Transcription of Essential Graphs for Microeconomics
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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.
Teaching Suggestion: Use a game by creating a production factory (square off some desks). Start with a stapler, paper and one student. Add students and record the “marginal product”. Comment on the constant level of capital and the variable students workers.
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