avenue.cllmcmaster.ca\ ChatGPT\ Math 1 MM3 Assignment #3 Answer Sheet...\ Solved Con\ Question 1 (1 point)\

Saved\ Assume that the consumption function is given by \ T) and the tax function is given by

T=t_(0)

\

+t_(1)Y

. If

t_(0)

increases by 1 unit, then consumption:\ decreases by 0.85 units.\ decreases by 0.15 units.\ increases by 0.15 units.\ increases by 0.85 units.

Assume that the consumption function is given by C=150+0.85(Y - T) and the tax function is given by T=t0 +t1Y. If t0 increases by 1 unit, then consumption: decreases by 0.85 units. decreases by 0.15 units. increases by 0.15 units. increases by 0.85 units