What do the slices of a pie chart represent?

Exercise A4
518 A • The Use of Mathematics in Principles of Economics

Why is a bar chart the best way to illustrate comparisons?

Exercise A5

How does the appearance of positive slope differ from negative slope and from zero slope?

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B • Indifference Curves 519

APPENDIX B

Indifference Curves

Economists use a vocabulary of maximizing utility to describe people’s preferences. In Consumer Choices, the

level of utility that a person receives is described in numerical terms. This appendix presents an alternative

approach to describing personal preferences, called indifference curves, which avoids any need for using

numbers to measure utility. By setting aside the assumption of putting a numerical valuation on utility—an

assumption that many students and economists find uncomfortably unrealistic—the indifference curve

framework helps to clarify the logic of the underlying model.
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