Solution-Express expenditure on consumer goods as function

Express expenditure on consumer goods as function of income

Reference no: EM131566713

Question: The expenditure of a household on consumer goods, C, is related to the household's income, y, in the following way: When the household's income is $1000, the expenditure on consumer goods is $900, and whenever income increases by $100, the expenditure on consumer goods increases by $80. Express the expenditure on consumer goods as a function of income, assuming a linear relationship.

Reference no: EM131566713

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Express expenditure on consumer goods as function of income

Reference no: EM131566713

Reference no: EM131566713

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