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11/04/2025
When a consumer's income is zero, he still consumes, which is called autonomous consumption. Basically, food, shelter, and healthcare are included in autonomous consumption. Because even when his income is zero, he still consumes food, shelter, and healthcare through his savings or borrowing.
In the Consumption Function,
C=a+bYd
Here ,a is the autonomous consumption
29/04/2024
Capitalist economy , socialist economy or mixed economy
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