edexcel a level economics theme 3 diagrams

total revenue (perfect competition)

marginal revenue (perfect competition)

D = AR = MR ( perfect competition)

total revenue (imperfect market)

average revenue

AR and MR (imperfect competition)

AR, MR, TR for price takers

PED shown on AR=D curve

increase in TR (imperfect competition)

AP, TP and MP curves comparison

cost and product curves (used on most theme 3 diagrams)

TFC + TVC = TC

AFC = TFC/Q

average total cost curve ATC = AFC + AVC

fall in average total costs

average fixed / variable and total cost curves

short run cost curves (MC always cuts ATC and AVC curves at their minimum points)

MC must cut ATC at its minimum point

the SRAC/LRAS envelope curve

LRAC showing the returns to scale

external economies of scale

tesla LRAC curve

shift of MC and AC after a decrease in variable costs

shift down in MC and AC after decrease in VC

increase in FC impact on ATC (no change in MC)

increase in FC impact on AFC and ATC curve

TC and TR for a price taker (perfect competition)

profit maximisation where MC = MR

perfect competition - short run equilibrium

short run equilibrium (perfect competition)

short run supernormal profits (perfect competition)

short run profit maximising equilibrium (perfect competition)

short run loss minimising equilibrium (perfect competition)