ECONOMICS

ECONOMICS Order Description 1) Collect quarterly figures for the UK economy over at least 5 years on consumption expenditure and Gross Domestic Product (GDP) Tabulate the figures. (5 marks) 2) Prepare a scatter diagram of consumption/GDP data pairs. (3 marks) 3) Produce a line of best fit from your scatter diagram to construct a consumption function. (5 marks) 4) Label and discuss the economic relevance of your consumption function. (2 marks) 5) State and discuss the most important determinants of short-run consumer expenditure. (5 marks)