2. Economists in Funlandia, a closed economy, have collected the following information about the economy for a particular year: Y = 10000, C = 6000, T = 1500 and G = 1700. (a) What is the amount of private saving? (b) What is the amount of public saving? (c) What is the amount of national saving? (d) Suppose that the amount of investment in the economy, I, relates to the real interest rate r in the following manner: I = 3300 – 100r. What is the level of r so that all the saving in the economy goes into investment?

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Public Saving

Public saving deals with the amount which has been in excess after meeting all the obligatory expenses and investment of the government. Taxes are collected by the government to meet its day-to-day expenditures. The obligatory expenses include all those expenses which are mandatory for the government. It cannot be avoided as it is inevitable.