In the following macroeconomic model, the unknowns are Y (national income), C (consumption) and 7 (tax collection): Y=C la Go C = 2 0.8(Y - T) T = 1 0.2y lo (investment) and Go (government expenditure) are assumed to be known. i) Rewrite this model in matrix algebraic format. (8 points ii) Find Y, C and 7 in terms of lo and Go (6 points iii) What happens to Y, C and T when Go increases by x units

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15-06-2024
Business

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In the following macroeconomic model, the unknowns are Y (national income), C (consumption) and 7 (tax collection): Y=C la Go C = 2 0.8(Y - T) T = 1 0.2y lo (investment) and Go (government expenditure) are assumed to be known. i) Rewrite this model in matrix algebraic format. (8 points ii) Find Y, C and 7 in terms of lo and Go (6 points iii) What happens to Y, C and T when Go increases by x units

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