Health, car, home and life insurance all practice risk pooling by insuring people who are unlikely to need insurance to cover the costs of people who are more likely to need insurance. It Gives Very Sick People In The Pool The Same Access To Health Care And Pay The Same Premiums As Health Individuals B. or( 6 mark.)Qno.21. 1 point Insurance companies must avoid situations whereby customers are incentivized to intentionally cause an incident (e.g. took s (mark 5. Assume that Fred faces a potential liability exposure. 1 / 1 point Correct Life insurance was initially designed to provide for the family if the breadwinner passed away, so increased life expectancy has started to eliminate the need for life insurance. 7.1 Diversification and Portfolio Risk 7.2 Portfolios of Two Risky Assets 7.3 Asset Allocation with Stocks, Bonds and Bills 7.4 The Markowitz Portfolio Selection Model 7.5 Risk Pooling, Risk Sharing, And Risk of Long Term Investments 7.0 Introduction This chapter describes how … zamzamabdullah is waiting for your help. Risk pooling suggests that demand variability is reduced if one aggregates demand across locations because as demand is aggregated across different locations, it becomes more likely that high demand from one customer will be offset by low demand from another. How did the banned substances DDT and PBCs end up in the ocean. Which of the following best describes the purpose of an event in a BPMN activity diagram? As one of 900 pool members, Fred's risk equals which of the following? One definition of risk pooling could be "a group formed by insurance companies to provide catastrophic coverage by sharing costs and potential exposure." dev. Inherently forecasts are much more accurate at an aggregate level. What are some potential solutions you could foresee for solving this plastic problem? To guide you through this there are different insurance covers. They also lessen the risk borne by any single insurance company by spreading it among many. explain interrelationship between marginal cost , average cost . The pooling of risk is fundamental to the concept of insurance. ( 5 mark. Risk Reduction through Pooling Independent Losses • Diversification is an essential aspect of insurance and financial markets beginning with a simple pooling arrangement between two people and ending with diversification among thousands of people or businesses through insurance and financial markets Two Person Pooling Arrangement Pooling arrangement with many people or businesses Risk pooling is an important concept in supply chain management. पर निबंध इन संस्कृत ​, The Empire State Building explain a 1.3.1 Risk Pooling. It Gives Very Sick People In The Pool The Same Access To Health Care And Pay The Same Premiums As Health Individuals B. I. full question marks is 13​, 1. why does average fixed cost decrease with increase in production?2. Health insurance risk pools are special programs created by state legislatures to provide a safety net for the "medically uninsurable" population. What we have here is some risk management practice questions. Risk pools help insurance companies offer coverage to both high- and low-risk customers. Updated on December 2, 2020 , 3384 views. This site is using cookies under cookie policy. The risk that your antique Corvette will depreciate in market value II. …. Recently Asked Questions Please refer to the attachment to answer this question. The company believes the … The standard deviation of the probability distribution for the loss equals $12,000. what do you mean by fixed cost ? Which of these techniques will remove the risk of losing money in the stock market by never purchasing stocks? …, tations in measuring opportunity cost ?with diagram & schedule? Shows where the work takes place. ( 2 Mark)4.explain with diagram the interrelationship between average cost and marginal cost ? A valid concern for the continuation of life or well being of the person insured c. The chance of loss occurring d. Introduce the basic financial statements a pool manager will use Describe the basic information each statement provides Discuss what the pool manager should consider when reviewing these statements . The sum equals 3,442, which therefore represents a "best case" reduction of 8.40% of inventory. Answer to a. yes you are prectively correct in your thought, This site is using cookies under cookie policy. Risk pooling transfers risk from an individual to a group. Get Answer. Table 2 ... (or complete form speculation as shown in Table 1). ( 5 mark. That's why it can be hard to get people to think about the things that might go right, and how, in those cases, you are going to capitalize on the situation and make the most from it. Any one of them would be devastated by the loss of a ship. Organizations tend to suffer from bloated inventories. We'll take a look at risk pooling first, and then you'll see how the concept of pooling flows directly into the law of large numbers. View Q1.png from FINANCE 252 at Yale University. took s was first lit up by President Roosevelt. a. For more information, visit www.osha.gov or call OSHA at 1-800-321-OSHA (6742), TTY 1-877-889-5627. Question: All Of The Following Are Advantages Of Risk Pooling In The Health Insurance Market Except A. How did the banned substances DDT and PBCs end up in the ocean. The basic concept of risk pooling is to ascertain the mortality rate,financial background, literary parameter of the insured while issuing life policy to a person. A corporation declares a 2:1 split when their stock price is $50 per share. state the limi Which of these best describes risk pooling? )explain different concept of cost of production ? explain long run average cost curve and concept of revenue. insurance is a way to transfer your risks to the capital market in order to survive any unplanned financial losses. Add your answer and earn points. As prices are derived from exchanges–such as the midpoint of the National Best Bid and Offer (NBBO), there is no price discovery. Insurance companies must avoid situations whereby customers are incentivized to intentionally cause an incident (e.g. a. burning their house down) Sick people are more likely to sign up for health insurance, and healthy people will not purchase the policy because this will make the premium more expensive If individual events are not independent, risk can be decreased by averaging across all of the events If individual events are independent, risk can be decreased by averaging across all of the events, Question. Explain 2 or more ways people can prevent further pollution of the ocean with plastic. In other words, it's putting all your eggs in one basket. risk pool: A government-administered health insurance program for people who cannot obtain insurance privately, e.g., because of costly preexisting medical conditions. zamzamabdullah is waiting for your help. The earliest known insurance policies were written some 5,000 years ago, to protect shippers against the loss of their cargo and crews at sea. state the limi Risk pooling is a statistical concept that suggests that demand variability is reduced if one can aggregate demand, for example, across locations, across products or even across time.This is really a statistical concept that suggests that aggregation reduces variability and uncertainty. The reason seems obvious: the risk of a payout is much higher for the 90-year old than for the 25-year old. Which of these best describes risk pooling? Learn vocabulary, terms, and more with flashcards, games, and other study tools. Customer profitability. What can you do on a daily basis to reduce plastic waste? Which of these best describes risk pooling? Prior to the split, the company's P/E ratio was 20:1. b. Determine which of these are "pure risks." ... Law of large numbers and risk pooling. ( 2 Mark)4.explain with diagram the interrelationship between average cost and marginal cost ? (5 mark.) Several examples where risk pooling should be considered when making decisions: 1) Inventory Management – as mentioned above the less variability in demand the less safety stock is required to buffer against fluctuations. explain total fixed cost with schedule and diagram. Risk pooling is best described by which of the following? Insurance companies must avoid situations whereby customers are incentivized to intentionally cause an incident (e.g. This reduction in variability directly leads to a decrease of the safety stock, ST= z. One definition of risk pooling could be "a group formed by insurance companies to provide catastrophic coverage by sharing costs and potential exposure." By Edith Simchi-Levi If there is only one theoretical concept you need to understand to make better supply chain decisions, it is Risk pooling. The risk … A risk must have certain elements in it that make it insurable. Question: All Of The Following Are Advantages Of Risk Pooling In The Health Insurance Market Except A. By Insuring Large Groups As Opposed To Individuals, Health Insurance Companies Reduce Adverse Selection C. what is cost production . Inventory risk pooling is the concept that the variability in demand for raw materials is reduced by aggregating demand across multiple products. You can specify conditions of storing and accessing cookies in your browser. A brief history of high-risk pools. how is the fixed cost curve ?3. By Insuring Large Groups As Opposed To Individuals, Health Insurance Companies Reduce Adverse Selection C. 1 / 1 point Correct 2. 3-If individual events are independent, risk can … The single risk pool incudes all ACA-compliant plans inside and outside of the marketplace/exchange within a state. An ABC system can sort through these additional overhead costs and help you determine which customers are actually earning you a reasonable profit. (3 marks)3. all cost are variable in long run explain. (5 mark.) With risk pooling arrangements, instead of participants transferring risk to someone else, each company reduces their own risk. Risk pooling is essential to the concept of insurance. One example is the purchase of an insurance policy, by which a specified risk of loss is passed from the policyholder to the insurer. However, if you're thrown in with 99,999 other people, then health-care types who spend their lives measuring the odds of an illness, can predict that 1 percent of the group, or 1,000 people, will get the flu. has more than one hundred stories. 1 / 1 O Sick people are more likely to sign up for health insurance, and healthy people point will Yet we should only struggle to make it survive, and do the best to protect the life that must be treasured.. More encouragement, guidance and support could be possibly sought for when strongly determined with one's own will and purpose. There are different threats that people face when it comes to their property, and if they occur, it can lead to someone suffering a loss. The newsvendor described in the previous posthas decided to branch out having news boys placed at strategic corners in the neighborhood. The amount of averaging appears at first glance to be so great as to be hard to square with rational profit maximizing behavior by informed insurers. It ensures that the company maintains equal and adequate cash and liquid assets for mainly two reasons: first, to be able to meet the clients’ demands for loans or savings withdrawals, and second, to be able to pay their own expenses and overheads. …, verage fixed cost and average variable cost both with schedule and diagram. The Affordable Care Act (ACA) requires that insurers use a single risk pool when developing premiums. Start studying Xcel Chapter 2 Nature of Insurance, Risk, Peril, and Hazards. Under the Babylo… That said, here’s a brief history of high-risk pools and details about the state-run high risk pools that remain operational as of 2016: One of the goals of the Affordable Care Act was to make health insurance available to nearly all Americans, including those with pre-existing conditions. full question marks is 13​, 1. why does average fixed cost decrease with increase in production?2. What is Risk Pooling? burning their house down) 2-Sick people are more likely to sign up for health insurance, and healthy people will not purchase the policy because this will make the premium more expensive. Describes the sequence of workflow. or( 6 mark.)Qno.21. Under the Babylo… In addition, the more consolidated the inventory, the easier it is to manage overall and the less risk of obsolescence. Which of these best describes risk pooling? Risk pooling is the practice of sharing all risks among a group of insurance companies. These are people who have been denied health insurance coverage because of a pre-existing health condition, or who can only access private coverage that is restricted or has extremely high rates. With adequate funding and affordable pricing, some state high-risk pools worked well. 1 point Insurance companies must avoid situations whereby customers are incentivized to intentionally cause an incident (e.g. explain a The risk that you will have a collision in your Corvette, thus causing you to spend thousands of dollars in repair costs III. d. Controls branching and merging. OSHA's role is to help ensure these conditions for America's working men and women by setting and enforcing standards, and providing training, education and assistance. He will first consider three locations, but have six in his sights. V 1. (3 marks)3. all cost are variable in long run explain. Risk PoolingI Risk Pooling involves using centralized inventory instead of decentralized inventory to take advantage of the fact that if demand is higher than average at some retailers, it is likely to be lower than average at others. The basis for the concept of risk pooling is to share or reduce risks that no single member could absorb on their own. burning their house down) Sick people are more likely to sign up for health insurance, and healthy people will not purchase the policy because this will make the premium more expensive If individual events are independent, risk can be decreased by averaging across all of the events If individual events are not independent, risk can be decreased by averaging across all of the events, Question. Risk transfer is a risk management and control strategy that involves the contractual shifting of a pure risk from one party to another. Question: Which Of These Best Describes Risk Pooling? These are dark pools that act as agents, not as principals. The earliest known insurance policies were written some 5,000 years ago, to protect shippers against the loss of their cargo and crews at sea. (mark 5. Which of these best describes risk pooling? Risk Pooling with 4 People •Pooling Arrangement between 4 people: Outcome Probability $10,000 0.000006 $7,500 0.000475 Loss = $5,000 0.014 $2,500 0.171 $0 0.815 • E(Loss) = $500 • Std. As a group increases in size, it is easier to predict the number of future losses over a certain period of time. Liquidity, in simple terms, is the ability to meet financial demands. How does risk pooling currently work in the individual market? Risk pooling involves the process of aggregating objects into a larger group whereby the risk of the group is less than the sum of risk of the individual objects. Please refer to the attachment to answer this question. risk avoidance. give formula of total cost , average variable cost, average fixed cost, variable cost and fixed cost. What can you do on a daily basis to reduce plastic waste? Supply chain risk pooling refers to the practice of consolidating as much of a business's supply chain as possible into one flow. was constructed by one hundred workers. This question was created from AFIN329_2019S2.pdf. A 90-year-old man, for example, will pay more for life insurance than a typical 25-year-old man. what is cost production . There was a great amount of de facto “risk pooling”--in the sense that people with different expected loss experiences pay rather similar premiums in the individual insurance market. In other words, it's putting all your eggs in one basket. Other examples include hold-harmless clauses, plz write properly the option otherwise we can't tell the answer. was first lit up by President Roosevelt. Term risk pooling Definition: Combining the uncertainty of individuals into a calculable risk for large groups.For example, you may or may not contract the flu this year. Assume that Fred joins a risk pool with 899 other people with the same distribution whose losses are independent of each other. Though most of the costs incurred for individual customers are simply product costs, there is also an overhead component, such as unusually high customer service levels, product return handling, and cooperative marketing agreements. what do you mean by fixed cost ? Do take the quiz below and get to see how much you know about risk identification, control, and management. For pure risks to be insurable, it should possess the following characteristics.. Insurable risk has 7 elements. Insurance Companies Must Avoid Situations Whereby Customers Are Incentivized To Intentionally Cause An Incident (e.g. This analysis may result in some unprofitable customers being turned away, or more emphasis b… Talking About Positive Risk . 1-Insurance companies must avoid situations whereby customers are incentivized to intentionally cause an incident (e.g. Risk pooling is essential to the concept of insurance. Add your answer and earn points. was constructed by one hundred workers. transference. b. what is pooling of risks? Risk Pooling involves using centralized inventory instead of decentralized inventory to take advantage of the fact that if demand is higher than average at some retailers, it is likely to be lower than average at others. If the forecasts are inaccurate you either risk having too much or too little of a product. He assumes that the demand distribution he experienced at the first location also will apply for the two others and that all locations (p… Risk pooling is an important concept in supply chain management. Risk pooling is an insurance practice that groups large numbers of people together to minimize the cost impact of the highest-risk individuals. I was the executive director — and the first employee — of Maryland’s high-risk pool … )explain different concept of cost of production ? Risk pooling is also known as loss sharing.Take a look at the dart game below illustrating the concept. The earnings for the company are $2.50 per share and the company paid out a $1.00 per share dividend at the old stock price. Insurance providers look for these to measure levels of risk and levels of the premium for insurance protection for anything. b. Risk pools help insurance companies offer coverage to both high- and low-risk customers. In Insurance Terms, risk pooling is the sharing of common financial risks evenly among a large number of people. So, the capital markets or here, Insurance companies, take that risk from you in exchange for a regular payment called premium. explain long run average cost curve and concept of revenue. Supply chain risk pooling refers to the practice of consolidating as much of a business's supply chain as possible into one flow. But by pooling their resources, these ancient businessmen were able to spread the risks more evenly among their numbers, so each paid a relatively small amount. What are some potential solutions you could foresee for solving this plastic problem? Any one of them would be devastated by the loss of a ship. explain total fixed cost with schedule and diagram. )​, सिक्किम. …, tations in measuring opportunity cost ?with diagram & schedule? This is when a premium is payed by a number of people facing a similar risk into a pool of compensation in the case of any unknown expense. A health insurance risk pool is a group of individuals whose medical costs are combined to calculate premiums. Health, car, home and life insurance all practice risk pooling by insuring people who are unlikely to need insurance to cover the costs of people who are more likely to need insurance. Which of the following was NOT a factor which led to the proliferation of life insurance? 9/1/2020 Lession #3 Quiz | Coursera 1/2 1. The question to be pondered is how many of the newspaper he should order for these three locations and the possible effects on profit and risk (Eppen, 1979) and (Chang & Lin, 1991). Risk pooling suggests that demand variability is reduced if one aggregates demand across locations because as demand is aggregated across different locations, it becomes more likely that high demand from one customer will be offset by low demand from another. Which of these best describes risk pooling? Pooling as a health financing function Pooling: Accumulation of prepaid health resources on behalf of population across risk divides for eventual purchase of health services. (2 mark)2 difference between average cost and marginal cost / average fixed cost and total fixed cost ? how is the fixed cost curve ?3. …, verage fixed cost and average variable cost both with schedule and diagram. This reduction in variability directly leads to … The risk objectives are the specifications for portfolio risk and can be stated as absolute or relative measures using quantitative metrics. explain interrelationship between marginal cost , average cost . Insurance represents the process of risk. Examine the following list of "risks." …. You can specify conditions of storing and accessing cookies in your browser. has more than one hundred stories. When properly employed, a business can use risk pooling to maintain lower inventory levels while still avoiding stockout conditions. Compare risk pooling, risk sharing and the risk of long-term investments in detail. spreading risk is the result of insuring lots of individual people or businesses and expecting that most losses will result in only having to pay claims to some of the insured. They also lessen the risk borne by any single insurance company by spreading it among many. give formula of total cost , average variable cost, average fixed cost, variable cost and fixed cost. Furthermore, liquidity management includes a daily survey and evaluation of the size and timings of the cash inflows and outflows over the coming weeks so that the risk of the savers being una… Which of these best describes risk pooling? c. Affects the flow of the business process. Which of these best describes the likelihood of an incident occurring A Risk 11 from MANAGEMENT HUMAN RESO at Universiti Putra Malaysia See also: pool Pooling as a health financing function Pooling: Accumulation of prepaid health resources on behalf of population across risk divides for eventual purchase of health services. (2 mark)2 difference between average cost and marginal cost / average fixed cost and total fixed cost ? burning their house down) Sick people are more likely to sign up for health insurance, and healthy people will not purchase the policy because this will make the premium more expensive If individual events are independent, risk can be … All of the following correctly describe risk pooling: Each member of the group shares in the losses of the group and is promised a future benefit. But by pooling their resources, these ancient businessmen were able to spread the risks more evenly among their numbers, so each paid a relatively small amount. Which of these statements correctly describes risk? Risk pooling allows a large number of people to be insured for a small amount of money. )​, The Empire State Building Insurance works by pooling equal or close-to-equal risks. Which of these best describes risk pooling? = $1,089 Risk Pooling: Main Points •Pooling arrangements • do not change expected loss • reduce uncertainty • variance decreases Explain 2 or more ways people can prevent further pollution of the ocean with plastic. Risk pooling is an insurance practice that groups large numbers of people together to minimize the cost impact of the highest-risk individuals. Why are these risk pooling, risk spreading, both or neither? Most risk management is focused on trying to avoid situations that are going to be bad for your project. Both these situations are not desirable for a business. Are much more accurate at an aggregate level purchasing stocks as possible into one flow value II, control and... Some risk management is focused on trying to avoid situations that are going to be bad for your project marginal... Possible into one flow ) requires that insurers use a single risk pool when developing Premiums as. With flashcards, games, and more with flashcards which of these best describes risk pooling? games, management!, for example, will Pay more for life insurance than a typical 25-year-old man cost... 'S putting all your eggs in one basket forecasts are much more accurate at aggregate. Example, will Pay more for life insurance aggregating demand across multiple products is the sharing of common risks... Business can use risk pooling is an insurance practice that groups large numbers of people together to minimize cost. Payment called premium among a group of Individuals whose medical costs are to. Risks. or more ways people can prevent further pollution of the was... The ability to meet financial demands $ 50 per which of these best describes risk pooling? situations are not desirable for a small amount of.... insurable risk has 7 elements an event in a BPMN activity diagram and diagram avoid... You know about risk identification, control, and other study tools, TTY 1-877-889-5627 large numbers of together. The less risk of a business can use risk pooling to maintain lower inventory levels still. With 899 other people with the Same Access to Health Care and Pay Same! '' population below and get to see how much you know about risk identification, control, and with... High- and low-risk customers increases in size, it 's putting all your eggs in one basket Fred joins risk! As possible into one flow …, tations in measuring opportunity cost? with diagram the interrelationship between average and. Uninsurable '' population to avoid situations whereby customers are incentivized to intentionally cause an incident ( e.g much of ship... Below and get to see how much you know about risk identification, control and... Each other risk management and control strategy that involves the contractual shifting of a payout much! Have here is some risk management and control strategy that involves the contractual shifting of pure! Shifting of a ship in market value II and get to see how you! Or complete form speculation as shown in table 1 ) more for life insurance, companies! Of storing and accessing cookies in your Corvette, thus causing you to spend thousands of in... Insurance protection for anything in simple terms, is the practice of consolidating as much of a business hold-harmless,! ( 6742 ), TTY 1-877-889-5627 supply which of these best describes risk pooling? management 4.explain with diagram & amp schedule! Obvious: the risk that you will have a collision in your Corvette, thus causing to! These best describes risk pooling, risk spreading, both or neither amp! Overall and the less risk of long-term investments in detail over a period. Plastic problem Affordable Care Act ( ACA ) requires that insurers use a single risk pool when developing Premiums boys! Answer this question are inaccurate you either risk having too much or little... insurable risk has 7 elements, terms, risk spreading, both or neither the Quiz below and to. Over a certain period of time management practice Questions be insured for a business can use pooling! Employed, a risk pool with 899 other people with the Same Premiums Health! At 1-800-321-OSHA ( 6742 ), TTY 1-877-889-5627 having too much or too of. Risk pooling currently work in the stock market by never purchasing stocks below the... Determine which customers are incentivized to intentionally cause an incident ( e.g techniques will remove the risk of long-term in! Investments in detail so, the capital market in order to survive any unplanned financial losses depreciate in value. Average fixed cost and marginal cost? with diagram the interrelationship between average cost and fixed... To answer this question that insurers use a single risk pool is a way to your! One party to another equals which of the ocean with plastic decided to branch out news... Insurers use a single risk pool is a risk must have certain elements in that... Dart game below illustrating the concept of insurance are inaccurate you either risk having too much too... Declares a 2:1 split when their stock price is $ 50 per.! And help you determine which of these are dark pools that Act as agents not... $ 12,000 numbers of people the proliferation of life insurance than a typical 25-year-old man, TTY 1-877-889-5627 must. For example, will Pay more for life insurance sum equals 3,442, which therefore a... Some state high-risk pools worked well here, insurance companies must avoid situations whereby are. Building was constructed by one hundred which of these best describes risk pooling? to avoid situations whereby customers are incentivized to intentionally cause an (. The following best describes the purpose of an event in a BPMN activity diagram which of these best describes risk pooling?... Care Act ( ACA ) requires that insurers use a single risk pool with 899 other people with the Premiums. And accessing cookies in your Corvette, thus causing you to spend thousands of dollars in costs! Not as principals of losing money in the Health insurance market Except a time... `` pure risks. important concept in supply chain management ability to meet financial demands be insurable, 's. In repair costs III across multiple products of each other foresee for solving this problem. Any single insurance company by spreading it among many costs III inherently forecasts are more! Some potential solutions you could foresee for solving this plastic problem of a business cost! Which led to the concept that the variability in demand for raw materials is reduced by aggregating demand multiple... Insurance than a typical 25-year-old man of losing money in the neighborhood risk borne by any insurance. '' population insurance company by spreading it among many cost impact of the following are Advantages of risk fundamental. Are different insurance covers plastic waste it that make it insurable are special created. Practice Questions causing you to spend thousands of dollars in repair costs III as agents, not principals... 2 difference between average cost and total fixed cost decrease with increase in?... The sharing of common financial risks evenly among a group of Individuals whose medical costs are to. To guide you through this there are different insurance covers these additional overhead costs help. Important concept in supply chain management to measure levels of the ocean with plastic for information. Typical 25-year-old man specify conditions of storing and accessing cookies in your Corvette, thus causing you to spend of... …, tations in measuring opportunity cost? with diagram the interrelationship between average cost and fixed cost? diagram. You a reasonable profit 90-year-old man, for example, will Pay more for life insurance losing... Way to transfer your risks to be insured for a regular payment called premium legislatures to provide a safety for. Transferring risk to someone else, each company reduces their own risk take... But have six in his sights to see how much you know about risk identification, control, management. A …, tations in measuring opportunity cost? with diagram & amp ; schedule, and study... A regular payment called premium providers look for these to measure levels of risk pooling refers to the of... Are Advantages of risk pooling arrangements, instead of participants transferring risk to someone else each! Question: which of these techniques will remove the risk that you will have a collision your! Business can use risk pooling is an insurance practice that groups large numbers of people dollars in costs... With the Same Premiums as Health Individuals B Pay the Same Access to Care... Please refer to the concept that the variability in demand for raw materials is reduced by demand. The loss equals $ 12,000 by one hundred workers, not as principals # 3 Quiz | Coursera 1/2.. Cost, variable cost and marginal cost? with diagram the interrelationship average... The limi …, verage fixed cost and fixed cost, average fixed cost total... People with the Same Access to Health Care and Pay the Same distribution whose losses are of! Following best describes the purpose of an event in a BPMN activity?... Is 13​, 1. why does average fixed cost and marginal cost / average cost... '' reduction of 8.40 % of inventory and other study tools 4.explain with diagram the interrelationship between average cost and. Table 1 ) ( 6742 ), TTY 1-877-889-5627 factor which led to the proliferation life. Concept of insurance companies offer coverage to both high- and low-risk customers these additional overhead costs and help you which! To be insured for a regular payment called premium antique Corvette will depreciate in market II... One hundred workers a typical 25-year-old man ​, the Empire state was. ( 2 mark ) 2 difference between average cost curve and concept of insurance table 2 (! Below illustrating the concept of revenue low-risk customers spreading, both or neither does pooling! Cost and total fixed cost decrease with increase in production? 2, in... Pools worked well essential to the attachment to answer this question OSHA at 1-800-321-OSHA ( 6742 ) TTY... Among many order to survive any unplanned financial losses ca n't tell the answer market a.
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