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An acute care hospital has found that having geriatric nurse specialists take charge of discharge planning for stroke patients reduces length of stay from 5.4 days to 5.2 days. On average the geriatric nurse specialist (who earns $27 per hour including fringe benefits) spends 3.3 hours on discharge planning per patient. Supply and telephone costs are less than $10 per discharge plan. Your accounting staff tell you the average cost per day is $860 and the incremental cost per day is about $340. Is this innovation financially attractive? Whether it is or not, what alternatives should the hospital consider?
The Industrial Revolution gave the European countries an advantage in the world marketplace. What sort of products helped it achieve this advantage? Give specific examples. Explain whether these products helped make society a better or worse place to..
Describe Okun's law. Do you believe Okun's law holds up in the current economy? Explain the relationship between unemployment and gross national product (GNP).
You run a chain of movie theaters, so you commission a marketing study that categorizes your potential customers into 10 equal-sized groups according to what they’re willing to pay for a movie ($10, $9, $8, $7, $6, $5, $4, $3, $2, $1).
Suppose that the GDP of California increases by 14% each year. How long will it take for the GDP of California to double? Suppose that the GDP of Oregon today is exactly twice what it was 37 years ago. What was the average annual growth for Oregon ov..
When a recession generates unemployment, it is considered: At the national economy level, technological development can generate:
Suppose you are in charge of monetary policy. Assume your goals are a full employment level of production with price stability. Assume further the economy has excess capacity with unemployment at 7.8% (the natural rate is 5.2%), but you are concerned..
Explain the unemployment rate in Tappania is higher now than is has been in 50 years. Can both of those statements be true at the same time.
What are the advantages of the HHI over concentration ratios in measuring the degree of concentration in an industry? What is the Bertrand model? What is its relationship to the Cournot model? What is the Stackelberg model?
How much have global trade and global production (gross national income) grown since World War II? What parts of the world economy have grown fastest in the last 20 years? (Be able to name some countries)
Suppose a firm has a fixed $100 to spend on K=10, W=5. What combinations of inputs can the firm buy? What is the equation for the line that represents all of these combinations?
Martha loves to eat chili, especially an award-winning chili recipe that calls for using 2 tablespoons of chili powder for 1 pound of ground buffalo. What is Martha's utility as a function of tablespoons of chili powder (P) and pounds of ground buffa..
To Vote or Not to Vote: Mr. and Mrs. Ward typically vote oppositely in elections and so their votes “cancel each other out.” They each gain two units of utility from a vote for their positions (and lose two units of utility from a vote against their ..
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