4. Velocity and the quantity equation Consider a simple economy that produces only cell phones. The following table contains information on the economy's money supply, velocity of money, price level, and output. For example, in 2016, the money supply was $360, the price of a cell phone was $9.00, and the economy produced 800 cell phones. ll in the missing values in the following table, rounding to the nearest cent when necessary. Quantity of Money Price Level Quantity of Output Nominal GDP Year (Dollars) Velocity of Money (Dollars) (Cell phones) (Dollars) 2016 360 E 9.00 800 v 2017 378 20 V 800 V The money supply grew at a rate of V from 2016 to 201?. Since cell phone output did not change from 2016 to 201? and the velocity of money V , the change in the money supply was reflected V in changes in the price level. The ination rate from 2016 to 2017 was V . 0.50 alues in the following table, rounding t 9.45 earest cent when necessary. of Money 0.47 evel Quantity of Output Nominal GDP llars) Velocity of Money s) (Cell phones) (Dollars) 9.00 60 800 $78 20 800 grew at a rate of from 2016 to 2017. Since cell phone output did not change fro , the change in the money supply was reflected in changes in t89.00 85.00 table, rounding to the nearest cent when necessary. 7,560.00 Price Level Quantity of Output DP 7,200.00 ity of Money (Dollars) (Cell phones) 9.00 800 20 800 from 2016 to 2017. Since cell phone output did not change from 2 change in the money supply was reflected in changes in the7,560.00 to the nearest cent when necessary. 7,200.00 Price Level Quantity of Output 89.00 OP ( Dollars) ( Cell phones) 85.00 9.00 800 800 016 to 2017. Since cell phone output did not change from ney supply was reflected in changes in thmissing values in the follow rounding to the nearest cent when 105% Quantity of Money Price Level Quantity (Dollars) VE 5% Money ( Dollars) (Cell 360 2.44% 9.00 378 1.13% ey supply grew at a rate of from 2016 to 2017. Since cell ph , the change in the money supply was reflected 2017 wasFill in the missing values in the following table, rounding to the nearest cent when necessary. Quantity of Money Price Level Quantity of Output Nominal GDP Year Velocity of Money (Dollars) (Cell phones) (Dollars) 2016 increased 9.00 800 2017 decreased 20 800 remained the same The mo ate of from 2016 to 2017. Since cell phone output did not change from money , the change in the money supply was reflected in changes in th 2016 to 2017 wasn the following table, rounding to the nearest cent when necessary. ney Price Level Quantity of Output Nominal GDP Velocity of Money (Dollars) (Cell phones) ( Dollars) 9.00 800 20 8 entirely partially t a rate of from 2016 to 2017. Since cell ph did not change from , the change in the money supply was reflected in changes in theill in the missing values in the following table, rounding to the nearest cen Quantity of Money Price Level Q Year (D 1.13% Velocity of Money (Dollars) 2016 9.00 5% 2017 20 2.44% he money supply rate of from 2016 to 2017. Since 105% honey , the change in the money supply was re 016 to 2017 was