1. Consider a closed economy to which the Keynesian-cross analysis applies. Consumption is given by the equation C = 200 + 2/3(Y - 7). Planned investment is 300, as are government spending and taxes. a. If Y is 1,500, what is planned spending? What is inventory accumulation or decumulative equilibrium Y be higher or lower than 1,500? b. What is equilibrium Y? (Hint: Substitute the values of equations for planned consumption, investment, and government spending into the equation Y = C + 1+ G and then solve for Y.) c. What are equilibrium consumption, private saving, public saving, and national saving? d. How much does equilibrium income decrease when G is reduced to 200? What is the multiplier for government spending