Macroeconomics (7th Edition)
Macroeconomics (7th Edition)
7th Edition
ISBN: 9780134738314
Author: R. Glenn Hubbard, Anthony Patrick O'Brien
Publisher: PEARSON
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Chapter 12, Problem 12.2.11PA
To determine

Saving, marginal propensity to consume and marginal propensity to save.

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Federal Income Tax Per Capita Using datafrom 2010 and projected to 2018, the federalincome tax per capita is given by the functiony = f(x) = 486.48x + 3486.84, where x is thenumber of years after 2010 and y is in dollars. If thismodel remains valid, in what year will the federalincome tax per capita be $8351.64?
Based on the following data (in billions of dollars), calculate
In 2018, U.S. output was $20.5 trillion, and Chinese output in 2017was $13 5 trillion Suppose that from 2017, the output of China grows at an annual rate of 7.9% per year, whereas the output of the United States grows from 2018 at an annual rate of 2.2% per year. Using these assumptions and a spreadsheet, calculate and plot U.S. and Chinese output from 2017 or 2018 over the next 25years. The level of U.S. output in 25 years will be $ 35.32 trillion. (Round your response to two decimal places.) The level of Chinese output in 25 years will be $ 90.38 trillion. (Round your response to fwo decimal places) How many years will it take for China to have a total level of output equal to that of the United States?

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Macroeconomics (7th Edition)

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