Marginal propensity to consume (mpc = c = AC/AY): the change in consumption expendi- ture caused by a change in income. Marginal propensity to import (mpm = m = AIM/AY): the change in imports caused by a change in income. Induced expenditure (c-m)Y: planned consumption and imports expenditures that change when income changes. Autonomous expenditure (A): planned expenditure that is not determined by current income. Aggregate expenditure (AE): the sum of planned induced and autonomous expenditure in the economy.

Marginal propensity to consume (mpc = c = AC/AY): the change in consumption expendi- ture caused by a change in income. Marginal propensity to import (mpm = m = AIM/AY): the change in imports caused by a change in income. Induced expenditure (c-m)Y: planned consumption and imports expenditures that change when income changes. Autonomous expenditure (A): planned expenditure that is not determined by current income. Aggregate expenditure (AE): the sum of planned induced and autonomous expenditure in the economy.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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