I need help with a Economics question. All explanations and answers will be used to help me learn.
The focus of this assignment is on the production side of the healthcare market. Pricing and demand will be taken as exogenously determined. Your goal in each part of this assignment is to efficiently use the inputs. This starts with what might be termed the short short-run, where all inputs are fixed, but they can be reallocated to different purposes. It then moves to the short-run, where some inputs (e.g., labor) is variable, but other inputs (e.g., capital) are fixed. It concludes with the long-run, where all inputs are variable.
