Suppose that the tofu industry is initially operating in long-run equilibrium at a price level of $5 per block of tofu and quantity of 25 million blocks peryear. Suppose a top medical journal publishes research that animal-alternative protein sources such as tofu could increase your expected lifespan by 4years.The publication is expected to cause consumers to demandtofu at every price. In the short run, firms will respond byShift the demand curve, the supply curve, or both on the following graph to illustrate these short-run effects of the publication.PRICE (Dollars per block)21SupplyDemandDemand0051015 2025 30 35404550QUANTITY (Millions of blocks)In the long run, some firms will respond bySupplyuntilShift the demand curve, the supply curve, or both on the following graph to illustrate both the short-run effects of the publication and the new long-run equilibrium after firms and consumers finish adjusting to the news.PRICE (Dollars per block)2109SupplyDemandDemand05 1015 20 25 30 35 40 4550QUANTITY (Millions of blocks)SupplyThe new equilibrium price and quantity suggest that the shape of the long-run supply curve in this industry isrun.in the long

Competition market can be described as a form of market in which no single producer or consumer has…

PRICE (Dollars per block) PRICE (Dollars per block) 2 Suppose that the tofu industry is initially operating in long-run equilibrium at a price level of $5 per block of tofu and quantity of 25 million blocks per year. Suppose a top medical journal publishes research that animal-alternative protein sources such as tofu could increase your expected lifespan by 4 years. The publication is expected to cause consumers to demand tofu at every price. In the short run, firms will respond by Shift the demand curve, the supply curve, or both on the following graph to illustrate these short-run effects of the publication. Supply Demand Demand 05 10 15 20 25 30 35 40 45 50 QUANTITY (Millions of blocks) In the long run, some firms will respond by Supply until Shift the demand curve, the supply curve, or both on the following graph to illustrate both the short-run effects of the publication and the new long- run equilibrium after firms and consumers finish adjusting to the news. 10 Supply X 05 10 15 20 25 30 35 QUANTITY (Millions of blocks) Demand 40 45 50 Demand Supply The new equilibrium price and quantity suggest that the shape of the long-run supply curve in this industry is in the long

PRICE (Dollars per block) PRICE (Dollars per block) 2 Suppose that the tofu industry is initially operating in long-run equilibrium at a price level of $5 per block of tofu and quantity of 25 million blocks per year. Suppose a top medical journal publishes research that animal-alternative protein sources such as tofu could increase your expected lifespan by 4 years. The publication is expected to cause consumers to demand tofu at every price. In the short run, firms will respond by Shift the demand curve, the supply curve, or both on the following graph to illustrate these short-run effects of the publication. Supply Demand Demand 05 10 15 20 25 30 35 40 45 50 QUANTITY (Millions of blocks) In the long run, some firms will respond by Supply until Shift the demand curve, the supply curve, or both on the following graph to illustrate both the short-run effects of the publication and the new long- run equilibrium after firms and consumers finish adjusting to the news. 10 Supply X 05 10 15 20 25 30 35 QUANTITY (Millions of blocks) Demand 40 45 50 Demand Supply The new equilibrium price and quantity suggest that the shape of the long-run supply curve in this industry is in the long

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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B-D PLEASE!
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Term used to describe demand that can be accuratelycalculated to meet the need of a production schedule,for example.
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