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Suppose that 70 percent of a country's population, as a consequence of liquidity constraints, behaves in accordance with the traditional model of consumption and thus consumes, every period, a given fraction of its disposable income. The other 30 percent of the population behaves in accordance with the LC-PIH.
a. If the MPC in the traditional model is .8 and disposable income changes by $10 million (you may assume that this change is due entirely to a change in transitory income), by how much will consumption change?
b. What if 70 percent of the population behaves in accordance with the LC-PIH, and 30 percent behaves in accordance with the traditional model?
c. What if 100 percent of the population behaves in accordance with the LC-PIH?
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Include a cover page containing the title of the assignment, the student's name, the professor's name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
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