24 Jul WHAT WOULD BE YOUR OWN PERSONAL CONSUMPTION FUNCTION?
The idea of the Consumption function was created during the Great Depression. Keynes was able to poi Show more The idea of the Consumption function was created during the Great Depression. Keynes was able to point out their is a relationship between individuals consumption and their income. Below is hypothetical consumer spending for three individuals(ABC): Consumer Spending Disposable Income A B C 0 5000 4000 5000 10000 12000 12000 14000 Answer the following questions about each individual A B and C: 1. Derive each individuals Marginal Propensity to Consume(MPC). MPC = Change in Consumption / Change in Disposable Income 2. What is the multiplier for each individual? Multiplier = 1 / ( 1-MPC) 3. What would be your own personal consumption function? Why does it make sense that there is some level of consumer spending when disposable income is 0? You should have a Consumer Spending when Disposable Income equals 0 and 10000 like the example above. Show less
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