Given: M = 500,V = 9,P = 10,Q = 450

question 39

Short Answer

Given: M = 500,V = 9,P = 10,Q = 450.According to the crude quantity theory of money,if M rises to 700,how much would V,P,and Q be?

---

Definitions:

Indifference Map

A collection of indifference curves that represent a consumer’s preferences for various combinations of goods, illustrating how those preferences change with different bundles.

Marginal Rate

The marginal rate typically refers to the amount of change in one variable due to a unit change in another, commonly used in economics to describe rates of substitution or transformation.

Indifference Curve

A graph showing different combinations of two goods that give the consumer equal satisfaction and utility.

Marginal Rate

Marginal rate commonly refers to the change in one variable relative to a unit change in another, such as in taxation or interest.