Question: 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

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.)

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