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Excel File Edit View Insert Format Tools Data Window Help 25% Tue 8:15:10 AM AutoSave OFF health_PS3 (3) Q Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments * Office Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates. Check for Updates U2 X V fx G N o P Q AA AB AC Health-Care Labor Choice 23 The table below contains information on registered nurse (RN) productivity in a large hospital. 25 T This problem consists of 2 parts. 26 PART 1: Complete the table, entering a formula for marginal product. 28 PART 2 (a. and b.): Answer the questions, using information from the table as well as from the setup and diagrams below. 32 Part 1: Carry to z decimal 4 Production/Cost Table place) Input: Daily Toutput: Daily Marginal Product Registered Patients (MP): Patients Nurse (RN) per RN Hour 35 Hours 100 101 200 330 300 665 400 1088 500 1577 600 2112 700 2673 800 900 3789 1000 4304 1100 4763 1200 5146 1300 5431 Part 2 (a. and b.): 53 Setup: Suppose registered nurses (RNs) are paid $60 per hour, and the hospital is employing the long-run, output-maximizing combination of registered and 54 licensed practical nurses (LPNs), who do similar work as RNs but who have less authority and are paid less due to lower educational requirements. 5 In this hospital, LPNs are paid $48 per hour. As shown in the diagram, at the output-maximizing combination of RNs and LPNs (in hours), the hospital is serving 3238 patients per day. 6 The hospital has a total budget of $112,080 to spend on RN and LPN hours. 59 2a. Using the table above, the information in the setup, and the diagram to the right, determine the following: 60 Maximum number of LPN hours the hospital could employ (i.e. Max. L in the diagram): RNs and LPNs Output-maximizing LPN hours employed, L*: RN hours (R) (NOTE: Enter a value, using an Excel formula below or from a calculation outside of Excel) 1868 HC Labor Choice Supply-Induced Demand LR vs. SR Decisions Measuring Market Power Price Controls + Ready + 69% downla NOZD NOV 24 P X W -84X 25PVCNExcel File Edit View Insert Format Tools Data Window Help 25% Tue 8:15:29 AM Q DE AutoSave OFF health_PS3 (3) Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments & Office Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates. Check for Updates U2 4 X V fx us za . using the table above , the information in the setup , and the ulagram to the night, determine the TUrowIng . G K L M N P R S V w X Z AA AB AC 60 Maximum number of LPN hours the hospital could employ (i.e. Max. L in the diagram): RNs and LPNs Output-maximizing LPN hours employed, L*: RN hours (R) (NOTE: Enter a value, using an Excel formula below or from a calculation outside of Excel) 1868 Marginal product (MP) of LPNs at L* (NOTE. Enter a value using an Excel formula below or from a calculation outside of Excel) R* Q (Daily Patients) = 3238 L* Max. L LPN hours (L) 2b. Match each diagram to the right with one of the changes described below (NOTE: The new isocost is in red in each diagram) 8 8 98 8 2 8 NOTE: Put corresponding letter from the diagram in the box below) - Increase in total budget for RNs and LPNs: RNs and LPNs Increase in hourly wage of LPNs and RN hours RN hours decrease in hourly wage of RNs: Decrease in total budget for RNs and LPNs: A P Increase in hourly wage of RNs only: LPN hours LPN hours RN hours HC Labor Choice Supply-Induced Demand LR VS. SR Decisions Measuring Market Power Price Controls + Ready + 69% downla NOZD NOV 24 P X W SF84X 25PVCNExcel File Edit View Insert Format Tools Data Window Help 25% Tue 8:15:37 AM Q DE AutoSave OFF health_PS3 (3) Q Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Office Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates. Check for Updates Z113 + X V fx H K L M N O P Q R S AA AB AC 5 . Match each diagram to the right with one of the changes described below (NOTE: The new isocost is in red in each diagram). (NOTE: Put corresp the diagram in the box below) Increase in total budget for RNs and LPNs: RNs and LPNs Increase in hourly wage of LPNs and RN hours RN hours decrease in hourly wage of RNs: Decrease in total budget for RNs and LPNs: 107 A B 108 109 - Increase in hourly wage of RNs only: 110 LPN hours LPN hours RN hours RN hours C D LPN hours LPN hours HC Labor Choice Supply-Induced Demand LR vs. SR Decisions Measuring Market Power Price Controls + + 69% Ready downla NOZD NOV 24 P X W -84X 25PVCN
