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3. Assume a simple closed economy without exports or imports. Autonomous consumption expenditure (AC) is 50 billion. The
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3. Assume a simple closed economy without exports or imports. Autonomous consumption expenditure (AC) is 50 billion. The marginal propensity to consume (MPC) is 0.6, desired investment (I) is 10 billion, Net taxes (T) is 15 billion and Government Purchases (G) is 20 billion. What is the level of savings in this economy at equilibrium national income (Find S)? Show your work [5 points)