HCA 530 Supply and Production Costs
Question # 00595009
Posted By:
Updated on: 09/26/2017 05:45 AM Due on: 09/26/2017
Supply and Production Costs
Write an answer of no less than one-half page in length for each of the first four questions below
about economic concepts described in chapters 6 and 7 of the text, Economics of Health and
Medical Care. Calculate and fill in the blanks for the table in question 5.
1. Explain the difference between explicit and implicit costs of production.
2. Explain the reasoning behind the U-shaped, long-run, average cost curve.
3. Explain the law of diminishing marginal returns.
4. Describe economies and diseconomies of scale.
5. Given the following data, calculate the total fixed total variable and marginal costs at
each level of production.
Quantity Total Cost 0 $100 1 Total Fixed
Cost Total
Variable
Cost Average
Total Cost $20 2
3
4 Marginal
Cost $30
$100
$75 APA format is not required, but solid academic writing is expected.
This assignment uses a grading rubric. Instructors will be using the rubric to grade the
assignment; therefore, students should review the rubric prior to beginning the assignment to
become familiar with the assignment criteria and expectations for successful completion of the
assignment.
Write an answer of no less than one-half page in length for each of the first four questions below
about economic concepts described in chapters 6 and 7 of the text, Economics of Health and
Medical Care. Calculate and fill in the blanks for the table in question 5.
1. Explain the difference between explicit and implicit costs of production.
2. Explain the reasoning behind the U-shaped, long-run, average cost curve.
3. Explain the law of diminishing marginal returns.
4. Describe economies and diseconomies of scale.
5. Given the following data, calculate the total fixed total variable and marginal costs at
each level of production.
Quantity Total Cost 0 $100 1 Total Fixed
Cost Total
Variable
Cost Average
Total Cost $20 2
3
4 Marginal
Cost $30
$100
$75 APA format is not required, but solid academic writing is expected.
This assignment uses a grading rubric. Instructors will be using the rubric to grade the
assignment; therefore, students should review the rubric prior to beginning the assignment to
become familiar with the assignment criteria and expectations for successful completion of the
assignment.
-
Rating:
/5
Solution: HCA 530 Supply and Production Costs