You are getting ready to open the shoe hut, but you need to need to determine whether you have the absolute or comparative advantage in the production of specific items. this will you determine which product is the best for specialization.
your production possibilities are as follows:
• you have the resources to produce up to 15 running shoe inserts.
• you have the resources to produce up to 10 hiking boot inserts.
• for every 2 hiking boot inserts produced, you give up the production of 3 running shoe inserts.

750 h and costs $0.60 per bulb.

answer: in the short-run firms will respond by raising the price of turkey.

explanation: initially the long-run equilibrium is at a price of $5 per pound of turkey and a quantity of 50 million pounds per year. now, when webmd claims that a protein found in turkey will increase your expected lifespan by 4 years. the consumers demand for turkey will increase at every price shifting the demand curve to the right from d1 to d2. while, there will be no change in the supply curve in the short-run as it is not possible for producers to adjust supply so quickly. as a result the new equilibrium will occur at a higher price and a higher quantity of turkey.

thus, in the short run firms will respond by increasing the price of turkey, selling more quantity at a higher price and earning economic profits.