Maximum number of patients given a limited annual payroll

Assignment Help Business Economics
Reference no: EM13894152

A clinic uses doctors and nurses to serve the maximum number of patients given a limited annual payroll. The clinic currently has 10 doctors and 30 nurses. The last doctor hired can serve 300 additional patients, while the last nurse hired can serve 200 additional patients. If doctors make $60,000 a year and nurses make $20,000 a year, the clinic Is making the correct hiring decision because doctors are more productive than nurses.

Is making the correct hiring decision because doctors are paid more than nurses.

Could serve more patients with the same payroll by hiring more doctors and fewer nurses.

Could serve more patients with the same payroll by hiring more nurses and fewer doctors.

Reference no: EM13894152

Questions Cloud

An important factor in selling a residential property : An important factor in selling a residential property is the number of people who look through the home. A sample of 17 homes recently sold in the Buffalo, New York, area revealed the mean number looking through each home was 26 and the standard devi..
Confidence interval for the population mean : A sample of 49 observations is taken from a normal population with a standard deviation of 10. The sample mean is 55. Determine the 99% confidence interval for the population mean. (Round your answers to 2 decimal places.)
Suppose returns on an asset are normally distributed : Suppose the returns on an asset are normally distributed. Suppose the historical average annual return for the asset was 5.8 percent and the standard deviation was 14.4 percent. What is the probability that your return on this asset will be less than..
Taxes and welfare : Consider the market for luxury yachts. The following graph shows the demand and supply for luxury yachts before the government imposes any taxes.
Maximum number of patients given a limited annual payroll : A clinic uses doctors and nurses to serve the maximum number of patients given a limited annual payroll. The clinic currently has 10 doctors and 30 nurses. The last doctor hired can serve 300 additional patients, while the last nurse hired can serve ..
The quantity of loanable funds demanded will increase : If market participants expect higher inflation in the future, the quantity of loanable funds demanded will increase. This will cause a movement along the demand function for loanable funds. If credit risk increases, supply of loanable funds will shif..
Define the concept of a supply schedule or curve : Define the concept of a supply schedule or curve. Show that an increase in supply means a rightward and downward shift of the supply curve. Contrast this with the rightward and upward shift of the demand curve implied by an increase in demand.
Define actual and potential-expenditures and taxation : Define actual and potential, expenditures, taxation, aggregation supply, aggregation demand, AS curve, AD curve. Equilibrium of AS and AD sources of long-run economic growth
How the prisoners dilemma is linked to game theory : Give two (2) examples not provided in the textbook of how the Prisoner’s Dilemma is linked to game theory. Discuss why each player was concerned about the other player in your examples.

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd