If the marginal propensity to consume is 0.6 and consumption expenditure changes by N10 million,…

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Economics JAMB 2006

If the marginal propensity to consume is 0.6 and consumption expenditure changes by N10 million, the equilibrium level of income will change by

  • N4.0 milion
  • N25. 0 milion checkmark
  • N2.5 milion
  • N15.0 milion

The correct answer is: B

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