Economists observed the only five residents of a very small economy and estimated each one”s consumer spending at various levels of current…
1. Economists observed the only five residents of a very small economy and estimated each one”s consumer spending at various levels of current disposable income. The accompanying table shows each resident”s consumer spending at three income levels. A. What is each resident”s consumption function? Consume for each resident? B. What is the economy”s aggregate consumption function? What is the marginal propensity to consume for the economy?
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