# 4. Velocity and the quantity equationConsider a simple economy that produces only cell phones. The following table contains information on the economy's money supply, velocity ofmoney, price level, and output. For example, in 2017, the money supply was \$400, the price of a cell phone was \$5.00, and the economy produced800 cell phones.Fill in the missing values in the following table, selecting the answers closest to the values you calculate.Price LevelQuantity of MoneyQuantity of OutputNominal GDP(Dollars)(Cell phones)(Dollars)Velocity of Money(Dollars)Year5.002017400800201840410800from 2017 to 2018. Since cell phone output did not change from 2017 to 2018 and the velocity ofThe money supply grew at a rate of, the change in the money supply was reflectedin changes in the price level. The inflation rate frommoney2017 to 2018 was

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Asked Feb 3, 2020
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