(Solved by Humans)-(more difficult) consider an economy in which government
Question
(more difficult) consider an economy in which government purchases, taxes, an net exports are all zero. The consumption function is
C = 300 + .75Y
and investment spending (I) depends on the rate of interest (r) in the following way:
I = 1,000 - 100r
Find the equilibrium GDP if the Fed makes the rate of interest (a) 2 percent (r = .02), (b) 5 percent, and (c) 10 percent.
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