Question
Explain what happens to the profits if output level is below the equilibrium level.
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|
Commodity
|
Prices in 2018
|
Prices in 2019
|
|
Rice
|
120
|
180
|
|
Wheat
|
80
|
100
|
|
Oil
|
300
|
400
|
|
Pulses
|
130
|
180
|
|
Suger
|
150
|
200
|
|
Salary (in ₹)
|
40
|
45
|
48
|
50
|
55
|
60
|
|
Number of Labourers
|
5
|
7
|
6
|
10
|
5
|
8
|
| Good-X (Units) | 0 | 1 | 2 | 3 | 4 |
| Good-Y (Units) | 20 | 18 | 14 | 8 | 0 |
| X | 2 | 3 | 4 | 5 | 6 | 7 |
| Frequency | 2 | 3 | 9 | 21 | 11 | 5 |