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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