3 ms·
My issue was specifically the article valuing it in terms of money, incorrectly. “if we take all this iron and we multiply it marginal price of iron we get a la
by jakewins 4y ago
My issue was specifically the article valuing it in terms of money, incorrectly. “if we take all this iron and we multiply it marginal price of iron we get a large number!”
If you want the worth of something you do the integral of the demand curve, not the marginal price times your volume for sale.
This is the point of my apple example; once you’ve sold the first of your billion apples, the next apple you sell will earn you slightly less, until either your supply or the demand curve runs out.