-Refer to the above table. The table gives the combinations of real disposable income and real consumption for a college student for a year. What is the value of the average propensity to save equal when real disposable income equals $14,000?
Definitions:
Complements
Goods or services that are often used together such that an increase in demand for one leads to an increase in demand for the other.
Equilibrium Price
The cost at which consumer demand for a product matches the amount manufacturers are willing to supply.
Equilibrium Quantity
The volume of commodities or services provided and required at the price where supply equals demand.
Technology Improvements
Enhancements and advancements in various technological fields that lead to better efficiency, productivity, or utility.
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