Reference no: EM131345086
Calculate the equilibrium aggregate expenditure and equilibrium income of an open economy with the following expenditure accounts:
C0 = 200, I0 = 200, G0 = 100, X0 = 100, M0 = 100, TP = 0, c1 = 0.8, i1= 0.1, m1 = 0.15
where
E = aggregate expenditure
C0 = autonomous consumption expenditure
I0 = autonomous investment expenditure
G0 = autonomous government expenditure
X0 = autonomous export spending
M0 = autonomous import spending
TP = personal taxes
c1 = marginal propensity to consume
i1 = marginal propensity to invest
m1 = marginal propensity to import
1. Calculate the equilibrium level of income/ aggregate expenditures.
2. Assuming M =200, calculate the new equilibrium and the multiplier.
3. Assuming now that TP= 200, calculate the new equilibrium level.
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