2. Assume that Jacob spent $20,000 of his disposable income of $30,000

History

1 answer:

elena-14-01-66 [18.8K]2 years ago

7 0

Jacob's consumption increased by <u>$12,000</u>.

<h3>What is the marginal propensity to consume?</h3>

The marginal propensity to consume is defined as the proportion of an increase in income that a consumer consumes instead of saving.

<h3>Data and Calculations:</h3>

Amount of disposal income in 2019 = $30,000

Amount of consumption in 2019 = $20,000

Increased disposal income = $40,000

Marginal propensity to consume = 0.8

Increase in consumption = $12,000 ($40,000 x 0.8 - $20,000)

Thus, Jacob's consumption increased by <u>$12,000</u>.

Learn more about marginal propensity to consume at brainly.com/question/17930875

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