Answer:
Expected loss without insurance = $850
Explanation:
Given:
Probability to got injured or killed = 1 / 1000
Law suit average cost = $850,000
Deductible insurance = $100,000
Expected loss without insurance = ?
Computation of Expected loss without insurance:
Expected loss without insurance = Lawsuit average cost × Probability to get injured or killed
Expected loss without insurance = $850,000 × (1 / 1000)
Expected loss without insurance = $850
Answer:
Part a: The probability of breaking even in 6 tosses is 0.3125.
Part b: The probability that one payer wins all the money after the 10th toss is 0.0264.
Explanation:
Part a
P(success)=1/2=0.5
P(Failure)=1/2=0.5
Now for the break-even at the sixth toss
P(Break Even)=P(3 success out of 6)
P(3 success out of 6)
So the probability of breaking even in 6 tosses is 0.3125.
Part b:
So the probability that one of the player wins all the money after the 10th toss is given as the tenth toss is given as a win so
Wins in 9 tosses is given as 9!/7!=72
The probability that the other person wins
Wins in 8 out of 10 tosses is given as 10!/8!(10-8)!=10!/8!2!=45
So the probability of all the money is won by one of the gambler after the 10th toss is given as
P=number of wins in 9 tosses-Number of wins in 10 tosses/total number of tosses
P=(72-45)/2^16
P=0.0264
So the probability that one payer wins all the money after the 10th toss is 0.0264.
Answer:
your not giving enough information
Explanation:
Answer: B. No. Imposing a price control below the equilibrium price in a market causes the quantity of the good available to consumers to fall because sellers will supply a smaller quantity, thereby causing some consumers to go without food that they would have been able to buy in the absence of the price control.
Explanation:
If price controls are introduced below the equilibrium price in the market, farmers or sellers will supply less to the market because they will not be incentivized to produce more seeing as they are not making what they should be making.
This, coupled with increased demand on account of food being cheaper, will lead to shortages which would mean that those that could have been able to afford the food at the equilibrium price would not be able to access food leading to even worse food shortages.
We can actually deduce here that the unintended consequences of an economic change that are not immediately identifiable but are felt only with time are known in economics as: D. Secondary effects.
<h3>What is unintended consequence?</h3>
Unintended consequence, as seen in social sciences are known to be the result or outcome that is gotten from a purposeful action which were not seen coming.
The options that complete the question are:
a. scarcity constraints.
b. marginal effects.
c. opportunity costs.
d. secondary effects
We can actually deduce here that such unintended consequences of an economic change that are not immediately identifiable but are felt only with time are known in economics are known to be secondary effects.
Learn more about unintended consequence on brainly.com/question/17228614
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