Micro Graph Review

- shortage & surplus (using market for good x)

- PPF (capital & consumer goods)

- elastic, inelastic, perfectly elastic/inelastic supply & demand

- binding price floor (use labor market) & binding price ceiling (good x)

- market for good x where S is relatively inelastic & D is normally sloped downward . . . display a tax wedge & show where greatest burden would be placed)

- market displaying total, consumer, producer surpluses

- US market for steel displaying lower world price and labeled producer & consumer surpluses

- US market for steel displaying effect of tariff on producer & consumer surplus, deadweight loss, government revenue, foreign producer revenue

- market for good x displaying impact of a tax on consumer & producer surplus, deadweight loss, price paid by buyer, price paid by seller (effective price), quantity with tax, & tax revenue

- market for good x which creates a negative externality (display using MSC, MPC, MPB curves, market & optimum quantities, & deadweight loss that exists at market equilibrium)

- market for good x which creates a positive externality (display using MPC, MPB, MSB curves, market & optimum quantities, & deadweight loss that exists at market equilibrium)

- market for pollution implementing tradable permits to solve externality

- market for pollution implementing corrective tax to solve externality

- production function

- total cost curve

- long run average total cost curve (displaying 3 choices of size of firm)

- side-by-side graph of firm in perfectly competitive market for milk (where firm is achieving zero economic profit / normal profit)

- firm with short run profits (perfectly competitive)

- firm with short run losses (perfectly competitive)

- profit maximizing monopoly (label area of profit); note profit maximizing, socially optimal/allocatively efficient, & break-even outputs

- profit maximizing monopoly experiencing losses

- graph of monopoly displaying deadweight loss of profit maximization

- profit maximizing monopolistically competitive firm in short run with profit & separate diagram with short run losses

- profit maximizing monopolistically competitive firm in long run

- monopsony

- Lorenz curve

shortage & surplus (using market for good x)

PPF (capital & consumer goods)

elastic, inelastic, perfectly elastic/inelastic supply & demand

binding price floor (use labor market) & binding price ceiling (good x)

market for good x where S is relatively inelastic & D is normally sloped downward . . . display a tax wedge & show where greatest burden would be placed)

market displaying total, consumer, producer surpluses

US market for steel displaying lower world price and labeled producer & consumer surpluses

US market for steel displaying effect of tariff on producer & consumer surplus, deadweight loss, government revenue, foreign producer revenue

market for good x displaying impact of a tax on consumer & producer surplus, deadweight loss, price paid by buyer, price paid by seller (effective price), quantity with tax, & tax revenue

market for good x which creates a negative externality (display using MSC, MPC, MPB curves, market & optimum quantities, & deadweight loss that exists at market equilibrium)

market for good x which creates a positive externality (display using MPC, MPB, MSB curves, market & optimum quantities, & deadweight loss that exists at market equilibrium)

market for pollution implementing tradable permits to solve externality

market for pollution implementing corrective tax to solve externality

production function

total cost curve

long run average total cost curve (displaying 3 choices of size of firm)

side-by-side graph of firm in perfectly competitive market for milk (where firm is achieving zero economic profit / normal profit)

firm with short run profits (perfectly competitive)

firm with short run losses (perfectly competitive)

profit maximizing monopoly (label area of profit); note profit maximizing, socially optimal/allocatively efficient, & break-even outputs

profit maximizing monopoly experiencing losses

graph of monopoly displaying deadweight loss of profit maximization

profit maximizing monopolistically competitive firm in short run with profit & separate diagram with short run losses

profit maximizing monopolistically competitive firm in long run

monopsony

Lorenz curve