Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A new computer lets a phlebotomist finish a blood draw in 10 minutes. The supplies for each draw cost $4, and the phlebotomist earns $20
A new computer lets a phlebotomist finish a blood draw in 10 minutes. The supplies for each draw cost $4, and the phlebotomist earns $20 per hour. The phlebotomy lab is designed to accommodate 20,000 draws per year. Its rent is $80,000 per year. Assuming the lab operates at full capacity, are the average and marginal cost of a blood draw?
If the rent for the lab rises to $100,000 per year, what are the average and marginal cost of a blood draw?
Explain your results.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started