Chapter 8 Competitive Firms and Markets
© 2004 Pearson Addison-Wesley. All rights reserved8-2 Figure 8.1 Residual Demand Curve
© 2004 Pearson Addison-Wesley. All rights reserved8-3 Figure 8.2 Maximizing Profit
Figure 8.3 How a Competitive Firm Maximizes Profit
© 2004 Pearson Addison-Wesley. All rights reserved8-5 Page 240 Solved Problem 8.1
© 2004 Pearson Addison-Wesley. All rights reserved8-6 Figure 8.4 The Short-Run Shutdown Decision
© 2004 Pearson Addison-Wesley. All rights reserved8-7 Figure 8.5 How the Profit-Maximizing Quantity Varies with Price
© 2004 Pearson Addison-Wesley. All rights reserved8-8 Figure 8.6 Effect of an Increase in the Cost of Materials on the Vegetable Oil Supply Curve
© 2004 Pearson Addison-Wesley. All rights reserved8-9 Figure 8.7 Short-Run Market Supply with Five Identical Lime Firms
© 2004 Pearson Addison-Wesley. All rights reserved8-10 Figure 8.8 Short-Run Market Supply with Two Different Lime Firms
© 2004 Pearson Addison-Wesley. All rights reserved8-11 Figure 8.9 Short-Run Competitive Equilibrium in the Lime Market
© 2004 Pearson Addison-Wesley. All rights reserved8-12 Figure 8.10 Short-Run Effect of a Specific Tax in the Lime Market
© 2004 Pearson Addison-Wesley. All rights reserved8-13 Figure 8.11 The Short-Run and Long-Run Supply Curves
© 2004 Pearson Addison-Wesley. All rights reserved8-14 Table 8.1 Entry and Exit Rates in Selected U.S. Industries,1972–1982
© 2004 Pearson Addison-Wesley. All rights reserved8-15 Figure 8.12a Long-Run Firm and Market Supply with Identical Vegetable Oil Firms
© 2004 Pearson Addison-Wesley. All rights reserved8-16 Figure 8.12 Long-Run Firm and Market Supply with Identical Vegetable Oil Firms
© 2004 Pearson Addison-Wesley. All rights reserved8-17 Figure 8.12b Long-Run Firm and Market Supply with Identical Vegetable Oil Firms
© 2004 Pearson Addison-Wesley. All rights reserved8-18 Application (Page 257) Upward-Sloping Long-Run Supply Curve for Cotton
© 2004 Pearson Addison-Wesley. All rights reserved8-19 Figure 8.13 Long-Run Market Supply in an Increasing-Cost Market
© 2004 Pearson Addison-Wesley. All rights reserved8-20 Figure 8.14 Long-Run Market Supply in a Decreasing-Cost Market
© 2004 Pearson Addison-Wesley. All rights reserved8-21 Figure 8.15 The Short-Run and Long-Run Equilibria for Vegetable Oil
© 2004 Pearson Addison-Wesley. All rights reserved8-22 Page 263 Solved Problem 8.3
© 2004 Pearson Addison-Wesley. All rights reserved8-23 Figure 8.16 Rent