Consider an economy with the following data: Consumption expenditure = $271,650.0 million Planned investment = $218,972.0 million
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Question:
Consider an economy with the following data:
Consumption expenditure = $271,650.0 million
Planned investment = $218,972.0 million
Government expenditure = $58,666.0 million
Export expenditure = $940,148.0 million
Import expenditure = $820,652.0 million
Autonomous taxes = $306,700.0 million
Income tax rate = 20%
Marginal propensity to save = 0.6
Marginal propensity to import = 0.1
Calculate the level of total savings when the level of income equals $620,240 million (solve to one decimal point).
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