Question
According to the Keynesian Consumption Function, if an
individual's income increases from ₹50,000 to ₹70,000 and their consumption increases from ₹40,000 to ₹55,000, what is the value of the Marginal Propensity to Consume (MPC)?Solution
MPC = C hange in Consumption / Change in Income = (55,000 – 40,000) / (70,000 – 50,000) = 15,000 / 20,000 = 0.75 This means for every additional ₹1 earned, the individual spends 75 paise.
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