01 May Question: 8. Short-run and long-run effects of a shift in demand Suppose that the chicken Industry is in lo…
8. Short-run and long-run effects of a shift in demand Suppose that the chicken Industry is in long-run equlibrium at a price of $5 per pound of chicken and a quantity of 350 million pounds per year Suppose that WebMD claims that a protein found in chicken will Increase your expected lifespan by 5 years WebMD’s claim will cause consumers to demand_chicken 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 WebMD’s claim. 10 Demand Supply 0 70 140 210 280 350 420 400 660 630 700 QUANTITY (Millions of pounds) In the long run, some firms will respond by until
In the long run, some firms will respond by Y until Shift the demand curve, the supply curve, or both on the following graph to illustrate both the short-run effects of WebMD’s claim and the new long- run equilbrium after firms and consumers finish adjusting to the news. 10 Demand Supply 0 70 140 210 20 350 420 490 60 630 700 QUANTITY (Millions of pounds) The new equillbrium price and quantity suggest that the shape of the long-run supply curve in this industry is in the long Y run. Grade It Now
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