AP MICROECONOMICS UNIT GRAPHS



AP MICROECONOMICS UNIT GRAPHS

UNIT #4: FACTOR MARKETS

Requirements of Unit Graphs:

1. Each graph that is listed on the sheet for that unit must be graphed.

2. Each graph should have a title above it that clearly identifies what it is. Ex.: Production Possibilities: Increasing Opportunity Cost.

3. Each graph must have the x and y axis clearly labeled.

4. Each axis must have numerical values.

5. Below each graph, there should be a short description of what this graph is used to illustrate (try to limit to 1-3 sentences).

6. The graphs must be hand-drawn, not computer generated.

7. Graph paper is preferred but if you don’t want to buy it you can make your own by inserting tables (probably 10 rows X 10 columns unless you want to make it bigger) into Word documents then printing them out. You are allowed to make your graph paper on the computer but the graphs themselves must be hand-drawn and labeled.

8. Graphs should be neatly drawn and labeled, not thrown together at the last minute.

9. Due dates will be announced as the appropriate units are completed.

UNIT 4 GRAPHS

1. Marginal revenue product (MRP) (2 graphs) for: see pages 490-92 in the book

a. A firm that sells its output in a competitive market

b. A firm that sells its output in a monopoly (imperfectly comp. market)

2. Supply and demand for labor in a competitive market (3):

a. side-by-side firm and market graphs

b. competitive labor market with a minimum wage imposed

3. Supply and demand for labor in a monopsony (1)

4. Union effects on supply and demand for labor (4)

a. Demand enhancement

b. Exclusive/craft union

c. Inclusive/industrial union

d. Bilateral monopoly: see page 514 in the book

5. Economic rent for land (1): see page 527 in the book

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