Long term supply curve

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Long term supply curve발음듣기

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What I want to do in this video is think about the difference between the short term and the long term supply.발음듣기

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So, let's say in the very short term, if you wanted to get the person in your town, who likes their ... who owns a 2000 Honda Civic to part with their Honda Civic, and this person likes it the lease, for that very first in a given day, you're gonna have to spend about $2500.발음듣기

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Now, to get the next person to part with their Honda Civic, they might like is a little bit more.발음듣기

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You'll have to spend a little bit more, and so on and so forth, and so we'll call this the short term supply curve.발음듣기

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The short term supply curve.발음듣기

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This demand curves looks like a demand curve for many things.발음듣기

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The very first you get the person will get a high marginal benefit, and then as we add more and more incremental units, you'll have lower marginal benefit for those units.발음듣기

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Another way of thinking it, thinking about it a very high price the demand for Honda Civic's, 2000 Honda Civic's, will be low, or the quantity demanded would be low, and at a very low price the quantity demanded will be very high.발음듣기

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I know another way at looking at the short term supply, at a low price, the quantity supplied will be low and at a high price the quantity supplied would be high.발음듣기

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Now let me give you some more information.발음듣기

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Let's say this our town right over here.발음듣기

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T for our town, and there are some neighboring towns.발음듣기

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Some that's town A, this town B, this is town C, and this is town D.발음듣기

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Let's say that all of them have a ... including our town right before I change anything.발음듣기

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They all have an equilibrium price.발음듣기

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The equilibrium price of $5000 per used Honda Civic.발음듣기

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I'm making this video in 2012, and that's about what the Blue Book value of a used 2000 Honda Civic is.발음듣기

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You see that this is even the case in our town right over there.발음듣기

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Equilibrium price of $5000 and equilibrium quantity of about 22 Civic's per day.발음듣기

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But given that all of the towns have an equilibrium price of $5000, let's think about what the long term supply curve for Honda Civic's in our town might look like.발음듣기

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The reason why I'm talking to you about other towns is because we can always trade, we can always move Honda Civic's very easily between towns.발음듣기

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These might only be about 10 or 15 miles away.발음듣기

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So not a difficult thing.발음듣기

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What happens if in our town, not in specifically not of the other town, just in our town, the price for Honda Civic's were to go at all below $5000.발음듣기

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Now were thinking about the long term.발음듣기

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I just talked about the short term, now let's talk about the long term.발음듣기

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In the long term if the price went below $5000 in our town, people will catch wind of it.발음듣기

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They will go here and you can actually sell your Civic's for $5000 in other towns, and no one will want a actually supply Honda Civic's in our town for $5000.발음듣기

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They'll just export them out.발음듣기

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They'll export them out to neighboring towns where they can get more money for them.발음듣기

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So in the long term if the price were be anything lower than $5000, the quantity in our town would get pretty close to zero.발음듣기

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Likewise, if the price in our town went even slightly higher than $5000, then all of a sudden it becomes incentive for people in other towns, instead of selling their car in their town for $5000, they would want to drive a couple of miles to our town and sell it.발음듣기

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If the equilibrium or if the price were to become slightly higher than $5000, then all of a sudden you would have a huge supply.발음듣기

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A lot of Civic's would be coming into town.발음듣기

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So our long term supply curve would look something like this. In a lot of books I drew this as a very slightly upward sloping.발음듣기

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In many books they'll just be purist about it and they'll just do horizontal, perfectly, elastic curve.발음듣기

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This is a reminder. What is elasticity mean?발음듣기

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With the very very small change in, or a perfectly elastic means a very small change in price, you have an infinite change in quantity.발음듣기

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So something is very elastic of a very small change in price is to a very very large change in quantity.발음듣기

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So this approaching perfect elasticity, or you can almost say that the absolute value of the elasticity is approaching the elasticity of supply here is approaching infinity.발음듣기

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This is interesting, because now we can do an interesting thought experiment.발음듣기

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Let's say, so this is our short term supply, and this is our long term supply.발음듣기

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What happens over many days when people catch wind of the prices in neighboring towns, and there's some time for people to move cars from one town to another.발음듣기

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Let's say in our town the most fashionable person in our town just traded in their Royals Royce, and they bought themselves a 2000 Honda Civic.발음듣기

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They are very proud about this, and their flaunting it around town, their 2000 Honda Civic.발음듣기

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It gets shown in all the magazines.발음듣기

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The local magazines. This is happening just in our town, not in the neighboring towns.발음듣기

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And all of a sudden in just our town, it becomes very trendy and very fashionable to have a used 2000 Honda Civic.발음듣기

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This is only happening in our town, not in the other towns.발음듣기

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The other towns are equilibrium prices aren't changed. We're not changing the long term supply group at all.발음듣기

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So, what's going to happen?발음듣기

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Because everyone wants a 2000 Honda Civic now, the preferences have changed and any given price or more 2000 Honda Civic's will be demanded.발음듣기

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So the demand will increase.발음듣기

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The demand will increase, so the new demand curve will look something like this.발음듣기

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It will shift to the right.발음듣기

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In the short term, before any Honda Civic's have time to be shipped to you, before anyone in the other town catch wind of the new equilibrium price.발음듣기

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In the short term the equilibrium price will move up, and that makes sense, because people will be eager.발음듣기

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They'll just buy whatever's in town.발음듣기

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The equilibrium price will move up to $5500 per Civic, and the equilibrium quantity will go up.발음듣기

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Though so many of the people around them, maybe, their obviously, their willing to sell part with it now.발음듣기

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You have more people now, more of the money trendy people who are willing pay for it now.발음듣기

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But what's going to happen in the long term?발음듣기

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People in the neighboring towns are going to catch wind that you can sell your Honda Civic's not for $5000 but for $5500.발음듣기

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Because for some strange reason, it's a very trendy car in this town right over here.발음듣기

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So over the long term the price is going to go back to where the new demand curve intersects with the long term supply curve.발음듣기

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So over time going to shift back to this point right over here to the long term supply.발음듣기

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Over time the price is going to go to $5000, and the quantity sold is just going to be much higher, and that's makes complete common sense.발음듣기

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It's now a very fashionable car in this town, and people are going to start importing.발음듣기

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It didn't become all of a sudden fashionable in the other towns, and now people with be importing into this town.발음듣기

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