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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, while Low Riders have a 1% chance of causing an accident per year. There are the same number of Speed Racers as there are Low Riders. The cost of an accident is $12,000.
a. Suppose an insurance company knows with certainty each driver's type. What premium would the insurance company charge each type of driver?
b. Now suppose that there is asymmetric information so that the insurance company does not know with certainty the driver's type. Would insurance be sold if: (i) drivers self-reported their types to the insurance company?
(ii) no information at all is known about individual driver's types?
If you are uncertain whether insurance would be sold, explain why.
What would the annual percentage rate be if the city plans to make an interest payment of $2 million?
The news headlines during late 2012 and early 2013 were predominantly encompassed by the numerous deliberations between the President of the United States of America and the United States Congress regarding how to deal with the economic situations..
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What would the number of paying patients and federally funded seniors be if the federal funding agency raised its rate to $120 per treatment and given a supply curve for ultrasound clinics, predict how the supply curve will shift
Calculate an actuarially fair insurance premium. What would your expected utility be were you to purchase the actuarially fair insurance premium?
What is Public Enterprise
There are three alternative plans that indicate the benefits and costs associated with the construction of a Manitoba hazardous waste facility
Based on your reading of material from the Index of Economic Freedom, describe the relationship between economic freedom and variations in wealth among countries.
There are three alternative plans that indicate the benefits and costs associated with the construction of a Manitoba hazardous waste facility (see table on next page).
Understand different theories of social welfare
Explain the role of monitoring and evaluation in Quality Assurance Discuss Five tools that you can use to effectively monitor the activities of your school
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