Consider the following set of equations for the economy of Winterland C = 300 + 0.75Y, I = 250, G = 350
(a) Determine the equilibrium level of income in Winterland.
(b) What is the formula for the Government multiplier and what is its value?
(c) Use the multiplier to calculate the impact on Winterland GDP from an increase in government spending of 150 units.
(d) Capture the above information in a neat labeled graph.