Economic Plots One Below The Other

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Introduction

In economics, the concept of total, average, and marginal product is crucial in understanding the relationship between input and output. Total product refers to the total output produced by a firm, average product is the output per unit of input, and marginal product is the additional output produced by one more unit of input. Visualizing these concepts can be challenging, but with the help of plotting tools like Tikz and Pgfplots, we can create informative and engaging graphs to better understand the relationship between these economic concepts.

What are Total, Average, and Marginal Product?

  • Total Product: The total output produced by a firm, which is the sum of all the outputs produced by each unit of input.
  • Average Product: The output per unit of input, which is calculated by dividing the total output by the total number of units of input.
  • Marginal Product: The additional output produced by one more unit of input, which is calculated by dividing the change in total output by the change in the number of units of input.

Plotting Total, Average, and Marginal Product

To plot total, average, and marginal product, we can use the following code in Tikz and Pgfplots:

\documentclass{article}
\usepackage{pgfplots}
\begin{document}

\begin{tikzpicture}
\begin{axis}[
width=12cm,
height=8cm,
xlabel={Number of Units of Input},
ylabel={Output},
legend style={at={(0.5,0.9)},anchor=north},
grid=major
]


\addplot[blue, thick] table [x=Input, y=Total] {data.csv};
\addplot[red, thick] table [x=Input, y=Average] {data.csv};
\addplot[green, thick] table [x=Input, y=Marginal] {data.csv};


\legend{Total Product, Average Product, Marginal Product}
\end{axis}
\end{tikzpicture}

This code will create a plot with three lines representing total, average, and marginal product. The x-axis represents the number of units of input, and the y-axis represents the output.

Plotting Two Charts Together

To plot two charts together, one below the other, we can use the following code:

\documentclass{article}
\usepackage{pgfplots}
\begin{document}

\begin{tikzpicture}
\begin{axis}[
width=12cm,
height=6cm,
xlabel={Number of Units of Input},
ylabel={Output},
legend style={at={(0.5,0.9)},anchor=north},
grid=major
]


\addplot[blue, thick] table [x=Input, y=Total] {data.csv};
\addplot[red, thick] table [x=Input, y=Average] {data.csv};
\addplot[green, thick] table [x=Input, y=Marginal] {data.csv};


\legend{Total Product, Average Product, Marginal Product}
\end{axis}


\begin{axis}[
width=12cm,
height=6cm,
xlabel={Number of Units of Input},
ylabel={Output},
legend style={at={(0.5,0.9)},anchor=north},
grid=major,
yshift=6cm
]


\addplot[blue, thick] table [x=Input, y=Total] {data2.csv};
\addplot[red, thick] table [x=Input, y=Average] {data2.csv};
\addplot[green, thick] table [x=Input, y=Marginal] {data2.csv};


\legend{Total Product, Average Product, Marginal Product}
\end{axis}
\end{tikzpicture}

This code will create two plots, one below the other, with the same data but with different labels.

Tips and Variations

  • To change the color of the lines, you can use the color option in the \addplot command.
  • To change the style of the lines, you can use the style option in the \addplot command.
  • To add a title to the plot, you can use the title option in the \begin{axis} command.
  • To add a legend to the plot, you can use the legend option in the \begin{axis} command.

Conclusion

Plotting total, average, and marginal product can be a challenging task, but with the help of plotting tools like Tikz and Pgfplots, we can create informative and engaging graphs to better understand the relationship between these economic concepts. By using the code provided in this article, you can create plots with two charts together, one below the other, to visualize the relationship between total, average, and marginal product.

Data

To create the plots, you will need to have two data files, data.csv and data2.csv, with the following format:

Input Total Average Marginal
1 10 10 10
2 20 15 10
3 30 20 10
4 40 25 10
5 50 30 10

You can create these data files using a spreadsheet program like Microsoft Excel or Google Sheets.

References

Introduction

In our previous article, we discussed how to plot total, average, and marginal product using Tikz and Pgfplots. We also provided code examples to create plots with two charts together, one below the other. In this article, we will answer some frequently asked questions related to plotting economic concepts.

Q: What is the difference between total, average, and marginal product?

A: Total product refers to the total output produced by a firm, average product is the output per unit of input, and marginal product is the additional output produced by one more unit of input.

Q: How do I create a plot with two charts together, one below the other?

A: To create a plot with two charts together, one below the other, you can use the following code:

\documentclass{article}
\usepackage{pgfplots}
\begin{document}

\begin{tikzpicture}
\begin{axis}[
width=12cm,
height=6cm,
xlabel={Number of Units of Input},
ylabel={Output},
legend style={at={(0.5,0.9)},anchor=north},
grid=major
]


\addplot[blue, thick] table [x=Input, y=Total] {data.csv};
\addplot[red, thick] table [x=Input, y=Average] {data.csv};
\addplot[green, thick] table [x=Input, y=Marginal] {data.csv};


\legend{Total Product, Average Product, Marginal Product}
\end{axis}


\begin{axis}[
width=12cm,
height=6cm,
xlabel={Number of Units of Input},
ylabel={Output},
legend style={at={(0.5,0.9)},anchor=north},
grid=major,
yshift=6cm
]


\addplot[blue, thick] table [x=Input, y=Total] {data2.csv};
\addplot[red, thick] table [x=Input, y=Average] {data2.csv};
\addplot[green, thick] table [x=Input, y=Marginal] {data2.csv};


\legend{Total Product, Average Product, Marginal Product}
\end{axis}
\end{tikzpicture}

Q: How do I change the color of the lines in the plot?

A: To change the color of the lines, you can use the color option in the \addplot command. For example:

\addplot[blue, thick] table [x=Input, y=Total] {data.csv};

becomes

\addplot[red, thick] table [x=Input, y=Total] {data.csv};

Q: How do I change the style of the lines in the plot?

A: To change the style of the lines, you can use the style option in the \addplot command. For example:

\addplot[blue, thick] table [x=Input, y=Total] {data.csv};

becomes

\addplot[blue dashed] table [x=Input, y=Total] {data.csv};

Q: How do I add a title to the plot?

A: To add a title to the plot, you can use the title option in the \begin{axis} command. For example:

\begin{axis}[
    width=12cm,
    height=6cm,
    xlabel={Number of Units of Input},
    ylabel={Output},
    title={Total, Average, and Marginal Product},
    legend style={at={(0.5,0.9)},anchor=north},
    grid=major
]

Q: How do I add a legend to the plot?

A: To add a legend to the plot, you can use the legend option in the \begin{axis} command. For example:

\begin{axis}[
    width=12cm,
    height=6cm,
    xlabel={Number of Units of Input},
    ylabel={Output},
    legend style={at={(0.5,0.9)},anchor=north},
    grid=major
]

Q: What are some common errors when plotting economic concepts?

A: Some common errors when plotting economic concepts include:

  • Using the wrong data file
  • Using the wrong axis settings
  • Not using the correct options in the \addplot command
  • Not using the correct options in the \begin{axis} command

Conclusion

Plotting total, average, and marginal product can be a challenging task, but with the help of plotting tools like Tikz and Pgfplots, we can create informative and engaging graphs to better understand the relationship between these economic concepts. By using the code examples provided in this article, you can create plots with two charts together, one below the other, and answer some frequently asked questions related to plotting economic concepts.

References