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“A monetarist investigator might say that the sewer flow of 6,000 gallons an hour consisted of an average of 200 gallons in the sewer at any one time with a complete turnover of the water 30 times every hour.” 1 Interpret this statement using the equation of exchange.
Economics For Today
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Economics For Today
“A monetarist investigator might say that the sewer flow of 6,000 gallons an hour consisted of an average of 200 gallons in the sewer at any one time with a complete turnover of the water 30 times every hour.”1 Interpret this statement using the equation of exchange.
The interpretation of statement using the equation of exchange.
Explanation of Solution
The equation of exchange (quantity theory of money) is expressed as
In the given situation, the average gallon of water is equal to M and the turnover of water is considered velocity. The total flow indicates PQ
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