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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.
Calculate the extra output due to the water project and calculate the annual output of the village if the water project would be installed in $s
By observing an individual"s behavior in the situations outlined below, determine the relevant income elasticities of demand for each good (i.e., whether it is normal or inferior). If you cannot determine the income elasticity, what additional inform..
Suppose you purchase a 3-year, 5-percent coupon bond at par and hold it for two years. During that time, the interest rate falls to 4%. Calculate your annual holding period return. Assume that the coupon bond has a face value of $100.
One characteristic of automatic fiscal policy is that it...
Consider a pension fund manager for Time Warner, that must sell some Time Warner stock in three months to meet raise cash to meet pension obligations.
Suppose that the average variable cost of the firm is given by AVC(q) = 3 + q. Suppose that the firm"s fixed costs are known to be $3. Will the firm be earning a positive, negative, or zero profit in the short run?
During the job interview, the Vice President understood that you had received rigorous training in managerial economics, and you were able to choose some appropriate methods to predict the market movement.
Changes in the macroeconomy
what does the federal reserve take into account when establishing general and specific rates of interest? describe the
A manufacturing company purchased electrical services for the next 5 years to be paid for with $70,000 now. The service after 5 years will be $15,000 per year beginning with the sixth year. After 2 years service the company, having surplus profits, r..
Given the accelerationist Phillips curve = - 0.3 (U - 6) + , suppose that inflation in the preceding period was 3 percent, unemployment is 7 percent, and there is no price shock. The current inflation rate is ________.If expectations about inflat..
Jonathan a two-and-a-half-year-old, lives with his mother and brothers at his grandmother's house in Chicago.Based on the information in Jonathan's case study,what is Jonathan's rate of growth over the past six months.
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