Suppose that the economy is depicted by the following​ relationship:
Expenditures​ = C​ + I​ + G​ + X
​where: C​ = $100​ + 0.80 ​(Y−​T)
G​ =​$ 500
T​ = ​$ 500
I​ = ​$ 300
X​ = $ 150
Part 2
The economy is in equilibrium at a level of real GDP or income of ​$.​(Round your answer to the nearest​ dollar.)
Part 3
Now suppose that the government decides to increase government spending by $125.
What is the new equilibrium level of GDP or​ income? (Round your answer to the nearest​ dollar.)