Scenario 14-5 a study sponsored by the food consumer safety board found that consumption of irradiated tomatoes increased the health of laboratory rats. as a result of national press coverage of the report, the demand for irradiated tomatoes increased dramatically. organic farmers were able to switch from organic production of tomatoes to irradiated production with no additional cost. assume that the tomato market satisfies all of the assumptions of perfect competition. refer to scenario 14-5. as a result of the increase in the demand for tomatoes, we would predict that in the short run that the a. production of tomatoes would be at efficient scale. b. price of tomatoes would rise.

Jiffy printing shops does a lot of printing job for college students. the shop use an average of 25 cases of copy paper each day during the 312 days last year. the shop opens 6 days a week for 52 weeks each year and closes on sundays. each case of paper costs $35. it conducts a count of its paper inventory at the end of every quarter of the year. the table below shows the inventory counting records for last year. inventory end of quarter 1 700 cases end of quarter 2 1,050 cases end of quarter 3 920 cases end of quarter 4 800 cases 1. what's jiffy's cost of goods sold last year? 2. what's jiffy's average aggregate inventory value? 3. what's jiffy's inventory turnover last year? 4. what is the printing shop's weeks of supply last year?