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  3. consider the following macroeconomic model: c(t) +

Consider the following macroeconomic model: C(t) + I(t) = Y (t) I(t) = 0.8 dC(t) dt...

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Basic Math

Consider the following macroeconomic model: C(t) + I(t) = Y (t)I(t) = 0.8 dC(t) dt C(t) = 0.4Y (t) + 1 where C(t), I(t), Y (t)denote respectively the consumption, investment and national incomeat time t. Write the differential equation in terms of C(t), findthe solution for the differential equation, and draw the phasediagram and comment on the stability.

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