Suppose the economy is characterized by the following behavioral equation:                 Y = C + I + G + (X-M) Equilibrium condition                 C = 2000 -f' 0.75Yd Consumption equation                  I = 4000 Investment expenditure                 G = 4100 Government Expenditure                  X = 2800 Export                  M = 400 + 0.25Y Import equation                  T = 100 + 0.3Y Tax equation                 Yd = disposable Income Required: Derive Balance of Payment (BP) curve and explain why it slopes upwards Compute equilibrium national income and Imports for the economy. Differentiate between the closed-economy model and the open economy model

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