Goal:To work as a Corporate Economist using your understanding of the laws of supply and demand and elasticity to successfully predict the impact of economic changes upon your company’s productionRole: you are an economist employed by a major corporation to predict the impact of economic changes upon your company and suggest how the company should adjust its production in response to those changes.Situation:You have been instructed by your manager to create a PowerPoint or google slide presentation depicting the potential impacts of economic events (see scenarios for each below) upon the demand for your company’s product.You must also indicate the course of action that you feel your company should take best to modify its products to best address each economic situationStandards for success:Successful completion of a well documented, factual PowerPoint presentation that correctly indicates the impact of the hypothetical changes in supply, demand, and elasticity indicated in the given chart of events.Scenarios and datasheet to be used in creating your predictions, course of action -Scenario #1: a disaster strikes the factory of your company’s largest competitor -Scenario #2: A new corporation making the same type of product as your company enters the market.-Scenario #3 Your company’s largest competitor cuts its prices %25-Scenario #4 Your company is contemplating raising its prices, you want to calculate the elasticity of demand for your company’s product when you know that changing the price of your company’s product from $20 to $25 changed the demand for your company’s product from 100 units to 50 units. (Would this be a wise move?)-Scenario #5: A company making a substitute good for your company’s product enters the market-Scenario #6: The largest company making the biggest complementary good to your company’s product drops its prices by 75%.

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