(Answered) Questions 1 explain why supply is more elastic in the long

Economics

Questions 1. Explain why supply is more elastic in the long run.

Question 2. Explain what causes economies of scale. Can economies of scale and diminishing marginal returns apply to the same firm? Explain.

Question 3. In a meeting about whether to store inventory in a company-owned warehouse or rent a warehouse, a colleague says, "We should use our own warehouse and save the cost of renting one." Do you agree or disagree? Explain.

Question 4. Suppose you attend a meeting at work to discuss whether to change the price of your product. You think demand is elastic, but a colleague thinks it is inelastic. Does it matter whether demand is elastic or not? Explain. Is it possible that you are both right? Explain

Questions 5. Explain why demand is more elastic in the long run than in the short run.

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