Anthony Thomas Candies (ATC) reported the following financial data for 2018 and 2017:
2018 2017
Sales $ 308,000 $ 303,000
Sales returns and allowances 9,000 4,700
Net sales $ 299,000 $ 298,300
Cost of goods sold:
Inventory, January 1 51,000 20,000
Net purchases 151,000 144,000
Goods available for sale 202,000 164,000
Inventory, December 31 76,000 51,000
Cost of goods sold 126,000 113,000
Gross profit $ 173,000 $ 185,300
Required:
1. ATC's gross profit ratio (rounded) in 2018 is . (Round your answer to one decimal place e. g., 0.123 as 12.3%.)

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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.