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The Consumption Function
The consumption function is the relationship [expressed in mathematical or diagrammatic form] between planned consumption and other independent variables, particularly income.
The consumption function is one of the most important relations in Macro-economics. Consumption is the largest single component of aggregate expenditure and if we are to predict the effects of income and employment of variations in private investment and in government spending, we must know how consumption varies in response to changes in income. Thus it is important to take a closer look at the consumption.
Using the discounting principle calculate the present value of an annuity of five years at Rs. 500 payments made at the end of each of the next five years at 10% interest. stion..
PROPORTIONAL TAX Is where whatever the size of income, the same rate or same percentage is charged. Examples are commodity taxes like customs, excise duties and sales tax.
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CHARACTERISTICS OF THE THREE STAGES Stage I Here the Total Physical Product, Average Physical Product and Marginal Physical Product are all increasing. However MPP
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