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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% sensi- tivity) 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 popu- lation 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?
Suppose a country has a money demand function ( M/ P)^d = kY, where k is a constant parameter. The money supply grows by 12 per year, and real income grows by 4 percent per year.What is the average inflation rate
Using the tools during development will reduce the MCS projects' Language and Toolset Experience rating from Nominal to Low. During maintenance, the experience with the tools will return the rating to Nominal. The cost of the tools is $500K.
Suppose that fixed costs increase by $50 but the prevailing market price remains unchanged. Using algebra determine the effects of this change in cost on the profit maximizing output and the optimal profit. Do you see any change from your answer t..
Assume that the consumption schedule for a private open economy is such that consumption is as follows C = 50 + 0.9 Y Assume further that planned investment Ig and net exports Xn are independent of the level of real GDP and constant at
Suppose now that the demand for electricians increases to 70- 3N. Assume the market is subject to cobwebs. Calculate the wage and employment level in the first 4 rounds as the wage andemployment levels adjust to the demand shock.
Assume that a "leader country" has real GDP per capita of $40,000, whereas a "follower country" has real GDP per capita of $20,000. Next suppose that the growth of real GDP per capita falls to zero percent in the leader country and rises to 2 perc..
A small company spends $8000 per year on heating. The costs of natural gas for heating are expected to rise a 10% per year at one year from now (EOY 1). The maintenance on the gas furnace is $345 per year
You are starting your own Internet business. You decide to form a company that will sell cookbooks online. Justcookbooks.com is scheduled to launch 6 months from today. You estimate that the annual cost of this business will be as follows: Technol..
The starting salaries for full-time jobs for recent graduates in statistics are normally distributed with a mean of $44,000 and a standard deviation of $2,900. If random samples of 25 recent graduates were selected
The table below presents the populations of Uganda, Ghana, India and Brazil in 2000 and 2010. For each of these countries, calculate the population growth rate in the period. What is the rank of countries with respect to their population growth rat..
Assume that employers and workers agree that real wages should rise by 2% next year: 1) if inflation is expected to be 2% next year, what will happen to nominal wages next year 2) If inflation is expected to be 4% next year, rather than 2%, what will..
Heat Tamers, Inc., of Bend, Oregon produces special heat-resistant boots used primarily by firefighters, smoke-jumpers and steelworkers. It is contemplating an expansion into the heat resistant leather market charging a price of $150 per pair of b..
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