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Q. Economists observed only five residents of a very small economy and estimated each one's consumer spending at various levels of current disposable income. Accompanying table shows each resident's consumer spending at three income levels.

A. Illustrate what is each resident's consumption function? Consume for each resident?

B. Illustrate what is economy's aggregate consumption function? Illustrate what is marginal propensity to consume for economy?

 

 

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M9292761

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