 --> 00:23:03,120 +him six. More unit, four. More, two. More, zero. + +244 +00:23:14,080 --> 00:23:18,500 +Okay? Okay. What's next? + +245 +00:23:21,480 --> 00:23:24,100 +This is an example of drugs. What I gave you is + +246 +00:23:24,100 --> 00:23:30,740 +GATE. After a while, the benefit becomes harm. In + +247 +00:23:30,740 --> 00:23:37,080 +this medicine, he prescribed 30 tablets of some + +248 +00:23:37,080 --> 00:23:41,540 +drugs. He said, you have to drink 30 pills. After + +249 +00:23:41,540 --> 00:23:43,820 +30 pills, he knew that after 30 pills, he had to + +250 +00:23:43,820 --> 00:23:47,600 +stop. If you don't give him anything after 31 + +251 +00:23:47,600 --> 00:23:52,300 +pills, the tablet number 31 will give him zero. + +252 +00:23:52,840 --> 00:23:55,700 +After 32 pills, you will give him zero. This is + +253 +00:23:55,700 --> 00:23:56,320 +what happened to me. + +254 +00:24:00,850 --> 00:24:06,250 +adding more units becomes hard, not benefits, not + +255 +00:24:06,250 --> 00:24:09,810 +utilities. Okay? So this number 7 that we added + +256 +00:24:09,810 --> 00:24:15,170 +has a minus. It has a negative effect on the total + +257 +00:24:15,170 --> 00:24:19,510 +utility. More minus 5. This is called marginal + +258 +00:24:19,510 --> 00:24:25,470 +utility. Marginal utility equals + +259 +00:24:29,360 --> 00:24:34,620 +A change in total utility over the change in + +260 +00:24:34,620 --> 00:24:41,120 +quantity consumed. Which means that the MU equals + +261 +00:24:41,120 --> 00:24:46,260 +total utility 2 minus total utility 1 over a + +262 +00:24:46,260 --> 00:24:49,220 +quantity 2 minus a quantity 1. This is the + +263 +00:24:49,220 --> 00:24:49,880 +formulary. + +264 +00:24:52,320 --> 00:24:54,860 +So let's calculate the marginal utility. + +265 +00:25:02,530 --> 00:25:06,590 +The marginal utility here. Total utility two, + +266 +00:25:06,910 --> 00:25:10,630 +total utility one, two, three, four, and this is + +267 +00:25:10,630 --> 00:25:14,290 +the quantity one, two, three, four. Let's + +268 +00:25:14,290 --> 00:25:16,930 +calculate the marginal utility. The first, no + +269 +00:25:16,930 --> 00:25:22,950 +changes. Number two, the marginal utility, five + +270 +00:25:22,950 --> 00:25:28,370 +minus zero, five over one minus zero. Then to + +271 +00:25:28,370 --> 00:25:34,170 +calculate MU one, MU for the first case, Five + +272 +00:25:34,170 --> 00:25:40,890 +minus zero over one minus zero equals five. Five + +273 +00:25:40,890 --> 00:25:44,670 +over one equals five. This is the first one. The + +274 +00:25:44,670 --> 00:25:45,090 +second. + +275 +00:25:47,930 --> 00:25:55,470 +Eleven minus five over two minus one. The marginal + +276 +00:25:55,470 --> 00:26:03,970 +utility. So, eleven mu two.11 minus 5 over 2 minus + +277 +00:26:03,970 --> 00:26:05,370 +1 equals 6. + +278 +00:26:09,130 --> 00:26:24,550 +11 minus + +279 +00:26:24,550 --> 00:26:34,290 +5 over 2 minus 1 equals 6. How many? Six, four, + +280 +00:26:35,770 --> 00:26:40,570 +two, zero, minus three, minus five. + +281 +00:26:48,070 --> 00:26:53,570 +Five minus zero over one minus zero, eleven minus + +282 +00:26:53,570 --> 00:26:55,550 +five over two minus one. + +283 +00:27:01,330 --> 00:27:10,330 +18 minus 11 over 3 minus 2. 24 minus 18 over 4 + +284 +00:27:10,330 --> 00:27:15,090 +minus 3. It's not always fixed. It's not always + +285 +00:27:15,090 --> 00:27:21,430 +fixed. To be + +286 +00:27:21,430 --> 00:27:25,140 +clear.I mean, sometimes we ask them a question, + +287 +00:27:25,280 --> 00:27:29,440 +for example, if there is zero, two, five, and so + +288 +00:27:29,440 --> 00:27:30,980 +on, do they do the calculation according to the + +289 +00:27:30,980 --> 00:27:34,720 +marginal derivative? If it was like this, zero + +290 +00:27:34,720 --> 00:27:37,640 +minus five over two minus zero, how much is the + +291 +00:27:37,640 --> 00:27:42,700 +marginal derivative going to be? 2.5, right? So, + +292 +00:27:42,780 --> 00:27:45,080 +I'm going to calculate five minus zero over two + +293 +00:27:45,080 --> 00:27:47,430 +minus zero. How much? + +294 +00:27:49,570 --> 00:27:55,090 +Eleven minus five over five minus three. Two, not + +295 +00:27:55,090 --> 00:28:03,570 +three. So here, + +296 +00:28:03,790 --> 00:28:05,310 +this is the marginal utility. +