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According to Lewis et al . (2010) Figure 10.1, the consumption ratio was over 100% in 2004. a)How is saving defined? b)What was the saving

According to Lewis et al. (2010) Figure 10.1, the consumption ratio was over 100% in 2004.

a)How is saving defined?

b)What was the saving ratio in 2004?

c)Explain how the consumption ratio can be over 100% (of disposable income).

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