Assume that gdp y in a closed economy is 6000 consumption c, Business Economics

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Assume that gdp y in a closed economy is 6000 consumption c

Assume that GDP (Y) in a closed economy is 6,000. Consumption (C) is given by the equation C = 600 + 0.6(Y – T). Investment (I) is given by the equation I = 2,000 – 100r, where r is the real rate of interest in percent. Taxes (T) are 500 and government spending (G) is also 500.

a. What are the equilibrium values of C, I, and r?

b. What are the values of private saving, public saving, and national saving?

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Business Economics: Assume that gdp y in a closed economy is 6000 consumption c

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Business Economics: Assume that gdp y in a closed economy is 6000 consumption c

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