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Medical schools and hospitals are heavily involved in the training of new physicians. After prospective new physicians have graduated from medical school and have earned an M.D. degree, and perhaps have done an internship, nearly all do a "residency" for several years. During their residency, the new M.D.s typically are trained in a sub-specialty and work under the supervision of a veteran physician. It costs both time and money to train and supervise residents. Rules adopted in 2010 limit the hours of a medical resident to no more than 80 per week, averaged over four weeks.
(a) Keeping the Law of Diminishing Returns in mind, comment on the quality of teaching and learning that occur when a resident successively works her 60th, 70th, 80th and 90th hours in a week.
(b) What general principle or rule can you specify that would tell residents and hospitals when adding an incremental hour of residency training and work during a specific week no longer is a good idea?
The long-run aggregate supply curve is vertical at economy's potential output level. Why is the long-run aggregate supply curve situated at his level of output rather than below or above the potential output level?
Why do you think firm 1's marginal cost is lower than firm 2's marginal cost? Determine the current profits of the the two firms. What would happen to each firm's current profits if firm 1 reduced its price to $6 while firm continued to charge $8?
Find the equation of the new demand curve for Chevrolets. Plot the new demand curve, D1 c' and, on the same graph, plot the curve for Chevrolets, D c'. found in 2 (d).
Describe how the market economic system works to answer fundamental economic questions. Describe how this may differ from a command economic system.
Describe the importance of cost of capital with respect to the actual financial problem of most manufacturing companies.
The switch to the use of HFCS from sugar in soft drinks was prompted in large part by its relatively lower price. Assuming a competitive market, what effect would this change have on the equilibrium price and output for soft drinks?
In the competitive market at a price of $50 and cost function of C=50+5Q2 find out the maximum profit? Show how the solution was reached.
Imagine your boss in the United States home office wants to know your perspective on the following. How do international sanctions, tariffs, quotas,
Suppose you are the manager of a small pharmaceutical firm that received a patent on a new drug 3-years before. Despite strong sales and a low marginal cost of manufacturing the product
Traditionally, two% of the citizens of US live in a foreign nation because they are disenchanted with United States politices or social attitudes. In order to test if this prportion has raised since the September 11, 2001, terror attacks, United Stat..
You work for the company that is being accused of monopoly behavior, given its large size. Comparisons are made to the industry standard, where each establishment has on average about 15.1 employees.
What is the relationship between the average variable cost and marginal cost and relation between average product and average variable cost?
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