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Medical schools and hospitals are heavily involved in the training of new physicians. After prospective new physicians have graduated from medical school and have earned an M.D. degree, and perhaps have done an internship, nearly all do a "residency" for several years. During their residency, the new M.D.s typically are trained in a sub-specialty and work under the supervision of a veteran physician.
It costs both time and money to train and supervise residents. Rules adopted in 2010 limit the hours of a medical resident to no more than 80 per week, averaged over four weeks. (a) Keeping the Law of Diminishing Returns in mind, comment on the quality of teaching and learning that occur when a resident successively works her 60th, 70th, 80th and 90th hours in a week. (b) What general principle or rule can you specify that would tell residents and hospitals when adding an incremental hour of residency training and work during a specific week no longer is a good idea?
Sidney Featherstone of TIP, Inc. is owner and CEO of the company. He has made the company successful through his decision making over the years. This year he decided to retire to Costa Rica. He does not intend to change any aspects of decision mak..
Economic theory tells us that (under reasonable assumptions) a rise in the government budget deficit raises interest rates. Show how the debt is monetized if the Fed tries to maintain stable interest rates
Describe some healthcare situations in which an agent has taken advantage of a principal. Now describe some healthcare transactions that have not taken place because of fears about asymmetric information. What are some strategies for reducing adve..
Exchange in an island economy.robin and terry are stranded on a deserted island and consume two products, coconut and fish. In a day, robin can catch 2 fish or gather 10 coconuts, and terry can catch 1 fish or gather 1 coconut.
Describe how each of following will affect consumption and saving schedules as they relate to GDP or the investment schedule, other things equal,
A firm that has total fixed costs of $40,000 sells its output for $250 per unit and has an average variable cost of $150. If the firm's cost and revenue curves are linear, how much output must the firm product to break even?
The California Instruments Corporation, a producer of electronic equipment, makes pocket calculators in a plant that is run autonomously. The plant has a capacity output of 200,000 calculators per year, and the plant's manager regards 75 percent o..
Given the following total-revenue function tr=9q-q2 (a) derive the total-, average-, and marginal- revenue schedules from q=0 to q= 6 by 1's
determine if for the good marked with all cap lettering if there is an increase or decrease in demand.a.a new fashion
How do the different economic systems (capitalism and socialism) differ in the way they answer these three questions - What to Produce? How to Produce? and For Whom to Produce?
a explain why the assumption of imperfect competition is necessary for endogenous growth models.b how might well
1. What are the ten principles of economics?
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