StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Last Healthcare using Excel - Statistics Project Example

Cite this document
Summary
Various issues may determine the price that the customers pay at the time of transaction, though price is majorly determined by the…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER91.7% of users find it useful
Last Healthcare statistics using Excel
Read Text Preview

Extract of sample "Last Healthcare using Excel"

Fundamentals of microeconomics al Affiliation) Question one Market A market refers to a medium that allows buyers and sellers of a particular good or service to interact in order to enhance an exchange process. Various issues may determine the price that the customers pay at the time of transaction, though price is majorly determined by the principles of demand and supply (Zubair & Habibah, 2011). Market equilibriumThe market equilibrium refers to the situation in which the quantity of products and services is equal to the products and services supplied.

This principle makes the price to become more stable. When there is high supply of goods and services, the price decreases resulting in a higher demand.Preparation of a schedule and drawings of demand and supply curvesPrice (X) in dollars246810Quantity demanded8876645240Price (X) in dollars12345Quantity supplied 3134374043The price and output level at the point of equilibrium in the marketAt equilibrium, the quantity demanded is equal to the quantity supplied (Zubair & Habibah, 2011).Therefore, Qd = Qs, meaning that 100-6P= 28+3P -6P-3P = 28- 100 -9P = - 72 P = 8 dollars The Qd = 100 – (6*8) Qs = 28 + (3*8) Q = 52 units Q = 52 unitsAt equilibrium: The price level = 8 dollars The quantity level = 52 units Question twoa) Equilibrium price=$30, price where quantity of barrels demanded equals the quantity supplied.b) Total revenue(TR)=q*p TR= (50, 000000*40)=$2 billionc) TR=Quantity supplied*price 50,000,000*50 =$2.

5 billionThe total revenue (TR) will increase i.e. from $2 billion to $2.5 billion.d) Elasticity of demand is a ration used to show the understanding of price in terms of ratio in quantity demanded to price: Price Elasticity of demand is the ratio of quantity demanded to the price in form of percentage (Zubair & Habibah, 2011). Change in Qd = 30 – 40 = - 10 % change = -10 * 100% = - 10 % Change in price = 40 – 30 = 10 The change in % = 10 * 100% = 10 % = (- 10 / 10) Therefore, the price elasticity of demand is equal to – 1 unit.

Price elasticity of supply The price elasticity of demand refers to the ratio of the quantity supplied to the price in form of percentage.The change in the Qs = 50 – 40 = 10 units The % change in supply = 10 * 100% 10 %The change in the price = 40 – 30 = 10 dollarsThe % change in price = 10 * 100 % = 10 %The price elasticity is illustrated as (10/10) % The result that indicates the price elasticity is equal to 1 unit. Question threeThe law of diminishing marginal utility The law of diminishing marginal utility refers to the state that when an individual increases the consumption of a commodity and at the same time keeping the consumption of other products constant, there is a decrease in the in the marginal utility that the individual originates from consuming each extra unit of that commodity (Zubair & Habibah, 2011).

The formula for calculating the marginal utility is equal to change in the total utility over the change in the number of units consumed by an individual.Units consumed of goods ATotal UtilityMarginal Utility120-235153451045055500645-5735-10a. The marginal unit of consuming three units of good A is equal 10units. b. The level of consumption at the point where the marginal utility is zero is equal to consumption of five units of good A.c. The level of consumption at which the total utility will reach at maximum is the point where the individual will consume five units of good A.d. The point at which the level of consumption where the marginal utility becomes negative is the point where an individual consume six units of good AQuestion fourConsumer surplus The consumer surplus refers to the economic measure of a consumer satisfaction that is calculated by evaluating the difference between what the consumers are ready and able to pay for a good or service virtual to its market price (Zubair & Habibah, 2011).

The case of a consumer surplus will probably occur when the consumer is ready and able to pay more for a given product or service than the current market price. Producer surplus The producer surplus refers to the economic measure of the difference between the value that a producer of a commodity receives and the least amount that the individual would be willing and able to accept for the commodity (Zubair & Habibah, 2011). Therefore, the surplus or difference is the benefit that the producer receives for selling the commodity in the market.

Question fiveLaw of supply The law of supply states that, ceteris paribus, (all factors kept constant), the price and quantity supplied of goods and services are directly proportional to each other.How the following factors will shift the supply curvea. Number of producers increasing in the marketWhen the number of producers increase in a market, the supply will automatically decline due to the excess suppliers who are will and able to supply goods and services. The price of supply will also fall.b. Advancement in electronic technologyAdvancement in technology will create a rise in supply because relevant information on where to supply next will be easy to know.

An increase in technology leads to an increase in supply. This is a non-price factor.c. Increase of prices of raw materialsAn increase in the cost of raw material will automatically increase the price of production. The selling price and the supply will also increase.d. Expectation of increase in oil prices during next monthThe expectation of future increase of oil will increase the quantity demanded making the supply and the prices to rise (Zubair & Habibah, 2011).ReferenceZubair Hasan., & Habibah Lehar.,. (2011).

Fundamentals of microeconomics. Oxford: Oxford University Press.

Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Last Healthcare statistics using Excel Project Example | Topics and Well Written Essays - 500 words”, n.d.)
Last Healthcare statistics using Excel Project Example | Topics and Well Written Essays - 500 words. Retrieved from https://studentshare.org/statistics/1688492-last-healthcare-statistics-using-excel
(Last Healthcare Statistics Using Excel Project Example | Topics and Well Written Essays - 500 Words)
Last Healthcare Statistics Using Excel Project Example | Topics and Well Written Essays - 500 Words. https://studentshare.org/statistics/1688492-last-healthcare-statistics-using-excel.
“Last Healthcare Statistics Using Excel Project Example | Topics and Well Written Essays - 500 Words”, n.d. https://studentshare.org/statistics/1688492-last-healthcare-statistics-using-excel.
  • Cited: 0 times

CHECK THESE SAMPLES OF Last Healthcare statistics using Excel

Patients Complaints in London National Health Service Hospitals

Furthermore, I would like to thank all the team from the British Library, Kings Fund and NHS statistics and data that contributed by guiding me to places where I was helped with the right data and information for the project.... Abstract Patient complains is a source of information and indication for healthcare professional and authorities to know the level of service they are offering as the high quality of healthcare complains....
30 Pages (7500 words) Dissertation

Factors Contributed to Work-Related Stress among Healthcare Workers at a London NHS Hospital Trust

The present study attempts to determine the stressors associated with stress in the NHS workplace using the Health and Safety Executive (HSE) Management Standards Indicator Tool, and to make recommendations that may help in reducing the stress levels experienced by healthcare workers.... healthcare workers are exposed to high levels of stress at their workplace.... hellip; Factors that Contribute to Work-Related Stress among healthcare Workers....
64 Pages (16000 words) Dissertation

Factors that Go into Making up a Given Household Budget

In order to develop a useful figure that is simple to estimate using readily available data, data provided in the Consumer Expenditure Survey conducted by the Bureau of Labor Statistics was considered.... It was felt that with the current difficulties in the housing market, the turbulence in using such a measure may not yield fully predictive results.... Descriptive statistics Table 1 presents the descriptive findings.... Because healthcare expenses are a primary focus of recent public debate, it was decided that healthcare dollars spent would constitute at least one of the primary independent variables....
4 Pages (1000 words) Research Paper

Inventory Control Methods

hellip; In present-day context, the majority of business enterprises confront the challenges of using the vast amount of data.... This research paper describes the role of statistics and IT in inventory control.... statistics is the assortment of approaches, methods, and activities employed by any company to control the production, product quality, and service.... In business, statistics help organizations to make appropriate decisions....
9 Pages (2250 words) Research Paper

Comparing incomes: People with college degrees and people without college degrees

Course Date Comparing incomes: People with college degrees and people without college degrees Data sampling Raw data for this analysis are collected from the Bureau of Labor of statistics (“Occupational Employment statistics”).... hellip; Incomes for people without college degrees are collected from healthcare support occupations, Food preparation and serving related operations, Building and ground cleaning and maintenance operations, Farming, fishing, and forestry occupations, Construction and extraction occupations, and transportation and material moving operation....
3 Pages (750 words) Research Paper

Economic and Social Determinants of Infant Mortality

An empirical study will follow, whereby two models will be analyzed using regression analysis statistical methods.... For example, if one of the leading causes of infant mortality is lack of healthcare to women, policy makers can come up with methods of providing healthcare for pregnant women....
12 Pages (3000 words) Essay

Student Support Services Program Evaluation

And the last, process objectives, is intended measure the efforts the SSS staff to put into action the program's services and activities including identifying and selecting project participants, assessing the need for services, monitor progress of the participants, financial and economic literacy counseling, personal and academic counseling, mentoring and cultural activities and academic programs....
12 Pages (3000 words) Research Proposal

Math and Computing Journey for Nursing Professionals and Students

The fear in using excel cannot be assumed because of the frequency in making errors which may lead to loss of marks or strict penalties.... owever, there was a weakness in the use of packages such as excel which is a spreadsheet.... It was a challenge in familiarizing myself with the formulas and functions that are in built-in excel.... The majority of people are only familiar with the SUM function in excel.... It is important to understand the fact that there are many other functions that are present in excel other than the SUM function....
6 Pages (1500 words) Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us