Will, a sprinter on the track team, has inelastic demand for sports drinks. the local store has raised the price of a sports drink from $1.00 to $1.50. which of the following could describe will’s response to the price change?
a. he bought 15 bottles a month at $1.00 and 20 bottles a month at $1.50.
b. he bought 10 bottles a month at $1.00 and 9 bottles a month at $1.50.
c. he bought 15 bottles a month at $1.00 and 5 bottles a month at $1.50.
d. he bought 10 bottles a month at $1.00 and 5 bottles a month at $1.50

answerup to (3) three years;

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.