Business, 18.03.2021 01:20 sophiamoser
In the linear consumption function
cons = ^B0 + ^B1 * inc
the (estimated) marginal propensity to consume (MPC) out of income is simply the slope,
^B1,
, while the average propensity to consume (APC) is ^cons/inc = ^B0 /inc + ^B1
. Using obser-
vations for 100 families on annual income and consumption (both measured in dollars), the
following equation is obtained:
^cons = -124.84 + .853 * inc
n=100, R^2 = .692
(i) Interpret the intercept in this equation, and comment on its sign and magnitude.
(ii) What is the predicted consumption when family income is $30,000?
(iii) With inc on the x-axis, draw a graph of the estimated MPC and APC.
Answers: 3
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In the linear consumption function
cons = ^B0 + ^B1 * inc
the (estimated) marginal propensity...
the (estimated) marginal propensity...
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