During 2021, A Corporation had 900,000 shares of common stock and 50,000 shares of 6% preferred stock outstanding. The preferred stock does not have cumulative or convertible features. A Corp. declared and paid cash dividends of $300,000 and $150,000 to common and preferred shareholders, respectively, during 2021. On January 1, 2020, A Corp. issued $2,000,000 of convertible 5% bonds at face value. Each $1,000 bond is convertible into five common shares. A's net income for the year ended December 31, 2021, was $6 million. The income tax rate is 20%. What will A Corp. report as diluted earnings per share for 2021, rounded to the nearest cent?

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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.

riley- $3

sean- $4

jake- $8

riley has the absolute advantage.