If the consumption function is given by C = 0.7 Y + 40 state the values of
Question:
If the consumption function is given by C = 0.7 Y + 40 state the values of
(a) autonomous consumption;
(b) marginal propensity to consume.
Transpose this formula to express Y in terms of C and hence find the value of Y when C = 110.
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b 07 07Y40C 07YC40 YC40 7Y1...View the full answer
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