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A research study published in Social Science Medicine. "Production Functions for General Hospitals," estimated the following general hospital production function in the Netherlands: Q = 5*Staft 24-Beds 64Drugs 045pecialists 02, where Qis a measure used by the authors for patient care. Suppose a hospital currently utilizes the following inputs: Staff =10, Beds = 100, Drugs = 50, Specialists =10. Use a spreadsheet to find the folowing. If the hospital increases its specialists by one (1), that is, employs an 11th specialist, the increase in Q (marginal product) will be: OA. 1.23. O B. 96. OC.83. OD. 49. OE 31.

A research study published in Social Science Medicine. "Production Functions for General Hospitals," estimated the following general hospital production function in the Netherlands: Q = 5*Staft 24-Beds 64Drugs 045pecialists 02, where Qis a measure used by the authors for patient care. Suppose a hospital currently utilizes the following inputs: Staff =10, Beds = 100, Drugs = 50, Specialists =10. Use a spreadsheet to find the folowing. If the hospital increases its specialists by one (1), that is, employs an 11th specialist, the increase in Q (marginal product) will be: OA. 1.23. O B. 96. OC.83. OD. 49. OE 31.

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter7: Production Economics
Section: Chapter Questions
Problem 7E
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QUESTION 12 A research study published in Social Science Medicine. "Production Functions for General Hospitals," estimated the following general hospital production function in the Netherlands: Q = 5*Staf 24+Beds 64Drugs 04:5pecialists 02, where Qis a measure used by the authors for patient care. Suppose a hospital currently utilizes the following inputs: Staff=10, Beds = 100, Drugs = 50, Specialists =10. Use a spreadsheet to find the following. If the hospital increases its specialists by one (1), that is, employs an 11th specialist, the increase in Q (marginal product) will be: O A. 1.23. O B. 96. OC. 83. OD. 49. O E. 31. QUESTION 13 A study published in Social Science Medicine, "Production Functions for General Hospitals," estimated the following general hospital production function: Q = 5*Staff 34-Beds 64xDrugs 04Specialits 02, where Q is a measure used by the authors for patient care. If we increase all inputs by 1%. the percentage change in Q will be: O A.5.0 O B. 1.04. OC 3.3. OD. 2. QUESTION 14 A study published in Social Science Medicine. "Production Functions for General Hospitals estimated the following general hospital production function: Q= 5*Staff-Beds 6Drugs Specialists 2, where Q is a measure used by the authors for patient care. Hospital Management has set a target of Q = 50. Suppose input prices are Pstaff = 10, Pbeds = 2. Pdrugs = 15, Pspecialists = 20. Use Excel Solver to find the following How many Staff and Specialists should Hospital Management employ to produce Q = 50 and minimize cost of production for that output? O A. 14.71; 2.34. O B. 2.72: .08. OC.31.36: 5.21. O D. 21.45: 1.22. O E. 18.69; 3.23.
Transcribed Image Text:QUESTION 12 A research study published in Social Science Medicine. "Production Functions for General Hospitals," estimated the following general hospital production function in the Netherlands: Q = 5*Staf 24+Beds 64Drugs 04:5pecialists 02, where Qis a measure used by the authors for patient care. Suppose a hospital currently utilizes the following inputs: Staff=10, Beds = 100, Drugs = 50, Specialists =10. Use a spreadsheet to find the following. If the hospital increases its specialists by one (1), that is, employs an 11th specialist, the increase in Q (marginal product) will be: O A. 1.23. O B. 96. OC. 83. OD. 49. O E. 31. QUESTION 13 A study published in Social Science Medicine, "Production Functions for General Hospitals," estimated the following general hospital production function: Q = 5*Staff 34-Beds 64xDrugs 04Specialits 02, where Q is a measure used by the authors for patient care. If we increase all inputs by 1%. the percentage change in Q will be: O A.5.0 O B. 1.04. OC 3.3. OD. 2. QUESTION 14 A study published in Social Science Medicine. "Production Functions for General Hospitals estimated the following general hospital production function: Q= 5*Staff-Beds 6Drugs Specialists 2, where Q is a measure used by the authors for patient care. Hospital Management has set a target of Q = 50. Suppose input prices are Pstaff = 10, Pbeds = 2. Pdrugs = 15, Pspecialists = 20. Use Excel Solver to find the following How many Staff and Specialists should Hospital Management employ to produce Q = 50 and minimize cost of production for that output? O A. 14.71; 2.34. O B. 2.72: .08. OC.31.36: 5.21. O D. 21.45: 1.22. O E. 18.69; 3.23.
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