8. Short-run and long-run effects of a shift in demand Suppose that the tempeh industry is initially operating in long-run equilibrium at a price level of $5 per pound of tempeh and quantity of 225 million pounds per year. Suppose a leading foodie video blogger raises awareness for a scholarly article that links tempeh consumption to premature hair loss and unhealthy skin. The viral video is expected to cause consumers to demand _ tempeh at every price. In the short run, firms will respond by producing more tempeh and earning positive profit aph to illustrate these short-run effects of the viral video. producing the same amount of tempeh and running at a loss producing the same amount of tempeh and earning positive profit producing less tempeh and running at a loss entering the industry O exiting the industry Demand Supply PRICE (Dollars per pound) Demand N 45 90 135 180 226 270 315 360 405 450 QUANTITY (Millions of pounds)In the long run, some firms will respond by until entering the industry Shift the demand curve, the supply curve, or producing more tempeh and earning positive profit ort-run effects of the viral video and the new long- run equilibrium after firms and consumers fir producing more tempeh and running at a loss producing less tempeh and running at a loss exiting the industry 10 producing less tempeh and earning positive profit O Supply Demand Supply PRICE (Dollars per pound) Demand 45 90 135 180 225 270 315 360 405 450 QUANTITY (Millions of pounds) The new equilibrium price and quantity suggest that the shape of the long-run supply curve in this industry is in the long run.In the long run, some firms will respond by until new technologies are discovered that lower costs g graph to illustrate both the short-run effects of the viral video and the new long- tempeh populations grow large enough to support more firms news. each firm in the industry is once again earning zero profit consumer demand returns to its original level 10 O Supply Demand Supply PRICE (Dollars per pound) Demand 45 90 135 180 225 270 315 360 405 450 QUANTITY (Millions of pounds) The new equilibrium price and quantity suggest that the shape of the long-run supply curve in this industry is in the long run.8. Short-run and long-run effects of a shift in demand Suppose that the tempeh industry is initially operating in long-run equilibrium at a price level of $5 per pound of tempeh and quantity of 225 million pounds per year. Suppose a leading foodie video blogger raises awareness for a scholarly article that links tempeh consumption to premature hair loss and unhealthy skin. The viral video is expected to cause consumers to demand . tempeh 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 viral video. (? 10 Supply Demand Supply PRICE (Dollars per pound) Demand N 45 90 135 180 226 270 315 360 405 450 QUANTITY (Millions of pounds) 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. (?) O Supply Demand Supply PRICE (Dollars per pound) Demand 45 90 135 180 225 270 315 360 405 450 QUANTITY (Millions of pounds) The new equilibrium price and quantity suggest that the shape of the long-run supply curve in this industry is in the long run