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OpenStudy (anonymous):
Assume the government cuts taxes by $5 million. If the MPC = 0.75, what is the maximum potential impact on real GDP according tot he Keynesian model?
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OpenStudy (kira_yamato):
It is a infinite geometric progression. So k = -MPC/1-MPC (sum from one to infinity) = -0.75/0.25 = -3 Maximum impact = -3(-5) = 15 mil
OpenStudy (anonymous):
thank you!
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