Find the difference between the cash price and the payment plan and calculate the interest rate for the following questions. A food processor for $149.50 cash, or $5.00 down and $10.00 per month for 15 months A television for $675.00 cash, or $52.00 down and $120.00 per month for 6 months A smartphone for $150.00 cash, or $25.00 down and $12.00 per month for 11 months Bedroom furniture for $1,985.00 cash, or $400 down and $74.00 per month for 24 months A jacket for $75.00 cash, or $25.00 down and $4.75 per week for 11 weeks The Smiths bought new furniture that cost $3,298.00. The store offered them an option of putting $600 down and making equal payments of $300 a month for 10 months. Use the Federal Reserve System formula to find the APR the Smiths will pay for taking this plan.

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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.