Sub : EconomicsPls answer very fast.I ll upvote. Thank You In the long run, some firms will respond byShift the demand curve, the supply curve, or both on the following graph to illustrate both the short-run effects of the Surgeon General's reportand the new long-run equilibrium after firms and consumers finish adjusting to the news.9Supply8ĶIDemandPRICE (Dollars per pound)10100 4080 120 160 200 240 280QUANTITY (Millions of pounds)320 360 400DemandDuntilSupply100 4080 120 160 200 240 280 320 360 400QUANTITY (Millions of pounds)The new equilibrium price and quantity suggest that the shape of the long-run supply curve in this industry isrun.upward slopingdownward slopinghorizontalverticalin the long 4. Short-run and long-run effects of a shift in demandSuppose that the shrimp industry is in long-run equilibrium at a price of $5 per pound of shrimp and a quantity of 200 million pounds per year.Suppose the Surgeon General issues a report saying that eating shrimp is bad for your health.The Surgeon General's report will cause consumers to demandShift the demand curve, the supply curve, or both on the following graph to illustrate these short-run effects of the Surgeon General's report.PRICE (Dollars per pound)1098721001080120160200240280SupplyDemand320shrimp at every price. In the short run, firms will respond by360 400DemandOSupply?

An individual’s willingness to pay for each unit of the quantity he or she wishes to consume is…

4. Short-run and long-run effects of a shift in demand Suppose that the shrimp industry is in long-run equilibrium at a price of $5 per pound of shrimp and a quantity of 200 million pounds per year. Suppose the Surgeon General issues a report saying that eating shrimp is bad for your health. The Surgeon General's report will cause consumers to demand Shift the demand curve, the supply curve, or both on the following graph to illustrate these short-run effects of the Surgeon General's report. PRICE (Dollars per pound) 10 9 8 2 0 0 10 80 120 I I 160 200 240 Supply Demand 280 shrimp at every price. In the short run, firms will respond by 320 360 100 Demand 0 Supply ?

4. Short-run and long-run effects of a shift in demand Suppose that the shrimp industry is in long-run equilibrium at a price of $5 per pound of shrimp and a quantity of 200 million pounds per year. Suppose the Surgeon General issues a report saying that eating shrimp is bad for your health. The Surgeon General's report will cause consumers to demand Shift the demand curve, the supply curve, or both on the following graph to illustrate these short-run effects of the Surgeon General's report. PRICE (Dollars per pound) 10 9 8 2 0 0 10 80 120 I I 160 200 240 Supply Demand 280 shrimp at every price. In the short run, firms will respond by 320 360 100 Demand 0 Supply ?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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