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The following exercise is designed to allow students to apply their knowledge of the marginal propensity to consume (MPC) and the marginal propensity to save (MPS).
You are an economist that works for a research agency In London. You receive a call from your manager.
"I think it would be very pertinent for you to study the impacts of changing income levels of spending patterns in Uganda. This is because, in the past year, wages in Uganda have increased significantly due to the presence of gold mines. I will send you some data for your analysis."
The data is presented below.
1. Calculate the annual change in the average income level and the average consumption level in Uganda.
2. Compute the MPC based on your findings.
3. Is it possible to determine the MPS based on this information alone? If so, please compute it.
1.
We will use the following formula:
Annual change = (Current data - Previous data) / Previous data
See below.
2.
MPC = Change in consumption / Change in income
= 1,500/ 4,000
= 0.375
The answer is 0.375.
3.
Yes, it is possible because the MPS is always equal to:
MPS = 1 - MPC
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