Assignment: Technology of Health Care

Word document has questions that needs to be answered. Pdf is for DescriptionSolution downloadThe QuestionWord document has questions that needs to be answered.Pdf is for question 2. It includes table 6.1Chapter 6 ? The Production, Cost, and Technology of Health Care10TABLE 6-1 Substitution Elasticities for Teaching and Nonteaching Hospitals Evaluated at the MeanInput PairNonteaching Case-MixAdjusted AdmissionsTeaching Case-MixAdjusted Admissions0.5470.1750.124??0.1590.1550.2112.1270.2921. Medical Staff with Nurses2. Medical Staff with Beds3. Nurses with Beds4. Nurses with Residents5. Medical Staff with ResidentsSource: Gail A. Jensen and Michael A. Morrisey, ?The Role of Physicians in Hospital Production,? The Review ofEconomics and Statistics 68:3 (August 1986), pp. 432-442. Copyright ? 1986 by the President and Fellows of HarvardCollege and the Massachusetts Institute of Technology, with permission.A good example elasticity of substitution is used is provided by Acemoglu and Finkelstei(2006). These authors observed how health care firms responded to the introduction of the MedicarProspective Payment System, which they found to cause labor to become more expensive. True tthe theory of the firm with its responsiveness to the market, they found the firms? response was tincrease the capital/labor ratio.Estimates for Hospital CarePhysicians are important to productivity of all hospital inputs. Pauly (1980) and Jensen anMorrisey (1986) incorporated this fact into their analysis of the elasticity of substitution betweehospital inputs. They estimated a production function for hospital care and generated the isoquantand estimated the elasticities of substitution. Patterns of input use were observed in the procesacross a large number of hospitals.Table 6-1 shows the estimates of elasticities of substitution between pairs of inputs. For example, a 1 percent increase in the price of medical staff relative to nurses would result in a 0.547 percent decrease in the ratio of medical staff to nurses.How are we to judge the estimated degree of substitutability?

Assignment: Technology of Health Care

Are these numbers large osmall? The elasticities reported are at least sufficient to show that some substitutability existbetween virtually all pairs of hospital inputs. In fact, the authors conclude, ?. . . all inputs in botteaching and nonteaching hospitals are substitutes for each other.? The smallest values for substitution reported here are between beds and categories of labor. It may seem nonsensical that one casubstitute people for beds; but ?beds? here represent a convenient measure of the various and oftecomplex capital inputs used by a hospital. The data suggest that even in hospital care productionwhere labor is undoubtedly the critical input, capital can be substituted on the margin for labor.Custer and Willke (1991) and Lehner and Burgess (1995) have shown these results to be sensitive to the particular definition of the physician?s input. Even so, most health economists probablwould agree that substitution possibilities exist among many health care inputs, though their rangis still uncertain.Recent studies have shown that home health care can substitute for hospital care. Is the ?homhospital? as good? Is it less costly? Illife and Shepperd (2002) report that studies of randomized trials of home versus hospital care find little difference in mortality outcomes or in costs.COSTS IN THEORY AND PRACTICEThe production function, its isoquants, and the elasticities of substitution have consequences focosts. We will show the derivation of the cost function and explain the technical terms economies oscale and economies of scope.

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