Weaver corporation had the following stock issued and outstanding at january 1, year 1:
1. 52,000 shares of s14 par common stock.
2. 4,500 shares of $80 par, 6 percent, noncumulative preferred stock.
on june 10, weaver corporation declared the annual cash dividend on its 4,500 shares of preferred stock and a s4 per share dividend for the common shareholders. the dividends will be paid on july 1 to the shareholders of record on june 20.
required:
a. determine the total amount of dividends to be paid to the preferred shareholders and common shareholders.
b. prepare general journal entries to record the declaration and payment of the cash dividends. (if no entry is requlred fora transaction/event, select "no journal entry required" in the first account field.)

correct, but each time you dont pay the price of the penalty can increase.

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.