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8. The income-expenditure model Consider a small economy that is closed to trade, so its net exports are equal to zero. Suppose that the economy has the following consumption function, where is consumption, Y is real GDP, I is investment, G is government purchases, and stands for net taxes: C C20+075 X( YT) Suppose G = $35 billion, I = 560 bilion, and T - $20 billion ma Given the consumption function and the fact that for a closed economy total expenditure can be calculated as Y - C+/+G, the equilibrium output level is equal to billion Suppose the government purchases are increased by $50 billion. The new equilibrium level of output will be equal to Based on the effect of the change in government purchases on equilibrium output, you can tell that this economy's spending multiplier is equal to