Consumption curve
Illustrate a point on consumption curve at which APC = 1. Answer: APC = C/Y = 1 is possible when C = Y, that is, Consumption is equivalent to Income.
Illustrate a point on consumption curve at which APC = 1.
Answer:
APC = C/Y = 1 is possible when C = Y, that is, Consumption is equivalent to Income.
Why can be value of MPC be not more than one? Answer: The value of MPC will not be more than one since increment in consumption (ΔC) can’t be more than
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