Economics:
10th Edition
ISBN: 9781285859460
Author: BOYES, William
Publisher: Cengage Learning
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Question
Chapter 17, Problem 1E
To determine
Determine Basic human need. List additional needs besides those considered in the chapter
Expert Solution & Answer
Explanation of Solution
Apart from the mentioned basic needs availability of clean water is an important factor to be included in basic needs. Increase in pollution level has made it difficult for human to accessibility of clean water. The ratio of contaminated water has increased lately. Other than clean water police protection is also needed to be added in basic needs. An individual cannot survive if he/she is given police protection from unlawful activities happening within the community.
Economics Concept Introduction
Concept Introduction:
The basic human need that is necessary to survive is food, shelter and clothes. The basic need approaches is one important approach to measure the absolute poverty in developing countries.
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Answer in step by step with explanation.
Don't use Ai.
Use the figure below to answer the following question. Let I represent Income when healthy, let I represent income when ill. Let E [I] represent expected income for a given
probability (p) of falling ill.
Utility
у в
ULI
income
Is
есте
IM
The actuarially fair & partial contract is represented by Point
X
× OB
A
Y
Suppose that there is a 25% chance Riju is injured and earns $180,000, and a 75% chance she stays healthy and will earn $900,000. Suppose further that her utility function is
the following:
U = (Income) ³.
Riju's utility if she earns $180,000 is _ and her utility if she earns $900,000 is.
X
56.46; 169.38
56.46; 96.55
96.55; 56.46
40.00; 200.00
169.38; 56.46
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