If the Consumption Function Is Given by the Equation C

question 6

Multiple Choice

If the consumption function is given by the equation C = 500 + 0.5Y, the production function is Y = 50K^0.5L^0.5, where K = 100 and L = 100, then C equals:

• A) 1,000.
• B) 2,500.
• C) 3,000.
• D) 5,000.

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Definitions:

Idiographic Understanding

An understanding of the behavior of a particular individual.

Abnormal Behavior

A pattern of behavioral, psychological, or cognitive functions that deviate significantly from cultural norms and may impair functioning.

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