© 2007 pearson addison-wesley. all rights reserved.8–1 figure 8.2 how a competitive firm...

© 2007 Pearson Addison-Wesley. All rights reserved. 8–1

Figure 8.2 How a Competitive Firm Maximizes Profit


Figure 8.3 The Short-Run Shutdown Decision


Figure 8.4 How the Profit-Maximizing Quantity Varies with Price


Figure 8.10 Long-Run Firm and Market Supply with Identical Vegetable Oil Firms


Figure 9.1 Consumer Surplus


Figure 9.3 Producer Surplus


Figure 9.4 Why Reducing Output from the Competitive Level Lowers Welfare


Figure 9.5 Why Increasing Output from the Competitive Level Lowers Welfare


Figure 9.7 Welfare Effects of a Specific Tax on Roses


Page 293 Solved Problem 9.5


Figure 9.9 Loss from Eliminating Free Trade


Figure 9.10 Effect of a Tariff (or Quota)


Figure 11.1 Average and Marginal Revenue


Figure 11.2 Elasticity of Demand and Total, Average, and Marginal Revenue


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


Figure 11.4 Effects of a Shift of the Demand Curve


Table 11.2 Elasticity of Demand, Price, and Marginal Cost


Figure 11.5 Deadweight Loss of Monopoly


Figure 11.7 Natural Monopoly


Application (Page 366) Electric Power Utilities


Application (Page 369) Botox Patent Monopoly


Figure 11.8 Optimal Price Regulation


Figure 11.9 Regulating a Telephone Utility

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