ospital administration in a small rural hospital approximates that, holding doctors, beds, drugs, etc. constant, it has the following production and input price situation with respect to two types of labor L1 and L2 (e.g., RN nurses with and without bachelor’s degrees) who can be imperfectly substituted for one another: Q = 5 + 30*L1 - .5*L12 + 40*L2 – 1*L22. The hospital’s total cost function is TC = $6*L1 + $12*L2. Output price $2 per unit of Q. How much L1should the hospital employ to maximize profits? Although a spreadsheet can be used, you should use Solver to find the solutio
ospital administration in a small rural hospital approximates that, holding doctors, beds, drugs, etc. constant, it has the following production and input price situation with respect to two types of labor L1 and L2 (e.g., RN nurses with and without bachelor’s degrees) who can be imperfectly substituted for one another: Q = 5 + 30*L1 - .5*L12 + 40*L2 – 1*L22. The hospital’s total cost function is TC = $6*L1 + $12*L2. Output price $2 per unit of Q. How much L1should the hospital employ to maximize profits? Although a spreadsheet can be used, you should use Solver to find the solutio
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Hospital administration in a small rural hospital approximates that, holding doctors, beds, drugs, etc. constant, it has the following production and input price situation with respect to two types of labor L1 and L2 (e.g., RN nurses with and without bachelor’s degrees) who can be imperfectly substituted for one another: Q = 5 + 30*L1 - .5*L12 + 40*L2 – 1*L22. The hospital’s total cost function is TC = $6*L1 + $12*L2. Output price $2 per unit of Q. How much L1should the hospital employ to maximize profits? Although a spreadsheet can be used, you should use Solver to find the solution.
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