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Suppose that you are interested in comparing the costs of producing inpatient services at Saving Grace Hospital with those at ACME Hospital.

Suppose that you are interested in comparing the costs of producing inpatient services
at Saving Grace Hospital with those at ACME Hospital. Further suppose that the two
hospitals annually admit about 24,000 and 32,000 patients, respectively, at average
short-run total costs per admission of roughly $11,000 and $12,000.
A. Why may these two dollar figures not represent the economic cost of providing
inpatient services at these two hospitals? Explain fully.

# 2
Suppose you are to specify a short-run production function for dental services. What inputs might you include in the production function? Which would be the variable inputs and which the fixed inputs?
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1) Short-run total costs per admission of Saving Grace Hospital and those at ACME
Hospital are roughly around $11,000 and $12,000. It is also said that the two hospitals
annually admit about 24,000...

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