Specify a short-run total variable cost function

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1. Suppose you are to specify a short-run total variable cost (STVC) function for a nursing home. Please list the independent variables (up to 5) and explain why they are included. In addition, define the impact of each independent variable on the STVC.

2. You are responsible for hiring one of two RNs for a clinic. The first RN is likely to serve 16 patients per day with daily wage at $100. The second RN is expected to serve 18 patients per day with daily wage at $120. Assume their services are at the same quality. Which RN will you hire? Why?

Reference no: EM131005142

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Specify a short-run total variable cost function : Suppose you are to specify a short-run total variable cost (STVC) function for a nursing home. Please list the independent variables (up to 5) and explain why they are included. In addition, define the impact of each independent variable on the STVC.

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