Answer:
The correct answer is option d.
Explanation:
A production possibility curve shows the different bundles of two goods that can be produced using all the resources and technology available.
The slope of the curve represents the opportunity cost of producing a good.
We cannot increase the production of both goods, so we need to sacrifice one good if we want to increase the production of the other.
A straight line downward sloping frontier means that the opportunity cost of production is constant. This means that the resources are perfectly substitutable in the production of two goods. So throughout the production process, the marginal opportunity of producing each additional unit will remain constant.
1. Why is it important for Arnold Palmer Hospital to get a patient’s assessment of health care quality?
Arnold Palmer Hospital is a big hospital in the U.S. that can accommodate many patients. Even though it caters to many patients, it tries to maintain a good level of service care to every individual. This is mainly done through the patient's assessment of health care quality. With this, <em>the hospital is able to know which areas the patient feels uncomfortable</em> and <em>what improvements in the service they need to address.</em> Since the hospital is focused on the patient, the staffs are trained in order to provide the highest possible quality care.
2. Does the patient have the expertise to judge the health care he or she receives?
Every patient is unique and according to the Arnold Palmer Hospital, every patient has the ability to judge the health care he or she receives. The surrounding in the hospital is patient-focused, so it is just normal that they put a priority on the patient's feedback. This will also allow the hospital to improve the quality of care that is expected from them.
Answer:
see below
Explanation:
<u>1. COGS</u>
Expenses incurred for manufacturing or obtaining the products and materials sold during a given period.
COGS are the direct expenses in the production process. They include labor, materials, and direct overheads.
<u>2. Gross profit </u>
Balance arrived at after deducting the expenses incurred on the goods sold from the revenue earned by selling the goods.
The revenues must exceed the expenses for a business to realize a gross profit. Otherwise, it will be a loss.
3<u>. Operating expenses</u>
Expenses that a business incurs to carry out its daily operations. They are the indirect cost of production. Examples include insurance, administrative, and security costs.
4. <u>Selling expenses </u>
Money spent on advertising, traveling, and promotions. These are the costs incurred in the selling process.
Answer:
d) incentive problem under communist central planning.
Explanation:
Communist central planning is where the government controls all factors of production, and controls the economy .
On this kind of government citizens will not want to take advantage of opportunities because decisions concerning resource allocation is being taken by the government. There is no personal gain, all work is done for the government's gain.
Answer: B. Both firm A and firm B choose the low price.
Explanation:
Both firm A and Firm B will choose the low price and make profits of $3 if there is no cooperation.
This is because at any other price, the other firms could go with the low strategy and get more profit.
For instance, if Firm A is using a low price and Firm B is using a high price then Firm A makes profit of $10 whilst B makes $1.
Conversely, if Firm B charges a low price and A a high price, A will make paltry profits of $1 while B would make $10.
Their best option therefore is to both pick the low price and make $3.
If they were cooperating they could both charge a high price and make $5 each.
Your question was incomplete so I attached the payoff matrix.