Question on: JAMB Economics - 2017
Given a consumption function C = 10 + 0.6Y, determine the value of C if Y is 20
A
36.60
B
22.00
C
30.60
D
26.00
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Correct Option: B
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
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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