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Bargaining power of customers is likely to be the lowest for markets involving
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- do this ignore leacture informationIs the consumer marketing approach taken by “LIVE TESTS” appropriate for all Bto-B marketers? Explain.You are considering entry into a market in which there is currently only one producer (incumbent). If you enter, the incumbent can take one of two strategies, price low or price high. If he prices high, then you expect a $60K profit per year. If he prices low, then you expect $20K loss per year. You should enter if you believe demand is inelastic. you believe the probability that the incumbent will price low is greater than 0.75. you believe the probability that the incumbent will price low is less than 0.75. you believe the market size is growing.
- The primary purpose of he Coordinalion of Benefits provision found in most group Major Medical policies is to perform which of the following funclions? A.Providing coverage for insureds who are leaving heir employment B.Preventing a claimant from profiting from an injury or sickness C.Allowing an insured to receive bolh Disability Income benefits and Medical Expense benefits if entilled o both D.Permitting an insurance company to pay benefits direclly to providers of medical servicesProvide an intuitive discussion of how adverse selection affects the used-car market. Describe one potential signal that can help alleviate the problem of adverse selection in this market and discuss how this signal satisfies the two necessary assumptions for it to be used as a credible signal.Compare and contrast two quantitative tools for decision-making in conditions of certainty
- Match the term with its corresponding definition.___ Attributable risk___ Attributable risk percent___ Relative Risk___ Incidence rateA. Compares the incidence rate of the exposed to the incidence rate of theunexposed.B. The proportion of incidence cases among the exposed that are due to theexposure.C. The number of new cases of disease in a population divided by the total numberof persons in the population who were at risk for disease during a specified periodof time.D. The absolute difference in the incidence rate between the exposed and theunexposed._____ is when everyone in a country is covered by insurance that is run and administered by the government. This strategy is effective at combatting _____. a. Means tested health insurance; adverse selection b. Universal public health insurance; adverse selection c. Universal public health insurance; moral hazard d. Compulsory insurance; moral hazard e. Compulsory insurance; monopoly pricing f. Means tested health insurance; moral hazardSuppose in a given state's new insurance marketplace, with community rating and no restrictions on who can buy at the community rate, the risk pool (distribution of expected health costs) is as follows: 30% of eligible enrollees' expected health costs = $1,000 (per year)65% of eligible enrollees' expected health costs = $2,0005% of eligible enrollees' expected health costs = $10,000 Now suppose one insurer, and one insurer only, were allowed to offer any premium it wanted to any potential buyer and to exclude those it did not want to cover? What premium would they likely charge and who would they sell to and who would they exclude? What would happen to the other insurers? Does this help you see why the ACA was written to apply to all insurers?
- Hansel has been making a cuckoo wristwatch, which he sells over the web. Customers are willing to pay $600 for Hansel’s watch, and each one costs him $240 to make. He has no fixed costs. Gretel is considering entry into this market. Her consultant has conducted a large-scale study of customers to determine how much they are willing to pay for watches of various quality levels. The consultant has found that customers’ willingness to pay equals 150q per watch, where q is a quality index the consulting firm has developed that ranges from 1 to 10. Gretel’s cost would be 15q2 per watch. Regardless of whether or not Gretel enters the market, and regardless of the quality level she chooses, Hansel will not change his competitive positioning. Suppose Gretel chooses to enter the market with a lower quality level to save on costs. Specifically, her quality index equals 3. What is her added value vis-à-vis Hansel (per watch)? What is the optimal quality level Gretel should choose…Define the characteristics of a vulnerable consumer. Considering ethics, should there be greater government regulation with respect to selling to vulnerable consumers? Within the context of a Christian worldview, why should businesses consider the methods of marketing to vulnerable consumers? Be sure to support your responses with evidence from the readings or additional references.Actuaries perform the crucial task of estimating the time paths and probability distributions of costs and revenues for different insurance contracts. Becoming an actuary takes several years, and involves passing a series of rigorous examinations given either by the Society of Actuaries or by the Casualty Actuarial Society. Usually, the individual works for an insurance company while studying for the exams, and the company gives the individual time off to study for the exams. Passing an exam usually results in a significant pay increase. a) Do actuaries have general or firm-specific human capital? b) Who “pays for” the worker’s time off to study for the exams? Choose one answer and explain. · the worker does, by accepting a lower salary · the firm does, to invest in the worker’s human capital c) Why does the individual get a pay increase after passing each exam? Why not evaluate the employee once per year, like many companies do?
