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Patel family annual consumer spending

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The Patel family has a disposable income of $80,000 annually. Assume that their marginal propensity to consume is 0.8 (the Patel family spends 80% on new disposable income on consumption) and their autonomous consumption spending is equal to $10,000. What is the amount of the Patel family's annual consumer spending?

Reference no: EM131901900

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