A study published inSocial Science Medicine, "Production Functions for General Hospitals," estimated the following general hospital production function: Q = 5*Staff^.34*Beds^.64*Drugs^.04*Specialits^.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:

A) 5.0

B) 1.04

C) 3.3

D) .2

A study published inSocial Science Medicine, "Production Functions for General Hospitals," estimated the following general hospital production function: Q = 5*Staff^.34*Beds^.64*Drugs^.04*Specialists^.02, 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?

A) 14.71; 2.34

B) 2.72; .08

C) 31.36; 5.21

D) .21.45; 1.22

E) 18.69; 3.23