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Summary A-level Economics Paper 1: Micro - Diagrams Sheet £6.49   Add to cart
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  7. Individuals, firms, markets and market failure (7135)

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Summary A-level Economics Paper 1: Micro - Diagrams Sheet
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This cheat sheet has all the diagrams required in the A-level Economics course. Every topic is covered and every diagram is explained and labelled to help you smash your exams!

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  • February 23, 2024
  • 9
  • 2023/2024
  • Summary

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MICROECONOMICS DIAGRAMS


1. Abnormal Profit 5. Average Fixed
Costs




At Qpm, Ppm > Pcost The red line diminishes, but never
All costs are covered and then some! becomes zero.
2. ad valorem tax "a" (blue to green) is equal to "c" (red to
axis)
b=d
(c/q1)=(d/q2)
6. Average Product




eg a VAT or sales tax
3. Allocative
Efficiency


The blue line shows productive efficiency
at its highest point (where the green line
Community Surplus is maximized at P* intersects it)
4. AR, MR: Perfect 7. Average Revenue:
Competition Imperfect
Competition




The light blue curve is the same as the
demand curve and is negatively sloped.

The red line is actually 2 lines that are
equal to each other.




Page 1 of 9

, 8. Average 12. Change in Demand
Revenue: Non-
Collusive
Oligopoly




The green curve is relatively elastic at E.G. due to a new marketing campaign.
prices above Ppm and relatively inelastic
13. Change in Quantity
at prices below Ppm.
Demanded
9. Average Total
Costs




Due to a change in supply.
14. Change in Quantity
Supplied
The blue line is the sum of the green and
red lines.
10. Average Variable
Costs




Due to a change in Demand.
15. Change in Supply




The green line decreases, then increases
due to the law of eventually diminishing
marginal returns.
It gets closer to the blue line, but will
never touch it.
11. Break- Even
Profit
E.G. due to an improvement of
technology




At Qpm, Ppm=Pcost
All costs are covered, with no extra




Page 2 of 9

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