e. You manage the Quota Computation project for all three plants, and you want to know the total labor cost for all employees on that project. f. You manage the Quota Computation project for all three plants, and you want to know how the labor-hour total for your project compares to the labor-hour totals for the other special projects. g. What conclusions can you make from this exercise

answeraccounts;

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.

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