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1. This question deals with the concept of a residual claimant.
a. Who are the explicit residual claimants of a for-profit hospital?
b. Are than any implicit residual claimants of a for-profit hospital? If so, who are they?
c. Are there any explicit residual claimants in a non-profit hospital? If so, who are they?
d. Are there any implicit residual claimants in a non-profit hospital? If so, who are they?
2. This question deals with the costs a hospital faces.
a. What is the difference between short run costs and long run costs?
b. Give an example of a cost that is fixed in the short run and one that is variable in the short run for a hospital.
3. Suppose we are analyzing an area that has many similar hospitals. Draw a graph that illustrates the market supply and market demand curve for hospital services in the area. I also want you to draw the demand curve for hospital services that any one hospital faces.
4. Sketch the Production Possibility Frontier of quantity (N) and quality (S) for a hospital and label the utility maximizing quantity-quality pair as (N*, S*). Also sketch the indifference curve that runs through (N*, S*).
5. What evidence suggests that the market for nurses can be thought of as a Monopsony? Sketch a graph of the labor market for nurses and label the “shortage” that a Monopsony predicts.
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