ii. Clear and well drawn graphs ( / 5 ) b. Explanation of General Concepts: (/5) i. Profit Maximizing Rule ii. Shut-down Point iii. Productive Efficiency iv. Allocative Efficiency v. Excess Capacity c. Inclusion of kcy graphs i. Costs of Production (16) 1. Production Function TP, MP, and AP (Graph with three stages) 2. TC, VC, FC (Definitions) 3. MC, ATC, AVC, AFC (Formulas and Graph) 4. Long-Run ATC (Graph showing Economies and Diseconomies of Scale) ii. Perfect Competition (/5) 1. Characteristics 2. Firm and Industry in Short-Run Making Profit (Graph) 3. Firm and Industry in Short-Run Making Loss (Graph) 4. Firm and Industry in Long-Run equilibrium (Graph) 5. How economic profit and loss disappear in the Long-Run (Graph) iili. Monopolies (/5) 1. Characteristics 2. Demand and MR for imperfectly competitive firms (Elastic and Inelastic range) 3. Monopoly making a profit (Graph-label Profit, Consumers Surplus, and DWL) 4. Perfectly Price Discriminating Monopoly (Graph) 5. Regulated Monopolies (Fair Return and Socially Optimal) iv, Monopolistic Competition (/5) 1. Characteristics 2. Firm Making Short-Run Profit (Graph) 3. Firm Making Short-Run Loss (Graph) 4. Firm in Long-Run Equilibrium (Graph) 5. How economic profit and loss disappear in the Long-Run (Graph) 1. Characteristics 2. Game-Theory Model (Matrix) 3. Kinked Demand Curve (Graph) 4. Profit maximization with Collusion (Graph)