Assuming that the annual rate of inflation averages 2% over the next 15 years, the approximate costs C of goods or services during any year in that decade will be modeled by C(t) = P(1.02)t, where t is the time in years and P is the present cost. The price of an oil change for your car is presently $21.91. Estimate the price 15 years from now. (Round your answer to the nearest cent.)

answer; limited pay life;

answerdata mart;

answer: in the short-run firms will respond by raising the price of turkey.

explanation: initially the long-run equilibrium is at a price of $5 per pound of turkey and a quantity of 50 million pounds per year. now, when webmd claims that a protein found in turkey will increase your expected lifespan by 4 years. the consumers demand for turkey will increase at every price shifting the demand curve to the right from d1 to d2. while, there will be no change in the supply curve in the short-run as it is not possible for producers to adjust supply so quickly. as a result the new equilibrium will occur at a higher price and a higher quantity of turkey.

thus, in the short run firms will respond by increasing the price of turkey, selling more quantity at a higher price and earning economic profits.