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Use Newhouse (1970) nonprofit hospital's utility model to maximize U(Q, q) where Q=Quantity and q=quality with zero-profit constrain. You may assume there is an inverse demand P(Q). Add in join production function f(Q,q,K,L)=0 where K=capital and L=labor and the unit price r and w are the competitive prices for capital and labor, respectively. And then, determine whether the hospital is efficient or not.
Note:you may define efficiency first and the conduct the state to answer this question.
In a production of West Side Story, eight actors are considered for the male roles of Tony, Riff, and Bernardo. Is this a permutation or combination?
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can anybody tell me where (a+b)2 is applicable in real world
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