Economic of scale can serve as a barrier to entry that covers an existing firm from potential competitors in the medical care industry”. Argue the statement with appropriate graph”.

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A: Demand function: P = a-bQ

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A: Wages are the remuneration that are recieved by the labors.

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A:

Q: The one saying that everything remaining constant, price and quantity demanded move in opposite…

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A:

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Q: Price 180 168 156 144 132 120 108 96 84 72 60 48 36 24 12 0 495 540 585 630 0 135 180 225 270 315…

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A: Elasticity measures the responsiveness of quantity supplied to changes in price.

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