Business, 31.12.2020 01:20 bear342

Short-run and long-run effects of a shift in demand Suppose that the perfectly competitive turkey industry is in long-run equilibrium at a price of $3 per pound of turkey and a quantity of 600 million pounds per year. Suppose the Surgeon General issues a report saying that eating turkey is bad for your health.
The Surgeon General's report will cause consumers to demand (more/less) turkey at every price. In the short run, firms will respond by
(entering the industry, producing less turkey and running at a loss, producing the same amount of turkey and running at a loss, exiting the industry, producing the same amount of turkey and earning positive profit, producing more turkey and earning positive profit)
Shift the supply curve, the demand curve, or both on the following diagram to illustrate these short-run effects of the Surgeon General's announcement.
I cant put a picture of the graph I will describe it but on the horizontal line the numbers are 0 200 400 600 800 1000 and 1200, on the verticle line starting at the top the numbers are 6 5 4 3 2 1 and 0. The demand line coordinants are (6,0) (5,200) (4,400) (3,600) (2,800) (1,1000) and (0,1200). the supply line coordinants are (6,1200) (5,1000) (4,800) (3,600) (2,400) (1,200) and (0,0)
In the long run, some firms will respond by (producing more turkey and running at a loss, producing more turkey and earning positive profit, entering the industry, producing less turkey and earning positive profit, producing less turkey and running at a loss, exiting the industry)
until (consumer demand returns to its original level, turkey populations grow large enough to support more firms, new technologies are discovered that lower costs, each firm in the industry is once again earning zero profit).
Shift the supply curve, the demand curve, or both on the following diagram to illustrate both the short-run effects of the Surgeon General’s announcement and the new long-run equilibrium after firms and consumers finish adjusting to the Surgeon General's announcement. (using the same chart as before)

Answers: 3

Show answers

Another question on Business

Business, 21.06.2019 21:30

Ming chen began a professional practice on june 1 and plans to prepare financial statements at the end of each month. during june, ming chen (the owner) completed these transactions. a. owner invested $61,000 cash in the company along with equipment that had a $25,000 market value. b. the company paid $1,900 cash for rent of office space for the month. c. the company purchased $15,000 of additional equipment on credit (payment due within 30 days). d. the company completed work for a client and immediately collected the $2,100 cash earned. e. the company completed work for a client and sent a bill for $7,000 to be received within 30 days. f. the company purchased additional equipment for $5,500 cash. g. the company paid an assistant $3,000 cash as wages for the month. h. the company collected $5,200 cash as a partial payment for the amount owed by the client in transaction e. i. the company paid $15,000 cash to settle the liability created in transaction c. j. owner withdrew $1,500 cash from the company for personal use. required: enter the impact of each transaction on individual items of the accounting equation. (enter decreases to account balances with a minus sign.)

Answers: 2

Answer

Business, 22.06.2019 03:00

Match the given situations to the type of risks that a business may face while taking credit.(there's not just one answer)1. beta ltd. had taken a loan from a bankfor a period of 15 years, but its salesare gradually showing a decline.2. alpha ltd. has taken a loan for increasing its production and sales,but it has not conducted any researchbefore making this decision.3. delphi ltd. has an overseas client. the economy of the client’s country is going through severe recession.4. delphi ltd. has taken a short-term loanfrom the bank, but its supply chain logistics are not in place.a. foreign exchange riskb. operational riskc. term of loan riskd. revenue projections risk

Answers: 1

Answer

Business, 22.06.2019 08:00

Who is not spending wisely? erika goes shopping and saves her receipts. she totals how much she spent and writes it down. mia needs to buy a new pair of shoes because she joined the soccer team. she looks at newspaper ads to find the best price. lauren has been thinking about getting a puppy for a long time. she walks by the pet store at the mall and decides to get a puppy. erin makes a purchase online using a credit card. she knows that she can pay the entire bill when it arrives.

Answers: 2

Answer

Business, 22.06.2019 17:30

If springfield is operating at full employment who is working a. everyone b. about 96% of the workforce c. the entire work force d. the robots

Answers: 1

Answer

You know the right answer?

Short-run and long-run effects of a shift in demand Suppose that the perfectly competitive turkey...

Questions