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Gven the following consumption function consumption 750


Given the following consumption function: Consumption = $750 + 0.80 * Income, at what level of income is a consumption of $7,000 generated?

  1. Less than $4,000

  2. Between $4,000 and $5,000

  3. Between $5,000 and $6,000

  4. Between $6,000 and $7,000

  5. Greater than $7,000

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