The inputs for this scenario would involve the helicopters and the aids loaded in the helicopters for
Question:
The inputs for this scenario would involve the helicopters and the aids loaded in the helicopter’s for the
| Physician (DR) hours per week | Aide (PA) hours per week | ||
| 40 | 60 | 80 | |
| 30 | 200 | 300 | 360 |
| 40 | 400 | 550 | 600 |
| 50 | 550 | 700 | 750 |
Requirements:
a) What is the average product of an hour of aides’ time if 30 hours of a physician’s time are combined with 40 hours of an aides’ time per week?
b) What is the marginal product of an hour of aides’ time if a physician’s works 40 hours per week and an aide works between 40 and 60 hours each week?
c) If a DR works 40 hours per week, are there diminishing marginal returns to more aide time?
d) The table indicates that 550 patients per week can be seen using two different combinations of DR and PA time: (50 DR, 40 PA) and (40 DR, 60 PA). Using this information, what is the value of the MRTS between PA and DR time when 550 patients are seen per week (That is, what is ∆DR/∆PA). Describe in words the meaning of this calculated value of MRTS.
Expert Answer:
a Total product of an hour of aides time when 30 hours of DR time combined with 40 hours of aids tim... View the full answer
