8. Use the quantity equation for this problem. Suppose the money supply is $41210, real output is p units, and the price per unit of
8. Use the quantity equation for this problem. Suppose the money supply is $41210, real output is p units, and the price per unit of output is $4. {a} What is the value of velocity? (3 marks) {h} It velocity and output are fixed at the value you solved for in part {a}. what does the quantity theory of money suggest will happen if the money supply doubles? Support your answer with a calculation. {4 marks)
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