Forty (30) points total, ten (10) points each.  Answer three…

Forty (30) points total, ten (10) points each.  Answer three (3) only. Please answered in the boxes below. Describe the law of diminishing marginal returns (product). How does that relate to cost? What are economies of scale and diseconomies of scale? You are responsible developing pricing strategy for a major company. You learn that one your products has an inelastic demand and the other has an elastic demand.  In order to increase revenue what changes to pricing would you propose.  Explain your reasoning. What are entry barriers?  How does their presence or lack of effect long run economic profits? How does the relationship between price and marginal revenue change if an industry is a monopoly rather than perfectly competitive?