Household Table 2: UK Alcohol Expenditure and Price, and UK Income Year UK expenditure on Tobacco UK Mean Equivalised tobacco Price Index Disposable Income 2008 15,794 377.6 27940 2009 16,294 392.6 27977 2010 17,263 422.6 27938 2011 18,264 469.1 27283 2012 18,758 509.0 26658 2013 18,925 548.2 27343 2014 19,856 589.9 28530 2015 19,222 622.8 29029 2016 19,112 653.5 29812 2017 19,360 692.0 29099 Table 2 contains information about average UK income, UK tobacco prices and spending on tobacco taken from the ONS. Use consumer theory to explain the changes to the consumption of tobacco in the UK.

Household Table 2: UK Alcohol Expenditure and Price, and UK Income Year UK expenditure on Tobacco UK Mean Equivalised tobacco Price Index Disposable Income 2008 15,794 377.6 27940 2009 16,294 392.6 27977 2010 17,263 422.6 27938 2011 18,264 469.1 27283 2012 18,758 509.0 26658 2013 18,925 548.2 27343 2014 19,856 589.9 28530 2015 19,222 622.8 29029 2016 19,112 653.5 29812 2017 19,360 692.0 29099 Table 2 contains information about average UK income, UK tobacco prices and spending on tobacco taken from the ONS. Use consumer theory to explain the changes to the consumption of tobacco in the UK.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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