The value of buying insurance for a cell phone is to permit an ungrade to a newer model cell phone. be able to replace the cell phone if it is lost or stolen. lower the cost of roaming charges on the cell phone. O be able to change the cell phone service provider.

Q: Is the decision to buy pet insurance strictly an economic decision? Explain.

A: An economic decision is a decision when people have to choose between options due to scarcity of…

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A: We know well that in autonomous transactions there occur deficits or surplus which are to be covered…

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A: The conclusion of instructive exercises in the Kingdom of Saudi Arabia because of the continuous…

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A: Joyce paid for an item=$93.50The percentage of an item joyce paid on original price=45%

Q: Bill is a professional photographer. His camera is broken, and he needs a new one within the next…

A: Willingness to pay (WTP) shows the maximum price that the buyer or consumer is ready to pay to get…

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A: *answer:

Q: insurance. Assume that claims by safe drivers cost the insurer $1,000 over the term of the policy…

A: a. Expected Cost = π (W) + (1 - π) F = 0.9 × 1000 +  0.1 × 1500 = 900 + 500 = 400

Q: Troy wins a prize of a McDonald's Restaurant $10 gift certificate. He can trade the prize in for a…

A: Opportunity cost is the cost that a person sacrifices when they choose one option over another. This…

Q: There is a product (C)Coffee. The Coffee can have good qualty (H) or bad qualitt (L). The smallest…

A: The choice of having good that is bad quality (L) is not in the demand of the buyers because they…

Q: why

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer one question at a…

Q: A clothing merchant purchases a shipment of clothes for $38,000.00 with discounts of 11% and 5%. He…

A: Given information Total cost of shipment of clothes = $38000 He sells it at a discount of 11% and 5%…

Q: Ruth Lockwood earns $2,917 a month as a supervisor for Acme Steel.  Her group medical     coverage…

A: Medical insurance: It provides coverage for hospitalization, accidents, and pre-specified ailments…

Q: uppose the demand for anxiety medication prescriptions is given by P = 300 – Q. Suppose the marginal…

A: Demand function : P = 300 - Q Marginal Cost : 100 Total Revenue Function : P*Q  = 300Q - Q2…

Q: Nature of Insurance Insurance is a means to minimize the seriousness of a risk to an individual. A…

A: Insurance Insurance is a contract in which a person or business gets financial protection or payment…

Q: b) Renting apartments through Airbnb, when consumers do not know whether the quality of the…

A: Hidden action is a type of moral hazard due to asymmetric information.

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A: Cost of production is the total cost incurred during the manufacturing of raw material to the…

Q: Imagine a market for used computers. There are two types of computers: good and bad. Also imagine…

A: Because buyer thinks that computer would be of bad quality.

Q: . Moral Hasard and Insurance The utility is U = W¹1/2-350S +95S¹/2; where W is wealth and S is care…

A: Answer;

Q: A bank ATM mistakenly dispenses $100 bills instead of $10s: what is likely to happen

A: Dispensing $100 banknotes instead of $10 bills by mistake.

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A: Marginal cost is the addition to total cost by employing an additional input and marginal revenue is…

Q: Uz Uz U4 Us 20 28 42 60 Income Currently the consumer has $60. If there is an accident their income…

A: Given a discrete random variable, and a function of that variable, the expected value of that random…

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A: Given, Price of pizza (selling price)= $20 Variable cost per pizza (variable cost) = $5 Total fixed…

Q: True or False: Most used cars have a full warranty. O True O False

A: Warranty is a type of guarantee that a manufacturer makes to the customer which ensures that repairs…

Q: Describe the Cost of Cooking with Electric and Gas Ranges.

A: Cost: It shows the monetary value of the good and services which is purchased by consumers and…

Q: mpany of 5000. Safe drivers have a lower probability of accidents with óf $: áfé dřivers have a…

A: Insurance is a policy, addressed by an approach, where an individual or element gets monetary…

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A: A person always compares the value of the risk with value of the insurance in order to weigh the…

Q: Juanita is deciding whether to buy a suit that she wants, as well as where to buy it. Three stores…

A: Opportunity cost refers to value of next best alternative. It refers to the foregone income that…

Q: If the price of beef was $45.00 what is the optimum number of cows and the profit or loss at that…

A: Solution:- (i) If the price is $45., the optimum level of input is 50. At this level, we get $1366.2…

Q: Billy's income is equal to / = 100 and his utility function is U == 12, There is a 10% chance that…

A: Given, Income, I = 100 The utility function, U = I2 The probability of accident or damage= p = 10% =…

Q: 3. (8 points) A taxpayer (of a particular profile) can either comply with the IRS code, or cheat and…

A:

Q: True or False: Short-term disability insurance usually requires a short waiting period before it…

A: Short-term disability (STD, or sometimes SDI) insurance typically pays about 60% of an employee's…

Q: m x1 = 10 + 10р1 If income is 200 and product is sold for price of 10, subsitition and income effect…

A: The income effect is the change of consumption of a good due to a change in income. The substitution…

Q: EOC 16.05 (and 16.06) Who likely gets charged the lowest price for a rental car? Select an answer…

A: Elasticity measures the responsiveness of quantity demanded with respect to change in price.

Q: Billy's income is equal to / =100 and his utility function is U = 12, There is a 10% chance that ne…

A: Income = 100  Utility function = I2 Probability of accident = 10% = 0.10  Damage cost = 70

Q: Plz do it asap

A: Meaning of Health Economics: Here, the term health economics refers to the factors of all the…

Q: before receiving a policy from the insurer, a producer may give an insured a written document as…

A: Insurance policies are legal agreements between the insurance providers and the policy holders. The…

Q: Linda has a chronic illness that requires two medications: Xolophyl (X) and Ysplinti (Y). She needs…

A: Given that :Two good : aolophyl (X) and ysplinti (Y)Price of X and Y are Px and Py…

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A: Economic Rent : Economic rent can be defined as income derived from ownership or control over a…

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A: Open interest is the all out number of remarkable subordinate agreements, for example, choices or…

Q: types of savigs vehicles

A: The two main types of saving vehicles are 1. Savings account 2. Checking account

Q: James has two young children (Finn and lain) who are visiting the doctor for their annual well-child…

A: $0 As well child check ups are 100% covered by the health insurance, James does not have to pay…

Q: ed. It costs $700 and reduces pain by 25 units.

A: a) ICER= (C1-C0)/(E1-E0) = 600-0/30-0 = 20 $         B) Since Jay is only willing to pay 10$, he…

Q: Consider a consumer with a medical bill of $1,000. He has a $250 deductible and a 10 percent…

A: Medical bill = $1000 Deductible = $250 The co-insurance rate is 10 percent on all expenses over…

Q: (i) Jim has a used car that is worth between 0 and 2000 pounds (an equal chance of each price in…

A: Here, we can calculate the worth of a car by following method as given below;

Q: antity demanded of tacos decreases er hour at each price, the new price of a taco) 0 1.00 2.00 3.00…

A: Given, Price quantity demanded  quantity supplied  1 240 0 2 210 30 3 180 60 4 150 90 5…

Q: What is insurance 6. Explain threx principles of insurance

A: Individuals benefit from insurance plans because they safeguard themselves, their families, and…