QUESTION 12A 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 11thspecialist, the increase in Q (marginal product) will be:O A. 1.23.O B. 96.OC. 83.OD. 49.O E. 31.QUESTION 13A 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 ameasure used by the authors for patient care. If we increase all inputs by 1%. the percentage change in Q will be:O A.5.0O B. 1.04.OC 3.3.OD. 2.QUESTION 14A 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 ameasure 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 followingHow 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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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.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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