Expense Problems

Bayside hospital is projecting that their supplies to finish out this year at $12,000,000. If they anticipate a 4% inflation and a 2% volume growth, what would their budgeted supplies be at?

Dr. Smith is meeting with his accountant about this 2012 budget. Currently his rent costs him $4,000 per month. He does anticipate a 5% volume growth next year, but no need for additional space. He is in the 3rd year of a 5 year lease agreement that calls for a 2% annual escalation in his rent. Based on the information given, what would you project Dr. Smith's 2012 budget be for his rent?

You are the lab director for a large hospital. Currently you spend $10 per patient day for lab supplies. You anticipate that you will experience a 2% inflation for your costs next year. The hospital is projected to finish the current year with 10,000 discharges and a length of stay of 5 days. What is your current projected cost?

You anticipate that you will experience a 2% inflation for your daily costs next year. You also anticipate a 5% discharge growth and a reduction in ALOS from 5.0 to 4.5 days. Based on the new information, what would you project your next year budget to be? (Hint: Calculate your new total patient days and new per day cost first).

You are given the following information:

A.Current 9 month supply cost is $8,000.

B.Volume Growth next year is 4%

C.Expected supply inflation next year is 5%

What is your current year project and next year supply budget?

In this case, the rational individual consumer is ideally indifferent between the consumption preferences x and y as implied by the rational preference relation x~y. Now, based on the principle of transitivity, as the preference relation between the consumption choices, x and y is given as x~y implying the consumer is indifferent between the consumption choices x and y, the utility function representing this preference relation must be u(x)=u(y) where u(x) and u(y) denote the utility or satisfaction obtained by the rational consumer from choosing consumption choices x and y respectively. Therefore, the transitivity principle essentially implies that the utility or satisfaction obtained by the consumers from choosing either consumption preference would be equal or identical given or provided that he or she is indifferent about both the choices.

Now, according to the principle of completeness under rational preference relation, given that u(x)=u(y) implying that any rational consumer would obtain the same level or units of utility or satisfaction from choosing both consumption choices x and y and u represents the rational preferences, it consequently implies that x~y or the indifference between the consumption choices x and y by the consumer. In other words, the completeness principle implies that considering that the consumer obtains the same level of utility of satisfaction from choosing either consumption choices, he or she would be therefore, indifference about either choices. Hence, the preference relation would be complete, in this case.

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