Very helpful. please help me with this.. suppose a country has a money demand function (M/P)=KY, where k is a constant parameter. The money supply grows by 12% per year, and the real income grows by 4% per year. a. what is the average inflation rate? b. how would inflation be different if real income growth were higher? explain.
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please help me with this..
suppose a country has a money demand function (M/P)=KY, where k is a constant parameter. The money supply grows by 12% per year, and the real income grows by 4% per year.
a. what is the average inflation rate?
b. how would inflation be different if real income growth were higher? explain.