Goods taken by the proprietor for domestic purpose of Rs.15000​
Journal entries

Explanation:

Given:

Amount of goods taken by proprietor = Rs. 15,000

Find:

Journal entry

Computation:

                                Books of ( ltd)

Journal entry

Particular                                                 Debit    Credit

Drawing                        A/c Dr             15,000

To Purchase                 A/c Cr                            15,000

(Being goods taken by proprietor for personal use)

answer; empowerment and collaboration;

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.