In this week’s readings, you learned about two methods of risk analysis: quantitative assessment and qualitative assessment. Explain the steps taken to assess a risk from a quantitative perspective where monetary and numeric values are assigned and discuss the formulas used to quantify risk. Then, explain the methods used to assess risk from a qualitative perspective where intangible values are evaluated such as the seriousness of the risk or ramifications to the reputation of the company

our agriculture industry and our business industry

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.