6. Answer both parts (a) and (b) of this question. (a) [9 marks] Explain Keynes' three conjectures about the consumption

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6. Answer both parts (a) and (b) of this question. (a) [9 marks] Explain Keynes' three conjectures about the consumption

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6 Answer Both Parts A And B Of This Question A 9 Marks Explain Keynes Three Conjectures About The Consumption 1
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6. Answer both parts (a) and (b) of this question. (a) [9 marks] Explain Keynes' three conjectures about the consumption function. Describe the evidence that is consistent with these conjectures and the evidence that is inconsistent with them. (b) [16 marks] Compare and contrast the Life Cycle Hypothesis with the Permanent Income Hypothesis. Which of these two hypotheses do you think deals more satisfactorily with the well known "consumption puzzle”? Explain.
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