l. {30 points) Suppose you have the Equation of Exchange, given by MtVt = Pay! (1) where M, is the nominal quantity of money, 1/} is the velocity of money, P, is the price level, and y, is real income. Answer the following: {a} (10 points) Suppose the money supply is $400, and nominal GDP is $5,000. What is the velocity of money equal to? (b) {10 points) What is the \"Cambridge k\" equal to, given the velocity of money in your answer above? {c} {10 points) If the money supply is equal to $500, money velocity is equal to 4, and real GDP is $5,000, what is the price level