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Use a ruler and pencil for these ten diagrams – I will give them a mark of 5 each

Diagram 1: Draw the long run average cost curve and marginal cost curve and profit
maximisation output for a natural monopoly

Diagram 2: Draw the revenue maximising equilibrium for a firm in a monopolistic market
with a relatively inelastic demand curve (AR)

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Diagram 3: Draw the kinked demand curve for an oligopoly – also include the marginal
cost curve

Diagram 4: This diagram covers the price and output for a firm in a contestable market – on
the same diagram draw (i) the profit maximising price and output and (ii) a possible
satisficing price and output – if the firm decides to cut prices in light of threatened
competition

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Diagram 5: Label the curves shown and then draw the effects of a rise in variable costs for
an airline whose aim is profit maximisation

Diagram 6: Draw the effect of a pollution tax on a product where there are negative
externalities arising from production

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Diagram 7: Draw the likely long run equilibrium for a perfectly competitive market given
the short run equilibrium below

Market Demand and Supply Individual Firm’s Costs and Revenues


Price (P) Price (P)

MC (Supply)
Market
Supply
AC1
AR (Demand) = MR
P1 P1

AC

Market
Demand

Q1 Output (Q) Q2 Output (Q)

Diagram 8: Show the deadweight loss of welfare associated with a profit maximising
monopoly compared to the outcome expected in a competitive market.

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Diagram 9: Show how price fixing may occur in a collusive oligopoly

Individual Firm inside the Cartel Industry Costs and Revenues


Price Price
MC

MC (industry

AC Pm (cartel)

Demand

MR

Firms Output Industry Output

Diagram 10: Draw third degree price discrimination under a monopoly

Market A Market B
Price Price

MC of supply

Output Output

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http://www.tutor2u.net/blog/index.php/economics
Copyright Tutor2u Limited 2009
http://www.tutor2u.net/blog/index.php/economics