You are given the following information on the macroeconomy:
Compute the equilibrium level of income,the size of the multiplier,and the change in equilibrium income for an increase in autonomous consumption of $50 million.
Definitions:
Succeed
To achieve a desired goal or endeavor, often through effort or skill.
Equilibration
The creation of an equilibrium, or balance, between assimilation and accommodation as a way of incorporating new events or knowledge.
Cognitive Dissonance
A psychological discomfort experienced when holding two or more conflicting cognitions, beliefs, or values simultaneously.
Assimilation
The cognitive process of fitting new information into existing cognitive schemas, perceptions, and understanding.
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