An economy is characterised by the following relationships:
C=500 + 0.6Y
I = 300
a)Plot the aggregate expenditure and aggregate supply curves for incomes ranging from 500 to 3,000.
b) Calculate the equilibrium level of income.
c) What is the level of consumption at the equilibrium level of income?
d) Calculate the marginal propensity to save for this economy.
This question was answered on: Sep 21, 2023
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