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An insurance company knows that expected health expenditures are distributed uniformly over the interval [2000, 12000], but is unable to identify the expected health expenditure of any specific individual and thus must charge a uniform premium. Individuals are willing to pay 1.40 times their expected expenditures for insurance coverage.
a. Can the market possibly function at a premium of $7000? Explain reasoning
b. Can the market possibly function at a premium of $10500? Explain reasoning
c. What does parts (a) and (b) tell us about the consequences of adverse selection in health insurance markets?
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The weekly sales of Volvo's Cross Country station wagons are normally distributed witha mean of 1,000 and standard deviation of 250.
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