Consider the macroeconomic model: Y= C + I C= a + b Y Here:Yis national income,Iis fixed investment that does not depend...

1. Consider the macroeconomic model:

Y= C + I

C= a + b √Y

Here: Y is national income, I is fixed investment that does not depend uponCorY,anda>0andb>0areparameters. Cstandsfortotal consumption by all agents in the economy and, as can be seen from the second equation above, depends upon the level of national income.

Solve for Y . This is called the equilibrium level of income in the

economy.

Please show step by step as to how the answer comes about as this is practice.