Your Role: You will play the role of an Economic Analyst specializing in corpora
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You will play the role of an Economic Analyst specializing in corporate repositioning. Your role at Econ-Aid (a fictitious firm) is to provide economic research to mid-size firms seeking advice on shifts in product revision and development, and production if necessary. In this unique recessionary time-period, a steep downturn in product demand has affected most sectors of the economy. The recession was precipitated by an economic shock brought on by policy measures put in place to control a public health challenge. Amid a general economic downturn (the recessionary phase of the business cycle characterized by shrinking employment and output across the whole economy), some firms found demand rising or remaining stable. If you own a business, it is useful to know how a change in the price of the good you sell will influence the amount of your revenue. Your revenue is calculated by multiplying the amount of a good sold by the price charged for that good. A firm’s ability to maximize total revenue is, on average, due to:
1. Shifts in demand resulting from falling income.
2. Shifts in demand resulting from public health concerns.