Exercise 9-14 martinez company uses the gross profit method to estimate inventory for monthly reporting purposes. presented below is information for the month of may. inventory, may 1 $ 146,400 purchases (gross) 581,500 freight-in 27,800 sales revenue 917,100 sales returns 69,300 purchase discounts 12,200 your answer is incorrect. try again. compute the estimated inventory at may 31, assuming that the gross profit is 25% of net sales

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answercountries with higher real income per capita tend to have higher levels of this index.

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.