At $10,000 of disposable income, Audrey's consumption expenditure was $11,000. At $20,000 of disposable income, Audrey's consumption expenditure was $19,000. What is Audrey's marginal propensity to consume?
What will be an ideal response?
The marginal propensity to consume is the change in consumption expenditure divided by the change in disposable income that brought it about. In this case, the marginal propensity to consume equals ($8,000 รท $10,
Economics
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In perfect competition, a firm that maximizes its economic profit will sell its good at a price that is
A) below the market price. B) at the market price. C) above the market price. D) below the market price if its supply curve is inelastic and above the market price if its supply curve is elastic.
Economics
Which of the following products would most likely be produced in a monopolistically competitive market?
A) corn B) oil C) electricity D) pizza
Economics