Question
1.1 Suppose that C= a + bY, where C= consumption, a= consumption at zero income, b=slope and Y= income. 1.1.1 Are C and Y positively
1.1 Suppose that C= a + bY, where C= consumption, a= consumption at zero income, b=slope and Y= income.
1.1.1 Are C and Y positively or negatively related? (2)
1.1.2 Are the variables C and Y inversely or directly related? (2)
1.1.3 If graphed, would the curve for this equation slope upwards or slope downwards? (2)
1.1.4 What is the value of C if a=10, b=50 and Y=200? (3)
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Managerial Economics A Problem Solving Approach
Authors: Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
4th edition
1305259335, 978-1305259331
