ADVANCED ANALYSIS Suppose that the linear equation for consumption in a hypothetical economy is C 40
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ADVANCED ANALYSIS Suppose that the linear equation for consumption in a hypothetical economy is C 40 .8Y.
Also suppose that income (Y ) is $400. Determine
(a) the marginal propensity to consume,
(b) the marginal propensity to save,
(c) the level of consumption, (d ) the average propensity to consume,
(e) the level of saving, and ( f ) the average propensity to save.
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