Chapter 6 Taxes and Subsidies Effect of a tax – graph and calculate, price buyers pay (Pd), price sellers receive (Ps),

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Chapter 6 Taxes and SubsidiesEffect of a tax – graph and calculate, price buyers pay (Pd), pricesellers receive (Ps), consumerand producer surplus, deadweight loss, tax revenue and taxincidence/burden (buyers and sellers)Apply the tax-wedge shortcutImpact of elasticity on tax incidenceImpact of a subsidy – graph and calculate price buyers pay, pricesellers receive, total subsidypaymentApply the subsidy-wedge shortcutChapter 19 Public Goods and the Tragedy of the CommonsDefine nonexcludableDefine nonrivalClassify goods as public goods, private goods, common resources,and club goods private non-rival goods)Free ridersTragedy of the commonsPrivate Property rightsIndividual transferable quotasChapter 11 Costs and Profit Maximization Under CompetitionCharacteristics of a competitive market (type of product, demandcurve)Price-takersLong runShort runFixed inputVariable inputSunk costProfitTotal revenueTotal costVariable costFixed costImplicit costAccounting profit vs economic profitMarginal revenueMarginal costProfit maximization for a single firm in a competitive market(Identify and calculate profit given these scenarios: Short-runeconomic profit, loss, zero“normal profits”)Average cost, average variable cost, average fixed costShutdown
When to loss-operate when 𝑝≥𝐴𝑉𝐶, and p < ACLong Run Supply curve “planning curves”Increasing, Decreasing, and Constant cost industryEconomies of scaleEntry and Exit, Short run vs Long run, in a competitivemarket
I just need definitions, some graphs, and explanationsplease.