If people spend 2/3 of any extra income they receive, new autonomous spending of $10 causes equilibrium to increase by

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16-10-2017
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If people spend 2/3 of any extra income they receive, new autonomous spending of $10 causes equilibrium to increase by

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W0lf93 W0lf93 · Answer 1 · 2017-10-25T19:57:04+02:00

W0lf93 W0lf93

25-10-2017

answer=$30.00 Increase in total spending = $10 + (.75)($10) + (.75)(.75)($10) + (.75)(.75)($10) + ... = $10 * (1 + .75 + .752 + .753 + ...) ---------------------------- | (GEOMETRIC SERIES-- converges to a finite number, according to a simple formula) = $10 * [1/(1-.75)] ----------- | 4 = $30

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