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Question:
Table below shows the recent trends in terms of consumption.
(a) (i) Explain what is meant by the term ‘marginal propensity to consume' (MPC) and the ‘average propensity to consume (APC)
(ii) Summarise the changes in country's A MPC from 2003 and 2010.
(iii) Explain how the MPC could exceed 100% in 2004 and 2005.
(b) (i) Define and calculate the average propensity to save (APS) from 2003 to 2010.
(ii) Explain how the APC and APS are related over period 2003 and 2005.
(iii) Define the multiplier effects.
(iv) What further information in additional to that available from the table is required to calculate the multiplier effects on Country's A national income.
Explain the concept of elasticity and describe why the supply of petrol in the short run is relatively inelastic.
Which of the following would indicate the beginnings of an expansion of the economy? a. Fewer new firms are started. b. Stock market prices decline c. Consumer confidence improves
Question 3 (44 marks) Please note that this question requires substantial research. A summary from the text book is not sufficient. To score well you will have to consult several a
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