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Question #1 Consider a particular genetic disease affects 3% of adults in the U.S. population. Fortunately, there is a genetic test for the gene that causes the disease. The test is 98% accurate; that is, 98% of the people who take the test get the correct result (and 2% of people tested get the wrong result). In Springfield, there are 100,000 adults, and they all get tested for the disease. 1.How many of the residents of Springfield are likely to have the disease? 2.How many of the people who actually have the disease get a positive test result? 3.How many of the people who do not have the disease get a positive test result? 4.Of the people who get a positive test result, how many of them have the disease? Convert this to a percentage: What percent of people who get a positive result actually have the disease? 5.What does this percentage tell you about the test? Question #2 Essay write- up The problem you must solve is: Acme Manufacturing Company requires all of its 5000 employees to take a drug test. Suppose 2% of the employees actually use drugs (although the company does not know this number). The drug test is 95% accurate. 1.How many of Acme's employees use drugs?. 2.How many of the employees who use drugs get a positive test result?. 3.How many of the employees who do not use drugs get a positive test result?. 4.Of the employees who get a positive test result, how many of them use drugs? Convert this to a percentage: What percent of people who get a positive result actually use drugs?. 5.State a conclusion about the accuracy of the test. . To get full credit for this write-up, you should: 1.Answer all parts of the problem.. 2.Show your justification for every step in your solution. Use clear, mathematically accurate language.. 3.Label all numbers with the units they represent (e.g., 0.3048 ft/meter).. 4.Clearly state your conclusions using complete English sentences (for example, "Jill needs to add 43 gallons of water to her pool").. You may use ideas from the discussion board, but you are expected to write your solution using your own words to explain your reasoning. The report should be no more than 3 pages.
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
Some commentators have argued that the failure of the “Super committee” is good thing for the economy? Do you agree?
Case study analysis about optimum resource allocation: - Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..
Questions: : Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month? Explain your choice.
Problem - Total Cost, Average Cost, Marginal Cost: - Complete the following table of costs for a firm. (Note: enter the figures in the MC column between outputs of 0 and 1, 1 and 2, 2 and 3, etc.)
Problem based on Oligopoly and demand curve, Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?
Explain the impact of external costs and external benefits on resource allocation; Why are public goods not produced in sufficient quantities by private markets? Which of the following are examples of public goods (or services)? Delete the incorrec..
Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..
Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:
Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..
"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"
Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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