As economic consultant to the dominant firm in a particular market, you have discovered that, at the current price and output, demand for your client product is price inelastic

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Please review and answer the following questions in a word document:

1. Describe the pricing decision of a company? Was it optimal? If not, why not? How would you adjust price?

2. As economic consultant to the dominant firm in a particular market, you have discovered that, at the current price and output, demand for your client product is price inelastic. What advice regarding pricing would you give?

3. Describe an activity, process or product of a company that exhibits economies or diseconomies of scale. Describe the source of the scale economy. How could the organization exploit the scale economy or diseconomy?

4. Describe the difference between n economic profit between a competitive firm and a monopolist in both the short and long run. Which should take longer to reach the long-run equilibrium?

5. Explain how  a change in exchange rate affects a firm? Discuss what happens to price and quantity. How can a company achieve profit from future shifts in the exchange rate? How can we predict future changes in the exchange rate? Please discuss with an example.

Please provide your responses in a word document. Your response to each question should be 300-350 words in length. Make sure to follow APA style 7th edition format and include two external resources in addition to the course text. 

– this is the course textbook source-  (need two more) 

Froeb, L. M., McCann, B. T., Shor, M., & Ward, M. R. (2023). Managerial economics: A problem solving approach (6th ed.). Cengage Learning. 

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