Suppose that the government of Ansonia is experiencing a large budget surplus with fixed government expenditures of G = 250 and fixed taxes of T = 200. Both G and T are independent of income. Assume...

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Extracted text: Suppose that the government of Ansonia is experiencing a large budget surplus with fixed government expenditures of G = 250 and fixed taxes of T = 200. Both G and T are independent of income. Assume that consumers of Ansonia behave as described in the following consumption function. C = 250 + 0.80(Y - T) Suppose further that investment spending is fixed at | = 200. Calculate the equilibrium level of GDP in Ansonia. Solve for equilibrium levels of Y, C, and S. Y = 2700. (Round your response to two decimal places.) C = 2250. (Round your response to two decimal places.) S = 250 (Round your response to two decimal places.) Now, assume that the Republican Congress in Ansonia succeeds in reducing taxes by 20 to a new fixed level of 180. Determine the value of the tax multiplier. Tax multiplier = (Round your response to two decimal places and include a minus sign if necessary.) Solve for equilibrium levels of Y, C, and S after the tax cut and check to ensure that the multiplier worked. Y = D (Round your response to two decimal places.) C= | (Round your response to two decimal places.) S = (Round your response to two decimal places.)