Micro Graphs, Illustrations & Tables

Key

G, I, T Description
GGraph(s)
Titles in Blue are new to 2E.
For Graphs with a red G, Prof. Cohen also explains shifting curves in an MP4 Narrated Dynamic Graph.
IIllustration
TTable
Chapter 1: Scarcity, Opportunity Cost, Trade, and Models

Figure

Title

G, I, T

Page

1.1

Jill’s Production Possibilities

T, G

8

1.2

Marie’s Production Possibilities

T, G

8

1.3

Opportunity Costs for Jill and Marie

T

10

1.4

Mutually Beneficial Gains from Trade

G

11

1.5

Circular Flow of Economic Life

I

14

1.6

Three Keys to Smart Choices

I

19

Chapter 2: The Law of Demand

Figure

Title

G, I, T

Page

2.1

Your Demand for Beats Headphones

T

34

2.2

Market Demand for Water

T, G

35

2.3

Two Ways to Read a Demand Curve

G

36

2.4

An Increase in Demand for Beats Headphones

T, G

40

2.5

More Consumers Increase the Market Demand for Water

T, G

44

2.6

Change in Quantity Demanded versus a Change in Demand

G

45

2.7

Law of Demand and Changes in Demand

T

46

Chapter 3: The Law of Supply

Figure

Title

G, I, T

Page

3.1

Your Supply of Hours Worked

T

55

3.2

Paola’s Parlour Production Possibilities Frontier

T, G

56

3.3

Paola’s Parlour’s Marginal Opportunity Costs

T

58

3.4

Increasing Marginal Opportunity Cost

T, G

59

3.5

Market Supply of Piercings

T, G

61

3.6

Two Ways to Read a Supply Curve

G

62

3.7

Increase in Market Supply of Piercings

T, G

65

3.8

Change in Quantity Supplied versus a Change in Supply

G

69

3.9

Law of Supply and Changes in Supply

T

70

Chapter 4: Demand and Supply

Figure

Title

G, I, T

Page

4.1

Market Demand and Supply for Piercings

T, G

81

4.2

Increase in Demand

T, G

88

4.3

Decrease in Demand

T, G

89

4.4

Increase in Supply

T, G

90

4.5

Decrease in Supply

T, G

91

4.6

The Effects of Combined Changes in Demand and Supply

G

93

4.7

Effects of Changes in Demand or Supply

T

94

4.8

Marginal Benefit and Consumer Surplus

G

96

4.9

Marginal Cost and Producer Surplus

G

97

4.10

Measuring the Miracle of Markets

G

98

4.11

Inefficient Outcomes

G

100

Chapter 5: Elasticity

Figure

Title

G, I, T

Page

5.1

Inelastic and Elastic Demand

G

108

5.2

Extreme Elasticities of Demand

G

110

5.3

Elasticity and Total Revenue

T

113

5.4

Midpoint Elasticity and Total Revenue Calculations

T

116

5.5

Elasticity and Total Revenue

G

117

5.6

Extreme Elasticities of Supply

G

120

5.7

Measures of Elasticity

T

127

5.8

A Sales Tax on Businesses

G

128

5.9

Tax Incidence with Extreme Demand Elasticities

G

129

5.10

Tax Incidence with Extreme Supply Elasticities

G

130

5.11

Elasticity and Tax Incidence

T

131

5.12

Tax Revenues

G

131

Chapter 6: Government Policy Choices

Figure

Title

G, I, T

Page

6.1

Market for Gasoline with Shortage

T, G

140

6.2

Market for Gasoline with Surplus

T, G

142

6.3

Market for Two-Bedroom Apartments

T, G

146

6.4

Market for Unskilled Labour

T, G

150

Chapter 7: Opportunity Costs, Economic Profits and Losses,and the Miracle of Markets

Figure

Title

G, I, T

Page

7.1

Accountant’s One-Year Business Plan for Wahid’s Web Wonkers

T

168

7.2

Economist’s One-Year Business Model for Wahid

T

173

7.3

Alternative Profit Scenario’s for Wahid’s Web Wonders

T

174

7.4

Short-Run and Long-Run Market Equilibrium

G

177

Chapter 8: Monopoly to Competition and In Between

Figure

Title

G, I, T

Page

8.1

Monopoly’s Inelastic Demand

G

185

8.2

Perfectly Elastic Demand for an Individual Business in Perfect Competition

G

186

8.3

Market Structure and Pricing Power: Monopoly and Perfect Competition

T

192

8.4

Market Structure and Pricing Power

T

194

Chapter 9: Marginal Revenue and Marginal Cost

Figure

Title

G, I, T

Page

9.1

Demand and Marginal Revenue for Price Takers

G

208

9.2

Demand and Marginal Revenue for Price Makers with One-Price Rule

T

209

9.3

Demand and Marginal Revenue for Price Makers

T, G

210

9.4

Increasing and Constant Marginal Costs

G

212

9.5

Paola’s Marginal Revenues and Marginal Costs for Nose Piercings

T, G

215

9.6

Marginal Revenue and Marginal Cost

G

216

9.7

Paola’s Calculation of Economic Profits for Nose Piercings

T

217

9.8

Efficiency of Price Takers and Price Makers

G

226

Chapter 9 Appendix: Perfect Competition: Productivity, Costs, Quantities and Profits

Figure

Title

G, I, T

Page

9A.1

Perfect Competition: Industry and Individual Business Demand and Price

G

234

9A.2

Total Product and Marginal Product

T, G

236

9A.3

Increasing Marginal Cost

G

238

9A.4

Marginal Costs and Average Total Costs

T, G

239

9A.5

Smart Quantity Choice for Economics Profits and Different Prices

G

242

9A.6

Individual Farmer’s Supply of Wheat

T, G

243

9A.7

Market Supply of Wheat with 1000 Farmers

T, G

244

9A.8

Scenario One – Economic Losses

G

246

9A.9

Scenario Two – Breakeven Point

G

246

9A.10

Scenario Three – Economic Profits

G

247

9A.11

Short-Run and Long-Run Market Equilibrium in the Wheat Industry

G

248

Chapter 10: Natural Monopoly, Gaming, Competition, and Government

Figure

Title

G, I, T

Page

10.1

The Prisoners’ Dilemma of Bonnie and Clyde

T, G

261

Chapter 11: Externalities, Carbon Taxes, Free Riders, and Public Goods

Figure

Title

G, I, T

Page

11.1

Demand, Supply, and Negative Externalities in the Pulp Market

T, G

287

11.2

Pulp Market with $30/Tonne Emissions Tax

T, G

292

11.3

Demand, Supply, and Positive Externalities in a Private Post-Secondary Market

T, G

297

11.4

Post-Secondary Education Market with $3000 Subsidy to Schools

T, G

301

Chapter 12: Inputs, Incomes, and Inequality

Figure

Title

G, I, T

Page

12.1

Circular Flow of Economic Life

I

312

12.2

Inputs and Incomes

T

313

12.3

Labour Hiring Decision for Wahid’s Web Wonders Business

T

316

12.4a

Marginal Revenue Product and the Wage Rate

G

317

12.4b

Marginal Revenue Product Curve and Marginal Cost Curve

G

317

12.5

Average 2010 Market Income for Canadian Families, by Family Quintiles

G

326

12.6

Percentage of 2010 Total Canadian Market Income, by Family Quintiles

G

326

12.7

Percentage of 2006 Canadian Wealth Owned, by Family Deciles

G

327

12.8

Lifetime Earnings Premiums Relative to High School Education

T

328

12.9

Average 2010 Canadian Income after Transfers and Taxes, by Family Quintiles

G

330

12.10

Percentage of 2010 Total Canadian Income after Transfers and Taxes,
by Family Quintiles

G

330