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Category > Economics Posted 11 Jul 2017 My Price 7.00

ECON 2: Principles of Macroeconomics

ECON 2: Principles of Macroeconomics
Quantitative Reasoning Assignment: Consumer Spending
Name: _________________________________
Please show all relevant work to make clear how you arrived at your response. 1. Suppose the consumption function in the U.S. is represented by the following equation:
C = $200 + 0.8Yd. Calculate the level of consumer spending if Y = 1200. Suppose Y increases to
1300.
2. You are given the following information about the economy of Zeeland: Autonomous consumption
is $50 billion, and the marginal propensity to consume is 0.9.
a. Write out the economy of Zeeland’s consumption function (in equation form).
b. What is the level of consumer spending in Zeeland at an income level of $400 billion?
c. By how much would consumer spending increase if income in Zeeland rose by $20 billion? INCOME
$1300
1310
1320
1330
1340
1350
1360
1370
1380
1390
1400
4. C
$1290
1298
1306
1314
1322
1330
1338
1346
1354
1362
1370 The above table reports values for consumer income and spending (in billions of dollars)
A. Calculate the MPC
B. Calculate the level of autonomous consumption
C. Write out the consumption function (in equation form).
D. Graph this Consumption Function 1 2

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SuperTutor
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Status NEW Posted 11 Jul 2017 11:07 PM My Price 7.00

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