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The population of some economy equals 3,000 people. Each person holds 3 units of the local currency. During the year each person sells 2 necklaces,
The population of some economy equals 3,000 people. Each person holds 3 units of the local currency. During the year each person sells 2 necklaces, and buys 2 necklaces from other members of the economy. (Of course, in this situation there would be no need for money at all; but stick with the example.) The price of each necklace is fixed at 1.5/necklace. These necklaces are the entire output of this economy. What is the demand for real money in this economy? Report your answer as a whole number. Include the comma, but not any type of label.
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