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3. Assume the following equations for a macroeconomy: C =140 + 0.8Ya , I = 60, T = 0.25Y , X=100, M=0.30Y and G =

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3. Assume the following equations for a macroeconomy: C =140 + 0.8Ya , I = 60, T = 0.25Y , X=100, M=0.30Y and G = 275. a. Calculate the equilibrium level of output, net exports, and total consumption. b. State whether the economy has a budget surplus/deficit in equilibrium

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