A simple macro-economic model is given by Y = C+1+G C = 10 + 0.4Yd | = 25+ 0.2Y Yd = Y -T T= 10 + 0.1Y G = 20 By eliminating G ,T & Yd from the equations, reduce the system to three equations in three unknown and hence use Cramer's rule to find the equilibrium values of Y, C, I. Is there any government budget deficit?

A simple macro-economic model is given by Y = C+1+G C = 10 + 0.4Yd | = 25+ 0.2Y Yd = Y -T T= 10 + 0.1Y G = 20 By eliminating G ,T & Yd from the equations, reduce the system to three equations in three unknown and hence use Cramer's rule to find the equilibrium values of Y, C, I. Is there any government budget deficit?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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