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A company with 100 employees decides to offer its employees medical insurance administered by a major health company, but funded totally by the employer—i.e., it self-insurance. The next year, five employees were diagnosed with major medical issues that cost several hundred thousand dollars each, which when combined with everyone else’s expenses, cost the company $2M for the year. The CEO is furious with his HR director who told him that, given their history of medical expenses, he could expect no more than $1M in total costs for the year. What is the best way to avoid this problem in the future?
A. Lay off old, sickly workers and hire only young, healthy workers
B. Set a limit of $10,000 on medical expense payments from the employer. Employees must take care of anything over that themselves.
C. Employer buy insurance that kicks in when medical expenditures exceed what the company expected or is willing to cover.
D. All of the above
In general, the marginal cost (MC) curve is U-shaped as you learned in the lectures and the textbook. However, exception exists. Please provide at least one industry as an example to illustrate that MC is not U-shaped. Explain briefly the shape of MC..
The Paradise Shoes Company has estimated its weekly TVC function from data collected over the past several months, as TVC = 3450 + 20Q + 0.008Q2 where TVC represents the total variable cost and Q represents pairs of shoes produced per week. Describe ..
In "In Praise of Big Brother" (pp. 203-215), James Stacey Taylor argues for the optimistic conclusion that, with the right legal and procedural safeguards, large-scale governance surveillance would have many positive consequences.
Elucidate the production combinations society would like to choose. the boundary that divides all production combinations into attainable ones.
Luke has $16 to spend on his lunch at his school cafeteria every week. A slice of pizza (P) costs $2 and a submarine sandwich (S) costs $4. Luke likes an average more than extremes. Draw an indifference curve diagram (place pizza on the horizontal ax..
An electronics manufacturing company is planning to introduce a new product in the market. The best competitor sells a similar product at $420/unit. It has been found that 85% learning curve applies ot the labor required. The time to complete the fir..
Using the Solow growth model with no technology growth and no population growth, write the fundamental equation of capital accumulation per capita and plot the time series for capital per capita, output per capita and consumption per capita when ther..
The interest rate generally considered to be the best indicator of day-to-day money market conditions and the one most directly monitored/targeted by the Fed is:
Explain how the bank credit channels (two channels) of monetary policy transmission operate. Illustrate with the scenario where the Federal Reserve Bank undertakes an open market purchase.
Suppose there is a sudden expectation of a substantial decrease in interest rates. What will this do to the demand for long term securities? What will this do to the demand of short term securities?
It is reasonable to think that technological innovations in the banking sector have lowered the transactions costs that consumers face with regard to cash management. Our theory suggests that this should lead to lower real cash balances. Yet in the d..
If equlibrium level of aggregate income in an economy is $250 billion while full-employment level of income is $450 billion, and if the value of MPC is 0.60, then additional investment needed to reach the full-employment level of income $____________..
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