Suppose you have a dataset obtained from a bank, which includes the following information about each of the 208 employees: (1) Employee’s gender (Male / Female), (2) Salary (in thousands of dollars), (3) Experience (YrsExp, how long the employee has worked at the bank, measured in number of years), (4) Prior Experience (how long the employee worked before joining this bank), (5) Job Grade (coded 1, 2, 3, 4, 5, 6, the higher the grade, the higher up is the employee’s standing in the bank – e. g. 1 is an entry level employee, while 6 is top management), (6) Education level (coded 1, 2, 3, 4, 5, the higher the level, the more educated is the employee standing in the bank – e. g. 1 is high school completion, while 5 is post-doctorate or equivalent), (7) Age (employee’s age, in years).

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answermarket demand;

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.