Consider an economy with a constant nominal money supply, a constant level of real output Y = 500, and a constant real interest rate r = 20%. Suppose that the income elasticity of money demand is 0.60 and the interest elasticity of money demand is - 0.05. a. By what percentage does the equilibrium price level differ from its initial value if output increases to Y = 550.00 (and r remains at 20%)? %AP = (enter your result as a percentage rounded to two decimal places)