O. Describe the formula for elasticity of demand for labor as well as the significance of elastic versus inelastic findings. How does this compare with the elasticity of labor supply?
P. What is the labor-leisure trade-off? On figure 8.5, describe the differences in Point A, B, and C.
- See attachment for image.
Q. What is Return on Investment? Solve the following: Upon graduation, a nurse practitioner makes $40,000 per year for 40 years than she would if she had not received a degree. Her educational costs were about $20,000 per year for 6 years. At an interest rate of 4 percent, the PV of the 40 years of additional income is $791,711. The PV of the educational costs for the first 6 years is $104,843. What is the return on investment?
R. What considerations are important when determining whether or not the workforce supply is adequate - and is the conclusion of an inadequate workforce certain or controversial?
S. What is the impact of healthcare workforce on access, quality, and expenditures?
T. Describe three public policies to optimize the healthcare workforce.