Question: Calculate the consumption expenditure using the consumption function (as described by Equation 2) and the following estimates: Autonomous consumption: $1,450 billion Income: $14,000 billion Taxes:

Calculate the consumption expenditure using the consumption function (as described by Equation 2) and the following estimates:

Autonomous consumption: $1,450 billion Income: $14,000 billion Taxes: $3,000 billion Marginal propensity to consume: 0.8

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