4.1 The data in the table below was used to estimate the following consumption function: C =...

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4.1 The data in the table below was used to estimate the following consumption function: C = 10 + 0.5Y On a graph, draw the consumption function and plot the points from the table. Calculate the “error” for each point in the table, and then calculate the SUM from your

“error” calculations.

Point Aggregate income (Y)

Aggregate Consumption (C)

A 10 13 B 20 23 C 30 30 D 40 32 E 50 33 F 60 44

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Principles Of Microeconomics

ISBN: 9789813107342

12th Global Edition

Authors: Karl E. Case, Sharon E. Oster, Ray C. Fair

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