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If the ratio of consumption C to income Y is c, then the ratio of income to consumption is:
a. 1/(1+c)
b. 1-c
c. 1/c
d. 1/(1-c)
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- Calculate consumption if APC is 0.88 and income is $400The change in consumption is $300 and change in income is $1000 Find the value of MPCFor the relationship graphed below: Household Spending = C ($/month) a Question 7 Homework Unanswered b с d 3,200 2,300 1,400 500 0 Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. 1,000 2,000 3,000 Total Income = Y($/month) Spending Function total income is the independent variable and household spending is the dependent variable. total income is the dependent variable and household spending is the independent variable. total income is unrelated to household spending. total income is an exogenous variable, or shift factor.
- Solve for the MPK, assuming that the MPL in the production of smartphones is 50 per smartphone per hour and the MRTS is ¼.A) Elucidate how an economy’s income must always equal its expenditure. B) Assume a hypothetical economy that produces only one good – Peanut Butter. In year 1, the quantity produced is 4 packs and the price is Rs.400 per pack. In year 2, the quantity produced is 5 packs and the price is Rs.500 per pack. In year 3, the quantity produced is 6 packs and the price is Rs.600 per pack. Year 1 is the base year. 1) What is nominal GDP for each of these three years? 2) What is real GDP for each of these years? 3) What is the GDP deflator for each of these years? 4) What is the percentage growth rate of real GDP from year 2 to year 3? 5) What is the inflation rate as measured by the GDP deflator from year 2 to year 3? 6) In this one-good economy, how might you have answered parts (4) and (5) without first answering parts (2) and (3)?a) Elucidate how an economy’s income must always equal its expenditure. b) Assume a hypothetical economy that produces only one good – Peanut Butter. In year 1, the quantity produced is 4 packs and the price is Rs.400 per pack. In year 2, the quantity produced is 5 packs and the price is Rs.500 per pack. In year 3, the quantity produced is 6 packs and the price is Rs.600 per pack. Year 1 is the base year. a) What is nominal GDP for each of these three years? b) What is real GDP for each of these years? c) What is the GDP deflator for each of these years? d) What is the percentage growth rate of real GDP from year 2 to year 3? e) What is the inflation rate as measured by the GDP deflator from year 2 to year 3? f) In this one-good economy, how might you have answered parts (d) and (e) without first answering parts (b) and (c)? kindly solve all the parts
- Calculate the value of MPC. The value of MPS is given to be as 0.95The demand for goods and services is essentially influenced by several things, state and explain and make the relationship between variables statistically between independent variables and dependent variables!Discuss the six approaches to explaining consumption behaviours. (Include graphs andequations where necessary)
