March 2013
Beginner
252 pages
6h 50m
English
Content preview from A Primer on MacroeconomicsBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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A New Way to Look at Demand and Supply: Marginal Benefit and Marginal Cost
Before leaving this chapter, let us consider a different way to look at demand and supply analysis. Usually when we look at a demand curve, we read it from the vertical axis (price) to the horizontal axis (quantity demanded), but we could read from quantity to price. The same holds true for a supply curve.
Marginal Benefit
Suppose we ask Adam how much an apple is worth to him—perhaps in an auction context—and we are told 90¢. It is worth this much to him because he is willing to pay 90¢ to get it. Probably, the second apple would be worth less to Adam—perhaps only 80¢. And so on. Each apple’s extra value, or marginal benefit, can be recorded as shown on the diagram and ...
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