What is the rate of inflation between 2007 and 2008

Reference no: EM13234066

You are given the following hypothetical data for 2007 and 2008:

2007 2008
money supply 1000 1050
velocity 8.0 8.0
Real GDP 12000 12000

a) Find the price level for 2007 and 2008. What is the rate of inflation between the two years?

b) What is the rate of inflation between 2007 and 2008 if the money supply in 2008 is 1,100 instead of 1,050?

c) What is the rate of inflation between 2007 and 2008 if the money supply in 2008 is 1,100 and output is 2008 is 12,600?

Reference no: EM13234066

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