We have the following data for a hypothetical closed economy: GNP = $12 comma 00012,000 Consumption (C) = $8 comma 2008,200 Government Purchases (G) = $1 comma 6001,600 Tax Collections (T) = $1 comma 6001,600 What is the value of private savings SP? $nothing (Enter your answer as an integer. Include a minus sign if necessary.)

$2,200

Explanation:

Calculation for the amount of the value of private savings.

Private savings can be defined as the way in which part of income which are disposable are been saved instead of been consumed.

Using this formula

Private Savings=Y-T-C

Where,

Y=$12,000

T=$1,600

C=$8,200

Hence ,

Private Savings =$12,000-$1,600-$8,200

Private Savings=$2,200

Therefore the value of private savings will be $2,200

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