Re:One-Third of Americans Making $250k Live Paycheck-to-Payc...
by TimPC on Friday June 03, 2022 @07:56AM
(#31607106)
If you have a unique item your supply curve is flat at 1 supply and steps down to 0 at a price at which you refuse to sell. It’s still a supply curve and there is still a corresponding demand curve that determines the price you can sell at. In this case, it’s the demand of the highest bidder that causes the intersection. But the theory of supply and demand doesn’t go out the window because items are non-fungible.
Re:One-Third of Americans Making $250k Live Paycheck-to-Payc...
by pandaman on Friday June 03, 2022 @08:21AM
(#31607271)
So now you have "demand curve of $CUSTOMER"?
There are also no individual demand curves. The whole idea of supply/demand curves is statistical and does not apply to a single individual (as same as unique items). I have no more questions about the "land tax won't be passed to the end consumer" though so here is some result from this exchange :)
Yes. Same as the demand curve goes to 0 if price is high enough.
>If you believe in supply and demand curves at all, this example is straight forward
I believe in supply and demand curves for fungible items. It's easy to observe that you can acquire less of a particular item at a lower price than at a higher price and also true that you can sell more at at a lower price than at a higher price. I don't see how, say, a particular painting becomes bigger or adds detail with price increase or how one can sell two Mona Lisas by cutting down the price.