An open economy is in equilibrium whenY = C + I + G + X - M ...An open economy is in equilibrium whenY = C + I + G + X - MwhereY = national incomeC = consumptionI = invesmentG = goverment expenditureX = exportsM = importsDetermine the equilibrium level of income given thatC= ₀.₈Y + 80I = 70G = 130X = 100M = ₀.₂Y + ₅₀