Drawing graphs

Question 1

Draw the supply and demand graph

Question 2

Draw the circular flow of income

Question 3

Draw change in quantity demanded

Question 4

Draw change in quantity supplied

Question 5

Draw market equilibrium

Question 6

Market disequilibrium and deadweight loss

Question 7

Changes in market equilibrium when demand & supply shifts

Question 8

Demand and supply for free and economic goods

Question 9

Draw the PPP for ovens and computers (consider the relationship between the goods)

Question 10

Draw the PPP for basketballs and volleyballs (consider the relationship between the goods)

Question 11

Economic growth on the PPP

Question 12

Demand curve: market for chocolate bars

Answer 12

• Title
• Axis
• Negative relationship
• Price (currency)
• Quantity (time frame)

Question 13

Avocados become more popular, draw demand curve shift

Answer 13

• Title
• Axis
• Negative relationship
• Price (currency)
• Quantity (time frame)
• Shift to the right

Question 14

Marginal product curve: diminishing marginal returns for perfection chocolates

Answer 14

As more units of labour are added, the marginal product decreases

• Concave down
• Not very productive -> Most productive -> not productive

Question 15

Marginal cost curve: increasing marginal costs

(remember this is about ma

Answer 15

As more units of good is produced, the marginal costs becomes higher

• Concave up
• Cost high-> cost low-> cost high

Question 16

Draw PED=1

Question 17

Draw PED=0

Answer 17

vertical line

Question 18

Draw PED=infinity

Answer 18

Horizontal line

Question 19

Draw an elastic demand curve (D1) and an inelastic demand curve (D2)