Q1 The chart below shows how many days it takes Walton and Singer to produce one unit of AC (air conditioner) and one unit of refrigerator. AC (in days) Refrigarator (in days) Walton 8.0 10.0 Singer 17.0 12.0 (a) What is the opportunity cost for Walton to produce a unit of AC? Please give your answer in 2-decimal places. (b) What is the opportunity cost for Singer to produce a unit of refrigerator? Please give your answer in 2-decimal places.

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Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.