Psychologylady6272 Psychologylady6272

14-04-2019
Business

contestada

If every $1,000 increase in the real price of homes adds 2 cents to annual consumer spending (the "wealth effect"), by how much did consumption decline when home prices fell by $2 trillion in 2006–2008?

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MrCreighton MrCreighton

14-04-2019

Answer:

Explanation:

If consumer spending goes up $.02 per 1000, that is .0002%

So 2 trillion X .0002% = $40,000,000

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