Consumption and the Consumer Society: Exploring Economic Behavior
In Chapter Eight, delve into the intricacies of consumption patterns, budget lines, utility functions, and societal impacts of consumer behavior. Explore the effects of income changes, price fluctuations, and advertising expenditures on consumer choices. Analyze ecological footprints, subjective well-being, and income disparities across countries. Gain insights into the dynamic relationship between consumption and economic well-being.
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Presentation Transcript
Chapter Eight: Consumption and the Consumer Society
Figure 8.1 The Budget Line Figure 8.1 The Budget Line
Figure 8.2 Effect of an Increase in Income Figure 8.2 Effect of an Increase in Income
Figure 8.3 Effect of a Fall in the Price of One Good Figure 8.3 Effect of a Fall in the Price of One Good
Table 8.1 Table 8.1 Quong s Quong s Utility from Consuming Chocolate Bars Utility from Consuming Chocolate Bars
Figure 8.4 Figure 8.4 Quong s Quong s Utility Function for Chocolate Bars Utility Function for Chocolate Bars
Figure 8.5 Revolving Debt in the United States, 1968 Figure 8.5 Revolving Debt in the United States, 1968- - 2017, Adjusted for Inflation 2017, Adjusted for Inflation Sources: Federal Reserve, Consumer Credit (G.19); CPI data from the Bureau of Labor Statistics.
Figure 8.6 Advertising Expenditures, by Country/Region, 2016 Figure 8.6 Advertising Expenditures, by Country/Region, 2016 Source: Advertising Age, 2015.
Figure 8.7 Ecological Footprint per Capita, Select Figure 8.7 Ecological Footprint per Capita, Select Countries, 2012 Countries, 2012 Source: Global Footprint Network, 2016.
Figure 8.8 The Relationship Between Average Income and Figure 8.8 The Relationship Between Average Income and Average Subjective Well Average Subjective Well- -Being Across Countries, 2016 Being Across Countries, 2016 Source: Helliwell et al., 2017.
Figure 8.9 The Budget Line and Its Slope Figure 8.9 The Budget Line and Its Slope
Figure 8.10 An Indifference Curve Figure 8.10 An Indifference Curve
Figure 8.11 Different Levels of Utility Figure 8.11 Different Levels of Utility
Figure 8.12 Utility Maximization Figure 8.12 Utility Maximization
Figure 8.13 Response to a Change in Price Figure 8.13 Response to a Change in Price
