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saw5 [17]
3 years ago
12

​milton can sell his house for $175,000, but he has an outstanding mortgage of $195,000. rather than selling the house, he is th

inking about "helping" it burn to the ground so he could collect the $190,000 for which the house is insured. this would be an example of a ____ hazard.
Business
1 answer:
Digiron [165]3 years ago
7 0

This is an example of a moral hazard. This is a condition in which one party gets convoluted in a dangerous occurrence knowing that it is sheltered in contradiction of the risk and the other party will suffer the cost. It arises when mutually the parties have imperfect information about each other.

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To increase its revenue, transit authority should lower the fare.

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The 'elasticity of demand' measures the change in consumers response in quantity he demands as a result of the change in price, other factors remaining same.

A product is called elastic if with the increase or decrease in price, there is a drastic change in the quantity demand of the product. If the transit authority will lower its fare, then their revenue will increase as the elasticity of demand for bus trip is 1.2. By lowering the fare, the demand would increase and their revenue will increase.

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