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Suppose there are two kinds of people in society who are equally represented —those with 20% chance of developing diabetes next year, and those with 2% chance of developing diabetes next year. Individuals know their own risks but the insurers cannot discern this information (so they can’t charge different prices to different people). Purchasing health insurance is voluntary in this society. Diabetes costs $12,000 to treat. If you are an insurer who will offer a full coverage policy (i.e. you will pay $12,000 on behalf of your customer if diabetes happens), what should you set as your premium, and why?
Please explain the difficulty you face as an insurer in figuring out the optimal premiums to charge in this situation.
Use the AD/AS model to explain and show the current economic situation. Then suggest a fiscal approach to solve the current economic situation without adding any more debt. The current MPC = .80.
Spalding Doughnuts wants to know about its waiting line. Currently, Spalding Doughnuts uses a single-server, single-phase system when serving customers. What is the average number of customers waiting in line? What is the probability of having more t..
Suppose the market for healthcare services conformed to the model of perfect competition presented in class, as represented in the figures below. If the government levied a $10 tax on providers for each service they provided, how would the market pri..
graph these events and evalute the magnitude of the reduction in wages for civilian workers as a whole. Do you concur with Professor Pessimist.
When we apply 50 tons of fertilizer, the total yield is 1500 bushels. Elucidate the marginal value product per ton of fertilizer.
What happens to the profits of boat makers in short run. Illustrate what happens to the number of boat makers in the long run.
Consider the following: Clark was considered to have “thought out the concept of marginal utility and its influence on exchange value” without having read Jevons, even though Jevon’s had already published. Discuss how this affected his contributio..
What is the equation of the demand curve if consumer incomes are$30,000, the price of good Y is $10, and the price of good Z is $20? Graph the demand curve that you found in (b), showing intercepts and slope. If the price of good X is $15, what is t..
Suppose you have been tasked with regulating a single monopoly firm that sells 50-pound bags of concrete. The firm has fixed costs of $10 million per year and a variable cost of $3 per bag no matter how many bags are produced. You find out that if yo..
The monthly market demand curve for calculators among economics students is given by P=100-2Q, where P is the price per calculator in dollars and Q is the number of calculators purchased per month. Find the price/quantity combination that would maxim..
Demand for a good is Qd = 20,000, 100 P. Supply is Qs = -1000 + 200 P. a. Find Q*, P*, consumer surplus, producer surplus, and total variable costs. Make a graph and label it. b. What is the elasticity of supply at the solution point? What is the ela..
A new car is purchased for $12,000 with a 10% down, 9% loan. The loan is for 4 years. After making 30 payments, the owner wants to pay off the loan's remaining balance. How much is owed?
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