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Imagine that 50-year-old men can be divided into two groups: those who have a family history of cancer and those who do not. For the purposes of this example, say that 20% of a group of 1,000 men have a family history of cancer, and these men have one chance in 50 of dying in the next year, while the other 80% of men have one chance in 200 of dying in the next year. The insurance company is selling a policy that will pay $100,000 to the estate of anyone who dies in the next year.
a. If the insurance company were selling life insurance separately to each group, what would be the actuarially fair premium for each group?
b. If an insurance company were offering life insurance to the entire group, but could not find out about family cancer histories, what would be the actuarially fair premium for the group as a whole? c. What will happen to the insurance company if it tries to charge the actuarially fair premium to the group as a whole rather than to each group separately?
The 2003 Zagat Restaurant Survey provides food, décor, and service ratings for some of the top restaurants across the United States. For 15 top-ranked restaurants located in New York, the average price of a dinner including, one drink and tip, wa..
Suppose a person expects to live six periods. This person has no accumulated wealth and receives an income of $15 in each of the first 4 periods.After period 4 this person retires and receives no wage income.
Join these points with a straight line; this is the PPF.
Assume the government cuts its purchases by $150billion. As a result, the budget deficit is reduced by $40 billion,private domestic saving decreases by $10 billion, disposablepersonal income decreases by $80 billion
Examine the charts and correlation tables. Do men or women pay (on average) higher rents? How can you tell?
Suppose that Roy could choose how many hours to work at a wage of W and choose to work 7 hours a day. The employer now offers him time-and-a-half wages(1.5W) for every hour he works beyond a minimum of 8 hours per day. Show how his budget constrai..
A certain town has yearly exports that total $40 million. It has no imports. The town's marginal propensity to consume residence expenditures from their income is 0.15 The town's marginal propensity to spend on other things is 0.65
Find E(Z) (1 dp) 2. Assuming that X and Y are statistically independent find var(Z) (1 dp) 3. Assuming that cov(X,Y) = 2 find var(Z) (1dp)
for Product X. Qx = 10,000 - 100 Px + 0.5 Y - 1000 r (3,000) (20) (0.3) (105) Where Qx is the quantity demanded of Product X, Px is the price of X, Y is income, and r is the prime interest rate (given in decimals, e.g., 0.02 or 0.05) The standard ..
Explain the CLRM assumptions discussed in class and why is OLS appropriate when all these assumptions hold - What effects does education have on the wage, according to the estimates obtained?
An investor bought 100 shares of stock at a cost of $10 per share. He held the stock for 15 years and then sold it for a total of $4000. For the first 3 years, he received no dividends.
Be certain to explain carefully why the policies are significant from your perspective. Briefly offer evidence as to their success.two specific government policies (pertaining to each of the two resource categories) that impressed you as significan..
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