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Macro 1
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Macroeconomics 1102
Discussion Question 5
Part (a)
Consumption function: is the relation of consumption with its determinants.
Graphically drawn as:.
Mathematically it is written as:
C = C + c(Y – T)
C: Consumption Spending
C: Exogenous Consumption
c : Marginal Propensity to Consume (0 < c < 1)
Y: Aggregate Income
T: Taxes
Explaining the main components:
Exogenous consumption: factors other than disposable income that affect consumption. So when consumers feel ...
Approximate word count: 759
Approximate pages: 3 (250 words per
double-spaced page) |
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