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The Quik Service Walk In Clinic always has three M.D. and 8 R.N.s working at its 24 hour clinic, which serves consumers with minor emergencies and ailments. The clinic has hired an efficiency expert to examine its operations and make suggestions for reducing costs.
For some of the medical procedures done at the clinic, experienced nurses can perform the medical tasks approximately as well as the physicians can, as long as the nurses are supervised by M.D.s. Since M.D.s are more highly trained than nurses, the marginal product of M.D.s is higher than the marginal product of R.N.s.
The manager of the clinic is confused by the efficiency consultants report because the report recommendsusing more R.N.s and fewer M.D.s to lower the cost of providing a given level of medical services. Under what circumstances would it be economically efficient for this clinic to use more R.N.s and fewer M.D.s (given (MPmd>MPrn)? Explain?
Enpar manufactures a one type of engine part for an automotive manufacturer. It operates 2-plants, Plant A and Plant B, which have the following production functions:
Assume that the current market rate of interest is 10%. The market rent on a parcel of land is $6,000 per year. A 10% land tax is imposed. As a result of the tax,
Andre has asked you to evaluate his business, Andre's Hair Styling. Andre has five barbers working for him. Each barber is paid $9.90 every hour and works a forty hour week and a fifty week year,
The hourly wage rate is $6, hourly rentail rate for capital is $8. The production function I found to be q=10K^.5L^.5 The captital if fixed at 225 hours in the short-run.
Carry out an analysis from the standpoint of both EMV and expected utility to establish Jeremiah’s best course of action, including a consideration of his bidding strategy with regard to the auction.
Discuss and explain the individual contributions that could be made through a cross-functional team to the following list of activities.
Suppose you have a machine tool manufacturing company that produces one standardized type of tool. Your total costs change as demonstrate in the table below:
List three characteristics of an economists, a scientist and thee characteristics of an economist as a policy adviser.
A reserve value is a minimum value set by the auctioneer. If no bidder is willing to pay the reserve price, the item is unsold at a profit of $0 for the auctioneer.
Assume that a stock price has an expected return of 16% per year and a volatility of 30% per year. When the stock price at the end of a certain day is $50,
If a production function is given through the equation Q=12X+ 10x2- x3 where X= input and Q=output then provide the computation for average product.
Consider a manufacturer with 2-factories. They can make at either factory or both. However, we need to consider the quantities that will be produced at every factory.
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