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Assuming the economy is closed to trade and only includes a private sector, write out the full expression for the aggregate expenditure function. For full
Assuming the economy is closed to trade and only includes a private sector, write out the full expression for the aggregate expenditure function. For full credit, be sure to expand any variables that are endogenously determined by income. Explain what it means for a variable in this model to be exogenous from income, and what it means for a variable to be endogenously determined by incomeDraw a model of aggregate demand, and show equilibrium output Y*. For full credit, you will have to label all axes, curves, and equilibrium points. You should also explain what the intercept of the aggregate expenditure function is, and what the slope of the curve is
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