QUANTITY POINT POINT ARC TOTAL POINT PRICE DEMANDED ELASTICITY 1 ELASTICITY 2 ELASTICITY REVENUE 8.00 A. 7.20 10 B 4.00 50 0.80 90 G 0.00 100 Q=100-12.5P
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- Show solutiionIf a person lives for 3 years with a disease and the current standard of care for that disease means he/she lives with a utility level of 0.7.-What is the QALY? Answer in not less than 300 wordsAn individual has the utility function U(I) = I^(1/2), where I is their net income. (Note that I to the exponent/power of 1/2 is the same as the square root of I.) The individual starts with $1600 in income. The individual has a 20% probability of being very sick, 30% probability of being slightly sick, and 50% probability of being healthy. If the individual is sick, they lose net income because they need to pay healthcare costs. The healthcare costs are $1600 if they are very sick, $700 if they are slightly sick, and $0 if they are healthy. Please use this information for the following parts of this question unless otherwise specified. What is the individual's expected utility? Suppose a health insurance company offers the individual a full insurance contract. What is the actuarially fair, full insurance premium for this individual? What is the individual's expected utility if they purchase a full insurance contract at the actuarially fair, full insurance premium?
- Isabella understands that if she were to play golf, she would be able to spend time outdoors (where she likes to be) with people she enjoys. However, because she has taken golf lessons 10+ times and still cannot hit the golf ball, she does not believe that she can actually play golf. Based on what you know about Expectancy Theory, will she join her friends to play golf this summer? Group of answer choices Yes. Instrumentality and Valence are high. No. Valence is too high. No. Expectancy is low. Yes. Instrumentality is high.ADVERSE SELECTIONSomet Health Insurance Company wants to sell a health insurance product for $700 permonth. There is no requirement for healthy people to have insurance coverage. Thecompany conducts a survey to see how different populations respond to the proposed cost.People with no illnesses and disabilities, generally the young and healthy, respond that theydo not spend $700 on healthcare in an entire year, and most feel they would not waste somuch money on premiums when the chance of needing surgery or expensive healthcaretreatments is so small. However, older, sicker people think that $700 per month is a greatdeal, as most of them spend far in excess of this amount on healthcare. It seems like agreat deal for them. What will happen to the costs of the health insurance if only the older, sicker peopleenroll?(ii) For what values of x is ()Px increasing?(iii) For what values of x is ()Pxdecreasing?
- Suppose the large number of bike accidents in a small town results in new legislation that requires all citizens of the town to wear specialized bike helmets when riding. These new helmets reduce the probability of head trauma by 25% during a bike accident. While the new helmets the probability of a serious head injury resulting from a bike accident, they also incentivize cyclists to ride safely, which could the number of bike accidents and thus head injuries to cyclists.What type of variable is Life ladder, or the happiness score index, as reported in the world happiness report?As the COVID-19 crisis continues to deepen, the significant health and economic consequences of this disease is cripplingeven the most developed nations. With < 0.5% of globally confirmed cases occurring in Africa, the continent appears so farto be relatively spared the untoward direct health consequences of the COVID-19 pandemic. The disease nonetheless hasalready had a destabilizing effect on the lives of millions of Africans with disproportionate impact on the poor andunderserved. The interconnectedness that characterizes globalization has brought economic benefits to many Africancountries. With COVID-19, there have been disruptions in Africa’s global supply chains in the face of tumbling oil prices anda lowered global demand for African non-oil products, which constitutes a threat to the economic stability of the continent.Projected losses from oil shocks alone may result in a reduction in Africa’s export revenues by about US$101 billion in2020.This dip in oil prices will…
- Suppose a country has 100 million inhabitants. The population can be divided into the employed, the unemployed, and the persons who are out of the labor force (OLF). In any given year, the transition probabilities among the various categories are given by Moving into: Employed Unemployed OLF Moving from: Employed Unemployed OLF 0.94 0.20 0.05 0.02 0.65 0.03 0.04 0.15 0.92 These transition probabilities are interpreted as follows. In any given year, 2 percent of the workers who are employed become unemployed; 20 percent of the workers who are unemployed find jobs, and so on. What will be the steady-state unemployment rate?According to a recent Wall Street Journal article, about 2% of new US car sales are electric vehicles (data from Edison Electric Institute reported by Jinjoo Lee, "Peak Oil? Not This Year. Or This Decade," January 9, 2021 pg. B12). Suppose a company has 111 employees who drive new cars (separately) to work each day. What is the probability that at least one of them will drive an electric car? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.Q5 Please provide justified answer asap to get a upvote