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When the crop is growing you receive a warning from the government that a new disease has been found in some farms in the country, reducing profits by 70% (so only 30% of the profits will remain). That disease is not covered in the government insurance the farmer paid, as it is designed to cover only weather events. There is 30% probability the farmer would be affected by the new disease. If a private company offers disease insurance, how much insurance would be taken out if the insurance premium is 32 cents per dollar covered?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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