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(Advanced Analysis) Linear equations for the consumption and saving schedules take the general form C = a + by and savings S= -at (1 - b) Y, where C, S, and Y are consumption, saving, and national income, respectively. The constant a represents the vertical intercept, 4 and b is the slope of the consumption schedule. a. Use the following data to determine numerical values for a and b in the consumption and saving equations: National Income (Y) Consumption (C) $0 $100 Skipped 200 290 400 480 600 670 30 860 Instructions: If you are entering any negative numbers, be sure to include a negative sign (-) in front of those numbers. C= $ (Click to select) 4 S = $ (Click to select) b. What is the economic meaning of b? (Click to select) + What is the economic meaning of (1-b)? (Click to select) + c. Suppose that the amount of saving that occurs at each level of national income falls by $20 but that the values of b and (1 - b) remain unchanged. Restate the saving and consumption equations for the new numerical values, and cite a factor that might have caused the change. Instructions: If you are entering any negative numbers, be sure to include a negative sign (-) in front of those numbers. C= $ (Click to select) S = $[ (Click to select) + Which of these factors might have caused this change