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Essential Graphs for Microeconomics - Weebly

Essential Graphs for Microeconomics Basic Economic Concepts Production Possibilities Curve Nature & Functions of Product Markets Demand and Supply: Market clearing equilibrium Floors and Ceilings Variations: Shifts in demand and supply caused by changes in determinants Changes in slope caused by changes in elasticity Effect of Quotas and Tariffs Concepts: Points on the curve-efficient Points inside the curve-inefficient Points outside the curve-unattainable with available resources Gains in technology or resources favoring one good both not other. D S P Q Pe Qe Pe Qe D S P Q QD QS Floor Creates surplus Qd<Qs Pe Qe D S P Q QS QD Ceiling Creates shortage Qd>Qs F A C B Good Y D E W Good X Consumer and Producer Surplus Effect of Taxes Theory of the Firm Short Run Cost Price buyers pay P S D2 D1 Q Price sellers receive Price w/o tax Consumer surplus D S P Q Pe Qe Producer surplus A tax imposed on the BUYER-demand curve moves left elasticity determines whether buyer

Essential Graphs for Microeconomics Basic Economic Concepts Production Possibilities Curve A Points on the curve ... usefulness or satisfaction derived from each additional unit of the good or service decreases. Utility is want-satisfying power— it …

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