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12. [-13.12 Points]DETAILSHARMATHAP1Z 12.4.501.XP_Suppose that the marginal propensity t0 consume is 0.09 Inly + 1) (In trillions of dollars)and that consumption is...

Question

12. [-13.12 Points]DETAILSHARMATHAP1Z 12.4.501.XP_Suppose that the marginal propensity t0 consume is 0.09 Inly + 1) (In trillions of dollars)and that consumption is $6.02 trillion when disposable income is $0_ Find the national consumption function-cly)Need Help?[-/3.12 Points]DETAILSHARMATHAP12 12.4.023Suppose that the marginal propensity to save 0,25 (In billions of dollars)and that consumption Is $5.35 billion when dlsposable IncomeFind the national consumption functioncly )Need Help(

12. [-13.12 Points] DETAILS HARMATHAP1Z 12.4.501.XP_ Suppose that the marginal propensity t0 consume is 0.09 Inly + 1) (In trillions of dollars) and that consumption is $6.02 trillion when disposable income is $0_ Find the national consumption function- cly) Need Help? [-/3.12 Points] DETAILS HARMATHAP12 12.4.023 Suppose that the marginal propensity to save 0,25 (In billions of dollars) and that consumption Is $5.35 billion when dlsposable Income Find the national consumption function cly ) Need Help(



Answers

Marginal Propensity to Consume Refer to Exercise $18 .$ Suppose a certain economy's consumption function is $$ C(x)=0.873 x^{1.1}+20.34 $$ where $C(x)$ and $x$ are measured in billions of dollars. Find the marginal propensity to consume when $x=10.$

The solution to the question 18 is here. The question for c e o of X is given as 0.712 X plus 95.5 Now, let's Find out the sea by D. X. So it will be given by day by dx of C X. That is 0.712 weeks plus 95.05. So it will be equal to 0.712 and two day by day X if X plus zero As the differentiation for constant to zero. So it will be called to 0.712. And this will be our answer for the question. Thank you.

In this video we're going to be dealing with the concepts of our consumption function and marginal propensity to consume. And for those of you that need a quick refresher we know that if we're given our consumption function which is cfx are marginal propensity to consume is going to be the derivative of that function. So in this question we're giving the consumption function C. F X is equal to 0.873 X. To the power of 1.1 Plus 20.34. We also know that are CFX and Rx are measured in billions of dollars. What they wanted to do here is find the marginal propensity to consume when X is equal to 10. So if you want to unpack that a little more, we know that In order to find our marginal propensity to consume when X is equal to 10. We first need to find our marginal propensity to consume or R. C. Prime of X. And then after that what we need to do is find c. of 10. Sorry, that doesn't look like a C. Yeah. Okay. So we're going to follow these two steps these two steps and solve our problems. So let's first find R. C. Prime of X. We know that the farm in fact is going to be equal to We apply or some rule we know that we're first going to have to find the derivative of 0.873 X to the power of 1.1 and if we apply our content multiple rule along with our power rule, We can see that what we're going to get here is zero 9603 X to the power of 0.1. And you also have to find the derivative of this constant right here. But since you know that the derivative of any constant is going to be zero, we don't even have to carry it down here. So we just fulfilled our step one. We found our c prime effects. Now what we need to do is to find see prime of 10. So let's do that. See prime of 10 it's going to be equal to zero 9603 Times 10 to the power of 0.1. And we see that this is going to be about okay 1.21 If you round two decimal places. And that's our step to We found the prime of 10. So this means that since with all these questions need to have it including statement we know that our marginal propensity to consume. Mhm mhm Okay. When X is equal to 10 Okay, is 1.21 and there we have it

So from 2000 and 9 to 2014, Islamiya experienced large fluctuations in both aggregate supply, um aggregates, consumer spending and disposable income or wealth. The interest rates and the expected future disposable income did not change, so they accompany table shows the level aggregate supply. I'm sorry. Aggregate consumer spending on disposable income in millions of dollars for each of the years. Um, let's use the information to find, um, the AL graduates consumption function plots. Imagine our professors consumed on save and also the aggregate consumption function. So I'll begin the first part of the question first, which is two plus the aggregate consumption function for Islam dia. So to start with that, we'll have the why the consumption and it's a table. The table looks like this 100 3 50 304 100 on 375 at a 500 and then 18 c 38 c 34 C for 20 400 on 500. So the first one, which is the the plots for the aggregate consumption function that would look like this. And then this will go from 0 to 600 and they need to go from 0 to 600 to. So the points basically bu tracing in. So I 100. That's 100. You do have 1 80 consumption. It should be right here on at 3. 80. You're gonna have I'm sorry. At 3 50 you're gonna have 3. 80 consumption. We should be right here. That's 300. You're gonna have 3. 40 consumption. You should be right here on at 400. You're gonna have for 20 consumption. She right here and then adds 3 75 You're gonna have 400 consumption. And at 500 right here, you're gonna have 500 consumption. So then I'm gonna be tracing the line together. And if you look like this, something like this. So this is what the graph should look like. Or rather, the plots for the aggregate consumption function for is lander. So if you look like that, they're moving on to the second question. What is imagining propensities to consume and imagine a propensity to save. So the marginal propensity to consume MPC is the change in consumption divided by the change in the disposable income. So this is gonna be a cost to the changing consumption is 38 c minus 1 80 divided by this possibly income which is 3. 50 minus 100. So this is going to give you 200 divided by 2. 50 on then NPC will be 0.8. Now imagine our propensity to save, on the other hand, is one minus the NPC So this is one minus zero point AIDS and industry 0.2. So that's the answer for that question. Now moving on to the third question what is the aggregates consumption function? So the aggregate consumption function would be C is equals to Alright, I C minus E one is equals to MPC open brackets. Why deep minus y d one So therefore C minus 18 seekers. We have C one because zero point AIDS open brok Why deep minus 100? So therefore still, we want eight c plus zero point. It's why d minus eight c Wait. So I opened the bracket. That's what you get. So therefore still be 100 plus 0.8 y d. So this is the aggregate consumption function on. That's the answer to the question

Since we're trying to find C as a function of I, we wanna look at the different points that we have on DWI. See that we can take our see value, which is will take 10,000 and 98 minus 8285. And then we'll divide that by 12,026 minus 9937. So that right there will be our slope 0.867 Um And then when we want to find the b value, um, we can plug in are different values. And ultimately, when we round some things together, when we get our final answer, we see that we end up getting that C equals 0.8636 And again, it just depends on how it's rounded and stuff like that. Sometimes I and then that is minus 2 96.3. Um, and that will end up becoming our final equation. We see that the slope since its 0.8636 that is the, um that will be our value for the part B. So it's asking for the marginal propensity, and that's gonna be the slope. So 0.8636 would be the part b answer


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