Question: credit.) 5. Ch. 4 By using REPEATED SUBSTITUTION method only, please answer the following Macroeconomics question: Consider the simplified, two-equation, national income model Y=C+1 C


credit.) 5. Ch. 4 By using REPEATED SUBSTITUTION method only, please answer the following Macroeconomics question: Consider the simplified, two-equation, national income model Y=C+1 C =a + bY Where national income (Y) and consumption (C) are endogenous variables and investment (1) are exogenous variables. The parameters in the consumption function, where a represent the autonomous consumption expenditure and b represents the marginal propensity to consume, respectively
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