ECON 3 Diagram list

Theory of the Firm

Total fixed cost

Average fixed cost

Average total cost

Long-run and short-run average costs (showing minimum efficient scale and economies/diseconomies of scale)

Short run equilibrium in perfect competition (for firm and market)

Long run equilibrium in perfect competition (for firm and market)

Monopoly equilibrium – profit maximisation

Monopoly equilibrium – revenue maximisation

Productive and technical efficiency

Consumer and producer surplus

Kinked demand curve

Market Failure

Marginal cost/benefit analysis - Externalities

Poverty and Inequality

Lorenz curve

Labour Market

Perfectly competitive labour market (for one employer and the whole labour market)

Backward bending supply curve

Monopsony labour market

Effect of trade union on a perfectly competitive labour market

Effect of trade union on a monopsonistic labour market

Effect of the minimum wage