Consider an economy exclusively dedicated to corn production, possessing ample labor, capital, and land to produce Y = 800 bushels of corn. The economy maintains a constant money velocity (V) over time. In the year 2022, the money supply (M) is $2000, and the price (P) stands at $5 per bushel. Respond to the following questions: Compute the nominal GDP in 2022. Determine the velocity of money (V) in 2022. Given the Federal Reserve’s decision to increase the money supply by 20% in 2023, determine the price level (P) in 2023 and calculate the inflation rate (\pi ) for 2022–2023.