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110 111 112 113 115 116 117 66 42 66 42 67 42 67 42 68 69 70 71 72 76 77 78 79 79 81 81 83 84 85 86 87 88 88 92 93 97 97 102 102 107 108 109 35 36 38 40 41 41 43 44 41 45 45 103 104 104 54 42 27 28 46 42 47 42 48 42 49 42 50 12 54 42 55 42 56 42 57 42 58 42 58 42 61 42 62 42 62 42 65 42 Chapter 3: Consumer Behavior Slide * Summary The marginal rate of substitution of F for C is the maximum amount of C that a person is willing to give up to obtain one additional unit of F. Budget lines represent all combinations of goods for which consumers expend all their income. Chapter 3: Consumer Behavior Slide * Summary Consumers maximize satisfaction subject to budget constraints. The theory of revealed preference shows how the choices that individuals make when prices and income vary can be used to determine their preferences. End of Chapter 3 Consumer Behavior 1 * 17 2 3 4 5 6 7 8 8 9 10 11 12 13 15 17 18 19 20 21 24 26 32 29 32 33 33 34 Chapter 3: Consumer Behavior Slide * The horizontal axis shows her annual consumption of gasoline at $1/gallon. The vertical axis shows her remaining income after purchasing gasoline. Marginal Utility and Consumer Choice Chapter 3: Consumer Behavior Slide * B 20,000 A Gasoline (gallons per year) Spending on other goods ($) 20,000 5,000 U1 C 15,000 2,000 D With a limit of 2,000 gallons, the consumer moves to a lower indifference curve (lower level of utility). 18,000 U2 Marginal Utility and Consumer Choice Chapter 3: Consumer Behavior Slide * Cost-of-Living Indexes The CPI is calculated each year as the ratio of the cost of a typical bundle of consumer goods and services today in comparison to the cost during a base period. Chapter 3: Consumer Behavior Slide * Cost-of-Living Indexes What Do You Think? Does the CPI accurately reflect the cost of living for retirees? Is it appropriate to use the CPI as a cost-of-living index for other government programs, for private union pensions, and for other private wage agreements? Chapter 3: Consu
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