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Suppose that every driver faces a 1% probability of an automobile accident every year. An accident will on average cost each driver $10,000. Suppose there are 2 types of individuals:those w/$60,000 in the bank and those with $5000 in the bank. Assume that individuals w/$5000 in the bank declare bankruptcy if they get in a an accident. In bankruptcy, creditors receive only what individuals have in the bank. 1. What is the actuarially fair price of insurance? 2.What price are individuals w/$5000 in the bank willing to pay for the insurance?3. Will those w/$5000 in the bank voluntarily purchase insurance?
some games of strategy are cooperative. One example is deciding which side of the road to drive on. It doesn't matter which side it is, as long as everyone chooses the same side. Otherwise, everyone may get hurt. Does either player have a dominant st..
Suppose population growth rate is 0.03, inome elastiity of demand for consumption is 0.75 and inome growth rate of 0.05. what would be the growth rate of agriultural production for balaned growth of the economy.
While the population variances are unknown, we will assume they are equal.
Evaluate the institutionalist economists. Determine which economist you feel made the most significant contribution to economic theory. Justify your selection.
Find the gradient of Q b. Find the Hessian of Q c. Denote the initial K = 10,000
Illustrate what are the equilibrium wage rate and level of employment. What is the amount of economic rent.
Should the government limit the amounts that juries are allowed to award victims of medical malpractice, so as to reduce malpractice insurance premiums and thereby lower health care costs.
price is greater than marginal cost and average total cost is not at a minimum. How would it be possible to ‘eliminate' this waste. What would we have to give up.
Metro Limo also Urban Limo, operate nine passenger vans. These duopolists cannot compete with price, but they can compete through advertising.
The election of a new Congress causes consumer confidence to soar as expectations of future economic growth are solid.
Elucidate each event whether it changes short-run aggregate supply, long-run aggregate supply, aggregate demand, or some combination of them.
If the company wants to make a profit of $200 above the expected cots, what should be the price of the policy?
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