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Average Propensity to Consume
The average Propensity to Consume [APC] is defined as the fraction of aggregate national income which is devoted to consumption. If consumption is denoted by C and income by Y, then:
APC = C/Y
The Average Propensity to Consume decreases in Keynes model as income increases.
PROGRESSIVE TAX A progressive income tax system is one where the higher the income, the greater the proportion paid in taxes. This is effected by dividing the taxpayers' inco
production function
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williamson model and managerial discretion about its objective and statement of problem
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plz help tomorrow is my paper n I need help to understand this topic
Q. What do you mean by Cost Function? Cost function is a derived function. It's derived from the production function that describes the efficient method of production at any gi
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