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Part 1 in the series on how to answer the IELTS Academic Writing Task 1 graph question - focus on vocabulary.
Essential graphs for AP Microeconomics Production Possibilities Curve A B
G o o d
W
C D
F
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.
X E
Good Y
Demand and Supply
√ Market clearing equilibrium P
Variations: • Shifts in demand and supply caused by changes in determinants • Changes in slope caused by changes in elasticity •Effect of Quotas and Tariffs
S
Pe
D Qe
Q
Floors and Ceilings P
P
S Floor
Pe
S
Pe
Ceiling D
D QD
Qe
QS
• Creates surplus • Qd
Q
QS
Qe
QD
• Creates shortage • Qd>Qs
Q
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Consumer and Producer Surplus Cons Consum umer er sur sur lus lus S
P
Pe
Producer surplus
D Qe
Q
Effect of Taxes 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 • connet the dots to find the triangle of deadweight or efficiency loss. Price buyers pay
P
Dead Weight Loss S
Price w/o tax Price sellers receive
D1 D2 Q
A tax imposed on the SELLER-supply curve moves left • elasticity determines whether buyer or seller bears incidence of tax • shaded area is amount of tax • connet the dots to find the triangle of deadweight or efficiency loss. Price buyers pay
S2
Dead Weight Loss P
S1
Price w/o tax Price sellers receive
D1
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Purely Competitive Product Market Structure Long run equilibrium for the market and firm-price takers Allocative and productive efficiency at P=MR=MC=min ATC P
MC
P
S
Pe
AC
MR=D=AR=P
Pe
D Qe
Q
Qe
Q
Variations: • Short run profits, losses and shutdown cases caused by shifts in market demand and supply.
Natural Regulated Monopoly Selling at Fair return ( Q fr at Pfr) P
P MC
MC
ATC
P
Pm
ATC
PFR D Q
PSO
D QFR QSO
Qm
Q MR
Q
MR
Monopolistically Competitive Market structure Long run equilibrium where P=AC at MR=MC output P PMC
MC
ATC
Variations: • Short run profits, losses and shutdown cases caused by shifts in market demand and supply.
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Pure Competition Competition Resource Market Market Structure Structure Perfectly competitive Labor Market-Wage takers Firm wage comes from market so changes in labor demand do not raise wages. S
Wage Rate
Wage Rate
Wc
S=MRC
Wc D= ∑ mrp’s
L
D =mrp
Quantity Qc Labor Market
Quantity qc Individual Firm
Variations: • Changes in market demand and supply factors can influence the firm’s wage and number of workers hired. Imperfectly competitive market structure-Wage makers Quantity derived from MRC=MRP (Q m Wage (Wm) comes from that point downward to Supply curve. MRC
Wage Rate
S b
Wc Wm
Pe
MRP
c
Qm
Externalities No Externallity P
a
Qc
Q Negative Externality MSC 2
MSC
P
Pe
MSC
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