$ Macmillan Learning The Wong family has a disposable income of $80,000 annually. Currently, the Wong family spends 80% of new disposable income on consumption. Assume that their marginal propensity to consume is 0.8 and that their autonomous consumption spending is equal to $10,000. What is the amount of the Wong family's annual consumer spending?

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Macmillan Learning
The Wong family has a disposable income of $80,000 annually. Currently, the Wong family spends 80% of new disposable
income on consumption. Assume that their marginal propensity to consume is 0.8 and that their autonomous consumption
spending is equal to $10,000.
What is the amount of the Wong family's annual consumer spending?
Transcribed Image Text:$ Macmillan Learning The Wong family has a disposable income of $80,000 annually. Currently, the Wong family spends 80% of new disposable income on consumption. Assume that their marginal propensity to consume is 0.8 and that their autonomous consumption spending is equal to $10,000. What is the amount of the Wong family's annual consumer spending?
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