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1. Consider the following description of the real sector of the economy:
Y = C + I + G
C = C0 + mpc x YD
YD = Y - T
T = T0 + tY
I = d - er
G = G0
Answer the following questions by rearrange terms and solve for r in terms of Y. We in fact place r on the vertical axis when we draw the IS-curve.
a. Draw the IS-curve. What is formula for the slope of the IS-curve, Δr/ΔY?
b. If e = 0, draw the investment curve and the IS-curve. What does this imply?
c. How is the slope of the IS-curve affected as e increases?
d. What happens when e = ∞? What does this imply?
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Output total variable total fixed Total cost ave.variable ave.fixed ave.total Marginal
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