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artcher [175]
3 years ago
11

Household behavior with respect to changes in income can be described by the marginal propensity to consume (MPC) and the margin

al propensity to save (MPS). These variables can be used to predict the eventual changes in equilibrium output after the change in income has occurred. The____________ the larger the resulting change in output for a given change in expenditure.
Business
1 answer:
Citrus2011 [14]3 years ago
5 0

Answer: Greater the MPC

Explanation:

The Marginal Propensity to consume refers to how much Economic consumption increases or decreases due to a change in income.

The formula for MPC is;

= Change in Consumption/Change in Income.

Consumption is a major component of GDP so it has a direct influence on Economic output. In other words, the larger the level of consumption, the higher the higher the output.

As evident from the equation, if the change in consumption is higher than the change in income, the MPC will be larger. A larger MPC therefore corresponds to a higher Consumption.

If a higher Consumption leads to a larger output and a larger MPC corresponds to a higher Consumption then that means that a higher MPC leads to a larger output.

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At Haddon, Inc., the office workers are employed for a 40-hour workweek and are paid on either an annual, monthly, or hourly bas
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Employee        Salary          Hrs. Worked        Cumulative Taxable

                                                                         Wages as of Last Pay Period

King, M.      $135,200 (year)     40                  $132,600.00

Manera, E.     $6,500 (month)  40                  $76,500.00

Tate, S.          $3,900 (month)  48                  $45,900.00

Yee, L.            $12.50 (hour)     44.5               $27,675.13

Diaz, R.           $12.50 (hour)     48                  $14,778.96

Zagst, J.          $14.50 (hour)     52                  $24,703.02

(a) regular earnings,  

King, M. $135,200 / 52 weeks = $2,600    

Manera, E. $1,500 weekly salary    

Tate, S. $900      

Yee, L. $12.50 x 40 = $500        

Diaz, R. $12.50 x 40 = $500        

Zagst, J. $14.50 x 40 = $580

(b) overtime earnings,

King, M. $0    

Manera, E. $0  

Tate, S. [($900 / 40) x 8 x 1.5] = $270      

Yee, L. $12.50 x 4.5 x 1.5 = $84.38        

Diaz, R. $12.50 x 8 x 1.5 = $150                  

Zagst, J. $14.50 x 12 x 1.5 = $261

(c) total regular and overtime earnings,

King, M. $2,600    

Manera, E. $1,500  

Tate, S. $1,170      

Yee, L. $584.38        

Diaz, R. $650                  

Zagst, J. $841

(d) FICA taxable wages (the FICA taxes limit for 2020 is $137,700, so everyone will be taxed)

King, M. $2,600    

Manera, E. $1,500  

Tate, S. $1,170      

Yee, L. $584.38        

Diaz, R. $650                  

Zagst, J. $841

(e) FICA taxes to be withheld

King, M. $2,600 x 7.65% = $198.90    

Manera, E. $1,500 x 7.65% = $114.75      

Tate, S. $1,170 x 7.65% = $89.51          

Yee, L. $584.38 x 7.65% = $44.71            

Diaz, R. $650 x 7.65% = $49.73                      

Zagst, J. $841 x 7.65% = $64.34    

(f) net pay for the week ended

King, M. $2,600 - $198.90 = $2,401.10    

Manera, E. $1,500 - $114.75 = $1,385.25      

Tate, S. $1,170 - $89.51 = $1,080.49          

Yee, L. $584.38 - $44.71 = $539.67            

Diaz, R. $650 - $49.73 = $600.27                      

Zagst, J. $841 - $64.34 = $776.66    

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