Set Up a Ratio and Proportion in Each of the Following

question 1

Essay

Set up a ratio and proportion in each of the following problems. Label and prove your answers.

-There are 20 patient beds contained in each hospital unit. How many units would there be for a hospital with a 300-bed capacity?

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Definitions:

Variable Factor

In economics, an input in the production process that can be adjusted in the short run to change the quantity of output.

Fixed Factors

Inputs in the production process that cannot be easily increased or decreased in a short period of time.

Constant Returns To Scale

a situation in production where increasing all inputs by the same percentage results in output increasing by that same percentage.

Long-run Profits

The potential earnings of a business over a period long enough for all inputs to be adjusted, considering the firm's ability to enter or exit markets.