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2.Consider the simplest macro model with demand-determined output. The equations are: C = 150 + 0.8 Yd , Yd = Y-T , I = 400,

2.Consider the simplest macro model with demand-determined output.

The equations are:

C= 150 + 0.8Yd,Yd = Y-T,

I= 400,G= 700,

T= .2Y,X= 130, and

IM= 0.14Y.

What is the equilibrium GDP?

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