ECO 605 Assignment 2.1: Maximizing Productivity
ECO 605 Assignment 2.1: Maximizing Productivity
Introduction
In this assignment, you will calculate various costs of a clinic and identify factors likely to increase or decrease those costs. You will calculate the clinic’s marginal cost (MC). To better understand how these costs for the clinic behave, you will translate the different average costs and marginal cost into graphical form.
Assignment Guidelines
Use the Assignment 2.2 Document (Word) (Links to an external site.) to
- Define total fixed costs, total variable costs and total costs.
- State the formulas for AFC, AVC, ATC, and MC.
- Complete the table by calculating AFC, AVC, ATC, and MC.
- List examples of the factors that would cause costs for the clinic to increase or decrease.
- Present a graph of curves for TFC, TVC, and TC.
- Present a graph of the curves for AFC, AVC, ATC, and MC.
Submission
Submit your file using the following naming convention: Last name_First name_Assignment_2.2.
Submit your assignment and review full grading criteria on the Assignment 2.2: Production Costs page.
Week 2: Healthcare Production and Costs
This week, the focus is on the healthcare provider. Healthcare providers need resources to deliver a treatment or procedure. The purchase of these resources represents costs for healthcare providers. We will examine the relationship between the output of healthcare providers and the costs incurred to produce these services.
Assignment 2.2: Production Costs
Complete the following:
- Define the terms total fixed costs, total variable costs, and total costs.
- State the formulas for AFC, AVC, ATC, and MC.
- Fill in the values of the following table:
| Patient Visits | Total Variable Costs | Total Costs | Total Fixed Costs | Average Fixed Cost | Average Variable Cost | Average Total Cost | Marginal Cost |
| 0 | 0 | 50 | —- | —— | —— | —– | |
| 1 | 70 | 120 | |||||
| 2 | 110 | 160 | |||||
| 3 | 160 | 210 | |||||
| 4 | 250 | 300 | |||||
| 5 | 370 | 420 |
- List examples of the factors that would cause cost for the clinic to increase or decrease.
- Use Excel to generate a graph of the cost curves for TFC, TVC, and TC. Provide an image of your graph here.
- Use Excel to generate a separate graph of the AFC, AVC, ATC, and MC curves. Provide an image of your graph here.
Review a list of all items due this week in your course’s syllabus.
Lesson 1: The Production Function
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This lesson will describe the production function for a good or service and will describe how a production function gives the relationship between inputs and outputs.
Before attempting to complete your learning activities for this week, review the following learning materials:
| Assignment Rubric | ||
|---|---|---|
| Criteria | Ratings | Pts |
Responses | / 5 pts | |
Explanations | / 5 pts | |
Structure and Mechanics | / 5 pts | |
| Total Points: 0
| ||
APA Writing Checklist
Use this document as a checklist for each paper you will write throughout your GCU graduate program. Follow specific instructions indicated in the assignment and use this checklist to help ensure correct grammar and APA formatting. Refer to the APA resources available in the GCU Library and Student Success Center.
☐ APA paper template (located in the Student Success Center/Writing Center) is utilized for the correct format of the paper. APA style is applied, and format is correct throughout.
☐ The title page is present. APA format is applied correctly. There are no errors.
☐ The introduction is present. APA format is applied correctly. There are no errors.
☐ Topic is well defined.
☐ Strong thesis statement is included in the introduction of the paper.
☐ The thesis statement is consistently threaded throughout the paper and included in the conclusion.
☐ Paragraph development: Each paragraph has an introductory statement, two or three sentences as the body of the paragraph, and a transition sentence to facilitate the flow of information. The sections of the main body are organized to reflect the main points of the author. APA format is applied correctly. There are no errors.
☐ All sources are cited. APA style and format are correctly applied and are free from error.
☐ Sources are completely and correctly documented on a References page, as appropriate to assignment and APA style, and format is free of error.
Scholarly Resources: Scholarly resources are written with a focus on a specific subject discipline and usually written by an expert in the same subject field. Scholarly resources are written for an academic audience.
Examples of Scholarly Resources include: Academic journals, books written by experts in a field, and formally published encyclopedias and dictionaries.
Peer-Reviewed Journals: Peer-reviewed journals are evaluated prior to publication by experts in the journal’s subject discipline. This process ensures that the articles published within the journal are academically rigorous and meet the required expectations of an article in that subject discipline.
Empirical Journal Article: This type of scholarly resource is a subset of scholarly articles that reports the original finding of an observational or experimental research study. Common aspects found within an empirical article include: literature review, methodology, results, and discussion.
Adapted from “Evaluating Resources: Defining Scholarly Resources,” located in Research Guides in the GCU Library.
☐ The writer is clearly in command of standard, written, academic English. Utilize writing resources such as Grammarly, LopesWrite report, and ThinkingStorm to check your writing.