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 AS level or O level economics exam.
16. Maximum price
17. Minimum price
1. The PPC curve
2. Pivot and shift in the PPC curve
Elasticity
3. Elastic and inelastic demand curve
Elastic demand curve
Inelastic demand curve
4. A perfectly inelastic demand curve
5. A perfectly elastic demand curve
6. Unitary elasticity
9. Price elasticity of supply and revenue
Inelastic supply curve Elastic supply curve
8. The point elasticity of demand
Government intervention
9. The effects of introducing a subsidy on a merit good
10. The effect of an indirect tax on a demerit good
11 Incidence of tax on consumers and producers and elasticity
12. Different types of tax
13. Fall in consumer surplus
14. Fall in producer surplus
15. Increase in consumer surplus
16. Maximun price
17. Minimum price
