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Consider the hypothetical country of Ivvavik. Suppose that national income in Ivvavik is $12 billion, households pay $3 billion in taxes, household consumption is equal
Consider the hypothetical country of Ivvavik. Suppose that national income in Ivvavik is $12 billion, households pay $3 billion in taxes, household consumption is equal to $7 billion, and the marginal propensity to consume (MPC) is 0.75
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Microeconomics Theory and Applications with Calculus
Authors: Jeffrey M. Perloff
3rd edition
133019934, 978-0133019933
