4. The information below relates to Country J (in million dollars). C = $480 + 0.8Yd I = $270 G = $350 T = $100 Note: Full employment national income equals to $4,200 million. a) Calculate the country's level of income at equilibrium. b) State whether the economy is facing an inflationary gap or deflationary gap at equilibrium level of national income. c) Sketch a diagram to show your answer to part (b). 4. Refer to the given consumption graph: C a) Determine the value of MPC. b) Find the consumption function. 21,000 c) If Yd changes by $2,000, what is the change in C? 6,750 5,000 20,000 Yd