Go to the St. Louis Federal Reserve FRED database, and find data on disposable personal income (DPI), personal saving (PSAVE), and personal consumption expenditures (PCEC). Download the data onto a spreadsheet. For each quarter, calculate the average propensity to consume, APC, and the average propensity to save, APS. Calculate the average of the APC and APS for the most recent four quarters of data available, and for the four quarters before that. Calculate the average disposable income over the most recent four quarters and over the four quarters before that. Do the data support Keynes’ conjecture relating income to the APC and APS? Briefly explain.

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