Adding demand curves발음듣기
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Adding demand curves
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In the last few videos, we constructed a marginal product revenue curve for our little competitive car wash, and we essentially figured out how this is really just the demand curve for labor from this firm.발음듣기
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I talked about on the very first video that if you know the demand curve for, in a certain market, and this is the market for labor of a certain kind, maybe the type of labor that would work at a car wash, then if you knew it from one firm and all of the other firms in the market for that type of labor, you could add their demand curves to get the entire market demand for that type of labor, for that good or service.발음듣기
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What I want to do in this video is to make sure you understand what it means to add demand curves.발음듣기
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It's, on one level, straightforward, but on another level, a little non-intuitive because of the ways that the axes are defined in economics, that the price axis is the vertical axis.발음듣기
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If I want to add two demand curves, this is one entity's demand, so this is one firm's demand.발음듣기
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Let's say at a price of 10, they demand nothing, if that's the hourly wages, and if the price were 0, they would essentially get up to they would demand 10 people.발음듣기
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You have a demand curve that would look something, a demand curve that would look something like that, a dot, a demand curve that would look like that.발음듣기
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At a price of 5 a quantity, or $5 per hour, this firm would demand, if we're thinking of it in terms of labor, at a price of $5 per hour of labor, this firm would demand 5 people per hour.발음듣기
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Obviously, what I'm going to do is general to any demand curve, but we'll just keep it in the labor mindset.발음듣기
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We're going to essentially add it horizontally, and you're going to see what I'm talking about in a second.발음듣기
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I'm doing my best to align it horizontally, that this 15 is this 15, that this 10 is with this 10, is with that 10, and that 5 is with that 5 and with that 5.발음듣기
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But then if we go to a price of 10, this firm, the Firm 1 is demanding 0, but Firm 2 over here is demanding 2.발음듣기
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Then at a price of 0, if labor is free, this firm would demand 10 units, and this firm would demand 6 units.발음듣기
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But then after that point, you're going to essentially add Firm 1 to the mix, and then Firm 1, maybe I'll do that part in a different color, it will look something like ...It will look something like that.발음듣기
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You could imagine taking this line, and at any given point, so at 5 right over here, you're taking its value and quantity and adding to this quantity here.발음듣기
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The reason why I said this is a little bit nonintuitive is this would have been easier at least for me to add with the background of the traditional algebraic conventions we're used to.발음듣기
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If we were to flip price and quantity, then we could stack these on top of each other and add them vertically.발음듣기
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We're just looking at each of their demand curves at any given price, and we're saying, "OK, what is the demand from Firm 2?발음듣기
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