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Essential Graphs for Microeconomics

Essential Graphs for Microeconomics Basic Economic Concepts Production Possibilities Curve Good X A. B Concepts: Points on the curve-efficient W Points inside the curve-inefficient C Points outside the curve-unattainable with available resources Gains in technology or resources F D favoring one good both not other. E. Good Y. Nature & Functions of Product Markets Demand and Supply: Market clearing equilibrium P. S Variations: Shifts in demand and supply caused by changes in determinants Pe Changes in slope caused by changes in elasticity Effect of Quotas and Tariffs D. Qe Q. Floors and Ceilings P P. S S. Pe Pe D D. QD Qe QS Q QS Qe QD Q. Floor Ceiling Creates surplus Creates shortage Qd<Qs Qd>Qs Consumer and Producer Surplus P. S. Consumer surplus Pe Producer surplus D.

Marginal Revenue = Marginal Cost Definitions: Marginal Revenue is the change in total revenue from an additional unit sold. Marginal Cost is the change in total costs from the production of another unit. Theory: Competitive Firms determine their profit-maximizing (or loss-minimizing) output by equating the marginal revenue and the marginal cost.

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