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Assume that the economy is in equilibrium, and aggregate supply is described by the following equation: AS=47,000+1,900P Consumption spending is$107,000, investment spending is$57,000 government spending
Assume that the economy is in equilibrium, and aggregate supply is described by the following equation:
AS=47,000+1,900P
Consumption spending is$107,000, investment spending is$57,000 government spending is$67,000 spending on exports is$52,000 and spending on imports is$62,000.
Determine the equilibrium price level in this economy. Round your final answer to the nearest whole number if necessary.
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