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In this video tutorial, we explore the concepts of supply and demand in economics. Supply and demand in a market involve a balance between the amount supplied and the amount demanded. When the price of a product increases, the quantity demanded decreases as fewer people can afford it. On the other hand, if there is an excess supply in the market, more people can buy it. Linear models are often used to represent both supply and demand equations, where the quantity demanded is the dependent variable and the unit price is the independent variable. The equations for supply and demand look similar, with slight differences in terms of slope and variables used.
