On the electricity side, the country may need over 500 billion kilo-watt-hour (kwh) of energy in the year 2004-05 with a total install capacity of at least 150,000 MW (Mega Watt). If we compare these figures with the..
Brief note on the concept of consumption function. Consumption function or propensity to consume refers to income consumption relationship. It expresses the functional relationship between two aggregates i.e. total consumption and total volume.
Keynes does not base current consumption on income of the preceding period (or periods). In his theory, it depends upon the expected income in the forthcoming period.