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Suppose that a medical test has a 92% chance of detecting a disease if the person has it (i.e., 92% sensitivity) and a 94% chance of correctly indicating that the disease is absent if the person really does not have the disease (i.e., 94% specificity). Suppose 10% of the population has the disease.
(a) What is the probability that a randomly chosen person will test positive?
(b) Suppose that a randomly chosen person does test positive. What is the probability that this person really has the disease?
What is the marginal propensity to consume in Freedonia, and what is the marginal propensity to save - What is the new equilibrium level of income?
A small monopoly manufacturer of widgets has a constant marginal cost of $20. The demand for this firm's widgets.
The adjusted trial balance of Warbocks Corporation at December 31, 2014 includes the following accounts: Retained Earnings $12,600; Dividends $5,000; Service Revenue $30,000; Salaries and Wages Expense $15,000; Insurance Expense $2,000; Rent Expense ..
The overall population for Region A is 95 million people. The labor force contains 67 million people. 32 million people are employed, while 35 million are unemployed. What is the unemployment rate? Round your answer to the nearest whole number.______..
Explain what the new equilibrium point means in terms of GDP and the price level. Based on your understanding of the current health of the economy, was this program successful? Why do you say this?
Suppose Clint's income is $100 a day and he spends all of this income on hamburgers (H) or hotdogs (D). Write an equation in slope intercept form for Clint's budget line given this information and measuring hamburgers on the vertical axis
Consider an HMO with a demand curve of the following form: Q=100-2P. Suppose that its marginal and average costs were $20. If the firm maximizes profits, determine its price, output, and profits. If the firm must act as a perfect competitor, in the l..
Assume that you are leaving a message in a time capsule to be opened 100 years from now. Formulate a message you leave regarding the economic times of your lifetime and what could have been done to make our economy better.
A country has GDP of 10bn pesos and its government has borrowed 1bn pesos of money domestically and $4bn in U.S. dollars. The exchange rate is $1 = 1 peso. Interest rates are 10% on peso denominated debt and 5% on dollar denominated debt. What ..
you are working with a new employee who has experienced minimal exposure to computers or networks. as part of the
Suppose that the trade pattern of a country is that it exports foodstuffs and imports fancy sports equipment. Can you make a case that trade acts like a regressive tax in its impact on the distribution of real income and welfare within the countr..
Aside from humanitarian concerns,what is the one reason on nation is motivated to provivde foreign aid to a less developed country.
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