In 2017, Commodity Inc., processor of whole grain flour, had the capacity to produce 12 comma 000 comma 000 pounds of product at a conversion cost per pound of $ 0.40. The conversion cost per pound was $ 0.35 in 2016 (the previous year). The direct material cost per pound for both years was $ 0.07 per pound and in 2017, Commodity Inc. produced 11 comma 800 comma 000 pounds while actual production for the previous year was 11 comma 600 comma 000 pounds. What was the cost of unused capacity in 2017?

c

explanation:

well obviously you must be dumb if you dont noe dat

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.