In a economy if poor earn ₹500/year and spent it all on consumption, the middle class earn ₹2000/yr nd spend ₹1500 on consumption and rich earn ₹10,000/yr and consume 80%of it. Overall saving rate, if 20%people are poor and 50% are in middle class is?
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Answer:
Answer is 73.75%
Step-by-step explanation:
consumption by the poor = ₹500*20%
= ₹500*20÷100
= ₹100
consumption by the middle class = ₹2000*50%
=₹2000*50÷100
=₹750
consumption by the rich = ₹10000*80%
= ₹8000
Total Consumption= ₹100+₹750+₹8000
=₹8850
Total income = ₹500+₹1500+₹10000
=₹12000
₹8850÷₹12000*
=73.75%
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