Given: Investment = N100 million Consumption = N200 m + 0.75Y Y = C + I Where, Y =Income, C = Consumption and where I = Investment What is the income level ...
We are given the following equations:
- Investment = N100 million
- Consumption = N200 m + 0.75Y
- Y = C + I
We can substitute the value of I in the third equation with N100 million (from the first equation) and simplify the second equation as follows:
Y = C + I
Y = (N200 m + 0.75Y) + N100 m
Y = N200 m + N100 m + 0.75Y
0.25Y = N300 m
Y = N1,200 million
Therefore, the income level to the nearest million is N1,200 million.