Homework Help: Health care Economics

Posted by Dolores Metoyer on Tuesday, July 13, 2010 at 1:05pm.

4. The following is a cost function for clinic visits in a small inner city clinic.
Quantity of Visits Total Costs per Week Marginal cost
0 $10 0
1 15 5
2 25 10
3 45 20
4 75 30
5 115 40
6 165 50

a. Determine the marginal cost for each level of output
b. If the price per visit is given to be $25, at what level of visits will the maximum profit position be? What are the profits at this level? What is the quantity supplied
Quantity of Visits Price per visits Total costs per week Marginal cost
0 $25 10 250
1 $25 15 5
2 $25 25 10
3 $25 45 20
4 $25 75 30
5 $25 115 40
6 $25 165 50

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