Use the table belowto solve this problem. Level of Output an

Homework Assistance Economics Use the table belowto solve this problem. Level of Output an

Economics

Use the table belowto solve this problem. Level of Output an

Use the table belowto solve this problem. Level of Output and Income Consumption Saving … Show more Use the table belowto solve this problem. Level of Output and Income Consumption Saving APC APS MPC MPS $240 $248 $-8 1.0167 -0.0167 0.8 0.2 260 $264 -4 1 0 0.8 0.2 280 $280 0 0.9857 0.0143 0.8 0.2 300 $296 4 0.9733 0.0267 0.8 0.2 320 $312 8 0.9625 0.0375 0.8 0.2 340 $328 12 0.9529 0.0471 0.8 0.2 360 $344 16 0.9444 0.0556 0.8 0.2 380 $360 20 0.9368 0.0632 0.8 0.2 400 $376 24 0.93 0.07 0.8 0.2 Suppose the wealth effect is such that a $10 change in wealth produces a $1 change in consumption at each level of income. If real estate prices tumble such that wealth declines by $160, what will be the new level of consumption at the $340 billion level of disposable income? $ What will be the new level of saving? $ • Show less

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