Draw a graph of a consumption function and show at what points consumers would actually be operating
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Draw a graph of a consumption function and show at what points consumers would actually be operating as a result of the information in the news clip. Make the necessary assumptions and explain your answer.
The Bank of Greece reported that during the economic crisis between 2009 and 2014, household wealth declined by 40 percent. This was mainly due to a fall in the value of real estate in Greece. During the same time period, household income also decreased by 26 percent due to heavy taxation.
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