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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 or seller bears incidence of tax shaded area is amount of tax connect the dots to find th

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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