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Fig. 12–7 Change in Resource Allocation over Time with Income Growth . . . . . . .292 Fig. 12–8 Resource Allocation over Time with a Decrease in Interest Rate

from r1 to r2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .293 Fig. 12–9 Two-Sector Model with Reserves of 250 . . . . . . . . . . . . . . . . . . . . . . . . . . .293 Fig. 12–10 Allocation in Two-Period Dynamic Model with Constant

Marginal Cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .296 Fig. 12–11 Two-Period Model with Backstop Fuel of $30 . . . . . . . . . . . . . . . . . . . . .298 Fig. 12–12 A Monopoly Producer in a Two-Period Model . . . . . . . . . . . . . . . . . . . .302 Fig. 13–1 Gross World Primary Energy Consumption, 2001 . . . . . . . . . . . . . . . . . . .315 Fig. 13–2 Fuel Sources for World Electricity Consumption, 2001 . . . . . . . . . . . . . .315 Fig. 13–3 Hydroelectric Power from a Dam . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .321 Fig. 13–4 Diagram of a Photovoltaic Device . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .324 Fig. 13–5 Binary Cycle Power Plant . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .325 Fig. 13–6 Flash Steam Power Plant . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .326 Fig. 13–7 U.S. Electricity Production Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .327 Fig. 13–8 Hubbert Curve for Oil and Gas Reserves . . . . . . . . . . . . . . . . . . . . . . . . . .336 Fig. 14–1 Consumption and Production of Oil Products

by World Region 2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .345 Fig. 14–2 Oklahoma Sweet Distillation Curve . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .348 Fig. 14–3 Isoquants for the Leontief Production

Function X1 = 2.5 min (u1, u2/2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .353 Fig. 14–4 Diagram for Gasoline Blending Problem . . . . . . . . . . . . . . . . . . . . . . . . . .354 Fig. 14–5 Energy Transport Worldwide . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .360 Fig. 14–6 Illustrative Gas and Oil Transportation Costs . . . . . . . . . . . . . . . . . . . . . .365 Fig. 15–1 U.S. Oil Prices 1859–2001 (2001 $) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .378 Fig. 15–2 Two Markets Before Trade . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .382 Fig. 15–3 Two Markets After Trade . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .383 Fig. 15–4 Futures Prices Today by Maturity Date . . . . . . . . . . . . . . . . . . . . . . . . . . . .385 Fig. 15–5 Three-Month Convenience Yield for U.S. Light Sweet Crude Oil,

January 1985 to January 2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .387 Fig. 15–6 One-Month and Four-Month U.S. Light Sweet Crude Futures Price . . . .388 Fig. 15–7 U.S. Refinery Mix for Four Most Important Products, April 2003 . . . . . .391 Fig. 15–8 Value of a European Call Option at Expiration . . . . . . . . . . . . . . . . . . . . .395 Fig. 15–9 Value of a European Put Option at Expiration . . . . . . . . . . . . . . . . . . . . . .396 Fig. 15–10 Valuing a Call from an Underlying Stock Price . . . . . . . . . . . . . . . . . . . .398 Fig. 15–11 Value of One–Half of a Stock in One Period . . . . . . . . . . . . . . . . . . . . . .398 Fig. 15–12 Value of a Borrowed Bond in One Period . . . . . . . . . . . . . . . . . . . . . . . . .399 Fig. 15–13 Value of an Underlying Asset in a Binomial Lattice . . . . . . . . . . . . . . . . .402 Fig. 15–14 Value of a Put Option in a Binomial Lattice . . . . . . . . . . . . . . . . . . . . . .403 Fig. 15–15 Lattice with the Underlying Asset Value and

Probability of Each Node . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .404 Fig. 15–16 Valuing a European Option with a Two-Period Binomial Lattice . . . . . .405 Fig. 15–17 Valuing an American Option with a Two-Period Binomial Lattice . . . . .406 Fig. 15–18 Valuing a European Straddle at Expiration . . . . . . . . . . . . . . . . . . . . . . .410 Fig. 16–1 Consumer Surplus for Computer and Software Market . . . . . . . . . . . . . .428 Fig. 17–1 Cultural Preferences for Individualism . . . . . . . . . . . . . . . . . . . . . . . . . . . .452 Fig. 17–2 Vertical Structure and Orientation for Four Corporate Structures . . . . . .469

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