Economics
JAMB 2017
Given a consumption function C = 10 + 0.6Y, determine the value of C if Y is 20
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A.
36.60
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B.
22.00
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C.
30.60
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D.
26.00
Correct Answer: Option B
Explanation
Given C = 10 + 0.6Y when Y = 20
Substitute for the value of Y in the equation to calculate the actual value for C
Therefore, C = 10 + 0.6(20)
C = 10 + 12
C = 22.00
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