Question: Find equilibrium GDP using the following macroeconomic model (the numbers, with the exception of the MPC, represent billions of dollars): C = 1,500 + 0.50Y

Find equilibrium GDP using the following macroeconomic model (the numbers, with the exception of the MPC, represent billions of dollars): C = 1,500 + 0.50Y Consumption function 1 = 1,000 Planned investment function G = 2,000 Government spending function NX = 200 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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