Please answer everything in the photo. Last question is asking if members of the population prefer or do not prefer to pay. Suppose your classmate Jermaine is faced with the following decision: they either receive $1,000 with certainty, or a 50-50 chance of receiving $500or $1,500. Suppose Jermaine prefers the certain $1,000.True or False: Based on their preferences, Jermaine is a risk averse person.O TrueO FalseSuppose there is a disease certain to impact exactly 2% of a population and that each member of the population is equally likely become infected.Treatment for individuals who are infected costs $34,000. Assume in this scenario that the necessary treatment for the disease is the only healthcarecost faced by this population.to pay the expected cost of healthcare withThe expected cost of healthcare is $If members of the populationcertainty, rather than take on the 2% risk of having to pay the full cost of the treatment, they are risk averse.

If Jermaine prefers the 50-50 chance of $500 or $1,500 to receiving $1,000 with certainty, this…

If members of the population The expected cost of healthcare is $ to pay the expected cost of healthcare with certainty, rather than take on the 2% risk of having to pay the full cost of the treatment, they are risk averse.

If members of the population The expected cost of healthcare is $ to pay the expected cost of healthcare with certainty, rather than take on the 2% risk of having to pay the full cost of the treatment, they are risk averse.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Please answer everything in the photo. Last question is asking if members of the population prefer or do not prefer to pay.

Suppose your classmate Jermaine is faced with the following decision: they either receive $1,000 with certainty, or a 50-50 chance of receiving $500
or $1,500. Suppose Jermaine prefers the certain $1,000.
True or False: Based on their preferences, Jermaine is a risk averse person.
O True
O False
Suppose there is a disease certain to impact exactly 2% of a population and that each member of the population is equally likely become infected.
Treatment for individuals who are infected costs $34,000. Assume in this scenario that the necessary treatment for the disease is the only healthcare
cost faced by this population.
to pay the expected cost of healthcare with
The expected cost of healthcare is $
If members of the population
certainty, rather than take on the 2% risk of having to pay the full cost of the treatment, they are risk averse.

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