Use data below to answer the following questions: C = 0.8 Y I = 600 G = 150 Consider the income-expenditure identity in a closed economy, Y = C + I +...

Use data below to answer the following questions:

C = 0.8 Y

I = 600

G = 150

Consider the income-expenditure identity in a closed economy, Y = C + I + G. Suppose consumption is always a fraction (mpc) of income such that  C = mpc * Y. 

1. What is the value of Y? ____________

2. If G increases to 200, with I remaining constant, what is the new value of Y?____________

3. What is the ratio 1/(1-mpc)? __________