Microeconomics is depart of economics and is related to the study of finance and accounts. In microeconomics course, graphs are used to explain financial variation and different element impacting this. Many types of graphs are used to explain different situations of microeconomics. Here, we are trying to explain different microeconomics graphs that you should be aware of to secure good grades in exams.

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Different Graphs Used In Microeconomics

Production Possibilities Frontier/Curve – The graph demonstrate all combinations categories of goods or of two goods that an economy can produce having fixed resources.

Supply and Demand Shift – The demand or shifts in supply curves move the equilibrium quantity and price.

Production And Consumption Surplus  – The graph show difference in what a consumer ability to pay and what he is actually paying

Price Floor – This is the minimum price that government sets for a product

Price Ceiling – This is the maximum price that government sets for a product

These are some important graph of microeconomics. If you need assignment assistance on the same topic, contact the team of BookMyEssay for help. The firm offer cheap assignment help not only for microeconomics subject, but for many other subjects. The other graphs used in microeconomics include:

  • Per unit tax with no externalities
  • International trade and tarrif
  • A Frim’s Cost Curves
  • Perfect competition from short term loss to long term equilibrium
  • Perfect competition from short term profit to long term equilibrium
  • Monopoly long term profit
  • Monopolistic competition long-term, equilibrium
  • Perfectly competitive factor market
  • Monopsony factor market
  • Negative externalities with per-unit excise tax correction

Positive Externality with Per-Unit Producer Subsidy Correction – The graph to show a cost or advantage to someone other than consumer or producer. The negative externalizes in the graph are costs, while positive are benefits.

Lorenz Curve – This is used for measuring income distribution.

These are 18 graphs that are used in microeconomics. Each graph is used to demonstrate different conditions and there are many elements in it to showcase any variation in facts and figures.

Importance Of Graphs In Microeconomics

Each graph present is crucial in the study of this subject and the present a specific condition. If a microeconomics student is asked to explain certain financial situation in theory, then it would hard for him to explain everything with the same level of clarity that graph present. This is because, they have to present different elements and explain lots of things about the same starting from basics.

Here, we have just shared the name of different graphs used in micoreconomics. If you want detailed information about the same or need cheap assignment assistance on the topic, then you can contact the team of BookMyEssay for the same.

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