ADVANCED ANALYSIS Linear equations for the consumption and saving schedules take the general form: C= a + by and S=-a + (1 - b)Y, where C, S, and Yare consumption, saving, and national income, respectively. The constant a represents the vertical intercept, and b represents the slope of the consumption schedule. a. Use the following data to substitute specific numerical values into the consumption and saving equations. National Income (Y) Consumption (C) $0 $ 100 200 600 800 Instructions: If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers b. What is the economic meaning of b? MPC What is the economic meaning of it - b)? MPS MPC What is the economic meaning of (1 - b)? MPS v c. Suppose that the amount of saving that occurs at each level of national income falls by $20 but that the values of band (1-5) remain unchanged. Restate the saving and consumption equations inserting the new numerical values. Instructions: If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. CE