Labs
Each lab is a working model. Before you move a curve or a slider, say what you expect to change, then check.
- Topic 1.3 Draw the PPC Label the axes of a production possibilities curve, show how it moves when resources or technology change, and place points inside, on and outside it. The page checks your graph.
- Topics 2.6 and 2.8 Market Policy Lab Add a per-unit tax, a price ceiling or a price floor to a market and watch consumer surplus, producer surplus, tax revenue and deadweight loss change.
- Topics 2.1, 2.2 and 2.7 Shift Supply or Demand Read what happened to one market, pick the curve it moves, move it, and mark where the new curves cross. The page checks your graph and says what is off.
- Topic 2.9 Trade and Tariffs Graph Label a domestic market, move the price line to the world price or add a tariff, and mark the quantity domestic producers supply or consumers buy. The page checks your graph.
- Topics 3.5 to 3.7 The Competitive Firm Graph Label a price-taking firm’s cost graph, move its price line when the market price changes, and mark the quantity it produces. The page checks your graph.
- Topics 4.2 and 4.4 The Price-Setting Firm Graph Label a firm's demand and marginal revenue, move demand or costs when the situation changes them, and mark the price and quantity the firm chooses. The page checks your graph.
- Topics 4.2 and 6.4 The Natural Monopoly Graph Label a natural monopoly's demand and marginal revenue, then mark the price and quantity it picks to maximize profit, or the one a regulator sets. The page checks your graph.
- Topic 5.2 The Labor Market Graph Label a labor market's wage and quantity of labor, move labor demand or labor supply when something changes, and mark the new wage and employment. The page checks your graph.
- Topic 5.3 The Competitive Hiring Graph Label one firm's marginal revenue product and the market wage it takes, move whichever one a change moves, and mark how many workers the firm hires. The page checks your graph.
- Topic 5.4 The Monopsony Graph Label a monopsony's labor supply and marginal factor cost, move what a change moves, and mark the wage it pays and the number of workers it hires. The page checks your graph.
- Topics 6.1, 6.2 and 6.4 The Externality Graph Label a competitive market's private benefit and cost, add the social line the market leaves out, and mark the socially optimal quantity and price. The page checks your graph.