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The video tutorial discusses how to label and reference an equation for future use. Using the example of solving the equation 3x^3 + 3x^2 - 6x, algebraic steps are taken to factor out 3 and X to get 2x^2 + x - 2. The label command is used to label the equation as 3, X, and factor poly. The reference command is used to reference these labels later. The "therefore" line has no number as it is not a step. The process is demonstrated by compiling the code.