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Assume that when an economy has a GDP of $500, Consumption is $550. The MPC is .75. Investment is 25. Begin the problem by setting up an Income/Consumption Schedule like the one on page 190 of your text. Set up only the first two columns (1) and (2).
Level of
Output
And
Income consumption
(GDP=DI) ( C )
$500 $550
1. Graph the Consumption Function.
2. Add Investment to the graph.
3. What is the multiplier?
4. What is the Break-Even level of Income? (Do not include Investment)
5. What is the Equilibrium level of Income? (Include Investment)
6. What would be the new equilibrium in this economy if Investment increased by $12?
Q. Overall effect of a change in real wages? The supply of labor The supply of labour L S is assumed to be positively related to the real wage W/P
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