   Chapter 12.4, Problem 4CP ### Mathematical Applications for the ...

11th Edition
Ronald J. Harshbarger + 1 other
ISBN: 9781305108042

#### Solutions

Chapter
Section ### Mathematical Applications for the ...

11th Edition
Ronald J. Harshbarger + 1 other
ISBN: 9781305108042
Textbook Problem

# Find the national consumption function if the marginal propensity to consume is d C d y = 1 y + 4 + 0.2 and national consumption is $6.8 billion when disposable income is$0.

To determine

To calculate: The national consumption function where national consumption is $6.8 billion and the disposable income is$0 and the marginal propensity to consume is dCdy=1y+4+0.2.

Explanation

Given information:

It is provided that national consumption is $6.8 billion Disposable income is$0 and

The marginal propensity to consume is dCdy=1y+4+0.2.

Formula used:

National consumption function:

The national consumption function C is defined as the integration of the marginal propensity f(y).

C=f(y)dy=f(y)+K

The integral formula,

xndx=xn+1n+1+K

Calculation:

Consider the provided data,

The marginal propensity to consume is

dCdy=1y+4+0.2.

Thus,

f(y)=1y+4+0.4

Use the formula:

C=f(y)dy=f(y)+K

Substitute 1y+4+0.4 for f(y) in above formula to get

C=(1y+4+0.4)dy

Now, integrate by the use of the integral formula xndx=xn+1n+1+K,

(1y+4+0

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