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 production. Role: 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. Audience: C-Level executives of your company are your intended audience. Situation: You have been instructed by your manager to create a PowerPoint presentation depicting the potential impacts of economic events upon the demand for your company's product. You must also indicate the course of action that you feel your company should take to best modify its' production to best address the economic situation. Performance Tasks: Your manager has tasked you with compiling a factual PowerPoint presentation to present to your company's executive management depicting the potential impact of a set of economic events on your company's production. Standards 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 Data Sheet for Unit 2 GRASPS Exercise • 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 of 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 you company's product enters the market. • Scenario #6: The largest company making the biggest complimentary good to your company's product drops its prices by 75%.