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Assume that Elliott deposits $1,000 in coins he collected into his checking account. The required reserve ratio for the banking system is 10% and Elliott's

Assume that Elliott deposits $1,000 in coins he collected into his checking account. The required reserve ratio for the banking system is 10% and Elliott's bank was fully loaned up prior to his deposit.

Explain the immediate effect of his deposit on the M1 measure of the money supply.

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