Diagrams are very important for economics exams. Adding a relevant diagram to your essay will bring a strong support for your argument and will help you score a maximum of marks. A good grasp of diagrams is also essential for multiple choice questions.
The golden rule for diagrams is that they must be
✓ Accurate
✓ Big
✓ Clear
✓ Adapted to the question
Here is a list of the key microeconomics diagrams you must be familiar with before sitting for your A level economics exam (Paper 32 and paper 42).
1. Productive efficiency
Productive efficiency
2. Productive efficiency and perfect competition
Productive efficiency and perfect competition
3. Allocative efficiency
Allocative efficiency
4. Allocative efficiency
Allocative efficiency
5. Pareto efficiency
Pareto efficiency diagram
6. Budget line when there is a fall in price B
Budget line when there is a fall in price B
7. Indifference curve
Indifference curve
7.5 Total utility and marginal utility
8. An increase in income on indifference curves and budget lines
An increase in income on indifference curves and budget lines
9. Total cost curve, total variable cost curve, total fixed cost curve.
Total cost curve, total variable cost curve, total fixed cost curve.
9. Average cost curves and marginal cost curves
Average cost curves and marginal cost curves
10. Isoquant map
Isoquant map
11. Costs in the short run
Costs in the short run
12. Costs in the long run
Costs in the long run
13. Perfectly competitive firm in the short run
Perfectly competitive firm in the short run
14. Perfectly competitive firm in the long run
Perfectly competitive firm in the long run
15. Monopolistic competition
Monopolistic competition
16. Monopoly firm in the short run and long run
Monopoly firm
17. Comparision between a monopoly and a perfectly competitive firm
Comparision between a monopoly and a perfectly competitive firm
18. Profit maximising output
Profit maximising output
19. Sales maximisation
Sales maximisation
20. Profit maximisation vs revenue maximisation
Profit maximisation vs revenue maximisation
21.Oligopoly
Oligopoly
22. Price leadership under monopoly
Price leadership under monopoly
23. Shut down point
Shut down point
24. Deadweight loss under monopoly
Deadweight loss under monopoly
25. Imposition of an indirect tax
Imposition of an indirect tax
26. External costs and the use of indirect taxation
External costs and the use of indirect taxation
27. Market for pollution permits
Market for pollution permits
28. Negative consumption externalities
Negative consumption externalities
29. Positive production externalities
Positive production externalities
30. External benefits and use of subsidy
External benefits and use of subsidy diagram
31. lorenze curve
lorenze curve
32. Individual supply curve of labour.
Individual supply curve of labour.
33. Supply curve of labour for a firm or industry
Supply curve of labour for a firm or industry
34. Equilibrium in the labour market
Equilibrium in the labour market
35. Increase in demand for labour
Increase in demand for labour
36. Increase in supply for labour
Increase in supply for labour
37. Economic rent and transfer earnings
Economic rent and transfer earnings
38. Economic rent
Economic rent
39. Transfer earnings
Transfer earnings
40. Marginal product and average product
Marginal product and average product
41 Minimum wage
Minimum wage diagram
42. Minimum wage and elasticity
Minimum wageand elasticity
43. Monopsony buyer of labour
Monopsony buyer of labour
44. Income and substitution effect
Income and substitution effect
45. Wage determination in perfect markets
Wage determination in perfect markers using mrp diagram