Warm up for Friday September 7th

Here is what you need to know for the warm up tomorrow.

Be able to identify/draw the following graphs:

  • Perfectly Elastic
  • Perfectly Inelastic
  • the points on a relatively elastic demand curve showing which is elastic, unit, inelastic

 

On a graph be able to identify

  • equilibrium price
  • equilibrium quantity
  • consumer surplus
  • producer surplus
  • tax revenue
  • deadweight loss
  • price received by a producer after a tax
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