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Unit 1: The Market System diagrams Straight line PPC Curved PPC Consumer goods Consumer goods Capital goods Capital goods Shifts of PPC Outward Consumer goods Inward Pivot Consumer goods Capital goods Consumer goods Capital goods Short run ATC Costs MC SRATC Output Capital goods Long run ATC SRATC1 Costs SRATC2 SRATC3 LRATC Minimum efficient scale of production Output Diseconomies of scale outweigh economies of scale Economies of scale outweigh diseconomies of scale Supply and demand equilibrium Price S P D Q Quantity Shifts of D S Price S D’ P P’ D Price P’ P D Q Q’ D’ Quantity Q’ Q Quantity Shifts of S Price S’ S Price P’ P P P’ D Q Q’ Quantity S S’ D Q’ Q Quantity Consumer surplus Producer surplus Price Price S P S P D D Quantity Inelastic demand Quantity Elastic demand Price Price D D Quantity Inelastic supply Price Quantity Link between PED and TR S Price D is elastic PED = 1 Unitary elasticity D is inelastic D Quantity Q Elastic supply Price S Quantity Total revenue TR Quantity
