Welcome to the second session of module 2, module 2 talks about specifically theory of demand. And in the previous class, we discussed about the nature and behavior of mainly two market forces, like we introduced the concept of demand. And in today's class, we are going to take some of the behavior of the demand typically, how the law of demand works, how the law of demand, what is the law of demand, in which case it is applicable, and also what are the forces that influences this demand. So, if you look at, if you go quickly, whatever we have done in the last session, so a quick recap of that is that, we define the demand, how one of the important market forces is demand, and what is the role of demand in the market. Then, we discussed the law of demand and different scenario, different situation, where the law of demand does not applicable, and there are, and again we discussed the different factors that influence the demand. And market demand also always the summation of the individual demand, that is the last topic, what we discussed in the last session. Today's class, we will see that, how there is a change in the demand. Till now, we have understood that demand is basically, there is a inverse relationship between the price and quantity demanded, and it gets influenced by few other factors like price of related goods income, the consumer, expected future price of the product, number of consumer in the market, and also the taste and preference by the consumer. Now, we will see why there will be change in the demand, whether this is due to change in the price associated with the product, or due to change in the other factors, those influence the demand. So, change in the demand is because of two reasons. One, when there is a change in the quantity demanded, and it occurs when there is a change in the price, and this change is generally reflected through a movement along the demand curve. And second one, when there is a change in the demand, it occurs when one of the other variables like determinants of demand, just now we are discussing the price of the related goods, or the consumer's income, or expected future price of the product, or any other factor, the non-price determinants, any other factor which is not price, if there is a change in those variables, that leads to change in the demand. So, if you look at between these two, the first one is change in the quantity demanded, because this is due to change in the price, and second one is the change in the demand, because of all other factors changing. So, the basic difference between these two if you look at, one we can represent along the demand curve, and the second case we cannot reflect the changes due to other factor along the demand curve, either the demand curve has to shift to the right or shift to the left. So, if why there is a change in the demand curve, either there is a change in the price, that leads to change in the quantity demanded, or there is change in the price of related goods, change in the consumer income, change in the taste and preference of the consumer, expected future price of product is going to change, or there is a change in the number of buyers in the market. So, if you look at in case of change in the price, represent a movement along the demand curve. So, this is between from one point to another point, and in case of income, in case of price of related goods, in case of taste, in case of expectation, in case of number of buyers, generally the demand curve shift to the right, if it is a case of increase, and if it is shift to the left, if it is a case of decrease. So, we will take a quick example, like in the last class also if you look at, we have drawn a demand curve considering P in the y axis and Q in the x axis, Q is quantity and P is price. So, if you take different point here, like suppose this you take P 1, this is P 2, this is P 3, this is P 4, and this is Q 1, Q 2, Q 3 and Q 4. So, you get different combination, and that combination gives us the demand curve. So, if you take all this point, then this is the demand curve. So, we get one combination P 1, Q 1, we get second combination P 2, Q 2, we get third combination P 3, Q 3 and we get four combination P 4 and Q 4. So, if it is a demand curve, now what happens if there is a change in the price? If the price moves from P 1 to P 2, if you look at, there is a change in the quantity demanded from Q 1 to Q 2. So, movement from point A to B, it is because of change in the price. So, in this case also there is a change in the quantity demanded, but the change in the quantity demanded is not moving or not shifting the demand curve, it basically just moving one point to the another point. Suppose, there is a at the same price, the consumer income is increasing. Even if the price is P 1, still the consumer will demand more, because the consumer has more purchasing power to buy the same product, same buy the more quantity at the same price. So, given P 1 fix at this moment, may be the consumer will buy Q 2, because there is a increase in the income of the consumer. So, when there is a change in the income and correspondingly if there is a change in the demand, that means it is the change in the demand is not because of price, the change in the demand is because of any other factor. So, in this case we get a point this. So, even if the price is P 1, the quantity demanded is Q 2. Similarly, even if this price is P 2, the quantity demanded is Q 3. So, in this case if you look at, you get a new demand curve that is D 1 and the shift in the demand curve is because of change in the income. So, giving the same level of price, if there is a change in the income and change in the income is increase in the income, that leads to increase in the quantity demanded, because income and quantity demanded they are positively related. The demand curve shift from D to D 1 and in this case there is a shift in the demand, there is no movement along in the demand curve. Similarly, if you look at for the other variables also, whenever there is a change in the price of related goods or whenever there is a change in the taste and preference of the consumer or any other factor which is non-price, the shift in the demand curve is goes to right. If it is a case of increase in the quantity demanded and it comes to left, if there is a decrease in the demand curve. So, if you will say generally if this is a demand curve, here we take quantity, here we take price. If there is a increase in the quantity demanded, the demand always shift to the right. If there is a decrease in the quantity demanded, the demand always shift to the left. So, this is the case of increase, demand curve shift to the right and this is the case of decrease when the demand curve shift to the left. So, now, we will take a specific example that in which case there is a change in the demand or in which case there is a change due to change in price and in which case there is that change in the demand is because of non-price determinant. So, if you have seen the graph, initially demand curve is D 0. Whenever there is a decrease in the demand it shift to the left and it becomes D 2 the demand curve is D 2. Whenever there is an increase in the demand, the demand curve shift to right and that is D 1. So, in case of increase in demand curve, it shift to the right and in case of decrease in demand curve, it shift to the left. Now, suppose we take a case of specific case, if there is a policy initiative how this change in the demand. A policy to discourage smoking shift the demand curve to the left. So, this is the case of the product is cigarette here. The price of cigarette pack is represented on the y axis and number of cigarettes smoke per day is represented on the x axis. The demand curve is D 1. When the price is 2, the quantity demanded is 20. Now, if you remember there is a ban on the public smoking before 1 year, the policy or the rule by the government is that there is ban in the public smoking. There is no change in the price. If the same price the quantity demanded has decreased from 20 to 10 now. Now, what is the reason here? What the reason here is that there is a change in the demand not due to change in the price rather due to change in the non price determinants. So, in this case because of government policy there is a ban on the public smoking which discourages the smoking and reduce the demand. Price even fixed at 2. Now, the quantity demanded moves from 20 units to 10 units and the demand curve shift to the left and the new demand curve is D 2. So, the price is fixed. The change in the demand is because of non price determinant, the demand curve moves from D 1 to D 2. So, a policy to discourage smoking shift the demand curve to the left price remain fixed. Now, suppose we take a different case that there is a imposition of the tax by the government. Now, what is the tax? The tax that raises the price of cigarettes resolved in a movement along the demand curve. Whenever there is a imposition of tax, the producer try to shift that to the consumer and how they shift this to the consumer through the increase in the price. So, in this typical graph if you look at the price is again represented on the y axis and the quantity the number of cigarettes smoke per day that is represented on the x axis. The demand curve is D 1. When the price is 2 the quantity demanded is 20 corresponding to point A and when there is a tax imposition of tax that leads to increase in the price from 2 rupees to 4 rupees following the law of demand there is a decrease in the quantity demanded from 20 unit to 12 unit. And in this case if you look at the change in the quantity demanded is solely due to change in the price because price increases from 2 to 4 that is the only reason that quantity demanded is shifting from 20 unit to 12 unit. So, this case the change in the demand is represented through only in the movement and the demand curve from one point to another point basically representing two combination two price and quantity combination one combination. When price is 2 rupees quantity demanded is 20 unit and in the second combination when price is 4 rupees the quantity demanded is 12 unit. So, two points to remember here point 1 when the change in the demand is due to change in the price the shift is between one point to another point in the demand curve. So, the change is represent through the movement along the demand curve from one point to another point. And second point is when the change in the demand is due to change in the non-priced determinants of demand like any other factor a part of price the movement or the change in the demand is represented through the shift in the demand curve. If there is a increase in the demand curve that leads increase in the demand that leads to the shift in the demand curve to the right and if there is a decrease in the demand that shift to the demand curve to the left. Now, we will come to the second market force that is supply forces. So, if you remember in the beginning of the session that that market forces is always governed by the demand and supply forces and they generally set the rule for the market mechanism or the market mechanism works on the basis of supply and demand principle. We will discuss the second forces of market that is supply and to define supply we can say that this refers to various quantities of the good which the seller is willing and able to sell at different prices in a given market at a particular point of time. So, time being fixed prices are different and at different prices what is the exact quantity the producer is willing and able to sell that is supplier. So, if you look at again it goes to the basic principle of demand that it is not only the supply is dependent only also the producers willing to sell and able to sell. So, when it comes to willing to sell the whatever the price that is give some profit to the producer and when it comes ability to sell whether the producer has the ability to sell or ability to produce the product or not. If the producer has the ability to produce the product generally they sell it in the market if they are getting a good price that leads to the willingness to sell in the market. So, supply it refers to various quantity of goods and services which a seller is willing and able to sell at the different prices in different market or may be in a given market at a particular point of time. Now, what is law of supply as you remember that price and quantity demanded is always inversely related other things remaining constant. So, following the Sattery Paribas principle Sattery Paribas means everything is everything every other things is equal the law of supply state that the quantity supply of a good increases when the price of good increases. So, in this case if you look at the economic law for supply relationship between the supply and price is there is a positive relationship between the price and the quantity supply more is the price more is the quantity supply. But in case of demand if you remember there is a inverse relationship between the price and quantity demanded more is the price less is the quantity demanded and less is the price more is the quantity demanded. In case of supply more is the price more is the quantity supply less is the price less is the quantity supply. And the logic is also quite clear that if the price is more the seller will sell more in the market because they will get more profit if price is low they will prefer to sell low because they are not getting more profit price is low. So, if you take a typical example when the price of good decreases from 25 rupees to 10 rupees the quantity supply decreases from 31 rupees to 16 rupees. So, when price was 25 the quantity supply is 31 and when price is 10 the quantity supply is 16 which goes according to the basic principle of law of supply that when price is more quantity supply is more and when the price is less quantity supply is less that gives us in term of the number also price is 25 quantity supply is 31 price is 10 and quantity supply is 16. Now, we will discuss what are the factor that influence the supply the first factor which influence the quantity supply is price of the goods and services. So, just in the previous slide we are talking about that how the price and quantity supply they are related to each other if price is more quantity supply is more price is less quantity supply is less. So, they are positively related price and quantity murdered they are positively related. So, the first factor influence the supply is price because the seller or the producer they always look for profit when they are producing in the market and selling in the market. So, if price is more they are going to sell more. So, the first factor which influence the price influence the quantity supply is the price of goods and services. The second factor which influence the supply is input prices like how input prices is influencing the supply input price is 1 this is the input for the output. So, whether the input is land whether the input is labour whether the whether the input is capital whether the input is technology whether the input is entrepreneurship the more is the price of those inputs it is more costly for the producer to produce. And if price remain fixed input price is more the difference between the cost of production and market price comes down and that leads to less profit to the producer. So, in this context if the input price is increasing the supply is less because if you are keeping all other thing constant in the producer is not able to increase the price with the increase in the input prices they will prefer to supply less because they are not getting a good amount of profit if input price is on a higher set and the market price is remain constant. So, input price is increasing generally the quantity supply decreases and if input prices is decreasing the quantity supply is more because the because the gap between the input price and the market price is more and they get more profit. So, input price and quantity supply they are inversely related. Then the third factor is price of goods related in the production. Now, what is the price of goods that is substitute and the complementary good? If substitute good is supplied more then the this typical good has to supply less. So, there is inverse relationship between the substitute good and this good price of substitute good and this and there is a positive relationship between the price of complementary goods and the price of between the quantity supply of this typical good. Similarly, technological advances if the good technological advances if technology is good there is a progress that leads to more supply in the market. If expected future price of the product it works if there is a increase in the expected future price of the product is going to increase the supply less and if the expected future price is going to decrease the supply more. So, again the relationship between the quantity supply and the expected future price of the product is inverse and number of firms producing the product more the number of producer in the market more the number of seller in the market the quantity supply is more. Then we will come to a supply function and supply function at this point if you are keeping all other variables which influence the quantity supply remain fixed only if it is a relationship between the price and quantity supply which comes directly between the law of supply all other things remaining constant. Law of supply says that there is a positive relationship between the price and quantity supply. Following that if you formulate a supply function which shows a relationship between price and quantity supply quantity supply is a function of p. So, if you are taking a supply function where q s is equal to 10 p x if value of p x takes 2 then q s is 20 if the value of p x is equal to 5 q s take 50. So, if you look at in the supply function also the price quantity supply is dependent on the price and it is positive there is because there is a positive sign there is no negative sign over here. So, they are positively related and q s is equal to 10 p x means always if the whatever the price of quantity supply is multiplied by that number. Now, if you consider the generalized supply function which includes all the variables which influence the supply. So, if what are the variable that influence the supply the first one is price of the product that is represented through k p h is the value of intercept p is the price of product p i is the input price p r is the price of related goods in the production whether it is a substitute good or whether the complementary goods t is the technological advances p is the expected future price of the product and f is the number of producer in the market. So, there is one variable attached with each variable in terms of parameter.  So, all these variables like k l m n r and s they are the slope parameters and what is the role of slope parameters in case of a generalized supply function it measures the effect on quantity supply of changing one of the variable while holding the other constant. So, suppose what is the role of k or how k is being used k will measure the effect of quantity supply of changing when there is a change in the price. Similarly, what is the role of l l will measure the effect on quantity supply when there is a change in the input price m will measure the effect on quantity supply when there is a change in the price of related goods. Similarly, n will measure the change in the quantity supply when there is a change in the technological advances r will measure the effect on quantity supply when there is a change in the expected future price of the product and s will measure the effect on quantity supply when there is a change in the number of producers in the market. And how we represent the signup parameters? The signup parameter shows how variable is related to quantity supply. Positive sign indicates there is a direct relationship between that variable and quantity supply. And negative sign indicates there is an inverse relationship between that typical variable and the quantity supply. Now, we see that how both the variables, all the variables, all the factors, those influence the supply, how they are related with supply. The first variable is P, price of the product directly related to quantity supply. And the value of the slope parameter del Q s by del P is positive. Input price is inverse related with the quantity supply. The value of slope parameter is del Q s by del P a is negative because there is an inverse relationship between the input price and the quantity supply. The related price of the goods, other goods in the market, the relationship is inverse for the substitute and direct for the complement. How this is inverse for the substitutes? So, this is substitute goods. So, when the price of related goods increases, that leads to quantity of the related goods to decrease. Because their inverse related price and quantity supply, sorry the price and quantity demanded their inverse related. But how they are related with the quantity supply? Quantity supply is positive. So, whenever the price of related goods increases, quantity demanded decreases but quantity supply increases as price and quantity they are positively related. Now, how this will affect this quantity supply of this typical good? Since the substitute good is supplying more, in this case price there is no increase in the price, there is only increase in the price of related goods, the quantity supply of this will decrease. How this work for complementary goods? What is the nature of complementary goods? Complementary goods each one good, if two goods are complementary, one good cannot be consumed with other goods. So, in this case if the price of related goods increases, that leads to quantity demanded of quantity supply of the related goods increases and that also leads to increase in the quantity supply. Because if there is a demand for this, there is a supply of this, again there is a supply for this quantity supply. So, again it is the same logic for the quantity demanded also that complementary goods it cannot be consumed individually, if one cannot be consumed without another. So, in case of relationship between the quantity supply and the price of substitute good and the price of complementary goods, it always inverse for the substitute, the price of related good and the relationship to the quantity supply. And if it is a case of complement, it is always direct, because more is the quantity supply of the complementary good, more is also quantity supply for the this typical good, for what we are discussing the factors. In the first case, this is negative, the slope parameter is negative, in the second case the slope parameter is positive. Now, technological advances, the relationship is direct to the quantity supply, more is technological advances, more is the quantity supply, expected future price of the product. If the expected future price of the product is going to increase, quantity supply will decrease. Now, because the producer or the seller they will feel more, they will get more profit if they are going to postpone their sale in the market. And if it is going to decrease, they will prepone all their sale and they will sell more now. So, the relationship between the quantity supply and the expected future price of the product is inverse and the slope parameter R that is del Q s by del P that is negative. Coming to the last factor that influence the supply function, that is the number of producer or the number of sellers in the market. And how they are related to the quantity supply, they are directly related to the quantity supply, because if there are more producer, more seller, generally the market supply is more and also the individual firm as a summation of the individual firm, the market supply is more and they are directly related to the quantity supply. Here the slope parameter S that is del Q s by del F is positive. So, this is how all the factors that are related to quantity supply, some of them are directly related and some of them are inversely related with the quantity supply. Now, we will see what is a supply schedule. Supply schedule is a table that shows the relationship between the price of the goods and the quantity supply. So, this is nothing but when you take the exact quantity, exact number of a price and quantity supply in different time period or if it is a trend, if you are giving a trend that how the price and quantity supply they are related that shows through a supply schedule. So, if you take this specific example of the supply schedule, when the price is 0, this is the case of the product is ice cream cone over here. So, the price of ice cream cone is represented in the first column and the quantity of cone supplied is represented in the second column. If you look at when the price is 0, the quantity of cone supplied is 0, the simple logic over here is that if there is no price for the product, producer is not going to produce the product and they are not going to supply also. When the price is 0.50, still the quantity supply is 0, maybe we can explain this in this way that if this is 0.50, the producer is not getting their share of profit or it is not profitable for them to supply in the market and that is the reason they are not supplying it. So, one is 0, another is 0.5. So, one understanding from here is that when they are not getting profit by supplying in the market, they will not supply in the market. In the third case, when the price of ice cream cone is 1 rupees, the quantity supply is 1 unit and similarly when the price goes on increases from 1 to 1.5, 1.5 to 2, 2 to 2.5, 2.5 to 3 and look at the second column, the quantity of cone supply unit generally goes on increasing that is 1 to 2, 2 to 3, 3 to 4 unit and 4 to 5 unit. Now, looking at the basis as the law of supply that the price and quantity supply is positively related, in this case also you can get an evidence of that. If there is a increase in the price, that leads to increase in the quantity supply in the market and that is become evident when we are discussing about the supply schedule. So, this is the case of the individual supplier schedule. Now, if you say how you find the market supply schedule, when the number of firms are more in the market. Suppose, there are two producers, they are producing the ice cream cone and they are supplying it in the market, assuming that producer and seller they are the same entity. So, in the first column there is a price, in the second column the quantity supplied by seller A, third column quantity supplied by seller B and if you are assuming that in a market there are only two supplier, summation of the quantity supply of both the supplier A and B that will give us the total market supply. So, if you look at when the price is 0 or price is 0.5, the market supply or the total market supply is 0 because none of the supplier is supplying the ice cream cone when the price is 0. Similarly, when the price increases from 0 to 0.5 to 1 to 3, if you look at both the cases supplier A and B, there is a increase in the quantity supply and if you take a summation of supplier A and supplier B, assuming there are only two supplier in the market, the market supply is represented in the last column and that is the total market supply of ice cream cone at different price level in a given period. So, given period can be a month, given period can be a week, given period can be a year. So, generally market supply is the total quantity supplied by different seller in the market at different prices in a given period represented through the market supply. Now, we will see how we graphically we can explain the relationship between the price and the quantity supply. That through a supply curve and supply curve is a graph of the relationship between the price of goods and quantity supply. So, mathematically we do this through a supply function, what is the exact quantity at the different price and the quantity demanded and graphically we will see how the supply curve will look like, assuming that the law of supply is valid that there are positive relationship between the price and quantity supply. So, if you look at if you are taking directly the data from the supply schedule, y axis gives us the price of ice cream cone and x axis gives us the quantity of ice cream cone. So, in the price you start from 0, then it is 0 from 0.5, 1, 1.5, 2, 2.5, 3, price is increasing and with the increase in the price the quantity supply is also increasing. So, if the price is 0 quantity is 0, if the price is 0.5 again quantity is 0.5 and similarly when price is 1 each point, each bullet point on the curve that shows a price and quantity supply combination. So, since there are positively related with each other price and quantity supply, the supply curve is always upward sloping, because there is a positive relationship between the price and quantity supply. More is the price, more is the quantity supply, less is the price, less is the quantity supply. So, as contrast to the demand curve which is always downward sloping because the basis is inverse relationship between the price and quantity demanded, in case of supply there is always a positive relationship between price and quantity supply and that is the reason the supply curve is always upward sloping it has got a positive slope. So, now we will see what are the the factor that decides the quantity supply. As we have already discussed price, input price, technology, expectation and number of sellers. These are the factors or these are the determinants of the quantity supply. So, we know that supply curve is upward sloping it has a positive slope, but when there is a change in any of this factor which determines the quantity supply, whether it is price, whether it is input price, whether technology, whether it is expectation of the future price, number of sellers or may be the price of the related goods in the market, whenever there is a change in the those one of those variable, how there is a change in the supply. So, the logic is again uniform like in case of demand curve, if there is a change in the price, the change in the quantity supply is just from one point to another point, but if the change is because of non-price determinant if there is a change in the input price, there is a change in the technology or change in the any other non-price determinant, the supply curve will shift to the right or to shift to the left. If it is shift to the right in case of increase, it shift to the left in case of decrease. So, this is the shift in the supply curve, initially the supply curve is S 0, supply increases. So, supply curve moves to S 1, supply decreases and supply curve moves to S 2. So, shift in the supply due to non-price determinant not due to change in the price, rather due to change in the other factor which influence the supply. If because of that quantity supply is increasing, the supply curve will shift from S 0 to S 1 to the right. Because of those variable, if supply is decreasing, supply will move to left, the shift in the supply is to the left and that is from S 0 to S 2. Now, what will happen if there is a change in the price. So, if you look at, this is our supply curve. Here we take the price, here we take the quantity supply. So, in the previous slides as we have seen that if there is a increase in the supply, then supply curve will shift to the right. If there is a decrease in the supply, supply curve will shift to the left. So, this is the case of increase in the supply, this is the case of decrease in the supply. Now, what will happen exactly if there is a change in the price. These two scenarios exist when there is a change in the supply due to non-price determinant of the supply. Now, there is a change in the price, suppose this is the original supply curve and we get different points like this is suppose P 2, Q 2, Q 3, P 3, Q 4, P 4. So, price is P 2 quantity demanded if Q 2, if price increases from P 2 to P 3 quantity demanded moves from Q 2 to Q 3. If price increases from P 3 to P 4, again there is a increase in the quantity demanded from Q 3 to Q 4. So, if you look at, this is one price quantity supply combination, this is second price quantity supply condition and this is third price quantity supply condition. Now, what will happen when there is a change in the price. So, this is price and quantity supply combination. If there is a change in the price, if the price is increasing from P 3 to P 4, the movement is only between the supply curve between two different point of the supply curve that is from point A to point C. And if there is a decrease in the price again, suppose from P 4 to P 3, the movement is again along the supply curve from the point B to C. So, two points to remember again in case of supply also, if the quantity supply is increasing due to change in the price of price or quantity supply is decreasing due to change in the price, the movement is along the supply curve. And if the quantity supply is increasing due to non-price determinants, then there is a shift of the supply curve to the right. And if the quantity supply is decreasing due to non-price determinants, the shift is to the left of the supply curve. So, we have discussed about the demand, we have discussed about the supply. These are the two market forces generally that governs the market mechanism or that may be the principle of market demand forces and supply forces leads to the may be the working of the market system. Now, we will see how they reach to the equilibrium or how the market reaches to the equilibrium, assuming demand behaves in the similar manner how we have discussed and supply behaves in the similar manner how we have discussed just couple of minutes back. Now, what is market equilibrium before analyzing that how the demand forces behaves or how the supply forces behave, what is market equilibrium? Equilibrium refers to a situation in which price is reached the level where quantity supplied also equals to quantity demanded. So, if you look at if you plot now both the market demand and market supply in the graph, let us consider this is quantity supply, quantity supply quantity may be demanded or we can say this is quantity, this is price. Demand curve is downward sloping, supply curve is upward sloping, demand curve is downward sloping because there is a inverse relationship between the price and quantity demanded and supply curve is upward sloping because there is a positive relationship between the price and quantity supply. Now, the point at which demand curve intersects the supply curve, this is the point of equilibrium and this is the equilibrium price and this is the equilibrium quantity or sometimes we use the word interchangeably market clearing price and market clearing quantity. Now, so what is equilibrium? Equilibrium is a situation where the price has reached that level where the quantity supply is just equal to the quantity demanded. So, the equilibrium price is 1 or the price is 1 where at that price whatever the supplier wish to or would like to supply in the market that is the exactly equal to the whatever the consumers demand from the market for that typical product and corresponding to that that typical quantity is known as the equilibrium quantity and that typical price is known as the equilibrium price. So, equilibrium is a situation where equilibrium price the price reached to such a level where the quantity supply by the supplier is just equal to the quantity demanded by the consumer. So, market equilibrium is generally leads to equilibrium price and equilibrium quantity and it is determined by the intersection of demand and supply curve and at the point of intersection as we seen in the graph the quantity demanded is just equal to the quantity supply. At this point consumer can purchase all they want and producer can sell all they want at a market clearing price. So, the equilibrium price is also known as the market clearing price and at this price consumer can purchase all they want and producer can sell all they wish to sell in the market at the market clearing price. So, equilibrium point is 1 where the price level has reached such a level where the quantity supply is just equal to the quantity demanded. So, corresponding to the intersection point of the demand curve and supply curve we get the equilibrium point corresponding to that point the point on the x axis gives us the equilibrium quantity and point on the y axis that gives us the equilibrium price. At this price consumer can purchase whatever they want and producer can sell whatever they want in term of the quantity. Now, we will just extract whatever the demand schedule we discussed during discussing the discussion of demand and supply schedule when we discussed during the when we are trying to introduce the concept of supply. So, if you remember the first part gives us the demand schedule price and quantity they are negatively related they are inversely related to each other and second part gives us a supply schedule where price and quantity demanded they are positively related. So, if you look at carefully the schedule both the demand schedule and the supply schedule at rupees 2 the total market supply is equal to the total market demand. So, at the rupees 2 the total market demand is 7 units and at rupees 2 the total market supply is 7 unit. So, we can say rupees 2 is the equilibrium price or the market clearing price where the quantity demanded is equal to the quantity supply and 2 rupees as the equilibrium price and 7 unit as the equilibrium quantity. So, graphically this is the equilibrium of supply and demand as we discussed supply curve is upward sloping demand curve is downward sloping the point at which demand curve intersect the supply curve which become the equilibrium point corresponding to that we get the equilibrium price and in the y axis and we get the equilibrium quantity in the x axis. So, equilibrium quantity is 7 units and equilibrium price is 2 rupees specifically in this case. So, for the demand is equal to supply there is a market reaches the equilibrium. How long this can continue how long the demand can be equal to supply may be a situation arises where there is a surplus in the market because quantity supply is more than quantity demanded and sometimes it happens that there is a shortage in the market because quantity demanded is more than quantity supply. So, till the time demand is equal to supply there is equilibrium, but there is also deviation from the equilibrium at any point of time if quantity supply is more than quantity demanded or quantity demanded is more than quantity supply. We will take the first case where the quantity supply is more than quantity demanded and this situation is generally known as a surplus situation and how this happens when the price is greater than equilibrium price quantity supply is more than quantity demanded because the price is more than equilibrium price price and quantity supply they are positively related more is the price more is the quantity supply. So, at any point of time the price charge in the market is greater than equilibrium price than the quantity supply is greater than quantity demanded which leads to excess supply or a surplus in the market and how to come out again how to come out of the surplus situation and reaches the equilibrium producer try to lower the price to increase the sales and that leads to again the equilibrium. So, this is the case where if you look at the supply is more than demand and why supply is more than demand because the price is more than equilibrium price that leads to a situation of the surplus and how to come back the equilibrium again the supply will reduce the price and if the supplier is reducing the price as the basis of log demand whenever there is a decrease in the price that leads to increase in the quantity demanded. So, supplier will lower the price that will lead to lower in the quantity supply as contrast to that that will increase the quantity demanded because price is decreasing and that will lead that will lead to again to a situation where the quantity demanded is equal to quantity supply and market will reach to the equilibrium. The second situation is shortage when price is less than equilibrium price than the quantity demanded is greater than quantity supply. So, this is the second type of situation when the price goes below the equilibrium price and what the log demand says if there is a decrease in the price there is a increase in the quantity demanded. So, the same thing happens over here when the price is less than equilibrium price the consumer will demand more because price is on a lower side that leads to increase in the quantity demanded and quantity supply decreases because price is low and since price and quantity supply it is positively related the supplier will also reduce the supply. So, more is the quantity demanded less is the quantity supply and that leads to a increase in the quantity demanded and decrease in the quantity supply. So, price is greater price is less than equilibrium price quantity demanded is more than quantity supply. Now, what is the outcome? Outcome is there is excess demand or a shortage. Now, how to come out of this situation and how to reach equilibrium again supplier will increase the price. If there is a increase in the price that reduces the quantity demanded again the basis is law of demand. Increase in the price leads to decrease in the quantity demanded increase in the price on the other hand increases the quantity supply. So, that leads to again to a equilibrium because supplier is increasing the price that will increase the quantity supply and also that will decrease the quantity demanded. So, again the equilibrium will be reached when the quantity demanded is equal to quantity supply and here the here to come out of this shortage situation again there is a again there is a initiative by the supplier to increase the price. So, graphically this is the representation of the graphically this is the representation of the excess supply where the supply is more than demand and there is a surplus situation. How it happens? So, initially the equilibrium point is 7 units equilibrium price is 2 rupees. If price is 2.5 which is more than equilibrium price the supply increases from 7 units to 10 units and the demand decreases from 7 unit to 4 units. The gap between the 4 units and 10 units that is the surplus because the quantity supply is more than quantity demanded. Then the second situation excess demand the graphical representation of that price has decreased from the equilibrium price. So, equilibrium price is 2 price has decreased from 2 rupees to 1.5 less is the price more is the demand 1.5 is the price 10 rupees 10 units is the demand sorry 4 yes 10 units is the demand and what happens to supply? Supply decreases from 7 units to 4 units because less is the price less is the quantity supply. The gap between the 4 units quantity supply and 10 units quantity demanded that leads to shortage in the market. And again how to come back to the equilibrium again here the supply will increase the price which leads to increase in the quantity supply and leads to decrease in the quantity demanded and which will eventually lead to the equilibrium between the quantity supply and the quantity demand. Now, we will see what happens when there is a change in the demand and when there is a change in the supply. So, if you look at 7 is the equilibrium quantity 2 is the equilibrium price. Now, suppose demand increases why there is a increase in the demand? So, this is the case of your price of ice cream cone again hot weather increases the demand for ice cream demand increases from D 1 to D 2 and what is the what is the change in the quantity demanded the change in the quantity demanded is 7 units to 10 units. What happens to price since there is more demand the supplier will increase the price. So, price increases from 2 rupees to 2.5 and again quantity also increases from 7 units to 10 units. So, supply remain constant if there is a increase in the demand that leads to increase in the price and also increase in the quantity demanded. Then we will see that how there is a when there is a decrease in the supply how it affects the equilibrium. So, initially demand curve is given by demand supply curve is given by S 1 initial equilibrium is at 7 units. Suppose there is a technical failure and that reduces the supply of the ice cream leads to decrease in the supply decrease in the supply leads to a shift in the supply curve from S 1 to S 2 new equilibrium point the quantity is quantity is 4 the price is 2.5. So, a technical failure reduces the supply of ice cream which results in a higher price because supply is less demand remain constant price increases from 2 to 2.5 and quantity decreases from 7 units to 4 units. So, whenever there is a decrease in the supply that leads to increase in the price and increase in the decrease in the quantity demanded. Next we will see what is the shift in the both supply and demand in the next session because still now we are just looking at what happens when the supply remain constant demand increases or decreases and when demand remain constant when there is a decrease or increase in the supply what happens to the price equilibrium price and what happens to the equilibrium quantity. So, in the next session we will see when there is a simultaneous shift in the both supply and demand what happens to the equilibrium price what happens to the equilibrium quantity and the movement in the price and quantity demanded in which direction whether it increases whether it decreases.


Welcome back to the house human services committee on Thursday, February 24th. This is our last committee segment of the day and we are continuing our research and testimony on what we can do and what the landscape is out there in terms of opioid overdose crisis response. And we have with us this afternoon, Dr. Dr. Maruti who is an addiction from addiction medicine psychiatry at UVM MC. Dr. Maruti, thank you. Thank you for being here. Thank you. Representative you and thank you to the committee for this opportunity to be present here. As you all know, we are in the midst of an epidemic here in Vermont in terms of the morbidity and mortality associated with drug overdoses and I'm very grateful to the committee for allowing me this opportunity. Drivers for this are very complex, as you know, we are in the midst of a pandemic that has affected all walks of life and multiple layers both of our society and a societal level but also individually. This has had a downstream effect where people are in greater and greater isolation and people who needed services who needed care, who were just holding on are now having difficulty accessing those services, or in some cases, having a much greater difficulty in just living their own lives in terms of their jobs access to finances and access to their own organic supports. So, these things are all connected there's a domino effect. So, we're moving into the increased potency of synthetics such as fentanyl that are more available, along with the admixture with other synthetic creations such as crystal meth. So, many things are combining and unfortunately where it leads to is greater morbidity or and mortality. And, you know, the fact that the committee feels that this is important is a good step towards the honoring the memory of those who have passed away, and honoring the loved ones of those people who will remember that absence for the rest of their lives. So, the solutions themselves are complex, the solutions themselves are complex. And if we think about immediate remedies and we think about sort of midterm long term remedies. One can really think access to treatment access to safe spaces is really what we need on a immediate level. So long term and long term, what we really need is to be investing in the infrastructure. The entire continuum of support from education on to workforce training, so that we can have people in Vermont, be able to both access services that are high quality, but also people who want to get involved, have the ability to have those jobs, so that they can stay here. So, those are sort of some opening thoughts, and I would welcome your questions and comments and look forward to those. Thank you. Thank you. Thank you very much. Dr. Maroudi. When you talk about, I will start with a question and then turn it over to other committee members. When you talk about the immediate need is access to treatment. Are there steps we can take that will improve access to treatment. You know, I think in terms of the immediate need. There are a number of infrastructure aspects that are already present, which a lot of very good people staff, everything from the different layers, whether it is the community areas such as the providing points which are nonprofit, along with the various hubs of care that are distributed throughout Vermont, along with the designated agencies, along with the tertiary medical centers, the EMS services. So, those many of those are in place. However, we're finding is that people are not able to access them in a timely way. So, in an immediate sense, perhaps, some of those sort of institutions can have some support in having a more proactive outreach so those people could be identified. I know that the mayor of Burlington has convened task forces and committees related to this I was on one earlier this week. So I know that people are aware and are doing things but I think definitely going with what's available and having a little bit more proactive outreach. Getting people into treatment, getting people into treatment in a timely way has been affected unfortunately by COVID very directly so there are places where staff are out because of COVID. They're not able to take people in a timely way. So those things where if we have greater workforce and greater redundancy. The system can keep moving, but really in the short term I think greater outreach, as well as just greater awareness, maybe there are people who are not aware of what services are available. And those things can hopefully help mitigate some of the difficulties. Thank you again for being here today. I, we heard earlier today from a few different folks from Burlington who talked a bit about removing prior authorization for quicker you know being able to have make things happen a lot quicker and I wondered what you thought about that and what the, you know, just gave us some advice on how to possibly move forward on that. Yeah, I think the more friction points we can remove, the better it is, the better it is for the patients, the providers and the systems. Removing friction points is not equivalent to removing safeguards and, but it's really, for example, if you have a prior author and you have to go through that process and it is 444 on a Friday evening. And somebody's out of the office in order to be able to provide that, or has that specialty training in order to do that, then that patient may languish without receiving their prescription. So, having that ability removed I really appreciate that sentiment and I agree with that that having less prior authorizations can be very helpful. Thank you Madam Chair. Dr. Maruti, you said that the other immediate concern or thing to address is safe spaces for folks who are using drugs. Can you expand on what that would look like as an immediate response. Yeah, you know, I think that people need alternatives to being in spaces where there's a preponderance of drugs, or the ability to access them. I have, you know, people who I know who work at Turning Point patients who have really benefited from those type of spaces, these are sober spaces where a person can come non judgmentally can come there, have a place for relaxing recreation support, along with having job training counseling, the ability to put a resume together. So those type of, I almost call them OACs in the middle of the desert can be really very, very encouraging for people and create a safe and positive alternative. And thank you for that one I appreciate the need for sober spaces, especially for folks who are in recovery. The other piece that came up in earlier testimony was was kind of on the opposite end of that and folks who are actively in addiction and the movement towards overdose prevention sites and I would love to get your insight and thoughts on those. Well, as you know it's a it's a complex topic and it creates very strong feelings. There are places in the world and in our country and other countries where people have access those and have been able to receive support as they're using. You know, as a psychiatrist one of the things that we think a lot about is motivational interviewing, which is we try to meet people where they're at. And that if there's evidence for something, and there is community support for it. That's, that's really important that's really critical. But the other aspects that I mentioned like I said those turning points like I said, having greater access to things like Narcan having greater access to fentanyl testing strips. We also need to be concurrently supported and encouraged. Thank you. Another. When you talk about greater access to treatment and idea that we have heard about is a mobile van. In other words, rather than having a brick and mortar hub, for lack of a better term that there is a van that goes around to wondering what you think of something like that. Yeah. As you know, what we need is innovation. We need innovation quickly in this space so that we're able to prevent more needless deaths. So, there's some complex federal laws that are in place, and as long as we can have sort of respect for those and have our sort of legal councils that initiatives that we are in accordance with those having greater outreach and that's what I was saying that having greater outreach, whether it is for testing, whether it is for treatment, whether even if it is for a warm contact can be a very good thing. We live in a rural state. We are seeing increases in fuel prices happening, even in the most recent few weeks. And these are all things that trickle downstream. We live in a state where people have a difficult time, leaving their jobs, and we tied up at different places so anything that can increase outreach can only build good bridges for people that need it the most. I have another. We heard a lot of suggestions or ideas this morning and so I'm throwing them at you to hear what your views are in terms of them, and you talked about sort of safe spaces or sober places or recovery centers and one of the suggestions that we heard this morning was to have a, for lack of a better term, a separate type of sober space for people coming out of the criminal justice. People coming out of jail. And on some level, that sounds very good. And the other, the argument against it might be that you're, you're, you're separating out of a group of individuals that maybe we need to put with others. And that maybe it would be in competition to the other recovery centers. I don't know. But I'm curious from the point of view of, you know, you as an addiction medicine expert or practitioner, think about having a sort of population specific recovery center. I think that, you know, when something is population specific, if it's value added, if it can encourage treatment if it can encourage access, that's something I definitely support so for example, if it is somebody who has a history of trauma. And they are able to feel safer in a, let's say, women's only area or LGBTQI specific safe space. So anybody who's underrepresented or marginalized, there's virtue in that. However, this condition, it goes across economic lines, it grows across gender, it goes across ages. And, and there's a lot to be gained a lot to be learned from having it be more of a open access community space where everybody is on a road to recovery. And that people come at it from different places. So it's a little bit of a both and answer but if there's a biologic or clinical or medical rationale that can support recovery that can support safety support access, then it could be a good thing. But overall it should be as open and as accessible as possible. Thank you. Thank you. This is, this is very helpful. I appreciate it. I'm looking. Oh, I'm sorry. Representative McFawn, you have a question. Thank you Madam chair. Dr. Could you talk a little bit about the use of fentanyl in somebody's treatment program. Do you feel that's appropriate, or how do you feel it should be used, you know that kind of just talk about the actual use of fentanyl. Yes, fentanyl. It is a really, really powerful and aesthetic. And it is really if it is used it's in a very highly monitored operating room or ICU type of setting under great clinical vigilance and monitoring. So in terms of opioid use disorder, the FDA approved medications are more in the category of methadone, or the morphine or naltrexone. So, are you saying that you probably don't think it's a good idea to use fentanyl in in anybody's treatment and in an addicts treatment program. The FDA approved for that. So, you know, there's no way that, you know, I mean the studies need to be done and and really, it is so powerful that it needs very very strict monitoring so really as as prescribers fentanyl patches. Oh, you're just you're talking fentanyl patches. So again it's not FDA approved for treatment of any addiction it is FDA approved for pain management.  Would you mind if I clarify your question I think I understand where you're coming from based on earlier testimony, which was that and helping folks to be on buprenorphine to allow an off label use of fentanyl patches as a way to get on to buprenorphine and not have an exaggerated reaction or immediate withdrawal which could actually push folks away from using that treatment and long term. It might be a new idea coming in and harm reduction model. I think that as prescribers, we are under a great DEA scrutiny and vigilance for any medications that we prescribe, but specifically controlled controlled substances controlled medications.  Thank you. Thank you. I just one, I think just one more question you never know. Dr. Maruti, what I'm understanding most from your testimony today is just how complex this issue is and I think, I think we all understand it and are hoping to take action. Next week and a half or so through legislation and so my question is if there is one action that we could take as a legislative body right now to make a change in Vermont to impact and reduce overdose deaths. What action would you suggest that we take an action that can be implemented in the next week and a half. I wish it could be implemented in the next week and a half, but from a legislative perspective we're putting the legislation together. So it could be implemented in the next six months to a year, the next six months as quickly as possible. Yeah, I have so much respect and gratitude for the way we do things in Vermont, which is it's very community oriented. It's a great tradition of helping each other looking out for each other. The designated agencies that are really at the front lines and I have the privilege of interacting with them once across the state actually have much of the infrastructure in place, but they also require more support from us. And I think that if if we were to be able to engage them. They are really in the front lines in the front lines of everything from addiction but also co occurring mental health conditions, and they are very very connected to the local communities.  So I think that's for me in terms of highest yield that could be a really good starting point of really getting a similar type of assessment and needs assessment of okay what is really needed if you could have one thing in your mobile van. Is it the ability to staff your center so it's open 24 seven. What is it and it might be variable from different counties across the state because their needs are variable and their cultures have some variability. So I think engaging the designated agencies, doing a very sort of clear needs assessment that's not prolonged that's very very sort of rapid, and then having the ability to channel some funds to support those needs could be something that I would consider would be highest Thank you. Thank you madam chair, and thank you Dr Mariti. I have one question that sounded like one of the bigger sorts of calls to action that you gave to us was to give organization support for further outreach, and that a lot of people living with substance use disorder may not be aware of the resources that are already there. And I think that if we were to, you know, have ADAP in the room right now they would not to speak for them but maybe point to Vermont help link. Right, which is I think one of their main outreach tools connected to designated agencies. What are your thoughts on the current state of Vermont help link as an outreach tool and how could it be built on and maybe more incorporated with some of the organizations that you mentioned. Yeah, it's a Vermont help link is is great. It's a it's a very good effort. I'm thinking in terms of sort of a multi channel strategy. So that could be one way it's it's present it's there. So here is, you know, in medicine we use the term warm handoffs. And, and, you know, we've really seen the potency of recovery coaching. So a lot of peer led type of initiatives. So augmenting Vermont help link with, you know, organizations like Turning Point, creating some funding. So if somebody wants to become a recovery coach they don't have barriers of finances related to that. So then you can sort of address the outreach from multiple angles. Thank you.  No, it's a legacy. I wanted before. Another question. Yeah, thank you madam chair. And Dr. Maruti one of the things that we heard from one of our witnesses earlier today is that syringe exchange sites as a service providers as a harm reduction tool and believing that those have been historically underfunded. Any positions on syringe exchange sites role within our, our work here. Yeah, I think as you rightly said that it's, it's in the harm reduction category. And, and, you know, again it comes back to, you know, is the community behind that initiative for there is evidence that syringe exchange sites. can be beneficial. However, one of the things that I was saying that if something is part of a continuum, where we have other aspects that really do need additional funding, then it's a it's something you can consider. But it just needs to be part of a broader strategy that's very local and individual. A lot of the activity that happens a lot of the people that obtain access to the drugs. There are some local networks, and, and especially in our state that has a low population but large surface area. Really focusing on access to everything is really I think where we need to be pointing. Thank you. Thank you. We are taking a lot of your time I'm going to take a look around the table. We don't have any more questions. I want to just express our, our deep appreciation for you for making yourself available to us at such short notice and for providing us with such helpful testimony. As we as we approach trying to do something quickly, what you might say is you know that the immediate than the, than the longer term or whatever we're focusing right now on the more immediate. And so thank you for your suggestions and your thoughts and the way you talked about removing friction points. It's not the same as removing safeguards, and I think you know some points that you made in terms of that. And I love the, the metaphor of recovery centers are an oasis in the middle of a desert. And so some of that is, and how we get access to treatment immediately, or more immediately. Dr. Marruti, thank you very, very much. Really appreciate your assistance. Thank you. Thank you for the kind words and thank you to this committee for this opportunity to testify in front of you. We represent our communities, and I know that these initiatives will bring a lot of hope, having your strength and having your attention to this problem will contribute to us preventing preventable deaths and injuries so thank you also for the work that you do, and we appreciate it very much. Thank you. Thank you very much. And this ends our testimony and our committee.


They departed. Let's go. As I said in the beginning, they couldn't stay full time. And him to say, and this young man that interviewed me, happens to be a graduate of the university, knows him personally. And when Marty and his went back to Stanford for institution, they just leave their real career. I've got to wait for that report I mentioned. I've asked the Commerce Department to give me a report. I'm going to step the level of rhetoric up. And I don't think there are any himself publicly when he said the...


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episode of In the Studio. And my guest today is Professor Sharon Wrangana. He is the director of the UC Davis program of Memory and Plasticity, MAP, within the Center of Neuroscience, and he's also a professor in the Department of Psychology. Welcome. Thank you. Thank you for having me, Lynn. Thank you for coming. And our topic today is going to be memory and the secret world of memory. And memory is who we are. And as you may know, the French 19th century novelist, Marcel Proust, discovered the power of memory when he tasted his famous cookie. Yes. And after that he published a long series of psychological novels, very long novels. So here we are. Well, Professor Wrangana is a prominent researcher in the vast and complex field of the brain. And so when I was preparing for this interview, I began to read about what he does and I was spellbound. And I quote, our research involves the use of functional neuroimaging, scalp and intracranial electroencelephalography to study the neural basis of human memory and executive control, et cetera, et cetera, et cetera. I hope you're going to make it a little more easy for us. Yes, definitely. I should probably rewrite that. Oh, it sounds wonderful. Very mysterious. Yeah. Very secret. Very secret. Yes. So what would you say are some of the most interesting advances in the study of memory at the moment? Remember, we are lay people here. Oh no, that's fine. That's fine. I think probably the biggest advance is, it's a very exciting time to be studying memory because we have new technologies that allow us to get in the brain and we have methods to kind of identify what people are remembering at a given time. And so there's been this convergence of studies in humans and studies from animals that are allowing us to break down what a memory even is, right? Yes. Because you can remember something in terms of being able to see someone's face and be like, I've seen this person before. Or you can remember something in terms of, say, going back to, you know, Bruce Cookie kind of thing, where you have something that just takes you back to a particular time and place. And it's just so powerful, isn't it? And it's vivid and you re-experience all this stuff.  Smell. Yes. Yes. And so that's all, if you think about it, that so many different parts of the brain that are processing so many different kinds of information, that we're now just starting to figure out, okay, how does the brain file all of those different kinds of information and how are they linked together? And so we have techniques, some of which are a little bit simpler, but some of them are also more complex using things like machine learning. Yes. Where we can image people's brain activity, say, while they're watching a movie. Yes. And then we can identify while people are just remembering the movie. We can say, ah, this is essentially what's happening in the brain as people call up that memory. And what's amazing is, is that you can find brain areas that, you know, across, you know, let's say if you remember this interview later, it's going to be probably a 15 minute interview. Yes. And if somebody asks you what happened, it might take you two or three minutes to recall what happened. All more. Will it help if I show one of the pictures? Absolutely. And maybe you can expand a little bit about where memory is functioning, or at least that's what I would like to do. Yes, absolutely. Absolutely. So if you can show this, this is a nice brain. It's schematic, of course. Yes. Yes. Well, actually, this is a real brain, but what we did with it, it is a real brain, but what we do is we can use software to say, because if you imagine the brain's like, imagine it's like a football that was deflated and all crinkled up.  And this is puffed up. This is puffed up. And so you're looking at the middle of the brain here. And so what you can see is that there's areas both, one area is kind of deep in the middle of the temporal lobe called the hippocampus. Yes. And there's other areas that you can see, the bright areas kind of towards the back middle. And that's, those are areas in the parietal lobes. And so these areas in the parietal lobes are very interesting, because as I was saying before, if you watch a movie or you do this interview, what you'll find is that you tend to break it up into little segments. Yes. You might go, okay, we start off with the introduction. And now we're doing the photo tour and so forth, right? Yes. And so you can actually see these patterns of the brain saying, Hey, here's event number one, here's event number two, here's event number three. And when people recall it, you catalog them from your brain. That's right. And we sort of, it's called, we segment them too. So even though if you think about our life, it's a continuous timeline, right? But when you remember things, you don't remember it like that. You sort of break it up into things that happen at particular chunks of time and space. Yes. But this is very interesting. Let's show another image that perhaps, oh, this is you. It's a nice picture with a very nice hat there. Thank you. Well, so this is, this is usually there's very smart people in my lab who do that kind of work with me. Yes. But this is just a picture of me doing it. We're doing what's called electroencephalography, which you also read about on the website. Except that you pronounce it properly. You did fine. You did fine. Yeah. And so electroencephalography is a way to measure electrical activity in the brain because it. And map it. And map it. Yeah. It's not that great for figuring out exactly where it's coming from, but it gives you information in the millisecond range in real time. Because if you think about it in just, let's say, one tenth of a second, your brain is volleying back all of these different kinds of signals. And what's really interesting is, you know, if you see a performance and everyone starts clapping, you notice within about a second or so, everybody's clapping in sync, right?  Oh, that's very interesting. And that's how people naturally interact with each other. And so you can see these kinds of rhythms and brain activity, too, if you record electrical brain activity. And so we call those oscillations, but they're basically rhythms that are showing how brain regions are interacting with each other. And so this method is really good for getting at that because one of the things we found that I'll show you a little later is that you can actually try to stimulate those brain rhythms and improve memory. Yes. Well, this leads me to my next question. But before I do that, you mentioned tools, better tools. Can you give me an example of one being the one we just solved, right? The encephalo... Electroencephalography. Yes, yes. And that is proving very effective at the moment. Yes, yes. Electroencephalography, magnetic resonance imaging, which was the first thing that I showed. In animal research, one of the... I should add that there's a big movement towards integrating these techniques with advances in machine learning and computational modeling where the idea is to say, you know, the brain's a complicated place. We've got all of these different things happening at a very fine timescale. And so a computer model can help make sense of all that information and sort of act as an interpreter between what we think people are remembering and what we're seeing in the brain. And the Center for Neuroscience is the perfect place to be because of all the interdisciplinary contribution that it receives so many team members and experts in various aspects of this. It's probably the only way to crack some of the things that you're studying. So that's very good. Let's go to the next image. And this is another... Well, actually, we must point out this is actually a gif, but we aren't able to rotate it at this moment. So it's okay because we can see all the nice colors. Yeah, people might get motion sickness anyway. Yes, that's right. That's one risk. So what type of... What are you showing here? So this is an example of what's called diffusion tensor imaging. Yes. And so this is again a real brain, but we've done some funny stuff with it. So what we did is we use this technique to understand what the white matter looks like in the brain, right? So normally people talk about the brain as if this kind of information is done here and this thing is done here, but the brain is a connected network.   And so one of the things that we're starting to realize is the integrity of that white matter is very important.  And so imagine if you start snipping the telephone lines, brain areas can't talk to each other, and they can't produce those kind of rhythms that I was telling you about before. Is that curable? You don't want it to happen to you. We don't know how reversible it is, but most likely once you lose those connections, you probably don't get them back. I should say there is some evidence that when you learn something new that you can get changes in the white matter, and it's not clear whether that's forming new pathways or if it's just something that's a strengthening of an existing pathway. So I think it's still unclear. It's still unclear. And so do you think that the healthy aging process affects the way memory works or at least how powerful this memory depends from individual to individual, of course. But what would you say is a healthy aging process of memory? You really nailed it, that it varies a lot from individual to individual. So if we take a group of UC Davis undergraduates and compare them to a group of UC Davis graduates who are in their 60s, the variability amongst those people in their 60s is much, much higher. And so part of the reason, we're still trying to understand what makes people's memory different from each other. And so in fact, the white matter imaging that I was showing you is part of our one of our projects to try to understand why and how people vary. In general, as people get older, if you're perfectly healthy, you'll still generally say my memory is not as good as it used to be. Of course, yes. But usually what you find is is that people often, it's kind of like, you know, my office gets messier and messier as I get more and more jobs and I have trouble finding things. So there are certain sensual factors that influence your memory because if you had only one piece of paper on your desk, you would find it no problem. That's right. Yes. Yeah. And of course, there are also changes in the brain that happen even over the course of healthy aging. But those changes can be very small or very large depending on the person. On the person, yeah. And their lifestyle. And the lifestyle, of course. And also, there was recently I read that one experiment they're trying to do, and I'm sorry I can't remember the source, but that's okay. That's normal. Is it normal? Good. I'm glad. That for sufferers of PTSD. Oh, yeah. There is a new approach to modify or manipulate, if you like, the memories.  Yes, yeah. We're not studying PTSD in our lives. Per se. Per se. But the broader thing that you're talking about is, again, another one of the breakthroughs that people have had in our field recently. So it used to be, and many people still think this, that when you recall an event, it's like you push play on the memory. That's right. Like a little button there. Yeah. That's right. Yeah. That's exactly right. And what we now know is, is that when you push that button, you're both pushing play and record at the same time. Oh, how very interesting. Yes. Explain. So basically, when you reactivate a memory for a past event, you go back and you remember your 16th birthday or something like that. It's like you've opened up this little box where your memory is. Yeah. And now what can happen is, is that you can strengthen that memory and just increase the amount of stuff in that box. You could also, though, end up, somebody could be talking to you and the things that they're saying could be incorporated into that memory, in which case it becomes a little distorted. You could also become distracted, and that could potentially, some people argue, will make it less accessible in the future. So when you open up a memory, all sorts of things happen. Well, that is very interesting because it makes me think of testimonies. That's right. In the court, you know, how reliable are they? Yes.  So would you say that there is a way to improve the understanding of how this works and how we enrich or, you know, deprive the memory? Yes, absolutely. So one of the things with eyewitness testimony, for instance, is that people will often recall something, but they can get, they're vulnerable to suggestions. And prejudices as well. As well. That's right. That's right. And sometimes, what happens is when you remember something, it's like your brain's being a little detective and it's trying to put together the clues and give you a little story about what happened, right? Yes. And sometimes, like you said, those prejudices can come into play, but also that opening of the box that I talked about. I like the idea of the box, yes. Yeah. So there are many cases where well-intentioned law enforcement, for instance, would ask people questions and they would feed them the answers, you know, and they would say, do you remember putting the gun in the cabinet or something? Yes. Yes. And what happens is, is that people, especially when they're stressed out and if they've undergone trauma, for instance, it can be even more likely that they could start to get confused between what people told them and what actually happened. And they open up the box and they put in this other stuff in it. I'm afraid our time is up. Oh no. 15 minutes go so fast when it's interesting and we've only scratched a very surface. So I hope we'll be able to have you back. I would love to. And talk a little more about special areas. But at the moment, thank you so much, Professor Ranganar, for taking the time. It's all so fascinating. And thank you all for watching. If you like this episode, you can watch it again by streaming it on our website at DCT, davismedia.org and check out some of our other programs. We have a lot of interesting people and topics for you. And from all of us here, thank you and see you next time. And thank you, Professor Ranganar. Thank you, Lynn, for having me. We look forward to coming back. Thank you.


Bull, blah, no spiel, you're shown zero, three, two, one, begin. You'll go into the assembly and, um, party check. The only thing we're looking for in assembly is the gas tube, and we'll show you exactly what we're looking at for the gas tube, for go criteria and no go criteria, okay? Put it on safe, attempt the fire, should not fire, place weapon on fire, ride the bull forward.  That is your time. Okay? You have 30 seconds to do the rest of it. All you gotta do is sweep. Okay? Sweep. Cut off to an extra time. As soon as somebody asks, do you have any questions, say that phrase. This is part one, you start to stop standing. Okay? Guys, if you have any questions, if you don't have any other questions, you need to keep your palm up. At any time you rotate your hand, drop your hand down. Now, how do we start to stop? Alright, you guys see the white squares? They're gonna be better painted than the game day, they've been kind of worn out.  Okay? So, on game day, you're gonna separate them, each one, into their little square with the name on it. Okay? If you are confused, that board has exactly what- Use this to push it up. Yeah. It's easy. You don't even need that. Put the weapon through the hole there. Now I know where you're talking about, while your hand's being up, but they're painted. Alright, so this is when you start standing. I said, do you have any questions? This time you say, can you drop it here? It glows, if you want to. It glows, ACH, and eyebrow. There you go. And then, I'm gonna say, do you have any questions at the time? You're also gonna say that. And say the two magical phrases, right? Which is, point them up in the safe. Okay? And then, I'm gonna say, do you have any questions at the time? You're also gonna say that. And say the two magical phrases, right? Which is, point them up in the safe. Direction, and weapon on fire. Pulse on fire. Pulse on fire. Pulse on fire. Charge. Pulse on fire. Charge. Pulse on fire. Pulse on fire. Pulse on fire. Alright, weapons on fire. Yup, good. Complete. Yup. Alright, now I'm gonna say you have three minutes to assemble and perform a pulse on fire. Any questions? Alright, time starts three, two, one, go. Fire, put it back on fire, right before it. Now you drop the weapon system and stand out. That's it. That's it? Okay. That's it again. Pulse straight up. And then you just push it back a little bit. Yup. Alright, now I'll say you have 3 minutes to reassemble and perform a function check. Do you have any questions? Alright, time's up, 3, 2, 1, go. Keep going, keep going. Do the lock. Yep, there it is. Push that. Alright, take the board, close that. So let it go on tone. Because I think it's actually, you can't do more stuff. So those are 1, 2, 3, 4, 5. If we deem it to be your fault, you'll be a no-go, okay? If the rounds were bent, messed up in any sort of way, or the weapons messed up in any sort of way, we'd deem it the weapons fault. It would give you a new belt to the ammunition you need to go again, okay? But you have to shoot at least one round before you go into the... You're then going to load your ammunition with your left hand, hold the round in place, right hand, close the feed tray cover. From there, you're going to place the weapon on your shoulder and engage.


Here are the three most important lessons that I learned as a doctor. Number one, your patients care much more about your ability to care for them and less so about your knowledge to care for them.  But often I understand that now if I can walk in, build that connection. Patient understands that I actually want to care for them that we're on the same team. Any answers that I don't have for them, we'll figure it out. Number two, it is okay not to know everything. In fact, most doctors who play this pompous role of being very smart are actually quite brilliant, but there are many things that they don't understand that they try not to put themselves into. But it's okay and encouraged to admit that you will not know everything. There will be things that you understand that you will forget shortly after. There will be things that you will always remember that you will feel like a nice master to. And then finally lesson number three is that your definition of hard work changes all the time throughout the process. Every part of the journey looked like it was going to be the hardest thing until you overcome it and you come up with a new definition of hard work for yourself. You're capable of much more than you're able to do and things just look easy in retrospect because you have the ability to put in a hard work for the long term.


There is a motion to dismiss the case against Coinbase, which is brought about by the SEC. And the real question is, does this play into a part of the Bitcoin ETF started by BlackRock as they chose Coinbase as their custodian? So this really all came about. There was a show that we'd like to do called NFA Live. And it's me, Ben, and Guy from Coin Bureau. And we're just talking about some things. You can see Guy has upgraded his green screen. He's now matching me. That's fine. Ben there is laughing at all the altcoin investors. I'm just kidding. But what we talked about when Guy asked the question, he said, because I am not a believer that the Bitcoin ETF is going to actually go through from BlackRock. And I'd spent this point many times. And Guy asked me the question, he goes, why? Why do you think that is? Because you can't just say, God, I don't think it is. There's a gut feeling. But I really broke it down. I said, there's something to be said about BlackRock coming in and choosing Coinbase as their custodian, which they are in direct talks and an active lawsuit against the SEC. I just found it very odd. And I just kind of said, if they wanted to make waves, that would be one of those ways to make waves and not really have a smooth ride to an approval of a Bitcoin ETF. But maybe that's in the past. So there was a report that came out. Paul Grunewel, he is the legal counsel for Coinbase, and he put out a tweet and said, we asked them to dismiss the case itself. And here's what's going on. So they seek dismissal of the case itself, claiming extraordinary abuse of processes. So Coinbase's legal team stated in the filing that even if the SEC were correct, that the assets and services it identifies are within the scope of its existing regulatory authority, this legal action must be dismissed on independent grounds that it violates Coinbase's due process rights and constitutes an extraordinary abuse of process. Basically saying that you cannot regulate, you cannot go in there and just decide and pick winners and say, this is not a security. Basically, you are not enforcing the law, you are writing law. And I thought it was interesting because it's like the timing of what's going on right now. And if this goes through, because the judge is going to have to confer with different sides and ask them different questions and go through it, if maybe the SEC doesn't put up much of a filing, goes, this may be true or this may be, or they're just not as aggressive, maybe this case does get dismissed. Now, I am not an attorney. I do not dabble in the legal ramifications. I have lawyers for that. But when I take a look at this, I'm just saying, man, it's just an odd timing right now for this ETF. And if they do get dismissed, I think there's a higher probability that then that Bitcoin ETF will go through, because now Coinbase is not in a legal tussle with the SEC. And that lead me to my next thought, which was, we were talking about this on the show about ETFs and how things were doing. And I made a comment, I said, in all honesty, if you look at the ETFs historically, it hasn't been a great ride, especially for futures ETFs. And this is moving forward from all the way from October 2021 to the present. And as far as we can see is like the different futures ETF here in the States, you can just see that they've been hitting the tops and just kind of crashing everything. And whether that be the futures ETF or some other type of ancillary factor or a black swan event, whatever it also is, but it is uncanny that just the actual futures ETFs, you can see here, this was pro shares Bitcoin futures ETF or Bitto, the price, they started this at $64,000. That was essentially the top right there. And then Van Eck Bitcoin Futures, that was on the 10th of November, $65,000. They're the one Valkyrie Bitcoin Futures on 26 October. Basically, what they were doing is, I mean, they got in at that time, who knows, they were shorting or whatever else, but that's what the futures contract can do as far as ETFs. They can short those things. Then the next one, as far as futures, you had pro shares where it was a short Bitcoin ETF and that started at $20,700, did pretty good there because it went down to $15,000. So congratulations to you. And the latest one is the volatility shares futures double X leverage Bitcoin ETF. I don't know how the heck that got approved, but here we are. There's Gary protecting everybody by allowing leverage. So fantastic. We'll see how that one plays out, but never forget the most famous Bitcoin futures ETF was on 17th of December, 2017. And the top of the last cycle, which was 15th of December, 2017, was 19,665. And two days later, the CBOE Bitcoin Futures launched, and it pretty much crashed everything for a couple of years because they were there to, as they quote, unquote say, to tame Bitcoin. However, I had to take a look at the Bitcoin spot ETFs. Now, those aren't in America, but for the data that we have, mostly we're in Canada. And you can just see that in all honesty, it did pretty well. So the ones that I can take a look at was 18 of February, 2021. Canada had two purpose Bitcoin spot and a Volvo ETF on 19th of February, 2021, when the price was 51,000. And of course, we topped out around 67, 68,000. So pretty good one there. And then we had one on 8th of March, 2021, that was Galaxy Digital, they got it at 52,000. So pretty good. Three IQ Bitcoin spot, 15th of March, 55,000. And then then we have one over here, 30th of June, 2022, the Canada, this is the Fidelity Bitcoin Spot ETF at 19,006 away, looking pretty good at 30,000. So in all honesty, if we take a look at between futures and spot futures was awful, but spot not too bad. And yeah, let me just think about that in the comment section. Hopefully I am wrong. We do get that approved. But there was another thing that another question that came up on NFA live and I want to correct my statements. So the question was, you know, what do we think about Ethereum developers? They want to raise the maximum value limit from 32 to 2048. The way I read this one was I thought that it was the minimum, they were raising the minimum 32 to 2048. And I got to tell you, if you are here to stake Ethereum or whatnot, I think this is a pretty good idea. Because if you can have, if you can have a range of a minimum of 32 ETH to become a validator, great, or you can maximize that out to 2048, I think this is a great play. And then it will kind of free up a lot of resources and make things a little bit easier. The only thing I can see as this not being the greatest thing is that if you are one of those, if you're a validator and then you're staking and it's 2000 ETH for that one, you have a slashing incident where they slash the different awards, that could be a big thing. But for me, I will retract my comment. I think this is actually a good thing if they can, you know, do this. Now, then you don't have validators of 32, 32, 32 all over the place. And the big guys can come in and kind of like secure the network with their 2048 or a small business can do something or recent individual could stake 32 ETH. So that to me looks pretty good. And that's what we talked about. And then lastly, before we move on to some some negative news, Guy asked the question about FedNow on NFA Live. And of course, I will link this in the description. But the FedNow service, if you don't know, it's not a CBDC, but it is $25 per month. And I talk about why I would do it. I know it sounds kind of odd coming from a person who dabbles in crypto and gets into it. But I explained why because of fees and things like that for different transactions as far as immersion in my online businesses. $25 a month is peanuts, quite honestly. But there was a part I didn't get to talk about. And why I wanted to share this with everybody is because I know how we think that these these huge corporations and entities and banks are able to do pretty magically everything. And they can really make things either easy or difficult for us and that they're like the all knowing things. And they have so many resources and they can just crush us. Not so. Because when I was taking a look at this FedNow service, in America, we have PayPal and Zell and Cash App and a couple others that we can do peer-to-peer transactions with cash ins almost instantaneous. And the one that I looked up, I was talking about was Zell. And Zell is interesting because of this article right here. Zell, if you don't know, it doesn't actually make any money. It was actually a consortium of banks. And it was actually first branded as Clear Exchange. This is in 2011. It was owned by Bank of America, Wells Fargo and JP Morgan. It was slow, took up to five days of transfer, only a few banks were participating, blah, blah, blah. In 2016, they sold it off. I mean, these big banks, these big entities that have done a ton of things and have all these resources, and they couldn't get it right. They sold it off to early warning services, which is owned by a bunch of banks. And after that, they pretty much made Zell what it is. I think they have over thousands of different banks that are connected. Again, it works out pretty well because the different banks get the funds through the different transactions. They don't really make any money per se. It is able to connect the banks. So when we think about these, the JP Morgan can do so many things, they couldn't even get this right. I will just say innovation is better for the small industries, the small startups, the small businesses, because you don't have layers and layers and layers of people that you have to report to. You actually get stuff done. So the interesting thing about that in the comment section, that was just an interesting story.  And then lastly, I will just say this, this is from a friend of the show, Dan Camrodello from crypto. I would say it's crypto recruiter, but that's just his handle. You got a great YouTube show. You should check it out. It's doing really good coverage on what's going on with Cardano and the ecosystem, which is right now crushing it. And what this is, if you can believe it, is it looks like FTX is relaunching. I can't believe it either. And I just thought it was amazing how our market operates and how we do these things. And let's see what happens. But what's amazing to me is whenever I remember this is that just because the price goes up, doesn't mean it's a great product. It doesn't mean it's going to make it. It's just that there's some gamblers out there. Look at this. Over the last 14 days, the price of FTX, which is the token for FTX, went from 87 cents all over the two dollars. Two dollars. So I don't know what's going on with our market, but apparently that's the people that's in it.  It just seems ridiculous. But that's it for today. So look, if you like today's video, give it a thumbs up. Consider subscribing.  And I should like to listen to it. But that's it. I do appreciate you stopping by and I'll see you guys on the next one.