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There are two types of drivers on the road today: Speed Racers have a 5% chance of causing an accident per year, and Low Riders have a 1% chance of causing an accident per year. There are equal numbers of Speed Racers and Low Riders in the population. The cost of an accident is $12,000.
Suppose an insurance company knows with certainty each driver’s type. What premium would the insurance company charge each type of driver if prices are actuarially fair?
Now suppose that there is asymmetric information so that the insurance company does not know with certainty the driver’s type. Describe the insurance contracts that would be offered if no information at all is known about individual driver’s types. What if drivers self-reported their types to the insurance company?
Use a labor/leisure model (with leisure hours on the horizontal axis and income on the vertical axis) and words to explain in detail why an income tax creates a welfare cost (or excess burden). Assume that the tax is a constant marginal tax on earned..
Between February 2008 and Summer 2009 the Fed supplemented its open market operations with a greatly expanded program of direct lending (both overnight and short term 28 and 84 day loans) to commercial banks, Explain why the Fed created all these ex..
Suppose that firms are NOT owned by consumers.than what is the value of that maximizes total consumer well-being?
Emerging Markets Project. Select an emerging market that you would like to learn more about (Not your country of origin). Start by compiling fundamental country data, then do additional research to flesh out the nature of the market opportunity offer..
Estimate how companies need to bridge the gap between the current state and the e-business state.
Using one of the commodities listed here as an example, model this problem from an economic perspective this example of market failure. Assuming a world price that was equal to the price celing imposed, what would be the effect of this efficiency of ..
Suppose that, in the course of a regular check-up, a doctor discovers that the patient has a potentially cancerous lesion. Most lesions are benign (non-cancerous), say 99%. The doctor orders an x-ray just in case. How is this mistake an example of re..
Is the concept of economic performance, together with the practice of using economic performance measures (variables) that are either money amounts or are constructed from several money amounts, a valid, objective tool to measure value? Defend your a..
Austerity measures implemented in several European countries will mean lower level of government expenditures for these countries? For these countries, this would cause
How much output is lost as a result of deaths from secondhand smoke, according to the news.
Hannah and Sam run Moretown Makeovers, a home remodeling business. The number of square feet they can remodel in a week is described by the Cobb-Douglas production function. Q=F (L,K) Q=10L0.5K0.5 where L is their number of workers andKis units of ca..
Discussion surface area and volume play a role in marketing products, such as advantages and disadvantages. Give specific examples and include related information when appropriate, such as surface area, lateral area, cross section, etc.
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