Question: Assuming a country's Import function is M = 826 + 0.17Y, during the year. (a) Explain what the value of 826 represents ( Must explain

Assuming a country's Import function is M = 826 + 0.17Y, during the year.

(a) Explain what the value of 826 represents (Must explain fully, not just mention the name).

(b) Explain what the value of 0.17 represents (Must explain fully, not just mention the name).

(c) If this country's GDP were $7029 (billion) during the year, what would be the value of the country's Import Penetration Index during that year? (Must show all work).

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