Question: Week Two: Short Response Assignment V Hide Assignment Information Instructions After reading Chapter 7, consider the following: During the last ve years, average daily occupancy

Week Two: Short Response Assignment V Hide Assignment Information Instructions After reading Chapter 7, consider the following: During the last ve years, average daily occupancy at Autumn Acres nursing home has slid from 125 to 95 even though Autumn Acres has cut its daily rate from $125 to $115. Does this data suggest that occupancy would have been higher if Autumn Acres had raised its rates? What changes in non-price demand factors might explain this change? Note: The supply, or the number of nursing home beds in the area, has not changed during this period. In a short 1-3 paragraph response, answer the above two questions

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