Answer everything in the photos please. Suppose that the tofu industry is initially operating in long-run equilibrium at a price level of $5 per block of tofu and quantity of 150 million blocks peryear. Suppose a top medical journal publishes research that animal-alternative protein sources such as tofu could increase your expected lifespan by 4years.The publication is expected to cause consumers to demandproducing the same amount of tofu and earning positive profitexiting the industryproducing the same amount of tofu and running at a lossproducing more tofu and earning positive profitproducing less tofu and running at a loss.entering the industryPRICE (Dollars per block)81003060Demand90 120 150 180 210 240 270 300QUANTITY (Millions of blocks)In the long run, some firms will respond bytofu at every price. In the short run, firms will respond bygraph to illustrate these short-run effects of the publication.ODemandSupply(?)+until In the long run, some firms will respond byShift the demand curve, the supply curve, orrun equilibrium after firms and consumers firPRICE (Dollars per block)1098321003060producing less tofu and earning positive profitexiting the industryproducing more tofu and running at a lossproducing less tofu and running at a lossentering the industryproducing more tofu and earning positive profitSupplyDemand90 120 150 180 210 240 270 300QUANTITY (Millions of blocks)Demand-O-Supplyuntil+short-run effects of the publication and the new long-The new equilibrium price and quantity suggest that the shape of the long-run supply curve in this industry isrun.in the long

A perfectly competitive market operates at the intersection point of market demand and market supply…

Suppose that the tofu industry is initially operating in long-run equilibrium at a price level of $5 per block of tofu and quantity of 150 million blocks per year. Suppose a top medical journal publishes research that animal-alternative protein sources such as tofu could increase your expected lifespan by 4 years. The publication is expected to cause consumers to demand tofu at every price. In the short run, firms will respond by producing the same amount of tofu and earning positive profit exiting the industry producing the same amount of tofu and running at a loss. producing more tofu and earning positive profit graph to illustrate these short-run effects of the publication. (?

Suppose that the tofu industry is initially operating in long-run equilibrium at a price level of $5 per block of tofu and quantity of 150 million blocks per year. Suppose a top medical journal publishes research that animal-alternative protein sources such as tofu could increase your expected lifespan by 4 years. The publication is expected to cause consumers to demand tofu at every price. In the short run, firms will respond by producing the same amount of tofu and earning positive profit exiting the industry producing the same amount of tofu and running at a loss. producing more tofu and earning positive profit graph to illustrate these short-run effects of the publication. (?

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter12: The Partial Equilibrium Competitive Model

Section: Chapter Questions

Problem 12.4P

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Suppose that the tofu industry is initially operating in long-run equilibrium at a price level of $5 per block of tofu and quantity of 175 million blocks per year. Suppose a leading foodie video blogger raises awareness for a scholarly article that links tofu consumption to premature hair loss and unhealthy skin. The viral video is expected to cause consumers to demand tofu at every price. In the short run, firms will respond by .
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