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Expectations
and
thePhillipscurveAshort-runPhillipscurveExpectationsandthePhillipscurveAshort-runPhillipscurveOP
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(%)Ashort-runPhillipscurveOP
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(%)aP1.U1bP2.U2ExpectationsandthePhillipscurveTheaccelerationisttheoryofinflationTheaccelerationisttheoryofinflationP
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(%)TheaccelerationisttheoryofinflationP
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(Pe=8%).TheaccelerationisttheoryofinflationP
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(Pe=12%)..ExpectationsandthePhillipscurveAverticallong-runPhillipscurveThelong-runPhillipscurveP
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(Pe=12%)..Thelong-runPhillipscurveP
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(%)Un68Thelong-runPhillipscurveTheeffectsofdeflationP
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(%)8X(Pe=20%).JTheeffectsofdeflationP
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(%)813JkX(Pe=20%).TheeffectsofdeflationP
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(Pe=18%).JTheeffectsofdeflationP
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(Pe=16%)..JTheeffectsofdeflationP
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(%)813klmaJExpectationsandthePhillipscurvePhillipsloopsClockwisePhillipsloopsP
(%).U
(%)UnaYear0ClockwisePhillipsloopsP
(%).U
(%)UnabYear0,1ClockwisePhillipsloopsP
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(%)UnabcdefghiJYear0,1,10Year2,9Year3,8Year4,7Year5,8ExpectationsandthePhillipscurvePhillipsloopsintheUK?757480767779717372789089979691889582838485869387929481Inflation(%)Unemployment(%)PhillipsloopsintheUK?757480767779717372789089979691889582838485869387929481Inflation(%)Unemployment(%)PhillipsloopsintheUK?757480767779717372789089979691889582838485869387929481Inflation(%)Unemployment(%)PhillipsloopsintheUK?757480767779717372789089979691889582838485869387929481Inflation(%)Unemployment(%)PhillipsloopsintheUK?757480767779717372789089979691889582838485869387929481Inflation(%)Unemployment(%)PhillipsloopsintheUK?Interventionin
agricultural
marketsJustificationforinterventionInterventioninagriculturalmarketsInelasticdemandforfoodPQOP1DSa1InelasticdemandforfoodPQOP1P2DSa1Sa2InelasticdemandwithrespecttoincomeQuantityoffoodstuffOY1DQ
tIncomeInelasticdemandwithrespecttoincomeQuantityoffoodstuffOYtDQ
tIncomeY
t+1Q
t+1Negativedemandelasticitywithrespecttoincome
(inferiorgood)QuantityoffoodstuffOY1DQ
tIncomeNegativedemandelasticitywithrespecttoincome
(inferiorgood)QuantityoffoodstuffOY1DQ
tIncomeY
t+1Q
t+1IncomeelasticitiesofdemandforvariousfoodstuffsSource:HouseholdFoodConsumptionandExpenditure(ONS)DeclineinfoodpricesovertimePQOP1D1S1Q1DeclineinfoodpricesovertimePQOP1P2D1S1S2D2Q1Q2BufferstocksInterventioninagriculturalmarketsBufferstockstostabilisepricesPQOPgDQdBufferstockstostabilisepricesPQOPgDSa1Qs1QdBoughtintobufferstockBufferstockstostabilisepricesPQOPgDSa2Qs2QdReleasedfrombufferstockBufferstockstostabiliseincomesPQODaP1BufferstockstostabiliseincomesPQODYaP1Ped
=-1BufferstockstostabiliseincomesPQODSa2Q2Q1Sa1YaP1BufferstockstostabiliseincomesPQODSa2Q2Q1Sa1YaP1P2BufferstockstostabiliseincomesPQODSa2Q2Q1Sa1Q2¢YabcP1P2¢P2BoughtintobufferstockBufferstockstostabiliseincomesPQODSa3Q3Q1Sa1YaP1BufferstockstostabiliseincomesPQODSa3Q3Q1Sa1YaP1P3BufferstockstostabiliseincomesPQODSa3Q3Q1Sa1Q3¢YadeP1P3¢P3ReleasedfrombufferstockSubsidiesInterventioninagriculturalmarketsEffectofsubsidiesonfoodstuffsinwhichthecountryisself-sufficientPQODQePeSEffectofsubsidiesonfoodstuffsinwhichthecountryisself-sufficientPQODQePeS
+subsidySEffectofsubsidiesonfoodstuffsinwhichthecountryisself-sufficientPQODQ1QePePmS
+subsidySEffectofsubsidiesonfoodstuffsinwhichthecountryisself-sufficientPQODQ1QePePgPmS
+subsidySSubsidyEffectofsubsidiesonfoodstuffsinwhichthecountryisself-sufficientPQODQ1QePePgPmS
+subsidySSubsidyEffectofsubsidiesonfoodstuffswhicharepartlyimportedPQODPwSdomesticSworldEffectofsubsidiesonfoodstuffswhicharepartlyimportedPQODQdPwSdomesticSworldQS1ImportsEffectofsubsidiesonfoodstuffswhicharepartlyimportedPQODQdPwS
+subsidySdomesticSworldQS1EffectofsubsidiesonfoodstuffswhicharepartlyimportedPQODQS2QdPwS
+subsidySdomesticSworldQS1ImportsPQODQS2QdPwPgS
+subsidySdomesticSworldQS1EffectofsubsidiesonfoodstuffswhicharepartlyimportedPQODQS2QdPwPgS
+subsidySdomesticSworldQS1EffectofsubsidiesonfoodstuffswhicharepartlyimportedInterventionpricesaboveequilibriumInterventioninagriculturalmarketsTheEUsystemofhighpriceswheresomefoodisimportedPQOPwEUsupplyQS1Qd1EUdemandImportsTheEUsystemofhighpriceswheresomefoodisimportedPQOPwPtEUsupplyQS1Qd1EUdemandImportlevyTheEUsystemofhighpriceswheresomefoodisimportedPQOQS2PwPtEUsupplyQS1Qd2Qd1EUdemandImportlevyImportsPQOQS2PwPtEUsupplyQS1Qd2Qd1EUdemandImportlevyTheEUsystemofhighpriceswheresomefoodisimportedImportsAMOUNTPAIDINIMPORTLEVIESTheEUsystemofhighpricesinfoodstuffswheretheEUisself-sufficientPQOPwSEUQS1Qd1DEUabExportsTheEUsystemofhighpricesinfoodstuffswheretheEUisself-sufficientPQOPwPiSEUQS1Qd1DEUabTheEUsystemofhighpricesinfoodstuffswheretheEUisself-sufficientPQOQS2PwPiSEUQS1Qd2Qd1DEUabdeSurplusTheEUsystemofhighpricesinfoodstuffswheretheEUisself-sufficientPQOQS2PwPiSEUQS1Qd2Qd1DEUabcdefCOSTOFBUYINGTHESURPLUSSurplusTheEUsystemofhighpricesinfoodstuffswheretheEUisself-sufficientPQOQS2PwPiSEUQS1Qd2Qd1DEUabcdefREVENUEFROMSALEOFSURPLUSONWORLDMARKETNETCOSTSurplusCosttotaxpayersofpricesupportandsubsidiesInterventioninagriculturalmarketsThecosttothetaxpayerofhighfixedpricesPQOPeSDThecosttothetaxpayerofhighfixedpricesPQOPePiSDThecosttothetaxpayerofhighfixedpricesPQOPePiSDbaQdQsSurplusThecosttothetaxpayerofhighfixedpricesPQOPePiSDcbadCOSTTOTHETAXPAYERQdQsSurplusThecosttothetaxpayerofsubsidiesPQOPeSDQ1PQOPePfSDabPcSubsidyQ1Q2ThecosttothetaxpayerofsubsidiesPQOPePfSDabPcCOSTTOTHETAXPAYERQ1Q2ThecosttothetaxpayerofsubsidiesHighfixedpricesSubsidiesEffectsofreformInterventioninagriculturalmarketsEffectofreformstothesystemofhighpricesPQOP1S1DcbadOriginalsurplusQs1Qd1ReducinginterventionpricesPQOP1P2S1DcbadReductionininterventionpriceQs1Qd1RemovingagriculturallandfromproductionPQOP1P2S1DS2cbadEffectofSet-asideQs1Qd1NeteffectPQOP1P2S1DS2Qs2Qs1Qd2Qd1cbada¢b¢c¢ReducedsurplusBalanceof
paymentsand
exchangeratesThebalanceofpaymentsaccount(exampleofUKbalanceofpayments)BalanceofpaymentsandexchangeratesUKbalanceofpayments:1996(£millions)UKbalanceofpayments:1996(£millions)UKbalanceofpayments:1996(£millions)UKbalanceofpayments:1996(£millions)UKbalanceofpayments:1996(£millions)UKbalanceofpayments:1996(£millions)UKbalanceofpayments:1996(£millions)UKbalanceofpaymentsoncurrentaccount
(quarterlyfigures)ExchangeratesBalanceofpaymentsandexchangeratesSterlingexchangerates:1980-96Determinationoftherateofexchange$priceof£DbyUSAQof£Determinationoftherateofexchange$priceof£SbyUKDbyUSAQof£Determinationoftherateofexchange$priceof£SbyUKDbyUSAQof£Determinationoftherateofexchange$priceof£SbyUKDbyUSAQof£baDeterminationoftherateofexchange$priceof£SbyUKDbyUSAQof£cdChangesintheexchangerateBalanceofpaymentsandexchangeratesFloatingexchangerates:movementtoanewequilibriumDM/£S1D1Qof£Floatingexchangerates:movementtoanewequilibriumDM/£Qof£S1D1Floatingexchangerates:movementtoanewequilibriumDM/£Qof£S1D1S2D2Floatingexchangerates:movementtoanewequilibriumDM/£Qof£S1D1S2D2DepreciationUnstableexchangeratesBalanceofpaymentsandexchangeratesSupplyofpoundsandtheelasticityofdemandforimportsOExchangerateQuantityof£sSElasticdemandforimportsSupplyofpoundsandtheelasticityofdemandforimportsOExchangerateQuantityof£sSInelasticdemandforimportsUnstableequilibriumOExchangerateQuantityof£sSDrUnstableequilibriumOExchangerateQuantityof£sSDrSpeculationagainstexchange-ratemovementsBalanceofpaymentsandexchangeratesStabilisingspeculationOExchangerateQuantityof£sS1D1er1StabilisingspeculationOExchangerateQuantityof£ser2S2D2S1D1er1StabilisingspeculationOExchangerateQuantityof£sS3D3er3er2S2D2S1D1er1DestabilisingspeculationOExchangerateQuantityof£sS1D1er1DestabilisingspeculationOExchangerateQuantityof£sS2D2er2S1D1er1DestabilisingspeculationOExchangerateQuantityof£sS2D2er2er3S3D3S1D1er1MovementsinthesterlingexchangeratesovertimeBalanceofpaymentsandexchangerates$/£exchangerate:1976-97$/£Index1990=100$/£exchangerateand£exchangerateindex:1976-97$/£Index1990=100Thecircularflow
ofincomeThecircularflowofincomeTheinterdependenceofgoodsandfactormarketsFIRMS(suppliersofgoodsandservices,demandersoffactorservices)HOUSEHOLDS(demandersofgoodsandservices,suppliersoffactorservices)TheinterdependenceofgoodsandfactormarketsTheinterdependenceofgoodsandfactormarketsPQ££D1(1)ConsumerdemandOTheinterdependenceofgoodsandfactormarketsPQ££GoodsGoodsS(1)Consumerdemand(2)ProducersupplyOD1TheinterdependenceofgoodsandfactormarketsPQ££GoodsGoods(1)Consumerdemand(2)ProducersupplyP1OQ1D1STheinterdependenceofgoodsandfactormarketsPQPQ££££GoodsGoods(1)Consumerdemand(3)Factordemand(2)ProducersupplyP1OOQ1D1SD1TheinterdependenceofgoodsandfactormarketsPQPQ££££FactorservicesGoodsGoodsFactorservices(1)Consumerdemand(4)Factorsupply(3)Factordemand(2)ProducersupplyP1OQ1OD1SD1STheinterdependenceofgoodsandfactormarketsPQPQ££££FactorservicesGoodsGoodsFactorservices(1)Consumerdemand(4)Factorsupply(3)Factordemand(2)ProducersupplyP1Q1OPF1QF1OD1SD1STheinterdependenceofgoodsandfactormarketsPQPQ££££FactorservicesGoodsGoodsFactorservicesSSD1D1(1)Consumerdemand(4)Factorsupply(3)Factordemand(2)ProducersupplyP1Q1OOD2PF1QF1TheinterdependenceofgoodsandfactormarketsPQPQ££££FactorservicesGoodsGoodsFactorservicesSSD1D1(1)Consumerdemand(4)Factorsupply(3)Factordemand(2)ProducersupplyP1Q1OOP2Q2PF1QF1D2TheinterdependenceofgoodsandfactormarketsPQPQ££££FactorservicesGoodsGoodsFactorservicesSSD1D1(1)Consumerdemand(4)Factorsupply(3)Factordemand(2)ProducersupplyP1Q1OOP2Q2D2
PF1QF1D2TheinterdependenceofgoodsandfactormarketsPQPQ££££FactorservicesGoodsGoodsFactorservicesSSD1D1(1)Consumerdemand(4)Factorsupply(3)Factordemand(2)ProducersupplyP1Q1OOP2Q2PF1QF1PF2QF2D2D2
ThecircularflowofincomeInjections,withdrawalsandequilibriumConsumptionofdomesticallyproducedgoodsandservices(Cd)ThecircularflowofincomeFactorpaymentsConsumptionofdomesticallyproducedgoodsandservices(Cd)ThecircularflowofincomeFactorpaymentsConsumptionofdomesticallyproducedgoodsandservices(Cd)BANKS,etcNetsaving(S)ThecircularflowofincomeFactorpaymentsConsumptionofdomesticallyproducedgoodsandservices(Cd)BANKS,etcInvestment(I)Netsaving(S)ThecircularflowofincomeFactorpaymentsConsumptionofdomesticallyproducedgoodsandservices(Cd)BANKS,etcGOV.Investment(I)Netsaving(S)Nettaxes(T)ThecircularflowofincomeFactorpaymentsConsumptionofdomesticallyproducedgoodsandservices(Cd)BANKS,etcGOV.Investment(I)Governmentexpenditure(G)Netsaving(S)Nettaxes(T)ThecircularflowofincomeFactorpaymentsConsumptionofdomesticallyproducedgoodsandservices(Cd)BANKS,etcGOV.ABROAD
Investment(I)Governmentexpenditure(G)Netsaving(S)Nettaxes(T)Importexpenditure(M)ThecircularflowofincomeFactorpaymentsConsumptionofdomesticallyproducedgoodsandservices(Cd)BANKS,etcGOV.ABROAD
Investment(I)Governmentexpenditure(G)Exportexpenditure(X)Netsaving(S)Nettaxes(T)Importexpenditure(M)ThecircularflowofincomeFactorpaymentsConsumptionofdomesticallyproducedgoodsandservices(Cd)BANKS,etcGOV.ABROAD
Investment(I)Governmentexpenditure(G)Exportexpenditure(X)Netsaving(S)Nettaxes(T)Importexpenditure(M)ThecircularflowofincomeWITHDRAWALSFactorpaymentsConsumptionofdomesticallyproducedgoodsandservices(Cd)BANKS,etcGOV.ABROAD
Investment(I)Governmentexpenditure(G)Exportexpenditure(X)Netsaving(S)Nettaxes(T)Importexpenditure(M)ThecircularflowofincomeWITHDRAWALSINJECTIONSCobwebCobwebConvergentcobwebConvergentCobwebs(dampedoscillations)DSplannedP1PQOConvergentCobwebs(dampedoscillations)DSplannedP1Q1PQOConvergentCobwebs(dampedoscillations)DSplannedP1P2Q1PQOConvergentCobwebs(dampedoscillations)DSplannedP1P2Q1Q2PQOConvergentCobwebs(dampedoscillations)DSplannedP1P3P2Q1Q2PQOConvergentCobwebs(dampedoscillations)DSplannedP1P3P2Q1Q2PQOConvergentCobwebs(dampedoscillations)DSplannedP1P3P2Q1Q2PQOCobwebDivergentcobwebDivergentCobwebs(explosiveoscillations)DSplannedP1PQODivergentCobwebs(explosiveoscillations)DSplannedP1Q1PQODivergentCobwebs(explosiveoscillations)DSplannedP1P2Q1PQODivergentCobwebs(explosiveoscillations)DSplannedP1P2Q1Q2PQODivergentCobwebs(explosiveoscillations)DSplannedP1P3P2Q1Q2PQODivergentCobwebs(explosiveoscillations)DSplannedP1P3P2Q1Q2PQOCostsShort-runcostsTotalcostTotalcostsforfirmXTFCOutput(Q)01234567TFC(£)1212121212121212TotalcostsforfirmXTVCTFCOutput(Q)01234567TFC(£)1212121212121212TVC(£)010162128406091TotalcostsforfirmXTCTVCTFCOutput(Q)01234567TFC(£)1212121212121212TVC(£)010162128406091TC(£)12222833405272103TotalcostsforfirmXTVCTFCDiminishingmarginalreturnssetinhereTCShort-runcostsMarginalcost=DTC/DQDerivingmarginalcostsQ
TC
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1
22
228333440552672710310657122031TCQCosts(£)Q
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228333440552672710310657122031DTC=12DQ=1QCosts(£)TCDerivingmarginalcostsQ
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228333440552672710310657122031MCDiminishingreturnssetinhereQCosts(£)TCDerivingmarginalcostsMCQCosts(£)DerivingmarginalcostsShort-runcostsAveragecost=TC/
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-1101021683217428754086601079113QCosts(£)AVCAFCQ
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-2214111010.41214.7QCosts(£)Long-runcostsLong-runcostsAlternativelong-runaveragecostcurvesOutputOCosts(a)EconomiesofscaleLRACAlternativelong-runaveragecostcurvesOutputOCosts(b)DiseconomiesofscaleLRACAlternativelong-runaveragecostcurvesOutputOCosts(c)ConstantcostsLRACAtypicallong-runaveragecostcurveOutputOCostsLRACAtypicallong-runaveragecostcurveOutputOCostsLRACEconomiesofscaleConstantcostsDiseconomiesofscaleLong-runaverageandmarginalcostsOutputOCosts(a)EconomiesofscaleLRACLRMCOutputOCosts(b)DiseconomiesofscaleLRACLong-runaverageandmarginalcostsLRMCOutputOCosts(c)ConstantcostsLRAC=LRMCLong-runaverageandmarginalcostsOutputOCosts(d)Initialeconomiesofscale,thendiseconomiesofscaleLong-runaverageandmarginalcostsLRMCLRACLong-runcostsRelationshipbetweenshort-runandlong-runACcurvesDerivinglong-runaveragecostcurves:factoriesoffixedsizeSRAC1CostsOutputO1factoryDerivinglong-runaveragecostcurves:factoriesoffixedsizeSRAC1SRAC2CostsOutputO2factoriesDerivinglong-runaveragecostcurves:factoriesoffixedsizeSRAC1SRAC3SRAC2CostsOutputO3factoriesDerivinglong-runaveragecostcurves:factoriesoffixedsizeSRAC1SRAC3SRAC2SRAC4SRAC5CostsOutputO5factories4factoriesDerivinglong-runaveragecostcurves:factoriesoffixedsizeSRAC1SRAC3SRAC2SRAC4SRAC5LRACCostsOutputODerivingalong-runaveragecostcurve:choiceoffactorysizeCostsOutputOExamplesofshort-runaveragecostcurvesDerivingalong-runaveragecostcurve:choiceoffactorysizeLRACCostsOutputODemandand
supplyanalysisDemandandsupplyanalysisThedemandcurveThedemandcurve:
Thedemandforpotatoes(monthly)Marketdemandforpotatoes(monthly)Quantity(tonnes:000s)Price(penceperkg)DemandPrice(penceperkg)4Marketdemand(tonnes000s)700APointAQuantity(tonnes:000s)Price(penceperkg)DemandPrice(penceperkg)48Marketdemand(tonnes000s)700500ABPointABMarketdemandforpotatoes(monthly)Quantity(tonnes:000s)Price(penceperkg)DemandPrice(penceperkg)4812
Marketdemand(tonnes000s)700500350ABCPointABCMarketdemandforpotatoes(monthly)Quantity(tonnes:000s)Price(penceperkg)DemandPrice(penceperkg)481216
Marketdemand(tonnes000s)700500350200ABCDPointABCDMarketdemandforpotatoes(monthly)Quantity(tonnes:000s)Price(penceperkg)DemandPrice(penceperkg)48121620Marketdemand(tonnes000s)700500350200100ABCDEPointABCDEMarketdemandforpotatoes(monthly)DemandandsupplyanalysisShiftsinthedemandcurveD0PricePOQ0QuantityAnincreaseindemandPricePOQuantityD0Q0AnincreaseindemandPricePOQuantityD0Q0D1Q1AnincreaseindemandPricePOQuantityD0Q0AdecreaseindemandPricePOQuantityD0Q0Q2D2AdecreaseindemandDemandandsupplyanalysisThesupplycurveThesupplycurve:
Thesupplyofpotatoes(monthly)Price(penceperkg)Quantity(tonnes:000s)SupplyMarketsupplyofpotatoes(monthly)Price(penceperkg)Quantity(tonnes:000s)Supplya
P
4
Q100aMarketsupplyofpotatoes(monthly)Price(penceperkg)Quantity(tonnes:000s)Supplyab
P
48
Q100200abMarketsupplyofpotatoes(monthly)Price(penceperkg)Quantity(tonnes:000s)Supplyabc
P
4812
Q100200350abcMarketsupplyofpotatoes(monthly)Price(penceperkg)Quantity(tonnes:000s)Supplyabcd
P
481216
Q100200350530abcdMarketsupplyofpotatoes(monthly)Price(penceperkg)Quantity(tonnes:000s)Supplyabcde
P
48121620
Q100200350530700abcdeMarketsupplyofpotatoes(monthly)DemandandsupplyanalysisShiftsinthesupplycurveShiftsinthesupplycurvePQOS0PQOS0S1IncreaseShiftsinthesupplycurvePQOS2S0S1IncreaseDecreaseShiftsinthesupplycurveDemandandsupplyanalysisEquilibriumEquilibriumpriceandoutput:
TheMarketDemandandSupplyofPotatoes(Monthly)Thedeterminationofmarketequilibrium
(potatoes:monthly)Quantity(tonnes:000s)Price(penceperkg)EDCBAabcdeSupplyDemandQuantity(tonnes:000s)Price(penceperkg)EDCBAabcdeSupplyDemandSHORTAGE(300000)Thedeterminationofmarketequilibrium
(potatoes:monthly)Quantity(tonnes:000s)Price(penceperkg)EDCBAabcdeSURPLUS(330000)SupplyDemandThedeterminationofmarketequilibrium
(potatoes:monthly)Quantity(tonnes:000s)Price(penceperkg)EDCBAabcdeQePeSupplyDemandThedeterminationofmarketequilibrium
(potatoes:monthly)DemandandsupplyanalysisEffectofashiftinthedemandcurveEffectofashiftinthedemandcurvePQOPe1Qe1SD1gPQOPe1Qe1SD1D2gEffectofashiftinthedemandcurveAnincreaseindemandPQOPe1Qe1SghD1D2EffectofashiftinthedemandcurvePQOPe1Pe2Qe1Qe2SghiD1D2EffectofashiftinthedemandcurveEffectofashiftinthedemandcurvePQOPe1Qe1SD1gPQOPe1Qe1SD1D2gEffectofashiftinthedemandcurveAdecreaseindemandPQOPe1Qe1SD1D2gEffectofashiftinthedemandcurvePe2Qe2nmDemandandsupplyanalysisEffectofashiftinthesupplycurveEffectofashiftinthesupplycurvePQOPe1Qe1DS1gEffectofashiftinthesupplycurvePQOPe1Qe1DS1gAnincreaseinsupplyS2EffectofashiftinthesupplycurvePQOPe1Qe1DS1gS2pEffectofashiftinthesupplycurvePQOPe1Qe1DS1gS2pPe2Qe2qEffectofashiftinthesupplycurvePQOPe1Qe1DS1gPQOPe1Qe1DS1S2gEffectofashiftinthesupplycurveAdecreaseinsupplyPQOPe1Qe1DS1S2jgEffectofashiftinthesupplycurvePQOPe1Pe3Qe3Qe1DS1S2jgkEffectofashiftinthesupplycurveDeadweight
welfarelossDeadweightlossundermonopolyO£QPpcQpcMC(=Sunderperfectcompetition)AR=D(a)IndustryequilibriumunderperfectcompetitionaDeadweightlossundermonopolyO£QPpcQpcMC(=Sunderperfectcompetition)AR=D(a)IndustryequilibriumunderperfectcompetitionConsumersurplusaDeadweightlossundermonopolyO£QPpcQpcMC(=Sunderperfectcompetition)AR=D(a)IndustryequilibriumunderperfectcompetitionConsumersurplusProducersurplusaDeadweightlossundermonopolyO£QPpcQpcMC(=Sunderperfectcompetition)AR=DaPmQpcMRb(b)IndustryequilibriumundermonopolyDeadweightlossundermonopolyO£QPpcQpcMC(=Sunderperfectcompetition)AR=DaPmQpcMRb(b)IndustryequilibriumundermonopolyConsumersurplusDeadweightlossundermonopolyO£QPpcQpcMC(=Sunderperfectcompetition)AR=DaPmQpcMRb(b)IndustryequilibriumundermonopolyConsumersurplusProducersurplusDeadweightlossundermonopolyO£QPpcQpcMC(=Sunderperfectcompetition)AR=DaPmQpcMRb(b)IndustryequilibriumundermonopolyConsumersurplusProducersurplusDeadweightwelfarelossDeadweightlossundermonopolyO£QPpcQpcMC(=Sunderperfectcompetition)AR=DProducersurplusaMR
undermonopolybPmQpcPerfectcompetitionConsumersurplusDeadweightlossundermonopolyO£QPpcQpcMC(=Sunderperfectcompetition)AR=DaPmQpcbConsumersurplusProducersurplusDeadweightwelfarelossMonopolyMR
undermonopolyElasticityPriceelasticityofdemand(themid-pointmethod)ElasticityPriceelasticityofdemandProportionate(or%)DQDProportionate(or%)DP÷PriceelasticityofdemandProportionate(or%)DQDProportionate(or%)DPDQDQDDPP÷PriceelasticityofdemandProport
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