ADVANCED ANALYSIS Suppose that the linear equation for consumption in a hypothetical economy is C 5 40

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ADVANCED ANALYSIS Suppose that the linear equation for consumption in a hypothetical economy is C 5 40 1

.8 Y . Also suppose that income ( Y ) is $400. Determine

( a ) the marginal propensity to consume, ( b ) the marginal propensity to save, ( c ) the level of consumption, ( d ) the average propensity to consume, ( e ) the level of saving, and

( f ) the average propensity to save. LO1

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