Question #249227

6. ⠀ œAlong the consumption function, income changes more than consumption.⠀  What does this imply for the MPC and MPS?

Expert's answer

The marginal propensity to consume (MPC) measures the change in consumption as a result of a change in income. Similarly, MPS refers to a change in savings as a result of a change in a person's income.


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Canada #340153 on Dec 2023