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02-06-2023
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Siphosethu has a utility function U = VI. Siphosethu has an income of R75 000 but faces the possibility of a loss of R45 000 in income. Siphosethu can purchase an insurance policy that can fully compensates her for income loss. The insurance policy
costs R3 500. Siphosethu has a probability T of getting a loss. a) What is the minimum value of T so that she purchases insurance? Interpret your
answer. ( b) What would happen to T if the insurance company when the insurance premium
increase from R3 500 to R17 500?

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