Please see below the spending information pertaining to the participants of a hypothetical economy.

C = $10 + 0.8Y

I = $20

G = $30

X-M = $10

1. State the name of the economic agent/participant that each equation above would apply to.
2. State the assumptions underlying the equations for C and I. Why do we make these assumptions?
3. Draw a graph to illustrate the desired aggregate expenditures of an economy whose participants have the spending plans provided above.
4. Calculate the value of equilibrium output.