Philosophy homework help. Closing the GDP gapIn a closed economy, the behavioral equations of households, firms and government are given below: C = 200 + 0.75Yd I = 160 G = 80 t = 20%(a) Calculate the aggregate planned expenditure (AE) function.(b) Find the equilibrium income.(c) What is the value of the autonomous expenditure multiplier?(d) If the government estimates the full-employment income at 1200, is there an inflationary or a recessionary gap?(e) By how much should G be increased or decreased to remove the gap?
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