QUESTION 4 Part B: Problem-solving: COVID19 and Fiscal Response to the pandemic in the Keynesian Cross Model. Instruction: Provide all answers rounded to 4 decimal places unless otherwise stated in the question. The answer key will accept answers within 0.0005 of the actual answer. For example, if the answer was 1.2345, anything from 1.2340 to 1.2350 is acceptable. Consider the following model of the goods market in a closed economy, where 5 measures the extent of the spread of COVlD-19 within the country. This model will be used for all remaining questions in this CML quiz. Z = C +1 + G (1) Planned aggregate expenditure C = 5 + (0'75 _ S) YD (2) Consumption function I = 2.5 25 (3) Planned investment G = 2.5 + s (4) Government expenditure YD = Y _ T (5) Disposable income T = l + 0.25Y - TR (6) Net Tax function Y = Z (7) Equilibrium Condition Using the above model and rounding to 4 decimal places, solve for the equilibrium value of the government expenditure multiplier when there is no COVID'l 9 and no transfers, i.e. 5:0 and TR=0. QUESTION 5 Consider the model in Question 4 and rounding to 4 decimal places. Calculate Equilibrium Output (Y*) when there is no COVID-19 and no transfers (i.e. 5:0 and TR=O) QUESTION 6 Consider the model in Question 4 and rounding to 4 decimal places. Calculate the equilibrium value of the government multiplier if the economy is affected by COVID-19 with 5:030 but there are no transfers (T R=0) QUESTION 7 Consider the model in Question 4 and rounding to 4 decimal places. Calculate the equilibrium output (Y*) if the economy is affected by COVID-19 with 5:0.30 but there are no transfers (TR=0) QUESTION 8 Consider the model in Question 4 and rounding to 4 decimal places. Calculate the equilibrium output (Y*) if the economy is affected by COVlD-19 with 5: 0.30 but the government increases transfers to TR= 2.5. QUESTION 9 Consider the model in Question 4 and rounding to 4 decimal places. Calculate the equilibrium net taxes (T*) if the economy is affected by COVlD-19 with 5: 0.30 but the government increases transfers to TR= 2.5. QUESTION 10 Consider the model in Question 4 and rounding to 4 decimal places. Calculate the equilibrium consumption (0*) if the economy is affected by COVlD-19 with 5: 0.30 but the government increases transfers to TR= 2.5. QUESTION 11 Consider the model in Question 4 and rounding to 4 decimal places. Calculate the government budget deficit if the economy is affected by COVID-19 with s= 0.30 but the government increases transfers to TR= 2.5