4. Velocity and the quantity equation

Consider a simple economy that produces only air fryers. The following table contains information on the economy's money supply, velocity of money, price level, and output. For example, in 2019, the money supply was $400, the price of a air fryer was $12.50, and the economy produced 800 air fryers.

Fill in the missing values in the following table, selecting the answers closest to the values you calculate.

Year	Quantity of Money	Velocity of Money	Price Level	Quantity of Output	Nominal GDP
(Dollars)	(Dollars)	(Air fryers)	(Dollars)
2019	400		12.50	800
2020	416	25		800	The money supply grew at a rate of from 2019 to 2020. Since air fryer output did not change from 2019 to 2020 and the velocity of money , the change in the money supply was reflected in changes in the price level. The inflation rate from 2019 to 2020 was .