Answer the following questions. Suppose the number of patients seen per week can be produced with...
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Answer the following questions. Suppose the number of patients seen per week can be "produced" with physician (DR) time and physician's aide (PA) time. The following table mimics that of Table 5.2 (page 135, Managerial Economics and Strategy, 2 Edition) of your text by showing the number of patients that can be seen per week for different combinations of DR time and PA time. Given these data, answer the questions posed below. ) of What is the average product of an hour of aides' time if 30 hours of a physician's time are a. Alce (PA) hours per week Physician (DR) hours per week 40 60 80 combined with 40 hours of an aides' time per week? What is the marginal product of an hour of aides' time if a physician's works 4o hours per week and an aide works between 40 and 60 hours each b. 30 200 300 360 400 550 600 550 700 750 week? If a DR works 40 hours per week, are there C. 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 ADR/APA?). Describe in words the meaning of this calculated value of MRTS. Answer the following questions. Suppose the number of patients seen per week can be "produced" with physician (DR) time and physician's aide (PA) time. The following table mimics that of Table 5.2 (page 135, Managerial Economics and Strategy, 2 Edition) of your text by showing the number of patients that can be seen per week for different combinations of DR time and PA time. Given these data, answer the questions posed below. ) of What is the average product of an hour of aides' time if 30 hours of a physician's time are a. Alce (PA) hours per week Physician (DR) hours per week 40 60 80 combined with 40 hours of an aides' time per week? What is the marginal product of an hour of aides' time if a physician's works 4o hours per week and an aide works between 40 and 60 hours each b. 30 200 300 360 400 550 600 550 700 750 week? If a DR works 40 hours per week, are there C. 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 ADR/APA?). Describe in words the meaning of this calculated value of MRTS.
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a The formula for calculating average product AP is as follows AP Total Product number of inputs Usi... View the full answer
Related Book For
Investment Analysis and Portfolio Management
ISBN: 978-0538482387
10th Edition
Authors: Frank K. Reilly, Keith C. Brown
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