Suppose that the marginal propensity to save isdsdy= 0.4 -1y +1(in billions of dollars)and that consumption is $12 billion when disposable income is $0. Find the national consumption function. (Assume y ≥ 0.)C(y) 0.4y Iny+1+12×

We will find the national consumption function.

Answered: Suppose that the marginal propensity to…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Suppose that the marginal propensity to save is ds dy = 0.4- 1 y+1 (in billions of dollars) and that consumption is $12 billion when disposable income is $0. Find the national consumption function. (Assume y ≥ 0.) = - C(y) 0.4y lny+1+12 ×