Use the dynamic version of the quantity equation to answer parts (a) through (c).
(a) If income is growing at the annual rate of 4% and the money supply is growing at the annual rate of 6%, what must be the change in velocity if prices only increase by 1%?
(b) What monetary growth rate is required to maintain price stability (∆P/P = 0) if real income is expected to grow by 5% and velocity is expected to fall by 3%?
(c) If the nominal money supply grows by 8%, prices rise by 6%, and velocity rises by 1%, what must have happened to real income?
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