Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Business Economics Expert

During an outbreak of disease there is a test that can identify the disease early, saving $10,000 in treatment costs per case identified. This test identifies the disease 70% of the time in those infected and costs $500 per test. Another, more expensive test is available that identifies the disease early 78% of the time. Experts believe that 100 out of 1,000 people to be tested actually have the disease. What is most the community should pay to acquire the more accurate test?

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M92201642

Have any Question?


Related Questions in Business Economics

Each of the following lists has an average of 50 for which

Each of the following lists has an average of 50. For which one is the spread of the numbers around the average biggest?smallest? a. 0, 20, 40, 50, 60, 80, 100 b. 0, 48, 49, 50, 51, 52, 100 c. 0, 1, 2, 50, 98, 99, 100 Gu ...

Suppose for the 3rd year in a row the harvest of wheat in

Suppose for the 3rd year in a row, the harvest of wheat in the US continues to decline. Imports are being used to make up the shortages in the US. In addition the US government decides to establish a price ceiling to hel ...

I using the central limit theorem what is the distribution

I. Using the central limit theorem, what is the distribution of sample means when the population distribution is the following? PART (A) rectangular (a) positively skewed (b) uniformly distributed (c) normally distribute ...

The abc movie theater has 300 seats in a typical month 25

The ABC movie theater has 300 seats. In a typical month, 25 percent of the seats are sold. The price elasticity is estimated to be -0.9. The price of a ticket is $8.00. The manager wants to increase the attendance to 30 ...

A student must answer 6 multiple choice questions for a

A student must answer 6 multiple choice questions for a test, but the student did not study well. There are 6 answers per question, but only one is correct. If the student randomly guesses on each questions, what is the ...

The caloric consumption of 44 adults was measured and found

The caloric consumption of 44 adults was measured and found to average 2,113. Assume the population standard deviation is 270 calories per day. Construct confidence intervals to estimate the mean number of calories consu ...

I define the parameter of interest in the context of the

(i) Define the parameter of interest in the context of the problem (ii) State the alternative hypothesis. (iii) State the distribution used to calculate the P-value (not the formula, but the distribution, eg. t distribut ...

A survey of a random sample of 1000 smartphone owners found

A survey of a random sample of 1000 smartphone owners found that the mean daily time spent communicating on a smartphone was 131.4 minutes. From previous studies, it is assumed that the population standard deviation is 2 ...

Sally purchases hardwood lumber for a custom

Sally purchases hardwood lumber for a custom furniture-building shop. She uses three suppliers, Northern Hardwoods, Mountain Top, and Spring  Valley. Lumber is classi ed as either clear or has defects. Sally estimates th ...

Soma needs loan from para soma needs 14400 and para agreed

Soma needs loan from Para. Soma needs $14,400 and Para agreed to lend the $14,400 if Soma makes one payment to Para in the amount of $18,000, to be paid four months from now. What is the EAR on this loan?

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As