00:01
So here we're told this story about amount of reading, right? so let's think about the amount of reading on the horizontal axis, and on the vertical axis will put benefit cost, right? so the marginal cost is constant, right? you have to spend time, so the marginal cost looks something like this.
00:23
Initially, the marginal benefits of reading are greater, but then they decline over time, right? so the marginal benefits look something like this for reading.
00:32
The efficient amount is right here, right? that's the optimal quantity of reading.
00:39
But why is that the case, right? and the idea here is that suppose you start at zero, right? why? at zero, let's suppose this is 10 and this is three, right? so at zero, you want to do more, right? because it makes you better off, right? the benefits are greater than the costs...