1. In the last quarter of 2019 (2019Q4) just before COVID-19 pandemic hit the United States, the economy's real GDP, Y, was $19.25 trillion (in constant 2012 U.S. dollars). At that time, GDP deflator, P, was 1.13, money supply, M^s, was $4 trillion, and the nominal interest rate, i, was 1.5 percent (i = 0.015). Assume that the money market is always in equilibrium. As you know from Module 4 materials, money demand is represented by M^d = kPY/i, where k is the propensity to hold money. (Please use the units given in the exercise setup in the formula: e.g., Y and M in trillions of dollars; i in decimals; P as given; etc.).