For each of the following events, consider the market for frozen beef patties and how Fiona's Farm should respond in the short and long run. That is, for each event:

1. state how Fiona's Farm should adjust the amount of frozen beef patties produced (quantity) in the short and long run.

2. state how profits at Fiona's Farms are affected in the short and long run.

Treat each event separately.

Event 1: An increase in publicity about the health benefits of vegetarian and vegan food reduces the number of beef patties the average person consumes by 20% permanently.

Event 2: To reduce the incidence of high cholesterol and heart disease, the state legislature in which Fiona's Farm operates imposes a tax equal to 25% of the market price.