Consumption Function | Meaning, Schedule, Observation, Graph | Microeconomics | Ecoholics

What is the consumption function?
consumption function, in economics, the relationship between consumer spending and the various factors determining it. At the household or family level, these factors may include income, wealth, expectations about the level and riskiness of future income or wealth, interest rates, age, education, and family size.
The consumption schedule or curve shows how much households plan to consume at various levels of disposable income at a specific point in time, assuming there is no change in the non-income determinants of consumption, namely, wealth, the price level, expectations, indebtedness, and taxes.
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