ii. Given the following macroeconomic model, find equilibrium levels of income and consumption. Y= E E=C+I C=0.8Y + 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 #hint Y = where a is the MPC and b is the autonomous consumption and I is investment by firms [5] Question 2 (15marks) a. Given that the short run total cost function of a firm under perfect competition is: TC = 20? + 500 And its inverse demand curve is ? = -3? + 146 I. Find the maximum profit for this firm [3]