Cooper construction company had a contract starting april 2015, to construct a $18,000,000 building that is expected to be completed in september 2017, at a total estimated cost of $16,500,000. at the end of 2015, the costs to date were $7,590,000 and the estimated total costs to complete had not changed. the progress billings during 2015 were $3,600,000 and the cash collected during 2015 was 2,400,000. for the year ended december 31, 2015, cooper would recognize gross profit on the building of:

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.