Given a consumption function C = 10 + 0.6Y, determine the value of C if…

Economics JAMB 2017

Given a consumption function C = 10 + 0.6Y, determine the value of C if Y is 20

  • 36.60
  • 22.00 checkmark
  • 30.60
  • 26.00

The correct answer is: B

Explanation

Given C = 10 + 0.6Y when Y = 20
Substitute for the value of Y in the equation to calculate the actual value for C
Therefore, C = 10 + 0.6(20)
C = 10 + 12
C = 22.00
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