Transcription of Essential Graphs for Microeconomics - Weebly
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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 t
Theory: Resources are efficiently allocated to any product when the MB and MC are equal. Essential Graph: Application: External Costs and External Benefits External Costs and Benefits occur when some of the costs or the benefits of the good or service are passed on to parties other than the immediate buyer or seller. P MPC Q pollution of air ...
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