Identify what this graph shows
Perfectly Inelastic Demand
What does this graph illustrate
Perfectly elastic demand
What does this horizontal line represent?
Fixed Costs
What costs curve does this upward sloping curve represent?
Variable Costs
what cost curve does this upward sloping curve represent?
Total Costs
What would you label areas (1) and (2)
Spare Capacity; Full Employment
what does the movement from LAC1 to LAC2 indicate?
It indicates External Economies of Scale
What is indicated by point R
Minimum Efficient Scale
What is represented by the blue and red area
Tax Revenue
What happens when we move from point A to point B
We gain 250 of good T and lose 250 of good R
What is represented by the shaded area?
Dissavings
what does the graph show
Maximum Price
identify the change in employment after a trade union negotiates a wage of W
RS
Assuming that there was no migration, which graph shows that there was an increase in population in year 1 and a decline in population in year 2
Graph Y
The fact that a government has imposed a tax on cigarettes whilst also simultaneously advertising the negative health impact of smoking is shown by which diagram
C
Which diagram shows a continuous decline in the cost of living?
D
