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6. Money demand and the Fisher equation Consider a simple economy that produces only pies....

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6. Money demand and the Fisher equation Consider a simple economy that produces only pies. The following table contains information on the economy's money supply, velocity of money, price level, and output. For example, in 2012, the money supply was $320, the price of a pie was $8.00, and the economy produced 600 pies. Fill in the missing values in the following table, rounding to the nearest cent when necessary. Quantity of Money Price Level Quantity of Output Nominal GDP Year (Dollars) Velocity of Money (Dollars) (Pies) (Dollars) 2012 320 [I] 8.00 600 [:] 2013 336 15 v 600 [:] The money supply grew at a rate of_ from 2012 to 2013. Since pie output did not change from 2012 to 2013 and the velocity of money Y , the change in the money supply was reflected v in changes in the price level. The inflation rate from 2012 to

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