What is the equation of exchange? If nominal GDP is $12 trillion and the money supply is $1.5 trillion, what is velocity? If the Fed increases the nominal money supply, what happens to nominal GDP?...

What is the equation of exchange? If nominal GDP is $12 trillion and the money supply is $1.5 trillion, what is velocity? If the Fed increases the nominal money supply, what happens to nominal GDP? (Hint: First assume that velocity is constant and then relax this assumption.) Can we be sure of the direction of change in prices and real GDP?