You are the owner of 2 companies, Wheat Farm producing flour that is sold to miller.Computer Gaming produces mainframe computers to sell to gaming companies.You have conducted research and found Wheat Farm has an income elasticity of -2 and Computer Gaming has an income elasticity of 4.You have received a forecast that the economy will go into a recession due to Covid.

a.Using income elasticity, assess the impact of the situation to the company's sale and revenue. Explain in detail

b.Using cross elasticity, what strategies would you adopt to increase the income of both your companies? At least 2 strategies