Assume that the consumption schedule for a private open economy is such that consumption C = 50
Question:
a. Calculate the equilibrium level of income or real GDP for this economy.
b. What happens to equilibrium Y if Ig changes to 10? What does this outcome reveal about the size of the multiplier?
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a Consumption function C 50 08Y implies mpc marginal pr...View the full answer
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Related Book For 
Economics
ISBN: 978-0073375694
18th edition
Authors: Campbell R. McConnell, Stanley L. Brue, Sean M. Flynn
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