Determining national income
Suppose an economy is in equilibrium condition. Its consumption function is C = 300 +0.8Y and investment is 700 find out its national income.
Expert
C = 300+0.8 YY = C+IY = 300 + 0.8Y + 700=1250
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This function as in illustrated figure area between A and B is termed as a/an: (1) index of inequality. (2) Lorenz curve. (3) Pareto indicator. (4) Gini coefficient. (5) Marx-Engels curve. Discover Q & A Leading Solution Library Avail More Than 1452159 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1961010 Asked 3,689 Active Tutors 1452159 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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