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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?
Suppose that oil prices rise sharply for years as a result of a war in the Middle East. Illustrate with a diagram what happens to the: Demand for automobiles? Demand for home insulation? Demand for coal? Demand for tyres? Demand for bicycles?
Kate and Alice are small-town ready-mix concrete duopolists. The market demand function is Qd = 20,000-200P where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year. Marginal cost is $80 per cubic yard..
Calculate the elasticity of production factors and what conditions must be satisfied by the production function parameters for the returns the scale to be increasing, decreasing or stable?
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
Sometimes market activities (production, buying, and selling) have unintended positive or negative effects outside the market's scope. These are called externalities. As a policy maker concerned with correcting the effects of gases and particulate..
Advanced MUa = z=10-x and MUb = z = 21 - 2y, where z in marginal utility per dollar in the amount spent on product A, and y is the amount spent on product B. Assume that the consumer has $10 to spend on A and B
Suppose a company is producing 1000 units of bottled power drink priced at $5. It is using a manufacturing process with a fixed cost of $1450 and a variable cost of $2.75 per unit (AVC).
Use a principle, or principles, discussed in the course to explain some pattern of events or behaviour that you personally have observed.
What is the purpose of the policy Why is the policy necessary The welfare of consumers, producers, and society (the winners and losers) before and after the policy The distribution of costs and benefits Does government intervention improve the sit..
Perform residual analysis using time series plots, autocorrelation analysis, histogram and a normality plot to determine if the residuals are random. Show the graphs.
Diagram the total product, marginal product and average product functions showing the division points between stages I, II and III of the production process. How do these stages of production relate to isoquants.
A typical university football event need alumni to join one of many booster club before the person can buy season tickets.
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