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Suppose that a medical school provides three outputs--patient care, education, and research--and that the total cost of the school is $100 million per year. If the school produced only education, its cost would be $60 million. If the school produced only patient care, its costs would be $30 million. If it produced only research, the costs would be $20 million. Joint costs fore each pair would be $10 million.
a) What are the pure costs of education, patient care, and research?
b) What are the joint costs?
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In July 2007, Scholastic Publishing released Harry Potter and the Deathly Hallows at a suggested retail price of $34.99 and was rumored to be selling the book to retailers at a wholesale price of $18.99. Costco and Walmart offered the book for $18.18..
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