Consider the economy described by the following equations: C 1,600 +0.8 (YT) 800 IP G = 1,800 NX = 100 T-1,800 y 15,000 a. Complete the table shown below to find short-run equilibrium output. Consider possible values for short-run equilibrium output as they are given in the table below. Instructions: If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. OutputY 13,900 14,100 14,300 14,500 14,700 Planned aggregate expenditure (PAE) Y PAE Y-PAE? (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) b. Short-run level of equilibrium output: c. What is the output gap for this economy? Instructions: If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. The actual unemployment rate should be rounded to two decimal places. Output gap: where Y-15,000 If the natural rate of unemployment is 6 percent, what is the actual unemployment rate for this economy (use Okun's law given Y*- 15,000). < Prev 4 of 6 Next >