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2. Consider the following numerical example of the simple Keynesian model with no government spending, taxes or a foreign sector (all figures in R millions): C = 100 + 0,9Y I = 50 Answer the following questions. What is the value of the marginal propensity to consume (MPC) in this model? [2] Use a graph to illustrate the equilibrium level of output. [5] Calculate the equilibrium level of output.[5] In equilibrium, what is the value of consumption spending? Use this number to verify that the sum of C and I in equilibrium equals the value for equilibrium output you obtained [2]above. What is the value of the multiplier in this economy?[1] Suppose the level of output that creates full employment in the economy is 1 800. Using the multiplier, determine the level of investment spending that would create full employment in this economy.[3]
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