During Jon’s first year of working, he had income of $40,000 and consumed $35,000. During Jon’s...
During Jon’s first year of working, he had income of $40,000 and consumed $35,000. During Jon’s second year of working, he had income of $45,000 and consumed $38,000. Given this information, what is Jon’s marginal propensity to consume?
a. 0.25
b. 0.40
c. 0.60
d. 0.80
Homework Answers
Answer
marginal propensity to consume=change in consumption /change in income
=(38000-35000)/(45000-40000)
=0.6
Jon’s marginal propensity to consume is 0.6
Option c
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