Chapter 5 Applying Consumer Theory. © 2004 Pearson Addison-Wesley. All rights reserved5-2 Figure...
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Transcript of Chapter 5 Applying Consumer Theory. © 2004 Pearson Addison-Wesley. All rights reserved5-2 Figure...
![Page 1: Chapter 5 Applying Consumer Theory. © 2004 Pearson Addison-Wesley. All rights reserved5-2 Figure 5.1 Deriving an Individual’s Demand Curve.](https://reader035.fdocuments.net/reader035/viewer/2022062407/56649e735503460f94b7295d/html5/thumbnails/1.jpg)
Chapter 5
Applying Consumer Theory
![Page 2: Chapter 5 Applying Consumer Theory. © 2004 Pearson Addison-Wesley. All rights reserved5-2 Figure 5.1 Deriving an Individual’s Demand Curve.](https://reader035.fdocuments.net/reader035/viewer/2022062407/56649e735503460f94b7295d/html5/thumbnails/2.jpg)
© 2004 Pearson Addison-Wesley. All rights reserved 5-2
Figure 5.1 Deriving an Individual’s Demand Curve
![Page 3: Chapter 5 Applying Consumer Theory. © 2004 Pearson Addison-Wesley. All rights reserved5-2 Figure 5.1 Deriving an Individual’s Demand Curve.](https://reader035.fdocuments.net/reader035/viewer/2022062407/56649e735503460f94b7295d/html5/thumbnails/3.jpg)
© 2004 Pearson Addison-Wesley. All rights reserved
Figure 5.2 Effect of a Budget Increase on an Individual’s Demand Curve
![Page 4: Chapter 5 Applying Consumer Theory. © 2004 Pearson Addison-Wesley. All rights reserved5-2 Figure 5.1 Deriving an Individual’s Demand Curve.](https://reader035.fdocuments.net/reader035/viewer/2022062407/56649e735503460f94b7295d/html5/thumbnails/4.jpg)
Page 112 Solved Problem 5.1
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© 2004 Pearson Addison-Wesley. All rights reserved 5-5
Figure 5.3 Income-Consumption Curves and Income Elasticities
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© 2004 Pearson Addison-Wesley. All rights reserved
Figure 5.4 A Good that is Both Inferior and Normal
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© 2004 Pearson Addison-Wesley. All rights reserved 5-7
Application (Page 117) Income Elasticities of Demand for Cars
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© 2004 Pearson Addison-Wesley. All rights reserved 5-8
Figure 5.5 Substitution and Income Effects with Normal Goods
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© 2004 Pearson Addison-Wesley. All rights reserved 5-9
Figure 5.6 Giffen Good
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© 2004 Pearson Addison-Wesley. All rights reserved 5-10
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Inferior Good -- Not Giffen
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© 2004 Pearson Addison-Wesley. All rights reserved 5-12
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© 2004 Pearson Addison-Wesley. All rights reserved 5-13
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© 2004 Pearson Addison-Wesley. All rights reserved 5-14
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© 2004 Pearson Addison-Wesley. All rights reserved 5-15
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© 2004 Pearson Addison-Wesley. All rights reserved 5-16
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© 2004 Pearson Addison-Wesley. All rights reserved 5-17
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Figure 5.7 The Consumer Price Index
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Table 5.1 Cost-of-Living Adjustments
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© 2004 Pearson Addison-Wesley. All rights reserved
Figure 5.8 Demand for Leisure
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Figure 5.9 Supply Curve of Labor
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Figure 5.10 Income and Substitution Effects of a Wage Change
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Page 135 Solved Problem 5.3
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Page 135 Solved Problem 5.3
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Application (Page 136) Leisure-Income Choices of Textile Workers
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Figure 5.11a Labor Supply Curve that Slopes Upward and then Bends Backward
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Figure 5.11b Labor Supply Curve that Slopes Upward and then Bends Backward
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Figure 5.12 Relationship of Tax Revenue to Tax Rates
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Cross-Chapter Analysis (Page 146) Child-Care Subsidies