Post on 18-Dec-2015
Lecture 5: Competitive market and general equilibrium
Advanced Micro TheoryMSc.EnviNatResEcon.
1/2006Charit Tingsabadh
Chapter 8
Competitive Firms and Markets
Figure 8.1 Residual Demand Curve
Figure 8.2 Maximizing Profit
Figure 8.3 How a
Competitive Firm
Maximizes Profit
Page 240 Solved Problem 8.1
Figure 8.4 The Short-Run Shutdown
Decision
Figure 8.5 How the Profit-Maximizing Quantity Varies with
Price
Figure 8.6 Effect of an Increase in the Cost of Materials on the Vegetable Oil Supply Curve
Figure 8.7 Short-Run Market Supply with Five Identical Lime
Firms
Figure 8.8 Short-Run Market Supply with Two Different Lime
Firms
Figure 8.9 Short-Run Competitive Equilibrium in the
Lime Market
Figure 8.10 Short-Run Effect of a Specific Tax in the Lime
Market
Figure 8.11 The Short-Run and Long-Run Supply Curves
Table 8.1 Entry and Exit Rates in Selected U.S.
Industries,1972–1982
Figure 8.12a Long-Run Firm and Market Supply with Identical
Vegetable Oil Firms
Figure 8.12 Long-Run Firm and Market Supply with Identical
Vegetable Oil Firms
Figure 8.12b Long-Run Firm and Market Supply with Identical Vegetable
Oil Firms
Application (Page 257) Upward-Sloping Long-Run Supply Curve for
Cotton
Figure 8.13 Long-Run Market Supply in an Increasing-Cost
Market
Figure 8.14 Long-Run Market Supply in a Decreasing-Cost
Market
Figure 8.15 The Short-Run and Long-Run Equilibria for
Vegetable Oil
Page 263 Solved Problem 8.3
Figure 8.16 Rent
Chapter 10
General Equilibrium and Economic Welfare
Table 10.1 Adjustment in the Corn and Soybean Markets
Figure 10.1 Relationship Between the
Corn and Soybean
Markets
Figure 10.1a Relationship Between the Corn and Soybean
Markets
Figure 10.1b Relationship Between the Corn and Soybean
Markets
Figure 10.2 Minimum Wage with Incomplete Coverage
Page 320 Solved Problem 10.1
Figure 10.3 Endowments in an Edgeworth
Box
Figure 10.3a Endowments in an Edgeworth
Box
Figure 10.3b Endowments in an Edgeworth
Box
Figure 10.3c Endowments in an Edgeworth
Box
Figure 10.4 Contact Curve
Figure 10.5 Competitive Equilibrium
Figure 10.5a Competitive Equilibrium
Figure 10.5b Competitive Equilibrium
Figure 10.6 Comparative Advantage and Production
Possibility Frontiers
Figure 10.6a,b Comparative Advantage and Production
Possibility Frontiers
Figure 10.6c Comparative Advantage and Production
Possibility Frontiers
Page 332 Solved Problem 10.3
Figure 10.7 Optimal Product Mix
Figure 10.8 Competitive Equilibrium
Application (Page 338–339) Wealth Distribution in the United
States
Application (Page 338 Detail) Wealth Distribution in the United
States
Application (Page 339 Detail) Wealth Distribution in the United
States
Figure 10.9 Welfare Maximization
Figure 10.9a Welfare Maximization
Figure 10.9b Welfare Maximization
Table 10.2 Preferences over Allocations of Three People