Suppose that 90 percent of women who are Krista's age do not have high cholesterol and 10 percent do. If a cholesterol test indicates that Krista has high cholesterol, but the test is only accurate 80 percent of the time, then the probability that Krista really does have high cholesterol is roughly:
A. 80 percent.
B. 18 percent.
C. 90 percent.
D. 31 percent.
Answer: D
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Assume that a retailer sells 800 six packs of Dr. Pepper per day at a price of $3.00/six-pack. You, as an economic analyst, estimate that the cross-price elasticity between Dr. Pepper and Coca-Cola is 0.6. If the retailer raises the price of Coca-Cola by
10%, how would the sales of Dr. Pepper be affected, ceteris paribus? A) Sales of Dr. Pepper would rise by 48 six-packs B) Sales of Dr. Pepper would rise by 10% C) Sales of Dr. Pepper would fall by 48 six-packs D) None of the above
Refer to the data. If year 3 is chosen as the base year, the price index for year 1 is:
Assume an economy that makes only one product and that year 3 is the base year. Output and price data for a five-year period are as follows. Answer the question on the basis of these data.
A. 140.
B. 40.
C. 167.
D. 60.
A total cost curve shows the largest amount of a product a firm can produce with a minimum cost.
Answer the following statement true (T) or false (F)
A reason why there is more competition among restaurants than among large discount department stores is that restaurants
A) have more elastic demand for their product compared to department stores. B) unlike department stores, do not have significant economies of scale. C) unlike department stores, have to abide by government sanitation rules. D) have to cater to a variety of consumer tastes while department stores do not.