Q1. Suppose Qd x = 10000-2Px+3Py-4.5M, where Px = $100, Py = $50 also M = $2,000. Illustrate what is the own-price elasticity of demand?
Q2. Suppose you are to specify a short-run total variable cost (STVC) function for a nursing home. Please list the independent variables (up to 5) also elucidate why they are comprised. In addition, define the impact of every independent variable on the STVC
Q3. Why do firms experience diseconomies of scale as they increase production volume? Elucidate how might firms "avoid" experiencing diseconomies of scale also illustrate what does the long-run average cost curve look like when diseconomies of scale exist?