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In: Economics

Provide a description of the production function for an acute care hospital in the United States....

Provide a description of the production function for an acute care hospital in the United States. What are 2-3 of the hospital’s outputs? What inputs does it use to produce these outputs? Are there any special features of the way production takes place in the hospital?

Solutions

Expert Solution

For an acute care hospital the production function can be formulated as

Y=F(X1, X2, X3)

Where inputs are

X1= Bed to Patient ratio

X2= Physical availability of physicians

X3= Average cost of treatment

Output Y= Productivity.

The output at acute care hospital can be productivity, Brand recognition, success ratio.

Special features of production including usage of latest technology, doctor availability 24×7, low cost medicliam processing, etc.

Rahul Sunny answered 1 year ago
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