Examlex
Write the expression as a single logarithm. Assume all variables represent positive real numbers.
MPC
Marginal Propensity to Consume refers to the fraction of any additional income that is used for consumption purposes.
Consumption
The act of households utilizing goods and services.
Disposable Income
The sum of funds that families can allocate to expenditure and savings once they've paid their income taxes.
MPC
The marginal propensity to consume, which represents the proportion of an increase in income that is spent on consumption rather than being saved.
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