Often there are cheaper, less accurate tests for diagnosing the presence of some conditions in a person,along with more expensive, accurate tests. Suppose we have two cheap tests and one expensive test,with the following characteristics. All three tests are positive if a person has the condition (there are no"false negatives"), but the cheap tests give "false positives".Let a person be chosen at random, and let D = {person has the condition}. The three tests areTest 1:Test 2:Test 3:P (positive test D) = .05; test costs $5.00P (positive test |D) = .03; test costs $8.00P (positive test |D) = 0; test costs $40.00We want to check a large number of people for the condition, and have to choose among three testingstrategies:(i) Use Test 1, followed by Test 3 if Test 1 is positive.(ii) Use Test 2, followed by Test 3 if Test 2 is positive.(iii) Use Test 3.Determine the expected cost per person under each of strategies (i), (ii) and (iii). We will then choosethe strategy with the lowest expected cost. It is known that about .001 of the population have thecondition (i.e. P(D) = .001, P(D) = .999).

* ANSWER :- From the given information the answer is given as follows

Answered: Often there are cheaper, less accurate…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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