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A closed economy can be described by the long-run classical model: Y = 3K?L1-? C = 18500 + 0.75(Y - T) - 500r I(r) =

A closed economy can be described by the long-run classical model: Y = 3K?L1-? C = 18500 + 0.75(Y - T) - 500r I(r) = 11700 - 500r Note: r represents the real interest rate and is measured in...

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