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ADVANCED ANALYSIS Assume that the consumption schedule for a private open economy is such that...

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ADVANCED ANALYSIS Assume that the consumption schedule for a private open economy is such that consumption C 50 0 75Y Assume further that planned investment g government spending G and net exports Xn are independent of the level of real GDP and constant at g 30 G 0 and X 10 Recall also that in equilibrium the real output produced Y is equal to aggregate expenditures Y C Ig G Xn Instructions Round your answers to the nearest whole number a Calculate the equilibrium level of income or real GDP for this economy b What happens to equilibrium Y if lg changes to 10 What does this outcome reveal about the size of the multiplier Multiplier

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