Consider the economy described by the following equations: C IP 1,600 +0.6 (YT) 800 G = 1,600 NX 200 T = 1,600 Y* 8,500 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 7,700 Planned aggregate expenditure (PAE) 7860 Y-PAE -160 O Y = PAE? No 7,900 7980 O -80 No 8,100 8100 0 Yes 8,300 8220 80 O No 8,500 8340 160 No b. Short-run level of equilibrium output: 8100 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: -400 where Y*= 8,500 If the natural rate of unemployment is 5 percent, what is the actual unemployment rate for this economy (use Okun's law given y= 8,500). Actual unemployment rate: 6.56 %