Your company is considering the implications of the coronavirus recession and requires you to produce an academically credible report (i.e. including references etc) on the potential economic repercussions in terms of the likely business environment it will face in relation to BOTH of the following issues:

Question 1: Explain how demand for the firms luxury products will change during a recession. Suggest how the company may respond to these demand changes. (50 marks)

Question 2: As a company within an oligopolistic market explain how the business is likely remain profitable. (50 marks)