Answer to Question #274749 in Microeconomics for Lily

Question #274749

 Please explain why the risk-averse customers purchase insurance. (1 point)

 Please draw a graph to show their risk premium. (1 point)


1
Expert's answer
2021-12-05T16:19:45-0500

(a) Because the majority of persons are risk averse, they purchase insurance to protect themselves.

(b)


Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be the first!

Leave a comment

LATEST TUTORIALS
New on Blog
APPROVED BY CLIENTS