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I’m studying for my Economics class and don’t understand how to answer this. Can you help me study?Please help me edit for grammar errors and to strengthen my argument, double-check if I have made myself clear, and answer the prompt properly. Refer to the attached documents for my response and related notes. Thank you so much for your help.(No Outside Resources Allowed)Prompt:Imagine that you are Bill Gates, and you need to renew the home insurance for your mansion in Washington. The insurance company is offering you to make one choice among a range of deductibles; each lower deductible has a higher price tag. What kind of information would you need to obtain in order to make an informed decision?To best answer the question, think through these questions may help you decide how to address the prompt (you don’t have to answer them if you don’t find them helpful):●What kind of utility would lead someone to choose more full insurance (higher price, lower deductible)? What kind of utility would lead someone to choose less full insurance? ●What kind of probability would lead someone to choose more/less full insurance? ●What kind of “Life” would lead someone to choose more/less full insurance? Think about different levels of wealth, and different non-house decisions that have some uncertainty ●Are there other factors that affect insurance decisions that weren’t covered by the framework in the video?
Requirements: less than 300 words


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