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A pharmaceutical company is testing a new test for HIV. The company designed an experiment with a total of 1000 individuals. 500 of them are HIV positive and 500 are not.The test results are given in the table below.
Given that a person tests negative, what is the probability that the person actually is HIV positive?
Test Positive Test Negative Row Sum
HIV positive 380 120 500
HIV negative 50 450 500
Column Sum 430 570 1000
A random sample of 44 gas grills has a mean price of $649.50. Assume the population standard deviation is $57.10.
Review the section on Asch's Research from your textbook. Describe why the individuals in the Asch experiment usually gave the same answer when they probably knew that it was wrong. How do social control and social bonding explain conformity?
Calculate consumer surplus, producer surplus, and deadweight loss. Show them in graph.
How much profit can the monopolist generate with first-degree price discrimination if resale can be prevented? What is the associated deadweight loss.
Consider a market with two consumers, A and B that have individual demand functions of q D A = 12 2p q D B = 9 p and a market supply function of Q S = 4 + 2p. Plot both demand curves and the supply curve.
What is outsourcing? Do you think American companies should be allowed to outsource?
What is the initial level of output per person? What is the level of output per person after 10 years?
Name two types of market failure. Explain why each may cause market outcomes to be inefficient. Please include references.
Is there a limit to the growth? What it means to have prosperity without growth and how? Please analyze with examples and elaborate.
Monopolies rely on Barriers of Entry to maintain the power to set prices. Carefully define and describe a natural monopoly plus TWO other types of entry barriers. Explain why 1) monopolies are economically inefficient and 2) why regulators tend to be..
Data for a new product that is very labor intensive introduced by Hicks Brothers in the operation in Hendersonville, TN is given below. The average labor cost including overhead expenses is about $20 per hour. Time for the very first unit = 9 hours T..
If both have a real GDP per capita today of $20,000, compare their real GDP per-capita in 100 years. Please show all of your working.
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