Business, 31.07.2021 14:00 sophiaa23

You are given the following information : Savings function, S, is a function of income Y , ie S=sY)
Consumption C, is a function of income Y ie C=c(Y)
Total income Y is equal to consumption C, plus savings S, assuming a closed economy ie Y=C+S
(a) Use the above information to derive a savings function given Consumption function C=a+bY (b) Graphically draw the savings function derived in (a) above • (c) Given the consumption function C=200+0.75Y
Draw a graph to demonstrate that consumption is an increasing function of income
Compute the change in consumption when consumer's income increase from Ksh 200. 00 to ksh 300. 00

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