Assume a closed private economy. Given the following information on aggregate income (denoted by Y) and aggregate saving (denoted by S) for this economy, answer the questions and problems that follow. Y S C $1,000 - $600 1,300 - 300 1,600 0 1,900 300 2,200 600 2,500 900 2,800 1,200 Questions and Problems: 1. What is the value of consumption expenditure (C) at each of the above levels of aggregate income (Y)? Present the figures on the chart above. 2. What is the break-even level of income for this economy? Indicate how you have found it. 3. Draw a well-labeled graph for this economy's consumption function. (Be sure to make clear the intercept and slope of your consumption schedule.) By using this consumption schedule you have drawn, demonstrate the break-even level of income. 4. What is the value of MPC for this economy? Tell how you have found it. 5 If this economy's level of investment expenditure (1) is fixed at $900, what is the equilibrium level of aggregate income for this economy? Show how you have found your answer. 6. (a) If the full-employment level of aggregate income for this economy is $3,100, is the economy experiencing an inflationary or a deflationary gap? ( b ) Demonstrate your answer on a well-labeled diagram. Be sure to indicate clearly the equilibrium and full-employment levels of aggregate income, and the gap (inflationary or deflationary) you suggest above