Refer to the accompanying table below. The marginal cost of the 4tn unit of activity is:Units ofActivityTotal CostTotal Benefit$0$01$2$122$6$22$12$203.$304$36$30$406$42$427$56$43

The marginal cost (MC) is the cost incurred when one extra factor is employed in the production. IN…

Answered: Refer to the accompanying table below.…

Refer to the accompanying table below. The marginal cost of the 4th unit of activity is: Units of Activity Total Cost Total Benefit $0 $0 1 $2 $12 $6 $22 $12 $30 4 $20 $36 $30 $40 $42 $42 7 $56 $43

EBK HEALTH ECONOMICS AND POLICY

7th Edition

ISBN:9781337668279

Author:Henderson

Publisher:Henderson

Chapter4: Economic Evaluation In Health Care

Section: Chapter Questions

Problem 5QAP

See similar textbooks

Related questions

Q: Marginal cost equals A) all the opportunity cost of producing the amount of output. B) the…

A: Marginal cost is calculated by differentiating total cost or total variable cost with respect to…

Q: At the optimal level of an activity, the activity’s marginal benefit must a. be zero. b. be…

A: The rise or decrease in the cost of producing one more item or serving one more consumer is referred…

Q: Raphael is a hard-working college junior. One Saturday, he decides to work nonstop until he has…

A: Marginal gain is the additional output produced from employing an additional unit of input

Q: Companies building stagecoaches understood the marginal concept. After experimentation, it was…

A: In a production unit, some factors can be fixed and some others can be variable. This is a concept…

Q: Question Completion Status Graph (a) Graph (b) R. 3 4 3 4 2 5 TRACTORS TRACTORS Refer to Figure 2-4,…

A: Here the production possibility curve, of the graph (a) shows various production possibilities such…

Q: Hours Playing Total Benefit Marginal Benefit Total Cost Marginal Cost Video Games 1 $20 $7 $35 $15 3…

A: Marginal benefit refers to the amount of additional benefits obtained in the process of increasing…

Q: What occurs when the cost of producing a range of products is lower than the cost of producing each…

A: The process that depicts an increase in the production of services and goods in an economy during a…

Q: Refer to the accompanying table below. The marginal cost of the 3'd unit of this activity is: Units…

A: Marginal cost refers to an increase in total cost because of one more unit of output.

Q: A grocery store has limited shelf space. Every produce line generates a yearly profit per square…

A: GIVEN A grocery store has limited shelf space. Every produce line generates a yearly profit per…

Q: 1. The article poses the question: "So why do farmers put up with the hassle?" And then answers it:…

A: In the production process, the conditions and fluctuations that happen between demand and also the…

Q: A snowboard company currently hires 10 skilled employees who are paid a weekly wage of $1,000. The…

A: The cost of manufacturing 240 snow-boards by employing 10 employees to whom the company is paying…

Q: I need summarized and important key points for my report on the subject Applied Economics regarding…

A: The act of allocation in economizing The split of goods into shares or pieces is known as…

Q: Describe the process of Valuation of Benefits and Costs?

A: The valuations are needed for many reasons such as investment analysis, capital budgeting, merger…

Q: Refer to Figure: The vertical distance ABis Select one: A. total cost. B. marginal cost. C. total…

A: Curve 1 is the Marginal Cost(MC) Curve Curve 2 is the Average Variable Cost(AVC) Curve Curve 3 is…

Q: You run a school in Florida. Fixed monthly cost is $5,524.00 for rent and utilities, $5,671.00 is…

A: In economics, a firm maximizes its profit by producing at an output level where the marginal revenue…

Q: difference of linear economy and circular economy in product wastes

A: Linear economy:- The worth of a linear economy is generated from bulk manufacturing and sales of…

Q: Eva runs a hot dog cart at the sports stadium. Eva has no skills, no job experience, and no…

A: explicit costs are the cost which are incurred by the producer in order to run the bussiness. In…

Q: Implicit Cost Explicit Cost The rental income Raphael could receive if he chose to rent out his…

A: Implicit coast are also called non expenditure cost Because it is cost of self owned and self…

Q: Raphael is a hard-working college junior. One Tuesday, he decides to work nonstop until he has…

A: We have given the following table which illustrates the number of problems solved in each hour.…

Q: What is the marginal benefit associated with producing six units of the control variable, Q…

A: Marginal benefit refers to additional benefit derived from producing one more unit of input.

Q: Alex is a hard-working college sophomore. One Saturday, he decides to work nonstop until he has…

A: Marginal gain is the addition to the total gain by employing an additional unit of input. Time spend…

Q: A small farmer produces two types of crops, A and B. A and B generate $30 and $25 per bushel…

A: You have asked multiple questions. We will answer the first question for you. If u want any specific…

Q: Suppose you have a production technology that can be characterized by a learning curve. Every time…

A: Given: Decrease in marginal cost=$6 Cost of first unit=$62

Q: To earn the maximum amount of points, I recommend responding in a 150 to 200 word response. Check it…

A: 1. There will be a temporary closing of three U.S truck assembly plants of the Ford Company to help…

Q: Quantity Total Benefit 0 20 60 300 500 Total Cost 20 Marginal Benefit 5 Marginal Cost

A: The basic concept that will be used to fill missing values in the given table Marginal benefit is…

Q: example a(n): A. sunk cost B. out-of-pocket cost C. opportunity cost D. incremental cost

A: Marginal cost is the cost that the manufacturer spends to manufacture one more unit of the good. The…

Q: 1. You own the video game Grand Theft Auto V. The opportunity cost of playing this game for the…

A: Opportunity cost is the forgone benefit from an alternative option. In other words it is the loss of…

Q: A friend offers you a free ticket to a concert, which you decide to attend. The concert takes 4…

A: Cost for You to conecrt =$0 (beacuse it is paying by your friend) But transporatation cost you =$15…

Q: who is responsible for executing the budgetand plansdrawn up for a firm

A: In corporate enterprises, budgeting is a collaborative endeavour involving individuals from all…

Q: The table below describes the hourly cost Sam faces as he washes more cars. Sam's Car Wash Costs…

A: The Total Cost is the real cost of producing a specific amount of output. In other words, the total…

Q: Describe the Benefit-Cost Ratio Calculation?

A: A benefit-cost ratio (BCR) or B/C ratio is a ratio used to sum up the overall relationship between…

Q: total cost

A: The opportunity cost depicts the value or cost of next best alternative forgone. When one has to…

Q: Jenna knits scarves and then sells them on Etsy, an online marketplace. Let C(x) =4x+20 represent…

A: (A). We have C(x)=4x+20 and the value of x should be from 1 to 6. Put values of x in the cost…

Q: ___________ is the amount or subjective value that is forgone in choosing one activity over the next…

A: The cost demonstrates the amount incurred during the manufacturing process of the product/service by…

Q: Decision Making by Individuals and Firms — End of Chapter Problem 10. Assume De Beers is the sole…

A: The following table represents the given information with some calculated figure: The marginal…

Q: How does the scarcity of resources affect the firm’s decision making? Justify your answer through…

A: One of the core principles of economics is scarcity.It indicates that there is a gap between the…

Q: ) At 200 units of the activity, marginal benefit is $__________ and marginal cost is $__________. b)…

A: Optimal level is determined where the Marginal benefit is equal to the marginal cost of production.

Q: Sean is a hard-working college freshman. One Thursday, he decides to work nonstop until he has…

A: Suppose, Sean gets 1 unit of benefit by solving 1 practice problem. The table is showing the total…

Q: John owns a computer repair shop and he owns the building where his shop is located. If he closed…

A: The term “opportunity cost” is defined as the value of the next best alternative foregone. It…

Q: Jane quit her job at IBM where she earned $50,000 a year. She cashed in $50,000 in corporate bonds…

A: a)1) Total Revenue is the total money earned by the business.TR = Price * QuantityPrice = $400 per…

Q: ) At 700 units of the activity, marginal benefit is $__________ and marginal cost is $__________. d)…

A: The equilibrium is set up where the MC is equal to the Marginal benefit. The output above this…

Q: Timothy quits his job, which pays $50400 a year, to enrol in a 4-year graduate program. His annual…

A: Answer: Introduction: Opportunity cost: it refers to the amount people give up when they take an…

Q: he cost-benefit principle states that a decision should NOT be pursued if the Select one: a. costs…

A: Cost-benefit analysis is a decision-making process in which different alternatives are evaluated…

Q: Complete the cost schedule below for the Ozzie Ugg Boot Co. Total product (Q) Total fixed cost…

A: The fixed cost is the cost that remains fixed at all levels of output in the economy. The total…

Q: Josh and Alex work as design engineers creating high‑end lighting fixtures. After one particularly…

A: Implicit cost is the amount which is paid already but are not displayed in the books. It is…

Question

Refer to the accompanying table below. The marginal cost of the 4tn unit of activity is:
Units of
Activity
Total Cost
Total Benefit
$0
$0
1
$2
$12
2
$6
$22
$12
$20
3.
$30
4
$36
$30
$40
6
$42
$42
7
$56
$43

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

For Pancreas Transplant, DRG code is 010. For DRG 010, Medicare pays fixed amount of $21,313.50. Outlier threshold for Medicare is $25,800. (a) John admitted hospital A for pancreas transplant. The charges for John’s treatment was 128,000. Cost to charge ratio for Hospital A was 0.10. How much payment hospital A would get from Medicare? (b) Bryan admitted hospital B for pancreas transplant. The charges for Bryan’s treatment was same as John, $128,000, but cost to charge ratio for Hospital B was 0.25. How much payment hospital B would get from Medicare?
For Pancreas Transplant, DRG code is 010. For DRG 010, Medicare pays fixed amountof $21,313.50. Outlier threshold for Medicare is $25,800.(a) John admitted hospital A for pancreas transplant. The charges for John'streatment was 128,000. Cost to charge ratio for Hospital A was 0.10. How muchpayment hospital A would get from Medicare?(b) Bryan admitted hospital B for pancreas transplant. The charges for Bryan'streatment was same as John, $128,000, but cost to charge ratio for Hospital Bwas 0.25. How much payment hospital B would get from Medicare?
Why is it important for decision-makers in a county council to take cost-effectiveness into account when making decisions tointroduce a new treatment in the county council?
A physician purchases a particular vaccine on Monday of each week. The vaccine diust be used within the week following, otherwise it becomes worthless. The vaccine costss $ 2 per dose and the physician charges $ .4 per dose. In the past 50 weeks, the physician has administered the vaccine in the following quantities : Doses per Week Number of Weeks 20 25 15 50 25 60 On the basis of EMV, find how many doses the physician must purchase each week to maximise his profits ?
For each of the following purchases, say whether you would expect the dogma of imperfect information to be relatively high or relatively low: Buying apples at a roadside stand Buying dinner at the neighborhood restaurant around the comer Buying a used laptop computer at a garage sale Ordering flowers over the internet for your friend in a different city
What is the true cost of going to the doctor? options: The amount you pay minus the amount your insurance covers (i.e. the amount you pay out of pocket) The amount you pay out of pocket, plus the worth of the time you lose while waiting, plus the travel cost, plus the increased risk of being infected with Covid-19 while at the doctor's office There is no cost if your insurance is good enough. The amount you pay
Creative Homework!Shorr Project Assume that you area marketing consultant for one of the clients in ilem14.16. You believe that the business would benefitfrom nontraditional marketing. Develop seve<al ideasfor social-media tactics that you feel would be successful for the client
3. Given the following table| Life expectancy 20 years 20.5 years 20.6 years 21 years 22 years 22.2 years Treatment Cost of treatment No treatment Drug A Drug B Drug C Drug D Drug E $40,000 $30,000 $50,000 $80,000 $100,000 (a) Calculate the average cost-effectiveness ratio for drug A, B, C, D, E (b) Calculate the ICER between drug B and drug C, and between drug E and drug D. (c) Draw a cost-effectiveness frontier, where Y axis represents effectiveness, X axis represents cost.
do this ignore leacture information
I need help with 12, 13, and 14
34. Which one would have the greatest effect
Which of the following items may be used to provide insurability information? A. Police records B. Physical inspections C. Checking account statements D. Lie detector tests