If the consumption function is given by C = 0.7 Y + 40 state the values of

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(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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Mathematics for Economics and Business

ISBN: 978-1292191669

9th edition

Authors: Ian Jacques

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If the consumption function is given by C = 0.7 Y + 40 state the values of

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b 07 07Y40C 07YC40 YC40 7Y1...View the full answer

Mathematics for Economics and Business

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