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Microeconomics – Key Graphs

• Production Possibility Frontiers (opportunity costs, international trade)

• Circular Flow Model (w/ three-factor circular flow) • Market Supply and Demand (consumer/producer surplus, market distortions,

elasticity, utility maximization) • Short Run Production Relationships • Long Run Cost Curves

• Monopoly Model and Natural Monopoly Model

• Monopolistic Competition

• Pay off matrix – Duopoly – Game Theory

• Resource Markets-Marginal Production Analysis

• Monopsony

• Least Cost Rule/Profit Maximizing Rule

• Externalities

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Production Possibility Frontier

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Circular Flow Model

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Market Supply and Demand

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Consumer and Producer Surplus

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Price Ceilings and Floors

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Price Elasticity of Demand

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Taxes and Deadweight Loss

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Utility Maximization by Consumers

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Short Run Production Relationships

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Short Run Perfect Competition

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Long Run in Perfect Competition

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Economies of Scale – Returns to Scale – Diseconomies of Scale

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Monopoly

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Monopolistic Competition

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Oligopoly – Game Theory

Pay Off Matrix – Duopoly

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Marginal Revenue Production Analysis

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Marginal Revenue Product Analysis

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Perfect Competition in the Resource Market

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Monopsony

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Profit Maximizing Use of Resources by Firms

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