Given the following macroeconomic model, find equilibrium levels of income and consumption. Y= E E=C +I C=0.BY + 100 1= 550 C= C Where Y is aggregate income E is aggregate expenditure C is consumption by households I is investment by firms C is planned or desired consumption b+ I #hint Y = where a is the MPC and b is the autonomous consumption and I is 1-a investment by firms [5] Question 2 (15marks) a. Given that the short run total cost function of a firm under perfect competition is: TC=20q+500 And its inverse demand curve is p=-3q+146 I. Find the maximum profit for this firm [3]