One Product Economy - PC\'s This Year Next Year Real Output $12,000 $12,500 Nomi

Question

One Product Economy   - PC's This Year Next Year Real   Output $12,000 $12,500 Nominal GDP $20,000,000 $22,000,000 Money Supply $7,000,000 $7,700,000 Velocity 2.86 3.00 Average Selling Price This   Year $1,667 Average   selling Price Next Year $1,760 % Change in   Price level 5.6% GDP with No Inflation Money Supply   with no Inflation % Increase in   Money Supply Money Supply   with no Inflation % Increase in   Money Supply Cannot figure out the red portions. One Product Economy   - PC's This Year Next Year Real   Output $12,000 $12,500 Nominal GDP $20,000,000 $22,000,000 Money Supply $7,000,000 $7,700,000 Velocity 2.86 3.00 Average Selling Price This   Year $1,667 Average   selling Price Next Year $1,760 % Change in   Price level 5.6% GDP with No Inflation Money Supply   with no Inflation % Increase in   Money Supply Money Supply   with no Inflation % Increase in   Money Supply Cannot figure out the red portions.

Explanation / Answer

%increase =7700000-7000000)/7000000=0.1 or 10%

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