Potential GDP 1,000 AE, AE 800 700 600 AAE YO Aggregate Expenditure (dollars) 400 200 AY 45 0 0 200 400 600 700 800 1,000 Real GDP (billions of constant dollars) 16. Given the following Consumption Function as C = 350 + 0.75 (Y) ; and actual equilibrium real GDP as $700 ; and full-employment real GDP as $800. The amount of taxes that need to be cut to close up such GDP gap is: O cannot be computed based on information provided O -$37.33 O -$35.33 O -$30.33 O -$33.33