In the long run, some firms will respond by until Shift the demand curve, the supply curve, or both on the following graph to illustrate both the short-run effects of the viral video and the new long- run equilibrium after firms and consumers finish adjusting to the news.

In the long run, some firms will respond by until Shift the demand curve, the supply curve, or both on the following graph to illustrate both the short-run effects of the viral video and the new long- run equilibrium after firms and consumers finish adjusting to the news.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

In the long run, some firms will respond by
Shift the demand curve, the supply curve, or both on the following graph to illustrate both the short-run effects of the viral video and the new long-
run equilibrium after firms and consumers finish adjusting to the news.
PRICE (Dollars per pound)
10
9
8
7
2
1
0
0 35
I
Supply
Demand
70 105 140 175 210 245
QUANTITY (Millions of pounds)
280 315 350
Demand
Supply
until
?
The new equilibrium price and quantity suggest that the shape of the long-run supply curve in this industry is
run.
in the long

8. Short-run and long-run effects of a shift in demand
Suppose that the seitan industry is initially operating in long-run equilibrium at a price level of $5 per pound of seitan and quantity of 175 million
pounds per year. Suppose a leading foodie video blogger raises awareness for a scholarly article that links seitan consumption to premature hair loss
and unhealthy skin.
The viral video is expected to 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 viral video.
PRICE (Dollars per pound)
10
9
8
2
1
0
0 35
70
1
1
11
I
I
Supply
Demand
seitan at every price. In the short run, firms will respond by
105 140 175 210 245 280 315 350
QUANTITY (Millions of pounds)
Demand
Supply
?

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