Slide 4.1 Worthington, Economics for Business, 2 nd edition © Pearson Education Limited 2006 Figure 4.1 The utility and marginal utility curves

Slide 4.2 Worthington, Economics for Business, 2 nd edition © Pearson Education Limited 2006 Figure 4.2 The marginal utility curve and the demand curve

Slide 4.3 Worthington, Economics for Business, 2 nd edition © Pearson Education Limited 2006 Figure 4.3 An indifference curve

Slide 4.4 Worthington, Economics for Business, 2 nd edition © Pearson Education Limited 2006 Figure 4.4 The diminishing marginal rate of substitution on an indifference curve

Slide 4.5 Worthington, Economics for Business, 2 nd edition © Pearson Education Limited 2006 Figure 4.5 The invalidity of intersecting indifference curves

Slide 4.6 Worthington, Economics for Business, 2 nd edition © Pearson Education Limited 2006 Figure 4.6 A budget line

Slide 4.7 Worthington, Economics for Business, 2 nd edition © Pearson Education Limited 2006 Figure 4.7 Shift in the budget line following a change in income

Slide 4.8 Worthington, Economics for Business, 2 nd edition © Pearson Education Limited 2006 Figure 4.8 The effect of a price change on the budget line

Slide 4.9 Worthington, Economics for Business, 2 nd edition © Pearson Education Limited 2006 Figure 4.9 Consumer equilibrium

Slide 4.10 Worthington, Economics for Business, 2 nd edition © Pearson Education Limited 2006 Figure 4.10 A corner solution with convex indifference curve

Slide 4.11 Worthington, Economics for Business, 2 nd edition © Pearson Education Limited 2006 Figure 4.11 The effect of a change in real income

Slide 4.12 Worthington, Economics for Business, 2 nd edition © Pearson Education Limited 2006 Figure 4.12 The effect of a change in the real price of X (Note that good Y could also represent expenditure on all goods other than X)

Slide 4.13 Worthington, Economics for Business, 2 nd edition © Pearson Education Limited 2006 Figure 4.13a Derivation of an individual demand curve

Slide 4.14 Worthington, Economics for Business, 2 nd edition © Pearson Education Limited 2006 Figure 4.13b Continued

Slide 4.15 Worthington, Economics for Business, 2 nd edition © Pearson Education Limited 2006 Figure 4.14 Consumer surplus and dual pricing

Slide 4.16 Worthington, Economics for Business, 2 nd edition © Pearson Education Limited 2006 Figure 4.15 The income and substitution effects with a normal good

Slide 4.17 Worthington, Economics for Business, 2 nd edition © Pearson Education Limited 2006 Figure 4.16 The income and substitution effects with an inferior good

Slide 4.18 Worthington, Economics for Business, 2 nd edition © Pearson Education Limited 2006 Figure 4.17 The consumption of books following a price increase and a compensating variation (using a ‘given bundle of goods’ concept of real income)

Slide 4.19 Worthington, Economics for Business, 2 nd edition © Pearson Education Limited 2006 Figure 4.18 The impact of advertising

Slide 4.20 Worthington, Economics for Business, 2 nd edition © Pearson Education Limited 2006 Figure 4.19 The characteristics approach to consumer demand: holiday destinations

Slide 4.21 Worthington, Economics for Business, 2 nd edition © Pearson Education Limited 2006 Figure 4.20 An increase in the ratio of R to C in destination D 2

Slide 4.22 Worthington, Economics for Business, 2 nd edition © Pearson Education Limited 2006 Figure 4.21 Combining brands

Slide 4.23 Worthington, Economics for Business, 2 nd edition © Pearson Education Limited 2006 Figure 4.22 A fall in the price of D 2

Slide 4.24 Worthington, Economics for Business, 2 nd edition © Pearson Education Limited 2006 Figure 4.23 Optimal choice of hours worked with flexibility of hours

Slide 4.25 Worthington, Economics for Business, 2 nd edition © Pearson Education Limited 2006 Figure 4.24 Fixed daily working hours

Slide 4.26 Worthington, Economics for Business, 2 nd edition © Pearson Education Limited 2006 Figure 4.25 An increase in the hourly wage rate, flexibility of hours

Slide 4.27 Worthington, Economics for Business, 2 nd edition © Pearson Education Limited 2006 Figure 4.26 An increase in the hourly wage rate, flexibility of hours, backward- bending supply curve

Slide 4.28 Worthington, Economics for Business, 2 nd edition © Pearson Education Limited 2006 Figure 4.27 The income and substitution effect of an increase in the wage rate