How much is lost by setting up screening system

Assignment Help Business Economics
Reference no: EM131112530

Preventive care is not always cost-effective. Suppose that it costs $50 per person to administer a screening exam for a particular disease. Also suppose that if the screening exam finds the disease, the early detection given by the exam will avert $500 of costly future treatment. a. Imagine giving the screening test to 100 people. How much will it cost to give those 100 tests? $ . Imagine a case in which 15 percent of those receiving the screening exam test positive. How much in future costly treatments will be averted? $ . How much is saved by setting up a screening system? $ . b. Imagine that everything is the same as in part a except that now only 5 percent of those receiving the screening exam test positive. In this case, how much in future costly treatments will be averted? $ . How much is lost by setting up a screening system? $.

Reference no: EM131112530

Questions Cloud

Steel production will internalize the externality entirely : The production of steel in a factory generates a negative externality. A? per-unit tax on the factory that equals? ________ of steel production will internalize the externality entirely.
Policies the government enacted the financial crisis : Identify four policies the government enacted following the financial crisis. Evaluate what effect these policies would have on the economy from both a short-run and a long-run perspective. Be sure to include: -The distinction between the short-run a..
Dollar strengthens relative to other currencies : Suppose that as the result of the crisis in Greece, the Euro depreciates against the US dollar. Why should you care when the US dollar strengthens relative to other currencies? Describe the ways this could impact your life and that of your friends an..
Power plant operating in monopoly market structure : Sid is the CEO of a local power plant operating in monopoly market structure. Explain why the demand curve (P) here is larger than the MR, and why Sid won’t produce on the inelastic portion of demand curve.
How much is lost by setting up screening system : Preventive care is not always cost-effective. Suppose that it costs $50 per person to administer a screening exam for a particular disease. Also suppose that if the screening exam finds the disease, the early detection given by the exam will avert $5..
Lead to right shift in the supply curve of? cotton : Which of the following is likely to lead to a right shift in the supply curve of? cotton?
What would happen in monopolistically competitive market : What would happen in a monopolistically competitive market if a Pigouvian tax were imposed to correct for an external diseconomy like carbon emissions?
Explain why in a perfectly competitive environment : Explain why, in a perfectly competitive environment, a profit maximizing firm will increase its labor force up to the number of workers that equates the prevailing wage rate to the value of the marginal product of labor (the marginal revenue product ..
What is the most useful idea learned in engineering economy : How is net present value useful for making an engineering decision? What is the comparative values of NPV, annual worth, and internal rate of return? What is the most useful idea learned in engineering economy?

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd