(Answered) The patel family has a disposable income of 80000 annually

Economics

The Patel family has a disposable income of $80,000 annually. Assume that their marginal propensity to consume is 0.8 (the Patel family spends 80% on new disposable income on consumption) and their autonomous consumption spending is equal to $10,000. What is the amount of the Patel family's annual consumer spending?

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