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Suppose you are the owner of a health insurance company. In exchange for a premium, you pay the medical expenses for two types of customers: smokers and non-smokers. Over the course of a year, 50% of smokers incur medical bills of $600 and 20% of non-smokers incur medical bills of $120. Finally, suppose that the world consists of 50 smokers and 50 non-smokers.a. If you can determine who is a smoker and who is a non-smoker (Symmetric Information), what is the minimum premium you should charge smokers and non-smokers?b. Now assume you do not know which of the customers are smokers and which are non-smokers. If you can only charge a single premium, what premium do you charge to all of your policy holders?c. What is your profit from charging the premium found in part b? What happens to the smokers and non-smokers in this market?d. What premium must you charge in order to break-even?
a rancher needs to enclose two adjacent corrals, one for cattle and one for sheep. If the river forms one side of the corrals and 420 yd of fencing is available, find the largest total area that can be enclosed.
List all the binary relations on the set {0,1}. List the reflexive relations on the set {0,1}.
Is this test will be given to 600 randomly selected people, where each person has the illness, find the probability that there will be at least one false negative.
Sketch graphs using Mathcad for the following functions and state whether they are odd or even or neither
Use shells to find the volume of the solid formed by revolving the region bounded by the x-axis and y=4x-x^2 about the y-axis. Sketch the area. Include a typical rectangle.
A rectangular storage container with an open top is to have a volume of 10m3. The length of its base its twice the width. Material for the base costs of $10 per square meter.
Please response to the following: Reason each step and explain the mathematical mistake if there is one.
A total of 258 tickets were sold for a school play. They were either adult tickets or student tickets. The number of student tickets sold was two times the number of adult tickets sold. How many adult tickets were sold?
A flagpole is n feet tall. On this flag pole we display flags of the following types: red flags that are 1 foot tall, blue flags that are 2 feet tall and green flags that are 2 feet tall.
Determine the boundary values of the 95 percent confidence band for the regression line when Xh = 28. Is your-confidence band wider at this point than the confidence interval in part (a)? Should it be?
Trigonometric function to estimate the exact value.
A motorcycle dealership has allocated 90% of its employees to the sales of motorcycles of which 70% of this 90% are male employees, this company has also determined that 80% of all its employees are male.
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