This set of class notes tackles the first of the four sectors of GDP, the consumption sector. Topics covered in this include; consumption function, savings, Average Propensity to Consume (APC), Average Propensity To Save (APS), Marginal Propensity to Consume (MPC), Marginal Propensity To Save (MPS), Autonomous & Induced Consumption, and Permanent Income Hypothesis. Definitions and equations for each of these topics are also provided in each section.
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