During fiscal year-end 2016, kohl’s corporation reports the following (in $ millions): net income of $556, retained earnings at the end of the year of $12,522 and retained earnings at the beginning of the year of $12,329. assume that there were no other retained earnings transactions during fiscal 2016. what dividends did the firm pay in fiscal year ended january 28, 2017? a. $683 millionb. $1,669 millionc. $363 milliond. $0

c. $363 million

Explanation:

We can compute this easily by making a retained earning extract from the balance sheet at the closing date,

Opening Retained earnings                    $12,329

Add retained earnings for the year         $556

Less: Dividends paid                                 $363

Closing Retained earnings                       $12,522

Reverse calculating the information gives us c. $363 million

Hope that helps.

answerobservation;

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.