suppose consumers' disposable income increased by $341 billion and their spending increased by $299 billion. what was the mpc?

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08-12-2022
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suppose consumers' disposable income increased by $341 billion and their spending increased by $299 billion. what was the mpc?

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akanas7khan akanas7khan · Answer 1 · 2022-12-14T07:44:41+01:00

According to the question, consumers' disposable income increased by $341 billion and their spending increased by $299 billion. The MPC was 0.877.

What do you mean by the MPC?

The percentage of an overall salary increase that a customer spends on purchasing goods and services rather than saving is known as the marginal propensity to consume (MPC) in economics.

Keynesian macroeconomic theory includes a concept known as marginal propensity to consume, which is determined as the change in consumption divided by the change in income.

Here,

Income increased = $ 341

Spending increased = $ 299

MPC = 299/341

MPC = 0.877

Therefore, consumers' disposable income increased by $341 billion and their spending increased by $299 billion. The MPC was 0.877.

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