ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Please answer d and e only Thank you
An economy is currently in equilibrium. The following figures refer to elements in its national income accounts. Elements £ bilions Consumption (total) 70 Investment Government Expenditure 7 Imports 10 Exports 8 Table 2 A) What is the current equilibrium level of income? B) What is the level of injections? What is the level of withdrawals? C) If national income now rises by £12 billion, and as a result, the consumption of domestically produced goods rises to £68 billion. Calculate the marginal propensity to consume (MPC). D) What is the value of the multiplier? E) Comment on the results in part (c) and (d).
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Transcribed Image Text:An economy is currently in equilibrium. The following figures refer to elements in its national income accounts. Elements £ bilions Consumption (total) 70 Investment Government Expenditure 7 Imports 10 Exports 8 Table 2 A) What is the current equilibrium level of income? B) What is the level of injections? What is the level of withdrawals? C) If national income now rises by £12 billion, and as a result, the consumption of domestically produced goods rises to £68 billion. Calculate the marginal propensity to consume (MPC). D) What is the value of the multiplier? E) Comment on the results in part (c) and (d).
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