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Economics

Suppose that a medical school provides three outputs--patient care, education, and research--and that the total cost of the school is $100 million per year. If the school produced only education, its cost would be $60 million. If the school produced only patient care, its costs would be $30 million. If it produced only research, the costs would be $20 million. Joint costs fore each pair would be $10 million.

a) What are the pure costs of education, patient care, and research?

b) What are the joint costs?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91929257

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