Fill This Form To Receive Instant Help

Help in Homework
trustpilot ratings
google ratings


Homework answers / question archive / This question deals with the costs a hospital faces

This question deals with the costs a hospital faces

Economics

This question deals with the costs a hospital faces.

a. What is the difference between short run costs and long run costs?

b, ciean ecumple ofa oar is fited n he for a hospital.

pur-new-sol

Purchase A New Answer

Custom new solution created by our subject matter experts

GET A QUOTE

Answer Preview

Answer:

A?Short run cost are the cost to be incured by the hospital on the administation etc for the duration of 1 year . Where as long run cost are does cost which are incured for the duration of more than 1 year , generally for 5 years result expected . Short run are the peroid where some factors are fixed and some are variable factors . There by in short run costs are divided into fixed and variable cost however the producer ( manager ) have control only over the variable cost . And on long run all the factors becomes variable and every cost need to be covered by the management of the hospital .

B? cost incured on providing services to the patient , cost for the medical fecility , cost of electricity , cost of expansion of the hospital etc becomes variable cost on long run and all these cost need to be covered by the management of the hospital

Related Questions