Costing for insurance covers
Consider the following situation. In a population of 300 million people, there are two “types” of people. Type H (healthy), and Type S (sick). 90% of the people are healthy (Type H), and have a 1% chance of getting sick. The remainder are Type S and have a 15% chance of getting sick. Getting sick costs $200,000. Type H people are willing to pay $4,000 for insurance that covers their cost of illness. Type S people are willing to pay $22,000 to cover their cost of illness.
a. What is the expected cost of illness for a Type S person? Are they willing to buy insurance?
b. What is the expected cost of illness for a Type H person? Are they willing to buy insurance?
c. What is the expected cost of illness for the population as a whole?
d. If insurance companies could not distinguish who is healthy or who is sick, and can only charge one price for insurance, what would we expect to happen?
Effects of Climate change
Design a market-based mechanism to reduce CO_2 emissions.
Explain two of the market-based mechanisms we discussed in class for correcting an externality
What policy instrument is most appropriate if we know that the Earth can only tolerate some maximum quantity of pollution? Explain your reasoning in a sentence.
Costing and pricing methodologies
A new mineral, unobtanium, is discovered in only two locations on Earth, each owned by a different firm. It is a vital part of producing infant pacifiers, and has the interesting trait of often disappearing when needed. Unobtanium is the exact same regardless of where it is produced. Both firms face the market demand curve
P=1000-.5Q
And both firms have a constant marginal cost of 25. Assume the firms compete in a Cournot fashion.
Derive firm 1’s optimal response as a function of whatever quantity firm 2 will choose. Find Firm 2’s optimal response curve using symmetry
Solve for both firm’s individual quantities, as well as the market quantity and price
Examining your best response functions, explain why the firms would struggle to collude.
Derive the perfect competition price and quantity. Is demand more or less elastic at the perfect competition price or the Cournot duopoly price?
Assume that firm 1 is now able to move first.
Is there a first mover advantage? Explain how you know this referring to the first mover’s optimization problem.
What would happen if the two firms instead competed by choosing price?
the equal marginal principle and marginal utilities
Finals have just ended, and you have two options for how to celebrate. You can go to a local coffee shop, the Blue Fox, and drink frosty chocolate milkshakes, B, for a price of P_B, or instead you can go to a local box social and consume ice cream cones, I. Ice cream cones cost P_I each. You can participate in both activities but have limited income.
U=5B^.4 I^.6
Find both marginal utilities and explain what the marginal utility of hot chocolate, B, means in terms a non-economist would understand.
Write the equal marginal principle and explain what it means in terms a non-economist would understand (explain it as more than just the slope of some silly curve that most people haven’t heard of).
Solve for the demand function for ice cream.
Cost of production
A worker produces snowboards with a technology that can be represented by the production function . The price of capital is $10 per unit and the price of labor is $5 per unit.
Originally he is using 16 units of capital and 4 units of labor. How many snowboards does he produce?
What is his cost of production, and what does he spend on capital?
What is his optimal cost minimizing input mix for the output you found in part a?
impact of global warming on polar bears
Impact of global warming on polar bears
Have a hypothesis or question that you are addressing (state in opening of the paper)
Create a conceptual figure to demonstrate your study (graphs, charts, etc)
Use at least 2 references from primary scientific literature
Introduction 1. General overview 2. Detailed description 3. Background/history 4. Impact/effect on global population Surveillance 1. Incidence 2. Prevalence 3. Target population at greatest risk Cost to Society Disease 1. Progression of disease 2. Symptoms that characterize the disease 3. Short-term health effects 4. Long-term health effects 5. Probable outcomes (recovery, disability, death) Treatment/Solution 1. General information 2. Including campaigns and programs to decrease the problem
Introduction
1. General overview
2. Detailed description
3. Background/history
4. Impact/effect on global population
Surveillance
1. Incidence
2. Prevalence
3. Target population at greatest risk
Cost to Society
Disease
1. Progression of disease
2. Symptoms that characterize the disease
3. Short-term health effects
4. Long-term health effects
5. Probable outcomes (recovery, disability, death)
Treatment/Solution
1. General information
2. Including campaigns and programs to decrease the problem
commentary on the importance of team-working
Write a critical commentary on the importance of team-working,
effective leadership and management, and delegation skills learnt during the module.
Reflect on the progress you made in these areas since Year 1. You need to identify indicative topic area for the innovation project
Present an action plan with SMART goals and a self-developed checklist on the steps you are going to take to prepare
Smart Working practices for both employee and employer
What are the benefits of Smart Working practices for both employee and employer
Beyond the permanent workforce, what other contingent labour can be used as part of Human Resource Planning and discuss their merits?
The concepts and approaches to innovation and creativity
Define and apply the concepts and approaches to innovation and creativity
Critically evaluate the potential drivers, conditions, barriers and climate that
influence innovation and creativity
Critically assess the impact of innovation and creativity and their diffusion in
the success of organisations
