v > ng.cengage.com C + 88 Content c Chegg Search MindTap - Cengage Learning Homework Help - Q&A from Online Tutor... G screenshot on mac - Google Search CENGAGE MINDTAP Q Search this course ? Homework (Ch 14) X 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 225 million pounds per year. Suppose that the Food and Drug Administration (FDA) reports that compounds naturally occurring in seitan are linked to chronic A-Z lIness. The FDA's research is expected to cause consumers to demand _ seitan at every price. In the short run, firms will respond by less Shift the demand curve, the supply curve, or both on the follow " more oh to illustrate these short-run effects of the FDA's research. ? 10 Supply Demand A+ Supply PRICE (Dollars per pound) w O Demand N 45 135 180 225 270 315 360 405 450 QUANTITY (Millions of pounds)v > ng.cengage.com C + 88 Content c Chegg Search MindTap - Cengage Learning Homework Help - Q&A from Online Tutor... G screenshot on mac - Google Search CENGAGE MINDTAP Q Search this course ? Homework (Ch 14) X 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 225 million pounds per year. Suppose that the Food and Drug Administration (FDA) reports that compounds naturally occurring in seitan are linked to chronic A-Z llness. The FDA's research is expected to cause consumers to demand _ seitan at every price. In the short run, firms will respond by producing more seitan and earning positive profit graph to illustrate these short-run effects of the FDA's research. producing the same amount of seitan and running at a loss (?) ? producing less seitan and running at a loss entering the industry producing the same amount of seitan and earning positive profit exiting the industry Demand O A+ Supply PRICE (Dollars per pound) w O Demand N 45 135 180 225 270 315 360 405 450 QUANTITY (Millions of pounds)v > ng.cengage.com C + 88 Content c Chegg Search Mind Tap - Cengage Learning Homework Help - Q&A from Online Tutor... G screenshot on mac - Google Search CENGAGE MINDTAP Q Search this course ? Homework (Ch 14) X Shift the demand curve, the supply curve, or both on the following graph to illustrate these short-run effects of the FDA's research. A-Z 10 O Supply Demand Co ? Supply PRICE (Dollars per pound) A w Demand N A+ 0 45 90 135 180 225 270 315 360 405 450 QUANTITY (Millions of pounds) O 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 FDA's research and the new long-run equilibrium after firms and consumers finish adjusting to the news.v > ng.cengage.com C + 88 Content c Chegg Search Mind Tap - Cengage Learning Homework Help - Q&A from Online Tutor... G screenshot on mac - Google Search CENGAGE |MINDTAP Q Search this course ? Homework (Ch 14) X In the long run, some firms will respond by until producing less seitan and running at a loss A-Z Shift the demand curve, the supply curve, or producing more seitan and earning positive profit port-run effects of the FDA's research and the new long-run equilibrium after firms and consume entering the industry BE exiting the industry producing less seitan and earning positive profit producing more seitan and running at a loss ? O Supply Demand Supply PRICE (Dollars per pound) A A+ w Demand N O 0 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.v > ng.cengage.com C + 88 Content c Chegg Search MindTap - Cengage Learning Homework Help - Q&A from Online Tutor... G screenshot on mac - Google Search CENGAGE MINDTAP Q Search this course ? Homework (Ch 14) X In the long run, some firms will respond by until each firm in the industry is once again earning zero profit A-Z ing graph to illustrate both the short-run effects of the FDA's research and the new new technologies are discovered that lower costs to the news. consumer demand returns to its original level seitan populations grow large enough to support more firms 10 ? O Supply Demand Co V Supply PRICE (Dollars per pound) A A+ w Demand N O 0 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.v > ng.cengage.com C + 88 Content c Chegg Search MindTap - Cengage Learning Homework Help - Q&A from Online Tutor... G screenshot on mac - Google Search CENGAGE |MINDTAP Q Search this course ? Homework (Ch 14) X Shift the demand curve, the supply curve, or both on the following graph to illustrate both the short-run effects of the FDA's research and the new long-run equilibrium after firms and consumers finish adjusting to the news. A-Z 10 Supply Demand 00 Supply ? PRICE (Dollars per pound) A w Demand N horizontal A+ downward sloping 45 90 135 180 225 270 315 360 405 450 QUANTITY (Millions of pounds) vertical upward sloping O The new equilibrium price and quantity suggest that the shape of the long-run supply curve in this industry is in the long run. Grade It Now Save & Continue Continue without saving