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Question: There are two kinds of consumers who are looking to buy auto insurance from an insurance firm - Reckless drivers (R) and Safe Drivers (S). 50 percent of the consumer population is R and 50 percent is S. The insurance company's cost of servicing a consumer is $80 if she is a safe driver and $120 if she is a reckless driver. The value of the insurance is $100 to S and $150 to R. Observable Types Suppose the insurance company can observe whether a consumer is reckless or safe.
a) Who will get insured and what will the premiums be?
b) What are the profits to the insurance company?
c) Is this outcome efficient?
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