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The behavioral functions are given as follows.C = 20 + 0.8(Y - T); I = 14; G = 20; T = 10; IM = 0.5Y; X = 0.1Y*; Y* = 100where Y is domestic income; Y* is foreign income; C is consumption; T is tax; I is investment;G is government spending; IM is import; X is export.
(1) Calculate the equilibrium level of output in closed economy.
(2) Calculate the equilibrium level of output in open economy case. Is this economy runningtrade deficit or surplus?
(3) Calculate the multiplier for closed economy case. Calculate the multiplier for open economycase. Explain why the multipliers are different in two cases (I need an intuitive explanation).
State the rule for optimum input allocation to produce a given level of output at the lowest possible cost -when two inputs are variable and the prices of the inputs are given- and describe why it makes sense
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background information about the case study why the forces of supply and demand did not result in efficient operations
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a pharmaceutical company has hired you to perform an economic analysis on a currently ongoing project. experts from the
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