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Chapter Eight: Consumption and the Consumer Society
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Economic Theory and Consumption
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Figure 8.1: The Budget Line
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Figure 8.2: Effect of an Increase in Income
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Figure 8.3: Effect of a Fall in a Price
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Table 8.1: Quong’s Utility from Chocolate Bars
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Figure 8.4: Quong’s Utility Function for Chocolate Bars
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Consumption in Historical and International Context
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Figure 8.5: Revolving Debt in the United States, 1968-2012, Adjusted for Inflation
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Consumption in a Social Context
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Figure 8.6: Global Advertising Expenditures, by Country/Region, 2011 Source: Advertising Age, December 5, 2011.
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Consumption in an Environmental Context
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Figure 8.7: Ecological Footprint per Capita, Select Countries, 2007 Source: Global Footprint Network, www.footprintnetwork.org/en/index.php/GFN/page/footprint_for_nations/
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Appendix: A Formal Theory of Consumer Behavior
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Figure 8.8: The Budget Line and Its Slope
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Figure 8.9: An Indifference Curve
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Figure 8.10: Different Levels of Utility
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Figure 8.11: Utility Maximization
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Figure 8.12: Response to a Change in Price
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