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Good Y is an inferior good. If the average income of those who buy good Y rises, the _____________ curve for good Y will shift ____________ resulting in a(n) _____________ in the equilibrium price of Y and a(n) ____________ in the equilibrium quantity of Y.

Exhibit 3-14Price of Good XQuantityDemandedQuantitySupplied$10400601136070123108013230901413013015  70110Refer to Exhibit 3-14.  At a price of $13, there is a ____________ of  ____________ units of good X.

Exhibit 2-8 Maria Maya Good X Good Y Good X Good Y 90 0 60 0 60 30 40 10 30 60 20 20 0 90 0 30 Refer to Exhibit 2-8. For Maria, the opportunity cost of producing one unit of good Y is ___________ unit(s) of good X.

​ Exhibit 2-10 ​ Person A  Good X  Good Y  200 0   150  50  100  100  50  150  0  200 ​ ​ Person B  Good X  Good Y  0 160   40   120    80  80 120  40 160  0 ​ Refer Exhibit 2-10. Which of the following statements is true?

An economy is productive efficient if it produces

If the PPF for two goods is a downward-sloping straight line, the resources used to produce those goods are equally well suited to the production of both goods.

The Floyd Company recently sold 175 units at a price of $650 per unit.  During the same time the company reported total variable costs of $85,575 and net income of $13,975. If the company’s price per unit were decreased by $35, its volume increased by 20 units and its fixed costs increased by $1,000, what would be the company’s projected net income? 

Marley Corporation started operations this month and had the following transactions: Owners invested $30,000 to start the company Purchased $2,200 of supplies Bought $3,000 of equipment on account Received $6,800 for services rendered Paid wages of $4,400 Paid dividends of $100 If the company had $1,300 of supplies at the end of the month, what was the company’s net income for the month?

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