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The Jones family has a disposable income of $70,000 annually. Currently, the Jones family spends 80% of new disposable income on consumption. Assume that their

The Jones family has a disposable income of $70,000 annually. Currently, the Jones family spends 80% of new disposable income on consumption. Assume that their marginal propensity to consume is 0.8 and that their autonomous consumption spending is equal to $10,000.

What is the amount of the Jones family's annual consumer spending?

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