If patient insurance inquiries arrive at Blue Choice insurance with a mean rate of 3.6 calls per minute, the exponential probability of waiting more than 0.5 minutes to get the next inquiry call is _____. Question 6Select one: a. 0.2407 b. 0.1222 c. 0.5000 d. 0.1653
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If patient insurance inquiries arrive at Blue Choice insurance with a mean rate of 3.6 calls per minute, the exponential probability of waiting more than 0.5 minutes to get the next inquiry call is _____.
Question 6Select one:
0.2407
0.5000
0.1653
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- With reference to Fig. 5-3, if the individual's income is either OA = $30,000 with probability of 0.95 or OB = $5000, (a) what is the expected income of this individual? (b) What is the maximum amount of insurance that this individual would be willing to pay? %3DAn individual has 40,000 in income per year. The person will get sick with probability 0.1. If he does get sick, the medical bills will total 30,000. The following tables shows the utility derived from certain amounts of income: Income Utility40,000 20037,000 19535,000 19030,000 17020,000 14010,000 100Considering the probability of illness, what is the expected utility of income without insurance? Show your work.Wouldn't it be correct to say E=12, not 2E=12 for 12–(2/3)E=(1/3)E?
- If a person has a medical condition that has a quality of life index of 0.75, and the condition persisted for two years, then the individual would experience: a. 0.25 QALYs b. 1.50 c 0.50 d 0.75Venus Flycatcher Company sells exotic plants and is trying to decide which of two hybrid plants to introduce into their product line. Probabilities Hybrid/Demand Hybrid 1 Hybrid 2 $1,000 $1,500 $2,000 .2 $3,000 Low -10,000 -15,000 .3 Demand Medium 10,000 10,000 .5 High What is the most that Venus would pay for a highly reliable demand forecast? 30,000 35,000Consider an insurance company offer a "standard contract" with the premium r= $100 and payout q=$500 to anyone who will purchase it. Peter has healthy-state income IH $500 and sick-state income Is $0. He has probability of illness p=0.1. Is the standard contract fair and/or full for Peter? If he ends up getting sick, what will his final income be? (please show all your calculations)
- ЕОC 12.02 Suppose you are the mayor of a town and you want to increase safety at an intersection. A traffic light will increase safety and reduce fatality risk by 0.5% but costs $100,000. Suppose the value of human life is estimated at $10 million. Should you spend the money to install the traffic light? (Hint: to multiply 1% by 200 you follow this process: 0.01 x 200 = 2). Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Yes, since the expected benefit ($500,000) exceeds the cost. b Yes, since the expected benefit ($150,000) exceeds the cost. No, since the expected benefit ($50,000) is lower than the cost. d No, since the expected benefit ($15,000) is lower than the cost.For all parts of this question, assume that the log of GDP per capita is normally distributed with a mean of 8.7 and standard devistion of 1.5Step 1 of 4: If the log of the world distribution of income is normaly distributed with a mean of 8.7 and a standard deviation of 1.5, what income indollars) marks the 90th percentile? KeypadAnswer A 71.325B 1.29C 41,253D 10.63Match the term with its corresponding definition.___ Attributable risk___ Attributable risk percent___ Relative Risk___ Incidence rateA. Compares the incidence rate of the exposed to the incidence rate of theunexposed.B. The proportion of incidence cases among the exposed that are due to theexposure.C. The number of new cases of disease in a population divided by the total numberof persons in the population who were at risk for disease during a specified periodof time.D. The absolute difference in the incidence rate between the exposed and theunexposed.
- For all parts of this question, assume that the log of GDP per capita is normally distributed with a mean of 8.7 and standard deviation of 1.5. Step 2 of 4: What is the probability that a country picked at random has income per capita > $2,000? Answer Keypad Keyboard Shortcuts 0.7327 O 2327 2673 0.7673 O O OA man purchased a $22,500, 1-yr term-life insurance policy for $695. Assuming that the probability that he will live for another year is 0.995, find the company's expected gain. (Round your answer to the nearest cent.) $Suppose Grace and Lisa are to go to dinner. Lisa is visiting Grace from outof town, and they are to meet at a local restaurant. When Lisa lived in town,they had two favorite restaurants: Bel Loc Diner and the Corner Stable. Ofcourse, Lisa’s information is out of date, but Grace knows which is betterthese days. Assume that the probability that the Bel Loc Diner is better isp > 1/2 and the probability that the Corner Stable is better is 1 - p. Naturedetermines which restaurant Grace thinks is better. Grace then sends amessage to Lisa, either “Let’s go to the Bel Loc Diner,” “Let’s go to theCorner Stable,” or “I don’t know [which is better].” Lisa receives the message, and then Grace and Lisa simultaneously decide which restaurant to go to. Payoffs are such that Grace and Lisa want to go to the same restaurant, but they prefer it to be the one that Grace thinks is better. More specifically, if, in fact, the Bel Loc Diner is better, then the payoffs from theiractions are as shown in the…