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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.
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Relationship between AC, AVC, AFC and MC is elucidated graphically by drawing respective cost curves in Figure below. Behaviour of cost curves is elucidated below. Figure:
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