Emus can be raised on a wide variety of ranch land, so that there are constant returns to scale in the production of emus in the long run. In the short run, however, the population of emus is limited by the number of breeding pairs of emus, and the supply is essentially vertical. Illustrate the long- and short-run effects of an increase in demand for emus. (In the late 1980s, there was a speculative bubble in emus, with prices reaching $80,000 per breeding pair, in contrast to $2,000 or so today.)