I need the answer as soon as possible Suppose the Consumption function for a particular economic system is:C= 150,000 +.95Y1.What is the Marginal Propensity to Consume for this economy? If aggregate incomeincreases by $27 Billion, what will happen to aggregate consumption spending?2.At what level of Y is saving equal to zero?

Income of the people split into two saving and consumption , so here we calculate the answer as…

Answered: Suppose the Consumption function for a…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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You see an advertisement for a used car. The owner has not set a price but asks for people to make him an offer. You inspect the car and believe that the true value is equally likely to be anywhere in the range of $1,000 to $9,000 (so your calculation of the average of this value is $5,000). The current owner knows the exact true value, and he will for sure accept your offer if it is higher than the true value (but not if it is lower than that value). If your offer is accepted and you get the car, then you will find out the true value. But you know in advance that your amazing car repair skills can increase the value of the car by 25% of whatever its true value is. What is your expected profit if you offer $5,000? Round your answer to the nearest dollar (e.g. 500). If you expect to make a loss, add a minus sign (e.g. -500, please do not include space between minus sign and the number if the answer is negative). Note:- Do not provide handwritten solution. Maintain accuracy and quality…
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Suppose the Consumption function for a particular economic system is: C = 150,000 + .95Y 1. What is the Marginal Propensity to Consume for this economy? If aggregate income increases by $27 Billion, what will happen to aggregate consumption spending? 2. At what level of Y is saving equal to zero?