 था मनी दिमेंट फूँषन. अपनी दिमेंट उजी समझा किस्ष्से मुराथ क्या है। अर किसतरा से ये टिटर्मन होती है। कोन कोन से पक्तर दिस को लिएन Jobs था जा मैं था दिलेँभण से करेंगे है। left hand side is equal to P times L which is the function of Y and I. P price level is P price level and we have studied its direct and proportional relationship with the price level. So, when prices increase, the proportion with which the nominal demand also increases with the same proportion. So, this is why P is multiplying with this and many demand function is there in this. So, it depends on two variables. One is Y that is real income, the output and the second is I. It is the nominal interest rate on non-monetary assets. On interest rate, we talked in the last module about interest rates like this. So, we simplified it by saying that we will use the symbol of I to denote that the interest rate of all non-monetary assets is to be shown. And if we put M subscript on I, then all the interest rates on money will be to be shown. Since there is no variation in I, we have dropped it in this function. But we have included I because I is the non-monetary asset on interest rate. So, this definitely has a strong impact on money demand. And along with P, I have told that there is a direct and proportional relationship. And with the income, we have discussed the direct relationship. But the ratio of income increases, the money demand decreases. Interest rate I is the nominal interest rate. And what is the interest rate on non-monetary assets? So, money demand has a negative relationship with this. Interest rate increases on non-monetary assets. So, it is obvious that if we hold the money and cast its opportunity, then people will have less cash or less money. So, along with this, there is a negative relationship. Along with P, there is a direct and proportional relationship. Y is the direct, but it is not 1 to 1. The ratio of Y increases the nominal money demand. It increases less and along with the interest rate increases the negative relationship. And with the increase of interest rate, the money demand will decrease. The same detail is that the nominal money demand is proportional to the price level. And the rise in Y will increase the money demand, but not as much as I have told you. The rise in Y will reduce the money demand. There is a negative relationship. So, I have told you that I am the constant interest rate that I get on money. I get the money demand account. We have dropped it from this. That it usually does not get a lot of changes. So, for this money demand function, we have explained it. There is an alternative expression for this. What is the change in this? First, if you recall, what was the function of Y? And we have written I instead of Y. How did I define it? I was the nominal interest rate. And you know that the real interest rate is R. R is the real interest rate. So, this will be equal to I. If you do the expected inflation minus, I is the nominal interest rate. If you do the expected inflation minus, then this will be your real interest rate. So, by rearranging this, I will be equal to R plus expected inflation. So, we have substituted I by this R plus expected inflation. We had seen that with I, the relationship money demand, nominal money demand was negative. With I, it increased. So, now R will increase with the real interest rate. And with the expected inflation rate, it will also increase with I. So, if P is the constant and Y is the constant, then if the real interest rate increases, then the money demand will decrease. And similarly, if the expected inflation increases, then the nominal money demand will also decrease. Okay. So, now we have written this in another way. What have we done in this? We have divided both the sides in pieces. Okay, to the left side as well. And to this side as well. And to the left side as well. You have MND over P. And to the right side as well. L, that is the function of Y and R plus expected inflation. So, by dividing it from P, we know that when we divide any nominal variable from the price level, then it becomes a real variable. So, MND was the nominal demand for money. And when we have divided it from P, then this is the real demand for money. Okay. So, real demand for money, real balances, we also call it as its demand. So, this depends on, which things it depends on. Real money demand, it depends on your real income, on Y, on output, directly with it. It has a relationship. With the increase of Y, the real money demand will increase. It depends on the real interest rate. Okay. With the increase of real interest rate, the real money demand will decrease. And it depends on the expected inflation. With the increase of it, there will be a reduction in it. So, in this mathematical form, we have understood how we can express these relationships. Thank you very much.