Economics For Healthcare Managers
4th Edition
ISBN: 9781640550483
Author: Robert H. Lee
Publisher: Health Administration Pr
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Chapter 14, Problem 2E
To determine
Cost minimization.
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Economics For Healthcare Managers
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- One study presented in the text calculated the cost per life-year saved for various medical interventions. For each of the scenarios that follow, determine whether the scenario represents diminishing marginal product of medical care. If it does, determine whether the diminishing marginal product is on the extensive or intensive margin. Please completely explain your answer to each scenario. a) Intervention: Pap Smear, Starting at the Age of 20, Continuing to 74. Every 3 years, compared to not screening: Cost per life year saved = $36,017 Every 2 years, compared to every 3 years: Cost per life year saved = $711,671 b) Intervention: Hypertension Screening 40-year-old males: Cost per life year saved: $41,279 40-year-old females: Cost per life year saved: $63,333arrow_forwardHow can a programmer profit from the ability to learn new languages, even if they are already proficient in a number of programming languages?arrow_forwardhow does managerial economics help the manager in decision making and Forward planning?arrow_forward
- What would be the total cost for extra help employees be for the fiscal year?arrow_forwardthe revenue function for making the worst widget is r(x)= 15.01x-100. The cost function for producing this product is represented by the function c(x)=15x+19900. The worst widget makers turn out 500,000 widgets every year. how many years will pass before the worst widget company is profitable?arrow_forwardif the employee sold house for $340000,what is the total recruiting expense?arrow_forward
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