(i) Suppose that the U.S. switched back to the gold standard and that we are back at time zero with the Mo = 10, 000 and the Po you found in (d). Suppose that for the next 100 years there has not been any new gold discovered or mined (i.e. M100 = Mo.). What will the price level be at time 100? (j) How will these price movements affect (i) people who are in debt and (ii) people who have loaned money?2. The following problem illustrates Milton Friedman's money growth rule which is a center piece of the Monetarist thinking of macroeconomics. Suppose the economy is given by the following: Technology: Y = 10K,3(1;).7. Consumption Function: C = .7K. Depreciation rate: 10% (i.e. d = .10). Population growth: 1% (i.en = .01). Technological growth: 1% (i.e g = .02). 2. Money demand: L; = 3. In addition suppose that L; = Lo = 10, Mo = 10, 000 and Ko is such that the economy is at the steady state. (Note, don't confuse the different notational uses for L.)