FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Consider the following table for the U.S. economy. (in millions of dollars) Year Disposable Consumption Income 2000 30.000 24,000 2001 35,000 28.250 2002 40.000 32.500

image text in transcribed
image text in transcribed
Consider the following table for the U.S. economy. (in millions of dollars) Year Disposable Consumption Income 2000 30.000 24,000 2001 35,000 28.250 2002 40.000 32.500 Using the data in the table above, calculate the Marginal Propensity to Consume (MPC)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Economics Today

Economics Today

Authors: Roger LeRoy Miller

16th edition

132554615, 978-0132554619

More Books

Students also viewed these Economics questions

Question

★★★★★
Stanley Ford makes mountains out of molehills. He can do this with almost no effort, so for the purposes of this problem, let us assume that molehills are the only input used in the production of...

Answered: 1 week ago

Question

★★★★★
Begin with the following theorem: If z = Æ(x, y) and x = g(t), y = h(t), then Derive Eq. (2.34). 20 z dy dz dt dt dt || -(a /at)x = (ap /x); (2.34)

Answered: 1 week ago

Question

★★★★★
Why is it inappropriate to simply eliminate all influential observations from a data set and refit the multiple regression model to the reduced data set?

Answered: 1 week ago

Question

★★★★★
DriveUp Taxi Service uses the units-of-activity method in computing depreciation on its taxicabs. Each cab is expected to be driven 150,000 miles. Taxi 10 cost $27,500 and is expected to have a...

Answered: 1 week ago

Question

★★★★★
For the system 1/(s4-2s3-43s2+128-84) is this system stable or unstable?

Answered: 1 week ago

Question

★★★★★
According to Keynesian economists what is (are) the effect(s) of expansionary fiscal policy on prices if an economy is in equilibrium with no inflationary or recessionary gap? Keynesian and...

Answered: 1 week ago

Question

★★★★★
Which of the following statements are true? i) The variance-covariance matrix has the corresponding covariances in the main diagonal. ii) The variance-covariance matrix can be used to estimate the...

Answered: 1 week ago

Question

★★★★★
Question 12 Identify the correct statement about an arm's-length transaction. 1 pts It is a transaction involving a party that is controlled by another entity and does not act on its own behalf. It...

Answered: 1 week ago

Question

★★★★★
Jack and Jill need to save $8600 toward a new car. How long willit take them if they save $280 a month earning an annual interestof 6.7% (compounded monthly)? (Treat as an ordinary annuity.)(State 1...

Answered: 1 week ago

Question

★★★★★
a) Derive the midpoint average equation fn-1 + fn+1 2 from the Taylor series expansion of fn-1 and fn+1 centered at fn- b) What is the accuracy of this approximation? Justify.

Answered: 1 week ago

Question

★★★★★
An ad for Hydroxycut, a dietary supplement sold as a weight loss aid, depicts a handsome man with an open shirt with ripped abdominal muscles who claims that he "was shocked at how fast Hydroxycut...

Answered: 1 week ago

Question

★★★★★
Shawn stood at the 12th percentile in a 100 m running race. If the times to finish 100 m running races are normally distributed with a mean of 10. 1 s and a standard deviation of 0.2 s, how much time...

Answered: 1 week ago

Question

★★★★★
1. To provide an understanding of how emotions are regulated by the development of relationships between actors in a communication situation.

Answered: 1 week ago

Question

★★★★★
Positive effect on trusting others, and also improvements in the final results.

Answered: 1 week ago

Question

★★★★★
1. Discuss the following statements: a) Local links generate collective behaviours. b) An unfamiliar system will be described as chaotic by the ignorant. c) When we see that something is happening,...

Answered: 1 week ago

Previous Question Next Question