The money supply is growing at 12 per year and real income, Business Economics

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The money supply is growing at 12 per year and real income

Problem: In Freedonia the real demand for money is L = (M/P)^d = kY, k a constant. The money supply is growing at 12% per year and real income, Y, is growing at 4% per year.

(a) What is the income velocity of money in Freedonia?

(b) What is Freedonia^'s annual inflation rate?

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Business Economics: The money supply is growing at 12 per year and real income

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