Given that Y = C + 1, where C = 50 + 0.75 and 1 = N45m, what is the equilibrium level of income?

Assessment: JAMB UTME - Economics - 2018 Subject: Economics

Question 1 Report

Given that Y = C + 1, where C = 50 + 0.75 and 1 = N45m, what is the equilibrium level of income?

Answer Details

Y = C + I
Y = 50 + 0.75 + 45
Y - 0.75 = 50 + 45
Y (1 - 0.75) = 95
0.25y = 95
Y = 95/0.25
Y = 380

Read lesson note on Theory Of Price Determination (WAEC)
Read lesson note on The Theory Of Demand (JAMB)
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