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Suppose that 70% of the population is generally healthy and 30% of the population is unhealthy. There is a 20% chance that a person gets sick whether they are healthy or unhealthy. However, their health status does affect the costs of their illness. The cost associated with an illness for a healthy person is $600, but for an unhealthy person, it is $10,000. (Note: insurance companies cannot distinguish healthy from unhealthy individuals in advance). Consider the expenses of an illness, either $600 or $10,000. The insurance company makes no expected profits, in expectation, it charges premiums to cover its expected costs. Let's assume that both healthy and unhealthy people are risk-neutral.
Question: If only unhealthy people buy the insurance, what would be the actuarially fair premium? Please show your calculations.
Evaluate the view that an increasing deficit in UK trade in goods is a major problem for the UK economy.
EmKay Carriers is considering the purchase of a new truck to replace one of its aging trucks. The current truck has a remaining life of 5 years and it is expected to have a salvage value of $25,000 at the end of its useful life. Operating and mainten..
Using a demand/supply diagram, illustrate and explain the effects of the imposition of an export tax on a good Y by a home country's government on
q.howard bowen is a large-scale cotton grower. the land as well as machinery he owns has a current market value of 4
Draft a research proposal to identify the problem also suggests a methodology for recommending a solution.
Which of the following means an estimate of a population parameter that provides an interval of values believed to contain the value of the parameter?
What and who should Google worry about? What should Sundar Pichai implement about these challenges? Provide recommendations, be specific
A statistics practitioner drew a random sample of 400 observations and found that x bar = 700 and s = 100. Illustrate what is total amount of output firm should produce.
Let Y 1 ,...., Y n be i.i.d. draws from a distribution with mean µ =10. A test of H0 : µ = 10 using the usual t-statistic yields a p-value of 0.07.
Use the information in the graphs to the right to determine the number of Twinkies packs and the number of? Ho-Hos packs Joe should buy to maximize his utility.
What does this situation in the EU and the UK (Brexit) mean for us here in the U.S. in terms of trade, travel, and global community? Elaborate.
Illustrate and explain the movement of the aggregate demand and aggregate supply curve both in the short and long run.
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