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© 2007 Pearson Addison-Wesley. All rights reserved. 8–1
Figure 8.2 How a Competitive Firm Maximizes Profit
© 2007 Pearson Addison-Wesley. All rights reserved. 8–2
Figure 8.3 The Short-Run Shutdown Decision
© 2007 Pearson Addison-Wesley. All rights reserved. 8–3
Figure 8.4 How the Profit-Maximizing Quantity Varies with Price
© 2007 Pearson Addison-Wesley. All rights reserved. 8–4
Figure 8.10 Long-Run Firm and Market Supply with Identical Vegetable Oil Firms
© 2007 Pearson Addison-Wesley. All rights reserved. 8–5
Figure 9.1 Consumer Surplus
© 2007 Pearson Addison-Wesley. All rights reserved. 8–6
Figure 9.3 Producer Surplus
© 2007 Pearson Addison-Wesley. All rights reserved. 8–7
Figure 9.4 Why Reducing Output from the Competitive Level Lowers Welfare
© 2007 Pearson Addison-Wesley. All rights reserved. 8–8
Figure 9.5 Why Increasing Output from the Competitive Level Lowers Welfare
© 2007 Pearson Addison-Wesley. All rights reserved. 8–9
Figure 9.7 Welfare Effects of a Specific Tax on Roses
© 2007 Pearson Addison-Wesley. All rights reserved. 8–10
Page 293 Solved Problem 9.5
© 2007 Pearson Addison-Wesley. All rights reserved. 8–11
Figure 9.9 Loss from Eliminating Free Trade
© 2007 Pearson Addison-Wesley. All rights reserved. 8–12
Figure 9.10 Effect of a Tariff (or Quota)
© 2007 Pearson Addison-Wesley. All rights reserved. 8–13
Figure 11.1 Average and Marginal Revenue
© 2007 Pearson Addison-Wesley. All rights reserved. 8–14
Figure 11.2 Elasticity of Demand and Total, Average, and Marginal Revenue
© 2007 Pearson Addison-Wesley. All rights reserved. 8–15
Table 11.1 Quantity, Price, Marginal Revenue, and Elasticity for the Linear Inverse Demand Curve
© 2007 Pearson Addison-Wesley. All rights reserved.
Figure 11.3 Maximizing Profit
© 2007 Pearson Addison-Wesley. All rights reserved. 8–17
Figure 11.4 Effects of a Shift of the Demand Curve
© 2007 Pearson Addison-Wesley. All rights reserved. 8–18
Table 11.2 Elasticity of Demand, Price, and Marginal Cost
© 2007 Pearson Addison-Wesley. All rights reserved. 8–19
Page 357 Solved Problem 11.1
© 2007 Pearson Addison-Wesley. All rights reserved. 8–20
Figure 11.5 Deadweight Loss of Monopoly
© 2007 Pearson Addison-Wesley. All rights reserved. 8–21
Page 361 Solved Problem 11.2
© 2007 Pearson Addison-Wesley. All rights reserved. 8–22
Figure 11.7 Natural Monopoly
© 2007 Pearson Addison-Wesley. All rights reserved. 8–23
Application (Page 366) Electric Power Utilities
© 2007 Pearson Addison-Wesley. All rights reserved. 8–24
Application (Page 369) Botox Patent Monopoly
© 2007 Pearson Addison-Wesley. All rights reserved. 8–25
Figure 11.8 Optimal Price Regulation
© 2007 Pearson Addison-Wesley. All rights reserved. 8–26
Figure 11.9 Regulating a Telephone Utility