(Solved): please answer all questions and show how to do graph 8. Short-run and long-run effects of a shift i ...

8. Short-run and long-run effects of a shift in demand Suppose that the tempeh industry is initially operating in long-run equilibrium at a price level of $$\$5$$ per pound of tempeh and quantity of 50 million pounds per year. Suppose a top medical joumal publishes research that animal-altemative protein sources such as tempeh could increase your expected lifespan by 6 years. The publication is expected to cause consumers to demand tempeh at every price, In the shert run, firms will respond by Shif the demand curve, the supply curve, or both on the fo raph to ilustrate these short-run effects of the publication. In the long run, some firms will respond by until Shift the demand curve, the supply curve, or both on the following graph to litustrate both the shart-run effects of the publication and the new long- 8. Short-run and long-run effects of a shift in demand Suppose that the tempeh industry is initially operating in long-run equilibrium at a price level of $$\$5$$ per pound of tempeh and quantity of 50 million pounds per year. Suppose a top medical joumal publishes research that animal-alternative protein sources such as tempeh could increase your expected lifespan by 6 years, The publication is expected to cause consumers to demand $$?$$ tempeh at every price. In the short run, firms will respond by ise short-run effects of the publication. in the long run, some firms will respond until Shift the demand curve, the supply curve, or both on the following graph to Wiustrate these short-run effects of the publication. In the long run, some firms will respond by until Shirt the demand curve, the supply curve, or both on the following graph to wustrate these short-run effects of the publication. in the long run, some firms will respond by until tempeh populations grow large enough to support more firms 9 graph to lilustrate both the short-run effects of the publication and the new longconsumer demand retums to its original level news. new technologies are discovered that lower costs each firm in the industry is once again earning zero pront Shit the demand curve, the supply curve, or both on the following graph to mustrate both the short-run effects of the publication and the new fongrun equmbrium after fivms and consumers finish adjusting to the news. The new equibrium price and quantity suggest that the shape of the long-run supply curve in this industry is in the long run.