03 Jun Question Question 1 Explain what causes economies of scale. Can e
Question
Question 1
Explain what causes economies of scale. Can economies of scale and diminishing marginal returns apply to the same firm? Explain.
Question 2
Explain how a demand curve can be derived using utility theory.
Question 3
Explain why demand is more elastic in the long run than in the short run.
Your response should be at least 75 words in length. You are required to use at least your
textbook as source material for your response. All sources used, including the textbook, must be
referenced; paraphrased and quoted material must have accompanying citations.
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.
Your response should be at least 75 words in length. You are required to use at least your
textbook as source material for your response. All sources used, including the textbook, must be
referenced; paraphrased and quoted material must have accompanying citations.
Question 5
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
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