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Question 2 Consider an economy described by the following equations: Y = 5010.510.5 C = 250 + 0.75(Y -T) / = 1000 - 50r KS = 100 LS = 100 G = 1000 T = 1000 Here Y is income (or output), K is the capital stock, L is labor, C is consumption, I is investment, r is the real interest rate, G is government spending and 7 is taxes. K and LS stand for the supply of capital and labor respectively. 1. Compute the equilibrium real wage rate and the real rental rate. (3 points) 2. What is the equilibrium real interest rate? (2 points) 3. Calculate private saving, public saving and national saving. (2 points) 4. Suppose taxes increase to 1500. What is its effect on private savings? (Give numerical answer) (2 points)