Keynesian consumption model has been criticized on the, Business Economics

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Keynesian consumption model has been criticized on the

Keynesian consumption model has been criticized on the ground that assumes constant MPC. To resolve this problem you are running the consumption model for US economy as:

C = b0 + b1 Y^b2 +U

Explain how this model can remedy the problem of Keynesian consumption model?

Explain step by step how you can estimate this model

What are the properties of the estimated B coefficients?

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Business Economics: Keynesian consumption model has been criticized on the

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