C = 4,000 + 0.5Y

question 146

Essay

C = 4,000 + 0.5Y
I = 1,500
G =2,250
NX = -150
Given the equations for C,I,G,and NX above,what is the equilibrium level of GDP (Y)?

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Definitions:

Correlation Coefficient

A statistical measure that calculates the strength and direction of a linear relationship between two variables, ranging from -1 to +1.

Continuous

Refers to a type of variable or data that can take an infinite number of values within a given range.

Pearson's Correlation Coefficient

A measure of the strength and direction of a linear relationship between two continuous variables, computed as the covariance of the variables divided by the product of their standard deviations.

Ordinal

A term referring to a type of data or a scale of measurement where items are ranked in order but the differences between rank positions are not necessarily equidistant.