Refer to the following table, in which Q_d is the quantity of loonies demanded, P is the dollar price of loonies, Q_s is the quantity of loonies supplied in year 1, and Q_s' is the quantity of loonies supplied in year 2. All quantities are in billions and the dollar-loonie exchange rate is fully flexible.

Qd	P	Qs	Qs'
10	125	30	20
15	120	25	15
20	115	20	10
25	110	15	5

a. What is the equilibrium dollar price of loonies in year 1?

b. What is the equilibrium dollar price of loonies in year 2?

c. Did the loonie appreciate or did it depreciate relative to the dollar between years 1 and 2?

d. Did the dollar appreciate or did it depreciate relative to the loonie between years 1 and 2?

e. Which one of the following could have caused the change in relative values of the dollar (used in the United States) and the loonie (used in Canada) between years 1 and 2?