28. FILE Consumption. The consumption function, first developed by John Maynard Keynes, captures one of the Page 498 key

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28. FILE Consumption. The consumption function, first developed by John Maynard Keynes, captures one of the Page 498 key relationships in economics. It expresses consumption as a function of disposable income, where disposable income is income after taxes. The accompanying table shows a portion of quarterly data for average U.S. annual consumption (in $) and disposable income (in $) for the years 2000-2016. Date Consumption Income Q1. 2000 28634 31192 Q2, 2000 28837 31438 8 E E Q4, 2016 35987 39254 a. Find the sample regression equation for the model, Consumption = Bo + Income + E b. In this model, the slope coefficient is called the marginal propensity to consume. Interpret its meaning. c. What is predicted consumption if disposable income is $35,000?
A B Date Consumption 28634 28837 29039 29220 29276 29282 29313 29685 29709 29795 29927 30014 30084 30351 30722 30887 31127 31261 31481 31725 31900 32178 32345 32386 32677 32777 32884 33134 33235 33273 33335 33292 33150 33134 32814 32344 32167 31957 College Admissions Car Prices 1 2 Q1, 2000 3 Q2, 2000 4 Q3, 2000 5 Q4, 2000 6 Q1, 2001 7 Q2, 2001 8 Q3, 2001 9 Q4, 2001 10 Q1, 2002 11 Q2, 2002 12 Q3, 2002 13 Q4, 2002 14 Q1, 2003 15 Q2, 2003 16 Q3, 2003 17 Q4, 2003 18 Q1, 2004 19 Q2, 2004 20 Q3, 2004 21 Q4, 2004 22 Q1, 2005. 23 Q2, 2005 24 Q3, 2005 25 Q4, 2005 26 Q1, 2006 27 Q2, 2006 28 Q3, 2006 29 Q4, 2006 30 Q1, 2007 31 Q2, 2007 32 03, 2007 33 04, 2007 34 Q1, 2008 35 02, 2008 36 Q3, 2008 37 Q4, 2008 38 Q1, 2009 39 02, 2009 Ready U Income 31192 31438 31719 31742 31940 31836 32504 32020 32728 32821 32696 32773 32796 33197 33657 33713 33893 34152 34247 34589 34183 34380 34469 34666 35380 35354 35363 35734 35889 35878 35880 35819 35998 36677 35747 35892 35752 35932 D Consumption
1124 A 34 Q1, 2008 35 Q2, 2008 36 Q3, 2008 37 Q4, 2008 38 Q1, 2009 39 Q2, 2009 40 Q3, 2009 41 Q4, 2009 42 Q1, 2010 43 Q2, 2010 44 Q3, 2010 45 Q4, 2010 46 Q1, 2011 47 Q2, 2011 48 Q3, 2011 49 Q4, 2011 50 Q1, 2012 51 Q2, 2012 52 Q3, 2012 53 Q4, 2012 54 Q1, 2013 55 Q2, 2013 56 Q3, 2013 57 Q4, 2013 58 Q1, 2014 59 Q2, 2014 60 Q3, 2014 61 Q4, 2014 62 Q1, 2015 63 Q2, 2015 64 03, 2015 65 Q4, 2015 66 01, 2016 67 Q2, 2016 68 Q3, 2016 69 Q4, 2016 70 B 33150 33134 32814 32344 32167 31957 32076 31999 32106 32308 32451 32717 32826 32836 32913 32959 33104 33105 33128 33156 33263 33280 33370 33585 33688 33946 34190 34508 34659 34850 35015 35147 35236 35550 35743 35987 C 35998 36677 35747 35892 35752 35932 35456 35328 35293 35686 35791 35967 36346 36228 36347 36299 36832 37054 36963 37860 36226 36380 36522 36528 36872 37289 37587 37907 38033 38336 38571 38785 38927 39148 39354 39254