Calculate the equilibrium level of income aggregate

Question

Calculate the equilibrium aggregate expenditure and equilibrium income of an open economy with the following expenditure accounts:

C₀ = 200, I₀ = 200, G₀ = 100, X₀ = 100, M₀ = 100, T_P = 0, c₁ = 0.8, i₁ = 0.1, m₁ = 0.15

where

E= aggregate expenditure

C₀= autonomous consumption expenditure

I₀= autonomous investment expenditure

G₀= autonomous government expenditure

X₀= autonomous export spending

M₀= autonomous import spending

T_P= personal taxes

c₁= marginal propensity to consume

i₁=marginal propensity to invest

m₁= marginal propensity to import

1. Calculate the equilibrium level of income/ aggregate expenditures.
2. Assuming M = 200, calculate the new equilibrium and the multiplier.
3. Assuming now that T_P = 200, calculate the new equilibrium level. Hint:
4. E = C₀ + c₁(Y - T) + I₀ + i₁Y + G₀ + X₀ - M₀ - m₁Y
5. In equilibrium Y=EPost your spreadsheet as an attachment to the drop box titled Measurements Exercise. APA formatting is not necessary except when resources required citation.