Total revenue

1
Total revenue ???
TR
TR
Q
0
AR,MR
AR
Q
MR
0
2
Average revenue ????
TR
TR
Q
0
AR,MR
AR
Q
MR
0
3
Marginal revenue ????
TR
TR
Q
0
AR,MR
AR
Q
MR
0
4
Perfect competition ????
P
MC
AC
dMRARP
AVC
Q
Q
0
5
Profit maximization ?????
P
MC
P
MRMC (profit maximization)
DAR
MR
Q
0
6
Deadweight loss ????
P
SMC
Pm Pc
DAR
MR
Q
Qm Qc
0
7
Monopoly rent ???
P
MC
AC
P
AC
DAR
MR
Q
Q
0
8
Monopoly ??
P
MC
P
AC
DAR
MR
Q
Q
0
9
Law of diminishing marginal returns ????????
TP max.
TP
SlopeMPAP
TP
Law of diminishing marginal returns
0
Variable factor
AP,MP
MP max.
AP max.
AP
Variable factor
0
MP
10
Average product curve ??????
TP max.
TP
SlopeMPAP
TP
0
Variable factor
AP,MP
MP max.
AP max.
AP
Variable factor
0
MP
11
Marginal product curve ??????
TP max.
TP
SlopeMPAP
TP
0
Variable factor
AP,MP
MP max.
AP max.
AP
Variable factor
0
MP
12
Total product curve ?????
TP max.
TP
SlopeMPAP
TP
0
Variable factor
AP,MP
MP max.
AP max.
AP
Variable factor
0
MP
13
Total fixed cost ?????
TC,TFC,TVC
TC
SlopeMCAC
TVC
SlopeMCAVC
TFC
0
Output
AC, AFC, AVC, MC, MFC, MVC
MCMVC
AC
AVC
AFC
MFC0
0
Output
14
Total variable cost ?????
TC,TFC,TVC
TC
SlopeMCAC
TVC
SlopeMCAVC
TFC
0
Output
AC, AFC, AVC, MC, MFC, MVC
MCMVC
AC
AVC
AFC
MFC0
0
Output
15
Total cost ???
TC,TFC,TVC
TC
SlopeMCAC
TVC
SlopeMCAVC
TFC
0
Output
AC, AFC, AVC, MC, MFC, MVC
MCMVC
AC
AVC
AFC
MFC0
0
Output
16
Average fixed cost ??????
TC,TFC,TVC
TC
SlopeMCAC
TVC
SlopeMCAVC
TFC
0
Output
AC, AFC, AVC, MC, MFC, MVC
MCMVC
AC
AVC
AFC
MFC0
0
Output
17
Average variable cost ??????
TC,TFC,TVC
TC
SlopeMCAC
TVC
SlopeMCAVC
TFC
0
Output
AC, AFC, AVC, MC, MFC, MVC
MCMVC
AC
AVC
AFC
MFC0
0
Output
18
Average cost ????
TC,TFC,TVC
TC
SlopeMCAC
TVC
SlopeMCAVC
TFC
0
Output
AC, AFC, AVC, MC, MFC, MVC
MCMVC
AC
AVC
AFC
MFC0
0
Output
19
Marginal cost ????
TC,TFC,TVC
TC
SlopeMCAC
TVC
SlopeMCAVC
TFC
0
Output
AC, AFC, AVC, MC, MFC, MVC
MCMVC
AC
AVC
AFC
MFC0
0
Output
20
First-degree price discrimination ??????
P
MC
DMUVMR
Q
0
21
Third-degree price discrimination ??????
Market A
Market B
Both Markets
P
P
P
MC
PA
P1
PB
DAB
DA
MRA
MRB
DB
MRAB
Q
Q
Q
QA
QB
Q
0
22
Law of demand ????
P
A
B
D
Q
0
23
Law of supply ????
P
S
B
A
Q
0
24
Equilibrium Price ????
P
S
Pe
D
Q
0
25
Surplus ??
P
S
Excess supply
Pe
D
Q
Qe
0
26
Shortage ??
P
S
Pe
Excess demand
D
Q
Qe
0
27
Price ceiling ????
P
S
Black market price
Market Price
Price ceiling
D
Q
0
Excess demand
28
Price floor ????
Wage rate
S
Surplus
W 1
Minimum wage
W e
W 0
D
Labour
0
Q1
Q2
29
Elastic demand ?????
P
D
Elastic Demand
M
D
a
b
Q
0
30
Inelastic demand ?????
P
D
M
Inelastic Demand
a
b
Q
0
D
31
Perfectly elastic demand ????????
P
D
Q
0
32
Perfectly inelastic demand ?????????
P
D
Q
0
33
Unitary elastic demand curve ????????
P
GainLoss
Loss in revenue
Gain in revenue
D
Gain in revenue
Q
0
34
Budget constraint ????
Good Y
P
5
4
Q
3
2
R
1
S
0
Good X
1
3
2
35
Indifference curve ????
Good Y
5
A
4
3
B
2
C
D
1
IC (utility10)
Good X
0
1
3
2
4
5
36
Utility maximization ?????
Good Y
B
C
E
IC3
IC2
IC1
D
0
L
Good X
37
Sales tax ???
P
S2
Tax
S1
Consumers burden
Sellers burden
D
Q
0
38
Subsidy ??
P
S1
Subsidy
S2

Sellers benefit

Consumers benefit
D
0
Q
39
Consumer surplus ?????
P

Consumers surplus
Price
Total exchange value
D MUV
Q
0
40
Economies of scale ????

LRAC
economies of scale
Qm
Output
0
41
Diseconomies of scale ?????

LRAC
diseconomies of scale
Qm
Output
0
42
Producer surplus ??????
P
S
Q
0
43
Economic rent ???
Price
S
P1
Economic rent
D
Q1
Units of a factor
0
44
Transfer earning ????
Price
S
P1
D
Transfer earning
Q1
0
Units of a factor
45
All-or-nothing Pricing ???????
P
AUV1P1
All-or-nothing demand
P2
MUV
Q
0
Q1
Q2
46
Contractionary monetary policy ???????
r
Ms
Ms
Md
M
0
47
Expansionary monetary policy ???????
r
Ms
Ms
Md
M
0
48
Equilibrium in money market ???????
r
Ms
Md
M
0
49
Paradox of thrift ????
E
E
S
S
S
S
I
I
0
0
Y
Y
Yf
Ye
Ye
Ye
Ye
Yf
50
Expansionary fiscal policy ???????
E
Y-line
E
E
45
Y
0
Yf
Ye
51
Contractionary fiscal policy ???????
E
Y-line
E
E
45
Y
0
Yf
Ye
52
Deflationary gap ????
E
Y-line
G
E
DG
R
45
Y
0
Ye
Yf
53
Inflationary Gap ????
E
Y-line
E
F
IG
G
45
Y
0
Yf
Ye
54
Liquidity trap ????
E
LM1
LM2
IS
Y
0
Yf
55
Crowding-out effect ????
r
LM
r2
r1
IS2
IS1
Y
0
Yf
Y2
Y1
crowding-out effect
56
LM Curve LM ??
r
LM
r2
r1
Y
0
Y2
Y1
57
IS Curve IS ??
r
r2
r1
IS
Y
0
Y2
Y1
58
Phillips curve ??????
Rate of change of money wage rates ( p.a.)
0
Unemployment ()
59
Quota ??
P
S
Pt
World market price
Pe
D
Good X
Q1
Q2
0
Q
60
Tariff ??
P
S
b
d
Pt
T
a
World market price
c
e
f
Pe
D
Good X
Q1
Q2
Q3
Q4
0
61
Average propensity to consume
E
C
C
Y
a
SlopesAPC
Y
0
62
Marginal propensity to consume
E
C
SlopesMPC
a
Y
0
63
Backward bending labor supply ??????????
Income
SlopeW3
SlopeW2
C
SlopeW1
B
A
0
Work
24 (hours)
Wage rate
Leisure
W3
C
W2
B
W1
A
0
Quantity supplied of labor
64
J-curve J??
Trade balance
J-curve

0
Time ()
-
65
Marginal utility ????
Good Y
IC
Slope Marginal Utility
0
Good X
66
Reference ????

• Lam Pun Lee, Advanced Level Microeconomics Third
  Edition, Macmillan
• Lam Pun Lee, Advanced Level Macroeconomics Third
  Edition, Macmillan