Answer everything in the photos please. 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 150 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 demandproducing the same amount of tofu and earning positive profitexiting the industryproducing the same amount of tofu and running at a lossproducing more tofu and earning positive profitproducing less tofu and running at a loss.entering the industryPRICE (Dollars per block)81003060Demand90 120 150 180 210 240 270 300QUANTITY (Millions of blocks)In the long run, some firms will respond bytofu at every price. In the short run, firms will respond bygraph to illustrate these short-run effects of the publication.ODemandSupply(?)+until In the long run, some firms will respond byShift the demand curve, the supply curve, orrun equilibrium after firms and consumers firPRICE (Dollars per block)1098321003060producing less tofu and earning positive profitexiting the industryproducing more tofu and running at a lossproducing less tofu and running at a lossentering the industryproducing more tofu and earning positive profitSupplyDemand90 120 150 180 210 240 270 300QUANTITY (Millions of blocks)Demand-O-Supplyuntil+short-run effects of the publication and the new long-The new equilibrium price and quantity suggest that the shape of the long-run supply curve in this industry isrun.in the long

A perfectly competitive market operates at the intersection point of market demand and market supply…

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 150 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 producing the same amount of tofu and earning positive profit exiting the industry producing the same amount of tofu and running at a loss. producing more tofu and earning positive profit graph to illustrate these short-run effects of the publication. (?

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 150 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 producing the same amount of tofu and earning positive profit exiting the industry producing the same amount of tofu and running at a loss. producing more tofu and earning positive profit graph to illustrate these short-run effects of the publication. (?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Are there gender differences in making financial decisions?
Name one potential benefit of using credit cards?
The disadvantages of using letters of credit for payment
When does the money have time value?
What is a transfer payment?
What would the value of spending be if you had $1300 in savings and $2250 in income?
Write a short description about Jeff Bezos and about his achievements.
Money flow
What is photo sharing?
Can you please provide your work.
Why junk food is a demerit goods
Money received for goods sold