We have focused mainly on the financial statements and ratios this week. You decide to practice what you have learned by preparing your own personal balance sheet and income statement as of last month. What do you think you would be able to infer from your completed statements? Do you think you would appear to be liquid? Would your income statement reflect an adequate balance? How can this analysis help you in terms of spending?

answer; someone must cover the cost associated with the provision of scarce goods in both sectors;

answer; /// the use of a bank credit card to make purchase;

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.