Explain why an understanding of the role played by economics
Explain why an understanding of the role played by economics in social issues is important for people who are not economists to understand. Give the specific examples to support your response.
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Blood tests for virus are 99.9% accurate when given to some-one infected and 99.99% accurate when given to someone not infected. Determine the probability that a random adult not in a high-risk group will test positive for the HIV virus?
Spike is not a terribly bright student. His chances of passing chemistry are 0.35; mathematics, 0.40; and both, 0.12. Determine the probability that he fails both subjects?
Sketch indifference curve for the case where she is a saver. In a dashed line on the same figure, draw the indifference curve for the case where there is no access to borrowing or savings. In which is utility higher? How do we know?
Describe the appropriate null and alternative hypotheses, in words and in symbols. Calculate the test statistic and p-value. Would you reject the null hypothesis at the .10 significance level? Explain.
Find out the single most important economic principle learned and discuss why it was more significant than any other principle or concept. Examine two of the greatest economic challenges that the U.S. economy is currently facing.
Explain how you assess the rate at which current communication changes and implementations are taking place in our modern world?
Determine the following utility function, which specifies Hurry's preferences over two goods, belts (B) and wallets (W).Determine some ?xed level of utility, U0. Write down an expression for B as a function W and U0.
Explain what does the sharing economy mean to you? Determine the benefits of living in a sharing economy? Calculate a potential downside? Have you had any personal experience with the sharing economy? What would you share, what wouldn't yo
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