1. True or False: Maximizing output for a given cost is the same as minimizing costs...
1. True or False: Maximizing output for a given cost is the same as minimizing costs for a given output. Explain your answer.
2. True or False: According to the most recent studies on hospital efficiency, for-profit hospitals appear more efficient than non-profit hospitals. Explain your answer.
Homework Answers
1. False
Explanation: Maximizing output for a given cost means efficiently using resourcing to get maximum output for a given level of inputs.
Minimizing costs for a given output means efficiently using resourcing to use as less resources as possible to produce a certain level of resource.
2. True
Explanation: The profit motive helps hospitals to be efficient and produce maximum health outcome with the given level of resources.
Add Answer to:
1. True or False: Maximizing output for a given cost is the same
as minimizing costs...
The profit-maximizing (or loss-minimizing) perfectly competitive firm will want to produce the quantity of output at...
The profit-maximizing (or loss-minimizing) perfectly competitive firm will want to produce the quantity of output at which the difference between MR and MC is greatest, DO you agree or disagree with this statement? Explain your answer, Would be greatly appreciated answered in 5sentences by your own, not copy and pasted please.
Indicate if the following questions are True or False. Explain “Why” your answer is True or False. It is good to incur high opportunity costs for an activity one is engaged in. Why? Price of elastici...
Indicate if the following questions are True or False. Explain “Why” your answer is True or False. It is good to incur high opportunity costs for an activity one is engaged in. Why? Price of elasticity measures vary along the demand curve. Why? Employing economic cost/profit instead of accounting cost/profit when making business decisions tend to generate more efficient or superior economic results for firms. Why? Firms do not try to maximize their output. Why?
Maximizing profit just means finding the best use of resources. O True © False A loss...
Maximizing profit just means finding the best use of resources. O True © False A loss of a business owner is the punishment for not using resources in the best way. True False Allowing for bankruptcy is unfortunate for the business owner but desirable for the society. O True False If you have absolute advantage in an activity, you also have comparative advantage in that activity. True False There is much more specialization in small communities than in large cities...
Appeicate an economics expert answer True/False Questions 1 through 7 Name True/False Indicate whether the statement...
Appeicate an economics expert answer True/False Questions 1
through 7
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produce 16000 units of output. What is the cost minimizing combination of capital and labor for...
produce 16000 units of output. What is the cost minimizing combination of capital and labor for this firm? What is it's minimized cost of producing 16000 units of output? 2.2 Problem 2 In a perfectly competitive market all firms (including potential entrants) have a total cost function given by TC(Q) = 100Q - QP + ', where Q is that firm's output. Therefore, each firm's average cost function is AC(Q) = 100-Q+ Qand each firm's marginal cost function is given...
Each of the following statements is either true, or false. For each statement below state which...
Each of the following statements is either true, or false. For each statement below state which each is true or false, and briefly but precisely explain your answer. 1. When the rate of output is at the socially efficient level, the total social benefit is as large as possible. 2. A polluter will buy a permit if the price is less than its marginal abatement cost (MAC) of controlling emissions. 3. The Coase theorem states that social efficiency can be...
Suppose a profit maximizing monopolist has total cost and marginal cost as follow:
Suppose a profit maximizing monopolist has total cost and marginal
cost as follow:1. Suppose a profit-maximizing monopolist has total cost and marginal cost as follow: \(\mathrm{TC}=0.1 Q^{2}+Q+10\) and \(\mathrm{MC}=0.2 Q+1\). It faces the demand curve \(\mathrm{Q}=35-5^{\mathrm{P}} .(35\) points \()\)a) What are the price, output, and profit for this monopolist?b) Carefully draw the diagram that illustrates your answers.c) What are the equilibrium price, output, and total profit if this is a perfectly competitive market?d) Compare the results between monopoly and perfect...
TRUE OR FALSE Overhead Cost : A. True or False / It is usually better to...
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Section 2: Please answer the following question as True/False/Uncertain and fully explain the rationale for your...
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Please select True or false and explain why true or false 1. Game theory is a...
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Maximizing profit just means finding the best use of resources. O True © False A loss of a business owner is the punishment for not using resources in the best way. True False Allowing for bankruptcy is unfortunate for the business owner but desirable for the society. O True False If you have absolute advantage in an activity, you also have comparative advantage in that activity. True False There is much more specialization in small communities than in large cities...
Appeicate an economics expert answer True/False Questions 1
through 7
Name True/False Indicate whether the statement is true or false. 1.A competitive fim's profit will be increasing as long as marginal revenue is greater than marginal cost. a True b. False 2. The "competition" in monopolistically competitive markets is most likely a result of having many sellers in the market. a. True b. False 3. A profit-maximizing firm in a competitive market will decrease production when marginal cost exceeds average...
produce 16000 units of output. What is the cost minimizing combination of capital and labor for this firm? What is it's minimized cost of producing 16000 units of output? 2.2 Problem 2 In a perfectly competitive market all firms (including potential entrants) have a total cost function given by TC(Q) = 100Q - QP + ', where Q is that firm's output. Therefore, each firm's average cost function is AC(Q) = 100-Q+ Qand each firm's marginal cost function is given...
Suppose a profit maximizing monopolist has total cost and marginal
cost as follow:1. Suppose a profit-maximizing monopolist has total cost and marginal cost as follow: \(\mathrm{TC}=0.1 Q^{2}+Q+10\) and \(\mathrm{MC}=0.2 Q+1\). It faces the demand curve \(\mathrm{Q}=35-5^{\mathrm{P}} .(35\) points \()\)a) What are the price, output, and profit for this monopolist?b) Carefully draw the diagram that illustrates your answers.c) What are the equilibrium price, output, and total profit if this is a perfectly competitive market?d) Compare the results between monopoly and perfect...
Section 2: Please answer the following question as True/False/Uncertain and fully explain the rationale for your answer. 1. Producers maximize profits by maximizing revenue and minimizing costs of production. Specifically, they determine the least cost combination of inputs based on their production function and second, they set output where revenue is maximized. (20 Points) 2. Because firms can freely choose the level of the capital and labor in the long run, long run marginal and average costs will always be...
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