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When $C = 70+0.5Y$ and $I = 40$, what is the equilibrium income? |
250 110 220 150 |
220 |
The correct answer is Option (3) → 220 We are given the following:
Plug values into the equilibrium condition: Y = (70+0.5Y)+40 Y=110+0.5Y 0.5Y=110 Y = 220
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