Sep 25, 2017 term paper 2

WOODY IS CURRENTLY UNEMPLOYED AND WITHOUT HEALTH INSURANCE COVERAGE. HE DERIVES UTILITY (U) FROM…

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Woody is currently unemployed and without health insurance coverage. He derives utility (U) from his interest income on his savings (Y) according to the following function: U = 6(Y1/2) Woody presently makes about $40,000 of interest income per year. He realizes that there is about a 5 percent probability that he may suffer a heart attack. The cost of treatment will be about $20,000 if a heart attack occurs. A. Calculate Woody’s expected utility level without any health insurance coverage. B. Calculate Woody’s expected income without any insurance coverage. C. Suppose Woody must


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