micro graph review - dhs first...
TRANSCRIPT
![Page 1: Micro Graph Review - DHS First Floordhsfirstfloor.weebly.com/.../2/5/4/8/25487296/micro_graph_review.pdf · Micro Graph Review - shortage & surplus ... - binding price floor (use](https://reader033.vdocuments.mx/reader033/viewer/2022051801/5ae5a76b7f8b9a6d4f8b8a59/html5/thumbnails/1.jpg)
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)
![Page 2: Micro Graph Review - DHS First Floordhsfirstfloor.weebly.com/.../2/5/4/8/25487296/micro_graph_review.pdf · Micro Graph Review - shortage & surplus ... - binding price floor (use](https://reader033.vdocuments.mx/reader033/viewer/2022051801/5ae5a76b7f8b9a6d4f8b8a59/html5/thumbnails/2.jpg)
- 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
![Page 3: Micro Graph Review - DHS First Floordhsfirstfloor.weebly.com/.../2/5/4/8/25487296/micro_graph_review.pdf · Micro Graph Review - shortage & surplus ... - binding price floor (use](https://reader033.vdocuments.mx/reader033/viewer/2022051801/5ae5a76b7f8b9a6d4f8b8a59/html5/thumbnails/3.jpg)
shortage & surplus (using market for good x)
PPF (capital & consumer goods)
![Page 4: Micro Graph Review - DHS First Floordhsfirstfloor.weebly.com/.../2/5/4/8/25487296/micro_graph_review.pdf · Micro Graph Review - shortage & surplus ... - binding price floor (use](https://reader033.vdocuments.mx/reader033/viewer/2022051801/5ae5a76b7f8b9a6d4f8b8a59/html5/thumbnails/4.jpg)
elastic, inelastic, perfectly elastic/inelastic supply & demand
binding price floor (use labor market) & binding price ceiling (good x)
![Page 5: Micro Graph Review - DHS First Floordhsfirstfloor.weebly.com/.../2/5/4/8/25487296/micro_graph_review.pdf · Micro Graph Review - shortage & surplus ... - binding price floor (use](https://reader033.vdocuments.mx/reader033/viewer/2022051801/5ae5a76b7f8b9a6d4f8b8a59/html5/thumbnails/5.jpg)
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
![Page 6: Micro Graph Review - DHS First Floordhsfirstfloor.weebly.com/.../2/5/4/8/25487296/micro_graph_review.pdf · Micro Graph Review - shortage & surplus ... - binding price floor (use](https://reader033.vdocuments.mx/reader033/viewer/2022051801/5ae5a76b7f8b9a6d4f8b8a59/html5/thumbnails/6.jpg)
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
![Page 7: Micro Graph Review - DHS First Floordhsfirstfloor.weebly.com/.../2/5/4/8/25487296/micro_graph_review.pdf · Micro Graph Review - shortage & surplus ... - binding price floor (use](https://reader033.vdocuments.mx/reader033/viewer/2022051801/5ae5a76b7f8b9a6d4f8b8a59/html5/thumbnails/7.jpg)
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)
![Page 8: Micro Graph Review - DHS First Floordhsfirstfloor.weebly.com/.../2/5/4/8/25487296/micro_graph_review.pdf · Micro Graph Review - shortage & surplus ... - binding price floor (use](https://reader033.vdocuments.mx/reader033/viewer/2022051801/5ae5a76b7f8b9a6d4f8b8a59/html5/thumbnails/8.jpg)
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
![Page 9: Micro Graph Review - DHS First Floordhsfirstfloor.weebly.com/.../2/5/4/8/25487296/micro_graph_review.pdf · Micro Graph Review - shortage & surplus ... - binding price floor (use](https://reader033.vdocuments.mx/reader033/viewer/2022051801/5ae5a76b7f8b9a6d4f8b8a59/html5/thumbnails/9.jpg)
market for pollution implementing corrective tax to solve externality
production function
![Page 10: Micro Graph Review - DHS First Floordhsfirstfloor.weebly.com/.../2/5/4/8/25487296/micro_graph_review.pdf · Micro Graph Review - shortage & surplus ... - binding price floor (use](https://reader033.vdocuments.mx/reader033/viewer/2022051801/5ae5a76b7f8b9a6d4f8b8a59/html5/thumbnails/10.jpg)
total cost curve
long run average total cost curve (displaying 3 choices of size of firm)
![Page 11: Micro Graph Review - DHS First Floordhsfirstfloor.weebly.com/.../2/5/4/8/25487296/micro_graph_review.pdf · Micro Graph Review - shortage & surplus ... - binding price floor (use](https://reader033.vdocuments.mx/reader033/viewer/2022051801/5ae5a76b7f8b9a6d4f8b8a59/html5/thumbnails/11.jpg)
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)
![Page 12: Micro Graph Review - DHS First Floordhsfirstfloor.weebly.com/.../2/5/4/8/25487296/micro_graph_review.pdf · Micro Graph Review - shortage & surplus ... - binding price floor (use](https://reader033.vdocuments.mx/reader033/viewer/2022051801/5ae5a76b7f8b9a6d4f8b8a59/html5/thumbnails/12.jpg)
firm with short run losses (perfectly competitive)
profit maximizing monopoly (label area of profit); note profit maximizing, socially optimal/allocatively efficient, & break-even outputs
![Page 13: Micro Graph Review - DHS First Floordhsfirstfloor.weebly.com/.../2/5/4/8/25487296/micro_graph_review.pdf · Micro Graph Review - shortage & surplus ... - binding price floor (use](https://reader033.vdocuments.mx/reader033/viewer/2022051801/5ae5a76b7f8b9a6d4f8b8a59/html5/thumbnails/13.jpg)
profit maximizing monopoly experiencing losses
graph of monopoly displaying deadweight loss of profit maximization
![Page 14: Micro Graph Review - DHS First Floordhsfirstfloor.weebly.com/.../2/5/4/8/25487296/micro_graph_review.pdf · Micro Graph Review - shortage & surplus ... - binding price floor (use](https://reader033.vdocuments.mx/reader033/viewer/2022051801/5ae5a76b7f8b9a6d4f8b8a59/html5/thumbnails/14.jpg)
profit maximizing monopolistically competitive firm in short run with profit & separate diagram with short run losses
profit maximizing monopolistically competitive firm in long run
![Page 15: Micro Graph Review - DHS First Floordhsfirstfloor.weebly.com/.../2/5/4/8/25487296/micro_graph_review.pdf · Micro Graph Review - shortage & surplus ... - binding price floor (use](https://reader033.vdocuments.mx/reader033/viewer/2022051801/5ae5a76b7f8b9a6d4f8b8a59/html5/thumbnails/15.jpg)
monopsony
Lorenz curve