A firm’s estimated long-run total cost function is LRTC = 160Q - .6Q2 + .002Q3.  Suppose the firm is producing 100 units of output.  The cost elasticity is ____ You can use Excel spreadsheet or otherwise to answer this question.

1a) A firm’s estimated long-run total cost function is LRTC = 160Q - .6Q² + .002Q³.  Suppose the firm is producing 100 units of output.  The cost elasticity is ____ You can use Excel spreadsheet or otherwise to answer this question.

1. b) A research study published in Social Science Medicine, “Production Functions for General Hospitals,” estimated the following general hospital production function in the Netherlands: Q = 5*Staff^.34*Beds^.64*Drugs^.04*Specialists^.02, where Q is a measure used by the authors for patient care. Suppose a hospital currently utilizes the following inputs: Staff =20, Beds = 120, Drugs = 60, Specialists =10.  Use a spreadsheet to find the following or otherwise. If the hospital increases its specialists by one (1), that is, employs an 11^th specialist, the increase in Q (marginal product) will be:
2. c) A study published in Social Science Medicine, “Production Functions for General Hospitals,” estimated the following general hospital production function: Q = 5*Staff^.34*Beds^.64*Drugs^.04*Specialits^.02, where Q is a measure used by the authors for patient care. If we increase all inputs by 1%, the percentage change in Q will be: