The data in the table below was used to estimate the following consumption function: C = 10

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The data in the table below was used to estimate the following consumption function: C = 10 + 0.5Y On a graph, draw the consumption function and plot the points from the table. Calculate the €œerror€ for each point in the table, and then calculate the SUM from your €œerror€ calculations.

Aggregate Income (Y) Aggregate Consumption (C) Point 10 20 30 40 50 60 13 23 30 32 33 44

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Principles of Macroeconomics

ISBN: 978-0134078809

12th edition

Authors: Karl E. Case, Ray C. Fair, Sharon E. Oster

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