Question: 2. Consider the following hypothetical data for 2015 and 2016: 2015 1000 2016 1050 Money supply Velocity Real GDP 12000 12000 a. Find the price

2. Consider the following hypothetical data for 2015 and 2016: 2015 1000 2016 1050 Money supply Velocity Real GDP 12000 12000 a. Find the price level for 2015 and 2016. What is the rate of inflation between the two years? b. What is the rate of inflation between 2015 and 2016 if the money supply in 2016 is 1100 instead of 1050? c. What is the rate of inflation between 2015 and 2016 if the money supply in 2016 is 1100 and output in 2016 is 12600

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