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3 years ago

Given a consumption function of c = $25 + 0.75yd, the average propensity to consume equals 1 when disposable income equals

Mathematics

1 answer:

Sphinxa [80]3 years ago

7 0

Answer: Disposable income = $100.

Explanation:

Since we have given that

$C=\$25+0.75Y$

And, average propensity to consume = 1

i.e. APC = 1

As we know the formula of APC ,

$APC=\frac{C}{Y}=1\\\\\implies C=Y$

So, our equation becomes,

$Y=\$25+0.75Y\\\\Y-0.75Y=\$25\\\\0.25Y=\$25\\\\y=\frac{25}{0.25}\\\\Y=100$

Hence, Disposable income = $100.

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The mean of a data set is the sum of the terms divided by the total number of terms. Using math notation we have:

$Mean = \frac{Sum ~ of ~ terms}{Number ~ of ~ terms}$

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