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The following question provides some practice calculating the AFPs for different insurance policies. If the individual remains healthy (80% probability), she will consume $500 in medical care in the upcoming year. If the individual is afflicted by a moderate health condition (15% probability), she will consume $5000 in medical care. If the individual is afflicted with a serious condition (5% probability), she will consume $101,000 in medical care. Calculate the AFP for this person under each type of insurance described below.
a. An insurance policy with a $1000 deductible and no coinsurance (i.e. every dollar of HC spending beyond the $1000 deductible is fully covered by the insurance).
b. An insurance policy with a $1000 deductible and a coinsurance rate of 20%.
c. An insurance policy with a $1000 deductible, a coinsurance rate of 20%, and a catastrophic cap of $10,000.
Electrocomp incurred an oversupply of fans in the preceding period, management also insists that no more than 80 fans be produced during this production period. Resolve this product mix problem to find the new optimal solution.
what should you do when the manager of a perfectly competitive firm whose short run cost is TC = 100 + 160Q + 3Q2. If the market price is $196.
Use a budget constraint and indifference curve to show and elucidate how your consumption changes.
Explain how would you conclusion vary for winter months, if bad weather formulate it likely for traffic jams on the highway to increase to 6 days per month.
What do you need to do to handle crisis. SLook at mistaken assumptions described. Why do such assumptions arise, and what can be done to overcome se biases.
Suppose Audrey and Nicky are cousins with a destructive streak. Audrey is 1 year old and has a 10% chance of creating substantial damage in the next year, in which case the expected cost is $2000. Nicky is 2 years old and has a 5% chance of creating ..
Describe the tragedy of the commons. What problems are presented by the tragedy of the commons for moral evaluation of technological development? How would you address these problems?
Suppose regression of y on x with a sample of size 37 yields 2 R = 0.4. What is the correlation coefficient between y and x?
For each situation described here determine the type of unemployment: Steelworkers losing their jobs due to decreased demand for steel. A college graduate waiting to accept a job that allows her to utilize her level of education
The high rates of unemployment and business bankruptcies during the Great Depression of the 1930s caused a dramatic increase in government intervention in the economy of the United States. What was the original intent of this government intervention?..
If the price elasticity of demand in the United States for American-made luxury cars is 1.9, what is the impact on revenue if the price increases by 10%?
the set of efficient trades these individuals would rationally make. One of the points on the set of efficient trades you illustrated in your diagram will be a competitive equilibrium.
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