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Question. Your utility function is U = ln(2C) where C is the amount of consumption you have in any given period. Your income is $40,000 per year and there is a 2% chance that you will be involved in a catastrophic accident that will cost you $30,000 next year.
a. What is your expected utility?
b. Calculate an actuarially fair insurance premium. What would your expected utility be were you to purchase the actuarially fair insurance premium?
c. What is the most that you would be willing to pay for insurance, given your utility function?
1. suppose the price of a unit of medical care is 100 and the persons insurance policy covers up to 100000 in
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Italy is a large European country with a staggering public debt and underperforming economy.
What would the annual percentage rate be if the city plans to make an interest payment of $2 million?
The purpose of this project is to promote better understanding of globalization, world trade and economic development, including the forces, values, events etc.
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