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Answer :
The question relates to the concept of market equilibrium in Economics, where demand and supply intersect to determine the price and quantity of goods, as exemplified by the salmon and coffee markets.
To answer the question regarding market equilibrium for turkeys, we will use the scenario provided for salmon as a reference to illustrate the effects of supply and demand in a market economy. First, we can draw a demand and supply model reflecting the situation for salmon before good weather conditions, where the demand curve (D0) intersects with the supply curve (S0) at an equilibrium price of $3.25 per pound and with an equilibrium quantity of 250,000 fish. This model mirrors what would happen in the Turkey market, showing how market equilibrium is established at the point where the quantity demanded equals the quantity supplied. In the case of the coffee market, price changes can also be observed to affect how much is supplied. For example, at $5 per pound, suppliers might be willing to supply 15 million pounds of coffee per month, whereas a higher price of $6 could increase the quantity supplied to 25 million pounds.
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