Suppose that we have a consumption function given as: C = 50 + 0.60(Y T) where T = taxes, set at 140 billion, and the remaining expenditures are given by I + G + (X M) = 350. Everything is measured in billions of dollars. a) Find the equilibrium value for real GDP. D (Calculate real GDP to the nearest dollar.) b) Suppose T is increased to 150. What happens to real GDP? 11 (Calculate real GDP to the nearest dollar] c) Now decrease T to 120. What happens to real GDP? [:1 (Calculate real GDP to the nearest dollar) d) How would you forecast real GDP and its relationship to taxes, knowing these outcomes? When taxes rise, then GDP