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Question : 31) A firm’s total revenue minus its total opportunity cost : 1226162

Economics

 

 

31) A firm’s total revenue minus its total opportunity cost is called its

A) accounting profit.

B) normal profit.

C) economic profit.

D) abnormal profit.

E) entrepreneur’s profit.

 

32) Economic profit equals total revenue minus total

A) explicit costs.

B) opportunity costs.

C) implicit costs.

D) accounting costs.

E) entrepreneur’s costs.

 

33) Which of the following is true?

A) Profit as calculated by accountants and economic profit are not necessarily equal.

B) Profit as calculated by accountants is always smaller than economic profit.

C) Economic profit ignores implicit costs.

D) The Internal Revenue Service taxes the firm’s economic profit but not its normal profit.

E) The Internal Revenue Service taxes the firm’s normal profit but not its economic profit.

34) April quit her job as an accountant at Ernst and Young, where she was paid $45,000 per year. She started her own landscaping business. She rents machines and tools for $50,000 and pays $10,000 as wages to her help. These are her only costs. April earned total revenue of $100,000.

A) Her accountant calculates her profit as $40,000.

B) She has an economic loss.

C) Her explicit cost is $105,000.

D) Both answers A and B are correct.

E) Both answers A and C are correct.

 

35) Jennifer owns a pig farm near Salina, Kansas. Last year she earned $39,000 in total revenue while incurring $38,000 in explicit costs. She could have earned $27,000 as a teacher in Salina. These are all her revenue and costs. Therefore Jennifer earned an

A) accounting profit of $1,000 but incurred an economic loss of $26,000.

B) accounting profit of $1,000 but incurred an economic loss of $65,000.

C) accounting profit of $1,000 but incurred an economic loss of $38,000.

D) economic profit of $1,000.

E) None of the above answers is correct.

 

36) Suppose a firm’s total revenue is $1,000,000. The firm has incurred explicit costs of $750,000. There is also $50,000 of forgone wages by the owner, $10,000 of forgone interest by the owner, $3,000 worth of economic depreciation, and $20,000 worth of normal profit. What is the firm’s economic profit?

A) $250,000

B) $200,000

C) $190,000

D) $167,000

E) $180,000

37) Dr. Khan starts his own dental practice after quitting his $150,000 job at The Mall Dental Clinic. His revenues for the first year are $500,000. He paid $90,000 in rent for the dental office, $60,000 for his office manager’s salary, $24,000 for the dental hygienist, $150,000 for insurance, and $6,000 for other miscellaneous costs. The normal profit from running his business is $20,000.

A) His accounting profit is $350,000.

B) His economic profit is $150,000.

C) His economic profit is zero.

D) His accounting profit is zero.

E) None of the above answers are correct.

 

38) Dr. Khan starts his own dental practice after quitting his $150,000 job at The Mall Dental Clinic. His revenues for the first year are $500,000. He paid $90,000 in rent for the dental office, $60,000 for his office manager’s salary, $24,000 for the dental hygienist, $150,000 for insurance, and $6,000 for other miscellaneous costs. The normal profit from running his business is $20,000.

A) His explicit costs are $330,000.

B) His implicit costs are $170,000.

C) His economic profit is zero.

D) Only answers A and C are correct.

E) Answers A, B, and C are correct.

 

39) Suppose that a firm earned $500,000 in total revenue. At the same time, it incurred labor costs of $200,000; economic depreciation of $50,000; normal profit of $75,000; interest paid to the bank of $25,000; and used other factors of production that cost $100,000. The economic profit earned by the firm equals

A) $275,000.

B) $175,000.

C) $50,000.

D) $200,000.

E) $500,000.

40) Bill is an economics professor who earns $40,000 teaching but decides to leave and fulfill his dream of catering barbecues. During his first year of barbecuing he earned total revenue of $60,000. He spent $30,000 on food and supplies. He also paid his wife $10,000 to help serve food. The normal profit for an entrepreneur running a barbecue business is $3,000. He also rented an industrial grill/fry truck for $12,000. An accountant would conclude that Bill’s profit was

A) $30,000.

B) $20,000.

C) $8,000.

D) -$2,000.

E) $40,000.

 

 

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July 1, 2023
    

 

Week 9 Assignment 2 - Case Study: Total Quality Management: The Patient Process at East-Southern Kentucky Community College Medical Clinic

Dr. William Jones has been the director of the health center clinic at East-Southern Kentucky Community College (ESKCC) for about six months. Having been a part of a much larger medical center in the past, he has seen the benefits of total quality management (TQM) and feels that it would help improve the operations at the ESKCC clinic. He has made some positive changes to the staffing of the clinic, but now feels that he must tackle making improvements to its operations. Consequently, he has created a TQM team (of which you are a part) and has made certain that they have received the necessary training to start examining the various processes within the health center's operations.  The ambulatory health service department of the ESKCC health center clinic has received increased complaints from the ESKCC student body and staff concerning the services it offers in its walk-in urgent care clinic. Dr. Jones feels that this center would be an excellent starting point for the TQM team.

The Data

The team is presented with the following data regarding student/staff complaints:  

CHART IS ATTACHED 

 

The Patient Review Process

The process for a patient (either a student or a staff member) coming in because of a problem is as follows:

  1. When a patient arrives at the clinic, the patient first sees the receptionist, who checks to see if the patient was seen before. If so, the receptionist pulls the medical record from the file. If the patient is new, the receptionist has the patient complete the necessary forms and creates a medical record.  
  2. Patients are seen by the physician in the order they arrive. If one of the two examination rooms is empty, the nurse escorts the patient to the examination room and records the patient's medical complaint. If no examination rooms are available, the nurse escorts the patient to a waiting area until an examination room is available.
  3. When the patient is in the examination room, the nurse performs routine tests. The nurse then writes the complaint and findings on a medical examination form, a form that will be subsequently filed with the patient's medical record.  
  4. The physician examines the patient and orders medical tests, if necessary. A diagnosis and treatment plan is presented to the patient by the physician; a written copy of this plan and any other appropriate instructions are written on the medical examination form.
  5. When the physician releases the patient, the patient returns to the receptionist, who prepares a bill. If the patient has health insurance, the bill is sent to the health insurance carrier.  
  6. The patient leaves after either paying the bill (by cash, check, or credit card) or signing the forms to authorize payment by his or her health insurance company. If the health insurance company refuses to pay or partially pays the bill, the receptionist bills the patient by mail. Any patient with an unpaid bill or bad credit history is refused subsequent treatment until the old bill is paid. 

Instructions

As a member of the ESKCC TQM team, you are asked to put together a report that recommends improvements to the overall patient process. Create a 4–6 page report in a Word document (copy and paste any charts created in Excel) addressing the following tasks:  

  1. Construct a Pareto Chart for the data regarding complaints to the health center that is presented in Table 1.  Describe two conclusions from examining this data.
  2. Develop a control chart for the waiting time complaint (complaint #2). Explain how the control chart is developed and show the calculation process.
  3. Illustrate the causes for Complaint #2 in a fishbone diagram. (Note: refer to the readings for examples.)
  4. Develop a flow chart for the process that the clinic uses for a patient who comes into the ambulatory center. Draw two conclusions from examining the flow chart regarding either or both of the following:
    • How the process affects the patient.
    • Potential sources of unnecessary complexity.
  5. Determine three improvements to streamline the patient process based on the insights that you gain from examining the process flow chart as well as your understanding of total quality management concepts from your course readings. 

This course requires the use of Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course. Check with your professor for any additional instructions.The specific course learning outcome associated with this assignment is:

  • Propose improvements to a health services organization based on total quality management (TQM) concepts.
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July 1, 2023
    

 

Week 9 Assignment 2 - Case Study: Total Quality Management: The Patient Process at East-Southern Kentucky Community College Medical Clinic

Dr. William Jones has been the director of the health center clinic at East-Southern Kentucky Community College (ESKCC) for about six months. Having been a part of a much larger medical center in the past, he has seen the benefits of total quality management (TQM) and feels that it would help improve the operations at the ESKCC clinic. He has made some positive changes to the staffing of the clinic, but now feels that he must tackle making improvements to its operations. Consequently, he has created a TQM team (of which you are a part) and has made certain that they have received the necessary training to start examining the various processes within the health center's operations.  The ambulatory health service department of the ESKCC health center clinic has received increased complaints from the ESKCC student body and staff concerning the services it offers in its walk-in urgent care clinic. Dr. Jones feels that this center would be an excellent starting point for the TQM team.

The Data

The team is presented with the following data regarding student/staff complaints:  

CHART IS ATTACHED 

 

The Patient Review Process

The process for a patient (either a student or a staff member) coming in because of a problem is as follows:

  1. When a patient arrives at the clinic, the patient first sees the receptionist, who checks to see if the patient was seen before. If so, the receptionist pulls the medical record from the file. If the patient is new, the receptionist has the patient complete the necessary forms and creates a medical record.  
  2. Patients are seen by the physician in the order they arrive. If one of the two examination rooms is empty, the nurse escorts the patient to the examination room and records the patient's medical complaint. If no examination rooms are available, the nurse escorts the patient to a waiting area until an examination room is available.
  3. When the patient is in the examination room, the nurse performs routine tests. The nurse then writes the complaint and findings on a medical examination form, a form that will be subsequently filed with the patient's medical record.  
  4. The physician examines the patient and orders medical tests, if necessary. A diagnosis and treatment plan is presented to the patient by the physician; a written copy of this plan and any other appropriate instructions are written on the medical examination form.
  5. When the physician releases the patient, the patient returns to the receptionist, who prepares a bill. If the patient has health insurance, the bill is sent to the health insurance carrier.  
  6. The patient leaves after either paying the bill (by cash, check, or credit card) or signing the forms to authorize payment by his or her health insurance company. If the health insurance company refuses to pay or partially pays the bill, the receptionist bills the patient by mail. Any patient with an unpaid bill or bad credit history is refused subsequent treatment until the old bill is paid. 

Instructions

As a member of the ESKCC TQM team, you are asked to put together a report that recommends improvements to the overall patient process. Create a 4–6 page report in a Word document (copy and paste any charts created in Excel) addressing the following tasks:  

  1. Construct a Pareto Chart for the data regarding complaints to the health center that is presented in Table 1.  Describe two conclusions from examining this data.
  2. Develop a control chart for the waiting time complaint (complaint #2). Explain how the control chart is developed and show the calculation process.
  3. Illustrate the causes for Complaint #2 in a fishbone diagram. (Note: refer to the readings for examples.)
  4. Develop a flow chart for the process that the clinic uses for a patient who comes into the ambulatory center. Draw two conclusions from examining the flow chart regarding either or both of the following:
    • How the process affects the patient.
    • Potential sources of unnecessary complexity.
  5. Determine three improvements to streamline the patient process based on the insights that you gain from examining the process flow chart as well as your understanding of total quality management concepts from your course readings. 

This course requires the use of Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course. Check with your professor for any additional instructions.The specific course learning outcome associated with this assignment is:

  • Propose improvements to a health services organization based on total quality management (TQM) concepts.
default image
July 1, 2023
    

 

Week 9 Assignment 2 - Case Study: Total Quality Management: The Patient Process at East-Southern Kentucky Community College Medical Clinic

Dr. William Jones has been the director of the health center clinic at East-Southern Kentucky Community College (ESKCC) for about six months. Having been a part of a much larger medical center in the past, he has seen the benefits of total quality management (TQM) and feels that it would help improve the operations at the ESKCC clinic. He has made some positive changes to the staffing of the clinic, but now feels that he must tackle making improvements to its operations. Consequently, he has created a TQM team (of which you are a part) and has made certain that they have received the necessary training to start examining the various processes within the health center's operations.  The ambulatory health service department of the ESKCC health center clinic has received increased complaints from the ESKCC student body and staff concerning the services it offers in its walk-in urgent care clinic. Dr. Jones feels that this center would be an excellent starting point for the TQM team.

The Data

The team is presented with the following data regarding student/staff complaints:  

CHART IS ATTACHED 

 

The Patient Review Process

The process for a patient (either a student or a staff member) coming in because of a problem is as follows:

  1. When a patient arrives at the clinic, the patient first sees the receptionist, who checks to see if the patient was seen before. If so, the receptionist pulls the medical record from the file. If the patient is new, the receptionist has the patient complete the necessary forms and creates a medical record.  
  2. Patients are seen by the physician in the order they arrive. If one of the two examination rooms is empty, the nurse escorts the patient to the examination room and records the patient's medical complaint. If no examination rooms are available, the nurse escorts the patient to a waiting area until an examination room is available.
  3. When the patient is in the examination room, the nurse performs routine tests. The nurse then writes the complaint and findings on a medical examination form, a form that will be subsequently filed with the patient's medical record.  
  4. The physician examines the patient and orders medical tests, if necessary. A diagnosis and treatment plan is presented to the patient by the physician; a written copy of this plan and any other appropriate instructions are written on the medical examination form.
  5. When the physician releases the patient, the patient returns to the receptionist, who prepares a bill. If the patient has health insurance, the bill is sent to the health insurance carrier.  
  6. The patient leaves after either paying the bill (by cash, check, or credit card) or signing the forms to authorize payment by his or her health insurance company. If the health insurance company refuses to pay or partially pays the bill, the receptionist bills the patient by mail. Any patient with an unpaid bill or bad credit history is refused subsequent treatment until the old bill is paid. 

Instructions

As a member of the ESKCC TQM team, you are asked to put together a report that recommends improvements to the overall patient process. Create a 4–6 page report in a Word document (copy and paste any charts created in Excel) addressing the following tasks:  

  1. Construct a Pareto Chart for the data regarding complaints to the health center that is presented in Table 1.  Describe two conclusions from examining this data.
  2. Develop a control chart for the waiting time complaint (complaint #2). Explain how the control chart is developed and show the calculation process.
  3. Illustrate the causes for Complaint #2 in a fishbone diagram. (Note: refer to the readings for examples.)
  4. Develop a flow chart for the process that the clinic uses for a patient who comes into the ambulatory center. Draw two conclusions from examining the flow chart regarding either or both of the following:
    • How the process affects the patient.
    • Potential sources of unnecessary complexity.
  5. Determine three improvements to streamline the patient process based on the insights that you gain from examining the process flow chart as well as your understanding of total quality management concepts from your course readings. 

This course requires the use of Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course. Check with your professor for any additional instructions.The specific course learning outcome associated with this assignment is:

  • Propose improvements to a health services organization based on total quality management (TQM) concepts.
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