A hypothetical economy is given by the following identities: C = 3000 I = 2000 G = 2500 T = 0.2Y MPC = 0.5 X=6500 Z=5500 + 0.2Y  i.           Find the equilibrium level of income.  ii.           Using initial values, what will the new level of Y be if the tax rate rises to T=0.3Y?  iii.           Calculate the budget deficit/surplus and trade balance using the initial values

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