Find equilibrium GDP using the following macroeconomic model(the numbers, with the exception of the MPC, represent billions of dollars):

C = 750 + 0.50Y Consumption function

I = 1 comma 2501,250 Planned investment function

G = 2,000 Government spending function

NX = 100 Net export function

Y = C + I + G + NX Equilibrium condition

The equilibrium level of GDP is $ billion. (Round your answer to the nearest billion dollars.)

Answer rating: 100% (QA)

C 750 050Y Consumption function In this question it is given that I 1 comma 25012... View the full answer