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tresset_1 [31]
2 years ago
6

When money is spent on goods and services, those who receive the money also spend some of it. The people receiving some of the t

wice-spent money will spend some of that, and so on. Economists call this chain reaction the multiplier effect. In a hypothetical isolated community, the local government begins the process by spending D dollars. Suppose that each recipient of spent money spends 100c% and saves 100s% of the money that he or she receives. The values c and s are called the marginal propensity to consume and the marginal propensity to save and, of course, course, c + s = 1. Let Sn be the total spending that has been generated after n transactions.
Required:
Find an equation for Sn.
Mathematics
1 answer:
Bad White [126]2 years ago
5 0

Solution :

If S_n is the total spending generated after n transactions, then a_n is the spending generated during the n-th transaction. Since the government spends D dollars, then a_1 = D.

Then the second person will receive D dollars and spend D_c dollars. Therefore, a_2=D_c. The next person will receive D_c dollars, which means they are spending a_3 = (D_c)c = Dc^2 dollars. Therefore,

a_1 = D

a_2=D_c

a_3 = Dc^2

a_4 = (Dc^2)c= Dc^3

....

a_n=Dc^{n-1}

∴ S_n=a_1+a_2+a_3+....+a_n

  S_n = D+Dc+Dc^2+Dc^3+...+Dc^{n-1}

  S_n= D(1+c+c^2+...+c^{n-1})

  S-n=D . \frac{1-c^n}{1-c}

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