diff --git a/lectures/coase.md b/lectures/coase.md index f49ea789..4a6ae9d9 100644 --- a/lectures/coase.md +++ b/lectures/coase.md @@ -147,7 +147,7 @@ have been undertaken and $t=1$ indicating that the good is complete. The subcontracting scheme by which tasks are allocated across firms is illustrated in the figure below ```{figure} /_static/lecture_specific/coase/subcontracting.png - +:align: center ``` In this example, @@ -167,7 +167,7 @@ At this point, production unfolds in the opposite direction (i.e., from upstream The length of the interval of stages (range of tasks) carried out by firm $i$ is denoted by $\ell_i$. ```{figure} /_static/lecture_specific/coase/allocation.png - +:align: center ``` Each firm chooses only its *upstream* boundary, treating its downstream boundary as given.