Demand curve as marginal benefit curve

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Demand curve as marginal benefit curve발음듣기

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[Voiceover] In all of our conversations about demand curves so far, I've been generally talking about price driving quantities.발음듣기

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So for example, we've been saying, using say this demand curve right here for a new car in terms of how many would be sold per day, we would say things like, "Well look, if we price it at $60,000 per car," this is in thousands of dollars.발음듣기

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'"If we price it at $60,000 per car, "we are going to sell one car.발음듣기

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'"If we price it at $50,000 a car, we are going to sell two cars."발음듣기

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The way that I've been talking about it is given a price, how many are we actually going to sell?발음듣기

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What I want to do in this video is think about it the other way around.발음듣기

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We're going to look at the exact same demand curve, the exact same relationship between price and quantity, but we're going to conceptualize it in our heads in a slightly different way.발음듣기

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We're going to think about it in terms of quantity driving price.발음듣기

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To think of it that way, imagine that we are the producers of this given model of a new car.발음듣기

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We go the other way.발음듣기

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We don't say, "How many will we sell at a price of $60,000?"발음듣기

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Or, "How much will we sell at a price of $50,000?"발음듣기

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We'll go from the point of view of what if we only produce one car a week?발음듣기

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If we only produced one car a week, how much could we get for that car?발음듣기

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Let's say somehow you're able to figure that out.발음듣기

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You're able to read people's minds or you have some type of a market study.발음듣기

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When you ask that question you're like, "Look if you only allowed one car to be sold each week, you determine that in that week there is going to be somebody, somebody's going to think that it's worth "$60,000 to buy that car."발음듣기

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That person, they're willingness to pay, that person is going to be willing to trade $60,000.발음듣기

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They're going to be willing to forego what else they could have bought for that $60,000 and instead they want that car.발음듣기

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Then you would plot that point right over there.발음듣기

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If you only had one unit, you could sell it for $60,000.발음듣기

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Now let's go, let's keeping asking ourselves for more units.발음듣기

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Let's say, what if we wanted to sell two units?발음듣기

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Well, if you wanted to sell two units, you could definitely sell one unit for $60,000, assuming that you could get that first person, but that second person, this might have been the person that just wants a car so badly it just resonated with them in some way.발음듣기

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For that second unit, the second person who is going to need to buy your car, might not be as excited about it.발음듣기

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That second person will only be willing to forego $50,000.발음듣기

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That second person would be willing to forego 50.발음듣기

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So if you wanted to sell two units, if you insist on selling two units, and if you're assuming you're going to give the same price for everyone.발음듣기

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We'll talk about in the future how you might give different prices to different people.발음듣기

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Assuming you want to give the same price to everyone, you're going to have to sell your car for $50,000.발음듣기

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Now clearly that first person is definitely going to jump at it.발음듣기

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They're going to be able to get the car for more than they were willing to pay.발음듣기

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More than what it was worth to them.발음듣기

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More than the benefit for them, but if you want two people, now you're going to have to set this up for $50,000.발음듣기

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Now the same logic.발음듣기

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Now what if we want to sell three cars?발음듣기

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What if we want to sell three cars a week?발음듣기

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Well, if we price it at $50,000, we'll definitely get those first two, but the third person might not jump.발음듣기

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The third person isn't going to be as excited about it or need it as much as these first two.발음듣기

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So you do a market study or you're able to read people's minds.발음듣기

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You're like, "Look the third person, for the market, the marginal benefit."발음듣기

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Let me write this word down.발음듣기

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The marginal benefit.발음듣기

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The marginal benefit for the next unit, the next unit is going to be $40,000.발음듣기

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To get that next buyer, and it could be multiple buyers buying each unit or it could be one buyer buying all of the units.발음듣기

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Maybe it's some type of a car rental company saying, "Oh, we don't need to get ... For three of these cars I'm not as excited about it anymore.발음듣기

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'"My marginal benefit is lower."발음듣기

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This is really the same marginal benefit that we talked about when we talked about the PPF, the Production Possibilities Frontier.발음듣기

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In that, we talked about it very explicitly in terms of trade off, in terms of opportunity cost.발음듣기

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Here we're measuring the marginal benefit in terms of price, but price really can be viewed as a foregone opportunity.발음듣기

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If you spend $40,000 on this car, you're making the decision not to spend $40,000 on something else.발음듣기

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A down payment on a house or a nice boat, or whatever else it might be.발음듣기

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So really what we're doing, is at any point in this curve, this really is the marginal benefit for that next buyer.발음듣기

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That marginal benefit to the market of that next unit of whatever you are producing.발음듣기

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This is a very different way of viewing the exact same demand curve.발음듣기

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Before we said, "Okay, if we want to price it at $50,000, how many are we going to sell?"발음듣기

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Now we're saying, "If we want to sell only two units, where can we price it?"발음듣기

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We can price it at $50,000.발음듣기

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If we want to go from two to three units, we're going to have to price it at the marginal benefit of that third unit to the market and it could be the marginal benefit to that next consumer.발음듣기

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Convincing that next consumer to say, "Hey it is worth it to buy this car.발음듣기

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'"Let's price it at $40,000."발음듣기

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I'm going to leave you there in this video, but what I'm going to think about is depending on where you price it, let's say that we decide that we want to sell four units every week.발음듣기

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So we say, "Well look, to get that fourth person to buy this car, we have to price the car at $30,000."발음듣기

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What we're going to talk about in the next video is if you did that, if this is where you decide to price it so that you can sell four units, these other people got really good deals.발음듣기

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The first unit could have gone for much more.발음듣기

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The second unit could have still also gone for a good bit, not as much as the first unit.발음듣기

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The third unit could have gone for a little bit less than the second unit, but still more than what you ended up selling things for.발음듣기

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We're going to talk about this idea right over here that some of these consumers are getting more for their money than what they have to pay, or at least in their own minds they are.발음듣기

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