Given a consumption function C = f(Y)=c0+cY with c=75%, what will total consumption expenditure be if total income is £538bn? a. £403.5 + c0bn b. £403.5bn c. £584+c0 bn d. £538+c bn
Given a consumption function C = f(Y)=c0+cY with c=75%, what will total consumption expenditure be if total income is £538bn? a. £403.5 + c0bn b. £403.5bn c. £584+c0 bn d. £538+c bn
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter9: Systems Of Equations And Inequalities
Section9.1: Systems Of Equations
Problem 44E
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Question
Given a consumption function C = f(Y)=c0+cY with c=75%, what will total consumption expenditure be if total income is £538bn?
a. £403.5 + c0bn
b. £403.5bn
c. £584+c0 bn
d. £538+c bn
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