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Consider the economy described by the following equations: Calculate the output gap in dollars (not percent). This is the difference between the equilibrium value of
Consider the economy described by the following equations: Calculate the output gap in dollars (not percent). This is the difference between the equilibrium value of GDP (i.e., Ye) and potential GDP (Y*) C = 1000 + 0.5(Y - T) 1 P = 1000 G = 1600 NX = 200 = 1600 = 7500Consider the economy described by the following equations: Calculate the equilibrium value of GDP (i.e., Ye) C = 1600 + 0.6(Y - T) I P = 1000 G = 1600 NX = 200 T = 1600 Y' = 7500
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