Consequently, the APC remains constant and the increase in total consumption expenditure is proportional to the increase in total income. Thus, according to the RIT, changes in current consumption are not proportional to the changes in current income only when current income increases relative…
The dilemma therefore arose of how to reconcile the long-run proportional consumption function with the finding from short-run and cross-section analyses that the APC exceeded the MPC. The outcome of this hypothesis is that the individuals’ APC depends on his relative position in income…
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