Question 2 (20 marks) Consider a closed economy that is described by the following model: C = 300m + 0.60Y Where: Y = income C = consumption I = 150m I = investment G = 400m G = government spending T = 0.25Y T = taxes Note to student: show all your calculations. Figures are in millions (m). Round off to two decimal places. 2.1 Calculate the marginal propensity to save. (2) 2.2 Calculate the multiplier. (3) 2.3 Calculate the total autonomous spending. (2) 2.4 Calculate the equilibrium income. (3) 2.5 Use a fully labelled Keynesian graph to illustrate your calculations in 2.3 and 2.4. (5) 2.6 Calculate the government budget and explain whether there is a surplus or a deficit. (5 uestion 3 (15 marks) rite an essay in which you discuss the effects of inflation on the economy aluate how South Africa has been performing in terms of controlling the le Inflation. Use examples to support your discussion