Let's assume that you are a Project Manager with Deloitte. A local fairly successful business owner has hired you to help them navigate a big change in their current operations. Consider the following:

#1. What data-driven advice would you give the owner of an Italian restaurant if they have just found out that their rent is expected to be increased when the lease is up for renewal in June 2023?

#2. Would raising their menu prices help them to run the business and pay their explicit costs? Why or why not?

#3. Provide any additional RELEVANT information to this owner to consider in their analysis of "What should I do next?"

Instructions: I would like to see or at least mention of the following concepts in your answer: Consumers, Producers, Demand, quantity demanded, supply, quantity supplied, elasticity of demand, costs (implicit/explicit; fixed and variable), total revenue, and profit.