Assume the sales budget for April and May is 34,000 units and 36,000 units, respectively. The production budget for the same two months is 31,000 units and 32,000 units, respectively. Each unit of finished goods required 5 pounds of raw materials. The company always maintains raw materials inventory equal to 20% of the following months production needs. If the company pays $2.15 per pound of raw material, then what is the estimated cost of raw material purchases for April

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answer; manager working long hours; plz check i believe this is correct good luck;

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.