Q.1.2 Should a measure of wealth be included in the consumption function and, if so, what should that measure be? Has wealth in fact been found to be an important determinant of w consumer expenditure?
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- if we are studying the relationship .4 between consumption (C) and disposable income (Yd), wealth (W) then we reach the following results Ci=20+ 0.75*Ydi + 0.01*Wi if Ydi=1000, wealth =10000 and disposable income Yd increase by 100 then consumption will change * ???????????????byDraw a consumption function for an individual whereS=-250+0.3Y. Show the change that would result from an increase in Income.(a) Explain the difference between induced consumption expenditure and autonomous consumption expenditure. Why is not all consumption expenditure induced expenditure? (b) How is it possible for households to have a negative savings rate and what has caused this negative household savings rate? Is this negative household savings rate sustainable in the long run?
- 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 partsOnly typed answer Holly's break-even level of income where her consumption equals disposable income is $980 and her MPS is 0.17. If her actual disposable income is $1,337, her level of consumption spending must be $
- a) With the aid of a consumption function, highlight the main determinants of consumption.Figure 2 C3 C2 C1 45° Y2 Y1 Aggregate income Aggregate savingI consumed all my income at every level of income.Draw my consumption and saving function.What are my MPC and MPS? Explain why it must always be true that MPC+MPS equal to 1?