Answer:
Increase in savings resulting directly from the given change in income
= increase in income - increase in consumption = $2000-$150 = $500
Marginal propensity to save = increase in savings/increase in income = 500/2000 = 0.25
Explanation:
Answer:
Variable expenses. I'm not sure
To determine the total amount that Mr. Elliot will have to pay for the purchased candy from the candy store, all that needs to be done is to multiply the weight of the candy in pounds by the price per pound. That is,
total cost = (4.50 lbs)($4.47/lb)
total cost = $20.115
If we are to round the answer to the nearest cent, it would be $20.2
Thus, the answer is $20.2.