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24. The advent of interest-earning checking accounts in the early 19805 led many households to keep a larger proportion of their wealth in checking accounts.

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24. The advent of interest-earning checking accounts in the early 19805 led many households to keep a larger proportion of their wealth in checking accounts. Use the aggregate demandaggregate supply model to illustrate graphically the impact in the short run and the long run of this change in money demand. Be sure to label: i. the axes; ii. the curves: iii. the initial equilibrium values;| iv. the direction the curves shift; v. the short-run equilibrium values; and vi. the long-run equilibrium values. State in words what happens to prices and output in the short run and the long run

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