Answer:
Demand for good x could be higher in year 2 than year 1
Income may have been higher in year 2 than year 1
Explanation:
In the given scenario there was an average price of product as $10. To calculate average cost it is total sales revenue divided by number of units sold.
In year 2 the average price is $23. This means that for each unit sold in year 2 the price was $23 an increase of $13 from year 1.
For this to have happened first there could have been higher income of the consumer in year 2 and they will have more to spend on the product at a higher price.
There will also need to be an increase in the demand for the good this will increase units sold and also price will go up.
