Use data below to answer the following questions: C=0.5 Y 1=200 G = 500 Consider the income-expenditure identity in a closed economy, Y=C+1+G. Suppose consumption is always a fraction (mpc) of income such that C = mpc * Y. 1. What is the value of Y? Number 2. If G increases to 550, with I remaining constant, what is the new value of Y? Number 3. What is the ratio 1/(1-mpc)? Click for List the marginal propensity to consume the marginal propensity to save the income multiplier the spending multiplier