Question
My question is of Econ Principles and Problems Micro 1.- Given the linear equation: Consumption = 100 + 0.25 (Income) a)Identify the dependent and independent
My question is of Econ Principles and Problems Micro
1.- Given the linear equation: Consumption = 100 + 0.25 (Income)
a)Identify the dependent and independent variable?
b)How much is consumption when income is zero?
c)If one's income was $2,000, what is their estimated consumption?
2.- Explain what the production possibilities curve (PPC) demonstrates and the assumptions to be on the curve.
1.1.Explain what will shift the PPC out and in
1.2.Explain what will move you away from or toward the PPC.
1.3.Explain how a society's decision to produce capital (i.e., machinery) or consumer goods will impact future growth.
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