Econoville is a growing town on the outskirts of Toronto. It started out as a small village but the recent expansion of GO transit to the town has resulted in an influx of new families living in newly built housing developments that surround the older downtown. The town's growth provides many opportunities for new and existing businesses. To better manage the growth, the town has formed a business association. Hearing of your success in economics class, the president of the local business association is considering hiring you as a consultant. Before she is willing to do so, she wants to check your understanding of economics by giving you some practice scenarios. (This is a COVID-free world!) Explain what is happening in the following scenario. Provide advice to the business owner on their best strategies. Be sure to apply at least 3 economic concepts studied in class to each situation. Where appropriate you can include graphs. You do not need to do any additional research to answer this question. Economic Concepts: 1. Supply and Demand 2. Elasticity 3. Marginal Utility 4. Cost Structures 5. Market Structure Scenario: Shirley Bennett wants to open a new food-based business. She is trying to decide between a grocery store that would sell standard groceries or a bakery where she would sell brownies, cupcakes and other baked goods she prepares herself. There is a Loblaws open near the highway 20 minutes from downtown but no grocery store in town. There are several coffee shops in town, including a new Starbucks but no bakery. Which business should she start?

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