What changes in non-price demand factors might explain this? (There have been no changes in supply. The number of nursing home beds in the area has not changed during this period.) Show less
During the last five years average daily occupancy at Autumn Acres nursing home has slid from 125 to Show more During the last five 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. Do these 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? (There have been no changes in supply. The number of nursing home beds in the area has not changed during this period.) Show less
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