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Research estimated the short-run total variable cost functio

Research estimated the short-run total variable cost function for a sample of 55 for-profit hospita… Show more Research estimated the short-run total variable cost function for a sample of 55 for-profit hospitals in Texas. A simplified version of the estimated equation is show below. Ln STVC= ?+ .47lnq + .80lnw + .73lnQuality + .11lnCASEMIX + .29lnk + .07lnDOC + other STVC= Short run total variable cost, q= a measure of output (total inpatients days), w= average wage rate or price of labor, QUALITY= a measure of quality (number of accreditations), CASEMIX= an indicator of patient case mix (number of services), k= a measure of capital (beds), DOC= number of admitting physicians. All variables are expressed as natural logarithms (ln), so the estimated coefficients can be interpreted as elasticities. What are the expected signs of the coefficent estimates on w, QUALITY, and CASEMIX? Explain Does the estimated coefficient on output point to short-run economies or diseconomies of scale? Explain Provide an economic interpretation of the magnitude of the estimated coefficent on w What do the estimated coefficients suggest about how the inpust to production (capital and labor affect cost of production? Explain • Show less

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