What are the answers to this worksheet

ECON 2: Principles of Macroeconomics Quantitative Reasoning Assignment: Consumer Spending Instructions Please show all relevant work to make clear how you derived your response. Upload this document to the QR Consumer Spending Assignment on Canvas and submit. Questions Question #1: Suppose the consumption function in the U.S. is represented by the following equation (where B represents billions) C = $2503 + 0.75Yn A. What is the value of the MPC? B. What is the level of autonomous consumption? C. What is the level of consumer spending when income is equal to $1 SOOB? D. What happens to consumer spending when income increases by $50B? Question #2: You are given the following information or a hypothetical economy: Autonomous consumption is $200 billion, and the marginal propensity to consume is 0.90. A. Write out the consumption function in equation form for this hypothetical economy. (Use my reporting of the consumption function in Question #1 as your example.) B. Based on this information, by how much would consumer spending increase if income rose by $20 billion? Income d $1500 1510 1520 1530 1540 1550 1560 1570 1580 1590 1600 The above table reports values for consumer spending (C) and disposable income (Y), both in billions of dollars) A. Based on your understanding of the equation for the MPC that you picked up from the screencast, calculate the MPC using the data above. B. Now that you have the MPC, choose any level of C and YD from the data above, and calculate the level of autonomous consumption (Co). C. Now that you have calculated both the MPC and the level of autonomous consumption, write out the consumption lnction in equation form as you did in #2. D. Using the equation in your response to C. above, calculate the level of consumer spending when income is equal to $1500B