need quick response Like Milton Freidman, we assume that a change in Money supplydoes not affect real GDP. Assuming in one good economy with producing wheat, the economy has enough labor, capital, and land to produceY= 600 tons of wheat. Money velocity (V) is constant. In 2020, money supply (MS) = $1500, P= $5/tons. a. Compute nominal GDP and money velocity in 2020. Now, for 2021, the central bank increases the money supply by 10%, to $1650. b. Compute the 2021 values of nominal GDP and P.

c. Compute the inflation rate for 2020-2021. d. Explain Milton Friedan's money illusion using the above example.