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Suppose that, in the course of a regular check-up, a doctor discovers that the patient has a potentially cancerous lesion. Most lesions are benign (non-cancerous), say 99%. The doctor orders an x-ray just in case. In laboratory tests on malignant (cancerous) lesions, the x-ray returns positive ( cancer-affirming) results 79.2% of the time and negative results 20.8% of the time. In laboratory test s on benign lesions, the x-ray returns positive results only 9.6% of the time and negative results 90.4% of the time. a. The patient’s x-ray comes back positive. What is the probability that the patient has cancer? b. Suppose that the doctor calculates the probability that the patient has cancer without regard to the base rate of cancer in the population – that is, the doctor uses Bayes’ Law but assumes that cancerous and non-cancerous lesions are equally likely. What mistaken conclusion will the doctor draw from the test? How is this mistake an example of representativeness? Explain why it is important in these situations to have hospital procedures that require additional tests to be performed before a patient undergoes treatment.
The market supply and demand curves in a perfectly competitive market are, respectively: Find the total profit earned at this level of output
Joe is an empire builder". That is, his goal is to produce and sell as much as possible. Show that Joe's output is a decreasing function of all input prices.
Everything else held constant, when the nominal exchange rate in units of foreign currency per unit of domestic currency decreases, the ________ domestic assets ________.
Do some research and write a Topic Paper that describes the market structure in which a typical professional sports team in or outside the United States (e.g. New York Yankees, Kansas City Wizards, New Jersey Nets, Manchester United, etc.) operates. ..
Movie theaters often charge different ticket prices for different times of shows; so is the movie theatre a monopoly that practices discrimination? What about the concession stand inside the theater?
Research shows that as the wages of married women rise, more of them work and they work more hours per year. However, as the wages of their spouse increase, they reduce their labor force participation rate and hours worked (hint: this is like non-lab..
How did speculation contribute to the stock market crash of 1929? Cite two examples of speculation at the time. Given that only 10% of households held any stocks, how did the stock market crash end up collapsing the whole economy? Name and explain tw..
A firm with Monopoly in two markets and the same costs of serving them should charge a higher price in that market with a higher demand.
An old, fully depreciated asset (defender) has O&M cost of $1,500 this year, and these will increase by $1,500 each year. The current salvage value of the asset is $4,500, and this is expected to decline by $750 each year.
Illustrate what are the fours upply factors of economic grwoth. what is the demand factor? What is the efficiency factor.
If each of the firms sets its own output rate to maximize its profits, assuming that the other firm holds its rate of output constant.
Would the sales of pollution rights or certificates be an efficient means of allocating a given amount of pollution.
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