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Consider the following data :
Year
Real Disposable Income
Real Consumption
0
20,000
14,000
1
30,000
19,000
2
40,000
24,000
For now, assume that no other variable (besides real disposable income) that could affect real consumption has changed between Year 0, Year 1, and Year 2.
a) Use the above data to draw a consumption function.
b) What is the marginal propensity to consume.
c) What is the slope of the consumption function (you should give a numerical answer, not a formula)?
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Pam, having recently graduated from college, is looking to work for 2 years before she enters graduate school. She has received 2 job offers with the following salary structures:
Consider a product with a supply function Q 1 = β 0 + β 1 + u 1, a demand function Q d i =y 0 +u i d . Show that P i and u s d are correlated.
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What are the two problems facing the Bank of Canada in trying to control the money supply precisely?
State with brief reasons whether the following statements are true, false, or uncertain.
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