Question

Asked Sep 17, 2019

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Suppose *C*(*x*) measures an economy's personal consumption expenditure and *x* the personal income, both in billions of dollars. Then the following function measures the economy's savings corresponding to an income of *x* billion dollars.

The quantity *dS/dx* below is called the *marginal propensity to save*.

dS/dx=1-dC/dx

For the following consumption function, find the marginal propensity to save.

Step 1

Given marginal propensity is the first derivative of S(x) and given C(x) = 0.634x + 95.23

Step 2

Then we find ...

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